466:) is an important determining factor for a country's development, most of all financial development. The 1998 "Law and Finance" article by Rafael La Porta, Florencio Lopez-de-Silanes, Andrei Shleifer, and Robert Vishny (known as LLSV) documented that countries with stronger legal protections of investors are less likely to have a few shareholders that control the firm, which they interpreted as showing that small equity investors are willing to provide capital without control when they have stronger legal protection against managers stealing or wasting the money that these investors provide. LLSV then extended their analysis with related papers published in 1997 examining "Legal Determinants of External Finance," in 2000 examining "Investor Protection and Corporate Governance" and "Agency Problems Dividend Problems Around the World," and in 2002 in "Investor Protection and Corporate Valuation." The dividends paper documented that countries with stronger shareholder protection tend to have more dividends paid to shareholders. An alternative explanation that they examined is that companies pay dividends in order to develop a reputation for returning cash to shareholders, so that they can issue more equity in the future. The evidence generally supports the investor protection explanation.
31:
408:. In 1994 Shleifer, along with Josef Lakonishok and Robert Vishny, published an article "Contrarian Investment, Extrapolation, and Risk" in which they addressed why value stocks had historically outperformed growth stocks. The article documented that, using a variety of measures of risk, a portfolio of growth stocks was riskier, on average, than a portfolio of value stocks.
412:
misvaluation to be corrected. This is especially true for a hedge fund for which its investors might withdraw their money if the hedge fund temporarily has disappointing returns, forcing the fund to buy an overvalued asset that it has shorted, or to sell an undervalued asset that it has bought. In
485:
The Clark medal citation described him as a "superb economist, working in the old
Chicago tradition of building simple models, emphasizing basic economic mechanisms, and carefully looking at the evidence.... A recurring theme of his research is the respective role of markets, institutions, and
411:
In 1997, he and Robert Vishny published "The Limits to
Arbitrage" that addressed efficient markets. The article notes that investors who bet against a major overvaluation or undervaluation are exposing themselves to substantial risks if there is uncertainty about how long it will take for the
552:
In 1997, the U.S. Agency for
International Development (USAID) canceled most of its funding for the Harvard project after investigations showed that top HIID officials Andrei Shleifer and Jonathan Hay had used their positions and insider information to profit from investments in the Russian
560:
In August 2005, Harvard
University, Shleifer and the Department of Justice reached an agreement under which the university paid $ 26.5 million to settle the five-year-old lawsuit. Shleifer was also responsible for paying $ 2 million worth of damages, though he did not admit any wrongdoing.
518:'s Russian aid project from its inauguration in 1992 until 1997. Some people associated with the project made Russian investments, and he settled a lawsuit from the U.S. government for such a violation of HIID's contract. Shleifer was also a direct advisor to
310:
ranked him as the second top economist in the world in 2011, and the top economist in 2024. He is also listed as #1 on the list of "Most-Cited
Scientists in Economics & Business". On Google Scholar, as of 2024 he had over 400,000 citations.
1468:
481:
as a major breakthrough which ended a "long slump in development theory". Shleifer's political economy work includes his 1993 article "Corruption" and his 1994 article "Politicians and Firms", both coauthored with Robert Vishny.
1393:
2015:
1472:
300:
in 1999 for his seminal works in three fields: corporate finance (corporate governance, law and finance), the economics of financial markets (deviations from efficient markets), and the
2461:
545:. Shleifer was also tasked with establishing a stock market for Russia that would be a world-class capital market. In 1996 complaints about the Harvard project led Congress to launch a
365:; he has said that the course made him realize he was not destined to be a mathematician, but the experience gave him a future co-author. Shleifer also met his mentor and professor,
506:, with Lakonishok becoming the CEO and running the day-to-day operations of the firm. As of February 2006, it managed about $ 50 billion. Shleifer sold his ownership stake in 2003.
469:
Shleifer has also written influential papers on political economy, the economics of transition, and economic development, collaborating with his former colleagues in
Chicago,
2421:
1421:
440:
2057:
1345:
1397:
2436:
2431:
549:
investigation, which stated that the
Harvard Institute for International Development (HIID) was given "substantial control of the U.S. assistance program.”
2396:
499:
774:
The
Harvard Crimson: "Was Shleifer Screwed? - Sure, he had to pay a $ 2 million settlement—but he also got mad loot from Harvard" By Zachary M. Seward
877:
2354:
2050:
515:
2471:
2466:
863:
Wedel, Janine. Shadow Elite: How the World's New Power
Brokers Undermine Democracy, Government, and the Free Market. New York: Basic, 2009.
443:, Shleifer has also made significant contributions to the study of corporate governance. In particular, Shleifer and Vishny's 1997 article
2426:
816:
2043:
847:
1469:"Harvard Defendants Pay Over $ 31 Million to Settle False Claims Act Allegations, Reports... -- re> BOSTON, Aug. 3 /PRNewswire/ --"
2411:
2391:
2386:
1313:
553:
securities markets. Among other things, the
Institute for a Law Based Economy (ILBE) was allegedly used to assist Shleifer's wife,
369:, during his undergraduate education at Harvard. The two went on to be co-authors, joint grant recipients, and faculty colleagues.
1425:
1500:
732:
1832:
1516:
Book review in Finance and Development (An IMF publication) of "Without a Map: Political Tactics and Economic Reform in Russia"
750:
607:
584:
354:
92:
1546:
1491:
2451:
2446:
2441:
2406:
514:
During the early 1990s, Andrei Shleifer, a native Russian speaker, headed a Harvard project under the auspices of the
2456:
280:
790:
541:'Russian assets' or Committee for the Management of State Property) portfolio and was a primary engineer of
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634:
773:
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1206:
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1086:
1046:
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1995:
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665:
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1101:
1792:
1712:
1674:
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546:
331:, as a teenager in 1976, where he attended an inner-city school and learned English from episodes of
1905:
1752:
1699:
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1242:
463:
381:
1181:
1141:
1915:
1847:
1140:
La Porta, Rafael; Lopez-de-Silanes, Florencio; Shleifer, Andrei; Vishny, Robert (February 2000).
1020:
La Porta, Rafael; Lopez-de-Silanes, Florencio; Shleifer, Andrei; Vishny, Robert (December 1998).
447:
focused on the big differences across countries in the use of bank debt versus equity financing.
301:
2381:
2066:
1727:
1581:
297:
224:
1515:
823:
2126:
1320:
1180:
La Porta, Rafael; Lopez-de-Silanes, Florencio; Shleifer, Andrei; Vishny, Robert (June 2002).
1060:
La Porta, Rafael; Lopez-de-Silanes, Florencio; Shleifer, Andrei; Vishny, Robert (July 1997).
542:
385:
138:
124:
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2376:
1817:
1510:
1021:
495:
451:
389:
210:
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1447:
8:
2300:
2198:
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536:
401:
377:
333:
328:
1100:
La Porta, Rafael; Lopez-de-Silanes, Florencio; Shleifer, Andrei; Vishny, Robert (2000).
2156:
1885:
1722:
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1002:
952:
405:
373:
342:
293:
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134:
116:
83:
2150:
1970:
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1822:
1742:
1649:
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1363:
1264:
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1160:
1120:
1080:
1040:
994:
944:
841:
729:
603:
596:
580:
573:
182:
120:
2035:
1762:
2294:
2216:
2192:
2168:
1985:
1940:
1910:
1812:
986:
936:
527:
474:
428:
413:
366:
289:
254:
196:
170:
150:
73:
1505:
706:
685:
2282:
2228:
2174:
2162:
2090:
1980:
1965:
1895:
1880:
1875:
1837:
1827:
1757:
1737:
1609:
1519:
1495:
795:
736:
554:
519:
470:
432:
420:, the author credits Shleifer and Vishny with describing the problem that led to
200:
2348:
2336:
2306:
2252:
2204:
2180:
2114:
2078:
1990:
1955:
1855:
1782:
1707:
1679:
1654:
1634:
1594:
1589:
1285:
436:
214:
1221:
2370:
2342:
2264:
2246:
2240:
2186:
2132:
2108:
1945:
1807:
1644:
1624:
1604:
998:
948:
503:
458:
theory), which claims that the legal tradition a country adheres to (such as
186:
174:
1900:
2330:
2324:
2318:
2270:
2210:
2144:
2120:
2000:
1950:
1925:
1870:
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1787:
1732:
1684:
1664:
1614:
882:
478:
324:
62:
58:
971:
2258:
2138:
2102:
1960:
1935:
1930:
1797:
1777:
1717:
1689:
1639:
362:
338:
178:
477:. Their 1989 paper "Industrialization and the Big Push" was credited by
2288:
2222:
1772:
1767:
1629:
1619:
1488:
1006:
956:
924:
459:
232:
2019:
1179:
1139:
1099:
1059:
1019:
1890:
418:
When Genius Failed: The Rise and Fall of Long-Term Capital Management
346:
990:
940:
570:
296:, where he has taught since 1991. Shleifer was awarded the biennial
357:
in 1986 at the age of 25. As a freshman at Harvard, Shleifer took
30:
372:
He has held a tenured position in the Department of Economics at
358:
523:
320:
54:
557:, who operated a hedge fund that speculated in Russian bonds.
272:
1524:
307:
87:
878:"Harvard professor loses honorary title in ethics violation"
1424:. Institutional Investor. February 27, 2006. Archived from
266:
2462:
MIT School of Humanities, Arts, and Social Sciences alumni
598:
Inefficient Markets: An Introduction to Behavioral Finance
260:
643:
350:
96:
1394:"How Harvard lost Russia | Institutional Investor"
1142:"Agency Problems and Diviend Policies Around the World"
345:
in 1982. Following this, he went to graduate school in
571:
Boycko, Maxim; ——; Vishny, Robert (1995).
2065:
897:
Lakonishok, Josef; Shleifer, Andrei; Vishny, Robert.
380:
Professor of Economics. Previously, he taught at the
281:
269:
2422:
Fellows of the American Academy of Arts and Sciences
896:
263:
730:"Most-Cited Scientists in Economics & Business"
257:
871:
869:
595:
572:
1416:
1414:
2368:
1450:. The Wall Street Journal Europe. March 19, 2001
1241:Shleifer, Andrei; Vishny, Robert (August 1993).
1102:""Investor Protection and Corporate Governance""
899:"Contrarian Investment, Extrapolation, and Risk"
376:since 1991 and was, from 2001 through 2006, the
2437:Harvard Institute for International Development
1511:Institutional Investor: How Harvard Lost Russia
866:
859:
857:
516:Harvard Institute for International Development
1411:
1240:
969:
922:
450:Starting in 1997, his research focused on the
2051:
1540:
1182:"Investor Protection and Corporate Valuation"
2432:Fellows of the European Economic Association
1222:"The Fall and Rise of Development Economics"
970:Shleifer, Andrei; Vishny, Robert W. (1997).
923:Shleifer, Andrei; Vishny, Robert W. (1997).
854:
875:
663:
404:, where he has contributed to the field of
2058:
2044:
1547:
1533:
29:
2397:American people of Russian-Jewish descent
1440:
784:
782:
628:
626:
1448:"Who Taught Crony Capitalism to Russia?"
1343:
1283:
1219:
1062:"Legal Determinants of External Finance"
791:"Andrei Shleifer and J. Bradford DeLong"
748:
632:
593:
292:economist and Professor of Economics at
1314:"Andrei Shleifer, Clark medal citation"
788:
636:The business cycle and the stock market
602:. Oxford, UK: Oxford University Press.
2369:
846:: CS1 maint: archived copy as title (
779:
623:
2472:Soviet emigrants to the United States
2039:
1528:
93:Massachusetts Institute of Technology
876:Bombardieri, Marcella (2006-10-14).
2467:Scientists from Rochester, New York
1344:Strahler, Steven (August 5, 2006).
526:, who managed the Rosimushchestvo (
489:
13:
2427:Fellows of the Econometric Society
1489:Faculty page at Harvard University
1284:Shleifer, Andrei (November 1994).
972:"A Survey of Corporate Governance"
789:Bhayani, Paras D. (June 4, 2007).
707:"Economist Rankings | IDEAS/RePEc"
509:
14:
2488:
1482:
2412:Economists from New York (state)
2392:21st-century American economists
2387:20th-century American economists
445:A Survey of Corporate Governance
400:Shleifer's earliest work was in
253:
1461:
1386:
1337:
1306:
1277:
1234:
1213:
1173:
1133:
1093:
1053:
1013:
963:
916:
890:
749:Shleifer, Andrei (2024-04-24).
288:; born February 20, 1961) is a
1554:
1293:Quarterly Journal of Economics
1250:Quarterly Journal of Economics
1106:Journal of Financial Economics
809:
767:
742:
723:
699:
678:
657:
1:
686:"Economist Rankings at IDEAS"
617:
1319:. aeaweb.org. Archived from
1026:Journal of Political Economy
666:"The Age of Milton Friedman"
579:. Cambridge, MA: MIT Press.
494:In 1994 Shleifer co-founded
7:
382:Graduate School of Business
10:
2493:
2452:Law and economics scholars
2447:Harvard University faculty
1269:: CS1 maint: url-status (
1205:: CS1 maint: url-status (
1165:: CS1 maint: url-status (
1125:: CS1 maint: url-status (
1085:: CS1 maint: url-status (
1045:: CS1 maint: url-status (
441:Florencio Lopez de Silanes
2442:Harvard University alumni
2407:Economics journal editors
2074:
2009:
1846:
1698:
1580:
1564:
1422:"How Harvard Lost Russia"
925:"The Limits of Arbitrage"
633:Shleifer, Andrei (1986).
547:General Accounting Office
531:
454:(also sometimes known as
242:
231:
220:
206:
192:
160:
144:
130:
112:
107:
103:
79:
69:
37:
28:
21:
2457:American macroeconomists
1350:Crain's Chicago Business
564:
341:, obtaining his BA from
1916:Stephany Griffith-Jones
1518:by Andrei Shleifer and
1286:"Politicians and Firms"
594:—— (2000).
522:, then vice-premier of
395:
314:
302:economics of transition
237:IDEAS / RePEc
2067:John Bates Clark Medal
1728:John Kenneth Galbraith
979:The Journal of Finance
929:The Journal of Finance
298:John Bates Clark Medal
225:John Bates Clark Medal
2402:Behavioral economists
2127:Hendrik S. Houthakker
1346:"LSV Locks Down Fund"
543:Russian privatization
386:University of Chicago
139:University of Chicago
125:Development economics
2417:Education economists
1818:Pavlina R. Tcherneva
739:ISI Web of Knowledge
496:LSV Asset Management
462:or various types of
452:legal origins theory
390:Princeton University
211:Legal origins theory
167:Sendhil Mullainathan
2217:Lawrence H. Summers
2199:Sanford J. Grossman
2169:Martin S. Feldstein
2085:Kenneth E. Boulding
2023:Keynesian economics
1572:John Maynard Keynes
1376:|archive-date=
402:financial economics
378:Whipple V. N. Jones
337:. He then studied
329:Rochester, New York
2175:Joseph E. Stiglitz
2157:Franklin M. Fisher
1723:James K. Galbraith
1660:Arthur Melvin Okun
1494:2013-03-25 at the
1372:|archive-url=
1186:Journal of Finance
1146:Journal of Finance
1066:Journal of Finance
903:Journal of Finance
776:September 29, 2005
735:2015-09-24 at the
575:Privatizing Russia
406:behavioral finance
374:Harvard University
343:Harvard University
294:Harvard University
155:Franklin M. Fisher
135:Harvard University
117:Behavioral finance
84:Harvard University
16:American economist
2364:
2363:
2181:A. Michael Spence
2151:Dale W. Jorgenson
2145:Marc Leon Nerlove
2115:Lawrence R. Klein
2079:Paul A. Samuelson
2033:
2032:
1921:Nobuhiro Kiyotaki
1866:Olivier Blanchard
1823:Anthony Thirlwall
1650:Franco Modigliani
1600:James Duesenberry
1506:Citation rankings
1022:"Law and Finance"
751:"Andrei Shleifer"
688:. Ideas.repec.org
664:Andrei Shleifer.
609:978-0-19-829227-2
586:978-0-262-02389-4
540:
327:and emigrated to
319:He was born to a
246:
245:
183:Ulrike Malmendier
121:Law and economics
48:February 20, 1961
2484:
2295:Matthew Gentzkow
2193:Jerry A. Hausman
2187:James J. Heckman
2109:Kenneth J. Arrow
2060:
2053:
2046:
2037:
2036:
2021:
1996:Michael Woodford
1986:Lawrence Summers
1941:Maurice Obstfeld
1911:Robert J. Gordon
1833:Sidney Weintraub
1813:G. L. S. Shackle
1549:
1542:
1535:
1526:
1525:
1477:
1476:
1471:. Archived from
1465:
1459:
1458:
1456:
1455:
1444:
1438:
1437:
1435:
1433:
1418:
1409:
1408:
1406:
1405:
1396:. Archived from
1390:
1384:
1383:
1377:
1373:
1369:
1367:
1359:
1357:
1356:
1341:
1335:
1334:
1332:
1331:
1325:
1318:
1310:
1304:
1303:
1301:
1299:
1290:
1281:
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1274:
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1256:
1247:
1238:
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1211:
1210:
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1137:
1131:
1130:
1124:
1116:
1114:
1112:
1097:
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1076:
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1072:
1057:
1051:
1050:
1044:
1036:
1034:
1032:
1017:
1011:
1010:
976:
967:
961:
960:
920:
914:
913:
911:
909:
894:
888:
887:
873:
864:
861:
852:
851:
845:
837:
835:
834:
828:
822:. Archived from
821:
813:
807:
806:
804:
803:
786:
777:
771:
765:
764:
762:
761:
746:
740:
727:
721:
720:
718:
717:
703:
697:
696:
694:
693:
682:
676:
675:
673:
672:
661:
655:
654:
652:
650:
641:
630:
613:
601:
590:
578:
535:
533:
500:Josef Lakonishok
490:Asset management
475:Robert W. Vishny
429:Robert W. Vishny
414:Roger Lowenstein
367:Lawrence Summers
349:, acquiring his
334:Charlie's Angels
290:Russian-American
284:
279:
278:
275:
274:
271:
268:
265:
262:
259:
197:Lawrence Summers
171:Matthew Gentzkow
151:Peter A. Diamond
74:Russian American
51:
47:
45:
33:
19:
18:
2492:
2491:
2487:
2486:
2485:
2483:
2482:
2481:
2367:
2366:
2365:
2360:
2283:Amy Finkelstein
2235:Andrei Shleifer
2229:Kevin M. Murphy
2211:Paul R. Krugman
2163:Daniel McFadden
2121:Robert M. Solow
2091:Milton Friedman
2070:
2064:
2034:
2029:
2028:
2027:
2026:
2025:
2018:
2005:
1981:Joseph Stiglitz
1976:Andrei Shleifer
1966:Julio Rotemberg
1896:Stanley Fischer
1881:Richard Clarida
1876:Guillermo Calvo
1842:
1838:L. Randall Wray
1828:William Vickrey
1803:Steven Pressman
1758:Nicholas Kaldor
1738:Myron J. Gordon
1700:Post-Keynesians
1694:
1610:Trygve Haavelmo
1576:
1560:
1553:
1520:Daniel Treisman
1496:Wayback Machine
1485:
1480:
1467:
1466:
1462:
1453:
1451:
1446:
1445:
1441:
1431:
1429:
1428:on July 5, 2014
1420:
1419:
1412:
1403:
1401:
1392:
1391:
1387:
1375:
1371:
1370:
1361:
1360:
1354:
1352:
1342:
1338:
1329:
1327:
1323:
1316:
1312:
1311:
1307:
1297:
1295:
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1278:
1262:
1261:
1254:
1252:
1245:
1239:
1235:
1226:
1224:
1218:
1214:
1198:
1197:
1190:
1188:
1178:
1174:
1158:
1157:
1150:
1148:
1138:
1134:
1118:
1117:
1110:
1108:
1098:
1094:
1078:
1077:
1070:
1068:
1058:
1054:
1038:
1037:
1030:
1028:
1018:
1014:
991:10.2307/2329497
974:
968:
964:
941:10.2307/2329555
921:
917:
907:
905:
895:
891:
874:
867:
862:
855:
839:
838:
832:
830:
826:
819:
817:"Archived copy"
815:
814:
810:
801:
799:
796:Harvard Crimson
787:
780:
772:
768:
759:
757:
747:
743:
737:Wayback Machine
728:
724:
715:
713:
711:ideas.repec.org
705:
704:
700:
691:
689:
684:
683:
679:
670:
668:
662:
658:
648:
646:
639:
631:
624:
620:
610:
587:
567:
555:Nancy Zimmerman
520:Anatoly Chubais
512:
510:Russian Project
492:
471:Kevin M. Murphy
456:law and finance
433:Rafael La Porta
427:With coauthors
424:1998 collapse.
398:
388:and briefly at
317:
282:
256:
252:
249:Andrei Shleifer
213:
201:Milton Friedman
199:
185:
181:
177:
173:
169:
162:
153:
146:
137:
123:
119:
108:Academic career
91:
65:
52:
49:
43:
41:
24:
23:Andrei Shleifer
17:
12:
11:
5:
2490:
2480:
2479:
2474:
2469:
2464:
2459:
2454:
2449:
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1582:Neo-Keynesians
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1483:External links
1481:
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1475:on 2013-09-12.
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2001:Janet Yellen
1975:
1951:Ricardo Reis
1926:Paul Krugman
1906:Mark Gertler
1871:Alan Blinder
1861:Ben Bernanke
1788:Hyman Minsky
1753:Richard Kahn
1733:Wynne Godley
1685:Robert Solow
1665:Don Patinkin
1615:Alvin Hansen
1473:the original
1463:
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325:Soviet Union
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59:Russian SFSR
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2377:1961 births
2103:James Tobin
1961:David Romer
1936:Marc Melitz
1931:Greg Mankiw
1886:Brad DeLong
1798:Basil Moore
1778:Marc Lavoie
1718:Evsey Domar
1690:James Tobin
1640:James Meade
363:Brad DeLong
339:mathematics
308:IDEAS/RePEc
233:Information
179:Emily Oster
131:Institution
70:Nationality
2371:Categories
2289:Raj Chetty
2223:David Card
2069:recipients
1901:Jordi Galí
1773:Jan Kregel
1768:Steve Keen
1630:John Hicks
1620:Roy Harrod
1557:Keynesians
1454:2011-11-11
1404:2016-05-09
1355:2024-09-20
1330:2013-10-19
1227:2013-10-19
833:2014-01-08
802:2009-03-12
760:2024-04-24
716:2024-04-24
692:2011-09-13
671:2013-10-19
618:References
460:common law
193:Influences
44:1961-02-20
1891:Huw Dixon
1374:requires
999:0022-1082
949:0022-1082
464:civil law
347:economics
80:Education
2097:No Award
1492:Archived
1364:cite web
1265:cite web
1201:cite web
1161:cite web
1121:cite web
1081:cite web
1041:cite web
842:cite web
733:Archived
163:students
161:Doctoral
145:Doctoral
2010:Related
1565:Founder
1432:May 28,
1007:2329497
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642:(PhD).
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528:Russian
384:at the
359:Math 55
147:advisor
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953:JSTOR
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640:(PDF)
565:Books
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1380:help
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