Cross-market factor research studies whether firm-level signals from one or more markets can predict returns in a target market, but existing public benchmarks do not support cross-market disclosure-to-return evaluation. Building such a benchmark is challenging because filings differ across languages and regulatory systems, disclosure-derived similarity can be biased by common reporting components, and cross-market signals must be evaluated under feasible trading-time alignment. We introduce CrossAlpha, a public annual-report benchmark for cross-market factor research. CrossAlpha addresses these challenges through three corresponding components: Disclosure Distillation, which standardises heterogeneous filings into ten-category English business descriptions; Residual Schema Graph Construction, which builds PCA-whitened cross-market firm-pair scores from schema-level disclosures; and Timing-Aligned Evaluation, which pairs the graph with 11 years of daily OHLCV data to construct forward-return labels under feasible cross-market execution protocols. CrossAlpha covers 3,587 firms and about 10,700 firm-year reports from the United States, Japan, Taiwan, South Korea, and Hong Kong, and releases about 19M directed firm-pair scores. In experiments, disclosure-derived cross-market peers outperform domestic text, industry-code, and return-correlation peers in the US-to-Japan setting (ICIR 0.39 versus 0.07–0.18), and cross-market sources beat the domestic text baseline in most target markets. CrossAlpha offers a publicly released, reusable, return-grounded benchmark for cross-market financial NLP.

Understanding persuasion is critical for the safety and reliability of multi-agent systems built on large language models (LLMs). This paper studies persuasion dynamics by contrasting general LLMs with Large Reasoning Models (LRMs) that employ explicit "thinking" processes. Through large-scale experiments on objective (MMLU) and subjective (PersuasionBench and Perspectrum) tasks, we identify Persuasion Duality: reasoning enhances an agent’s persuasive power while simultaneously increasing its resistance to persuasion. For LRMs, adding thinking content increases persuasion rates by 21 pp on average, yet reduces susceptibility to incorrect persuasion by up to 10 pp on objective tasks. Despite these gains, we uncover a critical vulnerability: persuasiveness often stems from superficial cues such as response length and repetition rather than logical validity. Non-semantic padding or repeated conclusions can match or exceed the persuasive effect of coherent reasoning, revealing a strong length bias in agents’ judgments. We further show that persuasion propagates non-linearly in multi-hop agent chains, where intermediate agents may amplify or attenuate influence depending on task subjectivity. Finally, guided by attention analysis, we propose a prompt-level adversarial argument detection method that consistently improves agent robustness.

Multi-agent systems (MAS) are increasingly used for open-ended idea generation, driven by the expectation that collective interaction will broaden the exploration diversity. However, when and why such collaboration truly expands the solution space remains unclear. We present a systematic empirical study of diversity in MAS-based ideation across three bottom-up levels: model intelligence, agent cognition, and system dynamics. At the model level, we identify a compute efficiency paradox, where stronger, highly aligned models yield diminishing marginal diversity despite higher per-sample quality. At the cognition level, authority-driven dynamics suppress semantic diversity compared to junior-dominated groups. At the system level, group-size scaling yields diminishing returns and dense communication topologies accelerate premature convergence. We characterize these outcomes as collective failures emerging from structural coupling, a process where interaction inadvertently contracts agent exploration and triggers diversity collapse. Our analysis shows that this collapse arises primarily from the interaction structure rather than inherent model insufficiency, highlighting the importance of preserving independence and disagreement when designing MAS for creative tasks. Our code is available at https://github.com/Xtra-Computing/MAS_Diversity.

While Large Language Models (LLMs) possess rich world knowledge and impressive generalization capabilities, their direct application to tabular data classification is hindered by high inference costs and limited interpretability. In contrast, decision trees are fast and transparent but often underperform in low-data regimes. In this work, we propose a novel framework that bridges these paradigms by distilling LLM knowledge into interpretable decision trees under a few-shot learning setting. Instead of directly prompting the LLM to generate full trees, which is often unstable and inefficient, we develop a three-stage paradigm that prompts the LLM to generate rules and organize the rules into a tree. Experiments on multiple real-world tabular datasets demonstrate that our method achieves superior accuracy and interpretability with significantly lower prompting overhead compared to existing baselines.

Despite the growing adoption of large language models (LLMs) in academic workflows, their capabilities remain limited in supporting high-quality scientific writing. Most existing systems are designed for general-purpose scientific text generation and fail to meet the sophisticated demands of research communication beyond surface-level polishing, for example, maintaining conceptual coherence across sections. Furthermore, academic writing is inherently iterative and revision-driven, a process that is not well supported by direct prompting-based paradigms. To address these scenarios, we propose a human-AI collaboration framework for academic paper revision, centered on criteria-guided intent alignment and context-aware modeling. To validate the framework, we curate a dataset of 7,000 research papers from top-tier venues, annotated with 140,000 instruction–response pairs that reflect realistic, section-level scientific revisions. We instantiate the framework in XtraGPT, the first suite of open-source LLMs (1.5B to 14B parameters) specifically fine-tuned for context-aware academic paper revision. Extensive experiments show that XtraGPT significantly outperforms same-scale baselines and rivals the quality of proprietary counterparts. Both automated preference assessments and human evaluations confirm the effectiveness of XtraGPT in improving scientific drafts. Our code and models are available at https://github.com/Xtra-Computing/XtraGPT and https://huggingface.co/collections/Xtra-Computing/xtragpt.

The increasing demand for efficient summarization tools in resource-constrained environments highlights the need for effective solutions. While large language models (LLMs) deliver superior summarization quality, their high computational resource requirements limit practical use applications. In contrast, small language models (SLMs) present a more accessible alternative, capable of real-time summarization on edge devices. However, their summarization capabilities and comparative performance against LLMs remain underexplored. This paper addresses this gap by presenting a comprehensive evaluation of 19 SLMs for news summarization across 2,000 news samples, focusing on relevance, coherence, factual consistency, and summary length. Our findings reveal significant variations in SLM performance, with top-performing models such as Phi3-Mini and Llama3.2-3B-Ins achieving results comparable to those of 70B LLMs while generating more concise summaries. Notably, SLMs are better suited for simple prompts, as overly complex prompts may lead to a decline in summary quality. Additionally, our analysis indicates that instruction tuning does not consistently enhance the news summarization capabilities of SLMs. This research not only contributes to the understanding of SLMs but also provides practical insights for researchers seeking efficient summarization solutions that balance performance and resource use.

Natural Language to SQL (NL2SQL) has seen significant advancements with large language models (LLMs). However, these models often depend on closed-source methods and high computational resources, posing challenges in data privacy and deployment. In contrast, small language models (SLMs) struggle with NL2SQL tasks, exhibiting poor performance and incompatibility with existing frameworks. To address these issues, we introduce Feather-SQL, a new lightweight framework tailored for SLMs. Feather-SQL improves SQL executability and accuracy through: (i) schema pruning and linking, (ii) multi-path and multi-candidate generation. Additionally, we introduce 1+1 Model Collaboration Paradigm, which pairs a strong general-purpose chat model with a fine-tuned SQL model, combining strong analytical reasoning with high-precision SQL generation. Experimental results on BIRD demonstrate that Feather-SQL improves NL2SQL performance on SLMs, with around 10% boost for models without fine-tuning. The proposed paradigm raises the accuracy ceiling of SLMs to 54.76%, highlighting its effectiveness.

Instruction tuning is a crucial step in improving the responsiveness of pretrained large language models (LLMs) to human instructions. Federated learning (FL) helps to exploit the use of vast private instruction data from clients, becoming popular for LLM tuning by improving data diversity. Existing federated tuning simply consumes all local data, causing excessive computational overhead and overfitting to local data, while centralized data-efficient solutions are not suitable for FL due to privacy concerns. This work presents FedHDS, a federated data-efficient instruction tuning approach, which tunes LLMs with a representative subset of edge-side data. It reduces the data redundancy at both intra- and inter-client levels without sharing raw data. Experiments with various LLMs, datasets and partitions show that FedHDS improves Rouge-L on unseen tasks by an average of 10.72% over the SOTA full-data federated instruction tuning methods, while using less than 1.5% of the data samples, improving training efficiency by up to tens of times.

LLM-based multi-agent systems (MAS) have shown promise in tackling complex tasks. However, existing solutions often suffer from limited agent coordination and heavy reliance on predefined Standard Operating Procedures (SOPs), which demand extensive human input. To address these limitations, we propose MegaAgent, a large-scale autonomous LLM-based multi-agent system. MegaAgent generates agents based on task complexity and enables dynamic task decomposition, parallel execution, efficient communication, and comprehensive system monitoring of agents. In evaluations, MegaAgent demonstrates exceptional performance, successfully developing a Gobang game within 800 seconds and scaling up to 590 agents in a national policy simulation to generate multi-domain policies. It significantly outperforms existing systems, such as MetaGPT, in both task completion efficiency and scalability. By eliminating the need for predefined SOPs, MegaAgent demonstrates exceptional scalability and autonomy, setting a foundation for advancing true autonomy in MAS.

Prominent Large Language Model (LLM) services from providers like OpenAI and Google excel at general tasks but often underperform on domain-specific applications. Current customization services for these LLMs typically require users to upload data for fine-tuning, posing significant privacy risks. While differentially private (DP) data synthesis presents a potential alternative, its application commonly results in low effectiveness due to the introduction of excessive noise on data for DP. To overcome this, we introduce Llamdex, a novel framework that facilitates LLM customization as a service, where the client uploads pre-trained domain-specific models rather than data. This client-uploaded model, optionally protected by DP with much lower noise, is inserted into the base LLM via connection modules. Significantly, these connecting modules are trained without requiring sensitive domain data, enabling clients to customize LLM services while preserving data privacy. Experiments demonstrate that Llamdex improves domain-specific accuracy by up to 26% over state-of-the-art private data synthesis methods under identical privacy constraints and, by obviating the need for users to provide domain context within queries, maintains inference efficiency comparable to the original LLM service.

The utilization of Large Language Models (LLMs) in financial trading has primarily been concentrated within the stock market, aiding in economic and financial decisions. Yet, the unique opportunities presented by the cryptocurrency market, noted for its on-chain data’s transparency and the critical influence of off-chain signals like news, remain largely untapped by LLMs. This work aims to bridge the gap by developing an LLM-based trading agent, CryptoTrade, which uniquely combines the analysis of on-chain and off-chain data. This approach leverages the transparency and immutability of on-chain data, as well as the timeliness and influence of off-chain signals, providing a comprehensive overview of the cryptocurrency market. CryptoTrade incorporates a reflective mechanism specifically engineered to refine its daily trading decisions by analyzing the outcomes of prior trading decisions. This research makes two significant contributions. Firstly, it broadens the applicability of LLMs to the domain of cryptocurrency trading. Secondly, it establishes a benchmark for cryptocurrency trading strategies. Through extensive experiments, CryptoTrade has demonstrated superior performance in maximizing returns compared to time-series baselines, but not compared to traditional trading signals, across various cryptocurrencies and market conditions. Our code and data are available at https://github.com/Xtra-Computing/CryptoTrade