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Law and finance

[PDF] from piketty.fr
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 ...
Cited by 10525 - Related articles - BL Direct - All 109 versions

A survey of corporate governance

[PDF] from uri.edu
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 ...
Cited by 8345 - Related articles - BL Direct - All 86 versions

Corporate ownership around the world

[PDF] from harvard.edu
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 ...
Cited by 6245 - Related articles - BL Direct - All 87 versions

Legal determinants of external finance

[PDF] from theseus-mba.com
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 ...
Cited by 5586 - Related articles - BL Direct - All 55 versions

Management ownership and market valuation:: An empirical analysis

[PDF] from harvard.edu
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 ...
Cited by 5062 - Related articles - All 24 versions

Large shareholders and corporate control

[PDF] from ens.fr
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 ...
Cited by 4666 - Related articles - All 39 versions

The quality of government

[PDF] from j-bradford-delong.net
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 ...
Cited by 3322 - Related articles - BL Direct - All 29 versions

Investor protection and corporate governance

[PDF] from harvard.edu
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 ...
Cited by 3318 - Related articles - All 65 versions

Growth in cities

[PDF] from harvard.edu
EL Glaeser, HD Kallal, JA Scheinkman… - 1991 - nber.org
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 ...
Cited by 3292 - Related articles - BL Direct - All 31 versions

Corruption

[PDF] from oxfordjournals.org
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 ...
Cited by 2878 - Related articles - BL Direct - All 27 versions

Contrarian investment, extrapolation, and risk

[PDF] from regie-energie.qc.ca
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 ...
Cited by 2817 - Related articles - BL Direct - All 37 versions

A model of investor sentiment

[PDF] from 58.194.176.229
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 ...
Cited by 2561 - Related articles - BL Direct - All 74 versions

Investor protection and corporate valuation

[PDF] from ens.fr
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 ...
Cited by 2509 - Related articles - BL Direct - All 73 versions

The limits of arbitrage

[PDF] from ku.edu.tr
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 ...
Cited by 2242 - Related articles - BL Direct - All 51 versions

The regulation of entry

[PDF] from oxfordjournals.org
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 ...
Cited by 2127 - Related articles - BL Direct - All 41 versions

[BOOK] Inefficient markets: An introduction to behavioral finance

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 ...
Cited by 1919 - Related articles - All 18 versions

Politicians and firms

[PDF] from oxfordjournals.org
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 ...
Cited by 1783 - Related articles - BL Direct - All 17 versions

Industrialization and the big push

[PDF] from wisc.edu
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 ...
Cited by 1634 - Related articles - All 44 versions

Do institutions cause growth?

[PDF] from ntu.edu.tw
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 ...
Cited by 1616 - Related articles - BL Direct - All 78 versions

Positive feedback investment strategies and destabilizing rational speculation

[PDF] from sdu.edu.cn
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 ...
Cited by 1582 - Related articles - All 29 versions

Trust in large organizations

[PDF] from exclusion.net
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- ...
Cited by 1516 - Related articles - BL Direct - All 33 versions

Agency problems and dividend policies around the world

[PDF] from wu.ac.at
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 ...
Cited by 1457 - Related articles - BL Direct - All 44 versions

The allocation of talent: implications for growth

[PDF] from oxfordjournals.org
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 ...
Cited by 1453 - Related articles - BL Direct - All 29 versions

Do managerial objectives drive bad acquisitions?

[PDF] from harvard.edu
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 ...
Cited by 1383 - Related articles - All 36 versions

Government ownership of banks

[PDF] from worldbank.org
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. ...
Cited by 1386 - Related articles - BL Direct - All 54 versions

Management entrenchment: The case of manager-specific investments

[PDF] from unimedia.ac.id
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 ...
Cited by 1345 - Related articles - All 10 versions

A theory of privatisation

[PDF] from sgpe.ac.uk
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 ...
Cited by 1256 - Related articles - BL Direct - All 7 versions

Liquidation values and debt capacity: A market equilibrium approach

[PDF] from harvard.edu
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 ...
Cited by 1195 - Related articles - BL Direct - All 16 versions

The regulation of labor

[PDF] from oxfordjournals.org
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 ...
Cited by 1165 - Related articles - BL Direct - All 84 versions

What works in securities laws?

[PDF] from escholarship.org
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 ...
Cited by 1155 - Related articles - BL Direct - All 47 versions

Investor sentiment and the closed-end fund puzzle

[PDF] from memphis.edu
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 ...
Cited by 1144 - Related articles - All 23 versions

The proper scope of government: theory and an application to prisons

[PDF] from oxfordjournals.org
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 ...
Cited by 1132 - Related articles - BL Direct - All 29 versions

State versus private ownership

[PDF] from hujingbei.net
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 ...
Cited by 1126 - Related articles - BL Direct - All 40 versions

The strategic bequest motive

[PDF] from lse.ac.uk
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 ...
Cited by 1086 - Related articles - All 10 versions

The impact of institutional trading on stock prices

[PDF] from harvard.edu
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) ...
Cited by 1079 - Related articles - All 12 versions

Stock market driven acquisitions

[PDF] from 112.78.41.54
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 ...
Cited by 1053 - Related articles - BL Direct - All 56 versions

A theory of yardstick competition

[PDF] from harvard.edu
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 ...
Cited by 1044 - Related articles - All 23 versions

[PDF] Breach of trust in hostile takeovers

[PDF] from nber.org
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 ...
Cited by 1039 - Related articles - View as HTML - All 12 versions

[BOOK] The grabbing hand: Government pathologies and their cures

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 ...
Cited by 966 - Related articles - All 8 versions

The law and economics of self-dealing

[PDF] from uva.nl
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 ...
Cited by 958 - Related articles - BL Direct - All 80 versions

Do demand curves for stocks slope down?

[PDF] from chicagobooth.edu
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 ...
Cited by 929 - Related articles - All 20 versions

The noise trader approach to finance

[PDF] from rose-hulman.edu
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 ( ...
Cited by 934 - Related articles - All 45 versions

Courts

[PDF] from oxfordjournals.org
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 ...
Cited by 926 - Related articles - BL Direct - All 25 versions

[BOOK] Privatizing Russia

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 ...
Cited by 927 - Related articles - Cached - All 8 versions

The unofficial economy in transition

[PDF] from harvard.edu
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 ...
Cited by 873 - Related articles - BL Direct - All 24 versions

Private credit in 129 countries

[PDF] from mecon.gov.ar
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 ...
Cited by 882 - Related articles - All 42 versions

Why is rent-seeking so costly to growth?

[PDF] from persiangig.com
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 ...
Cited by 823 - Related articles - BL Direct - All 15 versions

Investor protection and equity markets

[TXT] from nyu.edu
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 ...
Cited by 761 - Related articles - BL Direct - All 49 versions

Economic growth in a cross-section of cities

[PDF] from upenn.edu
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 ...
Cited by 720 - Related articles - BL Direct - All 13 versions

The new comparative economics

[PDF] from escholarship.org
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 ...
Cited by 690 - Related articles - BL Direct - All 95 versions

Family firms

[PDF] from ulb.ac.be
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 ...
Cited by 674 - Related articles - BL Direct - All 51 versions

Alternative mechanisms for corporate control

[PDF] from wisc.edu
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 ...
Cited by 667 - Related articles - All 42 versions

The invisible hand and the grabbing hand

[PDF] from kemsu.ru
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 ...
Cited by 612 - Related articles - BL Direct - All 29 versions

Legal origins

[PDF] from oxfordjournals.org
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 ...
Cited by 582 - Related articles - BL Direct - All 27 versions

The survival of noise traders in financial markets

[PDF] from harvard.edu
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 ...
Cited by 545 - Related articles - All 34 versions

Income distribution, market size, and industrialization

[PDF] from oxfordjournals.org
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 ...
Cited by 551 - Related articles - All 23 versions

Federalism with and without political centralization: China versus Russia

[PDF] from psu.edu
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 ...
Cited by 531 - Related articles - BL Direct - All 39 versions

Style investing

[PDF] from memphis.edu
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 ...
Cited by 533 - Related articles - All 32 versions

[BOOK] Without a map: Political tactics and economic reform in Russia

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 ...
Cited by 530 - Related articles - All 14 versions

How does privatization work? Evidence from the Russian shops

[PDF] from harvard.edu
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 ...
Cited by 512 - Related articles - BL Direct - All 20 versions

Good news for value stocks: Further evidence on market efficiency

[PDF] from bengrahaminvesting.ca
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 ...
Cited by 500 - Related articles - BL Direct - All 17 versions

Window dressing by pension fund managers

[PDF] from knopers.net
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 ...
Cited by 481 - Related articles - All 31 versions

Hostile takeovers in the 1980s: The return to corporate specialization

[PDF] from psu.edu
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 ...
Cited by 481 - Related articles - All 8 versions

Coase versus the Coasians

[PDF] from oxfordjournals.org
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 ...
Cited by 464 - Related articles - BL Direct - All 31 versions

The structure and performance of the money management industry

[PDF] from brookings.edu
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 ...
Cited by 461 - Related articles - All 10 versions

Not-for-profit entrepreneurs

[PDF] from harvard.edu
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 ...
Cited by 452 - Related articles - BL Direct - All 26 versions

Judicial checks and balances

[PDF] from dartmouth.edu
R LaPorta, F Lopez-de-Silane, C Pop-Eleches… - 2003 - nber.org
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 ...
Cited by 410 - Related articles - BL Direct - All 37 versions

Princes and merchants: European city growth before the industrial revolution

[PDF] from harvard.edu
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 ...
Cited by 402 - Related articles - BL Direct - All 40 versions

The market for news

[PDF] from harvard.edu
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 ...
Cited by 403 - Related articles - BL Direct - All 41 versions

Value maximization and the acquisition process

[PDF] from hse.ru
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 ...
Cited by 397 - Related articles - All 14 versions

Comovement

[TXT] from nyu.edu
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 ...
Cited by 393 - Related articles - BL Direct - All 18 versions

The stock market and investment: is the market a sideshow?

[PDF] from brookings.edu
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, ...
Cited by 382 - Related articles - All 26 versions

[PDF] Local corruption and global capital flows

[PDF] from nber.org
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 ...
Cited by 372 - Related articles - BL Direct - All 21 versions

Equilibrium short horizons of investors and firms

[PDF] from harvard.edu
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 ...
Cited by 368 - Related articles - All 13 versions

[PDF] Characteristics of targets of hostile and friendly takeovers

[PDF] from nber.org
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 ...
Cited by 358 - Related articles - View as HTML - All 27 versions

Implementation cycles

[PDF] from northwestern.edu
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 ...
Cited by 347 - Related articles - All 18 versions

Government in transition

[PDF] from harvard.edu
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 ...
Cited by 341 - Related articles - BL Direct - All 15 versions

Transforming state enterprises in Poland: Evidence on adjustment by manufacturing firms

[PDF] from brookings-tsinghua.cn
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 ...
Cited by 341 - Related articles - BL Direct - All 11 versions

The transition to a market economy: Pitfalls of partial reform

[PDF] from oxfordjournals.org
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, ...
Cited by 330 - Related articles - All 16 versions

Privatizing Russia

[PDF] from brookings-tsinghua.cn
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 ...
Cited by 304 - Related articles - All 11 versions

Takeovers in the'60s and the'80s: Evidence and implications

[PDF] from harvard.edu
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 ...
Cited by 303 - Related articles - All 8 versions

Privatization in the united states

[PDF] from harvard.edu
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 ...
Cited by 290 - Related articles - BL Direct - All 37 versions

The injustice of inequality

[PDF] from harvard.edu
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 ...
Cited by 285 - Related articles - BL Direct - All 27 versions

Stock ownership patterns, stock market fluctuations, and consumption

[PDF] from jhu.edu
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 ...
Cited by 276 - Related articles - BL Direct - All 17 versions

Debt enforcement around the world

[PDF] from bcrp.gob.pe
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 ...
Cited by 271 - Related articles - All 62 versions

The size and incidence of the losses from noise trading

[PDF] from knopers.net
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 ...
Cited by 247 - Related articles - All 18 versions

Voucher privatization

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 ...
Cited by 215 - Related articles - All 9 versions

Private enforcement of public laws: A theory of legal reform

[PDF] from harvard.edu
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 ...
Cited by 200 - Related articles - BL Direct - All 14 versions

[BOOK] A normal country: Russia after communism

[PDF] from wcupa.edu
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 ...
Cited by 189 - Related articles - All 40 versions

Why does democracy need education?

[PDF] from unirule.org.cn
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, ...
Cited by 190 - Related articles - BL Direct - All 39 versions

Toward a theory of legal reform

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 ...
Cited by 182 - Related articles - All 8 versions

Pervasive shortages under socialism

[PDF] from harvard.edu
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 ...
Cited by 156 - Related articles - All 19 versions

Greenmail, white knights, and shareholders' interest

[PDF] from harvard.edu
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 ...
Cited by 157 - Related articles - All 18 versions

Investor protection: origins, consequences, and reform

[PDF] from harvard.edu
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 ...
Cited by 153 - Related articles - BL Direct - All 25 versions

Needed mechanisms of corporate governance and finance in Eastern Europe1

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 ...
Cited by 151 - Related articles - All 9 versions

Does competition destroy ethical behavior?

[PDF] from harvard.edu
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 ...
Cited by 149 - Related articles - BL Direct - All 30 versions

[PDF] Building blocks of market clearing business cycle models

[PDF] from nber.org
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 ...
Cited by 132 - Related articles - View as HTML - All 12 versions

Unstable banking

[PDF] from bcrp.gob.pe
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 ...
Cited by 138 - Related articles - All 14 versions

The effect of corporate taxes on investment and entrepreneurship

[PDF] from bcrp.gob.pe
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 ...
Cited by 131 - Related articles - BL Direct - All 54 versions

Anomalies: Closed-end mutual funds

[PDF] from cefnetwork.org
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) ...
Cited by 132 - Related articles - All 24 versions

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