Andrei Shleifer
Professor Andrei Shleifer's Papers
Updated January 31, 2013
For your convenience, many of the papers cited below may be printed as PDF files. The papers that are available as PDF files are either the NBER or HIER version, or the final published version that appears in the respective journal.
If you would like hard copies of unpublished papers or reprints of published papers, please contact Lori Reck.
ARTICLES:
"A Theory of Yardstick Competition" Rand Journal of Economics, Autumn, 1985.
"The Strategic Bequest Motive" (with D. Bernheim and L. Summers). Journal of Political Economy, December, 1985.
"Large Shareholders and Corporate Control" (with R. Vishny). Journal of Political Economy, June, 1986.
"Do Demand Curves for Stocks Slope Down?" Journal of Finance, July, 1986.
"Greenmail, White Knights, and Shareholders' Interest" (with R. Vishny). Rand Journal of Economics, Autumn, 1986.
"Implementation Cycles" Journal of Political Economy, December, 1986.
"Management Buyouts as a Response to Market Pressure" (with R. Vishny). In Alan J. Auerbach, editor, Mergers and Acquisitions. Chicago: University of Chicago Press, 1987.
"Value Maximization and the Acquisition Process" (with R. Vishny). Journal of Economic Perspectives, Winter, 1988.
"Breach of Trust in Hostile Takeovers" (with L. Summers). In Alan J. Auerbach, editor, Corporate Takeovers: Causes and Consequences. Chicago: University of Chicago Press, 1988.
"Characteristics of Targets of Hostile and Friendly Takeovers" (with R. Morck and R. Vishny). In Alan J. Auerbach, editor, Corporate Takeovers: Causes and Consequences. Chicago: University of Chicago Press, 1988.
"Management Ownership and Market Valuation: An Empirical Analysis" (with R. Morck and R. Vishny). Journal of Financial Economics, March, 1988.
"The Efficiency of Investment in the Presence of Aggregate Demand Spillovers" (with R.Vishny). Journal of Political Economy, December, 1988.
"The Size and Incidence of the Losses from Noise Trading" (with B. De Long, L. Summers, and R. Waldmann). Journal of Finance, July, 1989.
"Income Distribution, Market Size and Industrialization"(with K. Murphy and R. Vishny). Quarterly Journal of Economics, August, 1989.
"Alternative Mechanisms for Corporate Control" (with R. Morck and R. Vishny). American Economic Review, September, 1989.
"Industrialization and the Big Push" (with K. Murphy and R. Vishny). Journal of Political Economy, October, 1989.
"Management Entrenchment: The Case of Manager-Specific Investments" (with R. Vishny). Journal of Financial Economics, November, 1989.
"Building Blocks of Market Clearing Business Cycle Models" (with K. Murphy and R. Vishny). NBER Macroeconomics Annual, 1989.
"Costs of Financial Distress, Delayed Calls of Convertible Bonds, and the Role of Investment Banks" (with D. Jaffee). Journal of Business: Merton Miller Conference, January, 1990.
"Do Managerial Objectives Drive Bad Acquisitions?"(with R. Morck and R. Vishny). Journal of Finance, March, 1990.
"The Noise Trader Approach to Finance" (with L. Summers), Journal of Economic Perspectives, Spring, 1990.
"Equilibrium Short Horizons of Investors and Firms" (with R. W. Vishny). American Economic Review Papers and Proceedings, May, 1990.
"Positive Feedback Investment Strategies and Destabilizing Rational Speculation" (with B. De Long, L. Summers, and R. Waldmann). Journal of Finance, June, 1990.
"Noise Trader Risk in Financial Markets" (with B. De Long, L. Summers and R. Waldmann). Journal of Political Economy, August, 1990.
"The Takeover Wave of the 1980s" (with R. Vishny). Science, August 17, 1990.
"Externalidades como motor do crescimento"R. Bras. Econ. 44(3):297-310, jul./set. 1990.
"Closed End Mutual Funds" (with C. Lee and R. Thaler). Journal of Economic Perspectives, Fall, 1990.
"Reversions of Excess Pension Assets after Takeovers" (with J. Pontiff and M. Weisbach). Rand Journal of Economics, Winter, 1990.
"Hostile Takeovers in the 1980s: The Return to Corporate Specialization""(with S. Bhagat and R. Vishny). Brookings Papers on Economic Activity: Microeconomics, 1990.
"The Stock Market and Investment: Is the Market a Sideshow?" (with R. Morck and R. Vishny). Brookings Papers on Economic Activity, 1990:2.
"The Survival of Noise Traders in Financial Markets" (with B. De Long, L. Summers, and R. Waldmann). Journal of Business, January, 1991.
"Investor Sentiment and the Closed-End Fund Puzzle" (with C. Lee and R. Thaler). Journal of Finance, March, 1991.
"Window Dressing by Pension Fund Managers" (with J. Lakonishok, R. Thaler, and R. Vishny). American Economic Review Papers and Proceedings, May, 1991.
"The Allocation of Talent: Implications for Growth" (with K. M. Murphy and R. W. Vishny). Quarterly Journal of Economics, May, 1991.
"The Bubble of 1929: Evidence from Closed-End Funds" (with B. De Long). Journal of Economic History, September, 1991.
"Takeovers in the '60s and the '80s: Evidence and Implications" (with R. Vishny). Strategic Management Journal, December, 1991.
"Reversing the Soviet Economic Collapse" (with R. Vishny). Brookings Papers on Economic Activity, 1991:2.
"The Transition to a Market Economy: Pitfalls of Partial Reform"(with K. Murphy and R. Vishny). Quarterly Journal of Economics, August, 1992.
"The Impact of Institutional Trading on Stock Prices" (with J. Lakonishok and R. W. Vishny). Journal of Financial Economics, August, 1992.
"Pervasive Shortages under Socialism" (with R. Vishny). The Rand Journal of Economics, Summer 1992.
"Liquidation Values and Debt Capacity: A Market Equilibrium Approach" (with R. Vishny). Journal of Finance, September, 1992.
"Growth in Cities" (with E. Glaeser, H. Kallal, and J. Scheinkman). Journal of Political Economy, December, 1992.
"Closed-End Fund Discounts: A Yardstick of Small Investor Sentiment" (with J. B. De Long). Journal of Portfolio Management, Winter, 1992.
"The Structure and Performance of the Money Management Industry" (with J. Lakonishok and R.W. Vishny). Brookings Papers on Economic Activity: Microeconomics, 1992.
"Why Is Rent-Seeking so Costly to Growth?" (with K. Murphy and R. Vishny). American Economic Review Papers and Proceedings, May, 1993.
"Yes, Discounts on Closed-End Funds Are a Sentiment Index" (with N. Chopra, C. Lee, and R.Thaler). Journal of Finance, June, 1993.
"Corruption" (with R. W. Vishny). Quarterly Journal of Economics, August, 1993.
"Princes or Merchants? City Growth before the Industrial Revolution" (with J. B. De Long). Journal of Law and Economics, October 1993.
"Needed Mechanisms for Corporate Governance and Finance in Eastern Europe" (with E. S. Phelps, R. Frydman, and A. Rapaczynski). Economics of Transition 1(2), 1993.
"Privatizing Russia" (with M. Boycko and R. Vishny). Brookings Papers on Economic Activity, No. 2, 1993.
"Privatization in Russia: First Steps" (with R. Vishny). In O. J. Blanchard, K. R. Froot, and J. D. Sachs, editors, The Transition in Eastern Europe, Volume 2: Restructuring. Chicago, Illinois: University of Chicago Press, 1994.
"Voucher Privatization" (with M. Boycko and R. Vishny). Journal of Financial Economics, April, 1994.
"What Do Firms Do with Cash Windfalls?" (with O. J. Blanchard and F. Lopez-de-Silanes). Journal of Financial Economics, December, 1994.
"Contrarian Investment, Extrapolation, and Risk" (with J. Lakonishok and R. Vishny). Journal of Finance, December 1994.
"Politics of Market Socialism" (with R. Vishny). Journal of Economic Perspectives, Spring 1994.
"Politicians and Firms" (with R. Vishny). Quarterly Journal of Economics, November 1994.
"Next Steps in Privatization: Six Major Challenges" (with M. Boycko). Russia: Creating Private Enterprises and Efficient Markets, eds. Ira W. Lieberman and John Nellis. Washington, DC: The World Bank, 1994.
"Establishing Property Rights" World Bank: Proceedings of the Annual Conference on Development Economics, April 1994.
"Economic Growth in a Cross-Section of Cities" (with E. Glaeser and J. Scheinkman). Journal of Monetary Economics, August 1995.
"A Theory of Privatisation" (with M. Boycko and R. Vishny). Economic Journal, March 1996.
"How Does Privatization Work: Evidence from the Russian Shops"(with N. Barberis, M. Boycko, and N. Tsukanova). Journal of Political Economy, August 1996.
"Corporate Governance in Russia: An Initial Look" (with J. Blasi). In R. Frydman, C. W. Gray and A. Rapaczynski, ed., Corporate Governance in Central Europe and Russia: Volume 2. Insiders and the State, Budapest: Central European University Press, 1996.
"Management Ownership and Russian Privatization" (with D. Vasiliev). In R. Frydman, C. W. Gray and A. Rapaczynski, ed., Corporate Governance in Central Europe and Russia: Volume 2. Insiders and the State, Budapest: Central European University Press, 1996.
"Toward A Theory of Legal Reform" (with J. Hay and R. Vishny). European Economic Review, April, 1996.
"Second Best Economic Advice to a Divided Government" (with M. Boycko and R. Vishny). European Economic Review, May, 1996.
"Quality and Trade" (with K. Murphy), Journal of Development Economics, June, 1997.
"The Limits of Arbitrage"(with R. Vishny). Journal of Finance, March, 1997.
"Good News for Value Stocks: Further Evidence on Market Efficiency" (with R. La Porta, J. Lakonishok, and R. Vishny). Journal of Finance, June, 1997.
"A Survey of Corporate Governance" (with R. Vishny). Nobel Symposium on Law and Finance, August, 1995, Journal of Finance, June, 1997.
"The Invisible Hand and the Grabbing Hand" (with T. Frye). American Economic Review Papers and Proceedings, May, 1997.
"Schumpeter Lecture: Government in Transition" European Economic Review, April, 1997.
"Origins of Bad Policies: Control, Corruption and Confusion,"Rivista di Politica Economica, June, 1996.
"Trust in Large Organizations" (with R. La Porta, F. Lopez-de-Silanes, and R. Vishny). American Economic Review Papers and Proceedings, May, 1997. Download data here.
"Privatization in the United States" (with F. Lopez-de-Silanes and R. Vishny). Rand Journal of Economics, Autumn, 1997.
"The Proper Scope of Government: Theory and an Application to Prisons" (with O. Hart and R. Vishny). Quarterly Journal of Economics, November, 1997.
"Legal Determinants of External Finance" (with R. La Porta, F. Lopez-de-Silanes, and R. Vishny). Journal of Finance, July, 1997. Download data here.
"The Unofficial Economy in Transition" (with S. Johnson and D. Kaufmann). Brookings Papers on Economic Activity, No. 2, 1997.
"Agenda for Russian Reforms"Economics of Transition, April, 1997.
"Private Enforcement of Public Laws: A Theory of Legal Reform"(with J. Hay), American Economic Review Papers and Proceedings, May, 1998.
"A Model of Investor Sentiment" (with N. Barberis and R. Vishny). Journal of Financial Economics, Fall 1998.
"State versus Private Ownership" Journal of Economic Perspectives, Fall 1998.
"Law and Finance"(with R. La Porta, F. Lopez-de-Silanes, and R. Vishny). Journal of Political Economy, December 1998. Download data here.
"The Quality of Government" (with R. La Porta, F. Lopez-de-Silanes, and R. Vishny), Journal of Law, Economics and Organization, 1999. Download data here.
"Corporate Ownership Around the World" (with R. La Porta and F. Lopez-de-Silanes), Journal of Finance, April, 1999.
"Agency Problems and Dividend Policies Around the World" (with R. La Porta, F.Lopez-de-Silanes, and R. Vishny), Journal of Finance, February, 2000.
"Tunneling" (with S. Johnson, R. La Porta, and F. Lopez-de-Silanes), American Economic Review Papers and Proceedings, May, 2000.
"Investor Protection and Corporate Governance" (with R. La Porta, F. Lopez-de-Silanes, and R. Vishny), Journal of Financial Economics, October, 2000. Download data here.
"Coase v. the Coasians" (with E. Glaeser and S. Johnson), Quarterly Journal of Economics, February, 2001.
"Not-for-Profit Entrepreneurs" (with E. Glaeser), Journal of Public Economics, July, 2001.
"Federalism With and Without Political Centralization: China vs. Russia" (with O. Blanchard), IMF Staff Working Papers, Special Issue, 2001.
"A Reason for Quantity Regulation" (with E. Glaeser), American Economic Review Papers and Proceedings, May, 2001.
"Government Ownership of Banks" (with R. La Porta, and F. Lopez-de-Silanes), Journal of Finance, February, 2002. Download data here.
"The Regulation of Entry" (with S. Djankov, R. La Porta, and F. Lopez-de-Silanes), Quarterly Journal of Economics, February, 2002. Download data here.
"Investor Protection and Corporate Valuation"(with R. La Porta, F. Lopez-de-Silanes, and R. Vishny), Journal of Finance, June, 2002.
"Technology, Information Production, and Market Efficiency" (with G. D'Avolio and E. Gildor), in Economic Policy For The Information Economy, A Symposium Sponsored By The Federal Reserve Bank of Kansas City, August, 2002.
"Investor Protection and Equity Markets" (with D. Wolfenson), Journal of Financial Economics, October, 2002.
"Legal Origins" (with E. Glaeser), Quarterly Journal of Economics, November, 2002.
"The Injustice of Inequality" (with E. Glaeser and J. Scheinkman), Journal of Monetary Economics: Carnegie-Rochester Series on Public Policy, January, 2003.
"Courts" (with S. Djankov, R. La Porta, and F. Lopez-de-Silanes), Quarterly Journal of Economics, May, 2003. Download databases, datasets, and description of variables here.
"Will the Sovereign Debt Market Survive?" American Economic Review Papers and Proceedings, May, 2003.
"Style Investing" (with N. Barberis), Journal of Financial Economics, May, 2003.
"The Rise of the Regulatory State" (with E. Glaeser), Journal of Economic Literature, June, 2003.
"Who Owns the Media?" (with S. Djankov, C. McLiesh, and T. Nenova), Journal of Law and Economics, October, 2003. Download data here.
"Family Firms" (with M. Burkart and F. Panunzi), Journal of Finance, October, 2003.
"The New Comparative Economics" (with S. Djankov, E. Glaeser, R. La Porta, and F. Lopez-de-Silanes), Journal of Comparative Economics, December, 2003.
"Stock Market Driven Acquisitions" (with R. Vishny), Journal of Financial Economics, December, 2003.
"Comovement" (with N. Barberis and J. Wurgler), Journal of Financial Economics, 2004.
"Judicial Checks and Balances" (with R. La Porta, F. Lopez-de-Silanes, and C. Pop-Eleches), Journal of Political Economy, 2004. Download data and description of variables here.
"Persuasion in Politics" (with K. Murphy), American Economic Review Papers and Proceedings, May, 2004.
"Does Competition Destroy Ethical Behavior?" American Economic Review Papers and Proceedings, May, 2004.
"Do Institutions Cause Growth?" (with E. Glaeser, R. La Porta, and F. Lopez-de-Silanes), Journal of Economic Growth, September, 2004. Download data (1) and data (2) here.
"The Regulation of Labor" (with J. Botero, S. Djankov, R. La Porta, and F. Lopez-de-Silanes), Quarterly Journal of Economics, November, 2004. Download data here.
"Conscription as Regulation" (with C. Mulligan), American Law and Economics Review, April, 2005. Download data here.
"A Normal Country: Russia After Communism" (with D. Triesman), Journal of Economic Perspectives, Winter, 2005.
"What Works in Securities Laws?" (with R. La Porta, and F. Lopez-de-Silanes), Journal of Finance, February, 2006. Complete documentation of the compiled, edited answers to the questionnaire are available here: Harvard University Securities Law Project, and the data here: Securities Data.
"The Market for News" (with S. Mullainathan), American Economic Review, September, 2005.
"The Curley Effect" (with E. Glaeser), Journal of Law, Economics, and Organization, April, 2005.
"Understanding Regulation" European Financial Management, September, 2005.
"The Extent of the Market and the Supply of Regulation" (with C. Mulligan), Quarterly Journal of Economics, November, 2005. Download data here.
"The Evolution of Common Law" (with N. Gennaioli), Journal of Political Economy, February, 2007.
"Private Credit in 129 Countries" (with S. Djankov and C. McLiesh), Journal of Financial Economics, May, 2007. Download data here.
"Overruling and the Instability of Law" (with N. Gennaioli), Journal of Comparative Economics, June, 2007.
"Why Does Democracy Need Education?" (with E. Glaeser and G. Ponzetto), Journal of Economic Growth , June 2007.
"Judicial Fact Discretion" (with N. Gennaioli), Journal of Legal Studies, January, 2008.
"Coarse Thinking and Persuasion" (with S. Mullainathan, and J. Schwartzstein), Quarterly Journal of Economics, May, 2008.
"The Law and Economics of Self-Dealing" (with S. Djankov, R. La Porta, and F. Lopez-de-Silanes), Journal of Financial Economics, June, 2008. Download data here.
"The Economics Consequences of Legal Origins" (with R. La Porta and F. Lopez-de-Silanes), Journal of Economic Literature, June, 2008. Download data and mini database here.
"Debt Enforcement Around the World" (with S. Djankov, O. Hart, and C. McLiesh), Journal of Political Economy, December, 2008. Download data here.
"The Unofficial Economy and Economic Development" (with R. La Porta), Brookings Papers on Economic Activity, Fall, 2008. Download data here.
"The Age of Milton Friedman" Journal of Economic Literature, March, 2009. Download data here.
"The Divergence of Legal Procedures" (with A. Balas, R. La Porta, and F. Lopez-de-Silanes), American Economic Journal: Economic Policy, August, 2009. Dowload data and definitions here.
"Peter Bauer and the Failure of Foreign Aid" Cato Journal, Fall, 2009.
The Effect of Corporate Taxes on Investment and Entrepreneurship" (with S. Djankov, T. Ganser, C. McLiesh, and R. Ramalho), American Economic Journal: Macroeconomics, July, 2010. Download data here.
"Unstable Banking" (with R. Vishny), Journal of Financial Economics, September, 2010.
"Regulation and Distrust" (with P. Aghion, Y. Algan, and P. Cahuc), Quarterly Journal of Economics, August, 2010. Download on-line appendix here. Download data here.
"Disclosure by Politicians" (with with S. Djankov, R. La Porta, and F. Lopez-de-Silanes), American Economic Journal: Applied Economics, April, 2010. Download data, Appendix A, Appendix B, Appendix D, Appendix by Country here, and presentation here.
"Asset Fire Sales and Credit Easing" (with R. Vishny), American Economic Review Papers and Proceedings, May, 2010.
"What Comes to Mind" (with N. Gennaioli), Quarterly Journal of Economics, November, 2010. Online appendix.
"Comments on Gorton and Metrick: Regulating
the Shadow Banking System" Brookings
Papers on Economic Activity, Fall 2010.
"Efficient Regulation" in Daniel Kessler, ed., Regulation vs. Litigation, NBER and University of Chicago Press, forthcoming, 2010.
"The Evolution of a Legal Rule" (with A. Niblett and R. Posner), Journal of Legal Studies, June, 2010. Download data here, and explanation of variables here.
"Fire Sales in Finance and Macroeconomics" (with R. Vishny), Journal of Economic Perspectives, Winter, 2011.
"Why Russia Says No" (with D. Treisman), Foreign Affairs, January-February, 2011.
"Chasing Noise" (with B. Mendel), Journal of Financial Economics, May, 2012.
"Neglected Risks, Financial Innovation, and Financial Fragility" (with N. Gennaioli and R. Vishny), Journal of Financial Economics, June, 2012.
"Salience in Experimental Tests of the Endowment Effect" (with P. Bordalo and N. Gennaioli), American Economics Association Papers and Proceedings, May, 2012.
"Salience Theory of Choice Under Risk" (with P. Bordalo and N. Gennaioli), Quarterly Journal of Economics, August, 2012. Online Appendix.
"Psychologists at the Gate: Review of Daniel Kahneman’s Thinking, Fast and Slow" Journal of Economic Literature, December, 2012.
"A Model of Shadow Banking" (with N. Gennaioli and R. Vishny), Journal of Finance, forthcoming. Online Appendix.
"An Activity-Generating Theory of Regulation" (with J. Schwartzstein), Journal of Law and Economics, forthcoming.
"Human Capital and Regional Development" (with N. Gennaioli, R. La Porta, and F. Lopez-de-Silanes), Quarterly Journal of Economics, forthcoming, 2013. Download data here.
"Teaching Practices and Social Capital" (with Y. Algan and P. Cahuc), American Economic Journal: Applied Economics, forthcoming, 2013.
"Salience and Asset Prices" (with P. Bordalo and N. Gennaioli), American Economic Review Papers and Proceedings, May, 2013.
UNPUBLISHED MANUSCRIPTS:
"Expectations of Returns and Expected Returns" (with Robin Greenwood), October, 2012.
"Letter Grading Government Efficiency" (with A. Chong, R. La Porta, F. Lopez-de-Silanes), revised, October, 2012. Download data here.
"Money Doctors" (with N. Gennaioli and R. Vishny), June 2012.
"Salience and Consumer Choice" (with P. Bordalo and N. Gennaioli), revised, May, 2012.
"Education and the Quality of Government" (with J. Botero and A. Ponce), revised, May, 2012.
"What Do Money Managers Do?" (with J. Lakonishok and R. Vishny), February, 1997.
"The Waste of Time and Talent under Socialism" (with R. Vishny), June, 1992.
"Increasing Returns, Durables, and Economic Fluctuations" (with K. Murphy and R. Vishny),October, 1988.
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