Andrei Shleifer

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: The authors investigated the relation between management ownership and corporate performance, as measured by Tobin's Q. In a cross-section of Fortune 500 firms, Tobin Q first increases and then declines as board of directors holdings rise.

TL;DR: In this paper, the authors evaluate Fama's claim that stock prices do not exhibit price bubbles and present four findings: (1) Fama is correct in that a sharp price increase of an industry portfolio does not, on average, predict unusually low returns going forward; (2) such sharp price increases predict a substantially heightened probability of a crash; and (3) attributes of the price run-up, including volatility, turnover, issuance, and the price path of the runup can all help forecast an eventual crash and future returns.

TL;DR: This paper 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: In this paper, the authors present a model of judicial decision making in which the judge overweights the salient facts of the case and the context of the judicial decision, which is comparative by nature, shapes which aspects of a case stand out and draw the judge's attention.