The standard real-options model predicts that increased uncertainty discourages investment. When projects are large and take time to build, however, this prediction can be reversed. We investigate the investment/uncertainty relationship empirically using historical data on opening dates of new...

This paper studies the effect of religion on the economic progress of Black Americans after Reconstruction. Southern religious institutions-particularly the Southern Baptist church-played a key role in the development of the Lost Cause mythology that helped legitimate the white supremacist...