Publications

1994
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”.
Glaeser, Edward L, Hedi D Kallal, Jose A Scheinkman, and Andrei Shleifer. 1992. “Growth in Cities.” Journal of Political Economy 100 (6): 1126-1152.
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Shleifer, Andrei, and Robert W Vishny. 1992. “Pervasive Shortages under Socialism.” The Rand Journal of Economics 23 (2): 237-246.
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Shleifer, Andrei, and J.Bradford DeLong. 1992. “Closed-End Fund Discounts: A Yardstick of Small Investor Sentiment.” Journal of Portfolio Management Winter.
Lakonishok, Josef, Andrei Shleifer, and Robert W Vishny. 1992. “The Impact of Institutional Trading on Stock Prices.” Journal of Financial Economics 32 (1). 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) simultaneously the same stocks as other managers buy (sell), and positive-feedback trading, which refers to buying past winners and selling past losers. These two aspects of trading are commonly a part of the argument that institutions destabilize stock prices. The evidence suggests that pension managers do not strongly pursue these potentially destabilizing practices.

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Lakonishok, Josef, Andrei Shleifer, and Robert W Vishny. 1992. “The Structure and Performance of the Money Management Industry.” Brookings Papers on Economic Activity: Microeconomics.
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Shleifer, Andrei, and Robert W Vishny. 1992. “Liquidation Values and Debt Capacity: A Market Equilibrium Approach.” Journal of Finance 47 (4): 1343-1366.
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Murphy, Kevin M, Andrei Shleifer, and Robert W Vishny. 1992. “The Transition to a Market Economy: Pitfalls of Partial Reform.” Quarterly Journal of Economics 107 (3): 889-906.
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