Dr Zhang Changyong

Dr. ZHANG Changyong
PhD, MPhi, MSc, BEng
Associate Professor

Contact Details
Telephone: +60 85 630100 ext: 2743 Fax: +60 85 630088
Location: Heron 2 Room 19
Email: changyong.zhang@curtin.edu.my
Staffportal: https://staffportal.curtin.edu.au/staff/profile/view/Changyong.Zhang

 

Bio

Changyong Zhang earned a Bachelor of Engineering in Mechanical Engineering and Automation from South China University of Technology, a Master of Science in High Performance Computation for Engineered Systems from National University of Singapore (Singapore-MIT Alliance) (Advisor: Jie Sun), a Master of Philosophy in Network Planning and Optimisation from Imperial College London (Advisor: Robert Rodošek), and a Doctor of Philosophy in Applied Mathematics from the University of Southern California (Advisor: Remigijus Mikulevičius).

Prior to joining Curtin University Malaysia in 2015 as an associate professor in the Department of Finance and Banking, Changyong Zhang had been affiliated with Xi’an Jiaotong-Liverpool University as a lecturer in the Department of Mathematical Sciences, the University of Leoben as a postdoctoral researcher in the Department of Mathematics and Information Technology (Advisor: Erika Hausenblas), and Uppsala University as a postdoctoral researcher in the Department of Mathematics (Advisor: Kaj Nyström). At present, Changyong Zhang also serves as the Secretary of the Asian Regional Standing Committee of the Econometric Society.

Along with teaching experience in Finance and Mathematics related courses, Changyong Zhang’s research interests lie in interdisciplinary fields, including Financial Economics, Operations Research, and Stochastic Analysis, with papers being published in a number of ABDC-ranked and WoS-indexed journals.

 

Research

Curtin University Malaysia                                                                                                                          Miri

Department of Finance and Banking, Principal Investigator / Co-Investigator                         Apr 2016 – Present

• A Deep Learning Based Application for Asset Pricing and Portfolio Optimization Incorporating Option Valuation (SDEC: Sarawak Digital Economy Corporation Translational Research Grant Scheme)

• Measuring and Forecasting Systemic Risk in Islamic and Conventional Financial Institutions Using Machine Learning (CMHDR: Curtin Malaysia Higher Degree Research Grant)

• Machine Learning for Capital Market Research and Portfolio Optimization (CMHDR: Curtin Malaysia Higher Degree Research Grant)

• A Dynamic General Equilibrium Model to Mitigate Greenhouse Gas Emissions: The Malaysian Agriculture Sector (FRGS: Fundamental Research Grant Scheme)

• Weak Euler Approximation for Stochastic Differential Equations with Applications in Finance (CSCRS: Curtin Sarawak Collaborative Research Scheme)

 

Uppsala University                                                                                                                                         Uppsala

Department of Mathematics, Postdoctoral Researcher                                                                   Aug 2012 – Oct 2014

• Liquidity Risk — High Frequency Data and Algorithmic Trading (RJ: Riksbankens Jubileumsfond – The Swedish Foundation for Humanities and Social Sciences)

 

University of Leoben                                                                                                                                      Leoben

Department of Mathematics and Information Technology, Postdoctoral Researcher          Feb 2012 – Jul 2012

• Nonlinear Filtering with Respect to Levy Noise (FWF: Fonds zur Forderung der wissenschaftlichen Forschung – Austrian Science Fund)

 

University of Southern California                                                                                                             Los Angeles

Department of Mathematics, Graduate Assistant                                                                              Aug 2005 – Dec 2010

• Numerical Weak Approximation of Stochastic Differential Equations Driven by Lévy Processes

 

Imperial College London                                                                                                                              London

Centre for Planning and Resource Control, Graduate Assistant                                                     Oct 2002 – Jun 2005

• A Dynamic Decomposition Method for the Unique-Path OSPF Weight Setting Problem

 

National University of Singapore                                                                                                              Singapore

Singapore-MIT Alliance, Internship Researcher                                                                                   Jan 2001 – May 2001

• A Heuristic for Real-Time Container Load Sequencing (PSA International Pte Ltd)

 

Teaching

Curtin University Malaysia

Department of Finance and Banking, Associate Professor                                       Aug 2015 – Present

• Corporate Finance (Fall 2015, Spring 2017, Fall 2017, Spring 2018, Spring 2019, Spring 2020, Spring 2021, Spring 2022, Fall 2022, Spring 2023, Fall 2023)
• Introduction to Finance Principles (Spring 2016, Fall 2016, Spring 2018)
• Introduction to Derivative Securities (Spring 2019, Fall 2019, Spring 2020, Fall 2020, Spring 2021, Fall 2021, Spring 2022, Fall 2022, Spring 2023, Fall 2023)
• Introductory Business Financial Modelling (Fall 2015, Spring 2016, Fall 2016, Spring 2017, Fall 2017, Fall 2018, Fall 2019, Fall 2020, Fall 2021)

Xi’an Jiaotong-Liverpool University

Department of Mathematical Sciences, Lecturer                                                      Sep 2011 – Jan 2012

• Engineering Mathematics (Fall 2011)
• Mathematical Reasoning, Logic and Problem Solving (Fall 2011)

University of Southern California                                                          

Department of Mathematics, Teaching Assistant                                                    Aug 2006 – Dec 2010

• Basic Mathematical Skills (Fall 2006, Fall 2010)
• Calculus II (Spring 2007, Fall 2008)
• Fundamental Principles of Calculus (Spring 2010)
• Introduction to Mathematical Statistics (Fall 2007)
• Numerical Analysis (Fall 2006)
• Probability Theory (Spring 2008)
• Statistics for Management and Economics (Spring 2009, Fall 2009)

Pepperdine University                                                                       

Seaver College of Letters, Arts, and Sciences, Summer Lecturer                           May 2007 – Jun 2007

• Probability & Linear Algebra (Summer 2007)

 

Service

The Econometric Society

• Asian Regional Standing Committee, Secretary 07/2021 – Present

Curtin University Malaysia

• Office of Research and Development, Curtin Malaysia R&D Committee Member 02/2020 – 02/2022
• Faculty of Business, R&D Committee Member 10/2015 – 12/2019
• Faculty of Business, Research Cluster Leader of Financial Market and Macroeconomic Dynamics, 10/2015 – 12/2019
• Faculty of Business, Reviewer of FRGS grant applications, 04/2016, 02/2017, 03/2018, 03/2019, 02/2020
• Faculty of Business, Recruitment Panel Member, 02/2017, 06/2017, 10/2018, 07/2020, 07/2021
• Faculty of Business, Reviewer of foundation units, 10/2016, 05/2017, 10/2017, 05/2018, 10/2018, 05/2019, 10/2019, 06/2020, 10/2020, 03/2021, 06/2021, 09/2021, 12/2021, 03/2022, 06/2022
• Department of Finance and Banking, Research Seminars Initiator & Coordinator Fall 2017, Fall 2018

Xi’an Jiaotong-Liverpool University

• Department of Mathematical Sciences, IT Officer, 09/2011 – 01/2012

 

Mentoring

Curtin University Malaysia

Department of Finance and Banking, Co-Supervisor                                             Jan 2016 – Present

• Vanessa Ming Miin Chan (PhD), Impact of Energy Prices Volatility on Green Bond: Role of Green Innovation and Economic & Climate Policy Uncertainty, 05/2023 –
• Rijaa Zaka (PhD), Prediction of Market Crash Risk through Hybrid Data Analytics Deep Learning Model: A Case of Developed and Emerging Economies, 05/2023 –
• Tze Chi Chin (MPhil), Developing Gold and Silver-backed Cryptocurrencies and Cryptocurrency Regulatory Risk Index, 02/2023 –
• Zeeshan Khan (PhD), Financial Inclusion and Energy Poverty: A New Perspective on the Transmission Channels toward Sustainable Energy Access in Emerging Economies, (05/2022 – )
• Shakeel Sajjad (PhD), Measuring and Forecasting Systematic Risk in Islamic and Conventional Financial Institutions Using Machine Learning (05/2021 – )
• Bilal Aslam (PhD), Machine Learning for Capital Market Research and Portfolio Optimization (11/2020 – )
• Die Zhou (MPhil), Optimization of Recruitment Process for AI Smart Home Startups in China (05/2019 – 10/2021)
• Bilal Aslam (MPhil), Weak Euler Scheme for Stochastic Differential Equations with Applications in Finance (09/2017 – 08/2019)
• Xiaoqian Wu (MPhil), Determinants and Consequences of Using Digital Finance Platform for Personal Financial Management in Rural China (07/2017 – 08/2019)

 

Publications

Journal Articles 

• Badeeb R., Wang B., Zhao J., Khan Z., Uktamov K., and Zhang C. (2023), Natural Resources Extraction and Financial Inclusion: Linear and Non-Linear Effect of Natural Resources on the Financial Sector, Resources Policy, 85, 103826, Elsevier (ABDC: B; WoS)
• Mikulevičius R. and Zhang C. (2023). Convergence of Weak Euler Approximation for Nondegenerate SDEs Driven by Point and Martingale Measures, Journal of Theoretical Probability, to appear, Springer (ABDC: A; WoS)
• Khan Z., Badeeb R., Zhang C., and Dong K. (2023), Financial Inclusion and Energy Efficiency: Role of Green Innovation and Human Capital for Malaysia, Applied Economics, to appear, Taylor & Francis (ABDC: A; WoS)
• Bhuiyan R., Husain A., and Zhang C. (2023), Diversification Evidence of Bitcoin and Gold from Wavelet Analysis, Financial Innovation, 9, 100, Springer (WoS)
• Gu X., Badeeb R., Ali S., Khan Z., Zhang C., and Uktamov K. (2023), Nonlinear Impact of Natural Resources and Risk Factors on the U.S. Economic Growth, Resources Policy, 82, 103103, Elsevier (ABDC: B; WoS)
• Zhang C. (2023), Problem Characterization of Unique Shortest Path Routing, Computers & Industrial Engineering, 178, 109110, Elsevier (ABDC: A; WoS)
• Khan Z., Haouas I., Trinh H., Badeeb R., and Zhang C. (2023), Financial Inclusion and Energy Poverty Nexus in the Era of Globalization: Role of Composite Risk Index and Energy Investment in Emerging Economies,  Renewable Energy, 204, 382-399, Elsevier (WoS)
• Khan Z., Badeeb R., Hassan T., Zhang C., and Elfaki K. (2023), Emissions-Adjusted International Trade for Sustainable Development in China: Evidence from Dynamic Autoregressive Distributed Lags Model and Kernel Based Regression,  Sustainable Development, 31(1), 379-392, Wiley (WoS)
• Khan Z. , Hossain R., Badeeb R., and Zhang C (2023), Aggregate and Disaggregate Impact of Natural Resources on Economic Performance: Role of Green Growth and Human Capital,  Resources Policy, 80, 103103, Elsevier (ABDC: B; WoS)
• Nyström K. and Zhang C. (2022), Hawkes-Based Models for High Frequency Financial Data, Journal of the Operational Research Society, 73(10), 2168-2185, Taylor & Francis (ABDC: A; WoS)
• Aslam B. and Zhang C. (2022), A Strengthened Solution to Option Manipulation, INFOR: Information Systems and Operational Research, 60(3), 407-427, Taylor & Francis (ABDC: B; WoS)
• Szulczyk K., Ziaei S., and Zhang C. (2021), Environmental Ramifications and Economic Viability of Bioethanol Production in Malaysia, Renewable Energy, 172, 780-788, Elsevier (WoS)
• Bhuiyan R., Husain A., and Zhang C. (2021), A Wavelet Approach for Causal Relationship between Bitcoin and Conventional Asset Classes, Resources Policy, 71, 101971, Elsevier (ABDC: B; WoS)
• Szulczyk K. and Zhang C. (2020), Switching-Regime Regression for Modelling and Predicting a Stock Market Return, Empirical Economics, 59(5), 2385-2403, Springer (ABDC: A; WoS)
• Mikulevičius R. and Zhang C. (2018). Weak Euler Scheme for Lévy -Driven Stochastic Differential Equations, Theory of Probability and Its Applications, 63(2), 306-329, the Society for Industrial and Applied Mathematics (ABDC: A; WoS)
• Zhang C. (2017). An Origin-Based Model for Unique Shortest Path Routing, Journal of the Operational Research Society, 68(8), 935-951, Palgrave Macmillan (ABDC: A; WoS)
• Liu S. and Zhang C. (2015). An Efficient Inventory Rationing Strategy for Systems with Two Demand Classes and Backordering, International Journal of Production Research, 53(20), 6136-6142, Taylor & Francis (ABDC: A; WoS)
• Mikulevičius R. and Zhang C. (2015). Weak Euler Approximation for Itô Diffusion and Jump Processes, Stochastic Analysis and Applications, 33(3), 549-571, Taylor & Francis (ABDC: B; WoS)
• Liu S., Song M., Tan K., and Zhang C. (2015). Multi-Class Dynamic Inventory Rationing with Stochastic Demands and Backordering, European Journal of Operational Research, 244(1), 153-163, Elsevier (ABDC: A*; WoS)
• Nyström K., Ould Aly S., and Zhang C. (2014). Market Making and Portfolio Liquidation under Uncertainty, International Journal of Theoretical and Applied Finance, 17(5), 1-33, World Scientific (ABDC: B; WoS)
• Mikulevičius R. and Zhang C. (2011). On the Rate of Convergence of Weak Euler Approximation for Nondegenerate SDEs Driven by Lévy Processes, Stochastic Processes and their Applications, 121(8), 1720-1748, Elsevier (ABDC: A; WoS)

Conference Proceedings

• Zhang C. (2016), Modeling High Frequency Data Using Hawkes Processes with Power-Law Kernels, Procedia Computer Science, 80, 762–771, Elsevier (WoS)
• Zhang C. and Rodošek R. (2005), Modelling and Constraint Hardness Characterisation of the Unique-Path OSPF Weight Setting Problem, Lecture Notes in Computer Science, 3514, 804-811, Springer (WoS)
• Zhang C. and Rodošek R. (2005), Two Mathematically Equivalent Models of the Unique-Path OSPF Weight Setting Problem, Lecture Notes in Computer Science, 3421, 318-326, Springer (WoS)

Book

• Zhang C. (2011), Stochastic Differential Equations Driven by Lévy Processes: Numerical Weak Approximation, LAP LAMBERT Academic Publishing, ISBN-10: 3847306057, ISBN-13: 978-3847306054

Others

• or Walden, 2022
• Final Report of the 2021 Asian Meeting of the Econometric Society, 2021
• Borneo–A Future Gem of Asia-Pacific, the 33rd Annual Pan-Pacific Conference, Miri, Malaysia, May 2016

Talks

• Green Finance and Environmental Regulations Nexus with Trade-Adjusted Carbon Emissions: Role of Green Innovation for OECD Economies, the 2023 Asian Meeting of the Econometric Society, Singapore, Jul 2023
• Problem Characterization of Unique Shortest Path Routing (Keynote), the 4th International Conference on Computational Science and Numerical Algorithms, Chengdu, China, May 2023
• An Optimized Solution to Option Manipulation (Keynote), the International Conference on Operations Research and Applications, Guilin, China, May 2021
• Market Making under Uncertainty (Keynote), the 5th International Symposium on Computational and Applied Mathematics, Sanya, China, Jan 2021
• Hawkes-Based Models for High Frequency Financial Data (Keynote), the 3rd International Conference on Statistics, Mathematical Modelling and Analysis, Xiamen, China, Nov 2020
• Weak Euler Approximation for Stochastic Differential Equations, Mathematics Seminar, School of Economic Mathematics, Southwestern University of Finance and Economics, Chengdu, China, Jun 2019
• Switching-Regime Regression for Euro-USD Exchange Rate, the 24th EBES Conference, Bangkok, Thailand, Jan 2018
• Switching-Regime Regression for Deciphering Investors’ Behavior, Research Seminar, Department of Finance and Banking, Curtin University Malaysia, Miri, Malaysia, Sep 2017
• Unique Shortest Path Routing: Models and Algorithms (Keynote), 2017 International Conference on Electronic Industry and Automation, Suzhou, China, Jun 2017
• Modeling Unique Shortest Path Routing, the International Conference on Control, Optimization and Differential Equations, Putrajaya, Malaysia, Jan 2017
• Borneo–A Future Gem of Asia-Pacific, the 33rd Annual Pan-Pacific Conference, Miri, Malaysia, May 2016
• Rate of Convergence of Weak Euler Approximation for Nondegenerate SDEs Driven by Lévy Processes, International Summer Academy 2012 on Advanced Stochastic Methods to Model Risk, University of Ulm, Ulm, Germany, Sep 2012
• Rate of Convergence of Euler Approximation for SDEs Driven by Lévy Processes, Financial Mathematics Seminar, Department of Mathematics, Uppsala University, Uppsala, Sweden, Sep 2012
• Rate of Convergence of Weak Euler Approximation for Nondegenerate Itô Diffusion and Jump Processes, 2012 Joint Mathematics Meetings, Boston, USA, Jan 2012
• A Hybrid Model for Unique Shortest-Path Routing, the 6th International Congress on Industrial and Applied Mathematics (ICIAM 2007), Zurich, Switzerland, Jul 2007
• Redundancy Generation Strategy in Solving a Class of MIP Problems Using Benders Decomposition Method, INFORMS Annual Meeting 2006, Pittsburgh, USA, Nov 2006
• Comparison on Objective Functions of the Unique Shortest Path Routing Problem, the 8th INFORMS Telecommunications Conference, Dallas, USA, Mar 2006
• Two Mathematically Equivalent Models of the Unique-Path OSPF Weight Setting Problem, the 4th International Conference on Networking (ICN 2005), Reunion Island, Apr 2005

Refereeing 

• Afro-Asian Journal of Finance and Accounting (ABDC: C)
• Annals of Operations Research (ABDC: A; WoS)
• AIMS mathematics (WoS)
• Central European Journal of Operations Research (ABDC: C; WoS) (For Mathematical Reviews)
• Computers and Operations Research (ABDC: A; WoS) (For Mathematical Reviews)
• Discrete Applied Mathematics (WoS) (For Mathematical Reviews)
• Economic Analysis and Policy (WoS)
• Economic Modelling (ABDC: A; WoS)
• Energy (WoS)
• Energy Research & Social Science (WoS)
• European Journal of Operational Research (ABDC: A*; WoS) (For Mathematical Reviews)
• Finance Research Letters (ABDC: A; WoS)
• INFORMS Journal on Computing (ABDC: B; WoS) (For Mathematical Reviews)
• International Journal of Emerging Markets (ABDC: B; WoS)
• International Journal of Operational Research (ABDC: C) (For Mathematical Reviews)
• International Journal of Production Research (ABDC: A; WoS)
• International Review of Financial Analysis (ABDC: A; WoS)
• Journal of General Management (ABDC: B; WoS)
• Journal of Industrial & Management Optimization (ABDC: B; WoS) (For Mathematical Reviews)
• Journal of Operational Research Society (ABDC: A; WoS)
• Mathematics of Operations Research (ABDC: A; WoS) (For Mathematical Reviews)
• Monte Carlo Methods and Applications (ABDC: C; WoS) (For Mathematical Reviews)
• Networks (WoS) (For Mathematical Reviews)
• Operational Research (ABDC: C; WoS)
• Operations Research (ABDC: A*; WoS) (For Mathematical Reviews)
• Optimization Methods and Software (WoS) (For Mathematical Reviews)
• Resources Policy (ABDC: B; WoS)
• Risks (ABDC: B; WoS)
• SIAM Journal on Control and Optimization (WoS) (For Mathematical Reviews)
• Stochastic Processes and their Applications (ABDC: A; WoS) (For Mathematical Reviews)
• Studies in Economics and Finance (ABDC: B; WoS)
• Sustainable Development (WoS)
• Symmetry (WoS)

 

Memberships

• Eurasia Business and Economics Society
• The Econometric Society

 

Extracurricular

• TMBT Ultra Trail Marathon 2019, 30km, Kota Belud and Ranau, Malaysia, Sep 14th, 2019
• Miri Marathon 2019, 42.195km, Miri, Malaysia, Mar 17th, 2019
• Canada Hill Survival 2019, 12.6km, Miri, Malaysia, Jan 6th, 2019

 

 

Updated on Jan 26, 2023