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Faculty

Nidhi Aggarwal

Finance and Accounting

Ph.D., Economics, Indira Gandhi Institute of Development Research, India, June 2016
M.Sc., Economics, Indira Gandhi Institute of Development Research, India, May 2009
B.A., Economics, Ramjas College, University of Delhi, India, May 2007

nidhi.aggarwal@iimu.ac.in

https://sites.google.com/view/nidhi-aggarwal/home?authuser=0

Research Interests

Market Microstructure, Market regulation, Agricultural markets, Risk management, and Impact Evaluation

Work In Progress

Impact of demonetization on perishable and non-perishable commodities (with Sudha Narayanan).Interviewed on NDTV by Radhika Bordia on the show, India Matters; cited by Jean Dreze in his interview with the ET; cited by The Economist in the article, Modi's at- tempt to crush the black economy is hurting the poor
Does an exchange listing reduce financial constraints and improve firm's performance:
Evidence from an Indian experiment (with Susan Thomas)
Does introduction of commodity derivatives make farmers better off? (with Sargam Jain and Sudha Narayanan)
Do regulatory hurdles on algorithmic trading work? (with Venkatesh Panchapagesan and Susan Thomas)
Liquidity provision in a high frequency environment (with Chirag Anand and Susan Thomas)

Media / Commentary

Making sense of algorithmic trading (with Susan Thomas) in Business Standard, March 2, 2017
Why it's time to reconsider the commodities transaction tax (with Arpita Pattanaik and Anjali Sharma) on The Wire, January 27, 2017
Agrimarkets and Demonetization: A 50-day report (with Sudha Narayanan) in Farmers' Forum, Dec 2016 - Jan 2017 Issue
Unified agricultural markets: Where are the reforms lacking? (with Sargam Jain and Sudha Narayanan) on Ideas for India, January 2, 2017
Demonetisation alone can't turn agricultural markets cashless (with Sudha Narayanan) in The Wire, November 25, 2016, republished on Ideas for India, November 30, 2016
Are fleeting orders by high frequency traders a source of market abuse? (with Chirag Anand) on Ajay Shah's blog, August 29, 2016
SEBI's new "trade annulment" policy (with Chirag Anand ) on Ajay Shah's blog, August 7, 2015
Self trading is not synonymous with market abuse (with Chirag Anand, Shefali Malhotra and Bhargavi Zaveri) on Ajay Shah's blog, July 29, 2015
The changing landscape of equity markets (with Chirag Anand ) on Ajay Shah's blog, July 10, 2015
Rebuilding trust (with Susan Thomas) in The Financial Express, October 22, 2014
What role is played by the commodity futures in India (with Susan Thomas) on Ajay Shah's blog, September 10, 2014
What does algorithmic trading do to market quality (with Susan Thomas) on Ajay Shah's blog, September 1, 2014
Concerns about individual investors on the Indian equity markets (with Rohini Grover and Susan Thomas) on Ajay Shah's blog, July 29, 2014
Do commodity derivatives suspensions rein in food price inflation? (with Tirtha Chatterjee and Karan Sehgal), Ideas for India, February 27, 2025
The futility of commodity derivatives suspension, and its damaging consequences (with Tirtha Chatterjee and Karan Sehgal), Moneycontrol, October 3, 2022. A Hindi version was published in the ET and can be accessed here.
How open is India's capital account? (with Sanchit Arora and Rajeswari Sengupta), Ideas for India, July 16, 2021.
Problems with evidentiary standards for proving securities fraud in India (with Bhargavi Zaveri), The Leap Blog, August 23, 2019
Do stock exchange listings help ease financial constraints of SMEs? (with Susan Thomas), Ideas for India, February 7, 2018
What did demonetisation do to domestic agricultural markets? (with Sudha Narayanan), Ideas for India, November 10, 2017

Awards

NSE Award for Best Thesis in Financial Economics, 2016

Publications

Capital Mobility Based on Onshore-Offshore Arbitrage: Empirical Evidence from India and China (with Sanchit Arora and Rajeswari Sengupta), Open Economics Review, September 2024.
Do decreases in Distance-to-Default predict rating downgrades? (with Manish K. Singh and Susan Thomas), Economic Modelling, December 2023.
When is the order to trade ratio fee effective? (with Venkatesh Panchapagesan and Susan Thomas), Journal of Financial Markets, Volume 62, January 2023.
Impact of India's demonetization on domestic agricultural markets (with Sudha Narayanan), American Journal of Agricultural Economics, Volume 105, Issue 1, 2023.
When stock futures dominate price discovery (with Susan Thomas), Journal of Futures Markets, Vol. 39, Issue No. 3, 2019.
The long road to transformation of agricultural markets in India: Lessons from Karnataka (with Sargam Jain and Sudha Narayanan), Economic and Political Weekly, Vol. 52, Issue No. 41, October 2017.

Working Papers

Trading Suspensions and Food Price Inflation, Available at SSRN: 4407637, (with Tirtha Chatterjee and Karan Sehgal),
Surveillance of ‘overvalued’ stocks: Implementation and Impact, IIMU Research Paper Series, Available at SSRN: 3691093 (with Bhargavi Zaveri)
Impact of commodity derivatives on farmers’ welfare (with Sargam Jain and Sudha Narayanan), NCDEX working paper,