Professor Divya Aggarwal, IIM Ranchi joins the Research Board at IncWert


Team Incwert is delighted to announce the joining of Professor Divya Aggarwal, IIM Ranchi as part of our Research Board on financial assets in a voluntary capacity with the aim to explore and develop research papers/thought papers to assist organisations, professional firms and professionals on aspects of valuation of financial instruments/assets.

As a member of Incwert Research Board, she will be acting in the capacity of an author/co-author/reviewer of manuscripts which we draw from time to time on a wide range of subjects.


Professor Divya Aggarwal holds a PhD in Finance from XLRI – Xavier School of Management. She has completed The Fellow Programme in Management from XLRI which is a full-time, residential doctoral programme. She is a Company Secretary (the Institute of Company Secretaries of India) and has done her Bachelors in Finance & Investment Analysis from the Delhi University.


  1. Judgment & Decision Making
  2. Corporate Finance


Divya Aggarwal is the professor in finance and accounting at IIM-Ranchi.

Her corporate work stints include working in corporate finance roles with Mckinsey Knowledge Centre, KPMG, and investing banking roles with Avendus Capital. Before embarking on an academic career, she was working as an AVP in the financial planning team at SwissRe, a leading reinsurance firm.

In 2020 she got featured in the AIWMI list of “India’s top 100 women in finance 2020” under the progressing category. She is a recipient of many awards and scholarships including “Peter Drucker essay competition 2014”, “The Case Centre scholarship” and best paper awards at several national conferences.

Her research work has been published in international journals like the Journal of Behavioural and Experimental Finance, Research in Economics and Qualitative Research in Financial Markets. She has presented her research work in several national conferences like Pan-IIM, ISDSI etc. along with international conferences such as biannual meetings of SPUDM.


"Do bitcoins follow a random walk model?"

— Research in Economics
Publisher: Academic Press

"Random walk model and asymmetric effect in Korean composite stock price index"

— Afro-Asian Journal of Finance and Accounting
Publisher: Inderscience Publishers (IEL)

"Sustainable finance in emerging markets: A venture capital investment decision dilemma"

— South Asian Journal of Business and Management Cases
Publisher: SAGE Publications

"A complete empirical ensemble mode decomposition and support vector machine-based approach to predict Bitcoin prices"

— Journal of Behavioral and Experimental Finance
Publisher: Elsevier