We revisit the role of liquidity risk. We successfully replicate Pastor and Stambaugh's (2003) gamma liquidity risk index and, within their time period, concur with their risk premium estimate. An out-of-their-time-period analysis finds post-time-period returns that are higher and...

Purpose: Since the start of seed and other market reforms in the 1990s, the annual number of improved varietal releases for maize in Kenya has increased substantially. Prior to the reforms, private firms were restricted in introducing new varieties, could not protect their intellectual property...

One of the basic debates in African development is whether agriculture can be the instrument for the transformation of a rural economy. A common question is whether agricultural policies can provide the impetus to move agriculture in developing economies from subsistence to commercial...

The nature of the observed market structure and R&D competition in genomics research is used as the basis for a comparative analysis of research under a mixed oligopoly, pure oligopoly and monopoly when the timing of the innovation outcome is uncertain (as in an R&D race), the winner-take-all...