AI × QuantPPR-01
OOM-RL: Aligning Multi-Agent Systems via Real Capital Loss Constraints
Proposes using capital depletion in live financial markets as an externally imposed negative gradient for multi-agent system development, instead of human feedback that may induce sycophancy, and documents the resulting STDAW workflow and RO-Lock state lock.
#multi-agent systems#reinforcement learning alignment#agentic workflow
AI × QuantPPR-02
Residual Learning Deepens Shallow Asset Pricing Models and Improves Out-of-Sample Performance
The study proposes residual learning to deepen neural network asset pricing models by preserving and refining shallow counterparts, addressing the finding that deep feedforward models can underperform. Its value lies in offering a design to add economic value through model depth and a path toward scaling asset pricing models.
#residual learning#asset pricing#neural networks
AI × QuantPPR-03
Continuous-Utility Direct Preference Optimization Improves Reasoning Strategy Selection
CU-DPO replaces binary preference labels with continuous utility scores to learn a portfolio of K cognitive strategies, yielding a theoretical Θ(K log K) sample-complexity improvement and reported gains in strategy selection accuracy and downstream performance on math, code, and causal reasoning benchmarks.
#continuous utility#direct preference optimization#reasoning strategies
AI × QuantPPR-04
Option-Implied Return Distribution Guided Option Trading Agent Framework
This work introduces SOTA, a framework that abstracts thousands of option contracts into strategy-level decisions, with deterministic resolvers handling portfolio implementation to avoid fixed strategy structures. Its novelty lies in using option-implied return distributions to guide a language-model agent in structured option-strategy selection, evaluated against rule-based and machine-learning selectors in the same trading environment.
#option trading#agent#reinforcement learning
金融研究PPR-05
Design-Based Intervals for Downsampled Cross-Sectional Market Aggregates in Bandwidth-Constrained Financial Data Pipelines
To address the inability of deterministic Top-k selection to assess aggregation error in downsampled cross-sectional options panels, a design-based interval estimation method using probability sampling is proposed to improve aggregation accuracy and provide error quantification.
#downsampling#probability sampling#interval estimation
Quantitative ResearchPPR-06
Recursive Hierarchical Copula Aggregation for Market and Credit Portfolio Risk
This paper introduces a tree-based recursive copula aggregation framework that allows dependence to be specified locally at each aggregation node while preserving marginal distributions, capturing hierarchical interactions across risk components better than flat copula structures. It combines copula interpretability with the structural richness of hierarchical models, offering a scalable tool that bridges bottom-up and top-down risk aggregation.
#hierarchical copula#risk aggregation#market risk
金融研究PPR-07
Worst-case CVaR under a reward-penalty mechanism with applications to robust portfolio management
This study derives a closed-form expression for worst-case conditional value-at-risk (CVaR) under a reward-penalty mechanism and applies it to robust portfolio management. Its novelty lies in unifying and generalizing several existing worst-case CVaR models while providing an operational robust allocation method.
#conditional value-at-risk#robust portfolio#distribution uncertainty
AI 研究PPR-08
CodeInsight: A Large-Scale Dataset and Benchmark for Modeling Iterative Problem-Solving in Programming
This study introduces CodeInsight, a dataset of over 3 million submissions from 3,286 undergraduates across two introductory C++ courses in two academic years, with test-case-level outcomes, timestamps, and source code. It builds a benchmark under a shared calibration-and-scoring protocol to compare parametric, sequential, and generative models for predicting iterative problem-solving performance, offering a new basis for understanding sequential learning in human learners an
#iterative problem-solving#programming education data#recurrent state space model
金融研究PPR-09
Loop-Back Authority Degrades Report Quality in LLM Agent Teams
The novelty lies in showing that in an open-ended business-intelligence reporting task, hierarchical teams where a manager can send back worker output for revision produce lower-quality reports; they score lower on Utility and Writing Clarity and use more hedging words than flat teams. This provides counter-evidence to the default manager-revision authority in multi-agent LLM frameworks.
#LLM multi-agent#hierarchical coordination#authority and revision
AI × QuantPPR-10
Interaction-Constrained Offline RL for Autonomous Driving Distribution Shift
This work argues that offline reinforcement learning for autonomous driving must control not only policy action-space distribution shift but also degradation in joint support between ego and surrounding agents' futures, termed interaction distribution shift (IDS). The authors propose ICDP, a framework that recovers a residual interaction-support component via contrastive density-ratio estimation from the joint data distribution, suppressing high-value yet interaction-unsuppor
#offline reinforcement learning#autonomous driving#distribution shift