Clarence Goh, C. Lim, Jeffrey Ng, Gary S. C. Pan, Kevin Ow Yong
We survey stakeholders in the financial reporting process to examine trust in fair value accounting. Though respondents demonstrate high confidence in financial statements, they believe that fair value accounting decreases trust in financial reporting and that preparing fair value numbers is costly but beneficial. They also strongly believe in the Conceptual Framework underlying standard setting. Using multivariate regression analyses, we find that perceiving fair value accounting as beneficial is positively associated with trust in it, consistent with the theory of reasoned action that people engage in behavior (e.g., trust) based on expected positive outcomes of that behavior. We find that this positive association increases with stronger beliefs in the Conceptual Framework. Our paper contributes to the fair value literature by providing general insights on trust in fair value accounting and a specific and novel assessment of how the perceived benefits of fair value accounting increase stakeholders’ trust in it.
{"title":"Trust in Fair Value Accounting: Evidence from the Field","authors":"Clarence Goh, C. Lim, Jeffrey Ng, Gary S. C. Pan, Kevin Ow Yong","doi":"10.2308/jiar-2021-034","DOIUrl":"https://doi.org/10.2308/jiar-2021-034","url":null,"abstract":"We survey stakeholders in the financial reporting process to examine trust in fair value accounting. Though respondents demonstrate high confidence in financial statements, they believe that fair value accounting decreases trust in financial reporting and that preparing fair value numbers is costly but beneficial. They also strongly believe in the Conceptual Framework underlying standard setting. Using multivariate regression analyses, we find that perceiving fair value accounting as beneficial is positively associated with trust in it, consistent with the theory of reasoned action that people engage in behavior (e.g., trust) based on expected positive outcomes of that behavior. We find that this positive association increases with stronger beliefs in the Conceptual Framework. Our paper contributes to the fair value literature by providing general insights on trust in fair value accounting and a specific and novel assessment of how the perceived benefits of fair value accounting increase stakeholders’ trust in it.","PeriodicalId":12319,"journal":{"name":"Financial Accounting eJournal","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-09-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"89617973","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}
We examine whether investors consider foreign component auditors when assessing the value of U.S. multinational corporations (MNCs), using two sets of Public Company Accounting Oversight Board (PCAOB) international regulatory events: inspection access and inspection reports. We find investors react negatively when the PCAOB is denied access to inspect foreign component auditors in jurisdictions where a U.S. MNC has significant operations and positively when those countries later allow inspection. For foreign component auditors that are inspected, we find investors react positively when they receive clean inspection reports and negatively when they fail to remediate quality control deficiencies. Consistent with PCAOB international oversight providing additional assurance about foreign component auditor quality, our collective results indicate investors consider foreign component auditors when valuing U.S. MNCs.
{"title":"Do U.S. Investors Value Foreign Component Auditors?","authors":"Bingyi Chen, Jenelle K. Conaway","doi":"10.2139/ssrn.3237060","DOIUrl":"https://doi.org/10.2139/ssrn.3237060","url":null,"abstract":"We examine whether investors consider foreign component auditors when assessing the value of U.S. multinational corporations (MNCs), using two sets of Public Company Accounting Oversight Board (PCAOB) international regulatory events: inspection access and inspection reports. We find investors react negatively when the PCAOB is denied access to inspect foreign component auditors in jurisdictions where a U.S. MNC has significant operations and positively when those countries later allow inspection. For foreign component auditors that are inspected, we find investors react positively when they receive clean inspection reports and negatively when they fail to remediate quality control deficiencies. Consistent with PCAOB international oversight providing additional assurance about foreign component auditor quality, our collective results indicate investors consider foreign component auditors when valuing U.S. MNCs.","PeriodicalId":12319,"journal":{"name":"Financial Accounting eJournal","volume":"127 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"75113491","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}
While derivative securities are a critical component of the global economy, the complexity of derivatives is decried as a contributor to financial crises and investor losses. However, derivative complexity is not necessarily related to risk. In this paper, we use four experiments to investigate whether and why complexity is interpreted as a key risk determinant when evaluating derivatives. Our first two experiments show a robust effect consistent with investors and managers interpreting complexity as a key risk determinant and deeming more complex, but equally risky, derivatives as more risky. Our next two experiments provide evidence that the effect is driven by attribute substitution. Altogether, our results shed light on how derivatives are evaluated and suggest an important potential source of misinterpretations of disclosures provided under US GAAP (ASC 815-10-50).
{"title":"Derivative Complexity as a Key Determinant of Perceived Risk","authors":"Michael T. Durney, R. Libby, F. Silva","doi":"10.2139/ssrn.3570998","DOIUrl":"https://doi.org/10.2139/ssrn.3570998","url":null,"abstract":"While derivative securities are a critical component of the global economy, the complexity of derivatives is decried as a contributor to financial crises and investor losses. However, derivative complexity is not necessarily related to risk. In this paper, we use four experiments to investigate whether and why complexity is interpreted as a key risk determinant when evaluating derivatives. Our first two experiments show a robust effect consistent with investors and managers interpreting complexity as a key risk determinant and deeming more complex, but equally risky, derivatives as more risky. Our next two experiments provide evidence that the effect is driven by attribute substitution. Altogether, our results shed light on how derivatives are evaluated and suggest an important potential source of misinterpretations of disclosures provided under US GAAP (ASC 815-10-50).","PeriodicalId":12319,"journal":{"name":"Financial Accounting eJournal","volume":"28 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-08-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"80853626","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}
Using a sample of manually collected data on divisional managers for S&P 500 firms, this study examines the effect of co-opted divisional managers on revenue manipulation. Co-opted divisional managers are those appointed after the incumbent chief executive officer assumes office. I find that a firm with a higher percentage of co-opted divisional managers has more upward revenue management when the firm just meets or beats analyst forecast. Such a finding is more pronounced when the top management has more equity ownership or when co-opted divisional managers face greater career concerns. In contrast, co-opted divisional managers are not significantly associated with revenue management when the firm’s earnings miss or are well above analyst forecast. These results are consistent with my prediction that co-opted divisional managers manipulate revenues to help top management achieve performance targets. Overall, my study suggests that divisional managers have a significant impact on financial reporting through revenue manipulation.
{"title":"Do Divisional Managers Affect Financial Reporting? Evidence from Revenue Management","authors":"Mark (Shuai) Ma","doi":"10.2139/ssrn.3815854","DOIUrl":"https://doi.org/10.2139/ssrn.3815854","url":null,"abstract":"Using a sample of manually collected data on divisional managers for S&P 500 firms, this study examines the effect of co-opted divisional managers on revenue manipulation. Co-opted divisional managers are those appointed after the incumbent chief executive officer assumes office. I find that a firm with a higher percentage of co-opted divisional managers has more upward revenue management when the firm just meets or beats analyst forecast. Such a finding is more pronounced when the top management has more equity ownership or when co-opted divisional managers face greater career concerns. In contrast, co-opted divisional managers are not significantly associated with revenue management when the firm’s earnings miss or are well above analyst forecast. These results are consistent with my prediction that co-opted divisional managers manipulate revenues to help top management achieve performance targets. Overall, my study suggests that divisional managers have a significant impact on financial reporting through revenue manipulation.","PeriodicalId":12319,"journal":{"name":"Financial Accounting eJournal","volume":"35 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-08-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"84244405","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 study investigates the nature and magnitude of abuse in the Paycheck Protection Program (PPP or the Program) using PPP loans made to 2,999 investment advisory firms registered with the U.S. Securities and Exchange Commission (SEC). The data suggest that PPP abuse was relatively widespread as approximately 25% of firms receiving PPP loans indicated they would retain more jobs in their loan application than the number of employees they disclosed on their most recent regulatory filing (Form ADV). We show an existing model of investment advisor fraud predicts the most egregious PPP loans at a rate similar to actual cases of fraud. Investment advisors abusing the Program were significantly more likely to disclose a history of past fraud and other legal and/or regulatory misconduct. Using a conservative approach, we estimate that more than 6% of the $590 million in PPP funds received by SEC registered investment advisors consisted of overallocations to firms abusing the Program. We test a variety of hypotheses to shed further light on the nature of PPP abuse.
{"title":"Fraud and Abuse in the Paycheck Protection Program? Evidence from Investment Advisory Firms","authors":"William Beggs, Thuong Harvison","doi":"10.2139/ssrn.3647606","DOIUrl":"https://doi.org/10.2139/ssrn.3647606","url":null,"abstract":"This study investigates the nature and magnitude of abuse in the Paycheck Protection Program (PPP or the Program) using PPP loans made to 2,999 investment advisory firms registered with the U.S. Securities and Exchange Commission (SEC). The data suggest that PPP abuse was relatively widespread as approximately 25% of firms receiving PPP loans indicated they would retain more jobs in their loan application than the number of employees they disclosed on their most recent regulatory filing (Form ADV). We show an existing model of investment advisor fraud predicts the most egregious PPP loans at a rate similar to actual cases of fraud. Investment advisors abusing the Program were significantly more likely to disclose a history of past fraud and other legal and/or regulatory misconduct. Using a conservative approach, we estimate that more than 6% of the $590 million in PPP funds received by SEC registered investment advisors consisted of overallocations to firms abusing the Program. We test a variety of hypotheses to shed further light on the nature of PPP abuse.","PeriodicalId":12319,"journal":{"name":"Financial Accounting eJournal","volume":"449 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-08-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"80066673","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}
Abstract This study examines the effect of peer-level analyst transitions (i.e., switching between brokerage houses) on associated regular incumbent analysts' forecasting performance. We employ a difference-in-differences research design with analyst fixed effects and compare incumbent analysts of different groups within the same broker and same time periods. We find that incumbents who cover at least one common industry as the transiting analyst (i.e., affected incumbents) issue more accurate and timely forecasts after a transiting analyst arrives than incumbents who cover different industries (i.e., unaffected incumbents). Further, affected incumbents issue less accurate forecasts after a transiting analyst leaves than do unaffected incumbents. We also examine potential mechanisms of knowledge spillover and find some evidence that the effect is more salient when the transiting analyst switches from a larger brokerage house, has greater industry scope, or covers geographically linked firms.
{"title":"Peer-Level Analyst Transitions","authors":"Ole‐Kristian Hope, X. Su","doi":"10.2139/ssrn.3902615","DOIUrl":"https://doi.org/10.2139/ssrn.3902615","url":null,"abstract":"Abstract This study examines the effect of peer-level analyst transitions (i.e., switching between brokerage houses) on associated regular incumbent analysts' forecasting performance. We employ a difference-in-differences research design with analyst fixed effects and compare incumbent analysts of different groups within the same broker and same time periods. We find that incumbents who cover at least one common industry as the transiting analyst (i.e., affected incumbents) issue more accurate and timely forecasts after a transiting analyst arrives than incumbents who cover different industries (i.e., unaffected incumbents). Further, affected incumbents issue less accurate forecasts after a transiting analyst leaves than do unaffected incumbents. We also examine potential mechanisms of knowledge spillover and find some evidence that the effect is more salient when the transiting analyst switches from a larger brokerage house, has greater industry scope, or covers geographically linked firms.","PeriodicalId":12319,"journal":{"name":"Financial Accounting eJournal","volume":"40 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-08-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"84047654","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}
The research on integrated reporting (IR) grew exponentially during the last decade. The present meta-analysis was motivated by the need to systematize the results of previously published studies employing quantitative methodologies. Therefore, we fill a research gap by discovering significant meta-analytic relations between IR and various economic, organizational, institutional, and country-level variables. Three major areas of research were identified: IR adoption, IR quality, and integrated thinking. The final sample consisted of 91 articles published in top journals between 2013 and 2021. The meta-analytic procedures were applied on bivariate and partial correlations between the three major areas of IR and other constructs such as company attributes, financial performance, corporate governance, social and environmental responsibility, market performance, industry- and country-level characteristics. The results confirmed that corporate governance variables (i.e., director independence, board gender diversity, the existence of a social responsibility committee, and quality of the audit committee) were the most important predictors of IR quality, especially in a voluntary reporting setting. On the other hand, financial reporting quality, financial performance, and firm leverage are not significantly associated with integrated reporting quality. Several implications and recommendations were derived from these meta-analytic results.
{"title":"The Factors of Integrated Reporting Quality: A Meta-Analysis","authors":"M. Dumitru, V. Dragomir","doi":"10.2139/ssrn.3940094","DOIUrl":"https://doi.org/10.2139/ssrn.3940094","url":null,"abstract":"The research on integrated reporting (IR) grew exponentially during the last decade. The present meta-analysis was motivated by the need to systematize the results of previously published studies employing quantitative methodologies. Therefore, we fill a research gap by discovering significant meta-analytic relations between IR and various economic, organizational, institutional, and country-level variables. Three major areas of research were identified: IR adoption, IR quality, and integrated thinking. The final sample consisted of 91 articles published in top journals between 2013 and 2021. The meta-analytic procedures were applied on bivariate and partial correlations between the three major areas of IR and other constructs such as company attributes, financial performance, corporate governance, social and environmental responsibility, market performance, industry- and country-level characteristics. The results confirmed that corporate governance variables (i.e., director independence, board gender diversity, the existence of a social responsibility committee, and quality of the audit committee) were the most important predictors of IR quality, especially in a voluntary reporting setting. On the other hand, financial reporting quality, financial performance, and firm leverage are not significantly associated with integrated reporting quality. Several implications and recommendations were derived from these meta-analytic results.","PeriodicalId":12319,"journal":{"name":"Financial Accounting eJournal","volume":"03 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"86184631","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}
After restating their financial statements, companies may voluntarily restate their previously issued internal control (IC) reports for the financial statement (FS) misstatement periods changing them from “effective” to “ineffective.” When announcing these IC restatements, companies often provide a detailed explanation of the IC problems and a discussion of their plans to remediate these problems. We find that companies with less severe IC problems which can be remediated more quickly are more likely to restate their IC reports. Moreover, these results are driven by companies with a higher need for external financing, suggesting that IC restaters voluntarily restate their IC reports in order to inform investors about their less severe IC material weaknesses and their plans to improve IC quality. Finally, we find that, relative to other FS restatement companies, IC restaters have a lower likelihood of Chief Financial Officer turnover and auditor resignation following the FS restatement.
{"title":"Restating Internal Control Reports following Financial Statement Restatements: Determinants and Consequences","authors":"Mei Feng, Chan Li, K. Raghunandan, Lili Sun","doi":"10.2139/ssrn.2690035","DOIUrl":"https://doi.org/10.2139/ssrn.2690035","url":null,"abstract":"After restating their financial statements, companies may voluntarily restate their previously issued internal control (IC) reports for the financial statement (FS) misstatement periods changing them from “effective” to “ineffective.” When announcing these IC restatements, companies often provide a detailed explanation of the IC problems and a discussion of their plans to remediate these problems. We find that companies with less severe IC problems which can be remediated more quickly are more likely to restate their IC reports. Moreover, these results are driven by companies with a higher need for external financing, suggesting that IC restaters voluntarily restate their IC reports in order to inform investors about their less severe IC material weaknesses and their plans to improve IC quality. Finally, we find that, relative to other FS restatement companies, IC restaters have a lower likelihood of Chief Financial Officer turnover and auditor resignation following the FS restatement.","PeriodicalId":12319,"journal":{"name":"Financial Accounting eJournal","volume":"131 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-07-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"77207438","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}
Ryan Casey, Feng Gao, Michael T. Kirschenheiter, Siyi Li, Shailendra Pandit
This study examines the role of accruals in the pricing of financial statement audits. We posit that both large positive and large negative accruals represent increases in the auditor’s inherent risk, resulting in a nonlinear relation between accruals and audit fees. Consistent with our expectations, we find that both large negative and large positive total accruals are associated with higher audit fees. Further, the nonlinear relation between total accruals and audit fees is asymmetric, with a steeper slope on positive total accruals than negative total accruals. We next partition total accruals into specific asset accruals using an approach developed by Casey, Gao, Kirschenheiter, Li, and Pandit (2016, 2017) and find that accruals originating from different transactions exhibit predictably nonlinear relations with audit fees. On the whole, our results suggest that auditors respond asymmetrically to accruals based on the magnitude and source of the accrual.
{"title":"Are Audit Fees Linear in Accruals?","authors":"Ryan Casey, Feng Gao, Michael T. Kirschenheiter, Siyi Li, Shailendra Pandit","doi":"10.2139/ssrn.3263854","DOIUrl":"https://doi.org/10.2139/ssrn.3263854","url":null,"abstract":"This study examines the role of accruals in the pricing of financial statement audits. We posit that both large positive and large negative accruals represent increases in the auditor’s inherent risk, resulting in a nonlinear relation between accruals and audit fees. Consistent with our expectations, we find that both large negative and large positive total accruals are associated with higher audit fees. Further, the nonlinear relation between total accruals and audit fees is asymmetric, with a steeper slope on positive total accruals than negative total accruals. We next partition total accruals into specific asset accruals using an approach developed by Casey, Gao, Kirschenheiter, Li, and Pandit (2016, 2017) and find that accruals originating from different transactions exhibit predictably nonlinear relations with audit fees. On the whole, our results suggest that auditors respond asymmetrically to accruals based on the magnitude and source of the accrual.","PeriodicalId":12319,"journal":{"name":"Financial Accounting eJournal","volume":"11 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-07-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"73747676","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}
Many banks are confronted with the problem of meeting the Financial Accounting Standards Board (FASB) standard which requires the estimation of a Current Expected Credit Loss (ASC 326) which replaces the older well-established Allowance for Loan and Lease Losses. The new standard requires that management and preparers must make a forward-looking disclosure of expected loss based on characteristics of the loan portfolio. Moreover, the standard requires that the methodology be well supported for a specific institution and situation. The current analysis develops an explanatory variable for estimating credit loss based on an economic elasticity concept which has advantages of comparability and the facility of being enhanced by macro-economic and sector control variables. Comparability, simplicity and flexibility would be particularly useful to smaller institutions that lack the experience, modeling expertise, and the ability to afford complex applications.
{"title":"Current Expected Credit Loss Model (CECL) Based on Firm Loan Loss Elasticity","authors":"Zane L. Swanson, Richard P. Green, Aminat Aloba","doi":"10.2139/ssrn.3407948","DOIUrl":"https://doi.org/10.2139/ssrn.3407948","url":null,"abstract":"Many banks are confronted with the problem of meeting the Financial Accounting Standards Board (FASB) standard which requires the estimation of a Current Expected Credit Loss (ASC 326) which replaces the older well-established Allowance for Loan and Lease Losses. The new standard requires that management and preparers must make a forward-looking disclosure of expected loss based on characteristics of the loan portfolio. Moreover, the standard requires that the methodology be well supported for a specific institution and situation. The current analysis develops an explanatory variable for estimating credit loss based on an economic elasticity concept which has advantages of comparability and the facility of being enhanced by macro-economic and sector control variables. Comparability, simplicity and flexibility would be particularly useful to smaller institutions that lack the experience, modeling expertise, and the ability to afford complex applications.","PeriodicalId":12319,"journal":{"name":"Financial Accounting eJournal","volume":"11 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-07-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"75839807","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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