VIJAY SINGAL

 

Head, Department of Finance
J. Gray Ferguson Professor of Finance

Department of Finance
Pamplin College of Business
Virginia Tech
Blacksburg, VA 24061

Office: 1016A
Phone: 540-231-7750
Fax: 540-231-3155
E-mail: singal@vt.edu
Curriculum Vitae

Spring 2009 Teaching Schedule:

Spring 2009 Office Hours:

Book:

"Beyond the Random Walk: A Guide to Stock Market Anomalies and Low Risk Investing" For details, go to OUP, Hardcover (2004), Softcover (2006)

Education and Certification

Ph.D., University of Michigan
M.B.A., Indian Institute of Management
B.Tech., Indian Institute of Technology

Teaching:

Dr. Singal has had past and current research in three major areas: irregularities related to market efficiency, international finance, and resolving finance-related issues using data from one industry, but from financial and product markets. In addition to his research, he has a book titled - Beyond the Random Walk: A Guide to Market Anomalies and Low Risk Strategies, published by Oxford University Press (hardcover, 2004; paperback, 2006).His research has been published in top quality journals such as the American Economic Review, Journal of Business, Journal of Finance, and the Journal of Financial Economics, and in practitioner journals such as Journal of Applied Corporate Finance, Journal of Banking and Finance, Journal of Portfolio Management, Financial Analysts Journal, and Journal of Investment Management. His research has been featured on television (CNN-fn), on radio (National Public Radio, Bloomberg Radio), and in print media such as the Wall Street Journal, Barrons, Washington Post, Chicago Tribune, New York Times, Investors Business Daily, SmartMoney, Fortune, and Money. For more details, please see his Curriculum Vitae. A list of published and working papers is given below.

Dr Singal has his primary teaching area as Investments. In the past, he has taught International Finance. A winner of the College Certificate of Teaching Excellence and the University Certificate of Teaching Excellence, he has taught at the doctoral, graduate and undergraduate levels. Prior to Virginia Tech, he was a visiting faculty member at the University of Michigan.

Dr. Singal was the Program Leader for the first-ever residential summer study abroad program of the school. He has led 2 summer study abroad programs to Freiburg, Germany.

Business Experience:
Dr. Singal worked for ten years as the Joint Director of Finance for Oil and Natural Gas Corporation (ONGC) in India prior to joining academia. Some of his responsibilities included negotiating foreign currency syndicated loans, managing foreign exchange risk, and negotiating contracts with shipyards in Norway, Singapore, France and Japan. He is currently an independent trustee on the Board of Trustees of a mutual fund family and provides consulting services based on academic research.

Service-Related Contributions:
Dr. Singal is currently the Department Head at Virginia Tech. Dr. Singal has served on the College MBA Advisory Committee and the University's Commission on Research in addition to numerous departmental committees.

Professional Achievements:
Dr. Singal is on the Editorial Board of the Financial Amalysts Journal and he is a member of the Editorial Board of Investment Management and Financial Innovations. He is also a member of the Editorial Board, Financial Management Association's Survey and Synthesis Series. He has been an ad hoc referee for various journals such as Journal of Finance, Review of Financial Studies, Journal of Financial and Quantitative Analysis, Review of Economics and Statistics, Journal of Business, Journal of Political Economy, and the American Economic Review. Dr. Singal is a member of the American Finance Association, Financial Management Association and the Society for Financial Studies. He is a CFA charter holder and a member of CFA Institute.

Research - Publications:

1.  "Index Changes and Losses to Investors in S&P 500 and Russell index funds" with Honghui Chen and Greg Noronha. Financial Analysts Journal, July/August 2006, pp. 31-47. 

2.  "S&P 500 Index Changes and Investor Awareness" with Honghui Chen and Greg Noronha. Journal of Investment Management, 2nd quarter 2006, pp. 23-37.  

3.  "Exchange Rate Exposure of Exporting and Importing Firms" with Mahesh Pritamani and Dilip Shome. Journal of Applied Corporate Finance, Summer 2005, 17(3), pp. 87-94.  

4.  "The Price Response to S&P 500 Index Additions and Deletions: Evidence of Asymmetry and a New Explanation" with Honghui Chen and Greg Noronha. Journal of Finance, August 2004, 59(4), 1901-1929. 

5.  "All Things Considered, Taxes Drive the January Effect" with Honghui Chen. Journal of Financial Research, Fall 2004, Vol. 27.  Winner of the Best Paper award.

6.  "Foreign exchange exposure of exporting and importing firms" with Mahesh Pritamani and Dilip Shome. Journal of Banking and Finance, July 2004, 28(7), pp. 1697-1710. 

7.  "Financial Health and Product Safety" with Greg Noronha. Managerial and Decision Economics, January/February 2004, 25(1), p. 1-16.   Lead article. 

8.  "A December Effect with Tax-Gain Selling?" with Honghui Chen. Financial Analysts Journal.  July/August 2003, 59(4), 78-90.

9.  "Do Short Sellers Cause the Weekend Effect" with Honghui Chen. Journal of Investment Management, 2003, 1(3), 20-35. 

10.  "Speculative Short Sales and the Weekend Effect" with Honghui Chen. Journal of Finance, April 2003, 58(2), 685-705. 

11.  "Tax Savings with Mutual Fund Distributions." Journal of Portfolio Management, Fall 2002, 29(1), pp. 82-88. Abstracted in the CFA Digest (May 2003).

12.  "Return predictability following large price changes and information releases" with Mahesh Pritamani. Journal of Banking and Finance, April 2001, 25(4), pp.631-656 (lead article). 

13. "The Fear of Globalizing Capital Markets" with E. Han Kim. Emerging Markets Review, November 2000, 1(3), pp. 183-198 (lead article).

14.  "Opening of Stock Markets: Experience of Emerging Economies" with E. Han Kim. Journal of Business, January 2000, 73(1), pp. 25-66. 

15.  "Floating Currencies, Capital Controls, or Currency Boards? What's the best remedy for the recent currency crises."  Journal of Applied Corporate Finance, Winter 1999, pp. 40-56.  In an article following this paper, an opposing view is expressed by Nobel laureate Merton Miller.  Abstracted in the CFA Digest (Fall 1999). 

16.  "The Competitive Impact of Air Crashes: The Stock Market Evidence" with J.C. Bosch and Woody Eckard. Journal of Law and Economics, October 1998, pp. 503-519. 

17.  "Are Open Markets Good for Foreign Investors and Emerging Nations" with E. Han Kim. Journal of Applied Corporate Finance, Fall 1997, 10(3):  18-33.

18. "Privatization and Efficiency: Industry Effects of the Sale of British Airways" with Catherine Eckel and Doug Eckel. Journal of Financial Economics, February 1997, pp. 275-298. 

19. "Interdependence of Airline Firms: Evidence from Airline Mergers." Managerial and Decision Economics, November/December 1996, pp. 559-574. 

20.  "Airline Mergers and Competition: An Integration of Stock and Product Price Effects." Journal of Business, April 1996, pp. 233-268. 

21.  "Mergers and Market Power:  Evidence from the Airline Industry" with E. Han Kim. American Economic Review, June 1993, pp. 549-569.
 

Current Research - Work in Progress

1.  "Signaling with Stock Splits: Who Picks Up the Signals?" (with Honghui Chen and Hoang Huy Nguyen). 

2.  "Does Aggregation of Information by Futures Markets Reduce Momentum?" (with Honghui Chen). 

3.  "Do Short Sellers Know More? Evidence from a Natural Experiment" (with Lily Xu).

4.  "Short Sales and Autocorrelation" (with Honghui Chen).