Dr Ning Gao

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Position: Senior Lecturer In Finance
Academic unit: Accounting and Finance


After my PhD study in Hong Kong University of Science and Technology, I join Manchester as a lecturer in finance. My research interests include corporate finance, corporate investment, and capital markets. In particular, my published researches examine the determinants and implications of corporate cash holdings policy, the dynamics of mergers and acquisitions, capital market information in relation to corporate and industry fundamentals, and the methodology of empirical corporate finance. My papers have appeared in Management Science, the Journal of Corporate Finance and the Journal of Financial and Quantitative Analysis.

My teaching portfolio includes: (i) Corporate Finance to Global MBA students, (ii) both Empirical Finance and Financial Markets and Institutions at the undergraduate level, (iii) advanced corporate finance to PhD students, and (iv) Mergers and Acquisitions Negotiations (with a team of colleagues) to full-time MBA students.

Postgraduate Opportunities

I welcome applicants who have solid academic background and strong interests in research to apply for our PhD programme. My current research interests include corporate mergers, acquisitions, and takeovers; venture capital; corporate cash holdings; information in financial markets; corporate governance; and general topics in corporate finance.

Programme involvement

Specialist fields




Publication summary




Showing 10 publication(s)



  • Gao, N., & Mohamed, A. (2016). Cash-rich acquirers do not make bad acquisitions: new evidence. In FMA 2012, Atlanta; EFMA 2011; ESRC Conference on Corporate Governance and Corporate Investment 2011; British Accounting and Finance Association Northern Area Group Annual Conference 2011.. Publication link: 5b11a073-d4ec-4ff5-8f32-98d84fc3bf47
  • Gao, N., & Liu, W. (2016). Liquidity benefits and long-term acquirer performance. In EFA 2008, Athens; EFMA 2008, Athens; FMA 2008, Xiamen.. Publication link: cd6b049f-1d0d-417f-9fc1-26697749910e


  • Gao, N., Peng, N., & Strong, N. (2015). Market power in horizontal mergers: Evidence from wealth transfer between merging firms and their customers. Paris International Finance Conference 2015.. Publication link: 4318ae11-9666-4fe2-bb97-8f08cdfb2b1a
  • Gao, N. (2015). Institutional Investors, Financial Innovation and the Real Economy. Co-investigator. Funding body: Alliance MBS Strategic Research Investment Fund; Total amount: £296,891.00; Duration: 2015–2017.: No publisher name.. Publication link: b911a0a5-48e4-401f-bd6a-0fb3aa0d2176



  • Gao, N. (2011). “Why Does an Acquiring Firm’s Cash Reserve Have a Negative Wealth Effect: Agency or Overvaluation?” Sole Principal Investigator (PI). Funding body: ESRC; Total amount: £194,043.01; duration: 2009–2011. No publisher name.. Publication link: c3a4bd5f-b254-4752-972a-5346252fbd26