Shai Bernstein

Shai Bernstein
Associate Professor, Finance
Contact Info
Academic Area: 

Research Interests

  • Corporate Finance
  • Entrepreneurial Finance

Academic Degrees

  • PhD, Business Economics, Harvard University, 2012
  • MA, Financial Economics, Hebrew University of Jerusalem, 2007
  • BA, Mathematics and Economics, Ben Gurion University, 2005

Academic Appointments

  • Associate Professor of Finance, Stanford GSB, 2016-present
  • Assistant Professor of Finance, Stanford GSB, 2012-2016
  • SIEPR Faculty Fellow, 2016-present
  • NBER Faculty Research Fellow, 2015-present
  • NBER Faculty Research Fellow (Productivity, Innovation and Entrepreneurship), 2015-present

Awards and Honors

  • Dhirubhai Ambani Faculty Scholar in Entrepreneurship for 2015-2016
  • Brattle Prize Winner (First Prize) for Best Paper in the Journal of Finance, 2015
  • Younger Family Faculty Scholar, Stanford GSB, 2013-2014
  • Kauffman Foundation Junior Faculty Fellowship in Entrepreneurship
  • Best paper award, Coller Institute, London Business School
  • Ewing Marion Kauffman Dissertation Fellowship


Journal Articles

Shai Bernstein, Emauele Colonnelli, Xavier Giroud, Benjamin Iverson. Journal of Financial Economics. September 2019, Vol. 133, Issue 3, Pages 608-633.
Shai Bernstein, Abhishek Dev, Josh Lerner. Journal of Finance Economics (forthcoming). June 2019.
Shai Bernstein, Josh Lerner, Filippo Mezzanotti. Review of Financial Studies. April 2019, Vol. 32, Issue 4, Pages 1309-1373.
Shai Bernstein, Emanuele Colonnelli, Benjamin Iverson. Journal of Finance. February 2019, Vol. 74, Issue 1, Pages 5-53.
Shai Bernstein, Timothy James McQuade, Richard Townsend. Journal of Finance (forthcoming). 2019.
Shai Bernstein, Arthur Korteweg, Kevin Laws. Journal of Finance. April 2017, Vol. 72, Issue 2, Pages 509-538.
Shai Bernstein, Xavier Giroud, Richard R. Townsend. Journal of Finance. August 2016, Vol. 71, Issue 4, Pages 1591-1622.
Shai Bernstein, Albert Sheen. Review of Financial Studies . May 19, 2016, Vol. 29, Issue 9, Pages 2387-2418.
Shai Bernstein, Josh Lerner, Morten Sørensen, Per Strõmberg. Management Science. May 3, 2016, Vol. 63, Issue 4, Pages 1198-1213.
Shai Bernstein. Journal of Finance. August 2015, Vol. 70, Issue 4, Pages 1365-1403.
Shai Bernstein, Josh Lerner, Antoinette Schoar. Journal of Economic Perspectives. March 2013, Vol. 27, Issue 2, Pages 219-238.
Shai Bernstein, Eyal Winter. American Economic Journal: Microeconomics. 2012, Vol. 4, Issue 2, Pages 50-76.

Working Papers

The Contribution of High-Skilled Immigrants to Innovation in the United States | PDF
Shai Bernstein, Rebecca Diamond, Timothy James McQuade, Beatriz Pousada, November 62018
Who Creates New Firms when Local Opportunities Arise? | PDF
Shai Bernstein, Emanuele Colonnelli, Davide Malacrino, Timothy James McQuade, June 192018


Degree Courses


This is a course about the financial decision-making process largely from the point of view of the CEO of an entrepreneurial venture, ranging from very early to very late stages. The course takes a two-pronged approach: First, we develop tools...

This course provides an introduction to empirical research in corporate finance, with an emphasis on the application of cross-sectional and panel data econometric techniques for causal inference. Topics include investment policy, entrepreneurship...

Executive Education & Other Non-Degree Programs

  • Seed Transformation Program
    Gain​​ ​​leadership training​ and networking ​support through this comprehensive program ​for established entrepreneurs in Africa and India.

Stanford Case Studies

BloomThat: Navigating the Ups and Downs of a Silicon Valley Start-up | E685
Shai Bernstein, Robert E. Siegel, Joseph N. Golden2019
Illuminate Ventures: Raising a Venture Fund | E473
Shai Bernstein, Arthur Korteweg, Sara Rosenthal2013

Stanford University Affiliations

Stanford GSB

Insights by Stanford Business

May 8, 2019
In areas tied to declining industries, corporate reorganization has better long-term impact than going-out-of-business sales, a new study finds.
February 7, 2018
When the economy stumbles, so too does an employee’s interest in thinking outside the box.
February 1, 2016
Stanford GSB professors share their reading list for topics related to impact.
August 11, 2015
Having investors you can easily interact with can help a business grow.
July 30, 2015
The team behind a business concept can be more important than the idea itself.
December 11, 2013
A finance professor says private equity buyouts add value to companies' operations without decimating their workforces.
July 9, 2013
Institutional investors often favor deals close to home — even though it can cost them dearly.
January 15, 2013
A Stanford scholar says going public often slows innovation.

School News

July 11, 2012
Award-winning economist Susan Athey, noted econometrician Guido Imbens, corporate finance expert Joshua Rauh, and others to join Stanford GSB faculty.