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: '92d703e0ade3a5e3',cH: 'gmx7F3.yHbnhsqI_kJspELXMlo3LVlijSH_VnAmCCZ0-1744170362-1.2.1.1-Gk_gSUfFTge4ZXMDAagGJDsOjkRr_DJ3K5pB3aF4a1qw8_I73NSIJ_3fluR60J_Z',cUPMDTk: "\/sol3\/papers.cfm?abstract_id=2603693&__cf_chl_tk=lR9QUopGlibz8TJiqBKyNASpBThUo_AF5EXWTDNQvMg-1744170362-1.0.1.1-sm03g0KK3ieED0IDhipRRMpkIYWYiZEVzGqLQ5G1bhQ",cFPWv: 'g',cITimeS: '1744170362',cTTimeMs: '1000',cMTimeMs: '390000',cTplC: 0,cTplV: 5,cTplB: 'cf',cK: "unsupported_browser_beacon",fa: "\/sol3\/papers.cfm?abstract_id=2603693&__cf_chl_f_tk=lR9QUopGlibz8TJiqBKyNASpBThUo_AF5EXWTDNQvMg-1744170362-1.0.1.1-sm03g0KK3ieED0IDhipRRMpkIYWYiZEVzGqLQ5G1bhQ",md: "2zgrWsxUXBJVHzZrWm89bE2b9ha_9wHSuglq28osMyk-1744170362-1.2.1.1-dvfV.x3UePccmB0wOZQCT2cBISQK6_pPTRde6yRRGXCBLZdKMHZ8baP8Vs1eX8dWOLMmbaMVt8WNXCOIC9XseADS9k9r6fta6szTXNBp7DzsSrRR44NR5S7gOLOIK_JKXEO5ThC2CQ9vOMr4GUpOpNc6Ecgq9BRP7v2.REJXy3hoQ7TUW.NtY.hfbC6i_RhaZM9wC3LD3XaE1C8YNBOnbp7u0Wbiy8xjbLLLRVRjImaG_eRaSL6lyl1wElc_Cb7phzoMDEpI8MJY8011Gl2EMmMN2KKnl1g9cFGnRyS461_JWxuQVvelSzM9RXnotaU6XpxvKr0h.ak.y1py9Zu2YFD_XHXdpp1Es9WcEXsvMaUC5BrmbBxJxVxZyotK8Lr.eyNH3Kefgxn8xjVGgTscWfhf9pC8CLREkgH0uNdxzDr8_vyhK4DMxymaCGUxOlQJrT25YTL3ZwPZ5TCd5hk.3KkPYwknK1wre1cDEDgZfDyKZSOLw53ty9wvRO2fsBGM0VqE6D3Y3.hPOxRno1Zkc2lrFiwNByWRdNptS.SBrJGL6vjVRX544bejtZ5JtJmDsMslQNjzI662vnz_xYLXffSdUBBaJinlfp9qorn75V.hMOIZvcbLzs1asJ1ybB5tzhwVSUa4PYO1za2JZI6HIOr3Bx58_VmdBmHD7TyizakjUNYz5xbkswg8Uiid5i5NpqUoGlgL2ka54l9yRMiyGNfZ9t.zFwzK0ISdBrEeUfnu190cvFL.OW8rcSNDt1aqRIzzEBMI.MTWyPp85sS.Hs71imr1agH5p.1br.7kjl4iBQOpUlSyy4PL1h2rWLeiotKRPClsGwDmi94tEBm8ErWg1lHsNsP0eThHCH2oOQsB6prsy_Wp5TmfI3cddMvIIs7mh.PXRM2qQosEi7yjmf.OpgMofzGM9T7XCVFHt4oKp9yNOQ1T.VP6HrXWHDRrQNfQvJ8r.EKCu.t0iFB6nyEAvVAM7tsgpSLgQEepyYcLQEwb3ll2aN0z8wWthL097BqH9RwdQ_arELJztinihRv2P4zieeVTD6qQZeCniOhCmrzn9_VkQRQu6mCnPKfin8pqwh6cyHv48jxtpNQHXk6Lt.YrrQXqXfqF_VsIyD_CnaS6vX.mq97GSfrjbjUm1DIKA5JmcFhbJnfzu4J_ZuQgU3Jbn89164vV5CRGyMdRN0KuEvPkfP2pgVq5s0frOeOefpR1UpTXFXpurnZ5e.G6s9l78O5PJRRRnMNTPIlkTkwJUFAR.y67BXha0jOPz9aEIjPmkTf6m7lR9LZ9PulZLgJOlDHHMBwFZn8z1KM",mdrd: "hwqikM1rDK_M8Uuus.YCTmC3QWV4G62cHPlp2g7tZG4-1744170362-1.2.1.1-rST5HmDOetJg2gSQFUBezkveaeqxs93FPaIcGJGr9Gv83egHgUpAaD_3__6h5PZ.6anJ_m_Zskz8DWW3obv4olQBNuZHGH8byX1gsLj1Slq8Oe705_jlzaBF5Z9TkpoIVCcsDLZn6loJ24Z9AKcTCPSl0NU96m7dlIO9QrDOZSK_TJ6qreZp6mvWZo_SZUTfner6Zqv2bGF3nH6bKFmU0DdoL3RHZUl906_Gccp3_kP5daNlxEqVKDsjE1sDV.PD6j.mtvzp0CVI6lr8g1fHpeHgXUjk7ZcbRDt3xff.xZYBesWKE0Nghmirq_ROyJT28uD9mj9F26hiC.4PDWrOnsaI4f2kD86sGCCqpnnp9Q9mg2tqoWuT6Qa4dwqam0Qao0O_OM.eF3Qk7nUKBkhNnvIZ.U9Yalz.7Mu.bAvRSAbLYNau7OZWnhjV8sGmEpLu_JBABF4vbMHpHfQMVwWXckXY4ainWZzFrKm3RXup.m6uuqRgaaz1bUppD7OkOYDKwVUpTi.8d3PZ12Nebxgp4GARpZkpRchppWt2e1DqBhj8kvz6AVOd3tQD1KLqdNk7zPwRE2tf3HrVcmUErKKz_CylFBotPOiV77sPY0M2cNNvKmQZseauA0UTW3FONKUTdo8KRmTaqb7UmQgxidcwBNu8pRBhkoxPGBaqjk9_IFt5gdTA1REAO1dv6kY4EcNo3hS6P_MoiV7MP.EG8jsKTAUWQ6jc3AEplGaoePCjfFM0dyn2XOMyToxlOa7Pro8GVNHSji1xB_bCkp1mQZYRSBsXjdiPMCE7GaA0Q1wd74Qaa9I81i8.J0vPyBIgmOD26TvPu7dtBcZDizEBcZy124KcZppRCVAAT8L23KA9WTVKFs2XQgWxKGi3CiZXImA3yPIh0UqLzMor6QZNhNr1JIqi7TH_mc4y_58Y7wM2H0lnSFV7XiNMdt604543eC1CKpjdmJLkLxZt_bsG5GLSv9yU4mVhrcPQX7OBAfJ7L3uUsFayaI97xkBdYtTjVAc3RuMWU55OCMRWBCtfpsATzybb5OTXmCapZ.23tY8vzVTHIskjGhatv46TedrIpiD31rEEiYCbyrf45o93oJiQgd77iTt3vrzdu4YdEDIwpYOj1yRX8sa81kSKgUVtXN.6qRyTGtfNH56w30pRQjSrtwebmIDPPHfkqWT_Wa0dVMORyeQ73UmkNg28B86xoCqWqzS6d6NTgVMHTNcPxSseb3wbEwfz1vNnMqpRSoyYyqEoDL556M_dM5jgoTEr1kX4z57SFnGQn3L9cjRIBlU9djD9iwn.omXKABUXbhXhV10keuYYB2kAiCJsBl3xnX_ZmcjznervubEYEeFoIw4J4fzbb8ulMLLrIf1HoE2jlQA4BJrcroslrc6AWyE96E4PP7tWkwjoDscLjxlugkk8OxakCyV0CT9iE9pG818g4PY0_YfNWGAWmet1wmrMlQPk6uT0lshubiOjNCmeBWlH2TXgzBukc6FgFSgmiwaOJCEz2mnNkMRHx75OAlm6UIlhv_AZ9_.kQCr1_A3EmPs0U0DUzsR3rCceFGoahDaGe_lA52itIEIwhZh9LS9k2mqrxayDotmEqilklyrBidMU3gPrvLCdGNQYoMGO4E9KAGdx_a3CwYfkqyNbXys6c.xBB8kL0APGEDLY.xY4Ose80.MshHRBWEV3zYcr2e54AhJIIjE5HWnDY4lh4KrNCHFIBf_4JWhb_3y6xIqz6bO9z8kxwZlAqj2qOH6JcBP40qTT4eUDbzJXVncJc.GkbXBPmo0a1RtT9WN8j8SR5TN79lWavEgRnb30O9pPll42eNTV0fS3bOc7QMw_g91J5RMRL1En2nCEgP5Bz3rHClvls9wLypGP5aX3AzY_T9_3n6nCnB7M3pgtI.aINmk_0Wff2u9aH_Ha27RBeAO7zprmcoWQ0CA0l9acuUU3q1fwyGjADarCYRquhT88artPKfbH8463CjrZyaOWH_cmRAvZOT4fFf2VZuB0PyRMm7DkEl8KT1zQilr3BHKMGyvA.hxJOKzxENMj1P5kkrkHAJBdkg"};var cpo = document.createElement('script');cpo.src = '/cdn-cgi/challenge-platform/h/g/orchestrate/chl_page/v1?ray=92d703e0ade3a5e3';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\/papers.cfm?abstract_id=2603693&__cf_chl_rt_tk=lR9QUopGlibz8TJiqBKyNASpBThUo_AF5EXWTDNQvMg-1744170362-1.0.1.1-sm03g0KK3ieED0IDhipRRMpkIYWYiZEVzGqLQ5G1bhQ" + window._cf_chl_opt.cOgUHash);cpo.onload = function() {history.replaceState(null, null, ogU);}}document.getElementsByTagName('head')[0].appendChild(cpo);}());</script></body></html>