December, 2002
ANDREI SHLEIFER
HOME ADDRESS AND TELEPHONE:OFFICE ADDRESS AND TELEPHONE:
38 Bracebridge Road Department of Economics
Newton, Massachutts 02459Harvard University
617/969-5347M9 Littauer Center
Cambridge, Massachutts 02138
617/495-5046 (Fax: 617/496-1708)
Date of Birth:February 20, 1961
Citizenship:U.S.A.
Undergraduate Studies:Harvard, A.B., Math, 1982.
Graduate Studies:MIT, Ph.D., May, 1986.
Thesis Title: “The Business Cycle and the Stock
Market”
EMPLOYMENT:
Whipple V. N. Jones Professor of Economics, Harvard University, 2002 to prent.
Professor of Economics, Harvard University, 1991 - 2002.
Professor of Finance and Business Economics, Graduate School of Business, The University of Chicago, 1989 - 1990.
Assistant Professor of Finance and Business Economics, Graduate School of
Business, The University of Chicago, 1987 - 1989.
Assistant Professor of Economics, Princeton University, 1986 - 1987.
OTHER AFFILIATIONS:
Faculty Rearch Fellow and Rearch Associate, National Bureau of Economic Rearch, 1986 - .
Associate and Advisory Editor, Journal of Financial Economics, 1988 - 2002.
Associate Editor, Journal of Finance, 1988 - 1991.
Editor, Quarterly Journal of Economics, 1989 to 1999.
Advisor, Government of Russia, 1991 to 1997.
Principal, LSV Ast Management, 1994 - .
Editor, Journal of Economic Perspectives, 2003 - .
ANDREI SHLEIFER2December, 2002
AWARDS, FELLOWSHIPS, AND GRANTS:
National Science Foundation Graduate Fellowship, 1983-1986.
CRSP Distinguished Visiting Scholar, Graduate School of Business, The University of Chicago, March-June, 1986.
Alfred P. Sloan Fellowship, 1990.
National Science Foundation Grants, 1988-1989, 1990-1991, 1994-1996, 1998-2000, 2001 - 2003. Presidential Young Investigator Award, 1989-1994.
Bradley Foundation Grant, 1989, 1990, 1991-1992.
Rusll Sage Foundation Grant (with R. Vishny), 1988, 1991.
Alfred P. Sloan Foundation Grant (with L. Summers), 1986, 1988-1990.
Fellow, Econometric Society, 1993.
Roger F. Murray Award of the Q-Group, 1994, and the Smith-Breeden Prize of the Journal of Finance for Distinguished paper, 1995, given to “Contrarian Investment, Extrapolation, and Risk.”Member, U.S.-Israel Joint Economic Development Group, 1995 - 1997.
Association of American Publishers, Honorable Mention in Economics for “Privatizing Russia,” 1996. Clarendon Lecturer, 1996.
Schumpeter Lecturer to the European Economic Association, 1996.
IAP Distinguished Speaker, MIT, 1999.
John Bates Clark Medal, American Economic Association, 1999.
Brattle Prize of the Journal of Finance for Distinguished paper, 1999, given to “Corporate Ownership Around the World.”
Fellow, American Academy of Arts and Sciences, 2000.
Jenn Prize for Corporate Finance and Organizations of the Journal of Financial Economics, 2000, Second Prize given to “Investor Protection and Corporate Governance.”
David Horowitz Lectures, Israel, 2002.
Barone Adesi Kryzanowski Distinguished Lecture, Northern Finance Association, 2002.
BOOKS:
Privatizing Russia, (with M. Boycko and R. Vishny), MIT Press, 1995.
The Grabbing Hand, (with R. Vishny), Harvard University Press, 1998. Translated into Slovak as Kr
admá Ruka, Kalligram, 2000.
Without a Map: Political Tactics and Economic Reform in Russia, (with D. Treisman), MIT Press, 2000.
Clarendon Lectures: Inefficient Markets, Oxford University Press, 2000. Japane translation, Toyo Keisai, Tokyo, 2001. Arabic, Chine, and Italian translations, forthcoming.
ARTICLES:
“A Theory of Yardstick Competition.” Rand Journal of Economics, Autumn, 1985.
“The Strategic Bequest Motive” (with D. Bernheim and L. Summers). Journal of Political Economy, December, 1985.
“Large Shareholders and Corporate Control” (with R. Vishny). Journal of Political Economy, June, 1986. Reprinted in Michael J. Brennan, ed., The Theory of Corporate Finance. Brookfield, Vermont: Edward Elgar Publishing Company, 1996.
“Do Demand Curves for Stocks Slope Down?” Journal of Finance, July, 1986.
“Greenmail, White Knights, and Shareholders' Interest” (with R. Vishny). Rand Journal of Economics, Autumn, 1986.
“Implementation Cycles” Journal of Political Economy, December, 1986. Reprinted in N. Gregory Mankiw and David Romer, eds., New Keynesian Economics. Cambridge: MIT Press, 1991.
“Management Buyouts as a Respon to Market Pressure” (with R. Vishny). In Alan J. Auerbach, editor, Mergers and Acquisitions. Chicago: University of Chicago Press, 1987.
“Value Maximization and the Acquisition Process” (with R. Vishny). Journal of Economic Perspectives, Winter, 1988. Reprinted in Russian in Ekonomika I Matematicheskiye Metody, Vol. 27, No. 4, 1991.
“Breach of Trust in Hostile Takeovers” (with L. Summers). In Alan J. Auerbach, editor, Corporate Takeovers: Caus and Conquences. Chicago: University of Chicago Press, 1988. Reprinted in R. Romano, ed., Foundations of Corporate Law, Oxford University Press, 1993.
“Characteristics of Targets of Hostile and Friendly Takeovers” (with R. Morck and R. Vishny). In Alan J. Auerbach, editor, Corporate Takeovers: Caus and Conquences. Chicago: University of Chicago Press, 1988.
“Management Ownership and Market Valuation: An Empirical Analysis” (with R. Morck and R. Vishny). Journal of Financial Economics, March, 1988.
“The Efficiency of Investment in the Prence of Aggregate Demand Spillovers” (with R. Vishny). Journal of Political Economy, December, 1988.
“Income Distribution, Market Size and Industrialization” (with K. Murphy and R. Vishny). Quarterly Journal of Economics, August, 1989.
“Costs of Financial Distress, Delayed Calls of Convertible Bonds, and the Role of Investment Banks”(with D. Jaffee). Journal of Business: Merton Miller Conference, January, 1990.
“Industrialization and the Big Push” (with K. Murphy and R. Vishny). Journal of Political Economy, October, 1989.
“Alternative Mechanisms for Corporate Control” (with R. Morck and R. Vishny). American Economic Review, September, 1989.
“The Size and Incidence of the Loss from Noi Trading” (with B. De Long, L. Summers, and R. Waldmann). Journal of Finance, July, 1989.
“Building Blocks of Market Clearing Business Cycle Models” (with K. Murphy and R. Vishny). NBER Macroeconomics Annual, 1989.
“Positive Feedback Investment Strategies and Destabilizing Rational Speculation” (with B. De Long, L. Summers, and R. Waldmann). Journal of Finance, June, 1990.
“The Noi Trader Approach to Finance” (with L. Summers). Journal of Economic Perspectives, Spring, 1990.
“Managerial Entrenchment: The Ca of Manager-Specific Investments” (with R. Vishny). Journal of Financial Economics, November, 1989.
“Do Managerial Objectives Drive Bad Acquisitions?” (with R. Morck and R. Vishny). Journal of Finance, March, 1990. Reprinted in Empirical Corporate Finance, The International Library of Critical Writings in Financial Economics, Richard Roll (ries editor) and Michael J. Brennan (editor), forthcoming, 2000.
“Noi Trader Risk in Financial Markets” (with B. De Long, L. Summers and R. Waldmann). Journal of Political Economy, August, 1990. Reprinted in Richard H. Thaler, ed., Advances in Behavioral Finance, Rusll Sage Foundation, 1993.
“Hostile Takeovers in the 1980s: The Return to Corporate Specialization” (with S. Bhagat and
R. Vishny). Brookings Papers on Economic Activity: Microeconomics, 1990. Reprinted in R. Romano, ed., Foundations of Corporate Law, Oxford University Press, 1993.
“Equilibrium Short Horizons of Investors and Firms” (with R. Vishny). American Economic Review Papers and Proceedings, May, 1990. Reprinted in Richard H. Thaler, ed., Advances in Behavioral Finance, Rusll Sage Foundation, 1993.
“The Allocation of Talent: Implications for Growth” (with K. M. Murphy and R. Vishny). Quarterly Journal of Economics, May, 1991.
“The Takeover Wave of the 1980s” (with R. Vishny). Science, August 17, 1990. Reprinted in Journal of Applied Corporate Finance, Fall, 1991. Reprinted in D. Chew, ed., Studies in International Corporate Finance and Corporate Governance Systems, Oxford University Press, 1997.
“Clod End Mutual Funds” (with C. Lee and R. Thaler). Journal of Economic Perspectives, Fall, 1990.
“The Survival of Noi Traders in Financial Markets” (with B. De Long, L. Summers, and
R. Waldmann). Journal of Business, January, 1991.
“The Stock Market and Investment: Is the Market a Sideshow?” (with R. Morck and R. Vishny). Brookings Papers on Economic Activity, 1990:2.
“Investor Sentiment and the Clod-End Fund Puzzle” (with C. Lee and R. Thaler). Journal of Finance, March, 1991. Reprinted in R. Thaler, ed., Quasi-Rational Economics, Rusll Sage Foundation, 1991 and in Richard H. Thaler, ed., Advances in Behavioral Finance, Rusll Sage Foundation, 1993.
“Reversions of Excess Pension Asts after Takeovers” (with J. Pontiff and M. Weisbach). Rand Journal of Economics, Winter, 1990.
“The Bubble of 1929: Evidence from Clod-End Funds” (with B. De Long). Journal of Economic History, September, 1991. Reprinted in Eugene N. White, ed., Stock Market Crashes and Speculative Manias, The International Library of macroeconomic and Financial History, Vol. 13, An Elger Reference Collection, 1996.
“Window Dressing by Pension Fund Managers” (with J. Lakonishok, R. Thaler, and R. Vishny). American Economic Review Papers and Proceedings, May, 1991.
“The Transition to a Market Economy: Pitfalls of Partial Reform” (with K. Murphy and R. Vishny). Quarterly Journal of Economics, August, 1992.
“Takeovers in the '60s and the '80s: Evidence and Implications” (with R. Vishny). Strategic Management Journal, December, 1991. Reprinted in Richard Rumelt, Dan Schendel, and David Teece (editors), Fundamental Rearch Issues in Strategy. Boston: Harvard Business School Press, 1992.
“Reversing the Soviet Economic Collap” (with R. Vishny). Brookings Papers on Economic Activity, 1991:2.
“Liquidation Values and Debt Capacity: A Market Equilibrium Approach” (with R. Vishny). Journal of Finance, September, 1992. Reprinted in Michael J. Brennan, ed., The Theory of Corporate Finance. Brookfield, Vermont: Edward Elgar Publishing Company, 1996.
“The Structure and Performance of the Money Management Industry” (with J. Lakonishok and R. Vishny). Brookings Papers on Economic Activity: Microeconomics, 1992.
“The Impact of Institutional Trading on Stock Prices” (with J. Lakonishok and R. Vishny). Journal of Financial Economics, Volume 32, No. 1, 1992.
“Clod-End Fund Discounts: A Yardstick of Small Investor Sentiment” (with J. B. De Long). Journal of Portfolio Management, Winter, 1992.
“Pervasive Shortages under Socialism” (with R. Vishny). The Rand Journal of Economics, Vol. 23, No. 2, Summer 1992, pp. 237-246.
“Growth in Cities” (with E. Glaer, H. Kallal, and J. Scheinkman). Journal of Political Economy, December, 1992.
“Corruption” (with R. Vishny). Quarterly Journal of Economics, August, 1993. Reprinted in Gianluca Fiorentini and Stefano Zamagni, eds., The Economics of Corruption and Illegal Markets. Brookfield, Vermont: Edward Elgar Publishing Company, 2000. Reprinted in Robert Williams, ed., The Politics of Corruption. Brookfield, Vermont: Edward Elgar Publishing Company, 2000.
“Yes, Discounts on Clod-End Funds Are a Sentiment Index” (with N. Chopra, C. Lee, and R. Thaler). Journal of Finance, June, 1993.
“Why Is Rent-Seeking so Costly to Growth?” (with K. Murphy and R. Vishny). American Economic Review Papers and Proceedings, May, 1993.
“Needed Mechanisms for Corporate Governance and Finance in Eastern Europe” (with E. S. Phelps, R. Frydman, and A. Rapaczynski). Economics of Transition 1(2), 1993.
“Princes or Merchants? City Growth before the Industrial Revolution” (with J. B. De Long). Journal of Law and Economics, October 1993.
“Privatizing Russia” (with M. Boycko and R. Vishny). Brookings Papers on Economic Activity, No. 2, 1993.
“Privatization in Russia: First Steps” (with R. Vishny). In O. J. Blanchard, K. R. Froot, and J. D. Sachs, editors, The Transition in Eastern Europe, Volume 2: Restructuring. Chicago, Illinois: University of Chicago Press, 1994.
“Voucher Privatization” (with M. Boycko and R. Vishny). Journal of Financial Economics, April 1994.
“What Do Firms Do with Cash Windfalls?” (with O. J. Blanchard and F. Lopez-de-Silanes). Journal of Financial Economics 36, 1994. Reprinted in Empirical Corporate Finance, The International Library of Critical Writings in Financial Economics, Richard Roll (ries editor) and Michael J. Brennan (editor), forthcoming, 2000.
“Contrarian Investment, Extrapolation, and Risk” (with J. Lakonishok and R. Vishny). Journal of Finance XLIX (5), December 1994. Reprinted in Behavioral Finance, The International Library of Critical Writings in Financial Economics, Richard Roll (ries editor) and Harold M. Shefrin (editor), forthcoming, 2000.
“Politics of Market Socialism” (with R. Vishny). Journal of Economic Perspectives, Spring 1994.
“Politicians and Firms” (with R. Vishny). Quarterly Journal of Economics, November 1994.
