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NES > People > Patrick Kelly

CENTER for the Study of Diversity and Social Interactions

Patrick Kelly / Патрик Келли

Associate Professor and Chair of the Finance Department

PhD, W. P. Carey School of Business, Arizona State University, 2006


Homepage / Домашняя страница


Research interests / Исследовательские интересы

Market Efficiency, Investments, International Investments, Empirical Asset Pricing

Courses taught at NES / Преподавание в РЭШ

Introduction to Finance (BA), Portfolio Theory and Asset Management (MiF), Empirics of Financial Markets (MAE), Empirical Finance (MiF), International Investments (MAE)


Office #2.08, 100A Novaya Street
Skolkovo, Moscow, Russia, 143025
Phone: +7 (495) 956 95 08 ext. 261
E-mail: pkelly (at)


“Do Market Efficiency Measures Yield Correct Inferences? A Comparison of Developed and Emerging Markets” with John M. Griffin and Federico Nardari, 2010, Review of Financial Studies, 23(8), 3225-3277.

“Sentiment and Stock Returns: the SAD anomaly revisited” with Felix Meschke, 2010, Journal of Banking and Finance, 34(6), 1308-1326.

“How Important is the Financial Media in Global Markets?” with John M. Griffin and Nicholas H. Hirschey, 2011, Review of Financial Studies, 24(12), 3941-3992.
“InformationEfficiency and Firm-Specific Return Variation,” 2014,
 Quarterly Journal of Finance 4 (4), 1450018.

“Macroeconomic Expectations and the Size, Value and Momentum Factors," with Mikael C. Bergbrant, 2016, Forthcoming in Financial Management.

Working Papers

“Fooling the Savvy Investor: Secrecy and Hedge Fund Performance” with Olga Kuzmina at the New Economic School and Sergiy Gorovyy at Ellington Management Group.

 “Product Market Competition, Capital Constraints and Firm Growth”
 with Mikael Bergbrant at St. Johns University, New York and Delroy Hunter at the University of South Florida.

Financial Market Openness and Monetary Control” with Bill B. Francis at Rensselaer Polytechnic Institute and Delroy Hunter at the University of South Florida. 


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