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CV

MEGHANA AYYAGARI

George Washington University

2201 G St. Funger Hall 401, Washington DC 20052

Tel: (202) 994-1292, Email: ayyagari@gwu.edu  

   

EDUCATION

Ph.D. in Finance, R. H. Smith School of Business, University of Maryland, College Park           

B.S. in Electrical Engineering, Bangalore University, India                                                  

 

RESEARCH AND TEACHING INTERESTS

Research: International Corporate Finance, Theory of the firm, Development Economics

Teaching: International Finance, International Business

 

PROFESSIONAL EMPLOYMENT RECORD

George Washington University, Washington DC

Professor of International Business, Finance and International Affairs 2018-present;

Associate Professor, 2010-2018;

Assistant Professor, 2004-2010         

                                                                       

The World Bank, Washington DC

Consultant, Development Economics Research Group, 2004-2006                         

 

PUBLICATIONS

Sumit Agarwal; Meghana Ayyagari, and Renata Kosova, 2022, Minimum Wage Increases and Employer Performance: Role of Employer Heterogeneity, Management Science forthcoming

Ayyagari, Meghana; Pedro Juarros, Maria Soledad Martinez Peria, and Sandeep Singh, 2021. Access to finance and job growth: Firm-level evidence across developing countries. Review of Finance 25(5): 1473-1496  

Ayyagari, Meghana, Demirgüç-Kunt, Asli & Vojislav Maksimovic, 2021. How common are credit-less recoveries? Firm-level evidence on the role of financial markets in crisis recovery. Journal of Corporate Finance, 69, 102016.

Ayyagari, Meghana; Asli Demirguc-Kunt, and Vojislav Maksimovic, 2021. Are large firms born or made? Evidence from developing countries, Small Business Economics, Springer, 57(1): 191-219.

Shashwat, Alok and Meghana Ayyagari, 2020, Politics, State Ownership, and Corporate Investments, Review of Financial Studies 33(7): 3031-3087  

Ayyagari, Meghana; Thorsten Beck; and Mohammad Hoseini, 2020, Finance and Poverty: Evidence from India, Journal of Corporate Finance 60, 101-515

Ayyagari, Meghana, Asli Demirguc-Kunt, and Vojislav Maksimovic, 2017, What determines entrepreneurial outcomes across the world? Role of Initial Conditions, Review of Financial Studies 30(7), 2478-2522.

Ayyagari, Meghana, Luis Dau, and Jennifer Spencer, 2015, Strategic Responses to FDI in Emerging Markets: Are Core Members More Responsive than Peripheral Members of Business Groups, Academy of Management Journal 58(6), 1869-1894
- Academy of Management Best Paper Proceedings, 2009.

Ayyagari, Meghana, Asli Demirguc-Kunt, and Vojislav Maksimovic, 2014, Bribe Payments and Innovation in Developing Countries: Are Innovating Firms Disproportionately Affected, Journal of Financial and Quantitative Analysis 49(1), 51-75.

Ayyagari, Meghana; Asli Demirguc-Kunt, and Vojislav Maksimovic, 2014, Who creates jobs in developing countries? Small Business Economics 43, 75-99. 

Ayyagari, Meghana, Asli Demirguc-Kunt, and Vojislav Maksimovic, 2013, What determines protection of property rights? An Analysis of Direct and Indirect Effects, Journal of Financial Econometrics 11(4), 610-649.

Ayyagari, Meghana, Asli Demirguc-Kunt, and Vojislav Maksimovic, 2011, Firm Innovation in Emerging Markets: Role of Governance and Finance, Journal of Financial and Quantitative Analysis, Vol. 46, 1545-1580. (Lead article)  

Ayyagari, Meghana, Asli Demirguc-Kunt, and Vojislav Maksimovic, 2010, Formal versus Informal Finance: A Case Study of China, Review of Financial Studies Vol. 23 (8), 3048-3097.

Ayyagari, Meghana and Craig Doidge, 2010, Does cross-listing facilitate changes in corporate ownership and control? Journal of Banking and Finance Vol. 34(1), 208-223.  

Ayyagari, Meghana and Renata Kosova, 2010, Does FDI facilitate Domestic Entrepreneurship: Evidence from the Czech Republic, Review of International Economics Vol. 18(1), 14-29.

Ayyagari, Meghana, Asli Demirguc-Kunt, and Vojislav Maksimovic, 2008, How well do Institutional Theories Explain Firms Perceptions of Property Rights? Review of Financial Studies 21(4), 1833-1871.  

Ayyagari, Meghana, Asli Demirguc-Kunt, and Vojislav Maksimovic, 2008,­ How Important are Financing Constraints? The role of finance in the business environment, World Bank Economic Review 22(3), 483-516.

Ayyagari, Meghana, Thorsten Beck, and Asli Demirguc-Kunt, 2007, Small and Medium Enterprises across the Globe, Small Business Economics, 29(4), 415-434.  

BOOK CHAPTERS

Ayyagari, Meghana; Asli Demirguc-Kunt, and Vojislav Maksimovic, 2019, “Institutions, Firm Financing and Growth” in Handbook of Development and Institutions, in Jean-Marie Baland, Francois Bourguignon, Jean-Philippe Platteau, and Theirry Verdier eds., Princeton University Press.

 

Ayyagari, Meghana; Asli Demirguc-Kunt, and Vojislav Maksimovic, 2018, “Financing SMEs and Economic Development” in Handbook of Finance and Development, in Thorsten Beck, and Ross Levine, eds., Edward Elgar Publishing.

 

Ayyagari, Meghana; Asli Demirguc-Kunt, and Vojislav Maksimovic, 2013, “Financing in Developing Countries” in Handbook of the Economics of Finance Vol. 2, in George M Constantinides, Milton Harris, and Rene Stulz, eds., Elsevier B.V.

 

 

PAPERS UNDER REVIEW/WORKING PAPERS

Ayyagari, Meghana; Asli Demirguc-Kunt, and Vojislav Maksimovic, 2021, The Rise of Star Firms: Intangible Capital and Competition, Revise and Resubmit, Review of Financial Studies

Ayyagari, Meghana and Vojislav Maksimovic, 2019, Fewer but Smarter? Human Capital, Finance, and Entrepreneurial Success, Revise and Resubmit, Review of Financial Studies 

Sumit Agarwal; Meghana Ayyagari, Yuxi Cheng, and Pulak Ghosh, 2022, Road to Stock Market Participation

Ayyagari, Meghana; Yuxi Cheng, and Ariel Weinberger, 2022, Surviving Pandemics: The Role of Spillovers.

Ayyagari, Meghana, April Knill, and Kelsey Syrvud, 2015, Political Ties across Country Borders

 

Ayyagari, Meghana; Thorsten Beck, and Maria Soledad Martinez Peria, 2016, Macroprudential Regulations and Firm Performance

 

Ayyagari, Meghana; Asli Demirguc-Kunt, and Vojislav Maksimovic, 2014, Does Local Financial Development Matter for Firm Lifecycle? Evidence from India

 

RESEARCH GRANTS

External

Internal

 

ACADEMIC AWARDS

 

 

INVITED ACADEMIC PRESENTATIONS

“Road to Stock Market Participation”

Presented at:  

Australasian Finance and Banking Conference, 2021

MOFIR Virtual Seminars on Banking, 2021

 

“Surviving Pandemics: Role of Spillovers”

Presented at:  

George Washington University, 2021

Peking University, 2021 (co-author)

2021 meetings of the Urban Economic Association (co-author)

 

 

“The Rise of Star Firms: Intangible Capital and Competition?”

Presented at:  

EFA Annual Meetings, Aug 2020

AFA Annual Meetings, Jan 2020

Midwest Finance Association, March 2019

Ohio State University (co-author), 2019

SEC (co-author), 2019

George Mason University, Nov 2018

Mitsui Symposium on Comparative Corporate Governance & Globalization, Oct 2018

University of Maryland

 

“Fewer but Smarter? Human Capital, Finance, and Entrepreneurial Success”

Presented at:  

EFA Annual Meetings, Aug 2019

FIRS Conference, May 2019

AFA Annual Meetings, Jan 2018

NBER Entrepreneurship Group Meetings Dec 2018

6th HEC Workshop on Entrepreneurship and Development, Dec 2018

Tuck Private Equity and Entrepreneurship Conference at Dartmouth University, October 2017

UBC Summer Finance Conference, July 2017

Prahalad Academic Conference on Global Strategy and Business in Emerging Markets, June 2017

Imperial College, London, May 2017

University of Maryland, April 2017

George Washington University, April 2017

Cass Business School, London, April 2016

 

 “What determines entrepreneurial outcomes across the world? Role of Initial Conditions”

Presented at:    Finance and Development Conference, The World Bank, Nov 2016

Western Economic Association, May 2016
            5th Annual CEMP-CIEPS-HKUST IEMS Workshop, George Mason University, April 2015
            Fourth Symposium on Emerging Financial Markets-China and Beyond at Columbia University, May 1-2, 2015

University of Maryland, 2014

Conference on Finance, Organizations, and Markets, University of Southern California, December 2014

 
 “Political Ties across Country Borders”
Presented at:   Florida State University, 2015
                        Annual Meetings of Academy of International Business, June 2015

“Does Local Financial Development Matter for Firm Lifecycle? Evidence from India”

Presented at: Center for Analytical Finance (CAFIN) Workshop, UC Santa Cruz, 2014.

 

“Politics, State Ownership, and Corporate Investments,”
Presented at: American Finance Association, 2014

                     Florida University, 2012

                     Indian School of Business, Hyderabad, 2012

                    

“Who creates jobs in developing countries?”

Presented at: International Monetary Fund, 2013

 

“How do business groups evolve? Evidence from new project announcements,”

Presented at: American Finance Association, 2012

                     American Economic Association (Indian Economic Association), 2011

 

“Do Phoenix Miracles Exist? Firm-level evidence from financial crisis,”

Presented at: NBER International Finance and Macroeconomics Program, 2012

                      NBER Market Institutions and Financial Market Risk, 2009

 

 “Bribe Payments and Innovation in Developing Countries: Are Innovating Firms Disproportionately Affected,”

Presented at: NBER Entrepreneurship Group Meetings, 2009

         Rotterdam School of Management, Erasmus University, 2011

         Annual Meetings of Law and Society, 2011

         Annual Meetings of the Academy of International Business, 2008.

                       

“Finance and Poverty: Evidence from India,”

Presented at: Tilburg University

                      National Institute of Public Finance and Policy, India,

 

 “Formal versus Informal Finance: A Case Study of China,”

Presented at: American Economic Association Meetings (AFE Session), 2008

                      Washington University, St Louis, 2008

          World Bank Access to Finance Conference, 2007

                      Indian School of Business, 2007

 

“Does FDI facilitate Domestic Entrepreneurship: Evidence from the Czech Republic,”

Presented at: American Economic Association, 2007

                     George Washington University IB Department, 2007

                      Annual Meetings of the Academy of International Business, 2007

                      George Washington University Economics Dept, 2006

 

“Firm Innovation in Emerging Markets: Role of Governance and Finance,”

Presented at: American Economic Association Meetings (AFE Session), 2008

         World Bank Poverty Reduction and Economic Management Conference, 2006      

                     World Bank Conference on Microeconomics of Growth, 2006

 

 “How Important are Financing Constraints? The role of finance in the business environment,”

Presented at: Institute for International Economics, 2006

                     World Bank Economist Forum, 2006

                     George Washington University, 2005

                     Indian School of Business (Hyderabad), 2005

 

“What determines protection of property rights? An Analysis of Direct and Indirect Effects,”

Presented at: American University, 2006

         Columbia University, 2006

         University of Michigan, 2006

         University of Amsterdam, 2006

         European Central Bank, 2006

         Copenhagen Conference on Corporate Governance, 2006

         University of Maryland Economics Department, 2005

 “How well do Institutional Theories Explain Firms Perceptions of Property Rights?”

Presented at: NBER Summer Research Conference, 2005

         George Washington University, 2005

         Annual Meetings of the Academy of International Business, 2005

         University of Maryland Economics Department, 2005

“Does cross-listing facilitate changes in corporate ownership and control?”

Presented at: University of Virginia, 2004

                     University of Colorado, 2004

                     University of Pittsburgh, 2004

                     George Washington University, 2004

                     Bank of Canada, 2004

                     The Brattle Group, 2004

 

 

OTHER PRESENTATIONS

Presenter/Discussant

•    2022 China International Conference in Finance, July 2022
•    Columbia India Summit Program, April 2022
•    Australasian Finance and Banking Conference, 2021
•    FMA (virtual), October 2020
•    EFA (virtual) annual meetings, August 2020
•    AIB (virtual) annual meetings,
•    SFS Cavalcade (virtual), 2020
•    AFA 2020, San Diego, California
•    2nd Annual IMF Macro-Financial Research Conference, Washington DC, April 2019
•    Financial Intermediation in Emerging Economies, Mumbai, India, March 2019
•    Session Chair and Discussant, Midwest Finance Association, Chicago, March 2019
•    Annual Meetings of the Western Finance Association, San Diego, 2018
•    Prahalad Academic Conference on Global Strategy and Business in Emerging Markets, Michigan, June 2017
•    African Economic Outlook (AEO) 2017 Experts’ Meeting “Entrepreneurship and industrialisation in Africa”, October 2016
•    Annual Meetings of the Western Economic Association, Portland, 2016.
•    Annual Meetings of the Western Finance Association, 2014.
•    Indian School of Business (CAF) Summer Research Conference, 2014
•    Annual Meetings of the Academy of Management, “Causal Inference in International Business”, 2011
•    GWU-CIBER Professional Development Seminar Series, “Causal Inference in International Business”, 2011
•    Indian School of Business (CAF) Summer Research Conference, 2011
•    World Bank Conference on Small Business Finance, 2008
•    Indian School of Business (CAF) Summer Research Conference, 2008
•    Indian School of Business (CAF) Summer Research Conference, 2007
•    Foreign Direct Investment in the United States
•    Presented at National Conference of State Legislatures, Washington DC
•    Small Firms and Job Creation
•    Presented at the Annual ANDE Conference, Aspen Institute, Ellicott City, Maryland
•    SME Financing in Emerging Markets: Obstacles and Threats
•    Presented at III SME Banking Forum (Colombian Banking Association), Cartagena de Indias, Colombia

SERVICE TO THE PROFESSION

•    Associate Editor, Journal of Banking and Finance, 2019-present
•    Program Committee for the European Finance Association Annual Meeting, 2015-present
•    Program Committee for SFS Cavalcade, 2022
•    Program Committee for ISB Summer Research Conference, 2022
•    Co-Organizer of Conference on Firms, Job Creation, and Competition, sponsored by the World Bank’s Office of the Chief Economist, ECA Region, May 2020
•    Editorial Review Board, Journal of International Business Studies, 2010-2013
•    Ad hoc referee for National Science Foundation (NSF), Review of Economics and Statistics, Management Science, Review of Financial Studies, Journal of Economic Growth, Journal of Financial Intermediation, Journal of Banking and Finance, Journal of Financial and Quantitative Analysis, Journal of Development Economics, Journal of Industrial Economics, Oxford Economic Papers, Journal of International Business Studies, Academy of International Business Meetings, Financial Management, Finance Research Letters, Journal of Financial Services Research Journal of Economics and Management Strategy, Journal of International Money and Finance, Policy Science, Journal of World Business, International Small Business Journal, Small Business Economics, Emerging Markets Finance and Trade, Swiss National Bank Working Papers

 

PROFESSIONAL AFFILIATIONS

American Finance Association (AFA)

Western Finance Association (WFA)

Financial Management Association (FMA)

Academy of International Business (AIB)

 

SERVICE TO THE UNIVERSITY

•    GWSB School-wide APT Committee (2020-2022)
•    Elliott School Search Committee for Behavioral Economics (2021-2022); University Search Committee for Vice Provost of Research (2020-2021); GSWB-IB Search Committee Chair for International Finance/Economics (2018-2019); Elliott School Search Committee for International Economics and Trade (2018-2019)
•    IB Department APT Committee Chair (2014-2019)
•    Ph.D. Dissertation Committee Member

•    Doctoral Program Committee (2013-2014)
•    Research Committee (2010-2013); Teaching Excellence Task Force, 2008-2009

•    Undergraduate Core Curriculum Faculty Committee (COREFAC), 2004-2007, 2009-present