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Vijay Singal

Department Head
  • J. Gray Ferguson Professor of Finance
1016A Pamplin (0221)
880 West Campus Drive
Blacksburg, VA 24061


Dr. Singal’s research has covered three major areas: investments, international finance, and corporate governance.  His most recent research areas are investments and efficiency of financial markets.   . His research has been published in top quality journals such as the American Economic Review, Journal of Business, Journal of Finance, Financial Management, 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.

Dr. Singal’s primary teaching area is Investments. In the past, he has taught International Finance. Dr. Singal was the Program Leader for the first-ever residential summer study abroad program of the school and has led 2 summer study abroad programs to Freiburg, Germany.

Dr. Singal worked for ten years 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 several countries.

Education & Certification

Ph.D., Finance, University of Michigan, Ann Arbor

PGDM (MBA) Finance, Indian Institute of Management, Calcutta. 

B.Tech., Chemical Engineering, Indian Institute of Technology, Kanpur

CFA charterholder


Book and Media Coverage

In addition to his research, he has authored 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). Dr. Singal’s 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.

Research – Publications 

  1. “Does Firm Life Cycle Stage Affect Investor Perceptions? Evidence from Earnings Announcement Reactions” with Kelley Bergsma, Andy Fodor, and Jitendra Tayal. Review of Accounting Studies. June 2024: 29, 1039–1096 (2024).  
  2. “Effect of high-frequency trading on mutual fund performance” with Nan Qin. Financial Review.  2023, 58(2): 369-394. Readers’ Choice Best Paper Award winner for 2023.
  3. “Equal-Weighting and Value-Weighting: Which One is Better?" by Nan Qin and Vijay Singal.  Review of Quantitative Finance and Accounting. 2022, 58(2), 743–768.
  4. “Risky Short Positions And Investor Sentiment: Evidence From The Weekend Effect In Futures Markets” (with Jitendra Tayal). Journal of Futures Markets. 2020, 40(3), pp. 479-500. 
  5. “Are Earnings Predictable? Evidence from equity issues and buyback announcements” (with Shahram Amini). Journal of Economics and Finance. 2020, 44, pp. 528-562. 
  6. “Option Trading after the Opening Bell and Intraday Stock Return Predictability” (with Kelley Bergsma, Andy Fodor, Jitendra Tayal). Financial Management. 2019.
  7. "Comovement Revisited” (with Honghui Chen and Robert Whitelaw). Journal of Financial Economics. 2016, 121:624-644.
  8. “Indexing and Stock Price Efficiency” (with Nan Qin). Financial Management. Winter 2015, 44(4): 875-904.
  9. “Concentrated Ownership and Firm Performance: Does Family Control Matter?” (with M. Singal). Strategic Entrepreneurship Journal. December 2011, 5:375-396.
  10. “Disposition Bias and the Effect on Mutual Fund Flows” (with Lily Xu). Journal of Banking and Finance, October 2011, 35(10), pp. 2704-2718.
  11. “Information Content of Stock Splits” (with Honghui Chen and Hoang Huy Nguyen). Journal of Banking and Finance, September 2011, 35(9), pp. 2454-2467.
  12. "Index Changes and Losses to Investors in S&P 500 and Russell 2000 index funds” (with Honghui Chen and Greg Noronha). Financial Analysts Journal, 2006, July/August, pp. 31-47. Abstracted in the CFA Digest, November 2006; Webcast by CFA Institute in September 2006.
  13. “S&P 500 Index Changes and Investor Awareness” (with Honghui Chen and Greg Noronha). Journal of Investment Management, 4(2), 2006, pp. 23-37. Abstracted in the CFA Digest, February 2007.
  14. “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.
  15. “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.
  16. “All Things Considered, Taxes Drive the January Effect” with Honghui Chen. Journal of Financial Research, Fall 2004, Vol. 27. This paper won the Best Paper Award for 2004 ($5,000).
  17. “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.
  18. “Financial Health and Product Safety” with Greg Noronha. Managerial and Decision Economics, January/February 2004, 25(1), p. 1-16. Lead article.
  19. “A December Effect with Tax-Gain Selling?” with Honghui Chen. Financial Analysts Journal. July/August 2003, 59(4), 78-90.
  20. “Do Short Sellers Cause the Weekend Effect” with Honghui Chen. Journal of Investment Management2003, 1(3), 20-35.
  21. “Speculative Short Sales and the Weekend Effect” with Honghui Chen. Journal of FinanceApril 2003, 58(2), 685-705.
  22. “Tax Savings with Mutual Fund Distributions”. Journal of Portfolio Management, Fall 2002, 29(1), pp. 82-88. Abstracted in the CFA Digest (May 2003).
  23. “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).
  24. “The Fear of Globalizing Capital Markets” with E. Han Kim. Emerging Markets Review, November 2000, 1(3), pp. 183-198 (lead article). In the top 10 requested articles during 2003.
  25. “Opening of Stock Markets: Experience of Emerging Economies” with E. Han Kim. Journal of Business, January 2000, 73(1), pp. 25-66.
  26. "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. Abstracted in the CFA Digest (Fall 1999).
  27. "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.
  28. "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.
  29. "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.
  30. "Interdependence of Airline Firms: Evidence from Airline Mergers". Managerial and Decision Economics, November/December 1996, pp. 559-574.
  31. "Airline Mergers and Competition: An Integration of Stock and Product Price Effects". Journal of Business, April 1996, pp. 233-268.
  32. "Mergers and Market Power: Evidence from the Airline Industry" with E. Han Kim. American Economic Review, June 1993, pp. 549-569.

Additional Information

Professional Achievements

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. He has been an ad hoc referee for various journals such as American Economic Review, Journal of Finance, Review of Financial Studies, Journal of Political Economy, Journal of Financial and Quantitative Analysis, Review of Economics and Statistics, and the Journal of Business.

Service Related Contributions

Dr. Singal is currently the Department Head of the Finance department at Virginia Tech. As chairperson, he is responsible for all Finance faculty – their recruitment, promotion and tenure, annual evaluations, compensation, etc.; all Finance programs – the undergraduate program with 350 Finance graduates each year,  and the Finance doctoral program; secretarial staff; department’s budget including allocation of funds to different activities; curriculum development for all courses at all levels; course assignments and scheduling; coordination with alumni, recruiters, and other stakeholders; and all other aspects related to department’s administration.

Outside Links

Broad Areas

  • Investments
  • Corporate Finance
  • International Finance

Areas of Expertise

  • Market mispricing and anomalies 
  • Emerging markets
  • Currency risk management