Reena Aggarwal

Professor Aggarwal specializes in global financial markets, securities market regulation, capital raising, initial public offerings, institutional investors, private equity, valuation, stock exchange structure, and corporate governance. In 2015, her research was recognized for addressing global governance challenges and received the prestigious BlackRock-National Association of Corporate Directors Award. She was honored with the Allan N. Nash Distinguished Doctoral Graduate Award by University of Maryland. She serves on the editorial boards of major journals. She regularly presents her work to government agencies and at academic conferences. Dr. Aggarwal has previously held various positions including Interim Dean and Deputy Dean of Georgetown's McDonough School of Business; Visiting Professor of Finance at MIT's Sloan School of Management; FINRA Academic Fellow; Academic Fellow at the U.S. SEC; Visiting Research Scholar at the International Monetary Fund; and Fulbright Scholar to Brazil. Currently, she serves on the World Economic Forum Global Agenda Council on the Future of Financing and Capital; and as a Distinguished Scholar at the Reserve Bank of India’s CAFRAL. Dr. Aggarwal has consulted for governments, law firms, companies, and for organizations including the IMF, World Bank, UN, IFC, OPIC, IADB, and OECD. She has provided advice to financial institutions, stock exchanges, and securities commissions in several countries, including India, China, Mexico, Peru, Vietnam, Ecuador and United States. Dr. Aggarwal serves on the Board of FBR & Co., IndexIQ, Brightwood Capital, and REAN Cloud. Her research and analysis is regularly cited in Financial Times, The Wall Street Journal, New York Times, Washington Post, CNBC, BusinessWeek, Los Angeles Times, Chicago Tribune, and Forbes among others. She received a Ph.D. in finance from the University of Maryland and M.M.S. from BITS, India.

Education

• University of Maryland-College Park - Ph.D.

Expertise/Clinical Areas

• Private Equity
• Institutional Investors
• Corporate Governance
• Initial Public Offerings (IPO)
• FinTech
• International Financial Markets

Publications

R. Aggarwal, S. Maimbo, R. Adams, N. Passas. Migrant Labor Remittances in South Asia. World Bank Publications, 2005.

Articles in Journals (39)

Reena Aggarwal, Jason D. Schloetzer And Rohan Williamson. "Do Corporate Governance Mandates Impact Long-term Firm Value And Governance Culture?." Journal Of Corporate Finance (July 2016): https://doi.org/10.1016/j.jcorpfin.2016.06.007.

Reena Aggarwal, Pedro A. C. Saffi And Jason Sturgess. "The Role Of Institutional Investors In Voting: Evidence From The Securities Lending Market." The Journal Of Finance, 70, 5 (October 2015): 2309-2346. 10.1111/jofi.12284.

Reena Aggarwal, May Hu And Jingjing Yang. "Fraud, Market Reaction, And The Role Of Institutional Investors In Chinese Listed Firms." The Journal Of Portfolio Management, 41, 5 (January 2015): 92-109. 10.3905/jpm.2015.41.5.092.

R. Aggarwal, D. Gorfine, and D. Stefanczyk. "SME - Small Business Investing with a Populist Twist." Milken Review, First Quarter (2015): 57-67.

Reena Aggarwal, Asli Demirgüç-Kunt And Maria Soledad Martínez Pería. "Do Remittances Promote Financial Development?." Journal Of Development Economics, 96, 2 (November 2011): 255-264. https://doi.org/10.1016/j.jdeveco.2010.10.005.

Reena Aggarwal, Isil Erel, Miguel A. Ferreira and Pedro P. Matos. "Does Governance Travel around the World? Evidence from Institutional Investors." Journal of Financial Economics, 100, 1 (2011): 154-182. http://dx.doi.org/10.2139/ssrn.1361143.

R. Aggarwal. "The Past and Future of Corporate Governance Research." MSCI/ISS 25th Anniversary Compendium (2011)

Reena Aggarwal, Isil Erel, René Stulz And Rohan Williamson. "Differences In Governance Practices Between U.s. And Foreign Firms: Measurement, Causes, And Consequences." Review Of Financial Studies, 22, 8 (August 2009): 3131-3169. https://doi.org/10.1093/rfs/hhn107.

Reena Aggarwal, Sandeep Dahiya And Leora Klapper. "ADR Holdings Of U.S.-Based Emerging Market Funds." Journal Of Banking & Finance, 31, 6 (June 2007): 1649-1667. https://doi.org/10.1016/j.jbankfin.2006.11.004.

Reena Aggarwal And Sandeep Dahiya. "Demutualization And Public Offerings Of Financial Exchanges." Journal Of Applied Corporate Finance, 18, 3 (June 2006): 96-106. 10.1111/j.1745-6622.2006.00102.x.

Reena Aggarwal, Leora Klapper And Peter D. Wysocki. "Portfolio Preferences Of Foreign Institutional Investors." Journal Of Banking & Finance, 29, 12 (December 2005): 2919-2946. https://doi.org/10.1016/j.jbankfin.2004.09.008.

Reena Aggarwal. "Allocation Of Initial Public Offerings And Flipping Activity." Journal Of Financial Economics, 68, 1 (April 2003): 111-135. https://doi.org/10.1016/S0304-405X(02)00250-7.

Reena Aggarwal, Nagpurnanand R. Prabhala And Manju Puri. "Institutional Allocation In Initial Public Offerings: Empirical Evidence." The Journal Of Finance, 57, 3 (June 2002): 1421-1442. 10.1111/1540-6261.00465.

Reena Aggarwal. "Demutualization And Corporate Governance Of Stock Exchanges." Journal Of Applied Corporate Finance, 15, 1 (March 2002): 105-113. 10.1111/j.1745-6622.2002.tb00345.x.

Reena Aggarwal. "Stabilization Activities By Underwriters After Initial Public Offerings." The Journal Of Finance, 55, 3 (June 2000): 1075-1103. 10.1111/0022-1082.00241.

Reena Aggarwal And Sandeep Dahiya. "Capital Formation And The Internet." Journal Of Applied Corporate Finance, 13, 1 (March 2000): 108-113. 10.1111/j.1745-6622.2000.tb00045.x.

Aggarwal, R. and Conroy, P. "Price Discovery in Initial Public Offerings and Role of the Lead Underwriter." Journal of Finance, 55, 6 (2000): 2903-2922.

Allan C. Eberhart, Edward I. Altman And Reena Aggarwal. "The Equity Performance Of Firms Emerging From Bankruptcy." The Journal Of Finance, 54, 5 (October 1999): 1855-1868. 10.1111/0022-1082.00169.

Reena Aggarwal, Ian Gray And Hal Singer. "Capital Raising In The Offshore Market." Journal Of Banking & Finance, 23, 8 (August 1999): 1181-1194. https://doi.org/10.1016/S0378-4266(98)00135-6.

R Aggarwal. "The Rise And Fall Of The Amex Emerging Company Marketplace." Journal Of Financial Economics, 52, 2 (May 1999): 257-289. https://doi.org/10.1016/S0304-405X(99)00010-0.

Reena Aggarwal, Carla Inclan And Ricardo Leal. "Volatility In Emerging Stock Markets." The Journal Of Financial And Quantitative Analysis, 34, 1 (March 1999): 33. 10.2307/2676245.

Berry Wilson, Reena Aggarwal And Carla Inclan. "Detecting Volatility Changes Across The Oil Sector." Journal Of Futures Markets, 16, 3 (May 1996): 313-330. 10.1002/(SICI)1096-9934(199605)16:3313::AID-FUT43.0.CO;2-M.

R. Aggarwal and S. Chen. "Optimal Portfolio Selection and Uncertain Inflation." Journal of Portfolio Management (1996): 44-49.

Roger M. Kunz And Reena Aggarwal. "Why Initial Public Offerings Are Underpriced: Evidence From Switzerland." Journal Of Banking & Finance, 18, 4 (September 1994): 705-723. https://doi.org/10.1016/0378-4266(93)00016-I.

Raj Aggarwal And Reena Aggarwal. "Security Return Distributions And Market Structure: Evidence From The Nyse/amex And The Nasdaq Markets." Journal Of Financial Research, 16, 3 (September 1993): 209-220. 10.1111/j.1475-6803.1993.tb00141.x.

R. Aggarwal, R. Leal, and L. Hernandez. "The Aftermarket Performance of Initial Public Offerings in Latin America." Financial Management (1993): 42-53.

R. Aggarwal and P. Rivoli. "Smaller IPOs Cost More to Market." Bowne Review for CFOs & Investment Bankers (November 1991)

Reena Aggarwal And Pietra Rivoli. "Evaluating The Costs Of Raising Capital Through An Initial Public Offering." Journal Of Business Venturing, 6, 5 (September 1991): 351-361. https://doi.org/10.1016/0883-9026(91)90024-8.

R. Aggarwal and R. Leal. "As Oportiunidades Nos Mercados Financeiros Globais." Informativo do Instituto Brasileiro de Mercado de Capitais (July 1991)

R. Aggarwal and R. Leal. "Privatizacao: Licoes Uteis Na Hora do Brasil." Rumos (July 1991)

R. Aggarwal and P. Rivoli. "Study Examines IPO Price Run-Ups." Bowne Review for CFOs & Investment Bankers (April 1991)

R. Aggarwal and P. Rivoli. "Fads in the Initial Public Offering Market?." Financial Management (1990): 45-57.

R. Aggarwal and S. Chen. "The Adjustment of Stock Returns to Block Trading Information." Quartly Journal of Business and Economics (1990): 46-56.

Reena Aggarwal And Pietra Rivoli. "Seasonal And Day-of-the-week Effects In Four Emerging Stock Markets." The Financial Review, 24, 4 (November 1989): 541-550. 10.1111/j.1540-6288.1989.tb00359.x.

R. Aggarwal. "Globalization of Financial Markets." Foreign Trade Review (April 1989)

R. Aggarwal and S. Chen. "Stock Splits and Return Volatility." Akron Business and Economic Review (1989): 89-99.

R. Aggarwal and P. Rivoli. "The Relationship between the U.S. and Four Asian Stock Markets." ASEAN Economic Bulletin (1989): 110-117.

R. Aggarwal and P. Rivoli. "January Effect Under Scrutiny." Pensionand Investment Age (May 1988)

R. Aggarwal. "Stock Index Futures and Cash Market Volatility." Review of Futures Markets, 7 (1988): 290-299.

Articles in Books (9)

R. Aggarwal, D. Gorfine, and D. Stefanczyk. "The Role of SMEs in Sustainable Development." Sustainable Markets for Sustainable Business, edited by G. Aras, Gower Publishing Ltd, 2015.

R. Aggarwal and L. Schofield. "The Growth of Global ETFs and Regulatory Challenges." Advances in Financial Economics, edited by K. John, A. Makhija, and S. Ferris, 77-100. Emerald Books, 2013.

R. Aggarwal, A. Ferrel, and J. Katz. "U.S. Securities Regulation in a World of Global Exchanges." World of Exchanges – Adapting to a New Environment, edited by S. Shojai, Euromoney Books, 2007.

R. Aggarwal, S. Maimbo, R. Adams, and N. Passas. "Migrant Labor Remittances in South Asia." The World Bank, edited by R. Aggarwal, S. Maimbo, R. Adams, and N. Passas, World Bank Publications, 2005.

R. Aggarwal. "Initial Public Offerings." Handbook of Modern Finance, edited by J. Seward and D. Logue, Warren, Gorham & Lamont, 2004.

R. Aggarwal. "Globalization, Technology, and Regulation in Capital Markets: Strategies for Latin America and Caribbean." Focus on Capital, edited by K. Dowers and P. Masci, 37-64. Johns Hopkins University Press, 2003.

R. Aggarwal. "Nurturing the IPO Market and Capital Market Development." The Future Capital Markets in Developing Countries, edited by R. Litan, M. Pomerleano, V. Sundararajan, 215-232. Brookings Institutions Press, 2003.

R. Aggarwal. "Integrating Emerging Market Countries into the Global Financial System: Regulatory Infrastructure Covering Financial Markets." Papers on Financial Services, edited by R. Litan and R. Herring, 55-76. Brookings Institutions Press, 2001.

R. Aggarwal and R. Leal. "Integration and Anomalies in the Emerging Markets of Asia and Latin America." Research in International Business and Finance, edited by J. Doukas and L. Lang, 75-99. JAI Press Inc, 1996.

Articles in Conference/Workshop Proceedings (7)

R. Aggarwal and L. Klapper. "The Role of Institutional Investors in Corporate Governance." Proceedings of the Global Corporate Governance Forum, , 2003.

R. Aggarwal. "Stock Market Development: Role of Securities Firms and New Products." Proceedings of the World Bank Workshop on Non-Bank Financial Institutions: Development and Regulation, , 2000.

R. Aggarwal and D. Yener. "Financial Fraud and Economic Collapse." Proceedings of the World Bank and OECD Workshop on Economic Reform, SecuritiesMarket Development, and Fraud, , 1999.

R. Aggarwal. "An Evaluation of Market Microstructures." Proceedings from Private Capital Flows and Financial Integration, International Economics Department, The World Bank, , 1996.

R. Aggarwal. "Evaluating the Expenses of a New Equity Issue." Proceedings of the Second Small Firm Financial Research Symposium, , 1990.

R. Aggarwal and P. Rivolia. "On the Relationship between the United States and the Asian Stock Markets." Proceedings of the Pacific-Asian Management Conference, , 1989.

R. Aggarwal and P. Rivoli. "Theory and Practice in the Market for Initial Public Offerings." Proceedings of the Small Firm Financial Research Symposium, , 1989.