When Random House handed author Charles Frazier (of “Cold Mountain” fame) an $8 million advance for his next novel four years ago, the publishing industry gasped. “With just a one-page outline of the planned work, [Frazier] sold the second novel in an auction, and in so doing left behind the editor, Elisabeth Schmitz of Grove/Atlantic, who had discovered and nurtured him to success.” The amount of the advance was unprecedented for such a new author, and now, as Frazier begins to hand in his manuscript, the industry will be watching closely to see whether Random House’s investment was worth it.