Andrei Shleifer

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Andrei Shleifer, 2018

Andrei Shleifer (born February 20, 1961 in Moscow ) is an American economist and professor of finance and behavioral economics at Harvard University . Shleifer was the most cited author in economics journals in the period 1997-2007 and is rated by IDEAS / RePEc as the top economist worldwide.

Life

Andrei Schleifer was born in the USSR , in 1976 he immigrated to the United States with his parents as a teenager. He received his Ph. D. from the Massachusetts Institute of Technology in 1986 and then worked at Princeton University until 1987 . After a stay as a professor in Chicago from 1987 to 1990, the economist went to Russia in 1991, where he was an advisor to Vice Prime Minister Anatoly Borisovich Chubais on privatization issues. Also in 1991 he accepted a position as professor at Harvard University.

Scientific work

Shleifer became known for his contributions to the Legal Origins Theory , which states that the economic development of a country is largely influenced by its legal system .

His other topics include the rejection of the market efficiency hypothesis , which assumes that the current share price is the best estimate of the future value of a stock, and corporate governance . Shleifer's research work, which analyzes the effects of the actions of actors who do not act according to the traditional economic model ( Homo oeconomicus ), on financial markets, became known. This work is the basis of behavioral economics and shows that financial markets can be inefficient under empirically plausible assumptions.

Activities in Russia and controversy

In the early 1990s, Andrei Shleifer was an advisor to Anatoly Borisovich Chubais , then Vice Prime Minister of Russia, responsible for the portfolio of the State Committee for State Property Management, and was in charge of Russian privatization. During this time, the Harvard Institute for International Development at Harvard University had a contractual relationship with the United States Agency for International Development . In the 1992-1997 period, Shleifer's Harvard Institute for International Development (HIID) received $ 40 million directly from the $ 300 million budgeted by the United States Agency for International Development (USAID).

In particular, he was tasked with setting up a functioning, internationally accessible exchange in Russia. He supervised u. a. also the unsuccessful attempts to privatize the former Volksbetriebe. The companies created by the liquidation were the basis for the high incidence of oligopolies and cartels in Russia, with the result of high income disparity and the emergence of an oligarchical upper class. At the same time, Shleifer himself invested and speculated - despite the contractual ban - in Russia. This gave him and Harvard University, so the later allegations, market and information advantages through insider knowledge. Schleifer argued, according to the defense, in the later process that as a consultant he was not bound by the contract.

This prompted Congress in 1996 to open an investigation by the General Accounting Office , which eventually found that the HIID had significant influence over the American aid program. The US Department of Justice brought charges of fraud in 2000. In June 2004, a federal judge ruled that Shleifer and Hay could be held liable for damages (up to $ 105 million) should they be found guilty. In 2005, the US government's trial against Shleifer ended in an out-of-court settlement. Harvard paid a fine of around US $ 25 million, while Shleifer and his wife paid a fine of US $ 1.5 million.

Furthermore, Shleifers are repeatedly accused of conflicts of interest, especially academic ones. So he founded u. a. the multi-billion dollar investment fund LSV Asset Management. This was also addressed in the documentary Inside Job , for which he was interviewed. Shleifer's behavior was judged by an internal Harvard commission. As a result, he lost the honorary title of his chair, but remained as a professor at Harvard University.

honors and awards

In 1990 Shleifer became a Sloan Research Fellow . In 1999 he was awarded the John Bates Clark Medal . In 2000 he was elected to the American Academy of Arts and Sciences .

Fonts

Web links

Individual evidence

  1. ↑ Most-Cited Scientists in Economics & Business | accessdate = 2014-02-04 ( Memento of September 24, 2015 in the Internet Archive ) ISI Web of Knowledge
  2. ↑ [1] , accessed on January 13, 2016
  3. ↑ finance.mapsofworld.com: Legal Origins Theory ( Memento of the original from October 3, 2008 in the Internet Archive ) Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice. , accessed October 14, 2011 @1@ 2Template: Webachiv / IABot / finance.mapsofworld.com
  4. ↑ NZZ: Harvard Professor Andrei Shleifer on “Noise Traders” and Russia , March 2006
  5. ↑ Wedel, Janine. Shadow Elite: How the World's New Power Brokers Undermine Democracy, Government, and the Free Market. New York: Basic, 2009.
  6. ↑ Wedel, Janine. Shadow Elite: How the World's New Power Brokers Undermine Democracy, Government, and the Free Market. New York: Basic, 2009.
  7. ↑ United States District Court, District of Massachusetts, United States of America, Plaintiff, v. President and Fellows of Harvard College, Andrei Shleifer, Jonathan Hay, Nancy Zimmerman, and Elizabeth Hebert, Defendants.
  8. ↑ http://jboy.chaosnet.org/misc/docs/articles/shleifer.pdf
  9. ↑ a b c Harvard’s role in US aid to Russia 25 March 2006 . The Boston Globe. Retrieved November 11, 2011.
  10. ↑ Who Taught Crony Capitalism to Russia? . The Wall Street Journal Europe. March 19, 2001. Retrieved November 11, 2011.
  11. ^ The Harvard Crimson :: News :: Harvard To Pay $ 26.5 Million in HIID Settlement . Thecrimson.com. July 29, 2005. Archived from the original on March 12, 2007. Info: The archive link was automatically inserted and not yet checked. Please check the original and archive link according to the instructions and then remove this notice. Retrieved September 13, 2011. @1@ 2Template: Webachiv / IABot / www.thecrimson.com
  12. ↑ http://www.lsvasset.com/about/about.html
  13. ↑ Marcella Bombardieri: Harvard professor loses honorary title in ethics violation . In: Boston Globe , October 14, 2006. 
  14. ^ Past Fellows. Alfred P. Sloan Foundation, accessed August 2, 2019 .
personal data
SURNAME Shleifer, Andrei
ALTERNATIVE NAMES Шлейфер, Андрей (Russian)
BRIEF DESCRIPTION American economist and university professor
DATE OF BIRTH February 20, 1961
PLACE OF BIRTH Moscow