![Yizhi Wang](https://profiles-cardiff.imgix.net/attachments/4369?w=200&h=200&auto=format&crop=faces&fit=crop&q=90")
Overview
Dr. Yizhi Wang, FHEA, is a Lecturer (assistant professor) in Finance at Cardiff University, Cardiff Business School, UK. He also serves as the Deputy Director of Cardiff Fintech Research Group. Moreover, he is the Editor-in-Chief of Elsevier’s Finance Research Letters.
Yizhi Wang has been immersed in the field of Finance for many years. He has accumulated excellent teaching and research experience. He widely published in leading academic journals and independently designed an R-based tutorial book related to financial econometrics (500+ pages). Moreover, he has taken part in numerous academic activities.
His research interests include Financialization and Econometrics. As a single author, first author or corresponding author, Yizhi's research is widely published in ABS-ranked journals, such as, amongst others, Risk Analysis, Journal of Economic Behavior & Organization, The European Journal of Finance, Journal of International Money and Finance, Economics Letters, Energy, Energy Economics, Journal of Commodity Markets, Technological Forecasting and Social Change, Journal of International Financial Markets, Institutions and Money, International Review of Financial Analysis. He was awarded the Shanghai Institute of International Finance and Economics Best Paper Award.
Furthermore, Yizhi Wang is an Associate Editor for the International Review of Financial Analysis (ABS 3), and the Research in International Business and Finance (ABS 2). At the same time, Yizhi Wang is also a Guest Editor in International Review of Economics & Finance, and Journal of Chinese Economic and Business Studies. His research works can be found in his Google Scholar profile (https://scholar.google.com/citations?user=IsuZ_AYAAAAJ&hl=en&oi=ao).
Yizhi Wang has his own indices database, including 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), and Non-Fungible Tokens Attention Index (NFTsAI), Aggregate Climate Change Concern Index (ACCC) and Financial Technology (FinTech) Index. All the indices will be updated quarterly and can be downloaded from (https://sites.google.com/view/cryptocurrency-indices/home?authuser=0).
Publication
2025
- Yang, B., Wang, Y., Yao, D., Wang, Y. and Xu, X. 2025. The equilibrium strategy of insurance companies? dividends and reinsurance games. Economics Letters 245, article number: 112040. (10.1016/j.econlet.2024.112040)
2024
- Yang, B., Wang, Y., Yao, D., Wang, Y. and Xu, X. 2024. The equilibrium strategy of insurance companies’ dividends and reinsurance games. Economics Letters 245, article number: 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, article number: 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., Ma, F., Wang, Y. and Zhong, J. 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., Shi, C., Zhou, C., Wang, Q., Liu, Y. and Wang, Y. 2024. Market volatilities vs oil shocks: Which dominate the relative performance of green bonds?. Energy Economics 136, article number: 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, article number: 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, article number: 107413. (10.1016/j.eneco.2024.107413)
- Zhang, D., Zhao, M., Wang, Y., Vigne, S. A. and Benkraiem, R. 2024. Technological innovation and its influence on energy risk management: Unpacking China’s energy consumption structure optimization amidst climate change. Energy Economics 131, article number: 107321. (10.1016/j.eneco.2024.107321)
2023
- Ma, F., Cao, J., Wang, Y., Vigne, S. A. and Dong, D. 2023. Dissecting climate change risk and financial market instability: Implications for ecological risk management. Risk Analysis (10.1111/risa.14265)
- Wei, Y., Wang, Y., Vigne, S. A. and Ma, Z. 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, article number: 101821. (10.1016/j.intfin.2023.101821)
- Zhang, D., Kong, Q., Wang, Y. and Vigne, S. A. 2023. Exquisite workmanship through net-zero emissions? The effects of carbon emission trading policy on firms' export product quality. Energy Economics 123, article number: 106701. (10.1016/j.eneco.2023.106701)
- Zhang, D., Wang, J. and Wang, Y. 2023. Greening through centralization of environmental monitoring?. Energy Economics 123, article number: 106753. (10.1016/j.eneco.2023.106753)
- Gu, L., Peng, Y., Vigne, S. A. and Wang, Y. 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., Wei, Y., Zhang, J., Wang, Y. and Lucey, B. M. 2023. Diversification effects of China's carbon neutral bond on renewable energy stock markets: A minimum connectedness portfolio approach. Energy Economics 123, article number: 106727. (10.1016/j.eneco.2023.106727)
- Wei, Y., Wang, Y., Lucey, B. M. and Vigne, S. A. 2023. Cryptocurrency uncertainty and volatility forecasting of precious metal futures markets. Journal of Commodity Markets 29, article number: 100305. (10.1016/j.jcomm.2022.100305)
- Wang, Y., Wei, Y., Lucey, B. M. and Su, Y. 2023. Return spillover analysis across central bank digital currency attention and cryptocurrency markets. Research in International Business and Finance 64, article number: 101896. (10.1016/j.ribaf.2023.101896)
- Wei, Y., Zhang, J., Bai, L. and Wang, Y. 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., Zhang, J., Chen, Y. and Wang, Y. 2022. The impacts of El Niño-southern oscillation on renewable energy stock markets: Evidence from quantile perspective. Energy 260, article number: 124949. (10.1016/j.energy.2022.124949)
- Wang, Y., Horky, F., Baals, L., Lucey, B. and Vigne, S. 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)
- Lucey, B. M., Vigne, S. A., Yarovaya, L. and Wang, Y. 2022. The cryptocurrency uncertainty index. Finance Research Letters 45, article number: 102147. (10.1016/j.frl.2021.102147)
- Wang, Y., Lucey, B., Vigne, S. A. and Yarovaya, L. 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., Lucey, B. M., Vigne, S. A. and Yarovaya, L. 2022. The Effects of Central Bank Digital Currencies News on Financial Markets. Technological forecasting and social change 180, article number: 121715. (10.1016/j.techfore.2022.121715)
- Wang, Y. 2022. Volatility spillovers across NFTs news attention and financial markets. International review of financial analysis 83, article number: 102313. (10.1016/j.irfa.2022.102313)
2021
- Shehadeh, A. A., Li, Y., Vigne, S. A., Almaharmeh, M. I. and Wang, Y. 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, article number: 101871. (10.1016/j.irfa.2021.101871)
Articles
- Yang, B., Wang, Y., Yao, D., Wang, Y. and Xu, X. 2025. The equilibrium strategy of insurance companies? dividends and reinsurance games. Economics Letters 245, article number: 112040. (10.1016/j.econlet.2024.112040)
- Yang, B., Wang, Y., Yao, D., Wang, Y. and Xu, X. 2024. The equilibrium strategy of insurance companies’ dividends and reinsurance games. Economics Letters 245, article number: 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, article number: 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., Ma, F., Wang, Y. and Zhong, J. 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., Shi, C., Zhou, C., Wang, Q., Liu, Y. and Wang, Y. 2024. Market volatilities vs oil shocks: Which dominate the relative performance of green bonds?. Energy Economics 136, article number: 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, article number: 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, article number: 107413. (10.1016/j.eneco.2024.107413)
- Zhang, D., Zhao, M., Wang, Y., Vigne, S. A. and Benkraiem, R. 2024. Technological innovation and its influence on energy risk management: Unpacking China’s energy consumption structure optimization amidst climate change. Energy Economics 131, article number: 107321. (10.1016/j.eneco.2024.107321)
- Ma, F., Cao, J., Wang, Y., Vigne, S. A. and Dong, D. 2023. Dissecting climate change risk and financial market instability: Implications for ecological risk management. Risk Analysis (10.1111/risa.14265)
- Wei, Y., Wang, Y., Vigne, S. A. and Ma, Z. 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, article number: 101821. (10.1016/j.intfin.2023.101821)
- Zhang, D., Kong, Q., Wang, Y. and Vigne, S. A. 2023. Exquisite workmanship through net-zero emissions? The effects of carbon emission trading policy on firms' export product quality. Energy Economics 123, article number: 106701. (10.1016/j.eneco.2023.106701)
- Zhang, D., Wang, J. and Wang, Y. 2023. Greening through centralization of environmental monitoring?. Energy Economics 123, article number: 106753. (10.1016/j.eneco.2023.106753)
- Gu, L., Peng, Y., Vigne, S. A. and Wang, Y. 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., Wei, Y., Zhang, J., Wang, Y. and Lucey, B. M. 2023. Diversification effects of China's carbon neutral bond on renewable energy stock markets: A minimum connectedness portfolio approach. Energy Economics 123, article number: 106727. (10.1016/j.eneco.2023.106727)
- Wei, Y., Wang, Y., Lucey, B. M. and Vigne, S. A. 2023. Cryptocurrency uncertainty and volatility forecasting of precious metal futures markets. Journal of Commodity Markets 29, article number: 100305. (10.1016/j.jcomm.2022.100305)
- Wang, Y., Wei, Y., Lucey, B. M. and Su, Y. 2023. Return spillover analysis across central bank digital currency attention and cryptocurrency markets. Research in International Business and Finance 64, article number: 101896. (10.1016/j.ribaf.2023.101896)
- Wei, Y., Zhang, J., Bai, L. and Wang, Y. 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., Zhang, J., Chen, Y. and Wang, Y. 2022. The impacts of El Niño-southern oscillation on renewable energy stock markets: Evidence from quantile perspective. Energy 260, article number: 124949. (10.1016/j.energy.2022.124949)
- Wang, Y., Horky, F., Baals, L., Lucey, B. and Vigne, S. 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)
- Lucey, B. M., Vigne, S. A., Yarovaya, L. and Wang, Y. 2022. The cryptocurrency uncertainty index. Finance Research Letters 45, article number: 102147. (10.1016/j.frl.2021.102147)
- Wang, Y., Lucey, B., Vigne, S. A. and Yarovaya, L. 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., Lucey, B. M., Vigne, S. A. and Yarovaya, L. 2022. The Effects of Central Bank Digital Currencies News on Financial Markets. Technological forecasting and social change 180, article number: 121715. (10.1016/j.techfore.2022.121715)
- Wang, Y. 2022. Volatility spillovers across NFTs news attention and financial markets. International review of financial analysis 83, article number: 102313. (10.1016/j.irfa.2022.102313)
- Shehadeh, A. A., Li, Y., Vigne, S. A., Almaharmeh, M. I. and Wang, Y. 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, article number: 101871. (10.1016/j.irfa.2021.101871)
Research
Research interests
Financialization, Econometrics
Google Scholar profile: https://scholar.google.com/citations?user=IsuZ_AYAAAAJ&hl=en&oi=ao
Editorial
- Editor-in-Chief of Finance Research Letters (ABS 2)
- Associate Editor in International Review of Financial Analysis (ABS 3)
- Associate Editor in Research in International Business and Finance (ABS 2)
- Guest Editor in International Review of Economics & Finance (VSI: Net Zero); Journal of Chinese Economic and Business Studies (VSI: Digital Tokens)
Teaching
Yizhi Wang is a Fellow of the UK Higher Education Academy (FHEA). Yizhi is wholeheartedly committed to education, dedicated to teaching, and consistently improving his teaching abilities by adhering to the frameworks of AACSB and EQUIS. He focuses on enhancing both personal and professional skills, remains aware of and strives to follow the examples set by more experienced educators, and is keen on setting a good example for students through his ethics. Yizhi diligently applies himself to the long-term development of his teaching career.
The students supervised by Yizhi are highly sought after in the job market, securing positions at top academic institutions and financial companies such as the University of Oxford, Morgan Stanley, JPMorgan Chase & Co, among others.
He currently serves as the module leader for the undergraduate module BS2514: Financial Markets and Institutions (Teaching evaluation: 4.7/5 in 22/23; 4.9/5 in 23/24), and the postgraduate level module BST158: Big Data Analytics for Finance. During his time as a PhD student, he also contributed to the postgraduate modules BU7510: Financial Econometrics & Data Science, BU7508: Derivatives, and BU7505: Investment Theory.
Biography
Professional memberships
American Finance Association
Committees and reviewing
Committees:
Cardiff Business School Research Committee
Research Groups:
Cardiff Fintech Research Group
Cardiff Sustainable Finance Research Group
The Environmental, Ecological, Extinction Accounting, Governance and Economics Research Group
Supervisions
I am currently available to supervise postgraduate research students in the Financialization.
Current supervision
Yueyang Wang
Contact Details
+44 29225 13227
Aberconway Building, Room Q09A, Colum Road, Cathays, Cardiff, CF10 3EU
