/HVVRQ 0(1',1*3277(5< 6XEMHFWV 6NLOOV 6WUDWHJLHV 'XUDWLRQ &ODVV 6L]H VFLHQFH VRFLDO VWXGLHV YLVXDO DUWV DQDO\VLV HYDOXDWLRQ REVHUYDWLRQ YLVXDOL]DWLRQ FRPSDUH DQG FRQWUDVW WR PLQXWHV 0HQGHG SRW IURP 2UDQJH &RXQW\ DQ\ 1RUWK &DUROLQD FD $' ¤ 2EMHFWLYHV ,QWKLVH[HUFLVHVWXGHQWVZLOOPHQGEURNHQSRWWHU\WROHDUQZKDWDUFKDHRORJLVWVOHDUQE\ PHQGLQJSRWWHU\ 0DWHULDOV )RUWKHWHDFKHUDWUDQVSDUHQF\RI¦3RWWHU\0HQGLQJ7LSV§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©VVXUIDFHZKLOHWKHFOD\ZDVVWLOOZHW 7HPSHUPDWHULDOVXFKDVVDQGRUFUXVKHGVKHOOPL[HGZLWKFOD\WRPDNHSRWWHU\VWURQJHUDQGWR UHGXFHWKHULVNRILWEUHDNLQJ 9HVVHODKROORZRUFRQFDYHXWHQVLOIRUKROGLQJVRPHWKLQJ %DFNJURXQG 3RWWHU\EHJDQWRDSSHDUFRPPRQO\LQ1RUWK&DUROLQDDURXQG%&1DWLYH$PHULFDQVXVHG SRWWHU\IRUVWRULQJDQGVHUYLQJIRRGDQGOLTXLGVIRUFRRNLQJDQGLQVRPHLQVWDQFHVDVEXULDO XUQV$UFKDHRORJLVWVKDYHOHDUQHGDJUHDWGHDODERXWWKHOLIHRI1RUWK&DUROLQD©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¥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©VWR\V DPRQJRWKHUWKLQJV7KHVHSLHFHVZRXOGEHGLVFDUGHGDWDODWHUGDWHDQGSUREDEO\LQDGLIIHUHQW SODFHWKDQWKHRULJLQDOO\EURNHQSRWDQGWKXVPD\QRWEHIRXQGE\DUFKDHRORJLVWV:KLOH DUFKDHRORJLVWVOLNHILQGLQJDOOWKHSLHFHVRIDEURNHQSRWLWLVQRWXVXDOO\QHFHVVDU\WRILQGHYHU\ IUDJPHQWLQRUGHUWROHDUQDSRW©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¦3RWWHU\0HQGLQJ7LSV§DQGJRRYHUVWUDWHJLHVIRUHIIHFWLYH PHQGLQJZLWKVWXGHQWV&DXWLRQVWXGHQWVWKDWVRPHRIWKHEURNHQVKHUGVPD\EHVKDUSDQGWRXVH FDUHZKHQKDQGOLQJWKHP +DYHWKHVWXGHQWVVRUWWKURXJKVKHUGVRQWKHWDEOHEDVHGRQFRORUWKLFNQHVVYHVVHOVKDSH GHFRUDWLRQHWFDQGFROOHFWWKHVKHUGVWKH\IHHODUHIURPWKHLUYHVVHO8VHJOXHRUPDVNLQJWDSHWR PHQGWKHVKHUGV0DVNLQJWDSHFDQEHXVHGWRKROGVKHUGVWRJHWKHUXQWLOWKHJOXHGULHVRUZKLOH VWXGHQWVILWVKHUGVWRJHWKHU $OORZVWXGHQWVWLPHWRPHQGWKHLUYHVVHOV,IWKHUHLVQRWHQRXJKWLPHWRILQLVKWKHPHQGLQJ SURFHVVDOORZWKHVWXGHQWVWRWDNHWKHSRWWHU\KRPHWRILQLVKPHQGLQJLWWKHUHLIWKH\ZLVK 6WXGHQWVPD\FOHDQWKHKRXVHKROGFHPHQWIURPWKHLUILQJHUVDQGKDQGVXVLQJDVPDOO DPRXQWRIILQJHUQDLOSROLVKUHPRYHURQDFRWWRQVZDERUWLVVXH 1RWH%RWKKRXVHKROGFHPHQWDQGILQJHUQDLOSROLVKUHPRYHUDUHKD]DUGRXVVXEVWDQFHV7KH VWXGHQWVPXVWEHLQIRUPHGRIWKHFDXWLRQVFRQFHUQLQJWKHLUXVHDQGVKRXOGEHLQVWUXFWHGWRXVH WKHPVSDULQJO\ &ORVXUH 6XPPDUL]HWKHUHDVRQVZK\DUFKDHRORJLVWVPHQGDQGFURVVPHQGDQFLHQWSRWWHU\YHVVHOV (YDOXDWLRQ +DYHVWXGHQWVWXUQLQWKHLUPHQGHGYHVVHOIRUHYDOXDWLRQ ([WHQVLRQV ,QRUGHUWRKDYHWKLVH[HUFLVHDOVRGHPRQVWUDWHWKHLPSRUWDQFHRIFURVVPHQGLQJVHWSDUWRI WKHVKHUGVIURPHDFKEURNHQYHVVHORQWZRRUWKUHHGLIIHUHQWWDEOHV'LYLGHWKHVWXGHQWVVRWKDW HTXDOQXPEHUVRIVWXGHQWVDUHDVVLJQHGWRHDFKWDEOH7HOOWKHPWKDWHDFKWDEOHUHSUHVHQWVD GLIIHUHQWDUFKDHRORJLFDOIHDWXUHIRUH[DPSOHRQHWDEOHFRXOGUHSUHVHQWWKHVKHUGVIURPDKHDUWK DQRWKHUWDEOHIURPDWUDVKSLWDQGDWKLUGIURPWKHOLYLQJVXUIDFHLQVLGHDKRXVH6WXGHQWVVRUW DQGWDSHWRJHWKHUVKHUGVIURPRQO\RQHWDEOHILUVW:KDWFDQWKH\WHOODERXWWKHLUYHVVHODIWHU ILWWLQJWRJHWKHUWKHVKHUGVIURPRQO\RQHWDEOH&DQWKH\WHOOZKDWWKHLUYHVVHOZDVXVHGIRU" 1H[WKDYHWKHPPRYHRQWRWKHVHFRQGDQGWKHQWKHWKLUGWDEOHVRUWLQJWDSLQJDQGILQDOO\JOXLQJ WKHLUYHVVHOV$VNWKHVWXGHQWVZKDWW\SHVRILQIRUPDWLRQWKH\GHWHUPLQHGDERXWWKHLUSRWWHU\DQG WKHUHODWLRQVKLSRIWKHYDULRXVIHDWXUHVWKURXJKFURVVPHQGLQJ %HIRUHWKHPHQGLQJSURFHVVEHJLQVVHWDVLGHRQHRUWZRDGGLWLRQDOVKHUGVIURPHDFKYHVVHO ,175,*8( 2) 7+( 3$67 WRLOOXVWUDWHWKDWDUFKDHRORJLVWVUDUHO\ILQGDOOIUDJPHQWVRIDYHVVHO $IWHUWKHVWXGHQWVKDYHILQLVKHGPHQGLQJWKHLUYHVVHOVKDYHWKHPVNHWFKWKHLUSRWWHU\DQG GHVFULEHLWEDVHGRQYHVVHOVKDSHVL]HGHFRUDWLRQHWF$VNKRZWKH\WKLQNLWZDVXVHG$VN WKHPWRWU\WRVXVSHQGWKHLUNQRZOHGJHRIWKHLURZQFXOWXUH©VSRWWHU\DVPXFKDVSRVVLEOHDQG SUHWHQGWKDWWKH\DUHORRNLQJDWWKHSRWWHU\VKDSHIRUWKHILUVWWLPH+DYHWKHPORRNDWWKH FKDUDFWHULVWLFVRIWKHSRWWHU\,VLWWKLQRUWKLFN"+LJKO\RUPLQLPDOO\GHFRUDWHG"*OD]HGRU XQJOD]HG"6KDOORZRUGHHS":KDWFDQWKH\WHOODERXWWKHREMHFWIURPORRNLQJDWLW" /LQNV /HVVRQ¦2EVHUYDWLRQDQG,QIHUHQFH§ /HVVRQ¦&ODVVLILFDWLRQDQG$WWULEXWHV§ /HVVRQ¦0HDVXULQJ3RWV§ 6RXUFHV -RXNRZVN\0DUWKD$&RPSOHWH0DQXDORI)LHOG$UFKDHRORJ\7RROVDQG7HFKQLTXHVRI )LHOG:RUNIRU$UFKDHRORJLVWV(QJOHZRRG&OLIIV1-3UHQWLFH+DOO 5LFH3UXGHQFH03RWWHU\$QDO\VLV$6RXUFHERRN&KLFDJR8QLYHUVLW\RI&KLFDJR3UHVV :DUG+7UDZLFNDQG536WHSKHQ'DYLV-U7LPH%HIRUH+LVWRU\7KH$UFKDHRORJ\RI 1RUWK&DUROLQD&KDSHO+LOO8QLYHUVLW\RI1RUWK&DUROLQD3UHVV>7KHLPDJHLQWKLVOHVVRQ©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
© Copyright 2026 Paperzz