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CASE STUDY · YRI FELLOW

A high schooler's econometrics paper, accepted at an international finance symposium

Karan joined the YRI Fellowship in March 2026 wanting to do real work in finance, and was paired with a mentor to design a study most students would not attempt before graduate school: a Difference-in-Differences analysis of how short-duration geopolitical shocks move sector stocks relative to the broader market, using the 2016 Uri attack and 2025 Operation Sindoor as events, with InterGlobe Aviation against the BSE Sensex. Six months after enrolling, the full paper was accepted at the World Finance & Banking Symposium, an international academic finance conference held in Riga, Latvia, where he will present alongside university researchers in December 2026.

FIELDFinancial Economics
RESULTFull paper accepted at the World Finance & Banking Symposium 2026
VENUEWFBS, Riga, 2026
Karan Aggarwal
Karan Aggarwal, YRI FellowFINANCE
BEFORE THE FELLOWSHIP

A senior at Delhi Public School, Chandigarh with a strong interest in markets and economics but no research training and no idea how academic finance actually works.

AFTER

First-author of a full econometrics paper accepted at the World Finance & Banking Symposium 2026 in Riga, Latvia, listed on the conference's public accepted-papers index.

THE LEDGER
01First-author full paper accepted at the World Finance & Banking Symposium 2026, Riga, Latvia
02Listed by name on the conference's public accepted-papers index
03Built a Difference-in-Differences event study, a workhorse method of graduate-level empirical economics
04Found opposite, statistically significant market reactions to two geopolitical events, showing sector responses are context-dependent
05From enrollment to international acceptance in six months
THE PAPERImpact of Short-Duration Geopolitical Events on Indian Stock Market Returns: Evidence from the Aviation SectorVERIFY
NEXT CASE STUDYNidhi Kulkarni, First-author IEEE publication

Every case study starts with one application.

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