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: '92bfbaf2b96c3e61',cH: 'PH7mjJV7lOWGVaAW44teds1710xWKCaHTvzq0WXRP2c-1743926203-1.2.1.1-wXRbGNc8OTpnIB4VMwYYCaN3YCF3Qn4254nWqYMh3mDq9PBc2AKVOQazj3xYDRYV',cUPMDTk: "\/sol3\/papers.cfm?abstract_id=2161601&__cf_chl_tk=vRk5bRKRCfGvQ8YlXLk_uAnFYJR54I4PhJwlx6L_6fA-1743926203-1.0.1.1-Sacn89IscMhHAy5gkQ9VMTXPHjw1IPueAJaoOzCP2Jk",cFPWv: 'g',cITimeS: '1743926203',cTTimeMs: '1000',cMTimeMs: '390000',cTplC: 0,cTplV: 5,cTplB: 'cf',cK: "",fa: "\/sol3\/papers.cfm?abstract_id=2161601&__cf_chl_f_tk=vRk5bRKRCfGvQ8YlXLk_uAnFYJR54I4PhJwlx6L_6fA-1743926203-1.0.1.1-Sacn89IscMhHAy5gkQ9VMTXPHjw1IPueAJaoOzCP2Jk",md: "l_gTsiiS5JayyQx2wGcR806Q6F56SBHpuwnhQ_42hoU-1743926203-1.2.1.1-jLo6x8JlyWPBfscJM85enkToL4hWqM7XwHCq3lqvFIlxk.wl8nU.9T9lFbx0_v7dwrt4SmKJqGeTRCvlnErkUN7Fi6a1P_BMu2ziRW4QnIYL69_XDmU0mNsIbbi60LHRzuIUO80FDFyVe1npB8mj25QjMbVOykHtD8VXUlrYbBvSW9_A.n_B2x0QZIbT6DfMrldtZ.7ft0FIehwdM5KZWHZpLg0D8t4epVU3pGLbuExf.XcpDQMGT8.PR4eUVe9wANKfouzSpwew1N5wQkbJt4wcvYmnVvbS6kKCb9roa.aJ13Kb5wXso9ykEPlPYoTUVcmfdbO.YRbJ3EmL2Sa3ML7eMfN.WSda0CNBaOmP98g_DwGDk7bmlMz_HgbHnttdVeD4NLFI_sdNQ0IcayaD2X7NNIDIg.9gkC9cEZOm6xtXKbiwIH6p72gyza_SM0xxVuQgghG3FQJFfaZQH8vcdRWGQ7wnVcSKCDT3oNVReuSbeejuBSkVxcmsQNAAhMtJYejBukVxuP9cNDO3Tu8N.u33JUtF8NkOZx_n1JSsmeyUIC5ersMSCYRY_RAN.veMvss.YO2u3KKIWB66BpHKjhrvqzxrYjGELaO1svzaq_UxsqmxOQhoR0QhPmeCi62mPI3iyMaUn6vbPVqEPjCsbe1bfkNcxaZs7Vimi4r4h2tTstYooBf6j.jIsvqm_Q4M5THUIxWLU8mdrl71sArMcZL2EOc5rR5p5WnFSOZlhq.Xu58mIGSh5tkKwZLzZyN7_gr.am942aAX36njzlcU4GjblZVDu1O0hYx7JYUTAt12kmaSuH7kCLxsRgGE3balU_ERg8SehmiceSGoNYyqJRzyVsDH.qzNXx04xLNjY8IRVH3OuqybKlfu8sxuBfybE2YtMeJthy1F8ZDG1guG3mLwz38aRwDUUXao4cxBpPVGB7jjMLILnP_8PgxBooY33XZqywf8G5QBnkjCwuOm3sLBohjdX9tbQgOcnkwR_yuRIHMum767BuAr7Rpif1HKaNfz8xze7LilS9ia47axBj9y2doiENdrHrtSr3R.wrdtMyk8HtxUj8HoX26MtpxtJ6j1VWugj0FO7xsY92cA.jN5NSHWBPaJ0ShB1EUzisd_KX8JYLqSOC9GTx1OaZ5ViY5sEFDkTolA58dJc4ZHc3qGqKqUD1HE3Wu5xO_ZN8TD86COWsNIMXAzCrYgAzeo92lD5tmynxHQe04tQ1D8OCnuGvcxkzo0rH6D5dYcKs9xnZz8KAKVaNa67Hl2a4P9pzEhu4QRhLjKTblNdpgTVtAD70CASV__MX_m2yIAhn8",mdrd: "Nsh9mauFvDKFudY.OlhY0dVqihhATQNrCRJ2_7_q2bc-1743926203-1.2.1.1-.7CVOC7HkuGvZ92Er_uhe4H9gI4fwABshq5KmculJeXh0f3.VXyv4Vg8g9mmVR7UJi_9EvX9ixYlp_r54nptguPRg7TJOmYWIn7nwlF0J9B4AGSbhIml7UUEfqEaAGIhek1WXFmkLYsiHd9rpTdpujzzRJDBvv9Yo9OSZMThZO16omqk2Odrbu_VxX6ZTdtQ3PO4ttET3ItDoIlNO9Y1ixp9mYbXYOMiTBqG7hkaG6R7jbadt4akWHeU_m6h7elBt_y79I_y22fp0mPnDMW.I9iGXl83WBuRrrDYPZPokf202lmmpliQbVQL4fb1pqZWIAzpLUG1ZLjoa5ZnYw85q0IrSZFkIF_QuX6dmod1Qh0PCEkQtb1ZANka21Zax.rmmMLMISjZiHZcE2eUgt7nLry2jcyF7cBKQdtkbmT78Dpqp8B_h2CWZtVLfWWzdegzujJjXp5D7wMd80fP0abd_iqm1y2yqetM4WuWjmMr2iX8pqmR9HD3Rk2Qv3OOYbhQnXaA.L4KclWxyDTYBk3cofnnaQvHZL8TOc5NMmoPkerHJ69KV1GZSSJqFLG4TUmG_yfFWEe0yp5_f7ul2VjHrJm9aiP4Ql703OoAir5cMs2RaN9zKL1I3ZFV9Ow_l2.gcZ4Zw7QydfWZmi9tA.Cn8qCunT.AzP_ACH6hMLERXGCucvrhX9ufZTkpwS6aXYQTSfUKAoFYucUx0y80aDR.VxsDUPx.MPnujon5pqvmoDw96XHTE0SQ5VHbyqn6FcC3Yx56WTOYcHO6SItrtEkgrVKO1M5Jp9XTdH7tT7Lp_tzjkapl7J3IuccB8QI2oY4Co2HA.mnZYEJIwBntJupo9qU.TcwCjPwqxug_8dOzSHApRqythL.2F3Ugt1HGZmfr57yuMqQbZT_myNlkkKE.EO0U2WbQ2gLyp_tVJKik57YGlHxreiJObzkOlhlMWFYII9Wk9i5oRIlqytJrR9IeXqlTQVIkKTfQkwxgJGPrmj46wxfpog1BoJwDD3OFxMh7QfjLvrnBc8vHzBfBCHsRZjoCnVx51DNf9Qn1gNHPoPHkqBy5pA9nBuUWWdZ9uTwnPfWzvdKtODHzN7seVJl3GQLIsI3MamNb4GiJFCjjYxjSXV5GD0Mbvvrum2_O_VNfLrYARVW19opuZ.cxgQDZ82iOZ1sRtmrCARX9ErfQ2CuyRMsxBemh8O7qDI38Rt7wLArbx_nlb_AwhVokn6kAzn.OYo9ia2Eq6YWt8pjxQvxHZRyxQ5CLodrOjrfCJ9FIma7wZQKV_fk9AioDYmvYcimPqU6L_v9gQsfALd.jcdoEYyUQnBzbDA3AZDfg9PljnMq84fYLYIbpxRwXQxmX6lb0G1PAgvC6OJdbwxnZeRQ7fsPIQOdQmyyZ2YBqDLpOEuTG89KyJ1R_XaqmOWcBxtSskXDgf38h3a1yvEMjR_lPwgfrO8PpanPwqeHQ222ZtKgXfLllIscF7ji1CAodwGb5S1s_txwliXrS_cSSU2UFJ5zwLMXrMOjMaer5bm0vU.bvNivnOY3yLPb2bPmkQCTOZCxlLcye_vcdsaxkTQirE4Y60YHLFW4bXlqpro1bFsLa4INrDCI3dJjM7fJO6XXIDDESvAcbsm18MJlIZhX1lXWtsp3ahXpeCBkaSkCyF85oxD_L1n2Yv3rM7k87IIrDmyMOizc4lKAVSGm3Od5MI42O2CTwc5FD93FxqCZnf.xgTRR9eEYLBUBQUtxJqIt99hvP4e63ViUdB5cj_gfYAnCFZJEqFjQI4iinr5HcTWEPElR4Q6OUJzGowu_J.1aWaG39IYg_ZUnHa8yCIYjx8O3JdpylyBb.aRzraSdM.P2T_LSP8RHVaZkFU9vIRDJ0R39qt0rLNEPY1Spcv.Ism03QWuTce.3vY.omsv6l4MVSfb4GqiYlrUkrEz75jGJJgaL7TG0oogJZmsQdFf608hgbq_2PVFPI1vyWDbQvPSfbEiTJfOySUhSV6vqyhMXODViRvsWVdKtwZgoepBgbygdFkvAO.mGD5T4eTmkF7lf0wpecypBAr2HoofwsKw"};var cpo = document.createElement('script');cpo.src = '/cdn-cgi/challenge-platform/h/g/orchestrate/chl_page/v1?ray=92bfbaf2b96c3e61';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=2161601&__cf_chl_rt_tk=vRk5bRKRCfGvQ8YlXLk_uAnFYJR54I4PhJwlx6L_6fA-1743926203-1.0.1.1-Sacn89IscMhHAy5gkQ9VMTXPHjw1IPueAJaoOzCP2Jk" + window._cf_chl_opt.cOgUHash);cpo.onload = function() {history.replaceState(null, null, ogU);}}document.getElementsByTagName('head')[0].appendChild(cpo);}());</script></body></html>