Long Term (Summative)

All Research

TITLE
SYNOPSIS
CITATION
Assessing the value-added effects of literary collaborative professional development on student learning.

This article reports on a 4-year longitudinal study of the effects of Literacy Collaborative (LC), a schoolwide reform model that relies primarily on the oneon-one coaching of teachers as a lever for improving student literacy learning.

Biancarosa, G., Bryk, A. S., & Dexter, E. R. (2010). Assessing the value-added effects of literacy collaborative professional development on student learning. The elementary school journal111(1), 7-34.

Long-term effects of a system of care on children and adolescents

This study evaluates an exemplary system of care designed to provide comprehensive mental health services to children and adolescents

Bickman, L., Noser, K., & Summerfelt, W. T. (1999). Long-term effects of a system of care on children and adolescents. The journal of behavioral health services & research26(2), 185-202.

Lessons from State Performance on NAEP: Why Some High-Poverty Students Score Better than Others

This research took a more historical look, examining NAEP data over the past decade to find connection between standard-based reform and student outcomes. The findings suggest that there is clear evidence that standards-based reform works, particularly when it comes to the needs of low-income students. The Common Core is the most recent major policy initiative to advance the broader standards-based reform approach. States should continue their commitment to the Common Core’s full implementation and aligned assessments.

Boser, U., & Brown, C. (2016). Lessons from State Performance on NAEP: Why Some High-Poverty Students Score Better than Others. Center for American Progress.

Alternative certification in the long run: A decade of evidence on the effects of alternative certification in New York City

This paper assess the long-run implications of alternatively certified teachers. 

Boyd, D., Dunlop, E., Lankford, H., Loeb, S., Mahler, P., O’Brien, R., & Wyckoff, J. (2012). Alternative certification in the long run: A decade of evidence on the effects of alternative certification in New York City. In annual meeting of the American Education Finance and Policy Conference, Boston, MA.

Comprehensive Multisituational Intervention for Problem Behavior in the Community: Long-Term Maintenance and Social Validation

Assessment and intervention approach for dealing with problem behavior need to be extended so that they can be effectively and comprehensively applied within the community. To meet assessment needs, the authors developed a three-component strategy: description, categorization, and verification.

Carr, E. G., Levin, L., McConnachie, G., Carlson, J. I., Kemp, D. C., Smith, C. E., & McLaughlin, D. M. (1999). Comprehensive multisituational intervention for problem behavior in the community: Long-term maintenance and social validation. Journal of Positive Behavior Interventions1(1), 5-25.

Seeking the Magic Metric: Using Evidence to Identify and Track School System Quality

This paper discusses the search for a “magic metric” in education: an index/number that would be generally accepted as the most efficient descriptor of school’s performance in a district.

Celio, M. B. (2013). Seeking the Magic Metric: Using Evidence to Identify and Track School System Quality. In Performance Feedback: Using Data to Improve Educator Performance (Vol. 3, pp. 97-118). Oakland, CA: The Wing Institute.

Empirically Supported Psychological Interventions: Controversies and Evidence

The work of several such task forces and other groups reviewing empirically supported treatments (ESTs) in the United States, United Kingdom, and elsewhere is summarized here, along with the lists of treatments that have been identified as ESTs

Chambless, D. L., & Ollendick, T. H. (2001). Empirically supported psychological interventions: Controversies and evidence. Annual review of psychology52(1), 685-716.

Persistence, Retention, and Attainment of 2011–12 First-Time Beginning Postsecondary Students as of Spring 2017: First Look.

This report provides a first look at students' persistence, retention, and attainment over 6 years, showing the rates at which students had completed postsecondary credentials, the rates at which they had persisted through or left postsecondary education without earning any credential as of spring 2017, and the rates at which they remained in the first institution in which they were enrolled. Postsecondary graduation rates in public institutions have stayed virtually the same for seven years, with 57% of students graduating in 2011 and 59% in 2017.  Private non-profit institutions remained at 65-66% graduation for the first six years, increasing by 8 percentage points in 2017.  Private for-profit institutions fared the worst, decreasing consistently from 42% in 2011 to 14% in 2017.  

Chen, X., Elliott, B.G., Kinney, S.K., Cooney, D., Pretlow, J., Bryan, M., Wu, J., Ramirez, N.A., and Campbell, T. (2019). Persistence, Retention, and Attainment of 2011–12 First-Time Beginning Postsecondary Students as of Spring 2017 (First Look) (NCES 2019-401). U.S. Department of Education. Washington, DC: National Center for Education Statistics. 

The Long-Term Impacts Of Teachers: Teacher Value-Added And Student Outcomes In Adulthood

This paper examines the issue of efficacy of value-added measures in evaluating teachers. This question is important in understanding whether value-added analysis provides unbiased estimates of teachers’ impact on student achievement and whether these teachers improve long-term student outcomes.

Chetty, R., Friedman, J. N., & Rockoff, J. E. (2011). The long-term impacts of teachers: Teacher value-added and student outcomes in adulthood (No. w17699). National Bureau of Economic Research.

Access and persistence: Findings from 10 years of longitudinal research on students

To answer questions about who goes to college, who persists toward a degree or credential, and what happens to students after they enroll, the National Center for Education Statistics launched three national longitudinal studies to track students movements into and through the postsecondary education system. These three surveys, the National Education Longitudinal Study, the Beginning Postsecondary Student Longitudinal Study, and the Baccalaureate and Beyond Study, provide findings about college access, student characteristics, and academic persistence. 

Choy, S. P. (2002). Access and persistence: Findings from 10 years of longitudinal research on students.Washington, DC: American Council on Education, Center for Policy Analysis.

 

Would higher salaries keep teachers in high-poverty schools? Evidence from a policy intervention in North Carolina

Using longitudinal data on teachers, we estimate hazard models that identify the impact of this differential pay by comparing turnover patterns before and after the program’s implementation, across eligible and ineligible categories of teachers, and across eligible and barely-ineligible schools.

Clotfelter, C. T., Glennie, E., Ladd, H. F., & Vigdor. J. L. (2008). Would higher salaries keep teachers in high-poverty schools? Evidence from a policy intervention in North Carolina. Journal of Public Economics, 92(5), 1352–1370.

Program integrity in primary and early secondary prevention: are implementation effects out of control?

The authors examined the extent to which program integrity (i.e., the degree to which programs were implemented as planned) was verified and promoted in evaluations of primary and early secondary prevention programs published between 1980 and 1994. 

Dane, A. V., & Schneider, B. H. (1998). Program integrity in primary and early secondary prevention: are implementation effects out of control?. Clinical psychology review18(1), 23-45.

Examining dimensions of treatment intensity and treatment fidelity in mathematics intervention research for students at risk

To prevent academic failure and promote long-term success, response-to-intervention (RtI) is designed to systematically increase the intensity of delivering research-based interventions. Interventions within an RtI framework must not only be effective but also be implemented with treatment fidelity and delivered with the appropriate level of treatment intensity to improve student mathematics achievement.

DeFouw, E. R., Codding, R. S., Collier-Meek, M. A., & Gould, K. M. (2019). Examining dimensions of treatment intensity and treatment fidelity in mathematics intervention research for students at risk. Remedial and Special Education40(5), 298-312.

A review of research on fidelity of implementation: implications for drug abuse prevention in school settings

To help inform drug abuse prevention research in school settings about the issues surrounding implementation, the authors conducted a review of the fidelity of implementation research literature spanning a 25-year period.

Dusenbury, L., Brannigan, R., Falco, M., & Hansen, W. B. (2003). A review of research on fidelity of implementation: implications for drug abuse prevention in school settings. Health education research18(2), 237-256.

The Center on Standards, Alignment, Instruction, and Learning (C-SAIL)

C-SAIL was established in July 2015 as a resource on the implementation and effects of college and career readiness standards. The Center is funded through a grant from the Institute of Education Sciences (IES) of the U.S. Department of Education.

 

Edgerton, A. Polikoff, M., Desimone, L. (2017). How is policy affecting classroom instruction?. Evidence Speaks Reports. Volume 2, #14. The Center on Standards, Alignment, Instruction, and Learning (C-SAIL).

Detrimental effects of reward: Reality or myth?

An analysis of a quarter century of research on intrinsic task interest and creativity revealed, however, that (a) detrimental effects of reward occur under highly restricted, easily avoidable conditions; (b) mechanisms of instrumental and classical conditioning are basic for understanding incremental and decremental effects of reward on task motivation; and (c) positive effects of reward on generalized creativity are easily attainable using procedures derived from behavior theory. 

Eisenberger, R., & Cameron, J. (1996). Detrimental effects of reward: Reality or myth?. American psychologist51(11), 1153.

Grade Inflation in High Schools (2005–2016)

This study examines that assumption, asking the question:  how well do student grades correlate with test scores, school demographics, student performance on college entrance exams, and the historical difficulty for getting A’s (is it easier or harder to get A’s).  The study found that students who scored higher on end-of-course (EOC) examinations also had higher grades.  However having high grades did not correlate with doing well on the examination.  

Gershenson, S. (2018). Grade Inflation in High Schools (2005–2016).

Public Accountability and Nudges: The Effect of an Information Intervention on the Responsiveness of Teacher Education Programs to External Ratings

This paper provides the first empirical examination of National Council on Teacher Quality (NCTQ) ratings,  beginning with a descriptive overview of the ratings and documentation of how they evolved from 2013-2016, both in aggregate and for programs with different characteristics.

Goldhaber, D., & Koedel, C. (2019). Public Accountability and Nudges: The Effect of an Information Intervention on the Responsiveness of Teacher Education Programs to External Ratings. American Educational Research Journal, 0002831218820863.

A quarter century of changes in the elementary and secondary teaching force: From 1987 to 2012

This report utilizes the nationally representative Schools and Staffing Survey (SASS) to examine changes in the elementary and secondary teaching force in the United States over the quarter century from 1987–88 to 2011–12.

Ingersoll, R. M. (2017). A Quarter Century of Changes in the Elementary and Secondary Teaching Force: From 1987 to 2012-Statistical Analysis Report.

Seven trends: The transformation of the teaching force—updated October 2018

This report summarizes the results of an exploratory research project that investigated what trends and changes have, or have not, occurred in the teaching force over the past three decades.

Ingersoll, R. M., Merrill, E., Stuckey, D., & Collins, G. (2018). Seven Trends: The Transformation of the Teaching Force–Updated October 2018.

Minority teacher recruitment, employment, and retention: 1987 to 2013.

This brief summarizes the results from a study of the recruitment, employment, and retention of minority k-12 teachers. The study examines the extent and sources of the minority teacher shortage—the low proportion of minority teachers in comparison to the increasing numbers of minority students in the school system.

Ingersoll, R., & May, H. (2016). Minority teacher recruitment, employment and retention: 1987 to 2013. Learning Policy Institute, Stanford, CA.

Accountability policies and teacher decision making: Barriers to the use of data to improve practice

This study examines longitudinal from nine high schools nominated as leading practitioners of Continuous Improvement (CI) practices. The researchers compared continuous improvement best practices to teachers actual use of data in making decisions. The study found teachers to be receptive, but also found that significant obstacles were interfering with the effective use of data that resulted in changes in instruction.

Ingram, D., Louis, K. S., & Schroeder, R. G. (2004). Accountability policies and teacher decision making: Barriers to the use of data to improve practice. Teachers College Record106(6), 1258-1287.

IPEDS presents NCES postsecondary survey.

Through several postsecondary surveys, NCES collects information about where and how the aid is distributed and whether it had an impact on student outcomes. This brochure describes the NCES postsecondary survey. 

IPEDS presents NCES postsecondary survey. (2018). National Center for Education Statistic, 2017136. Retrieved from https://nces.ed.gov/pubs2017/2017136.pdf

Pursuing a “sense of success”: New teachers explain their career decisions.

This article reports on a longitudinal study designed to explore these questions. In 1999, researchers from The Project on the Next Generation of Teachers selected and interviewed a diverse group of 50 new teachers in the Massachusetts public schools.

Johnson, S. M., & Birkeland, S. E. (2003). Pursuing a “sense of success”: New teachers explain their career decisions. American Educational Research Journal40(3), 581-617.

Learning to read and write: A longitudinal study of 54 children from first through fourth grades.

This study examined the development of literacy in one elementary school with a large minority, low socioeconomic status population. The reading and writing development of 54 children was followed as they progressed from first through fourth grade

Juel, C. (1988). Learning to read and write: A longitudinal study of 54 children from first through fourth grades. Journal of educational Psychology80(4), 437.

Retention and nonretention of at-risk readers in first grade and their subsequent reading achievement

Some of the specific reasons for the success or failure of retention in the area of reading were examined via an in-depth study of a small number of both at-risk retained students and comparably low skilled promoted children

Juel, C., & Leavell, J. A. (1988). Retention and nonretention of at-risk readers in first grade and their subsequent reading achievement. Journal of Learning Disabilities21(9), 571-580.

What does certification tell us about teacher effectiveness? Evidence from New York City

The authors use six years of data on student test performance to evaluate the effectiveness of certified, uncertified, and alternatively certified teachers in the New York City public schools. This study also evaluates turnover among teachers with different certification status and the impact on student achievement of hiring teachers with predictably high turnover

Kane, T. J., Rockoff, J. E., & Staiger, D. O. (2008). What does certification tell us about teacher effectiveness? Evidence from New York City. Economics of Education review27(6), 615-631.

An Investigation of Concurrent Validity of Fidelity of Implementation Measures at Initial Years of Implementation.

The present study used cross-sectional data from 1,438 schools to examine relations between fidelity self-assessment and team-based fidelity measures in the first 4 years of implementation of School-Wide Positive Behavioral Interventions and Supports (SWPBIS). Results showed strong positive correlations between fidelity self-assessments and a team-based measure of fidelity at each year of implementation.

Khoury, C. R., McIntosh, K., & Hoselton, R. (2019). An Investigation of Concurrent Validity of Fidelity of Implementation Measures at Initial Years of Implementation. Remedial and Special Education40(1), 25-31.

 

Sustaining Research-Based Practices in Reading: A 3-Year Follow Up

This study examined the extent to which the reading instructional practices learned by a
cohort of teachers who participated in an intensive, yearlong professional development
experience during the 1994-1995 school year have been sustained and modified over time.

Klingner, J. K., Vaughn, S., Tejero Hughes, M., & Arguelles, M. E. (1999). Sustaining research-based practices in reading: A 3-year follow-up. Remedial and Special Education20(5), 263-287.

Implementation: Measuring and Explaining the Fidelity of CSR Implementation

By using data collected for the National Longitudinal Evaluation of Comprehensive School Reform (NLECSR), this article explores the factors that predict CSR model implementation and the ways that CSR model implementation varies.

Kurki, A., Boyle, A., & Aladjem, D. K. (2006). Implementation: Measuring and explaining the fidelity of CSR implementation. Journal of Education for Students Placed at Risk11(3-4), 255-277.

A New Era of School Reform: Going Where the Research Takes Us.

This monograph attempts to synthesize and interpret the extant research from the last 4 decades on the impact of schooling on students' academic achievement.

Marzano, R. J. (2001). A New Era of School Reform: Going Where the Research Takes Us.

Team effectiveness 1997–2007: A review of recent advancements and a glimpse into the future

The authors review team research that has been conducted over the past 10 years. They discuss the nature of work teams in context and note the substantive differences underlying different types of teams.

Mathieu, J., Maynard, M. T., Rapp, T., & Gilson, L. (2008). Team effectiveness 1997-2007: A review of recent advancements and a glimpse into the future. Journal of management34(3), 410-476.

Trends in High School Dropout and Completion Rates in the United States: 2018

This report provides a detailed analysis of long-term dropout and completion trends and student characteristics of high school dropouts and completers. The first measure examined was the “event dropout rate” which is the percent of students who drop out in grades 10-12 without a high school diploma or alternative credential. The event dropout rate for SY 2015-16 was 4.8%, which translated into 532,000 students.

McFarland, J., Cui, J., Rathbun, A., and Holmes, J. (2018). Trends in High School Dropout and Completion Rates in the United States: 2018 (NCES 2019-117). U.S. Department of Education. Washington, DC: National Center for Education Statistics. Retrieved December 14, 2018 from http://nces.ed.gov/pubsearch.

20 Years of TIMMS International trends in Mathematics and Science Achievement, Curriculum, and Instruction

This report attempts to summarize the most important and interesting trends emerging from TIMSS across the past two decades. The report is organized from macro to micro perspectives. The first chapter provides an overview of student achievement worldwide. The second and third chapters explore curriculum and instruction. The fourth and fifth chapters narrow the focus to two topics of interest among policymakers. 

Mullis, I. V., Martin, M. O., & Loveless, T. (20). years of TIMSS: International trends in mathematics and science achievement, curriculum, and instruction. TIMSS & PIRLS International Study Center, Lynch School of Education, Boston College and International Association for the Evaluation of Educational Achievement (IEA).

Data Explorer for Long-term Trend.

The Data Explorer for the Long-Term Trend assessments provides national mathematics and reading results dating from the 1970s.

National Center for Education Statistics (NCES). (2011a). Data explorer for long-term trend. [Data fle]. Retrieved from http://nces.ed.gov/nationsreportcard/lttdata/

Students Meeting State Proficiency Standards and Performing at or above the NAEP Proficient Level: 2009.

Percentages of students meeting state proficiency standards and performing at or above the NAEP Proficient level, by subject, grade, and state: 2009

National Center for Education Statistics (NCES). (2011f). Students meeting state profciency standards and performing at or above the NAEP profcient level: 2009. Retrieved from http://nces.ed.gov/nationsreportcard/studies/statemapping/2009_naep_state_table.asp

Equality and Quality in U.S. Education: Systemic Problems, Systemic Solutions. Policy Brief

This paper enters debate about how U.S. schools might address long-standing disparities in educational and economic opportunities while improving the educational outcomes for all students. with a vision and an argument for realizing that vision, based on lessons learned from 60 years of education research and reform efforts. The central points covered draw on a much more extensive treatment of these issues published in 2015. The aim is to spark fruitful discussion among educators, policymakers, and researchers.

O'Day, J. A., & Smith, M. S. (2016). Equality and Quality in US Education: Systemic Problems, Systemic Solutions. Policy Brief. Education Policy Center at American Institutes for Research.

PISA 2009 Results: Learning Trends. Changes in Student Performance Since 2000 (Volume V)

This volume of PISA 2009 results looks at the progress countries have made in raising student performance and improving equity in the distribution of learning opportunities. 

Organisation for Economic Co-operation and Development (OECD). (2010a). PISA 2009 results: Learning trends–Changes in student performance since 2000 (Volume V). Retrieved from https://www.oecd-ilibrary.org/education/pisa-2009-results-learning-trends_9789264091580-en

PISA 2009 Results: Overcoming social background–Equity in learning opportunities and outcomes

Volume II of PISA's 2009 results looks at how successful education systems moderate the impact of social background and immigrant status on student and school performance. 

Organisation for Economic Co-operation and Development (OECD). (2010b). PISA 2009 results: Overcoming social background–Equity in learning opportunities and outcomes (Volume II). Retrieved from http://dx.doi.org/10.1787/9789264091504-en

PISA 2006 Technical Report

The OECD’s Programme for International Student Assessment (PISA) surveys, which take place every three years, have been designed to collect information about 15-year-old students in participating countries.

Organization for Economic Co-operation and Development (OECD). (2006). PISA 2006 technical report. Retrieved from http://www.oecd.org/pisa/pisaproducts/42025182.pdf

PISA 2009 Results: What students know and can do–Student performance in reading, mathematics and science (Volume I)

This first volume of PISA 2009 survey results provides comparable data on 15-year-olds' performance on reading, mathematics, and science across 65 countries. 

Organization for Economic Co-operation and Development (OECD). (2010c). PISA 2009 results: What students know and can do–Student performance in reading, mathematics and science (Volume I). Retrieved from http://dx.doi.org/10.1787/9789264091450-en

Effects of personalized system of instruction on health-related fitness knowledge and class time physical activity

In previous studies, researchers have identified a general low level of health-related fitness
(HRF) knowledge among secondary students that can effect levels of physical activity (PA).
An instructional strategy that may increase HRF knowledge without decreasing PA is the
personalized system of instruction (PSI).

Prewitt, S., Hannon, J., Colquitt, G. T., Brusseau, T. A., Newton, M., & Shaw, J. (2015). Effect of the Personalized System of Instruction on Health-Related Fitness Knowledge and Class Time Physical Activity. The Physical Educator72, 23.

How are they now? Longer term effects of eCoaching through online bug-in-ear technology.

In this study, using mixed methods, we investigated the longer term effects of eCoaching through advanced online bug-in-ear (BIE) technology.

Rock, M. L., Schumacker, R. E., Gregg, M., Howard, P. W., Gable, R. A., & Zigmond, N. (2014). How are they now? Longer term effects of e coaching through online bug-in-ear technology. Teacher Education and Special Education37(2), 161-181.

LESSONS; Testing Reaches A Fork in the Road

CHILDREN take one of two types of standardized test, one ''norm-referenced,'' the other ''criteria-referenced.'' Although those names have an arcane ring, most parents are familiar with how the exams differ.

Rothstein, R. (2002, May 22). Lessons: Testing reaches a fork in the road. New York Times. http://www.nytimes.com/2002/05/22/nyregion/lessons-testing-reaches-a-fork-in-the-road. html

High-Quality Education Research.

This study highlights the progress made over the past 30 years in delivering the evidence that education practitioners need to make informed decisions. His conclusions are based on three studies: Effective Programs for Struggling Readers: A Best-Evidence Synthesis; A Synthesis of Quantitative Research on Reading Programs for Secondary Students; and Effective Programs in Elementary Mathematics: A Best-Evidence Synthesis. The research found that the number of rigorous randomized or quasi-experimental studies in elementary reading for struggling readers, secondary reading, and elementary math rose significantly over the past 20 years. 

 

Slavin, R. (2019). Replication. [Blog post]. Retrieved from https://robertslavinsblog.wordpress.com/2019/01/24/replication/

Baye, A., Inns, A., Lake, C., & Slavin, R. E. (2018). A synthesis of quantitative research on reading programs for secondary students. Reading Research Quarterly.

Inns, A., Lake, C., Pellegrini, M., & Slavin, R. (2018). Effective programs for struggling readers: A best-evidence synthesis.Paper presented at the annual meeting of the Society for Research on Educational Effectiveness, Washington, DC.

Pellegrini, M., Inns, A., & Slavin, R. (2018). Effective programs in elementary mathematics: A best-evidence synthesis.Paper presented at the annual meeting of the Society for Research on Educational Effectiveness, Washington, DC.

Averaged freshman graduation rates for public secondary schools, by state or jurisdiction: Selected years, 1990–91 through 2008–09

The averaged freshman graduation rate provides an estimate of the percentage of students who receive a regular diploma within 4 years of entering ninth grade.

Snyder, T. D., & Dillow, S. A. (2012a). Averaged freshman graduation rates for public secondary schools, by state or jurisdiction: Selected years, 1990–91 through 2008–09. [Table 113]. Retrieved from http://nces.ed.gov/programs/digest/d11/tables/dt11_113.asp

Principals' Test Not Predictive of Success on the Job: Exam results show racial disparities

New research has found essentially no positive correlation between how would-be principals perform on a widely used licensure exam and their success as school leaders.

Superville. D.S. (2017). Principals' Test Not Predictive of Success on the Job: Exam results show racial disparities. Education Week. Retrieved from https://www.edweek.org/ew/articles/2017/04/05/principals-test-not-predictive-of-success-on.html

Highlights From PIRLS 2011: Reading Achievement of U.S. Fourth-Grade Students in an International complex

This report compares the performance of U.S. students with their peers around the world and also examines how the reading literacy of U.S. 4th-grade students has changed since the first administration of PIRLS in 2001- 2006. Results are presented by two student characteristics (sex and race/ethnicity) and by one measure of school poverty (percent of students in the school eligible for free or reduced price lunch). All differences described in this report are statistically significant at the .05 level. No statistical adjustments to account for multiple comparisons were used.

Thompson, S., Provasnik, S., Kastberg, D., Ferraro, D., Lemanski, N., Roey, S., & Jenkins, F. (2012). Highlights from PIRLS 2011: Reading Achievement of US Fourth-Grade Students in an International Context. NCES 2013-010. National Center for Education Statistics. Retrieved from https://files.eric.ed.gov/fulltext/ED537758.pdf

Find Out If Your Job Will Be Automated

Bloomberg has published an interactive graphic that reveals valuable information on the probability of a particular employment path being impacted by automation. The graphic also provides information on average annual wage, number of people employed in the sector, and academic degree required for the job. This data is especially important as schools consider models for preparing students’ future careers. As schools are increasingly held accountable for career preparation, how can educators use this data to create career pathways that will adequately equip students with the skills and knowledge required for well-paying jobs obtainable when they graduate?

 

Whitehouse, M., & Rojanasakul, M. (2017). Find out if your job will be automated. Retrieved from bloomberg.com.

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