Publications
Publications
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- All HBS Web
(118,890)
- Faculty Publications (107)
- October 2018 (Revised January 2019)
- Case
The Financial Crisis: Hank Paulson in 2008
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
- August 2018
- Article
Pension Policy and the Financial System
- April 2018
- Case
First BanCorp and the Puerto Rico Fiscal Crisis
- 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
- March 2017 (Revised January 2021)
- Case
ABRY Partners and NSM Insurance Group
- 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
The short-termism of lenders amplifies boom-bust credit cycles, leading in turn to real costs for the aggregate economy. During the U.S. housing credit boom, publicly-traded banks increased mortgage lending activity and relaxed standards much more than privately-held... View Details
- 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
- 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
- January 2016 (Revised January 2017)
- Case
The Proposed Merger of M&T Bank and Hudson City Bancorp (A)
By: David Scharfstein and Joel Heilprin
- January 2016
- Supplement
The Proposed Merger of M&T Bank and Hudson City Bancorp (B)
- Article
An Evaluation of Money Market Fund Reform Proposals
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
- August 2015
- Case
Novantas and Deposit Funding at First Regional Bank
Keywords: Financial Services Industry
- August 2015
- Article
Dollar Funding and the Lending Behavior of Global Banks
By: Victoria Ivashina, David S. Scharfstein and Jeremy C. Stein
A large share of dollar-denominated lending is done by non-U.S. banks, particularly European banks. We present a model in which such banks cut dollar lending more than euro lending in response to a shock to their credit quality. Because these banks rely on wholesale... View Details
- 2015
- Mimeo
Market Power in Mortgage Lending and the Transmission of Monetary Policy
By: David S. Scharfstein and Adi Sunderam
We present evidence that high concentration in mortgage lending reduces the sensitivity of mortgage rates and refinancing activity to mortgage-backed security (MBS) yields. We isolate the direct effect of concentration and rule out alternative explanations in two ways.... View Details
- February 2015 (Revised February 2016)
- Case
Sankaty Advisors: Race Point IV, CLO
By: Kristin Mugford and David Scharfstein
- October 2014 (Revised January 2018)
- Case
'Fair Play' at Huntington Bancshares
Keywords: Banking Industry
- January 2014 (Revised November 2014)
- Case
Lending Club: Time to Join?
By: David Scharfstein, Adi Sunderam, John Ference and Philip Roane
Keywords: North and Central America
- January 2014 (Revised January 2020)
- Case
The Case of the Unidentified Financial Firms
- November 2013
- Teaching Note