Andrei Shleifer
description: a Russian-American economist and a professor at Harvard University, known for his work in the field of finance
111 results
The Myth of the Rational Market: A History of Risk, Reward, and Delusion on Wall Street
by Justin Fox · 29 May 2009 · 461pp · 128,421 words
1987 exposes big flaws in the rational finance view of risk. But a rescue by the Federal Reserve averts a full reexamination. The Fall 14. Andrei Shleifer Moves Beyond Rabbi Economics The efficient market’s critics triumph by showing why irrational market forces can sometimes be just as pervasive as the rational
…
signed—legislation barring regulation of over-the-counter derivatives. The market was working, the reasoning went. Why get in the way? THE FALL CHAPTER 14 ANDREI SHLEIFER MOVES BEYOND RABBI ECONOMICS The efficient market’s critics triumph by showing why irrational market forces can sometimes be just as pervasive as the rational
…
ones. IN 1985, MIT GRADUATE STUDENT Andrei Shleifer assembled what he thought was compelling evidence against the efficient market hypothesis. He found that, starting in September 1976—the month after Vanguard launched the
…
—let alone evidence—of how arbitrage was supposed to work on a market-wide scale. The arbitrage argument was rabbi economics too. This is what Andrei Shleifer set out to demonstrate. Shleifer had arrived in the United States as a fifteen-year-old in 1976, having fled the Soviet Union with his
…
thinkers in Germany, Japan, and even France echoing Jensen’s arguments.12 Even most of the academic critics of the efficient market hypothesis went along. Andrei Shleifer spent part of the decade telling the Russians to privatize. Bob Shiller tried to create new securities to allow investors to bet on economic events
…
issuing new shares. Both these actions increased the supply of stock available, putting downward pressure on the stock price. In 2002, two former students of Andrei Shleifer proposed that by issuing stock when prices were high and repurchasing it when they were low, corporate America was in fact playing the crucial arbitrage
…
million boneheaded investors. But now Fama and French had come around—without quite admitting that they had—to the argument made a decade before by Andrei Shleifer and Robert Vishny: Smart arbitrageurs could undo some of the damage wrought by the misinformed, but they couldn’t undo all if it. “Offsetting actions
…
, and said, “That’s why I don’t teach corporate finance anymore.” Other, less senior scholars didn’t have that option. Malcolm Baker was an Andrei Shleifer protégé from Harvard’s Economics Department who moved across the Charles River after getting his Ph.D. in 2000 to teach at Harvard Business School
…
market hypothesis, then warned in the late 1990s of irrational exuberance in stock prices and in the early 2000s of irrational exuberance in home prices. Andrei Shleifer Protégé of Lawrence Summers who played a key role in explaining why arbitrage—which was supposed to keep prices in financial markets rational—didn’t
…
, for which I am hugely grateful. A few have been so encouraging and helpful as to deserve special thanks: Cliff Asness, Michael Jensen, Bill Sharpe, Andrei Shleifer, Larry Summers, Joseph Stiglitz, Nassim Nicholas Taleb, and Richard Thaler. Peter Bernstein provided a wonderful model for this book with his Capital Ideas: The Improbable
…
. Prais, Alfred Rappaport, Kenneth Reid, Jay Ritter, Richard Roll, Barr Rosenberg, Stephen Ross, Mark Rubinstein, Paul Samuelson, Myron Scholes, William Sharpe, Hersh Shefrin, Robert Shiller, Andrei Shleifer, Harindra de Silva, Rex Sinquefield, Meir Statman, Jeremy Stein, Joel Stern, Joseph Stiglitz, Lawrence Summers, Nassim Nicholas Taleb, Richard Thaler, Edward Thorp, Sheridan Titman, Jack
…
(July 1985): 633–35. 22. Lawrence H. Summers, “Finance and Idiots,” copy of undated paper with comments from Fischer Black, provided to the author by Andrei Shleifer. 23. Hersh M. Shefrin and Meir Statman, “Explaining Investor Preference for Cash Dividends,” Journal of Financial Economics (1984): 253–82. The Journal of Finance had
…
–59; Keynes, General Theory, 160; “Glass’s 5% Tax Plan Stirs Wall Street,” New York Times, June 6, 1929, 6. CHAPTER 14: ANDREI SHLEIFER MOVES BEYOND RABBI ECONOMICS 1. Andrei Shleifer, “Do Demand Curves for Stocks Slope Down?” Journal of Finance (July 1986): 579–90. 2. This is Shleifer’s recollection. Scholes doesn’t
…
recall the event but admits it sounds like something he would’ve said. 3. Oliver Blanchard, “In Honor of Andrei Shleifer: Winner of the John Bates Clark Medal,” Journal of Economic Perspectives (Winter 2001): 189–204. 4. Shleifer ran an advisory office in Moscow that was
…
K. C. Chan and Josef Lakonishok, “Are the Reports of Beta’s Death Premature?” Journal of Portfolio Management (Summer 1993): 51–62. 7. Josef Lakonishok, Andrei Shleifer, Richard Thaler, Robert Vishny, “Window Dressing by Pension Fund Managers,” American Economic Review (May 1991): 227–31. 8. “Pensions & Investments/Watson Wyatt World 500: The
…
, 1936), 157. 10. Amir Barnea, Robert A. Haugen, and Lemma W. Senbet, Agency Problems and Financial Contracting (Englewood Cliffs, N.J.: Prentice-Hall, 1985). 11. Andrei Shleifer and Robert W. Vishny, “The Limits of Arbitrage,” Journal of Finance (March 1997): 37. 12. Jeremy J. Siegel, Stocks for the Long Run, 2nd ed
Expected Returns: An Investor's Guide to Harvesting Market Rewards
by Antti Ilmanen · 4 Apr 2011 · 1,088pp · 228,743 words
Huang; and Tano Santos (2001), “Prospect theory and asset prices,” Quarterly Journal of Economics 116, 1–53. Barberis, Nicholas; and Andrei Shleifer (2003), “Style investing,” Journal of Financial Economics 68, 161–199. Barberis, Nicholas; Andrei Shleifer; and Robert Vishny (1998), “A model of investor sentiment,” Journal of Financial Economics 49, 307–345. Barberis, Nicholas
…
; Andrei Shleifer; and Jeffrey Wurgler (2005), “Comovement,” Journal of Financial Economics 75, 283–317. Barberis, Nicholas; and Richard H. Thaler (2003), “A survey of behavioral finance,” in
…
. Booth, David G.; and Eugene F. Fama (1992), “Diversification returns and asset contributions,” Financial Analysts Journal (May/June), 26–32. Bordalo, Pedro; Nicola Gennaioli; and Andrei Shleifer (2010), “Salience theory of choice under risk,” Harvard University working paper. Boston Consulting Group (2010), In Search of Stable Growth: Global Asset Management 2010, annual
…
Hill. DeBondt, Werner F.M.; and Richard Thaler (1985), “Does the stock market overreact?” Journal of Finance 40(3), 793–805. De Long, J. Bradford; Andrei Shleifer; Lawrence H. Summers; and Robert J. Waldmann (1990), “Positive feedback investment strategies and destabilizing rational speculation,” Journal of Finance 45, 375–395. De Rossi, Giuliano
…
and Their Remarkable Solutions, John Wiley & Sons. Kumar, Alok (2009), “Who gambles in the stock market?” Journal of Finance 64(4), 1889–1933. Lakonishok, Josef; Andrei Shleifer; and Robert W. Vishny (1994), “Contrarian investment, extrapolation, and risk,” Journal of Finance 49(5), 1541–1578. Lamont, Owen A.; and Richard H. Thaler (2003
…
of style investing in the US: The importance of sectors,” Global Quantitative Research Monograph, UBS Investment Research, July 9, 2008. La Porta, Rafael; Josef Lakonishok; Andrei Shleifer; and Robert Vishny (1997), “Good news for value stocks: Further evidence on market efficiency,” Journal of Finance 49, 1541–1578. Laubach, Thomas (2007), “New evidence
Misbehaving: The Making of Behavioral Economics
by Richard H. Thaler · 10 May 2015 · 500pp · 145,005 words
, their appearances becoming increasingly irregular. The last appeared in 2006. Shortly thereafter, the column was officially retired. The editor of the journal at that time, Andrei Shleifer, declared that their purpose had been served. That was a polite way of saying that my job chronicling anomalies had ended. I was fired. ________________ * One
…
me. Eric also invited Larry Summers to come to the inaugural meeting, but Larry couldn’t come and suggested inviting one of his recent students, Andrei Shleifer. It was at that meeting that I first met the rambunctious Andrei, who would later become my collaborator. Jon Elster, the eclectic Norwegian philosopher who
…
a portfolio of large growth stocks. In my mind, a paper titled “Contrarian Investment, Extrapolation, and Risk” published in 1994 by financial economists Josef Lakonishok, Andrei Shleifer, and Robert Vishny settled any remaining questions about whether value stocks are riskier. They are not. It also convinced the authors of the paper, since
…
: “THERE ARE IDIOTS. Look around.”* Three graduate students who had met when they shared a suite during their first year as undergraduates—Brad De Long, Andrei Shleifer, and Robert Waldmann—joined Summers to produce a more rigorous, thorough, and polite version of the “idiots” paper. The model they proposed used closed-end
…
might be able to build on some of the work Charles had done for his term paper to fill in that gap, and we asked Andrei Shleifer, who had recently joined the faculty at the University of Chicago, to join us on this project. Charles, Andrei, and I then wrote a paper
…
paper. Miller was a sharp-witted guy, and the comment was written in his usual swashbuckling style. They started their paper this way: “Charles Lee, Andrei Shleifer, and Richard Thaler (1991) claim to solve not one, but two, long-standing puzzles—discounts on closed-end funds and the small firm effect. Both
…
more expensive. Within weeks, LTCM had collapsed from this and other “arbitrage” opportunities that got worse before they got better. The LTCM example illustrates what Andrei Shleifer and his frequent coauthor Robert Vishny call the “limits of arbitrage.” In fact, in a paper they published on this topic in 1997, a year
…
Economic Review 93, no. 2: 180–5. ———. 2009. “Reinforcement Learning and Savings Behavior.” Journal of Finance 64, no. 6: 2515–34. Chopra, Navin, Charles Lee, Andrei Shleifer, and Richard H. Thaler. 1993a. “Yes, Discounts on Closed-End Funds Are a Sentiment Index.” Journal of Finance 48, no. 2: 801–8. ———. 1993b. “Summing
…
, Werner F. M., and Richard H. Thaler. 1985. “Does the Stock Market Overreact?” Journal of Finance 40, no. 3: 793–805. De Long, J. Bradford, Andrei Shleifer, Lawrence H. Summers, and Robert J. Waldmann. 1990. “Noise Trader Risk in Financial Markets.” Journal of Political Economy 98, no. 4: 703–38. DellaVigna, Stefano
…
Revolutions. Chicago: University of Chicago Press. Laibson, David. 1997. “Golden Eggs and Hyperbolic Discounting.” Quarterly Journal of Economics 112, no. 2: 443–78. Lakonishok, Josef, Andrei Shleifer, and Robert W. Vishny. 1994. “Contrarian Investment, Extrapolation, and Risk.” Journal of Finance 49, no. 5: 1541–78. Lamont, Owen A., and Richard H. Thaler
…
Political Economy 111, no. 2: 227–68. Landsberger, Michael. 1966. “Windfall Income and Consumption: Comment.” American Economic Review 56, no. 3: 534–40. Lee, Charles, Andrei Shleifer, and Richard H. Thaler. 1991. “Investor Sentiment and the Closed-End Fund Puzzle.” Journal of Finance 46, no. 1: 75–109. Lester, Richard A. 1946
…
a book, buy it. It will be fantastic. Other friends who offered opinions about various sections include Nick Barberis, Shlomo Benartzi, Alain Cohn, Owen Lamont, Andrei Shleifer, and Rob Vishny. As usual, I talked for many hours with Sendhil Mullainathan about this book, and he made it smarter, as he always does
Investing Amid Low Expected Returns: Making the Most When Markets Offer the Least
by Antti Ilmanen · 24 Feb 2022
(2003), “A survey of behavioral finance,” in the Handbook of the Economics of Finance (Constantinides, G., Harris, M., Stulz, R. eds.), North Holland. Barberis, Nicholas; Andrei Shleifer; and Robert Vishny (1998), “A model of investor sentiment,” Journal of Financial Economics 49, 307–345. Barberis, Nicholas; Lawrence J. Jin; and Baolian Wang (2021
…
), “Conditional volatility targeting,” Financial Analysts Journal 76(4), 54–71. Bordalo, Pedro; Nicola Gennaioli; and Andrei Shleifer (2013), “Salience and asset prices,” American Economic Review 103(3), 623–28. Bordalo, Pedro; Nicola Gennaioli; Rafael LaPorta; and Andrei Shleifer (2019), “Diagnostic expectations and stock returns,” Journal of Finance 74(6), 2839–2874. Borio, Claudio; Piti
…
–284. De la O, Ricardo; and Sean Myers, Sean (2021), “Subjective cash flow and discount rate expectations,” Journal of Finance forthcoming. De Long, J. Bradford; Andrei Shleifer; Lawrence H. Summers; and Robert J. Waldmann (1990), “Positive feedback investment strategies and destabilizing rational speculation,” Journal of Finance 45, 375–395. Demers, Andrew; and
…
reviews and stock returns,” Journal of Financial Economics 134(1), 236–251. Greenwood, Robin M.; Samuel G. Hanson; Andrei Shleifer; and Jakob Sørensen, (2020), “Predictable financial crises,” NBER working paper 27396. Greenwood, Robin; and Andrei Shleifer (2014). “Expectations of returns and expected returns,” Review of Financial Studies 27(3), 714–746. Greenwood, Robin; Samuel
…
'Her, Jean-François; Tarek Masmoudi; and Ram Karthik Krishnamoorthy (2018), “Net buybacks and the seven dwarfs,” Financial Analysts Journal 74(4), 57–85. Lakonishok, Josef; Andrei Shleifer; and Robert W. Vishny (1994), “Contrarian investment, extrapolation, and risk,” Journal of Finance 49(5), 1541–1578. Leibowitz, Martin L.; Anthony Bova; and P. Brett
Beyond the Random Walk: A Guide to Stock Market Anomalies and Low Risk Investing
by Vijay Singal · 15 Jun 2004 · 369pp · 128,349 words
former students, David Booth and Rex Sinquefield. LSV Asset Management, which manages about $8 billion, is owned by Josef Lakonishok of the University of Illinois, Andrei Shleifer of Harvard, and Robert Vishny of the University of Chicago. Long Term Capital Management, whose failure shook world financial markets in 1998 and which had
…
Jones–Irwin). Keim, Donald B. 1983. Size-Related Anomalies and Stock Return Seasonality: Further Empirical Evidence. Journal of Financial Economics 12, 13–32. Lakonishok, Josef, Andrei Shleifer, Richard Thaler, and Robert Vishny. 1991. Window Dressing by Pension Fund Managers. American Economic Review 81, 227–31. Poterba, James M., and Scott J. Weisbenner
…
M., and Terrance Odean. 2001. Boys Will Be Boys: Gender, Overconfidence, and Common Stock Investment. Quarterly Journal of Economics 116(1), 261–92. Barberis, Nicholas, Andrei Shleifer, and Robert Vishny. 1998. A Model of Investor Sentiment. Journal of Financial Economics 49(3), 307–43. Barsky, Robert B., and J. Bradford De Long
…
, Kent, David Hirshleifer, and Avanidhar Subrahmanyam. 1998. Investor Psychology and Security Market Under- and Overreactions. Journal of Finance 53(6), 1839–85. DeLong, J. Bradford, Andrei Shleifer, Lawrence H. Summers, and Robert J. Waldmann. 1990a. Noise Trader Risk in Financial Markets. Journal of Political Economy 98(4), 703–38. — — — . 1990b. Positive Feedback
…
Miller. 1993. Are the Discounts on Closed End Funds a Sentiment Index? Journal of Finance 48(2), 795–800. Chopra, Navin, Charles M. C. Lee, Andrei Shleifer, and Richard H. Thaler. 1993. Yes, Discounts on Closed-End Funds are a Sentiment Index. Journal of Finance 48(2), 801–8. Coles, Jeffrey L
…
. 1992. A Re-examination of the Relationship Between Closed-End Fund Discounts and Expenses. Journal of Financial Research 15, 139–47. Lee, Charles M. C., Andrei Shleifer, and Richard H. Thaler. 1990. Anomalies: Closed-End Mutual Funds. Journal of Economic Perspectives 4(4), 153–64. Malkiel, Burton G. 1995. The Structure of
More Than You Know: Finding Financial Wisdom in Unconventional Places (Updated and Expanded)
by Michael J. Mauboussin · 1 Jan 2006 · 348pp · 83,490 words
often fail to distinguish between the individual and the collective. Mug’s Game? Behavioral-finance experts understand the role of diversity in price formation. As Andrei Shleifer writes in his excellent book Inefficient Markets: An Introduction to Behavioral Finance:The efficient market hypothesis does not live or die by investor rationality. In
…
. Hassett, Dow 36,000: The New Strategy for Profiting from the Coming Rise in the Stock Market (New York: Times Books, 1999). 10 Josef Lakonishok, Andrei Shleifer, and Robert W. Vishny, “Contrarian Investment, Extrapolation, and Risk,” Journal of Finance 49, no. 5 (December 1994): 1541-78. 11 Bernstein, “Of Risk and Myopia
…
(Warwick: University of Warwick, 2000), 92-105; http://www2.isye.gatechedu/˜carl/papers/cc.pdf. 4 For a discussion about the limits of arbitrage, see Andrei Shleifer, Inefficient Markets: An Introduction to Behavioral Finance (Oxford: Oxford University Press, 2000). 5 Investors should also note that feedback operates at different levels. There can
…
of Information and Herd Behavior: An Application to Financial Markets,” Physical Review Letters 85, no. 26 (December 25, 2000): 5659-62. 14 J. Bradford DeLong, Andrei Shleifer, Lawrence H. Summers, and Robert J. Waldmann, “Positive Feedback Investment Strategies and Destabilizing Rational Speculation,” Journal of Finance 45, no. 2 (June 1990): 379-95
…
, 2000), 5. 4 Vernon L. Smith, “An Experimental Study of Competitive Market Behavior,” Journal of Political Economy 70, no. 3 (June 1962): 111-37. 5 Andrei Shleifer, Inefficient Markets: An Introduction to Behavioral Finance (Oxford: Oxford University Press, 2000), 3. A few pages later, Shleifer is bolder: “It is this argument that
…
Joshua Pollet. “Attention, Demographics, and the Stock Market.” Working Paper, November 23, 2003. http://fisher.osu.edu/fin/dice/seminars/pollet.pdf. DeLong, J. Bradford, Andrei Shleifer, Lawrence H. Summers, and Robert J. Waldmann. “Positive Feedback Investment Strategies and Destabilizing Rational Speculation.” Journal of Finance 45, no. 2 (June 1990): 379-95
…
the Market?” Barron’s, March 17, 2003. Lakoff, George, and Mark Johnson. Metaphors We Live By. Chicago: The University of Chicago Press, 1980. Lakonishok, Josef, Andrei Shleifer, and Robert W. Vishny. “Contrarian Investment, Extrapolation, and Risk.” Journal of Finance 49, no. 5 (December 1994): 1541-78. Laplace, Pierre Simon. A Philosophical Essay
Wall Street: How It Works And for Whom
by Doug Henwood · 30 Aug 1998 · 586pp · 159,901 words
of the business cycle, responding quickly to changes in interest rates and central bank policy, rather than being the independent cause of anything. Randall Morck, Andrei Shleifer, and Robert Vishny (1990) found that over the period 1960-1987, the stock market explained very little of the change in real investment once fundamentals
…
old redwoods that the latter wouldn't cut. Maxxam, powered by junk, took over Pacific Lumber and liquidated the trees. Thinking like economists, Sanjai Bhagat, Andrei Shleifer, and Robert Vishny (1990, p. 54), declared that "we have a case in which cutting the trees raises efficiency." And if trees are not sacrificed
…
and Debt: The PSI Report {London: Policy Studies Institute). Betker, Brian L. (1995). "Administrative Costs of Debt Restructurings," Ohio State University mimeo (May). Bhagat, Sanjai, Andrei Shleifer, and Robert W. Vishny (1990). "Hostile Takeovers in the 1980s: The Return to Corporate Specialization," Brookings Papers on Economic Activity: Microeconomics, pp. 1-85. Bilello
…
on IPOs," Wall Street Journal. June 18, p. A3. Kurtz, Howard (1994). "Media Awash in Whitewater, Some Critics Warn," Washington Post, March 12. Lakonishok, Josef, Andrei Shleifer, and Robert W. Vishny (1992). "The Structure and Performance of the Money Management Industry," Brookings Papers on Economic Activity: Microeconomics, pp. 339-392. Landsman, Wayne
…
the Money Supply," in Arestis (1988), pp. 122-151. — (1988b). Horizontalists and Verticalists: The Macroeconomics of Credit Money (Nev/ York: Cambridge University Press). Morck, Randall, Andrei Shleifer, and Robert W, Vishny (1990). "The Stock Market and Investment: Is the Market a Sideshow?," Brookings Papers on Economic Activity 2, pp. 157-215. Morgenstern
Phishing for Phools: The Economics of Manipulation and Deception
by George A. Akerlof, Robert J. Shiller and Stanley B Resor Professor Of Economics Robert J Shiller · 21 Sep 2015 · 274pp · 93,758 words
.html. 3. Akerlof and Romer, “Looting.” 4. For use of the concept of “tunneling,” see Simon Johnson, Rafael La Porta, Florencio López de Silanes, and Andrei Shleifer, “Tunneling,” American Economic Review 90, no. 2 (May 2000): 22–27. 5. Council of Economic Advisors, Economic Report of the President 2013, table B-64
…
Causes and Consequences,” Journal of Economic Perspectives 2, no. 1 (Winter 1988): 21–48. 29. This opposite side of the coin has been argued in Andrei Shleifer and Lawrence H. Summers, “Breach of Trust in Hostile Takeovers,” in Corporate Takeovers: Causes and Consequences, ed. Alan J. Auerbach (Chicago: University of Chicago Press
…
Piketty, Capital in the Twenty-First Century (Cambridge, MA: Harvard University Press, 2014), p. 291, fig. 8.5, and p. 292, fig. 8.6. 36. Andrei Shleifer and Robert W. Vishny, “The Takeover Wave of the 1980s,” Science 249, no. 4970 (1990): 745–49. Chapter Eleven: The Resistance and Its Heroes 1
…
J. Shiller, “Cointegration and Tests of Present Value Models,” Journal of Political Economy 95, no. 5 (October 1987): 1062–88. 15. J. Bradford De Long, Andrei Shleifer, Lawrence H. Summers, and Robert J. Waldmann, “Noise Trader Risk in Financial Markets,” Journal of Political Economy 98, no. 4 (August 1990): 703–38. 16
…
. 17. See De Long, Shleifer, Summers, and Waldmann, “Noise Trader Risk in Financial Markets.” 18. See formulas 21 and 25 in J. Bradford De Long, Andrei Shleifer, Lawrence H. Summers, and Robert J. Waldmann, “The Size and Incidence of the Losses from Noise Trading,” Journal of Finance 44, no. 3 (1989): 688
…
(May 2004): 353–402. __________. “Paying Not to Go to the Gym.” American Economic Review 96, no. 3 (June 2006): 694–719. De Long, J. Bradford, Andrei Shleifer, Lawrence H. Summers, and Robert J. Waldmann. “Noise Trader Risk in Financial Markets.” Journal of Political Economy 98, no. 4 (August 1990): 703–38. __________. “The
…
: Their Causes and Consequences.” Journal of Economic Perspectives 2, no. 1 (Winter 1988): 21–48. Johnson, Simon, Rafael La Porta, Florencio López de Silanes, and Andrei Shleifer. “Tunneling.” American Economic Review 90, no. 2 (May 2000): 22–27. Joint Committee on Taxation. “Estimated Budget Effects of the Conference Agreement for H.R
Platform Revolution: How Networked Markets Are Transforming the Economy--And How to Make Them Work for You
by Sangeet Paul Choudary, Marshall W. van Alstyne and Geoffrey G. Parker · 27 Mar 2016 · 421pp · 110,406 words
, social, and economic systems that reduce the likelihood of regulatory capture—for example, through laws that restrict the “revolving door” between business and government. Economist Andrei Shleifer, a scholar in the areas of corporate governance and government regulation, points out that there are strong differences in the prevalence of regulatory capture across
…
11.1) reflects the tradeoff between social losses because of private misdeeds and social losses because of government misbehavior. Over the last two generations, as Andrei Shleifer has noted, most economists and political theorists have shifted from viewing government intervention in a positive light to preferring privatization.18 Today, there’s a
…
, December 3, 2014, http://www.laweekly.com/news/how-ebay-amazon-and-alibaba-fuel-the-worlds-top-illegal-industry-the-counterfeit-products-market-5261019. 17. Andrei Shleifer and Robert W. Vishny, “A Survey of Corporate Governance,” Journal of Finance 52, no. 2 (1997): 737–83, esp. 737. 18. Steve Denning, “The Dumbest
…
-taxi-cab-industry/373660/. 12. Don Boudreaux, “Uber vs. Piketty,” Cafe Hayek, August 1, 2015, http://cafehayek.com/2015/08/uber-vs-piketty.html. 13. Andrei Shleifer, “Understanding Regulation,” European Financial Management 11, no. 4 (2005): 439–51. 14. Jean-Jacques Laffont and Jean Tirole, Competition in Telecommunications (Cambridge, MA: MIT Press
…
/business/2012-was-the-safest-year-for-airlines-globally-since-1945.html. 17. Simeon Djankov, Edward Glaeser, Rafael La Porta, Florencio Lopez-de-Silanes, and Andrei Shleifer, “The New Comparative Economics,” Journal of Comparative Economics 31, no. 4 (2003): 595–619. 18. Shleifer, “Understanding Regulation.” 19. KPMG, “China 360: E-Commerce in
EuroTragedy: A Drama in Nine Acts
by Ashoka Mody · 7 May 2018
, as popular demand for greater government accountability and judicial prosecution of corrupt politicians weakened the Christian Democratic Party’s grip on power. However, as economists Andrei Shleifer and Robert Vishny explain, once corruption is widespread, it is hard to roll back.247 In Italy, political scientist 1400 1200 1000 800 600 400
…
with and participate in those networks rather than try to buck them.50 Greece was in a high-corruption, low-productivity trap. Economists Kevin Murphy, Andrei Shleifer, and Robert Vishny explain that once the extent of corruption exceeds a threshold, the incentives and institutions to counteract corruption weaken.51 While corruption offers
…
in Indonesia. Berkeley: University of California Press. Geithner, Timothy F. 2014. Stress Test: Reflections on Financial Crises. New York: Crown/Archetype. Kindle edition. Gennaioli, Nicola, Andrei Shleifer, and Robert Vishny. 2014. “Finance and the Preservation of Wealth.” Quarterly Journal of Economics 129, no. 3: 1221–1254. German Federal Constitutional Court (Bundesverfassungsgericht). 1993
…
.” In The Palgrave Handbook of European Banking, edited by Thorsten Beck and Barbara Casu. London: Palgrave Macmillan. La Porta, Rafael, Florencio Lopez-de-Silanes, and Andrei Shleifer. 2002. “Government Ownership of Banks.” Journal of Finance 57, no. 1: 265–301. La Stampa. 2012. “Household Appliance Makers Struggle to Survive,” August 9. Laughland
…
with an Iron Will.” Handelsblatt Global, December 17. Mundell, Robert. 1961. “A Theory of Optimum Currency Areas.” American Economic Review 51: 657–665. Murphy, Kevin, Andrei Shleifer, and Robert Vishny. 1993. “Why Is Rent-Seeking So Costly to Growth?” American Economic Review 83, no. 2: 409–414. Murphy, Richard. 1994. “Kohl Distances
Irrational Exuberance: With a New Preface by the Author
by Robert J. Shiller · 15 Feb 2000 · 319pp · 106,772 words
Triumph of the City: How Our Greatest Invention Makes Us Richer, Smarter, Greener, Healthier, and Happier
by Edward L. Glaeser · 1 Jan 2011 · 598pp · 140,612 words
Reinventing the Bazaar: A Natural History of Markets
by John McMillan · 1 Jan 2002 · 350pp · 103,988 words
Never Let a Serious Crisis Go to Waste: How Neoliberalism Survived the Financial Meltdown
by Philip Mirowski · 24 Jun 2013 · 662pp · 180,546 words
Them And Us: Politics, Greed And Inequality - Why We Need A Fair Society
by Will Hutton · 30 Sep 2010 · 543pp · 147,357 words
13 Bankers: The Wall Street Takeover and the Next Financial Meltdown
by Simon Johnson and James Kwak · 29 Mar 2010 · 430pp · 109,064 words
Animal Spirits: How Human Psychology Drives the Economy, and Why It Matters for Global Capitalism
by George A. Akerlof and Robert J. Shiller · 1 Jan 2009 · 471pp · 97,152 words
Efficiently Inefficient: How Smart Money Invests and Market Prices Are Determined
by Lasse Heje Pedersen · 12 Apr 2015 · 504pp · 139,137 words
The Inner Lives of Markets: How People Shape Them—And They Shape Us
by Tim Sullivan · 6 Jun 2016 · 252pp · 73,131 words
The Wisdom of Finance: Discovering Humanity in the World of Risk and Return
by Mihir Desai · 22 May 2017 · 239pp · 69,496 words
Unelected Power: The Quest for Legitimacy in Central Banking and the Regulatory State
by Paul Tucker · 21 Apr 2018 · 920pp · 233,102 words
Capital Ideas Evolving
by Peter L. Bernstein · 3 May 2007
House of Debt: How They (And You) Caused the Great Recession, and How We Can Prevent It From Happening Again
by Atif Mian and Amir Sufi · 11 May 2014 · 249pp · 66,383 words
The Joys of Compounding: The Passionate Pursuit of Lifelong Learning, Revised and Updated
by Gautam Baid · 1 Jun 2020 · 1,239pp · 163,625 words
How Markets Fail: The Logic of Economic Calamities
by John Cassidy · 10 Nov 2009 · 545pp · 137,789 words
Post Wall: Rebuilding the World After 1989
by Kristina Spohr · 23 Sep 2019 · 1,123pp · 328,357 words
The Moral Animal: Evolutionary Psychology and Everyday Life
by Robert Wright · 1 Jan 1994 · 604pp · 161,455 words
The Curse of Cash
by Kenneth S Rogoff · 29 Aug 2016 · 361pp · 97,787 words
Nonzero: The Logic of Human Destiny
by Robert Wright · 28 Dec 2010
Money Changes Everything: How Finance Made Civilization Possible
by William N. Goetzmann · 11 Apr 2016 · 695pp · 194,693 words
Restarting the Future: How to Fix the Intangible Economy
by Jonathan Haskel and Stian Westlake · 4 Apr 2022 · 338pp · 85,566 words
The Elusive Quest for Growth: Economists' Adventures and Misadventures in the Tropics
by William R. Easterly · 1 Aug 2002 · 355pp · 63 words
Deep Value
by Tobias E. Carlisle · 19 Aug 2014
The Code of Capital: How the Law Creates Wealth and Inequality
by Katharina Pistor · 27 May 2019 · 316pp · 117,228 words
More Money Than God: Hedge Funds and the Making of a New Elite
by Sebastian Mallaby · 9 Jun 2010 · 584pp · 187,436 words
Poor Economics: A Radical Rethinking of the Way to Fight Global Poverty
by Abhijit Banerjee and Esther Duflo · 25 Apr 2011 · 370pp · 112,602 words
The Irrational Economist: Making Decisions in a Dangerous World
by Erwann Michel-Kerjan and Paul Slovic · 5 Jan 2010 · 411pp · 108,119 words
The Bankers' New Clothes: What's Wrong With Banking and What to Do About It
by Anat Admati and Martin Hellwig · 15 Feb 2013 · 726pp · 172,988 words
Smart Money: How High-Stakes Financial Innovation Is Reshaping Our WorldÑFor the Better
by Andrew Palmer · 13 Apr 2015 · 280pp · 79,029 words
10% Less Democracy: Why You Should Trust Elites a Little More and the Masses a Little Less
by Garett Jones · 4 Feb 2020 · 303pp · 75,192 words
The Logic of Life: The Rational Economics of an Irrational World
by Tim Harford · 1 Jan 2008 · 250pp · 88,762 words
Making Sense of Chaos: A Better Economics for a Better World
by J. Doyne Farmer · 24 Apr 2024 · 406pp · 114,438 words
Our Dollar, Your Problem: An Insider’s View of Seven Turbulent Decades of Global Finance, and the Road Ahead
by Kenneth Rogoff · 27 Feb 2025 · 330pp · 127,791 words
The Little Book of Hedge Funds
by Anthony Scaramucci · 30 Apr 2012 · 162pp · 50,108 words
Narrative Economics: How Stories Go Viral and Drive Major Economic Events
by Robert J. Shiller · 14 Oct 2019 · 611pp · 130,419 words
The Journey of Humanity: The Origins of Wealth and Inequality
by Oded Galor · 22 Mar 2022 · 426pp · 83,128 words
A Game as Old as Empire: The Secret World of Economic Hit Men and the Web of Global Corruption
by Steven Hiatt; John Perkins · 1 Jan 2006 · 497pp · 123,718 words
How Not to Network a Nation: The Uneasy History of the Soviet Internet (Information Policy)
by Benjamin Peters · 2 Jun 2016 · 518pp · 107,836 words
Slouching Towards Utopia: An Economic History of the Twentieth Century
by J. Bradford Delong · 6 Apr 2020 · 593pp · 183,240 words
Fixed: Why Personal Finance is Broken and How to Make it Work for Everyone
by John Y. Campbell and Tarun Ramadorai · 25 Jul 2025
Competition Overdose: How Free Market Mythology Transformed Us From Citizen Kings to Market Servants
by Maurice E. Stucke and Ariel Ezrachi · 14 May 2020 · 511pp · 132,682 words
Humans as a Service: The Promise and Perils of Work in the Gig Economy
by Jeremias Prassl · 7 May 2018 · 491pp · 77,650 words
Trading and Exchanges: Market Microstructure for Practitioners
by Larry Harris · 2 Jan 2003 · 1,164pp · 309,327 words
Why Nudge?: The Politics of Libertarian Paternalism
by Cass R. Sunstein · 25 Mar 2014 · 168pp · 46,194 words
SuperFreakonomics
by Steven D. Levitt and Stephen J. Dubner · 19 Oct 2009 · 302pp · 83,116 words
Quantitative Value: A Practitioner's Guide to Automating Intelligent Investment and Eliminating Behavioral Errors
by Wesley R. Gray and Tobias E. Carlisle · 29 Nov 2012 · 263pp · 75,455 words
Falling Behind: Explaining the Development Gap Between Latin America and the United States
by Francis Fukuyama · 1 Jan 2006
The Great Reversal: How America Gave Up on Free Markets
by Thomas Philippon · 29 Oct 2019 · 401pp · 109,892 words
Markets, State, and People: Economics for Public Policy
by Diane Coyle · 14 Jan 2020 · 384pp · 108,414 words
The Third Pillar: How Markets and the State Leave the Community Behind
by Raghuram Rajan · 26 Feb 2019 · 596pp · 163,682 words
The Economics Anti-Textbook: A Critical Thinker's Guide to Microeconomics
by Rod Hill and Anthony Myatt · 15 Mar 2010
The Narrow Corridor: States, Societies, and the Fate of Liberty
by Daron Acemoglu and James A. Robinson · 23 Sep 2019 · 809pp · 237,921 words
Making Globalization Work
by Joseph E. Stiglitz · 16 Sep 2006
Arguing With Zombies: Economics, Politics, and the Fight for a Better Future
by Paul Krugman · 28 Jan 2020 · 446pp · 117,660 words
The Price of Inequality: How Today's Divided Society Endangers Our Future
by Joseph E. Stiglitz · 10 Jun 2012 · 580pp · 168,476 words
The Economists' Hour: How the False Prophets of Free Markets Fractured Our Society
by Binyamin Appelbaum · 4 Sep 2019 · 614pp · 174,226 words
Capitalism: Money, Morals and Markets
by John Plender · 27 Jul 2015 · 355pp · 92,571 words
Civilization: The West and the Rest
by Niall Ferguson · 28 Feb 2011 · 790pp · 150,875 words
The Man Who Knew: The Life and Times of Alan Greenspan
by Sebastian Mallaby · 10 Oct 2016 · 1,242pp · 317,903 words
Political Order and Political Decay: From the Industrial Revolution to the Globalization of Democracy
by Francis Fukuyama · 29 Sep 2014 · 828pp · 232,188 words
A Failure of Capitalism: The Crisis of '08 and the Descent Into Depression
by Richard A. Posner · 30 Apr 2009 · 305pp · 69,216 words
The Origins of Political Order: From Prehuman Times to the French Revolution
by Francis Fukuyama · 11 Apr 2011 · 740pp · 217,139 words
Value Investing: From Graham to Buffett and Beyond
by Bruce C. N. Greenwald, Judd Kahn, Paul D. Sonkin and Michael van Biema · 26 Jan 2004 · 306pp · 97,211 words
The Butterfly Defect: How Globalization Creates Systemic Risks, and What to Do About It
by Ian Goldin and Mike Mariathasan · 15 Mar 2014 · 414pp · 101,285 words
Tyler Cowen-Discover Your Inner Economist Use Incentives to Fall in Love, Survive Your Next Meeting, and Motivate Your Dentist-Plume (2008)
by Unknown · 20 Sep 2008 · 246pp · 116 words
Adam Smith: Father of Economics
by Jesse Norman · 30 Jun 2018
Armed Humanitarians
by Nathan Hodge · 1 Sep 2011 · 390pp · 119,527 words
Fault Lines: How Hidden Fractures Still Threaten the World Economy
by Raghuram Rajan · 24 May 2010 · 358pp · 106,729 words
The Best Way to Rob a Bank Is to Own One: How Corporate Executives and Politicians Looted the S&L Industry
by William K. Black · 31 Mar 2005 · 432pp · 127,985 words
The End of Alchemy: Money, Banking and the Future of the Global Economy
by Mervyn King · 3 Mar 2016 · 464pp · 139,088 words
Understanding Asset Allocation: An Intuitive Approach to Maximizing Your Portfolio
by Victor A. Canto · 2 Jan 2005 · 337pp · 89,075 words
Adaptive Markets: Financial Evolution at the Speed of Thought
by Andrew W. Lo · 3 Apr 2017 · 733pp · 179,391 words
Why Nations Fail: The Origins of Power, Prosperity, and Poverty
by Daron Acemoglu and James Robinson · 20 Mar 2012 · 547pp · 172,226 words
More: The 10,000-Year Rise of the World Economy
by Philip Coggan · 6 Feb 2020 · 524pp · 155,947 words
Economic Origins of Dictatorship and Democracy
by Daron Acemoğlu and James A. Robinson · 28 Sep 2001
Beyond Diversification: What Every Investor Needs to Know About Asset Allocation
by Sebastien Page · 4 Nov 2020 · 367pp · 97,136 words
China's Great Wall of Debt: Shadow Banks, Ghost Cities, Massive Loans, and the End of the Chinese Miracle
by Dinny McMahon · 13 Mar 2018 · 290pp · 84,375 words
The Survival of the City: Human Flourishing in an Age of Isolation
by Edward Glaeser and David Cutler · 14 Sep 2021 · 735pp · 165,375 words
Antifragile: Things That Gain From Disorder
by Nassim Nicholas Taleb · 27 Nov 2012 · 651pp · 180,162 words
Lectures on Urban Economics
by Jan K. Brueckner · 14 May 2011
The Permanent Portfolio
by Craig Rowland and J. M. Lawson · 27 Aug 2012
Naked Economics: Undressing the Dismal Science (Fully Revised and Updated)
by Charles Wheelan · 18 Apr 2010 · 386pp · 122,595 words
The Tyranny of Experts: Economists, Dictators, and the Forgotten Rights of the Poor
by William Easterly · 4 Mar 2014 · 483pp · 134,377 words
The Ascent of Money: A Financial History of the World
by Niall Ferguson · 13 Nov 2007 · 471pp · 124,585 words
The Intelligent Investor (Collins Business Essentials)
by Benjamin Graham and Jason Zweig · 1 Jan 1949 · 670pp · 194,502 words
Capitalism Without Capital: The Rise of the Intangible Economy
by Jonathan Haskel and Stian Westlake · 7 Nov 2017 · 346pp · 89,180 words
Termites of the State: Why Complexity Leads to Inequality
by Vito Tanzi · 28 Dec 2017
Profiting Without Producing: How Finance Exploits Us All
by Costas Lapavitsas · 14 Aug 2013 · 554pp · 158,687 words
A Culture of Growth: The Origins of the Modern Economy
by Joel Mokyr · 8 Jan 2016 · 687pp · 189,243 words
Investing Demystified: How to Invest Without Speculation and Sleepless Nights
by Lars Kroijer · 5 Sep 2013 · 300pp · 77,787 words
Economic Gangsters: Corruption, Violence, and the Poverty of Nations
by Raymond Fisman and Edward Miguel · 14 Apr 2008
Scarcity: The True Cost of Not Having Enough
by Sendhil Mullainathan · 3 Sep 2014 · 305pp · 89,103 words
The Wisdom of Crowds
by James Surowiecki · 1 Jan 2004 · 326pp · 106,053 words
Democracy and Prosperity: Reinventing Capitalism Through a Turbulent Century
by Torben Iversen and David Soskice · 5 Feb 2019 · 550pp · 124,073 words
The Light That Failed: A Reckoning
by Ivan Krastev and Stephen Holmes · 31 Oct 2019 · 300pp · 87,374 words
Infotopia: How Many Minds Produce Knowledge
by Cass R. Sunstein · 23 Aug 2006
American Secession: The Looming Threat of a National Breakup
by F. H. Buckley · 14 Jan 2020
The Man Who Broke Capitalism: How Jack Welch Gutted the Heartland and Crushed the Soul of Corporate America—and How to Undo His Legacy
by David Gelles · 30 May 2022 · 318pp · 91,957 words
Data Action: Using Data for Public Good
by Sarah Williams · 14 Sep 2020
The Divide: A Brief Guide to Global Inequality and Its Solutions
by Jason Hickel · 3 May 2017 · 332pp · 106,197 words
Capitalism and Its Critics: A History: From the Industrial Revolution to AI
by John Cassidy · 12 May 2025 · 774pp · 238,244 words