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 (2004), R. H. Smith School of Business, University of Maryland, College Park
B.S. in Electrical Engineering (1997), Bangalore University, India
ACADEMIC POSITIONS
George Washington University, Washington DC
Professor of International Business, Finance, and International Affairs 2018-present;
Associate Professor, 2010-2018;
Assistant Professor, 2004-2010
Robert H. Smith School of Business, University of Maryland, College Park
Instructor, Department of Finance, 1999-2002
OTHER POSITIONS
Visiting Scholar, Center for Advanced Financial Research and Learning (CAFRAL), 2024-2025
Short-Term Consultant, Development Economics Research Group, The World Bank, 2004-2023
Associate Editor, Journal of Banking and Finance, 2019-present
PUBLICATIONS
Sumit Agarwal; Meghana Ayyagari, Yuxi Cheng, and Pulak Ghosh, Road to Stock Market Participation, Management Science Forthcoming.
Ayyagari, Meghana; Yuxi Cheng, and Ariel Weinberger, 2025, Firm Resiliency: The Role of Spillovers, Journal of Financial and Quantitative Analysis, 60(3):1527-1557.
Ayyagari, Meghana, April Knill, and Kelsey Syrvud, 2024, Political Ties across Country Borders, Journal of International Business Studies, 55(9): 1108-1127.
Ayyagari, Meghana; Asli Demirguc-Kunt, and Vojislav Maksimovic, 2024, The Rise of Star Firms: Intangible Capital and Competition, Review of Financial Studies 37(3): 882-949
Sumit Agarwal; Meghana Ayyagari, and Renata Kosova, 2023, Minimum Wage Increases and Employer Performance: Role of Employer Heterogeneity, Management Science 70(1): 225-254.
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; Janet Gao, Pengfei Ma, 2025, Partisan Friendshoring, Revise and Resubmit, Journal of Finance
Ayyagari, Meghana and Vojislav Maksimovic, 2019, Fewer but Smarter? Human Capital, Finance, and Entrepreneurial Success, Revise and Resubmit, Management Science
Ayyagari, Meghana; Yuxi Cheng, Pulak Ghosh, Nirupama Kulkarni, 2025, Open Payment Infrastructure and Market Participation: The Role of Interoperability in Financial Inclusion.
Ayyagari, Meghana; Vojislav Maksimovic, Rodimiro Rodrigo, Ariel Weinberger, 2025, Automation under Constraints: Exchange Rates, Interest Rates, and Firm Investment.
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
2017-2020: National Science Foundation Research Grant (U.S.) “Collaborative: Role of Intellectual Capital in predicting outcomes of Entrepreneurial Firms”
2009-2012: National Science Foundation Research Grant (U.S.) “Collaborative: Tax evasion and Corruption across the world: Are firms victims or perpetrators?”
2006-2009: National Science Foundation Research Grant (U.S.) "Collaborative: Legal Institutions and Doing Business: A Cross-Country Analysis."
Internal
2020-2021: Covid-19 Research Fund
2015-2016: Shapiro Policy Research Scholar
2008-2009: CIBER Research Grants
2007: University Facilitating Fund Research Grant
2006-2007: GW–CIBER Policy Research Scholar
ACADEMIC AWARDS
2009: Nominated for the Best Paper on Emerging Markets Award and the IMD Samsung Best Paper Award at the Annual Meetings of the Academy of Management.
2008: Nominated for Trachtenberg Teaching Award
2007: Nominated for Chair’s Teaching Excellence Award
2003: Spot Performance Research Award, World Bank
2002: Allen J. Krowe Award for Teaching Excellence
2001: Alan Nash Outstanding Doctoral Student Award
1998-2000: Doctoral Fellowship, University of Maryland
INVITED ACADEMIC PRESENTATIONS
2025: University of Delaware Weinberg Center/ECGI Corporate Governance Symposium (March 14); Midwest Finance Association, Chicago, March 20-22, 2025 (Session Chair); SFS Cavalcade North America (Stevens Institute of Technology, May 19-22, 2025); Asian Bureau of Finance and Economic Research (ABFER) Webinar (August 21, 2025)
2024: Midwest Finance Association; USC Frontiers Conference (Columbia, SC October 3-5, 2024); CAFRAL, India
2023: Midwest Finance Association (MFA)
2022: Columbia India Summit Program, China International Conference in Finance
2021: Australasian Finance and Banking Conference, MOFIR Virtual Seminars on Banking, George Washington University, Peking University, Annual meetings of the Urban Economic Association (co-author)
2020: EFA Annual Meetings, AFA Annual Meetings, FMA Annual Meetings, SFS Cavalcade
2019: 2nd Annual IMF Macro-Financial Research Conference, Session Chair and Discussant, Midwest Finance Association, Ohio State University (co-author), SEC (co-author)
2018: NBER Entrepreneurship Group Meetings, George Mason University, Mitsui Symposium on Comparative Corporate Governance & Globalization, University of Maryland, EFA Annual Meetings, FIRS Conference, AFA Annual Meetings, Annual Meetings of the Western Finance Association, 6th HEC Workshop on Entrepreneurship and Development
2017: University of Maryland, Prahalad Academic Conference on Global Strategy and Business in Emerging Markets, Imperial College, London, Tuck Private Equity and Entrepreneurship Conference at Dartmouth University, African Economic Outlook (AEO) Experts’ Meeting “Entrepreneurship and Industrialisation in Africa”
2016: Cass Business School, London, Western Economic Association
2015: Florida State University, Annual Meetings of Academy of International Business, Fourth Symposium on Emerging Financial Markets-China and Beyond at Columbia University, 5th Annual CEMP-CIEPS-HKUST IEMS Workshop, George Mason University
2014: American Finance Association, Center for Analytical Finance (CAFIN) Workshop, UC Santa Cruz, Conference on Finance, Organizations, and Markets, University of Southern California, University of Maryland
2013: International Monetary Fund
2012: NBER International Finance and Macroeconomics Program, American Finance Association, Indian School of Business, Hyderabad, Florida University
2011: Rotterdam School of Management, Erasmus University, Annual Meetings of Law and Society, American Economic Association (Indian Economic Association), Annual Meetings of the Academy of Management, “Causal Inference in International Busines
2009: NBER Market Institutions and Financial Market Risk, Tilburg University, National Institute of Public Finance and Policy, India, NBER Entrepreneurship Group Meetings
2008: American Economic Association Meetings (AFE Session), American Economic Association Meetings (AFE Session), Washington University, St Louis, Annual Meetings of the Academy of International Business
2007: World Bank Access to Finance Conference, George Washington University IB Department, Annual Meetings of the Academy of International Business, American Economic Association, Indian School of Business
2006: American University, University of Michigan, University of Amsterdam, European Central Bank, Copenhagen Conference on Corporate Governance, World Bank Economist Forum, Institute for International Economics, World Bank Poverty Reduction and Economic Management Conference, World Bank Conference on Microeconomics of Growth
2005: NBER Summer Research Conference, Annual Meetings of the Academy of International Business, University of Maryland Economics Department, Indian School of Business (Hyderabad)
2004: University of Virginia, University of Colorado, University of Pittsburgh, George Washington University, Bank of Canada, The Brattle Group
SERVICE TO THE PROFESSION
Program Committee for SFS Cavalcade, 2022-present
Program Committee for the European Finance Association Annual Meeting, 2015-present
Program Committee for ISB Summer Research Conference, 2022-present
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), Fulbright-Nehru Master’s Fellowship, 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)
Ph.D. DISSERTATION COMMITTEES (first placement)
Yuxi Cheng (chair), University of Liverpool Management School
Michael Rand (member), George Washington University School of Law
Yujin Jeong (member), American University
Hui He (member), James Madison University
Antony Cannizaro (member), Catholic University
Cathy Ge Bao (member), School of International Trade and Economics, China
SERVICE TO THE UNIVERSITY
IB Department APT Committee Chair (2014-2019; 2022-present)
MSIB Advisory Council (2021-present)
GWSB Doctoral Committee (2022-present)
CIBER Focal Area Coordinator (2022-present)
Sigur Center Advisory Board (2022-2024)
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)
Research Committee (2010-2013); Teaching Excellence Task Force (2008-2009); Undergraduate Core Curriculum Faculty Committee (COREFAC), 2004-2007