The Impact of Extension and Ecosystem Services on Smallholders’ Credit Constraint.

On formal credit markets, access to formal credit and reasonable credit terms of smallholder farmers
in rural sub-Saharan Africa is limited due to adverse selection. Financial institutions operating in
rural areas often cannot distinguish between borrowers (farmers) that are creditworthy and those that
are not, thus, allocate limited resource to agriculture to reduce credit risk. In the presence of limited business quality signaling by smallholder farmers, financial institutions shall demand for collateral and/or offer unfavorable contract terms. Moreover, agricultural productivity of rural sub-Saharan
Africa, dominated by subsistence or small-scale farmers, is also negatively impacted by the adverse
effect of climate change. A strategy that may make the farming practices of smallholder farmer’s
climate resilient and profitable may also improve smallholder farmer's access to formal credit. This
study investigates to what extent participating in ecosystem and extension services (EES) programs
signals business quality of smallholders, thus granting them credit accessibility. We collected data
on 210 smallholder farmers in 2013, comprising farmers that receive payments for ecosystem
services (PES) and farm management training from the International Small Group Tree Planting
Program (TIST) Kenya to test the aforementioned theory empirically. We use game theory,
particularly a screening and sorting model, to illustrate the prospects for farmers with EES to access
formal credit and to improve their credit terms given that they receive PES and banking services
training. Furthermore, the PES’ long term duration (10 – 30 years) generates stable cash-flow which
may be perceived as collateral substitute. Results suggest that smallholder farmers in the TIST
program were less likely to be credit constraint compared to non-TIST farmers. Distance to market,
education, livestock and farm income are factors that determine access to credit from microfinance
institutions in rural Kenya. Amongst farmers that have obtained loans, those keeping business records
enjoy more favorable formal credit conditions. These farmers were observed to pay ca. 5 percent less
interest rate in microfinance charges. For TIST farmers, this type of farm management practices may
be attributed to the banking services and other training they receive within the program. While the
availability of classical collateral (farmlands) and PES may reduce interest rate, the latter was found
to be statistically insignificant. This research underlines the importance of an effective extension
services in rural areas of developing countries and the need to improve gains from conservation
agriculture and ensuing PES. The benefits associated with EES and PES may encompass agricultural
financing.

Short-Term Reversals: The Effects of Past Returns and Institutional Exits

Price declines over the previous quarter lead to stronger reversals across the subsequent two months. We explain this finding based on the dual notions that liquidity provision can influence reversals, and agents that act as de facto liquidity providers may be less active in past losers. Supporting these observations, we find that active institutions participate less in losing stocks, and that the magnitude of monthly return reversals fluctuates with changes in the number of active institutional investors. Thus, we argue that fluctuations in liquidity provision with past return performance accounts for the link between return reversals and past returns.

Addition of docetaxel, zoledronic acid, or both to first-line long-term hormone therapy in prostate cancer (STAMPEDE): survival results from an adaptive, multiarm, multistage, platform randomised controlled trial

BACKGROUND: Long-term hormone therapy has been the standard of care for advanced prostate cancer since the 1940s. STAMPEDE is a randomised controlled trial using a multiarm, multistage platform design. It recruits men with high-risk, locally advanced, metastatic or recurrent prostate cancer who are starting first-line long-term hormone therapy. We report primary survival results for three research comparisons testing the addition of zoledronic acid, docetaxel, or their combination to standard of care versus standard of care alone.

METHODS: Standard of care was hormone therapy for at least 2 years; radiotherapy was encouraged for men with N0M0 disease to November, 2011, then mandated; radiotherapy was optional for men with node-positive non-metastatic (N+M0) disease. Stratified randomisation (via minimisation) allocated men 2:1:1:1 to standard of care only (SOC-only; control), standard of care plus zoledronic acid (SOC + ZA), standard of care plus docetaxel (SOC + Doc), or standard of care with both zoledronic acid and docetaxel (SOC + ZA + Doc). Zoledronic acid (4 mg) was given for six 3-weekly cycles, then 4-weekly until 2 years, and docetaxel (75 mg/m(2)) for six 3-weekly cycles with prednisolone 10 mg daily. There was no blinding to treatment allocation. The primary outcome measure was overall survival. Pairwise comparisons of research versus control had 90% power at 2·5% one-sided α for hazard ratio (HR) 0·75, requiring roughly 400 control arm deaths. Statistical analyses were undertaken with standard log-rank-type methods for time-to-event data, with hazard ratios (HRs) and 95% CIs derived from adjusted Cox models. This trial is registered at ClinicalTrials.gov (NCT00268476) and ControlledTrials.com (ISRCTN78818544).

FINDINGS: 2962 men were randomly assigned to four groups between Oct 5, 2005, and March 31, 2013. Median age was 65 years (IQR 60-71). 1817 (61%) men had M+ disease, 448 (15%) had N+/X M0, and 697 (24%) had N0M0. 165 (6%) men were previously treated with local therapy, and median prostate-specific antigen was 65 ng/mL (IQR 23-184). Median follow-up was 43 months (IQR 30-60). There were 415 deaths in the control group (347 [84%] prostate cancer). Median overall survival was 71 months (IQR 32 to not reached) for SOC-only, not reached (32 to not reached) for SOC + ZA (HR 0·94, 95% CI 0·79-1·11; p=0·450), 81 months (41 to not reached) for SOC + Doc (0·78, 0·66-0·93; p=0·006), and 76 months (39 to not reached) for SOC + ZA + Doc (0·82, 0·69-0·97; p=0·022). There was no evidence of heterogeneity in treatment effect (for any of the treatments) across prespecified subsets. Grade 3-5 adverse events were reported for 399 (32%) patients receiving SOC, 197 (32%) receiving SOC + ZA, 288 (52%) receiving SOC + Doc, and 269 (52%) receiving SOC + ZA + Doc.

INTERPRETATION: Zoledronic acid showed no evidence of survival improvement and should not be part of standard of care for this population. Docetaxel chemotherapy, given at the time of long-term hormone therapy initiation, showed evidence of improved survival accompanied by an increase in adverse events. Docetaxel treatment should become part of standard of care for adequately fit men commencing long-term hormone therapy.

FUNDING: Cancer Research UK, Medical Research Council, Novartis, Sanofi-Aventis, Pfizer, Janssen, Astellas, NIHR Clinical Research Network, Swiss Group for Clinical Cancer Research.

The European Commission’s public consultation on the review of EU copyright rules: a response by the CREATe centre

This article presents the response of the Centre for Copyright and New Business Models in the Creative Economy (CREATe) to the consultation on reform of the EU copyright regime. Reviews the format of the consultation, notes the common problems in reporting data in such a format, and reproduces the consultation questions to which CREATe responded, together with a summary of its conclusions on topics including: (1) terms of copyright protection; (2) libraries and archives; (3) persons with disabilities; (4) remuneration of authors; (5) user-generated content; (6) respect for rights; and (7) data mining.

On the Origin of the Right to Copy: Charting the Movement of Copyright Law in Eighteenth Century Britain (1695-1775)

Taking as its point of departure the lapse of the 1662 Licensing Act in 1695, this book examines the lead up to the passage of the Statute of Anne 1710 and charts the movement of copyright law throughout the eighteenth century, culminating in the House of Lords decision in Donaldson v Becket (1774). The established reading of copyright's development throughout this period, from the 1710 Act to the pronouncement in Donaldson, is that it was transformed from a publisher's right to an author's right; that is, legislation initially designed to regulate the marketplace of the bookseller and publisher evolved into an instrument that functioned to recognise the proprietary inevitability of an author's intellectual labour. The historical narrative which unfolds within this book presents a challenge to that accepted orthodoxy. The traditional analysis of the development of copyright in eighteenth-century Britain is revealed to exhibit the character of long-standing myth, and the centrality of the modern proprietary author as the raison d'etre of the modern copyright regime is displaced.

Commentary on the Licensing Act 1662

Legislation prohibiting the publication of any literary work without prior licence.
Drawing upon both the Star Chamber Decree 1637 (uk_1637) and the Acts Regulating Printing during the Interregnum (see: uk_1643 and associated documents), the Licensing Act set out a comprehensive set of provisions concerning both the licensing of the press and the regulation and management of the book trade. In addition, it confirmed the rights of those holding printing privileges (or patents) granted in accordance with the royal prerogative (see for example: Day's privilege for The Cosmographical Glass (uk_1559b)) as well as those who had registered works with the Stationers' Company (uk_1557). It also introduced the first legal library deposit requirement. In force between 1662 and 1679, and then again between 1685 and 1695, the Act represents the last occasion on which the censorship of the press was formally and strategically linked to the protection of the economic interests of the Stationers' Company. Its lapse led the Stationers' Company to lobby parliament for renewed protection, ultimately resulting in the passing of the Statute of Anne 1710 (uk_1710).

Commentary on the Statute of Anne 1710

Legislation conferring exclusive rights upon the author of books not yet printed or published for a period of 14 years and for a further 14 years if the author was still alive at the end of the first period. The legislation also provided the same rights for the authors or owners of books already in print for a single 21 year term.
The commentary describes the background to the Act detailing the manner in which the legislation was amended as it passed through parliament, and highlights particular flaws in the drafting. The commentary argues that, although the Act sought to both secure the interests of the Stationers while at the same time regulating the general operation of the book trade, the primary concern of the legislature lay in the encouragement and advancement of learning.

Commentary on the Engravers' Act (1735)

Legislation conferring exclusive rights, for a period of 14 years, on persons inventing and designing engravings and similar works. This was first occasion on which British copyright legislation extended to something other than literary works. The commentary describes the background to the Act, in particular the lobbying efforts of a small group of artists and engravers led by William Hogarth, and details similarities and differences which the legislation bore to the Statute of Anne 1710. The commentary suggests that, whereas the Statute of Anne essentially sought to regulate the production of the physical book, with the Engravers' Act the legislature began to articulate a more subtle distinction between the physical object and the subject of copyright protection, which was in this case, the engraved image.

Copyright and Parody:Taking Backward the Gowers Review

In 2006 the Gowers Review of Intellectual Property made a series of recommendations for reforming the intellectual property regime to better serve the interests of both consumers and industry. Among the proposed recommendations was that an exception for parody be introduced within the Copyright Designs and Patents Act 1988. In January 2008 the Intellectual Property Office (the IPO) launched the first part of a two-stage consultation process on exceptions to copyright. As part of that consultation process, the IPO proposed a ‘fair dealing style exception’ for parody, and sought views on whether a new exception should be introduced as well as what form it might take. In December 2009 the IPO launched the second stage of this consultation process. The second consultation document rejected the case for a new parody exception. This article considers the place of parody within the copyright regime and the objections levelled against the introduction of an exception set out within the IPO's second consultation document. It invites the IPO to reconsider its decision not to recommend the introduction of a specific exception for parody within the UK.

Photography, copyright, and the South Kensington experiment

Reviews the development of UK copyright law in the 19th century concerning photographs of works of art in public collections. Discusses the project at South Kensington Museum to sell photographs of works of art to the public at cost price, and the introduction of copyright protection for original photographs under the Fine Arts Copyright Act 1862. Considers the parliamentary debates on whether photography was worthy of copyright protection. Examines whether lessons should be learned now that digital technology offers the opportunity to improve public access to works of art.

Commentary on the Calico Printers' Act 1787

Legislation conferred exclusive rights lasting two months on those first printing 'new and original' patterns on linens, cottons, calicoes and muslins.
The commentary describes the background to the Act, the challenge which the Northern cotton and printing industry presented to those printing fashionable cottons and calicoes in London, as well as the significance of the cotton industry to the British economy in the late eighteenth and early nineteenth century. Against this backdrop, the commentary also explores why it was that the protection provided by the legislature was limited to two months only, by comparison with the more generous copyright terms provided by the Statute of Anne 1710 (uk_1710) and the Engravers' Acts (uk_1735; uk_1766; uk_1777).

Commentary on the Models and Busts Act 1798

The first occasion on which British copyright law provided protection for a medium other than print. The legislation conferred exclusive rights lasting 14 years on persons who created new models or casts of human or animal figures.
The commentary describes the background to the Act, in particular the lobbying efforts of the artist and sculptor George Garrard, as well as the subsequent case-law, highlighting flaws in the drafting that lead to a further act in 1814. The commentary argues that while the 1798 Act is pre-modern, in the sense of having a reactive and subject-specific remit, by severing copyright from its print basis, the Act paved the way for the emergence of the modern image of copyright as concerned with the promotion of ‘art and literature'.

Commentary on Lowndes

This was the first British treatise dedicated specifically to the history of copyright law. The second edition, published in the same year as the passage of the Copyright Amendment Act 1842 (see: uk_1842) and the edition referred to in this commentary, was dedicated to the Sergeant Thomas Noon Talfourd, the driving force behind the 1842 Act, "for his generous advocacy of the rights of authors". Lowndes was a strong proponent of the natural rights of the author and his historical account reflects as much. The second edition is also notable in terms of drawing comparisons with various continental models of copyright protection in advocating a longer term of protection for literary works within the UK.

Commentary on Foreign Reprints Act 1847

Legislation enabling colonial territories to import unauthorised foreign reprints subject to the payment of an import duty, to be collected for the benefit of British publishers.
The commentary explores the background to the Foreign Reprints Act 1847, and in particular, the differences between the British and colonial markets for literary works, and the introduction of 'responsible government' in the colonies. It also considers the movement in the late 1860s and early 1870s, on the part of the British book trade, to have the legislation repealed, as well as the efforts of the Canadian legislature to replace the import scheme with a system of compulsory licensing, set against the backdrop of increasingly fractious Anglo-Canadian copyright relations. The Canadian demands for compulsory licensing scheme were by and large abandoned, and the 1847 Act remained on the statute books until the passing of the Copyright Act 1911.

Beyond the ‘Tomlinson Trap’: Analysing the Effectiveness of Section 1 of the Compensation Act 2006

One of the intentions underpinning section 1 of the Compensation Act 2006 was to provide reassurance to individual volunteers, and voluntary organisations, involved in what the provision called ‘desirable activities’ and including sport. The perception was that such volunteers, motivated by an apprehension about their increased vulnerability to negligence liability, and as driven by a fear of a wider societal compensation culture, were engaging excessively in risk-averse behaviour to the detriment of such socially desirable activities. Academic commentary on section 1 of the Compensation Act 2006 has largely regarded the provision as unnecessary and doing little more than restating existing common law practice. This article argues otherwise and, on critically reviewing the emerging jurisprudence, posits the alternative view that section 1, in practice, affords an enhanced level of protection and safeguarding for individuals undertaking functions in connection with a desirable activity. Nonetheless, the occasionally idiosyncratic judicial interpretation given to term ‘desirable activity’, potentially compounded by recent enactment of the Social Action, Responsibility and Heroism Act 2015, remains problematic. Two points of interest will be used to inform this debate. First, an analysis of the then House of Lords’ decision in Tomlinson and its celebrated ‘balancing exercise’ when assessing reasonableness in the context of negligence liability. Second, a fuller analysis of the application of section 1 in the specific context of negligence actions relating to the coaching of sport where it is argued that the, albeit limited, jurisprudence might support the practical utility of a heightened evidential threshold of gross negligence.