Pub Date : 2025-01-21DOI: 10.1016/j.pacfin.2025.102684
Jie Wang , Liang Chen , Wanli Li
Using a dataset of Chinese listed firms from 2010 to 2022, this study demonstrates that common institutional ownership significantly facilitates the use of trade credit. The mechanism analysis reveals that common institutional ownership strengthens firms' market positions and mitigates information asymmetry. The effect is more pronounced in non-state-owned enterprises and in regions with lower levels of marketization. Additionally, corporate governance structures, such as the presence of a single controlling shareholder and CEO duality, significantly amplify the impact of common institutional ownership on trade credit. These findings contribute to the literature on trade credit determinants by shedding light on the broader implications of common institutional ownership for corporate stakeholders and governance dynamics.
{"title":"Common institutional ownership and corporate trade credit","authors":"Jie Wang , Liang Chen , Wanli Li","doi":"10.1016/j.pacfin.2025.102684","DOIUrl":"10.1016/j.pacfin.2025.102684","url":null,"abstract":"<div><div>Using a dataset of Chinese listed firms from 2010 to 2022, this study demonstrates that common institutional ownership significantly facilitates the use of trade credit. The mechanism analysis reveals that common institutional ownership strengthens firms' market positions and mitigates information asymmetry. The effect is more pronounced in non-state-owned enterprises and in regions with lower levels of marketization. Additionally, corporate governance structures, such as the presence of a single controlling shareholder and CEO duality, significantly amplify the impact of common institutional ownership on trade credit. These findings contribute to the literature on trade credit determinants by shedding light on the broader implications of common institutional ownership for corporate stakeholders and governance dynamics.</div></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":"90 ","pages":"Article 102684"},"PeriodicalIF":4.8,"publicationDate":"2025-01-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143151921","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2025-01-20DOI: 10.1016/j.pacfin.2025.102678
Christine W. Lai , Donald Lien , Shih-Chuan Tsai
A unique intraday dataset from Taiwan is employed to investigate the effects of ambiguity aversion on trading dynamics and portfolio choice considering different competencies across investors. We find investors reduce trading propensities when market-level uncertainty is high but the trading volume does not reduce to zero. Less-competent investors, more ambiguity averse to market uncertainty than to firm uncertainty, exhibit portfolio under-diversification. Domestic institutional investors are equally (less) ambiguity averse to high market (firm) uncertainty than foreign counterparts, showing the home bias. High dividend yields offer certification of a “floor” payoff and are preferred by retail investors.
{"title":"Competence and ambiguity aversion of heterogeneous investors","authors":"Christine W. Lai , Donald Lien , Shih-Chuan Tsai","doi":"10.1016/j.pacfin.2025.102678","DOIUrl":"10.1016/j.pacfin.2025.102678","url":null,"abstract":"<div><div>A unique intraday dataset from Taiwan is employed to investigate the effects of ambiguity aversion on trading dynamics and portfolio choice considering different competencies across investors. We find investors reduce trading propensities when market-level uncertainty is high but the trading volume does not reduce to zero. Less-competent investors, more ambiguity averse to market uncertainty than to firm uncertainty, exhibit portfolio under-diversification. Domestic institutional investors are equally (less) ambiguity averse to high market (firm) uncertainty than foreign counterparts, showing the home bias. High dividend yields offer certification of a “floor” payoff and are preferred by retail investors.</div></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":"90 ","pages":"Article 102678"},"PeriodicalIF":4.8,"publicationDate":"2025-01-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143151947","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2025-01-19DOI: 10.1016/j.pacfin.2025.102680
Timothy Yang Bian, Yue Zhang, Nanxing Zhou
China's recent anti-corruption campaign has raised concerns about its potential impact on the Chinese art market, given the widespread use of artworks as implicit bribes. Using a large auction dataset for traditional Chinese paintings, we examine whether anti-corruption measures have caused a decline in art prices. We use the number of high-ranking officials (vice-ministerial level or higher) under anti-corruption investigation as a proxy for the intensity of such measures. Our results show a statistically significant negative impact: for each additional downfall of a high-ranking official in a region, auction prices for Chinese paintings decrease by 5.5 %. The negative effect is more evident for paintings drawn by non-masters and those with lower prices.
{"title":"Do China's anti-corruption campaigns impact art prices? Evidence from Chinese art market","authors":"Timothy Yang Bian, Yue Zhang, Nanxing Zhou","doi":"10.1016/j.pacfin.2025.102680","DOIUrl":"10.1016/j.pacfin.2025.102680","url":null,"abstract":"<div><div>China's recent anti-corruption campaign has raised concerns about its potential impact on the Chinese art market, given the widespread use of artworks as implicit bribes. Using a large auction dataset for traditional Chinese paintings, we examine whether anti-corruption measures have caused a decline in art prices. We use the number of high-ranking officials (vice-ministerial level or higher) under anti-corruption investigation as a proxy for the intensity of such measures. Our results show a statistically significant negative impact: for each additional downfall of a high-ranking official in a region, auction prices for Chinese paintings decrease by 5.5 %. The negative effect is more evident for paintings drawn by non-masters and those with lower prices.</div></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":"90 ","pages":"Article 102680"},"PeriodicalIF":4.8,"publicationDate":"2025-01-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143151919","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2025-01-18DOI: 10.1016/j.pacfin.2025.102677
Xiao-Lin Li , Xiaolong Xia , Xinyu Ge , Deng-Kui Si
This paper examines the spillover effect of innovation among portfolio corporations within the common institutional ownership (CIO) network using annual data of Chinese listed corporations from 2010 to 2022. We find that a corporation's (focal corporation) innovation is positively affected by the innovation of other corporations (peer corporations), suggesting a significant corporate innovation spillover in the CIO network. Furthermore, the spillovers of governance experience and managerial compensation between focal and peer corporations are the two underlying economic mechanisms. We also find that the spillover of innovation within the CIO network is more pronounced when focal corporations have long-term common institutional investors or leading corporations have a high level of innovation. Our findings offer new insight into the relationship between CIO and corporate innovation and highlight the important role of CIO in promoting corporate governance and innovation.
{"title":"Common institutional ownership and the spillover effect of corporate innovation","authors":"Xiao-Lin Li , Xiaolong Xia , Xinyu Ge , Deng-Kui Si","doi":"10.1016/j.pacfin.2025.102677","DOIUrl":"10.1016/j.pacfin.2025.102677","url":null,"abstract":"<div><div>This paper examines the spillover effect of innovation among portfolio corporations within the common institutional ownership (CIO) network using annual data of Chinese listed corporations from 2010 to 2022. We find that a corporation's (focal corporation) innovation is positively affected by the innovation of other corporations (peer corporations), suggesting a significant corporate innovation spillover in the CIO network. Furthermore, the spillovers of governance experience and managerial compensation between focal and peer corporations are the two underlying economic mechanisms. We also find that the spillover of innovation within the CIO network is more pronounced when focal corporations have long-term common institutional investors or leading corporations have a high level of innovation. Our findings offer new insight into the relationship between CIO and corporate innovation and highlight the important role of CIO in promoting corporate governance and innovation.</div></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":"90 ","pages":"Article 102677"},"PeriodicalIF":4.8,"publicationDate":"2025-01-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143151917","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2025-01-17DOI: 10.1016/j.pacfin.2025.102670
Yu-Lun Chen , J. Jimmy Yang , Yu-Ting Chang
This study investigates the dynamic volatility spillovers among the stock markets of China, Hong Kong, and the U.S., focusing on Hong Kong as the intermediary transmitter. We find that the U.S. emerges as the primary transmitter of returns and volatility, with Hong Kong being the major recipient. By decomposing the Hong Kong volatility into U.S. and non-U.S. related components, we confirm the intermediary role of Hong Kong in transmitting U.S. monetary policy shocks to China. In addition, our results reveal time-varying patterns and high sensitivity of these spillover transmissions to the U.S.-China trade war, COVID-19 pandemic, and financial crises. These findings highlight Hong Kong's critical role as a financial hub and provide key implications for policymakers aiming to enhance financial stability through cross-market regulations. Investors can also benefit from this knowledge when developing strategies to manage risks tied to global market uncertainties.
{"title":"Stock market volatility spillovers from U.S. to China: The pivotal role of Hong Kong","authors":"Yu-Lun Chen , J. Jimmy Yang , Yu-Ting Chang","doi":"10.1016/j.pacfin.2025.102670","DOIUrl":"10.1016/j.pacfin.2025.102670","url":null,"abstract":"<div><div>This study investigates the dynamic volatility spillovers among the stock markets of China, Hong Kong, and the U.S., focusing on Hong Kong as the intermediary transmitter. We find that the U.S. emerges as the primary transmitter of returns and volatility, with Hong Kong being the major recipient. By decomposing the Hong Kong volatility into U.S. and non-U.S. related components, we confirm the intermediary role of Hong Kong in transmitting U.S. monetary policy shocks to China. In addition, our results reveal time-varying patterns and high sensitivity of these spillover transmissions to the U.S.-China trade war, COVID-19 pandemic, and financial crises. These findings highlight Hong Kong's critical role as a financial hub and provide key implications for policymakers aiming to enhance financial stability through cross-market regulations. Investors can also benefit from this knowledge when developing strategies to manage risks tied to global market uncertainties.</div></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":"90 ","pages":"Article 102670"},"PeriodicalIF":4.8,"publicationDate":"2025-01-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143151915","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2025-01-16DOI: 10.1016/j.pacfin.2025.102675
Yuying Liu, Yue-Rong Li
We investigate the impact of Social Security Fund shareholding duration on corporate investment efficiency in China from 2012 to 2022. The empirical results indicate that a longer duration of Social Security Fund shareholding has a significantly positive impact on corporate investment efficiency. The enhancements in investment efficiency exhibit regional heterogeneity. We also find that the stability and persistence of Social Security Fund shareholding contribute to these improvements. Mechanism analysis reveals that longer Social Security Fund shareholding duration improves investment efficiency through internal and external channels by reducing agency costs, mitigating managerial myopia, and enhancing corporate reputation. Our findings provide guidance for policy-makers, institutional investors, and companies in recognizing the role of the Social Security Fund and optimizing investment outcomes.
{"title":"The duration of Social Security Fund shareholding and investment efficiency","authors":"Yuying Liu, Yue-Rong Li","doi":"10.1016/j.pacfin.2025.102675","DOIUrl":"10.1016/j.pacfin.2025.102675","url":null,"abstract":"<div><div>We investigate the impact of Social Security Fund shareholding duration on corporate investment efficiency in China from 2012 to 2022. The empirical results indicate that a longer duration of Social Security Fund shareholding has a significantly positive impact on corporate investment efficiency. The enhancements in investment efficiency exhibit regional heterogeneity. We also find that the stability and persistence of Social Security Fund shareholding contribute to these improvements. Mechanism analysis reveals that longer Social Security Fund shareholding duration improves investment efficiency through internal and external channels by reducing agency costs, mitigating managerial myopia, and enhancing corporate reputation. Our findings provide guidance for policy-makers, institutional investors, and companies in recognizing the role of the Social Security Fund and optimizing investment outcomes.</div></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":"90 ","pages":"Article 102675"},"PeriodicalIF":4.8,"publicationDate":"2025-01-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143151913","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2025-01-16DOI: 10.1016/j.pacfin.2025.102679
Jintong Guo, Rui Ding, Ziyi Zhang, Min Zhang
This study shows that executive personality traits play an important role in firm risk-taking. We introduce a novel videometric measure of executives' emotional stability using a video-based machine learning method. We validate this by providing evidence consistent with the neuroscience literature that older and male executives are more emotionally stable. We find that emotionally stable executives are more receptive to risk-taking. This effect is primarily driven by the emotional regulation towards negative moods. The positive relation between emotional stability and corporate risk-taking is prominent when executives face greater capital market pressure. Firms led by emotionally stable executives have fewer cash holdings, greater leverage, and higher investment expenditure. In addition, we find that executives' emotional stability increases firm financial performance. Overall, this study sheds light on executive personality antecedents of firm-level outcomes, and provides insights into measuring emotional stability in large-scale studies.
{"title":"Top executives' emotional stability and firm risk-taking: A machine learning-based study","authors":"Jintong Guo, Rui Ding, Ziyi Zhang, Min Zhang","doi":"10.1016/j.pacfin.2025.102679","DOIUrl":"10.1016/j.pacfin.2025.102679","url":null,"abstract":"<div><div>This study shows that executive personality traits play an important role in firm risk-taking. We introduce a novel videometric measure of executives' emotional stability using a video-based machine learning method. We validate this by providing evidence consistent with the neuroscience literature that older and male executives are more emotionally stable. We find that emotionally stable executives are more receptive to risk-taking. This effect is primarily driven by the emotional regulation towards negative moods. The positive relation between emotional stability and corporate risk-taking is prominent when executives face greater capital market pressure. Firms led by emotionally stable executives have fewer cash holdings, greater leverage, and higher investment expenditure. In addition, we find that executives' emotional stability increases firm financial performance. Overall, this study sheds light on executive personality antecedents of firm-level outcomes, and provides insights into measuring emotional stability in large-scale studies.</div></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":"90 ","pages":"Article 102679"},"PeriodicalIF":4.8,"publicationDate":"2025-01-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143340373","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2025-01-13DOI: 10.1016/j.pacfin.2025.102674
Tongbin Yang , Bo Zhou
Most transition finance policies encourage, rather than mandate, brown firms to engage in green innovation, potentially leading to strategic rather than persistent investment in research and development (R&D). This study investigates the impact of a transition finance policy — the China Green Bond Endorsed Project Catalogue — on 1290 Chinese publicly listed firms operating within brown industries. The findings indicate that the transition finance policy increases access to bank credit and fosters R&D investment persistency among brown firms, resulting in enhanced quantity and quality of green innovation. The success of transition finance policy can be attributed to brown firms with higher environmental, social and governance (ESG) ratings as well as those without bank connections. Firms with higher ESG ratings tend to have better access to bank credits, which facilitates more sustained R&D investments. Conversely, despite receiving fewer bank credits, brown firms without bank connections exhibit stronger performance in maintaining persistent R&D investments.
{"title":"Does transition finance policies persistently fuel green innovation in brown firms? Investigating the roles of ESG rating and bank connection","authors":"Tongbin Yang , Bo Zhou","doi":"10.1016/j.pacfin.2025.102674","DOIUrl":"10.1016/j.pacfin.2025.102674","url":null,"abstract":"<div><div>Most transition finance policies encourage, rather than mandate, brown firms to engage in green innovation, potentially leading to strategic rather than persistent investment in research and development (R&D). This study investigates the impact of a transition finance policy — the China Green Bond Endorsed Project Catalogue — on 1290 Chinese publicly listed firms operating within brown industries. The findings indicate that the transition finance policy increases access to bank credit and fosters R&D investment persistency among brown firms, resulting in enhanced quantity and quality of green innovation. The success of transition finance policy can be attributed to brown firms with higher environmental, social and governance (ESG) ratings as well as those without bank connections. Firms with higher ESG ratings tend to have better access to bank credits, which facilitates more sustained R&D investments. Conversely, despite receiving fewer bank credits, brown firms without bank connections exhibit stronger performance in maintaining persistent R&D investments.</div></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":"90 ","pages":"Article 102674"},"PeriodicalIF":4.8,"publicationDate":"2025-01-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143151942","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
In the context of the Chinese market, this study examines whether female CEOs differ from male CEOs in their mergers and acquisitions (M&A) activity. Our findings reveal that female CEOs engage in more M&As than male CEOs, a result that contrasts with evidence from the United States. Further analysis shows that the positive effect of female CEOs on M&A likelihood is amplified in environments with significant gender inequality. In addition, M&As led by female CEOs generate stronger positive market reactions than those led by male CEOs, suggesting these transactions are of higher quality. The results remain robust even after addressing potential endogeneity concerns. Our research provides new insights into the relationship between CEO gender and M&A likelihood, offering a fresh perspective on this social and economic phenomenon in China.
{"title":"CEO gender and M&As: New evidence from China","authors":"Yi-Wen Chen , Li-Hong Chu , Chu-Bin Lin , Ping-Yu Zhao","doi":"10.1016/j.pacfin.2025.102676","DOIUrl":"10.1016/j.pacfin.2025.102676","url":null,"abstract":"<div><div>In the context of the Chinese market, this study examines whether female CEOs differ from male CEOs in their mergers and acquisitions (M&A) activity. Our findings reveal that female CEOs engage in more M&As than male CEOs, a result that contrasts with evidence from the United States. Further analysis shows that the positive effect of female CEOs on M&A likelihood is amplified in environments with significant gender inequality. In addition, M&As led by female CEOs generate stronger positive market reactions than those led by male CEOs, suggesting these transactions are of higher quality. The results remain robust even after addressing potential endogeneity concerns. Our research provides new insights into the relationship between CEO gender and M&A likelihood, offering a fresh perspective on this social and economic phenomenon in China.</div></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":"90 ","pages":"Article 102676"},"PeriodicalIF":4.8,"publicationDate":"2025-01-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143151944","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2025-01-12DOI: 10.1016/j.pacfin.2025.102673
Wei Kong
Using panel data from 46 countries for the period 2005–2020, this paper finds that although financial risk does not directly lead to a decline in the quantity of green innovation, it significantly exacerbates low-quality green innovation. This result remains robust after a series of robustness checks. Mechanism regressions show that countries can mitigate the tendency toward low-quality innovation caused by financial risk by introducing FDI, strengthening green innovation cooperation with OECD countries, and improving the quality of their legal systems. Moreover, heterogeneity analysis reveals that the deterioration in green innovation quality due to financial risk is mainly concentrated in non-OECD countries that are economically underdeveloped, have a low innovation base, and suffer from high environmental pollution. This study highlights the importance of analyzing green innovation from a quality dimension, providing insights for countries to effectively respond to financial risk and avoid falling into the trap of low-quality innovation.
{"title":"Does financial risk exacerbate the risk of low-quality green innovation?","authors":"Wei Kong","doi":"10.1016/j.pacfin.2025.102673","DOIUrl":"10.1016/j.pacfin.2025.102673","url":null,"abstract":"<div><div>Using panel data from 46 countries for the period 2005–2020, this paper finds that although financial risk does not directly lead to a decline in the quantity of green innovation, it significantly exacerbates low-quality green innovation. This result remains robust after a series of robustness checks. Mechanism regressions show that countries can mitigate the tendency toward low-quality innovation caused by financial risk by introducing FDI, strengthening green innovation cooperation with OECD countries, and improving the quality of their legal systems. Moreover, heterogeneity analysis reveals that the deterioration in green innovation quality due to financial risk is mainly concentrated in non-OECD countries that are economically underdeveloped, have a low innovation base, and suffer from high environmental pollution. This study highlights the importance of analyzing green innovation from a quality dimension, providing insights for countries to effectively respond to financial risk and avoid falling into the trap of low-quality innovation.</div></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":"90 ","pages":"Article 102673"},"PeriodicalIF":4.8,"publicationDate":"2025-01-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143151920","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"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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