Vijay Singal

J. Gray Ferguson Professor of Finance
On Research Leave

Education and Certification

Ph.D., University of Michigan
M.B.A., Indian Institute of Management
B.Tech., Indian Institute of Technology
CFA Charterholder since 2001


Dr. Singal’s current and past research has been in three major areas: irregularities related to market efficiency, international finance, and resolving finance-related issues using data from financial and product markets. His research has been published in top quality journals such as the American Economic Review, Journal of Business, Journal of Finance, Journal of Financial Economics and Financial Management, 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 and equity markets.  In addition, he also teaches international Finance and introductory finance.  Besides Virginia Tech, he has taught at New York University (Stern School) and the University of Michigan (Ross School).  Dr. Singal was the Program Leader of the first-ever residential summer study abroad program of Pamplin and has led 2 summer study abroad programs to Freiburg, Germany.

Business Experience

Dr. Singal was on the Board of Directors of Sapient Corp., a Nasdaq-traded company, from 2008 to 2015, when Sapient was acquired by Publicis.  He also provides consulting services based on academic research.  He has served on the Board of Trustees of New River Funds, a family of mutual funds, from 2003 to 2008.  Prior to joining academia, he worked for ten years at the Oil and Natural Gas Corporation (ONGC) finally as a Joint Director of Finance.  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.

Service-Related Contributions

Dr. Singal served as the Department Head of Finance at Virginia Tech for more than 6 years (2003-2009), and was reappointed Department Head effective July 2014. Dr. Singal has served on numerous college and departmental committees.

Professional Achievements

Dr. Singal served on the Editorial Board of the Financial Amalysts Journal from 2008 to 2012 and is closely affiliated with the CFA Institute as an expert in curricular matters.  He is also a member of the Editorial Board of Investment Management and Financial Innovations. 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.

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. “Comovement Revisited” (with Honghui Chen and Robert Whitelaw). Journal of Financial Economics. 2016, 121:624-644.
  2. “Indexing and Stock Price Efficiency” (with Nan Qin). Financial Management. Winter 2015, 44(4): 875-904.
  3. "Concentrated Ownership and Firm Performance: Does Family Control Matter?" (with M. Singal). Strategic Entrepreneurship Journal. December 2011, 5:375-396.
  4. "Disposition Bias and the Effect on Mutual Fund Flows" (with Lily Xu). Journal of Banking and Finance, October 2011, 35(10), pp. 2704-2718.
  5. "Information Content of Stock Splits" (with Honghui Chen and Hoang Huy Nguyen).Journal of Banking and Finance, September 2011, 35(9), pp. 2454-2467.
  6. "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.
  7. "S&P 500 Index Changes and Investor Awareness" with Honghui Chen and Greg Noronha. Journal of Investment Management, 2nd quarter 2006, pp. 23-37.
  8. "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.
  9. "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.
  10. "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.
  11. "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.
  12. "Financial Health and Product Safety" with Greg Noronha.  Managerial and Decision Economic, January/February 2004, 25(1), p. 1-16.   Lead article.
  13. "A December Effect with Tax-Gain Selling?" with Honghui Chen. Financial Analysts Journal.  July/August 2003, 59(4), 78-90.
  14. "Do Short Sellers Cause the Weekend Effect" with Honghui Chen. Journal of Investment Management, 2003, 1(3), 20-35.
  15. "Speculative Short Sales and the Weekend Effect" with Honghui Chen. Journal of Finance, April 2003, 58(2), 685-705.
  16. "Tax Savings with Mutual Fund Distributions." Journal of Portfolio Management, Fall 2002, 29(1), pp. 82-88. Abstracted in the CFA Digest (May 2003).
  17. "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).
  18. "The Fear of Globalizing Capital Markets" with E. Han Kim. Emerging Markets Review, November 2000, 1(3), pp. 183-198 (lead article).
  19. "Opening of Stock Markets: Experience of Emerging Economies" with E. Han Kim.Journal of Business, January 2000, 73(1), pp. 25-66.
  20. "Floating Currencies, Capital Controls, or Currency Boards? What's the best remedy for recent currency crises."  Journal of Applied Corporate Finance, Winter 1999, pp. 40-56.  Abstracted in the CFA Digest (Fall 1999).
  21. "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.
  22. "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.
  23. "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.
  24. "Interdependence of Airline Firms: Evidence from Airline Mergers." Managerial and Decision Economics, November/December 1996, pp. 559-574.
  25. "Airline Mergers and Competition: An Integration of Stock and Product Price Effects."Journal of Business, April 1996, pp. 233-268.
  26. "Mergers and Market Power:  Evidence from the Airline Industry" with E. Han Kim.American Economic Review, June 1993, pp. 549-569.