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...

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...