Paper Citation Record · LEDGER

When Alpha Disappears: A One-Switch Benchmark for Decision-Time Leakage in Financial Backtests

As of 13 August 2026, this Paper Citation Record lists 33 of 33 outbound references and 2 inbound Pith citation observations for arXiv:2605.23959.

A citation records a reference. It does not transfer a finding from one paper to another.

pith.paper-citation-record.v1
2605.23959 v1

Coverage vector

measured 33 of 33 reference resolution

Typed states for the displayed outbound observations.

Source: paper_references, paper_reference_links, observed 2026-06-30T22:38:20.624792Z

measured 35 of 35 standing notices

One-hop event checks from named stored sources.

Source: scholarly_work_events, retraction_status_cache, observed 2026-08-13T06:32:02.005865+00:00

measured 2 of 2 inbound itemization

Pith citing papers itemized under the disclosed page cap.

Source: paper_references, paper_reference_links, observed 2026-07-11T21:34:44.701020Z

measured 1 of 1 external citation measurements

A source-named dated measurement, never combined with another source.

Source: pith, observed 2026-08-05T02:28:24.338817Z

Reference resolution

33 of 33 outbound references displayed

verified exact18
verified fuzzy8
unresolved0
parse uncertain0
malformed identifier5
metadata mismatch2

External citation measurements

0
pith, observed 2026-08-05T02:28:24.338817Z

Outbound references

Observation 7bebbeaa-1288-4758-afda-5d199bba9ed9 · outbound

This paper cites Bagnara, Asset pricing and machine learning: A critical review, Journal of Economic Surveys 38 (2024) 27–56.doi:10.1111/joes.12532.

When Alpha Disappears: A One-Switch Benchmark for Decision-Time Leakage in Financial Backtests Bagnara, Asset pricing and machine learning: A critical review, Journal of Economic Surveys 38 (2024) 27–56.doi:10.1111/joes.12532

Reference 1

Resolution: verified exact; doi, observed 2026-06-30T22:45:06.747374Z

Source-reported events for the cited work

No event found in the named queried sources as of 2026-08-13T06:32:02.005865+00:00.

Observation d9fdfc25-292b-4f61-9ded-2ee07193e6a3 · outbound

This paper cites author Borwein, J.

When Alpha Disappears: A One-Switch Benchmark for Decision-Time Leakage in Financial Backtests author Borwein, J

Reference 2

Resolution: metadata mismatch; doi, observed 2026-06-30T22:45:06.745356Z

Source-reported events for the cited work

No event found in the named queried sources as of 2026-08-13T06:32:02.005865+00:00.

Observation 9c4206b5-5fd8-44d3-8d31-4f5ae01f3cf2 · outbound

This paper cites author Borwein, J.

When Alpha Disappears: A One-Switch Benchmark for Decision-Time Leakage in Financial Backtests author Borwein, J

Reference 3

Resolution: verified exact; doi, observed 2026-06-30T22:45:06.749354Z

Source-reported events for the cited work

No event found in the named queried sources as of 2026-08-13T06:32:02.005865+00:00.

Observation 296afa7c-6c39-42e3-916b-d6ac7b1a1674 · outbound

This paper cites The pitfalls of memorization: When memorization hurts generalization.

When Alpha Disappears: A One-Switch Benchmark for Decision-Time Leakage in Financial Backtests The pitfalls of memorization: When memorization hurts generalization

Reference 4

Resolution: verified fuzzy; raw_fallback, observed 2026-07-07T13:23:47.644271Z

Source-reported events for the cited work

No event found in the named queried sources as of 2026-08-13T06:32:02.005865+00:00.

Observation d95739a6-06e6-499b-be62-bb55008f0732 · outbound

This paper cites Look-Ahead-Bench: A standardized benchmark of look-ahead bias in point-in-time LLMs for finance,.

When Alpha Disappears: A One-Switch Benchmark for Decision-Time Leakage in Financial Backtests Look-Ahead-Bench: A standardized benchmark of look-ahead bias in point-in-time LLMs for finance,

Reference 5

Resolution: verified exact; arxiv_id, observed 2026-06-30T22:45:06.726826Z

Source-reported events for the cited work

No event found in the named queried sources as of 2026-08-13T06:32:02.005865+00:00.

Observation afab0764-fb46-4a40-8fdd-c71aaa8ef797 · outbound

This paper cites The illusion of alpha: Quantifying hidden data leakage in financial machine learning.

When Alpha Disappears: A One-Switch Benchmark for Decision-Time Leakage in Financial Backtests The illusion of alpha: Quantifying hidden data leakage in financial machine learning

Reference 6

Resolution: verified exact; doi, observed 2026-06-30T22:45:06.740089Z

Source-reported events for the cited work

No event found in the named queried sources as of 2026-08-13T06:32:02.005865+00:00.

Observation 675f9de2-88a6-4e0c-846e-5a0c2e2b41fa · outbound

This paper cites Implications of data leakage in machine learning preprocessing: a multi-domain investigation.

When Alpha Disappears: A One-Switch Benchmark for Decision-Time Leakage in Financial Backtests Implications of data leakage in machine learning preprocessing: a multi-domain investigation

Reference 7

Resolution: verified exact; doi, observed 2026-06-30T22:45:06.730923Z

Source-reported events for the cited work

No event found in the named queried sources as of 2026-08-13T06:32:02.005865+00:00.

Observation 7b1c36cd-a269-458f-bf3e-ba6c760c50e3 · outbound

This paper cites Look-ahead benchmark bias in portfolio performance evaluation.Swiss Finance Institute Research Paper, (08-33), 2008.

When Alpha Disappears: A One-Switch Benchmark for Decision-Time Leakage in Financial Backtests Look-ahead benchmark bias in portfolio performance evaluation.Swiss Finance Institute Research Paper, (08-33), 2008

Reference 8

Resolution: verified exact; doi, observed 2026-06-30T22:45:06.724121Z

Source-reported events for the cited work

No event found in the named queried sources as of 2026-08-13T06:32:02.005865+00:00.

Observation 0b22f78a-10a2-4887-944c-3c0fb2284b7c · outbound

This paper cites John Wiley & Sons, 2018.

When Alpha Disappears: A One-Switch Benchmark for Decision-Time Leakage in Financial Backtests John Wiley & Sons, 2018

Reference 9

Resolution: verified fuzzy; raw_fallback, observed 2026-07-07T13:23:47.646225Z

Source-reported events for the cited work

No event found in the named queried sources as of 2026-08-13T06:32:02.005865+00:00.

Observation a797a148-6c71-4ea2-a46d-33171147a83a · outbound

This paper cites an unresolved cited work.

When Alpha Disappears: A One-Switch Benchmark for Decision-Time Leakage in Financial Backtests Unresolved cited work

Reference 10

Resolution: verified exact; arxiv_id, observed 2026-06-30T22:45:06.722216Z

Source-reported events for the cited work

No event found in the named queried sources as of 2026-08-13T06:32:02.005865+00:00.

Observation 40ddaee3-7093-4382-b2e0-b29884d40ef6 · outbound

This paper cites A test of lookahead bias in llm forecasts.arXiv preprint arXiv:2512.23847, 2025.

When Alpha Disappears: A One-Switch Benchmark for Decision-Time Leakage in Financial Backtests A test of lookahead bias in llm forecasts.arXiv preprint arXiv:2512.23847, 2025

Reference 11

Resolution: verified exact; arxiv_id, observed 2026-06-30T22:45:06.738026Z

Source-reported events for the cited work

No event found in the named queried sources as of 2026-08-13T06:32:02.005865+00:00.

Observation b3e6420d-477e-470e-84d0-f19f7016c083 · outbound

This paper cites Assessing look-ahead bias in stock return predictions generated by gpt sentiment analysis.Journal of Financial Data Science, 6(1), 2024.

When Alpha Disappears: A One-Switch Benchmark for Decision-Time Leakage in Financial Backtests Assessing look-ahead bias in stock return predictions generated by gpt sentiment analysis.Journal of Financial Data Science, 6(1), 2024

Reference 12

Resolution: verified exact; doi, observed 2026-06-30T22:45:06.719432Z

Source-reported events for the cited work

No event found in the named queried sources as of 2026-08-13T06:32:02.005865+00:00.

Observation 288733fd-4d17-4256-bb9e-6b81a445ee42 · outbound

This paper cites Markus K.

When Alpha Disappears: A One-Switch Benchmark for Decision-Time Leakage in Financial Backtests Markus K

Reference 13

Resolution: malformed identifier; doi_truncated, observed 2026-06-30T22:45:06.712504Z

Source-reported events for the cited work

No event found in the named queried sources as of 2026-08-13T06:32:02.005865+00:00.

Observation afef7851-488d-4eb1-b9f2-4ea2d5215fa6 · outbound

This paper cites Data splitting to avoid information leakage with datasail.Nature Communications, 16(1):3337, 2025.

When Alpha Disappears: A One-Switch Benchmark for Decision-Time Leakage in Financial Backtests Data splitting to avoid information leakage with datasail.Nature Communications, 16(1):3337, 2025

Reference 14

Resolution: verified fuzzy; raw_fallback, observed 2026-07-07T13:23:47.648141Z

Source-reported events for the cited work

No event found in the named queried sources as of 2026-08-13T06:32:02.005865+00:00.

Observation 5b2fcae1-e82e-414d-88bd-1059fcb65ddc · outbound

This paper cites M¨ uller, L´ aszl´ o N´ emeth, Luis Oala, Lennart Purucker, Sahithya Ravi, 10 Jan N.

When Alpha Disappears: A One-Switch Benchmark for Decision-Time Leakage in Financial Backtests M¨ uller, L´ aszl´ o N´ emeth, Luis Oala, Lennart Purucker, Sahithya Ravi, 10 Jan N

Reference 15

Resolution: malformed identifier; doi_truncated, observed 2026-06-30T22:45:06.714652Z

Source-reported events for the cited work

No event found in the named queried sources as of 2026-08-13T06:32:02.005865+00:00.

Observation eda541c4-6534-4ebd-9447-1cd02c4482e2 · outbound

This paper cites Future is unevenly distributed: Forecasting ability of LLMs depends on what we’re asking.

When Alpha Disappears: A One-Switch Benchmark for Decision-Time Leakage in Financial Backtests Future is unevenly distributed: Forecasting ability of LLMs depends on what we’re asking

Reference 16

Resolution: verified fuzzy; raw_fallback, observed 2026-07-07T13:23:47.652297Z

Source-reported events for the cited work

No event found in the named queried sources as of 2026-08-13T06:32:02.005865+00:00.

Observation 11606b0d-1982-41e2-869d-976d7acb8c83 · outbound

This paper cites Leak- age in data mining: Formulation, detection, and avoidance.

When Alpha Disappears: A One-Switch Benchmark for Decision-Time Leakage in Financial Backtests Leak- age in data mining: Formulation, detection, and avoidance

Reference 17

Resolution: verified exact; arxiv_id, observed 2026-06-30T22:45:06.717409Z

Source-reported events for the cited work

No event found in the named queried sources as of 2026-08-13T06:32:02.005865+00:00.

Observation 4c5f00ef-8010-4458-a01c-3353829bbd65 · outbound

This paper cites A performance comparison of machine learning models for stock market prediction with novel investment strategy.Plos One, 18(9): e0286362, 2023.

When Alpha Disappears: A One-Switch Benchmark for Decision-Time Leakage in Financial Backtests A performance comparison of machine learning models for stock market prediction with novel investment strategy.Plos One, 18(9): e0286362, 2023

Reference 18

Resolution: verified exact; doi, observed 2026-06-30T22:45:06.697446Z

Source-reported events for the cited work

No event found in the named queried sources as of 2026-08-13T06:32:02.005865+00:00.

Observation 218d1477-a4dc-4f10-aad9-4922eb510d13 · outbound

This paper cites an unresolved cited work.

When Alpha Disappears: A One-Switch Benchmark for Decision-Time Leakage in Financial Backtests Unresolved cited work

Reference 19

Resolution: malformed identifier; doi_truncated, observed 2026-06-30T22:45:06.704793Z

Source-reported events for the cited work

No event found in the named queried sources as of 2026-08-13T06:32:02.005865+00:00.

Observation a9839b5c-422d-4fab-b6dc-357f28f36bb7 · outbound

This paper cites Time travel is cheating: Going live with deepfund for real-time fund investment benchmarking.

When Alpha Disappears: A One-Switch Benchmark for Decision-Time Leakage in Financial Backtests Time travel is cheating: Going live with deepfund for real-time fund investment benchmarking

Reference 20

Resolution: verified fuzzy; raw_fallback, observed 2026-07-07T13:23:47.654100Z

Source-reported events for the cited work

No event found in the named queried sources as of 2026-08-13T06:32:02.005865+00:00.

Observation e8146888-5d74-4c10-8dd0-7cda2dc289b4 · outbound

This paper cites Profit mirage: Revisiting information leakage in LLM-based financial agents.

When Alpha Disappears: A One-Switch Benchmark for Decision-Time Leakage in Financial Backtests Profit mirage: Revisiting information leakage in LLM-based financial agents

Reference 21

Resolution: verified exact; arxiv_id, observed 2026-06-30T22:45:06.702829Z

Source-reported events for the cited work

No event found in the named queried sources as of 2026-08-13T06:32:02.005865+00:00.

Observation 5add2e51-2369-4b16-b05f-2de2459cc30f · outbound

This paper cites Leakage-safe benchmark design for market-stress early warning: An economically credible evaluation.

When Alpha Disappears: A One-Switch Benchmark for Decision-Time Leakage in Financial Backtests Leakage-safe benchmark design for market-stress early warning: An economically credible evaluation

Reference 22

Resolution: verified exact; arxiv_id, observed 2026-06-30T22:45:06.707709Z

Source-reported events for the cited work

No event found in the named queried sources as of 2026-08-13T06:32:02.005865+00:00.

Observation 8f158d2f-a5ee-46a9-89d9-f70ebe61d424 · outbound

This paper cites The statistics of Sharpe ratios.

When Alpha Disappears: A One-Switch Benchmark for Decision-Time Leakage in Financial Backtests The statistics of Sharpe ratios

Reference 23

Resolution: verified exact; doi, observed 2026-06-30T22:45:06.728740Z

Source-reported events for the cited work

No event found in the named queried sources as of 2026-08-13T06:32:02.005865+00:00.

Observation 5787d50b-fdee-4bdb-abae-cf73eac04f1b · outbound

This paper cites Lopez-Lira, Y.

When Alpha Disappears: A One-Switch Benchmark for Decision-Time Leakage in Financial Backtests Lopez-Lira, Y

Reference 24

Resolution: metadata mismatch; arxiv_id, observed 2026-06-30T22:45:06.695456Z

Source-reported events for the cited work

No event found in the named queried sources as of 2026-08-13T06:32:02.005865+00:00.

Observation 0405f632-5a4d-4369-9e12-7faea2a921ae · outbound

This paper cites Impact of leakage on data harmonization in machine learning pipelines in class imbalance across sites.Neurocomputing, page 133146, 2026.

When Alpha Disappears: A One-Switch Benchmark for Decision-Time Leakage in Financial Backtests Impact of leakage on data harmonization in machine learning pipelines in class imbalance across sites.Neurocomputing, page 133146, 2026

Reference 25

Resolution: verified exact; arxiv_id, observed 2026-06-30T22:45:06.700193Z

Source-reported events for the cited work

No event found in the named queried sources as of 2026-08-13T06:32:02.005865+00:00.

Observation 7d0f5543-9b2f-415f-8b50-5640df0cabd0 · outbound

This paper cites Spurious Predictability in Financial Machine Learning.

When Alpha Disappears: A One-Switch Benchmark for Decision-Time Leakage in Financial Backtests Spurious Predictability in Financial Machine Learning

Reference 26

Resolution: verified exact; local_arxiv, observed 2026-06-30T22:45:06.710219Z

Source-reported events for the cited work

No event found in the named queried sources as of 2026-08-13T06:32:02.005865+00:00.

Observation b8cf2e09-fe9e-4aaf-932b-aedc9d686805 · outbound

This paper cites Data leakage inflates prediction performance in connectome-based machine learning mod- els.Nature communications, 15(1):1829, 2024.

When Alpha Disappears: A One-Switch Benchmark for Decision-Time Leakage in Financial Backtests Data leakage inflates prediction performance in connectome-based machine learning mod- els.Nature communications, 15(1):1829, 2024

Reference 27

Resolution: verified fuzzy; raw_fallback, observed 2026-07-07T13:23:47.640501Z

Source-reported events for the cited work

No event found in the named queried sources as of 2026-08-13T06:32:02.005865+00:00.

Observation 40f1e17e-aa66-48e3-8b14-24d6ce60fa30 · outbound

This paper cites Multilingual Knowledge Graph Completion with Self-Supervised Adaptive Graph Alignment.

When Alpha Disappears: A One-Switch Benchmark for Decision-Time Leakage in Financial Backtests Multilingual Knowledge Graph Completion with Self-Supervised Adaptive Graph Alignment

Reference 28

Resolution: malformed identifier; doi_truncated, observed 2026-06-30T22:45:06.732723Z

Source-reported events for the cited work

No event found in the named queried sources as of 2026-08-13T06:32:02.005865+00:00.

Observation 3b0940fb-d0f8-40f8-a3a2-2ccf4c0bfbc7 · outbound

This paper cites Lookahead bias in pretrained language models.

When Alpha Disappears: A One-Switch Benchmark for Decision-Time Leakage in Financial Backtests Lookahead bias in pretrained language models

Reference 29

Resolution: verified fuzzy; raw_fallback, observed 2026-07-07T13:23:47.650442Z

Source-reported events for the cited work

No event found in the named queried sources as of 2026-08-13T06:32:02.005865+00:00.

Observation cca89f22-a744-4a3f-ba23-d0afbafa2555 · outbound

This paper cites On Leakage in Machine Learning Pipelines.

When Alpha Disappears: A One-Switch Benchmark for Decision-Time Leakage in Financial Backtests On Leakage in Machine Learning Pipelines

Reference 30

Resolution: verified exact; arxiv_id, observed 2026-06-30T22:45:06.743179Z

Source-reported events for the cited work

No event found in the named queried sources as of 2026-08-13T06:32:02.005865+00:00.

Observation 37e2ee1f-4bb4-4b51-9554-0a44b4a736a9 · outbound

This paper cites Overview of leakage scenarios in supervised machine learning.Journal of Big Data, 12 (1):135, 2025.

When Alpha Disappears: A One-Switch Benchmark for Decision-Time Leakage in Financial Backtests Overview of leakage scenarios in supervised machine learning.Journal of Big Data, 12 (1):135, 2025

Reference 31

Resolution: verified exact; doi, observed 2026-06-30T22:45:06.734792Z

Source-reported events for the cited work

No event found in the named queried sources as of 2026-08-13T06:32:02.005865+00:00.

Observation 603d0cf5-944c-44b7-945b-274fac9bb68a · outbound

This paper cites The sharpe ratio.Streetwise–the Best of the Journal of Portfolio Management, 3(3):169–85, 1998.

When Alpha Disappears: A One-Switch Benchmark for Decision-Time Leakage in Financial Backtests The sharpe ratio.Streetwise–the Best of the Journal of Portfolio Management, 3(3):169–85, 1998

Reference 32

Resolution: verified fuzzy; raw_fallback, observed 2026-07-07T13:23:47.642440Z

Source-reported events for the cited work

No event found in the named queried sources as of 2026-08-13T06:32:02.005865+00:00.

Observation 37474f9a-ecee-45b3-8d5e-3ccac62426f8 · outbound

This paper cites Qlib: An AI-oriented Quantitative Investment Platform.

When Alpha Disappears: A One-Switch Benchmark for Decision-Time Leakage in Financial Backtests Qlib: An AI-oriented Quantitative Investment Platform

Reference 33

Resolution: malformed identifier; arxiv_id, observed 2026-07-01T13:55:45.354423Z

Source-reported events for the cited work

No event found in the named queried sources as of 2026-08-13T06:32:02.005865+00:00.

Pith citing papers

Observation aaceba01-1b2a-4dbe-9fd9-ed29dde73d37 · inbound

Parametric Memory Decoding for Zero-Shot Routing in LoRA-Based External Parametric Memory cites this paper.

Parametric Memory Decoding for Zero-Shot Routing in LoRA-Based External Parametric Memory When Alpha Disappears: A One-Switch Benchmark for Decision-Time Leakage in Financial Backtests

Reference 64

Resolution: unresolved; no resolver link, observed 2026-07-11T21:34:44.701020Z

Source-reported events for the cited work

Unavailable: canonical work link unavailable.

Observation 9537a1ea-bf5b-4ad7-b06c-2700d8e235df · inbound

Look-Ahead-Freedom as Temporal Non-Interference: A Verifiable Correctness Property for Backtesting and Agentic Trading Pipelines cites this paper.

Look-Ahead-Freedom as Temporal Non-Interference: A Verifiable Correctness Property for Backtesting and Agentic Trading Pipelines When Alpha Disappears: A One-Switch Benchmark for Decision-Time Leakage in Financial Backtests

Reference 35

Resolution: verified exact; local_arxiv, observed 2026-07-11T10:57:58.089320Z

Source-reported events for the cited work

No event found in the named queried sources as of 2026-08-13T06:32:02.005865+00:00.