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This chapter reviews developments to improve on the poor performance of the standard GMM estimator for highly autoregressive panel series. It considers the use of the ‘system’ GMM estimator that relies on relatively mild restrictions on the initial condition process. This system GMM estimator encompasses the GMM estimator based on the non-linear moment conditions available in the dynamic error components model and has substantial asymptotic efficiency gains. Simulations, that include weakly exogenous covariates, find large finite sample biases and very low precision for the standard first differenced estimator. The use of the system GMM estimator not only greatly improves the precision but also greatly reduces the finite sample bias. An application to panel production function data for the U.S. is provided and confirms these theoretical and experimental findings.

Self-employment placements can provide an opportunity to experience the real-life world of the entrepreneur within an educational context but their implementation is rare. Here we describe a full sandwich year placement scheme at the University of Huddersfield – the Enterprise Placement Year (EPY). Details of the EPY are provided including academic requirements, application procedures and the learning opportunities provided. There are a growing number of EPY alumni continuing the development of their business idea or starting up a new business in their final year or after graduation and three examples are provided. In addition to increasing numbers of sustaining businesses, there is evidence of improved academic success with a greater than average percentage of ‘good degrees’ obtained. Regular changes to the delivery of the programme have been made as a result of ongoing evaluation. These are reported here with recommendations for other universities considering offering such a programme and suggestions for future research.

Advances in Econometrics is a series of research volumes first published in 1982 by JAI Press. The authors present an update to the history of the Advances in Econometrics series. The initial history, published in 2012 for the 30th Anniversary Volume, describes key events in the history of the series and provides information about key authors and contributors to Advances in Econometrics. The authors update the original history and discuss significant changes that have occurred since 2012. These changes include the addition of five new Senior Co-Editors, seven new AIE Fellows, an expansion of the AIE conferences throughout the United States and abroad, and the increase in the number of citations for the series from 7,473 in 2012 to over 25,000 by 2022.

Advances in Econometrics is a series of research annuals first published in 1982 by JAI Press. In this paper, we present a brief history of the series over its first 30 years. We describe key events in the history of the volume, and give information about the key contributors: editors, editorial board members, Advances in Econometrics Fellows, and authors who have contributed to the great success of the series.

Purpose – The relation between research and development (R&D) expenditures and bondholder wealth is examined.

Methodology/approach – A sample of firms that increase R&D expenditures is partitioned into two subsamples: firms with high default risk versus firms with low default risk. For each subsample, we examine the effect of R&D increases on bond returns and default risks.

Findings – For firms with high default risk, R&D increases have a negative impact on bond returns and default risk. Further, there is a wealth transfer from bondholders to stockholders surrounding R&D increases. Neither of these results is found for firms with low default risk.

Research limitations/implications – The present study highlights the importance of assessing firm's existing default risk to understand the effects that R&D expenditures have on bondholders.

Social implications – The study reveals a potential social welfare and economic cost, as it reveals that stockholders may be able to gain wealth at the expense of bondholders.

Originality/value – The study provides important insights to bondholders on how firms’ investment policies, such as R&D expenditures, may affect their wealth.

In Poetic Justice, Martha Nussbaum (1996) offers one version of an argument frequently repeated in the history of law-and-literature scholarship; to wit, that the literary imagination performs a salutary function with regard to many domains of modern public life. While law and economics are governed by logics of bureaucratic rationality and utilitarian calculus, literature, in particular the novel, presents a counterdiscourse, inviting us to empathize with others, expanding our moral sense, emphasizing the importance of affect and imagination in the making of a just, humane, and democratic society. Nussbaum's broad goal is a commendable one; concerned that “cruder forms of economic utilitarianism and cost-benefit analysis that are…used in many areas of public policy-making and are frequently recommended as normative for others” are, in effect, dehumanizing, she argues for the importance to public life of “the sort of feeling and imagining called into being” by the experience of reading literary texts (1996, p. 3). This sort of feeling and imagining, Nussbaum explains, fosters sympathetic understanding of others who may be quite different from us and a deepened awareness of human suffering.

Forests too thick with fuels that are too continuously spread to resist fire are common throughout the west. After a century or more of actively working to suppress fire across the landscape, we now recognize that fire is a part of our forests, shrublands, and range, and that it will come whether we wish it or not. At last, managers must realize forests cannot be fire-proofed (DellaSala, Williams, Williams, & Franklin, 2004). We must work with fire rather than against it.

Since the start of formalised education for all, there has been much discussion about the nature of the bond between pupil and school. The school holds particular functions for society: to credential, to contain and to shape the citizens of the future. One much discussed function is the influence of school on the morality and behaviour of young people. With the bond to school – as a conforming institution – being claimed as essential for controlling delinquent drives, this chapter explores from a different perspective the dimensions of the nature of the bond between pupil and school and how it affects behaviour. The chapter integrates academic paradigm and theory as well as professional practice in previously separate fields: criminology, education and psychotherapy. Sociological concepts such as Hirschi's bond to conformity (1969) are revisited from a psychotherapeutic standpoint, thus leading to an expansion of the concept to incorporate pupils’ perceptions of the bond. This is defined as a sense of belonging.