Flow analysis of the agricultural research‐extension system for improved maize seed in Zambia

Among other factors, the research‐extension system for delivering appropriate agricultural technologies to farmers has been blamed for Zambia's poor agricultural performance. The agricultural research‐extension system for improved maize seed technology is described. Constraints on the flow of improved maize seed technology and its utilisation by farmers are gauged by interviewing key informants, and recommendations for improvement are made.     

Operating characteristics of rural non-farm enterprises in Central Province,Kenya

The ILO has identified seven characteristics which describe the operation of informal sector enterprises. These operating characteristics are assessed using survey data on rural non-farm enterprises located in market centers in Central Province, Kenya. Two characteristics (family ownership and small scale of operation) appear to be entirely true, but the remaining five are in need of qualification. Not all activities use labour-intensive technologies, indeed some require fairly large capital inputs. Indigenous resources are not important in many rural non-farm activities. Some important business skills are acquired inside the formal school system. There are not insignificant barriers to entering the more profitable non-farm enterprises. And these barriers, in conjunction with other factors, limit competition in some activities in many of the market centres. It appears that the operators of the more profitable and technically more advanced enterprises are forming a rural petty bourgeoisie. Thus contrary to the ILO interpretation, growth of the rural non-farm sector may be associated with greater income inequalities.     

Refining the bootstrap method of stochastic dominance analysis: The case of the January effect

This study investigates the effect of sample size and population distribution on the bootstrap estimated sampling distributions for stochastic dominance (SD) test statistics. Bootstrap critical values for Whitmore's (1978) second- and third-degree stochastic dominance test statistics are found to vary with both data sample size and variance of the population distribution. The results indicate the parametric nature of the statistics and suggest that the bootstrap method should be used to estimate a sampling distribution each time a new data sample is drawn. As an application of the bootstrap method, the January small firm effect is examined. The results conflict with the SD results of others, and indicate that not all investors would prefer to hold just a portfolio of small capitalization firms in January.     

First-mover advantages from pioneering new markets: A survey of empirical evidence

Market pioneers can develop first-mover advantages that span decades. The most general first-mover advantage that helps explain higher pioneer market share levels is a broad product line or brand proliferation. In markets for experience goods, pioneers tend to shape consumer tastes and preferences in favor of the pioneering brand. While the preliminary results vary by industry, they indicate that market pioneers donot tend to perish more often than later entrants. Accounting profits for market pioneers generally are lower in the first four years of operation, but higher thereafter. Overall, market pioneers follow innovative strategies that have high initial costs and risks, but yield high potential returns.     

Entry timing,exploration, and firm survival in the early U.S. bicycle industry

We explore the relationship between a firm's entry timing and its probability of surviving the early, uncertain period of its industry, and consider the trade‐off between entering early and potentially establishing a strong position in the industry vs. waiting until technological uncertainty is reduced. We hypothesize that, owing to inertial forces, firms that enter the industry at the earliest point in its history are least likely to make the conversion to the product generation that becomes the dominant design in the industry. Exploration through the introduction of new products appears to reflect a local search process and retards the transition to the dominant design. We also hypothesize that, though firms entering early may exhibit longer life spans, their advantages are limited to the period before the emergence of the dominant design. We test our hypotheses in the early U.S. bicycle industry, and find evidence consistent with the idea that inertia limits firms' abilities to make the transition between generations of product configurations. Copyright © 2006 John Wiley & Sons, Ltd.     

A technique for estimating the average duration of commuter trips

The opportunity cost of the journey to work is usually calculated by multiplying an hourly value-of-time figure by the duration of an average trip. There is a shortage of reliable up-to-date data concerning the average duration of commuter trips. This note presents a technique for estimating average durations using urban density functions and a traffic speed model. The method is tested for London.     

The Role of Private Equity in Life Sciences

In a roundtable published in this journal a year ago, there was a clear consensus that the R&D function in big pharma was inefficient and in need of major restructuring, possibly through increased investments by venture capital and private equity firms. In this discussion, an accomplished group of industry practitioners begins by looking at the prospects for both venture capital and private equity to play meaningful roles in financing early- and mid-stage drug development. In so doing, they explore questions like the following:

• • Are there ways for big pharma and biotech to reduce “science risk” and make R&D funding more profitable and attractive to venture capital and private equity—and perhaps even hedge funds?
• • What roles do you see for specialty PE firms like Symphony Capital and Paul Capital, which are now bundling mid-stage development assets and securitizing royalties?

Then the panelists turn to the broader life sciences industry and consider the outlook for leveraged private equity transactions involving marketed products, late-stage development, and services. Here they consider issues like the following:

• • Will PE be attracted to less-R&D-intensive activities like medtech and generics?
• • Have the recent consolidation through mergers and reorganization of big pharma into decentralized business units created opportunities for carve-outs of certain businesses?

For big pharma and life sciences companies in general, the answers to such questions point to greater specialization and focus achieved partly through strategic alliances with venture capital, private equity, and even hedge funds, and involving marketed products and services as well as early-stage drug development.     

Participation as motif in community-based tourism: a practice perspective

Community-based tourism (CBT) is a diversely interpreted term, which has presented understanding and practice contests. These contests highlight the centrality (or not) of participation in CBT, and even its developmental failure. We attempt to move the conversation away from whether and how much participation exists to focus on emic interpretations of how CBT is experienced. As such, our focus is on how and why communities participate in CBTs, as informed by practice theory. We examine how participation might be understood and explained across three cases from Kenya, namely Il Ngwesi, Lumo Wildlife Sanctuary and Mwaluganje Elephant Sanctuary. The data were obtained through in-depth interviews, participant observation and documented sources. The findings highlighted that CBT was a response to contextual challenges, led by the community elders. Community participation was often through representation, which is interpreted in relation to local practices. Case narratives and thematic analysis demonstrated that community participation appeared across the cases as a recurrent practice, or motif, its different forms influenced by local sociocultural, economic and sometimes political tensions in each case environment. Understanding how community participation takes place in different settings informs possibilities for realizing and enhancing tourism-led community development strategies, freeing participation from apparent Western standards.     

Evolution of the Corporation in the United States: Stabilized Scarcity and Vested Interests

The widening of markets beginning in the late nineteenth century in the United States involved changes in the financial and legal institutions supporting production for large-scale markets. The evolution of the corporation under these circumstances reflects the role of the legal system in formulation of formal rules which favor vested interests. As Thorstein Veblen said, “A constitutional government is a business government.”

This article examines the co-evolution of the legal system and the economic system as they relate to the merger movement at the turn of the twentieth century, the increased use of the corporate form, and the emphasis on pecuniary values over production to secure stabilized scarcity in the midst of cutthroat competition and deflation. The resultant financialization of the economy which continues today was reinforced by such legal rules as the Fourteenth Amendment’s protection of property, including intangible property, and the Rule of Reason accommodating some instances of monopolization. These stabilization policies have secured the rentiers’ return at the cost of the long term health of the national economy. John R. Commons’ observations on artificial selection and the use of law to make capitalism better offer a solution through laws regulating the detrimental aspects of financialization.