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The global biofuels sector has expanded rapidly in the past decade, with feedstock expansion penetrating many tropical areas. While the emerging demand for biofuels represents an opportunity for developing countries, it also poses a host of social and environmental risks. Large investments are needed to finance expansion of biofuel and feedstock production, suggesting that the financial sector may have a crucial role to play in mitigating these risks. This paper seeks to explore the role of financiers in expanding biofuel feedstock production and refining in tropical forest‐rich countries of Africa, Asia and Latin America to better understand the role and future potential of responsible finance in the biofuel sector.

The analysis draws on published data and reports from academia, industry, governments, civil society and the press, to quantify the magnitude and source of investments made from 2000‐2010 in 16 countries sampled from “ecoregions” subject to high rates of forest conversion, weak land tenure institutions, and vulnerable communities.

It is found that the case study countries received USD 5.3‐7.3 billion for feedstock production and USD 5.7‐6.7 billion for biofuel refining between 2000 and 2009. This was financed by a mix of entrepreneurs, private banks, investors, governments and multilateral banks. While no clear patterns emerge, foreign banks and institutional investors rank as “important” for most feedstocks and regions. Multilateral banks and domestic institutional investors seem to be the least important. Few financiers have criteria in place in order to ensure sustainable investing practices, and those who do tend to have policies of limited quality.

While much has been written on biofuel sustainability and governance, there is little research that delineates the nature of investment and finance in the sector.

Just like the market which has its bulls and its bears, investments has its fundamentalists crowd and its technicians crowd. The academic finance profession must wake up and realize that investing is no longer driven solely by fundamental and statistical analysis. While as a profession we believe in and teach the fundamental investment subjects such as CAPM or EMH, we also realize the need to examine ways to explain the 80 per cent of the variability of stock returns not explained by the fundamentals. In addition to the fundamental investment subjects an increased exposure to both behavioral finance and the psychology of financial markets is absolutely necessary to increase the understanding of how and why stocks move. Just as the bulls need the bears, fundamentalists need technicians. Behavioral finance, crowd psychology, and the psychology of financial markets are the underpinnings of technical analysis. Western technical analysis predates CAPM and EMH by decades, if not more, tracing its roots back to Charles Dow founder of Dow Jones.

With this number the Library Review enters on its ninth year, and we send greetings to readers at home and abroad. Though the magazine was started just about the time when the depression struck the world, its success was immediate, and we are glad to say that its circulation has increased steadily every year. This is an eminently satisfactory claim to be able to make considering the times through which we have passed.

Communications regarding this column should be addressed to Mrs. Cheney, Peabody Library School, Nashville, Tenn. 37203. Mrs. Cheney does not sell the books listed here. They are available through normal trade sources. Mrs. Cheney, being a member of the editorial board of Pierian Press, will not review Pierian Press reference books in this column. Descriptions of Pierian Press reference books will be included elsewhere in this publication.

Describes the impact of recent changes in US tort law and identifies four interest groups concerned: manufacturers, insurance companies, consumers and lawyers. Discusses their relative strengths, motivations and influence on judicial decisions, citing relevant liability cases for product‐related injuries due to manufacturing defects, design defects and inadequate warnings. Develops a logistic regression model to relate state adoption of strict liability standards to the relative strength of interest groups and applies it to US data. Suggests that the strength of manufacturers and, more particularly, lawyers is significant; and that liberal states are more likely to adopt strict liability for design defects. Calls for further research on the role of the legal profession in legal change.

The purpose of this paper is to examine the construction of national heritage through the interpretation of sites and events, with a particular focus on hot interpretation at difficult heritage sites. 

This paper examines the processes of difficult heritage interpretation at the Memorial Hall of the Nanjing Massacre over the past 30 years, and examines the resulting political implications.

Aligning with contemporary national social and political agendas, heritage interpretation at the Memorial Hall actively serves as an authorised educational tool. Despite the hot interpretation techniques used to stimulate the emotional impact of visitor experiences, this particular traumatic past has been utilised in nation building practices that legitimise specific histories and form a national image on an international stage.

Heritage interpretation of difficult history will benefit from open dialogue and assessment of the past from multiple perspectives. This requires all stakeholders to work together to develop interpretation strategies that acknowledge and prioritise the needs of post-conflict societies. Without this form of open dialogue and reflection, the official claims of heritage interpretation achieving reconciliation between conflicted peoples remain superficial. 

This study offers a novel contribution to the discussion of heritage interpretation. The results shed light on the cultural processes surrounding state interpretation of traumatic pasts for specific political uses. The study suggests ways in which heritage sectors and authorities can achieve social goals, such as public education, reconciliation and peacebuilding, through such processes of heritage interpretation.

The purpose of this study is to map the intellectual structure of sustainable finance and accounting (SFA) literature by identifying the influential aspects, main research streams and future research directions in SFA.

The results are obtained using bibliometric citation analysis and content analysis to conduct a bibliometric review of the intersection of sustainable finance and sustainable accounting using a sample of 795 articles published between 1991 and November 2023.

The most influential factors in the SFA literature are identified, highlighting three primary areas of research: corporate social responsibility and environmental disclosure; financial and economic performance; and regulations and standards.

SFA has experienced rapid development in recent years. The results identify the current research domain, guide potential future research directions, serve as a reference for SFA and provide inspiration to policymakers.

SFA typically encompasses sustainable corporate business practices and investments. This study contributes to broader social impacts by promoting improved corporate practices and sustainability.

This study expands on previous research on SFA. The authors identify significant aspects of the SFA literature, such as the most studied nations, leading journals, authors and trending publications. In addition, the authors provide an overview of the three major streams of the SFA literature and propose various potential future research directions, inspiring both academic research and policymaking.

This chapter provides empirical evidence on the extent of producer heterogeneity in the output market by analyzing output price and price-marginal cost markups at the plant level for thirteen homogeneous manufactured goods. It relies on micro data from the U.S. Census of Manufactures over the 1963–1987 period. The amount of price heterogeneity varies substantially across products. Over time, plant transition patterns indicate more persistence in the pricing of individual plants than would be generated by purely random movements. High-price and low-price plants remain in the same part of the price distribution with high frequency, suggesting that underlying time-invariant structural factors contribute to the price dispersion. For all but two products, large producers have lower output prices. Marginal cost and the markups are estimated for each plant. The markup remains unchanged or increases with plant size for all but four of the products and declining marginal costs play an important role in generating this pattern. The lower production costs for large producers are, at least partially, passed on to purchasers as lower output prices. Plants with the highest and lowest markups tend to remain so over time, although overall the persistence in markups is less than for output price, suggesting a larger role for idiosyncratic shocks in generating markup variation.