Pub Date : 2021-10-18DOI: 10.1080/15427560.2021.1986715
Konstantinos Gavriilidis, Vasileios Kallinterakis
We present seminal empirical evidence on market-wide herding from historical markets for the St. Petersburg stock exchange between 1865 and 1914. Our findings indicate the presence of herding in Im...
{"title":"Herding in Imperial Russia: Evidence from the St. Petersburg Stock Exchange (1865–1914)","authors":"Konstantinos Gavriilidis, Vasileios Kallinterakis","doi":"10.1080/15427560.2021.1986715","DOIUrl":"https://doi.org/10.1080/15427560.2021.1986715","url":null,"abstract":"We present seminal empirical evidence on market-wide herding from historical markets for the St. Petersburg stock exchange between 1865 and 1914. Our findings indicate the presence of herding in Im...","PeriodicalId":47016,"journal":{"name":"Journal of Behavioral Finance","volume":"35 2","pages":""},"PeriodicalIF":1.9,"publicationDate":"2021-10-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138509020","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2021-09-27DOI: 10.1080/15427560.2021.1983576
Oğuzhan Çepni, Rangan Gupta, Qiang Ji
Abstract In this paper, we investigate how conventional and unconventional monetary policy shocks affect the stock market of eight advanced economies, namely, Canada, France, Germany, Japan, Italy, Spain, the U.K., and the U.S., conditional on the state of sentiment. In this regard, we use a panel vector auto-regression (VAR) with monthly data (on output, prices, equity prices, metrics of monetary policies, and consumer and business sentiments) over the period of January 2007 till July 2020, with the monetary policy shock identified through the use of both zero and sign restrictions. We find robust evidence that, compared to the low investor sentiment regime, the reaction of stock prices to expansionary monetary policy shocks is stronger in the state associated with relatively higher optimism, both for the overall panel and the individual countries (with some degree of heterogeneity). Our findings have important implications for academicians, investors, and policymakers.
{"title":"Sentiment Regimes and Reaction of Stock Markets to Conventional and Unconventional Monetary Policies: Evidence from OECD Countries","authors":"Oğuzhan Çepni, Rangan Gupta, Qiang Ji","doi":"10.1080/15427560.2021.1983576","DOIUrl":"https://doi.org/10.1080/15427560.2021.1983576","url":null,"abstract":"Abstract In this paper, we investigate how conventional and unconventional monetary policy shocks affect the stock market of eight advanced economies, namely, Canada, France, Germany, Japan, Italy, Spain, the U.K., and the U.S., conditional on the state of sentiment. In this regard, we use a panel vector auto-regression (VAR) with monthly data (on output, prices, equity prices, metrics of monetary policies, and consumer and business sentiments) over the period of January 2007 till July 2020, with the monetary policy shock identified through the use of both zero and sign restrictions. We find robust evidence that, compared to the low investor sentiment regime, the reaction of stock prices to expansionary monetary policy shocks is stronger in the state associated with relatively higher optimism, both for the overall panel and the individual countries (with some degree of heterogeneity). Our findings have important implications for academicians, investors, and policymakers.","PeriodicalId":47016,"journal":{"name":"Journal of Behavioral Finance","volume":"16 1","pages":"365 - 381"},"PeriodicalIF":1.9,"publicationDate":"2021-09-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"81457918","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2021-09-20DOI: 10.1080/15427560.2021.1948854
Richard N. LaRocca, R. Valentine, Thomas Cunningham
Abstract The Panic of 1907 was largely attributed to several factors, including strong economic growth, high levels of liquidity in the financial system, the ability and willingness of speculators to take significant risk in the stock market, and a banking system without proper checks and balances. These factors all combined to create volatile stock market returns in the United States that are indicative of market bubbles. This paper examined whether a speculative bubble was present in US equity prices during the Panic of 1907 using data from the Cowles Commission. We found that there was no bubble present in stock valuations in the United States during this period and that the Panic of 1907 was a mitigated economic event rather than the fallout of stock speculation. One such contributing factor may lie in the idea that JP Morgan and his House of Morgan were the intervening factor which tempered and stabilized market fundamentals. Their actions of playing the surrogate role of lender of last resort and of containing any financial crises, manias, or panics during this period prior to the Aldrich-Vreeland Act of 1908 and the creation of the Federal Reserve in 1913 may have influenced the quelling of a speculative bubble in 1907.
{"title":"Irrational Exuberance or the Money-Trust Power Grab: Was the Panic of 1907 Truly a Speculative Bubble or a Financial Coup D'état?","authors":"Richard N. LaRocca, R. Valentine, Thomas Cunningham","doi":"10.1080/15427560.2021.1948854","DOIUrl":"https://doi.org/10.1080/15427560.2021.1948854","url":null,"abstract":"Abstract The Panic of 1907 was largely attributed to several factors, including strong economic growth, high levels of liquidity in the financial system, the ability and willingness of speculators to take significant risk in the stock market, and a banking system without proper checks and balances. These factors all combined to create volatile stock market returns in the United States that are indicative of market bubbles. This paper examined whether a speculative bubble was present in US equity prices during the Panic of 1907 using data from the Cowles Commission. We found that there was no bubble present in stock valuations in the United States during this period and that the Panic of 1907 was a mitigated economic event rather than the fallout of stock speculation. One such contributing factor may lie in the idea that JP Morgan and his House of Morgan were the intervening factor which tempered and stabilized market fundamentals. Their actions of playing the surrogate role of lender of last resort and of containing any financial crises, manias, or panics during this period prior to the Aldrich-Vreeland Act of 1908 and the creation of the Federal Reserve in 1913 may have influenced the quelling of a speculative bubble in 1907.","PeriodicalId":47016,"journal":{"name":"Journal of Behavioral Finance","volume":"98 1","pages":"123 - 130"},"PeriodicalIF":1.9,"publicationDate":"2021-09-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"74988766","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2021-09-13DOI: 10.1080/15427560.2021.1975713
P. Messis, A. Alexandridis, A. Zapranis
Abstract This paper investigates the consequences of herding on systematic and idiosyncratic risk for stocks traded on S&P 500. Herding behavior is measured through a state-space model. Using monthly data from 1999 to 2017, different periods of herding and adverse herding are present. Evidence shows that the state space model identifies the significant herding effects on both risk measures for specific portfolios. Our findings validate the expected implications of herding on betas but not of adverse herding. In addition, the low-beta anomaly is not confirmed on our beta-based portfolios. On the other hand, we confirm the risk-return relationship. We attribute this evidence to overpriced values of high beta assets as well as to the effects of adverse herding on the systematic and idiosyncratic risk. Finally, we also show that the herding level could serve as a systematic driver of returns improving the portfolio performance of traditional ‘anomaly’ based strategies.
{"title":"The Effects of Herding on Betas and Idiosyncratic Risk","authors":"P. Messis, A. Alexandridis, A. Zapranis","doi":"10.1080/15427560.2021.1975713","DOIUrl":"https://doi.org/10.1080/15427560.2021.1975713","url":null,"abstract":"Abstract This paper investigates the consequences of herding on systematic and idiosyncratic risk for stocks traded on S&P 500. Herding behavior is measured through a state-space model. Using monthly data from 1999 to 2017, different periods of herding and adverse herding are present. Evidence shows that the state space model identifies the significant herding effects on both risk measures for specific portfolios. Our findings validate the expected implications of herding on betas but not of adverse herding. In addition, the low-beta anomaly is not confirmed on our beta-based portfolios. On the other hand, we confirm the risk-return relationship. We attribute this evidence to overpriced values of high beta assets as well as to the effects of adverse herding on the systematic and idiosyncratic risk. Finally, we also show that the herding level could serve as a systematic driver of returns improving the portfolio performance of traditional ‘anomaly’ based strategies.","PeriodicalId":47016,"journal":{"name":"Journal of Behavioral Finance","volume":"88 10 1","pages":"131 - 146"},"PeriodicalIF":1.9,"publicationDate":"2021-09-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"87701530","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2021-09-13DOI: 10.1080/15427560.2021.1975717
Jiancheng Shen, John M. Griffith, Mohammad Najand, Licheng Sun
Abstract We explore the ability of market emotions (fear, gloom, joy, optimism) to predict S&P 500 Index and 10-year Treasury notes futures returns by utilizing VAR and TGARCH models. In our VAR models, we find that one of four emotions (fear) has predictive power for stock index futures returns. We also find Treasury futures market returns are influenced by joy and optimism measures of emotions. Further, we employ a TGARCH model with anemotional sentiment measure (fear) and find that fear has a major effect on the market returns and conditional volatility of futures markets.
{"title":"Predicting Stock and Bond Market Returns with Emotions: Evidence from Futures Markets","authors":"Jiancheng Shen, John M. Griffith, Mohammad Najand, Licheng Sun","doi":"10.1080/15427560.2021.1975717","DOIUrl":"https://doi.org/10.1080/15427560.2021.1975717","url":null,"abstract":"Abstract We explore the ability of market emotions (fear, gloom, joy, optimism) to predict S&P 500 Index and 10-year Treasury notes futures returns by utilizing VAR and TGARCH models. In our VAR models, we find that one of four emotions (fear) has predictive power for stock index futures returns. We also find Treasury futures market returns are influenced by joy and optimism measures of emotions. Further, we employ a TGARCH model with anemotional sentiment measure (fear) and find that fear has a major effect on the market returns and conditional volatility of futures markets.","PeriodicalId":47016,"journal":{"name":"Journal of Behavioral Finance","volume":"99 1","pages":"333 - 344"},"PeriodicalIF":1.9,"publicationDate":"2021-09-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"80276770","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2021-09-11DOI: 10.1080/15427560.2021.1975285
Derya Güler
Abstract This paper studies the impact of investor sentiment on the Bitcoin returns and conditional volatility taking into account the Covid-19 outbreak by using different investor sentiment proxies and by employing the EGARCH model. Estimation results show that investor sentiment has a positive impact on the Bitcoin returns and their volatility, especially after the Covid-19 outbreak. The VAR model is employed to investigate whether investor sentiment and Bitcoin returns are related in a dynamic setting and to make distinguish between rational and irrational investor sentiments. The results from the VAR model show that both rational and irrational investor sentiments have an impact on Bitcoin returns indicating that the Bitcoin market is also driven by emotions and noise traders have an impact on the data generating process of Bitcoin returns. The positive impact of investor sentiment can be attributed to the fear of missing out (FOMO) behavior of speculative and irrational investors.
{"title":"The Impact of Investor Sentiment on Bitcoin Returns and Conditional Volatilities during the Era of Covid-19","authors":"Derya Güler","doi":"10.1080/15427560.2021.1975285","DOIUrl":"https://doi.org/10.1080/15427560.2021.1975285","url":null,"abstract":"Abstract This paper studies the impact of investor sentiment on the Bitcoin returns and conditional volatility taking into account the Covid-19 outbreak by using different investor sentiment proxies and by employing the EGARCH model. Estimation results show that investor sentiment has a positive impact on the Bitcoin returns and their volatility, especially after the Covid-19 outbreak. The VAR model is employed to investigate whether investor sentiment and Bitcoin returns are related in a dynamic setting and to make distinguish between rational and irrational investor sentiments. The results from the VAR model show that both rational and irrational investor sentiments have an impact on Bitcoin returns indicating that the Bitcoin market is also driven by emotions and noise traders have an impact on the data generating process of Bitcoin returns. The positive impact of investor sentiment can be attributed to the fear of missing out (FOMO) behavior of speculative and irrational investors.","PeriodicalId":47016,"journal":{"name":"Journal of Behavioral Finance","volume":"44 1","pages":"276 - 289"},"PeriodicalIF":1.9,"publicationDate":"2021-09-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"86656118","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2021-09-11DOI: 10.1080/15427560.2021.1974442
Sam-soo Kim, Jimmy Lockwood, L. Lockwood, Hong Miao
Abstract Many studies find that traditional option pricing models fail to work in practice. The implied volatility smile is one example. In this study, we examine deviations of spot prices from prices implied by put-call parity for Korean KOSPI 200 index options, one of the most actively traded derivative products in the world. Deviations are significant and economically meaningful across different moneyness categories spanning deep-in-the-money to deep-out-of-the-money options. Determinants of put-call disparities for the KOSPI 200 index options include past spot return moments, cognitive biases, and prior option trading volume relative to spot trading volume. We show mispricing is more likely to occur after periods of extreme downturns in the stock market, implying demand for put options increases relative to call options when investors become more likely to insure against extreme loss. We also show that put-call disparity rates have predictive power for future spot returns due to overreaction of KOSPI 200 index option traders, rather than to information contained in option prices.
{"title":"Determinants of Put-Call Disparity: Kospi 200 Index Options","authors":"Sam-soo Kim, Jimmy Lockwood, L. Lockwood, Hong Miao","doi":"10.1080/15427560.2021.1974442","DOIUrl":"https://doi.org/10.1080/15427560.2021.1974442","url":null,"abstract":"Abstract Many studies find that traditional option pricing models fail to work in practice. The implied volatility smile is one example. In this study, we examine deviations of spot prices from prices implied by put-call parity for Korean KOSPI 200 index options, one of the most actively traded derivative products in the world. Deviations are significant and economically meaningful across different moneyness categories spanning deep-in-the-money to deep-out-of-the-money options. Determinants of put-call disparities for the KOSPI 200 index options include past spot return moments, cognitive biases, and prior option trading volume relative to spot trading volume. We show mispricing is more likely to occur after periods of extreme downturns in the stock market, implying demand for put options increases relative to call options when investors become more likely to insure against extreme loss. We also show that put-call disparity rates have predictive power for future spot returns due to overreaction of KOSPI 200 index option traders, rather than to information contained in option prices.","PeriodicalId":47016,"journal":{"name":"Journal of Behavioral Finance","volume":"1 1","pages":"303 - 314"},"PeriodicalIF":1.9,"publicationDate":"2021-09-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"83758727","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2021-09-09DOI: 10.1080/15427560.2021.1975715
Minki Kim, Toyoung Kim, T. Kim
Abstract This study investigates the impact of the V-shaped disposition effect on asset prices in the Korean stock market, which is characterized by a high proportion of retail investors. By utilizing a specified dataset containing stock-level information on the trading activities of different types of investors, we find evidence to support the presence of V-shaped net selling propensity in the Korean stock market. In addition, we find that net selling pressure has a positive effect on the cross-section of subsequent stock returns, and this relationship appears only when accounting for individual trading. Furthermore, this net selling propensity of retail investors delays the incorporation of good news into stock price, while helps stock price reflect its bad news. We show that good (bad) news lead to positive (negative) drifts in stock prices following earnings announcements in the presence (paucity) of investors exhibiting the V-shaped disposition.
{"title":"V-Shaped Disposition Effect, Stock Prices, and Post-Earnings-Announcement Drift: Evidence from Korea","authors":"Minki Kim, Toyoung Kim, T. Kim","doi":"10.1080/15427560.2021.1975715","DOIUrl":"https://doi.org/10.1080/15427560.2021.1975715","url":null,"abstract":"Abstract This study investigates the impact of the V-shaped disposition effect on asset prices in the Korean stock market, which is characterized by a high proportion of retail investors. By utilizing a specified dataset containing stock-level information on the trading activities of different types of investors, we find evidence to support the presence of V-shaped net selling propensity in the Korean stock market. In addition, we find that net selling pressure has a positive effect on the cross-section of subsequent stock returns, and this relationship appears only when accounting for individual trading. Furthermore, this net selling propensity of retail investors delays the incorporation of good news into stock price, while helps stock price reflect its bad news. We show that good (bad) news lead to positive (negative) drifts in stock prices following earnings announcements in the presence (paucity) of investors exhibiting the V-shaped disposition.","PeriodicalId":47016,"journal":{"name":"Journal of Behavioral Finance","volume":"40 1","pages":"345 - 364"},"PeriodicalIF":1.9,"publicationDate":"2021-09-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"76686053","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2021-09-09DOI: 10.1080/15427560.2021.1974443
Zhen Yu, Michael D. Wang, Xiangdong Wei, J. Lou
Abstract How does information credibility, a subjective judgment of investors, affect empirical asset pricing in financial markets? Traditional economic theories are inadequate for interpreting market responses driven by people’s subjective thinking, as these cognitive processes are not encompassed by the concept of utility. We explore these effects by using computational linguistics and deep structured learning algorithms to analyze financial newspapers and social media posts. After controlling for factors related to content and market momentum in our narrative based credibility indicator, we find that news credibility is positively correlated with the returns on assets preferred by experts and negatively correlated with assets preferred by gamblers. Based on this finding, we point out that the efficient-market hypothesis (EMH) is not appropriate in the dominant market of gamblers in the short-term. In the long-term, however, investment motivation does not significantly affect the validity of the hypothesis.
{"title":"News Credibility and Influence within the Financial Markets","authors":"Zhen Yu, Michael D. Wang, Xiangdong Wei, J. Lou","doi":"10.1080/15427560.2021.1974443","DOIUrl":"https://doi.org/10.1080/15427560.2021.1974443","url":null,"abstract":"Abstract How does information credibility, a subjective judgment of investors, affect empirical asset pricing in financial markets? Traditional economic theories are inadequate for interpreting market responses driven by people’s subjective thinking, as these cognitive processes are not encompassed by the concept of utility. We explore these effects by using computational linguistics and deep structured learning algorithms to analyze financial newspapers and social media posts. After controlling for factors related to content and market momentum in our narrative based credibility indicator, we find that news credibility is positively correlated with the returns on assets preferred by experts and negatively correlated with assets preferred by gamblers. Based on this finding, we point out that the efficient-market hypothesis (EMH) is not appropriate in the dominant market of gamblers in the short-term. In the long-term, however, investment motivation does not significantly affect the validity of the hypothesis.","PeriodicalId":47016,"journal":{"name":"Journal of Behavioral Finance","volume":"5 1","pages":"238 - 257"},"PeriodicalIF":1.9,"publicationDate":"2021-09-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"78497897","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2021-09-09DOI: 10.1080/15427560.2021.1974444
David J. Streich
Abstract Financial advisors rely on accurate measures of investor risk preferences. This study compares different risk elicitation methods (REMs) in terms of their perceived suitability and impact on financial advice taking. The results suggest that the perceived suitability of the suggested risk profile strongly predicts delegation to an advisory tool. REMs differ in terms of their perceived process similarity with the investor, which positively affects suitability (and thus, delegation) directly and through its positive effect on source credibility. Differences were also found with regards to the perceived complexity of the risk profiling task, which is positively related to suitability. In summary, the findings imply that applying suitable REMs matters not only because it avoids misrepresentation of an investor’s true risk preferences, but because it directly affects the propensity to delegate financial decision-making.
{"title":"Risk Preference Elicitation and Financial Advice Taking","authors":"David J. Streich","doi":"10.1080/15427560.2021.1974444","DOIUrl":"https://doi.org/10.1080/15427560.2021.1974444","url":null,"abstract":"Abstract Financial advisors rely on accurate measures of investor risk preferences. This study compares different risk elicitation methods (REMs) in terms of their perceived suitability and impact on financial advice taking. The results suggest that the perceived suitability of the suggested risk profile strongly predicts delegation to an advisory tool. REMs differ in terms of their perceived process similarity with the investor, which positively affects suitability (and thus, delegation) directly and through its positive effect on source credibility. Differences were also found with regards to the perceived complexity of the risk profiling task, which is positively related to suitability. In summary, the findings imply that applying suitable REMs matters not only because it avoids misrepresentation of an investor’s true risk preferences, but because it directly affects the propensity to delegate financial decision-making.","PeriodicalId":47016,"journal":{"name":"Journal of Behavioral Finance","volume":"16 1","pages":"259 - 275"},"PeriodicalIF":1.9,"publicationDate":"2021-09-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"75425332","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
京公网安备 11010802042870号
京ICP备2023020795号-1
扫码关注我们
求助内容：
应助结果提醒方式：