How to incorporate hard-to-value assets into the wealth tax? We analyze the effect of an optimal wealth tax on risk-taking behavior and welfare when investors do not only have the standard portfolio choice with a well-diversified market portfolio, but can alternatively choose to invest all their wealth into a non-diversifiable, indivisible project. The latter is interpreted as entrepreneurial investment into a small, nonlisted firm for which the actual value is hard to measure and non-verifiable. For such firms, real-world wealth tax systems base the wealth tax on deterministic book values. We show that this tax treatment does not distort the choice of projects if the tax is set optimally with an imputed interest rate on book values, actually larger than the risk-free market rate of return. The market equilibrium and a proportional tax on the market portfolio will ensure an efficient risk allocation between private and public consumption and across projects. Failing to apply an imputed inflation of book values, instead, gives rise to an implicit subsidy on entrepreneurial activity and distorts investment. Our findings also have implications for taxation of hard-to-value assets under capital-gains and inheritance taxation.
{"title":"Wealth Taxation, Non-Listed Firms, and the Risk of Entrepreneurial Investment","authors":"Dirk Schindler","doi":"10.2139/ssrn.3170878","DOIUrl":"https://doi.org/10.2139/ssrn.3170878","url":null,"abstract":"How to incorporate hard-to-value assets into the wealth tax? We analyze the effect of an optimal wealth tax on risk-taking behavior and welfare when investors do not only have the standard portfolio choice with a well-diversified market portfolio, but can alternatively choose to invest all their wealth into a non-diversifiable, indivisible project. The latter is interpreted as entrepreneurial investment into a small, nonlisted firm for which the actual value is hard to measure and non-verifiable. For such firms, real-world wealth tax systems base the wealth tax on deterministic book values. We show that this tax treatment does not distort the choice of projects if the tax is set optimally with an imputed interest rate on book values, actually larger than the risk-free market rate of return. The market equilibrium and a proportional tax on the market portfolio will ensure an efficient risk allocation between private and public consumption and across projects. Failing to apply an imputed inflation of book values, instead, gives rise to an implicit subsidy on entrepreneurial activity and distorts investment. Our findings also have implications for taxation of hard-to-value assets under capital-gains and inheritance taxation.","PeriodicalId":11881,"journal":{"name":"Entrepreneurship & Finance eJournal","volume":"73 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2017-06-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"88909182","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This paper empirically examines the impact of Japan's debt forbearance policies with regard to small and medium-sized enterprises (SMEs) stipulated in the "Act concerning Temporary Measures to Facilitate Financing for SMEs." Using unique Japanese firm survey data that identify firms that received "financing" (such as through the deferral of debt repayments) and firms that received "debt forgiveness" (such as through a reduction in principal and/or interest), we examine the determinants and the effects of debt forbearance to test the theoretical predictions of Krugman's (1988) "financing vs. forgiving a debt overhang" analysis. We find, first, that banks choose debt forgiveness for firms that are more creditworthy and more profitable, which is consistent with the theory of debt overhang. Second, among firms that received debt forbearance, those that had received debt forgiveness had better access to new loans and showed superior ex-post performance than those that received financing, which is also consistent with the theory of debt overhang. Third, compared to firms that had not received any debt forbearance, firms that had received financing were more leveraged and exhibited worse performance, especially those whose forborne loans were covered by public credit guarantees, while firms that had received debt forgiveness exhibited better performance, especially those without public credit guarantees. This suggests that the effectiveness of the SME forbearance policy is adversely affected by the moral hazard generated by public credit guarantee programs.
{"title":"Forgiveness versus Financing: The Determinants and Impact of SME Debt Forbearance in Japan","authors":"Arito Ono, Y. Yasuda","doi":"10.2139/ssrn.3106512","DOIUrl":"https://doi.org/10.2139/ssrn.3106512","url":null,"abstract":"This paper empirically examines the impact of Japan's debt forbearance policies with regard to small and medium-sized enterprises (SMEs) stipulated in the \"Act concerning Temporary Measures to Facilitate Financing for SMEs.\" Using unique Japanese firm survey data that identify firms that received \"financing\" (such as through the deferral of debt repayments) and firms that received \"debt forgiveness\" (such as through a reduction in principal and/or interest), we examine the determinants and the effects of debt forbearance to test the theoretical predictions of Krugman's (1988) \"financing vs. forgiving a debt overhang\" analysis. We find, first, that banks choose debt forgiveness for firms that are more creditworthy and more profitable, which is consistent with the theory of debt overhang. Second, among firms that received debt forbearance, those that had received debt forgiveness had better access to new loans and showed superior ex-post performance than those that received financing, which is also consistent with the theory of debt overhang. Third, compared to firms that had not received any debt forbearance, firms that had received financing were more leveraged and exhibited worse performance, especially those whose forborne loans were covered by public credit guarantees, while firms that had received debt forgiveness exhibited better performance, especially those without public credit guarantees. This suggests that the effectiveness of the SME forbearance policy is adversely affected by the moral hazard generated by public credit guarantee programs.","PeriodicalId":11881,"journal":{"name":"Entrepreneurship & Finance eJournal","volume":"30 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2017-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"74611153","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
CEO power and its implications have been largely neglected in research on nonprofit governance. This lack of attention is surprising considering the crucial role of CEOs and the importance of power analysis in understanding governance. This paper is an initial attempt to address this gap by developing a two-dimensional framework for conceptualizing CEOs structural power and strategic power in nonprofits and proposing several indicators to operationalize these two kinds of power. Drawing data from an original survey on 163 CEOs of Chinese foundations, this study is among the first to specifically assess how much power a CEO has and the relationship between a CEO’s power and nonprofit effectiveness. My findings suggest that CEOs structural power is positively associated with private donations while strategic power has a negative impact on nonprofits’ social performance.
{"title":"CEO Power and Nonprofit Performance: Evidence from Chinese Philanthropic Foundations","authors":"Q. Wei","doi":"10.2139/ssrn.2958438","DOIUrl":"https://doi.org/10.2139/ssrn.2958438","url":null,"abstract":"CEO power and its implications have been largely neglected in research on nonprofit governance. This lack of attention is surprising considering the crucial role of CEOs and the importance of power analysis in understanding governance. This paper is an initial attempt to address this gap by developing a two-dimensional framework for conceptualizing CEOs structural power and strategic power in nonprofits and proposing several indicators to operationalize these two kinds of power. Drawing data from an original survey on 163 CEOs of Chinese foundations, this study is among the first to specifically assess how much power a CEO has and the relationship between a CEO’s power and nonprofit effectiveness. My findings suggest that CEOs structural power is positively associated with private donations while strategic power has a negative impact on nonprofits’ social performance.","PeriodicalId":11881,"journal":{"name":"Entrepreneurship & Finance eJournal","volume":"122 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2017-04-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"77457992","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Alberto Ibarra, Natàlia Cugueró-Escofet, M. Canela
The crowdfunding industry has emerged in the past few years as one of the most promising alternative financing options. Lending and donating operations accounted for 81% of the crowdfunding industry's $34.4 billion total funding volume in 2015. Kiva Zip, a prosocial program, created an online platform that provides 0% interest peer-to-peer loans and has features in common with lending and donating crowdfunding platforms. This program is a spin-off of Kiva.org. Although both platforms have a similar objective and modus operandi, they differ primarily because Kiva.org has a figure called a field partner, who is the intermediary between borrowers and lenders, while Kiva Zip has no field partners but does have so-called trustees, who provide support to borrowers but do not act as intermediaries for resources or charge for their services. The authors thoroughly analyzed Kiva Zip's operations in Kenya for the years from 2011 to 2015. Kiva Zip has stopped posting new campaigns in Kenya but has continued to collect payment for previously delivered loans. We studied in detail the impact that lenders, borrowers and trustees had on the platform's performance. In addition, we analyzed the different stages of a campaign on Kiva Zip: when a campaign is posted, when it is funded and when the loan is paid back. This analysis may provide insight into the levers that drove the performance of Kiva Zip in Kenya, which in turn could have enabled the organization to identify areas for improvement in order to continue operating in the country. In addition, we have identified relevant theoretical frameworks for analyzing prosocial crowdlending in greater depth.
{"title":"Prosocial Crowdlending in Kenya","authors":"Alberto Ibarra, Natàlia Cugueró-Escofet, M. Canela","doi":"10.2139/SSRN.2969750","DOIUrl":"https://doi.org/10.2139/SSRN.2969750","url":null,"abstract":"The crowdfunding industry has emerged in the past few years as one of the most promising alternative financing options. Lending and donating operations accounted for 81% of the crowdfunding industry's $34.4 billion total funding volume in 2015. Kiva Zip, a prosocial program, created an online platform that provides 0% interest peer-to-peer loans and has features in common with lending and donating crowdfunding platforms. This program is a spin-off of Kiva.org. Although both platforms have a similar objective and modus operandi, they differ primarily because Kiva.org has a figure called a field partner, who is the intermediary between borrowers and lenders, while Kiva Zip has no field partners but does have so-called trustees, who provide support to borrowers but do not act as intermediaries for resources or charge for their services. The authors thoroughly analyzed Kiva Zip's operations in Kenya for the years from 2011 to 2015. Kiva Zip has stopped posting new campaigns in Kenya but has continued to collect payment for previously delivered loans. We studied in detail the impact that lenders, borrowers and trustees had on the platform's performance. In addition, we analyzed the different stages of a campaign on Kiva Zip: when a campaign is posted, when it is funded and when the loan is paid back. This analysis may provide insight into the levers that drove the performance of Kiva Zip in Kenya, which in turn could have enabled the organization to identify areas for improvement in order to continue operating in the country. In addition, we have identified relevant theoretical frameworks for analyzing prosocial crowdlending in greater depth.","PeriodicalId":11881,"journal":{"name":"Entrepreneurship & Finance eJournal","volume":"209 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2017-04-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"73190631","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Arielle Bernhardt, Erica M. Field, R. Pande, Natalia Rigol
Multiple field experiments report positive financial returns to capital shocks for male and not female microentrepreneurs. But these analyses overlook the fact that female entrepreneurs often reside with male entrepreneurs. Using data from experiments in India, Sri Lanka, and Ghana, we show that the observed gender gap in microenterprise responses does not reflect lower returns on investment, when measured at the household level. Instead, the absence of a profit response among female-run enterprises reflects the fact that women’s capital is typically invested into their husband’s enterprise. We cannot reject equivalence of household-level income gains for male and female capital shock recipients. (JEL G31, J16, L25, L26, O12, O16)
{"title":"Household Matters: Revisiting the Returns to Capital Among Female Micro-Entrepreneurs","authors":"Arielle Bernhardt, Erica M. Field, R. Pande, Natalia Rigol","doi":"10.1257/AERI.20180444","DOIUrl":"https://doi.org/10.1257/AERI.20180444","url":null,"abstract":"Multiple field experiments report positive financial returns to capital shocks for male and not female microentrepreneurs. But these analyses overlook the fact that female entrepreneurs often reside with male entrepreneurs. Using data from experiments in India, Sri Lanka, and Ghana, we show that the observed gender gap in microenterprise responses does not reflect lower returns on investment, when measured at the household level. Instead, the absence of a profit response among female-run enterprises reflects the fact that women’s capital is typically invested into their husband’s enterprise. We cannot reject equivalence of household-level income gains for male and female capital shock recipients. (JEL G31, J16, L25, L26, O12, O16)","PeriodicalId":11881,"journal":{"name":"Entrepreneurship & Finance eJournal","volume":"4161 4 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2017-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"86758217","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Taking technology-related projects launched from the Netherlands at Kickstarter into account, this study aims to explore the factors influencing crowdfunding success, in terms of funding level. The study shows the significant and positive influence of number of project backers (investors) on funding level. Besides, the significant and positive influence of factors connected to level of preparation of entrepreneurs, namely, number of updates and images posted by entrepreneurs, the length of project description and including a video on a project webpage, on funding level is found. As the study differentiates between level of preparation (quality) of entrepreneurs and network, the results emphasize on more crucial role of network size compared to level of preparation of entrepreneurs in raising money. Some recommendations for technology entrepreneurs who want to benefit from crowdfunding and future research paths are provided at the end.
{"title":"Could Technology Entrepreneurs Rely on Crowdfunding (Kickstarter) As a Source of Finance? The Case of the Netherlands","authors":"M. Taheri","doi":"10.2139/ssrn.2928791","DOIUrl":"https://doi.org/10.2139/ssrn.2928791","url":null,"abstract":"Taking technology-related projects launched from the Netherlands at Kickstarter into account, this study aims to explore the factors influencing crowdfunding success, in terms of funding level. The study shows the significant and positive influence of number of project backers (investors) on funding level. Besides, the significant and positive influence of factors connected to level of preparation of entrepreneurs, namely, number of updates and images posted by entrepreneurs, the length of project description and including a video on a project webpage, on funding level is found. As the study differentiates between level of preparation (quality) of entrepreneurs and network, the results emphasize on more crucial role of network size compared to level of preparation of entrepreneurs in raising money. Some recommendations for technology entrepreneurs who want to benefit from crowdfunding and future research paths are provided at the end.","PeriodicalId":11881,"journal":{"name":"Entrepreneurship & Finance eJournal","volume":"143 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2017-03-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"75356321","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
In this paper we examine strategies of business incubation in the following countries: the USA, Germany and Russia using both a comparative theoretical analysis of different performance criteria of business incubators and interviewing experts who work directly with startup companies. We find that there are more differences than similarities between the strategies of business incubation in these countries. The USA prove to be far ahead of Germany and especially Russia in supporting start-ups . The study might impact a business practice in the way of clarifying the most significant characteristics and general trends of business incubation strategies in the countries mentioned to take them into account in the process of launching and developing startup companies in one or another country.
{"title":"International Strategies of Business Incubation: The USA, Germany and Russia","authors":"E. Tsaplin, Yulia Pozdeeva","doi":"10.5585/IJI.V5I1.130","DOIUrl":"https://doi.org/10.5585/IJI.V5I1.130","url":null,"abstract":"In this paper we examine strategies of business incubation in the following countries: the USA, Germany and Russia using both a comparative theoretical analysis of different performance criteria of business incubators and interviewing experts who work directly with startup companies. We find that there are more differences than similarities between the strategies of business incubation in these countries. The USA prove to be far ahead of Germany and especially Russia in supporting start-ups . The study might impact a business practice in the way of clarifying the most significant characteristics and general trends of business incubation strategies in the countries mentioned to take them into account in the process of launching and developing startup companies in one or another country.","PeriodicalId":11881,"journal":{"name":"Entrepreneurship & Finance eJournal","volume":"52 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2017-02-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"87494744","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Peer-to-business lending refers to online platforms facilitating loans from individuals to smalland medium-sized enterprises (SMEs). We conjecture that easy-to-understand risk ratings conveyed by the platform play a pronounced role in influencing the borrowing success of SMEs and that more sophisticated financial information and adverse selection are largely absent in these markets. We introduce a dataset of 414 SME marketplace loans and 8,236 online loan days to test these propositions. The data examined provide strong support for the importance of simple platform ratings in influencing investor behavior, while the effect of more detailed financial information is less pronounced.
{"title":"Marketplace Lending of SMEs","authors":"Douglas J. Cumming, Lars Hornuf","doi":"10.2139/SSRN.2894574","DOIUrl":"https://doi.org/10.2139/SSRN.2894574","url":null,"abstract":"Peer-to-business lending refers to online platforms facilitating loans from individuals to smalland medium-sized enterprises (SMEs). We conjecture that easy-to-understand risk ratings conveyed by the platform play a pronounced role in influencing the borrowing success of SMEs and that more sophisticated financial information and adverse selection are largely absent in these markets. We introduce a dataset of 414 SME marketplace loans and 8,236 online loan days to test these propositions. The data examined provide strong support for the importance of simple platform ratings in influencing investor behavior, while the effect of more detailed financial information is less pronounced.","PeriodicalId":11881,"journal":{"name":"Entrepreneurship & Finance eJournal","volume":"2004 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2017-01-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"86248847","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Elizabeth Blankespoor, Bradley E. Hendricks, Gregory S. Miller
This paper examines the relation between cognitive perceptions of management and firm valuation. We develop a composite measure of investor perception using 30-second content-filtered video clips of initial public offering (IPO) roadshow presentations. We show that this measure, designed to capture viewers’ overall perceptions of a CEO, is positively associated with pricing at all stages of the IPO (proposed price, offer price and end of first day of trading). The result is robust to controls for traditional determinants of firm value. We also show that firms with highly perceived management are more likely to be matched to high-quality underwriters. In further exploratory analyses, we find the impact is greater for firms with more uncertain language in their written S-1. Taken together, our results provide evidence that investors’ instinctive perceptions of management are incorporated into their assessments of firm value.
{"title":"Perceptions and Price: Evidence from CEO Presentations at IPO Roadshows","authors":"Elizabeth Blankespoor, Bradley E. Hendricks, Gregory S. Miller","doi":"10.2139/ssrn.2611756","DOIUrl":"https://doi.org/10.2139/ssrn.2611756","url":null,"abstract":"This paper examines the relation between cognitive perceptions of management and firm valuation. We develop a composite measure of investor perception using 30-second content-filtered video clips of initial public offering (IPO) roadshow presentations. We show that this measure, designed to capture viewers’ overall perceptions of a CEO, is positively associated with pricing at all stages of the IPO (proposed price, offer price and end of first day of trading). The result is robust to controls for traditional determinants of firm value. We also show that firms with highly perceived management are more likely to be matched to high-quality underwriters. In further exploratory analyses, we find the impact is greater for firms with more uncertain language in their written S-1. Taken together, our results provide evidence that investors’ instinctive perceptions of management are incorporated into their assessments of firm value.","PeriodicalId":11881,"journal":{"name":"Entrepreneurship & Finance eJournal","volume":"4 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2017-01-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"91175598","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Can relationship-lending technology be used to overcome discrimination, as the Allport’s (1954) contact hypothesis suggests? Or should minorities stay away from the bank? Using a sample of SMEs from the Survey of Small Business Finances 2003, this article shows that though relationship-lending technology generally reduces the spread and probability of the need to provide collateral for a loan, use of such technology actually leads to greater discrimination against minorities. Asians are the most negatively affected by this effect, followed by Afro-Americans and Hispanics. However, this effect occurs only when the length of the relationship is short; it tends to disappear when relationships are longer. With regard to the area in which a firm is located, there is less discrimination in areas with high minority population rates than in areas with low minority population rates. These results are robust with regard to the self-selection problem.
{"title":"Borrowing Challenges for Minorities: How Lending Technologies Affect Discrimination in the SME Credit Market","authors":"J. Bertrand","doi":"10.2139/ssrn.2864491","DOIUrl":"https://doi.org/10.2139/ssrn.2864491","url":null,"abstract":"Can relationship-lending technology be used to overcome discrimination, as the Allport’s (1954) contact hypothesis suggests? Or should minorities stay away from the bank? Using a sample of SMEs from the Survey of Small Business Finances 2003, this article shows that though relationship-lending technology generally reduces the spread and probability of the need to provide collateral for a loan, use of such technology actually leads to greater discrimination against minorities. Asians are the most negatively affected by this effect, followed by Afro-Americans and Hispanics. However, this effect occurs only when the length of the relationship is short; it tends to disappear when relationships are longer. With regard to the area in which a firm is located, there is less discrimination in areas with high minority population rates than in areas with low minority population rates. These results are robust with regard to the self-selection problem.","PeriodicalId":11881,"journal":{"name":"Entrepreneurship & Finance eJournal","volume":"76 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2016-11-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"89826703","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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