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School of Business and Management

Dr Ni Peng


Lecturer in Finance

Telephone: +44 (0)20 7882 8413
Room Number: Room 4.19, Francis Bancroft Building, Mile End Campus
Office Hours: Tuesday 1.00pm - 3.00pm; Wednesday 12.00pm - 2.00pm




Dr Ni Peng is a Lecturer in Finance at Queen Mary, University of London. She holds a PhD in accounting and finance, together with an MBA from the University of Manchester (Manchester Business School). Her research interests are mainly in the area of empirical corporate finance (with a particular focus on M&A, and other corporate restructurings), corporate social responsibility, innovation, and corporate governance. In particular, her recent research works explore the motives for mergers and acquisitions, the efficiency of antitrust intervention, the impact of CSR reputation, and the relation between acquisitions and innovation. Ni has over five years of industry experience at one of the largest Chinese financial conglomerates before starting academic career, and she is a Certified Management Accountant (CMA).



  • BUS340: Financial Markets and Institutions


  • BUSM072: Financial Markets and Institutions


Research Interests:

  • Empirical Corporate Finance
  • Mergers, Acquisitions, and Corporate Restructurings
  • Corporate Social Responsibility
  • Corporate Governance

Centre and Group Membership:



Journal articles

  • Gao, N., Peng, N., Zhang, Y., 2021. Distributive inefficiency in horizontal mergers: Evidence from wealth transfers between merging firms and their customers. International Review of Financial Analysis (ABS: 3) (in press)
  • Afrin, R., Peng, N., Bowen, F., 2021. The Wealth Effect of Corporate Water Actions: How Past Corporate Responsibility and Irresponsibility Influence Stock Market Reactions. Journal of Business Ethics (ABS: 3) (in press)
  • Gao, N., Peng, N., Strong, N., 2017. What determines horizontal merger antitrust case selection? Journal of Corporate Finance (ABS: 4) 46, 51–76.


Refereed conference presentations

  • “Why does Corporate Social Responsibility Matter in Cross-border M&A? Evidence from China” (with Xianmin Liu and Gulnur Muradoglu), presented at 2021 BAFA Annual Conference (Virtual conference, April 2021), 2021 (4th) China Accounting and Finance conference (Virtual conference, April 2021), and 2021 World Finance Conference (Virtual conference, August 2021)
  • “Investor Attention and Early Announcements in Mergers and Acquisitions” (with Gulnur Muradoglu, Huai Qin, and Chunling Xia), presented at 2021 EFMA Annual Conference (Virtual conference, July 2021)
  • “Irresponsible Corporate Water Actions - Cognitive Judgments and Reactions by Shareholders” (with Rafia Afrin and Frances Bowen), presented at 2021 Academy of Management Annual Conference (Virtual conference, July 2021)
  • “Acquisitions and technology value revision” (with Xiangshang Cai, Amedeo De Cesari, and Ning Gao), presented at 2020 American Finance Association (AFA) Annual Conference (San Diego, January 2020), 2019 FMA Annual Meeting (New Orleans, October 2019), Paris December 2019 Finance Meeting (Paris, December 2019), and King’s Business School seminar (London, December 2019)
  • “Distributive Inefficiency in Horizontal Mergers: Evidence from Wealth Transfers between Merging Firms and Their Customers” (with Ning Gao and Yi Zhang), presented at 2018 World Finance & Banking Symposium (Taichung, December 2018), 2016 FMA Annual Meeting (Las Vegas, October 2016), 2016 EFMA Annual Conference (Basel, June 2016), and Paris December 2015 Finance Meeting (Paris, December 2015)
  • “Product Similarity and the Motives for Related Mergers” (with Ning Gao and Norman Strong), presented at 2018 FMA Annual Conference (San Diego, October 2018), 2018 EFMA Annual Conference (Milan, June 2018), 2017 FMA European Conference (Lisbon, June 2017), and Behavioural Finance Working Group Conference 2017 (London, June 2017)
  • “What Determines Horizontal Merger Antitrust Case Selection?” (with Ning Gao and Norman Strong), presented at 2017 FMA Annual Meeting (Boston, October 2017), 2017 EFMA Annual Conference (Athens, June 2017), and 9th Annual London Business Research Conference (London, August 2014)
  • “Stock Market Reactions to Corporate Water Actions and the Reputational Effects of CSR” (with Rafia Afrin and Frances Bowen), presented at 2019 Academy of Management Annual Conference (Boston, 2019, Best Papers Award Runner-up), and 2019 Behavioural Finance Working Group Conference (London, June 2019)
  • “An Attributional Model of CSR: Explaining Market Reactions to Corporate Water Actions in Different Stakeholder Domains” (with Rafia Afrin and Frances Bowen), presented at 2020 Academy of Management Annual Conference (Virtual conference, 2020)


Current Doctoral Students:

1st Supervisor

  • Xianmin Liu, 'Corporate Social Responsibility and International Mergers and Acquisitions.'

2nd Supervisor

  • Huai Qin,'Early Announcements in Mergers and Acquisitions.'
  • Jeffery Essuantsi Bondzie, 'Corporate Restructuring and Crisis.'

PhD Supervision Completions:

  • Rafia Afrin, 'Relationship between Corporate Water Actions and Firm Value – A Cognitive Approach to Shareholders’ Reactions‘, 2016-2021 (First supervisor: Ni Peng; Second supervisor: Frances Bowen), working at University of Essex

Ni is happy to consider PhD candidates in corporate finance.

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