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  • Web

Business Economics - Doctoral

Moss Vincent Pons Matthew Rabin Forest L. Reinhardt Benjamin N. Roth Raffaella Sadun David S. Scharfstein Joshua R. Schwartzstein Ishita Sen Jesse M. Shapiro Emil N. Siriwardane Adi Sunderam Jo Tango Luis M.... View Details
  • Web

Marketing - Doctoral

Dennis A. Yao David B. Yoffie Shunyuan Zhang Current HBS Faculty & Students by Interest Analytics Eva Ascarza Kris Johnson Ferreira Ayelet Israeli Michael Lingzhi Li Edward McFowland III View Details
  • 27 Jul 2010
  • First Look

First Look: July 27

Our results indicate that institutional managers that participate in loan renegotiations consequently trade in stock of the same company and outperform other managers by approximately 8.8% in annualized... View Details
Keywords: Martha Lagace
  • Web

Placement - Doctoral

studies, are uniquely individualized. Factors like departmental fit, location preferences, dual career choices, and family needs shape these decisions. We celebrate when students secure a position that brings them joy! Students are... View Details
  • Web

Accounting & Management - Doctoral

Sandino David S. Scharfstein George Serafeim Robert Simons Eugene F. Soltes Suraj Srinivasan Adi Sunderam Charles C.Y. Wang Yuan Zou Current HBS Faculty & Students by Interest... View Details
  • Web

Health Policy (Management) - Doctoral

Health Policy Management program may work with faculty members across Harvard University . Recent Placement Mitchell Tang, 2025 Columbia University Mailman School of Public Health, Health Policy & Management Advisors: Robert S. Huckman (Chair), View Details
  • October 2018 (Revised January 2019)
  • Case

The Financial Crisis: Hank Paulson in 2008

By: Adi Sunderam, Robin Greenwood, Sam Hanson and David Scharfstein
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
Keywords: Bailout; Regulation; Financial Crisis; History; Governing Rules, Regulations, and Reforms; Decision Making; Banking Industry; Financial Services Industry; Real Estate Industry; United States
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  • Web

Finance Curriculum - Faculty & Research

and Capital Markets Luis Viceira , Emil Siriwardane Fall 2025 Q1Q2 3.0 Investment Strategies William Vrattos Spring 2026 Q4 1.5 Managing and Innovating in Financial Services View Details
  • Web

Data - Behavioral Finance & Financial Stability

The Growth of Finance ” by Robin Greenwood and David Scharfstein . Appendix Data US Government Debt Project members Robin Greenwood , Sam Hanson... View Details
  • Web

Behavioral Finance & Financial Stability

Sentiment & Expectations More Info Dollar Funding and the Lending Behavior of Global Banks By: Victoria Ivashina , David S. Scharfstein & Jeremy C. Stein AUG 2015 Foreign banks... View Details
  • September 2010
  • Article

Bank Lending During the Financial Crisis of 2008

By: Victoria Ivashina and David S. Scharfstein
This paper documents that new loans to large borrowers fell by 47% during the peak period of the financial crisis (fourth quarter of 2008) relative to the prior quarter and by 79% relative to the peak of the credit boom (second quarter of 2007). New lending for real... View Details
Keywords: Financial Liquidity; Financing and Loans; Credit; Borrowing and Debt; Financial Crisis; Banking Industry
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  • Spring 2013
  • Article

The Growth of Finance

By: Robin Greenwood and David S. Scharfstein
The U.S. financial services industry grew from 4.9% of GDP in 1980 to 7.9% of GDP in 2007. A sizeable portion of the growth can be explained by rising asset management fees, which in turn were driven by increases in the valuation of tradable assets, particularly... View Details
Keywords: Finance; Asset Management; Research; Mortgages; Financial Services Industry
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  • 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
  • Web

Research - Behavioral Finance & Financial Stability

Related Themes: Measuring Sentiment & Expectations, Credit Markets More Info The Stock Market and Bank Risk Taking By: Antonio Falato & David S.... View Details
  • 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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  • 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
Keywords: Banking; Acquisitions; International Acquisition; Cross-border Investment; Bidding; Bidders; Regulations; ROE; Cost Synergies; Regional Growth; Emerging Market; Sales Process; Valuation; Mergers and Acquisitions; Banking Industry; Turkey; Europe
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  • October 2024
  • Article

Racial Disparities in the Paycheck Protection Program

By: Sergey Chernenko and David 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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  • 29 Apr 2009
  • News

Economic Recovery

  • 2023
  • Working Paper

Applications or Approvals: What Drives Racial Disparities in the Paycheck Protection Program?

By: Sergey Chernenko, Nathan Kaplan, Asani Sarkar and David S. Scharfstein
We use the 2020 Small Business Credit Survey to study the sources of racial disparities in use of the Paycheck Protection Program (PPP). Black-owned firms are 8.9 percentage points less likely than observably similar white-owned firms to receive PPP loans. About 55% of... View Details
Keywords: Borrowing and Debt; Small Business; Race; Financing and Loans
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  • Web

Technology & Operations Management Awards & Honors - Faculty & Research

awarded the 2023 Junior Scholar Paper Competition Prize from the College of Behavioral Operations at the Production and Operations Management Society (POMS). Frances X. Frei : Recognized by Thinkers50 as one... View Details