Pub Date : 2024-09-27DOI: 10.1016/j.irfa.2024.103630
This paper examines the relationship between shareholder ownership and the intensity of corporate carbon emissions. The results indicate a significant negative correlation between shareholder ownership and carbon emissions intensity, thereby confirming the crucial role of shareholders in advancing corporate environmental responsibility. The study further explores the moderating effects of supply chain concentration, supply and sales relationships, and supply chain resilience on the aforementioned relationship, highlighting the key role of supply chain characteristics in managing carbon risk. Additionally, it was found that these moderating effects positively impact the efficiency of corporate resource allocation and enhance innovation capabilities, providing a multidimensional strategic perspective for businesses in carbon risk management.
{"title":"Investigating investor attention to carbon risk from a supply chain perspective","authors":"","doi":"10.1016/j.irfa.2024.103630","DOIUrl":"10.1016/j.irfa.2024.103630","url":null,"abstract":"<div><div>This paper examines the relationship between shareholder ownership and the intensity of corporate carbon emissions. The results indicate a significant negative correlation between shareholder ownership and carbon emissions intensity, thereby confirming the crucial role of shareholders in advancing corporate environmental responsibility. The study further explores the moderating effects of supply chain concentration, supply and sales relationships, and supply chain resilience on the aforementioned relationship, highlighting the key role of supply chain characteristics in managing carbon risk. Additionally, it was found that these moderating effects positively impact the efficiency of corporate resource allocation and enhance innovation capabilities, providing a multidimensional strategic perspective for businesses in carbon risk management.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":null,"pages":null},"PeriodicalIF":7.5,"publicationDate":"2024-09-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142357289","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2024-09-27DOI: 10.1016/j.irfa.2024.103618
In this study, we investigate whether strategic tone management in environmental, social, and governance (ESG) reports can serve as an indicator of future ESG risk. Our baseline results reveal a positive association between abnormal positive tone in ESG reports and future ESG risk. The findings suggest that firms employ impression management strategy in their ESG reports to provide misleading information. Analyst coverage and media attention can mitigate this positive association. Heterogeneity analysis reveals that the positive correlation is stronger for firms mandated to disclose ESG reports and those adhering to the Global Reporting Initiative guidelines. Additional tests indicate that abnormal positive tone is positively associated only with future environmental risk, not with future social and governance risk. We observe this positive association exclusively in government-reported ESG risk, not in media-reported ESG risk. Our results offer valuable implications for mitigating the adverse impact of strategic tone management on corporate sustainability practices.
{"title":"Strategic tone management in ESG reports and ESG risk","authors":"","doi":"10.1016/j.irfa.2024.103618","DOIUrl":"10.1016/j.irfa.2024.103618","url":null,"abstract":"<div><div>In this study, we investigate whether strategic tone management in environmental, social, and governance (ESG) reports can serve as an indicator of future ESG risk. Our baseline results reveal a positive association between abnormal positive tone in ESG reports and future ESG risk. The findings suggest that firms employ impression management strategy in their ESG reports to provide misleading information. Analyst coverage and media attention can mitigate this positive association. Heterogeneity analysis reveals that the positive correlation is stronger for firms mandated to disclose ESG reports and those adhering to the Global Reporting Initiative guidelines. Additional tests indicate that abnormal positive tone is positively associated only with future environmental risk, not with future social and governance risk. We observe this positive association exclusively in government-reported ESG risk, not in media-reported ESG risk. Our results offer valuable implications for mitigating the adverse impact of strategic tone management on corporate sustainability practices.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":null,"pages":null},"PeriodicalIF":7.5,"publicationDate":"2024-09-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142357287","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2024-09-26DOI: 10.1016/j.irfa.2024.103625
This study investigates the relationships between economic uncertainty (EU), corporate governance (CG), and the cost of debt (COD). Using an index-based measure of CG, this study investigates how CG influences debtholders' perspectives during periods of EU. The study utilizes a dataset of nonfinancial firms listed in European countries from 2013 to 2021. We find that EU and COD are positively associated, indicating that EU increases the COD of European firms. Second, while CG has an insignificant direct impact on COD, it has a significant negative moderating impact on the relationship between EU and COD, suggesting that although a strong CG system may not have a significant direct impact on COD, it has the potential to reduce the uncertainty-induced COD of European firms. The results remain consistent with alternative proxies of COD and CG, as well as before and after the COVID-19 period. The results for CG subindices suggest that shareholder rights and compensation serve as reliable indicators for debtholders during periods of EU, while audit quality and board structure do not play any significant role in reducing uncertainty-induced COD. Our findings emphasize the key role that effective CG plays in mitigating EU's adverse effects on COD. Our results are robust to endogeneity issues such as reverse causality and selection bias, as well as to external factors like time and industry effects.
{"title":"Beyond the balance sheet: Assessing corporate governance through the Lens of debtholders","authors":"","doi":"10.1016/j.irfa.2024.103625","DOIUrl":"10.1016/j.irfa.2024.103625","url":null,"abstract":"<div><div>This study investigates the relationships between economic uncertainty (EU), corporate governance (CG), and the cost of debt (COD). Using an index-based measure of CG, this study investigates how CG influences debtholders' perspectives during periods of EU. The study utilizes a dataset of nonfinancial firms listed in European countries from 2013 to 2021. We find that EU and COD are positively associated, indicating that EU increases the COD of European firms. Second, while CG has an insignificant direct impact on COD, it has a significant negative moderating impact on the relationship between EU and COD, suggesting that although a strong CG system may not have a significant direct impact on COD, it has the potential to reduce the uncertainty-induced COD of European firms. The results remain consistent with alternative proxies of COD and CG, as well as before and after the COVID-19 period. The results for CG subindices suggest that shareholder rights and compensation serve as reliable indicators for debtholders during periods of EU, while audit quality and board structure do not play any significant role in reducing uncertainty-induced COD. Our findings emphasize the key role that effective CG plays in mitigating EU's adverse effects on COD. Our results are robust to endogeneity issues such as reverse causality and selection bias, as well as to external factors like time and industry effects.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":null,"pages":null},"PeriodicalIF":7.5,"publicationDate":"2024-09-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142357290","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2024-09-26DOI: 10.1016/j.irfa.2024.103623
Greenwashing has significantly impeded the advancement of environmental, social, and governance (ESG) practices and undermined the sustainable finance. To better fulfill the social responsibility of corporations, the Chinese government spearheaded reforms among state-owned enterprises in 2016. Using data of China's A-share listed companies from 2011 to 2021, this study uses a difference-in-differences (DID) model to investigate the effects of the social responsibility reform on corporate greenwashing. We find that social responsibility reform significantly restrains corporate greenwashing, and this effect is heterogeneous by firm characteristics. The mechanism analysis indicates that the improvement of firms' environmental performance disclosure behavior and the moderation of external regulatory pressure from the CSRC are important channels for restricting corporate greenwashing. Overall, our findings provide new insights into reducing corporate greenwash behavior and offer microscopic evidence for the objective evaluation of the effects of China's social responsibility reform.
{"title":"Does social responsibility reform curb corporate greenwashing: Evidence from a quasi-natural experiment in China","authors":"","doi":"10.1016/j.irfa.2024.103623","DOIUrl":"10.1016/j.irfa.2024.103623","url":null,"abstract":"<div><div>Greenwashing has significantly impeded the advancement of environmental, social, and governance (ESG) practices and undermined the sustainable finance. To better fulfill the social responsibility of corporations, the Chinese government spearheaded reforms among state-owned enterprises in 2016. Using data of China's A-share listed companies from 2011 to 2021, this study uses a difference-in-differences (DID) model to investigate the effects of the social responsibility reform on corporate greenwashing. We find that social responsibility reform significantly restrains corporate greenwashing, and this effect is heterogeneous by firm characteristics. The mechanism analysis indicates that the improvement of firms' environmental performance disclosure behavior and the moderation of external regulatory pressure from the CSRC are important channels for restricting corporate greenwashing. Overall, our findings provide new insights into reducing corporate greenwash behavior and offer microscopic evidence for the objective evaluation of the effects of China's social responsibility reform.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":null,"pages":null},"PeriodicalIF":7.5,"publicationDate":"2024-09-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142357211","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2024-09-26DOI: 10.1016/j.irfa.2024.103611
We study the effects of fee structures on fund managers’ strategies for locking in profits. Utilizing the optimal stopping time method, we identify two critical portfolio value thresholds that signal when a manager will choose to lock in profits. Fee components such as management fees, self-investment ratios, and high-water marks significantly influence these decisions. Specifically, higher management fees are associated with increased risk aversion, leading to a narrower continuation region, indicating a preference for lower risk. Conversely, performance fees encourage greater risk-taking. We use the S&P 500 Index and NASDAQ Composite index as representatives of managers’ portfolios and apply our model to illustrate how managers adjust their profit-locking strategies in response to their desired rewards.
{"title":"Fee structure and equity fund manager’s optimal locking in profits strategy","authors":"","doi":"10.1016/j.irfa.2024.103611","DOIUrl":"10.1016/j.irfa.2024.103611","url":null,"abstract":"<div><div>We study the effects of fee structures on fund managers’ strategies for locking in profits. Utilizing the optimal stopping time method, we identify two critical portfolio value thresholds that signal when a manager will choose to lock in profits. Fee components such as management fees, self-investment ratios, and high-water marks significantly influence these decisions. Specifically, higher management fees are associated with increased risk aversion, leading to a narrower continuation region, indicating a preference for lower risk. Conversely, performance fees encourage greater risk-taking. We use the S&P 500 Index and NASDAQ Composite index as representatives of managers’ portfolios and apply our model to illustrate how managers adjust their profit-locking strategies in response to their desired rewards.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":null,"pages":null},"PeriodicalIF":7.5,"publicationDate":"2024-09-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142357216","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2024-09-25DOI: 10.1016/j.irfa.2024.103629
As the climate crisis intensifies, achieving the global consensus of carbon peaking and carbon neutrality has become imperative. Carbon trading is an important financial measure to address the environmental crisis, and the realization of the dual‑carbon goals requires the cooperation and joint efforts of all parties involved in the carbon emissions trading market. This study constructs a dynamic evolutionary game model involving enterprises, government, and financial institutions while considering consumers' influence. By solving for equilibrium points and conducting numerical simulations, we explore optimal strategy choices for each stakeholder. Our findings reveal that the success of enterprise low-carbon transition is contingent upon market dynamics and requires active cooperation from government, financial institutions, and the public. Furthermore, factors such as financial market efficiency and internal governance capacity significantly impact enterprises' transformation decisions by influencing low-carbon transition costs. Public feedback indirectly affects enterprise decisions through its influence on financial institutions' provision of green services. Additionally, gradual reduction of carbon quotas by government entities facilitates progress toward low-carbon transformation objectives.
{"title":"An analysis of optimal equilibrium in the carbon trading market - From a tripartite evolutionary game perspective","authors":"","doi":"10.1016/j.irfa.2024.103629","DOIUrl":"10.1016/j.irfa.2024.103629","url":null,"abstract":"<div><div>As the climate crisis intensifies, achieving the global consensus of carbon peaking and carbon neutrality has become imperative. Carbon trading is an important financial measure to address the environmental crisis, and the realization of the dual‑carbon goals requires the cooperation and joint efforts of all parties involved in the carbon emissions trading market. This study constructs a dynamic evolutionary game model involving enterprises, government, and financial institutions while considering consumers' influence. By solving for equilibrium points and conducting numerical simulations, we explore optimal strategy choices for each stakeholder. Our findings reveal that the success of enterprise low-carbon transition is contingent upon market dynamics and requires active cooperation from government, financial institutions, and the public. Furthermore, factors such as financial market efficiency and internal governance capacity significantly impact enterprises' transformation decisions by influencing low-carbon transition costs. Public feedback indirectly affects enterprise decisions through its influence on financial institutions' provision of green services. Additionally, gradual reduction of carbon quotas by government entities facilitates progress toward low-carbon transformation objectives.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":null,"pages":null},"PeriodicalIF":7.5,"publicationDate":"2024-09-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142329836","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2024-09-25DOI: 10.1016/j.irfa.2024.103576
This paper investigates the relationship between investor attention and corporate financialization from a behavioral finance perspective. We use Internet search volume as a proxy for investor attention and find that investor attention is significantly and positively related to corporate financialization using a sample of listed firms in China over the period 2011–2022, and that this relationship is more pronounced in firms with higher levels of managerial myopia. A series of robustness tests still support our baseline findings, such as considering endogeneity issues, substituting core variables, and changing the model setting. We further discuss the mechanisms of influence using two-stage regressions and find that investor attention promotes corporate financialization by increasing investor sentiment as well as heterogeneous beliefs. Finally, we perform a series of heterogeneity tests and find that the positive relationship between investor attention and corporate financialization is more pronounced among firms with higher information uncertainty, small firms, firms within monopolistic industries, and firms within high-tech industries. However, this relationship is not significantly different among firms with different levels of institutional ownership. This study provides new evidence for understanding investors' behavioral biases and how investor attention affects corporate investment strategies.
{"title":"Investor attention and corporate financialization: Evidence from internet search volume","authors":"","doi":"10.1016/j.irfa.2024.103576","DOIUrl":"10.1016/j.irfa.2024.103576","url":null,"abstract":"<div><div>This paper investigates the relationship between investor attention and corporate financialization from a behavioral finance perspective. We use Internet search volume as a proxy for investor attention and find that investor attention is significantly and positively related to corporate financialization using a sample of listed firms in China over the period 2011–2022, and that this relationship is more pronounced in firms with higher levels of managerial myopia. A series of robustness tests still support our baseline findings, such as considering endogeneity issues, substituting core variables, and changing the model setting. We further discuss the mechanisms of influence using two-stage regressions and find that investor attention promotes corporate financialization by increasing investor sentiment as well as heterogeneous beliefs. Finally, we perform a series of heterogeneity tests and find that the positive relationship between investor attention and corporate financialization is more pronounced among firms with higher information uncertainty, small firms, firms within monopolistic industries, and firms within high-tech industries. However, this relationship is not significantly different among firms with different levels of institutional ownership. This study provides new evidence for understanding investors' behavioral biases and how investor attention affects corporate investment strategies.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":null,"pages":null},"PeriodicalIF":7.5,"publicationDate":"2024-09-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142357217","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2024-09-24DOI: 10.1016/j.irfa.2024.103619
This paper explores the role of industry-level factor in determining organisation capital. Using US dataset, we show evidence that peers' organisation capital matters, and firms mimic their peers in formulating organisation capital. We also find that mimicking behaviour is more pronounced for firms operating in competitive product markets and environments with more information asymmetry, as is consistent with theoretical explanations for why firms imitate each other. Our results are robust to alternative measures of organisation capital and endogeneity concerns.
{"title":"Firms' organisation capital: Do peers matter?","authors":"","doi":"10.1016/j.irfa.2024.103619","DOIUrl":"10.1016/j.irfa.2024.103619","url":null,"abstract":"<div><div>This paper explores the role of industry-level factor in determining organisation capital. Using US dataset, we show evidence that peers' organisation capital matters, and firms mimic their peers in formulating organisation capital. We also find that mimicking behaviour is more pronounced for firms operating in competitive product markets and environments with more information asymmetry, as is consistent with theoretical explanations for why firms imitate each other. Our results are robust to alternative measures of organisation capital and endogeneity concerns.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":null,"pages":null},"PeriodicalIF":7.5,"publicationDate":"2024-09-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142329838","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2024-09-24DOI: 10.1016/j.irfa.2024.103612
This study empirically examines whether investor-firm interactions significantly influence the ESG rating disagreement among A-share listed companies in China. We use Q&A data between 2015 and 2021 from the Easy Interaction and E-Interaction platforms of the Shenzhen and Shanghai Stock Exchanges (SZSE and SSE). Our results reveal that investor-firm interaction can significantly reduce the ESG rating divergence, and this result remains robust after robustness tests. The mechanism test suggests that interactions related to ESG theme can improve the ESG disclosure quality and increase ESG practices; this leads to reduced information asymmetry, thus easing rating divergence. Further, the effect is more pronounced when listed companies' ESG disclosures are similar to those in their industry, non-centralized enterprises, low corporate governance level, and fewer green investors. From the ESG rating divergence mitigation perspective, this study provides empirical evidence on the economic consequences of emerging capital markets regarding investor-firm interactions.
{"title":"Can investor-firm interactions mitigate ESG rating divergence? Evidence from China","authors":"","doi":"10.1016/j.irfa.2024.103612","DOIUrl":"10.1016/j.irfa.2024.103612","url":null,"abstract":"<div><div>This study empirically examines whether investor-firm interactions significantly influence the ESG rating disagreement among A-share listed companies in China. We use Q&A data between 2015 and 2021 from the Easy Interaction and <em>E</em>-Interaction platforms of the Shenzhen and Shanghai Stock Exchanges (SZSE and SSE). Our results reveal that investor-firm interaction can significantly reduce the ESG rating divergence, and this result remains robust after robustness tests. The mechanism test suggests that interactions related to ESG theme can improve the ESG disclosure quality and increase ESG practices; this leads to reduced information asymmetry, thus easing rating divergence. Further, the effect is more pronounced when listed companies' ESG disclosures are similar to those in their industry, non-centralized enterprises, low corporate governance level, and fewer green investors. From the ESG rating divergence mitigation perspective, this study provides empirical evidence on the economic consequences of emerging capital markets regarding investor-firm interactions.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":null,"pages":null},"PeriodicalIF":7.5,"publicationDate":"2024-09-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142327234","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2024-09-24DOI: 10.1016/j.irfa.2024.103573
Using intraday data for the cross-section of individual stocks, we show that both transitory and persistent fluctuations in realized market and average idiosyncratic volatility, skewness and kurtosis are differentially priced in the cross-section of asset returns, implying a heterogeneous persistence structure of different sources of higher moment risks. In particular, we find that both idiosyncratic transitory shocks to volatility and idiosyncratic persistent shocks to skewness share strong commonalities that are relevant to investors.
{"title":"Risks of heterogeneously persistent higher moments","authors":"","doi":"10.1016/j.irfa.2024.103573","DOIUrl":"10.1016/j.irfa.2024.103573","url":null,"abstract":"<div><div>Using intraday data for the cross-section of individual stocks, we show that both transitory and persistent fluctuations in realized market and average idiosyncratic volatility, skewness and kurtosis are differentially priced in the cross-section of asset returns, implying a heterogeneous persistence structure of different sources of higher moment risks. In particular, we find that both idiosyncratic transitory shocks to volatility and idiosyncratic persistent shocks to skewness share strong commonalities that are relevant to investors.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":null,"pages":null},"PeriodicalIF":7.5,"publicationDate":"2024-09-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142327292","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"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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