Pub Date : 2026-01-15DOI: 10.1016/j.frl.2026.109524
S. Geissel, D. Klein
This study applies a multivariate wavelet framework to examine the time-varying relationship between stock market cycles and business cycles in Germany, Japan, the UK, and the USA from 2000 to 2025. Prior to 2020, stock market cycles generally led business cycles at medium- to longterm frequencies. Around 2020, this pattern reversed, indicating a structural shift. Controlling for key interest rates reduces regions of significant coherence during the Global Financial Crisis, but not around 2020, suggesting a diminished role of interest rates in explaining the joint dynamics of stock markets and business cycles in recent years.
{"title":"The declining explanatory power of interest rates for stock market and business cycle dynamics","authors":"S. Geissel, D. Klein","doi":"10.1016/j.frl.2026.109524","DOIUrl":"10.1016/j.frl.2026.109524","url":null,"abstract":"<div><div>This study applies a multivariate wavelet framework to examine the time-varying relationship between stock market cycles and business cycles in Germany, Japan, the UK, and the USA from 2000 to 2025. Prior to 2020, stock market cycles generally led business cycles at medium- to longterm frequencies. Around 2020, this pattern reversed, indicating a structural shift. Controlling for key interest rates reduces regions of significant coherence during the Global Financial Crisis, but not around 2020, suggesting a diminished role of interest rates in explaining the joint dynamics of stock markets and business cycles in recent years.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"91 ","pages":"Article 109524"},"PeriodicalIF":6.9,"publicationDate":"2026-01-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145973754","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2026-01-13DOI: 10.1016/j.frl.2026.109490
Limin Wen
Marginal Expected Shortfall (MES) is widely regarded as a key indicator for systemic risk measurement, as it reflects the vulnerability of individual institutions under market stress. Yet conventional MES estimators may become unstable and highly variable when tail observations are limited or confidence levels are high. To mitigate this issue, a credibility-based estimator is introduced, where empirical tail information is combined with prior knowledge through an optimally determined weighting scheme. The resulting closed-form expression improves numerical stability and reduces variance while avoiding posterior simulation. Monte Carlo experiments with lower-tail-dependent copulas confirm its convergence and show lower sampling variability, particularly in small-sample and high-confidence settings. An empirical application to the CSI 300 index and five A-share stocks further demonstrates its ability to capture cross-sectoral heterogeneity in systemic risk, with a data-driven calibration of prior information enhancing practical relevance for regulators and risk managers.
{"title":"Improving Marginal Expected Shortfall estimates using credibility methods","authors":"Limin Wen","doi":"10.1016/j.frl.2026.109490","DOIUrl":"10.1016/j.frl.2026.109490","url":null,"abstract":"<div><div>Marginal Expected Shortfall (MES) is widely regarded as a key indicator for systemic risk measurement, as it reflects the vulnerability of individual institutions under market stress. Yet conventional MES estimators may become unstable and highly variable when tail observations are limited or confidence levels are high. To mitigate this issue, a credibility-based estimator is introduced, where empirical tail information is combined with prior knowledge through an optimally determined weighting scheme. The resulting closed-form expression improves numerical stability and reduces variance while avoiding posterior simulation. Monte Carlo experiments with lower-tail-dependent copulas confirm its convergence and show lower sampling variability, particularly in small-sample and high-confidence settings. An empirical application to the CSI 300 index and five A-share stocks further demonstrates its ability to capture cross-sectoral heterogeneity in systemic risk, with a data-driven calibration of prior information enhancing practical relevance for regulators and risk managers.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"91 ","pages":"Article 109490"},"PeriodicalIF":6.9,"publicationDate":"2026-01-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145961874","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2026-01-12DOI: 10.1016/j.frl.2026.109519
Xin Li , Xinlong Xiao
This paper examines the impact of patient capital investment on alleviating the financing constraints of upstream and downstream firms in the supply chain. The findings reveal that patient capital investment generates a positive spillover effect within the supply chain, alleviating the financing constraints of core suppliers and customers. This spillover effect is more pronounced when the interdependency between supply chain firms is stronger and when the financing capacity of these key partners is weaker. Mechanism analysis indicates that patient capital operates through two channels: capital cost effect (improving accounts receivable turnover efficiency of suppliers) and credit expansion effect (increasing the proportion of credit loans for customers). Further analysis shows that this supply chain spillover effect significantly enhances the investment efficiency and innovation level of major suppliers and customers. The findings provide theoretical and empirical insights for policies aimed at fostering patient capital, promoting industrial and supply chain optimization and upgrading, and building a modern industrial system.
{"title":"How does patient capital empower supply chains? An empirical investigation of spillover effects from government-guided funds","authors":"Xin Li , Xinlong Xiao","doi":"10.1016/j.frl.2026.109519","DOIUrl":"10.1016/j.frl.2026.109519","url":null,"abstract":"<div><div>This paper examines the impact of patient capital investment on alleviating the financing constraints of upstream and downstream firms in the supply chain. The findings reveal that patient capital investment generates a positive spillover effect within the supply chain, alleviating the financing constraints of core suppliers and customers. This spillover effect is more pronounced when the interdependency between supply chain firms is stronger and when the financing capacity of these key partners is weaker. Mechanism analysis indicates that patient capital operates through two channels: capital cost effect (improving accounts receivable turnover efficiency of suppliers) and credit expansion effect (increasing the proportion of credit loans for customers). Further analysis shows that this supply chain spillover effect significantly enhances the investment efficiency and innovation level of major suppliers and customers. The findings provide theoretical and empirical insights for policies aimed at fostering patient capital, promoting industrial and supply chain optimization and upgrading, and building a modern industrial system.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"91 ","pages":"Article 109519"},"PeriodicalIF":6.9,"publicationDate":"2026-01-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145957357","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2026-01-11DOI: 10.1016/j.frl.2026.109517
Yuan Xue , Dayong Zhang , Kun Guo
In the context of accelerating climate change, climate transition risk has emerged as a critical determinant of energy firms’ asset values. Drawing on a panel dataset of Chinese A-share listed energy companies from 2009 to 2023, combined with a climate transition risk index, this study first confirms that climate transition risk significantly increases the level of stranded assets, whereas the effect exhibits pronounced industry heterogeneity, with coal firms the most severely affected, followed by oil and gas, and then powever generation firms. Second, the results show that energy firms can mitigate these impacts by engaging in green finance, technological advancements, and other sustainable measures. These results underscore the need for the energy sector to adopt active strategies against climate shocks. Furthermore, this paper demonstrates that effective strategies can turn risk into resilience and secure long-term sustainability.
{"title":"From risk to resilience: Strategic responses to climate shocks in China’s energy sector","authors":"Yuan Xue , Dayong Zhang , Kun Guo","doi":"10.1016/j.frl.2026.109517","DOIUrl":"10.1016/j.frl.2026.109517","url":null,"abstract":"<div><div>In the context of accelerating climate change, climate transition risk has emerged as a critical determinant of energy firms’ asset values. Drawing on a panel dataset of Chinese A-share listed energy companies from 2009 to 2023, combined with a climate transition risk index, this study first confirms that climate transition risk significantly increases the level of stranded assets, whereas the effect exhibits pronounced industry heterogeneity, with coal firms the most severely affected, followed by oil and gas, and then powever generation firms. Second, the results show that energy firms can mitigate these impacts by engaging in green finance, technological advancements, and other sustainable measures. These results underscore the need for the energy sector to adopt active strategies against climate shocks. Furthermore, this paper demonstrates that effective strategies can turn risk into resilience and secure long-term sustainability.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"91 ","pages":"Article 109517"},"PeriodicalIF":6.9,"publicationDate":"2026-01-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145973764","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2026-01-11DOI: 10.1016/j.frl.2026.109512
Xinyi Zhang , Yizhou Zhang
Digital finance has profoundly altered household financial vulnerability by reshaping the channels and capabilities of household financial resource allocation and access through digital means. Using China Family Panel Studies and Digital Inclusive Finance Index data spanning 2012 to 2022, we find digital finance alleviates household financial vulnerability via wealth enhancement on assets and liquidity constraint relief on liabilities. This finding provides a new perspective on changes in household financial decision-making in the context of digital finance development, offering insights for more effectively utilizing digital financial tools to reduce household financial vulnerability and for informing policy improvements.
{"title":"The impact of digital finance on household financial vulnerability: Evidence from China","authors":"Xinyi Zhang , Yizhou Zhang","doi":"10.1016/j.frl.2026.109512","DOIUrl":"10.1016/j.frl.2026.109512","url":null,"abstract":"<div><div>Digital finance has profoundly altered household financial vulnerability by reshaping the channels and capabilities of household financial resource allocation and access through digital means. Using China Family Panel Studies and Digital Inclusive Finance Index data spanning 2012 to 2022, we find digital finance alleviates household financial vulnerability via wealth enhancement on assets and liquidity constraint relief on liabilities. This finding provides a new perspective on changes in household financial decision-making in the context of digital finance development, offering insights for more effectively utilizing digital financial tools to reduce household financial vulnerability and for informing policy improvements.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"91 ","pages":"Article 109512"},"PeriodicalIF":6.9,"publicationDate":"2026-01-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145973765","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This paper investigates the impact of geopolitical risk on market openness across 23 high-income and 19 middle-income economies from 1998 to 2023. The findings reveal that geopolitical risk enhances market openness in high-income economies but hinders it in middle-income economies. Economic growth and governance consistently promote market openness, whereas foreign direct investment is more effective in middle-income countries. These findings highlight the importance of institutional reforms and tailored policies to attract foreign direct investment and stabilise markets, thereby mitigating the effects of geopolitical risk on market openness. In addition, the findings point toward policy implications for bolstering resilience and openness.
{"title":"The Divergent Effects of Geopolitical Risk on Market Openness","authors":"Zhou Lu, Giray Gozgor, Shreya Pal, Himanshu Sekhar Panda, Mantu Kumar Mahalik","doi":"10.1016/j.frl.2026.109501","DOIUrl":"https://doi.org/10.1016/j.frl.2026.109501","url":null,"abstract":"This paper investigates the impact of geopolitical risk on market openness across 23 high-income and 19 middle-income economies from 1998 to 2023. The findings reveal that geopolitical risk enhances market openness in high-income economies but hinders it in middle-income economies. Economic growth and governance consistently promote market openness, whereas foreign direct investment is more effective in middle-income countries. These findings highlight the importance of institutional reforms and tailored policies to attract foreign direct investment and stabilise markets, thereby mitigating the effects of geopolitical risk on market openness. In addition, the findings point toward policy implications for bolstering resilience and openness.","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"33 1","pages":""},"PeriodicalIF":10.4,"publicationDate":"2026-01-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145957360","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2026-01-10DOI: 10.1016/j.frl.2026.109496
Shweta Bajpai , Jalaj Pathak , Kartik Yadav
Cybersecurity risk has become a material concern for firms, regulators, and auditors, yet credible ex-ante indicators of cyber vulnerability remain difficult to observe. This paper examines whether firms’ cybersecurity disclosures in 10-K filings convey forward-looking information about future cyber incidents and whether auditors incorporate such information into audit pricing and engagement decisions. Using a cosine-similarity measure that captures how closely a firm’s cybersecurity risk disclosures resemble those of firms that recently experienced cyber-attacks, we construct a disclosure-based proxy for ex-ante cyber risk. We find that a one-standard-deviation increase in this cosine index is associated with a 0.61-percentage-point increase in the probability of a subsequent cyber incident-approximately a 25% increase relative to the sample mean. We further show that higher disclosure-based cyber risk is associated with significantly higher audit fees (about 4.7%, or USD 130,000) and a greater likelihood of being audited by a Big Four firm. These findings suggest that auditors actively extract and price cyber-risk signals from narrative disclosures, rather than reacting only after cyber incidents occur. More broadly, our results highlight the growing role of mandatory risk disclosures as a forward-looking source of information about firms’ operational vulnerabilities.
{"title":"Cyber risk, 10-K report and audit fees","authors":"Shweta Bajpai , Jalaj Pathak , Kartik Yadav","doi":"10.1016/j.frl.2026.109496","DOIUrl":"10.1016/j.frl.2026.109496","url":null,"abstract":"<div><div>Cybersecurity risk has become a material concern for firms, regulators, and auditors, yet credible ex-ante indicators of cyber vulnerability remain difficult to observe. This paper examines whether firms’ cybersecurity disclosures in 10-K filings convey forward-looking information about future cyber incidents and whether auditors incorporate such information into audit pricing and engagement decisions. Using a cosine-similarity measure that captures how closely a firm’s cybersecurity risk disclosures resemble those of firms that recently experienced cyber-attacks, we construct a disclosure-based proxy for ex-ante cyber risk. We find that a one-standard-deviation increase in this cosine index is associated with a 0.61-percentage-point increase in the probability of a subsequent cyber incident-approximately a 25% increase relative to the sample mean. We further show that higher disclosure-based cyber risk is associated with significantly higher audit fees (about 4.7%, or USD 130,000) and a greater likelihood of being audited by a Big Four firm. These findings suggest that auditors actively extract and price cyber-risk signals from narrative disclosures, rather than reacting only after cyber incidents occur. More broadly, our results highlight the growing role of mandatory risk disclosures as a forward-looking source of information about firms’ operational vulnerabilities.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"91 ","pages":"Article 109496"},"PeriodicalIF":6.9,"publicationDate":"2026-01-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145957361","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2026-01-09DOI: 10.1016/j.frl.2026.109498
Hongzhou Yuan , Jianye Liang
This paper employs data from the 2018, 2020, and 2022 China Family Panel Studies (CFPS) to examine the impact of household financial asset accumulation and consumption upgrading on residents' subjective well-being. The research findings are as follows: First, household financial asset accumulation significantly enhances residents' subjective well-being; second, consumption upgrading significantly increases residents' subjective well-being; third, consumption upgrading serves as a mediating factor in the relationship between household financial asset accumulation and residents' subjective well-being; fourth, the impact of household financial asset accumulation on residents' subjective well-being demonstrates heterogeneity between urban and rural residents; fifth, the effect of consumption upgrading on residents' subjective well-being also differs between urban and rural residents.
{"title":"Can the accumulation of household financial assets and consumption upgrading enhance residents' subjective well-being?","authors":"Hongzhou Yuan , Jianye Liang","doi":"10.1016/j.frl.2026.109498","DOIUrl":"10.1016/j.frl.2026.109498","url":null,"abstract":"<div><div>This paper employs data from the 2018, 2020, and 2022 China Family Panel Studies (CFPS) to examine the impact of household financial asset accumulation and consumption upgrading on residents' subjective well-being. The research findings are as follows: First, household financial asset accumulation significantly enhances residents' subjective well-being; second, consumption upgrading significantly increases residents' subjective well-being; third, consumption upgrading serves as a mediating factor in the relationship between household financial asset accumulation and residents' subjective well-being; fourth, the impact of household financial asset accumulation on residents' subjective well-being demonstrates heterogeneity between urban and rural residents; fifth, the effect of consumption upgrading on residents' subjective well-being also differs between urban and rural residents.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"91 ","pages":"Article 109498"},"PeriodicalIF":6.9,"publicationDate":"2026-01-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145973766","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2026-01-09DOI: 10.1016/j.frl.2026.109497
Yongchao Martin Ma , Zhongzhun Deng
Do ESG controversies negatively affect firms’ low-carbon product revenues? This paper investigates how ESG controversies influence firms’ low-carbon product revenues and identifies the underlying mechanism. Drawing on consumer satisfaction research from the marketing literature, it proposes that ESG controversies decrease low-carbon product revenues by reducing consumer satisfaction with the firms involved. Using 1734 firm observations from 374 S&P 500 firms between 2016 and 2021, with data on low-carbon product revenues from the Carbon Disclosure Project (CDP), our analysis provides significant empirical evidence supporting this hypothesis. Moreover, our results indicate that strong ESG performance weakens this negative relationship. Robustness and endogeneity tests further support our findings. This study contributes to the literature on ESG controversies and sustainable consumption and offers insights that help managers enhance the effectiveness of low-carbon product marketing.
{"title":"Do ESG controversies harm firms’ low-carbon product revenues? Empirical evidence from the Carbon Disclosure Project","authors":"Yongchao Martin Ma , Zhongzhun Deng","doi":"10.1016/j.frl.2026.109497","DOIUrl":"10.1016/j.frl.2026.109497","url":null,"abstract":"<div><div>Do ESG controversies negatively affect firms’ low-carbon product revenues? This paper investigates how ESG controversies influence firms’ low-carbon product revenues and identifies the underlying mechanism. Drawing on consumer satisfaction research from the marketing literature, it proposes that ESG controversies decrease low-carbon product revenues by reducing consumer satisfaction with the firms involved. Using 1734 firm observations from 374 S&P 500 firms between 2016 and 2021, with data on low-carbon product revenues from the Carbon Disclosure Project (CDP), our analysis provides significant empirical evidence supporting this hypothesis. Moreover, our results indicate that strong ESG performance weakens this negative relationship. Robustness and endogeneity tests further support our findings. This study contributes to the literature on ESG controversies and sustainable consumption and offers insights that help managers enhance the effectiveness of low-carbon product marketing.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"91 ","pages":"Article 109497"},"PeriodicalIF":6.9,"publicationDate":"2026-01-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145957364","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2026-01-09DOI: 10.1016/j.frl.2026.109500
Yicheng Kuai , Mengmeng Guo
We investigate whether social capital constrains corporate greenwashing, using the historical placement of revolutionary base areas in China as a source of plausibly exogenous variation in local norms. Using data from 2009 to 2023, we find that firms in regions with high social capital exhibit significantly less greenwashing. This effect operates through improved internal governance and external monitoring. The impact of social capital is more pronounced for firms without political connections, firms with strong managerial green awareness, and in heavily polluting and highly concentrated industries. Furthermore, we demonstrate that social capital promotes actual environmental performance. Our findings provide robust evidence that deep-rooted informal institutions are a critical governance mechanism for promoting corporate environmental authenticity.
{"title":"Can social capital combat corporate greenwashing? evidence from China","authors":"Yicheng Kuai , Mengmeng Guo","doi":"10.1016/j.frl.2026.109500","DOIUrl":"10.1016/j.frl.2026.109500","url":null,"abstract":"<div><div>We investigate whether social capital constrains corporate greenwashing, using the historical placement of revolutionary base areas in China as a source of plausibly exogenous variation in local norms. Using data from 2009 to 2023, we find that firms in regions with high social capital exhibit significantly less greenwashing. This effect operates through improved internal governance and external monitoring. The impact of social capital is more pronounced for firms without political connections, firms with strong managerial green awareness, and in heavily polluting and highly concentrated industries. Furthermore, we demonstrate that social capital promotes actual environmental performance. Our findings provide robust evidence that deep-rooted informal institutions are a critical governance mechanism for promoting corporate environmental authenticity.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"91 ","pages":"Article 109500"},"PeriodicalIF":6.9,"publicationDate":"2026-01-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145973647","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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