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 Pengfei Gao

Pengfei Gao

Research student,


Pengfei Gao is a PhD candidate at Cardiff Business School in the Accounting and Finance (A&F) section, also a postgraduate student of the Cardiff Corporate Governance Research Group (CCGRG), Cardiff Fintech Research Group, Empirical Finance Group, and Centre for China Business Research (CCBR). He holds MSc in Accounting and Finance and MSc in Social Science Research Methods from Cardiff University.

His research interests are mainly in corporate disclosure, in particular non-financial information. He is strongly interested in textual analysis. As a Lego fanatic, he hopes to incorporate lego's innovative spirit into his research.


Research interests

  • Corporate Governance

  • Behavioural Corporate Finance

  • Mandatory and Voluntary Disclosures (e.g.CSR/ESG)

  • Textual Analysis in Accounting and Finance


Professor Arman Eshraghi; Dr Izidin El Kalak; Professor Jason Zezhong Xiao.

Working papers

  • The market reactions to companies’ interest in emerging technologies

  • Local Government Policy Orientation, Perception of Corporate Social Responsibility, and Investment Efficiency

  • Emerging technologies-related information disclosure and stock price crash risk

Work in process

  • Can Optimists improve the efficiency of corporate innovation? Deep learning-based approach

  • Great trees are good for shade: Corporate Social Responsibility reporting and corporate risk


  • BST153 Research Methods (EViews and STATA Workshop) (MSc Accounting and Finance) (2019/20, 2020/21)

  • BS1501 Applied Stats and Maths in ECON and Business (Tutorial) (Undergraduate, year1) (2020/21)

  • BST950 Accounting and Finance in Context (STATA Workshop) (MSc Accounting and Finance) (2021/22)

  • Financial Reporting, The Association of Chartered Certified Accountants (ACCA)

Professional memberships

  • Fellow of the Higher Education Academy (HEA)

  • Member of the British Accounting and Finance Association (BAFA)

  • Member of the Behavioural Finance Working Group (BFWG), Queen Mary University of London

  • Member of the Financial Management Association International (FMA)

  • Member of the European Finance Association (EFA)


Market Reaction to Corporate disclosures

The Wall Street Journal reports a significant increase in investors’ interest in Bitcoin and Blockchain technology because of the sharp increase in Bitcoin price in 2017. Companies that have been involved in this type of popular technology grow rapidly including increased share price and attractiveness to investors. Apart from Bitcoin, a variety of new technologies emerge each year to drive the development of industries and society. My thesis investigates the market reactions to companies’ disclosures at different development stages (during innovation trigger and the peak of inflated expectations) of emerging technologies. In detail, what is the investor reaction to corporate disclosures about emerging technologies? Do investors react differently to technology that is at different stages of development? Will there be a difference between short-term and long-term reactions? In addition, my thesis delves into the frequency of disclosures, the timing and whether the type of technology will lead to different market reactions. Regarding disclosure behaviour, companies have different motivations to make voluntary disclosures. Therefore, my thesis also investigates the real benefits of these disclosures for companies, such as the cost of equity capital, profitability, etc. Through a custom dictionary, the thesis analysed the content of more than 800,000 8-K filings from US companies since 2010 to find emerging-technologies related information.


Arman Eshraghi

Professor Arman Eshraghi

Professor of Finance and Investment, Deputy Head of Section for Research, Impact and Innovation

Izidin El Kalak

Dr Izidin El Kalak

Senior Lecturer (Associate Professor) in Finance


Professor Jason Xiao

Professor of Accounting