Associate Professor ZHANG Weina
Deputy Director
NUS Business School, Dept of Finance
Zhang Weina is Deputy Director of the Sustainable and Green Finance Institute (SGFIN) at NUS and also the Academic Director for the MSc in Sustainable and Green Finance Programme. She is an Associate Professor with the Department of Finance at NUS Business School.
Weina’s current research focuses on sustainable and green finance and investment, impact valuation, net-zero commitments, just-transition finance, sustainable infrastructure and the development of sustainability tools for SMEs. Weina has published widely, including in leading journals such as Management Science and Review of Finance. She has also published more than 30 cases with teaching notes under IVEY. Her papers have received several best paper awards. Her case-writing contributions were recognised with the NUS Business School Case Impact Award in 2025.
Weina is a dedicated educator and currently teaches courses such as Sustainability and Finance and Sustainable and Green Investment at the master’s and undergraduate levels. She also teaches lifelong learning modules and conducts executive training in related areas.
Weina is the recipient of numerous teaching excellence awards at both NUS Business School and the University levels. She was placed on the University’s Honor Roll for 2024–2028. She is also the theme lead for Adult learning at NUS Teaching Academy. She obtained her Ph.D. in Finance from the Kellogg School of Management at Northwestern University, USA.
- Corporate Social Responsibility
- Social Entrepreneurship
- Sustainable and Green Finance
- Sustainable Investment
- Impact Valuation
- Energy Transition Finance
- Fixed Income Securities
- Asset Pricing and Investment
- Li, P., Or, F. X., Chhabra, Y., Kim, B., Yuan, Y., Loi, A., & Zhang, W. (2026).
Sustainability Integrated Valuation Toolkit for SMEs. - Broadstock, D. C., Shin, S., Zhang, W., & Sulaeman, J. (2026).
Understanding Net Zero Commitments by Singaporean Firms. - Zhang, W., Alexander, M., Zhang, F., Or, F. X., Jefferson, & Zhang, J. (2025).
Sustainable Business in Biofuels. - Jefferson, W., Zhang, W., Mueller, A., & Yang, C. (2024).
Integrated Impact Valuation Framework for Green Buildings. - Yuan, Y., Enerio, J., & Zhang, W. (2024).
A Guide to Sustainable Events: Singapore MICE Carbon Calculator. - Ang, V. S. W., Tay, D. Z. Y., & Zhang, W. (2023).
Impact Valuation of Energy Transition Projects in Asia: 2013–2022.
Selected recent publications
- Lam, S.-S., Zhang, H., & Zhang, W. (2020)
Does Policy Instability Matter for International Equity Markets?
International Review of Finance, 20: 155-196.
https://doi.org/10.1111/irfi.12222 - Lam, S.-S., Li, T. & Zhang, W. (2020)
Unveil the economic impact of policy reversals: the China experience
China Finance Review International, Vol. 10 No. 1, pp. 16-36.
https://doi.org/10.1108/CFRI-04-2018-0033 - Lam, S.-S., Zhang, W., Ang, A., & Jacob, G. H. (2019)
Reciprocity Between Financial and Social Performance in Microfinance Institutions.
Public Performance & Management Review. 43.
https://doi.org/10.1080/15309576.2019.1604386 - Truong, X. D., Huszár, Z. R., Tan, R. S. K., & Zhang, W. (2017)
The Information Value of Stock Lending Fees: Are Lenders Price Takers?
Review of Finance, Volume 21, Issue 6, Pages 2353–2377
https://doi.org/10.1093/rof/rfw075 - Kim, G.H., Li, H., & Zhang, W. (2017)
The CDS-Bond Basis Arbitrage and the Cross Section of Corporate Bond Returns.
Journal of Futures Markets, 37 (8), pp. 836-861.
https://doi.org/10.1002/fut.21845 - Huszár, Z. R., Tan, R. S. K., & Zhang, W. (2017)
Do short sellers exploit industry information?
Journal of Empirical Finance, Volume 41, Pages 118-139, ISSN 0927-5398
https://doi.org/10.1016/j.jempfin.2016.10.001 - Kim, G. H., Li, H., & Zhang, W. (2016)
CDS-bond basis and bond return predictability
Journal of Empirical Finance, Volume 38, Part A, Pages 307-337, ISSN 0927-5398
https://doi.org/10.1016/j.jempfin.2016.07.006. - Agarwal, S., Chen, V. Y. S., & Zhang, W. (2016)
The Information Value of Credit Rating Action Reports: A Textual Analysis
Management Science, Volume 62 (8), Pages 2218-2240
https://doi.org/10.1287/mnsc.2015.2243 - Chen, L., Zhang, G., & Zhang, W. (2016)
Return predictability in the corporate bond market along the supply chain
Journal of Financial Markets, Elsevier, Volume 29(C), Pages 66-86.
https://doi.org/10.1016/j.finmar.2016.03.005 - Huszár, Z.R., Tan, R.S.K., & Zhang, W. (2016)
Efficiency of Regulated and Unregulated FOREX Markets: An Analysis of Onshore and Offshore Renminbi Forward Markets
The Political Economy of Chinese Finance (International Finance Review, Vol. 17), Emerald Group Publishing Limited, Bingley, pp. 371-392
https://doi.org/10.1108/S1569-376720160000017019 - Lam, S.-S. & Zhang, W. (2015)
The moderating effect of bureaucratic quality on the pricing of policy instability
China Finance Review International, Vol. 5 No. 3, pp. 303-334.
https://doi.org/10.1108/CFRI-01-2015-0001 - Lam, S.-S., Zhang, W., & Jacob, G. H. (2015)
The mispricing of socially ambiguous grey stocks
Finance Research Letters, Volume 13, Pages 81-89, ISSN 1544-6123,
https://doi.org/10.1016/j.frl.2015.02.010 - Fan, G.-Z., Huszár, Z. R., & Zhang, W. (2014)
Corporate Governance in Chinese Real Estate Firms.
SSRN Electronic Journal.
https://doi.org/10.2139/ssrn.2427138 - Fan, G.-Z., Huszár, Z. R., & Zhang, W. (2013)
The Relationships between Real Estate Price and Expected Financial Asset Risk and Return: Theory and Empirical Evidence
Journal of Real Estate Finance and Economics, 46 (4), pp. 568-595.
https://doi.org/10.1007/s11146-012-9376-x - Lam, S.-S., Zhang, W., & Lee, R.R.C. (2013)
The Norm Theory of Capital Structure: International Evidence
International Review of Finance, 13 (1), pp. 111-135.
https://doi.org/10.1111/j.1468-2443.2012.01154.x - Goh, J.W., Lim, K.G., Sim, M., & Zhang, W. (2012)
Portfolio value-at-risk optimization for asymmetrically distributed asset returns
European Journal of Operational Research, 221 (2), pp. 397-406.
https://doi.org/10.1016/j.ejor.2012.03.012
- Zhang, W., Tan, R. (2020)
Singapore’s coordinated battle against the pandemic
Impact Of Covid-19 On Asian Economies And Policy Responses, Chapter 13, pp. 89-95.
https://doi.org/10.1142/9789811229381_0013 - Lam, S.-S., Zhang, W., & Chien, C. Y. K. (2018)
Can Corporate Social Responsibility Fill Institutional Voids?
Firm Value, InTechOpen, Chapter 5
https://doi.org/10.5772/intechopen.76164 - Huszar, Zsuzsa R., Zhang, Weina, Tan, Ruth Seow Kuan (2015)
Efficiency of Regulated and Unregulated FOREX Markets: An Analysis of Onshore and Offshore Renminbi Forward Markets
International Finance Review, Vol. 17, The Political Economy of Chinese Finance, Emerald Publishing
https://doi.org/10.1108/S1569-376720160000017019