• Rezultati Niso Bili Najdeni

'(/$96/29(1,-,

N/A
N/A
Protected

Academic year: 2022

Share "'(/$96/29(1,-,"

Copied!
10
0
0

Celotno besedilo

(1)

RULJLQDOVFLHQWLILFDUWLFOH 8'&

UHFHLYHG

7:2',))(5(176725,(6"$&7,9()$7+(5,1*$1'(48$/',9,6,21 2))$0,/</$%285,16/29(1,$

$OHQNDÇ9$%

8QLYHUVLW\RI3ULPRUVND)DFXOW\RI+XPDQLWLHV.RSHU6,.RSHU7LWRYWUJ 8QLYHUVLW\RI/MXEOMDQD)DFXOW\RI6RFLDO6FLHQFHV6,/MXEOMDQD.DUGHOMHYDSORÊáDG

HPDLODOHQNDVYDE#IGYXQLOMVL ÉLYD+80(5

7KH3HDFH,QVWLWXWH,QVWLWXWHIRU&RQWHPSRUDU\6RFLDODQG3ROLWLFDO6WXGLHV6,/MXEOMDQD0HWHONRYD HPDLO]LYDKXPHU#JXHVWDUQHVVL

$%675$&7

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

SDUHQWDOFDUHJLYHUHWF

.H\ZRUGVIDWKHUKRRGIDWKHULQJIDPLO\OLIHFKLOGFDUHGLYLVLRQRIIDPLO\ODERXU '8(6725,(',))(5(17,"/$3$7(51,7š$77,9$(/$5,3$57,=,21((48$

',/$925,)$0,/,$5,,16/29(1,$

6,17(6,

/¢DUWLFROR WUDWWD GHO IHQRPHQR GL XQ QXRYR WLSR GL SDWHUQLWi LQ 6ORYHQLD GL VROLWR FDUDWWHUL]]DWD GD XQD SDUWH FLSD]LRQHSL|DWWLYDGHOSDGUHQHLODYRULGRPHVWLFRIDPLOLDULLQSDUWLFRODUHQHOODFXUDGLEDPELQL

3URYHHPSLULFKHGLPRVWUDQRODSUHYDOHQ]DGLGXHPRGHOOLGLSDWHUQLWiLQ6ORYHQLDLOPRGHOORFRPSOHPHQWDUHED VDWR VXOOD ULSDUWL]LRQH WUDGL]LRQDOH GL ODYRUL IDPLOLDUL FRQ OD SDUWHFLSD]LRQH SDVVLYD GHO SDGUH PD QRQ EDVDWD VXO FRQFHWWRWUDGL]LRQDOHGHOSDGUHFRPH¡EUHDGZLQQHU¢FLRoFROXLFKHSRUWDLVROGLDFDVDHLOPRGHOORGLVRVWHJQR FRQXQDSDUWHFLSD]LRQHSL|DWWLYDGHOSDGUHQHLODYRULIDPLOLDULHSSXUHEDVDWRVXOFRQFHWWRGLSDWHUQLWiFRPHUXROR JHQLWRULDOHDVVLVWHQWHGLVRVWHJQRHGLPDWHUQLWiFRPHUXRORJHQLWRULDOHSULPDULR/DQXRYDSDWHUQLWiLQ6ORYHQLDo QXRYDLQTXDQWRVLJQLILFDWLYDPHQWHGLYHUVDGDOODQR]LRQHWUDGL]LRQDOHGLSDWHUQLWiFRPHUXRORJHQLWRULDOHGLVWDQWHLO UXRORWUDGL]LRQDOHGLEUHDGZLQQHUFRQDXWRULWiSDWHUQD7XWWDYLDVHPEUDFKHLFDPELDPHQWLVLYHULILFKLQRLQPDJJLRU SDUWHVXOOLYHOORG¢LGHQWLWiSDWHUQDHLUHODWLYLYDORULHPROWRPHQRVXOOLYHOORGLSUDWLFKHGLSDWHUQLWi

/¢DUWLFRORVWXGLDLFRQWHVWLHLIDWWRULVRFLDOLFKHLQIOXHQ]DQRLOPRGRLQFXLODQXRYDSDWHUQLWiLQ6ORYHQLDVLVWD VYLOXSSDQGRWUDFXLDQFKHOHGLVXJXDJOLDQ]HVWUXWWXUDOLGLJHQHUHHODSHUVLVWHQ]DGHOODULSDUWL]LRQHWUDGL]LRQDOHGLOD YRULIDPLOLDULIRUWLUHWLIDPLOLDULIHPPLQLOLSHUVLVWHQWLLGHRORJLHGLPDWHUQLWiFRPHUXRORJHQLWRULDOHSULPDULRHFF

3DUROHFKLDYHSDWHUQLWjYLWDIDPLOLDUHFXUDGLEDPELQLULSDUWL]LRQHGLODYRULIDPLOLDUL

(2)

,1752'8&7,21

6RFLRORJLVWVZKRVWXG\IDPLOLHVDJUHHWKDWFKDQJHVLQ IDWKHUKRRG UHSUHVHQW RQH RI WKH NH\ GLPHQVLRQV RI VWUXFWXUDO IDPLO\ FKDQJHV LQ WKH ODVW IHZ GHFDGHV :LO OLDPV 7KLV LV DOVR RQH RI WKH PRVW UHVHDUFKHG SKHQRPHQDLQWKHILHOGRIVRFLRORJ\RIIDPLOLHV7RGD\

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

%DUFOD\,QWKHODVWGHFDGHWKHVRFLRORJLFDODQDO\

VHVRIWKHSKHQRPHQRQRIQHZIDWKHUKRRG H[WHQGHG WR YDULRXV FKDQJHV LQ WKLV IDPLO\ UROH LQFOXGLQJ IDWKHULQJ DIWHUGLYRUFHIDWKHULQJZLWKLQUHRUJDQLVHGIDPLOLHVJD\

DQGOHVELDQIDPLOLHVHWF)DWKHUKRRGLGHQWLWLHVDQGSUDF WLFHVDUHQRZVWXGLHGLQDOOLWVSOXUDOLW\DQGGLYHUVLW\

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

0(7+2'2/2*<$1'5(6($5&+48(67,21 7KHPDLQUHVHDUFKTXHVWLRQGHDOVZLWKGLIIHUHQFHVLQ GLVWULEXWLRQ RI IDPLO\ DQG FKLOG FDUH ZRUN EHWZHHQ ZRPHQDQGPHQ7KHSKHQRPHQRQRIDFWLYHIDWKHUKRRG LVQRWEDVHGRQO\RQIDWKHUŸFKLOGUHODWLRQVKLSDQGFKLOG FDUHEXWDOVRFRQWDLQVWKHGLVWULEXWLRQRIIDPLO\ODERXU EHWZHHQSDUWQHUV7KHHPSLULFDOGDWDXVHGLQWKLVSDSHU FRPHIURPWZR HPSLULFDO SURMHFWV 1HZ 7UHQGV LQ 3DU HQWKRRG$QDO\VLVRI)DWKHUKRRGDQG3URSRVDOVIRU3RO LF\LQWKLV)LHOGŸDQGWKHGRFWRUDOUHVHDUFK SURMHFWOHGE\ËLYD+XPHUIRU KHU 3K' WKHVLV HQWLWOHG (WKLFV RI &DUH *HQGHU DQG )DPLO\ 3URFHVVHV RI WKH 5HORFDWLRQRI&DUH%HWZHHQ3ULYDWHDQG3XEOLF6SKHUHV ,QWKHILUVWSURMHFWWKHHPSLULFDOPDWHULDOXVHGLQWKLV DUWLFOHLVWDNHQIURPILYHVDPHVH[IRFXVJURXSVZLWK PRWKHUVDQGIDWKHUVRISUHVFKRROFKLOGUHQ5HQHUHWDO 7KHDLPRIWKHSURMHFWZDVWRH[SORUHDQGDQDO\]H IDWKHU¤VSHUFHSWLRQVDQGXQGHUVWDQGLQJVRIWKHSDWHUQDO UROHGLYLVLRQRIIDPLO\ODERXUDQGFKLOGFDUHDQGUHFRQ FLOLDWLRQRIZRUNDQGIDPLO\OLIHLQWHUPVRIWKHLUDFWLYH UROHLQIDPLO\OLIH%HVLGHVWKHSURMHFWLGHQWLILHVPDLQ JHQGHUGLIIHUHQFHVLQWKHZD\SDUWQHUVGLYLGHIDPLO\OD ERXUDQGFKLOGFDUHDQGUHFRQFLOHZRUNDQGIDPLO\OLIH

,QWKHVHFRQGSURMHFWWKHHPSLULFDOVWXG\LVEDVHGRQ VHPLVWUXFWXUHGLQWHUYLHZVZLWKZRPHQDQGPHQŸ SDUHQWVZLWKVPDOOFKLOGUHQJUDQGSDUHQWVDQGQDQQLHV +XPHU7KHHPSLULFDOPDWHULDOLQFOXGHVWKHSDU WLFLSDWLRQRISDUHQWVZLWKSUHVFKRROFKLOGUHQRI ZKRPDUHIHPDOHDQGRIZKRPDUHPDOHPRVWEHLQJ PLGGOHFODVVJUDQGSDUHQWVZKRGDLO\RURFFDVLRQDOO\

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

UB=IEHUH=>KQNSAIA=J=HH=?PEREPEAOPD=P=NAJA?AOO=NUBKNARANU@=UBQJ?PEKJEJCKBPDAB=IEHU=J@=HHB=IEHUIAI>ANO!DKQOADKH@

?DKNAO?DEH@?=NABEJ=J?E=H=J@=@IEJEOPN=PERASKNG L=UEJCPDA>EHHOODKLLEJC?KIIQJE?=PEKJSEPD@EBBANAJPEJOPEPQPEKJOAP?PA?D JE?=HNAL=EN EJPDADKQOAEJPDAC=N@AJAP?GEJODELSKNG I=EJP=EJEJCGEJODELNAH=PEKJO=J@?KIIQJE?=PEKJ=J@NAH=PEKJ=HH=>KQN I=EJP=EJEJCNAH=PEKJODELOOKHREJCLNK>HAIO=J@?KJBHE?POAP?SEPDEJPDAB=IEHU

/AOA=N?DPA=I!1=JF=/AJAN LNKFA?PHA=@ANHAJG= R=>1F===GAHFER=%QIAN"#=?QHPUKB0K?E=H0?EAJ?AO2JERANOEPUKB)FQ>HF=

J="BEJ=J?A@>U/AOA=N?DCAJ?UKBPDA/ALQ>HE?KB0HKRAJE==J@,BBE?ABKN"MQ=H,LLKNPQJEPEAOKBPDA/ALQ>HE?KB0HKRAJE=

(3)

0(1$1'*(1'(5('',9,6,212))$0,/<

/$%285

$FWLYHIDWKHUKRRGLVPRVWRIWHQGHILQHGDQGPHDVXUHG E\WKHIDWKHUVLQYROYHPHQWLQFKLOGFDUHDQGRWKHUIDPLO\

ODERXU.QLMQ0XOGHU9DQ'RQJHQ$UHQ GHOO:DOO$UQROG5HQHUHWDO,QWKLV FRQWH[WLWLVRIWHQLQWHUSUHWHGDVDUHVXOWRIZLGHUVRFLDO FKDQJHVHVSHFLDOO\WKHPDVVHPSOR\PHQWRIZRPHQ +RZHYHUH[SHFWDWLRQVWKDWWKHFKDQJHVLQWKHODERXU PDUNHWZLOOEHIROORZHGE\FKDQJHVLQWKHSULYDWHVSKHUH OHDGLQJWRZDUGVDPRUHHJDOLWDULDQGLYLVLRQRIIDPLO\OD ERXUKDYHEHHQSURYHQZURQJRUDWOHDVWRYHUO\RSWLPLV WLF

7KLVLVHVSHFLDOO\WKHFDVHLQ6ORYHQLDZKHUHWKHUHLVD ORQJWUDGLWLRQRIIXOOSDUWLFLSDWLRQLQWKHODERXUPDUNHWE\

ZRPHQSURPRWHGGXULQJWKHVRFLDOLVWHUDZKLOHGLYLVLRQ RI IDPLO\ ODERXU UHPDLQHG SUDFWLFDOO\ XQFKDQJHG

&KDQJHVLQWKHSULYDWHVSKHUHDUHKDSSHQLQJPRUHVORZO\

WKDQWKRVHRFFXUULQJLQJHQGHUUHODWLRQVKLSVLQWKHSXEOLF VSKHUH$WWKLVSRLQWZHFDQPHQWLRQWKHUHVXOWVRIWKHLQ WHUQDWLRQDOVWXG\GHDOLQJZLWKWKHLVVXHRIWKHKDUPRQLVD WLRQRIIDPLO\OLIHDQGHPSOR\PHQWFRQGXFWHGLQ6ORYHQLD E\06HGPDNDQG=0HGDULá7KHLUILQGLQJVDUH XQDPELJXRXV\RXQJIHPDOHVLQXUEDQ6ORYHQLDDUHPXFK PRUHLQYROYHGLQFKLOGFDUHDQGRWKHUSULYDWHDFWLYLWLHVLQ FRPSDULVRQZLWK\RXQJPDOHVUHJDUGOHVVRIWKHLUHP SOR\PHQWVWDWXV,QRWKHUZRUGV\RXQJZRPHQHPSOR\HG IXOOWLPHVSHQGPRUHWLPHRQKRXVHKROGFKRUHVFKLOGFDUH DQGFDULQJIRURWKHUIDPLO\PHPEHUVWKDQWKHLUSDUWQHUV HYHQLQ FRPSDULVRQZLWK ZRPHQ LQRWKHU (XURSHDQ FRXQWULHVVXFKDV,WDO\*HUPDQ\DQG3RODQG

5HJDUGLQJWKLVSKHQRPHQRQ$PHULFDQVRFLRORJLVW$

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

PHQW VWDELOLW\ DYDLODELOLW\ RI GLIIHUHQW IDPLO\ PHPEHUV IRUIDPLO\ZRUNLQWHUPVRIWLPHDYDLODELOLW\RIWKHLUSV\

FKRORJLFDO VRFLDO DQG HFRQRPLF UHVRXUFHV 9DQ 'RQ JHQ $UHQGHOO ZLWK WKH NH\ IDFWRUV LQIOX HQFLQJ IDWKHULQJ SUDFWLFHV EHLQJ HPSOR\PHQW VWDELOLW\

DQGWKHUHTXLUHPHQWVRIWKHZRUNVSKHUH5DQVRQ

$FFRUGLQJ WR VRPH GDWD WKH PRUH DFWLYH LQYROYH PHQW RI PHQ LQ IDPLO\ ODERXU GRHV QRW VWHP IURP WKH LGHDRIDQHTXDOJHQGHUGLYLVLRQRIODERXURUPHQGRLQJ PRUHZRUNEXWUDWKHUIURPZRPHQGRLQJOHVVIDPLO\OD ERXU WKDQ WKH\ XVHG WR LQ WKH SDVW &UDLJ 1DPHO\WKHUHGLVWULEXWLRQ RI IDPLO\ ZRUN KDV RFFXUUHG

SDUDOOHO WR ZRPHQ¤V IXOOWLPH HPSOR\PHQW SDUW RI WKH GRPHVWLFZRUN SUHYLRXVO\ SHUIRUPHG E\ ZRPHQKRXVH ZLYHVDVXQSDLGZRUNKDVQRZEHHQWUDQVIHUUHGWRHLWKHU SDLGVHUYLFHVSHUIRUPHGE\RWKHUZRPHQRULVHYHQOHIW XQGRQH6DUDFHQR&UDLJ

+RZHYHU WKH FKDQJHV VHHQ LQ WKH UDWLR RI PDOH WR IHPDOHFRQWULEXWLRQVWRIDPLO\ODERXUDUHQRWQHFHVVDULO\

WKHUHVXOWRIDUHGXFWLRQRIWKHUDQJHRIZRUNDQGLWVUH GLVWULEXWLRQWRWKHVSKHUHRISDLGZRUNEXWUDWKHULQUH GLVWULEXWLRQWRWKHVSKHUHRILQIRUPDOXQSDLGZRUN7KH ILQGLQJVRI6ORYHQLDQUHVHDUFKLQWRQHZIDWKHUKRRGVKRZ WKDWWKHXVHRIXQSDLGZRUNVRXUFHVDWOHDVWZKHUHWKHVH DUHDYDLODEOHRFFXUVPRUHRIWHQWKDQUHFRXUVHWRWKHXVH RI SDLG VHUYLFHV 5HQHU HW DO 2QH RI WKH NH\IDFWRUVLQWKHUHGLVWULEXWLRQRIFKLOGFDUHDQGIDPLO\

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ŸWRZDUGVDEHWWHUJHQGHUGLYL VLRQRIODERXUDQGDFWLYHIDWKHULQJ+RZHYHULQWKH ZLGHU FRQWH[W RI HPSOR\PHQW FRQGLWLRQV DQG ORQJHU ZRUNLQJKRXUVDVZHOODVLQWKHH[LVWLQJDQGGHHSO\

URRWHG VWUXFWXUDO JHQGHU LQHTXDOLW\ WKLV VLWXDWLRQ VWLOO VHHPVWREHPRUHDIXQFWLRQDOVROXWLRQWKDQDVLGHHIIHFW

6SHDNLQJ RI WKH WUDQVIHU RIIDPLO\ ODERXUWRHLWKHU RWKHU VRXUFHV RI SDLG RU XQSDLG ZRUN RU LQYROYLQJ WKH UHGXFWLRQ RI ZRUN WKHUH LV DQ HVVHQWLDO GLIIHUHQFH EH WZHHQ FKLOGFDUH DQG RWKHU FKRUHV ZLWKLQ WKH UDQJH RI IDPLO\ ODERXU 5HVHDUFK VKRZV WKDW ZKLOH ZRPHQ GR

(4)

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

OLWWOH JLUO ZLWK D EDE\VLWWHU , GR QRW NQRZ +RZHYHU VRRQHURUODWHU,WKLQN,ZLOOPDNHXVHRIWKLV7LQD 6HFRQG WKHUH LV D WUHQG LQ 6ORYHQLD ZKHUH SDUWWLPH ZRUNLPPHGLDWHO\DIWHUSDUHQWDOOHDYHLVEHFRPLQJPRUH FRPPRQDWOHDVWIRUDFHUWDLQVKRUWSHULRGRIWLPH$I WHUFRQFOXGLQJWKHLUPDWHUQDODQGSDWHUQDOOHDYHDERXW RI SDUHQWV DUH UHSRUWHG WR GHFLGH WR UHWXUQ WR SDUW WLPH ZRUN RQO\ DPRQJ WKHP RI ZRPHQ .DQMXR 0UáHODàHUQLJRM6DGDU

7KHUHVHDUFKRQQHZIDWKHUKRRG5HQHUHWDO VKRZHGWKDW ZKHQ VWDUWLQJ WR ZRUN DJDLQ DIWHU WKHLU FKLOGFDUH DQG PDWHUQLW\ OHDYH ZRPHQ PDLQO\ RSW IRU ZRUNVFKHGXOHVZKLFKDUHVKRUWHQHGE\DQKRXURUWZR LQRUGHUWREHDEOHWREDODQFHWKHLUFKLOG¤VGD\FDUHZLWK WKHLUZRUNVFKHGXOH+HUHFHUWDLQ SUHVVXUHV KDYH EHHQ GHWHFWHGDSDUWLFLSDQWLQDIRFXVJURXSZKRGHFLGHGWR KDYH D KRXU ZRUN VFKHGXOH DIWHU UHWXUQLQJ WR ZRUN IURP KHU PDWHUQLW\ OHDYH GHVFULEHG KHU H[SHULHQFH RI SUHVVXUH H[HUWHG E\ KHU FROOHDJXHV DW ZRUN PDLQO\ IH PDOHFROOHDJXHV0\ FROOHDJXHV FRPSODLQHG WKDW WKH\

DOOZRUNHGIRUHLJKWKRXUVZK\ZRXOG,QRZRQO\KDYH VHYHQKRXUV:KHQ,FDPHEDFNLQWKHILUVWZHHNHYH U\ERG\DVNHGPHZLOO\RXUHDOO\RQO\ZRUNIRUKRXUV DQG , GRQW NQRZ DOO VRUWV RI LQIRUPDWLRQ ZDV JRLQJ DURXQG7LQD5HQHUHWDO

2IWHQWKHGDLO\FDUHRIVPDOOFKLOGUHQPRVWO\WKRVH XQGHUWKUHH\HDUVRIDJHLVXQGHUWDNHQE\JUDQGPRWKHUV RU JUDQGSDUHQWV DQG LQFUHDVLQJO\ PRUH RIWHQ DOVR E\

EDE\VLWWHUV,QWKHVFKRRO\HDUDSSUR[LPDWHO\

FKLOGUHQZHUHLQFOXGHGLQGD\FDUHUHSUHVHQWLQJ RI WKH SUHVFKRRO SRSXODWLRQ RI FKLOGUHQ RU RI RQH\HDU ROGV RI \HDU ROGV DQG RI\HDUROGV6WDWLVWLFDO2IILFHRIWKH56 2WKHU FKLOGUHQ DUH LQFOXGHG LQ GLIIHUHQW IRUPV RI LQIRU PDO GD\ FDUH FDUULHG RXW E\ EDE\VLWWHUV JUDQGSDUHQWV DQGRWKHUUHODWLYHV

,IFRPSDULQJWKHGLYLVLRQRIFKLOGFDUHEHWZHHQSDUW QHUV WKH UHVHDUFK LQWR FKLOGFDUH VKRZV WKDW ZRPHQ VSHQG PRUH WLPH ZLWK WKHLU FKLOGUHQ WKDQ LQ WKH SDVW ZKLFK DGGV D GHJUHH RI UHODWLYLW\ WR TXDQWLWDWLYH GDWD VKRZLQJ WKDW IDWKHUVDUH VSHQGLQJ PRUH WLPH ZLWK WKHLU FKLOGUHQWKDQLQWKHSDVW&UDLJ5HVHDUFKVWURQJO\

LQGLFDWHVWKDWWKHWLPHZRPHQVSHQGZLWKWKHLUFKLOGUHQ LV WZR WR WKUHH WLPHV ORQJHU WKDQ WKDW VSHQW E\ PHQ

&UDLJ

)$7+(5+22'02'(/6,16/29(1,$

2QWKHEDVLVRIHPSLULFDOGDWDZKLFKUHYHDOVDVHULHV RIWKHGLIIHUHQWW\SHVRI IDWKHUV RU IDWKHUKRRG SUDFWLFHV 5XVVHOO VSHDNV DERXW WKH IROORZLQJ IRXU W\SHVRIIDWKHUVGLVLQWHUHVWHGIDWKHUVZKRGRQRWVSHQG HQRXJK WLPH DW KRPH WUDGLWLRQDO IDWKHUV ZKR VSHQG PRUHWLPHDWKRPHEXWWKHLULQYROYHPHQWZLWKWKHIDP LO\LVOLPLWHGWRSOD\LQJZLWKWKHFKLOGUHQ£JRRG¤IDWKHUV ZKR DUH ZLOOLQJ WR SURYLGH QXUVLQJ DQG FDUH IRU WKHLU FKLOGUHQ DQG RIIHU KHOS WR WKHLU SDUWQHUV DQG £QRQ WUDGLWLRQDO IDWKHUV¤ ZKR VKDUH WKH GRPHVWLF WDVNV LQ FOXGLQJFKLOGFDUHHTXDOO\ZLWKWKHLUIHPDOHSDUWQHUV

,Q6ORYHQLDWZRGRPLQDWLQJPRGHOVRIIDWKHUKRRG KDYHEHHQLGHQWLILHG5HQHUHWDO5HQHUHWDO 5HQHUHWDO7KHILUVWRQHLVWKHFRPSOH PHQWDU\PRGHOZKLFKGRHVQRWSUHVXPHWKHPDMRUSDU WLFLSDWLRQRIIDWKHUVLQFKLOGFDUH)DWKHUVRQO\UDUHO\DQG H[FHSWLRQDOO\ZKHQQHFHVVDU\SDUWLFLSDWHLQFKLOGFDUH DQGRWKHUIDPLO\ZRUNWKH\PDLQO\GRWDVNVWUDGLWLRQDOO\

FDUULHGRXWE\PHQDQGDPRQJFKLOGFDUHWDVNVWKH\XVX DOO\SOD\ZLWKFKLOGUHQLQWKHLUVSDUHWLPH7KLVPRGHOLV VLPLODUWRWKH5XVVHOO¤VWUDGLWLRQDOPRGHORIIDWKHUKRRG ZLWKRQHLPSRUWDQWGLVWLQFWLRQLQ6ORYHQLDIDWKHUKRRGDV DQLGHQWLW\DQGIDPLO\UROHLVQRWWLHGWRWKHQRWLRQRI PDQDVDPDLQEUHDGZLQQHUZKLFKFDQEHH[SODLQHGE\

DORQJWHUPWUDGLWLRQRIIHPDOHSDUWLFLSDWLRQRQWKHOD ERXUPDUNHWPDNLQJPHQDQGZRPHQILQDQFLDOO\HTXDOO\

UHVSRQVLEOH7KHVHFRQGPRGHOLQFUHDVLQJO\SUHVHQWLV WKHVXSSRUWLYHPRGHOLQZKLFKIDWKHUVLQYROYHPHQWLQ IDPLO\ ODERXU LV JUHDWHU WKDQ LQ WKH FRPSOHPHQWDU\

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

&+$5$&7(5,67,&62)0(1¡6,192/9(0(17 ,1&+,/'&$5(

2QHRIWKHEDVLFHVVHQWLDOVSHFLILFLWLHVRIFKLOGFDUHLV WKDWLWLVQRWDOZD\VPHUHO\DGLUHFWDFWLYLW\ZKLFKPDNHV

(5)

WKHWLPHVSHQWE\SDUHQWVRQFKLOGFDUHYHU\GLIILFXOWWR PHDVXUH0RUHRIWHQWKDQGLUHFWFDUHRUSULPDU\DFWLYLW\

FDUHIRUFKLOGUHQLVFDUULHGRXWDVDVHFRQGDU\RUVLPXOWD QHRXVDFWLYLW\5HVHDUFKVKRZVWKDWDSDUWIURPGLUHFWRU SULPDU\FKLOGFDUHSOD\QXUVLQJIHHGLQJHWFFKLOGFDUH DOVRUHTXLUHVDWOHDVWWZLFHDVPXFKWLPHLQWKHIRUPRI VHFRQGDU\RUVLPXOWDQHRXVFDUH&UDLJ6LPLODUO\

6ORYHQLDQ UHVHDUFK KDVDOVRUHYHDOHGNH\ GLIIHUHQFHV EHWZHHQWKHJHQGHUVZKHQLWFRPHVWRFDUU\LQJRXWGLUHFW DQG VLPXOWDQHRXV FKLOGFDUH$V DUXOHPHQ SHUIRUP FKLOGFDUHRQO\DVSULPDU\FDUH:KHQWKH\VSHQGWLPH ZLWKWKHLUFKLOGUHQLQZD\VVXFKDVSOD\LQJZLWKWKHP WKDWLVDOOWKH\DUHGRLQJ$SDUWIURPGRLQJWKHPDMRULW\RI SULPDU\FKLOGFDUHZRPHQDOVRGRWKHPDMRULW\RIVHFRQ GDU\DQGVLPXOWDQHRXVFKLOGFDUHVXFKDVGRLQJQXPHU RXVRWKHUKRXVHKROGFKRUHVWRJHWKHUZLWKWKHLUFKLOGUHQ 5HQHUHWDO5HQHUHWDO

0\JDPHVDUHPRUHSUDFWLFDOOHWVGRWKHODXQGU\

ZLOO\RXKHOSPHOHWVIROGWKHFORWKHVUHGWKLQJVRYHU KHUHRWKHUVRYHUWKHUHEHFDXVH,DPDOZD\VSUHVVHGIRU WLPH:HDOVRSOD\ZHGUDZEXW,PXVWVD\WKDWLI,KDYH WLPHDQGVWXIIZHZRXOGSUHIHUWRJRRXWVLGHWRDSOD\

JURXQGRXWGRRUVZLWKDELF\FOHDEDOODQ\WKLQJ:KHQ ,DPLQGRRUV,XVHPRUHRIWKRVHXVHIXOJDPHV1LQD 7KH FKLOGUHQ SOD\ ZLWK HDFK RWKHU ZKHQ WKH\ DUH QRW DUJXLQJ , WDON WR WKHP EXW , QHYHU VHHP WR EH IRFXVHG2QO\ZKHQ,KDYHFOHDQHGHYHU\WKLQJXS , VLW GRZQ DQG ZH SOD\ ZKHUHDV ZKHQ D PDQ GHGL FDWHV DWWHQWLRQ WR WKHP KH UHDOO\ GHGLFDWHV :RPHQ GR QRW <RX UHDOO\ PXVW KDYH WKH ZKROH SODFH FOHDQHGXSDWOHDVWWKLVLVKRZLWLVZLWKPHIRUPHWR EHDEOHWRSOD\0DMD

$OVR GLIIHUHQWLDWLRQ EHWZHHQ GRPHVWLF ZRUN HVSH FLDOO\KRXVHKROGWDVNVDQGFKLOGFDUHDFWLYLWLHVSOD\VDQ LPSRUWDQWUROHLQWKHGLYLVLRQRIGRPHVWLFDQGFDUHZRUN EHWZHHQ SDUWQHUV &KLOG FDUH DFWLYLWLHV FRQWDLQ HPR WLRQDO HOHPHQWV LW¤V DOVR UHZDUGLQJ HPRWLRQDO ZRUN IRU FDUHJLYHUV+XPHU

,I , IHHO OLNH O\LQJ GRZQ DQG ZDWFKLQJ D PRYLH RU GRLQJVRPHWKLQJZLWKP\GDXJKWHUWKLVLVPRUHLPSRU WDQWIRUPHWKDQPDNLQJOXQFK/XND

$ GRZQVLGH RI FKLOGFDUH DV D PXOWLWDVNLQJDFWLYLW\

UHTXLULQJ PRUH IRFXV DQG HQHUJ\ LV WKH OLPLWHG RSWLRQV DYDLODEOH IRU GRLQJ RWKHU KRXVHKROG ZRUN ZKLOH FDULQJ IRUWKHFKLOGDWWKHVDPHWLPH$SDUWIURPHVVHQWLDOJHQ GHUGLIIHUHQFHVUHJDUGLQJVHFRQGDU\FKLOGFDUHWKHUHDUH DOVRJHQGHUGLIIHUHQFHVLQWHUPVRIZKRWDNHVFDUHRIWKH PRUH GHPDQGLQJ MREV LQYROYHG LQ FKLOGFDUH &UDLJ

$FFRUGLQJ WR SDVW UHVHDUFK ZKLFK UHYHDOV D JUHDWHU SDUWLFLSDWLRQ RI IDWKHUV LQ FKLOGFDUH &UDLJ WKHIROORZLQJLVQRWHG

ERWK PHQ DQG ZRPHQ DUH FDSDEOH RI HPRWLRQDO DQGQXUVLQJLQWHUDFWLRQVZLWKDFKLOG

WKH UDQJH RIDFWLYLWLHVFDUULHG RXW E\ IDWKHUV LV H[

SDQGLQJ

WKHJUHDWHUIUHTXHQF\RIWKHIDWKHU¤VSDUWLFLSDWLRQLQ FKLOGFDUH LQFUHDVHV WKH SUREDELOLW\ RI WKH SDUWLFLSDWLRQ FRQWLQXLQJLQWKHIXWXUHDQG

IDWKHUVDUHPRUHDFWLYHRQZHHNHQGV

:KLOHWKHILUVWWKUHHILQGLQJVSDLQWDQRSWLPLVWLFSLF WXUHRUWUHQGZKLFKFRXOGOHDGWRDPRUHHYHQJHQGHU GLYLVLRQRIFKLOGFDUHLQWKHIXWXUHWKHGDWDDERXWZHHN HQG IDWKHUV FRUURERUDWHV WKH DVVXPSWLRQ WKDW HPSOR\

PHQWRUSURIHVVLRQDOREOLJDWLRQVDUHDQLPSRUWDQWIDFWRU WKDWLVDQREVWDFOHWRDFWLYHIDWKHUKRRGDQGWRWKHDEROL WLRQ RI WKH JHQGHU DV\PPHWULFDO GLYLVLRQ RI KRXVHKROG ZRUNDQGWKDWPHQKDYHJUHDWHUPDQRHXYULQJVSDFHRU SRVVLELOLW\ RI FKRLFH UHJDUGLQJ DJUHHPHQWV RQ WKH GLYL VLRQ RI IDPLO\ ZRUN RU WKDW ZLWKLQ WKLV FRQVWHOODWLRQ SULRULW\LVJLYHQWRWKHGHPDQGVRIWKHLUFDUHHU5HQHUHW DO

,Q HYHU\GD\ FKLOGFDUH SUDFWLFHV WKHUH DUH HVVHQWLDO JHQGHU GLIIHUHQFHV LQ ZD\V RI ODERXU GLYLVLRQ EHWZHHQ WKHSDUWQHUVDQGKRZWKH\UHDFKDJUHHPHQWVRQVKDULQJ WKHLU ZRUN +RFKVFKLOG 9DQ 'RQJHQ

&UDLJ :DOO $UQROG *HQGHU LV WKH PDLQ IDFWRU LQ GLIIHUHQW SDUHQWLQJ SUDFWLFHV HYHQ ZKHQ WKH SDUWQHUVVKDUHDOOWDVNVDQGLQWKHFDVHWKDWWKH\DUHERWK HPSOR\HG UHJDUGOHVV RI RWKHU VRFLRGHPRJUDSKLF FKDU DFWHULVWLFV&UDLJ

2QWKHEDVLVRIHPSLULFDOGDWDZHLGHQWLILHGJHQGHU GLIIHUHQFHVLQSDUHQWLQJDQGGRPHVWLFODERXUSUDFWLFHVLQ WKHIROORZLQJDVSHFWV5HQHUHWDO+XPHU

D 0HQ GR QLFHU DQG OHVV URXWLQH ZRUN FRQYHUVD WLRQV UHDGLQJ OLVWHQLQJ DQG SOD\ DQG SHUFHLYH WKHLU UROH DV D IDWKHU RQ PRUH RIDQ HGXFDWLRQDO OHYHO 0RUH SOHDVDQWFKLOGFDUHDFWLYLWLHVRIWHQSHUFHLYHGDVTXDOLW\

WLPHIXQFWLRQWKHUDSHXWLFDOO\

:HOO \HVDW RXU SODFH WKH PDLQ SOD\ LV ZLWK /HJR EULFNV DQG PDUEOHV KDYH EHHQ LQ ODWHO\ $QG \HV VKH

>KLVGDXJKWHUDXWKRU¢VQRWH@KDVRQHELJREVHVVLRQKHU IDYRXULWH ZHOO EDVLFDOO\ , ZDWFK D ORW RI ILOPV DQG DW WKRVHWLPHVVKHLPPHGLDWHO\VWLFNVFORVHO\WRPH$V, VD\ VRPHWLPHV ZH GUDZ ZDWFK ERRNV $V , VD\ WKLV JRHVRQIRUTXLWHDZKLOHZHSXWWKHEULFNVWRJHWKHUDQG EXLOG FDVWOHV 6KH DOZD\V ZDQWV P\ FDVWOH EHFDXVH VKH OLNHVPLQHWKHEHVW6LPRQ5HQHUHWDO

7KHUH DUH FHUWDLQ WKLQJV ZH GR WRJHWKHU , WDXJKW KHUWRFRXQW,WULHGWREHDVHGXFDWLRQDODVSRVVLEOH,WU\

WR PRWLYDWH KHU IRU VSRUW DQG ZH WDON D ORW EHFDXVH VKHLVFXULRXVDQG\RXKDYHWRH[SODLQHYHU\WKLQJWRKHU /XND+XPHU

=NA=O=@ENA?PKNLNEI=NU=?PEREPUDANAIA=JOPD=P?DEH@?=NAEOPDAKJHU=?PEREPUPD=PEO?=NNEA@KQP=PPDAIKIAJPSDEHA?=NA=O=

OA?KJ@=NUKNOEIQHP=JAKQO=?PEREPUIA=JOPD=POKIAKPDAN=?PEREPEAOACDKQOADKH@?DKNAO=NA?=NNEA@KQPSDEHA=PPDAO=IAPEIA

?=NEJCBKN=?DEH@KNLH=UEJCSEPD=?DEH@

(6)

ZKHQ,FRPHKRPHIURPZRUN,VSHQGWZRKRXUV SHUFHQWZLWKFKLOGUHQZKLFKLVEHWWHUIRUPHDVZHOO EHFDXVHLWVDOVRUHOD[LQJDQG,UHOLHYHP\SDUWQHUVRVKH FDQGRRWKHUWKLQJV%RUXWOHW+XPHU

E :RPHQ GR PRUH GLUHFW FKLOG FDUH SK\VLFDO FKRUHVVXFKDVQXUVLQJIHHGLQJZDVKLQJFORWKLQJHWF

,Q RXU IDPLO\ , KDYH EDVLFDOO\ DOZD\V WDNHQFDUH RI WKHFKLOGUHQPRUH+HWRRNWKH LQLWLDWLYH DQG VWDUWHG WR EUXVKRXUGDXJKWHUVWHHWKDQGVRPHWLPHVKHEDWKHVKHU RU ERWK FKLOGUHQ LI WKH\ DUH EDWKLQJ WRJHWKHU $OVR GUHVVLQJWKHPLVQRSUREOHP+HRIWHQFKDQJHGP\OLWWOH JLUO¢VQDSS\ZKHQVKHZDV\RXQJHUEXWZLWKRXUVRQKH QHYHU GLG WKLV +H LV QRW VR LQYROYHG ZLWK RXU VRQ .DWND5HQHUHWDO

,GRQWNQRZPD\EH,HYHQGRDELWPRUHZHOOZLWK WKHSDUWFRQFHUQLQJWKHFKLOGUHQEHLQJGRQHE\P\ZLIH 6KHGUHVVHVWKHPLQWKHPRUQLQJFKDQJHVWKHLUQDSSLHV DQG SDFNV WKHLU WKLQJV DZD\ DQG LQ WKH HYHQLQJV SXWV WKHPLQWKHLUS\MDPDVZDVKHVWKHPSXWVWKHPWREHG 7KLVLVPDLQO\KHUZRUN6LPRQ5HQHUHWDO F0HQGRZRUNZKLFKLVOHVVWLPHOLPLWHGRULVWLPH IOH[LEOHRUWLPHXQOLPLWHG

,PGHGLFDWLQJP\VHOIWRP\FKLOGFRQVLGHUDEO\EXW DV WKH UK\WKP RI OLIH GLFWDWHV XQIRUWXQDWHO\ , DP DZD\

RIWHQ\HW,FHUWDLQO\ILQGWLPHZKHQ,HQJDJHP\VHOILQ SOD\ ZLWK KLP ZHOO WKH OLWWOH JLUO LV RQO\ WKUHH ZHHNV ROG$QGUHM5HQHUHWDO

G 0HQ KDYH JUHDWHU SRVVLELOLWLHV RI UHDFKLQJ DQ DJUHHPHQW DERXW ZKHQ WKH\ ZLOO EH LQYROYHG VXFK DV VSHQGLQJPRUHWLPHZLWKWKHLUFKLOGUHQRQZHHNHQGV

2WKHUZLVHGXULQJWKHZHHNHQGWKHUHLVPRUH SOD\

EDVLFDOO\\RX DUH ZLWK KLP DOO GD\ IURP PRUQLQJ XQWLO KH IDOOV DVOHHS GRLQJ DQ\WKLQJ SOD\LQJ DQG HYHU\WKLQJ HOVH ,W DOVR GHSHQGV RQ ZKDW P\ RWKHU GXWLHV DUH IRU H[DPSOHRXUHPSOR\HUHGXFDWHVXVDORWDQGDVIRUWKLV ,QWHUQHW HGXFDWLRQ LW WDNHV SODFH LQ WKH DIWHUQRRQV -HUQHM5HQHUHWDO

,DPDOVRDEVHQWDQG,DOVRVWXG\DOLWWOHLQWKHDI WHUQRRQ6R,GRQWKDYHVRPXFKWLPHGXULQJWKHZHHN ,IWKHUHVWLPH,GHGLFDWHP\VHOIDWOHDVWE\WKHZD\RU HOVH PRUH GXULQJ WKH ZHHNHQG VD\ , WDNH WLPH VR WKDW ZHDUHUHDOO\WRJHWKHUDORWDQGWKHQZHDOVRSOD\LQWKH PRUQLQJ9ODGR5HQHUHWDO

H&RPSDUHGWRIHPDOHVPDOHSDUWLFLSDWLRQLQFKLOG FDUH LV PRUH RSWLRQDO WKH\ FDQ FKRRVH VLWXDWLRQV DQG WKHZRUNWKH\ZDQWWRGR

LI,PGRLQJVRPHWKLQJDKRXVHKROGFKRUHDQGLI KHVDWKRPHDQGKHLVQ¢WGRLQJDQ\WKLQJLQSDUWLFXODU WKHQKHGRHVLW6KHFDQDOVRGLVWUDFWKHUVHOIQRZ$QMD 5HQHUHWDO

,WU\WRGLVFLSOLQHP\VHOIVRWKDWZKHQ,PKRPH, DEVROXWHO\ GHGLFDWH VRPH WLPH SODQQLQJ LW WR SOD\

0DUNR5HQHUHWDO

I0DOHSDUWLFLSDWLRQLVVXSSRUWLYHDQGKHOSLQJPHQ KHOS EXW WKH PDLQ UHVSRQVLELOLW\ IRU FDUH LV KHOG E\ IH PDOHVZRPHQSOD\WKHUROHRIDPDQDJHUWKH\EHDUWKH

UHVSRQVLELOLW\ IRU SODQQLQJ DQG RUJDQLVLQJ HYHQ ZKHQ WKHSDUWQHUVVKDUHWKHLUZRUNUHODWLYHO\HYHQO\

,¢PIDUEHKLQGKHUVKHGRHVWKHPDMRULW\RIZRUNDW KRPH6RPHWLPHV,KHOSWRKDQJXSZDVKHGFORWKHV VRPHWLPHV,SXWGLUW\FORWKHVLQWKHZDVKLQJPDFKLQH, VRPHWLPHVFOHDQVRPHWKLQJRQFHDPRQWKIRUH[DPSOH, YDFXXP:KDWHOVH":HDJUHHGWKDW,ZRUNLQWKHJDUGHQ WKLVLVP\REOLJDWLRQPRZLQJDQGWKLQJVOLNHWKDW$QG, KHOSZLWKFKLOGUHQQRUPDOO\WRFKDQJHWKHGLDSHUVSXW FORWKHVRQDQGRWKHUWKLQJVZKLFKDUHORJLFDOWRPHWKDW PHQQHHGWRGRWKHP5RN+XPHU

2WKHUZLVH KH DOVR KDQJV XS WKH ODXQGU\ GRHV WKH GXVWLQJYDFXXPFOHDQVDQGWKLVLVQRWGLIILFXOWIRUKLP LIKHGRHVQRWKDYHVRPHWKLQJWRGRRXWGRRUVRULQWKH ZRUNVKRS,DVNKLPDQGKHGRHVLW•6X]DQD5HQHU HWDO

J:RPHQRIWHQFDUU\RXWFKLOGFDUHDVDVLPXOWDQH RXV RU VHFRQGDU\ DFWLYLW\ ZKLOH PHQ RIWHQ FDUU\ RXW FKLOGFDUHDVDSULPDU\DFWLYLW\

0\ ZLIH LV FDSDEOH RI GRLQJ VRPHWKLQJ DQG DW WKH VDPHWLPHZDWFKLQJRYHURXUOLWWOHJLUODQGGLUHFWLQJKHU WRVRPHSOD\RUMRLQLQJKHUIRUPLQXWHVDQGWKHQUH VXPLQJKHUZRUNZKLOH,JHWFRQIXVHGE\WKLV0DUNR 5HQHUHWDO

0\ ZLIH GRHV LW PRUH E\ WKH ZD\ VKH LV GRLQJ VRPHWKLQJ DQG E\ WKH ZD\ VKH DOVR GRHV WKLV ZKLOH , RQO\ SOD\ $QG WKHQ WKLV LV UHDO SOD\ ZH EXLOG 9LNLQJ FDVWOHV,PHDQZHUHDOO\EXLOGWKHPLWLVQRWMXVWE\WKH ZD\6LPRQ5HQHUHWDO

K)DWKHUVSHUFHLYHWKHLUUROHDVDFWLYHDQGLPSRUWDQW ZKHQWKHFKLOGLVDELWROGHUQRWDEDE\DQ\PRUH

,RIWHQWDNHKHUZLWKPHWREDVNHWEDOO JDPHV 1RZ ZKHQ VKH LV ROGHU>VKH LV FRPPHQW E\ Ë +XPHU@ , DOZD\VWDNHKHUMXVWWZRRIXVJRDQG,WKLQNZKHQWKH FKLOGLVQRWDEDE\DQ\PRUH,FDQJLYHKHUPXFKPRUH DWWHQWLRQ/XND+XPHU

L)DWKHUVXVXDOO\WDNHFDUHRIFKLOGUHQZKHQPRWK HUV DUH DEVHQW GXH WR ZRUN RU ZKHQ WKH\ KDYH WR GR VRPHKRXVHKROGFKRUHV

:KDWGRHVP\SDUWQHUGRLQWKHPHDQWLPH":HOOLI ZH DUH QRW SOD\LQJ WRJHWKHU LW PHDQV VKH LV HLWKHU QRW KRPH DW DOO WKDW LV VKHV DW ZRUN RU VKH LV VWXG\LQJ VRPHWKLQJRUVKHLVDWDPHHWLQJRUVRPHWKLQJOLNHWKDW

$OVR SUREDEO\ VRPH KRXVHKROG FKRUHV VRPH LURQLQJ 0DUNR5HQHUHWDO

:HOOPHZKHQZHSOD\P\ZLIHXVHVWKLVWLPHIRU KRXVHKROGFKRUHV.OHPHQ5HQHUHWDO

:KHQ,SOD\P\ZLIHGRHVKRXVHKROGFKRUHV%RU 5HQHUHWDO

,QWKHFRQWH[WRIJHQGHUHGIDPLO\ODERXUWKHNH\RE VWDFOHVWRDFWLYHIDWKHUKRRGDOVRLQFOXGHWKHVRFLDOFRQ VWUXFWLRQRIPRWKHUKRRGDQGWKHPRWKHUFKLOGUHODWLRQ VKLSDVWKHSULPDU\SDUHQWDOUHODWLRQVKLS,QWKLVSDUHQWDO FRQVWHOODWLRQIDWKHUVPDLQO\SOD\DQDVVLVWDQWRUVXSSRU WLYHUROH&UDLJ5HQHUHWDO5HQHUHWDO :DOO$UQROGFRPSOHPHQWLQJDQGVXSSRUW

(7)

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

*$3%(7:((13(5&(37,216$1'35$&7,&(6 2)$&7,9()$7+(5+22'

3DVWUHVHDUFKEULQJVWZRNH\ILQGLQJVRQWKHSKH QRPHQRQRIDFWLYHIDWKHUKRRG)LUVWVKLIWVWRZDUGVDFWLYH IDWKHUKRRGDUHPDLQO\YLVLEOHDWWKHLGHQWLW\OHYHO+RV FKLOG9DQ'RQJHQ 5HQHUHWDO 5HQHUHWDO1HZIDWKHUVZLVKWRWDNHPRUHDFWLYH UROOLQWKHFDUHRIWKHLUFKLOGUHQWKH\HQWHULQWRFORVHUUH ODWLRQVKLSVZLWKWKHPWKDQWKHLUIDWKHUVXVHGWRDQGWKH\

DUHUHDG\WRLQFUHDVHWKHLUSDUWLFLSDWLRQHVSHFLDOO\LIWKHLU IHPDOHSDUWQHUVDUHHPSOR\HG<HWDFRQVLGHUDEOHJDS H[LVWVEHWZHHQWKHIDWKHULGHQWLW\DQGWKHVXEMHFWLYHSHU FHSWLRQRIIDWKHUKRRGRQRQHVLGHDQGWKHUHDOLW\RIHYH U\GD\IDWKHULQJSUDFWLFHVDQGWKHGLYLVLRQRIODERXURQ WKHRWKHU&UDLJ5HQHUHWDO5HQHUHWDO :DOO$UQROG+XPHU0DQ\IDWKHUV XQGHUVWDQGSDUWLFLSDWLRQDVWKHLUZLOOLQJQHVVDQGFDSD ELOLW\WREHLQYROYHGLQFKLOGFDUHUDWKHUWKDQDFWXDOSUDF WLFHVRUWLPHVSHQWZLWKWKHLUFKLOGUHQ5DQVRQ

$ ZHOONQRZQ VWXG\ RQ WKH VKDULQJ RI IDPLO\ ZRUN FRQGXFWHG E\ $+RFKVFKLOG UHYHDOHG UHODWLYHO\

VPDOODFWXDOFKDQJHVLQWKHVKDULQJRIIDPLO\ODERXUEXW FOHDUO\ VHHQ FKDQJHV LQ FRXSOHV SHUFHSWLRQ RI LW ZLWK PRVWFRXSOHVLQKHUUHVHDUFKH[SUHVVLQJWKHLUZLVKIRUDQ HTXDO GLYLVLRQ RI ODERXU ZKLOH DW WKH VDPH WLPH WKH\

EHOLHYHGWKDWWKHLUGLYLVLRQRIODERXULVHYHQ6RPHWKLQJ VLPLODU DSSOLHV WRSDUHQWLQJ 5HVHDUFK VKRZV WKDW ERWK PHQDQGZRPHQH[SUHVVHJDOLWDULDQYLHZVRISDUHQWLQJ DQGPHQH[SUHVVDZLVKWRVSHQG PRUH WLPH ZLWK WKHLU FKLOGUHQ5HQHUHWDO&UDLJ7KHUHIRUHLWLV PRUH DERXW WKH FKDQJH RI UKHWRULF ZKLFK GRHV QRW H[

SDQGLWVHOIWRWKHDFWXDO GLYLVLRQ RI WDVNV EHWZHHQ SDUW QHUV'H9DXOWEXWUDWKHUVKLIWVWRZDUGDVR FLDOLGHDORIDQDFWLYHIDWKHU1HZIDWKHUKRRGSHUFHLYHG DV D VRFLDO UROH VWDUWV UDWKHU SDVVLYHO\ HVSHFLDOO\ FRQ FHUQLQJ WKH EDVLF FDUH DQG QXUWXUH WKH QHZ ERUQ FKLOG QHHGV

:KHQ WKH FKLOG LV VPDOO DQG ZLWK WKH ILUVW RQH DQG ZLWK WKH VHFRQG P\ UROH LQ WKH ILUVW ILYH RU VL[

PRQWKV LV YHU\ VHFRQGDU\ 0RWKHU LV WKH RQH WKH ILUVW FRQQHFWLRQZLWKWKHFKLOGDQGRQWKHRQHKDQGVKHLVD GRPLQDQW DV PRWKHU ,W¢V QRW WKDW VKH ZRXOGQ¢W OHW PH FORVH EHFDXVH , GRQ¢W SXVK EXW VKH SURWHFWV WKH FKLOG

QRZLW¢VFKDQJLQJWKHFKLOGUHQDUHVWDULQJWRFRPPX QLFDWHDQGSDUHQWDOUROHVFKDQJHEHFDXVHEHIRUH,ZDV QRWWKDWLQWHUHVWHGLIFKLOGFULHVDORWDQGQRZQHHGVWR KDYH LWV GLDSHUV FKDQJHG WKLV LV SK\VLFDO ZRUN IRU PH

$QG,ZDVQ¢WOLNHWKDWWRVLQJDVRQJWRDFKLOGWRWDON ZLWKKLPRUKHULW¢VMXVWWKDW\RXQHHGWRGRWKHZRUN 1RZLW¢VGLIIHUHQWZKHQWKHUHLVDUHVSRQVHDOVRP\UH VSRQVHLVGLIIHUHQW%RMDQ+XPHU

,QVRPHFDVHVWKHJDSEHWZHHQWKHSHUFHSWLRQRIWKH GLYLVLRQRIODERXUDQGDFWXDOPDOHSDUWLFLSDWLRQLQIDP LO\ ZRUN LV FOHDUO\ VHHQEHWZHHQ WKH SDUWQHUV *HUPDQ UHVHDUFKHUVIRXQGWKDWLQWKHHDUO\ V ZRPHQ PRUH IUHTXHQWO\ WKDQ PHQ UHSRUWHG GRLQJ PRUH ZRUN WKDQ PHQZKLOHLQWKHVWKHVWXGLHVUHYHDOHGWKHRSSR VLWHZLWKPHQUHSRUWLQJWKH\GR OHVV ZRUN DQG ZRPHQ UHSRUWLQJ RQ WKHLU VKDULQJ RI ZRUN ZLWK PHQ HYHQO\

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

7KH JDS EHWZHHQ WKH SHUFHSWLRQV ZLVKHV H[SHFWD WLRQVDQGHYHU\GD\VLWXDWLRQVRIZRPHQDQGPHQLVDOVR VHHQ LQ WKH FDVH RI SDLG ZRUN DQG ODERXU PDUNHW 7KH SHUFHSWLRQ RI WKH QHHG WR FKRRVH EHWZHHQ IDPLO\ DQG SDLGODERXULVHYLGHQWDQGUHDOL]HGLQDJHQGHUHGZD\

ZKHUH RQH RI WKH SDUWQHUV EXLOGV WKH FDUHHU XVXDOO\

PHQ DQG WKH RWKHU RQH XVXDOO\ ZRPHQ EHVLGH SDLG ZRUN DOVR WDNHV FDUH RI WKH IDPLO\ +XPHU 7KH FRPPRQ XQGHUVWDQGLQJ EDVHG RQ FDSLWDOLVW LGHRORJ\

JRHV LQ WKH GLUHFWLRQ WKDW RQH FDQQRW KDYH ERWK ZRUN DQG IDPLO\ 7KH LGHRORJ\ RI PRWKHUKRRG DV WKH QDWXUDO GLVSRVLWLRQ RI ZRPHQ SOD\V DQ LPSRUWDQW UROH LQ £UD WLRQDO¤GHFLVLRQVLQUHODWLRQZLWKSDLGODERXU

:KHUH,VHHLWDQGZKHUHWKHUHDOUROHODXJKLQJLV EDVLFDOO\ LW¢V GLIILFXOW WR FRQIURQW ZLVKHV DQG H[SHFWD WLRQV ZLWK UHDOLW\ 2I FRXUVH , VHH P\ SDUWQHU¢V DFWLYH UROHLQWKHIDPLO\%XWRQWKHRWKHU KDQG , UHDOL]H WKDW KHZRUNVDORWWKDWKLVZRUNGRHVQ¢WDOORZKLPWRFRPH KRPHDWSP$QGWKHIDFWWKDWKHFRPHVDWRUSP RNVRPHWLPHVDWSP,ZLVKWKHQWKDWKHVSHQGVVRPH WLPHZLWKWKH>RXU@VRQ$QGKHGRHV2QWKHRWKHUKDQG

\RXUHDOL]H\RXFDQQRWKDYHHYHU\WKLQJ6RZKDWZH¢OO KDYHDUHZHJRLQJWREHWRJHWKHUDUHZHJRLQJWRKDYH

(8)

MREVWRKDYHEUHDG"2QRQHKDQGWKHUHLVDZLVKWKDW ZH¢UHDOORQHELJKDSS\IDPLO\ZKLOHRQWKHRWKHUKDQG ,VHHWKDWZKHQKH¢VDWKRPHKHLVUHOD[HGGRHVQ¢WWKLQN DERXWKLVMREDQGVSHQGVVRPHWLPHZLWKRXUVRQ7HMD +XPHU

*HQGHUGLIIHUHQFHVDUHDOVRUHIOHFWHGLQWKHSHUFHS WLRQDQGSUDFWLFHVRIGRPHVWLFZRUNFKLOGFDUHDQGVLPL ODUZKLFKFDQOHDGWRGLVDJUHHPHQWVEHWZHHQSDUWQHUV 5HQHUHWDO+XPHU2IWHQZRPHQSUHIHU WRGRWKHZRUNWKHPVHOYHVUDWKHUWKDQDVNLQJWKHLUSDUW QHU

,KDYHDV\VWHPZKLFKJLYHVPHDQG,WKLQNDOVR P\FKLOGDVHQVHRIVHFXULW\DQGDURXWLQHZKLFKPDNHV VHQVHWRPH7KHQ,VRUWRIH[SHFWWKDWKHZLOODOVRIXQF WLRQDFFRUGLQJWRWKLVSULQFLSOH,IKHMXVWGRHVWKLQJVKLV RZQZD\ZLWKKLPEHLQJGLIIHUHQWDQGDOOLWLVQRWWKDW P\OLWWOHJLUOGRHVQRWHQMR\LWZKHQKHGRHVLWEXW,WKHQ DVNGLG\RXZDVKKHUZLWKWKLV1R,GLGQRWDQGWKLV PDNHVPHYHU\XSVHW%XW,FDQVHHWKDWHVVHQWLDOO\RQH QHHGV WR OHW JR KHUH RWKHUZLVH LW ZLOO DOZD\V EH PH EDWKLQJKHUÉSHOD5HQHUHWDO

:HOOKHVDLGKHOOGRWKHYDFXXPLQJDQG,ZRXOG ZDONDURXQGDQGZRXOGVD\WKLVVSRWLVQ¢WJRRGWKHUH LV VWLOO VRPH GXVW WKHUH DQG KH WKUHZ WKH YDFXXP FOHDQHULQWRWKHFORVHWDQGVDLGLI\RXUHVXFKDJUXP EOHU\RXVKRXOGGRLWE\\RXUVHOI$QGIURPWKHQRQKH UDUHO\ GRHV WKH YDFXXPLQJ EHFDXVH ,P >OLNHO\@ WR JUXPEOH/DQD+XPHU

:HKDYHDORWRIVPDOOFRQIOLFWVDQGZHWDONDERXWLW DORWEHFDXVHWKHUHDUHDOZD\VWKHVHILJKWVEHWZHHQXV

$QGLWVMXVWEHFDXVH\RXFDQQRWGRVRPHWKLQJULJKWWKDW PRPHQWZKHQVRPHRQHZDQWV\RXWRGRLWDQH[DP SOH VKH DOZD\V VD\V WR PH LQ WKH HYHQLQJ FRPH DQG KHOS PH WR KDQJGU\ WKH ODXQGU\ $QG DW WKDW PRPHQW ,PZDWFKLQJ79DQG,FDQQRWMXVWMXPS%XW2.,JRW XVHG WR LW DQG , VWDQG XS DQG KHOS KHU IRU WKHVH WKUHH PLQXWHV5RN+XPHU

'LVDJUHHPHQWV EHWZHHQ SDUWQHUV DSSHDU EHFDXVH RI WKHXQHTXDOGLYLVLRQRIGRPHVWLFZRUNSDUWQHUVH[SHF WDWLRQV UHODWHG WR WKH LPSOHPHQWDWLRQ RI GRPHVWLF WDVNV DQGWLPHGLPHQVLRQZKHQFHUWDLQZRUNVKRXOGEHGRQH 2IWHQ IHPDOH SDUWQHUV SUHVHQW D EDUULHU IRU PHQ WR JHW PRUH DFWLYHO\ LQYROYHG LQ GRPHVWLF ZRUN EHFDXVH RI WKHLUFRQWURORYHUGRPHVWLFVSKHUH0HQVOLPLWHGVKDUH LQ GRPHVWLF DQG FDUH ZRUN DW KRPH PDLQWDLQV DQG UH SURGXFHVDJHQGHUHGGLYLVLRQRIWKHZRUNDQGPDLQWDLQV WKHVWDWXVTXRRIPHQVUROHDVKHOSHUVDVVLVWDQWVRIWKHLU IHPDOHSDUWQHUVLQGRPHVWLFVSKHUH%XWVHDUFKLQJDJXLOW LQZRPHQIRUPHQEHLQJ RQO\ SDUWLDOO\ LQYROYHG LQ GR PHVWLFDQGFDUHZRUNWUDQVIHUVWKHUHVSRQVLELOLW\IRUGR PHVWLF DQG FDUH ZRUN IURP PHQ WR ZRPHQ 2Q RQH KDQGWUDGLWLRQDOJHQGHUUROHVVWLOOSOD\DQLPSRUWDQWSDUW ZKLFK SXWV PRUH UHVSRQVLELOLW\ RQ ZRPHQ IRU WDNLQJ FDUHRIKRPHDQGIDPLO\DQGZKLFKRQWKHRWKHUKDQG UHVXOWV LQ ZRPHQ¤V UHTXHVWV ZLVKHV DQG GHPDQGV IRU WKHLUSDUWQHUVWRGRGRPHVWLFWDVNV2QHRIWKHFRPPRQ

VWUDWHJLHVIRUVROYLQJWKHFRQIOLFWVDUHSDLGGRPHVWLFKHOS DQG WKH VWUDWHJ\ XVXDOO\ XVHG E\ ZRPHQ ZKLFK LV WR VXSSUHVV GLVVDWLVIDFWLRQ IRU WKH VDNH RI IDPLO\ KDUPRQ\

DQG SDUWQHUV UHODWLRQVKLS DQG WR DFFHSW PHQ¤V VPDOO VKDUH LQ GRPHVWLF DQG FDUH ZRUN DW KRPH LQ WHUPV RI

£EHWWHU WKDQ QRWKLQJ¤ ,W DOVR LQFOXGHV WKH HFRQRP\ RI JUDWLWXGH +RFKVFKLOG ZKHUH ZRPHQ H[SUHVV WKHLU JUDWLWXGH WR SDUWQHUV HYHQ WKRXJK WKHLU VKDUH LQ GRPHVWLFZRUNDQGFKLOGFDUHLVVPDOODQGXQHTXDO

&21&/86,21

*HQGHU GLIIHUHQFHV LQ SDUHQWLQJ SUDFWLFHV KDYH DQ LPSRUWDQW LPSDFW RQ HYHU\GD\ OLIH HVSHFLDOO\ RQ WKH EDODQFLQJRIZRUNDQGWKHIDPLO\ZKLFKLVVRFLDOO\SHU FHLYHGDVWKHSUREOHPRIZRPHQ7KHEDODQFLQJRIZRUN DQGWKHIDPLO\LVHVSHFLDOO\VWUHVVIXOLQWKHSHULRGZKHQ FKLOGUHQDUHVWLOOVPDOOUHTXLULQJPRUHGLUHFWDQGSK\VL FDO QXUWXULQJ DQG FKLOGFDUH WKLV LV PRUH W\SLFDO RI WKH FDUHSURYLGHGE\ZRPHQDQGOHVVRIWKRVHNLQGVRIFDUH SURYLGHGE\IDWKHUVVXFKDVSOD\LQJ(VSHFLDOO\VWUHVVIXO IRUZRPHQLVWKHSHULRGDIWHUWKHSDUHQWDOOHDYHPDLQO\

XVHGE\ZRPHQZKHQWKH\UHWXUQEDFNWRZRUN5HQHU HWDO

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

7KH PDLQ REVWDFOH LQ WKH ZD\ WR DFWLYH IDWKHUKRRG WRGD\PDLQO\UHODWHVWRHPSOR\PHQW DQG ODERXU PDUNHW UHTXLUHPHQWV7KHQHROLEHUDOPDUNHWZLWKLWVLPSHUDWLYH RIDQLQGHSHQGHQWHPSOR\HGLQGLYLGXDOEULQJVLQVHFXULW\

LQWR HPSOR\PHQW RU ZRUN OLIH ZKLFK DSSOLHV WR ERWK PHQDQGZRPHQ+HDUQ3ULQJOHDORQJZLWK WKHLU HQKDQFHG H[SRVXUH WR XQHPSOR\PHQW ([SHULHQFH ZLWKHPSOR\PHQWRUWKHODERXUPDUNHWDVHQVHRIVHFX ULW\DQGWKHDYDLODELOLW\RIDOWHUQDWLYHVRXUFHVRILQFRPH

(9)

KDYHWXUQHGRXWWREHIDFWRUVZKLFKKDYHKDGWKHJUHDW HVWLPSDFWRQIDWKHULQJSUDFWLFHVPXFKPRUHWKDQFODVV RU HWKQLFLW\ HGXFDWLRQ RU HYHQ SHUVRQDO FKDUDFWHULVWLFV 5DQVRQ ,Q WKLV UHVSHFW IDPLO\ OLIH LV VXE MHFWHGWRSURIHVVLRQDOOLIHQRWRQO\IRUPHQEXWDOVRIRU ZRPHQ ZKLFK FOHDUO\ UHSUHVHQWV WKH NH\ REVWDFOH WR FKDQJHVLQWKHJHQGHUGLYLVLRQRIODERXURFFXUULQJLQWKH IDPLO\5HQHUHWDO7KXVPRGHUQDFWLYHIDWKHU KRRGVWHPVIURPWKHQHHGWREDODQFHZRUNDQGWKHIDP LO\DQGQRWIURPWKHLGHDRIDEDODQFHGJHQGHUGLYLVLRQ

RIODERXUZKLFKSDUDGR[LFDOO\LVPRUHDQREVWDFOHWKDQ DQ HQFRXUDJHPHQW IRU DFWLYH IDWKHUKRRG DQG WKH FKDQJHVLQWKHDV\PPHWULFDOGLYLVLRQRIODERXU

+RZHYHU LQ LGHQWLI\LQJ WKH REVWDFOHV WR DFWLYH ID WKHULQJ WKH IDWDO IDFWRU VHHPV WR EH WKH YHU\ FRPELQD WLRQRIWKHVHGLIIHUHQWIDFWRUV6WUXFWXUDOJHQGHULQHTXDOL WLHV JR KDQG LQ KDQG ZLWK WKH OLPLWLQJ IDFWRUV RI QHR OLEHUDO FDSLWDOLVP SUHFDULRXVQHVV RI HPSOR\PHQW DQG LQWHQVLILHG ZRUN UHTXLUHPHQWV FUHDWLQJ FRQGLWLRQV ZKLFKDUHDQ\WKLQJEXWVXSSRUWLYHRIDFWLYHIDWKHUKRRG

'9(5$=/,à1,=*2'%,"$.7,9122à(729$1-(,1(1$.$'(/,7(9'58Ë,16.(*$

'(/$96/29(1,-,

$OHQNDÇ9$%

8QLYHU]DQD3ULPRUVNHP)DNXOWHWD]DKXPDQLVWLáQHÊWXGLMH.RSHU6,.RSHU7LWRYWUJ 8QLYHU]DY/MXEOMDQL)DNXOWHWD]DGUXÌEHQHYHGH6,/MXEOMDQD.DUGHOMHYDSORÊáDG

HPDLODOHQNDVYDE#IGYXQLOMVL ÉLYD+80(5

0LURYQLLQÊWLWXW,QÊWLWXW]DVRGREQHGUXÌEHQHLQSROLWLáQHÊWXGLMH6,/MXEOMDQD0HWHONRYD HPDLO]LYDKXPHU#JXHVWDUQHVVL

329=(7(.

)HQRPHQ QRYHJD RßHWRYVWYD SRWUMXMHMR ÈWHYLOQH ÈWXGLMH NL VR VL HQRWQH R GYHK VSUHPHPEDK RßHWMH GDQHV SUHÊLYLMRYHßßDVD]RWURNLYSULPHUMDYL]JHQHUDFLMRQMLKRYLKRßHWRYYHQGDUVRGREQLRßHWMHYSULPHUMDYL]ÊHQVNDPL ÈH YHGQR SUHÊLYLMR GLVSURSRUFLRQDOQR PDQM ßDVD ] RWURNL 2EUDW RG RßHWRYVNH DYWRULWHWH XWHPHOMHQH Y PRGHOX KUDQLWHOMD GUXÊLQH Y PRGHUQRVWL N QRYLP RßHWRP Y SR]QL PRGHUQL ]D]QDPXMH SUHGYVHP REUDW N VHQ]LELOL]DFLML SUDNV RßHWRYDQMD NL SUHVHJDMR L]NOMXßQR PDWHULDOQR LQ ILQDQßQR ]DJRWDYOMDQMH SUHVNUEOMHQRVWL GUXÊLQH 1D SRGODJL GYHKHPSLULßQLKUD]LVNDY1RYLWUHQGLYVWDUÈHYVWYXDQDOL]DRßHWRYVWYDLQSUHGORJL]DL]EROMÈDQMHGUXÊLQVNHSROLWLNH QD WHP SRGURßMX  LQ UD]LVNDYH Y RNYLUX GRNWRUVNH GLVHUWDFLMH É +XPHU (WLND VNUEL VSRO LQ GUXÊLQD SURFHVLUHORNDFLMHVNUELPHG]DVHEQRLQMDYQRVIHURDYWRULFLWHPDWL]LUDWDQRYRRßHWRYVWYRLQRßHWRYDQMHYVORYHQ VNHP NRQWHNVWX 7HPHOMQL UD]LVNRYDOQL IRNXV VH RVUHGLQMD RNURJ YSUDÈDQMD R NYDOLWDWLYQLK UD]OLNDK PHG VSRORPD Y GLVWULEXFLMLLQQDßLQXRSUDYOMDQMDGUXÊLQVNHJDGHODLQVNUEL]DRWURNH1RYRRßHWRYVWYRQHYNOMXßXMH]JROMDNWLYQRVWL NLVRYH]DQHQDVNUELQQHJRRWURNDWHPYHßWXGLJRVSRGLQMVNDRSUDYLOD1DSRGODJLHPSLULßQLKSRGDWNRY5HQHUHW DOßODQHNL]SRVWDYL GYD SUHYODGXMRßD PRGHOD RßHWRYVWYD Y6ORYHQLML NRPSOHPHQWDUQL LQ SRG SRUQLPRGHORßHWRYVWYD.RPSOHPHQWDUQLPRGHOSUHGSRVWDYOMDYNOMXßHYDQMHRßHWRYYVNUEVWYHQHSUDNVHLQGUXÊLQVNR GHOR OH UHGNR R] NDGDU MH OHWR QXMQR SUL ßHPHU PRÈNL RSUDYOMDMR YHßLQRPD WUDGLFLRQDOQR PRÈND RSUDYLOD LQ VH XNYDUMDMR]RWURFLSUHGYVHPYSURVWHPßDVX0HGWHPNRSRGSRUQLPRGHOR]QDßXMHDNWLYQHMÈRYORJRRßHWRYWDNRSUL VNUELLQQHJLRWURNDNRWSULGUXÊLQVNHPGHOXYHQGDUMHGHOHÊRßHWRYSHUFHSLUDQNRWSRGSRUDSRPRßSDUWQHUNL1D SRGODJLHPSLULßQLKUD]LVNDYDYWRULFLLGHQWLILFLUDWDWHPHOMQHUD]OLNHPHGVSRORPDYVWDUÈHYDQMXVNUE]DRWURNHLQGLV WULEXFLMLGUXÊLQVNHJDGHOD5HQHUHWDO+XPHU

0RÈNL RSUDYOMDMR PDQM UXWLQVND LQ EROM SULMHWQD GUXÊLQVND RSUDYLOD SRJRYDUMDQMH EUDQMH LJUD LQ SHUFHSLUDMR RßHWRYVNRYORJR]ODVWLQDHGXNDWLYQLUDYQL

ÉHQVNH RSUDYLMR YHß QHSRVUHGQHJD GHOD ] RWURNL SUHGYVHP IL]LßQHJD NRW MH QSU QHJD KUDQMHQMH XPLYDQMH REODßHQMHLSG

0RÈNLRSUDYOMDMRPDQMßDVRYQR]DPHMHQLKGHO

0RÈNLL]SRJDMDMRODVWHQDQJDÊPDSUHÊLYOMDQMHßDVD]RWURNL]ODVWLPHGYLNHQGL 9SULPHUMDYL]ÊHQVNDPLMHYNOMXßHYDQMHPRÈNLKYVNUE]DRWURNHRSFLMVNR

0RÈNLDQJDÊPDMHSRGSRUQHJD]QDßDMDSRPRßSRGSRUDPRÈNLKPHGWHPNRJODYQDRGJRYRUQRVWRVWDMDYGR PHQLÊHQVNßHWXGLMHGUXÊLQVNRGHORLQVNUE]DRWURNDGHOMHQRPHGSDUWQHUMHPD

ÉHQVNHVHSRJRVWHMHXNYDUMDMR]RWURFLNRWVLPXOWDQRDOLVHNXQGDUQRDNWLYQRVWMRPHGWHPNRVHPRÈNLSRJRVWHMH XNYDUMDMR]RWURFLNRWSULPDUQRDNWLYQRVWMR

2ßHWMHSHUFHSLUDMRVYRMRYORJRNRWDNWLYQR]ODVWLNRRWURNPDORRGUDVWH

(10)

2ßHWMHVHSRJRVWHMHXNYDUMDMR]RWURNLNRVRSDUWQHUNHRGVRWQH]DUDGLRSUDYOMDQMDJRVSRGLQMVNLKGHODOL]DUDGL VOXÊEH

6SUHPHPEHVHSRMDYOMDMRSUHGYVHPQDUDYQLRßHWRYVNHLGHQWLWHWHLQVWHPSRYH]DQLPLYUHGQRWDPLWHUSUHFHMPDQM QDUDYQLRßHWRYVNLKSUDNV

.OMXÞQHEHVHGHRáHWRYVWYRRáHWRYDQMHGUXÌLQVNRÌLYOMHQMHVNUE]DRWURNHGHOLWHYGUXÌLQVNHJDGHOD

%,%/,2*5$3+<

$UHQGHOO 7 $ 6RFLDO &RQVWUXFWLRQLVW $SSURDFK WR 3DUHQWLQJ 9 $UHQGHOO 7 HG &RQWHPSRUDU\ 3DU HQWLQJ &KDOOHQJHV DQG ,VVXHV /RQGRQ Ÿ 1HZ 'HOKL Ÿ 7KRXVDQG2DNV6DJH3XEOLFDWLRQVŸ

&UDLJ/'RHV)DWKHU&DUH0HDQ)DWKHUV6KDUH"

$ &RPSDULVRQ RI +RZ 0RWKHUV DQG )DKWHUV LQ ,QWDFW )DPLOLHV 6SHQG 7LPH ZLWK &KLOGUHQ *HQGHU 6RFLHW\

1HZEXU\3DUNŸ

'HOSK\&/HRQDUG')DPLOLDU([SORLWDWLRQ$

1HZ$QDO\VLVRI0DUULDJHLQ&RQWHPSRUDU\:HVWHUQ6R FLHWLHV&DPEULGJH3ROLW\3UHVV

'H9DXOW 0 / )HHGLQJ WKH )DPLO\ 7KH 6RFLDO 2UJDQL]DWLRQ RI &DULQJ DV *HQGHUHG :RUN &KLFDJR Ÿ /RQGRQ8QLYHUVLW\RI&KLFDJR3UHVV

*HUVRQ . 7KH 6RFLDO &RQVWUXFWLRQ RI )DWKHU KRRG 9 $UHQGHOO 7 HG &RQWHPSRUDU\ 3DUHQWLQJ

&KDOOHQJHVDQG,VVXHV7KRXVDQG2DNVŸ/RQGRQŸ1HZ 'HOKL6DJH3XEOLFDWLRQVŸ

+HDUQ - 3ULQJOH . 0HQ 0DVFXOLQLWLHV DQG

&KLOGUHQ 6RPH (XURSHDQ 3HUVSHFWLYHV &ULWLFDO 6RFLDO 3ROLF\/RQGRQŸ

+RFKVFKLOG $ 7KH 6HFRQG 6KLIW 1HZ <RUN

$YRQ%RRNV

+XPHU È (WLND VNUEL VSRO LQ GUXÌLQD SURFHVL UHORNDFLMHVNUELPHG]DVHEQR LQ MDYQR VIHUR 'RNWRUVND GLVHUWDFLMD(WKLFVRI&DUH*HQGHUDQG)DPLO\7KH3UR FHVVHV RI WKH 5HORFDWLRQ RI &DUH EHWZHHQ 3ULYDWH DQG 3XEOLF 6SKHUHV 3K' 7KHVLV /MXEOMDQD )DNXOWHWD ]D GUXÌEHQHYHGH

.DQMXR 0UÞHOD $ ÝHUQLJRM 6DGDU 1 6WDUÊL PHGGHORPLQGUXÌLQR3DUHQWVEHWZHHQ:RUNDQG)DP LO\ 5HVHDUFK UHSRUW /MXEOMDQD 2IILFH RI 5HSXEOLF 6OR YHQLDIRU(TXDO2SSRUWXQLWLHVDQG)DFXOW\RI6RFLDO6FL HQFHV/MXEOMDQD8QLYHUVLW\RI/MXEOMDQD

.QLMQ 7 0XOGHU $ & HGV 8QUDYHOOLQJ )D WKHUKRRG$PVWHUGDP)RULV3XEOLFDWLRQV

/XSWRQ'%DUOD\/&RQVWUXFWLQJ)DWKHUKRRG 'LVFRXUVHVDQG([SHULHQFHV/RQGRQŸ7KRXVDQG2DNVŸ

1HZ'HOKL6DJH3XEOLFDWLRQV

5DQVRQ * 0HQ DW :RUN &KDQJH Ÿ RU QR

&KDQJH"Ÿ,QWKH(UDRIWKH1HZ)DWKHU0HQDQG0DV FXOLQLWLHV7KRXVDQG2DNVŸ

5HQHU 7 ÆYDE $ ÈDNHOM 7 +XPHU È 3HU VSHNWLYH QRYHJD RáHWRYVWYD Y 6ORYHQLML YSOLY PHKD QL]PDRáHWRYVNHJDGRSXVWDQDDNWLYQRRáHWRYDQMH3HU VSHFWLYHVRI1HZ)DWKHUKRRGLQ6ORYHQLD7KH,QIOXHQFH RI3DWHUQDO/HDYH 0HFKDQLVP RQ $FWLYH )DWKHULQJ5H

VHDUFK5HSRUW/MXEOMDQD&HQWUHIRU6RFLDO3V\FKRORJ\Ô )DFXOW\RI6RFLDO6FLHQFHVÔ8QLYHUVLW\RI/MXEOMDQD 5HQHU 7 6HGPDN 0 ÆYDE $ 8UHN 0 'UXÌLQHLQGUXÌLQVNRÌLYOMHQMHY6ORYHQLML)DPLOLHVDQG )DPLO\/LIHLQ6ORYHQLD.RSHU=DORÌED$QQDOHV 5HQHU7ÆYDE$ÈDNHOM7+XPHUÈ9H]RYQLN$

1RYLWUHQGLYVWDUÊHYVWYXDQDOL]DRáHWRYVWYDWHU SUHGORJL ]D L]EROMÊDYH GUXÌLQVNH SROLWLNH QD WHP SR GURáMX 1HZ 7UHQGV LQ 3DUHQWKRRG $QDO\VLV RI )DWKHU KRRG DQG 3URSRVDOV IRU ,PSURYLQJ )DPLO\ 3ROLF\ LQ WKH )LHOG 5HVHDUFK 5HSRUW /MXEOMDQD )DNXOWHWD ]D GUXÌEHQHYHGHÔ&HQWHU]DVRFLDOQRSVLKRORJLMR

5HUULFK060RGHUQL]LQJWKH3DWULDUFKDO)DP LO\LQ:HVW*HUPDQ\ŸVRPH)LQGLQJVRQ5HGLVWULEXWLRQ RI)DPLO\:RUNEHWZHHQ:RPHQ7KH(XURSHDQ-RXUQDO RI:RPHQV6WXGLHV/RQGRQŸ

6DUDFHQR&&KDQJLQJWKH*HQGHU6WUXFWXUHRI )DPLO\ 2UJDQLVDWLRQ 7UHQWR 8QLYHUVLWj 'HJOL 6WXGL GL 7UHQWR

6HGPDN 0 0HGDULÞ = 9SOLY ]DSRVOLWYH QD GUXÌLQVNHRGORáLWYHLQGUXÌLQVNRÌLYOMHQMH7KH,QIOXHQFH RI(PSOR\PHQWRQ)DPLO\'HFLVLRQ0DNLQJDQG)DPLO\

/LIH96HGPDN00HGDULá= HGV 0HG MDYQLP LQ ]DVHEQLPÌHQVNHQDWUJXGHOD%HWZHHQ3XEOLFDQG3UL YDWH :RPHQ RQ WKH /DERXU 0DUNHW .RSHU =DORÌED

$QQDOHVŸ

6HJDO/6ORZ0RWLRQŸ&KDQJLQJ0DVFXOLQLWLHV

&KDQJLQJ0HQ/RQGRQ9LUDJR

6PDUW & 7KH 1HZ 3DUHQWKRRG IDWKHUV DQG PRWKHUV DIWHU GLYRUFH 9 6LOYD ( % 6PDUW & HGV 7KH 1HZ )DPLO\" /RQGRQ Ÿ 7KRXVDQG 2DNV Ÿ 1HZ 'HOKL6DJH3XEOLFDWLRQVŸ

9DQ 'RQJHQ 0 & 3 0HQV $VSLUDWLRQV &RQ FHUQLQJ&KLOG&DUH7KH([WHQWWRZKLFKWKH\DUH5HDO LVHG99DQ'RQJHQ0&3)ULQNLQJ*$%-DFREV 0 - * HGV &KDQJLQJ )DWKHUKRRG $ 0XOWLGLVFLSOLQ DU\3HUVSHFWLYH$PVWHUGDP7KHVLV3XEOLVKHUVŸ

:DOO* $UQROG 6 +RZ ,QYROYHG LV ,QYROYHG )DWKHULQJ" $Q ([SORUDWLRQ RI WKH &RQWHPSRUDU\ &XOWXUH RI)DWKHUKRRG*HQGHU 6RFLHW\1HZEXU\3DUN

Ÿ

:HWKHUHOO 0 6RFLDO 6WUXFWXUH ,GHRORJ\ DQG )DPLO\'\QDPLFV7KH&DVHRI3DUHQWLQJ90XQFLH- :HWKHUHOO 0 'DOORV 5 &RFKUDQH $ HGV 8QGHU VWDQGLQJ WKH )DPLO\ /RQGRQ Ÿ 7KRXVDQG 2DNV Ÿ 1HZ 'HOKL6DJH3XEOLFDWLRQVŸ

:LOOLDPV6:KDW,V)DWKHUKRRG"6HDUFKLQJIRU WKH5HIOH[LYH)DWKHU6RFLRORJ\/RQGRQŸ

Reference

POVEZANI DOKUMENTI

,Q WKH IXUWKHU WH[W DFFRUGLQJ WR P\ RZQ VHOHFWLRQ , VKDOO FLWH FHUWDLQ LPSRUWDQW DUFKLYDO GDWD ZKLFK LOOXVWUDWH WKH VLJQLILFDQFH RI 9HQLFH DV D SODFH VHW LQ D

\RXU JORULRXV LQGLYLGXDOLW\ ZLOO FRDOHVFH LQWR D JUHDWHU HQWLW\ DQG ZLOO FRQVWLWXWH D (XURSHDQ IUDWHUQLW\ &gt;—@ $ GD\ZLOOFRPHZKHQWKHUHZLOOEH&gt;—@PDUNHWVRSHQLQJ WR FRPPHUFH DQG

&lt;XJRVODY JRYHUQPHQW LQ H[LOH LQ /RQGRQ RQ EHKDOI RI OLEHUDO FLUFOHV 6XSSRVHGO\ KH KDG VRPH LQIRUPDWLRQ WKDWLQWKHRSLQLRQRI62(ZDVYHU\LPSRUWDQWWRWKHP +RZHYHU KH KDG WR UHWXUQ

1MLKRYD YORJD Y SRWRYDOQL GHMDYQRVWL MH WRUHM ELVW YHQD 6RGREQL WHRUHWLNL SRXGDUMDMR GD MH WD UDYHQ RV QRYQL JHQHUDWRU UD]YRMD WXUL]PD QD GHVWLQDFLML 9LVRNR UD]YLWH

7UDQVLWLRQ PHWDO FRPSOH[HV DUH RQH RI WKH PRVW VWXGLHG PDWHULDOV IRU DQDO\VLV RI PDJ QHWRVWUXFWXUDO FRUUHODWLRQV GXH WR WKHLU UHODWLYHO\ VLPSOH PDJQHWLF VWUXFWXUH ZLWK RQO\ IHZ

WLYHO\ 7KH + DQG + K\GURJHQ DWRPV RI 2 + DQG 2 + K\GUR[\O JURXSV DUH VLWXDWHG LQ FKDQQHO ZKLOH LQ FKDQQHO WKH XQFRRUGLQDWHG ZDWHU PROHFXOH + 2 DW KDOI RFFXSLHG e VSHFLDO SRVLWLRQV

Na področju, ki ga pokriva Center za socialno delo Radovljica, je 96 odraslih oseb, ki imajo težjo ali najtežjo motnjo v duševnem razvoju.. 29 oseb je že vrsto let nameščenih

John Keane je v omenjeni zbornik prispeval nekaj svojih tekstov, ki imajo bolj ali manj posredno zvezo tudi s posameznimi teksti, zbranimi v njegovi knjigi Despotizem in