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.

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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

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
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