An influential emerging literature documents strong correlations between carbon emissions and stock returns. We reexamine that data and conclude that these associations are driven by two factors. First, stock returns are correlated only with unscaled emissions estimated by the data vendor, but not with unscaled emissions actually disclosed by firms. Vendor-estimated emissions systematically differ from firm-disclosed emissions and are highly correlated with financial fundamentals, suggesting that prior findings primarily capture the association between such fundamentals and returns. Second, unscaled emissions, the variable typically used in academic literature, is correlated with stock returns but emissions intensity (emissions scaled by firm size), an equally important measure used in practice, is not. While unscaled emissions represent an important metric for society, we argue that, for individual firms, emissions intensity is an appropriate measurement choice to assess carbon performance. The associations between emissions and returns disappear after accounting for either of the issues above.
{"title":"Are Carbon Emissions Associated with Stock Returns?","authors":"Jitendra Aswani, Aneesh Raghunandan, Shivaram Rajgopal","doi":"10.2139/ssrn.3800193","DOIUrl":"https://doi.org/10.2139/ssrn.3800193","url":null,"abstract":"\u0000 An influential emerging literature documents strong correlations between carbon emissions and stock returns. We reexamine that data and conclude that these associations are driven by two factors. First, stock returns are correlated only with unscaled emissions estimated by the data vendor, but not with unscaled emissions actually disclosed by firms. Vendor-estimated emissions systematically differ from firm-disclosed emissions and are highly correlated with financial fundamentals, suggesting that prior findings primarily capture the association between such fundamentals and returns. Second, unscaled emissions, the variable typically used in academic literature, is correlated with stock returns but emissions intensity (emissions scaled by firm size), an equally important measure used in practice, is not. While unscaled emissions represent an important metric for society, we argue that, for individual firms, emissions intensity is an appropriate measurement choice to assess carbon performance. The associations between emissions and returns disappear after accounting for either of the issues above.","PeriodicalId":365753,"journal":{"name":"CGN: The Environment (Topic)","volume":"25 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-03-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125066631","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}
Based on case studies of leading, high-impact investors and asset managers, we develop a new framework for portfolio management in pursuit of social and environmental impact: Total Portfolio Activation (TPA). By identifying four key areas of impact investment activity, the framework helps investors to increase their specific "impact opportunity set" across every asset class in their investment portfolios.
{"title":"Total Portfolio Activation: A Framework for Creating Social and Environmental Impact across Asset Classes","authors":"Joshua Humphreys, Ann Solomon, Christi Electris","doi":"10.2139/ssrn.2199671","DOIUrl":"https://doi.org/10.2139/ssrn.2199671","url":null,"abstract":"Based on case studies of leading, high-impact investors and asset managers, we develop a new framework for portfolio management in pursuit of social and environmental impact: Total Portfolio Activation (TPA). By identifying four key areas of impact investment activity, the framework helps investors to increase their specific \"impact opportunity set\" across every asset class in their investment portfolios.","PeriodicalId":365753,"journal":{"name":"CGN: The Environment (Topic)","volume":"17 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133832026","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 world that we now live in, never has mankind been forced to deal with living and operating business as usual in a carbon constrained world. The essence of the phrase ‘business as usual’ now takes on a new meaning when it is imperative in the 21st century and beyond that business does go on, but in a world where the public, governments, non government organizations, shareholders, investors and all other interested stakeholders demand that in doing so that the environment does not further deteriorate as a consequence of doing ‘business as usual’.In an effort to address these new concerns, that we as a planet are now required to deal with, this paper will outline some of the academic research taking place and in addition add some new ideas and thoughts that are intended to add to the current body of literature.As academics, it is felt that as in other areas of research, that it is incumbent on the academic community to provide leadership in this most vital area of concern to us all and all other species that inhabit the planet with us.Essentially boards of directors, now and in the future will be required to develop individual corporate governance practices that enable their organizations to reduce carbon footprint, by producing greater levels of output, due to the world’s exponential population growth, using less of the inputs that impact adversely on the environment and more of the inputs that impact positively on the environment.
{"title":"Corporate Governance in a Carbon Constrained World","authors":"P. Rampling","doi":"10.2139/ssrn.1969276","DOIUrl":"https://doi.org/10.2139/ssrn.1969276","url":null,"abstract":"In the world that we now live in, never has mankind been forced to deal with living and operating business as usual in a carbon constrained world. The essence of the phrase ‘business as usual’ now takes on a new meaning when it is imperative in the 21st century and beyond that business does go on, but in a world where the public, governments, non government organizations, shareholders, investors and all other interested stakeholders demand that in doing so that the environment does not further deteriorate as a consequence of doing ‘business as usual’.In an effort to address these new concerns, that we as a planet are now required to deal with, this paper will outline some of the academic research taking place and in addition add some new ideas and thoughts that are intended to add to the current body of literature.As academics, it is felt that as in other areas of research, that it is incumbent on the academic community to provide leadership in this most vital area of concern to us all and all other species that inhabit the planet with us.Essentially boards of directors, now and in the future will be required to develop individual corporate governance practices that enable their organizations to reduce carbon footprint, by producing greater levels of output, due to the world’s exponential population growth, using less of the inputs that impact adversely on the environment and more of the inputs that impact positively on the environment.","PeriodicalId":365753,"journal":{"name":"CGN: The Environment (Topic)","volume":"27 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2011-12-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125731261","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 time and country specific institutional effects on CSR disclosures by big bank in fourteen Western European banks. For time effect, we compared banks’ CSR disclosures in 2005, when societal expectation of banks’ CSR disclosures was considered low, to their CSR disclosures in 2008, when social expectations from banks were higher due to the legitimacy gaps. For the institutional effects, we examine the impacts of legal origin and cultural institutions on CSR disclosures of banks in the countries studied. We find that banks are intransigent in their CSR disclosures as they maintained a constant CSR score for both periods. We also find significant relationships between countries’ legal origin and the nature of disclosures made by banks. Consistent with our hypotheses, we find that banks operating in high uncertainty avoidance cultures make more CSR disclosures than banks in low uncertainty avoidance culture, but individualism/collectivism cultural dimensions were not relevant to banks CSR disclosures. We made important contribution to literature and identified policy implications of our findings.
{"title":"Time and Country Specific Institutional Effects on Corporate Social Disclosure by Financial Institutions: Evidence from Fourteen European Countries","authors":"I. Adelopo, Ramiro Cea Moure","doi":"10.2139/ssrn.1719096","DOIUrl":"https://doi.org/10.2139/ssrn.1719096","url":null,"abstract":"In this paper, we examine time and country specific institutional effects on CSR disclosures by big bank in fourteen Western European banks. For time effect, we compared banks’ CSR disclosures in 2005, when societal expectation of banks’ CSR disclosures was considered low, to their CSR disclosures in 2008, when social expectations from banks were higher due to the legitimacy gaps. For the institutional effects, we examine the impacts of legal origin and cultural institutions on CSR disclosures of banks in the countries studied. We find that banks are intransigent in their CSR disclosures as they maintained a constant CSR score for both periods. We also find significant relationships between countries’ legal origin and the nature of disclosures made by banks. Consistent with our hypotheses, we find that banks operating in high uncertainty avoidance cultures make more CSR disclosures than banks in low uncertainty avoidance culture, but individualism/collectivism cultural dimensions were not relevant to banks CSR disclosures. We made important contribution to literature and identified policy implications of our findings.","PeriodicalId":365753,"journal":{"name":"CGN: The Environment (Topic)","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2010-12-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128691169","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 research, we investigated (1) whether corporate CO2 emissions have a negative impact on market value, (2) whether disclosure of CO2-related information alleviates the negative impact on market value, and (3) whether participation in emissions trading schemes alleviates the negative impact on market value. Using data on greenhouse gas emissions under the Global Warming Measures Law, CO2-related disclosure (companies answering to the CDP questionnaire), and emission trading (companies participating in JVETS), we performed a regression analysis based on the Ohlson model (2001). The results of the analysis are as follows. (1) CO2 emissions have a significant negative impact on the market value, given net assets, earnings before extraordinary items, and earnings forecasts. (2) CO2-related disclosure alleviates the negative impact on the market value. (3) Participation in emissions trading schemes alleviates the negative impact on the market value but insignificant at the standard level. (4) As a result of additional analysis, we find, for companies participating in emissions trading schemes, CO2 emissions do not have a significant negative impact on market value. Overall, our results indicate that corporate CO2 emission information, disclosure of CO2-related information, and the data of participation in emissions trading schemes are incorporated in investors’ decision-making.
{"title":"Market Valuation of Corporate CO₂ Emissions, Disclosure and Emissions Trading","authors":"Chika Saka, Tomoki Oshika","doi":"10.2139/ssrn.1619009","DOIUrl":"https://doi.org/10.2139/ssrn.1619009","url":null,"abstract":"In this research, we investigated (1) whether corporate CO2 emissions have a negative impact on market value, (2) whether disclosure of CO2-related information alleviates the negative impact on market value, and (3) whether participation in emissions trading schemes alleviates the negative impact on market value. Using data on greenhouse gas emissions under the Global Warming Measures Law, CO2-related disclosure (companies answering to the CDP questionnaire), and emission trading (companies participating in JVETS), we performed a regression analysis based on the Ohlson model (2001). The results of the analysis are as follows. (1) CO2 emissions have a significant negative impact on the market value, given net assets, earnings before extraordinary items, and earnings forecasts. (2) CO2-related disclosure alleviates the negative impact on the market value. (3) Participation in emissions trading schemes alleviates the negative impact on the market value but insignificant at the standard level. (4) As a result of additional analysis, we find, for companies participating in emissions trading schemes, CO2 emissions do not have a significant negative impact on market value. Overall, our results indicate that corporate CO2 emission information, disclosure of CO2-related information, and the data of participation in emissions trading schemes are incorporated in investors’ decision-making.","PeriodicalId":365753,"journal":{"name":"CGN: The Environment (Topic)","volume":"57 3 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2010-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123878727","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}
Based on unique firm-level time series data, this paper empirically examines the relationship between corporate environmental and stock performance. In contrast to former studies, we consider corporate strategies to address climate change instead of general environmental activities and especially highlight the impact of the underlying environmental and climate policy regime. For this reason, we separately analyze the US and European stock markets for different sub-periods between 2001 and 2006. Methodologically, we compare the risk-adjusted returns of stock portfolios comprising corporations that differ in their responses to climate change. These returns are not only estimated in the common one-factor model based on the Capital Asset Pricing Model (CAPM), but also in the more flexible Carhart four-factor model. Our portfolio analysis first shows a negative relationship between corporate activities to address climate change and financial performance over the entire period from 2001 to 2006, especially for Europe. Furthermore, we especially find that a trading strategy which bought stocks of European corporations with stronger responses to climate change and sold stocks of European corporations with weaker responses to climate change led to negative abnormal returns in the period with less ambitious climate policy from 2001 to 2003, but to positive abnormal returns in the period with a more stringent climate policy regime from 2004 to 2006. In contrast, the US stock market produced negative risk-adjusted returns for the latter period with a rather weak environmental regulation framework.
{"title":"Corporate Responses to Climate Change and Financial Performance: The Impact of Climate Policy","authors":"Andreas Ziegler, T. Busch, V. Hoffmann","doi":"10.2139/ssrn.1348476","DOIUrl":"https://doi.org/10.2139/ssrn.1348476","url":null,"abstract":"Based on unique firm-level time series data, this paper empirically examines the relationship between corporate environmental and stock performance. In contrast to former studies, we consider corporate strategies to address climate change instead of general environmental activities and especially highlight the impact of the underlying environmental and climate policy regime. For this reason, we separately analyze the US and European stock markets for different sub-periods between 2001 and 2006. Methodologically, we compare the risk-adjusted returns of stock portfolios comprising corporations that differ in their responses to climate change. These returns are not only estimated in the common one-factor model based on the Capital Asset Pricing Model (CAPM), but also in the more flexible Carhart four-factor model. Our portfolio analysis first shows a negative relationship between corporate activities to address climate change and financial performance over the entire period from 2001 to 2006, especially for Europe. Furthermore, we especially find that a trading strategy which bought stocks of European corporations with stronger responses to climate change and sold stocks of European corporations with weaker responses to climate change led to negative abnormal returns in the period with less ambitious climate policy from 2001 to 2003, but to positive abnormal returns in the period with a more stringent climate policy regime from 2004 to 2006. In contrast, the US stock market produced negative risk-adjusted returns for the latter period with a rather weak environmental regulation framework.","PeriodicalId":365753,"journal":{"name":"CGN: The Environment (Topic)","volume":"43 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131598767","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 : 2008-09-11DOI: 10.5771/1439-880X-2008-2-182
A. Bassen, A. Kovacs
Environmental, social and governance factors are becoming increasingly significant for comprehensive firm valuation. These factors are however of a qualitative nature and therefore difficult to express in numerical figures. Consequently, disclosure and the relevancy thereof to investors are problematic. The article analyses a breakthrough instrument which facilitates the quantification and representation of such data against the background of international institutional efforts aiming to promote standardised qualitative reporting for extra-financial information.
{"title":"Environmental, Social and Governance Key Performance Indicators from a Capital Market Perspective","authors":"A. Bassen, A. Kovacs","doi":"10.5771/1439-880X-2008-2-182","DOIUrl":"https://doi.org/10.5771/1439-880X-2008-2-182","url":null,"abstract":"Environmental, social and governance factors are becoming increasingly significant for comprehensive firm valuation. These factors are however of a qualitative nature and therefore difficult to express in numerical figures. Consequently, disclosure and the relevancy thereof to investors are problematic. The article analyses a breakthrough instrument which facilitates the quantification and representation of such data against the background of international institutional efforts aiming to promote standardised qualitative reporting for extra-financial information.","PeriodicalId":365753,"journal":{"name":"CGN: The Environment (Topic)","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2008-09-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128902581","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}
Economics often provides the wrong incentives to those who control the assets, such as people in developing countries where most forests are located and who could potentially benefit most from conservation . There is increasing unease about this situation, and an emerging view is that standard economic concepts and prescriptions fail to properly account for the value of environmental assets . Economic values seem to be out of step with social values ; it is clear that the economic science of the future should bridge this gap. This paper develops practical ways and new economic thinking to redress this discrepancy: it creates and develops structures and institutions through which the value embodied in environmental assets can be translated into economic return which encourages the conservation of the asset, and induce more equitable and effective use of resources . I will introduce a range of different financial instruments, some of which are connected to global environmental assets such as the planet's atmosphere, and others to local or regional assets, such as watersheds . The financial instruments proposed here all share an unusual feature : they provide economic incentives towards environmental conservation. They do so by altering the economic valuation of these assets in a way that is more aligned with their real values to human societies . By doing so, these mechanisms produce incentives towards more efficient use of resources globally, whether for local resources such as water or for global resources such as a stable atmosphere . The ultimate role of these instruments is to offer a way to fund sustainable human development at a global scale, systematically and reliably. The main message of this article is that we must rethink the foundations of international development to achieve equitable and sustainable economic progress . The Bretton Woods Institutions (World Bank, IMF, GATT) were based on a post World War II model . They encouraged one form of development : resource based industrialization . These organizations are built upon a model funded by voluntary national donations based on taxes, a model that no longer works well . At the same time the globalization of the world economy brings new demands on the international system, requiring more infrastructure for trading and communication, and the need to develop new standards of human development and environmental protection . The current criticism of the Bretton Woods institutions, and of the United Nations within the US and other industrial nations, comes at a time when international organizations may be more needed than ever .
{"title":"Financial Instruments for Human Development","authors":"G. Chichilnisky","doi":"10.2139/ssrn.1375484","DOIUrl":"https://doi.org/10.2139/ssrn.1375484","url":null,"abstract":"Economics often provides the wrong incentives to those who control the assets, such as people in developing countries where most forests are located and who could potentially benefit most from conservation . There is increasing unease about this situation, and an emerging view is that standard economic concepts and prescriptions fail to properly account for the value of environmental assets . Economic values seem to be out of step with social values ; it is clear that the economic science of the future should bridge this gap. This paper develops practical ways and new economic thinking to redress this discrepancy: it creates and develops structures and institutions through which the value embodied in environmental assets can be translated into economic return which encourages the conservation of the asset, and induce more equitable and effective use of resources . I will introduce a range of different financial instruments, some of which are connected to global environmental assets such as the planet's atmosphere, and others to local or regional assets, such as watersheds . The financial instruments proposed here all share an unusual feature : they provide economic incentives towards environmental conservation. They do so by altering the economic valuation of these assets in a way that is more aligned with their real values to human societies . By doing so, these mechanisms produce incentives towards more efficient use of resources globally, whether for local resources such as water or for global resources such as a stable atmosphere . The ultimate role of these instruments is to offer a way to fund sustainable human development at a global scale, systematically and reliably. The main message of this article is that we must rethink the foundations of international development to achieve equitable and sustainable economic progress . The Bretton Woods Institutions (World Bank, IMF, GATT) were based on a post World War II model . They encouraged one form of development : resource based industrialization . These organizations are built upon a model funded by voluntary national donations based on taxes, a model that no longer works well . At the same time the globalization of the world economy brings new demands on the international system, requiring more infrastructure for trading and communication, and the need to develop new standards of human development and environmental protection . The current criticism of the Bretton Woods institutions, and of the United Nations within the US and other industrial nations, comes at a time when international organizations may be more needed than ever .","PeriodicalId":365753,"journal":{"name":"CGN: The Environment (Topic)","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129761231","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 essay examines the issues of equity and efnciency in the use of global environmental resources, with the atmosphere as a case in point. It shows a somewhat unexpected connection between the two issues in the context of international greenhouse gas emissions trading markets. Contrary to common wisdom, achieving a more even distribution of property rights to environmental assets is more than a matter of equity Property rights also influence market efficiency. I show that a precondition for market efficiency is that more property rights in the global commons should be given to those regions that own fewer private goods. This connection leads to recommendations to implement the greenhouse gas emissions trading regimes authorized by the Kyoto Protocol to the United Nations Framework Convention on Climate Change (FCCC). In order to ensure an efficient trading market, developing countries should be allocated proportionately more emissions rights than industrial countries. In addition, there is a need to create an International Bank for Environmental Settlements (IBES) as a self-financing institution that can obtain market value from environmental resources while preserving them. Emissions trading, the global reinsurance of environmental risks, and securitization of the earth’s biodiversity resources are financial instruments that merge the interests of the private financial markets with international sustainable development policy These instruments and institutions should help to redefine economic progress in away that is compatible with a harmonious use of the world’s resources and with equity among rich and poor nations.
{"title":"Equity and Efficiency in Global Emissions Markets","authors":"G. Chichilnisky","doi":"10.2139/ssrn.1377782","DOIUrl":"https://doi.org/10.2139/ssrn.1377782","url":null,"abstract":"This essay examines the issues of equity and efnciency in the use of global environmental resources, with the atmosphere as a case in point. It shows a somewhat unexpected connection between the two issues in the context of international greenhouse gas emissions trading markets. Contrary to common wisdom, achieving a more even distribution of property rights to environmental assets is more than a matter of equity Property rights also influence market efficiency. I show that a precondition for market efficiency is that more property rights in the global commons should be given to those regions that own fewer private goods. This connection leads to recommendations to implement the greenhouse gas emissions trading regimes authorized by the Kyoto Protocol to the United Nations Framework Convention on Climate Change (FCCC). In order to ensure an efficient trading market, developing countries should be allocated proportionately more emissions rights than industrial countries. In addition, there is a need to create an International Bank for Environmental Settlements (IBES) as a self-financing institution that can obtain market value from environmental resources while preserving them. Emissions trading, the global reinsurance of environmental risks, and securitization of the earth’s biodiversity resources are financial instruments that merge the interests of the private financial markets with international sustainable development policy These instruments and institutions should help to redefine economic progress in away that is compatible with a harmonious use of the world’s resources and with equity among rich and poor nations.","PeriodicalId":365753,"journal":{"name":"CGN: The Environment (Topic)","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130730788","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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