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wr eh d frqvhtxhqfh ri wkh h{whuqdolw| exlow lqwr wkh suhvhqw irup ri wudqvdfwlrq frvwv1
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vwurqj wr sxvk sulfhv ehorz wkh rswlpdo ohyho/ hyhq zkhq wudqvdfwlrq frvwv
duh sursruwlrqdo1
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lqfuhdvhv lq yhorflw| dqg fdq jhqhudwh srvlwlyh fr0pryhphqwv ri rxwsxw dqg
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wr sulfhv1 Zkhq d qhz kljkzd| wr wkh vkrsslqj pdoo rshqv/ wkh {hg frvw
ri vkrsslqj idoov1 Rxu prgho vxjjhvwv wkdw shrsoh uhvsrqg e| sxufkdvlqj
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lqgxflqj pruh frpshwlwlrq ehwzhhq upv dqg orzhulqj sulfhv1,
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frqwudfwv +Ilvfkhu ^4<::`, dqg phqx frvwv +Eodqfkdug dqg Nl|rwdnl ^4<;:`/
Edoo dqg Urphu ^4<;<`,1 Wkhuh lv qr vljqdo h{wudfwlrq sureohp lq rxu prgho
dqg sulfhv duh qrw vxemhfw wr wkh uljlglwlhv dvvxphg lq wkh phqx frvwv dqg
frqwudfwv dssurdfkhv1 Lqghhg/ lq frqwudvw wr prghov edvhg rq sulfh vwlfnlqhvv/
d srvlwlyh JQS0sulfh ohyho uhodwlrqvkls/ vkrxog lw dulvh/ lv qrw dphqdeoh wr
pdqlsxodwlrq e| prqhwdu| srolf|1 Zkdw wklv sdshu grhv surylgh/ lv d qrwlrq
ri djjuhjdwh ghpdqg vkrfn wkdw lv qrw uholdqw rq fkdqjhv lq suhihuhqfhv ru
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Uhihuhqfhv
Edoo/ O1 dqg Urphu/ G1 ^4<;<` Wkh Htxloleulxp dqg Rswlpdo Wlplqj ri
Sulfh Fkdqjhv/ Uhylhz ri Hfrqrplf Vwxglhv/ 89= 4:<0<;1
Eodqfkdug/ R1 dqg Nl|rwdnl/ Q1 ^4<;:` Prqrsrolvwlf Frpshwlwlrq dqg wkh
Hhfwv ri Djjuhjdwh Ghpdqg Dphulfdq Hfrqrplf Uhylhz/ ::= 97:0991
Eodqfkdug/ R1 ^4<<:` Pdfurhfrqrplfv/ Lqwhuqdwlrqdo Hglwlrq/ Suhqwlfh0Kdoo/
Qhz Mhuvh|1
Fdphud J1 dqg Fruedh/ G1 ^4<<;` Prqh| dqg Sulfh Glvshuvlrq Lqwhuqd0
wlrqdo Hfrqrplf Uhylhz / iruwkfrplqj1
Frroh|/ W1 dqg Rkdqldq/ O1 ^4<<4` Wkh F|folfdo Ehkdylru ri Sulfhv Mrxuqdo
ri Prqhwdu| Hfrqrplfv/ 5;= 580931
Gldprqg/ S1 ^4<;5` Djjuhjdwh Ghpdqg Pdqdjhphqw lq d Vhdufk Htxlole0
ulxp1 Mrxuqdo ri Srolwlfdo Hfrqrp|/ <3= ;;40<71
Ilvfkhu/ V1 ^4<::` Orqj0whup Frqwudfwv/ Udwlrqdo H{shfwdwlrqv dqg wkh
Rswlpdo Prqh| Vxsso| Uxoh/ Mrxuqdo ri Srolwlfdo Hfrqrp|/ ;8=4<40
5381
Juhhq/ H1 dqg ]krx/ U1 ^4<;;` D Uxglphqwdu| Udqgrp0Pdwfklqj Prgho
zlwk Glylvleoh Prqh| dqg Sulfhv/ Mrxuqdo ri Hfrqrplf Wkhru|/ ;4=
5850:41
Kdqvhq/ J1 ^4<;8` Lqglylvleoh Oderu dqg wkh Exvlqhvv F|foh/ Mrxuqdo ri
Prqhwdu| Hfrqrplfv/ 49= 63<05:1
5<
Krvlrv/ D1 ^4<<3` Rq wkh H!flhqf| ri Pdwfklqj/ dqg Uhodwhg Prghov ri
Vhdufk dqg Xqhpsor|phqw/ Uhylhz ri Hfrqrplf Vwxglhv/ 8:= 5:<0<;1
Mdiduh|/ V1 dqg Pdvwhuv/ D1 ^4<<;` Sulfhv dqg wkh Yhorflw| ri Prqh| lq
Vhdufk Htxloleulxp/ Ghsduwphqw ri Hfrqrplfv Glvfxvvlrq Sdshu Vh0
ulhv &7<6/ Xqlyhuvlw| ri Hvvh{1
Nl|rwdnl/ Q1 dqg Zuljkw/ U1 ^4<<4` D Frqwulexwlrq wr wkh Sxuh Wkhru| ri
Prqh|/ Mrxuqdo ri Hfrqrplf Wkhru| 86= 548068
Nrfkhuodnrwd/ Q1 ^4<<;` Prqh| lv Phpru|/ Mrxuqdo ri Hfrqrplf Wkhru|/
;4= 5650841
Odlqj/ G1/ Ol/ Y1 dqg Zdqj S1 ^5333` Prqh| dqg Sulfhv lq d Pxowlsoh
Pdwfklqj Ghfhqwudol}hg Wudglqj Prgho/ plphr/ Shqqv|oydqld Vwdwh
Xqlyhuvlw|1
Oxfdv/ U1 ^4<:5` H{shfwdwlrqv dqg wkh Qhxwudolw| ri Prqh|/ Mrxuqdo ri
Hfrqrplf Wkhru|/ 7=4360571
Oxfdv/ U1 ^4<;;` Rq wkh Phfkdqlfv ri Hfrqrplf Jurzwk/ Mrxuqdo ri Prq0
hwdu| Hfrqrplfv/ 55=60751
Prhq/ H1 ^4<<:` Frpshwlwlyh Vhdufk Htxloleulxp/ Mrxuqdo ri Srolwlfdo
Hfrqrp|/ 438= 6;807441
Prolfr/ P1 ^4<<9` Wkh Glvwulexwlrq ri Prqh| dqg Sulfhv lq Vhdufk Htxl0
oleulxp plphr/ Shqqv|oydqld Vwdwh Xqlyhuvlw|1
Shwurqjror/ E1 dqg Slvvdulghv/ F ^5334` Orrnlqj lqwr wkh Eodfn Er{= D
Vxuyh| ri wkh Pdwfklqj Ixqfwlrq/ Mrxuqdo ri Hfrqrplf Olwhudwxuh/
63
6<=6<307641
Vkl/ V1 ^4<<:` D Vlpsoh Glylvleoh Vhdufk Prgho ri Ildw Prqh|/ Hfrqrphw0
ulfd 98= :804351
Urphu/ S1 ^4<;9` Lqfuhdvlqj Uhwxuqv dqg Orqj0uxq Jurzwk/ Mrxuqdo ri
Srolwlfdo Hfrqrp|/ <7= 433506:1
Wuhmrv/ D1 dqg Zuljkw U1 ^4<<8` Vhdufk/ Edujdlqlqj/ Prqh| dqg Sulfhv/
Mrxuqdo ri Srolwlfdo Hfrqrp|/ 436= 44;0741
64