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Robert E. McDonough Professor of Business Administration and Professor of Finance
Director, Center for Financial Markets and Policy

Ph.D., Finance, University of Maryland
M.M.S., Engineering and Management, BITS, India

Phone: 202-687-3784
Email Address: aggarwal@georgetown.edu


Professor Aggarwal specializes in initial public offerings, investment banking, institutional investors, stock prices, valuation, securities market regulation, stock exchange demutualization, and corporate governance. Her current research focuses on proxy voting, securities lending, international corporate governance and market valuation. She teaches courses in Corporate Finance, Private Equity, Hedge Funds and Investment Banking. She has been named among "Outstanding Faculty" in the Business Week Guide to the Best Business Schools.


Dr. Reena Aggarwal is the Robert E. McDonough Professor of Business Administration and Professor of Finance at Georgetown University's McDonough School of Business in Washington, DC. She has held various positions including Interim Dean (2004-05) and Deputy Dean (2006-08) of Georgetown’s McDonough School of Business; Visiting Professor of Finance at MIT's Sloan School of Management (2005-06); FINRA Academic Fellow (2007-08); Academic Fellow at the U.S. Securities and Exchange Commission (1997-99); Visiting Research Scholar at the International Monetary Fund (2003, 2004); Fulbright Scholar to Brazil and Chile (1990, 1991).

She has worked on major consulting projects sponsored by stock exchanges, securities commissions, law firms, investment banks, economic consulting firms, the World Bank, IMF, IFC, IDB, United Nations, U.S. SBA, U.S. AID, and financial institutions/governments in India, China, Mexico, Ecuador, Peru, among others.

She has published numerous articles on mutual fund investments; corporate governance and valuation; initial public offerings in the U.S., Switzerland, Brazil, Mexico and Chile; emerging markets of Asia and Latin America; and functioning of stock exchanges. Her papers have been published in the Journal of Finance, Journal of Financial Economics, Review of Financial Studies, Journal of Financial and Quantitative Analysis, Journal of Banking and Finance, Financial Management, Journal of Applied Corporate Finance and Journal of Portfolio Management. Her research has received numerous awards. She was awarded the Faculty Research Award in 2000 and in 1999. In 2003 she received the Allan N. Nash Distinguished Doctoral Graduate Award, University of Maryland.

Dr. Aggarwal is a frequent guest on local and international radio and television stations. Her research and comments has been cited in the CNBC, Wall Street Journal, Washington Post, Financial Times, Business Week, Los Angeles Times, Chicago Tribune, and Forbes among other publications. Her work has been presented at many government agencies and professional meetings. Dr. Aggarwal received a Ph.D. in Finance from the University of Maryland and M.M.S. from BITS, India.


  • VITA


  • Alternative Investments 2010


  • "Does Proxy Voting Affect the Supply and/or Demand for Securities Lending?" with Pedro Saffi and Jason Sturgess.

  • "Did New Regulations Target the Relevant Corporate Governance Attributes?" with Rohan Williamson.


  • “Does Governance Travel Around the World? Evidence from Institutional Investors,” with Isil Erel, Miguel Ferreira and Pedro Matos. Journal of Financial Economics, 100, 1, 154-182, 2011. (Governance data for 23 countries used in this study can be downloaded here.)

  • "Do Workers’ Remittances Promote Financial Development?" with Asli Demirgüç-Kunt and Maria Soledad Martinez Peria. Journal of Development Economics, forthcoming.

  • “Differences in Governance Practices between U.S. and Foreign Firms: Measurement, Causes, and Consequences,” with Isil Erel, René Stulz and Rohan Williamson. Review of Financial Studies, 22, 3131-3169, 2009.

  • "Allocation of Initial Public Offerings and Flipping Activity," Journal of Financial Economics, 68, 1, 111-135, 2003.

  • "Institutional Allocation in Initial Public Offerings: Empirical Evidence," with N. Prabhala and Manju Puri, Journal of Finance, 57, 3, 1421-1442, June 2002.

  • "Stabilization Activities by Underwriters after IPOs," Journal of Finance, 55, 3, 1075-1103, June 2000.

  • "Price Discovery in Initial Public Offerings and the Role of the Lead Underwriter," with Pat Conroy, Journal of Finance, 55, 6, 2903-2922, December 2000.

  • "The Rise and Fall of the Amex Emerging Company Marketplace," with Jim Angel, Journal of Financial Economics, 52, 257-289, 1999.

  • "The Equity Performance of Firms Emerging from Bankruptcy," with Edward I. Altman and Allan Eberhart, Journal of Finance, 54, 5, 1855-1868, October 1999.

  • "Volatility in Emerging Stock Markets," with Carla Inclan and Ricardo Leal, Journal of Financial and Quantitative Analysis, 34, 1, 33-55, March 1999.

  • "ADR Holdings of U.S. Based Emerging Market Funds," with Sandeep Dahiya and Leora Klapper. Journal of Banking and Finance, 31, 6, 1649-1667, 2007.

  • "Portfolio Preferences of Foreign Institutional Investors," with Leora Klapper and Peter Wysocki, Journal of Banking and Finance, 29, 12, 2919-2946, 2005.

  • "Demutualization and Corporate Governance of Stock Exchanges," Journal of Applied Corporate Finance, 15, 1, 105-113, Spring 2002.

  • "Demutualization and Public Offerings of Financial Exchanges," with Sandeep Dahiya, Journal of Applied Corporate Finance, 18, 3, 96-103, Summer 2006.

  • “US Securities Regulation in a World of Global Exchanges,” World of Exchanges – Adapting to a New Environment, Euromoney Books 2007. with Allen Ferrel and Jack Katz.