Profile

Dayong ZHANG graduated from the University of Birmingham in the UK with a PhD in Economics in 2006. Currently, he is a Professor, Doctoral supervisor and Director of Overseas Learning and Exchange Center at RIEM, Southwestern University of Finance and Economics. The main research directions are Energy finance, Climate finance, Energy economics, Financial markets, Banking and Risk management, etc. He serves as a Chief Expert for major projects of National Social Science Foundation. In recent years, he has presided over and participated in many projects including National Natural Science Foundation of China and British Academy of Sciences International Cooperation Project. He has published more than 100 papers in domestic and foreign academic journals, including more than 20 ESI highly cited papers and had over 14,000 Google citations; he has been awarded the 2020-2023 Elsevier China Highly Cited Scholar (Applied Economics), the 2021 (Interdisciplinary), and the 2022 (Economics and Business) Clarivate Global Highly Cited Scholar; and has continuously entered the annual and lifetime scientific influence list of the top 2% of the world's top scientists published by Stanford University and Elsevier Database.

He is currently serving as the founding and co-editor of Journal of Climate Finance; senior editor of Finance Research Letters; deputy editor of International Review of Financial Analysis and International Review of Economics and Finance; previously served as senior editor of International Journal of Emerging Markets (2018-2020), Deputy Editor of Emerging Markets Finance and Trade (2016-2019), Energy Journal, Energy Economics, Applied Energy, Energy Policy, Emerging Markets Finance and Trade, Financial Innovation, Guest editor-in-chief of journals such as Frontiers of Energy Research, Economics Policy and Analysis, Resource Policy, Resources Conservation & Recycling, and Sustainability Science.

Founder of the China Energy Finance Academic Alliance; founding member and Vice Chairman of the executive committee of International Society for Energy Transition Studies; chairman of Climate Finance Research Branch of the China Society for Optimization Law and Economic Mathematics; executive director of Low Carbon Development Management Professional Committee of the China Society for Optimization Law and Economic Mathematics; director of China Energy Environment and Climate Change Forum; Society for Studies of Emerging Markets); founder of Southwestern University of Finance and Economics Energy and Environment Joint Innovation Research Team (TIERS); Head of Energy and Climate Finance research team of Southwestern University of Finance and Economics; visiting researcher at Virtual Economy and Data Science Research Center of Chinese Academy of Sciences, and co-director of Carbon Neutrality and Climate Finance Laboratory.

Working experience

Jan 2015 - now: Southwestern University of Finance and Economics, RIEM, Professor

Dec 2017 - now: Southwestern University of Finance and Economics, RIEM, Overseas Learning and Exchange Center, Director

Sep 2017 - Aug 2019: University of Birmingham (the UK), School of Business, visiting professor

Oct 2007 - Dec 2014: Southwestern University of Finance and Economics, RIEM, Associate Professor

Oct 2006 - Dec 2007: University of Leicester (the UK), Department of Economics, Lecturer

Research interests

Energy finance, Climate finance, Climate risk, Energy economics, Banking and Finance, Regional and urban economics, Economic and financial issues in China and emerging markets

Editing work

Journal of Climate Finance: Founding editor

International Review of Financial Analysis，SSCI，JCR Section 1: Deputy editor 

International Review of Economics & Finance，SSCI: Deputy editor

Finance Research Letters，SSCI，JCR Section 1: Senior editor

International Journal of Emerging Markets，2018-2020: Senior editor

Emerging Markets Finance and Trade, 2017-2019: Deputy editor; Guest Editor: Volume 50, Issue 1, 2014; Volume 51, Issue 6, 2015; Volume 52, Issue 8, 2016; Volume 54, Issue 8, 2018.

Guest editor of Energy Economics, topics: Energy Finance; Climate shocks and energy market risk management.

Guest Editor-in-Chief of International Review of Financial Analysis, topic: Energy Finance

Guest Editor-in-Chief of Energy Policy, topics: energy poverty in ASEAN, India and China; green finance.

Guest editor-in-chief of International Review of Economics & Finance, topics: research on green infrastructure investment; climate finance.

Guest Editor-in-Chief of Financial Innovation, theme: Climate-driven financial innovation.

Guest editor-in-chief of Frontiers in Energy Research, topic: Energy Market and Energy Transition.

Guest editor of Economic Analysis and Policy, theme: The road to carbon neutrality-investment and financing issues.

Guest editor-in-chief of The Energy Journal, topic: energy market transformation, financialization and integration research.

Guest editor-in-chief of Resources, Conservation & Recycling, theme: Challenges and Opportunities of Carbon Neutrality.

Guest editor-in-chief of Sustainability Science, theme: Response and prevention of climate risks.

Guest editor of Applied Energy, topic: Policy dilemmas of energy transition.

Guest editor of Journal of International Financial Markets, Institutions and Money, topic: Application of big data in financial markets.

Research achievements

Author

     1) "Foreword and Exploration of Energy Finance" by Ji Qiang and Zhang Dayong, December 2021, Beijing: Science Press.

     2) "International Crude Oil Market: Hot Spots and Frontiers" by Zhang Dayong, Ji Qiang, Sun Xiaolei, and Guo Kun, June 2023, Chengdu: Southwestern University of Finance and Economics Press.

     3) "China Household Energy Consumption: Current Situation, Challenges and Future" by Zhang Dayong, Ji Qiang, and Li Jiajia, October 2023, Chengdu: Southwestern University of Finance and Economics Press.

     4) "ESG Evaluation System and Climate Investment and Financing" by Zhang Dayong, Ji Qiang, Lei Lei, January 2024, Chengdu: Southwestern University of Finance and Economics Press

     5) "Climate Finance" Ji Qiang, Wang Qunwei, Wang Yudong, Zhang Dayong, Zhang Yuejun, April 2024, Beijing: Science Press.

      6) "Energy Finance" Ji Qiang, Guo Kun, Zhang Dayong, May 2024, Beijing: Science Press

7) Farhad Taghizadeh-Hesary, Dayong Zhang (2023). The Handbook of Energy Policy. Springer Nature.

8) Fei Wu, Dayong Zhang, Qiang Ji (2024). Climate Finance: Supporting a Sustainable Energy Transition. Springer Nature.

Publications in international journals

1) Kun Guo, Liyuan Luan, Dayong Zhang and Qiang Ji. "Does climate risk affect the performance of companies in China?" Applied Economic Letters (forthcoming).

2) Bo Yu, Dayong Zhang* and Qiang Ji. "Forecasting portfolio variance: a new decomposition approach" Annals of Operations Research (forthcoming).

3) Kun Guo, Yuxin Kang, Qiang Ji and Dayong Zhang. "Cryptocurrencies under climate shocks: a dynamic network analysis of extreme risk spillovers" Financial Innovation (2024) 10, 54.

4) Jun Li, Jiajia Li, Kun Guo, Qiang Ji and Dayong Zhang*. "Policy spillovers from climate actions to energy poverty: International evidence" Humanities and Social Sciences Communications (2024) 11, 1-12.

5) Qiang Ji, Dandan Ma, Pengxiang Zhai, Ying Fan and Dayong Zhang. "Global climate policy uncertainty and financial markets" Journal of International Financial Markets Institutions and Money (2024) 95, 102047.

6) Fei Wu, Yanran Ma, Dayong Zhang* and Qiang Ji. "Investor sentiments and extreme risk spillovers from oil to stock markets: Evidence from Asian countries" Journal of the Asia Pacific Economy (2024) 29, 1257-1283.

7) Yajie Chen, Dayong Zhang*, Kun Guo and Qiang Ji. "Emission trading schemes and cross-border mergers and acquisitions." Journal of Environmental Economics and Management (2024) 124, 102949.

8) Xinghao Li, Lufeng An, Dayong Zhang, Chi-Chuan Lee and Chin-Hsien Yu. "Energy access and female labor force participation in developing countries" Renewable and Sustainable Energy Reviews (2024) 199, 114468.

9) Yingtong Chen, Fei Wu, Dayong Zhang and Qiang Ji. "Tourism in pandemic: the role of digital travel vouchers in China" Humanities and Social Sciences Communications (2024) 11, 1-15.

10) Rui Zhao, Dayong Zhang and Mengmeng Guo.  "Do natural disasters affect stock price crash risk? Evidence from emerging markets? Journal of International Financial Markets, Institutions and Money (2024) 93, 102001.

11) Changyu Liu, Jing Wang, Qiang Ji and Dayong Zhang. "To be green or not to be: How governmental regulation shapes financial institutions' greenwashing behaviors in green finance" International Review of Financial Analysis (2024) 93, 103225.

12) Yunhan Zhang, Qiang Ji, Dayong Zhang and Kun Guo. "How does Shanghai crude oil futures affect top global oil companies: The role of multi-uncertainties" Energy Economics (2024) 131, 107354.

13) Dandan Ma, Pengxiang Zhai, Dayong Zhang and Qiang Ji. "Excess stock returns and corporate environmental performance in China". Financial Innovation (2024) 10, 41.

14) Kun Guo, Yuan Bian, Dayong Zhang and Qiang Ji. "ESG performance and corporate external financing in China: The role of rating disagreement." Research in International Business and Finance 69 (2024), 102236.

15) Ying Tung Chan, Qiang Ji and Dayong Zhang*. "Optimal monetary policy responses to carbon and green bubbles: A two-sector DSGE analysis." Energy Economics 130 (2024), 107281.

16) Xiaoyun Xing, Kun Guo, Dayong Zhang* and Qiang Ji. "On the interactive effects of climate policies: Insights from a stock-flow consistent model " Applied Energy 358 (2024) 122664.

17) Kun Guo, Liyuan Luan, Xiaoli Cai, Dayong Zhang and Qiang Ji. "Energy trade stability of China: Policy options with increasing climate risks". Energy Policy 184 (2024), 1132858.

18) Dayong Zhang*, Yalin Wu, Qiang Ji, Kun Guo and Brian Lucey. "Climate impacts on the loan quality of Chinese regional commercial banks" Journal of International Money and Finance 140 (2024) 102975.

19) Yan-Ran Ma, Zhenhua Liu, Dandan Ma, Pengxiang Zhai, Kun Guo, Dayong Zhang* and Qiang Ji. "A news-based climate policy uncertainty index for China." Scientific Data 10 (2023), 881.

20) Fei Wu, Zhiwei Zhang, Dayong Zhang and Qiang Ji. "Identifying systemically important financial institutions in China: New evidence from a dynamic copula-CoVaR approach" Annals of Operations Research 330 (2023)， 119-153.

21) Kun Guo, Fengqi Liu, Xiaolei Sun, Dayong Zhang and Qiang Ji, "Predicting natural gas futures’ volatility using climate risks. " Finance Research Letters 55 (2023),103915.

22) Suwan Long, Brian Lucey, Dayong Zhang and Zhiwei Zhang. "Negative elements of cryptocurrencies: Exploring the drivers of Bitcoin carbon footprints" Finance Research Letters 58 (2023), 104031.

23) Yiran Shen, Xiaolei Sun, Qiang Ji and Dayong Zhang. "Climate events matter in the global natural gas market." Energy Economics 125 (2023), 106887.

24) Lei Lei, Dayong Zhang*, Qiang Ji, Kun Guo and Fei Wu. "A text-based managerial climate attention index of listed firms in China" Finance Research Letters 55 (2023), 103911.

25) Yi Jin, Hang Zhao, Lin Bu and Dayong Zhang*. "Geopolitical risk, climate risk and energy markets: A dynamic spillover analysis." International Review of Financial Analysis 87 (2023), 102597.

26) Tiantian Wang, Fei Wu, Dayong Zhang* and Qiang Ji. "Energy market reforms in China and the time-varying connectedness of domestic and international markets" Energy Economics 117 (2023), 106495.

27) Yajie Chen, Kun Guo, Qiang Ji and Dayong Zhang*. "Not all climate risks are alike: Heterogeneous responses of financial firms to natural disasters in China." Finance Research Letters 52 (2023), 103538.

28) Fei Wu, Xuanqi Xiao, Xinyu Zhou, Dayong Zhang* and Qiang Ji. "Complex Risk Contagions Among Large International Energy Firms: A Multi-Layer Network Analysis." Energy Economics 114 (2022), 106271.

29) Qiang Ji, Ronald Ripple, Dayong Zhang and Yuqian Zhao. "Cryptocurrency bubble on the systemic risk in global energy companies. " Energy Journal 43 (2022), 65-87.

30) Tiantian Wang, Wan Qu, Dayong Zhang, Qiang Ji and Fei Wu. "Time-varying determinants of China’s liquefied natural gas import price: A dynamic model averaging approach." Energy 259 (2022), 125013.

31) Yingtong Chen, Dayong Zhang*, Fei Wu and Qiang Ji. "Climate risks and foreign direct investment in developing countries: the role of national governance." Sustainability Science 17 (2022), 1723-1740.

32) Yingtong Chen, Dayong Zhang and Qiang Ji. "Impacts of regional cooperation agreements on international tourism: Evidence from a quasi-natural experiment." International Review of Economics and Finance 82 (2022), 663-676.

33) Qiang Ji, Dayong Zhang and Yuqian Zhao. "Intra-day co-movement patterns of crude oil futures: China and the international benchmarks." Annals of Operations Research 313 (2022), 77-103.

34) Sitara Karim, Muhammad Abubakr Naeem, Min Hu, Dayong Zhang and Farhad Taghizadeh–Hesary. "Determining dependence, centrality, and dynamic networks between green bonds and financial markets. " Journal of Environmental Management 318 (2022), 115618.

35) Xiaoqi Chen, Wouter Torsin and Dayong Zhang*. "The Anglo-Saxon Premium in Foreign CEO Compensation." Finance Research Letters 47 (2022), 102572.

36) Xiuqin Wu, Jinsong Zhao, Dayong Zhang, Wen-Chieh Lee and Chin-Hsien Yu. "Resource misallocation and the development of hydropower industry." Applied Energy 306 (2022), 118024.

37) Chang, Liu, Yuan Liu, Dayong Zhang and Chunping Xie. "The capital market responses to new energy vehicle (NEV) subsidies: An event study on China." Energy Economics 105 (2022), 105677.

38) Chunzhi, Li, Wei Xiao, Qiang Ji and Dayong Zhang. "Low-carbon transformation of cities: Understanding the demand for dockless bike sharing in China." Energy Policy 159 (2021), 112631.

39) Dayong Zhang, Jun Li, Qiang Ji and Shunsuke Managi. "Climate variations, culture and economic behaviour of Chinese households" Climatic Change 167 (2021), 1-2, 9.

40) Jiang-Bo Geng, Changyu Liu, Qiang Ji and Dayong Zhang. "Do oil price changes really matter for clean energy returns?" Renewable and Sustainable Energy Reviews 150 (2021), 111429.

41) Jia Liu, Dayong Zhang, Jing Cai and John Davenport. "Legal systems, national governance and renewable energy investment: Evidence from around the world." British Journal of Management 32 (2021), 579-610.

42) Chin-Hsien Yu, Xiuqin Wu, Dayong Zhang, Shi Chen and Jinsong Zhao. "Demand for green finance: Resolving financing constraints on green innovation in China." Energy Policy 153 (2021), 112255.

43) Yuying Yang, Yan-Ran Ma, Min Hu, Dayong Zhang, and Qiang Ji. "Extreme risk spillover between Chinese and global crude oil futures." Finance Research Letters 40 (2021), 101743.

44) Zhiwei Zhang, Dayong Zhang, Fei Wu and Qiang Ji. "Systemic risk in the Chinese financial system: a copula-based network approach." International Journal of Finance and Economics 26 (2021), 2044-2063.

45) Dayong Zhang, Wan-Li Zhao, Qiang Ji, and Nicholas Horsewood. "Regional housing pricing dependency in the UK: A dynamic network approach ". Urban Studies 58 (2021), 1014-1031.

46) Xiang Xu, Jian Yu, Dayong Zhang* and Qiang Ji. "Energy insecurity, economic growth, and the role of renewable energy: A cross-country panel analysis." Singapore Economic Review 66 (2021), 323-343.

47) Dayong Zhang, Zhiwei Zhang, Qiang Ji, Brian Lucey, and Jia Liu. "Board characteristics, external governance and the use of renewable energy: International evidence. " Journal of International Financial Markets, Institutions and Money 72 (2021), 101317.

48) Fei Wu, Dayong Zhang, Qiang Ji. "Systemic risk and financial contagion across top global energy companies." Energy Economics 97 (2021), 105221.

49) Hongyang Wang, Dayong Zhang, Alessandra Guariglia and Gang-Zhi Fan. "Growing out of the growing pain: Financial literacy and life insurance demand in China." Pacific-Basin Finance Journal, 66 (2021), 101459.

50) Chang Liu, Linlin Liu, Dayong Zhang, and Jiasha Fu. "How does the capital market respond to policy shocks? Evidence from listed solar photovoltaic companies in China." Energy Policy 151 (2021), 112054.

51) Xiangyu Li, Dayong Zhang*, Tong Zhang, Qiang Ji, and Brian Lucey. "Awareness, energy consumption and pro-environmental choices of Chinese households". Journal of Cleaner Production 279 (2021), 123734.

52) Jiang-Bo Geng, Ya-Juan Du, Qiang Ji and Dayong Zhang. "Modeling return and volatility spillover networks of global new energy companies" Renewable and Sustainable Energy Reviews 135 (2021), 110214.

53) Mian Yang, Xiaoru Hou, Dayong Zhang* and Qiang Ji. "Assessment and optimization of provincial CO2 emission reduction scheme in China: An improved ZSG-DEA approach" Energy Economics 91 (2020), 104931.

54) Dayong Zhang, Min Hu, and Qiang Ji. "Financial markets under the global pandemic of COVID-19." Finance Research Letters 36 (2020), 101528.

55) Min Hu, Dayong Zhang, Qiang Ji and Lijian Wei. "Macro factors and the realized volatility of commodities: A dynamic network analysis" Resource Policy 68 (2020), 101813.

56) Xinyuan Ren, Dayong Zhang, Lei Zhu, and Liyan Han. "How do carbon prices react to regulatory announcements in China? A genetic algorithm with overlapping events." Journal of Cleaner Production 277 (2020), 122644.

57) Dayong Zhang, Wanli Zhao, Fei Wu and Qiang Ji. "Financial integration in Asia: a systemic view on currency markets." Asian Economic Papers 19 (2020), 41-58.

58) Dayong Zhang, Jun Li, and Qiang Ji. "Does better access to credit help reduce energy intensity in China? Evidence from manufacturing firms." Energy Policy 145 (2020), 111710.

59) Qiang Ji, Dayong Zhang, and Yuqian Zhao. "Searching for Safe-haven Assets During the COVID-19 Pandemic." International Review of Financial Analysis 71 (2020), 101526.

60) Jiawen Luo, Qiang Ji, Tony Klein, Neda Todorova, and Dayong Zhang. "On realized volatility of crude oil futures markets: Forecasting with exogenous predictors under structural breaks." Energy Economics 89 (2020), 104781.

61) Dayong Zhang and Shunsuke Managi. "Financial development, natural disasters, and economics of the Pacific small island states." Economic Analysis and Policy 66 (2020), 168-181.

62) Dayong Zhang and David C. Broadstock. "Global financial crisis and rising connectedness in the international commodity markets." International Review of Financial Analysis 68 (2020), 101239.

63) Ying Wang, Dayong Zhang, Qiang Ji and Xunpeng Shi. "Regional renewable energy development in China: A multidimensional assessment". Renewable and Sustainable Energy Reviews 124 (2020), 109797.

64)  Lei Zhu, Xu Wang and Dayong Zhang*. "Identifying strategic traders in China’s pilot carbon emissions trading scheme." Energy Journal 41 (2020), 123-142.

65) Fei Wu, Wan-Li Zhao, Qiang Ji and Dayong Zhang*. "Dependency, centrality and dynamic networks for international commodity futures prices." International Review of Economics and Finance 67 (2020), 118-132.

66) Yanfei Li, Qiang Ji and Dayong Zhang*. "Technological catching up and innovation policies in China: What is behind this largely successful story?". Technological Forecasting and Social Change 153 (2020), 119918.

67) Tiantian Wang, Dayong Zhang, Qiang Ji and Xunpeng Shi. "Market reforms and determinants of import natural gas prices in China." Energy 196 (2020), 117105.

68) Dong Cheng, Jian Yu, Dayong Zhang and Wenpping Zheng. "Is heterogeneous capital depreciation important for estimating firm-level productivity? Evidence from Chinese manufacturing firms". Research in International Business and Finance 52 (2020), 101146.

69) Jiajia Li, Jian Zhang, Dayong Zhang and Qiang Ji. "Does gender inequality affect household green consumption behaviour in China? " Energy Policy 135 (2019), 111071.

70) Tongshui Xia, Qiang Ji, Dayong Zhang and Jinhong Han. "Asymmetric and extreme influence of energy price changes on renewable energy stock performance." Journal of Cleaner Production 241 (2019), 118338.

71) Yan Xia, Yishu Kong, Qiang Ji and Dayong Zhang*. "Impacts of China-US trade conflicts on the energy sector." China Economic Review 58 (2019), 101360.

72) Fei Wu, Dayong Zhang* and Zhiwei Zhang. "Connectedness and risk spillovers in China’s stock market: A sectoral analysis" Economic Systems 43 (2019), 100718.

73) Dong Cheng, Xunpeng Shi, Jian Yu and Dayong Zhang*. "How does the Chinese economy react to uncertainty in international crude oil prices?" International Review of Economics & Finance 64 (2019), 147-164.

74) Yan-Ran Ma, Dayong Zhang, Qiang Ji and Jiaofeng Pan. "Spillovers between oil and stock returns in the US energy sector: Does idiosyncratic information matter?" Energy Economics 81 (2019), 536-544.

75) Tong Zhang, Xunpeng Shi, Dayong Zhang and Junji Xiao. "Socio-economic development and electricity access in developing economies: A long-run model averaging approach" Energy Policy 132 (2019), 223-231.

76) Dayong Zhang, Zhiwei Zhang and Shunsuke Managi. "A bibliometric analysis on green finance: Current status, development and future directions". Finance Research Letters 29 (2019), 425-430.

77) Dayong Zhang, Qiang Ji and Ali M. Kutan. "Dynamic transmission mechanisms in global crude oil prices: Estimation and implication". Energy 175 (2019), 1181-1193.

78) Dayong Zhang, Jiajia Li and Phoumin Han. "A multidimensional measure of energy poverty in China and its impacts on health: An empirical study based on the China Family Panel Studies." Energy Policy 131 (2019), 72-81.

79) Jun Li, Dayong Zhang and Bin Su. "The impact of social awareness and lifestyles on household carbon emissions in China". Ecological Economics 160 (2019), 145-155.

80) Tiantian Wang, Dayong Zhang and David C. Broadstock. "Financialization, fundamentals and the time-varying determinants of US natural gas prices." Energy Economics 80 (2019), 707-719.

81) Zhiwei Zhang, Dayong Zhang*, Josef Brada and Ali Kutan. "Does bank competition alleviate financing constraints in China? Further evidence from listed firms." Emerging Markets Finance and Trade 55 (2019), 2124-2145.

82) David Broadstock and Dayong Zhang. "Social-media and intraday stock returns: The pricing power of sentiment". Finance Research Letters 30 (2019), 116-123.

83) Dayong Zhang, Lei Lei, Qiang Ji and Ali M. Kutan. "Economic policy uncertainty in the US and China and their impact on the global markets" Economic Modelling 79 (2019), 47-56.

84) Dayong Zhang, and Gang-Zhi Fan. "Regional spillover and rising connectedness in China’s urban housing prices." Regional Studies 53 (2019), 861-873.

85) Qiang Ji and Dayong Zhang*. "China’s crude oil futures: introduction and some stylized facts." Finance Research Letters 28 (2019), 99-107.

86) Miao Han, Dayong Zhang, Xiaogang Bi and Wei Huang. "Subsidized overexpansion of Chinese firms." International Review of Financial Analysis 62 (2019), 69-79.

87) Qiang Ji, Haiying Zhang and Dayong Zhang*. "The impact of OPEC on East Asian oil import security: A multi-dimensional analysis." Energy Policy 126 (2019), 99-107.

88) Qiang Ji and Dayong Zhang*. "How much does financial development contribute to renewable energy growth and upgrading of energy structure in China?" Energy Policy 128 (2019), 114-124.

89) Dayong Zhang, Zhao Rong, and Qiang Ji. "Green innovation and firm performance: Evidence from listed companies in China." Resources, Conservation & Recycling 144 (2019), 48-55.

90) Jia Liu, Yuliang Wu, Qing Ye and Dayong Zhang. "Do seasoned offerings improve the performance of issuing firms? Evidence from China." International Review of Financial Analysis 62 (2019), 104-123.

91) Dayong Zhang, Tiantian Wang, Xunpeng Shi and Jia Liu. "Is hub-based pricing a better choice than oil indexation for natural gas? Evidence from a multiple bubble test." Energy Economics 76 (2018), 495-503.

92) Qiang Ji, Dayong Zhang, and Jiang-bo Geng. "Information linkage, dynamic spillovers in prices and volatility between the carbon and energy markets." Journal of Cleaner Production 198 (2018), 972-978.

93) Dayong Zhang, Jing Cai, Jia Liu, and Ali M. Kutan. "Real estate investments and financial stability: evidence from regional commercial banks in China." The European Journal of Finance 24.16 (2018), 1388-1408.

94) Xin Liu, Yuan Li, Dayong Zhang, and Lei Zhu. "On the Effectiveness of the Abatement Policy Mix: A Case Study of China’s Energy-Intensive Sectors." Energies 11.3 (2018), 559.

95) Dayong Zhang, and Qiang Ji. "Further evidence on the debate of oil-gas price decoupling: A long memory approach." Energy Policy 113 (2018), 68-75.

96) Dayong Zhang, Min Shi, and Xunpeng Shi. "Oil indexation, market fundamentals, and natural gas prices: An investigation of the Asian premium in natural gas trade." Energy Economics 69 (2018), 33-41.

97) Dayong Zhang, Ziyin Liu, Gang-Zhi Fan, and Nicholas Horsewood. "Price bubbles and policy interventions in the Chinese housing market." Journal of Housing and the Built Environment 32.1 (2017), 133-155.

98) Dayong Zhang. "Oil shocks and stock markets revisited: Measuring connectedness from a global perspective." Energy Economics 62 (2017), 323-333.

99) Dayong Zhang, Hong Cao, David G. Dickinson, and Ali M. Kutan. "Free cash flows and overinvestment: Further evidence from Chinese energy firms." Energy Economics 58 (2016), 116-124.

100) Dayong Zhang, Hong Cao, and Peijiang Zou. "Exuberance in China's renewable energy investment: Rationality, capital structure and implications with firm level evidence." Energy Policy 95 (2016), 468-478.

101) Dayong Zhang and David C. Broadstock. "Club convergence in the energy intensity of China." The Energy Journal 37.3 (2016), 137-158.

102) David C. Broadstock, Ying Fan, Qiang Ji, and Dayong Zhang. "Shocks and stocks: a bottom-up assessment of the relationship between oil prices, gasoline prices and the returns of Chinese firms." The Energy Journal 37.1 (2016), 55-86.

103) David C. Broadstock, Jiajia Li, and Dayong Zhang. "Efficiency snakes and energy ladders: a (meta-) frontier demand analysis of electricity consumption efficiency in Chinese households." Energy Policy 91 (2016), 383-396.

104) Dayong Zhang, Hong Cao, and Yi-Ming Wei. "Identifying the determinants of energy intensity in China: A Bayesian averaging approach." Applied Energy 168 (2016), 672-682.

105) Jia Liu, Saeed Akbar, Syed Z.A. Shah, Dayong Zhang, and Dong Pang. "Market reaction to seasoned offerings in China." Journal of Business Finance & Accounting 43.5-6 (2016), 597-653.

106) Dayong Zhang, Jing Cai, David G. Dickinson, and Ali M. Kutan. "Non-performing loans, moral hazard and regulation of the Chinese commercial banking system." Journal of Banking & Finance 63 (2016), 48-60.

107) Lin Huang and Dayong Zhang*. "Hedging or speculation: What can we learn from the volume-return relationship?" Emerging Markets Finance and Trade 51.6 (2015), 1117-1128.

108) Dayong Zhang, Marco R. Barassi, and Jijun Tan. "Residual-based tests for fractional cointegration: Testing the term structure of interest rates." Econometric Reviews 34.6-10 (2015), 1118-1140.

109) Dayong Zhang, David C. Broadstock, and Hong Cao. "International oil shocks and household consumption in China." Energy Policy 75 (2014), 146-156.

110) David C. Broadstock, Rui Wang, and Dayong Zhang. "Direct and indirect oil shocks and their impacts upon energy related stocks." Economic Systems 38.3 (2014), 451-467.

111) Alex A. Chen, Hong Cao, Dayong Zhang, and David G. Dickinson. "The impact of shareholding structure on firm investment: Evidence from Chinese listed companies." Pacific-Basin Finance Journal 25 (2013), 85-100.

112) Dayong Zhang and Hong Cao. "Sectoral responses of the Chinese stock market to international oil shocks." Emerging Markets Finance and Trade 49.6 (2013), 37-51.

113) Zhihong Chen, Shihe Fu, and Dayong Zhang. "Searching for the parallel growth of cities in China." Urban Studies 50.10 (2013), 2118-2135.

114) David C. Broadstock, Hong Cao, and Dayong Zhang*. "Oil shocks and their impact on energy related stocks in China." Energy Economics 34.6 (2012), 1888-1895.

115) Dayong Zhang and Yu Wu. "Household savings, the stock Market, and economic growth in China." Emerging Markets Finance and Trade 48.2 (2012), 44-58.

116) Dayong Zhang. "Oil shock and economic growth in Japan: A nonlinear approach." Energy Economics 30.5 (2008), 2374-2390.

Review

117) Kun Guo, Qiang Ji and Dayong Zhang* "A dataset to measure global climate physical risk" Data in Brief (2024) 54, 110502.

118) Dayong Zhang, Kun Guo and Qiang Ji. "Resolve climate-policy uncertainties in the US and China" Nature (2024) 625, 663-663.

119) Shunsuke Managi, Moinul Islan, Dayong Zhang, Younes Ben Zaied and Osamu Saito. "Natural capital accounting for sustainable cities." Sustainability Science 18 (2023), 2049-2051.

120) Suwan Long, Brian Lucey, Satish Kumar, Dayong Zhang and Zhiwei Zhang. "Climate finance: What we know and what we should know?" Journal of Climate Finance 1 (2022) 100005.

121) Qiang Ji, Dayong Zhang and Zhongxiang Zhang. "Energy market financialization, integration and systemic risks." Energy Economics 117 (2023), 106448.

122) Qiang Ji, Ronald Ripple and Dayong Zhang. "Introduction to the Special Issue on Energy Market Transition, Financialization and Integration." Energy Journal 43 (2022), 1-3.

123) Youngho Chang, Qiang Ji and Dayong Zhang. "Green finance and energy policy: Obstacles, opportunities, and options." Energy Policy 157 (2021), 112497.

124) David Broadstock, Qiang Ji, Shunsuke Managi and Dayong Zhang "Pathways to carbon neutrality: Challenges and opportunities." Resources, Conservation and Recycling 169 (2021), 105472.

125) Qiang Ji, Shunsuke Managi and Dayong Zhang. "Managing climate risks for a sustainable future: adaptation strategies and resilience building." Sustainability Science 16 (2021), 1071-1072.

126) Xunpeng Shi, Qiang Ji, Dayong Zhang, Farhad Taghizadeh-Hesary, Phoumin Han. "Energy Market and Energy Transition: Dynamics and Prospects." Frontiers in Energy Research 8 (2020), 269.

127) Qiang Ji, Dayong Zhang and Ali M. Kutan. "Energy financialization, risk and challenges." International Review of Financial Analysis 68 (2020), 101485.

128) Dayong Zhang. "Book review: Unlocking SME finance in Asia: Roles of credit rating and credit guarantee schemes". International Small Business Journal 38 (2020), 365-366.

129) Dayong Zhang and Qiang Ji. "Energy finance: Frontiers and future development." Energy Economics 83 (2019), 290-292.

130) Dayong Zhang. "Energy finance: Background, concept, and recent developments." Emerging Markets Finance and Trade 54.8 (2018), 1687-1692.

131) Yan Dong, Cijun Fan, and Dayong Zhang. "Does the introduction of stock index futures destabilize the spot market? Some cross-country evidence from Asia." The Chinese Economy 49.5 (2016), 374-394.

132) Dayong Zhang. "Understanding China from a household’s perspective: Studies based on the China Household Finance Survey (CHFS)." Emerging Markets Finance and Trade 52.8 (2016), 1725-1727.

133) Dayong Zhang. "Politics, finance, and economic fluctuations in China." Emerging Markets Finance and Trade 51.6 (2015), 1071-1073.

134) Li Gan and Dayong Zhang. "Economic and financial challenges and issues in the Asia-Pacific countries: Guest Editors' Introduction." Emerging Markets Finance and Trade 50.1 (2014), 118-119.

135) Yan Dong, Kui-Wai Li, and Dayong Zhang. "Comparing the determinants of outward investment from China and the United States." The Chinese Economy 44 (2011), 58-78.

Publications in Chinese journals

136) Ma Yanran, Wu Fei, Zhang Dayong, Ji Qiang, "Who is the key information driving China's crude oil futures price fluctuations?", Journal of Management Science (2024) Issue 1, 113-125.

137) Guo Kun, Bian Yuan, Zhang Dayong, "The Price of "Warmth": Climate Risks and Local Government Financing Costs", Environmental Economics Research (2023) Issue 3, 108-131.

138) Zhang Dayong, Chen Yingtong, Ji Qiang, "Climate Risk and Foreign Direct Investment: An Empirical Study Based on the City Level", Finance and Trade Research (2023) Issue 12, 1-13.

139) Zhang Dayong, Zhang Yuejun, Wang Yudong, Wang Qunwei, Ji Qiang "Disciplinary Connotation of Climate Finance: Chinese Practice and Hot Topic Frontier Research", Journal of Management Science (2023) Issue 8, 1-15.

140) Lei Lei, Zhang Dayong, Ji Qiang, "Common Institutional Shareholdings and Corporate ESG Performance", Economic Research (2023) Issue 4, 133-151.

141) Ji Qiang, Zhang Dayong, "Analysis of ideas for constructing my country's energy security system under the "dual carbon" goal", National Governance Weekly (2022) Issue 18, 22-26.

142) Zhang Dayong, "Strategic Analysis of Deepening the Reform of my country's Oil and Gas Market System and Mechanism", Environmental Economics Research (2022) Issue 3, 167-174.

143) Zhang Zhiwei, Zhang Dayong, Ji Qiang, and Sun Xiaolei, "Media Reports and Earnings Management of Commercial Banks", Management Review (2022) 34(10), 67-78.

144) Zhao Wanli, Fan Ying, Ji Qiang, Zhang Dayong, "Analysis of the heterogeneous impact of multi-source crude oil shocks on China's stock price - Evidence from the micro-firm level", Systems Science and Mathematics (2022) 42 (2), 255.

145) Ji Qiang, Zhao Wanli, Zhang Dayong, and Guo Kun, "The Impact of Climate Risk Perceptions on Financial Markets—Based on Micro-evidence at the Chinese Enterprise Level", Journal of Econometrics (2022) 2(3), 666-680.

146) Zhao Wanli, Fan Ying, Zhang Dayong, Ji Qiang, "Research on Financial Risk Spillover in "One Belt and One Road" Countries? Based on TENET Network Method", Systems Engineering Theory and Practice (2022) 42(1), 24-36.

147) Ji Qiang, Hu Min, Ma Yanran, Zhang Dayong, Guo Kun, "Research on the risk spillover effects of global digital currency fluctuations on China's financial assets", Management Review (2022) 34(2), 102.

148) Hu Min, Ma Yanran, Zhang Dayong, Ji Qiang, "Research on Information Transmission between China's Crude Oil Futures and International Benchmark Crude Oil", Journal of China University of Petroleum (Social Science Edition) (2021), Issue 5.

149) Li Jun, Zhang Dayong, Ji Qiang, Fan Ying, "Environmental Engel Curve of Implied Pollution Emissions from Household Consumption in China", China Population Resources and Environment (2021), Issue 7.

150) Zhang Dayong, Liu Qian, Ji Qiang, "Analysis of the Impact of Stock Analysts' Herding Behavior on the Synchronicity of Company Stock Prices", Chinese Management Science (2021), Issue 5, 55-64.

151) Ma Yanran, Hu Min, Zhang Dayong, Ji Qiang, "Research on extreme risk spillovers of crude oil futures and financial assets in my country", Environmental Economics Research (2020), Issue 3, 115-132.

152) Zhang Dayong, Zhang Zhiwei, "Competition and Efficiency—An Empirical Study Based on my country's Regional Commercial Banks", Financial Research (2019), Issue 4, 111-129.

153) Zhang Dayong, Ji Qiang, "Research on Dynamic Risk Spillover of China's Crude Oil Futures", Chinese Management Science (2018), Issue 11, 42-49.

154) Shi Xunpeng, Ji Qiang, Zhang Dayong, "Formation factors, evolution mechanism of international crude oil pricing and implications for the development of my country's crude oil futures", Environmental Economics Research (2018), Issue 3, 144-156.

155) Shi Min, Zhang Dayong, Zou Peijiang, David Broadstock, "The Efficiency of China's New Energy Industry: Analysis Based on DEA Method and Micro Data", Quantitative Economics and Technical Economics Research (2016), Issue 4, 60-77.

156) Zhang Dayong, Liu Ziyin, "Research on the Nonlinear Convergence Mechanism of China's Urban Housing Prices", Nankai Economic Research (2015), Issue 1, 16-33.

157) Zou Peijiang, Zhang Dayong, "China's Energy Accounting and the Interpretation of its TFP - Based on the Two-Sector Accounting Model and the EBA Method", Quantitative Economics and Technical Economics Research (2015), Issue 1, 97-113.

158) Zhang Dayong, Cao Hong, "Research on the Asymmetric Relationship between International Oil Prices and my country's Economic Growth", Quarterly Journal of Economics (2014), Issue 2, 699-722.

159) Zhang Dayong, Zou Peijiang, "Extended Limit Boundary Analysis Method Based on Forecasting Ability", Quantitative Economics and Technical Economics Research (2014), Issue 2, 99-112.

160) Zhang Dayong, "Application of Long-term Memory Model in Economics and Finance", Economic Data Translation Series (2013), Issue 2, 41-50.

161) Zhang Dayong, Cao Hong, "Household Wealth and Consumption: Analysis Based on Micro Survey Data", Economic Research (2012), Issue 1, 53-65.

162) Dong Yan, Zhang Dayong and Cai Dongliang, "Entering Africa--An Empirical Study on the Determinants of China's Investment in Africa", Quarterly Journal of Economics (2011), Issue 2, 675-690.

Research grants

     National Social Science Foundation, major project "Research on China's Oil and Gas Market Institutional Mechanism Reform Oriented to Energy Security" Approval No. 20&ZD110, 2021/1-2024/12, chief expert.

     National Natural Science Foundation of China, general project "Research on the Financialization of Energy Market and its Impact Mechanism on my country's Energy Risk Management" Approval No. 71974159, 2020/1-2023/12, supervised.

     National Natural Science Foundation of China project "Research on the Impact of International Oil Price Shocks on Resident Consumption in the Post-Financial Crisis Era" Approval No. 71573214, 2016/01-2019/12, in charge.

     Project commissioned by China National Petroleum Corporation: Research on the evaluation of the contribution of natural gas to high-quality regional economic development under price marketization. 2019-2020, principal researcher.

     Shanghai Futures Exchange: Research on crude oil futures risk transmission mechanism and functional performance indicator evaluation system. 2019-2020, principal researcher.

     British Academy "International Partnership and Mobility Scheme", Co-PI with Professor Alessandra Guariglia (University of Birmingham, UK). PM150028, co-PI.

     National Natural Science Foundation of China Youth Project, Approval No.: 11001224 "Statistical Inference Problems and Applications under Incomplete Samples", 2011/01-2013/12, Principal Researcher, Project Completed.

     ASEAN and East Asia Research Institute International Cooperation Project (ERIA): 2013 (East Asian energy market integration); 2014 (EAS countries' new energy financing issues); 2016 (ASEAN innovation policy research); 2017 (ASEAN, India and China’s energy poverty issues); 2018 (sustainable energy and development issues).

     Basic Research Funds for Central Universities of Southwestern University of Finance and Economics: 2013 (Analysis of China's Regional Energy Intensity and Policy); 2015 (Public Concern and my country's Environmental Issues); 2018 (Big Data and Energy Market Pricing)

      Southwestern University of Finance and Economics 211 Project Youth Research Fund Project "Empirical Analysis of Investment Choice and China's Economic Growth", 2011

Media articles

1) Looking at energy trade security from the Red Sea channel crisis. China Energy Network 2024-01-12.

2) The US and Europe's price-limiting ban on Russian oil is not conducive to globalization. 21st Century Economic Report (Nancai Express) 2022-12-01.

3) Build a family social responsibility system to support the “double carbon” goal. Guangming netwrok-Academic Channel 2022-11-18.

4) The explosion of the "Nord Stream" pipeline directly impacted the European energy pattern. 21st Century Economic Report (Nancai Express) 2022-10-09.

5) Looking at energy security and transformation from the European gas outage crisis. 21st Century Economic Report (Nancai Express) 2022-09-08.

6) We should take precautions to effectively control the impact of international oil prices on our economy. 21st Century Economic Report (Nancai Express) 2022-07-05.

7) High-quality development of new energy requires finance first. 21st Century Economic Report (Nancai Express) 2022-06-01.

8) There are many complexities behind the collapse of international oil prices. 21st Century Economic Report (Nancai Express) 2022-02-15.

9) From talking about core color to talking about core thinking. 21st Century Economic Report (Nancai Express) 2021-11-26.

10) Jointly release oil reserves—American-style subjugation. 21st Century Economic Report (Nancai Express) 2021-11-25.

11) Will international crude oil prices really continue to soar into the 100-yuan range? 21st Century Economic Report (Nancai Express) 2021-10-12.

12) The transformation of energy structure relies heavily on market mechanisms. 21st Century Economic Report (Nancai Express) 2021-09-28.

13Study notes | Completing China’s energy revolution in the new era goes beyond cleanliness and environmental protection. 21st Century Economic Report (Nancai Express) 2021-08-20.

14) There is an objective basis for the rise in oil prices, but it will not shake the future of the transformation of the oil and gas industry. 21st Century Economic Report (Nancai Express) 2021-7-2.

15) Cybersecurity alert as hackers attack U.S. fuel pipelines. 21st Century Economic Report (Nancai Express) 2021-05-12.

16) The international crude oil market is in turmoil again, where will oil prices go? 21st Century Economic Report (Nancai Kuaiyan) 2021-03-02.

17) Unable to survive alone, will Saudi Arabia give up on production cuts? 21st Century Economic Report (Nancai Express) 2020-09-10.

18) Special economic zones: practice modernization of governance and strive to be the vanguard of high-quality development. China Central Radio and Television, 2020-8-27.

19) How do negative oil prices affect financial markets and consumers? 21st Century Economic Report (Nancai Express) 2020-4-22.

20) OPEC holds a video conference, and we must be wary of the "visible hand" in the international oil market. 21st Century Economic Report (Nancai Express) 2020-4-9.

21) American factors in the international crude oil market. 21st Century Economic Report (Nancai Express) 2020-4-3.

22) Tongshan collapses in the west, Luo Zhong responds in the east—rethinking the plummeting oil prices. 21st Century Economic Report (Nancai Express) 2020-3-19.

23) Under the new crown epidemic, the turmoil in the international crude oil market may continue. 21st Century Economic Report (Nancai Express) 2020-3-9.

24) How much impact will the Saudi oil field attack have on the international oil market. 21st Century Economic Report (Nancai Express) 2019-9-16.

25) The intention behind the United States’ efforts to disrupt the international crude oil market. 21st Century Economic Report (Nancai Express) 2019-05-11.

26) Momentum is like a rainbow: China’s power in the international natural gas market. China Energy News, 2019-05-07.

27) The butterfly effect of the second revolution of shale oil. 21st Century Economic Report (Nancai Express) 2019-03-28.

28) Oil futures RMB trading requires patience. 21st Century Economic Report (Southern Financial Review) 2018-8-30.