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Dr Bill Peng

Dr Bill Peng

Senior Lecturer in Accounting and Finance, Head of Accounting


+44 (0) 1392 722533

Streatham Court, University of Exeter, Rennes Drive, Exeter, EX4 4PU, UK

Before joining Exeter in September 2006, Dr Bill Peng taught at both undergraduate and postgraduate level at Lancaster University. Prior to his doctoral studies, he worked with Arthur Andersen in China. His research interests are in market-based accounting and accounting-based equity valuation.

Nationality: Chinese

Administrative responsibilities

  • Programme Director of MSc Accounting and Finance
  • Workload Allocation Model (WAM) Co-ordinator (Accounting)
  • Member, Education Strategy Group


  • BA Economics (China), MSc (Lancaster), PhD (Lancaster)
  • Chartered Financial Analyst

Research clusters

Research interests

  • Accounting-based equity valuation models
  • The role of accounting numbers in firm valuation

Dr Peng's research investigates specifically the link between value and accounting numbers, by integrating the theory of valuation and the practice of financial statement analysis. Specifically, he examines the performance of alternative accounting-based valuation models and investigates how accounting variables relate to stock prices and returns. He also explores the ways in which accounting information may be used to estimate a company's risk premium.

Research projects

  • Valuation performance and determinants of price multiples
  • Relative usefulness of accounting numbers in firm valuation at entity and equity level

External positions

  • Member of the British Accounting Association
  • Member of the Institute of Chartered Financial Analyst (CFA)
  • Member of the CFA Society of the UK

  • Financial Accounting
  • Financial Management
  • Financial Statement Analysis and Equity Valuation

In Financial Accounting, Dr Peng introduces students to accounting from a preparer's perspective, giving them a broad understanding of the preparation of financial statements. These financial statements are the basis for a wide range of business analyses in Financial Statement Analysis and Equity Valuation. In Financial Management, Dr Peng discusses how to make decisions that increase the market value of the business.