Special Purpose Acquisition Companies (SPACs) are shells initiated with the sole intent of acquiring a single privately held company. SPAC shareholders vote on this acquisition, and in this paper we identify the factors that affect approval probability. Surprisingly, the data indicate more experienced managers and boards do not enhance the probability of deal approval. Similarly, glamor underwriters and larger underwriter syndicates are less likely to be associated with successful SPACs. Further, we find a negative relation between the presence of active investor (hedge funds and private equity funds) shareholdings in a SPAC and approval probability.
{"title":"The Fast Track IPO – Success Factors for Taking Firms Public with SPACs","authors":"Douglas J. Cumming, L. Haß, D. Schweizer","doi":"10.2139/ssrn.2144892","DOIUrl":"https://doi.org/10.2139/ssrn.2144892","url":null,"abstract":"Special Purpose Acquisition Companies (SPACs) are shells initiated with the sole intent of acquiring a single privately held company. SPAC shareholders vote on this acquisition, and in this paper we identify the factors that affect approval probability. Surprisingly, the data indicate more experienced managers and boards do not enhance the probability of deal approval. Similarly, glamor underwriters and larger underwriter syndicates are less likely to be associated with successful SPACs. Further, we find a negative relation between the presence of active investor (hedge funds and private equity funds) shareholdings in a SPAC and approval probability.","PeriodicalId":445238,"journal":{"name":"ERPN: Initial Public Offerings (IPOs) (Sub-Topic)","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-09-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134298474","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 a textual analysis of initial public offering (IPO) prospectuses, we obtain a number of important findings regarding the relation between the conservatism in prospectuses, IPO pricing, and subsequent operating and stock return performance. First, prospectus conservatism is positively related to underpricing, with the relation more pronounced for technology than nontechnology firms. Second, for nontechnology IPOs, prospectus conservatism is able to predict the firm's post-IPO operating performance. Specifically, we find that conservatism is inversely related to the firm's operating performance for the 3 years following the IPO. However, this predictability is limited to nontechnology IPOs. Finally, we find some evidence that for nontechnology IPOs conservatism is inversely related to the firm's post-IPO abnormal stock return. We conclude that the conservatism contained in an IPO's prospectus contains useful information about pricing and subsequent operating and stock return performance. Moreover, prospectus conservatism for nontechnology IPOs deserves more attention from investors. Copyright 2013, Oxford University Press.
{"title":"The Effect of Issuer Conservatism on IPO Pricing and Performance","authors":"Stephen P. Ferris, Grace Qing Hao, M. Liao","doi":"10.1093/ROF/RFS018","DOIUrl":"https://doi.org/10.1093/ROF/RFS018","url":null,"abstract":"Based on a textual analysis of initial public offering (IPO) prospectuses, we obtain a number of important findings regarding the relation between the conservatism in prospectuses, IPO pricing, and subsequent operating and stock return performance. First, prospectus conservatism is positively related to underpricing, with the relation more pronounced for technology than nontechnology firms. Second, for nontechnology IPOs, prospectus conservatism is able to predict the firm's post-IPO operating performance. Specifically, we find that conservatism is inversely related to the firm's operating performance for the 3 years following the IPO. However, this predictability is limited to nontechnology IPOs. Finally, we find some evidence that for nontechnology IPOs conservatism is inversely related to the firm's post-IPO abnormal stock return. We conclude that the conservatism contained in an IPO's prospectus contains useful information about pricing and subsequent operating and stock return performance. Moreover, prospectus conservatism for nontechnology IPOs deserves more attention from investors. Copyright 2013, Oxford University Press.","PeriodicalId":445238,"journal":{"name":"ERPN: Initial Public Offerings (IPOs) (Sub-Topic)","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-04-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127003028","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}
Lyda Bigelow, Leif Lundmark, Judi McLean Parks, Robert Wuebker
Given that women executives are present in the top management teams of IPO firms in increasing numbers, the lack of female-led IPO firms is a curious fact, especially since women-owned private businesses represent almost half of the new businesses formed in the United States, with patterns of founding similar to male-owned businesses. It hints at a potentially larger problem – a gender-based capital gap for new ventures. Given the empirical evidence suggesting a positive association between the presence of female executives and firm performance, we test whether investor perceptions are aligned with these empirical patterns. Using a sample of MBA students we construct a simulated initial public offering (IPO) manipulating the gender demographics of the top management team. Our results suggest that female CEOs may be disproportionately disadvantaged in their ability to attract growth capital when all other factors are controlled. Despite identical personal qualifications and firm financials, firms led by females were seen as having a poorer strategic position than those led by males, female Founder/CEOs were perceived as less capable then their male counterparts, and IPOs led by female Founder/CEOs were considered less attractive investments.
{"title":"Skirting the Issues? Experimental Evidence of Gender Bias in IPO Prospectus Evaluations","authors":"Lyda Bigelow, Leif Lundmark, Judi McLean Parks, Robert Wuebker","doi":"10.2139/ssrn.1556449","DOIUrl":"https://doi.org/10.2139/ssrn.1556449","url":null,"abstract":"Given that women executives are present in the top management teams of IPO firms in increasing numbers, the lack of female-led IPO firms is a curious fact, especially since women-owned private businesses represent almost half of the new businesses formed in the United States, with patterns of founding similar to male-owned businesses. It hints at a potentially larger problem – a gender-based capital gap for new ventures. Given the empirical evidence suggesting a positive association between the presence of female executives and firm performance, we test whether investor perceptions are aligned with these empirical patterns. Using a sample of MBA students we construct a simulated initial public offering (IPO) manipulating the gender demographics of the top management team. Our results suggest that female CEOs may be disproportionately disadvantaged in their ability to attract growth capital when all other factors are controlled. Despite identical personal qualifications and firm financials, firms led by females were seen as having a poorer strategic position than those led by males, female Founder/CEOs were perceived as less capable then their male counterparts, and IPOs led by female Founder/CEOs were considered less attractive investments.","PeriodicalId":445238,"journal":{"name":"ERPN: Initial Public Offerings (IPOs) (Sub-Topic)","volume":"37 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127060725","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 financial crisis provides a natural experiment for testing theoretical predictions of the equity underwriter’s role following an initial public offering. Clients of Bear Stearns, Lehman Brothers, Merrill Lynch, and Wachovia saw their stock prices fall almost 5 percent, on average, on the day it appeared that these institutions might collapse. Representing a loss in equity value of almost $3 billion, the decline was more than 1 percent lower than the abnormal return of other newly public companies. The price impact was worse for companies with fewer monitors, suggesting that underwriters play an important role in monitoring newly public companies. There is no evidence that the abnormal price decrease was related to the role of the underwriter as market maker, lender or counterparty to investors.
{"title":"Do Underwriters Matter? The Impact of the Near Failure of an Equity Underwriter","authors":"A. Kovner","doi":"10.2139/SSRN.1645365","DOIUrl":"https://doi.org/10.2139/SSRN.1645365","url":null,"abstract":"The financial crisis provides a natural experiment for testing theoretical predictions of the equity underwriter’s role following an initial public offering. Clients of Bear Stearns, Lehman Brothers, Merrill Lynch, and Wachovia saw their stock prices fall almost 5 percent, on average, on the day it appeared that these institutions might collapse. Representing a loss in equity value of almost $3 billion, the decline was more than 1 percent lower than the abnormal return of other newly public companies. The price impact was worse for companies with fewer monitors, suggesting that underwriters play an important role in monitoring newly public companies. There is no evidence that the abnormal price decrease was related to the role of the underwriter as market maker, lender or counterparty to investors.","PeriodicalId":445238,"journal":{"name":"ERPN: Initial Public Offerings (IPOs) (Sub-Topic)","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2011-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130702894","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}
Portfolio optimization using private equity is typically based on one of three indices: listed private equity, transaction-based private equity, or appraisal value-based private equity indices. However, we show that none of these indices is fully suitable for portfolio optimization. We introduce here a new benchmark index for venture capital and buyouts, which is updated monthly, adjusted for autocorrelation (de-smoothing), and available contemporaneously. We illustrate how our benchmark enables superior quantitative portfolio optimization.
{"title":"Private Equity Benchmarks and Portfolio Optimization","authors":"Douglas J. Cumming, L. Haß, D. Schweizer","doi":"10.2139/ssrn.1687380","DOIUrl":"https://doi.org/10.2139/ssrn.1687380","url":null,"abstract":"Portfolio optimization using private equity is typically based on one of three indices: listed private equity, transaction-based private equity, or appraisal value-based private equity indices. However, we show that none of these indices is fully suitable for portfolio optimization. We introduce here a new benchmark index for venture capital and buyouts, which is updated monthly, adjusted for autocorrelation (de-smoothing), and available contemporaneously. We illustrate how our benchmark enables superior quantitative portfolio optimization.","PeriodicalId":445238,"journal":{"name":"ERPN: Initial Public Offerings (IPOs) (Sub-Topic)","volume":"71 16","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2010-10-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133750196","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 examines the firm-specific determinants and outcomes of initial public offerings (IPOs) in Thailand using data on 5,228 private and newly publicly listed firms between 2001 and 2007. We use the listing requirements of the Stock Exchange of Thailand (SET) to identify all private firms compulsorily registered with the Department of Business Development, Thai Ministry of Commerce that are potential IPOs. Analysis of the determinants of IPOs reveals that firms that are younger, larger, more leveraged and with lower interest rates from borrowing are more likely to list. Analysis of post-IPO performance suggests that Thai firms going public succeed in lowering their borrowing rates, and that unlike comparable findings elsewhere, profitability does not decline after listing. However, despite these findings, the rate of listing in Thailand remains relatively low, and the paper hypothesis that relatively high listing costs and the availability of alternative cheaper debt financing sources, the large shares of foreign subsidiary and small and medium-sized business operating in Thailand, along with market and political instability and cultural factors act against Thai IPOs.
{"title":"Firm-Specific Determinants and Outcomes of Initial Public Offerings in Thailand, 2001-2007","authors":"Jirapun Chorruk, A. Worthington","doi":"10.2139/ssrn.1660844","DOIUrl":"https://doi.org/10.2139/ssrn.1660844","url":null,"abstract":"This paper examines the firm-specific determinants and outcomes of initial public offerings (IPOs) in Thailand using data on 5,228 private and newly publicly listed firms between 2001 and 2007. We use the listing requirements of the Stock Exchange of Thailand (SET) to identify all private firms compulsorily registered with the Department of Business Development, Thai Ministry of Commerce that are potential IPOs. Analysis of the determinants of IPOs reveals that firms that are younger, larger, more leveraged and with lower interest rates from borrowing are more likely to list. Analysis of post-IPO performance suggests that Thai firms going public succeed in lowering their borrowing rates, and that unlike comparable findings elsewhere, profitability does not decline after listing. However, despite these findings, the rate of listing in Thailand remains relatively low, and the paper hypothesis that relatively high listing costs and the availability of alternative cheaper debt financing sources, the large shares of foreign subsidiary and small and medium-sized business operating in Thailand, along with market and political instability and cultural factors act against Thai IPOs.","PeriodicalId":445238,"journal":{"name":"ERPN: Initial Public Offerings (IPOs) (Sub-Topic)","volume":"8 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2010-08-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128570755","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 study how firm characteristics evolve from early business plan to initial public offering to public company for 49 venture capital financed companies. The average time elapsed is almost 6 years. We describe the financial performance, business idea, point(s) of differentiation, non-human capital assets, growth strategy, customers, competitors, alliances, top management, ownership structure, and the board of directors. Our analysis focuses on the nature and stability of those firm attributes. Firm business lines remain remarkably stable from business plan through public company. Within those business lines, non-human capital aspects of the businesses appear more stable than human capital aspects. In the cross-section, firms with more alienable assets have substantially more human capital turnover.
{"title":"What are Firms? Evolution from Birth to Public Companies","authors":"S. Kaplan, Berk A. Sensoy, P. Strömberg","doi":"10.3386/W11581","DOIUrl":"https://doi.org/10.3386/W11581","url":null,"abstract":"We study how firm characteristics evolve from early business plan to initial public offering to public company for 49 venture capital financed companies. The average time elapsed is almost 6 years. We describe the financial performance, business idea, point(s) of differentiation, non-human capital assets, growth strategy, customers, competitors, alliances, top management, ownership structure, and the board of directors. Our analysis focuses on the nature and stability of those firm attributes. Firm business lines remain remarkably stable from business plan through public company. Within those business lines, non-human capital aspects of the businesses appear more stable than human capital aspects. In the cross-section, firms with more alienable assets have substantially more human capital turnover.","PeriodicalId":445238,"journal":{"name":"ERPN: Initial Public Offerings (IPOs) (Sub-Topic)","volume":"15 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2005-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128720516","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 explores how legal liability in the IPO context can impact an entrepreneur's decision of whether and how to take a firm public. Liability under the Securities Act of 1933 effectively embeds a put option in an IPO security, where the entrepreneur must insure the shareholder against poor firm performance, which inflates the price of the security and exposes the entrepreneur to risk. This may cause IPO firms to appear to underperform relative to non-IPO firms as the option value decays, and may lead the entrepreneur to undertake strategic (but destructive) responses to minimize the put value and his exposure to risk. Because of the value-destroying characteristics of these responses - which include initial underpricing, entrenchment, lower NPV projects, asset partitioning, and reduced disclosure - this state of affairs is inefficient compared to a system where the entrepreneur can simply allocate the risk to shareholders. While the Securities Act's risk-allocation regime may provide some benefits in the form of more accurate disclosure, the availability of substitute responses by the entrepreneur makes any such benefit uncertain.
本文探讨了IPO背景下的法律责任如何影响企业家对公司是否上市以及如何上市的决策。1933年《证券法》(Securities Act of 1933)规定的责任实际上是在IPO证券中嵌入了看跌期权，在这种情况下，企业家必须确保股东免受公司业绩不佳的影响，因为公司业绩不佳会推高证券价格，并使企业家面临风险。随着期权价值的衰减，这可能会导致IPO公司相对于非IPO公司表现不佳，并可能导致企业家采取战略性(但破坏性的)应对措施，以最小化看跌价值和他的风险敞口。由于这些反应的价值破坏特征——包括初始定价过低、堑壕、较低的NPV项目、资产分割和信息披露减少——与企业家可以简单地将风险分配给股东的制度相比，这种状况是低效的。虽然《证券法》的风险分配制度可能会以更准确的披露形式提供一些好处，但企业家的替代回应的可用性使得任何这种好处都不确定。
{"title":"IPO Liability and Entrepreneurial Response","authors":"J. Spindler","doi":"10.2139/SSRN.719768","DOIUrl":"https://doi.org/10.2139/SSRN.719768","url":null,"abstract":"This paper explores how legal liability in the IPO context can impact an entrepreneur's decision of whether and how to take a firm public. Liability under the Securities Act of 1933 effectively embeds a put option in an IPO security, where the entrepreneur must insure the shareholder against poor firm performance, which inflates the price of the security and exposes the entrepreneur to risk. This may cause IPO firms to appear to underperform relative to non-IPO firms as the option value decays, and may lead the entrepreneur to undertake strategic (but destructive) responses to minimize the put value and his exposure to risk. Because of the value-destroying characteristics of these responses - which include initial underpricing, entrenchment, lower NPV projects, asset partitioning, and reduced disclosure - this state of affairs is inefficient compared to a system where the entrepreneur can simply allocate the risk to shareholders. While the Securities Act's risk-allocation regime may provide some benefits in the form of more accurate disclosure, the availability of substitute responses by the entrepreneur makes any such benefit uncertain.","PeriodicalId":445238,"journal":{"name":"ERPN: Initial Public Offerings (IPOs) (Sub-Topic)","volume":"18 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2005-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128934221","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 analyzes a comprehensive data set of 160 non venture-backed, 79 venture-backed and 61 bridge financed companies going public at Germany's Neuer Markt between March 1997 and March 2002. I examine whether these three types of issues differ with regard to issuer characteristics, balance sheet data or offering characteristics. Moreover, this empirical study contributes to the underpricing literature by focusing on the complementary or rather competing role of venture capitalists and underwriters in certifying the quality of a company when going public. Companies backed by a prestigious venture capitalist and/or underwritten by a top bank are expected to show less underpricing at the initial public offering (IPO) due to a reduced ex-ante uncertainty. This analysis provides evidence to the contrary: VC-backed IPOs appear to be more underpriced than non VC-backed IPOs.
{"title":"Underpricing of Venture-Backed and Non Venture-Backed Ipos: Germany's Neuer Market","authors":"Stefan Franzke","doi":"10.2139/ssrn.482544","DOIUrl":"https://doi.org/10.2139/ssrn.482544","url":null,"abstract":"This paper analyzes a comprehensive data set of 160 non venture-backed, 79 venture-backed and 61 bridge financed companies going public at Germany's Neuer Markt between March 1997 and March 2002. I examine whether these three types of issues differ with regard to issuer characteristics, balance sheet data or offering characteristics. Moreover, this empirical study contributes to the underpricing literature by focusing on the complementary or rather competing role of venture capitalists and underwriters in certifying the quality of a company when going public. Companies backed by a prestigious venture capitalist and/or underwritten by a top bank are expected to show less underpricing at the initial public offering (IPO) due to a reduced ex-ante uncertainty. This analysis provides evidence to the contrary: VC-backed IPOs appear to be more underpriced than non VC-backed IPOs.","PeriodicalId":445238,"journal":{"name":"ERPN: Initial Public Offerings (IPOs) (Sub-Topic)","volume":"46 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2003-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124439701","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}
Abstract In this paper, we study the dynamics of initial public offerings (IPOs) by examining the tradeoff between an entrepreneur’s private benefits, which are lost whenever the firm is publicly traded, versus the advantages from diversification. We characterize the timing dimension of the decision to go public, derive a function for firm value, and describe their effect on the evolution of firm risk over time. Our model, which endogenizes the timing of the decision to stay private or to go public, is able explain two puzzling phenomena: the clustering of IPOs and buyouts in time and the long-run underperformance of recently issued stock relative to the shares of longer-listed companies.
{"title":"The Timing of Initial Public Offerings","authors":"S. Benninga, M. Helmantel, O. Sarig","doi":"10.2139/ssrn.248729","DOIUrl":"https://doi.org/10.2139/ssrn.248729","url":null,"abstract":"Abstract In this paper, we study the dynamics of initial public offerings (IPOs) by examining the tradeoff between an entrepreneur’s private benefits, which are lost whenever the firm is publicly traded, versus the advantages from diversification. We characterize the timing dimension of the decision to go public, derive a function for firm value, and describe their effect on the evolution of firm risk over time. Our model, which endogenizes the timing of the decision to stay private or to go public, is able explain two puzzling phenomena: the clustering of IPOs and buyouts in time and the long-run underperformance of recently issued stock relative to the shares of longer-listed companies.","PeriodicalId":445238,"journal":{"name":"ERPN: Initial Public Offerings (IPOs) (Sub-Topic)","volume":"20 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2003-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125973906","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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