Prof. Lewis Hon Keung TAM

Associate Professor of Finance

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

Contact Information

Room: E22-4055
Telephone: (853) 8822-8870
E-mail: lewistam
  • Ph.D. in Finance, Hong Kong University of Science and Technology, Hong Kong
  • B.B.A. in Finance, Hong Kong University of Science and Technology, Hong Kong
  • CFA Charterholder
  • Associate Professor of Finance, University of Macau (September 2012 – )
  • Assistant Professor of Finance, University of Macau (January 2005 – August 2012)
  • Undergraduate Courses
    • Financial Statement Analysis & Valuation
    • Theory of Finance
    • Mergers & Acquisitions
    • Financial Modeling
    • Applied Financial Project
  • Graduate Courses
    • Corporate Finance
    • Theory of Finance
    • Research Methods
    • Research Methods in Finance and Business Economics (PhD)
  • Others
    • Introduction to SAS with Applications in the Gaming Industry (Advanced Diploma)
    • Financial Management (CCD program for ESFSM)
  • Corporate Financing and Investment
  • Mergers, Acquisitions and Restructurings
  • Chinese Stock Markets
  • Empirical Asset Pricing
  • Stock Market Liquidity
  1. Dong, Sophie, Keith S.K. Lam, and Lewis H.K. Tam, 2019. “Liquidity and Stock Returns: Evidence from the Chinese Stock Market”, China Accounting and Finance Review, forthcoming
  2. Duygun, Meryem, Bihong Huang, Xiaolin Qian, and Lewis H.K. Tam, 2018. “Corporate Pension Plans and Investment Choices: Bargaining or Conforming?“, Journal of Corporate Finance, 50, 519-537
  3. Chang, Xin, Chander Shekhar, Lewis H.K. Tam, and Jiaquan Yao, 2016. “The Information Role of Advisors in Mergers and Acquisitions: Evidence from Acquirers Hiring Targets’ Ex-advisors“, Journal of Banking & Finance, 70, 247-264
  4. Chang, Xin, Chander Shekhar, Lewis H.K. Tam, and Jiaquan Yao, 2016. “Industry Expertise, Information Leakage and the Choice of M&A Advisors“, Journal of Business Finance & Accounting, 43, 191-225
  5. Cheung, William, Scott Fung, and Lewis H.K. Tam, 2016. “Does Market Microstructure Matter for Corporate Finance? Theory and Evidence on Seasoned Equity Offering Decisions“, The Quarterly Review of Economics & Finance, 60, 149-161
  6. Kot, Hungwan, and Lewis H.K. Tam, 2016. “Are Stock Prices More Informative After Dual-listing In Emerging Markets? Evidence From Hong Kong-listed Chinese Companies“, Pacific-Basin Finance Journal, 36, 31-45
  7. Qian, Xiaolin, Lewis H.K. Tam, and Bohui Zhang, 2014. “Systematic Liquidity and the Funding Liquidity Hypothesis“, Journal of Banking & Finance, 45, 304-320
  8. Tam, Lewis H.K., 2014. “The Impacts of Parent’s Listing Status on Subsidiary’s Financial Constraint and Cost of Equity Capital: The Case of Equity Carve-Outs“, Accounting & Finance, 54, 275-299
  9. Cheung, William, 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
  10. Tam, Lewis H.K., 2011. “Change in Parent’s Cost of Equity Capital around Equity Carve-Out“, Corporate Ownership & Control, 9, 441-454
  11. Lam, Keith S.K., and Lewis H.K. Tam, 2011. “Liquidity and Asset Pricing: Evidence from the Hong Kong Stock Market“, Journal of Banking & Finance, 35, 2217-2230
  12. Chang, Xin, Gilles Hilary, Chia-Mei Shih, and Lewis H.K. Tam, 2010. “Conglomerate Structure and Capital Market Timing” (lead article), Financial Management, 39, 1307-1338
  13. Chang, Xin, Shi-Hua Lin, Lewis H.K. Tam, and George Wong, 2010. “The Cross-Sectional Determinants of Post-IPO Stock Performance: Evidence from China“, Accounting & Finance, 50, 581-603
  14. Chang, Xin, Lewis H.K. Tam, Tek-Jun Tan, and George Wong, 2007. “The Real Impact of Stock Market Mispricing – Evidence from Australia“, Pacific-Basin Finance Journal, 15, 388-408
  1. “Business Group Discount: Evidence from China”, with Jingyi Chen
  2. “Corporate Environmental Liability and Capital Structure”, with Xin Chang, Kangkang Fu, Tao Li and George Wong, presented in WBEF(2014, 2018), SSFII(Oxford, 2015)
  3. Corporate Environmental Performance: Determinants and Real Effects“, with Xin Chang and Kangkang Fu, presented in WBEF(2010, 2012), AsianFA(2012), APIRA(2013)
  4. Investor Characteristics, Relationships and IPO Allocations“, with Vidhan K. Goyal, presented in AsianFA(2009), FMA Asian(2010), CICF(2010), FMA(2013)
  5. “Is Smart (Institutional) Money That Smart? A Re-visit of Institutional Investment in Seasoned Equity Offerings”, presented in AsianFA(2014)
  6. “Sticks or Carrots: A Natural Experiment from China’s Split-Share-Structure Reform”, with Xiaolin Qian, presented in IFABS Ningbo Conference(2017)
  7. Transaction Costs and Capital-Structure Decisions: Evidence from International Comparisons“, with Yufei Li, presented in GFC(2011), CICF(2011), AsianFA(2011), FMA Asian(2013)
  • Academic Awards
    • The Best Doctoral Student Paper Award at the Asian FA/TFA/FMA Conference, Taipei, Taiwan, 2004
    • The SWFA Best Paper in Investments Award at the annual meeting of Southwestern Finance Association (SWFA), Oklahoma City, U.S.A., 2009
    • The UM Academic Staff Award, 2011
    • The GTA Best Paper Award at the Asian FA Annual Conference, Macau, 2011
    • The Best Paper Award at the 19th Conference on the Theories and Practices of Securities and Financial Markets (SFM), Kaohsiung, Taiwan, 2011
    • The Best Paper Award at the 4th World Business Ethics Forum (WBEF), Hong Kong, 2012
  • External Research Grants
    • “Financing and Market Activity”, co-investigator, funded by Hong Kong RGC Research Grant (with Xin Chang and Gilles Hilary (Principal)), 2007
    • “Long-term Performance after Reverse Cross-listing: Evidence from Chinese and Israeli Stocks”, co-investigator, funded by Hong Kong RGC Research Grant (with Hungwan Kot (Principal)), 2013
    • “Does Information Environment Change After Reverse Dual-listing”, co-investigator, funded by Hong Kong RGC Research Grant (with Hungwan Kot (Principal)), 2015
  • UM Research Grants
    • “On Costs and Benefits of Alternative Flotation Methods in China” (RG004/05-06S/LSK/FBA), co-investigator (with William Cheung and Keith Lam (Principal)), 2006
    • “Legal System and Market Timing Effect on Capital Structure: An International Experience” (RG007/07-08S/THK/FBA), principal investigator, 2008
    • “Information Asymmetry and Equity Carve-outs” (RG013/09-10S/THK/FBA), principal investigator, 2010
    • “Corporate Environmental Performance and Corporate Finance Policies” (MYRG074(Y1-L2)-FBA11-THK), principal investigator, 2011
    • “Liquidity and Expected Stock Return: International Evidence” (MYRG048(Y1-L2)-FBA12-LSK), co-investigator (with Keith Lam (Principal)), 2012
    • “Conglomerate Structure and Corporate Finance Decisions in China” (MYRG049(Y1-L2)-FBA12-THK), principal investigator, 2012
    • “Information Environment Changes around Dual-listing” (MYRG2015-00019-FBA), principal investigator, 2015
    • “Corporate Pension Policies, Financial Policies, and Stock Liquidity” (MYRG2015-00059-FBA), principal investigator (with Xiaolin Qian), 2015
    • “Effects of International Background of CEO and Board Directors on Cross-Border Mergers and Acquisitions” (MYRG2017-00164-FBA), principal investigator (with Charlie Jun), 2017
  • CFA Charterholder and Regular Member of CFA Institute
  • American Finance Association
  • Asian Finance Association
  • European Finance Association
  • Principal contact person for the CFA University Recognition Program (June 2012- )
  • Ad hoc journal referee. Accounting & Finance (2011, 2013, 2019), Asian-Pacific Journal of Financial Studies (2011, 2012), British Accounting Review (2019), Emerging Markets Finance & Trade (2009, 2017), Financial Management (2011), International Review of Finance (2009, 2018), International Review of Financial Analysis (2018), Journal of Banking & Finance (2016, 2017, 2018), Journal of Business Ethics (2012), Pacific-Basin Finance Journal (2017, 2018), Review of Quantitative Finance & Accounting (2016), Quarterly Review of Economics & Finance (2018)
  • Conference paper reviewer. The Eastern Finance Association Meeting (2009), The FMA Asian Conference (2009-12), World Business Ethics Forum (2010, 2014), The AsianFA International Conference (2010-13, 2015-18)
  • Internal examiner. ZHU, Lin (PhD in Economics, 2018)
  • External examiner. (PhD, DBA) Hong Kong Baptist University (2014, 2016, 2017, 2019), (DBA) University of Southern Australia (2014)
  • External research project reviewer. Fudan University (2012), Hong Kong University Grants Committee (2014-2016)
  • Conference organizing committee member. The 3rd World Business Ethics Forum (2010), The AsianFA (2011) International Conference, Global Chinese Real Estate Congress (GCREC) 2012 Conference
  • PhD advisory committee. LIAO, Yun (2015- ); XU, Jian (2016- )
  • Report grader for the CFA Institute Research Challenge (2016-17)