The PHBS UK Campus hosted the "2025 FinTech Summer Research Program" from July to September. Designed to cultivate interdisciplinary vision and international research capabilities, the program offered selected Peking University graduate students an immersive research experience at the university's Oxfordshire campus.
Four students from PHBS were chosen to participate, conducting full-time research under faculty supervision on cutting-edge topics including artificial intelligence, blockchain, and the digital economy, with the goal of producing publishable papers.
Student Reflections
Xia Xinyu ('24 Economics)
Research Summary:
My research examined the weak-form efficient market hypothesis in cryptocurrency markets using neural network models. I developed a CNN-GRU hybrid model with a specialized loss function to test whether technical analysis could generate excess returns. The results consistently showed predictable patterns in cross-sectional cryptocurrency returns, demonstrating that this emerging market has not yet achieved weak-form efficiency.
Program Reflections:
Conducting research at PHBS UK Campus provided a perfect blend of academic rigor and cultural immersion. The campus, with its historic architecture and modern facilities, created an ideal environment for deep research. What made this experience particularly valuable was the weekly research meetings where Chinese and British academic perspectives would converge, offering multidimensional insights into my work on digital currencies.
Lan Yang ('24 FinTech)
Research Summary:
I focused on developing a multi-modal framework for cryptocurrency volatility prediction, integrating market sentiment analysis with traditional pricing data. Using an LLM-based multi-agent system, I analyzed sentiment from diverse sources including social media and news platforms, while employing causal inference methods to identify the fundamental drivers of market volatility.
Program Reflections:
This summer program significantly expanded my academic horizons. Engaging with leading researchers and industry professionals gave me practical understanding of technologies I had only encountered in literature. The various workshops and seminars exposed me to cutting-edge applications that have profoundly influenced my academic and career direction.
Tao Zixuan ('24 Quantitative Finance)
Research Summary:
My research constructed a recursive production network equilibrium model to analyze how AI and DAOs (Distributed Autonomous Organization) collectively transform corporate boundaries. The model incorporates both AI technological levels and DAO operational efficiency as key variables, revealing that while AI promotes network centralization, efficient DAOs drive decentralization - providing crucial insights for understanding future industrial organization.
Program Reflections:
This research experience profoundly impacted my academic development. The international research environment fostered rich exchanges with scholars from diverse backgrounds, while our mentors provided both rigorous methodological guidance and inspiring conceptual frameworks. The cultural immersion - from morning runs along the Thames to exploring London's streets - added wonderful depth to this academic journey.
Liu Shenhao ('24 International Financial Management)
Research Summary:
I investigated the relationship between electricity costs and data center pricing in North America. Through manual collection and analysis of five years of operational data from major providers like Equinix and Digital Realty, I developed a cost structure model that demonstrates how electricity price fluctuations significantly impact service pricing and industry competitiveness.
Program Reflections:
This UK research experience proved invaluable in connecting theoretical knowledge with real industry dynamics. Analyzing international market data and corporate financials while engaging with diverse peers provided constant intellectual stimulation. The corporate visits and university tours offered practical perspectives that enhanced my appreciation for the connection between research and business innovation.
Program Impact:
The students valued the unique cross-cultural academic environment. As one participant noted, "Conducting cutting-edge research while immersed in the UK's academic tradition provided unparalleled perspective - we weren't just studying global finance, we were living it." The program successfully combined rigorous research methodology with real-world industry engagement, preparing students to become tomorrow's thought leaders in fintech and digital economics.
By Han Bing
Translated by Annie Jin
