{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2026,3,5]],"date-time":"2026-03-05T06:07:57Z","timestamp":1772690877055,"version":"3.50.1"},"reference-count":54,"publisher":"Springer Science and Business Media LLC","issue":"1","license":[{"start":{"date-parts":[[2024,1,11]],"date-time":"2024-01-11T00:00:00Z","timestamp":1704931200000},"content-version":"tdm","delay-in-days":0,"URL":"https:\/\/creativecommons.org\/licenses\/by\/4.0"},{"start":{"date-parts":[[2024,1,11]],"date-time":"2024-01-11T00:00:00Z","timestamp":1704931200000},"content-version":"vor","delay-in-days":0,"URL":"https:\/\/creativecommons.org\/licenses\/by\/4.0"}],"funder":[{"name":"Funda\u00e7\u00e3o para Ci\u00cancia e Tecnologia","award":["2022.11993.BD"],"award-info":[{"award-number":["2022.11993.BD"]}]},{"DOI":"10.13039\/100017159","name":"ISCTE \u2013 Instituto Universit\u00e1rio","doi-asserted-by":"crossref","id":[{"id":"10.13039\/100017159","id-type":"DOI","asserted-by":"crossref"}]}],"content-domain":{"domain":["link.springer.com"],"crossmark-restriction":false},"short-container-title":["Rev Deriv Res"],"published-print":{"date-parts":[[2024,4]]},"abstract":"<jats:title>Abstract<\/jats:title><jats:p>Much of the work on the valuation of levered (and unlevered) warrants assumes that the volatility of the underlying state variable is constant. This paper extends the literature on warrant pricing to a more general assumption for the state variable process, the so-called constant elasticity of variance (CEV) process. The CEV model is well-known for its ability to capture some empirical observations found in the financial economics literature, namely the asymmetry between equity returns and volatility and the implied volatility skew. Using the CEV process, we are able to reduce pricing bias as the volatility becomes a function of the underlying state variable. We price European-style call warrants without restrictions on the debt maturity. When warrants have the same maturity as debt, it is possible to obtain closed-form solutions for warrants prices. When the maturity of warrants is different from the maturity of debt, prices can be computed numerically through very efficient and simple to implement valuation methodologies.<\/jats:p>","DOI":"10.1007\/s11147-023-09199-1","type":"journal-article","created":{"date-parts":[[2024,1,11]],"date-time":"2024-01-11T08:02:14Z","timestamp":1704960134000},"page":"55-84","update-policy":"https:\/\/doi.org\/10.1007\/springer_crossmark_policy","source":"Crossref","is-referenced-by-count":4,"title":["Pricing levered warrants under the CEV diffusion model"],"prefix":"10.1007","volume":"27","author":[{"ORCID":"https:\/\/orcid.org\/0000-0002-8597-5266","authenticated-orcid":false,"given":"Carlos Miguel","family":"Gl\u00f3ria","sequence":"first","affiliation":[]},{"given":"Jos\u00e9 Carlos","family":"Dias","sequence":"additional","affiliation":[]},{"given":"Aricson","family":"Cruz","sequence":"additional","affiliation":[]}],"member":"297","published-online":{"date-parts":[[2024,1,11]]},"reference":[{"key":"9199_CR1","doi-asserted-by":"publisher","first-page":"1199","DOI":"10.1080\/14697688.2013.771280","volume":"13","author":"I Ab\u00ednzano","year":"2013","unstructured":"Ab\u00ednzano, I., & Navas, J. F. (2013). Pricing levered warrants with dilution using observable variables. Quantitative Finance, 13, 1199\u20131209.","journal-title":"Quantitative Finance"},{"key":"9199_CR2","volume-title":"Handbook of mathematical functions","author":"M Abramowitz","year":"1972","unstructured":"Abramowitz, M., & Stegun, I. A. (1972). Handbook of mathematical functions. Dover."},{"key":"9199_CR3","doi-asserted-by":"publisher","first-page":"1203","DOI":"10.1080\/14697680902953841","volume":"10","author":"E Bajo","year":"2010","unstructured":"Bajo, E., & Barbi, M. (2010). The risk-shifting effect and the value of a warrant. Quantitative Finance, 10, 1203\u20131213.","journal-title":"Quantitative Finance"},{"key":"9199_CR4","doi-asserted-by":"publisher","first-page":"3108","DOI":"10.1287\/opre.2022.2360","volume":"70","author":"G Bakshi","year":"2022","unstructured":"Bakshi, G., Crosby, J., & Gao, X. (2022). Dark matter in (volatility and) equity option risk premiums. Operations Research, 70, 3108\u20133124.","journal-title":"Operations Research"},{"key":"9199_CR5","doi-asserted-by":"publisher","first-page":"661","DOI":"10.1111\/j.1540-6261.1980.tb03490.x","volume":"35","author":"S Beckers","year":"1980","unstructured":"Beckers, S. (1980). The constant elasticity of variance model and its implications for option pricing. Journal of Finance, 35, 661\u2013673.","journal-title":"Journal of Finance"},{"key":"9199_CR6","doi-asserted-by":"publisher","first-page":"1","DOI":"10.1093\/rfs\/13.1.1","volume":"13","author":"G Bekaert","year":"2000","unstructured":"Bekaert, G., & Wu, G. (2000). Asymmetry volatility and risk in equity markets. Review of Financial Studies, 13, 1\u201342.","journal-title":"Review of Financial Studies"},{"key":"9199_CR7","doi-asserted-by":"publisher","first-page":"249","DOI":"10.1016\/S0167-9473(02)00283-9","volume":"43","author":"D Benton","year":"2003","unstructured":"Benton, D., & Krishnamoorthy, K. (2003). Computing discrete mixtures of continuous distributions: Noncentral chisquare, noncentral t and the distribution of the square of the sample multiple correlation coefficient. Comput Stat Data Anal, 43, 249\u2013267.","journal-title":"Comput Stat Data Anal"},{"key":"9199_CR8","doi-asserted-by":"publisher","first-page":"637","DOI":"10.1086\/260062","volume":"81","author":"F Black","year":"1973","unstructured":"Black, F., & Scholes, M. (1973). The pricing of options and corporate liabilities. Journal of Political Economy, 81, 637\u2013654.","journal-title":"Journal of Political Economy"},{"key":"9199_CR9","doi-asserted-by":"publisher","first-page":"217","DOI":"10.1287\/opre.1050.0247","volume":"54","author":"M Broadie","year":"2006","unstructured":"Broadie, M., & Kaya, \u00d6. (2006). Exact simulation of stochastic volatility and other affine jump diffusion processes. Operations Research, 54, 217\u2013231.","journal-title":"Operations Research"},{"key":"9199_CR10","doi-asserted-by":"publisher","first-page":"575","DOI":"10.1016\/S0929-1199(02)00038-X","volume":"9","author":"S Byoun","year":"2003","unstructured":"Byoun, S., & Moore, W. T. (2003). Stock versus stock-warrant units: Evidence from seasoned offerings. Journal of Corporate Finance, 9, 575\u2013590.","journal-title":"Journal of Corporate Finance"},{"key":"9199_CR11","doi-asserted-by":"publisher","first-page":"165","DOI":"10.1016\/j.finmar.2012.04.003","volume":"16","author":"EC Chang","year":"2013","unstructured":"Chang, E. C., Luo, X., Shi, L., & Zhang, J. E. (2013). Is warrant really a derivative? Evidence from the Chinese warrant market. Journal of Financial Markets, 16, 165\u2013193.","journal-title":"Journal of Financial Markets"},{"key":"9199_CR12","doi-asserted-by":"publisher","first-page":"254","DOI":"10.1016\/j.jfineco.2016.05.009","volume":"121","author":"J Choi","year":"2016","unstructured":"Choi, J., & Richardson, M. (2016). The volatility of a firm\u2019s assets and the leverage effect. Journal of Financial Economics, 121, 254\u2013277.","journal-title":"Journal of Financial Economics"},{"key":"9199_CR13","doi-asserted-by":"publisher","first-page":"407","DOI":"10.1016\/0304-405X(82)90018-6","volume":"10","author":"AA Christie","year":"1982","unstructured":"Christie, A. A. (1982). The stochastic behavior of common stock variances: Value, leverage and interest rate effects. Journal of Financial Economics, 10, 407\u2013432.","journal-title":"Journal of Financial Economics"},{"key":"9199_CR14","doi-asserted-by":"publisher","first-page":"325","DOI":"10.1002\/fut.22169","volume":"41","author":"Y-W Chuang","year":"2021","unstructured":"Chuang, Y.-W., Tsai, W.-C., Weng, P.-S., & Yin, C. (2021). Do put warrants unwind short-sale restrictions? Further evidence from the Taiwan stock exchange. Journal of Futures Markets, 41, 325\u2013348.","journal-title":"Journal of Futures Markets"},{"issue":"1996","key":"9199_CR15","first-page":"15","volume":"23","author":"JC Cox","year":"1975","unstructured":"Cox, J. C. (1975). Notes on option pricing I: Constant elasticity of variance diffusions. Journal of Portfolio Management, 23(1996), 15\u201317.","journal-title":"Journal of Portfolio Management"},{"key":"9199_CR16","doi-asserted-by":"publisher","first-page":"145","DOI":"10.1016\/0304-405X(76)90023-4","volume":"3","author":"JC Cox","year":"1976","unstructured":"Cox, J. C., & Ross, S. A. (1976). The valuation of options for alternative stochastic processes. Journal of Financial Economics, 3, 145\u2013166.","journal-title":"Journal of Financial Economics"},{"key":"9199_CR17","doi-asserted-by":"publisher","first-page":"861","DOI":"10.1016\/0378-4266(94)00029-8","volume":"18","author":"M Crouhy","year":"1994","unstructured":"Crouhy, M., & Galai, D. (1994). The interaction between the financial and investment decisions of the firm: The case of issuing warrants in a levered firm. Journal of Banking and Finance, 18, 861\u2013880.","journal-title":"Journal of Banking and Finance"},{"key":"9199_CR18","first-page":"949","volume":"47","author":"D Davydov","year":"2001","unstructured":"Davydov, D., & Linetsky, V. (2001). Pricing and hedging path-dependent options under the CEV process. Management Science Series A-theory, 47, 949\u2013965.","journal-title":"Management Science Series A-theory"},{"key":"9199_CR19","doi-asserted-by":"publisher","first-page":"471","DOI":"10.2307\/3594989","volume":"37","author":"P Dennis","year":"2002","unstructured":"Dennis, P., & Mayhew, S. (2002). Risk-neutral skewness: Evidence from stock options. Journal of Financial and Quantitative Analysis, 37, 471\u2013493.","journal-title":"Journal of Financial and Quantitative Analysis"},{"key":"9199_CR20","doi-asserted-by":"publisher","first-page":"230","DOI":"10.1002\/fut.20468","volume":"31","author":"JC Dias","year":"2011","unstructured":"Dias, J. C., & Nunes, J. P. (2011). Pricing real options under the constant elasticity of variance diffusion. Journal of Futures Markets, 31, 230\u2013250.","journal-title":"Journal of Futures Markets"},{"key":"9199_CR21","doi-asserted-by":"publisher","first-page":"249","DOI":"10.1007\/s11147-019-09164-x","volume":"23","author":"JC Dias","year":"2020","unstructured":"Dias, J. C., Nunes, J. P., & Cruz, A. (2020). A note on options and bubbles under the CEV Model: Implications for pricing and hedging. Review of Derivatives Research, 23, 249\u2013272.","journal-title":"Review of Derivatives Research"},{"key":"9199_CR22","doi-asserted-by":"publisher","first-page":"1995","DOI":"10.1080\/14697688.2014.971049","volume":"15","author":"JC Dias","year":"2015","unstructured":"Dias, J. C., Nunes, J. P., & Ruas, J. P. (2015). Pricing and static hedging of European-style double barrier options under the jump to default extended CEV model. Quantitative Finance, 15, 1995\u20132010.","journal-title":"Quantitative Finance"},{"key":"9199_CR23","doi-asserted-by":"publisher","first-page":"59","DOI":"10.1016\/0304-405X(94)00805-B","volume":"38","author":"CG Dunbar","year":"1995","unstructured":"Dunbar, C. G. (1995). The use of warrants as underwriter compensation in initial public offerings. Journal of Financial Economics, 38, 59\u201378.","journal-title":"Journal of Financial Economics"},{"key":"9199_CR24","doi-asserted-by":"publisher","first-page":"533","DOI":"10.2307\/2330906","volume":"17","author":"DC Emanuel","year":"1982","unstructured":"Emanuel, D. C., & MacBeth, J. D. (1982). Further results on the constant elasticity of variance call option pricing model. Journal of Financial and Quantitative Analysis, 17, 533\u2013554.","journal-title":"Journal of Financial and Quantitative Analysis"},{"key":"9199_CR25","doi-asserted-by":"publisher","first-page":"25","DOI":"10.1016\/j.jcorpfin.2006.05.001","volume":"13","author":"J-F Gajewski","year":"2007","unstructured":"Gajewski, J.-F., Ginglinger, E., & Lasfer, M. (2007). Why do companies include warrants in seasoned equity offerings? Journal of Corporate Finance, 13, 25\u201342.","journal-title":"Journal of Corporate Finance"},{"key":"9199_CR26","doi-asserted-by":"publisher","first-page":"1333","DOI":"10.1111\/j.1540-6261.1978.tb03423.x","volume":"33","author":"D Galai","year":"1978","unstructured":"Galai, D., & Schneller, M. I. (1978). Pricing of warrants and the value of the firm. Journal of Finance, 33, 1333\u20131342.","journal-title":"Journal of Finance"},{"key":"9199_CR27","doi-asserted-by":"publisher","first-page":"21","DOI":"10.1111\/fire.12024","volume":"49","author":"JL Garner","year":"2014","unstructured":"Garner, J. L., & Marshall, B. B. (2014). Underwriter compensation structure: Can it really bond underwriters? Financial Review, 49, 21\u201348.","journal-title":"Financial Review"},{"key":"9199_CR28","doi-asserted-by":"publisher","first-page":"31","DOI":"10.1023\/A:1009744816785","volume":"1","author":"G Gemmill","year":"1997","unstructured":"Gemmill, G., & Thomas, D. (1997). Warrants on the London stock exchange: Pricing biases and investor confusion. European Finance Review, 1, 31\u201349.","journal-title":"European Finance Review"},{"key":"9199_CR29","doi-asserted-by":"publisher","first-page":"765","DOI":"10.1002\/fut.10032","volume":"22","author":"JC Handley","year":"2002","unstructured":"Handley, J. C. (2002). On the valuation of warrants. Journal of Futures Markets, 22, 765\u2013782.","journal-title":"Journal of Futures Markets"},{"key":"9199_CR30","doi-asserted-by":"publisher","first-page":"55","DOI":"10.2469\/faj.v53.n1.2056","volume":"53","author":"S Hauser","year":"1997","unstructured":"Hauser, S., & Lauterbach, B. (1997). The relative performance of five alternative warrant pricing models. Financial Analysts Journal, 53, 55\u201361.","journal-title":"Financial Analysts Journal"},{"key":"9199_CR31","doi-asserted-by":"publisher","first-page":"327","DOI":"10.1093\/rfs\/6.2.327","volume":"6","author":"SL Heston","year":"1993","unstructured":"Heston, S. L. (1993). A closed-form solution for options with stochastic volatility with applications to bond and currency options. Review of Financial Studies, 6, 327\u2013343.","journal-title":"Review of Financial Studies"},{"key":"9199_CR32","doi-asserted-by":"publisher","first-page":"359","DOI":"10.1093\/rfs\/hhl005","volume":"20","author":"SL Heston","year":"2007","unstructured":"Heston, S. L., Loewenstein, M., & Willard, G. A. (2007). Options and bubbles. Review of Financial Studies, 20, 359\u2013390.","journal-title":"Review of Financial Studies"},{"key":"9199_CR33","doi-asserted-by":"publisher","first-page":"814","DOI":"10.1111\/j.1468-036X.2009.00510.x","volume":"15","author":"JS Howe","year":"2009","unstructured":"Howe, J. S., & Olsen, B. C. (2009). Security choice and corporate governance. European Financial Management, 15, 814\u2013843.","journal-title":"European Financial Management"},{"key":"9199_CR34","volume-title":"Theory of financial decision making","author":"J Ingersoll","year":"1987","unstructured":"Ingersoll, J. E. Jr. (1987). Theory of financial decision making. Rowman and Littlefield Publishers."},{"key":"9199_CR35","doi-asserted-by":"publisher","first-page":"1611","DOI":"10.1111\/j.1540-6261.1996.tb05219.x","volume":"51","author":"JC Jackwerth","year":"1996","unstructured":"Jackwerth, J. C., & Rubinstein, M. (1996). Recovering probability distributions from option prices. Journal of Finance, 51, 1611\u20131631.","journal-title":"Journal of Finance"},{"key":"9199_CR36","volume-title":"Continuous univariate distributions","author":"NL Johnson","year":"1995","unstructured":"Johnson, N. L., Samuel, K., & Balakrishnan, N. (1995). Continuous univariate distributions (2nd ed., Vol. 2). Wiley.","edition":"2"},{"key":"9199_CR37","doi-asserted-by":"publisher","first-page":"97","DOI":"10.1016\/j.jcorpfin.2016.07.010","volume":"40","author":"A Khurshed","year":"2016","unstructured":"Khurshed, A., Kostas, D., & Saadouni, B. (2016). Warrants in underwritten IPOs: The alternative investment market (AIM) experience. Journal of Corporate Finance, 40, 97\u2013109.","journal-title":"Journal of Corporate Finance"},{"key":"9199_CR38","doi-asserted-by":"publisher","DOI":"10.1007\/978-3-662-12616-5","volume-title":"Numerical solution of stochastic differential equations","author":"PE Kloeden","year":"1992","unstructured":"Kloeden, P. E., & Platen, E. (1992). Numerical solution of stochastic differential equations. Springer-Verlag."},{"key":"9199_CR39","doi-asserted-by":"publisher","first-page":"907","DOI":"10.1080\/14697688.2013.765958","volume":"13","author":"M Larguinho","year":"2013","unstructured":"Larguinho, M., Dias, J. C., & Braumann, C. A. (2013). On the computation of option prices and Greeks under the CEV model. Quantitative Finance, 13, 907\u2013917.","journal-title":"Quantitative Finance"},{"key":"9199_CR40","first-page":"1181","volume":"45","author":"B Lauterbach","year":"1990","unstructured":"Lauterbach, B., & Schultz, P. (1990). Pricing warrants: An empirical study of the Black\u2013Scholes model and its alternatives. Journal of Finance, 45, 1181\u20131209.","journal-title":"Journal of Finance"},{"key":"9199_CR41","doi-asserted-by":"publisher","first-page":"868","DOI":"10.1016\/j.matcom.2011.12.006","volume":"82","author":"AE Lindsay","year":"2012","unstructured":"Lindsay, A. E., & Brecher, D. R. (2012). Simulation of the CEV Process and the Local Martingale Property. Mathematics and Computers in Simulation, 82, 868\u2013878.","journal-title":"Mathematics and Computers in Simulation"},{"key":"9199_CR42","first-page":"285","volume":"35","author":"JD MacBeth","year":"1980","unstructured":"MacBeth, J. D., & Merville, L. J. (1980). Tests of the Black\u2013Scholes and cox call option valuation models. Journal of Finance, 35, 285\u2013301.","journal-title":"Journal of Finance"},{"key":"9199_CR43","first-page":"141","volume":"4","author":"RC Merton","year":"1973","unstructured":"Merton, R. C. (1973). Theory of rational option pricing. Bell Journal of Economics and Management Science, 4, 141\u2013183.","journal-title":"Bell Journal of Economics and Management Science"},{"key":"9199_CR44","first-page":"261","volume":"48","author":"F Modigliani","year":"1958","unstructured":"Modigliani, F., & Miller, M. H. (1958). The cost of capital, corporation finance and the theory of investment. American Economic Review, 48, 261\u2013297.","journal-title":"American Economic Review"},{"key":"9199_CR45","doi-asserted-by":"publisher","first-page":"343","DOI":"10.1016\/j.jbankfin.2015.05.003","volume":"58","author":"JP Nunes","year":"2015","unstructured":"Nunes, J. P., Ruas, J. P., & Dias, J. C. (2015). Pricing and static hedging of American-style knock-in options on defaultable stocks. Journal of Banking and Finance, 58, 343\u2013360.","journal-title":"Journal of Banking and Finance"},{"key":"9199_CR46","doi-asserted-by":"publisher","first-page":"4059","DOI":"10.1016\/j.jbankfin.2013.07.019","volume":"37","author":"JP Ruas","year":"2013","unstructured":"Ruas, J. P., Dias, J. C., & Nunes, J. P. (2013). Pricing and Static Hedging of American options under the jump to default Extended CEV model. Journal of Banking and Finance, 37, 4059\u20134072.","journal-title":"Journal of Banking and Finance"},{"key":"9199_CR47","doi-asserted-by":"publisher","first-page":"211","DOI":"10.1111\/j.1540-6261.1989.tb02414.x","volume":"44","author":"M Schroder","year":"1989","unstructured":"Schroder, M. (1989). Computing the constant elasticity of variance option pricing formula. Journal of Finance, 44, 211\u2013219.","journal-title":"Journal of Finance"},{"key":"9199_CR48","doi-asserted-by":"publisher","first-page":"199","DOI":"10.1016\/0304-405X(93)90018-7","volume":"34","author":"P Schultz","year":"1993","unstructured":"Schultz, P. (1993). Unit initial public offerings: A form of staged financing. Journal of Financial Economics, 34, 199\u2013229.","journal-title":"Journal of Financial Economics"},{"key":"9199_CR49","doi-asserted-by":"publisher","first-page":"841","DOI":"10.1016\/0378-4266(94)00030-1","volume":"18","author":"GU Schulz","year":"1994","unstructured":"Schulz, G. U., & Trautmann, S. (1994). Robustness of option-like warrant valuation. Journal of Banking and Finance, 18, 841\u2013859.","journal-title":"Journal of Banking and Finance"},{"key":"9199_CR50","doi-asserted-by":"publisher","first-page":"77","DOI":"10.2469\/faj.v52.n5.2027","volume":"52","author":"J Sidenius","year":"1996","unstructured":"Sidenius, J. (1996). Warrant pricing\u2014is dilution a delusion? Financial Analysts Journal, 52, 77\u201380.","journal-title":"Financial Analysts Journal"},{"key":"9199_CR51","doi-asserted-by":"publisher","first-page":"1095","DOI":"10.1016\/j.jbankfin.2004.05.032","volume":"29","author":"J-A Suchard","year":"2005","unstructured":"Suchard, J.-A. (2005). The use of stand alone warrants as unique capital raising instruments. Journal of Banking and Finance, 29, 1095\u20131112.","journal-title":"Journal of Banking and Finance"},{"key":"9199_CR52","doi-asserted-by":"publisher","first-page":"329","DOI":"10.1111\/j.1475-6803.2004.00100.x","volume":"27","author":"AD Ukhov","year":"2004","unstructured":"Ukhov, A. D. (2004). Warrant pricing using observable variables. Journal of Financial Research, 27, 329\u2013339.","journal-title":"Journal of Financial Research"},{"key":"9199_CR53","doi-asserted-by":"publisher","first-page":"1","DOI":"10.1007\/s11147-016-9122-2","volume":"20","author":"D Veestraeten","year":"2017","unstructured":"Veestraeten, D. (2017). On the multiplicity of option prices under CEV with positive elasticity of variance. Review of Derivatives Research, 20, 1\u201313.","journal-title":"Review of Derivatives Research"},{"key":"9199_CR54","doi-asserted-by":"publisher","first-page":"61","DOI":"10.1080\/13518470110047648","volume":"9","author":"C Veld","year":"2003","unstructured":"Veld, C. (2003). Warrant pricing: A review of empirical research. European Journal of Finance, 9, 61\u201391.","journal-title":"European Journal of Finance"}],"container-title":["Review of Derivatives Research"],"original-title":[],"language":"en","link":[{"URL":"https:\/\/link.springer.com\/content\/pdf\/10.1007\/s11147-023-09199-1.pdf","content-type":"application\/pdf","content-version":"vor","intended-application":"text-mining"},{"URL":"https:\/\/link.springer.com\/article\/10.1007\/s11147-023-09199-1\/fulltext.html","content-type":"text\/html","content-version":"vor","intended-application":"text-mining"},{"URL":"https:\/\/link.springer.com\/content\/pdf\/10.1007\/s11147-023-09199-1.pdf","content-type":"application\/pdf","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2024,3,26]],"date-time":"2024-03-26T09:10:24Z","timestamp":1711444224000},"score":1,"resource":{"primary":{"URL":"https:\/\/link.springer.com\/10.1007\/s11147-023-09199-1"}},"subtitle":[],"short-title":[],"issued":{"date-parts":[[2024,1,11]]},"references-count":54,"journal-issue":{"issue":"1","published-print":{"date-parts":[[2024,4]]}},"alternative-id":["9199"],"URL":"https:\/\/doi.org\/10.1007\/s11147-023-09199-1","relation":{},"ISSN":["1380-6645","1573-7144"],"issn-type":[{"value":"1380-6645","type":"print"},{"value":"1573-7144","type":"electronic"}],"subject":[],"published":{"date-parts":[[2024,1,11]]},"assertion":[{"value":"14 December 2023","order":1,"name":"accepted","label":"Accepted","group":{"name":"ArticleHistory","label":"Article History"}},{"value":"11 January 2024","order":2,"name":"first_online","label":"First Online","group":{"name":"ArticleHistory","label":"Article History"}}]}}