This discussion paper lays the foundation for formulating an effective policy to address the current financial crisis facing the United Kingdom. The paper calls for an aggressive and coordinated intervention by the Treasury and the Bank of England including (i) the creation of two Government Sponsored Entities, (a Consumer Bank with a mandate to provide loans directly to consumers and a SME Bank) and (ii) for the Bank of England to establish a taskforce to work with the troubled banks to write down the value of their illiquid and non-performing loans and that the Bank of England (as opposed to the Treasury) should directly inject capital into these troubled banks. The paper also calls for targeted tax cuts to allow the consumer to undertake an orderly deleveraging and for direct government investment to resuscitate the economy.
{"title":"The Financial Crisis: The Cause and the Cure?","authors":"A. Farhadieh","doi":"10.2139/SSRN.1336345","DOIUrl":"https://doi.org/10.2139/SSRN.1336345","url":null,"abstract":"This discussion paper lays the foundation for formulating an effective policy to address the current financial crisis facing the United Kingdom. The paper calls for an aggressive and coordinated intervention by the Treasury and the Bank of England including (i) the creation of two Government Sponsored Entities, (a Consumer Bank with a mandate to provide loans directly to consumers and a SME Bank) and (ii) for the Bank of England to establish a taskforce to work with the troubled banks to write down the value of their illiquid and non-performing loans and that the Bank of England (as opposed to the Treasury) should directly inject capital into these troubled banks. The paper also calls for targeted tax cuts to allow the consumer to undertake an orderly deleveraging and for direct government investment to resuscitate the economy.","PeriodicalId":47599,"journal":{"name":"European Journal of Finance","volume":null,"pages":null},"PeriodicalIF":2.5,"publicationDate":"2009-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"79350881","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}
The yield spread between nominal and inflation-linked bonds (or break-even inflation rates, BEIR) is a fundamental indicator of inflation expectations (and associated premia). This paper investigates which macroeconomic and financial variables explain BEIRs. We evaluate a large number of potential explanatory variables through Bayesian model selection techniques and document their explanatory power at different horizons. At short horizons, actual inflation dynamics is the main determinant of BEIRs. At long horizons, financial variables (i.e. term spread, bond market volatility) become increasingly relevant, but confidence and cyclical indicators remain important. JEL Classification: C11, C52, E31
{"title":"What Drives Euro Area Break-Even Inflation Rates?","authors":"Matteo Ciccarelli, Juan A. Garcia","doi":"10.2139/ssrn.1316216","DOIUrl":"https://doi.org/10.2139/ssrn.1316216","url":null,"abstract":"The yield spread between nominal and inflation-linked bonds (or break-even inflation rates, BEIR) is a fundamental indicator of inflation expectations (and associated premia). This paper investigates which macroeconomic and financial variables explain BEIRs. We evaluate a large number of potential explanatory variables through Bayesian model selection techniques and document their explanatory power at different horizons. At short horizons, actual inflation dynamics is the main determinant of BEIRs. At long horizons, financial variables (i.e. term spread, bond market volatility) become increasingly relevant, but confidence and cyclical indicators remain important. JEL Classification: C11, C52, E31","PeriodicalId":47599,"journal":{"name":"European Journal of Finance","volume":null,"pages":null},"PeriodicalIF":2.5,"publicationDate":"2009-01-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"87500137","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: En 2008, la rentabilidad de la bolsa espanola fue -40%, solo hubo 3 empresas (entre 136) con rentabilidad positiva y 61 empresas tuvieron una rentabilidad inferior a -50%. Las 136 empresas destruyeron valor para sus accionistas por importe de €420 millardos. Ha sido un ano con gran volatilidad (y, por tanto, con grandes oportunidades de inversion): el cociente entre la cotizacion maxima y la cotizacion minima ha sido superior a 2,5 en 57 empresas y superior a 2 en 92 empresas.Tambien se muestra que el descenso de 2008 fue menor que los de 2002, 1947 y 1980; y similar a los de 1958 y 1992.Considerando conjuntamente 2007 y 2008, 9 empresas tuvieron rentabilidad positiva.English Abstract: 133 companies out of 136 had negative return in 2008. The 136 companies destroyed 420 billion euros (17 billion euros in 2007). The average return of the 136 companies was -40%.
{"title":"Rentabilidad y creación de valor de 136 empresas españolas en 2008 (Shareholder Value Creation of 136 Spanish Companies in 2008)","authors":"Pablo Fernández, Vicente J. Bermejo","doi":"10.2139/SSRN.1325147","DOIUrl":"https://doi.org/10.2139/SSRN.1325147","url":null,"abstract":"Spanish Abstract: En 2008, la rentabilidad de la bolsa espanola fue -40%, solo hubo 3 empresas (entre 136) con rentabilidad positiva y 61 empresas tuvieron una rentabilidad inferior a -50%. Las 136 empresas destruyeron valor para sus accionistas por importe de €420 millardos. Ha sido un ano con gran volatilidad (y, por tanto, con grandes oportunidades de inversion): el cociente entre la cotizacion maxima y la cotizacion minima ha sido superior a 2,5 en 57 empresas y superior a 2 en 92 empresas.Tambien se muestra que el descenso de 2008 fue menor que los de 2002, 1947 y 1980; y similar a los de 1958 y 1992.Considerando conjuntamente 2007 y 2008, 9 empresas tuvieron rentabilidad positiva.English Abstract: 133 companies out of 136 had negative return in 2008. The 136 companies destroyed 420 billion euros (17 billion euros in 2007). The average return of the 136 companies was -40%.","PeriodicalId":47599,"journal":{"name":"European Journal of Finance","volume":null,"pages":null},"PeriodicalIF":2.5,"publicationDate":"2009-01-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"90701705","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}
We analyze firms’ investment behavior, differentiating firms according to the cash flow levels they experience during their lifecycles. We consequently consider the firm as the basic unit and not firm-year observations. Firms with persistent positive cash flow show higher investment-cash flow sensitivity than firms with persistent negative cash flow. Independent of the industry they belong to, older firms with positive cash flow show a weaker sensitivity than younger firms with positive cash flow. Firms with persistent negative cash flow are neither younger nor smaller than their counterparts, and their cash flow coefficient can be positive, negative or statistically insignificant. Thus, classifying firms by age or size may not yield a group of firms with similar financial structures.
{"title":"Corporate Investment, Cash Flow Level and Market Imperfections","authors":"G. Mundaca","doi":"10.2139/ssrn.968149","DOIUrl":"https://doi.org/10.2139/ssrn.968149","url":null,"abstract":"We analyze firms’ investment behavior, differentiating firms according to the cash flow levels they experience during their lifecycles. We consequently consider the firm as the basic unit and not firm-year observations. Firms with persistent positive cash flow show higher investment-cash flow sensitivity than firms with persistent negative cash flow. Independent of the industry they belong to, older firms with positive cash flow show a weaker sensitivity than younger firms with positive cash flow. Firms with persistent negative cash flow are neither younger nor smaller than their counterparts, and their cash flow coefficient can be positive, negative or statistically insignificant. Thus, classifying firms by age or size may not yield a group of firms with similar financial structures.","PeriodicalId":47599,"journal":{"name":"European Journal of Finance","volume":null,"pages":null},"PeriodicalIF":2.5,"publicationDate":"2009-01-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"83936528","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}
European Union CO2 allowances (EUAs) are traded on several markets with increasing intensity. We provide an intraday data analysis of the EUA futures market for the complete first trading period 2005-2007. To investigate the trading process in this young market, we compare the two main trading platforms ECX and Nord Pool with respect to liquidity and price discovery. Both are of high relevance to traders. We analyze liquidity by estimating traded bid-ask spreads following the approach of Madhavan et al. (1997) and study price discovery using the VECM framework of Engle and Granger (1987). We find that while estimated transaction costs are always lower on the larger exchange ECX, the less liquid platform Nord Pool also contributes to price discovery, especially during the first months of trading. Overall, results indicate that from 2005 to 2007 liquidity in the European CO2 futures market has markedly increased and organized trading has rapidly expanded.
{"title":"Liquidity and Price Discovery in the European C02 Futures Market: An Intraday Analysis","authors":"E. Benz, J. Hengelbrock","doi":"10.2139/ssrn.1220389","DOIUrl":"https://doi.org/10.2139/ssrn.1220389","url":null,"abstract":"European Union CO2 allowances (EUAs) are traded on several markets with increasing intensity. We provide an intraday data analysis of the EUA futures market for the complete first trading period 2005-2007. To investigate the trading process in this young market, we compare the two main trading platforms ECX and Nord Pool with respect to liquidity and price discovery. Both are of high relevance to traders. We analyze liquidity by estimating traded bid-ask spreads following the approach of Madhavan et al. (1997) and study price discovery using the VECM framework of Engle and Granger (1987). We find that while estimated transaction costs are always lower on the larger exchange ECX, the less liquid platform Nord Pool also contributes to price discovery, especially during the first months of trading. Overall, results indicate that from 2005 to 2007 liquidity in the European CO2 futures market has markedly increased and organized trading has rapidly expanded.","PeriodicalId":47599,"journal":{"name":"European Journal of Finance","volume":null,"pages":null},"PeriodicalIF":2.5,"publicationDate":"2009-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"78272307","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}
This research compares the links between the economic growth and the development of banking credit for the private sector in three transition economies. The empirical results confirm the choice of a case-by-case analytical and time series econometrical approach. Each country has its own specificities which justify the established long-run positive two-way link between the real and financial sector in Poland, the positive link going from the real sector towards the private credit development in the case of Hungary, and the negative two-way link between the two sectors in the case of the Czech Republic. We explain those particularities by the different methods of banking sector privatization, the different approaches for solving the bad credit problems, and the different attitudes towards banking FDI. The comparison between the experiences of these three countries underlines the importance of adequately supporting and regulating the emerging banking sectors in lower-income transition economies when designing growth-promoting economic policies on the road to EU accession.
{"title":"Private Credit Development and Economic Growth In Transition Economies","authors":"D. Bakardzhieva, B. Kamar","doi":"10.2139/ssrn.1465595","DOIUrl":"https://doi.org/10.2139/ssrn.1465595","url":null,"abstract":"This research compares the links between the economic growth and the development of banking credit for the private sector in three transition economies. The empirical results confirm the choice of a case-by-case analytical and time series econometrical approach. Each country has its own specificities which justify the established long-run positive two-way link between the real and financial sector in Poland, the positive link going from the real sector towards the private credit development in the case of Hungary, and the negative two-way link between the two sectors in the case of the Czech Republic. We explain those particularities by the different methods of banking sector privatization, the different approaches for solving the bad credit problems, and the different attitudes towards banking FDI. The comparison between the experiences of these three countries underlines the importance of adequately supporting and regulating the emerging banking sectors in lower-income transition economies when designing growth-promoting economic policies on the road to EU accession.","PeriodicalId":47599,"journal":{"name":"European Journal of Finance","volume":null,"pages":null},"PeriodicalIF":2.5,"publicationDate":"2009-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"83756261","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 : 2009-01-01DOI: 10.1111/j.1465-7287.2008.00121.x
G. Garcia
Banks are finally crossing borders within the European Union (EU) and the United States. Some EU member countries and some U.S. states have welcomed entry by banks from elsewhere, while others have resisted it. The article compares the processes of banking deregulation in the two unions and provides some measures of the ensuing progressnot yet completetoward cross-border banking. The analysis focuses on resistance to entry, the reasons for it, and the methods used to put it into effect. Apportioning responsibilities for chartering, prudential supervision and other facets of the financial safety net between the EU and its member countries give rise to active conflicts over sovereignty and compromises over efficiency. Similar conflicts raise questions over the continued viability of the dual banking system in the United States.
{"title":"Sovereignty Versus Soundness: Cross-Border/Interstate Banking in the European Union and in the United States: Similarities, Differences and Policy Issues","authors":"G. Garcia","doi":"10.1111/j.1465-7287.2008.00121.x","DOIUrl":"https://doi.org/10.1111/j.1465-7287.2008.00121.x","url":null,"abstract":"Banks are finally crossing borders within the European Union (EU) and the United States. Some EU member countries and some U.S. states have welcomed entry by banks from elsewhere, while others have resisted it. The article compares the processes of banking deregulation in the two unions and provides some measures of the ensuing progressnot yet completetoward cross-border banking. The analysis focuses on resistance to entry, the reasons for it, and the methods used to put it into effect. Apportioning responsibilities for chartering, prudential supervision and other facets of the financial safety net between the EU and its member countries give rise to active conflicts over sovereignty and compromises over efficiency. Similar conflicts raise questions over the continued viability of the dual banking system in the United States.","PeriodicalId":47599,"journal":{"name":"European Journal of Finance","volume":null,"pages":null},"PeriodicalIF":2.5,"publicationDate":"2009-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"86217716","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 : 2009-01-01DOI: 10.1111/j.1467-8586.2008.00290.x
D. McMillan
Since the mid-1990s the dividend yield reached and largely remained at a historically low level, even accounting for the stock market correction in the early 2000s. This appears to suggest that prices are overvalued. However, alternative valuation models based upon comparing bond and equity yields suggest that, if anything, prices are undervalued. This paper seeks to provide answers to this seeming paradox. Preliminary results suggest non-stationarity of the dividend yield and bond yieldequity yield differential, although the yield ratio is possibly stationary, casting doubt on mean reversion. Evidence from structural breakpoint testing suggests that all measures have been subjected to several mean level shifts throughout the sample period, and notably within the last decade, such that each series now fluctuates around a mean level lower than that experienced previously. Thus, the lower dividend yield and lower bondequity ratio do not necessarily imply equity mispricing but that concepts of pre-existing normal levels no longer apply. In explaining why higher equity prices are supported, we note that the last decade has seen a period of historically low and stable inflation and interest rates. Further, there is a strong positive relationship between inflation and the dividend yield. This more stable economic environment has led to more accurate valuation of stocks and lower required rates of return, thus supporting higher prices.
{"title":"Are UK Share Prices Too High? Fundamental Value or New Era","authors":"D. McMillan","doi":"10.1111/j.1467-8586.2008.00290.x","DOIUrl":"https://doi.org/10.1111/j.1467-8586.2008.00290.x","url":null,"abstract":"Since the mid-1990s the dividend yield reached and largely remained at a historically low level, even accounting for the stock market correction in the early 2000s. This appears to suggest that prices are overvalued. However, alternative valuation models based upon comparing bond and equity yields suggest that, if anything, prices are undervalued. This paper seeks to provide answers to this seeming paradox. Preliminary results suggest non-stationarity of the dividend yield and bond yieldequity yield differential, although the yield ratio is possibly stationary, casting doubt on mean reversion. Evidence from structural breakpoint testing suggests that all measures have been subjected to several mean level shifts throughout the sample period, and notably within the last decade, such that each series now fluctuates around a mean level lower than that experienced previously. Thus, the lower dividend yield and lower bondequity ratio do not necessarily imply equity mispricing but that concepts of pre-existing normal levels no longer apply. In explaining why higher equity prices are supported, we note that the last decade has seen a period of historically low and stable inflation and interest rates. Further, there is a strong positive relationship between inflation and the dividend yield. This more stable economic environment has led to more accurate valuation of stocks and lower required rates of return, thus supporting higher prices.","PeriodicalId":47599,"journal":{"name":"European Journal of Finance","volume":null,"pages":null},"PeriodicalIF":2.5,"publicationDate":"2009-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"87364632","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}
This paper analyses value-investing strategies based on the residual income valuation approach which has become popular due to the work of Ohlson (1995) and Feltham and Ohlson (1995) for the German stock market. Plenty of empirical evidence shows that it is possible to earn positive abnormal returns by investing in on the basis of simple fundamental ratios such as PE ratio, PB ratio, or dividend yield undervalued stocks. A price-value (PV) ratio calculated with the residual income approach is theoretically better founded than the simple ratios mentioned above as it captures all value-generating aspects. Four model specifications are developed and their performance when using them for value-investing strategies is compared to the performance of the simple ratios for German companies over a period of 1990 - 2002. It turns out that fundamentally undervalued companies indeed earn higher returns but the results are statistically weak and the theoretically superior models do not perform significantly better than the simple ratios.
本文分析了基于剩余收益估值方法的价值投资策略，该方法由于Ohlson(1995)和Feltham and Ohlson(1995)对德国股票市场的研究而流行起来。大量的实证证据表明，根据简单的基本面比率，如本益比、市净率或股息收益率低估的股票进行投资，有可能获得正的异常回报。从理论上讲，用剩余收益法计算的价格价值比上面提到的简单比率更有根据，因为它涵盖了所有产生价值的方面。开发了四种模型规范，并将其用于价值投资策略时的表现与1990 - 2002年期间德国公司的简单比率的表现进行了比较。事实证明，从根本上被低估的公司确实获得了更高的回报，但结果在统计上很弱，理论上较优的模型的表现并不明显好于简单的比率。
{"title":"Investment Performance of Residual Income Valuation Models on the German Stock Market","authors":"Goesta Jamin","doi":"10.2139/ssrn.741884","DOIUrl":"https://doi.org/10.2139/ssrn.741884","url":null,"abstract":"This paper analyses value-investing strategies based on the residual income valuation approach which has become popular due to the work of Ohlson (1995) and Feltham and Ohlson (1995) for the German stock market. Plenty of empirical evidence shows that it is possible to earn positive abnormal returns by investing in on the basis of simple fundamental ratios such as PE ratio, PB ratio, or dividend yield undervalued stocks. A price-value (PV) ratio calculated with the residual income approach is theoretically better founded than the simple ratios mentioned above as it captures all value-generating aspects. Four model specifications are developed and their performance when using them for value-investing strategies is compared to the performance of the simple ratios for German companies over a period of 1990 - 2002. It turns out that fundamentally undervalued companies indeed earn higher returns but the results are statistically weak and the theoretically superior models do not perform significantly better than the simple ratios.","PeriodicalId":47599,"journal":{"name":"European Journal of Finance","volume":null,"pages":null},"PeriodicalIF":2.5,"publicationDate":"2008-12-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"81642931","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 : 2008-12-18DOI: 10.1111/j.1467-629X.2009.00296.x
Chris Florackis, Aydin Ozkan
This paper investigates the effect of managerial incentives and corporate governance on capital structure using a large sample of UK firms during the period 1999–2004. The analysis revolves around the view that managerial incentives are important in determining a firm's leverage. However, we argue that the exact impact of these incentives on leverage is likely to be determined by firm-specific governance characteristics. To conduct our investigation, we construct a simple corporate governance measure using detailed ownership and governance information. We present evidence of a significant non-monotonic relationship between executive ownership and leverage. There is also strong evidence suggesting that corporate governance practices have a significant impact on leverage. More importantly, the results reveal that the nature of the relation between executive ownership and leverage depends on the firm's corporate governance structure.
{"title":"Managerial Incentives and Corporate Leverage: Evidence from the United Kingdom","authors":"Chris Florackis, Aydin Ozkan","doi":"10.1111/j.1467-629X.2009.00296.x","DOIUrl":"https://doi.org/10.1111/j.1467-629X.2009.00296.x","url":null,"abstract":"This paper investigates the effect of managerial incentives and corporate governance on capital structure using a large sample of UK firms during the period 1999–2004. The analysis revolves around the view that managerial incentives are important in determining a firm's leverage. However, we argue that the exact impact of these incentives on leverage is likely to be determined by firm-specific governance characteristics. To conduct our investigation, we construct a simple corporate governance measure using detailed ownership and governance information. We present evidence of a significant non-monotonic relationship between executive ownership and leverage. There is also strong evidence suggesting that corporate governance practices have a significant impact on leverage. More importantly, the results reveal that the nature of the relation between executive ownership and leverage depends on the firm's corporate governance structure.","PeriodicalId":47599,"journal":{"name":"European Journal of Finance","volume":null,"pages":null},"PeriodicalIF":2.5,"publicationDate":"2008-12-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"89187442","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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