5HODo}HVLQWUDLQVWLWXFLRQDLVQD
,QWHUQHWXPHVWXGRH[SORUDWyULRFRP
EDVHHPPHWRGRORJLDVZHERPpWULFDV
3DPHOD%DUUHWR/DQJ
0HVWUDQGDHP4XtPLFD%LROyJLFDiUHDGH FRQFHQWUDomR(GXFDomR*HVWmRH'LIXVmR HP%LRFLrQFLDVSHOD8QLYHUVLGDGH
)HGHUDOGR5LRGH-DQHLURHHVSHFLDOLVWD HP&RPXQLFDomR,QVWLWXFLRQDO
7HFQRORJLVWDHP6D~GH3~EOLFDGD )XQGDomR2VZDOGR&UX]
)iELR&DVWUR*RXYHLD
'RXWRUHP4XtPLFD%LROyJLFDiUHDGH FRQFHQWUDomR(GXFDomR*HVWmRH'LIXVmR HP%LRFLrQFLDVSHOD8QLYHUVLGDGH
)HGHUDOGR5LRGH-DQHLUR7HFQRORJLVWD HP6D~GH3~EOLFDGD)XQGDomR2VZDOGR &UX]
-DFTXHOLQH/HWD
3URIHVVRUDDGMXQWDGR,QVWLWXWRGH
%LRTXtPLFDGD8)5-&RPR XPD DERUGDJHP LQLFLDO SDUD XP HVWXGR PDLV DSURIXQGDGR VREUH D LPDJHP H R LPSDFWR GD )XQGDomR 2VZDOGR&UX]QD:HEHVWHDUWLJRLQYHVWLJDDVFRUUHODo}HV HQWUH RV VLWHV GDV XQLGDGHV ILQDOtVWLFDV GD ,QVWLWXLomR ORFDOL]DGD QR HVWDGR GR 5LR GH -DQHLUR $ PHWRGRORJLD XWLOL]DGD EDVHRXVH QDV DQiOLVHV GH FROLQN H LQWHUOLQN H QD IRUPDomR GH DJUXSDPHQWRV FOXVWHULQJ DQDO\VLV 2V GDGRV DSRQWDUDP SDUD TXDWUR DJUXSDPHQWRV GLVWLQWRV H XPD 8QLGDGH LVRODGD DOpP GH XP EDL[R QtYHO GH LQWHJUDomRHQWUHRVVLWHVHVWXGDGRV
,QWUDLQVWLWXWLRQDOUHODWLRQVRQWKH
:HEDQH[SORUDWRU\VWXG\EDVHGRQ
ZHERPHWULFPHWKRGRORJLHV
$V DQ LQLWLDO DSSURDFK IRU D PRUH SURIRXQG VWXG\ RQ WKH LPDJH DQG LPSDFW RI 2VZDOGR &UX] )RXQGDWLRQ RQ WKH :HEWKLVDUWLFOHLQYHVWLJDWHVWKHFRUUHODWLRQVEHWZHHQWKH VLWHVRIWKHXQLWVRIWKLVLQVWLWXWLRQLQ5LRGH-DQHLUR7KH PHWKRGRORJ\ XVHG ZDV EDVHG RQ FROLQNLQJ LQWHUOLQNLQJ DQG FOXVWHULQJ DQDO\VLV 7KH GDWD SRLQWHG RXW WR WKH IRUPDWLRQ RI IRXU GLIIHUHQW JURXSV DQG RQH LVRODWHG 8QLW DVZHOODVDORZOHYHORILQWHJUDWLRQEHWZHHQWKHZHEVLWHV VWXGLHG
.H\ZRUGV :HE :HERPHWULFV &ROLQN $QDO\VLV ,QWHUOLQN 6LWH 2VZDOGR &UX] )RXQGDWLRQ &OXVWHULQJ $QDO\VLV
5HFHELGRHP$FHLWRHP
,QWURGXomR
$V FRQVWDQWHV WUDQVIRUPDo}HV QRV FHQiULRV SROtWLFR HFRQ{PLFR FXOWXUDO H WHFQROyJLFR UHSUHVHQWDP XP JUDQGH GHVDILR j FRPXQLFDomR LQVWLWXFLRQDO $ WUDQVLomR GD HUD LQGXVWULDO SDUD D HUD LQIRUPDFLRQDO H D DVFHQVmR GH XP QRYR SDUDGLJPD WHFQRHFRQ{PLFR EDVHDGR HP LQIRUPDomR LQRYDomR H FRQKHFLPHQWR OHYDQWDP TXHVW}HV GHOLFDGDV FRPSOH[DV H PXOWLIDFHWDGDV SDUD DV LQVWLWXLo}HV H VHXV JHVWRUHV $ LQIRUPDomR H D FRPXQLFDomR DGTXLUHP XP SDSHO LPSRUWDQWH FRPR LQVWUXPHQWRV H SURFHVVRV SRGHURVRV SDUD DPSOLDU DV SRWHQFLDOLGDGHV HVWUDWpJLFDV H D LQWHJUDomR GDV HVWUXWXUDV RUJDQL]DFLRQDLV (VVHV LQVWUXPHQWRVSDVVDPDVXEVLGLDUHDID]HUSDUWHGDWRPDGDGHGHFLV}HV GR HVWDEHOHFLPHQWR GH SDUFHULDV H GR UHODFLRQDPHQWR FRP FOLHQWHVXVXiULRV H IRUQHFHGRUHV 'HQWUR GHVVD OyJLFD &DUGRVR DILUPD VHU QHFHVViULR TXH DV RUJDQL]Do}HV UHSHQVHP H DSULPRUHP VHXV UHIHUHQFLDLV WHyULFRV H PHWRGROyJLFRV WUDGLFLRQDLV D ILP GH TXH RV SURFHVVRV FRPXQLFDFLRQDLV VHMDP FRQVLGHUDGRV VXSRUWHV HILFD]HV SDUD D IRUPXODomRGHVXDVHVWUDWpJLDVLQVWLWXFLRQDLV
$V QRYDV WHFQRORJLDV GD LQIRUPDomR H VREUHWXGR D ,QWHUQHW
SDVVDPDFRQWULEXLUSDUDDIRUPDomRGHXPQRYRPRGHORFRPXQLFDFLRQDO HP TXH HPLVVRUHUHFHSWRU GHVHPSHQKDP SDSpLV DLQGD PDLV FRPSOH[RV 1mREDVWDTXHDVLQVWLWXLo}HVHVWHMDPQD,QWHUQHWGHYHVHUHIOHWLUVREUH
$SDUWLUGHVVDSUHPLVVDHVWiVHQGRUHDOL]DGDXPDSHVTXLVDVREUHD LPDJHPLQVWLWXFLRQDOQD:HEGHXPDLQVWLWXLomRGHHQVLQRHSHVTXLVDGH
UHFRQKHFLPHQWR QDFLRQDO H LQWHUQDFLRQDO D )XQGDomR 2VZDOGR &UX] )LRFUX]6XDPLVVmRp
*HUDU DEVRUYHU H GLIXQGLU FRQKHFLPHQWRV FLHQWtILFRV H WHFQROyJLFRV HP VD~GH SHOR GHVHQYROYLPHQWR LQWHJUDGR GDV DWLYLGDGHVGHSHVTXLVDHGHVHQYROYLPHQWRWHFQROyJLFRHQVLQR SURGXomR GH EHQV SUHVWDomR GH VHUYLoRV GH UHIHUrQFLD H LQIRUPDomRFRPDILQDOLGDGHGHSURSRUFLRQDUDSRLRHVWUDWpJLFR DR6LVWHPDÒQLFRGH6D~GH686HFRQWULEXLUSDUDDPHOKRULD GDTXDOLGDGHGHYLGDGDSRSXODomRHSDUDRH[HUFtFLRSOHQRGD FLGDGDQLD3/$12S
3RU WUDWDUVH GH XPD LQVWLWXLomR FRPSOH[D H FHQWHQiULD D DERUGDJHPLQLFLDOFRQVLGHUDUiGDGRVUHODWLYRVjVGLYHUVDVXQLGDGHVTXHD FRPS}H (VWH WUDEDOKR WHP FRPR REMHWLYR SRUWDQWR R PDSHDPHQWR GDV LQWHUUHODo}HV HQWUH RV VLWHV GDV XQLGDGHV GD )LRFUX] XWLOL]DQGR DV
PHWRGRORJLDVGHFROLQNHGHLQWHUOLQNHDQiOLVHGDSRVVtYHOIRUPDomRGH
DJUXSDPHQWRV HQWUH HOHV 2V GDGRV JHUDGRV QHVWD SULPHLUD HWDSD GR WUDEDOKRSRGHUmRVHUYLUGHVXEVtGLRSDUDXPDDQiOLVHSRVWHULRUDLQGDHP DQGDPHQWRVREUHRVDVSHFWRVGDLPDJHPLQVWLWXFLRQDOGD)LRFUX]QD:HE
$:HERPHWULDHDOJXPDVFRQVLGHUDo}HVPHWRGROyJLFDV
2 WHUPR ³ZHERPHWULD´ IRL FXQKDGR HP SRU $OPLQG H ,QJZHUVHQ (VVH QRYR FDPSR GH FRQKHFLPHQWR HVWi UHODFLRQDGR jV DQiOLVHVTXDQWLWDWLYDVGHQWURGDViUHDVGHELEOLRWHFRQRPLDHGDFLrQFLDGD LQIRUPDomR H VXUJH D SDUWLU GR GHVHQYROYLPHQWR GDV WHFQRORJLDV GH LQIRUPDomR H FRPXQLFDomR $ ZHERPHWULD WUDWD GRV DVSHFWRV TXDQWLWDWLYRV WDQWR GD FRQVWUXomR TXDQWR GR XVR GD :HE
FRPSUHHQGHQGR TXDWUR iUHDV GH SHVTXLVD QR FDPSR 7+(/:$// 9$8*+$1 %-g51(%251 DQiOLVH GH FRQWH~GR GDV SiJLQDV:HE
DQiOLVH GD HVWUXWXUD GRVOLQNV DQiOLVH GR XVR GD:HE SRU H[HPSOR D
DQiOLVHGHDUTXLYRVGHUHJLVWURGRFRPSRUWDPHQWRGHEXVFDHQDYHJDomR GRVXVXiULRVHDQiOLVHGHWHFQRORJLDVGD:HELQFOXLQGRRGHVHPSHQKR
GRVPHFDQLVPRVGHEXVFD
8PDGDVIRUPDVGHFDSWXUDGHGDGRVSDUDRVHVWXGRVZHERPpWULFRV VHGiSRUPHLRGHPHFDQLVPRVGHEXVFDTXHFRQVHJXHPLQGH[DUDPDLRU SDUWHGDVSiJLQDVGLVSRQtYHLVQD:HE6HJXQGR*XOOLH6LJQRULQR
),*85$ 5HSUHVHQWDomR JUiILFD GR SHUFHQWXDO GH SiJLQDV GD :HE LQGH[DGDVSRUPHFDQLVPRGHEXVFD
)RQWH*8//,6,*125,1
$ HVFROKD SRU XP GHWHUPLQDGR PHFDQLVPR GH EXVFD SDUD D FROHWD GRVGDGRVJHUDOPHQWHOHYDHPFRQVLGHUDomRGRLVDVSHFWRVRSHUFHQWXDO GH SiJLQDV LQGH[DGDV H RV RSHUDGRUHV ERROHDQRV GLVSRQtYHLV SDUD D FRQVXOWD2VERROHDQRVSHUPLWHPTXHVHMDPUHDOL]DGDVEXVFDVDYDQoDGDV HVXDFRPSOH[LGDGHYDULDHPFDGDPHFDQLVPR2*RRJOHSRUH[HPSOR
QmR p UHFRPHQGDGR SDUD EXVFDV FRPELQDGDV FRP HVWUXWXUDV FRPSOH[DV -i R $OWD 9LVWD WHP VLGR UHFRQKHFLGR SRU VXD FDSDFLGDGH GH EXVFD SRVVLELOLWDQGRRXVRGHFOiXVXODVVWULQJVPDLVFRPSOH[DV%-g51(%251
,1*:(56(1
$LQGH[DomRGDVSiJLQDVQD:HEVRIUHXXPDPXGDQoDUDGLFDOFRPR 3DJH5DQNPHWRGRORJLDFULDGDSRU%ULQH3DJHRVIXQGDGRUHVGR
*RRJOHTXHKLHUDUTXL]DRVUHVXOWDGRVGHEXVFDGHDFRUGRFRPDUHGHGH
OLQNVYROWDGDSDUDXPDGHWHUPLQDGDSiJLQD2XVHMDRPpWRGRHVWDEHOHFH
XPUDQTXHDPHQWRFRPEDVHQDVSiJLQDVTXHUHFHEHPRPDLRUQ~PHURGH
OLQNVGHSiJLQDVTXHWDPEpPUHFHEHPPXLWRVOLQNV'HVVDIRUPDTXDQWR
PDLRU R Q~PHUR GHOLQNV UHFHELGRV SRU XPVLWH PDLRU D VXD UHOHYkQFLD
UHODWLYDRTXHGHFHUWDPDQHLUDFRQWULEXLSDUDHVWLPDURYDORUTXHOKHp DWULEXtGRSRURXWURVVLWHV*289(,$6HJXQGR9DXJKDQH7KHOZDOO
GHVGH RV PHFDQLVPRV GH EXVFD HP JHUDO XWLOL]DP DOJXPD LPSOHPHQWDomRVLPLODUjGHVFULWDSRU%ULQH3DJHSDUDR3DJH5DQN
1HVVHVHQWLGRROLQNDOpPGHVHFRQILJXUDUFRPRDXQLGDGHFHQWUDO
GH LQIRUPDomR SDUD RV HVWXGRV ZHERPpWULFRV p FRQVLGHUDGR XP LPSRUWDQWHLQGLFDGRUGRLPSDFWRHGDSRVLomRTXHGHWHUPLQDGRVLWHRFXSD
QR HVSDoR GD UHGH Mi TXH QmR DSHQDV UHSUHVHQWD DV UHODo}HV HQWUH RV
VLWHV H FRQWH~GRV GLVSRQLELOL]DGRV PDV WDPEpP IXQFLRQD FRPR
OHJLWLPDGRUGHVVHVVLWHVSDUDRVPHFDQLVPRVGHEXVFD
LQWHUOLQNHDVGHFROLQN2VLQWHUOLQNVFRPRIRUDPFKDPDGRVSRU7KHOZDOO
HP HVWXGRV VREUH XQLYHUVLGDGHV EULWkQLFDV FRQVWLWXHP XPD
UHODomR GH SDUHV FRQVLVWLQGR QXP PpWRGR TXH SHUPLWH PDSHDU R LQWHUFkPELRGHOLQNVHQWUHGRLVGHWHUPLQDGRVVLWHV-iRVFROLQNVRFRUUHP
TXDQGR XPD SiJLQD 85/ DSRQWD VLPXOWDQHDPHQWH SDUD GXDV RX PDLV SiJLQDV9$17,+HUUHUR6RODQDH0RUDOHVGHO&DVWLOORTXH FKDPDUDP HVVH PpWRGR GHFRVLWDWLRQ ± HP DQDORJLD jV FRFLWDo}HV ±
FRQVLGHUDUDP D DQiOLVH GHFROLQN D PDQHLUD PDLV VLPSOHV GH VH REWHU
LQIRUPDo}HV VREUH DV UHODo}HV HQWUH RV VLWHV 9DXJKDQ .LSS H *DR
HP XP HVWXGR VREUH XQLYHUVLGDGHV FDQDGHQVHV HP TXH VH YHULILFRX XPD PDSD FODUR GH GLIHUHQoDV OLQJXtVWLFDV H FXOWXUDLV GHQWUR GD VRFLHGDGH FDQDGHQVH XWLOL]DQGR D PHWRGRORJLD HP TXHVWmR DILUPDUDP TXH RVFROLQNV SRGHP VHU FRQVLGHUDGRV XPD PHGLGD GH VLPLODULGDGH H
UHODomRDOpPGHIRUQHFHUHPGDGRVYDOLRVRVSDUDRVVLWHV
0HWRGRORJLD
$ HVWUXWXUD RUJDQL]DFLRQDO GD )LRFUX] p KRMH FRPSRVWD SRU 8QLGDGHV 7pFQLFR&LHQWtILFDV TXDWUR 8QLGDGHV 7pFQLFR$GPLQLVWUDWLYDV H XPD8QLGDGH7pFQLFDGH$SRLR3DUDILQVGHVWHHVWXGRIRUDPVHOHFLRQDGRV RVVLWHV GH WRGDV DV 8QLGDGHV 7pFQLFR&LHQWtILFDV SRU VH WUDWDUHP GH
HVWUXWXUDV ILQDOtVWLFDV RX VHMD VmR DV XQLGDGHV TXH HVWmR GLUHWDPHQWH UHODFLRQDGDVDRFXPSULPHQWRGDPLVVmRLQVWLWXFLRQDO
'LYHUVRV HVWXGRV WrP HQFRQWUDGR LQIOXrQFLDV JHRJUiILFDV HP UHVXOWDGRVGHDQiOLVHVZHERPpWULFDV(PXPWUDEDOKRUHFHQWHGHFROLQNV
VREUHUHGHVGHPXVHXVHFHQWURVGHFLrQFLD*RXYHLDYHULILFRXTXH D IRUPDomR GH YiULRV DJUXSDPHQWRV HVWDYD DVVRFLDGD D TXHVW}HV JHRJUiILFDV 'D PHVPD IRUPD 7KHOZDOO H 9DXJKDQ H 7KHOZDOO WDPEpP FRQVLGHUDUDP D SUR[LPLGDGH JHRJUiILFD XP IDWRU GHWHUPLQDQWH QDV UHODo}HV HQWUH VLWHV GH XQLYHUVLGDGHV EULWkQLFDV H
XQLYHUVLGDGHVFDQDGHQVHVHPVHXVUHVSHFWLYRVHVWXGRV
$ ILP GH LVRODU WDO LQIOXrQFLD Mi TXH VH WUDWD GH XP PDSHDPHQWR LQWUDLQVWLWXFLRQDO QmR IRUDP LQFOXtGRV QD DPRVWUD RVVLWHV GDV TXDWUR
XQLGDGHVUHJLRQDLVGD)LRFUX]TXHHVWmRORFDOL]DGDVQRVHVWDGRVGD%DKLD 3HUQDPEXFR 0LQDV *HUDLV H $PD]{QLD SHUPDQHFHQGR DSHQDV DV GH] XQLGDGHV VLWXDGDV QR HVWDGR GR 5LR GH -DQHLUR $VVLP DV DQiOLVHV DSUHVHQWDGDVDVHJXLUUHIHUHPVHjVLQWHUUHODo}HVGHGDVXQLGDGHV GD)LRFUX]FRQIRUPHOLVWDGRQR48$'52
48$'521RPHGDVGH]8QLGDGHV7pFQLFR&LHQWtILFDVGD)LRFUX]
HVWXGDGDVFRPRVUHVSHFWLYRVHQGHUHoRVGDSiJLQDLQLFLDOGHVHXVVLWHVH
DEUHYLDWXUDV
)RQWH(ODERUDGRSHORVDXWRUHV
3DUD D FROHWD GH GDGRV XWLOL]RXVH R PHFDQLVPR GH EXVFD $OWD 9LVWDFXMDEDVHGHGDGRVpDPHVPDGR<DKRRHFRUUHVSRQGHDGH
WRGDVDVSiJLQDVLQGH[DGDVQD,QWHUQHW*8//,6,*125,1
1D SULPHLUDVWULQJ RX OLVWD GDV EXVFDV GHVHMDGDV IRL HVSHFLILFDGR
³OLQN 85/Q OLQN 85/Q GRPDLQILRFUX]EU´ SRU H[HPSOR ³OLQN
ZZZFRFILRFUX]EU OLQN ZZZHQVSILRFUX]EU GRPDLQILRFUX]EU´ (VWD EXVFDSHUPLWLXFROHWDUWRGDVDVOLVWDVGHSiJLQDVTXHFRQWLQKDPOLQNVSDUD
DPEDV DV 85/V VLPXOWDQHDPHQWHj H[FHomR GDTXHODV TXH SHUWHQFHP DR SUySULRGRPtQLRGD)LRFUX]ILRFUX]EU1mRIRLLQFOXtGRQHVWDFROHWDRVLWH
GR3RUWDO)LRFUX]FRPRREMHWLYRGHDQDOLVDUDIRUPDomRGHDJUXSDPHQWRV FOXVWHULQJ DQDO\VLVDSHQDVHQWUHDVXQLGDGHVGD,QVWLWXLomR(VVDEXVFD
UHVXOWRX QD DQiOLVH GH FROLQNV ) ,*
$
),*85$5HSUHVHQWDomRJUiILFDTXHH[HPSOLILFDDQiOLVHVGHFROLQNHGH LQWHUOLQN
)RQWH(ODERUDGRSHORVDXWRUHV
(PXPDVHJXQGDVWULQJIRLHVSHFLILFDGR³OLQN85/QKRVW85/Q´SRU
H[HPSOR³OLQNZZZFRFILRFUX]EUKRVWZZZHQVSILRFUX]EU´(VWDEXVFD SHUPLWLX FROHWDU DV OLVWDV GH SiJLQDV GH XP GHWHUPLQDGRVLWH KRVW TXH
FRQWpP OLQNV SDUD D 85/ LQLFLDO GD 8QLGDGH ) ,* % 1HVVH FDVR
FRQVLGHURXVHLPSRUWDQWHLQFOXLURVLWHGR3RUWDO)LRFUX]MiTXHDUHODomR
HQWUHDVXQLGDGHVHR3RUWDOSRGHULDIRUQHFHUGDGRVGRSRQWRGHYLVWDGD LQWHJUDomRHGDRUJDQL]DomRLQWHUQDGRVOLQNV
$ILPGHHYLWDUDVSRVVtYHLVLQVWDELOLGDGHVQD:HE%$5,/$1
HJDUDQWLURVPHOKRUHVUHVXOWDGRVSRVVtYHLVDFROHWDGHGDGRVDFRQWHFHX HP XP ~QLFR GLD GH MDQHLUR GH 2V UHVXOWDGRV REWLGRV IRUDP TXDQWLILFDGRVHLQVHULGRVHPGXDVPDWUL]HV
8PD GDV TXHVW}HV PHWRGROyJLFDV PXLWR GLVFXWLGD HQWUH RV DXWRUHV GRFDPSRGDZHERPHWULDSDUDDDQiOLVHGHFROLQNpDGHWHUPLQDomRGRV
YDORUHV XVDGRV QD GLDJRQDO GD PDWUL] JHUDGD FRP RV UHVXOWDGRV =XFDOOD SRU H[HPSOR XWLOL]RX D PpGLD GDV FROXQDV SDUD GHWHUPLQDU RV YDORUHV GD GLDJRQDO +HUUHUR6RODQD H 0RUDOHVGHO&DVWLOOR H 9DXJKDQ H <RX FRQVLGHUDUDP DSURSULDGR XWLOL]DU RV YDORUHV FRUUHVSRQGHQWHV DR Q~PHUR GH SiJLQDV GR VHUYLGRU H 0XVJURYH HW DO
RSWDUDPSRUSUHHQFKHUDGLDJRQDOFRPRQ~PHUR]HUR1RHQWDQWR R SUHVHQWH HVWXGR OHYRX HP FRQVLGHUDomR D DERUGDJHP WHVWDGD SRU *RXYHLD H .XUWHQEDFK TXH SRU PHLR GH PpWRGR H[DXVWLYR FRQFOXLXVHUDVRPDGDFROXQDDPHOKRURSomRSDUDOLGDUFRPGDGRVGHFR OLQNQXPDDQiOLVHGHDJUXSDPHQWR
$VPDWUL]HVFRQWHQGRRVUHVXOWDGRVREWLGRVIRUDPHQWmRLPSRUWDGDV SDUDRSURJUDPD6WDWLVWLFDSDUDRWUDWDPHQWRHVWDWtVWLFRGRVGDGRVH D DQiOLVH GH DJUXSDPHQWR FOXVWHULQJ DQDO\VLV 2 PpWRGR GH :DUG
:$5' IRL XWLOL]DGR SDUD D DPDOJDPDomR FRP D PHGLGD GH GLVWkQFLDGHUGH3HUVRQ
5HVXOWDGRVHGLVFXVVmR
$QiOLVHGH
FROLQNV
$ FRQVXOWD TXH XWLOL]RX D VWULQJ ³OLQN85/Q OLQN 85/Q
GRPDLQILRFUX]EU´ JHURX XPD PDWUL] VLPpWULFD GHFROLQNV HQWUH RV GH] VLWHVGD )LRFUX]FXMRVUHVXOWDGRVFRUUHVSRQGHPDRQ~PHURGH85/VTXH
DSRQWD VLPXOWDQHDPHQWH SDUD DPEDV DV XQLGDGHV 7$% 2V YDORUHV GD GLDJRQDOFRUUHVSRQGHPjVRPDGDVFROXQDV
7$%(/$0DWUL]GHFROLQNV
$ SDUWLU GHVVHV GDGRV p SRVVtYHO HVWLPDU D SUR[LPLGDGH HQWUH DV XQLGDGHVDQDOLVDGDV$YLVXDOL]DomRGHVWDSUR[LPLGDGHpPHOKRUSHUFHELGD QRGHQGRJUDPDGD),*RQGHDVXQLGDGHVHVWmRRUGHQDGDVHPJUXSRV FOXVWHUV2GHQGRJUDPDWDPEpPFRQKHFLGRSRUGLDJUDPDGHiUYRUHp
XPD UHSUHVHQWDomR JUiILFD XWLOL]DGD SDUD D DQiOLVH GH DJUXSDPHQWRV ¬ HVTXHUGD GR JUiILFR HVWmR DV XQLGDGHV DQDOLVDGDV ¬ PHGLGD TXH VH PRYHPQRHL[RKRUL]RQWDOTXHUHSUHVHQWDXPDPHGLGDGHGLVWkQFLDHODV VHXQHPIRUPDQGRJUXSRVRXSHUPDQHFHPLVRODGDVVHJXQGRRPpWRGR GH DPDOJDPDomR XWLOL]DGR PpWRGR GH :DUG D SDUWLU GD PDWUL] GH
GLVWkQFLDGHUGH3HUVRQ
1R*5È)FDGDQyUHSUHVHQWDXPDJUXSDPHQWRHFRUUHVSRQGHD XPD GLVWkQFLD GHWHUPLQDGD SHOR HL[R KRUL]RQWDO 3DUD FRPSDUDU RV DJUXSDPHQWRVIRUPDGRVIRLQHFHVViULDXPDPHVPDPHGLGDGHGLVWkQFLD QHVWH FDVR GH D SDUWLU GD TXDO SRGHPRV REVHUYDU D IRUPDomR GH TXDWURJUXSRVFRQVLGHUDQGRRVQyVKLHUiUTXLFRVHXPD8QLGDGHLVRODGD
2 SULPHLUR DJUXSDPHQWR FRQWpP %LRPDQJXLQKRV %,2 H )DUPDQJXLQKRV )$5 DPEDV XQLGDGHV GH SURGXomR GD )LRFUX] UHVSRQViYHLV SHOD IDEULFDomR GH YDFLQDV H PHGLFDPHQWRV UHVSHFWLYDPHQWH$IRUPDomRGHVWHFOXVWHUSRGHULDFRQILJXUDUXPDUHODomR
WHPiWLFD H GH FRQWH~GR DVVRFLDGD j iUHD ILQDOtVWLFD GHODV ( GH IDWR DR DFHVVDU DV SiJLQDV TXH DSRQWDP SDUD HODV SHUFHEHVH FODUDPHQWH XPD PRWLYDomRWHPiWLFDSDUDRDJUXSDPHQWR
*5È),&2$QiOLVHGHDJUXSDPHQWRDSDUWLUGDPDWUL]GHFROLQNV
2 DJUXSDPHQWR FRQWpP R ,QVWLWXWR 2VZDOGR &UX] ,2& H R ,QVWLWXWR GH 3HVTXLVD &OtQLFD (YDQGUR &KDJDV ,SHF $ SULPHLUD 8QLGDGH WHP FRPR EDVH GH DomR VHXV ODERUDWyULRV GH SHVTXLVD GHVHQYROYLPHQWR WHFQROyJLFR H LQRYDomR GHGLFDGRV DR HVWXGR H j JHUDomR GH SURGXWRV H LQVXPRVSDUDRFRPEDWHGHGLYHUVDVGRHQoDVHQTXDQWRDVHJXQGDpXP KRVSLWDO TXH SUHVWD VHUYLoRV FOtQLFRV H ODERUDWRULDLV DOpP GH DEULJDU FHQWURV GH UHIHUrQFLD HP OHLVKPDQLRVH WHJXPHQWDU HP PLFRVHV H QR GLDJQyVWLFR KLVWRSDWROyJLFR GH GRHQoDV LQIHFFLRVDV (PERUD HVVDV XQLGDGHVWHQKDPOLQKDVGHDomRGLVWLQWDVDIRUPDomRGHVVHDJUXSDPHQWR SRGHVHUH[SOLFDGDSRUIDWRUHVKLVWyULFRVHSROtWLFRV$WpR,SHFHUD XP GHSDUWDPHQWR GR ,2& H GHVGH D VXD WUDQVIRUPDomR HP 8QLGDGH 7pFQLFR&LHQWtILFDWHPPDQWLGRIRUWHFRRSHUDomRHPTXDVHWRGDVDVVXDV iUHDV GH DWXDomR SRU H[HPSOR +,9 KDQVHQtDVH GHQJXH GRHQoD GH &KDJDVOHLVKPDQLRVHHWR[RSODVPRVHLQFOXVLYHHPUHGHVLQWHUQDFLRQDLV YROWDGDV SDUD HQVDLRV FOtQLFRV GH SUHYHQomR YHUWLFDO GR +,9 HQVDLRV FOtQLFRVGHWUDWDPHQWRHGHSUHYHQomR
$ SUR[LPLGDGH WHPiWLFD SRGH WDPEpP VHU D PRWLYDomR SDUD R WHUFHLUR DJUXSDPHQWR TXH p FRPSRVWR SHOR ,QVWLWXWR GH &RPXQLFDomR H ,QIRUPDomR&LHQWtILFDH7HFQROyJLFD,FLFWUHVSRQViYHOSRUDWLYLGDGHVGH SHVTXLVDHQVLQRHFRRSHUDomRWpFQLFDQHVVDViUHDVDOpPGHLQYHVWLUHP QRYDV PtGLDV H WHFQRORJLDV H SHOD (VFROD 3ROLWpFQLFD GH 6D~GH -RDTXLP 9HQkQFLR (36-9 TXH LQWHJUD DWLYLGDGHV GH HQVLQR SHVTXLVD H FRRSHUDomR WpFQLFD FRP R REMHWLYR GH SURPRYHU D HGXFDomR SURILVVLRQDO HPVD~GH
-i R TXDUWR DJUXSDPHQWR UH~QH WUrV XQLGDGHV D &DVD GH 2VZDOGR &UX]&2&D(VFROD1DFLRQDOGH6D~GH3~EOLFD6pUJLR$URXFD(QVSHR ,QVWLWXWR)HUQDQGHV)LJXHLUD,))+iXPIRUWHLQGLFDWLYRGHTXHDVGXDV SULPHLUDVHVWmROLJDGDVWDPEpPSRUXPDSUR[LPLGDGHGHWHPiWLFDD&2& FDUDFWHUL]DVH SRU VHU XP FHQWUR GH SHVTXLVD GRFXPHQWDomR H LQIRUPDomRGHGLFDGRjPHPyULDHjKLVWyULDGDVFLrQFLDVELRPpGLFDVHGD VD~GH S~EOLFD 6XDV SULQFLSDLV iUHDV GH DWXDomR FRQWHPSODP D SUHVHUYDomR H D GLIXVmR GH DFHUYRV GRFXPHQWDLV H PXVHROyJLFRV D SHVTXLVD KLVWyULFD H R HQVLQR GH SyVJUDGXDomR HP KLVWyULD GDV FLrQFLDV GD VD~GH $ (QVS HVWi YROWDGD SDUD D SUHVWDomR GH VHUYLoRV HP VD~GH S~EOLFD IRUPDomR GH SHVVRDO HVSHFLDOL]DGR HP FXUVRV GH PHVWUDGR H GRXWRUDGR H SHVTXLVDV QDV iUHDV GH SURPRomR GD TXDOLGDGH GH YLGD SUHYHQomRGHGRHQoDVHFLrQFLDVVRFLDLVDSOLFDGDVjVD~GH
)LQDOPHQWH YDOH QRWDU TXH R ,QVWLWXWR 1DFLRQDO GH &RQWUROH GH 4XDOLGDGH HP 6D~GH ,1&46 UHVSRQViYHO SHOD DQiOLVH GH VLWXDo}HV H IDWRUHVGHULVFRDVVRFLDGRVjIDEULFDomRHjFRPHUFLDOL]DomRGHDOLPHQWRV PHGLFDPHQWRVFRVPpWLFRVSURGXWRVELROyJLFRVVDQJXHHVHXVGHULYDGRV DSDUHFHLVRODGRGDVGHPDLVXQLGDGHVDSUHVHQWDQGRDSHQDVXPOLQNFRPR
%,2WUrVFRPD&2&GRLVFRPD(QVSXPFRPD(36-9XPFRPR,))H GRLVFRPR,2&
$QiOLVHGH
LQWHUOLQNV
$ 7$% DSUHVHQWD XPD PDWUL] DVVLPpWULFD FRP RV UHVXOWDGRV JHUDGRV D SDUWLU GD FRQVXOWD ³OLQN85/Q KRVW85/Q´ 2 HL[R YHUWLFDO
UHSUHVHQWDDVXQLGDGHVTXHHVWmRFHGHQGRRVOLQNVRXVHMDDVXQLGDGHV
TXH³FLWDP´HRHL[RKRUL]RQWDODTXHODVTXHUHFHEHPRVOLQNVRXVHMDDV
XQLGDGHVTXHVmR³FLWDGDV´2VYDORUHVGDGLDJRQDOFRUUHVSRQGHPjVRPD GDVFROXQDV
7$%(/$0DWUL]GHLQWHUOLQNV
)RQWH'DGRVGDSHVTXLVD
$ EDL[D SUR[LPLGDGH RX D EDL[D IRUPDomR GH DJUXSDPHQWRV EHP GHILQLGRV REWLGD D SDUWLU GD DQiOLVH GHLQWHUOLQNV HQWUH DV XQLGDGHV GD
)LRFUX] p PHOKRU REVHUYDGD QR *5È) $SHVDU GH XPD FODUD SUR[LPLGDGH HQWUH R 3RUWDO )LRFUX] H D (QVS WRGDV DV GHPDLV XQLGDGHV DSDUHFHPLVRODGDVRTXHGHPRQVWUDSRXFDLQWHJUDomRHQWUHRVVHXVVLWHV
*5È)$IRUPDomRGHVWHDJUXSDPHQWRSRGHVHUH[SOLFDGDSHORIDWRGH
WDQWR D (QVS FRPR R 3RUWDO )LRFUX] IRUQHFHUHP XP JUDQGH Q~PHUR GH
OLQNV SDUD DV XQLGDGHV RX VHMD DPEDV HVWmR GDQGR YLVLELOLGDGH DR
FRQMXQWRGD)LRFUX]
1RWDVHDLQGDTXHR3RUWDO)LRFUX]GHVHPSHQKDXPSDSHOFHQWUDOQD LQWHJUDomRGHVVHVVLWHVMiTXHDSHVDUGDVXQLGDGHVjH[FHomRGD(QVS
DSDUHFHUHPLVRODGDVWRGDVIRUQHFHPOLQNVSDUDR3RUWDO
*5È),&2$QiOLVHGHDJUXSDPHQWRDSDUWLUGDPDWUL]GH
LQWHUOLQNV
)RQWH'DGRVGDSHVTXLVD
&RQVLGHUDo}HVILQDLV
1R TXH VH UHIHUH j LQWHUSUHWDomR GRV GDGRV DSUHVHQWDGRV QHVWH WDEDOKR Ki GH VH FRQVLGHUDU DOJXPDV GDV OLPLWDo}HV GD ZHERPHWULD 7UDWDVH GH XP FDPSR GH FRQKHFLPHQWR UHFHQWH DLQGD HP SURFHVVR GH FRQVROLGDomR H FXMDV SULQFLSDLV PHWRGRORJLDV QmR HVWmR DPSODPHQWH GHILQLGDV 3DUWH GD LQGHILQLomR PHWRGROyJLFD HVWi UHODFLRQDGD j LQVWDELOLGDGHHjGLQkPLFD GHVLWHVHOLQNVQD:HE2VSULPHLURVHVWXGRV
UHDOL]DGRV D SDUWLU GH PHFDQLVPRV GH EXVFD PRVWUDUDP GLYHUVDV DOWHUDo}HVHPFXUWRVHVSDoRVGHWHPSRRTXHWRUQDYDRVGDGRVEDVWDQWH LQVWiYHLV %$5,/$1 52866($8 0(77523 1,(8:(1+8<6(1
1R HQWDQWR R IDWR GH WRGDV DV FROHWDV WHUHP VLGR UHDOL]DGDV QXP ~QLFR GLD PLQLPL]D DV TXHVW}HV HP WRUQR GD LQVWDELOLGDGH GD:HE H GD
YDOLGDomR GRV HVWXGRV ZHERPpWULFRV $OpP GLVVR QXPD SULPHLUD FROHWD UHDOL]DGDTXDWURPHVHVDQWHVHPGHVHWHPEURGHYHULILFRXVHD PHVPDIRUPDomRGHDJUXSDPHQWRV
$VVLP FRQVLGHUDQGR TXH HQFRQWUDPRV VLJQLILFDWLYD HVWDELOLGDGH GH
OLQNV SDUD HVWH UHFRUWH LQVWLWXFLRQDO DFUHGLWDPRV TXH RV DJUXSDPHQWRV
HVSHFtILFR GR ,SHF H GR ,2& D SUR[LPLGDGH IRL DWULEXtGD D TXHVW}HV SROtWLFDV H KLVWyULFDV $SHVDU GH GLItFLO LGHQWLILFDomR WDLV PRWLYDo}HV SRGHULDP RFRUUHU WDPEpP HP RXWURV DJUXSDPHQWRV Mi TXH QmR VHULD LQFRPXP HQFRQWUDU LQIOXrQFLDV GH RUGHP SROtWLFD SULQFLSDOPHQWH HP JUXSRV LQWUDLQVWLWXFLRQDLV +HUUHUR6RODQD H 0RUDOHVGHO&DVWLOOR SRUH[HPSORLGHQWLILFDUDPDIRUPDomRGHXPPDSDJHRSROtWLFRDRDYDOLDU DUHODomRHQWUHVLWHVGHXQLYHUVLGDGHVDOHPmVQRUWHDPHULFDQDVHUXVVDV
+i DLQGD RXWUDV TXHVW}HV VXEMDFHQWHV D VHUHP REVHUYDGDV D SDUWLU GHVVDVDQiOLVHVTXHSRGHPVXEVLGLDUXPHVWXGRPDLVGHWDOKDGRVREUHD LQVWLWXLomR HP TXHVWmR 2 ,QVWLWXWR )HUQDQGHV )LJXHLUD ,)) HVWi VHQGR DSRQWDGR QD:HE HP FRQMXQWR FRP LQVWLWXLo}HV GH HQVLQR H SHVTXLVD H
QmR QD FDWHJRULD KRVSLWDO FRP R ,SHF SRU H[HPSOR 7DOYH] R EDL[R Q~PHUR GHFROLQNV GHVWH ~OWLPR QmR WHQKD SHUPLWLGR XP DJUXSDPHQWR
WHPiWLFRHQWUHKRVSLWDLV+iGHVHSHUJXQWDUQRHQWDQWRTXHS~EOLFRDOYR DV XQLGDGHV GHVHMDP DWLQJLU RX D HOH HVWDU DVVRFLDGDV XVXiULRV HVWXGDQWHV SDUFHLURV LQVWLWXFLRQDLV" ( PDLV HVVH IHQ{PHQR HVWDULD UHODFLRQDGR D XPD HVWUDWpJLD GD 8QLGDGH RX RFRUUHULD VHP R UHFRQKHFLPHQWRGHVHXVJHVWRUHV"
1RFDVRGDDQiOLVHGHLQWHUOLQNVpSRVVtYHOID]HUDOJXPDVUHIOH[}HV
D UHVSHLWR GD EDL[D FRUUHODomR H LQWHJUDomR HQWUH DV XQLGDGHV 8P GRV DVSHFWRVTXHSRGHULDH[HUFHUDOJXPDLQIOXrQFLDVREUHHVVHVGDGRVVHULDR VXUJLPHQWRUHFHQWHGR3RUWDO)LRFUX]$SHVDUGRVLWHGD,QVWLWXLomRH[LVWLU
GHVGH IRL VRPHQWH HP TXH HOH JDQKRX XPD QRYD YHUVmR D SDUWLUGHXPDSURSRVWDLQWHJUDGRUD
2 SURMHWR 3RUWDO )LRFUX] QmR DSHQDV DEDUFDYD XP QRYR OD\RXW
JUiILFR PDV WDPEpP SUHWHQGLD LPSOHPHQWDU XPD SROtWLFD GH LQWHJUDomR FRP RVVLWHV Mi H[LVWHQWHV GDV XQLGDGHV $ SDUWLU GH HQWmR DV XQLGDGHV
SDVVDUDP D LQFRUSRUDU HP VHXV VLWHV DOJXQV HOHPHQWRV LQWHJUDGRUHV
FRPXQV SRU H[HPSOR XPD EDUUD VXSHULRU SDGUmR FRP OLQNV SDUD R
0LQLVWpULRGD6D~GHHD)LRFUX]'HIDWRHPERUDKDMDXPEDL[RQtYHOGH LQWHJUDomR ILFD FODUR R SDSHO FHQWUDO GHVHPSHQKDGR SHOR 3RUWDO ) LRFUX] TXHGLVWULEXLXPDTXDQWLGDGHH[SUHVVLYDGHOLQNV
$ )LRFUX] p XPD LQVWLWXLomR GH FDUiWHU QDFLRQDO FRP LQWHUIDFH QDV GLYHUVDV iUHDV GH SURGXomR GH FRQKHFLPHQWR GRV VLVWHPDV GH &LrQFLD H 7HFQRORJLD H 6D~GH 3RUWDQWR VHULD SRVVtYHO DFUHGLWDU TXH RV GDGRV HQFRQWUDGRVUHIOHWHPDFDUDFWHUtVWLFDPXOWLIDFHWDGDGD,QVWLWXLomRQDTXDO FDGD8QLGDGHWHPXPDPLVVmRHXPS~EOLFRDOYRPXLWDVYH]HVGLVWLQWRV GDV GHPDLV 6HULD UHFRPHQGiYHO QR HQWDQWR IRUWDOHFHU DV SROtWLFDV GH LQWHJUDomR H DXPHQWDU D UHGH GH OLQNV LQWUDLQVWLWXFLRQDLV D ILP GH
DXPHQWDU D YLVLELOLGDGH GD )LRFUX] QR VHX FRQMXQWR H OHJLWLPDU H UHFRQKHFHUDVXDFRPSOH[LGDGHHDLPSRUWkQFLDGHVXDViUHDVILQDOtVWLFDV
,QGHSHQGHQWHPHQWH GDV UD]}HV SRU WUiV GHVVD FRQMXQWXUD H GDV OLPLWDo}HV LQHUHQWHV DR DPELHQWH GD SHVTXLVD YDOH GHVWDFDU TXH HVWHV UHVXOWDGRV UHSUHVHQWDP XP UHWUDWR LPSRUWDQWH GD )LRFUX] HP VXDV GLYHUVDVIDFHVSRGHQGRFRQWULEXLUSDUDDQiOLVHVIXWXUDVHSDUDXPSODQR GHUHSRVLFLRQDPHQWRHVWUDWpJLFRQD:HE
5HIHUrQFLDV
$/0,1' 7 & ,1*:(56(1 3 ,QIRUPHWULF DQDO\VHV RQ WKH ZRUOG ZLGH ZHE PHWKRGRORJLFDO DSSURDFKHV WR µ:HERPHWULFV¶ -RXUQDO RI
'RFXPHQWDWLRQYQS
%$5,/$1 - 6HDUFK HQJLQH UHVXOWV RYHU WLPH D FDVH VWXG\ RQ VHDUFK HQJLQHVWDELOLW\&\EHUPHWULFVYQSDSHU'LVSRQtYHOHP
KWWSZZZFLQGRFFVLFHVF\EHUPHWULFVDUWLFOHVYLSKWPO! $FHVVR
HPRXW
%-g51(%251 / ,1*:(56(1 3 3HUVSHFWLYHV RI ZHEPHWULFV
6FLHQWRPHWULFVYQS
%5,163$*(/7KHDQDWRP\RIDODUJHVFDOHK\SHUWH[WXDOZHEVHDUFK HQJLQH&RPSXWHU 1HWZRUNV DQG ,6'1 6\VWHPVYQS
&$5'262 2 &RPXQLFDomR HPSUHVDULDO YHUVXV FRPXQLFDomR RUJDQL]DFLRQDO QRYRV GHVDILRV WHyULFRV 5HY $GP 3~EOLFD 5LR GH
-DQHLURYQS
*289(,$ )(VWXGRV ZHERPpWULFRV GH DVVRFLDo}HV GH PXVHXV H FHQWURV GH FLrQFLD 5LR GH -DQHLUR 7HVH 'RXWRUDGR HP 4XtPLFD %LROyJLFD ±
8QLYHUVLGDGH)HGHUDOGR5LRGH-DQHLUR5LRGH-DQHLUR
*289(,$ ) .857(1%$&+ ( 0DSSLQJ WKH ZHE UHODWLRQV RI VFLHQFH
FHQWUHV DQG PXVHXPV IURP /DWLQ $PHULFD 6FLHQWRPHWULFV
>3UHSULQW@
*8//, $ 6,*125,1, $ 7KH ,QGH[DEOH :HE LV 0RUH WKDQ ELOOLRQ SDJHV ,QWHUQDWLRQDO :RUOG :LGH :HE &RQIHUHQFH S
'LVSRQtYHO HP KWWSZZZFVXLRZDHGXaDVLJQRULZHEVL]HVL]H
LQGH[DEOHZHESGI!$FHVVRHPVHW
+(55(5262/$1$ 9 025$/(6'(/&$67,//2 - *HRSROLWLFDO PDSV RI WKH ,QWHUQHW DSSOLFDWLRQ RI QHZ LQIRUPDWLRQ UHSUHVHQWDWLRQ PHWKRGV
&LrQFLDGD,QIRUPDomRYQS
0(77523:1,(8:(1+8<6(13,QWHUQHWVHDUFKHQJLQHVIOXFWXDWLRQV LQGRFXPHQWDFFHVVLELOLW\-RXUQDO RI 'RFXPHQWDWLRQYQS
086*529( 3 % HW DO $ PHWKRG IRU LGHQWLI\LQJ FOXVWHUV LQ VHWV RI LQWHUOLQNLQJ:HEVSDFHV6FLHQWRPHWULFVYQS
3/$12 4XDGULHQDO GD )XQGDomR 2VZDOGR &UX] 'LVSRQtYHO HP KWWSZZZILRFUX]EUPHGLDSODQRBTXDGULHQDOSGI! $FHVVRHPIHY
52866($8 5 'DLO\ WLPH VHULHV RI FRPPRQ VLQJOH ZRUG VHDUFKHV LQ $OWD9LVWD DQG 1RUWKHUQ/LJKW&\EHUPHWULFV Y Q DUWLJR
'LVSRQtYHO HP
KWWSZZZFLQGRFFVLFHVF\EHUPHWULFVDUWLFOHVYLSKWPO! $FHVVR
7+(/:$// 0 (YLGHQFH IRU WKH H[LVWHQFH RI JHRJUDSKLF WUHQGV LQ XQLYHUVLW\ZHEVLWHLQWHUOLQNLQJ-RXUQDORI'RFXPHQWDWLRQYQS
±
7+(/:$// 0 9$8*+$1 / %-g51(%251 / :HERPHWULFV $QQXDO 5HYLHZ RI ,QIRUPDWLRQ 6FLHQFH DQG 7HFKQRORJ\ $5,67 Y
>3UHSULQW@
9$17, 1 2V OLQNV H RV HVWXGRV ZHERPpWULFRV&LrQFLD GD ,QIRUPDomR
%UDVtOLDYQSMDQDEU
9$8*+$1 / 7+(/:$// 0 $ PRGHOLQJ DSSURDFK WR XQFRYHU K\SHUOLQN SDWWHUQV WKH FDVH RI &DQDGLDQ XQLYHUVLWLHV,QIRUPDWLRQ 3URFHVVLQJ DQG
0DQDJHPHQWYS±
9$8*+$1/<28-&RPSDULQJEXVLQHVVFRPSHWLWLRQSRVLWLRQVEDVHGRQ :HE FROLQN GDWD WKH JOREDO PDUNHW YV WKH &KLQHVH PDUNHW
6FLHQWRPHWULFVYQS
9$8*+$1/.,330*$2<:K\DUH:HEVLWHVFROLQNHG"7KHFDVHRI &DQDGLDQXQLYHUVLWLHV6FLHQWRPHWULFVYQS
:$5' - + +LHUDUFKLFDO *URXSLQJ WR RSWLPL]H DQ REMHFWLYH IXQFWLRQ
-RXUQDO RI $PHULFDQ 6WDWLVWLFDO $VVRFLDWLRQ Y Q S
=8&&$/$$$XWKRUFRFLWDWLRQDQDO\VLVLVWRLQWHOOHFWXDOVWUXFWXUHDV:HE FROLQN $QDO\VLV LV WR«"-RXUQDO RI WKH $PHULFDQ 6RFLHW\ IRU ,QIRUPDWLRQ