Samuel L. Hayes

Jacob H. Schiff Professor of Investment Banking, Emeritus

Samuel L. Hayes holds the Jacob H. Schiff Chair in Investment Banking Emeritus, at the Harvard Business School.  He has taught at the School since 1970, prior to which he was a tenured member of the faculty of the Columbia University Graduate School of Business. He received a B.A. in Political Science at Swarthmore College in 1957 and an MBA (with Distinction) and D.B.A. from Harvard Business School in 1961 and 1966, respectively.

His MBA teaching assignments have included the second year courses in Investment Banking, Management of Financial Services Organizations, and Corporate Financial Management, as well as the first year Finance course (where he served as Course Head). For eight years he served as head of the Analytics Program for entering MBAs. He has also chaired Harvard's International Senior Managers Program in Vevey, Switzerland. He taught in the summer Corporate Financial Management Program for senior finance executives for a number of years and chaired that faculty during six of those years. He has taught in HBS Executive Education's Advanced Management Program and Owner-President Management Program.  He founded the executive education program Strategic Finance for Smaller Businesses and chaired that program for the past fourteen years. 

Professor Hayes' research has focused on the capital markets and on the corporate interface with the securities markets. He has written numerous working papers and articles on related topics in journals such as the Harvard Business Review, the Accounting Review, the Financial Analysis Journal, The Economic Review, and Financial Management, and has contributed chapters to a number of books. Two articles which he co-authored on real estate finance won the Shattuck Award for the best article on real estate in 1967 and 1972. Professor Hayes is the co-author or editor of seven books, including Competition in the Investment Banking Industry (Harvard University Press, 1983), Investment Banking and Diligence (Harvard Business School Press, 1986), Wall Street and Regulation (Harvard Business School Press, 1987), Investment Banking: A Tale of Three Cities (Harvard Business School Press, 1990), Managing Financial Institutions (The Dryden Press/HBJ, 1992), Financial Services: Perspectives and Challenges(Harvard Business School Press, 1993), and Islamic Law and Finance: Religion, Risk, and Return (Kluwer Press, 1997).

Professor Hayes has consulted for a number of corporations, financial institutions, and government agencies, including the Justice Department, the Treasury Department, the Federal Trade Commission, and the Securities and Exchange Commission, where he served on the Tully Commission in 1994-1995 to examine compensation arrangements for stock brokers. For twelve years, he was Chairman of the Finance Advisory Board of the Commonwealth of Massachusetts. He served for more than twenty years on the Boards of the Eaton-Vance family of mutual funds (where he was Chairman for five years) and Tiffany & Company.  Additionally, he served on the boards of Yakama and Telect, Inc. and was on the Advisory Boards of Edward Jones and Arcapita, Inc. He currently serves on the board of the MEDA Fund of EFG-Hermes.  He is an emeritus Manager of Swarthmore College and a Life Trustee of the New England Conservatory of Music.

  1. Islamic Financing Practices

    by Samuel L. Hayes

    Samuel L. Hayes III is examining (with faculty of Harvard University's Law School and Center for Middle Eastern Studies) Islamic banking and investment practices. Because the Koran prohibits the payment of fixed interest and guarantees on funds invested either with a banking intermediary or directly in an investment project, conventional western deposit and lending instruments often do not conform to Islamic religious tenets. Yet a number of Middle Eastern banks conduct business in compliance with the religious laws of Islam, and the national banking systems of Iran, Sudan, and Pakistan are founded on Islamic law. Hayes is exploring the composition of this market and the prospects for its growth in the context of the global capital market. He is also examining the structure of financings characterized as Islamic to determine how they differ from conventional Western practice. Finally, Hayes is looking at a number of financial packaging combinations made possible by the development of derivative securities to see if they might meet the investment objectives of devout Muslims.