Deep research -- producing comprehensive, citation-grounded reports by searching and synthesizing information from hundreds of live web sources -- marks an important frontier for agentic systems. To rigorously evaluate this ability, four principles are essential: tasks should be (1) user-centric, reflecting realistic information needs, (2) dynamic, requiring up-to-date information beyond parametric knowledge, (3) unambiguous, ensuring consistent interpretation across users, and (4) multi-faceted and search-intensive, requiring search over numerous web sources and in-depth analysis. Existing benchmarks fall short of these principles, often focusing on narrow domains or posing ambiguous questions that hinder fair comparison. Guided by these principles, we introduce LiveResearchBench, a benchmark of 100 expert-curated tasks spanning daily life, enterprise, and academia, each requiring extensive, dynamic, real-time web search and synthesis. Built with over 1,500 hours of human labor, LiveResearchBench provides a rigorous basis for systematic evaluation. To evaluate citation-grounded long-form reports, we introduce DeepEval, a comprehensive suite covering both content- and report-level quality, including coverage, presentation, citation accuracy and association, consistency and depth of analysis. DeepEval integrates four complementary evaluation protocols, each designed to ensure stable assessment and high agreement with human judgments. Using LiveResearchBench and DeepEval, we conduct a comprehensive evaluation of 17 frontier deep research systems, including single-agent web search, single-agent deep research, and multi-agent systems. Our analysis reveals current strengths, recurring failure modes, and key system components needed to advance reliable, insightful deep research. Our code is available at: https://github.com/SalesforceAIResearch/LiveResearchBench.

The advancement in Large Language Models has driven the creation of complex agentic systems, such as Deep Research Agents (DRAs), to overcome the limitations of static Retrieval Augmented Generation (RAG) pipelines in handling complex, multi-turn research tasks. This paper introduces the Static Deep Research Agent (Static-DRA), a novel solution built upon a configurable and hierarchical Tree-based static workflow. The core contribution is the integration of two user-tunable parameters, Depth and Breadth, which provide granular control over the research intensity. This design allows end-users to consciously balance the desired quality and comprehensiveness of the research report against the associated computational cost of Large Language Model (LLM) interactions. The agent's architecture, comprising Supervisor, Independent, and Worker agents, facilitates effective multi-hop information retrieval and parallel sub-topic investigation. We evaluate the Static-DRA against the established DeepResearch Bench using the RACE (Reference-based Adaptive Criteria-driven Evaluation) framework. Configured with a depth of 2 and a breadth of 5, and powered by the gemini-2.5-pro model, the agent achieved an overall score of 34.72. Our experiments validate that increasing the configured Depth and Breadth parameters results in a more in-depth research process and a correspondingly higher evaluation score. The Static-DRA offers a pragmatic and resource-aware solution, empowering users with transparent control over the deep research process. The entire source code, outputs and benchmark results are open-sourced at https://github.com/SauravP97/Static-Deep-Research/

Generating professional financial reports is a labor-intensive and intellectually demanding process that current AI systems struggle to fully automate. To address this challenge, we introduce FinSight (Financial InSight), a novel multi agent framework for producing high-quality, multimodal financial reports. The foundation of FinSight is the Code Agent with Variable Memory (CAVM) architecture, which unifies external data, designed tools, and agents into a programmable variable space, enabling flexible data collection, analysis and report generation through executable code. To ensure professional-grade visualization, we propose an Iterative Vision-Enhanced Mechanism that progressively refines raw visual outputs into polished financial charts. Furthermore, a two stage Writing Framework expands concise Chain-of-Analysis segments into coherent, citation-aware, and multimodal reports, ensuring both analytical depth and structural consistency. Experiments on various company and industry-level tasks demonstrate that FinSight significantly outperforms all baselines, including leading deep research systems in terms of factual accuracy, analytical depth, and presentation quality, demonstrating a clear path toward generating reports that approach human-expert quality.

PAC generalization bounds on the risk, when expressed in terms of the expected loss, are often insufficient to capture imbalances between subgroups in the data. To overcome this limitation, we introduce a new family of risk measures, called constrained f-entropic risk measures, which enable finer control over distributional shifts and subgroup imbalances via f-divergences, and include the Conditional Value at Risk (CVaR), a well-known risk measure. We derive both classical and disintegrated PAC-Bayesian generalization bounds for this family of risks, providing the first disintegratedPAC-Bayesian guarantees beyond standard risks. Building on this theory, we design a self-bounding algorithm that minimizes our bounds directly, yielding models with guarantees at the subgroup level. Finally, we empirically demonstrate the usefulness of our approach.

Deep research tools are among the most impactful and most commonly encountered agentic systems today. We observe, however, that each deep research agent introduced so far is hard-coded to carry out a particular research strategy using a fixed choice of tools. We introduce Universal Deep Research (UDR), a generalist agentic system that wraps around any language model and enables the user to create, edit, and refine their own entirely custom deep research strategies without any need for additional training or finetuning. To showcase the generality of our system, we equip UDR with example minimal, expansive, and intensive research strategies, and provide a user interface to facilitate experimentation with the system.

This study provides a comprehensive analysis of the development, functioning, and application of generative artificial intelligence (GenAI) and large language models (LLMs), with an emphasis on their implications for research and education. It traces the conceptual evolution from artificial intelligence (AI) through machine learning (ML) and deep learning (DL) to transformer architectures, which constitute the foundation of contemporary generative systems. Technical aspects, including prompting strategies, word embeddings, and probabilistic sampling methods (temperature, top-k, and top-p), are examined alongside the emergence of autonomous agents. These elements are considered in relation to both the opportunities they create and the limitations and risks they entail. The work critically evaluates the integration of GenAI across the research process, from ideation and literature review to research design, data collection, analysis, interpretation, and dissemination. While particular attention is given to geographical research, the discussion extends to wider academic contexts. A parallel strand addresses the pedagogical applications of GenAI, encompassing course and lesson design, teaching delivery, assessment, and feedback, with geography education serving as a case example. Central to the analysis are the ethical, social, and environmental challenges posed by GenAI. Issues of bias, intellectual property, governance, and accountability are assessed, alongside the ecological footprint of LLMs and emerging technological strategies for mitigation. The concluding section considers near- and long-term futures of GenAI, including scenarios of sustained adoption, regulation, and potential decline. By situating GenAI within both scholarly practice and educational contexts, the study contributes to critical debates on its transformative potential and societal responsibilities.

The advent of Deep Research agents has substantially reduced the time required for conducting extensive research tasks. However, these tasks inherently demand rigorous standards of factual accuracy and comprehensiveness, necessitating thorough evaluation before widespread adoption. In this paper, we propose ReportBench, a systematic benchmark designed to evaluate the content quality of research reports generated by large language models (LLMs). Our evaluation focuses on two critical dimensions: (1) the quality and relevance of cited literature, and (2) the faithfulness and veracity of the statements within the generated reports. ReportBench leverages high-quality published survey papers available on arXiv as gold-standard references, from which we apply reverse prompt engineering to derive domain-specific prompts and establish a comprehensive evaluation corpus. Furthermore, we develop an agent-based automated framework within ReportBench that systematically analyzes generated reports by extracting citations and statements, checking the faithfulness of cited content against original sources, and validating non-cited claims using web-based resources. Empirical evaluations demonstrate that commercial Deep Research agents such as those developed by OpenAI and Google consistently generate more comprehensive and reliable reports than standalone LLMs augmented with search or browsing tools. However, there remains substantial room for improvement in terms of the breadth and depth of research coverage, as well as factual consistency. The complete code and data will be released at the following link: https://github.com/ByteDance-BandAI/ReportBench

Individual investors are significantly outnumbered and disadvantaged in financial markets, overwhelmed by abundant information and lacking professional analysis. Equity research reports stand out as crucial resources, offering valuable insights. By leveraging these reports, large language models (LLMs) can enhance investors' decision-making capabilities and strengthen financial analysis. However, two key challenges limit their effectiveness: (1) the rapid evolution of market events often outpaces the slow update cycles of existing knowledge bases, (2) the long-form and unstructured nature of financial reports further hinders timely and context-aware integration by LLMs. To address these challenges, we tackle both data and methodological aspects. First, we introduce the Event-Enhanced Automated Construction of Financial Knowledge Graph (FinKario), a dataset comprising over 305,360 entities, 9,625 relational triples, and 19 distinct relation types. FinKario automatically integrates real-time company fundamentals and market events through prompt-driven extraction guided by professional institutional templates, providing structured and accessible financial insights for LLMs. Additionally, we propose a Two-Stage, Graph-Based retrieval strategy (FinKario-RAG), optimizing the retrieval of evolving, large-scale financial knowledge to ensure efficient and precise data access. Extensive experiments show that FinKario with FinKario-RAG achieves superior stock trend prediction accuracy, outperforming financial LLMs by 18.81% and institutional strategies by 17.85% on average in backtesting.

In recent years, large language models (LLMs) have demonstrated significant potential in constructing passage retrieval datasets. However, existing methods still face limitations in expressing cross-doc query needs and controlling annotation quality. To address these issues, this paper proposes a bidirectional generation pipeline, which aims to generate 3-level hierarchical queries for both intra-doc and cross-doc scenarios and mine additional relevance labels on top of direct mapping annotation. The pipeline introduces two query generation methods: bottom-up from single-doc text and top-down from multi-doc titles. The bottom-up method uses LLMs to disassemble and generate structured queries at both sentence-level and passage-level simultaneously from intra-doc passages. The top-down approach incorporates three key financial elements--industry, topic, and time--to divide report titles into clusters and prompts LLMs to generate topic-level queries from each cluster. For relevance annotation, our pipeline not only relies on direct mapping annotation from the generation relationship but also implements an indirect positives mining method to enrich the relevant query-passage pairs. Using this pipeline, we constructed a Financial Passage Retrieval Generated dataset (FinCPRG) from almost 1.3k Chinese financial research reports, which includes hierarchical queries and rich relevance labels. Through evaluations of mined relevance labels, bench-marking and training experiments, we assessed the quality of FinCPRG and validated its effectiveness as a passage retrieval dataset for both training and benchmarking.

This article applies natural language processing (NLP) to extract and quantify textual information to predict stock performance. Using an extensive dataset of Chinese analyst reports and employing a customized BERT deep learning model for Chinese text, this study categorizes the sentiment of the reports as positive, neutral, or negative. The findings underscore the predictive capacity of this sentiment indicator for stock volatility, excess returns, and trading volume. Specifically, analyst reports with strong positive sentiment will increase excess return and intraday volatility, and vice versa, reports with strong negative sentiment also increase volatility and trading volume, but decrease future excess return. The magnitude of this effect is greater for positive sentiment reports than for negative sentiment reports. This article contributes to the empirical literature on sentiment analysis and the response of the stock market to news in the Chinese stock market.