Jian Hua, Lin Peng, R. A. Schwartz, Nazli Sila Alan
We present resiliency as a measure of liquidity and assess its relationship to expected returns. We establish a covariance-based measure, RES, that captures opening period resiliency, and use it to find a significant nonresiliency premium that ranges from 33 to 57 basis points per month. The premium persists after accounting for an extensive list of other liquidity-related measures and control variables. The results are significant for both value-weighted and equal-weighted returns, when micro-cap stocks are excluded, and for a sample of large cap stocks. The premium is particularly pronounced when trading volume is high. Authors have furnished an Internet Appendix, which is available on the Oxford University Press Web site next to the link to the final published paper online.
{"title":"Resiliency and Stock Returns","authors":"Jian Hua, Lin Peng, R. A. Schwartz, Nazli Sila Alan","doi":"10.2139/ssrn.3218531","DOIUrl":"https://doi.org/10.2139/ssrn.3218531","url":null,"abstract":"\u0000 We present resiliency as a measure of liquidity and assess its relationship to expected returns. We establish a covariance-based measure, RES, that captures opening period resiliency, and use it to find a significant nonresiliency premium that ranges from 33 to 57 basis points per month. The premium persists after accounting for an extensive list of other liquidity-related measures and control variables. The results are significant for both value-weighted and equal-weighted returns, when micro-cap stocks are excluded, and for a sample of large cap stocks. The premium is particularly pronounced when trading volume is high.\u0000 Authors have furnished an Internet Appendix, which is available on the Oxford University Press Web site next to the link to the final published paper online.","PeriodicalId":433580,"journal":{"name":"Baruch: Finance (Topic)","volume":"52 6","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-02-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114123281","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}
Linda Allen, Suparna Chakraborty, Sonali Hazarika, C. Su
Bank loan rates include monopoly rents from private information obtained in the course of lending relationships. Despite insider trading restrictions, some studies using U.S. data suggest that this private information is utilized in managing mutual fund equity portfolios at bank-affiliated funds. This does not hold in the international context. We find that lending bank-affiliated international mutual funds restrict equity holdings in non-U.S. borrowing firms when affiliated banks initiate syndicated bank loans. Reduced bank-affiliated mutual fund equity holdings and more intensive lending are associated with increased monopoly rents in loan rates. These effects are most pronounced for borrowers in emerging countries.
{"title":"The Role of Information from International Bank Lending in Mutual Fund Equity Investing","authors":"Linda Allen, Suparna Chakraborty, Sonali Hazarika, C. Su","doi":"10.2139/ssrn.3107644","DOIUrl":"https://doi.org/10.2139/ssrn.3107644","url":null,"abstract":"Bank loan rates include monopoly rents from private information obtained in the course of lending relationships. Despite insider trading restrictions, some studies using U.S. data suggest that this private information is utilized in managing mutual fund equity portfolios at bank-affiliated funds. This does not hold in the international context. We find that lending bank-affiliated international mutual funds restrict equity holdings in non-U.S. borrowing firms when affiliated banks initiate syndicated bank loans. Reduced bank-affiliated mutual fund equity holdings and more intensive lending are associated with increased monopoly rents in loan rates. These effects are most pronounced for borrowers in emerging countries.","PeriodicalId":433580,"journal":{"name":"Baruch: Finance (Topic)","volume":"117 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-01-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124133177","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}
Upside and downside capture ratios are used to assess the quality of investment managers and investment strategies. We propose a theoretical model which predicts that the upside capture ratio is an increasing function of the measurement interval length and that the downside capture ratio is a decreasing function of the measurement interval length. The model also predicts that all measurement intervals’ capture ratios depend strongly on betas, not just alphas, and that short measurement intervals’ capture ratios are dominated by betas, hence are unreliable for assessing alphas. Consequently, capture ratios are problematic for assessing managers’ skill, but offer investment managers a wonderful opportunity to mislead clients.
{"title":"Upside and Downside Capture Ratios: How to Make Them Come out the Way You Want","authors":"R. Ferguson, Danny Meidan, Joel Rentzler","doi":"10.2139/ssrn.3024136","DOIUrl":"https://doi.org/10.2139/ssrn.3024136","url":null,"abstract":"Upside and downside capture ratios are used to assess the quality of investment managers and investment strategies. We propose a theoretical model which predicts that the upside capture ratio is an increasing function of the measurement interval length and that the downside capture ratio is a decreasing function of the measurement interval length. The model also predicts that all measurement intervals’ capture ratios depend strongly on betas, not just alphas, and that short measurement intervals’ capture ratios are dominated by betas, hence are unreliable for assessing alphas. Consequently, capture ratios are problematic for assessing managers’ skill, but offer investment managers a wonderful opportunity to mislead clients.","PeriodicalId":433580,"journal":{"name":"Baruch: Finance (Topic)","volume":"45 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-06-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132846870","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}
According to empirical studies, there is a systematic pattern in the temporal behavior of asset returns and this is related to the business cycle. We propose a simple model that captures this behavior. This model is built around a state dependent preference structure where the state dependency is related to the business cycle. In this setting the volatility puzzle, the equity premium puzzle and mean-reversion appear to be indeed interrelated phenomena. A necessary condition for the three puzzles to be explained is that the state variable is negatively correlated with the market portfolio cum business cycle.
{"title":"A Note on the Interrelation of Volatility Puzzle, Equity Premium Puzzle, and Mean Reversion through State Dependent Preferences","authors":"S. Choi, C. Giannikos","doi":"10.2139/ssrn.2377120","DOIUrl":"https://doi.org/10.2139/ssrn.2377120","url":null,"abstract":"According to empirical studies, there is a systematic pattern in the temporal behavior of asset returns and this is related to the business cycle. We propose a simple model that captures this behavior. This model is built around a state dependent preference structure where the state dependency is related to the business cycle. In this setting the volatility puzzle, the equity premium puzzle and mean-reversion appear to be indeed interrelated phenomena. A necessary condition for the three puzzles to be explained is that the state variable is negatively correlated with the market portfolio cum business cycle.","PeriodicalId":433580,"journal":{"name":"Baruch: Finance (Topic)","volume":"25 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-01-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128464200","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 estimates dynamic factors from the term structure of credit spreads and the term structure of equity option implied volatilities, and it provides a comprehensive characterization of the dynamic relationships among those credit spread factors and equity volatility factors. The paper finds strong evidence that the volatility factors, especially the volatility level factor, Granger cause credit spread levels, confirming the theoretical predictions of Merton (1974) in a significantly richer and more nuanced environment than previously achieved. Simultaneously, the paper also finds evidence of reverse Granger causality from credit spreads to equity volatility, operating through the slope factors, consistent with the market microstructure literature, which finds that price discovery often happens first in bond markets. Hence the results extend both the corporate bond pricing literatures, deepening our understanding of stock and bond market interaction and suggesting profitable trading strategies.
{"title":"Option Implied Volatilities and Corporate Bond Yields: A Dynamic Factor Approach","authors":"Jian Hua","doi":"10.2139/ssrn.1678677","DOIUrl":"https://doi.org/10.2139/ssrn.1678677","url":null,"abstract":"This paper estimates dynamic factors from the term structure of credit spreads and the term structure of equity option implied volatilities, and it provides a comprehensive characterization of the dynamic relationships among those credit spread factors and equity volatility factors. The paper finds strong evidence that the volatility factors, especially the volatility level factor, Granger cause credit spread levels, confirming the theoretical predictions of Merton (1974) in a significantly richer and more nuanced environment than previously achieved. Simultaneously, the paper also finds evidence of reverse Granger causality from credit spreads to equity volatility, operating through the slope factors, consistent with the market microstructure literature, which finds that price discovery often happens first in bond markets. Hence the results extend both the corporate bond pricing literatures, deepening our understanding of stock and bond market interaction and suggesting profitable trading strategies.","PeriodicalId":433580,"journal":{"name":"Baruch: Finance (Topic)","volume":"27 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-09-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131763935","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 propose to use the linearity-generating framework to accommodate the evidence of unspanned stochastic volatility: Variations in implied volatilities on interest-rate options such as caps and swaptions are independent of the variations on the interest rate term structure. Under this framework, bond valuation depends only on the transition dynamics of interest-rate factors, but not on their volatilities. Thus, interest-rate volatility is truly unspanned. Furthermore, this framework allows tractable pricing of options on any bond portfolios, including both caps and swaptions. This feat is not possible under existing exponential-affine or quadratic frameworks. Finally, the framework allows sequential estimation of the interest-rate term structure and the interest-rate option implied volatility surface, thus facilitating joint empirical analysis. Within this framework, we perform specification analysis on interest-rate factor transition dynamics and its relation to the interest-rate term structure; we also analyze the interest-rate volatility dynamics and its impact on interest-rate option pricing. We estimate several specifications for the transition dynamics to ten years worth of U.S. dollar LIBOR and swap rates across 15 maturities. We also estimate several interest-rate volatility dynamics specifications using ten years of swaption implied volatilities across a matrix of ten option maturities and seven swap tenors. The estimation results show that the volatility dynamics dictate the option implied volatility variation along the option maturity dimension, whereas the interest-rate transition dynamics dictate the implied volatility variation along the underlying swap maturity dimension.
{"title":"Linearity-Generating Processes, Unspanned Stochastic Volatility, and Interest-Rate Option Pricing","authors":"P. Carr, X. Gabaix, Liuren Wu","doi":"10.2139/ssrn.1789763","DOIUrl":"https://doi.org/10.2139/ssrn.1789763","url":null,"abstract":"We propose to use the linearity-generating framework to accommodate the evidence of unspanned stochastic volatility: Variations in implied volatilities on interest-rate options such as caps and swaptions are independent of the variations on the interest rate term structure. Under this framework, bond valuation depends only on the transition dynamics of interest-rate factors, but not on their volatilities. Thus, interest-rate volatility is truly unspanned. Furthermore, this framework allows tractable pricing of options on any bond portfolios, including both caps and swaptions. This feat is not possible under existing exponential-affine or quadratic frameworks. Finally, the framework allows sequential estimation of the interest-rate term structure and the interest-rate option implied volatility surface, thus facilitating joint empirical analysis. Within this framework, we perform specification analysis on interest-rate factor transition dynamics and its relation to the interest-rate term structure; we also analyze the interest-rate volatility dynamics and its impact on interest-rate option pricing. We estimate several specifications for the transition dynamics to ten years worth of U.S. dollar LIBOR and swap rates across 15 maturities. We also estimate several interest-rate volatility dynamics specifications using ten years of swaption implied volatilities across a matrix of ten option maturities and seven swap tenors. The estimation results show that the volatility dynamics dictate the option implied volatility variation along the option maturity dimension, whereas the interest-rate transition dynamics dictate the implied volatility variation along the underlying swap maturity dimension.","PeriodicalId":433580,"journal":{"name":"Baruch: Finance (Topic)","volume":"61 24 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2011-03-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114109958","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}
Underlying each stock trades hundreds of options at different strike prices and maturities. The order flows from these option transactions reveal important information about the underlying stock price. How to aggregate the trade information of different option contracts underlying the same stock presents an interesting and important question for developing microstructure theories and price discovery mechanisms in the derivatives markets. This paper takes options on QQQQ, the Nasdaq 100 tracking stock, as an example and examines different order flow consolidation mechanisms in terms of their effectiveness in extracting information about the underlying stock price and volatility movements. The analysis leads us to propose an aggregation weighting scheme that depends both on the liquidity of each option contract and the contract's risk exposure, delta for stock price movement information and vega for volatility movement information. Based on this weighting scheme, we identify significantly positive correlations between the aggregate option order flows and the realized returns and volatilities. In particular, the delta buy pressure positively predicts the underlying return and the vega buy pressure positively predicts the change of volatilities.
{"title":"Consolidating Information in Option Transactions","authors":"R. Holowczak, Jianfeng Hu, Liuren Wu","doi":"10.2139/ssrn.1740046","DOIUrl":"https://doi.org/10.2139/ssrn.1740046","url":null,"abstract":"Underlying each stock trades hundreds of options at different strike prices and maturities. The order flows from these option transactions reveal important information about the underlying stock price. How to aggregate the trade information of different option contracts underlying the same stock presents an interesting and important question for developing microstructure theories and price discovery mechanisms in the derivatives markets. This paper takes options on QQQQ, the Nasdaq 100 tracking stock, as an example and examines different order flow consolidation mechanisms in terms of their effectiveness in extracting information about the underlying stock price and volatility movements. The analysis leads us to propose an aggregation weighting scheme that depends both on the liquidity of each option contract and the contract's risk exposure, delta for stock price movement information and vega for volatility movement information. Based on this weighting scheme, we identify significantly positive correlations between the aggregate option order flows and the realized returns and volatilities. In particular, the delta buy pressure positively predicts the underlying return and the vega buy pressure positively predicts the change of volatilities.","PeriodicalId":433580,"journal":{"name":"Baruch: Finance (Topic)","volume":"183 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2011-01-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115068788","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 idiosyncratic risk of new ventures. An option-based model of a new venture with multistage investments and jumps is developed. Our model explains (1) why new ventures' 'idiosyncratic volatility eventually decreases as they clear RD (2) the negative relation between jumps in value and subsequent idiosyncratic volatility - the jump effect; (3) the dynamics of idiosyncratic volatility under different schedules of staged venture capital investments; and (4) the effect of different schedules of staged investments on firm valuation with the presence of jumps. Empirically, we develop a generalized Markov-Switching EARCH model to simultaneously capture structural changes in firms' 'idiosyncratic volatility and the relation between jumps and idiosyncratic volatility. Using a hand-collected dataset of early-stage biotech firms, we find empirical evidence supporting the jump effect and the stage-clearing effect described by our model.
{"title":"Idiosyncratic Risk of New Ventures: An Option-Based Theory and Evidence","authors":"Xi Dong, Shuang Feng","doi":"10.2139/ssrn.1343352","DOIUrl":"https://doi.org/10.2139/ssrn.1343352","url":null,"abstract":"This paper studies idiosyncratic risk of new ventures. An option-based model of a new venture with multistage investments and jumps is developed. Our model explains (1) why new ventures' 'idiosyncratic volatility eventually decreases as they clear RD (2) the negative relation between jumps in value and subsequent idiosyncratic volatility - the jump effect; (3) the dynamics of idiosyncratic volatility under different schedules of staged venture capital investments; and (4) the effect of different schedules of staged investments on firm valuation with the presence of jumps. Empirically, we develop a generalized Markov-Switching EARCH model to simultaneously capture structural changes in firms' 'idiosyncratic volatility and the relation between jumps and idiosyncratic volatility. Using a hand-collected dataset of early-stage biotech firms, we find empirical evidence supporting the jump effect and the stage-clearing effect described by our model.","PeriodicalId":433580,"journal":{"name":"Baruch: Finance (Topic)","volume":"49 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2010-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123476562","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 utilize a hand gathered, bank specific database covering the period 1993 to 2007 to empirically examine the reactions of individual Japanese banks to governmental policies designed to end Japan’s financial crisis. Our unique database allows us to examine the composition of Japanese bank lending across three sectors (commercial and industrial lending, residential real estate and non-residential real estate), as well as aggregate lending activity. Our empirical results suggest that substantial risk-based capital infusions (similar to the 2009 stress tests in the US) were effective at stimulating aggregate bank lending activity, whereas regulatory forbearance (in the form of changes in accounting valuation procedures) had only allocative effects on bank lending activity. Our analysis indicates that across the board capital infusions (similar to the TARP capital infusions in October 2008) were ineffective in impacting bank lending activity during the Japanese financial crisis. Moreover, we find that regulatory capital was a binding constraint on Japanese banks, inducing some to switch their charter and abandon their international operations in order to reduce their capital requirements. We draw parallels to the public policy programs implemented in the US during the 2007-2009 financial crisis and conclude that policies must be substantial in size and risk targeted to be effective.
{"title":"Regulatory Remedies for Banking Crises: Lessons from Japan","authors":"Linda Allen, Suparna Chakraborty, W. Watanabe","doi":"10.2139/ssrn.1503000","DOIUrl":"https://doi.org/10.2139/ssrn.1503000","url":null,"abstract":"In this paper, we utilize a hand gathered, bank specific database covering the period 1993 to 2007 to empirically examine the reactions of individual Japanese banks to governmental policies designed to end Japan’s financial crisis. Our unique database allows us to examine the composition of Japanese bank lending across three sectors (commercial and industrial lending, residential real estate and non-residential real estate), as well as aggregate lending activity. Our empirical results suggest that substantial risk-based capital infusions (similar to the 2009 stress tests in the US) were effective at stimulating aggregate bank lending activity, whereas regulatory forbearance (in the form of changes in accounting valuation procedures) had only allocative effects on bank lending activity. Our analysis indicates that across the board capital infusions (similar to the TARP capital infusions in October 2008) were ineffective in impacting bank lending activity during the Japanese financial crisis. Moreover, we find that regulatory capital was a binding constraint on Japanese banks, inducing some to switch their charter and abandon their international operations in order to reduce their capital requirements. We draw parallels to the public policy programs implemented in the US during the 2007-2009 financial crisis and conclude that policies must be substantial in size and risk targeted to be effective.","PeriodicalId":433580,"journal":{"name":"Baruch: Finance (Topic)","volume":"7 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-11-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127851159","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 analyze financial contracting in start-ups backed by corporate venture capitalists (CVCs). CVCs' strategic goals can economically hurt or benefit the start-ups, depending on product market relationships between start-ups and CVC parents. Empirically, start-ups receive funding from both complementary and competitive CVC parents. However, start-up insiders commonly limit the influence of competitive CVCs, awarding them lower board power, while retaining higher board representation for themselves. Second, lead CVCs receive lower board representation, indicating heightened concerns about their greater influence in start-ups' early stages. Finally, start-ups extract higher valuations from competitive CVCs, reflecting greater moral hazard problems. Overall, CVC strategic objectives affect their early inclusion in VC syndicates, their control rights and share pricing.
{"title":"Financial Contracting with Strategic Investors: Evidence from Corporate Venture Capital Backed IPOs","authors":"Ronald W. Masulis, Rajarishi Nahata","doi":"10.2139/ssrn.891605","DOIUrl":"https://doi.org/10.2139/ssrn.891605","url":null,"abstract":"We analyze financial contracting in start-ups backed by corporate venture capitalists (CVCs). CVCs' strategic goals can economically hurt or benefit the start-ups, depending on product market relationships between start-ups and CVC parents. Empirically, start-ups receive funding from both complementary and competitive CVC parents. However, start-up insiders commonly limit the influence of competitive CVCs, awarding them lower board power, while retaining higher board representation for themselves. Second, lead CVCs receive lower board representation, indicating heightened concerns about their greater influence in start-ups' early stages. Finally, start-ups extract higher valuations from competitive CVCs, reflecting greater moral hazard problems. Overall, CVC strategic objectives affect their early inclusion in VC syndicates, their control rights and share pricing.","PeriodicalId":433580,"journal":{"name":"Baruch: Finance (Topic)","volume":"52 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-07-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116992354","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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