We test the empirical validity of the three-factor model of Fama and French in the Egyptian Stock Exchange (EGX) using monthly excess stock returns of 50 stocks listed on the EGX from January 2014 to December 2018. Our findings do not support Fama and French three-factor model, where the coefficient of the beta was insignificant. The “SBM” coefficient and the “HML” coefficient were equal to zero and insignificant, which confirms the absence of the small firm effect and book-to-market ratio effect in the market. We conclude that there is no relation between expected return and Fama-French risk factors.
{"title":"Empirical Test of Fama and French Three-Factor Model in the Egyptian Stock Exchange","authors":"M. Abd-Alla, M. Sobh","doi":"10.5817/FAI2020-2-1","DOIUrl":"https://doi.org/10.5817/FAI2020-2-1","url":null,"abstract":"We test the empirical validity of the three-factor model of Fama and French in the Egyptian Stock Exchange (EGX) using monthly excess stock returns of 50 stocks listed on the EGX from January 2014 to December 2018. Our findings do not support Fama and French three-factor model, where the coefficient of the beta was insignificant. The “SBM” coefficient and the “HML” coefficient were equal to zero and insignificant, which confirms the absence of the small firm effect and book-to-market ratio effect in the market. We conclude that there is no relation between expected return and Fama-French risk factors.","PeriodicalId":30338,"journal":{"name":"Financial Assets and Investing","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2020-12-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47793798","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 test the impact of herding behaviour on the risk pricing in the Egyptian Stock Exchange (EGX) by adding an additional risk factor reflecting herding behaviour to the Fama and French three-factor model. We construct a portfolio to mimic an additional risk factor related to herding behaviour, in addition to the original risk factors in the Fama and French three-factor model. The three-factor model will be tested in its original form and re-tested after adding the herding behaviour factor. The study is based on Hwang and Salmon methodology, in which the state space approach based on Kaman’s filter was used to measure herding behaviour. We used monthly excess stock returns of 50 stocks listed on the EGX from January 2014 to December 2018. The results do not support Fama and French model before and after adding the herding behaviour factor, therefore, there is no effect of herding behaviour on the risk pricing in the Egyptian Stock Exchange.
{"title":"The Impact of Herding on the Risk Pricing in the Egyptian Stock Exchange","authors":"M. Abd-Alla, M. Sobh","doi":"10.5817/FAI2020-2-2","DOIUrl":"https://doi.org/10.5817/FAI2020-2-2","url":null,"abstract":"We test the impact of herding behaviour on the risk pricing in the Egyptian Stock Exchange (EGX) by adding an additional risk factor reflecting herding behaviour to the Fama and French three-factor model. We construct a portfolio to mimic an additional risk factor related to herding behaviour, in addition to the original risk factors in the Fama and French three-factor model. The three-factor model will be tested in its original form and re-tested after adding the herding behaviour factor. The study is based on Hwang and Salmon methodology, in which the state space approach based on Kaman’s filter was used to measure herding behaviour. We used monthly excess stock returns of 50 stocks listed on the EGX from January 2014 to December 2018. The results do not support Fama and French model before and after adding the herding behaviour factor, therefore, there is no effect of herding behaviour on the risk pricing in the Egyptian Stock Exchange.","PeriodicalId":30338,"journal":{"name":"Financial Assets and Investing","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2020-12-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47120425","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 aim of the article is to determine and verify the key assessment indicators for the insurance market by applying the decomposition multi-attribute methods and regression analysis. The assessed specific indicators are qualitative indicators (insurance penetration, claim ratio) and quantitative indicators (gross premium, insurance benefit, number of insurance contracts, number of settled insurance claims, number of employees, number of commercial insurance companies, concentration of the insurance market, and more). The decomposition multi-criteria AHP method (analytic hierarchy process) and ANP method (analytic network process) based on the Saaty pair comparison approach are described, including the computation procedure. The described methods are then applied to determine the preferences of the indicators for the insurance market. Subsequently, a particular regression model is created. Our findings reveal the resulting preferences of individual indicators of the insurance market evaluation and key assessment indicators.
{"title":"Determination and Verification of the Key Assessment Indicators for the Insurance Market by Applying the Decomposition Multi-attribute Methods and Regression Analysis","authors":"Martina Borovcová, Adéla Špačková","doi":"10.5817/fai2019-1-1","DOIUrl":"https://doi.org/10.5817/fai2019-1-1","url":null,"abstract":"The aim of the article is to determine and verify the key assessment indicators for the insurance market by applying the decomposition multi-attribute methods and regression analysis. The assessed specific indicators are qualitative indicators (insurance penetration, claim ratio) and quantitative indicators (gross premium, insurance benefit, number of insurance contracts, number of settled insurance claims, number of employees, number of commercial insurance companies, concentration of the insurance market, and more). The decomposition multi-criteria AHP method (analytic hierarchy process) and ANP method (analytic network process) based on the Saaty pair comparison approach are described, including the computation procedure. The described methods are then applied to determine the preferences of the indicators for the insurance market. Subsequently, a particular regression model is created. Our findings reveal the resulting preferences of individual indicators of the insurance market evaluation and key assessment indicators.","PeriodicalId":30338,"journal":{"name":"Financial Assets and Investing","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2019-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41396827","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}
Dennis J. Schmidt, Alexander Zureck, Stefanie Gradetzki, Gennadij Seel
The desire of audiences to consume content in a series format, independent of time and place has increased in recent years. Technological advancement has helped this trend progress. In this paper, series are considered as goods whose sales are linked to the degree of viewers’ attention. Thus, the good series operate on two interconnected levels, an economic and an emotional. The decision to invest in the production of another season of a series is intended to increase the number of subscriptions and the associated revenues. Capital market participants are influenced by various emotional biases when making investment decisions under uncertainty. In the context of an event study, it is examined whether announcements of season extensions have a significant influence on the share price of the respective provider. The results show that investors react with a changed investment behavior. Furthermore, findings from the film industry are transferred to series production.
{"title":"Analyzing the Emotional Bondage of Serial Fans and Business Decisions on Series Extension in the Context of Impact on the Stock Price of the Providers","authors":"Dennis J. Schmidt, Alexander Zureck, Stefanie Gradetzki, Gennadij Seel","doi":"10.5817/fai2019-1-2","DOIUrl":"https://doi.org/10.5817/fai2019-1-2","url":null,"abstract":"The desire of audiences to consume content in a series format, independent of time and place has increased in recent years. Technological advancement has helped this trend progress. In this paper, series are considered as goods whose sales are linked to the degree of viewers’ attention. Thus, the good series operate on two interconnected levels, an economic and an emotional. The decision to invest in the production of another season of a series is intended to increase the number of subscriptions and the associated revenues. Capital market participants are influenced by various emotional biases when making investment decisions under uncertainty. In the context of an event study, it is examined whether announcements of season extensions have a significant influence on the share price of the respective provider. The results show that investors react with a changed investment behavior. Furthermore, findings from the film industry are transferred to series production.","PeriodicalId":30338,"journal":{"name":"Financial Assets and Investing","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2019-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44003910","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 check existence of Granger causality in risk between eleven European stock markets and crude oil market. We analyze bidirectional instantaneous and delayed Granger causality in tails test results, i.e. whether occurrence of the extreme returns on the crude oil market precede similar events on the main European stock markets and vice versa. Using Brent futures prices and main stock indices in Europe (Belgium, France, Germany, Greece, Italy, Netherlands, Norway, Poland, Spain, Sweden and United Kingdom), we apply testing procedure developed by Candelon and Tokpavi (2016). The main conclusion is that in the vast majority of cases instantaneous causality in tails was symmetrical. We also found that more long-lived reaction appeared as a result to the negative news from the oil market and from the stock markets.
{"title":"Oil Prices and Stock Markets in Europe: Detection of Extreme Risk Spillover","authors":"Blanka Łęt","doi":"10.5817/fai2019-1-3","DOIUrl":"https://doi.org/10.5817/fai2019-1-3","url":null,"abstract":"The goal of this paper is to check existence of Granger causality in risk between eleven European stock markets and crude oil market. We analyze bidirectional instantaneous and delayed Granger causality in tails test results, i.e. whether occurrence of the extreme returns on the crude oil market precede similar events on the main European stock markets and vice versa. Using Brent futures prices and main stock indices in Europe (Belgium, France, Germany, Greece, Italy, Netherlands, Norway, Poland, Spain, Sweden and United Kingdom), we apply testing procedure developed by Candelon and Tokpavi (2016). The main conclusion is that in the vast majority of cases instantaneous causality in tails was symmetrical. We also found that more long-lived reaction appeared as a result to the negative news from the oil market and from the stock markets.","PeriodicalId":30338,"journal":{"name":"Financial Assets and Investing","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2019-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48481676","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 article compares internal rating systems of three banks from the German-speaking region, continuing with last year's research. In this paper a detailed analysis of qualitative indicators (soft - facts) is made. These qualitative indicators, as one of the two main components of banking rating systems have the wage of between 30% and 50% of the overall rating score. This makes this part of rating certainly important enough to be further researched. The research is focused on the rating of business entities, more precisely the corporate, (especially limited liability companies or joint-stock companies). It does not deal with the rating of natural persons or non-profit organizations, municipalities etc. The procedure of collecting empirical data as well as data from relevant literature, their assessment according to the criteria of verifiability and relevance and the application of the induction method was used and a generalization of conclusions was subsequently made. The goal of this research was to find out if the structure of used qualitative factors (soft- facts) is similar or even the same across the rating systems included in the comparison and what weights of individual factors are used. The result of the research shows that two categories of qualitative indicators (soft - facts) are present in all considered rating systems: (i) quality of company’s management and / or strategy and (ii) market on which the bank client operates. (iii) Accounting or related indicators like information system or audit quality also play a significant role in rating systems. On the other hand, the use of the factor (iv) relationship with the bank (or similar) is quite different across the rating systems included in the research. The number and structure of guidance questions that help risk-management analysts determine indicator values also differ. In one case, there is an extensive catalog of questions with a standardized set of responses. In other cases, the number of questions is lower and each one has its specific variation of the predefined answers the analyst selects from.
{"title":"The Use of Qualitative Indicators in Banking Rating Systems","authors":"Martin Svítil","doi":"10.5817/fai2018-2-2","DOIUrl":"https://doi.org/10.5817/fai2018-2-2","url":null,"abstract":"The article compares internal rating systems of three banks from the German-speaking region, continuing with last year's research. In this paper a detailed analysis of qualitative indicators (soft - facts) is made. These qualitative indicators, as one of the two main components of banking rating systems have the wage of between 30% and 50% of the overall rating score. This makes this part of rating certainly important enough to be further researched. The research is focused on the rating of business entities, more precisely the corporate, (especially limited liability companies or joint-stock companies). It does not deal with the rating of natural persons or non-profit organizations, municipalities etc. The procedure of collecting empirical data as well as data from relevant literature, their assessment according to the criteria of verifiability and relevance and the application of the induction method was used and a generalization of conclusions was subsequently made. The goal of this research was to find out if the structure of used qualitative factors (soft- facts) is similar or even the same across the rating systems included in the comparison and what weights of individual factors are used. The result of the research shows that two categories of qualitative indicators (soft - facts) are present in all considered rating systems: (i) quality of company’s management and / or strategy and (ii) market on which the bank client operates. (iii) Accounting or related indicators like information system or audit quality also play a significant role in rating systems. On the other hand, the use of the factor (iv) relationship with the bank (or similar) is quite different across the rating systems included in the research. The number and structure of guidance questions that help risk-management analysts determine indicator values also differ. In one case, there is an extensive catalog of questions with a standardized set of responses. In other cases, the number of questions is lower and each one has its specific variation of the predefined answers the analyst selects from.","PeriodicalId":30338,"journal":{"name":"Financial Assets and Investing","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2019-02-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43597610","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 the Slovak Republic, non-life insurance consumption is significantlylower compared to Western European countries. The paper tests various personal, demographic and economic factors and their impact on the individual property insurance demand in the Slovak Republic. Using survey data, we identified the following as statistically significant determinants of property insurance demand: gender, age, marital status, propensity to save, level of income, being a head of household. Our results can help insurers to better understand their potential consumers and to improve their acquisition and segmentation techniques. Our findings are important, especially, in times after launching a new tax on non-life insurance premiums, as individuals in Slovakia are very sensitive to the premium and often fail to buy adequate coverage in property insurance.
{"title":"Determinants of Property Insurance Demand in Slovak Republic: Challenges and Obstacles","authors":"Tomáš Ondruška, Zuzana Brokesová, E. Pastoráková","doi":"10.5817/FAI2018-2-1","DOIUrl":"https://doi.org/10.5817/FAI2018-2-1","url":null,"abstract":"In the Slovak Republic, non-life insurance consumption is significantlylower compared to Western European countries. The paper tests various personal, demographic and economic factors and their impact on the individual property insurance demand in the Slovak Republic. Using survey data, we identified the following as statistically significant determinants of property insurance demand: gender, age, marital status, propensity to save, level of income, being a head of household. Our results can help insurers to better understand their potential consumers and to improve their acquisition and segmentation techniques. Our findings are important, especially, in times after launching a new tax on non-life insurance premiums, as individuals in Slovakia are very sensitive to the premium and often fail to buy adequate coverage in property insurance.","PeriodicalId":30338,"journal":{"name":"Financial Assets and Investing","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2018-12-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42529000","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 focuses on the profitability of investments into IT, finance, healthcare and consumer goods oriented active and passive mutual funds and ETFs and their profit/loss in different market situations (growing, stagnant and decreasing markets).The aim of the paper is to set recommendations for investors as regards which instrument (active or passive mutual fund or ETFs) brings higher return or lower loss over the time and market development and if investors can expect different results based on the sector orientation, which sector is more sensitive to bullish or bearish trends. Our results show that neither ETF nor passive mutual funds were able to beat the market, as the sector index brings better results than these investments in all situations. Within bearish trend, all sector ETFs and passive mutual funds bring the same results as sector index, only active managed mutual funds bring better results. The lowest loss during this period was achieved by active managed mutual funds focusing on healthcare. Bullish and stagnant markets bring quite the same results, but passive funds and ETF are more profitable than active mutual funds in growing markets.
{"title":"Profitability of Sector Mutual Funds and ETFs During Market Development and Length of Investment Horizon","authors":"M. Širůček, Jan Vystoupil, Petr Strejček","doi":"10.5817/FAI2018-2-3","DOIUrl":"https://doi.org/10.5817/FAI2018-2-3","url":null,"abstract":"This paper focuses on the profitability of investments into IT, finance, healthcare and consumer goods oriented active and passive mutual funds and ETFs and their profit/loss in different market situations (growing, stagnant and decreasing markets).The aim of the paper is to set recommendations for investors as regards which instrument (active or passive mutual fund or ETFs) brings higher return or lower loss over the time and market development and if investors can expect different results based on the sector orientation, which sector is more sensitive to bullish or bearish trends. Our results show that neither ETF nor passive mutual funds were able to beat the market, as the sector index brings better results than these investments in all situations. Within bearish trend, all sector ETFs and passive mutual funds bring the same results as sector index, only active managed mutual funds bring better results. The lowest loss during this period was achieved by active managed mutual funds focusing on healthcare. Bullish and stagnant markets bring quite the same results, but passive funds and ETF are more profitable than active mutual funds in growing markets.","PeriodicalId":30338,"journal":{"name":"Financial Assets and Investing","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2018-12-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43239091","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 objective of this research is to test the impact of leverage on corporate cash holdings for sample of manufacturing companies enlisted on the Indonesian Stock Exchange over the period 2006-2007. Population of this research is all of manufacturing companies on the Indonesian Stock Exchange. The sampling method is purposive. The study hypothesis was tested using multiple regressions. The results show that leverage has a negative influence on corporate cash holdings. Indonesian manufacturing firms with high leverage can hold cash in small amounts because debt is a substitute for corporate cash holdings.
{"title":"The Effect of Leverage on Corporate Cash Holdings: Evidence from Indonesian Manufacturing Firms","authors":"Anggita Langgeng Wijaya, N. Bandi","doi":"10.5817/FAI2018-2-4","DOIUrl":"https://doi.org/10.5817/FAI2018-2-4","url":null,"abstract":"The objective of this research is to test the impact of leverage on corporate cash holdings for sample of manufacturing companies enlisted on the Indonesian Stock Exchange over the period 2006-2007. Population of this research is all of manufacturing companies on the Indonesian Stock Exchange. The sampling method is purposive. The study hypothesis was tested using multiple regressions. The results show that leverage has a negative influence on corporate cash holdings. Indonesian manufacturing firms with high leverage can hold cash in small amounts because debt is a substitute for corporate cash holdings.","PeriodicalId":30338,"journal":{"name":"Financial Assets and Investing","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2018-12-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41796588","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}
P. Šeda, J. A. Río, María de los Baños García-Moreno García
Empirical testing of the linkages between macroeconomic news and asset price movements in terms of response to released macroeconomic information have been a subject of many investigations using different testing methods. The objective of this paper is to study the impact of announcements of Greek credit rating downgrades on the prices of the most liquid assets quoted in the Czech stock market. This issue is tightly related to semi-strong form of the efficient market hypothesis, which is one of possible analytical approaches when analyzing behaviour of assets in financial markets. The reaction of the Czech stock market is assessed in relation to seven announcements of Moody´s rating agency regarding changes of credit rating of Greek government bonds in the period 2009–2012. For the purpose of this paper, the event study methodology is applied. The basic idea of this statistical method is to determine values of abnormal returns, which can be defined as a difference between actual and equilibrium returns. In order to calculate equilibrium returns, the Capital Asset Pricing Model (CAPM) is used. The differences between actual and equilibrium returns are then verified with a help of selected nonparametric statistical tests. Namely, the exact sign test and the Wilcoxon signed-rank test are utilized. Based on results of nonparametric statistical tests, the null hypothesis of information efficiency of the Czech stock market is conclusively rejected.
{"title":"Empirical Testing of the Response of Czech Stock Market to Downgrades of Greek Credit Rating in the Light of the Efficient Market Hypothesis","authors":"P. Šeda, J. A. Río, María de los Baños García-Moreno García","doi":"10.5817/FAI2018-1-4","DOIUrl":"https://doi.org/10.5817/FAI2018-1-4","url":null,"abstract":"Empirical testing of the linkages between macroeconomic news and asset price movements in terms of response to released macroeconomic information have been a subject of many investigations using different testing methods. The objective of this paper is to study the impact of announcements of Greek credit rating downgrades on the prices of the most liquid assets quoted in the Czech stock market. This issue is tightly related to semi-strong form of the efficient market hypothesis, which is one of possible analytical approaches when analyzing behaviour of assets in financial markets. The reaction of the Czech stock market is assessed in relation to seven announcements of Moody´s rating agency regarding changes of credit rating of Greek government bonds in the period 2009–2012. For the purpose of this paper, the event study methodology is applied. The basic idea of this statistical method is to determine values of abnormal returns, which can be defined as a difference between actual and equilibrium returns. In order to calculate equilibrium returns, the Capital Asset Pricing Model (CAPM) is used. The differences between actual and equilibrium returns are then verified with a help of selected nonparametric statistical tests. Namely, the exact sign test and the Wilcoxon signed-rank test are utilized. Based on results of nonparametric statistical tests, the null hypothesis of information efficiency of the Czech stock market is conclusively rejected.","PeriodicalId":30338,"journal":{"name":"Financial Assets and Investing","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2018-05-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44740666","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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