Bio | Curriculum Vitae

  David S. Scharfstein
Edmund Cogswell Converse Professor of Finance and Banking

Harvard Business School

Contact Information:
Telephone: (617) 496-5067
E-mail: dscharfstein@hbs.edu

Assistant: Peggy Moreland
Telephone: (617) 495-6882
E-mail: pmoreland@hbs.edu








Recent Publications and Working Papers

The Growth of Finance, with Robin Greenwood, Journal of Economic Perspectives, Spring 2013.  

Concentration in Mortgage Lending, Refinancing Activity, and Mortgage Rates, with Adi Sunderam, 2013.  

An Evaluation of Money Market Fund Reform Proposals, with Samuel G. Hanson and Adi Sunderam, 2012.  

Dollar Funding and the Lending Behavior of Global Banks, with Victoria Ivashina and Jeremy C. Stein, 2012.  

The Economics of Housing Finance Reform, with Adi Sunderam, in The Future of Housing Finance, Martin Neil Bailey, ed., Brookings Institution Press, 2011.  

The Squam Lake Report: Fixing the Financial System, with the Squam Lake Group, Princeton University Press, 2010

Bank Lending During the Financial Crisis of 2008, Journal of Financial Economics, with Victoria Ivashina, September 2010  

Loan Syndication and Credit Cycles, American Economic Review, with Victoria Ivashina, May 2010  

Performance Persistence in Entrepreneurship, Journal of Financial Economics, with Paul Gompers, Josh Lerner and Anna Kovner, April 2010  

Evidence on the Dark Side of Internal Capital Markets, Review of Financial Studies, with Oguzhan Ozbas, February 2010  

Lowering the Cost of Bank Recapitalization, Yale Journal on Regulation, with John Coates, 2009  

Opinion Pieces and Testimony

Testimony before the Senate Banking Committee Hearing on Perspectives on Money Market Mutal Fund Reforms, June 21, 2012

Basel Needs a Firm Hand and Fewer Delays, Financial Times, with Jeremy Stein, September 13, 2010  

The Bailout is Robbing the Banks, New York Times, with John Coates, February 17, 2009  

This Bailout Doesn't Pay Dividends, New York Times, with Jeremy Stein, October 20, 2008  

Testimony before the Subcommittee on Financial Institutions and Consumer Credit Committee. Hearing on TARP Oversight: Is TARP Working for Main Street? United States House of Representatives, March 4, 2009


Selected Other Publications

Venture capital investment cycles: The impact of public markets, with Paul Gompers, Anna Kovner  and Josh Lerner, Journal of Financial Economics, January 2008

Entrepreneurial Spawning: Public Corporations and the Genesis of New Ventures, 1986-1999, with Paul Gompers and Josh Lerner, Journal of Finance, April 2005  

Learning About Internal Capital Markets from Corporate Spinoffs, with Robert Gertner and Eric Powers, Journal of Finance, December 2002  

Do Firm Boundaries Matter?, with Sendhil Mullainathan, American Economic Review, May 2002  

The Dark Side of Internal Capital Markets: Divisional Rent-Seeking and Inefficient Investment, with Jeremy Stein, Journal of Finance, December 2000  

Herd Behavior and Investment: Reply, with Jeremy C. Stein, American Economic Review, June 2000  

Corporate Finance, the Theory of the Firm, and Organizations, with Patrick Bolton, The Journal of Economic Perspectives, Autumn, 1998  

Optimal Debt Structure and the Number of Creditors, with Patrick Bolton, The Journal of Political Economy, February, 1996  

Capital-Market Imperfections and Countercyclical Markups: Theory and Evidence , with Judith Chevalier, The American Economic Review, September, 1996  

Liquidity Constraints and the Cyclical Behavior of Markups, with Judith A. Chevalier, The American Economic Review, May, 1995  

Anatomy of Financial Distress: An Examination of Junk-Bond Issuers, with Paul Asquith & Robert Gertner, The Quarterly Journal of Economics, August, 1994  

Internal Versus External Capital Markets, with Robert H. Gertner & Jeremy C. Stein, The Quarterly Journal of Economics, November, 1994  

Risk Management: Coordinating Corporate Investment and Financing Policies, with Kenneth A. Froot & Jeremy C. Stein, The Journal of Finance, December, 1993  

Herd on the Street: Informational Inefficiencies in a Market with Short-Term Speculation, with Kenneth A. Froot & Jeremy C. Stein, The Journal of Finance, September, 1992  

Corporate Structure, Liquidity, and Investment: Evidence from Japanese Industrial Groups, with Takeo Hoshi & Anil Kashyap, The Quarterly Journal of Economics, February, 1991  

A Theory of Workouts and the Effects of Reorganization Law, with Robert Gertner, The Journal of Finance, September, 1991  

Shareholder-Value Maximization and Product-Market Competition, with Julio J. Rotemberg, The Review of Financial Studies, 1990  

A Theory of Predation Based on Agency Problems in Financial Contracting, with Patrick Bolton, The American Economic Review, March, 1990  

Herd Behavior and Investment, with Jeremy C. Stein, The American Economic Review, June 1990  

LDC Debt: Forgiveness, Indexation, and Investment Incentives, with Kenneth A. Froot & Jeremy C. Stein, The Journal of Finance, December, 1989  

The Disciplinary Role of Takeovers, The Review of Economic Studies, April, 1988  

Simultaneous Signalling to the Capital and Product Markets, with Robert Gernter & Robert Gibbons, The RAND Journal of Economics, Summer, 1988  

Product-Market Competition and Managerial Slack, The RAND Journal of Economics, Spring, 1988  

Testing in Models of Asymmetric Information, with Barry Nalebuff, The Review of Economic Studies, April, 1987  

A Policy to Prevent Rational Test-Market Predation, The RAND Journal of Economics, Summer, 1984

Outside Activities