CINXE.COM

Just a moment...

<!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: '8e944a043efd9fd1',cH: 'oLMHHmrJNC75.dAWC_jzD6zTvRdk.e97FOT487VDPFA-1732733271-1.2.1.1-DSqOpfHJzoTky3RxUV_3Ao.Ki5gLhyQuQWm9_g7JCtDEwHOjn8k07dixF7BjVLhg',cUPMDTk: "\/sol3\/papers.cfm?abstract_id=3542159&__cf_chl_tk=qIoZu2GtbmalEJlig6oy8VfY8BF3AbwrPdl5Rr_oNVU-1732733271-1.0.1.1-KUCP3ZtQY17nWHoUWMrkMWULemqRlmAZeMzdxy76oi0",cFPWv: 'b',cITimeS: '1732733271',cTTimeMs: '1000',cMTimeMs: '390000',cTplC: 0,cTplV: 5,cTplB: 'cf',cK: "",fa: "\/sol3\/papers.cfm?abstract_id=3542159&__cf_chl_f_tk=qIoZu2GtbmalEJlig6oy8VfY8BF3AbwrPdl5Rr_oNVU-1732733271-1.0.1.1-KUCP3ZtQY17nWHoUWMrkMWULemqRlmAZeMzdxy76oi0",md: "CSX8s0nHrma.Is2zXLWd6jGcIWTSdaozBE0he19vNVE-1732733271-1.2.1.1-53OEQvUald_xHliqzYiF2wUevxVLy.IHviJiMqMVlr0SbmApRscfyx.tDOHd8wXxhgQgm09Ptepb_cmUR1DbzWyMUzfMlkiYmHojH6B2iMUTm_S52yFj1dSawIYRIMbZyIy.IT8DbqdduMnwgHqHHoSQcbK8HGqNoKwAiypE0J7TkIQq62dkiPvHTly5VVEAZ36xUQLwwyW_ooOPiroKJm7jBrAn.3dgjb_msV.V8BBWDHF.2IDmkqYj5R5CPjSSggn7xgRi85LjzwRqMZof9JbyxhDSQarI1JJTS_1_DSh5HKR5hEb_fiDkl1DMo.JWbEyKFEq3eTFVpr1e9_baAW41g.71ANPcQIqzsy0IYNvi.W.jjBGSxMU2p865PacpI..dXOF.ZVl31nMTWnmiJ8SJD8Rt4LOYVfDAtNZFfgBqLjapj_XhPjIpc5eiRc1WI0Fy11OjoEsxbwDixmV6YlZoZsmgTZl54bryBsvWqHa_OvkUYiu.NybZof4yaMXzgmt74giuvgH029bPX1RrysR9vhDz5mERLdBhKRjvW5HN2xh09IrsGF7wonJGrxXcufpajayOoqyQMGbkWydfpP9WqubBDcJCdSTmOBGf8Bj7k7Q.q01WSxKN_ssy34lqbGdHD6kjiKwwQiTgKz26YO700mZrtPu92R8DdcBQRfMpPuhM.GpN0pHheKBzGC3NIahnaL7bjFN1qT7MBB27xR7pduWtFX_qbnNt5PWvPpypy4Ti5dEaQTqb8n6p9Nm0VoOxY8dMySQYXtc3UoQvdeOe5xaYQWWUG2Jra.ZTkx4R3W.nEBBttpHY.SOPbIt9yPe_7vkLq0V2ujHm73Ef_BSaCbXjKPV6yW1SeO4gPhOUW1DjUSS.yq4U7j_MkMzszwr5KF7mLDoZRC6eVogYPGvgLScAqlunKgmnw7FYQLmhR2nL1rErE4e5QtkbF4dkF0vWq57l0Dimz2pFqGjTFovt.AIOs7jVhPil5oPJEn_4W7SOgyvZswTA.4VkqGLWzeg2jhla2Vlr0UM68VIifkAvCjT1_.YWQMWGV7nTx2EmumAyQzpUGZ35Sls89xPs1BTR3u8ovIY9nmbQe9ATgbg0ErNlQIuvT7z2G16XRlpJRfvVSDoNynAR88SYyPvz2BspYDI663SVEkK1nmN2O.v8C_C6GaawiOJHLV..R1n.KT74f8AEaH1aCmfbIbDIQtdK0DdCOE.W1ktUD4lXbuyy_VcVHjJOWX2qZy753xhPJoZwEHcrsS1FdFGvmZpBRO.X2c3dybHO_dIZyYW4w8sR1h6VLJGxgwCVKvUYJt8w38KtBZCFUZK2HFjt.CRlYSVBlfk2MbbNsF__9j74kHVFRZZ.tDB6uV8Z7GEo2RLzi37E8PoPRjC.kAf0sELEb_LYzsEx27I5kivZrqwqr3Lr06UmL25Otxuh94Qdb1Ana7u3hV.NLBpzb.i3i3vEnkfX6T5BXdrZ0.zszyn50LnFIAxD4jhKiAVJttejRsl3XR8OeLFC7K2ADyGhdE8MxsPIS5KjoBZe2b5HK2m0UqTIkPqJ8x0Tjgq_dXdpZ7Y2NFmrc150fz3t4a5URRJb_r7XtB.DGbH7O64LYfYfWOR9HbAuVZpjILL6AKn7vZoPiN6bD3gl86FPwZ.eIfx34SYe1S01ERHcETozVgycPH0bSWjFO1oQy0N1kRdUMqPkiejCmOy_Br4IBRQf.nZAt.GEdQmaVyUo7KMO236fCQL6.NKYV.aN5P.LmNWztZDdwvwxw29Y361IGcZLZrg_Ml7VsVqITmCEtFEyVKIwkoeMo83O0HcUPG.DrpLw5CrkuGESWOeCYxeYHgCR9yXnxO3pClMMI5e7iZzMVFxwi9Qie2dkmTtCv3NQlTQb82c9rNtAHpmbaq84xD0Lz9HGQgR01BKOfaFkaGcvtt6qUcV3vgvO20ZVt9KxiZmYnGiRlalQtU9_hQiIOGfsL4e6uPQIy3rbZoTCHl_sDLLh.k5mGaIm4LQreJUJ9R9Se.RolSchWQ5jXYBVT9YaiG66kxtBjovN7jEJDq0.WLOMpZuf1yOGsCcn8O5GcHb8_WhrHo7Jjcw3PPnpGdZI2kUs6bj6f29rAvrWQIXYQFHXOn_1jHUf05ueYniMZsm0gMxEEfMOXdzip1cgcVHrrkJoRly3bp1mZX67q8HXHGm1i_OfevSn2Qj8q4jT1XyysKvR3.SquoL9zPdNm2wt8MxLmvbcVf2N6kQyQRNUeyDtCSsiUyTeOA1ehATMXpnvPgjib1lU02PQkoaOH00IflG3otRgs9MJFWRnQCPc2mhqAGpyRhfG2otjcgft26aBXDJ4vi2jSszB.BnoI0kJXtYp0YT6opKSNAjpBd0JokTOMvTTwQDjYalTUVgVsKIofM6j3ZyQRHT3LnBRTqLd.QedrNIQxBHDNBThWxKCZt34ZcMOOjDf6doXGpOiuCpCPp.zy.0AMdt2EeBuzmbv2uTs5O7XAG8XX5aLcrnJyZPBLRK89PPsGVR6FRF3uMbF4qQC.IIctH1NGUBrE5TqhMmX5Z7dP42MeqhuvIbzE9_DtxHTDjs1Bki67VUq8.G2VZjpzY71GLhp_dszGzzwx5SNmuYa2JbiQgTxOHD7OYSsDNrUyJpS_K6P.0uoaQJcONnW1sv2T_XytPkWOUYNzCSue2SfdPxg80GjQCNSQr_JcZiqTcAqktwexnnPEfovetYsE_5w3T5641voE2KwRuhoyi3nysXd_i1pzWNnxpNPvh93nzBJ.bxhmDNEViDGU2nchtPC.SYTqEzmln2ruV5j_29WGtYrwFCnd6Dtzul6J6hXfObPGxzoIB6hdNkSjElt7FlyRN.336uA0ebuNPSTQbdVbsEPWpO8caZgTTgyVrO9TL97JnAhnR8Yr_rC04G4wEFxFMaTWMji50GHrG61yUMQ1jwyxmkpS6INc8nokI.IJ2Yr55LvjYrQaPnN45IhBz5wAtdyLJ9.5u.VT4iB",mdrd: "cFSbsekpHTpzNcQT6Yz5Hs7XM_7AgWxuihg3FrflqMU-1732733271-1.2.1.1-Yk6ZkRlxrCfokjg7.9hW3ddGSwmHl0R05XVbrYIGo.rijEZCvWmRVxEQQHoQZx2Zy2TArlfj6TI91BxOBf1LpB2iORrHsBgp5LHVNRCLOiuveRKjWbYJW2rn6O3ut6JFQinQwa7iY25Zzm8t75i0fc7qVSUfYtaKlqN5flxq1iXRoCI3lNgRcZOLy5BKLeZa4lsdGgbHRwrCOQMC8EvRcNK0TKkA1vYfveYbOrL4GXCADqTsZ82UsizzT735jKSkbEbiI_ZDwFIeKNLtizBPLtQGP4mOfkAWl.MqoVY3UeBm5bJoaxVIFg7dVXREKUdKujZgMx401HN4U970sETBvhAoZ92H12N2fTC.ghrmkbRrEBN9IFmeJWjFP_mHfez20sxton_zVsVNP3bFvfGRG22uopyySoTLYU_SsvV5Wq2XFugHRuP7JpOJaxNccw8Hsah6suYlAEtH22QmJ2VAvfeOvv8mrcctZ3kcEv8e7NLJY2_PCrZFKKX7dn5nrFGcUUZ9_hgAfJEwhlmaNHtDfgIYPkkj37oOwa0SfwmgjXHBG1eXjd.O_1K2pyQfLtJF1522j4kOe91P3UaoSkzHNtfUJOIB49hr5HN2Y6mpM199W_t_AEJaVlechRfsWDBOjKroLyy616SKzycV9JtcqfMTB2s7_vlAM0KfVF2wUdURgW3t8PolqAV3Qyb9swuuFP0vfSm7T5l2hePVlBxMFJvCeVDcLkNLjfiMfMHG_Psr8JFgzfrF_KZHGtYB65m.4TGNEnLSb4oZPKE41esRmHDHkfFxzzHGRk2LnTPKztTq8CN047vf.s7J1PFSOx1z0digqaY0g6XR0JtN0O1ljrvcl8G6nVIttV6LeXn300WAArkWeYWgjQcirO0__41cq3gaGCSYnumFgjsFED3InMhO2CKYDOLFPBQ2xCr2n89PTXPs0yrQBE9TZSLieLa5aGW_pb7opyxxVA4ssrzjMTPxYqQmeSyFseffF5mlrAQvBNRhDkaX_X9vzgjfZNzVNfSgLOhS1k1mUAd2nEZ5PF52NjU75fOatHd2N78OAINJ09Xd1v3sggRWHmPPj2fUZUHdYGzlzk81ML5M72GcZTlmczO.wK73_ZLkSIxGyOcdD.edOetFuNVYmIsoxwfEzjngwaCCanBOFglB8mboXhxqa4JSCNgS_hxajDwFfUm1fi9BOmBw.1pENEPigDZmYE5FZATDEySSt7RZl6Yju0A9QF7q2mblToLTO7wMGzB1TmnlBAHcz4DnMvcNe4yMWE1DeUTxBXunUa7viUmEJGXfcuTdQVQHR3QepQMTFDjfU4o3WBGj9QSz_VVVZqnGbx.c1MB3hWRuDUU36vVVWbr3FkF4lrwcE4Vz1fLpWEGOHHaSA6auL8E8d5XgLVQ4KdsUKPEUZH.X3Sh9hrAwB6Sm97tFT7__HCF4.Tuf6fgxOlT9rDUDWx_grTUEYbr.oDO1WhG1GGLlSi5biYmCOR4LH0C7ghtki1Ho0jwcaj09Bmnas3gi3tO0kpQVaqykE_k9MNn6vGuYn9nH7615a1XkCElFkRgnBmPCoCwCrkYkdYpyxGONNJgEPDiYQsO0UYOwO5KFbnafu6J1k7tY3.Fsk6Njd081Pctwxwnksr2iwzvLrj5VJaRK2KFHBeQOHZReQZooyVVoZsId0yLiBkJRfpUBbJcRwcB2hReDVeISOlO0Z98J2Uv.RbmmQyf.Wwweb2vtPYxMZGrXpZzaed3ynhIf43zQpwlX5ap0L_k"};var cpo = document.createElement('script');cpo.src = '/cdn-cgi/challenge-platform/h/b/orchestrate/chl_page/v1?ray=8e944a043efd9fd1';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=3542159&__cf_chl_rt_tk=qIoZu2GtbmalEJlig6oy8VfY8BF3AbwrPdl5Rr_oNVU-1732733271-1.0.1.1-KUCP3ZtQY17nWHoUWMrkMWULemqRlmAZeMzdxy76oi0" + window._cf_chl_opt.cOgUHash);cpo.onload = function() {history.replaceState(null, null, ogU);}}document.getElementsByTagName('head')[0].appendChild(cpo);}());</script></body></html>