Pub Date : 2022-07-19DOI: 10.2308/horizons-2020-184
R. M. Bowen, S. Dutta, Songlian Tang, P. Zhu
We examine the effectiveness of corporate governance in influencing insider trading around private in-house meetings (hereafter “private meetings”) between management and investors in China. Consistent with better corporate governance curbing (i) disclosure of non-public price-sensitive information and (ii) insider trading, we find that better governance quality is associated with reduced insider trading frequency, value, and profitability around private meetings. Firms with better corporate governance appear to exchange less price-sensitive information with outsider investors around private meetings, which limits the opportunity to make profitable insider trades. Our results are economically significant and robust using instrumental variable and propensity score matching approaches to address endogeneity. We argue that improving corporate governance quality may be a partial substitute for costly government regulation designed to curb insider trading around private meetings.
{"title":"Does corporate governance quality influence insider trading around private meetings between managers and investors?","authors":"R. M. Bowen, S. Dutta, Songlian Tang, P. Zhu","doi":"10.2308/horizons-2020-184","DOIUrl":"https://doi.org/10.2308/horizons-2020-184","url":null,"abstract":"We examine the effectiveness of corporate governance in influencing insider trading around private in-house meetings (hereafter “private meetings”) between management and investors in China. Consistent with better corporate governance curbing (i) disclosure of non-public price-sensitive information and (ii) insider trading, we find that better governance quality is associated with reduced insider trading frequency, value, and profitability around private meetings. Firms with better corporate governance appear to exchange less price-sensitive information with outsider investors around private meetings, which limits the opportunity to make profitable insider trades. Our results are economically significant and robust using instrumental variable and propensity score matching approaches to address endogeneity. We argue that improving corporate governance quality may be a partial substitute for costly government regulation designed to curb insider trading around private meetings.","PeriodicalId":51419,"journal":{"name":"Accounting Horizons","volume":" ","pages":""},"PeriodicalIF":2.5,"publicationDate":"2022-07-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43821373","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Audit market concentration remains a concern due to its potential impact on audit quality. We examine whether audit market concentration influences properties of analysts’ forecasts. We find that analyst forecasts are more accurate and less dispersed when audit markets are more concentrated. Consistent with regulators’ concerns, we find evidence of decreased auditor independence in concentrated markets but also increased auditor effort and a higher likelihood of a Big N auditor. This results in an overall net positive effect between audit market concentration, audit quality, and, ultimately, analysts’ forecasts. These results are concentrated in settings where analysts rely more on audited financial statements. Our findings support regulators’ concerns regarding concentration in the U.S. audit market, but also help to explain why audit market concentration leads to improved audit quality.
{"title":"Audit Market Concentration and Audit Quality: Evidence from Analysts' Forecasts","authors":"Bryan G. Brockbank, Chuong Do, Bradley P. Lawson","doi":"10.2308/horizons-19-192","DOIUrl":"https://doi.org/10.2308/horizons-19-192","url":null,"abstract":"Audit market concentration remains a concern due to its potential impact on audit quality. We examine whether audit market concentration influences properties of analysts’ forecasts. We find that analyst forecasts are more accurate and less dispersed when audit markets are more concentrated. Consistent with regulators’ concerns, we find evidence of decreased auditor independence in concentrated markets but also increased auditor effort and a higher likelihood of a Big N auditor. This results in an overall net positive effect between audit market concentration, audit quality, and, ultimately, analysts’ forecasts. These results are concentrated in settings where analysts rely more on audited financial statements. Our findings support regulators’ concerns regarding concentration in the U.S. audit market, but also help to explain why audit market concentration leads to improved audit quality.","PeriodicalId":51419,"journal":{"name":"Accounting Horizons","volume":" ","pages":""},"PeriodicalIF":2.5,"publicationDate":"2022-07-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44831693","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Knowledge transfer affects audit production: it is an underlying reason for specialization premiums and economies of scale. Using measures of client-level comparability to proxy for the internal (within-auditor) and external (across auditors) knowledge transfers that occur during audit production, our results indicate that internal knowledge transfer subsumes external knowledge transfer. Although this result may seem intuitive, recent research implies external knowledge transfer significantly impacts audit efficiency. Thus, the dominance of internal knowledge transfer is important to document. We also provide evidence that the benefits of auditor specialization are not uniform, as typically modeled in the literature. Specifically, we provide evidence that knowledge transfer enhances the efficiencies from auditor specialization. Finally, we find knowledge transfer is associated with greater audit efficiency irrespective of auditor specialization or industry homogeneity. Overall, our results reaffirm the importance of within-auditor knowledge transfer and highlight the importance of considering client characteristics when examining knowledge transfer.
{"title":"WITHIN OR ACROSS AUDITORS? UNDERSTANDING KNOWLEDGE TRANSFER IN AUDIT PRODUCTION","authors":"Allen D. Blay, Landon M. Mauler, Jonathan Nash","doi":"10.2308/horizons-19-014","DOIUrl":"https://doi.org/10.2308/horizons-19-014","url":null,"abstract":"Knowledge transfer affects audit production: it is an underlying reason for specialization premiums and economies of scale. Using measures of client-level comparability to proxy for the internal (within-auditor) and external (across auditors) knowledge transfers that occur during audit production, our results indicate that internal knowledge transfer subsumes external knowledge transfer. Although this result may seem intuitive, recent research implies external knowledge transfer significantly impacts audit efficiency. Thus, the dominance of internal knowledge transfer is important to document. We also provide evidence that the benefits of auditor specialization are not uniform, as typically modeled in the literature. Specifically, we provide evidence that knowledge transfer enhances the efficiencies from auditor specialization. Finally, we find knowledge transfer is associated with greater audit efficiency irrespective of auditor specialization or industry homogeneity. Overall, our results reaffirm the importance of within-auditor knowledge transfer and highlight the importance of considering client characteristics when examining knowledge transfer.","PeriodicalId":51419,"journal":{"name":"Accounting Horizons","volume":"653 ","pages":""},"PeriodicalIF":2.5,"publicationDate":"2022-06-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41278479","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
An extensive literature of empirical research provides important insights into the role of accounting information in the equity capital markets. In this article, we use data from 2002 through 2016 to present updated evidence on four major areas of research: the earnings-returns relation and market efficiency; earnings management; cash flows versus accruals; and financial statement analysis. In addition to updating seminal results with new evidence, we also introduce some new findings that were not in the original studies. We provide straightforward descriptions of the research methodologies and important implications from evidence from seminal studies using current empirical data. Our paper is intended particularly for the benefit of students, practitioners, and others who may not yet have been exposed to this literature.
{"title":"The essential role of accounting information in the capital markets: Updating seminal research results with current evidence","authors":"D. Nichols, James M. Wahlen","doi":"10.2308/horizons-18-075","DOIUrl":"https://doi.org/10.2308/horizons-18-075","url":null,"abstract":"An extensive literature of empirical research provides important insights into the role of accounting information in the equity capital markets. In this article, we use data from 2002 through 2016 to present updated evidence on four major areas of research: the earnings-returns relation and market efficiency; earnings management; cash flows versus accruals; and financial statement analysis. In addition to updating seminal results with new evidence, we also introduce some new findings that were not in the original studies. We provide straightforward descriptions of the research methodologies and important implications from evidence from seminal studies using current empirical data. Our paper is intended particularly for the benefit of students, practitioners, and others who may not yet have been exposed to this literature.","PeriodicalId":51419,"journal":{"name":"Accounting Horizons","volume":" ","pages":""},"PeriodicalIF":2.5,"publicationDate":"2022-06-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43447010","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-06-08DOI: 10.2308/horizons-2020-189
Rosemond Desir, Stephen J. Perreault, J. Wainberg
We investigate the effects of incentive type (i.e., cash vs. tangible) in motivating whistleblower behavior. While prior research indicates that cash rewards are an effective means for motivating whistleblower reporting, research has yet to examine the relative effectiveness of tangible incentives (e.g., gift cards, incentive travel, and merchandise) in promoting these prosocial behaviors. Motivated by mental accounting theory, our study experimentally tests and finds that the type of reward offered (cash vs. tangible) interacts with reward size to predict whistleblower reporting behavior. Specifically, whistleblower reporting was less (more) sensitive to changes in reward size when small tangible (cash) rewards were offered. These findings suggest that tangible (i.e., non-cash) rewards can increase both the efficiency and effectiveness of whistleblower incentive programs and should be of considerable interest to managers, corporate boards, audit committees, and those charged with corporate governance.
{"title":"When Cash Is Not King: An Examination of the Relative Effectiveness of Tangible vs. Cash Incentives on Whistleblower Reporting","authors":"Rosemond Desir, Stephen J. Perreault, J. Wainberg","doi":"10.2308/horizons-2020-189","DOIUrl":"https://doi.org/10.2308/horizons-2020-189","url":null,"abstract":"We investigate the effects of incentive type (i.e., cash vs. tangible) in motivating whistleblower behavior. While prior research indicates that cash rewards are an effective means for motivating whistleblower reporting, research has yet to examine the relative effectiveness of tangible incentives (e.g., gift cards, incentive travel, and merchandise) in promoting these prosocial behaviors. Motivated by mental accounting theory, our study experimentally tests and finds that the type of reward offered (cash vs. tangible) interacts with reward size to predict whistleblower reporting behavior. Specifically, whistleblower reporting was less (more) sensitive to changes in reward size when small tangible (cash) rewards were offered. These findings suggest that tangible (i.e., non-cash) rewards can increase both the efficiency and effectiveness of whistleblower incentive programs and should be of considerable interest to managers, corporate boards, audit committees, and those charged with corporate governance.","PeriodicalId":51419,"journal":{"name":"Accounting Horizons","volume":" ","pages":""},"PeriodicalIF":2.5,"publicationDate":"2022-06-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42237110","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-06-01DOI: 10.2308/horizons-2021-133
Jack T. Ciesielski
In recent years, the FASB has concerned itself with simplification of accounting standards, rather than prioritizing the improvement of financial reporting for the benefit of investors. While companies grow more complex and larger, and place more investments in intangible assets, financial reporting has not kept pace. This is making financial statements less relevant than ever. In its nearly 50-year history, FASB has responded well to the needs of investors when circumstances demanded an effective response. This was evidenced by its relatively speedy, experimental approach to inflation accounting in the late 1970s. Contrast that to its slow-motion response on intangible asset recognition and disclosures, a project languishing over 20 years. FASB's agenda has become clogged as the board devotes more of its attention and resources to the Private Company Council's needs. An open question: can the FASB regain its former intense focus on investor needs and put aside simplification efforts?
{"title":"Can the FASB Regain Its Mojo?","authors":"Jack T. Ciesielski","doi":"10.2308/horizons-2021-133","DOIUrl":"https://doi.org/10.2308/horizons-2021-133","url":null,"abstract":"\u0000 In recent years, the FASB has concerned itself with simplification of accounting standards, rather than prioritizing the improvement of financial reporting for the benefit of investors. While companies grow more complex and larger, and place more investments in intangible assets, financial reporting has not kept pace. This is making financial statements less relevant than ever. In its nearly 50-year history, FASB has responded well to the needs of investors when circumstances demanded an effective response. This was evidenced by its relatively speedy, experimental approach to inflation accounting in the late 1970s. Contrast that to its slow-motion response on intangible asset recognition and disclosures, a project languishing over 20 years. FASB's agenda has become clogged as the board devotes more of its attention and resources to the Private Company Council's needs. An open question: can the FASB regain its former intense focus on investor needs and put aside simplification efforts?","PeriodicalId":51419,"journal":{"name":"Accounting Horizons","volume":" ","pages":""},"PeriodicalIF":2.5,"publicationDate":"2022-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49279238","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-05-24DOI: 10.2308/horizons-2020-193
J. P. Boone, Inder K. Khurana, K. Raman
We examine the relation between the accounting estimation intensity (AEI) ingrained in a company’s financial reports and the company’s propensity to meet or beat analyst earnings forecasts, and whether this relation is attenuated by the auditor’s estimation expertise at the city-office or national level. Although we find a positive relation between AEI and the propensity to meet analyst forecasts, we find little evidence to suggest that the relation is weakened by auditor estimation expertise. Along the same lines, we find little evidence to suggest that the positive relation between AEI and audit fees is affected by auditor estimation expertise. Our findings are of potential interest to regulators concerned about insufficient auditor skepticism in the audit of accounting estimates, investors interested in better understanding managerial accounting judgments, and academics investigating audit quality.
{"title":"Accounting Estimation Intensity, Auditor Estimation Expertise, and Managerial Bias","authors":"J. P. Boone, Inder K. Khurana, K. Raman","doi":"10.2308/horizons-2020-193","DOIUrl":"https://doi.org/10.2308/horizons-2020-193","url":null,"abstract":"We examine the relation between the accounting estimation intensity (AEI) ingrained in a company’s financial reports and the company’s propensity to meet or beat analyst earnings forecasts, and whether this relation is attenuated by the auditor’s estimation expertise at the city-office or national level. Although we find a positive relation between AEI and the propensity to meet analyst forecasts, we find little evidence to suggest that the relation is weakened by auditor estimation expertise. Along the same lines, we find little evidence to suggest that the positive relation between AEI and audit fees is affected by auditor estimation expertise. Our findings are of potential interest to regulators concerned about insufficient auditor skepticism in the audit of accounting estimates, investors interested in better understanding managerial accounting judgments, and academics investigating audit quality.","PeriodicalId":51419,"journal":{"name":"Accounting Horizons","volume":" ","pages":""},"PeriodicalIF":2.5,"publicationDate":"2022-05-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43568350","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-04-18DOI: 10.2308/horizons-2020-003
Jaclyn Prentice, Kenneth L. Bills, Gary F. Peters
Benefit plan audits, a material but less understood public accounting service, represent a non-audit service that is “audit-related.” We explore the implications of benefit plan audits for the financial statement audit. We find that performing a benefit plan audit for a company significantly increases the likelihood that the firm will be selected as a company’s financial statement auditor in the future, particularly for smaller audit firms. Further, we find that companies that engage the same audit firm for both their benefit plan and financial statement audits have a significantly lower likelihood of misstatements and shorter audit report lags. Finally, we find evidence consistent with the joint provision of these services creating greater bonding and higher switching costs for the financial statement audit. Our findings speak to the continued debate over effective market expansion of financial statement audit providers, audit quality determinants, and audit efficiencies.
{"title":"The Impact of Benefit Plan Audits on the Financial Statement Audit","authors":"Jaclyn Prentice, Kenneth L. Bills, Gary F. Peters","doi":"10.2308/horizons-2020-003","DOIUrl":"https://doi.org/10.2308/horizons-2020-003","url":null,"abstract":"Benefit plan audits, a material but less understood public accounting service, represent a non-audit service that is “audit-related.” We explore the implications of benefit plan audits for the financial statement audit. We find that performing a benefit plan audit for a company significantly increases the likelihood that the firm will be selected as a company’s financial statement auditor in the future, particularly for smaller audit firms. Further, we find that companies that engage the same audit firm for both their benefit plan and financial statement audits have a significantly lower likelihood of misstatements and shorter audit report lags. Finally, we find evidence consistent with the joint provision of these services creating greater bonding and higher switching costs for the financial statement audit. Our findings speak to the continued debate over effective market expansion of financial statement audit providers, audit quality determinants, and audit efficiencies.","PeriodicalId":51419,"journal":{"name":"Accounting Horizons","volume":" ","pages":""},"PeriodicalIF":2.5,"publicationDate":"2022-04-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47045136","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-04-13DOI: 10.2308/horizons-2021-086
Kevin Hale, J. Truelson
We investigate reputational effects of KPMG’s scandal involving the improper receipt of confidential regulator data by analyzing KPMG’s acquisition of new audit clients in the post-scandal period. While we find no evidence that KPMG had difficulty gaining clients relative to a broad class of other large auditors, we do find that KPMG’s acquisition rate decreased in the post-scandal period in comparison to other Big 4 audit firms but increased relative to large non-Big 4 auditors. This finding indicates a shift in KPMG’s position in the market for new audit clients. Our results suggest that a more nuanced examination of auditor reputational damages may help detect distinct effects between classes of audit firms. Importantly, our findings may be of interest to practitioners and researchers as they consider the consequences of a high-profile scandal on an audit firm’s reputation, even if the scandal does not appear to directly impact engagement-level audit quality.
{"title":"Client Acquisition Following an Auditor’s Unethical Behavior: An Examination of Reputational Consequences Following KPMG’s “Steal the Exam” Scandal","authors":"Kevin Hale, J. Truelson","doi":"10.2308/horizons-2021-086","DOIUrl":"https://doi.org/10.2308/horizons-2021-086","url":null,"abstract":"We investigate reputational effects of KPMG’s scandal involving the improper receipt of confidential regulator data by analyzing KPMG’s acquisition of new audit clients in the post-scandal period. While we find no evidence that KPMG had difficulty gaining clients relative to a broad class of other large auditors, we do find that KPMG’s acquisition rate decreased in the post-scandal period in comparison to other Big 4 audit firms but increased relative to large non-Big 4 auditors. This finding indicates a shift in KPMG’s position in the market for new audit clients. Our results suggest that a more nuanced examination of auditor reputational damages may help detect distinct effects between classes of audit firms. Importantly, our findings may be of interest to practitioners and researchers as they consider the consequences of a high-profile scandal on an audit firm’s reputation, even if the scandal does not appear to directly impact engagement-level audit quality.","PeriodicalId":51419,"journal":{"name":"Accounting Horizons","volume":" ","pages":""},"PeriodicalIF":2.5,"publicationDate":"2022-04-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41523183","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-04-04DOI: 10.2308/horizons-2020-107
Matt Bjornsen, Bryan G. Brockbank, Jaclyn Prentice
Conservative analysts react more to negative news than positive news, and the market response is greater for forecast revisions from conservative analysts (Hugon and Muslu, 2010; Keskek and Tse, 2018). Little is known about how firms and managers respond to a lower benchmark resulting from having a more conservative analyst following. We examine the effect of analyst conservatism on firms just meeting or beating the benchmark via accrual-based earnings management. We find that firms with a more conservative analyst following have lower earnings benchmarks and are more likely to just meet or beat the consensus. Additionally, these firms meet the lower benchmark with lower levels of earnings management, with this effect being strongest in poor information environments. Collectively, our results suggest that management’s benchmark meeting behavior is impacted by the conservatism of the firm’s analyst following.
{"title":"The Effect of Analyst Conservatism on Meeting the Consensus via Earnings Management","authors":"Matt Bjornsen, Bryan G. Brockbank, Jaclyn Prentice","doi":"10.2308/horizons-2020-107","DOIUrl":"https://doi.org/10.2308/horizons-2020-107","url":null,"abstract":"Conservative analysts react more to negative news than positive news, and the market response is greater for forecast revisions from conservative analysts (Hugon and Muslu, 2010; Keskek and Tse, 2018). Little is known about how firms and managers respond to a lower benchmark resulting from having a more conservative analyst following. We examine the effect of analyst conservatism on firms just meeting or beating the benchmark via accrual-based earnings management. We find that firms with a more conservative analyst following have lower earnings benchmarks and are more likely to just meet or beat the consensus. Additionally, these firms meet the lower benchmark with lower levels of earnings management, with this effect being strongest in poor information environments. Collectively, our results suggest that management’s benchmark meeting behavior is impacted by the conservatism of the firm’s analyst following.","PeriodicalId":51419,"journal":{"name":"Accounting Horizons","volume":" ","pages":""},"PeriodicalIF":2.5,"publicationDate":"2022-04-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46030810","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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