# Learning to Aggregate Zero-Shot LLM Agents for Corporate Disclosure Classification

arXiv: https://arxiv.org/abs/2603.20965 · HTML: https://mlsanity.com/paper/2603.20965/

## Key facts

- No citing papers in the map yet (data through 14 Oct 2026).
- Builds on 9 of its 25 references that are in the map.
- First posted on arXiv 21 Mar 2026.

## Builds on (most cited first, 9 of 9)

- [BERT: Pre-training of Deep Bidirectional Transformers for Language Understanding](https://mlsanity.com/paper/1810.04805/) (2018)
- [RoBERTa: A Robustly Optimized BERT Pretraining Approach](https://mlsanity.com/paper/1907.11692/) (2019)
- [OPT: Open Pre-trained Transformer Language Models](https://mlsanity.com/paper/2205.01068/) (2022)
- [Data and its (dis)contents: A survey of dataset development and use in machine learning research](https://mlsanity.com/paper/2012.05345/) (2020)
- [Are We Modeling the Task or the Annotator? An Investigation of Annotator Bias in Natural Language Understanding Datasets](https://mlsanity.com/paper/1908.07898/) (2019)
- [Reasoning Implicit Sentiment with Chain-of-Thought Prompting](https://mlsanity.com/paper/2305.11255/) (2023)
- [Towards Data Contamination Detection for Modern Large Language Models: Limitations, Inconsistencies, and Oracle Challenges](https://mlsanity.com/paper/2409.09927/) (2024)
- [Do we still need Human Annotators? Prompting Large Language Models for Aspect Sentiment Quad Prediction](https://mlsanity.com/paper/2502.13044/) (2025)
- [Enhance Multi-domain Sentiment Analysis of Review Texts through Prompting Strategies](https://mlsanity.com/paper/2309.02045/) (2023)

## Abstract (arXiv)

This paper studies whether a lightweight supervised aggregator can combine diverse zero-shot large language model outputs into a stronger downstream signal for corporate disclosure classification. Zero-shot LLMs can read disclosures without task-specific fine-tuning, but their predictions often vary across prompt perspectives, model families, and confidence levels. I examine this problem with a multi-prompt framework in which three fixed zero-shot LLM classifiers read each disclosure from different financial perspectives and output a sentiment label, a confidence score, and a short rationale. A logistic meta-classifier then aggregates these outputs to predict next-day stock return direction. To reduce pretrained-model contamination, I restrict evaluation to a post-release sample of 9,860 U.S. corporate disclosures issued by large publicly traded firms between January 2025 and March 2026, after the release of the frozen base LLMs used in the experiment. Results show that the trained aggregator outperforms single classifiers, majority vote, confidence-weighted voting, a zero-shot LLM judge, and a FinBERT baseline. Balanced accuracy rises from 0.566 for the best single classifier to 0.606 for the trained aggregator. The gain is largest in mixed-signal disclosures where classifiers disagree. The results suggest that zero-shot LLM outputs contain complementary financial signals, while also showing that the strongest gains come from supervised aggregation rather than from zero-shot voting alone.