- Fax
- (940) 397 4693
- Title
- Bridwell Distinguished Professor of Finance
- Department
- Finance
- Location
- Dillard College of Business Administration
- Room
- 219
- Bio
-
Dr. Adam Lei is the Bridwell Distinguished Professor of Finance in the Dillard College of Business Administration at Midwestern State University. Dr. Lei has been teaching at the University since 2005. He received his Ph.D. in Finance and MS in Finance from Louisiana State University, MBA in Finance from National Chung Cheng University (Taiwan), and BBA in Industrial Management from National Cheng Kung University (Taiwan). He is a Chartered Financial Analyst (CFA) since 2009. Dr. Lei's research interests include investments, market efficiency, market microstructure, and corporate finance. In 2015, because of his research Dr. Lei was invited and served as an event speaker to nearly 200 people at the Bloomberg for Education New York Symposium in New York City.
The courses that Dr. Lei regularly teaches include Business Finance, Financial Markets and Institutions, Investments, and Security Analysis and Portfolio Management. Other courses he has taught at the University include Student Managed Investment Fund, Macroeconomic Principles, and Advanced Applied Business Statistics (graduate level). Through his teaching, Dr. Lei emphasizes the rationales underlying observed phenomena. As he usually says in class, "If you memorize something, you probably will forget it by the end of semester. If you learn the rationales and develop the ability to infer, that ability will go with you forever." When asked what he likes the most about finance, he said, "Finance is challenging, and I like challenges."
Prior to coming to the United States, Dr. Lei served as a military police officer in Taiwan. Dr. Lei used to be into photography, and he was able to develop black and white films (135 and 120) and make prints with chemicals. He also enjoyed fishing and riding motorcycle. Nowadays Dr. Lei walks trails during the weekends and otherwise spends most of his time reading.
When asked what Dr. Lei would say if he could pass on one piece of wisdom to his students, he said, "Be ambitious, but don't be speculative."
Finally, an educational joke from Dr. Lei: If you ride a motorcycle at 100 mph without wearing a helmet (the full face kind), you'll shed tears uncontrollably. Please don't do it (it's very dangerous) and don't ask Dr. Lei how he knew.
Dr. Lei's curriculum vitae is available here.
| Institution | Degree | Graduation Date |
|---|---|---|
| Louisiana State University | PhD, Finance | 2005 |
| Louisiana State University | MS, Finance | 2004 |
| National Chung Cheng University | MBA, Finance | 1997 |
| National Cheng Kung University | BBA, Industrial Management | 1995 |
| Employer | Position | Start Date | End Date |
|---|---|---|---|
| Midwestern State University | Professor of Finance | 08/01/2017 | |
| Midwestern State University | Bridwell Distinguished Professor of Finance | 08/01/2014 | |
| Midwestern State University | Associate Professor of Finance | 08/01/2011 | 07/01/2017 |
| Midwestern State University | Assistant Professor of Finance | 08/01/2005 | 07/01/2011 |
Refereed Articles
Lei, A. Y. & Li, H. (2024). Humor in the Classroom: An Introvert's Perspective and Implementation. Journal of Accounting and Finance, forthcoming.
Lei, A. Y. & Li, H. (2023). Pretax Payroll Deduction for Parking? An Illustrating Example. Journal of Accounting and Finance, 23 (3), 18-24.
Lei, A. Y. & Li, H. (2023). Using R Programming in a Financial Derivatives Course. Journal of Economics and Finance Education, 22 (1), 36-52.
Lei, A. Y., Li, H., & Yu, J. (2019). Corporate Payouts in Dual Classes. Managerial Finance, 45 (12), 1542-1562.
Gaharan, C. & Lei, A. Y. (2016). Information Quality and Earnings Enhancement of the Bargain Purchase Gain. Journal of Accounting and Finance, 16 (5), 105-110.
Lei, A. Y. & Li, H. (2016). Stock Acquisitions, Investor Recognition, and Announcement Returns. Managerial Finance, 42 (6), 518-535 (lead article).
Lei, A. Y. & Li, H. (2015). Portfolio Performance Evaluation Benchmark: A Note. Journal of Economics and Finance Education, 14 (1), 1-7 (lead article).
Lei, A. Y. & Li, H. (2013). Does It Pay to Realize Tax Losses at the Year-End? Financial Services Review, 22 (3), 187-209 (lead article).
Lei, A. Y. & Li, H. (2013). Does Information Production Explain Bidder Liquidity after Takeovers? Managerial Finance, 39 (10), 915-937.
Lei, A. Y. & Li, H. (2012). Using Bloomberg Terminals in a Security Analysis and Portfolio Management Course. Journal of Economics and Finance Education, 11 (2), 17-33.
Lei, A. Y. & Li, H. (2012). Short-lived Information and Order Strategies: A Clinical Study. Managerial Finance, 38 (2), 143-164.
Boulatov, A., Hatch, B. C., Johnson, S. A., & Lei, A. Y. (2009). Dealer Attention, the Speed of Quote Adjustment to Information, and Net Dealer Revenue. Journal of Banking and Finance, 33 (8), 1531-1542.
Lei, A. Y. & Li, H. (2009). The Value of Stop Loss Strategies. Financial Services Review, 18 (1), 23-51.
Lei, A. Y. & Li, H. (2007). Automatic Investment Plans: Realized Returns and Shortfall Probabilities. Financial Services Review, 16 (3), 183-195.
Presentation of Refereed Papers
International
Lei, A. Y., Li, H., & Yu, J. (2019). Corporate Payouts in Dual Classes. Southern Finance Association (SFA), Orlando, Florida.
Lei, A. Y. (2008). Arbitrage in Dual Classes: The Case of Berkshire Hathaway. Southern Finance Association (SFA), Key West, Florida.
Lei, A. Y. & Li, H. (2008). The Value of Stop Loss Strategies. Southern Finance Association (SFA), Key West, Florida.
Lei, A. Y. (2008). Arbitrage in Dual Classes: The Case of Berkshire Hathaway. Financial Management Association International (FMA), Grapevine, Texas.
Lei, A. Y. & Li, H. (2008). The Value of Stop Loss Strategies. Financial Management Association International (FMA), Grapevine, Texas.
Johnson, S. A., Lei, A. Y., Lin, J., & Sanger, G. C. (2007). The Composite Trading Volume Trend, Sentiment and Market Returns. Southern Finance Association (SFA), Charleston, North Carolina.
Johnson, S. A., Lei, A. Y., Lin, J., & Sanger, G. C. (2006). Trading Volume Trend, Investor Sentiment, And Stock Returns. Financial Management Association International (FMA), Salt Lake City, Utah.
Kayhan, A., Lei, A. Y., & Lin, J. (2006). Leverage, Accruals, And Cross-Sectional Stock Returns. Financial Management Association International (FMA), Salt Lake City, Utah.
Lei, A. Y. & Li, H. (2006). Trading Volume Shocks and Subsequent Stock Returns. Southern Finance Association (SFA), Destin, Florida.
Lei, A. Y. & Li, H. (2006). Trading Volume Shocks and Subsequent Stock Returns. Financial Management Association International (FMA), Salt Lake City, Utah.
Lei, A. Y. (2003). Dividend Pricing: Tax Effects in the Face of Institutional Dominance. Financial Management Association International (FMA), Denver, Colorado.
Lei, A. Y. (2002). Trading Volume-Conditioned Relationships between Past Return, Contemporaneous return, and Future Return. Financial Management Association International (FMA), San Antonio, Texas.
National
Lei, A. Y. & Li, H. (2024). Humor in the Classroom: An Introvert's Perspectives and Implementation. Southwestern Finance Association (SWFA), Las Vegas, Nevada.
Lei, A. Y. & Li, H. (2023). Pretax Payroll Deduction for Parking? An Illustrating Example. Southwestern Finance Association (SWFA), Houston, Texas.
Lei, A. Y. & Li, H. (2016). Stock Acquisitions, Investor Recognition, and Announcement Returns. Southwestern Finance Association (SWFA), Oklahoma City, Oklahoma.
Lei, A. Y. & Li, H. (2013). Does It Pay to Realize Tax Losses at the Year-End? Southwestern Finance Association (SWFA), Albuquerque, New Mexico.
Lei, A. Y. & Li, H. (2012). Using Bloomberg Terminals in a Security Analysis and Portfolio Management Course. Southwestern Finance Association (SWFA), New Orleans, Louisiana.
Lei, A. Y. & Li, H. (2011). Does Information Production Explain Bidder Liquidity after Takeovers? Southwestern Finance Association (SWFA), Houston, Texas.
Lei, A. Y. & Li, H. (2010). Still in the Air: Who React to False Information? Southwestern Finance Association (SWFA), Dallas, Texas.