Pub Date : 2021-04-06DOI: 10.1080/1351847X.2021.1910057
Conall O'Sullivan, V. Papavassiliou
Using high-frequency data from the MTS trading platform, we examine return and volatility spillover effects across different maturities in the European sovereign bond market over tranquil and crisi...
{"title":"A high-frequency analysis of return and volatility spillovers in the European sovereign bond market","authors":"Conall O'Sullivan, V. Papavassiliou","doi":"10.1080/1351847X.2021.1910057","DOIUrl":"https://doi.org/10.1080/1351847X.2021.1910057","url":null,"abstract":"Using high-frequency data from the MTS trading platform, we examine return and volatility spillover effects across different maturities in the European sovereign bond market over tranquil and crisi...","PeriodicalId":47599,"journal":{"name":"European Journal of Finance","volume":null,"pages":null},"PeriodicalIF":2.5,"publicationDate":"2021-04-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/1351847X.2021.1910057","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45486985","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 : 2020-11-12DOI: 10.1080/1351847x.2020.1842784
B. Alsubaiei, G. Calice, Andrew Vivian
We comprehensively study the impact of oil market volatility on mutual fund flow. In particular, using an extensive dataset on Saudi Arabia covering virtually all equity funds over 2006–2017, this ...
{"title":"How does mutual fund flow respond to oil market volatility?","authors":"B. Alsubaiei, G. Calice, Andrew Vivian","doi":"10.1080/1351847x.2020.1842784","DOIUrl":"https://doi.org/10.1080/1351847x.2020.1842784","url":null,"abstract":"We comprehensively study the impact of oil market volatility on mutual fund flow. In particular, using an extensive dataset on Saudi Arabia covering virtually all equity funds over 2006–2017, this ...","PeriodicalId":47599,"journal":{"name":"European Journal of Finance","volume":null,"pages":null},"PeriodicalIF":2.5,"publicationDate":"2020-11-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/1351847x.2020.1842784","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48827978","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 : 2020-07-22DOI: 10.1080/1351847X.2020.1776353
Irene Pablos Nuevo
This paper investigates the impact of the introduction and implementation of the new EU bail-in framework on the banks' subordinated bond yield spreads over senior unsecured bonds, and links the bo...
{"title":"Has the new bail-in framework increased the yield spread between subordinated and senior bonds?","authors":"Irene Pablos Nuevo","doi":"10.1080/1351847X.2020.1776353","DOIUrl":"https://doi.org/10.1080/1351847X.2020.1776353","url":null,"abstract":"This paper investigates the impact of the introduction and implementation of the new EU bail-in framework on the banks' subordinated bond yield spreads over senior unsecured bonds, and links the bo...","PeriodicalId":47599,"journal":{"name":"European Journal of Finance","volume":null,"pages":null},"PeriodicalIF":2.5,"publicationDate":"2020-07-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"85956346","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 : 2018-05-24DOI: 10.1080/1351847X.2017.1303528
Florian El Mouaaouy
ABSTRACT This paper uses a natural experiment to investigate the effects of collusive benchmark manipulation on foreign exchange (FX) market characteristics. Constructing digit-based measures, the empirical analysis detects anomalies throughout different digit positions of currency pairs in prosecuted FX data. The findings contribute to the understanding of suspicious patterns during the World Markets Company and Reuters benchmark window around the London close and suggest a simple, practical, and useful approach to screening other financial benchmarks, markets, and time periods.
{"title":"Financial crime ‘hot spots’ – empirical evidence from the foreign exchange market","authors":"Florian El Mouaaouy","doi":"10.1080/1351847X.2017.1303528","DOIUrl":"https://doi.org/10.1080/1351847X.2017.1303528","url":null,"abstract":"ABSTRACT This paper uses a natural experiment to investigate the effects of collusive benchmark manipulation on foreign exchange (FX) market characteristics. Constructing digit-based measures, the empirical analysis detects anomalies throughout different digit positions of currency pairs in prosecuted FX data. The findings contribute to the understanding of suspicious patterns during the World Markets Company and Reuters benchmark window around the London close and suggest a simple, practical, and useful approach to screening other financial benchmarks, markets, and time periods.","PeriodicalId":47599,"journal":{"name":"European Journal of Finance","volume":null,"pages":null},"PeriodicalIF":2.5,"publicationDate":"2018-05-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/1351847X.2017.1303528","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"59717109","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 : 2017-06-06DOI: 10.1142/9789812565839_0005
Douglas J. Cumming, A. Guariglia, W. Hou, Edward Lee
{"title":"Chinese capital markets","authors":"Douglas J. Cumming, A. Guariglia, W. Hou, Edward Lee","doi":"10.1142/9789812565839_0005","DOIUrl":"https://doi.org/10.1142/9789812565839_0005","url":null,"abstract":"","PeriodicalId":47599,"journal":{"name":"European Journal of Finance","volume":null,"pages":null},"PeriodicalIF":2.5,"publicationDate":"2017-06-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46828576","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}
In recent years, there has been a remarkable growth of volatility options. In particular, VIX options are among the most actively trading contracts at Chicago Board Options Exchange. These options exhibit upward sloping volatility skew and the shape of the skew is largely independent of the volatility level. To take into account these stylized facts, this article introduces a novel two-factor stochastic volatility model with mean reversion that accounts for stochastic skew consistent with empirical evidence. Importantly, the model is analytically tractable. In this sense, I solve the pricing problem corresponding to standard-start, as well as to forward-start European options through the Fast Fourier Transform. To illustrate the practical performance of the model, I calibrate the model parameters to the quoted prices of European options on the VIX index. The calibration results are fairly good indicating the ability of the model to capture the shape of the implied volatility skew associated with VIX options.
{"title":"Pricing Volatility Options Under Stochastic Skew with Application to the VIX Index","authors":"J. Romo","doi":"10.2139/SSRN.2466930","DOIUrl":"https://doi.org/10.2139/SSRN.2466930","url":null,"abstract":"In recent years, there has been a remarkable growth of volatility options. In particular, VIX options are among the most actively trading contracts at Chicago Board Options Exchange. These options exhibit upward sloping volatility skew and the shape of the skew is largely independent of the volatility level. To take into account these stylized facts, this article introduces a novel two-factor stochastic volatility model with mean reversion that accounts for stochastic skew consistent with empirical evidence. Importantly, the model is analytically tractable. In this sense, I solve the pricing problem corresponding to standard-start, as well as to forward-start European options through the Fast Fourier Transform. To illustrate the practical performance of the model, I calibrate the model parameters to the quoted prices of European options on the VIX index. The calibration results are fairly good indicating the ability of the model to capture the shape of the implied volatility skew associated with VIX options.","PeriodicalId":47599,"journal":{"name":"European Journal of Finance","volume":null,"pages":null},"PeriodicalIF":2.5,"publicationDate":"2017-03-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.2139/SSRN.2466930","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48362540","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}
Bruno Feunou, Mohammad R. Jahan-Parvar, Roméo Tédongap
This paper addresses an existing gap in the developing literature on conditional skewness. We develop a simple procedure to evaluate parametric conditional skewness models. This procedure is based on regressing the realized skewness measures on model-implied conditional skewness values. We find that an asymmetric generalized autoregressive conditional heteroscedasticity specification on shape parameters with a skewed generalized error distribution provides the best in-sample fit for the data, as well as reasonable predictions of the realized skewness measure. Our empirical findings imply significant asymmetry with respect to positive and negative news in both conditional asymmetry and kurtosis processes.
{"title":"Which Parametric Model for Conditional Skewness","authors":"Bruno Feunou, Mohammad R. Jahan-Parvar, Roméo Tédongap","doi":"10.2139/SSRN.968091","DOIUrl":"https://doi.org/10.2139/SSRN.968091","url":null,"abstract":"This paper addresses an existing gap in the developing literature on conditional skewness. We develop a simple procedure to evaluate parametric conditional skewness models. This procedure is based on regressing the realized skewness measures on model-implied conditional skewness values. We find that an asymmetric generalized autoregressive conditional heteroscedasticity specification on shape parameters with a skewed generalized error distribution provides the best in-sample fit for the data, as well as reasonable predictions of the realized skewness measure. Our empirical findings imply significant asymmetry with respect to positive and negative news in both conditional asymmetry and kurtosis processes.","PeriodicalId":47599,"journal":{"name":"European Journal of Finance","volume":null,"pages":null},"PeriodicalIF":2.5,"publicationDate":"2016-10-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.2139/SSRN.968091","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67914441","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}
Spanish Abstract: Este documento es un compendio de los metodos y teorias mas utilizados para valorar de empresas por descuento de flujos. Los 10 metodos descritos son: flujos para las acciones descontados a la rentabilidad exigida a las acciones; free cash flow descontado al WACC; capital cash flows descontados al WACC antes de impuestos; APV (adjusted present value); free cash flows ajustados al riesgo del negocio descontados a la rentabilidad exigida a los activos; cash flows para las acciones ajustados al riesgo del negocio descontados a la rentabilidad exigida a los activos; beneficio economico descontado a la rentabilidad exigida a las acciones; EVA descontado al WACC; free cash flows ajustados descontados a la tasa libre de riesgo, y cash flows para las acciones ajustados descontados a la tasa libre de riesgo. Los diez metodos proporcionan siempre el mismo valor. Este resultado es logico porque todos los metodos analizan la misma realidad bajo las mismas hipotesis; solo difieren en los flujos que toman como punto de partida para la valoracion. Tambien se muestran 7 teorias sobre el valor del ahorro de impuestos debido a los intereses (VTS) y su impacto en la valoracion. English Abstract: This paper is a summarized compendium of all the methods and theories on company valuation using discounted cash flows. It shows ten discounted cash flow valuation methods: 1) equity cash flows discounted at the required return to equity; 2) free cash flow discounted at the WACC; 3) capital cash flows discounted at the WACC before tax; 4) APV (Adjusted Present Value); 5) the business's risk-adjusted free cash flows discounted at the required return to assets; 6) the business's risk-adjusted equity cash flows discounted at the required return to assets; 7) economic profit discounted at the required return to equity; 8) EVA discounted at the WACC; 9) the risk-free rate-adjusted free cash flows discounted at the risk-free rate; and 10) the risk-free rate-adjusted equity cash flows discounted at the required return to assets. All ten methods always provide the same value. This result is logical, as all the methods analyze the same reality under the same hypotheses; they differ only in the cash flows taken as the starting point for the valuation. The disagreements among the various theories of firm valuation arise from the calculation of the value of the tax shields (VTS). The paper shows and analyses 7 different theories on the calculation of the VTS: No-cost-of-leverage, Modigliani and Miller (1963), Myers (1974), 7 Miles and Ezzell (1980), Harris and Pringle (1985), Damodaran (1994), 7 and Practitioners method. The paper lists the most important valuation equations according to each of these theories, and also shows how the valuation equations change when the debt's market value is not equal to its book value.
摘要:本文总结了通过流量贴现对公司进行估值最常用的方法和理论。所描述的10种方法是:股票流折现到股票所需的盈利能力;自由现金流贴现到WACC;在税前扣除WACC的资本现金流;APV(调整现值);经业务风险调整的自由现金流，扣除资产所需的盈利能力;经业务风险调整的股票的现金流量，扣除资产所需的盈利能力;经济利润折现到股票所需的利润;EVA折扣到WACC;按无风险率折现的自由调整现金流，以及按无风险率折现的调整股票现金流。这十种方法总是给出相同的值。这个结果是合乎逻辑的，因为所有的方法都在相同的假设下分析相同的现实;它们只是在作为估值起点的流程上有所不同。本文还介绍了关于利息税收储蓄(VTS)价值及其对估值的影响的7种理论。English Abstract: This paper is a概括《all the方法和不同公司的再保险公司using discounted r10流动。它显示了十种贴现现金流估值方法:1)按要求的股权回报贴现的股权现金流;2)在WACC贴现的自由现金流;3)税前按WACC折现的资本现金流;4) APV(调整现值);5)企业风险调整后的自由现金流折算为所需的资产回报;6)企业风险调整后的股权现金流按要求的资产回报折现;7)按要求的股权回报折现的经济利润;8)在WACC打折的EVA;(九)按无风险率折算的无风险调整后的自由现金流;10)按要求的资产回报折算的无风险调整后的股权现金流。= =地理= =根据美国人口普查，这个县的总面积为，其中土地和(5.5%)水。这个结果是合乎逻辑的，因为所有的方法都在相同的假设下分析相同的现实;它们只在作为估值起点的现金流上有所不同。各种公司估值理论之间的分歧源于对税收盾(VTS)价值的计算。本文提出并分析了计算VTS的7种不同理论:Modigliani和Miller(1963)、Myers(1974)、7 Miles和Ezzell(1980)、Harris和Pringle(1985)、Damodaran(1994)、7和实践者方法。这篇论文根据这些理论列出了最重要的估值方程，并展示了当债务的市场价值不等于其账面价值时估值方程的变化。
{"title":"Valoración de empresas por descuento de flujos: 10 métodos y 7 teorías (Valuing Companies by Cash Flow Discounting: 10 Methods and 7 Theories)","authors":"Pablo Fernández","doi":"10.2139/ssrn.1266623","DOIUrl":"https://doi.org/10.2139/ssrn.1266623","url":null,"abstract":"Spanish Abstract: Este documento es un compendio de los metodos y teorias mas utilizados para valorar de empresas por descuento de flujos. Los 10 metodos descritos son: flujos para las acciones descontados a la rentabilidad exigida a las acciones; free cash flow descontado al WACC; capital cash flows descontados al WACC antes de impuestos; APV (adjusted present value); free cash flows ajustados al riesgo del negocio descontados a la rentabilidad exigida a los activos; cash flows para las acciones ajustados al riesgo del negocio descontados a la rentabilidad exigida a los activos; beneficio economico descontado a la rentabilidad exigida a las acciones; EVA descontado al WACC; free cash flows ajustados descontados a la tasa libre de riesgo, y cash flows para las acciones ajustados descontados a la tasa libre de riesgo. Los diez metodos proporcionan siempre el mismo valor. Este resultado es logico porque todos los metodos analizan la misma realidad bajo las mismas hipotesis; solo difieren en los flujos que toman como punto de partida para la valoracion. Tambien se muestran 7 teorias sobre el valor del ahorro de impuestos debido a los intereses (VTS) y su impacto en la valoracion. English Abstract: This paper is a summarized compendium of all the methods and theories on company valuation using discounted cash flows. It shows ten discounted cash flow valuation methods: 1) equity cash flows discounted at the required return to equity; 2) free cash flow discounted at the WACC; 3) capital cash flows discounted at the WACC before tax; 4) APV (Adjusted Present Value); 5) the business's risk-adjusted free cash flows discounted at the required return to assets; 6) the business's risk-adjusted equity cash flows discounted at the required return to assets; 7) economic profit discounted at the required return to equity; 8) EVA discounted at the WACC; 9) the risk-free rate-adjusted free cash flows discounted at the risk-free rate; and 10) the risk-free rate-adjusted equity cash flows discounted at the required return to assets. All ten methods always provide the same value. This result is logical, as all the methods analyze the same reality under the same hypotheses; they differ only in the cash flows taken as the starting point for the valuation. The disagreements among the various theories of firm valuation arise from the calculation of the value of the tax shields (VTS). The paper shows and analyses 7 different theories on the calculation of the VTS: No-cost-of-leverage, Modigliani and Miller (1963), Myers (1974), 7 Miles and Ezzell (1980), Harris and Pringle (1985), Damodaran (1994), 7 and Practitioners method. The paper lists the most important valuation equations according to each of these theories, and also shows how the valuation equations change when the debt's market value is not equal to its book value.","PeriodicalId":47599,"journal":{"name":"European Journal of Finance","volume":null,"pages":null},"PeriodicalIF":2.5,"publicationDate":"2016-02-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"88899243","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}
Theory predicts that liquidity considerations make financial markets "tippy". In 1998, trading on Bund futures tipped from LIFFE (an open outcry exchange) to Eurex (an electronic market). Measures of spreads on LIFFE and Eurex did not change markedly in the eighteen month period over which Eurex achieved dominance in Bund futures trading, but a measure of market depth did worsen on LIFFE as tipping proceeded. The evidence suggests that trading fee differentials and operational efficiences were the key factors in preciptiating the shift in volume. The "sponsorship" of the Eurex platform by German banks narrowed liquidity cost differences sufficiently to permit Eurex to charge lower fees and thereby undercut total trading costs on LIFFE.
{"title":"Bund for Glory, or, it's a Long Way to Tip a Market","authors":"Craig Pirrong","doi":"10.2139/ssrn.672504","DOIUrl":"https://doi.org/10.2139/ssrn.672504","url":null,"abstract":"Theory predicts that liquidity considerations make financial markets \"tippy\". In 1998, trading on Bund futures tipped from LIFFE (an open outcry exchange) to Eurex (an electronic market). Measures of spreads on LIFFE and Eurex did not change markedly in the eighteen month period over which Eurex achieved dominance in Bund futures trading, but a measure of market depth did worsen on LIFFE as tipping proceeded. The evidence suggests that trading fee differentials and operational efficiences were the key factors in preciptiating the shift in volume. The \"sponsorship\" of the Eurex platform by German banks narrowed liquidity cost differences sufficiently to permit Eurex to charge lower fees and thereby undercut total trading costs on LIFFE.","PeriodicalId":47599,"journal":{"name":"European Journal of Finance","volume":null,"pages":null},"PeriodicalIF":2.5,"publicationDate":"2015-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"86862032","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 : 2015-09-02DOI: 10.1080/1351847X.2013.773262
Milagros Vivel Búa, Luís Otero González, Sara Fernández López, Pablo Durán Santomil
This paper analyzes value creation through currency hedging in the Spanish market. The results show that the hedging with derivatives generated an average premium of 1.53% and that foreign currency debt generated 7.52%, with respect to company value approximated by Tobin's Q, while operational hedging does not affect company value. Moreover, in half of the observations corresponding to companies that hedged with derivatives, the value premium was between 0.08% and 0.99%. In the case of foreign currency debt, the range was between 1.79% and 10.37%. It demonstrates that the contribution of currency hedging to company value fluctuates considerable according to the volume of financial hedging. Thus, an empirical study of this aspect which only analyses the decision to hedge through dummy variables to define financial hedging, as empirical previous studies, can lead to biased results in terms of estimated premium amounts, because it assumes a homogenous treatment of companies regardless of hedging volumes.
{"title":"Is value creation consistent with currency hedging?","authors":"Milagros Vivel Búa, Luís Otero González, Sara Fernández López, Pablo Durán Santomil","doi":"10.1080/1351847X.2013.773262","DOIUrl":"https://doi.org/10.1080/1351847X.2013.773262","url":null,"abstract":"This paper analyzes value creation through currency hedging in the Spanish market. The results show that the hedging with derivatives generated an average premium of 1.53% and that foreign currency debt generated 7.52%, with respect to company value approximated by Tobin's Q, while operational hedging does not affect company value. Moreover, in half of the observations corresponding to companies that hedged with derivatives, the value premium was between 0.08% and 0.99%. In the case of foreign currency debt, the range was between 1.79% and 10.37%. It demonstrates that the contribution of currency hedging to company value fluctuates considerable according to the volume of financial hedging. Thus, an empirical study of this aspect which only analyses the decision to hedge through dummy variables to define financial hedging, as empirical previous studies, can lead to biased results in terms of estimated premium amounts, because it assumes a homogenous treatment of companies regardless of hedging volumes.","PeriodicalId":47599,"journal":{"name":"European Journal of Finance","volume":null,"pages":null},"PeriodicalIF":2.5,"publicationDate":"2015-09-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/1351847X.2013.773262","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"59716561","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}
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