Raj Aggarwal, D.B.A.

---

Education:

• D.B.A, Finance and International Business, Kent State University.
• M.B.A., Operations Management, Kent State University.
• B.Tech., Mechanical Engineering, Indian Institute of Technology.

Biography

Professional & Academic Experience:

Academic Experience

• University of Akron, Frank C. Sullivan Professor of International Business and Finance, 2006 - Present.
• University of Akron, Dean, 2006 - 2009.
• Kent State University
  
  • Firestone Chair and Professor of Finance, 1999-2006.
  • Academic Coordinator for the Finance PhD Program, 1999-2004.
  • Co-Director, Global Management Center, 2004-2006.
• John Carroll University: Mellen Chair and Professor of Finance, 1987-1999.
• International University of Japan, Visiting Professor of Finance, 1991.
• Harvard University, Visiting Professor of International Business, 1990.
• University of Southern California, IBEAR Visiting Lecturer, 1987 and 1988.
• University of Hawaii, Visiting Professor of Finance, Summer 1985, 1988, & 1990-94.
• University of Toledo
  
  • College of Business Administration, Department of Finance, 1976-99.
  • Professor, 1979-87, Department Chairman, 1982-85, Associate Professor, 1976-79.
• Institute of South-East Asian Studies, Singapore, Fulbright Research Fellow, 1984.
• University of South Carolina, Visiting Professor of International Business, 1984.
• University of Michigan, Visiting Professor of Finance, 1981-1982.
• Seton Hall University, Assistant Professor of Finance, 1974-1976.
• Indiana University Northwest, Finance Lecturer, 1972-1974.
• Kent State University, Teaching Fellow - Graduate Assistant, 1968-1972.

Business Experience

• Corporate Boards:
  • Manco Inc., (Chair, Finance Committee) 1988-Present
  • Flood Company (2003-Present)
  • Ancora Mutual Funds (2003-Present)
  • The Union Club of Cleveland (Finance Committee), 2005-Present
  • Fifth-Third Maxxus Funds
  • 1998-02; Alchem 1998-02
  • Gooey Industries.com, 1997-00
  • Advanced Clinical Diagnostics, 1986-89
  • Agerson Industries 1966-68.
• Non Profit Boards:
  • Financial Executives Research Foundation 2002-Present (Chair, Academic Advisory Committee, 2003-)
  • Hawken School 2002-Present (Member, Executive Committee; Chair, Human Resources Committee; Member, Council on Inclusiveness, Investment Committee)
  • Cleveland Council on World Affairs 1999-Present (Chair, Committee on Foreign Relations; Member, Finance Committee)
  • Consortium of International Programs 1997-Presnt (Chair, Trustee Affairs Committee)
  • BPM Forum, 2003-Present, Kent State University Alumni Board, 2000-Present
  • Cuyahoga County Investment Board 1996-98; Health Clinics International 1978-85.
  • Corporate: Owens-Illinois, Strategy Work for the CEO and Board, 1978
  • Dana Corp., FX Risk work for the V.P. of Finance, 1977
  • Information Research Associates, Principal, 1972-74
  • Rogers Manufacturing, Tire Engineer, 1969-72
  • Agerson Industries, Production Manager, 1966-68.

Selected Consulting Experience

• Governments and Agencies:
  • United Nations, Capital Markets (1997)
  • World Bank, Capital Markets (1994)
  • U.S. Office of the Comptroller of the Currency, Visiting Scholar and Advisor, 1995
  • U.S. Securities and Exchange Commission, Seminars for Security Market Regulators (USAID Co-sponsored), 1992-94
  • Sri Lanka Minister of Finance, Privatization and Capital Market Development, 1992
  • U.S. GAO Capex Panel, 1996-99
  • U.S. Department of Education, Review Panel, National Resource Centers for International Business Education and Research, 1989-94
  • State of Ohio, Ohio School of International Business, 1996-98. Reviewed business schools at Texas A&M, Michigan State, Wisconsin (Madison), Southern Mississippi, Iona, Loyola, Memphis.
• Business:
  
  • Finance and Audit Committee Best Practices, Global Strategy, Capital Budgeting, Economic Value Added, International Risk Analysis, M&A Analysis, Management of Foreign Exchange Risk, and other Financial Policies with senior executives and boards of firms such as Applied Industrial, BP America, Dana, Ernst and Young, Ferro, Goodyear Tire, Hallmark, Henkel, Lincoln Electric, Lubrizol, Motorola, Owens-Illinois, Phelps-Dodge, Plain Dealer (Cleveland) Newspaper, Marine Midland Bank, Timken; and Asahi Mutual Life (Japan), Anand Group (India), and Great Eastern Life (Singapore). Prepared questions and grading guides for the Certificate in Management Accounting examination. Expert testimony in finance, banking, and international trade. Industry Week panel of judges for the 100 best manufacturing companies globally (1997-01) and a judge for the E&Y Entrepreneur of the Year award (2003) and a Business Plan competition (2005).

Teaching Interests:

• Asset Pricing and International Finance
• Corporate and International Financial Management

• International Business and Business Strategy

Research Interests:

• Finance
• Accounting
• Strategy
• International Business

---

Research Accomplishments

Books and Monographs

• Restructuring Japanese Business for Growth: Strategy, Finance, Management, and Marketing Perspectives (Boston: Kluwer Academic, 1999): (Edited volume). 351 pages. Abstracted in the Journal of Economic Literature 37 (No. 3, September 2000), p. 765.

Selected Papers in Finance Journals

• Raj Aggarwal, “Strategies for Intellectual Property Protection in Multinational Firms” Thunderbird International Business Review 52 (No. 6, November-December 2010): 541-551. Earlier version selected as a top-ten downloaded paper by SSRN.
• Raj Aggarwal and John Goodell, “Financial Markets versus Institutions in European Countries: Influence of Culture and other National Characteristics” International Business Review 19 (No. 5, October 2010): 502-520.
• Raj Aggarwal and N. Kyaw, "Capital Structure, Dividend Policy, and Multinationality: Theory versus Empirical Evidence" International Review of Financial Analysis 19 (No. 2, March 2010): 140-150.
• Raj Aggarwal, “India in the World Economy: Role of Business Restructuring,” Review of Market Integration, 2010, Vol. 2 (2 & 3), pp. 181 – 228.
• Raj Aggarwal, Brian Lucey, and Cal Muckley, “Dynamics of Equity Market Integration in Europe: Impact of Political Economy Events,” Journal of Common Market Studies, 2010, Vol. 48, No. 3, pp. 641 – 660.
• Raj Aggarwal, “Economic Planning and Industrial Policy: A Framework for Avoiding the Corner Solutions,” India Economic Review 7 (No. 3, September 2010): 22-29.
• Raj Aggarwal and Joel Harper, “Foreign exchange exposure of “domestic” corporations,” Journal of International Money and Finance, 2010, Vol. 29, pp. 1619 – 1636.
• Raj Aggarwal and Cal Muckley, “Assessing co-ordinated Asian exchange rate regimes: Proposal for a possible move towards a common currency,” Journal of International Financial Markets, Institutions & Money, Vol. 20, 2010, pp. 149 – 165.
• Aggarwal, R, and Goodell, J. “Markets and Institutions in Financial Intermediation: National Characteristics as Determinants,” Journal of Banking and Finance 33, No. 10, Pages 1770-1780, October 2009.
• Aggarwal, R, and Goodell, J. “Financial Markets vs. Institutions in European Countries: Influence of Culture and Other National Characteristics,” International Business Review (in press for Volume 16), July 2009 (acceptance date).
• Aggarwal, R, and Goodell, J. “Markets Versus Institutions in Developing Countries: National Attributes as Determinants,” Emerging Markets Review 10, No. 1, Pages 51-66, March 2009.
• Aggarwal, R, and Zhao, S. "The Diversification Discount Puzzle: Evidence for a Transaction-Cost Resolution,” The Financial Review 44, 2009, Pages 113-135.
• Aggarwal, R, and Qib,M. "Distribution of Extreme Changes in Asian Currencies: Tail Index Estimates and Value-at-risk Calculations,” Applied Financial Economics, 2009, 19, Pages 1083–1102.
• Aggarwal, R, and Goodell, J. “Equity Premia in Emerging Markets: National Characteristics as Determinants,” Journal of Multinational Financial Management, 2008, Vol. 18, Issue 4, Pages 389-404.
• Aggarwal, R, and Zhao, X. “Issuance Day Effect in Seasoned Equity Offerings: Options Based Resolution of a Puzzle,” International Review of Financial Analysis, December 2008, Vol. 17, Issue 5, Pages 793-804.
• Aggarwal, R, and Kyaw, N. “Internal Capital Networks as a Source of MNC Competitive Advantage: Evidence From Foreign Subsidiary Capital Structure Decisions,” Research in International Business and Finance, September 2008, Vol. 3, Pages 409-423.
• Aggarwal, R., Choi, J.J, and Dow, S. “Probing Corporate Governance Globally: Impact of Business Systems and Beyond,” International Finance Review, 2008, Vol. 9, Page 31.
• Aggarwal, R., and Zong, S. “Behavioral Biases in Forward Rates as Forecasts of Future Exchange Rates: Evidence of Systematic Pessimism and Under-Reaction,” Multinational Finance Journal,” 2008, Vol. 12, Issue 3-4, Pages 241-277.
• "Are Differences in Acquiring Bank Profit Efficiencies Priced in Financial Markets? Journal of Financial Services Research (2006): Forthcoming. (Co-authored with A. Aigbe and J. McNulty).
• "Bank Exposure to Interest Rate Risks During Deregulation: Evidence from South Korea" Asia Pacific Financial Markets (2006): Forthcoming. (Co-authored with X. Zhao).
• "The Cash Flow-Investment Relationship: International Evidence of Limited Access to External Finance" Journal of Multinational Financial Management 16(No. 2, February 2006): Forthcoming. (Co-authored with S. Zong).
• "Purchasing Power Parity in the Caribbean" Journal of Policy Modeling (2005): Forthcoming. (with W. Simmons)
• "Central Bank of Ireland Edgeworth Keynote Lecture: Puzzles in International Economics and Finance" Economic and Social Review 35 (No. 1, Winter 2004): 241-250.
• "Evidence on Voluntary Disclosures of Derivatives Usage by Large US Companies" Journal of Derivatives Accounting (March 2004): 61-81. (with B. Simkins)
• "The Impact of FDICIA and Prompt Corrective Action on Bank Capital and Risk: Estimates Using a Simultaneous Equations Model" Journal of Banking and Finance 25 (No. 6, June 2001): 1139-1160. (with K. T. Jacques).
  Earlier versions summarized in American Banker, November 13, 1998 and in Lynne Montgomery, "Recent Developments Affecting Depository Institutions" FDIC Banking Review, March 1999, pp. 26-34.
• "The Responses of Interest Rate Spreads to News Releases" Review of Quantitative Finance and Accounting 16 (No. 4, June 2001): 345-368. (with M. Chaudhry, R. Christie-David, and T. Koch). Abstracted in the Journal of Economic Literature 40 (No. 1, March 2002), pp. 409, 613. Summarized by John H. Earl in the CFA Digest, May 2002, pp. 44-45.
• "Equity Valuation in the Czech Voucher Privatization Auctions: Erratum" Financial Management 30 (No. 1, Spring 2001): 4-5. (with J. Harper).
• "Evidence of Long Run Purchasing Power Parity: Analysis of Real Asian Exchange Rates in Terms of the Japanese Yen" Japan and the World Economy 12 (No. 4, December 2000): 351-361. (with A. Montanes and M. Ponz).
• "Equity Valuation in the Czech Voucher Privatization Auctions" Financial Management 29 (No. 4, Winter 2000): 77-100. (with J. Harper). Abstracted in the Journal of Economic Literature 40 (No. 1, March 2002), pp. 570, 1335-1336. Reprinted as chapter 23 in Mudambi, R. (Ed.), (2003), Privatization and Globalization: The Changing Role of the State in Business (Oxford, UK: Edward Elgar): 483-506.
• "The Relationship between Bank Off-Balance Sheet Activities and Credit Risk Under Risk-Based Capital: Estimates A Simultaneous Equations Approach" Changing Financial Industry Structure and Regulation: Proceedings of the 36th Annual Bank Structure Conference (Chicago: Federal Reserve Bank of Chicago, 2000): 377-394. (with K. Jacques and T. Rice).
• "Rationality of Japanese Macroeconomic Surveys" Japan and the World Economy 12 (No. 1, January 2000): 21-31. (with S. Mohanty).
  Abstracted in the Journal of Economic Literature 37 (No. 3, September 2000), p. 264.
• "Role of Financial System Reform in Restoring Economic Growth in Asia: Investor Prospects Following the Late 1990s Economic Crises" Emerging Markets Quarterly 5 (No. 4, Summer 1999): 15-23.
• "The Impact of Prompt Corrective Action on Bank Capital and Risk" FRB New York Economic Policy Review 4 (No. 3, October 1998): 23-32. (with K. T. Jacques).
  10
• "Asymmetric Impact of Trade Balance News on Asset Prices" Journal of International Financial Markets, Institutions, and Money 8 (No. 1, January 1998): 83-100. (with D. Schirm).

• "Common Stochastic Trends Among Asian Currencies: Cointegration Between Japan, Aseans, and Asian Tigers" Review of Quantitative Finance and Accounting 10 (No. 2, March 1998): 193-206. (with M. Mougoue).

Other Papers in Refereed Finance Journals

• "Transparency and Capital Structure in Europe: Evidence of Firm, Industry, and Institutional Influences", Chapter 12 in Lars Oxelheim and Jens Forssbaek, (eds.), Corporate and Institutional Transparency for Economic Growth in Europe (New
  12
  York: Elsevier, 2005), (with N. Kyaw).
• "Equity Market Integration in the NAFTA Region: Evidence from Unit Root and Cointegration Tests" International Review of Financial Analysis 14 (No. 4, 2005), pp. 393-406. (with N. Kyaw).
• "Purchasing Power Parity in the Eastern Caribbean Currency Union" Journal of Developing Areas 38 (No. 2, Spring 2005): pp. 155-169. (with W. Simmons)
• "Puzzles in International Financial Markets" Labuan Bulletin of International Business and Finance 2 (No. 1, 2004), pp. 1-8.
• "Ethical Issues in Finance" in Patricia H. Werhane and R. Edward Freeman, (eds.), Encyclopedic Dictionary of Business Ethics (Oxford, UK: Blackwell Publishing, 2005): 198-202.
• "Internal Cash Flows and Investment Decisions: A Comparative Study of the US and Japan" International Finance Review 4 (No. 1, September 2003): 87-106. (with S. Zong)
• "The Behavior of Large Changes in Asian Exchange Rates" Proceedings of the IEEE International Conference on Computational Intelligence for Financial Engineering (Hong Kong, PRC: March 2003): 215-222. (with M. Qi)
• "Day of the Week Regularities and Their Higher Moments in the Futures Market" American Business Review 21 (No. 2, June 2003): 47-53. (with S. Mehdian and M. Perry).
• "Impact of Internal Cash Flows on Corporate Investment Decisions: Role of Financial Constraints" Advances in Financial Economics 7 (No. 1, September 2002): 73-92. (with S. Zong)
• "Privatization and Business Valuation in Transition Economies" Chapter 9 of Financial Innovations and the Welfare of Nations (Boston: Kluwer Academic Publishers, 2001): 175-196. (with J. Harper)
• "Doing Well by Doing Good: Do Financial Markets 'Price' Ethical Behavior?" Financial Practice and Education 10 (No. 2, Fall/Winter 2000), pp. 24-33: (with D. Cloninger, J. Karpoff, N. Lacey, and C. Smith).
• "U.S. Trade Balance, Protectionism, and Japanese Equity Prices: International Influence of National Macroeconomic News" Chapter 9 of Restructuring Japanese Business for Growth (Boston: Kluwer, 1999): 161-175. (with D. Schirm)
• "Impact of U.S. Trade Balance News on Japanese Asset Prices" International Journal of Finance 10 (No. 3, 1998): 1190-1211. (with D. Schirm).

• "Industry Differences in NAFTA's Effect on Company Valuation: An Empirical Study of Publicly Listed U.S. Companies" International Review of Financial Analysis 7 (No. 2, December 1998): 139-154. (with M. Long, S. Moore, D. Irvin).

Refereed Papers in International Business

• Vivek Wadhwa, Raj Aggarwal, Krisztina “Z” Holly and Alex Salkever, “The Anatomy of an Entrepreneur: Family Background and Motivation,” Vol. 3, Issue 4, published by the Ewing Marion Kauffman Foundation, July 2009, Pages 96-10.
• Raj Aggarwal, “Globalization of the World Economy: Implications for the Business School,” American Journal of Business, Fall 2008, Vol. 3, Issue 2, Pages 5-12.
• Raj Aggarwal and W. Simmons, “Common Stochastic Trends Among Caribbean Currencies,” Journal of Economics and Business, 2008, Vol. 60, Pages 277-289.
• Raj Aggarwal, J.K. Ryans, V. Petrovic and S. Zong, “Outstanding International Business Research: Nature of the Best International Business Dissertations,” Multinational Business Review, Winter 2008, Vol. 16, Issue 1, Pages 1-19.
• "Strategies for Serving the Poor Profitably: Can Free Enterprise Fight Poverty?", Chapter 6 of S. Jain and S. Vachani, (eds.), Multinationals and Poverty (New York: Oxford University Press, 2005): 125-141.
• "Industrial Distributors: Can they Survive in the New Economy" Industrial Marketing Management 32 (No. 4, May 2003): 317-325. (with S. Mudambi)
• "Strategic Re-Positioning in Industrial Distribution: A Framework and a Case Study" Journal of Marketing Channels 12 (No. 2, 2004): 27-51. (with S. Mudambi)
• "Business Strategy and Corporate Restructuring in India: The Mutually Reinforcing Impacts of Economic Liberalization and Technology" Chapter 10 in Frank-Jurgen Richter and Parthasarathy Banerjee, (eds.), The Knowledge Economy in India (London: Palgrave Macmillan, 2002): 178-196.
• "Bank of Japan" International Encyclopedia of Business and Management, 2nd Edition, Edited by Malcolm Warner, (Thompson International, 2002): 353-358.
  Reprinted in Modern Problems in Economic Theory (Voronezh, Russia: Voronezh State University, Chair of Economic Theory and World Economy, 2003), pp. 225-231.
• "Value-Added Annual Shareholders Meetings" Journal of Retailing and Consumer Services 8 (No. 6, November 2001): 347-349.
  Reprinted in Modern Problems in Economic Theory (Voronezh, Russia: Voronezh State University, Chair of Economic Theory and World Economy, 2003), pp. 196-200.
  14
• "Open Book Management: Optimizing Organizational Human Capital" Business Horizons 44 (No. 5, September-October 2001): 5-13. (with B. Simkins).
  Reprinted as Chapter 17 in Fred H. Maidment, (Ed.), Annual Edition: Management 03/04, 11th Edition (Boston, MA: Dushkin Publishing, 2002).
  Reprinted in Modern Problems in Economic Theory (Voronezh, Russia: Voronezh State University, Chair of Economic Theory and World Economy, 2003), pp. 391-404.
  Reprints available from HarvardBusinessOnline.hbsp; item # BH063.
• "Using Economic Profit to Assess Performance: A Metric for Modern Organizations" Business Horizons 44 (No. 1, January-February 2001): 55-66. Reprinted in IEEE Engineering Management Review (Fourth Quarter 2001), pp. 45-50.
  Reprinted in Modern Problems in Economic Theory (Voronezh, Russia: Voronezh State University, Chair of Economic Theory and World Economy, 2003), pp. 518-525.
• "Linking Advertising and Brand Value" Business Horizons 43 (No. 3, May-June 2000): 19-26. (with I. Herremans and J.K. Ryans).
  Reprints available from HarvardBusinessOnline.hbsp; item # BH047.
• "Assessing the Causes of the Recent Asian Crises: The Role of Positive Feedbacks and Globalization" Thunderbird International Business Review 41 (No. 6, November-December 1999): 721-728.
  Reprinted in Modern Problems in Economic Theory (Voronezh, Russia: Voronezh State University, Chair of Economic Theory and World Economy, 2003), pp. 243-259.
• "Nature of the Asian Economic Crises: Role of Positive Feedback Cycles" Journal of World Business 34 (No. 4, Fall 1999): 392-408.
  Selected for the Larosier Award for the Best Essay in International Finance Presented at the 2001 World Bank/IMF Meetings in Prague; Abstracted in the Journal of Economic Literature 37 (No. 2, June 2000), p. 885.
• "Technology and Globalization as Mutual Reinforcers in Business: Reorienting Strategic Thinking for the New Millennium" Management International Review 39 (Special Issue No. 2, 1999): 83-104.
• "The Emerging Nature of Post-Bubble Japanese Business: Policies for Continuing Economic Growth in the New Millennium" Chapter 2 of Restructuring Japanese Business for Growth (Boston: Kluwer, 1999): 11-30.

• "Restoring Growth in Asia After the Late 1990s Economic Crises: Need for Domestic and International Economic Reform" Multinational Business Review 7 (No. 2, Fall 1999): 22-31.

Papers and Book Chapters for Managers

• "Terrorism and Financial Management", Chapter in G. Suder, (ed.), Financial Management Under Terrorism and Stress Cheltenham, UK: Edward Elgar, 2005): Forthcoming.
• "C-Suites Gaining Another Member: Chief Risk Officer" Financial Executive 21 (No. 7, September 2005), pp. 42-44, (with C. Graziano).
• "Changing Role of the Chief Financial Officer" FMA Online (Spring/Summer 2005), http://www.fma.org/FMAOnline/SpringSummer2005/CFORoundtable.pdf. Also see, "The Changing Role of The CFO" a Round Table Discussion Hosted by Hyperion, May 26, 2004. Published by Financial Executives International at www.fei.org.
• "A Roundtable on Business Leadership, Corporate Culture, and Branding", Chapter Three in On the Up and Up: Case Studies in Developing High Performance Organizations (Sunnyvale, CA: Hyperion Corporation, 2004): 156-222 (with M. Useem, D. Fletcher, R. Hutton, B. McGarvey, J. Rodek, P. Sinisgalli, G. Thompson, and E. Zazac). Widely acclaimed and distributed, e.g., copies distributed by their CEO to all hotel managers and senior executives globally at the Ritz-Carleton Hotels.
• "Making BPM Work: Cultural Considerations" DM Review 14 (No. 9, September 2004): 28, 29,59.
• "Is Volatility Here to Stay?" Financial Executive 17 (No. 8, November 2001): 53-55.
  Reprinted in Modern Problems in Economic Theory (Voronezh, Russia: Voronezh State University, Chair of Economic Theory and World Economy, 2003), pp. 897-900.
• "Global Financial Strategy for the 21st Century" Chapter 9 of Thunderbird on Global Business Strategy (New York: John Wiley, 2000): 221-246. (with R. Grosse).

• "Crisis and Opportunity in Asian Economies" Review of Business 19 (No. 2, Winter 1998): 37.

Presentations:

• "Doing Successful Publishable Research: Some Guidelines", April 12, 2007; Youngstown State University
• "The Rise of Chindia: Implications for US", January 5, 2007

Awards:

• University-wide Distinguished Scholar Award, Kent State University, 2004
• Larosiere Award for Best Essays in Global Finance, World Bank Meetings, Prague, 2000
• Leadership Cleveland Class of 2004, University-wide Distinguished Scholar Award, Kent State University, 2004;
• University-wide Distinguished Faculty Award, John Carroll University, 1995;
• White House Fellow Regional Finalist, 1985, Finalist, University of Toledo University-Wide Best Teacher, 1985;
• Elected University of Hawaii PAMI Fellow, 1990;
• Senior Fulbright Research Fellow, 1984;
• INFORMS Edelman Prize for the Best Management Science Paper, 1978;
• Member of Beta Gamma Sigma (1969) and Phi Kappa Phi (1977);
• Ranked 4th and 18th in India in Science Talent and IIT Admission exam, 1963.