Both the frequency and intensity of weather-related catastrophes, such as storms and floods, have been increasing due to climate change such as global warming. This leads to rising storm catastrophe risks faced by the property & casualty insurance and reinsurance sector. This research proposes an index-based storm catastrophe (CAT) bond for reinsurers to hedge catastrophe risks related to storm losses. Storm losses data have a large portion of zero values and a continuous positive right-skewed distri- bution, together with high-dimensional spatial dependence. We address these unique properties by proposing a Gamma-two-part-autoregressive (Gamma-2PAR) distribu- tion as the marginal model, and the spatio-temporal vine copula as the dependence model. We investigate the CAT bond market equilibrium and endogenously solve for the optimal market price of risk and coupon rates. Our empirical results using historical losses data at the county-level in Florida show the proposed CAT bond can stabilize the reinsurer’s cash flows and create attractive returns to investors by offering high coupon rates. Our framework can be generalized to design and price other catastrophe financing facilities.
{"title":"Storm CAT Bond: Modeling and Valuation","authors":"Shimeng Huang, Jinggong Zhang, Wenjun Zhu","doi":"10.2139/ssrn.3912344","DOIUrl":"https://doi.org/10.2139/ssrn.3912344","url":null,"abstract":"Both the frequency and intensity of weather-related catastrophes, such as storms and floods, have been increasing due to climate change such as global warming. This leads to rising storm catastrophe risks faced by the property & casualty insurance and reinsurance sector. This research proposes an index-based storm catastrophe (CAT) bond for reinsurers to hedge catastrophe risks related to storm losses. Storm losses data have a large portion of zero values and a continuous positive right-skewed distri- bution, together with high-dimensional spatial dependence. We address these unique properties by proposing a Gamma-two-part-autoregressive (Gamma-2PAR) distribu- tion as the marginal model, and the spatio-temporal vine copula as the dependence model. We investigate the CAT bond market equilibrium and endogenously solve for the optimal market price of risk and coupon rates. Our empirical results using historical losses data at the county-level in Florida show the proposed CAT bond can stabilize the reinsurer’s cash flows and create attractive returns to investors by offering high coupon rates. Our framework can be generalized to design and price other catastrophe financing facilities.","PeriodicalId":264671,"journal":{"name":"Nanyang Business School Research Paper Series","volume":"2 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-08-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132413833","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}
Tail risk measures such as Value at Risk (VaR) and Conditional Value at Risk (CVaR) are popularly accepted criteria for financial risk management, but are usually difficult to optimize. Especially for VaR, it generally leads to a non-convex NP-hard problem which is computationally challenging. In this paper we propose the use of model-based annealing random search (MARS) method in tail risk optimization problems. The MARS, which is a gradient-free and flexible method, can widely be applied to solving many financial and insurance problems under mild mathematical conditions. We use a weather index insurance design problem with tail risk measures including VaR, CVaR and Entropic Value at Risk (EVaR) as the objective function to demonstrate the viability and effectiveness of MARS. We conduct an empirical analysis in which we use a set of weather variables to hedge against corn production losses in Illinois. Numerical results show that the proposed optimization scheme effectively helps corn producers to manage their tail risk.
{"title":"Empirical Tail Risk Management with Model-Based Annealing Random Search","authors":"Qi Fan, K. S. Tan, Jinggong Zhang","doi":"10.2139/ssrn.3909221","DOIUrl":"https://doi.org/10.2139/ssrn.3909221","url":null,"abstract":"Tail risk measures such as Value at Risk (VaR) and Conditional Value at Risk (CVaR) are popularly accepted criteria for financial risk management, but are usually difficult to optimize. Especially for VaR, it generally leads to a non-convex NP-hard problem which is computationally challenging. In this paper we propose the use of model-based annealing random search (MARS) method in tail risk optimization problems. The MARS, which is a gradient-free and flexible method, can widely be applied to solving many financial and insurance problems under mild mathematical conditions. We use a weather index insurance design problem with tail risk measures including VaR, CVaR and Entropic Value at Risk (EVaR) as the objective function to demonstrate the viability and effectiveness of MARS. We conduct an empirical analysis in which we use a set of weather variables to hedge against corn production losses in Illinois. Numerical results show that the proposed optimization scheme effectively helps corn producers to manage their tail risk.","PeriodicalId":264671,"journal":{"name":"Nanyang Business School Research Paper Series","volume":"22 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-08-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116166341","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 examine how private placements of equity (PPEs) affect debtholder wealth. We find that banks charge higher loan spreads, require more collateral, and impose stricter covenants for firms conducting PPEs. The results are more pronounced for firms without a value-enhancing PPE feature, particularly those with poorer governance and higher information asymmetry. These firms also invest less efficiently and underperform in the post-placement period and realize more negative bond and stock returns around PPE (post-placement M&A) announcement dates. Thus, issuers’ managerial entrenchment problems are the main source of debtholders’ loss in PPEs, and lenders use such information in adjusting lending terms.
{"title":"Does Firms’ Equity Financing Benefit Debtholders? Evidence from Private Placements of Equity","authors":"Jun-Koo Kang, Jee Youn Koh, James L. Park","doi":"10.2139/ssrn.3846717","DOIUrl":"https://doi.org/10.2139/ssrn.3846717","url":null,"abstract":"We examine how private placements of equity (PPEs) affect debtholder wealth. We find that banks charge higher loan spreads, require more collateral, and impose stricter covenants for firms conducting PPEs. The results are more pronounced for firms without a value-enhancing PPE feature, particularly those with poorer governance and higher information asymmetry. These firms also invest less efficiently and underperform in the post-placement period and realize more negative bond and stock returns around PPE (post-placement M&A) announcement dates. Thus, issuers’ managerial entrenchment problems are the main source of debtholders’ loss in PPEs, and lenders use such information in adjusting lending terms.","PeriodicalId":264671,"journal":{"name":"Nanyang Business School Research Paper Series","volume":"26 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-05-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128100591","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}
Sheng‐Syan Chen, C. Hwang, Chen-Chieh Liao, Chin-Te Yu
Relative to analysts without school ties, analysts with ties make more accurate forecasts and more profitable recommendations on non-tied firms in the same industry, suggesting that analysts acquire industry information through school ties. We conduct various tests to assess the relative importance of firm-specific vs. industry information reflected in connected analysts’ forecasts and recommendations. After Regulation Fair Disclosure, firm managers shift from privately disclosing firm-specific information to industry information, which is responsible for connected analysts’ continued (albeit smaller) information advantage. These results suggest selective disclosure of industry information is a legal gray area that deserves further regulatory attention.
{"title":"Analyst Industry Knowledge and School Tie Spillover","authors":"Sheng‐Syan Chen, C. Hwang, Chen-Chieh Liao, Chin-Te Yu","doi":"10.2139/ssrn.3545732","DOIUrl":"https://doi.org/10.2139/ssrn.3545732","url":null,"abstract":"Relative to analysts without school ties, analysts with ties make more accurate forecasts and more profitable recommendations on non-tied firms in the same industry, suggesting that analysts acquire industry information through school ties. We conduct various tests to assess the relative importance of firm-specific vs. industry information reflected in connected analysts’ forecasts and recommendations. After Regulation Fair Disclosure, firm managers shift from privately disclosing firm-specific information to industry information, which is responsible for connected analysts’ continued (albeit smaller) information advantage. These results suggest selective disclosure of industry information is a legal gray area that deserves further regulatory attention.","PeriodicalId":264671,"journal":{"name":"Nanyang Business School Research Paper Series","volume":"38 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-02-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121827895","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 examine the evolution of executive mobility from 1920-2011. In the decades leading up to 1999, CEO and CFO mobility increased. Starting in the early-2000s, in contrast, executive mobility declined sharply. We develop a new measure of aggregate executive mobility that nests both turnover and across-firm mobility. We use this measure to document that the benefits of reallocating executives, labor market size, compensation, and general managerial skills help explain executive mobility trends. We also show that following an increase in mobility, firms shift CEO pay towards option grants, consistent with a retention effect of option pay for executives.
{"title":"Executive Mobility in the United States, 1920 to 2011","authors":"J. Graham, Dawoon Kim, Hyunseob Kim","doi":"10.2139/ssrn.3753809","DOIUrl":"https://doi.org/10.2139/ssrn.3753809","url":null,"abstract":"We examine the evolution of executive mobility from 1920-2011. In the decades leading up to 1999, CEO and CFO mobility increased. Starting in the early-2000s, in contrast, executive mobility declined sharply. We develop a new measure of aggregate executive mobility that nests both turnover and across-firm mobility. We use this measure to document that the benefits of reallocating executives, labor market size, compensation, and general managerial skills help explain executive mobility trends. We also show that following an increase in mobility, firms shift CEO pay towards option grants, consistent with a retention effect of option pay for executives.","PeriodicalId":264671,"journal":{"name":"Nanyang Business School Research Paper Series","volume":"433 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-12-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121830103","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 investigate the environmental implications of firms’ internal control over financial reporting. Our main result is that corporate environmental performance, measured using the amount of firms’ toxic production-related waste, is significantly poorer among firms with material weaknesses in internal control over financial reporting than firms without such weaknesses. Furthermore, we document a significant improvement in corporate environmental performance following the remediation of internal control deficiencies, substantiating a causal relation between internal control over financial report and corporate environmental performance. Additional analyses show that the adverse effect of internal control weakness is exacerbated for firms with greater earnings opacity or weaker external governance mechanisms. Overall, our findings provide insights into the determinants of corporate environmental performance, highlight the environmental and social benefits of effective internal control over financial reporting, and manifest the real and environmental impacts of accounting.
{"title":"Internal Control Weaknesses and Corporate Environmental Performance: Evidence from Toxic Chemical Pollutants","authors":"X. Chang, Kangkang Fu, Yiwei Li, Xiu‐Ye Zhang","doi":"10.2139/ssrn.3741197","DOIUrl":"https://doi.org/10.2139/ssrn.3741197","url":null,"abstract":"We investigate the environmental implications of firms’ internal control over financial reporting. Our main result is that corporate environmental performance, measured using the amount of firms’ toxic production-related waste, is significantly poorer among firms with material weaknesses in internal control over financial reporting than firms without such weaknesses. Furthermore, we document a significant improvement in corporate environmental performance following the remediation of internal control deficiencies, substantiating a causal relation between internal control over financial report and corporate environmental performance. Additional analyses show that the adverse effect of internal control weakness is exacerbated for firms with greater earnings opacity or weaker external governance mechanisms. Overall, our findings provide insights into the determinants of corporate environmental performance, highlight the environmental and social benefits of effective internal control over financial reporting, and manifest the real and environmental impacts of accounting.","PeriodicalId":264671,"journal":{"name":"Nanyang Business School Research Paper Series","volume":"104 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127517017","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 online trading platform Alibaba provides financial technology (FinTech) credit for millions of micro, small, and medium-sized enterprises (MSMEs). Using a novel data set of daily sales and an internal credit score threshold that governs the allocation of credit, we apply a fuzzy regression discontinuity design (RDD) to explore the causal effect of credit access on firm volatility. We find that credit access significantly reduces firm sales volatility and that the effect is stronger for firms with fewer alternative sources of financing. We further look at firm exit probability and find that firms with access to FinTech credit are less likely to go bankrupt or exit the business in the future. Additional channel tests reveal that firms with FinTech credit invest more in advertising and product/sector diversification, particularly during business downturns, which serves as effective mechanisms through which credit access reduces firm volatility. Overall, our findings contribute to a better understanding of the role of FinTech credit in MSMEs. This paper was accepted by Haoxiang Zhu, finance.
{"title":"Finance and Firm Volatility: Evidence from Small Business Lending in China","authors":"Tao Chen, Yi Huang, Chen Lin, Zixia Sheng","doi":"10.1287/MNSC.2020.3942","DOIUrl":"https://doi.org/10.1287/MNSC.2020.3942","url":null,"abstract":"The online trading platform Alibaba provides financial technology (FinTech) credit for millions of micro, small, and medium-sized enterprises (MSMEs). Using a novel data set of daily sales and an internal credit score threshold that governs the allocation of credit, we apply a fuzzy regression discontinuity design (RDD) to explore the causal effect of credit access on firm volatility. We find that credit access significantly reduces firm sales volatility and that the effect is stronger for firms with fewer alternative sources of financing. We further look at firm exit probability and find that firms with access to FinTech credit are less likely to go bankrupt or exit the business in the future. Additional channel tests reveal that firms with FinTech credit invest more in advertising and product/sector diversification, particularly during business downturns, which serves as effective mechanisms through which credit access reduces firm volatility. Overall, our findings contribute to a better understanding of the role of FinTech credit in MSMEs. This paper was accepted by Haoxiang Zhu, finance.","PeriodicalId":264671,"journal":{"name":"Nanyang Business School Research Paper Series","volume":"25 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-10-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121035719","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}
Shiyi Chen, Tao Chen, Pingyi Lou, Hong Song, Chen Y. Wu
In this study, we examine the effect of bank deregulation on corporate environmental performance. We use a unique dataset that contains rich information on firms’ toxic emissions and exploit bank branching deregulation in China. We find that compared with firms with lower exposure, firms more exposed to the bank deregulation improve their environmental performance, measured by lower chemical oxygen demand (COD) emission intensity after the bank branching deregulation. We further demonstrate that treated firms’ production efficiency increases and the ratio of tangible assets to total assets decreases, which suggests that upgrading technology and asset mix are the main channels. In order to improve the efficiency of banking system, many developing countries are undergoing or moving toward liberalizing the banking industry, with the focus on firm environmental performance, this paper documents an important but unanticipated consequence resulted from bank deregulation.
{"title":"Bank Deregulation and Corporate Environmental Performance","authors":"Shiyi Chen, Tao Chen, Pingyi Lou, Hong Song, Chen Y. Wu","doi":"10.2139/ssrn.3633696","DOIUrl":"https://doi.org/10.2139/ssrn.3633696","url":null,"abstract":"In this study, we examine the effect of bank deregulation on corporate environmental performance. We use a unique dataset that contains rich information on firms’ toxic emissions and exploit bank branching deregulation in China. We find that compared with firms with lower exposure, firms more exposed to the bank deregulation improve their environmental performance, measured by lower chemical oxygen demand (COD) emission intensity after the bank branching deregulation. We further demonstrate that treated firms’ production efficiency increases and the ratio of tangible assets to total assets decreases, which suggests that upgrading technology and asset mix are the main channels. In order to improve the efficiency of banking system, many developing countries are undergoing or moving toward liberalizing the banking industry, with the focus on firm environmental performance, this paper documents an important but unanticipated consequence resulted from bank deregulation.","PeriodicalId":264671,"journal":{"name":"Nanyang Business School Research Paper Series","volume":"59 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-06-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116364287","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 2012, Australia became the world’s first nation to introduce plain packaging for tobacco products.This public health measure has been challenged in a number of fora, including at the WTO.
This chapter focuses on the intellectual property issues of the WTO dispute, and specifically deals with the following three aspects. First, the chapter considers the WTO Panel’s findings relating to the important issue of scientific evidence, which determines the effectiveness of plain packaging measures.
Secondly, it sets out the Panel’s legal analysis with particular focus on the compatibility of plain packaging with the Agreement on the Trade Related Aspects of Intellectual Property Rights (TRIPS) and the Paris Convention, including the role of TRIPS Article 8 and the 2001 Doha Declaration on TRIPS and Public Health, in interpreting TRIPS provisions. Reference is also made to decisions of other domestic courts (indeed, after Australia, very similar tobacco packaging measures have also been adopted by countries such as UK, France and Ireland) and investment arbitral proceedings that have concerned tobacco packaging regulation.
Thirdly, the chapter focuses on the possible spill-over effects the WTO Panel decision is likely to have on other industries, for instance alcohol and fast food – with such industries already beginning to feel the effect of packaging restrictions in a number of countries.
{"title":"Logo? No Logo? The WTO Dispute on Plain Packaging of Tobacco, and Beyond","authors":"Enrico Bonadio, Althaf Marsoof","doi":"10.2139/ssrn.3822594","DOIUrl":"https://doi.org/10.2139/ssrn.3822594","url":null,"abstract":"In 2012, Australia became the world’s first nation to introduce plain packaging for tobacco products.This public health measure has been challenged in a number of fora, including at the WTO. <br><br>This chapter focuses on the intellectual property issues of the WTO dispute, and specifically deals with the following three aspects. First, the chapter considers the WTO Panel’s findings relating to the important issue of scientific evidence, which determines the effectiveness of plain packaging measures. <br><br>Secondly, it sets out the Panel’s legal analysis with particular focus on the compatibility of plain packaging with the Agreement on the Trade Related Aspects of Intellectual Property Rights (TRIPS) and the Paris Convention, including the role of TRIPS Article 8 and the 2001 Doha Declaration on TRIPS and Public Health, in interpreting TRIPS provisions. Reference is also made to decisions of other domestic courts (indeed, after Australia, very similar tobacco packaging measures have also been adopted by countries such as UK, France and Ireland) and investment arbitral proceedings that have concerned tobacco packaging regulation. <br><br>Thirdly, the chapter focuses on the possible spill-over effects the WTO Panel decision is likely to have on other industries, for instance alcohol and fast food – with such industries already beginning to feel the effect of packaging restrictions in a number of countries.","PeriodicalId":264671,"journal":{"name":"Nanyang Business School Research Paper Series","volume":"33 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130523552","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 taxation of realized capital gains creates a lock-in effect, increasing an investor’s expected holding period. We show that the unrealized capital gains of mutual funds are positively associated with the earnings quality of their portfolio firms. Consistent with tax-induced lock-in, the effect of unrealized capital gains is more pronounced for mutual funds with tax-sensitive investors than for funds with tax-insensitive investors. Moreover, the positive effect of capital gains lock-in on earnings quality is stronger during periods when the capital gain tax rate is higher and for firms with highly concentrated mutual fund ownership. In sum, our findings suggest that locked-in mutual funds improve their portfolio firms’ earnings quality through more monitoring.
{"title":"The Capital Gains Lock-In Effect and Earnings Quality","authors":"Stephen G. Dimmock, F. Feng, Huai Zhang","doi":"10.2139/ssrn.3500675","DOIUrl":"https://doi.org/10.2139/ssrn.3500675","url":null,"abstract":"The taxation of realized capital gains creates a lock-in effect, increasing an investor’s expected holding period. We show that the unrealized capital gains of mutual funds are positively associated with the earnings quality of their portfolio firms. Consistent with tax-induced lock-in, the effect of unrealized capital gains is more pronounced for mutual funds with tax-sensitive investors than for funds with tax-insensitive investors. Moreover, the positive effect of capital gains lock-in on earnings quality is stronger during periods when the capital gain tax rate is higher and for firms with highly concentrated mutual fund ownership. In sum, our findings suggest that locked-in mutual funds improve their portfolio firms’ earnings quality through more monitoring.","PeriodicalId":264671,"journal":{"name":"Nanyang Business School Research Paper Series","volume":"40 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-12-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121589116","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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