Ventura - revpen05.chp - Revista Pensamiento Penal

Anuncio
‘O½²€8
8O€8²cu€Šbb8‡…ÂÈb€‡¢ÂY8Šb½‘µ
b²‘O€b½n€O‘µŸC Doctrina
(‘²Îb§Â€b‡¢b²O²€‘
Hacia un régimen penal juvenil...
+-Ð* U
¢½²‘YÂOO€’¢j¢Ð²‘Ê€Š8O€’bµ½8Yµ½€O88‡²‘F‡bŠ8Yb‡Yb‡€½‘…ÂÈb€‡¢j¢8O€8
²cu€Šbb8‡…ÂÈb€‡Y€nb²bO€8Y‘¢j2¢
b²bF²‘Ë8Y‘‡bµObO€8U8 ÐY‘‡bµOb½bµË
Ȁ‘‡bO€8¢8O½‘²bµYb²€bµu‘·F b²bF²‘V8Y‘‡bµObO€8˵µ€Š‡€O8O€8µ…²Y€O‘b8‡bµ·
O bµ8²²‘‡‡‘Ob²bF²8‡Ë8Y‘‡bµObO€8·Y Š8Y²bÎOb²bF²8‡V8Y‘‡bµObO€8ËO‘YÂO½8·b ÐY‘‡bµObO€8Ë8u²bµ€’¢j2¢
‘O‡Âµ€‘bµ¢j2¢€F‡€‘u²8n8
¢,* -
"
/DYLROHQFLDHVXQSUREOHPDTXHDIHFWDDOPXQGRHQWHUR
TXHDWHQWDFRQWUDHOELHQHVWDUItVLFR\SVtTXLFRGHORVVHUHV
KXPDQRV (V SRU HOOR TXH VX GLVPLQXFLyQ VH SUHVHQWD
FRPRXQRGHORVGHVDItRVPiVFRPSOHMRVSDUDODVVRFLH
GDGHVPRGHUQDV$VtODYLROHQFLDHVDERUGDGDGHVGHGL
IHUHQWHVGLVFLSOLQDVFRPRODVRFLRORJtDODDQWURSRORJtD
ODSVLFRORJtD\ODPHGLFLQD
(QHVWDOtQHDOD2UJDQL]DFLyQ0XQGLDOGHOD6DOXG206
HQVX$VDPEOHD0XQGLDOGHOD6DOXGUHDOL]DGDHQ
GHFODUDDODYLROHQFLDXQSUREOHPDGHVDOXGS~EOLFD
FUHFLHQWHHQHOPXQGRHQWHUR'LFKDUHVROXFLyQVHxDOD
ODVJUDYHVFRQVHFXHQFLDVGHODYLROHQFLDHLQYLWDDORV(V
WDGRVPLHPEURVDWRPDUDFFLRQHVHQEXVFDGHODGLVPL
QXFLyQGHHVWDSUREOHPiWLFD
(QHODxRHQHOPXQGRPXULHURQPLOORQHVGH
SHUVRQDV GHELGR D OD YLROHQFLD &DVL OD PLWDG GH HVWDV
PXHUWHVVHGHELyDKRPLFLGLRV(OIXHURQYDURQHVOD
PD\RUtDGHHOORVWHQtDHQWUH\DxRV\YLYtDHQSDtVHV
HQYtDVGHEDMRVLQJUHVRVÉIULFD\$PpULFD(QWpUPL
QRVGHVDOXGS~EOLFDODYLROHQFLDDFDUUHDXQFRVWRHFRQy
PLFRPX\DOWR$OJXQDVVRFLHGDGHVJDVWDQPiVGHOGH
VXSURGXFWREUXWRLQWHUQR3%,HQWUDWDUODVFRQVHFXHQFLDV
GHODYLROHQFLD(Q$PpULFD/DWLQDORVFRVWRVGHDWHQ
FLyQPpGLFDFRPRFRQVHFXHQFLDGHODYLROHQFLDDVFLHQGHQ
DPLOORQHVGHGyODUHVDQXDOHVDHVWRKD\TXHVXPDUOH
ODPRUWDOLGDG\ORVFRVWRVSRULQYDOLGH]\DXVHQWLVPR$Vt
ODYLROHQFLDVHSUHVHQWDFRPRXQDODVSULQFLSDOHVFDXVDV
GHPXHUWHSDUDODSREODFLyQGHHQWUH\DxRV6LQ
HPEDUJRD~QVHPDQWLHQHLQYLVLEOH\UHVXOWDGLItFLOFDOFXODU
HOGRORU\VXIULPLHQWRGHODVYtFWLPDVGHYLROHQFLD
6LELHQODYLROHQFLDVLHPSUHKDIRUPDGRSDUWHGHODH[SH
ULHQFLDKXPDQDHVWRQRWLHQHSRUTXpVHUDFHSWDGRFRPR
SDUWHLQHYLWDEOHGHODFRQGLFLyQKXPDQD(QHVWDOtQHDOD
206SURSRQHODSUHYHQFLyQGHODYLROHQFLDDWUDYpVGH
PHGLGDVUHODFLRQDGDVFRQODVDOXGS~EOLFD
(OPXQGRVHHQIUHQWDDXQDIRUPDSDUWLFXODUGHYLROHQFLD
ODMXYHQLO(QWRGRVORVSDtVHVORVDGROHVFHQWHV\MyYHQHV
DGXOWRVVRQYtFWLPDV\YLFWLPDULRVGHODYLROHQFLD(VWH
SUREOHPDQRVyORVHPLGHFRQODVPXHUWHVROHVLRQHV
UHODFLRQDGDVFRQODYLROHQFLDVLQRTXHWDPELpQWLHQH
XQIXHUWHLPSDFWRHQODFDOLGDGGHYLGDGHORVMyYHQHV
eVWDQRVHHQFXHQWUDDLVODGDGHRWURVFRPSRUWDPLHQWRV
FRPSOHMRVFRPRSRUHMHPSORODGHOLQFXHQFLD0XFKRV
GHORVMyYHQHVYLROHQWRVFRQVXPHQVXVWDQFLDVSVLFRWUySL
FDVDEDQGRQDQVXVHVWXGLRV\FRQGXFHQGHIRUPDLPSUX
GHQWH$ODERUGDUHVWDVSUREOHPiWLFDVVHGHEHVHUDQWH
WRGRSUXGHQWHTXHGDQGRSRUIXHUDDQiOLVLVVLPSOLVWDV\
UHGXFFLRQLVWDV\DTXHQRWRGRVORVMyYHQHVYLROHQWRVFR
7UDEDMRRULJLQDO/ySH])&\0HUFXULR(1´&HUHEUR\DGROHVFHQFLDLPSOLFDQFLDVMXUtGLFRSHQDOHVµPHQFLyQHVSHFLDOHQOD
FDWHJRUtD 3VLTXLDWUtD )RUHQVH &RQJUHVR ,QWHUQDFLRQDO GH 3VLTXLDWUtD $VRFLDFLyQ $UJHQWLQD GH 3VLTXLDWUDV %XHQRV $LUHV
VHSWLHPEUHGH
2UJDQL]DFLyQ0XQGLDOGHOD6DOXGUHVROXFLyQ:+$
2UJDQL]DFLyQ0XQGLDOGHOD6DOXG´,QIRUPHPXQGLDOVREUHODYLROHQFLD\ODVDOXGµ:DVKLQJWRQ
2UJDQL]DFLyQ0XQGLDOGHOD6DOXG&RQIHUHQFLD0XQGLDOVREUH3UHYHQFLyQGH/HVLRQHV\3URPRFLyQGHOD6HJXULGDG9LHQDDO
/RQGRxR-/\*XHUUHUR5´$VDOWRDOGHVDUUROOR9LROHQFLDHQ$PpULFDODWLQDµ5HGGH&HQWURVGH,QYHVWLJDFLyQ:DVKLQJWRQ
FLWDGRSRU.HVVOHU*DEULHO´6RFLRORJtDGHOGHOLWRDPDWHXUµ(G3DLGyV%XHQRV$LUHVS
2UJDQL]DFLyQ0XQGLDOGHOD6DOXG´,QIRUPHPXQGLDOVREUHODYLROHQFLD\ODVDOXGµFLW
%XHQRV$LUHVIDVF
0001
Black
'RFWULQD
PHWHQGHOLWRV QL WRGRVORVMyYHQHVFRQSUREOHPDV VRQ
YLROHQWRV
/DYLROHQFLDMXYHQLOVHHQFXHQWUDtQWLPDPHQWHUHODFLRQDGD
FRQRWUDVIRUPDVGHYLROHQFLD(QWDOVHQWLGR´SUHVHQFLDU
DFWRVYLROHQWRVHQHOKRJDUVXIULUDEXVRItVLFRRVH[XDO
SXHGHFRQGLFLRQDUDTXHORVQLxRV\DGROHVFHQWHVFRQVL
GHUHQ D OD YLROHQFLD FRPR XQ PHGLR DFHSWDEOH SDUD OD
UHVROXFLyQGHSUREOHPDVµ
/DSUREOHPiWLFDGHODGHOLQFXHQFLDMXYHQLOKDVLGRDERU
GDGDGHVGHGLIHUHQWHVSHUVSHFWLYDVGHVGHODVWHRUtDVVR
FLROyJLFDVGH6XWKHUODQG\&RKHQVREUHODDVRFLDFLyQGL
IHUHQFLDO\ODVWHRUtDVGHODVVXEFXOWXUDVUHVSHFWLYDPHQWH
KDVWD DERUGDMHV SVLFRDQDOtWLFRV FRPR HO SURSXHVWR SRU
:LQQLFRWW
(QORV~OWLPRVDxRVHOHVWXGLRVREUHHOFHUHEURKDGHVSHU
WDGRJUDQLQWHUpVODGpFDGDGHIXHGHFODUDGDSRU
HO SUHVLGHQWH *HRUJH + : %XVK FRPR ´ODGpFDGDGHO
FHUHEURµ(QHVWDOtQHDORVQHXURFLHQWtILFRVKDQFR
PHQ]DGR D LQYHVWLJDU VREUH DOJXQRV FRPSRUWDPLHQWRV
HVHQFLDOHVGHODFRQGLFLyQKXPDQDFRPRODHPSDWtDHO
OLEUHDOEHGUtRODVGHFLVLRQHVPRUDOHV\ODVEDVHVELR
OyJLFDVGHODYLROHQFLDKXPDQD $VLPLVPRVHKDQ
GHGLFDGRDLQYHVWLJDUHQSURIXQGLGDGODVIXQFLRQHVPiV
FRPSOHMDVGHODFRJQLFLyQKXPDQDFRPRODPHPRULDOD
DWHQFLyQHOOHQJXDMH\HOFRQWUROHMHFXWLYR
(VWRVGHVFXEULPLHQWRVHFKDQXQPDQWRGHOXFLGH]VREUH
TXp UHJLRQHV VRQ ODV HQFDUJDGDV GH FRQWURODU \YDORUDU
QXHVWUDVFRQGXFWDV\FXiOHVSRGUtDQVHUODVFRQVHFXHQ
FLDVGHODGLVIXQFLyQHQGLFKDVUHJLRQHV$VtXQPD\RU
FRQRFLPLHQWRGHODDQDWRPtD\ILVLRORJtDFHUHEUDOSHUPLWH
FRPSUHQGHUORVPHFDQLVPRVVXE\DFHQWHVGHODVHQIHU
PHGDGHVPHQWDOHVVREUHWRGRHQORTXHDODVHPRFLRQHV
\IXQFLRQHVFRJQLWLYDVVHUHILHUH
+DVWDKDFHSRFRWLHPSRHOHVWXGLRGHOFHUHEURVyORSRGtD
UHDOL]DUVHSRVWPyUWHP\DWUDYpVGHLQIHUHQFLDVLQGLUHFWDV
SRUHMHPSORODPHGLFLyQGHPHWDEROLWRVSHULIpULFRVUHOD
FLRQDGRVFRQODIXQFLyQFHUHEUDO$VtXQWXPRUFHUHEUDO
VyORSRGtDGLDJQRVWLFDUVHHQXQTXLUyIDQR\OXHJRGHTXH
pVWH SURGXMHUD VLJQRV FOtQLFRV QHXUROyJLFRV FRPR SRU
HMHPSORWUDVWRUQRVHQORVPRYLPLHQWRV
(QODDFWXDOLGDGODHYROXFLyQGHODVWpFQLFDVGHQHXURLPD
JHQSHUPLWHHVWXGLDUHOFHUHEURDWUDYpVGHHVWXGLRVQR
LQYDVLYRV\KDFHSRVLEOHTXHVHYLVXDOLFHQFRVDVTXHDQ
WLJXDPHQWHQRSRGtDQYHUVH/DVPRGHUQDVWpFQLFDVGH
LPDJHQFHUHEUDOODUHVRQDQFLDPDJQpWLFD50ODUHVR
QDQFLDPDJQpWLFDIXQFLRQDOI05,SRUVXVVLJODVHQLQ
JOpVODWRPRJUDItDSRUHPLVLyQGHIRWyQ~QLFR63(&7
ODWRPRJUDItDSRUHPLVLyQGHSRVLWURQHV3(7SHUPLWHQ
HYDOXDU\PHGLUIXQFLRQHV\GLVIXQFLRQHVGHOFHUHEURHQ
SHUVRQDVVDQDV\HQDTXHOODVTXHSDGHFHQXQDHQIHUPH
GDGPHQWDO
/DPHQWHGHORVQLxRV\DGROHVFHQWHVIXQFLRQDGHPDQHUD
GLIHUHQWHGHODGHORVDGXOWRV\HVWRSXHGHH[SOLFDUVHHQ
WpUPLQRVQHXURELROyJLFRVSRUODVGLIHUHQFLDVHQVXGHVD
UUROOR\DFWLYLGDGFHUHEUDO(VWDIRUPDGLIHUHQWHGHFRP
SRUWDUVHVXUJHGHVGHODREVHUYDFLyQ\SXHGHYHULILFDUVH
HQODYLGDFRWLGLDQDIDPLOLDUHVFRODU\VRFLDO
(QHVWDOtQHDPRGHUQDVLQYHVWLJDFLRQHVVHKDQGHGLFDGR
DDQDOL]DUHOSURFHVRGHPDGXUDFLyQFUHFLPLHQWR\GH
VDUUROORFHUHEUDOGHVGHODQLxH]\DGROHVFHQFLDKDVWDOD
DGXOWH]
3RUVXSDUWHODOHJLVODFLyQKDWRPDGRHQFXHQWDGHVGH
KDFHGpFDGDVHVWDVGLIHUHQFLDVWDQWRHQHOiPELWRFLYLO
FRPRHQWHPiWLFDVSHQDOHV
(VSRUWRGRHOORTXHVHSUHVHQWDFRPRREMHWLYRGHOSUH
VHQWHWUDEDMRDQDOL]DUODUHODFLyQHQWUHORVQXHYRVGHVFX
EULPLHQWRVVREUHODPDGXUDFLyQ\HOGHVDUUROORFHUHEUDO\
ODQHFHVLGDGGHGHVDUUROODUXQVLVWHPDMXGLFLDOGLIHUHQFLD
GRSDUDORVMyYHQHVHQFRQIOLFWRFRQODOH\SHQDO
¢Ð(* 4Ð
"+,Ð+,
ÐÐ
(* Ð, -2
(QODGpFDGDGHODFDQWLGDGGHGHOLWRVHQQXHVWUR
SDtV VXIULy XQ LQFUHPHQWR VLJQLILFDWLYR GH HQ
DHQ/RVGHOLWRVPiVGHQXQ
FLDGRVIXHURQORVGHOLWRVFRQWUDODSURSLHGDGKXUWRV\UR
ERV3RUVXSDUWHORVGHOLWRVFRQWUDODVSHUVRQDVSDVDURQ
GHUHSUHVHQWDUXQDXQ
3RUHOWLSRGHGHOLWRHOKRPLFLGLRHVHOTXHSHUPLWHGHVGH
HOSXQWRGHYLVWDHVWDGtVWLFRUHDOL]DUFRPSDUDFLRQHVHQWUH
8QLWHG6WDWHV'HSDUWPHQWRI+HDOWKDQG+XPDQ6HUYLFHV´<RXWKYLROHQFHDUHSRUWRIWKH6XUJHRQ*HQHUDOµ:DVKLQJWRQ'&
)DJDQ - \ %URZQH $ ´9LROHQFH EHWZHHQ VSRXVHV DQG LQWLPDWHV SK\VLFDO DJJUHVVLyQ EHWZHHQ ZRPHQ DQG PHQ LQ LQWLPDWH
UHODWLRQVKLSVµHQ5HLVV$-\5RWK-$HGV´8QGHUVWDQGLQJDQGSUHYHQWLQJYLROHQFHSDQHORQWKHXQGHUVWDQGLQJDQGFRQWURO
RIYLROHQWEHKDYLRUµYRO´6RFLDOLQIOXHQFHVµ1DWLRQDO$FDGHP\3UHVV:DVKLQJWRQ'&SV
:LGRP&6´&KLOGDEXVHQHJOHFWDQGYLROHQWFULPLQDOEHKDYLRUµ&ULPLQRORJ\QSV
:LQQLFRWW':´'HSULYDFLyQ\GHOLQFXHQFLDµ(G3DLGyV%XHQRV$LUHV
3UHVLGHQWH*HRUJH+:%XVK3URFODPDWLRQ´'HFDGHRIWKH%UDLQ3URFODPDWLRQµ)HGHUDO5HJLVWHUQ
*D]]DQLJD0\6WHYHQ0´)UHHZLOOLQWKH7ZHQW\ILUVW&HQWXU\$GLVFXVVLyQRI1HXURVFLHQFHDQGWKH/DZµHQ´1HXURVFLHQFH
DQGWKH/DZ%UDLQ0LQGDQGWKH6FDOHVRI-XVWLFHµ'DQD3UHVV:DVKLQJWRQ
3LHWULQL3HWDO´1HXUDO&RUUHODWHVRI,PDJLQDO$JJUHVVLYH%HKDYLRU$VVHVVHGE\3RVLWURQ(PLVVLyQ7RPRJUDSK\LQ+HDOWK\6XEMHFWVµ
$P-3V\FKLDWU\QSV
$UDQJR/ySH]&&UHVSR)DFRUUR%\$UUR\R0´1HXURLPDJHQHQSVLTXLDWUtDµHGUHLPSUHVLyQ$UV0HGLFD%DUFHORQD
S;,
,QIRUPH$QXDOGH(VWDGtVWLFDV3ROLFLDOHVDxRHODERUDGRSRUHO6LVWHPD1DFLRQDOGH,QIRUPDFLyQ&ULPLQDOGHSHQGLHQWHGH
OD'LUHFFLyQ1DFLRQDOGH3ROtWLFD&ULPLQDOGHO0LQLVWHULRGH-XVWLFLD\'HUHFKRV+XPDQRVGHOD1DFLyQ
5HYLVWDGH'HUHFKR3HQDO\3URFHVDO3HQDO
0002
Black
+DFLDXQUpJLPHQSHQDOMXYHQLO
SDtVHV6HJ~QHVWXGLRVGHODV1DFLRQHV8QLGDVUHDOL]DGRV
HQWUH\ODWDVDSURPHGLRGHKRPLFLGLRSRU
KDELWDQWHVHVGH(Q$PpULFD/DWLQDODPD\RUtD
GHORVSDtVHVSUHVHQWDQWDVDVVXSHULRUHVDODPHGLDPXQ
GLDO&RORPELDRFXSDHOSULPHUOXJDUFRQODWDVDGHKR
PLFLGLRPiVDOWDGHOPXQGR(QWDQWRTXHHQQXHVWURSDtV
SDUDHODxRODWDVDHUDOLJHUDPHQWHVXSHULRUDOD
PHGLD\PD\RUTXHODGH(VWDGRV8QLGRVLQYHU
VDPHQWHDORTXHVXFHGtDHQ\UHVSHFWL
YDPHQWH
/DVHVWDGtVWLFDVGHODxRSXEOLFDGDVSRUOD'LUHFFLyQ
1DFLRQDOGH3ROtWLFD&ULPLQDOGHSHQGLHQWHGHO0LQLVWHULR
GH-XVWLFLD6HJXULGDG\'HUHFKRV+XPDQRVUHYHOyXQD
WDVDGHSDUDHOKRPLFLGLRGRORVRSDUDWRGRHOSDtV
(VWRPDUFDUtDXQGHVFHQVRFRQUHODFLyQDORVFRPLHQ]RV
GHODSUHVHQWHGpFDGD7DOFRPRVHKDVHxDODGRHQHO
SiUUDIRSUHYLRSDUDHODxRODWDVDGHKRPLFLGLRV
GRORVRVFDGDPLOKDELWDQWHVIXHGHDOFDQ]DQGR
VXSXQWRPi[LPRHQHODxRFRQ
3DUDOD&LXGDGGH%XHQRV$LUHVVHUHJLVWUyXQWRWDOGH
KRPLFLGLRVGRORVRVHQWDQWRTXHSDUDODVHVWDGtVWLFDVGHO
0LQLVWHULR3~EOLFR)LVFDOODFDQWLGDGIXHGHSDUDHO
KRPLFLGLRVLPSOH/DWDVDDQXDOFDGDPLOKDELWDQWHV
IXHGH
$Vt GH ODV HVWDGtVWLFDV GHO 0LQLVWHULR 3~EOLFR )LVFDO VH
GHVSUHQGHTXHHOKRPLFLGLRVLPSOHKDUHJLVWUDGRXQGHV
FHQVR GHVGH HO DxR FXDQGR VH UHJLVWUDURQ FDVRVHQFRPSDUDFLyQFRQORVUHJLVWUDGRVGXUDQWH
HO
$KRUDELHQ¢FXiOHVHOSHUILOGHORVYLFWLPDULRV"8QRGH
ORVGHEDWHVDFWXDOHVVHUHILHUHDOGHVFHQVRGHODHGDG
PHGLDGHORVGHOLQFXHQWHV/RVUHVXOWDGRVGHOHVWXGLRGH
YLFWLPL]DFLyQHQOD&LXGDGGH%XHQRV$LUHVUHDOL]DGRVREUH
ODVSHUFHSFLRQHVGHODVYtFWLPDVVHxDODTXHHQWUH
\DOUHGHGRUGHOGHORVDJUHVRUHVHQURERVFRQ
YLROHQFLDVHKDEUtDXELFDGRHQODIUDQMDGHDDxRV
(QFXDQWRDOJUXSRGHHQWUH\DxRVTXHUHSUH
VHQWDEDQHQFHUFDGHOGHORVDJUHVRUHVHQHO
DxROOHJDUtDQDOGHOWRWDOVLHQGRHODxR
GHPD\RUSUHVHQWDFLyQFRQXQ
(QHVWDOtQHDHQHODxRHOGHODVVHQWHQFLDV
SURQXQFLDGDVIXHUHDOL]DGDDMyYHQHVGHHQWUH\
DxRVGHHGDG (QFRQVHFXHQFLDODHGDGSURPHGLR
GHODSREODFLyQFDUFHODULDVHUHGXMR\SDVyGHDxRV
HQDHQ
/DPD\RUSDUWHGHODVFDXVDVFRQWUDORVPHQRUHVVHUHOD
FLRQDQFRQGHOLWRVFRQWUDODSURSLHGDGHO(O
GHORVPHQRUHVLPSXWDGRVVRQYDURQHV\HOWLHQH
HQWUH\DxRV\HOFDUHFHGHDQWHFHGHQWHV
SHQDOHV&RQUHODFLyQDVXQLYHOGHLQVWUXFFLyQHOQR
VXSHUDODHGXFDFLyQSULPDULD\VyORHOKDILQDOL]DGROD
HVFXHODVHFXQGDULD
&RQUHODFLyQDOGHOLWRGHKRPLFLGLRGRORVR\ORVPHQRUHV
GXUDQWHHODxRIXHURQORVPHQRUHVGHDxRV
LPSXWDGRVGHWDOGHOLWRHQWRGRHOSDtVTXHUHSUHVHQWDQ
HOGHORVLPSXWDGRV(QODSURYLQFLDGH%XHQRV$LUHV
PHQRUHVGHDxRVIXHURQLPSXWDGRVGHHVHGHOLWR
HOGHOWRWDOHQWDQWRTXHHQOD&LXGDGGH%XHQRV
$LUHVGXUDQWHHODxRVyORXQPHQRUGHDxRVIXH
LPSXWDGRGHOGHOLWRGHKRPLFLGLRGRORVR
3DUDODVHVWDGtVWLFDVGHO0LQLVWHULR3~EOLFR)LVFDOGXUDQWH
HOPLVPRDxR²²IXHURQFDWRUFHORVLPSXWDGRVPH
QRUHVGHKRPLFLGLRGRORVRVLPSOH\DJUDYDGR(QHVWD
OtQHD ODV )LVFDOtDV GH 0HQRUHV KDQ LQIRUPDGR TXH HQ
VyORVHLVPHQRUHVIXHURQLPSXWDGRVGHKRPLFLGLR
VLPSOHFLIUDTXHKDGHVFHQGLGRDFDVLODPLWDGHQFRP
SDUDFLyQ FRQ DxRV DQWHULRUHV RQFH LPSXWDGRV
GLH] LPSXWDGRV GLHFLVpLV LPSXWDGRV \
RQFHLPSXWDGRV
(QUHVXPHQGHVGHODGpFDGDGHO·KDVWDODDFWXDOLGDG
VHYHXQDXPHQWRGHODFDQWLGDGGHKHFKRVGHOLFWXRVRV
HQJHQHUDO\HQSDUWLFXODUGHORVGHOLWRVFRQWUDODSURSLH
GDG6HJ~QFLIUDVRILFLDOHVHQFXDQWRDODFDQWLGDGGH
KRPLFLGLRVGRORVRVGXUDQWHODGpFDGDGHO·QXHVWURSDtV
UHJLVWUyFLIUDVSRUDUULEDGHSURPHGLRPXQGLDO6LQHPEDU
JRGHVGHFRPLHQ]RVGHODGpFDGDDFWXDOODWDVDDQXDOKD
H[SHULPHQWDGRXQGHVFHQVRDSDUWLUGHODxRFRQ
XQSLFRDOWRGXUDQWHHODxR'HEHGHVWDFDUVHTXH
ODWDVDDQXDOVLELHQVLHPSUHIXHVXSHULRUDODGHSDtVHV
GHVDUUROODGRV VLHPSUH VH PDQWXYR PX\ SRU GHEDMR GH
RWURVSDtVHVODWLQRDPHULFDQRVPiVYLROHQWRV&RQUHODFLyQ
DODSREODFLyQYLFWLPDULDHQVXPD\RUtDVHWUDWDGHMyYH
QHVYDURQHVFRQEDMRQLYHOHGXFDWLYRSHURFRQDOWRSRU
FHQWDMHGHFRQFXUUHQFLDDODHVFXHODHQWUHORVPHQRUHV
6HFRQFHQWUDQDVtODVVHQWHQFLDVMXGLFLDOHVHQODSREODFLyQ
GHDORTXHFRQOOHYDXQDGLVPLQXFLyQGHODHGDG
SURPHGLRGHODSREODFLyQFDUFHODULD
.HVVOHU*DEULHO´6RFLRORJtDGHOGHOLWRDPDWHXUµFLW
*XHPXUHPDQ6´/DFRQWUDFDUDGHODYLROHQFLDDGROHVFHQWHMXYHQLOODYLROHQFLDS~EOLFDLQVWLWXFLRQDOGHODDJHQFLDGHFRQWURO
VRFLDOµHQ*D\RO6\.HVVOHU*´9LROHQFLDVGHOLWRV\MXVWLFLDVHQOD$UJHQWLQDµ(GV81*60DQDQWLDO%XHQRV$LUHVHQ
.HVVOHU*DEULHO´6RFLRORJtDGHOGHOLWRDPDWHXUµFLW
&LWDUD5´(OSODQSHQLWHQFLDULRERQDHUHQVHµ5HYLVWDGHO6HUYLFLR3HQLWHQFLDULR%RQDHUHQVHQ%XHQRV$LUHVHQ.HVVOHU
*DEULHO´6RFLRORJtDGHOGHOLWRDPDWHXUµFLW
'LUHFFLyQ1DFLRQDOGH3ROtWLFD&ULPLQDO´,QYHVWLJDFLyQVREUHPHQRUHVLQIUDFWRUHV&DXVDVDxRµ0LQLVWHULRGH-XVWLFLD\
'HUHFKRV+XPDQRVGHOD1DFLyQ%XHQRV$LUHVHQ.HVVOHU*DEULHO´6RFLRORJtDGHOGHOLWRDPDWHXUµFLW
'LUHFFLyQ1DFLRQDOGH3ROtWLFD&ULPLQDO´6LVWHPD1DFLRQDOGH,QIRUPDFLyQ&ULPLQDO$xR,QIRUPHVREUHWRWDOGHOSDtVµ
0LQLVWHULRGHO,QWHULRU6HJXULGDG\'HUHFKRV+XPDQRVGHOD1DFLyQ%XHQRV$LUHV
'LUHFFLyQ1DFLRQDOGH3ROtWLFD&ULPLQDO´,QIRUPHDQXDOGHHVWDGtVWLFDVSROLFLDOHV$xRµ0LQLVWHULRGH-XVWLFLD\'HUHFKRV
+XPDQRVGHOD1DFLyQ%XHQRV$LUHVHQ.HVVOHU*DEULHO´6RFLRORJtDGHOGHOLWRDPDWHXUµFLW
%XHQRV$LUHVIDVF
0003
Black
'RFWULQD
¢Ð
Ð-*(Ð-2
*
Ð
b‘²bµbO‘n‡€O½‘O‘‡8‡b˝b8‡¢ÐµbO½‘µ
‡bu€µ‡8½€È‘µV}€µ½‘²€8˝b²µbO½€È8
&tFOLFDPHQWHHOGHEDWHVREUHODGHHGDGGHLPSXWDELOLGDG
GHORVPHQRUHVSDUHFHUHHGLWDUVHXQDRGRVYHFHVSRU
OXVWUR
(VWD LGHDLPDJLQDGD SRU OD VRFLHGDG HQQDGDUHIOHMDHO
HVWDGRDFWXDOODOHJLVODFLyQSHQDOGHPHQRUHVHQQXHVWUR
SDtV6LELHQQRHVREMHWRGHOSUHVHQWHWUDEDMRDQDOL]DU
GHVGHXQDYLVLyQMXUtGLFDORVDQWHFHGHQWHVOHJLVODWLYRVGHO
WHPDUHVXOWDRSRUWXQRSDUDXQDPD\RUFRPSUHQVLyQVH
xDODUORV
/DOHJLVODFLyQVREUHPHQRUHVWLHQHVXVSULPHURVRUtJHQHV
HQORVFRPLHQ]RVGHOVLJOR;;GRQGHODVLQWHQVDVLQIOXHQ
FLDVSRVLWLYLVWDVGHODpSRFDGLHURQQDFLPLHQWRDOD/H\GH
3DWURQDWRGH0HQRUHV²OH\²/DLGHDFHQWUDO
GH OD OH\ VH EDVDED HQ OD GHIHQVD GH OD VRFLHGDG \ OD
SUHYHQFLyQGHOGHOLWR\SDUDHOORHUDQHFHVDULRDFWXDUVR
EUHDTXHOORVTXHHUDQIXWXURVGHOLQFXHQWHV'LFKDOH\IXH
GHURJDGDSRUODOH\TXHLQFRUSRUDFRPRGH
DSOLFDFLyQREOLJDWRULDOD&RQYHQFLyQVREUHORV'HUHFKRV
GHO1LxR&'1
3RUVXSDUWHORVDVSHFWRVTXHOLQGDQHOGHUHFKRSHQDOVH
KDOODQUHJXODGRVSRUODOH\FUHDGDHQ
GXUDQWHHO~OWLPRSURFHVRPLOLWDU\TXHIXHUDPRGLILFDGD
SRVWHULRUPHQWHSRUODVOH\HV \
/DFDUDFWHUtVWLFDSULQFLSDOGHGLFKDOH\HVOD
IXHUWHLGHRORJtDWXWHODUTXHHOWH[WRFRQWLHQH
(VWHUpJLPHQOHJDOGLVSRQHHQVXDUWTXHORVPHQRUHV
QRVRQSXQLEOHVKDVWDORVDxRV\H[LVWLHQGRXQDLP
SXWDFLyQGHXQGHOLWRFRQWUDXQPHQRUGHHVDHGDGHO
MXH]ORGLVSRQGUiSURYLVLRQDOPHQWH/XHJRSURFHGHUiDOD
FRPSUREDFLyQGHOGHOLWR\RUGHQDUiODHODERUDFLyQGHLQ
IRUPHVUHVSHFWRGHVXSHUVRQDOLGDGSXGLHQGRLQWHUQDUDO
QLxRHQHOOXJDUTXHORFRQVLGHUHQHFHVDULR
(QVXDUWODOH\VHxDODTXHORVPHQRUHVTXHWHQLHQGR
DxRVLQFXUUDQHQXQGHOLWRTXHQRVHDGHDFFLyQSULYDGD
R UHSULPLGR FRQ SHQDV GH SULVLyQ TXH VXSHUHQ ORV GRV
DxRVGHEHQVHUVRPHWLGRVDSURFHVRSHQDO(OMXH]SXHGH
GLVSRQHUORSURYLVLRQDOPHQWH\HQORVFDVRVGHDEDQGRQR
IDOWDGHDVLVWHQFLDSHOLJURPDWHULDORPRUDORSUREOHPDV
GHFRQGXFWDSXHGHGLVSRQHUORGHILQLWLYDPHQWHSHURDQ
WHVGHEHUiFRPSUREDUODH[LVWHQFLDGHOGHOLWR\ODSDUWLFL
SDFLyQGHODGROHVFHQWH&XDQGRDOFDQ]DODHGDGGH
DxRVSXHGHLPSRQHUOHXQDSHQDUHGXFLGDFRQIRUPHDOD
HVFDODSHQDOGHODWHQWDWLYDRVLHVWLPDTXHQRHVQHFH
VDULDODSHQDDEVROYHUOR
/DSHQDSXHGHQRUHVXOWDUQHFHVDULDHQYLUWXGGHORVLQ
IRUPHV ODV PRGDOLGDGHV GHO KHFKR ORV DQWHFHGHQWHV
GHOPHQRU\ODLPSUHVLyQGLUHFWDUHFRJLGDSRUHOMXH]
\ODHYDOXDFLyQ GH ORVHIHFWRVGHOHQFLHUURRSHUDQGR
WRGDVHOODVFRPRXQDFDXVDSHUVRQDOGHH[FOXVLyQGHOD
SHQD
$VtHQODDFWXDOLGDG\WDOFRPRIXHUDVHxDODGRHQSiUUDIRV
SUHYLRVODHGDGGHLPSXWDELOLGDGSOHQDVHHQFXHQWUDILMDGD
HQORVDxRVFRQUHODFLyQDORVGHOLWRVFRQSHQDVPD
\RUHVDGRVDxRV(QWDOVHQWLGRGHVGHHODxRHQ
QXHVWUR SDtV VH KDQ GLFWDGR GLH] VHQWHQFLDV GH SULVLyQ
SHUSHWXDDMyYHQHVTXHDOPRPHQWRGHORVKHFKRVWHQtDQ
PHQRVGHDxRV(VWDVLWXDFLyQHQWUDHQFRQWUDGLFFLyQ
FRQHOFRPSURPLVRDVXPLGRSRUQXHVWURSDtVDOVXVFULELU
OD&RQYHQFLyQVREUHORV'HUHFKRVGHO1LxRKR\GHMHUDU
TXtD LQVWLWXFLRQDO TXH HQ VX DUW VHxDOD TXH QR VH
LPSRQGUiODSHQDFDSLWDOQLODSULVLyQSHUSHWXDVLQODSR
VLELOLGDGGHH[FDUFHODFLyQSRUGHOLWRVFRPHWLGRVSRUPH
QRUHVGHDxRVGHHGDG
6LELHQQRHVREMHWRGHOSUHVHQWHWUDEDMRUHDOL]DUXQDQiOLVLV
MXUtGLFRGHODOHJLVODFLyQSHQDOGHPHQRUHVVtGHEHVHxD
ODUVHTXHHOUpJLPHQDFWXDOHVLQWHQVDPHQWHFULWLFDGRSRU
ODGRFWULQD\ODMXULVSUXGHQFLD$XWRUHVGHIXVWHHQODPD
WHULDVHxDODQTXHVHWUDWDGHXQUpJLPHQWXWHODUTXHDYDQ]D
\DYDVDOODORVGHUHFKRVGHORVQLxRV$XQHQHOFDVRHQHO
TXHHOQLxRDFXVDGRGHXQGHOLWRVHDPHQRUGHDxRV
HOMXH]WLHQHODSRVLELOLGDGGHDSOLFDUXQDPHGLGDWXWHODU
(VWDPHGLGDGHWLSRWXWHODUVHDSOLFDGHLJXDOPDQHUDTXH
XQDSHQDSHURDGLIHUHQFLDGHpVWDWLHQHXQWLHPSRQR
GHWHUPLQDGR\DTXHTXHGDHOWLHPSRDGLVFUHFLRQDOLGDG
GHOPDJLVWUDGRKDVWDWDQWRFHVHSRUHMHPSORHOSHOLJUR
PRUDORPDWHULDO
´/D HGDG GH LPSXWDELOLGDG GH ORV PHQRUHV EDMR OD OXSD GH MXULVWDVµ GLDULR /D 1DFLyQ GHO GLVSRQLEOH HQ
KWWSZZZODQDFLyQFRPDUQRWDDVS"QRWDBLG ´+D\TXHEDMDUODHGDGGHLPSXWDELOLGDGDDxRVµGLDULR&ODUtQGHO
´/RV PHQRUHV GH DxRV \ HO GHOLWRµ GLDULR &ODUtQ GHO GLVSRQLEOH HQ KWWSZZZFODULQFRPGLDULR
VKWP6LELHQH[LVWHHQHOLPDJLQDULRSRSXODUXQDLGHDGHTXHFXDQGRGHMXVWLFLDSHQDOGHPHQRUHVVHWUDWDpVWRV
´HQWUDQSRUXQDSXHUWD\VDOHQSRURWUDJDUDQWL]iQGRVHOHVODLPSXQLGDGµ
/H\SXEOLFDGDHQHO%2GHO
/H\SXEOLFDGDHQHO%2GHO
3UHYLRDHOORQXHVWURSDtVUDWLILFyOD&RQYHQFLyQPHGLDQWHOH\SXEOLFDGDHQHO%2GHO
/H\SXEOLFDGDHQHO%2GHO
/H\SXEOLFDGDHQHO%2GHO
/H\SXEOLFDGDHQHO%2GHO
/H\SXEOLFDGDHQHO%2GHO
=DIIDURQL5D~O(´'HUHFKR3HQDO3DUWHJHQHUDOµ(G(GLDU%XHQRV$LUHV
$UW&'1DGRSWDGDSRUOD$VDPEOHD*HQHUDOGHODV1DFLRQHV8QLGDVHO1XHYD<RUNUDWLILFDGDSRUQXHVWURSDtVPHGLDQWH
OH\SXEOLFDGDHQHO%2GHO\GHFDUiFWHUREOLJDWRULRSRUODOH\SXEOLFDGDHQHO%2GHO
´$UW6LGHORVHVWXGLRVUHDOL]DGRVUHVXOWDUHTXHHOPHQRUVHKDOODDEDQGRQDGRIDOWRGHDVLVWHQFLDHQSHOLJURPDWHULDORPRUDO
5HYLVWDGH'HUHFKR3HQDO\3URFHVDO3HQDO
0004
Black
+DFLDXQUpJLPHQSHQDOMXYHQLO
7DOFRPR ORVHxDODXQ IDOORGHOD&iPDUD)HGHUDO´6H
GHVSUHQGHGHDOOtTXHODLQLPSXWDELOLGDGGHFODUDGDQRLP
SOLFD SHU VH XQ UHQXQFLDPLHQWR D OD LQWHUYHQFLyQ SHQDO
FRDFWLYD\DTXHDXQHQHVHFDVRHOQLxRHVVXVFHSWLEOH
GHVHUREMHWRGHODLQMHUHQFLDHVWDWDODWUDYpVGHODDSOL
FDFLyQGHPHGLGDVWXWHODUHVHQIXQFLyQGHVXVFRQGLFLR
QHVGHYLGDµ
(VWDPHGLGDWXWHODUQRVyORSXHGHDSOLFDUVHDORVPHQRUHV
GHDxRVVLQRWDPELpQDDTXHOORVMyYHQHVHQWUH\
DxRVVLQLPSRUWDUHOUHVXOWDGRGHODFDXVD(QRWUDV
SDODEUDVHVWDPHGLGDSXHGHDOFDQ]DUQRVyORDORVGH
FODUDGRVLQLPSXWDEOHVVLQRWDPELpQDORVDEVXHOWRV
(VHQHVWDOtQHDTXHODVFUtWLFDVPiVIXHUWHVVHDO]DQVREUH
TXHHOUpJLPHQDFWXDO´QRORJUDGLVWLQJXLUHQWUHODDWHQFLyQ
GHVLWXDFLRQHVGHGHVSURWHFFLyQGHVDPSDURRDEDQGRQR
\ODSHUVHFXFLyQ\MX]JDPLHQWRGHKHFKRVFDOLILFDGRVFRPR
GHOLWRVSRUODOH\SHQDOµ(QRWUDVSDODEUDVHOUpJLPHQ
WXWHODUQRSHUPLWHGLVWLQJXLUFRQFODULGDGDTXHOORVFDVRV
SHQDOHVGHDTXHOORVFDVRVVRFLDOHV²DOJRTXHVtVHGLVWLQ
JXHFRQFODULGDGDSDUWLUGHOD&RQYHQFLyQVREUHORV'H
UHFKRV GHO 1LxR \ ODV 5HJODV 0tQLPDV GH ODV 1DFLRQHV
8QLGDVSDUDOD$GPLQLVWUDFLyQGHOD-XVWLFLDGH0HQRUHV
´5HJODVGH%HLMLQJµ²
$VtWRGRVORVFDPLQRVSDUHFHQOOHJDUDOPLVPROXJDUOD
SULYDFLyQGHODOLEHUWDGGHOPHQRUSRUWLHPSRLQGHWHUPL
QDGRYXOQHUiQGRVHDVtHOSULQFLSLRFRQVWLWXFLRQDOGHLQR
FHQFLD6LWXDFLyQTXHHQWUDHQFRQWUDGLFFLyQFRQOD
&RQYHQFLyQVREUHORV'HUHFKRVGHO1LxRTXHHQVXDUW
VHxDODTXH´ORV(VWDGRVSDUWHVILMDUiQXQDHGDGPt
QLPDDQWHVGHODFXDOVHSUHVXPLUiTXHORVQLxRVQRWLHQHQ
FDSDFLGDGSDUDLQIULQJLUOH\HVSHQDOHV\VLHPSUHTXHVHD
DSURSLDGR\GHVHDEOHVHGHEHUiQDGRSWDUPHGLGDVSDUD
WUDWDUDHVRVQLxRVVLQUHFXUULUDOVLVWHPDMXGLFLDOµ
/DHGDGPtQLPDDODTXHKDFHUHIHUHQFLDOD&RQYHQFLyQ
VREUHORV'HUHFKRVGHO1LxRTXHGDOLEUDGDDOFULWHULRGH
FDGDVRFLHGDG\FXOWXUDGHDKtTXHFDGDSDtVKD\DRSWDGR
SRUXQDHGDGGLIHUHQWHFRPROtPLWHGHHGDGSDUDODLPSX
WDELOLGDG$VtODV5HJODV0tQLPDVGHODV1DFLRQHV8QLGDV
SDUDOD$GPLQLVWUDFLyQGHOD-XVWLFLDGH0HQRUHV´5HJODV
GH%HLMLQJµUHFRPLHQGDQTXHGLFKROtPLWHQRVHHV
WDEOH]FDDXQDHGDGGHPDVLDGRWHPSUDQDWHQLHQGRHQ
FXHQWDODVFLUFXQVWDQFLDVGHPDGXUH]HPRFLRQDOPHQWDO
HLQWHOHFWXDO6HEXVFDH[DPLQDU\DQDOL]DUVLORVQLxRV
WHQLHQGRHQFXHQWDVXGHVDUUROORHPRFLRQDOPRUDOPHQ
WDOHLQWHOHFWXDOSXHGHQFRQVLGHUDUVHUHVSRQVDEOHVGHXQ
DFWRSURKLELGR(QRWUDVSDODEUDVVLSUHVHQWDQFDSDFLGDG
SDUDFRPSUHQGHU\GLVFHUQLUODLOLFLWXGGHORVKHFKRVTXH
VHOHVLPSXWDQ
$VtVL´ODPD\RUtDGHHGDGSHQDOVHILMDDXQDHGDGGH
PDVLDGRWHPSUDQDRVLQRVHHVWDEOHFHHGDGPtQLPDDO
JXQDHOFRQFHSWRGHUHVSRQVDELOLGDGSHUGHUtDWRGRVHQ
WLGR(QJHQHUDOH[LVWHXQDHVWUHFKDUHODFLyQHQWUHHOFRQ
FHSWRGHUHVSRQVDELOLGDGTXHGLPDQDGHOFRPSRUWDPLHQWR
GHOLFWLYRRFULPLQDO\RWURVGHUHFKRV\UHVSRQVDELOLGDGHV
VRFLDOHVFRPRHOHVWDGRFLYLOODPD\RUtDGHHGDGDHIHFWRV
FLYLOHVHWFµ
(O&RPLWpGHORV'HUHFKRVGHO1LxRGHODV1DFLRQHV8QL
GDVHQVXREVHUYDFLyQJHQHUDOGHO
VHxDOD FRQ UHODFLyQ D OD HGDG PtQLPD D HIHFWRV GH OD
UHVSRQVDELOLGDGSHQDOORVLJXLHQWH
´/RVLQIRUPHVSUHVHQWDGRVSRUORV(VWDGRVSDUWHVSR
QHQGHPDQLILHVWRODH[LVWHQFLDGHXQDPSOLRPDUJHQGH
RSUHVHQWDSUREOHPDVGHFRQGXFWDHOMXH]GLVSRQGUiGHILQLWLYDPHQWHGHOPLVPRSRUDXWRIXQGDGRSUHYLDDXGLHQFLDGHORVSDGUHVµ/H\
SXEOLFDGDHQHO%2GHO
&1DF&ULP\&RUU)HGVDOD´*)'\2VH[SHGLHQWHWXWHODUµIDOOR*DEULHO&DYDOOR\(GXDUGR)UHLOHU
´$UW(VSXQLEOHHOPHQRUGHDDxRVGHHGDGTXHLQFXUULHUHHQGHOLWRTXHQRIXHUDGHORVHQXQFLDGRVHQHODUW(QHVRV
FDVRVODDXWRULGDGMXGLFLDOORVRPHWHUiDOUHVSHFWLYRSURFHVR\GHEHUiGLVSRQHUORSURYLVLRQDOPHQWHGXUDQWHVXWUDPLWDFLyQDILQGH
SRVLELOLWDUODDSOLFDFLyQGHODVIDFXOWDGHVFRQIHULGDVSRUHODUW&XDOTXLHUDIXHVHHOUHVXOWDGRGHODFDXVDVLGHORVHVWXGLRVUHDOL]DGRV
DSDUHFLHUDTXHHOPHQRUVHKDOODDEDQGRQDGRIDOWRGHDVLVWHQFLDHQSHOLJURPDWHULDORPRUDORSUHVHQWDSUREOHPDVGHFRQGXFWD
HOMXH]GLVSRQGUiGHILQLWLYDPHQWHGHOPLVPRSRUDXWRIXQGDGRSUHYLDDXGLHQFLDGHORVSDGUHVWXWRURJXDUGDGRUµ/H\
SXEOLFDGDHQHO%2GHO
&1DF&ULP\&RUU)HGVDOD´*)'\2VH[SHGLHQWHWXWHODUµIDOOR*DEULHO&DYDOOR\(GXDUGR)UHLOHU
$GRSWDGDVSRUOD$VDPEOHD*HQHUDOHQVXUHVROXFLyQGH
$OJRVLPLODUKDVHxDODGROD&1DF&ULP\&RUUTXLHQKDFULWLFDGRODLQWHUQDFLyQDOVRVWHQHUTXH´HVWDVGLVSRVLFLRQHVDUWV
\ELVOH\\&331HQWUDQHQFROLVLyQFRQHOGHUHFKRDOGHELGRSURFHVR\HOSULQFLSLRGHLQRFHQFLDTXHH[LJHQ
TXHODLPSRVLFLyQGHXQDSHQDHVWpSUHFHGLGDSRUXQDVHQWHQFLDGHFRQGHQD(OORHQWDQWRVHJ~QHODUW&1FXDOTXLHULQWHUYHQFLyQ
FRDFWLYDTXHVHDSOLTXHDQWHVGHWDOUHVROXFLyQGHILQLWLYD²SDUWLFXODUPHQWHFXDQGRVHWUDWHGHXQDPHGLGDUHVWULFWLYDGHODOLEHUWDG²
GHEHHVWDUIXQGDGDHVWULFWDPHQWHHQFXHVWLRQHVGHFDUiFWHUSURFHVDOGHELGDPHQWHSUREDGDV\GHEHFXEULUXQDVHULHGHH[LJHQFLDV
PpULWRVXVWDQWLYRH[FHSFLRQDOLGDGSURSRUFLRQDOLGDGSURYLVLRQDOLGDGSRUHOWLHPSRPiVEUHYHTXHSURFHGDTXHQRDSDUHFHQ
HQXQFLDGDV HQODVQRUPDVDQWHVFLWDGDVµ & 1DF&ULP\&RUUVDODFDXVD´)DPRVR(\2VSURFHVDPLHQWRH
LQWHUQDFLyQµUWDHOFLWDGDSRUOD&1DF&ULP\&RUU)HGVDOD´*)'\2VH[SHGLHQWHWXWHODUµ
IDOOR*DEULHO&DYDOOR\(GXDUGR)UHLOHU
$UW&'1DGRSWDGDSRUOD$VDPEOHD*HQHUDOGHODV1DFLRQHV8QLGDVHO1XHYD<RUNUDWLILFDGDSRUQXHVWURSDtV
PHGLDQWH OH\ SXEOLFDGDHQ HO%2GHO\GHFDUiFWHUREOLJDWRULRSRUODOH\SXEOLFDGDHQHO%2GHO
$GRSWDGDVSRUOD$VDPEOHD*HQHUDOHQVXUHVROXFLyQGHO
&RPHQWDULRDOSWR5HJODV0tQLPDVGHODV1DFLRQHV8QLGDVSDUDOD$GPLQLVWUDFLyQGHOD-XVWLFLDGH0HQRUHV´5HJODVGH
%HLMLQJµDGRSWDGDVSRUOD$VDPEOHD*HQHUDOHQVXUHVROXFLyQGHO
&RQYHQFLyQVREUHORV'HUHFKRVGHO1LxR1DFLRQHV8QLGDVREVHUYDFLyQJHQHUDO´/RVGHUHFKRVGHOQLxRHQODMXVWLFLDGHOPHQRUµ
&RPLWpGHORV'HUHFKRVGHO1LxRSHUtRGRGHVHVLRQHV*LQHEUDDO
%XHQRV$LUHVIDVF
0005
Black
'RFWULQD
HGDGHVPtQLPDVDHIHFWRVGHUHVSRQVDELOLGDGSHQDO9D
UtDQ GHVGH XQ QLYHO PX\ EDMR GH X DxRV KDVWD XQ
HQFRPLDEOHPi[LPRGHRDxRV(QXQQ~PHUREDV
WDQWHFRQVLGHUDEOHGH(VWDGRVSDUWHVKD\GRVHGDGHVPt
QLPDVDHIHFWRVGHUHVSRQVDELOLGDGSHQDO
µ6HFRQVLGHUDUiTXHORVQLxRVTXHWLHQHQFRQIOLFWRVFRQ
ODMXVWLFLDTXHHQHOPRPHQWRGHODFRPLVLyQGHOGHOLWR
WXYLHUDQXQDHGDGLJXDORVXSHULRUDODHGDGPtQLPDPH
QRU SHUR LQIHULRUDODHGDG PtQLPDPD\RULQFXUUHQ HQ
UHVSRQVDELOLGDGSHQDO~QLFDPHQWHVLKDQDOFDQ]DGRODPD
GXUH]UHTXHULGDDHVHUHVSHFWR/DHYDOXDFLyQGHODPD
GXUH]LQFXPEHDOWULEXQDOPDJLVWUDGRDPHQXGRVLQQH
FHVLGDG GH UHFDEDU OD RSLQLyQ GH XQ SVLFyORJR\ HQOD
SUiFWLFDVXHOHUHVXOWDUHQODDSOLFDFLyQGHODHGDGPtQLPD
LQIHULRUHQFDVRGHGHOLWRJUDYH(OVLVWHPDGHGRVHGDGHV
PtQLPDVDPHQXGRQRVyORFUHDFRQIXVLyQVLQRTXHGHMD
DPSOLDV IDFXOWDGHV GLVFUHFLRQDOHV DO WULEXQDOMXH] TXH
SXHGHQFRPSRUWDUSUiFWLFDVGLVFULPLQDWRULDV7HQLHQGRHQ
FXHQWDHVWHDPSOLRPDUJHQGHHGDGHVPtQLPDVDHIHFWRV
GHUHVSRQVDELOLGDGSHQDOHO&RPLWpFRQVLGHUDTXHHVQH
FHVDULRRIUHFHUDORV(VWDGRVSDUWHVRULHQWDFLyQ\UHFR
PHQGDFLRQHVFODUDVUHVSHFWRGHODPD\RUtDGHHGDGSHQDO
µ(QHOSiUUGHODUWGHOD&RQYHQFLyQVHGLVSRQH
TXHORV(VWDGRVSDUWHVGHEHUiQWUDWDUGHSURPRYHUHQWUH
RWUDVFRVDVHOHVWDEOHFLPLHQWRGHXQDHGDGPtQLPDDQWHV
GHODFXDOVHSUHVXPLUiTXHORVQLxRVQRWLHQHQFDSDFLGDG
SDUD LQIULQJLU ODV OH\HV SHQDOHV SHUR QR PHQFLRQD XQD
HGDGPtQLPDFRQFUHWDDHVHUHVSHFWR(O&RPLWpHQWLHQGH
TXHHVDGLVSRVLFLyQFUHDODREOLJDFLyQSDUDORV(VWDGRV
SDUWHVGHHVWDEOHFHUXQDHGDGPtQLPDDHIHFWRVGHUHV
SRQVDELOLGDGSHQDO(053(VDHGDGPtQLPDVLJQLILFDOR
VLJXLHQWH
µ/RVQLxRVTXHFRPHWHQXQGHOLWRFXDQGRWRGDYtDQRKDQ
FXPSOLGRHVDHGDGPtQLPDQRSRGUiQFRQVLGHUDUVHUHV
SRQVDEOHVHQXQSURFHGLPLHQWRSHQDO,QFOXVRQLxRVPX\
MyYHQHVWLHQHQODFDSDFLGDGGHLQIULQJLUODOH\SHQDOSHUR
VLFRPHWHQXQGHOLWRDQWHVGHOD(053HOSUHVXSXHVWR
LUUHIXWDEOHHVTXHQRSXHGHQVHUIRUPDOPHQWHDFXVDGRV
QLFRQVLGHUiUVHOHVUHVSRQVDEOHVHQXQSURFHGLPLHQWRSH
QDO6LHVQHFHVDULRSRGUiQDGRSWDUVHPHGLGDVHVSHFLD
OHVGHSURWHFFLyQHQHOLQWHUpVVXSHULRUGHHVRVQLxRV
µ/RV QLxRV TXH WHQJDQ OD (053 HQ HO PRPHQWR GH OD
FRPLVLyQGHXQGHOLWRRLQIUDFFLyQGHODOHJLVODFLyQSHQDO
SHURWHQJDQPHQRVGHDxRVYpDQVHWDPELpQORVSiUUV
DLQIUDSRGUiQVHUREMHWRGHXQDDFXVDFLyQIRUPDO
\VHUVRPHWLGRVDXQSURFHGLPLHQWRSHQDO6LQHPEDUJR
HVWRVSURFHGLPLHQWRVLQFOXLGRHOUHVXOWDGRILQDOGHEHQ
HVWDUSOHQDPHQWHHQDUPRQtDFRQORVSULQFLSLRV\GLVSR
VLFLRQHVGHOD&RQYHQFLyQVHJ~QVHH[SUHVDHQODSUHVHQ
WHREVHUYDFLyQJHQHUDO
µ(QODUHJODGHODV5HJODVGH%HLMLQJVHUHFRPLHQGD
TXHHOFRPLHQ]RGHOD(053QRGHEHUiILMDUVHDXQDHGDG
GHPDVLDGRWHPSUDQDKDELGDFXHQWDGHODVFLUFXQVWDQFLDV
TXHDFRPSDxDQODPDGXUH]HPRFLRQDOPHQWDOHLQWHOHF
WXDO'HDFXHUGRFRQHVDGLVSRVLFLyQHO&RPLWpKDUHFR
PHQGDGR D ORV (VWDGRV SDUWHV TXH QR ILMHQ XQD (053
GHPDVLDGRWHPSUDQD\TXHVLORKDQKHFKRODHOHYHQKDVWD
XQQLYHOLQWHUQDFLRQDOPHQWHDFHSWDEOH7HQLHQGRHQFXHQ
WDHVWDVUHFRPHQGDFLRQHVFDEHOOHJDUDODFRQFOXVLyQGH
TXHHOHVWDEOHFLPLHQWRGHXQDHGDGPtQLPDDHIHFWRVGH
UHVSRQVDELOLGDGSHQDOLQIHULRUDDxRVQRHVLQWHUQDFLR
QDOPHQWHDFHSWDEOHSDUDHO&RPLWp6HDOLHQWDDORV(V
WDGRVSDUWHVDHOHYDUVX(053DORVDxRVFRPRHGDG
PtQLPDDEVROXWD\TXHVLJDQHOHYiQGROD
µ$OPLVPRWLHPSRHO&RPLWpLQVWDDORV(VWDGRVSDUWHV
D QR UHGXFLU OD (053 D ORV DxRV /D ILMDFLyQ GH OD
PD\RUtDGHHGDGSHQDODXQQLYHOPiVDOWRSRUHMHPSOR
RDxRVFRQWULEX\HDTXHHOVLVWHPDGHODMXVWLFLD
GHPHQRUHVGHFRQIRUPLGDGFRQHODSDUWEGHOSiUU
GHODUWGHOD&RQYHQFLyQWUDWHDORVQLxRVTXHWLHQHQ
FRQIOLFWRVFRQODMXVWLFLDVLQUHFXUULUDSURFHGLPLHQWRVMX
GLFLDOHVHQHOHQWHQGLPLHQWRGHTXHVHUHVSHWDQSOHQD
PHQWHORVGHUHFKRVKXPDQRV\ODVJDUDQWtDVOHJDOHV$
HVWH UHVSHFWR ORV (VWDGRV SDUWHV GHEHQ LQFOXLU HQ VXV
LQIRUPHVLQIRUPDFLyQGHWDOODGDVREUHHOWUDWRTXHVHGDD
ORVQLxRVTXHQRKDQDOFDQ]DGRWRGDYtDOD(053ILMDGDSRU
ODOH\FXDQGRVHDOHJXHTXHKDQLQIULQJLGRODVOH\HVSHQD
OHVRVHOHVDFXVHRGHFODUHFXOSDEOHVGHKDEHULQIULQJLGR
HVDVOH\HV\TXpWLSRGHVDOYDJXDUGLDVOHJDOHVH[LVWHQSDUD
DVHJXUDUTXHUHFLEDQXQWUDWRWDQHTXLWDWLYR\MXVWRFRPR
HO GH ORV QLxRV TXHKDQDOFDQ]DGR OD PD\RUtD GH HGDG
SHQDO
µ (O &RPLWp GHVHD H[SUHVDU VX SUHRFXSDFLyQ SRU OD
SUiFWLFDGHSUHYHUH[FHSFLRQHVDOD(053TXHSHUPLWHOD
DSOLFDFLyQGHXQDHGDGPtQLPDPHQRUDHIHFWRVGHUHV
SRQVDELOLGDGSHQDOHQORVFDVRVHQTXHSRUHMHPSORVH
DFXVHDOQLxRGHKDEHUFRPHWLGRXQGHOLWRJUDYHRFXDQGR
VH FRQVLGHUH TXH HO QLxR HVWi VXILFLHQWHPHQWH PDGXUR
SDUDFRQVLGHUiUVHOHUHVSRQVDEOHSHQDOPHQWH
µ(O&RPLWpUHFRPLHQGDILUPHPHQWHTXHORV(VWDGRVSDUWHV
ILMHQXQD(053TXHQRSHUPLWDDWtWXORGHH[FHSFLyQOD
XWLOL]DFLyQGHXQDHGDGPHQRU
µ(OOtPLWHGHHGDGVXSHULRUSDUDODMXVWLFLDGHPHQRUHV
µ(O&RPLWpWDPELpQGHVHDVHxDODUDODDWHQFLyQGHORV
(VWDGRVSDUWHVHOOtPLWHGHHGDGVXSHULRUSDUDODDSOLFDFLyQ
GHODVQRUPDVGHODMXVWLFLDGHPHQRUHV(VDVQRUPDV
TXHVRQHVSHFLDOHVWDQWRSRUORTXHUHVSHFWDDOSURFHGL
PLHQWR FRPR D OD UHPLVLyQ GH FDVRV \ OD DGRSFLyQ GH
PHGLGDV HVSHFLDOHV GHEHUiQ DSOLFDUVH D SDUWLU GH OD
(053HVWDEOHFLGDHQHOSDtVDWRGRVORVQLxRVTXHHQHO
PRPHQWRGHODSUHVXQWDFRPLVLyQGHXQGHOLWRRDFWR
SXQLEOH GHDFXHUGR FRQ OD OHJLVODFLyQSHQDO QR KD\DQ
FXPSOLGRD~QDxRV
µ(O&RPLWpGHVHDUHFRUGDUDORV(VWDGRVSDUWHVTXH
KDQUHFRQRFLGRHOGHUHFKRGHWRGRQLxRGHTXLHQVHDOHJXH
TXHKDLQIULQJLGRODVOH\HVSHQDOHVRDTXLHQVHDFXVHR
GHFODUHFXOSDEOHGHKDEHULQIULQJLGRHVDVOH\HVDVHUWUD
WDGRGHDFXHUGRFRQODVGLVSRVLFLRQHVGHODUWGHOD
&RQYHQFLyQ(VWRVLJQLILFDTXHWRGDSHUVRQDPHQRUGH
DxRVHQHOPRPHQWRGHODSUHVXQWDFRPLVLyQGHXQGHOLWR
5HYLVWDGH'HUHFKR3HQDO\3URFHVDO3HQDO
0006
Black
+DFLDXQUpJLPHQSHQDOMXYHQLO
GHEHUHFLELUXQWUDWRFRQIRUPHDODVQRUPDVGHODMXVWLFLD
GHPHQRUHV
µ 3RU OR WDQWR HO &RPLWp UHFRPLHQGD D ORV (VWDGRV
SDUWHV TXH OLPLWDQ OD DSOLFDELOLGDG GH ODV QRUPDV GH OD
MXVWLFLDGHPHQRUHVDORVQLxRVPHQRUHVGHDxRVR
TXHSHUPLWHQDWtWXORGHH[FHSFLyQTXHORVQLxRVGH
RDxRVVHDQWUDWDGRVFRPRGHOLQFXHQWHVDGXOWRVTXH
PRGLILTXHQVXVOH\HVFRQPLUDVDORJUDUODSOHQDDSOLFD
FLyQVLQGLVFULPLQDFLyQDOJXQDGHVXVQRUPDVGHMXVWLFLD
GHPHQRUHVDWRGDVODVSHUVRQDVPHQRUHVGHDxRV
(O&RPLWpREVHUYDFRQUHFRQRFLPLHQWRTXHDOJXQRV(VWD
GRVSDUWHVSHUPLWHQODDSOLFDFLyQGHODVQRUPDV\ORVUH
JODPHQWRVGHODMXVWLFLDGHPHQRUHVDSHUVRQDVTXHWLHQHQ
DxRVRPiVSRUORJHQHUDOKDVWDORVDxRVELHQVHD
FRPRQRUPDJHQHUDORFRPRH[FHSFLyQ
µ3RU~OWLPRHO&RPLWpGHVHDVXEUD\DUODLPSRUWDQFLD
GHFLVLYDGHXQDSOHQDDSOLFDFLyQGHODUWGHOD&RQYHQ
FLyQHQHOTXHVHH[LJHHQWUHRWUDVFRVDVTXHWRGRQLxR
VHDLQVFULSWRLQPHGLDWDPHQWHGHVSXpVGHVXQDFLPLHQWR
FRQHOILQGHILMDUOtPLWHVGHHGDGGHXQDXRWUDPDQHUD
TXHHVHOFDVRGHWRGRVORV(VWDGRVSDUWHV8QQLxRTXH
QRWHQJDXQDIHFKDGHQDFLPLHQWRGHPRVWUDEOHHVVXPD
PHQWHYXOQHUDEOHDWRGRWLSRGHDEXVRVHLQMXVWLFLDVHQ
UHODFLyQFRQODIDPLOLDODHGXFDFLyQ\HOWUDEDMRHVSHFLDO
PHQWHHQHOPDUFRGHOVLVWHPDGHODMXVWLFLDGHPHQRUHV
'HEHUiSURSRUFLRQDUVHJUDWXLWDPHQWHDWRGRQLxRXQFHU
WLILFDGRGHQDFLPLHQWRFXDQGRORQHFHVLWHSDUDGHPRVWUDU
VXHGDG6LQRKD\SUXHEDGHHGDGHOQLxRWLHQHGHUHFKR
DTXHVHOHKDJDXQH[DPHQPpGLFRRVRFLDOTXHSHUPLWD
HVWDEOHFHU GHPDQHUDILGHGLJQDVXHGDG\HQFDVRGH
FRQIOLFWRRSUXHEDQRIHKDFLHQWHHOQLxRWHQGUiGHUHFKR
DODDSOLFDFLyQGHODQRUPDGHOEHQHILFLRGHODGXGDµ
(QHVWDOtQHDH[LVWHQQRSRFRVFRQIOLFWRVHQWUHHOUpJLPHQ
SHQDODFWXDOGHORVPHQRUHVODHGDGPtQLPDGHLPSXWD
ELOLGDGSHQDOOD&RQYHQFLyQVREUHORV'HUHFKRVGHO1LxR
\ODVOH\HVFLYLOHVWDOFRPRVHVHxDOD
²$SDUWLUGHODUHFLHQWH PRGLILFDFLyQSDUDHO&yGLJR
&LYLOVRQPHQRUHVTXLHQHVQRKXELHUHQFXPSOLGRORV
DxRV
²6RQPHQRUHVLPS~EHUHVORVTXHD~QQRWXYLHUHQODHGDG
GHDxRVFXPSOLGRV\DGXOWRVORVTXHIXHUHQGHHVWD
HGDGKDVWDORVDxRVFXPSOLGRV
²3DUDOD&RQYHQFLyQVREUHORV'HUHFKRVGHO1LxRVHHQ
WLHQGHSRUQLxRWRGRVHUKXPDQRGHVGHHOPRPHQWRGH
VXFRQFHSFLyQ\KDVWDORVDxRVGHHGDG
²$OJRVLPLODUVHxDODOD&RQYHQFLyQGH%HLMLQJFXDQGRVH
UHILHUHDORVPHQRUHVORKDFHSDUDHGDGHVTXHYDQGHVGH
ORVDORVDxRVRPiV
²/DOH\UHJXODHOUpJLPHQSHQDOGHORVPHQRUHV
\ORVGLVWLQJXHHQWUH
$0HQRUHVQRSXQLEOHVQRVRQVRPHWLGRVDSURFHVR
LDTXHOORVQRKDQFXPSOLGRORVDxRV
LLDTXHOORVTXHWLHQHQHQWUH\DxRVSDUDORVGHOLWRV
GHDFFLyQSULYDGDRUHSULPLGRVFRQSHQDSULYDWLYDGH
ODOLEHUWDGTXHQRH[FHGDGHGRVDxRVFRQPXOWDRFRQ
LQKDELOLWDFLyQ
%0HQRUHVSXQLEOHV
LDTXHOORVTXHWLHQHQHQWUH\DxRV SDUDORV
GHOLWRVTXHQRIXHURQHQXPHUDGRVHQHOSiUUDIRSUHYLR
LLDTXHOORVTXHWLHQHQHQWUH\DxRV
7DOFRPRORVHxDOD%HORIIFXDQGRORVQLxRVSRUGHEDMRGH
ODHGDGGHUHVSRQVDELOLGDGSHQDOFRPHWHQGHOLWRVJUDYHV
GHVGHODVRFLHGDGHPDQDXQDJUDQGHPDQGDGHTXH´DOJR
KD\TXHKDFHUµ
$VtODDXWRUDFRPHQWDTXHFXDQGRVHWUDWDGHEDMDUOD
HGDGGHLQLPSXWDELOLGDGGHEHDFODUDUVHTXpVLJQLILFDHVWD
VLWXDFLyQ(QHVWDOtQHDFRPHQWDTXHH[LVWHQGRVOHFWXUDV
SRVLEOHV8QDGHHOODVTXHODLQLPSXWDELOLGDGHVHQWHQGLGD
/H\%2GHOTXHPRGLILFDHODUW&&LYGHOD5HS~EOLFD$UJHQWLQDSXEOLFDGRSRUODOH\HQHO%2GHO
DUWtFXORPRGLILFDGRSRUODOH\%2GHO
/H\%2GHOTXHPRGLILFDHODUW&&LYGHOD5HS~EOLFD$UJHQWLQDSXEOLFDGRSRUODOH\HQHO%2GHO
DUWtFXORPRGLILFDGRSRUODOH\%2GHO
$UW&'1DGRSWDGDSRUOD$VDPEOHD*HQHUDOGHODV1DFLRQHV8QLGDVHO1XHYD<RUNUDWLILFDGDSRUQXHVWURSDtV
PHGLDQWH OH\ SXEOLFDGDHQ HO%2GHO\GHFDUiFWHUREOLJDWRULRSRUODOH\SXEOLFDGDHQHO%2GHO
(VWDFRQYHQFLyQKDVLGRILUPDGD\UDWLILFDGDSRUWRGRVORVSDtVHVGHOPXQGRVDOYRSRU(VWDGRV8QLGRV\6RPDOLD
&RPHQWDULRDOSWR5HJODV0tQLPDVGHODV1DFLRQHV8QLGDVSDUDOD$GPLQLVWUDFLyQGHOD-XVWLFLDGH0HQRUHV´5HJODVGH%HLMLQJµ
DGRSWDGDVSRUOD$VDPEOHD*HQHUDOHQVXUHVROXFLyQGHO
'HOLWRVGHDFFLyQSULYDGDFRQIRUPHDODUW&3HQVRQDFFLRQHVSULYDGDVODVTXHQDFHQGHORVVLJXLHQWHVGHOLWRVFDOXPQLDV
HLQMXULDVYLRODFLyQGHVHFUHWRVVDOYRHQORVFDVRVGHORVDUWV\FRQFXUUHQFLDGHVOHDOSUHYLVWDHQHODUW
LQFXPSOLPLHQWRGHORVGHEHUHVGHDVLVWHQFLDIDPLOLDUFXDQGRODYtFWLPDIXHUHHOFyQ\XJH&yGLJR3HQDOGHOD5HS~EOLFD$UJHQWLQD
/H\SXEOLFDGDHQHO%2GHO\PRGLIV
´$UW/DVSHQDVSULYDWLYDVGHOLEHUWDGTXHORVMXHFHVLPSXVLHUDQDORVPHQRUHVVHKDUiQHIHFWLYDVHQLQVWLWXWRVHVSHFLDOL]DGRV
6LHQHVWDVLWXDFLyQDOFDQ]DUHQODPD\RUtDGHHGDGFXPSOLUiQHOUHVWRGHODFRQGHQDHQHVWDEOHFLPLHQWRVSDUDDGXOWRVµ
´$UW/DSULYDFLyQGHOLEHUWDGGHOPHQRUTXHLQFXUULHUHHQGHOLWRHQWUHORV\ODPD\RUtDGHHGDGVHKDUiHIHFWLYDGXUDQWH
HVWHODSVRHQORVHVWDEOHFLPLHQWRVPHQFLRQDGRVHQHODUWµ
(OXQMRYHQGHDxRVIXHDFXVDGRGHPDWDUDXQKRPEUHHQRFDVLyQGHURERHQHOFRQXUEDQRERQDHUHQVHPRWLYR
SRUHOFXDOORVYHFLQRVUHDOL]DURQXQDSURWHVWDHQODTXHDJUHGLHURQDXQILVFDO\DOVHFUHWDULRGH6HJXULGDGGHOD0XQLFLSDOLGDGGH
/DQ~V'LDULR&ODUtQGHOGLVSRQLEOHHQKWWSZZZFODULQFRPGLDULRSROLFLDOHVJKWPFRQVXOWDGR
HO
%XHQRV$LUHVIDVF
0007
Black
'RFWULQD
FRPRXQDJDUDQWtDFRQVWLWXFLRQDO/DJDUDQWtDFRQVLVWHHQ
TXHORVMyYHQHVPHQRUHVGHDxRVVRQLQLPSXWDEOHV\
HVWRHVHQWHQGLGRFRPRXQDEDUUHUDDWUDYpVGHODFXDO
pVWRVQRSXHGHQLQJUHVDUDOVLVWHPDSHQDOGHDGXOWRV7DO
HVODLQWHUSUHWDFLyQGHOWH[WRGHOD&RQYHQFLyQVREUHORV
'HUHFKRVGHO1LxR
/DLQWHUSUHWDFLyQWUDGLFLRQDOGHODLQLPSXWDELOLGDGGHYLHQH
GH OD LQFDSDFLGDG GH FXOSDELOLGDG WDO FXDO VXUJH GH OD
WHRUtDGHOGHOLWRFRPRVHULQFDSD]GHUHSURFKHMXUtGLFR
SHQDO6LXQRVLJXHHVWDFRQFHSFLyQQRWHQGUtDVHQWLGR
XQVLVWHPDGHUHVSRQVDELOLGDGSHQDOMXYHQLOGLIHUHQFLDGR
GHORVDGXOWRV
$Vt%HORIIFRPHQWDTXHFXDQGRVHKDEODGHEDMDUODHGDG
GH LQLPSXWDELOLGDG HVWR QR GHEH UHDOL]DUVH \D TXH HO
WH[WRGHOD&RQYHQFLyQVREUHORV'HUHFKRVGHO1LxRHV
FODURHQHVWHVHQWLGR(QHVWDOtQHDODLQWHUSUHWDFLyQ
TXHGHEHUHDOL]DUVHHVODGHXQUpJLPHQSHQDOGLIHUHQ
FLDGRGHORVDGXOWRV$VtHOOtPLWHGHORVDxRVTXH
LPSRQHGLFKD&RQYHQFLyQVHUHILHUHDTXHORVMyYHQHV
QRGHEHQLQJUHVDUDOGHUHFKRSHQDOGHDGXOWRVDQWHVGH
GLFKROtPLWHHWDULRRVHUSDVLEOHVGHUHSURFKHHQWpUPLQRV
GHOVLVWHPDSHQDOGHDGXOWRV(VWDLQLPSXWDELOLGDGHVGL
IHUHQWHGHODTXHWUDGLFLRQDOPHQWHVHGLVFXWHDODOX]GHO
DUWLQF
(VSRUWRGRHOORTXHGHQWURGHOVLVWHPDSHQDOMXYHQLOHV
SRVLEOHKDEODUVREUHHODGROHVFHQWHIUHQWHDOGHOLWR\VX
FDSDFLGDGSDUDVHUVXMHWRGHUHSURFKHSHQDOeVWHHVHO
IXQGDPHQWR TXH H[LVWH SDUD DSOLFDUOHV VDQFLRQHV D ORV
MyYHQHVGHQWURGHHVWHVLVWHPD\DTXHVLQHOORVHFDUHFHUtD
GHIXQGDPHQWR$VtVyORFXDQGRXQMRYHQSUHVHQWHDOJXQD
GHODVOODPDGDVFDXVDOHVSVLTXLiWULFDVGHLQLPSXWDELOLGDG
²DOWHUDFLyQPRUERVDLQVXILFLHQFLDGHVXVIDFXOWDGHVRHV
WDGRGHLQFRQFLHQFLD²TXHOHLPSLGHQFRPSUHQGHUODFUL
PLQDOLGDG GHO DFWR R GLULJLU VX DFFLRQDU VH KDEODUi GH
LQLPSXWDELOLGDGSRUUD]RQHVSVLTXLiWULFDV
(VWHUpJLPHQSHQDOGLIHUHQFLDGRVXUJHGHODV5HJODVGH
%HLMLQJTXHHQVXDUWVHxDOD´0HQRUHVWRGRQLxRR
MRYHQ TXH FRQ DUUHJOR DO VLVWHPD MXUtGLFR UHVSHFWLYR
SXHGHVHUFDVWLJDGRSRUXQGHOLWRHQIRUPDGLIHUHQWHD
XQDGXOWRµ'HOWH[WRVHGHVSUHQGHQGRVFRQFHSWRV
HOSULPHURGHHOORVHOGHODQHFHVLGDGGHUpJLPHQSHQDO
MXYHQLOHVSHFLDOL]DGR\GLIHUHQFLDGRGHORVDGXOWRV\HO
VHJXQGRTXHORVPHQRUHVSXHGHQVHUVDQFLRQDGRVSRU
ORVGHOLWRVFRPHWLGRVSHURUHVSHWiQGRVHVXVGHUHFKRV\
JDUDQWtDV6HGHMDDFDGD(VWDGRODSRWHVWDGSDUDGHILQLU
FXiOHVODHGDGGHLQJUHVRDOVLVWHPDGHDGXOWRV
$KRUDELHQ¢TXpVXFHGHHQORVSDtVHVGH$PpULFD/DWLQD
FRQUHODFLyQDODHGDGGHLQJUHVRDOVLVWHPDSHQDOMX
YHQLO \ DO LQJUHVR DO VLVWHPD SHQDO GH DGXOWRV" (Q
JHQHUDOSUHGRPLQDODLGHDGHTXHODHGDGPtQLPDGH
LQJUHVR DO VLVWHPD SHQDO MXYHQLO VH HVWDEOHFH D ORV DxRV \ FRQ UHODFLyQ DO VLVWHPD GH DGXOWRV D ORV DxRVYHUFXDGUR
$PDU]RGHVRQWUHFHORVSDtVHVGH$PpULFD/DWLQD
HQORVTXHVHHQFXHQWUDYLJHQWHXQUpJLPHQSHQDOMXYHQLO
DFRUGHFRQORVSULQFLSLRVGH&RQYHQFLyQVREUHORV'HUH
FKRVGHO1LxR\ORVGLIHUHQWHVLQVWUXPHQWRVUHODFLRQDGRV
GHOD1DFLRQHV8QLGDV
(QRWUDVSDODEUDV\WDOFRPRORH[SRQH(OtDV&DUUDQ]D
FXDQGRGHMXVWLFLDSHQDOVHWUDWDQRGHEHSDUWLUVHGH
XQ~QLFRPRGHORSDUDWRGDVODVHGDGHV$VtGHVGHORV
PHGLRVPDVLYRVGHFRPXQLFDFLyQSDUHFHVXUJLUXQ~QL
FRPRGHORGRQGHVyORVRQMX]JDGRVORVDGXOWRV\SDUD
ORVPHQRUHVQRH[LVWHMXVWLFLDSHQDOVyORLPSXQLGDG
6HWUDWDGHXQDIDODFLD(QVXVDUWV\ OD
&'1 HVWDEOHFH XQ UpJLPHQ HVSHFLDO SDUD ORV MyYHQHV
LQIUDFWRUHVGHODOH\SHQDO(VWD&RQYHQFLyQSUHYpVDQ
FLRQHVDOJXQDVVHYHUDVFRQSULYDFLyQGHODOLEHUWDG
SHURVLHPSUHUHVSHWiQGRVHODVJDUDQWtDVSHQDOHVSUR
FHVDOHV\GHHMHFXFLyQGHODVTXHKR\JR]DQORVDGXOWRV
DORTXHGHEHQVXPDUVHRWUDVJDUDQWtDVSURSLDVGHORV
PHQRUHVSRUVXFRQGLFLyQ
(QOD$UJHQWLQDQRH[LVWHD~QXQUpJLPHQSHQDOSDUDMyYH
QHVHQLQIUDFFLyQFRQODOH\SHQDOVDOYRSRUDOJXQDVUH
IRUPDVSURFHVDOHVVtH[LVWHQGLIHUHQWHVSUR\HF
%HORII0DU\´5HVSRQVDELOLGDGSHQDOMXYHQLO\GHUHFKRVKXPDQRVµEDVDGRHQODSRQHQFLDGH0DU\%HORIIHQHOPDUFRGHO,,&XUVR
GH(VSHFLDOL]DFLyQ´3URWHFFLyQMXULVGLFFLRQDOGHORVGHUHFKRVGHOQLxRµSDUDMXHFHVDERJDGRV\ILVFDOHVGHO&RQR6XURUJDQL]DGR
SRU8QLFHI2ILFLQDGHÉUHDSDUD$UJHQWLQD&KLOH\8UXJXD\\OD)DFXOWDGGH'HUHFKR\&LHQFLDV6RFLDOHVGHOD8QLYHUVLGDGGH%XHQRV
$LUHVTXHVHOOHYyDFDERHQOD)DFXOWDGGH'HUHFKR\&LHQFLDV6RFLDOHVGHOD8%$HQWUHORVGtDV\
$UW5HJODVPtQLPDVGHODV1DFLRQHV8QLGDVSDUDOD$GPLQLVWUDFLyQGHOD-XVWLFLDGH0HQRUHV´5HJODVGH%HLMLQJµDGRSWDGDV
SRUOD$VDPEOHD*HQHUDOHQVXUHVROXFLyQGHO
&DUUDQ]D(OtDV\0D[HUD5LWD´/DMXVWLFLDSHQDOGHPHQRUHVGHHGDGHQORVSDtVHVGH$PpULFD/DWLQDµSRQHQFLDSUHVHQWDGD
GXUDQWHHO6HPLQDULR,QWHUQDFLRQDOVREUHORV'HUHFKRV+XPDQRVGHORV1LxRV1LxDV\$GROHVFHQWHV0RQWHUUH\1XHYR/HyQRFWXEUH
GHSV
&DUUDQ]D´&ULPLQDOLGDGSROtWLFDVS~EOLFDV\HGDGGHLQJUHVRDODUHVSRQVDELOLGDGSHQDOµ,QVWLWXWR/DWLQRDPHULFDQRGHODV1DFLRQHV
8QLGDVSDUDOD3UHYHQFLyQGHO'HOLWR\HO7UDWDPLHQWRGHO'HOLQFXHQWH6DODPDQFDRFWXEUHGH
´$UW/RV(VWDGRVSDUWHVWRPDUiQWRGDVODVPHGLGDVDSURSLDGDVSDUDSURPRYHUHOHVWDEOHFLPLHQWRGHOH\HVSURFHGLPLHQWRV
DXWRULGDGHVHLQVWLWXFLRQHVHVSHFtILFRVSDUDORVQLxRVGHTXLHQHVVHDOHJXHTXHKDQLQIULQJLGRODVOH\HVSHQDOHVRDTXLHQHVVHDFXVH
RGHFODUHFXOSDEOHVGHKDEHULQIULQJLGRHVDVOH\HV\HQSDUWLFXODUD(OHVWDEOHFLPLHQWRGHXQDHGDGPtQLPDDQWHVGHODFXDOVH
SUHVXPLUiTXHORVQLxRVQRWLHQHQFDSDFLGDGSDUDLQIULQJLUODVOH\HVSHQDOHVE6LHPSUHTXHVHDDSURSLDGR\GHVHDEOHODDGRSFLyQ
GHPHGLGDVSDUDWUDWDUDHVRVQLxRVVLQUHFXUULUDSURFHGLPLHQWRVMXGLFLDOHVHQHOHQWHQGLPLHQWRGHTXHVHUHVSHWDUiQSOHQDPHQWH
ORVGHUHFKRVKXPDQRV\ODVJDUDQWtDVOHJDOHVµ&RQYHQFLyQVREUHORV'HUHFKRVGHO1LxRDGRSWDGDSRUOD$VDPEOHD*HQHUDOGHODV
1DFLRQHV8QLGDVHO1XHYD<RUNUDWLILFDGDSRUQXHVWURSDtVPHGLDQWHOH\SXEOLFDGDHQHO%2GHO
\GHFDUiFWHUREOLJDWRULRSRUODOH\SXEOLFDGDHQHO%2GHO
5pJLPHQ3URFHVDO-XYHQLOGHOD&LXGDG$XWyQRPDGH%XHQRV$LUHVOH\SXEOLFDGDHQHO%2&$%$GHO
/H\SXEOLFDGDHQHO%2GHO
5HYLVWDGH'HUHFKR3HQDO\3URFHVDO3HQDO
0008
Black
+DFLDXQUpJLPHQSHQDOMXYHQLO
WRVSDUODPHQWDULRVVREUHHOWHPD
6REUHHOFRQVHQVRGHGLIHUHQWHVLQLFLDWLYDVOD&iPDUDGH
6HQDGRUHVDSUREyXQSUR\HFWRSDUDMyYHQHVHQFRQIOLFWR
FDS
FRQODOH\SHQDOTXHGHEHUiVHUWUDWDGRSRUOD&iPDUDGH
6HQDGRUHV1XHVWURSDtVD~QVHHQFXHQWUDHQGHXGD
HQFXDQWRDHVWDWHPiWLFD
&XDGUR(GDGHVGHLQJUHVRDOD-XVWLFLD3HQDOHQORVSDtVHVGH$PpULFD/DWLQDTXHKDQDGHFXDGRVXOHJLVODFLyQDOD
&RQYHQFLyQGHODV1DFLRQHV8QLGDVVREUHORV'HUHFKRVGHO1LxRWRPDGRGH&DUUDQ]D(\0D[HUD5
3DtV
1RPEUHGHODOH\YLJHQWH
RGHOSUR\HFWRHQWUiPLWH
(GDGGHHQWUDGDDOVLVWHPD
GHMXVWLFLDSHQDOMXYHQLO
(GDGGHHQWUDGDDOVLVWHPD
GHDGXOWRV
%ROLYLD
&yGLJRGHO1LxR1LxD\
$GROHVFHQWH
DxRV
DxRV
%UDVLO
(VWDWXWRGHOD1LxH]
\OD$GROHVFHQFLD
DxRV
DxRV
&RVWD5LFD
/H\GH-XVWLFLD3HQDO-XYHQLO
DxRV
DxRV
(FXDGRU
&yGLJRGHOD1LxH]
\$GROHVFHQFLD
DxRV
DxRV
(O6DOYDGRU
&yGLJRGHO0HQRU
DxRV
DxRV
(VSDxD
/H\2UJiQLFD5HJXODGRUD
GHOD5HVSRQVDELOLGDG3HQDO
GHORV0HQRUHV
DxRV
DxRV
+RQGXUDV
&yGLJRGHOD1LxH]
DxRV
DxRV
*XDWHPDOD
&yGLJRGHOD1LxH]
\OD-XYHQWXG
DxRV
DxRV
1LFDUDJXD
&yGLJRGHOD1LxH]
\OD$GROHVFHQFLD
DxRV
DxRV
3DQDPi
/H\GHO5pJLPHQ(VSHFLDO
GH5HVSRQVDELOLGDG3HQDO
SDUDOD$GROHVFHQFLD
DxRV
DxRV
3DUDJXD\
&yGLJRGHOD1LxH]
\$GROHVFHQFLD
DxRV
DxRV
3HU~
&yGLJRGHO1LxR
\GHO$GROHVFHQWH
DxRV
DxRV
5HS~EOLFD'RPLQLFDQD
&yGLJRSDUDHO6LVWHPD
GH3URWHFFLyQ\ORV'HUHFKRV
)XQGDPHQWDOHVGH1LxRV
1LxDV\$GROHVFHQWHV
DxRV
DxRV
8UXJXD\
&yGLJRGHOD1LxH]
\OD$GROHVFHQFLD
DxRV
DxRV
9HQH]XHOD
/H\2UJiQLFDSDUDOD
3URWHFFLyQGHO1LxR\GHO
$GROHVFHQWH
DxRV
DxRV
3UR\HFWR5pJLPHQ3HQDO-XYHQLOSUHVHQWDGRSRU6RQLD0(VFXGHUR6HUJLR$*DOOLD\/DXUD0DUWtQH]3DVVGH&UHVWR
3UR\HFWR/H\VREUH6LVWHPDGH5HVSRQVDELOLGDGGHORV$GROHVFHQWHVSRU,QIUDFFLRQHVDOD/H\3HQDOSUHVHQWDGRSRU0DUtD
/DXUD/HJXL]DPyQ
3UR\HFWR6LVWHPD(VSHFLDO$SOLFDEOHDODV3HUVRQDV0HQRUHVGH$xRVHQ&RQIOLFWRFRQOD/H\3HQDOSUHVHQWDGRSRU
0DUtD&ULVWLQD3HUFHYDO
3UR\HFWR5pJLPHQ$SOLFDEOHDORV$GROHVFHQWHVTXH&RPHWHQ'HOLWRVSUHVHQWDGRSRU9LOPD,EDUUDVHQDGRUDQDFLRQDOSRU
OD&LXGDG$XWyQRPDGH%XHQRV$LUHV
3UR\HFWR5pJLPHQ3HQDO-XYHQLOSUHVHQWDGRSRU*HUDUGR50RUDOHV\(UQHVWR6DQ]
(OOD&iPDUDGH6HQDGRUHVDSUREyHO3UR\HFWR6LVWHPD$SOLFDEOHDORV$GROHVFHQWHVHQ&RQIOLFWRFRQOD
/H\3HQDOTXHGHEHUiVHUWUDWDGRSRUOD&iPDUDGH'LSXWDGRV
%XHQRV$LUHVIDVF
0009
Black
'RFWULQD
2¢
** 5Ð +
Ð
/RVMyYHQHV\DGROHVFHQWHVVHFRPSRUWDQGHPDQHUDGL
IHUHQWHGHODGHORVDGXOWRV\ORVQXHYRVDYDQFHVHQLQ
YHVWLJDFLyQ QHXURFLHQWtILFD HFKDQ XQ PDQWR GH OXFLGH]
VREUHHOSRUTXpGHGLFKDVGLIHUHQFLDV
/RVDGROHVFHQWHVVXHOHQVHUPiVLPSXOVLYRVVXEHVWLPDQ
ORVULHVJRVGHVXVDFFLRQHV\VREUHYDORUDQORVEHQHILFLRV
DFRUWRSOD]R$GHPiVHQFRPSDUDFLyQFRQORVDGXOWRV
VRQPiVVXVFHSWLEOHVDOHVWUpVVRQPiVLQHVWDEOHV\SUH
VHQWDQ GLILFXOWDGHV SDUD FRQWURODU ODV HPRFLRQHV (VWR
SXHGHYHULILFDUVHIiFLOPHQWHFRQUHFRUUHULQVWLWXWRVHVFR
ODUHVRODVQRFKHVGHODVJUDQGHVFLXGDGHVGRQGHQRHV
H[WUDxRKDOODUDOJXQRVMyYHQHVHQYXHOWRVHQSHOHDVSRU
HMHPSOR(QWDOVHQWLGRKDFHHVFDVDVVHPDQDVDWUiVHO
*RELHUQRGHOD3URYLQFLDGH%XHQRV$LUHVFRQHOREMHWLYR
GHGLVPLQXLUODYLROHQFLDMXYHQLOUHVWULQJLyODYHQWDGHDO
FRKRO GXUDQWH OD QRFKH \ OLPLWy ORV KRUDULRV GH ORFDOHV
QRFWXUQRVFRPRGLVFRWHFDV
$VtODYLROHQFLDDOLJXDOTXHRWURWLSRGHFRPSRUWDPLHQWRV
VHH[SUHVDFRQPD\RULQWHQVLGDGHQODDGROHVFHQFLD\HQ
ORVSULPHURVDxRVGHODYLGDDGXOWD(VSRUHOORTXH
ODYLROHQFLDHQWUHORVMyYHQHVVHKDWUDQVIRUPDGRHQXQ
SUREOHPDGHVDOXGS~EOLFDWDOFRPRVHKDVHxDODGRDQ
WHULRUPHQWH(Q(VWDGRV8QLGRVHOGHODVPXHUWHVGH
ORVQLxRV\MyYHQHVGHHQWUH\DxRVVHGHEHDFXDWUR
FDXVDVDFFLGHQWHVGHWUiQVLWRRWUDVFDXVDVQRLQWHQ
FLRQDOHVKRPLFLGLR\VXLFLGLR(Q
HVWDOtQHDHQ((88ODWDVDGHKRPLFLGLRVHQWUHMyYHQHV
GHDDxRVDXPHQWyXQHQHOSHUtRGR
8 ÐY‘‡bµOb½bµËȀ‘‡bO€8¢8O½‘²bµYb²€bµu‘
7DOFRPRORVHxDODQORVLQIRUPHVGHOD2UJDQL]DFLyQ0XQ
GLDOGHOD6DOXGXQRGHORVIDFWRUHVGHULHVJRDWHQHUHQ
FXHQWDDOPRPHQWRGHDQDOL]DUODYLROHQFLDMXYHQLOHVOD
SDUWLFLSDFLyQGHORVMyYHQHVHQSHOHDVVLWXDFLyQPX\FR
P~QHQMyYHQHVHQHGDGHVFRODU(VWDVLWXDFLyQVHUHSLWH
DORODUJRGHGLIHUHQWHVSDtVHVGHOPXQGR8QHVWXGLRGHO
FRPSRUWDPLHQWRGHQLxRVHQHGDGHVFRODUHQYHLQWLVLHWH
SDtVHVUHYHOyTXHODPD\RUtDGHORVQLxRVGHDxRVDILUPy
KDEHUSDUWLFLSDGRGHFRQGXFWDVGHLQWLPLGDFLyQ$GH
PiVGHVHUSDUWHGHFRQGXFWDVDJUHVLYDVODLQWLPLGDFLyQ
\ODSDUWLFLSDFLyQHQSHOHDVSXHGHOOHYDUDIRUPDVPiV
JUDYHVGHYLROHQFLD
/DSRUWDFLyQ\HODFFHVRDODVDUPDVWDPELpQVHSUHVHQWD
FRPRXQIDFWRUGHULHVJRSDUDHOGHVDUUROORGHODYLROHQFLD
MXYHQLO (VWD DFWLYLGDG YDUtD DPSOLDPHQWH VHJ~Q HO
OXJDUHVWXGLDGR$VtSRUHMHPSORHQ(VFRFLDHOGH
ORVMyYHQHVGHVH[RPDVFXOLQRHQFXHVWDGRVDGPLWLyKDEHU
SRUWDGRXQDUPDDOPHQRVXQDYH]HQVXYLGD (Q
WDQWRTXHHQ&LXGDGGHO&DER6XGiIULFDHOGHORV
YDURQHVDGPLWLyKDEHUOOHYDGRXQDUPDFRUWRSXQ]DQWHD
ODHVFXHODHQHO~OWLPRPHV
$OJXQRVHVWXGLRVKDQVHxDODGRODUHODFLyQHQWUHHOFRP
SRUWDPLHQWRYLROHQWRGXUDQWHODQLxH]\ODSHUVLVWHQFLDGH
HVWHFRPSRUWDPLHQWRGXUDQWHODDGROHVFHQFLD\DGXOWH]
6LQHPEDUJRODPD\RUSDUWHGHORVDGROHVFHQWHVTXHSUH
VHQWDQFRQGXFWDVDJUHVLYDVODVSUHVHQWDQGXUDQWHSHUtR
GRVFRUWRV\QRVHWUDQVIRUPDQHQVXPD\RUtDHQGHOLQ
FXHQWHVYLROHQWRV(VSRUHOORTXHVHORVOODPD´GHOLQFXHQ
WHVFLUFXQVFULSWRVDODDGROHVFHQFLDµ
([LVWHQFLHUWRVIDFWRUHVVLWXDFLRQDOHVTXHSRUVXLQIOXHQ
FLDGHEHQVHUWHQLGRVHQFXHQWDDODQDOL]DUHOFRPSRUWD
PLHQWRDJUHVLYRGXUDQWHODDGROHVFHQFLD8QHVWXGLRUHD
OL]DGRHQ&DQDGiVHxDOyTXHFXDQGRORVDXWRUHVGHDFWRV
YLROHQWRVHUDQDGROHVFHQWHVRMyYHQHVGHDOUHGHGRUGH
DxRVFHUFDGHODPLWDGGHODVDJUHVLRQHVDRWUDVSHUVRQDV
VHUHODFLRQDEDQFRQODE~VTXHGDGHHPRFLRQHVHVWLPXODQ
WHVJHQHUDOPHQWHHQFRPSDxtDGHRWURVMyYHQHVGHOLQFXHQ
WHVHQWDQWRTXHODRWUDPLWDGVHUHODFLRQDEDFRQ
FXHVWLRQHVXWLOLWDULDV(QHVWDOtQHDORVGHOLWRVFRPHWLGRV
SRUDXWRUHVPD\RUHVGHDxRVVHUHODFLRQDEDQFRQREMH
WLYRVXWLOLWDULRVTXHLQFOXtDQODSODQLILFDFLyQODLQWLPLGDFLyQ
SVLFROyJLFD\HOXVRGHDUPDVDGLIHUHQFLDGHORVPHQRUHV
'DKOEHUJ//\3RWWHU/%´<RXWKYLROHQFHGHYHORSPHQWDOSDWKZD\VDQGSUHYHQWLRQFKDOOHQJHVµ$PHULFDQ-RXUQDORI3UHYHQWLYH
0HGLFLQHQ6SV
&HQWHUVIRU'LVHDVH&RQWURODQG3UHYHQWLRQ1&+6´3XEOLFXVHGDWDILOHDQGGRFXPHQWDWLRQPXOWLSOHFDXVHRIGHDWKIRU,&'
GDWD HQ 'DQLFH . (DWRQ <RXWK 5LVN %HKDYLRU 6XUYHLOODQFH 8QLWHG 6WDWHV ´ 6XUYHLOODQFH6XPPDULHV66
SV
'DKOEHUJ//´<RXWK9LROHQFHLQWKH8QLWHG6WDWHV0DMRU7UHQGV5LVN)DFWRUVDQG3UHYHQWLRQ$SSURDFKHVµ$P-3UHY0HG
QPD\RGHSV
&XUULH&HG´+HDOWKEHKDYLRXULQVFKRRODJHGFKLOGUHQD:+2FURVVQDWLRQDOVWXG\µ8QLYHUVLW\RI%HUJHQ%HUJHQ
/RHEHU5HW DO´'HYHORSPHQWDO SDWKZD\VLQGLVUXSWLYHFKLOGEHKDYLRUµ'HYHORSPHQW DQG3V\FKRSDWKRORJ\QSV
)OLVKHU$-HWDO´5LVNWDNLQJEHKDYLRXURI&DSH3HQLQVXODKLJKVFKRROVWXGHQWVµSDUWH9,,´9LROHQWEHKDYLRXUµ6RXWK$IULFDQ
0HGLFDO-RXUQDOQSVHQ2UJDQL]DFLyQ0XQGLDOGHOD6DOXG´,QIRUPHPXQGLDOVREUHODYLROHQFLD\ODVDOXGµ
FLW
0F.HJDQH\1\1RUULH-´$VVRFLDWLRQEHWZHHQLOOHJDOGUXJVDQGZHDSRQFDUU\LQJLQ\RXQJSHRSOHLQ6FRWODQGVFKRROV·VXUYH\µ
%ULWLVK0HGLFDO-RXUQDOQSV
)OLVKHU$-HWDO´5LVNWDNLQJEHKDYLRXUµFLW
6RQYDULRVORVHVWXGLRVTXHKDQVHxDODGRFRPRIDFWRUGHULHVJRHOJUXSRGHSDUHVHVGHFLUMyYHQHVYLROHQWRVTXHVHHQFRQWUDEDQ
MXQWRFRQRWURVMyYHQHVYLROHQWRV)DUULQJWRQ'3\/RHEHU5´(SLGHPLRORJ\RIMXYHQLOHYLROHQFHµ&KLOG$GROHVF3V\FKLDWU&OLQ
1$PRFWXEUHGHSV
+HUUHQNRKO7,´'HYHORSPHQWDOULVNIDFWRUVIRU\RXWKYLROHQFHµ-$GROHVF+HDOWKQPDU]RGHSV
/H%ODQF0\)UHFKHWWH0´0DOHFULPLQDODFWLYLW\IURPFKLOGKRRGWKURXJK\RXWKµ(G6SULQJHU1XHYD<RUN
5HYLVWDGH'HUHFKR3HQDO\3URFHVDO3HQDO
0010
Black
+DFLDXQUpJLPHQSHQDOMXYHQLO
UHVSHFWR GH ORV TXH VH GHVWDFDED OD E~VTXHGD GH HPR
FLRQHV FRPR SULQFLSDO REMHWLYR /DVFRQGXFWDVDJUHVLYDVGHORVPHQRUHVVHKDQDVRFLDGR
HQJHQHUDODXQDYHQJDQ]DUHSUHVDOLDDXQDSURYRFDFLyQ
RDXQDWDTXHGHLUD
7DOFRPRORVHxDODXQHVWXGLRUHDOL]DGRHQ&DPEULGJH
ODVSHOHDVLQGLYLGXDOHVVHUHODFLRQDQFRQSURYRFDFLRQHV
SHUVRQDOHVHQGRQGHHOMRYHQVHHQRMD\JROSHDSDUDODV
WLPDUDVXDGYHUVDULRRSDUDOLEHUDUWHQVLRQHVLQWHUQDVD
GLIHUHQFLDGHORTXHVXFHGHHQODVSHOHDVGHWLSRJUXSDO
HQODVFXDOHVORVMyYHQHVWRPDQSDUWHSDUDD\XGDUDXQ
DPLJRRSRUTXHIXHURQDWDFDGRVSHURQRSRUTXHVHKD\DQ
HQRMDGR*HQHUDOPHQWHHVWDVSHOHDVFRPLHQ]DQSRUGLV
FXVLRQHVPHQRUHV\ODVFRQVHFXHQFLDVVXHOHQVHUPiV
JUDYHV\DTXHHQPXFKDVGHHOODVVHXWLOL]DQDUPDV
(OFRQVXPRGHDOFRKROHVXQRGHORVIDFWRUHVPiVSUH
SRQGHUDQWHVFXDQGRVHWUDWDGHFRQGXFWDVYLROHQWDVHQ
DGROHVFHQWHV
/DPD\RUtDGHORVMyYHQHVGHOLQFXHQWHVFRPHWHQPiVGH
OLWRVQRYLROHQWRVTXHYLROHQWRV(QWDOVHQWLGRHOHVWXGLR
UHDOL]DGRHQ&DPEULGJHVHxDOyTXHORVPHQRUHVGH
DxRVGHFODUDGRVFXOSDEOHVSRUGHOLWRVYLROHQWRVSUHVHQWD
EDQFDVLWUHVYHFHVPiVFRQGHQDVSRUGHOLWRVQRYLROHQWRV
TXHYLROHQWRV
3RURWUDSDUWH\GHQWURGHODVFDUDFWHUtVWLFDVGHSHUVRQD
OLGDG\GHOFRPSRUWDPLHQWRDGROHVFHQWHTXHSXHGHQSUH
GHFLUODYLROHQFLDVHGHVWDFDQODLPSXOVLYLGDGHOGHILFLHQWH
FRQWUROGHODFRQGXFWD\ORVSUREOHPDVDWHQFLyQ
(QHVWDOtQHDXQHVWXGLRUHDOL]DGRHQ1XHYD=HODQGLDPRVWUy
TXHORVMyYHQHVTXHKDEtDQVLGRFRQGHQDGRVSRUGHOLWRVYLR
OHQWRVDQWHVGHORVDxRVSUHVHQWDEDQSXQWXDFLRQHVGH
ILFLHQWHVHQHOFRQWUROGHOFRPSRUWDPLHQWRODLPSXOVLYLGDG\
ODIDOWDGHSHUVLVWHQFLDHQWUHORV\DxRVVLVHORVFRPSDUDED
FRQORVMyYHQHVTXHQRSRVHtDQDQWHFHGHQWHVRTXHKDEtDQ
VLGRFRQGHQDGRVSRUGHOLWRVQRYLROHQWRV
(QHVWDOtQHDODLPSXOVLYLGDGORVWUDVWRUQRVHQODDWHQFLyQ
ODHVFDVDLQWHOLJHQFLD\HOEDMRSURJUHVRHGXFDWLYRSXHGHQ
HVWDUYLQFXODGRVFRQGHILFLHQFLDVDQLYHOGHODVIXQFLRQHV
HMHFXWLYDVGHOFHUHEURXELFDGDVHQHOOyEXORIURQWDO
(VWDV IXQFLRQHV LQFOX\HQ OD DWHQFLyQ OD FRQFHQWUDFLyQ
VRVWHQLGD HO UD]RQDPLHQWR DEVWUDFWR OD IRUPDFLyQ GH
FRQFHSWRVODILMDFLyQGHPHWDVODSUHYLVLyQ\SODQLILFDFLyQ
ODSHUFHSFLyQ\YLJLODQFLDHIHFWLYDVGHOSURSLRFRPSRUWD
PLHQWR\ODVLQKLELFLRQHVUHVSHFWRGHFRPSRUWDPLHQWRV
LQDSURSLDGRVRLPSXOVLYRV$VtXQDLQYHVWLJDFLyQUHDOL]DGD
HQ0RQWUHDOPRVWUyTXHODVIXQFLRQHVHMHFXWLYDVPHGLGDV
DORVDxRVFRQVWLWX\HURQXQLQVWUXPHQWRLPSRUWDQWH
SDUDGLIHUHQFLDUORVQLxRVYLROHQWRVGHORVQRYLROHQWRV(VD
UHODFLyQIXHLQGHSHQGLHQWHGHIDFWRUHVIDPLOLDUHVODVLWXD
FLyQVRFLRHFRQyPLFDHOQLYHOHGXFDWLYRGHORVSDGUHV\OD
HYHQWXDOVHSDUDFLyQRGLYRUFLRGHORVSDGUHV
2WUR GH ORV IDFWRUHV GH ULHVJR DVRFLDGRV D OD YLROHQFLD
MXYHQLOWLHQHTXHYHUFRQODVUHODFLRQHVLQWHUSHUVRQDOHVGH
ORVMyYHQHV$VtODLQIOXHQFLDGHODIDPLOLDVXHOHVHUPD\RU
GXUDQWHODQLxH]SHURHQODDGROHVFHQFLDORVSDUHVDPLJRV
\FRPSDxHURVWLHQHQXQHIHFWRFDGDYH]PiVLPSRUWDQWH
F b²bF²‘V8Y‘‡bµObO€8˵µ€Š‡€O8O€8µ
…²Y€O‘b8‡bµ
/DVGLIHUHQFLDVHQWUHHOFRPSRUWDPLHQWRGHORVDGROHVFHQ
WHV\ORVDGXOWRV\DIXHGHVFULSWDKDFHWLHPSRSRUODSVL
FRORJtD\SVLTXLDWUtDHYROXWLYD6LQHPEDUJRHQHO~OWLPR
WLHPSRORVQHXURFLHQWtILFRVKDQFRPHQ]DGRDREMHWLYDU
GHVGHHOSXQWRGHYLVWDDQDWyPLFR\IXQFLRQDOODVGLIHUHQ
FLDVFRQFUHWDVHQWUHHOFHUHEURDGROHVFHQWH\HODGXOWR
0HGLDQWHPRGHUQDVWpFQLFDVGHQHXURLPDJHQFHUHEUDOORV
FLHQWtILFRVVHxDODQTXHHOSXQWRGHFRKRUWHSDUDODPDGX
UH]GHOFHUHEURVHHQFRQWUDUtDHQORVDxRV(QRWUDV
SDODEUDVHOFHUHEURGHORVDGROHVFHQWHVQRVHHQFXHQWUD
FRPSOHWDPHQWHPDGXURKDVWDTXHpVWHDOFDQ]DHOILQDOGH
ODVHJXQGDGpFDGD
(VWDVUHJLRQHVD~QQRGHVDUUROODGDVHVSHFtILFDPHQWH
ORVOyEXORVIURQWDOHVVRQODVHQFDUJDGDVGHOFRQWURO
GHORVLPSXOVRV GHODUHJXODFLyQGHOD
$JQHZ5´7KHRULJLQVRIGHOLQTXHQWHYHQWVDQH[DPLQDWLRQRIRIIHQGHUDFFRXQWVµ-RXUQDORI5HVHDUFKLQ&ULPHDQG'HOLQTXHQF\
QSV
)DUULQJWRQ'3\/RHEHU5´(SLGHPLRORJ\RIMXYHQLOHYLROHQFHµFLWSV
)DUULQJWRQ'3´3UHGLFWLQJDGXOWRIILFLDODQGVHOIUHSRUWHGYLROHQFHµHQ3LQDUG*)\3DJDQL/HGV´&OLQLFDODVVHVVPHQWRI
GDQJHURXVQHVVHPSLULFDOFRQWULEXWLRQVµ&DPEULGJH8QLYHUVLW\3UHVV&DPEULGJHSVHQ2UJDQL]DFLyQ0XQGLDOGHOD
6DOXG´,QIRUPHPXQGLDOVREUHODYLROHQFLD\ODVDOXGµFLW
)DUULQJWRQ'3´0RWLYDWLRQVIRUFRQGXFWGLVRUGHUDQGGHOLQTXHQF\µ'HYHORSPHQWDQG3V\FKRSDWKRORJ\QSV
8QHVWXGLRUHDOL]DGRHQ6XHFLDVHxDOyTXHFHUFDGHODVWUHVFXDUWDVSDUWHVGHORVGHOLQFXHQWHVYLROHQWRV\FDVLODPLWDGGHODV
YtFWLPDVHVWDEDQDOFRKROL]DGDVDOPRPHQWRGHOLQFLGHQWH
)DUULQJWRQ'3´3UHGLFWLQJDGXOWRIILFLDOµFLW
+HQU\ % HW DO ´7HPSHUDPHQWDO DQG IDPLOLDO SUHGLFWRUV RI YLROHQW DQG QRQYLROHQW FULPLQDO FRQYLFWLRQV DJH WR DJH µ
'HYHORSPHQWDO3V\FKRORJ\QSV
)DUULQJWRQ'3\/RHEHU5´(SLGHPLRORJ\RIMXYHQLOHYLROHQFHµFLW
6HJXLQ-HWDO´&RJQLWLYHDQGQHXURSV\FKRORJLFDOFKDUDFWHULVWLFVRISK\VLFDOO\DJJUHVVLYHER\Vµ-RXUQDORI$EQRUPDO3V\FKRORJ\
QSV
3OLV]ND65HWDO´1HXURLPDJLQJRILQKLELWRU\FRQWURODUHDVLQFKLOGUHQZLWKDWWHQWLRQGHILFLWK\SHUDFWLYLW\GLVRUGHUZKRZHUH
WUHDWPHQWQDLYHRULQORQJWHUPWUHDWPHQWµ$P-3V\FKLDWU\QSV
6FKXO].3HWDO´5HVSRQVHLQKLELWLRQLQDGROHVFHQWVGLDJQRVHGZLWKDWWHQWLRQGHILFLWK\SHUDFWLYLW\GLVRUGHUGXULQJFKLOGKRRGDQ
HYHQWUHODWHG)05,VWXG\µ$P-3V\FKLDWU\QSV
$URQ$GDP5´6WRSVLJQDOLQKLELWLRQGLVUXSWHGE\GDPDJHWRULJKWLQIHULRUIURQWDOJ\UXVLQKXPDQVµ1DWXUH1HXURVFLHQFHQ
SV
%XHQRV$LUHVIDVF
0011
Black
'RFWULQD
HPRFLRQHVGHODSRQGHUDFLyQGHORVULHVJRV\GHOUD]R
QDPLHQWRPRUDO
]RQDPLHQWROyJLFRSDUDHOFRQWUROGHVXVLPSXOVRVSDUD
FRPSUHQGHUODVUHDFFLRQHVGHORVRWURV
1RHVIXQFLyQGHORVPpGLFRVQHXURFLHQWtILFRVRSVLFyOR
JRVGHFODUDUDXQMRYHQLQLPSXWDEOHYDORUDFLyQGHFDUiFWHU
HVWULFWDPHQWHMXGLFLDOHPSHURVtSXHGHQHFKDUXQPDQWR
GHOXFLGH]VREUHHOIXQFLRQDPLHQWRFHUHEUDOGHORVDGROHV
FHQWHVFXHVWLyQTXHDOILQGHFXHQWDVSXHGHVHUUHOHYDQWH
DOPRPHQWRGHDQDOL]DUODFXOSDELOLGDG
$ SDUWLU GHO FDVR ´7KRPSVRQµ OD &RUWH6XSUHPDGHORV
((88HQVHxDOyTXHORVDGROHVFHQWHVPHQRUHVGH
DxRVSUHVHQWDQPHQRUFDSDFLGDGSDUDFRQWURODUVXV
FRQGXFWDV\HQSHQVDUDODUJRSOD]RPRWLYRSRUHOFXDOOD
FDSDFLGDGGHFXOSDELOLGDGGHXQMRYHQHVGLIHUHQWHGHOD
GH XQDGXOWR VLWXDFLyQTXHGHEHWHQHUVHHQFXHQWDDO
PRPHQWRGHDSOLFDUXQDVHQWHQFLDFRPRODSHQDGHPXHU
WH(QFRQVHFXHQFLDOD&RUWHVHxDOyTXHODHMHFXFLyQGH
MyYHQHVPHQRUHVGHDxRVUHVXOWDEDXQDSHQDFUXHO\
XQFDVWLJRLQXVXDO\YLRODEDOD2FWDYD(QPLHQGD6LQ
HPEDUJRHQRWURFDVRVLPLODUDFDHFLGRGXUDQWHOD
&RUWHSHUPLWLyODHMHFXFLyQGHMyYHQHVTXHVHHQFRQWUDEDQ
HQWUHORV\ORVDxRV
$VtORKDHQWHQGLGROD&RUWH6XSUHPDGHOD-XVWLFLDDUJHQ
WLQDHQHOIDOOR´0DOGRQDGRµGHFXDQGRVHxDOy
´VLQOXJDUDGXGDDOJXQDTXHHOUHSURFKHSHQDOGHOD
FXOSDELOLGDGTXHVHIRUPXODDOQLxRQRSXHGDWHQHUODPLV
PDHQWLGDGTXHHOIRUPXODGRQRUPDOPHQWHDXQDGXOWR
'HVGHHVWHSXQWRGHYLVWDODFXOSDELOLGDGSRUHODFWRGHO
QLxRHVGHHQWLGDGLQIHULRUDODGHODGXOWRFRPRFRQVH
FXHQFLDGHVXSHUVRQDOLGDGLQPDGXUDHQHOHVIHUDHPR
FLRQDO4XHHQHOPDUFRGHXQGHUHFKRSHQDOFRPSDWLEOH
FRQOD&RQVWLWXFLyQ\VXFRQFHSWRGHSHUVRQDQRHVSRVLEOH
HOXGLUODOLPLWDFLyQTXHDODSHQDLPSRQHODFXOSDELOLGDGSRU
HOKHFKR\HQHOFDVRSDUWLFXODUGHODFXOSDELOLGDGGHXQQLxR
ODUHGXFFLyQTXHVHGHULYDGHODFRQVLGHUDFLyQGHVXLQPD
GXUH]HPRFLRQDORDIHFWLYDXQLYHUVDOPHQWHUHFRQRFLGDFRPR
SURGXFWRQHFHVDULRGHVXHWDSDYLWDOHYROXWLYDDVtFRPROD
LQDGPLVLELOLGDGGHODDSHODFLyQDODFXOSDELOLGDGGHDXWRU
SRUUHVXOWDUHOODDEVROXWDPHQWHLQFRPSDWLEOHFRQQXHVWUD
/H\)XQGDPHQWDO(QWDOHVFRQGLFLRQHVQRUHVWDRWUDVR
OXFLyQTXHUHFRQRFHUTXHODUHDFFLyQSXQLWLYDHVWDWDOGHEH
VHULQIHULRUTXHODTXHFRUUHVSRQGHUtDDLJXDOGDGGHFLU
FXQVWDQFLDVUHVSHFWRGHXQDGXOWRµ
(QHVWDOtQHD((88GHVGHKDVWDHMHFXWy
DYHLQWLGyVMyYHQHVTXHKDEtDQFRPHWLGRHOGHOLWRDORV
DxRVVDOYRXQRGHHOORVTXHWHQtD$VtWUHV(VWDGRV
ILMDURQHOOtPLWHGHHGDGSDUDHQWUDUDOVLVWHPDSHQDOGH
DGXOWRVORVDxRVQXHYH(VWDGRVHQDxRV\
(VWDGRVHQORVDxRV
3RUVXSDUWHOD&RUWH6XSUHPDGHORV((88HQHOIDOOR
GH´$WNLQVY9LUJLQLDµHQVHxDOyTXHORVVX
MHWRVDIHFWDGRVSRUUHWUDVRPHQWDOGHEtDQVHUH[FOXLGRV
GHODSHQDGHPXHUWHSRUTXHVLELHQODPD\RUtDSXHGH
GLVWLQJXLUOREXHQRGHORPDOR\WLHQHFDSDFLGDGSDUDHVWDU
HQMXLFLRSRUGHILQLFLyQWLHQHXQDGLVPLQXFLyQHQODFD
SDFLGDGSDUDFRPSUHQGHU\PDQHMDUODLQIRUPDFLyQSDUD
FRPXQLFDUVHSDUDDSUHQGHUGHODH[SHULHQFLDSDUDHOUD
/DVHYLGHQFLDVFLHQWtILFDVGHPXHVWUDQTXHORVDGROHVFHQWHV
QRSUHVHQWDQODPLVPDFDSDFLGDGMXGLFDWLYDHOPLVPRFRQWURO
GHORVLPSXOVRVQLODPLVPDKDELOLGDGSDUDPHGLUORVULHVJRV
GHVXVDFFLRQHVDODUJRSOD]RTXHORVDGXOWRV(QHVWDOtQHD
PRGHUQRV HVWXGLRV HQ QHXURLPiJHQHV VHxDODQ TXH ODV
UHJLRQHVIURQWDOHVHQFDUJDGDVGHFRQWURODU\YDORUDUGL
FKDVFRQGXFWDVQRVHHQFXHQWUDQFRPSOHWDPHQWHGHVD
UUROODGDVKDVWDHOILQDOGHODDGROHVFHQFLD
2WURVSDtVHVFRPR&KLQDOD5HS~EOLFD'HPRFUiWLFDGHO&RQ
JR1LJHULD3DNLVWiQ$UDELD6DXGLWD<HPHQH,UiQDSOLFDURQ
OD SHQD GH PXHUWH D MyYHQHV TXH FRPHWLHURQ VXV GHOLWRV
FXDQGRWHQtDQPHQRVGHDxRVHQORV~OWLPRVDxRV(O
PHQRUGHORVMyYHQHVHMHFXWDGRVWHQtDDxRV
O bµ8²²‘‡‡‘Ob²bF²8‡Ë8Y‘‡bµObO€8
+RDNHQ31HWDO´([HFXWLYHFRJQLWLYHIXQFWLRQLQJDQGWKHUHFRJQLWLRQRIIDFLDOH[SUHVVLRQVRIHPRWLRQLQLQFDUFHUDWHGYLROHQW
RIIHQGHUVQRQYLROHQWRIIHQGHUVDQGFRQWUROVµ$JJUHVV%HKDYQVHSWLHPEUHRFWXEUHGHSV
0ROO-HWDO´7KH1HXUDO&RUUHODWHVRI0RUDO6HQVLWLYLW\$)XQFWLRQDO0DJQHWLF5HVRQDQFH,PDJLQJ,QYHVWLJDWLRQRI%DVLFDQG
0RUDO(PRWLRQVµ7KH-RXUQDORI1HXURVFLHQFHQSV
0HQGH]0´:KDWIURQWRWHPSRUDOGHPHQWLDUHYHDOVDERXWWKHQHXURELRORJLFDOEDVLVRIPRUDOLW\µ0HGLFDO+\SRWKHVHVQ
SV
+DUHQVNL&/\+DPDQQ6´1HXUDOFRUUHODWHVRIUHJXODWLQJQHJDWLYHHPRWLRQVUHODWHGWRPRUDOYLRODWLRQVµ1HXURLPDJHQ
PDU]RGHSV
0ROO-HWDO´7KH1HXUDO%DVLVRI0RUDO&RJQLWLRQ6HQWLPHQWV&RQFHSWVDQG9DOXHVµ$QQ1<$FDG6FLSV
&RUWH6XS´0'(\RWURVURERDJUDYDGRSRUHOXVRGHDUPDVHQFRQFXUVRUHDOFRQKRPLFLGLRFDOLILFDGRFDXVDµ
H[SWH0;;;,;
´$WNLQVY9LUJLQLDµ86
ÌG
(VWHIDOORSURGXMRXQFDPELRKLVWyULFRHQODVVHQWHQFLDVSURQXQFLDGDVSRUOD&RUWH\DTXHHQHQHOFDVR´3HQU\Y/\QDXJKµ
VRVWXYRTXHODSHQDGHPXHUWHHQHOFDVRGHVXMHWRVFRQUHWUDVRPHQWDOSRGtDOOHYDUVHDFDER´3HQU\Y/\QDXJKµ86
´7KRPSVRQY2NODKRPDµ86
´6WDQIRUGY.HQWXFN\µ86
´([HFXWLRQVRIMXYHQLOHVLQWKH86DQGRWKHUFRXQWU\µHQKWWSZZZGHDWKSHQDOW\LQIRRUJH[HFXWLRQMXYHQLOHVXVDQGRWKHUFRXQWULHV
*LHGG-1´6WUXFWXUDOPDJQHWLFUHVRQDQFHLPDJLQJRIWKHDGROHVFHQWEUDLQµ$QQ1<$FDG6FLQMXQLRGH
SV
5HYLVWDGH'HUHFKR3HQDO\3URFHVDO3HQDO
0012
Black
+DFLDXQUpJLPHQSHQDOMXYHQLO
6L ELHQ HO GHVDUUROOR FHUHEUDO HQ QLxRV \ DGROHVFHQWHV VH
LQYHVWLJDHQVXPD\RUSDUWHHQXQDSREODFLyQQRUPDOYR
OXQWDULRVVDQRVORVUHVXOWDGRVSRGUtDQH[WHQGHUVHKDFLDDGR
OHVFHQWHVHQFRQIOLFWRFRQODOH\SHQDOTXLHQHVHQDOJXQRV
FDVRVSXHGHQSUHVHQWDUDOJ~QWUDVWRUQRRGLVIXQFLyQTXH
DFUHFLHQWDODYXOQHUDELOLGDGSURSLDGHFXDOTXLHUMRYHQ
/DIRUPDHQTXHORVMyYHQHVWRPDQGHFLVLRQHVORVMXLFLRV
TXHUHDOL]DQ\ODH[SUHVLyQGHVXVHPRFLRQHVVRQGLIHUHQ
WHVGHORVGHORVDGXOWRV\DTXHVXFHUHEURWDPELpQGLILHUH
'HVGHHOSXQWRGHYLVWDDQiWRPRILVLROyJLFRHOFHUHEURGH
ORVDGROHVFHQWHVVHHQFXHQWUDLQPDGXURVREUHWRGRHQ
ODVUHJLRQHVHQFDUJDGDVGHFRQWURODUORVLPSXOVRVGHPH
GLUODVFRQVHFXHQFLDVGHODVDFFLRQHV\FRQWURODUODVHPR
FLRQHVHOOyEXORIURQWDO
/RVDGROHVFHQWHVSRUGHILQLFLyQVRQFRQVLGHUDGRVFRPR
SURSHQVRVDH[SRQHUVHDVLWXDFLRQHVGHULHVJRVRQ
EXVFDGRUHVGHQXHYDVVHQVDFLRQHV(VWDE~VTXHGD
GHULHVJRORVOOHYDDH[SRQHUVHDVLWXDFLRQHVGHULHVJR
FRPRSRUHMHPSORPDQHMDUDOFRKROL]DGRVPDQWH
QHUUHODFLRQHVVH[XDOHVVLQSURWHFFLyQH[SHULPHQWDU
FRQGURJDV DOFRKRO \FRQGXFWDVUHOD
FLRQDGDVFRQHOGHOLWR(VWDE~VTXHGDGHULHVJR\ODFRQ
GXFWDLPSXOVLYDVHYHQDJUDYDGDVSRUODLPSRUWDQFLDSDUD
ORVMyYHQHVGHVHUDFHSWDGRV\DSUREDGRVSRUVXVJUXSRV
GHSDUHV
/DVGLIHUHQFLDVTXHH[LVWHQHQWUHODIRUPDHQTXHWRPDQ
ODVGHFLVLRQHVORVDGROHVFHQWHV\ORVDGXOWRVQRVHIXQGD
PHQWDQHQODLPSRVLELOLGDGGHORVMyYHQHVGHGLVWLQJXLU
HQWUHOREXHQR\ORPDOR7DPSRFRVHEDVDQHQTXHORV
DGROHVFHQWHVQRSXHGHQUHDOL]DUQLQJ~QWLSRGHUD]RQD
PLHQWRGHFRVWREHQHILFLRFRQUHODFLyQDVXVFRQGXFWDV
WDOFRPRORKDQVXJHULGRDOJXQRVHVWXGLRV/DGLIH
UHQFLDUDGLFDHQODIRUPDHQODTXHORVMyYHQHVUHDOL]DQORV
DQiOLVLVGHFRVWREHQHILFLR\HQFyPRVRSHVDQORVULHVJRV
\ODVJDQDQFLDVWHQLHQGRHQFXHQWDODVSRVLEOHVJDQDQFLDV
DFRUWRSOD]R/RVDGROHVFHQWHVIRFDOL]DQPiV
HQODVSRVLEOHVJDQDQFLDVTXHHQSURWHJHUVHGHODVSRVL
EOHVSpUGLGDV(QVtQWHVLVQRHVTXHORVMyYHQHVQR
UHDOLFHQDQiOLVLVGHFRVWREHQHILFLRVLQRTXHVHLQFOLQDQ
PiVKDFLDODVSRVLEOHVJDQDQFLDVORTXHORVSXHGHOOHYDU
DWRPDUPDODVGHFLVLRQHVIDOODQHQSUHGHFLU
ODVSRVLEOHVFRQVHFXHQFLDVGHVXVDFFLRQHV
$VtHVWDWRPDGHGHFLVLRQHVPiVDUULHVJDGDSRUSDUWHGH
ORVDGROHVFHQWHVUHIOHMDODLQPDGXUH]GHODFRUWH]DSUH
IURQWDOORTXHSRQHHQHYLGHQFLDODVGLIHUHQ
FLDVHQODVFDSDFLGDGHVFRJQLWLYDV
*LHGG-1´7KHWHHQEUDLQLQVLJKWVIURPQHXURLPDJLQJµ-$GROHVF+HDOWKQDEULOGHSV
6SHDU/3´7KHDGROHVFHQWEUDLQDQGDJHUHODWHGEHKDYLRUDOPDQLIHVWDWLRQVµ1HXURVFL%LREHKDY5HYQMXQLRGH
SV
.HOOH\$(6FKRFKHW7\/DQGU\&)´5LVNWDNLQJDQGQRYHOW\VHHNLQJLQDGROHVFHQFHLQWURGXFWLRQWRSDUW,µ$QQ1<$FDG
6FLQMXQLRGHSV
&HQWHUVIRU'LVHDVH&RQWURODQG3UHYHQWLRQ&'&´<RXWKULVNEHKDYLRUVXUYHLOODQFH8QLWHG6WDWHVµ00:56XUYHLOO6XPP
SV
,UZLQ&(-U\%XUJ6-´8KOHU&DUW&$PHULFD·VDGROHVFHQWVZKHUHKDYHZHEHHQZKHUHDUHZHJRLQJµ-$GROHVF+HDOWK
Q6XSSOGLFLHPEUHGHSV
(GOLQ%5HWDO´,QWHUVHFWLQJHSLGHPLFV&UDFNFRFDLQHXVHDQG+,9LQIHFWLRQDPRQJLQQHUFLW\\RXQJDGXOWV0XOWLFHQWHU&UDFN
&RFDLQHDQG+,9,QIHFWLRQ6WXG\7HDPµ1(QJO-0HGQRYLHPEUHGHSV
&KDPEHUV5$7D\ORU-5\3RWHQ]D01´'HYHORSPHQWDOQHXURFLUFXLWU\RIPRWLYDWLRQLQDGROHVFHQFHDFULWLFDOSHULRGRI
DGGLFWLRQYXOQHUDELOLW\µ$P-3V\FKLDWU\MXQLRGHSV
6ZDKQ0+%RVVDUWH50\6XOOLYHQW((´$JHRIDOFRKROXVHLQLWLDWLRQVXLFLGDOEHKDYLRUDQGSHHUDQGGDWLQJYLROHQFH
YLFWLPL]DWLRQDQGSHUSHWUDWLRQDPRQJKLJKULVNVHYHQWKJUDGHDGROHVFHQWVµ3HGLDWULFVQIHEUHURGHSV
6SHDU/3´7KHDGROHVFHQWEUDLQµFLWSV
)XUE\/\%H\WK0DURP5´5LVNWDNLQJLQDGROHVFHQFH$GHFLVLRQPDNLQJSHUVSHFWLYHµ'HYHORSPHQWDO5HYLHZQSV
&DXIIPDQ(\6WHLQEHUJ/´,PPDWXULW\RIMXGJPHQWLQDGROHVFHQFHZK\DGROHVFHQWVPD\EHOHVVFXOSDEOHWKDQDGXOWVµ
%HKDY6FL/DZQSV
)XUE\/\%H\WK0DURP5´5LVNWDNLQJLQDGROHVFHQFHµFLW
)XUE\/\%H\WK0DURP5´5LVNWDNLQJLQDGROHVFHQFHµFLW
+DOSHUQ)HOVKHU%RQQLH/\&DXIIPDQ(OL]DEHWK´&RVWVDQGEHQHILWVRIDGHFLVLyQ'HFLVLyQPDNLQJFRPSHWHQFHLQDGROHVFHQWV
DQGDGXOWVµ-RXUQDORI$SSOLHG'HYHORSPHQWDO3V\FKRORJ\YROLVVXHPD\RMXQLRGHSV
%HFKDUD$'DPDVLR+\'DPDVLR$´(PRWLRQGHFLVLRQPDNLQJDQGWKHRUELWDOFRUWH[µ&HUHEUDO&RUWH[QSV
&URQH($\9DQGHU0ROHQ0:´'HYHORSPHQWRIGHFLVLyQPDNLQJLQVFKRRODJHGFKLOGUHQDQGDGROHVFHQWVHYLGHQFHIURP
KHDUWUDWHDQGVNLQFRQGXFWDQFHDQDO\VLVµ&KLOG'HYQMXOLRDJRVWRGHSV
%HFKDUD$\9DQ'HU/LQGHQ0´'HFLVLRQPDNLQJDQGLPSXOVHFRQWURODIWHUIURQWDOOREHLQMXULHVµ&XUUHQW2SLQLRQLQ1HXURORJ\
QSV
0DQHV)6DKDNLQ%&ODUN/5RJHUV5HWDO´'HFLVLRQPDNLQJSURFHVVHVIRORZLQJGDPDJWRWKHSUHIURQWDOFRUWH[µ%UDLQ
QSV
(VKHO11HOVRQ((%ODLU5-3LQH'6\(UQVW0´1HXUDOVXVWUDWHVRIFKRLFHVHOHFWLRQLQDGXOWVDQGDGROHVFHQWV
GHYHORSPHQWRIWKHYHQWURODWHUDOSUHIURQWDODQGDQWHULRUFLQJXODWHFRUWLFHVµ1HXURSV\FKRORJLDPDU]RGHSV
&DXIIPDQ(\6WHLQEHUJ/´,PPDWXULW\RIMXGJPHQWLQDGROHVFHQFHµFLWSV
*DOYDQ$HWDO´(DUOLHU'HYHORSPHQWRIWKH$FFXPEHQV5HODWLYHWR2UELWRIURQWDO&RUWH[0LJKW8QGHUOLH5LVN7DNLQJ%HKDYLRULQ
$GROHVFHQWVµ
%XHQRV$LUHVIDVF
0013
Black
'RFWULQD
(QRWUDVSDODEUDVODFDSDFLGDGGHWRPDUGHFLVLRQHVSRU
SDUWHGHORVDGROHVFHQWHVVHHQFXHQWUDGLVPLQXLGDSRUOD
IDOWDGHPDGXUH]\GHVDUUROORHPRFLRQDO\FHUHEUDOORTXH
GHEHVHUWHQLGRHQFXHQWDDOPRPHQWRHQTXHVHUiQMX]
JDGRVSRUHOVLVWHPDSHQDO
8QHVWXGLREDVDGRHQXQDPXHVWUDGHDGROHVFHQWHV
\DGXOWRVHVWDEOHFLyTXHODPDGXUH]SVLFRVRFLDOQRVHHQ
FXHQWUDFRPSOHWDKDVWDORVDxRV/RVDGR
OHVFHQWHVPRVWUDURQGLILFXOWDGSDUDUHDOL]DUDQiOLVLVDODUJR
SOD]RSDUDSRGHUSRQHUVHHQHOOXJDUGHRWURV\SDUDFRQ
WURODUVXVLPSXOVRVDJUHVLYRV
(QORVMyYHQHV\DGROHVFHQWHVODVGHILFLHQFLDVHPRFLRQD
OHV \ FRJQLWLYDV VH DFUHFLHQWDQ FXDQGR RWURV IDFWRUHV
FRPRHOHVWUpVODVHPRFLRQHV\ODSUHVLyQGHORVSDUHV
HQWUDQHQHVFHQD(VWRVIDFWRUHVSXHGHQDIHFWDUHOGH
VHPSHxRFRJQLWLYRGHFXDOTXLHUVXMHWRSHURORKDFHQFRQ
HVSHFLDOpQIDVLVHQORVDGROHVFHQWHV
/DLQWHUUHODFLyQHQWUHHOHVWUpVODVHPRFLRQHV\ODFRJQL
FLyQHVSDUWLFXODUPHQWHFRPSOHMD\GLIHUHQWHHQORVMyYH
QHVTXHHQORVDGXOWRV
(OHVWUpVDIHFWDODVKDELOLGDGHVFRJQLWLYDVLQFOX\HQGROD
KDELOLGDGSDUDUHDOL]DUDQiOLVLVFRVWREHQHILFLRDVLPLVPR
EDMRVLWXDFLRQHVGHHVWUpVORVMyYHQHVVXHOHQDFWXDUGH
IRUPDUiSLGDHLPSXOVLYD
7DQWRODHPRFLyQFRPRHOHVWUpVMXHJDQXQUROLPSRUWDQWH
HQODWRPDGHGHFLVLRQHV\ODH[SRVLFLyQDQWHFRQGXFWDV
GHULHVJR(QWDOVHQWLGRHOHVWUpVVXPDGRDODVYDULDFLR
QHVKRUPRQDOHVTXHVHSUHVHQWDQGXUDQWHODDGROHVFHQ
FLDKDFHTXHORVMyYHQHVVHDQPiVLQHVWDEOHVHPRFLRQDO
PHQWH
/RVDGROHVFHQWHVVRQPiVYXOQHUDEOHVDODSUHVLyQGHVXV
SDUHVTXHORVDGXOWRV$VLPLVPRORVMyYHQHVSDVDQPiV
WLHPSRFRQVXVFRQJpQHUHVTXHFRQVXVSDGUHVXRWURV
DGXOWRV
(QHVWDOtQHDVHH[SLGLyOD&RUWH6XSUHPDGH-XVWLFLDGH
OD1DFLyQFXDQGRVHxDOyTXH´HQHOFDVRGHORVPHQRUHV
ODFRQFUHWDVLWXDFLyQHPRFLRQDODOFRPHWHUHOKHFKRVXV
SRVLELOLGDGHVUHDOHVGHGRPLQDUHOFXUVRGHORVDFRQWHFL
PLHQWRVRELHQODSRVLELOLGDGGHKDEHUDFWXDGRLPSXOVL
YDPHQWHRDLQVWDQFLDVGHVXVFRPSDxHURVRFXDOTXLHU
RWURHOHPHQWRTXHSXGLHUDDIHFWDUODFXOSDELOLGDGDGTXLH
UHQXQDVLJQLILFDFLyQGLVWLQWDTXHQRSXHGHGHMDUGHVHU
H[DPLQDGDDOPRPHQWRGHGHWHUPLQDUODSHQDµ
Y Š8Y²bÎOb²bF²8‡V8Y‘‡bµObO€8ËO‘YÂO½8
(OFRPSRUWDPLHQWRLQPDGXURGHORVDGROHVFHQWHVUHIOHMD
QLPiVQLPHQRVTXHODLQPDGXUH]GHVXVFHUHEURV
7DOFRPRVHKDVHxDODGRHQORVSiUUDIRVLQWURGXFWRULRV
HQODV~OWLPDVGpFDGDV\JUDFLDVDODYDQFHGHODWHFQRORJtD
HQQHXURLPDJHQFHUHEUDOHVSRVLEOHHYLGHQFLDUFDPELRV
TXHDQWHVQRHUDSRVLEOHREVHUYDURTXHVyORSRGtDQVHU
YLVXDOL]DGRV PHGLDQWH HVWXGLRV SRVWPyUWHP %DVWD SDUD
HOORFRQUHFRUGDUHOIDPRVRFDVRGH&KDUOHV:KLWPDQDFDH
FLGR HQ 7H[DVHQ $ WUDYpVGHODVPRGHUQDV
WpFQLFDVGHLPDJHQFHUHEUDOHVSRVLEOHREVHUYDUODHYROXFLyQ
GHOFHUHEURDGROHVFHQWHDORODUJRGHOWLHPSR
VLWXDFLyQDODTXHSUHYLRDOGHVDUUROORGHHVWDVWpFQLFDVVyOR
HUDSRVLEOHDFFHGHUHQXQDPHVDGHDXWRSVLD
/RVDYDQFHVWHFQROyJLFRVQRVyORKDQSHUPLWLGRDORVFLHQ
WtILFRVFRQILUPDUDOJXQDVKLSyWHVLVVREUHHOIXQFLRQDPLHQ
WRFHUHEUDOVLQRWDPELpQFRPSUHQGHUFyPRHVHOGHVDUUROOR
GHOFHUHEURKXPDQRDWUDYpVGHODVGLIHUHQWHVHWDSDVGHVGH
ODQLxH]DODDGROHVFHQFLD\GHpVWDDODDGXOWH]´/DV
LPiJHQHVFHUHEUDOHVUHDOL]DGDVVREUHQLxRV\DGROHVFHQ
WHVQRUPDOHVKDQVLGR~WLOHVSDUDFRPSUHQGHUODPDGXUD
6WHLQEHUJ/\6FRWW(6´/HVVJXLOW\E\UHDVRQRIDGROHVFHQFHGHYHORSPHQWDOLPPDWXULW\GLPLQLVKHGUHVSRQVLELOLW\DQGWKH
MXYHQLOHGHDWKSHQDOW\µ$P3V\FKROQGLFLHPEUHGHSV
&DXIIPDQ(\6WHLQEHUJ/´,PPDWXULW\RIMXGJPHQWLQDGROHVFHQFHµFLWSV
*DODPERV1/0DF'RQDOG6:1DSKWDOL&&RKHQ$/\'H)ULDV&0´&RJQLWLYHSHUIRUPDQFHGLIIHUHQWLDWHVVHOHFWHG
DVSHFWVRISV\FKRVRFLDOPDWXULW\LQDGROHVFHQFHµ'HY1HXURSV\FKROQSV
&DXIIPDQ(\6WHLQEHUJ/´,PPDWXULW\RIMXGJPHQWLQDGROHVFHQFHµFLWSV
*DUGQHU0\6WHLQEHUJ/´3HHULQIOXHQFHRQULVNWDNLQJULVNSUHIHUHQFHDQGULVN\GHFLVLyQPDNLQJLQDGROHVFHQFHDQGDGXOWKRRG
DQH[SHULPHQWDOVWXG\µ'HY3V\FKROQMXOLRGHSV
6XOOLYDQ5HJLQD´7KH,QWHUQDWLRQDO6RFLHW\IRU'HYHORSPHQWDO3V\FKRELRORJ\$QQXDO0HHWLQJ6\PSRVLXP,PSDFWRI(DUO\/LIH
([SHULHQFHVRQ%UDLQDQG%HKDYLRUDO'HYHORSPHQW'HY3V\FKRELROµQQRYLHPEUHGHSV
6SHDU/3´7KHDGROHVFHQWEUDLQµFLWSV
6SHDU/3´7KHDGROHVFHQWEUDLQµFLWSV
´0'(\RWURVURERDJUDYDGRSRUHOXVRGHDUPDVHQFRQFXUVRUHDOFRQKRPLFLGLRFDOLILFDGRFDXVDµ
H[SWH0;;;,;
*LHGG-1´7KHWHHQEUDLQLQVLJKWVIURPQHXURLPDJLQJµ-$GROHVF+HDOWKQDEULOGHSV
&KDUOHV:KLWPDQHVFRQVLGHUDGRHOSULPHUDVHVLQRHQPDVDGH(VWDGRV8QLGRV(QDJRVWRGHDWDFyFRQYDULDVDUPDVD
XQJUXSRGHHVWXGLDQWHVGHOD8QLYHUVLGDGDODTXHFRQFXUUtD/DDXWRSVLDTXHVHOHUHDOL]yOXHJRGHTXHIXHUDDEDWLGRPRVWUyXQ
WXPRUTXHFRPSULPtDODDPtJGDOD
/HQURRW5.\*LHGG-1´%UDLQGHYHORSPHQWLQFKLOGUHQDQGDGROHVFHQWVLQVLJKWVIURPDQDWRPLFDOPDJQHWLFUHVRQDQFH
LPDJLQJµ1HXURVFL%LREHKDY5HYQSV(SXE
*LHGG-1´6WUXFWXUDOPDJQHWLFUHVRQDQFHLPDJLQJRIWKHDGROHVFHQWEUDLQµ$QQ1<$FDG6FLQMXQLRGH
SV
7RJD$:7KRPSVRQ30\6RZHOO(5´0DSSLQJEUDLQPDWXUDWLRQµ7UHQGV1HXURVFLQPDU]RGHSV
(SXE
5HYLVWDGH'HUHFKR3HQDO\3URFHVDO3HQDO
0014
Black
+DFLDXQUpJLPHQSHQDOMXYHQLO
FLyQFRJQLWLYDHPRFLRQDO\VRFLDODWUDYpVGHOGHVDUUROOR
GHODVGLIHUHQWHVHVWUXFWXUDVFHUHEUDOHVµ
$Vt\WDOFRPRVHPHQFLRQySUHYLDPHQWHHOFHUHEURDGROHV
FHQWHIXQFLRQDGHXQDPDQHUDGLIHUHQWHGHOGHORVDGXOWRV
/RVMyYHQHVDGLIHUHQFLDGHORVPD\RUHVSDUDUHDOL]DUGHWHU
PLQDGDVWDUHDVGHSHQGHQGHODDFWLYDFLyQGHODDPtJGDODiUHD
FHUHEUDODVRFLDGDFRQORVLPSXOVRVSULPLWLYRVGHDJUHVLyQHO
PLHGR\ODLUD3RUVXSDUWHORVDGXOWRVWLHQGHQDSURFHVDULQIRU
PDFLyQVLPLODUDWUDYpVGHODFRUWH]DIURQWDOHOiUHDFHUHEUDO
HQFDUJDGDGHOFRQWUROGHORVLPSXOVRV\EXHQUD]RQDPLHQWR
3RURWURODGRODPDGXUDFLyQFHUHEUDOGHORVDGROHVFHQWHV
H[SOLFDWDPELpQHOFRPSRUWDPLHQWRMXYHQLO/DVUHJLRQHV
FHUHEUDOHVHQFDUJDGDVGHOFRQWUROGHORVLPSXOVRVGHOD
HYDOXDFLyQGHORVULHVJRV\HOUD]RQDPLHQWRPRUDOVRQODV
~OWLPDVHQ GHVDUUROODUVH\ ORKDFHQ KDFLD ILQDOHV GHOD
DGROHVFHQFLD
b ÐY‘‡bµObO€8Ë8u²bµ€’
(OIXQFLRQDPLHQWRFHUHEUDOKDVLGRFRPSDUDGRFRQXQD
FRPSOHMDUHGTXHUHTXLHUHGHODtQWLPDLQWHUUHODFLyQGHVXV
GLIHUHQWHVSDUWHV7UDGLFLRQDOPHQWHVHKDDVRFLDGRFDGD
SDUWHDGLIHUHQWHVIXQFLRQHV\FDSDFLGDGHVVLQHPEDUJR
HQODDFWXDOLGDGVHVRVWLHQHODWHRUtDGHTXHGDGRHOIXQ
FLRQDPLHQWRHQUHGH[LVWHQUHJLRQHVTXHWLHQHQXQDLP
SRUWDQFLDFUtWLFDSDUDGHWHUPLQDGDVIXQFLRQHVGHVFDUWiQ
GRVHODLGHDTXHVRVWHQtDODDQWLJXDIUHQRORJtDHQFXDQWR
DTXHFDGDIXQFLyQWHQtDXQD~QLFDORFDOL]DFLyQFHUHEUDO
/DVUHJLRQHVPiVUHOHYDQWHVSDUDFRPSUHQGHUHOIXQFLR
QDPLHQWR GHOFHUHEURDGROHVFHQWHVHUHODFLRQDQFRQHO
FHUHEUR HPRFLRQDO HVSHFtILFDPHQWH FRQ ODV UHJLRQHV
DVRFLDGDVFRQODDJUHVLyQHOFRQWUROGHORVLPSXOVRVOD
HYDOXDFLyQGHORVULHVJRV\HOUD]RQDPLHQWRPRUDO
/DUHJLyQFHUHEUDOUHODFLRQDGDFRQODH[SUHVLyQ\HOUHFR
QRFLPLHQWRGHODVHPRFLRQHVHVHOVLVWHPDOtPELFRHVSH
FtILFDPHQWHODDPtJGDODXELFDGDHQHOOyEXORWHPSR
UDOeVWDIRUPDSDUWHGHOFLUFXLWRQHXURQDOHQFDUJDGRGH
GHWHFWDUHOSHOLJUR\SURGXFLUUiSLGDVUHVSXHVWDVFRQOD
ILQDOLGDGGHSURWHJHUQRVVLQODSDUWLFLSDFLyQGHODFRQ
FLHQFLD6HWUDWDGHUHDOL]DUHYDOXDFLRQHVGH
WLSRDIHFWLYRSUHFRJQLWLYR\GDUUHVSXHVWDVUiSLGDVDOD
VLWXDFLyQHQWpUPLQRVVXSHUYLYHQFLD(VWDVUHVSXHVWDVLQ
FOX\HQODOXFKDODKXLGDHODXPHQWRGHODDFWLYLGDG
DXWRQyPLFDRUHVSXHVWDVGHWLSRIUHH]LQJRFRQJHODPLHQ
WR (VWDVUHVSXHVWDVUiSLGDVDQWHVLWXDFLRQHVTXH
VRQYLYHQFLDGDVFRPRGHSHOLJURSUHVHQWDQXQDPSOLR
YDORU SDUD OD VXSHUYLYHQFLD GH OD HVSHFLH \ KDQ VLGR
H[WHQVDPHQWHHVWXGLDV\FRPSDUDGDV\DHQWLHPSRVGH
'DUZLQ5LERW\-DPHV
3RUVXSDUWHHOOyEXORIURQWDOVHHQFXHQWUDUHODFLRQDGR
FRQODVIXQFLRQHVFRJQLWLYDVPiVFRPSOHMDVODVIXQFLRQHV
HMHFXWLYDV6HWUDWDGHIXQFLRQHVSURSLDVGHOVHUKXPDQR
FRPR SODQLILFDU RUJDQL]DU DFFLRQHV IXWXUDV LQKLELU UHV
SXHVWDVLQDGHFXDGDVFRQWURODUODVHPRFLRQHV\UHDOL]DU
MXLFLRVPRUDOHV(VWDVIXQFLRQHVQRVWUDQVIRUPDQHQVHUHV
LQWHOHFWXDOHVUDFLRQDOHV(VSRUWRGRHOORTXHODFRUWH]D
SUHIURQWDOHVODUHJLyQFHUHEUDOPiVGHVDUUROODGDVLVHOD
FRPSDUDFRQRWURVSULPDWHV\ODPiVPRGHUQDIL
ORJHQpWLFDPHQWH
(QODV~OWLPDVGpFDGDVGLYHUVRVHVWXGLRVKDQVHxDODGROD
UHODFLyQHQWUHODVOHVLRQHVGHODFRUWH]DSUHIURQWDO\ORV
WUDVWRUQRVHQHOFRPSRUWDPLHQWRDSR\DQGRODVGHVFULS
FLRQHVUHDOL]DGDVSRUHO'U+DUORZKDFHPiVGHXQVLJOR
DSDUWLUGHOFDVRGH3KLQHDV*DJH
6RZHOO(HWDO´0DSSLQJ&KDQJHVLQWKH+XPDQ&RUWH[WKURXJKRXWWKH6SDQRI/LIHµ7KH1HXURVFLHQWLVWYROQ
SV
<XUJHOXQ7RGG'´(PRWLRQDODQGFRJQLWLYHFKDQJHVGXULQJDGROHVFHQFHµ&XUU2SLQ1HXURELROQDEULOGHSV
(SXE
.DQGHO(´3ULQFLSOHVRI1HXURVFLHQFHµHG(G0F*UDZ+LOO1HZ<RUN
$GROSKV5´)HDU)DFHVDQGWKH+XPDQ$P\JGDODµ&XUU2SLQ1HXURELROQDEULOGHSV
/H'RX[-´(ODSUHQGL]DMHGHOPLHGRµHQ´(PRFLyQ\FRQRFLPLHQWR/DHYROXFLyQGHOFHUHEUR\ODLQWHOLJHQFLDµ(G7XVTXHWV
%DUFHORQD
/H'RX[-´(OFHUHEURHPRFLRQDOµ(G3ODQHWD%DUFHORQDFLWDGRSRU*ROGEHUJ(´(OFHUHEURHMHFXWLYR/RVOyEXORV
IURQWDOHV\ODPHQWHFLYLOL]DGDµHG(G&UtWLFD%DUFHORQD
&RQI'DUZLQ&KDUOHV´7KHH[SUHVVLRQRIWKHHPRWLRQVLQPDQDQGDQLPDOVµ
&RQI5LERW7´3VLFRORJLDGHODVHPRFLRQHVµ
&RQI:LOOLDP-DPHV´7KHSULQFLSOHVRI3V\FKRORJ\µ
$OJXQRVDXWRUHVVHxDODQTXHODFRUWH]DSUHIURQWDOGHORVKXPDQRVQRHVGHVSURSRUFLRQDGDPHQWHPD\RUTXHODGHORVPRQRVVXSHULRUHV
6HPHQGHIHUL.HWDO´+XPDQVDQGJUHDWDSHVVKDUHDODUJHIURQWDOFRUWH[µ1DWXUH1HXURVFLHQFHQSV
0F%ULGH7$UQROG6(\*XU5&´$&RPSDUDWLYH9ROXPHWULF$QDO\VLVRIWKH3UHIURQWDO&RUWH[LQ+XPDQDQG%DERRQ05,µ
%UDLQ%HKDY(YROQSV
6HPHQGHIHUL.HWDO´3UHIURQWDOFRUWH[LQKXPDQVDQGDSHV$FRPSDUDWLYHVWXG\RIDUHDµ$PHULFDQ-RXUQDORI3K\VLFDO
$QWKURSRORJ\QSV
5DOSK/+´%ULHIFRPPXQLFDWLRQ+RZPXFKODUJHULVWKHUHODWLYHYROXPHRIDUHDRIWKHSUHIURQWDOFRUWH[LQKXPDQV"µ
$PHULFDQ-RXUQDORI3K\VLFDO$QWKURSRORJ\QSV
(VOLQJHU3-\'DPDVLR$5´6HYHUHGLVWXUEDQFHRIKLJKHUFRJQLWLRQDIWHUELODWHUDOIURQWDOOREHDEODWLRQSDWLHQW(95µ1HXURORJ\
GLFLHPEUHGHSV
0H\HUV&´&DVH5HSRUW$FTXLUHG$QWLVRFLDO3HUVRQDOLW\'LVRUGHU$VVRFLDWHGZLWK8QLODWHUDO/HIW2UELWDO)URQWDO/REH'DPDJHµ
-3V\FKLDWU1HXURVFLYROQSV
'DPDVLR$7UDQHO'\'DPDVLR$´,QGLYLGXDOVZLWKVRFLRSDWLFEHKDYLRXUFDXVHGE\IURQWDOGDPDJHIDLOWRUHVSRQGDXWRQRPLFDOO\
WRVRFLDOVWLPXOLµ%HKDY%UDLQ5HVQSV
*DJHHUDXQMRYHQGHDxRVFDSDWD]GHODFRQVWUXFFLyQTXLHQWUDEDMDEDSDUDHO)HUURFDUULO5XWODQG%XUOLQJWRQHQODLQVWDODFLyQ
%XHQRV$LUHVIDVF
0015
Black
'RFWULQD
$VtORVSDFLHQWHVFRQOHVLRQHVSUHIURQ
WDOHVSUHVHQWDQJUDYHVDOWHUDFLRQHVHQODWRPDGHGHFL
VLRQHVGLILFXOWDGHVSDUDOOHYDUDGHODQWHXQDYLGDVRFLDO
PHQWHDGDSWDGD\IDOWDGHLQWHUpVVREUHVXSUHVHQWH
\IXWXUR (VWRVSDFLHQWHVWLHQHQXQFRQRFLPLHQWR
IiFWLFRGHODVUHJODVVRFLDOHV\PRUDOHVVLQHPEDUJRQR
ORJUDQXWLOL]DUHVHFRQRFLPLHQWRWHyULFRSDUDLQKLELUDTXH
OODVDFFLRQHVTXHSXHGHQUHVXOWDUOHVSHUMXGLFLDOHVVXFRQ
GXFWD VH WRUQD LUUHVSRQVDEOH (VWH FRPSRUWDPLHQWR VH
DFRPSDxDGHHXIRULDIDOWDGHDIHFWLYLGDG\GHHPSDWtD
\FRQGLILFXOWDGHVSDUDHOUHFRQRFLPLHQWR\OD
H[SUHVLyQGHODVHPRFLRQHV6XHOHQWHQHUEDMDWR
OHUDQFLD D OD IUXVWUDFLyQ PRWLYR SRU HO FXDO UHDFFLRQDQ
LPSXOVLYDPHQWHFRQDOWRVQLYHOHVGHDJUHVLyQDQWHVLWXD
FLRQHVGHHVWUpVSHTXHxDVIUXVWUDFLRQHVRSURYRFDFLRQHV
(VWDDJUHVLyQVHSUHVHQWDHQODPD\RUtDGHORVFDVRV
FRQWUDREMHWRVPiVTXHFRQWUDODVSHUVRQDV(VWRVJUDYHV
WUDVWRUQRVDIHFWLYRV\GHOFRPSRUWDPLHQWRFXUVDQVLQDO
WHUDFLRQHVPRWRUDVVHQVLWLYDVQLFRJQLWLYDV$VLPLV
PRHVWDVJUDYHVDOWHUDFLRQHVVHSUHVHQWDQQRVyORFXDQ
GRODVOHVLRQHVSUHIURQWDOHVVHSURGXFHQHQODYLGDDGXOWD
VLQRWDPELpQHQODQLxH]
(QHVWDOtQHDSXHGHVHxDODUVHTXHHOOyEXORIURQWDOQRVH
HQFXHQWUDFRPSOHWDPHQWHGHVDUUROODGRGHVGHHOSXQWR
GHYLVWDHVWUXFWXUDOKDVWDHOILQDOGHODDGROHVFHQFLD
(Q WDOVHQWLGRODFRUWH]D SUHIURQWDO UHODFLRQDGDFRQHO
FRQWUROGHORVLPSXOVRVODHYDOXDFLyQGHULHVJR\HOUD]R
QDPLHQWRPRUDOHVXQDGHODV~OWLPDVSDUWHVGHOFHUHEUR
HQPDGXUDU(VWRVLJQLILFDTXHODLQKLELFLyQGHUHVSXHVWDV
ODUHJXODFLyQHPRFLRQDOODSODQLILFDFLyQ\ODRUJDQL]DFLyQ
FRQWLQ~DQGHVDUUROOiQGRVHKDFLDHOILQDOGHODDGROHVFHQ
FLD\HOFRPLHQ]RGHODDGXOWH]
2¢
-+ +
/DYLROHQFLDHVXQIHQyPHQRFRPSOHMRTXHVHKDLGRLQ
FUHPHQWDQGRHQODV~OWLPDVGpFDGDVDOSXQWRGHVHUFRQ
VLGHUDGRXQJUDYHSUREOHPDGHVDOXGS~EOLFD(QHVWDOt
QHDORVMyYHQHVVHSUHVHQWDQQRVyORFRPRXQDSREODFLyQ
YXOQHUDEOHIUHQWHDODYLROHQFLDVLQRWDPELpQSRUVXVFD
GHXQDQXHYDOtQHDIpUUHDHQODFLXGDGGH9HUPRQWHQ1HZ(QJODQG*DJHVHJ~QVXVMHIHVHUDXQKRPEUHPX\HILFLHQWH\FDSD](O
3KLQHDV*DJHVHHQFRQWUDEDLQWURGXFLHQGRXQDFDUJDGHGLQDPLWDFXDQGROXHJRGHXQDGLVWUDFFLyQ\SRUDFFLGHQWHOD
FDUJDH[SORWyHKL]RTXHODEDUUDFRQODTXHHVWDEDWUDEDMDQGR²GHNJ\PHGLR²OHDWUDYHVDUDODPHMLOODL]TXLHUGDHOFHUHEUR\
OOHJDUDKDVWDODSDUWHVXSHULRUGHVXFDEH]DVDOLHQGRGHVSHGLGDDPiVGHPGHGLVWDQFLD/XHJRGHODFFLGHQWH*DJHVREUHYLYLy
\VHHQFRQWUDEDFRQVFLHQWHFRQFDSDFLGDGSDUDFRQWHVWDUDWRGDVODVSUHJXQWDVTXHOHUHDOL]DEDQ6LQHPEDUJRVXSHUVRQDOLGDG
KDEtDFDPELDGRQRWDEOHPHQWH$QWHVGHODOHVLyQ*DJHHUDXQKRPEUHUHVSRQVDEOHLQWHOLJHQWHVHULRWUDEDMDGRU\VRFLDOPHQWH
DGDSWDGRHPSHURPLHQWUDVVHHQFRQWUDEDEDMRHOFXLGDGRGHVXPpGLFR-RKQ+DUORZFRPHQ]DURQDQRWDUVHFDPELRVHQVX
SHUVRQDOLGDG*DJHUHFXSHUyFRPSOHWDPHQWHDOJXQDVGHVXVIXQFLRQHVFHUHEUDOHVVXSHULRUHV²VXOHQJXDMHVXLQWHOLJHQFLD\VX
PHPRULDTXHGDURQLQWDFWDV²VLQHPEDUJRVHWRUQyLQIDQWLOLUUHIOH[LYRHLUUHVSRQVDEOHUHVSHFWRGHORVGHPiV6XVDFFLRQHVVH
WRUQDURQFDSULFKRVDVHLPSXOVLYDVHQSDODEUDVGHVXVDPLJRV´*DJHZDVQRORQJHUµ(OFDPELRGHSHUVRQDOLGDGGH3KLQHDV*DJH
IXHWDQH[WUHPRTXHVXVDPLJRVDSHQDVSRGtDQUHFRQRFHUOR6HJ~QDOJXQRVGRFXPHQWRV*DJHPXULyHQDFDXVDGHXQ
HVWDGRGHPDOHSLOpSWLFRWUHFHDxRVGHVSXpVGHODFFLGHQWH\QRVHOHUHDOL]yDXWRSVLDDOJXQD*DJH+DUORZ-´3DVVDJHRIDQLURQ
EDUWKURXJKWKHKHDGµ%RVWRQ0HG6XUJ-QSV
/DViUHDVOHVLRQDGDVSXGLHURQUHFRQVWUXLUVHYLUWXDOPHQWHJUDFLDVDTXHHOFUiQHRIXHFRQVHUYDGRHQHO:DUUHQ$QDWRPLFDO0XVHXP
'LFKDVLQYHVWLJDFLRQHVUHYHODURQTXHODOHVLyQKDEtDDIHFWDGRODFRUWH]DSUHIURQWDOGH*DJH2·'ULVFROO./HDFK-3¶1RORQJHU
*DJH·DQLURQEDUWKURXJKWKHKHDG(DUO\REVHUYDWLRQVRISHUVRQDOLW\FKDQJHDIWHULQMXU\WRWKHSUHIURQWDOFRUWH[µ%0-Q
SV
5DWLX37DORV,)+DNHU6HWDO´7KHWDOHRI3KLQHDV*DJH'LJLWDOO\5HPDVWHUHGµ-RXUQDORI1HXURWUDPDYRO
SV
'DPDVLR+'DPDVLR$*UDERZVNL7HWDO´7KHUHWXUQRI3KLQHDV*DJHFOXHVDERXWWKHEUDLQIURPWKHVNXOORIDIDPRXV
SDWLHQWµ6FLHQFHYROSV
6WXVV'7*RZ&$\+HWKHULQJWRQ&5¶1RORQJHU*DJH·IURQWDOOREHG\VIXQFWLRQDQGHPRWLRQDOFKDQJHVµ-&RQVXOW&OLQ
3V\FKROQSV
+HFDHQ+\$OEHUW0/´+XPDQQHXURSV\FKRORJ\µ:LOH\1HZ<RUNFLWDGRSRU%ODLU5-\&LSROORWWL/´,PSDLUHG
VRFLDOUHVSRQVHUHYHUVDO$FDVHRI¶DFTXLUHGVRFLRSDWK\·µ%UDLQQSV
*UDWWDQ/0%ORRPHU5+HWDO´&RJQLWLYHIOH[LELW\DQGHPSDWK\DIWHUIURQWDOOREHOHVLyQµ1HXURSV\FKLDWU\1HXURSV\FKRO
%HKDY1HXUROQSV
*UDWWDQ/0%ORRPHU5+HWDO´&RJQLWLYHIOH[LELW\µFLW
+RDNHQ31HWDO´([HFXWLYHFRJQLWLYHIXQFWLRQLQJµFLWSV
0HVXODP00´)URQWDOFRUWH[DQGEHKDYLRXUµ$QQ1HXUROQSV
3ULFH%+'DIIQHU.56WRZH50\0HVXODP00´7KHFRPSDUWPHQWDOOHDUQLQJGLVDELOLWLHVRIHDUO\IURQWDOOREHGDPDJHµ
%UDLQQSV
$QGHUVRQ6HWDO´,PSDLUPHQWRIVRFLDODQGPRUDOEHKDYLRUUHODWHGWRHDUO\GDPDJHLQKXPDQSUHIURQWDOFRUWH[µ1DWXUH
1HXURVFLHQFHYROSV
(YDQV$&´%UDLQ'HYHORSPHQW&RRSHUDWLYH*URXS7KH1,+05,VWXG\RIQRUPDOEUDLQGHYHORSPHQWµ1HXURLPDJH
PDU]RGHSV(SXE
6RZHOO(57KRPSVRQ30+ROPHV&--HUQLJDQ7/\7RJD$:´,QYLYRHYLGHQFHIRUSRVWDGROHVFHQWEUDLQPDWXUDWLRQ
LQIURQWDODQGVWULDWDOUHJLRQVµ1DW1HXURVFLQRFWXEUHGHSV
6RZHOO(3HWHUVRQ%7KRPSVRQ3:HOFRPH6+HQNHQLXV$\7RJD$´0DSSLQJFRUWLFDOFKDQJHDFURVVWKHKXPDQOLIH
VSDQµ1DWXUH1HXURVFLHQFHYROQSV
5HYLVWDGH'HUHFKR3HQDO\3URFHVDO3HQDO
0016
Black
+DFLDXQUpJLPHQSHQDOMXYHQLO
UDFWHUtVWLFDV FRPR SURSHQVRV D H[SRQHUVH D VLWXDFLRQHV
ULHVJRVDVFRPRSRUHMHPSORODYLROHQFLDRKHFKRVGHOLFWLYRV
QXHYRVGHVFXEULPLHQWRVFRQUHODFLyQDOGHVDUUROORPDGX
UDFLyQ\DFWLYLGDGFHUHEUDOGXUDQWHODDGROHVFHQFLD
3RURWUDSDUWHHQOD$UJHQWLQDHQORV~OWLPRVYHLQWHDxRV
VHKDUHJLVWUDGRXQLQFUHPHQWRVRVWHQLGRGHOQ~PHURGH
GHOLWRVVREUHWRGRHQORTXHVHUHILHUHDORVGHOLWRVFRQWUD
ODSURSLHGDG6LQHPEDUJRVHKDQLQWURGXFLGRDOJXQRVIHQy
PHQRVQRYHGRVRVFRPRODGLVPLQXFLyQGHODHGDGGHORV
YLFWLPDULRV/DVVHQWHQFLDVMXGLFLDOHVVHFRQFHQWUDURQHQOD
IUDQMDHWDULDHQWUHORV\ORVDxRVPRWLYRSRUHOFXDOHO
SURPHGLRGHHGDGGHODSREODFLyQFDUFHODULDGLVPLQX\yGH
DxRVHQDDxRVGLH]DxRVGHVSXpV
$VtHVWXGLRVGHQHXURLPDJHQUHYHODQTXHHOGHVDUUROORGH
ODUHJLyQSUHIURQWDOQRVHHQFXHQWUDFRPSOHWDPHQWHGH
VDUUROODGRKDVWDODILQDOL]DFLyQGHODDGROHVFHQFLD\TXH
ODVUHJLRQHVUHODFLRQDGDVFRQORVFLUFXLWRVHPRFLRQDOHV
HVSHFLDOPHQWHODDPtJGDODSUHVHQWDQXQDXPHQWRGHVX
DFWLYLGDG(VWRH[SOLFDHOFRPSRUWDPLHQWRDGROHVFHQWHFD
UDFWHUL]DGRSRUODLQHVWDELOLGDGHPRFLRQDOODIDOWDHQHO
FRQWUROGHORVLPSXOVRV\ODVGLILFXOWDGHVHQHOUD]RQDPLHQ
WRPRUDO\HQODYDORUDFLyQDGHFXDGDGHORVULHVJRV
$VLPLVPR\FtFOLFDPHQWHDSDUWLUGHDOJ~QFDVRSROLFLDO
UHVRQDQWHVHUHHGLWDHQODRSLQLyQS~EOLFDODGLVFXVLyQ
VREUH OD HGDG GH LPSXWDELOLGDG GH ORV PHQRUHV (Q WDO
VHQWLGRORVPHGLRVPDVLYRVGHFRPXQLFDFLyQSODQWHDQ
XQ~QLFRPRGHORGHMXVWLFLDSHQDOHOPRGHORGHORVDGXO
WRV $VtVH HULJH OD IDODFLDGHTXH VyORVRQMX]JDGRV\
SHQDGRV ORV DGXOWRV \ D ORV PHQRUHV VyOR OHV FDEH OD
LPSXQLGDG6LWXDFLyQFRPSOHWDPHQWHDOHMDGDGHOPRGHOR
GHUHVSRQVDELOLGDGSHQDOMXYHQLODFWXDOGRQGHORVMyYHQHV
GHDxRVHQWUDQDOVLVWHPDSHQDOGHDGXOWRV\GRQGH
QRH[LVWHXQVLVWHPDGLIHUHQFLDGR
1XHVWURSDtVHQLQFRUSRUyHQVX&DUWD0DJQDORV
WUDWDGRVLQWHUQDFLRQDOHVGHGHUHFKRVKXPDQRVGHQWURGH
ORVFXDOHVVHHQFXHQWUDOD&RQYHQFLyQVREUHORV'HUHFKRV
GHO1LxR'LFKDFRQYHQFLyQVHxDOD\FRPSURPHWHDORV
(VWDGRVPLHPEURVDFUHDUXQVLVWHPDSHQDOMXYHQLOGLIH
UHQFLDGRGHOGHORVDGXOWRV(VGHFLUQRVHWUDWDGHQR
VDQFLRQDUDORVPHQRUHVVLQRGHKDFHUORHQIRUPDGLIH
UHQWHGHODGHORVDGXOWRV\DTXHVHWUDWDGHXQDSREODFLyQ
FRQFDUDFWHUtVWLFDVSURSLDV\SDUWLFXODUHV(VGHFLUTXHGH
EHQJR]DUGHODVJDUDQWtDVGHORVPD\RUHVVXPDGDVDODV
SURSLDVSRUVXFRQGLFLyQGHQLxRV
(VHQHVWDOtQHDGRQGHVXUJHODQHFHVLGDGGHXQVLVWHPD
MXGLFLDOSDUDMyYHQHVHQFRQIOLFWRFRQODOH\SHQDOEDVDGR
HQVXVFDUDFWHUtVWLFDVSURSLDV\SDUWLFXODUHVGHQWURGHODV
FXDOHVVHGHVWDFDVXQLYHOGHGHVDUUROOR\PDGXUDFLyQD~Q
QRILQDOL]DGR
6XUJHQDVtDOJXQDVUHIOH[LRQHVILQDOHVVREUHORH[SXHVWR
ODVTXHLQFLWDQDVXYH]DQXHYDVH[SORUDFLRQHVHLQYHV
WLJDFLRQHVHQODWHPiWLFD
²(OFHUHEURGHORVDGROHVFHQWHVIXQFLRQDGHPDQHUDGL
IHUHQWHGHOGHORVDGXOWRV
8QDGHODVGLVFXVLRQHVPiVLPSRUWDQWHVHQHVWDWHPiWLFD
HVFXiOHVODHGDGPtQLPDTXHVHUHTXLHUHSDUDHOVLVWHPD
SHQDOGHDGXOWRV(QHVWDOtQHDODV1DFLRQHV8QLGDVVL
ELHQGHMDQHVWDGHILQLFLyQDFULWHULRGHFDGD(VWDGRVH
xDODQTXHXQQLxRHVWRGRVHUKXPDQRPHQRUGHDxRV
$OJRVLPLODUHQWLHQGHQXHVWURSDtVDODGRSWDUHVWHFULWHULR
PRGLILFiQGRORSRUHODJUHJDGRGHVGHHOPRPHQWRGHOD
FRQFHSFLyQ
/D$UJHQWLQDHVXQRGHORVSRFRVSDtVHVGH$PpULFDODWLQD
TXHD~QQRKDGHVDUUROODGRXQVLVWHPDSHQDOGLIHUHQFLDGR
SDUDMyYHQHVHQFRQIOLFWRFRQODOH\SHQDO²DQRVHUSRU
DOJXQDVUHIRUPDVSURFHVDOHV²PRWLYRSRUHOFXDOQRKD
FXPSOLGRD~QFRQORVSDFWRV\FRPSURPLVRVLQWHUQDFLR
QDOHVDVXPLGRV(QHVWHRUGHQHQOD$UJHQWLQDVHKDQ
GLFWDGRVHQWHQFLDVGHSULVLyQSHUSHWXDDMyYHQHVTXHDO
PRPHQWRGHFRPHWHUHOGHOLWRWHQtDQPHQRVGHDxRV
VLWXDFLyQ TXH YD HQ FRQWUD GH OD &RQYHQFLyQ VREUH ORV
'HUHFKRVGHO1LxRDUW
/DVQHXURFLHQFLDVDFWXDOHVQRVyORUHIXHU]DQDTXHOORVFR
QRFLPLHQWRVDGTXLULGRVSUHYLRDOGHVDUUROORGHODVPRGHU
QDVWpFQLFDVGHQHXURLPDJHQVLQRTXHLQFOXVRDSRUWDQ
²/RVDGROHVFHQWHVVRQEXVFDGRUHVGHQXHYDVVHQVDFLR
QHVORTXHORVOOHYDDH[SRQHUVHDVLWXDFLRQHVGHULHVJR
²6XHOHQFRPSRUWDUVHGHPDQHUDLPSXOVLYDVXEHVWLPDU
ORVULHVJRVGHVXVDFFLRQHV\VREUHHVWLPDUORVEHQHILFLRV
DFRUWRSOD]R
²6RQPiVVXVFHSWLEOHVDOHVWUpVDODSUHVLyQGHVXVSDUHV
\ SUHVHQWDQ GLILFXOWDGHV SDUD FRQWURODU VXV LPSXOVRV \
HPRFLRQHV
²(VWHFRPSRUWDPLHQWRSXHGHH[SOLFDUVHGHVGHHOSXQWR
GHYLVWDGHGHVDUUROORQHXURELROyJLFR\RQWRJpQLFRSRUOD
IDOWDGHPDGXUDFLyQFHUHEUDOHVSHFtILFDPHQWHORVOyEXORV
IURQWDOHV \ XQ DXPHQWR GH OD DFWLYLGDG GH ORV FHQWURV
HPRFLRQDOHV
²/DFDSDFLGDGGHWRPDUGHFLVLRQHVSRUSDUWHGHORVDGR
OHVFHQWHVVHHQFXHQWUDGLVPLQXLGDSRUODIDOWDGHPDGXUH]
\GHVDUUROORHPRFLRQDO\FHUHEUDO
²'HVGHHOSXQWRGHYLVWDIXQFLRQDOODDFWLYLGDGODVUHJLR
QHVUHODFLRQDGDVFRQODDJUHVLyQODLUD\HOPLHGRVHHQ
FXHQWUDQPiVDFWLYDVTXHODVUHJLRQHVHQFDUJDGDVGHYD
ORUDU\FRQWURODUODVFRQGXFWDV
(QFRQVHFXHQFLDHVWDVFLUFXQVWDQFLDVGHEHQVHUWHQLGDV
HQFXHQWDDOPRPHQWRGHDQDOL]DUODFXOSDELOLGDGGHORV
PHQRUHVHQFRQIOLFWRFRQODOH\SHQDO\DVtORHQWHQGLy
QXHVWUD &RUWH 6XSUHPD GH -XVWLFLD FXDQGR VHxDOy TXH
´HVWDLQFXHVWLRQDGDLQPDGXUH]HPRFLRQDOLPSRQHVLQOX
JDUDGXGDDOJXQDTXHHOUHSURFKHSHQDOGHODFXOSDELOLGDG
TXHVHIRUPXODDOQLxRQRSXHGDWHQHUODPLVPDHQWLGDG
TXHHOIRUPXODGRQRUPDOPHQWHDXQDGXOWR'HVGHHVWH
SXQWRGHYLVWDODFXOSDELOLGDGSRUHODFWRGHOQLxRHVGH
HQWLGDGLQIHULRUDODGHODGXOWRFRPRFRQVHFXHQFLDGHVX
SHUVRQDOLGDGLQPDGXUDHQODHVIHUDHPRFLRQDOµ
&RUWH6XS´0'(\RWURVURERDJUDYDGRSRUHOXVRGHDUPDVHQFRQFXUVRUHDOFRQKRPLFLGLRFDOLILFDGRFDXVDµ
H[SWH0;;;,;
%XHQRV$LUHVIDVF
0017
Black
'RFWULQD
(QRWUDVSDODEUDVODVPRGHUQDVLQYHVWLJDFLRQHVQHXUR
FLHQWtILFDV DSRUWDQ QXHYDV SHUVSHFWLYDV DOPRPHQWRGH
DQDOL]DUODLPSRUWDQFLDGHFUHDUXQUpJLPHQSHQDOHVSHFLDO
SDUDMyYHQHVHQFRQIOLFWRFRQODOH\SHQDO
2¢ *ÐÐ
$GROSKV5´)HDU)DFHVDQGWKH+XPDQ$P\JGDODµ&XUU2SLQ
1HXURELROQDEULOGHSV
$JQHZ5´7KHRULJLQVRIGHOLQTXHQWHYHQWVDQH[DPLQDWLRQRI
RIIHQGHUDFFRXQWVµ-RXUQDORI5HVHDUFKLQ&ULPHDQG'HOLQ
TXHQF\QSV
$QGHUVRQ6HWDO´,PSDLUPHQWRIVRFLDODQGPRUDOEHKDYLRUUH
ODWHG WR HDUO\ GDPDJH LQ KXPDQ SUHIURQWDO FRUWH[µ 1DWXUH
1HXURVFLHQFHYROSV
$UDQJR/ySH]&&UHVSR)DFRUUR%\$UUR\R0´1HXURLPDJHQ
HQSVLTXLDWUtDµHGUHLPSUHVLyQ$UV0HGLFD%DUFHORQD
$URQ$GDP5´6WRSVLJQDO LQKLELWLRQ GLVUXSWHG E\GDPDJHWR
ULJKWLQIHULRUIURQWDOJ\UXVLQKXPDQVµ1DWXUH1HXURVFLHQFH
QSV
´$WNLQVY9LUJLQLDµ86
%HFKDUD$'DPDVLR+\'DPDVLR$´(PRWLRQGHFLVLRQPD
NLQJDQGWKHRUELWDOFRUWH[µ&HUHEUDO&RUWH[QSV
%HFKDUD$\9DQ'HU/LQGHQ0´'HFLVLRQPDNLQJDQGLPSXOVH
FRQWURODIWHUIURQWDOOREHLQMXULHVµ&XUUHQW2SLQLRQLQ1HXUR
ORJ\QSV
%HORII0DU\´5HVSRQVDELOLGDGSHQDOMXYHQLO\GHUHFKRVKXPD
QRVµEDVDGRHQODSRQHQFLDGH0DU\%HORIIHQHOPDUFRGHO,,
&XUVRGH(VSHFLDOL]DFLyQ´3URWHFFLyQMXULVGLFFLRQDOGHORVGH
UHFKRVGHOQLxRµSDUDMXHFHVDERJDGRV\ILVFDOHVGHO&RQR
6XURUJDQL]DGRSRU8QLFHI2ILFLQDGHÉUHDSDUD$UJHQWLQD
&KLOH\8UXJXD\\OD)DFXOWDGGH'HUHFKR\&LHQFLDV6RFLDOHV
GHOD8QLYHUVLGDGGH%XHQRVTXHVHOOHYyDFDERHQOD)DFXOWDG
GH'HUHFKR\&LHQFLDV6RFLDOHVGHOD8%$HQWUHORVGtDV\
&1DF&ULP\&RUU)HGVDOD´*)'\2
VH[SHGLHQWHWXWHODUµIDOOR*DEULHO&DYDOOR\(GXDUGR)UHLOHU
&DUUDQ]D´&ULPLQDOLGDGSROtWLFDVS~EOLFDV\HGDGGHLQJUHVRDOD
UHVSRQVDELOLGDGSHQDOµ,QVWLWXWR/DWLQRDPHULFDQRGHODV1D
FLRQHV8QLGDVSDUDOD3UHYHQFLyQGHO'HOLWR\HO7UDWDPLHQWR
GHO'HOLQFXHQWH6DODPDQFDRFWXEUHGH
&DUUDQ]D(OtDV\0D[HUD5LWD´/DMXVWLFLDSHQDOGHPHQRUHVGH
HGDGHQORVSDtVHVGH$PpULFDODWLQDµSRQHQFLDSUHVHQWDGD
GXUDQWHHO6HPLQDULR,QWHUQDFLRQDOVREUHORV'HUHFKRV+XPD
QRV GH ORV 1LxRV 1LxDV\$GROHVFHQWHV0RQWHUUH\ 1XHYR
/HyQRFWXEUHGH
&DXIIPDQ(\6WHLQEHUJ/´,PPDWXULW\RIMXGJPHQWLQDGROHV
FHQFHZK\DGROHVFHQWVPD\EHOHVVFXOSDEOHWKDQDGXOWVµ
%HKDY6FL/DZQSV
&HQWHUVIRU'LVHDVH&RQWURODQG3UHYHQWLRQ1&+6´3XEOLFXVH
GDWDILOHDQGGRFXPHQWDWLRQPXOWLSOHFDXVHRIGHDWKIRU,&'
GDWDHQ'DQLFH.(DWRQ<RXWK5LVN%HKDYLRU6XU
YHLOODQFH 8QLWHG 6WDWHV ´ 6XUYHLOODQFH 6XPPDULHV
66SV
&HQWHUV IRU 'LVHDVH &RQWURO DQG 3UHYHQWLRQ &'& ´<RXWK ULVN
EHKDYLRUVXUYHLOODQFH8QLWHG6WDWHVµ00:56XUYHLOO
6XPPSV
&KDPEHUV5$7D\ORU-5\3RWHQ]D01´'HYHORSPHQWDO
QHXURFLUFXLWU\RIPRWLYDWLRQLQDGROHVFHQFHDFULWLFDOSHULRGRI
DGGLFWLRQ YXOQHUDELOLW\µ $P - 3V\FKLDWU\ MXQLR GH
SV
&LWDUD5´(OSODQSHQLWHQFLDULRERQDHUHQVHµ5HYLVWDGHO6HUYLFLR
3HQLWHQFLDULR%RQDHUHQVHQ%XHQRV$LUHVHQ.HV
VOHU*DEULHO´6RFLRORJtDGHOGHOLWRDPDWHXUµ(G3DLGyV%XH
QRV$LUHV
&RQYHQFLyQVREUHORV'HUHFKRVGHO1LxR1DFLRQHV8QLGDVRE
VHUYDFLyQJHQHUDO´/RVGHUHFKRVGHOQLxRHQODMXVWLFLDGHO
PHQRUµ&RPLWpGHORV'HUHFKRVGHO1LxRSHUtRGRGHVH
VLRQHV*LQHEUDDO
&RQYHQFLyQVREUHORV'HUHFKRVGHO1LxRDGRSWDGDSRUOD$VDP
EOHD*HQHUDOGHODV1DFLRQHV8QLGDVHO1XHYD
<RUNUDWLILFDGDSRUQXHVWURSDtVPHGLDQWHOH\SXEOL
FDGDHQHO%2GHO\GHFDUiFWHUREOLJDWRULRSRUOD
OH\SXEOLFDGDHQHO%2GHO
&URQH($\9DQGHU0ROHQ0:´'HYHORSPHQWRIGHFLVLyQ
PDNLQJ LQ VFKRRODJHG FKLOGUHQ DQG DGROHVFHQWV HYLGHQFH
IURPKHDUWUDWHDQGVNLQFRQGXFWDQFHDQDO\VLVµ&KLOG'HYQ
MXOLRDJRVWRGHSV
&XUULH&HG´+HDOWKEHKDYLRXULQVFKRRODJHGFKLOGUHQD:+2
FURVVQDWLRQDOVWXG\µ8QLYHUVLW\RI%HUJHQ%HUJHQ
'DKOEHUJ//´<RXWK9LROHQFHLQWKH8QLWHG6WDWHV0DMRU7UHQGV
5LVN)DFWRUVDQG3UHYHQWLRQ$SSURDFKHVµ$P-3UHY0HG
QPD\RGHSV
'DKOEHUJ / / \ 3RWWHU / % ´<RXWK YLROHQFH GHYHORSPHQWDO
SDWKZD\V DQG SUHYHQWLRQ FKDOOHQJHVµ $PHULFDQ -RXUQDO RI
3UHYHQWLYH0HGLFLQHQ6SV
'DPDVLR$7UDQHO'\'DPDVLR$´,QGLYLGXDOVZLWKVRFLRSDWLF
EHKDYLRXUFDXVHGE\IURQWDOGDPDJHIDLOWRUHVSRQGDXWRQR
PLFDOO\WRVRFLDOVWLPXOLµ%HKDY%UDLQ5HVQSV
'DPDVLR+'DPDVLR$*UDERZVNL7HWDO´7KHUHWXUQRI
3KLQHDV*DJHFOXHVDERXWWKHEUDLQIURPWKHVNXOORIDIDPRXV
SDWLHQWµ6FLHQFHYROSV
'LUHFFLyQ1DFLRQDOGH3ROtWLFD&ULPLQDO´,QIRUPHDQXDOGHHVWD
GtVWLFDVSROLFLDOHV$xRµ0LQLVWHULRGH-XVWLFLD\'HUH
FKRV+XPDQRVGHOD1DFLyQ%XHQRV$LUHVHQ.HVVOHU*DEULHO
HQ´6RFLRORJtDGHOGHOLWRDPDWHXUµ
'LUHFFLyQ1DFLRQDOGH3ROtWLFD&ULPLQDO´,QYHVWLJDFLyQVREUHPH
QRUHVLQIUDFWRUHV&DXVDVDxRµ0LQLVWHULRGH-XVWLFLD\
5HYLVWDGH'HUHFKR3HQDO\3URFHVDO3HQDO
0018
Black
+DFLDXQUpJLPHQSHQDOMXYHQLO
'HUHFKRV+XPDQRVGHOD1DFLyQ%XHQRV$LUHVHQ.HVVOHU
*DEULHOHQ´6RFLRORJtDGHOGHOLWRDPDWHXUµ
'LUHFFLyQ1DFLRQDOGH3ROtWLFD&ULPLQDO´6LVWHPD1DFLRQDOGH,Q
IRUPDFLyQ&ULPLQDO$xR,QIRUPHVREUHWRWDOGHOSDtVµ
0LQLVWHULRGHO,QWHULRU6HJXULGDG\'HUHFKRV+XPDQRVGHOD
1DFLyQ%XHQRV$LUHV
(GOLQ%5HWDO´,QWHUVHFWLQJHSLGHPLFV&UDFNFRFDLQHXVHDQG
+,9LQIHFWLRQDPRQJLQQHUFLW\\RXQJDGXOWV0XOWLFHQWHU&UDFN
&RFDLQHDQG+,9,QIHFWLRQ6WXG\7HDPµ1(QJO-0HG
QRYLHPEUHGHSV
*DODPERV1/0DF'RQDOG6:1DSKWDOL&&RKHQ$/\
'H)ULDV&0´&RJQLWLYHSHUIRUPDQFHGLIIHUHQWLDWHVVHOHFWHG
DVSHFWVRISV\FKRVRFLDOPDWXULW\LQDGROHVFHQFHµ'HY1HX
URSV\FKROQSV
*DOYDQ$HWDO´(DUOLHU'HYHORSPHQWRIWKH$FFXPEHQV5HODWLYH
WR2UELWRIURQWDO&RUWH[0LJKW8QGHUOLH5LVN7DNLQJ%HKDYLRULQ
$GROHVFHQWVµ
*DUGQHU0\6WHLQEHUJ/´3HHULQIOXHQFHRQULVNWDNLQJULVN
SUHIHUHQFH DQG ULVN\ GHFLVLyQ PDNLQJ LQ DGROHVFHQFH DQG
DGXOWKRRGDQH[SHULPHQWDOVWXG\µ'HY3V\FKROQ
MXOLRGHSV
(VKHO11HOVRQ((%ODLU5-3LQH'6\(UQVW0´1HXUDO
VXVWUDWHVRIFKRLFHVHOHFWLRQLQDGXOWVDQGDGROHVFHQWVGHYH
ORSPHQWRIWKHYHQWURODWHUDOSUHIURQWDODQGDQWHULRUFLQJXODWH
FRUWLFHVµ1HXURSV\FKRORJLDPDU]RGHSV
(SXE
*D]]DQLJD0\6WHYHQ0´)UHHZLOOLQWKH7ZHQW\ILUVW&HQWXU\
$GLVFXVVLyQRI1HXURVFLHQFHDQGWKH/DZµHQ´1HXURVFLHQFH
DQGWKH/DZ%UDLQ0LQGDQGWKH6FDOHVRI-XVWLFHµ'DQD
3UHVV:DVKLQJWRQ
(VOLQJHU3-\'DPDVLR$5´6HYHUHGLVWXUEDQFHRIKLJKHU
FRJQLWLRQ DIWHU ELODWHUDO IURQWDO OREH DEODWLRQ SDWLHQW (95µ
1HXURORJ\GLFLHPEUHGHSV
*LHGG-1´6WUXFWXUDOPDJQHWLFUHVRQDQFHLPDJLQJRIWKHDGR
OHVFHQWEUDLQµ$QQ1<$FDG6FLQMXQLRGH
SV
(YDQV$&´%UDLQ 'HYHORSPHQW &RRSHUDWLYH*URXS7KH1,+
05,VWXG\RIQRUPDOEUDLQGHYHORSPHQWµ1HXURLPDJH
PDU]RGHSV(SXE
*LHGG-1´7KHWHHQEUDLQLQVLJKWVIURPQHXURLPDJLQJµ-$GR
OHVF+HDOWKQDEULOGHSV
´([HFXWLRQV RI MXYHQLOHV LQ WKH 86 DQG RWKHU FRXQWU\µ HQ
KWWSZZZGHDWKSHQDOW\LQIRRUJH[HFXWLRQMXYHQLOHVXVDQG
RWKHUFRXQWULHV
)DJDQ-\%URZQH$´9LROHQFHEHWZHHQVSRXVHVDQGLQWLPDWHV
SK\VLFDODJJUHVVLyQEHWZHHQZRPHQDQGPHQLQLQWLPDWHUH
ODWLRQVKLSVµHQ5HLVV$-\5RWK-$HGV´8QGHUVWDQGLQJ
DQGSUHYHQWLQJYLROHQFHSDQHORQWKHXQGHUVWDQGLQJDQGFRQ
WURORIYLROHQWEHKDYLRUµYRO´6RFLDOLQIOXHQFHVµ1DWLRQDO
$FDGHP\3UHVV:DVKLQJWRQ'&SV
*UDWWDQ/0%ORRPHU5+HWDO´&RJQLWLYHIOH[LELW\DQGHP
SDWK\DIWHUIURQWDOOREHOHVLyQµ1HXURSV\FKLDWU\1HXURSV\FKRO
%HKDY1HXUROQSV
*XHPXUHPDQ6´/DFRQWUDFDUDGHODYLROHQFLDDGROHVFHQWHMX
YHQLOODYLROHQFLDS~EOLFDLQVWLWXFLRQDOGHODDJHQFLDGHFRQWURO
VRFLDOµHQ*D\RO6\.HVVOHU*´9LROHQFLDVGHOLWRV\MXVWLFLDV
HQOD$UJHQWLQDµ(GV81*60DQDQWLDO%XHQRV$LUHV
HQ.HVVOHU*DEULHO´6RFLRORJtDGHOGHOLWRDPDWHXUµ
)DUULQJWRQ'3´0RWLYDWLRQVIRUFRQGXFWGLVRUGHUDQGGHOLQTXHQF\µ
'HYHORSPHQWDQG3V\FKRSDWKRORJ\QSV
+DOSHUQ)HOVKHU%RQQLH/\&DXIIPDQ(OL]DEHWK´&RVWVDQGEH
QHILWVRIDGHFLVLRQ'HFLVLRQPDNLQJFRPSHWHQFHLQDGROHV
FHQWVDQGDGXOWVµ-RXUQDORI$SSOLHG'HYHORSPHQWDO3V\FKR
ORJ\YROLVVXHPD\RMXQLRGHSV
)DUULQJWRQ'3\/RHEHU5´(SLGHPLRORJ\RIMXYHQLOHYLROHQFHµ
&KLOG$GROHVF3V\FKLDWU&OLQ1$PRFWXEUHGH
SV
+DUHQVNL & / \ +DPDQQ 6 ´1HXUDO FRUUHODWHV RI UHJXODWLQJ
QHJDWLYHHPRWLRQVUHODWHGWRPRUDOYLRODWLRQVµ1HXURLPDJH
QPDU]RGHSV
)DUULQJWRQ'3´3UHGLFWLQJDGXOWRIILFLDODQGVHOIUHSRUWHGYLR
OHQFHµHQ3LQDUG*)\3DJDQL/HGV´&OLQLFDODVVHVVPHQW
RIGDQJHURXVQHVVHPSLULFDOFRQWULEXWLRQVµ&DPEULGJH8QL
YHUVLW\3UHVV&DPEULGJHSVHQ2UJDQL]DFLyQ
0XQGLDOGHOD6DOXG´,QIRUPHPXQGLDOVREUHODYLROHQFLD\OD
VDOXGµ:DVKLQJWRQ
+DUORZ-´3DVVDJHRIDQLURQEDUWKURXJKWKHKHDGµ%RVWRQ0HG
6XUJ-QSV
)OLVKHU $ - HW DO ´5LVNWDNLQJ EHKDYLRXU RI &DSH 3HQLQVXOD
KLJKVFKRROVWXGHQWVµSDUWH9,,´9LROHQWEHKDYLRXUµ6RXWK
$IULFDQ0HGLFDO-RXUQDOQSVHQ2U
JDQL]DFLyQ0XQGLDOGHOD6DOXG´,QIRUPHPXQGLDOVREUHOD
YLROHQFLD\ODVDOXGµ
)XUE\/\%H\WK0DURP5´5LVNWDNLQJLQDGROHVFHQFH$GHFL
VLyQPDNLQJ SHUVSHFWLYHµ 'HYHORSPHQWDO 5HYLHZ Q SV
%XHQRV$LUHVIDVF
+HFDHQ+\$OEHUW0/´+XPDQQHXURSV\FKRORJ\µ:LOH\1HZ
<RUNFLWDGRSRU%ODLU5-\&LSROORWWL/´,PSDLUHG
VRFLDO UHVSRQVH UHYHUVDO $ FDVH RI ¶DFTXLUHG VRFLRSDWK\·µ
%UDLQQSV
+HQU\%HWDO´7HPSHUDPHQWDODQGIDPLOLDOSUHGLFWRUVRIYLROHQW
DQGQRQYLROHQWFULPLQDOFRQYLFWLRQVDJHWRDJHµ'HYH
ORSPHQWDO3V\FKRORJ\QSV
+HUUHQNRKO7,´'HYHORSPHQWDOULVNIDFWRUVIRU\RXWKYLROHQFHµ
-$GROHVF+HDOWKQPDU]RGHSV
+RDNHQ31HWDO´([HFXWLYHFRJQLWLYHIXQFWLRQLQJDQGWKHUH
FRJQLWLRQRIIDFLDOH[SUHVVLRQVRIHPRWLRQLQLQFDUFHUDWHGYLR
0019
Black
'RFWULQD
OHQWRIIHQGHUVQRQYLROHQWRIIHQGHUVDQGFRQWUROVµ$JJUHVV
%HKDYQVHSWLHPEUHRFWXEUHGHSV
,UZLQ&(-U\%XUJ6-´8KOHU&DUW&$PHULFD·VDGROHVFHQWV
ZKHUHKDYHZHEHHQZKHUHDUHZHJRLQJµ-$GROHVF+HDOWK
Q6XSSOGLFLHPEUHGHSV
.DQGHO(´3ULQFLSOHVRI1HXURVFLHQFHµHG(G0F*UDZ+LOO
1HZ<RUN
.HOOH\$(6FKRFKHW7\/DQGU\&)´5LVNWDNLQJDQGQRYHOW\
VHHNLQJLQDGROHVFHQFHLQWURGXFWLRQWRSDUW,µ$QQ1<$FDG
6FLQMXQLRGHSV
.HVVOHU*DEULHO´6RFLRORJtDGHOGHOLWRDPDWHXUµ(G3DLGyV%XH
QRV$LUHV
/H'RX[-´(ODSUHQGL]DMHGHOPLHGRµHQ´(PRFLyQ\FRQRFL
PLHQWR/DHYROXFLyQGHOFHUHEUR\ODLQWHOLJHQFLDµ(G7XV
TXHWV%DUFHORQD
/H'RX[-´(OFHUHEURHPRFLRQDOµ(G3ODQHWD%DUFHORQD
FLWDGRSRU*ROGEHUJ(´(OFHUHEURHMHFXWLYR/RVOyEXORVIURQ
WDOHV \ OD PHQWH FLYLOL]DGDµ  HG (G &UtWLFD %DUFHORQD
/H%ODQF0\)UHFKHWWH0´0DOHFULPLQDODFWLYLW\IURPFKLOGKRRG
WKURXJK\RXWKµ(G6SULQJHU1XHYD<RUN
/HQURRW5.\*LHGG-1´%UDLQGHYHORSPHQWLQFKLOGUHQDQG
DGROHVFHQWV LQVLJKWV IURP DQDWRPLFDO PDJQHWLF UHVRQDQFH
LPDJLQJµ 1HXURVFL %LREHKDY 5HY Q SV
(SXE
/H\SXEOLFDGDHQHO%2GHO
/H\SXEOLFDGDHQHO%2GHO
/H\SXEOLFDGDHQHO%2GHO
/H\SXEOLFDGDHQHO%2GHO
/H\SXEOLFDGDHQHO%2GHO
/H\SXEOLFDGDHQHO%2GHO
/RHEHU5HWDO´'HYHORSPHQWDOSDWKZD\VLQGLVUXSWLYHFKLOGEH
KDYLRUµ'HYHORSPHQWDQG3V\FKRSDWKRORJ\QSV
/RQGRxR-/\*XHUUHUR5´$VDOWRDOGHVDUUROOR9LROHQFLDHQ
$PpULFD/DWLQDµ5HGGH&HQWURVGH,QYHVWLJDFLyQ:DVKLQJ
WRQFLWDGRSRU.HVVOHU*DEULHO´6RFLRORJtDGHOGHOLWR
DPDWHXUµ
´0'(\RWURVURERDJUDYDGRSRUHOXVRGHDUPDVHQFRQFXUVR
UHDOFRQKRPLFLGLRFDOLILFDGRFDXVDµH[S
WH0;;;,;
0F.HJDQH\1\1RUULH-´$VVRFLDWLRQEHWZHHQLOOHJDOGUXJVDQG
ZHDSRQFDUU\LQJLQ\RXQJSHRSOHLQ6FRWODQGVFKRROV·VXUYH\µ
%ULWLVK0HGLFDO-RXUQDOQSV
0HQGH]0´:KDWIURQWRWHPSRUDOGHPHQWLDUHYHDOVDERXWWKH
QHXURELRORJLFDOEDVLVRIPRUDOLW\µ0HGLFDO+\SRWKHVHVQ
SV
0HVXODP00´)URQWDOFRUWH[DQGEHKDYLRXUµ$QQ1HXUROQ
SV
0H\HUV&´&DVH5HSRUW$FTXLUHG$QWLVRFLDO3HUVRQDOLW\'LVRUGHU
$VVRFLDWHGZLWK8QLODWHUDO/HIW2UELWDO)URQWDO/REH'DPDJHµ
-3V\FKLDWU1HXURVFLYROQSV
0ROO-HWDO´7KH1HXUDO&RUUHODWHVRI0RUDO6HQVLWLYLW\$)XQF
WLRQDO0DJQHWLF5HVRQDQFH,PDJLQJ,QYHVWLJDWLRQRI%DVLFDQG
0RUDO (PRWLRQVµ 7KH -RXUQDO RI 1HXURVFLHQFH Q SV
0ROO-HWDO´7KH1HXUDO%DVLVRI0RUDO&RJQLWLRQ6HQWLPHQWV
&RQFHSWVDQG9DOXHVµ$QQ1<$FDG6FLSV
2·'ULVFROO.\/HDFK-3´¶1RORQJHU*DJH·DQLURQEDUWKURXJK
WKHKHDG(DUO\REVHUYDWLRQVRISHUVRQDOLW\FKDQJHDIWHULQMXU\
WRWKHSUHIURQWDOFRUWH[µ%0-QSV
2UJDQL]DFLyQ0XQGLDOGHOD6DOXG&RQIHUHQFLD0XQGLDOVREUH
3UHYHQFLyQGH/HVLRQHV\3URPRFLyQGHOD6HJXULGDG9LHQD
DO
2UJDQL]DFLyQ0XQGLDOGHOD6DOXG´,QIRUPHPXQGLDOVREUHODYLR
OHQFLD\ODVDOXGµ
2UJDQL]DFLyQ0XQGLDOGHOD6DOXGUHVROXFLyQ:+$
´3HQU\Y/\QDXJKµ86
3LHWULQL3HWDO´1HXUDO&RUUHODWHVRI,PDJLQDO$JJUHVVLYH%HKD
YLRU$VVHVVHGE\3RVLWURQ(PLVVLyQ7RPRJUDSK\LQ+HDOWK\6XE
MHFWVµ$P-3V\FKLDWU\QSV
3OLV]ND65HWDO´1HXURLPDJLQJRILQKLELWRU\FRQWURODUHDVLQ
FKLOGUHQZLWKDWWHQWLRQGHILFLWK\SHUDFWLYLW\GLVRUGHUZKRZHUH
WUHDWPHQWQDLYHRULQORQJWHUPWUHDWPHQWµ$P-3V\FKLDWU\
QSV
3UHVLGHQWH *HRUJH + : %XVK 3URFODPDWLRQ ´'HFDGH RI WKH
%UDLQ 3URFODPDWLRQ µ )HGHUDO 5HJLVWHU
Q
3ULFH%+'DIIQHU.56WRZH50\0HVXODP00´7KH
FRPSDUWPHQWDOOHDUQLQJGLVDELOLWLHVRIHDUO\IURQWDOOREHGDPD
JHµ%UDLQQSV
0DQHV ) 6DKDNLQ % &ODUN / 5RJHUV 5 HW DO ´'HFLVLRQ
PDNLQJSURFHVVHVIRORZLQJGDPDJWRWKHSUHIURQWDOFRUWH[µ
%UDLQQSV
5DOSK/+´%ULHIFRPPXQLFDWLRQ+RZPXFKODUJHULVWKHUHODWLYH
YROXPHRIDUHDRIWKHSUHIURQWDOFRUWH[LQKXPDQV"µ$PH
ULFDQ-RXUQDORI3K\VLFDO$QWKURSRORJ\QSV
0F%ULGH7$UQROG6(\*XU5&´$&RPSDUDWLYH9ROXPHWULF
$QDO\VLVRIWKH3UHIURQWDO&RUWH[LQ+XPDQDQG%DERRQ05,µ
%UDLQ%HKDY(YROQSV
5DWLX37DORV,)+DNHU6HWDO´7KHWDOHRI3KLQHDV*DJH
'LJLWDOO\ 5HPDVWHUHGµ -RXUQDO RI 1HXURWUDPD YRO SV
5HYLVWDGH'HUHFKR3HQDO\3URFHVDO3HQDO
0020
Black
+DFLDXQUpJLPHQSHQDOMXYHQLO
5pJLPHQ3URFHVDO-XYHQLOGHOD&LXGDG$XWyQRPDGH%XHQRV$LUHV
OH\SXEOLFDGDHQHO%2&$%$GHO
MXYHQLOHGHDWKSHQDOW\µ$P3V\FKROQGLFLHPEUH
GHSV
6FKXO].3HWDO´5HVSRQVHLQKLELWLRQLQDGROHVFHQWVGLDJQRVHG
ZLWKDWWHQWLRQGHILFLWK\SHUDFWLYLW\GLVRUGHUGXULQJFKLOGKRRG
DQHYHQWUHODWHG)05,VWXG\µ$P-3V\FKLDWU\Q
SV
6WXVV'7*RZ&$\+HWKHULQJWRQ&5´¶1RORQJHU*DJH·
IURQWDOOREHG\VIXQFWLRQDQGHPRWLRQDOFKDQJHVµ-&RQVXOW
&OLQ3V\FKROQSV
6HJXLQ-HWDO´&RJQLWLYHDQGQHXURSV\FKRORJLFDOFKDUDFWHULVWLFV
RISK\VLFDOO\DJJUHVVLYHER\Vµ-RXUQDORI$EQRUPDO3V\FKRORJ\
QSV
6HPHQGHIHUL.HWDO´3UHIURQWDOFRUWH[LQKXPDQVDQGDSHV$
FRPSDUDWLYHVWXG\RIDUHDµ$PHULFDQ-RXUQDORI3K\VLFDO
$QWKURSRORJ\QSV
6HPHQGHIHUL.HWDO´+XPDQVDQGJUHDWDSHVVKDUHDODUJHIURQWDO
FRUWH[µ1DWXUH1HXURVFLHQFHQSV
6XOOLYDQ 5HJLQD ´7KH ,QWHUQDWLRQDO 6RFLHW\ IRU 'HYHORSPHQWDO
3V\FKRELRORJ\ $QQXDO 0HHWLQJ 6\PSRVLXP ,PSDFW RI (DUO\
/LIH([SHULHQFHVRQ%UDLQDQG%HKDYLRUDO'HYHORSPHQW'HY
3V\FKRELROµQQRYLHPEUHGHSV
6ZDKQ0+%RVVDUWH50\6XOOLYHQW((´$JHRIDOFRKRO
XVHLQLWLDWLRQVXLFLGDOEHKDYLRUDQGSHHUDQGGDWLQJYLROHQFH
YLFWLPL]DWLRQDQGSHUSHWUDWLRQDPRQJKLJKULVNVHYHQWKJUDGH
DGROHVFHQWVµ 3HGLDWULFV Q IHEUHUR GH SV
´7KRPSVRQY2NODKRPDµ86
6RZHOO(57KRPSVRQ30+ROPHV&--HUQLJDQ7/\
7RJD$:´,QYLYRHYLGHQFHIRUSRVWDGROHVFHQWEUDLQPD
WXUDWLRQ LQ IURQWDO DQG VWULDWDO UHJLRQVµ 1DW 1HXURVFL Q
RFWXEUHGHSV
7RJD$:7KRPSVRQ30\6RZHOO(5´0DSSLQJEUDLQ
PDWXUDWLRQµ7UHQGV1HXURVFLQPDU]RGHSV
(SXE
6RZHOO(3HWHUVRQ%7KRPSVRQ3:HOFRPH6+HQNHQLXV
$7RJD$´0DSSLQJFRUWLFDOFKDQJHDFURVVWKHKXPDQOLIH
VSDQµ1DWXUH1HXURVFLHQFHYROQSV
8QLWHG6WDWHV'HSDUWPHQWRI+HDOWKDQG+XPDQ6HUYLFHV´<RXWK
YLROHQFHDUHSRUWRIWKH6XUJHRQ*HQHUDOµ:DVKLQJWRQ'&
6RZHOO(HWDO´0DSSLQJ&KDQJHVLQWKH+XPDQ&RUWH[WKURXJ
KRXWWKH6SDQRI/LIHµ7KH1HXURVFLHQWLVWYROQ
SV
:LGRP&6´&KLOGDEXVHQHJOHFWDQGYLROHQWFULPLQDOEHKD
YLRUµ&ULPLQRORJ\QSV
6SHDU/3´7KHDGROHVFHQWEUDLQDQGDJHUHODWHGEHKDYLRUDO
PDQLIHVWDWLRQVµ1HXURVFL%LREHKDY5HYQMXQLRGH
SV
:LQQLFRWW':´'HSULYDFLyQ\GHOLQFXHQFLDµ(G3DLGyV%XHQRV
$LUHV
´6WDQIRUGY.HQWXFN\µ86
<XUJHOXQ7RGG'´(PRWLRQDODQGFRJQLWLYHFKDQJHVGXULQJDGR
OHVFHQFHµ&XUU2SLQ1HXURELROQDEULOGHSV
(SXE
6WHLQEHUJ/\6FRWW(6´/HVVJXLOW\E\UHDVRQRIDGROHVFHQFH
GHYHORSPHQWDOLPPDWXULW\GLPLQLVKHGUHVSRQVLELOLW\DQGWKH
=DIIDURQL5D~O(´'HUHFKR3HQDO3DUWHJHQHUDOµ(G(GLDU%XH
QRV$LUHV
%XHQRV$LUHVIDVF
0021
Black
Descargar