RL Porta, F Lopez-de-Silane, A Shleifer… - 1996 - nber.org
This paper examines legal rules covering protection of corporate shareholders and
creditors, the origin of these rules, and the quality of their enforcement in 49 countries. The
results show that common law countries generally have the best, and French civil law ...
A Shleifer… - 1996 - nber.org
NBER WORKING PAPER SERIES A SURVEY OF CORPORATE GOVERNANCE Andrei Shleifer
Robert W. Vishny Working Paper 5554 NATIONAL BUREAU OF ECONOMIC RESEARCH 1050
Massachusetts Avenue Cambridge, MA 02138 April 1996 Prepared for the Nobel ...
F López de Silanes, R La Porta… - Journal of finance, 1999 - works.bepress.com
Abstract We present data on ownership structures of large corporations in 27 wealthy
economies, making an effort to identify the ultimate controlling shareholders of these firms.
We find that, except in economies with very good shareholder protection, relatively few of ...
R La Porta, F Lopez-de-Silanes, A Shleifer… - Journal of finance, 1997 - JSTOR
Using a sample of 49 countries, we show that countries with poorer investor protections,
measured by both the character of legal rules and the quality of law enforcement, have
smaller and narrower capital markets. These findings apply to both equity and debt ...
R Morck, A Shleifer… - Journal of financial economics, 1988 - Elsevier
Abstract We investigate the relationship between management ownership and market
valuation of the firm, as measured by Tobin's Q. In a 1980 cross-section of 371 Fortune 500
firms, we find evidence of a significant nonmonotonic relationship. Tobin's Q first increases ...
A Shleifer… - The Journal of Political Economy, 1986 - JSTOR
In a corporation with many small owners, it may not pay any one of them to monitor the
performance of the management. We explore a model in which the presence of a large
minority shareholder provides a partial solution to this free-rider problem. The model ...
R La Porta, F Lopez-de-Silanes… - Journal of Law, …, 1999 - Oxford Univ Press
Abstract We investigate empirically the determinants of the quality of governments in a large
cross-section of countries. We assess government performance using measures of
government intervention, public sector efficiency, public good provision, size of ...
R La Porta, F Lopez-de-Silanes, A Shleifer… - Journal of financial …, 2000 - Elsevier
Recent research has documented large differences among countries in ownership
concentration in publicly traded firms, in the breadth and depth of capital markets, in
dividend policies, and in the access of firms to external finance. A common element to the ...
Recent theories of economic growth, including Romer (1986), Porter (1989) and Jacobs
(1969), have stressed the role of technological spillovers in generating growth. Because
such knowledge spillovers are particularly effective in cities, where communication ...
A Shleifer… - 1993 - nber.org
This paper presents two propositions about corruption. First, the structure of government
institutions and the political process are a very important determinant of the level of
corruption. In particular, weak governments which do not control their agencies would ...
J Lakonishok, RW Vishny… - 1993 - nber.org
For many years, stock market analysts have argued that value strategies outperform the
market. These value strategies call for buying stocks that have low prices relative to
earnings, dividends, book assets, or other measures of fundamental value. While there is ...
N Barberis, A Shleifer… - Journal of financial economics, 1998 - Elsevier
Recent empirical research in finance has uncovered two families of pervasive regularities:
underreaction of stock prices to news such as earnings announcements, and overreaction of
stock prices to a series of good or bad news. In this paper, we present a parsimonious ...
RL Porta, F Lopez-deSilanes, A Shleifer… - 1999 - nber.org
We present a model of the effects of legal protection of minority shareholders and of cash
flow ownership by a controlling shareholder on the valuation of firms. We then test this
model using a sample of 371 large firms from 27 wealthy economies. Consistent with the ...
A Shleifer… - 1995 - nber.org
In traditional models, arbitrage in a given security is performed by a large number of
diversified investors taking small positions against its mispricing. In reality, however,
arbitrage is conducted by a relatively small number of highly specialized investors who ...
S Djankov, R La Porta… - … Quarterly Journal of …, 2002 - qje.oxfordjournals.org
Abstract We present new data on the regulation of entry of start-up firms in 85 countries. The
data cover the number of procedures, official time, and official cost that a start-up must bear
before it can operate legally. The official costs of entry are extremely high in most ...
A Shleifer - 2000 - books.google.com
The efficient markets hypothesis has been the central proposition in finance for nearly thirty
years. It states that securities prices in financial markets must equal fundamental values,
either because all investors are rational or because arbitrage eliminates pricing ...
A Shleifer… - The Quarterly Journal of Economics, 1994 - qje.oxfordjournals.org
Abstract We present a model of bargaining between politicians and managers that explains
many stylized facts about the behavior of state firms, their commercialization, and
privatization. Subsidies to public enterprises and bribes from managers to politicians ...
KM Murphy, A Shleifer… - 1988 - nber.org
This paper explores Rosenstein-Rodman's (1943) idea that simultaneous industrialization of
many sectors of the economy can be profitable for all of them, even when no sector can
break even industrializing alone. We analyze this ides in the context of an imperfectly ...
EL Glaeser, R La Porta, F Lopez-de-Silanes… - Journal of economic …, 2004 - Springer
We revisit the debate over whether political institutions cause economic growth, or whether,
alternatively, growth and human capital accumulation lead to institutional improvement. We
find that most indicators of institutional quality used to establish the proposition that ...
JB DeLong, A Shleifer, LH Summers… - 1989 - nber.org
Analyses of the role of rational speculators in financial markets usually presume that such
investors dampen price fluctuations by trading against liquidity or noise traders. This
conclusion does not necessarily hold when noise traders follow positive-feedback ...
RL Porta, F Lopez-De-Silane, A Shleifer… - 1996 - nber.org
Several authors suggest that trust is an important determinant of cooperation between
strangers in a society, and therefore of performance of social institutions. We argue that trust
should be particularly important for the performance of large organizations. In a cross- ...
F Lopez de Silanes, R Vishny… - Journal of finance, 2000 - works.bepress.com
Abstract This paper addresses the question of why firms pay dividends, the so-called"
dividend puzzle," from the agency perspective. We outline two agency models of dividends.
On what we call" the outcomes" model, dividends are the result of effective pressure by ...
KM Murphy, A Shleifer… - The Quarterly Journal of …, 1991 - qje.oxfordjournals.org
Abstract A country's most talented people typically organize production by others, so they
can spread their ability advantage over a larger scale. When they start firms, they innovate
and foster growth, but when they become rent seekers, they only redistribute wealth and ...
R Morck, A Shleifer… - 1989 - nber.org
This paper documents for a sample of 327 US acquisitions between 1975 and 1987 three
forces that systematically reduce the announcement day return of bidding firms. The returns
to bidding shareholders are lower when their firm diversifies, when it buys a rapidly ...
RL Porta, F Lopezde-Silanes… - 2000 - nber.org
In this paper, we investigate a neglected aspect of financial systems of many countries
around the world: government ownership of banks. We assemble data which establish four
findings. First, government ownership of banks is large and pervasive around the world. ...
A Shleifer… - Journal of financial economics, 1989 - Elsevier
Abstract We describe how managers can entrench themselves by making manager-specific
investments that make it costly for shareholders to replace them. By making manager-
specific investments, managers can reduce the probability of being replaced extract ...
M Boycko, A Shleifer… - The Economic Journal, 1996 - JSTOR
Public enterprises around the world have proved to be highly inefficient, primarily because
they pursue strategies, such as excess employment, that satisfy the political objectives of
politicians who control them. Privatisation of public enterprises can raise the cost to ...
A Shleifer… - Journal of finance, 1992 - JSTOR
We explore the determinants of liquidation values of assets, particularly focusing on the
potential buyers of assets. When a firm in financial distress needs to sell assets, its industry
peers are likely to be experiencing problems themselves, leading to asset sales at prices ...
JC Botero, S Djankov, R La Porta… - … Quarterly Journal of …, 2004 - qje.oxfordjournals.org
Abstract We investigate the regulation of labor markets through employment, collective
relations, and social security laws in 85 countries. We find that the political power of the left
is associated with more stringent labor regulations and more generous social security ...
R Porta, F Lopez‐de‐Silanes… - The Journal of …, 2006 - Wiley Online Library
In this paper, we examine securities laws of 49 countries, focusing specifically on how these
laws regulate the issuance of new equity to the public. Security issuance is subject to the
well-known “promoter's problem” (Mahoney (1995))—the risk that corporate issuers sell ...
C Lee, A Shleifer… - 1990 - nber.org
This paper examines the proposition that fluctuations in discounts on closed end funds are
driven by changes in individual investor sentiment toward closed end funds and other
securities. The theory implies that discounts on various funds must move together, that ...
O Hart, A Shleifer… - 1996 - nber.org
When should a government provide a service inhouse and when should it contract out
provision? We develop a model in which the provider can invest in improving the quality of
service or reducing cost. If contracts are incomplete, the private provider has a stronger ...
A Shleifer - 1998 - nber.org
Private ownership should generally be preferred to public ownership when the incentives to
innovate and to contain costs must be strong. In essence, this is the case for capitalism over
socialism, explaining the dynamic vitality'of free enterprise. The great economists of the ...
BD Bernheim, A Shleifer… - The Journal of Political Economy, 1985 - JSTOR
Although recent research suggests that intergenerational transfers play an important role in
aggregate capital accumulation, our understanding of bequest motives remains incomplete.
We develop a simple model of strategic bequests in which a testator influences the ...
J Lakonishok, A Shleifer… - Journal of financial economics, 1992 - Elsevier
Abstract This paper uses new data on the holdings of 769 tax-exempt (predominantly
pension) funds, to evaluate the potential effect of their trading on stock prices. We address
two aspects of trading by these money managers: herding, which refers to buying (selling) ...
A Shleifer… - Journal of financial Economics, 2003 - Elsevier
We present a model of mergers and acquisitions based on stock market misvaluations of the
combining firms. The key ingredients of the model are the relative valuations of the merging
firms and the market's perception of the synergies from the combination. The model ...
A Shleifer - The RAND Journal of Economics, 1985 - JSTOR
In the typical regulatory scheme a franchised monopoly has little incentive to reduce costs.
This article proposes a mechanism in which the price the regulated firm receives depends
on the costs of identical firms. In equilibrium each firm chooses a socially efficient level of ...
A Shleifer… - 1988 - nber.org
Corporate restructurings through hostile takeover, merger, or management buyout are
wealth enhancing in the sense that the combined market value of the acquiring and the
acquired companies usually rises. Many economists, notably Jensen (1984), have argued ...
A Shleifer… - 2002 - books.google.com
In many countries, public sector institutions impose heavy burdens on economic life: heavy
and arbitrary taxes retard investment, regulations enrich corrupt bureaucrats, state firms
consume national wealth, and the most talented people turn to rent-seeking rather than ...
S Djankov, R La Porta, F Lopez-de-Silanes… - Journal of financial …, 2008 - Elsevier
We present a new measure of legal protection of minority shareholders against
expropriation by corporate insiders: the anti-self-dealing index. Assembled with the help of
Lex Mundi law firms, the index is calculated for 72 countries based on legal rules ...
A Shleifer - Journal of Finance, 1986 - JSTOR
Since September, 1976, stocks newly included into the Standard and Poor's 500 Index have
earned a significant positive abnormal return at the announcement of the inclusion. This
return does not disappear for at least ten days after the inclusion. The returns are ...
A Shleifer… - The Journal of Economic Perspectives, 1990 - JSTOR
I f the efficient markets hypothesis was a publicly traded security, its price would be
enormously volatile. Following Samuelson's (1965) proof that stock prices should follow a
random walk if rational competitive investors require a fixed rate of return and Fama's ( ...
F López de Silanes, S Djankov… - Quarterly Journal of …, 2003 - works.bepress.com
Abstract In cooperation with Lex Mundi member law firms in 109 countries, we measure and
describe the exact procedures used by litigants and courts to evict a tenant for nonpayment
of rent and to collect a bounced check. We use these data to construct an index of ...
M Boycko, A Shleifer… - 1997 - mitpress.mit.edu
Privatizing Russia offers an inside look at one of the most remarkable reforms in recent
history. Having started on the back burner of Russian politics in the fall of 1991, mass
privatization was completed on July 1, 1994, with two thirds of the Russian industry ...
S Johnson, D Kaufmann, A Shleifer… - Brookings papers on …, 1997 - JSTOR
THE ECONOMIES of eastern Europe and the former Soviet Union (FSU) escaped
communism with a heavy burden. When central planning collapsed, they continued to suffer
from widespread political control of economic activity. Such politicization had to be ...
S Djankov, C McLiesh… - Journal of Financial Economics, 2007 - Elsevier
We investigate cross-country determinants of private credit, using new data on legal creditor
rights and private and public credit registries in 129 countries. Both creditor protection
through the legal system and information-sharing institutions are associated with higher ...
KM Murphy, A Shleifer… - The American Economic Review, 1993 - JSTOR
Economists from Adam Smith (1776) to Douglass C. North (1981) agree that poor protection
of property rights is bad for growth. But why is this problem so severe? Why do Peru
(Hernando De Soto, 1989) and Equatorial Guinea (Robert Klitgaard, 1990) fail to grow at ...
A Shleifer… - Journal of Financial Economics, 2002 - Elsevier
We present a simple model of an entrepreneur going public in an environment with poor
legal protection of outside shareholders. The model incorporates elements of Becker's (J.
Political Econ. 106 (1968) 172)“crime and punishment” framework into a corporate finance ...
EL Glaeser,
JA Scheinkman… - Journal of Monetary Economics, 1995 - Elsevier
We examine the relationship between urban characteristics in 1960 and urban growth
between 1960 and 1990. Income and population growth move together, and both types of
growth are (1) positively related to initial schooling,(2) negatively related to initial ...
S Djankov, E Glaeser, R La Porta… - Journal of comparative …, 2003 - Elsevier
In recent years, the field of comparative economics refocused on the comparison of capitalist
economies. The theme of the new research is that institutions exert a profound influence on
economic development. We argue that, to understand capitalist institutions, one needs to ...
M Burkart,
F Panunzi… - The Journal of Finance, 2003 - Wiley Online Library
Abstract We present a model of succession in a firm owned and managed by its founder.
The founder decides between hiring a professional manager or leaving management to his
heir, as well as on what fraction of the company to float on the stock exchange. We ...
R Morck, A Shleifer… - 1988 - nber.org
We examine performance and management characteristics of Fortune 500 firms
experiencing one of three types of control change: internally precipitated management
turnover, hostile takeover, and friendly takeover. We find that firms experiencing internally ...
T Frye… - 1996 - nber.org
Evidence from a survey of 105 shop-owners in Moscow and Warsaw shows that the reliance
on private protection, as well as the burden of regulation and corruption, are much greater in
Moscow. The evidence suggests that theinvisible hand'model of government better fits the ...
EL Glaeser… - 2001 - nber.org
A central requirement in the design of a legal system is the protection of law enforcers from
coercion by litigants through either violence or bribes. The higher the risk of coercion, the
greater the need for protection and control of law enforcers by the state. This perspective ...
JB DeLong, A Shleifer, LH Summers… - 1988 - nber.org
We use the revised estimates of US GNP constructed by Christina Romer (1989) to assess
the time-series properties of US output per capita over the past century. We reject at
conventional significance levels the null that output is a random walk in favor of the ...
KM Murphy, A Shleifer… - The Quarterly Journal of …, 1989 - qje.oxfordjournals.org
Abstract When world trade is costly, a country can profitably industrialize only if its domestic
markets are large enough. In such a country, for increasing returns technologies to break
even, sales must be high enough to cover fixed setup costs. We suggest two conditions ...
O Blanchard… - 2000 - nber.org
In China, local governments have actively contributed to the growth of new firms. In Russia,
local governments have typically stood in the way, be it through taxation, regulation, or
corruption. There appears to be two main reasons behind the behavior of local ...
N Barberis… - Journal of Financial Economics, 2003 - Elsevier
We study asset prices in an economy where some investors categorize risky assets into
different styles and move funds among these styles depending on their relative performance.
In our economy, assets in the same style comove too much, assets in different styles ...
A Shleifer… - 2001 - books.google.com
Recent commentators on Russia's economic reforms have almost uniformly declared them a
disappointing and avoidable--failure. In this book, two American scholars take a new and
more balanced look at the country's attempts to build capitalism on the ruins of Soviet ...
N Barberis, M Boycko, A Shleifer… - 1995 - nber.org
We use a survey of 452 Russian shops, most of which were privatized between 1992 and
1993, to measure the importance of alternative channels through which privatization
promotes restructuring. Restructuring is measured as capital renovation, change in ...
RL Porta, J Lakonishok, A Shleifer… - 1995 - nber.org
This paper examines the hypothesis that the superior return to so-called value stocks is the
result of expectational errors made by investors. We study stock price reactions around
earnings announcements for value and glamour stocks over a 5 year period after portfolio ...
J Lakonishok, A Shleifer,
R Thaler… - 1991 - nber.org
This paper takes a first look at investment strategies of managers of 769 pension funds, with
total assets of $129 billion at the end of 1989. The data show that managers of these funds
tend to oversell stocks that have performed poorly. Relative sales of losers accelerate in ...
S Bhagat, A Shleifer, RW Vishny, G Jarrel… - Brookings Papers on …, 1990 - JSTOR
HOSTILE TAKEOVERS invite strong reactions, both positive and negative, from academics
as well as the general public. Yet fairly little is known about what drives these takeovers,
which characteristically involve significant wealth gains to target firms' shareholders. The ...
E Glaeser, S Johnson… - The Quarterly Journal of …, 2001 - qje.oxfordjournals.org
Abstract Who should enforce laws or contracts: judges or regulators? Many Coasians,
though not Coase himself, advocate judicial enforcement. We show that the incentives
facing judges and regulators crucially shape this choice. We then compare the regulation ...
J Lakonishok, A Shleifer, RW Vishny, O Hart… - Brookings Papers on …, 1992 - JSTOR
IN 1990 TOTAL FINANCIAL assets in US capital markets amounted to $13.7 trillion, of which
$3.4 trillion was equities, and the rest were bonds, government securities, tax-exempt
securities, and mortgages. These financial assets were held by two principal types of ...
EL Glaeser… - Journal of public economics, 2001 - Elsevier
Entrepreneurs who start new firms may choose not-for-profit status as a means of committing
to soft incentives. Such incentives protect donors, volunteers, consumers and employees
from ex post expropriation of profits by the entrepreneur. We derive conditions under ...
In the Anglo-American constitutional tradition, judicial checks and balances are often seen
as crucial guarantees of freedom. Hayek (1960) distinguishes two ways in which the
judiciary provides such checks and balances: judicial independence and constitutional ...
JB De Long… - 1993 - nber.org
As measured by the pace of city growth in western Europe from 1000 to 1800. absolutist
monarchs stunted the growth of commerce and industry. A region ruled by an absolutist
prince saw its total urban population shrink by one hundred thousand people per century ...
S Mullainathan… - American Economic Review, 2005 - JSTOR
We investigate the market for news under two assumptions: that readers hold beliefs which
they like to see confirmed, and that newspapers can slant stories toward these beliefs. We
show that, on the topics where readers share common beliefs, one should not expect ...
A Shleifer… - The Journal of Economic Perspectives, 1988 - JSTOR
L ike the rest of us, corporate managers have many personal goals and am-bitions, only one
of which is to get rich. The way they try to run their companies reflects these personal goals.
Shareholders, in contrast, deprived of the pleasures of running the company, only care ...
N Barberis, A Shleifer… - Journal of Financial Economics, 2005 - Elsevier
Building on Vijh (Rev. Financial Stud. 7 (1994)), we use additions to the S&P 500 to
distinguish two views of return comovement: the traditional view, which attributes it to
comovement in news about fundamental value, and an alternative view, in which frictions ...
R Morck, A Shleifer, RW Vishny, M Shapiro… - Brookings Papers on …, 1990 - JSTOR
RECENT EVENTS and research findings increasingly suggest that the stock market is not
driven solely by news about fundamentals. There seem to be good theoretical as well as
empirical reasons to believe that investor sentiment, also referred to as fads and fashions, ...
SJ Wei… - Brookings Papers on Economic Activity, 2000 - nber.org
The research reported in this paper was inspired by a plane ride I took from China to the
United States in 1996. Browsing the newspapers and in-flight magazines, I came across one
story about the high level of official corruption in China, and another that extolled the ...
A Shleifer… - The American Economic Review, 1990 - JSTOR
This paper attempts to explain the often lamented pursuit by investors of short-term capital
gains and the selection by firms of short-term investment projects. Our starting point is the
observation that, in practice, arbitrage (trading based on knowledge that the price of an ...
R Morck, A Shleifer… - 1988 - nber.org
Randall Mttrck is assistant professor of finance at the University of Alberta. Andrei Shleifer is
assistant professor of finance and business economics at the Graduate School of Business.
University of Chicago. and a faculty research fellow of the National Bureau of Economic ...
A Shleifer - The Journal of Political Economy, 1986 - JSTOR
The paper describes an artificial economy in which firms in different sectors make inventions
at different times but innovate simultaneously to take advantage of high aggregate demand.
In turn, high demand results from simultaneous innovation in many sectors. The economy ...
A Shleifer - European Economic Review, 1997 - Elsevier
The speed of economic reforms is not the only important determinant of the success of the
transition to a market economy: the transition of government from a communist state to an
institution supporting a market economy is as critical. Survey evidence shows that Russia ...
B Pinto, M Belka, S Krajewski… - Brookings Papers on Economic …, 1993 - JSTOR
THE ECONOMIC DOMINANCE of the state sector makes its behavior and response crucial
to the course of reform in the economies of Central and Eastern Europe. This paper
examines the special case of Poland in the three years following the" big bang" of January ...
KM Murphy, A Shleifer… - The Quarterly Journal of …, 1992 - qje.oxfordjournals.org
Abstract We present a theory of a partial economic reform of a planned economy, similar to
the one that took place in Russia since 1988 and in China earlier. In such a reform, some
markets are liberalized in the sense that producers can sell output to whomever they want, ...
M Boycko, A Shleifer, RW Vishny, S Fischer… - Brookings Papers on …, 1993 - JSTOR
WHEN ANATOLY B. CHUBAIS was put in charge of the State Committee on the
Management of State Property (GKI) in October 1991, privatization was not at the top of
Russia's reform agenda. Price liberalization and control of the budget were the top ...
A Shleifer… - Strategic management journal, 1991 - Wiley Online Library
Abstract This paper reviews the evidence on takeover waves of the 1960s and 1980s, and
discusses the implications of this evidence for corporate strategy, agency theory, capital
market efficiency, and antitrust policy. We conclude that antitrust policy played an ...
F Lopez-de-Silane, A Shleifer… - 1995 - nber.org
In the United States, the two principal modes of producing local government services are
inhouse provision by government employees and contracting out to private suppliers, also
known as privatization. We examine empirically how United States counties choose their ...
E Glaeser,
J Scheinkman… - Journal of Monetary Economics, 2003 - Elsevier
In many countries, the operation of legal, political and regulatory institutions is subverted by
the wealthy and the politically powerful for their own benefit. This subversion takes the form
of corruption, intimidation, and other forms of influence. We present a model of such ...
JM Poterba,
AA Samwick, A Shleifer… - Brookings papers on …, 1995 - JSTOR
THE BULL MARKET of the last year has raised the total value of corporate stock in the
United States by nearly a trillion dollars. While many analysts have tried to explain or
interpret the recent movements of the stock market, there has been less attention to the ...
S Djankov, O Hart, C McLiesh… - 2006 - nber.org
We present insolvency practitioners from 88 countries with an identical case of a hotel about
to default on its debt, and ask them to describe in detail how debt enforcement against this
hotel will proceed in their countries. We use the data on time, cost, and the likely ...
JB DeLong, A Shleifer, LH Summers… - 1989 - nber.org
Recent empirical research has identified a significant amount of volatility in stock prices that
cannot be easily explained by changes in fundamentals; one interpretation is that asset
prices respond not only to news but also to irrational" noise trading." We assess the ...
M Boycko, A Shleifer… - Journal of Financial Economics, 1994 - Elsevier
Abstract Several Eastern European countries have initiated mass privatization programs to
transfer state-owned assets to the general population. We show that the decision to pursue
mass privatization and even the specific design of the programs are largely dictated by ...
JR Hay… - The American Economic Review, 1998 - JSTOR
In the last several years, the countries of Eastern Europe and the former Soviet Union (FSU)
have made tremendous progress in price liberalization, privatization, and macroeconomic
stabilization-the standard steps of the so-called shock therapy. Yet in the aftermath of ...
A Shleifer - 2005 - books.google.com
Russia's historic transition from communism in the 1990s sparked intense, often ideological
debates. This book offers a firsthand glimpse into the intellectual challenges that Russia's
turbulent transition generated. It deals with many of the most important reforms, from ...
E Glaeser, G Ponzetto… - 2006 - nber.org
Across countries, education and democracy are highly correlated. We motivate empirically
and then model a causal mechanism explaining this correlation. In our model, schooling
teaches people to interact with others and raises the benefits of civic participation, ...
JR Hay, A Shleifer… - European Economic Review, 1996 - Elsevier
This paper describes some characteristics of a dysfunctional legal system, and then
proposes some reforms of the legal rules that would encourage private agents to rely on the
legal system rather than mafia to structure their transactions. We argue—using both theory ...
A Shleifer… - 1991 - nber.org
We present a new theory of pervasive shortages under socialism, based on the assumption
that the planners are self-interested. Because the planners--meaning bureaucrats in the
ministries and managers of firms--cannot keep the official profits that firms earn, it is in ...
A Shleifer… - The Rand Journal of Economics, 1986 - JSTOR
This article develops a model in which greenmail and other forms of management resistance
to takeovers can benefit shareholders. In particular, discouraging some potential acquirers
may increase shareholder wealth because it encourages others to pursue a combination ...
RL Porta, F Lopez-deSilanes, A Shleifer… - 1999 - nber.org
Recent research has documented large differences between countries in ownership
concentration in publicly traded firms, in the breadth and depth of capital markets, in
dividend policies, and in the access of firms to external finance. We suggest that there is a ...
R Frydman, ES Phelps… - Economics of …, 1993 - Wiley Online Library
That enterprises are operated in the interests of the owners, approximately at any rate, is a
fundamental assumption in the classic efficiency argument for a market economy. Yet, in
actual capitalist economies, the enterprises are seldom owner-operated, the smallest ...
A Shleifer - 2004 - nber.org
Explanations of unethical behavior often neglect the role of competition, as opposed to
greed, in assuring its spread. Using the examples of child labor, corruption,
excessive'executive pay, corporate earnings manipulation, and commercial activities by ...
KM Murphy, A Shleifer… - 1989 - nber.org
This paper discusses market clearing real business cycle models. In these models,
economic fluctuations are characterized by movements along a stable labor supply curve.
As a result, real wages and labor input both move together with output. Although the ...
A Shleifer… - Journal of Financial Economics, 2010 - Elsevier
We propose a theory of financial intermediaries operating in markets influenced by investor
sentiment. In our model, banks make, securitize, distribute, and trade loans, or they hold
cash. They also borrow money, using their security holdings as collateral. Banks maximize ...
S Djankov, T Ganser, C McLiesh, R Ramalho… - 2008 - nber.org
We present new data on effective corporate income tax rates in 85 countries in 2004. The
data come from a survey, conducted jointly with PricewaterhouseCoopers, of all taxes
imposed on" the same" standardized mid-size domestic firm. In a cross-section of ...
CMC Lee, A Shleifer… - The Journal of Economic Perspectives, 1990 - JSTOR
Economics can be distinguished from other social sciences by the belief that most (all?)
behavior can be explained by assuming that agents have stable, well-defined preferences
and make rational choices consistent with those preferences in markets that (eventually) ...
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