Divya Aggarwal

Divya Aggarwal is a PhD candidate in the area of behavioural finance at XLRI - Xavier School of Management, India. Her research interests include financial decision making and behavioural biases. She has worked with Mckinsey Knowledge Centre, KPMG India and Avendus capital before starting an academic career. She is a recipient of UK Case Center scholarship and has won academic awards of national and international repute. Her study titled "Ambiguity attitudes and myopic loss aversion: Experimental evidence using carnival games"won the best paper award at 11th ISDSI Conference organised at IIM Trichy by Decision Science Institute. In 2014, she won the Global Peter Drucker essay challenge under the student's category and was invited to Vienna, Austria.

Papers Published in World Economics:

Measuring the Performance of the Bombay Stock Exchange: The Impact of Demutualisation

Authors: Divya Aggarwal & PC Padhan

The literature on the impact of the demutualization of stock exchanges on performance is growing since the percentage of demutualized exchanges has risen from 10% in the mid-1990s to 63% in 2002. The Bombay Stock Exchange, established in 1875, demutualised in 2005 to follow the “for profit company” model of the National Stock Exchange incorporated in 1992. The performance of the Bombay Stock Exchange is analysed using data from 1998 until 2016 to cover pre and post demutualization, but a significant relation between demutualisation and performance could not be found. Comparing the Bombay Stock Exchange with performance data from the National Stock Exchange showed the latter having a significantly higher performance implying that the value enhancing effects of demutualisation is yet to be fully achieved.

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