Ph.D., Stanford University
Research Expertise: private equity, venture capital, impact investing, entrepreneurship, credit & bond markets, mutual funds, security analysts, corporate finance.
Professor Ayako Yasuda is an internationally recognized financial economist known for her work on private equity & venture capital, impact investing, credit & bond markets, mutual funds, and security analysts. Yasuda's research has been published in Journal of Finance, Journal of Financial Economics, and the Review of Financial Studies and she is an author of the authoritative textbook on venture capital, entitled Venture Capital and the Finance of Innovation (Wiley). Professor Yasuda's work, which spans asset management, financial intermediation, and corporate finance, advances our understanding of the economics of private capital markets as well as the non-financial drivers at work in responsible investing.
Yasuda received her Ph.D. in Economics (2001) and B.A. with Honors in Quantitative Economics with Dean’s Distinction (1993) from Stanford University. Yasuda is currently professor of finance at the Graduate School of Management at the University of California, Davis (2018–present), fellow of the Wharton Financial Institutions Center (2003 – present) and fellow of the Muir Institute for the Environment (2019-present). She previously held positions as associate professor of finance (2011– 17) and assistant professor of finance (2009 – 2010) at the Graduate School of Management at the University of California, Davis, visiting associate professor of finance (2016) at the Haas School of Business, University of California, Berkeley, assistant professor of finance (2001 – 2008) at the Wharton School, University of Pennsylvania, and financial analyst, investment banking division (1993 – 1995) at Goldman, Sachs & Co.
In 2017, Professor Yasuda engaged with FMA as a doctoral student consortium panelist and in that same year delivered an “Overview and Research” lecture on venture capital and private equity. She is a prize co-chair for Impact of Capital Research Prize at UC Berkeley's Haas School of Business. She is presently associate editor of Journal of Financial Intermediation.
Professor Yasuda has received numerous research grants, including the recently awarded NBER entrepreneurship grant on her project “Impact Productivity Measure: A Transformative Performance Metric for Social Entrepreneurship”, which is supported by the Kauffman Foundation. Her research “Impact Investing” won the Moskowitz Prize for sustainable and responsible investing in 2016, and was a runner-up for the RAFI Best Paper Award for ESG (Environmental, Social and Governance) in 2019.
- The NBER (National Bureau of Economics Research) Entrepreneurship Grant “Impact Productivity Measure: A Transformative Performance Metric for Social Entrepreneurship” supported by the Kauffman Foundation.
- Moskowitz Prize for Socially Responsible Investing, University of California, Berkeley Center for Responsible Business. 2016
- Dean’s Faculty Term Fellowship, UC Davis Graduate School of Management, 2010-11.
- Best Paper Award Nominee, Financial Management Association Annual Meeting, 2010.
- Research Grant, National Bureau of Economic Research-Sloan Foundation, “The Role of Institutional Investors in Propagating the Financial Crisis,” 2010.
- Research Grant, The New York Stock Exchange, 2009.
- Research Grant, Mack Center for Technological Innovation, 2008.
- Research Grant, Wharton/INSEAD Alliance, “The Role of Institutional Investors in Propagating the Financial Crisis,” 2008.
- Research Fellowship Grant, Morgan Stanley, “The Economics of Private Equity Funds”, 2008.
- Research Grant, Mack Center for Technological Innovation, “The Economics of Private Equity Funds,” 2007.
- Research Fellowship Grant, NASDAQ, 2007.
- Research Grant, Wharton/INSEAD Alliance, “Institutional Investors, Bond Supply Uncertainty, and the Leverage of the Firm”, 2006.
- Research Fellowship Grant, Morgan Stanley, 2006.
- Research Grant, Wharton/INSEAD Alliance, 2005.
- Research Grant, Rodney L. White Center for Financial Research, 2003, 2004.
- Best Paper Award, the Global Finance Conference, Beijing, China, 2002.
- Best Paper Award, the National Taiwan University International Conference on Finance, Taipei, Taiwan, 2002.
- Doctoral Dissertation Fellowship, The Kapnick Foundation, 2000.
- Japan-IMF Scholarship for Advanced Studies, International Monetary Fund, 1997-99.
- Outstanding Teaching Assistant Award, Department of Economics, Stanford University, 1997.
- Graduate Fellowship, Stanford University, 1996.