This research paper sets out an analysis of the European distressed and defaulted debt market and presents a sector specific study on financial distress of retail companies. The paper is divided into two sections, section I provides an analysis of the distressed and defaulted debt market canvassing the leveraged finance market, trends and innovations and sets out an analysis of investment opportunities going forward. Section II presents an analysis of financial distress in the retail sector, which is expected to provide significant distressed debt investment opportunities, aiming to identify the key leading indicators of potential distress of sector companies and applying these measures to identify sector companies that could experience financial distress in the next 12 months. The paper concludes by outlining an analysis of Woolworths Group plc as a potential distressed investment opportunity.
{"title":"Corporate Financial Distress: A Study of the European Distressed and Defaulted Debt Market","authors":"A. Farhadieh","doi":"10.2139/SSRN.1324512","DOIUrl":"https://doi.org/10.2139/SSRN.1324512","url":null,"abstract":"This research paper sets out an analysis of the European distressed and defaulted debt market and presents a sector specific study on financial distress of retail companies. The paper is divided into two sections, section I provides an analysis of the distressed and defaulted debt market canvassing the leveraged finance market, trends and innovations and sets out an analysis of investment opportunities going forward. Section II presents an analysis of financial distress in the retail sector, which is expected to provide significant distressed debt investment opportunities, aiming to identify the key leading indicators of potential distress of sector companies and applying these measures to identify sector companies that could experience financial distress in the next 12 months. The paper concludes by outlining an analysis of Woolworths Group plc as a potential distressed investment opportunity.","PeriodicalId":201603,"journal":{"name":"Organizations & Markets eJournal","volume":"7 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-01-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134543519","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 financial statements represent an accounting instrument of great importance within the process of management of the economic entities, being necessary for the substantiation of the decisions regarding the allocation, the use and the recovery of funds, the organization of the control on the accomplishment of the decisions made as well as for the settlement of certain rights and obligations, of certain responsibilities and co-interests born from the activity of administration and development of the patrimony. The financial statements have been drawn up with the beginning of accounting under the form of the balance sheet, ulterior their structure has been developed due to the information needs that grew in time. Due to their possibilities of information, the financial statements represent a very important instrument in the process of substantiating the decisions that the management organs make for the administration of the current activity and especially for the perspective activity, as well as for the realization of the guidance and control regarding the manner of application of the economic and financial regulations. The importance of the financial statements can be synthetically expressed in the following important aspects: it represents a means of knowledge, control and analysis of the activity of the economic entities by the Council of Administration, the general assembly of the shareholders or of the associates, by the fiscal authorities; the data they contain and which refer to the presentation of the effective indicators regarding the current and precedent financial year, they ensure the analysis of the their evolution from one year to another; the information that they offer stand at the basis of numerous decisions regarding the current activity and especially the perspective one; it represents a mobilizing factor the improvement of the content and organization of the accounting evidence, which should present the necessary data, exact and in time, for the elaboration of this accounting evidence accordingly and in due time.
{"title":"Consideration Concerning Finanacial Statement in the Context Globalization","authors":"I. Bostan","doi":"10.2139/SSRN.1324954","DOIUrl":"https://doi.org/10.2139/SSRN.1324954","url":null,"abstract":"The financial statements represent an accounting instrument of great importance within the process of management of the economic entities, being necessary for the substantiation of the decisions regarding the allocation, the use and the recovery of funds, the organization of the control on the accomplishment of the decisions made as well as for the settlement of certain rights and obligations, of certain responsibilities and co-interests born from the activity of administration and development of the patrimony. The financial statements have been drawn up with the beginning of accounting under the form of the balance sheet, ulterior their structure has been developed due to the information needs that grew in time. Due to their possibilities of information, the financial statements represent a very important instrument in the process of substantiating the decisions that the management organs make for the administration of the current activity and especially for the perspective activity, as well as for the realization of the guidance and control regarding the manner of application of the economic and financial regulations. The importance of the financial statements can be synthetically expressed in the following important aspects: it represents a means of knowledge, control and analysis of the activity of the economic entities by the Council of Administration, the general assembly of the shareholders or of the associates, by the fiscal authorities; the data they contain and which refer to the presentation of the effective indicators regarding the current and precedent financial year, they ensure the analysis of the their evolution from one year to another; the information that they offer stand at the basis of numerous decisions regarding the current activity and especially the perspective one; it represents a mobilizing factor the improvement of the content and organization of the accounting evidence, which should present the necessary data, exact and in time, for the elaboration of this accounting evidence accordingly and in due time.","PeriodicalId":201603,"journal":{"name":"Organizations & Markets eJournal","volume":"64 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-01-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114805280","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 the effect of foreign entry into bond market underwriting activity using issue‐level data from the Japanese “Samurai” and euro–yen bond markets. We found that the fees charged by Japanese underwriters were higher on average than those of foreign underwriters, but the difference could be explained by conditioning on issue characteristics. Our results also suggest that bond issuers sorted properly across underwriters, as switching across underwriter nationalities would be expected to result in higher fees. However, the savings enjoyed by firms issuing with foreign underwriters were modest and statistically insignificant, while those of firms issuing with Japanese underwriters were substantial and statistically significant. This result suggests that Japanese underwriters priced their services aggressively over the sample period, perhaps in an effort to retain or gain market share. This conjecture is supported by a matching exercise that examined the liberalization of foreign underwriter access to the Samurai bond market, using euro–yen bond issues as a control. Foreign entry led to a statistically and economically significant decrease of 16 basis points on average in underwriting fees in the Samurai bond market. Overall, our results suggest that the international market for Japanese bond underwriting services was partially segmented by nationality as issuers appear to have preferred habitats, but that liberalization increased overall market competition.
{"title":"Foreign Entry into Underwriting Services: Evidence from Japan's 'Big Bang' Deregulation","authors":"Jose A. Lopez, M. Spiegel","doi":"10.2139/ssrn.1331160","DOIUrl":"https://doi.org/10.2139/ssrn.1331160","url":null,"abstract":"We examined the effect of foreign entry into bond market underwriting activity using issue‐level data from the Japanese “Samurai” and euro–yen bond markets. We found that the fees charged by Japanese underwriters were higher on average than those of foreign underwriters, but the difference could be explained by conditioning on issue characteristics. Our results also suggest that bond issuers sorted properly across underwriters, as switching across underwriter nationalities would be expected to result in higher fees. However, the savings enjoyed by firms issuing with foreign underwriters were modest and statistically insignificant, while those of firms issuing with Japanese underwriters were substantial and statistically significant. This result suggests that Japanese underwriters priced their services aggressively over the sample period, perhaps in an effort to retain or gain market share. This conjecture is supported by a matching exercise that examined the liberalization of foreign underwriter access to the Samurai bond market, using euro–yen bond issues as a control. Foreign entry led to a statistically and economically significant decrease of 16 basis points on average in underwriting fees in the Samurai bond market. Overall, our results suggest that the international market for Japanese bond underwriting services was partially segmented by nationality as issuers appear to have preferred habitats, but that liberalization increased overall market competition.","PeriodicalId":201603,"journal":{"name":"Organizations & Markets eJournal","volume":"21 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-01-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133056167","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}
According to financial theory, the assets in rational investors' portfolios should have low or negative correlation to each other to minimize overall risk. The major component of most investors' wealth is the discounted value of (non-tradeable) future labor income and therefore an important background risk which should be adequately hedged by financial portfolio risk. We test this hypothesis empirically by using a unique data set of 30,000 private investors whose profession and detailed portfolio composition we know. We find that investors hold significantly higher ratios of equity in their own industry than peers from other industries - an own industry bias. So investors tend not only to ignore but to increase background risk in their overall wealth by holding biased financial portfolios. Rational and financially sophisticated investors hedge their labor income risk better. In contrast, a short event study shows that unsophisticated investors cannot expect to reduce their own industry bias by taking financial advice.
{"title":"The Influence of Investors' Jobs on Portfolios: Is there an Own Industry Bias?","authors":"Ralf G. Gerhardt","doi":"10.2139/ssrn.1099007","DOIUrl":"https://doi.org/10.2139/ssrn.1099007","url":null,"abstract":"According to financial theory, the assets in rational investors' portfolios should have low or negative correlation to each other to minimize overall risk. The major component of most investors' wealth is the discounted value of (non-tradeable) future labor income and therefore an important background risk which should be adequately hedged by financial portfolio risk. We test this hypothesis empirically by using a unique data set of 30,000 private investors whose profession and detailed portfolio composition we know. We find that investors hold significantly higher ratios of equity in their own industry than peers from other industries - an own industry bias. So investors tend not only to ignore but to increase background risk in their overall wealth by holding biased financial portfolios. Rational and financially sophisticated investors hedge their labor income risk better. In contrast, a short event study shows that unsophisticated investors cannot expect to reduce their own industry bias by taking financial advice.","PeriodicalId":201603,"journal":{"name":"Organizations & Markets eJournal","volume":"86 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129924766","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 goal of this paper is to emphasise the importance of the way of handling missing data and its impact on the outcome of empirical studies. Using the 2002 wave of the Spanish Survey of Household Finances (EFF), I study the performance of alternative methods: listwise deletion, non-stochastic, multiple and single imputation based on linear-regression models, and hot-deck procedures. Using descriptive statistics of the marginal and conditional distributions of income and wealth and estimating mean and quantile regressions, listwise deletion brings imprecise and biased estimates, non-stochastic imputation underestimates variance and dispersion and hot deck fails to capture the potential relationships among survey variables.
{"title":"The Impact of Alternative Imputation Methods on the Measurement of Income and Wealth: Evidence from the Spanish Survey of Household Finances","authors":"Cristina Barceló","doi":"10.2139/ssrn.1321827","DOIUrl":"https://doi.org/10.2139/ssrn.1321827","url":null,"abstract":"The goal of this paper is to emphasise the importance of the way of handling missing data and its impact on the outcome of empirical studies. Using the 2002 wave of the Spanish Survey of Household Finances (EFF), I study the performance of alternative methods: listwise deletion, non-stochastic, multiple and single imputation based on linear-regression models, and hot-deck procedures. Using descriptive statistics of the marginal and conditional distributions of income and wealth and estimating mean and quantile regressions, listwise deletion brings imprecise and biased estimates, non-stochastic imputation underestimates variance and dispersion and hot deck fails to capture the potential relationships among survey variables.","PeriodicalId":201603,"journal":{"name":"Organizations & Markets eJournal","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2008-12-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128800291","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 develops a general continuous-time evolutionary finance model with time-dependent strategies. It is shown that the continuous model, which is a limit of a general discrete model, is well-defined and if there exists one completely diversified strategy in the market, then there is no sudden bankruptcy. After that a deterministic evolutionary bond market is studied in detail. It is certified that a bond market is evolutionary stable, which is equal to arbitrage-free if and only if the total returns defined in this paper across all the assets are the same, or each bond is evaluated by an improper integral in which the integrand is a discounted value of the dividend payoff with the discount rate being market consumption parameter. Last an approach to compute the benchmark interest rate is provided.
{"title":"Continuous-Time Evolutionary Stock and Bond Markets with Time-Dependent Strategies","authors":"Zhaojun Yang, Feng Shi","doi":"10.2139/ssrn.1085513","DOIUrl":"https://doi.org/10.2139/ssrn.1085513","url":null,"abstract":"This paper develops a general continuous-time evolutionary finance model with time-dependent strategies. It is shown that the continuous model, which is a limit of a general discrete model, is well-defined and if there exists one completely diversified strategy in the market, then there is no sudden bankruptcy. After that a deterministic evolutionary bond market is studied in detail. It is certified that a bond market is evolutionary stable, which is equal to arbitrage-free if and only if the total returns defined in this paper across all the assets are the same, or each bond is evaluated by an improper integral in which the integrand is a discounted value of the dividend payoff with the discount rate being market consumption parameter. Last an approach to compute the benchmark interest rate is provided.","PeriodicalId":201603,"journal":{"name":"Organizations & Markets eJournal","volume":"27 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2008-12-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133193573","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}
Understanding how customers' service portfolios evolve over the course of their relationship can provide multi-service firms, such as telecommunication and financial service providers, with useful guidance for managerial issues such as customer valuation and targeting. Complicating matters, however, is the fact that ownership of individual services may be related to each other. Additionally, customers may be heterogeneous in terms of the portfolios they choose and the sequence of adoption/retention decisions they make over time. In this research, we propose an integrated multivariate choice and duration model that nests extant single-product models to capture co-purchasing behavior and underlying choice dynamics. Using a hidden Markov model, we uncover latent relationship states through which customers may pass during their relationship with the firm, allowing us to understand how subscription patterns evolve over a customer's tenure. The proposed model provides a framework within which multi-service providers can assess the value of their customers. We also demonstrate how the proposed modeling framework leverages information from the full sequence of subscription decisions to identify those customers who are most at risk for terminating their relationship both in the next time period and at the time of their next portfolio change.
{"title":"Modeling the Evolution of Customers' Service Portfolios","authors":"David A. Schweidel, Eric T. Bradlow, P. Fader","doi":"10.2139/ssrn.985639","DOIUrl":"https://doi.org/10.2139/ssrn.985639","url":null,"abstract":"Understanding how customers' service portfolios evolve over the course of their relationship can provide multi-service firms, such as telecommunication and financial service providers, with useful guidance for managerial issues such as customer valuation and targeting. Complicating matters, however, is the fact that ownership of individual services may be related to each other. Additionally, customers may be heterogeneous in terms of the portfolios they choose and the sequence of adoption/retention decisions they make over time. In this research, we propose an integrated multivariate choice and duration model that nests extant single-product models to capture co-purchasing behavior and underlying choice dynamics. Using a hidden Markov model, we uncover latent relationship states through which customers may pass during their relationship with the firm, allowing us to understand how subscription patterns evolve over a customer's tenure. The proposed model provides a framework within which multi-service providers can assess the value of their customers. We also demonstrate how the proposed modeling framework leverages information from the full sequence of subscription decisions to identify those customers who are most at risk for terminating their relationship both in the next time period and at the time of their next portfolio change.","PeriodicalId":201603,"journal":{"name":"Organizations & Markets eJournal","volume":"624 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2008-12-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123325789","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 : 2008-12-19DOI: 10.1142/S0219024909005129
A. Capponi, Jakša Cvitanić
We propose a structural model for the valuation of defaultable securities of a firm which models the effect of deliberate misreporting done by insiders in the firm and unobserved by others. We derive exact formulas for equity and bond prices and approximate expressions for the conditional default probability, recovery rate, and credit spread under the proposed credit risk framework. We propose a novel estimation approach to structural model estimation which accounts for noisy observed asset values. We apply the proposed method to calibrate a simple version of our model to the case of Parmalat and show that the model is able to recover a certain amount of misreporting during the years of accounting irregularities.
{"title":"Credit Risk Modeling with Misreporting and Incomplete Information","authors":"A. Capponi, Jakša Cvitanić","doi":"10.1142/S0219024909005129","DOIUrl":"https://doi.org/10.1142/S0219024909005129","url":null,"abstract":"We propose a structural model for the valuation of defaultable securities of a firm which models the effect of deliberate misreporting done by insiders in the firm and unobserved by others. We derive exact formulas for equity and bond prices and approximate expressions for the conditional default probability, recovery rate, and credit spread under the proposed credit risk framework. We propose a novel estimation approach to structural model estimation which accounts for noisy observed asset values. We apply the proposed method to calibrate a simple version of our model to the case of Parmalat and show that the model is able to recover a certain amount of misreporting during the years of accounting irregularities.","PeriodicalId":201603,"journal":{"name":"Organizations & Markets eJournal","volume":"7 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2008-12-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127153919","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}
Most prevalent theories in cross cultural management reduce the variability of individual relations to one single category, the national culture. Based on the assumption that the national cultural values determine individual behavior the individual’s behavior in different national cultures becomes predictable. This over simplistic model pretends to provide “easy” answers for a complex world. In this article a new approach to culture is developed where culture is seen as a permanent individual process. The focus is the individual in its complex correlation to the society. This approach leads to a holistic view of a human being as it takes beside the social relations the individual's personality and it’s reflexivity into account.
{"title":"Culture as an Individual Process - Deficits of National Cultural Theories in Management of Cultural Diversity","authors":"R. Lenz","doi":"10.2139/ssrn.1317821","DOIUrl":"https://doi.org/10.2139/ssrn.1317821","url":null,"abstract":"Most prevalent theories in cross cultural management reduce the variability of individual relations to one single category, the national culture. Based on the assumption that the national cultural values determine individual behavior the individual’s behavior in different national cultures becomes predictable. This over simplistic model pretends to provide “easy” answers for a complex world. In this article a new approach to culture is developed where culture is seen as a permanent individual process. The focus is the individual in its complex correlation to the society. This approach leads to a holistic view of a human being as it takes beside the social relations the individual's personality and it’s reflexivity into account.","PeriodicalId":201603,"journal":{"name":"Organizations & Markets eJournal","volume":"31 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2008-12-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125710395","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}
Economic capital models are potentially powerful tools for enterprise risk management (ERM), and for the supervisory review process (Pillar 2) of the Basel II and Solvency II regulatory capital frameworks. We argue that, to fulfill this potential, economic capital models need to be fully integrated and to go beyond the more modular approaches that dominate Pillar 1 methodology. In a modular approach capital is determined at business-unit or risk category level (e.g. market, credit and liquidity risk separately) and aggregated ex post by simple summation or correlation-adjusted summation; in a fully integrated approach aggregation occurs implicitly by relating all risks to a common set of fundamental risk drivers. We explain how calibrated economic scenario generation lies at the heart of a fully integrated approach to modelling the risks on the asset side of a firm's balance sheet and discuss how stochastic scenario generation gives the ideal framework for exploring the diversification benefits that different units or asset classes bring to an enterprise. We explain how this approach allows us to understand the sources of tail risk and gives us a platform for integrated stress testing, sensitivity analysis, and the allocation of capital to business units for risk-adjusted performance comparisons.
{"title":"The Case for Fully Integrated Models of Economic Capital","authors":"A. McNeil, Axel Kirchner, G. Kretzschmar","doi":"10.2139/ssrn.1317251","DOIUrl":"https://doi.org/10.2139/ssrn.1317251","url":null,"abstract":"Economic capital models are potentially powerful tools for enterprise risk management (ERM), and for the supervisory review process (Pillar 2) of the Basel II and Solvency II regulatory capital frameworks. We argue that, to fulfill this potential, economic capital models need to be fully integrated and to go beyond the more modular approaches that dominate Pillar 1 methodology. In a modular approach capital is determined at business-unit or risk category level (e.g. market, credit and liquidity risk separately) and aggregated ex post by simple summation or correlation-adjusted summation; in a fully integrated approach aggregation occurs implicitly by relating all risks to a common set of fundamental risk drivers. We explain how calibrated economic scenario generation lies at the heart of a fully integrated approach to modelling the risks on the asset side of a firm's balance sheet and discuss how stochastic scenario generation gives the ideal framework for exploring the diversification benefits that different units or asset classes bring to an enterprise. We explain how this approach allows us to understand the sources of tail risk and gives us a platform for integrated stress testing, sensitivity analysis, and the allocation of capital to business units for risk-adjusted performance comparisons.","PeriodicalId":201603,"journal":{"name":"Organizations & Markets eJournal","volume":"40 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2008-12-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132274615","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}
京公网安备 11010802042870号
京ICP备2023020795号-1
扫码关注我们
求助内容：
应助结果提醒方式：