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Humboldt-Universität zu Berlin - Finance Group

Prof. Tim Adam, Ph.D.

Rudolf von Bennigsen-Foerder Professor of Corporate Finance
Director of the Humboldt Lab for Empirical and Quantitative Research
Foto: Matthias Heyde


Humboldt-Universität zu Berlin
Wirtschaftswissenschaftliche Fakultät
Dorotheenstr. 1
10099 Berlin


Raum 305


Telefon: +49 30 2093-99428
Fax: +49 30 2093-99431
E-Mail: tim.adam [at] hu-berlin.de


Full CV


Tim R. Adam is the Rudolf-von-Bennigsen-Professor of Corporate Finance at Humboldt University, Berlin, Germany. He received a Ph.D. in Economics from the University of Virginia in 1997. Since then he taught at internationally leading universities, such as the Massachusetts Institute of Technology, the University of Michigan, the Hong Kong University of Science & Technology, and the National University of Singapore. In 2008, he joined the School of Business and Economics of Humboldt University.

Professor Adam’s primary research interests lie in the areas of empirical corporate finance, especially corporate risk management, and financial intermediation. Current research projects focus on the use of performance pricing provisions in syndicated loans, the use of leverage by mutual funds, and capital market financing of SMEs in Germany. His work has been published in leading journals, including the Journal of Finance, the Journal of Financial Economics, Management Science, and the Journal of Financial Intermediation.



Managerial Biases and Debt Contract Design: The Case of Syndicated Loans, with Valentin Burg, Tobias Scheinert, and Daniel Streitz, Management Science forthcoming.

Why Do Firms Engage in Selective Hedging? Evidence from the Gold Mining Industry, with Chitru Fernando and Jesus Salas, Journal of Banking and Finance, 2017, Vol. 77, 269–282.

Hold-Up and the Use of Performance-Sensitive Debt, with Daniel Streitz, Journal of Financial Intermediation, 2016, Vol. 26, 47-67.

Managerial Overconfidence and Corporate Risk Management, with Chitru Fernando and Evgenia Golubeva, Journal of Banking and Finance, 2015, Vol. 60, 195–208.

Pitfalls and Perils of Financial Innovation: Evidence from CDS Usage in the Mutual Fund Industry, with Andre Güttler, Journal of Banking and Finance, 2015, Vol. 55, 204-214.

Capital Expenditures, Financial Constraints, and the Use of Options, Journal of Financial Economics, 2009, Vol. 92(2), pp. 238-251.

Can Companies Use Hedging Programs to Profit from the Market? Evidence from Gold Producers, with Chitru Fernando, Journal of Applied Corporate Finance, 2008, Vol. 20(4), pp. 91-102.

The Investment Opportunity Set and its Proxy Variables: Theory and Evidence, with Vidhan Goyal, Journal of Financial Research, 2008, Vol. 31(1), pp. 41-63.

Financial Constraints, Competition, and Hedging in Industry Equilibrium, with Sudipto Dasgupta and Sheridan Titman, Journal of Finance, 2007, Vol. 62(5), 2445-2473.

Hedging, Speculation and Shareholder Value, with Chitru Fernando, Journal of Financial Economics, 2006, Vol. 81, pp. 283-309.

Risk Management and the Credit Risk Premium, Journal of Banking and Finance, 2002, Vol. 26/2-3, pp. 243-269.

Do Firms Use Derivatives to Reduce Their Dependence on External Capital Markets? Review of Finance (formerly European Finance Review), 2002, Vol. 6 No. 2, pp. 163-187.



Rohstoff- und Energierisikomanagement in Industrie und Handelsunternehmen, Ergebnisse einer Umfrage bei Unternehmen in Deutschland, Österreich und der Schweiz, with Christian Debus, KPMG Survey, 2014.

Do Managers Exhibit Loss Aversion in their Risk Management Practices? Evidence from the Gold Mining Industry, with Chitru Fernando and Evgenia Golubeva, in Advances in Financial Risk Management, J.A. Batten, P. MacKay and N. Wagner eds., Palgrave Macmillan, 2013, 105-126.

Strategic Risk Management and Product Market Competition, with Amrita Nain, in Advances in Financial Risk Management, J.A. Batten, P. MacKay and N. Wagner eds., Palgrave Macmillan, 2013, 3-29.



Name PhD Defense Initial Placement after PhD
Valentin Burg 2014 home24 SE
Tobias Scheinert 2014 Ernst & Young
Dominik Galkiewicz 2015 University of Applied Sciences Kufstein
Daniel Streitz 2015 E.CA Economics
Copenhagen Business School (since 2017)
Laurenz Klipper 2018 Buspaket Derenbach
Li Ma 2018 China National Chemical Corp.