+61 (2) 93855484
WING WAH THAM




BIO

Biography
Wing Wah Tham is Scientia Associate Professor of Finance at the UNSW Business School, University of New South Wales. He previously served on the faculty of the Econometric Institute at Erasmus School of Economics and has held visiting appointments at the University of California, Berkeley, HEC Paris, Singapore Management University, and the National University of Singapore.
Professor Tham's research lies at the intersection of innovation, industrial organization, and finance. His work examines how firms create, organize, protect, and commercialize knowledge, and how these processes shape competition, firm value, and economic growth. Spanning the innovation life cycle, his research studies the production of technological knowledge through R&D, the organization and careers of inventors and scientists, the disclosure and diffusion of innovation through patents, and the commercialization of technology into products, market power, and economic performance.
A central theme of his research is the measurement of intangible assets and organizational capabilities that are fundamental to innovation but are typically unobserved in conventional economic data. Combining economic theory with large-scale administrative datasets, computational text analysis, and machine learning methods, he has developed novel measures of product market positioning, technological disclosure, knowledge spillovers, and human capital within firms. His work has mapped the product space of the U.S. economy using millions of trademark filings, quantified the completeness of patent disclosure, and traced the movement of expertise across organizations and industries. More broadly, his research seeks to make economically important but otherwise invisible features of firms measurable, enabling the study of questions that were previously difficult to address empirically.
His earlier work examined technology, competition, and market design in electronic financial markets, among the first sectors of the economy to become fully digitized. This research analyzed how technological advantages emerge, dissipate, and are reshaped by market institutions and platform design.
Professor Tham's research has been published in leading journals including the Journal of Financial Economics, Review of Financial Studies, Management Science, Journal of Financial and Quantitative Analysis, Journal of Econometrics, Journal of Business & Economic Statistics, Journal of Finance, and Journal of International Business Studies. His work has been presented at major conferences and institutions, including the NBER Summer Institute, American Economic Association, American Finance Association, European Finance Association, and the Econometric Society World Congress.
He is a founding executive of the UNSW Business AI Lab and organized the 2024 NBER–AIEA Innovation and Entrepreneurship Conference. He is a UNSW Scientia Fellow, Asian Innovation and Entrepreneurship Association Fellow and has held Marie Skłodowska-Curie and Tinbergen Institute research fellowships. His research has received the Review of Financial Studies Editor's Choice designation, best paper awards from the Asian Finance Association and Northern Finance Association, and support from the Australian Research Council through a Discovery Project grant.
Before entering academia, Professor Tham trained as a mechanical engineer and served as a platoon commander in the Republic of Singapore Navy's Underwater Demolition Team. Outside academia, he is an endurance athlete who competes in long-distance triathlons and ultra-marathons.
RESEARCH

"Foundational Processes and Growth" 2026, w/ Salomé Baslandze, Leo Liu and Elvira Sojli, - Journal of Financial Economics, Vol. 180, 105276
"Time-varying Group Unobserved Heterogeneity in Finance" 2025, w/ Elvira Sojli and Wendun Wang - Journal of Business & Economic Statistics, 44 (2), 587–600.
“Equity Trading Activity and Treasury Bond Risk Premia” 2023, w/ Stefanie Schraeder, Elvira Sojli and Avanidhar Subrahmanyam - PanAngora’s 2014 Crowell Second Prize, Journal of Financial and Quantitative Analysis, Vol. 58, pg. 677 - 677
“Deleting Unreported R&D” 2022, w/ Ping-Sheng Koh, David Reeb, Elvira Sojli and Wendun Wang Journal of Financial and Quantitative Analysis, Vol. 57, pg. 2324 - 2324
“Quotes, Trades, and the Cost of Capital”, 2020 w/ Ioanid Rosu and Elvira Sojli, Journal of Financial and Quantitative Analysis, 56, pg. 22764 - 2799
“Cross-sided Liquidity Externalities”, 2018 w/ Johannes Skjeltorp and Elvira Sojli, Management Science, Vol. 64 (6), pg. 2473-2972
“Toxic Arbitrage”, 2017 w/ Thierry Foucault and Roman Kozhan, Review of Financial Studies, Vol. 30 (4), pg. 1053-1094 (Lead article and RFS Editor's Choice)
“Foreign Political Connection”, 2017 w/ Elvira Sojli, Journal of International Business Studies, Vol. 48 (2), pg. 244-266
“Flashes of Trading Intent at the NASDAQ” 2016 w/ Johannes Skjeltorp and Elvira Sojli, - Journal of Financial and Quantitative Analysis, Vol. 51 (1), pg. 165-196
“Divided Government and Stock Futures Prices” 2015 w/ Elvira Sojli, Journal of Econometrics, Vol. 187 (2), pg. 622-633
“Execution Risk in High-frequency Arbitrage” 2012 w/ Roman Kozhan, Management Science, Vol. 58 (11), pg. 2131-2149
Other Publications

Non-Standard Errors, 2024, w/ 342 co-authors from 34 countries and 207 institutions (mostly universities), Journal of Finance, Vol. 79, pg. 2339 - 2390
Reproducibility in Management Science, 2023, w/ 200+ co-authors from many countries, Management Science, Vol. 70(3), pg. 1343-1356.
"COVID-19 restrictions and age-specific mental health-U.S. probability-based panel evidence" 2021 w/ Elvira Sojli, Richard Bryant, Michael McAleer, Translational Psychiatry - Nature, 11, Article 418
“Economic Valuation of Liquidity Timing”, 2012 w/ Dennis Karstanje, Elvira Sojli and Michel van der Wel, Journal of Banking and Finance, Vol. 37 (12), pg. 5073-5087
“Managing Systemic Risk in the Netherlands” 2015 w/ Elvira Sojli and Shuyu Liao, International Review of Economics and Finance, Vol. 40, pg. 231-245
“A Practical Approach to Constructing Price-based Funding Liquidity Factors” 2015, w/ Kees Bouwman, Boyd Buis, and Mary Pieterse-Bloem, International Review of Economics and Finance, Vol. 40, pg. 90-97
"The Impact of Foreign Government Investments: Sovereign Wealth Fund Investments in the U.S.”, 2011 In J. Cosset & N Boubakri (Eds.), Institutional Investors in Global Capital Markets (International Finance Review, 12). U.K.: Emerald Group Publishing Limited. (w/ Elvira Sojli)
Surface Profile Measurement using CD Optical Pickup Head”, 2001 w/ ZhaoWei Zhong, Proceedings of SPIE, The International Society for Optical Engineering, Advanced Photonic Sensors and Applications II, Vol 4496, 48
WORKING PAPERS
“The Under-Disclosure of Environmental Innovation”, w/ Leo Liu, Elvira Sojli, and Cara Vansteenkiste
“Commercialization Margins and Uncertainty”, w/ Leo Liu and Elvira Sojli -R&R Review of Financial Studies
"CEO Experience and Value Creation: Evidence from Green Lab Locations" w/ Leo Liu and Elvira Sojli, - R&R Management Science
"Multi-Asset Market Making" w/ Ioanid Rosu, Elvira Sojli, Andriy Shkilko - NBER SI


Selected Publications
SCIENTIA FELLOW UNIVERSITY OF NEW SOUTH WALES BUSINESS SCHOOL
SCIENTIA ASSOCIATE PROFESSOR, SCHOOL OF BANKING AND FINANCE, UNIVERSITY OF NEW SOUTH WALES BUSINESS SCHOOL
January 2018 - present
SENIOR LECTURER, SCHOOL OF BANKING AND FINANCE, UNIVERSITY OF NEW SOUTH WALES BUSINESS SCHOOL
July 2016 - present
ASSOCIATE PROFESSOR OF FINANCIAL ECONOMETRICS, ECONOMETRICS INSTITUTE, ERASMUS SCHOOL OF ECONOMICS ROTTERDAM
2014 - 2016
ASSISTANT PROFESSOR OF FINANCIAL ECONOMETRICS, ECONOMETRICS INSTITUTE, ERASMUS SCHOOL OF ECONOMICS ROTTERDAM
2009 - 2014
MARIE CURIE RESEARCH FELLOW
2010 - 2012
“Have no fear of perfection, you’ll never reach it”
Salvador Dali

GET IN TOUCH
Got questions of my work, media interviews or something you’d like me to work on? Contact me today.
Address: School of Banking & Finance
UNSW Business School
Sydney, NSW 2052 AUSTRALIA
Email: w.tham@unsw.edu.au
Phone: +61 (2) 93855484

