This study investigates the impact of tax incentives on the firms’ innovative activity and economic growth by using sample of 28 OECD countries. The study using panel data analysis and applies fixed effect OLS models. The results of the econometric investigation indicate that tax incentives have significant and positive effect on the R&D expenditure. Regression analysis also shows a positive significant impact of R&D tax incentives in combination with direct funding for business R&D. The paper finds no evidence of significant relationship between tax incentives and economic growth. The research also finds a positive significant impact of direct R&D support, R&D expenditure and tax incentives on registered patents. We suggest to apply public support policy including both types of support since previous studies showed that tax incentives and direct funding are not perfect substitutes.

abstract: Objective: The Special Supplemental Nutrition Program for Women, Infants and Children (WIC) is a federally-funded program that provides supplemental food packages, nutrition education, and healthcare referrals to low-income women, infants, and children under 5, who are at the highest nutritional risk. This study explores if household WIC participation is associated with healthier dietary behaviors among age-ineligible children (5-18-years-old) in WIC households. Consumption frequency of fruits, vegetables, 100% juice, sugar-sweetened beverages (SSBs), and energy-dense snacks (sweet and salty snacks) among children from WIC and income-qualifying non-WIC households were compared. Methods: Data were obtained from two cross-sectional panels (2009-10 and 2014) of the New Jersey Child Health Study conducted in four low-income New Jersey cities. Questions from previously validated surveys assessed consumption frequency of fruits, vegetables, SSBs, and sweet and salty snacks. Analyses were confined to 570 children between 5-18 yrs; of which 365 (5-11 yrs: 237, 12-18 yrs: 128) resided in WIC participating households and 205 (5-11 yrs: 138, 12-18 yrs: 67) in income-qualifying non-WIC households. Over half of the sample was African American and 43% were Hispanic. Multivariable analyses were conducted to compute incidence rate ratios (IRRs) using negative binomial regression to compare the differences in eating behaviors of children in WIC vs. Non-WIC households Results: Household WIC participation was associated with a slightly higher frequency of vegetable consumption among 12-18-year-old children (IRR= 1.25, p=.05); differences were significant among older males (12-18-years-old) (p=.006), and not in females. Frequency of 100% juice consumption was significantly higher among younger females (5-11-years-old) in WIC households who consumed juice about 44% more frequently (p=.02) compared to similar age girls in non-WIC households. Hispanic children in WIC households reported a lower frequency of SSBs consumption (p=.01); this association was only true among males (p=.02). Conclusions: Household WIC participation is associated with healthier dietary behaviors among age-ineligible children living in the households, suggesting a positive spillover effect of the program. Proposed changes to WIC packages are likely to have dietary implications not only for WIC participants but also for non-participating children residing in WIC households, / Dissertation/Thesis / Masters Thesis Nutrition 2019

本論文是由三篇關於金融市場的實證研究組合而成。第一篇以權益存續期間為主題，主要是利用迴歸模型估計台灣上市產業指數的實證權益存續期間，以探討股票報酬率的利率敏感度。迴歸模型中控制了三個重要的股票風險因子─市場因子、規模因子與價值因子。但其中，我們改以正交市場因子代替市場因子，以避免因為利率變動與市場報酬間存在共線性，而造成權益存續期間有可能錯估的問題。此外，基於權益存續期間具有會隨時間改變的動態特性，本文亦對各產業指數最近一次結構性變化的發生時點進行偵測，並據以推估最近期的權益存續期間。實證結果顯示：除了鋼鐵業的權益存續期間不顯著之外，其他所有產業指數皆具有負的權益存續期間，表示其報酬率與利率變動呈現出正向關係。在程度上，則以營建類指的利率敏感度最大，汽車類指最小。 第二篇應用了Diebold and Yilmaz (2009)的外溢指標分析台灣上市產業指數間的連動性，其優點是可以瞭解到產業間相互影響的方向以及程度。實證結果顯示：台灣上市產業指數間的外溢程度頗高，並以營建業為最主要的影響者，而相反地，鋼鐵業則是主要的被影響者。外溢指標具有隨時間改變的動態特性，而且透過動態外溢指標可觀察到次貸風暴蔓延的嚴重性。 第三篇應用了Goyal, Perignon and Villa (2008)所提出的多群組因素分析法，檢測美國總人口死亡率的共同因子個數。該方法最大的優點是能夠有效地辨識出真正的共同因子，避免了一般因素分析容易將解釋能力高的群組內獨特因子誤認為共同因子的缺點。根據檢測結果顯示，美國總人口死亡率的共同因子共有兩個，而且第二個因子的重要性隨時間愈來愈明顯。 / This thesis consists of three empirical essays about financial markets. The first essay analyzes the sensitivity of stock returns to changes in interest rates by estimating empirical equity duration of 18 industrial indices in the Taiwan Stock Exchange. In the regression models, we also control for the market excess return and the Fama-French mimicking returns for size and book-to-market factors. To avoid the effects of the multicolinearity between the market excess return and the interest rate changes, we replace the market excess return by the orthogonalized market factor. In addition, considering the time-varying pattern of empirical equity duration, we further adopt the reversed ordered Cusum test proposed by Pesaran and Timmermann (2002) to identify the most recent break of the regression relationship, and then extract the post-break data to re-estimate the up-to-date empirical equity duration. The result shows that except the Steel index, all industrial indices exhibit significantly negative equity durations, indicating a positive relationship between industrial index returns and interest rate changes in Taiwan. Among them, the Construction index has the largest interest rate sensitivity, while the lowest one is for the Automobile index. The second essay focuses on the nature of financial market interdependence, both in terms of returns and returns volatilities. Being capable of identifying the direction and magnitude of linkages among financial markets, the spillover index proposed by Diebold and Yilmaz (2009) is used to measure return and volatility spillovers between the top eight industrial indices based on market value in the Taiwan Stock Exchange. We find that for both returns and volatilities, the spillover effects among industrial indices in Taiwan are substantial. In particular, the Construction index is the major transmitter of shocks to other industries, and the Steel index, in contrast, suffers the most shocks from others. The spillover index fluctuates over time and indeed detects the severity of subprime mortgage crisis. The third essay adopts the multigroup factor analysis proposed by Goyal, Perignon and Villa (2008) to estimate the number of common pervasive factors for annual age-specific mortality for the entire U.S. populations. While the standard principal component analysis easily treats any group-specific factor as pervasive one due to its high contribution to total system variance, this methodology is able to estimate the space spanned by common and group-specific pervasive factors and recognize the true common factors. Empirical result shows that there are only two common pervasive factors governing the death rates in the United States; in particular, the importance of the second factor increases over time.

Non-audit services provided by audit firms have been a popular scientific topic within the fields of audit and accounting research over the past decades. Numerous researchers have attempted to provide a theoretical contribution by examining different ways of measuring the concepts of audit quality and financial reporting quality. The resulting consequences are mixed results and a lack of consensus among researchers from both research fields. The two, in other situations, rather distinctive research fields of audit quality and financial reporting quality, have, in several cases, been confounded without analytical reflection regarding their differences. In parallel to the scientific progress, regulatory bodies have noticed the increasing trend of non-audit services and how they constitute larger portions of the audit firm’s annual revenues. Their responses have been legal restrictions, both in the US and Europe, in order to cease the trend. The purpose of this thesis is to make a pronounced investigation regarding the relationship between non-audit services and financial reporting quality in Swedish private firms. Furthermore, it will also be of interest to examine if this proposed relationship is moderated by the presence of the four global market-leading audit firms or not. The study is based on a deductive approach and a quantitative research strategy, to collect and analyze data from annual reports. To fulfill the purpose of the study, the data is analyzed by conducting binary and multinomial logistic regression tests. The results suggest that there is an association between certain types of non-audit services and financial reporting quality. Specifically, services that are unrelated to tax have proven to be statistically significant positively correlated with financial reporting quality. No evidence was found supporting a moderating effect by the characteristics of audit firms, suggesting that the choice of an audit firm is irrelevant for attaining high financial reporting quality when purchasing non-audit services. The study’s theoretical contribution is the novelty arising from the combination of studying non-audit services’ impact on financial reporting quality within a Swedish setting on private firms. The study also provides empirical contribution by using a proxy for financial reporting quality rarely used in previous research. The findings are of practical importance since they suggest that firms potentially benefit in their financial reporting by purchasing these kinds of services, which contradicts past actions made by regulatory bodies.

京都大学 / 0048 / 新制・課程博士 / 博士(工学) / 甲第21091号 / 工博第4455号 / 新制||工||1692(附属図書館) / 京都大学大学院工学研究科都市社会工学専攻 / (主査)教授 五十嵐 晃, 教授 八木 知己, 准教授 古川 愛子 / 学位規則第4条第1項該当 / Doctor of Philosophy (Engineering) / Kyoto University / DFAM

The construction industry's two main certifications are Leadership in Energy and Environmental Design (LEED) and Energy Star. To achieve the triple bottom line of sustainability for these certifications, both certifications should make a positive impact individually as well as mutually, with their impact extending to the surrounding neighborhood. This research examined the spillover effect of LEED and/or Energy Star certified office buildings on the property values of other buildings in their neighborhood in Manhattan, New York City from an economic standpoint. The spatial analysis approach using the Geographic Information System and the statistical analysis approach based on the Hedonic Price Model and the Linear Mixed Effect Model were applied to identify the geographical distribution of LEED and/or Energy Star certified office buildings and their other buildings in their neighborhoods and analyze the impact of the former on the latter. The results were as follows: 1) There was a significant correlation between a LEED and/or Energy Star certified office building and the unit market values of its adjoining buildings through the unit market values of the certified office building, the LEED and/or Energy Star certification achievement, and the major features of LEED certification; 2) There was a varying spillover effect of the certified office building on the median unit market value of buildings depending on their proximities to a LEED and/or Energy Star certified office building. This research provides a firm foundation for further efforts to quantify the spillover effect of LEED and/or Energy Star certification on a neighborhood from an economic standpoint, thus supporting and encouraging growth in the local real estate market and benefitting not only the owners, developers, and investors of the certified office building but also the owners of neighboring buildings. / Ph. D.

本研究利用亞洲九個國家，自1995至2005年共十一年的資料，以固定效果模型對外人直接投資進入模式的外溢效果進行估計，探討外人直接投資進入模式與國家的勞動生產力之間的關係？另外，本文也研究外人直接投資的進入模式在高低技術及高低收入國家間是否會產生不同的外溢效果？　　 實證結果發現，跨國併購的行為剛進入時，並不會帶來顯著的外溢效果，然而只要一國的人力資本達到一定的門檻時，跨國併購便會為地主國帶來正向的外溢效果。而外商新建投資，可為當地市場產生正向的外溢效果。而透過技術能力的增進後，外商新建投資會帶來正向且顯著的外溢效果。 其次，在中低收入(技術)國家，外商新建投資透過人力資本的加乘後，也會產生顯著的正向外溢效果。 / The research adopts eleven-year of information from nine different Asian countries to evaluate the impact of spillover effect from the entry mode of foreign direct investment (FDI) on the national labor productivity. That is to construct a fixed-effects model studying, utilizing the information from nine Asian countries on FDI flows from 1995 to 2005. Moreover, the research also test the different spillover effect of entry mode between high-tech/high-incomed and low-tech/low-incomed countries. The empirical result shows that when first initiates a cross-border mergers or acquisitions, it doesn’t obviously result in the spillover effect. Thus, a country will has higher productivity of cross-border mergers and acquisitions, only when it has a minimum threshold stock of human capital. The foreign greenfield investment may have the positive spillover effect over the local market. And the higher the technology ,the higher the positive spillover effect of the foreign greenfield investment Lastly, in a low-tech/low-incomeed country,it will has higher productivity of foreign greenfield investment, also when it has a minimum threshold stock of human capital.

品牌聯盟是市場上經常被運用的行銷策略，廠商藉由搭配另一個品牌共同推出產品，不僅增加原本產品的屬性，更讓消費者對於新產品產生更高的信心與正面的態度。消費者在對品牌聯盟產品形成態度的同時，也對原本單獨兩品牌產生了新的評價，使得消費者在品牌聯盟前後對於個別品牌的態度出現差異，造成品牌聯盟的外溢效果。本研究之目的在探討品牌聯盟類型中的組成份共品牌，是否會因為不同品牌知名度的組合，而影響消費者對品牌聯盟的態度。另外當品牌參與聯盟之後，消費者對品牌態度的改變，是否受其本身知名度以及在聯盟中擔任角色的影響。本研究設計一個2（主品牌知名度高/低）x2（成分品牌知名度高/低）x2（品牌聯盟成功/失敗）=8組的實驗，利用問卷瞭解消費者在各種組合下對品牌聯盟以及個別品牌的態度，再利用統計分析比較彼此的差異。 透過對214份有效問卷的分析，研究發現品牌知名度確實是影響消費者對品牌聯盟態度的因素。此外，消費者在品牌聯盟之後對個別品牌態度的變化幅度，會受品牌聯盟市場反應的好壞，品牌本身知名度，以及此品牌在聯盟中擔任角色的交互影響，而造成外溢效果的差異。品牌聯盟市場反應好壞不必然同時影響消費者對聯盟中兩個品牌的態度，消費者傾向於將品牌聯盟的成敗歸因於主品牌上，使主品牌的外溢效果大於成分品牌。另外品牌外溢效果同時會受品牌知名度與聯盟中主附品牌角色不同的影響。低知名度加上主品牌的組合最容易產生顯著的外溢效果。 / Brand alliance, also called co-branding, is a useful marketing strategy which helps an existing brand to leverage associations, strengthen its image and influence consumers’ attitudes by linking itself to other brands. A special case of brand association is ingredient branding, which highlights a product’s ingredient brand in order to signal the quality of co-branded products. While consumers perceive a co-brand and form attitudes to it, the attitudes toward each constituent brand are also influenced, causing the spillover effect. This study tries to find out if brand awareness is the key factor to impact consumers’ attitudes to a brand alliance. Further, it explains how spillover effect differs between a main brand and an ingredient brand when either positive or negative information about an ingredient branding product is presented to customers. Experiments are conducted to compare an array of consumer’s attitudes and spillover effects of ingredient branding products. Main brands and ingredient brands of different awareness levels are paired alternatively to design eight co-branding conditions. The study finds out brand awareness is a key factor that influences consumer’s attitudes toward a brand association. The combination of two high-awareness brands gains the more positive attitudes than other awareness combinations. However, the level of awareness has little to do with the strength of spillover effect. Attitudes to a brand alliance, positive or not, do not necessarily influence the attitudes to either allied brands. Spillover effect is not a symmetrical phenomenon, and therefore one brand usually gains more spillover effect than their counterpart. Generally the main brand in an ingredient branding has higher spillover effect than the ingredient brand.

La gestion du risque est un sujet primordial au niveau d’une entreprise et au niveau de l’Etat. Cette thèse investigue ce thème au travers de trois essais empiriques. Le premier essai s’intéresse à la gestion du risque de change par les entreprises. Les résultats montrent que les Fusions & Acquisitions transfrontalières offrent une couverture opérationnelle contre le risque de change. De plus, cette technique de couverture crée de la valeur pour les actionnaires. La baisse de l’exposition au risque de change (en valeur absolue) est positivement associée avec les rentabilités anormales cumulées (CAR) pour les acquéreurs. Le deuxième et le troisième essai se concentrent sur la gestion du risque au niveau de l’État - le plan de sauvetage (dit « plan Paulson ») pendant la crise financière récente aux États-Unis. Le deuxième essai confirme dans un premier temps l’effet positif du plan sur les CAR et la réduction des probabilités de défaut pour les banques participantes autour de son annonce initiale. Pourtant, l’effet du plan n’est pas neutre au sein des banques : les grands joueurs ont été les gagnants. Le dernier essai analyse les effets de bord du plan Paulson sur les pratiques d’octroi de prêts. Nos résultats révèlent qu’il y a un effet de bord positif et significatif de l’intervention gouvernementale sur la maturité des prêts syndiqués pendant la période postérieure à la crise, de 2010 à 2012. Néanmoins, cet impact positif n’apparaît pas pour la taille des prêts syndiqués. En somme, cette thèse empirique met en lumière d’une part les moyens efficaces d’une gestion du risque de change pour les entreprises, comme par exemple la couverture opérationnelle, et ses implications positives pour les actionnaires des acquéreurs, et d’autre part les résultats attendus d’une intervention de l’Etat, comme celle du plan Paulson, les effets de bord et les effets hétérogènes entre les établissements financiers. / The risk management is a crucially important topic at firm and country level. This thesis investigates this subject across three empirical essays. The first essay is interested in firm’s currency risk management. The results show that the cross-border Mergers & Acquisitions offer an operational hedging to the currency risk. Moreover, this hedging creates value for acquirers’ shareholders. The decrease in currency risk exposure (in absolute value) is positively associated with acquirers’ cumulative abnormal returns (CAR). The second and the third essay concentrate on the risk management at country level - the bailout plan (the Paulson plan) during the recent financial crisis in United States. The second essay in a first step confirms the positive effect of the plan on bank participants’ CAR and on the decrease of default probability around the plan’s initial announcement. Nevertheless, the effect of the plan is not neutral among banks and big players were the winners. The last essay analyzes the Paulson plan’s spillover effect on the loan supply. Our results reveal that there is a positive and significant spillover effect of the government intervention on syndicated loans’ maturities during the post-crisis period from 2010 to 2012. However, this positive impact is not found for the size of syndicated loans. In sum, this empirical thesis from one side sheds light on the efficient ways of firm’s currency risk management, such as the operational hedging, and its positive effect for acquirers’ shareholders; from another side for the country-level government intervention, it highlights the Paulson plan’s spillover effect on syndicated loans and the heterogeneous impact among financial institutions.

[ES] Más del 90 por ciento de los ensayos clínicos de medicamentos contra el cáncer fracasan. Por tanto, es necesario mejorar el conocimiento sobre los factores que aumentan el éxito del desarrollo de medicamentos. En esta tesis, se aborda esta cuestión desde la perspectiva de los Estudios de Innovación. Para ello, se revisa sistemáticamente 103 artículos relacionados con ensayos clínicos, publicados en revistas de innovación (1984-2021). Así se logra sintetizar los hallazgos existentes, clasificar los estudios por categorías y proporcionar algunas sugerencias teóricas y metodológicas para trabajos futuros. Se encuentra que las teorías del ciclo de vida del producto y de la innovación del usuario deberían ser aplicadas en la investigación futura para mejorar la compresión sobre el desarrollo de medicamentos. Se recomienda un mayor uso de los análisis causales, de regresión y de metodologías mixtas, especialmente en relación con los temas de la comercialización, la transferencia de conocimiento y los marcos institucionales, así como un mejor uso del aprendizaje automático y los lenguajes de programación por lo que se refiere a las herramientas informáticas de recogida de datos. De acuerdo con las lagunas de investigación identificadas en la revisión de la literatura, se explora el papel de la radicalidad, la formación de redes, la naturaleza básica y el impacto científico de la investigación en el éxito del desarrollo de fármacos a través de ensayos clínicos. Los resultados muestran que un mayor grado de radicalidad es menos susceptible de conducir al éxito. La relación entre densidad de la red y la tasa de éxito sigue una forma de U invertida. En redes de cooperación más densas, las organizaciones radicales tienen más posibilidades de éxito. El desarrollo radical de medicamentos implica que las organizaciones asuman más riesgos, lo que da lugar a más fracasos; sin embargo, una manera efectiva de incrementar la tasa de éxito del desarrollo radical de medicamentos es mediante la promoción de la densidad de las redes de cooperación. La investigación aplicada facilita que las organizaciones se involucren en el desarrollo de medicamentos, y la investigación básica es útil para incrementar la tasa de éxito del desarrollo de medicamentos. No obstante, la investigación aplicada de los cooperantes también incrementa la tasa de éxito a través de los efectos desbordamiento de la red. El impacto científico de la investigación juega un papel positivo tanto en involucrarse en el desarrollo de medicamentos como en conducirlo al éxito, directamente y través de los efectos desbordamiento de la red. Esta tesis proporciona algunas ideas para aumentar la tasa de éxito del desarrollo de medicamentos para organizaciones médicas y formuladores de políticas a través de estrategias de ciencia, cooperación e innovación. / [CAT] Més del 90 per cent dels assajos clínics de fàrmacs contra el càncer fracassen. Per tant, és necessari millorar el coneixement sobre els factors que augmenten l'èxit del desenvolupament de fàrmacs. En aquesta tesi, s'aborda aquesta qüestió des de la perspectiva dels Estudis d'Innovació. Per a això, es revisa sistemàticament 103 articles relacionats amb assajos clínics, publicats en revistes d'innovació (1984-2021). Així s'aconsegueix sintetitzar les troballes existents, classificar els estudis per categories i proporcionar alguns suggeriments teòrics i metodològics per a treballs futurs. Es troba que les teories del cicle de vida del producte i de la innovació de l'usuari haurien de ser aplicades en la investigació futura per a millorar la compressió sobre el desenvolupament de fàrmacs. Es recomana un major ús de les anàlisis causals, de regressió i de metodologies mixtes, especialment en relació amb els temes de la comercialització, la transferència de coneixement i els marcs institucionals, així com un millor ús de l'aprenentatge automàtic i els llenguatges de programació pel que fa a les eines informàtiques de recollida de dades. D'acord amb les llacunes d'investigació identificades en la revisió de la literatura, s'explora el paper de la radicalitat, la formació de xarxes, la naturalesa bàsica i l'impacte científic de la investigació en l'èxit del desenvolupament de fàrmacs a través d'assajos clínics. Els resultats mostren que un major grau de radicalitat és menys susceptible de conduir a l'èxit. La relació entre densitat de la xarxa i la taxa d'èxit segueix una forma d'U invertida. En xarxes de cooperació més denses, les organitzacions radicals tenen més possibilitats d'èxit. El desenvolupament radical de fàrmacs implica que les organitzacions assumisquen més riscos, la qual cosa dona lloc a més fracassos; no obstant això, una manera efectiva d'incrementar la taxa d'èxit del desenvolupament radical de fàrmacs és mitjançant la promoció de la densitat de les xarxes de cooperació. La investigació aplicada facilita que les organitzacions s'involucren en el desenvolupament de fàrmacs, i la investigació bàsica és útil per a incrementar la taxa d'èxit del desenvolupament de fàrmacs. No obstant això, la investigació aplicada dels cooperants també incrementa la taxa d'èxit a través dels efectes desbordament de la xarxa. L'impacte científic de la investigació juga un paper positiu tant a involucrar-se en el desenvolupament de fàrmacs com a conduir-lo a l'èxit, directament i través dels efectes desbordament de la xarxa. Aquesta tesi proporciona algunes idees per a augmentar la taxa d'èxit del desenvolupament de fàrmacs per a organitzacions mèdiques i formuladors de polítiques a través d'estratègies de ciència, cooperació i innovació. / [EN] Over 90% of clinical trials for cancer disease drugs fail. It is therefore necessary to increase understanding about the factors that increase the success of drug development. In the present thesis, this issue is addressed from the perspective of Innovation Studies. To this end, 103 articles related to clinical trials, published in innovation journals (1984-2021), are revised systematically. The existing findings are summarised, the studies are classified into categories and some suggestions for potential theoretical and methodological advances in Innovation Studies are provided. It is found that product life cycle and user innovation theories should be applied in future research to improve understanding about drug development. Further use of causal, regression and mixed-methods analysis is also recommended, especially related to the topics of commercialisation, knowledge transfer and institutional frameworks, along with a better use of machine learning and programming languages with regards to data gathering computer tools. Based on the research gaps identified in the literature review, an exploration is made of the role of radicalness, network formation, and the basicness and scientific impact of research on the success of drug development through clinical trials. The results show that a greater degree of radicalness is less likely to achieve success. The relationship between network density and success rate follows an inverted U-shape. In denser cooperation networks, radical organisations have a greater possibility of achieving success. Radical drug development involves organisations taking more risks, which results in more failures; however, an effective way of increasing the success rate of radical drug development is by promoting cooperation network density. Applied research encourages organisations to engage in drug development, and basic research is useful for increasing the success rate of drug development. Nevertheless, the applied research of cooperators also increases the success rate through network spillovers. The scientific impact of research plays a positive role in both the engagement and success of drug development, directly and through network spillovers. This thesis provides some insights to increase the success rate of drug development for medical organisations and policymakers through science, cooperation and innovation strategies. / I want to gratefully acknowledge the support from Spanish Ministry of Science, Innovation and Universities through Project CSO2016-79045-C2-2-R of the Spanish National R&D&I Plan, and Project AICO/2021/021 of the Valencian Government. The Universitat Politècnica de València funded my research through Contratos Pre-Doctorales UPV 2018 and Mobility Grants UPV 2019. / Li, S. (2023). How do Cooperation and Scientific Research Influence Drug Development? The Case of Cancer Disease [Tesis doctoral]. Universitat Politècnica de València. https://doi.org/10.4995/Thesis/10251/196380