Working Papers

Bai, Jessica, Shai Bernstein, Abhishek Dev, and Josh Lerner. "The Dance Between Government and Private Investors: Public Entrepreneurial Finance around the Globe." Harvard Business School Working Paper, No. 21-120, April 2021.

Bernstein, Shai, Richard Townsend, and Ting Xu. "Flight to Safety: How Economic Downturns Affect Talent Flows to Startups." Harvard Business School Working Paper, No. 21-045, May 2021.

Revise and Resubmit, Review of Financial Studies

Bernstein, Shai, Kunal Mehta, Richard Townsend, and Ting Xu. "Do Startups Benefit from Their Investors' Reputation? Evidence from a Randomized Field Experiment." Harvard Business School Working Paper, No. 21-045, May 2021.

Bernstein, Shai, Tim McQuade, Ramana Nanda, Benjamin Roth. "More Capital, Less Innovation? The Implications of Large Capital Inflows to the Venture Capital Industry." Working Paper, November 2021.

Bernstein, Shai, Rebecca Diamond, Timothy McQuade, and Beatriz Pousada. "The Contribution of High-Skilled Immigrants to Innovation in the United States." Working Paper, November 2021.

Charles River Associates Award for Best Paper in Corporate Finance, Western Finance Association Meetings 2019

Bernstein, Shai, Emanuele Colonnelli, Mitch Hoffman, and Ben Iverson. “Life After Death: A Field Experiment with Small Businesses on Information Frictions, Stigma, and Bankruptcy.” Working Paper, January 2022.

Bernstein, Shai. "The Real Effects of Public and Private Equity Markets." Working Paper, November 2021.

Published Papers

Bernstein, Shai, Emanuele Colonnelli, Davide Malacrino, and Timothy McQuade. "Who Creates New Firms When Local Opportunities Arise?" Journal of Financial Economics 143, no. 1 (January 2022): 107–130.

Bernstein, Shai, Josh Lerner, and Filippo Mezzanotti. "Private Equity and Portfolio Companies: Lessons from the Global Financial Crisis." Journal of Applied Corporate Finance 32, no. 3 (Summer 2020): 21–41.

Bernstein, Shai, T. McQuade, and R. Townsend. "Do Household Wealth Shocks Affect Productivity? Evidence from Innovative Workers During the Great Recession." Journal of Finance 76, no. 1 (February 2021): 57–111.

Bernstein, Shai, Abhishek Dev, and Josh Lerner. "The Creation and Evolution of Entrepreneurial Public Markets." Journal of Financial Economics 136, no. 2 (May 2020): 307–329.

Bernstein, Shai, Emanuele Colonnelli, Xavier Giroud, and Benjamin Iverson. "Bankruptcy Spillovers." Special Issue on Labor and Finance. Journal of Financial Economics 133, no. 3 (September 2019): 608–633.

Bernstein, Shai, Josh Lerner, and Filippo Mezzanotti. "Private Equity and Financial Fragility during the Crisis." Review of Financial Studies 32, no. 4 (April 2019): 1309–1373. (Earlier version distributed as National Bureau of Economic Research Working Paper No. 23626 and Harvard Business School Working Paper No. 18-005.)

Bernstein, Shai., Emanuele Colonnelli, and Ben Iverson. "Asset Allocation in Bankruptcy." Journal of Finance 74, no. 1 (February 2019): 5–53. (Lead Article.)

Bernstein, Shai, Arthur Korteweg, and Kevin Laws. "Attracting Early Stage Investors: Evidence from a Randomized Field Experiment." Journal of Finance 72, no. 2 (April 2017): 509–538. (Lead Article.)

Bernstein, Shai, and Albert Sheen. "The Operational Consequences of Private Equity Buyouts: Evidence from the Restaurant Industry." Review of Financial Studies 29, no. 9 (September 2016): 2387–2418.

Bernstein, Shai., Xavier. Giroud, and Rick Townsend. "The Impact of Venture Capital Monitoring." Journal of Finance 71, no. 4 (August 2016): 1591–1622.

Bernstein, Shai, Josh Lerner, Morten Sorensen, and Per Stromberg. "Private Equity and Industry Performance." Management Science 63, no. 4 (April 2017): 1198–1213.

Bernstein, Shai. "Does Going Public Affect Innovation?" Journal of Finance 70, no. 4 (August 2015): 1365–1403.

Brattle Prize Winner for Best Paper in the Journal of Finance

Bernstein, Shai, Josh Lerner, and Antoinette Schoar. "The Investment Strategies of Sovereign Wealth Funds." Journal of Economic Perspectives 27, no. 2 (Spring 2013): 219–238.

Bernstein, Shai, and Eyal Winter. "Contracting with Heterogeneous Externalities." American Economic Journal: Microeconomics 4, no. 2 (May 2012): 50–76.

Cases

Gompers, Paul A., Shai Benjamin Bernstein, Matthew Wozny, and Alex Gachanja. "Luminar and the Rise of SPACs." Harvard Business School Case 221-099, June 2021. View Detail

Bernstein, Shai, William R. Kerr, Christopher Stanton, and Mel Martin. "Chime Solutions." Harvard Business School Case 821-105, March 2021. View Details

Bernstein, Shai. "CleanWater, Inc.: Running Dry & Out of Time." Harvard Business School Teaching Note 821-048, October 2020. View Details

Bernstein, Shai. "NewView Capital and Venture Capital Secondaries." Harvard Business School Teaching Note 821-049, October 2020. View Details

Lerner, Josh, Shai Bernstein, and Terrence Shu. "PROOF: Pro Rata Opportunity Fund." Harvard Business School Teaching Note 820-085, January 2020. View Details

Lerner, Josh, Shai Bernstein, Ann Leamon, and Richard Sessa. "GeBBS Healthcare Solutions: Did You Ever Have to Make Up Your Mind? (B)." Harvard Business School Supplement 820-074, December 2019. View Details

Lerner, Josh, Shai Bernstein, and Terrence Shu. "PROOF: Pro Rata Opportunity Fund." Harvard Business School Case 820-030, August 2019. View Details

Lerner, Josh, Shai Bernstein, Ann Leamon, and Richard Sessa. "GeBBS Healthcare Solutions: Did You Ever Have to Make Up Your Mind?" Harvard Business School Case 820-041, December 2019. View Details

Lerner, Josh, Shai Bernstein, and Ann Leamon. "Hony Capital and Jushi Group." Harvard Business School Teaching Note 820-073, December 2019. View Details

Lerner, Josh, Shai Bernstein, and Ann Leamon. "Hony Capital and Jushi Group." Harvard Business School Case 820-040, October 2019. View Details

Bernstein, Shai Benjamin. "GeBBS Healthcare Solutions: Did You Ever Have to Make Up Your Mind? (A) and (B)." Harvard Business School Teaching Note 820-094, January 2020. View Details

Bernstein, Shai, Ramana Nanda, and Allison Ciechanover. "NewView Capital and Venture Capital Secondaries." Harvard Business School Case 820-038, October 2019. (Revised January 2020.) View Details