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Dr Dongna Zhang

Assistant Professor

School: Newcastle Business School

I hold a Ph.D. in Economics from the University of York, UK. My research interests and expertise spanning financial economics, energy economics, macro-finance, empirical asset pricing, and corporate finance. I am dedicated to investigating various aspects of financial economics, including firm investment, intangibles, and the incorporation of Environmental, Social, and Governance (ESG) factors in investment decisions. With a strong quantitative background, I employ rigorous empirical analysis to examine market behavior, asset pricing dynamics, and the relationships between financial variables and real-world phenomena. My research findings have shed light on key issues such as the UK under-investment puzzle, climate risk, green finance, and industrial strategy, offering policy implications that can shape effective strategies and approaches.

Dongna Zhang

Research Themes and Scholarly Interests

My research encompasses a diverse range of areas, including financial economics, energy economics, macro-finance, empirical asset pricing, and corporate finance. Through my research endeavors, I have contributed to understanding the intricacies of the UK under-investment puzzle and has offered valuable policy implications pertaining to industrial strategy. By exploring these multifaceted fields, I aim to deepen our understanding of financial dynamics, energy markets, and economic systems, ultimately providing insights that can inform strategic decision-making, policy formulation, and sustainable economic growth. 

Key Publications

  • Please visit the Pure Research Information Portal for further information
  • AI and carbon pricing in turbulent times: Navigating market dynamics for a sustainable future, Elsayed, A., Khalfaoui, ., Zhang, D., Urquhart, A. 1 Nov 2025, In: International Review of Financial Analysis
  • Balance of payments and currency policy in China's development, Carnevali, E., Passarella, M., Zhang, D. 1 Sep 2025, In: Structural Change and Economic Dynamics
  • Do green assets enhance portfolio optimization? A multi-horizon investing perspective, Zhang, D., Dai, X., Wang, Q. 1 Sep 2025, In: British Accounting Review
  • Financial Deepening, Financial Inclusion, and Agricultural Investment: Evidence from International Panel Data, Zhang, D., He, Z., Morgan, P. May 2025
  • Multi-timescale resilience of China's green finance market to climate policy uncertainty shock: Does environmental policy stringency matter?, Wang, B., Zhang, D., Xue, J., Wang, Q. 1 Nov 2025, In: Journal of Environmental Management
  • Emissions Prices, Commodity Futures, Equity Prices, and Geopolitical Risks Dependence Structure: Implications for Portfolio Diversification, Lau, C., Soliman, A., Zhang, D., Apergis, N. 13 Nov 2024, In: Emerging Markets Finance and Trade
  • Energy Price Inflation, Geopolitical Risk, and Bitcoin Dependence Structure: Evidence from BRICS, Lau, C., Soliman, A., Zhang, D. 25 Sep 2024, In: Emerging Markets Finance and Trade
  • Incorporating weather information into commodity portfolio optimization, Zhang, D., Dai, X., Xue, J. 1 Aug 2024, In: Finance Research Letters
  • Support Policies for Small Businesses During the Covid-19 Crisis: Evidence from Club Convergence Clustering Approach, Lau, C., Zhang, D., Gozgor, G. 19 Feb 2024, In: Emerging Markets Finance and Trade
  • Tail risk spillover network among green bond, energy and agricultural markets under extreme weather scenarios, Xue, J., Dai, X., Zhang, D., Nghiem, X., Wang, Q. Nov 2024, In: International Review of Economics and Finance

PGR Supervision

  • Babar Ahmad Climate Transition Risk and Banking; The Prudential Effect in the United states and United Kingdom Start Date: 01/10/2023 End Date: 17/10/2025
  • Babar Ahmad Climate Transition Risk and Banking; The Prudential Effect in the United states and United Kingdom Start Date: 01/10/2023

Qualifications

Economics PhD

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