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Pengfei Gao

Dr Pengfei Gao

Research student

Cardiff Business School

Email
GaoP2@cardiff.ac.uk

Overview

Dr. Pengfei Gao is a job market candidate.

Pengfei holds PhD in Accounting and Finance, MSc in Accounting and Finance and MSc in Social Science Research Methods at Cardiff University. Based on a large sample of US reports, his PhD thesis focuses on how the market reacts to companies disclosing hyped emerging technologies. Pengfei's research interests are mainly in corporate finance, corporate governance, sustainable finance (i.e., ESG/CSR), and FinTech. He has published in peer-reviewed journals, including Applied Economics. His profound interest in textual analysis is reflected in his current project, which involves analysing 9 million pieces of interactive Q&A data. 

 

Publication

2024

2023

Articles

Conferences

Thesis

Research

  • Corporate Governance
  • Behavioural Corporate Finance
  • Voluntary Disclosure (e.g., CSR/ESG)
  • Corporate Innovation
  • Textual Analysis

Supervisors

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

Job market paper

  • Financial Technophilia: Markets and Corporate Disclosure of Emerging Technologies (with Arman Eshraghi, lzidin El Kalak, and Jason Zezhong Xiao) 
    • Abstract: We examine how investors react when firms disclose hyped emerging technologies. In a novel US setting, we match technologies disclosed in 8-K filings with corresponding stages of the widely used Gartner Hype Cycle. Findings show strong robust evidence for ‘technology hype’: investor short-term reactions are significantly positive - particularly to technologies at their peak of inflated expectations - but reverse later due to insider selling and firms overselling the hype. Firms with low analyst coverage, high retail ownership and information asymmetry, and those outside Nasdaq and the Silicon Valley experience stronger abnormal returns, consistent with investors searching for ‘hidden gems’.
    • Presented at:
      • 2022, 2nd WPGRC, WDNA-ATI Workshop, Tri-University Annual Conference at Newcastle University
      • 2023, 16th BFWG Annual Conference, 2nd CINSC (FFEA), Tri-University Annual Conference at Xiamen University
      • Research Seminars: University of Birmingham, University of Bath, Queen Mary University of London, Loughborough Business School

Other working papers

  • Tech Frenzy Fallout: When Hype Hits Hard and Stocks Crash (with Arman Eshraghi, lzidin El Kalak, and Jason Zezhong Xiao)
      • 2023, BAFA Northern Area Group (NAG) Annual Conference, 45th EAA Annual Congress, 2nd International FinTech Conference
  • Administrative Monopoly and State-owned Enterprise Innovation: Evidence from the Fair Competition Review System in China (with Xingquan Yang, Kexin Zhang and Guanming Liao)
    • R&R, International Review of Financial and Analysis
  • Do Firms Cherish Their Feathers? Empirical Evidence from An Administrative Penalty Against an Audit Firm (with Kexin Zhang and Danglun Luo)
    • R&R: International Review of Economics and Finance
  • Does a Firm’s Understanding of Local Government Policy Lead to Reducing Investment Inefficiency?(with Huiqun Feng and Jason Zezhong Xiao)
    • Under review: European Journal of Finance
  • Great Trees Are Good for Shade: Firm Risk and Values Resonance with Local Governments (with Huiqun Feng, Mengjia Li and Zaixin Chen)
      • 2024, BAFA Annual Conference
      • 2024, EAA Annual Congress
      • 2024, Research Seminar, Cardiff Business School

Thesis

Market reaction to corporate disclosures of hyped emerging technologies

Teaching

  • 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 (Tutorial) (MSc Accounting and Finance) (2021/22)
  • Financial Reporting, The Association of Chartered Certified Accountants (ACCA)

Biography

Education

  • PhD in Accounting and Finance, Cardiff University, 2019-2023
  • MSc in Social Science Research Methods, Cardiff University, 2018-2019
  • MSc in Accounting and Finance, Cardiff University, 2017-2018
  • BSc in Financial Management, Shandong Technology and Business University, 2012-2016

Professional memberships

  • Associate Fellow of the Higher Education Academy (HEA)
  • Association of Chartered Certified Accountants (ACCA) (Pass 12/13)
  • 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 Accounting Association (EAA)
  • Postgraduate student of the Cardiff Corporate Governance Research Group (CCGRG), Cardiff Fintech Research Group, and Centre for China Business Research (CCBR).

Speaking engagements

  • Cardiff-Newcastle-Xiamen Conference and Centre for China Business Research Symposium, Cardiff Business School, 2019
  • Cardiff Business School Accounting and Finance Reading Group, 2021
  • Welsh Postgraduate Research Conference (WPGRC), Cardiff Business School, 2022
  • BAFA Northern Area Group (NAG) Annual Conference, Nottingham, 2023
  • The 45th Annual Congress of the European Accounting Association (EAA), Finland, 2023
  • Behavioural Finance Working Group 16th Annual Conference, London, 2023
  • 2nd Cardiff Fintech Conference, 2023
  • BAFA Annual Conference, 2024

Committees and reviewing

  • Reviewer, International Review of Financial Analysis
  • Assistant, British Accounting Review Reception, 45th Annual Congress of the EAA, 2023