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All HBS Web
(115,532)
- Faculty Publications (97)
- 2012
- Government Testimony
Perspectives on Money Market Mutual Fund Reforms
Scharfstein, David S. "Perspectives on Money Market Mutual Fund Reforms." Government Testimony, Washington, DC, June 2012.
- March 2012
- Article
How to Make Finance Work
By: Robin Greenwood and David S. Scharfstein
Once a sleepy old boys' club, the U.S. financial sector is now a dynamic and growing business that attracts the best and the brightest. It is tempting to declare the industry a roaring success. But its purpose is to serve the needs of U.S. households and firms, and by...
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Keywords:
Business Ventures;
Value;
Competitive Advantage;
Investment;
Performance Evaluation;
Household;
Financial Crisis;
Finance;
Financial Services Industry;
United States
Greenwood, Robin, and David S. Scharfstein. "How to Make Finance Work." Harvard Business Review 90, no. 3 (March 2012).
- 2011
- Chapter
The Economics of Housing Finance Reform
By: David S. Scharfstein and Adi Sunderam
This paper analyzes the two leading types of proposals for reform of the housing finance system: (i) broad-based, explicit, priced government guarantees of mortgage-backed securities (MBS) and (ii) privatization. Both proposals have drawbacks. Properly-priced...
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Keywords:
Economics;
Housing;
Governing Rules, Regulations, and Reforms;
Policy;
Government and Politics
Scharfstein, David S., and Adi Sunderam. "The Economics of Housing Finance Reform." In The Future of Housing Finance: Restructuring the U.S. Residential Mortgage Market, edited by Martin Neil Baily. Brookings Institution Press, 2011.
- September 13, 2010
- Editorial
Basel Needs a Firm Hand and Fewer Delays
By: David Scharfstein and Jeremy Stein
Scharfstein, David, and Jeremy Stein. "Basel Needs a Firm Hand and Fewer Delays ." Financial Times (September 13, 2010).
- September 2010
- Article
Bank Lending During the Financial Crisis of 2008
This paper documents that new loans to large borrowers fell by 47% during the peak period of the financial crisis (fourth quarter of 2008) relative to the prior quarter and by 79% relative to the peak of the credit boom (second quarter of 2007). New lending for real...
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Keywords:
Financial Liquidity;
Financing and Loans;
Credit;
Borrowing and Debt;
Financial Crisis;
Banking Industry
Ivashina, Victoria, and David S. Scharfstein. "Bank Lending During the Financial Crisis of 2008." Journal of Financial Economics 97, no. 3 (September 2010): 319–338.
- June 2010 (Revised November 2013)
- Case
Momentive Performance Materials, Inc.
By: Victoria Ivashina and David Scharfstein
After nearly violating its loan covenants in 2009, Momentive Performance Materials, backed by its financial sponsor Apollo Global Management, took a variety of actions to restructure its debt. The restructuring steps included an open market repurchase of publicly held...
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Ivashina, Victoria, and David Scharfstein. "Momentive Performance Materials, Inc." Harvard Business School Case 210-081, June 2010. (Revised November 2013.)
- 2010
- Book
The Squam Lake Report: Fixing the Financial System
In the fall of 2008, fifteen of the world's leading economists-representing the broadest spectrum of economic opinion-gathered at New Hampshire's Squam Lake. Their goal: the mapping of a long-term plan for financial regulation reform. The Squam Lake...
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Keywords:
Financial Crisis;
Financial Markets;
Governing Rules, Regulations, and Reforms;
Business and Government Relations
Scharfstein, David S., as part of the Squam Lake Working Group. The Squam Lake Report: Fixing the Financial System. Princeton, NJ: Princeton University Press, 2010.
- May 2010
- Article
Loan Syndication and Credit Cycles
By: Victoria Ivashina and David Scharfstein
Cyclicality in the supply of business credit has been the focus of a considerable amount of research. This cyclicality can stem from shocks to borrowers' collateral, which affect firms' ability to raise capital if agency and information problems are significant (Ben S....
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Keywords:
Business Cycles;
Capital;
Credit;
Banks and Banking;
Financing and Loans;
System Shocks;
Financial Services Industry
Ivashina, Victoria, and David Scharfstein. "Loan Syndication and Credit Cycles." American Economic Review: Papers and Proceedings 100, no. 2 (May 2010): 57–61.
- April 2010
- Article
Performance Persistence in Entrepreneurship and Venture Capital
This paper presents evidence of performance persistence in entrepreneurship. We show that entrepreneurs with a track record of success are much more likely to succeed than first-time entrepreneurs and those who have previously failed. In particular, they exhibit...
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Keywords:
Performance;
Entrepreneurship;
Venture Capital;
Private Equity;
Market Timing;
Competency and Skills;
Success;
Business Startups
Gompers, Paul A., Josh Lerner, David Scharfstein, and Anna Kovner. "Performance Persistence in Entrepreneurship and Venture Capital." Journal of Financial Economics 96, no. 1 (April 2010): 18–32.
- Article
Evidence on the Dark Side of Internal Capital Markets
By: David S. Scharfstein and Oguzhan Ozbas
Scharfstein, David S., and Oguzhan Ozbas. "Evidence on the Dark Side of Internal Capital Markets." Review of Financial Studies 23, no. 2 (February 2010): 581–599.
- Article
Lowering the Cost of Bank Recapitalization
By: John C. Coates IV and David S. Scharfstein
Coates, John C., IV, and David S. Scharfstein. "Lowering the Cost of Bank Recapitalization." Yale Journal on Regulation 26, no. 2 (Summer 2009): 373–389.
- February 18, 2009
- Article
The Bailout Is Robbing the Banks
By: John C. Coates and David S. Scharfstein
Coates, John C., and David S. Scharfstein. "The Bailout Is Robbing the Banks." Op-Ed. New York Times (February 18, 2009), A27.
- December 2008 (Revised October 2010)
- Case
Paul Capital Partners: Secondary Limited Partnership Investing
This case examines the proposed purchase by Paul Capital Partners of a limited partnership (LP) interest in a private equity fund. Paul Capital has a fund dedicated to buying these "secondary" LP interests. The case is intended as a vehicle for discussing the secondary...
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Keywords:
Capital;
Investment;
Private Equity;
Valuation;
Partners and Partnerships;
Interests;
Markets;
Debates;
Financial Services Industry
Scharfstein, David S. "Paul Capital Partners: Secondary Limited Partnership Investing." Harvard Business School Case 209-089, December 2008. (Revised October 2010.)
- January 2008
- Article
Venture Capital Investment Cycles: The Impact of Public Markets
It is well documented that the venture capital industry is highly volatile and that much of this volatility is associated with shifting valuations and activity in public equity markets. This paper examines how changes in public market signals affected venture capital...
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Keywords:
Market Cycles;
Venture Capital;
Investment;
Experience and Expertise;
Public Equity;
Volatility;
Financial Services Industry
Gompers, Paul, Anna Kovner, Josh Lerner, and David Scharfstein. "Venture Capital Investment Cycles: The Impact of Public Markets." Journal of Financial Economics 87, no. 1 (January 2008): 1–23. (Earlier versions distributed as National Bureau of Economic Research Working Paper No. 11385.)
- October 2006 (Revised April 2008)
- Case
Ben Walter
By: Andre F. Perold and David S. Scharfstein
Ben Walter is thinking of purchasing Butler Lumber and needs to decide how he would run the business and how much to pay for it.
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Perold, Andre F., and David S. Scharfstein. "Ben Walter." Harvard Business School Case 207-070, October 2006. (Revised April 2008.)
- 2006
- Working Paper
Skill vs. Luck in Entrepreneurship and Venture Capital: Evidence from Serial Entrepreneurs
This paper argues that a large component of success in entrepreneurship and venture capital can be attributed to skill. We show that entrepreneurs with a track record of success are more likely to succeed than first time entrepreneurs and those who have previously...
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Keywords:
Return On Investment;
Entrepreneurship;
Venture Capital;
Success;
Experience and Expertise
Gompers, Paul A., Anna Kovner, Josh Lerner, and David S. Scharfstein. "Skill vs. Luck in Entrepreneurship and Venture Capital: Evidence from Serial Entrepreneurs." NBER Working Paper Series, No. 12592, October 2006.
- September 2006
- Case
Stedman Place: Buy or Rent?
By: Andre F. Perold and David S. Scharfstein
A couple has to decide whether to continue renting a townhouse or buy the one next door. Allows for a discussion of net present value, internal rate of return, and the costs and benefits of homeownership.
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Keywords:
Cost vs Benefits;
Decisions;
Asset Pricing;
Investment Return;
Housing;
Family Ownership;
Renting or Rental;
Valuation
Perold, Andre F., and David S. Scharfstein. "Stedman Place: Buy or Rent?" Harvard Business School Case 207-063, September 2006.
- September 2006 (Revised April 2008)
- Case
The Howland Long-Term Opportunity Fund
By: Andre F. Perold and David S. Scharfstein
Melissa Howland, founder of an investment firm, must choose between two competing investments, which differ in size, maturity, and rate of return.
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Keywords:
Decision Choices and Conditions;
Financial Instruments;
Investment Return;
Investment Funds;
Value
Perold, Andre F., and David S. Scharfstein. "The Howland Long-Term Opportunity Fund." Harvard Business School Case 207-066, September 2006. (Revised April 2008.)
- December 2005 (Revised April 2007)
- Case
The Pilgrim Assurance Building
A local real estate developer has to decide how much to bid for a Boston office building in 2005.
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Keywords:
Buildings and Facilities;
Decisions;
Investment;
Bids and Bidding;
Real Estate Industry;
Boston
Greenwood, Robin, David S. Scharfstein, and Arthur I Segel. "The Pilgrim Assurance Building." Harvard Business School Case 206-078, December 2005. (Revised April 2007.)
- 2005
- Other Unpublished Work
Venture Capital Investment Cycles: The Role of Experience and Specialization
Keywords:
Venture Capital