TIM R. ADAM
Department of Finance
Hong Kong University of Science & Technology
Clear Water Bay
Kowloon
Hong Kong
Tel.: (+852) 2358-7675
Fax: (+852) 2358-1749
E-mail: adam@ust.hk
http://home.ust.hk/~adam
TEACHING AND RESEARCH INTERESTS
Risk management, corporate finance, financial constraints, derivatives, mining industry.
TEACHING INTERESTS
Corporate finance, risk management, financial engineering, futures & options, investments.
TEACHING AND PROFESSIONAL EXPERIENCE
University of Michigan Business School, Visiting Assistant Professor
Hong Kong University of Science & Technology, Assistant Professor
2000 – 2001
since 1997
Federal Reserve Bank of Richmond, Visiting Scholar
University of Virginia, Graduate Instructor
University of Virginia, Graduate Teaching Assistant
1996 – 1997
1995 – 1996
1992 – 1995
Berliner Bank AG, Germany, Instructor
Lloyds Bank Plc, UK, Banking Assistant
Berliner Bank AG, Germany, Bank Trainee
1990
1989 – 1990
1987 – 1989
EDUCATION
University of Virginia, Ph.D. (Economics)
University of Virginia, M.A. (Economics)
1997
1994
Technische Universität Berlin, Germany, Vordiplom (Business)
OSZ Banken & Versicherungen, Germany, Bankkaufmann (Banking)
1992
1989
ACADEMIC HONORS AND RESEARCH GRANTS
Competitive Research Grant, Hong Kong Research Grants Committee, 2002 – 2004
The Franklin Prize of Teaching Excellence, HKUST Business School, 2002
Nominated for the BBA Teaching Excellence Award, University of Michigan, 2001
Competitive Research Grant, Hong Kong Research Grants Committee, 1999 – 2002
Direct Allocation Grants, HKUST, 1998 – 2000
Dissertation Fellowship, German National Scholarship Foundation, 1996 – 1997
1
DuPont Fellowship, University of Virginia, 1994 – 1995
Academic Enhancement Program Fellowships, University of Virginia, 1993 – 1996
Graduate Fellowship, German National Scholarship Foundation, 1992 – 1995
PUBLICATIONS
Risk Management and the Credit Risk Premium, Journal of Banking and Finance, Feb 2002,
Vol. 26/2-3, pp. 243-269.
Do Firms Use Derivatives to Reduce Their Dependence on External Capital Markets?
European Finance Review, 2002, Vol. 6 No. 2, pp. 163-187.
COMPLETED WORKING PAPERS
Does Selective Hedging Increase Shareholder Value? with Chitru Fernando, December 2002.
Why Firms Use Non-Linear Hedging Strategies, January 2003.
The Investment Opportunity Set and its Proxy Variables: Theory and Evidence, with Vidhan
Goyal, February 2003.
RESEARCH IN PROGRESS
Financial Constraints, Competition, and Hedging in Industry Equilibrium, with Sudipto
Dasgupta and Sheridan Titman.
Does the Market Use Option Valuation Techniques to Value Firms’ Real Options? with
Vidhan Goyal.
Investment Opportunities at Financially Constrained Firms, with Vidhan Goyal.
Managerial Compensation, Gamma, and the Convexity of the Risk Management Portfolio,
with Ben Sopranzetti.
PRESENTATIONS AT PROFESSIONAL MEETINGS
American Finance Association, Washington D.C. 2003
European Finance Association Annual Meeting, Berlin 2002
Conference on Finance, Economics and Accounting, Rutgers University, Fall 2001
Western Finance Association Annual Meeting, Tucson 2001
Symposium: Risk Management in the Global Economy, FRB Chicago, September 2000
Derivatives Securities Conference, Boston 1999
Financial Management Association Annual Meeting, Orlando 1999
Nippon Finance Association Annual Meeting, Tokyo 1998
Asia Pacific Finance Association Annual Meeting, Tokyo 1998, Shanghai 2000
German Finance Association Annual Meetings, Mannheim 1997, Hamburg 1998, Aachen
1999
2
INVITED SEMINARS
Nanyang Technological University, Department of Finance, Singapore, Spring 2002
Michigan State University, Department of Finance, Spring 2001
University of Miami, Department of Economics, Spring 2001
University of Oregon, Department of Finance, Fall 2000
Northwestern University, Department of Finance, Spring 1999
University of Virginia, Department of Finance, Spring 1999
SERVICE
Ad hoc referee: Financial Management, European Finance Review, Review of International
Finance, Journal of Asian Business, Pacific-Basin Finance Journal, Research Grants Council
of Hong Kong
Discussant: European Finance Association (2002), Financial Economics and Accounting
Conference (2000), Western Finance Association (1998), German Finance Association (1997,
1998, 1999), Asia Pacific Finance Association (1998).
Thesis Supervision: MBA Research Project, Financing the Gold Mining Industry of North
America in the 1990’s, Summer 1999.
MSc(IM) Program Director, HKUST, 2002 – present.
Member of the MBA & MSc program committees, HKUST, 1998 – present.
Member of the recruiting committee, HKUST, 1999 – present.
Finance seminar coordinator, HKUST, 2001 – 2002.
Member of the undergraduate curriculum committee, HKUST, 1997 – 1998.
Participant: Teaching with Cases, Richard Ivey School of Business workshop, Spring 1999.
Memberships: American Finance Association, Society for Financial Studies, German Finance
Association.
3