CINXE.COM

<!DOCTYPE html><html lang="en-US"><head><title>Just a moment...</title><meta http-equiv="Content-Type" content="text/html; charset=UTF-8"><meta http-equiv="X-UA-Compatible" content="IE=Edge"><meta name="robots" content="noindex,nofollow"><meta name="viewport" content="width=device-width,initial-scale=1"><style>*{box-sizing:border-box;margin:0;padding:0}html{line-height:1.15;-webkit-text-size-adjust:100%;color:#313131;font-family:system-ui,-apple-system,BlinkMacSystemFont,Segoe UI,Roboto,Helvetica Neue,Arial,Noto Sans,sans-serif,Apple Color Emoji,Segoe UI Emoji,Segoe UI Symbol,Noto Color Emoji}body{display:flex;flex-direction:column;height:100vh;min-height:100vh}.main-content{margin:8rem auto;max-width:60rem;padding-left:1.5rem}@media (width <= 720px){.main-content{margin-top:4rem}}.h2{font-size:1.5rem;font-weight:500;line-height:2.25rem}@media (width <= 720px){.h2{font-size:1.25rem;line-height:1.5rem}}#challenge-error-text{background-image:url(data:image/svg+xml;base64,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);background-repeat:no-repeat;background-size:contain;padding-left:34px}@media (prefers-color-scheme:dark){body{background-color:#222;color:#d9d9d9}}</style><meta http-equiv="refresh" content="390"></head><body class="no-js"><div class="main-wrapper" role="main"><div class="main-content"><noscript><div class="h2"><span id="challenge-error-text">Enable JavaScript and cookies to continue</span></div></noscript></div></div><script>(function(){window._cf_chl_opt={cvId: '3',cZone: "papers.ssrn.com",cType: 'managed',cRay: '8e9d776f7b9c9fe3',cH: 'Q5PqkV8dOo5fj4oQWIiSRvegF5b4S22T1sCiV6WNLMQ-1732829503-1.2.1.1-n0HyAwdWKCNKLqSi1qd2INOrynAgs380NOz5gCnPlXiRdWpYd7O5irHL8JuHusFL',cUPMDTk: "\/sol3\/JELJOUR_Results.cfm?form_name=journalbrowse&journal_id=3276925&__cf_chl_tk=z9nIe3imm.2KPKDyQk73Q4.58g54rG6zcBsjwSSwtXM-1732829503-1.0.1.1-mO3FsPXC1XsmFysURKlvOmoz.b8EHLd1sJToYYYumLc",cFPWv: 'b',cITimeS: '1732829503',cTTimeMs: '1000',cMTimeMs: '390000',cTplC: 0,cTplV: 5,cTplB: 'cf',cK: "",fa: "\/sol3\/JELJOUR_Results.cfm?form_name=journalbrowse&journal_id=3276925&__cf_chl_f_tk=z9nIe3imm.2KPKDyQk73Q4.58g54rG6zcBsjwSSwtXM-1732829503-1.0.1.1-mO3FsPXC1XsmFysURKlvOmoz.b8EHLd1sJToYYYumLc",md: "aXSHqPGbToBjx8YBLcR1phg6hWBEtWDT2KGVUGA5aaU-1732829503-1.2.1.1-_vlNwz5O501tG9kNdpHTWEF3_VPj5o0eSEGY0B1w3hzu1K6NYMPykEiXRbqjBnwbG_I4yMo66wHYgWhlIlgjMtr4kdOPHFHYIj3SrxYRZ9lwov.sg0InMCQBod.wVQlRQoIRIZShTWfcpdRgXQznQEYJF98YBdt8QwSAsufnUmp_G4bFpr5elV6KvsfTcNQfOssoMhnOrTvYYSpEoUvfsfFjUAnL9TOOWwh7zvLRpRwdAntWSrSBJBPyA5DCeAbb0IHqZBHODNpFlAu3MnqhN26ooIZhq0cSYnI7rnfXgjm7DDLtWzyfRFF23nWyR1UDftlj8LheOzHQnHRI_bdn4bq4oeYexwY6UkxkETP9RO0XC.hMH21GlpIRE2G9YBOFk5.tn93EZQCI7G.M_xnIhhdOzw66fxVrC0cuC3TbO8ZvitVno.wJNbjkNRw2sn_TAkmtHEwNMQYd1ZBBbPAIEoKi6QkHvS_mx.N7cAPwzl9Jfk5dileFT2UE5.rDuLUjBduaz460cF5poOl.zVM69HR0LPe0lA_U9yvKrsm0nazTvae6g0qtIDry5DrpNWlxJ6wOH4YMu8bZ3RVWec5cKpQCAqLHaXGzurFPn2bLjXcYp2eMrq7TODuwdUsPt7zngYmrxY.FFVF4dbFJnLhTxR9w6yPb_dFK1Z.GYSUBqdVwmDfCBNrFHjQorsWG7pLeEgry2XmGW8XmpUGQxjFm35O42CNfhry0B9OZieQQ7zb9pXbKDI0vALAV2OMSdhd23pzHkTvaYcL4tS_GgNEJbtS0QvyHJRSrQ9G16VORw1viyrEmXtL3kpY_1yB5jU9xd_C2vE3l5va7oF9as8SgRN7njwdcEbwfe6xeBlq7YBC0AX03VhrQ604vVjVBXPRu0qAy3Mf2pPFoX8e7DQutUCjr.Drrz9mjCcXygNwJMHwvYkr8ZVpPR2GC66LIwj_JGgcUOJvZ0VcKk7pqvVTiVkb1KI8vKxULnbKsyH_QGH_zgloPkZTGrDg7eVAO7pteNrXLqWf4sezTYBKa7qZ5x153xDEi1DxdMYJIUDUJ0kKqx_EFihcJJmuFT94_9BjI83rIUKHXVMjC3Z6difu.0qgIJNai2VbO40.YiiDOBcVjqNmfiVON10MO7mfK8OUDVoVDb_PwOQtjvwYDcGpFBW5QppmL5T2j4KuPROBiNOjdakRDZDCc6EFHPV1PEqPqHHrEgo8mAfQM8DMGgx6uvl5yTljEFovNk5J.rmK.e0XDd0S8EMLxKo1o6PdyV8BcKvTcKmw.fs6cuKBTXdKUVDM86zN7IAGp1od0a8qHIa_bqx1XsJRB6sjxD2y24T9_yf.FSgj7xaquXJWdzWuxwR7cLPL3cHKz7VPlEtbqBBeqOrhrm1rwNzbPyDAPsW5u4q4vl7Ji6n3B9PC9Sd0syrn6D5fHSRXFakyumGQHh7jkKbZGl0AcLMP9910U4nzlgEZlFYHrRv5r.UsBjTf3O3qp3Ypi0t7_Shwl0PGY3pMz73HGP05yqiVmXL.8Ew4deIvnOaVPWAFrj__.6Z3sC9b6dhPQK7_9Kc3buj1pHb0PGcxDoGEIAm8jPBQ9hiTcQDElbygScJbCkqNe7DJoT3TvYOBbJ5HjUBA2MK.V29buGoqMVWDDZR.BFreuFSeRQTEez59zPif0nM1Q2q5SzQHf1TE4EkpqmZYIm5TT6QbV9v0r7yinAQMyoRQd8gMe0J1Fq85v6RLA9i.w0dvJC74KNrec4ltgaayvySHsm3tSQtAToyKrSTw5ln3mXmmt3JT44A0tR_FmIyW8yqkmB7BIF0Bky07Xpr5B3v3IrivzwNlN2nY_h3JNFJn9tD_fsTyWQJicBkvTnoO27ICBWY680hEz9zGq35Jg6yuGFU3t3Y8dBkEdgMtAIhfGx1AuO5rgXKp7Wrw8civcWOwD0Ny0QYvMAwJWEODuYVLvH92b7FDIcAzA48Fj14f_t_za2DEIep3OfXvR1d8UG4rqndG.VLD0_mL5BtEpAkNhWeDIDpx752q3PY5UA_nsWMjILWmPHM3IbtHby9NAHPMx6GK2zTwV07tzLbUx3GKkqCexC4n8Ycplk6KHvtYzWUYM8YWMhEaVV_1YRaXfuWj9mablPqZMEowPpfPTvxG6TWMNSr9WtVOCstK9sHk60pfBm8hNDLYx5X9rwYaJ3TuUml0ISZ4tJy6dCAHf73YuY20YH7gw.jZRScXZZJqtZ2yKaof2dTCFDTA389fWo_Sd.84KKQwztqI0JdR2_YEy5R_c9J5atZGhSHSa7bFlEvfTMN1FLvzW2zgipugPpMdzqgw4R520nJJV5LK1xgfJNeALoha63AlEFqtVi1xyYTGYMAOHxInZlB7nTLuPyH9B8ZiWrr5vMCGgSHnqG4ShkOka0RKk9lcpPEgVWQK2KJcLpEasLgPaNXpUqZ1zEAYQfZGtjTxX5Gum32huJRf9IAmn6SagJaJ.YqSuzGwvBKhqERgCrVBxLkyjkbnqTEcSBM5n5G.48vL0qL4bZC2YhZjeXiXPT0GstJ.6fwwY9PgpibNRmVV0mKqYK3TvcWPNOcGSJlxwDLHmo3K730b13S0FCEjIEs3dUDQWV3EI0REwwo_4k0kDLVWUPyXlHGWqdlmObay1yXjmhT8qZ4aQg6oB2V2nviaICeKkqQnUbGgR_nrxNtXgeAxL_OvaSArlCPkNRXWgPwyWuIn0hhkz_PgzS0ucZe7qkcOrz.rZU86pmAIfP8PjafEGEjDpltZj5gPzgLIEcotxA_taynVEagjR6NN_a_azAR7wSdD69cic5WlACHhmlAMQPL619IvvD8PyWeDoM.yaBIFuJlzjhpcIo0yC.FfqSQmH_IM_6dTfYpGGNl6lMbqHg7GGnYsrTl4mebh6JFZv9dbtqBLZ1PNaz7NMHRJC2lNmXWAPJM4fPts7Pfm79FCMU2.wobHxhSTJdnkdL8a223aFxtqsquzqGzGY4.67j336F9Fhr3uVqQ7l9YlC6S_QfpQ9gjl4GXnwltq0bNopcsGHjNW15Zh.fX3pLDdw.huRWAqyusYA6yTE3rzygmH1yGyZ6MqGQg",mdrd: "Pw3TFXaE3hddOo1ZLO_VPOoLepijQjNY4v5THqmfDgs-1732829503-1.2.1.1-BCCh2C2xfh69PNPrx3ft_tfiBR9l7ULfDpTf_mcXEtmKQrzfb3xLuv_aWLb8Rzpap_VHr88yo_sjxPy1Hpob5W9exXseOQE5Kld1VTRpEZ9hwlytIPiKv3PpzCqcQwZOK6Q4amIYAtG2Dhat5ZFlccJD6Egf9b87Iw40q.ZF11Ro.njn9pRbGtZuePcOE3M.FsotNut1G7r7QK.jpEFXPmEluNGAHg6Yc.TtGgjIQbYaPenJSwjLTtYTd8ZyYyiygcTn.E7Ts2nq9cqTgFXfH7AgRyAjuyE1ajhJx6s4qNIVm5xCOYqmM8sSMWmZUeihvuMB4fyExnM9M7lm4P8i5ejMyCzAgYfbLAj7kgvuRpJ.h0csVoLZ8dIxoiRn60E2PKItvmYLCzvYVt1bdjZ6AaXGWifpp0Fq5RbLH3nz61nfrYWNMOx7Ta_oTaE32Ae0GuPwAv3DHhyM66y6LGR3V_qKFob35hxpzL4MDdTWFaXnYmPjiIOTOzgILvGKuuI8cyuO2QiFsbxRXDCVizl8fJaKcOrFnhwrjsW_CbOr9P8y1E4PNyDIZcyxi8.1cxMH5yrF20xZPm4OqqQR74UvC50WM_dNVixZnAC_ltabe5k26HaMHfT_6YxXLcm.TUvPCPOT5vuw1TjN7xd2DTQnaYWNgE92Dz9lxkxPKJe9L81UACiV_zL31DGmTTxAIsILbT2v0KfNiNehHQ0d.dV.IzX7lPTlfeRC5lyq0.BicHsC5lMv7j0ehUpMOtpPI2gHZ1MmHod.FritUeJ0QENDVmB9BzsjvQtkxdxWpF2yFXJQUpE7SjEg.PSUD8h7dT8AVrZV4vzlp5VDvFgL_q7lEcG1CXwu2xnjdcgV2iBGxJIi8WF1pl.eEAqy23C_wvbWD6CBqYUmWXDU7TaedmHettv7lsOTBYIVTuGXHs208H55DA_A6rvxwgKOojvp494ydOZ0xceu2s_wfZjDr2Gs2T9emKDmmzDJE6sgXTBs.dG.ZlAHkiTl5cPZLorKuzexgydZPABYVAK0uiTPt_3wDEbm9KqbJHWnlfbtLWz3lMwsz7YmQoF52NnICoRM3i25p.81S4MPt52.gqPzw5GbNBzVWnm_5X0TDzDqsCFaFz6vGU8gcMNaM0hdjFoxWolufazpW3fyEHEE_m11HDVZEcjlqCJJuRTchw92QB8Z5Rskmdw3SznTnlw6jVrPl2RYfEaOOt3j3HJTAio9z6dR9.cMtDpomVXpeuGZc2PD34FyjDeT.7RJiHGo0Jd6XdWbTWMkl.wR0_w0AegqFkuDQxfYq4KROJMYqkGXJ7bVplIKZx90aYjMMWJWBuXyGkYhyMxfGfroi2qs4OwaRgwI_33CmzkfCgSum7lT1xmriWS8VU1tY.OeK_zBaPMHtgitFZnt2Nu1oREobOWhRCBwBP0VUpG_uJG_4z9xQ5MIAxPoPitwCcol9xrbThdSbUmBruVznwARDJ5geZ3WinwKLDg_acaHWXFalGBlsBXZbep6Lob3aDNBrmclbByctxBBQ3ykRALkhHUolzB8slfnsUpewKR7TqL9_nON6af05OUMUPrueLev.bN9sUhxVOCXSgu3t23l.K5qtzqvg1geeBNPH4pIxZ_PHY4fpX9xjztpwzCvRQOaZfUsf6PJ.F7XoNi11QpqNMEznQattdJRhvek9gt7RPSaSHNUCLwzuFEHB19fFlesV.z9_yKTpaSWcNzZTQj9_afiCyQszfBrh5giL7gkUJVCAVjF0JdHHhPTroTJxZwvA5JWyEV3wqLdyTCMR8w.G5BqjhS2vDA0DeOztOVh0tU0Hz9bXOvcpPpP4baWT9b0WEA2Qv7lkdgOVtcYq5AQjW_m7lDtu54tALZCG4o9MDnS3S_ynH4QfiSiNHnrFARhhpz5cQnLV0aa1I_nxPANQ5XHQkbbLrEhSnNqOBp9GiB_PHMeFVHjnLvNr_RtrhAUyO8LT9GoBH4a"};var cpo = document.createElement('script');cpo.src = '/cdn-cgi/challenge-platform/h/b/orchestrate/chl_page/v1?ray=8e9d776f7b9c9fe3';window._cf_chl_opt.cOgUHash = location.hash === '' && location.href.indexOf('#') !== -1 ? '#' : location.hash;window._cf_chl_opt.cOgUQuery = location.search === '' && location.href.slice(0, location.href.length - window._cf_chl_opt.cOgUHash.length).indexOf('?') !== -1 ? '?' : location.search;if (window.history && window.history.replaceState) {var ogU = location.pathname + window._cf_chl_opt.cOgUQuery + window._cf_chl_opt.cOgUHash;history.replaceState(null, null, "\/sol3\/JELJOUR_Results.cfm?form_name=journalbrowse&journal_id=3276925&__cf_chl_rt_tk=z9nIe3imm.2KPKDyQk73Q4.58g54rG6zcBsjwSSwtXM-1732829503-1.0.1.1-mO3FsPXC1XsmFysURKlvOmoz.b8EHLd1sJToYYYumLc" + window._cf_chl_opt.cOgUHash);cpo.onload = function() {history.replaceState(null, null, ogU);}}document.getElementsByTagName('head')[0].appendChild(cpo);}());</script></body></html>