Associate Professor of Finance (untenured)
Yale School of Management

Faculty Research Fellow (CF, PIE)
National Bureau of Economic Research

Phone: +1 (203) 436-4687
E-mail: song.ma@yale.edu

Curriculum Vitae
Google Scholar

Research Interests

Primary: Innovation, Entrepreneurial Finance, Corporate Finance, Big Data
Secondary: Behavioral Finance, Education, Law and Economics, Antitrust

Publications

[1] “Young Firms, Old Capital” (with Justin Murfin and Ryan Pratt)
Journal of Financial Economics, Forthcoming, 2022
[Online Appendix]

[2] “Bankrupt Innovative Firms” (with Joy Tianjiao Tong and Wei Wang)
Management Science, Forthcoming, 2022
[Online Appendix]

• Insight Grants, Social Sciences and Humanities Research Council, Government of Canada

[3] “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

[4] “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

[5] “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

[6] “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

[7] “Technological Obsolescence” (solo)
Review of Financial Studies, Revise and Resubmit, 2021
[Online Appendix]

[8] “Private Equity and Financial Stability: Evidence from Failed-Bank Resolution in the Crisis” (with Emily Johnston-Ross and Manju Puri)
Journal of Finance, Revise and Resubmit, 2021
[NBER Digest]

• GARP Best Paper in Risk Management Award, MFA

Working Papers

[9] “Persuading Investors: A Video-Based Study” (with Allen Hu)
NBER WP w29048, 2022
[Online Appendix] [VOX]

[10] “The Education-Innovation Gap” (with Barbara Biasi)
NBER WP w29853, 2022
[Online Appendix] [VOX]

[11] “Innovation Networks and Innovation Policy” (with Ernest Liu)
NBER WP w29607, 2022
[Online Appendix]

[12] “Payout Taxation and Corporate Investment: The Agency Channel”
Resting Paper, 2020

Teaching

• “Entrepreneurial Finance”, Yale SOM Elective
  

• “Venture Capital and Private Equity”, Yale SOM Elective
  

• I was recognized as “40 Under 40 Best Business School Professors” by Poets and Quants in 2021

Useful Links

• WEFI: Workshop on Entrepreneurial Finance and Innovation

  • A bi-weekly, virtual workshop featuring research in entrepreneurial finance and innovation

  • Co-organizers: Michael Ewens, Yael Hochberg, and David Robinson
    

• 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.