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  • 2023
  • Working Paper

Life After Death: A Field Experiment with Small Businesses on Information Frictions, Stigma, and Bankruptcy
By: Shai Benjamin Bernstein, Emanuele Colonnelli, Mitchell Hoffman and Benjamin Iverson
In a randomized control trial (RCT) with U.S. small businesses, we document that a large share of firms are not well-informed about bankruptcy. Many assume that bankruptcy necessarily entails the death of a business and do not know about Chapter 11 bankruptcy, where...  View Details
Keywords: Small Business; Insolvency and Bankruptcy; Knowledge Dissemination; Outcome or Result
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  • December 7, 2022
  • Article

Why Decentralized Crypto Platforms Are Weathering the Crash
By: Shai Bernstein and Scott Duke Kominers
In the past year, crypto markets dropped from $2.9 trillion in value to around $800 billion. In the wake of the collapse, crypto lenders and exchanges have been accused of fraud and other wrongdoing. What went wrong? One factor is competition. In theory, competition...  View Details
Keywords: Crypto Economy; Cryptocurrency; Financial Complexity; Financial Crisis; Decentralization; Decentralized Markets; Decentralized Autonomous Organizations; Finance; Market Design; Financial Services Industry
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  • December 2022 (Revised August 2023)
  • Case

Ribbit Capital and the Gauntlet Investment Opportunity
By: Shai Bernstein and Allison M. Ciechanover
Ten-year-old, Palo Alto-based Ribbit Capital is best-known for its global investments in fintech. The firm was also an early advocate of crypto and blockchain, having invested in more than two dozen startups in the space in the past decade. In the Spring of 2022,...  View Details
Keywords: Alternative Assets; Cryptocurrency; Business Startups; Investment Portfolio; Decision Choices and Conditions; Negotiation Deal; Governing Rules, Regulations, and Reforms; Venture Capital; Financial Services Industry; California
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  • 2021
  • Working Paper

The Contribution of High-Skilled Immigrants to Innovation in the United States
By: Shai Bernstein, Rebecca Diamond, Abhisit Jiranaphawiboon, Timothy McQuade and Beatriz Pousada
We characterize the contribution of immigrants to US innovation, both through their direct productivity as well as through their indirect spillover effects on their native collaborators. To do so, we link patent records to a database containing the first five digits of...  View Details
Keywords: Innovation; Economic Growth; Immigrants; Innovation and Invention; Collaborative Innovation and Invention; Patents; Innovation Strategy
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  • 2022
  • Article

The Effects of Public and Private Equity Markets on Firm Behavior
By: Shai Bernstein
In this article, I review the theoretical and empirical literature on the effects of public and private equity markets on firm behavior, emphasizing the consequences that emerge from disclosure requirements, ownership concentration, and degree of firm standardization....  View Details
Keywords: Corporate Finance And Governance; Financing Policy; Commercialization; Capital Markets; Private Equity; Public Equity; Venture Capital; Innovation and Invention; Cost of Capital
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  • August 2022
  • Teaching Note

LooksRare: The Decentralized, Tokenized, NFT Marketplace
By: Shai Benjamin Bernstein, Scott Duke Kominers and George Gonzalez
Teaching Note for HBS Case No. 822-119.  View Details
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  • May 2022
  • Teaching Note

Chime Solutions
By: Shai Bernstein, William R. Kerr, Jim Matheson, Christopher Stanton and Ria Mazumdar
Teaching Note for HBS Case No. 821-105.  View Details
Keywords: Call Center; Black Entrepreneurs
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  • 2022
  • Working Paper

Do Startups Benefit from Their Investors' Reputation? Evidence from a Randomized Field Experiment
By: Shai Benjamin Bernstein, Kunal Mehta, Richard Townsend and Ting Xu
We analyze a field experiment conducted on AngelList Talent, a large online search platform for startup jobs. In the experiment, AngelList randomly informed job seekers of whether a startup was funded by a top-tier investor and/or was funded recently. We find that the...  View Details
Keywords: Startup Labor Market; Investors; Randomized Field Experiment; Certification Effect; Venture Capital; Business Startups; Human Capital; Job Search; Reputation
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  • March 2022
  • Module Note

Managing Exits and Liquidity in Entrepreneurial Finance
By: Shai Bernstein
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  • March 2022 (Revised August 2022)
  • Case

LooksRare: The Decentralized, Tokenized, NFT Marketplace
By: Scott Duke Kominers, Shai Bernstein and George Gonzalez
LooksRare launched a decentralized and anonymous organization to compete against NFT marketplace leader OpenSea. By launching its own cryptocurrency, LooksRare attempted to lure users with a digital rewards program. The nature of the organization and its business...  View Details
Keywords: NFTs; Alternative Assets; Blockchain; Cryptocurrency; Customer Relationship Management; Market Entry and Exit; Business Model; Marketing
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  • February 2022 (Revised March 2022)
  • Teaching Note

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

The Dance Between Government and Private Investors: Public Entrepreneurial Finance around the Globe
By: Jessica Bai, Shai Bernstein, Abhishek Dev and Josh Lerner
This paper examines the interaction between governments and private capital investors when financing early-stage ventures. We first provide a simple conceptual framework to explore when collaboration between governments and private investors is likely to emerge. Using...  View Details
Keywords: Public Entrepreneurship; Subsidy; Industrial Policy; 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 (Revised March 2022)
  • Teaching Note

CleanWater, Inc.: Running Dry & Out of Time
By: Shai Bernstein
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  • October 2020 (Revised March 2022)
  • Teaching Note

NewView Capital and Venture Capital Secondaries
By: Shai Bernstein
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  • 2022
  • Working Paper

Flight to Safety: How Economic Downturns Affect Talent Flows to Startups
By: Shai 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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