Lam, Full-yet Eric Campbell（林富一）

Biography

Dr Eric Lam is a Senior Lecturer in Finance at the CUHK Business School of the Chinese University of Hong Kong. He holds a PhD in Finance from the HKUST Business School of the Hong Kong University of Science and Technology. He is a CFA Charterholder, a CAIA Charterholder, and a Financial Data Professional (FDP) Charterholder. His career is marked by a commitment to bridging the gap between rigorous academic theory and practical financial application.

Dr Lam’s research focuses on areas within capital markets, including asset pricing, factor investing, and financial innovation. His scholarly work has been published in leading international journals such as Journal of Financial Economics, The Journal of Finance, and International Review of Economics and Finance. His research not only contributes to academic discourse but also provides valuable insights for the investment community, as demonstrated by his publications on ESG’s impact on risk hedging and the performance of hedged ETFs.

Beyond his academic contributions, Dr Lam has held significant roles that inform his teaching and research. He served as Senior Vice President and APAC Head of Scenario Design and Macroeconomic Modelling at Citigroup, where he managed high-dimensional multivariate, medium-to-very-long-term horizon economic and financial forecasts and their business narratives for stress testing 16 legal entities operating in 11 countries and jurisdictions towards regulatory compliance in periodic and thematic exercises. He also gained policy research and regulatory experience at the Hong Kong Monetary Authority, where he led impactful research projects on algorithmic trading, technology and finance (FinTech), artificial intelligence in banking, and big data in financial services as a Senior Research Manager at the Hong Kong Institute for Monetary and Financial Research.

Dr Lam also has more than 10 years of experience teaching full-time as a finance professor and a senior teaching consultant in business faculties in universities in Hong Kong, including the City University of Hong Kong.

Teaching Areas

Derivatives Trading Strategies
Corporate Finance
Financial Economics
FinTech
Artificial Intelligence (AI) in Finance

Research Interests

Capital Markets
Financial Innovation

• Publications & Working Papers

  Publications

  • Albert J. Menkveld, Anna Dreber, Felix Holzmeister, Juergen Huber, Magnus Johannesson, Michael Kirchler, Sebastian Neussüs, Michael Razen, Utz Weitzel, Christian Brownlees, and Javier Gil Bazo, et al. (2024), “Non-Standard Errors,” The Journal of Finance, 79(3), 2339-2390.
  • Joseph K.W. Fung, F.Y. Eric Lam, and Yiuman Tse (2024), “The Impact of ESG Rating on Hedging Downside Risks: Evidence from a Weight-Tilted Hang Seng Index,” Journal of Risk and Financial Management, 17(2):57.
  • Kalok Chan, F.Y. Eric Lam, Giorgio Valente, and Siyuan Wu (2022), “Volatility Control Mechanisms: The International Experience and the Evidence from Hong Kong,” HKIMR Working Paper, No.3/2022.
  • Hong Kong Academy of Finance and Hong Kong Institute for Monetary and Financial Research (2021), “Algorithmic and High-frequency Trading in Hong Kong’s Equity Market: Adoption, Market Impact and Risk Management,” HKIMR Applied Research Report, No.1/2021.
  • Hong Kong Academy of Finance and Hong Kong Institute for Monetary and Financial Research (2021), “Artificial Intelligence and Big Data in the Financial Services Industry: A Regional Perspective and Strategies for Talent Development,” HKIMR Applied Research Report, No.2/2021.
  • Joseph K.W. Fung, Jason M.K. Cheng, and F.Y. Eric Lam (2021), “Early Evidence on the Performance of Hedged Exchange Traded Funds,” Investment Analysts Journal, 50(4), 242-257.
  • Chris K.C. Ip and F.Y. Eric Lam (2020), “Funding Decisions in Online Marketplace Lending,” HKIMR Working Paper, No.01/2020.
  • Hong Kong Academy of Finance and Hong Kong Institute for Monetary and Financial Research (2020), “Artificial Intelligence in Banking: The Changing Landscape in Compliance and Supervision,” HKIMR Applied Research Report, No.2/2020.
  • Tze Chuan ‘Chewie’ Ang, F.Y. Eric C. Lam, and K.C. John Wei (2020), “Mispricing Firm-level Productivity,” Journal of Empirical Finance, 58, 139-163.
  • Adrian W.K. Cheung, Hung Wan Kot, Eric F.Y. Lam, and Harry K.M. Leung (2020), “Toward Understanding Short-selling Activity: Demand and Supply,” Accounting & Finance, 60(3), 2203-2230.
  • F.Y. Eric C. Lam, Ya Li, Wikrom Prombutr, and K.C. John Wei (2020), “Limits-to-arbitrage, Investment Frictions, and the Investment Anomaly: New Evidence,” European Financial Management, 26(1), 3-43.
  • Hong Kong Monetary Authority (2019), “Reshaping Banking with Artificial Intelligence,” HKMA White Paper on AI.
  • Joseph K.W. Fung and F.Y. Eric Lam (2019), “Interest Rate Spread Under the Exchange Rate Convertibility Zone: A Carry Trade Perspective,” HKIMR Working Paper, No.16/2019.
  • Tze Chuan ‘Chewie’ Ang, F.Y. Eric C. Lam, Tai Ma, Shujing Wang, and K.C. John Wei (2019), “What is the Real Relation between Cash Holdings and Stock Returns?” International Review of Economics and Finance, 64, 513-528.
  • Yuan Huang, F.Y. Eric C. Lam, and K.C. John Wei (2014), “The Q-theory Explanation for the External Financing Effect: New Evidence,” Journal of Banking and Finance, 49, 60-81.
  • F.Y. Eric C. Lam and K.C. John Wei (2011), “Limits-to-arbitrage, Investment Frictions, and the Asset Growth Anomaly,” Journal of Financial Economics, 102(1), 127-149.

• Grants
  • “Asset Growth Dynamics and Valuation-ratio Based Anomalies”, General Research Fund awarded by Hong Kong Research Grant Council with HK$404,376, 2014-2017 (Principal Investigator)
  • “Linking Persistence of Corporate Asset Growth with the Term Structure of Momentum and Reversal Information in Stock Returns”, Early Career Scheme awarded by Hong Kong Research Grant Council with HK$374,500 (+HK$50,000 in ECS Grant), 2013-2015 (Principal Investigator)

• Awards & Honours
  • Best Research Award, The 24th Conference on the Theories and Practices of Securities and Financial Markets, 2016
  • Distinguished Instructor in Capital Markets and Asset Pricing, “Merton H Miller” Doctoral Seminar, European Financial Management Annual Conference, 2013
  • Distinguished Instructor in Security Markets and Investments, “Merton H Miller” Doctoral Seminar, European Financial Management Annual Conference, 2012
  • Best Research Award, The 17th Conference on the Theories and Practices of Securities and Financial Markets, 2009
  • Best Research Award, The 16th Conference on the Theories and Practices of Securities and Financial Markets, 2008

• Academic/Professional Services
  • Charterholder Member, CFA Institute
  • Member, CFA Society Hong Kong
  • Full Member, CAIA Association
  • Chapter Member, CAIA Hong Kong