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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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  • Web

Student Research - Doctoral

Soucie, Nancy D. Beaulieu, Jason D. Buxbaum, David Cutler, JoAnna K. Leyenaar, Sarah C. McBride, Olivia Zhao and Alyna T. Chien OBJECTIVES: This paper provides an examination of: (1) the frequency View Details
  • 29 Apr 2009
  • News

Economic Recovery

  • Web

Technology & Operations Management Awards & Honors - Faculty & Research

Science Best Paper Award in Operations Management for "Offline Showrooms in Omnichannel Retail: Demand and Operational Benefits" with David R. Bell and Santiago Gallino. View Details
  • 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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  • 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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  • Forthcoming
  • Article

The Evolution of Financial Services in the United States

By: Robin Greenwood, Robert Ialenti and David Scharfstein
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
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  • Article

The Store Is Dead—Long Live the Store

By: David R. Bell, Santiago Gallino and Antonio Moreno
In this article, we pursue two interconnected themes: the expansion of online-first retailers into offline stores that serve the purpose of “supercharging” customer value, and the transformation of the stores of offline-first retailers from... View Details
Keywords: Customer Experience; Inventory Control; Omnichannel Retailing; Online Marketing; Marketing Channels; Trends; Transformation; Digital Marketing; Retail 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 View Details
Keywords: Martha Lagace
  • June 2010 (Revised November 2013)
  • Case

Momentive Performance Materials, Inc.

By: Victoria Ivashina and David Scharfstein
After nearly violating its loan covenants in 2009, Momentive Performance Materials, backed by its financial sponsor Apollo Global Management, took a variety of actions to restructure its debt. The restructuring steps included an open market repurchase of publicly held... View Details
Keywords: Restructuring; Financial Crisis; Borrowing and Debt; Private Equity; Financing and Loans
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  • January 2008
  • Article

Venture Capital Investment Cycles: The Impact of Public Markets

By: Paul Gompers, Anna Kovner, Josh Lerner and David Scharfstein
It is well documented that the venture capital industry is highly volatile and that much of this volatility is associated with shifting valuations and activity in public equity markets. This paper examines how changes in public market signals affected venture capital... View Details
Keywords: Market Cycles; Venture Capital; Investment; Experience and Expertise; Public Equity; Volatility; 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. 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... View Details
Keywords: Sean Silverthorne
  • 28 Sep 2010
  • First Look

First Look: September 28, 2010

shareholders used to protect themselves by examining the dividend policy and governance of over 800 publicly traded companies at the beginning of the 1880s. We assess the importance of these mechanisms View Details
Keywords: Sean Silverthorne
  • 2021
  • Article

ThreeDWorld: A Platform for Interactive Multi-Modal Physical Simulation

By: Chuang Gan, Jeremy Schwartz, Seth Alter, Damian Mrowca, Martin Schrimpf, James Traer, Julian De Freitas, Jonas Kubilius, Abhishek Bhandwaldar, Nick Haber, Megumi Sano, Kuno Kim, Elias Wang, Michael Lingelbach, Aidan Curtis, Kevin Feigelis, Daniel M. Bear, Dan Gutfreund, David Cox, Antonio Torralba, James J. DiCarlo, Joshua B. Tenenbaum, Josh H. McDermott and Daniel L.K. Yamins
We introduce ThreeDWorld (TDW), a platform for interactive multi-modal physical simulation. TDW enables simulation of high-fidelity sensory data and physical interactions between mobile agents and objects in rich 3D environments. Unique properties include: real-time... View Details
Keywords: Artificial Intelligence; Platform; Interactive Physical Simulation; Virtual Environment; Multi-modal; AI and Machine Learning
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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 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 View Details
Keywords: Martha Lagace
  • 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... View Details
Keywords: Martha Lagace
  • 01 Dec 2010
  • News

Noted & Quoted

bank capital on loans is too small to have a big impact on growth.” — HBS professor DAVID SCHARFSTEIN and Harvard economics professor Jeremy Stein respond to banking industry... View Details
Keywords: Credit Intermediation and Related Activities; Credit Intermediation and Related Activities
  • 09 Mar 2023
  • News

Four Alumni Clubs Mark Milestone Year

of events that pay homage to the many ways HBS alumni have helped make San Antonio what it is today. Pointing to major companies founded or cofounded in the city by alumni, such as Clear Channel... View Details
Keywords: Margie Kelley