![Yizhi Wang](https://profiles-cardiff.imgix.net/attachments/4369?w=200&h=200&auto=format&crop=faces&fit=crop&q=90")
Dr Yizhi Wang
- Available for postgraduate supervision
Teams and roles for Yizhi Wang
Lecturer in Finance
Overview
Dr Yizhi Wang is a Lecturer (Assistant Professor) in Finance and Co-Director of the Cardiff FinTech Research Group at Cardiff Business School (CARBS), Cardiff University. He serves as Editor-in-Chief of Finance Research Letters and as an Associate Editor for the International Review of Financial Analysis and Research in International Business and Finance. Yizhi’s primary research interests lie in econometrics and the financialisation of FinTech and sustainable finance. His work has received over 1,800 citations, and he was among the earliest academics in the UK&I to publish in the field of digital-asset financialisation, with this research stream alone attracting more than 1,100 citations. He has published 26 papers across 17+ leading international journals, including Risk Analysis, European Journal of Operational Research, Journal of Economic Behavior & Organization (x2), Journal of International Money and Finance, and most major finance journals. He has also secured over £200,000 in research funding. Yizhi regularly attends international conferences and is frequently invited to deliver keynote talks at conferences and seminar series.
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 has 3 PhD students currently under his supervision. He has delivered courses on Fintech, Behaviour Finance, Big Data Analytics for Finance, Financial Markets and Institutions, Data Analysis, Financial Econometrics, Investment Theory, and Derivatives at undergraduate, masters and PhD level. Since joining Cardiff Business School in January 2023, he has consistently achieved a 100% student satisfaction 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 in 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, etc. In 2024, he was also honoured to be nominated as an Early Career Rising Star.
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
- 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)
- 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)
- Yang, B. et al., 2025. The equilibrium strategy of insurance companies' dividends and reinsurance games. Economics Letters 245 112040. (10.1016/j.econlet.2024.112040)
- 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
- 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)
- 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)
- 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)
- 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)
- 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)
- 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
- 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)
- 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)
- 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. Cryptocurrency uncertainty and volatility forecasting of precious metal futures markets. Journal of Commodity Markets 29 100305. (10.1016/j.jcomm.2022.100305)
- 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)
- 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)
- 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)
2022
- Lucey, B. M. et al., 2022. The cryptocurrency uncertainty index. Finance Research Letters 45 102147. (10.1016/j.frl.2021.102147)
- 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)
- 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. 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)
- 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)
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
- 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)
- 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)
- 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)
- 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)
- Lucey, B. M. et al., 2022. The cryptocurrency uncertainty index. Finance Research Letters 45 102147. (10.1016/j.frl.2021.102147)
- 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)
- 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)
- 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)
- 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)
- 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. 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)
- 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)
- 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)
- 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)
- 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)
- 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)
- 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)
- 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)
- Yang, B. et al., 2025. The equilibrium strategy of insurance companies' dividends and reinsurance games. Economics Letters 245 112040. (10.1016/j.econlet.2024.112040)
- 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)
- 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)
- 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, 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. , Wang, J. and Wang, Y. 2023. Greening through centralization of environmental monitoring?. Energy Economics 123 106753. (10.1016/j.eneco.2023.106753)
- 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)
Contact Details
+44 29225 13227
Aberconway Building, Room Q09A, Colum Road, Cathays, Cardiff, CF10 3EU
