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Dr Chenyan Lyu

Dr Chenyan Lyu

Postdoctoral Research Fellow in Finance and Accounting

+44 (0) 7410398312

Streatham Court, University of Exeter, Rennes Drive, Exeter, EX4 4PU, UK

Dr. Chenyan Lyu joined the University of Exeter Business School as a Postdoctoral Research Fellow in Sustainable Finance in March 2023. Chenyan has obtained a Ph.D. in Economics, MSc in Finance, and BSc in Forestry and Agriculture.

Chenyan has expertise in sustainable finance, energy economics, financial economics, and macroeconomics. Her current research focuses on the co-benefits of carbon pricing, carbon market integration, energy markets, and climate justice.

She worked as a Research and Teaching Assistant at the Department of Economics, Copenhagen Business School from 2020 to 2022. She has been a visiting researcher at the Florence School of Regulation, the European University Institute (Italy), and the University of Groningen (the Netherlands) in 2022.

Chenyan received several awards and grants during her Ph.D. They include the William Demant Fonden Studieophold (Denmark, 2022), Otto Mønsteds Fond Travel Grant (Denmark, 2022), and Augustinus Fonden Grant (Denmark, 2022). Chenyan’s single-authored paper received the Award of Best Student Paper at the International Association of Energy Economics conference 2022 (in Tokyo), the largest and most important conference in the field of energy economics. 


  • PhD in Economics (Department of Economics, Copenhagen Business School) - 2022
  • MSc in Finance (University of Southampton) - 2018
  • BSc in Agriculture and Forestry (Beijing Forestry University) - 2017


Research interests

  • Sustainable Finance
  • Energy Economics
  • Financial Econometrics
  • Macroeconomics

It became clear that using cost-effective mitigation strategies was a priority in climate change, for instance, carbon pricing. Chenyan’s research mainly focuses on the carbon financial market as the carbon market is believed to be one of the most important policy instruments to meet global net-zero CO2 emissions target. The carbon market derivates are often used by industry companies as core assets when seeking investments that meets the ESG standards. Her research included in-depth, quantitative studies of the carbon derivatives market, green bond market, and the energy markets.

Research projects

Chenyan is working on the project:

1.  The RBC Global Asset Management Sustainable Investment Research Programme at Exeter Sustainable Finance Centre (ESF) 

2. Assessing Substitution or Complementarity Between Carbon Market and Green Bond Market (PI- Dr. Chenyan Lyu; Co-I: Prof Chendi Zhang, Dr. Pu Yang) (Funded by British Academy/Leverhulme Small Research Grants SRG 2023)

Key publications | Publications by category | Publications by year

Publications by category

Journal articles

Lyu C, Jamasb T, Spanholtz JPG (2022). The long COVID of energy markets and prices. European Journal of Economics and Economic Policies: Intervention, 11(1). DOI.

Publications by year


Lyu C, jamasb T, Do HX, Nepal R (2023). Volatility Spillovers and Carbon Price in the Nordic Wholesale Electricity Markets.  Abstract. DOI.


Lyu C (2022). Dynamics of Regional Carbon Markets in China.  Abstract. DOI.
Lyu C, Scholtens B (2022). Is the Global Carbon Market Integrated? Return and Volatility Connectedness in ETS Systems.  Abstract. DOI.
Lyu C, Jamasb T, Spanholtz JPG (2022). The long COVID of energy markets and prices. European Journal of Economics and Economic Policies: Intervention, 11(1). DOI.