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  • Forthcoming
  • Article

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: Ownership Type; Risk and Uncertainty; Financial Markets; Banks and Banking; Transition; Price
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  • October 2013 (Revised November 2013)
  • Case

Blackstone and the Sale of Citigroup's Loan Portfolio

By: Victoria Ivashina and David Scharfstein
The credit boom that preceded the 2007-2009 financial crisis led to several lending practices that exposed banks to large risks. In particular, when the financial crisis unraveled, there were several billion dollars' worth of leveraged buyout (LBO) loans that were... View Details
Keywords: Restructuring; Private Equity; Insolvency and Bankruptcy; Credit Derivatives and Swaps; Financial Markets; Investment; Banking Industry; Financial Services Industry
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  • 03 Jun 2014
  • News

‘Victims’ of churn are accessories to the crime

  • 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
Keywords: Risk and Uncertainty; Financial Markets; Investment; Corporate Finance; Banks and Banking
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  • 01 Jun 2011
  • News

What’s after Fannie and Freddie?

government guarantees, and (3) privatization backstopped in times of financial crisis by federal government guarantees only for new loans. The third option reflects a middle-ground position advocated View Details
Keywords: Roger Thompson; Credit Intermediation and Related Activities; Credit Intermediation and Related Activities
  • Article

Offline Showrooms in Omni-channel Retail: Demand and Operational Benefits

By: David R. Bell, Santiago Gallino and Antonio Moreno
Omnichannel environments where customers shop online and offline at the same retailer are ubiquitous and are deployed by online-first and traditional retailers alike. We focus on the relatively understudied domain of online-first retailers and the engagement of a key... View Details
Keywords: Experience Attributes; Marketing–operations Interface; Omnichannel Retailing; Quasi-experimental Methods; Retail Operations; Showrooms; Marketing Channels; Demand and Consumers; Performance Efficiency; Retail Industry
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  • 2025
  • Working Paper

Bank Capital and the Growth of Private Credit

By: Sergey Chernenko, Robert Ialenti and David Scharfstein
We show that business development companies (BDCs), a significant source of private credit, are very well capitalized according to bank capital frameworks. These types of private credit funds have median risk-based capital ratios of about 36%, which is 26 percentage... View Details
Keywords: Financing and Loans; Capital; Credit; Financial Institutions
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  • October 2013
  • Supplement

Oaktree and the Restructuring of CIT Group (B)

By: Victoria Ivashina and David Scharfstein
This supplement presents the actual terms of the rescue financing provided by a group of private investors to CIT. It is intended to be distributed at the end of the discussion of "Oaktree and the Restructuring of CIT Group (A)" (HBS No. 214-035) and can be used as... View Details
Keywords: Private Equity; Restructuring; Financial Services Industry
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  • 10 Apr 2018
  • First Look

First Look at New Research, April 10, 2018

Spring 2018 MIT Sloan Management Review The Store Is Dead—Long Live the Store By: Bell, David R., Santiago Gallino, and Antonio Moreno Abstract—In this article, we pursue two... View Details
Keywords: Sean Silverthorne
  • 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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  • 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
Keywords: Banks; Global Banks; Credit Supply; Dollar Funding; International Finance; Banks and Banking; Banking Industry
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  • December 2009 (Revised June 2010)
  • Case

Ebro Puleva

By: David E. Bell, Antonio Garcia de Castro, Rocio Reina Paniagua and Mary Louise Shelman
Once Spain's largest sugar company, Ebro Puleva has been transformed through a series of international acquisitions into the world's largest package rice company and second largest pasta company. In 2009, Chairman Antonio Hernandez Callejas must decide how to proceed... View Details
Keywords: Mergers and Acquisitions; Financial Crisis; Globalized Firms and Management; Leadership; Growth and Development Strategy; Brands and Branding; Consumer Behavior; Agriculture and Agribusiness Industry; Agriculture and Agribusiness Industry; Spain
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  • 2006
  • Working Paper

Skill vs. Luck in Entrepreneurship and Venture Capital: Evidence from Serial Entrepreneurs

By: Paul A. Gompers, Anna Kovner, Josh Lerner and David S. Scharfstein
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... View Details
Keywords: Return On Investment; Entrepreneurship; Venture Capital; Success; Experience and Expertise
Related
  • Web

Managing and Innovating in Financial Services - Course Catalog

HBS Course Catalog Managing and Innovating in Financial Services Course Number 1509 Professor David Scharfstein Spring; Q3Q4; 3.0 credits 27 Sessions Exam Course Content... View Details
  • 01 Sep 2018
  • News

After the Fall

Antonio Falato of the Federal Reserve Board, Scharfstein says many traditional banks responded by taking outsized credit risk in an effort to... View Details
Keywords: Jennifer Myers; illustration by Dan Bejar; Securities, Commodities, and Other Financial Investments; Securities, Commodities, and Other Financial Investments; Securities, Commodities, and Other Financial Investments; Securities, Commodities, and Other Financial Investments; Securities, Commodities, and Other Financial Investments; Securities, Commodities, and Other Financial Investments
  • 11 Jun 2013
  • News

‘Financialization’ as a Cause of Economic Malaise

  • 11 Jun 2013
  • First Look

First Look: June 11

Publisher's link: http://www.hbs.edu/faculty/Publication%20Files/13-068_42cdee88-4440-43f0-a719-c00ef875c7fe.pdf 2006 Journal of Economic Perspectives The Growth of Finance By: Greenwood, Robin, and David S.... View Details
Keywords: Carmen Nobel
  • 03 Oct 2013
  • Research & Ideas

Lehman Brothers Plus Five: Have We Learned from Our Mistakes?

actions to fend off the accumulation of systemic risk are both expected and needed. david Scharfstein The financial crisis revealed significant problems in our financial system... View Details
Keywords: Re: Multiple Faculty; Banking; Financial Services; Construction; Real Estate
  • 18 Feb 2009
  • First Look

First Look: February 18, 2009

useful and saleable by-product. The term "by-product synergy" (BPS) has been coined to describe this practice. By converting waste into by-product, the firm not only reduces its waste disposal cost... View Details
Keywords: Martha Lagace
  • Web

Technology & Operations Management - Doctoral

research, typically developing three publishable papers by the end of the program. Examples of doctoral thesis topics include: Examining how employee non-compete agreements affect entrepreneurship and job... View Details