Using business registry data from China, we show that internal capital markets in business groups can play the role of financial intermediary and propagate corporate shareholders’ credit supply shocks to their subsidiaries. An average of 16.7% local bank credit growth where corporate shareholders are located would increase subsidiaries investment by 1% of their tangible fixed asset value, which accounts for 71% (7%) of the median (average) investment rate among these firms. We argue that equity exchanges is one channel through which corporate shareholders transmit bank credit supply shocks to the subsidiaries and provide evidence to support the channel.
{"title":"Tiered Intermediation in Business Groups and Targeted SME Supports","authors":"Yu Shi, R. Townsend, Wu Zhu","doi":"10.2139/ssrn.3722173","DOIUrl":"https://doi.org/10.2139/ssrn.3722173","url":null,"abstract":"Using business registry data from China, we show that internal capital markets in business groups can play the role of financial intermediary and propagate corporate shareholders’ credit supply shocks to their subsidiaries. An average of 16.7% local bank credit growth where corporate shareholders are located would increase subsidiaries investment by 1% of their tangible fixed asset value, which accounts for 71% (7%) of the median (average) investment rate among these firms. We argue that equity exchanges is one channel through which corporate shareholders transmit bank credit supply shocks to the subsidiaries and provide evidence to support the channel.","PeriodicalId":153840,"journal":{"name":"Emerging Markets: Finance eJournal","volume":"31 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-10-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130210732","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 attempts to investigate the effects of 2020 Covid-19 world-wide spread on stock markets of GCC countries. Coronavirus spread has been measured by cumulative cases, new cases, cumulative deaths and new deaths. Coronavirus spread has been measured by numbers per million of population, while stock market return is measured by Δ in stock market index. Papers conducted in this topic tend to analyze Coronavirus spread in the highly infected countries and focus on the developed stock markets. Countries with low level of infection that have emerging financial markets seem to be less attractive to scholars concerning with Coronavirus spread on stock markets. This is why we try to investigate the GCC stock markets reaction to Covid-19 spread. Findings show that there are significant differences among stock market indices during the research period. Besides, stock market returns seem to be sensitive to Coronavirus new deaths. Moreover, this has been confirmed for March without any evidence about these effects during April and May 2020.
{"title":"The Impact of Covid-19 Spread on Stock Markets: The Case of the GCC Countries","authors":"N. Alber, Amr Saleh","doi":"10.5539/ibr.v13n11p16","DOIUrl":"https://doi.org/10.5539/ibr.v13n11p16","url":null,"abstract":"This paper attempts to investigate the effects of 2020 Covid-19 world-wide spread on stock markets of GCC countries. Coronavirus spread has been measured by cumulative cases, new cases, cumulative deaths and new deaths. Coronavirus spread has been measured by numbers per million of population, while stock market return is measured by Δ in stock market index. \u0000 \u0000Papers conducted in this topic tend to analyze Coronavirus spread in the highly infected countries and focus on the developed stock markets. Countries with low level of infection that have emerging financial markets seem to be less attractive to scholars concerning with Coronavirus spread on stock markets. This is why we try to investigate the GCC stock markets reaction to Covid-19 spread. \u0000 \u0000Findings show that there are significant differences among stock market indices during the research period. Besides, stock market returns seem to be sensitive to Coronavirus new deaths. Moreover, this has been confirmed for March without any evidence about these effects during April and May 2020.","PeriodicalId":153840,"journal":{"name":"Emerging Markets: Finance eJournal","volume":"2 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-10-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128257704","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}
Obtaining credit by micro, small, and medium-sized enterprises (MSME) is typically hampered by a lack of supporting documents. Here, we report the use of payment oversight data to fill up this gap during COVID-19 countermeasures and suggest that central banks' supervisory information may help achieve competition or inclusiveness goals.
{"title":"What If the New Normal Included Using Payment Data to Support Under-Documented Firms?: A Central Bank Experience During COVID-19","authors":"D. Reiss, João Manoel Pinho de Mello","doi":"10.2139/ssrn.3716415","DOIUrl":"https://doi.org/10.2139/ssrn.3716415","url":null,"abstract":"Obtaining credit by micro, small, and medium-sized enterprises (MSME) is typically hampered by a lack of supporting documents. Here, we report the use of payment oversight data to fill up this gap during COVID-19 countermeasures and suggest that central banks' supervisory information may help achieve competition or inclusiveness goals.","PeriodicalId":153840,"journal":{"name":"Emerging Markets: Finance eJournal","volume":"14 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-10-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132369488","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 : 2020-10-10DOI: 10.13106/jafeb.2020.vol7.no10.629
Zeravan Abdulmuhsen Asaad, B. Marane
The current study explains how corruption, terrorism, political stability and oil price has an effect on on the Iraq stock exchange utilizing corruption perception index as a proxy of corruption, global terrorism index as proxy for terrorism, political stability and oil price with ISX60 index as proxy of stock market for the period (2005-2019) using Ordinary Least Square method. The results show that the level of corruption, terrorism activities and political stability coefficient is significantly positive with Iraq stock exchange. In contrast, the oil price coefficient is significantly negative with Iraq stock exchange, which means that lower levels of corruption, less terrorism activities and more stability in political system have strong influence on stock market development in Iraq. The study concludes that the explanatory variables are important for Iraq stock exchange. Hence, the study suggests the policy makers to develop stock market by implementing policies and strategies to overcome high level of corruption, terrorism activities especially after ISIS/ISIL announcement has been made public. There is a need for transparency and creating stable political environment through good governance practices in order to attract more foreign investment and promote economic development. Factors like terrorism and corruption make economic and political systems unstable and has an adverse effect on on Iraq’s stock exchange performance.
{"title":"Corruption, Terrorism and the Stock Market: The Evidence from Iraq","authors":"Zeravan Abdulmuhsen Asaad, B. Marane","doi":"10.13106/jafeb.2020.vol7.no10.629","DOIUrl":"https://doi.org/10.13106/jafeb.2020.vol7.no10.629","url":null,"abstract":"The current study explains how corruption, terrorism, political stability and oil price has an effect on on the Iraq stock exchange utilizing corruption perception index as a proxy of corruption, global terrorism index as proxy for terrorism, political stability and oil price with ISX60 index as proxy of stock market for the period (2005-2019) using Ordinary Least Square method. The results show that the level of corruption, terrorism activities and political stability coefficient is significantly positive with Iraq stock exchange. In contrast, the oil price coefficient is significantly negative with Iraq stock exchange, which means that lower levels of corruption, less terrorism activities and more stability in political system have strong influence on stock market development in Iraq. The study concludes that the explanatory variables are important for Iraq stock exchange. Hence, the study suggests the policy makers to develop stock market by implementing policies and strategies to overcome high level of corruption, terrorism activities especially after ISIS/ISIL announcement has been made public. There is a need for transparency and creating stable political environment through good governance practices in order to attract more foreign investment and promote economic development. Factors like terrorism and corruption make economic and political systems unstable and has an adverse effect on on Iraq’s stock exchange performance.","PeriodicalId":153840,"journal":{"name":"Emerging Markets: Finance eJournal","volume":"135 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-10-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115943199","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}
Access to commitment savings products is known to increase poor households’ savings. In this paper we analyze the process through which households change their savings behavior, by exploiting a unique dataset released by SafeSave, a Bangladeshi microfinance institution that launched the Long Term Savings commitment product in 2009. First, we find that households increase their savings a few months before they open the commitment product. Then, distinguishing early takers (who take up the commitment account immediately) and late takers (who wait at least three months), we show that the increase of savings is driven by the later group. We interpret this as evidence that households prepare themselves before taking-up the commitment account. The existence of such preparation stage is in line with the “transtheoretical model of behavior change” (Prochaska and DiClemente, 1982; 1983) found in the psychological literature. Our paper suggests that poor households are more forward-looking than previously thought.
众所周知，获得承诺储蓄产品可以增加贫困家庭的储蓄。在本文中，我们通过利用SafeSave发布的独特数据集，分析了家庭改变储蓄行为的过程。SafeSave是一家孟加拉国小额信贷机构，于2009年推出了长期储蓄承诺产品。首先，我们发现家庭在开通承诺产品前几个月增加了储蓄。然后，我们区分了早期接受者(立即开始使用承诺账户)和晚期接受者(至少等待三个月)，我们表明储蓄的增加是由后一组驱动的。我们将此解释为家庭在承担承诺账户之前做好准备的证据。这种准备阶段的存在符合“行为改变的跨理论模型”(Prochaska and DiClemente, 1982;1983)在心理学文献中发现。我们的论文表明，贫困家庭比以前认为的更有远见。
{"title":"How Poor Bangladeshi Households Behave Regarding Access to Commitment Savings Products","authors":"C. Laureti, Mélanie Volral","doi":"10.2139/ssrn.3715623","DOIUrl":"https://doi.org/10.2139/ssrn.3715623","url":null,"abstract":"Access to commitment savings products is known to increase poor households’ savings. In this paper we analyze the process through which households change their savings behavior, by exploiting a unique dataset released by SafeSave, a Bangladeshi microfinance institution that launched the Long Term Savings commitment product in 2009. First, we find that households increase their savings a few months before they open the commitment product. Then, distinguishing early takers (who take up the commitment account immediately) and late takers (who wait at least three months), we show that the increase of savings is driven by the later group. We interpret this as evidence that households prepare themselves before taking-up the commitment account. The existence of such preparation stage is in line with the “transtheoretical model of behavior change” (Prochaska and DiClemente, 1982; 1983) found in the psychological literature. Our paper suggests that poor households are more forward-looking than previously thought.","PeriodicalId":153840,"journal":{"name":"Emerging Markets: Finance eJournal","volume":"40 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-10-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116219296","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 main objective of this study is to examine the impact of the macroeconomic indicators such as interest rate, real GDP, money supply and inflation on Nepal Stock Exchange (NEPSE) Index. This study is an empirical research based on secondary data and used the time series data for the total period of 24 years from fiscal year 1994 to 2018. The results of correlation analysis showed that broad money supply, real GDP and CPI have a statistically significant linear relationship with NEPSE index. However, T-bill rate and NEPSE index have a statistically insignificant linear relationship. Furthermore, the results of regression analysis showed that money supply is significant in predicting NEPSE index of the investors. Interest rate, real GDP and CPI are found to be insignificant in predicting NEPSE index. Similarly, relationship between stock market performance and macroeconomic variables is of pertinent importance to policy makers, regulators, academicians, researchers and investment community.
{"title":"Relationship between Cost of Bank Lending and NEPSE Index: Nepal Case","authors":"Krishna Paul, Post Raj Pokharel","doi":"10.2139/ssrn.3703435","DOIUrl":"https://doi.org/10.2139/ssrn.3703435","url":null,"abstract":"The main objective of this study is to examine the impact of the macroeconomic indicators such as interest rate, real GDP, money supply and inflation on Nepal Stock Exchange (NEPSE) Index. This study is an empirical research based on secondary data and used the time series data for the total period of 24 years from fiscal year 1994 to 2018. The results of correlation analysis showed that broad money supply, real GDP and CPI have a statistically significant linear relationship with NEPSE index. However, T-bill rate and NEPSE index have a statistically insignificant linear relationship. Furthermore, the results of regression analysis showed that money supply is significant in predicting NEPSE index of the investors. Interest rate, real GDP and CPI are found to be insignificant in predicting NEPSE index. Similarly, relationship between stock market performance and macroeconomic variables is of pertinent importance to policy makers, regulators, academicians, researchers and investment community.","PeriodicalId":153840,"journal":{"name":"Emerging Markets: Finance eJournal","volume":"21 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-10-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127698350","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}
China’s Venture Capital (VC) market features significant government ownership of VCs. We examine the impact of government owned VCs on the exit success of entrepreneurial firms. We distinguish between types of government VC according to the degree of government ownership (wholly versus partially owned) and the level of government (central versus provincial government). We find that partially government owned VCs (though not wholly government owned VCs) increase the likelihood of a successful exit. Partially government owned VCs especially increase the likelihood of an IPO in mainland China, where the IPO process is discretionary and heavily government regulated. Entrepreneurial firms backed by partially government owned VCs are also more able to be exited at times of policy uncertainty and the timing of exit is less sensitive to market conditions. Investment from a provincial government owned VC increases exit likelihood. However, this advantage decreases as the number of provincial government owned VCs invested in the firm increases. Our findings suggest that entrepreneurial firms may benefit through political connections from government VC investment, but that complete government control of a VC can lead to inefficiencies.
{"title":"Government Ownership and Venture Capital in China","authors":"Jo‐Ann Suchard, M. Humphery‐Jenner, Jerry X. Cao","doi":"10.2139/ssrn.3788725","DOIUrl":"https://doi.org/10.2139/ssrn.3788725","url":null,"abstract":"China’s Venture Capital (VC) market features significant government ownership of VCs. We examine the impact of government owned VCs on the exit success of entrepreneurial firms. We distinguish between types of government VC according to the degree of government ownership (wholly versus partially owned) and the level of government (central versus provincial government). We find that partially government owned VCs (though not wholly government owned VCs) increase the likelihood of a successful exit. Partially government owned VCs especially increase the likelihood of an IPO in mainland China, where the IPO process is discretionary and heavily government regulated. Entrepreneurial firms backed by partially government owned VCs are also more able to be exited at times of policy uncertainty and the timing of exit is less sensitive to market conditions. Investment from a provincial government owned VC increases exit likelihood. However, this advantage decreases as the number of provincial government owned VCs invested in the firm increases. Our findings suggest that entrepreneurial firms may benefit through political connections from government VC investment, but that complete government control of a VC can lead to inefficiencies.","PeriodicalId":153840,"journal":{"name":"Emerging Markets: Finance eJournal","volume":"31 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114280480","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 main purpose of this research is to find out the relationship between capital structure and the firm's financial performance of the listed Pharmaceutical companies in the Pakistan Stock Exchange. A further specific objective is to find out the relation of debt-equity with gross profit, earning per share, and return on capital and return on equity. This research determines that Capital Structure is adversely linked with the profitability, it suggests that a decrease in the profitability of the organizations is due to an increase in debt capital & vice versa, further the results proclaims that capital is not dramatically significant and impacting, hence results in records that debt to equity is nothing to do with ROE, increasing or decrease in debt or equity financing would affect ROE.
{"title":"Capital Structure and Financial Performance: Case Study from Pakistan Pharmaceutical Sector","authors":"Muhammad Rehan, S. S. Karaca, Jahanzaib Alvi","doi":"10.2139/ssrn.3702885","DOIUrl":"https://doi.org/10.2139/ssrn.3702885","url":null,"abstract":"The main purpose of this research is to find out the relationship between capital structure and the firm's financial performance of the listed Pharmaceutical companies in the Pakistan Stock Exchange. A further specific objective is to find out the relation of debt-equity with gross profit, earning per share, and return on capital and return on equity. This research determines that Capital Structure is adversely linked with the profitability, it suggests that a decrease in the profitability of the organizations is due to an increase in debt capital & vice versa, further the results proclaims that capital is not dramatically significant and impacting, hence results in records that debt to equity is nothing to do with ROE, increasing or decrease in debt or equity financing would affect ROE.","PeriodicalId":153840,"journal":{"name":"Emerging Markets: Finance eJournal","volume":"16 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129430175","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 government stimulus or private-sector subsidization save small businesses in the COVID-19 crisis? Leveraging a large dataset on the chained restaurants in China, we find that rent reduction programs significantly increase survival rates. Rent reduction by the equivalent of a restaurant employee's annual salary can save at least one job. Rent reductions increase the financial strength of restaurants, and lead to strategic reactions of the restaurants to lean against the crisis, including increasing order discounts and promoting take-out and delivery services. Moreover, the effect of rent reduction is heterogeneous, increasing the monthly revenue by 69% for franchise-based restaurants, 51% for small company-owned restaurants, and 28% for large company-owned restaurants. Our results suggest that the organizational structure and the size of a firm can have large impact on the effectiveness and pass-through of financial stimulus programs, such as the Paycheck Protection Program.
{"title":"Subsidizing Failing Firms: Evidence from Chinese Restaurants","authors":"Yinglu Deng, Fangzhou Lu, Jiaheng Yu, Hao Zheng","doi":"10.2139/ssrn.3692525","DOIUrl":"https://doi.org/10.2139/ssrn.3692525","url":null,"abstract":"Can government stimulus or private-sector subsidization save small businesses in the COVID-19 crisis? Leveraging a large dataset on the chained restaurants in China, we find that rent reduction programs significantly increase survival rates. Rent reduction by the equivalent of a restaurant employee's annual salary can save at least one job. Rent reductions increase the financial strength of restaurants, and lead to strategic reactions of the restaurants to lean against the crisis, including increasing order discounts and promoting take-out and delivery services. Moreover, the effect of rent reduction is heterogeneous, increasing the monthly revenue by 69% for franchise-based restaurants, 51% for small company-owned restaurants, and 28% for large company-owned restaurants. Our results suggest that the organizational structure and the size of a firm can have large impact on the effectiveness and pass-through of financial stimulus programs, such as the Paycheck Protection Program.","PeriodicalId":153840,"journal":{"name":"Emerging Markets: Finance eJournal","volume":"27 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-09-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114510848","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}
Prior studies have shown that the COVID-19 pandemic has led to negative returns and increased volatilities in various financial markets. Not many however have sought to investigate why. With anecdotal evidence pointing to investors earning abnormal returns despite the pandemic, this paper sought to determine whether markets – for whatever reason – were overreacting to the pandemic. Using a sample of the largest 3,000 companies across 15 countries, we found evidence that markets were overreacting to various COVID-19 events. Specifically, we found that markets showed strong signs of reversal in response to negative events (e.g. lockdowns, confirmed cases, deaths). Positive events (e.g. vaccine development, recoveries) did not elicit a similar response. Our results suggest that the volatilities and negative returns during the sample period may be driven by non-COVID factors. This will have profound implications for future COVID-financial markets research and government policy as it redirects attention to individual countries rather than adopting a “global” approach to research or policy-setting.
{"title":"Did Financial Markets Overreact to COVID-19?","authors":"Calvin W. H. Cheong, M. Ariff, N. Subramaniam","doi":"10.2139/ssrn.3694278","DOIUrl":"https://doi.org/10.2139/ssrn.3694278","url":null,"abstract":"Prior studies have shown that the COVID-19 pandemic has led to negative returns and increased volatilities in various financial markets. Not many however have sought to investigate why. With anecdotal evidence pointing to investors earning abnormal returns despite the pandemic, this paper sought to determine whether markets – for whatever reason – were overreacting to the pandemic. Using a sample of the largest 3,000 companies across 15 countries, we found evidence that markets were overreacting to various COVID-19 events. Specifically, we found that markets showed strong signs of reversal in response to negative events (e.g. lockdowns, confirmed cases, deaths). Positive events (e.g. vaccine development, recoveries) did not elicit a similar response. Our results suggest that the volatilities and negative returns during the sample period may be driven by non-COVID factors. This will have profound implications for future COVID-financial markets research and government policy as it redirects attention to individual countries rather than adopting a “global” approach to research or policy-setting.","PeriodicalId":153840,"journal":{"name":"Emerging Markets: Finance eJournal","volume":"24 6 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-09-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116211432","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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