(WSMV) y High Plains virus (HPV)

Anuncio
$EULO$UJHQWLQD
&RPSRUWDPLHQWRGHGLIHUHQWHVFXOWLYDUHV
GHWULJRD:KHDWVWUHDNPRVDLFYLUXV
:609\+LJK3ODLQVYLUXV+39
PHGLDQWHLQIHFFLyQDUWLÀFLDOFRQ
HOYHFWRU$FHULDWRVLFKHOOD.HLIHUEDMR
FRQGLFLRQHVGHFDPSR
'80Ï1$'$5*h(//2&$52(%$/(0$1'5,90$77,20)'21$,5(*
$/%(5,21((%$,1277,&752'5Ë*8(=607582/*
5(680(1
(O WULJR 7ULWLFXP DHVWLYXP / HV HO FHUHDO GH LQYLHUQR GH PD\RU LPSRUWDQFLD HFRQyPLFD HQ OD$UJHQWLQD
'DGRTXH:KHDW6WUHDN0RVDLFYLUXV:609\+LJK3ODLQVYLUXV+39FRQVWLWX\HQXQDGHODVSULQFLSDOHV
OLPLWDQWHV VDQLWDULDV GHO FXOWLYR GH WULJR HO REMHWLYR GHO SUHVHQWH WUDEDMR IXH HYDOXDU HO FRPSRUWDPLHQWR GH
GLIHUHQWHV FXOWLYDUHV DQWH DPEDV HQIHUPHGDGHV HQ LQIHFFLRQHV DUWL¿FLDOHV EDMR FRQGLFLRQHV GH FDPSR (O
LQyFXORYLUDOPL[WR:609+39\HOYHFWRU$WRVLFKHOODVHREWXYLHURQHQFDPSR\VHPXOWLSOLFDURQHQODERUD
WRULR/RVHULy¿GRVLQIHFWDGRVFRQDPERVYLUXVVHXWLOL]DURQSDUDUHDOL]DUODVLQIHFFLRQHVHQFDPSR6HHYDOXy
ODLQFLGHQFLDHOJUDGRGHLQIHFFLyQ\ODVHYHULGDGGHVtQWRPDVGHODVLQIHFFLRQHVHQORVGLIHUHQWHVJHQRWLSRV
GHWULJR/RVFXOWLYDUHVIXHURQFODVL¿FDGRVVHJ~QODSUREDELOLGDGGHLQFLGHQFLDGHFDGDYLUXV\VXLQWHUDFFLyQ
KDOOiQGRVHGLIHUHQFLDVVLJQL¿FDWLYDVVyORHQORVFDVRVGHLQIHFFLRQHVFRQ+391RVHKDOODURQGLIHUHQFLDVVLJ
QL¿FDWLYDVHQHOFRPSRUWDPLHQWRGHORVFXOWLYDUHVDO:6096yORHOGHORVFXOWLYDUHVHVWXGLDGRVSUHVHQWy
LQIHFFLyQGHDPEDVYLURVLV(OJUDGRGHVHYHULGDGREVHUYDGRYDULyHQWUHOHYHDPRGHUDGRSDUDODVSODQWDVTXH
UHVXOWDURQLQIHFWDGDV/RVUHVXOWDGRVUHSRUWDGRVHQHOSUHVHQWHWUDEDMRFRQVWLWX\HQXQDKHUUDPLHQWDSRWHQFLDO
SDUDODVHOHFFLyQGHJHQRWLSRVFRQPHMRUFRPSRUWDPLHQWRHQHVWHFRQWH[WRSURGXFWLYR
3DODEUDVFODYH7ULWLFXPDHVWLYXPLQIHFFLyQYLUDOPL[WD(ULRSK\LGDHLQFLGHQFLDVHYHULGDG
$%675$&7
:KHDW7ULWLFXPDHVWLYXP/LVWKHPRVWHFRQRPLFDOO\LPSRUWDQWZLQWHUFHUHDOLQ$UJHQWLQD,WVSURGXFWLRQLV
OLPLWHGE\VHYHUDOIDFWRUVLQFOXGLQJYLUDOGLVHDVHV6LQFH:KHDWVWUHDNPRVDLFYLUXV:609DQG+LJK3ODLQV
YLUXV+39DUHRQHRIWKHPDLQOLPLWDWLRQVLQZKHDWSURGXFWLRQWKHDLPRIWKLVVWXG\ZDVWRHYDOXDWHWKHEHKD
YLRURIGLIIHUHQWZKHDWJHQRW\SHVLQDUWL¿FLDOLQIHFWLRQVZLWKERWKSDWKRJHQVXQGHU¿HOGFRQGLWLRQV+39:609
PL[HGLQRFXOXPVDQGWKHYHFWRU$FHULDWRVLFKHOODZHUHREWDLQHGIURP¿HOGVDPSOLQJDQGPXOWLSOLHGLQZKHDW
,3$9(&,$3±,17$&DPLQR&XDGUDVNPò;,&$&yUGRED$UJHQWLQD&RUUHRHOHFWUyQLFRJWUXRO#FLDSLQWDJRYDU
(($,17$0DUFRV-XiUH]5XWD3URYLQFLDOQƒNP0DUFRV-XiUH]$UJHQWLQD
5HFLELGRGHPD\RGH$FHSWDGRGHHQHURGH3XEOLFDGRRQOLQHGHIHEUHURGH
'80Ï1$'$5*h(//2&$52(%$/(0$1'5,90$77,20)'21$,5(*$/%(5,21((<27526
$57Ì&8/26
5,$9RO1ž
XQGHUODERUDWRU\FRQGLWLRQV7KHVH+39:609LQIHFWHGHULRSK\LGZHUHXVHGWRSHUIRUPDUWL¿FLDOLQIHFWLRQVLQ
WKH¿HOG,QFLGHQFHDQGV\PSWRPVVHYHULW\OHYHOVZHUHHYDOXDWHGLQGLIIHUHQWZKHDWFXOWLYDUV*HQRW\SHVZHUH
FODVVL¿HGE\WKHSUREDELOLW\RILQFLGHQFHRIERWKYLUXVHVVKRZLQJVLJQL¿FDQWGLIIHUHQFHVRQO\LQLQIHFWLRQVZLWK
+391RVLJQL¿FDQWGLIIHUHQFHVZHUHIRXQGLQWKHVXVFHSWLELOLW\RIFXOWLYDUVWR:6090L[HGLQIHFWLRQVZHUHRE
VHUYHGRQO\LQRIZKHDWJHQRW\SHVDQDO\]HG0LOGWRPRGHUDWHV\PSWRPVZHUHVKRZQE\LQIHFWHGSODQWV
7KHVHUHVXOWVDUHDSRWHQWLDOWRROIRUWKHVHOHFWLRQRIEHVWSHUIRUPLQJJHQRW\SHVLQWKLVSURGXFWLYHFRQWH[W
.H\ZRUGV7ULWLFXPDHVWLYXPPL[HGYLUDOLQIHFWLRQ(ULRSK\LGDHLQFLGHQFHVHYHULW\
,1752'8&&,Ï1
(O WULJR 7ULWLFXP DHVWLYXP / HV HO FHUHDO GH LQYLHUQR
GH PD\RU LPSRUWDQFLD HFRQyPLFD HQ$UJHQWLQD WDQWR SRU
OD VXSHU¿FLH VHPEUDGD PLOORQHV GH KD FRPR SRU HO
YROXPHQ GH SURGXFFLyQ DQXDO PLOORQHV GH WRQHODGDV
35(&23,17$/DViUHDVPiVSURGXFWLYDVVHHQ
FXHQWUDQHQHOVXUGHODSURYLQFLDGH%XHQRV$LUHV\HQHO
QRUWHGHODUHJLyQSDPSHDQDK~PHGD0$*<3
(O YLUXV GHO PRVDLFR HVWULDGR GHO WULJR R :KHDW VWUHDN
PRVDLF YLUXV :609 )DPLOLD 3RW\YLULGDH JpQHUR 7UL
WLPRYLUXV HV FDXVDQWH GH XQD GH ODV HQIHUPHGDGHV PiV
FRPXQHVTXHDIHFWDODSURGXFFLyQGHWULJRDQLYHOPXQGLDO
6iQFKH]6iQ
0DKPRRGHWDO%RFNXVHWDO6iQFKH]6iQ
FKH]HWDO(OOLVHWDO*UD\ERVFKHWDO
/RVVtQWRPDVTXHHYLGHQFLDQODVSODQWDVDIHFWDGDVSRUHO
:609 VRQ HVWUtDV FORUyWLFDV TXH SXHGHQ IRUPDU XQ PR
VDLFRDPDULOODPLHQWRGHODVKRMDVUDTXLWLVPR\HVWHULOLGDG
%UDNNH 0XUUD\ HW DO (Q OD$UJHQWLQD IXH
UHJLVWUDGR SRU SULPHUD YH] HQ HO DxR HQ OD SURYLQ
FLDGH&yUGREDH[SDQGLpQGRVHUiSLGDPHQWHDGLIHUHQWHV
VXEUHJLRQHV GH OD UHJLyQ WULJXHUD 7UXRO HW DO (Q
HODxRVHSURGXMRXQDVHYHUDHSL¿WLDUHJLRQDOHQHO
VXUHVWHGHODSURYLQFLDGH%XHQRV$LUHVUHJLyQGH0DU\
6LHUUDV $]XO %DOFDUFH 1HFRFKHD 7DQGLO 7UHV$UUR\RV
FRQ LQFLGHQFLD GH KDVWD HO \ ORWHV FRQ SpUGLGDV WR
WDOHV6DJDGLQ\7UXRO
(O YLUXV GHO PRVDLFR HVWULDGR SXHGH WUDQVPLWLUVH SRU OD
LQWHUYHQFLyQGHXQYHFWRURELHQPHFiQLFDPHQWHRSRUVH
PLOOD DXQTXH HVWD ~OWLPD VXHOH WUDVPLWLUVH HQ QLYHOHV PX\
EDMRV+LOOHWDO-RQHVHWDO6DJDGLQ\7UXRO
6X~QLFRYHFWRUHV$FHULDWRVLFKHOOD.HLIHU$FDULQD
(ULRSK\LGDH FRQRFLGR FRPR ³iFDUR GHO HQUROODPLHQWR GHO
WULJR´ZKHDWFXUOPLWH:&0SRUHOFDUDFWHUtVWLFRVtQWRPD
TXHSURYRFDHQODVKRMDVGHWULJR0XUUD\HWDO0D
OLNHWDO$XQTXHVXHOHKDOODUVHVREUHVRUJR\PDt]
:&0SUH¿HUHDOLPHQWDUVHGHSODQWDVFX\DVKRMDVVHHQUR
OOHQ IiFLOPHQWH eVWD HV XQD GH ODV UD]RQHV SRU OD FXDO HV
PiVIUHFXHQWHHQFXOWLYRVGHWULJRDYHQD\RWUDVSDVWXUDV
FRPRKRVSHGDQWHVSUHIHUHQFLDOHV-HSSVRQHWDO
$GHPiV :&0 WLHQH OD FDSDFLGDG GH WUDQVPLWLU RWUR
DJHQWHSDWyJHQRHO+LJK3ODLQVYLUXV+39TXHIXHLGHQWL
¿FDGRHQHODxRHQFXOWLYRVGHPDt]\WULJRGHODVSODQL
FLHVDOWDVGH(VWDGRV8QLGRV-HQVHQHWDO/D~QLFD
PDQHUDTXHWLHQHHVWHYLUXVSDUDGLVSHUVDUVHDQXHYRVKRV
SHGDQWHVHVJUDFLDVDODSDUWLFLSDFLyQREOLJDGDGHVXYHFWRU
$WRVLFKHOOD6NDUH/DLQFLGHQFLDGHHVWHYLUXVVREUH
ORV FXOWLYRV GH WULJR YDUtD UHJLRQDOPHQWH HQ DTXHO SDtV \D
TXHVHKDQREVHUYDGRGLIHUHQFLDVDQLYHOHVSREODFLRQDOHVOR
TXHVXJLHUHODH[LVWHQFLDGHOLQDMHVGHiFDURVFRQGLIHUHQWH
FDSDFLGDGYHFWRUD6HLIHUVHWDO
(QOD$UJHQWLQDHO+39IXHGHWHFWDGRHQHOHQOD
ORFDOLGDGGH&RUUDOGH%XVWRVSURYLQFLDGH&yUGRED7UXRO
\6DJDGLQD(QHOSDtVWDPELpQHVFRP~QHQFRQWUDU
DPEDVYLURVLVHQLQIHFFLRQHVPL[WDVWDOFRPRIXHUDUHSRU
WDGRHQ(VWDGRV8QLGRV6HLIHUVHWDOGHELGRDTXH
HVWD HVSHFLH SXHGH WUDQVPLWLU VLPXOWiQHDPHQWH DPERV YL
UXV+39\:6096HLIHUVHWDO/DSUHVHQFLDFRQ
MXQWD GH :609 \ +39 HQ $UJHQWLQD IXH HYLGHQFLDGD HQ
SREODFLRQHV GH iFDURV SURYHQLHQWHV GH OD 5HJLyQ GH 0DU
\6LHUUDV$]XO%DOFDUFH&ROLQDVGHODV*DOLDV1HFRFKHD
7UXRO\6DJDGLQEDWUDYpVGHHVWXGLRVGHWUDQVPL
VLyQ$XQTXH HQ FRQGLFLRQHV GH FDPSR HV PX\ GLItFLO GLV
WLQJXLUORVVtQWRPDVFDXVDGRVSRUFDGDXQDGHHVWDVYLURVLV
0DKPRRGHWDOHQLQIHFFLRQHVPL[WDVORVVtQWRPDV
VRQPiVDFHQWXDGRV6NDUHHWDOFRQPRVDLFRVHV
WULDGRVDPDULOODPLHQWR\QHFURVLVVHYHURVGLVPLQXFLyQHQHO
Q~PHURGHODVHVSLJXLOODV\HVSLJDV\XQDV~ELWDPXHUWHGH
ODVSODQWDVHVSHFLDOPHQWHFXDQGRHVDIHFWDGRHQHVWDGRV
IHQROyJLFRVWHPSUDQRV$OHPDQGULHWDO(VWHKHFKR
VXPDGRDXQDVLPLODUHSLGHPLRORJtDGHDPEDVHQIHUPHGD
GHVSRUODPXWXDDVRFLDFLyQFRQHO:&00DKPRRGHWDO
PDQL¿HVWDODLPSRUWDQFLDGHHVWHYHFWRUHQODGLVSHU
VLyQGHDPEDVYLURVLVHQFXOWLYRVGHWULJR
(Q UHODFLyQ DO PDQHMR GHO :609 H[LVWHQ GRV JUDQGHV
HVWUDWHJLDVJHQHUDOHV 8QDGHHOODVHVFRQWURODUTXtPLFD
PHQWHHOiFDURYHFWRUORFXDOQRHVUHFRPHQGDGRSRUVX
DOWDWR[LFLGDGSDUDHODPELHQWH\ODVHJXQGDHVPHMRUDUOD
KDELOLGDGGHOKRVSHGDQWHSDUDWROHUDURUHVLVWLUODLQIHFFLyQ
GHO YLUXV SHU VH )DKLP HW DO 6H GLVSRQH D QLYHO
PXQGLDOGHXQQ~PHUROLPLWDGRGHFXOWLYDUHVGHWULJRUHVLV
WHQWHVDO:609HQWUHHOORV0DFH*UD\ERVFKHWDO
FRQ ORV TXH ORV SURGXFWRUHV SXHGHQ PLWLJDU ODV SpUGLGDV
HFRQyPLFDVFRQVHFXHQWHVDODWDTXHGHOPRVDLFRHVWULDGR
&RPSRUWDPLHQWRGHGLIHUHQWHVFXOWLYDUHVGHWULJRD:KHDWVWUHDNPRVDLFYLUXV:609\+LJK3ODLQVYLUXV+39
$EULO$UJHQWLQD
$PRGRGHHMHPSORHQORV((88GRQGHHVWHYLUXVHVOD
HQIHUPHGDG PiV GDxLQD GH WULJRV GH LQYLHUQR VH XWLOL]D
0DFH\DTXHHVHO~QLFRFXOWLYDUTXHOOHYDHOJHQGHUHVLV
WHQFLD:VP0XWWLHWDO$OSUHVHQWHHO3URJUDPD
GH PHMRUDPLHQWR GH WULJR GHO ,17$ HVWi GHVDUUROODQGR XQ
QXHYRJHUPRSODVPDTXHSRGUiVHUXWLOL]DGRSRUORVSURGXF
WRUHVDUJHQWLQRV\TXHLQFOX\HGLIHUHQWHVOtQHDVSDUHQWDOHV
FRPR GRQDQWHV GH JHQHV GH UHVLVWHQFLD (QWUH HOODV VH
SXHGHQPHQFLRQDUOtQHDVFRQUHVLVWHQFLDJHQpWLFDDOYLUXV
.6:*5&*LOOHWDO\&2+DOH\HW
DOTXHSRVHHQORVJHQHV:VP\:VPUHVSHF
WLYDPHQWH \ OtQHDV FRQ UHVLVWHQFLD DO DWDTXH GHO YHFWRU
FRQHOJHQ&PFWUDQVORFDFLyQ$5GH6HFDOHFHUHDOH
/FRPR%,2,17$3UR,17$3XQWDO\3UR,17$6XSHU
%DLQRWWLHWDOD\E
&RQVLGHUDQGRTXH:609\+39FRQVWLWX\HQXQDGHODV
SULQFLSDOHVOLPLWDQWHVVDQLWDULDVGHOFXOWLYRGHWULJRHOREMH
WLYRGHOSUHVHQWHWUDEDMRIXHHYDOXDUHOFRPSRUWDPLHQWRGH
FXOWLYDUHVGHWULJRIUHQWHDDPEDVHQIHUPHGDGHVHQLQIHF
FLRQHVDUWL¿FLDOHVEDMRFRQGLFLRQHVGHFDPSR
0$7(5,$/(6<0e72'26
)XHQWHGHLQyFXOR\PXOWLSOLFDFLyQPDVLYDGHODSR
EODFLyQGHiFDURV
3DUD OD REWHQFLyQ GH ORV DLVODPLHQWRV GHO LQyFXOR PL[WR
GH :609+39 \ GH OD SREODFLyQ GHO YHFWRU $ WRVLFKHOOD
VHUHDOL]DURQPXHVWUHRVHQORWHVGHWULJRGHODORFDOLGDGGH
0DQIUHGLSURYLQFLDGH&yUGRED'LFKRVDLVODPLHQWRVGHQR
PLQDGRV HQ DGHODQWH$LVO 0 VH PXOWLSOLFDURQ HQ WULJR FY
$FLHQGDFRQRFLGRWDPELpQFRPR%DJXHWWHGHDOWDVXV
FHSWLELOLGDGEDMRFRQGLFLRQHVDPELHQWDOHVFRQWURODGDV
ž&GHKXPHGDGUHODWLYD\XQIRWRSHULRGRGHKOX]
3DUD HOOR VH FRORFDURQ KRMDV DFDUWXFKDGDV VtQWRPD GHO
iFDURHLQIHFWDGDVFRQDPERVYLUXVVREUHSOiQWXODVGHWULJR
VXVFHSWLEOHVGXUDQWHWUHVGtDV(QWUHFXDWUR\VLHWHGtDVGHV
SXpVGHGLFKDLQRFXODFLyQVHREVHUYDURQODVSODQWDVSDUD
GHWHFWDUVtQWRPDVGHPRVDLFRHVWULDGR\GHOiFDUR/DSUH
VHQFLDGHDPERVYLUXVVHFRPSUREyPHGLDQWHODSUXHEDGH
'$6(/,6$FRQDQWLVXHURVHVSHFt¿FRV$JGLD,QF86$/D
H[LVWHQFLDGHOiFDURVHFRQ¿UPyEDMROXSDHVWHUHRVFySLFD
/D SREODFLyQ GH iFDURV LQIHFWDGD FRQ HO LQyFXOR PL[WR
QHFHVDULDSDUDODWUDQVPLVLyQGHORVYLUXVIXHPXOWLSOLFDGD
GHPDQHUDPDVLYDVREUHEDQGHMDVSOiVWLFDVGHFPGH
DQFKR[FPGHODUJRFRQWULJRFY$FLHQGDEDMRFRQGL
FLRQHVFRQWURODGDVž&GHKXPHGDGUHODWLYD
\XQIRWRSHULRGRGHKOX]$ORVGtDVSRVWLQIHFFLyQ
PRPHQWRGHPD\RUFRQFHQWUDFLyQYLUDO\GHQVLGDGSREOD
FLRQDOGHOiFDUR7UXROFRPSHUVODVSODQWDVIXHURQFR
VHFKDGDVSDUDVHUDQDOL]DGDVPHGLDQWH'$6(/,6$FRQOD
¿QDOLGDGGHFRUURERUDUODLQIHFFLyQPL[WD\EDMROXSDSDUD
REVHUYDUODSUHVHQFLDGHOYHFWRU
(QVD\RGHFDPSR
(O H[SHULPHQWR VH FRQGXMR FRQ WUHV UHSHWLFLRQHV XVDQ
GRSDUFHODVWLSR+LOOSORWVHQOD(VWDFLyQ([SHULPHQWDOGHO
,17$0DUFRV-XiUH](OHQVD\RIXHVHPEUDGRHOGH-X
QLRGHHLQRFXODGRDQWHVGHOPDFROODMHDSUR[LPDGD
PHQWHGtDVGHVSXpVGHODVLHPEUD6HHYDOXDURQFXO
WLYDUHVGHWULJRGHWDOODGRVHQODWDEOD3DUDODLQRFXODFLyQ
HQFDPSRVHFRQVLGHUyXQDSUHVLyQGHLQyFXORGHHULy
¿GRVLQIHFWDGRVFRQ:609+39DLVO0SRUSODQWD3DUD
HOOR VH VXMHWDURQ FRQ SLQ]DV FLQFR SOiQWXODV GH WULJR HQ
HVWDGRGHODHVFDODGH=DGRNVHWDOFRQVtQWR
PDVGHYLUXV\FRQKRMDVDFDUWXFKDGDVDFDGDSODQWDVDQD
GXUDQWHWUHVGtDVWLHPSRQHFHVDULRSDUDTXHORViFDURVOD
LQIHFWHQ(QWRWDOVHLQRFXODURQSODQWDVFRUUHVSRQGLHQ
WHVDODVWUHVUHSHWLFLRQHVGHORVFXOWLYDUHV
(YDOXDFLyQ GH LQFLGHQFLD VHYHULGDG \ JUDGR GH LQ
IHFFLyQ
3DUD GHWHUPLQDU OD LQFLGHQFLD GH +39 GH :609 \ GH
+39:609HQFDGDFXOWLYDUVHUHFROHFWyODKRMDEDQGHUD
GHFDGDSODQWDLQRFXODGDHQHVWDGLRDGHODHVFDOD
=DGRNV\VHDQDOL]DURQSRU'$6(/,6$FRQVXHURVHVSH
Ft¿FRV SDUD DPERV YLUXV /DV OHFWXUDV GH DEVRUEDQFLD VH
UHDOL]DURQDQP$XWLOL]DQGRXQHVSHFWURIRWyPHWUR
.D\WR 57 & 6H FRQVLGHUDURQ FRPR HQIHUPDV ODV
SODQWDVTXHVXSHUDEDQHOOtPLWHGHFRUWHUHVXOWDQWHGHOD
PHGLDGHDEVRUEDQFLDGHORVWHVWLJRVVDQRVPiVWUHVYHFHV
HOGHVYtRHVWiQGDU
3DUD HYDOXDU OD VHYHULGDG GH VtQWRPDV FDXVDGRV
SRU :609 HQ FDGD FXOWLYDU VH XWLOL]y OD PHWRGRORJtD GH
/DQJKDP TXH SURSRQH XQD HVFDOD GH VHLV FODVHV
GHDFXHUGRD
&ODVL¿FDFLyQ
'HVFULSFLyQGHVtQWRPDV
6LQVtQWRPDVYLVLEOHV
6tQWRPDV PX\ OHYHV SHTXHxDV
]RQDV FRQ PRVDLFRV DLVODGRV VLQ
UHWUDVRGHOFUHFLPLHQWR
6tQWRPDV OHYHV iUHDV SHTXHxDV
FRQ PRVDLFR GH FRORU YHUGH FODUR
R DPDULOOR HVWUtDV PHQRUHV D XQD
SXOJDGDGHODUJRDWUR¿DOHYH
6tQWRPDV PRGHUDGRV iUHDV FRQ
PRVDLFRSUHGRPLQDQWHPHQWHDPD
ULOORFRDOHVFHQFLDGHODViUHDVDLV
ODGDV GH HVWUtDV TXH VH H[WLHQGHQ
DO ODUJR GH OD ORQJLWXG GH OD KRMD
UHWUDVRGHOFUHFLPLHQWRPRGHUDGR
6tQWRPDVVHYHURVPRVDLFRVHYHUR
DPDULOOR TXH FXEUH OD PD\RU SDUWH
GH OD KRMD DOJXQDV iUHDV SHTXH
xDVFRQQHFURVLVDWUR¿DVHYHUD
6tQWRPDV PX\ VHYHURV DPDULOOD
PLHQWR H[WUHPR QHFURVLV UHWUDVR
GHO FUHFLPLHQWR PX\ JUDYH DOJX
QDVSODQWDVSUHVHQWDQKRMDVPXHU
WDVRPXHUWHGHODSODQWDHQWHUD
'80Ï1$'$5*h(//2&$52(%$/(0$1'5,90$77,20)'21$,5(*$/%(5,21((<27526
$57Ì&8/26
$QiOLVLVHVWDGtVWLFR
3DUD HO DQiOLVLV GH OD LQFLGHQFLD GH FDGD YLUXV VH XWLOL
]y XQ PRGHOR OLQHDU JHQHUDOL]DGR WLSR$129$ HQWUH ORV
GLVWLQWRVFXOWLYDUHV 3DUDHVWHDQiOLVLV VHFRQVLGHUy FRPR
YDULDEOHGHSHQGLHQWHODSUHVHQFLDDXVHQFLDGHOYLUXVy
UHVSHFWLYDPHQWHFRQOD¿QDOLGDGGHHVWLPDUODSUREDELOLGDG
GHTXHFDGDFXOWLYDUSUHVHQWDUDODHQIHUPHGDG3DUDWDO¿Q
VHDVXPLyXQDGLVWULEXFLyQELQRPLDOGHODYDULDEOH\IXQFLyQ
GHHQODFHORJLW
/RV YDORUHV GH DEVRUEDQFLD LQGLFDGRU GHO JUDGR LQIHF
FLyQHQWUHFXOWLYDUHVVHFRPSDUDURQPHGLDQWH$129$(Q
HVWHFDVRVHFRQVLGHUyFRPRYDULDEOHGHSHQGLHQWHHOYDORU
GHDEVRUEDQFLDGHOYLUXVDVXPLHQGRXQDGLVWULEXFLyQJDPD
GHODYDULDEOH\IXQFLyQGHHQODFHORJ
/DFRPSDUDFLyQGHODLQFLGHQFLD\ORVYDORUHVPHGLRVGH
DEVRUEDQFLDGHORVFXOWLYDUHVHYDOXDGRVVHUHDOL]yPHGLDQ
WHLQWHUYDORVGHFRQ¿DQ]D(QDPERVFDVRVHOQLYHOGHVLJ
QL¿FDFLyQXWLOL]DGRIXHGHO
6H HPSOHy HO SURJUDPD 6$6 6WDWLVWLFDO $QDO\VLV 6\V
WHPSDUDORVDQiOLVLVGHORVGDWRV
5(68/7$'26
/RVDQiOLVLVVHUROyJLFRVUHDOL]DGRVFRQUHDFWLYRVHVSHFt
¿FRVSDUDFDGDYLUXVHYLGHQFLDURQODSUHVHQFLDGHDPEDV
5,$9RO1ž
YLURVLVHQODVKRMDVGHWULJRPXHVWUHDGDVHQ0DQIUHGL&RQ
ORViFDURVUHFROHFWDGRVDSDUWLUGHGLFKDVKRMDVLQIHFWDGRV
FRQDPERVYLUXVVHREWXYRXQDHOHYDGDGHQVLGDGSREOD
FLRQDOPDQWHQLGDDUWL¿FLDOPHQWHHQODERUDWRULRFRQODTXH
VHPXOWLSOLFy\PDQWXYRHOLQyFXORPL[WRGH+39\:609
HQSODQWDVGHWULJR
/RV FXOWLYDUHV HYDOXDGRV HQ HQVD\RV GH FDPSR H LQR
FXODGRVDUWL¿FLDOPHQWHHQODORFDOLGDGGH0DUFRV-XiUH]
SUHVHQWDURQ GLIHUHQWHV SUREDELOLGDGHV GH VHU LQIHFWDGRV
SRU+39WDEOD(ODQiOLVLVSHUPLWLyVHSDUDUDORVPLVPRV
HQFLQFRJUXSRVVLJQL¿FDWLYDPHQWHGLIHUHQWHVȋ S $OHYDOXDUODLQFLGHQFLDGHO:609HQORVGLVWLQWRVFXOWL
YDUHVGHWULJRLQRFXODGRVDUWL¿FLDOPHQWHHODQiOLVLVHVWDGtV
WLFRQRHYLGHQFLyGLIHUHQFLDVVLJQL¿FDWLYDVȋ S WDEOD
(QUHODFLyQDODLQFLGHQFLDGHDPERVYLUXVVyORVLHWHFXO
WLYDUHVGHORVHYDOXDGRVSUHVHQWDURQLQIHFFLRQHV
PL[WDV FRQ :609+39 FRPR DVt WDPELpQ OR REVHUYDGR
SDUD.OHLQ1XWULD%XFN$QLYHUVDULR$&$.OHLQ<D
UDUi$&$%,2,17$\$*3)DVW
(QFXDQWRDORVYDORUHVGHDEVRUEDQFLDGHO+39HODQi
OLVLV HVWDGtVWLFR HYLGHQFLy GLIHUHQFLDV VLJQL¿FDWLYDV HQWUH
FXOWLYDUHVȋ SWDEOD/RVFXOWLYDUHV
.OHLQ&DSULFRUQLR.OHLQ*DYLOiQ.OHLQ=RUUR6<%XFN
3XHOFKH&URQR[$WOD[$UH[%DJXHWWH\%56*XDPL
3UREDELOLGDGGHLQFLGHQFLD
/,
/6
%,2,17$%,2,17$%,2,17$%,2,17$
.OHLQ*ODGLDGRU.OHLQ*XHUUHUR.OHLQ3DQWHUD.OHLQ<DUDUi.OHLQ
&DVWRU.OHLQ3URWHR$&$$&$$&$$&$
6<%XFN0DOHYR%XFN$QLYHUVDULR%XFN7DLWD7KHPL[
//(/(/(/(%DJXHWWH%DJXHWWH
3UR,17$3XQWDO.6:*5&%DJXHWWH)
%,2,17$.OHLQ&DUSLQFKR.OHLQ/HyQ.OHLQ1XWULD.OHLQ
7DXUR$&$$&$$&$$&$$&$-1
$*3)DVW-16501RJDO%DJXHWWH3UR,17$
6XSHU.6:*5&$FLHQGD).6:*5&%DJXHWWH3
).6:*5&3UR,17$6XSHU)
&XOWLYDUHV
.OHLQ &DSULFRUQLR .OHLQ *DYLOiQ .OHLQ =RUUR 6< %XFN
3XHOFKH&URQR[$WOD[$UH[%DJXHWWH\%56*XDPLULP
%,2,17$%,2,17$%,2,17$%,2,17$
.OHLQ&KDMi.OHLQ5D\R.OHLQ7LJUH$&$%6<%XFN
&/%DJXHWWH%DJXHWWH%DJXHWWH%DJXHWWH%,2,17$
%,2,17$%XFN0HWHRUR/(0DFH&2
7DEOD3UREDELOLGDGGHLQFLGHQFLDGH+LJK3ODLQVYLUXVDLVODPLHQWR0DQIUHGLHQFXOWLYDUHVGHWULJRHYDOXDGRVHQODORFDOLGDGGH0DUFRV
-XiUH]&yUGRED$UJHQWLQDHQHODxR
/,/6/tPLWH,QIHULRU\6XSHULRUGHODHVWLPDFLyQGHODLQFLGHQFLDUHVSHFWLYDPHQWH
&RPSRUWDPLHQWRGHGLIHUHQWHVFXOWLYDUHVGHWULJRD:KHDWVWUHDNPRVDLFYLUXV:609\+LJK3ODLQVYLUXV+39
$EULO$UJHQWLQD
3UREDELOLGDGGHLQFLGHQFLD
&XOWLYDUHV
%,2,17$ %,2,17$ %,2,17$ %,2,17$ %,2,17$ %,2,17$ %,2,17$ %,2,17$ %,2,17$ %,2,17$ .OHLQ &DSULFRUQLR .OHLQ &DUSLQFKR
.OHLQ *ODGLDGRU .OHLQ *XHUUHUR .OHLQ &DVWRU .OHLQ &KDMi .OHLQ
*DYLOiQ .OHLQ /HyQ .OHLQ 3URWHR .OHLQ 5D\R .OHLQ 7DXUR .OHLQ
7LJUH $&$ $&$ $&$ $&$ $&$ $&$ % $&$ $&$ 6< 6< 6< %XFN 0DOHYR -1
%XFN 7DLWD %XFN 0HWHRUR %XFN &/ 7KHPL[/ &URQR[
$WOD[ $UH[ /( /( /( -1 /( /(
650 1RJDO %DJXHWWH %DJXHWWH 3 %DJXHWWH %DJXHWWH %DJXHWWH %DJXHWWH %DJXHWWH 3UR,17$
3XQWDO3UR,17$6XSHU .6:*5& $FLHQGD ) .6:*5&
%DJXHWWH 3UHPLXP ) .6:*5& 3UR,17$ 6XSHU )
.6:*5& %DJXHWWH ) 0DFH &2 %56
*XDPLULP
%,2,17$ .OHLQ 3DQWHUD .OHLQ <DUDUi .OHLQ 1XWULD .OHLQ =RUUR
$&$%XFN$QLYHUVDULR$*3)DVW%DJXHWWH
$&$%XFN3XHOFKH
7DEOD3UREDELOLGDGGHLQFLGHQFLDGH:KHDWVWUHDNPRVDLFYLUXVDLVODPLHQWR0DQIUHGLHQFXOWLYDUHVGHWULJRHYDOXDGRVHQODORFDOLGDG
GH0DUFRV-XiUH]&yUGRED$UJHQWLQDHQHODxR
ULPSUHVHQWDURQYDORUFHURGHDEVRUEDQFLDPLHQWUDVTXHHO
FXOWLYDU%,2,17$IXHHOTXHSUHVHQWyHOYDORUPHGLR
Pi[LPRGHDEVRUEDQFLD$ 'HOPLVPRPRGRSDUD:609VHKDOODURQGLIHUHQFLDVVLJ
QL¿FDWLYDVHQWUHORVYDORUHVPHGLRVGHDEVRUEDQFLDGHORV
GLVWLQWRVFXOWLYDUHVȋ SWDEOD'HO
WRWDO GH FXOWLYDUHV DQDOL]DGRV SUHVHQWDURQ YDORU FHUR
GHDEVRUEDQFLDHQWUHHOORV$&$$&$%DJXHWWH
%,2,17$ %XFN 0DOHYR %XFN7DLWD &2
.OHLQ*XHUUHUR0DFH3UR,17$3XQWDO3UR,17$6XSHU
HWF0LHQWUDVTXHORVFXOWLYDUHV$&$%XFN$QLYHU
VDULR.OHLQ3DQWHUD%,2,17$\.OHLQ=RUURGHPRVWUD
URQORVYDORUHVPiVDOWRV
$OJXQRVGHORVFXOWLYDUHVFRPR.OHLQ&DSULFRUQLR.OHLQ
*DYLOiQ$UH[6<&URQR[$WOD[%DJXHWWH\%56
*XDPLULP QR IXHURQ DIHFWDGRV SRU QLQJXQR GH ORV YLUXV
(QHVWH~OWLPRFDVRVHSXGRHYDOXDUVyORXQDUpSOLFD\GRV
SDUD6<SRUORTXHVHUtDQHFHVDULRDXPHQWDUHOQ~PH
UR GH UHSHWLFLRQHV SDUD FRQFOXLU FRQ FHUWH]D UHVSHFWR GH
HVWRVJHQRWLSRV$VLPLVPRORVFXOWLYDUHV$&$%,2,1
7$\%XFN$QLYHUVDULRSUHVHQWDURQDOWRVYDORUHVGH
DEVRUEDQFLDSDUDDPERVYLUXV
/RVFXOWLYDUHVLQIHFWDGRVFRQ:609HYLGHQFLDURQVtQWR
PDVFX\RJUDGRGHVHYHULGDGYDULyGHVGHOHYHDPRGHUDGR
GRVDWUHVHQODHVFDODGH/DQJKDP'XUDQWHHOGHVDUUR
OORGHHVWHHQVD\RQRIXHSRVLEOHGHWHFWDUDOJXQDFRUUHOD
FLyQHQWUHHOJUDGRGHVHYHULGDGPHGLGRSRUODHVFDOD\
HOJUDGRGHLQIHFFLyQDQDOL]DGRDWUDYpVGHORVYDORUHVGH
DEVRUEDQFLD
',6&86,Ï1<&21&/86,21(6
3XHVWR TXH OD FDSDFLGDG YHFWRUD GH :&0 YDUtD HQWUH
SREODFLRQHVGHGLIHUHQWHVUHJLRQHVJHRJUi¿FDV6HLIHUVHW
DOKDEHUFRUURERUDGRTXHODSREODFLyQGHHULy¿GRV
SURYHQLHQWHV GH 0DQIUHGL \ FULDGD HQ FRQGLFLRQHV GH OD
ERUDWRULRWUDQVPLWLyDPEDVYLURVLVDWULJRHVXQKHFKRGH
WUDVFHQGHQFLD$VLPLVPRODLPSRUWDQFLDGHKDEHUHVWDEOH
FLGR XQD PHWRGRORJtD H¿FD] SDUD OD FUtD GH $ WRVLFKHOOD
UHVLGHSULQFLSDOPHQWHHQTXHHVYHFWRUREOLJDGRGHFLHUWDV
YLURVLVFRPRHO+39TXHQHFHVLWDQLQGHIHFWLEOHPHQWHGHVX
LQWHUYHQFLyQSDUDGLVSHUVDUVHDQXHYRVKRVSHGDQWHV3RU
OR WDQWR GLVSRQHU GH XQ DOWR Q~PHUR GH iFDURV SRVLELOLWD
HVWXGLDUHOFRPSRUWDPLHQWRGHFXOWLYDUHVGHWULJRIUHQWHDO
DWDTXHWDQWRGHOYLUXVFRPRGHOYHFWRU&RQWUDULDPHQWHHQ
HQVD\RV UHDOL]DGRV VyOR GH PDQHUD PHFiQLFD OD HYDOXD
FLyQGHODDFFLyQGHOYHFWRUUHVXOWDLPSRVLEOHGHDQDOL]DU$
PRGRGHHMHPSORDSDUWLUGHORVUHVXOWDGRVDTXtH[SXHV
WRV SXHGH REVHUYDUVH TXH ORV FXOWLYDUHV %,2,17$ 3UR,17$3XQWDO\3UR,17$6XSHUVHLQIHFWDURQFRQ+39\
DUURMDURQ YDORUHV GH DEVRUEDQFLD LQWHUPHGLD (VWH KHFKR
HVOODPDWLYRGHELGRDTXHORVWUHVJHQRWLSRVSUHVHQWDQHO
JHQ&PFTXHRWRUJDUHVLVWHQFLDDOiFDUR~QLFRPHGLRGH
WUDQVPLVLyQ $O UHVSHFWR RWURV LQYHVWLJDGRUHV LQIRUPDURQ
TXHH[LVWHQSREODFLRQHVGHHULy¿GRVTXHSXHGHQTXHEUDU
GLFKDUHVLVWHQFLD0DOLNHWDOE
&RQUHVSHFWRDO:609VRQIUHFXHQWHVORVHVWXGLRVUH
ODFLRQDGRVDOFRPSRUWDPLHQWRGHFXOWLYDUHVGHWULJRDXQ
TXH HQ JHQHUDO VRQ UHDOL]DGRV D WUDYpV GH WUDQVPLVLRQHV
PHFiQLFDVVLQFRQVLGHUDUODLQWHUDFFLyQHQWUHYLUXVYHFWRU
\DPELHQWHFRQORVGLIHUHQWHVJHQRWLSRV,WR(QHO
'80Ï1$'$5*h(//2&$52(%$/(0$1'5,90$77,20)'21$,5(*$/%(5,21((<27526
$57Ì&8/26
&XOWLYDUHV
5,$9RO1ž
$EVRUEDQFLDPHGLD
/,
/6
$
%DJXHWWH
%
%DJXHWWH
%
%,2,17$
%
.OHLQ7LJUH
%
$&$%
%
%DJXHWWH
%
.OHLQ&KDMi
%
%,2,17$
%
&2
%
%,2,17$
%
%,2,17$
%
%DJXHWWH
%
%XFN&/
%
/(
%
$&$
%
7KHPL[/
%
.6:*5&%DJXHWWH)
%
%,2,17$
%
.OHLQ5D\R
%
6<
%
6<
%
%,2,17$
%
$&$
%
$&$
%
.OHLQ*ODGLDGRU
%
.OHLQ&DVWRU
%
/(
%
3UR,17$3XQWDO
%
0DFH
%
%,2,17$
%
3UR,17$6XSHU
%
%DJXHWWH
%
%XFN7DLWD
%
-1
%
.OHLQ<DUDUi
%
$&$
%
%DJXHWWH
%
/(
%
$&$
%
/(
%
%,2,17$
%
/(
%
%DJXHWWH3
%
.OHLQ&DSULFRUQLR.OHLQ*DYLOiQ.OHLQ=RUUR6<%XFN
3XHOFKH&URQR[$WOD[$UH[%DJXHWWH\%56*XDPLULP
&RPSRUWDPLHQWRGHGLIHUHQWHVFXOWLYDUHVGHWULJRD:KHDWVWUHDNPRVDLFYLUXV:609\+LJK3ODLQVYLUXV+39
%DJXHWWH
%
%
%
/(
%
%,2,17$
%
/(
%
%DJXHWWH3
%
%XFN0HWHRUR
%
.6:*5&%DJXHWWH3)
%
$&$
%
.6:*5&$FLHQGD)
%
.OHLQ&DUSLQFKR
%
-1
%
.OHLQ/HyQ
%
.OHLQ7DXUR
%
.6:*5&3UR,17$6XSHU)
%
$&$
%
6501RJDO
%
$&$
%
%,2,17$
%
.OHLQ3DQWHUD
%
$*3)DVW
%
%XFN0DOHYR
%
%,2,17$
%&
.OHLQ3URWHR
&
%XFN$QLYHUVDULR
&
$&$
&
.OHLQ*XHUUHUR
&
.OHLQ1XWULD
&
%,2,17$
'
/(
$EULO$UJHQWLQD
$&$
7DEOD9DORUHVGHDEVRUEDQFLDPHGLDGH+LJK3ODLQVYLUXV'$6(/,6$HQFXOWLYDUHVGHWULJRLQIHFWDGRVDUWL¿FLDOPHQWHHQFDPSRHQOD
ORFDOLGDGGH0DUFRV-XiUH]&yUGRED$UJHQWLQDHQHODxR
SUHVHQWHHVWXGLRSXGRREVHUYDUVHTXHODVSREODFLRQHVVH
JUHJDQWHVHQODVTXHVHLQFRUSRUyHOJHQ:VPTXHFRQ¿H
UHUHVLVWHQFLDDOYLUXVQRVHYLHURQDIHFWDGDVSRUHO:609
DXQTXH Vt PRVWUDURQ XQD DOWD SUREDELOLGDG GH LQFLGHQFLD
GHO+39'HOPLVPRPRGR\HQFRQFRUGDQFLDFRQODVRE
VHUYDFLRQHVGH+DOH\HWDO*UD\ERVFKHWDO
\ 6KDUS HW DO ORV FXOWLYDUHV 0DFH \ &2
PRVWUDURQH[FHOHQWHUHVSXHVWDIUHQWHDO:609
$ SDUWLU GH HVWRV UHVXOWDGRV VH UHÀHMD OD LPSRUWDQFLD
GHLQFOXLUD$WRVLFKHOODHQORVHQVD\RVGHHYDOXDFLyQGHO
FRPSRUWDPLHQWRGHORVFXOWLYDUHVGDGRTXHDPEDVYLURVLV
JHQHUDOPHQWHVHWUDQVPLWHQDFDPSRDWUDYpVGHHVWHYHF
WRU(QHVWHFRQWH[WRVHHVSHUDEDXQDPD\RUSUREDELOLGDG
GH HQFRQWUDU LQIHFFLRQHV PL[WDV FRQ :609 \ +39 FRQ
UHVSHFWRDODVLQIHFFLRQHVVLPSOHVWDOFRPRPHQFLRQDURQ
0DKPRRGHWDOVLQHPEDUJRpVWDVSDUHFHQVHUODV
PiVFRPXQHV'HDFXHUGRFRQDTXHOORVDXWRUHVVRQQH
FHVDULRVHVWXGLRVPiVSURIXQGRVTXHSHUPLWDQHQWHQGHUOD
WUDQVPLVLyQ GH +39 \ VX UHODFLyQ FRQ OD WUDQVPLVLyQ FRQ
HO:609
)LQDOPHQWHGHODHYDOXDFLyQGHFXOWLYDUHVGHWULJRFRPR
ODTXHDTXtVHH[SRQHSXHGHUHVXPLUVHTXHEDMRODVFRQ
GLFLRQHVGHHVWXGLRVHHQFRQWUyFRPSRUWDPLHQWRGLIHUHQ
FLDGRGHORVFXOWLYDUHVDQDOL]DGRVFRQUHVSHFWRDODLQIHF
FLyQFRQ+39WDQWRHQSUREDELOLGDGGHLQFLGHQFLDFRPRHQ
ORVYDORUHVGHDEVRUEDQFLDREWHQLGRV/RVFXOWLYDUHV.OHLQ
&DSULFRUQLR.OHLQ*DYLOiQ.OHLQ=RUUR6<%XFN3XHO
FKH&URQR[$WOD[$UH[%DJXHWWH\%56*XDPLULPVRQ
ORVTXHPRVWUDURQXQYDORUFHURGHSUREDELOLGDGGHLQFLGHQ
FLD\GHDEVRUEDQFLDPHGLD
5HIHULGR D OD LQIHFFLyQ FRQ :609 DXQTXH WRGRV ORV
FXOWLYDUHV DQDOL]DGRV PRVWUDURQ OD PLVPD SUREDELOLGDG
GH SUHVHQWDU OD YLURVLV HO GLVHxR H[SHULPHQWDO HPSOHDGR
SHUPLWLy GHWHFWDU GLIHUHQFLDV HQ FXDQWR D ORV YDORUHV GH
DEVRUEDQFLD PHGLD(QHVWHFDVRFXOWLYDUHV FRPR0DFH
&2%56*XDPLULP.6:*5&$FLHQGD)
.6:*5&%DJXHWWH3).6:*5&3UR,17$
6XSHU)\.6:*5&%DJXHWWH)IXHURQORVTXH
PRVWUDURQYDORUPHGLRGHDEVRUEDQFLDFHUR
'80Ï1$'$5*h(//2&$52(%$/(0$1'5,90$77,20)'21$,5(*$/%(5,21((<27526
$57Ì&8/26
5,$9RO1ž
$EVRUEDQFLDPHGLD
/,
/6
$
.OHLQ1XWULD
%
%XFN3XHOFKH
%
.OHLQ<DUDUi
%
$*3)DVW
%
%DJXHWWH
%
$&$
%&
.OHLQ=RUUR
&
%,2,17$
&
.OHLQ3DQWHUD
&
%XFN$QLYHUVDULR
&
$&$
&
&XOWLYDUHV
%,2,17$ %,2,17$ %,2,17$ %,2,17$
%,2,17$ %,2,17$ %,2,17$ %,2,17$ %,2,17$ .OHLQ &DSULFRUQLR .OHLQ
&DUSLQFKR .OHLQ *ODGLDGRU .OHLQ *XHUUHUR .OHLQ &DVWRU
.OHLQ &KDMi .OHLQ *DYLOiQ .OHLQ /HyQ .OHLQ 3URWHR .OHLQ
5D\R .OHLQ 7DXUR .OHLQ 7LJUH $&$ $&$ $&$
$&$ $&$ $&$ % $&$ $&$ 6< 6< 6< %XFN 0DOHYR -1 %XFN
7DLWD %XFN 0HWHRUR %XFN &/ 7KHPL[/ &URQR[ $WOD[
$UH[ /( /( /( -1 /( /(
650 1RJDO %DJXHWWH %DJXHWWH 3 %DJXHWWH
%DJXHWWH %DJXHWWH %DJXHWWH %DJXHWWH 3UR,17$ 3XQWDO %,2,17$ 3UR,17$ 6XSHU
.6:*5& $FLHQGD ) .6:*5& %DJXHWWH 3
) .6:*5& 3UR,17$6XSHU ) .6:*5&
%DJXHWWH)0DFH&2%56*XDPLULP
7DEOD9DORUHVGHDEVRUEDQFLDPHGLD'$6(/,6$GH:KHDWVWUHDNPRVDLFYLUXVHQFXOWLYDUHVGHWULJRLQIHFWDGRVDUWL¿FLDOPHQWHHQ
FDPSRHQODORFDOLGDGGH0DUFRV-XiUH]&yUGRED$UJHQWLQDHQHODxR
/,/6/tPLWH,QIHULRU\6XSHULRUGHODHVWLPDFLyQGHODPHGLDGHDEVRUEDQFLDUHVSHFWLYDPHQWH/HWUDVLJXDOHVLQGLFDQTXHQRVHSUH
VHQWDQGLIHUHQFLDVVLJQL¿FDWLYDV
$PRGRGHFRQFOXVLyQ.OHLQ&DSULFRUQLR.OHLQ*DYLOiQ
6<&URQR[$WOD[$UH[%DJXHWWH\%56*XDPL
ULP VRQ ORV FXOWLYDUHV TXH PRVWUDURQ OD PHQRU SUREDELOL
GDG GH LQFLGHQFLD \ XQD DEVRUEDQFLD PHGLD FHUR WDQWR
SDUD +39 FRPR SDUD :609 $GHPiV VyOR HO GH
ORV HVWXGLDGRV SUHVHQWy LQIHFFLyQ PL[WD $&$ $&$
$*3)DVW%XFN$QLYHUVDULR%,2,17$.OHLQ
1XWULD\.OHLQ<DUDUi
/D SUHVHQWH HYDOXDFLyQ GH FXOWLYDUHV SXHGH FRQVWLWXLU
XQDKHUUDPLHQWDSRWHQFLDOSDUDODVHOHFFLyQGHOFXOWLYDUD
VHPEUDU HQ SODQWHRV SURGXFWLYRV FRPHUFLDOHV $VLPLVPR
HVWDEOHFH XQD EDVH SDUD IXWXURV SURJUDPDV GH PHMRUD
PLHQWRGHWULJRFRQWUD+39\:609(OKHFKRGHLQYROX
FUDUDOYHFWRUHQHVWHWLSRGHHVWXGLRVSHUPLWHLQFOXLURWURV
DVSHFWRVHSLGHPLROyJLFRVDVRFLDGRVDODVHOHFFLyQGHFXO
WLYDUHVHQHOFRQWH[WRGHOSDWRVLVWHPD
&RQVLGHUDQGRTXHODVXVFHSWLELOLGDGGHORVFXOWLYDUHVHV
VyORXQRGHORVHOHPHQWRVTXHFRQWULEX\HQDODLQFLGHQFLD
GHHVWDVHQIHUPHGDGHVHQIXWXURVHVWXGLRVSRGUtDQLQFOXLU
VHIDFWRUHVFRPRODGLVWULEXFLyQGHPDOH]DVDOHGDxDVODV
SUiFWLFDVFXOWXUDOHV\HOPRYLPLHQWRGHOiFDURDQLYHOORFDO
FRQOD¿QDOLGDGGHXQDPHMRUFRPSUHQVLyQGHODHSLGHPLR
ORJtDGHHVWDVHQIHUPHGDGHV
%,%/,2*5$)Ë$
$/(0$1'5,9*87+(,0)52'5Ë*8(=600$77,2
0)'80Ï1$$5*h(//2&$52(7582/*,P
SRUWDQFLD GH OD FHEDGD FRPR KRVSHGDQWH DOWHUQDWLYR GH +LJK
SODLQVYLUXV+39HQ0LUDPDU%XHQRV$LUHV0HPRULD7pFQLFD
GHOD&KDFUD([SHULPHQWDO0LUDPDU&XOWLYRVGH,QYLHUQR
&RPSRUWDPLHQWRGHGLIHUHQWHVFXOWLYDUHVGHWULJRD:KHDWVWUHDNPRVDLFYLUXV:609\+LJK3ODLQVYLUXV+39
$EULO$UJHQWLQD
%$,1277, & )5$6&+,1$ - 6$/,1(6 -+ 1,6, -(
'8%&296.< -6 /(:,6 0 %8//5,&+ / 9$1=(77, /
&81,%(57, 0 &$0326 3 )250,&$ 0% 0$6,(52 %
$%(5,21((+(/*8(5$0D5HJLVWUDWLRQRIµ%,2,17$
¶:KHDW-RXUQDORI3ODQW5HJLVWUDWLRQV
0$*<3 KWWSZZZPLQDJULJREDU6$*3\$ YHUL¿FDGR
HOGH-XOLRGH
%$,1277,&+(/*8(5$09$1=(77,/%$5,)),-+
)5$6&+,1$ - 6$/,1(6 - $/%(5,21( ( *Ï0(= '
'21$,5( * )250,&$ % E 0HMRUDPLHQWR GH WULJR SDUD
UHVLVWHQFLDDOYLUXVGHOPRVDLFRHVWULDGRGHOWULJR:609HQ$U
JHQWLQD(Q7582/*(G(QIHUPHGDGHVYLUDOHVDVRFLDGDVDO
FXOWLYRGHWULJRHQ$UJHQWLQDUHFRQRFLPLHQWRLPSRUWDQFLDIRUPDV
GHWUDQVPLVLyQ\PDQHMR,17$&yUGREDSS
0$/,. 5 %52:1*8(',5$ */ 60,7+ &0 +$59(<
7/*,//%6E*HQHWLF0DSSLQJRI:KHDW&XUO0LWH5H
VLVWDQFH *HQHV &PF DQG &PF LQ &RPPRQ :KHDW &URS 6FL
%2&.86 :: $33(/ -$ %2:'(1 5/ )5,7= $.
*,//%60$57,17-6($565*6(,)(56'/%52:1
*8(',5$ */ (9(560(<(5 0* 6XFFHVV VWRULHV
EUHHGLQJ IRU ZKHDW GLVHDVH UHVLVWDQFH LQ .DQVDV 3ODQW 'LVHDVH
%5$..(0.:KHDWVWUHDNPRVDLFYLUXV&0,$$%
'HVFULSWLRQVRI3ODQW9LUXVHV
(//,60+5(%(7=.(*-0$*25&+83)LUVW
UHSRUWRI:KHDWVWUHDNPRVDLFYLUXVLQ$XVWUDOLD$XVWUDODVLDQ3ODQW
3DWKRORJ\
)$+,00/$5.,13-+$%(566+257(56/21(5
*$13)526(:$51(*0(IIHFWLYHQHVVRIWKUHHSR
WHQWLDOVRXUFHVRIUHVLVWDQFHLQZKHDWDJDLQVW:KHDWVWUHDNPRVDLF
YLUXVXQGHU¿HOGFRQGLWLRQV$XVWUDODVLDQ3ODQW3DWKRO
*,// %6 )5,(%( % :,/621 '/ 0$57,1 7- &2;
76 5HJLVWUDWLRQ RI .6:*5& :KHDW VWUHDN PRVDLF
YLUXVUHVLVWDQW7'/$L6ZKHDWJHUPSODVP&URS6FLHQFH
*5$<%26&+ 5$ 3(7(5621 &- %$(1=,1*(5 36
%$/7(163(5*(5 '' 1(/621 /$ -,1 < .2/0(5 -
6($%2851%)5(1&+5+(,1*0$57,17-%((&+
(5 % 6&+:$5=$&+(5 7 +(/6/23+$55,621 3 5HJLVWUDWLRQRI0DFHKDUGUHGZLQWHUZKHDW-RXUQDORI3ODQW5H
VHDUFK
+$/(< 60 0$57,1 7- 48,&. -6 6(,)(56 '/
67520%(5*(5 -$ &/$<6+8/7( 65 &/,))25' %/
3($,56 )% 58'2/3+ -% -2+1621 -- *,// %6
)5,(%(%5HJLVWUDWLRQRI&2ZKHDWJHUPSODVP
UHVLVWDQWWR:KHDWVWUHDNPRVDLFYLUXVDQG5XVVLDQZKHDWDSKLG
&URS6FLHQFH
+,// -+ 0$57,1621 &$ 5866(// :$ 6HHG
WUDQVPLVVLRQRI0DL]HGZDUIPRVDLFDQG:KHDWVWUHDNPRVDLFYL
UXVHV LQ PDL]H DQG UHVSRQVHV RI LQEUHG OLQHV &URS 6FLHQFH ,72'(YDOXDWLRQRIVXVFHSWLELOLW\WR:KHDWVWUHDNPRVDLF
YLUXVDPRQJVPDOOJUDLQVDQGDOWHUQDWLYHKRVWVLQWKH*UHDW3ODLQV
0DVWHURI6FLHQFH0RQWDQD6WDWH8QLYHUVLW\%R]HPDQ0RQWDQD
-(16(1 6* /$1( /& 6(,)(56 '/ $ QHZ GLV
HDVHRIPDL]HDQGZKHDWLQWKH+LJK3ODLQV3ODQW'LVHDVH
-(33621/5.(,)(5++%$.(5(:0LWHVLQMXUL
RXVWRHFRQRPLFSODQWV8QLYHUVLW\RI&DOLIRUQLD%HUNHOH\
0$+022'7+(,1*/-(16(16*0L[HGLQIHF
WLRQRIZKHDWZLWKKLJKSODLQVYLUXVDQG:KHDWVWUHDNPRVDLFYLUXV
IURPZKHDWFXUOPLWHVLQ1HEUDVND3ODQW'LVHDVH
0$/,. 5 60,7+ &0 %52:1*8(',5$ */ +$59(<
7/ *,// %6 $VVHVVPHQW RI$HJLORSV WDXVFKLL IRU UHVLV
WDQFHWRELRW\SHVRIZKHDWFXUOPLWH$FDULQD(ULRSK\LGDH-RXUQDO
RI(FRQRPLFDO(QWRPRORJ\
0855$<*0.1,+,1,&.,':5$77(1.(':$5'6
- :KHDW VWUHDN PRVDLF DQG WKH ZKHDW FXUO PLWH KWWS
ZZZGSLQVZJRYDXBBGDWDDVVHWVSGIB¿OH:KHDWB
VWUHDNBPRVDLFBDQGBWKHBZKHDWBFXUOBPLWHBB3ULPHIDFWBSGI
YHUL¿FDGRHQHQHURGH
0855$<7'3$55<':&$77/,11'$&RORXU
+DQGERRN RI 'LVHDVHV RI 6PDOO *UDLQ &HUHDO &URSV 0DQVRQ
/RQGRQ
0877, -%6 *5$<%26&+ 5$ )5(1&+ 5 *,// .6
5HJLVWUDWLRQRIVHYHQZLQWHUZKHDWJHUPSODVPOLQHVFDUU\LQJ
WKH:VPJHQHIRU:KHDWVWUHDNPRVDLFYLUXVUHVLVWDQFH-RXUQDO
RI3ODQW5HJLVWUDWLRQV
35(&23,17$ KWWSZZZLQWDJRYDUPDQIUHGLLQIRSUH
FRSJDFHBSUHQVD
FRVHFKDBWULJRBKWPYHUL¿FDGRHOGHMXQLRGH
6$*$',1 0 7582/ * :KHDW VWUHDN PRVDLF YLUXV
:609(Q7582/*(G(QIHUPHGDGHVYLUDOHVDVRFLDGDVDO
FXOWLYRGHWULJRHQ$UJHQWLQDUHFRQRFLPLHQWRLPSRUWDQFLDIRUPDV
GHWUDQVPLVLyQ\PDQHMR,17$&yUGREDSS
6È1&+(=6È1&+(=++(15<0&È5'(1$6625,$12
($/9,=29,//$6$1$ + ,GHQWL¿FDWLRQ RI :KHDW VWUHDN
PRVDLFYLUXVDQGLWVYHFWRU$FHULDWRVLFKHOOD.HLIHULQ0H[LFR3ODQW
'LVHDVH
6(,)(56 '/ +$59(< 7/ 0$57,1 7- -(16(1 6*
,GHQWL¿FDWLRQRIWKH:KHDWFXUOPLWHDVWKHYHFWRURIWKH+LJK
3ODLQVYLUXVRIFRUQDQGZKHDW3ODQW'LVHDVH
6(,)(56 '/ +$59(< 7/ /28,( 5 *25'21 '7
0$57,17-'LIIHUHQWLDOWUDQVPLVVLRQRILVRODWHVRIWKH+LJK
3ODLQVYLUXVE\GLIIHUHQWVRXUFHVRIZKHDWFXUOPLWHV3ODQW'LVHDVH
6+$53 */ 0$57,1 -0 /$11,1* 63 %/$.( 1.
%5(< &: 6,9$0$1, ( 48 5 7$/%(57 /( )LHOG
(YDOXDWLRQ RI7UDQVJHQLF DQG &ODVVLFDO 6RXUFHV RI :KHDW VWUHDN
PRVDLFYLUXV5HVLVWDQFH&URS6FLHQFH
6.$5( -0 :,-.$03 , 5(=(1'( - 0,&+(/6 *
586+ & 6&+2/7+2/) .%* 6&+2/7+2) +% &R
ORQ\ HVWDEOLVKPHQW DQG PDLQWHQDQFH RI WKH HULRSK\LG ZKHDW FXUO
PLWH$FHULDWRVLFKHOODIRUFRQWUROOHGWUDQVPLVVLRQVWXGLHVRQDQHZ
YLUXVOLNHSDWKRJHQ-RXUQDORI9LURORJLFDO0HWKRGV
-21(6 5$& &28776 %$ 0$&.,($( ':<(5 *,
6HHGWUDQVPLVVLRQRI:KHDWVWUHDNPRVDLFYLUXVVKRZQXQ
HTXLYRFDOO\LQZKHDW3ODQW'LVHDVH
6.$5( -0 :,-.$03 , '(1+$0 , 5(=(1'( -$0
.,7$-,0$(:3$5.-:'(692<(6%586+&00,
&+(/6 * 6&+2/7+2) .%* 6&+2/7+2) +% $
QHZHULRSK\LGPLWHERUQHPHPEUDQHHQYHORSHGYLUXVOLNHFRPSOH[
LVRODWHGIURPSODQWV9LURORJ\±
/$1*+$00$&(YDOXDWLRQRI:LQWHU:KHDWIRU5HVLV
WDQFHWR9LUDO'LVHDVHVKWWSZZZVGZKHDWRUJ¿OHV(YDOXDWLRQ
:KHDW5HVLVWDQFH9LUDO'LVHDVHVSGIYHUL¿FDGRHQHQHURGH
7582/ * )5(1&+ 5 6$*$',1 0 $51(2'2 - )LUVWUHSRUWRI:KHDW6WUHDN0RVDLF9LUXVLQIHFWLQJZKHDWLQ$UJHQWLQD
$XVWUDODVLDQ3ODQW3DWKRORJ\
'80Ï1$'$5*h(//2&$52(%$/(0$1'5,90$77,20)'21$,5(*$/%(5,21((<27526
$57Ì&8/26
7582/*6$*$',10D3UHVHQFLDGHO:KHDWVWUHDN
PRVDLF YLUXV :609 \ +LJK 3ODLQV YLUXV +39 HQ OD 3URYLQFLD
GH &yUGRED /LEUR GH 5HV~PHQHV GHO ž &RQJUHVR$UJHQWLQR GH
)LWRSDWRORJtD\GH0D\RGH&LXGDGGH&yUGRED
&yUGRED$UJHQWLQD
7582/ * 6$*$',1 0 E 'HWHUPLQDFLyQ GH OD LQIHF
WLYLGDG GH XQD SREODFLyQ GH$FHULD WRVLFKHOOD .HLIHU SURYHQLHQWH
5,$9RO1ž
GHOD3URYLQFLDGH%XHQRV$LUHVSDUD:KHDWVWUHDNPRVDLFYLUXV
:609 \ +LJK 3ODLQV YLUXV +39 /LEUR GH 5HV~PHQHV GHO ž
&RQJUHVR $UJHQWLQR GH )LWRSDWRORJtD \ GH 0D\R GH
&LXGDGGH&yUGRED&yUGRED$UJHQWLQD
=$'2.6 -& &+$1*77 .21=$. ) $ GHFLPDO
FRGH IRU WKH JURZWK VWDJHV RI FHUHDOV :HHG 5HVHDUFK &RPSRUWDPLHQWRGHGLIHUHQWHVFXOWLYDUHVGHWULJRD:KHDWVWUHDNPRVDLFYLUXV:609\+LJK3ODLQVYLUXV+39
Descargar