Recent scientific research progress of the University of International w88 (1)

【Editor’s note】Based on China, learning from foreign countries, exploring history, grasping the present, caring for mankind, facing the future, promoting the research of major theoretical and practical issues in the new era, forming a more academic and systematic knowledge system, and contributing the University of International w88 programs and wisdom to the world!

Topic: Negative population growth and long-term stagnation——Theoretical discussion based on the Japanese case and its enlightenment to China

Author: Yin Jianfeng (w88 casino of Finance, w88 casino)

Journal: "Chinese Social Sciences" 2022 Issue 1

Research literature on population issues and long-term stagnation believes that population aging makes people willing to save too much and invest too little, leading to long-term economic stagnation. Therefore, expansionary fiscal and monetary policies are needed to stimulate investment. However, this literature ignores the key phenomenon of negative population growth. Japan is regarded as a typical case of long-term stagnation, and it is also the first major economy to enter negative population/labor force growth. Taking Japan as an example, this article introduces non-negative investment constraints and zero interest rate lower bounds into a simple overlapping generation model, and explores the mechanism by which, under the circumstances of negative population/labor force growth, the capital-output ratio continues to rise, the marginal product of capital and the relative price of capital goods continue to decline, and the entire economy falls into a non-equilibrium state of lasting decline. Unable to prevent the decline in the relative price of capital goods, monetary policy failed, while expansionary fiscal policy aimed at stimulating investment demand will further exacerbate capital excess. In the process of negative population/labor growth, the only feasible way to increase the marginal product of capital and restore the economy to equilibrium is to increase the labor force that is too small relative to the excess capital stock. In this regard, fiscal policy can play a role by subsidizing childbearing (increasing population) and expanding education, scientific research and medical and health expenditures (improving human capital). Negative population/labor force growth does not only occur in Japan, but is a global phenomenon, and major economies including China are entering or will soon enter this stage. However, from classical economics to modern economic growth theory, all are based on positive population growth and basically do not deal with negative population growth. In this regard, this article is an attempt.

Topic: Implicit leverage constraints, liquidity risk and investor sentiment

Authors: Zhu Xiaoquan (w88 casino of Finance, w88 casino), Chen Zhuo (PBC w88 casino of Finance, Tsinghua University)

Journal: "Financial Research" Issue 10, 2021

For open-end actively managed stock (partial stock) funds, using the position ratio as the weight to estimate the total market risk position in the fund's investment group. The rise in this sequence reflects the tightening of implicit leverage constraints faced by the fund and depicts the weak liquidity of the market. The internal logic is that when liquidity tightens, it is difficult for investors to directly increase leverage through financing, and they are more inclined to hold heavy positions in stocks with high market risk positions to indirectly achieve leverage. The risk described by the implicit leverage constraint is basically invalid in the unconditional pricing of the stock or fund return cross-section, while the conditional pricing relies on low investor sentiment and weak liquidity.

Based on my country's phased pilot of margin financing and securities lending, it was found that for non-margin financing and securities lending targets, short-selling restrictions form a tight constraint on implicit leverage, which in turn affects the pricing core, causing the negative relationship between the sensitivity of assets to implicit leverage constraints and expected returns to show a greater degree of distortion. If we break down the exposure of fund holdings, we further find that because small and medium-cap funds have stronger liquidity preferences when liquidity tightens, the market risk positions of their holdings can more keenly capture weak liquidity risks.

Topic: Financial literacy and household savings rate——Explanation based on financial planning and borrowing constraints

Authors: Wu Weixing (w88 casino of Finance, w88 casino), Zhang Xuyang (w88 casino of Economics, Beijing Technology and Business University), Wu Kun (w88 casino of Economics, Beijing Zizi University)

Journal: "Financial Research" Issue 8, 2021

The development of financial technology has rapidly reduced the threshold and cost for people to participate in the financial market, and the impact of financial literacy on family financial decision-making has become increasingly obvious. This article empirically studies the relationship between financial literacy and household savings rate and finds: (1) Financial literacy has an inverted U-shaped relationship with household savings rate. (2) Financial planning awareness and borrowing constraints are the channels that affect the increase and decrease of the savings rate respectively. When financial literacy gradually increases from low, the family's awareness of financial planning increases, and the family's financial planning is ensured by increasing the savings rate. When financial literacy increases to a certain level, the role of financial planning awareness in inhibiting consumption weakens, while the relief of borrowing constraints will promote household consumption. This article further reveals that the inverted U-shaped relationship between financial literacy and savings rate does not mean that households with high levels of financial literacy are more likely to under-save or over-consumption. The study found that households with higher financial literacy are more likely to have stable savings, and the probability of "moonlight" is lower. When household financial literacy improves, the focus of household financial planning may shift from increasing the savings rate to maintaining and increasing the value of savings funds. Overall, popularizing financial education has positive significance for people with different levels of financial literacy.
Title:The Telegraph and Modern Banking Development, 1881-1936

Authors: Lin Chen (w88 casino of Economics and Business Administration, University of Hong Kong), Ma Chicheng (w88 casino of Economics and Business Administration, University of Hong Kong), Sun Yuchen (w88 casino of Finance, w88 casino), Xu Yuchen (HSBC Business w88 casino, Peking University)

Journal:Journal of Financial EconomicsIssue 8, 2021

The telegraph was the first revolutionary information technology in modern history. In the second half of the 19th century, telegraph technology was introduced to China; at the same time, calls for the establishment of modern banks gradually emerged. Drawing on unique historical circumstances, this article explores the role of information technology in bank expansion. Based on a large amount of historical materials and local chronicles, the author constructed prefectural bank and telegraph panel data from 1881 to 1936. Empirical results show that the introduction of the telegraph significantly contributed to the expansion of banks both quantitatively and geographically. The results remain robust when using the distance from a location to the minimum-cost military telegraph network as an instrumental variable for the number of telegraph stations at that location. When other contemporaneous means of communication, such as the postal service and railways, are taken into account, the role of the telegraph remains significant. Further research showed that the introduction of the telegraph facilitated the flow of information between places. Based on textual analysis of declarations, the article found that areas where telegraphs were opened were more likely to be reported by newspapers, thus increasing information transparency in the area and promoting the development of modern banks.

    Title:Demand Shocks, Financial Costs, and Export Margins:Evidence from China

Authors: Chen Bo (w88 casino of Economics, Huazhong University of Science and Technology), Hong Junjie (w88 casino of International Economics and w88, w88 casino), Jing Ran (w88 casino of International Economics and w88, w88 casino), Sun Xiaonan (Asian Growth Research Institute, Japan)

Journal:Review of International Economics2021 Issue 10

During the 2008-2009 world economic crisis, international market demand shrank. In response to the crisis, the Chinese government introduced a quantitative easing policy, and the financing costs of export companies declined. Suffering from the negative impact of declining demand and the positive stimulation of falling interest rates, China's exports in 2009 showed a different characteristic from other economies (such as the United States and Belgium) during the same period. That is, while the intensive margin of exports declined, the extensive margin of China's exports increased. In an economic crisis, what is usually observed is that when a country's exports decline significantly, both the extensive and intensive margins of its exports decline simultaneously.

Based on this interesting phenomenon, this article expands the theoretical model of Melitz (2003) to allow export enterprises to produce through external financing, and uses China's enterprise-level export data from 2007 to 2011 to derive and empirically test that the extensive margin and intensive margin of export will be positively affected by the importing country's demand and negatively affected by interest rates; however, both margins are more sensitive to changes in demand relative to interest rates. More importantly, this article clearly shows that there is actually a numerical range in the data regarding the relative change rate of interest rates and importing country demand. That is, when the relative change rate of interest rates and importing country demand falls within this range, it is more likely to observe opposite changes in the intensive and extensive margins; and the size of this range is affected by the elasticity of product substitution. The smaller the product's elasticity of substitution, the wider this range will be. In addition, in order to further demonstrate the generality of theoretical expectations, this article also empirically tests whether the directions of changes in the intensive and extensive margins during the economic upturn are consistent with expectations. The research of this article shows that when the international market demand fluctuates greatly, when the government adopts monetary policy to respond, it can adjust the degree of impact according to the substitution elasticity of the industry.

Title:Rationalizable Implementation in Finite Mechanisms

Authors: Sun Yifei (w88 casino of International Business and Economics, w88 casino), Chen Yiqun (Institute of Risk Management, National University of Singapore), Takashi Kunimoto (Singapore Management University), Xiong Siyang (University of California, Riverside)

Journal:Games and Economic BehaviorIssue 9, 2021

Mechanism Design and Implementation Theory is the product of a revolutionary academic innovation in the field of modern economics in the past 40 years. This new research thinking does not take institutions and mechanisms as givens like neoclassical economics, but conducts reverse thinking research, that is, turning the problem around, taking the economic environment as a given, and based on rigorous methods to study how to construct certain interaction rules to achieve the desired goal under the desired goal. This article uses rationalizability as the explanation for the behavior of participants in the economic environment, instead of using the more rigorous solution in traditional theory - Nash equilibrium, which greatly enhances the applicability of the mechanism. Different from the classic approach in the literature, the mechanism of this article completely abandons the use of unrealistic tools (such as integer games). In a very general economic environment (such as any economic environment that allows the use of money as a means of incentives), a simple and easy-to-understand limited mechanism is used to complete the mechanism design under the concept of rational solution. At the same time, the mechanism of this article is not only applicable in the case of complete information, but also shows extremely strong robustness in the case of information disturbance.

Title:Signaling versus Auditing

Authors: Li Jianpei (w88 casino of International Business and Economics, w88 casino), Helmut Bester (Free University of Berlin), Matthias Lang (University of Munich)

Journal:RAND Journal of EconomicsIssue 4, 2021

In Spence's (1973) classic model of labor market signaling, when workers with different production abilities (job applicants) have different costs of education, workers can perfectly transmit private information about their personal production abilities to employers by choosing different education levels. The model is widely used in different fields such as economics, finance, accounting, etc. and provides a powerful explanation for many market phenomena, including corporate advertising, product certification, government monetary policy, corporate ownership structure, etc. When information can be perfectly conveyed to employers by education level, employers will have no incentive to conduct time-consuming and laborious examinations of workers to obtain information about workers' productivity. This is contrary to the reality that employers use various channels (such as interviews, background checks, probationary periods, etc.) to examine job applicants to obtain information about workers' abilities.

This article "Signaling versus Auditing" expands the classic Spence model. In a competitive labor market, on the one hand, workers can send signals about personal productivity through the choice of education level, and on the other hand, employers can obtain information about workers' abilities through auditing. Employers' review of workers' abilities and obtaining information are costly and cannot be contracted. In this model, the author depicts the equilibrium relationship between two important channels: workers transmit information through education and employers obtain information through censorship. The study found that: (1) When the employer's cost of obtaining information through review is high, consistent with the results of the classic literature, the lowest-cost separation equilibrium is still the only equilibrium outcome, and information is still transmitted between the two parties through the choice of workers' education levels. (2) But when the cost for employers to obtain information through censorship is relatively low, the only equilibrium outcome is a (partial) mixed equilibrium, in which employers censor workers with a certain probability, and information is transmitted between the two parties partly through educational signals and partly through employer censorship. This result is in sharp contrast to the results in the classic literature. In particular, when the proportion of low-ability workers is relatively high, workers no longer use education as a signaling tool, and information is transmitted entirely through employer scrutiny.

The (partial) confounding equilibrium analyzed in this article can help us understand several important mysteries in the existing literature. Compared with the standard signaling model, when employers are able to review workers' productive abilities, the role of education as a signaling tool is somewhat weakened. When education is not used as a signal, workers with the same educational background receive different wages in equilibrium. This article provides an explanation for the "horizontal wage gap" phenomenon that has been well documented in this type of literature. It is that strategic scrutiny by employers gives some low-ability workers the opportunity to obtain higher wages. In addition, the level of education received by workers is negatively related to the cost of education for workers. This finding makes up for the conclusion in the classic literature that the level of education as a signal under dispersed equilibrium is not affected by individual education costs. The model analysis in this article is also applicable to other signaling issues, such as the choice of corporate financing structure, product quality guarantee, and the selection of corporate IPO underwriters. The research conclusions of this article provide inspiration for my country to continue to improve employment policies and strengthen the vitality of the labor market in the new development stage.

Title:The Intergenerational Transmission of Historical Conflicts: An Application to China’s w88

Authors: Ouyang Difei (w88 casino of International Economics and w88, w88 casino), Yuan Weidi (Business w88 casino of Nanjing University)

Journal:Journal of Comparative EconomicsIssue 3, 2021

Research on historical conflicts has found that historical conflicts often have a lasting impact on economic activities across generations, but how this intergenerational transmission is formed is still unclear. This article takes the Sino-Japanese War as an example to study how historical conflicts affect the current Sino-Japanese w88 model. This article collects more than 800 civilian massacres caused by the Japanese invaders in China during the Sino-Japanese War from 1931 to 1945, and calculates the number of casualties in each city as a historical conflict proxy variable. This paper constructs China's city-trading country w88 panel data and uses the difference-in-differences method to find that historical conflicts significantly reduced the general w88 between China and Japan during 2001-2006. At the same time, based on micro-individual surveys, it was found that areas with severe historical conflicts still have significantly higher negative emotions towards the aggressor country after three generations than areas with mild historical conflicts. This can be explained by the intergenerational transmission of collective war memories. This article further collects the number of anti-Japanese war memorials that exist in each city and the number of anti-Japanese TV dramas broadcast by various contemporary city TV stations, and finds that these intermediary variables almost perfectly explain the impact of historical conflicts on today's w88 and public sentiment. By distinguishing the time when the Anti-Japanese War Memorial Hall was built, it was found that the memorial hall built in the early period had a more significant impact than the memorial hall built in the later period, which is in line with the process of shaping collective memory. This article therefore provides new and direct evidence that the transmission of collective war memories is a primary mechanism through which historical conflicts have intergenerational effects.

Title: Local public debt and enterprise total factor productivity: effects and mechanisms

Authors: Wu Min (w88 casino of International Economics and w88, w88 casino), Cao Jing (Institute of Finance, Chinese Academy of Social Sciences), Mao Jie (w88 casino of International Economics and w88, w88 casino)

Journal: "Economic Research" 2022 Issue 1

Preventing and resolving local public debt risks and improving total factor productivity are important components of achieving high-quality economic development. From a micro level, long-term economic growth depends on whether the total factor productivity (Total Factor Productivity, TFP) of micro enterprises can be improved. There is currently a lack of research examining the economic effects of local public debt from the enterprise level. The few studies using enterprise data mainly focus on the impact of local public debt on enterprise investment (Huang et al., 2020; Liu Chang et al., 2020; Liang Ruobing and Wang Qunqun, 2021), leverage ratio (Liang et al., 2017) and other aspects. Although the impact of corporate investment activities and financing capabilities on corporate operating performance will ultimately be reflected in corporate productivity, there is little literature that directly examines the impact of local public debt on corporate productivity.

This article uses local public debt data at the prefecture-level city level from 2007 to 2015 to match enterprise data rich in production and operation information, and systematically examines the impact of local public debt on enterprise total factor productivity and its mechanism at the enterprise level. The study found that, in general, the growth of local public debt has an inhibitory effect on the growth of enterprise total factor productivity. The estimation results distinguishing between enterprise ownership show that the expansion of local public debt significantly increases the total factor productivity of state-owned enterprises, but has a significant inhibitory effect on the total factor productivity of non-state-owned enterprises. This conclusion still holds true after conducting a series of robustness tests and dealing with endogeneity issues. The analysis results of differentiating enterprise sizes show that the inhibitory effect of increased debt ratios on the total factor productivity of non-state-owned enterprises is mainly reflected in small and medium-sized enterprises. Further mechanism analysis shows that the growth of local public debt promotes the improvement of total factor productivity of state-owned enterprises through improving financing constraints, and reduces the level of enterprise innovation investment and the speed of updating R&D equipment by increasing corporate tax burdens and intensifying credit financing constraints, thereby hindering the improvement of total factor productivity of non-state-owned enterprises.

The contribution of this article is mainly reflected in the following three aspects: First, existing research focuses on the discussion of the linear or nonlinear relationship between local public debt and economic growth (Reinhart & Rogoff, 2010; Baum et al., 2013; Lv Jian, 2015; Chen Shiyi and Wang Li, 2016) and the measurement of the threshold value in the threshold effect (Checherita-Westphal et al., 2014), and empirical tests mainly use cross-national or regional macro data, and there is a lack of systematic testing of the micro-mechanisms behind the economic effects. This article examines the impact of local public debt on enterprise total factor productivity based on large-sample microdata at the enterprise level, explains the driving factors of local public debt affecting economic growth from the market subject level, and further enriches research on the economic effects of local public debt. Second, a systematic assessment of the economic effects of local public debt is inseparable from an in-depth examination of the heterogeneous impact of local public debt on different micro-subjects. Existing research using macro data can only conduct heterogeneity analysis in the regional and time dimensions (Lv Jian, 2015; Mao Jie and Huang Chunyuan, 2018). It is difficult to examine the impact of local public debt on enterprises of different ownership and sizes, and thus cannot explain the channels through which local public debt affects economic growth. With the help of micro-enterprise data, this paper conducts a full heterogeneity analysis by distinguishing the type of enterprise ownership (state-owned and non-state-owned enterprises) and enterprise size (large and small and medium-sized enterprises), and conducts a mechanism analysis from two channels: corporate tax burden and financing constraints. Third, although existing studies have taken into account the possible endogeneity problems of local public debt, they mainly use the generalized moment estimation (GMM) method, and the treatment of endogeneity problems needs to be improved. This paper uses the economic growth targets of prefecture-level cities to construct instrumental variables for local public debt, which provides ideas for future research.

Title: The Theory of Enterprise Data Rights: From Property to Control

Author: Mei Xiaying (w88 casino of Law, w88 casino)

Journal: "Chinese and Foreign Laws" 2021 Issue 5

This article conducts an in-depth discussion on the issue of data rights and interests that is currently attracting widespread attention. It conducts a systematic reflection on the information privacy rights and information property theories currently advocated by academic circles. It points out that the traditional information privacy rights protection model focuses on information content. There is a fundamental difference between the rules of "database protection" and "w88 secret protection" and enterprise data protection in terms of substantive interest form and scope of coverage. Theoretical guidance focused on information content is doomed to failure. The issue of enterprise data protection stems from the popularization of the Internet and is only meaningful in the context of digital technology. Therefore, it needs to be examined in the context of distinguishing the types of information issues and data set issues. Enterprise data rights and interests should be discussed as a pure data issue as a whole. The enterprise data property theory is difficult to establish because its object cannot be determined. Positioning enterprise data protection as a pure data issue can promote enterprise data protection as a whole, solve specific problems in the field of electronic networks through the Internet, and effectively eliminate misunderstandings of this issue in property law thinking. In the form of interests, enterprise data is represented by limited self-control over real data, and the legal interests contained in this factual control are essentially embodied in freedom of information. Based on this, the protection of enterprise data should be based on maintaining data control, and various practical interests that may be involved in the battle for data control can be protected through tort law, contract law and competition law.

Title: Ethical review of approaches to personal information protection

Author: Yang Bei (w88 casino of Law, w88 casino)

Journal: "Legal and Business Research" 2021 Issue 6

Ethical review is an effective way to avoid the "Collingridge Dilemma". Ethics should play a leading role in institutional arrangements in the information age. The current approaches to personal information protection can be classified into two categories: sharing first and control first. The scenario-based regulatory approach that is commonly used in practice determines that the battle over whether sharing or control should be prioritized will appear in various scenarios, ultimately leading to randomness, diversity, and even contradictions in specific rules. Clarifying the basic approach at the ethical level, or at least clarifying the thinking method of choosing a certain approach, is conducive to the formation of a stable and unified value logic and provides legitimacy support for the construction of a reasonable new order.

Deontology and teleology are the two most influential theories in the history of ethics. In modern ethics, these two theories constitute the two main arguments for our ethical judgments. Deontology and teleology not only provide complementary ethical methods, but also provide ethical methodological resources that must refer to each other and support each other. The two-step review method proposed in this article takes the advantages of both theories by applying different theories at different stages, with deontology and teleology as the basic theories of the two stages respectively.

The first-level review is the bottom-line ethical review, which determines whether the two protection approaches are harmful to the legitimate rights and interests of others. After confirming that both are consistent with bottom-line ethics, a second-level review was carried out, focusing on the impact of the two on the three major groups of information subjects, information co-owners, and non-information co-owners, as well as on four social development goals such as human development, economic development, environmental harmony, and cultural prosperity. It was finally confirmed that the performance of the sharing theory was better than that of the cybernetic theory in most indicators. However, the ethical thinking on the approach to personal information protection is by no means a once-and-for-all; it should be dynamic, ongoing, complex and sophisticated. After determining the priority protection idea of ​​sharing, it is still necessary to pay close attention to the possible infringement of established rights and interests by new technologies and adjust specific response plans at any time.

Title: Normative identification of concerted behavior in antitrust law

Author: Jiang Shan (w88 casino of Law, w88 casino)

Journal: "Legal and Business Research" Issue 5, 2021

The regulation of monopolistic behavior has long faced two major difficulties: difficulty in verification and difficulty in characterization. It is difficult to establish the nature of vertical monopoly agreements, abuse of market dominance and concentration regulations to eliminate or restrict competition. However, as far as horizontal monopoly agreements are concerned, characterization is generally not a problem. The key lies in verifying the existence of the agreement, decision and concerted behavior. The problem is that based on the instinct of collusion among competitors, participants in monopoly agreements try their best to sweep away evidence of agreements and decisions and wipe traces of their exchanges, trying to avoid antitrust investigations through coordinated behavior. Solving problems that are difficult to verify depends on the improvement of investigation methods and technologies, and more importantly, the level of structural optimization determined by its specifications. To this end, it is necessary to clarify the internal logic of the identification of collaborative behavior norms, that is, through the evidence loop formed by communication evidence, corporate behavior evidence, market structure evidence and facilitation behavior evidence, to complete the inference from indirect facts to the main fact of "unanimous intention". Among them, each piece of evidence does not have the same weight and should be stratified according to the strength of its probative power. On this basis, two basic paths for identifying collaborative behavior norms should be gradually established. In the proof of coordinated behavior starting from information transmission, considering that the possibility of misjudgment and omission is low, communication evidence should be directly used to presumptively prove "consistency of intention" and behavioral coordination, and there is no need to stick to evidence requiring parallel behavior as a supplement. In the proof of coordinated behavior starting from parallel behavior, it should be reinforced by communication evidence and other indirect evidence. If a legal presumption cannot be formed, the standard of proof of "preponderance of evidence" should be adopted for inference. Finally, due to the structural differences in information transmission mechanisms between bilateral coordinated behavior and trilateral coordinated behavior, more attention should be paid to the subjective intentions of the actors in trilateral coordinated behavior. As a result, the identification of coordinated behaviors can get out of a relatively disorderly state and form a standardized identification structure to enhance the certainty of the application of antitrust laws.

Title: The functions and limits of disclosure of administrative penalty decisions

Author: Kong Xiangwen (w88 casino of Law, w88 casino)

Journal: "Chinese and Foreign Laws" 2021 Issue 6

Article 48 of the newly revised "Administrative Penalty Law" in 2021 stipulates: "Administrative penalty decisions with certain social impact shall be disclosed in accordance with the law." Under the current technical conditions, the flow of information is more convenient and the impact is greater. Since the administrative penalty decision contains a large amount of personal information and is accompanied by a negative legal evaluation of the counterparty by the administrative agency, its disclosure will often cause damage to the personal information rights, reputation and interests of the parties involved. How to find a balance between the value pursued by the disclosure of penalty decisions and the protection of the rights and interests of the parties is not only an important theoretical proposition, but also a hot topic of concern in administrative law enforcement practice. By sorting out the development history of the administrative penalty decision disclosure system and related legal systems, the article proposes that strengthening the supervision of administrative law enforcement activities is the main purpose of penalty decision disclosure, and realizing risk warnings to society is an incidental function of penalty decision disclosure, while reputational sanctions are not the legal purpose of penalty decision disclosure. Based on the above nature and positioning, the disclosure of administrative penalty decisions does not apply to the "disclosure principle" requirement in the "Government Information Disclosure Regulations". Only administrative penalty decisions that meet statutory requirements should be made public. The “administrative penalty decision with certain influence” stipulated in Article 48 of the Administrative Penalty Law should be understood as an administrative penalty decision made for illegal acts that infringe on social public interests and have a large social impact. The article proposes that based on the requirements of personal information protection and reputational interest protection, administrative penalty decisions targeting natural persons as targets of punishment should be disclosed anonymously and de-identified; based on the requirements of the risk warning function, administrative penalty decisions targeting enterprises as targets of punishment should be disclosed on the principle of real names. In response to erroneous disclosures, a mechanism should be established to facilitate parties to exercise their rights to request corrections, deletions, etc., allowing parties to file reconsiderations and lawsuits, and claim compensation for damages.

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