Pub Date : 2024-11-26DOI: 10.1016/j.jcorpfin.2024.102708
Utpal Bhattacharya , Janghoon Shon , Yu Zhang
Sell-side analysts rate on a particular type of behavioral curve: recency. Although they claim to use objective criteria (like expected raw, market-adjusted, or industry-adjusted returns), we find that, even after controlling for these claims, their recommendations on a particular stock are negatively influenced by their assessment of the quality of the few other stocks they have rated that month. This recency bias has price implications. The next day's alpha of a sophisticated trading strategy that incorporates this bias is about 40 % higher compared to the alpha of an unsophisticated strategy that uses rating information only.
{"title":"Rating on a behavioral curve","authors":"Utpal Bhattacharya , Janghoon Shon , Yu Zhang","doi":"10.1016/j.jcorpfin.2024.102708","DOIUrl":"10.1016/j.jcorpfin.2024.102708","url":null,"abstract":"<div><div>Sell-side analysts rate on a particular type of behavioral curve: recency. Although they claim to use objective criteria (like expected raw, market-adjusted, or industry-adjusted returns), we find that, even after controlling for these claims, their recommendations on a particular stock are negatively influenced by their assessment of the quality of the few other stocks they have rated that month. This recency bias has price implications. The next day's alpha of a sophisticated trading strategy that incorporates this bias is about 40 % higher compared to the alpha of an unsophisticated strategy that uses rating information only.</div></div>","PeriodicalId":15525,"journal":{"name":"Journal of Corporate Finance","volume":"91 ","pages":"Article 102708"},"PeriodicalIF":7.2,"publicationDate":"2024-11-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142757320","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2024-11-26DOI: 10.1016/j.jcorpfin.2024.102711
Qiyang He, Buhui Qiu
This study explores the influence of U.S. Environmental Protection Agency (EPA) enforcement on corporate green innovation, as measured by green patent counts and citations. Our findings show that EPA-enforced firms experience a substantial uptick in green innovation outputs. This boost can be attributed to enhanced green innovation efficiency and increased hiring of green inventors. Moreover, this effect is more pronounced for firms headquartered in states with stronger environmental enforcement intensity, firms with higher institutional ownership, and firms with fewer financial constraints. Finally, we find that green innovations help enforced firms avoid future EPA enforcements and reduce toxic chemical releases. Taken together, these results imply that EPA enforcement actions can indeed foster positive impacts on corporate green innovation.
{"title":"Environmental enforcement actions and corporate green innovation","authors":"Qiyang He, Buhui Qiu","doi":"10.1016/j.jcorpfin.2024.102711","DOIUrl":"10.1016/j.jcorpfin.2024.102711","url":null,"abstract":"<div><div>This study explores the influence of U.S. Environmental Protection Agency (EPA) enforcement on corporate green innovation, as measured by green patent counts and citations. Our findings show that EPA-enforced firms experience a substantial uptick in green innovation outputs. This boost can be attributed to enhanced green innovation efficiency and increased hiring of green inventors. Moreover, this effect is more pronounced for firms headquartered in states with stronger environmental enforcement intensity, firms with higher institutional ownership, and firms with fewer financial constraints. Finally, we find that green innovations help enforced firms avoid future EPA enforcements and reduce toxic chemical releases. Taken together, these results imply that EPA enforcement actions can indeed foster positive impacts on corporate green innovation.</div></div>","PeriodicalId":15525,"journal":{"name":"Journal of Corporate Finance","volume":"91 ","pages":"Article 102711"},"PeriodicalIF":7.2,"publicationDate":"2024-11-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142743620","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2024-11-20DOI: 10.1016/j.jcorpfin.2024.102698
Zhaozhao He
Non-compete agreements help protect business investments by restricting worker mobility, thereby increasing firm incentives to invest. Yet, they could damage the efficacy of such investments by reducing employee incentives and hampering knowledge flows. Exploiting staggered reforms of state non-compete enforcement, I find that patents filed after an increased enforceability are less valuable and exploratory despite no less R&D spending. Inventors whose job prospects are more jeopardized, in a weaker bargaining position, and having greater incentives to switch firms produce patents with greater valuation losses. These results imply that labor allocative inefficiency owing to mobility restrictions could compromise value creation from real investments.
{"title":"Non-compete agreements, innovation value and efficiency","authors":"Zhaozhao He","doi":"10.1016/j.jcorpfin.2024.102698","DOIUrl":"10.1016/j.jcorpfin.2024.102698","url":null,"abstract":"<div><div>Non-compete agreements help protect business investments by restricting worker mobility, thereby increasing firm incentives to invest. Yet, they could damage the efficacy of such investments by reducing employee incentives and hampering knowledge flows. Exploiting staggered reforms of state non-compete enforcement, I find that patents filed after an increased enforceability are less valuable and exploratory despite no less R&D spending. Inventors whose job prospects are more jeopardized, in a weaker bargaining position, and having greater incentives to switch firms produce patents with greater valuation losses. These results imply that labor allocative inefficiency owing to mobility restrictions could compromise value creation from real investments.</div></div>","PeriodicalId":15525,"journal":{"name":"Journal of Corporate Finance","volume":"90 ","pages":"Article 102698"},"PeriodicalIF":7.2,"publicationDate":"2024-11-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142721095","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2024-11-16DOI: 10.1016/j.jcorpfin.2024.102692
Ali Bayat , Marc Goergen , Panagiotis Koutroumpis , Xingjie Wei
Using a hand-collected dataset, we study whether CEO political ideology affected S&P 500 firms’ reactions to the COVID-19 pandemic in 2020. During the pandemic, CEOs had the option to distribute the pain of the pandemic’s impact onto shareholders by paying lower dividends, onto the workforce by reducing labor costs, or to share the pain. We hypothesize that conservative CEOs were more likely to aggressively reduce labor costs while still meeting dividend expectations. Conversely, other CEOs would have been less likely to meet dividend expectations and less likely to reduce labor costs. Our findings support this hypothesis. We also find that during the pandemic, conservative CEOs used temporary downsizing to avoid earnings losses, enabling them to meet dividend expectations.
{"title":"The impact of CEO political ideology on labor cost reductions and payout decisions during the COVID-19 pandemic","authors":"Ali Bayat , Marc Goergen , Panagiotis Koutroumpis , Xingjie Wei","doi":"10.1016/j.jcorpfin.2024.102692","DOIUrl":"10.1016/j.jcorpfin.2024.102692","url":null,"abstract":"<div><div>Using a hand-collected dataset, we study whether CEO political ideology affected S&P 500 firms’ reactions to the COVID-19 pandemic in 2020. During the pandemic, CEOs had the option to distribute the pain of the pandemic’s impact onto shareholders by paying lower dividends, onto the workforce by reducing labor costs, or to share the pain. We hypothesize that conservative CEOs were more likely to aggressively reduce labor costs while still meeting dividend expectations. Conversely, other CEOs would have been less likely to meet dividend expectations and less likely to reduce labor costs. Our findings support this hypothesis. We also find that during the pandemic, conservative CEOs used temporary downsizing to avoid earnings losses, enabling them to meet dividend expectations.</div></div>","PeriodicalId":15525,"journal":{"name":"Journal of Corporate Finance","volume":"90 ","pages":"Article 102692"},"PeriodicalIF":7.2,"publicationDate":"2024-11-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142721701","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2024-11-15DOI: 10.1016/j.jcorpfin.2024.102696
Mark Shackleton, Yaqiong Yao, Ziran Zuo
We show a positive relation between insider horizon and a firm's corporate social responsibility (CSR) performance. This positive relation is likely driven by good internal governance rather than agency problems. To support a causal interpretation, we adopt managerial career horizon reductions and the rejection of inevitable disclosure doctrine as exogenous shocks to insider horizon. We find that the observed positive effects are stronger when firms have higher ownership of long-term and socially responsible institutional investors, when insiders sign long-term compensation contracts, and when firms face less takeover pressure. We document the real effects of long-horizon insiders using various raw CSR metrics. Overall, our results indicate that insiders' long-term orientation can promote CSR.
{"title":"Corporate social responsibility and insider horizon","authors":"Mark Shackleton, Yaqiong Yao, Ziran Zuo","doi":"10.1016/j.jcorpfin.2024.102696","DOIUrl":"10.1016/j.jcorpfin.2024.102696","url":null,"abstract":"<div><div>We show a positive relation between insider horizon and a firm's corporate social responsibility (CSR) performance. This positive relation is likely driven by good internal governance rather than agency problems. To support a causal interpretation, we adopt managerial career horizon reductions and the rejection of inevitable disclosure doctrine as exogenous shocks to insider horizon. We find that the observed positive effects are stronger when firms have higher ownership of long-term and socially responsible institutional investors, when insiders sign long-term compensation contracts, and when firms face less takeover pressure. We document the real effects of long-horizon insiders using various raw CSR metrics. Overall, our results indicate that insiders' long-term orientation can promote CSR.</div></div>","PeriodicalId":15525,"journal":{"name":"Journal of Corporate Finance","volume":"90 ","pages":"Article 102696"},"PeriodicalIF":7.2,"publicationDate":"2024-11-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142721147","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2024-11-15DOI: 10.1016/j.jcorpfin.2024.102695
Cheng Jiang , Kose John , J.H. John Kim , Jingyu Zhang
Narcissism is a multifaceted personality trait that profoundly influences individuals' cognition, emotions, and actions. This study investigates the relationship between narcissistic CEOs and their engagement in opportunistic insider trading. Utilizing a quantitative measure of CEOs' narcissism derived from textual analysis, we find that CEOs with a higher level of narcissism engage in opportunistic insider trading more intensely. To mitigate endogeneity concerns, we employ various rigorous approaches, including matching, instrumental variable, Heckman's two-step sample selection model, and falsification tests. Through cross-sectional analysis, we find that the impact of CEOs' narcissism on opportunistic insider trading is more pronounced among CEOs with limited legal knowledge, facing weaker external and internal monitoring pressure, working at larger firms, and being male. In addition, we demonstrate that the insider trades of narcissistic CEOs are less profitable and less informative than those of non-narcissistic CEOs, as evidenced by subsequent stock performance.
{"title":"CEOs' narcissism and opportunistic insider trading","authors":"Cheng Jiang , Kose John , J.H. John Kim , Jingyu Zhang","doi":"10.1016/j.jcorpfin.2024.102695","DOIUrl":"10.1016/j.jcorpfin.2024.102695","url":null,"abstract":"<div><div>Narcissism is a multifaceted personality trait that profoundly influences individuals' cognition, emotions, and actions. This study investigates the relationship between narcissistic CEOs and their engagement in opportunistic insider trading. Utilizing a quantitative measure of CEOs' narcissism derived from textual analysis, we find that CEOs with a higher level of narcissism engage in opportunistic insider trading more intensely. To mitigate endogeneity concerns, we employ various rigorous approaches, including matching, instrumental variable, Heckman's two-step sample selection model, and falsification tests. Through cross-sectional analysis, we find that the impact of CEOs' narcissism on opportunistic insider trading is more pronounced among CEOs with limited legal knowledge, facing weaker external and internal monitoring pressure, working at larger firms, and being male. In addition, we demonstrate that the insider trades of narcissistic CEOs are less profitable and less informative than those of non-narcissistic CEOs, as evidenced by subsequent stock performance.</div></div>","PeriodicalId":15525,"journal":{"name":"Journal of Corporate Finance","volume":"91 ","pages":"Article 102695"},"PeriodicalIF":7.2,"publicationDate":"2024-11-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142743619","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2024-11-08DOI: 10.1016/j.jcorpfin.2024.102694
Qing Yu , Eddie Chi-Man Hui , Jianfu Shen
This study examines the real effects of third-party certification on green bond issuance by Chinese listed firms over the period 2016–2022. Our findings reveal that the issuance of certified (non-certified) green bonds results in favourable (non-significant or even negative) stock market reactions in both the short and long term, indicating that third-party certification adds value for stock investors. In addition, we analyse the underlying mechanisms that drive the value creation of third-party certification in green bond issuance. We find that third-party certification effectively reduces information asymmetries between firms and investors, induces firms to genuinely prioritise sustainable practices and improves firms' environmental performance, leading to increases in investor demand and firm value. Our further analysis reveals that third-party certification helps green bond issuers attract long-term investors, increases analyst coverage and induces positive opinions from the regulator on firm disclosure. Overall, this study documents that third-party certification of green bond issuers can generate real economic and environmental benefits for issuers.
{"title":"The real impacts of third-party certification on green bond issuances: Evidence from the Chinese green bond market","authors":"Qing Yu , Eddie Chi-Man Hui , Jianfu Shen","doi":"10.1016/j.jcorpfin.2024.102694","DOIUrl":"10.1016/j.jcorpfin.2024.102694","url":null,"abstract":"<div><div>This study examines the real effects of third-party certification on green bond issuance by Chinese listed firms over the period 2016–2022. Our findings reveal that the issuance of certified (non-certified) green bonds results in favourable (non-significant or even negative) stock market reactions in both the short and long term, indicating that third-party certification adds value for stock investors. In addition, we analyse the underlying mechanisms that drive the value creation of third-party certification in green bond issuance. We find that third-party certification effectively reduces information asymmetries between firms and investors, induces firms to genuinely prioritise sustainable practices and improves firms' environmental performance, leading to increases in investor demand and firm value. Our further analysis reveals that third-party certification helps green bond issuers attract long-term investors, increases analyst coverage and induces positive opinions from the regulator on firm disclosure. Overall, this study documents that third-party certification of green bond issuers can generate real economic and environmental benefits for issuers.</div></div>","PeriodicalId":15525,"journal":{"name":"Journal of Corporate Finance","volume":"89 ","pages":"Article 102694"},"PeriodicalIF":7.2,"publicationDate":"2024-11-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142652155","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2024-10-29DOI: 10.1016/j.jcorpfin.2024.102691
Huu Nhan Duong , Abhinav Goyal , Leon Zolotoy
We study the impact of the staggered adoption of anti-collusion leniency legislations around the world on IPO activity. We document that the passage of leniency legislations prompts IPO activity. The effect is amplified in more concentrated industries, while it is mitigated in countries with more stringent competition laws in place and countries in which investors have a lower ability to diversify risk in the financial market. Collectively, these findings are consistent with the view that, by enhancing product market competition, leniency legislations increase the benefits for firms from going public, resulting in higher IPO activity. The results of supplemental analyses suggest that the passage of leniency legislations leads to less underpriced IPOs and a more efficient use of IPO proceeds, and prompts firms with less proprietary information to go public.
{"title":"Anti-collusion leniency legislations and IPO activity: Worldwide evidence","authors":"Huu Nhan Duong , Abhinav Goyal , Leon Zolotoy","doi":"10.1016/j.jcorpfin.2024.102691","DOIUrl":"10.1016/j.jcorpfin.2024.102691","url":null,"abstract":"<div><div>We study the impact of the staggered adoption of anti-collusion leniency legislations around the world on IPO activity. We document that the passage of leniency legislations prompts IPO activity. The effect is amplified in more concentrated industries, while it is mitigated in countries with more stringent competition laws in place and countries in which investors have a lower ability to diversify risk in the financial market. Collectively, these findings are consistent with the view that, by enhancing product market competition, leniency legislations increase the benefits for firms from going public, resulting in higher IPO activity. The results of supplemental analyses suggest that the passage of leniency legislations leads to less underpriced IPOs and a more efficient use of IPO proceeds, and prompts firms with less proprietary information to go public.</div></div>","PeriodicalId":15525,"journal":{"name":"Journal of Corporate Finance","volume":"89 ","pages":"Article 102691"},"PeriodicalIF":7.2,"publicationDate":"2024-10-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142592923","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
We examine how a policy change by the FDIC, which unexpectedly exempted some banks, affects corporate lending via changes in reserves during the Quantitative Easing (QE) era. To address the endogeneity of reserves, we use a unique hand-collected dataset on the bank’s share of exemption from the policy shift, and differentiate between loan demand and loan supply. We find important differences in loan-level outcomes, attributed to the heterogeneous impact of the new regulation on the net return on holding reserves. The effectiveness of the risk-taking channel is significantly weaker for banks with larger exemption shares and this has real effects in terms of borrowers’ leverage, growth, and return on assets.
{"title":"Reserves regulation and the risk-taking channel","authors":"Manthos Delis , Sotirios Kokas , Alexandros Kontonikas","doi":"10.1016/j.jcorpfin.2024.102689","DOIUrl":"10.1016/j.jcorpfin.2024.102689","url":null,"abstract":"<div><div>We examine how a policy change by the FDIC, which unexpectedly exempted some banks, affects corporate lending via changes in reserves during the Quantitative Easing (QE) era. To address the endogeneity of reserves, we use a unique hand-collected dataset on the bank’s share of exemption from the policy shift, and differentiate between loan demand and loan supply. We find important differences in loan-level outcomes, attributed to the heterogeneous impact of the new regulation on the net return on holding reserves. The effectiveness of the risk-taking channel is significantly weaker for banks with larger exemption shares and this has real effects in terms of borrowers’ leverage, growth, and return on assets.</div></div>","PeriodicalId":15525,"journal":{"name":"Journal of Corporate Finance","volume":"89 ","pages":"Article 102689"},"PeriodicalIF":7.2,"publicationDate":"2024-10-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142586514","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2024-10-29DOI: 10.1016/j.jcorpfin.2024.102686
Paul Lavery , Marina-Eliza Spaliara , Holger Görg
This paper examines whether private equity (PE)-backed companies are better able to remain active on export markets compared to similar non-PE firms, when hit by a negative shock. We look at two such recent shocks, namely the global financial crisis (GFC) and COVID-19 pandemic. We construct two matched samples, one for each crisis period, to assess the resilience of exporting under PE ownership in recessionary periods. We then explore how improvements in working capital management allow PE-backed firms to engage in international activities and maintain their export relationships relative to similar, non-PE-backed firms. Our results show that the export activities of PE-backed firms are significantly more resilient to the effects of the GFC but less pronounced following COVID-19. PE investment enhances working capital management, which in turn improves the persistence in export markets at the onset of the crises.
本文研究了私募股权（PE）支持的公司与类似的非 PE 公司相比，在受到负面冲击时是否能更好地在出口市场保持活跃。我们研究了最近的两次冲击，即全球金融危机（GFC）和 COVID-19 大流行。我们构建了两个匹配样本，每个危机时期一个，以评估 PE 所有权下的出口在衰退时期的恢复力。然后，我们探讨了营运资本管理的改善如何使 PE 支持的企业参与国际活动，并相对于类似的非 PE 支持的企业维持其出口关系。我们的研究结果表明，有私募股权支持的企业的出口活动对全球金融危机影响的抵御能力明显更强，但在 COVID-19 之后则不那么明显。私募股权投资加强了营运资本管理，这反过来又提高了危机爆发时出口市场的持久性。
{"title":"Private equity buyouts & firm exporting in crisis periods: Exploring a new channel","authors":"Paul Lavery , Marina-Eliza Spaliara , Holger Görg","doi":"10.1016/j.jcorpfin.2024.102686","DOIUrl":"10.1016/j.jcorpfin.2024.102686","url":null,"abstract":"<div><div>This paper examines whether private equity (PE)-backed companies are better able to remain active on export markets compared to similar non-PE firms, when hit by a negative shock. We look at two such recent shocks, namely the global financial crisis (GFC) and COVID-19 pandemic. We construct two matched samples, one for each crisis period, to assess the resilience of exporting under PE ownership in recessionary periods. We then explore how improvements in working capital management allow PE-backed firms to engage in international activities and maintain their export relationships relative to similar, non-PE-backed firms. Our results show that the export activities of PE-backed firms are significantly more resilient to the effects of the GFC but less pronounced following COVID-19. PE investment enhances working capital management, which in turn improves the persistence in export markets at the onset of the crises.</div></div>","PeriodicalId":15525,"journal":{"name":"Journal of Corporate Finance","volume":"89 ","pages":"Article 102686"},"PeriodicalIF":7.2,"publicationDate":"2024-10-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142572505","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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