Prof. Adrian C.H. LEI

Associate Professor in Finance
Programme Coordinator of Finance

Faculty of Business Administration
University of Macau, E22
Avenida da Universidade, Taipa, Macau, China

Contact Information

Room: E22-4077
Telephone: (853) 8822-4162
E-mail: adrianl
  • Ph.D. in Finance, University of Hong Kong, Hong Kong, 2006
  • Master in Economics, University of Hong Kong, Hong Kong, 2002
  • Bachelor in Finance and Economics, University of Hong Kong, Hong Kong, 2000
  • Undergraduate Courses
    • Case Studies in Corporate Finance (FINC421)
    • Applied Financial Project (FINC434)
  • Postgraduate Courses
    • Corporate Finance (FINC710)
    • Managerial Finance in Integrated Resorts (FINC713)
  • Corporate finance
  • Corporate governance
  • Mergers & acquisitions
  • Empirical asset pricing
  • Efficiencies in financial markets
  • Multiple Directorships of Independent Directors and Firm Performance, 2012-2014, Principal Investigator
  • Liquidity Creation, Banking Reform and Bank Performance in China, 2012-2013, Principal Investigator
  • Connected Transactions and Firm Value, funded by the Research Committe of University of Macau, 2010-2011, Principal Investigator
  • Growth Options and Fundamental Determinants on Equity Beta, funded by the Research Committe of University of Macau, 2009-2010, Co-Investigator
  • Corporate Governance and Firm Valuations in Hong Kong, funded by the Research Committe of University of Macau, 2008-2009, Principal Investigator
  1. “The impact of corporate fraud on director‐interlocked firms: Evidence from bank loans” 2019 (with Lai Tat-Kei and Frank M. Song); Journal of Business Finance and Accounting, Forthcoming
  2. “A Cross‐Cultural Examination of Auditors’ Willingness to Relocate in Public Accounting: Evidence from Hong Kong and the United States” 2016,International Journal of Auditing, 20(1), 17-41.
  3. “Price and Volume Effects of Exchange‐Traded Barrier Options: Evidence from Callable Bull/Bear Contracts.” 2015 Journal of Futures Markets 35(11): 1042-1066.
  4. “Exchange‐Traded Barrier Option and VPIN: Evidence from Hong Kong.” 2015 (with Cheung, William M and Robin K. Chou); Journal of Futures Markets 35(6): 561-581.
  5. “Do Multiple Directorships Increase Firm Value? Evidence from Independent Directors in Hong Kong” 2014. (With Jie Deng); Journal of International Financial Management and Accounting, 25 (2), 121-181
  6. “Interactions of Default and Investment Decisions: the Effects of Tax Convexity” 2014 (With Keith Lam and Martin Yick); Applied Economics, 46 (11), 1267-1278
  7. “Liquidity Creation, Banking Reform and Bank Performance in China” 2013. (With Zhuoyun Song); Global Finance Journal, forthcoming
  8. “Does Tax Convexity Matters For Risk? A Dynamic Study on Tax Asymmetry and Equity Beta” 2012. With Keith Lam and Martin Yick, Review of Quantitative Finance and Accounting, 41(1), 131-147
  9. “Board structure, corporate governance, and firm value: evidence from Hong Kong.” 2012. (With Frank M. Song); Applied Financial Economics, 22(15), 1289-1303
  10. “Connected transactions and firm valuations: evidence from china affiliated companies.” 2011. (With Frank M. Song); Pacific-Basin Finance Journal, 19(5), 470-490.
  11. “Is there difference between well-informed laypersons’ and auditors’ perceptions of independence?” 2011. (With Philip Law); International Journal of Accounting and Finance, 3(1), 01-28.
  12. “Corporate Governance and the Divergence of Learning Channels.” 2011. (With William M.Y. Cheung and Libin Tao); Corporate Ownership and Control, 8(3), 9-17
  1. “Family Ownership, Auditor Choice and Audit fees: Evidence from Hong Kong” APIRA, Kobe, Japan, July 2013
  2. “Do Multiple Directorships Signal Quality? Evidence from Independent Directors” FMA Asia, Phuket, Thailand, July 2012
  3. “Liquidity Creation, Bank Capital Structure and Bank Performance in China” Asian Finance Association (AsianFA), Taipei, Taiwan, July 2012
  4. Connected Transactions and Firm Valuations: Evidence from Connected Transactions of HK Listed Mainland Companies, 2007 Asian Finance Association Conference
  5. “Interactions of Default and Investment Decisions: the Effects of Tax Convexity” with Lam, Keith S.K. and Yick, Martin H.Y. Financial Management Association International, Atlanta, USA, Oct 2012
  6. “Connected transactions and firm valuations: evidence from china affiliated companies.” With Frank M. Song 17th European Financial Management Association Conference, 2008, Athens, Greece. Asian Finance Association Conference, 2007, Hong Kong
  1. “Interactions of Default and Investment Decisions: the Effects of Tax Convexity”with with Lam, Keith S.K. and Yick, Martin H.Y.
  2. “Do Multiple Directorships Signal Quality? Evidence from Independent Directors” with Jie Deng, 2013