Lessons for the Age of Consequences: COVID-19 and the Macroeconomy

Comparative empirical evidence for 22 OECD countries shows that country differences in cumulative mortality impacts of SARS-CoV-2 are caused by weaknesses in public health competences, pre-existing variances in structural socio-economic and public health vulnerabilities, and the presence of fiscal constraints. Remarkably, the (fiscally non-constrained) U.S. and the U.K. stand out, as they experience mortality outcomes similar to those of fiscally-constrained countries. High COVID19 mortality in the U.S. and the U.K. is due to pre-existing socio-economic and public health vulnerabilities, created by the following macroeconomic policy errors: (a) a deadly emphasis on fiscal austerity (which diminished public health capacities, damaged public health and deepened inequalities);(b) an obsessive belief in a trade-off between ‘efficiency' and ‘equity', which is mostly used to justify extreme inequality;(c) a complicit endorsement by mainstream macro of the unchecked power over monetary and fiscal policy-making of global finance and the rentier class;and (d) an unhealthy aversion to raising taxes, which deceives the public about the necessity to raise taxes to counter the excessive liquidity preference of the rentiers and to realign the interests of finance and of the real economy. The paper concludes by outlining a few lessons for a saner macroeconomics.

Informational inefficiency on bitcoin futures

This paper investigates the dynamics and drivers of informational inefficiency in the Bitcoin futures market. To quantify the adaptive pattern of informational inefficiency, we leverage two groups of statistics which measure long memory and fractal dimension to construct a global-local market inefficiency index. Our findings validate the adaptive market hypothesis, and the global and local inefficiency exhibits different patterns and contributions. Regarding the driving factors of the time-varying inefficiency, our results suggest that trading activity of retailers (hedgers) increases (decreases) informational inefficiency. Compared to hedgers and retailers, the role played by speculators is more likely to be affected by the COVID-19 crisis. Extremely bullish and bearish investor sentiment has more significant impact on the local inefficiency. Arbitrage potential, funding liquidity, and the pandemic exert impacts on the global and local inefficiency differently. No significant evidence is found for market liquidity and policy uncertainty related to cryptocurrency.

Liquidity effects of COVID-19 in the European tourism industry

We examine the influence of COVID-19 on liquidity of the tourism industry in the UK, Europe and Spain. In the short run, the pandemic causes significant negative stock market reaction in the tourism industry. In the long run, the tourism industry recovers from the fall in returns due to the pandemic. Liquidity significantly decreases due to COVID-19, for the UK, European and Spanish tourism markets, even when we encapsulate the influence of stock prices, trading volume and volatility. Our findings suggest that European equity markets have declined in efficiency due to the pandemic in the tourism industry. Our empirical analysis has important implications for policy makers. Tourism recovery strategies from the pandemic are required with immediate effect in order to restore the valuation of the tourism companies, given that the negative stock price reaction and lack of liquidity significantly reduces market value of the tourism firms across Europe. In order for the tourism industry to fully recover from COVID-19, investors need to have the confidence to buy large volumes of tourism company stocks, which will increase the price and liquidity, leading to a substantial increase in market capitalization.

Covid-19 disruption, resilience and industrial policy: the automotive sector in the West Midlands

The Covid-19 pandemic and Brexit have focused attention on the resilience of key sectors and firms. This paper explores the financial resilience of the 50 largest automotive firms in the West Midlands region of the UK in their response to disruption and economic shocks. The findings demonstrate that 22 firms are at high risk due to poor current liquidity ratios, with Coventry and Birmingham emerging as locations most susceptible to firm closures. High-risk firms include key flagship original equipment manufacturers operating at the downstream end of supply chains. If these firms were to fail, there would be a significant destructive impact on both the industry and the local economy. We assert an effective subnational industrial policy is required in order to support economic resilience in regions such as the West Midlands where a few firms account for a disproportionate share of employment and value-added.

Global Uncertainty and Economic Growth - Evidence from Pandemic Periods

This paper investigates whether global uncertainty predicts economic growth rates using a global sample of 136 countries. We use the panel regression model and find strong evidence that global uncertainty negatively predicts the economic growth rate. Further, the negative impact of global uncertainty on economic growth rates is amplified during pandemic periods versus non-pandemic periods. Our main findings hold after a range of robustness tests.

The Asymmetric Impact of COVID-19: A Novel Approach to Quantifying Financial Distress across Industries.

This paper assesses corporate financial distress in terms of liquidity and risk of insolvency due to the COVID-19 pandemic. We develop a novel multivariate approach to obtain monthly data on industry turnover, exploiting real time data to capture the atypical character of industry-specific disturbances. By combining the estimated set of industry revenue shocks with pre-pandemic financial statements, we quantify the impact of the pandemic on the risk of insolvency in the EU non-financial corporate sector. Our definition of risk of insolvency takes into account not only the equity position of firms, but also risks relating to overindebtedness. The analysis controls for firms that were financially vulnerable already before the pandemic, thus being prone to become at risk of insolvency also in absence of the COVID-19 turmoil. We find that, for the EU as a whole, 25% of firms exhausted their liquidity buffers by the end of 2021 (a practical cut-off date of the analysis, not an assumed end of the pandemic). Furthermore, 10% of firms which were viable before the pandemic, appear to have shifted into risk of insolvency as a result of the COVID-19 crisis. The magnification of financial vulnerability in the hardest-hit industries mainly occurs among firms with no legacy issues, i.e. firms with positive profitability pre-pandemic. A similar finding is reported for some of the hardest-hit countries, such as Italy and Spain. In other countries, such as Germany or Greece, the magnification of financial vulnerability mainly occurs among firms with negative profitability pre-pandemic.

The Design of Macroprudential Stress Tests

We study the design of stress tests that provide information about aggregate and idiosyncratic risk in banks' portfolios and impose contingent capital requirements. In the optimal static test, an adverse scenario fails all weak and some strong banks, limiting the stigma of failure. Sequential tests outperform static tests. Under natural conditions, the optimal sequential test consists of a precautionary recapitalization, followed by a scenario that fails only weak banks, similar to TARP in 2008, followed by SCAP in 2009. Our results also shed light on the Federal Reserve's decision to test the banks twice in 2020 during the COVID-19 pandemic. Authors have furnished an , which is available on the Oxford University Press Web site next to the link to the final published paper online.

Price leadership in China's oil futures market: take two

This study is the first to conduct a comprehensive analysis of the price discovery and market liquidity aspects of China's crude oil futures market compared to WTI and Brent. With intraday-day data consolidated into 1-second intervals and three measures of price discovery, we find that China's crude oil futures market reports encouraging signs in terms of price discovery and efficiency, also showing great resilience during the COVID-19 pandemic. The market has obtained a dominant role in price discovery relative to WTI and Brent during its day trading hours, and has almost caught up with Brent in terms of market liquidity. © 2023 Informa UK Limited, trading as Taylor & Francis Group.

PREDICTIVE ABILITY OF FINANCIAL AND NON-FINANCIAL PERFORMANCE FOR FINANCIAL STATEMENT PUBLICATION TIME FRAME: MODERATING ROLE OF COVID-19 PANDEMIC

Objetivo: Este estudo examinou a capacidade de desempenho financeiro e nao financeiro na previsäo do tempo de publicaçao de relatórios financeiros, moderada pela pandemia da COVID-19. Referenciái teórico: A teoria dos sinais postula que a administraçâo desempenha um papel crucial no fornecimento de informaçöes as partes interessadas sobre as condiçöes da empresa (Brigham & Houston, 2001). De acordo com Spence (1973), as empresas estao motivadas a fornecer informaçöes relevantes as partes interessadas. Se as condiçöes de desempenho sao boas, a empresa tende a acelerar o processo de apresentaçao de demonstraçöes financeiras. Por outro lado, se o desempenho for ruim, há uma tendencia a atrasar a publicaçao dos relatórios financeiros. O longo período de tempo para a publicaçao de relatórios financeiros pode indicar más noticias que a empresa tem, de modo que ela ainda tem que publicar as noticias para o público. Scott (2015) sugere que quando os gerentes souberem que há noticias desfavoráveis sobre a condiçao da empresa no futuro, evitarao publicar estas informaçöes ou pelo menos atrasaräo a apresentaçao das demonstraçöes financeiras. Método: O desempenho financeiro foi medido por quatro indicadores: lucratividade, liquidez e solvencia. Enquanto isso, o desempenho nao financeiro variável foi medido pelo indice de boa governança corporativa (GCG) e pela reputaçao dos auditores. O modelo proposto foi testado com base nos dados quantitativos coletados de 156 empresas de manufatura listadas na Bolsa de Valores da Indonesia (IDX) a partir de 2018 e 2020. A análise de regressao múltipla foi realizada para analisar e interpretar os dados. Resultados e conclusao: O resultado indica que a solvencia, a boa governança corporativa e a reputaçao do auditor foram preditores significativos do período de publicaçao do relatório financeiro. Entretanto, a capacidade preditiva de rentabilidade e liquidez no prazo de publicaçao nao foi considerada significativa. Além disso, os resultados mostram que a pandemia da COVID-19 modera a capacidade de rentabilidade e boa governança corporativa na previsao do prazo de publicaçao. Implicates da pesquisa: O indicador de desempenho financeiro e nao financeiro dá resultados diferentes na previsäo do RWPLK das empresas de manufatura na Indonesia. ROA e CR nao sao capazes de prever o RWPLK, mas DER, GCG, KAP sao capazes de prever o RWPLK. O papel da pandemia COVID-19 foi capaz de moderar a capacidade de ROA e GCG em prever o prazo para publicaçao de relatórios financeiros, mas foi incapaz de moderar a capacidade de CR, DER e KAP em prever o RWPLK. Originalidade/valor: O presente estudo fornece a primeira evidencia empírica sobre o papel moderador da pandemia COVID-19 na capacidade preditiva do desempenho financeiro e nao financeiro para o prazo de publicaçao das demonstraçöes financeiras.Alternate :Purpose: This study examined the ability of financial and non-financial performance in predicting financial reports publication time frame as moderated by the COVID-19 pandemic. Theoretical framework: Signal theory postulates that management serves a crucial role in providing information to stakeholders regarding the condition of the company (Brigham & Houston, 2001). According to Spence (1973), companies are motivated to provide relevant information to stakeholders. If the performance conditions are good, the company tend to speed up the process of presenting financial statements. Conversely, if performance is poor, there is a tendency to delay the financial reports publication. The long span of time for the publication of financial reports can indicate bad news that the company has so that it has yet to publish the news to the public. Scott (2015) suggests that when managers know there is unfavorable news about the condition of the company in the future, they will avoid publishing this information or at least delay the presentation of financial statements. Method/design/approach: Financial performance was measured by four indicators: profita il ty, liquidity and solvency. Meanwhile, variable non-financial performance was measured by the index of good corporate governance (GCG) and auditor reputation. The proposed model was tested based on the quantitative data collected from 156 manufacturing companies listed on the Indonesia Stock Exchange (IDX) from 2018 and 2020. The multiple regression analysis was performed to analyze and interpret the data. Results and conclusion: Result indicates that solvency, good corporate governance, and auditor reputation were significant predictors of the time span of financial report publication. However, the predictive ability of profitability and liquidity on the publication timeframe was found to be not significant. Furthermore, the results show that the COVID-19 pandemic moderates the ability of profitability and good corporate governance in predicting the publication timeframe. Research implications: Financial and non-financial performance indicator gives different results in predicting the RWPLK of manufacturing companies in Indonesia. ROA and CR are not able to predict RWPLK, but DER, GCG, KAP are able to predict RWPLK. The role of the COVID-19 pandemic was able to moderate the ability of ROA and GCG in predicting the timeframe for publication of financial reports, but was unable to moderate the ability of CR, DER and KAP in predicting RWPLK. Originality/value: The present study provides the first empirical evidence on the moderating role of the COVID19 pandemic on the predictive ability of financial and non-financial performance for financial statement publication time frame.

Bank liquidity hoarding during the COVID-19 pandemic.

This paper examines the association between bank liquidity hoarding (BLH) and the COVID-19 pandemic. Using a sample of U.S. banks and applying fixed effect estimators, we reveal that banks rack up liquidity assets and liabilities when the pandemic escalates. Our finding holds with alternative BLH and COVID-19 proxies and is further validated by falsification tests. Additional analysis reveals that BLH improves bank stability by reducing earnings volatility, non-performing loans and the propensity to go bankrupt. This study supports the existing literature on BLH and economic adversities and expands our understanding of BLH during the COVID-19 pandemic.

The time-varying effects of liquidity and market efficiency of the European Union carbon market: Evidence from the TVP-SVAR-SV approach

We use the time-varying parameter structural vector autoregression stochastic volatility (TVP-SVAR-SV) and causality-in-quantiles methods to explore the linkage between market liquidity and efficiency in the European Union Emissions Trading Scheme (EU ETS) during Phase III. Our results show that two-way causality existed under normal and lower market conditions. Additionally, the linkage between liquidity and efficiency exhibits time-varying characteristics. Except in cases of extremely high market liquidity, the pass-through effect of liquidity on efficiency is mostly positive in the long run. The linkage is stronger in the medium and long term, but the response of liquidity to efficiency shocks is more complicated. Market efficiency has an overall inhibitory effect on liquidity in the short term and a promoting effect in the medium and long term. Furthermore, we investigate the impulse response during the COVID-19 period and the war between Russia and Ukraine and find that improvements in efficiency will permanently damage liquidity. Overall, the abilities of market makers and arbitrage traders, impacted by multiple factors, play an important role in the process by which liquidity affects market efficiency. By revealing and explaining the dynamic relationship between liquidity and efficiency, this research provides valuable information for policymakers and various market participants.

The impact of the pandemic on sports companies: comparative rate analysis of champions league and Turkish football companies

Today, when sports have become a very important sector for the economy, football, which is one of the favorite elements of the sports sector, has a very large financial position among other sports branches. Many different organizations such as UEFA also contributed to this position. In this study, the effect of the Covid-19 epidemic, which was declared a pandemic by the World Health Organization on March 11, 2020, on football clubs was analyzed through the financial statements of football clubs. In the research, the ratio analysis method was applied through the financial statements of the three football clubs in the category of UEFA champions league leaders as of 5 May 2021 and the football companies traded in the BIST for the periods 2017, 2018, 2019, 2020, and 2021. As a result, it has been revealed that all clubs were affected negatively compared to the pre-pandemic period, but the three clubs, which are UEFA leaders, were less affected by the negative effects of the pandemic due to their strong financial resources and sporting successes. In the evaluation of the research, it has been revealed that Besiktas is the club with the best debt-paying power among the clubs in Turkey. It was evaluated that the net working capital of the other three clubs was negative. It is understood that the three clubs, which are the ranking leaders in 2021, have strong financial positions that do not differ much from each other. It is another result that the solvency and resource structures of Turkish football clubs and UEFA ranking leaders are far from each other. This situation is generally;It can be attributed to sportive success, the difference in the income balance and the increase in the exchange rate in our country.

Information Value of Individual and Consolidated Financial Statements for Indicative Liquidity Assessment of Polish Energy Groups in 2018–2021

Electricity is currently one of the most popular sources of energy. Considering such widespread use of electric energy, we may ask, what is the economic cost of producing and supplying it? The climate crisis and the social pressure associated with it have triggered the necessity to make further investments in renewable and low-emission energy sources, while the COVID-19 pandemic has abruptly limited electricity consumption in industry. All these factors can have an impact on disruptions or loss in the liquidity of companies responsible for supplying electricity to end users. Guaranteeing cash flow for energy sector entities is a prerequisite for energy supply continuity. In this context, the selection and application of reliable sources of information are vital for the management of the financial liquidity of energy sector entities. The aim of this article is to prove the value of the financial information of individual (IFR) and consolidated financial statements (CFR) essential for the indicative liquidity assessment of Polish energy groups in 2018–2021. The hypothesis of this study is that individual and consolidated statements do not offer coincident analytical data due to the diversified role of their parent undertakings. We have applied indicative liquidity assessment analysis from a static and dynamic perspective to 2018–2021, on the basis of individual and consolidated financial statements. The results clearly show high dysfunction in the application of indicative liquidity assessment in the case of the individual financial statement of the parent company. This is mainly due to the role parent companies play in Polish energy sector groups, as they are mainly responsible for support processes. [ FROM AUTHOR] Copyright of Energies (19961073) is the property of MDPI and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full . (Copyright applies to all s.)

COVID-19 PANDEMIC AND FINANCIAL PERFORMANCE

Purpose: This study aims to illustrate the impact of the corona pandemic (COVID-19) on the financial performance in industrial companies in Jordan. Theoretical framework: This study depend on review of literature review to determine variables of study and its relationship, has been determined all variables: corona pandemic (COVID-19) is independent variable, dependent variables was divide into three axes: profitability, liquidity and debts each of them was measure by some financial ratios that its will show later in hypotheses. Design/Methodology/Approach: The study was applied on 16 industrial companies in Jordan, their quarterly financial statements were collected from Amman's stock exchange from the first quarter of the year 2017 to the end of the third quarter of the year 2021. Finding: It concluded to the fact that there is a negative impact on profitability reflected by the corona pandemic (COVID-19), and another positive impact on debts, and has no impact on the liquidity. Research, Practical & Social implications: The implication drawn from this study is that it show to researchers and interested of investment, that causes it corona pandemic (COVID-19) impact on performance of companies listed on important sector in Jordan is industrial Sector, which is represented 60% from all investments. Originality/value: The value of the study's originality in the past two years is the world was invaded by a new disease called Corona (COVID-19), and the disease enforced some changes on companies activities and performances it due to the closure works of companies. © 2023 AOS-Estratagia and Inovacao. All rights reserved.

COVID-19 and corporate tax avoidance: International evidence.

Governments across the globe initiated various tax reforms in the post- Global Financial Crisis period to rein in aggressive corporate tax avoidance for managing budget deficits. These developments created new realities in the international business environment by altering the costs and benefits of corporate tax management. Yet, we have a limited understanding of the effectiveness of tax reforms in controlling corporate tax avoidance at the global level. COVID-19 offers a litmus test for how corporates manage their taxes during the pandemic in light of past tax reforms. We use financial constraints and reputational costs as two contradicting theoretical perspectives to explain corporate tax avoidance during the crisis. Consistent with the financial constraints hypothesis, we find that firms avoid taxes amid COVID-19 to prevent liquidity crunches. Our study also highlights the role of country-level information and governance quality in curbing tax avoidance during extreme events like COVID-19. Our findings call for an immediate tax policy intervention to limit corporate tax avoidance during the ongoing pandemic phases.

When health and environment are entwined: An analysis of green, conventional and government bonds during the COVID-19 variants of concern (VOC)

The awareness of environmental and social issue has become one of the primary considerations among investors recently. This has sparked interest for social impact studies among many researchers. Among all the green-based financial products, green bond has become an instrumental mechanism of the financial landscape in overcoming the climate-related effects. Thus, we investigated the liquidity spread, measured by bid and ask spread among bonds in developed countries. Then, we use COVID-19 VOC to look at the behavior of liquidity during the specific VOC. The findings show that the bid-ask spread of the green bonds has been mostly equivalent across the multiple COVID-19 variants' periods. Meanwhile, the conventional bonds have been mostly contractionary across the multiple COVID-19 variants periods;and the government bonds are mostly expansionary across the multiple COVID-19 variants' periods.

Effective risk management in the shadow of COVID-19 pandemic: The evidence of Indonesian listed corporations.

The study uses COVID-19 to identify the treatment group as the difference in change of non-financial corporations (NFCs) risk management ratios over time to investigate the causal effect of the NFCs' effective risk management (ERM) practices on operational efficiency (OE). ERM was measured by solvency and liquidity ratios, while the risk management theory was developed to refine the scope of the study. The data were collected from the central bank of Indonesia to map the empirical analysis, and the difference in difference (DID) technique was used to illustrate how NFCs react to mitigate the negative impact of COVID-19 and generate OE. Specifically, a quasi-natural experiment was used to size the effect of ERM practices on corporate OE during the COVID-19 pandemic. The descriptive analysis revealed that the COVID-19 pandemic effect has been unequal across different industrial sectors. Moreover, the empirical findings showed that corporate risk management during COVID-19 is the source of structural change, which affects its existence and operational efficiency. While debt amount and age may affect corporate credit score, ERM practices led the indebted corporation to the flexibility of debt refinancing or/and restructuring, which offers them the ability to prevent bankruptcy and adapt to the changes while operating efficiently. The finding revealed evidence of the important role of long-term debt in offering protection to NFCs during the credit supply shock brought in by the COVID-19 pandemic. Furthermore, the findings show that long-term debt is negatively associated with corporate OE. This was expected given that corporations use long-term debt financing for long-term investment, while short-term debt funds the working capital. Thus, to assess the effect of debts on corporate OE, managers should consider their maturity structure, among other factors.

THE MICROPRUDENTIAL STRESS TESTING FOR BANKING SYSTEM. A STUDY CASE ON ALGERIAN PRIVATE BANK, USING ACCOUNTING APPROACH

The aim of this article is to highlight the importance and effectiveness of stress testing as part of microprudential policy. We focus on microprudential stress testing to assess financial stability, the resilience and solvency of one important private bank in Algeria in the face of liquidity risk. Our empirical analysis adopts a bottom-up approach based on an accounting method. It studies the relationship between the bank solvency ratio (ratio cook) and bank portfolios, such as loans to the construction, trade, industry, and automotive sectors. Microeconomic stress tests assess the credit risk of a bank's loan portfolio by bottom-up accounting approach, applying eleven pessimistic and plausible multi-variable scenarios with potential risks. The tests introduce several types of microeconomic shocks into the scenarios, which are designed to replicate those that occurred during the global financial crisis. The tests results show that this private bank is highly resistant to liquidity risk, despite significant losses on its investment portfolio. The stress tests prove once again, and especially after the 2008 financial crisis, that they are indispensable tools in the management of banking risks and against systemic risks.

How does the COVID-19 pandemic shape the relationship between Twitter sentiment and stock liquidity of US firms?

Using a new investor sentiment metric derived from Twitter, this paper examines how the pandemic's death rate influences the impact of investor sentiment on stock liquidity. Recent literature remains inconclusive regarding the effect of COVID-19 information and investor sentiment on financial markets. Using panel smooth transition regression (PSTR) for daily data on 338 listed firms in the S&P500 from January 2, 2020, to May 26, 2021, the findings reveal that the impact of Twitter sentiment on stock liquidity is nonlinear and changes over time and across firms in the function of the pandemic's death rate in the US. The results exhibit a threshold level of 4.32%, above which investor sentiment boosts stock liquidity. The speed of the transition from low to high pandemic death rate regime occurred abruptly rather than smoothly. This translates to severe changes in investor perception and demonstrates that investors are rapidly updating their beliefs during the COVID-19 outbreak. © 2023 Elsevier Inc.

Dividend policy, its asymmetric behavior and stock liquidity

Purpose: This paper examines the impact of dividend policy on stock market liquidity, and whether the dividend payouts has an asymmetric effect on stock liquidity. Design/methodology/approach: A multivariate panel-data regression analysis is conducted for a sample of the largest 411 nonfinancial US firms. Three main hypothesis are tested: (1) whether dividend payouts impact affect stock liquidity, (2) whether low and high dividend payments can asymmetrically effect on stock liquidity and (3) whether the presence of the GFC has an impact the relationship between dividend payments and stock liquidity. Findings: The study finds that dividend policy is adversely associated with stock liquidity. This supports the prediction of the liquidity-dividend hypothesis. The authors also report that stock liquidity asymmetrically responds to changes in dividend payouts, confirming the prediction of the dividend-signaling approach. More specifically, higher dividend payments decrease stock liquidity by a lower magnitude than the increase in stock liquidity resulting from lower dividend payments. Finally, the presence of the GFC weakened the relationship between dividend payments and stock liquidity. Research limitations/implications: The paper can help in performing future research by using different dataset covering the COVID-19 crisis. Practical implications: The paper allows market participants to better understand the impact of dividend policy and its asymmetric effects on stock liquidity. The authors' analyses can direct investors and regulators to adopt new supervisory devices to create an appropriate level of dividend payouts that helps to effectively support the level of stock liquidity. Social implications: The paper intends to support the business community and to make strong contributions to the economic development and the welfare of the community. Originality/value: The originality comes from its new evidence as it can help in assessing the importance of dividend policy and its asymmetric impact on stock liquidity in the full sample and during the GFC. The paper is helpful in performing future analyses using a new sample period for another set of data as well as accounting for COVID-19 pandemic crisis. [ FROM AUTHOR] Copyright of Journal of Economic Studies is the property of Emerald Publishing Limited and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full . (Copyright applies to all s.)