MED FINAL COMPLETA CON PORTADA.cdr

Anuncio
`2pBbih
hlkhVlW-hfAO.hlzS9
2/BiQ`BH
HbhpBQH2M+Bbh2MhHh7Q`K+BƼMhKĀ/B+
bM/`hTi`B+BhKQ`2MQh`2HT?2S!.hKā0C,hKb,Y
hT#HQhH7QMbQhbM#`Bh72``M/l.hTcC,ƽIR<R.h2UC03LCƽIR<R.hKb,Y
hHmBbh`i2KQh;QMx€H2xh[m2p2/Qk.hTcC,ƽIR<R.h2UC03LCƽIR<R.hKb,Y
h+Hm/BhHm+ŜhpH2M+Bh+2/2ƷQ:.hTcC,ƽIR<.h2cU3,CICcjh3NhTcC,RIR<ŝh+IŝNC,.hKb,Y
/Q+2Mi2bhBMp2biB;/Q`2bh7+mHi/h/2hK2/B+BMYh
mMBp2`bB//hKBHBi`hMm2ph;`M/Y
#Q;Qi€.h+QHQK#B
5HVXPHQ
(OJUXSRGH6DOXG\&RPSRUWDPLHQWRGHOD)DFXOWDGGH0HGLFLQD\&LHQFLDVGHOD6DOXGKDRULHQWDGRVXVLQYHVWLJDFLRQHVHQOD
FDUDFWHUL]DFLyQGHODVYLROHQFLDVHQHOHQWRUQRHGXFDWLYRGHODPHGLFLQDDQLYHOLQVWLWXFLRQDO\QDFLRQDO(OSUHVHQWHDUWtFXOR
KDFHUHIHUHQFLDDORVKDOOD]JRVGHORVHVWXGLRVUHDOL]DGRVFRQUHODFLyQDODWHPiWLFD%XOO\LQJ\OD9LROHQFLDEDVDGDHQHO*pQHUR
HLQYLWDDXQDUHIOH[LyQDFHUFDGHODLPSRUWDQFLDGHKDFHUDSOLFDEOHVGLFKRVUHVXOWDGRVDODFRWLGLDQLGDGGHORVSURFHVRV
HGXFDWLYRVJHQHUDQGRHVWUDWHJLDVTXHOOHYHQDODFRQVWUXFFLyQGHXQD8QLYHUVLGDG6DOXGDEOH
3DODEUDVFODYH(GXFDFLyQPpGLFD9LROHQFLD'HUHFKRVKXPDQRV3ROtWLFD6RFLDO*pQHUR
,QWURGXFFLyQ
(Q&RORPELDOD&RQVWLWXFLyQ3ROtWLFDKL]RUHIHUHQFLDDOD
(GXFDFLyQFRPRXQGHUHFKRGHODSHUVRQD\XQVHUYLFLR
S~EOLFR TXH WLHQH XQD IXQFLyQ VRFLDO $Vt PLVPR ³HVWD
HGXFDFLyQGHEHIRUPDUDOFRORPELDQRHQHOUHVSHWRSRUORV
GHUHFKRVKXPDQRVODSD]\ODGHPRFUDFLD«´/D/H\
GHSRUVXSDUWHSODQWHyTXHOD(GXFDFLyQ6XSHULRUHV
XQSURFHVRFRQWLQXR\TXHYDGLULJLGRDOGHVDUUROORGHODV
SRWHQFLDOLGDGHVGHOVHUKXPDQRGHPDQHUDLQWHJUDO
0iVHVSHFtILFDPHQWHHQODFDUUHUDGHPHGLFLQDOD)HGHUD
FLyQ 0pGLFD 0XQGLDO JHQHUy WUHV GRFXPHQWRV EiVLFRV
DFHUFDGHORVHVWiQGDUHVJOREDOHVGHOD(GXFDFLyQ0pGLFD
&RQUHODFLyQDODSR\RHVWXGLDQWLOFHQWUyVXDWHQFLyQHQORV
SURFHVRV GH FRQVHMHUtD GH WLSR DFDGpPLFR \ VRFLDO ORV
FXDOHVGHEHQVHUJDUDQWL]DGRVDWUDYpVGHXQVLVWHPDTXH
IDFLOLWHHODFFHVRDOVRSRUWHDOFRQVHMR\DODRULHQWDFLyQ
SURIHVLRQDO 'LFKR FRQVHMR EDVDGR HQ HO VHJXLPLHQWR GHO
SURJUHVRHQODIRUPDFLyQHQODLQIRUPDFLyQVREUHSUREOH
PDV TXH SXHGDQ VXUJLU \ HVWDU GLULJLGR D VDWLVIDFHU ODV
QHFHVLGDGHVVRFLDOHV\SHUVRQDOHVGHORV\ODVHVWXGLDQWHV
f
(QHODxROD$VRFLDFLyQ0pGLFD$PHULFDQDUHDOL]y
XQD MXQWD FX\R REMHWLYR SULQFLSDO IXH DQDOL]DU HVWUDWHJLDV
SDUD OD RSWLPL]DFLyQ GHO DPELHQWH GH DSUHQGL]DMH \
SURIXQGL]yDFHUFDGHODWHPiWLFDYLROHQFLDPLVVWUHDWPHQW
GHILQLpQGROD FRPR HO FRPSRUWDPLHQWR LQWHQFLRQDO R QR
TXH PXHVWUD IDOWD GH UHVSHWR SRU OD GLJQLGDG GH RWURV H
LQWHUILHUHVLQUD]yQFRQHOSURFHVRGHDSUHQGL]DMH,QFOX\H
URQ FRPR HMHPSORV HO DFRVR VH[XDO OD GLVFULPLQDFLyQ R
DFRVREDVDGRVHQUD]DUHOLJLyQHWQLDJpQHURXRULHQWDFLyQ
VH[XDOHOFDVWLJRItVLFRRSVLFROyJLFR\HOXVRGHHYDOXDFLyQ\
RWUDVIRUPDVGHDVHVRUtDGHXQDPDQHUDSXQLWLYD
/D-XQWDSUHVHQWyUHVXOWDGRVGHODxR\FRQXQD
SUHYDOHQFLDHQWUHHO\HOGHPDOWUDWRFRQFRUGDQWHV
FRQHVWXGLRVSUHVHQWDGRVDQWHULRUPHQWHHQ(VWDGRV8QLGRV
\ RWURV SDtVHV ă /R TXH TXLHUH GHFLU TXH SUHYLR DO
SURQXQFLDPLHQWR GH OD $VRFLDFLyQ 0pGLFD $PHULFDQD OD
9LROHQFLDFRQWUDODV\ORVHVWXGLDQWHVHQORVSURJUDPDVGH
SUHJUDGR \ SRVJUDGR GH PHGLFLQD KD VLGR HVWXGLDGD SRU
GLYHUVRV DXWRUHV ă TXLHQHV DILUPDURQ TXH ORV \ ODV
SURIHVLRQDOHVHQPHGLFLQDVRQVXVFHSWLEOHVGHH[SHULPHQ
WDU\DVtPLVPRSHUSHWUDUDEXVR\GLVFULPLQDFLyQ
`2pBbih
hlkhVlW-hfAO.hlzS9
8Q HMHPSOR GH HOOR IXH OD 8QLYHUVLGDG GH 0F 0DVWHU HQ
&DQDGiTXHHQHODxRUHDOL]yXQHVWXGLRDFHUFD
GHODSUHYDOHQFLDGHODYLROHQFLDHQHVWXGLDQWHVGHPHGLFLQD
(VSHFtILFDPHQWH SDUD OD YLROHQFLD FRQWUD OD PXMHU VH
HQFRQWUy XQD SUHYDOHQFLD GHO SDUD OD YLROHQFLD
VHFXQGDULDDVXRULHQWDFLyQVH[XDOVHSUHVHQWyHQXQ
SDUDDFRVRVH[XDOVHUHSRUWyHQXQ\SDUDYLROHQFLD
ItVLFD XQ KDOOD]JR QR HVSHUDGR SRU ORV LQYHVWLJDGRUHV
HVWXYRHQHO(VWHHVWXGLRSURSXVRLQLFLDWLYDVHGXFDWL
YDVFRPSRUWDPHQWDOHV\HVWUXFWXUDOHVSDUDLQFRUSRUDUHQ
ORV SURJUDPDV GH IRUPDFLyQ PpGLFD SDUD HUUDGLFDU HVWDV
SUiFWLFDV
2WURVHVWXGLRVKDQUHODFLRQDGROD9LROHQFLDEDVDGDHQHO
*pQHUR9%*FRQODDSOLFDFLyQGHODHVFDODGH%XUQRXWGH
0DVODFK\HOLQYHQWDULRGH/H\PPDQGHWHUURUSVLFROyJLFR
HQORVHVWXGLDQWHVGHSRVJUDGRVPpGLFRVHQFRQWUDQGR
TXHHVWDVFRQGLFLRQHVVHSUHVHQWDEDQGHLJXDOPDQHUDHQ
KRPEUHV \ PXMHUHV SHUR TXH KD\ XQ PD\RU JUDGR GH
GHVSHUVRQDOL]DFLyQHQPXMHUHVTXHHQKRPEUHV
(QVHUHDOL]yXQHVWXGLRGHSUHYDOHQFLDGH9%*HQ
HVWXGLDQWHVGHPHGLFLQDGHVHLVIDFXOWDGHVHQ-DSyQ
HQFRQWUDQGRTXHHOGHORVSDUWLFLSDQWHVUHILULyDOJ~Q
WLSRGHYLROHQFLD3DUDHOFDVRGH9%*SRUVXFRQGLFLyQGH
VHUPXMHUVHSUHVHQWyHODFRVRVH[XDOHQHOGHODV
HVWXGLDQWHV 1R VH H[SORUy OD YLROHQFLD SRU FUHHQFLDV
RULHQWDFLyQVH[XDORUD]D
'HVGH XQD SHUVSHFWLYD FRQFHSWXDO GLIHUHQWH HQ HO DxR
HOJUXSRGHVDOXG\FRPSRUWDPLHQWRGHOD)DFXOWDGGH
0HGLFLQD GH OD 8QLYHUVLGDG 1XHYD *UDQDGD SODQWHy HO
HVWXGLRQDFLRQDOGH%XOO\LQJRLQWLPLGDFLyQTXHFRQWy
FRQODSDUWLFLSDFLyQGHIDFXOWDGHVGHPHGLFLQDDQLYHO
QDFLRQDO /RV UHVXOWDGRV REVHUYDGRV HQ HVWH HVWXGLR
FRQILUPDURQODSUHVHQFLDGHHSLVRGLRVGHLQWLPLGDFLyQHQHO
iPELWRGHODHGXFDFLyQVXSHULRU\PiVHVSHFtILFDPHQWHHQ
ORVHVWXGLDQWHVGHODVHVFXHODVGHPHGLFLQDGHOSDtVHQXQ
(VWHGDWRIXHVXILFLHQWHSDUDGDUXQDYR]GHDODUPD
DODVGLUHFWLYDVGRFHQWHV\HVWXGLDQWHVHYLGHQFLDQGRTXH
HVWHWLSRGHIHQyPHQRVQRVRQXQPLWRVLQRXQDUHDOLGDG
TXHVHHVWiWRPDQGRORVDPELHQWHVHGXFDWLYRVGHHGXFDFLyQ
PpGLFDHQ&RORPELD
(QODPLVPDOtQHDVHUHDOL]yHOHVWXGLRTXHFDUDFWHUL]yOD
9LROHQFLDEDVDGDHQHO*pQHURHQORV\ODVHVWXGLDQWHVGHOD
8QLYHUVLGDG0LOLWDU1XHYD*UDQDGDLGHQWLILFDQGRTXH
HVXQDSUREOHPiWLFDSUHVHQWH\TXHGLVWDGHVHUXQKHFKR
DLVODGRRVXWLO(OGHODVSHUVRQDVTXHGLHURQUHVSXHVWD
DOFXHVWLRQDULR\TXHUHILULHURQKDEHUSHUFLELGR9LROHQFLD
EDVDGDHQHO*pQHURIXHURQSRUVXVH[RHQHVWHFDVRHOVHU
PXMHU /R TXH HYLGHQFLy OD LPSRUWDQFLD GH DQDOL]DU ODV
FRQGLFLRQHVGHODYLROHQFLDFRQWUDODPXMHUHQORVGLIHUHQWHV
iPELWRV
HchqCRI3N,Cch3NhIh8RaL,CƽNhLā0C,
'HIRUPDSDUDOHODHQORV~OWLPRVDxRVVHKDQJHQHUDGR
3ROtWLFDV3~EOLFDVUHODFLRQDGDVFRQODSURPRFLyQGHOD
VDOXG HQ ORV HQWRUQRV HGXFDWLYRV (VWD HVWUDWHJLD VH
GHQRPLQy8QLYHUVLGDG6DOXGDEOHR8QLYHUVLGDG3URPRWRUD
GH 6DOXG /D FXDO GHILQLy D GLFKDV LQVWLWXFLRQHV FRPR
DTXHOODVTXHDWUDYpVGHODGLVWULEXFLyQVRFLDOGHOFRQRFL
PLHQWR UHDOL]DQ DFFLRQHV HVWUDWpJLFDV \ VRVWHQLGDV TXH
IRPHQWDQODVDOXGLQWHJUDOELRSVLFRVRFLDO\ODSDUWLFLSDFLyQ
DFWLYDGHODFRPXQLGDGXQLYHUVLWDULD/RDQWHULRUGHVDUUR
OODQGRXQDFXOWXUDGHVDOXGLQWHJUDOLQFOX\HQGRODIRUPDFLyQ
GH HVWLORV GH YLGD VDOXGDEOH \ GH DXWRFXLGDGR DVt FRPR
RSRUWXQLGDGHV \ HQWRUQRV GH YLGD WUDEDMR \ DSUHQGL]DMH
VDOXGDEOHLQYHVWLJDFLyQ\GRFHQFLDGHQWURGHVXVIXQFLRQHV
VXVWDQWLYDV´
/DHVWUDWHJLDVHVRSRUWyHQODVGLUHFWULFHVLQWHUQDFLRQDOHV
9HU 7DEOD 1R WHQLHQGR FRPR SXQWR GH SDUWLGD OD
'HFODUDFLyQGH$OPD$WD6DOXGSDUDWRGRVODFXDOYLVLELOL]y
D OD VDOXG FRPR XQ GHUHFKR IXQGDPHQWDO \ SODQWHy OD
QHFHVLGDGGHHVWDEOHFHUDFFLRQHVDQLYHOVRFLDO\HFRQyPLFR
SDUDHOORJURGHODPLVPDKDVWDODFRQIRUPDFLyQGH5HGHV
GH8QLYHUVLGDGHV3URPRWRUDVGH6DOXGTXHVHHQFXHQWUDQ
GHVDUUROODQGR JUDQGHV DYDQFHV HQ HVWH iPELWR $ QLYHO
QDFLRQDOODUHGGH8QLYHUVLGDGHV3URPRWRUDV5('&836
KD ORJUDGR LQWHJUDU D ODV ,QVWLWXFLRQHV GH (GXFDFLyQ
6XSHULRU\HODERUDURQXQGRFXPHQWRPDUFRRULHQWDGRDOD
VHQVLELOL]DFLyQ\DSR\RLQVWLWXFLRQDOGHLJXDOPDQHUD
DVHVRUDURQ OD FRQVWUXFFLyQ GH ORV OLQHDPLHQWRV SDUD OD
3ROtWLFDDQLYHOQDFLRQDO/DVWHPiWLFDVTXHGHVDUUROODQ
HQ OD DFWXDOLGDG VRQ DOLPHQWDFLyQ VDQD DFWLYLGDG ItVLFD
OLEUHV GH FLJDUULOOR FRQVXPR GH VXVWDQFLDV VH[XDOLGDG H
LQFOXVLyQ 6LQ HPEDUJR QR VH HYLGHQFLy OD SUHVHQFLD GH
DFWLYLGDGHVFRQFUHWDVTXHYD\DQRULHQWDGDVDODSURPRFLyQ
GHORVGHUHFKRVDODLQWHJULGDGItVLFD\PHQWDOTXHVHYHQ
YXOQHUDGRVHQVLWXDFLyQGHLQWLPLGDFLyQRHQVLWXDFLRQHVGH
YLROHQFLDEDVDGDHQHOJpQHUR
'LVFXVLyQ
([LVWHQPHFDQLVPRVUHJLRQDOHV\QDFLRQDOHVRULHQWDGRVD
SURPRYHUHQWRUQRVVDOXGDEOHV\VHJXURVHQORVSURFHVRVGH
HQVHxDQ]D GH OD (GXFDFLyQ 6XSHULRU KD\ HVIXHU]RV
UHFRQRFLGRVSDUDRUJDQL]DUODV,QVWLWXFLRQHV(GXFDWLYDVGH
(GXFDFLyQ6XSHULRUDQLYHOQDFLRQDO/D8QLYHUVLGDG0LOLWDU
1XHYD*UDQDGDFRPRLQVWLWXFLyQSDUWLFLSDDFWLYDPHQWHHQ
GLFKDUHG5HGGH8QLYHUVLGDGHV3URPRWRUDVGH6DOXG6LQ
HPEDUJRDOUHYLVDUGHWHQLGDPHQWHVXVGRFXPHQWRVPDUFR
VXV OLQHDPLHQWRV \ SUR\HFWRV HVWRV HVWiQ SULQFLSDOPHQWH
HQIRFDGRVDORVHVWLORVGHYLGDVDOXGDEOHDFWLYLGDGItVLFD
SUHYHQFLyQGHOXVRGHVXVWDQFLDVSVLFRDFWLYDVGLVFULPLQD
FLyQ\VDOXGVH[XDO\UHSURGXFWLYDSHURQRDERUGDQHOWHPD
GHO GHUHFKR D XQD YLGD OLEUH GH YLROHQFLD FRPR SDUWH GH
GLFKRVHVWLORVGHYLGD/RTXHWDPSRFRVHYHUHIOHMDGRHQ
DFWLYLGDGHVSXQWXDOHVRDFFLRQHVHVWUDWpJLFDV
e
`2pBbih
hlkhVlW-hfAO.hlzS9
7DEOD/LVWDGRGHGLUHFWULFHVQDFLRQDOHVHLQWHUQDFLRQDOHVTXHGDQVRSRUWHDODSROtWLFDGH8QLYHUVLGDG6DOXGDEOHHQ&RORPELD
'LUHFWULFHV,QWHUQDFLRQDOHV
x 'HFODUDFLyQGH(VWRFROPRVREUHHO0HGLR$PELHQWH+XPDQR
x 'HFODUDFLyQGH$OPD$WD6DOXGSDUDWRGRV
x 3URWRFRORGH.LRWRGHOD&RQYHQFLyQ0DUFRGH1DFLRQHV8QLGDVVREUHHO&DPELR&OLPiWLFR
&018&& x 6HJXQGD&RQIHUHQFLD,QWHUQDFLRQDOGH3URPRFLyQGHOD6DOXG
x &DUWDGH2WWDZD3ULPHUD&RQIHUHQFLD,QWHUQDFLRQDOVREUHOD3URPRFLyQGHOD6DOXGGH
QRYLHPEUHGH x 'HFODUDFLyQGHOD&RQIHUHQFLD,QWHUQDFLRQDOGH3URPRFLyQGHOD6DOXG6DQWD)HGH%RJRWi
x &DUWDGHO&DULEHSDUDOD3URPRFLyQGHOD6DOXG
x 'HFODUDFLyQGH<DNDUWDVREUHOD3URPRFLyQGHOD6DOXGHQHO6LJOR;;,
x &RQIHUHQFLDVGH1DFLRQHV8QLGDVVREUHHO0HGLR$PELHQWH\HO'HVDUUROOR\
x 4XLQWD&RQIHUHQFLD0XQGLDOGH3URPRFLyQGHOD6DOXG
x &RQYHQLR0DUFRGHOD206SDUDHO&RQWUROGHO7DEDFR5HVROXFLyQ:+$
x &DUWDGH%DQJNRNSDUDOD3URPRFLyQGHOD6DOXG
x ,QIRUPHGHO,9&RQJUHVR,QWHUQDFLRQDOGH8QLYHUVLGDGHV3URPRWRUDVGHOD6DOXG
6HKDQUHDOL]DGRHVWXGLRVSDUDFDUDFWHUL]DUODVYLROHQFLDVDO
LQWHULRU GH OD IDFXOWDG GH PHGLFLQD UHVSRQGLHQGR D ORV
OLQHDPLHQWRVGHOD)HGHUDFLyQ0pGLFD0XQGLDO\OD$VRFLD
FLyQ 0pGLFD $PHULFDQD HQFRQWUDQGR TXH WDQWR OD
LQWLPLGDFLyQ R PDWRQHR FRPR OD YLROHQFLD EDVDGD HQ HO
JpQHURVRQFRQGLFLRQHVSUHVHQWHVHQQXHVWURFRQWH[WR
7RGRORDQWHULRUSODQWHDXQUHWRHQODLQWHJUDFLyQGHVGHOD
3ROtWLFD3~EOLFDGHOD3URPRFLyQGHOD6DOXG\ODLQFOXVLyQGH
DFWLYLGDGHVHVSHFtILFDVRULHQWDGDVDSURPRYHUHOGHUHFKRD
YLYLUVLQYLROHQFLDHQODVFRPXQLGDGHVDFDGpPLFDV
&RQIOLFWRVGHLQWHUpV
/RVDXWRUHVGHFODUDQQRWHQHUGHPDQHUDGLUHFWDRLQGLUHFWD
QLQJ~QWLSRGHFRQIOLFWRGHLQWHUHVHVILQDQFLHURVDFDGpPL
FRVRODERUDOHVTXHSXHGDQSRQHUHQSHOLJURODYDOLGH]GH
HVWHHVWXGLR
)LQDQFLDFLyQ
(VWH WUDEDMR VH UHDOL]y FRQ HO DSR\R ILQDQFLHUR GH OD
8QLYHUVLGDG0LOLWDU1XHYD*UDQDGD
5HIHUHQFLDV
4
&RQVWLWX\HQWH $1 &RQVWLWXFLyQ 3ROtWLFD GH &RORPELD
&RORPELD81(6&2S7LWXOR,,&DSLWXOR,,$UWLFXOR
0LQLVWHULRGH(GXFDFLyQ1DFLRQDO/H\GH'LFLHPEUHGH
&RORPELD6HFUHWDULDGHO6HQDGRS
)HGHUDFLyQ0XQGLDOGH(GXFDFLyQ0pGLFD(VWiQGDUHVJOREDOHV
GH OD :)0( SDUD OD (GXFDFLyQ 0pGLFD (GXF 0HGLFD
ă
5DSSOH\06HFWLRQRQ0HGLFDO6FKRROV,Q2SWLPL]LQJWKH
/HDUQLQJ(QYLURQPHQW([SORULQJWKH,VVXHRI0HGLFDO6WXGHQW
0LVWUHDWPHQW >,QWHUQHW@ -RLQW (GXFDWLRQ 3URJUDP ZLWK WKH
$0$ 0HGLFDO 6WXGHQW 6HFWLRQ DQG $0$ WKH &RXQFLO RQ
0HGLFDO(GXFDWLRQSă
$ULPDWVX 0 :DGD . <RVKLNDZD 7 2GD 6 7DQLJXFKL +
$L]DZD < HW DO $Q HSLGHPLRORJLFDO VWXG\ RI ZRUNUHODWHG
YLROHQFH H[SHULHQFHG E\ SK\VLFLDQV ZKR JUDGXDWHG IURP D
PHGLFDO VFKRRO LQ -DSDQ - 2FFXS +HDOWK >,QWHUQHW@
ă
%DOGZLQ''DXJKHUW\6(FNHQIHOV(6WXGHQW3HUFHSWLRQVRI
0LVWUHDWPHQW DQG +DUDVVPHQW 'XULQJ 0HGLFDO 6FKRRO $
6XUYH\ RI 7HQ 8QLWHG 6WDWHV 6FKRROV :HVW - 0HG
ă
&RRN '- /LXWNXV -) 5LVGRQL &/ *ULIILWK /( *X\DWW *+
:DOWHU65HVLGHQWVH[SHULHQFHRIDEXVHGLVFULPLQDWLRQDQG
VH[XDOKDUDVVPHQWGXULQJUHVLGHQF\WUDLQLQJ&DQ0HG$VVRF
-ă
5LVEHUJ*-RKDQVVRQ((:HVWPDQ*+DPEHUJ.*HQGHULQ
PHGLFLQH$QLVVXHIRUZRPHQRQO\"$VXUYH\RISK\VLFLDQ
WHDFKHUV
JHQGHUDWWLWXGHV,QW-(TXLW\+HDOWKă
0RUHQR&XELOORV&2VRULR*yPH]/6HS~OYHGD*DOOHJR/(
9LROHQFLDVH[XDOFRQWUDODVHVWXGLDQWHVGHOD8QLYHUVLGDGGH
&DOGDV(VWXGLRGHFRUWHWUDQVYHUVDO5HYFRORPE2EVJLQHFRO
0RUJDQ -) 3RUWHU 6 6H[XDO KDUDVVPHQW RI SV\FKLDWULF
WUDLQHHVH[SHULHQFHVDQGDWWLWXGHV3RVWJUDG0HG->,QWHUQHW@
*DGRPVNL D 0 :ROII ' 7ULSS 0 /HZLV & 6KRUW /0
&KDQJHV LQ KHDOWK FDUH SURYLGHUV
NQRZOHGJH DWWLWXGHV
EHOLHIVDQGEHKDYLRUVUHJDUGLQJGRPHVWLFYLROHQFHIROORZLQJD
P X O W L ID F H WH G L Q WH U YH Q W L R Q $F D G 0 H G > , Q WH U Q H W @ 0DUJLWWDL .- 0RVFDUHOOR 5 5RVVL 0) )RUHQVLF DVSHFWV RI
PHGLFDOVWXGHQWDEXVHD&DQDGLDQSHUVSHFWLYH%XOO$P$FDG
3V\FKLDWU\/DZ>,QWHUQHW@
`2pBbih
hlkhVSW-hfAO.hlzS9
HchqCRI3N,Cch3NhIh8RaL,CƽNhLā0C,
'LNPHWDû(7RS0(UJLQ*$QH[DPLQDWLRQRIPREELQJDQG
EXUQRXW RI UHVLGHQWV 7XUNLVK - SV\FKLDWU\ >,QWHUQHW@
ă
1DJDWD.RED\DVKL66HNLPRWR0.R\DPD+<DPDPRWR:
*RWR ( )XNXVKLPD 2 HW DO 0HGLFDO VWXGHQW DEXVH GXULQJ
FOLQLFDO FOHUNVKLSV LQ -DSDQ - *HQ ,QWHUQ 0HG >,QWHUQHW@
ă
3DUHGHV 2 6DQDEULD)HUUDQG 3 *RQ]iOH]4XHYHGR /
0RUHQR5HDOSKH6³%XOO\LQJ´HQODVIDFXOWDGHVGHPHGLFLQD
FRORPELDQDVPLWRRUHDOLGDG5HY0HGă
0RUHQR5HDOSKH66DQDEULD)HUUDQG3*RQ]DOH]4XHYHGR/
9DOHQFLD&HGHxR & ¢³6XWLOH]DV´ GH OD GLVFULPLQDFLyQ \ OD
YLROHQFLD EDVDGD HQ HO JpQHUR " 6LWXDFLyQ GH ORV \ ODV
HVWXGLDQWHV GH SUHJUDGR \ SRVJUDGR GH XQD IDFXOWDG GH
P H G L F L Q D H Q % R J R W i ' & 5H Y 0 H G > , Q W H U Q H W @ ă
0LQLVWHULR GH 6DOXG 'RFXPHQWR WpFQLFR 3URPRYLHQGR
XQLYHUVLGDGHVVDOXGDEOHV/LPD
8QLYHUVLGDG &ROLPD 3URSXHVWD GH 0RGHOR 1DFLRQDO GH
8QLYHUVLGDG6DOXGDEOH3UHYHQLPVV0p[LFR
5HG&XSV'RFXPHQWRRULHQWDGRU%RJRWD&RORPELD
0LQLVWHULR GH 6DOXG \ 3URWHFFLyQ 6RFLDO & 8QLYHUVLGDGHV H
,QVWLWXFLRQHV GH (GXFDFLyQ 6XSHULRU ,(6 3URPRWRUDV GH
6DOXG *XtD SDUD VX IRUWDOHFLPLHQWR \ HYDOXDFLyQ %RJRWi
O
`2pBbih
hlkhVlW-hSzASl.hlzS9
pBQH2M+2h/m`BM;hK2/B+Hhi`BMBM;
bM/`hTi`B+BhKQ`2MQh`2HT?2S!.hK/hKb,Y
hT#HQhH7QMbQhbM#`Bh72``M/l.hTcw,@RIR<Ccj.h2UC03LCRIR<Ccj.hKb,Y
hHmBbh`i2KQh;QMx€H2xhh[m2p2/Qk.hTcw,@RIR<Ccj.h2UC03LCRIR<Ccj.hKb,Y
h+Hm/BhHm+ŜhpH2M+Bh+2/2ƷQ:.hTcw,@RIR<Ccj.hbU3,CICcjhCNh+ICNC,IhTcw,@RIR<w.hKb,Y
K2/B+Hhb+?QQHh7+mHivh`2b2`+?2`bYh
mMBp2`bB//hKBHBi`hMm2ph;`M/Y
#Q;Qi€.h+QHQK#B
6XPPDU\
7KH+HDOWKDQG%HKDYLRXU*URXSIURPWKH0HGLFDODQG+HDOWK6FLHQFHVKDGJXLGHGWKHLUUHVHDUFKLQWKHFKDUDFWHUL]DWLRQ
DERXWYLROHQFHLQWKHHGXFDWLRQDOPHGLFDOHQYLURPHQWDWLQVWLWXWLRQDODQGQDWLRQDOOHYHO7KHSUHVHQWDUWLFOHPDNHVUHIHUHQFH
DERXWWKHILQGLQJVPDGHE\VWXGLHVZLWKWKHEXOO\LQJDQGJHQGHUYLROHQFHWKHPDWLFUHODWLRQDQGLQYLWHVWRDUHIOH[LRQDERXWWKH
LPSRUWDQFHRIDSSO\VXFKUHVXOWVRQHYHU\GD\
VHGXFDWLRQDOSURFHVVFUHDWLQJVWUDWHJLHVWREXLOGD+HDOWK\8QLYHUVLW\
.H\ZRUGV0HGLFDO(GXFDWLRQ9LROHQFH+XPDQ5LJKWV6RFLDO3ROLWLFV*HQGHU
,QWURGXFWLRQ
,Q &RORPELD WKH 3ROLWLFDO &RQVWLWXWLRQ PDGH UHIHUHQFH WR
(GXFDWLRQDVDULJKWWRWKHSHUVRQDQGDSXEOLFVHUYLFHZLWKD
VRFLDO IXQFWLRQ /LNHZLVH ´WKLV HGXFDWLRQ PXVW IRUP WKH
&RORPELDQFLWL]HQWKHUHVSHFWIRUKXPDQULJKWVSHDFHDQG
GHPRFUDF\«³0HDQZKLOHWK/DZRI,WVWDWHG
WKDW KLJKHU HGXFDWLRQ LV DQ RQJRLQJ SURFHVV DQG LW LV
GLUHFWHG WR WKH GHYHORSPHQW RI KXPDQ SRWHQWLDO
FRPSUHKHQVLYHO\
0RUHVSHFLILFDOO\LQWKHPHGLFDOFDUHHUWKH:RUOG0HGLFDO
)HGHUDWLRQ JHQHUDWHG WKUHH EDVLF GRFXPHQWV RQ JOREDO
VWDQGDUGV 0HGLFDO (GXFDWLRQ :LWK UHJDUG WR VWXGHQW
VXSSRUWLWWXUQHGKLVDWWHQWLRQWRWKHSURFHVVHVRIDFDGHPLF
FRXQVHOLQJDQGVRFLDOZKLFKPXVWEHJXDUDQWHHGWKURXJKD
V\VWHP WR IDFLOLWDWH DFFHVV WR VXSSRUW DGYLFH DQG FDUHHU
JXLGDQFH 7KLV EDVHG RQ WUDFNLQJ SURJUHVV LQ WUDLQLQJ
LQIRUPDWLRQ DERXW SUREOHPV WKDW PD\ DULVH DQG EH
DGGUHVVHG WR PHHW WKH VRFLDO DQG SHUVRQDO QHHGV RI WKH
VWXGHQWVFRXQFLO
,Q WKH $PHULFDQ 0HGLFDO $VVRFLDWLRQ KHOG D
PHHWLQJZKRVHPDLQREMHFWLYHZDVWRGLVFXVVVWUDWHJLHVIRU
RSWLPL]LQJWKHOHDUQLQJHQYLURQPHQWDQGGHHSHQHGDERXW
WKH WRSLF YLROHQFH PLVWUHDWPHQW GHILQLQJ LW DV ZLOOIXO
EHKDYLRURUQRWVKRZLQJDODFNRIUHVSHFWIRUWKHGLJQLW\RI
RWKHUV DQG XQUHDVRQDEO\ LQWHUIHUHV ZLWK WKH OHDUQLQJ
SURFH VV ([DPSOH V LQFOXGHG VH[XDO KDUDVVPHQW
Sz
GLVFULPLQDWLRQ RU KDUDVVPHQW EDVHG RQ UDFH UHOLJLRQ
HWKQLFLW\ JHQGHU RU VH[XDO RULHQWDWLRQ SK\VLFDO RU
SV\FKRORJLFDO SXQLVKPHQW DQG WKH XVH RI RWKHU IRUPV RI
DVVHVVPHQWDQGDGYLFHIURPDSXQLWLYHZD\
7KH %RDUG SUHVHQWV UHVXOWV IRU DQG ZLWK D
SUHYDOHQFHEHWZHHQDQGRIDEXVHFRQVLVWHQWZLWK
HDUOLHU VWXGLHV VXEPLWWHG LQ WKH 8QLWHG 6WDWHV DQG RWKHU
FRXQWULH V : KLFK PHDQV WKDW SULRU WR WKH
SURQRXQFHPHQWRIWKH$PHULFDQ0HGLFDO$VVRFLDWLRQDQG
9LROHQFH DJDLQVW VWXGHQWV LQ XQGHUJUDGXDWH DQG JUDGXDWH
SURJUDPVLQPHGLFLQHKDVEHHQVWXGLHGE\VHYHUDODXWKRUV
ZKRFODLPHGWKDWWKHSURIHVVLRQDOVLQPHGLFLQHDUH
OLNHO\ WR H[SHULHQFH DQG OLNHZLVH SHUSHWUDWH DEXVH DQG
GLVFULPLQDWLRQ
$QH[DPSOHRIWKLVZDVWKH0F0DVWHU8QLYHUVLW\LQ&DQDGD
ZKLFKLQFRQGXFWHGDVWXG\RQWKHSUHYDOHQFHRI
YLROHQFH LQ PHGLFDO VWXGHQWV 6SHFLILFDOO\ IRU YLROHQFH
DJDLQVWZRPHQDSUHYDOHQFHRIIRUVHFRQGDU\YLROHQFH
RI WKHLU VH[XDO RULHQWDWLRQ ZDV SUHVHQWHG E\ IRU
VH[XDOKDUDVVPHQWZDVIRXQGZDVUHSRUWHGLQDQG
SK\VLFDOYLROHQFHDILQGLQJQRWH[SHFWHGE\UHVHDUFKHUV
ZDV7KLVVWXG\SURSRVHGHGXFDWLRQDOEHKDYLRUDODQG
VWUXFWXUDO LQLWLDWLYHV WR LQFRUSRUDWH LQWR PHGLFDO WUDLQLQJ
SURJUDPVWRHUDGLFDWHWKHVHSUDFWLFHV
2WKHU VWXGLHV KDYH UHODWHG WKH *HQGHU%DVHG 9LROHQFH
*%9 ZLWK WKH DSSOLFDWLRQ RI WKH VFDOH DQG 0DVODFK
`2pBbih
hlkhVSW-hSzASl.hlzS9
%XUQRXW ,QYHQWRU\ /H\PPDQ SV\FKRORJLFDO KRUURU LQ
PHGLFDO SRVWJUDGXDWH VWXGHQWV ILQGLQJ WKDW WKHVH
FRQGLWLRQV DUH SUHVHQWHG LQ WKH VDPH ZD\ LQ PHQ DQG
ZRPHQEXWWKHUHGHSHUVRQDOL]DWLRQJUHDWHULQZRPHQWKDQ
LQPHQ
,QDVWXG\RISUHYDOHQFHRI*%9LQPHGLFDOVWXGHQWV
IURPVL[FROOHJHVLQ-DSDQZDVSHUIRUPHGILQGLQJWKDW
RISDUWLFLSDQWVUHSRUWHGVRPHW\SHRIYLROHQFH,Q
WKHFDVHRI*%9IRUWKHLUZRPDQKRRGVH[XDOKDUDVVPHQW
DSSHDUHGLQRIWKHVWXGHQWV9LROHQFHEHOLHIVVH[XDO
RULHQWDWLRQRUUDFHLVQRWH[SORUHG
)URPDGLIIHUHQWFRQFHSWXDOSHUVSHFWLYHLQWKHJURXS
KHDOWK DQG EHKDYLRU RI WKH )DFXOW\ RI 0HGLFLQH DW WKH
8QLYHUVLW\ 1HZ *UDQDGD UDLVHG WKH QDWLRQDO VWXG\ RI
EXOO\LQJRULQWLPLGDWLRQZLWKWKHSDUWLFLSDWLRQRI
PHGLFDO QDWLRQZLGH VFKRRO OHYHO 7KH UHVXOWV REVHUYHG LQ
WKLVVWXG\FRQILUPHGWKHSUHVHQFHRIHSLVRGHVRIEXOO\LQJLQ
WKHILHOGRIKLJKHUHGXFDWLRQDQGPRUHVSHFLILFDOO\VWXGHQWV
LQPHGLFDOVFKRROVRIWKHFRXQWU\E\7KLVGDWDZDV
VXIILFLHQW WR JLYH D YRLFH DODUP GLUHFWLYHV WHDFKHUV DQG
VWXGHQWVVKRZLQJWKDWVXFKSKHQRPHQDDUHQRWDP\WKEXW
D UHDOLW\ WKDW LV WDNLQJ HGXFDWLRQDO HQYLURQPHQWV PHGLFDO
HGXFDWLRQLQ&RORPELD
2QWKHVDPHOLQHWKHVWXG\FKDUDFWHUL]HVWKH*HQGHU%DVHG
9LROHQFHLQWKHVWXGHQWVRIWKH0LOLWDU\8QLYHUVLW\1XHYD
*UDQDGDLGHQWLI\LQJWKDWWKLVLVDSUREOHPWKDWLVIDU
IURPDQLVRODWHGHYHQWWRRNSODFHRUVXEWOHRIWKRVH
ZKRSURYLGHGDQVZHUVWRWKHTXHVWLRQQDLUHDQGUHSRUWHG
pCRI3N,3h0naCN<hL30C,IhjaCNCN<
KDYLQJSHUFHLYHG*HQGHU%DVHG9LROHQFHZHQWWKHLUVH[LQ
WKLVFDVHEHLQJIHPDOH:KLFKLWVKRZHGWKHLPSRUWDQFHRI
DQDO\]LQJ WKH FRQGLWLRQV RI YLROHQFH DJDLQVW ZRPHQ LQ
GLIIHUHQWDUHDV
$WWKHVDPHWLPHLQUHFHQW\HDUVWKH\KDYHJHQHUDWHGSXEOLF
SROLF\ UHODWHG WR KHDOWK SURPRWLRQ LQ HGXFDWLRQDO
VHWWLQJV 7KLV VWUDWHJ\ LV FDOOHG +HDOWK\ 8QLYHUVLW\ RU
8QLYHUVLW\ +HDOWK 3URPRWHU :KLFK GHILQHG VXFK
LQVWLWXWLRQV DV WKRVH WKURXJK WKH VRFLDO GLVWULEXWLRQ RI
NQRZOHGJH PDNH VWUDWHJLF DQG VXVWDLQHG DFWLRQV WKDW
SURPRWHFRPSUHKHQVLYHKHDOWKELRSV\FKRVRFLDODQGWKH
DFWLYH SDUWLFLSDWLRQ RI WKH XQLYHUVLW\ FRPPXQLW\ 7KLV
GHYHORSLQJ D FXOWXUH RI FRPSUHKHQVLYH KHDOWK FDUH
LQFOXGLQJWKHIRUPDWLRQRIKHDOWK\OLIHVW\OHVDQGVHOIFDUHDV
ZHOODVRSSRUWXQLWLHVDQGOLYLQJHQYLURQPHQWVKHDOWK\ZRUN
DQGOHDUQLQJUHVHDUFKDQGWHDFKLQJZLWKLQWKHLUVXEVWDQWLYH
IXQFWLRQV
7KHVWUDWHJ\LVVXSSRUWHGE\LQWHUQDWLRQDOJXLGHOLQHVVHH
7DEOH1RWDNLQJDVDVWDUWLQJSRLQWWKH$OPD$WD+HDOWK
IRU$OOZKLFKPDGHYLVLEOHWRKHDOWKDVDIXQGDPHQWDOULJKW
DQGUDLVHGWKHQHHGIRUOHYHODFWLRQVVRFLDODQGHFRQRPLF
HQYLURQPHQW IRU DFKLHYLQJ LW XQWLO WKH IRUPDWLRQ RI
QHWZRUNV RI +HDOWK 3URPRWLQJ 8QLYHUVLWLHV WKDW DUH
GHYHORSLQJJUHDWVWULGHVLQWKLVDUHD$QDWLRQZLGHQHWZRUN
RI3URPRWLQJ8QLYHUVLWLHV5('&836KDVPDQDJHGWR
LQWHJUDWH KLJKHU HGXFDWLRQ LQVWLWXWLRQV DQG SURGXFHG D
IUDPHZRUN GRFXPHQW DLPHG DW UDLVLQJ DZDUHQHVV DQG
LQVWLWXWLRQDO VXSSRUW MXVW DV WKH\ DGYLVHG WKH
FRQVWUXFWLRQ RI JXLGHOLQHV IRU SROLF\ QDWLRQDOO\ 7KH
7DEOH/LVWRIQDWLRQDODQGLQWHUQDWLRQDOJXLGHOLQHVZKLFKVXSSRUWWKH+HDOWK\8QLYHUVLW\SROLFLHVLQ&RORPELD
,QWHUQDWLRQDO*XLGHOLQHV
x 6WRFNKROP'HFODUDWLRQRQWKH+XPDQ(QYLURQPHQW
x $OPD$WD'HFODUDWLRQRI+HDOWKIRU$OO
x .\RWR3URWRFROWRWKH8QLWHG1DWLRQV)UDPHZRUN&RQYHQWLRQRQ&OLPDWH&KDQJH&018&&
x 6HFRQG,QWHUQDWLRQDO&RQIHUHQFHRQ+HDOWK3URPRWLRQ
x 2WWDZD&KDUWHUIRU)LUVW,QWHUQDWLRQDO&RQIHUHQFHRQ+HDOWK3URPRWLRQ1RYHPEHU
x 'HFODUDWLRQRIWKH,QWHUQDWLRQDO&RQIHUHQFHRQ+HDOWK3URPRWLRQ6DQWD)HGH%RJRWD
x 7KH&DULEEHDQ&KDUWHUIRU+HDOWK3URPRWLRQ
x -DNDUWD'HFODUDWLRQRQ+HDOWK3URPRWLRQLQWKH7ZHQW\)LUVW&HQWXU\
x 8QLWHG1DWLRQV&RQIHUHQFHRQ(QYLURQPHQWDQG'HYHORSPHQWDQG
x )LIWK*OREDO&RQIHUHQFHRQ+HDOWK3URPRWLRQ
x :+2)UDPHZRUN&RQYHQWLRQ6QXII&RQWURO5HVROXWLRQ:+$
x 7KH%DQJNRN&KDUWHUIRU+HDOWK3URPRWLRQ
x ,9,QWHUQDWLRQDO&RQJUHVVRI+HDOWK3URPRWLQJ8QLYHUVLWLHV5HSRUW
SS
`2pBbih
hlkhVlW-hSzASl.hlzS9
WRSLFVWKDWDUHFXUUHQWO\GHYHORSLQJKHDOWK\HDWLQJSK\VLFDO
DFWLYLW\ FLJDUHWWHIUHH VXEVWDQFH DEXVH VH[XDOLW\ DQG
LQFOXVLRQ+RZHYHUWKHSUHVHQFHRIVSHFLILFDFWLYLWLHVWKDW
DUHDLPHGDWSURPRWLQJWKHULJKWVWRSK\VLFDODQGPHQWDO
LQWHJULW\ DUH YLRODWHG LQ VLWXDWLRQV RI LQWLPLGDWLRQ RU LQ
VLWXDWLRQVRIJHQGHUEDVHGYLROHQFHLVQRWHYLGHQW
'LVFXVVLRQ
7KHUH DUH UHJLRQDO DQG QDWLRQDO PHFKDQLVPV DLPHG DW
SURPRWLQJKHDOWK\DQGVDIHHQYLURQPHQWVLQWKHWHDFKLQJRI
+LJKHU (GXFDWLRQ WKHUH DUH UHQRZQHG IRU RUJDQL]LQJ
HGXFDWLRQDO LQVWLWXWLRQV RI KLJKHU HGXFDWLRQ QDWLRQZLGH
HIIRUWV1HZ*UDQDGD0LOLWDU\8QLYHUVLW\DVDQLQVWLWXWLRQ
DFWLYHO\ LQYROYHG LQ WKH QHWZRUN 1HWZRUN RI +HDOWK
3URPRWLQJ 8QLYHUVLWLHV +RZHYHU XQGHU FDUHIXOO\ FKHFN
WKHLU GRFXPHQWV LWV JXLGHOLQHV DQG SURMHFWV WKHVH DUH
PDLQO\IRFXVHGRQWKHKHDOWK\OLIHVW\OHVSK\VLFDODFWLYLW\
SUH YHQW LRQ RI XVH RI SV\FKRDFW LYH VXEVWD QFH V
GLVFULPLQDWLRQDQGVH[XDODQGUHSURGXFWLYHKHDOWKEXWGR
QRWDGGUHVVWKHLVVXHRIWKHULJKWWRDOLIHIUHHRIYLROHQFHDV
SDUWRIVXFKOLIHVW\OHV:KDWLWLVDOVRUHIOHFWHGLQVSHFLILF
DFWLYLWLHVRUVWUDWHJLFDFWLRQV
6WXGLHVKDYHEHHQFRQGXFWHGWRFKDUDFWHUL]HWKHYLROHQFH
LQWR PHGLFDO VFKRRO UHVSRQGLQJ WR WKH JXLGHOLQHV RI WKH
:RUOG 0HGLFDO )HGHUDWLRQ DQG WKH $PHULFDQ 0HGLFDO
$VVRFLDWLRQ IRXQG WKDW ERWK LQWLPLGDWLRQ RU EXOO\LQJ DV
JHQGHUEDVHGYLROHQFHDUHFRQGLWLRQVLQRXUFRQWH[W
$OOWKLVSUHVHQWVDFKDOOHQJHIRULQWHJUDWLRQIURPWKH3XEOLF
3ROLF\+HDOWK3URPRWLRQDQGLQFOXVLRQRIVSHFLILFDFWLYLWLHV
WRWRSURPRWHWKHULJKWWROLYHZLWKRXWYLROHQFHLQDFDGHPLF
FRPPXQLWLHV
&RQIOLFWRILQWHUHVWV
7KHDXWKRUVGHFODUHWKDWWKH\KDYHGLUHFWO\RULQGLUHFWO\
DQ\FRQIOLFWRIILQDQFLDODFDGHPLFDQGEXVLQHVVLQWHUHVWV
WKDWPD\MHRSDUGL]HWKHYDOLGLW\RIWKLVVWXG\
)LQDQFLQJ
7KLVZRUNZDVFRQGXFWHGZLWKWKH8QLYHUVLGDG0LOLWDUGHOD
1XHYD*UDQDGDILQDQFLDOVXSSRUW
5HIHUHQFHV
Sl
&RQVWLWX\HQWH $1 &RQVWLWXFLyQ 3ROtWLFD GH &RORPELD
&RORPELD81(6&2S7LWXOR,,&DSLWXOR,,$UWLFXOR
0LQLVWHULRGH(GXFDFLyQ1DFLRQDO/H\GH'LFLHPEUHGH
&RORPELD6HFUHWDULDGHO6HQDGRS
)HGHUDFLyQ0XQGLDOGH(GXFDFLyQ0pGLFD(VWiQGDUHVJOREDOHV
GH OD :)0( SDUD OD (GXFDFLyQ 0pGLFD (GXF 0HGLFD
ă
5DSSOH\06HFWLRQRQ0HGLFDO6FKRROV,Q2SWLPL]LQJWKH
/HDUQLQJ(QYLURQPHQW([SORULQJWKH,VVXHRI0HGLFDO6WXGHQW
0LVWUHDWPHQW >,QWHUQHW@ -RLQW (GXFDWLRQ 3URJUDP ZLWK WKH
$0$ 0HGLFDO 6WXGHQW 6HFWLRQ DQG $0$ WKH &RXQFLO RQ
0HGLFDO(GXFDWLRQSă
$ULPDWVX 0 :DGD . <RVKLNDZD 7 2GD 6 7DQLJXFKL +
$L]DZD < HW DO $Q HSLGHPLRORJLFDO VWXG\ RI ZRUNUHODWHG
YLROHQFH H[SHULHQFHG E\ SK\VLFLDQV ZKR JUDGXDWHG IURP D
PHGLFDO VFKRRO LQ -DSDQ - 2FFXS +HDOWK >,QWHUQHW@
ă
%DOGZLQ''DXJKHUW\6(FNHQIHOV(6WXGHQW3HUFHSWLRQVRI
0LVWUHDWPHQW DQG +DUDVVPHQW 'XULQJ 0HGLFDO 6FKRRO $
6XUYH\ RI 7HQ 8QLWHG 6WDWHV 6FKRROV :HVW - 0HG
ă
&RRN '- /LXWNXV -) 5LVGRQL &/ *ULIILWK /( *X\DWW *+
:DOWHU65HVLGHQWVH[SHULHQFHRIDEXVHGLVFULPLQDWLRQDQG
VH[XDOKDUDVVPHQWGXULQJUHVLGHQF\WUDLQLQJ&DQ0HG$VVRF
-ă
5LVEHUJ*-RKDQVVRQ((:HVWPDQ*+DPEHUJ.*HQGHULQ
PHGLFLQH$QLVVXHIRUZRPHQRQO\ "$VXUYH\RISK\VLFLDQ
WHDFKHUV
JHQGHUDWWLWXGHV,QW-(TXLW\+HDOWKă
0RUHQR&XELOORV&2VRULR*yPH]/6HS~OYHGD*DOOHJR/(
9LROHQFLDVH[XDOFRQWUDODVHVWXGLDQWHVGHOD8QLYHUVLGDGGH
&DOGDV(VWXGLRGHFRUWHWUDQVYHUVDO5HYFRORPE2EVJLQHFRO
0RUJDQ -) 3RUWHU 6 6H[XDO KDUDVVPHQW RI SV\FKLDWULF
WUDLQHHVH[SHULHQFHVDQGDWWLWXGHV3RVWJUDG0HG->,QWHUQHW@
*DGRPVNL D 0 :ROII ' 7ULSS 0 /HZLV & 6KRUW /0
&KDQJHV LQ KHDOWK FDUH SURYLGHUV
NQRZOHGJH DWWLWXGHV
EHOLHIVDQGEHKDYLRUVUHJDUGLQJGRPHVWLFYLROHQFHIROORZLQJD
P X O W L ID F H WH G L Q WH U YH Q W L R Q $F D G 0 H G > , Q WH U Q H W @ 0DUJLWWDL .- 0RVFDUHOOR 5 5RVVL 0) )RUHQVLF DVSHFWV RI
PHGLFDOVWXGHQWDEXVHD&DQDGLDQSHUVSHFWLYH%XOO$P$FDG
3V\FKLDWU\/DZ>,QWHUQHW@
'LNPHWDû(7RS0(UJLQ*$QH[DPLQDWLRQRIPREELQJDQG
EXUQRXW RI UHVLGHQWV 7XUNLVK - SV\FKLDWU\ >,QWHUQHW@
ă
1DJDWD.RED\DVKL66HNLPRWR0.R\DPD+<DPDPRWR:
*RWR ( )XNXVKLPD 2 HW DO 0HGLFDO VWXGHQW DEXVH GXULQJ
FOLQLFDO FOHUNVKLSV LQ -DSDQ - *HQ ,QWHUQ 0HG >,QWHUQHW@
ă
3DUHGHV 2 6DQDEULD)HUUDQG 3 *RQ]iOH]4XHYHGR /
0RUHQR5HDOSKH6³%XOO\LQJ´HQODVIDFXOWDGHVGHPHGLFLQD
FRORPELDQDVPLWRRUHDOLGDG5HY0HGă
0RUHQR5HDOSKH66DQDEULD)HUUDQG3*RQ]DOH]4XHYHGR/
9DOHQFLD&HGHxR & ¢³6XWLOH]DV´ GH OD GLVFULPLQDFLyQ \ OD
YLROHQFLD EDVDGD HQ HO JpQHUR " 6LWXDFLyQ GH ORV \ ODV
HVWXGLDQWHV GH SUHJUDGR \ SRVJUDGR GH XQD IDFXOWDG GH
P H G L F L Q D H Q % R J R W i ' & 5H Y 0 H G > , Q W H U Q H W @ ă
0LQLVWHULR GH 6DOXG 'RFXPHQWR WpFQLFR 3URPRYLHQGR
XQLYHUVLGDGHVVDOXGDEOHV/LPD
8QLYHUVLGDG &ROLPD 3URSXHVWD GH 0RGHOR 1DFLRQDO GH
8QLYHUVLGDG6DOXGDEOH3UHYHQLPVV0p[LFR
5HG&XSV'RFXPHQWRRULHQWDGRU%RJRWD&RORPELD
0LQLVWHULR GH 6DOXG \ 3URWHFFLyQ 6RFLDO & 8QLYHUVLGDGHV H
,QVWLWXFLRQHV GH (GXFDFLyQ 6XSHULRU ,(6 3URPRWRUDV GH
6DOXG *XtD SDUD VX IRUWDOHFLPLHQWR \ HYDOXDFLyQ %RJRWi
`2pBbih
hlkhVlW-hSkASf.hlzS9
hpBQHĆM+BhMh2/m+Ò¿QhKĀ/B+
bM/`hTi`B+BhKQ`2MQh`2HT?2S!.hKā0C,hKb,Y
hT#HQhH7QMbQhbM#`Bh72``M/l.hTcC,ƽIR<R.h2UC03LCƽIR<R.hKb,Y
hHmBbh`i2KQh;QMx€H2xhh[m2p2/Qk.hTcC,ƽIR<R.h2UC03LCƽIR<R.hKb,Y
h+Hm/BhHm+ŜhpH2M+Bh+2/2ƷQ:.hTcC,ƽIR<.h2cU3,CICcjh3LhTcC,RIR<Ch+IŝNC,.hKb,Y
/Q+2Mi2bhBMp2biB;/Q`2bh/h7+mH//2h/2hK2/B+BMY
mMBp2`bB//2hKBHBi`hMm2ph;`M/Y
#Q;Qi€.h+QHQK#B
5HVXPR
2JUXSRGH6D~GHH&RPSRUWDPHQWRGD)DFXOGDGHGH0HGLFLQDH&LrQFLDVGD6D~GHWHPFHQWUDGRDVXDLQYHVWLJDomRVREUHD
FDUDFWHUL]DomRGDYLROrQFLDQRDPELHQWHHGXFDFLRQDOGDPHGLFLQDDQtYHOLQVWLWXFLRQDOHQDFLRQDO(VWHDUWLJRUHIHUHVHDRV
UHVXOWDGRVGHHVWXGRVFRPUHODomRDRDVVXQWR%XOO\LQJH9LROrQFLD%DVHDGDQR*pQHURHFRQYLGDDXPDUHIOH[mRVREUHD
LPSRUWkQFLDGDDSOLFDomRGHVWHVUHVXOWDGRVSDUDDYLGDGLiULDGRSURFHVVRHGXFDWLYRPHGLDQWHDJHUDomRGHHVWUDWpJLDVTXH
FRQGX]HPjFRQVWUXomRGHXPD8QLYHUVLGDGHVDXGiYHO
3DODYUDVFKDYH(GXFDomRPpGLFDYLROrQFLDGLUHLWRVKXPDQRVSROtWLFDVRFLDOJrQHUR
,QWURGXomR
1D&RO{PELDD&RQVWLWXLomRUHIHUHVHjHGXFDomRFRPRXP
GLUHLWR GR LQGLYtGXR H XP VHUYLoR S~EOLFR TXH WHP XPD
IXQomRVRFLDO$OpPGLVVRHVVDHGXFDomRGHYHIRUPDUDR
FRORPELDQRQRUHVSHLWRSHORVGLUHLWRVKXPDQRVDSD]HD
GHPRFUDFLD $ /HL GH SRU VXD SDUWH
DUJXPHQWDTXHRHQVLQRVXSHULRUpXPSURFHVVRFRQWtQXRH
WHPFRPRPLVVmRGHVHQYROYHURSRWHQFLDOGRVHUKXPDQR
GHIRUPDKROtVWLFD
0DLVHVSHFLILFDPHQWHQDFDUUHLUDGHPpGLFRD)HGHUDomR
0pGLFD 0XQGLDO JHURX WUrV GRFXPHQWRV EiVLFRV VREUH RV
SDGU}HVJOREDLVGH(GXFDomR0pGLFD1RTXHUHVSHLWDDR
DSRLRDRHVWXGDQWHD)HGHUDomRIRFRXVXDDWHQomRSDUDRV
SURFHVVRV GH DFRQVHOKDPHQWR DFDGrPLFR H VRFLDO TXH
GHYHPVHUJDUDQWLGRVDWUDYpVGHXPVLVWHPDSDUDIDFLOLWDUR
DFHVVRDRDSRLRDFRQVHOKDPHQWRHRULHQWDomRSURILVVLRQDO
(VWH FRQVHOKR p EDVHDGR QR DFRPSDQKDPHQWR GRV
SURJUHVVRVQDIRUPDomRQDLQIRUPDomRVREUHSUREOHPDV
TXHSRVVDPVXUJLUHpGHVWLQDGRDVDWLVID]HUDVQHFHVVLGDGHV
VRFLDLVHSHVVRDLVGRVDOXQRV(PD$VVRFLDomR
0pGLFD$PHULFDQDUHDOL]RXXPDUHXQLmRFXMRSULQFLSDO
REMHWLYRIRLGLVFXWLUHVWUDWpJLDVSDUDDSHUIHLoRDURDPELHQWH
GHDSUHQGL]DJHPHDSURIXQGRXVREUHRWHPDGDYLROrQFLD
PLVVWUHDWPHQW GHILQLQGRD FRPR XP FRPSRUWDPHQWR
LQWHQFLRQDOTXHPRVWUDIDOWDGHUHVSHLWRSHODGLJQLGDGHGRV
RXWURVHTXHLQMXVWLILFDGDPHQWHLQWHUIHUHFRPRSURFHVVR
GHDSUHQGL]DJHP$OJXQVH[HPSORVVmRRDVVpGLRVH[XDO
GLVFULPLQDomRRXDVVpGLRFRPEDVHQDUDoDUHOLJLmRHWQLD
JrQHURRXRULHQWDomRVH[XDOFDVWLJRItVLFRRXSVLFROyJLFRH
RXVRGHRXWUDVIRUPDVGHDYDOLDomRHDFRQVHOKDPHQWRGH
XPDIRUPDSXQLWLYD
2&RQVHOKRDSUHVHQWRXRVUHVXOWDGRVGHHFRP
XPDSUHYDOrQFLDHQWUHHGHDEXVRFRQVLVWHQWHVFRP
HVWXGRVDQWHULRUHVDSUHVHQWDGRVQRV(VWDGRV8QLGRVHHP
RXWURV SDtVHV 2 TXH VLJQLILFD TXH DQWHV GR
SURQXQFLDPHQWR GD $VVRFLDomR 0pGLFD $PHULFDQD D
YLROrQFLDFRQWUDRVDOXQRVHPSURJUDPDVGHJUDGXDomRH
SyVJUDGXDomRHPPHGLFLQDWHPVLGRHVWXGDGDSRUGLYHUVRV
DXWRUHVHOHVDILUPDPTXHRVSURILVVLRQDLVPpGLFRV
VmR VXVFHSWtYHLV GH H[SHULPHQWDU H GD PHVPD IRUPD
FRPHWHUDEXVRHGLVFULPLQDomR
8PH[HPSORGLVVRIRLD8QLYHUVLGDGH0F0DVWHUQR&DQDGi
TXHHPUHDOL]RXXPHVWXGRVREUHDSUHYDOrQFLD
GDYLROrQFLDHPHVWXGDQWHVGHPHGLFLQD(VSHFLILFDPHQWHD
SUHYDOrQFLD GD YLROrQFLD FRQWUD DV PXOKHUHV IRL GH FRQWUDDVXDRULHQWDomRVH[XDOIRLSRUDVVHGLRVH[XDO
IRL H D YLROrQFLD ItVLFD XP GHVFREULPHQWR QmR
HVSHUDGR SHORV SHVTXLVDGRUHV IRL GH (VWH HVWXGR
SURS{V LQLFLDWLYDV HGXFDFLRQDLV FRPSRUWDPHQWDLV H
HVWUXWXUDLVSDUDLQFRUSRUDUHPSURJUDPDVGHWUHLQDPHQWR
PpGLFRDILPGHHUUDGLFDUHVVDVSUiWLFDV
Sk
`2pBbih
2XWURVHVWXGRVWrPOLJDGRD9LROrQFLD%DVHDGDQR*pQHUR
9%*DWUDYpVGDDSOLFDomRGDHVFDODGH%XUQRXWGH0DVODFK
HRLQYHQWiULRGH/H\PPDQGHWHUURUSVLFROyJLFRQRVDOXQRV
GHSyVJUDGXDomRGHPHGLFLQDHQFRQWUDQGRTXHHVWDV
FRQGLo}HV RFRUUHP LJXDOPHQWH HP KRPHQV H PXOKHUHV
PDVKiXPPDLRUJUDXGHGHVSHUVRQDOL]DomRHPPXOKHUHV
GRTXHHPKRPHQV
(PIRLUHDOL]DGRXPHVWXGRGHSUHYDOrQFLDGH9%*
HP HVWXGDQWHV GH PHGLFLQD GH VHLV IDFXOGDGHV QR -DSmR
FRQVLGHUDQGRTXHGRVSDUWLFLSDQWHVUHODWDUDP
DOJXP WLSR GH YLROrQFLD 1R FDVR GD 9%* SRU VXD
IHPLQLOLGDGH R DVVpGLR VH[XDO DSDUHFHX HP GRV
HVWXGDQWHV$YLROrQFLDSHODVFUHQoDVRULHQWDomRVH[XDORX
UDoDQmRIRUDH[SORUDGD
$SDUWLUGHXPDSHUVSHFWLYDFRQFHLWXDOGLIHUHQWHHP
R JUXSR GH VD~GH H FRPSRUWDPHQWR GD )DFXOGDGH GH
0HGLFLQD GD 8QLYHUVLGDGH GH 1XHYD *UDQDGD UHDOL]RX R
HVWXGR QDFLRQDO GH %XOO\LQJ RX LQWLPLGDomR FRP D
SDUWLFLSDomRGHIDFXOGDGHVPpGLFDVHPWRGRRSDtV2V
UHVXOWDGRV REVHUYDGRV QHVWH HVWXGR FRPSURYDUDP D
SUHVHQoDGHHSLVyGLRVGHDVVpGLRPRUDOQDiUHDGRHQVLQR
VXSHULRU H PDLV HVSHFLILFDPHQWH RV DOXQRV QDV HVFRODV
PpGLFDVGRSDtVSRU(VWHVGDGRVIRUDPVXILFLHQWHV
SDUDGDUXPJULWHGHDODUPHjVGLUHWLYDVRVSURIHVVRUHVHRV
DOXQRVPRVWUDQGRTXHWDLVIHQ{PHQRVQmRVmRXPPLWR
PDV XPD UHDOLGDGH TXH HVWi WRPDQGR DPELHQWHV
HGXFDFLRQDLVQDHGXFDomRPpGLFDQD&RO{PELD
1R PHVPR VHQWLGR R HVWXGR UHDOL]DGR FDUDFWHUL]RX D
9LROrQFLD%DVHDGDQR*pQHUR9LROrQFLD%DVHDGDQR*pQHUR
9LROrQFLD %DVHDGD QR *pQHUR QRV HVWXGDQWHV GD
8QLYHUVLGDGH 0LOLWDU 1XHYD *UDQDGD QR TXDO VH
LGHQWLILFRXTXHHVWHpXPSUREOHPDTXHHVWiORQJHGHVHUXP
IDFWRLVRODGRRXVXWLO2GDVSHVVRDVTXHIRUQHFHUDP
UHVSRVWDV DR TXHVWLRQiULR DGPLWLUDP VHU YtWLPDV GH
9LROrQFLD%DVHDGDQR*pQHURSRUFDXVDGHVHXVH[RQHVWH
FDVR VHU PXOKHUHV 2 TXDO GHPRVWURX D LPSRUWkQFLD GH
DQDOLVDUDVFRQGLo}HVGHYLROrQFLDFRQWUDDVPXOKHUHVHP
GLIHUHQWHViUHDV3DUDOHODPHQWHQRV~OWLPRVDQRVWHPVLGR
FULDGDV3ROtWLFDV3~EOLFDVUHODFLRQDGDVFRPDSURPRomR
GD VD~GH HP FRQWH[WRV HGXFDWLYRV (VWD HVWUDWpJLD p
FKDPDGD GH 8QLYHUVLGDGH 6DXGiYHO RX 8QLYHUVLGDGH
3URPRWRUD GH 6D~GH $ TXDO GHILQLX DTXHODV LQVWLWXLo}HV
FRPRDVTXHDWUDYpVGDGLVWULEXLomRVRFLDOGRFRQKHFLPHQWR
ID]HPDo}HVHVWUDWpJLFDVHVXVWHQWiYHLVTXHSURPRYHPD
VD~GH LQWHJUDO ELRSVLFRVRFLDO H D SDUWLFLSDomR DWLYD GD
FRPXQLGDGHXQLYHUVLWiULD,VWRpGHYLGRDRGHVHQYROYLPHQWR
GH XPD FXOWXUD GH DWHQomR LQWHJUDO j VD~GH LQFOXLQGR D
IRUPDomR GH HVWLORV GH YLGD VDXGiYHLV H GH DXWRFXLGDGR
EHPFRPRDVRSRUWXQLGDGHVHHVWLORVGHYLGDWUDEDOKRH
DSUHQGL]DJHPVDXGiYHLVWDPEpPLQFOXLQGRDLQYHVWLJDomR
HHQVLQRQRkPELWRGDVIXQo}HVVXEVWDQWLYDV´
S:
hqCRIćN,ChNh30n,ÓÀRhLā0C,
hlkhVlW-hSkASf.hlzS9
$ HVWUDWpJLD p DSRLDGD SRU GLUHWUL]HV LQWHUQDFLRQDLV YHU
4XDGURWRPDQGRFRPRSRQWRGHSDUWLGDD'HFODUDomR
GH$OPD$WD6D~GHSDUDWRGRVRTXHWRUQRXDVD~GHFRPR
XP GLUHLWR IXQGDPHQWDO H VXVFLWRX D QHFHVVLGDGH GH
LPSOHPHQWDUDo}HVSDUDRQtYHOVRFLDOHHFRQ{PLFRSDUDR
VXFHVVR GD PHVPD DWp D IRUPDomR GH 5HGHV GH
8QLYHUVLGDGHV 3URPRWRUDV GH 6D~GH DV TXDLV HVWmR
GH VHQYROYHQGR JUD QGH V SURJUH VVRV QH VWD iUHD
1DFLRQDOPHQWHDUHGHGH8QLYHUVLGDGHV3URPRWRUDV5('
&836 WHP SRGLGR LQWHJUDU DV ,QVWLWXLo}HV GH (QVLQR
6XSHULRUHVHXQLUDPSDUDHODERUDUXPGRFXPHQWRTXDGUR
GHVWLQDGR j VHQVLELOL]DomR H DSRLR LQVWLWXFLRQDO GD
PHVPDIRUPDDFRQVHOKDUDPDFRQVWUXomRGHGLUHWUL]HVSDUD
SROtWLFDVDQtYHOQDFLRQDO
2VWHPDVTXHHVWmRDWXDOPHQWHHPGHVHQYROYLPHQWRVmRD
DOLPHQWDomRVDXGiYHODWLYLGDGHItVLFDYLGDOLYUHGHFLJDUUR
XVRGHGURJDVVH[XDOLGDGHHLQFOXVmR1RHQWDQWRQmRVH
HQFRQWURX D SUHVHQoD GH DWLYLGDGHV HVSHFtILFDV TXH YmR
GHVWLQDGDV D SURPRYHU RV GLUHLWRV j LQWHJULGDGH ItVLFD H
PHQWDOTXHVmRYLRODGRVHPVLWXDo}HVGHLQWLPLGDomRRX
HPVLWXDo}HVGH9LROrQFLD%DVHDGDQR*pQHUR
'LVFXVVmR
([LVWHP PHFDQLVPRV UHJLRQDLV H QDFLRQDLV GHVWLQDGRV D
SURPRYHUDPELHQWHVGHDSUHQGL]DJHPVDXGiYHLVHVHJXUDV
QR (QVLQR 6XSHULRU PDV WDPEpP Ki HVIRUoRV QmR
UHFRQKHFLGRV SDUD D RUJDQL]DomR GDV ,QVWLWXLo}HV
(GXFDWLYDV GH (QVLQR 6XSHULRU D QtYHO QDFLRQDO $
8QLYHUVLGDGH0LOLWDU1XHYD*UDQDGDSDUWLFLSDDWLYDPHQWH
QDUHGH5HGHVGH8QLYHUVLGDGHV3URPRWRUDVGD6D~GH1R
HQWDQWRTXDQGRRVGRFXPHQWRVTXDGURVDOLQKDPHQWRVH
SURMHWRV IRUDP UHYLVDGRV VH HQFRQWURX TXH HOHV HVWmR
IRFDGRV SULQFLSDOPHQWH QRV HVWLORV GH YLGD VDXGiYHLV
DWLYLGDGH ItVLFD SUHYHQomR GR XVR GH VXEVWkQFLDV
SVLFRDWLYDV GLVFULPLQDomR H VD~GH VH[XDO H UHSURGXWLYD
PDVQmRDERUGDPDTXHVWmRGRGLUHLWRDXPDYLGDOLYUHGH
YLROrQFLD FRPR SDUWH GH WDLV HVWLORV GH YLGD 2 TXH
WDPSRXFR VH UHIOHWH HP DWLYLGDGHV HVSHFtILFDV RX Do}HV
HVWUDWpJLFDV
(VWXGRV WrP VLGR UHDOL]DGRV SDUD FDUDFWHUL]DU D YLROrQFLD
GHQWURGDHVFRODGHPHGLFLQDUHVSRQGHQGRjVRULHQWDo}HV
GD )HGHUDomR 0pGLFD 0XQGLDO H GD $VVRFLDomR 0pGLFD
$PHULFDQD FRQVWDWDQGR TXH WDQWR D LQWLPLGDomR RX R
DVVpGLRPRUDOFRPRD9LROrQFLD%DVHDGDQR*pQHURVmRDV
FRQGLo}HVPDLVSUHVHQWHVHPQRVVRFRQWH[WR
7XGRLVWRUHSUHVHQWDXPGHVDILRQDLQWHJUDomRDSDUWLUGD
3ROtWLFD3~EOLFDGH3URPRomRGD6D~GHHGDLQFOXVmRGH
DWLYLGDGHVHVSHFtILFDVGHVWLQDGDVDSURPRYHURGLUHLWRGH
YLYHUVHPYLROrQFLDHPFRPXQLGDGHVDFDGrPLFDV
`2pBbih
hlkhVlW-hSkASf.hlzS9
4XDGUR/LVWDGDVGLUHWUL]HVQDFLRQDLVHLQWHUQDFLRQDLVTXHDSRLDPDSROtWLFDGD8QLYHUVLGDGH6DXGiYHOQD&RO{PELD
'LUHWUL]HV,QWHUQDFLRQDLV
x 'HFODUDomRGH(VWRFROPRVREUHR$PELHQWH+XPDQR
x 'HFODUDomRGH$OPD$WD6D~GHSDUD7RGRV
x 3URWRFRORGH4XLRWRGD&RQYHQomR4XDGURGDV1Do}HV8QLGDVVREUH0XGDQoDV
&OLPD81)&&&
x 6HJXQGD&RQIHUrQFLD,QWHUQDFLRQDOVREUH3URPRomRGD6D~GH
x &DUWDGH2WWDZD3ULPHLUD&RQIHUrQFLD,QWHUQDFLRQDOVREUH3URPRomRGD6D~GHGH
QRYHPEURGH
x 'HFODUDomRGD&RQIHUrQFLD,QWHUQDFLRQDOVREUH3URPRomRGD6D~GH6DQWD)pGH%RJRWi
x &DUWDGR&DULEHSDUDD3URPRomRGD6D~GH
x 'HFODUDomRGH-DFDUWDVREUHD3URPRomRGD6D~GHQR6pFXOR;;,
x &RQIHUrQFLDVGDV1Do}HV8QLGDVVREUH0HLR$PELHQWHH'HVHQYROYLPHQWRH
x 4XLQWD&RQIHUrQFLD*OREDOVREUH3URPRomRGD6D~GH
x &RQYHQomR4XDGURGD206SDUDR&RQWUROHGR7DEDFR5HVROXomR:+$
x
x
&DUWDGH%DQJNRNSDUDD3URPRomRGD6D~GH
5HODWyULRGR,9&RQJUHVVR,QWHUQDFLRQDOGH8QLYHUVLGDGHV3URPRWRUDVGD6D~GH
&RQIOLWRVGHLQWHUHVVHV
2VDXWRUHVGHFODUDPTXHQmRWrPGLUHWDRXLQGLUHWDPHQWH
TXDOTXHUFRQIOLWRGHLQWHUHVVHVILQDQFHLURVDFDGrPLFRVR
HPSUHVDULDLV TXH SRVVDP S{U HP ULVFR D YDOLGDGH GR
SUHVHQWHHVWXGR
)LQDQFLDPHQWR
(VWH WUDEDOKR IRL UHDOL]DGR FRP R DSRLR ILQDQFHLUR GD
8QLYHUVLGDGH0LOLWDU1XHYD*UDQDGD
5HIHUHQFLDV
&RQVWLWX\HQWH $1 &RQVWLWXFLyQ 3ROtWLFD GH &RORPELD
&RORPELD81(6&2S7LWXOR,,&DSLWXOR,,$UWLFXOR
0LQLVWHULRGH(GXFDFLyQ1DFLRQDO/H\GH'LFLHPEUHGH
&RORPELD6HFUHWDULDGHO6HQDGRS
)HGHUDFLyQ0XQGLDOGH(GXFDFLyQ0pGLFD(VWiQGDUHVJOREDOHV
GH OD :)0( SDUD OD (GXFDFLyQ 0pGLFD (GXF 0HGLFD
ă
5DSSOH\06HFWLRQRQ0HGLFDO6FKRROV,Q2SWLPL]LQJWKH
/HDUQLQJ(QYLURQPHQW([SORULQJWKH,VVXHRI0HGLFDO6WXGHQW
0LVWUHDWPHQW >,QWHUQHW@ -RLQW (GXFDWLRQ 3URJUDP ZLWK WKH
$0$ 0HGLFDO 6WXGHQW 6HFWLRQ DQG $0$ WKH &RXQFLO RQ
S9
`2pBbih
Sf
hlkhVlW-hSkASf.hlzS9
0HGLFDO(GXFDWLRQSă
$ULPDWVX 0 :DGD . <RVKLNDZD 7 2GD 6 7DQLJXFKL +
$L]DZD < HW DO $Q HSLGHPLRORJLFDO VWXG\ RI ZRUNUHODWHG
YLROHQFH H[SHULHQFHG E\ SK\VLFLDQV ZKR JUDGXDWHG IURP D
PHGLFDO VFKRRO LQ -DSDQ - 2FFXS +HDOWK >,QWHUQHW@
ă
%DOGZLQ''DXJKHUW\6(FNHQIHOV(6WXGHQW3HUFHSWLRQVRI
0LVWUHDWPHQW DQG +DUDVVPHQW 'XULQJ 0HGLFDO 6FKRRO $
6XUYH\ RI 7HQ 8QLWHG 6WDWHV 6FKRROV :HVW - 0HG
ă
&RRN '- /LXWNXV -) 5LVGRQL &/ *ULIILWK /( *X\DWW *+
:DOWHU65HVLGHQWVH[SHULHQFHRIDEXVHGLVFULPLQDWLRQDQG
VH[XDOKDUDVVPHQWGXULQJUHVLGHQF\WUDLQLQJ&DQ0HG$VVRF
-ă
5LVEHUJ*-RKDQVVRQ((:HVWPDQ*+DPEHUJ.*HQGHULQ
PHGLFLQH$QLVVXHIRUZRPHQRQO\ "$VXUYH\RISK\VLFLDQ
WHDFKHUV
JHQGHUDWWLWXGHV,QW-(TXLW\+HDOWKă
0RUHQR&XELOORV&2VRULR*yPH]/6HS~OYHGD*DOOHJR/(
9LROHQFLDVH[XDOFRQWUDODVHVWXGLDQWHVGHOD8QLYHUVLGDGGH
&DOGDV(VWXGLRGHFRUWHWUDQVYHUVDO5HYFRORPE2EVJLQHFRO
0RUJDQ -) 3RUWHU 6 6H[XDO KDUDVVPHQW RI SV\FKLDWULF
WUDLQHHVH[SHULHQFHVDQGDWWLWXGHV3RVWJUDG0HG->,QWHUQHW@
*DGRPVNL D 0 :ROII ' 7ULSS 0 /HZLV & 6KRUW /0
&KDQJHV LQ KHDOWK FDUH SURYLGHUV
NQRZOHGJH DWWLWXGHV
EHOLHIVDQGEHKDYLRUVUHJDUGLQJGRPHVWLFYLROHQFHIROORZLQJD
P X O W L ID F H WH G L Q WH U YH Q W L R Q $F D G 0 H G > , Q WH U Q H W @ 0DUJLWWDL .- 0RVFDUHOOR 5 5RVVL 0) )RUHQVLF DVSHFWV RI
PHGLFDOVWXGHQWDEXVHD&DQDGLDQSHUVSHFWLYH%XOO$P$FDG
3V\FKLDWU\/DZ>,QWHUQHW@
'LNPHWDû(7RS0(UJLQ*$QH[DPLQDWLRQRIPREELQJDQG
EXUQRXW RI UHVLGHQWV 7XUNLVK - SV\FKLDWU\ >,QWHUQHW@
ă
1DJDWD.RED\DVKL66HNLPRWR0.R\DPD+<DPDPRWR:
*RWR ( )XNXVKLPD 2 HW DO 0HGLFDO VWXGHQW DEXVH GXULQJ
FOLQLFDO FOHUNVKLSV LQ -DSDQ - *HQ ,QWHUQ 0HG >,QWHUQHW@
ă
3DUHGHV 2 6DQDEULD)HUUDQG 3 *RQ]iOH]4XHYHGR /
0RUHQR5HDOSKH6³%XOO\LQJ´HQODVIDFXOWDGHVGHPHGLFLQD
FRORPELDQDVPLWRRUHDOLGDG5HY0HGă
0RUHQR5HDOSKH66DQDEULD)HUUDQG3*RQ]DOH]4XHYHGR/
9DOHQFLD&HGHxR & ¢³6XWLOH]DV´ GH OD GLVFULPLQDFLyQ \ OD
YLROHQFLD EDVDGD HQ HO JpQHUR " 6LWXDFLyQ GH ORV \ ODV
HVWXGLDQWHV GH SUHJUDGR \ SRVJUDGR GH XQD IDFXOWDG GH
P H G L F L Q D H Q % R J R W i ' & 5H Y 0 H G > , Q W H U Q H W @ ă
0LQLVWHULR GH 6DOXG 'RFXPHQWR WpFQLFR 3URPRYLHQGR
XQLYHUVLGDGHVVDOXGDEOHV/LPD
8QLYHUVLGDG &ROLPD 3URSXHVWD GH 0RGHOR 1DFLRQDO GH
8QLYHUVLGDG6DOXGDEOH3UHYHQLPVV0p[LFR
5HG&XSV'RFXPHQWRRULHQWDGRU%RJRWD&RORPELD
0LQLVWHULR GH 6DOXG \ 3URWHFFLyQ 6RFLDO & 8QLYHUVLGDGHV H
,QVWLWXFLRQHV GH (GXFDFLyQ 6XSHULRU ,(6 3URPRWRUDV GH
6DOXG *XtD SDUD VX IRUWDOHFLPLHQWR \ HYDOXDFLyQ %RJRWi
hqCRIćN,ChNh30n,ÓÀRhLā0C,
Descargar