WorldCat Identities

Zingales, Luigi

Works: 236 works in 1,150 publications in 4 languages and 7,589 library holdings
Genres: History 
Roles: Author, Editor, Contributor, Redactor, Creator
Publication Timeline
Most widely held works by Luigi Zingales
Saving capitalism from the capitalists : unleashing the power of financial markets to create wealth and spread opportunity by Raghuram G Rajan( Book )

28 editions published between 2003 and 2014 in English and Dutch and held by 933 WorldCat member libraries worldwide

"Saving Capitalism from the Capitalists is a groundbreaking book that will radically change our understanding of the capitalist system, particularly the role of financial markets. They are the catalyst for inspiring human ingenuity and spreading prosperity. The perception of many, especially in the wake of never-ending corporate scandals, is that financial markets are parasitic institutions that feed off the blood, sweat, and tears of the rest of us."--Jacket
A capitalism for the people : recapturing the lost genius of American prosperity by Luigi Zingales( Book )

24 editions published between 2012 and 2015 in 3 languages and held by 592 WorldCat member libraries worldwide

Argues for strategic reforms in American economics that will foster free-market practices, adjust focus away from big business and enable more balanced distributions of wealth
The great reversals : the politics of financial development in the 20th century by Raghuram Rajan( Book )

34 editions published between 2000 and 2001 in English and held by 232 WorldCat member libraries worldwide

We show that the development of the financial sector does not change monotonically over time. In particular, we find that by most measures, countries were more financially developed in 1913 than in 1980 and only recently have they surpassed their 1913 levels. This pattern is inconsistent with most recent theories of why cross-country differences in financial development do not track differences in economic development, since these theories are based upon time-invariant factors, such as a country's legal origin. We propose instead an 'interest group' theory of financial development. Incumbents oppose financial development because it breeds competition. The theory predicts that incumbents' opposition will be weaker when an economy allows both cross-border trade and capital flows. This theory can go some way in accounting for the cross-country differences and the time series variation of financial development
The corporate governance role of the media by Alexander Dyck( )

29 editions published between 2002 and 2006 in English and held by 184 WorldCat member libraries worldwide

We study the effect of media coverage on corporate governance by focusing on Russia in the period 1999-2002. This setting offers us three ideal conditions for such a study: plenty of corporate governance violations, no alternative mechanisms to address them, and the presence of an investment fund (the Hermitage) that actively lobbies the international press to shame companies perpetrating those violations. We find that Hermitage's lobbying is effective in increasing the coverage of corporate governance violations in the Anglo-American press. We also find that coverage in the Anglo-American press increases the probability that a corporate governance violation is reversed. This effect is present even when we instrument coverage with an exogenous determinant, i.e. the Hermitage's portfolio composition at the beginning of the period. The Hermitage's strategy seems to work in part by impacting Russian companies' reputation abroad and in part by forcing regulators into action
Corporate governance by Luigi Zingales( Book )

26 editions published between 1997 and 1998 in English and held by 140 WorldCat member libraries worldwide

This essay summarizes my own personal view of what corporate governance is about. I" argue that it makes sense to discuss corporate governance only in an incomplete contract world." In this world, the notion of corporate governance is intrinsically related to the definition of the" firm. In this respect, I review the shortcomings of the existing definitions of the firm and the" possible applications of the idea that the firm is a specific investments" introduced by" Rajan and Zingales (1997a and 1997b). I conclude discussing the limitations of the incomplete" contracts approach to corporate governance
Survival of the fittest or the fattest? : exit and financing in the trucking industry by Luigi Zingales( Book )

22 editions published between 1995 and 1998 in English and Undetermined and held by 138 WorldCat member libraries worldwide

This paper studies the impact that capital market imperfections have on the natural" selection of the most efficient firms by estimating the effect of the pre-deregulation level of" leverage on the survival of trucking firms after the Carter deregulation. Highly leveraged" carriers are less likely to survive the deregulation shock, even after controlling for various" measures of efficiency. This effect is stronger in the imperfectly competitive segment of the" motor carrier industry. High debt seems to affect survival by curtailing investments and reducing" the price per-ton-mile that a carrier can afford to charge after deregulation."
The cost of diversity : the diversification discount and inefficient investment by Raghuram Rajan( Book )

21 editions published between 1997 and 1999 in English and held by 136 WorldCat member libraries worldwide

In a simple model of capital budgeting in a diversified firm where headquarters has limited power, we show that funds are allocated towards the most inefficient divisions. The distortion is greater the more diverse are the investment opportunities of the firm's divisions. We test these implications on a panel of diversified firms in the U.S. during the period 1979-1993. We find that i) diversified firms mis-allocate investment funds; ii) the extent of mis-allocation is positively related to the diversity of the investment opportunities across divisions; iii) the discount at which these diversified firms trade is positively related to the extent of the investment mis-allocation and to the diversity of the investment opportunities across divisions
Power in a theory of the firm by Raghuram G Rajan( Book )

19 editions published between 1996 and 1998 in English and held by 132 WorldCat member libraries worldwide

Transactions take place in the firm rather than in the market because the firm offers agents" who make specific investments power. Past literature emphasizes the allocation of ownership as the" primary mechanism by which the firm does this. Within the contractibility assumptions of this" literature, we identify a potentially superior mechanism, the regulation of access to critical resources." Access can be better than ownership because: i) the power agents get from access is more contingent" on them making the right investment; ii) ownership has adverse effects on the incentive to specialize." The theory explains the importance of internal organization and third party ownership."
The role of social capital in financial development by Luigi Guiso( Book )

21 editions published in 2000 in English and held by 132 WorldCat member libraries worldwide

To identify the effect of social capital on financial development, we exploit the well-known differences in social capital and trust (Banfield (1958), Putnam (1993)) across different parts of Italy, using microeconomic data on households and firms. In areas of the country with high levels of social trust, households invest less in cash and more in stock, use more checks, have higher access to institutional credit, and make less use of informal credit. In these areas, firms also have more access to credit and are more likely to have multiple shareholders. The effect of trust is stronger where legal enforcement is weaker and among less-educated people. The behavior of movers is mainly affected by the level of trust of the environment where they live, but a significant fraction of the effect is also due to the level of trust prevailing in the province where they grew up
What determines firm size? by Krishna B Kumar( Book )

19 editions published in 1999 in English and held by 132 WorldCat member libraries worldwide

Motivated by theories of the firm, which we classify as technological' or organizational, ' we analyze the determinants of firm size across industries and across countries in a sample of 15 European countries. We find that, on average, firms facing larger markets are larger. At the industry level, we find firms in the utility sector are large, perhaps because they enjoy a natural, or officially sanctioned, monopoly. Capital intensive industries, high wage industries, and industries that do a lot of R & D have larger firms, as do industries that require little external financing. At the country level, the most salient findings are that countries with efficient judicial systems have larger firms, and, correcting for institutional development, there is little evidence that richer countries have larger firms. Interestingly, institutional development, such as greater judicial efficiency, seems to be correlated with lower dispersion in firm size within an industry. The effects of interactions (between an industry's characteristics and a country's environment) on size are perhaps the most novel results in the paper, and are best able to discriminate between theories. As the judicial system improves, the difference in size between firms in capital intensive industries and firms in industries that use little physical capital diminishes, a finding consistent with size of firms in industries dependent on external finance is larger in countries with better financial markets, suggesting that financial constraints limit average firm size
In search of new foundations by Luigi Zingales( Book )

22 editions published in 2000 in English and held by 129 WorldCat member libraries worldwide

In this paper I argue that corporate finance theory, empirical research, practical applications, and policy recommendations are deeply rooted in an underlying theory of the firm. I also argue that while the existing theories have delivered very important and useful insights, they seem to be quite ineffective in helping us cope with the new type of firms that are emerging. I outline the characteristics that a new theory of the firm should satisfy and how such a theory could change the way we do corporate finance, both theoretically and empirically
The influence of the financial revolution on the nature of firms by Raghuram Rajan( Book )

21 editions published in 2001 in English and held by 121 WorldCat member libraries worldwide

Major technological, regulatory, and institutional changes have made finance more widely available in recent years, amounting to a bone fide 'financial revolution'. In this article, we focus on the impact the financial revolution has had on the way firms are (or should be) organized and managed, and on the policy consequences
Why do companies go public? : an empirical analysis by Marco Pagano( Book )

22 editions published between 1995 and 1996 in English and held by 119 WorldCat member libraries worldwide

This paper empirically analyzes the determinants of an initial public offering (IPO) and the consequences of this decision on a company's investment and financial policy. We compare both the ex ante and the ex post characteristics of IPOs with those of a large sample of privately held companies of similar size. We find that (i) the likelihood of an IPO is positively related to the market-to-book ratio prevailing in the relevant industrial sector and to a company's size, (ii) IPOs are followed by an abnormal reduction in profitability, (iii) the new equity capital raised upon listing is not used to finance subsequent investment and growth, but to reduce leverage, (iv) going public reduces the cost of bank credit; (v) it is often associated by equity sales by controlling shareholders, and is followed by a higher turnover of control than for other companies
People's opium? : Religion and economic attitudes by Luigi Guiso( Book )

18 editions published in 2002 in English and held by 119 WorldCat member libraries worldwide

Since Max Weber, there has been an active debate on the impact of religion on people's economic attitudes. Much of the existing evidence, however, is based on cross-country studies in which this impact is confounded by differences in other institutional factors. We use the World Values Surveys to identify the relationship between intensity of religious beliefs and economic attitudes, controlling for country fixed effects. We study several economic attitudes toward cooperation, the government, working women, legal rules, thriftiness, and the market economy. We also distinguish across religious denominations, differentiating on whether a religion is dominant in a country. We find that on average, religious beliefs are associated with good' economic attitudes, where good' is defined as conducive to higher per capita income and growth. Yet religious people tend to be more racist and less favorable with respect to working women. These effects differ across religious denominations. Overall, we find that Christian religions are more positively associated with attitudes conducive to economic growth
Private benefits of control : an international comparison by Alexander Dyck( Book )

20 editions published between 2001 and 2002 in English and held by 118 WorldCat member libraries worldwide

We construct a measure of the private benefits of control in 39 countries based on 412 control transactions between 1990 and 2000. We find that the value of control ranges between 4% and +65%, with an average of 14 percent. As predicted by theory, in countries where private benefits of controlare larger capital markets are less developed, ownership is more concentrated, and privatizations are less likely to take place as public offerings. We also analyze what institutions are most important in curbing these private benefits. A high degree of statutory protection of minority shareholders and high degree of law enforcement are associated with lower levels of private benefits of control, but so are a high level of diffusion of the press, a high rate of tax compliance, and a high degree of product market competition. A crude R-squared test suggests that the "non traditional" mechanisms have at least as much explanatory power as the legal ones commonly mentioned in the iterature. In fact, in a multivariate analysis newspapers' circulation and tax compliance seem to be the dominating factors. We advance an explanation why this might be the case
Corporate ownership structures : private versus social optimality by Lucian Arye Bebchuk( Book )

14 editions published in 1996 in English and held by 116 WorldCat member libraries worldwide

This paper analyzes the inefficiencies that might arise in the ownership structure chosen at the initial public offering stage. We show that, contrary to what is commonly believed, the desire of initial owners to maximize their proceeds leads them to choices that, although privately optimal, may be socially inefficient. This distortion tends to be in the direction of excessive incidence of controlling shareholder structures and excessive divestment of cash flow rights. Our analysis has far-reaching policy implications for dual class stock, stock pyramiding, sale of control rules, and public offerings of minority shares. Among its positive implications, our analysis suggests reasons for the substantial differences in the incidence of control blocks across different countries
Does local financial development matter? by Luigi Guiso( Book )

21 editions published between 2002 and 2003 in English and held by 115 WorldCat member libraries worldwide

We study the effects of differences in local financial development within an integrated financial market. To do so, we construct a new indicator of financial development by estimating a regional effect on the probability that, ceteris paribus, a household is shut off from the credit market. By using this indicator we find that financial development enhances the probability an individual starts his own business, favors entry, increases competition, and promotes growth of firms. As predicted by theory, these effects are weaker for larger firms, which can more easily raise funds outside of the local area. Overall, the results suggest local financial development is an important determinant of the economic success of an area even in an environment where there are no frictions to capital movements
Do financing constraints explain why investment is correlated with cash flow? by Steven N Kaplan( Book )

11 editions published in 1995 in English and held by 114 WorldCat member libraries worldwide

This paper investigates the sources of the correlation between corporate cash flow and investment by undertaking an in-depth analysis of the 49 low-dividend firms identified by Fazzari, Hubbard, and Petersen (1988) as having an unusually high investment-cash flow sensitivity. We find that in only 15% of firm-years is there some question as to a firm's ability to access internal or external funds to increase investment. Strikingly, those firms that appear less financially constrained exhibit a significantly greater investment- cash flow sensitivity than firms that appear more financially constrained. We find this pattern for the entire sample period, for sub-periods, and for individual years. The results indicate that a higher sensitivity cannot be interpreted as evidence that a firm is more financially constrained. We discuss reasons and provide evidence why the opposite may be true. These findings challenge much of the existing evidence on the effects of financial constraints
Financial dependence and growth by Raghuram G Rajan( Book )

14 editions published between 1995 and 1996 in English and held by 114 WorldCat member libraries worldwide

Does finance affect economic growth? A number of studies have identified a positive correlation between the level of development of a country's financial sector and the rate of growth of its per capita income. As has been noted elsewhere, the observed correlation does not necessarily imply a causal relationship. This paper examines whether financial development facilitates economic growth by scrutinizing one rationale for such a relationship; that financial development reduces the costs of external finance to firms. Specifically, we ask whether industrial sectors that are relatively more in need of external finance develop disproportionately faster in countries with more developed financial markets. We find this to be true in a large sample of countries over the 1980s. We show this result is unlikely to be driven by omitted variables, outliers, or reverse causality
Banks and markets : the changing character of European finance by Raghuram G Rajan( Book )

18 editions published in 2003 in English and held by 111 WorldCat member libraries worldwide

Abstract: In the last two decades the European financial markets have become more market oriented. We analyze the economic and political forces that have triggered these changes as well as their likely welfare implications. We also try to assess whether this trend will continue. Based on our analysis, we conjecture that even if Europe might benefit from a continuation of the trend, in the near future political support for it is likely to become much weaker. Furthermore, without serious reforms, the trend is likely to benefit Southern Europe less than Northern Europe
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Saving capitalism from the capitalists : unleashing the power of financial markets to create wealth and spread opportunity
Alternative Names
Luigi Zingales economista italiano

Luigi Zingales économiste italien

Luigi Zingales Italiaans econoom

Luigi Zingales italienischer Ökonom, Hochschullehrer

Luigi Zingales Professor at University of Chicago

Zinagles, Luigi 1963-

Зингалес, Луиджи

לואיג'י זינגלס

진갈레스, 루이기

징갈레스, 루이지

ジンガレス, ルイジ

English (416)

Italian (4)

Chinese (2)

Dutch (1)