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Vijay Singal (born 10th October, 1954) is an American researcher, educator and author. He is the J. Gray Ferguson Professor of Finance and Department Head of Finance at Pamplin College of Business, Virginia Tech.

Singal's research is focused on resolving corporate finance related issues and on studying anomalies in market efficiency and their causes. A significant part of his research deals with topics in International Finance: investments, emerging markets and currency exchange rates. In particular, he has studied how emerging markets get affected by liberalization of capital flows, how changes in exchange rates affect stock prices, and why forward exchange rates are biased. Singal was ranked 43rd in the world based on research productivity by an independent survey in 2005.

Vijay holds an M.B.A degree from the Indian Institute of Management, Calcutta and a Ph.D. from The University of Michigan. He is also a CFA Charterholder.

Education
Singal was born and raised in India. He received his Bachelors of Technology in Chemical Engineering in 1975 from the Indian Institute of Technology, Kanpur. He then joined the Indian Institutes of Management where he received his MBA in Finance in 1977. Subsequently, he joined Oil and Natural Gas Commission, Bombay and served there in various positions until 1987. In 1987, he moved to the United States and joined University of Michigan, completing his Ph.D. in Finance in 1992. While serving as Associate Professor at Virginia Tech in 2002, Singal earned his CFA Charter.

Career
After completing his Ph.D., Singal briefly taught at The University of Michigan. He later joined Virginia Tech in 1992 as Assistant Professor, becoming Associate Professor in 1998. In 2002, he was endowed the J. Gray Ferguson Chair of Finance at the institute. Singal served as Head of the Finance Department from 2003 to 2009 and again  in 2014.

Singal was selected as a Fulbright Senior Specialist by Fulbright Commission. He visited Nepal in 2007 to support Kathmandu Engineering College expanding into business and collaborating with a U.S. university. In 2008, he was elected to the Board of Directors of Sapient Corporation.

Since earning his CFA Charter, Singal has worked closely with the CFA Institute. He was a member of the Candidate Curriculum Committee from 2002- 2003, which designed the curriculum for 2004 CFA Program. His work has also been featured in the curriculum. His book Beyond the Random Walk : A Guide to Stock Market Anomalies and Low-risk Investing, was required reading for the CFA Program from 2006-2010, and two chapters authored on the subject of Portfolio Risk and Return were required reading from 2011-2019.

Research and Academic Experience
Singal's initial research dealt with mergers, specifically in the airline industry. He wrote multiple papers in this area including 'Mergers and Market Power: Evidence from the Airline Industry', which became his most cited work (822 citations). His research during the mid-90s dealt with the topic of stock markets. For example, he studied whether cases of open markets were useful for emerging economies. Towards the late 1990s, his research in the airline industry began focusing on privatization.

His research in the stock markets continued well into the mid 2000s, with his work focusing on the January Effect, the December Effect, the relationship between exchange rates and stock prices and the impact short sellers impose on stock markets. In 2006, he wrote the book Beyond The Random Walk: A Guide to Stock Market Anomalies and Low-risk Investing.

In the early 2010s, Singal's research began focusing on mutual funds. Some of his research has also dealt with the anomalies related to market efficiency.

Notable Findings
Mergers and Market Power: Evidence from the Airline Industry: Stock market openings: Experience of emerging economies: The price response to S&P 500 index additions and deletions: Evidence of asymmetry and a new explanation: Beyond the Random Walk: A guide to Market Anomalies and Low Risk Strategies:

Teaching Experience
Singal has taught undergraduate, MBA, and PhD. level finance courses for the University of Michigan, University of Paris, Stern School of Business, New York University, Indian Institute of Foreign Trade, New Dehli, and Virginia Polytechnic Institute and State University. He has been honored many times for his excellence in teaching. He was awarded the College Certificate of Teaching Excellence and University of Teaching Excellence from the University of Michigan. He was also Awarded the Dykstra Fellowship from U of M. Due to his work leading school trips to Germany, he was awarded the University Certificate for International Programs from Virginia Tech. Most recently he was appointed to the J. Gray Ferguson Finance Professorship in recognition of his outstanding contribution to research and teaching.

At Virginia Tech, Singal has championed the movement for integrating the use of financial technology into the undergraduate business curriculum. Jointly with a software expert, he pioneered the Python for Data Analytics and Finance course which has seen growing popularity among students.

Industry Experience
Shortly after finishing his MBA, Singal joined the Oil and Natural Gas Commission in Bombay, India. There, he negotiated foreign currency syndicated loans, managed foreign exchange risk, and marketed contracts for sale of natural gas contracts among other duties. Singal stayed with the Commission until 1987, eventually rising to Joint Director of Finance.

From 2003-2008 Singal served as an independent on the Board of Trustees for New River Funds, based in Radford, Virginia. New River Funds was a complex of three mutual funds started by entrepreneur RJ Kirk to expand his investment management expertise into a money management enterprise. With the acquisition of two money management firms in 2003, New River Funds delegated management of the funds to sub-advisors under the control of New River Advisors. Singal and the Board of Trustees evaluated fund performance with respect to benchmarks, ensured fund investment strategy was consistent with stated policies and fund operation was consistent with law and investment regulations.

In 2008, Singal joined Sapient Corp (Ticker: SAPE), a Boston-based global services firm, as a member of the Board of Directors. During his tenure, he served on various committees. These included the Audit Committee, Governance and Nominating Committee, and the Risk Committee where Singal served as Chair from 2010-2012. He stayed with Sapient until their acquisition by Publicis in 2015.

Singal has been known to provide investment consultation for Castle Financial LLC.

Books
Beyond the Random Walk: A Guide to Market Anomalies and Low Risk Strategies (2004)

Selected articles

 * Kim, E., & Singal, V. (1993). Mergers and Market Power: Evidence from the Airline Industry.
 * The American Economic Review 83 (3), 549-569. Bosch, J. C., Eckard, E. W., & Singal, V. (1998).
 * The Competitive Impact of Air Crashes: Stock Market Evidence. The Journal of Law and Economics, 41(2), 503–519. Chen, H., & Singal, V. (2003).
 * Role of Speculative Short Sales in Price Formation: The Case of the Weekend Effect. The Journal of Finance, 58(2), 685–705. Chen, H., Noronha, G., & Singal, V. (2004).
 * The Price Response to S&P 500 Index Additions and Deletions: Evidence of Asymmetry and a New Explanation.
 * The Journal of Finance, 59(4), 1901–1930. Chen, H., & Singal, V. (2004). All Things Considered, Taxes Drive The January Effect. Journal of Financial Research, 27(3), 351–372. Chen, H., Noronha, G., & Singal, V. (2006).
 * Index Changes and Losses to Index Fund Investors. Financial Analysts Journal, 62(4), 31–47. Eckel, C., Eckel, D., & Singal, V. (1997).
 * Privatization and efficiency: Industry effects of the sale of British Airways. Journal of Financial Economics, 43(2), 275–298. Kim, E. H., & Singal, V. (2000).
 * Stock Market Openings: Experience of Emerging Economies.
 * The Journal of Business, 73(1), 25–66. Pritamani, M., & Singal, V. (2001). Return predictability following large price changes and information releases.
 * Journal of Banking & Finance, 25(4), 631–656. Singal, V. (1996). Airline Mergers and Competition: An Integration of Stock and Product Price Effects. The Journal of Business, 69(2), 233.

Media Coverage
Singal’s research often enjoys media attention. He has been featured in the Wall Street Journal, New York Times, Pittsburgh-Post-Gazette, Washington Post, and Chicago Tribune newspapers. Magazines he has been featured in include, Fortune, Money Magazine, SmartMoney, and Pamplin MBA Magazine.

Singal has made several television and radio appearances, including CNN-fn network, Detroit Radio, Bloomberg Radio, Business Radio, and National Public Radio stations.

Full-length reviews of his book Beyond the Random Walk were published by the Journal of Social, Political, and Economic Studies, the Journal of Financial Research, and the FPA Journal.