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  • December 2008 (Revised October 2010)
  • Case

Paul Capital Partners: Secondary Limited Partnership Investing

By: David S. Scharfstein
This case examines the proposed purchase by Paul Capital Partners of a limited partnership (LP) interest in a private equity fund. Paul Capital has a fund dedicated to buying these "secondary" LP interests. The case is intended as a vehicle for discussing the secondary... View Details
Keywords: Capital; Investment; Private Equity; Valuation; Partners and Partnerships; Interests; Markets; Debates; Financial Services Industry
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  • 17 Nov 2009
  • First Look

First Look: Nov. 17

economists and other social scientists as they guide our most important personal and societal decisions. Bank Lending During the Financial Crisis of 2008 Authors:Victoria Ivashina and David S. View Details
Keywords: Martha Lagace
  • Teaching Interest

Overview

By: David S. Scharfstein
I teach an MBA course in the elective curriculum called Managing and Innovating in Financial Services. I focus on key functions of the financial system including credit, liquidity, insurance and payments provided by a variety of financial intermediaries including... View Details
  • 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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  • 2021
  • Working Paper

Racial Disparities in the Paycheck Protection Program

By: Sergey Chernenko and David S. Scharfstein
Using a large sample of Florida restaurants, we document significant racial disparities in borrowing through the Paycheck Protection Program (PPP) and investigate the causes of these disparities. Black-owned restaurants are 25% less likely to receive PPP loans.... View Details
Keywords: Discrimination; Paycheck Protection Program; Economic Injury Disaster Loans; Bank Lending; Nonbank Lending; Banks and Banking; Financing and Loans; Prejudice and Bias; Race
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  • March 2012
  • Article

How to Make Finance Work

By: Robin Greenwood and David S. Scharfstein
Once a sleepy old boys' club, the U.S. financial sector is now a dynamic and growing business that attracts the best and the brightest. It is tempting to declare the industry a roaring success. But its purpose is to serve the needs of U.S. households and firms, and by... View Details
Keywords: Business Ventures; Value; Competitive Advantage; Investment; Performance Evaluation; Household; Financial Crisis; Finance; Financial Services Industry; United States
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  • 2023
  • Working Paper

The Limits of Algorithmic Measures of Race in Studies of Outcome Disparities

By: David S. Scharfstein and Sergey Chernenko
We show that the use of algorithms to predict race has significant limitations in measuring and understanding the sources of racial disparities in finance, economics, and other contexts. First, we derive theoretically the direction and magnitude of measurement bias in... View Details
Keywords: Racial Disparity; Paycheck Protection Program; Measurement Error; AI and Machine Learning; Race; Measurement and Metrics; Equality and Inequality; Prejudice and Bias; Forecasting and Prediction; Outcome or Result
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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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  • 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
Keywords: Stock Market; Financial Markets; Business Earnings; Banks and Banking; Risk and Uncertainty
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  • 03 Sep 2013
  • First Look

First Look: September 3

is lower than that of peers. Download working paper: http://ssrn.com/abstract=1346397 The Disintermediation of Financial Markets: Direct Investing in Private Equity By: Fang, Lily, Victoria Ivashina, and... View Details
Keywords: Sean Silverthorne
  • 20 Sep 2011
  • First Look

First Look: September 20

mechanism. Download the paper: http://www.hbs.edu/research/pdf/11-055.pdf   Cases & Course MaterialsJetBlue Airways: Deicing at Logan Airport Douglas Fearing and Robert S. HuckmanHarvard Business School Case 612-028 The case explores... View Details
Keywords: Sean Silverthorne
  • 2024
  • Working Paper

The Evolution of Financial Services in the United States

By: Robin Greenwood, David S. Scharfstein and Robert Ialenti
This article surveys the literature on the historical growth and transformation of the U.S. financial sector. The sector expanded rapidly between 1980 until 2006, when its contribution to GDP rose from 4.8% to 7.6%. After the Global Financial Crisis, the size of the... View Details
Keywords: Financial Crisis; Financial Institutions; Financial Markets; Growth and Development; Economic Sectors; Financial Services Industry
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  • 06 Mar 2012
  • First Look

First Look: March 6

learning, can reorient research about the link between identity-group-based diversity and performance. How to Make Finance Work Authors:Robin Greenwood and David S. Scharfstein... View Details
Keywords: Sean Silverthorne
  • 14 Sep 2010
  • First Look

First Look: September 14, 2010

had received? What was possible? Looking back, how should the company's restructuring be assessed? Purchase this case:http://cb.hbsp.harvard.edu/cb/product/809165-PDF-ENG Momentive Performance Materials, Inc. Victoria Ivashina and View Details
Keywords: Sean Silverthorne
  • 15 Nov 2016
  • First Look

November 15, 2016

Falato, Antonio, and David Scharfstein Abstract—We present evidence that pressure to maximize short-term stock prices and earnings leads banks to increase risk. We start by... View Details
Keywords: Sean Silverthorne
  • November 2013
  • Teaching Note

Oaktree and the Restructuring of CIT Group (A) and (B)

By: Victoria Ivashina and David S. Scharfstein
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  • 02 Feb 2010
  • First Look

First Look: Feb. 2

Loan Syndication and Credit Cycles Authors:Victoria Ivashina and David S. Scharfstein Publication:American Economic Review, Papers and Proceedings (forthcoming) Abstract... View Details
Keywords: Martha Lagace
  • 31 Mar 2009
  • First Look

First Look: March 31, 2009

aspects of U.S. affiliate activity in the country and placing this activity in its appropriate economic context. Lowering the Cost of Bank Recapitalization Authors:John C. Coates, IV, and David S. View Details
Keywords: Martha Lagace
  • 05 Feb 2013
  • First Look

First Look: Feb. 5

David F., Eric C. So, and Charles C.Y. Wang Publication:Journal of Accounting & Economics Abstract Firms with central or well-connected boards of directors earn superior risk-adjusted stock returns. Initiating a long position in the... View Details
Keywords: Sean Silverthorne
  • 08 Jun 2010
  • First Look

First Look: June 8

Epstein, and Kristi Yuthas Publication:In Scaling Social Impact: New Thinking, edited by Paul Bloom and Edward Skloot. Palgrave Macmillan, forthcoming An abstract is unavailable at this time. Order this Book:... View Details
Keywords: Martha Lagace

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