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Lopez-de-Silanes, Florencio

Works: 91 works in 412 publications in 2 languages and 3,920 library holdings
Genres: History 
Roles: Author, Editor, 956, Honoree
Classifications: HB1, 330
Publication Timeline
Publications about Florencio Lopez-de-Silanes
Publications by Florencio Lopez-de-Silanes
Most widely held works by Florencio Lopez-de-Silanes
Privatization in Latin America : myths and reality by Alberto Chong( Book )
20 editions published between 2005 and 2012 in English and held by 416 libraries worldwide
Investor protection and corporate governance : firm-level evidence across Latin America by Alberto Chong( Book )
19 editions published between 2001 and 2012 in English and held by 247 libraries worldwide
Análise comparativa sobre corporação, admistração financeira, investimento na América Latina, em especial nos seguintes países: Argentina, Brasil, Chile, Colômbia, México, Venezuela
The benefits of privatization : evidence from Mexico by Rafael La Porta( Book )
13 editions published in 1997 in English and held by 86 libraries worldwide
Criticisms of privatization have centered around the possibility that the observed higher profitability of privatized companies comes at the expense of the rest of society. In this paper we focus on two of the most likely channels for social losses: (1) increased prices as firms capitalize on the market power; and (2) layoffs and lower wages as firms seek to roll back generous labor contracts. Using data for all 218 non-financial privatizations that took place in Mexico between 1983 and 1991 we find that privatized firms quickly bridge the pre-privatization performance gap with industry-matched control groups. For example, privatization is followed by a 24 percentage point increase in the ratio of operating income to sales. We roughly decompose those gains in profitability as follows: 10 percent of the increase is due to higher product prices; 33 percent of the increase represents a transfer from laid-off workers; and productivity gains account for the residual 57 percent. Transfers from society to the firm are partially offset by taxes which absorb slightly over half the gains in operating income. Finally, we also find evidence indicating that deregulation is associated with faster convergence to industry benchmarks
Determinants of privatization prices by Florencio Lopez-de-Silanes( Book )
14 editions published between 1995 and 1996 in English and held by 84 libraries worldwide
Abstract: Generating government revenue is a common objective in privatization. This paper asks: what determines privatization prices? Pursuing this query helps resolve the current controversies about the bearing of speed and the role for government actions prior to privatization. The data, gathered from primary sources, encompass 361 privatized Mexican companies in 49 four-digit industry codes. The determinants of auction privatization prices are divided into three groups: (1) company performance and industry parameters; (2) the auction process and its requirements; and (3) the prior restructuring actions taken by the government. Controlling for company and industry effects reveals the significant impact of the costs and characteristics of the labor force. Minority control packages carry large discounts. Auction requirements that allow foreign investors result in higher sale premia, while restrictions constraining participation or payment forms reduce net prices. The speed of privatization substantially influences net prices: the longer it takes to put the company on the block, the more severe the deterioration in performance, and the lower the premium obtained. Pre-sale reductions in labor force, and particularly the firing of CEOs, lead to significantly higher premiums. Debt absorption, investment, and performance improvement programs do not increase the net price, while de-investment measures prove more beneficial. Overall, the results show increased premia for government actions that stimulate bidder participation and expedite the privatization process
Corporate ownership around the world by Rafael La Porta( Book )
14 editions published in 1998 in English and held by 81 libraries worldwide
We present data on ownership structures of large corporations in 27 wealthy economies, making an effort to identify ultimate controlling shareholders of these firms. We find that, except in economies with very good shareholder protection, relatively few of these firms are widely-held, in contrast to the Berle and Means image of ownership of the modern corporation. Rather, these firms are typically controlled by families or the State. Equity control by financial institutions or other widely-held corporations is less common. The controlling shareholders typically have the power over firms significantly in excess of their cash flow rights, primarily through the use of pyramids and participation in management. The results suggest that the principal agency problem in large corporations around the world is that of restricting expropriation of minority shareholders by the controlling shareholders, rather than that of restricting empire building by professional managers unaccountable to shareholders
Government ownership of banks by Rafael La Porta( Book )
19 editions published in 2000 in English and held by 78 libraries worldwide
In this paper, we investigate a neglected aspect of financial systems of many countries around the world: government ownership of banks. We assemble data which establish four findings. First, government ownership of banks is large and pervasive around the world. Second, such ownership is particularly significant in countries with low levels of per capita income, underdeveloped financial systems, interventionist and inefficient governments, and poor protection of property rights. Third, government ownership of banks is associated with slower subsequent financial development. Finally, government ownership of banks is associated with lower subsequent growth of per capita income, and in particular with lower growth of productivity rather than slower factor accumulation. This evidence is inconsistent with the optimistic development' theories of government ownership of banks common in the 1960s, but supports the more recent political' theories of the effects of government ownership of firms
Privatization in the United States by Florencio Lopez-de-Silanes( Book )
16 editions published between 1995 and 1996 in English and held by 78 libraries worldwide
In the United States, the two principal modes of producing local government services are inhouse provision by government employees and contracting out to private suppliers, also known as privatization. We examine empirically how United States counties choose their mode of providing services. The evidence indicates that state clean- government laws and state laws restricting county spending encourage privatization, whereas strong public unions discourage it. The evidence is inconsistent with the view that efficiency considerations alone govern the provision mode, and points to the important roles played by political patronage and taxpayer resistance to government spending in the privatization decision
Privatization and labor force restructuring around the world by Alberto Chong( file )
15 editions published between 2002 and 2003 in English and Undetermined and held by 69 libraries worldwide
Some critics of privatization argue that poor labor force restructuring is a key concern and that governments should establish better retrenchment programs. Using new data from a sample of 400 companies in the world, Chong and López-de-Silanes test competing theories about the wisdom of retrenchment programs and their effect on prices paid by buyers, and rehiring policies by private owners after privatization. The results show that adverse selection plagues retrenchment programs carried out by governments before privatization. Controlling for endogeneity, several labor retrenchment policies yield a negative impact on net privatization prices. In confirmation of the adverse selection argument, various types of voluntary downsizing lead to a higher frequency of rehiring of the same workers by the new private owners. Compulsory skill-based programs are the only type of program that is marginally associated with higher prices and lower rehiring rates after privatization, but the political and economic costs of this policy may make it somewhat impractical. While a qualified non-intervention policy appears to be the safest bet in labor retrenchment before privatization, another one might be to set up a social safety net or labor reallocation program before privatization, and then let the new private owners decide who is redundant and who is not. Setting up the program before privatization may help with the political viability of the process and letting the new owners manage the retrenchment may help avoid adverse selection. This paper--a product of Public Services, Development Research Group--is part of a larger effort in the group to understand the labor implications of public sector reform. The study was funded by the Bank's Research Support Budget under the research project "Public Sector Downsizing" (RPO 683-69)
The politics of legal reform by Florencio Lopez-de-Silanes( Book )
13 editions published in 2002 in English and Spanish and held by 68 libraries worldwide
Focuses on the development of financial institutions such as banks and stock exchanges, the construction of the legal infrastructure supporting business, and the creation of regulatory mechanisms in line with best world practice
A survey of securities laws and enforcement by Florencio Lopez-de-Silanes( file )
13 editions published between 2004 and 2013 in English and Undetermined and held by 68 libraries worldwide
"Lopez-de-Silanes examines the theoretical and empirical literature pertaining to securities laws and their enforcement by regulators and courts to establish what is known and what is yet unclear. Recent empirical research in the field has established that law matters. Mandatory disclosure requirements, insider trading laws, safeguards against self-dealing transactions, adequate regulatory powers, and simple laws that are easily enforced aid in the development of capital markets. The debate is now focused on identifying which components of securities laws matter most and on what the optimal regulatory framework for each country should be. Although public enforcement of securities laws is important, the author finds that the largest impact comes from aspects of the law that facilitate private enforcement. This means that the development of capital markets depends crucially on creating laws that facilitate enforcement and improving court procedures that allow for a more efficient dispute resolution. This paper a product of the Global Corporate Governance Forum, Corporate Governance Department is part of a larger effort in the department to improve the understanding of corporate governance reform in developing countries"--World Bank web site
Anti-competitive and rent-shifting aspects of domestic-content provisions in regional trade blocks by Florencio Lopez-de-Silanes( Book )
10 editions published in 1993 in English and held by 62 libraries worldwide
Regional trade agreements must specify domestic-content rules (rules of origin) that define the conditions under which a good qualifies as 'domestic' and so may be freely traded within the block. The paper analyzes such rules, focussing in particular on oligopolistic industries in which foreign multinationals producing within the block rely much more on imported intermediate inputs than do domestic firms. In such a situation, we argue that domestic content provisions are anti-competitive, reducing overall final output of the industry, and shift rents (in the absence of free entry) to domestic firms. It is possible that the anti-competitive aspect of the rules are sufficiently strong that total industry profits rise and the equilibrium demand for the substitute domestic inputs falls (the scale effect of reduced output outweighs a substitution effect in favor of domestic intermediates). The latter effect is more likely to the extent that the foreign multinationals can switch from producing within the block to exporting to the block. These ideas are then examined numerically using an applied general-equilibrium model of the North American auto industry
Courts : the Lex Mundi project by Simeon Djankov( Book )
7 editions published in 2002 in English and held by 57 libraries worldwide
In cooperation with Lex Mundi member law firms in 109 countries, we measure and describe the exact procedures used by litigants and courts to evict a tenant for non-payment of rent and to collect a bounced check. We use these data to construct an index of procedural formalism of dispute resolution for each country. We find that such formalism is systematically greater in civil than in common law countries. Moreover, procedural formalism is associated with higher expected duration of judicial proceedings, more corruption, less consistency, less honesty, less fairness in judicial decisions, and inferior access to justice. These results suggest that legal transplantation may have led to an inefficiently high level of procedural formalism, particularly in developing countries
Related lending by Rafael La Porta( Book )
13 editions published in 2002 in English and held by 56 libraries worldwide
In many countries, banks lend to firms controlled by the bank?s owners. We examine the benefits of related lending using a newly assembled dataset for Mexico. Related lending is prevalent (20% of commercial loans) and takes place on better terms than arm?s-length lending (annual interest rates are 4 percentage points lower). Related loans are 33% more likely to default and, when they do, have lower recovery rates (30% less) than unrelated ones. The evidence supports the view that rather than enhance information sharing, related lending is a manifestation of looting
The automobile industry and the Mexico-US free trade agreement by Steven Berry( Book )
12 editions published in 1992 in English and held by 49 libraries worldwide
This paper considers the likely effect on the automobile industry of a free trade agreement between the U.S. and Mexico. As there are currently large restrictions on imports into Mexico, one important outcome of a free trade agreement would be the opening of the Mexican market to U.S. producers. This is consistent with the history of the international auto industry and the fact that the U.S.-Canada Auto Pact opened a new, large market to U.S. manufacturers. The current state of the Mexican auto industry is considered in great detail, suggesting that the Mexican industry will continue to prosper, increasing output but also relying heavily on production from U.S. owned plants and on inputs imported from the U.S. and Canada. However, much of the existing domestically oriented industry is likely to be replaced by other North American producers. Finally, an econometric demand analysis implies that economic growth together with declines in prices to world levels could rapidly expand the size of the Mexican auto market. The free trade agreement represents an opportunity for product diversification and rationalization in the auto industry
What do firms do with cash windfalls? by Olivier Blanchard( Book )
12 editions published in 1993 in English and held by 48 libraries worldwide
Suppose that a firm receives a cash windfall which does not change its investment opportunity set, or equivalently its marginal Tobin's Q. What will this firm do with the money? We provide empirical answers to this question using a sample of firms with such windfalls in the form of a won or settled lawsuit. We examine a variety of decisions of the firm to shed light on alternative theories of corporate financing and investment. Our evidence is broadly inconsistent with the perfect capital markets model. The results need to be stretched considerably to fit the asymmetric information model in which managers act in the interest of shareholders. The evidence supports the agency model of managerial behavior, in which managers try to ensure the long run survival and independence of the firms with themselves at the helm
Complementarity and increasing returns in intermediate inputs : a theoretical and applied general-equilibrium analysis by Florencio Lopez-de-Silanes( Book )
12 editions published in 1992 in English and held by 48 libraries worldwide
Conventional analysis in the trade-industrial-organization literature suggests that, when a country has some market power over an imported good, some small level of protection must be welfare improving. This is essentially a terms-of-trade argument that is reinforced if the imported goods are substitutes for domestic goods produced with increasing returns to scale, goods that are initially underproduced in free-trade equilibrium. This paper notes that this result may not hold when (1) the imports are intermediates used in a domestic increasing-returns industry, and/or (2) the intermediates are complements for domestic inputs produced with increasing returns. We then demonstrate such an outcome with respect to Mexican protection against imported auto parts using an applied general-equilibrium model of the North American auto industry
What works in securities laws? by Rafael La Porta( Book )
12 editions published between 2002 and 2003 in English and held by 46 libraries worldwide
We examine the effect of securities laws on stock market development in 49 countries. We find almost no evidence that public enforcement benefits stock markets, and strong evidence that laws facilitating private enforcement through disclosure and liability rules benefit stock markets
The new comparative economics by Andrei Shleifer( file )
10 editions published in 2003 in English and held by 42 libraries worldwide
In recent years, comparative economics experienced a revival, with a new focus on comparing capitalist economies. The theme of the new research is that institutions exert a profound influence on economic development. We argue that, to understand capitalist institutions, one needs to understand the basic tradeoff between the costs of disorder and those of dictatorship. We then apply this logic to study the structure of efficient institutions, the consequences of colonial transplantation, and the politics of institutional choice
The economic consequences of legal origins by Rafael La Porta( Book )
9 editions published in 2007 in English and held by 22 libraries worldwide
In the last decade, economists have produced a considerable body of research suggesting that the historical origin of a country's laws is highly correlated with a broad range of its legal rules and regulations, as well as with economic outcomes. We summarize this evidence and attempt a unified interpretation. We also address several objections to the empirical claim that legal origins matter. Finally, we assess the implications of this research for economic reform
The regulation of entry by Rafael La Porta( Book )
10 editions published between 2000 and 2001 in English and held by 10 libraries worldwide
We present new data on the regulation of entry of start-up firms in 75 countries. The data set contains information on the number of procedures, official time, and official cost that a start-up must bear before it can operate legally. The official costs of entry are extremely high in most countries. Countries with heavier regulation of entry have higher corruption and larger unofficial economies, but not better quality of public or private goods. Countries with more democratic and limited governments have fewer entry regulations. The evidence is inconsistent with Pigouvian (helping hand) theories of benevolent regulation, but support the (grabbing hand) view that entry regulation benefits politicians and bureaucrats
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Alternative Names
De-Silanes, F. López-
De-Silanes, Florencio López-.
DeSilanes, Florencio López
Florencio López de Silanes econoom uit Mexico
Florencio López de Silanes Mexican economist
Florencio López de Silanes mexikanischer Wirtschaftswissenschaftler und Hochschullehrer
López-De-Silanes, F.
López-de-Silanes, Florencio
López-DeSilanes, Florencio
López DeSilanes Molina, Florencio
Silanes, F. L´opez-De-
Silanes, Florencio López-de-.
English (260)
Spanish (1)
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