Many real-world questions over business, legal, and scientific corpora are natural-language versions of database-style queries over records latent in text. Existing retrieval-augmented generation (RAG) systems are optimized primarily for semantic relevance, but retrieving plausible passages does not guarantee correct query execution. We introduce QO-Bench, a diagnostic benchmark for query-operator question answering over typed event tuples. The benchmark covers 22,984 news articles and 614 corporate events, with 18 query templates instantiating 785 questions. Each gold answer is deterministically computed from typed event tuples and scored by recall, with answers matched to the gold tuples by exact match rather than an LLM judge. This design enables operator-level diagnosis such as joins and intersection. We evaluate RAG, ReAct RAG, GraphRAG, and information-extraction-to-SQL under matched conditions, with a long-context oracle ceiling to isolate retrieval failure. A two-axis framework—index-time preservation versus query-time execution—predicts where each paradigm fails, and the results bear it out: systems retrieve relevant text but discard the typed values operators need, and the deployable paradigm ranking inverts across operators, with similarity retrieval leading on filter/project and extraction-to-SQL on intersection and counting. Even given the gold evidence, a long-context oracle stays far from saturated, so operator execution—not retrieval alone—is a core bottleneck that a stronger answer model does not remove. QO-Bench reframes the goal from passage relevance to query-operator-preserving retrieval. The benchmark, predictions, and code are released at https://github.com/ZHANG-MENGAO/qo-bench.

Deep Research (DR) Agents powered by advanced Large Language Models (LLMs) have fundamentally shifted the paradigm for completing complex research tasks. Yet, a comprehensive and live evaluation of their forecasting performance on real-world, research-oriented tasks in high-stakes domains (eg finance) remains underexplored. We introduce FinDeepForecast, the first live, end-to-end multi-agent system for automatically evaluating DR agents by continuously generating research-oriented financial forecasting tasks. This system is equipped with a dual-track taxonomy, enabling the dynamic generation of recurrent and non-recurrent forecasting tasks at both corporate and macro levels. With this system, we generate FinDeepForecastBench, a weekly evaluation benchmark over a ten-week horizon, encompassing 8 global economies and 1,314 listed companies, and evaluate 13 representative methods. Extensive experiments show that, while DR agents consistently outperform strong baselines, their performance still falls short of genuine forward-looking financial reasoning. We expect the proposed FinDeepForecast system to consistently facilitate future advancements of DR agents in research-oriented financial forecasting tasks. The project website is available at https://OpenFinArena.com.

Natural Language Processing is rapidly evolving into a primary instrument for Computational Social Science, with researchers increasingly using embeddings to measure latent constructs such as novelty, creativity, and bias. However, this transition faces a fundamental validity challenge: the “Proxy Presumption,” or the reliance on geometric properties (e.g., cosine distance) as direct measures of social concepts. We argue that without explicit validation, unsupervised representations remain entangled mixtures of the target construct (C) and confounding attributes (Z) like topic, style, and authorship. To bridge the gap between semantic embeddings and valid social measures, we introduce the Construct Validity Protocol (CVP). Drawing on causal representation learning and psychometrics, the CVP offers a rigorous pipeline from conceptualization to quantitative verification. We further propose Counterfactual Neutralization, a novel method using LLMs to reduce confounding in embedding space. By providing a standardized Validity Suite—including tests for discriminant, incremental, and predictive validity—this work offers the community a toolkit to transform heuristic proxies into robust, scientifically defensible instruments.