Andrei Shleifer

TL;DR: In this article, the authors present a model of uninformative persuasion in which individuals group situations into categories and apply the same model of inference to all situations within a category Coarse thinking exhibits two features that persuaders take advantage of: (i) transference, whereby individuals transfer the informational content of a given message from situations in a category where it is useful to those where it not, and framing, whereby objectively useless information influences individuals' choice of category.

TL;DR: In this article, the authors analyze the causes of the collapse of the Soviet economy and discuss what reforms are appropriate and how to achieve them, and what kind of reform policies are appropriate.

TL;DR: The authors used micro data from the Duke University quarterly survey of CFOs to show that corporate investment plans as well as actual investment are well explained by CFO expectations of earnings growth, pointing to the extrapolative structure of expectations and suggesting that expectations may not be rational.

TL;DR: The authors used the difference between prices and asset values of closed-end mutual funds at the end of the 1920s as a measure of investment sentiment and concluded that the stocks making up the S & P composite were priced at least 30 percent above fundamentals in the summer of 1929.

TL;DR: In this paper, Klapper et al. identified 644 firms as financially distressed and 83 firms filed for bankruptcy during the 1997-1998 financial crisis in East Asia and found that stronger creditor rights and a better judicial system in the country increased the likelihood of bankruptcy filing.