Improving green investment decision-making secures kudos for PhD graduate

Bayes Business School PhD graduate Dr Zixuan (Jack) Zhang has secured an international award for his research around actuarial science.

The Dimitris N. Chorafas Foundation Awards recognise outstanding work in selected fields of engineering, medicine, and natural sciences. The judges look for research that is both significant and has good potential for practical application. The prize is open to new PhD graduates and students in their final year of doctoral research at 23 universities across Europe, North America and Asia.

Zixuan is the sixth Bayes student to be recognised by the foundation since 2017.

The judges recognised that his research provides practical approaches for effective decision-making in the century’s biggest challenges – such as climate change. After all, firms operating in deregulated markets – and governments – need to make sound investment decisions given the huge sums involved in building a more sustainable energy infrastructure.

Zixuan explains:

“My research sets out an approach for improving investors’ decision-making about capital investment in renewable energy technology and related R&D during a period of great market uncertainty. It can also help governments design more effective subsidy policies that balance economic growth with social welfare, leading to more equitable and prosperous societies.

"This helps risk-averse businesses make more informed and resilient investment decisions when operating under uncertainty, leading to more stable economic growth and reducing the likelihood of costly project failures, ultimately benefiting employees, investors and communities. This means that resources for complex projects that span many years can be allocated efficiently – minimizing waste and maximizing returns.

"That approach contributes to the sustainable development of industries and the economy as a whole.”

Zixuan, who is now working as a capital modelling risk analyst for insurance giant AIG, said he was proud and pleased to have his thesis recognised.

“I am deeply honoured to receive the Dimitris Chorafas Prize, and it is a great pleasure to have my research recognised in this way. This acknowledgement inspires me to continue expanding the boundaries of my knowledge throughout my life and to keep learning. I would like to extend my heartfelt thanks to my supervisors, Dr Michail Chronopoulos, Dr Dimitrina Dimitrova and Professor Ioannis Kyriakou. Their invaluable guidance and support have made this achievement possible.”

Curiosity and consistency in the face of covid

Dr Dimitrova said: “This is a great recognition of Dr Zhang’s excellent research and the quality of our PhD programmes at Bayes. As a co-supervisor and Director of the PhD programme in Actuarial Science, I am very proud he is one of the latest recipients of this highly prestigious award.

“He is a committed and rigorous individual who always seeks to immerse himself in new areas of knowledge. He has remarkable curiosity and consistency in achieving the ambitious goals he sets himself. He achieved all that despite the covid pandemic hitting during his first year as PhD student.”

Professor Kyriakou, who won the same award himself in 2009, added: “Zixuan’s dedication, resilience, and passion for discovery have led to this remarkable and well-deserved achievement – his potential is boundless.”

During his final two years at Bayes, as well as working on the thesis he defended last October, Zixuan submitted four research articles, two of which have already been published in top academic journals in operational research and risk analysis, and have been presented at national and international seminars and conferences.

Read more about the PhD in Actuarial Sciences programme at Bayes.