Andrei Shleifer

TL;DR: Gennaioli et al. as discussed by the authors presented a psychological theory of the neglect of risk and financial crises, which is consistent with rational expectations in that investors recognize that there is a small chance that the shock might occur, but they are harder to reconcile with the Reinhart Rogoff (2009) observation that crises are not that unusual.

TL;DR: In this paper, 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: In this paper, the authors present new data on effective corporate income tax rates in 85 countries in 2004 and show that corporate tax rates are correlated with investment in manufacturing but not services, as well as with the size of the informal economy.

TL;DR: The authors developed a model in which greenmail and other forms of management resistance to takeovers can benefit shareholders, in particular discouraging some potential acquirers may increase shareholder wealth because it encourages others to pursue a combination with the target.

TL;DR: In this article, the authors explore Rosenstein-Rodan's idea that simultaneous industrialization of many sectors of the economy can be profitable for them all even when no sector can break even industrializing alone.