This paper studies the misallocation of intermediate inputs in China’s firm-level data, eliminating which would increase the average industry’s gross output by 2.93%. We document evidence of pre-pay and financial frictions on intermediate inputs behind the misallocation. We build these frictions into a standard industry dynamics model along with adjustment costs and financial frictions on capital. Counterfactual experiments show that intermediate input frictions, primarily financial frictions, account for 10.8% of China’s gross output misallocation. Value-added gains from reallocating capital, labor, and intermediate inputs are smaller than those obtained when firms are modeled as value-added producers, both in the model and the data.
{"title":"Financing Intermediate Inputs and Misallocation: Evidence from China’s Firm-Level Data","authors":"Wenyao Wang","doi":"10.2139/ssrn.3915995","DOIUrl":"https://doi.org/10.2139/ssrn.3915995","url":null,"abstract":"This paper studies the misallocation of intermediate inputs in China’s firm-level data, eliminating which would increase the average industry’s gross output by 2.93%. We document evidence of pre-pay and financial frictions on intermediate inputs behind the misallocation. We build these frictions into a standard industry dynamics model along with adjustment costs and financial frictions on capital. Counterfactual experiments show that intermediate input frictions, primarily financial frictions, account for 10.8% of China’s gross output misallocation. Value-added gains from reallocating capital, labor, and intermediate inputs are smaller than those obtained when firms are modeled as value-added producers, both in the model and the data.","PeriodicalId":410187,"journal":{"name":"FEN: Institutions & Financing Practices (Topic)","volume":"65 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-09-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122742064","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 idea that a nation cannot have a thriving economy whilst protecting the environment has long been discarded. The idea that a nation cannot have a thriving economy whilst protecting the environment has long been discarded. The growing sustainability advocacy has inspired the growth of enterprises with green objectives and created investment opportunities for every nation. One of such economic innovations of this growing advocacy is “green financing”. Green financing basically aims to increase financial flows, through investors and financial institutions, to aid entities with green objectives in fulfilling developmental priorities. However, the potentials of this practice are far from being realized in Nigeria. In embracing green financing, Nigeria can thrive economically and sustain her environment. Why then is this trend not an enviable reality in Nigeria? This article posits that the existence of a proper framework that facilitates the creation and existence of entities with developmental priorities, incorporates green financing instruments into the activities of current financial institutions and guarantees the protection of investors, is key to transforming Nigeria’s current reception to traditional and Islamic green finance, making her a global hub for these trends. Sustainability advocacy has inspired the growth of enterprises with green objectives and created investment opportunities for every nation. One of such economic innovations of this growing advocacy is “green financing”. Green financing basically aims to increase financial flows, through investors and financial institutions, to aid entities with green objectives in fulfilling developmental priorities. However, the potentials of this practice are far from being realized in Nigeria. In embracing green financing, Nigeria can thrive economically and sustain her environment. Why then is this trend not an enviable reality in Nigeria? This article posits that the existence of a proper framework that facilitates the creation and existence of entities with developmental priorities, incorporates green financing instruments into the activities of current financial institutions and guarantees the protection of investors, is key to transforming Nigeria’s current reception to traditional and Islamic green finance, making her a global hub for these trends.
{"title":"Nigeria as a Global Hub for Traditional and Islamic Green Financing","authors":"M. Kadiri","doi":"10.2139/ssrn.3862687","DOIUrl":"https://doi.org/10.2139/ssrn.3862687","url":null,"abstract":"The idea that a nation cannot have a thriving economy whilst protecting the environment has long been discarded. The idea that a nation cannot have a thriving economy whilst protecting the environment has long been discarded. The growing sustainability advocacy has inspired the growth of enterprises with green objectives and created investment opportunities for every nation. One of such economic innovations of this growing advocacy is “green financing”. Green financing basically aims to increase financial flows, through investors and financial institutions, to aid entities with green objectives in fulfilling developmental priorities. However, the potentials of this practice are far from being realized in Nigeria. In embracing green financing, Nigeria can thrive economically and sustain her environment. Why then is this trend not an enviable reality in Nigeria? This article posits that the existence of a proper framework that facilitates the creation and existence of entities with developmental priorities, incorporates green financing instruments into the activities of current financial institutions and guarantees the protection of investors, is key to transforming Nigeria’s current reception to traditional and Islamic green finance, making her a global hub for these trends. Sustainability advocacy has inspired the growth of enterprises with green objectives and created investment opportunities for every nation. One of such economic innovations of this growing advocacy is “green financing”. Green financing basically aims to increase financial flows, through investors and financial institutions, to aid entities with green objectives in fulfilling developmental priorities. However, the potentials of this practice are far from being realized in Nigeria. In embracing green financing, Nigeria can thrive economically and sustain her environment. Why then is this trend not an enviable reality in Nigeria? This article posits that the existence of a proper framework that facilitates the creation and existence of entities with developmental priorities, incorporates green financing instruments into the activities of current financial institutions and guarantees the protection of investors, is key to transforming Nigeria’s current reception to traditional and Islamic green finance, making her a global hub for these trends.","PeriodicalId":410187,"journal":{"name":"FEN: Institutions & Financing Practices (Topic)","volume":"55 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-06-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129563499","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 IPO process involves a large amount of information delivered to the public through different means. Information frictions may be what causes most of the underpricing. Socially conscious investors supposedly use the ESG criteria to check for potential investments. Thus, we argue that disclosing more ESG information in the S-1 prospectus diminishes the information asymmetry between the company and the investors, positively benefiting the companies’ financial performance, here in terms of lower underpricing and evaluation. Based on a sample of 783 U.S. IPOs we compute a text-based measure of ESG dislosure in IPOs. Our results show that (a) the amount of ESG disclosures in the S-1s is negatively associated with IPO’s underpricing and Tobin’s Q; (b) this effect is primarily driven for the underpricing by the ESG as a whole, as well as for the price revision. Our analyses show instead that when considering Tobin’s Q investors value at most the governance part of sustainability.
IPO过程涉及通过不同方式向公众传递大量信息。信息摩擦可能是造成大多数定价过低的原因。有社会意识的投资者应该使用ESG标准来检查潜在的投资。因此，我们认为，在S-1招股说明书中披露更多的ESG信息，可以减少公司与投资者之间的信息不对称，从而对公司的财务业绩产生积极的影响，这里是在降低低估和评估方面。我们以783家美国ipo公司为样本，计算了一种基于文本的ESG披露指标。我们的研究结果表明:(a) s - 15中ESG披露的数量与IPO定价过低和Tobin’s Q呈负相关;(b)造成这种影响的主要原因是ESG整体定价过低，以及价格调整。我们的分析表明，当考虑托宾Q时，投资者最看重可持续性的治理部分。
{"title":"ESG and the Pricing of IPOs: Does Sustainability Matter","authors":"Alessandro Fenili, C. Raimondo","doi":"10.2139/ssrn.3860138","DOIUrl":"https://doi.org/10.2139/ssrn.3860138","url":null,"abstract":"The IPO process involves a large amount of information delivered to the public through different means. Information frictions may be what causes most of the underpricing. Socially conscious investors supposedly use the ESG criteria to check for potential investments. Thus, we argue that disclosing more ESG information in the S-1 prospectus diminishes the information asymmetry between the company and the investors, positively benefiting the companies’ financial performance, here in terms of lower underpricing and evaluation. Based on a sample of 783 U.S. IPOs we compute a text-based measure of ESG dislosure in IPOs. Our results show that (a) the amount of ESG disclosures in the S-1s is negatively associated with IPO’s underpricing and Tobin’s Q; (b) this effect is primarily driven for the underpricing by the ESG as a whole, as well as for the price revision. Our analyses show instead that when considering Tobin’s Q investors value at most the governance part of sustainability.","PeriodicalId":410187,"journal":{"name":"FEN: Institutions & Financing Practices (Topic)","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-06-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130383002","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 market for project finance loans has a special feature: banks do not only compete individually but also through coalitions or “syndicates”. Traditional concentration indicators summarise industry structure based on individual market shares but they fail to capture the dynamics of competition between coalitions. For the same level of concentration, competition will be fiercer if there exist different competing coalitions than if all loans are granted by a single syndicate of banks. We develop a metric of “similarity” between syndicates to assess how similar syndicate composition is in the European project finance loan industry. We find that syndicates are more similar within Spain and Portugal than within Germany and the UK, which might indicate a lower degree of competition in the former. We also find that syndicates are significantly more similar within countries than between countries, which might reflect the lack of market integration and the existence of home bias in the European project finance loan industry.
{"title":"Competition in the Project Finance Loan Industry in Europe","authors":"Juan. Delgado, Violeta Morón, Héctor Otero","doi":"10.2139/ssrn.3852758","DOIUrl":"https://doi.org/10.2139/ssrn.3852758","url":null,"abstract":"The market for project finance loans has a special feature: banks do not only compete individually but also through coalitions or “syndicates”. Traditional concentration indicators summarise industry structure based on individual market shares but they fail to capture the dynamics of competition between coalitions. For the same level of concentration, competition will be fiercer if there exist different competing coalitions than if all loans are granted by a single syndicate of banks. We develop a metric of “similarity” between syndicates to assess how similar syndicate composition is in the European project finance loan industry. We find that syndicates are more similar within Spain and Portugal than within Germany and the UK, which might indicate a lower degree of competition in the former. We also find that syndicates are significantly more similar within countries than between countries, which might reflect the lack of market integration and the existence of home bias in the European project finance loan industry.","PeriodicalId":410187,"journal":{"name":"FEN: Institutions & Financing Practices (Topic)","volume":"8 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-05-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128038074","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}
Sovereigns in distress often engage in debt restructuring, typically negotiating with multiple classes of bondholders at once. We investigate whether sovereign bondholders benefit from committing not to restructure their debt. To do so, we use a court ruling that made one class of bonds easier to restructure. We find that, relative to a control group, not only did that class depreciate, so did other classes. We rationalize these findings with a model in which bondholders benefit from disciplining a sovereign with a willingness-to-pay problem.
{"title":"Sovereign Bond Restructuring: Commitment vs. Flexibility","authors":"J. Donaldson, Lukas Kremens, Giorgia Piacentino","doi":"10.2139/ssrn.3761293","DOIUrl":"https://doi.org/10.2139/ssrn.3761293","url":null,"abstract":"Sovereigns in distress often engage in debt restructuring, typically negotiating with multiple classes of bondholders at once. We investigate whether sovereign bondholders benefit from committing not to restructure their debt. To do so, we use a court ruling that made one class of bonds easier to restructure. We find that, relative to a control group, not only did that class depreciate, so did other classes. We rationalize these findings with a model in which bondholders benefit from disciplining a sovereign with a willingness-to-pay problem.","PeriodicalId":410187,"journal":{"name":"FEN: Institutions & Financing Practices (Topic)","volume":"118 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-01-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122466791","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}
Recent studies find that transactions volume and volatility spread of exchange-traded single-stock options predict the underlying stock’s future returns. Most of the firms with exchange-traded options have large market capitalization and are actively traded. It is a puzzle why it takes days and sometimes weeks for stock price to reflect the information contained in option trades. We conjecture that voting rights consideration may contribute to the delayed stock price response to option information. More specifically, we hypothesize that the delay is much longer during the period when shareholder voting is required to resolve contentious corporate matters. We analyze a sample of 1,842 special shareholder meetings between 2003 and 2015 and find that the predictability of option volume and volatility spread is much stronger in the weeks around special shareholder meetings (i.e., the event window). The Fama-MacBeth regression analysis shows that while the predictability of volatility spread is significant both within and outside the event window, the predictability of option volume is significant only within the event window. We contribute to the literature by offering a new explanation of the delayed stock price response to option information and documenting a significant asset pricing effect of voting rights.
{"title":"Voting Rights and the Delayed Stock Price Response to Option Information","authors":"Gang Li, Linti Zhang, Shaojun Zhang","doi":"10.2139/ssrn.3752586","DOIUrl":"https://doi.org/10.2139/ssrn.3752586","url":null,"abstract":"Recent studies find that transactions volume and volatility spread of exchange-traded single-stock options predict the underlying stock’s future returns. Most of the firms with exchange-traded options have large market capitalization and are actively traded. It is a puzzle why it takes days and sometimes weeks for stock price to reflect the information contained in option trades. We conjecture that voting rights consideration may contribute to the delayed stock price response to option information. More specifically, we hypothesize that the delay is much longer during the period when shareholder voting is required to resolve contentious corporate matters. We analyze a sample of 1,842 special shareholder meetings between 2003 and 2015 and find that the predictability of option volume and volatility spread is much stronger in the weeks around special shareholder meetings (i.e., the event window). The Fama-MacBeth regression analysis shows that while the predictability of volatility spread is significant both within and outside the event window, the predictability of option volume is significant only within the event window. We contribute to the literature by offering a new explanation of the delayed stock price response to option information and documenting a significant asset pricing effect of voting rights.","PeriodicalId":410187,"journal":{"name":"FEN: Institutions & Financing Practices (Topic)","volume":"116 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-12-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132990433","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}
Letter of credit — a financial term, one of the types of payment instruments between the participants of export-import contract. Today the letter of credit is recognized by financiers in all over the world as the most universal way of payment in foreign economic activity. The letter of credit allows the businessmen to solve several problems at once. The letter of credit guarantees: minimization of possible legal risks; additional insurance against unfair contractors in a foreign trade. Russian companies that have experience of working with international partners on the basis of long-term cooperation are able to reach an agreement on payment for products upon delivery. However, start-up companies have no chance to find a foreign company that would be willing to work on such conditions. In addition, payment in advance is unprofitable and not safe for the start-up traders, making the first steps in foreign markets. In this situation the letter of credit is an universal instrument of international payments.
{"title":"Letter Of Credit as a Payment Instrument of the Export-Import Deal","authors":"N. Butakova","doi":"10.2139/ssrn.3598871","DOIUrl":"https://doi.org/10.2139/ssrn.3598871","url":null,"abstract":"Letter of credit — a financial term, one of the types of payment instruments between the participants of export-import contract. Today the letter of credit is recognized by financiers in all over the world as the most universal way of payment in foreign economic activity. The letter of credit allows the businessmen to solve several problems at once. The letter of credit guarantees: minimization of possible legal risks; additional insurance against unfair contractors in a foreign trade. Russian companies that have experience of working with international partners on the basis of long-term cooperation are able to reach an agreement on payment for products upon delivery. However, start-up companies have no chance to find a foreign company that would be willing to work on such conditions. In addition, payment in advance is unprofitable and not safe for the start-up traders, making the first steps in foreign markets. In this situation the letter of credit is an universal instrument of international payments.","PeriodicalId":410187,"journal":{"name":"FEN: Institutions & Financing Practices (Topic)","volume":"2015 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-05-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127313288","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}
Jess Cornaggia, M. Gustafson, Jason D. Kotter, Kevin Pisciotta
After accounting for endogeneity in the IPO decision, areas hosting large companies that go public experience muted growth in employment, establishments, and population, relative to areas where firms remain private. These effects are most pronounced in low income areas. Establishment-level analyses and tests of IPO-filer acquisition activity reveal that transitioning to public ownership causes firms to geographically diversify their establishments and employee base. These findings are consistent with public ownership reducing a firm’s reliance on local agglomeration economies, to the detriment of the local community.
{"title":"Initial Public Offerings and the Local Economy","authors":"Jess Cornaggia, M. Gustafson, Jason D. Kotter, Kevin Pisciotta","doi":"10.2139/ssrn.3036176","DOIUrl":"https://doi.org/10.2139/ssrn.3036176","url":null,"abstract":"After accounting for endogeneity in the IPO decision, areas hosting large companies that go public experience muted growth in employment, establishments, and population, relative to areas where firms remain private. These effects are most pronounced in low income areas. Establishment-level analyses and tests of IPO-filer acquisition activity reveal that transitioning to public ownership causes firms to geographically diversify their establishments and employee base. These findings are consistent with public ownership reducing a firm’s reliance on local agglomeration economies, to the detriment of the local community.","PeriodicalId":410187,"journal":{"name":"FEN: Institutions & Financing Practices (Topic)","volume":"44 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-03-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134435853","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 studies the impact of the number of sovereign credit rating and outlook changes on the access to credit by firms. The data sample consists of 127,000 firms from 139 countries surveyed by World Bank over the period, 2006 to 2016. An ordered logit model is used as a primary tool for empirical analysis. It finds a significant negative relation between the instability of sovereign rating and outlooks; and the access to credit by firms. A collection of sub-sample analyses across rating agencies and country groups validate the results.
{"title":"Access to Credit by Firms and Sovereign Credit Rating Stability","authors":"Yasir Riaz, C. T. Shehzad, R. Faff","doi":"10.2139/ssrn.3482275","DOIUrl":"https://doi.org/10.2139/ssrn.3482275","url":null,"abstract":"This paper studies the impact of the number of sovereign credit rating and outlook changes on the access to credit by firms. The data sample consists of 127,000 firms from 139 countries surveyed by World Bank over the period, 2006 to 2016. An ordered logit model is used as a primary tool for empirical analysis. It finds a significant negative relation between the instability of sovereign rating and outlooks; and the access to credit by firms. A collection of sub-sample analyses across rating agencies and country groups validate the results.","PeriodicalId":410187,"journal":{"name":"FEN: Institutions & Financing Practices (Topic)","volume":"8 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-07-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129258833","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 present the journey by which Novera, a blockchain start-up, partnered with CompanyX, an SME investment firm actively looking for opportunities to leverage disruptive technologies. We believe that the key to this journey is expressed in Novera’s “Business in the front, crypto in the back” perspective. Finance is highly regulated and conservative. So, Novera would not have been able sell its concept for a novel bitcoin tracking fund that received over $1M in venture capital without its corporate ethos: Novera would be able to walk into any boardroom and clearly demonstrate compliance to regulations, and moreover show that their business practices would meet stringent expectations of large financial institutions. At the same time, it is Novera’s vision to innovate beyond the fund to a blockchain-based token platform that keeps its team of technologists motivated and forward-looking. We advise others weighing investment in blockchain, especially SME’s and start-ups in finance, to understand and manage this dichotomy.
{"title":"Business in the Front, Crypto in the Back: How to Be a Blockchain Startup in Fintech","authors":"Henry M. Kim, Ushnish Sengupta, M. Laskowski","doi":"10.2139/SSRN.3423179","DOIUrl":"https://doi.org/10.2139/SSRN.3423179","url":null,"abstract":"We present the journey by which Novera, a blockchain start-up, partnered with CompanyX, an SME investment firm actively looking for opportunities to leverage disruptive technologies. We believe that the key to this journey is expressed in Novera’s “Business in the front, crypto in the back” perspective. Finance is highly regulated and conservative. So, Novera would not have been able sell its concept for a novel bitcoin tracking fund that received over $1M in venture capital without its corporate ethos: Novera would be able to walk into any boardroom and clearly demonstrate compliance to regulations, and moreover show that their business practices would meet stringent expectations of large financial institutions. At the same time, it is Novera’s vision to innovate beyond the fund to a blockchain-based token platform that keeps its team of technologists motivated and forward-looking. We advise others weighing investment in blockchain, especially SME’s and start-ups in finance, to understand and manage this dichotomy.","PeriodicalId":410187,"journal":{"name":"FEN: Institutions & Financing Practices (Topic)","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-07-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130628617","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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