Publications

1996
Barberis, Nicholas, Maxim Boycko, Andrei Shleifer, and Natalia Tsukanova. 1996. “How Does Privatization Work: Evidence from the Russian Shops.” Journal of Political Economy 104 (4): 764-790.
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Shleifer, Andrei, Maxim Boycko, and Robert W Vishny. 1996. “A Theory of Privatization.” Economic Journal 106 (435): 309-319.
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1995
Glaeser, Edward L, Jose A Scheinkman, and Andrei Shleifer. 1995. “Economic Growth in a Cross-Section of Cities.” Journal of Monetary Economics 36 (1): 117-143. Abstract

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 (l) positively related to initial schooling, (2) negatively related to initial unemployment, and (3) negatively related to the initial share of employment in manufacturing. Racial composition and segregation are uncorrelated with urban growth across all cities, but in cities with large nonwhite communities segregation is positively correlated with population growth. Government expenditures (except for sanitation) are uncorrelated with growth; government debt is positively correlated with later growth.

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Privatizing Russia
Boycko, M, Andrei Shleifer, and R Vishny. 1995. Privatizing Russia. MIT Press. Website
1994
Shleifer, Andrei. 1994. “Establishing Property Rights.” Proceedings of the Annual Conference on Development Economics. World Bank.
Boycko, Maxim, and Andrei Shleifer. 1994. “Next Steps in Privatization: Six Major Challenges.” Russia: Creating Private Enterprises and Efficient Markets, edited by Ira W Lieberman and John Nellis, 75-86. Washington, DC: The World Bank.
Shleifer, Andrei, and Robert W Vishny. 1994. “Politicians and Firms.” Quarterly Journal of Economics 109 (4): 995-1025.
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Shleifer, Andrei, and Robert W Vishny. 1994. “Politics of Market Socialism.” Journal of Economic Perspectives 8 (2): 165-176.
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Lakonishok, Josef, Andrei Shleifer, and Robert W Vishny. 1994. “Contrarian Investment, Extrapolation, and Risk.” Journal of Finance 49 (5): 1541-1578.
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Blanchard, Olivier J, Florencio Lopez-de-Silanes, and Andrei Shleifer. 1994. “What Do Firms Do with Cash Windfalls?” Journal of Financial Economics 36 (3): 337-360. Abstract

Suppose that a firm receives a cash windfall which does not change its investment opportunity set or, equivalently, its marginal Tobin’s Q. What will this firm do with the money? We provide empirical answers to this question using a sample of eleven firms with such windfalls in the form of a won or settled lawsuit. We examine a variety of decisions of the firm to shed light on alternative theories of corporate financing and investment. Our evidence is broadly inconsistent with the perfect capital markets model. The results need to be stretched considerably to fit the asymmetric information model in which managers act in the interest of shareholders. The evidence supports the agency model of managerial behavior, in which managers try to ensure the long-run survival and independence of the firms with themselves at the helm.

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Boycko, Maxim, Andrei Shleifer, and Robert W Vishny. 1994. “Voucher Privatization.” Journal of Financial Economics 35 (2): 249-266. Abstract

Several Eastern European countries have initiated mass privatization programs to transfer state-owned assets to the genera; population. We show that the decision to pursue mass privatization and even the specific design of the programs are largely dictated by politics. Nonetheless, politically feasible programs can also be made attractive from an economic standpoint in terms of maximizing value, fostering free and efficient markets, and promoting corporate governance. In general, the design of economic institutions is critically shaped by political factors, although satisfactory economic results can be achieved in spite of political constraints.

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Shleifer, Andrei, and R Vishny. 1994. “Privatization in Russia: First Steps.” The Transition in Eastern Europe, Volume 2: Restructuring, edited by OJ Blanchard, KR Froot, and JD Sachs. Chicago, Illinois: University of Chicago Press.
1993
Boycko, Maxim, Andrei Shleifer, and Robert W Vishny. 1993. “Privatizing Russia.” Brookings Papers on Economic Activity 2.
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DeLong, J.Bradford, and Andrei Shleifer. 1993. “Princes or Merchants? City Growth before the Industrial Revolution.” Journal of Law and Economics 36 (2): 671-702.
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Frydman, Roman, Edmund S Phelps, Andrzej Rapaczynsk, and Andrei Shleifer. 1993. “Needed Mechanisms for Corporate Governance and Finance in Eastern Europe.” Economics of Transition 1 (2).
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Murphy, Kevin M, Andrei Shleifer, and Robert W Vishny. 1993. “Why Is Rent-Seeking So Costly to Growth?” American Economic Review Papers and Proceedings 83 (2): 409-414.
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Chopra, Navin, Charles MC Lee, Andrei Shleifer, and Richard H Thaler. 1993. “Yes, Discounts on Closed-End Funds Are a Sentiment Index.” Journal of Finance 48 (2): 801-808.
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Shleifer, Andrei, and Robert W Vishny. 1993. “Corruption.” Quarterly Journal of Economics 108 (3): 599-617 .
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Delong, JB, Andrei Shleifer, Lawrence H Summers, and Robert J Waldmann. 1993. “Noise Trader Risk in Financial Markets.” Journal of Political Economy 98 (4).
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1992
Shleifer, Andrei, and Robert W Vishny. 1992. “The Waste of Time and Talent under Socialism”.

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