David S. Scharfstein

Harvard Business School - Finance Unit

Edmund Cogswell Converse Professor of Finance and Banking

Boston, MA 02163

United States

http://www.people.hbs.edu/dscharfstein/

National Bureau of Economic Research (NBER)

1050 Massachusetts Avenue

Cambridge, MA 02138

United States

  • Harvard Business School - Finance Unit

    • Email
    • Tel: 617-496-5067
    • Fax: 617-496-8443
SCHOLARLY PAPERS

40

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Top 1,305

in Total Papers Downloads

30,420

SSRN CITATIONS
Rank 238

SSRN RANKINGS

Top 238

in Total Papers Citations

807

CROSSREF CITATIONS

2,444

Scholarly Papers (40)

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1.

Bank Lending During the Financial Crisis of 2008

EFA 2009 Bergen Meetings Paper, Journal of Financial Economics (JFE), Vol. 97, 319-338, 2010
Number of pages: 45 Posted: 10 Nov 2008 Last Revised: 15 Feb 2018
Victoria Ivashina and David S. Scharfstein
Harvard University and Harvard Business School - Finance Unit
Downloads 11,670 (564)
Citation 181

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Bank Lending, Financial Crisis

2.

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

Downloads 6,010 ( 1,808)
Citation 18

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

Number of pages: 41 Posted: 02 Oct 2006
Paul A. Gompers, Anna Kovner, Josh Lerner and David S. Scharfstein
Harvard Business School - Finance Unit, Federal Reserve Bank of New York, Harvard Business School - Finance Unit and Harvard Business School - Finance Unit
Downloads 5,754 (1,894)
Citation 5

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new ventures, entrepreneurs

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

NBER Working Paper No. w12592
Number of pages: 42 Posted: 20 Oct 2006 Last Revised: 30 May 2021
Paul A. Gompers, Anna Kovner, Josh Lerner and David S. Scharfstein
Harvard Business School - Finance Unit, Federal Reserve Bank of New York, Harvard Business School - Finance Unit and Harvard Business School - Finance Unit
Downloads 256 (166,889)
Citation 7

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3.

Reforming Money Market Funds

Tuck School of Business Working Paper No. 2011-86, Rock Center for Corporate Governance at Stanford University Working Paper No. 109, Columbia Business School Research Paper No. 12-13
Number of pages: 10 Posted: 19 Jan 2011 Last Revised: 20 Feb 2012
Martin N. Baily, John Y. Campbell, John H. Cochrane, Douglas W. Diamond, Darrell Duffie, Kenneth R. French, Anil K. Kashyap, Frederic S. Mishkin, David S. Scharfstein, Robert J. Shiller, Matthew J. Slaughter, Hyun Song Shin, Jeremy C. Stein and René M. Stulz
Brookings Institution, Harvard University - Department of Economics, Hoover Institution, University of Chicago - Booth School of Business, Stanford University - Graduate School of Business, Dartmouth College - Tuck School of Business, University of Chicago, Booth School of Business, Columbia University - Columbia Business School, Finance, Harvard Business School - Finance Unit, Yale University - Cowles Foundation, Dartmouth College - Tuck School of Business, Bank for International Settlements (BIS), Harvard University - Department of Economics and Ohio State University (OSU) - Department of Finance
Downloads 1,871 (12,576)
Citation 3

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4.

Loan Syndication and Credit Cycles

American Economic Review, Forthcoming
Number of pages: 11 Posted: 20 Jan 2010
Victoria Ivashina and David S. Scharfstein
Harvard University and Harvard Business School - Finance Unit
Downloads 1,588 (16,251)
Citation 12

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Banks, Credit, Syndicated loans

5.

Learning About Internal Capital Markets from Corporate Spinoffs

Number of pages: 47 Posted: 26 Jan 2001
Robert H. Gertner, Eric A. Powers and David S. Scharfstein
University of Chicago - Finance, University of South Carolina - Darla Moore School of Business and Harvard Business School - Finance Unit
Downloads 1,226 (23,998)
Citation 11

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6.

Dollar Funding and the Lending Behavior of Global Banks

Downloads 946 ( 34,795)
Citation 76

Dollar Funding and the Lending Behavior of Global Banks

Quarterly Journal of Economics, 130 (3), 1241-1281, 2015
Number of pages: 46 Posted: 06 Nov 2012 Last Revised: 15 Feb 2018
Victoria Ivashina, David S. Scharfstein and Jeremy C. Stein
Harvard University, Harvard Business School - Finance Unit and Harvard University - Department of Economics
Downloads 731 (48,792)
Citation 1

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Banks, Global Banks, Credit Supply, Dollar Funding

Dollar Funding and the Lending Behavior of Global Banks

Quarterly Journal of Economics, Forthcoming
Number of pages: 51 Posted: 06 Jan 2013 Last Revised: 11 Mar 2015
Victoria Ivashina, David S. Scharfstein and Jeremy C. Stein
Harvard University, Harvard Business School - Finance Unit and Harvard University - Department of Economics
Downloads 204 (207,581)

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Covered Interest Parity; Dollar Funding; Credit Supply; Global Banks

Dollar Funding and the Lending Behavior of Global Banks

NBER Working Paper No. w18528
Number of pages: 47 Posted: 11 Nov 2012 Last Revised: 16 Feb 2022
Victoria Ivashina, David S. Scharfstein and Jeremy C. Stein
Harvard University, Harvard Business School - Finance Unit and Harvard University - Department of Economics
Downloads 11 (809,447)
Citation 25

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7.

The Growth of Modern Finance

Number of pages: 53 Posted: 16 Oct 2012
Robin M. Greenwood and David S. Scharfstein
Harvard Business School - Finance Unit and Harvard Business School - Finance Unit
Downloads 827 (41,942)
Citation 89

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Financial services, fees, asset management

8.

Entrepreneurial Spawning: Public Corporations and the Genesis of New Ventures, 1986-1999

Downloads 818 ( 42,586)
Citation 139

Entrepreneurial Spawning: Public Corporations and the Genesis of New Ventures, 1986-1999

Number of pages: 51 Posted: 21 Jun 2003
Paul A. Gompers, David S. Scharfstein and Josh Lerner
Harvard Business School - Finance Unit, Harvard Business School - Finance Unit and Harvard Business School - Finance Unit
Downloads 661 (55,695)

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Venture Capital, Entrepreneurship, Start-up

Entrepreneurial Spawning: Public Corporations and the Genesis of New Ventures, 1986-1999

NBER Working Paper No. w9816
Number of pages: 51 Posted: 05 Jul 2003 Last Revised: 29 Apr 2022
Paul A. Gompers, David S. Scharfstein and Josh Lerner
Harvard Business School - Finance Unit, Harvard Business School - Finance Unit and Harvard Business School - Finance Unit
Downloads 157 (260,937)
Citation 24

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9.

Aligning Incentives at Systemically Important Financial Institutions

Columbia Business School Research Paper No. 13-18, Fisher College of Business Working Paper
Number of pages: 7 Posted: 28 Mar 2013
Martin N. Baily, John Y. Campbell, John H. Cochrane, Douglas W. Diamond, Darrell Duffie, Kenneth R. French, Anil K. Kashyap, Frederic S. Mishkin, David S. Scharfstein, Robert J. Shiller, Matthew J. Slaughter, Hyun Song Shin and René M. Stulz
Brookings Institution, Harvard University - Department of Economics, Hoover Institution, University of Chicago - Booth School of Business, Stanford University - Graduate School of Business, Dartmouth College - Tuck School of Business, University of Chicago, Booth School of Business, Columbia University - Columbia Business School, Finance, Harvard Business School - Finance Unit, Yale University - Cowles Foundation, Dartmouth College - Tuck School of Business, Bank for International Settlements (BIS) and Ohio State University (OSU) - Department of Finance
Downloads 766 (46,431)
Citation 1

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Bonus, compensation, contingent convertible bonds, capital, regulation, financial crisis

10.

Do Firm Boundaries Matter?

Number of pages: 15 Posted: 14 Feb 2001
Sendhil Mullainathan and David S. Scharfstein
University of Chicago and Harvard Business School - Finance Unit
Downloads 675 (54,935)
Citation 9

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11.

Lowering the Cost of Bank Recapitalization

Yale Journal of Regulation, Forthcoming
Number of pages: 13 Posted: 25 Feb 2009 Last Revised: 25 May 2015
John C. Coates IV and David S. Scharfstein
Harvard Law School and Harvard Business School - Finance Unit
Downloads 468 (86,787)

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Bailout, banks, bank holding companies, TARP, workout, bankruptcy, bank regulation, solvency, restructuring, rights offering, recapitalization, bridge bank, open bank assistance

12.

Risk Management: Coordinating Corporate Investment and Financing Policies

NBER Working Paper No. w4084
Number of pages: 33 Posted: 29 Jan 2001 Last Revised: 28 Feb 2022
Kenneth Froot, David S. Scharfstein and Jeremy C. Stein
Harvard University Graduate School of Business, Harvard Business School - Finance Unit and Harvard University - Department of Economics
Downloads 441 (93,020)
Citation 57

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13.

Organizational Scope and Investment: Evidence from the Drug Development Strategies and Performance of Biopharmaceutical Firms

Downloads 404 (102,934)
Citation 5

Organizational Scope and Investment: Evidence from the Drug Development Strategies and Performance of Biopharmaceutical Firms

Number of pages: 47 Posted: 19 Nov 2004
Ilan Guedj and David S. Scharfstein
Bates White, LLC and Harvard Business School - Finance Unit
Downloads 315 (134,704)
Citation 5

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Internal capital markets, resource allocation, drug development, financial resources

Organizational Scope and Investment: Evidence from the Drug Development Strategies and Performance of Biopharmaceutical Firms

NBER Working Paper No. w10933
Number of pages: 48 Posted: 14 Dec 2004 Last Revised: 18 May 2022
Ilan Guedj and David S. Scharfstein
Bates White, LLC and Harvard Business School - Finance Unit
Downloads 89 (393,460)

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14.

Racial Disparities in the Paycheck Protection Program

Downloads 399 (104,497)

Racial Disparities in the Paycheck Protection Program

Number of pages: 51 Posted: 20 Aug 2021 Last Revised: 15 Feb 2022
Sergey Chernenko and David S. Scharfstein
Purdue University - Department of Management and Harvard Business School - Finance Unit
Downloads 385 (108,030)

Abstract:

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discrimination, Paycheck Protection Program, Economic Injury Disaster Loans, bank lending, nonbank lending

Racial Disparities in the Paycheck Protection Program

NBER Working Paper No. w29748
Number of pages: 52 Posted: 17 Feb 2022 Last Revised: 14 Apr 2022
Sergey Chernenko and David S. Scharfstein
Purdue University - Department of Management and Harvard Business School - Finance Unit
Downloads 14 (779,372)

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15.

Venture Capital Investment Cycles: The Impact of Public Markets

Downloads 357 (118,465)
Citation 392

Venture Capital Investment Cycles: The Impact of Public Markets

NBER Working Paper No. w11385
Number of pages: 40 Posted: 04 Jul 2005 Last Revised: 12 Aug 2022
Paul A. Gompers, Anna Kovner, Josh Lerner and David S. Scharfstein
Harvard Business School - Finance Unit, Federal Reserve Bank of New York, Harvard Business School - Finance Unit and Harvard Business School - Finance Unit
Downloads 263 (162,423)
Citation 41

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Venture Capital Investment Cycles: The Impact of Public Markets

Number of pages: 39 Posted: 21 Oct 2019
Paul A. Gompers, Anna Kovner, Josh Lerner and David S. Scharfstein
Harvard Business School - Finance Unit, Federal Reserve Bank of New York, Harvard Business School - Finance Unit and Harvard Business School - Finance Unit
Downloads 94 (380,058)
Citation 31

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private equity, initial public offerings, market rationality

16.

The Choice between Public and Private Debt: An Analysis of Post-Deregulation Corporate Financing in Japan

NBER Working Paper No. w4421
Number of pages: 47 Posted: 06 Jul 2004 Last Revised: 01 Aug 2022
Takeo Hoshi, Anil K. Kashyap and David S. Scharfstein
University of California at San Diego, University of Chicago, Booth School of Business and Harvard Business School - Finance Unit
Downloads 269 (159,357)

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17.

Anatomy of Financial Distress: An Examination of Junk-Bond Issuers

NBER Working Paper No. w3942
Number of pages: 41 Posted: 27 Apr 2000 Last Revised: 11 Apr 2021
Paul Asquith, Robert H. Gertner and David S. Scharfstein
Massachusetts Institute of Technology (MIT) - Economics, Finance, Accounting (EFA), University of Chicago - Finance and Harvard Business School - Finance Unit
Downloads 203 (208,682)
Citation 22

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18.

The Dark Side of Internal Capital Markets Ii: Evidence from Diversified Conglomerates

NBER Working Paper No. w6352
Number of pages: 38 Posted: 27 Jun 2000 Last Revised: 12 May 2022
David S. Scharfstein
Harvard Business School - Finance Unit
Downloads 191 (220,395)
Citation 2

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19.

Evidence on the Dark Side of Internal Capital Markets

Downloads 181 (230,927)

Evidence on the Dark Side of Internal Capital Markets

Review of Financial Studies (RFS), Forthcoming, Marshall School of Business Working Paper No. FBE 05-10
Number of pages: 30 Posted: 20 Nov 2009 Last Revised: 23 Feb 2010
Oguzhan Ozbas and David S. Scharfstein
University of Southern California - Marshall School of Business - Finance and Business Economics Department and Harvard Business School - Finance Unit
Downloads 181 (230,995)
Citation 9

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Evidence on the Dark Side of Internal Capital Markets

The Review of Financial Studies, Vol. 23, Issue 2, pp. 581-599, 2009
Posted: 01 Feb 2010
Oguzhan Ozbas and David S. Scharfstein
University of Southern California - Marshall School of Business - Finance and Business Economics Department and Harvard Business School - Finance Unit

Abstract:

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D21, D23, G31

20.

Herd on the Street: Informational Inefficiencies in a Market with Short-Term Speculation

NBER Working Paper No. w3250
Number of pages: 35 Posted: 15 Jun 2001 Last Revised: 21 May 2022
Kenneth Froot, David S. Scharfstein and Jeremy C. Stein
Harvard University Graduate School of Business, Harvard Business School - Finance Unit and Harvard University - Department of Economics
Downloads 174 (238,825)
Citation 46

Abstract:

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21.

Internal Versus External Capital Markets

NBER Working Paper No. w4776
Number of pages: 23 Posted: 27 Jul 2010 Last Revised: 22 Jul 2022
Robert H. Gertner, David S. Scharfstein and Jeremy C. Stein
University of Chicago - Finance, Harvard Business School - Finance Unit and Harvard University - Department of Economics
Downloads 152 (267,201)
Citation 12

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22.

The Dark Side of Internal Capital Markets: Divisional Rent-Seeking and Inefficient Investment

NBER Working Paper No. w5969
Number of pages: 40 Posted: 27 Jun 2000 Last Revised: 25 Apr 2021
David S. Scharfstein and Jeremy C. Stein
Harvard Business School - Finance Unit and Harvard University - Department of Economics
Downloads 123 (314,530)
Citation 32

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23.

Entrepreneurship in Equilibrium

Downloads 120 (320,126)
Citation 6

Entrepreneurship in Equilibrium

NBER Working Paper No. w9001
Number of pages: 40 Posted: 13 Jun 2002 Last Revised: 07 Aug 2022
Denis Gromb and David S. Scharfstein
HEC Paris and Harvard Business School - Finance Unit
Downloads 83 (410,661)

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Entrepreneurship in Equilibrium

Number of pages: 33 Posted: 07 Jan 2003
Denis Gromb and David S. Scharfstein
HEC Paris and Harvard Business School - Finance Unit
Downloads 37 (601,916)
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Entrepreneurship, venture capital, incentives

24.

A Theory of Workouts and the Effects of Reorganization Law

NBER Working Paper No. t0103
Number of pages: 42 Posted: 28 Dec 2006 Last Revised: 15 Apr 2022
Robert H. Gertner and David S. Scharfstein
University of Chicago - Finance and Harvard Business School - Finance Unit
Downloads 119 (322,012)
Citation 24

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25.

Bank Monitoring and Investment: Evidence from the Changing Structure of Japanese Corporate Banking Relationships

NBER Working Paper No. w3079
Number of pages: 43 Posted: 27 Apr 2000 Last Revised: 02 Jun 2022
Takeo Hoshi, Anil K. Kashyap and David S. Scharfstein
University of California at San Diego, University of Chicago, Booth School of Business and Harvard Business School - Finance Unit
Downloads 89 (389,926)
Citation 2

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26.

The Role of Banks in Reducing the Costs of Financial Distress in Japan

NBER Working Paper No. w3435
Number of pages: 41 Posted: 07 Jan 2008 Last Revised: 23 May 2021
Takeo Hoshi, Anil K. Kashyap and David S. Scharfstein
University of California at San Diego, University of Chicago, Booth School of Business and Harvard Business School - Finance Unit
Downloads 74 (434,062)
Citation 12

Abstract:

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27.

Capital Market Imperfections and Countercyclical Markups: Theory and Evidence

NBER Working Paper No. w4614
Number of pages: 47 Posted: 22 Jul 2000 Last Revised: 12 Aug 2022
Judith A. Chevalier and David S. Scharfstein
Yale School of Management and Harvard Business School - Finance Unit
Downloads 67 (457,513)
Citation 24

Abstract:

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28.

The Stock Market and Bank Risk-Taking

NBER Working Paper No. w22689
Number of pages: 59 Posted: 10 Oct 2016 Last Revised: 01 Jul 2022
Antonio Falato and David S. Scharfstein
Board of Governors of the Federal Reserve System and Harvard Business School - Finance Unit
Downloads 57 (494,943)

Abstract:

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29.

Ldc Debt: Forgiveness, Indexation, and Investment Incentives

NBER Working Paper No. w2541
Number of pages: 27 Posted: 08 Jun 2004 Last Revised: 13 Jun 2021
Kenneth Froot, David S. Scharfstein and Jeremy C. Stein
Harvard University Graduate School of Business, Harvard Business School - Finance Unit and Harvard University - Department of Economics
Downloads 35 (599,711)

Abstract:

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30.

Managed Care Provider Volume

NBER Working Paper No. w6523
Number of pages: 30 Posted: 05 Sep 2000 Last Revised: 30 Apr 2022
Sarah Feldman and David S. Scharfstein
Harvard University - Brigham and Women's Hospital and Harvard Business School - Finance Unit
Downloads 29 (636,215)

Abstract:

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31.

The Squam Lake Report: Fixing the Financial System

Journal of Applied Corporate Finance, Vol. 22, Issue 3, pp. 8-21, Summer 2010
Number of pages: 16 Posted: 04 Oct 2010
Kenneth R. French, Martin Neil Baily, John Y. Campbell, John H. Cochrane, Douglas W. Diamond, Darrell Duffie, Anil K. Kashyap, Frederic S. Mishkin, Raghuram G. Rajan, David S. Scharfstein, Robert J. Shiller, Hyun Song Shin, Matthew J. Slaughter, Jeremy C. Stein and René M. Stulz
Dartmouth College - Tuck School of Business, Institute for International Economics, Harvard University - Department of Economics, Hoover Institution, University of Chicago - Booth School of Business, Stanford University - Graduate School of Business, University of Chicago, Booth School of Business, Columbia University - Columbia Business School, Finance, University of Chicago - Booth School of Business, Harvard Business School - Finance Unit, Yale University - Cowles Foundation, Bank for International Settlements (BIS), Dartmouth College - Tuck School of Business, Harvard University - Department of Economics and Ohio State University (OSU) - Department of Finance
Downloads 21 (694,231)
Citation 4

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32.

Fiscal Risk and the Portfolio of Government Programs

NBER Working Paper No. w22763
Number of pages: 40 Posted: 24 Oct 2016 Last Revised: 14 Mar 2021
Samuel Gregory Hanson, David S. Scharfstein and Aditya Sunderam
Harvard University - Business School (HBS), Harvard Business School - Finance Unit and Harvard University
Downloads 16 (734,677)

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33.

Aligning Incentives at Systemically Important Financial Institutions: A Proposal by the Squam Lake Group

Journal of Applied Corporate Finance, Vol. 25, Issue 4, pp. 37-40, 2013
Number of pages: 6 Posted: 23 Dec 2013
Martin N. Baily, John Y. Campbell, John H. Cochrane, Douglas W. Diamond, Darrell Duffie, Kenneth R. French, Anil K. Kashyap, Frederic S. Mishkin, David S. Scharfstein, Robert J. Shiller, Matthew J. Slaughter, Hyun Song Shin and René M. Stulz
Brookings Institution, Harvard University - Department of Economics, Hoover Institution, University of Chicago - Booth School of Business, Stanford University - Graduate School of Business, Dartmouth College - Tuck School of Business, University of Chicago, Booth School of Business, Columbia University - Columbia Business School, Finance, Harvard Business School - Finance Unit, Yale University - Cowles Foundation, Dartmouth College - Tuck School of Business, Bank for International Settlements (BIS) and Ohio State University (OSU) - Department of Finance
Downloads 14 (752,405)
Citation 1

Abstract:

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34.

Concentration in Mortgage Lending, Refinancing Activity and Mortgage Rates

NBER Working Paper No. w19156
Number of pages: 59 Posted: 21 Jun 2013 Last Revised: 07 May 2022
David S. Scharfstein and Aditya Sunderam
Harvard Business School - Finance Unit and Harvard University
Downloads 12 (770,905)

Abstract:

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35.

Life Sciences Roundtable: Strategy and Financing

Journal of Applied Corporate Finance, Vol. 21, Issue 2, pp. 8-35, Spring 2009
Posted: 04 Jul 2009
Judy Lewent, Joe Fuller, David S. Scharfstein, Rick Passov, Cathrin Petty and Charles E. Simmons
affiliation not provided to SSRN, affiliation not provided to SSRN, Harvard Business School - Finance Unit, affiliation not provided to SSRN, affiliation not provided to SSRN and affiliation not provided to SSRN
Downloads 8 (809,827)

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36.

Momentive Performance Materials, Inc.

Harvard Business School Finance Case No. 210-081
Posted: 07 Feb 2012
Victoria Ivashina and David S. Scharfstein
Harvard University and Harvard Business School - Finance Unit

Abstract:

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37.

Entrepreneurial Spawning: Public Corporations and the Genesis of New Ventures, 1986 to 1999

University of Illinois at Urbana-Champaign's Academy for Entrepreneurial Leadership Historical Research Reference in Entrepreneurship
Posted: 17 Nov 2009
David S. Scharfstein, Paul A. Gompers and Josh Lerner
Harvard Business School - Finance Unit, Harvard Business School - Finance Unit and Harvard Business School - Finance Unit

Abstract:

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VentureOne dataset, Patent citations, Entrepreneurial activity, Corporate spinoffs, Entrepreneurial environment, Firm diversification, Venture capital, Startups

38.

Pilgrim Assurance Building

HBS Case No.: 9-206-078
Posted: 22 Sep 2008
Robin M. Greenwood, David S. Scharfstein and Arthur I. Segel
Harvard Business School - Finance Unit, Harvard Business School - Finance Unit and Harvard University - Entrepreneurial Management Unit

Abstract:

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39.

Learning About Internal Capital Markets from Corporate Spin-Offs

Posted: 27 Aug 2003
Robert H. Gertner, Eric A. Powers and David S. Scharfstein
University of Chicago - Finance, University of South Carolina - Darla Moore School of Business and Harvard Business School - Finance Unit

Abstract:

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40.

Optimal Debt Structure and the Number of Creditors

J. OF POLITICAL ECONOMY, February 1996
Posted: 03 Jul 1998
Patrick Bolton and David S. Scharfstein
Columbia University - Columbia Business School, Economics and Harvard Business School - Finance Unit

Abstract:

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