Papers by Yupeng Cao
FLAG-TRADER: Fusion LLM-Agent with Gradient-based Reinforcement Learning for Financial Trading (2025.findings-acl)
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Guojun Xiong, Zhiyang Deng, Keyi Wang, Yupeng Cao, Haohang Li, Yangyang Yu, Xueqing Peng, Mingquan Lin, Kaleb E Smith, Xiao-Yang Liu, Jimin Huang, Sophia Ananiadou, Qianqian Xie
| Challenge: | Large language models (LLMs) have impressive reasoning capabilities in financial tasks, but struggle with multi-step, goal-oriented scenarios in interactive financial markets. |
| Approach: | They propose a framework that integrates large language models with gradient-driven reinforcement learning (RL) policy optimization. |
| Outcome: | The proposed framework improves performance in trading and other financial domain tasks. |
Same Claim, Different Judgment: Benchmarking Scenario-Induced Bias in Multilingual Financial Misinformation Detection (2026.findings-acl)
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Zhiwei Liu, Yupeng Cao, Yuechen Jiang, Mohsinul Kabir, Polydoros Giannouris, Chen Xu, Ziyang Xu, Tianlei Zhu, Md. Tariquzzaman, Triantafillos Papadopoulos, Yan Wang, Lingfei Qian, Xueqing Peng, Zhuohan Xie, Ye Yuan, Saeed Almheiri, Abdulrazzaq Alnajjar, Ming-Bin Chen, Harry Stuart, Paul Thompson, Prayag Tiwari, Alejandro Lopez-Lira, Xue Liu, Jimin Huang, Sophia Ananiadou
| Challenge: | Existing research on LLM biases has focused on direct questioning or general-purpose settings . pronounced behavioral biase despite their growing deployment in financial analysis, forecasting, and decision support. |
| Approach: | They propose a benchmark to evaluate behavioral biases of large language models in MFMD . they use a multilingual financial misinformation dataset to integrate these with misinformation claims . |
| Outcome: | The proposed benchmark evaluates behavioral biases of large language models across economic scenarios. |
INVESTORBENCH: A Benchmark for Financial Decision-Making Tasks with LLM-based Agent (2025.acl-long)
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Haohang Li, Yupeng Cao, Yangyang Yu, Shashidhar Reddy Javaji, Zhiyang Deng, Yueru He, Yuechen Jiang, Zining Zhu, K.p. Subbalakshmi, Jimin Huang, Lingfei Qian, Xueqing Peng, Jordan W. Suchow, Qianqian Xie
| Challenge: | Recent advances have underscored the potential of large language model (LLM)-based agents in financial decision-making. |
| Approach: | They propose to evaluate LLM agents using 13 different LLMs as backbone models across various market environments and tasks. |
| Outcome: | The proposed framework assesses the reasoning and decision-making capabilities of 13 different LLMs across various market environments and tasks. |
All That Glisters Is Not Gold: A Benchmark for Reference-Free Counterfactual Financial Misinformation Detection (2026.acl-long)
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Yuechen Jiang, Zhiwei Liu, Yupeng Cao, Yueru He, Ziyang Xu, Chen Xu, Zhiyang Deng, Prayag Tiwari, Xi Chen, Alejandro Lopez-Lira, Jimin Huang, Junichi Tsujii, Sophia Ananiadou
| Challenge: | RFC-Bench evaluates large language models on financial misinformation under realistic news . current models struggle to maintain coherent belief states without external grounding, study finds . |
| Approach: | They propose a benchmark for evaluating large language models on financial misinformation under realistic news. |
| Outcome: | The proposed model performs better when context is available, while reference-free settings expose significant weaknesses. |
MultiFinBen: Benchmarking Large Language Models for Multilingual and Multimodal Financial Application (2026.acl-long)
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Xueqing Peng, Lingfei Qian, Yan Wang, Ruoyu Xiang, Yueru He, Yang Ren, Mingyang Jiang, Vincent Jim Zhang, Yuqing Guo, Jeff Zhao, Huan He, Yi Han, Yun Feng, Yuechen Jiang, Yupeng Cao, Haohang Li, Yangyang Yu, Xiaoyu Wang, Penglei Gao, Shengyuan Lin, Keyi Wang, Shanshan Yang, Yilun Zhao, Zhiwei Liu, Peng Lu, Jerry Huang, Suyuchen Wang, Triantafillos Papadopoulos, Polydoros Giannouris, Efstathia Soufleri, Nuo Chen, Zhiyang Deng, Heming Fu, Yijia Zhao, Mingquan Lin, Meikang Qiu, Kaleb E Smith, Arman Cohan, Xiao-Yang Liu, Jimin Huang, Guojun Xiong, Alejandro Lopez-Lira, Xi Chen, Junichi Tsujii, Jian-Yun Nie, Sophia Ananiadou, Qianqian Xie
| Challenge: | Existing evaluations of LLMs in finance are text-only, monolingual, and largely saturated by current models. |
| Approach: | They propose a multilingual and multimodal benchmark for evaluating LLMs in real financial contexts. |
| Outcome: | The first expert-annotated multilingual and multimodal benchmark is released . it evaluates 21 leading LLMs and shows they perform better in multilingual settings . |
Re3: Relevance & Recency Retrieval for Mitigating Temporal Hallucination (2026.acl-long)
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| Challenge: | Existing retrievers suffer from temporal-semantic misalignment and outdated-document interference . Existing frameworks suffer from both temporal validity and outdated factual versions . |
| Approach: | They propose a framework that mitigates temporal hallucinations by embedding heterogeneous temporal signals into the semantic space to ensure retrieval fidelity. |
| Outcome: | Experiments show that Re3 outperforms baselines by 9.7% in generation accuracy . the framework outperformed strongest baselines on challenging dynamic tasks . |