Yifei ZHANG
Dr. Yifei ZHANG
Economics
Senior Lecturer
BEcon/BEcon & Fin Deputy Programme Director and Admissions Tutor

3910 3102

KK 1332

Academic & Professional Qualification
  • Ph.D. in Economics, The Chinese University of Hong Kong
  • M.A. in Economics, The State University of New York at Albany
  • B.Sc. (Honors) in Applied Mathematics, Hong Kong Baptist University
Biography

Dr. Yifei Zhang is a senior lecturer at the HKU Business School. Prior to joining the University of Hong Kong, he taught at the Hong Kong Polytechnic University and Beijing Normal University-Hong Kong Baptist University United International College.

Dr. Zhang’s research interests include Chinese Economy, Development Economics, and Political Economy. Upon graduation, he did Ph.D. internship at the Hong Kong Institute for Monetary Research (HKIMR) and worked at the Chinese University of Hong Kong as a postdoctoral fellow. His works appear in peer-reviewed journals such as Journal of Comparative Economics, Economics Letters, Small Business Economics, China Economic Review, etc.

Dr. Zhang has experience teaching various economics courses, such as Chinese Economy, Econometrics, Game Theory, etc. He also has a passion for supervising and collaborating with his students. The co-authored works have been published in academic journals such as: Journal of Comparative Economics, Economics Letters, Small Business Economics, Applied Economics, International Review of Economics & Finance, and International Studies of Economics.

Research Interest
  • Chinese Economy
  • Development Economics
  • International Finance
  • Political Economy
Selected Publications

Selected Working Papers

  • Du, J., & Zhang, Y. ISDS Disputes, Adjudications and Cross-Border M&As. R&R at Journal of Corporate Finance.
  • Ashton, J., Wang, Y., & Zhang, Y. “Does Mutual Fund Ownership Increase Corporate Environmental Spending?” R&R at Journal of Business Research.

Journal Articles

  • Liu, Y., Zhang, Y., Yang, Y., & Chen, X. Dark Side of Environmental Regulation: Wage Inequality Cost. Journal of Comparative Economics, 51(2), 524-544.
  • Liu, Y., Zhang, Y., Zhang, Y., & Xiao, H. (2022). Small business owners’ Fintech credit in crises: Theory and evidence from farmers under the COVID-19. Pacific-Basin Finance Journal, 71, 101692.
  • Liu, Y., Zhang, Y., Fang, H., & Chen, X. (2022). SMEs’ line of credit under the COVID-19: evidence from China. Small Business Economics, 58(2), 807-828.
  • Wang, Y., Zhang, Y., Kang, W., & Ahmed, A. H. (2022). Female analysts and COVID-19 corporate donation. Emerging Markets Review, 100941.
  • Zhang, Y., Liu, Y., Zhang, Y., & Chen, X. (2022). Globalization blueprint and households’ fintech debt: Evidence from China’s One Belt One Road initiative. International Review of Economics & Finance, 79, 38-55.
  • Chen, X., Fang, H., Liu, Y., & Zhang, Y. (2022). Does Chinese policy banks’ overseas lending favor Belt Road Initiative countries?. International Studies of Economics.
  • 张云, 刘芸, & 章逸飞. (2022). “房住不炒” 政策的股市溢出效應 ——包含房產要素的動態均衡模型與資產定價研究. 系統工程理論與實踐, 865-878.
  • Liu, Y., Zhang, Y., Chen, X., & Yang, Y. (2021). Superstition and farmers’ life insurance spending. Economics Letters, 206, 109975.
  • Xiao, H., Chen, X., Fang, H., & Zhang, Y. (2021). Insider share pledging and firm value consequences under the COVID-19: evidence from China. Applied Economics, 53(56), 6522-6534.
  • Chen, X., Xiao, H., & Zhang, Y. (2021). To what extent did independent directors help firms’ recovery during the COVID-19 pandemic? Evidence from China. Applied Economics, 53(38), 4464-4480.
  • Wang, Y., & Zhang, Y. (2020). Do state subsidies increase corporate environmental spending?. International Review of Financial Analysis, 72, 101592.
  • Du, J., & Zhang, Y. (2018). Does one belt one road initiative promote Chinese overseas direct investment?. China Economic Review, 47, 189-205. (Elsevier Awards for the Best Papers published in China Economic Review in 2018.)

Book Chapters

  • Wang, Y., Zhang, Y., & Chen, X. (2023). “Detecting financial statement fraud using the machine learning methods.” FinTech Research and Applications: Challenges and Opportunities. World Scientific.
  • Du, J., & Zhang, Y. (2022). “In Fear of Trojan Horse? China’s Cross-Border Acquisitions in Europe amid the One-Belt-One-Road Initiative.” China and the Belt and Road Initiative: Trade Relationships, Business Opportunities and Political Impacts. Springer: Understanding China Series.
  • Du, J., Fang, H., & Zhang, Y. (2021). “One Belt One Road Initiative and China’s Overseas Lending.” Belt and Road Initiative (BRI): China’s Global Business Footprint. Centre for Business & Economic Research.
  • Du, J., & Zhang, Y. (2019). “One Belt One Road Initiative and China’s Overseas Direct Investment.” In Yuan Li, Markus Taube (Ed.), How China’s Silk Road Initiative is Changing the Global Economic Landscape (pp. 130-165). Routledge.
Recent Publications
Corporate Greenwashing and Regulatory Response

Are “green products” necessarily environmentally friendly? Not really. Since going green is beneficial to the brand and its profit, some companies will exaggerate the environmental protection effects of their products or services by providing false information to mislead the public. This is known as "greenwashing".

Corporate Greenwashing and Regulatory Response

Are “green products” necessarily environmentally friendly? Not really. Since going green is beneficial to the brand and its profit, some companies will exaggerate the environmental protection effects of their products or services by providing false information to mislead the public. This is known as "greenwashing".

The Development of Climate-related Risk Disclosure Reaches a New Milestone

Intensifying extreme weather driven by global warming has severe socioeconomic impacts. In March 2024, the U.S. implemented nationwide climate disclosure rules for listed firms and in 2023 Hong Kong also strengthened oversight for transparency. While disclosures offer companies long-term benefits like reputational gains and risk mitigation, they incur costs and data leak risks. As regulations evolve, investors should integrate environmental, social, and governance (ESG) factors, cost-control strategies for sustainable returns.

The Development of Climate-related Risk Disclosure Reaches a New Milestone

Intensifying extreme weather driven by global warming has severe socioeconomic impacts. In March 2024, the U.S. implemented nationwide climate disclosure rules for listed firms and in 2023 Hong Kong also strengthened oversight for transparency. While disclosures offer companies long-term benefits like reputational gains and risk mitigation, they incur costs and data leak risks.

The Implications of International Investment Arbitration for Hong Kong Enterprises

投資者與國家爭議解決機制(Investor-State Dispute Settlement,簡稱ISDS)是一種解決跨國投資爭議的法律程序,準許外國投資者在投資所在地出現投資項目的爭議時,透過國際仲裁機構或調解員( 而不是當地法院)來解決問題。 ISDS通常作為雙邊投資協定或其他國際投資協定的一部分,為外國投資者提供保護,以確保其在東道國的投資免受不公平待遇、歧視或不當幹預。

A Review and Outlook of Hong Kong Companies’ Investments in Belt and Road Countries

「一帶一路」倡議是絲綢之路的現代化版本,自2013年由中國提出以來,已成為國際合作的新典範;內容包括陸上「絲綢之路經濟帶」和「二十一世紀海上絲綢之路」兩大部分,覆蓋亞洲、歐洲和非洲大小各國和地區。倡議的主要目標是促進全球互聯互通和共同協作,強化各地之間的政策溝通、設施聯通和貿易合作。2023年迎來這份藍圖的第10個年頭以及嶄新的發展機遇,預計將為全球經濟治理產生更積極和深遠的影響。

A Review and Outlook of Hong Kong Companies’ Investments in Belt and Road Countries

「一帶一路」倡議是絲綢之路的現代化版本,自2013年由中國提出以來,已成為國際合作的新典範;內容包括陸上「絲綢之路經濟帶」和「二十一世紀海上絲綢之路」兩大部分,覆蓋亞洲、歐洲和非洲大小各國和地區。倡議的主要目標是促進全球互聯互通和共同協作,強化各地之間的政策溝通、設施聯通和貿易合作。2023年迎來這份藍圖的第10個年頭以及嶄新的發展機遇,預計將為全球經濟治理產生更積極和深遠的影響。