Faculty of Graduate and Postdoctoral Studies

Dr. Zhen Qi honoured with the UM Distinguished Dissertation Award in Social Sciences for groundbreaking work in climate and international finance 

The University of Manitoba recognizes exceptional contributions to understanding global financial risk amid climate change.

Dr. Zhen Qi
Estimated Read Time:
3 minutes
Dr. Zhen Qi, 2025 UM Distinguished Dissertation award winner in Social Sciences.
Dr. Zhen Qi, 2025 UM Distinguished Dissertation award winner in Social Sciences.
Estimated Read Time:
3 minutes

The Faculty of Graduate and Postdoctoral Studies is proud to announce Dr. Zhen Qi, a graduate of the Asper School of Business, as a recipient of the Distinguished dissertation award in social sciences for his PhD thesis “Three Essays on Climate Finance and International Finance.”

This award recognizes his doctoral research that explores how cutting-edge machine learning models can improve the predictability of international corporate bond returns, how climate change affects financial markets worldwide, and how better information about climate risks can enhance financial decision-making. October 8 marks World Financial Planning Day, a fitting backdrop to celebrate Dr. Qi’s award and research.

We asked Dr. Qi about what this award means to him, and to learn more about his research journey.

Can you briefly describe your dissertation research in plain language for readers who may not be experts in your field?

My dissertation explores how climate change affects financial markets and how we can use advanced data techniques, like machine learning, to better understand and predict corporate bond returns. I also study how banks and investors respond to climate risks and how companies’ disclosure of these risks affects financial decisions.

What was the most challenging aspect of your research?

One of the biggest challenges was working with complex international financial data and integrating climate risk measures in a meaningful way. Ensuring that the models accurately captured both financial and climate-related factors required careful work and extensive validation. Another challenge was learning to use the advanced and often complex machine learning models effectively.

What inspired you to focus on this particular research topic?

I was inspired by the increasing urgency of climate change and its economic impact, as well as the rapid development of AI in recent years. I wanted to understand how climate risks translate into financial risks, how better information and transparency can help markets make smarter decisions, and whether—and how—advanced machine learning tools can improve the predictability of asset returns.

Did you encounter any unexpected discoveries or surprises along the way?

Yes. For example, I found that in the U.S., borrowing costs for high-risk firms decrease when companies voluntarily disclose more climate risk information and following SEC climate risk disclosure guidance, whereas non-climate-specific ESG requirements in other countries have little impact. This underscores the importance of targeted climate risk disclosure for financial decision-making and risk management. In addition, the predictive performance of machine learning models declined significantly after the onset of the COVID-19 pandemic, suggesting a structural shift in the informativeness of traditional bond characteristics.

“I am truly honoured to receive the Distinguished Dissertation Award in Social Sciences from the University of Manitoba. I am grateful to the university for its support during my PhD and especially to Dr. Lei Lu for his invaluable guidance. My research explores how climate change affects financial markets and how machine learning can improve our understanding of financial risk. In my current role at Western University, I continue to study climate risk disclosures and corporate finance to provide actionable insights for policymakers, investors, and financial institutions worldwide.”stated Dr. Qi, when announced as one of this year’s UMDD awards.

Dr. Zhen Qi

Why is your research important, and how could it impact your field or society at large?

My research helps us better understand the financial risks posed by climate change and provides valuable insights for investors, banks, and policymakers. By enhancing risk assessment and transparency, it can contribute to more resilient financial systems and support decision-making that accounts for both economic and environmental factors. Additionally, my work on machine learning sheds light on how advanced models can improve return predictability, with important implications for investment strategies.

Dr. Qi’s advisor, Dr. Lei Lu from the Department of Accounting and Finance at the Asper School of Business said “I am truly delighted to see Dr. Zhen Qi receive the Distinguished Dissertation Award in Social Sciences. Zhen’s curiosity, dedication, and integrity have always impressed me, alongside his outstanding research. His work on climate finance not only advances academic scholarship but also provides valuable insights for policymakers, investors, and society as a whole. “

“This is an outstanding example of research that is at the forefront of finance with the additional layer of climate science which broadens the impact of this work.” said the Dr. Kelley Main, Dean of the Faculty of Graduate and Postdoctoral Studies. “Congratulations to Dr. Qi on this well-earned recognition for his important and timely research.”

The University of Manitoba’s Distinguished Dissertation Award is given annually to a graduate student who has made significant contributions to their field of study through innovative research. The award recognizes dissertations that advance knowledge and scholarship in meaningful ways.

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FGPS