A decentralized market theory of investment based on rising supply price is formulated and explained. Asset prices … conditions. Construction is determined myopically by marginal cost pricing: rising supply price constrains aggregate investment … myopic and current price (or current q) is no longer sufficient for investment. Instead, builders must anticipate the future …

Despite a vast accumulation of private capital, China is not embracing capitalism. Deceptively familiar capitalist … introduces the chapters comprising the NBER volume Capitalizing China (Fan and Morck, eds. 2012), which examine China's high … consider policy alternatives the CCP might consider if its goal is China's elevation into the ranks of high income countries …

Recent writings on China's water situation often portray China's water problems as severe and suggest that water … availability could threaten the sustainability of China's future growth. However, China's high growth of the last 20 years or more … accounting approach to investigate both the contribution played in the past by water availability in constraining China's growth …

value on firm investment. Working with unique data on land values in 35 major Chinese markets and a panel of firms outside … the real estate industry, we estimate investment equations that yield no evidence of a collateral channel effect. One … reason for this stark difference appears to be that some of the most dominant firms in China are state-owned enterprises …

. Technological/ markup heterogeneity explains a limited fraction in China, but a potentially large share in the US …

last two decades is highly correlated with that of corporate investment efficiency. China's stock market appears to be … access it. Yet this high alpha amounts to an inflated cost of equity capital, constraining the investment of China's smaller … informativeness will be important to increase China's investment efficiency and fuel its continued economic growth. Finally, we …

Over the U.S. business cycle, fluctuations in residential investment are well known to systematically lead GDP. These … dynamics are documented here to be specific to the U.S. and Canada. In other developed economies residential investment is … broadly coincident with GDP. Nonresidential investment has the opposite dynamics, being coincident with or lagging GDP. These …