Research

Research Interests

• Sustainable finance 

• Empirical corporate finance & governance 

• Financial contagion

• Applications of textual analysis and machine learning in finance

Publications  [Google Scholar]

2026:

• "The Role of Ecotourism in Regional Environmental Transformation: Evidence from Chinese Cities" (with F. Horky, B. Liu and J. Zhan), 

 Management Decision, accepted.

•  Unemployment Insurance and ESG" (with H. Hoque and Y. Liang),

 Finance Research Letters, Volume 107.

• "Assessing the Effect of Climate Policy Uncertainty on Corporate Carbon Cost Leadership Strategy: Evidence from China" (with Z. Chu, W. Tan and Z. Xia),

 Energy Economics, Volume 154.

2025:

• "When Climate Policies Waver: Firms, Debt, and the Investment-Financing Maturity Mismatch" (with B. Liu, J. Liu, J. Ma and C. Tan), 

 Finance Research Letters, Volume 85.

• "Determinants of FinTech Equity Funding Flows: Evidence from a Global Perspective" (with M. Z. Abedin, D. A. Adu, S. Barua and U. Golder),

 International Journal of Finance & Economics, Volume 30.

• "Financing Sustainability: Sustainable Institutional Investors and Bank Loan Access" (with S. Li, L. Qiao and Z. Wang), 

 Journal of International Money and Finance, Volume 157.

2023:

• "An Examination of Green Bonds as a Hedge and Safe Haven for International Equity Markets" (with B. M. Lucey and Q. Luo), 

 Global Finance Journal, Volume 58.

• "Time-Varying Tail Risk Connectedness Among Sustainability-Related Products and Fossil Energy Investments" (with B. M. Lucey), 

 Energy Economics, Volume 126.

• "Herding in the Chinese Renewable Energy Market: Evidence from a Bootstrapping Time-Varying Coefficient Autoregressive Model" (with B. M. Lucey),

 Energy Economics, Volume 119.

2022:

• "Do Clean and Dirty Cryptocurrency Markets Herd Differently?" (with B. M. Lucey), 

 Finance Research Letters, Volume 47.

• "A Clean, Green Haven?—Examining the Relationship Between Clean Energy, Clean and Dirty cryptocurrencies" (with B. M. Lucey),

 Energy Economics, Volume 109.

2021:

• "Does News Tone Help Forecast Oil?" (with B. M. Lucey), 

 Economic Modelling, Volume 104.

Working Papers

1. "Macro-Financial Conditions and Sponsor and Underwriter Heterogeneity in Primary Market CAT Bond Spread Formation" (with F. Horky, B. M. Lucey and S. Mitra),

 Revise & Resubmit (R4)

2. "Incentivising Openness: Executive Pay Structures and Firms’ Open Innovation Strategies" (with H. Hoque and C. Xiao),  

 Revise & Resubmit (R2)

3. "How CEO Regulatory Focus Affects Open Innovation?" (with  C. Qi and J. Xie), 

 Revise & Resubmit (R1)

4. "Labour Unions and Automation Technologies" (with S. Li, Z. Wang and Y. Zheng), 

 Revise & Resubmit (R1)

5. "Biodiversity Risk and Informal Financing: Evidence from Trade Credit in Supply Chains" (with S. Li and Y. Sha),

 Available at SSRN: https://ssrn.com/abstract=5503559 

 Revise & Resubmit (R1)

6. "Why Do CEOs Lie? The Impact of CEO Regulatory Focus on CEO Deception" (with J. Xie), under review

7. "Computing Power Infrastructure and Urban Entrepreneurial Vitality: Evidence from Chinese Cities'' (with Z. Chu and W. Tan), under review

8. "Global Systemically Important Banks' Credit Connectedness", in progress

Research Grants

• BA/Leverhulme Small Research Grants SRG 2026 Round (Principal Investigator, £10,000) [Link]

• Knowledge Generation Projects 2024, Spain’s Ministry of Science, Innovation and Universities (Investigator, €187,500)