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  • 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
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: Risk and Uncertainty; Financial Markets; Investment; Corporate Finance; Banks and Banking
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  • 02 Feb 2009
  • Research & Ideas

The Success of Persistent Entrepreneurs

degree of performance persistence, but the magnitude was quite striking." Their research, conducted with HBS professor David S. Scharfstein and former doctoral student Anna... View Details
Keywords: by Sarah Jane Gilbert
  • 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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  • 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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  • 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
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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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  • 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 28 Sessions Exam Financial services... View Details
  • 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
  • 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
  • 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

Marketing - Doctoral

field exam, and then another three years on dissertation research and writing. The Marketing program draws on computer science, economics, behavioral science, and psychological... View Details
  • 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
  • 16 Sep 2008
  • First Look

First Look: September 16, 2008

ethical dilemma for managers: Is it appropriate to let mere social category lines interfere with profit maximization? Download the paper: http://www.hbs.edu/research/pdf/06-033.pdf Performance Persistence in Entrepreneurship Authors:Paul A. Gompers, Anna Kovner, Josh... View Details
  • Web

Business Economics - Doctoral

lens of business. Jointly administered by HBS and the Department of Economics in the Faculty of Arts and Sciences, the program combines theoretical analysis with in-depth,... View Details