CURRENT PERMANENT POSITIONS:

2011-present        Associate Professor (Prof. Titular). Departament d’Economia i Empresa. UPF.
2011-present        Affiliated Reader. City University London (UK).
2009-present        Affiliated Professor. Barcelona Graduate School of Economics (Barcelona GSE).
2012-present        Programme Direcor. MSc in Finance and Banking, UPF-BSM.
2010-present        Research Fellow. SP-SP Public-Private Sector Research Center. IESE.
2016-present        Research Fellow. DIW Berlin (Germany).
2016-present        Member of the Academic Panel. Competition and Markets Authority (CMA) (London, UK).

PREVIOUS PERMANENT POSITIONS: 

2008-2present        Visiting Lecturer. IFP Energies Nouvelles (Paris, France).
2009-2011            Assistant Professor. Departament d’Economia i Empresa. UPF.
2007-2009           Programme Direcor. MSc in Regulation and Competition. City University London.
2005-2011            Lecturer and Senior Lecturer. City University London (UK).
2005-2006            Visiting Lecturer. University of Cambridge (UK).
2003-2005            Assistant Professor.University of WesternOntario (Canada).

PREVIOUS VISITING POSITIONS:

Leibniz Universität Hannover,  November 2011.
Kellogg Graduate School of Management, Northwestern University, March-June 2011.
Bocconi University (Milano, Italy), April 2010.
Ludwig-Maximilians-Universität (München, Germany), July 2009.
CREST (Paris,France), May 2006.
WZ Berlin (Germany), July 2004, July 2005, August 2010.
Universidad de Guanajuato (Mexico), June 2004.
London Business School (UK), January-July 2001.
UniversityCollegeLondon(UK), January-July 2001.

EDUCATION:

1998-2003            PhD in Economics (summa cum laude). Universitat Autònoma de Barcelona.
1997-1998            Maîtrise de Mathématiques. Université Paul Sabatier, Toulouse.
1994-1998            Llicenciatura de Matemàtiques. Universitat Autònoma de Barcelona.

AREAS OF EXPERTISE:

Corporate Finance, Competition & Regulation, Energy & Environment, Innovation

ACADEMIC PUBLICATIONS:

“Endogenous Matching in University-Industry Collaboration: Theory and Empirical Evidence from the UK”
joint with Ines Macho-Stadler (UAB) and David Pérez-Castrillo (UAB).
Management Science, forthcoming.

“Incentives for Early Adoption of Carbon Capture Technology: Further Considerations from a European Perspective”
joint with Olivier Massol (IFP-Energies Nouvelles) and Jeremy Eckhause (Rand).
Energy Policy, Vol. 90, March 2016, pp. 246-252.

“Joining the CCS Club! The Economics of CO2 Pipeline Projects”
joint with Olivier Massol (IFP-Energies Nouvelles) and Stéphane Tchung-Ming  (IFP-Energies Nouvelles).
European Journal of Operational Research, Vol. 247 (1), November 2015, pp. 259–275.

“The Double-Edged Sword of Industry Collaboration: Evidence from Engineering Academics in the UK”
joint with Mireia Jofre-Bonet (City) and Cornelia Lawson (Turin).
Research Policy, Vol. 44 (6), July 2015, pp. 1160–1175.

“Export Diversification and Resource-Based Industrialization: the Case of Natural Gas”
joint with Olivier Massol (IFP-Energies Nouvelles).
European Journal of Operations Research, Vol. 237 (3), September 2014, pp. 1067–1082.

“The Flip Side of Financial Synergies: Coinsurance versus Risk Contamination”
joint with Marco Ottaviani (Bocconi) and Andrew Winton (Minnesota)
Review of Financial Studies, Vol. 26 (12), December 2013, pp: 3142-3181.

“Research Output from University-Industry Collaborative Projects”
joint with Ines Macho-Stadler (UAB) and David Pérez-Castrillo (UAB).
Economic Development Quarterly, special issue on “Academic Entrepreneurship & Regional Development” Eds. David Audretsch, Al Link and Iñaki Peña.

“Behavioural Simulations Models in Spot Electricity Markets”
joint with Augusto Ruperez-Micola (Luxembourg)
European Journal of Operations Research, Vol. 214 (1), October 2011, pp: 147-159.

“Merger Failures”
joint with Jo Seldeslachts (Amsterdam)
Journal of Economics & Management Strategy, Vol. 20 (2), Summer 2011, pp. 589-624.

“Screening and Merger Activity”
joint with Paul Heidhues (ESMT), Rainer Nitsche (ESMT) and Jo Seldeslachts (Amsterdam)
Journal of Industrial Economics, Vol. 58 (4), December 2010, pp. 794–817.

“Scientific and Commercial Incentives in R&D: Research versus Development”
joint with Ines Macho-Stadler (UAB)
Journal of Economics & Management Strategy, Vol. 19 (1), Spring 2010, pp. 185–221.

“Composition of Electricity Generation Portfolios, Pivotal Dynamics and Market Power”
joint with A. Ruperez-Micola (Luxembourg)
Management Science, Vol. 55 (11), November 2009, pp. 1813-1831.

 “Incentives and Coordination in Vertically Related Energy Markets”
joint with Derek Bunn (LBS) and Augusto Ruperez-Micola (Luxembourg)
Journal of Economic Behavior & Organization, Vol. 67 (2), August 2008, pp. 381-393. 9-91.

“Endogenous Mergers and Endogenous Efficiency Gains: The Efficiency Defence Revisited”
joint with Inés Macho-Stadler (UAB) and Jo Seldeslachts (Amsterdam)
International Journal of Industrial Organization, Vol. 26 (1), January 2008, pp. 69-91.

“Bank Mergers and Diversification: Implications for Competition Policy”
joint with Marco Ottaviani (Kellogg)
European Financial Management, Vol.13 (3), June 2007, pp. 578–590.

“Information-Sharing Implications of Horizontal Mergers”
International Journal of Industrial Organization, Vol. 25, February 2007, pp. 31– 49.

“Mergers with Product Market Risk”
joint with Marco Ottaviani (Kellogg)
Journal of Economics & Management Strategy, Vol. 15 (3), Fall 2006, pp. 577-608.

CURRENT RESEARCH (WORKING PAPERS):

 “Key Success Drivers in Public Research Grants: Funding the Seeds of Radical Innovation in Academia?
joint with Ines Macho-Stadler (UAB) and David Pérez-Castrillo (UAB).

“Default Penalties in Private Equity Partnerships”
joint with Filippo Ippolito (UPF) and Sergio Vicente (UC3M).

“Market Power and Spatial Arbitrage between Interconnected Gas Hubs”
joint with Olivier Massol (IFP-Energies Nouvelles).

“The Dynamics of Strategic Alliances: Theory and Experimental Evidence”
joint with Tobias Kretschmer (Munich), Debrah Meloso (Rennes) and Jo Seldeslachts (Leuven and DIW).

“How to Reach Full Electrification? Lessons from Latin America”
joint with Joan Calzada (UB) and Jacint Jordana (UPF).

“Optimal Financial Conglomeration”
joint with Marco Ottaviani (Bocconi).

“Production Intermittence in Spot Electricity Markets”
joint with Olivier Massol (IFP-Energies Nouvelles) and Augusto Ruperez-Micola (Luxembourg).

“TV or not TV? The Economic Impact of Subtitling and English Skills”
joint with Ainhoa Aparicio-Fenoll (Carlo Alberto), Arturo Bris (IMD and Yale) and Augusto Ruperez-Micola (Luxembourg). 

OTHER PUBLICATIONS: 

Policy reports:

“The Economic Impact of Enforcement of Competition Policies on the Functioning of EU Energy Markets”
joint with ICF London and DIW Berlin.
European Commission, Directorate-General for Competition, January 2016.

“Minority interests in competitors”
joint with DotEcon Ltd (London) and Jo Seldeslachts.
Office of Fair Trading (London), March 2010.

Daily press:

“Regular, no prohibir, i de pressa!”.
El Periódico de Catalunya (Barcelona), February 2015 (opinion column, in Spanish and Catalan).

“Subtitling and foreign languages”, joint with Arturo Bris and Augusto Rupérez Micola.
El Periódico de Catalunya (Barcelona), February 2010 (opinion column, in Spanish and Catalan).

“Work with industry pays in publications – to a point”, written by John Gill.
The Times Higher Education (London), May 2009 (column on our research on the impact of industry collaboration).

EXECUTIVE EDUCATION ORGANISED:

July 2016                Competition Economics Summer School, Barcelona GSE.
June 2014-15-16    Energy Economics: Current Methods and Policy Challenges, BGSE.
March 2014          European Union- AETS consortium, Accra, Ghana.
February 2012       World Bank –AFUR (African Forum for Utility Regulators), Bamako, Mali.
October 2011        Ofgem (Office for gas electricity markets), London.
August 2011         AFUR (African Forum for Utility Regulators), Pretoria, South Africa.
Spring 2011         Ofgem (Office for gas electricity markets), London.
December 2010       Liaoning Province Prices Bureau, Government of China.
Spring 2010         Ofgem (Office for gas electricity markets), London.
February 2009       Department for Business, Enterprise and Regulatory Reform, UK.
Spring 2008         Ofgem (Office for gas electricity markets), London.
Fall 2004-2005      Department of Trade and Industry, UK Government (London). 

SHORT COURSES PROVIDED:

February 2011-14   Project Finance in Energy Markets. UB.
February 2011-14   Cost of Capital and the Building Blocks Approach in Energy. UB.
December 2008      Recent Developments in Mergers and Acquisitions. UB.
April 2006         Mergers and Acquisitions in the Energy SectorUB.
March 2006         Re-tooling course on Game TheoryAERC, Nairobi (Kenya).

CONSULTANCY AND BANKING EXPERIENCE:

2005-present            Economic Consultant.
Spring-Fall 2002     Financial Analyst. Banc de Sabadell, Sabadell (Barcelona).
Summer 2001           Economic Consultant. Frontier Economics,London.
Summer 2000          Financial Analyst. BBVA (Banco Bilbao Vizcaya Argentaria), Madrid.

TEACHING EXPERIENCE:

Corporate Finance:

Corporate Finance (2009-17, MSc in Finance, Pompeu Fabra).
Financing for Start-ups (2012-14 & 2016-17, MSc in Management, Pompeu Fabra).
Corporate Valuation (2014-17, MSc in Management, Pompeu Fabra).
Empirical Finance (2014-15, MSc in Macroeconomic Policy and Financial Markets, UAB).
Corporate Finance (2012-16, MSc in Management, Pompeu Fabra).
Direcció Financera II (2008-17, Llicenciatura en Economia i Empresa, Pompeu Fabra).
Topics in Corporate Finance (2008-09, MSc in Financial Economics, City).
Financial Microeconomics (2005-08 and 2012-16, MSc in Financial Economics, City).
Corporate Finance (2006-08, BSc Economics and BSc Economics and Accountancy, City).

Applied Regulation and Competition Policy:

Quantitative Techniques in Regulation (2010-17, MSc in Regulation, Pompeu Fabra).
Sectoral Regulation and Competition (2008-09, MSc in Regulation and Competition Policy, City).
Quantitative Techniques in Regulation and Competition in Practice (2005-09, MSc in Regulation and Competition Policy, City).
Quantitative Techniques in Regulation and Competition (2005-06, MSc in Regulation and Competition Policy, City).
Microeconomic Policy (2004-05, Honours Undergraduate Program in Economics,WesternOntario). 

Game Theory and Industrial Organisation:

Game Theory (2008-09, MSc in Financial Economics and MSc in Health Economics, City).
Topics in Applied Microeconomics (2006-08, BSc Economics and Accountancy, City).
Advanced Game Theory (2005-06, MPhil in Economics,Cambridge).
Game Theory (2005-06, MSc in Economics, Cambridge).
Game Theory (2005-06, BSc in Economics, Cambridge).
Game Theory and Industrial Organisation (2005-06, BSc in Economics, Cambridge).
Microeconomics II (2003-05, Ph.D. in Economics, Western Ontario).

Microeconomics and Mathematics:

Microeconomics (2016-17, MSc in Economics, City).
Microeconomics (2008-12, Master Énergie et marchés, IFP School).
Intermediate Microeconomics I (2003-04, Honours Undergraduate Program in Economics, Western Ontario).
Intermediate Microeconomics I (2003-05, General Undergraduate Program in Economics, Western Ontario).
Mathematics for Economic Analysis (1999-2001, Undergraduate Program in Economics, Universitat Autonoma de Barcelona, Spain).
Microeconomics (2001-02, Ph.D. in Business, London Business School). (Teaching assistant).
Mathematics for Economic Analysis (1998-99, Undergraduate, UAB). (Teaching assistant).

CONTRACT RESEARCH, GRANTS, AWARDS AND  FELLOWSHIPS

Ramon Areces Grant (PI: Albert Banal-Estanol).
Assonime/CEPR Research Programme on Restarting European Long-Term Investment Finance (RELTIF).
Grant ECO2013-43011-P, Spanish Ministry of Science and Innovation (PI: Albert Banal-Estanol).
Barcelona GSE Seed Grant 2014 (PI: Albert Banal-Estanol)
Barcelona GSE Seed Grant 2013 (PI: Albert Banal-Estanol)
Grant 2010 BE 00510 to visit Kellogg School of Management, AGAUR (Catalan government).
Grant ECO2010-15052, Spanish Ministry of Science and Innovation (PI: Massimo Motta).
Programme of Excellence in Monetary, Financial and Banking Economics, Bank of Spain (PI: X. Freixas)
Grant 255987 of the 7th Framework Programme, European Commission (PI: Giulia Iori).
Research group in finance and accounting, AGAUR (Catalan government) (PI: Xavier Freixas).
Ramon y Cajal fellowship, Grant RyC 2008-03270, Spanish government.
ESRC (Economic & Social Research Council) standard grant 2008 (PI: A. Banal-Estanol and M Jofre-Bonet).
CityUniversity pump priming grant 2007 (PI: Albert Banal-Estanol and Mireia Jofre-Bonet).
City University research prize 2006.
Start-up grant,University of WesternOntario.
Grant BEC2000-0172, Spanish Ministry of Science and Technology (PI: Inés Macho-Stadler).
Marie Curie Scholarship to visit University College London, European Union.
Pre-doctoral research fellowship, Catalan government.

Ph.D. SUPERVISION:

Enrique Benito (City University, in progress) (supervisor).
Topic: Banking regulation.

Jianxing Wei (Universitat Pompeu Fabra, in progress) (supervisor).
Topic: Corporate Governance and Corporate Finance.

Anna Kaliciak (City University, in progress) (co-supervisor).
Topic: Behavioural Finance.

Olivier Massol (City University, June 2013) (supervisor).
Title: Four Essays in the Economics of the Natural Gas Industry..

Cornelia Meissner (City University, December 2010) (co-supervisor).
Title: “University Research and Industry Involvement”.

John Garcia (UAB, July 2010) (co-supervisor).
Title: “Three Essays in the Functioning of Energy Markets”.

Claudiu Tunea (University of Western Ontario, 2007) (thesis committee member).
Title: “Trade Liberalization: Implications for Institutional Design, Intra-Industry Trade and Market Structure”.

Otto Reich (University of Western Ontario, 2006) (thesis committee member).
Title: “Essays in Political Economy and Public Economics”. 

PRESENTATIONS IN CONFERENCES: 

CEPR/Assonime RELTIF workshop (Anacapri), July 2016.
Csef-Igier Symposium on Economics and Institutions (Anacapri), June 2016.
Economics of Science and Innovation Workshop, Barcelona GSE Summer Forum (Barcelona), June 2016.
CEPR/Assonime RELTIF workshop (Milano), January 2016.
Information Economics Mini-Workshop (Milano), November 2015.
Jornadas de Economía Industrial (Barcelona), September 2014.
Economics of Science and Innovation Workshop, Barcelona GSE Summer Forum (Barcelona), June 2014.
Roundtable for Engineering Entrepreneurship Research (REER) Conference (Atlanta), November 2013.
EURO Operations Research Conference (Reykjavík), July 2013.
IFN Conference on Industrial Organization and Corporate Finance (Stockholm), June 2013.
Sixth Annual Searle Center Conference on Entrepreneurship and Innovation (Chicago), June 2013.
Workshop on Universal Access Policies (Lima, Peru), June 2013.
Congreso Internacional Sobre el Acceso Universal a los Servicios Públicos de Energía (Lima, Peru), May 2013.
American Finance Association (AFA) Conference (San Diego), January 2013.
MOVE Workshop on University-Industry Collaboration (Barcelona), November 2012.
Association of South European Economic Theorists (ASSET) Conference (Limassol, Cyprus), November 2012.
Corporate Finance Day (Gent, Belgium), September 2012.
Frontiers of Finance Conference (Warwick, Coventry), September 2012.
Jornadas de Economía Industrial (Murcia), September 2012.
European Association of Research in Industrial Economics (EARIE) Conference (Rome), September 2012.
EURO Operations Research Conference (Vilnius), July 2012.
European Financial Management Association Conference (Barcelona), June 2012.
Informal Industrial Organisation Workshop (Barcelona), November 2011.
European Finance Association (Stockholm), August 2011.
CCRP Workshop on Competition and Regulation (Paris), July 2011.
European Summer Symposium in Economic Theory (ESSET) (Gerzensee), July 2011.
MOVE Workshop on Venture Capital (Barcelona), April 2011.
International Conference on Computing in Economics and Finance (London), July 2010.
European Financial Management Association Conference (Aarhus), June 2010.
Foro de Finanzas (IESE, Madrid), November 2009.
Association of South European Economic Theorists (ASSET) Conference (Istanbul), October 2009.
INFORMS Conference (San Diego), October 2009.
Work Pensions and Labour Economics (WPEG) Conference (Nottingham), July 2009.
DRUID industry and innovation conference (Copenhagen) June 2009.
International Industrial Organization Conference (Boston), April 2009.
Jornadas de Economía Industrial (Reus), September 2008.
International Conference on Computing in Economics and Finance (Paris), June 2008.
Royal Economic Society (Warwick), March 2008.
Simposio de Análisis Económico (Granada), December 2007.
European Economic Association (EEA) Conference (Budapest), August 2007.
EURO Operations Research Conference (Prague), July 2007.
AEEE (Spanish Association of Energy Economics) (Oviedo), January 2007.
CCRP Workshop on Competition and Regulation (Surrey), January 2007.
Jornadas de Economía Industrial (Barcelona), September 2006.
INFORMS International Conference (Hong Kong), June 2006.
CCRP Workshop on Competition and Regulation (IESE, Barcelona), December 2005.
INFER Conference in Competition Policy in Network Industries (London), October 2005.
European Summer Symposium in Economic Theory (ESSET) (Gerzensee), July 2005.
Workshop on Economic Heterogeneous Agents (Colchester, Essex), June 2005.
Canadian Economic Association Meetings (Hamilton), May 2005.
Association of South European Economic Theorists (ASSET) Conference (Barcelona), November 2004.
Jornadas de Economía Industrial (Granada), September 2004.
European Association of Research in Industrial Economics (EARIE) Conference (Berlin), September 2004.
European Economic Association (EEA) Conference (Madrid), August 2004.
Canadian Economic Theory Conference (Montréal), June 2004.
Simposio de Análisis Económico (Sevilla), December 2003.
Trans-Atlantic Doctoral Conference in Business Research (London), May 2003.
Spring Meeting of Young Economists (Leuven), April 2003.
Competition Policy and Regulation in International Markets CEPR Conference (Madrid), February 2003.
Simposio de Análisis Económico (Salamanca), December 2002.
European Association of Research in Industrial Economics (EARIE) Conference (Madrid), September 2002.
European Economic Association (EEA) Conference (Venice), August 2002.
Spring Meeting of Young Economists (Paris), April 2002.
ENTER Jamboree (Toulouse), January 2002.

INVITED SEMINARS:

LUISS, Rome, March 2015.
University of Loughborough, December 2013.
Universitat Pompeu Fabra, October 2013.
Universitat de Barcelona, April 2013.
KU Leuven, November 2012.
Università di Bologna, November 2011.
Leibniz Universität Hannover, November 2011.
Skema Business School (Lille), October 2011.
Federal Reserve Bank Chicago, June 2011.
De Paul University, June 2011.
Cass Business School, March 2011.
Ingenio (CSIC and UPV), December, 2010.
IFP Energies Nouvelles, December 2010.
Cass Business School, November 2010.
Universitat Pompeu Fabra, October 2010.
Universidad Carlos III de Madrid, September 2009.
Competition CommissionUK, September 2009.
Ludwig-Maximilians-Universität München, July 2009.
IESE Business School, May 2009.
Royal Holloway, February 2009.
Institut d’Ànalisi Econòmica, April 2008.
Universitat Pompeu Fabra, March 2008.
ZEW Mannheim, December 2007
UniversityofLoughborough, December 2007.
Cass Business School, March 2007.
École Polytechnique and LEI-CREST,Paris, May 2006.
Universitat de Barcelona, April 2006.
University of Cambridge, February 2006.
CityUniversity, April 2005, June 2007 and June 2009.
University of Southampton, April 2005.
Brock University, December 2004.
Direction de la Recherche, Gaz de France, November 2004.
Michigan State University, October 2004.
Universidad de Guanajuato (México), June 2004.
University of Guelph, November 2003.
ESADE Business School, February 2003.
Universidad Carlos III de Madrid, February 2003.
University of Western Ontario, February 2003.
London Business School, January 2003.
Universitat Autònoma de Barcelona (Business Department), January 2003.
Royal Economic Society Easter School (Birmingham), April 2002.
Universitat Autònoma de Barcelona, February 2002, December 2002 and June 2003.
University College London, October 2001.

EXTERNAL EXAMINER 

Collaborative Masters Program in Economics for Anglophone Africa, African Economic Research Consortium (AERC).
Ph.D. thesis of Dr. Daniel Neicu (KU Leuven, 2016).
Ph.D. thesis of Dr. Nuno Alvim (Universitat Autònoma de Barcelona, 2012).
Ph.D. thesis of Dr. Ibrahim Elatroush (City University, 2011).
Ph.D. thesis of Dr. Tao Wu (University of Essex, 2010).
Ph.D. thesis of Dr. Bing Guo (Universitat Autònoma de Barcelona, 2010)
Ph.D. thesis of Dr. Isabel Pereira (Universitat Autònoma de Barcelona, 2007)

CONFERENCE ORGANISATION AND SCIENTIFIC COMMITTEE:

Economics of Science and Innovation Workshop, Barcelona GSE Summer Forum (Barcelona), organiser, June 2013-16.
Barcelona Informal Industrial Organisation Workshop (Barcelona), organiser, January 2013.
MOVE Workshop on University-Industry Collaboration (Barcelona), organiser, November 2012.
12th Centre for Competition and Regulatory Policy Workshop (Paris), organiser, July 2011.
MOVE Workshop on Venture Capital (Barcelona), organiser, April 2011.
6th Spanish Association for Energy Economics (AEEE) conference (Barcelona), scientific committee, January 2011.
16th International Conference on Computing in Economics and Finance (London), organising committee, July 2010.
7th Centre for Competition and Regulatory Policy Workshop (London), organiser, January 2009.
6th Centre for Competition and Regulatory Policy Workshop (London), organiser, July 2008.
34th European Association for Research in Industrial Economics (EARIE) conference, scientific committee, July 2006.

REFEREE SERVICES:

Review of Economic Studies, Management Science, Journal of Finance, Review of Financial Studies, Journal of the European Economic Association, RAND Journal of Economics, Journal of Economic Theory, Journal of Industrial Economics, Journal of Economic Behavior and Organization, Journal of Economics and Management Strategy, International Journal of Industrial Organization, Research Policy, Journal of Economic Dynamics and Control, Games and Economic Behavior, Mathematical Social Sciences, Journal of Law, Economics, and Organization, Economica, Bulletin of Economic Research, Economic Modelling, Journal of Institutional and Theoretical Economics, Journal of Economic Interaction and Coordination, Journal of Economics, Southern Economic Journal, B.E. Journal of Theoretical Economics, Manchester School, ANEP.

ADMINISTRATIVE DUTIES

Program Director: MSc in Finance and Banking (UPF, 2012-present)
Member and secretary of the recruiting committee (UPF, 2011-13).
Representative at the ASSET network (UPF, 2011-present).
Seminar organiser (City, 2008-09).
Program Director: MSc in Economic Regulation and Competition (City, 2007-2009)
Erasmus Coordinator (City, 2005-2007)
Project tutor (City, 2005-07)
Economics Society Liaison (City, 2005-2009)
Discussion papers editor (City, 2005-06)
Economic Theory seminar organiser (UWO, 2004-05)
Member of the recruiting committee (UWO, 2004-05)
Member of the Ph.D. comprehensive exams committee (UWO, 2003-05)

LANGUAGES:

Catalan: Native speaker. Spanish, English and French: Fluent.

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