Capital Markets (capital + market)

Distribution by Scientific Domains
Distribution within Business, Economics, Finance and Accounting

Kinds of Capital Markets

  • global capital market
  • internal capital market
  • international capital market
  • national capital market

  • Selected Abstracts


    Eric Nowak
    Financial economists continue to point to Germany as a relatively successful model of a "bank-centered," as opposed to a market-based, economy. But few seem to recognize that, in the years leading up to World War I, German equity capital markets were among the most highly developed in the world. Although there are now only about 750 companies listed on German stock exchanges, in 1914 there were almost 1,200 (as compared to only about 600 stocks then listed on the New York Stock Exchange). Since German reunification in 1990, there have been signs of a possible restoration of the country's equity markets to something like their former prominence. The last 10 years have seen important legal and institutional developments that can be seen as preparing the way for larger and more active German equity markets, together with a more "shareholder-friendly" corporate governance system. In particular, the 1994 Securities Act, the Corporation Control and Transparency Act passed in 1998, and the just released Takeover Act and Fourth Financial Market Promotion Act all contain legal reforms that are essential conditions for well functioning equity markets. Such legal and regulatory changes have helped lay the groundwork for more visible and dramatic milestones, such as the Deutsche Telekom IPO in 1996, the opening of the Neuer Market in 1997, and, perhaps most important, the acquisition in 2000 of Mannesmann by Vodafone, the first successful hostile takeover of a German company. [source]

    On the Use of the Moving Average Trading Rule to Test for Weak Form Efficiency in Capital Markets

    ECONOMIC NOTES, Issue 2 2008
    Alexandros E. Milionis
    The examination for the possible existence of predictive power in the moving average trading rule has been used extensively to test the hypothesis of weak form market efficiency in capital markets. This work focuses mainly on the study of the variation of the moving average (MA) trading rule performance as a function of the length of the longer MA. Empirical analysis of daily data from NYSE and the Athens Stock Exchange reveal high variability of the performance of the MA trading rule as a function of the MA length and on some occasions the series of successive trading rule total returns is non-stationary. These findings have direct implications in weak form market efficiency testing. Indeed, given this high variability of the performance of the MA trading rule, by just finding out that trading rules with some specific combinations of MA lengths can or cannot beat the market, as is the case in most of the published work thus far, is not enough evidence for or against the existence of weak form market efficiency. Results also show that on average in about three out of four cases trading rule signals are false, a fact that leaves a lot of space for improved trading rule performance if trading rule signals are combined with other information (e.g. filters, or volume of trade). Finally, some evidence of enhanced trading rule performance for the shorter MA lengths was found. This enhanced performance is partly attributed to the higher probability that a trading rule signal is not a whipsaw, as well as to the larger number of days out-of-the-market which are associated with shorter MA lengths. [source]

    Internal Capital Markets and Capital Structure: Bank Versus Internal Debt

    Nico Dewaelheyns
    G32; G21 Abstract We argue that domestic business groups are able to actively optimise the internal/external debt mix across their subsidiaries. Novel to the literature, we use bi-level data (i.e. data from both individual subsidiary financial statements and consolidated group level financial statements) to model the bank and internal debt concentration of non-financial Belgian private business group affiliates. As a benchmark, we construct a size and industry matched sample of non-group affiliated (stand-alone) companies. We find support for a pecking order of internal debt over bank debt at the subsidiary level which leads to a substantially lower bank debt concentration for group affiliates as compared to stand-alone companies. The internal debt concentration of a subsidiary is mainly driven by the characteristics of the group's internal capital market. The larger its available resources, the more intra-group debt is used while bank debt financing at the subsidiary level decreases. However, as the group's overall debt level mounts, groups increasingly locate bank borrowing in subsidiaries with low costs of external financing (i.e. large subsidiaries with important collateral assets) to limit moral hazard and dissipative costs. Overall, our results are consistent with the existence of a complex group wide optimisation process of financing costs. [source]

    Herd Behaviour and Cascading in Capital Markets: a Review and Synthesis

    David Hirshleifer
    We review theory and evidence relating to herd behaviour, payoff and reputational interactions, social learning, and informational cascades in capital markets. We offer a simple taxonomy of effects, and evaluate how alternative theories may help explain evidence on the behaviour of investors, firms, and analysts. We consider both incentives for parties to engage in herding or cascading, and the incentives for parties to protect against or take advantage of herding or cascading by others. [source]

    Pension Reform, Capital Markets and the Rate of Return

    Axel Börsch-Supan
    Aging; pension reform; rates of return Abstract. This paper discusses the consequences of population aging and a fundamental pension reform , that is, a shift towards more pre-funding , for capital markets in Germany. We use a stylized closed-economy, overlapping-generations model to compare the effects of the recent German pension reform with those of a more decisive reform that would freeze the current pay-as-you-go contribution rate and thus result in a larger funded component of the pension system. We predict rates of return to capital under both reform scenarios over a long horizon, taking demographic projections as given. Our main finding is that the future decrease in the rate of return is much smaller than often claimed in the public debate. Our simulations show that the capital stock will decrease once the baby-boom generations enter retirement, even if there were no fundamental pension reform. The corresponding decrease in the rate of return, the direct effect of population aging, is around 0.7 percentage points. While the capital market effects of the recent German pension reform are marginal, the rate of return to capital would decrease by an additional 0.5 percentage points under the more decisive reform proposal. [source]

    Why Strikes Occur: Evidence from the Capital Markets

    Jonathan K. Kramer
    New and existing empirical evidence regarding the stock market reaction to strikes is used to test the validity of three strike theories. A review of the existing capital market evidence reveals the need for information regarding the intraindustry announcement effects of strikes against manufacturing firms. This need is filled by applying event-study methodology, in a manner consistent with earlier studies, to a sample of strikes during the period 1982,1999. This new evidence, combined with that of previous studies, consistently supports the validity of Hick's theory that strikes are the result of bargaining errors, misperceptions of bargaining goals, or discrepancies between the expectations of union leaders and the rank and file. [source]

    The Euro and International Capital Markets

    Carsten Detken
    Long before the introduction of the euro there was an active debate among researchers, policy-makers and financial market participants over how the new European money would change the relative roles of currencies in the international monetary and financial system. A widely held view was that the euro's use in international capital markets would be the key element. Therefore, this paper provides a broad empirical examination of the major currencies' roles in international capital markets, with a special emphasis on the first year of the euro. A contribution is made as to how to measure these roles, both from the viewpoint of international financing and from that of international investment activities. Time series of these new measures are presented, including euro aggregates calculated up to six years back in time. The data allow for the identification of changes in the role of the euro during 1999 compared to the aggregate of euro predecessor currencies, net of intra-euro area assets/liabilities, since the start of stage 2 of EMU in 1994. A number of key factors determining the currency distribution of international portfolio investments, such as relative market liquidity and relative risk characteristics of assets, are also examined empirically. It turns out that for almost all important market segments for which data are available, the euro immediately became the second most widely used currency for international financing and investment. For the flow of international bond and note issuance it even slightly overtook the US dollar in the second half of 1999. The data also suggest that most of this early supply of euro bonds by non-euro area residents, clearly exceeding the euro-predecessor currency aggregate, is actually absorbed by euro area residents and not by outside investors so far. [source]

    Securities Laws, Disclosure, and National Capital Markets in the Age of Financial Globalization

    ABSTRACT As barriers to international investment fall and technology improves, the cost advantages for a firm's securities to trade publicly in the country in which that firm is located and for that country to have a market for publicly traded securities distinct from the capital markets of other countries will progressively disappear. Securities laws remain an important determinant of whether and where securities are issued, how they are valued, who owns them, and where they trade. I show that there is a demand from entrepreneurs for mechanisms that allow them to commit to credible disclosure because disclosure helps reduce agency costs. Under some circumstances, mandatory disclosure through securities laws can help satisfy that demand, but only provided investors or the state can act on the information disclosed and the laws cannot be weakened ex post too much through lobbying by corporate insiders. With financial globalization, national disclosure laws can have wide-ranging effects on a country's welfare, on firms and on investor portfolios, including the extent to which share holdings reveal a home bias. In equilibrium, if firms can choose the securities laws they are subject to when they go public, some firms will choose stronger securities laws than those of the country in which they are located and some firms will do the opposite. [source]

    Discussion of Scale Effects in Capital Markets-Based Accounting Research

    Wei Jiang
    First page of article [source]

    Corporate Failure Prediction Modeling: Distorted by Business Groups' Internal Capital Markets?

    Nico Dewaelheyns
    However, in view of the importance of business groups in Continental Europe, ignoring group ties may have a negative impact on predictive reliability. We find that models encompassing both bankruptcy variables defined at subsidiary level and at group level have a substantially better fit and classification performance. Furthermore we find that the group's support causes improved survival chances for subsidiaries, especially when these subsidiaries belong to the group's core business. Overall our results are consistent with existing theoretical and empirical findings from the internal capital markets literature. [source]

    Pensions, Risks, and Capital Markets

    Adair Turner
    First page of article [source]

    Strategic Information Acquisition in Capital Markets*

    Andreas Szczutkowski
    A simple model of an asset market is presented, where agents are asymmetrically informed and hence information is transmitted through the price system. Prior to the trading period, a group of traders is given the opportunity to decide in a collusive arrangement whether they want to undertake a (costless) analysis which yields information about the future dividends of a risky asset. It will be shown that the fully rational and risk-averse insiders can do better without the information, if the dividend volatility of the risky asset is sufficiently low. JEL Classification Numbers: D82, G14. [source]

    A Multinational Perspective on Capital Structure Choice and Internal Capital Markets

    THE JOURNAL OF FINANCE, Issue 6 2004
    ABSTRACT This paper analyzes the capital structures of foreign affiliates and internal capital markets of multinational corporations. Ten percent higher local tax rates are associated with 2.8% higher debt/asset ratios, with internal borrowing being particularly sensitive to taxes. Multinational affiliates are financed with less external debt in countries with underdeveloped capital markets or weak creditor rights, reflecting significantly higher local borrowing costs. Instrumental variable analysis indicates that greater borrowing from parent companies substitutes for three-quarters of reduced external borrowing induced by capital market conditions. Multinational firms appear to employ internal capital markets opportunistically to overcome imperfections in external capital markets. [source]

    The Choice of Private Versus Public Capital Markets: Evidence from Privatizations

    THE JOURNAL OF FINANCE, Issue 6 2004
    ABSTRACT We examine the impact of political, institutional, and economic factors on the choice between selling a state-owned enterprise in the public capital market through a share issue privatization (SIP) and selling it in the private capital market in an asset sale. SIPs are more likely in less developed capital markets, for more profitable state-owned enterprises, and where there are more protections of minority shareholders. Asset sales are more likely when there is less state control of the economy and when the firm is smaller. Our results suggest the importance of privatization activities in developing the equity markets of privatizing countries. [source]

    The Paradox of Transparency, Short-Termism and the Institutionalisation of Australian Capital Markets

    Gavin Nicholson
    As the ultimate corporate decision-makers, directors have an impact on the investment time horizons of the corporations they govern. How they make investment decisions has been profoundly influenced by the expansion of the investment chain and the increasing concentration of share ownership in institutional hands. By examining agency in light of legal theory, we highlight that the board is in fact,sui generis,and not an agent of shareholders. Consequently, transparency can lead to directors being ,captured' by institutional investor objectives and timeframes, potentially to the detriment of the corporation as a whole. The counter-intuitive conclusion is that transparency may, under certain conditions, undermine good corporate governance and lead to excessive short-termism. [source]

    The Small World of Canadian Capital Markets: Statistical Mechanics of Investment Bank Syndicate Networks, 1952,1989

    Joel A.C. Baum
    We investigate the structure of investment bank syndicate networks in Canada. We consider two banks to be connected if they have participated in an underwriting syndicate together, and construct networks of such connections using data drawn from the Record of New Issues (Financial Data Group). We show that these interfirm networks form "small worlds", in which banks are both locally clustered and globally connected by short paths of intermediate banks, and are "scale free", in which the connectivity of the network is highly skewed and with most banks tied to a small set of prominent banks. We examine changes over time in the network's small-world and scale-free properties, and demonstrate their theoretical and practical implications for the structure and operation of Canadian capital markets by linking these properties to the network's cliquey-ness, resilience, and speed of information transmission. Résumé Cette étude porte sur la structure des réseaux que for-ment les syndicats d'émission des banques d'investissement au Canada. Nous posons que deux banques sont liées si elles ont participé ensemble à un syndicat d'émission, et nous retraçons les réseaux de liens en utilisant des données extraites du Record of New Issues (Financial Data Group). Nous montrons que ces réseaux interorganisationnels (RIO)forment des petits mondes dans lesquels les banques sont à la fois localement regroupées et mondialement reliées par des courts chemins de banques intermédiaires. Les RIO sont également sans échelle (scale free): la connectivité dans le réseau est fortement inégale et la plupart des banques sont liées à un petit nombre de banques dominantes. Nous examinons l'évolution des propriétés de petit monde et d'absence d'échelle du réseau et mettons en Evidence leurs implications théoriques et pratiques pour la structure et le fonctionnement du marché canadien des capitaux en reliant ces propriétés aux caractères de clique, de résilience et de vitesse de transmission de l'information du réseau. [source]

    320 , Capital markets, financial institutions

    Article first published online: 9 OCT 200
    First page of article [source]

    From privatized to government-administered tax collection: tax farming in eighteenth-century France1

    The establishment of a government bureaucracy to collect taxes is regarded as one of the essential features of a modern economy. While Britain is considered a pioneer, France has been treated as a laggard because of continued reliance on tax farming. Focusing on the largest tax farm, France's late transition from private to government tax collection is explained in a principal-agent context by the difficulties of monitoring employees and borrowing at low cost in the capital market. Tax farmers continued to earn high returns, absorbing the risk of fluctuating collections, leaving the Crown with lower revenue. [source]

    Internal Capital Markets and Capital Structure: Bank Versus Internal Debt

    Nico Dewaelheyns
    G32; G21 Abstract We argue that domestic business groups are able to actively optimise the internal/external debt mix across their subsidiaries. Novel to the literature, we use bi-level data (i.e. data from both individual subsidiary financial statements and consolidated group level financial statements) to model the bank and internal debt concentration of non-financial Belgian private business group affiliates. As a benchmark, we construct a size and industry matched sample of non-group affiliated (stand-alone) companies. We find support for a pecking order of internal debt over bank debt at the subsidiary level which leads to a substantially lower bank debt concentration for group affiliates as compared to stand-alone companies. The internal debt concentration of a subsidiary is mainly driven by the characteristics of the group's internal capital market. The larger its available resources, the more intra-group debt is used while bank debt financing at the subsidiary level decreases. However, as the group's overall debt level mounts, groups increasingly locate bank borrowing in subsidiaries with low costs of external financing (i.e. large subsidiaries with important collateral assets) to limit moral hazard and dissipative costs. Overall, our results are consistent with the existence of a complex group wide optimisation process of financing costs. [source]

    The Changing Distribution of Income: Evidence and Explanations

    Anthony B. Atkinson
    This article is concerned with the economics of the distribution of income, emphasizing aspects which have been missing from the recent literature. It begins with factor shares and the rise in real interest rates. These are important in their own right and in relation to the determination of wage differentials. The paper questions the conventional wisdom which locates rising inequality and unemployment solely in a shift in demand away from unskilled workers. This explanation is too partial in its approach, is hard to reconcile with the empirical evidence, and ignores labour market institutions and the role of social norms. In seeking to explain the experience of different countries, we need to look not just at wages but also at the capital market, and should not be limited to a simple competitive supply-and-demand story. [source]

    The post,announcement performance of dividend,changing companies: The dividend,signalling hypothesis revisited

    ACCOUNTING & FINANCE, Issue 2 2002
    Abeyratna Gunasekarage
    This study revisits the dividend,signalling hypothesis by examining the post,announcement performance of U.K. companies which disclose dividend and earnings news to the capital market on the same day. For this purpose, we first analyse market,adjusted excess returns for three periods around the announcement and then examine the financial performance in the year of the announcement and in the subsequent five,year period. The near announcement excess returns and the announcement,year financial profiles provide strong evidence in support of the dividend,signalling hypothesis. However, in contrast to the predictions of the hypothesis, the longer,term results suggest that the companies which announce a reduction in both dividends and earnings (bad news companies) outperform their dividend,increasing counterparts. [source]

    Accruals Quality, Information Risk and Cost of Capital: Evidence from Australia

    Philip Gray
    Abstract:, Recent theoretical work argues that information risk is a non-diversifiable risk factor that is priced in the capital market. Using accruals quality to proxy for information risk, Francis et al. (2005) provide empirical support for this argument using a sample of US firms. This paper re-examines the interplay of accruals quality, information risk and cost of capital in Australia, where a number of important institutional and regulatory differences are hypothesized to affect the relation between accruals quality and cost of capital. The results suggest that, while accruals quality impacts on the cost of capital for Australian firms, some salient differences exist. In contrast to findings for US firms, the costs of debt and equity for Australian firms are largely influenced by accruals quality arising from economic fundamentals (i.e., innate accrual quality) but not discretionary reporting choices (i.e., discretionary accrual quality). This finding is consistent with our predictions based on the Australian institutional and regulatory environment. In addition, using both the asset pricing tests in Francis et al. (2005) and Core et al. (2008), we provide evidence consistent with accruals quality being a priced risk factor. [source]

    A Positive Theory of Moral Management, Social Pressure, and Corporate Social Performance

    David P. Baron
    This paper provides a theory of firm behavior motivated by moral duty, self-interest, and social pressure. A morally managed and a self-interested firm compete in a market in which their corporate social performance (CSP) provides product differentiation. Some citizens have altruistic or warm glow preferences for products with associated CSP, personal giving to social causes, holding shares in firms providing CSP, and contributing to social pressure to increase CSP. Social pressure is delivered by an activist NGO funded by voluntary contributions by citizens. The model characterizes an equilibrium in the product market, the capital market, and the market for social pressure. The equilibrium establishes a price for CSP and for activist-induced social pressure. The theory provides predictions of the market values of firms, the prices of products, firm profits, target selection, contributions to the activist, and the amount of CSP supplied. For example, if citizens do not distinguish between morally motivated CSP and CSP induced by social pressure, the activist is more likely to target the softer, morally motivated firm. Higher quality activists are better funded, target self-interested firms, and obtain greater corporate social performance. Lower quality activists target morally managed firms. [source]

    African capital markets and real sector investment

    Yohane Khamfula
    Many African capital markets find the lack of an efficiently organized capital market a serious obstacle to the efficient use of their savings, and thus to their overall economic development. To improve the situation, this paper suggests the following policy recommendations: removal of impediments to capital market development, improvement of the financial system infrastructure for efficient trading activities, sound economic policies that stabilize the exchange rate and prices to help attract foreign investors, increased integration of the local capital market with the world capital markets, encouragement of family-owned firms to go public and, most importantly, liberalization of international capital flows. The study also proposes ,privatization' and ,currency union' as enhancers of capital mobilization for real sector investment in Africa. Copyright © 2005 John Wiley & Sons, Ltd. [source]

    Market Implications of the Audit Quality and Auditor Switches: Evidence from China

    Z. Jun Lin
    Independent audits enhance the credibility of corporate financial reports and assist investors to make rational decisions in the capital market. Nonetheless, the utility of the auditing function depends upon the quality of audits, which is determined by the independence and expertise of auditors. Hence, auditor choice and switch will not only affect an audit's quality, but will also influence decisions made by investors and other market participants. The purpose of this paper is to investigate how investors respond to the quality of audits and auditor switches in the Chinese context. Empirical results show that the quality of an audit and switching to a larger auditor have a positive (negative) impact on earnings response coefficients (ERCs) for firms with positive (negative) abnormal earnings. In contrast, switching to a smaller auditor has a negative (positive) impact on ERCs for firms with positive (negative) abnormal earnings. These results suggest that large auditing firms (Top 10) in China are perceived as more effective for curbing income-increased earnings management, which leads to higher (lower) ERCs for clients with positive (negative) abnormal earnings. Firms' switching to a larger auditor may signal high-quality earnings. Therefore, investors more often increase stock prices when firms have positive abnormal earnings and less often depreciate prices for negative abnormal earnings. Similarly, switching to a smaller auditor may signal lower earning quality, resulting in opposite market responses. In general, the empirical evidence suggests that audit information is valued by the capital market in China. Large auditing firms have been able to product-differentiate themselves within the Chinese stock market. [source]

    Compliance with the Disclosure Requirements of Germany's New Market: IAS Versus US GAAP

    Martin Glaum
    This research examines compliance with both International Accounting Standards (IAS) and United States Generally Accepted Accounting Principles (US GAAP) for companies listed on Germany's New Market. Based on a sample of 100 firms that apply IAS and 100 that apply US GAAP, we investigate the extent to which companies comply with IAS and US GAAP disclosure requirements in their year,2000 financial statements. Compliance levels range from 100% to 41.6%, with an average of 83.7%. The average compliance level is significantly lower for companies that apply IAS as compared to companies applying US GAAP. This study provides the first systematic evidence regarding the enforcement of US GAAP outside the US, and accordingly not subject to Securities Exchange Commission (SEC) review. The results unveil a considerable extent of non,compliance. The overall level of compliance with IAS and US GAAP disclosures is positively related to firms being audited by Big 5 auditing firms and to cross,listings on US exchanges. Compliance is also associated with references to the use of International Standards of Auditing (ISA) or US GAAS in the audit opinion. The findings add to the growing concerns regarding the lack of effective supervision in the German capital market. [source]

    Handling Weather Related Risks Through the Financial Markets: Considerations of Credit Risk, Basis Risk, and Hedging

    Linda L. Golden
    The profits of many businesses are strongly affected by weather related events, and insurance against weather related risks (acts of God) has been a traditional domain for transfer of (certain) of these risks. Recent innovations in the capital market have now provided financial instruments to transfer and hedge some of these risks. Unlike insurance solutions, however, using these financial derivative instruments creates a situation in which the return to the purchaser of the instrument is no longer perfectly correlated with the loss experienced. Such a mismatch creates new risks which must be examined and evaluated as part of ascertaining cost effective risk management plans. Two newly engendered risks, basis risk (the risk created by the fact that the return from the financial derivative is a function of weather at a prespecified geographical location which may not be identical to the location of the firm) and credit risk (the risk that the counterparty to the derivative contract may not perform), are analyzed in this article. Using custom tailored derivatives from the over the counter market can decrease basis risk, but increases credit risk. Using standardized exchange traded derivatives decreases credit risk but increases basis risk. Here also the effectiveness of using hedging methods involving forwards and futures having linear payoffs (linear hedging) and methods using derivatives having nonlinear payoffs such as those involving options (nonlinear hedging) for the purpose of hedging basis risk are examined jointly with credit risk. [source]

    The Liquidity Demand for Corporate Property Insurance

    Arthur Hau
    This article suggests that liquidity may be an important reason for a corporation to purchase property insurance. A model of a risk-neutral producer facing an endogenously determined risk of property damage under an output contract that penalizes underproduction is formulated to exemplify such a real need of liquidity. Under the output contract, the producer may purchase full unfavorable property insurance even when postloss financing is available. Surprisingly, the conclusion may still hold when the cost of postloss financing equals that of long-term capital, provided that the rate of underproduction penalty is sufficiently high. Similar conclusions apply when postloss financing is replaced by planned internal reserve (self-insurance) that may be invested in the short run at an interest rate that is lower than the long-term cost of capital. When the capital market is perfect, however, the holding of planned internal reserve eliminates the purchase of actuarially unfavorable property insurance. [source]

    Credit Risk Assessment and Relationship Lending: An Empirical Analysis of German Small and Medium-Sized Enterprises,

    Patrick Behr
    We estimate a logit scoring model for the prediction of the probability of default by German small and medium-sized enterprises (SMEs) using a unique data set on SME loans in Germany. Our scoring model helps SMEs to gain knowledge about their default risk, which can be used to approximate their risk adequate cost of debt. This knowledge is likely to lead to a detection of hold-up problems that German SMEs might be confronted with in their bank relationships. Furthermore, it allows them to monitor their bank's pricing behavior and it reduces information asymmetries between lenders and borrowers. Finally, it can influence their future financing decisions toward capital market-based financing. [source]

    ICT Innovation and Economic Performance: The Role of Financial Intermediation

    Aerdt Houben
    This article considers the relationship between finance and the contribution of Information and Communication Technologies (ICT) to macroeconomic performance. The general characteristics of ICT firms, especially their often ,high risk, high return' nature, suggest equity finance is more appropriate than debt finance. Also, the prevalence of information asymmetries tends to favour internal finance and venture capital with management participation. For a group of countries, we analyse correlations between financial structure and the ICT contribution to economic growth. Our results support the view that a market,oriented financial system and a well,developed venture capital market are key factors stimulating the emergence of the so,called ,New Economy'. This helps explain the considerable gap in productivity growth between the United States and Europe in the second half of the 1990s. [source]