Andrei Shleifer

TL;DR: In this paper, the authors show that the observed delays can be plausibly explained in terms of costs to shareholders of a failed conversion and the ensuing financial distress, and explain the common use of investment banks to underwrite these transactions since the banks can eliminate the self-fulfilling bad outcome.

TL;DR: In this paper, the authors found that disciplinary takeovers are more often hostile and synergistic ones are more likely to be friendly, and that a CEO with a large stake and/or with a relationship to a founder to retire often precipitates a friendly acquisition.

TL;DR: This paper analyzed time series of investor expectations of future stock market returns from six data sources between 1963 and 2011 and found that investor expectations are strongly negatively correlated with model-based expected returns.

TL;DR: This paper examined the practice of military conscription around the world from the perspective of two standard theories, and a new one which emphasizes the fixed cost of introducing and administering the draft as a deterrent to its use.

TL;DR: In this paper, the authors explore the effect of technological advances on the features of the market, emphasizing the incentives facing the producers of financial information and emphasize the need for a broad base of investors who can process this information, legal protection of these investors' rights, and a liquid secondary market unencumbered by excessive transaction costs or constraints.