In the time-series (ordinal ESG) or the cross-section (cardinal ESG)? We show analytically that, when proper adjustment to guarantee identical ESG ratings is implemented, the return spread of the factors produced by the two methods is merely noise. We provide a protocol to construct a cross-sectional ESG factor with a targeted ESG rating without screening stocks, hence without harming ex ante diversification (Sharpe ratio). The cross-sectional ESG factor neutralizes the exposure to other firm characteristics. Using ratings from several ESG data vendors, we document strong variations in the ESG factor's alpha in the time series and across data vendors. The alpha filtered from realized returns is negatively related to the level of an ESG sentiment variable based on media attention, while it is positively related to unexpected variations of the sentiment.
{"title":"Chasing the ESG Factor","authors":"Abraham Lioui, Andrea Tarelli","doi":"10.2139/ssrn.3878314","DOIUrl":"https://doi.org/10.2139/ssrn.3878314","url":null,"abstract":"In the time-series (ordinal ESG) or the cross-section (cardinal ESG)? We show analytically that, when proper adjustment to guarantee identical ESG ratings is implemented, the return spread of the factors produced by the two methods is merely noise. We provide a protocol to construct a cross-sectional ESG factor with a targeted ESG rating without screening stocks, hence without harming ex ante diversification (Sharpe ratio). The cross-sectional ESG factor neutralizes the exposure to other firm characteristics. Using ratings from several ESG data vendors, we document strong variations in the ESG factor's alpha in the time series and across data vendors. The alpha filtered from realized returns is negatively related to the level of an ESG sentiment variable based on media attention, while it is positively related to unexpected variations of the sentiment.","PeriodicalId":185902,"journal":{"name":"Investment & Social Responsibility eJournal","volume":"186 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131514201","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}
Jie Cao, Amit Goyal, Xintong Zhan, Weiming Elaine Zhang
We find that option expensiveness, as measured by implied volatility, is higher for low-ESG stocks, showing that investors pay a premium in the option market to hedge ESG-related uncertainty. Using delta-hedged option returns, we estimate this ESG premium to be about 0.3% per month. All three components of ESG contribute to option pricing. The effect of ESG performance heightens after the announcement of Paris Agreement, after speeches of Greta Thunberg, and in the aftermath of Me-Too movement. We find that investors pay ESG premium to hedge volatility, jump, and other higher moment risks. The influence of ESG on option premia is stronger for firms that are closer to end-consumers, facing severer product competition, with higher investors’ ESG awareness, and without corporate hedging activity.
{"title":"Unlocking ESG Premium from Options","authors":"Jie Cao, Amit Goyal, Xintong Zhan, Weiming Elaine Zhang","doi":"10.2139/ssrn.3878123","DOIUrl":"https://doi.org/10.2139/ssrn.3878123","url":null,"abstract":"We find that option expensiveness, as measured by implied volatility, is higher for low-ESG stocks, showing that investors pay a premium in the option market to hedge ESG-related uncertainty. Using delta-hedged option returns, we estimate this ESG premium to be about 0.3% per month. All three components of ESG contribute to option pricing. The effect of ESG performance heightens after the announcement of Paris Agreement, after speeches of Greta Thunberg, and in the aftermath of Me-Too movement. We find that investors pay ESG premium to hedge volatility, jump, and other higher moment risks. The influence of ESG on option premia is stronger for firms that are closer to end-consumers, facing severer product competition, with higher investors’ ESG awareness, and without corporate hedging activity.","PeriodicalId":185902,"journal":{"name":"Investment & Social Responsibility eJournal","volume":"43 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125071791","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}
I. Dyck, Karl V. Lins, Lukáš Roth, Mitch Towner, Hannes F. Wagner
We use a sample of 3,293 firms from 41 countries to test the conjecture that investors require ‘contemporary’ governance mechanisms—substantive enough to renew the thinking of the board—to correct a mismatch between investors’ desires and firms’ choices regarding environmental performance. Enhanced investor power in director elections and appointments of female directors improve environmental performance by 8% and 14%, respectively. These results generally hold even when a country’s institutions are weak. Quasi-exogenous shocks to these board renewal mechanisms support the interpretation that governance improvements drive environmental performance and suggest that the ability of investors to renew the board and replace directors is a powerful mechanism to influence corporate outcomes around the world.
{"title":"Renewable Governance: Good for the Environment?","authors":"I. Dyck, Karl V. Lins, Lukáš Roth, Mitch Towner, Hannes F. Wagner","doi":"10.2139/ssrn.3224680","DOIUrl":"https://doi.org/10.2139/ssrn.3224680","url":null,"abstract":"We use a sample of 3,293 firms from 41 countries to test the conjecture that investors require ‘contemporary’ governance mechanisms—substantive enough to renew the thinking of the board—to correct a mismatch between investors’ desires and firms’ choices regarding environmental performance. Enhanced investor power in director elections and appointments of female directors improve environmental performance by 8% and 14%, respectively. These results generally hold even when a country’s institutions are weak. Quasi-exogenous shocks to these board renewal mechanisms support the interpretation that governance improvements drive environmental performance and suggest that the ability of investors to renew the board and replace directors is a powerful mechanism to influence corporate outcomes around the world.","PeriodicalId":185902,"journal":{"name":"Investment & Social Responsibility eJournal","volume":"59 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-12-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115840889","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 impact of reputational risk, measured by corporate social irresponsibility (CSI) ratings, on shareholder abnormal returns. Based on 7,368 non-financial companies from 42 countries during 2007-2017, we find that long-short portfolios (buying no reputation risk and selling high reputation risk portfolios) earn significantly positive abnormal returns. The cross-national results indicate that the long-short portfolio returns are more pronounced (i) in the emerging market segment than in the developed market segment, (ii) in civil law jurisdictions than in their common law peers, (iii) within nations with higher confidence in corporations and, (iv) within nations with higher institutional trust.
{"title":"Corporate Social Irresponsibility and Portfolio Performance: A Cross-National Study","authors":"M. Harjoto, Andreas G. F. Hoepner, Qian Li","doi":"10.2139/ssrn.3683170","DOIUrl":"https://doi.org/10.2139/ssrn.3683170","url":null,"abstract":"Abstract This study examines the impact of reputational risk, measured by corporate social irresponsibility (CSI) ratings, on shareholder abnormal returns. Based on 7,368 non-financial companies from 42 countries during 2007-2017, we find that long-short portfolios (buying no reputation risk and selling high reputation risk portfolios) earn significantly positive abnormal returns. The cross-national results indicate that the long-short portfolio returns are more pronounced (i) in the emerging market segment than in the developed market segment, (ii) in civil law jurisdictions than in their common law peers, (iii) within nations with higher confidence in corporations and, (iv) within nations with higher institutional trust.","PeriodicalId":185902,"journal":{"name":"Investment & Social Responsibility eJournal","volume":"39 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-08-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129836808","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 examined whether India's stock market is sensitive to climate change risk and opportunity. We have used the Paris Agreement on Climate Change and Government of India's climate action plans as a proxy for climate change risk and opportunity. Our findings suggest that climate-friendly stock returns fared poorly after the significant events (The Government's announcement on climate action plans and Paris agreement). On the contrary, the carbon-intensive stocks performed reasonably. These results suggest the capital market is either indifferent to the Government's climate change mitigation plan or does not consider climate change in its investment decision making.
{"title":"Climate Change and India’s Capital Market: Do Investors Care about Climate Change","authors":"Labanya Prakash Jena","doi":"10.2139/ssrn.3670290","DOIUrl":"https://doi.org/10.2139/ssrn.3670290","url":null,"abstract":"We examined whether India's stock market is sensitive to climate change risk and opportunity. We have used the Paris Agreement on Climate Change and Government of India's climate action plans as a proxy for climate change risk and opportunity. Our findings suggest that climate-friendly stock returns fared poorly after the significant events (The Government's announcement on climate action plans and Paris agreement). On the contrary, the carbon-intensive stocks performed reasonably. These results suggest the capital market is either indifferent to the Government's climate change mitigation plan or does not consider climate change in its investment decision making.","PeriodicalId":185902,"journal":{"name":"Investment & Social Responsibility eJournal","volume":"7 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122129085","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}
Jean-Guillaume Peladan, J. Raynaud, Peter Tankov, O. Zerbib
French Abstract: Apres avoir presente les grands indicateurs environnementaux existants et leurs limites, nous proposons une definition des caracteristiques d’un indicateur pertinent et efficace dans une approche holistique : embrassant l’ensemble des enjeux environnementaux, analysant le cycle de vie complet, utilisant des mesures physiques, portant sur un perimetre d’analyse mondial, pouvant etre calcule sur les differentes classes d’actifs, etant modulable, operationnel, lisible, neutre, transparent, stable dans le temps et utilisant les informations deja disponibles compte tenu de l’urgence environnementale. Nous rappelons enfin les principales methodes d’agregation d’indicateurs environnementaux et presentons leurs avantages et inconvenients. English Abstract: After presenting the main existing environmental indicators and their limitations, we propose a definition of the (non-exhaustive) characteristics of a relevant and efficient metric in a holistic approach: encompassing all environmental issues, analyzing the entire life cycle, using physical measures, covering a global scope of analysis, being computable across all asset classes, being modular, operational, readable, neutral, transparent, stable over time and using the information already available, given the environmental emergency. Finally, we review the main available methods for aggregating environmental indicators with their advantages and drawbacks.
{"title":"Indicateurs Environnementaux: Caractéristiques D’une Mesure Agrégée Pertinente (Environmental Indicators: Conditions for a Relevant Aggregated Measure)","authors":"Jean-Guillaume Peladan, J. Raynaud, Peter Tankov, O. Zerbib","doi":"10.2139/ssrn.3629231","DOIUrl":"https://doi.org/10.2139/ssrn.3629231","url":null,"abstract":"French Abstract: Apres avoir presente les grands indicateurs environnementaux existants et leurs limites, nous proposons une definition des caracteristiques d’un indicateur pertinent et efficace dans une approche holistique : embrassant l’ensemble des enjeux environnementaux, analysant le cycle de vie complet, utilisant des mesures physiques, portant sur un perimetre d’analyse mondial, pouvant etre calcule sur les differentes classes d’actifs, etant modulable, operationnel, lisible, neutre, transparent, stable dans le temps et utilisant les informations deja disponibles compte tenu de l’urgence environnementale. Nous rappelons enfin les principales methodes d’agregation d’indicateurs environnementaux et presentons leurs avantages et inconvenients. \u0000 \u0000English Abstract: After presenting the main existing environmental indicators and their limitations, we propose a definition of the (non-exhaustive) characteristics of a relevant and efficient metric in a holistic approach: encompassing all environmental issues, analyzing the entire life cycle, using physical measures, covering a global scope of analysis, being computable across all asset classes, being modular, operational, readable, neutral, transparent, stable over time and using the information already available, given the environmental emergency. Finally, we review the main available methods for aggregating environmental indicators with their advantages and drawbacks.","PeriodicalId":185902,"journal":{"name":"Investment & Social Responsibility eJournal","volume":"19 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-06-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123889487","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 number of empirical studies, mainly from academic researchers, have been crucial in the debate on the economic role of futures trading. This article briefly reviews these influential studies with a focus on agricultural futures contracts, financial futures contracts. and the transparency of data.
{"title":"The Role of Academics and Empirical Studies in the Debate on the Economic Role of Futures Trading","authors":"H. Till","doi":"10.2139/ssrn.3634051","DOIUrl":"https://doi.org/10.2139/ssrn.3634051","url":null,"abstract":"A number of empirical studies, mainly from academic researchers, have been crucial in the debate on the economic role of futures trading. This article briefly reviews these influential studies with a focus on agricultural futures contracts, financial futures contracts. and the transparency of data.","PeriodicalId":185902,"journal":{"name":"Investment & Social Responsibility eJournal","volume":"22 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126563144","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}
Pattanaporn Chatjuthamard, P. Jiraporn, Pattarake Sarajoti, Manohar Singh
PurposeThe study investigates the effect of political risk on shareholder value, using an event study and a novel measure of firm-level political risk recently developed by Hassan et al. (2017). In addition, the authors explore how corporate social responsibility (CSR) influences the effect of political risk on shareholder wealth.Design/methodology/approachThe authors exploit the guilty plea of Jack Abramoff, a well-known lobbyist, on January 3, 2006, as an exogenous shock that made lobbying less effective and less useful in the future, depriving firms of an important tool to reduce political exposure.FindingsThe results show that the market reactions are significantly more negative for firms with more political exposure. Additional analysis corroborates the results, including propensity score matching, instrumental-variable analysis and Oster's (2019) method for testing coefficient stability. Finally, the authors note that the adverse effect of political risk on shareholder value is substantially mitigated for firms with strong social responsibility, consistent with the risk mitigation hypothesis.Originality/valueThis study is the first to explore the effect of political risk on shareholder value using a novel measure. Furthermore, it is also the first to show that CSR alleviates the cost of political risk to shareholders.
{"title":"The Effect of Political Risk on Shareholder Value and the Mitigating Role of Corporate Social Responsibility (CSR)","authors":"Pattanaporn Chatjuthamard, P. Jiraporn, Pattarake Sarajoti, Manohar Singh","doi":"10.2139/ssrn.3579209","DOIUrl":"https://doi.org/10.2139/ssrn.3579209","url":null,"abstract":"PurposeThe study investigates the effect of political risk on shareholder value, using an event study and a novel measure of firm-level political risk recently developed by Hassan et al. (2017). In addition, the authors explore how corporate social responsibility (CSR) influences the effect of political risk on shareholder wealth.Design/methodology/approachThe authors exploit the guilty plea of Jack Abramoff, a well-known lobbyist, on January 3, 2006, as an exogenous shock that made lobbying less effective and less useful in the future, depriving firms of an important tool to reduce political exposure.FindingsThe results show that the market reactions are significantly more negative for firms with more political exposure. Additional analysis corroborates the results, including propensity score matching, instrumental-variable analysis and Oster's (2019) method for testing coefficient stability. Finally, the authors note that the adverse effect of political risk on shareholder value is substantially mitigated for firms with strong social responsibility, consistent with the risk mitigation hypothesis.Originality/valueThis study is the first to explore the effect of political risk on shareholder value using a novel measure. Furthermore, it is also the first to show that CSR alleviates the cost of political risk to shareholders.","PeriodicalId":185902,"journal":{"name":"Investment & Social Responsibility eJournal","volume":"39 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-04-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134064239","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 hospitality sector is one of the fast growing and dynamic sectors in India. Of late not only has there been a change in demand and supply trends, but consumer preferences and desires are also changing, which has led to an eruption of innovative management practices. One of the critical issues facing this industry today is that of sustainability. Therefore, many hotel chains, particularly five-star hotels, have incorporated a number of green practices to reduce their carbon footprints. This in turn has a considerable effect on consumers’ willingness to pay for their services. This study aimed to explore the factors of consumer awareness, consumer attitude and willingness to pay premium that impact choice of sustainable 5-star hotels of Northern India. Based on the study aim, a quantitative research was conducted using survey of 447 customers or visitors of the chosen hotels. The questionnaire pertained to elements crucial for this research consisting list of important sustainable practices and how these practices are affecting their preference for the hotel chains. Data was gathered using a close-ended questionnaire from the customers of these hotels. KMO factor analysis method was applied to identify the most significant factors of consumer awareness; consumer attitude and willingness to pay premium that impact their choice of the sustainable five star hotels of Northern India.
{"title":"Sustainable Practices in Hotels: A Study of Five Star Hotels in Northern India","authors":"Ashutosh Kumar, A. Mahajan, Shikha Sharma","doi":"10.2139/ssrn.3524171","DOIUrl":"https://doi.org/10.2139/ssrn.3524171","url":null,"abstract":"The hospitality sector is one of the fast growing and dynamic sectors in India. Of late not only has there been a change in demand and supply trends, but consumer preferences and desires are also changing, which has led to an eruption of innovative management practices. One of the critical issues facing this industry today is that of sustainability. Therefore, many hotel chains, particularly five-star hotels, have incorporated a number of green practices to reduce their carbon footprints. This in turn has a considerable effect on consumers’ willingness to pay for their services. \u0000 This study aimed to explore the factors of consumer awareness, consumer attitude and willingness to pay premium that impact choice of sustainable 5-star hotels of Northern India. Based on the study aim, a quantitative research was conducted using survey of 447 customers or visitors of the chosen hotels. The questionnaire pertained to elements crucial for this research consisting list of important sustainable practices and how these practices are affecting their preference for the hotel chains. Data was gathered using a close-ended questionnaire from the customers of these hotels. KMO factor analysis method was applied to identify the most significant factors of consumer awareness; consumer attitude and willingness to pay premium that impact their choice of the sustainable five star hotels of Northern India.","PeriodicalId":185902,"journal":{"name":"Investment & Social Responsibility eJournal","volume":"383 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-01-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132013498","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}
Bottom-up sustainability conscientiousness is discussed in the focal point of law, economics and governance. The implementation of sustainability accounts for the most challenging contemporary global governance predicaments that seems to pit today’s against future generations in the trade-off of economic growth versus sustainability. As a novel angle towards sustainability, the Sustainable Development Goals are set out to implement sustainability around the globe on a large scale. In the bottom-up implementation of sustainability, tax ethics, public-private-partnerships (PPPs) and Corporate Social Responsibility (CSR) are discussed. Behavioral insight nudges to steer bottom-up sustainability action include social status manipulations and joint decision making presentation advantages, which account for easily implementable bottom-up democracy in action tools to ensure natural sustainability choices. Strengthening financial social responsibility, social welfare and environmental protection through future-oriented and socially responsible economic market approaches of capitalism in the 21st century is aimed at alleviating predictable economic, social and environmental crises to ensure a future sustainable humankind for this generation and the following.
{"title":"Life on Land: Bottom-Up Sustainability Conscientiousness","authors":"Julia M. Puaschunder","doi":"10.2139/ssrn.3452827","DOIUrl":"https://doi.org/10.2139/ssrn.3452827","url":null,"abstract":"Bottom-up sustainability conscientiousness is discussed in the focal point of law, economics and governance. The implementation of sustainability accounts for the most challenging contemporary global governance predicaments that seems to pit today’s against future generations in the trade-off of economic growth versus sustainability. As a novel angle towards sustainability, the Sustainable Development Goals are set out to implement sustainability around the globe on a large scale. In the bottom-up implementation of sustainability, tax ethics, public-private-partnerships (PPPs) and Corporate Social Responsibility (CSR) are discussed. Behavioral insight nudges to steer bottom-up sustainability action include social status manipulations and joint decision making presentation advantages, which account for easily implementable bottom-up democracy in action tools to ensure natural sustainability choices. Strengthening financial social responsibility, social welfare and environmental protection through future-oriented and socially responsible economic market approaches of capitalism in the 21st century is aimed at alleviating predictable economic, social and environmental crises to ensure a future sustainable humankind for this generation and the following.","PeriodicalId":185902,"journal":{"name":"Investment & Social Responsibility eJournal","volume":"60 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-09-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122143667","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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