Financial agents must form forecasts and investment judgments from decision-time evidence, with predictions evaluated against subsequent outcomes. Existing benchmarks assess financial knowledge, research workflows, or forecasting, but evaluating the full research process requires a strictly frozen information set and professional evaluation criteria. We introduce Investor's Last Exam (ILE), an equity-research benchmark led by experienced buy-side investors and fund managers. Its three components are a versioned financial database spanning 3.43 million document versions and nine source categories, supplemented by structured market data, with validated timestamps governing retrieval and computation; a task taxonomy organized around professional analyst deliverables; and an expert-led framework linking scoring criteria to sources, calculations, and assumptions through financial dependency graphs. Evaluation spans 86 assignments and jointly assesses research quality, forecast accuracy, and simulated investment performance. GPT-6 Astra and Claude Opus 5.5 lead overall at 68.1 and 66.9 out of 100, yet even Astra scores only 52.5 on Forecast & Model. Our results show that even state-of-the-art models fail to translate overall research capability into predictive performance. ILE shifts the evaluation unit from isolated capabilities to the evidence--assumption--judgment chain, allowing researchers to locate where analytical advantages fail to translate into forecasts and investment judgments, and providing a traceable, diagnostic foundation for training and evaluating financial agents.
Shuhuai Li, Shengdong Ye, Dongdong Ge, Yinyu Ye, Jianghao Lin
Agentic services alternate between model inference on clustered GPUs and external tools on distributed CPUs. In this scenario, existing systems (1) overlook tool-return readiness in service evaluation, wasting limited resources, and (2) use heuristic strategies to decide admission and placement on GPUs, resulting in suboptimal scheduling decisions. To bridge this gap, we present TAO, a tool-aware joint scheduling framework for LLM-based agentic serving. Its value interface combines near-term tool readiness, node-specific cache credit with time-aware decay, and token footprint; a dynamic program jointly selects and places waiting sessions under capacity constraints. Across the 12 reported model-workload-concurrency settings, TAO reduces latency by up to 26.8%, reduces mean time to first token (TTFT) by up to 36.3%, and increases decode throughput by up to 29.5% relative to the best evaluated state-of-the-art baseline for each metric.
Congmin Zheng, Jiachen Zhu, Zhuoying Ou, Yuxiang Chen, Kangning Zhang, Rong Shan Shanghai Jiaotong University, Zeyu Zheng Carnegie Mellon University, Mengyue Yang University of Bristol 等 11 位作者
Large Language Models (LLMs) have advanced reasoning ability, yet conventional alignment remains dominated by outcome reward models (ORMs) that judge only final answers. Process Reward Models(PRMs) address this gap by evaluating and guiding reasoning at the step or trajectory level. This survey provides a systematic overview of PRMs through the full loop: how to generate process data, build PRMs, and use PRMs for test-time scaling and reinforcement learning. We summarize applications across math, code, text, multimodal reasoning, robotics, and agents, and review emerging benchmarks. Our goal is to clarify design spaces, reveal open challenges, and guide future research toward fine-grained, robust reasoning alignment.
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cs.CL · cs.CV
Proceedings of the 64th Annual Meeting of the Association for Computational Linguistics (Volume 1: Long Papers) · 2026 · 正式发表
Yunjia Xi Shanghai Jiaotong University, Jianghao Lin Shanghai Jiaotong University, Yongzhao Xiao, Zheli Zhou, Rong Shan Shanghai Jiaotong University, Te Gao, Jiachen Zhu, Weiwen Liu Shanghai Jiao Tong University 等 10 位作者
The advent of Large Language Models (LLMs) has significantly revolutionized web search. The emergence of LLM-based Search Agents marks a pivotal shift towards deeper, dynamic, autonomous information seeking. These agents can comprehend user intentions and environment context and execute multi-turn retrieval with dynamic planning, extending search capabilities far beyond the web. Leading examples like OpenAI’s Deep Research highlight their potential for deep information mining and real-world applications. This survey provides the first systematic analysis of search agents. We comprehensively analyze and categorize existing works from the perspectives of architecture, optimization, application, and evaluation, ultimately identifying critical open challenges and outlining promising future research directions in this rapidly evolving field.
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cs.CL
Proceedings of the 64th Annual Meeting of the Association for Computational Linguistics (Volume 1: Long Papers) · 2026 · 正式发表
Jianghao Lin Shanghai Jiaotong University, Yuanyuan Shi Shanghai Jiaotong University, Xin Peng, Renjie Ding LongShine, Hairui Wang, Yuxuan Peng longshine, Bizhe Bai, Weixi Song Westlake University, Zhejiang University and Shanghai Innovation Institute 等 13 位作者
Large language models (LLMs) excel at function calling, but inference scaling has been explored mainly for unstructured generation. We propose an inference-scaling framework for structured outputs that combines fine-grained beam search with ToolPRM, a process reward model scoring each intra-call decision (function name and argument filling). We build the first fine-grained intra-call supervision dataset via function masking, rollout collection, and step-level annotation. ToolPRM outperforms outcome and coarse-grained reward models in predictive accuracy and yields consistent test-time gains on multiple function-calling benchmarks. We further show that structured generation follows “explore more but retain less”, since early JSON errors are unrecoverable.
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cs.CL
Proceedings of the 64th Annual Meeting of the Association for Computational Linguistics (Volume 1: Long Papers) · 2026 · 正式发表