Biography
Vinay Patel joined UTS in 2011. Currently he is a Lecturer of undergraduate Finance courses.
Professional
#RESEARCH
Chancellor's List 2016
Australasian Banking and Finance SIRCA Best Paper Award and Prize 2015
Behavioural Finance and Capital Markets Best Paper Award and Prize 2014
University of Technology Sydney Chancellor’s Research Scholarship 2012 – 2015
University of Technology Sydney First Class Honours in Finance and University Medal 2011
#TEACHING
Undergraduate Business Prize for Excellence in Teaching (101-200): Spring 2014, Autumn 2016, Spring 2016, Spring 2018
Undergraduate Business Prize for Excellence in Teaching (30): Spring 2014
Excellence in Undergraduate Teaching (30, 101-200, 201): Autumn 2014, Spring 2014, Spring 2015, Autumn 2016 (2x), Spring 2016, Spring 2017, Spring 2018
Can supervise: YES
Research Interests
Microstructure, Corporate Finance, Derivatives
Teaching Areas
25300 Fundamentals of Business Finance
25620 Derivative Securities
Publications
Aman, H, Beekes, W, Berkman, H, Bohmann, M, Bradbury, M, Chapple, E, Chang, M, Clout, V, Faff, R, Han, J, Hillier, D, Hodgson, A, Howieson, B, Jona, J, Linnenluecke, M, Loncan, T, McCredie, B, Michayluk, D, Mroczkowski, N, Pan, Z, Patel, V, Podolski, E, Soderstrom, N, Smith, T, Tanewski, G, Walsh, K, Wee, M & Wright, S 2019, 'Responsible science: Celebrating the 50-year legacy of using a registration-based framework', Pacific-Basin Finance Journal, vol. 56, pp. 129-150.View/Download from: UTS OPUS or Publisher's site
Bohmann, M, Michayluk, D & Patel, V 2019, 'Price discovery in commodity derivatives: Speculation or hedging?', Journal of Futures Markets, vol. 39, no. 9, pp. 1107-1121.
Bohmann, M, Michayluk, D, Patel, V & Walsh, K 2019, 'Liquidity and earnings in event studies: Does data granularity matter?', Pacific-Basin Finance Journal, vol. 54, pp. 118-131.View/Download from: UTS OPUS or Publisher's site
Michayluk, DM & Patel, V 2016, 'Return predictability following different drivers of large price changes', International Review of Financial Analysis, vol. 45, pp. 202-214.View/Download from: UTS OPUS or Publisher's site
View description
This study uniquely examines return predictability following different drivers of large price changes. We use several novel features of the Australian information generation environment to overcome identification issues of large price changes inherent in earlier studies. In contrast to prior results, we find that large price changes are permanent when they are driven by public information consistent with the semi-strong efficient markets hypothesis and also when driven by private information. For large price changes which do not correspond with information, we show that investors could profit from the subsequent over-reaction in returns.
Bugeja, M, Patel, VG & Walter, TS 2015, 'The microstructure of Australian takeover announcements', Australian Journal of Management, vol. 40, no. 1, pp. 161-188.View/Download from: Publisher's site
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Using several microstructure variables, this study provides an intra-day examination of aggressive
trading around Australian takeover announcements. We conduct this analysis for both target
and bidding firms. We examine aggressive trading (i.e. by those who initiate the trade) using the
abnormal behaviour of returns, trading volume, volatility and time-weighted spreads and depth.
In addition, we develop a novel profit/loss measure (PLM) based on trade initiation and provide
new evidence using the recently developed volume-synchronised probability of informed trading
(VPIN) metric. In a univariate setting, these measures provide evidence of increased aggressive
trading in Australian target firms. Further, after controlling for several microstructure variables,
multivariate analysis reveals the presence of abnormally elevated time-weighted spreads prior to
the announcement date for target firms. We show that VPIN is significantly elevated for target
firms, especially in the four days prior to the takeover announcement.
Patel, V & Bohmann, M 2018, 'Informed trading around US FDA announcements.', Financial Management Conference, San Diego.
Patel, V, Bohmann, M & Michayluk, D 2018, 'Price discovery in commodity derivatives: Speculation or hedging?', Vietnam International Conference in Finance, Ho Chi Minh City.
Patel, V, Bohmann, M & Michayluk, D 2018, 'Price discovery in commodity derivatives: Speculation or hedging?', Auckland Derivative Markets Conference, Auckland.
Patel, V, Michayluk, D, Walsh, K & Bohmann, M 2018, 'Liquidity and earnings in event studies: Does data granularity matter?', Accounting & Finance Association of Australia and New Zealand Special Interest Group Conference, Auckland.
Patel, VG & Michayluk, D 2017, 'Do divestitures create value? Evidence from options markets', Financial Management Association Conference, Boston.
Patel, VG & Michayluk, D 2016, 'Disentangling the different sources of value creation for US divestitures', Financial Management Association Asia-Pacific Conference, Sydney, Australia.
Patel, VG, Putnins, T, Michayluk, D & Foley, S 2016, 'Price discovery in stock and options markets', Society for Financial Studies Finance Cavalcade, Toronto, Canada.
Patel, VG & Michayluk, D 2015, 'Disentangling the different sources of value creation', Behavioural Finance and Capital Markets Conference, Adelaide, Australia.
Patel, VG & Michayluk, D 2015, 'Disentangling the different sources of value creation for US divestitures', Financial Research Network (FIRN) Corporate Finance Meeting, Sydney, Australia.
Patel, VG & Michayluk, D 2015, 'Disentangling the different sources of value creation for US divestitures', Financial Management Association Europe Doctoral Student Symposium, Venice, Italy.
Patel, VG & Michayluk, D 2015, 'Disentangling the different sources of value creation for US divestitures.', Financial Management Association Doctoral Student Symposium, Orlando, USA.
Patel, VG & Michayluk, D 2015, 'Disentangling the different sources of value creation for US divestitures.', Securities Industry Research Centre of Asia-Pacific (SIRCA) Young Researcher Workshop, Sydney, Australia.
Patel, VG & Michayluk, D 2015, 'Disentangling the different sources of value creation for US divestitures.', Australasian Finance and Banking Conference, Sydney, Australia.
Patel, VG, Putnins, T, Michayluk, D & Foley, S 2015, 'Price discovery in stock and options markets', Financial Management Association Europe Doctoral Student Symposium, Venice, Italy.
Patel, VG, Putnins, T, Michayluk, D & Foley, S 2015, 'Price discovery in stock and options markets', Royal Economic Society Conference, Manchester, UK.
Patel, VG, Putnins, T, Michayluk, D & Foley, S 2015, 'Price discovery in stock and options markets.', Australasian Finance and Banking Conference, Sydney, Australia.
Patel, VG, Putnins, T, Michayluk, D & Foley, S 2015, 'Price discovery in stock and options markets.', Financial Management Association Doctoral Student Symposium, Orlando, USA.
Patel, V, Putnins, T & Michayluk, DM 2014, 'Price Discovery in Stock and Option Markets', 2014 FMA Annual Meeting, Nashville, USA.
Patel, V, Putnins, T & Michayluk, DM 2014, 'Price Discovery in Stock and Option Markets', 4th Behavioural Finance and Capital Markets Conference, Adelaide, Australia.
Patel, VG & Michayluk, D 2014, 'Disentangling the different sources of value creation for US divestitures', Second Paris Financial Management Conference, Paris, France.
Patel, VG, Putnins, T & Michayluk, D 2014, 'Price discovery in stock and options markets', AFFI EUROFIDAI International Meeting, Paris, France.
Michayluk, DM, Patel, V & Putnins, T 2013, 'Price Discovery in Stock and Option Markets', 1st Paris Financial Management Conference, Paris, France.
Patel, VG & Michayluk, D 2013, 'Return predictability following different drivers of large price changes', Behavioural Finance and Capital Markets Conference, Adelaide, Australia.View/Download from: UTS OPUS
Patel, VG & Michayluk, D 2013, 'Return predictability following different drivers of large price changes', SIRCA Young Researcher Workshop, Sydney, Australia.
Patel, VG & Michayluk, D 2013, 'Return predictability following different drivers of large price changes', FIRN Annual Meeting, Hunter Valley, NSW, Australia.
Patel, VG & Michayluk, D 2013, 'Return predictability following different drivers of large price changes', 1st Paris Financial Management Conference,, Paris, France.
Bugeja, M, Patel, VG & Walter, T 2012, 'The microstructure of Australian takeover announcements', World Finance Conference, Rio de Janeiro, Brazil.
Bugeja, M, Patel, VG & Walter, T 2011, 'The Microstructure of Australian Takeover Announcements', Financial Management Association Conference, Denver, Colarado, USA.
Easley, D, Michayluk, D, O'Hara, M, Patel, V & Putnins, T 2018, 'Information flows and asset pricing'.
Patel, VG & Michayluk, D 2016, 'Disentangling the different sources of value creation for US divestitures'.
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Seminar Presentation
Patel, VG & Michayluk, D 2015, 'Disentangling the different sources of value creation for US divestitures'.
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Seminar Presentation
Patel, VG, Putnins, T & Michayluk, D 2015, 'Price discovery in stock and options markets'.
View description
Seminar Presentation
Patel, VG, Putnins, T & Michayluk, D 2014, 'Price discovery in stock and options markets'.
View description
Seminar Presentation
Patel, VG, Putnins, T & Michayluk, D 2014, 'Price discovery in stock and options markets'.
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Seminar Presentation
Patel, V, 'Wall street might not be ready for a war on high-frequency trading', The Conversation.