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  • January 2022
  • Article

Who Creates New Firms When Local Opportunities Arise?
By: Shai Benjamin Bernstein, Emanuele Colonnelli, Davide Malacrino and Timothy McQuade
We examine the characteristics of the individuals who become entrepreneurs when local opportunities arise. We identify local demand shocks by linking fluctuations in global commodity prices to municipality level agricultural endowments in Brazil. We find that the firm...  View Details
Keywords: Firms; Entrepreneurs; Demand Shocks; Entrepreneurship; Personal Characteristics; Demographics; Opportunities; Brazil
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  • June 2021
  • Case

Luminar and the Rise of SPACs
By: Paul A. Gompers, Shai Benjamin Bernstein, Matthew Wozny and Alex Gachanja
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  • 2021
  • Working Paper

Public Entrepreneurial Finance around the Globe
By: Jessica Bai, Shai Bernstein, Abhishek Dev and Josh Lerner
This paper examines how government funding programs geared towards early-stage companies interact with private capital markets. Using hand-collected data on 755 government programs worldwide, we find that governments’ allocations to such funding programs have been...  View Details
Keywords: Public Entrepreneurship; Entrepreneurship; Public Sector; Financing and Loans; Venture Capital; Global Range
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  • March 2021
  • Case

Chime Solutions
By: Shai Bernstein, William R. Kerr, Christopher Stanton and Mel Martin
Just two years after launching their 10k by 2020 initiative to hire 10,000 employees by 2020, the COVID-19 pandemic forced Chief Executive Officer Mark Wilson to send nearly all of his staff at Chime Solutions (Chime) to work from home. Chime was a customer contact...  View Details
Keywords: Finance; Working Capital; Operations; Recruitment; Performance; Change Management; Retention; Financial Institutions; Employee Relationship Management; Talent and Talent Management; Growth Management; Communications Industry; Service Industry; United States
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  • February 2021
  • Article

Do Household Wealth Shocks Affect Productivity? Evidence from Innovative Workers During the Great Recession
By: S. Bernstein, T. McQuade and R. Townsend
We investigate how the deterioration of household balance sheets affects worker productivity, and, in turn, economic downturns. Specifically, we compare the output of innovative workers who experienced differential declines in housing wealth during the financial crisis...  View Details
Keywords: Great Recession; Household; Financial Condition; System Shocks; Employees; Performance Productivity
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  • October 2020
  • Teaching Note

CleanWater, Inc.: Running Dry & Out of Time
By: Shai Bernstein
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  • October 2020
  • Teaching Note

NewView Capital and Venture Capital Secondaries
By: Shai Bernstein
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  • 2021
  • Working Paper

Flight to Safety: How Economic Downturns Affect Talent Flows to Startups
By: Shai Benjamin Bernstein, Richard Townsend and Ting Xu
Using proprietary data from AngelList Talent, we study how individuals’ job search and application behavior changed during the COVID-19 downturn. We find that job seekers shifted their searches toward more established firms and away from early-stage startups, even...  View Details
Keywords: Startup Labor Market; Flight To Safety; COVID-19; Recession; Business Startups; Human Capital; Business Cycles; Health Pandemics
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  • Article

Private Equity and Portfolio Companies: Lessons from the Global Financial Crisis
By: Shai Bernstein, Josh Lerner and Filippo Mezzanotti
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  • May 2020
  • Article

The Creation and Evolution of Entrepreneurial Public Markets
By: Shai Bernstein, Abhishek Dev and Josh Lerner
This paper explores the creation and evolution of new stock exchanges around the world geared towards entrepreneurial companies, known as second-tier exchanges. Using hand-collected novel data, we document the proliferation of these new stock exchanges that were...  View Details
Keywords: Entrepreneurial Finance; Stock Exchanges; Entrepreneurship; Finance; Initial Public Offering; Capital
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  • January 2020
  • Teaching Note

GeBBS Healthcare Solutions: Did You Ever Have to Make Up Your Mind? (A) and (B)
By: Shai Benjamin Bernstein
This teaching note is meant to accompany “GeBBS Healthcare Solutions: Did You Ever Have to Make Up Your Mind? (A),” HBS No. 820-041, and “GeBBS Healthcare Solutions: Did You Ever Have to Make Up Your Mind? (B),” HBS No. 820-074. The cases follow Nitin Thakor, President...  View Details
Keywords: Health Care and Treatment; Acquisition; Decision Making; Health Industry
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  • January 2020
  • Supplement

PROOF TN Supplement 1: Preclass
By: Josh Lerner, Shai Benjamin Bernstein and Terrence Shu
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  • January 2020
  • Supplement

PROOF TN Supplement 2: Postclass
By: Josh Lerner, Shai Benjamin Bernstein and Terrence Shu
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  • January 2020
  • Teaching Note

PROOF: Pro Rata Opportunity Fund
By: Josh Lerner, Shai Bernstein and Terrence Shu
This is a teaching note meant to accompany "PROOF: Pro Rata Opportunity Fund," HBS Case No. 820-030.  View Details
Keywords: Finance; Venture Capital; Fund Management; Fund Raising; Investing; Investment Banking; Limited Partners
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  • December 2019
  • Case

GeBBS Healthcare Solutions: Did You Ever Have to Make Up Your Mind?
By: Josh Lerner, Shai Bernstein, Ann Leamon and Richard Sessa
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  • December 2019
  • Supplement

GeBBS Healthcare Solutions: Did You Ever Have to Make Up Your Mind? (B)
By: Josh Lerner, Shai Bernstein, Ann Leamon and Richard Sessa
Supplements the (A) case.  View Details
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  • December 2019
  • Teaching Note

Hony Capital and Jushi Group
By: Josh Lerner, Shai Bernstein and Ann Leamon
Teaching Note for HBS No. 820-040.  View Details
Keywords: Real Estate; Investing; Manufacturing; Private Equity; Asset Management; Investment; Factories, Labs, and Plants; Finance; China; United States
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  • October 2019 (Revised January 2020)
  • Case

NewView Capital and Venture Capital Secondaries
By: Shai Bernstein, Ramana Nanda and Allison Ciechanover
While still a general partner at Silicon Valley–based New Enterprise Associates (NEA), Ravi Viswanathan considered the challenges presented by evolving market dynamics in the venture capital space. Startups were staying private longer, which led to limited partners...  View Details
Keywords: Venture Capital; Capital Markets; Private Equity; Strategy
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  • October 2019
  • Case

Hony Capital and Jushi Group
By: Josh Lerner, Shai Bernstein and Ann Leamon
Hony Capital, a multi-billion dollar private equity firm based in China, is investing in a subsidiary of Jushi Group, a Chinese company that is one of the world's largest fiberglass producers. The specific project will build a plant in the United States. In this case,...  View Details
Keywords: Real Estate; Investing; Fundraising; Manufacturing; Private Equity; Asset Management; Finance; Investment; Venture Capital; China; United States
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  • September 2019
  • Article

Bankruptcy Spillovers
By: Shai Bernstein, Emanuele Colonnelli, Xavier Giroud and Benjamin Iverson
How do different bankruptcy approaches affect the local economy? Using U.S. Census microdata, we explore the spillover effects of reorganization and liquidation on geographically proximate firms. We exploit the random assignment of bankruptcy judges as a source of...  View Details
Keywords: Agglomeration; Insolvency and Bankruptcy; Economy; Governing Rules, Regulations, and Reforms
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