&HQWDXU
5HFOXVLYHZDQGHUHUVDQGRPHQUHDGHUVRIWKHZLOGFHQ
WDXUVDYRLGFRQIOLFWEXWILJKWILHUFHO\ZKHQSUHVVHG7KH\
URDPWKHYDVWZLOGHUQHVVNHHSLQJIDUIURPERUGHUVODZV
DQGWKHFRPSDQ\RIRWKHUFUHDWXUHV&RPPRQHU
&RPPRQHUVLQFOXGHSHDVDQWVVHUIVVHUYDQWVSLOJULPV
PHUFKDQWVDUWLVDQVDQGKHUPLWV&HQWDXU
/DUJHPRQVWURVLW\QHXWUDOJRRG$UPRU&ODVV
+LW3RLQWVGO
6SHHGIW675 '(; &21 ,17 :,6 &+$
A K 6NLOOV$WKOHWLFVW3HUFHSWLRQK
6HQVHVSDVVLYH3HUFHSWLRQ
/DQJXDJHV(OYLVK6\OYDQ
&KDOOHQJH;36XUYLYDOI&KDUJH,IWKHFHQWDXUPRYHVDWOHDVWIHHWVWUDLJKWWRZDUGD
WDUJHWDQGWKHQKLWVLWZLWKDSLNHDWWDFNRQWKHVDPHWXUQWKH
WDUJHWWDNHVDQH[WUDGSLHUFLQJGDPDJH$FWLRQV
0XOWLDWWDFN7KHFHQWDXUPDNHVWZRDWWDFNVRQHZLWKLWVSLNH
DQGRQHZLWKLWVKRRYHVRUWZRZLWKLWVORQJERZ
M3LNH0HOHH:HDSRQ$WWDFNWRKLWUHDFKIWRQHWDUJHW,+LW,GO2SLHUFLQJGDPDJH
+RRYHV0HOHH:HDSRQ$WWDFNWRKLWUHDFKIWRQHWDUJHW
+LWG,EOXGJHRQLQJGDPDJH
8VHWKHFRZVWDWEORFNWRUHSUHVHQWFRPPRQYDULHWLHVRI
FDWWOHLQFOXGLQJR[HQ
/RQJERZ5DQJHG:HDSRQ$WWDFNWRKLWUDQJHIW _
RQHWDUJHW+LWOGSLHUFLQJGDPDJH? &RZ
/DUJHEHDVWXQDOLJQHG&RPPRQHU
I0HGLXPKXPDQRLGDQ\UDFHDQ\DOLJQPHQW$UPRU&ODVV
+LW3RLQWVOG
6SHHGIW675 '(; &21 ,17 :,6 &+$
A A 6HQVHVSDVVLYH3HUFHSWLRQ
/DQJXDJHVDQ\RQHODQJXDJHXVXDOO\&RPPRQ
&KDOOHQJH;3
L
A$FWLRQV
LFOXE0HOHH:HDSRQ$WWDFNWRKLWUHDFKIWRQHWDUJHW
+WOGEOXGJHRQLQJGDPDJH$UPRU&ODVV
+LW3RLQWVGO
6SHHGIW675 '(; &21 ,17 :,6 &+$
> K^2 6HQVHVSDVVLYH3HUFHSWLRQ
/DQJXDJHV²
&KDOOHQJH;3&KDUJH,IWKHFRZPRYHVDWOHDVWIHHWVWUDLJKWWRZDUGD
LWDUJHWDQGWKHQKLWVLWZLWKDJRUHDWWDFNRQWKHVDPHWXUQWKH
LWDUJHWWDNHVDQH[WUDGSLHUFLQJGDPDJH$FWLRQV
&RUH0HOHH:HDSRQ$WWDFNWRKLWUHDFKIWRQHWDUJHW
μ+LW,GVSLHUFLQJGDPDJH&5($785(6