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: "www.ssrn.com",cType: 'managed',cRay: '913a196eae193fb0',cH: 'b6jH360nE1OYzKDObWm7BqeCLE6NTg43o0Rtad6zZps-1739840626-1.2.1.1-IeQdMhQ2NhKBlcWvxHCtkN7ajoEB0dbhpyVvtaVkzT3gpBR4iMhFSZlVk9b7ehVf',cUPMDTk: "\/index.cfm\/en\/biorn\/biorn-research-paper-series\/?__cf_chl_tk=miV5ZO5sU.45xmINRos6XNKVn7MMtBqbGmciCeg3hy8-1739840626-1.0.1.1-yZQFez4OKmwCI1XEhoeW3d8FH8RtO3tnQqWPIaHZ.dY",cFPWv: 'g',cITimeS: '1739840626',cTTimeMs: '1000',cMTimeMs: '390000',cTplC: 0,cTplV: 5,cTplB: 'cf',cK: "",fa: "\/index.cfm\/en\/biorn\/biorn-research-paper-series\/?__cf_chl_f_tk=miV5ZO5sU.45xmINRos6XNKVn7MMtBqbGmciCeg3hy8-1739840626-1.0.1.1-yZQFez4OKmwCI1XEhoeW3d8FH8RtO3tnQqWPIaHZ.dY",md: "CVYN_yxIli.P41cLf7DxR0e2ROZ4EgSI1nOsV0XRgjg-1739840626-1.2.1.1-SZBLYRNwKhXasZHHtJRcvaO_ndM_VR6Qk.W3n3yGBFRzVlsgjLRjQuQ6HjJIK5cNYCHQWJHaMCSafbKXoi80HnX84O90Tr91c_knUhH4C2mWHe9Nq0EncZBvxGPfahnweJiALopXlvxPuYqCzrw_Y6RTyqm9JroEdvk5u_iP8ksSsmYOcMI_7rpTCs97__a0DEPZX7TGvQMFYV8IPaq523Z739HV3Na6wpX.gqubAa9Q_McAaYSVO.B5l7qimnnFInl1Ly1re3MercTTm4aCSbpsGpme2ynXqAOlNV4QBkiLjZy5izuwMUunLQGK9dDgt6TAPIFzBSj2UkpiAaHlBCUzJJT9R5EjzBvF2tP1j3YPK1QD5I9uuQwGFE1zFnnuzOR5JZ8_M7J.32CZqajzW2tJeSO2UEvfy_g._qVMb3DRsCsa_4Vrlcclyj7qwcoQwY_i9KKQXC_P4p6ibN49mZxFx_l3x7KU.44d88m727KhVKJwOBKS5OSR.GjRWWOFcbQjjHsPvFsyBAJ8oxfJUSIireEHNooNfUfXpN4zlYyRzoKvVeyEc85FhVn9cioeGr2E2e_7uGphy1JOCG3zzo2Z3eILvOaUPzcQOARMSBSCUaQHOmgd2_UeZwo0gahFkkSUvgm1gmsXFn.ldeTSdqNFoORM7IJLEKYSazQuNQltw6iUxEuEQiU6P5CTGJroww0PmlGzb4ZFUs1vZAPC.zna4zesrjRxCQdlcpE8GI_2hBCeFPS2m2d1XyRMnWXcit_pRCTIwYa6uM7eoVyK4zeY0RZVDg_wOUjbvtTXAfdop4uekD_OknMd.M6T7aHrZs1gYDI.zJzyWUa_rGdd1foS2aCQZCqJuuNmQbz4Dz32gR3mTN4wJgJ0Bthw9s196EAXJ_O90UOoscgbjr7LWOq_aZypWPbU30zpUXbNblp2GXZWh_sSRtIW0o5FcsOmLdNxPmup4LGAVQlHFmKaRylFUX0ysW8xMY_vWYR0K.7LRpPg0RmDkZNz4lgkULo4.d2w4bwFVo02k3MpMwcgW1VQI55pmcxxODTju13dyl67dAKHN6iZ5DVeyYGU0wlzXphxVpy_cqrc1zQVr.4HORdSTZCOKhlEyKHzW_sD6yl9JYgqs4qzZjEOoC4Ia6mcG8nf8CN.mFjO9NoCE2S.ezrJ372jzK9V2hJNIFDGxd94Ju.n97P7V4VB1LBvmAarewJqbV3tlNqMiyWb3e78lOjIPpS_AhAV7RyttvukwQB6bbqB3RumwQER9be7i4yxOFrzdd0AkOV9wV9BAYtE3zIGXafWbxKElQHYGL9zx5lfsJGOmhk7VGJh1SUBuFzeapYYIp.VLHzgzppZi3KIXYlhp1oLnm1N.PunYL712IxWIa3.WC25IumxafN8AgmKekvg6r9mTabywYTpjD7rJmfTBHwlHCt2.RN29t7s4ASNzEc8R9Yq4_6OKnN6aif6Gyxi74w.qTWmYClvUl9W00V4kRWDLfALIXCcMAPylFDc.opRkFyz0XBZiVS_2QfpOjVcEY8sy2AiEyqSs6nnRKrFC_OY0b7rEbz0jCo_QFDZbi9ItijrE8XwLQHUphQWYR1jTSt6MP6aQhLiy_hhBH3yoiRvU5PPhzNBvWB0z7260XvrpWtwf9.w5pXr9HQ2yqsm3sHTrO0d6a3lLl.Q16SJXR48XzmS2hQ2R.z6l_s32qK3G6OgF2z4WCYWI.yVE01Bvr6Eo.z0tVDvPj.Rato6xrv98mRgsZgjmX9pbDk_is16ztv_yF4fzlT3sJztq2M5sRaW3ns_NgBu3AhMPjvKiBmkg.5XZQt_WN2KAq1D.xsjBVbY6Aq.f4oVlNTbhLq4uqdxkTmwF1E.HKz.jglxV8LyurK.EBGbXSJRHR1XGIwY.REMbKARHLTvb0mq6WhwlfrWz_86J2VrxaP6xpTEm.Cpy0tI.M5EXVU1ev1bfnYI40bpNap6pnhudV.pPY_4eCetfj7CpT3aM3zCgHar9Y1juImlndwtCJeIx5zHvYbmlRVXv924AP.5cMqpZo6RNGs4kvZO.Nhn2LMrnYLd3psx6rShRIR0zN1P.ugY.0nS6u0JVVxjtnBiCtGbMeoIMTM3FBE3RbIQwui1NCmJ3ZrQfbjrs7RdBBGYk1DfM5BNukuxsU6QTZ1K7SNJNUbpG3JfaFpfWDkbIboP49Vql0A5R14nxz7eUjlQRJvncRf8gfSJgSooj0AUKpjUP5Dw9KdsxItPexrHepdZyg_Chztp8kIU7Ld0FD0i_xb50yEqdvbSVKBfPdURCdzn6kQwlk19Men_mIWGg5_7YATGOFJZS7QlqCgajUcfkZuVjl7ykX4LtzOE3t9EgiwF7jL2qgG31mVtKBw3P2DN5ry87gPtTEiltxw9hZYlZWNjM4J5IPrYnn6qDNh.kQjrQ3c2MquavaMthxoM6uWuzYhALH4gsnpCV0pth4V1kn7EvFDQ2KUsr6t9dRW8kiynUBEputwApPojt3c38RFyxEJdibMxzby87yeLvdDfYUjtlmMPOzlyXX_qJ.K.KSsWYVHoK3R5ZLzRPpwVWt8gr8NNAhDpPzyvXVVISPl_JhhsUFupYg2xrvA_O0nyHMYCqHKqaYEkSvEyNCNla9ZPlA",mdrd: "kIJfYb7KrMIoYQdsaQxll5h9m72NB7u5CNjk_iaJReA-1739840626-1.2.1.1-UUOJg_VUSn9wqgvyB8Dc3VYQeMLpKoqI5FgyiYkjBSkSvzIqUDQCPwiYThWzhe2lR6iuM9yhCHFn8Hw.ws7LhzSJ0zzjh5tHfspFpv0PXbBarniq51o0aNEORV8eIDNUUpKAZrTVNmPm.6_mkZe507YTTExjrX9chdYDDrzTYKMmx6z7QZJWQ3nspx2QlZct01oMJmvTNQibdVccXH063GHxvzHPyZVYFis03aXNHYtTwZ5duc10d_Q.tg8WurbpbNBZl1qbznbmSyJXmV331CGK1BITabcJvYZ3aVGPzn86vJ_Zt.528RdKXe8ny2QmSX4O9crzT3.lHLvoAkTLtiJwR.biY2tPBEhNLfUUlpTZD30fyAdjXMLczY65hDlmXKC3Nh.hEO_g7hNVbSyPRrWIfy0b0IFba0fTSfS8LTYcrevQpyzEgHx2mFeyB.kLekCCOs.qCD5N__waBw6JQIxT6Yq8OJd4sDW34CQbD.AUC1ukSsdO3rPb60NG23CtYs3sQ0GGUeyA0.n7AZaYzGlO5sJC6ZihEjMNZZKaRF2UoTdx.05lnSvwKKbbNRSMS90gcs3Nc2q8PWLohZY6_Nn0Rs1kfaX2K4jk0vc7J9rMxjLN7.Sq.sW5_L5WHcOYUdkUm9lgQZHwrQ8mxXPxNmifft5otE2cyPv3KXk6qGbw2WqcGJHfAKBfP1YgZ2cJeEc_TVoCpKVmuxgXdKhBmlgni9uz_OScgKox7QRYXU_Gz0x44whXe.tQsSepZV.zDdAW7IGyUGiQ32UUpdTHdduGH0QCbLAHz_i7v7zfHAR_mNmG.C3.y_JrmgUSO7p7HInlJAr9FgKEPwEXFjWyDWVf72StjrGH1mxPE9mp1BL0B4yL3KxTdhlAvP17xMGcoDM9lcGPJMfvRXCZwECU_Tdk88ZNEV81.YGwUUpZY24ldOwYuoBBsWR_TcYu7shwkQOoHwa9Uip_8Dted5jJns_gz6W.B37oB.bhpi2.pvbUUuy.w0zTGAm5CQMzRHk5qwltSB0zZ1PmMU.YeHKaGtaCJnRm6Hxy0WFdDJizemwzBOuGdeYQsnPEgdacCLMIMw51sZZcxf_zTtmdHadO5XuGRgbY3dHnwMKjWJNdOj.merQMxbDyeUdL6mjZs2UlRDs_CP6mZbHDtMfMaY5fVOHE98O_97CRkGQoF56HHH_mJGoFto.iE9qGbxM.vR5HsQXLw21Wz.2mtniXqutfV1uwyIAm3R3Pm_LEdsRGg9DsfrHVKWkfpuDrgEl1bMI6iZHBbB1cPg4TH2g_McrcqsPu6bXZY47ROHZep1KlOai43ImhhNtYqkboIoaHqrTItV.X3YxF_pmA1r.v.q9J_vjNLrU1f3qTxrbzAwnHc.DmhQA3sj07VRrpXHBjxxvpkYcsLG1O9GCAXijrpVUgCz.XSfq8hyKeYtEGjOGG_9LC4cBK6iENAYhlyxrRyf04KYhSaI4UNwKNXkOv2kSqPfh7r9yfzJjel7vf2Tw7R2sU1nt1tQKwKpXR6yhxSemyE2ZWSfqpdrjSD6fj6Q36K7gTI7iAa62vzEzKud27_xutWa.QZ7mG4_3UBgBNbVzIHnID1p7fC.4evmImysw5IZyEdPFdEq2ozvzdc4qgvKo.c4AT1c1hHhFobLoiu23TnO74GhUZX1NuEAxOcnz.PHSfNWs2R1yVxemu1MwVdRxDRSDnYD0adUu4drkYoWebNeg.h4MK6zGk.sFanNHqog"};var cpo = document.createElement('script');cpo.src = '/cdn-cgi/challenge-platform/h/g/orchestrate/chl_page/v1?ray=913a196eae193fb0';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, "\/index.cfm\/en\/biorn\/biorn-research-paper-series\/?__cf_chl_rt_tk=miV5ZO5sU.45xmINRos6XNKVn7MMtBqbGmciCeg3hy8-1739840626-1.0.1.1-yZQFez4OKmwCI1XEhoeW3d8FH8RtO3tnQqWPIaHZ.dY" + window._cf_chl_opt.cOgUHash);cpo.onload = function() {history.replaceState(null, null, ogU);}}document.getElementsByTagName('head')[0].appendChild(cpo);}());</script></body></html>