The article provides a critical discussion of the literature on "patrimonialism" and "neopatrimonialism" as far as the use in Development Studies in general or African Studies in particular is concerned. To overcome the catch-all use of the concept the authors present their own definition of...

Suppose the value of a firm is endogenously determined by a manager's costly effort. We call this manager a distinguished player if he also can trade shares of the firm on a market. Arbitrage-free asset pricing theory suggests that the equilibrium market price reflects the value increasing...