Evidence of the statistical significance of profits in Q regressions remains one of the principal findings in the empirical investment literature. This result is frequently taken to support the view that capital market imperfections are an important element for understanding investment. This paper challenges that conclusion. We argue that allowing the profit function at the firm level to be strictly concave, reflecting, for example, market power, is sucent to replicate the Q theory based regression results in which profits are a significant factor determining investment. To be clear, our ability to replicate the existing results does not require the specification of any capital market imperfections. Thus the friction that explains the statistical significance of profits could be market power by sellers rather than capital market imperfections.

"A Reader in International Corporate Finance offers an overview of current thinking on six topics: law and finance, corporate governance, banking, capital markets, capital structure and financing constraints, and the political economy of finance. This collection of 23 of the most influential articles published in the period 2000-2006 reflects two new trends: interest in international aspects of corporate finance, particularly specific to emerging markets, awareness of the importance of institutions in explaining global differences in corporate finance. ""In the last decade, financial economists have increasingly focused on the role of laws and institutions in explaining differences in financial development across countries. This collection will be of great use to readers interested in the emerging new paradigm in corporate governance."" Andrei Shleifer, Harvard University ""Anybody seeking to understand corporate finance and corporate governance must read the papers in this book and the literature they have spawned. The financing of firms is based on contracts and the enforcement of those contracts. Without comparing firms under different contractual systems, therefore, it is impossible to grasp fully the key factors shaping the financing and behavior of firms."" Ross Levine, Brown University ""This reader describes how law, property rights, and corporate governance contribute to financial development, as well as how private interest groups can block or support financial reform, and thereby shape the financial development of countries. It is a must read for any student of finance."" Raghuram Rajan, International Monetary Fund"

This book examines the contested representations of those murdered during the Spanish Civil War of the 1930s in two small rural communities as they undergo the experience of exhumation, identification, and reburial from nearby mass graves. Based on interviews with relatives of the dead, community members and forensic archaeologists, it pays close attention to the role of excavated objects and images in breaking the pact of silence that surrounded the memory of these painful events for decades afterward. It also assesses the significance of archaeological and forensic practices in changing relationships between the living and dead. The exposure of graves has opened up a discursive space in Spanish society for multiple representations to be made of the war dead and of Spain’s traumatic past.

Papers presented at a conference held at the James A. Baker III Institute for Public Policy at Rice University, in Apr. 2006.

This book provides coherent theoretical and empirical analysis of firms’ investment and financing decisions. It assesses the role of uncertainty, financial imperfections, corporate governance and taxation. Evidence is obtained using several unique and high quality microeconomic data-sets, which explore features seldom addressed.

An integrated approach to the empirical application of dynamic optimization programming models, for students and researchers. This book is an effective, concise text for students and researchers that combines the tools of dynamic programming with numerical techniques and simulation-based econometric methods. Doing so, it bridges the traditional gap between theoretical and empirical research and offers an integrated framework for studying applied problems in macroeconomics and microeconomics. In part I the authors first review the formal theory of dynamic optimization; they then present the numerical tools and econometric techniques necessary to evaluate the theoretical models. In language accessible to a reader with a limited background in econometrics, they explain most of the methods used in applied dynamic research today, from the estimation of probability in a coin flip to a complicated nonlinear stochastic structural model. These econometric techniques provide the final link between the dynamic programming problem and data. Part II is devoted to the application of dynamic programming to specific areas of applied economics, including the study of business cycles, consumption, and investment behavior. In each instance the authors present the specific optimization problem as a dynamic programming problem, characterize the optimal policy functions, estimate the parameters, and use models for policy evaluation. The original contribution of Dynamic Economics: Quantitative Methods and Applications lies in the integrated approach to the empirical application of dynamic optimization programming models. This integration shows that empirical applications actually complement the underlying theory of optimization, while dynamic programming problems provide needed structure for estimation and policy evaluation.

A disturbing, darkly funny fictionalization of the life of Fred A. Leuchter, the garage tinkerer turned execution authority who became a darling of the neo-Nazi movement, and subject of the Errol Morris documentary, Mr. Death. He comes to fix your photocopier, but really, Fred’s an inventor. At night, he goes to work. He has goals, ambitions, and when offered the task of building a better electric chair, he jumps at the chance. People have to die—he believes in the occasional necessity of evil—but what if we could kill them more humanely? A death specialist, first in his field but forever under-appreciated, he’s charmed when a new generation of fascists come calling for his expertise. A Holocaust denier is on trial in Toronto—could Fred prove the gas chambers never existed? Newspapers descend. Talking heads have their say. A documentarist makes a film. Everyone will know his name, though some things society will simply not abide. Dishonoured, discredited, disgraced. But Fred’s work does not stop, and the world may yet be reminded of the dangerous truth that some men are driven by forces far more powerful than shame. First published in 2013, this is the updated and definitive edition of Eugene Marten’s chilling masterwork of transformational historical fiction.