Skip to main content

University of Exeter Business School

Professor Pengguo Wang

Professor Pengguo Wang

Professor of Finance and Accounting


 +44 (0) 1392 722129

 Streatham Court 0.27


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


Pengguo Wang is a professor of finance and accounting in the Department of Finance and Accounting at the University of Exeter. He was educated in China and the UK. He received his MPhi in Economics and PhD in Finance in the Business School at Strathclyde University.  Prior to joining the University of Exeter, 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 has been invited to give talks to the City of London for investment, accounting and legal practitioners on valuation.  The methodology he proposed has been applied by investment funds to develop equity-trading strategies. He has been involved with training through professional accounting associations such as the Institute of Chartered Accountants in England and Wales (ICAEW). 

Pengguo has researched and published extensively in the areas of capital markets, financial reporting, derivative pricing and stock valuation. His 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 and applications, 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) and other grants. 



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

Back to top


Research interests

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

Research projects


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

Back to top


Journal articles

Wang P (In Press). A Modified Ohlson (1995) Model and its Applications. The European Accounting Review
Wang P, Peng Z, Christodoulou D (In Press). Bridging the Gap between Stock Price and Bottom-Line Accounting Numbers. Review of Accounting Studies Abstract.
Wang P, Harris R (In Press). Model-Based Earnings Forecasts vs. Financial Analysts’ Earnings Forecasts. British Accounting Review
Wang P (2017). Future Realized Return, Firm-Specific Risk and the Implied Expected Return. Abacus
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.
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.
Wang P (2014). On the relevance of earnings components in valuation and forecasting. Review of Quantitative Finance and Accounting, 42(3), 399-413. Abstract.
Ashton D, Wang P (2013). Terminal valuations, growth rates and the implied cost of capital. Review of Accounting Studies, 18(1), 261-290. Abstract.
Wang P (2013). The role of disaggregation of earnings in stock valuation and earnings forecasting. Accounting and Business Research, 43(5), 530-557. Abstract.
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.
Wang P, Ashton D, Peasnell K (2011). Residual Income Valuation Models and Inflation. European Accounting Review, 20(3), 459-483.
Pope PF, Wang P (2005). Earnings Components, Accounting Bias and Equity Valuation. Review of Accounting Studies, 10(4), 387-407.
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.
Pope P, Wang P (2003). <i>Discussion of</i> Positive (Zero) NPV Projects and the Behavior of Residual Earnings. Journal of Business Finance & Accounting, 30(1-2), 17-24.
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.
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.

Back to top

External Engagement and Impact

External positions

  • Editorial Board: Accounting and Business Research (2018- ); European Accounting Review (2013-2018)
  • Associate Editor: Review of Pacific Basin Financial Markets and Policies
  • External examiner, King's College London (2018- ); Nottingham University (2013-2017)

Back to top

Supervision / Group

Postgraduate researchers

  • Zhuyong Jin PhD candidate
  • Kun Li PhD candidate
  • Ruicong Liu PhD candidate
  • Lei Xu PhD candidate

Back to top

Edit Profile