change colors


Custom colors

Divya Aggarwal
Divya Aggarwal
Assistant Professor (Grade – II)
  • Accounting & Finance


  • PhD - XLRI (in Behavioral Finance)
  • Company Secretary - ICSI
  • Bachelor of Finance and Investment Analysis - Delhi University
  • Certifications: Certified Investment Research Analyst (CIRA), Certified Credit Research Analyst (CCRA) by AIWMI

Teaching Areas

  • Financial Accounting
  • Management Accounting
  • Behavioral Finance
  • Investment banking, Valuation and M&A

National/ International Teaching/ Research Experiences


  • T A Pai Management Institute (Assistant Professor) - August 2019 - May 2020


  • Swiss Re (Associate Vice President) - Feb - July 2019
  • Avendus Capital (Investment Banking) - Nov 2011-May 2014
  • KPMG Global Resource (Associate Consultant) - Nov 2010 - Nov 2011
  • Mckinsey Knowledge Centre (Research Analyst) - May 2009 - Nov 2010

Training & Consulting Areas:

  • Experimental Finance
  • Accounting for Managers
  • Behavioral Finance
  • Valuation

Research Areas

  • Judgment and decision making under ambiguity
  • Behavioral biases in financial context

Current Research Interests:

  • Judgment and decision making under ambiguity
  • Behavioral biases in financial context

Publications/ Articles/ Cases

Journal Publications

  • Sharma, NJ., & Aggarwal, D.  (2022). YES Bank Fraud: Examining the softer underbelly of the fraud from a behavioral model. Journal of Forensic Accounting and Research, (Accepted). [ABDC - B]
  • Aggarwal, D., Rajasulochana, SR., & Elembilassery,V. (2022). Compliance Behaviour Amidst Ambiguous Information: An Exploratory Study in the Context of COVID-19. Management and Labour Studies, (Accepted). [ABDC - C]
  • Aggarwal, D., & Elembilassery,V. (2022). Rethinking About Thinking: Developing Ourselves for Critical Thinking as an Educator. Management and Labour Studies, (Accepted). [ABDC - C]
  • Aggarwal, D., & Elembilassery,V. (2022). WhatsApp Generation in Zoom University: Online Pedagogical Challenges and Innovations. Management and Labour Studies, (Accepted). [ABDC - C]
  • Aggarwal, D., & Damodaran, U.& Mohanty, P.  & Israel,D. (2021). Risk and Ambiguous choices: Individual Versus Groups, an Experimental Analysis. Review of Behavioral Finance, (Accepted). [ABDC - B]
  • Aggarwal, D., & Mohanty, P. (2021). Influence of Imprecise Information on Risk and Ambiguity Preferences: Experimental Evidence. Managerial and Decision Economics, (Accepted). [ABDC - B]
  • Aggarwal, D., & Damodaran, U. (2020). Ambiguity attitudes and myopic loss aversion: Experimental evidence using carnival games. Journal of Behavioral and Experimental Finance, 25(1). [ABDC - A]
  • Aggarwal, D., & Chandrasekaran, S., & Annamalai, B. (2020). A complete empirical ensemble mode decomposition and support vector machine based approach to predict Bitcoin prices. Journal of Behavioral and Experimental Finance, 27(1). [ABDC - A]
  • Aggarwal, D. (2019) Do bitcoins follow a random walk model? Research in Economics, 73(1) [ABDC - B]
  • Aggarwal, D. (2018) Defining and measuring market sentiments: a review of the literature. Qualitative Research in Financial Markets (Accepted) [ABDC - B]
  • Aggarwal, D & Padhan, P. C; (2018) Demutualization of BSE and its performance. World Economics Journal, 19(3), 133-149. [ABDC - B]
  • Aggarwal, D. & Mohanty, P.; (2018) Does Indian stock market sentiments impact contemporaneous returns? South Asian Journal of Business Studies. 7(3), 332-346. [ABDC - C]
  • Aggarwal, D (2018). Random walk model and asymmetric effect in Korean Composite stock price index. Afro-Asian journal of finance and accounting, 8(1), 85-10. [ ABDC - C]
  • Aggarwal, D., Book review: The Irrational Bundle: Predictably Irrational, The upside of Irrationality, and the honest truth about Dishonesty, Management and Labour Studies, (2016): [ABDC - C]


  • Elembilassery, V., Aggarwal, D. & Bhaskar, K; Rolling Drops: Nilkamal Wello Water Wheel. Emerald Emerging Markets Case Studies. (ISSN: 2045-0621)
  • Elembilassery, V., Aggarwal, D. (2018). Mexican Rodeo on Indian Streets. The Case Centre, UK
  • Aggarwal, D. & Elembilassery, V. (2018). Sustainable Finance in Emerging Markets: Investment Decision Dilemma. South Asian Journal of Business and Management Cases. [Scopus indexed]


  • Featured in India's Top 100 Women in Finance 2020 by Association of International Wealth Management of India (AIWMI)
  • Won "Case center's Case Writing Scholarship" by Case Center UK, 2018. [USD 1,200]
  • Won "Indo-American ISDSI Best Paper Award" at 11th ISDSI International conference 2017, held at IIM-Trichy.
  • Won "SAGE Best Case Award" on South Asian Perspective at ICMC 2017 by BIMTECH, India in association with George Mason University, United States.
  • Won Peter Drucker Global Student Essay Award 2014, Vienna, Austria. [EUR 1,000]
  • Won WIPRO XUB Best Paper Award at XUB Sustainability Summit 2016.
  • 2nd runner up in XLRI-Citi Financial Inclusion Challenge 2014 at XLRI.
  • All India rank 17 & 16 in Intermediation and Foundation Level Company Secretary Ship Course.
  • 2nd Rank in Delhi University at graduate level.