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Professor Pengguo Wang

Professor Pengguo Wang

Professor of Finance and Accounting

2129

+44 (0) 1392 722129

F25
Xfi Building, University of Exeter, Rennes Drive, Exeter, EX4 4ST, UK

Pengguo Wang was educated in China and the UK. He received his PhD in Finance in Strathclyde University Business School. Prior to joining the University of Exeter Business School, he was a faculty member at Imperial College London and Bristol University. He worked as an ESRC Research Fellow in a joint program in Lancaster Management School and Manchester Business School.

Pengguo’s research, teaching and consulting interests are at the interface of finance and accounting. His current research interests are focused on cost of capital, equity risk premium, market anomalies and fundamental valuation models, with particular reference to the links between financial statement information, risk and equity returns. His research has financially sponsored by ESRC, KPMG, ACCA, and The Institute for Quantitative Investment Research (INQUIRE-UK) grants.

Nationality: Chinese

Qualifications

BSc (Math), MSc (Operational Research), PhD (Finance)   

Research clusters

Research interests

  • Equity Risk Premium
  • Empirical Corporate Finance
  • Risk Factors
  • Firm Valuation Models
  • Option Pricing
  • Equity Trading Strategies.

Research projects

Grants

  • £285k, ESRC, Cost of Capital and Asset Pricing in the UK (with A. Gregory, C. Dargenidou, R.Tharyan).

Key publications | Publications by category | Publications by year

Publications by category


Journal articles

Wang P (In Press). Future Realized Return, Firm-Specific Risk and the Implied Expected Return. Abacus Full text.
Wang P, Ashton D (2015). Conservatism in residual income models: theory and supporting evidence. Accounting and Business Research, Volume 45(Issue 3), 387-410. Abstract.  Full text. DOI.
Wang P, Huang W (2015). The implied growth rates and country risk premium: evidence from Chinese stock markets. Review of Quantitative Finance and Accounting, 45(3), 641-663. Abstract.  Full text. DOI.
Wang P (2014). On the relevance of earnings components in valuation and forecasting. Review of Quantitative Finance and Accounting, 42(3), 399-413. Abstract.  Full text. DOI.
Ashton D, Wang P (2013). Terminal valuations, growth rates and the implied cost of capital. Review of Accounting Studies, 18(1), 261-290. Abstract.  Full text. DOI.
Wang P (2013). The role of disaggregation of earnings in stock valuation and earnings forecasting. Accounting and Business Research, 43(5), 530-557. Abstract.  Full text. DOI.
Ashton D, Wang P (2013). Valuation Weights, Linear Dynamics and Accounting Conservatism: an Empirical Analysis. Journal of Business Finance and Accounting, 40(1-2), 1-25. Abstract.  Full text. DOI.
Wang P, Ashton D, Peasnell K (2011). Residual Income Valuation Models and Inflation. European Accounting Review, 20(3), 459-483. Full text. DOI.
Pope PF, Wang P (2005). Earnings Components, Accounting Bias and Equity Valuation. Review of Accounting Studies, 10(4), 387-407. DOI.
Cooke TE, Ashton D, Tippett MJ, Wang P (2004). Linear information dynamics, aggregation, dividends and 'dirty surplus' accounting. Accounting and Business Research, 34(4), 277-297.
Wang P (2003). Choosing a valuation operator for pricing assets with long–short spreads: the impact of transaction costs and taxes. The British Accounting Review, 35(3), 199-214. DOI.
Pope P, Wang P (2003). Discussion of Positive (Zero) NPV Projects and the Behavior of Residual Earnings. Journal of Business Finance Accounting, 30(1-2), 17-24. DOI.
Walker M, Wang P (2003). Towards an understanding of profitability analysis within the residual income valuation framework. Accounting and Business Research, 33(3), 235-246. DOI.

Publications by year


In Press

Wang P (In Press). Future Realized Return, Firm-Specific Risk and the Implied Expected Return. Abacus Full text.

2015

Wang P, Ashton D (2015). Conservatism in residual income models: theory and supporting evidence. Accounting and Business Research, Volume 45(Issue 3), 387-410. Abstract.  Full text. DOI.
Wang P, Huang W (2015). The implied growth rates and country risk premium: evidence from Chinese stock markets. Review of Quantitative Finance and Accounting, 45(3), 641-663. Abstract.  Full text. DOI.

2014

Wang P (2014). On the relevance of earnings components in valuation and forecasting. Review of Quantitative Finance and Accounting, 42(3), 399-413. Abstract.  Full text. DOI.

2013

Ashton D, Wang P (2013). Terminal valuations, growth rates and the implied cost of capital. Review of Accounting Studies, 18(1), 261-290. Abstract.  Full text. DOI.
Wang P (2013). The role of disaggregation of earnings in stock valuation and earnings forecasting. Accounting and Business Research, 43(5), 530-557. Abstract.  Full text. DOI.
Ashton D, Wang P (2013). Valuation Weights, Linear Dynamics and Accounting Conservatism: an Empirical Analysis. Journal of Business Finance and Accounting, 40(1-2), 1-25. Abstract.  Full text. DOI.

2011

Wang P, Ashton D, Peasnell K (2011). Residual Income Valuation Models and Inflation. European Accounting Review, 20(3), 459-483. Full text. DOI.

2005

Pope PF, Wang P (2005). Earnings Components, Accounting Bias and Equity Valuation. Review of Accounting Studies, 10(4), 387-407. DOI.

2004

Cooke TE, Ashton D, Tippett MJ, Wang P (2004). Linear information dynamics, aggregation, dividends and 'dirty surplus' accounting. Accounting and Business Research, 34(4), 277-297.

2003

Wang P (2003). Choosing a valuation operator for pricing assets with long–short spreads: the impact of transaction costs and taxes. The British Accounting Review, 35(3), 199-214. DOI.
Pope P, Wang P (2003). Discussion of Positive (Zero) NPV Projects and the Behavior of Residual Earnings. Journal of Business Finance Accounting, 30(1-2), 17-24. DOI.
Walker M, Wang P (2003). Towards an understanding of profitability analysis within the residual income valuation framework. Accounting and Business Research, 33(3), 235-246. DOI.

External positions

  • Editorial Board: Accounting and Business Research
  • Associate Editor: Review of Pacific Basin Financial Markets and Policies
  • External examiner, Nottingham University