Daily Papers

Recent advancements in large language models (LLMs) have enabled powerful agent-based applications in finance, particularly for sentiment analysis, financial report comprehension, and stock forecasting. However, existing systems often lack inter-agent coordination, structured self-reflection, and access to high-quality, domain-specific post-training data such as data from trading activities including both market conditions and agent decisions. These data are crucial for agents to understand the market dynamics, improve the quality of decision-making and promote effective coordination. We introduce TradingGroup, a multi-agent trading system designed to address these limitations through a self-reflective architecture and an end-to-end data-synthesis pipeline. TradingGroup consists of specialized agents for news sentiment analysis, financial report interpretation, stock trend forecasting, trading style adaptation, and a trading decision making agent that merges all signals and style preferences to produce buy, sell or hold decisions. Specifically, we design self-reflection mechanisms for the stock forecasting, style, and decision-making agents to distill past successes and failures for similar reasoning in analogous future scenarios and a dynamic risk-management model to offer configurable dynamic stop-loss and take-profit mechanisms. In addition, TradingGroup embeds an automated data-synthesis and annotation pipeline that generates high-quality post-training data for further improving the agent performance through post-training. Our backtesting experiments across five real-world stock datasets demonstrate TradingGroup's superior performance over rule-based, machine learning, reinforcement learning, and existing LLM-based trading strategies.

The inherent non-stationarity of financial markets and the complexity of multi-modal information pose significant challenges to existing quantitative trading models. Traditional methods relying on fixed structures and unimodal data struggle to adapt to market regime shifts, while large language model (LLM)-driven solutions - despite their multi-modal comprehension - suffer from static strategies and homogeneous expert designs, lacking dynamic adjustment and fine-grained decision mechanisms. To address these limitations, we propose MM-DREX: a Multimodal-driven, Dynamically-Routed EXpert framework based on large language models. MM-DREX explicitly decouples market state perception from strategy execution to enable adaptive sequential decision-making in non-stationary environments. Specifically, it (1) introduces a vision-language model (VLM)-powered dynamic router that jointly analyzes candlestick chart patterns and long-term temporal features to allocate real-time expert weights; (2) designs four heterogeneous trading experts (trend, reversal, breakout, positioning) generating specialized fine-grained sub-strategies; and (3) proposes an SFT-RL hybrid training paradigm to synergistically optimize the router's market classification capability and experts' risk-adjusted decision-making. Extensive experiments on multi-modal datasets spanning stocks, futures, and cryptocurrencies demonstrate that MM-DREX significantly outperforms 15 baselines (including state-of-the-art financial LLMs and deep reinforcement learning models) across key metrics: total return, Sharpe ratio, and maximum drawdown, validating its robustness and generalization. Additionally, an interpretability module traces routing logic and expert behavior in real time, providing an audit trail for strategy transparency.

The integration of Artificial Intelligence (AI) in the financial domain has opened new avenues for quantitative trading, particularly through the use of Large Language Models (LLMs). However, the challenge of effectively synthesizing insights from diverse data sources and integrating both structured and unstructured data persists. This paper presents TradeExpert, a novel framework that employs a mix of experts (MoE) approach, using four specialized LLMs, each analyzing distinct sources of financial data, including news articles, market data, alpha factors, and fundamental data. The insights of these expert LLMs are further synthesized by a General Expert LLM to make a final prediction or decision. With specific prompts, TradeExpert can be switched between the prediction mode and the ranking mode for stock movement prediction and quantitative stock trading, respectively. In addition to existing benchmarks, we also release a large-scale financial dataset to comprehensively evaluate TradeExpert's effectiveness. Our experimental results demonstrate TradeExpert's superior performance across all trading scenarios.

The realm of High-Frequency Trading (HFT) is characterized by rapid decision-making processes that capitalize on fleeting market inefficiencies. As the financial markets become increasingly competitive, there is a pressing need for innovative strategies that can adapt and evolve with changing market dynamics. Enter Reinforcement Learning (RL), a branch of machine learning where agents learn by interacting with their environment, making it an intriguing candidate for HFT applications. This paper dives deep into the integration of RL in statistical arbitrage strategies tailored for HFT scenarios. By leveraging the adaptive learning capabilities of RL, we explore its potential to unearth patterns and devise trading strategies that traditional methods might overlook. We delve into the intricate exploration-exploitation trade-offs inherent in RL and how they manifest in the volatile world of HFT. Furthermore, we confront the challenges of applying RL in non-stationary environments, typical of financial markets, and investigate methodologies to mitigate associated risks. Through extensive simulations and backtests, our research reveals that RL not only enhances the adaptability of trading strategies but also shows promise in improving profitability metrics and risk-adjusted returns. This paper, therefore, positions RL as a pivotal tool for the next generation of HFT-based statistical arbitrage, offering insights for both researchers and practitioners in the field.

Large language models show promise for financial decision-making, yet deploying them as autonomous trading agents raises fundamental challenges: how to adapt instructions when rewards arrive late and obscured by market noise, how to synthesize heterogeneous information streams into coherent decisions, and how to bridge the gap between model outputs and executable market actions. We present ATLAS (Adaptive Trading with LLM AgentS), a unified multi-agent framework that integrates structured information from markets, news, and corporate fundamentals to support robust trading decisions. Within ATLAS, the central trading agent operates in an order-aware action space, ensuring that outputs correspond to executable market orders rather than abstract signals. The agent can incorporate feedback while trading using Adaptive-OPRO, a novel prompt-optimization technique that dynamically adapts the prompt by incorporating real-time, stochastic feedback, leading to increasing performance over time. Across regime-specific equity studies and multiple LLM families, Adaptive-OPRO consistently outperforms fixed prompts, while reflection-based feedback fails to provide systematic gains.

Artificial Intelligence (AI) and Machine Learning (ML) are transforming the domain of Quantitative Trading (QT) through the deployment of advanced algorithms capable of sifting through extensive financial datasets to pinpoint lucrative investment openings. AI-driven models, particularly those employing ML techniques such as deep learning and reinforcement learning, have shown great prowess in predicting market trends and executing trades at a speed and accuracy that far surpass human capabilities. Its capacity to automate critical tasks, such as discerning market conditions and executing trading strategies, has been pivotal. However, persistent challenges exist in current QT methods, especially in effectively handling noisy and high-frequency financial data. Striking a balance between exploration and exploitation poses another challenge for AI-driven trading agents. To surmount these hurdles, our proposed solution, QTNet, introduces an adaptive trading model that autonomously formulates QT strategies through an intelligent trading agent. Incorporating deep reinforcement learning (DRL) with imitative learning methodologies, we bolster the proficiency of our model. To tackle the challenges posed by volatile financial datasets, we conceptualize the QT mechanism within the framework of a Partially Observable Markov Decision Process (POMDP). Moreover, by embedding imitative learning, the model can capitalize on traditional trading tactics, nurturing a balanced synergy between discovery and utilization. For a more realistic simulation, our trading agent undergoes training using minute-frequency data sourced from the live financial market. Experimental findings underscore the model's proficiency in extracting robust market features and its adaptability to diverse market conditions.

In financial trading, large language model (LLM)-based agents demonstrate significant potential. However, the high sensitivity to market noise undermines the performance of LLM-based trading systems. To address this limitation, we propose a novel multi-agent system featuring an internal competitive mechanism inspired by modern corporate management structures. The system consists of two specialized teams: (1) Data Team - responsible for processing and condensing massive market data into diversified text factors, ensuring they fit the model's constrained context. (2) Research Team - tasked with making parallelized multipath trading decisions based on deep research methods. The core innovation lies in implementing a real-time evaluation and ranking mechanism within each team, driven by authentic market feedback. Each agent's performance undergoes continuous scoring and ranking, with only outputs from top-performing agents being adopted. The design enables the system to adaptively adjust to dynamic environment, enhances robustness against market noise and ultimately delivers superior trading performance. Experimental results demonstrate that our proposed system significantly outperforms prevailing multi-agent systems and traditional quantitative investment methods across diverse evaluation metrics. ContestTrade is open-sourced on GitHub at https://github.com/FinStep-AI/ContestTrade.

Diffusion models have emerged as the leading approach for style transfer, yet they struggle with photo-realistic transfers, often producing painting-like results or missing detailed stylistic elements. Current methods inadequately address unwanted influence from original content styles and style reference content features. We introduce SCAdapter, a novel technique leveraging CLIP image space to effectively separate and integrate content and style features. Our key innovation systematically extracts pure content from content images and style elements from style references, ensuring authentic transfers. This approach is enhanced through three components: Controllable Style Adaptive Instance Normalization (CSAdaIN) for precise multi-style blending, KVS Injection for targeted style integration, and a style transfer consistency objective maintaining process coherence. Comprehensive experiments demonstrate SCAdapter significantly outperforms state-of-the-art methods in both conventional and diffusion-based baselines. By eliminating DDIM inversion and inference-stage optimization, our method achieves at least 2times faster inference than other diffusion-based approaches, making it both more effective and efficient for practical applications.

High-frequency trading (HFT) represents a pivotal and intensely competitive domain within the financial markets. The velocity and accuracy of data processing exert a direct influence on profitability, underscoring the significance of this field. The objective of this work is to optimise the real-time processing of data in high-frequency trading algorithms. The dynamic feature selection mechanism is responsible for monitoring and analysing market data in real time through clustering and feature weight analysis, with the objective of automatically selecting the most relevant features. This process employs an adaptive feature extraction method, which enables the system to respond and adjust its feature set in a timely manner when the data input changes, thus ensuring the efficient utilisation of data. The lightweight neural networks are designed in a modular fashion, comprising fast convolutional layers and pruning techniques that facilitate the expeditious completion of data processing and output prediction. In contrast to conventional deep learning models, the neural network architecture has been specifically designed to minimise the number of parameters and computational complexity, thereby markedly reducing the inference time. The experimental results demonstrate that the model is capable of maintaining consistent performance in the context of varying market conditions, thereby illustrating its advantages in terms of processing speed and revenue enhancement.

Financial trading is a crucial component of the markets, informed by a multimodal information landscape encompassing news, prices, and Kline charts, and encompasses diverse tasks such as quantitative trading and high-frequency trading with various assets. While advanced AI techniques like deep learning and reinforcement learning are extensively utilized in finance, their application in financial trading tasks often faces challenges due to inadequate handling of multimodal data and limited generalizability across various tasks. To address these challenges, we present FinAgent, a multimodal foundational agent with tool augmentation for financial trading. FinAgent's market intelligence module processes a diverse range of data-numerical, textual, and visual-to accurately analyze the financial market. Its unique dual-level reflection module not only enables rapid adaptation to market dynamics but also incorporates a diversified memory retrieval system, enhancing the agent's ability to learn from historical data and improve decision-making processes. The agent's emphasis on reasoning for actions fosters trust in its financial decisions. Moreover, FinAgent integrates established trading strategies and expert insights, ensuring that its trading approaches are both data-driven and rooted in sound financial principles. With comprehensive experiments on 6 financial datasets, including stocks and Crypto, FinAgent significantly outperforms 9 state-of-the-art baselines in terms of 6 financial metrics with over 36% average improvement on profit. Specifically, a 92.27% return (a 84.39% relative improvement) is achieved on one dataset. Notably, FinAgent is the first advanced multimodal foundation agent designed for financial trading tasks.

Most economic theories typically assume that financial market participants are fully rational individuals and use mathematical models to simulate human behavior in financial markets. However, human behavior is often not entirely rational and is challenging to predict accurately with mathematical models. In this paper, we propose Agent-based Simulated Financial Market (ASFM), which first constructs a simulated stock market with a real order matching system. Then, we propose a large language model based agent as the stock trader, which contains the profile, observation, and tool-learning based action module. The trading agent can comprehensively understand current market dynamics and financial policy information, and make decisions that align with their trading strategy. In the experiments, we first verify that the reactions of our ASFM are consistent with the real stock market in two controllable scenarios. In addition, we also conduct experiments in two popular economics research directions, and we find that conclusions drawn in our \model align with the preliminary findings in economics research. Based on these observations, we believe our proposed ASFM provides a new paradigm for economic research.

Recent advancements in Large Language Models (LLMs) have exhibited notable efficacy in question-answering (QA) tasks across diverse domains. Their prowess in integrating extensive web knowledge has fueled interest in developing LLM-based autonomous agents. While LLMs are efficient in decoding human instructions and deriving solutions by holistically processing historical inputs, transitioning to purpose-driven agents requires a supplementary rational architecture to process multi-source information, establish reasoning chains, and prioritize critical tasks. Addressing this, we introduce FinMem, a novel LLM-based agent framework devised for financial decision-making. It encompasses three core modules: Profiling, to customize the agent's characteristics; Memory, with layered message processing, to aid the agent in assimilating hierarchical financial data; and Decision-making, to convert insights gained from memories into investment decisions. Notably, FinMem's memory module aligns closely with the cognitive structure of human traders, offering robust interpretability and real-time tuning. Its adjustable cognitive span allows for the retention of critical information beyond human perceptual limits, thereby enhancing trading outcomes. This framework enables the agent to self-evolve its professional knowledge, react agilely to new investment cues, and continuously refine trading decisions in the volatile financial environment. We first compare FinMem with various algorithmic agents on a scalable real-world financial dataset, underscoring its leading trading performance in stocks. We then fine-tuned the agent's perceptual span and character setting to achieve a significantly enhanced trading performance. Collectively, FinMem presents a cutting-edge LLM agent framework for automated trading, boosting cumulative investment returns.

The feasibility of making profitable trades on a single asset on stock exchanges based on patterns identification has long attracted researchers. Reinforcement Learning (RL) and Natural Language Processing have gained notoriety in these single-asset trading tasks, but only a few works have explored their combination. Moreover, some issues are still not addressed, such as extracting market sentiment momentum through the explicit capture of sentiment features that reflect the market condition over time and assessing the consistency and stability of RL results in different situations. Filling this gap, we propose the Sentiment-Aware RL (SentARL) intelligent trading system that improves profit stability by leveraging market mood through an adaptive amount of past sentiment features drawn from textual news. We evaluated SentARL across twenty assets, two transaction costs, and five different periods and initializations to show its consistent effectiveness against baselines. Subsequently, this thorough assessment allowed us to identify the boundary between news coverage and market sentiment regarding the correlation of price-time series above which SentARL's effectiveness is outstanding.

We introduce a novel hybrid approach that augments Agent-Based Models (ABMs) with behaviors generated by Large Language Models (LLMs) to simulate human trading interactions. We call our model TraderTalk. Leveraging LLMs trained on extensive human-authored text, we capture detailed and nuanced representations of bilateral conversations in financial trading. Applying this Generative Agent-Based Model (GABM) to government bond markets, we replicate trading decisions between two stylised virtual humans. Our method addresses both structural challenges, such as coordinating turn-taking between realistic LLM-based agents, and design challenges, including the interpretation of LLM outputs by the agent model. By exploring prompt design opportunistically rather than systematically, we enhance the realism of agent interactions without exhaustive overfitting or model reliance. Our approach successfully replicates trade-to-order volume ratios observed in related asset markets, demonstrating the potential of LLM-augmented ABMs in financial simulations

Financial markets are complex systems characterized by high statistical noise, nonlinearity, and constant evolution. Thus, modeling them is extremely hard. We address the task of generating realistic and responsive Limit Order Book (LOB) market simulations, which are fundamental for calibrating and testing trading strategies, performing market impact experiments, and generating synthetic market data. Previous works lack realism, usefulness, and responsiveness of the generated simulations. To bridge this gap, we propose a novel TRAnsformer-based Denoising Diffusion Probabilistic Engine for LOB Simulations (TRADES). TRADES generates realistic order flows conditioned on the state of the market, leveraging a transformer-based architecture that captures the temporal and spatial characteristics of high-frequency market data. There is a notable absence of quantitative metrics for evaluating generative market simulation models in the literature. To tackle this problem, we adapt the predictive score, a metric measured as an MAE, by training a stock price predictive model on synthetic data and testing it on real data. We compare TRADES with previous works on two stocks, reporting an x3.27 and x3.47 improvement over SoTA according to the predictive score, demonstrating that we generate useful synthetic market data for financial downstream tasks. We assess TRADES's market simulation realism and responsiveness, showing that it effectively learns the conditional data distribution and successfully reacts to an experimental agent, giving sprout to possible calibrations and evaluations of trading strategies and market impact experiments. We developed DeepMarket, the first open-source Python framework for market simulation with deep learning. Our repository includes a synthetic LOB dataset composed of TRADES's generates simulations. We release the code at github.com/LeonardoBerti00/DeepMarket.

As the Chinese stock market continues to evolve and its market structure grows increasingly complex, traditional quantitative trading methods are facing escalating challenges. Particularly, due to policy uncertainty and the frequent market fluctuations triggered by sudden economic events, existing models often struggle to accurately predict market dynamics. To address these challenges, this paper introduces Stockformer, a price-volume factor stock selection model that integrates wavelet transformation and a multitask self-attention network, aimed at enhancing responsiveness and predictive accuracy regarding market instabilities. Through discrete wavelet transform, Stockformer decomposes stock returns into high and low frequencies, meticulously capturing long-term market trends and short-term fluctuations, including abrupt events. Moreover, the model incorporates a Dual-Frequency Spatiotemporal Encoder and graph embedding techniques to effectively capture complex temporal and spatial relationships among stocks. Employing a multitask learning strategy, it simultaneously predicts stock returns and directional trends. Experimental results show that Stockformer outperforms existing advanced methods on multiple real stock market datasets. In strategy backtesting, Stockformer consistently demonstrates exceptional stability and reliability across market conditions-whether rising, falling, or fluctuating-particularly maintaining high performance during downturns or volatile periods, indicating a high adaptability to market fluctuations. To foster innovation and collaboration in the financial analysis sector, the Stockformer model's code has been open-sourced and is available on the GitHub repository: https://github.com/Eric991005/Multitask-Stockformer.

Developing professional, structured reasoning on par with human financial analysts and traders remains a central challenge in AI for finance, where markets demand interpretability and trust. Traditional time-series models lack explainability, while LLMs face challenges in turning natural-language analysis into disciplined, executable trades. Although reasoning LLMs have advanced in step-by-step planning and verification, their application to risk-sensitive financial decisions is underexplored. We present Trading-R1, a financially-aware model that incorporates strategic thinking and planning for comprehensive thesis composition, facts-grounded analysis, and volatility-adjusted decision making. Trading-R1 aligns reasoning with trading principles through supervised fine-tuning and reinforcement learning with a three-stage easy-to-hard curriculum. Training uses Tauric-TR1-DB, a 100k-sample corpus spanning 18 months, 14 equities, and five heterogeneous financial data sources. Evaluated on six major equities and ETFs, Trading-R1 demonstrates improved risk-adjusted returns and lower drawdowns compared to both open-source and proprietary instruction-following models as well as reasoning models. The system generates structured, evidence-based investment theses that support disciplined and interpretable trading decisions. Trading-R1 Terminal will be released at https://github.com/TauricResearch/Trading-R1.

The stylization of 3D scenes is an increasingly attractive topic in 3D vision. Although image style transfer has been extensively researched with promising results, directly applying 2D style transfer methods to 3D scenes often fails to preserve the structural and multi-view properties of 3D environments, resulting in unpleasant distortions in images from different viewpoints. To address these issues, we leverage the remarkable generative prior of diffusion-based models and propose a novel style transfer method, OSDiffST, based on a pre-trained one-step diffusion model (i.e., SD-Turbo) for rendering diverse styles in multi-view images of 3D scenes. To efficiently adapt the pre-trained model for multi-view style transfer on small datasets, we introduce a vision condition module to extract style information from the reference style image to serve as conditional input for the diffusion model and employ LoRA in diffusion model for adaptation. Additionally, we consider color distribution alignment and structural similarity between the stylized and content images using two specific loss functions. As a result, our method effectively preserves the structural information and multi-view consistency in stylized images without any 3D information. Experiments show that our method surpasses other promising style transfer methods in synthesizing various styles for multi-view images of 3D scenes. Stylized images from different viewpoints generated by our method achieve superior visual quality, with better structural integrity and less distortion. The source code is available at https://github.com/YushenZuo/OSDiffST.

We introduce Style Tailoring, a recipe to finetune Latent Diffusion Models (LDMs) in a distinct domain with high visual quality, prompt alignment and scene diversity. We choose sticker image generation as the target domain, as the images significantly differ from photorealistic samples typically generated by large-scale LDMs. We start with a competent text-to-image model, like Emu, and show that relying on prompt engineering with a photorealistic model to generate stickers leads to poor prompt alignment and scene diversity. To overcome these drawbacks, we first finetune Emu on millions of sticker-like images collected using weak supervision to elicit diversity. Next, we curate human-in-the-loop (HITL) Alignment and Style datasets from model generations, and finetune to improve prompt alignment and style alignment respectively. Sequential finetuning on these datasets poses a tradeoff between better style alignment and prompt alignment gains. To address this tradeoff, we propose a novel fine-tuning method called Style Tailoring, which jointly fits the content and style distribution and achieves best tradeoff. Evaluation results show our method improves visual quality by 14%, prompt alignment by 16.2% and scene diversity by 15.3%, compared to prompt engineering the base Emu model for stickers generation.

Stock selection, which aims to predict stock prices and identify the most profitable ones, is a crucial task in finance. While existing methods primarily focus on developing model structures and building graphs for improved selection, pre-training strategies remain underexplored in this domain. Current stock series pre-training follows methods from other areas without adapting to the unique characteristics of financial data, particularly overlooking stock-specific contextual information and the non-stationary nature of stock prices. Consequently, the latent statistical features inherent in stock data are underutilized. In this paper, we propose three novel pre-training tasks tailored to stock data characteristics: stock code classification, stock sector classification, and moving average prediction. We develop the Stock Specialized Pre-trained Transformer (SSPT) based on a two-layer transformer architecture. Extensive experimental results validate the effectiveness of our pre-training methods and provide detailed guidance on their application. Evaluations on five stock datasets, including four markets and two time periods, demonstrate that SSPT consistently outperforms the market and existing methods in terms of both cumulative investment return ratio and Sharpe ratio. Additionally, our experiments on simulated data investigate the underlying mechanisms of our methods, providing insights into understanding price series. Our code is publicly available at: https://github.com/astudentuser/Pre-training-Time-Series-Models-with-Stock-Data-Customization.

In the highly volatile and uncertain global financial markets, traditional quantitative trading models relying on statistical modeling or empirical rules often fail to adapt to dynamic market changes and black swan events due to rigid assumptions and limited generalization. To address these issues, this paper proposes QTMRL (Quantitative Trading Multi-Indicator Reinforcement Learning), an intelligent trading agent combining multi-dimensional technical indicators with reinforcement learning (RL) for adaptive and stable portfolio management. We first construct a comprehensive multi-indicator dataset using 23 years of S&P 500 daily OHLCV data (2000-2022) for 16 representative stocks across 5 sectors, enriching raw data with trend, volatility, and momentum indicators to capture holistic market dynamics. Then we design a lightweight RL framework based on the Advantage Actor-Critic (A2C) algorithm, including data processing, A2C algorithm, and trading agent modules to support policy learning and actionable trading decisions. Extensive experiments compare QTMRL with 9 baselines (e.g., ARIMA, LSTM, moving average strategies) across diverse market regimes, verifying its superiority in profitability, risk adjustment, and downside risk control. The code of QTMRL is publicly available at https://github.com/ChenJiahaoJNU/QTMRL.git

Both geometry and texture are fundamental aspects of visual style. Existing style transfer methods, however, primarily focus on texture, almost entirely ignoring geometry. We propose deformable style transfer (DST), an optimization-based approach that jointly stylizes the texture and geometry of a content image to better match a style image. Unlike previous geometry-aware stylization methods, our approach is neither restricted to a particular domain (such as human faces), nor does it require training sets of matching style/content pairs. We demonstrate our method on a diverse set of content and style images including portraits, animals, objects, scenes, and paintings. Code has been made publicly available at https://github.com/sunniesuhyoung/DST.

Gatys et al. recently introduced a neural algorithm that renders a content image in the style of another image, achieving so-called style transfer. However, their framework requires a slow iterative optimization process, which limits its practical application. Fast approximations with feed-forward neural networks have been proposed to speed up neural style transfer. Unfortunately, the speed improvement comes at a cost: the network is usually tied to a fixed set of styles and cannot adapt to arbitrary new styles. In this paper, we present a simple yet effective approach that for the first time enables arbitrary style transfer in real-time. At the heart of our method is a novel adaptive instance normalization (AdaIN) layer that aligns the mean and variance of the content features with those of the style features. Our method achieves speed comparable to the fastest existing approach, without the restriction to a pre-defined set of styles. In addition, our approach allows flexible user controls such as content-style trade-off, style interpolation, color & spatial controls, all using a single feed-forward neural network.

Large language models (LLMs) achieve strong performance across benchmarks--from knowledge quizzes and math reasoning to web-agent tasks--but these tests occur in static settings, lacking real dynamics and uncertainty. Consequently, they evaluate isolated reasoning or problem-solving rather than decision-making under uncertainty. To address this, we introduce LiveTradeBench, a live trading environment for evaluating LLM agents in realistic and evolving markets. LiveTradeBench follows three design principles: (i) Live data streaming of market prices and news, eliminating dependence on offline backtesting and preventing information leakage while capturing real-time uncertainty; (ii) a portfolio-management abstraction that extends control from single-asset actions to multi-asset allocation, integrating risk management and cross-asset reasoning; and (iii) multi-market evaluation across structurally distinct environments--U.S. stocks and Polymarket prediction markets--differing in volatility, liquidity, and information flow. At each step, an agent observes prices, news, and its portfolio, then outputs percentage allocations that balance risk and return. Using LiveTradeBench, we run 50-day live evaluations of 21 LLMs across families. Results show that (1) high LMArena scores do not imply superior trading outcomes; (2) models display distinct portfolio styles reflecting risk appetite and reasoning dynamics; and (3) some LLMs effectively leverage live signals to adapt decisions. These findings expose a gap between static evaluation and real-world competence, motivating benchmarks that test sequential decision making and consistency under live uncertainty.

Text-driven style transfer aims to merge the style of a reference image with content described by a text prompt. Recent advancements in text-to-image models have improved the nuance of style transformations, yet significant challenges remain, particularly with overfitting to reference styles, limiting stylistic control, and misaligning with textual content. In this paper, we propose three complementary strategies to address these issues. First, we introduce a cross-modal Adaptive Instance Normalization (AdaIN) mechanism for better integration of style and text features, enhancing alignment. Second, we develop a Style-based Classifier-Free Guidance (SCFG) approach that enables selective control over stylistic elements, reducing irrelevant influences. Finally, we incorporate a teacher model during early generation stages to stabilize spatial layouts and mitigate artifacts. Our extensive evaluations demonstrate significant improvements in style transfer quality and alignment with textual prompts. Furthermore, our approach can be integrated into existing style transfer frameworks without fine-tuning.

LLM-based trading agents are increasingly deployed in real-world financial markets to perform autonomous analysis and execution. However, their reliability and robustness under adversarial or faulty conditions remain largely unexamined, despite operating in high-risk, irreversible financial environments. We propose TradeTrap, a unified evaluation framework for systematically stress-testing both adaptive and procedural autonomous trading agents. TradeTrap targets four core components of autonomous trading agents: market intelligence, strategy formulation, portfolio and ledger handling, and trade execution, and evaluates their robustness under controlled system-level perturbations. All evaluations are conducted in a closed-loop historical backtesting setting on real US equity market data with identical initial conditions, enabling fair and reproducible comparisons across agents and attacks. Extensive experiments show that small perturbations at a single component can propagate through the agent decision loop and induce extreme concentration, runaway exposure, and large portfolio drawdowns across both agent types, demonstrating that current autonomous trading agents can be systematically misled at the system level. Our code is available at https://github.com/Yanlewen/TradeTrap.

Trading is a highly competitive task that requires a combination of strategy, knowledge, and psychological fortitude. With the recent success of large language models(LLMs), it is appealing to apply the emerging intelligence of LLM agents in this competitive arena and understanding if they can outperform professional traders. In this survey, we provide a comprehensive review of the current research on using LLMs as agents in financial trading. We summarize the common architecture used in the agent, the data inputs, and the performance of LLM trading agents in backtesting as well as the challenges presented in these research. This survey aims to provide insights into the current state of LLM-based financial trading agents and outline future research directions in this field.

Text-to-video (T2V) models have shown remarkable capabilities in generating diverse videos. However, they struggle to produce user-desired stylized videos due to (i) text's inherent clumsiness in expressing specific styles and (ii) the generally degraded style fidelity. To address these challenges, we introduce StyleCrafter, a generic method that enhances pre-trained T2V models with a style control adapter, enabling video generation in any style by providing a reference image. Considering the scarcity of stylized video datasets, we propose to first train a style control adapter using style-rich image datasets, then transfer the learned stylization ability to video generation through a tailor-made finetuning paradigm. To promote content-style disentanglement, we remove style descriptions from the text prompt and extract style information solely from the reference image using a decoupling learning strategy. Additionally, we design a scale-adaptive fusion module to balance the influences of text-based content features and image-based style features, which helps generalization across various text and style combinations. StyleCrafter efficiently generates high-quality stylized videos that align with the content of the texts and resemble the style of the reference images. Experiments demonstrate that our approach is more flexible and efficient than existing competitors.

Despite the impressive generative capabilities of diffusion models, existing diffusion model-based style transfer methods require inference-stage optimization (e.g. fine-tuning or textual inversion of style) which is time-consuming, or fails to leverage the generative ability of large-scale diffusion models. To address these issues, we introduce a novel artistic style transfer method based on a pre-trained large-scale diffusion model without any optimization. Specifically, we manipulate the features of self-attention layers as the way the cross-attention mechanism works; in the generation process, substituting the key and value of content with those of style image. This approach provides several desirable characteristics for style transfer including 1) preservation of content by transferring similar styles into similar image patches and 2) transfer of style based on similarity of local texture (e.g. edge) between content and style images. Furthermore, we introduce query preservation and attention temperature scaling to mitigate the issue of disruption of original content, and initial latent Adaptive Instance Normalization (AdaIN) to deal with the disharmonious color (failure to transfer the colors of style). Our experimental results demonstrate that our proposed method surpasses state-of-the-art methods in both conventional and diffusion-based style transfer baselines.

Portfolio Selection is an important real-world financial task and has attracted extensive attention in artificial intelligence communities. This task, however, has two main difficulties: (i) the non-stationary price series and complex asset correlations make the learning of feature representation very hard; (ii) the practicality principle in financial markets requires controlling both transaction and risk costs. Most existing methods adopt handcraft features and/or consider no constraints for the costs, which may make them perform unsatisfactorily and fail to control both costs in practice. In this paper, we propose a cost-sensitive portfolio selection method with deep reinforcement learning. Specifically, a novel two-stream portfolio policy network is devised to extract both price series patterns and asset correlations, while a new cost-sensitive reward function is developed to maximize the accumulated return and constrain both costs via reinforcement learning. We theoretically analyze the near-optimality of the proposed reward, which shows that the growth rate of the policy regarding this reward function can approach the theoretical optimum. We also empirically evaluate the proposed method on real-world datasets. Promising results demonstrate the effectiveness and superiority of the proposed method in terms of profitability, cost-sensitivity and representation abilities.

Recent advancements in neural representations, such as Neural Radiance Fields and 3D Gaussian Splatting, have increased interest in applying style transfer to 3D scenes. While existing methods can transfer style patterns onto 3D-consistent neural representations, they struggle to effectively extract and transfer high-level style semantics from the reference style image. Additionally, the stylized results often lack structural clarity and separation, making it difficult to distinguish between different instances or objects within the 3D scene. To address these limitations, we propose a novel 3D style transfer pipeline that effectively integrates prior knowledge from pretrained 2D diffusion models. Our pipeline consists of two key stages: First, we leverage diffusion priors to generate stylized renderings of key viewpoints. Then, we transfer the stylized key views onto the 3D representation. This process incorporates two innovative designs. The first is cross-view style alignment, which inserts cross-view attention into the last upsampling block of the UNet, allowing feature interactions across multiple key views. This ensures that the diffusion model generates stylized key views that maintain both style fidelity and instance-level consistency. The second is instance-level style transfer, which effectively leverages instance-level consistency across stylized key views and transfers it onto the 3D representation. This results in a more structured, visually coherent, and artistically enriched stylization. Extensive qualitative and quantitative experiments demonstrate that our 3D style transfer pipeline significantly outperforms state-of-the-art methods across a wide range of scenes, from forward-facing to challenging 360-degree environments. Visit our project page https://jm-xu.github.io/SSGaussian for immersive visualization.

Large language models (LLMs) fine-tuned on multimodal financial data have demonstrated impressive reasoning capabilities in various financial tasks. However, they often struggle with multi-step, goal-oriented scenarios in interactive financial markets, such as trading, where complex agentic approaches are required to improve decision-making. To address this, we propose FLAG-Trader, a unified architecture integrating linguistic processing (via LLMs) with gradient-driven reinforcement learning (RL) policy optimization, in which a partially fine-tuned LLM acts as the policy network, leveraging pre-trained knowledge while adapting to the financial domain through parameter-efficient fine-tuning. Through policy gradient optimization driven by trading rewards, our framework not only enhances LLM performance in trading but also improves results on other financial-domain tasks. We present extensive empirical evidence to validate these enhancements.

Stock Price Trend Prediction (SPTP) based on Limit Order Book (LOB) data is a fundamental challenge in financial markets. Despite advances in deep learning, existing models fail to generalize across different market conditions and struggle to reliably predict short-term trends. Surprisingly, by adapting a simple MLP-based architecture to LOB, we show that we surpass SoTA performance; thus, challenging the necessity of complex architectures. Unlike past work that shows robustness issues, we propose TLOB, a transformer-based model that uses a dual attention mechanism to capture spatial and temporal dependencies in LOB data. This allows it to adaptively focus on the market microstructure, making it particularly effective for longer-horizon predictions and volatile market conditions. We also introduce a new labeling method that improves on previous ones, removing the horizon bias. We evaluate TLOB's effectiveness using the established FI-2010 benchmark, which exceeds the state-of-the-art by an average of 3.7 F1-score(\%). Additionally, TLOB shows improvements on Tesla and Intel with a 1.3 and 7.7 increase in F1-score(\%), respectively. Additionally, we empirically show how stock price predictability has declined over time (-6.68 absolute points in F1-score(\%)), highlighting the growing market efficiencies. Predictability must be considered in relation to transaction costs, so we experimented with defining trends using an average spread, reflecting the primary transaction cost. The resulting performance deterioration underscores the complexity of translating trend classification into profitable trading strategies. We argue that our work provides new insights into the evolving landscape of stock price trend prediction and sets a strong foundation for future advancements in financial AI. We release the code at https://github.com/LeonardoBerti00/TLOB.

Style transfer is an inventive process designed to create an image that maintains the essence of the original while embracing the visual style of another. Although diffusion models have demonstrated impressive generative power in personalized subject-driven or style-driven applications, existing state-of-the-art methods still encounter difficulties in achieving a seamless balance between content preservation and style enhancement. For example, amplifying the style's influence can often undermine the structural integrity of the content. To address these challenges, we deconstruct the style transfer task into three core elements: 1) Style, focusing on the image's aesthetic characteristics; 2) Spatial Structure, concerning the geometric arrangement and composition of visual elements; and 3) Semantic Content, which captures the conceptual meaning of the image. Guided by these principles, we introduce InstantStyle-Plus, an approach that prioritizes the integrity of the original content while seamlessly integrating the target style. Specifically, our method accomplishes style injection through an efficient, lightweight process, utilizing the cutting-edge InstantStyle framework. To reinforce the content preservation, we initiate the process with an inverted content latent noise and a versatile plug-and-play tile ControlNet for preserving the original image's intrinsic layout. We also incorporate a global semantic adapter to enhance the semantic content's fidelity. To safeguard against the dilution of style information, a style extractor is employed as discriminator for providing supplementary style guidance. Codes will be available at https://github.com/instantX-research/InstantStyle-Plus.

Arbitrary image style transfer is a challenging task which aims to stylize a content image conditioned on arbitrary style images. In this task the feature-level content-style transformation plays a vital role for proper fusion of features. Existing feature transformation algorithms often suffer from loss of content or style details, non-natural stroke patterns, and unstable training. To mitigate these issues, this paper proposes a new feature-level style transformation technique, named Style Projection, for parameter-free, fast, and effective content-style transformation. This paper further presents a real-time feed-forward model to leverage Style Projection for arbitrary image style transfer, which includes a regularization term for matching the semantics between input contents and stylized outputs. Extensive qualitative analysis, quantitative evaluation, and user study have demonstrated the effectiveness and efficiency of the proposed methods.

Stock market prediction has remained an extremely challenging problem for many decades owing to its inherent high volatility and low information noisy ratio. Existing solutions based on machine learning or deep learning demonstrate superior performance by employing a single model trained on the entire stock dataset to generate predictions across all types of stocks. However, due to the significant variations in stock styles and market trends, a single end-to-end model struggles to fully capture the differences in these stylized stock features, leading to relatively inaccurate predictions for all types of stocks. In this paper, we present MIGA, a novel Mixture of Expert with Group Aggregation framework designed to generate specialized predictions for stocks with different styles by dynamically switching between distinct style experts. To promote collaboration among different experts in MIGA, we propose a novel inner group attention architecture, enabling experts within the same group to share information and thereby enhancing the overall performance of all experts. As a result, MIGA significantly outperforms other end-to-end models on three Chinese Stock Index benchmarks including CSI300, CSI500, and CSI1000. Notably, MIGA-Conv reaches 24 % excess annual return on CSI300 benchmark, surpassing the previous state-of-the-art model by 8% absolute. Furthermore, we conduct a comprehensive analysis of mixture of experts for stock market prediction, providing valuable insights for future research.

In recent years, arbitrary image style transfer has attracted more and more attention. Given a pair of content and style images, a stylized one is hoped that retains the content from the former while catching style patterns from the latter. However, it is difficult to simultaneously keep well the trade-off between the content details and the style features. To stylize the image with sufficient style patterns, the content details may be damaged and sometimes the objects of images can not be distinguished clearly. For this reason, we present a new transformer-based method named STT for image style transfer and an edge loss which can enhance the content details apparently to avoid generating blurred results for excessive rendering on style features. Qualitative and quantitative experiments demonstrate that STT achieves comparable performance to state-of-the-art image style transfer methods while alleviating the content leak problem.

In this work, we explore the possibility of utilizing transfer learning techniques to address the financial portfolio optimization problem. We introduce a novel concept called "transfer risk", within the optimization framework of transfer learning. A series of numerical experiments are conducted from three categories: cross-continent transfer, cross-sector transfer, and cross-frequency transfer. In particular, 1. a strong correlation between the transfer risk and the overall performance of transfer learning methods is established, underscoring the significance of transfer risk as a viable indicator of "transferability"; 2. transfer risk is shown to provide a computationally efficient way to identify appropriate source tasks in transfer learning, enhancing the efficiency and effectiveness of the transfer learning approach; 3. additionally, the numerical experiments offer valuable new insights for portfolio management across these different settings.

Large Language Models (LLMs), prominently highlighted by the recent evolution in the Generative Pre-trained Transformers (GPT) series, have displayed significant prowess across various domains, such as aiding in healthcare diagnostics and curating analytical business reports. The efficacy of GPTs lies in their ability to decode human instructions, achieved through comprehensively processing historical inputs as an entirety within their memory system. Yet, the memory processing of GPTs does not precisely emulate the hierarchical nature of human memory. This can result in LLMs struggling to prioritize immediate and critical tasks efficiently. To bridge this gap, we introduce an innovative LLM multi-agent framework endowed with layered memories. We assert that this framework is well-suited for stock and fund trading, where the extraction of highly relevant insights from hierarchical financial data is imperative to inform trading decisions. Within this framework, one agent organizes memory into three distinct layers, each governed by a custom decay mechanism, aligning more closely with human cognitive processes. Agents can also engage in inter-agent debate. In financial trading contexts, LLMs serve as the decision core for trading agents, leveraging their layered memory system to integrate multi-source historical actions and market insights. This equips them to navigate financial changes, formulate strategies, and debate with peer agents about investment decisions. Another standout feature of our approach is to equip agents with individualized trading traits, enhancing memory diversity and decision robustness. These sophisticated designs boost the system's responsiveness to historical trades and real-time market signals, ensuring superior automated trading accuracy.

Recently, large language models (LLMs) have demonstrated outstanding reasoning capabilities on mathematical and coding tasks. However, their application to financial tasks-especially the most fundamental task of stock movement prediction-remains underexplored. We study a three-class classification problem (up, hold, down) and, by analyzing existing reasoning responses, observe that: (1) LLMs follow analysts' opinions rather than exhibit a systematic, independent analytical logic (CoTs). (2) LLMs list summaries from different sources without weighing adversarial evidence, yet such counterevidence is crucial for reliable prediction. It shows that the model does not make good use of its reasoning ability to complete the task. To address this, we propose Reflective Evidence Tuning (RETuning), a cold-start method prior to reinforcement learning, to enhance prediction ability. While generating CoT, RETuning encourages dynamically constructing an analytical framework from diverse information sources, organizing and scoring evidence for price up or down based on that framework-rather than on contextual viewpoints-and finally reflecting to derive the prediction. This approach maximally aligns the model with its learned analytical framework, ensuring independent logical reasoning and reducing undue influence from context. We also build a large-scale dataset spanning all of 2024 for 5,123 A-share stocks, with long contexts (32K tokens) and over 200K samples. In addition to price and news, it incorporates analysts' opinions, quantitative reports, fundamental data, macroeconomic indicators, and similar stocks. Experiments show that RETuning successfully unlocks the model's reasoning ability in the financial domain. Inference-time scaling still works even after 6 months or on out-of-distribution stocks, since the models gain valuable insights about stock movement prediction.

Diffusion models have recently shown the ability to generate high-quality images. However, controlling its generation process still poses challenges. The image style transfer task is one of those challenges that transfers the visual attributes of a style image to another content image. Typical obstacle of this task is the requirement of additional training of a pre-trained model. We propose a training-free style transfer algorithm, Style Tracking Reverse Diffusion Process (STRDP) for a pretrained Latent Diffusion Model (LDM). Our algorithm employs Adaptive Instance Normalization (AdaIN) function in a distinct manner during the reverse diffusion process of an LDM while tracking the encoding history of the style image. This algorithm enables style transfer in the latent space of LDM for reduced computational cost, and provides compatibility for various LDM models. Through a series of experiments and a user study, we show that our method can quickly transfer the style of an image without additional training. The speed, compatibility, and training-free aspect of our algorithm facilitates agile experiments with combinations of styles and LDMs for extensive application.

High-frequency trading (HFT) that executes algorithmic trading in short time scales, has recently occupied the majority of cryptocurrency market. Besides traditional quantitative trading methods, reinforcement learning (RL) has become another appealing approach for HFT due to its terrific ability of handling high-dimensional financial data and solving sophisticated sequential decision-making problems, e.g., hierarchical reinforcement learning (HRL) has shown its promising performance on second-level HFT by training a router to select only one sub-agent from the agent pool to execute the current transaction. However, existing RL methods for HFT still have some defects: 1) standard RL-based trading agents suffer from the overfitting issue, preventing them from making effective policy adjustments based on financial context; 2) due to the rapid changes in market conditions, investment decisions made by an individual agent are usually one-sided and highly biased, which might lead to significant loss in extreme markets. To tackle these problems, we propose a novel Memory Augmented Context-aware Reinforcement learning method On HFT, a.k.a. MacroHFT, which consists of two training phases: 1) we first train multiple types of sub-agents with the market data decomposed according to various financial indicators, specifically market trend and volatility, where each agent owns a conditional adapter to adjust its trading policy according to market conditions; 2) then we train a hyper-agent to mix the decisions from these sub-agents and output a consistently profitable meta-policy to handle rapid market fluctuations, equipped with a memory mechanism to enhance the capability of decision-making. Extensive experiments on various cryptocurrency markets demonstrate that MacroHFT can achieve state-of-the-art performance on minute-level trading tasks.

While diffusion models have achieved remarkable progress in style transfer tasks, existing methods typically rely on fine-tuning or optimizing pre-trained models during inference, leading to high computational costs and challenges in balancing content preservation with style integration. To address these limitations, we introduce AttenST, a training-free attention-driven style transfer framework. Specifically, we propose a style-guided self-attention mechanism that conditions self-attention on the reference style by retaining the query of the content image while substituting its key and value with those from the style image, enabling effective style feature integration. To mitigate style information loss during inversion, we introduce a style-preserving inversion strategy that refines inversion accuracy through multiple resampling steps. Additionally, we propose a content-aware adaptive instance normalization, which integrates content statistics into the normalization process to optimize style fusion while mitigating the content degradation. Furthermore, we introduce a dual-feature cross-attention mechanism to fuse content and style features, ensuring a harmonious synthesis of structural fidelity and stylistic expression. Extensive experiments demonstrate that AttenST outperforms existing methods, achieving state-of-the-art performance in style transfer dataset.

This work introduces ArtAdapter, a transformative text-to-image (T2I) style transfer framework that transcends traditional limitations of color, brushstrokes, and object shape, capturing high-level style elements such as composition and distinctive artistic expression. The integration of a multi-level style encoder with our proposed explicit adaptation mechanism enables ArtAdapte to achieve unprecedented fidelity in style transfer, ensuring close alignment with textual descriptions. Additionally, the incorporation of an Auxiliary Content Adapter (ACA) effectively separates content from style, alleviating the borrowing of content from style references. Moreover, our novel fast finetuning approach could further enhance zero-shot style representation while mitigating the risk of overfitting. Comprehensive evaluations confirm that ArtAdapter surpasses current state-of-the-art methods.

Financial time series forecasting is central to trading, portfolio optimization, and risk management, yet it remains challenging due to noisy, non-stationary, and heterogeneous data. Recent advances in time series foundation models (TSFMs), inspired by large language models, offer a new paradigm for learning generalizable temporal representations from large and diverse datasets. This paper presents the first comprehensive empirical study of TSFMs in global financial markets. Using a large-scale dataset of daily excess returns across diverse markets, we evaluate zero-shot inference, fine-tuning, and pre-training from scratch against strong benchmark models. We find that off-the-shelf pre-trained TSFMs perform poorly in zero-shot and fine-tuning settings, whereas models pre-trained from scratch on financial data achieve substantial forecasting and economic improvements, underscoring the value of domain-specific adaptation. Increasing the dataset size, incorporating synthetic data augmentation, and applying hyperparameter tuning further enhance performance.

Algorithmic trading requires short-term decisions aligned with long-term financial goals. While reinforcement learning (RL) has been explored for such tactical decisions, its adoption remains limited by myopic behavior and opaque policy rationale. In contrast, large language models (LLMs) have recently demonstrated strategic reasoning and multi-modal financial signal interpretation when guided by well-designed prompts. We propose a hybrid system where LLMs generate high-level trading strategies to guide RL agents in their actions. We evaluate (i) the rationale of LLM-generated strategies via expert review, and (ii) the Sharpe Ratio (SR) and Maximum Drawdown (MDD) of LLM-guided agents versus unguided baselines. Results show improved return and risk metrics over standard RL.

Large Language Models (LLMs) have demonstrated remarkable potential as autonomous agents, approaching human-expert performance through advanced reasoning and tool orchestration. However, decision-making in fully dynamic and live environments remains highly challenging, requiring real-time information integration and adaptive responses. While existing efforts have explored live evaluation mechanisms in structured tasks, a critical gap remains in systematic benchmarking for real-world applications, particularly in finance where stringent requirements exist for live strategic responsiveness. To address this gap, we introduce AI-Trader, the first fully-automated, live, and data-uncontaminated evaluation benchmark for LLM agents in financial decision-making. AI-Trader spans three major financial markets: U.S. stocks, A-shares, and cryptocurrencies, with multiple trading granularities to simulate live financial environments. Our benchmark implements a revolutionary fully autonomous minimal information paradigm where agents receive only essential context and must independently search, verify, and synthesize live market information without human intervention. We evaluate six mainstream LLMs across three markets and multiple trading frequencies. Our analysis reveals striking findings: general intelligence does not automatically translate to effective trading capability, with most agents exhibiting poor returns and weak risk management. We demonstrate that risk control capability determines cross-market robustness, and that AI trading strategies achieve excess returns more readily in highly liquid markets than policy-driven environments. These findings expose critical limitations in current autonomous agents and provide clear directions for future improvements. The code and evaluation data are open-sourced to foster community research: https://github.com/HKUDS/AI-Trader.

Tuning-free diffusion-based models have demonstrated significant potential in the realm of image personalization and customization. However, despite this notable progress, current models continue to grapple with several complex challenges in producing style-consistent image generation. Firstly, the concept of style is inherently underdetermined, encompassing a multitude of elements such as color, material, atmosphere, design, and structure, among others. Secondly, inversion-based methods are prone to style degradation, often resulting in the loss of fine-grained details. Lastly, adapter-based approaches frequently require meticulous weight tuning for each reference image to achieve a balance between style intensity and text controllability. In this paper, we commence by examining several compelling yet frequently overlooked observations. We then proceed to introduce InstantStyle, a framework designed to address these issues through the implementation of two key strategies: 1) A straightforward mechanism that decouples style and content from reference images within the feature space, predicated on the assumption that features within the same space can be either added to or subtracted from one another. 2) The injection of reference image features exclusively into style-specific blocks, thereby preventing style leaks and eschewing the need for cumbersome weight tuning, which often characterizes more parameter-heavy designs.Our work demonstrates superior visual stylization outcomes, striking an optimal balance between the intensity of style and the controllability of textual elements. Our codes will be available at https://github.com/InstantStyle/InstantStyle.

Arbitrary style transfer aims to apply the style of any given artistic image to another content image. Still, existing deep learning-based methods often require significant computational costs to generate diverse stylized results. Motivated by this, we propose a novel reinforcement learning-based framework for arbitrary style transfer RLMiniStyler. This framework leverages a unified reinforcement learning policy to iteratively guide the style transfer process by exploring and exploiting stylization feedback, generating smooth sequences of stylized results while achieving model lightweight. Furthermore, we introduce an uncertainty-aware multi-task learning strategy that automatically adjusts loss weights to adapt to the content and style balance requirements at different training stages, thereby accelerating model convergence. Through a series of experiments across image various resolutions, we have validated the advantages of RLMiniStyler over other state-of-the-art methods in generating high-quality, diverse artistic image sequences at a lower cost. Codes are available at https://github.com/fengxiaoming520/RLMiniStyler.

This paper develops a comprehensive theoretical framework that imports concepts from stochastic thermodynamics to model price impact and characterize the feasibility of round-trip arbitrage in financial markets. A trading cycle is treated as a non-equilibrium thermodynamic process, where price impact represents dissipative work and market noise plays the role of thermal fluctuations. The paper proves a Financial Second Law: under general convex impact functionals, any round-trip trading strategy yields non-positive expected profit. This structural constraint is complemented by a fluctuation theorem that bounds the probability of profitable cycles in terms of dissipated work and market volatility. The framework introduces a statistical ensemble of trading strategies governed by a Gibbs measure, leading to a free energy decomposition that connects expected cost, strategy entropy, and a market temperature parameter. The framework provides rigorous, testable inequalities linking microstructural impact to macroscopic no-arbitrage conditions, offering a novel physics-inspired perspective on market efficiency. The paper derives explicit analytical results for prototypical trading strategies and discusses empirical validation protocols.

Style transfer, a pivotal task in image processing, synthesizes visually compelling images by seamlessly blending realistic content with artistic styles, enabling applications in photo editing and creative design. While mainstream training-free diffusion-based methods have greatly advanced style transfer in recent years, their reliance on computationally inversion processes compromises efficiency and introduces visual distortions when inversion is inaccurate. To address these limitations, we propose a novel inversion-free style transfer framework based on dual rectified flows, which tackles the challenge of finding an unknown stylized distribution from two distinct inputs (content and style images), only with forward pass. Our approach predicts content and style trajectories in parallel, then fuses them through a dynamic midpoint interpolation that integrates velocities from both paths while adapting to the evolving stylized image. By jointly modeling the content, style, and stylized distributions, our velocity field design achieves robust fusion and avoids the shortcomings of naive overlays. Attention injection further guides style integration, enhancing visual fidelity, content preservation, and computational efficiency. Extensive experiments demonstrate generalization across diverse styles and content, providing an effective and efficient pipeline for style transfer.

Recent advances in Large Language Models (LLMs) have demonstrated impressive capabilities in financial reasoning and market understanding. Multi-agent LLM frameworks such as TradingAgent and FINMEM augment these models to long-horizon investment tasks, leveraging fundamental and sentiment-based inputs for strategic decision-making. However, such systems are ill-suited for the high-speed, precision-critical demands of High-Frequency Trading (HFT). HFT requires rapid, risk-aware decisions based on structured, short-horizon signals, including technical indicators, chart patterns, and trend-based features, distinct from the long-term semantic reasoning typical of traditional financial LLM applications. To this end, we introduce QuantAgent, the first multi-agent LLM framework explicitly designed for high-frequency algorithmic trading. The system decomposes trading into four specialized agents, Indicator, Pattern, Trend, and Risk, each equipped with domain-specific tools and structured reasoning capabilities to capture distinct aspects of market dynamics over short temporal windows. In zero-shot evaluations across ten financial instruments, including Bitcoin and Nasdaq futures, QuantAgent demonstrates superior performance in both predictive accuracy and cumulative return over 4-hour trading intervals, outperforming strong neural and rule-based baselines. Our findings suggest that combining structured financial priors with language-native reasoning unlocks new potential for traceable, real-time decision systems in high-frequency financial markets.

Significant progress has been made in automated problem-solving using societies of agents powered by large language models (LLMs). In finance, efforts have largely focused on single-agent systems handling specific tasks or multi-agent frameworks independently gathering data. However, the multi-agent systems' potential to replicate real-world trading firms' collaborative dynamics remains underexplored. TradingAgents proposes a novel stock trading framework inspired by trading firms, featuring LLM-powered agents in specialized roles such as fundamental analysts, sentiment analysts, technical analysts, and traders with varied risk profiles. The framework includes Bull and Bear researcher agents assessing market conditions, a risk management team monitoring exposure, and traders synthesizing insights from debates and historical data to make informed decisions. By simulating a dynamic, collaborative trading environment, this framework aims to improve trading performance. Detailed architecture and extensive experiments reveal its superiority over baseline models, with notable improvements in cumulative returns, Sharpe ratio, and maximum drawdown, highlighting the potential of multi-agent LLM frameworks in financial trading. TradingAgents is available at https://github.com/TauricResearch/TradingAgents.

The rapid development of generative diffusion models has significantly advanced the field of style transfer. However, most current style transfer methods based on diffusion models typically involve a slow iterative optimization process, e.g., model fine-tuning and textual inversion of style concept. In this paper, we introduce FreeStyle, an innovative style transfer method built upon a pre-trained large diffusion model, requiring no further optimization. Besides, our method enables style transfer only through a text description of the desired style, eliminating the necessity of style images. Specifically, we propose a dual-stream encoder and single-stream decoder architecture, replacing the conventional U-Net in diffusion models. In the dual-stream encoder, two distinct branches take the content image and style text prompt as inputs, achieving content and style decoupling. In the decoder, we further modulate features from the dual streams based on a given content image and the corresponding style text prompt for precise style transfer. Our experimental results demonstrate high-quality synthesis and fidelity of our method across various content images and style text prompts. The code and more results are available at our project website:https://freestylefreelunch.github.io/.

Arbitrary Style Transfer (AST) aims to transform images by adopting the style from any selected artwork. Nonetheless, the need to accommodate diverse and subjective user preferences poses a significant challenge. While some users wish to preserve distinct content structures, others might favor a more pronounced stylization. Despite advances in feed-forward AST methods, their limited customizability hinders their practical application. We propose a new approach, ArtFusion, which provides a flexible balance between content and style. In contrast to traditional methods reliant on biased similarity losses, ArtFusion utilizes our innovative Dual Conditional Latent Diffusion Probabilistic Models (Dual-cLDM). This approach mitigates repetitive patterns and enhances subtle artistic aspects like brush strokes and genre-specific features. Despite the promising results of conditional diffusion probabilistic models (cDM) in various generative tasks, their introduction to style transfer is challenging due to the requirement for paired training data. ArtFusion successfully navigates this issue, offering more practical and controllable stylization. A key element of our approach involves using a single image for both content and style during model training, all the while maintaining effective stylization during inference. ArtFusion outperforms existing approaches on outstanding controllability and faithful presentation of artistic details, providing evidence of its superior style transfer capabilities. Furthermore, the Dual-cLDM utilized in ArtFusion carries the potential for a variety of complex multi-condition generative tasks, thus greatly broadening the impact of our research.

The financial market is a mission-critical playground for AI agents due to its temporal dynamics and low signal-to-noise ratio. Building an effective algorithmic trading system may require a professional team to develop and test over the years. In this paper, we propose an orchestration framework for financial agents, which aims to democratize financial intelligence to the general public. We map each component of the traditional algorithmic trading system to agents, including planner, orchestrator, alpha agents, risk agents, portfolio agents, backtest agents, execution agents, audit agents, and memory agent. We present two in-house trading examples. For the stock trading task (hourly data from 04/2024 to 12/2024), our approach achieved a return of 20.42%, a Sharpe ratio of 2.63, and a maximum drawdown of -3.59%, while the S&P 500 index yielded a return of 15.97%. For the BTC trading task (minute data from 27/07/2025 to 13/08/2025), our approach achieved a return of 8.39%, a Sharpe ratio of 0.38, and a maximum drawdown of -2.80%, whereas the BTC price increased by 3.80%. Our code is available on https://github.com/Open-Finance-Lab/AgenticTrading{GitHub}.

Adaptive chatbots that mimic a user's linguistic style can build rapport and engagement, yet unconstrained mimicry risks an agent that feels unstable or sycophantic. We present a computational evaluation framework that makes the core design tension explicit: balancing moment-to-moment linguistic synchrony against long-term persona stability. Using an 8-dimensional style vector and a closed-loop "base+delta" prompting architecture, we simulate and compare explicit adaptation policies - Uncapped, Cap, Exponential Moving Average (EMA), Dead-Band, and Hybrids - on a human-log dataset. Our analysis maps a clear Pareto frontier: bounded policies achieve substantial gains in stability at a modest cost to synchrony. For example, a Hybrid (EMA+Cap) raises stability from 0.542 to 0.878 (+62%) while reducing synchrony by only 17%. We confirm this trade-off through large-scale replications on three public corpora (DailyDialog, Persona-Chat, EmpatheticDialogues) and LLM-in-the-loop validation across two model families. Furthermore, we quantify "prompt legibility," showing that frontier policies reduce instruction churn and cut jarring register flips (major tone changes) from 0.254 to 0.092, yielding systems that are easier to reason about and maintain. Taken together, our framework provides a general evaluation harness for style adaptation; a systematic ablation that identifies Pareto-efficient policies; robust validation across diverse datasets and models; and novel legibility metrics linking policy choices to system maintainability.

The artistic style within a painting is the means of expression, which includes not only the painting material, colors, and brushstrokes, but also the high-level attributes including semantic elements, object shapes, etc. Previous arbitrary example-guided artistic image generation methods often fail to control shape changes or convey elements. The pre-trained text-to-image synthesis diffusion probabilistic models have achieved remarkable quality, but it often requires extensive textual descriptions to accurately portray attributes of a particular painting. We believe that the uniqueness of an artwork lies precisely in the fact that it cannot be adequately explained with normal language. Our key idea is to learn artistic style directly from a single painting and then guide the synthesis without providing complex textual descriptions. Specifically, we assume style as a learnable textual description of a painting. We propose an inversion-based style transfer method (InST), which can efficiently and accurately learn the key information of an image, thus capturing and transferring the artistic style of a painting. We demonstrate the quality and efficiency of our method on numerous paintings of various artists and styles. Code and models are available at https://github.com/zyxElsa/InST.

This paper presents a method that can quickly adapt dynamic 3D avatars to arbitrary text descriptions of novel styles. Among existing approaches for avatar stylization, direct optimization methods can produce excellent results for arbitrary styles but they are unpleasantly slow. Furthermore, they require redoing the optimization process from scratch for every new input. Fast approximation methods using feed-forward networks trained on a large dataset of style images can generate results for new inputs quickly, but tend not to generalize well to novel styles and fall short in quality. We therefore investigate a new approach, AlteredAvatar, that combines those two approaches using the meta-learning framework. In the inner loop, the model learns to optimize to match a single target style well; while in the outer loop, the model learns to stylize efficiently across many styles. After training, AlteredAvatar learns an initialization that can quickly adapt within a small number of update steps to a novel style, which can be given using texts, a reference image, or a combination of both. We show that AlteredAvatar can achieve a good balance between speed, flexibility and quality, while maintaining consistency across a wide range of novel views and facial expressions.

In this research, we have empirically investigated the key drivers affecting liquidity in equity markets. We illustrated how theoretical models, such as Kyle's model, of agents' interplay in the financial markets, are aligned with the phenomena observed in publicly available trades and quotes data. Specifically, we confirmed that for small signed order-flows, the price impact grows linearly with increase in the order-flow imbalance. We have, further, implemented a machine learning algorithm to forecast market impact given a signed order-flow. Our findings suggest that machine learning models can be used in estimation of financial variables; and predictive accuracy of such learning algorithms can surpass the performance of traditional statistical approaches. Understanding the determinants of price impact is crucial for several reasons. From a theoretical stance, modelling the impact provides a statistical measure of liquidity. Practitioners adopt impact models as a pre-trade tool to estimate expected transaction costs and optimize the execution of their strategies. This further serves as a post-trade valuation benchmark as suboptimal execution can significantly deteriorate a portfolio performance. More broadly, the price impact reflects the balance of liquidity across markets. This is of central importance to regulators as it provides an all-encompassing explanation of the correlation between market design and systemic risk, enabling regulators to design more stable and efficient markets.

Financial time series forecasting is particularly challenging for transformer-based time series foundation models (TSFMs) due to non-stationarity, heavy-tailed distributions, and high-frequency noise present in data. Low-rank adaptation (LoRA) has become a popular parameter-efficient method for adapting pre-trained TSFMs to downstream data domains. However, it still underperforms in financial data, as it preserves the network architecture and training objective of TSFMs rather than complementing the foundation model. To further enhance TSFMs, we propose a novel refinement module, RefineBridge, built upon a tractable Schrödinger Bridge (SB) generative framework. Given the forecasts of TSFM as generative prior and the observed ground truths as targets, RefineBridge learns context-conditioned stochastic transport maps to improve TSFM predictions, iteratively approaching the ground-truth target from even a low-quality prior. Simulations on multiple financial benchmarks demonstrate that RefineBridge consistently improves the performance of state-of-the-art TSFMs across different prediction horizons.

Large-scale pre-trained diffusion models have exhibited remarkable capabilities in diverse video generations. Given a set of video clips of the same motion concept, the task of Motion Customization is to adapt existing text-to-video diffusion models to generate videos with this motion. For example, generating a video with a car moving in a prescribed manner under specific camera movements to make a movie, or a video illustrating how a bear would lift weights to inspire creators. Adaptation methods have been developed for customizing appearance like subject or style, yet unexplored for motion. It is straightforward to extend mainstream adaption methods for motion customization, including full model tuning, parameter-efficient tuning of additional layers, and Low-Rank Adaptions (LoRAs). However, the motion concept learned by these methods is often coupled with the limited appearances in the training videos, making it difficult to generalize the customized motion to other appearances. To overcome this challenge, we propose MotionDirector, with a dual-path LoRAs architecture to decouple the learning of appearance and motion. Further, we design a novel appearance-debiased temporal loss to mitigate the influence of appearance on the temporal training objective. Experimental results show the proposed method can generate videos of diverse appearances for the customized motions. Our method also supports various downstream applications, such as the mixing of different videos with their appearance and motion respectively, and animating a single image with customized motions. Our code and model weights will be released.

Bitcoin, with its ever-growing popularity, has demonstrated extreme price volatility since its origin. This volatility, together with its decentralised nature, make Bitcoin highly subjective to speculative trading as compared to more traditional assets. In this paper, we propose a multimodal model for predicting extreme price fluctuations. This model takes as input a variety of correlated assets, technical indicators, as well as Twitter content. In an in-depth study, we explore whether social media discussions from the general public on Bitcoin have predictive power for extreme price movements. A dataset of 5,000 tweets per day containing the keyword `Bitcoin' was collected from 2015 to 2021. This dataset, called PreBit, is made available online. In our hybrid model, we use sentence-level FinBERT embeddings, pretrained on financial lexicons, so as to capture the full contents of the tweets and feed it to the model in an understandable way. By combining these embeddings with a Convolutional Neural Network, we built a predictive model for significant market movements. The final multimodal ensemble model includes this NLP model together with a model based on candlestick data, technical indicators and correlated asset prices. In an ablation study, we explore the contribution of the individual modalities. Finally, we propose and backtest a trading strategy based on the predictions of our models with varying prediction threshold and show that it can used to build a profitable trading strategy with a reduced risk over a `hold' or moving average strategy.

Human motion style transfer allows characters to appear less rigidity and more realism with specific style. Traditional arbitrary image style transfer typically process mean and variance which is proved effective. Meanwhile, similar methods have been adapted for motion style transfer. However, due to the fundamental differences between images and motion, relying on mean and variance is insufficient to fully capture the complex dynamic patterns and spatiotemporal coherence properties of motion data. Building upon this, our key insight is to bring two more coefficient, skewness and kurtosis, into the analysis of motion style. Specifically, we propose a novel Adaptive Statistics Fusor (AStF) which consists of Style Disentanglement Module (SDM) and High-Order Multi-Statistics Attention (HOS-Attn). We trained our AStF in conjunction with a Motion Consistency Regularization (MCR) discriminator. Experimental results show that, by providing a more comprehensive model of the spatiotemporal statistical patterns inherent in dynamic styles, our proposed AStF shows proficiency superiority in motion style transfers over state-of-the-arts. Our code and model are available at https://github.com/CHMimilanlan/AStF.

Financial trading has been a challenging task, as it requires the integration of vast amounts of data from various modalities. Traditional deep learning and reinforcement learning methods require large training data and often involve encoding various data types into numerical formats for model input, which limits the explainability of model behavior. Recently, LLM-based agents have demonstrated remarkable advancements in handling multi-modal data, enabling them to execute complex, multi-step decision-making tasks while providing insights into their thought processes. This research introduces a multi-modal multi-agent system designed specifically for financial trading tasks. Our framework employs a team of specialized LLM-based agents, each adept at processing and interpreting various forms of financial data, such as textual news reports, candlestick charts, and trading signal charts. A key feature of our approach is the integration of a reflection module, which conducts analyses of historical trading signals and their outcomes. This reflective process is instrumental in enhancing the decision-making capabilities of the system for future trading scenarios. Furthermore, the ablation studies indicate that the visual reflection module plays a crucial role in enhancing the decision-making capabilities of our framework.

Textual style transfer is the task of transforming stylistic properties of text while preserving meaning. Target "styles" can be defined in numerous ways, ranging from single attributes (e.g, formality) to authorship (e.g, Shakespeare). Previous unsupervised style-transfer approaches generally rely on significant amounts of labeled data for only a fixed set of styles or require large language models. In contrast, we introduce a novel diffusion-based framework for general-purpose style transfer that can be flexibly adapted to arbitrary target styles at inference time. Our parameter-efficient approach, ParaGuide, leverages paraphrase-conditioned diffusion models alongside gradient-based guidance from both off-the-shelf classifiers and strong existing style embedders to transform the style of text while preserving semantic information. We validate the method on the Enron Email Corpus, with both human and automatic evaluations, and find that it outperforms strong baselines on formality, sentiment, and even authorship style transfer.

We propose a machine learning-based extension of the classical binomial option pricing model that incorporates key market microstructure effects. Traditional models assume frictionless markets, overlooking empirical features such as bid-ask spreads, discrete price movements, and serial return correlations. Our framework augments the binomial tree with path-dependent transition probabilities estimated via Random Forest classifiers trained on high-frequency market data. This approach preserves no-arbitrage conditions while embedding real-world trading dynamics into the pricing model. Using 46,655 minute-level observations of SPY from January to June 2025, we achieve an AUC of 88.25% in forecasting one-step price movements. Order flow imbalance is identified as the most influential predictor, contributing 43.2% to feature importance. After resolving time-scaling inconsistencies in tree construction, our model yields option prices that deviate by 13.79% from Black-Scholes benchmarks, highlighting the impact of microstructure on fair value estimation. While computational limitations restrict the model to short-term derivatives, our results offer a robust, data-driven alternative to classical pricing methods grounded in empirical market behavior.

We introduce a novel Stylized Motion Diffusion model, dubbed SMooDi, to generate stylized motion driven by content texts and style motion sequences. Unlike existing methods that either generate motion of various content or transfer style from one sequence to another, SMooDi can rapidly generate motion across a broad range of content and diverse styles. To this end, we tailor a pre-trained text-to-motion model for stylization. Specifically, we propose style guidance to ensure that the generated motion closely matches the reference style, alongside a lightweight style adaptor that directs the motion towards the desired style while ensuring realism. Experiments across various applications demonstrate that our proposed framework outperforms existing methods in stylized motion generation.

Recent advances in text-to-image generation have enabled the creation of high-quality images with diverse applications. However, accurately describing desired visual attributes can be challenging, especially for non-experts in art and photography. An intuitive solution involves adopting favorable attributes from the source images. Current methods attempt to distill identity and style from source images. However, "style" is a broad concept that includes texture, color, and artistic elements, but does not cover other important attributes such as lighting and dynamics. Additionally, a simplified "style" adaptation prevents combining multiple attributes from different sources into one generated image. In this work, we formulate a more effective approach to decompose the aesthetics of a picture into specific visual attributes, allowing users to apply characteristics such as lighting, texture, and dynamics from different images. To achieve this goal, we constructed the first fine-grained visual attributes dataset (FiVA) to the best of our knowledge. This FiVA dataset features a well-organized taxonomy for visual attributes and includes around 1 M high-quality generated images with visual attribute annotations. Leveraging this dataset, we propose a fine-grained visual attribute adaptation framework (FiVA-Adapter), which decouples and adapts visual attributes from one or more source images into a generated one. This approach enhances user-friendly customization, allowing users to selectively apply desired attributes to create images that meet their unique preferences and specific content requirements.

Text style transfer is the task of transferring the style of text having certain stylistic attributes, while preserving non-stylistic or content information. In this work we introduce the Generative Style Transformer (GST) - a new approach to rewriting sentences to a target style in the absence of parallel style corpora. GST leverages the power of both, large unsupervised pre-trained language models as well as the Transformer. GST is a part of a larger `Delete Retrieve Generate' framework, in which we also propose a novel method of deleting style attributes from the source sentence by exploiting the inner workings of the Transformer. Our models outperform state-of-art systems across 5 datasets on sentiment, gender and political slant transfer. We also propose the use of the GLEU metric as an automatic metric of evaluation of style transfer, which we found to compare better with human ratings than the predominantly used BLEU score.

The topic of aspect-based sentiment analysis (ABSA) has been explored for a variety of industries, but it still remains much unexplored in finance. The recent release of data for an open challenge (FiQA) from the companion proceedings of WWW '18 has provided valuable finance-specific annotations. FiQA contains high quality labels, but it still lacks data quantity to apply traditional ABSA deep learning architecture. In this paper, we employ high-level semantic representations and methods of inductive transfer learning for NLP. We experiment with extensions of recently developed domain adaptation methods and target task fine-tuning that significantly improve performance on a small dataset. Our results show an 8.7% improvement in the F1 score for classification and an 11% improvement over the MSE for regression on current state-of-the-art results.

Artificial intelligence is transforming financial investment decision-making frameworks, with deep reinforcement learning demonstrating substantial potential in robo-advisory applications. This paper addresses the limitations of traditional portfolio optimization methods in dynamic asset weight adjustment through the development of a deep reinforcement learning-based dynamic optimization model grounded in practical trading processes. The research advances two key innovations: first, the introduction of a novel Sharpe ratio reward function engineered for Actor-Critic deep reinforcement learning algorithms, which ensures stable convergence during training while consistently achieving positive average Sharpe ratios; second, the development of an innovative comprehensive approach to portfolio optimization utilizing deep reinforcement learning, which significantly enhances model optimization capability through the integration of random sampling strategies during training with image-based deep neural network architectures for multi-dimensional financial time series data processing, average Sharpe ratio reward functions, and deep reinforcement learning algorithms. The empirical analysis validates the model using randomly selected constituent stocks from the CSI 300 Index, benchmarking against established financial econometric optimization models. Backtesting results demonstrate the model's efficacy in optimizing portfolio allocation and mitigating investment risk, yielding superior comprehensive performance metrics.

While text style transfer has many applications across natural language processing, the core premise of transferring from a single source style is unrealistic in a real-world setting. In this work, we focus on arbitrary style transfer: rewriting a text from an arbitrary, unknown style to a target style. We propose STEER: Unified Style Transfer with Expert Reinforcement, a unified frame-work developed to overcome the challenge of limited parallel data for style transfer. STEER involves automatically generating a corpus of style-transfer pairs using a product of experts during decoding. The generated offline data is then used to pre-train an initial policy before switching to online, off-policy reinforcement learning for further improvements via fine-grained reward signals. STEER is unified and can transfer to multiple target styles from an arbitrary, unknown source style, making it particularly flexible and efficient. Experimental results on a challenging dataset with text from a diverse set of styles demonstrate state-of-the-art results compared to competitive baselines. Remarkably, STEER outperforms the 175B parameter instruction-tuned GPT-3 on overall style transfer quality, despite being 226 times smaller in size. We also show STEER is robust, maintaining its style transfer capabilities on out-of-domain data, and surpassing nearly all baselines across various styles. The success of our method highlights the potential of RL algorithms when augmented with controllable decoding to overcome the challenge of limited data supervision.

Style transfer involves transferring the style from a reference image to the content of a target image. Recent advancements in LoRA-based (Low-Rank Adaptation) methods have shown promise in effectively capturing the style of a single image. However, these approaches still face significant challenges such as content inconsistency, style misalignment, and content leakage. In this paper, we comprehensively analyze the limitations of the standard diffusion parameterization, which learns to predict noise, in the context of style transfer. To address these issues, we introduce ConsisLoRA, a LoRA-based method that enhances both content and style consistency by optimizing the LoRA weights to predict the original image rather than noise. We also propose a two-step training strategy that decouples the learning of content and style from the reference image. To effectively capture both the global structure and local details of the content image, we introduce a stepwise loss transition strategy. Additionally, we present an inference guidance method that enables continuous control over content and style strengths during inference. Through both qualitative and quantitative evaluations, our method demonstrates significant improvements in content and style consistency while effectively reducing content leakage.

Text Style Transfer (TST) seeks to alter the style of text while retaining its core content. Given the constraints of limited parallel datasets for TST, we propose CoTeX, a framework that leverages large language models (LLMs) alongside chain-of-thought (CoT) prompting to facilitate TST. CoTeX distills the complex rewriting and reasoning capabilities of LLMs into more streamlined models capable of working with both non-parallel and parallel data. Through experimentation across four TST datasets, CoTeX is shown to surpass traditional supervised fine-tuning and knowledge distillation methods, particularly in low-resource settings. We conduct a comprehensive evaluation, comparing CoTeX against current unsupervised, supervised, in-context learning (ICL) techniques, and instruction-tuned LLMs. Furthermore, CoTeX distinguishes itself by offering transparent explanations for its style transfer process.

Can AI Agents simulate real-world trading environments to investigate the impact of external factors on stock trading activities (e.g., macroeconomics, policy changes, company fundamentals, and global events)? These factors, which frequently influence trading behaviors, are critical elements in the quest for maximizing investors' profits. Our work attempts to solve this problem through large language model based agents. We have developed a multi-agent AI system called StockAgent, driven by LLMs, designed to simulate investors' trading behaviors in response to the real stock market. The StockAgent allows users to evaluate the impact of different external factors on investor trading and to analyze trading behavior and profitability effects. Additionally, StockAgent avoids the test set leakage issue present in existing trading simulation systems based on AI Agents. Specifically, it prevents the model from leveraging prior knowledge it may have acquired related to the test data. We evaluate different LLMs under the framework of StockAgent in a stock trading environment that closely resembles real-world conditions. The experimental results demonstrate the impact of key external factors on stock market trading, including trading behavior and stock price fluctuation rules. This research explores the study of agents' free trading gaps in the context of no prior knowledge related to market data. The patterns identified through StockAgent simulations provide valuable insights for LLM-based investment advice and stock recommendation. The code is available at https://github.com/MingyuJ666/Stockagent.

With the increasing volume of high-frequency data in the information age, both challenges and opportunities arise in the prediction of stock volatility. On one hand, the outcome of prediction using tradition method combining stock technical and macroeconomic indicators still leaves room for improvement; on the other hand, macroeconomic indicators and peoples' search record on those search engines affecting their interested topics will intuitively have an impact on the stock volatility. For the convenience of assessment of the influence of these indicators, macroeconomic indicators and stock technical indicators are then grouped into objective factors, while Baidu search indices implying people's interested topics are defined as subjective factors. To align different frequency data, we introduce GARCH-MIDAS model. After mixing all the above data, we then feed them into Transformer model as part of the training data. Our experiments show that this model outperforms the baselines in terms of mean square error. The adaption of both types of data under Transformer model significantly reduces the mean square error from 1.00 to 0.86.

We study the perfect information Nash equilibrium between a broker and her clients -- an informed trader and an uniformed trader. In our model, the broker trades in the lit exchange where trades have instantaneous and transient price impact with exponential resilience, while both clients trade with the broker. The informed trader and the broker maximise expected wealth subject to inventory penalties, while the uninformed trader is not strategic and sends the broker random buy and sell orders. We characterise the Nash equilibrium of the trading strategies with the solution to a coupled system of forward-backward stochastic differential equations (FBSDEs). We solve this system explicitly and study the effect of information, profitability, and inventory control in the trading strategies of the broker and the informed trader.

Face stylization refers to the transformation of a face into a specific portrait style. However, current methods require the use of example-based adaptation approaches to fine-tune pre-trained generative models so that they demand lots of time and storage space and fail to achieve detailed style transformation. This paper proposes a training-free face stylization framework, named Portrait Diffusion. This framework leverages off-the-shelf text-to-image diffusion models, eliminating the need for fine-tuning specific examples. Specifically, the content and style images are first inverted into latent codes. Then, during image reconstruction using the corresponding latent code, the content and style features in the attention space are delicately blended through a modified self-attention operation called Style Attention Control. Additionally, a Chain-of-Painting method is proposed for the gradual redrawing of unsatisfactory areas from rough adjustments to fine-tuning. Extensive experiments validate the effectiveness of our Portrait Diffusion method and demonstrate the superiority of Chain-of-Painting in achieving precise face stylization. Code will be released at https://github.com/liujin112/PortraitDiffusion.

The present document delineates the analysis, design, implementation, and benchmarking of various neural network architectures within a short-term frequency prediction system for the foreign exchange market (FOREX). Our aim is to simulate the judgment of the human expert (technical analyst) using a system that responds promptly to changes in market conditions, thus enabling the optimization of short-term trading strategies. We designed and implemented a series of LSTM neural network architectures which are taken as input the exchange rate values and generate the short-term market trend forecasting signal and an ANN custom architecture based on technical analysis indicator simulators We performed a comparative analysis of the results and came to useful conclusions regarding the suitability of each architecture and the cost in terms of time and computational power to implement them. The ANN custom architecture produces better prediction quality with higher sensitivity using fewer resources and spending less time than LSTM architectures. The ANN custom architecture appears to be ideal for use in low-power computing systems and for use cases that need fast decisions with the least possible computational cost.

Reinforcement learning (RL) is a subfield of machine learning that has been used in many fields, such as robotics, gaming, and autonomous systems. There has been growing interest in using RL for quantitative trading, where the goal is to make trades that generate profits in financial markets. This paper presents the use of RL for quantitative trading and reports a case study based on an RL-based trading algorithm. The results show that RL can be a useful tool for quantitative trading and can perform better than traditional trading algorithms. The use of reinforcement learning for quantitative trading is a promising area of research that can help develop more sophisticated and efficient trading systems. Future research can explore the use of other reinforcement learning techniques, the use of other data sources, and the testing of the system on a range of asset classes. Together, our work shows the potential in the use of reinforcement learning for quantitative trading and the need for further research and development in this area. By developing the sophistication and efficiency of trading systems, it may be possible to make financial markets more efficient and generate higher returns for investors.

In quantitative finance, machine learning methods are essential for alpha generation. This study introduces a new approach that combines Hidden Markov Models (HMM) and neural networks, integrated with Black-Litterman portfolio optimization. During the COVID period (2019-2022), this dual-model approach achieved a 83% return with a Sharpe ratio of 0.77. It incorporates two risk models to enhance risk management, showing efficiency during volatile periods. The methodology was implemented on the QuantConnect platform, which was chosen for its robust framework and experimental reproducibility. The system, which predicts future price movements, includes a three-year warm-up to ensure proper algorithm function. It targets highly liquid, large-cap energy stocks to ensure stable and predictable performance while also considering broker payments. The dual-model alpha system utilizes log returns to select the optimal state based on the historical performance. It combines state predictions with neural network outputs, which are based on historical data, to generate trading signals. This study examined the architecture of the trading system, data pre-processing, training, and performance. The full code and backtesting data are available under the QuantConnect terms.

The prediction of foreign exchange rates, such as the US Dollar (USD) to Bangladeshi Taka (BDT), plays a pivotal role in global financial markets, influencing trade, investments, and economic stability. This study leverages historical USD/BDT exchange rate data from 2018 to 2023, sourced from Yahoo Finance, to develop advanced machine learning models for accurate forecasting. A Long Short-Term Memory (LSTM) neural network is employed, achieving an exceptional accuracy of 99.449%, a Root Mean Square Error (RMSE) of 0.9858, and a test loss of 0.8523, significantly outperforming traditional methods like ARIMA (RMSE 1.342). Additionally, a Gradient Boosting Classifier (GBC) is applied for directional prediction, with backtesting on a 10,000 initial capital revealing a 40.82% profitable trade rate, though resulting in a net loss of 20,653.25 over 49 trades. The study analyzes historical trends, showing a decline in BDT/USD rates from 0.012 to 0.009, and incorporates normalized daily returns to capture volatility. These findings highlight the potential of deep learning in forex forecasting, offering traders and policymakers robust tools to mitigate risks. Future work could integrate sentiment analysis and real-time economic indicators to further enhance model adaptability in volatile markets.

Audio production style transfer is the task of processing an input to impart stylistic elements from a reference recording. Existing approaches often train a neural network to estimate control parameters for a set of audio effects. However, these approaches are limited in that they can only control a fixed set of effects, where the effects must be differentiable or otherwise employ specialized training techniques. In this work, we introduce ST-ITO, Style Transfer with Inference-Time Optimization, an approach that instead searches the parameter space of an audio effect chain at inference. This method enables control of arbitrary audio effect chains, including unseen and non-differentiable effects. Our approach employs a learned metric of audio production style, which we train through a simple and scalable self-supervised pretraining strategy, along with a gradient-free optimizer. Due to the limited existing evaluation methods for audio production style transfer, we introduce a multi-part benchmark to evaluate audio production style metrics and style transfer systems. This evaluation demonstrates that our audio representation better captures attributes related to audio production and enables expressive style transfer via control of arbitrary audio effects.

Conventional models of matching markets assume that monetary transfers can clear markets by compensating for utility differentials. However, empirical patterns show that such transfers often fail to close structural preference gaps. This paper introduces a market microstructure framework that models matching decisions as a limit order book system with rigid bid ask spreads. Individual preferences are represented by a latent preference state matrix, where the spread between an agent's internal ask price (the unconditional maximum) and the market's best bid (the reachable maximum) creates a structural liquidity constraint. We establish a Threshold Impossibility Theorem showing that linear compensation cannot close these spreads unless it induces a categorical identity shift. A dynamic discrete choice execution model further demonstrates that matches occur only when the market to book ratio crosses a time decaying liquidity threshold, analogous to order execution under inventory pressure. Numerical experiments validate persistent slippage, regional invariance of preference orderings, and high tier zero spread executions. The model provides a unified microstructure explanation for matching failures, compensation inefficiency, and post match regret in illiquid order driven environments.

The endeavor of stock trend forecasting is principally focused on predicting the future trajectory of the stock market, utilizing either manual or technical methodologies to optimize profitability. Recent advancements in machine learning technologies have showcased their efficacy in discerning authentic profit signals within the realm of stock trend forecasting, predominantly employing temporal data derived from historical stock price patterns. Nevertheless, the inherently volatile and dynamic characteristics of the stock market render the learning and capture of multi-scale temporal dependencies and stable trading opportunities a formidable challenge. This predicament is primarily attributed to the difficulty in distinguishing real profit signal patterns amidst a plethora of mixed, noisy data. In response to these complexities, we propose a Multi-Scale Temporal Memory Learning and Efficient Debiasing (MTMD) model. This innovative approach encompasses the creation of a learnable embedding coupled with external attention, serving as a memory module through self-similarity. It aims to mitigate noise interference and bolster temporal consistency within the model. The MTMD model adeptly amalgamates comprehensive local data at each timestamp while concurrently focusing on salient historical patterns on a global scale. Furthermore, the incorporation of a graph network, tailored to assimilate global and local information, facilitates the adaptive fusion of heterogeneous multi-scale data. Rigorous ablation studies and experimental evaluations affirm that the MTMD model surpasses contemporary state-of-the-art methodologies by a substantial margin in benchmark datasets. The source code can be found at https://github.com/MingjieWang0606/MDMT-Public.

We analyze the performance of large language models (LLMs) on Text Style Transfer (TST), specifically focusing on sentiment transfer and text detoxification across three languages: English, Hindi, and Bengali. Text Style Transfer involves modifying the linguistic style of a text while preserving its core content. We evaluate the capabilities of pre-trained LLMs using zero-shot and few-shot prompting as well as parameter-efficient finetuning on publicly available datasets. Our evaluation using automatic metrics, GPT-4 and human evaluations reveals that while some prompted LLMs perform well in English, their performance in on other languages (Hindi, Bengali) remains average. However, finetuning significantly improves results compared to zero-shot and few-shot prompting, making them comparable to previous state-of-the-art. This underscores the necessity of dedicated datasets and specialized models for effective TST.

The use of synthetic data has played a critical role in recent state-of-art breakthroughs. However, overly relying on a single oracle teacher model to generate data has been shown to lead to model collapse and invite propagation of biases. These limitations are particularly evident in multilingual settings, where the absence of a universally effective teacher model that excels across all languages presents significant challenges. In this work, we address these extreme difference by introducing "multilingual arbitrage", which capitalizes on performance variations between multiple models for a given language. To do so, we strategically route samples through a diverse pool of models, each with unique strengths in different languages. Across exhaustive experiments on state-of-art models, our work suggests that arbitrage techniques allow for spectacular gains in performance that far outperform relying on a single teacher. In particular, compared to the best single teacher, we observe gains of up to 56.5% improvement in win rates averaged across all languages when switching to multilingual arbitrage. We observe the most significant gains for the least resourced languages in our pool.

Style transfer enables the seamless integration of artistic styles from a style image into a content image, resulting in visually striking and aesthetically enriched outputs. Despite numerous advances in this field, existing methods did not explicitly focus on the signature style, which represents the distinct and recognizable visual traits of the image such as geometric and structural patterns, color palettes and brush strokes etc. In this paper, we introduce SigStyle, a framework that leverages the semantic priors that embedded in a personalized text-to-image diffusion model to capture the signature style representation. This style capture process is powered by a hypernetwork that efficiently fine-tunes the diffusion model for any given single style image. Style transfer then is conceptualized as the reconstruction process of content image through learned style tokens from the personalized diffusion model. Additionally, to ensure the content consistency throughout the style transfer process, we introduce a time-aware attention swapping technique that incorporates content information from the original image into the early denoising steps of target image generation. Beyond enabling high-quality signature style transfer across a wide range of styles, SigStyle supports multiple interesting applications, such as local style transfer, texture transfer, style fusion and style-guided text-to-image generation. Quantitative and qualitative evaluations demonstrate our approach outperforms existing style transfer methods for recognizing and transferring the signature styles.

Video stylization, an important downstream task of video generation models, has not yet been thoroughly explored. Its input style conditions typically include text, style image, and stylized first frame. Each condition has a characteristic advantage: text is more flexible, style image provides a more accurate visual anchor, and stylized first frame makes long-video stylization feasible. However, existing methods are largely confined to a single type of style condition, which limits their scope of application. Additionally, their lack of high-quality datasets leads to style inconsistency and temporal flicker. To address these limitations, we introduce DreamStyle, a unified framework for video stylization, supporting (1) text-guided, (2) style-image-guided, and (3) first-frame-guided video stylization, accompanied by a well-designed data curation pipeline to acquire high-quality paired video data. DreamStyle is built on a vanilla Image-to-Video (I2V) model and trained using a Low-Rank Adaptation (LoRA) with token-specific up matrices that reduces the confusion among different condition tokens. Both qualitative and quantitative evaluations demonstrate that DreamStyle is competent in all three video stylization tasks, and outperforms the competitors in style consistency and video quality.

Image style transfer aims to manipulate the appearance of a source image, or "content" image, to share similar texture and colors of a target "style" image. Ideally, the style transfer manipulation should also preserve the semantic content of the source image. A commonly used approach to assist in transferring styles is based on Gram matrix optimization. One problem of Gram matrix-based optimization is that it does not consider the correlation between colors and their styles. Specifically, certain textures or structures should be associated with specific colors. This is particularly challenging when the target style image exhibits multiple style types. In this work, we propose a color-aware multi-style transfer method that generates aesthetically pleasing results while preserving the style-color correlation between style and generated images. We achieve this desired outcome by introducing a simple but efficient modification to classic Gram matrix-based style transfer optimization. A nice feature of our method is that it enables the users to manually select the color associations between the target style and content image for more transfer flexibility. We validated our method with several qualitative comparisons, including a user study conducted with 30 participants. In comparison with prior work, our method is simple, easy to implement, and achieves visually appealing results when targeting images that have multiple styles. Source code is available at https://github.com/mahmoudnafifi/color-aware-style-transfer.

Accurate stock market predictions following earnings reports are crucial for investors. Traditional methods, particularly classical machine learning models, struggle with these predictions because they cannot effectively process and interpret extensive textual data contained in earnings reports and often overlook nuances that influence market movements. This paper introduces an advanced approach by employing Large Language Models (LLMs) instruction fine-tuned with a novel combination of instruction-based techniques and quantized low-rank adaptation (QLoRA) compression. Our methodology integrates 'base factors', such as financial metric growth and earnings transcripts, with 'external factors', including recent market indices performances and analyst grades, to create a rich, supervised dataset. This comprehensive dataset enables our models to achieve superior predictive performance in terms of accuracy, weighted F1, and Matthews correlation coefficient (MCC), especially evident in the comparison with benchmarks such as GPT-4. We specifically highlight the efficacy of the llama-3-8b-Instruct-4bit model, which showcases significant improvements over baseline models. The paper also discusses the potential of expanding the output capabilities to include a 'Hold' option and extending the prediction horizon, aiming to accommodate various investment styles and time frames. This study not only demonstrates the power of integrating cutting-edge AI with fine-tuned financial data but also paves the way for future research in enhancing AI-driven financial analysis tools.

Diffusion models have emerged as the dominant paradigm for style transfer, but their text-driven mechanism is hindered by a core limitation: it treats textual descriptions as uniform, monolithic guidance. This limitation overlooks the semantic gap between the non-spatial nature of textual descriptions and the spatially-aware attributes of visual style, often leading to the loss of semantic structure and fine-grained details during stylization. In this paper, we propose StyDeco, an unsupervised framework that resolves this limitation by learning text representations specifically tailored for the style transfer task. Our framework first employs Prior-Guided Data Distillation (PGD), a strategy designed to distill stylistic knowledge without human supervision. It leverages a powerful frozen generative model to automatically synthesize pseudo-paired data. Subsequently, we introduce Contrastive Semantic Decoupling (CSD), a task-specific objective that adapts a text encoder using domain-specific weights. CSD performs a two-class clustering in the semantic space, encouraging source and target representations to form distinct clusters. Extensive experiments on three classic benchmarks demonstrate that our framework outperforms several existing approaches in both stylistic fidelity and structural preservation, highlighting its effectiveness in style transfer with semantic preservation. In addition, our framework supports a unique de-stylization process, further demonstrating its extensibility. Our code is vailable at https://github.com/QuanjianSong/StyDeco.

Photorealistic style transfer (PST) enables real-world color grading by adapting reference image colors while preserving content structure. Existing methods mainly follow either approaches: generation-based methods that prioritize stylistic fidelity at the cost of content integrity and efficiency, or global color transformation methods such as LUT, which preserve structure but lack local adaptability. To bridge this gap, we propose Spatial Adaptive 4D Look-Up Table (SA-LUT), combining LUT efficiency with neural network adaptability. SA-LUT features: (1) a Style-guided 4D LUT Generator that extracts multi-scale features from the style image to predict a 4D LUT, and (2) a Context Generator using content-style cross-attention to produce a context map. This context map enables spatially-adaptive adjustments, allowing our 4D LUT to apply precise color transformations while preserving structural integrity. To establish a rigorous evaluation framework for photorealistic style transfer, we introduce PST50, the first benchmark specifically designed for PST assessment. Experiments demonstrate that SA-LUT substantially outperforms state-of-the-art methods, achieving a 66.7% reduction in LPIPS score compared to 3D LUT approaches, while maintaining real-time performance at 16 FPS for video stylization. Our code and benchmark are available at https://github.com/Ry3nG/SA-LUT

We present a novel approach to the problem of text style transfer. Unlike previous approaches requiring style-labeled training data, our method makes use of readily-available unlabeled text by relying on the implicit connection in style between adjacent sentences, and uses labeled data only at inference time. We adapt T5 (Raffel et al., 2020), a strong pretrained text-to-text model, to extract a style vector from text and use it to condition the decoder to perform style transfer. As our label-free training results in a style vector space encoding many facets of style, we recast transfers as "targeted restyling" vector operations that adjust specific attributes of the input while preserving others. We demonstrate that training on unlabeled Amazon reviews data results in a model that is competitive on sentiment transfer, even compared to models trained fully on labeled data. Furthermore, applying our novel method to a diverse corpus of unlabeled web text results in a single model capable of transferring along multiple dimensions of style (dialect, emotiveness, formality, politeness, sentiment) despite no additional training and using only a handful of exemplars at inference time.

The domain adaptation of language models, including large language models (LLMs), has become increasingly important as the use of such models continues to expand. This study demonstrates the effectiveness of Composition to Augment Language Models (CALM) in adapting to the financial domain. CALM is a model to extend the capabilities of existing models by introducing cross-attention between two LLMs with different functions. In our experiments, we developed a CALM to enhance the financial performance of an LLM with strong response capabilities by leveraging a financial-specialized LLM. Notably, the CALM was trained using a financial dataset different from the one used to train the financial-specialized LLM, confirming CALM's ability to adapt to various datasets. The models were evaluated through quantitative Japanese financial benchmarks and qualitative response comparisons, demonstrating that CALM enables superior responses with higher scores than the original models and baselines. Additionally, comparative experiments on connection points revealed that connecting the middle layers of the models is most effective in facilitating adaptation to the financial domain. These findings confirm that CALM is a practical approach for adapting LLMs to the financial domain.

Art reinterpretation is the practice of creating a variation of a reference work, making a paired artwork that exhibits a distinct artistic style. We ask if such an image pair can be used to customize a generative model to capture the demonstrated stylistic difference. We propose Pair Customization, a new customization method that learns stylistic difference from a single image pair and then applies the acquired style to the generation process. Unlike existing methods that learn to mimic a single concept from a collection of images, our method captures the stylistic difference between paired images. This allows us to apply a stylistic change without overfitting to the specific image content in the examples. To address this new task, we employ a joint optimization method that explicitly separates the style and content into distinct LoRA weight spaces. We optimize these style and content weights to reproduce the style and content images while encouraging their orthogonality. During inference, we modify the diffusion process via a new style guidance based on our learned weights. Both qualitative and quantitative experiments show that our method can effectively learn style while avoiding overfitting to image content, highlighting the potential of modeling such stylistic differences from a single image pair.

Graphic design often involves exploring different stylistic directions, which can be time-consuming for non-experts. We address this problem of stylistically improving designs based on natural language instructions. While VLMs have shown initial success in graphic design, their pretrained knowledge on styles is often too general and misaligned with specific domain data. For example, VLMs may associate minimalism with abstract designs, whereas designers emphasize shape and color choices. Our key insight is to leverage design data -- a collection of real-world designs that implicitly capture designer's principles -- to learn design knowledge and guide stylistic improvement. We propose PRISM (PRior-Informed Stylistic Modification) that constructs and applies a design knowledge base through three stages: (1) clustering high-variance designs to capture diversity within a style, (2) summarizing each cluster into actionable design knowledge, and (3) retrieving relevant knowledge during inference to enable style-aware improvement. Experiments on the Crello dataset show that PRISM achieves the highest average rank of 1.49 (closer to 1 is better) over baselines in style alignment. User studies further validate these results, showing that PRISM is consistently preferred by designers.

In this paper, we show that, a good style representation is crucial and sufficient for generalized style transfer without test-time tuning. We achieve this through constructing a style-aware encoder and a well-organized style dataset called StyleGallery. With dedicated design for style learning, this style-aware encoder is trained to extract expressive style representation with decoupling training strategy, and StyleGallery enables the generalization ability. We further employ a content-fusion encoder to enhance image-driven style transfer. We highlight that, our approach, named StyleShot, is simple yet effective in mimicking various desired styles, i.e., 3D, flat, abstract or even fine-grained styles, without test-time tuning. Rigorous experiments validate that, StyleShot achieves superior performance across a wide range of styles compared to existing state-of-the-art methods. The project page is available at: https://styleshot.github.io/.

Identifying risky traders with high profits in financial markets is crucial for market makers, such as trading exchanges, to ensure effective risk management through real-time decisions on regulation compliance and hedging. However, capturing the complex and dynamic behaviours of individual traders poses significant challenges. Traditional classification and anomaly detection methods often establish a fixed risk boundary, failing to account for this complexity and dynamism. To tackle this issue, we propose a profit-aware risk ranker (PA-RiskRanker) that reframes the problem of identifying risky traders as a ranking task using Learning-to-Rank (LETOR) algorithms. Our approach features a Profit-Aware binary cross entropy (PA-BCE) loss function and a transformer-based ranker enhanced with a self-cross-trader attention pipeline. These components effectively integrate profit and loss (P&L) considerations into the training process while capturing intra- and inter-trader relationships. Our research critically examines the limitations of existing deep learning-based LETOR algorithms in trading risk management, which often overlook the importance of P&L in financial scenarios. By prioritising P&L, our method improves risky trader identification, achieving an 8.4% increase in F1 score compared to state-of-the-art (SOTA) ranking models like Rankformer. Additionally, it demonstrates a 10%-17% increase in average profit compared to all benchmark models.

While style transfer techniques have been well-developed for 2D image stylization, the extension of these methods to 3D scenes remains relatively unexplored. Existing approaches demonstrate proficiency in transferring colors and textures but often struggle with replicating the geometry of the scenes. In our work, we leverage an explicit Gaussian Splatting (GS) representation and directly match the distributions of Gaussians between style and content scenes using the Earth Mover's Distance (EMD). By employing the entropy-regularized Wasserstein-2 distance, we ensure that the transformation maintains spatial smoothness. Additionally, we decompose the scene stylization problem into smaller chunks to enhance efficiency. This paradigm shift reframes stylization from a pure generative process driven by latent space losses to an explicit matching of distributions between two Gaussian representations. Our method achieves high-resolution 3D stylization by faithfully transferring details from 3D style scenes onto the content scene. Furthermore, WaSt-3D consistently delivers results across diverse content and style scenes without necessitating any training, as it relies solely on optimization-based techniques. See our project page for additional results and source code: https://compvis.github.io/wast3d/{https://compvis.github.io/wast3d/}.

We address the task of video style transfer with diffusion models, where the goal is to preserve the context of an input video while rendering it in a target style specified by a text prompt. A major challenge is the lack of paired video data for supervision. We propose PickStyle, a video-to-video style transfer framework that augments pretrained video diffusion backbones with style adapters and benefits from paired still image data with source-style correspondences for training. PickStyle inserts low-rank adapters into the self-attention layers of conditioning modules, enabling efficient specialization for motion-style transfer while maintaining strong alignment between video content and style. To bridge the gap between static image supervision and dynamic video, we construct synthetic training clips from paired images by applying shared augmentations that simulate camera motion, ensuring temporal priors are preserved. In addition, we introduce Context-Style Classifier-Free Guidance (CS-CFG), a novel factorization of classifier-free guidance into independent text (style) and video (context) directions. CS-CFG ensures that context is preserved in generated video while the style is effectively transferred. Experiments across benchmarks show that our approach achieves temporally coherent, style-faithful, and content-preserving video translations, outperforming existing baselines both qualitatively and quantitatively.

Using a large-scale Deep Learning approach applied to a high-frequency database containing billions of electronic market quotes and transactions for US equities, we uncover nonparametric evidence for the existence of a universal and stationary price formation mechanism relating the dynamics of supply and demand for a stock, as revealed through the order book, to subsequent variations in its market price. We assess the model by testing its out-of-sample predictions for the direction of price moves given the history of price and order flow, across a wide range of stocks and time periods. The universal price formation model is shown to exhibit a remarkably stable out-of-sample prediction accuracy across time, for a wide range of stocks from different sectors. Interestingly, these results also hold for stocks which are not part of the training sample, showing that the relations captured by the model are universal and not asset-specific. The universal model --- trained on data from all stocks --- outperforms, in terms of out-of-sample prediction accuracy, asset-specific linear and nonlinear models trained on time series of any given stock, showing that the universal nature of price formation weighs in favour of pooling together financial data from various stocks, rather than designing asset- or sector-specific models as commonly done. Standard data normalizations based on volatility, price level or average spread, or partitioning the training data into sectors or categories such as large/small tick stocks, do not improve training results. On the other hand, inclusion of price and order flow history over many past observations is shown to improve forecasting performance, showing evidence of path-dependence in price dynamics.

Recent advancements in radiance fields have opened new avenues for creating high-quality 3D assets and scenes. Style transfer can enhance these 3D assets with diverse artistic styles, transforming creative expression. However, existing techniques are often slow or unable to localize style transfer to specific objects. We introduce StyleSplat, a lightweight method for stylizing 3D objects in scenes represented by 3D Gaussians from reference style images. Our approach first learns a photorealistic representation of the scene using 3D Gaussian splatting while jointly segmenting individual 3D objects. We then use a nearest-neighbor feature matching loss to finetune the Gaussians of the selected objects, aligning their spherical harmonic coefficients with the style image to ensure consistency and visual appeal. StyleSplat allows for quick, customizable style transfer and localized stylization of multiple objects within a scene, each with a different style. We demonstrate its effectiveness across various 3D scenes and styles, showcasing enhanced control and customization in 3D creation.

In traditional quantitative trading practice, navigating the complicated and dynamic financial market presents a persistent challenge. Fully capturing various market variables, including long-term information, as well as essential signals that may lead to profit remains a difficult task for learning algorithms. In order to tackle this challenge, this paper introduces quantformer, an enhanced neural network architecture based on transformers, to build investment factors. By transfer learning from sentiment analysis, quantformer not only exploits its original inherent advantages in capturing long-range dependencies and modeling complex data relationships, but is also able to solve tasks with numerical inputs and accurately forecast future returns over a given period. This work collects more than 5,000,000 rolling data of 4,601 stocks in the Chinese capital market from 2010 to 2019. The results of this study demonstrated the model's superior performance in predicting stock trends compared with other 100 factor-based quantitative strategies. Notably, the model's innovative use of transformer-liked model to establish factors, in conjunction with market sentiment information, has been shown to enhance the accuracy of trading signals significantly, thereby offering promising implications for the future of quantitative trading strategies.

This paper presents a novel risk-sensitive trading agent combining reinforcement learning and large language models (LLMs). We extend the Conditional Value-at-Risk Proximal Policy Optimization (CPPO) algorithm, by adding risk assessment and trading recommendation signals generated by a LLM from financial news. Our approach is backtested on the Nasdaq-100 index benchmark, using financial news data from the FNSPID dataset and the DeepSeek V3, Qwen 2.5 and Llama 3.3 language models. The code, data, and trading agents are available at: https://github.com/benstaf/FinRL_DeepSeek

Style transfer has been widely applied to give real-world images a new artistic look. However, given a stylized image, the attempts to use typical style transfer methods for de-stylization or transferring it again into another style usually lead to artifacts or undesired results. We realize that these issues are originated from the content inconsistency between the original image and its stylized output. Therefore, in this paper we advance to keep the content information of the input image during the process of style transfer by the power of steganography, with two approaches proposed: a two-stage model and an end-to-end model. We conduct extensive experiments to successfully verify the capacity of our models, in which both of them are able to not only generate stylized images of quality comparable with the ones produced by typical style transfer methods, but also effectively eliminate the artifacts introduced in reconstructing original input from a stylized image as well as performing multiple times of style transfer in series.

Style transfer is the task of automatically transforming a piece of text in one particular style into another. A major barrier to progress in this field has been a lack of training and evaluation datasets, as well as benchmarks and automatic metrics. In this work, we create the largest corpus for a particular stylistic transfer (formality) and show that techniques from the machine translation community can serve as strong baselines for future work. We also discuss challenges of using automatic metrics.

We propose a reinforcement learning (RL) framework under a broad class of risk objectives, characterized by convex scoring functions. This class covers many common risk measures, such as variance, Expected Shortfall, entropic Value-at-Risk, and mean-risk utility. To resolve the time-inconsistency issue, we consider an augmented state space and an auxiliary variable and recast the problem as a two-state optimization problem. We propose a customized Actor-Critic algorithm and establish some theoretical approximation guarantees. A key theoretical contribution is that our results do not require the Markov decision process to be continuous. Additionally, we propose an auxiliary variable sampling method inspired by the alternating minimization algorithm, which is convergent under certain conditions. We validate our approach in simulation experiments with a financial application in statistical arbitrage trading, demonstrating the effectiveness of the algorithm.

Recent large-scale diffusion models generate high-quality images but struggle to learn new, personalized artistic styles, which limits the creation of unique style templates. Fine-tuning with reference images is the most promising approach, but it often blindly utilizes objectives and noise level distributions used for pre-training, leading to suboptimal style alignment. We propose the Style-friendly SNR sampler, which aggressively shifts the signal-to-noise ratio (SNR) distribution toward higher noise levels during fine-tuning to focus on noise levels where stylistic features emerge. This enables models to better capture unique styles and generate images with higher style alignment. Our method allows diffusion models to learn and share new "style templates", enhancing personalized content creation. We demonstrate the ability to generate styles such as personal watercolor paintings, minimal flat cartoons, 3D renderings, multi-panel images, and memes with text, thereby broadening the scope of style-driven generation.

We propose a novel approach for analysis of the composition of an equity mutual fund based on the time series decomposition of the price movements of the individual stocks of the fund. The proposed scheme can be applied to check whether the style proclaimed for a mutual fund actually matches with the fund composition. We have applied our proposed framework on eight well known mutual funds of varying styles in the Indian financial market to check the consistency between their fund style and actual fund composition, and have obtained extensive results from our experiments. A detailed analysis of the results has shown that while in majority of the cases the actual allocations of funds are consistent with the corresponding fund styles, there have been some notable deviations too.

In this paper we address the problem of artist style transfer where the painting style of a given artist is applied on a real world photograph. We train our neural networks in adversarial setting via recently introduced quadratic potential divergence for stable learning process. To further improve the quality of generated artist stylized images we also integrate some of the recently introduced deep learning techniques in our method. To our best knowledge this is the first attempt towards artist style transfer via quadratic potential divergence. We provide some stylized image samples in the supplementary material. The source code for experimentation was written in PyTorch and is available online in my GitHub repository.

Large language models (LLMs) have recently demonstrated strong capabilities as autonomous agents, showing promise in reasoning, tool use, and sequential decision-making. While prior benchmarks have evaluated LLM agents in domains such as software engineering and scientific discovery, the finance domain remains underexplored, despite its direct relevance to economic value and high-stakes decision-making. Existing financial benchmarks primarily test static knowledge through question answering, but they fall short of capturing the dynamic and iterative nature of trading. To address this gap, we introduce StockBench, a contamination-free benchmark designed to evaluate LLM agents in realistic, multi-month stock trading environments. Agents receive daily market signals -- including prices, fundamentals, and news -- and must make sequential buy, sell, or hold decisions. Performance is assessed using financial metrics such as cumulative return, maximum drawdown, and the Sortino ratio. Our evaluation of state-of-the-art proprietary (e.g., GPT-5, Claude-4) and open-weight (e.g., Qwen3, Kimi-K2, GLM-4.5) models shows that while most LLM agents struggle to outperform the simple buy-and-hold baseline, several models demonstrate the potential to deliver higher returns and manage risk more effectively. These findings highlight both the challenges and opportunities in developing LLM-powered financial agents, showing that excelling at static financial knowledge tasks does not necessarily translate into successful trading strategies. We release StockBench as an open-source resource to support reproducibility and advance future research in this domain.

Diffusion-based text-to-image generation models like GLIDE and DALLE-2 have gained wide success recently for their superior performance in turning complex text inputs into images of high quality and wide diversity. In particular, they are proven to be very powerful in creating graphic arts of various formats and styles. Although current models supported specifying style formats like oil painting or pencil drawing, fine-grained style features like color distributions and brush strokes are hard to specify as they are randomly picked from a conditional distribution based on the given text input. Here we propose a novel style guidance method to support generating images using arbitrary style guided by a reference image. The generation method does not require a separate style transfer model to generate desired styles while maintaining image quality in generated content as controlled by the text input. Additionally, the guidance method can be applied without a style reference, denoted as self style guidance, to generate images of more diverse styles. Comprehensive experiments prove that the proposed method remains robust and effective in a wide range of conditions, including diverse graphic art forms, image content types and diffusion models.

This paper explores neural network-based approaches for algorithmic trading in cryptocurrency markets. Our approach combines multi-timeframe trend analysis with high-frequency direction prediction networks, achieving positive risk-adjusted returns through statistical modeling and systematic market exploitation. The system integrates diverse data sources including market data, on-chain metrics, and orderbook dynamics, translating these into unified buy/sell pressure signals. We demonstrate how machine learning models can effectively capture cross-timeframe relationships, enabling sub-second trading decisions with statistical confidence.

We present a novel approach for controllable, region-specific style editing driven by textual prompts. Building upon the state-space style alignment framework introduced by StyleMamba, our method integrates a semantic segmentation model into the style transfer pipeline. This allows users to selectively apply text-driven style changes to specific segments (e.g., ``turn the building into a cyberpunk tower'') while leaving other regions (e.g., ``people'' or ``trees'') unchanged. By incorporating region-wise condition vectors and a region-specific directional loss, our method achieves high-fidelity transformations that respect both semantic boundaries and user-driven style descriptions. Extensive experiments demonstrate that our approach can flexibly handle complex scene stylizations in real-world scenarios, improving control and quality over purely global style transfer methods.

Generative AI powers a growing wave of companion chatbots, yet principles for fostering genuine connection remain unsettled. We test two routes: visible user authorship versus covert language-style mimicry. In a preregistered 3x2 experiment (N = 162), we manipulated user-controlled avatar generation (none, premade, user-generated) and Language Style Matching (LSM) (static vs. adaptive). Generating an avatar boosted rapport (omega^2 = .040, p = .013), whereas adaptive LSM underperformed static style on personalization and satisfaction (d = 0.35, p = .009) and was paradoxically judged less adaptive (t = 3.07, p = .003, d = 0.48). We term this an Adaptation Paradox: synchrony erodes connection when perceived as incoherent, destabilizing persona. To explain, we propose a stability-and-legibility account: visible authorship fosters natural interaction, while covert mimicry risks incoherence. Our findings suggest designers should prioritize legible, user-driven personalization and limit stylistic shifts rather than rely on opaque mimicry.

We develop policy gradients methods for stochastic control with exit time in a model-free setting. We propose two types of algorithms for learning either directly the optimal policy or by learning alternately the value function (critic) and the optimal control (actor). The use of randomized policies is crucial for overcoming notably the issue related to the exit time in the gradient computation. We demonstrate the effectiveness of our approach by implementing our numerical schemes in the application to the problem of share repurchase pricing. Our results show that the proposed policy gradient methods outperform PDE or other neural networks techniques in a model-based setting. Furthermore, our algorithms are flexible enough to incorporate realistic market conditions like e.g. price impact or transaction costs.

When users can benefit from certain predictive outcomes, they may be prone to act to achieve those outcome, e.g., by strategically modifying their features. The goal in strategic classification is therefore to train predictive models that are robust to such behavior. However, the conventional framework assumes that changing features does not change actual outcomes, which depicts users as "gaming" the system. Here we remove this assumption, and study learning in a causal strategic setting where true outcomes do change. Focusing on accuracy as our primary objective, we show how strategic behavior and causal effects underlie two complementing forms of distribution shift. We characterize these shifts, and propose a learning algorithm that balances between these two forces and over time, and permits end-to-end training. Experiments on synthetic and semi-synthetic data demonstrate the utility of our approach.

Different people speak with diverse personalized speaking styles. Although existing one-shot talking head methods have made significant progress in lip sync, natural facial expressions, and stable head motions, they still cannot generate diverse speaking styles in the final talking head videos. To tackle this problem, we propose a one-shot style-controllable talking face generation framework. In a nutshell, we aim to attain a speaking style from an arbitrary reference speaking video and then drive the one-shot portrait to speak with the reference speaking style and another piece of audio. Specifically, we first develop a style encoder to extract dynamic facial motion patterns of a style reference video and then encode them into a style code. Afterward, we introduce a style-controllable decoder to synthesize stylized facial animations from the speech content and style code. In order to integrate the reference speaking style into generated videos, we design a style-aware adaptive transformer, which enables the encoded style code to adjust the weights of the feed-forward layers accordingly. Thanks to the style-aware adaptation mechanism, the reference speaking style can be better embedded into synthesized videos during decoding. Extensive experiments demonstrate that our method is capable of generating talking head videos with diverse speaking styles from only one portrait image and an audio clip while achieving authentic visual effects. Project Page: https://github.com/FuxiVirtualHuman/styletalk.