Andrei Shleifer

TL;DR: This article investigated empirically the determinants of the quality of governments in a large cross-section of countries and found that countries that are poor, close to the equator, ethnolinguistically heterogeneous, use French of socialist laws, or have high proportions of Catholics or Muslims exhibit inferior government performance.

TL;DR: The authors argue that to understand the basic tradeoff between the costs of disorder and those of dictatorship, one needs to understand how institutions exert profound influence on economic development and apply this logic to study the structure of efficient institutions, the consequences of colonial transplantation, and the politics of institutional choice.

TL;DR: In this paper, the authors present a theory of choice among lotteries in which the decision maker's attention is drawn to (precisely defined) salient payoffs, and they also use the model to modify the standard asset pricing framework, and use that application to explore the growth/value anomaly in finance.

TL;DR: In this article, the authors argue that the legal approach is a more fruitful way to understand corporate governance and its reform than the conventional distinction between bank-centered and market-centered financial systems.

TL;DR: The authors examine the effect of securities laws on stock market development in 49 countries and find almost no evidence that public enforcement benefits stock markets, and strong evidence that laws facilitating private enforcement through disclosure and liability rules benefit stock markets.