Na Dai

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


Dr. Na Dai is a tenured associate professor of finance at the State University of New York (Albany).  Her research is primarily focused on corporate finance, financing for entrepreneurship and innovation, venture capital, private equity and hedge funds. Her scholarly works are published in both finance journals and entrepreneurship journals, such as Financial Management, Journal of Banking and Finance, Journal of Corporate Finance, Journal of International Business Studies, Journal of Business Venturing and Entrepreneurship Theory and Practice. She is the co-author of the book, "Hedge Fund Structure, Regulation and Performance around the World", recently published by the Oxford University Press. She has also contributed numerous scholarly book chapters published by Elsevier, Oxford, and Wiley, respectively. Dr. Na Dai has received various awards and recognitions for her excellence in research. She has won the Financial Management Association Best Paper Award in Financial Market and Institutions in 2006. One of her papers has been recognized as the Top Ten papers that contributed most significantly to the area of asset management published in Financial Management from 2009-2013.  She is also the co-recipient of the 2014 Alternative Investment Management Association (AIMA) Canada ITG Research Award. 

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

Recent Publications

2017: “Dodd-Franking the Hedge Funds,” with Douglas Cumming and Sofia Johan. Journal of Banking and Finance, Forthcoming.


2017: “Entrepreneurial Optimism, Credit Availability, and Cost of Financing: Evidence from U.S. Small Businesses,” with Vladimir Ivanov and Rebel Cole.  Journal of Corporate Finance 44, 289-307.

2016: "Cultural Differences and Cross-Border Venture Capital Syndication," with Raj Nahata.  Journal of International Business Studies 47, 140-169.

2015: "Are Hedge Funds Registered in Delaware Different?" with Douglas Cumming, and Sofia Johan. Journal of Corporate Finance 35, 232-246. 

2014: "Financial Contracts in PIPE Offering: The Role of Expert Placement Agents," with Ola Bengtsson. Financial Management 43, 795-832.

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: "Why do Entrepreneurs Switch Lead Venture Capitalists?" with Douglas Cumming. Entrepreneurship Theory & Practice 37, 999-1017.

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: “Cross-Border Venture Capital Investments in Asia: Selection and Exit Performance,” with Hoje Jo and Sul Kassicieh. Journal of Business Venturing 27, 666-684.

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

BFIN301: Corporate Financial Policy and Strategy
BFIN400: Financial Case Problems
BFIN490z: Financial Analysis Seminar and Thesis
BFIN604: Entrepreneurial Finance                                                                                                    BFIN698: Research Project in Finance