Patrick Kelly

Patrick J. Kelly is an Associate Professor of Finance and Joint PhD Program Director (Finance) in the Department of Finance within the Faculty of Business and Economics at the University of Melbourne. He earned a Ph.D. in Finance and a Master’s degree in Economics from the W.P. Carey School of Business at Arizona State University. His career includes previous roles as Associate Professor and Chair of the Finance Department at the New Economic School in Moscow, Research Fellow at the International Laboratory of Financial Economics hosted by the International College of Economics and Finance and the London School of Economics, visiting scholar at the University of Texas at Austin, visiting lecturer in the PhD program at the University of Melbourne, and Assistant Professor at the University of South Florida, where he won awards for teaching and research.

Kelly specializes in the impact of media on asset prices and corporate governance, market efficiency, behavioral finance, and empirical asset pricing. He has published in top journals including the Review of Financial Studies, Journal of Banking & Finance, Financial Management, and Quarterly Journal of Finance. Notable publications are: Griffin, J.M., Kelly, P.J., & Nardari, F. (2010). “Do Market Efficiency Measures Yield Correct Inferences? A Comparison of Developed and Emerging Markets.” Review of Financial Studies, 23(8), 3225-3277; Kelly, P.J., & Meschke, F. (2010). “Sentiment and Stock Returns: The SAD Anomaly Revisited.” Journal of Banking & Finance, 34(6), 1308-1326; Griffin, J.M., Hirschey, N.H., & Kelly, P.J. (2011). “How Important is the Financial Media in Global Markets?” Review of Financial Studies, 24(12), 3941-3992; Kelly, P.J. (2014). “Information Efficiency and Firm-Specific Return Variation.” Quarterly Journal of Finance, 4(4); Bergbrant, M.C., & Kelly, P.J. (2016). “Macroeconomic Expectations and the Size, Value and Momentum Factors.” Financial Management, 45(4), 809-844 (lead article, best paper Winter 2016); among others such as Bergbrant et al. (2018), Francis et al. (2020), and Gorovyy et al. (2022) in Journal of Banking & Finance.

Professional Email: patrick.kelly@unimelb.edu.au