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Dr Yizhi Wang
(he/him)
- Available for postgraduate supervision
Teams and roles for Yizhi Wang
Lecturer in Finance
Overview
Dr Yizhi Wang is a Senior Lecturer (Associate Professor) in Finance and Co-Director of the Cardiff FinTech Research Group at Cardiff Business School (CARBS), Cardiff University. He serves as Co-Editor-in-Chief of Finance Research Letters and as an Associate Editor of International Review of Financial Analysis and Research in International Business and Finance. Yizhi’s research centres on Resilient Digital Finance, combining financial econometrics with research on FinTech and sustainable finance. His work has received over 2,100 citations, and he was among the earliest academics in the UK and Ireland to publish research on digital-asset financialisation, with this research stream alone attracting more than 1,100 citations. He has published 28 papers in 17 leading international journals, including Risk Analysis, European Journal of Operational Research, British Journal of Management, Journal of Economic Behavior & Organization (x2), Journal of International Money and Finance, as well as several leading finance journals. He has also secured over £200,000 in research funding. He regularly participates in international conferences and is frequently invited to deliver keynote talks and research seminars.
Yizhi is wholeheartedly committed to education and dedicated to excellence in teaching. He is recognised as a Fellow of the UK Higher Education Academy (FHEA). Yizhi currently supervises three PhD students. He has delivered courses on FinTech, Behavioural Finance, Big Data Analytics for Finance, Financial Markets and Institutions, Data Analysis, Financial Econometrics, Investment Theory, and Derivatives at undergraduate, master’s and PhD levels. Since joining Cardiff Business School in January 2023, he has consistently achieved a 100% student satisfaction rate in module evaluations. Yizhi’s teaching philosophy is grounded in the belief that education should be emancipatory, inclusive, and transformative, enabling every student to realise their potential regardless of background or prior experience. He is committed to fostering accessibility, engagement, and critical thinking through innovative and evidence-informed pedagogy. His dedication to teaching excellence and inclusive practice has been recognised through multiple nominations for the Enriching Student Life Awards, including Most Outstanding Use of the Learning Environment, Most Outstanding Learning Experience, Champion for Equality, Diversity and Inclusion, Personal Tutor of the Year, and Doctoral Supervisor of the Year. In 2024, he was also honoured to be nominated for the Early Career Rising Star award.
Yizhi Wang has developed a database of indices, including the Cryptocurrency Policy Uncertainty Index (UCRY Policy), Cryptocurrency Price Uncertainty Index (UCRY Price), Cryptocurrency Environmental Attention Index (ICEA), CBDC Attention Index (CBDCAI), CBDC Uncertainty Index (CBDCUI), Non-Fungible Token Attention Index (NFTsAI), Aggregate Climate Change Concern Index (ACCC), and Financial Technology (FinTech) Index. All indices are updated quarterly and are available for download at (https://sites.google.com/view/cryptocurrency-indices/home?authuser=0).
Publication
2026
- Wang, Y. et al. 2026. Managerial myopia and corporate biodiversity risk: disclosure, concern, and risk. British Journal of Management e70091. (10.1111/1467-8551.70091)
- Wu, H. , Ma, F. and Wang, Y. 2026. Managing nature's challenges: how biodiversity concerns drive ESG performance. China Finance Review International (10.1108/CFRI-11-2025-0766)
- Yang, B. et al., 2026. Equilibrium strategies under model uncertainty in a shareholder–manager differential game for insurance firms. Journal of the Operational Research Society (10.1080/01605682.2026.2645158)
- Xu, X. , Wang, Y. and Xie, Q. 2026. Unveiling high-dimensional time-varying extreme risk spillovers: AI-driven warning signals in the global energy market. European Journal of Finance (10.1080/1351847X.2026.2639441)
2025
- Wang, Y. et al. 2025. Trust over toasts: The role of alcohol culture in firms’ access to trade credit. Journal of Economic Behavior & Organization 237 107200. (10.1016/j.jebo.2025.107200)
- Ma, F. et al., 2025. Dissecting climate change risk and financial market instability: Implications for ecological risk management. Risk Analysis 45 (3), pp.496-522. (10.1111/risa.14265)
- Yao, D. et al., 2025. Optimal dividend and scale of business strategies with reinsurance and premium pricing for insurance company. European Journal of Operational Research 328 (2), pp.694-703. (10.1016/j.ejor.2025.07.039)
2024
- Yang, B. et al., 2024. The equilibrium strategy of insurance companies’ dividends and reinsurance games. Economics Letters 245 112040. (10.1016/j.econlet.2024.112040)
- Zhang, D. , Bai, D. and Wang, Y. 2024. Green vs. brown: Climate risk showdown – who’s thriving, who’s diving?. Journal of International Money and Finance 149 103198. (10.1016/j.jimonfin.2024.103198)
- Sun, Y. , Wei, Y. and Wang, Y. 2024. Do green economy stocks matter for the carbon and energy markets? Evidence of connectedness effects and hedging strategies. China Finance Review International 14 (4), pp.666-693. (10.1108/CFRI-05-2024-0229)
- Guo, Y. et al., 2024. From text to treasure: the predictive superiority of a FinTech index in stock market returns. European Journal of Finance (10.1080/1351847X.2024.2399773)
- Wei, Y. et al., 2024. Market volatilities vs oil shocks: Which dominate the relative performance of green bonds?. Energy Economics 136 107709. (10.1016/j.eneco.2024.107709)
- Huang, W. and Wang, Y. 2024. Identifying price bubbles in global carbon markets: Evidence from the SADF test, GSADF test and LPPLS method. Energy Economics 134 107626. (10.1016/j.eneco.2024.107626)
- Zhang, D. , Wang, C. and Wang, Y. 2024. Unveiling the critical nexus: Volatility of crude oil future prices and trade partner’s cash holding behavior in the face of the Russia–Ukraine conflict. Energy Economics 132 107413. (10.1016/j.eneco.2024.107413)
- Zhang, D. et al., 2024. Technological innovation and its influence on energy risk management: Unpacking China’s energy consumption structure optimization amidst climate change. Energy Economics 131 107321. (10.1016/j.eneco.2024.107321)
2023
- Wei, Y. et al., 2023. Alarming contagion effects: the dangerous ripple effect of extreme price spillovers across crude oil, carbon emission allowance, and agriculture futures markets. Journal of International Financial Markets, Institutions and Money 88 101821. (10.1016/j.intfin.2023.101821)
- Zhang, D. et al., 2023. Exquisite workmanship through net-zero emissions? The effects of carbon emission trading policy on firms' export product quality. Energy Economics 123 106701. (10.1016/j.eneco.2023.106701)
- Zhang, D. , Wang, J. and Wang, Y. 2023. Greening through centralization of environmental monitoring?. Energy Economics 123 106753. (10.1016/j.eneco.2023.106753)
- Gu, L. et al., 2023. Hidden costs of non-green performance? The impact of air pollution awareness on loan rates for Chinese firms. Journal of Economic Behavior and Organization 213 , pp.233-250. (10.1016/j.jebo.2023.07.014)
- Bai, L. et al., 2023. Diversification effects of China's carbon neutral bond on renewable energy stock markets: A minimum connectedness portfolio approach. Energy Economics 123 106727. (10.1016/j.eneco.2023.106727)
- Wei, Y. et al., 2023. Cryptocurrency uncertainty and volatility forecasting of precious metal futures markets. Journal of Commodity Markets 29 100305. (10.1016/j.jcomm.2022.100305)
- Wang, Y. et al. 2023. Return spillover analysis across central bank digital currency attention and cryptocurrency markets. Research in International Business and Finance 64 101896. (10.1016/j.ribaf.2023.101896)
- Wei, Y. et al., 2023. Connectedness among El Niño-Southern Oscillation, carbon emission allowance, crude oil and renewable energy stock markets: Time- and frequency-domain evidence based on TVP-VAR model. Renewable Energy 202 , pp.289-309. (10.1016/j.renene.2022.11.098)
2022
- Wei, Y. et al., 2022. The impacts of El Niño-southern oscillation on renewable energy stock markets: Evidence from quantile perspective. Energy 260 124949. (10.1016/j.energy.2022.124949)
- Wang, Y. et al. 2022. Bubbles all the way down? Detecting and date-stamping bubble behaviours in NFT and DeFi markets. Journal of Chinese Economic and Business Studies 20 (4), pp.415-436. (10.1080/14765284.2022.2138161)
- Wang, Y. 2022. Volatility spillovers across NFTs news attention and financial markets. International Review of Financial Analysis 83 102313. (10.1016/j.irfa.2022.102313)
- Lucey, B. M. et al., 2022. The cryptocurrency uncertainty index. Finance Research Letters 45 102147. (10.1016/j.frl.2021.102147)
- Wang, Y. et al. 2022. An index of cryptocurrency environmental attention (ICEA). China Finance Review International 12 (3), pp.378-414. (10.1108/CFRI-09-2021-0191)
- Wang, Y. et al. 2022. The Effects of Central Bank Digital Currencies News on Financial Markets. Technological forecasting and social change 180 121715. (10.1016/j.techfore.2022.121715)
2021
- Shehadeh, A. A. et al., 2021. The existence and severity of the forward premium puzzle during tranquil and turbulent periods: Developed versus developing country currencies. International Review of Financial Analysis 78 101871. (10.1016/j.irfa.2021.101871)
Articles
- Wang, Y. et al. 2026. Managerial myopia and corporate biodiversity risk: disclosure, concern, and risk. British Journal of Management e70091. (10.1111/1467-8551.70091)
- Wu, H. , Ma, F. and Wang, Y. 2026. Managing nature's challenges: how biodiversity concerns drive ESG performance. China Finance Review International (10.1108/CFRI-11-2025-0766)
- Yang, B. et al., 2026. Equilibrium strategies under model uncertainty in a shareholder–manager differential game for insurance firms. Journal of the Operational Research Society (10.1080/01605682.2026.2645158)
- Xu, X. , Wang, Y. and Xie, Q. 2026. Unveiling high-dimensional time-varying extreme risk spillovers: AI-driven warning signals in the global energy market. European Journal of Finance (10.1080/1351847X.2026.2639441)
- Wang, Y. et al. 2025. Trust over toasts: The role of alcohol culture in firms’ access to trade credit. Journal of Economic Behavior & Organization 237 107200. (10.1016/j.jebo.2025.107200)
- Ma, F. et al., 2025. Dissecting climate change risk and financial market instability: Implications for ecological risk management. Risk Analysis 45 (3), pp.496-522. (10.1111/risa.14265)
- Yao, D. et al., 2025. Optimal dividend and scale of business strategies with reinsurance and premium pricing for insurance company. European Journal of Operational Research 328 (2), pp.694-703. (10.1016/j.ejor.2025.07.039)
- Yang, B. et al., 2024. The equilibrium strategy of insurance companies’ dividends and reinsurance games. Economics Letters 245 112040. (10.1016/j.econlet.2024.112040)
- Zhang, D. , Bai, D. and Wang, Y. 2024. Green vs. brown: Climate risk showdown – who’s thriving, who’s diving?. Journal of International Money and Finance 149 103198. (10.1016/j.jimonfin.2024.103198)
- Sun, Y. , Wei, Y. and Wang, Y. 2024. Do green economy stocks matter for the carbon and energy markets? Evidence of connectedness effects and hedging strategies. China Finance Review International 14 (4), pp.666-693. (10.1108/CFRI-05-2024-0229)
- Guo, Y. et al., 2024. From text to treasure: the predictive superiority of a FinTech index in stock market returns. European Journal of Finance (10.1080/1351847X.2024.2399773)
- Wei, Y. et al., 2024. Market volatilities vs oil shocks: Which dominate the relative performance of green bonds?. Energy Economics 136 107709. (10.1016/j.eneco.2024.107709)
- Huang, W. and Wang, Y. 2024. Identifying price bubbles in global carbon markets: Evidence from the SADF test, GSADF test and LPPLS method. Energy Economics 134 107626. (10.1016/j.eneco.2024.107626)
- Zhang, D. , Wang, C. and Wang, Y. 2024. Unveiling the critical nexus: Volatility of crude oil future prices and trade partner’s cash holding behavior in the face of the Russia–Ukraine conflict. Energy Economics 132 107413. (10.1016/j.eneco.2024.107413)
- Zhang, D. et al., 2024. Technological innovation and its influence on energy risk management: Unpacking China’s energy consumption structure optimization amidst climate change. Energy Economics 131 107321. (10.1016/j.eneco.2024.107321)
- Wei, Y. et al., 2023. Alarming contagion effects: the dangerous ripple effect of extreme price spillovers across crude oil, carbon emission allowance, and agriculture futures markets. Journal of International Financial Markets, Institutions and Money 88 101821. (10.1016/j.intfin.2023.101821)
- Zhang, D. et al., 2023. Exquisite workmanship through net-zero emissions? The effects of carbon emission trading policy on firms' export product quality. Energy Economics 123 106701. (10.1016/j.eneco.2023.106701)
- Zhang, D. , Wang, J. and Wang, Y. 2023. Greening through centralization of environmental monitoring?. Energy Economics 123 106753. (10.1016/j.eneco.2023.106753)
- Gu, L. et al., 2023. Hidden costs of non-green performance? The impact of air pollution awareness on loan rates for Chinese firms. Journal of Economic Behavior and Organization 213 , pp.233-250. (10.1016/j.jebo.2023.07.014)
- Bai, L. et al., 2023. Diversification effects of China's carbon neutral bond on renewable energy stock markets: A minimum connectedness portfolio approach. Energy Economics 123 106727. (10.1016/j.eneco.2023.106727)
- Wei, Y. et al., 2023. Cryptocurrency uncertainty and volatility forecasting of precious metal futures markets. Journal of Commodity Markets 29 100305. (10.1016/j.jcomm.2022.100305)
- Wang, Y. et al. 2023. Return spillover analysis across central bank digital currency attention and cryptocurrency markets. Research in International Business and Finance 64 101896. (10.1016/j.ribaf.2023.101896)
- Wei, Y. et al., 2023. Connectedness among El Niño-Southern Oscillation, carbon emission allowance, crude oil and renewable energy stock markets: Time- and frequency-domain evidence based on TVP-VAR model. Renewable Energy 202 , pp.289-309. (10.1016/j.renene.2022.11.098)
- Wei, Y. et al., 2022. The impacts of El Niño-southern oscillation on renewable energy stock markets: Evidence from quantile perspective. Energy 260 124949. (10.1016/j.energy.2022.124949)
- Wang, Y. et al. 2022. Bubbles all the way down? Detecting and date-stamping bubble behaviours in NFT and DeFi markets. Journal of Chinese Economic and Business Studies 20 (4), pp.415-436. (10.1080/14765284.2022.2138161)
- Wang, Y. 2022. Volatility spillovers across NFTs news attention and financial markets. International Review of Financial Analysis 83 102313. (10.1016/j.irfa.2022.102313)
- Lucey, B. M. et al., 2022. The cryptocurrency uncertainty index. Finance Research Letters 45 102147. (10.1016/j.frl.2021.102147)
- Wang, Y. et al. 2022. An index of cryptocurrency environmental attention (ICEA). China Finance Review International 12 (3), pp.378-414. (10.1108/CFRI-09-2021-0191)
- Wang, Y. et al. 2022. The Effects of Central Bank Digital Currencies News on Financial Markets. Technological forecasting and social change 180 121715. (10.1016/j.techfore.2022.121715)
- Shehadeh, A. A. et al., 2021. The existence and severity of the forward premium puzzle during tranquil and turbulent periods: Developed versus developing country currencies. International Review of Financial Analysis 78 101871. (10.1016/j.irfa.2021.101871)
Contact Details
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Aberconway Building, Room Q09A, Colum Road, Cathays, Cardiff, CF10 3EU