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Professor Shai B. Bernstein, Ph.D.

Aktuelle Position

seit 7/23

Research Fellow der Abteilung Gesetzgebung, Regulierung und Faktormärkte

Leibniz-Institut für Wirtschaftsforschung Halle (IWH)

seit 2020

Associate Professor

Harvard Business School

Forschungsschwerpunkte
  • Entrepreneurial Finance
  • Innovation

Shai B. Bernstein ist seit Juli 2023 Research Fellow am IWH. Ein Großteil seiner Forschung konzentriert sich auf Finanzfragen im Zusammenhang mit Neugründungen und wachstumsstarken Unternehmen sowie auf die Wechselwirkung dieser Fragen mit Innovation und unternehmerischer Tätigkeit.

Shai B. Bernstein ist Marvin Bower Associate Professor in der Entrepreneurial Management Unit an der Harvard Business School und Faculty Research Fellow am National Bureau of Economic Research (NBER).

Ihr Kontakt

Professor Shai B. Bernstein, Ph.D.
- Abteilung Gesetzgebung, Regulierung und Faktormärkte
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Publikationen

Zitationen
4417

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Flight to Safety: How Economic Downturns Affect Talent Flows to Startups

Shai B. Bernstein Richard R. Townsend Ting Xu

in: Review of Financial Studies, Nr. 3, 2024

Abstract

<p>Using proprietary data from AngelList Talent, we study how startup job seekers’ search and application behavior changed during the COVID-19 downturn. We find that workers shifted their searches and applications away from less-established startups and toward more-established ones, even within the same individual over time. At the firm level, this shift was not offset by an influx of new job seekers. Less-established startups experienced a relative decline in the quantity and quality of applications, ultimately affecting their hiring. Our findings uncover a flight-to-safety channel in the labor market that may amplify the procyclical nature of entrepreneurial activities.</p>

Publikation lesen
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The Effects of Public and Private Equity Markets on Firm Behavior

Shai B. Bernstein

in: Annual Review of Financial Economics, November 2022

Abstract

<p>In this article, I review the theoretical and empirical literature on the effects of public and private equity markets on firm behavior, emphasizing the consequences that emerge from disclosure requirements, ownership concentration, and degree of firm standardization. While publicly listed firms benefit from a lower cost of capital, enabling increased focus on commercialization and profitability, they are less suited to pursue long-term risky investments. Privately held firms are better equipped to pursue innovative projects but face a higher cost of capital, which limits their growth. Complementarities between public and private equity markets can mitigate their respective limitations. Innovation in private equity markets supplements commercialization efforts of public firms, and demand for innovation by public firms accelerates entrepreneurial activity in private equity markets. I conclude by discussing directions for future research.</p>

Publikation lesen
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Who Creates New Firms When Local Opportunities Arise?

Shai B. Bernstein Emanuele Colonnelli Davide Malacrino Timothy McQuade

in: Journal of Financial Economics, Nr. 1, 2022

Abstract

We examine the characteristics of the individuals who become entrepreneurs when local opportunities arise. We identify local demand shocks by linking fluctuations in global commodity prices to municipality-level agricultural endowments in Brazil. We find that the firm creation response is mostly driven by young and skilled individuals. The characteristics of these responsive entrepreneurs are significantly different from those of average entrepreneurs in the economy. By structurally estimating a novel two-sector model of a local economy, we highlight how the demographic composition of the local population can significantly affect the entrepreneurial responsiveness of the economy.

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