Na Dai

Position: Associate Professor
Office: (518) 956-8358
Email: ndai (at)
Curriculum Vitae

Ph.D. in Finance, University of Kansas
MA in Accounting, Ren Min University of China
BA in Accounting, Ren Min University of China (with honor)

Research Interests
Corporate Finance; Public and Private Offerings; Venture Capital and Private Equity; Financing of Innovations and Entrepreneurship; Hedge Fund and Regulation

2014: "Financial Contracts in PIPE Offering: The Role of Expert Placement Agents," with Ola Bengtsson. Forthcoming. Financial Management

2014: "SEC Enforcement into the PIPE Market: Actions and Consequences," with Ola Bengtsson and Clifford Henson. Journal of Banking and Finance 42, 213-231.

2013: Book: Hedge Fund Structure, Regulation and Performance around the World, with Douglas Cumming and Sofia A. Johan. Oxford University Press

2013: "The Impact of the 2008 Financial Crisis on Fund of Hedge Funds," with Hany Shawky. Book chapter (chapter 14) in Reconsidering Funds of Hedge Funds, Elsevier.

2012: "Regulatory Induced Performance Persistence: Evidence from Hedge Funds," with Cumming, Douglas, Lars Helge Haß, Denis Schweizer. Journal of Corporate Finance 18, 1005-1022. (Lead Article)

2012: "Diversification Strategies and the Performance of Funds of Hedge Funds," with Hany Shawky. Journal of Alternative Investments 15, 75-85.

2012: “Why do Entrepreneurs Switch Venture Capitalists?” with Douglas Cumming, Forthcoming. Entrepreneurship Theory & Practice.

2012: “Diversification in the Hedge Fund Industry.” with Hany Shawky and Douglas Cumming. Journal of Corporate Finance 18, 166-178.

2011: “Monitoring via Staging? Evidence from Private Investment in Public Equity,Journal of Banking and Finance 35, 3417-3431.

2011: “Venture Capital Funds.” Book chapter (chapter 22) in Institutional Money Management: An Inside Look at Strategies, Players, and Practices, John Wiley & Sons (The Robert Kolb Finance Series).

2011: “Cross-Border Venture Capital Investments in Asia: Selection and Exit Performance,” with Hoje Jo and Sul Kassicieh, Forthcoming. Journal of Business Venturing

2011: “Fund Size, Limited Attention and Valuation of Venture Capital Backed Firms,” with D. Cumming, Journal of Empirical Finance 18, 2-15. ----Reprinted and included in the Oxford handbook of Private Equity published by the Oxford University Press

2010: “Hedge Fund Regulation and Misreported Returns,” with D. Cumming, European Financial Management 16, 829-857.

2010: “A Law and Finance Analysis of Hedge Funds,” with D. Cumming, Financial Management 40, 997-1026.

2010: “The Quality and Price of Investment Banks’ Service: Evidence from the PIPE Market,” with H. Jo and J.D. Schatzberg, Financial Management 39, 585-616.

2010: “Local Bias in Venture Capital Investments,” with D. Cumming, Journal of Empirical Finance 17, 362-380. ----Reprinted and included in The Oxford Handbook of Venture Capital published by the Oxford University Press

2010: “The Choice of Equity Selling Mechanisms: PIPEs versus SEOs,” with H.C. Chen and J.D. Schatzberg, Journal of Corporate Finance 16, 104-119.

2009: “Capital Flows and Hedge Fund Regulation,” with D. Cumming, Journal of Empirical Legal Studies 6, 848-873.

2009:  “The Rise of the PIPE Market,Companion to Private Equity (Chapter 7), John Wiley & Sons, Inc.

2008: “Seasoned Equity Selling Mechanisms: Costs and Innovations,” with H.C. Chen, Journal of Private Equity, Vol. 11 No. 3, 16-29.

2007: “Does Investor Identity Matter? An Empirical Examination of Investments by Venture Capital Funds and Hedge Funds in PIPEs,Journal of Corporate Finance 13, 538-563.

--Won the 2006 FMA Best Paper Awards—Financial Markets and Institutions

BFIN301: Corporate Financial Policy and Strategy
BFIN604: Entrepreneurial Finance