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. Since 2016, he has served as the Area Chair for the Accounting and Finance areas.

Dr. Patel's research work has been widely published in scholarly journals and has won eight 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.

  • 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.
  • Nash, R. C. , &  Patel, A. (2019). Instrumental Variables Analysis and the Role of National Culture in Corporate Finance. Financial Management, Summer 2019, 385-416.
  • Sorokina, N. ,  Thornton, J. H. , &  Patel, A. (2017). Why Do Banks Choose to Finance with Equity? Journal of Financial Stability, 30, 36-52. | more information
  • 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.

  • 2018 - Emerald Best Research Paper Award (3rd place), India Finance Conference 2018
  • 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

  • February 7, 2019 - Winston-Salem Reacts to BB&T's pending merger and move, WFDD & NPR | more information
  • February 7, 2019 - When it comes to big bank deals, Charlotte's been a winner ? mostly, Charlotte Business Journal | more information
  • February 7, 2019 - Winston-Salem reacts to BB&T departure, Triad Business Journal | more information
  • January 22, 2019 - U.S. companies are rolling in cash, and they're growing increasingly fearful to spend it, San Antonio Business Journal | more information
  • January 17, 2019 - U.S. companies are rolling in cash ? and fearful to spend it, Memphis Business Journal | more information
  • January 15, 2019 - U.S. companies are rolling in cash. See where Philadelphia-area companies stand.These 15 Colorado public companies entered Q4 flush with cash. Here's what they're doing with it., Denver Business Journal | more information
  • December 20, 2018 - U.S. companies are rolling in cash. See where Philadelphia-area companies stand., Philadelphia Business Journal | more information
  • December 12, 2018 - US Companies are Hoarding Cash - Including Some in Charlotte - and They're Growing Increasingly Fearful to Spend It, Charlotte Business Journal | more information
  • December 12, 2018 - THE GREAT CA$H STASH, Los Angeles Business Journal | more information
  • October 29, 2018 - Comparing Credit Cards: Ask the Experts, Wallet Hub | more information
  • March 2, 2018 - The Price is Wrong: Why merger activity is slowing in Charlotte and, well, everywhere, Charlotte Business Journal | more information
  • February 5, 2018 - The Price is Wrong: Why merger activity is slowing in the U.S. and, well, everywhere, The Business Journals | more information
  • July 13, 2017 - Corporate Am