The financial crisis of 2008 had many putative causes. Psychology was an important driver for human decisions underlying these causes. However, quantitative financial models have no “knobs” to dial psychology parameters, and so arguably cannot possibly cope with financial crises. We have no illusions of the difficulty of including psychology in financial modeling. Here we take a first step by considering how a particular aspect of psychology can influence an underlying security and subsequent option prices, in a quantitative model. The underlying security can be a stock or an FX rate. There are three steps. First we investigate how psychological regret and fear impact trading selling behavior. Second we use results from the first step to link this changed trading behavior with induced changes in underlying security prices. Third, we consider changes in option prices due to these induced underlying security price changes. The results can be expressed either as a modified effective dividend for stock options, a modified effective interest rate for FX options, or an unusual change in implied volatility. Options analysis for some USDCAD FX European options with implied parameters indicates this approach has some empirical relevance. The contribution of this paper is thus threefold: 1. The paper breaks ground by emphasizing the desirability of incorporating interdisciplinary explicit interaction between behavioral finance and securities modeling, 2. The paper provides a definite model with a quantitative mechanism of how a particular psychological behavior can influence the prices of some securities, and 3. The paper shows that this model can facilitate the description of some illustrative option data.
{"title":"Psychology, Stock/FX Trading, and Option Prices","authors":"A. Beilis, J. Dash, Jacqueline Volkman Wise","doi":"10.2139/ssrn.1992016","DOIUrl":"https://doi.org/10.2139/ssrn.1992016","url":null,"abstract":"The financial crisis of 2008 had many putative causes. Psychology was an important driver for human decisions underlying these causes. However, quantitative financial models have no “knobs” to dial psychology parameters, and so arguably cannot possibly cope with financial crises. We have no illusions of the difficulty of including psychology in financial modeling. Here we take a first step by considering how a particular aspect of psychology can influence an underlying security and subsequent option prices, in a quantitative model. The underlying security can be a stock or an FX rate. There are three steps. First we investigate how psychological regret and fear impact trading selling behavior. Second we use results from the first step to link this changed trading behavior with induced changes in underlying security prices. Third, we consider changes in option prices due to these induced underlying security price changes. The results can be expressed either as a modified effective dividend for stock options, a modified effective interest rate for FX options, or an unusual change in implied volatility. Options analysis for some USDCAD FX European options with implied parameters indicates this approach has some empirical relevance. The contribution of this paper is thus threefold: 1. The paper breaks ground by emphasizing the desirability of incorporating interdisciplinary explicit interaction between behavioral finance and securities modeling, 2. The paper provides a definite model with a quantitative mechanism of how a particular psychological behavior can influence the prices of some securities, and 3. The paper shows that this model can facilitate the description of some illustrative option data.","PeriodicalId":431629,"journal":{"name":"Econometrics: Applied Econometric Modeling in Financial Economics eJournal","volume":"9 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-01-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131346679","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 research evaluates if the media coverage from newspaper affect Indonesia’s securities markets in the way that the more coverage a stock get, the lower the return will be and the less coverage, or even no coverage a stock get, the higher the return will be. If it is found, then the causes behind the media effect are going to be analyzed and chosen from three different causes, which are return and reversal drift, impediment to trade hypothesis, or Merton’s investor recognition hypothesis.The research data consists of monthly return of long-short portfolio of all stocks in Indonesia’s stock market that did not cease and is not newly listed from January 2006 to December 2010, which is formed by going long (buying) no-coverage stocks and going short (selling) high-coverage stocks. The first test which is conducted is diagnostic test (normality, heteroskedasticity, auto-correlation, and multicollinearity test) to the variables to ensure that the equations in this research have BLUE estimator. Then, the ordinary least square regression is applied to the capital asset pricing model, Fama-French three factor model, and Carhart four-factor model to see whether the media effect exists.This research found that the media effect does not exist because what is found is that return of high-coverage stocks is higher than return of no-coverage stocks in Indonesia’s stock market.
{"title":"Media Coverage and the Cross-Section of Stock Returns in Indonesia","authors":"Amelia Meidyawati","doi":"10.2139/ssrn.2000692","DOIUrl":"https://doi.org/10.2139/ssrn.2000692","url":null,"abstract":"This research evaluates if the media coverage from newspaper affect Indonesia’s securities markets in the way that the more coverage a stock get, the lower the return will be and the less coverage, or even no coverage a stock get, the higher the return will be. If it is found, then the causes behind the media effect are going to be analyzed and chosen from three different causes, which are return and reversal drift, impediment to trade hypothesis, or Merton’s investor recognition hypothesis.The research data consists of monthly return of long-short portfolio of all stocks in Indonesia’s stock market that did not cease and is not newly listed from January 2006 to December 2010, which is formed by going long (buying) no-coverage stocks and going short (selling) high-coverage stocks. The first test which is conducted is diagnostic test (normality, heteroskedasticity, auto-correlation, and multicollinearity test) to the variables to ensure that the equations in this research have BLUE estimator. Then, the ordinary least square regression is applied to the capital asset pricing model, Fama-French three factor model, and Carhart four-factor model to see whether the media effect exists.This research found that the media effect does not exist because what is found is that return of high-coverage stocks is higher than return of no-coverage stocks in Indonesia’s stock market.","PeriodicalId":431629,"journal":{"name":"Econometrics: Applied Econometric Modeling in Financial Economics eJournal","volume":"12 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-01-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127752300","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}
Volatility is one of the key factors for an investor before investing in the capital market. High volatility is seen as a sign of investor nervousness, while low volatility is sign of confidence. Contrary to popular perception, volatility has not gone up in the recent past. This study analyses the volatility of NSE-NIFTY and its associated fifty stocks for a period of seven years (April 2004 - March 2011) using GARCH model. The study also compares the pre-recession and post-recession volatility, and analyses the effect of the global financial crisis on NIFTY volatility.
{"title":"A Comparison of Pre-Recession and Post-Recession Volatility in NIFTY","authors":"Shanki Jain, M. Dash","doi":"10.2139/ssrn.1988809","DOIUrl":"https://doi.org/10.2139/ssrn.1988809","url":null,"abstract":"Volatility is one of the key factors for an investor before investing in the capital market. High volatility is seen as a sign of investor nervousness, while low volatility is sign of confidence. Contrary to popular perception, volatility has not gone up in the recent past. This study analyses the volatility of NSE-NIFTY and its associated fifty stocks for a period of seven years (April 2004 - March 2011) using GARCH model. The study also compares the pre-recession and post-recession volatility, and analyses the effect of the global financial crisis on NIFTY volatility.","PeriodicalId":431629,"journal":{"name":"Econometrics: Applied Econometric Modeling in Financial Economics eJournal","volume":"5 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-01-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115020945","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}
During the 2007-2009 financial crisis certain events in the American financial system affected financial markets around the globe. Moreover, since the onset of the euro zone sovereign debt crisis, the systemic risk in Europe also appeared to affect the banking sector risk in other regions. While both effects are mentioned frequently in the public discourse on banking sector risk contagion and regulation, a scientific examination of these inter-regional contagion effects is to the best of our knowledge not available. In this paper we fill this gap and analyze the inter-regional systemic risk contagion effects between the regional relative expected systemic shortfall (ESS) indicator and alternatively the regional bank CDS spreads of the American, Asia-Pacific, European as well as the Middle East and Russia sub-samples in Lahmann/Kaserer (2011) by means of Granger-causality tests and impulse response analysis in vector autoregressive frameworks during four sub-periods between October 2005 and April 2011.We find that during the financial crisis period the systemic risk in America leads the systemic risk in other regions and during the euro zone sovereign debt crisis period the impact of the European systemic risk on the banking sectors in other regions is more pronounced. Moreover, additional lead-lag relationships are observed.
{"title":"Is there Inter-Regional Systemic Risk Contagion? An Investigation of Inter-Regional Systemic Risk Spillover Effects using the ESS-indicator and Bank CDS Spreads","authors":"W. Lahmann","doi":"10.2139/ssrn.1994849","DOIUrl":"https://doi.org/10.2139/ssrn.1994849","url":null,"abstract":"During the 2007-2009 financial crisis certain events in the American financial system affected financial markets around the globe. Moreover, since the onset of the euro zone sovereign debt crisis, the systemic risk in Europe also appeared to affect the banking sector risk in other regions. While both effects are mentioned frequently in the public discourse on banking sector risk contagion and regulation, a scientific examination of these inter-regional contagion effects is to the best of our knowledge not available. In this paper we fill this gap and analyze the inter-regional systemic risk contagion effects between the regional relative expected systemic shortfall (ESS) indicator and alternatively the regional bank CDS spreads of the American, Asia-Pacific, European as well as the Middle East and Russia sub-samples in Lahmann/Kaserer (2011) by means of Granger-causality tests and impulse response analysis in vector autoregressive frameworks during four sub-periods between October 2005 and April 2011.We find that during the financial crisis period the systemic risk in America leads the systemic risk in other regions and during the euro zone sovereign debt crisis period the impact of the European systemic risk on the banking sectors in other regions is more pronounced. Moreover, additional lead-lag relationships are observed.","PeriodicalId":431629,"journal":{"name":"Econometrics: Applied Econometric Modeling in Financial Economics eJournal","volume":"73 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-01-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127666442","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 proposes a novel approach to extracting option-implied equity premia, and empirically examines the information content of these risk premia for forecasting the stock market return. Our approach does not require specifying the functional form of the pricing kernel, and does not impose any restrictions on investors' preferences. We only assume the existence of put and call options which complete the market, and show that the equity premium can be inferred from expected excess returns on a portfolio of options. An empirical investigation of SP (ii) the implied equity premium consistently outperforms variables commonly used in the forecasting literature both in- and out-of-sample; (iii) at the cross-sectional level, stocks that are more sensitive to the implied equity premium have higher returns on average.
{"title":"Option-Implied Equity Premia and the Predictability of Stock Market Returns","authors":"M. Karoui","doi":"10.2139/ssrn.1933617","DOIUrl":"https://doi.org/10.2139/ssrn.1933617","url":null,"abstract":"This paper proposes a novel approach to extracting option-implied equity premia, and empirically examines the information content of these risk premia for forecasting the stock market return. Our approach does not require specifying the functional form of the pricing kernel, and does not impose any restrictions on investors' preferences. We only assume the existence of put and call options which complete the market, and show that the equity premium can be inferred from expected excess returns on a portfolio of options. An empirical investigation of SP (ii) the implied equity premium consistently outperforms variables commonly used in the forecasting literature both in- and out-of-sample; (iii) at the cross-sectional level, stocks that are more sensitive to the implied equity premium have higher returns on average.","PeriodicalId":431629,"journal":{"name":"Econometrics: Applied Econometric Modeling in Financial Economics eJournal","volume":"30 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-01-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"117007710","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 try and apply the single-scenario version of the general model in Castagna, Mercurio and Mosconi (2010) to the pricing of CDOs. We are able to establish a unified approach to both evaluate the Credit VaR and the risk of structured products, and thus evaluate on a consistent and uniform basis the Economic Capital required to face unexpected credit losses, and the risk transferred out of the balance sheet via the securitisation activity. The approach avoids to resort to cumbersome numerical procedure, by retaining a closed-form feature that allows a quick and accurate pricing of CDO structures.
{"title":"Analytical Pricing of CDOs in a Multi-Factor Setting by a Moment Matching Approach","authors":"A. Castagna, F. Mercurio, P. Mosconi","doi":"10.2139/ssrn.1986805","DOIUrl":"https://doi.org/10.2139/ssrn.1986805","url":null,"abstract":"We try and apply the single-scenario version of the general model in Castagna, Mercurio and Mosconi (2010) to the pricing of CDOs. We are able to establish a unified approach to both evaluate the Credit VaR and the risk of structured products, and thus evaluate on a consistent and uniform basis the Economic Capital required to face unexpected credit losses, and the risk transferred out of the balance sheet via the securitisation activity. The approach avoids to resort to cumbersome numerical procedure, by retaining a closed-form feature that allows a quick and accurate pricing of CDO structures.","PeriodicalId":431629,"journal":{"name":"Econometrics: Applied Econometric Modeling in Financial Economics eJournal","volume":"20 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-01-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121884431","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 current paper analyzes similarities and differences between conventional and Islamic private equity (PE). Despite the financial subprime crisis and the lack of liquidities in financial markets, PE still play an important role in financing growing unlisted firms all over the world. However, conventional PE and Islamic PE display different features. First, Islamic PE funds have less investments opportunities and cannot diversify their projects across activities and sectors mainly because of the Shari’ah compliance criterion. For instance, the PE funds is composed of the managers team, the Shari’ah supervision board SSB and the supervision compliance officer SCO. Second, the choice of PE partnerships depends on the target’s performance, the Islamic scholars’ school and the religiosity degree of the country where they operate, and the SSB policy. Third, they bear varied and different risks from their conventional counterparts. As a consequence, Islamic PE financing is expensive and still not very competitive. Fourth, to overcome and mitigate risks, conventional PE funds can issue convertible securities and abandon prematurely bad quality projects. In contrast, Islamic PE funds are actively involved in the project only in specific cases and cannot exit prematurely the target but can sell gradually their stocks to cover their equity. Finally, financial modes vary according to the degree of involvement of the PE fund in the project and the pre-agreed arrangements between the entrepreneur and the PE fund.
{"title":"Islamic Private Equity: What is New?","authors":"O. Yousfi","doi":"10.2139/ssrn.1985389","DOIUrl":"https://doi.org/10.2139/ssrn.1985389","url":null,"abstract":"The current paper analyzes similarities and differences between conventional and Islamic private equity (PE). Despite the financial subprime crisis and the lack of liquidities in financial markets, PE still play an important role in financing growing unlisted firms all over the world. However, conventional PE and Islamic PE display different features. First, Islamic PE funds have less investments opportunities and cannot diversify their projects across activities and sectors mainly because of the Shari’ah compliance criterion. For instance, the PE funds is composed of the managers team, the Shari’ah supervision board SSB and the supervision compliance officer SCO. Second, the choice of PE partnerships depends on the target’s performance, the Islamic scholars’ school and the religiosity degree of the country where they operate, and the SSB policy. Third, they bear varied and different risks from their conventional counterparts. As a consequence, Islamic PE financing is expensive and still not very competitive. Fourth, to overcome and mitigate risks, conventional PE funds can issue convertible securities and abandon prematurely bad quality projects. In contrast, Islamic PE funds are actively involved in the project only in specific cases and cannot exit prematurely the target but can sell gradually their stocks to cover their equity. Finally, financial modes vary according to the degree of involvement of the PE fund in the project and the pre-agreed arrangements between the entrepreneur and the PE fund.","PeriodicalId":431629,"journal":{"name":"Econometrics: Applied Econometric Modeling in Financial Economics eJournal","volume":"18 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-01-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132672614","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 study investigates the implications of modified utility specifications developed on the standard power utility assumptions for Finnish representative agent while breaking the state and time separable constraints. The estimations are carried out using returns on equity and bond returns with iterated GMM procedure. The results from Epstein and Zin (1991) and Campbell and Cochrane (1999) models show Finnish risk premia is time varying across the studied samples. We conclude Campbell-Cochrane model outperforms the competing models in producing plausible model parameters while suppressing specification errors. The diagnostic checks show model is able to capture variations in stock returns over time. It also commands a significant price of risk in cross-sectional regressions and even manages to do better than unconditional CAPM.
{"title":"Empirical Evidence for State and Time Separable Preferences: Case Finland","authors":"N. Virk","doi":"10.2139/ssrn.1985267","DOIUrl":"https://doi.org/10.2139/ssrn.1985267","url":null,"abstract":"The study investigates the implications of modified utility specifications developed on the standard power utility assumptions for Finnish representative agent while breaking the state and time separable constraints. The estimations are carried out using returns on equity and bond returns with iterated GMM procedure. The results from Epstein and Zin (1991) and Campbell and Cochrane (1999) models show Finnish risk premia is time varying across the studied samples. We conclude Campbell-Cochrane model outperforms the competing models in producing plausible model parameters while suppressing specification errors. The diagnostic checks show model is able to capture variations in stock returns over time. It also commands a significant price of risk in cross-sectional regressions and even manages to do better than unconditional CAPM.","PeriodicalId":431629,"journal":{"name":"Econometrics: Applied Econometric Modeling in Financial Economics eJournal","volume":"59 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-01-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125829557","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 sensitivity of estimates of abnormal performance to models that vary in the degree to which they explicitly control for variation in the regional and emerging market allocations of diversified international mutual funds. Models based on the most commonly used global MSCI benchmarks indicate that the funds have average positive abnormal performance. This positive performance is driven by funds with the greatest emerging markets and Pacific region exposure. When we measure performance against a model which includes MSCI benchmarks for the U.S, Europe, Pacific region, and Emerging Markets, average fund performance turns negative and significant.
{"title":"International Mutual Funds: MSCI Benchmarks and Portfolio Evaluation","authors":"George Comer, Javier Rodríguez","doi":"10.2139/ssrn.1981327","DOIUrl":"https://doi.org/10.2139/ssrn.1981327","url":null,"abstract":"We examine the sensitivity of estimates of abnormal performance to models that vary in the degree to which they explicitly control for variation in the regional and emerging market allocations of diversified international mutual funds. Models based on the most commonly used global MSCI benchmarks indicate that the funds have average positive abnormal performance. This positive performance is driven by funds with the greatest emerging markets and Pacific region exposure. When we measure performance against a model which includes MSCI benchmarks for the U.S, Europe, Pacific region, and Emerging Markets, average fund performance turns negative and significant.","PeriodicalId":431629,"journal":{"name":"Econometrics: Applied Econometric Modeling in Financial Economics eJournal","volume":"62 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-01-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115070028","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 construct fast and accurate methods for (a) approximate Laplace inversion, (b) approximate calculation of the Wiener-Hopf factors for wide classes of Levy processes with exponentially decaying Levy densities, and (c) approximate pricing of lookback options. In all cases, we use appropriate conformal change-of-variable techniques, which allow us to apply the simplified trapezoid rule with a small number of terms (the changes of variables in the outer and inner integrals and in the formulas for the Wiener-Hopf factors must be compatible in a certain sense). The efficiency of the method stems from the properties of functions analytic in a strip (these properties were explicitly used in finance by Feng and Linetsky 2008). The same technique is applicable to the calculation of the pdfs of supremum and infimum processes, and to the calculation of the prices and sensitivities of options with lookback and barrier features.
{"title":"Efficient Laplace Inversion, Wiener-Hopf Factorization and Pricing Lookbacks","authors":"S. Boyarchenko, S. Levendorskii","doi":"10.2139/ssrn.1979227","DOIUrl":"https://doi.org/10.2139/ssrn.1979227","url":null,"abstract":"We construct fast and accurate methods for (a) approximate Laplace inversion, (b) approximate calculation of the Wiener-Hopf factors for wide classes of Levy processes with exponentially decaying Levy densities, and (c) approximate pricing of lookback options. In all cases, we use appropriate conformal change-of-variable techniques, which allow us to apply the simplified trapezoid rule with a small number of terms (the changes of variables in the outer and inner integrals and in the formulas for the Wiener-Hopf factors must be compatible in a certain sense). The efficiency of the method stems from the properties of functions analytic in a strip (these properties were explicitly used in finance by Feng and Linetsky 2008). The same technique is applicable to the calculation of the pdfs of supremum and infimum processes, and to the calculation of the prices and sensitivities of options with lookback and barrier features.","PeriodicalId":431629,"journal":{"name":"Econometrics: Applied Econometric Modeling in Financial Economics eJournal","volume":"20 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-01-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115028536","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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