Details about Raj Aggarwal

E-mail:
Postal address:	Sullivan Professor of International Business and Finance University of Akron, 7380 Sherman Rd, Chesterland, OH 44026, USA.
Workplace:	Department of Finance, College of Business, University of Akron, (more information at EDIRC) Department of Economics and Finance, John Carroll University, (more information at EDIRC) College of Business Administration, Kent State University, (more information at EDIRC)

Access statistics for papers by Raj Aggarwal.

Last updated 2024-05-06. Update your information in the RePEc Author Service.

Short-id: pag27

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Working Papers

2015

1. Determinants of Expected Returns at Public Defined-Benefit Pension Plans
   Working Papers (Old Series), Federal Reserve Bank of Cleveland View citations (1)

2014

2. Rationality in Precious Metals Forward Markets: Evidence of Behavioural Deviations in the Gold Markets
   The Institute for International Integration Studies Discussion Paper Series, IIIS View citations (19)

2013

3. Lending to women in microfinance: influence of social trust and national culture Lending to women in microfinance: influence of social trust and national culture
   Working Papers (Old Series), Federal Reserve Bank of Cleveland

2010

4. Assessing Co-ordinated Asian Exchange Rate Regimes
   Working Papers, Geary Institute, University College Dublin View citations (2)
5. On the Globalness of Emerging Multinationals: A Study of Indian MNEs
   MPRA Paper, University Library of Munich, Germany
   See also Journal Article On the globalness of emerging multinationals: a study of Indian MNEs, ECONOMIA E POLITICA INDUSTRIALE, FrancoAngeli Editore (2011) (2011)

2007

6. East Asian Real Exchange Rates and PPP: New Evidence from panel-data tests
   MPRA Paper, University Library of Munich, Germany View citations (17)
   See also Journal Article East Asian Real Exchange Rates and PPP: New Evidence from Panel-data Tests, Global Economic Review, Taylor & Francis Journals (2007) View citations (18) (2007)
7. The Changing Dynamics of the East Asian Real Exchange Rates after the Financial Crisis: Further Evidence on Mean Reversion
   MPRA Paper, University Library of Munich, Germany View citations (1)
8. The Diversification Discount Puzzle: Empirical Evidence for a Transactions Cost Resolution
   The Institute for International Integration Studies Discussion Paper Series, IIIS View citations (5)
9. The bank structure conference through the years: a special conference session sponsored by the Journal of Financial Services Research
   Proceedings, Federal Reserve Bank of Chicago

2006

10. The Forward Exchange Rate Bias Puzzle: Evidence from New Cointegration Tests
    The Institute for International Integration Studies Discussion Paper Series, IIIS View citations (1)

2005

11. Dynamics of Equity Markets Integration in Europe: Evidence of Change with Events and over Time
    Money Macro and Finance (MMF) Research Group Conference 2005, Money Macro and Finance Research Group View citations (3)
12. Psychological Barriers in Gold Prices
    The Institute for International Integration Studies Discussion Paper Series, IIIS View citations (1)
    See also Journal Article Psychological barriers in gold prices?, Review of Financial Economics, Elsevier (2007) View citations (84) (2007)

2004

13. Dynamics of Equity Market Integration in Europe: Evidence of Changes over time and with events
    The Institute for International Integration Studies Discussion Paper Series, IIIS View citations (19)

2000

14. The relationship between bank off-balance-sheet activities and credit risk under risk-based capital: a simultaneous equations approach
    Proceedings, Federal Reserve Bank of Chicago View citations (1)

Journal Articles

2019

1. Board diversity and firm performance: The role of business group affiliation
   International Business Review, 2019, 28, (6), - View citations (46)
2. Exchange rate exposure of Latin American firms: Empirical evidence
   Journal of Multinational Financial Management, 2019, 51, (C), 80-97 View citations (1)

2018

3. Analyst recommendations and the implied cost of equity
   Review of Quantitative Finance and Accounting, 2018, 50, (3), 717-743 View citations (3)
4. Sovereign wealth fund governance and national culture
   International Business Review, 2018, 27, (1), 78-92 View citations (14)

2016

5. National Preferences for Bank or Market Financing
   Economic Commentary, 2016, (May) View citations (4)

2015

6. Lending to women in microfinance: Role of social trust
   International Business Review, 2015, 24, (1), 55-65 View citations (50)

2014

7. Cross-national differences in access to finance: Influence of culture and institutional environments
   Research in International Business and Finance, 2014, 31, (C), 193-211 View citations (32)
8. Culture, Gender, and GMAT Scores: Implications for Corporate Ethics
   Journal of Business Ethics, 2014, 123, (1), 125-143 View citations (5)
9. National cultural dimensions in finance and accounting scholarship: An important gap in the literatures?
   Journal of Behavioral and Experimental Finance, 2014, 1, (C), 1-12 View citations (34)

2013

10. HEALTH INSURANCE AVAILABILITY AND ENTREPRENEURSHIP
    Journal of Developmental Entrepreneurship (JDE), 2013, 18, (04), 1-21 View citations (3)
11. Political-economy of pension plans: Impact of institutions, gender, and culture
    Journal of Banking & Finance, 2013, 37, (6), 1860-1879 View citations (25)

2012

12. Corporate governance and business strategies for climate change and environmental mitigation
    The European Journal of Finance, 2012, 18, (3-4), 311-331 View citations (26)
13. Dividends and strength of Japanese business group affiliation
    Journal of Economics and Business, 2012, 64, (3), 214-230 View citations (5)
14. Gravity and culture in foreign portfolio investment
    Journal of Banking & Finance, 2012, 36, (2), 525-538 View citations (105)
15. Information Environment, Dividend Changes, and Signaling: Evidence from ADR Firms
    Contemporary Accounting Research, 2012, 29, (2), 403-431 View citations (17)
16. Oil price shocks and transportation firm asset prices
    Energy Economics, 2012, 34, (5), 1370-1379 View citations (43)

2011

17. Currency risk exposure of Chinese corporations
    Research in International Business and Finance, 2011, 25, (3), 266-276 View citations (10)
18. International variations in expected equity premia: Role of financial architecture and governance
    Journal of Banking & Finance, 2011, 35, (11), 3090-3100 View citations (12)
19. On the globalness of emerging multinationals: a study of Indian MNEs
    ECONOMIA E POLITICA INDUSTRIALE, 2011, 2011/1, (1), 163-180
    See also Working Paper On the Globalness of Emerging Multinationals: A Study of Indian MNEs, MPRA Paper (2010) (2010)
20. Trading volume and exchange rate volatility: Evidence for the sequential arrival of information hypothesis
    Journal of Banking & Finance, 2011, 35, (10), 2690-2703 View citations (39)
21. Variations in emerging-market equity premia: impact of financial architecture
    Journal of the Asia Pacific Economy, 2011, 16, (3), 313-330
22. What is a multinational corporation? Classifying the degree of firm-level multinationality
    International Business Review, 2011, 20, (5), 557-577 View citations (50)

2010

23. Assessing co-ordinated Asian exchange rate regimes: Proposal for a possible move towards a common currency
    Journal of International Financial Markets, Institutions and Money, 2010, 20, (2), 149-165 View citations (1)
24. Capital structure, dividend policy, and multinationality: Theory versus empirical evidence
    International Review of Financial Analysis, 2010, 19, (2), 140-150 View citations (48)
25. Dynamics of Equity Market Integration in Europe: Impact of Political Economy Events
    Journal of Common Market Studies, 2010, 48, (3), 641-660 View citations (10)
26. Financial markets versus institutions in European countries: Influence of culture and other national characteristics
    International Business Review, 2010, 19, (5), 502-520 View citations (38)
27. Foreign exchange exposure of "domestic" corporations
    Journal of International Money and Finance, 2010, 29, (8), 1619-1636 View citations (50)
28. India in the World Economy
    Review of Market Integration, 2010, 2, (2-3), 181-228

2009

29. Distribution of extreme changes in Asian currencies: tail index estimates and value-at-risk calculations
    Applied Financial Economics, 2009, 19, (13), 1083-1102 View citations (2)
30. Markets and institutions in financial intermediation: National characteristics as determinants
    Journal of Banking & Finance, 2009, 33, (10), 1770-1780 View citations (109)
31. Markets versus institutions in developing countries: National attributes as determinants
    Emerging Markets Review, 2009, 10, (1), 51-66 View citations (19)
32. The Diversification Discount Puzzle: Evidence for a Transaction‐Cost Resolution
    The Financial Review, 2009, 44, (1), 113-135 View citations (1)
33. The Forward Exchange Rate Bias Puzzle Is Persistent: Evidence from Stochastic and Nonparametric Cointegration Tests
    The Financial Review, 2009, 44, (4), 625-645 View citations (6)

2008

34. Are Forward Exchange Rates Rational Forecasts of Future Spot Rates? An Improved Econometric Analysis for the Major Currencies
    Multinational Finance Journal, 2008, 12, (1-2), 1-20 View citations (2)
35. Behavioral Biases in Forward Rates as Forecasts of Future Exchange Rates: Evidence of Systematic Pessimism and Under-Reaction
    Multinational Finance Journal, 2008, 12, (3-4), 241-277 View citations (6)
36. Common stocastic trends among Caribbean currencies: Evidence from Guyana, Jamaica, and Trinidad and Tobago
    Journal of Economics and Business, 2008, 60, (3), 277-289 View citations (2)
37. Equity premia in emerging markets: National characteristics as determinants
    Journal of Multinational Financial Management, 2008, 18, (4), 389-404 View citations (7)
38. Internal capital networks as a source of MNC competitive advantage: Evidence from foreign subsidiary capital structure decisions
    Research in International Business and Finance, 2008, 22, (3), 409-439 View citations (34)
39. Significant issuance date returns in seasoned equity offerings: An options-based resolution of a puzzle
    International Review of Financial Analysis, 2008, 17, (5), 793-804 View citations (1)

2007

40. East Asian Real Exchange Rates and PPP: New Evidence from Panel-data Tests
    Global Economic Review, 2007, 36, (2), 103-119 View citations (18)
    See also Working Paper East Asian Real Exchange Rates and PPP: New Evidence from panel-data tests, MPRA Paper (2007) View citations (17) (2007)
41. Psychological barriers in gold prices?
    Review of Financial Economics, 2007, 16, (2), 217-230 View citations (84)
    Also in Review of Financial Economics, 2007, 16, (2), 217-230 (2007) View citations (21)
    See also Working Paper Psychological Barriers in Gold Prices, The Institute for International Integration Studies Discussion Paper Series (2005) View citations (1) (2005)
42. Role models in finance: Lessons from life cycle productivity of prolific scholars
    Review of Quantitative Finance and Accounting, 2007, 28, (1), 79-100 View citations (4)
43. The leverage-value relationship puzzle: An industry effects resolution
    Journal of Economics and Business, 2007, 59, (4), 286-297 View citations (4)

2006

44. Are Differences in Acquiring Bank Profit Efficiency Priced in Financial Markets?
    Journal of Financial Services Research, 2006, 30, (3), 265-286 View citations (9)
45. Eonomic integration among caribbean countries: Evidence from purchasing power parity, 1980-2000
    Journal of Policy Modeling, 2006, 28, (3), 277-280 View citations (1)
46. The cash flow-investment relationship: International evidence of limited access to external finance
    Journal of Multinational Financial Management, 2006, 16, (1), 89-104 View citations (28)

2005

47. Bank Exposure to Interest Rate Risks During Financial Liberalization: Evidence from South Korea
    Asia-Pacific Financial Markets, 2005, 12, (1), 61-90 View citations (1)
48. Equity market integration in the NAFTA region: Evidence from unit root and cointegration tests
    International Review of Financial Analysis, 2005, 14, (4), 393-406 View citations (53)

2004

49. Persistent Puzzles in International Finance and Economics
    The Economic and Social Review, 2004, 35, (3), 241-250 View citations (3)
50. Purchasing power parity in the eastern Caribbean currency union
    Journal of Developing Areas, 2004, 38, (2), 155-169

2001

51. Open book management--optimizing human capital
    Business Horizons, 2001, 44, (5), 5-13 View citations (2)
52. The Responses of Interest Rate Spreads to Information Releases
    Review of Quantitative Finance and Accounting, 2001, 16, (4), 345-68 View citations (2)
53. The impact of FDICIA and prompt corrective action on bank capital and risk: Estimates using a simultaneous equations model
    Journal of Banking & Finance, 2001, 25, (6), 1139-1160 View citations (158)
54. Using economic profit to assess performance: a metric for modern firms
    Business Horizons, 2001, 44, (1), 55-60 View citations (7)

2000

55. Equity Valuation in the Czech Voucher Privatization Auctions
    Financial Management, 2000, 29, (4) View citations (10)
56. Evidence of long-run purchasing power parity: analysis of real asian exchange rates in terms of the Japanese yen
    Japan and the World Economy, 2000, 12, (4), 351-361 View citations (34)
57. Linking advertising and brand value
    Business Horizons, 2000, 43, (3), 19-26 View citations (3)
58. Rationality of Japanese macroeconomic survey forecasts: empirical evidence and comparisons with the US
    Japan and the World Economy, 2000, 12, (1), 21-31 View citations (11)

1999

59. Assessing the recent Asian economic crises: the role of virtuous and vicious cycles
    Journal of World Business, 1999, 34, (4), 392-408

1998

60. Assessing the impact of prompt corrective action on bank capital and risk
    Economic Policy Review, 1998, 4, (Oct), 23-32 View citations (70)
61. Asymmetric impact of trade balance news on asset prices
    Journal of International Financial Markets, Institutions and Money, 1998, 8, (1), 83-100 View citations (15)
62. Common Stochastic Trends among Asian Currencies: Evidence for Japan, ASEANs, and the Asian Tigers
    Review of Quantitative Finance and Accounting, 1998, 10, (2), 193-206 View citations (4)
63. Industry differences in NAFTA's impact on the valuation of U.S. companies
    International Review of Financial Analysis, 1998, 7, (2), 137-152 View citations (4)

1997

64. Day of the week effects, information seasonality, and higher moments of security returns
    Journal of Economics and Business, 1997, 49, (1), 1-20 View citations (18)
65. Using derivatives in major currencies for cross‐hedging currency risks in Asian emergency markets
    Journal of Futures Markets, 1997, 17, (7), 781-796 View citations (4)

1996

66. Cointegration among Asian currencies: Evidence of the increasing influence of the Japanese yen
    Japan and the World Economy, 1996, 8, (3), 291-308 View citations (25)

1995

67. Are Survey Forecasts of Macroeconomic Variables Rational?
    The Journal of Business, 1995, 68, (1), 99-119 View citations (44)
68. Microstructure of world trading markets: Hans R. Stoll, Norwell, MA: Kluwer Academic Publishers, 1993, 154 pp
    International Review of Economics & Finance, 1995, 4, (3), 311-313

1994

69. Characteristics of Japanese finance: A review and introduction
    Global Finance Journal, 1994, 5, (2), 141-167 View citations (4)
70. The relationship between daily U.S. and Japanese equity prices: Evidence from spot versus futures markets
    Journal of Banking & Finance, 1994, 18, (4), 757-773 View citations (16)

1993

71. Cointegration among Southeast Asian and Japanese currencies: Preliminary evidence of a Yen bloc?
    Economics Letters, 1993, 41, (2), 161-166 View citations (22)
72. INTRADAY TRADING PATTERNS IN THE EQUITY OPTIONS MARKETS
    Journal of Financial Research, 1993, 16, (4), 285-297 View citations (7)
73. SECURITY RETURN DISTRIBUTIONS AND MARKET STRUCTURE: EVIDENCE FROM THE NYSE/AMEX AND THE NASDAQ MARKETS
    Journal of Financial Research, 1993, 16, (3), 209-220 View citations (15)

1992

74. Price/Book Value Ratios and Equity Returns on the Tokyo Stock Exchange: Empirical Evidence of an Anomalous Regularity
    The Financial Review, 1992, 27, (4), 589-605 View citations (8)
75. The predictive power of January returns and the political-business cycle
    International Review of Financial Analysis, 1992, 1, (3), 237-245 View citations (3)

1991

76. Indecent Exposure in Developing Country Debt
    Foreign Trade Review, 1991, 25, (4), 335-347

1990

77. Institutional Ownership and Distribution of Equity Returns
    The Financial Review, 1990, 25, (2), 211-29 View citations (22)
78. REGULARITIES IN TOKYO STOCK EXCHANGE SECURITY RETURNS: P/E, SIZE, AND SEASONAL INFLUENCES
    Journal of Financial Research, 1990, 13, (3), 249-263 View citations (11)

1989

79. SKEWNESS AND KURTOSIS IN JAPANESE EQUITY RETURNS: EMPIRICAL EVIDENCE
    Journal of Financial Research, 1989, 12, (3), 253-260 View citations (20)

1988

80. Foreign Capital and Economic Growth
    Foreign Trade Review, 1988, 23, (3), 302-310

1987

81. Efficiency of the silver futures market: An empirical study using daily data
    Journal of Banking & Finance, 1987, 11, (1), 49-64 View citations (6)
82. The strategic challenge of the evolving global economy
    Business Horizons, 1987, 30, (4), 38-44

1980

83. Corporate Use of Sophisticated Capital Budgeting Techniques: A Strategic Perspective and a Critique of Survey Results
    Interfaces, 1980, 10, (2), 31-34 View citations (5)
84. Investment Performance of U.S.-Based Multinational Companies: Comments and a Perspective on International Diversification of Real Assets
    Journal of International Business Studies, 1980, 11, (1), 98-104 View citations (5)

1978

85. Short Cases for Teaching Management Science: Their Role in Closing the Gap Between Theory and Practice
    Interfaces, 1978, 9, (1), 90-94 View citations (2)
86. Technology Transfer by Multinational Companies: Their Role in India
    Foreign Trade Review, 1978, 13, (1), 67-95

Chapters

2024

1. Yair Aharoni: Personal Memories and a Short Tribute
   Chapter 31 in Standing on the Shoulders of International Business Giants, 2024, pp 433-438

2015

2. World Metal Markets
   Chapter 10 in THE WORLD SCIENTIFIC HANDBOOK OF FUTURES MARKETS, 2015, pp 325-347 View citations (4)

2003

3. Business Strategy and Corporate Restructuring in India: The Mutually Reinforcing Impacts of Economic Liberalization and Technology
   Palgrave Macmillan

1991

4. The Evolution of Multinationals from a Small Economy: A Study of Swedish Firms in Asia
   Palgrave Macmillan View citations (1)