1hzv 9lhzv 1hzv 9lhzv 9,(:6 :kdwv +dsshqlqj 1rz · -8/< 1(:6 9,(:6 :kdw ... kls krs 79 wud\yrq...

5
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³3DUWLFLSDWRU\ 3ROLWLFV 1HZ 0HGLD DQG <RXWK 3ROLWLFDO $FWLRQ´ LQ ZKLFK D WHDP RI UHVHDUFKHUV VXUYH\HG QHDUO\ \RXWK EHWZHHQ WKH DJHV RI DERXW WKHLU XVH RI VRFLDO PHGLD DQG WKHLU HQJDJHPHQW LQ SDUWLFLSDWRU\ SROLWLFV 7KH UHSRUW LV SDUW RI <RXWK DQG 3DUWLFLSDWRU\ 3ROLWLFV SURMHFW IXQGHG E\ WKH 0DF$UWKXU )RXQGDWLRQ 7KH DXWKRUV GHVFULEH SDUWLFLSDWRU\ SROLWLFV DV ³DFWV WKDW DUH LQWHUDFWLYH SHHUEDVHG QRW JXLGHG E\ GHIHUHQFH WR HOLWHV RU IRUPDO LQVWLWXWLRQV DQG PHDQW WR DGGUHVV LVVXHV RI SXEOLF FRQFHUQ´ 7KRXJK SDUWLFLSDWRU\ SROLWLFV DUH QRW VROHO\ GHILQHG E\ IRUPV RI VRFLDO PHGLD DQG GLJLWDO WHFKQRORJ\ WKH DXWKRUV QRWH WKDW VRFLDO PHGLD DOORZV \RXWK WR DFFHVV DQG PRELOL]H ODUJH QHWZRUNV WR ³DPSOLI\´ LVVXHV RI FRQFHUQ WR WKHP SDUWLFXODUO\ ZLWK UHJDUGV WR QHZV FRYHUDJH DQG WR UHPL[ SROLWLFDO FRQWHQW WR ILW WKH WDVWH DQG FRQVXPSWLRQ KDELWV RI \RXQJHU DXGLHQFHV ,Q WKH PRVW WUDGLWLRQDO VHQVH VRFLDO PHGLD LV SUHPLVHG RQ WKH DQLPDWLQJ RI VRFLDO DQG SROLWLFDO QHWZRUNV 7KH *UHHQVERUR 6LW,Q RI )HEUXDU\ DQG WKH VXEVHTXHQW ³YLUDO´ H[SORVLRQ RI VLWLQV DV D SROLWLFDO VWUDWHJ\ WKURXJKRXW WKH V LV D JUHDW H[DPSOH RI KRZ VXFK QHWZRUNV FDQ ZRUN +RZHYHU FRQWHPSRUDU\ VRFLDO PHGLD LV XQPDWFKHG LQ WKH VSHHG LQ ZKLFK WKRVH QHWZRUNV FDQ EH HQHUJL]HG DQG LQ LWV DELOLW\ WR FRXQWHU ³RIILFLDO´ QDUUDWLYHV :ULWHU 0$5. $17+21< 1($/ &] 6)0%8)( 8%+7 6HDUFK 1HZV9LHZV 1HZV 9LHZV &$5((56 ),1$1&( /29( 6(; (17(57$,10(17 1(:6 9,(:6 :(//1(66 /,)( 67</( 3+2726 (1*$*( %/$&. +,6725< 6725

Upload: trancong

Post on 03-Mar-2019

222 views

Category:

Documents


0 download

TRANSCRIPT