* Harvard University. We are grateful to Alexander Aganin, Carlos Berdejo-Izquierdo, David (2007)
Rafael La Porta, Florencio Lopez-de-silanes, Andrei Shleifer, Bernardo Lopez-morton, Tatiana Nenova, Ekaterina Trizlova, ...
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...
Investor protection and corporate valuation 1 (2007)
Rafael La Porta, Florencio Lopez-de-silanes, Andrei Shleifer, Robert Vishny, Research Assistance, Malcolm Baker, ...
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...
Investor protection and corporate valuation (2002)
Rafael La Porta, Florencio Lopez-de-silanes, Andrei Shleifer, Robert Vishny
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...
La Porta, Rafael, Shleifer, Andrei, Vishny, Robert
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...
Investor Protection and Corporate Valuation
Rafael La Porta, Florencio Lopez-De-Silanes, Andrei Shleifer, Robert Vishny
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...
Privatization in the United States
Florencio Lopez-de-Silanes, Andrei Shleifer, Robert Vishny
In the United States, the two principal modes of producing local government services are in-house provision by government employees and contracting out to private suppliers, also known as...
Pervasive Shortages under Socialism
Andrei Shleifer, Robert Vishny
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...
Investor Protection and Corporate Governance
La Porta, Rafael, Schleifer, Andrei, Vishny, Robert
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...
Income Distribution, Market Size, and Industrialization
Kevin M. Murphy, Andrei Shleifer, Robert Vishny
When world trade is not free and costless, a less developed country can profitably industrialize only if its domestic markets are large enough. In such a country, for increasing returns technologies...
Window Dressing by Pension Fund Managers
Josef Lakonishok, Andrei Shleifer, Richard Thaler, Robert Vishny
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...
Pervasive Shortages Under Socialism
Andrei Shleifer, Robert Vishny
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...
Good News for Value Stocks: Further Evidence on Market Efficiency
Rafael La Porta, Josef Lakonishok, Andrei Shleifer, Robert Vishny
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...
Agency Problems and Dividend Policies Around the World
Rafael La Porta, Florencio Lopez-de-Silane, Andrei Shleifer, Robert Vishny
This paper addresses the question of why firms pay dividends, the so-called outline two agency models of dividends. On what we call outcome minority shareholders to force corporate outsiders to...
Rafael La Porta, Florencio Lopez-de-Silane, Andrei Shleifer, Robert Vishny
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...
Investor Protection: Origins, Consequences, Reform
Rafael La Porta, Florencio Lopez-de-silanes, Andrei Shleifer, Robert Vishny
. 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...
La protección del inversionista y la administración corporativa
La Porta, Rafael, López De Silanes, Florencio, Shleifer, Andrei, Vishny, Robert
Recent research has documented large differences among countries in ownership concentration in publicly trade firms, in the breadth and depth of capital markets, in dividend policies, and access of...