You are encouraged to attend the defence. The details of the defence and attendance information is included below:  

Date: July 22, 2025
Time: 3:00 PM to 5:00 PM (PT)

Defence mode: Remote 
Virtual Attendance: via Zoom 

LINK TO JOIN: Please contact the Office of Graduate Administration for information regarding remote attendance for online defences.  

To ensure the defence proceeds with no interruptions, please mute your audio and video on entry and do not inadvertently share your screen. The meeting will be locked to entry 5 minutes after it begins: please ensure you are on time.  

Thesis entitled: VOLATILITY SPILLOVERS AND HEDGING EFFECTIVENESS OF STRATEGIC AND PRECIOUS METALS IN CLEAN ENERGY, EV, AND AUTOMOTIVE EQUITY MARKETS: EVIDENCE FROM DCC-GARCH, AND GRANGER CAUSALITY MODELS 

Abstract: This thesis explores the dynamic relationships between strategic and precious metals and equity markets, including electric vehicle (EV) manufacturers, traditional automakers, and clean energy indices. Using daily data from 2014 to 2024, the study applies a range of econometric techniques—DCC-GARCH, VAR, Granger causality tests, impulse response functions (IRFs), and the Diebold and Yilmaz (2012) spillover index, to analyze volatility transmission, co-movement, hedge ratios, and optimal portfolio strategies.

The results show strong time-varying correlations and spillovers between strategic metals (such as copper, aluminum, cobalt, nickel, and zinc) and EV or clean energy stocks, particularly during major crises like the COVID-19 pandemic and the Russia–Ukraine war. Granger causality and IRF analyses reveal that strategic metals have a more significant impact on EV stocks than on traditional automakers, reflecting their critical role in battery and renewable technology supply chains.

Hedging and portfolio analysis further indicate that strategic metals offer more effective, responsive hedging tools for green investments, while precious metals like gold and silver provide more passive protection during market uncertainty. Platinum is found to be a relatively inefficient hedge due to its high volatility and cost.

Overall, the study contributes to the literature by demonstrating the growing financial integration of strategic metals with the green economy and offering actionable insights for investors and policymakers seeking to manage risk and enhance portfolio resilience during economic and geopolitical shocks.

Defence Committee:  
Chair: Dr. Catharine Schiller, University of Northern British Columbia  
Supervisor: Dr. Chengbo Fu, University of Northern British Columbia  
Committee Member: Dr. Jing Chen, University of Northern British Columbia  
Committee Member: Dr. Fan Jiang, University of Northern British Columbia  
External Examiner: Dr. Sara Wang, Northeastern Illinois University