Lishu Zhang 张郦姝
Financial Economist · PhD candidate, Tilburg University · Researcher, CREST (Paris)
I am a fifth-year PhD candidate in Economics at Tilburg University, supervised by Harry Huizinga, Harald Benink, and Louis Raes. I am also a researcher in the Finance group at CREST in Paris, working with Peter Tankov and Olivier David Zerbib.
l.zhang_3@tilburguniversity.edu | lishu.zhang@ensae.fr
Google Scholar · ORCID · CV
I will be on the job market 2026-2027.
My research interests lie within Trade, Environmental Economics, and Finance. I draw on trade and macroeconomic theory to motivate and structure my empirical analysis. I study how global financial markets respond to climate change, and how climate-related risks are redistributed across countries, firms, and investors. My dissertation examines this through cross-border equity investment, M&A, and bank lending. At CREST, I extend the agenda to critical raw material (CRM) risk, combining production networks, trade, climate transition, and AI-assisted measurement.
Job Market Papers
A production-network measure of firms' structural dependence on critical raw materials, designed to study disruptions along the value chain and whether such dependence is reflected in equity prices.
A measure of carbon sensitivity in lending and the international transfer of climate risk through cross-border bank lending.