Professor of Finance and Entrepreneurship
Yale School of Management
Faculty Research Fellow (CF, PIE)
National Bureau of Economic Research
E-mail: song.ma@yale.edu
Curriculum Vitae
Google Scholar
Research Interests
Primary: Innovation, Entrepreneurial Finance, Corporate Finance, AI and Big Data
Secondary: Corporate Strategy, Law and Economics, Antitrust, Labor Economics, Education
Publications
[1] “Persuading Investors: A Video-Based Study” (with Allen Hu)
Journal of Finance, Forthcoming, 2023
[Online Appendix] [VOX]
[2] “Private Equity and Financial Stability: Evidence from Failed-Bank Resolution in the Crisis” (with Emily Johnston-Ross and Manju Puri)
Journal of Finance, Forthcoming, 2023
[Online Appendix] [NBER Digest]
GARP Best Paper in Risk Management Award, MFA
[3] “Young Firms, Old Capital”
(with Justin Murfin and Ryan Pratt)
Journal of Financial Economics, 2022
[Online Appendix]
[4] “Bankrupt Innovative Firms” (with Joy Tianjiao Tong and Wei Wang)
Management Science, 2022
[Online Appendix]
Insight Grants, Social Sciences and Humanities Research Council, Government of Canada
[5] “Killer Acquisitions” (with Colleen Cunningham and Florian Ederer)
Journal of Political Economy, 2021 (Lead Article)
[Online Appendix] [Microeconomic Insights] [Video Animation]
Jerry S. Cohen Award for Antitrust Scholarship, American Antiturst Institute
AdC Competition Policy Award
Robert F. Lanzillotti Prize for the Best Paper in Antitrust Economics, IIOC
Charles River Associates Award for the Best Paper on Corporate Finance, WFA
Mark A. Satterthwaite Award for Outstanding Research in Healthcare Markets
Sumantra Ghoshal Research and Practice Award, AOM Strategic Management
Academy of Management Annual Meeting Best Paper
[6] “The Life Cycle of Corporate Venture Capital” (solo)
Review of Financial Studies, 2020
[Online Appendix]
AQR Top Finance Graduate Award
Yihong Xia Best Paper Award, China International Conference in Finance
Coller Institute of Venture Research Award, Runner-up
PhD Outstanding Paper Award in Honor of Stuart I. Greenbaum
[7] “How Does Hedge Fund Activism Reshape Corporate Innovation” (with Alon Brav, Wei Jiang, and Xuan Tian)
Journal of Financial Economics, 2018
[Online Appendix]
Journal of Financial Economics Best Corporate Finance Paper Award (Jensen Prize)
Best Paper Award, John L. Weinberg Center Corporate Governance Symposium
IRRC Institute Research Award, Honorable Mention
[8] “Firm Age, Investment Opportunities, and Job Creation” (with Manuel Adelino and David Robinson)
Journal of Finance, 2017
[Online Appendix] [Data Appendix] [VOX]
Best Paper Award, Red Rock Finance Conference
Under Revision
[9] “Technological Obsolescence” (solo)
Review of Financial Studies, Revise and Resubmit, 2023
[Online Appendix]
Best Paper Award, China International Conference in Finance
[10] “The Education-Innovation Gap” (with Barbara Biasi)
American Economic Review, Reject and Resubmit, 2023
[Online Appendix] [VOX]
[11] “Data Sales and Data Dilution” (with Ernest Liu and Laura Veldkamp)
Journal of Financial Economics, Revise and Resubmit, 2024
[Brookings Working Paper]
Working Papers
[12] “Innovation Networks and R&D Allocation” (with Ernest Liu)
Working Paper, 2024
[Online Appendix]
Alfred P. Sloan Foundation Research Grant
[13] “Steering Labor Mobility Through Innovation” (with Wenyu Wang and Yufeng Wu)
Working Paper, 2023
[14] “The Economic Value of Science” (with Xugan Chen and Ernest Liu)
Preliminary Working Paper, 2023
Alfred P. Sloan Foundation Research Grant
[15] “Payout Taxation and Corporate Investment: The Agency Channel” (solo)
Resting Paper, 2020
Teaching
“Entrepreneurial Finance”, Yale SOM Elective
“Venture Capital and Private Equity”, Yale SOM Elective
“Finance and the Society”, Yale SOM Elective
“PhD Corporate Finance”, Yale SOM PhD Course
I was recognized as “40 Under 40 Best Business School Professors” by Poets and Quants in 2021
Public Goods
WEFI: Workshop on Entrepreneurial Finance and Innovation
A bi-weekly, virtual workshop featuring research in entrepreneurial finance and innovation
Co-organizers: Michael Ewens, Camille Hebert, and Melanie Wallskog
WEFI Lecture: Interactions Between Startups and Incumbents [Video] [Lecture Webpage] [Slides]
Overview: This is a talk presented as part of the WEFI lecture series that intends to summarize emerging areas of the literature on entrepreneurial finance and innovation. The topic of “Interactions Between Startups and Incumbents” connects a large part of my work at the intersection of corporate and entrepreneurial finance.