Email

lewistam@um.edu.mo

Tel

+853 8822-8870

Office

E22-4055
Faculty of Business Administration
University of Macau, E22
Avenida da Universidade,
Taipa, Macau, China

Website

https://sites.google.com/site/lewistam/

Associate Professor of Finance

Academic and Professional Qualifications

  • 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

Related Working Experiences

  • Associate Professor of Finance, University of Macau (September 2012 – Present)
  • Assistant Professor of Finance, University of Macau (January 2005 – August 2012)
  • Acting Programme Coordinator of Finance, University of Macau (July 2011 – August 2013; February 2016 – January 2017)
  • Principal Contact Person for the CFA University Affiliation Program (June 2012 – Present)

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

Teaching

  • Undergraduate Courses
    • Corporate Finance (FINC2003)
    • Financial Statement Analysis & Valuation (FINC3001)
  • Graduate Courses
    • Wealth Management (FINC7055)

Research Projects

  • (External) “Financing and Market Activity”, co-investigator, funded by Hong Kong RGC Research Grant (with Xin Chang and Gilles Hilary (Principal)), 2007
  • (External) “Long-term Performance after Reverse Cross-listing: Evidence from Chinese and Israeli Stocks”, co-investigator, funded by Hong Kong RGC (with Hongwan Kot (Principal)), 2013
  • (External) “Does Information Environment Change After Reverse Dual-listing”, co-investigator, funded by Hong Kong RGC Research Grant (with Hungwan Kot (Principal)), 2015
  • (External) “Anchoring Bias in Investment: Evidence from Vehicle-Plate Auctions in Macau”, principal investigator, funded by Specialized Subsidy Scheme for Macao Higher Education Institutions in the Area of Research in Humanities and Social Sciences of Higher Education Bureau, 2019
  • (Internal) “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
  • (Internal) “Legal System and Market Timing Effect on Capital Structure: An International Experience” (RG007/07-08S/THK/FBA), principal investigator, 2008
  • (Internal) “Information Asymmetry and Equity Carve-outs” (RG013/09-10S/THK/FBA), principal investigator, 2010
  • (Internal) “Corporate Environmental Performance and Corporate Finance Policies” (MYRG074(Y1-L2)-FBA11-THK), principal investigator, 2011
  • (Internal) “Liquidity and Expected Stock Return: International Evidence” (MYRG048(Y1-L2)-FBA12-LSK), co-investigator (with Keith Lam (Principal)), 2012
  • (Internal) “Conglomerate Structure and Corporate Finance Decisions in China” (MYRG049(Y1-L2)-FBA12-THK), principal investigator, 2012
  • (Internal) “Information Environment Changes around Dual-listing” (MYRG2015-00019-FBA), principal investigator, 2015
  • (Internal) “Corporate Pension Policies, Financial Policies, and Stock Liquidity” (MYRG2015-00059-FBA), principal investigator (with Xiaolin Qian), 2015
  • (Internal) “Effects of International Background of CEO and Board Directors on Cross-Border Mergers and Acquisitions” (MYRG2017-00164-FBA), principal investigator (with Charlie Jun), 2017
  • (Internal) “Pollution Risk and Corporate Investment Decisions”(MYRG2019-00095-FBA), principal investigator, 2019
  • (Internal) “Are Bilingual Announcements the Same? Evidence from Tone Management in Hong Kong Market”(MYRG2022-00042-FBA), principal investigator (with Hungwan Kot), 2022

Research Interests

  • Corporate Financing and Investment
  • Corporate Governance
  • Corporate Mergers, Acquisitions and Restructurings
  • Empirical Asset Pricing
  • Chinese Stock Markets

Selected Journal Papers

  1. Tam, Lewis H.K., Baibing Huang, Shaohua Tian, and Carmen Hoi (2023), Productivity and the Gains from Takeovers in China: The Role of Ownership Structure and Institutions, Singapore Economic Review, Forthcoming
  2. Tam, Lewis H.K., and Shaohua Tian (2023), Non-Investor Institutions’ Site Visits and Corporate Social Responsibility, Asia-Pacific Journal of Financial Studies, V52(6), 889-923
  3. Tam, Lewis H.K., and Shaohua Tian (2023), Language Barriers, Corporate Site Visit, and Analyst Forecast Accuracy, Quarterly Review of Economics and Finance, V91, 68-83 (ABS2)
  4. Chui, M.W. Peter, Lawrence Fong, Jinjuan Ren, and Lewis H.K. Tam (2022), Anchoring Effects in Repeated Auctions of Homogeneous Objects: Evidence from Macao, Journal of Economic Psychology, V90 (ABS2)
  5. Huang, Yuan, Zilong Song, and Lewis H.K. Tam (2022), Institutional Quality and Dark Side of Product Market Competition, China Accounting & Finance Review, Forthcoming
  6. Qian, Xiaolin, and Lewis H.K. Tam (2021), Blockholders and Corporate Governance: Evidence from China’s Split-Share-Structure Reform, Review of Accounting & Finance, V20(1), 55-83 (ABS2)
  7. Dong, Sophie, Keith S.K. Lam, and Lewis H.K. Tam (2019), Liquidity and Stock Returns: Evidence from the Chinese Stock Market, China Accounting & Finance Review, V21(4), 1-42
  8. 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, V50, 519-537 (ABS4)
  9. 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, V70, 247-264 (ABS3)
  10. 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, V43, 191-225 (ABS3)
  11. 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, V60, 149-161 (ABS2)
  12. 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, V36, 31-45 (ABS2)
  13. Qian, Xiaolin, Lewis H.K. Tam, and Bohui Zhang (2014), Systematic Liquidity and the Funding Liquidity Hypothesis, Journal of Banking & Finance, V45, 304-320 (ABS3)
  14. Tam, Lewis H.K. (2012), 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, V54, 275-299 (ABS2)
  15. 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, V20, 459-482 (ABS2)
  16. Tam, Lewis H.K. (2011), Change in Parent’s Cost of Equity Capital around Equity Carve-Out, Corporate Ownership & Control, V9, 441-454
  17. 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, V35, 2217-2230 (ABS3)
  18. Chang, Xin, Gilles Hilary, Chia-Mei Shih, and Lewis H.K. Tam (2010), Conglomerate Structure and Capital Market Timing, Financial Management, V39, 1307-1338 (ABS3)
  19. 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, V50, 581-603 (ABS2)
  20. 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, V15, 388-408 (ABS2)

Selected Conference Papers and Invited Presentation

  1. “Tone Management Between Languages” (with Hungwan Kot and Xin Xu), presented in AsianFA Annual Conference 2023
  2. “Regulatory Arbitrage and Initial Coin Offerings” (with Scott Fung and Khaled Obaid), presented in AsianFA Annual Conference 2023

Selected Working Papers and Other Publications

  1. “Corporate Environmental Liability and Capital Structure” (with Xin Chang, Kangkang Fu, Tao Li and George Wong), 2021
  2. “Can Operating Leases Expand Commercial Airlines’ Debt Capacity?” (with Ming-hsiang Chen, Hungwan Kot and Yiming Chang), 2020
  3. “Investor Characteristics, Relationships and IPO Allocations” (with Vidhan K. Goyal), 2013

Postgraduate Student Supervision

  • PhD Students
    • Shaohua Tian (Graduated in 2021)
    • Xin Xu (Expected in 2024)
    • Huijun Mo (2023-)
    • Haoliang Zhao (2023-)

Editorialship/Society Membership

  • CFA Charterholder, CFA Institute (2008 – Present)
  • Member of Editorial Advisory Board, Review of Accounting & Finance (ABS2)