Report of the Editorial Office For the Year 2007

Journal of Financial Economics

G. William Schwert Managing Editor

Table of Contents of the 2007 JFE Editor’s Report

1.

News from the Editor’s Office

2.

Rejection Rates and Turn-around Times

3.

Submissions and Real Submission Fees

4.

SSCI Impact Factors

5.

Jensen and Fama/DFA Best JFE Papers Prizes

6.

Output and Timeliness

7.

JFE Web Page

8.

Workload for JFE Editorial Board

9.

Workload for JFE Referees

2

News from the JFE Editor’s Office Since July 2004, the JFE has used electronic submissions as the default option for authors. During 2006 we adopted PayPal as the default method of paying submission fees. We also implemented a two-stage review process, During 2007, approximately 18% of submissions were screened out as being unlikely to be publishable in the JFE, even if correct. These papers pay a substantially smaller submission fee and receive a quick decision, but no referee’s report. This has helped to reduce the workload for our scarcest resource – the scholars who contribute their time as Advisory or Associate Editors, or as referees. We were lucky in 2007 to have two distinguished scholars join the Board of Associate Editors: John Campbell of Harvard and Richard Green of Carnegie-Mellon. They have been very helpful already! In August, we lost one of our most valuable Advisory Editors, Mike Barclay, who died in an airplane accident. I miss his friendship and counsel every day. The ScienceDirect web site at Elsevier gives access to all past articles published in the JFE, as well as the galley-proofs or working paper versions of forthcoming papers. This has increased the ability of readers to access past, current, and future JFE papers. Moreover, for people who are not subscribers to ScienceDirect, Elsevier has introduced the ability to purchase individual articles in PDF format on an a la carte basis. Finally, in 2007, Elsevier introduced personal subscriptions that allow password protected access to the electronic version of the JFE. The 2006 issue of Journal Citation Reports shows that the impact factor for the JFE remains high, ranking fourth among finance journals (behind the Journal of Accounting and Economics, the Journal of Finance, and the Review of Accounting Studies) and ninth among economics journals. The impact factor for the JFE was 2.494 (up from 2.385 in 2006). The Journal of Finance’s impact factor was 3.257 (up from 2.549 in 2006), and the Review of

3 Financial Studies ranked seventh among finance journals with an impact factor of 1.701 (down from 1.893 in 2006). Submissions continue to remain at a rate of about 750 per year, but I am optimistic that they will stabilize at this level. If not, it may be necessary to further raise submission fees. Because the rejection rate has not increased enough as the number of submissions has risen, a backlog of accepted papers has built up. To partly alleviate this problem, the JFE published about 3,400 pages (in 12 issues) in 2007. Elsevier has adopted a different typesetting protocol that will likely increase the content of a printed page by about 15%, so we plan to reduce the number of pages published in 2008 back to 2,800 (which would be equivalent to over 3,200 pages using the prior format). My goal is to be able to maintain our monthly production schedule without delays, but also to attain a minimal queue of papers that are type-set and waiting for assignment to an issue.

G. William Schwert Managing Editor

2007

2005

2003

2001

1999

Rejection Rate

1997

1995

1993

1991

1989

1987

1985

1983

1981

1979

1977

1975

1973

Rate Rejection R 100%

70% 40

60%

50% 30

40%

30% 20

Turnaround

20% 10

10%

0% 0

Median Turnaround Time (days)

JFE Rejection Rates & Turnaround Times 60

90%

80% 50

Month of Submission 2007

2005

2003

2001

1999

1997

1995

Real Fees

$100

600

500 $80

400 $60

300 $40

200

100 $20

0 $0

Fee (8/73 $) Real Submission F

Submissions

1993

1991

1989

1987

900

1985

1983

1981

1979

1977

1975

1973

Submissions for the Last 12 Months

JFE Submissions & Real Submission Fees $140

800 $120

700

Impact Factors from the Journal Citation Reports, 1977-2006 (Data for 1998-99 partially corrected for errors in JCR) 5.0 JFE

JF

RFS

JFQA

4.0

3.5

3.0

2.5

2.0

1.5

1.0

0.5

2006

2005

2004

2003

2002

2001

2000

99

98

97

96

95

94

93

92

91

90

89

88

87

86

85

84

83

82

81

80

79

0.0 78

Impact Fa actor

(average citations per paper pub blished in prior two years)

4.5

Jensen Prize Selections

Page 1 of 1

Jensen Prizes for the Best Papers Published in the Journal of Financial Economics in the Areas of Corporate Finance and Organizations, 2006 Paper

Author(s)

First Place Winners Tax shelters and corporate debt policy

John R. Graham and

Volume 81, Issue 3, September 2006, pages 563-594

Alan L. Tucker

Second Place Winners Are perks purely managerial excess? Volume 79, Issue 1, January 2006, pages 1-33

Profitability, investment and average returns

Raghuram G. Rajan and Julie Wulf Eugene F. Fama and Kenneth R. French

Volume 82, Issue 3, December 2006, pages 491-518 © Copyright 1998-2007, Journal of Financial Economics Return to JFE Prize Page Last Updated on 6/3/2007

file://J:\Inetpub\wwwroot\jensen06.htm

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Tally of Fama/DFA Selections

Page 1 of 1

Fama-DFA Prizes for the Best Papers Published in the Journal of Financial Economics in the Areas of Capital Markets and Asset Pricing, 2006 Paper

Author(s)

First Place Winners The conditional CAPM does not explain asset-pricing anomalies Volume 82, Issue 2, November 2006, pages 289-314

Jonathan Lewellen and Stefan Nagel

Second Place Winners Was there a Nasdaq bubble in the last 1990s? Volume 81, Issue 1, July 2006, pages 61-100

The other January effect Volume 82, Issue 2, November 2006, pages 315-341

Lubos Pastor and Pietro Veronesi Michael J. Cooper, John J. McConnell, and Alexei V. Ovtcinnikov

© Copyright 1998-2007, Journal of Financial Economics Return to JFE Prize Page Last Updated on 6/3/2007

file://J:\Inetpub\wwwroot\Fama06.htm

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JFE Output: Pages & Lateness Pages

Days Late

4000

400 350

3500

300 3000

2500

2000

150 100

1500

50 1000 0 500

-50

2007

2005

2003

2001

1999

1997

1995

1993

1991

1989

1987

1985

1983

1981

1979

1977

-100 1975

0

Days Latte

200

1973

Pages in Las st Year

250

The Journal of Financial Economics

Page 1 of 3

Vote for the Jensen and Fama-DFA Prizes for Best JFE Papers in 2007

News The JFE now accepts payments using PayPal. Authors wishing to pay submission fees should go to the payments page. Effective July 1, 2004, the JFE has instituted a new two-stage review process, electronic submissions, and a higher submission fee. The goal of these changes is to reduce the workload on referees, to lower turnaround time for submitted papers, and to encourage authors to carefully consider their decision to submit their papers for review at the JFE. More details about the rationale for these changes is available here. The Financing of Corporations in Emerging Countries (March 2006) sponsored by The Darden Graduate Business School, University of Virginia, in partnership with the World Bank, CFA Institute, State Street Corporation, and the JFE.

Information from the Editor's Office Editorial Board Referee Workload & Turnaround Times for the Editorial Board Referee Workload & Turnaround Times for Ad Hoc Referees Communicating with the Editorial Office of the JFE Turnaround Times & Rejection Rates

Annual Reports from the Editor's Office 2006 Report 2005 Report 2004 Report 2003 Report 2002 Report 2001 Report 2000 Report 1999 Report

Rankings from Journal Citation Reports, 1994-2006 Editorial on JFE Performance: 1974-91

1998 Report

Information for Readers/Subscribers Journal of Financial Economics at North-Holland z

Includes PDFs of past articles and forthcoming papers

Tables of contents of recent & forthcoming issues

Subscription Information

Papers forthcoming in the JFE Sources for Past JFE articles Permission to Reproduce

Student Subscription Information Unpublished Erratum and Appendices Data and Programs Used in JFE papers

Information for Authors Aims & Scope of the JFE

Pay Submission Fees Using PayPal

Submission Policy

Dispute Policy

Instructions for Authors Style Instructions (formatting, footnotes, references, grammar, etc.)

Information for Impatient Authors Status of Manuscripts Under Review

Instructions for Preparing Tables and Figures

Status of Manuscripts Accepted for Publication

JEL Classification Codes

LaTeX Style Sheets

Joint Editorial from

Tips for Authors from Prof. René M. Stulz

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The Journal of Financial Economics

Page 2 of 3

Richard Green, Maureen O'Hara, and G. William Schwert Editors, Journal of Finance, Review of Financial Studies, and Journal of Financial Economics

z

[JFE Advisory Editor and former Editor of the Journal of Finance]

Historical Information About JFE Papers JFE All Star Papers [all papers with 5 or more average citations per year through 2005]

Institutions with the Most JFE Papers Published, 1974-2004 [3 or more papers]

Authors with the Most Papers Published in the JFE, Institutions with the Most Citations to JFE Papers, 1974-2004 1974-2004 Ranked by Citations per Co-author, [3 or more papers]

Where Each of N Co-authors Receives Credit for 1/N Citation

Authors with the Most Citations to Their JFE Papers, 1974-2004 Ranked by Citations per Co-author, Where Each of N Co-authors Receives Credit for 1/N Citation

All Institutions with Authors Who Have Published JFE Papers, 1974-2004 Number of Papers, Citations, etc.

All Authors of JFE Papers, 1974-2004 Number of Papers, Citations, etc.

Past Winners of JFE Best Papers Contests, 1997-2006 Selected by subscribers to the JFE

Other Information: Advertising Information Other Related WWW Sites

Google Search Search jfe.rochester.edu

Journal of Financial Economics

Search WWW

This page's Web-Counter says that you are visitor number

since August 1996.

E-mail Mail: Journal of Financial Economics Simon School of Business University of Rochester Rochester, NY 14627

Simon School Home Page

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Page 1 of 1

JFE Editorial Board

. 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29

The data below covers the period January 1, 2007 through December 31, 2007; it reflects the effort of the 29 board members active during that interval. Editorial Board Member Manuscript(s) Name Affiliation Reviewed Avg Days Bessembinder, Hank University of Utah 8 20 DeAngelo, Harry University of Southern California 6 20 Duffie, Darrell Stanford University 5 24 Esty, Benjamin Harvard University 8 72 Fama, Eugene F. University of Chicago 5 6 French, Kenneth R. Dartmouth College 1 6 Green, Richard C. Carnegie Mellon University 4 27 Harford, Jarrad University of Washington 9 29 Healy, Paul M Harvard University 3 71 James, Christopher University of Florida 8 51 Johnson, Simon Massachusetts Institute of Technology 2 179 Kaplan, Steven University of Chicago 2 117 Loughran, Timothy University of Notre Dame 5 23 Lowry, Michelle Pennsylvania State University 1 20 Mikkelson, Wayne H. University of Oregon 6 27 Murphy, Kevin J. University of Southern California 7 38 Officer, Micah University of Southern California 4 29 Pastor, Lubos University of Chicago 4 28 Pearson, Neil D. University of Illinois - Urbana-Champaign 5 29 Ritter, Jay University of Florida 4 20 Shanken, Jay Emory University 5 32 Shleifer, Andrei Harvard University 1 51 Sloan, Richard G. Barclays Global Investors 7 51 Smith, Clifford W. University of Rochester 7 35 Stulz, René M. Ohio State University 9 30 Warner, Jerold B. University of Rochester 4 45 Weisbach, Michael S. University of Illinois - Urbana-Champaign 1 34 Whited, Toni M. University of Wisconsin 2 21 Wruck, Karen H. Ohio State University 4 61

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Page 1 of 5

JFE Ad Hoc Referees

. 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49

The data below covers the period January 1, 2007 through December 31, 2007; it reflects the activity of the 259 individuals assisting us during that interval. Referee Manuscript(s) Name Affiliation Reviewed Avg Days Acharya, Viral V. London Business School 2 33 Agarwal, Vikas Georgia State University 1 31 Ait-Sahalia, Yacine Princeton University 2 29 Allen, Franklin H. University of Pennsylvania 1 0 Alti, Aydogan University of Texas at Austin 1 29 Ang, Andrew Columbia University 4 19 Asquith, Paul Massachusetts Institute of Technology 1 144 Avramov, Doron University of Maryland 1 28 Baker, Malcolm Harvard University 4 27 Barber, Brad University of California-Davis 2 42 Barberis, Nicholas C. Yale University 3 107 Barinov, Alexander University of Rochester 2 11 Bebchuk, Lucian A Harvard Law School 1 173 Beber, Alessandro University of Lausanne 1 28 Becker, Bo University of Illinois at Urbana-Champaign 1 23 Beck, Thorsten The World Bank 3 25 Bekaert, Geert Columbia University 2 33 Bergman, Nittai Massachusetts Institute of Technology 2 67 Bergstresser, Daniel Harvard Business School 1 28 Bernardo, Antonio E. University of California-Los Angeles 1 35 Bhagat, Sanjai University of Colorado 1 12 Bodnar, Gordon Johns Hopkins University 2 32 Bossaerts, Peter California Institute of Technology 1 31 Brav, Alon Duke University 1 66 Brickley, James University of Rochester 5 76 Brown, Steve University of Exeter 1 6 Brunnermeier, Markus K Princeton University 2 39 Busse, Jeffrey A. Emory University 1 35 Campello, Murillo University of Illionis-Urbana-Champaign 1 14 Carey, Mark Federal Reserve Board 1 30 Carpenter, Jennifer New York University 3 87 Chaieb, Ines University of Amsterdam 1 28 Chalmers, John University of Oregon 2 20 Chan, Louis University of Illinois 1 84 Chapman, David Boston College 2 29 Chen, Joseph University of Southern California 1 46 Chernov, Mikhail London Business School 1 28 Chordia, Tarun Emory University 2 20 Claessens, Stijin International Monetary Fund 1 6 Coles, Jeffrey Arizona State University 1 206 Collin-Dufresne, Pierre University of California-Berkeley 2 159 Constantinides, George M. University of Chicago 1 7 Core, John E. University of Pennsylvania 1 32 Corwin, Shane A. University of Notre Dame 2 78 Daniel, Kent 1 15 Dann, Larry Y. University of Oregon 1 30 Dechow, Patricia M. University of California - Berkeley 3 94 Denis, David J. Purdue University 4 30 Desai, Mihir Harvard University 2 104

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Dichev, Ilia Dinc, I. Serdar Dittmar, Amy Djankov, Simeon Doidge, Craig Dudley, Evan Dumas, Bernard Dunbar, Craig G. Dyck, Alexander Eckbo, Espen Edelen, Roger Eisfeldt, Andrea L. Faulkender, Michael W. Field, Laura C. Figlewski, Stephen Fishman, Michael J. Fisman, Raymond Flannery, Mark Fleming, Michael Foley, C. Fritz Foucault, Thierry Frank, Murray Franks, Julian Gallmeyer, Michael F. Garmaise, Mark J. Ghysels, Eric Gillan, Stuart Goldreich, David Goldstein, Itay Goldstein, Robert Gomes, Francisco Green, Clifton Greenwood, Robin Grenadier, Steven R. Grinblatt, Mark Grinstein, Yaniv Gromb, Denis Guay, Wayne R. Hackbarth, Dirk Hadlock, Charles Hasbrouck, Joel Hau, Harald Hauswald, Robert Heitzman, Shane M. Hendershott, Terrance Hentschel, Ludger Heron, Randall Hertzel, Michael G. Heston, Steven L. Hirshleifer, David Hodrick, Robert Holderness, Clifford Hong, Harrison Hsieh, David A. Hubbard, Thomas N. Huberman, Gur Hutton, Amy P. Hvidkjaer, Soeren Ikenberry, David L.

file://C:\JFE\Reports\colab07.htm

University of Michigan Northwestern University University of Michigan The World Bank University of Toronto University of Rochester University of Lausanne University of Western Ontario University of Toronto Dartmouth College University of California-Davis Northwestern University Washington University-St. Louis Pennsylvania State University New York University Northwestern University Columbia University University of Florida New York Federal Reserve Harvard Business School HEC School of Management University of Minnesota University of London Texas A&M University University of California-Los Angeles University of North Carolina-Chapel Hill Texas Tech University University of Toronto University of Pennsylvania University of Minnesota London Business School Emory University Harvard University Stanford University University of California-Los Angeles Cornell University University of London University of Pennsylvania Washington University in St. Louis Michigan State University New York University INSEAD American University University of Rochester University of California-Berkeley New York Life Investment Management Indianapolis University Arizonia State University University of Maryland Ohio State University Columbia University Boston College Princeton University Duke University Northwestern University Columbia University Boston College INSEAD University of Illinois

1 1 4 2 2 1 1 1 1 2 2 1 1 5 2 1 1 1 3 3 1 3 1 1 1 1 3 1 1 2 1 1 1 2 1 1 3 1 1 1 1 1 2 1 1 3 1 1 1 2 3 2 2 1 1 2 3 1 1

41 37 31 9 52 10 78 104 97 80 71 35 28 31 116 30 37 29 25 44 21 166 70 136 62 10 29 29 30 60 29 31 30 65 97 37 49 51 29 1 14 24 54 30 12 285 37 33 82 59 70 28 64 62 45 20 34 34 27

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Irvine, Paul Ivashina, Victoria Jagannathan, Ravi Jegadeesh, Narasimhan Jenter, Dirk Jin, Li Jones1, Charles Jones3, Christopher S. Jordan, Bradford Jorion, Philippe Julio, Brandon R. Kalay, Avner Kang, Jun-Koo Kaniel, Ron Karceski, Jason Karolyi, Andrew Karpoff, Jonathan Kavajecz, Kenneth A. Keim, Donald B. Kiku, Dana Kim, E. Han Kimmel, Bob Knyazeva, Anzhela Kogan, Leonid Korajczyk, Robert A. Korteweg, Arthur G. Krigman, Laurie Laeven, Luc Lambrecht, Bart Lando, David Lang, Larry H.P. LaPorta, Rafael Lehn, Kenneth Lemmon, Michael L. Lerner, Joshua Leuz, Christian Levich, Richard Levine, Ross Lewellen, Jonathan Lewis, Karen Lie, Erik Linck, James S. Litov, Lubomir P. Liu, Jun Liu, Laura Xiaolie Ljungqvist, Alexander Long, John B. Longstaff, Francis A. Lopez-de-Silanes, Florencio Louis, Henock Lynch, Anthony W. Madhavan, Ananth N. Maksimovic, Vojislav Malatesta, Paul Malloy, Christopher Marquez, Robert Masulis, Ronald Mathews, Richmond D. Matvos, Gregor

file://C:\JFE\Reports\colab07.htm

University of Georgia Harvard Business School Northwestern University Emory University Stanford Harvard University Columbia University University of Southern California University of Kentucky University of California-Irvine London Business School TelAviv University Michigan State University Duke University University of Florida Ohio State University University of Washington University of Wisconsin - Madison University of Pennsylvania University of Pennsylvania University of Michigan Ohio State University University of Rochester Massachusetts Institute of Technology Northwestern University University of Chicago Babson College International Monetary Fund Lancaster University Copenhagen Business School Chinese University of Hong Kong Dartmouth College University of Pittsburgh University of Utah Harvard University University of Pennsylvania New York University Brown University Dartmouth College University of Pennsylvania University of Iowa University of Georgia Washington University-St. Louis UC San Diego Hong Kong University of Science and Technology New York University University of Rochester University of California-Los Angeles EDHEC Graduate School of Mgmt. Pennsylvania State University New York University Barclays Global Investors Imperial College London University of Washington London Business School University of Arizona Vanderbilt University Duke University University of Chicago

1 1 1 3 1 1 2 4 1 1 1 1 3 1 2 8 5 2 2 1 1 1 1 2 1 1 1 1 2 1 1 3 1 5 6 4 1 5 7 1 1 6 1 1 1 3 2 4 1 1 2 2 2 1 1 1 1 7 3

26 30 37 33 23 34 343 91 63 28 35 27 17 31 42 52 20 36 64 95 32 40 29 61 34 29 38 32 33 35 32 90 370 61 38 35 34 19 159 130 15 28 30 152 17 13 24 24 79 8 83 15 172 38 68 32 34 28 52

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Mayers, David Megginson, William L. Michaely, Roni Milbourn, Todd Miller, Darius Minetti, Raoul Minton, Bernadette A. Mitchell, Mark L. Mitton, Todd Morck, Randall Morellec, Erwan Morse, Adair Mulherin, Harold J. Myers, Stewart C. Nagel, Stefan Ongena, Steven Oster, Sharon M. Oyer, Paul Palia, Darius Pan, Jun Parlour, Christine Parrino, Robert Pedersen, Lasse H. Petersen, Mitchell A. Philippon, Thomas Phillips, Gordon Pontiff, Jeffrey Poteshman, Allen M. Prabhala, Nagpurnanand R. Puri, Manju Ramey, Valerie Rauh, Joshua D. Ready, Mark Reed, Adam V. Rice, Edward Roll, Richard Rosenberg, Joshua V. Rouwenhorst, K. Geert Rozeff, Michael Ruback, Richard S. Sadka, Ronnie Schaefer, Scott J. Schlingemann, Frederik Schultz, Paul H. Sensoy, Berk A. Seyhun, Nejat Shackelford, Douglas Sherman, Ann E. Shivdasani, Anil Shumway, Tyler Singleton, Kenneth J. Skinner, Douglas J. Sorensen, Morten Spatt, Chester S. Stafford, Erik Stambaugh, Robert F. Starks, Laura Stoughton, Neal Strahan, Philip E.

file://C:\JFE\Reports\colab07.htm

University of California - Riverside University of Oklahoma Cornell University Washington University - St. Louis Southern Methodist University Michigan State University Ohio State University CNH Partners Brigham Young University University of Alberta University of Lausanne University of Chicago University of Georgia Massachusetts Institute of Technology Stanford University Tilburg University Yale University Stanford University Rutgers University Massachusetts Institute of Technology University of California-Berkeley University of Texas - Austin New York University Northwestern University New York University University of Maryland Boston College University of Illinois - Urbana-Champaign University of Maryland Duke University University of California-San Diego University of Chicago University of Wisconsin - Madison University of North Carolina University of Washington University of California-Los Angeles Federal Reserve Bank of New York Yale University State University of New York-Buffalo Harvard University University of Washington University of Utah University of Pittsburgh University of Notre Dame University of Southern California University of Michigan University of North Carolina DePaul University University of North Carolina-Chapel Hill University of Michigan Stanford University University of Chicago University of Chicago Carnegie Mellon University Harvard University University of Pennsylvania University of Texas University of Calgary Boston College

3 4 1 2 1 1 1 5 1 6 4 1 2 1 1 1 1 1 1 1 2 1 3 1 1 2 3 1 1 1 2 1 2 1 3 3 1 2 4 1 3 4 2 1 1 2 2 1 1 3 2 1 2 2 3 1 5 1 1

26 31 483 90 3 111 112 29 19 110 30 32 30 18 10 28 88 19 27 65 61 55 19 33 88 43 23 15 99 27 59 31 26 40 32 20 31 199 17 21 86 104 36 28 21 19 59 157 17 115 49 19 44 52 39 33 69 36 83

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Strebulaev, Ilya A. Stromberg, Per Subrahmanyam, Avanidhar Thakor, Anjan Titman, Sheridan Tufano, Peter VanNieuwerburgh, Stijn Vega, Clara Veronesi, Pietro Viceira, Luis Villalonga, Belen Volpin, Paolo Wang, Neng Wang, Zhenyu Weber, Joseph Wermers, Russ Werner, Ingrid M. White, Lucy Wiederholt, Mirko Wilhelm, William J. Willenborg, Michael Williamson, Rohan Wolfenzon, Daniel Womack, Kent L. Wu, Joanna Wurgler, Jeffrey Xiong, Wei Yan, Hongjun Yermack, David Yogo, Motohiro Zender, Jaime Zhang, Lu Zingales, Luigi

Stanford University Swedish Institute for Financial Research University of California-Los Angeles Washington University-St. Louis University of Texas-Austin Harvard University New York University Federal Reserve Board University of Chicago Harvard University Harvard Business School London Business School Columbia University Federal Reserve Board Massachusetts Institute of Technology University of Maryland Ohio State University University of Lausanne Northwestern University University of Virginia University of Connecticut Georgetown University New York University Dartmouth College University of Rochester New York University Princeton University Yale University New York University University of Pennsylvania University of Colorado University of Michigan University of Chicago

1 2 6 1 3 4 2 3 2 3 2 1 1 1 1 2 1 1 1 1 1 3 1 1 4 3 2 1 2 1 1 2 3

23 151 48 32 14 89 12 48 87 107 28 6 32 30 70 40 47 27 45 147 28 60 176 32 35 22 77 22 26 15 19 9 322

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