Yang Zhang
Publications
When and How Human Curation Backfires: Preference Alignment under Multi-Model Self-Consuming Loop
Foundation models are increasingly trained on synthetic data generated by prior model iterations rather than exclusively on real data. This self-consuming training paradigm can lead to model collapse, divergence, or bias amplification. Recent work (Ferbach et al., 2024) shows that incorporating human curation into the loop can steer a self-consuming model toward human-aligned behavior, but these analyses focus on a single, isolated model that solely consumes its own outputs. In practice, however, models often interact and train on input-output pairs produced by other models. This paper studies self-consuming training in the multi-model regime. We first formalize a framework for interacting self-consuming models and characterize when the resulting dynamical system converges to a stable point. We then examine how human curation of one model affects its own alignment (self-influence) and how such effects propagate to other models (cross-influence). Unlike isolated settings where human curation always enhances model alignment, we show that cross-model interactions can dampen or even invert this effect, ultimately degrading long-term alignment.
GS-FUSE: Granger-Supervised Gated Fusion and Multi-Granularity Alignment for Event-Driven Financial Forecasting
Accurately forecasting the impact of salient financial events on markets is critical for investors and policymakers. However, existing multimodal time-series models typically fuse text and prices symmetrically, without an explicit way to decide when event text is truly predictive, and thus struggle to exploit the directional event-to-price structure and the heterogeneous roles of textual and price signals. In this work, we propose GS-Fuse, a multimodal event-based forecasting framework that employs (i) a Granger-supervised, causal-aware gated fusion module, which learns to open toward event text only when it provides incremental predictive value beyond historical prices, and (ii) a multi-granularity alignment mechanism that jointly aligns high-level event representations and fine-grained textual cues with future market trajectories. Built as a flexible, plug-and-play adapter on top of off-the-shelf large language models and time-series foundation models, GS-Fuse can be instantiated across diverse backbones and market settings. Extensive experiments on real-world financial datasets show that GS-Fuse consistently outperforms state-of-the-art time-series and multimodal baselines across multiple assets and forecasting horizons.