Germany’s bank-based financial system provides a high level of financial inclusion, measured by bank outreach and use of financial services. However, the most vulnerable individuals and small enterprises in Germany tend to be excluded or credit constrained. The quality of financial inclusion is impaired by a low level of financial literacy, which is also concentrated among specific population subgroups. The high level of financial inclusion can be attributed to relationship lending by public savings banks, credit cooperatives, public promotional banks, and guarantee banks using the “housebank” model, and financial consumer protection and credit reporting regulations and institutions. Programs involving microfinance institutions have been stopped. Financial inclusion of consumers with the aim of responsible finance may be improved by implementing the right to a basic bank account with an overdraft facility and protection against attachment, establishing public credit bureaus, redirecting banking regulation toward the protection of borrowers in long-term credit relationships, and strengthening financial education in schools. To foster entrepreneurship and access to funding for start-ups and innovative SMEs, entrepreneurship education and the venture capital market need to be further developed.
{"title":"Financial Inclusion, Regulation, and Education in Germany","authors":"Doris Neuberger","doi":"10.2139/SSRN.2627488","DOIUrl":"https://doi.org/10.2139/SSRN.2627488","url":null,"abstract":"Germany’s bank-based financial system provides a high level of financial inclusion, measured by bank outreach and use of financial services. However, the most vulnerable individuals and small enterprises in Germany tend to be excluded or credit constrained. The quality of financial inclusion is impaired by a low level of financial literacy, which is also concentrated among specific population subgroups. The high level of financial inclusion can be attributed to relationship lending by public savings banks, credit cooperatives, public promotional banks, and guarantee banks using the “housebank” model, and financial consumer protection and credit reporting regulations and institutions. Programs involving microfinance institutions have been stopped. Financial inclusion of consumers with the aim of responsible finance may be improved by implementing the right to a basic bank account with an overdraft facility and protection against attachment, establishing public credit bureaus, redirecting banking regulation toward the protection of borrowers in long-term credit relationships, and strengthening financial education in schools. To foster entrepreneurship and access to funding for start-ups and innovative SMEs, entrepreneurship education and the venture capital market need to be further developed.","PeriodicalId":252294,"journal":{"name":"Household Financial Planning eJournal","volume":"78 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-07-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128806947","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}
Policymakers need to change the way they think about so-called “sophisticated investors.” The way they think about these organizations now disenfranchises the millions of ordinary people these big investors represent and makes it literally impossible to hold such big investors to account. This creates a dangerous law at the heart of the way financial markets are organized. This is not just abstract musing: it is demonstrably leading to poor outcomes for the ordinary people who depend on big investors. The good news is that policymakers can make a difference by applying a simple principle to “sophisticated investors”: accountability. It need not cost a lot or involve a lot of bureaucracy. They must demand that big investors, and the fund managers they hire, disclose more to the public. What they disclose must allow (truly) independent outsiders to analyze how well the big investors have performed, including how cost-effective they are. Anyone who believes in markets knows that harnessing people’s self-interest helps to make markets work. If policymakers choose to enfranchise the rest of society, they will be doing just that. Vested interests – including much of the financial services sector, many big investors, and even some policymakers – will call this idea outlandish. Some will portray it as an attack on financial markets. Even observers with no vested interest may worry that it will damage markets or the economy or both. Nothing could be further from the truth. An 80-year-old parallel shows the way. This change in approach would help to ensure that financial markets serve society as a whole, rather than just the people who work in them.
{"title":"Time to Rethink the 'Sophisticated Investor'","authors":"Peter Morris","doi":"10.2139/SSRN.2653399","DOIUrl":"https://doi.org/10.2139/SSRN.2653399","url":null,"abstract":"Policymakers need to change the way they think about so-called “sophisticated investors.” The way they think about these organizations now disenfranchises the millions of ordinary people these big investors represent and makes it literally impossible to hold such big investors to account. This creates a dangerous law at the heart of the way financial markets are organized. This is not just abstract musing: it is demonstrably leading to poor outcomes for the ordinary people who depend on big investors. The good news is that policymakers can make a difference by applying a simple principle to “sophisticated investors”: accountability. It need not cost a lot or involve a lot of bureaucracy. They must demand that big investors, and the fund managers they hire, disclose more to the public. What they disclose must allow (truly) independent outsiders to analyze how well the big investors have performed, including how cost-effective they are. Anyone who believes in markets knows that harnessing people’s self-interest helps to make markets work. If policymakers choose to enfranchise the rest of society, they will be doing just that. Vested interests – including much of the financial services sector, many big investors, and even some policymakers – will call this idea outlandish. Some will portray it as an attack on financial markets. Even observers with no vested interest may worry that it will damage markets or the economy or both. Nothing could be further from the truth. An 80-year-old parallel shows the way. This change in approach would help to ensure that financial markets serve society as a whole, rather than just the people who work in them.","PeriodicalId":252294,"journal":{"name":"Household Financial Planning eJournal","volume":"31 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126736299","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 introduce the concept of financial competence, a measure of the extent to which individuals’ financial choices align with those they would make if they properly understood their opportunity sets. Unlike existing measures of the quality of financial decision making, the concept is firmly rooted in the principles of choice-based behavioral welfare analysis; it also avoids the types of paternalistic judgments that are common in policy discussions. We document the importance of assessing financial competence by demonstrating, through an example, that an educational intervention can appear highly successful according to conventional outcome measures while failing to improve the quality of financial decision making. Specifically, we study a simple intervention concerning compound interest that significantly improves performance on a test of conceptual knowledge (which subjects report operationalizing in their decisions), and appears to counteract exponential growth bias. However, financial competence (welfare) does not improve. We trace the mechanisms that account for these seemingly divergent findings.
{"title":"Financial Education, Financial Competence, and Consumer Welfare","authors":"Sandro Ambuehl, B. Bernheim, A. Lusardi","doi":"10.2139/ssrn.2585219","DOIUrl":"https://doi.org/10.2139/ssrn.2585219","url":null,"abstract":"We introduce the concept of financial competence, a measure of the extent to which individuals’ financial choices align with those they would make if they properly understood their opportunity sets. Unlike existing measures of the quality of financial decision making, the concept is firmly rooted in the principles of choice-based behavioral welfare analysis; it also avoids the types of paternalistic judgments that are common in policy discussions. We document the importance of assessing financial competence by demonstrating, through an example, that an educational intervention can appear highly successful according to conventional outcome measures while failing to improve the quality of financial decision making. Specifically, we study a simple intervention concerning compound interest that significantly improves performance on a test of conceptual knowledge (which subjects report operationalizing in their decisions), and appears to counteract exponential growth bias. However, financial competence (welfare) does not improve. We trace the mechanisms that account for these seemingly divergent findings.","PeriodicalId":252294,"journal":{"name":"Household Financial Planning eJournal","volume":"8 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-10-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122424891","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}
Alexandra Brown, J. Collins, Maximilian D. Schmeiser, Carly Urban
In the U.S., a number of states have mandated personal finance classes in public school curricula to address perceived deficiencies in financial decision-making competency. Despite the growth of financial and economic education provided in public schools, little is known about the effect of these programs on the credit behaviors of young adults. Using a panel of credit report data, we examine young adults in three states where personal financial education mandates were implemented in 2007: Georgia, Idaho, and Texas. We compare the credit scores and delinquency rates of young adults in each of these states pre- and post-implementation of the education to those of students in a synthetic control state and then bordering states without financial education. We find that young people who are in school after the implementation of a financial education requirement have higher relative credit scores and lower relative delinquency rates than those in control states.
{"title":"State Mandated Financial Education and the Credit Behavior of Young Adults","authors":"Alexandra Brown, J. Collins, Maximilian D. Schmeiser, Carly Urban","doi":"10.2139/ssrn.2495884","DOIUrl":"https://doi.org/10.2139/ssrn.2495884","url":null,"abstract":"In the U.S., a number of states have mandated personal finance classes in public school curricula to address perceived deficiencies in financial decision-making competency. Despite the growth of financial and economic education provided in public schools, little is known about the effect of these programs on the credit behaviors of young adults. Using a panel of credit report data, we examine young adults in three states where personal financial education mandates were implemented in 2007: Georgia, Idaho, and Texas. We compare the credit scores and delinquency rates of young adults in each of these states pre- and post-implementation of the education to those of students in a synthetic control state and then bordering states without financial education. We find that young people who are in school after the implementation of a financial education requirement have higher relative credit scores and lower relative delinquency rates than those in control states.","PeriodicalId":252294,"journal":{"name":"Household Financial Planning eJournal","volume":"50 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-08-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129879635","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}
Nelson P. Miller, Paul T. Sorensen, Mark A. Michon
Too few lawyers know the financial principles and practices that make for personal and professional success. Lawyers are good at many things necessary for law practice. They know the law and have the skills and identity to put the law to good use for their clients. They sometimes overlook, though, that their personal and professional finances can determine how long and effectively they are able to serve those clients. Finances can determine the success and failure of lawyers and their firms. Personal finances can make and break individual lawyers. When lawyers discern and follow sound financial principles and practices, they gain rewarding and sustaining peace of mind, purpose, stability, and security. Finances can also make and break firms. When the managing members of firms agree on and follow sound professional financial principles and practices, they lay and build a foundation for sustainable practice.This book introduces principles of personal and professional finance for lawyers. For lawyers personally, the subjects include financial statements and budgeting, risk management and insurance planning, and investment and retirement planning. For law firm financial management, the subjects include legal and capital structures, annual financial plans, balance sheets, working capital, operating statements, ratio analyses, and financial targets.Lawyers and law students who read this book should find encouraging confirmation of core commitments that they and others whom they trust have made and followed around finances. The principles and practices this book promotes are not a get-rich-quick scheme. They instead help lawyers prepare, plan, and practice wisely using modern methods made sound with the wisdom of the ages.
{"title":"Lawyer Finances: Principles and Practices for Personal and Professional Financial Success","authors":"Nelson P. Miller, Paul T. Sorensen, Mark A. Michon","doi":"10.2139/ssrn.2505140","DOIUrl":"https://doi.org/10.2139/ssrn.2505140","url":null,"abstract":"Too few lawyers know the financial principles and practices that make for personal and professional success. Lawyers are good at many things necessary for law practice. They know the law and have the skills and identity to put the law to good use for their clients. They sometimes overlook, though, that their personal and professional finances can determine how long and effectively they are able to serve those clients. Finances can determine the success and failure of lawyers and their firms. Personal finances can make and break individual lawyers. When lawyers discern and follow sound financial principles and practices, they gain rewarding and sustaining peace of mind, purpose, stability, and security. Finances can also make and break firms. When the managing members of firms agree on and follow sound professional financial principles and practices, they lay and build a foundation for sustainable practice.This book introduces principles of personal and professional finance for lawyers. For lawyers personally, the subjects include financial statements and budgeting, risk management and insurance planning, and investment and retirement planning. For law firm financial management, the subjects include legal and capital structures, annual financial plans, balance sheets, working capital, operating statements, ratio analyses, and financial targets.Lawyers and law students who read this book should find encouraging confirmation of core commitments that they and others whom they trust have made and followed around finances. The principles and practices this book promotes are not a get-rich-quick scheme. They instead help lawyers prepare, plan, and practice wisely using modern methods made sound with the wisdom of the ages.","PeriodicalId":252294,"journal":{"name":"Household Financial Planning eJournal","volume":"19 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-07-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114139110","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}
Using a unique online currency transactions dataset, we examine the performance, trading activity, drawdown, and timing abilities of individual currency traders. Evidence from 428 accounts during the 2004–2009 period shows that currency traders earn positive abnormal returns, even after accounting for transaction costs. Additionally, the results reveal that day traders not only trade more frequently than non-day traders, but also outperform them in terms of raw, a passive benchmark and risk-adjusted returns. Finally, sorts on trade activity, measured as the mean number of trades per day per account, and account turnover, show a positive association between performance and trade activity.
{"title":"Do Individual Currency Traders Make Money?","authors":"Boris Abbey, John A. Doukas","doi":"10.2139/ssrn.2514514","DOIUrl":"https://doi.org/10.2139/ssrn.2514514","url":null,"abstract":"Using a unique online currency transactions dataset, we examine the performance, trading activity, drawdown, and timing abilities of individual currency traders. Evidence from 428 accounts during the 2004–2009 period shows that currency traders earn positive abnormal returns, even after accounting for transaction costs. Additionally, the results reveal that day traders not only trade more frequently than non-day traders, but also outperform them in terms of raw, a passive benchmark and risk-adjusted returns. Finally, sorts on trade activity, measured as the mean number of trades per day per account, and account turnover, show a positive association between performance and trade activity.","PeriodicalId":252294,"journal":{"name":"Household Financial Planning eJournal","volume":"410 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-06-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124363838","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 multi-school, multi-state survey of 513 students is utilized to determine the financial literacy of college students as it relates to their own financial situation. We find that over one fourth of college students are not participants in the financial system, over one third do not know how much credit card or student loan debt that they currently owe, and they overestimate their future earnings by more than 20%. We do find that these troubling statistics are lowered when the students receive their financial information from college personnel rather than high school personnel and family and friends. Our findings illustrate the importance of financial literacy training for all college students.
{"title":"Financial Literacy and the College Student","authors":"Kerry M. Tew, Philip Tew","doi":"10.2139/SSRN.2430795","DOIUrl":"https://doi.org/10.2139/SSRN.2430795","url":null,"abstract":"A multi-school, multi-state survey of 513 students is utilized to determine the financial literacy of college students as it relates to their own financial situation. We find that over one fourth of college students are not participants in the financial system, over one third do not know how much credit card or student loan debt that they currently owe, and they overestimate their future earnings by more than 20%. We do find that these troubling statistics are lowered when the students receive their financial information from college personnel rather than high school personnel and family and friends. Our findings illustrate the importance of financial literacy training for all college students.","PeriodicalId":252294,"journal":{"name":"Household Financial Planning eJournal","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-04-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128076410","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
In this paper, we examine high-cost methods of borrowing in the United States, such as payday loans, pawn shops, auto title loans, refund anticipation loans, and rent-to-own shops, and offer a portrait of borrowers who use these methods. Considering a representative sample of more than 26,000 respondents, we find that about one in four Americans has used one of these methods in the past five years. Moreover, many young adults engage in high-cost borrowing: 34 percent of young respondents (aged 18-34) and 43 percent of young respondents with a high school degree have used one of these methods. Using well-tested questions to measure financial literacy, we document that most high-cost borrowers display very low levels of financial literacy, i.e., they lack numeracy and do not possess knowledge of basic financial concepts. Most importantly, we find that those who are more financially literate are much less likely to have engaged in high-cost borrowing. Our empirical work shows that it is not only the shocks inflicted by the financial crisis or the structure of the financial system but that the level of financial literacy also plays a role in explaining why so many individuals have made use of high-cost borrowing methods.
{"title":"Financial Literacy and High-Cost Borrowing in the United States","authors":"A. Lusardi, Carlo de Bassa Scheresberg","doi":"10.2139/ssrn.2585243","DOIUrl":"https://doi.org/10.2139/ssrn.2585243","url":null,"abstract":"In this paper, we examine high-cost methods of borrowing in the United States, such as payday loans, pawn shops, auto title loans, refund anticipation loans, and rent-to-own shops, and offer a portrait of borrowers who use these methods. Considering a representative sample of more than 26,000 respondents, we find that about one in four Americans has used one of these methods in the past five years. Moreover, many young adults engage in high-cost borrowing: 34 percent of young respondents (aged 18-34) and 43 percent of young respondents with a high school degree have used one of these methods. Using well-tested questions to measure financial literacy, we document that most high-cost borrowers display very low levels of financial literacy, i.e., they lack numeracy and do not possess knowledge of basic financial concepts. Most importantly, we find that those who are more financially literate are much less likely to have engaged in high-cost borrowing. Our empirical work shows that it is not only the shocks inflicted by the financial crisis or the structure of the financial system but that the level of financial literacy also plays a role in explaining why so many individuals have made use of high-cost borrowing methods.","PeriodicalId":252294,"journal":{"name":"Household Financial Planning eJournal","volume":"21 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-01-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121926493","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}
Young borrowers are the least experienced financially and, conventionally, thought to be most prone to financial mistakes. We study the relationship between age and financial problems related to credit cards. Our results challenge the notion that young borrowers are bad borrowers. We show that young borrowers are among the least likely to experience a serious credit card default. We then exploit the 2009 CARD Act to identify which individuals self-select into obtaining a credit card early in life. We find that individuals who choose early credit card use default less and are more likely to get a mortgage while young.
{"title":"Are Young Borrowers Bad Borrowers? Evidence from the Credit CARD Act of 2009","authors":"Peter Debbaut, Andra Ghent, Marianna Kudlyak","doi":"10.2139/ssrn.2306556","DOIUrl":"https://doi.org/10.2139/ssrn.2306556","url":null,"abstract":"Young borrowers are the least experienced financially and, conventionally, thought to be most prone to financial mistakes. We study the relationship between age and financial problems related to credit cards. Our results challenge the notion that young borrowers are bad borrowers. We show that young borrowers are among the least likely to experience a serious credit card default. We then exploit the 2009 CARD Act to identify which individuals self-select into obtaining a credit card early in life. We find that individuals who choose early credit card use default less and are more likely to get a mortgage while young.","PeriodicalId":252294,"journal":{"name":"Household Financial Planning eJournal","volume":"129 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-01-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123560834","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 study was undertaken to determine if obtaining professional certification in financial counseling and education has any impact on the personal financial literacy skills and competency of these individuals. The study found that participation in a professional certification program had a measurable impact on an individual's financial literacy level, study participants demonstrated an increase in their financial literacy on average by 12% from pre-certification assessment scores. The study also found a 25% increase by study participants in their confidence to answer student or client questions about financial topics. Additionally, 89% of the participants indicated that they felt more confident in their understanding of debt management options and 74% indicated an increase in their understanding of different retirement planning options. These results were an increase of 117% and 89% respectively as compared to their precertification evaluation results. This study indicates that the materials participants study and the process of preparing for professional certification in the field of financial counseling and education had a direct effect on participants’ own financial literacy and competency. There were noticeable increases between pre-certification assessment and evaluation scores and post certification assessment and evaluation scores, regardless of the professional's academic achievement, ethnicity, gender, or professional and financial experience.
{"title":"Financial Certification: A Study of the Impact on Professionals' Financial Literacy Levels and Competency","authors":"Leslie E. Linfield","doi":"10.2139/ssrn.2050405","DOIUrl":"https://doi.org/10.2139/ssrn.2050405","url":null,"abstract":"A study was undertaken to determine if obtaining professional certification in financial counseling and education has any impact on the personal financial literacy skills and competency of these individuals. The study found that participation in a professional certification program had a measurable impact on an individual's financial literacy level, study participants demonstrated an increase in their financial literacy on average by 12% from pre-certification assessment scores. The study also found a 25% increase by study participants in their confidence to answer student or client questions about financial topics. Additionally, 89% of the participants indicated that they felt more confident in their understanding of debt management options and 74% indicated an increase in their understanding of different retirement planning options. These results were an increase of 117% and 89% respectively as compared to their precertification evaluation results. This study indicates that the materials participants study and the process of preparing for professional certification in the field of financial counseling and education had a direct effect on participants’ own financial literacy and competency. There were noticeable increases between pre-certification assessment and evaluation scores and post certification assessment and evaluation scores, regardless of the professional's academic achievement, ethnicity, gender, or professional and financial experience.","PeriodicalId":252294,"journal":{"name":"Household Financial Planning eJournal","volume":"80 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-05-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114295404","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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