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Professor Ma’s main research interests are corporate finance, entrepreneurial finance, and innovation economics. His current research agenda focuses on understanding economic frictions in the process of financing and organizing innovation and entrepreneurial activities, and how to mitigate those frictions through financial and organizational arrangements. He also studies how entrepreneurship contributes to economic growth and the underlying mechanism.  Dr. Ma received his PhD in Finance from Duke University’s Fuqua School of Business and his BA in Economics from Zhejiang University.


  • PhD, Duke University, 2016
  • BA, Zhejiang University, 2010

Selected Works


  • Bankrupt Innovative Firms
    S. Ma, J. Tong, and W. Wang
    Management Science
    2021 Forthcoming
  • Killer Acquisitions
    C. Cunningham, F. Ederer, and S. Ma
    Journal of Political Economy

Working Papers

  • Persuading Investors: A Video-Based Study
    S. Ma and A. Hu
  • The Education-Innovation Gap
    S. Ma and B. Biasi


  • 40 Under 40 Best Business School Professors, Poets & Quants, 2021
  • Robert F. Lanzillotti Prize for the Best Paper in Antitrust Economics, IIOC, 2020
  • Jensen Prize for Best Paper on Corporate Finance, Journal of Financial Economics, 2019
  • Charles River Associates Award for the Best Paper on Corporate Finance, Western Finance Association, 2018
  • Academy of Management Annual Meeting Best Paper Award, 2018
  • Sumantra Goshal Research and Practice Award, AOM Strategic Management, 2018
  • AQR Top Finance Graduate Award, 2016