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Publisher: Elsevier   (Total: 3158 journals)

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Showing 1401 - 1600 of 3158 Journals sorted alphabetically
Intl. J. of Africa Nursing Sciences     Open Access   (SJR: 0.396, CiteScore: 1)
Intl. J. of Antimicrobial Agents     Hybrid Journal   (Followers: 10, SJR: 1.699, CiteScore: 4)
Intl. J. of Applied Earth Observation and Geoinformation     Hybrid Journal   (Followers: 36, SJR: 1.591, CiteScore: 4)
Intl. J. of Approximate Reasoning     Hybrid Journal   (Followers: 1, SJR: 0.866, CiteScore: 3)
Intl. J. of Biochemistry & Cell Biology     Hybrid Journal   (Followers: 7, SJR: 1.492, CiteScore: 3)
Intl. J. of Biological Macromolecules     Hybrid Journal   (Followers: 2, SJR: 0.917, CiteScore: 4)
Intl. J. of Cardiology     Hybrid Journal   (Followers: 17, SJR: 1.2, CiteScore: 2)
Intl. J. of Chemical and Analytical Science     Full-text available via subscription   (Followers: 4)
Intl. J. of Child-Computer Interaction     Hybrid Journal   (Followers: 2, SJR: 0.479, CiteScore: 3)
Intl. J. of Clinical and Health Psychology     Open Access   (Followers: 20, SJR: 1.345, CiteScore: 4)
Intl. J. of Coal Geology     Hybrid Journal   (Followers: 4, SJR: 2.186, CiteScore: 5)
Intl. J. of Critical Infrastructure Protection     Hybrid Journal   (Followers: 8, SJR: 0.648, CiteScore: 2)
Intl. J. of Dental Science and Research     Full-text available via subscription   (Followers: 1)
Intl. J. of Developmental Neuroscience     Hybrid Journal   (Followers: 8, SJR: 0.986, CiteScore: 2)
Intl. J. of Diabetes Mellitus     Open Access   (Followers: 9)
Intl. J. of Disaster Risk Reduction     Hybrid Journal   (Followers: 20, SJR: 0.769, CiteScore: 2)
Intl. J. of Drug Policy     Hybrid Journal   (Followers: 467, SJR: 1.441, CiteScore: 3)
Intl. J. of e-Navigation and Maritime Economy     Open Access   (Followers: 3)
Intl. J. of Educational Development     Hybrid Journal   (Followers: 14, SJR: 0.822, CiteScore: 1)
Intl. J. of Educational Research     Hybrid Journal   (Followers: 28, SJR: 0.617, CiteScore: 1)
Intl. J. of Electrical Power & Energy Systems     Open Access   (Followers: 26, SJR: 1.276, CiteScore: 5)
Intl. J. of Engineering Science     Hybrid Journal   (Followers: 5, SJR: 2.82, CiteScore: 6)
Intl. J. of Fatigue     Hybrid Journal   (Followers: 38, SJR: 1.402, CiteScore: 3)
Intl. J. of Food Microbiology     Hybrid Journal   (Followers: 16, SJR: 1.366, CiteScore: 4)
Intl. J. of Forecasting     Hybrid Journal   (Followers: 29, SJR: 1.879, CiteScore: 3)
Intl. J. of Gastronomy and Food Science     Open Access   (Followers: 4, SJR: 0.422, CiteScore: 1)
Intl. J. of Gerontology     Open Access   (Followers: 8, SJR: 0.215, CiteScore: 0)
Intl. J. of Greenhouse Gas Control     Partially Free   (Followers: 6, SJR: 1.458, CiteScore: 4)
Intl. J. of Heat and Fluid Flow     Hybrid Journal   (Followers: 36, SJR: 0.947, CiteScore: 3)
Intl. J. of Heat and Mass Transfer     Hybrid Journal   (Followers: 300, SJR: 1.498, CiteScore: 4)
Intl. J. of Hospitality Management     Hybrid Journal   (Followers: 20, SJR: 2.027, CiteScore: 4)
Intl. J. of Human-Computer Studies     Hybrid Journal   (Followers: 18, SJR: 0.605, CiteScore: 3)
Intl. J. of Hydrogen Energy     Partially Free   (Followers: 21, SJR: 1.116, CiteScore: 4)
Intl. J. of Hygiene and Environmental Health     Hybrid Journal   (Followers: 7, SJR: 1.334, CiteScore: 4)
Intl. J. of Impact Engineering     Hybrid Journal   (Followers: 9, SJR: 2.124, CiteScore: 4)
Intl. J. of Industrial Ergonomics     Hybrid Journal   (Followers: 15, SJR: 0.795, CiteScore: 2)
Intl. J. of Industrial Organization     Hybrid Journal   (Followers: 25, SJR: 0.873, CiteScore: 1)
Intl. J. of Infectious Diseases     Open Access   (Followers: 8, SJR: 1.514, CiteScore: 3)
Intl. J. of Information Management     Hybrid Journal   (Followers: 329, SJR: 1.373, CiteScore: 6)
Intl. J. of Intercultural Relations     Hybrid Journal   (Followers: 14, SJR: 0.732, CiteScore: 2)
Intl. J. of Law and Psychiatry     Hybrid Journal   (Followers: 9, SJR: 0.546, CiteScore: 1)
Intl. J. of Law, Crime and Justice     Hybrid Journal   (Followers: 57, SJR: 0.362, CiteScore: 1)
Intl. J. of Machine Tools and Manufacture     Hybrid Journal   (Followers: 7, SJR: 2.7, CiteScore: 6)
Intl. J. of Management Education     Hybrid Journal   (Followers: 8, SJR: 0.597, CiteScore: 2)
Intl. J. of Marine Energy     Full-text available via subscription   (Followers: 1, SJR: 0.92, CiteScore: 2)
Intl. J. of Mass Spectrometry     Hybrid Journal   (Followers: 17, SJR: 0.61, CiteScore: 2)
Intl. J. of Mechanical Sciences     Hybrid Journal   (Followers: 13, SJR: 1.595, CiteScore: 4)
Intl. J. of Medical Informatics     Hybrid Journal   (Followers: 10, SJR: 1.247, CiteScore: 4)
Intl. J. of Medical Microbiology     Hybrid Journal   (Followers: 9, SJR: 1.717, CiteScore: 4)
Intl. J. of Mineral Processing     Hybrid Journal   (Followers: 10, SJR: 0.782, CiteScore: 2)
Intl. J. of Mining Science and Technology     Open Access   (Followers: 3, SJR: 1.323, CiteScore: 2)
Intl. J. of Multiphase Flow     Hybrid Journal   (Followers: 9, SJR: 1.218, CiteScore: 3)
Intl. J. of Naval Architecture and Ocean Engineering     Open Access   (Followers: 3, SJR: 0.571, CiteScore: 1)
Intl. J. of Neuropharmacology     Full-text available via subscription   (Followers: 1)
Intl. J. of Non-Linear Mechanics     Hybrid Journal   (Followers: 8, SJR: 1.032, CiteScore: 2)
Intl. J. of Nursing Sciences     Open Access   (Followers: 2, SJR: 0.285, CiteScore: 1)
Intl. J. of Nursing Studies     Hybrid Journal   (Followers: 16, SJR: 1.646, CiteScore: 4)
Intl. J. of Obstetric Anesthesia     Full-text available via subscription   (Followers: 13, SJR: 0.717, CiteScore: 2)
Intl. J. of Oral and Maxillofacial Surgery     Hybrid Journal   (Followers: 8, SJR: 1.137, CiteScore: 2)
Intl. J. of Orthopaedic and Trauma Nursing     Hybrid Journal   (Followers: 11, SJR: 0.369, CiteScore: 1)
Intl. J. of Osteopathic Medicine     Hybrid Journal   (Followers: 2, SJR: 0.297, CiteScore: 1)
Intl. J. of Paleopathology     Partially Free   (Followers: 8, SJR: 0.618, CiteScore: 1)
Intl. J. of Pavement Research and Technology     Open Access   (Followers: 6, SJR: 0.311, CiteScore: 1)
Intl. J. of Pediatric Otorhinolaryngology     Full-text available via subscription   (Followers: 1, SJR: 0.783, CiteScore: 1)
Intl. J. of Pediatric Otorhinolaryngology Extra     Full-text available via subscription   (Followers: 1, SJR: 0.11, CiteScore: 0)
Intl. J. of Pediatrics and Adolescent Medicine     Open Access   (Followers: 2, SJR: 0.144, CiteScore: 1)
Intl. J. of Pharmaceutics     Hybrid Journal   (Followers: 37, SJR: 1.172, CiteScore: 4)
Intl. J. of Plasticity     Hybrid Journal   (Followers: 7, SJR: 3.395, CiteScore: 6)
Intl. J. of Pressure Vessels and Piping     Hybrid Journal   (Followers: 28, SJR: 0.981, CiteScore: 2)
Intl. J. of Production Economics     Hybrid Journal   (Followers: 18, SJR: 2.401, CiteScore: 5)
Intl. J. of Project Management     Hybrid Journal   (Followers: 50, SJR: 1.463, CiteScore: 5)
Intl. J. of Psychophysiology     Hybrid Journal   (Followers: 6, SJR: 1.157, CiteScore: 3)
Intl. J. of Radiation Oncology*Biology*Physics     Hybrid Journal   (Followers: 32, SJR: 2.485, CiteScore: 3)
Intl. J. of Refractory Metals and Hard Materials     Hybrid Journal   (Followers: 5)
Intl. J. of Refrigeration     Full-text available via subscription   (Followers: 5, SJR: 1.471, CiteScore: 3)
Intl. J. of Research in Marketing     Hybrid Journal   (Followers: 20, SJR: 2.528, CiteScore: 3)
Intl. J. of Rock Mechanics and Mining Sciences     Hybrid Journal   (Followers: 10, SJR: 2.259, CiteScore: 4)
Intl. J. of Sediment Research     Full-text available via subscription   (Followers: 3, SJR: 0.663, CiteScore: 2)
Intl. J. of Solids and Structures     Hybrid Journal   (Followers: 15, SJR: 1.295, CiteScore: 3)
Intl. J. of Spine Surgery     Hybrid Journal   (Followers: 3, SJR: 0.793, CiteScore: 2)
Intl. J. of Surgery     Hybrid Journal   (Followers: 8, SJR: 0.834, CiteScore: 3)
Intl. J. of Surgery Case Reports     Open Access   (Followers: 4, SJR: 0.26, CiteScore: 1)
Intl. J. of Surgery Open     Open Access   (SJR: 0.116, CiteScore: 0)
Intl. J. of Surgery Protocols     Open Access   (Followers: 1, SJR: 0.141, CiteScore: 1)
Intl. J. of Sustainable Built Environment     Open Access   (Followers: 5, SJR: 0.746, CiteScore: 3)
Intl. J. of the Sociology of Law     Hybrid Journal   (Followers: 18)
Intl. J. of Thermal Sciences     Hybrid Journal   (Followers: 18, SJR: 1.429, CiteScore: 4)
Intl. J. of Transportation Science and Technology     Open Access   (Followers: 11)
Intl. J. of Veterinary Science and Medicine     Open Access   (Followers: 4)
Intl. J. of Women's Dermatology     Open Access   (Followers: 1, SJR: 0.213, CiteScore: 0)
Intl. Medical Review on Down Syndrome     Full-text available via subscription  
Intl. Orthodontics     Full-text available via subscription   (Followers: 3, SJR: 0.239, CiteScore: 0)
Intl. Perspectives on Child and Adolescent Mental Health     Full-text available via subscription   (Followers: 7)
Intl. Review of Cell and Molecular Biology     Full-text available via subscription   (Followers: 7, SJR: 1.973, CiteScore: 4)
Intl. Review of Cytology     Full-text available via subscription   (Followers: 1)
Intl. Review of Economics & Finance     Hybrid Journal   (Followers: 28, SJR: 0.841, CiteScore: 2)
Intl. Review of Economics Education     Hybrid Journal   (Followers: 1, SJR: 0.632, CiteScore: 1)
Intl. Review of Financial Analysis     Hybrid Journal   (Followers: 7, SJR: 0.755, CiteScore: 2)
Intl. Review of Law and Economics     Hybrid Journal   (Followers: 22, SJR: 0.572, CiteScore: 1)
Intl. Review of Neurobiology     Full-text available via subscription   (Followers: 2, SJR: 1.497, CiteScore: 3)
Intl. Review of Research in Mental Retardation     Full-text available via subscription   (Followers: 7)
Intl. Soil and Water Conservation Research     Open Access   (SJR: 0.667, CiteScore: 2)
Intl. Strategic Management Review     Open Access   (Followers: 5)
Investigación en Educación Médica     Open Access  
Investigaciones de Historia Económica     Full-text available via subscription   (SJR: 0.264, CiteScore: 0)
Investigaciones Europeas de Dirección y Economía de la Empresa     Open Access  
IRBM     Full-text available via subscription   (SJR: 0.298, CiteScore: 1)
IRBM News     Full-text available via subscription   (SJR: 0.139, CiteScore: 0)
ISA Transactions     Full-text available via subscription   (Followers: 1, SJR: 1.115, CiteScore: 4)
iScience     Open Access  
ISPRS J. of Photogrammetry and Remote Sensing     Hybrid Journal   (Followers: 73, SJR: 3.169, CiteScore: 8)
Italian Oral Surgery     Full-text available via subscription   (Followers: 1)
ITBM-RBM     Full-text available via subscription   (Followers: 1)
ITBM-RBM News     Full-text available via subscription   (Followers: 1)
J. de Chirurgie Viscerale     Full-text available via subscription   (Followers: 1, SJR: 0.264, CiteScore: 0)
J. de Gynécologie Obstétrique et Biologie de la Reproduction     Full-text available via subscription  
J. de Mathématiques Pures et Appliquées     Full-text available via subscription   (Followers: 4, SJR: 3.571, CiteScore: 2)
J. de Mycologie Médicale / J. of Medical Mycology     Full-text available via subscription   (Followers: 2, SJR: 0.495, CiteScore: 2)
J. de Pédiatrie et de Puériculture     Full-text available via subscription   (SJR: 0.116, CiteScore: 0)
J. de Radiologie     Full-text available via subscription  
J. de Radiologie Diagnostique et Interventionnelle     Full-text available via subscription   (Followers: 2)
J. de Thérapie Comportementale et Cognitive     Full-text available via subscription   (SJR: 0.111, CiteScore: 0)
J. de Traumatologie du Sport     Full-text available via subscription   (Followers: 2, SJR: 0.152, CiteScore: 0)
J. des Anti-infectieux     Full-text available via subscription   (Followers: 2, SJR: 0.107, CiteScore: 0)
J. des Maladies Vasculaires     Full-text available via subscription  
J. Européen des Urgences     Full-text available via subscription   (Followers: 1)
J. Européen des Urgences et de Réanimation     Hybrid Journal   (SJR: 0.108, CiteScore: 0)
J. for Nature Conservation     Hybrid Journal   (Followers: 28, SJR: 0.894, CiteScore: 2)
J. for Nurse Practitioners     Hybrid Journal   (Followers: 12, SJR: 0.179, CiteScore: 0)
J. Français d'Ophtalmologie     Full-text available via subscription   (Followers: 3, SJR: 0.292, CiteScore: 0)
J. of Academic Librarianship     Hybrid Journal   (Followers: 1065, SJR: 1.224, CiteScore: 2)
J. of Accounting and Economics     Hybrid Journal   (Followers: 39, SJR: 6.875, CiteScore: 4)
J. of Accounting and Public Policy     Hybrid Journal   (Followers: 7, SJR: 0.91, CiteScore: 2)
J. of Accounting Education     Hybrid Journal   (Followers: 6, SJR: 0.882, CiteScore: 1)
J. of Accounting Literature     Hybrid Journal   (Followers: 7, SJR: 0.986, CiteScore: 3)
J. of Acupuncture and Meridian Studies     Open Access   (Followers: 1, SJR: 0.347, CiteScore: 1)
J. of Acute Medicine     Open Access   (SJR: 0.196, CiteScore: 1)
J. of Adolescence     Hybrid Journal   (Followers: 17, SJR: 1.01, CiteScore: 2)
J. of Adolescent Health     Hybrid Journal   (Followers: 24, SJR: 1.851, CiteScore: 4)
J. of Advanced Research     Open Access   (Followers: 2, SJR: 0.741, CiteScore: 4)
J. of Aerosol Science     Hybrid Journal   (Followers: 5, SJR: 0.828, CiteScore: 3)
J. of Affective Disorders     Hybrid Journal   (Followers: 18, SJR: 2.053, CiteScore: 4)
J. of African Earth Sciences     Hybrid Journal   (Followers: 12, SJR: 0.681, CiteScore: 2)
J. of African Trade     Open Access  
J. of Aging Studies     Hybrid Journal   (Followers: 11, SJR: 0.8, CiteScore: 2)
J. of Air Transport Management     Hybrid Journal   (Followers: 10, SJR: 0.981, CiteScore: 2)
J. of Algebra     Full-text available via subscription   (Followers: 5, SJR: 1.187, CiteScore: 1)
J. of Algorithms     Full-text available via subscription   (Followers: 4)
J. of Allergy and Clinical Immunology     Hybrid Journal   (Followers: 31, SJR: 5.049, CiteScore: 7)
J. of Allergy and Clinical Immunology : In Practice     Full-text available via subscription   (Followers: 13, SJR: 1.461, CiteScore: 3)
J. of Alloys and Compounds     Hybrid Journal   (Followers: 13, SJR: 1.02, CiteScore: 4)
J. of American Association for Pediatric Ophthalmology and Strabismus     Hybrid Journal   (Followers: 7, SJR: 0.752, CiteScore: 1)
J. of Analytical and Applied Pyrolysis     Hybrid Journal   (Followers: 3, SJR: 1.129, CiteScore: 4)
J. of Anesthesia History     Full-text available via subscription   (Followers: 1, SJR: 0.19, CiteScore: 0)
J. of Anthropological Archaeology     Hybrid Journal   (Followers: 78, SJR: 1.24, CiteScore: 2)
J. of Anxiety Disorders     Hybrid Journal   (Followers: 16, SJR: 2.043, CiteScore: 4)
J. of Applied Biomedicine     Open Access   (Followers: 2, SJR: 0.348, CiteScore: 2)
J. of Applied Developmental Psychology     Hybrid Journal   (Followers: 14, SJR: 1.339, CiteScore: 3)
J. of Applied Geophysics     Hybrid Journal   (Followers: 17, SJR: 0.636, CiteScore: 2)
J. of Applied Logic     Full-text available via subscription   (SJR: 0.277, CiteScore: 1)
J. of Applied Mathematics and Mechanics     Full-text available via subscription   (Followers: 9, SJR: 0.321, CiteScore: 0)
J. of Applied Research and Technology     Open Access   (SJR: 0.255, CiteScore: 1)
J. of Applied Research in Memory and Cognition     Partially Free   (Followers: 12, SJR: 1.303, CiteScore: 2)
J. of Applied Research on Medicinal and Aromatic Plants     Hybrid Journal   (SJR: 0.355, CiteScore: 2)
J. of Approximation Theory     Hybrid Journal   (Followers: 1, SJR: 0.907, CiteScore: 1)
J. of Archaeological Science     Hybrid Journal   (Followers: 66, SJR: 1.885, CiteScore: 3)
J. of Archaeological Science : Reports     Hybrid Journal   (Followers: 17, SJR: 0.659, CiteScore: 1)
J. of Arid Environments     Hybrid Journal   (Followers: 14, SJR: 0.763, CiteScore: 2)
J. of Arrhythmia     Open Access   (SJR: 0.398, CiteScore: 1)
J. of Arthroplasty     Hybrid Journal   (Followers: 50, SJR: 2.373, CiteScore: 3)
J. of Arthroscopy and Joint Surgery     Full-text available via subscription   (Followers: 2, SJR: 0.103, CiteScore: 0)
J. of Asia-Pacific Biodiversity     Open Access   (SJR: 0.361, CiteScore: 1)
J. of Asia-Pacific Entomology     Full-text available via subscription   (Followers: 6, SJR: 0.373, CiteScore: 1)
J. of Asian Ceramic Societies     Open Access   (Followers: 2, SJR: 0.509, CiteScore: 2)
J. of Asian Earth Sciences     Hybrid Journal   (Followers: 14, SJR: 1.488, CiteScore: 3)
J. of Asian Economics     Hybrid Journal   (Followers: 3, SJR: 0.419, CiteScore: 1)
J. of Atmospheric and Solar-Terrestrial Physics     Hybrid Journal   (Followers: 165, SJR: 0.696, CiteScore: 2)
J. of Autoimmunity     Hybrid Journal   (Followers: 16, SJR: 2.046, CiteScore: 7)
J. of Ayurveda and Integrative Medicine     Open Access   (Followers: 3, SJR: 0.338, CiteScore: 1)
J. of Banking & Finance     Hybrid Journal   (Followers: 186)
J. of Basic & Applied Zoology : Physiology     Open Access   (Followers: 3)
J. of Behavior Therapy and Experimental Psychiatry     Hybrid Journal   (Followers: 4, SJR: 1.42, CiteScore: 3)
J. of Behavior, Health & Social Issues     Open Access   (Followers: 7)
J. of Behavioral and Experimental Economics     Full-text available via subscription   (Followers: 8, SJR: 0.593, CiteScore: 1)
J. of Behavioral and Experimental Finance     Full-text available via subscription   (Followers: 4, SJR: 0.475, CiteScore: 1)
J. of Biochemical and Biophysical Methods     Hybrid Journal   (Followers: 5)
J. of Biomechanics     Hybrid Journal   (Followers: 37, SJR: 1.147, CiteScore: 3)
J. of Biomedical Informatics     Partially Free   (Followers: 16, SJR: 1.028, CiteScore: 4)
J. of Biomedical Research     Full-text available via subscription   (Followers: 3, SJR: 0.712, CiteScore: 2)
J. of Bionic Engineering     Full-text available via subscription   (SJR: 0.584, CiteScore: 3)
J. of Bioscience and Bioengineering     Full-text available via subscription   (Followers: 31, SJR: 0.675, CiteScore: 2)
J. of Biotechnology     Hybrid Journal   (Followers: 62, SJR: 0.929, CiteScore: 3)
J. of Bodywork and Movement Therapies     Hybrid Journal   (Followers: 17, SJR: 0.522, CiteScore: 1)
J. of Bone Oncology     Open Access   (Followers: 1, SJR: 0.941, CiteScore: 3)
J. of Building Engineering     Hybrid Journal   (Followers: 3, SJR: 0.753, CiteScore: 3)
J. of Business Research     Hybrid Journal   (Followers: 22, SJR: 1.26, CiteScore: 3)
J. of Business Venturing     Hybrid Journal   (Followers: 26, SJR: 5.212, CiteScore: 9)
J. of Business Venturing Insights     Hybrid Journal   (Followers: 1, SJR: 1.162, CiteScore: 2)
J. of Cancer Policy     Open Access   (Followers: 2, SJR: 0.459, CiteScore: 1)
J. of Cancer Research and Practice     Open Access  

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Similar Journals
Journal Cover
International Review of Economics & Finance
Journal Prestige (SJR): 0.841
Citation Impact (citeScore): 2
Number of Followers: 28  
 
  Hybrid Journal Hybrid journal (It can contain Open Access articles)
ISSN (Print) 1059-0560
Published by Elsevier Homepage  [3158 journals]
  • A bibliometric review of sukuk literature
    • Abstract: Publication date: Available online 17 April 2019Source: International Review of Economics & FinanceAuthor(s): Andrea Paltrinieri, Mohammad Kabir Hassan, Salman Bahoo, Ashraf Khan Sukuk (Islamic bonds) are one of the Islamic finance sectors that have experienced the fastest growth during the last decade. Using a quali-quantitative approach known as meta-literature review, the aim of this paper is to survey the sukuk literature over the period 1950–2018. In total we review and analyze 80 papers through bibliometric citation analysis (using HistCite and VOSviewer software) coupled with content analysis. We show the influential aspects of the literature, such as countries, institutions, journals, authors, articles and topics. We also present the co-authorship network and identify three research streams: (1) sukuk overview and growth, (2) sukuk and finance theories, (3) sukuk and stock market behavior. Through the review and analysis of the published research on sukuk, we finally provide 11 future research questions in order to extend the research on this topic.
       
  • Predictive power of dividend yields and interest rates for stock returns
           in South Asia: Evidence from a bias-corrected estimator
    • Abstract: Publication date: Available online 16 April 2019Source: International Review of Economics & FinanceAuthor(s): Md Lutfur Rahman, Abul Shamsuddin, Doowon Lee Predictive models of stock returns are often criticized for generating spurious predictability, unstable predictive relationship, and poor out-of-sample forecasting performance. This paper addresses these issues in the context of four major South Asian equity markets. We provide a bias-corrected estimate of the relationship of future stock returns to dividend yield and interest rate. We use a restricted vector autoregressive model, draw statistical inferences from a wild-bootstrap method with superior size and power properties, and allow model parameters to vary over time. Dividend yield is a significant predictor in both in- and out-of-sample (OOS) in two countries, while interest rate exhibits significant predictability in all four markets. Imposing theoretically motivated restrictions on model parameters appears to improve OOS predictability. Finally, time-variation in return predictability is found to be linked to countercyclical risk premium and persistence of the predictor variables.
       
  • Bandwagon effect: special dividend payments
    • Abstract: Publication date: Available online 9 April 2019Source: International Review of Economics & FinanceAuthor(s): May Hu, Mataiasi Tuilautala The objective of this study is to determine whether there is a bandwagon effect of special dividends in United States industries. Specifically, we investigate whether the predictions of the information-signalling hypothesis or the agency theory account for the special dividend behaviour at the industry-level. Out of a broad sample of publicly listed firms in the US market, our results show that rival firms in concentrated industries follow other firms’ special dividend announcements. The intra-industry effects of special dividend events indicate positive contagion effects on a rival firm’s abnormal returns. Our findings lend credence to the information-signalling hypothesis, rather than to agency theory. This is because special dividends act as signals to convey information to the market on the sustainability of growing industry-wide earnings. The propensity to follow occurs because of industry homogeneity: comparable firms aim to validate the industry signal.
       
  • Licensing, entry, and privatization
    • Abstract: Publication date: Available online 8 April 2019Source: International Review of Economics & FinanceAuthor(s): Leonard F.S. Wang, Chenhang Zeng This paper examines how technology licensing by a private innovator affects privatization with ex-ante cost asymmetry. In a mixed duopoly, we find that licensing to the public firm reduces the incentive for privatization compared to the situation without licensing. This result is robust in consideration of either a domestic or a foreign entry of a private firm. However, licensing to the entrant private firm increases the incentive for privatization. Furthermore, we show that the effects of entry on privatization critically depend on whether the new entrant is a domestic or foreign one. The entry of a domestic private firm facilitates privatization while that of a foreign private firm hinders privatization.
       
  • Patent protection and R&D subsidy under asymmetric information
    • Abstract: Publication date: Available online 6 April 2019Source: International Review of Economics & FinanceAuthor(s): Haejun Jeon We examine a technology licensing under asymmetric information and discuss the effects of R&D policies. In particular, we investigate an innovator's investment strategy and the efficiency of policies from a dynamics perspective. We show that perfect patent protection is optimal under symmetric information, whereas this is not so if the licensor has private information. Furthermore, we show that social welfare under asymmetric information is higher than that under symmetric information for most patent protection levels, yet the latter dominates the former in the presence of an optimal policy for each regime. An R&D subsidy is found suboptimal under symmetric information, whereas it can be optimal given information asymmetry. This allows us to derive a combination of patent protection and R&D subsidy that yields the first-best results under asymmetric information in multiple industries simultaneously.
       
  • Dynamic responses of real output to financial spreads
    • Abstract: Publication date: Available online 22 March 2019Source: International Review of Economics & FinanceAuthor(s): Yu-Fan Huang In this paper, we find that a positive term spread shock permanently increases real output in that the long-term trend rises. The mechanism is likely through the strong association between term spread shocks and total factor productivity news shocks. A positive credit spread shock could reflect heightening default risk and tightening credit supply, and both factors can lead to fewer new investment projects and damage the long-run economic capacity. We find that for credit spread shocks representing tightening credit supply conditions, the permanent effect is significant in a counterfactual case in which the public forecasts future short rates without considering credit spread. This finding suggests that the central bank's commitment to provide liquidity is important to prevent permanent output loss due to a shortage of credit.
       
  • Is the squeaky wheel getting the grease' Earnings management and
           government subsidies
    • Abstract: Publication date: Available online 21 March 2019Source: International Review of Economics & FinanceAuthor(s): Yujie Zhao, Donghua Zhou, Kangsheng Zhao, Ping Zhou We study the impact of earnings management on government subsidies using a sample of China's utility firms. Our findings suggest that negative earnings management is associated with increased government subsidies, especially for policy subsidies with the goal of helping weak firms and high government discretion in target selection. The findings are robust to a battery of alternative variable definitions and estimation methods. We further observe that perk consumption, empire building, and promotion may be the three motivations for managers engaging in earnings management. Incentive compensation increases the cost of understating income while rent seeking and political connections can substitute for earnings management in obtaining subsidies; thus, the above results hold only for firms with no incentive compensation, low rent seeking, or no political connection. Effective external monitoring can reduce managers' misbehavior, so the positive effect is not significant for strong monitoring firms. Moreover, negative earnings management will reduce firm profitability and destroy firm value in the future, while improving social performance in hiring more employees and paying more taxes, which could impair firm profitability.
       
  • Foreign direct investment and credit market reform in a developing
           economy: Could these be alternative policies'
    • Abstract: Publication date: Available online 20 March 2019Source: International Review of Economics & FinanceAuthor(s): Sarbajit Chaudhuri, Salonkara Chaudhuri We examine the welfare consequences of foreign direct investment (FDI) flows and credit market reform in a small open developing economy using a 2 × 2 full-employment general equilibrium model with both labour market and capital market distortions. Apart from factor market imperfections, there is also a tariff on the import-competing sector, which creates commodity market distortion. We find that either of the two policies can lead to welfare improvement under reasonable conditions. Subsequently, using a two-sector, specific factor Harris-Todaro type mode; like that of Beladi and Naqvi (1988), we have verified the robustness of the result that have earlier obtained in the full-employment case. We have found that although the effects of FDI flows on both welfare and urban unemployment are ambiguous, credit market reform unequivocally improves welfare and mitigates the unemployment problem. Considering both the cases together, it might be concluded that as a policy, credit market reform is distinctly superior relative to investment reform. The results could be useful for policymaking in a developing economy like India where multiple distortions coexist.
       
  • The ‘smart money effect’ among socially responsible mutual
           fund investors
    • Abstract: Publication date: Available online 20 March 2019Source: International Review of Economics & FinanceAuthor(s): Fernando Muñoz In this paper, I study investors' selection skills for a broad (576 funds) and updated (January 2004 to May, 2018) sample of socially responsible (SR) mutual funds in the US market. In general terms, I obtain a positive relationship between fund flows and subsequent financial performance. This positive relationship is conducted by the bad financial performance of funds suffering net outflows, and it is stronger for non-institutional funds and for funds with a low minimum investment. In addition, I find in general terms that fund flows in US SR funds are persistent, and they are positively related to lagged returns. All these results together seem to indicate that this positive relationship is not driven by investors’ selection skills. Moreover, I observe that religious fund investors are minimally influenced by lagged returns and show the worst selection skills in the US SR fund market. Furthermore, environmental fund investors present the strongest positive relationship between flows and subsequent financial performance, and the flows for these funds are not persistent. When analysing other SR fund markets, I observe in general terms a lack of relationship between fund flows and subsequent financial performance.
       
  • Do the Intellectual Property Rights of Regional Trading Arrangements
           Impact Foreign Direct Investment' An Empirical Examination
    • Abstract: Publication date: Available online 19 March 2019Source: International Review of Economics & FinanceAuthor(s): Sucharita Ghosh, Steven Yamarik In this paper, we examine the empirical impact of regional intellectual property rights (IPR) on inward foreign direct investment (FDI) in developed and developing countries. We include multiple measures of IPR content into a structural gravity model for FDI. We find that the presence and amount of regional IPR is positively related to intra-bloc FDI. With respect to the individual provisions and types, we find those relating to TRIPS reaffirmation, National Treatment, Copyrights and Trademarks, Trade Secrets and Knowledge, and Encrypted Broadcast Signals have a positive effect, while those relating to Enforcement and Dispute Resolution, Patents and Designs, and Domain names have a negative impact on FDI.
       
  • Nash equilibrium in tax and public investment competition
    • Abstract: Publication date: Available online 17 March 2019Source: International Review of Economics & FinanceAuthor(s): Ajay Sharma, Rupayan Pal We analyze Nash equilibrium in fiscal competition with tax and public investment between symmetric regions. We show that given the opposite strategic nature of tax (strategic complement) and public investment (strategic substitute), there is possibility of multiple equilibria. We find that if strategic substitute effect dominates strategic complement effect, then both regions have first mover advantage in a timing game and simultaneous move Nash equilibrium (early, early) emerges; otherwise sequential move equilibria-(early, late) and (late, early) emerges. Also, sequential move Nash equilibria are Pareto improving than simultaneous move outcome. Lastly, race-to-the-bottom in taxes is restricted in sequential move equilibria.
       
  • Momentum or contrarian trading strategy: Which one works better in the
           Chinese stock market
    • Abstract: Publication date: Available online 17 March 2019Source: International Review of Economics & FinanceAuthor(s): Lin Yu, Hung-Gay Fung, Wai Kin Leung This study investigates short-horizon momentum-reversal patterns in Chinese stock markets since 2010, when investors were first permitted to engage in short sales of stocks. We use weekly returns of winner-minus-loser portfolios for stocks on the Shanghai Stock Exchange (SSE), the Shenzhen Stock Exchange (SZSE), and the SZSE Growth Enterprise Market (GEM) to examine the profitability of the trading strategy. Weekly stock return reversals are observed and significant across the three markets, while returns appear to increase if the sorting period is extended or the holding period is shortened. The return-reversal effect in the GEM is the strongest but also disappears most quickly. A momentum pattern of winner-minus-loser portfolios for low-turnover-ratio firms is also observed across the three Chinese markets and the return-reversal pattern is prevalent for high-turnover-ratio firms.
       
  • Risk Shifting Consequences Depending on Manager Characteristics
    • Abstract: Publication date: Available online 15 March 2019Source: International Review of Economics & FinanceAuthor(s): Laura Andreu, José Luis Sarto, Miguel Serrano This paper investigates the performance consequences of the risk shifting behavior shown by domestic equity mutual funds through the analysis of monthly portfolio holdings. The objective of this paper is to assess the implications of risk shifting for mutual fund investors. Specifically, we study the performance consequences of different mechanisms of risk shifting, such as the change in the composition between equity and cash holdings and the change of the systematic or idiosyncratic risk within the equity positions. We find that funds that increase their risk level obtain significantly better performance than funds with stable or reduced risk levels. This finding is robust when controlling for fund characteristics such as past performance and fund size. Additionally, we examine whether the performance consequences of risk shifting depends on fund manager characteristics and find that manager gender, education and level of specialization are revealed as important variables to differentiate the performance consequences of risk shifting.
       
  • Mixed oligopoly with state holding corporations and consumer-friendly firm
    • Abstract: Publication date: Available online 14 March 2019Source: International Review of Economics & FinanceAuthor(s): Quan Dong, Leonard F.S. Wang We consider a mixed oligopoly where a managerial private firm competes with a state holding corporation with differentiated products. The private firm produces only one product and the state holding corporation may have two plants producing both goods. We show that the magnitude of consumer friendliness depends on the organization structure and the degree of privatization of the state corporations, and the degree of substitution between products. The magnitude generally decreases (increases) with the privatization (the degree of substitution between products). Moreover, the magnitude is greater when the state corporation is multi-plant than when it is unit-plant if the degree of privatization is high enough. This result suggests detailed information about firms is required if a government intends to encourage private firm be more consumer-friendly in a mixed market where state corporations are important.
       
  • Financial reforms and corruption: Evidence using GMM estimation
    • Abstract: Publication date: Available online 11 March 2019Source: International Review of Economics & FinanceAuthor(s): Chandan Kumar Jha This paper assesses the impact of financial reforms on corruption using a panel of 87 countries for 1984–2005. To account for the dynamic nature and high persistence of corruption, the paper employs the difference and system generalized method of moments (GMM) estimators. It finds that policy reforms targeted towards financial liberalization reduce corruption. This result is robust to the inclusion of a number of control variables and the choice of the GMM estimator. Interestingly, the financial liberalization index is found to be positively correlated with corruption though this relationship is not robust. The findings also indicate that legal origins do not impose a binding constraint on the effectiveness of financial reforms in reducing corruption.
       
  • Are Chinese and international oil markets integrated'
    • Abstract: Publication date: Available online 8 March 2019Source: International Review of Economics & FinanceAuthor(s): Bing Zhang We investigate the integration between Chinese and WTI oil markets by testing for return and volatility spillovers. Using the Diebold and Yilmaz test (2012), we find strong asymmetry in the relationship between these two markets. Most variations in the Daqing oil market return and volatility result from innovations in WTI oil futures markets, but the effects of the Daqing oil market on WTI markets are small. We also employ the rolling-window technique and examine the time-variation property of the spillover index because certain extreme events, such as the recent financial crisis, can result in sudden changes in the spillover index. We also examine the spillover index for large fluctuations. Overall, our findings do not support oil market integration.
       
  • Economic resilience and social capital of the Italian regions
    • Abstract: Publication date: Available online 7 March 2019Source: International Review of Economics & FinanceAuthor(s): Michele Sabatino This research examines the relationship between resilience and social capital in the context of Italian regions. Despite the strong limitation of bringing together two measurement methodologies of two very different economic and social dimensions, this study adds additional elements to the understanding of the territories and their ability to adapt and respond to economic shocks. On the one hand, this study presents a review of the theory on the concepts of resilience and social capital. On the other hand, the relationship between the two territorial characteristics is analyzed and the two measurements are compared.
       
  • Asset price effects of peer benchmarking: Evidence from a natural
           experiment
    • Abstract: Publication date: Available online 3 March 2019Source: International Review of Economics & FinanceAuthor(s): Alvaro Pedraza, Fredy Pulga We estimate the effects of peer benchmarking by institutional investors on asset prices. In order to isolate the trades driven by peer benchmarking, we use a natural experiment involving a change in a government-imposed under-performance penalty applicable to Colombian pension funds. We find that peer effects generate excess stock return volatility, with stocks exhibiting short-term abnormal returns followed by returns reversal in the subsequent quarter. Additionally, peer benchmarking produces an excess in comovement across stock returns beyond the correlation implied by fundamentals.
       
  • Predicting corporate bankruptcy: What matters'
    • Abstract: Publication date: Available online 2 March 2019Source: International Review of Economics & FinanceAuthor(s): Leon Li, Robert Faff Whether accountingor market-based information should be employed to predict corporate default is a long-standing debate in finance research. Incorporating a regime-switching mechanism, we establish a hybrid bankruptcy prediction model with non-uniform loadings in both accounting- and market-based approaches to reexamine the issue. We find the following. Creditors should increase the loading on market-based information when large and liquid corporations are considered. Conversely, for companies with incremental information involved in accounting reporting proxied by discretionary accruals, banks could emphasize accounting ratio-based variables more than they are already emphasized. Since managerial discretion in accounting numbers could serve as a tool to bring undisclosed information about the firm to the public, the weight on accounting-based information could be increased for firms with high information asymmetry. In addition, the loading on market-based (accounting-based) information should be increased (decreased) during periods of financial crisis, defined by negative gross domestic product growth.
       
  • State interventions to rescue banks during the global financial crisis
    • Abstract: Publication date: Available online 27 February 2019Source: International Review of Economics & FinanceAuthor(s): José Filipe Abreu, Marta Guerra Alves, Mohamed Azzim Gulamhussen We model unique state interventions to rescue commercial banks during the 2008-09 global financial crisis with the complementary binary logistic models that accommodate their skewed distribution. Our findings show that large and illiquid banks, and banks from countries with weak regulations, and weak shareholder and creditor rights are more likely to receive state intervention. These findings remain robust to a restricted definition of state intervention, alternative measures of bank fundamentals, placebo estimations, counterfactual sampling with propensity scores, and bank and country sample splits. These bank and incremental country level predictors can help regulators and supervisors limit future state interventions.
       
  • A sectoral analysis of asymmetric nexus between oil price and stock
           returns
    • Abstract: Publication date: Available online 27 February 2019Source: International Review of Economics & FinanceAuthor(s): Afees A. Salisu, Ibrahim D. Raheem, Umar B. Ndako 1This paper revisits the oil-stock nexus by examining the predictability of daily sectoral stock returns on the basis of asymmetric oil prices. Consequently, we fit a predictive model for sectoral stock returns that accounts for positive and negative changes in oil price. Innovatively, we advance arguments for considering some salient features of the predictor such as persistence and conditional heteroscedasticity effects in addition to any potential endogeneity bias in the predictive model. The results suggest that the response of sectoral stock returns to oil price is asymmetric and heterogenous. Also, the asymmetric model outperforms the symmetric variant as well as time series models for virtually all the considered sectors. However, a closer examination of the predictability during tranquil and turbulent times on the basis of the global financial crisis suggests that the significance of the asymmetric model over time series models seems to have diminished during turbulent times. These findings are robust to alternative measures of oil price.
       
  • Insecure resources, rent seeking, and wage inequality
    • Abstract: Publication date: Available online 25 February 2019Source: International Review of Economics & FinanceAuthor(s): Jiancai Pi, Yanwei Fan This paper explores how insecure resources affect skilled-unskilled wage inequality in the background of rent seeking. Through building the general equilibrium models embedded with contest success functions, we find that wage inequality is determined by the output elasticities of rent-seeking efforts and the capital intensities of different sectors, and that sometimes the threshold of insecure resources also plays an important role.
       
  • Peer effects on corporate cash holdings
    • Abstract: Publication date: Available online 20 February 2019Source: International Review of Economics & FinanceAuthor(s): Yi-Wen Chen, Konan Chan, Yuanchen Chang This paper examines peer effects on the corporate cash holdings of manufacturing firms in the U.S. market. Responding to possible preemptive moves by rivals using their cash holdings, we hypothesize that managers consider their rivals' cash levels when determining their own cash holdings. The results show that the ratio of cash to total assets is significantly influenced by peer firms’ average cash holdings and their characteristics. We also find that firms that have higher R&D expenditures are more inclined to mimic the cash holdings of their rivals. We conclude that the peer effect is an important determinant of corporate cash policies in U.S. manufacturing firms.
       
  • Dynamics of Deterioration in Internal Control Reported under SOX 404
    • Abstract: Publication date: Available online 14 February 2019Source: International Review of Economics & FinanceAuthor(s): Chunhua Chen, Tianze Li, Ruiqing Shao, Steven Xiaofan Zheng We examine why many firms disclose internal control weaknesses (ICW) under section 404 of Sarbanes-Oxley Act after previously reporting effective internal control (IC). We find that about half of the cross-sectional ICW determinant variables either do not change significantly from Year T-1 to Year T or change in a direction that is not expected to cause IC deterioration. The reported deterioration in IC can be attributed to increases in audit fee, management turnover, restatement, financial distress, firm size, and decrease in financial activities. Consistent with an agency hypothesis that managers try to manipulate the IC process when firm performance declines, the reported deterioration in IC is also associated with poor stock returns in the year before disclosure. ICW disclosure is more likely when poor stock return is combined with higher sensitivity of executive compensation to stock price change.
       
  • A theory of political connections and financial outcomes
    • Abstract: Publication date: Available online 8 February 2019Source: International Review of Economics & FinanceAuthor(s): Michael O'Connor Keefe I model the effect of political connections through the channels of lender compensation, contract enforcement, and social objectives on financial outcomes such as interest rates, default rates, financial constraints, investment decisions, and the manager's decision about whether to be politically connected or unconnected. The model shows that the effect of political connections on financial outcomes depends upon the relative importance of each channel. By demonstrating the influence of each channel, the model helps explain many contradictory empirical findings about the relationship between political connections and financial outcomes.
       
  • Long-term interest rates in Europe: A fractional cointegration analysis
    • Abstract: Publication date: Available online 8 February 2019Source: International Review of Economics & FinanceAuthor(s): Guglielmo Maria Caporale, Luis A. Gil-Alana This paper uses fractional integration/cointegration techniques to examine the stochastic behaviour of long-term interest rates (on government securities with 10-year maturity) in 23 European countries as well as their long-run linkages on a pairwise basis over the period January 2001–February 2018. The results are mixed and sensitive to the (parametric and semi-parametric) estimation methods. Evidence is found for both unit roots and mean reversion in the series analysed. Various rates (especially in the case of smaller economies) appear to be fractionally cointegrated, but interestingly German, French and UK rates are not found to be linked to any other European rates.
       
  • Bayesian return forecasts using realised range and asymmetric CARR model
           with various distribution assumptions
    • Abstract: Publication date: Available online 7 February 2019Source: International Review of Economics & FinanceAuthor(s): J.S.K. Chan, K.H. Ng, R. Ragell A popular technique for measuring financial risk is to apply generalised autoregressive conditional heteroskedastic (GARCH)-type models to return-based time series. However recent studies are more focused on estimating volatility using the realised range calculated from high-frequency data. Making use of this efficient volatility measure, this paper analyses returns using a two-stage model: the first stage fits the realised range measures to the conditional autoregressive range (CARR) model whereas the second stage inputs the fitted values as observed volatilities in the return model. On modelling choices, we investigate how the model performance can be improved by different choices of error distributions and mean functions. We also study the effect of interval size on the realised range measures. A Bayesian Markov chain Monte Carlo approach via Rstan is used to estimate the parameters of these models. Empirical applications are based on three market indices. Results show that the CARR model with generalised beta type II distribution provides the most efficient modelling of volatility for all data. We also find that the realised range calculated using the most frequent 5 min intervals provides accurate estimates and forecasts of value-at-risk (VaR) and tail conditional VaR for both range and return than the daily range for all market indices.
       
  • The power of sharing: Evidence from institutional investor cross-ownership
           and corporate innovation
    • Abstract: Publication date: Available online 25 January 2019Source: International Review of Economics & FinanceAuthor(s): Kaijuan Gao, Hanxiao Shen, Xi Gao, Kam C. Chan We examine the impact of institutional investor cross-ownership in the same industry (IICO) on corporate innovation. Previous studies suggest that there are pros and cons of IICO. Using a sample of Chinese firms, we document that IICO positively affects corporate innovation, which is consistent with the knowledge-sharing and monitoring hypothesis. Our findings are robust to alternative specifications of IICO and innovation, alternative estimation methods, and after accounting for endogeneity. Further analyses suggest that when firms have highly concentrated ownership (in terms of large shareholders) or the check-and-balance among large shareholders is weak, the impact of IICO on innovation is more pronounced; which corroborate with the underlying logic of enhancing monitoring in the presence of IICO. In terms of knowledge-sharing, we find that the impact of IICO on innovation is more pronounced when a firm faces highly competitive product market, which corroborates with the logic that institutional investors are able to bring knowhow from one firm to benefit another firm.
       
  • The impact of government property right law on collateral loans: A
           quasi-natural experiment based on the enactment of Chinese property law
    • Abstract: Publication date: Available online 24 January 2019Source: International Review of Economics & FinanceAuthor(s): Jing Zeng, Xiongyuan Wang, Min Xiao We examine how the enactment of the China Property Law (the Law) affects bank loans, especially those using liquid assets as collateral. Using loan-level data and a difference-in-differences method, we find a significant increase in bank loans with liquid assets as collateral after the Law. In addition, we find that the effect of the Law on collateral loans is more pronounced for state-owned firms, firms with better corporate governance, firms with higher information transparency, or during periods of loose monetary policy; these findings indicate that banks are more likely to provide loans with liquid assets as collateral to high-quality firms in the circumstances of abundant credit. We also find that the enactment of the Law increased working capital, inventory turnover, and business risks for firms, suggesting that these loans accelerated capital turnover and reduced inventory storage while exposing firms to higher risks.
       
  • How do regulatory ability and bank competition affect the adoption of
           explicit deposit insurance scheme and banks’ risk-taking behavior'
    • Abstract: Publication date: Available online 23 January 2019Source: International Review of Economics & FinanceAuthor(s): Ningyu Qian, Kezhong Zhang, Changjun Zheng, Badar Nadeem Ashraf In this study, we investigates how regulatory ability and bank competition affect the adoption of explicit deposit insurance scheme (eDIS) and banks' risk taking behavior under the scheme. We build a regulator-bank dynamic game model to explain why the implicit deposit insurance scheme is not the optimal choice when the regulator's regulatory ability is high. We also find that excessive competition makes banks take extreme risk and in such case eDIS is ineffective in preventing the occurrence of banking crises. Otherwise, eDIS can prevent the occurrence of banking crises effectively although banks take excessive risk under the scheme. Our model identifies that the effects of bank competition and regulatory ability on the banks' risk incentives created by eDIS are interdependent. Empirical analysis on 190 countries worldwide confirms that: (1) higher regulatory ability increases the probability of eDIS adoption. (2) Under the eDIS, less bank competition and higher regulatory ability could reduce the risk of banking during normal times. In addition, increased regulatory ability significantly weakens the positive effect of banking competition on banking risk. (3) Under the eDIS, more bank competition increases the probability of banking crisis occurrence.
       
  • The role of real options in the takeover premia in mergers and
           acquisitions
    • Abstract: Publication date: Available online 19 January 2019Source: International Review of Economics & FinanceAuthor(s): Leonidas G. Barbopoulos, Louis T.W. Cheng, Yi Cheng, Andrew Marshall This paper applies a real option framework to suggest that the takeover premia in mergers and acquisitions can be influenced by (a) the pre-bid ownership of target and (b) the real option characteristics of both acquirer and target firms. Our findings show that pre-bid ownership reduces the takeover premia, which is consistent with the argument that pre-bid ownership reduces information asymmetry. However, we find that the takeover premia is higher when both the acquirer and target firms exhibit real option capacity as measured by positive risk-return sensitivity. As a result, an acquirer with real option capacity is willing to pay higher takeover premia for an option embedded in the target firm.
       
  • Cash holding and over-investment behavior in firms with problem directors
    • Abstract: Publication date: Available online 19 January 2019Source: International Review of Economics & FinanceAuthor(s): Md Borhan Uddin Bhuiyan, Jill Hooks This paper examines the empirical relationship between cash holding and investment behavior when problem directors are on the Board. We argue that problem directors provide lower quality (weak) corporate governance which encourages excess cash holdings. The findings show consistent evidence that firms with at least one problem director hold more cash. In addition, evidence is found that firms with higher cash holdings engage in over-investment and such behavior is more pronounced when problem directors are on the board. This study contributes to the limited research on the professional history of directors and provides evidence of the financial effects for firms served by problem directors.
       
  • A dynamic network DEA model for accounting and financial indicators: A
           case of efficiency in MENA banking
    • Abstract: Publication date: Available online 18 January 2019Source: International Review of Economics & FinanceAuthor(s): Peter Wanke, Md Abul Kalam Azad, Ali Emrouznejad, Jorge Antunes Middle East and North Africa (MENA) countries present a banking industry that is well-known for regulatory and cultural heterogeneity, besides ownership, origin, and type diversity. This paper explores these issues by developing a Dynamic Network DEA model in order to handle the underlying relationships among major accounting and financial indicators. Firstly, a relational model encompassing major profit sheet, balance sheet, and financial health indicators is presented under a dynamic network structure. Subsequently, the dynamic effect of carry-over indicators is incorporated into it so that efficiency scores can be properly computed for these three substructures. The impact of contextual variables related to bank ownership, its type, and whether or not it has undergone a previous merger and acquisition process is tested by means of a stochastic non-linear model solved by differential evolution, which combines bootstrapped Simplex, Tobit, Beta, and Simar and Wilson truncated regression results. The results reveal that bank type, origin, and ownership impact efficiency levels differently in terms of profit sheet, balance sheet, and financial health indicators, although the impact of culture and regulatory barriers seem to prevail at the country level.
       
  • Does underwriter rating matter' Evidence from seasoned equity
           offerings in an emerging market
    • Abstract: Publication date: Available online 8 January 2019Source: International Review of Economics & FinanceAuthor(s): Xiongyuan Wang, Linlang Zhang, Kam C. Chan, Jie He We examine the impact of underwriting rating on seasoned equity offering (SEO) discount in China. The China Securities Regulatory Commission has adopted an underwriting rating system since 2010, although it remains unclear whether such a rating system is able to translate into a lower SEO discount and a higher cumulative abnormal returns so that SEO firms are able to leave less money on the table. Our findings are consistent with the underwriter general ability hypothesis. That is, an underwriter’s general ability as reflected in its rating contributes to a lower SEO discount. The findings are robust to a battery of alternative specifications, after accounting for selectivity bias, and accounting for underwriter reputation. In addition, we show that the rating system reflects the multi-dimensional ability of the underwriter. We document that without an underwriter rating variable, the conventional underwriter reputation measure (using relative underwriting market share) is negatively related to the SEO discount. After incorporating the underwriter rating variable, it dominates the conventional underwriter reputation measures in explaining the SEO discount. Finally, we document that a highly rated underwriter is associated with firms having lower accrual-based and real earnings management. Some policy implications are discussed.
       
  • Financial Development, Inequality, and Poverty: Some International
           Evidence
    • Abstract: Publication date: Available online 4 January 2019Source: International Review of Economics & FinanceAuthor(s): Ruixin Zhang, Sami Ben Naceur This paper provides evidence for the relationship between financial development, income inequality, and poverty. Unlike the existing literature, which mainly studies the effects of financial deepening, this paper features a multidimensional investigation. We considered financial access, depth, efficiency, stability, and liberalization. This paper reports three major findings. First, four out of five dimensions of financial development (access, depth, efficiency, and stability) can significantly reduce inequality and poverty. Second, financial liberalizations tend to exacerbate inequality and poverty. Third,the development of the banking shows a more significant impact on income distribution than the development of the stock market.
       
  • Flexible or mandatory retirement' Welfare implications of retirement
           policies for a population with heterogeneous health conditions
    • Abstract: Publication date: Available online 23 December 2018Source: International Review of Economics & FinanceAuthor(s): Zhenhua Feng, Jaimie W. Lien, Jie Zheng A flexible retirement policy has often been proposed as a solution to address the social dilemma of individuals in the population having different desired retirement ages. We analyze such a policy in an overlapping generations general equilibrium framework, where individuals differ in terms of their health condition at the standard retirement age, and therefore in their suitability for remaining in the labor force beyond the standard age. In our model, workers know about their future health condition when they are young, and adjust their savings and labor supply accordingly in order to maximize their lifetime utility. The applies to situations in which workers can fairly accurately predict their health status based upon personal, family, community and professional health status tendencies. We compare the flexible retirement policy to the mandatory retirement policy in the labor and capital markets, and the effects on savings and wages in the aggregate for both healthy and unhealthy, young and elderly cohorts. For economies with sufficiently high capital intensity of production and high levels health among the elderly, a flexible retirement policy can result in a welfare reduction compared to a mandatory retirement policy. Our study links the social desirability of the two retirement policies to the technological and population structure of the economy.
       
  • Financialization and sluggish fixed investment in Chinese real sector
           firms
    • Abstract: Publication date: Available online 13 December 2018Source: International Review of Economics & FinanceAuthor(s): Jiaxian Shu, Chengsi Zhang, Ning Zheng :China’s economy has been slowing down over the past decade since 2007, with real investment posting obviously sluggish growth, in contrast to a rising trend of financialization in non-financial firms. Using firm-level panel data, this paper examines the impacts of firms’ financialization on real investment in China with an extended portfolio choice model. Empirical results show that firms’ financialization has an economically and statistically significant reducing effect on their real investment. Unlike the existing literature, however, we find that the return gap between real and financial investments plays a limited role in affecting real investment.
       
  • Two-child Policy, Gender Income and Fertility Choice In China
    • Abstract: Publication date: Available online 13 December 2018Source: International Review of Economics & FinanceAuthor(s): Jun Liu, Taoxiong Liu We construct a three-period overlapping generation model to explore the effectiveness of the fertility policy and the factors affecting the fertility choices in China. The results show that there is a significant U-shaped relationship between female income and two-child fertility choice. The analysis of the effectiveness of the universal two-child policy suggests that a threshold exists for the fertility policy that is estimated to be between 1 and 2. Therefore, even if the two-child policy is further relaxed, it will exert little influence on fertility choice. Thus, other forms of fertility policies should be combined to improve the fertility rate.
       
  • Political Connection and the Walking Dead: Evidence from China’s
           Privately Owned Firms
    • Abstract: Publication date: Available online 13 December 2018Source: International Review of Economics & FinanceAuthor(s): Qing He, Xiaoyang Li, Wenyu Zhu Using a sample of privately owned listed firms in China, we document that firms’ political connections have a positive effect on their likelihood of becoming insolvent and inefficient (which we call zombies or zombie firms). The results are more pronounced for firms that are located in regions with extensive government intervention or weak institutional environment. In addition, for firms without political connections, the presence of zombie firms has larger negative spillover effects on the investment and productivity of healthy firms compared with zombie firms in the same industry. Curiously, such differential negative spillover effects are not observed for firms with political connections.
       
  • Portfolio rebalancing behavior with operating losses and investment
           regulation
    • Abstract: Publication date: Available online 8 October 2018Source: International Review of Economics & FinanceAuthor(s): M. Martin Boyer, Elicia P. Cowins, Willie D. Reddic Firms should make every attempt to reduce their tax burden by, for instance, preferring higher-yield taxable investments when faced with operating losses and lower-yield tax-exempt investments otherwise. We examine in this paper whether there are impediments to rebalancing which result from a firm's regulatory environment. Using an original measure of investment regulatory stringency that U.S. property and casualty insurers encounter, we find that insurers operating in more stringent regulatory environments receive a lower percentage of their investment income from taxable sources. We conclude that regulatory constraints limit insurers from rebalancing efficiently their investment portfolio in response to operational performance.
       
  • Independent director connectedness in China: An examination of the trade
           credit financing hypothesis
    • Abstract: Publication date: Available online 1 October 2018Source: International Review of Economics & FinanceAuthor(s): Changyuan Xia, Xiaowei Zhang, Chunfang Cao, Nan Xu We propose and examine a trade credit financing hypothesis of independent director connectedness. Our conjecture is that a firm with well-connected independent directors can obtain more trade credit. The findings suggest that independent director connectedness is positively correlated with the amount of trade credit available to a firm. The trade credit obtained is costly, however. Relationship-based financing comes in the form of higher-cost notes payable, rather than lower-cost accounts payable. Specifically, we find that firms with financial constraints are more likely to benefit from independent director connectedness in obtaining trade credit. We show that the roles of independent directors include trade credit financing in addition to traditional monitoring and advising.
       
  • How does analyst forecast dispersion affect SEO discounts in uniform-price
           auction system' Evidence from investor bids in China
    • Abstract: Publication date: Available online 1 October 2018Source: International Review of Economics & FinanceAuthor(s): Mingjing Yang, Xiaoke Cheng, Qian Sun, Chao Lu This study investigates the relationship between the analyst forecast dispersion and SEO pricing in auction system of SEOs in China. Leveraging detailed investor bids, our findings show that the analyst forecast dispersion has two opposite information contents, information asymmetry and divergent opinions, both of which affect the investor bidding behavior and SEO pricing. The information asymmetry effect leads to a decrease in weighted average of investor bid prices and the divergent opinions effect leads to an increase in the standard deviation of bid prices. The net effect of the two information contents in analyst forecast dispersion results in an increase in SEO discounts, suggesting the effect of information asymmetry outweighs that of divergent opinions. Furthermore, the transmission mechanism test shows that the investor bidding behavior is a complete transmission channel underling the impact of analyst forecast dispersion and SEO discounts. Our findings contribute to the literature related to SEO discount determinants and how financial analysts affect capital markets.
       
  • Risk disclosure in annual reports and corporate investment efficiency
    • Abstract: Publication date: Available online 7 September 2018Source: International Review of Economics & FinanceAuthor(s): Yanqiong Li, Jie He, Min Xiao We calculate a risk disclosure index (RDI) from annual reports by applying textual analysis and study how it affects investment efficiency in firms. The results show that the higher the frequency of risk disclosure in sections of MD&A is, the higher the corporate investment efficiency will be. In further analysis, we find that the effect of risk disclosure on corporate investment efficiency is more prominent when the tone of MD&A is more positive, when there are more keywords about investment in MD&A and when investors have more demand of information or better ability of information processing. Our results support the convergence argument on risk disclosure, and our findings advance the literature of both risk disclosure and investment efficiency.
       
  • How does customer concentration affect informal financing'
    • Abstract: Publication date: Available online 5 September 2018Source: International Review of Economics & FinanceAuthor(s): Xuan Peng, XiongYuan Wang, Lina Yan We examine how customer concentration of a firm affects the amount of informal financing (trade credit) granted by the firm. Using a sample of Chinese public firms from 2007 to 2013, we document that customer concentration and informal financing are positively correlated. The findings are robust to alternative measures of customer concentration and informal financing and account for selection bias. We further report evidence that the impact of customer concentration on informal financing is less pronounced when the firm has high corporate risk. In contrast, when a firm has high financial leverage or receives a large amount of informal financing from its suppliers, the impact of customer concentration on informal financing granted is stronger. Our findings advance the informal financing literature by providing direct evidence on the impact of customer concentration.
       
  • The anchoring effect of underwriters' proposed price ranges on
           institutional investors' bid prices in IPO auctions: Evidence from China
    • Abstract: Publication date: Available online 5 September 2018Source: International Review of Economics & FinanceAuthor(s): Shenghao Gao, Feng Cao, Robert (Chi-Wing) Fok We examine the anchoring effect of underwriters' proposed price ranges on institutional investors' bid prices during IPO auctions. We find that the distribution of investor bid prices exhibits sharp spikes around both endpoints (the reference points) of underwriters' proposed price ranges and that investor bid prices increase with the disparity between the reference points and the expected IPO offer price. Our findings are robust to a battery of checks. In addition, the final IPO offer price is positively and the aftermarket performance is negatively associated with the disparity, respectively. Our findings suggest that institutional investors anchor on underwriters' proposed price ranges when bidding in IPO auctions and this anchoring effect has wealth effect on IPO pricing.
       
  • Do political connections enhance or impede corporate innovation'
    • Abstract: Publication date: Available online 5 September 2018Source: International Review of Economics & FinanceAuthor(s): Zhong-qin Su, Zuoping Xiao, Lin Yu We establish a comprehensive political connection index based on manually collected personal profiles of top firm managers or board members to examine the contribution of political connections to corporate innovation and the channels of this relation. Our results indicate that politically connected firms tend to have more innovation than non-connected firms, and government subsidies mediate this relation. Moreover, the innovation-enhancing value of political connections is especially important for firms that receive less government support, such as non-SOEs and low-tech companies.
       
  • The impact of analyst coverage on partial acquisitions: Evidence from M&A
           premium and firm performance in China
    • Abstract: Publication date: Available online 10 August 2018Source: International Review of Economics & FinanceAuthor(s): Ying Li, Miao Lu, Y. Ling Lo In this paper, we examine how analyst coverage affects mergers and acquisitions in China. By using partial acquisitions in our study, we are able to directly examine the post-acquisition performance of the targets. Our results are robust and consistent with our hypotheses. Analyst coverage can effectively reduce information asymmetry. As a result, targets with high analyst coverage experience more immediate and accurate price correction in the short run, as indicated in the acquisition premium. In the long run, targets with high analyst coverage outperform targets with low analyst coverage up to two years post acquisition, based on EPS. Our results indicate analyst coverage can effectively (1) speed up price discovery by bringing targets' stock prices closer to their equilibria, (2) promote market efficiency by reducing information asymmetry, (3) help acquirers make better asset allocation and investment decisions in the acquisition market by reducing information asymmetry, and (4) support targets' long-term performance by providing them with better access to external resources.
       
  • Motives for corporate philanthropy propensity: Does short selling
           matter'
    • Abstract: Publication date: Available online 29 July 2018Source: International Review of Economics & FinanceAuthor(s): Deshuai Hou, Qingbin Meng, Kai Zhang, Kam C. Chan We examine the impact of short selling on a firm's CP propensity in a sample of Chinese firms. Drawing from the strategic view of CP literature, we postulate that when a firm faces weaknesses, it has incentive to use CP to divert public attention. Our results, as expected, suggest that when there is a surge in short selling, a firm is more likely to make CP in a given year. The findings are robust to endogeneity concerns and different measure of CP propensity. Sub-sample analyses use corporate transparency, operating results, corporate governance, and prior security violation suggest that when a firm is less transparent, having poor operating performance, an ineffective corporate governance, and anticipated future security violation, it is more likely to using CP to divert the public attention.
       
  • Does quasi-mandatory dividend rule restrain overinvestment'
    • Abstract: Publication date: Available online 7 July 2018Source: International Review of Economics & FinanceAuthor(s): Xiaoquan Wei, Chunfei Wang, Yunnan Guo We study the impact of a quasi-mandatory dividend rule on restraining corporate overinvestment in China. In 2008, the Chinese government adopted a regulation mandating that publicly listed firms pay out a minimum of 30% of their average earnings over the preceding 3 years as cash dividends before the firms can apply for SEOs. The 30% Rule in China is unique in the sense that it applies only to firms applying for SEOs. Our findings suggest that firms paying small dividends (but not meeting the 30% Rule) better restrain their overinvestment after the 30% Rule than the control firms. The 30% Rule, while meant to encourage firms to pay more dividends, pushes small-dividend firms to improve their investment efficiency by lowering the extent of overinvestment. For firms paying no dividends, we find that, after implementation of the 30% Rule, their overinvestment increases. Finally, we document that the impact of the 30% Rule on restraining overinvestment among small-dividend firms is attenuated if they have bad agency problems. Our findings offer policy implications for other emerging markets considering adopting mandatory dividend regulations.
       
  • Stress test impact and bank risk profile: Evidence from macro stress
           testing in Europe
    • Abstract: Publication date: Available online 11 April 2018Source: International Review of Economics & FinanceAuthor(s): Nicolás Gambetta, María Antonia García-Benau, Ana Zorio-Grima This study investigates the risk profile of banks that get a significant capital level reduction in the EU-wide stress test exercises. Using the CAMELS multifaceted risk approach, we look into the connection between the bank risk factors and the macro stress testing impact on capital. The results show that financial institutions that are inefficient or complex, with low profitability levels and small loan portfolio, receive highly negative results in the stress tests. As this risk profile is not consistent over time, the results support the stress tests disciplinary role, suggesting risk management strategy adjustment through consideration of prior stress test outcomes.
       
  • Legal systems and the financing of working capital
    • Abstract: Publication date: Available online 9 February 2018Source: International Review of Economics & FinanceAuthor(s): Michael Troilo, Brian R. Walkup, Masato Abe, Seulki Lee This study builds on the existing law and finance literature by analyzing the impact of legal systems on both the level and the sourcing of working capital. We find that stronger rule of law results in lower levels of working capital, less sourcing from retained earnings, and more sourcing from banks. Firms in common-law regimes have lower levels of working capital and finance it from banks, while firms from civil-law environments rely on retained earnings and other financial institutions for sourcing. The impact of legal origin on both the level and the sourcing of working capital is mixed.
       
  • Stability in mutual fund performance rankings: A new proposal
    • Abstract: Publication date: Available online 31 January 2018Source: International Review of Economics & FinanceAuthor(s): Pilar Grau-Carles, Luis Miguel Doncel, Jorge Sainz Market investors use financial performance measures to determine, often ex post, fund managers' investment ability and identify the fund managers who are best suited to managing their investments. The Sharpe ratio is the principal financial performance measure, although it has certain weaknesses. To correct for the Sharpe ratio's shortcomings, researchers and practitioners have developed alternative measures. This study investigated the most widely used performance measures. Their results were evaluated by ranking different investments. The analysis showed that the choice of measure affects the ranking of investments. The paper presents a new method that provides a stable ranking based on the notion of stability selection. This method was applied to daily prices of UK investment funds. The method enables identification of the top stable funds. The final ranking can help investors evaluate fund managers' ability using a combination of performance measures.In this research, measures are divided in five typologies: the Sharpe-like relative risk-adjusted ratios, among which would be the Sharpe ratio, the adjusted Sharpe ratio and double Sharpe ratio; those based on Value-at-Risk; those based on linear regression, such as Treynor ratio and Jensen alpha; those based on partial moments such as Omega, Sortino and Kappa ratios; and finally those based on drawdown, such as Kalmar, Sterling and Burke ratios.The aim of this work is ascertain that the choice of a particular measure has an impact on ranking of alternative investments and at the same time it evaluates the stability of the rankings of funds obtained from them. Using daily prices of British Investment Funds we show that the ranking obtained from the different measures are different, even if the measure belongs to the same typology. The disagreement between the rankings is greater when there are major differences in the higher moments of the distribution of returns. Finally, we suggest a new ranking method that tries to maximize stability, based on the well-known methods such as mean, median, t-test or rank-sum test and combining it with a bootstrapping technique.The novelty of the results lies in two aspects, firstly, it offers a new vision for the estimation of the stability and secondly, and certainly more useful for investors, the method is able to offer a final ranking that orders the elements according to their stability. This final ranking will be useful for investors when assessing their inversions while it will facilitate the evaluation of the fund managers’ ability with a methodology that, using the combination of different performance measures, allows a single ranking based on stability.
       
  • A fuzzy-set analysis of conditions influencing mutual fund performance
    • Abstract: Publication date: Available online 31 January 2018Source: International Review of Economics & FinanceAuthor(s): J. Edward Graham, Carlos Lassala, Belén Ribeiro-Navarrete This paper presents an application of fuzzy-set qualitative comparative analysis (fsQCA) to frame the conditions that lead to over- or under-performance of mutual funds. Building upon a considerable library of research on fund returns, the study uses fsQCA to affirm and extend earlier discoveries. Considered here is fund performance relative to Morningstar ratings, features of the funds themselves, as well as characteristics of the fund managers. Results suggest that positive Morningstar and analyst ratings are necessary conditions, on average, for funds to generate value according to the Jensen's alpha ratio. Just over seven percent of the cases imply that funds have attractive Sharpe ratios and higher returns when the funds have lower management fees and lower ongoing fees. Likewise, larger funds with better Morningstar ratings are associated with improved Sharpe ratios and better returns, often where the fund manager has not been managing the fund for a long period.
       
  • News and Return Volatility of Chinese Bank Stocks
    • Abstract: Publication date: Available online 10 December 2018Source: International Review of Economics & FinanceAuthor(s): Kin-Yip Ho, Yanlin Shi, Zhaoyong Zhang Using the comprehensive RavenPack Dow Jones News Analytics (DJNA) database that captures firm-specific news releases and their sentiment scores at high frequencies, we examine the contemporaneous correlation as well as the lead-lag relation between news and return volatility of major commercial banks listed on the Chinese stock market. Contrary to the Sequential Information Arrival Hypothesis (SIAH), most of the Chinese bank stocks do not exhibit significant lead-lag relations between news and volatility. However, there is substantial evidence that news is strongly correlated with return volatility in all the stocks, consistent with the Mixture of Distributions Hypothesis (MDH). Further analysis based on news sentiment scores suggests that positive news arrivals influence return volatility more strongly, compared with negative news. In addition, there is some evidence indicating that news arrivals contribute to the persistence in return volatility.
       
  • An alternative explanation for high saving in China: Rising inequality
    • Abstract: Publication date: Available online 10 December 2018Source: International Review of Economics & FinanceAuthor(s): Xinhua Gu, Pui Sun Tam, Guoqiang Li, Qingbin Zhao This paper examines potential factors contributing to China’s originally high and subsequently rising rate of aggregate saving prior to the global financial crisis. We find strong evidence that the high and rising level of income inequality in China is a significant mover of its savings glut. Behavioral inertia, income growth, industrial structure, and policy orientation (fiscal receipts and real interest rates) are also found to be responsible for high saving that, however, is somewhat alleviated by rising old dependency under population ageing. The policy implication of our findings is that a corrective redistribution of income in favor of the working class is urgently needed for China to boost consumption spending, make economic growth rely less on investment or trade, and help mitigate worsening global imbalances.
       
  • What role does the investor-paid rating agency play in China'
           Competitor or information provider
    • Abstract: Publication date: Available online 24 November 2018Source: International Review of Economics & FinanceAuthor(s): Yu-Li Huang, Chung-Hua Shen This paper investigates whether an investor-paid rating agency plays the role of a competitor or an information provider in China. We find that the incumbent issuer-paid rating agencies regard the investor-paid rating agency, the China Bond Rating Company, Ltd. (CBRC), as a competitor. They are more likely to downgrade or less likely to upgrade ratings when the CBRC also covers the issuer. Further, the information quality of the ratings improves for the issuers that CBRC also covers. We also find that the investor-paid agency plays the role of an information provider. CBRC's rating grades and their difference with issuer-paid rating agencies can explain bond yield spreads. We further find that the effects of the improvement in the quality of the information behind the ratings are consistent for CBRC's solicited and unsolicited ratings.
       
  • Do insiders share pledging affect executive pay-for-performance
           sensitivity'
    • Abstract: Publication date: Available online 29 October 2018Source: International Review of Economics & FinanceAuthor(s): Caiyue Ouyang, Jiacai Xiong, Lyu Fan We examine the impact of insider share pledging (ISP) on executive pay-for-performance sensitivity. Using Chinese data, we find that ISP leads to a decrease in executive pay-for-performance sensitivity. The results on the additional analyses show that when firms facing high ownership change risk (non-state-owned firms, located in high marketization region, or when stock price crash risk is high), the adverse impact of ISP on executive pay-for-performance sensitivity magnifies. In contrast, when a firm has good internal and external corporate governance (high institutional ownership, good internal control system, auditor with industry specific knowledge, or more analyst following), the adverse impact of ISP on executive pay-for-performance sensitivity alleviates.
       
 
 
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