{"id":"https://openalex.org/W7171732952","doi":"https://doi.org/10.48550/arxiv.2607.24889","title":"GAUGE: Grading Agent-Built Financial Models Without a Golden Answer","display_name":"GAUGE: Grading Agent-Built Financial Models Without a Golden Answer","publication_year":2026,"publication_date":"2026-07-27","ids":{"openalex":"https://openalex.org/W7171732952","doi":"https://doi.org/10.48550/arxiv.2607.24889"},"language":null,"primary_location":{"id":"doi:10.48550/arxiv.2607.24889","is_oa":true,"landing_page_url":"https://doi.org/10.48550/arxiv.2607.24889","pdf_url":null,"source":{"id":"https://openalex.org/S4306400194","display_name":"arXiv (Cornell University)","issn_l":"2331-8422","issn":["2331-8422"],"is_oa":true,"is_in_doaj":false,"is_core":false,"host_organization":"https://openalex.org/I205783295","host_organization_name":"Cornell University","host_organization_lineage":["https://openalex.org/I205783295"],"host_organization_lineage_names":[],"type":"repository"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":null,"is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"Preprint"},"type":"preprint","indexed_in":["datacite"],"open_access":{"is_oa":true,"oa_status":"green","oa_url":"https://doi.org/10.48550/arxiv.2607.24889","any_repository_has_fulltext":true},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5143946917","display_name":"Jiacheng Lu","orcid":null},"institutions":[],"countries":[],"is_corresponding":false,"raw_author_name":"Lu, Jiacheng","raw_affiliation_strings":[],"raw_orcid":null,"affiliations":[]},{"author_position":"middle","author":{"id":"https://openalex.org/A5140782752","display_name":"Sinuo Wang","orcid":null},"institutions":[],"countries":[],"is_corresponding":false,"raw_author_name":"Wang, Sinuo","raw_affiliation_strings":[],"raw_orcid":null,"affiliations":[]},{"author_position":"middle","author":{"id":"https://openalex.org/A5103069543","display_name":"Wentao Zhao","orcid":"https://orcid.org/0000-0002-4125-239X"},"institutions":[],"countries":[],"is_corresponding":false,"raw_author_name":"Zhao, Wentao","raw_affiliation_strings":[],"raw_orcid":null,"affiliations":[]},{"author_position":"middle","author":{"id":"https://openalex.org/A5143903173","display_name":"Rui Sun","orcid":null},"institutions":[],"countries":[],"is_corresponding":false,"raw_author_name":"Sun, Rui","raw_affiliation_strings":[],"raw_orcid":null,"affiliations":[]},{"author_position":"middle","author":{"id":"https://openalex.org/A5143900288","display_name":"Cheng Hua","orcid":null},"institutions":[],"countries":[],"is_corresponding":false,"raw_author_name":"Hua, Cheng","raw_affiliation_strings":[],"raw_orcid":null,"affiliations":[]},{"author_position":"middle","author":{"id":"https://openalex.org/A5100459489","display_name":"Tao Song","orcid":"https://orcid.org/0000-0002-5965-3140"},"institutions":[],"countries":[],"is_corresponding":false,"raw_author_name":"Song, Tao","raw_affiliation_strings":[],"raw_orcid":null,"affiliations":[]},{"author_position":"middle","author":{"id":"https://openalex.org/A5075404906","display_name":"Hui Cai","orcid":"https://orcid.org/0000-0001-8438-3843"},"institutions":[],"countries":[],"is_corresponding":false,"raw_author_name":"Cai, Hui","raw_affiliation_strings":[],"raw_orcid":null,"affiliations":[]},{"author_position":"middle","author":{"id":"https://openalex.org/A5140912009","display_name":"Beidi Luan","orcid":null},"institutions":[],"countries":[],"is_corresponding":false,"raw_author_name":"Luan, Beidi","raw_affiliation_strings":[],"raw_orcid":null,"affiliations":[]},{"author_position":"middle","author":{"id":"https://openalex.org/A5068148021","display_name":"Zhengze Wu","orcid":"https://orcid.org/0000-0003-3257-540X"},"institutions":[],"countries":[],"is_corresponding":false,"raw_author_name":"Wu, Zhengze","raw_affiliation_strings":[],"raw_orcid":null,"affiliations":[]},{"author_position":"middle","author":{"id":"https://openalex.org/A5102588421","display_name":"Lingjing Teng","orcid":null},"institutions":[],"countries":[],"is_corresponding":false,"raw_author_name":"Teng, Lingjing","raw_affiliation_strings":[],"raw_orcid":null,"affiliations":[]},{"author_position":"middle","author":{"id":"https://openalex.org/A5143946512","display_name":"Yijia He","orcid":null},"institutions":[],"countries":[],"is_corresponding":false,"raw_author_name":"He, Yijia","raw_affiliation_strings":[],"raw_orcid":null,"affiliations":[]},{"author_position":"middle","author":{"id":"https://openalex.org/A5143986843","display_name":"Jing Li","orcid":null},"institutions":[],"countries":[],"is_corresponding":false,"raw_author_name":"Li, Jing","raw_affiliation_strings":[],"raw_orcid":null,"affiliations":[]},{"author_position":"middle","author":{"id":"https://openalex.org/A5143914141","display_name":"Daxin Jiang","orcid":null},"institutions":[],"countries":[],"is_corresponding":false,"raw_author_name":"Jiang, Daxin","raw_affiliation_strings":[],"raw_orcid":null,"affiliations":[]},{"author_position":"middle","author":{"id":"https://openalex.org/A5143881151","display_name":"Zuo Bai","orcid":null},"institutions":[],"countries":[],"is_corresponding":false,"raw_author_name":"Bai, Zuo","raw_affiliation_strings":[],"raw_orcid":null,"affiliations":[]},{"author_position":"last","author":{"id":"https://openalex.org/A5049487451","display_name":"Haibing Guan","orcid":"https://orcid.org/0000-0002-4714-7400"},"institutions":[],"countries":[],"is_corresponding":false,"raw_author_name":"Guan, Haibing","raw_affiliation_strings":[],"raw_orcid":null,"affiliations":[]}],"institutions":[],"countries_distinct_count":0,"institutions_distinct_count":0,"corresponding_author_ids":[],"corresponding_institution_ids":[],"apc_list":null,"apc_paid":null,"fwci":null,"has_fulltext":false,"cited_by_count":0,"citation_normalized_percentile":null,"cited_by_percentile_year":null,"biblio":{"volume":null,"issue":null,"first_page":null,"last_page":null},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10081","display_name":"Auditing, Earnings Management, Governance","score":0.17659999430179596,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10081","display_name":"Auditing, Earnings Management, Governance","score":0.17659999430179596,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T11674","display_name":"Sports Analytics and Performance","score":0.10620000213384628,"subfield":{"id":"https://openalex.org/subfields/2002","display_name":"Economics and Econometrics"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T11182","display_name":"Auction Theory and Applications","score":0.0989999994635582,"subfield":{"id":"https://openalex.org/subfields/1803","display_name":"Management Science and Operations Research"},"field":{"id":"https://openalex.org/fields/18","display_name":"Decision Sciences"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/grading","display_name":"Grading (engineering)","score":0.7674999833106995},{"id":"https://openalex.org/keywords/valuation","display_name":"Valuation (finance)","score":0.6980999708175659},{"id":"https://openalex.org/keywords/benchmark","display_name":"Benchmark (surveying)","score":0.5823000073432922},{"id":"https://openalex.org/keywords/point","display_name":"Point (geometry)","score":0.337799996137619},{"id":"https://openalex.org/keywords/predictive-modelling","display_name":"Predictive modelling","score":0.33399999141693115},{"id":"https://openalex.org/keywords/corporate-finance","display_name":"Corporate finance","score":0.31929999589920044}],"concepts":[{"id":"https://openalex.org/C2777286243","wikidata":"https://www.wikidata.org/wiki/Q5591926","display_name":"Grading (engineering)","level":2,"score":0.7674999833106995},{"id":"https://openalex.org/C186027771","wikidata":"https://www.wikidata.org/wiki/Q4008379","display_name":"Valuation (finance)","level":2,"score":0.6980999708175659},{"id":"https://openalex.org/C185798385","wikidata":"https://www.wikidata.org/wiki/Q1161707","display_name":"Benchmark (surveying)","level":2,"score":0.5823000073432922},{"id":"https://openalex.org/C162118730","wikidata":"https://www.wikidata.org/wiki/Q1128453","display_name":"Actuarial science","level":1,"score":0.5781999826431274},{"id":"https://openalex.org/C41008148","wikidata":"https://www.wikidata.org/wiki/Q21198","display_name":"Computer science","level":0,"score":0.4668999910354614},{"id":"https://openalex.org/C149782125","wikidata":"https://www.wikidata.org/wiki/Q160039","display_name":"Econometrics","level":1,"score":0.4318000078201294},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.3628999888896942},{"id":"https://openalex.org/C28719098","wikidata":"https://www.wikidata.org/wiki/Q44946","display_name":"Point (geometry)","level":2,"score":0.337799996137619},{"id":"https://openalex.org/C45804977","wikidata":"https://www.wikidata.org/wiki/Q7239673","display_name":"Predictive modelling","level":2,"score":0.33399999141693115},{"id":"https://openalex.org/C80515813","wikidata":"https://www.wikidata.org/wiki/Q1134763","display_name":"Corporate finance","level":2,"score":0.31929999589920044},{"id":"https://openalex.org/C63002673","wikidata":"https://www.wikidata.org/wiki/Q2260590","display_name":"Scoring rule","level":2,"score":0.31700000166893005},{"id":"https://openalex.org/C23925645","wikidata":"https://www.wikidata.org/wiki/Q5449731","display_name":"Financial modeling","level":2,"score":0.310699999332428},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.2881999909877777},{"id":"https://openalex.org/C154945302","wikidata":"https://www.wikidata.org/wiki/Q11660","display_name":"Artificial intelligence","level":1,"score":0.2856000065803528},{"id":"https://openalex.org/C148524875","wikidata":"https://www.wikidata.org/wiki/Q6975395","display_name":"F1 score","level":2,"score":0.2849000096321106},{"id":"https://openalex.org/C3019813237","wikidata":"https://www.wikidata.org/wiki/Q65089264","display_name":"Model validation","level":2,"score":0.2816999852657318},{"id":"https://openalex.org/C121955636","wikidata":"https://www.wikidata.org/wiki/Q4116214","display_name":"Accounting","level":1,"score":0.2705000042915344},{"id":"https://openalex.org/C44648626","wikidata":"https://www.wikidata.org/wiki/Q1049848","display_name":"Percentage point","level":2,"score":0.26660001277923584},{"id":"https://openalex.org/C119857082","wikidata":"https://www.wikidata.org/wiki/Q2539","display_name":"Machine learning","level":1,"score":0.26499998569488525}],"mesh":[],"locations_count":1,"locations":[{"id":"doi:10.48550/arxiv.2607.24889","is_oa":true,"landing_page_url":"https://doi.org/10.48550/arxiv.2607.24889","pdf_url":null,"source":{"id":"https://openalex.org/S4306400194","display_name":"arXiv (Cornell University)","issn_l":"2331-8422","issn":["2331-8422"],"is_oa":true,"is_in_doaj":false,"is_core":false,"host_organization":"https://openalex.org/I205783295","host_organization_name":"Cornell University","host_organization_lineage":["https://openalex.org/I205783295"],"host_organization_lineage_names":[],"type":"repository"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":null,"is_accepted":false,"is_published":null,"raw_source_name":null,"raw_type":"Preprint"}],"best_oa_location":{"id":"doi:10.48550/arxiv.2607.24889","is_oa":true,"landing_page_url":"https://doi.org/10.48550/arxiv.2607.24889","pdf_url":null,"source":{"id":"https://openalex.org/S4306400194","display_name":"arXiv (Cornell University)","issn_l":"2331-8422","issn":["2331-8422"],"is_oa":true,"is_in_doaj":false,"is_core":false,"host_organization":"https://openalex.org/I205783295","host_organization_name":"Cornell University","host_organization_lineage":["https://openalex.org/I205783295"],"host_organization_lineage_names":[],"type":"repository"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":null,"is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"Preprint"},"sustainable_development_goals":[],"awards":[],"funders":[],"has_content":{"grobid_xml":false,"pdf":false},"content_urls":null,"referenced_works_count":0,"referenced_works":[],"related_works":[],"abstract_inverted_index":{"Financial":[0],"models":[1,48,102],"combine":[2],"public":[3],"disclosures":[4],"with":[5,124,143,202],"analyst":[6,47,105,117],"assumptions":[7],"to":[8,35],"produce":[9],"forecasts":[10],"and":[11,23,73,119,135,150,164,171,188,197,238],"valuations.":[12],"While":[13],"some":[14],"components":[15],"can":[16,85],"be":[17],"checked":[18],"mechanically,":[19],"forecasts,":[20],"discount":[21],"rates,":[22],"target":[24],"prices":[25],"often":[26],"admit":[27],"multiple":[28],"reasonable":[29],"answers.":[30],"Existing":[31],"benchmarks":[32],"nevertheless":[33],"tend":[34],"grade":[36],"such":[37],"outputs":[38],"against":[39,103],"a":[40,96,109,120,125,144,203,224,229,233,239],"single":[41,110],"expert":[42],"reference.":[43],"Using":[44],"independently":[45],"built":[46],"for":[49,98],"the":[50,63,141,154,175,181,222],"same":[51],"companies,":[52,62],"we":[53],"find":[54],"that":[55],"across":[56],"108":[57],"directed":[58],"pairs":[59],"covering":[60],"65":[61],"median":[64],"single-reference":[65],"score":[66,70,156],"is":[67],"0.33,":[68],"92.6%":[69],"below":[71,185],"0.70,":[72],"no":[74],"same-vintage":[75],"pair":[76],"agrees":[77],"on":[78],"implied":[79],"price":[80],"within":[81],"10%.":[82],"Point-tolerance":[83],"grading":[84],"therefore":[86],"penalize":[87],"disagreement":[88],"already":[89],"present":[90],"among":[91],"professionals.":[92],"We":[93,139,220],"introduce":[94],"GAUGE,":[95],"benchmark":[97,142],"evaluating":[99],"agent-built":[100],"valuation":[101,218],"observed":[104],"practice":[106],"rather":[107],"than":[108,217],"point":[111],"answer.":[112],"GAUGE":[113],"uses":[114],"1,001":[115],"vendor-classified":[116],"workbooks":[118],"196-task":[121],"evaluation":[122,236],"set,":[123],"three-layer":[126],"observed-practice":[127],"envelope,":[128],"56":[129],"auditable":[130],"facets,":[131,201],"eight":[132],"validity":[133],"gates,":[134],"deterministic":[136],"structural":[137],"checks.":[138],"validate":[140],"55-participant":[145],"known-groups":[146],"study,":[147],"company-grouped":[148],"cross-fitting,":[149],"judge-stability":[151],"audits.":[152],"On":[153],"failure-aware":[155],"$\u03d5_0$,":[157],"senior":[158,187],"analysts":[159],"average":[160],"88.3,":[161],"juniors":[162],"66.0,":[163],"finance":[165],"students":[166],"43.2.":[167],"Across":[168],"24":[169],"agents":[170,210],"1,011":[172],"scored":[173],"generations,":[174],"best":[176],"agent":[177],"scores":[178],"53.4,":[179],"above":[180],"student":[182],"mean":[183],"but":[184],"every":[186],"most":[189],"juniors.":[190],"It":[191],"passes":[192],"93%":[193],"of":[194,199,206],"mechanical":[195],"facets":[196],"78%":[198],"judgment":[200],"fleet-median":[204],"gap":[205],"26":[207],"points.":[208],"Current":[209],"are":[211],"substantially":[212],"stronger":[213],"at":[214],"model":[215],"construction":[216],"judgment.":[219],"release":[221],"methodology,":[223],"gated":[225],"de-identified":[226],"data":[227],"tier,":[228],"controlled":[230],"training":[231],"split,":[232],"versioned":[234],"48-task":[235],"core,":[237],"withheld":[240],"refresh":[241],"pool.":[242]},"counts_by_year":[],"updated_date":"2026-07-30T17:31:21.811387","created_date":"2026-07-30T00:00:00"}