Indian Growth and Development Review最新文献

{"title":"Promoter ownership and bankruptcy reforms: evidence from India","authors":"Vishnu K. Ramesh, Reshma K. Ramesh, Jithesh T.","doi":"10.1108/igdr-03-2021-0033","DOIUrl":"https://doi.org/10.1108/igdr-03-2021-0033","url":null,"abstract":"<h3>Purpose</h3>\u0000<p>The demand-side view of creditor rights posits a negative association between creditor rights and corporate borrowings. The purpose of this paper is as follows: first, the author examines whether the demand-side effect is more pronounced amongst firms with excess promoter shareholding. Subsequently, the authors analyze the impact of high promoter holdings on investment decisions owing to bankruptcy reforms.</p><!--/ Abstract__block -->\u0000<h3>Design/methodology/approach</h3>\u0000<p>To answer the above questions, the authors exploit the passage of the Insolvency and Bankruptcy Code (IBC) (2016) that strengthens the creditor rights of lenders, which impacts the borrowings and financing activities of Indian corporates. Using a panel of listed Indian firms over the period of 2012–2019, the authors analyze how the IBC affects firms’ borrowings and financing decisions with excess promoter holdings.</p><!--/ Abstract__block -->\u0000<h3>Findings</h3>\u0000<p>The authors find that bankruptcy reforms led to a statistically significant decline in the use of borrowed funds (primarily secured and long-term debt) by firms with high concentrated holdings. The analysis also indicates that firms with excess promoter ownership face an increased cost of debt due to bankruptcy reforms. As a result, firms with excess promoter holdings curtail their investments. Overall, the results indicate that India’s bankruptcy reforms significantly affect the firms’ financing and investment decisions with highly concentrated ownership.</p><!--/ Abstract__block -->\u0000<h3>Originality/value</h3>\u0000<p>While past research has explored the relationship between bankruptcy reforms and demand for/supply of debt, the authors provide novel empirical evidence on the role of promoter holdings that affects the relationship between bankruptcy law and financing and investment decisions. To the best of the author’s knowledge, this study is the first to investigate the role of ownership structure in the context of bankruptcy reforms by using a quasi-natural experiment.</p><!--/ Abstract__block -->","PeriodicalId":42861,"journal":{"name":"Indian Growth and Development Review","volume":"65 8","pages":""},"PeriodicalIF":1.4,"publicationDate":"2022-02-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138495057","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"SME financing through public equity: review of the Indian SME exchanges","authors":"Avinash Ghalke, S Kumar, S. N. Rao","doi":"10.1108/igdr-10-2021-0138","DOIUrl":"https://doi.org/10.1108/igdr-10-2021-0138","url":null,"abstract":"\u0000Purpose\u0000Timely access to reasonably priced financing is critical to promote and sustain small and medium sized businesses (SMEs). This study aims to examine the role of the newly constituted SME exchanges in funding the growth of Indian SME firms. The impact of obtaining public equity capital on the firm’s growth prospects, capital structure and credit profile is the focus of this paper. In addition, this study compares the cost and speed of raising capital on specialised SME exchanges to the main board.\u0000\u0000\u0000Design/methodology/approach\u0000To examine the impact of raising public equity capital, this study uses a difference-in-difference (DID) regression analysis. SMEs that raised financing on the SME exchange between 2013 and 2018 make up the treatment sample. This study uses a propensity score matching technique to find the control group from a sample of unlisted enterprises to reduce the likelihood of selection bias.\u0000\u0000\u0000Findings\u0000This study finds that SME profitability drops after an initial public offering (IPO), which is consistent with previous research. This study also discovered that after a company is listed, its total debt falls. This study also shows that after the IPO, there is no change in the borrowing costs of SME enterprises. Finally, this study finds an evidence of a decline in sales growth following the IPO, implying that the firms use the IPO money to rebalance their accounts after a period of heavy investment rather than for growth finance.\u0000\u0000\u0000Originality/value\u0000A thriving and efficient equity financing market for SMEs has the potential to establish itself as a viable alternative to the existing dominant bank financing option. To the best of the authors’ knowledge, this research is the first to examine the role of SME exchanges in the funding of Indian SME firms.\u0000","PeriodicalId":42861,"journal":{"name":"Indian Growth and Development Review","volume":" ","pages":""},"PeriodicalIF":1.4,"publicationDate":"2022-02-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42660197","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Optimal commodity taxation – a new computational procedure with application to India","authors":"A. Majumder, R. Ray, Sattwik Santra","doi":"10.1108/igdr-07-2021-0093","DOIUrl":"https://doi.org/10.1108/igdr-07-2021-0093","url":null,"abstract":"\u0000Purpose\u0000This paper aims to illustrate the usefulness of the proposed procedure to evaluate the Goods and Services Tax (GST) in India by applying it to provide evidence on optimal commodity tax rates.\u0000\u0000\u0000Design/methodology/approach\u0000In the optimal commodity tax literature, the commonly used Ramsey–Samuelson–Diamond–Mirrlees framework assumes invariance of budget allocation between pre- and posttax regimes and uses only the first-order conditions in the two-stage optimization procedure. This paper proposes an iterative method that overcomes the above limitations in obtaining the optimal tax rates.\u0000\u0000\u0000Findings\u0000It is found that the optimal commodity taxes are highly sensitive to the procedure used to estimate them. The resulting tax rates turn out to be close to the GST tax slabs. The results also show that on both absolute and relative measures, for all the selected states considered here and for All-India, the optimal tax systems are progressive for two chosen values of the inequality aversion parameter.\u0000\u0000\u0000Originality/value\u0000There is a very limited literature on the computational methodology to calculate optimal commodity taxes, and consequently, the evidence is quite scarce as well. In combining contributions to the computation of optimal taxes with empirical evidence, this paper fills a significant gap in the literature. The context of India gives it added value since the GST has recently been introduced in India, and to the best of the authors’ knowledge, this is one of the first attempts at evaluating the Indian GST through the spectacles of optimal taxes.\u0000","PeriodicalId":42861,"journal":{"name":"Indian Growth and Development Review","volume":" ","pages":""},"PeriodicalIF":1.4,"publicationDate":"2022-02-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49288639","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Searching for hedging and safe haven assets for Indian equity market – a comparison between gold, cryptocurrency and commodities","authors":"Sayantan Bandhu Majumder","doi":"10.1108/igdr-10-2021-0131","DOIUrl":"https://doi.org/10.1108/igdr-10-2021-0131","url":null,"abstract":"\u0000Purpose\u0000This paper aims to evaluate the hedging and safe haven properties of gold, cryptocurrency and commodities against the Indian equity market.\u0000\u0000\u0000Design/methodology/approach\u0000First, the authors estimate the hedging and safe haven abilities of gold, cryptocurrency and commodities for the Indian stock market and further verify whether such properties vary across the broad stock market indices and over the different degrees of market volatility. Second, the authors use the multivariate GARCH framework to calculate the dynamic hedge ratios and hedging efficiencies to compare the hedging properties of the alternative asset classes. Third, the authors verify the robustness of the general findings during the recent crisis emanating from the outbreak of the COVID-19 pandemic.\u0000\u0000\u0000Findings\u0000Gold, cryptocurrency and most commodities have significant hedging abilities. Only natural gas, crude oil and aluminum, on the other hand, have safe haven property. Neither gold nor cryptocurrency qualifies as a safe haven asset. On the other hand, the financialization of the Indian commodities market provides a significant dividend to investors in terms of hedging and safe haven capabilities. The authors find the least negative hedge ratio and the highest positive hedging effectiveness for the stock-crude oil and stock-natural gas portfolios. The central observations of the paper remain immune to the COVID crisis.\u0000\u0000\u0000Originality/value\u0000Focusing on the Indian equity market, the paper compares the diversification abilities of traditional assets like gold with those of the modern class of assets, including cryptocurrency and other commodities.\u0000","PeriodicalId":42861,"journal":{"name":"Indian Growth and Development Review","volume":"1 1","pages":""},"PeriodicalIF":1.4,"publicationDate":"2022-01-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42374663","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Labor market policies, informality and misallocation","authors":"Priyaranjan Jha, R. Hasan","doi":"10.1108/igdr-05-2021-0067","DOIUrl":"https://doi.org/10.1108/igdr-05-2021-0067","url":null,"abstract":"\u0000Purpose\u0000The purpose of this paper is to understand labor market regulations and their consequences for the allocation of resources.\u0000\u0000\u0000Design/methodology/approach\u0000This paper constructs a theoretical model to study labor market regulations in developing countries and how it affects the allocation of resources between the less productive informal activities and more productive formal activities. It also provides empirical support for some theoretical results using cross-country data.\u0000\u0000\u0000Findings\u0000When workers are risk-averse and the market for insurance against labor income risk is missing, regulations that provide insurance to workers (such as severance payments) reduce misallocation. However, regulations that simply create barriers to the dismissal of workers increase misallocation and end up reducing the welfare of workers. This study also provides some empirical evidence broadly consistent with the theoretical results using cross-country data. While dismissal regulations increase the share of informal employment, severance payments to workers do not.\u0000\u0000\u0000Research limitations/implications\u0000The empirical exercise is constrained by the lack of availability of good data on the informal sector.\u0000\u0000\u0000Originality/value\u0000The analysis of the alternative labor market regulations analyzed in this paper in the presence of risk-averse workers is an original contribution to the literature.\u0000","PeriodicalId":42861,"journal":{"name":"Indian Growth and Development Review","volume":" ","pages":""},"PeriodicalIF":1.4,"publicationDate":"2021-11-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44296163","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Structural change and economic growth in India: a comparative study of Punjab","authors":"Anirban Sanyal, Nirvikar Singh","doi":"10.1108/igdr-11-2020-0162","DOIUrl":"https://doi.org/10.1108/igdr-11-2020-0162","url":null,"abstract":"<h3>Purpose</h3>\u0000<p>The Green Revolution transformed agriculture in the Indian State of Punjab, with positive spillovers to the rest of India, but recently the state’s economy has fallen dramatically in rankings of per capita state output. Understanding the trajectory of Punjab’s economy has important lessons for all of India. Economic development is typically associated with changes in economic structure, but Punjab has remained relatively reliant on agriculture rather than shifting economic activity to manufacturing and services, where productivity growth might be greater.</p><!--/ Abstract__block -->\u0000<h3>Design/methodology/approach</h3>\u0000<p>The authors empirically examine structural change in the Punjab economy in the context of structural change and economic growth across the States of India. The authors calculate structural change indices and map their pattern over time. The authors estimate panel regressions and time-varying parameter regressions, as well as performing productivity change decompositions into within-sector and structural changes.</p><!--/ Abstract__block -->\u0000<h3>Findings</h3>\u0000<p>Panel regressions and time-varying-coefficient regressions suggest a significant positive influence of structural change on state-level growth. In addition, growth positively affected structural change across India’s states. The relative lack of structural change in Punjab’s economy is implicated in its relatively poor recent growth performance. Comparisons with a handful of other states reinforce this conclusion: Punjab’s lack of economic diversification is a plausible explanation for its lagging economic performance.</p><!--/ Abstract__block -->\u0000<h3>Originality/value</h3>\u0000<p>This paper performs a novel empirical analysis of structural change and growth, simultaneously using three different approaches: panel regressions, time-varying parameter regressions and productivity decompositions. To the best of the authors’ knowledge, it is the only paper we are aware of that combines these three approaches.</p><!--/ Abstract__block -->","PeriodicalId":42861,"journal":{"name":"Indian Growth and Development Review","volume":"65 12","pages":""},"PeriodicalIF":1.4,"publicationDate":"2021-10-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138495056","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Does any nexus between electricity consumption and economic growth exist? Evidence from Haryana using VAR model","authors":"K. Singh","doi":"10.1108/igdr-10-2020-0153","DOIUrl":"https://doi.org/10.1108/igdr-10-2020-0153","url":null,"abstract":"\u0000Purpose\u0000In the fast-changing technological environment, electricity is the essence of the world economy and a significant means for all the modern world’s possessions. The ongoing economic downturn focuses on energy’s role in the economy. This study aims to explore the nexuses between per capita electricity usage and per capita state gross domestic product (SGDP) in Haryana, India.\u0000\u0000\u0000Design/methodology/approach\u0000The statistics from 1989 to 2015 have been analyzed using Johansen cointegration, vector autoregression and paired Granger-causality test.\u0000\u0000\u0000Findings\u0000The Granger causality test results show that a long-run association is absent. A short-run unidirectional relationship runs from per capita SGDP to per capita electricity usage.\u0000\u0000\u0000Practical implications\u0000As a policy suggestion, the policymakers may encourage energy conservation measures and renewable energy sources to lead the country’s sustainable energy supply. Moreover, Haryana can increase its influence in this sector and enter rapidly in the growing markets worldwide by stimulating the production and adoption of digital solutions for energy efficiency.\u0000\u0000\u0000Originality/value\u0000To the best of the author’s awareness, this research is one of its nature regarding systematically analyzing electricity usage and economic growth relationship in Haryana.\u0000","PeriodicalId":42861,"journal":{"name":"Indian Growth and Development Review","volume":" ","pages":""},"PeriodicalIF":1.4,"publicationDate":"2021-08-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46781648","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Impact of re-election on development in India: a comparative analysis of leading and lagging states","authors":"B. S. Misra","doi":"10.1108/igdr-11-2020-0156","DOIUrl":"https://doi.org/10.1108/igdr-11-2020-0156","url":null,"abstract":"\u0000Purpose\u0000The purpose of this paper is to examine political accountability to the voter in India by studying re-election patterns in 14 major states categorized as leading and lagging during the period 1952–2015.\u0000\u0000\u0000Design/methodology/approach\u0000This study has computed a state-wise re-election index by taking the ratio of the number of constituencies exhibiting re-election in four consecutive terms during 1952–1999 to the total number of constituencies in the state. The time-invariant re-election index as of the year 1999 is used to estimate the impact of the re-election on per capita state income during 2001–2015. This paper has used the correlated random effects estimation procedure that considers the state-specific unobserved factors while using a time-invariant regressor to ascertain the impact of re-election.\u0000\u0000\u0000Findings\u0000This study finds that persistent re-election does not seem to lead to better development outcomes. When this study computes the re-election index by excluding constituencies that are underdeveloped both in the economic and social spheres, this paper finds the asymmetric impact of re-election for the leading and the lagging states. The findings suggest that historical institutions in the laggings states could be driving the empirical results. The empirical findings are corroborated by the relatively poor availability of basic amenities in constituencies exhibiting persistent re-election when compared to the state average.\u0000\u0000\u0000Practical implications\u0000The findings suggest that the provision of re-election without term limits may need to be revisited in the lagging states for better political accountability.\u0000\u0000\u0000Originality/value\u0000First, the authors study the pattern of constituency-wise re-election to compute state-wise re-election index to capture persistent re-election. Second, the authors assess the development status of a constituency by mapping it to the development indicators of the district in which the constituency is located. This paper considers both economic as well social indicators of development. Third, the time-invariant nature of the re-election index helps to address reverse causality while studying the impact of re-election on development. Fourth, the authors use a novel econometric methodology to study the impact of the re-election on development given the time-invariant characteristic of the re-election index.\u0000","PeriodicalId":42861,"journal":{"name":"Indian Growth and Development Review","volume":"1 1","pages":""},"PeriodicalIF":1.4,"publicationDate":"2021-07-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41553777","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Role of digital economy and technology adoption for financial inclusion in India","authors":"Vishal Vyas, Priyanka Jain","doi":"10.1108/IGDR-01-2020-0009","DOIUrl":"https://doi.org/10.1108/IGDR-01-2020-0009","url":null,"abstract":"\u0000Purpose\u0000The study aims to explore the role of digital economy and technology adoption for financial inclusion in the Indian context.\u0000\u0000\u0000Design/methodology/approach\u0000A conceptual framework was developed and hypotheses were tested through a survey conducted on 433 educated adults (males and females) residing in different districts of Rajasthan (India). Data was collected through a structured questionnaire and was subjected to confirmatory factor analysis. Structural equation modeling (second-order) was used to validate the measurement model and to test the mediating effect.\u0000\u0000\u0000Findings\u0000The measurement model is a confirmatory factor analysis and measures the reliability of the observed variables in relation to the latent constructs and indices shows the overall model fit. Structural model results indicate a complete mediation and a reflective impact (R2 = 0.28) of the extended technology acceptance model on digital economy and financial inclusion relationship.\u0000\u0000\u0000Research limitations/implications\u0000The study has taken into account only the perception of educated adults residing more specifically in one geographical area of a country. Thus, it limits the generalization of results in terms of implications to other regions and countries.\u0000\u0000\u0000Practical implications\u0000The proposed framework and implications are quite significant for policymakers and service providers to understand the nexus and strategic choices involved in this area. Moreover, understanding of user’s frame dependence would help in the development of digital assistive models that would perhaps mitigate the gap from participation (digital economy) to acceptance (financial inclusion).\u0000\u0000\u0000Originality/value\u0000Present study proposed a three-dimensional hypothetical model and conceptualized the digital economy (independent variable) as participation, behavioral intentions measured through the extended technology acceptance model (mediating variable) as adoption and financial inclusion (dependent variable) as acceptance to better understand the nexus. It represents the foremost step and a unique effort in this area. Moreover, the study was empirical and has wider applications both from the perspectives of end-users and service providers.\u0000","PeriodicalId":42861,"journal":{"name":"Indian Growth and Development Review","volume":" ","pages":""},"PeriodicalIF":1.4,"publicationDate":"2021-06-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47583375","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Changes of base-year and Indian GDP growth: an agnostic look","authors":"M. Chakrabarty, Partha Ray","doi":"10.1108/IGDR-08-2020-0124","DOIUrl":"https://doi.org/10.1108/IGDR-08-2020-0124","url":null,"abstract":"\u0000Purpose\u0000World over, change of base year in the gross domestic product (GDP) is a standard practice of GDP estimation. However, unless a consistent series of GDP is released with respect to the new base for the earlier period, the existence of multiple growth rates creates problems for applied researchers, policymakers and the general public alike. Faced with such a menu of GDP series researchers often try to interpolate a consistent series of GDP. The main purpose of this paper is to analyses the nature of the data generating process of such multiple interpolated series of quarterly growth rates and tries to discern the consistency of such processes.\u0000\u0000\u0000Design/methodology/approach\u0000The present paper tries to look into the statistical implications and complications of such interpolated quarterly GDP/growth series in India in terms of three series of GDP, namely, with 1999–2000, 2004–2005 and 2011–2012 as its bases.\u0000\u0000\u0000Findings\u0000The analysis reveals that as a result of a change of base year, the nature of the data generating process of the old and new GDP series could undergo changes and experience different breakpoints. While all these conclusions seem to be valid for GDP growth at quarterly intervals, taking the data at annual frequency is less problematic.\u0000\u0000\u0000Practical implications\u0000The observation suggests that in most applied work, researchers may not have the luxury of only working with annual data and certain consistency checks will be necessary to check the veracity of the results based on quarterly data with those based on annual data. Second, moving forward it may be useful for the Authorities to make a transition to a chain-based linking method rather than fixed time-period-based bases as is currently done.\u0000\u0000\u0000Originality/value\u0000The analysis of Indian GDP in this paper is, perhaps, indicative of the fact that usage of quarterly GDP data is to be handled with caution and it is preferable that any serious empirical analysis uses annual GDP data whenever it is available/feasible. The comparison of GDP growth rates at different frequencies and examining the true nature of the process are quite unique in their contribution towards empirical macroeconomic research.\u0000","PeriodicalId":42861,"journal":{"name":"Indian Growth and Development Review","volume":" ","pages":""},"PeriodicalIF":1.4,"publicationDate":"2021-06-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45243274","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}