Yufeng Yao (姚雨锋)
Yufeng Yao (姚雨锋)
Embedded Files
I am a PhD candidate and Early Career Academic Fellow in Finance at the University of New South Wales (UNSW) in Sydney, Australia. My research interests include corporate innovation, machine learning in finance, corporate finance, corporate governance, entrepreneurial finance, and venture capital.
Contact Information:
344D, Level 3,
UNSW Business School,
Sydney, NSW 2052, Australia
Working Papers
Working Papers
Scientists on Corporate Boards: An Alternative Mechanism for Accessing Scientific Knowledge
with Ronald W. Masulis
Presentations: EFA (2025), FIRS (2025), Global Entrepreneurship and Innovation Research Conference (2025), Baltic Economic Conference (2025), Norwegian School of Economics Corporate Finance Conference (2025), FMA (2025, Scheduled)
Abstract: As US firms dramatically cut internal scientific research, undermining their absorptive capacity for scientific knowledge, we identify scientists on corporate boards (BdScis) as an alternative mechanism for accessing basic scientific research. Surprisingly, 70% of BdScis are industry and government scientists, while only 30% are university-affiliated. Firms with BdScis demonstrate superior commercialization of scientific research, producing patents of higher quality. We document two mechanisms that help explain their contributions: (1) their scientific expertise measured by both patent-to-publication citations and their recent scientific publications gives them valuable insights that can help guide corporate innovation; (2) their professional networks can benefit firms seeking talented inventors. We address endogeneity using local BdSci supply as an instrument and the Human Genome Project as an exogenous shock.
with Roham Rezaei
Presentations: SFS Cavalcade North America (2025), AFA (2025), Columbia Private Equity Research (2025), ABFER (2025), ACFOW (2024), FOM Dartmouth College (2024), EUROFIDAI-ESSEC Paris December Finance Meeting (2024), UNSW
Abstract: We study whether government investment in basic science stimulates private investment in entrepreneurship. Our difference-in-differences setting examines the impact of the BRAIN Initiative (BI) — a coordinated federal investment program to map the human brain — on venture capital activity. We find that the BI increased both the probability and size of VC funding in neurotechnology ventures, with stronger effects for startups directly linked to BI. Neurotech startups also changed fundamentally: they were more likely to hire academics, file patents, and integrate complementary technologies like AI. Our findings suggest that government-backed science, as a public good, alleviates funding frictions in emerging technologies.
Page updated
Google Sites
Report abuse