Automated alpha mining holds the scoring function fixed and varies the search algorithm over it. A search that converges against a fixed scorer overfits whatever the scorer cannot penalize, a primary cause of the out-of-sample generalization gap. We treat the scoring function as a search artifact alongside the alpha factors and study what conditions make this joint search admissible. Sealed Joint Search (SJS) is a framework: a set of structural conditions on information flow in an autonomous-discovery system that prevent joint search from collapsing into self-confirmation while keeping the evaluator sealed. Conditions cover role decomposition, typed inter-role communication, provenance-sealed reads, versioned stores, and substrate-local promotion. Agora tests SJS empirically: five LLM agent classes communicate via three channels, evolving eight skill libraries, with alpha libraries built on AlphaGen operators. Three evaluators write reports aggregated into one brief, carrying forward disagreement instead of voting. We run Agora for 100 rounds on CSI 1000 and evaluate on a 91-day 2026 holdout sealed from all LLM inputs. Agora achieves holdout Sharpe +1.87; best baseline +1.334 at favorable seed and -0.755 cross-seed mean. Pre-loading Agora's two metrics into a frozen-library ablation recovers only +0.40 of the +2.25 Sharpe gap, and adding PPO without library evolution worsens the gap. The two metrics emerge rather than being designed. Caveats: single-seed run, short-side concentrated signal, intended for long-short.
Finance Agent v2 (by Vals AI) has emerged as the reference benchmark for evaluating both Anthropic Claude and OpenAI ChatGPT frontier language models on financial tasks. However, it narrowly deals with periodic reporting from publicly traded companies (SEC 10-K and 10-Q filings), and its agentic harness relies on naive, unenriched chunk retrieval. Neither the task design nor the retrieval approach addresses the distinct challenges of IPO due diligence. SEC S-1 filings combine historical financial statements, governance structures, pro forma and common-control accounting treatments, capital-formation narratives, and underwriting-sensitive risk disclosures within substantially longer documents than typical periodic filings. That is why we introduce IPO Finance Agent, which extends the Finance Agent v2 framework along two directions: task domain and retrieval architecture. During our experiments, the original Finance Agent v2 harness basically failed to deliver any output related to the SpaceX S-1 filing, due to document length. We therefore had to improve the agentic harness with contextual retrieval, a more realistic and industry-standard approach for long documents. We also built a dataset of 1,000 IPO-diligence questions, and publicly release 70 questions on the SpaceX (SPCX) S-1 filing to support reproducibility, while the remainder are held private to guard against benchmark contamination. In addition, we introduce an evaluator-optimizer pipeline to automatically generate evaluation rubrics for the benchmark: candidate facts are extracted from an ensemble of independently-generated model answers to each question, consolidated into draft criteria, then automatically audited for omissions, hallucinations, mistiered items, and redundancy, with LLM feedback driving iterative repair, targeted enrichment, and deduplication. Human experts only review final rubrics before deployment. Results show that the best-performing evaluated model, Alibaba Qwen 3.7 Max, reaches 79.4% accuracy at $0.30 per query, and the most cost-efficient model on the resulting Pareto frontier, Xiaomi MiMo-2.5 Pro, reaches slightly lower accuracy (76.8%) at $0.05 per query. Both exceed the current Finance Agent v2 leaderboard ceiling-Google Gemini 3.5 Flash at 57.9% for $2.51 per querywhile undercutting even FABv2's cheapest entry (MiniMax M3: 48.3% at $0.32) on cost-efficiency. Code and data are released on GitHub: https://github.com/benstaf/ipoagent
We introduce CFAgentBench, a reproducible, self-hostable environment and benchmark for autonomous construction-finance agents: a CFO/controller-class agent operating across the real software stack a US construction finance team runs - ERP, project management, email, documents, pay applications, payroll, certified payroll, lien waivers, and bank/treasury portals. It contains 1,014 machine-gradeable task specifications across 8 domains and 77 families, every family grounded in a real source; a self-validated subset of 40 tasks (54 with a project-management extension) is compiled into oracle-validated executable evaluators, the runnable suite reported here. Following WebArena, the benchmark runs on an executable environment rather than static traces: 35 mock applications (31 reconciled to one company book, plus 4 PM platforms) over 9 archetypes, each implementing a uniform self-hostable app contract, so every task is graded by functional correctness - a state diff plus forbidden-side-effect checks plus required-output regexes - with an LLM judge used only for reply quality, never as reward. A distinguishing principle is a money-movement guard: 278 instances embed a payment, payroll, e-signature, or e-filing step where the correct behavior is to stop and stage for human approval, and executing even the correct transaction fails the task. The public split (n=711) is sized for a 95% Wilson half-width of +/-4.1%; a private, contamination-protected split (n=303) is reserved for remote scoring. In a first three-model open-weight sweep (k=5), the strongest agent reaches pass^1 = 0.67 but only pass^5 = 0.38 - losing 43% of its successes when required to repeat them under temperature-0 decoding. The within-model pass^1 to pass^5 collapse and sharp per-domain heterogeneity are clear evidence that single-attempt accuracy overstates deployable construction-finance competence.
LLM agents are increasingly expected to carry out end-to-end workflows, producing complete artifacts from high-level user instructions. To meet enterprise needs, frontier AI labs have developed agents that can construct entire spreadsheets from scratch. This is especially relevant in finance, where core workflows such as financial modeling, forecasting, and scenario analysis are commonly conducted through spreadsheets. Yet, existing spreadsheet benchmarks do not measure this advanced capability, focusing instead on question-answering or single-formula edits. To address this gap, we provide one of the first evaluations of agents on end-to-end spreadsheet tasks, focusing on economically critical financial workflows such as modeling and scenario analysis. Since deliverables therein are routinely reviewed and revised by multiple stakeholders, judging their quality necessarily involves high-level criteria such as readability or ease of modification. To reflect the multidimensional nature of solution quality, we develop an evaluation taxonomy comprising three dimensions: Accuracy, Formula, and Format, each comprising fine-grained criteria that reflect professional standards. The Claude family leads the benchmark and produces the most professional-looking outputs in our qualitative review, but even the strongest agents frequently fall short of professional finance standards and degrade sharply as the difficulty increases beyond a few chained calculations. This suggests that current agents are not yet able to reliably produce professional-quality spreadsheets at the level of complexity real-world workflows demand.