Position: Associate Professor
Office: (518) 956-8358
Email: ndai (at) albany.edu
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)
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