Faculty & Staff Directory


Dr Patel joined Wake Forest University in 1993. While at Wake Forest, he has served as Associate Dean for Faculty and Alumni Affairs (2002 - 2004) and Interim Dean and Dean (2003 - 2008) of the Babcock Graduate School of Management. He served as the Director of the Center for Enterprise Research and Education between 2010 and 2015. He served as Faculty Director for Global Business Outreach between 2008 and 2014.

Dr. Patel's research work has been widely published in scholarly journals and has won seven awards from academic associations and two from practitioner associations. His research has focused on compensation and conflicts of interest, cross-border M&A, and the impact of security offerings on valuation and firm performance. His current research focuses on the impact of formal (law), informal (culture) and behavioral factors on CEO compensation.

As Director of the Center for Enterprise Research and Education, he worked with an interdisciplinary team of faculty studying the role of culture, gender, religion and community on the development of microentreprises into small and medium sized businesses in emerging economies. Their research study was focused in Nicaragua.

As Faculty Director of Global Business Outreach between 2008 and 2014, he worked with graduate business students and faculty in providing training on business skills to owners of microenterprises and small and medium sized businesses that are of importance in starting, managing and growing a business. They have been going to Nicaragua three times a year since 2007. They provided training to artisans in Benin between 2008 and 2010 and started working with Hispanic business owners in Winston-Salem, NC in 2012.

During his tenure at the Babcock School, he has received the Educator of the Year Award thirteen times across all the MBA programs. He has also received the Kienzle Teaching Award, given by alumni to the faculty member who represents the highest standards of teaching excellence. He was also recognized as the Teacher of the Year three times by graduates of the MBA program at the University of Missouri prior to joining Wake Forest University.

Dr. Patel serves on the Board of Trustees of the Financial Management Association International (FMA). He has served, or currently serves, as a member of the Board of Directors, or Board of Advisors, for Amarr Garage Doors, Altadonics, Aegis Mechtronics, The Collaborative Design Group, the Winston-Salem Chamber of Commerce, Winston-Salem Business Inc., Winston-Salem Industrial Development Corporation, the Center for Design Innovation, and the Southern Finance Association. He served as the Secretary/Treasurer of FMA between 2002 and 2012. He has also served on the Campaign Cabinet for the United Way of Forsyth County.

  • Ph D, University of Georgia (Finance) - 1987
  • MBA, University of Baltimore- 1982
  • B. Sc, St. Josephs College (Chemistry, Botany and Zoology) - 1978

Research Interests

  • Corporate Governance
  • Analysts and Conflicts of Interest
  • National Culture and Executive Compensation
  • Culture and Entrepreneurship

Teaching Interests

  • Financial Management
  • Intermediate Financial Management
  • Advanced Financial Management
  • Valuation, Restructuring and Risk Management
  • Financial Management Policy
  • Corporate Finance.

  • Sorokina, N. ,  Thornton, J. H. , &  Patel, A. (Forthcoming). Why Do Banks Choose to Finance with Equity? Journal of Financial Stability.
  • Bryan, S. ,  Nash, R. C. , &  Patel, A. (Forthcoming). Culture Matters (But Whose Culture Matters More?) Evidence From Intra-Firm Changes in CEO. Journal of Financial Management.
  • Nash, R. C. ,  Patel, A. ,  El Ghoul, S. , &  Guedhami, O. (Forthcoming). New Evidence on the Role of Media in Corporate Social Responsibility. Journal of Business Ethics.
  • Bryan, S. ,  Nash, R. C. , &  Patel, A. (2015). The Effect of Cultural Distance on Contracting Decisions: The Case of Executive Compensation. Journal of Corporate Finance, 33, 180-195.
  • Nash, R. C. , &  Patel, A. (2013). The Impact of National Culture on Corporate Financial Decisions. Wake Forest Law Review, 48 (3), 697-720.
  • Patel, A. ,  Clarke, J. ,  Khorana, A. , &  Rau, R. (2011). Independent's Day? Analyst Behavior Surrounding the Global Settlement. Annals of Finance, 7 (4), 529-547.
  • Bryan, S. ,  Nash, R. C. , &  Patel, A. (2011). Law and Executive Compensation: A Cross-Country Study. Journal of Applied Corporate Finance, 1 (23), 84-91.
  • Bryan, S. H. ,  Nash, R. C. , &  Patel, A. (2010). How Legal System Affects the Equity Mix in Executive Compensation . Financial Management, , 393-418.
  • Patel, A. ,  Kuipers, D. K. , &  Miller, D. (2009). The Legal Environment and Corporate Valuation: Evidence from Cross-Border Takeovers. International Review of Economics and Finance, 18, 552-567.
  • Patel, A. ,  Clarke, J. ,  Khorana, A. , &  Rau, P. R. (2007). The Impact of All-Star Analyst Job Changes on Their Coverage Choices and Investment Banking Deal Flow. Journal of Financial Economics, 84, 713-737. | more information
  • Bryan, S. H. ,  Nash, R. C. , &  Patel, A. (2006). Can the Agency Costs of Debt and Equity Explain the Changes in Executive Compensation During the 1990s? The Journal of Corporate Finance, , 516-535.
  • Patel, A. ,  Cooper, M. ,  Khorana, A. ,  Osobov, I. , &  Rau, P. R. (2005). "Managerial Actions in Response to a Market Downturn: Valuation Effects of Name Changes in the dot.com Decline." . Journal of Corporate Finance, 11, 319-335.
  • Shoesmith, G. L. , &  Patel, A. (2004). Term Structure Linkages Surrounding the Plaza and Louvre Accords: Evidence from Euro-Rates and Long-Memory Components. Journal of Banking and Finance, 28 (2004) (9), 2051-2075. | more information
  • Patel, A. , &  Shoesmith, G. (2004). "Term Structure Linkages Surrounding the Plaza and Louvre accords: Evidence from Euro-Rates and long-memory components.". Journal of Banking and Finance, 28, 2051-2075.
  • Patel, A. ,  Brooks, R. , &  Su, T. (2003). "How the Equity Market Responds to Unanticipated Announcements". Journal of Business, , 109-133.
  • Patel, A. ,  Datta, S. , &  Iskandar-Datta, M. (2000). "Do Bank Relationships Matter in Public Debt Offerings?". Journal of Applied Corporate Finance, 12, 120-127. | more information
  • Patel, A. , &  Brooks, R. (2000). "Information Conveyed by Seasoned Security Offerings: Evidence from Components of the Bid-Ask Spread.". Review of Financial Economics, 9, 83-89. | more information
  • Patel, A. ,  Datta, S. , &  Iskandar-Datta, M. (2000). "Some Evidence on the Uniqueness of Initial Public Debt Offerings.". Journal of Finance, 55, 715-743. | more information
  • Patel, A. ,  Datta, S. , &  Iskandar-Datta, M. (1999). "Bank Monitoring and the Pricing of Corporate Public Debt". Journal of Financial Economics, 51, 435-449. | more information
  • Patel, A. ,  Datta, S. , &  Iskandar-Datta, M. (1999). "The Market's Pricing of Corporate Straight debt IPOs.". Journal of Applied Corporate Finance, 12, 86-91.
  • Patel, A. ,  Bhabra, H. , &  Lee, Y. W. (1997). "An Empirical Examination of Calls of Convertible Bonds When They Are Out of the Money.". Advances in Financial Planning and Forecasting, 7, 83-105.
  • Patel, A. ,  Datta, S. , &  Iskandar-Datta, M. (1997). "The Pricing of Initial Public Offers of Corporate Straight Debt.". Journal of Finance, 52 (1), 379-396. | more information
  • Patel, A. , &  Dierks, P. (1997). "What is EVA, and How Can it Help Your Company?". Management Accounting, , 52-58. | more information
  • Patel, A. , &  Akella, S. (1996). "An Examination of Real Interest Rates in the U.S., Canada, France and Germany During the Recent Floating Exchange Rate Period.". Review of Quantitative Finance and Accounting, 6 (3), 277-292.
  • Patel, A. , &  Bhabra, H. (1996). "Convertible Bond Financing: Are Some Issuers Mimickers?". Financial management, 25, 67-77. | more information
  • Patel, A. , &  Corrado, C. (1995). "The Information Content of a Convertible Debt Offer Announcement." . Review of Quantitative Finance and Accounting, 5 (3), 309-325.
  • Patel, A. ,  Emery, D. , &  Lee, Y. (1993). "Firm Performance and Security Type in Seasoned Offerings: An Empirical Examination of Alternative Signaling Models." . Journal of Financial Research, 16, 181-192. | more information
  • Patel, A. , &  Jordan, B. (1992). "Can Uncovered Interest Parity Predict Exchange Rates?.". Journal of International Finance, 2, 127-138.

  • 2017 - Service MVP Award, School of Business
  • 2014 - Educator of the Year, School of Business, Resident MBA Program
  • 2013 - Best Paper Award, India Finance Conference 2013
  • 2012 - Educator of the Year, Schools of Business, Resident MBA Program
  • 2012 - Best Paper Award, India Finance Conference 2012
  • 2012 - In Grateful Recognition of Dedication to Excellence, Financial Management Association International
  • 2011 - Educator of the Year, Schools of Business, Resident MBA Program
  • 2004 - Educator of the Year, Babcock Graduate School of Management, Resident MBA Program
  • 2003 - Best Paper Award, Annual European Meeting of the Financial Management Association International
  • 2002 - Educator of the Year, Babcock Graduate School of Management, Resident MBA Program
  • 2002 - Recognition for Faculty Excellence, Babcock Graduate School of Management, Fast-Track MBA Program
  • 2001 - Kienzle Teaching Award, Babcock Graduate School of Management
  • 2000 - Educator of the Year Award, Babcock Graduate School of Management, Resident MBA Program
  • 2000 - Outstanding Faculty Award, Babcock Graduate School of Management, Charlotte MBA Program
  • 1999 - Educator of the Year Award, Babcock Graduate School of Management, Resident MBA Program
  • 1999 - Third Prize, I/B/E/S Global Research Competition
  • 1998 - Educator of the Year Award, Babcock Graduate School of Management, Resident MBA Program
  • 1997 - Best Paper Award, Chicago Quantitative Alliance/IBES Academic Competition
  • 1997 - Educator of the Year Award, Babcock Graduate School of Management, Resident MBA Program
  • 1997 - Outstanding Faculty Award, Babcock Graduate School of Management, Charlotte MBA Program
  • 1996 - Educator of the Year Award, Babcock Graduate School of Management, Evening MBA Program
  • 1995 - Outstanding Paper in Corporate Finance, Annual Meeting of the Southern Finance Association
  • 1993 - Outstanding Paper in Investments, Annual Meeting of the Southern Finance Association
  • 1993 - Outstanding Teacher of the Year Award, University of Missouri, MBA Program
  • 1992 - Outstanding Paper in Corporate Finance, Annual Meeting of the Midwest Finance Association
  • 1992 - Outstanding Paper in International Finance, Annual Meeting of Southern Finance Association
  • 1992 - Outstanding Teacher of the Year Award, University of Missouri, MBA Program
  • 1991 - Outstanding Teacher of the Year Award, University of Missouri, MBA Program

  • August 10, 2017 - Cash Kings: Which Central Florida companies are hoarding big bucks?, Orlando Business Journal | more information
  • July 13, 2017 - Corporate America is sitting on trillions in cash. Here's who has the most dry powder in Portland, Portland Business Journal | more information
  • July 4, 2017 - Company moved market with 'fake news' stories, SEC alleges, My San Antonio | more information
  • July 4, 2017 - Company moved market with "fake news" stories, SEC alleges, Denver Post | more information
  • July 4, 2017 - Allegations of ?fake news' stretch beyond politics, The Washington Post | more information
  • July 4, 2017 - Company moved market with 'fake news' stories, SEC alleges, St. Louis-Post Dispatch | more information
  • July 4, 2017 - Actress' firm paid for fake news articles to bump up company's stock prices, SEC alleges, New Orleans Business News | more information
  • February 28, 2017 - Could Fake News Affect Your Finances?, Yahoo News | more information
  • February 28, 2017 - Could Fake News Affect Your Finances?, US News & World Report | more information
  • February 28, 2017 - Could Fake News Affect Your Finances?, US News | more information
  • February 15, 2017 - Meet the people making money on Charlotte's grocery delivery services, The Charlotte Observer | more information
  • January 17, 2017 - Reynolds American to Merge with British American Tobacco, Time Warner Cable News | more information
  • May 27, 2016 - Leading in a Changing World, Charlotte Business Journal | more information
  • May 10, 2016 - Deal could fuel Krispy Kreme's growth through capital, coffee industry insight, Triad Business Journal | more information
  • May 9, 2016 - Sweet Deal? Krispy Kreme Is Being Acquired By German Conglomerate, WUNC | more information
  • May 15, 2015 - A job marked by constant change, challenge, Charlotte Business Journal | more information
  • January 22, 2015 - Analyst: Can Dollar Tree turn struggling Family Dollar around?, Charlotte Business Journal | more information
  • January 9, 2015 - Uncertainty around Family Dollar's future driving defections at HQ, Nashville Business Journal | more information
  • January 8, 2015 - Family Dollar CEO: Merger turmoil drives management defections at HQ, Charlotte Business Journal | more information
  • November 21, 2014 - What's in store for Dollar General bid?, Charlotte Business Journal | more information
  • November 20, 2014 - Has Dollar General's hostile takeover of Family Dollar hit a snag?, Nashville Business Journal | more information
  • November 19, 2014 - Has Dollar General's hostile takeover of Family Dollar hit a snag?, Charlotte Business Journal | more information
  • September 5, 2014 - What's Dollar General's next move in battle to acquire Family Dollar?, Nashville Business Journal | more information
  • September 5, 2014 - What's Dollar General's next move in battle to acquire Family Dollar?, Charlotte Business Journal | more information
  • September 5, 2014 - Dollar General raises the stakes in bid for Family Dollar, Charlotte Business Journal | more information
  • September 3, 2014 - What's next in Dollar General's quest for Family Dollar?, Nashville Business Journal | more information
  • September 2, 2014 - What's next in Family Dollar acquisition saga?, Charlotte Business Journal | more information
  • August 28, 2014 - Is Dollar General really committed to acquiring Family Dollar?, Nashville Business Journal | more information
  • August 28, 2014 - Is Dollar General really committed to acquiring Family Dollar?, Charlotte Business Journal | more information
  • August 21, 2014 - Analysts: Dollar General must address antitrust concerns to win Family Dollar, Charlotte Business Journal | more information
  • August 18, 2014 - Will there be a bidding war for Family Dollar?, Charlotte Business Journal | more information
  • August 18, 2014 - With new bid from Dollar General, Family Dollar's future in Charlotte looks bleak, Charlotte Business Journal | more information
  • August 8, 2014 - Family Dollar talk heats up, Charlotte Business Journal
  • August 5, 2014 - Dollar General-Family Dollar speculation a win-win for shareholders, Charlotte Business Journal | more information
  • August 5, 2014 - Family Dollar shares up amid speculation of possible Dollar General bid, Charlotte Business Journal | more information
  • July 29, 2014 - Family Dollar CEO: Acquisition represents huge milestone, provides opportunity, Charlotte Business Journal | more information
  • July 29, 2014 - Family Dollar CEO Howard Levine here to stay ? for now, Charlotte Business Journal | more information
  • July 28, 2014 - Is Family Dollar still in play?, Charlotte Business Journal | more information
  • July 5, 2014 - Scene and Heard: A Good Place to Call Home, Winston Salem Journal | more information
  • July 4, 2014 - Joyful Fourth for New Citizens at Old Salem, Winston Salem Journal | more information
  • June 27, 2014 - Change the Only Option at Family Dollar?, Charlotte Business Journal | more information
  • June 24, 2014 - Will soaring Family Dollar stock prices stave off a takeover?, Charlotte Business Journal | more information
  • June 13, 2014 - Pressure is growing on Family Dollar, Charlotte Business Journal | more information
  • June 10, 2014 - Analysts: Family Dollar faces possible hostile takeover, management shake-up, Charlotte Business Journal | more information
  • June 1, 2014 - Still a Long Way to Go, Winston Salem Journal | more information
  • April 25, 2014 - Duke Energy faces challenge on cleanup costs, Charlotte Business Journal | more information
  • April 9, 2014 - "Culture Matters" wins best paper award, Gabelli Connect, Fordham University | more information
  • January 31, 2014 - Family Dollar's growth strategy is under pressure, Charlotte Business Journal | more information
  • January 31, 2014 - How the market is reacting to Family Dollar CEO, Charlotte Business Journal | more information
  • January 14, 2014 - INDE firma alianza para apoyar Mipymes, El Nuevo Diario | more information
  • January 14, 2014 - INDE firma convenio de colaboración con la universidad Wake Forest, El Cronista Digital | more information
  • January 14, 2014 - INDE fortalece Pymes nacionales, Bolsa de Noticias
  • January 13, 2014 - , INDE's website | more information
  • December 6, 2013 - Battle for market share across Charlotte retail sectors, Charlotte Business Journal | more information
  • October 7, 2013 - Family Dollar adds Montana store, plans future growth, Charlotte Business Journal | more information
  • July 12, 2013 - Kroger deal for Harris Teeter would deliver growth to NC, Charlotte Business Journal | more information
  • July 9, 2013 - Will Kroger's bid for Harris Teeter hold up?, Charlotte Business Journal | more information
  • July 5, 2013 - Harris Teeter's rising stock price could impact sale, Charlotte Business Journal | more information
  • December 16, 2012 - Avoiding a ?cliff' tax hike: Early dividends coming from some companies, Winston-Salem Journal | more information
  • November 30, 2012 - N.C. companies pay dividends early to avoid fiscal cliff, Charlotte Observer | more information
  • March 26, 2012 - Escuela de negocios para Mipyme nicas, El Nuevo Diario | more information
  • March 22, 2012 - Women head small and medium businesses in Nicaragua, Embassy of Nicaragua/Nicaragua News
  • March 20, 2012 - Miedo al crédito, La Prensa | more information
  • March 20, 2012 - MUJERES PREVALECEN AL FRENTE DE LAS PYMES: , MONITOREO PRENSA ESCRITA | more information
  • March 19, 2012 - Presentan informe sobre Mipymes, El Nuevo Diario | more information
  • March 19, 2012 - Pymes aprenden de la Wake Forest, La Prensa | more information
  • March 13, 2012 - Mike's Gringo Life | more information
  • January 1, 2012 - , Canal 2 | more information
  • December 2, 2011 - Inde firma convenio con universidad norteamericana, El Nuevo Diario | more information
  • October 7, 2011 - Family Dollar ramps up growth, adding 500 stores, Charlotte Business Journal | more information
  • July 15, 2011 - Family Dollar draws investors, Charlotte Business Journal | more information
  • April 3, 2008 - - "Wake Forest University's Project Nicaragua expands reach to Africa,". , Carolina Newswire | more information
  • November 15, 2007 - "Wake Forest's Patel drives biz school up rankings,", IndUS Business Journal
  • June 10, 2007 - "MBA Challenge: Babcock graduate school at Wake Forest wants a 20 percent minority enrollment,", Winston-Salem Journal
  • October 11, 2006 - "Consultant leaves BofA to help businesses in poor areas," , Charlotte Observer
  • September 15, 2006 - "Curiosity Becomes Capital," , Greater Charlotte Biz | more information
  • October 1, 2004 - "Interview: Dr. Ajay Patel, Dean of Babcock," , Global Educator. Dr. | more information
  • September 12, 2004 - "Learning Leadership", News & Record
  • September 12, 2004 - "Business Milestones", Winston-Salem Journal
  • July 1, 2004 - "Abroad and at helm of affairs," , Telegraph | more information