University of Macau, Faculty of Business Administration
Prof. Keith Siu Kwan LAM (林少群)2017-11-27T12:44:41+00:00

Prof. Keith Siu Kwan LAM

Associate Professor in Finance

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

Contact Information

Room: E22-4074
Telephone: (853) 8822-4167
E-mail: keithlam
  • PhD in Finance, University of Macau, Macao SAR, China
  • PhD study in Finance, Arizona State University, USA
  • MBA in Finance, St. Mary’s University, Canada
  • BS(eqv.) in Business Administration, Hong Kong Baptist College, Hong Kong SAR, China
  • Associate Professor in Finance, Faculty of Business Administration, University of Macau (April 2004 – present)
  • Head of Department of Finance and Business Economics (Sept. 2006 – Aug. 2009)
  • Coordinator of Finance (Sept. 2004 – Aug. 2006)
  • Assistant Professor in Finance, Faculty of Business Administration, University of Macau (July 1998 – April 2004)
  • Lecturer, Faculty of Business Administration, University of Macau (Sept. 1992 – July 1998)
  • Undergraduate Courses
    • Financial Management (FINC210)
    • Advanced Financial Management (FINC211)
    • Corporate Finance (FINC214)
    • Financial Management I (FINC300)
    • Financial Management II (FINC301)
    • Financial Research Methods I (FINC362)
    • Capital Market Theories (FINC400)
    • Applied Financial Project (FINC402)
    • Corporate Financial Planning (FINC410)
    • Portfolio Management (FINC411)
    • Financial Research Methods II (FINC461)
  • Postgraduate Courses
    • PhD in Finance: Reseach Methods (RESM800)
    • PhD in Finance: Advanced Topics in Finance and Business Economics (FINC805)
    • MSc in Finance: Theory of Finance (FINC751)
    • MSc in Finance: Theory of Finance (MFIN604)
    • Research Methods (IMBB106)
    • Investments and Portfolio Management (IMBB131)
  • Asset Pricing
  • Stock Market Trading Strategies
  • Market Efficiency
  • Behavioral Finance
  1. Keith S.K. Lam and Zhuo Qiao, 2015, Herding and Fundamental Factors: Hong Kong Experience, Pacific-Basin Finance Journal, 32, 160-188.
  2. Adrian C.H. Lei, Martin H.Y. Yick, and Keith S.K. Lam, 2014, The effects of tax convexity on default and investment decisions, Applied Economics, Vol. 46, No. 11, 1267-1278.
  3. Adrian C.H. Lei, Martin H.Y. Yick, and Keith S.K. Lam, 2013, Does tax convexity matter for risk? A dynamic study of tax asymmetry and equity beta, Review of Quantitative Finance and Accounting, 41, 131-147.
  4. William Cheung, Keith S.K. Lam, and Lewis H.K. Tam, 2012, Blockholding and Market Reactions to Equity Offerings in China. Pacific-Basin Finance Journal, 20, 459-482.
  5. Keith S.K. Lam and Lewis H.K. Tam, 2011, Liquidity and asset pricing: Evidence from the Hong Kong stock market, Journal of Banking and Finance, 35, 2217-2230.
  6. William Cheung, Keith S.K. Lam and HangFai Yeung, 2011, Intertemporal Profitability and the Stability of Technical Analysis: Evidences from the Hong Kong Stock Exchange, Applied Economics, Vol. 43, Issue15, 1945 – 1963.
  7. Zhuo Qiao and Keith S.K. Lam, 2011, Granger Causal Relations among Greater China Stock Markets: A Nonlinear Perspective, Applied Financial Economics, 21, 1437-1450.
  8. Keith S.K. Lam, Frank K. Li, and Simon M. S. So, 2010, On the Validity of the Augmented Fama-French (1993) Four-Factor Asset Pricing Model: Evidence from the Hong Kong Stock Market, Review of Quantitative Finance and Accounting, 35, 89-111.
  9. Keith S.K. Lam and Frank K. Li, 2008, The risk premiums of the four-factor asset pricing model in the Hong Kong Stock Market, Applied Financial Economics,Vol. 18, Issue 20, p. 1667 – 1680.
  10. Keith S.K. Lam, 2004, The Foreign Exchange Market, in Simon S. M. Ho, Robert Haney Scott, and Kie Ann Wong (eds.), The Hong Kong Financial System A New Age, Oxford University Press.
  11. Keith S.K. Lam, 2002, The Relationship between size, book-to-market equity ratio, earnings-price ratio, and return for the Hong Kong Stock Market, Global Finance Journal, Vol. 13, No. 2, p. 163-179.
  12. Keith S.K. Lam, December 2001, The Condition Relation between Beta and Returns in the Hong Kong Stock Market, Applied Financial Economics, 11, p. 669-680.
  13. S.S. Chan and Keith S.K. Lam, 2000, Macau: An Emerging Offshore Banking Centre, in S. S. Chan (eds.), Leading Issues of the Macau Economy, Macau Foundation.
  14. Keith S.K. Lam, 1999, Some evidence on the distribution of beta in Hong Kong, Applied Financial Economics, 9, p. 251-262.
  15. Keith S.K. Lam, Benjamin Wong and Robert H. Terpstra, 1996, Overreaction: A Study Of The Hong Kong Stock Market, New Zealand Journal of Business, Special Issue: Trade & Investment in Asia, Vol. 18 No. 1, p.13-27.
  1. Keith S.K. Lam and Liang Dong, December 2016, Higher Co-Moments and Expected Returns: Evidence from Asian Emerging Markets, Proceedings of the 29th Australasian Finance and Banking Conference. (Sydney, Australia).
  2. Keith S.K. Lam and Liang Dong, June 2016, Higher Co-moments and Expected Returns: Evidence from the China and UK Stock Markets, Proceedings of the 24th PBFEAM Conference. (Hsinchu, Taiwan).
  3. Keith S.K. Lam and Lewis Tam, December 2015, Is Liquidity risk priced in China Stock Markets? Proceedings of the 28th Australasian Finance and Banking Conference 2015 (Sydney, Australia).
  4. Keith S.K. Lam and Lewis Tam, December 2013, Asset Pricing and Liquidity Risk: Evidence from China, Proceedings of the 26th Australasian Finance and Banking Conference 2013 (Sydney, Australia).
  5. Keith S.K. Lam and Sophie Chan, December 2013, Liquidity and Stock Returns: China Evidence, Proceedings of the 21st Conference on the Theories and Practices of Securities and Financial Markets (Kaohsiung, Taiwan).
  6. Keith S.K. Lam and Zhuo Qiao, December 2012, Herding, Market Fundamentals and Short Selling: Hong Kong Evidence, Proceedings of the 20th Conference on the Theories and Practices of Securities and Financial Markets (Kaohsiung, Taiwan).
  7. Keith S.K. Lam, Adrian C.H. Lei and Martin H.Y. Yick, October 2012, Interactions of default and investment decisions: The effects of tax convexity, the FMA 2012 Annual Meeting (Atlanta, USA).
  8. Keith S.K. Lam, Adrian C.H. Lei and Martin H.Y. Yick, October 2010, Does tax convexity matters for risk? A dynamic study on tax asymmetry and equity beta, Proceedings of the FMA 2010 Annual Meeting (New York City, USA).
  9. Zhuo Qiao and Keith S.K. Lam, December 2009, Do Information Transmissions between Stock Markets of the Greater China Become Stronger? Evidence from Nonlinear Granger Causality Test, Proceedings of the 22nd Australasian Finance and Banking Conference (Sydney, Australia).
  10. Zhuo Qiao and Keith S.K. Lam, December 2009, Do Information Transmissions between Stock Markets of the Greater China Become Stronger? Evidence from Nonlinear Granger Causality Test, Proceedings of the 17th Conference on the Theories and Practices of Securities and Financial Markets (Kaohsiung , Taiwan).
  11. Keith S.K. Lam, Adrian C.H. Lei and Martin H.Y. Yick, June-July 2009, Tax Asymmetry and Equity Beta, Proceedings of the AsianFA International Conference 2009 (Brisbane, Australia).
  12. Keith S.K. Lam, M. H. Liu and N. K. Rangan, June-July 2009, Trading restrictions and the Chinese Warrant Bubble, Proceedings of the AsianFA International Conference 2009 (Brisbane, Australia).
  13. Lewis H. K. Tam, W. Cheung and Keith S. K. Lam, April-May 2009, Government Ownership and Agency Problems in Equity Offerings in China, Proceedings of the 2009 Eastern Financial Association (Washington D.C., USA).
  14. Keith S.K. Lam, Simon M.S.So, & Frank K. Li, July 2008, Are Fama-French and Momentum Factors Priced?. Proceedings of the AIB 2008 Milan Conference (Milan, Italy).
  15. Keith S. K. Lam, H. F. Yeung and W. Cheung, December 2007, The profitability of simple technical trading strategies: the case of Hong Kong. Proceedings of the 20th Australasian Finance and Banking Conference (Sydney, Australia).
  16. Lewis H. K. Tam, W. Cheung and Keith S. K. Lam, October 2007, Ownership Concentration, Adverse Selection and Equity Offering Choice, Proceedings of the 2007 Annual Meeting of the Financial Management Association International (Orlando, Florida, USA).
  17. Keith S. K. Lam and Frank K. Li, December 2006, A Four Factor Model of Stock Market Returns: Testing Corporate Decisions. Proceedings of the 4th Biennial Conference of the Hong Kong Economics Association (Hong Kong).
  18. Keith S. K. Lam and Frank K. Li, June 2006, The risk premium of the four factor asset pricing model in the Hong Kong Stock Market. Proceedings of the Journal of Banking and Finance 30th Anniversary Conference (Beijing, China).
  19. Keith S. K. Lam and Miguel Leong, December 2003, The profitable technical trading strategies in Hong Kong stock market. Proceedings of the 16th Australasian Finance & Banking Conference (Australia).
  1. Higher Co-moments and Expected returns: Evidence from Asian Emerging Markets, Keith S.K. Lam and Liang Dong, Department of Finance and Business Economics, Faculty of Business Administration, University of Macau. (Working paper)
  2. Liquidity and Asset Pricing: Evidence from Asia-Pacific Stock Markets, Keith S.K. Lam and Sophie Chan, Department of Finance and Business Economics, Faculty of Business Administration, University of Macau. (Working paper)
  3. Higher Co-moments and Expected returns: Evidence from China and UK Stock Markets, Keith S.K. Lam, Liang Dong and Hung Wan Kot, Department of Finance and Business Economics, Faculty of Business Administration, University of Macau and Department of Finance and Economics, City University of Hong Kong. (Working paper)
  4. Is Liquidity risk priced in China Stock Markets? Keith S.K. Lam and Lewis H. K. Tam, Department of Finance and Business Economics, Faculty of Business Administration, University of Macau. (Working paper)
  1. Review for International Refereed Journals: Journal of Banking and Finance, Review of Quantitative Finance and Accounting, International Review of Economics and Finance, Emerging Markets Review, Emerging Markets Finance and Trade, Applied Economics and Applied Financial Economics.
  • PhD Students
    • One (in progress)
  • Master Students
    • Fifteen: Twelve (completed) and Three (in progress)
  • The Financial Management Association (FMA), 2009 – present
  • The American Finance Association (AFA), 2011 – present