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Volume 25, Part 2, 2023

Entrepreneurship, Digital Finance Channels and Financial Development: Evidence from the African Context - Daniel Ofori-Sasu, Eunice Adu-Darko, Gloria Clarissa Dzeha and Adelaide Kastner

Asymmetric Connectedness within Cryptocurrency Ecosystem: An asymmetric Power ARCH (APARCH) Approach - Jules Clément Mba and Magdaline Mbong Mai

Impact of Digital Financial Technology on Financial Inclusion in Sub- Saharan Africa: The Moderation Role of Institutional Quality - James N. Doku, Khadijah Iddrisu, Deborah N. A. S. Bortey and Jonas Ladime

Monetary Policy and Inflation in Ethiopia - Ferdinand Ahiakpor, William G. Cantah, Edward Sennoga and Paul Mpuga


Volume 25, Part 1, 2023

Liquidity in Domestic Public Debt Markets for Enabling Infrastructure Financing: The Case of Sub-Saharan Africa - Paul Mukoki, Kalu Ojah and Odongo Kodongo

The Determinants of Capital Structure in Mozambique’s Non-financial Firms: 2010-2015 - Valter Tito Manjate, Pedro Rino Vieira and Matias Jaime Farahane

Sovereign Default Risk and Financial Market Returns in Africa - John Dhokotera, Josine Uwilingiye and Khouzeima Moutanabbir

Financial Inclusion, Investments and Economic Growth: Does Investment
Mediate Financial Inclusion for Economic Growth in Africa? - Gladys A. A. Nabieu, Amoah T. Kwabena and James D. Ntiamoah

Gender and Financial Inclusion in Cameroon: An Analysis of Gender Gaps in Access to Formal and Informal Financial Services - Steve Douanla Meli, Benjamin Fomba Kamga and Hervé Mougnol A. Ekoula


Volume 24, Part 2, 2022

Regional Convergence among Anglophone West African Countries:
Evidence from Interest Rate Analysis - Amos Twum, Meshach J. Aziakpono

Risk-taking Behavior, Regulatory Policy and Banking crisis: Evidence
from the African Economies - Daniel Ofori-Sasu, Emmanuel Sarpong-Kumankoma, Elikplimi K. Agbloyor and Joshua Y. Abor

The Impact of Financial Inclusion on the Livelihoods of Rural
Smallholder Farmers in Nigeria - Olayinka Adegbite and Charles L. Machethe

Out-of-sample Predictability of the South African Equity Risk Premium
Distribution: A Quantile Regression Approach - Munyaradzi Chawana, Ilse Botha and Yolanda Stander


Volume 24, Part 1, 2022

Do Bank Characteristics Affect Bank Lending Behaviour? - Offiong Helen Solomon, Andy Mullineux and Phillip De Jager

A Note on the Profitability of African Banks: Islamic Versus Conventional - Whelsy Boungou

Quality as an Investment Style: Evidence from South Africa - James Britten, Daniel Page and David McClelland

Female Corporate Board Executives and Bank Profitability: Exploring for Complementarities and Synergies - Peter K. Luh, Baah A. Kusi, Agyapomaa Gyeke-Dako and Vera O. Fiador

The Impact of Accounting Accruals Before, During, and After an Economic Crisis: Evidence from South Africa - John H. Hall, Elda du Toit and Rudra P. Pradhan


Volume 23, Part 2, 2021

Selecting the Ideal Risk-Free Rate Proxy for the South African Market - Chris van Heerden

Access to Finance and Efficiency of Firms in Ghana - Ferdinand Ahiakpor, Issac Dasmani, Samuel K. Annim and Ralph E. Nordjo

Exchange Rate Risk and International Equity Portfolio Diversification: A South African Investor’s Perspective - Charles R.T. Djemo, John W. M. Mwamba and Mathias M. Manguzvane

A Comparison of the Stylised Facts of Bitcoin, Ethereum and the JSE Stock Returns - Forbes Kaseke, Shaun Ramroop and Henry Mhwambi


Volume 23, Part 1, 2021

Chairman’s Letter, Impression Management and Governance Mechanisms: The Case of South African Listed Firms - Jacques Totowa and Thabang Mokoaleli-Mokoteli

African Banking Sector Development: The Roles of Remittances and
Monetary Policy - Joshua Y. Abor, Mohammed Amidu, Emmanuel Sarpong-Kumankoma and Haruna Issahaku

The Impact of Fiscal Policy Variables on Private Investment in Nigeria - Yusuf Abdulkarim and Mohamed Saidatulakmal

A Hybrid Neural Network GARCH Approach to Forecasting
Zimbabwean Inflation Volatility - Nigel E.N. Chitambo, Darren Lee and Sure Mataramvura


Volume 22, Part 2, 2020

Agricultural Finance Constraints in the Nigerian Agricultural Sector - Margaret Adesugba and George Mavrotas

Structure and Market Power in the South African Banking Sector - Nomasomi Ngonyama and Munacinga Simatele

Zimbabwean Commercial Banks Performance under Multiple-Currency
System: A Dynamic Panel Data Analysis - Caroline Makumbe, Regret Sunge and James Zivanomoyo

Zimbabwean Commercial Banks Performance under Multiple-Currency
System: A Dynamic Panel Data Analysis - Caroline Makumbe, Regret Sunge and James Zivanomoyo


Volume 22, Part 1, 2020

Value-at-Risk in Frontier Markets: Adapted Models and Evidences from Two North-African Stock Exchanges - Mhamed-Ali El-Aroui and Wafa Snoussi

The Impact of the Adoption of International Financial Reporting Standards on Foreign Direct Investment in Africa - Matthew Olubayo Omotoso, Daniel Petrus Schutte and Heinz Eckart Klingelhofer

Macro-Structural Obstacles to Firm Performance: Evidence from 2,640 Firms in Nigeria - Amr Hosny


Volume 21, Part 2, 2019

The Effect of Aid on Growth in the Presence of Economic Regime Change - Solomon Samanhyia and Danny Cassimon

A Comparative Analysis of Aggregational Gaussianity Across Different Market Capitalisations for JSE-listed Shares and Indices - Ryan Kruger, Kanshukan Rajaratnam, Chun-Sung Huang and Chun-Kai Huang

Left Behind, but Included: The Case of Migrant Remittances and Financial Inclusion in Ghana - Mohammed Amidu, Joshua Yindenaba Abor and Haruna Issahaku


Volume 21, Part 1, 2019

Revisiting Financial Development and Income Inequality Nexus for Africa - Mustapha Jobarteh and Huseyin Kaya

Do Banking Institutions Respond to Incentives? Banking Awards and Stability Evidence from an Emerging Economy - Lord Mensah, Charles Andoh, Saint Kuttu and Baah Aye Kusi

Do Exchange Rate Changes have Symmetric or Asymmetric Effects on Money Demand in Nigeria? - Olalekan Bashir Aworinde and Ishola Rufus Akintoye

Demographic Shift and Bank Stability in SADC Countries - Kolade Sunday Adesina and Beatrice D. Simo-Kengne

Fiscal Policy Sustainability in SADC Countries - Ntokozo Nzimande and Harold Ngalawa


Volume 20, Part 2, 2018

Intraday Information Transmission in the South African Equities Market - Kerry McCullough

Capital Flight in Africa: An Analysis of Macroeconomic and Institutional Quality Determinants - Umakrishnan Kollamparambil and Diana Gumbo

ICT, Financial Access and Gender Inclusion in the Formal Economic Sector: Evidence from Africa - Simplice A. Asongu and Nicholas M. Odhiambo

Interest Rate (Caps) and Sustainability of Microfinance Institutions in Zambia - Christopher Ngolwe Kambole and Abdul Latif Alhassan


Volume 20, Part 1, 2018

Assessment of Competition in the Zimbabwean Banking Sector
since Dollarization - Kupukile Mlambo and Nebson Mupunga

Rethinking the Interaction Between Banks and Markets in the
Nigerian Financial Architecture - Ebere Ume Kalu, Augustine C. Arize and Nelson N. Nkwor

Modelling Aggregate Risk of the South African Banking Industry:
An Application to Pillar II Economic Capital - Dingaan Jack Khoza and J.W. Muteba Mwamba

Financial Sector Reforms and Human Development in Cameroon - Neba Cletus Yah and Beatrice D. Simo-Kengne


Volume 19, Part 2, 2017

Comparative Analysis of Interest Rate Effects on Bank Performance in Emerging Market Versus African Economies - Euphemia Godspower-Akpomiemie and Kalu Ojah

Bank Profitability Determination in Income Brackets in Africa: A Shareholder Versus Stakeholder Profitability - Baah Aye Kusi, Agyapomaa Gyeke-Dako and Elikplimi Komla Agbloyor

Doves, Hawks or Pigeons? Characterising Monetary Policy Regime Switches In Ghana - William Godfred Cantah and Ferdinand Ahiakpor


Volume 19, Part 1, 2017

Financial Inclusion and Poverty Reduction in Sub-Saharan Africa - Jabir Ibrahim Mohammed, Lord Mensah and Agyapomaa Gyeke-Dako

Herding Behaviour in Financial Markets: Empirical Evidence from the
Johannesburg Stock Exchange - Kofi A. Ababio and John W. Muteba Mwamba

Does Bank Sector Competition Improve amid Liberalization?
Evidence from Ghana - Frank Prah

The Link between Internal Financial Performance and External Financial
Performance: Empirical Evidence from South African Firms - Elda du Toit, John H. Hall and Rudra P. Pradhan


Volume 18, Part 2, 2016

Effects of Financing and Institutional Constraints on Capital Structure of Firms in Select African Countries - Steven Ombati and Kalu Ojah

The Nexus Between Foreign Direct Investment and Foreign Aid: An Analysis of Sub-Saharan African Countries - Kafayat Amusa, Nara Monkam and Nicola Viegi

Credit Referencing Bureaus and Bank Credit Risk: Evidence from Ghana -Baah Aye Kusi, Elikplimi Komla Agbloyor, Vera Ogeh Fiador and Kofi Achampong Osei

The Linkages Between Financial Deepening, Trade Openness, and Economic Growth in the West African Economic and Monetary Union (WAEMU) - Bernard Njindan Iyke, Theodore O. Antwi-Asare, Augustine F. Gockel and Emmanuel Nii Abbey


Volume 18, Part 1, 2016

Insider Trading Law and Illegal Insider Trading in South Africa's Equity Market: Lessons From Corporate Takeovers - Justin Mitchell and Odongo Kodongo

A Panel Ordered Response Model for Sovereign Credit Ratings in Africa - Marinda Pretorius and Ilse Botha

Mobile Phone Penetration, Mobile Banking and Inclusive Development in Africa - Simplice Asongu and Jacinta Nwachukwu

Economic Integration and Exchange Rate Dynamics in the West African Monetary Zone - George Tweneboah, Daniel Agyapong and Siaw Frimpong


Volume 17, Part 2, 2015

Do Banks In Sub-Saharan Africa With Market Power Benefits From Monetary Policy? - Mohammed Amidu

Does Investor Sentiment Explain The Seasonality Of Overreaction? Examples Of The Nigerian And South African Equity Markets - Rafiq Raji and Kalu Ojah

Correlation Surprise: The African And South African Case - Joanne Armstrong and David Bradfield

Short And Long-Term Dynamics Of Herd Behaviour At The Johannesburg Stock Exchange - Olivier Niyitegeka and Devi Datt Tewari


Volume 17, Part 1, 2015

Capital Structure, Profitability And Firm Value: Panel Evidence Of Listed Firms In Kenya, Odongo Kodongo - Thabang Mokoaleli-Mokoteli and Leonard N. Maina

Implications Of The Eurozone Crisis For Monetary Unions in Sub-Saharan Africa - Andy Mullineux

Analysing Sub-Saharan Africa Trade Patterns In The Presence Of Regional Trade Agreements –The Case Of COMESA, SADC, ECCAS And ECOWAS - Alexander Bilson Darku and Adriana Boakyewaa Appau

Interest Rate Pass-Through, Financial Structure And Monetary Policy In South Africa - Meshach Jesse Aziakpono and Magdalene Kasyoka Wilson


Volume 16, Part 2, 2014

An Assessment Of The Sustainability Of Kenya’s Current Account Deficit - Sheila Kaminchia and Samuel K. Tiriongo

A Greek Wedding In SADC? Testing For Structural Symmetry Towards
SADC Monetary Integration - Mulatu F. Zerihun, Marthinus C. Breitenbach and Francis Kemegue

How Would Monetary Policy Matter In The Proposed African Monetary Unions? Evidence From Output And Prices - Simplice Asongu

A Portrait Of Informal Sector Credit And Interest Rates In Malawi: Interpolated Monthly Time Series - Harold Ngalawa


Volume 16, Part 1, 2014

The Consistency Of Equity Style Anomalies On The JSE During A Period Of Market Crisis - Ryan Kruger and Francois Toerien

Evidence Of Segmentation Among African Equity Markets - Zivanemoyo Chinzara and Tinashe Kambadza

The Fractal Nature Of The Johannesburg Stock Exchange - Artwell Chimanga and Chipo Mlambo

Infrastructure And The Location Of Foreign Direct Investment: A Case Study Of African Manufacturing Firms - Busani Moyo


Volume 15, Part 2, 2013

Is African Interest-Rate Volatility Susceptible To International Spillovers? - Scott W. Hegerty

Monetary Policy And Speculative Bubbles: Evidence From South Africa - Oswald K. Mungule and Christopher Malikane

Investment And Inequality In Africa: Which Financial Channels Are Good For The Poor - Simplice A. Asongu

Assessing The Finance - Growth Channel In Kenya: A VAR Analysis - Joseph Muchai


Volume 15, Part 1, 2013

Assessing the Stock Market Wealth Effect in South Africa - Lumengo Bonga-Bonga

Fiscal Incentives for FDI and Infrastructure Development: Economic Diversification Options for SADC Countries - Olalekan Yinusa

Monetary Policy, Foreign Exchange Intervention and Exchange Rate Volatility in Zambia - Jonathan Chipili

Common Volatility Trends Across East African Foreign Exchange Markets - Pako Thupayagale and Thato Mokoti

Stock Market Volatility and Non-Performing Loans: Evidence from Stocks of the Nigerian - Sayo Oludare, Michael Olagunju and Olusegun Adelodun


Volume 14, Part 2, 2012

Current Account Sustainability of ECOWAS Countries - Yaya Sissoko and Niloufer Sohrabji

Government Deposits at the Central Bank and Monetary Policy Operations in a Monetary Targeting Framework: A Threshold Autoregressive Model for Kenya - Moses Muse Sichei, Daniel Amanja and Samuel Kiplang

A Wavelet Perspective on the Real Interest Parity Condition - Quinton Morris and Andrea Saayman

Nonlinear Serial Dependence in Share Returns on the Johannesburg Stock Exchange - Ryan Kruger, Fancois Toerien and Iain MacDonald

Modelling Exchange Rate Volatility in Zambia - Jonathan Chipili


Volume 14, Part 1, 2012

Valuation of a Hydro-Electric Power Project in Emerging Markets: An Application of Real Options - Richard Ebil Ottoo

The Balance of Payments Constraint Growth Model and the Effect of Trade Liberalization on the Trade Balance and Income Growth in Ghana - Alexander Bilson Darku

Does FDI Contribute to the Integration into the Global Economy? Time-Series Evidence for Ten African Countries - Yaya Keho

An Empirical Study of Taiwan's 1978-2006 Financial Development, Export, Saving and Economic Growth - Vey Wang, Hai-Chun Yun and Lung-Sheng Lee

McKinnon-Shaw Complimentarity Hypothesis: Evidence from Lesotho - Sephooko Motelle and Rethabile Masenyetse


Volume 13, Part 2, 2011

Is the Enterprise Creation Importance of Venture Capital in an Emerging Market Real? Answers from Johannesburg Securities Exchange's IPOS - Kalu Ojah

Monetary Policy Action and Inflation in South Africa: An Empirical Analysis - Lumengo Bonga-Bonga and Alain Kabundi

The Effect of External Finance on Africa's Variety of Manufactured Exports to the European Union - Jonathan Munemo

Determinants of Participation in Occupational Pension Funds by Private Sector Workers in South Africa - Sheshangai Kaniki and Miracle Ntuli


Volume 13, Part 1, 2011

Southern African Economic Integration: Evidence from an Augmented Gravity Model - Moshi Optat Herman, Kirsten Wandschneider, Thierry Warin and Phanindra Wunnava

Predictability of Stock Price Behaviour in South Africa: A Non-Parametric Approach - John Muteba Mwamba

The Impact of Rand/US Dollar Exchange Rate Volatility on the Performance of Futures Markets for Agricultural Commodities - Motlatjo Moholwa and Guangling (Dave) Liu

Determinants of Excess Liquidity in Tanzanian Commercial Banks - Jehovaness Aikaeli


Conference Issue, 2011

The Use of the Merton Model to Quantify the Default Probabilities of the Top 42 Non-Financial South African Firms - Glen Holman, Ryan Van Breda and Carlos Correia

The Impact of Inflation Targeting on Inflation Volatility in South Africa - Irrshad Kaseeram and Eleftherios Contogiannis

Are World Commodity Prices Relevant in Predicting Inflation in Botswana - Kagiso Mangadi, Francis Okurut and Dauda Yinusa

The Impact of Black Economic Empowerment Transactions on Shareholder Wealth and Firm Profitability: Evidence from the JSE - Chimwemwe Chipeta and Thando Vokwana

Effectiveness of Monetary Policy Communication in Kenya - Isaya Maana and Samuel Tiriongo

Exchange -Rate Pass Through to Import Prices: Evidence from Ghana - John Dramani and Francis Tandoh


Volume 12, Part 2, 2010

Voluntary Disclosure of Socio-Economic Issues by JSE Listed Companies: The HIV/AIDS Example - Thabang Mokoaleli-Mokoteli and Kalu Ojah

Loan Portfolio Conditional Loss Estimation Using an Error-Correcting Macroeconometric Model - Albert H. de Wet, Reneé van Eyden and Rangan Gupta

Direct Versus Indirect Forecasting of the Defined Real Exchange Rate of South Africa - Marinda Pretorius and Ilsé Botha

Stock Markets, Banks and Economic Growth: Time Series Evidence from South Africa - Umar Bida Ndako


Volume 12, Part 1, 2010

Possible Effective Financing Models for Entrepreneurship in South Africa: Guides from Microfinance and Venture Capital Finance - Kalu Ojah and Thabang Mokoaleli-Mokoteli

Does Foreign Direct Investment Crowd-Out Domestic Private Investment in Sub-Saharan Africa? - John Mutenyo, Emmanuel Asmah and Aquilars Kalio

Spatial Externality, Openness and Financial Development in Sub-Saharan Africa (SSA) Countries - Hakeem Mobolaji

A Causality Analysis Between Financial Development and Economic Growth for Botswana - Joel Hinaunye Eita and André C. Jordaan


Special Issue, 2010

Testing the Weak-Form Market Efficiency And The Day of the Week Effects Of Some African Countries - Michael Batuo Enowbi, Francesco Guidi and Kupukile Mlambo

An Analysis Of Mutual Fund Performance On The Stock Exchange Of Mauritius - Sunil K. Bundoo, Boopen Seetanah and Zaineh Pooloo

Causes Of Inflation In Namibia: An Empirical Exploration - Joel Hinaunye Eita and John Ernest Odada

Cointegration Analysis Of Behavioral Issues In The Auctioning Of Treasury Bills In Tanzania - Ellinami Minja

Do Frontier Market Equities Have A Role Play In A Diversified
International Equity - Chandan Prayag, David du Toit, Kristin Kenmuir, Alastair Morrison and Chimwala Tembo

Forward-Looking Monetary Policy Reaction Functions for South Africa - Irrshad Kaseeram


Volume 11, Part 2, 2009

An Empirical Investigation of the Weak-Form of the Efficient Market
Hypothesis for the Nigerian Stock Exchange - Bashir Tijjani

Banking Efficiency and Financial Development in Sub-Saharan Africa (SSA) - Sandrine Kablan

Stock Market Integration: A South African Perspective - Alain Kabundi and Idriss Mouchili

An Assessment of the Degree Of South Africa’s Financial Integration into the World Economy - Lumengo Bonga-Bonga

A Multivariate Analysis of Factors Affecting Stock Returns on the JSE - Artwell Chimanga and Danelle Kotze


Volume 11, Part 1, 2009

Corporate Capital Structure Determinants: Evidence from five African Countries -Tendai Gwatidzo and Kalu Ojah

Financial Policy and Corporate Performance: Evidence from Emerging Market Economies - Godfred Bokpin and Joshua Abor

Are African Stock Markets Integrated with the Rest of the World?
- Paul Alagidede

Foreign Direct Investment and Economic Growth: Co-Integration and Causality Analysis of Nigeria - Henry Okodua


Special Issue, 2009

Capital Inflows and Profit Remittances: A Causality Analysis for the South African Economy - Smile Dube

Real Exchange Rate Volatility and International Trade: Evidence from Kenya - Christopher Kiptoo

An Augmented Capital Asset Pricing Model: Liquidity and Stock Size in African Emerging Financial Markets - Bruce Hearn & Jenifer Piesse

Financial Sector Development and Economic Growth for African Countries - Mbutu Mwaura, Rose Ngugi and Giithinji Njenga

Integration of the South African Equity Market Into the World Major Stock Markets: Implication for Portfolio Diversification - Zivanemoyo Chinzara and Mesach Aziakpono

Microstructure Characteristics of the Bonds Market in Kenya - Rose Ngugi and Justus Agoti

Determinants and Stability of Money Demand in Uganda During the Period of Economic Liberalization - Asumani Guloba and Nehemiah Osoro

The Finance-Growth Nexus in Namibia - Joel Eita


Volume 10, Part 2, 2008

Market Reaction and Equity Market Efficiency: A Survey of the Insider Trading Law in South Africa - Kalu Ojah, Stella Muhanji and Andrew Myburg

Agency and Bank Liberalization: The Case of Ethiopia - Minga Negash

South African "Rand"/U.S. "Dollar" Exchange Rate Variability, Parity Theories, and Ivestment Rules - Stephen S. Kyereme

Modelling the Rand-Dollar Future Spot Rates: The Kalman Filter Approach - Lumengo Bonga-Bonga


Volume 10, Part 1, 2008

Stock Prices and the Exchange Rate in a Monetary Model: A ARDL Bounds Testing Approach using South African Data - Smile Dube

Financial Development And Economic Growth In Ghana: Is There A Causal Link? - Peter Quartey and Frank Prah

Modelling Return Volatility On The Jse Securities Exchange Of South Africa - Ronald Mangani

Official Flows, Export Revenue, Volatility And Domestic Investment In Cameroon - Sunday Aninpah Khan


Volume 9, Part 2, 2007

Corporate Social Responsibility, Myth, Reality or Empty Rheoric: Perspectives from the Ghana Stock Exchange - Daniel F. Ofori

The Determination of Savings in South Africa: An Emperical Investigation - Nicholas M. Odhiambo

An Emperical Re-Examination of the Weak Form Efficient Markets Hypothesis of The Ghana Stock Market Using Variance-Ratios Tests - Collins Gyakari Ntim, Kwaku K. Opong and Jo Danbolt

Financial Deepening in South Africa: Toward an architecture that stimulates growth - Ashley G. Frank

Volume 9, Part 1, 2007

Adjustment of commercial bank’s interest rates and the effectiveness of monetary policy in south africa - M. Aziakpono, M. K Wilson, and J. Manuel

On measuring indebtedness of african countries - Guy B. Nkamleu and Roger Tsafack

Return Dynamics in North African Stock Markets - Paul Alagidede

Does interest rate liberalisation really improve the allocative efficiency of investment? Kenya’s experience - Nicholas M. Odhiambo


Volume 8, Part 2, 2006

The Validity Of PPP Theory In South Africa: A Cointegration Approach - Oludele. A. Akinboade & Daniel Makina

Interest Rate And Stock Market Returns In Africa- Charles K.D. Adjasi & Nicholas B. Biekpe

Integration And Volatility Spillovers In African Equity Markets:
Evidence From Namibia And South Africa - Michael N. Humavindu & Christos Floros

An Examination Of The Time Variation In Systematic Risk On
The Stock Exchange Of Mauritius - Sunil K. Bundoo

The Stability Of South African Stock Returns - Allan.E. Clark and C.G. Troskie


Volume 8, Part 1, 2006

Prospects for International Portfolio Diversification: Linkages between the Ghanaian Equity Market and the World's Major Markets - Abdulsalam Alhassan

An Investigation of the Size and Value Premium on the Stock Exchange of Mauritius - Sunil K Bundoo

Macroeconomic factors and the Ghana stock market - Kofi A. Osei

Industrial research and development and tax incentive policies: A survey and lessons for Africa - Frank K Teng- Zeng



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