Vikas Agarwal
Bank of America Distinguished Chair and Professor of Finance Department of Finance- Education
- Ph.D., London Business School
- M.M.S., Bombay University
- B.Tech., Avadh University
- Specializations
- investments
- institutional investors
- hedge funds
- mutual funds
- household finance
- Biography
Vikas Agarwal is Bank of America Distinguished Chair and Professor of Finance at Georgia State University’s J. Mack Robinson College of Business. Vikas received his Ph.D. in finance from the London Business School. He is a Research Fellow at the Centre for Financial Research, University of Cologne, Germany. He also holds a Research Associate position at EDHEC Risk and Asset Management Center, France. He currently serves as a Director on the board of the Southeastern Alternative Fund Association and on the academic advisory council of Decatur Capital Management. His broad areas of research interest include investments, household finance, private equity, and venture capital. His research addresses issues related to institutional investors (exchange-traded funds, hedge funds, and mutual funds), household finance, and private securities. His articles have appeared in leading academic journals, including the Journal of Finance, Journal of Financial Economics, Journal of Financial and Quantitative Analysis, Review of Financial Studies, and Management Science. His research has been cited and discussed in the financial press and magazines including Bloomberg, Euromoney, Financial Times, Forbes, International Herald Tribune, New York Times, and The Wall Street Journal.
He has also been invited to serve as a visiting scholar/professor at prestigious institutions and universities such as the Securities and Exchange Commission, Reserve Bank of India (central bank in India), Indian School of Business, Indian Institute of Management (Calcutta), National Cheng Kung University (Taiwan), EDHEC Business School (Singapore), University of Paris (Dauphine), and several schools in Hong Kong (Chinese University of Hong Kong, Hong Kong Polytechnic University, and Hong Kong University). His research has been widely presented at many of the premier finance conferences and he has been invited to present his work at a number of prestigious national and international universities. As a recognized expert in the area of investments, he has given several keynote speeches to academic audiences and presentations to industry groups.
- Publications
- Are hedge fund managers’ charitable donations strategic? (with Yan Lu and Sugata Ray), Journal of Corporate Finance forthcoming.
- Why do mutual funds hold lottery stocks? (with Lei Jiang and Quan Wen), Journal of Financial and Quantitative Analysis forthcoming.
- Interfund lending in mutual fund families: Role in liquidity management (with Haibei Zhao), Review of Financial Studies, 2019, 32(10), 4079-4115.
- Liquidity transformation and financial fragility: Evidence from funds of hedge funds (with George O. Aragon and Zhen Shi), Journal of Financial and Quantitative Analysis, 2019, 54(6), 2355-2381.
- Mutual fund transparency and corporate myopia (with Rahul Vashishtha and Mohan Venkatachalam), Review of Financial Studies, 2018, 31(5), 1966-2003.
- Alpha or beta in the eye of the beholder: What drives hedge fund flows (with Clifton Green and Honglin Ren), Journal of Financial Economics, 2018, 127(3), 417-434.
- Tail risk in hedge funds: A unique view from portfolio holdings (with Stefan Ruenzi and Florian Weigert), Journal of Financial Economics, 2017, 125(3), 610-636.
- Volatility of aggregate volatility and the cross-section of hedge fund returns (with Y. Eser Arisoy and Narayan Y. Naik), Journal of Financial Economics, 2017, 125(3), 491-510.
- Under one roof: A study of simultaneously managed hedge funds and funds of hedge funds (with Yan Lu and Sugata Ray), Management Science, 2016, 62(3), 722-740.
- Mandatory portfolio disclosure, stock liquidity, and mutual fund performance (with Kevin Mullally, Yuehua Tang, and Baozhong Yang), Journal of Finance, 2015, Volume 70, Number 6, 2733-
- The economics and finance of hedge funds: A review of the academic literature (with Kevin Mullally and Narayan Y. Naik), Foundations and Trends in Finance, 2015, Volume 10, Issue 1, 1- 111 [Featured on the Harvard Law School Forum on Corporate Governance and Financial Regulation on April 27, 2016: https://corpgov.law.harvard.edu/2016/04/27/the-economics-and-finance-of-hedge-funds/]
- Window dressing in mutual funds (with Gerald D. Gay and Leng Ling), Review of Financial Studies, 2014, Volume 27, Number 11, 3133- 3170[Among the fifty most-read articles in the Review of Financial Studies during November 2014, the list being updated at the beginning of each month] [Winner of the Best Empirical Paper Award at the Southern Finance Association 2012 Annual Meetings] [Featured on the Harvard Law School Forum on Corporate Governance and Financial Regulation on September 17, 2014: http://blogs.law.harvard.edu/corpgov/2014/09/17/window-dressing-in-mutual-funds/]
- What happens “before the birth” and “after the death” of a hedge fund? (with Vyacheslav Fos and Wei Jiang), Bankers, Markets, & Investors, 2014, Number 129, 18-
- Uncovering hedge fund skill from the portfolios they hide (with Wei Jiang, Yuehua Tang, and Baozhong Yang), Journal of Finance, 2013, Volume 68, Number 2, 739-783.
- Inferring reporting-related biases in hedge fund databases from hedge fund equity holdings (with Vyacheslav Fos and Wei Jiang), Management Science, 2013, Volume 59, Number 6, 1271-1289.
- Management compensation and market timing under portfolio constraints (with Juan-Pedro Gómez and Richard Priestley), Journal of Economic Dynamics & Control, 2012, Volume 36, Number 10, 1600-1625.
- Do hedge funds manage their reported returns? (with Naveen D. Daniel and Narayan Y. Naik), The Review of Financial Studies, 2011, Volume 24, Number 10, 3281-3320.
- Risk and return in convertible arbitrage: Evidence from the convertible bond market (with William H. Fung, Yee Cheng Loon, and N.Y. Naik), Journal of Empirical Finance, 2011, Volume 18, Issue 2, 175-194 (Lead Article).
- The role of hedge funds as primary lenders (with Costanza Meneghetti), Review of Derivatives Research, 2011, Volume 14, Number 2, 241-261.
- Role of managerial incentives and discretion in hedge fund performance (with Naveen D. Daniel and Narayan Y. Naik), Journal of Finance, 2009, Volume 64, Number 5, 2221-2256.
- Hedge funds for retail investors? An examination of hedged mutual funds (with Nicole M. Boyson and Narayan Y. Naik), Journal of Financial and Quantitative Analysis, 2009, Volume 44, Number 2, 273-305.
- On the relative performance of multi-strategy and funds of hedge funds (with Jayant R. Kale), Journal of Investment Management, 2007, Volume 5, Number 3, 41-63.
- Hedge funds (with Narayan Y. Naik), Foundations and Trends in Finance, 2005, Volume 1, Number 2, pp. 103-170.
- Risks and portfolio decisions involving hedge funds (with Narayan Y. Naik), Review of Financial Studies, 2004, Volume 17, Number 1, pp. 63-98.
- Multi-period performance persistence analysis of hedge funds (with Narayan Y. Naik), Journal of Financial and Quantitative Analysis, 2000, Volume 35, Number 3, pp. 327-342.
- Generalized style analysis of hedge funds (with Narayan Y. Naik), Journal of Asset Management, 2000, Volume 1, Number 1, pp. 93-109.
- On taking the alternative route: Risks, rewards, and performance persistence of hedge funds (with Narayan Y. Naik), Journal of Alternative Investments, Spring 2000, Vol. 2, Number 4, pp. 6-23.