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    • Faculty Publications  (93)

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    • All HBS Web  (108,948)
      • Faculty Publications  (93)

      Scharfstein, David S. Remove Scharfstein, David S. →

      Page 1 of 93 Results →
      • April 2022
      • Case

      Melio: Modernizing Payments for Small Business

      By: David S. Scharfstein, Dean Xu and Danielle Golan
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      Scharfstein, David S., Dean Xu, and Danielle Golan. "Melio: Modernizing Payments for Small Business." Harvard Business School Case 222-076, April 2022.
      • 2021
      • Working Paper

      Racial Disparities in the Paycheck Protection Program

      By: Sergey Chernenko and David S. Scharfstein
      Using a large sample of Florida restaurants, we document significant racial disparities in borrowing through the Paycheck Protection Program (PPP) and investigate the causes of these disparities. Black-owned restaurants are 25% less likely to receive PPP loans....  View Details
      Keywords: Discrimination; Paycheck Protection Program; Economic Injury Disaster Loans; Bank Lending; Nonbank Lending; Banks and Banking; Financing and Loans; Prejudice and Bias; Race
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      Chernenko, Sergey, and David S. Scharfstein. "Racial Disparities in the Paycheck Protection Program." SSRN Working Paper Series, August 2021. (NBER Working Paper Series, No. 29748, February 2022.)
      • April 2021 (Revised April 2022)
      • Case

      Next Insurance: Considering New Markets

      By: David S. Scharfstein, Ishita Sen and Dean Xu
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      Scharfstein, David S., Ishita Sen, and Dean Xu. "Next Insurance: Considering New Markets." Harvard Business School Case 221-090, April 2021. (Revised April 2022.)
      • January 2020 (Revised February 2021)
      • Case

      Leader Bank in 2020 and Beyond

      By: David S. Scharfstein
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      Scharfstein, David S. "Leader Bank in 2020 and Beyond." Harvard Business School Case 220-059, January 2020. (Revised February 2021.)
      • June 2019
      • Article

      Social Risk, Fiscal Risk, and the Portfolio of Government Programs

      By: Samuel G. Hanson, David S. Scharfstein and Adi Sunderam
      We develop a model of government portfolio choice in which a benevolent government chooses the scale of risky projects in the presence of market failures and tax distortions. These two frictions generate motives to manage social risk and fiscal risk. Social risk...  View Details
      Keywords: Risk Management; Government and Politics; Programs
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      Hanson, Samuel G., David S. Scharfstein, and Adi Sunderam. "Social Risk, Fiscal Risk, and the Portfolio of Government Programs." Review of Financial Studies 32, no. 6 (June 2019): 2341–2382. (Internet Appendix Here.)
      • April 2019
      • Case

      Live Oak Bank

      By: David S. Scharfstein, Emily Williams and Shawn O'Brien
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      Scharfstein, David S., Emily Williams, and Shawn O'Brien. "Live Oak Bank." Harvard Business School Case 219-103, April 2019.
      • April 2019 (Revised March 2022)
      • Case

      True Link Financial

      By: David S. Scharfstein and Shawn O'Brien
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      Scharfstein, David S., and Shawn O'Brien. "True Link Financial." Harvard Business School Case 219-104, April 2019. (Revised March 2022.)
      • March 2019 (Revised June 2021)
      • Case

      OnDeck Capital, Inc.

      By: David Scharfstein and Juliane Begenau
      Keywords: Loans; Funding
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      Scharfstein, David, and Juliane Begenau. "OnDeck Capital, Inc." Harvard Business School Case 219-100, March 2019. (Revised June 2021.)
      • October 2018 (Revised January 2019)
      • Case

      The Financial Crisis: Timothy Geithner and the Stress Tests

      By: Samuel G. Hanson, Robin Greenwood, David Scharfstein and Adi Sunderam
      In February and March 2009, the U.S. economy was in the midst of a terrifying financial and economic crisis. Between the beginning of 2008 and early 2009, four of the 25 largest U.S. financial institutions had failed, and nine of these 25 institutions had taken...  View Details
      Keywords: Bailout; Regulation; Stress Test; Financial Crisis; History; Economy; Policy; Governing Rules, Regulations, and Reforms; Decision Making; Banking Industry; Financial Services Industry; Real Estate Industry; United States
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      Hanson, Samuel G., Robin Greenwood, David Scharfstein, and Adi Sunderam. "The Financial Crisis: Timothy Geithner and the Stress Tests." Harvard Business School Case 219-038, October 2018. (Revised January 2019.)
      • October 2018 (Revised January 2019)
      • Case

      The Financial Crisis: Hank Paulson in 2008

      By: Adi Sunderam, Robin Greenwood, Sam Hanson and David Scharfstein
      On the afternoon of Monday October 13, 2008, Hank Paulson Jr., the Secretary of the Treasury of the United States, walked into the large conference room across the hall from his office in the Treasury Department. Joining him were Federal Reserve Chairman Ben Bernanke,...  View Details
      Keywords: Bailout; Regulation; Financial Crisis; History; Governing Rules, Regulations, and Reforms; Decision Making; Banking Industry; Financial Services Industry; Real Estate Industry; United States
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      Sunderam, Adi, Robin Greenwood, Sam Hanson, and David Scharfstein. "The Financial Crisis: Hank Paulson in 2008." Harvard Business School Case 219-037, October 2018. (Revised January 2019.)
      • August 2018
      • Article

      Pension Policy and the Financial System

      By: David S. Scharfstein
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      Scharfstein, David S. "Pension Policy and the Financial System." Journal of Finance 73, no. 4 (August 2018): 1463–1512.
      • April 2018
      • Case

      First BanCorp and the Puerto Rico Fiscal Crisis

      By: David Scharfstein
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      Scharfstein, David. "First BanCorp and the Puerto Rico Fiscal Crisis." Harvard Business School Case 218-024, April 2018.
      • April 2017 (Revised May 2017)
      • Case

      GE Capital After the Crisis

      By: John C. Coates, John D. Dionne and David S. Scharfstein
      Keith Sherin, CEO of GE Capital, faced a decision on which hinged billions of dollars and the fate of one of America’s most storied companies. On his desk sat two secret analyses: Project Beacon, a proposal to spin off most of GE Capital to GE shareholders, and...  View Details
      Keywords: Risk and Uncertainty; Decision Choices and Conditions; Financial Institutions; Strategy
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      Coates, John C., John D. Dionne, and David S. Scharfstein. "GE Capital After the Crisis." Harvard Business School Case 217-071, April 2017. (Revised May 2017.)
      • March 2017 (Revised January 2021)
      • Case

      ABRY Partners and NSM Insurance Group

      By: David Scharfstein
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      Scharfstein, David. "ABRY Partners and NSM Insurance Group." Harvard Business School Case 217-066, March 2017. (Revised January 2021.)
      • 2018
      • Working Paper

      Bank Risk-Taking and the Real Economy: Evidence from the Housing Boom and Its Aftermath

      By: Antonio Falato, Giovanni Favara and David Scharfstein
      We present evidence that pressure to maximize short-term stock prices and earnings leads banks to increase risk. We start by showing that banks increase risk when they transition from private to public ownership through a public listing or an acquisition. The increase...  View Details
      Keywords: Risk and Uncertainty; Financial Markets; Investment; Corporate Finance; Banks and Banking
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      Falato, Antonio, Giovanni Favara, and David Scharfstein. "Bank Risk-Taking and the Real Economy: Evidence from the Housing Boom and Its Aftermath." Working Paper.
      • 2016
      • Working Paper

      The Stock Market and Bank Risk-Taking

      By: David S. Scharfstein and Antonio Falato
      We argue that stock market pressure to generate earnings encourages banks to increase risk. We measure risk using confidential supervisory ratings as well as financial information released in regulatory filings. We document that there is an increase in the risk-taking...  View Details
      Keywords: Stock Market; Financial Markets; Business Earnings; Banks and Banking; Risk and Uncertainty
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      Scharfstein, David S., and Antonio Falato. "The Stock Market and Bank Risk-Taking." NBER Working Paper Series, No. 22689, September 2016.
      • February 2016 (Revised January 2017)
      • Case

      Bidding for Finansbank

      By: David Scharfstein and Esel Çekin
      Because of the deepening Greek crisis, in October 2015, National Bank of Greece (NBG) was required to sell one of its most valuable assets, Finansbank, the eighth largest Turkish bank. There were three potential buyers: Garanti Bank, Turkey's second largest private...  View Details
      Keywords: Banking; Acquisitions; International Acquisition; Cross-border Investment; Bidding; Bidders; Regulations; ROE; Cost Synergies; Regional Growth; Emerging Market; Sales Process; Valuation; Mergers and Acquisitions; Banking Industry; Turkey; Europe
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      Scharfstein, David, and Esel Çekin. "Bidding for Finansbank." Harvard Business School Case 216-040, February 2016. (Revised January 2017.)
      • January 2016 (Revised January 2017)
      • Case

      The Proposed Merger of M&T Bank and Hudson City Bancorp (A)

      By: David Scharfstein and Joel Heilprin
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      Scharfstein, David, and Joel Heilprin. "The Proposed Merger of M&T Bank and Hudson City Bancorp (A)." Harvard Business School Case 216-046, January 2016. (Revised January 2017.)
      • January 2016
      • Supplement

      The Proposed Merger of M&T Bank and Hudson City Bancorp (B)

      By: David Scharfstein
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      Scharfstein, David. "The Proposed Merger of M&T Bank and Hudson City Bancorp (B)." Harvard Business School Supplement 216-047, January 2016.
      • Article

      An Evaluation of Money Market Fund Reform Proposals

      By: Samuel G. Hanson, David S. Scharfstein and Adi Sunderam
      U.S. money market mutual funds (MMFs) are an important source of dollar funding for global financial institutions, particularly those headquartered outside the U.S. MMFs proved to be a source of considerable instability during the financial crisis of 2007–2009,...  View Details
      Keywords: Balance and Stability; Globalized Markets and Industries; Banks and Banking
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      Hanson, Samuel G., David S. Scharfstein, and Adi Sunderam. "An Evaluation of Money Market Fund Reform Proposals." IMF Economic Review 63, no. 4 (November 2015): 984–1023.
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