{"title":"Andrei Shleifer","description":null,"products":[{"product_id":"inefficient-markets-book-andrei-shleifer-9780198292272","title":"Inefficient Markets","description":"The efficient markets hypothesis has been the central proposition in finance for nearly thirty years. It states that securities prices in financial markets must equal fundamental values, either because all investors are rational or because arbitrage eliminates pricing anomalies.   This book describes an alternative approach to the study of financial markets: behavioral finance. This approach starts with an observation that the assumptions of investor rationality and perfect arbitrage are overwhelmingly contradicted by both psychological and institutional evidence. In actual financial markets, less than fully rational investors trade against arbitrageurs whose resources are limited by risk aversion, short horizons, and agency problems. The book presents and empirically evaluates models of such inefficient markets.   Behavioral finance models both explain the available financial data better than does the efficient markets hypothesis and generate new empirical predictions. These models can account for such anomalies as the superior performance of value stocks, the closed end fund puzzle, the high returns on stocks included in market indices, the persistence of stock price bubbles, and even the collapse of several well-known hedge funds in 1998. By summarizing and expanding the research in behavioral finance, the book builds a new theoretical and empirical foundation for the economic analysis of real-world markets.","brand":"WoB","offers":[{"title":"GB \/ VERY_GOOD \/ INTERNAL","offer_id":49558880387345,"sku":"GOR001966247","price":0.0,"currency_code":"GBP","in_stock":true},{"title":"GB \/ LIKE_NEW \/ INTERNAL","offer_id":49578314727697,"sku":"GOR010045723","price":0.0,"currency_code":"GBP","in_stock":false},{"title":"US \/ VERY_GOOD \/ SBYB","offer_id":49949538550033,"sku":"CIN0198292279VG","price":0.0,"currency_code":"GBP","in_stock":false},{"title":"US \/ GOOD \/ SBYB","offer_id":50191035007249,"sku":"CIN0198292279G","price":0.0,"currency_code":"GBP","in_stock":true},{"title":"GB \/ GOOD \/ INTERNAL","offer_id":51734492315921,"sku":"GOR003526895","price":0.0,"currency_code":"GBP","in_stock":false},{"title":"GB \/ WELL_READ \/ INTERNAL","offer_id":51775364792593,"sku":"GOR008403718","price":0.0,"currency_code":"GBP","in_stock":false}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0784\/4072\/6801\/files\/0198292279.jpg?v=1750812731"},{"product_id":"grabbing-hand-book-andrei-shleifer-9780674010147","title":"The Grabbing Hand","description":"In many countries, public sector institutions impose heavy burdens on economic life: heavy and arbitrary taxes retard investment, regulations enrich corrupt bureaucrats, state firms consume national wealth, and the most talented people turn to rent-seeking rather than productive activities. As a consequence of such predatory policies--described in this book as the grabbing hand of the state--entrepreneurship lingers and economies stagnate.  The authors of this collection of essays describe many of these pathologies of a grabbing hand government, and examine their consequences for growth. The essays share a common viewpoint that political control of economic life is central to the many government failures that we observe. Fortunately, a correct diagnosis suggests the cures, including the best strategies of fighting corruption, privatization of state firms, and institutional building in the former socialist economies. Depoliticization of economic life emerges as the crucial theme of the appropriate reforms. The book describes the experiences with the grabbing hand government and its reform in medieval Europe, developing countries, transition economies, as well as today's United States.","brand":"WoB","offers":[{"title":"GB \/ VERY_GOOD \/ INTERNAL","offer_id":49591580918033,"sku":"GOR009882464","price":0.0,"currency_code":"GBP","in_stock":false},{"title":"US \/ VERY_GOOD \/ SBYB","offer_id":51333667848465,"sku":"CIN0674010140VG","price":0.0,"currency_code":"GBP","in_stock":false}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0784\/4072\/6801\/files\/0674010140.jpg?v=1751326951"},{"product_id":"inefficient-markets-book-andrei-shleifer-9780198292289","title":"Inefficient Markets","description":"The efficient markets hypothesis has been the central proposition in finance for nearly thirty years. It states that securities prices in financial markets must equal fundamental values, either because all investors are rational or because arbitrage eliminates pricing anomalies.   This book describes an alternative approach to the study of financial markets: behavioral finance. This approach starts with an observation that the assumptions of investor rationality and perfect arbitrage are overwhelmingly contradicted by both psychological and institutional evidence. In actual financial markets, less than fully rational investors trade against arbitrageurs whose resources are limited by risk aversion, short horizons, and agency problems. The book presents and empirically evaluates models of such inefficient markets.   Behavioral finance models both explain the available financial data better than does the efficient markets hypothesis and generate new empirical predictions. These models can account for such anomalies as the superior performance of value stocks, the closed end fund puzzle, the high returns on stocks included in market indices, the persistence of stock price bubbles, and even the collapse of several well-known hedge funds in 1998. By summarizing and expanding the research in behavioral finance, the book builds a new theoretical and empirical foundation for the economic analysis of real-world markets.","brand":"WoB","offers":[{"title":"- \/ - \/ -","offer_id":50999917871377,"sku":"","price":0.0,"currency_code":"GBP","in_stock":true},{"title":"US \/ NEW \/ INGRAM","offer_id":50999921148177,"sku":"NIN9780198292289","price":0.0,"currency_code":"GBP","in_stock":true},{"title":"GB \/ NEW \/ INGRAM","offer_id":52089196085521,"sku":"NLS9780198292289","price":0.0,"currency_code":"GBP","in_stock":true},{"title":"GB \/ GOOD \/ INTERNAL","offer_id":52153322602769,"sku":"GOR003308291","price":0.0,"currency_code":"GBP","in_stock":false},{"title":"GB \/ VERY_GOOD \/ INTERNAL","offer_id":52959859048721,"sku":"GOR002001335","price":0.0,"currency_code":"GBP","in_stock":false}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0784\/4072\/6801\/files\/0198292287.jpg?v=1750972897"},{"product_id":"failure-of-judges-and-the-rise-of-regulators-book-andrei-shleifer-9780262529525","title":"The Failure of Judges and the Rise of Regulators","description":"\u003cb\u003eA noted economist argues that the ubiquity of regulation can be explained by its greater efficiency when compared to litigation.\u003c\/b\u003e\u003cp\u003eGovernment regulation is ubiquitous today in rich and middle-income countries--present in areas that range from workplace conditions to food processing to school curricula--although standard economic theories predict that it should be rather uncommon. In this book, Andrei Shleifer argues that the ubiquity of regulation can be explained not so much by the failure of markets as by the failure of courts to solve contract and tort disputes cheaply, predictably, and impartially. When courts are expensive, unpredictable, and biased, the public will seek alternatives to dispute resolution. The form this alternative has taken throughout the world is regulation.\u003c\/p\u003e\u003cp\u003e\u003ci\u003eThe Failure of Judges and the Rise of Regulators \u003c\/i\u003egathers Shleifer's influential writings on regulation and adds to them a substantial introductory essay in which Shleifer critiques the standard theories of economic regulation and proposes the Enforcement Theory of Regulation, which sees regulation as the more efficient strategy for social control of business. Subsequent chapters present the theoretical and empirical case against the efficiency of courts, make the historical and theoretical case for the comparative efficiency of regulation, and offer two empirical studies suggesting circumstances in which regulation might emerge as an efficient solution to social problems. Shleifer does not offer an unconditional endorsement of regulation and its expansion but rather argues that it is better than its alternatives, particularly litigation.\u003c\/p\u003e\u003cp\u003e\u003cb\u003eContributors\u003cbr\u003e\u003c\/b\u003eNicola Gennaioli, Anthony Niblett, Richard A. Posner, Simeon Djankov, Rafael La Porta, Florencio Lopez-de-Silanes, Edward L. Glaeser, Simon Johnson, Casey B. 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