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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 international stock markets, initial public offerings and corporate governance. Her current research focuses on international investments by mutual funds, international corporate governance and market valuation, demutualization of stock exchanges and public offerings. She teaches courses in Corporate Finance, Alternative Investments 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 in Washington, DC. She is also the Director of the Georgetown Center for Financial Markets and Policy. 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(1990, 1991). She is an expert on matters related to initial public offerings, investment banking, institutional investors, stock prices, valuation, corporate governance, securities market regulation, trading activities, and market structure. She has consulted for NASDAQ, Fidelity, Credit Suisse, Wachovia, Bechtel, WilmerHale, and Sidley Austin; organizations including IMF, World Bank, United Nations, IFC, OPIC, IADB, OECD, U.S. SEC, among others; and has advised Governments and/or financial institutions in emerging markets including China, India, Vietnam, Mexico, Peru, Ecuador and Nigeria.

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 won a number of 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 have been cited in the 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


  • Private Equity

  • EMBA Finance


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

  • "Influence of Public Opinion on Investor Voting and Proxy Advisors?" with Isil Erel and Laura Starks.

  • "Economic Consequences of Corporate Governance Mandates for Poorly Governed Firms?" with Jason SSchloetzer and 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, 96, 2, 255-264, 2011.

  • “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.

  • "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.