• EH14 4AS

    United Kingdom

Accepting PhD Students

PhD projects

Sustainable finance, circular economy, and decision-making analysis.


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Personal profile


Bing Xu is a Professor of Finance at the Heriot-Watt University. She holds a MA (Hons) in Business Studies & Accounting and a PhD in Management both from the University of Edinburgh. 

Research interests

Bing's research focuses on banking and investment analytics by modelling the impact of uncertainty on banks’/firms’/mutual funds’ performance, their lending/investment and risk-taking behaviours. She is also passionate on scrutinizing the causes of sustainable finance gap, and the consequences of climate-related risks on firms’ performances and access to finance. Another strand of her research focuses on identifying new determinants and proposing novel approaches to model/predict oil prices/volatilities. Bing also designs multidimensional frameworks (e.g., DEA, multi-criteria decision-making analysis-based approaches) to evaluate prediction models, energy strategies and low carbon technologies. 

She has worked on a portfolio of external funded multidisciplinary projects on low carbon fuels, sustainable cold-chains, and circular chemical economy which are recognised as central to achieving carbon neutrality. Currently, Bing is working on several UKRI funded projects around business models, sustainable finance, performance analytics, social dynamics, and policy:

  1. UKRI Interdisciplinary Centre for Circular Chemical Economy” (EP/V011863/1) EPSRC, Theme 3 leader: Policy, Society and Finance.

  2. Digital Circular Electrochemical Economy” (EP/V042432/1), EPSRC, WP leader: Digital Business Models, Society and Policy.

  3. Zero-emission cold-chain building the road to sustainable cold-chain systems for food resilience” (EP/V042548/1), EPSRC.

  4.  “GREEN ICEs” (EP/T022701/1), EPSRC.

  5.  Sustainable Cold-Chain systems for food resilience, UKERC. 

She also works as a Co-I on the African Centre of Excellence for Sustainable Cooling and Cold-Chain (ACES), the Vice President for the UK Chinese Economics Association (CEA).

Bing has published in journals such as Annals of Operations Research, Applied EnergyEconomics Letter, Energy EconomicsEnergy Journal, Journal of Environmental Management, Journal of Financial Stability, Journal of International Financial Markets, Institutions & Money, International Journal of Production Economics, International Review of Financial Analysis, Transportation Research Part A: Policy and Practice, among others.

Bing is interested in taking PhD students to work on Sustainable finance, circular economy, and decision-making analysis.

Expertise related to UN Sustainable Development Goals

In 2015, UN member states agreed to 17 global Sustainable Development Goals (SDGs) to end poverty, protect the planet and ensure prosperity for all. This person’s work contributes towards the following SDG(s):

  • SDG 2 - Zero Hunger
  • SDG 3 - Good Health and Well-being
  • SDG 7 - Affordable and Clean Energy
  • SDG 8 - Decent Work and Economic Growth
  • SDG 12 - Responsible Consumption and Production
  • SDG 13 - Climate Action

External positions

Honorary Professor, Tianjin University of Finance and Economics

Dec 2021 → …


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