NationMaster - Encyclopedia: Andrei Shleifer

Andrei Shleifer (born February 20, 1961) is a prominent academic economist. If you hold the copyright to an image (e. ... is the 51st day of the year in the Gregorian calendar. ... Year 1961 (MCMLXI) was a common year starting on Sunday (link will display full calendar) of the Gregorian calendar. ... For other uses, see Moscow (disambiguation). ... State motto (Russian): ÐŸÑ€Ð¾Ð»ÐµÑ‚Ð°Ñ€Ð¸Ð¸ Ð²ÑÐµÑ… ÑÑ‚Ñ€Ð°Ð½, ÑÐ¾ÐµÐ´Ð¸Ð½ÑÐ¹Ñ‚ÐµÑÑŒ! (Transliterated: Proletarii vsekh stran, soedinyaytes!) (Translated: Workers of the world, unite!) Capital Moscow Official language None; Russian (de facto) Government Federation of Soviet republics Area - Total - % water 1st before collapse 22,402,200 kmÂ² Approx. ... Alan Greenspan, former chairman, United States Federal Reserve. ... Harvard redirects here. ... For other uses, see University of Chicago (disambiguation). ... Princeton University is a private coeducational research university located in Princeton, New Jersey. ... For other uses, see Alma mater (disambiguation). ... MapÃºa Institute of Technology (MIT, MapÃºaTech or simply MapÃºa) is a private, non-sectarian, Filipino tertiary institute located in Intramuros, Manila. ... Peter Diamond (b. ... Lawrence Henry Larry Summers (born November 30, 1954) is an American economist and academic. ... Financial economics is the branch of economics concerned with resource allocation over time. ... Economics Nobel Laureate Daniel Kahneman, was an important figure in the development of behavioral finance and economics and continues to write extensively in the field. ... The biennial John Bates Clark Medal is awarded by the American Economic Association to that American economist under the age of forty who is adjudged to have made a significant contribution to economic thought and knowledge. Named after the American Neoclassical economist John Bates Clark (1847-1938), it is considered... is the 51st day of the year in the Gregorian calendar. ... Year 1961 (MCMLXI) was a common year starting on Sunday (link will display full calendar) of the Gregorian calendar. ...

Life

He was born in Russia to a Jewish family and emigrated to Rochester, NY as a teenager. He then studied economics, obtaining his A.B. from Harvard University in 1982 and Ph.D. from MIT in 1986. He has held a post in the Department of Economics at Harvard University since 1991 and was, from 2001 through 2006, the Whipple V. N. Jones Professor of Economics[1]. The word Jew ( Hebrew: יהודי) is used in a wide number of ways, but generally refers to a follower of the Jewish faith, a child of a Jewish mother, or someone of Jewish descent with a connection to Jewish culture or ethnicity and often a combination of these attributes. ... Face-to-face trading interactions on the New York Stock Exchange trading floor. ... Harvard redirects here. ... Doctor of Philosophy (Ph. ... MapÃºa Institute of Technology (MIT, MapÃºaTech or simply MapÃºa) is a private, non-sectarian, Filipino tertiary institute located in Intramuros, Manila. ... Harvard redirects here. ... Whipple Van Ness Jones (1909-2001) Whipple Van Ness Jones I (November 8, 1909 â€“ June 29, 2001) was a ski industry pioneer, founder, developer and the original operator for 35 years, of the Aspen Highlands ski area in Aspen, Colorado. ...

In 1999, Shleifer was awarded the John Bates Clark Medal, awarded every two years to the most promising US economist under 40, for his seminal works on corporate finance (corporate governance, law and finance), the economics of financial markets (deviations from efficient markets), and the economics of transition. He is among the 10 best economists in the world according to IDEAS/RePEc and is listed top 1 in the category "Most-Cited Scientists in Economics & Business" ^[1] The biennial John Bates Clark Medal is awarded by the American Economic Association to that American economist under the age of forty who is adjudged to have made a significant contribution to economic thought and knowledge. Named after the American Neoclassical economist John Bates Clark (1847-1938), it is considered... Research Papers in Economics (RePEc) is a collaborative effort of hundreds of volunteers in 54 countries to enhance the dissemination of research in economics. ...

Work

Andrei Shleifer is one of the most cited economists in the world, with more than four thousand citations. (Citation rate is one measure of a scientist's impact on thought and practice in a particular field of endeavor.) His work focuses mostly on financial economics, where he has contributed to the field of behavioral finance. Scholarly method - or as it is more commonly called, scholarship - is the body of principles and practices used by scholars to make their claims about the world as valid and trustworthy as possible, and to make them known to the scholarly public. ... Financial economics is the branch of economics concerned with resource allocation over time. ... Economics Nobel Laureate Daniel Kahneman, was an important figure in the development of behavioral finance and economics and continues to write extensively in the field. ...

In recent years, his research has focused on the legal origins theory (also sometimes known as law and finance theory), which claims that the legal tradition a country adheres to (such as common law or various types of civil law) is an important determining factor for a country's development, most of all financial development. In economics, the legal origins theory states that many aspects of a countrys economic state of development are the result of their legal system, most of all where a particular country received its law from. ... This article concerns the common-law legal system, as contrasted with the civil law legal system; for other meanings of the term, within the field of law, see common law (disambiguation). ... For other uses of civil law, see civil law. ...

Shleifer and his coauthors (Rafael La Porta, Robert W. Vishny, Simeon Djankov and Florencio Lopez de Silanes) have written extensively on corporate governance. Robert W. Vishny is an American economist and the Eric J. Gleacher Distinguished Service Professor of Finance at the University of Chicago Graduate School of Business. ... Simeon Djankov is the creator of the Doing Business report, the World Banks top publication. ...

In 1994 Shleifer had with fellow academics — and behavioral finance specialists — Josef Lakonishok and Robert Vishny a Chicago-based money management firm known as LSV Asset Management. As of February 2006 it managed about $50 billion in quantitative value equity portfolios, though, according to the firm's website, Shleifer no longer had an ownership stake.[2]

Activities in Russia

During the early 1990s, Andrei Shleifer was an advisor to Anatoly Chubais, the then vice-premier of Russia, and was one of the engineers of the Russian privatization. During that time, Harvard University was under a contract with the United States Agency for International Development, which paid Harvard and its employees to advise the Russian government. The results of privatization in Russia were criticized widely in Russia and western academic circles. Under Anatoly Chubais, privatization led to valuable Russian business assets being acquired at extremely cheap prices amid accusations of rigged auctions. This article or section does not adequately cite its references or sources. ... USAID logo The United States Agency for International Development (or USAID) is the U.S. government organization responsible for most non-military foreign aid. ...

Shleifer was also tasked with establishing a stock market for Russia that would be a world-class capital market. That effort was also unsuccessful, and became mired in charges of corruption and self-dealing.[3]

Controversy

Under the False Claims Act, the US government sued Harvard, Shleifer, Shleifer's wife, Shleifer's assistant Jonathan Hay, and Hay's girlfriend (now his wife) Elizabeth Hebert, because these individuals bought Russian stocks and GKOs while they were working on the country's privatization, which potentially contravened Harvard's contract with USAID. In 2001, a federal judge dismissed all charges against Zimmerman and Hebert.[4] In June 2004, a federal judge ruled that Harvard had violated the contract but was not liable for treble damages, but that Shleifer and Hay might be held liable for treble damages (up to $105 million) if found guilty by a jury ^[2]. It has been suggested that this article or section be merged into Russian financial crisis. ... Treble damages, in law, is a term that indicates that a statute permits a court to triple the amount of the actual damages to be awarded to a prevailing party, generally in order to punish the losing party for willful conduct. ... Treble damages, in law, is a term that indicates that a statute permits a court to triple the amount of the actual damages to be awarded to a prevailing party, generally in order to punish the losing party for willful conduct. ...

In June 2005, Harvard and Shleifer announced that they had reached a tentative settlement with the US government. On August 3 of the same year, Harvard University, Shleifer and the Justice department reached an agreement under which the university paid $26.5 million to settle the five-year-old lawsuit. Shleifer was also responsible for paying $2 million dollars worth of damages, though he did not admit any wrong doing. A firm owned by his wife previously had paid $1.5 million in an out of court settlement.

Because Harvard University paid most of the damages and allowed Shleifer to retain his faculty position, the settlement provoked allegations of favoritism on the part of Harvard's outgoing president Lawrence Summers, who is Shleifer's close friend and mentor. Shleifer's conduct was reviewed by Harvard's internal ethics committee. In October 2006, at the close of that review, Shleifer released a statement making it clear that he remains on Harvard's faculty. However, according to the Boston Globe, he has been stripped of his honorary title of Whipple V. N. Jones Professor of Economics^[3]. Lawrence Henry Larry Summers (born November 30, 1954) is an American economist and academic. ... Whipple Van Ness Jones (1909-2001) Whipple Van Ness Jones I (November 8, 1909 â€“ June 29, 2001) was a ski industry pioneer, founder, developer and the original operator for 35 years, of the Aspen Highlands ski area in Aspen, Colorado. ...

Shleifer's involvement in Russia was investigated by David McClintick, a Harvard alumnus and journalist for Institutional Investor Magazine. His 30-page January 2006 article claims to show that "economics professor Andrei Shleifer, in the mid-1990s, led a Harvard advisory program in Russia that collapsed in disgrace." The article drew considerable criticism among Shleifer's colleagues, collaborators, close friends, and students. According to the Harvard Crimson^[4], the university's daily newspaper, Shleifer's colleague and economics professor Edward Glaeser said that the Institutional Investor article "is a potent piece of hate creation—not quite 'The Protocols of the Elders of Zion,' but it's in that camp." But Glaeser later apologized for his statement^[5]. The Harvard Crimson, of Harvard University, is the United States oldest continuously published daily college newspaper. ... Edward Ludwig Glaeser (born May 1, 1967) is an economist at Harvard University. ...

Important works

Contents

Life

Work

Activities in Russia

Controversy

Important works

See also

References

External links

Contents

Life GA_googleFillSlot("encyclopedia_square");

Work

Activities in Russia

Controversy

Important works

See also

References

External links

Life