Report of the Editor of The Journal of Finance for the Year 2009

15 Pages·2010·0.13 MB·English

THEJOURNALOFFINANCE•VOL.LXV,NO.4•AUGUST2010
AMERICAN FINANCE ASSOCIATION
Report of the Editor of The Journal of Finance
for the Year 2009
CAMPBELLR.HARVEY,EDITOR
I AM HAPPY TO REPORT that 2009 was another good year for the Journal of
Finance.Wereceived1,158submissions,ofwhich1,020werenewmanuscripts.
Thenumberofnewsubmissionsisidenticaltothetotalin2008.Resubmissions
appear to be down but this is a result of the Journal of Finance no longer
counting “style” revisions in the official revision count. There were 100 style
revisionsin2009.Hence,thecomparablepaperflowis1,258totalsubmissions
in2009comparedto1,191in2008.
In2009,theJournalpublished78articles,writtenbyauthorswhoseprimary
affiliations include 92 different institutions. Table I details the number and
timing of submissions received throughout the year. The primary affiliations
aresummarizedinTableII,whichreportsthenumberofauthorsperinstitution
(where an article with n authors is counted as 1/n articles for each author’s
institution). The institutions with the most Journal authors last year were
Hong Kong University of Science and Technology, New York University, and
theUniversityofChicago.
TheJournal’svisibilityandimpactremainextremelyhigh.Thearticlespub-
lishedintheJournalin2006and2007werecited14,679timesduring2008,a
totalthatranksfirstamongbusinessandfinancejournalsandthirdamongall
economicsjournals(behindtheAmericanEconomicReviewandEconometrica).
Our impact factor (cites during 2008 to articles published in 2006 and 2007,
divided by the total number of articles published in those two years) is 4.018,
whichranksfirstamongbusinessandfinancejournalsandthirdamongalleco-
nomics journals (behind the Quarterly Journal of Economics and the Journal
ofEconomicLiterature).
Turnaround time remains good, with almost 70% of the editorial decisions
takinglessthan70daysandonly18%takingover100days.TableIVprovides
details on turnaround for the editorial decisions made during 2009. Figure 1
compares turnaround for 2007, 2008, and 2009. The median turnaround time
appears to increase from 39 days to 45 days. However, as mentioned earlier,
2009isthefirstyearwherestyleroundshavebeenpurgedfromthereporting
process. Given that these style rounds often have very quick turnaround, 45
daysismorerepresentativeofthemedianturnaroundin2008and2007.
Let me comment on the 18% of papers that take more than 100 days.
First, most of these papers are in the 100- to 120-day range. For example,
as of December 31, 2009, there was no paper currently in process more than
1613
1614 TheJournalofFinance(cid:2)R
TableI
SubmissionandResubmissionTiming
2009 2008
Month Subs Resubs Total Month Subs Resubs Total
Jan. 96 14 110 Jan. 81 13 94
Feb. 90 13 103 Feb. 107 12 119
March 90 9 99 March 87 13 100
April 74 17 91 April 75 13 88
May 74 9 83 May 77 15 92
June 82 17 99 June 92 19 111
July 88 6 94 July 100 18 118
Aug. 73 13 86 Aug. 75 16 91
Sept. 96 15 111 Sept. 94 16 110
Oct. 82 8 90 Oct. 78 11 89
Nov. 81 7 88 Nov. 76 15 91
Dec. 94 10 104 Dec. 78 10 88
Total 1,020 138 1,158 Total 1,020 171 1,191
184 days. Second, many of these “late” papers are revise and resubmits. For
these papers, the Associate Editor will provide extra comments based on an
independent reading of the paper and the referee’s report. In addition, I will
provide my own report on every revise and resubmit, and the co-editor might
also provide a report. These extra reports add to the turnaround time of a re-
viseandresubmit.However,thisisdeliberate.Mystrategyistogetmaximum
feedbackinthefirstsubmissionsothatthesecondsubmissionisverycloseto
publicationquality.
TableVprovidesinformationontheJournal’sacceptanceandrejectionrates.
The number of acceptances increased in 2009 compared to 2008. The backlog
of unpublished accepted articles is less than a year, meaning there is a fairly
shorttimefromacceptancetopublication.
Theaveragelengthofthereviewprocess,togetherwiththepublicationback-
log,resultsinasignificantperiodduringwhichtheeditorwhohandledanar-
ticleisnotnecessarilytheonewhosenameappearsonthemastheadwhenthe
article is published. Of the articles published in 2009, about 32% (25 papers)
werehandledbyRobStambaugh.
As has been said before, the Journal reflects the collaborative efforts of a
greatmanypeople.MyCo-Editor,JohnGraham,andtheAssociateEditorsdo
awonderfuljobinfillingtheroleIhaveaskedofthem.LastyeartheJournal
relied on over 700 referees who, with few exceptions, made time in their busy
schedulestoprovidethetypeofdiligentandpromptfeedbackthatcontinuesto
playavitalroleintheJournal’ssuccess.(AppendixAliststheindividualswho
refereed for the Journal during 2009.) Clearly, you, the members of the Asso-
ciation, value the Journal highly, and it has been a great honor and privilege
formetohavebeenentrustedwithitscare.
WecontinuetoworkwithBEPressinmakingrefinementstothesystem,and
Ibelievetheelectronicsystemhasproventoserveourneedsratherwell.
ReportoftheEditor 1615
TableII
AuthorAffiliationsofPublishedArticles
Affiliation NumberofAuthors
HongKongUniversityofScience&Technology 31/2
NewYorkUniversity 3
UniversityofChicago 3
HarvardUniversity 22/3
UniversityofPennsylvania 22/3
UniversityofTexasatAustin 22/5
NorthwesternUniversity 21/6
TheOhioStateUniversity 21/9
DukeUniversity 15/6
VanderbiltUniversity 15/6
CornellUniversity 13/4
INSEAD 12/3
FederalReserveBankofNewYork 11/2
HelsinkiSchoolofEconomics 11/2
LondonBusinessSchool 11/2
UniversityofCalifornia,LosAngeles 11/2
UniversityofNotreDame 11/2
UniversityofCaliforniaatIrvine 12/5
DrexelUniversity 11/3
UniversityofSouthernCalifornia 11/3
StanfordUniversity 11/4
RutgersUniversity 11/6
YaleUniversity 11/6
UniversityofMichigan 1
YaleUniversity 1
BaylorUniversity 1
BostonCollege 1
CentralEuropeanUniversity 1
EmoryUniversity 1
MassachusettsInstituteofTechnology 1
NanyangTechnologicalUniversity 1
Paulson&Co.,Inc. 1
TilburgUniversity 1
UniversidadCarlosIIIdeMadrid 1
UniversityofAlberta 1
ArizonaStateUniversity 5/6
DePaulUniversity 5/6
UniversityofVirginia 5/6
IndianaUniversity 3/4
GeorgiaStateUniversity 2/3
SwedishInstituteforFinancialResearch 2/3
AmericanUniversity 1/2
BankofAmerica 1/2
CenterforHumanResourceResearch 1/2
CUNY 1/2
DartmouthCollege 1/2
HanyangUniversity 1/2
(continued)
1616 TheJournalofFinance(cid:2)R
TableII—Continued
Affiliation NumberofAuthors
OxfordUniversity 1/2
PrincetonUniversity 1/2
UniversityofDelaware 1/2
UniversityofMiami 1/2
UniversityofMissouriatSt.Louis 1/2
UniversityofOregon 1/2
UniversityofOxford 1/2
UniversityofRochester 1/2
UniversityofTexasatDallas 1/2
YonseiUniversity 1/2
YorkUniversity 1/2
ResearchInstituteofIndustrialEconomics 2/5
BentleyUniversity 1/3
BrandeisUniversity 1/3
BrighamYoungUniversity 1/3
ChineseUniversityofHongKong 1/3
ClaremontMcKennaCollege 1/3
ColumbiaUniversity 1/3
CornerstoneResearch 1/3
DuquesneCapitalManagement,LLC 1/3
EuropeanUniversityInstitute 1/3
FederalReserveBankofChicago 1/3
GeorgeMasonUniversity 1/3
KobeUniversity 1/3
LSVAssetManagement 1/3
MontanaStateUniversity 1/3
StockholmSchoolofEconomics 1/3
TexasTechUniversity 1/3
UniversityofAmsterdam 1/3
UniversityofCalifornia,Riverside 1/3
UniversityofGeorgia 1/3
UniversityofLausanne 1/3
UniversityofNorthCarolinaatChapelHill 1/3
BarclaysCapital 1/4
CityUniversityofHongKong 1/4
IndianaUniversitySoutheast 1/4
SingaporeManagementUniversity 1/4
UniversityofIowa 1/4
UniversityofMassachusetts 1/4
SouthernMethodistUniversity 1/5
StockholmUniversity 1/5
UniversityofColoradoatBoulder 1/5
UniversityofToronto 1/5
UniversityofUtah 1/5
One of the most important reasons for a smooth functioning of our journal
is our editorial assistant, Wendy Washburn, who is a huge asset to the Jour-
nal. Not only is Wendy vital in keeping the many day-to-day activities of the
editorialofficerunningsmoothly,asmanyofyouhaveprobablyexperiencedas
authors and reviewers, but she very ably supervises the copyediting and the
ReportoftheEditor 1617
TableIII
JournalVisibilityfromWebofScience:Citationsin2008ofArticles
Publishedin2006and2007
Impact Total
Rank Journal Factor Journal Citations
1 QuarterlyJournalofEconomics 5.048 AmericanEconomicReview 21,672
2 JournalofEconomicLiterature 4.842 Econometrica 17,091
3 JournalofFinance 4.018 JournalofFinance 14,679
4 JournalofEconomic 3.944 JournalofPoliticalEconomy 13,671
Perspectives
5 Econometrica 3.865 QuarterlyJournalofEconomics 11,723
6 JournalofPoliticalEconomy 3.725 JournalofFinancial 10,013
Economics
7 JournalofFinancial 3.542 JournalofEconometrics 6,605
Economics
8 EconomicGeography 2.968 ReviewofEconomicsand 5,993
Statistics
9 JournalofEconomicGeography 2.932 ReviewofEconomicStudies 5,941
10 JournalofAccountingand 2.851 EconomicJournal 5,924
Economics
11 ReviewofFinancialStudies 2.640 JournalofEconomicTheory 4,779
12 ReviewofEconomicStudies 2.633 EcologicalEconomics 4,347
13 JournalofEconomicGrowth 2.542 JournalofEconomic 4,261
Perspectives
14 AmericanEconomicReview 2.285 JournalofMonetaryEconomics 4,244
15 JournalofLaborEconomics 2.275 WorldDevelopment 4,226
16 EconomicPolicy 2.250 JournalofEconomicLiterature 4,069
17 EnergyEconomics 2.248 JournalofPublicEconomics 3,945
18 ReviewofEconomicStudies 2.233 AmericanJournalof 3,405
AgriculturalEconomics
19 JournalofHealthEconomics 2.118 ReviewofFinancialStudies 3,365
20 HealthEconomics 1.994 EuropeanEconomicReview 3,345
Source:ThompsonReutersJournalCitationReports.
pre-publication interface with Blackwell. Wendy has served the Journal for
sevenyears.Beginningin2010,shetakesonthenewtitleofAssistantEditor.
Otherimportanthighlightsareasfollows.
First, over the past year I worked closely with the Editorial Advisory Com-
mittee(EAC)oftheAmericanFinanceAssociation.TheEACmeetsaboutfour
timesperyear.
Second, in the November 2009 EAC meeting, the EAC decided to adopt a
more formal policy on appeals. The policy has the following components: (i)
authors are allowed one appeal every four years; (ii) the policy of one appeal
every four years applies to all coauthors; (iii) all coauthors must email the
Assistant Editor, Wendy Washburn, with their intention to appeal; (iv) the
Editor’s decision on appeals is final; and (v) authors not satisfied with the
processcanemailthechairpersonoftheEAC.ThisCommitteewillnotoverrule
theEditor.
1618 TheJournalofFinance(cid:2)R
TableIV
TurnaroundStatistics
2009a 2008a
ProcessingTime Number Cumulative% ProcessingTime Number Cumulative%
Lessthan20days 324 29.00% Lessthan20days 428 35.60%
20–29days 58 34.00% 20–29days 68 41.30%
30–39days 98 43.00% 30–39days 127 51.90%
40–49days 124 54.00% 40–49days 117 61.60%
50–59days 86 62.00% 50–59days 80 68.30%
60–69days 72 69.00% 60–69days 80 75.00%
70–79days 56 74.00% 70–79days 64 80.30%
80–89days 51 78.00% 80–89days 40 83.60%
90–99days 44 82.00% 90–99days 33 86.40%
100ormoredays 197 100.00% 100ormoredays 164 100.00%
Totalb 1,110 Totalb 1,201
Median 45 Median 39
turnaround turnaround
Average 57 Average 48.6
turnaround turnaround
aReflectssomeofRobertStambaugh’sdecisionsforthepapersgrandfatheredfromhistenure.
bTotal turnaround in 2009 (2008) [2007] of 1,110 (1,201) [1,320] is different from the submis-
sionstatistics1,158(1,191)[1,298]becausesomeofthedecisionsreflectpaperssubmittedinthe
previousyear,2008(2007)[2006].
Figure1. Turnaroundin2007,2008,and2009.
ReportoftheEditor 1619
TableV
DecisionStatistics
2009a 2008a
EditorialDecisions Number % EditorialDecisions Number %
Rejected 865 77.90% Rejected 953 79.40%
Returnedforrevisions 175 15.80% Returnedforrevisions 187 15.60%
Accepted 70 6.30% Accepted 61 5.10%
Totalb 1,110 100.0% Totalb 1,201 100.0%
Decisionsby Decisionsby
Round Rejected Revise Accepted Round Rejected Revise Accepted
Round1 853 108 0 Round1 942 86 0
Round2 9 50 17 Round2 8 53 3
Round3 2 13 34 Round3 3 37 21
Round4 1 4 15 Round4 0 10 27
Round5 0 0 4 Round5 0 1 9
Round6 0 0 0 Round6 0 0 1
Totalb 865 175 70 Totalb 953 187 61
aReflectssomeofRobertStambaugh’sdecisionsforthepapersgrandfatheredfromhistenure.
bTotal turnaround in 2009 (2008) [2007] of 1,110 (1,201) [1,320] is different from the submis-
sionstatistics1,158(1,191)[1,298]becausesomeofthedecisionsreflectpaperssubmittedinthe
previousyear,2008(2007)[2006].
Third, wecontinuetobuildtheInternetAppendix(IA)sectionthatisasso-
ciated with published papers. The IA allows the main section of a paper to be
leanerwhilealsoallowinginterestedreaderstodelvedeeperintothepublished
research.Furthermore,theIAallowsfortherepurposingofworkconductedas
part of the refereeing process that does not make it into the main text of the
paper.
Fourth, we have made considerable progress in reducing the number of
rounds before acceptance. In 2009, 73% of accepted papers were accepted on
thesecondrevision.Thiscomparestoonly48%in2008.
Each year the Journal awards a number of prizes for articles that it has
published. The eligible papers for the 2009 prizes were all those published in
the six issues of the Journal from December 2008 through October 2009. The
Smith Breeden Prizes, which recognize articles in all areas except corporate
finance,consistofonefirstprizeof$10,000andtwodistinguished-paperprizes
of $5000 each. The Brattle Group Prizes, which recognize articles in corpo-
rate finance, consist of one first prize of $10,000 and two distinguished-paper
prizesof$5000.TheAssociateEditorsnominatedthepapers.Wethenformed
a list of finalists and the Associate Editors voted for the prize winners. As-
sistant Editor Wendy Washburn handled the balloting. This year there were
sevenfinalistsfortheSmithBreedenPrizesandeightfinalistsfortheBrattle
GroupPrizes.AppendicesBandClistthewinningpapersaswellasthefinal-
ists. On behalf of the Journal, I have congratulated all of the authors of the
1620 TheJournalofFinance(cid:2)R
nominated papers. The prizes were announced at the AFA Business Meeting
inAtlanta.
AppendixA:Reviewers
The Journal of Finance would like to thank the following individuals, who
servedasrefereesoverthepastyear.Withouttheirhelp,theJournalcouldnot
fulfillitsmission.
Acharya,Viral Barth,James Boot,Arnoud
Adams,Rene´e Baruch,Shmuel Bouwman,Christa
Admati,Anat Basak,Suleyman Bradley,Daniel
Adrian,Tobias Bates,David Brau,James
Agarwal,Sumit Battalio,Robert Braun,Mat´ıas
Aggarwal,Rajesh BazdreschBarquet, Brav,Alon
Aggarwal,Reena Santiago Bris,Arturo
Agrawal,Ashwini Beatty,Anne Brown,Gregory
Ai,Hengjie Bebchuk,Lucian Brown,Keith
A¨ıt-Sahalia,Yacine Beber,Alessandro Brunnermeier,Markus
Albuquerque,Rui Beck,Thorsten Buraschi,Andrea
Allayannis,George Becker,Bo Burnside,Craig
Almazan,Andres Benartzi,Shlomo Bushee,Brian
Almeida,Heitor Bengtsson,Ola Busse,Jeffrey
Altamuro,Jennifer Benmelech,Efraim Butler,Alexander
Alti,Aydogan Bergman,Nittai Calvet,Laurent
Ang,Andrew Bergstresser,Daniel Campa,JoseManuel
Ang,James Berlin,Mitchell Campello,Murillo
Aragon,George Bernardo,Antonio Carey,Mark
Asparouhova,Elena Bernhardt,Dan Carlin,Bruce
Asquith,Paul Bertrand,Marianne Carlson,Murray
Avramov,Doron Bessembinder,Hendrik Carrieri,Francesca
Axelson,Ulf Bhagat,Sanjai Carter,Rick
Back,Kerry Bhamra,Harjoat Casamatta,Catherine
Bae,Kee-Hong Bharath,Sreedhar Casassus,Jaime
Baele,Lieven Billett,Matthew Chacko,George
Baks,Klaas Blake,Christopher Chakraborty,
Bakshi,Gurdip Blouin,Jennifer Archishman
Balduzzi,Pierluigi Boehmer,Ekkehart Chalmers,John
Bali,Turan Bohn,Jeff Chan,Kalok
Banerjee,Abhijit Boivin,Jean Chang,Xin
Banerjee,Snehal Bollen,Nicolas Chaplinsky,Susan
Bansal,Ravi Bolton,Patrick Chapman,David
Barber,Brad Bond,Philip Charness,Gary
Barberis,Nicholas Bondarenko,Oleg Chava,Sudheer
Barone-Adesi,Giovanni Boone,Audra Chemmanur,Thomas
ReportoftheEditor 1621
Chen,Joseph Deli,Daniel Fleming,Michael
Chen,Long DeLong,Gayle Foley,Fritz
Chernov,Mikhail DeMarzo,Peter Foucault,Thierry
Chidambaran,N.K. Denis,David Francis,Jennifer
Choi,Jaewon Desai,Mihir Frank,MaryMargaret
Choi,James Deuskar,Prachi Frank,Murray
Chordia,Tarun Diebold,Frank Franks,Julian
Christensen,Jens Diether,Karl Franzoni,Francesco
Christoffersen,Peter Dinc,Serdar Freixas,Xavier
Christoffersen,Susan Dittmar,Amy Friedman,Daniel
Chung,San-Lin Dittmar,RobertF. Frydman,Carola
Cici,Gjergji Doidge,Craig Gabaix,Xavier
Claessens,Stijn Donaldson,Glen Gallmeyer,Michael
Clifford,Chris Dow,James Gande,Amar
Cocco,Joao Drechsler,Itamar Garcia,Diego
Cochrane,John Driessen,Joost Garlappi,Lorenzo
Cohen,Lauren Duarte,Jefferson Garleanu,Nicolae
Cohen,Randolph Duffee,Gregory Garmaise,Mark
Cole,Shawn Dumas,Bernard Gatev,Evan
Coles,Jeffrey Dyck,Alexander Geman,He´lyette
Collin-Dufresne,Pierre Dziuda,Wioletta Gentry,William
Conrad,Jennifer Eberly,Jan George,Thomas
Constantinides,George Edelen,Roger Gervais,Simon
Cooper,Michael Edmans,Alex Getmansky,Mila
Cornelli,Francesca Edwards,Amy Ghysels,Eric
Cosset,Jean-Claude Eiling,Esther Giammarino,Ron
Coval,Joshua Eisfeldt,Andrea Giannetti,Mariassunta
Cremers,K.J.Martijn Engelberg,Joseph Giesecke,Kay
Croitoru,Benjamin Eraker,Bjorn Glascock,John
Cronqvist,Henrik Erel,Isil Goetzmann,William
Cumming,Douglas Estrella,Arturo Goldman,Eitan
Cvitanic,Jaksa Evans,Martin Goldreich,David
Dahlquist,Magnus Evans,Richard Goldstein,Itay
Dahya,Jay Faccio,Mara Goldstein,Michael
Dammon,Robert Fahlenbrach,Ruediger Goldstein,Robert
Daniel,Kent Fang,Lily Gollier,Christian
Daniel,Naveen Faulkender,Michael Gomes,Armando
Das,Sanjiv Fedaseyeu,Viktar Gomes,Francisco
David,Alexander Ferreira,Daniel Gomes,Joao
Davydenko,Sergei Ferreira,Miguel Gopalan,
DeGiorgi,Enrico Ferson,Wayne Radhakrishnan
DeNardi,Mariacristina Fich,Eliezer Gordy,Michael
DeNicolo´,Gianni Field,Laura Gourio,Franc¸ois
DeAngelo,Harry Fisher,Adlai Goyal,Amit
Decamps,JeanPaul Fisman,Raymond Green,Clifton
DelGuercio,Diane Flannery,Mark Greenwood,Robin
1622 TheJournalofFinance(cid:2)R
Grenadier,Steven Hou,Kewei Kang,Jun-Koo
Griffin,John Houston,Joel Kaniel,Ron
Grinstein,Yaniv Hovakimian,Armen Kapadia,Nikunj
Gromb,Denis Hsieh,David Kaplan,Steven
Grullon,Gustavo Huang,Jay Karolyi,Andrew
Guadalupe,Maria Huang,Jennifer Karpoff,Jonathan
Guay,Wayne Huang,Roger Kaul,Aditya
Guedj,Ilan Huang,Rongbing Kavajecz,Kenneth
Gul,Faruk Huberman,Gur Kedia,Simi
Gu¨mbel,Alexander Huffman,David Kelley,Eric
Gurkaynak,Refet Hughson,Eric Keloharju,Matti
Hackbarth,Dirk Hurst,Erik Khanna,Naveen
Hadlock,Charles Hvidkjaer,Soeren Khanna,Tarun
Hahn,Jaehoon Ikenberry,David Khorana,Ajay
Hall,Bronwyn Inderst,Roman Khwaja,Asim
Hamao,Yasushi Irvine,Paul Kiku,Dana
Hameed,Allaudeen Ivashina,Victoria Kim,Han
Han,Bing Ivkovich,Zoran Kim,Woojin
Hara,Chiaki Iyer,Rajkamal Kimmel,Robert
Harford,Jarrad Jackwerth,Jens Kirby,Chris
Harris,Larry Jagannathan,Ravi Kisgen,Darren
Harris,Milton James,Christopher Klapper,Leora
Hartzell,Jay Jamison,Julian Klein,Peter
Hasbrouck,Joel Jegadeesh,Narasimhan Knu¨pfer,Samuli
Hau,Harald Jenkins,Mark Kogan,Leonid
He,Zhiguo Jenter,Dirk Kogan,Shimon
Heaton,John Jiang,Danling Koijen,Ralph
Heinkel,Robert Jiang,Wei Kondor,Peter
Hellmann,Thomas Jin,Li Korajczyk,Robert
Helwege,Jean Johannes,Michael Korniotis,George
Hendershott,Terrence Johnson,Shane Korteweg,Arthur
Henderson,Brian Johnson,Timothy Kostovetsky,Leonard
Hennessy,Christopher Jones,Charles Kovner,Anna
Hertzberg,Andrew Jones,Christopher Kremer,Ilan
Hertzel,Michael Jorion,Philippe Krishnamurthy,Arvind
Heston,Steven Joslin,Scott Kubik,Jeffrey
Hilscher,Jens Ju,Nengjiu Kuehn,Lars-Alexander
Hilt,Eric Jurek,Jakub Kuhnen,Camelia
Hines,James Kacperczyk,Marcin Kumar,Alok
Hirshleifer,David Kadan,Ohad LaPorta,Rafael
Hoberg,Gerard Kadlec,Gregory LaCour-Little,Michael
Hochberg,Yael Kahl,Matthias Laeven,Luc
Hodrick,Robert Kahle,Kathleen Landier,Augustin
Hong,Harrison Kan,Raymond Lando,David
Horvath,Michael Kanatas,George Landsman,Wayne
Hotchkiss,Edith Kandel,Eugene Larcker,David