Mutual funds often invest in other funds. In this paper, we analyze the economics behind such cross-fund investments and investigate their financial stability implications. Using granular data for the German fund sector, our main findings are that cross-fund investments (a) are becoming increasingly important over time, (b) were heavily liquidated during March 2020, and (c) display measurable contagion effects. Overall, cross-fund investments can elevate structural fund sector vulnerabilities.
{"title":"Connected Funds","authors":"Daniel Fricke, H. Wilke","doi":"10.2139/ssrn.3685223","DOIUrl":"https://doi.org/10.2139/ssrn.3685223","url":null,"abstract":"\u0000 Mutual funds often invest in other funds. In this paper, we analyze the economics behind such cross-fund investments and investigate their financial stability implications. Using granular data for the German fund sector, our main findings are that cross-fund investments (a) are becoming increasingly important over time, (b) were heavily liquidated during March 2020, and (c) display measurable contagion effects. Overall, cross-fund investments can elevate structural fund sector vulnerabilities.","PeriodicalId":13701,"journal":{"name":"International Corporate Finance eJournal","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2020-10-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"88149118","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 2019, China has become the largest issuance source in the global green bonds market. This paper studies the benefits of green bonds issuance to issuers and investors in China green bond market, including announcement effect, green premium, and the changes of firm financial performance and institutional ownership. First, green bonds issuance has a negative but insignificant announcement effect on the company’s stock return. Then we find that green premium is nearly zero demonstrating that investors are not willing to sacrifice profits for environmentally friendly projects. Thirdly, after green bonds issuance, financial performance of issuers does not have a significant improvement, but institutional ownership ratio has increased notably. In short, there is no significant difference between green bonds and conventional bonds in terms of issuance. Green bonds issuance may not have a direct pecuniary benefit to firms and investors but can be added into portfolios of institutional investors and improve their ESG score.
{"title":"The Benefits of Issuing Green Bonds: Evidence From China Green Bonds Market","authors":"Dong Wang, P. Li","doi":"10.2139/ssrn.3710646","DOIUrl":"https://doi.org/10.2139/ssrn.3710646","url":null,"abstract":"In 2019, China has become the largest issuance source in the global green bonds market. This paper studies the benefits of green bonds issuance to issuers and investors in China green bond market, including announcement effect, green premium, and the changes of firm financial performance and institutional ownership. First, green bonds issuance has a negative but insignificant announcement effect on the company’s stock return. Then we find that green premium is nearly zero demonstrating that investors are not willing to sacrifice profits for environmentally friendly projects. Thirdly, after green bonds issuance, financial performance of issuers does not have a significant improvement, but institutional ownership ratio has increased notably. In short, there is no significant difference between green bonds and conventional bonds in terms of issuance. Green bonds issuance may not have a direct pecuniary benefit to firms and investors but can be added into portfolios of institutional investors and improve their ESG score.","PeriodicalId":13701,"journal":{"name":"International Corporate Finance eJournal","volume":"79 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2020-09-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"88031944","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}
Paper contains an empirical cross-country comparative analysis of international tax policy in relation to MNEs and their FDIs in the context of international tax planning motives. First, I explore and compare the rules aimed at protecting the tax base and countering tax avoidance and the rules aimed at attracting investments. Second, I evaluate the impact of these corporate tax rules on the FDIs. My findings show that the countries with different fundamental economic characteristics use different tax policy to compete for FDIs by the MNEs. I highlight three groups of countries with differing tax competition behaviours: (a) emerging economies, (b) large-scale, developed economies and (c) financial centres. Financial centres with anomaly higher level of FDIs passing through them adopt the most open tax policy which drives the global tax competition for financial capital, while both larger developed and emerging economies adopt more defensive corporate tax policy that is motivated by the fiscal considerations.
{"title":"How Do International Tax Planning Motives Impact Tax Policy in the Developed, Emerging, and Financial Hub Jurisdictions?","authors":"N. Milogolov","doi":"10.2139/ssrn.3701630","DOIUrl":"https://doi.org/10.2139/ssrn.3701630","url":null,"abstract":"Paper contains an empirical cross-country comparative analysis of international tax policy in relation to MNEs and their FDIs in the context of international tax planning motives. First, I explore and compare the rules aimed at protecting the tax base and countering tax avoidance and the rules aimed at attracting investments. Second, I evaluate the impact of these corporate tax rules on the FDIs. My findings show that the countries with different fundamental economic characteristics use different tax policy to compete for FDIs by the MNEs. I highlight three groups of countries with differing tax competition behaviours: (a) emerging economies, (b) large-scale, developed economies and (c) financial centres. Financial centres with anomaly higher level of FDIs passing through them adopt the most open tax policy which drives the global tax competition for financial capital, while both larger developed and emerging economies adopt more defensive corporate tax policy that is motivated by the fiscal considerations.","PeriodicalId":13701,"journal":{"name":"International Corporate Finance eJournal","volume":"4 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2020-09-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"91328537","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}
Raising statutory retirement ages has been a popular policy to increase the labor supply of older workers in the face of population aging. In this paper, we quantify the effect of a sharp and unexpected increase in retirement ages on firms’ input mix and economic outcomes using Italian administrative and survey data on employment, wages, value added and capital. Exploiting information on lifetime pension contributions for the universe of employees, we are able to quantify the extra number of older workers employed by each firm as a result of the reform. We find that a 10 per cent increase in older workers implies a rise in employment of young and middle-aged workers of 1.8 per cent and 1.3 per cent, respectively. Total labor costs and value added increase broadly in line with employment, with little impact on labor productivity and unit labor costs. These results suggest older workers are valuable to employers and that pension reforms postponing retirement can remove a constraint rather than place a burden on firms.
{"title":"Workforce Aging, Pension Reforms, and Firm Outcomes","authors":"F. Carta, F. D’Amuri, Till M von Wachter","doi":"10.2139/ssrn.3710129","DOIUrl":"https://doi.org/10.2139/ssrn.3710129","url":null,"abstract":"Raising statutory retirement ages has been a popular policy to increase the labor supply of older workers in the face of population aging. In this paper, we quantify the effect of a sharp and unexpected increase in retirement ages on firms’ input mix and economic outcomes using Italian administrative and survey data on employment, wages, value added and capital. Exploiting information on lifetime pension contributions for the universe of employees, we are able to quantify the extra number of older workers employed by each firm as a result of the reform. We find that a 10 per cent increase in older workers implies a rise in employment of young and middle-aged workers of 1.8 per cent and 1.3 per cent, respectively. Total labor costs and value added increase broadly in line with employment, with little impact on labor productivity and unit labor costs. These results suggest older workers are valuable to employers and that pension reforms postponing retirement can remove a constraint rather than place a burden on firms.","PeriodicalId":13701,"journal":{"name":"International Corporate Finance eJournal","volume":"238 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2020-09-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"77026720","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}
At the end of 2019 December, the world registered an outbreak of an international pandemic, at China’s Hubei province. At the beginning of 2020, the virus started spreading to all corners of the world. The new novel Coronavirus Disease-19 is expected to affect global economic growth, development, stability and even recovery once the disease is over. Businesses that rely heavily on face-to-face module are likely to face huge economic losses as compared to those whose employees can work from home. The complex interconnected system of different economy actors makes the effects of the pandemic to be transmitted relatively equally to all countries. The world is on verge of witnessing a lapse in economic growth in terms of lack of employment, defaulting, disruption of supply chains, slow production growth and decline in global shares. Worse still, the adverse effects of Coronavirus disease will hit hard on emerging markets (EMs) who rely on local and external credits that are subject to domestic and international currency (FX). As the world continues to embrace protective measures to cut down transmission rate and keep the pandemic in control, more feasible and holistic approaches are needed to effectively inflate the bubble and enable the global economy to thrive.
{"title":"Economic Effects of Novel Coronavirus (COVID – 19) on the Global Economy","authors":"Gilbert Ndutu Munywoki","doi":"10.2139/ssrn.3719130","DOIUrl":"https://doi.org/10.2139/ssrn.3719130","url":null,"abstract":"At the end of 2019 December, the world registered an outbreak of an international pandemic, at China’s Hubei province. At the beginning of 2020, the virus started spreading to all corners of the world. The new novel Coronavirus Disease-19 is expected to affect global economic growth, development, stability and even recovery once the disease is over. Businesses that rely heavily on face-to-face module are likely to face huge economic losses as compared to those whose employees can work from home. The complex interconnected system of different economy actors makes the effects of the pandemic to be transmitted relatively equally to all countries. The world is on verge of witnessing a lapse in economic growth in terms of lack of employment, defaulting, disruption of supply chains, slow production growth and decline in global shares. Worse still, the adverse effects of Coronavirus disease will hit hard on emerging markets (EMs) who rely on local and external credits that are subject to domestic and international currency (FX). As the world continues to embrace protective measures to cut down transmission rate and keep the pandemic in control, more feasible and holistic approaches are needed to effectively inflate the bubble and enable the global economy to thrive.","PeriodicalId":13701,"journal":{"name":"International Corporate Finance eJournal","volume":"22 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2020-09-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"86222484","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 determination of leading indicators of stock market returns is of interest to both practitioners and academics. This paper analyses the validity of the recent macroeconomic factors indicated in the literature as providing a reliable indication of Australian stock market returns and concludes that the macroeconomic factors are not reliable indicators of stock market returns across time. The paper notes that the unreliability observed across time is consistent with financial markets being complex adaptive systems.
{"title":"A Demonstration and Explanation of why Macroeconomic Factors Aren’t Reliable Indicators of Australian Stock Market Returns","authors":"John R. Evans, Xingzhuo Wang","doi":"10.2139/ssrn.3688618","DOIUrl":"https://doi.org/10.2139/ssrn.3688618","url":null,"abstract":"The determination of leading indicators of stock market returns is of interest to both practitioners and academics. This paper analyses the validity of the recent macroeconomic factors indicated in the literature as providing a reliable indication of Australian stock market returns and concludes that the macroeconomic factors are not reliable indicators of stock market returns across time. The paper notes that the unreliability observed across time is consistent with financial markets being complex adaptive systems.","PeriodicalId":13701,"journal":{"name":"International Corporate Finance eJournal","volume":"27 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2020-09-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"79201068","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}
Pub Date : 2020-09-01DOI: 10.5709/ce.1897-9254.410
Pál Péter Kolozsi, Lentner Csaba
During the first decade of the 21st century, household FX loans spread in numerous countries in Central and Eastern Europe, where they caused serious macroeconomic and social problems with the spillover of the global financial crisis. Disregarding countries that joined the euro area, Hungary was the only state where household FX loans were completely phased out. The aim of the paper is to provide a structured presentation of the circumstances of the FX loan conversion in Hungary and to assess the potential risks related to the post FX loan period. The paper reviews the relevant international literature about the causes and the impact of unsecured FX lending in the household sector and analyses the phasing-out of the household FX loans in Hungary from the point of view of the legal considerations, the interest rate environment, the macroeconomic stability, the elbowroom in FX reserves and the timing of the process. The paper concludes that the conversion happened at the first date which was legally allowed and economically properly underpinned. The paper also presents that the central bank reacted to the new challenges of the phasing-out process with new macroprudential tools to prevent excessive indebtedness and over-lending, to reduce households' interest rate risks, and to ensure that customers have appropriate income reserves, in order to improve the quality and sustainability of lending to households in the future.
{"title":"Consolidation and Legacy of Foreign Currency Household Lending in Central and Eastern Europe: The Case of Hungary","authors":"Pál Péter Kolozsi, Lentner Csaba","doi":"10.5709/ce.1897-9254.410","DOIUrl":"https://doi.org/10.5709/ce.1897-9254.410","url":null,"abstract":"During the first decade of the 21st century, household FX loans spread in numerous countries in Central and Eastern Europe, where they caused serious macroeconomic and social problems with the spillover of the global financial crisis. Disregarding countries that joined the euro area, Hungary was the only state where household FX loans were completely phased out. The aim of the paper is to provide a structured presentation of the circumstances of the FX loan conversion in Hungary and to assess the potential risks related to the post FX loan period. The paper reviews the relevant international literature about the causes and the impact of unsecured FX lending in the household sector and analyses the phasing-out of the household FX loans in Hungary from the point of view of the legal considerations, the interest rate environment, the macroeconomic stability, the elbowroom in FX reserves and the timing of the process. The paper concludes that the conversion happened at the first date which was legally allowed and economically properly underpinned. The paper also presents that the central bank reacted to the new challenges of the phasing-out process with new macroprudential tools to prevent excessive indebtedness and over-lending, to reduce households' interest rate risks, and to ensure that customers have appropriate income reserves, in order to improve the quality and sustainability of lending to households in the future.","PeriodicalId":13701,"journal":{"name":"International Corporate Finance eJournal","volume":"106 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2020-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"77107177","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}
Conventional wisdom suggested that investment flows in where you have abnormal returns that resulted in a high productivity area. However, FDI behaves peculiarly, as most are targeted towards developed countries where excess competition drives down returns and ultimately productivity. On the contrary, it shy in developing countries where one has more productive investment opportunities. This study tries to tackle the problem and explores the factors that influenced FDI flows. In particular, we focused on productivity, trade openness, financial liberalization, and institutions. Macro-level data was collected from 27 economies from 2004 to 2015. The analysis was done using GMM methodology. The results showed productivity remained insignificant in explaining FDI throughout the models. Trade seems to have a significant positive impact on the model without the interaction effect. Interestingly, financial liberalization seems to affect FDI negatively in all cases. GDP growth had a positive and significant effect. All Institutional variables that include control of corruption, government effectiveness, regulatory quality, rule of law, seems to have a significant positive impact on FDI individually, as well as in the combined form. We also witnessed significant and positive complementarities with each of the institutional factors and productivity, in explaining FDI. This indicated that higher productivity is not the deciding factor of FDI, however, the same productivity in a better institutional environment would produce positive complementarity that would significantly determine FDI. The findings imply that investors' prime concern is not productivity but the institutional environment. Moreover, only with quality institutions, the conventional wisdom persists.
{"title":"Does Openness, and Productivity Matters for FDI: A Global interactive Analysis Based on the Complementary Role of Institutions.","authors":"Humaira Raffat, D. Siddiqui","doi":"10.2139/ssrn.3683116","DOIUrl":"https://doi.org/10.2139/ssrn.3683116","url":null,"abstract":"Conventional wisdom suggested that investment flows in where you have abnormal returns that resulted in a high productivity area. However, FDI behaves peculiarly, as most are targeted towards developed countries where excess competition drives down returns and ultimately productivity. On the contrary, it shy in developing countries where one has more productive investment opportunities. This study tries to tackle the problem and explores the factors that influenced FDI flows. In particular, we focused on productivity, trade openness, financial liberalization, and institutions. Macro-level data was collected from 27 economies from 2004 to 2015. The analysis was done using GMM methodology. The results showed productivity remained insignificant in explaining FDI throughout the models. Trade seems to have a significant positive impact on the model without the interaction effect. Interestingly, financial liberalization seems to affect FDI negatively in all cases. GDP growth had a positive and significant effect. All Institutional variables that include control of corruption, government effectiveness, regulatory quality, rule of law, seems to have a significant positive impact on FDI individually, as well as in the combined form. We also witnessed significant and positive complementarities with each of the institutional factors and productivity, in explaining FDI. This indicated that higher productivity is not the deciding factor of FDI, however, the same productivity in a better institutional environment would produce positive complementarity that would significantly determine FDI. The findings imply that investors' prime concern is not productivity but the institutional environment. Moreover, only with quality institutions, the conventional wisdom persists.","PeriodicalId":13701,"journal":{"name":"International Corporate Finance eJournal","volume":"76 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2020-08-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"76266122","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 While studies have sought to explain the benefits of cross-listing, little attention has been paid to the role of communication between managers and investors during this process. In this paper, I investigate whether managers change communication policies around U.S. cross-listings. I document significant increases in communication when firms cross-list. I then test whether these investor communication practices around cross-listing are associated with capital market benefits. I find that cross-listed firms that communicate more with investors experience greater and longer lasting cross-listing benefits. Lastly, I explore two potential reasons that may lead managers to choose higher levels of communication: to support an increase in investor recognition and to facilitate monitoring. I find results consistent with communication increasing visibility and scrutiny, suggesting that communication functions as a supporting tool to achieve managers’ cross-listing goals.
{"title":"Investor Communication and the Benefits of Cross-Listing","authors":"N. Reiter","doi":"10.2139/ssrn.3682245","DOIUrl":"https://doi.org/10.2139/ssrn.3682245","url":null,"abstract":"Abstract While studies have sought to explain the benefits of cross-listing, little attention has been paid to the role of communication between managers and investors during this process. In this paper, I investigate whether managers change communication policies around U.S. cross-listings. I document significant increases in communication when firms cross-list. I then test whether these investor communication practices around cross-listing are associated with capital market benefits. I find that cross-listed firms that communicate more with investors experience greater and longer lasting cross-listing benefits. Lastly, I explore two potential reasons that may lead managers to choose higher levels of communication: to support an increase in investor recognition and to facilitate monitoring. I find results consistent with communication increasing visibility and scrutiny, suggesting that communication functions as a supporting tool to achieve managers’ cross-listing goals.","PeriodicalId":13701,"journal":{"name":"International Corporate Finance eJournal","volume":"37 24","pages":""},"PeriodicalIF":0.0,"publicationDate":"2020-08-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"91399132","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}
A state-contingent financing facility would be an effective way to help mediate the economic and financial shocks resulting from the COVID-19 pandemic. An SSB could mobilize large amounts of financial resources from the international capital markets and provide cash flow relief to sovereign debtors without market access on attractive terms that reflect both a country’s liquidity requirements and its ability to service its obligations without adding to financial stress. A synthetic stabilization fund (SSB) sponsored by a credible official sector institution could provide state-contingent financing much like traditional stabilization funds. Thus, the amount and timing of funds available to a country, as well as the amount and timing of repayment should be linked to the performance of a proxy for a country’s financial position, such as commodity prices or export revenues. Unlike a traditional stabilization fund, the initial capital of an SSB would be raised in the private markets with credit support from official and bilateral sources to assure long-term funding at reasonable cost.
{"title":"A Stabilization Fund for Countries Facing Market Turmoil","authors":"Mark Walker, C. Canavan","doi":"10.2139/ssrn.3745868","DOIUrl":"https://doi.org/10.2139/ssrn.3745868","url":null,"abstract":"A state-contingent financing facility would be an effective way to help mediate the economic and financial shocks resulting from the COVID-19 pandemic. An SSB could mobilize large amounts of financial resources from the international capital markets and provide cash flow relief to sovereign debtors without market access on attractive terms that reflect both a country’s liquidity requirements and its ability to service its obligations without adding to financial stress. A synthetic stabilization fund (SSB) sponsored by a credible official sector institution could provide state-contingent financing much like traditional stabilization funds. Thus, the amount and timing of funds available to a country, as well as the amount and timing of repayment should be linked to the performance of a proxy for a country’s financial position, such as commodity prices or export revenues. Unlike a traditional stabilization fund, the initial capital of an SSB would be raised in the private markets with credit support from official and bilateral sources to assure long-term funding at reasonable cost.","PeriodicalId":13701,"journal":{"name":"International Corporate Finance eJournal","volume":"73 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2020-08-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"80560010","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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