*HVWmR *RYHUQDPHQWDO 6XSHUDQGR D &ULVH (QWUHYLVWD *LOEHUWR .DVVDE 3UHIHLWR GH 6mR 3DXOR $UWLJRV $ (ILFLrQFLD GR (VWDGR -RVp 6HUUD $ &ULVH DRV 2OKRV GD 2SLQLmR 3~EOLFD $QW{QLR /DYDUHGD ,PSDFWRV H 3ROtWLFDV 3~EOLFDV 5HJLRQDLV )HUQDQGR %OXPHQVFKHLQ $WHQomR FRP *DVWRV 3~EOLFRV $QGUHD &DODEL $ +LVWyULD FRPR ([HPSOR QR &RPEDWH j &ULVH <RVKLDNL 1DNDQR (;3(',(17( )*9 352-(726 3XEOLFDomR SHULyGLFD GD )*9 3URMHWRV 2V DUWLJRV VmR GH UHVSRQVDELOLGDGH GRV DXWRUHV H QmR UHÁHWHP QHFHVVDULDPHQWH D RSLQLmR GD )*9 'LUHWRU ([HFXWLYR 'LUHWRU 7pFQLFR 'LUHWRU GH &RQWUROH 9LFH'LUHWRU GH 3URMHWRV 9LFH'LUHWRU GH (VWUDWpJLD H 0HUFDGR (GLWRU&KHIH &RRUGHQDGRU (GLWRULDO &RRUGHQDGRUD GH &RPXQLFDomR $QDOLVWD GH &RPXQLFDomR $VVLVWHQWH GH 3URGXomR 'HVLJQHU $VVLVWHQWH (VWiJLiULD GH &RPXQLFDomR 5HYLVRUDV /LQJXtVWLFDV 7UDGXWRUD -RUQDOLVWD 5HVSRQViYHO 3URMHWR *UiÀFR ,PSUHVVmR 7LUDJHP )RWRV &HVDU &XQKD &DPSRV 5LFDUGR 6LPRQVHQ $QW{QLR &DUORV .IRXUL $LGDU )UDQFLVFR (GXDUGR 7RUUHV GH 6i 6LGQHL *RQ]DOH] 6LGQHL *RQ]DOH] &DUORV $XJXVWR &RVWD 0HOLQD %DQGHLUD &DPLOOD 6DOPD]L .DULQD 0DLD 0DULD -RmR 3HVVRD 0DFHGR %LDQFD %HUDUGR 'XEHDX[ 1LQ *DEULHOD &RVWD H 3HWUXVND 3HUUXW (OY\Q 0DUVKDOO &DPLOD &DUYDV 'XODGR 'HVLJQ _ ZZZGXODGRFRPEU *UiÀFD 1RYD %UDVLOHLUD H[HPSODUHV %DQFR GH LPDJHP )*9 3URMHWRV _ ZZZV[FKX _ ZZZVKXWWHUVWRFNFRP ,QVWLWXLomR GH FDUiWHU WpFQLFRFLHQWtÀFR HGXFDWLYR H ÀODQWUySLFR FULDGD HP GH GH]HPEUR GH FRPR SHVVRD MXUtGLFD GH GLUHLWR SULYDGR WHP SRU ÀQDOLGDGH DWXDU GH IRUPD DPSOD HP WRGDV DV PDWpULDV GH FDUiWHU FLHQWtÀFR FRP rQIDVH QR FDPSR GDV FLrQFLDV VRFLDLV DGPLQLVWUDomR GLUHLWR H HFRQRPLD FRQWULEXLQGR SDUD R GHVHQYROYLPHQWR HFRQ{PLFRVRFLDO GR SDtV 6HGH 3ULPHLUR 3UHVLGHQWH )XQGDGRU 3UHVLGHQWH &216(/+2 &85$'25 &216(/+2 ',5(725 9LFH3UHVLGHQWHV 3UHVLGHQWH 3UDLD GH %RWDIRJR 5LR GH -DQHLUR ² 5- &(3 RX &DL[D 3RVWDO &(3 7HO ZZZIJYEU /XL] 6LP}HV /RSHV &DUORV ,YDQ 6LPRQVHQ /HDO 6HUJLR )UDQNOLQ 4XLQWHOOD )UDQFLVFR 2VZDOGR 1HYHV 'RUQHOOHV H 0DUFRV &LQWUD &DYDOFDQWH GH $OEXTXHUTXH &DUORV ,YDQ 6LPRQVHQ /HDO 9LFH3UHVLGHQWHV 6HUJLR )UDQNOLQ 4XLQWHOOD )UDQFLVFR 2VZDOGR 1HYHV 'RUQHOOHV H 0DUFRV &LQWUD &DYDOFDQWH GH $OEXTXHUTXH 9RJDLV $UPDQGR .ODELQ &DUORV $OEHUWR 3LUHV GH &DUYDOKR H $OEXTXHUTXH (UQDQH *DOYrDV -RVp /XL] 0LUDQGD /LQGROSKR GH &DUYDOKR 'LDV 0DQRHO 3LR &RUUHD -~QLRU 0DUFtOLR 0DUTXHV 0RUHLUD H 5REHUWR 3DXOR &H]DU GH $QGUDGH 6XSOHQWHV $OIUHGR $PpULFR GH 6RX]D 5DQJHO $QWRQLR 0RQWHLUR GH &DVWUR )LOKR &ULVWLDQR %XDUTXH )UDQFR 1HWR (GXDUGR %DSWLVWD 9LDQQD -DFRE 3DOLV -~QLRU -RVp (UPtULR GH 0RUDHV 1HWR -RVp -XOLR GH $OPHLGD 6HQQD 0DUFHOR -RVp %DVtOLR GH 6RX]D 0DULQKR H 1HVWRU -RVW 3UHVLGHQWH 9LFH3UHVLGHQWH &DUORV $OEHUWR /HQ] &pVDU 3URWiVLR -RmR $OIUHGR 'LDV /LQV .ODELQ ,UPmRV H &LD 9RJDLV $OH[DQGUH .RFK 7RUUHV GH $VVLV $QJpOLFD 0RUHLUD GD 6LOYD )HGHUDomR %UDVLOHLUD GH %DQFRV &DUORV 0RDF\U *RPHV GH $OPHLGD &HOVR %DWDOKD 3XEOLFLV %UDVLO &RPXQLFDomR /WGD 'DQWH /HWWL 6RX]D &UX] 6$ (GPXQGR 3HQQD %DUERVD GD 6LOYD +HLWRU &KDJDV GH 2OLYHLUD +pOLR 5LEHLUR 'XDUWH +6%& ,QYHVWPHQW %DQN %UDVLO 6$ %DQFR GH ,QYHVWLPHQWR -RUJH *HUGDX -RKDQQSHWHU *HUGDX 6$ /i]DUR GH 0HOOR %UDQGmR %DQFR %UDGHVFR 6$ /XL] &KRU &KR]LO (QJHQKDULD /WGD 0DUFHOR 6HUIDW\ 0DUFLR -RmR GH $QGUDGH )RUWHV 0DXUR 6pUJLR GD 6LOYD &DEUDO ,5%%UDVLO 5HVVHJXURV 6$ 5DXO &DOIDW 9RWRUDQWLP 3DUWLFLSDo}HV 6$ 5RPHR GH )LJXHLUHGR 7HPSRUDO (VWDGR GD %DKLD 5RQDOGR 0HQGRQoD 9LOHOD 6LQGLFDWR GDV (PSUHVDV GH 6HJXURV 3ULYDGRV GH &DSLWDOL]DomR H GH 5HVVHJXURV QR (VWDGR GR 5LR GH -DQHLUR H GR (VStULWR 6DQWR H 6pUJLR 5LEHLUR GD &RVWD :HUODQJ 6XSOHQWHV $OGR )ORULV %UDVFDQ %UDVLO /WGD *LOEHUWR 'XDUWH 3UDGR /XL] 5REHUWR 1DVFLPHQWR 6LOYD 1H\ &RH GH 2OLYHLUD 1LOVRQ 7HL[HLUD %DQFR GH ,QYHVWLPHQWRV &UpGLW 6XLVVH 6$ 2ODYR 0RQWHLUR GH &DUYDOKR 0RQWHLUR $UDQKD 3DUWLFLSDo}HV 6$ 3DWULFN GH /DUUDJRLWL /XFDV 6XO $PpULFD &RPSDQKLD 1DFLRQDO GH 6HJXURV 3HGUR $JXLDU GH )UHLWDV &LD 9DOH GR 5LR 'RFH 3HGUR +HQULTXH 0DULDQL %LWWHQFRXUW %DQFR %%0 6$ 5XL %DUUHWR &DIp 6RO~YHO %UDVtOLD 6$ H 6pUJLR /LQV $QGUDGH $QGUDGH *XWLHUUH] 6$ (VWH &DGHUQR HVWi GLVSRQtYHO SDUD GRZQORDG QR VLWH GD )*9 3URMHWRV ZZZIJYEUIJYSURMHWRV 680$5,2 (GLWRULDO &HVDU &XQKD &DPSRV (QWUHYLVWD FRP *LOEHUWR .DVVDE &RQIHUHQFLDV -RVp 6HUUD $ FULVH DRV ROKRV GD RSLQLmR S~EOLFD ,PSDFWRV H SROtWLFDV S~EOLFDV UHJLRQDLV $WHQomR FRP JDVWRV S~EOLFRV $ KLVWyULD FRPR H[HPSOR QR FRPEDWH j FULVH $ FULVH p XPD SHUGD RX XPD RSRUWXQLGDGH" (PSUHJR H DUUHFDGDomR SRU PHOKRULDV 8PD QRYD IRUPD GH JRYHUQDQoD p D VDtGD SDUD D FULVH 6D~GH H HGXFDomR QR FRPEDWH j FULVH $ EXVFD SRU UHFHLWDV SUySULDV $QW{QLR /DYDUHGD )HUQDQGR %OXPHQVFKHLQ $QGUHD &DODEL <RVKLDNL 1DNDQR _ 'HSRLPHQWRV $ HÀFLrQFLD GR (VWDGR 0LFDUOD $UD~MR GH 6RXVD :HEHU (OLDV *RPHV 5REHUWR 7DYDUHV 5DIDHO 0LUDQGD & $ ' ( 5 1 2 6 ) * 9 3 5 2 - ( 72 6 * ( 6 7 ® 2 * 2 9 ( 5 1 $ 0 ( 1 7$ / 1HOVRQ 7UDG )LOKR (',725,$/ '6.3'+ 43 8-& ,1.4 GLUHWRULDH[HFXWLYD#IJYEU PD GDV JUDQGHV DUPDV SDUD QRWD ÀVFDO HOHWU{QLFD FRQFHVV}HV H YHQ R FUHVFLPHQWR HFRQ{PLFR H GDV WURX[HUDP ERQV UHVXOWDGRV SDUD R SDUD R GHVHQYROYLPHQWR VXV HVWDGR H DFDEDUDP SRU LQVSLUDU PXGDQoDV WHQWiYHO p VHP G~YLGD DOJXPD D DQiOLVH HP RXWURV PXQLFtSLRV GH PHGLGDV DGRWDGDV HP GLYHUVRV OXJDUHV %DVHDQGRVH HP GHFODUDo}HV GH H D WURFD GH H[SHULrQFLDV 9DOHQGRVH GR TXH RV PXQLFtSLRV DSUHVHQWDP DPSOR GLWDGR SRSXODU TXH PXLWDV FDEHoDV SHQ OHTXH HP WHUPRV GH RSRUWXQLGDGHV PDV VDP PHOKRU GR TXH XPD D )*9 3URMHWRV WDPEpP XP JUDQGH YROXPH GH SUREOHPDV RUJDQL]RX HP DEULO GH R VHPLQiULR D VHU HQIUHQWDGR UHXQLPRV QHVVH VHPLQi ´2 ,PSDFWR GD &ULVH QD *HVWmR *RYHU ULR SUHIHLWRV FRP GHPDQGDV HVSHFtÀFDV H QDPHQWDOµ D ÀP GH FRQWULEXLU SDUD R IHUUDPHQWDV GLVWLQWDV GH FRPEDWH j FUL GHEDWH (P WHPSRV GLItFHLV H GXYLGRVRV VH $ SDUWLU GHVVDV SDOHVWUDV UHIRUoRXVH FRPR HVWH TXH YLYHPRV HVSHFLDOPHQWH SRU H[HPSOR D QHFHVVLGDGH XUJHQWH GH GHVGH R VHJXQGR VHPHVWUH GH p XPD GLVFXVVmR VREUH D UHIRUPD WULEXWiULD SUHFLVR DQWHV GH PDLV QDGD FRRSHUDomR QR %UDVLO +RMH DV FLGDGHV FRQYLYHP QmR R PHUFDGR H D DFDGHPLD H DSRLDPRV R DSHQDV FRP DV VXDV SUySULDV LGLRVVLQFUD GHEDWH RV FRQIURQWRV DV H[SHULrQFLDV H VLDV PDV VRIUHP XP QRYR WLSR GH LPSDFWR DV DGDSWDo}HV DGYLQGR GD FULVH TXH DWLQJLX R JRYHUQR IHGHUDO H FRQVHTXHQWHPHQWH DV WUDQV JRX DR %UDVLO GH XPD IRUPD PDLV EUDQGD IHUrQFLDV GH UHFXUVRV GD 8QLmR SDUD RV H LPSDFWRX GH YiULDV IRUPDV FDGD XPD PXQLFtSLRV e SUHFLVR VLP DXPHQWDU D GDV UHJL}HV EUDVLOHLUDV FRPR EHP UHVVDO DUUHFDGDomR SUySULD H FRPR UHVVDOWRX WRX R SURIHVVRU )HUQDQGR %OXPHQVFKHLQ R JRYHUQDGRU -RVp 6HUUD SULYLOHJLDU RV GXUDQWH VXD DSUHVHQWDomR -XVWDPHQWH LQYHVWLPHQWRV FRPR IRUPD GH SUHSDUDU R SRU LVVR GHFLGLPRV WUD]HU D HVVH HYHQWR WHUUHQR SDUD XP FUHVFLPHQWR IXWXUR PDLV RSLQL}HV GLVWLQWDV GH SURÀVVLRQDLV H SROt VXVWHQWiYHO H LQGHSHQGHQWH WLFRV TXH YLYHUDP D FULVH HPERUD WDOYH] VRE GLIHUHQWHV kQJXORV $ SDUWLU GRV FHQiULRV DSRQWDGRV D )*9 3URMHWRV UHXQLX QHVWD QRYD HGLomR 2 JRYHUQDGRU GR HVWDGR GH 6mR GR &DGHUQRV )*9 3URMHWRV FRQIHUrQFLDV 3DXOR -RVp 6HUUD SURIHULX XPD DXOD H GHSRLPHQWRV TXH UHODWDP H[SHULrQFLDV VREUH SROtWLFDV DQWLFtFOLFDV H DV IRUPDV GR JRYHUQR HVWDGXDO GH 6mR 3DXOR H GH JR FRPR HODV SRGHP DMXGDU QR FRPEDWH jV YHUQRV PXQLFLSDLV VREUH R HQIUHQWDPHQWR FULVHV HFRQ{PLFDV 0XLWDV GDV LQLFLDWLYDV GD FULVH DGRWDGDV HP 6mR 3DXOR SDUD LQFUHPHQWDU D DUUHFDGDomR FRPR D LPSOHPHQWDomR GD %RD OHLWXUD & $ ' ( 5 1 2 6 ) * 9 3 5 2 - ( 72 6 * ( 6 7 ® 2 * 2 9 ( 5 1 $ 0 ( 1 7$ / e YHUGDGH TXH D FULVH JOREDO FKH _ H DWLWXGH ,QFHQWLYDPRV D SDUFHULD HQWUH (175(9,67$ -63:'46 ., '+36. 44 3.)6.4 '+36. 44 3UHIHLWR GH 6mR 3DXOR 0D\RU RI 6DR 3DXOR )RUPDGR SHOD 8QLYHUVLGDGH GH 6mR 3DXOR $ JUDGXDWH LQ &LYLO (QJLQHHULQJ DQG (FR HP (QJHQKDULD &LYLO H (FRQRPLD *LOEHU QRPLFV IURP WKH 8QLYHUVLW\ RI 6DR 3DXOR WR .DVVDE HQWURX SDUD D SROtWLFD HP *LOEHUWR .DVVDE ZHQW LQWR SROLWLFV LQ FRPR YHUHDGRU SDXOLVWDQR ( DSHVDU GH DV D 6DR 3DXOR &LW\ &RXQFLOORU 'HVSLWH QR QmR PDLV H[HUFHU DV SURÀVV}HV TXH HVFR ORQJHU SXUVXLQJ KLV FKRVHQ SURIHVVLRQ LQ OKHX SDUD GHGLFDUVH j SROtWLFD R DWXDO RUGHU WR GHYRWH KLPVHOI WR SROLWLFV WKH SUHIHLWR GD FLGDGH GH 6mR 3DXOR QXQFD FXUUHQW 0D\RU RI WKH &LW\ RI 6DR 3DXOR HVTXHFHX RV Q~PHURV R SUDJPDWLVPR QHYHU ORVW KLV PDWKHPDWLFDO SURZHVV DQG H RV DPLJRV GRV WHPSRV GH IDFXOGDGH KLV SUDJPDWLVP DQG NHSW LQ FRQWDFW ZLWK (GXFDGR LQWHOLJHQWH H ERP DUWLFXODGRU KLV IULHQGV IURP FROOHJH GD\V &RXUWHRXV .DVVDE MXQWDPHQWH FRP SURÀVVLRQDLV FD LQWHOOLJHQW DQG D ERUQ RUJDQL]HU .DVVDE SDFLWDGRV DGPLQLVWUD D PDLRU FLGDGH GR VXUURXQGHG KLPVHOI ZLWK FRPSHWHQW SUR %UDVLO H R SULQFLSDO FHQWUR ÀQDQFHLUR FRU IHVVLRQDOV TXDOLÀHG WR DVVLVW KLP ZLWK SRUDWLYR H PHUFDQWLO GD $PpULFD /DWLQD WKH DGPLQLVWUDWLRQ RI %UD]LO·V ODUJHVW FLW\ 'LVFtSXOR GR WXFDQR -RVp 6HUUD H VHX YLFH DQG WKH PDLQ ÀQDQFLDO FRUSRUDWH DQG QD pSRFD HP TXH HVWH GHL[RX D SUHIHLWXUD PHUFDQWLOH KXE LQ /DWLQ $PHULFD $ GLV GD FDSLWDO SDXOLVWD SDUD VH FDQGLGDWDU DR FLSOH RI -RVp 6HUUD DQG KLV GHSXW\ DW WKH JRYHUQR GH HVWDGR GH 6mR 3DXOR DVVXPLX WLPH 6HUUD VWHSSHG GRZQ DV 0D\RU RI 6DR R SRVWR GH FKHIH GR 3RGHU ([HFXWLYR QR 3DXOR WR UXQ IRU RIÀFH DV 6WDWH *RYHU PXQLFtSLR HP GH PDUoR GH 1DV QRU .DVVDE DVVXPHG WKH SRVW DV KHDG RI HOHLo}HV GH IRL UHHOHLWR JUDoDV D XP WKH H[HFXWLYH RQ 0DUFK ,Q WKH PRGHOR GH JHVWmR TXH FRPSDUWLOKD DXVWH HOHFWLRQ KH ZDV UHHOHFWHG WKDQNV ULGDGH ÀVFDO H HQIRTXH VRFLDO FRP SXOVR WR D PDQDJHPHQW PRGHO WKDW FRPELQHV ÀUPH 1HVVD HQWUHYLVWD SDUD R &DGHUQRV ÀVFDO DXVWHULW\ ZLWK D ÀUPKDQGHG VRFLDO )*9 3URMHWRV R SUHIHLWR *LOEHUWR .DVVDE IRFXV ,Q WKLV LQWHUYLHZ WR &DGHUQRV )*9 IDOD GD LPSRUWkQFLD GR GLQDPLVPR HFRQ{ 3URMHWRV 0D\RU *LOEHUWR .DVVDE VWDWHV PLFR GD FDSLWDO H GD QHFHVVLGDGH GH JHULU WKH LPSRUWDQFH RI WKH FDSLWDO·V HFRQRPLF RV UHFXUVRV S~EOLFRV FRP SRQGHUDomR G\QDPLVP DQG WKH QHHG WR PDQDJH SXE H VHQVDWH] OLF UHVRXUFHV MXGLFLRXVO\ DV ZHOO DV ZLVHO\ & $ ' ( 5 1 2 6 ) * 9 3 5 2 - ( 72 6 * ( 6 7 ® 2 * 2 9 ( 5 1 $ 0 ( 1 7$ / $%675$&7 _ 5(6802 (175(9,67$ )*9 352-(726 &RP TXH LQWHQVLGDGH D FULVH HFRQ{PLFD TXH VH LQLFLRX QR %UDVLO HP VHWHPEUR GH HVWi LPSDFWDQGR D HFRQRPLD GD FLGDGH GH 6mR 3DXOR" *LOEHUWR .DVVDE $ FULVH WHP DIHWDGR D FLGDGH HPERUD FRP LQWHQVLGDGH LQIHULRU DR YHULÀFDGR QRV GHPDLV SDtVHV HPHUJHQWHV 1R PHUFDGR GH WUDEDOKR IRUPDO R QtYHO GH HPSUHJR DSUHVHQWD SHTXHQR FUHVFLPHQWR QR DQR DODYDQFDGR SHOR VHWRU GH VHUYLoRV $OpP GLVVR HVVH ULWPR WDPEpP DSUHVHQWD UHODWLYD HVWDELOLGDGH QR FRPpUFLR 2 VHWRU GH FRQVWUXomR FLYLO WHP VLGR PDLV LPSDFWDGR PDV DSUHVHQWD VLQDLV GH HVWDELOL]DomR $ DUUHFDGDomR PXQLFLSDO HVWi DEDL[R GR SUHYLVWR H IRUoRX R FRQWLJHQFLDPHQWR GH UHFXU VRV HP WRGDV DV VHFUHWDULDV 1R HQWDQWR R DMXVWH p EHP PDLV VXDYH GR TXH R RFRUULGR HP RXWUDV HFRQRPLDV HPHUJHQWHV 'HVVD IRUPD PHVPR FRP LPSDFWRV QHJDWLYRV RV UHVXOWDGRV VmR EHP PHOKRUHV GR TXH R REVHUYDGR HP RXWUDV FDSLWDLV RX QR JRYHUQR IHGHUDO SRU H[HPSOR )*9 352-(726 (P TXH PHGLGD R PXQLFtSLR GH 6mR 3DXOR HVWi PDLV YXOQHUiYHO H DR PHVPR WHPSR PDLV SUHSDUDGR HP UHODomR jV JUDQGHV PHWUySROHV EUDVLOHLUDV SDUD HQIUHQWDU XP SURORQJDPHQWR GD FULVH HFRQ{PLFD DWXDO" *LOEHUWR .DVVDE $ GLYHUVLGDGH H UREXVWH] GD HFRQRPLD ORFDO WRUQD D FLGDGH PHQRV YXOQHUiYHO DRV HIHLWRV GD FULVH SRU QmR GHL[DU D DWLYLGDGH HFRQ{PLFD GR PXQLFtSLR GHSHQGHQWH HP GHPDVLD GH XP ~QLFR VHWRU $ FLGDGH SRVVXL XP GLQDPLVPR HFRQ{PLFR SUySULR TXH HPERUD QmR HOLPLQD DR PHQRV DWHQXD RV HIHLWRV GH FKRTXHV H[WHUQRV $ JHVWmR UHVSRQViYHO GRV UHFXUVRV S~EOLFRV PXQLFLSDLV WDPEpP H[HUFH SDSHO LPSRUWDQWH QD UHGXomR GD YXOQHUDELOLGDGH 0HVPR GLDQWH GD TXHGD GD DUUHFDGDomR SUHYLVWD DOJXPDV PHGLGDV SRQWXDLV GH FRQWHQomR GH GHVSHVDV SHUPLWHP DWUDYHVVDU D FULVH FRP DOJXPD VHJXUDQoD )*9 352-(726 (P XPD HYHQWXDO QHFHVVLGDGH GH UHYHU JDVWRV S~EOLFRV PXQLFLSDLV HP IXQomR GD TXHGD GH DUUHFDGDomR GRV PXQLFtSLRV TXDLV FULWpULRV GHYHULDP VHU DGRWDGRV SDUD SULRUL]DU GHWHUPLQDGRV WLSRV GH JDVWRV HP GHWULPHQWRV GH RXWURV" *LOEHUWR .DVVDE ,QIHOL]PHQWH D FULVH LPS}H VDFULItFLRV D WRGD VRFLHGDGH 1D PHGLGD GR SRVVtYHO RV LQYHVWLPHQWRV SULRULWiULRV GHYHP VHU SUHVHUYDGRV SULQFLSDOPHQWH QDV iUHDV PDLV VHQVtYHLV j SRSXODomR FRPR VD~GH H HGXFDomR ,QIHOL]PHQWH D FULVH LPS}H VDFULItFLRV D WRGD VRFLHGDGH 1D PHGLGD GR SRVVtYHO RV LQYHVWLPHQWRV SULRULWiULRV GHYHP VHU SUHVHUYDGRV SULQFLSDOPHQWH QDV iUHDV PDLV VHQVtYHLV j SRSXODomR FRPR VD~GH H HGXFDomR 3UHIHLWR *LOEHUWR .DVVDE )*9 352-(726 $ FULVH HFRQ{PLFD VH SURORQJDGD SRGHUi DIHWDU R SDFWR IHGHUDWLYR QR TXH GL] UHVSHLWR D WUDQVIHUrQFLDV FRQVWLWXFLRQDLV SDUD HVWDGRV H PXQLFtSLRV" *LOEHUWR .DVVDE 6HP G~YLGD $ TXHGD GDV WUDQVIHUrQFLDV FRQVWLWXFLRQDLV WHP JHUD GR HIHLWRV H[WUHPDPHQWH VHYHURV DRV PXQLFtSLRV 1mR VH WUDWD GH LPSXWDU DR JRYHU QR IHGHUDO D UHVSRQVDELOLGDGH SHOD TXHGD GRV UHSDVVHV PDV QmR Ki G~YLGDV GH TXH XPD SDUFHOD VLJQLÀFDWLYD GR FXVWR ÀVFDO GDV PHGLGDV GH FRPEDWH j FULVH UHFDLX VREUH RV PXQLFtSLRV 'H WRGD IRUPD R JRYHUQR IHGHUDO HVWi FLHQWH GRV LPSDFWRV H HP DOJXPD PHGL GD VHQVtYHO D PHGLGDV FRPSHQVDWyULDV _ )*9 352-(726 (P VXD H[SHULrQFLD FRPR SUHIHLWR R TXH D SUHIHLWXUD GH 6mR 3DXOR WHP D VXJHULU HP WHUPRV GH SROtWLFD HFRQ{PLFD H GH SODQHMDPHQWR SDUD RXWURV PX QLFtSLRV QR VHQWLGR GH GLPLQXLU RV LPSDFWRV GD FULVH HFRQ{PLFD" JHVWmR UHVSRQViYHO GRV UHFXUVRV S~EOLFRV DWHQXD HP JUDQGH PHGLGD RV HIHLWRV GD FULVH $o}HV SUXGHQWHV HP UHODomR j H[HFXomR GR RUoDPHQWR HYLWDUDP TXH PHGLGDV PDLV GUiVWLFDV WLYHVVHP TXH VHU WRPDGDV DSyV D FRQÀUPDomR GR QmR DWLQJLPHQWR GD DUUHFD GDomR SUHYLVWD (P UHVXPR D UHVSRQVDELOLGDGH H SUXGrQFLD QD JHVWmR GRV UHFXUVRV SHUPLWHP TXH HYHQWXDLV DMXVWHV VHMDP IHLWRV VHP FRPSURPHWHU RV LQYHVWLPHQWRV SULRULWiULRV j FLGDGH FRODERUDQGR SDUD TXH R TXDGUR UHFHVVLYR QmR VH SURSDJXH & $ ' ( 5 1 2 6 ) * 9 3 5 2 - ( 72 6 * ( 6 7 ® 2 * 2 9 ( 5 1 $ 0 ( 1 7$ / *LOEHUWR .DVVDE 1R FDVR GR PXQLFtSLR GH 6mR 3DXOR D H[SHULrQFLD PRVWUD TXH D &21)(5(1&,$6 #'!-' . 46. .4 33 .4 33 0HVWUH HP HFRQRPLD SHOD 8QLYHUVLGDGH GR &KLOH -RVp 6HUUD KROGV D 0DVWHU·V GHJUHH LQ (FRQRPLFV IURP H PHVWUH H GRXWRU HP &LrQFLDV (FRQ{PLFDV SHOD WKH 8QLYHUVLW\ RI &KLOH DQG D 3K' LQ (FRQRPLF 6FLHQFH 8QLYHUVLGDGH GH &RUQHOO )RL PHPEURYLVLWDQWH IURP WKH 8QLYHUVLW\ RI &RUQHOO +H ZDV D YLVLWLQJ GR ,QVWLWXWR GH (VWXGRV $YDQoDGRV GH 3ULQFHWRQ H PHPEHU RI WKH $GYDQFHG 6WXGLHV &HQWUH DW 3ULQFHWRQ SURIHVVRU GD 8QLFDPS SHVTXLVDGRU GR &HEUDS H 8QLYHUVLW\ SURIHVVRU ZLWK WKH 6WDWH 8QLYHUVLW\ RI HGLWRULDOLVWD GD )ROKD GH 6 3DXOR $MXGRX D IXQGDU &DPSLQDV 8QLFDPS UHVHDUFKHU ZLWK WKH %UD]LOLDQ R 36'% WHQGR VLGR UHODWRU GR SULPHLUR SURJUDPD GR &HQWUH IRU $QDO\VLV DQG 3ODQQLQJ &HEUDS DQG SDUWLGR )RL 6HFUHWiULR GH (FRQRPLD H 3ODQHMDPHQWR HGLWRULDOLVW IRU WKH )ROKD GH 6 3DXOR QHZVSDSHU GR JRYHUQR 0RQWRUR HP PLQLVWUR GD VD~GH HP &ROODERUDWHG ZLWK WKH IRXQGDWLRQ RI WKH %UD]LOLDQ SUHIHLWR GH 6mR 3DXOR HP H HP 6RFLDO 'HPRFUDWLF 3DUW\ 36'% EHLQJ WKH DXWKRU DVVXPLX R JRYHUQR GR HVWDGR GH 6mR 3DXOR RI WKH SDUW\·V ÀUVW SROLWLFDO DJHQGD +H ZDV DOVR 6HFUHWDU\ RI (FRQRP\ DQG 3ODQQLQJ ZLWK 6DR 3DXOR *RYHUQRU )UDQFR 0RQWRUR LQ 0LQLVWHU RI +HDOWK LQ 0D\RU RI 6DR 3DXOR LQ DQG KDV EHHQ WKH *RYHUQRU RI WKH 6WDWH RI 6DR 3DXOR VLQFH 5(6802 $%675$&7 2 JRYHUQDGRU GR HVWDGR GH 6mR 3DXOR *RYHUQRU RI WKH 6WDWH RI 6DR 3DXOR -RVp -RVp 6HUUD PRVWUD D LPSRUWkQFLD H D HÀ 6HUUD VKRZV WKH LPSRUWDQFH DQG HI FiFLD GDV SROtWLFDV DQWLFtFOLFDV SDUD FRP IHFWLYHQHVV RI DQWLF\FOLFDO SROLFLHV WR EDWH DRV HIHLWRV GD FULVH PXQGLDO UHVVDO FRPEDW WKH HIIHFWV RI WKH JOREDO FULVLV WD D QHFHVVLGDGH GH VH PDQWHUHP LQYHV DQG KLJKOLJKWV WKH QHHG WR PDLQWDLQ LQ WLPHQWRV HP SHUtRGRV GH WXUEXOrQFLD H YHVWPHQWV LQ SHULRGV RI WXUEXOHQFH +H FLWD DV LQLFLDWLYDV DGRWDGDV HP 6mR 3DXOR XQGHUOLQHV WKH LQLWLDWLYHV DGRSWHG LQ 6mR ² FRPR SROtWLFD WULEXWiULD YHQGD GD 1RV 3DXOR VXFK DV WKH WD[ SROLF\ WKH VDOH VD &DL[D QRYR VLVWHPD GH FRQFHVV}HV GH RI 1RVVD &DL[D VWDWH VDYLQJV EDQN DQG URGRYLDV ² SDUD YLDELOL]DU LQYHVWLPHQWRV WKH QHZ V\VWHP RI KLJKZD\ FRQFHVVLRQV JHUDU UHQGD H HPSUHJR H PDQWHU HTXLOL $OO WKHVH PHDVXUHV KHOS WR PDNH LQYHVW EUDGDV DV ÀQDQoDV S~EOLFDV PHQWV YLDEOH JHQHUDWH UHYHQXH DQG HP SOR\PHQW DQG PDLQWDLQ SXEOLF ÀQDQFHV LPEDODQFHG $ FULVH GHÁDJUDGD SHOD TXHEUD GR EDQFR /HKPDQ %URWKHUV HP PHDGRV GH VHWHPEUR GH FRP VHX FRQWtQXR DJUDYDPHQWR DWp R ÀQDO GDTXHOH DQR SURYRFRX XPD IRUWH TXHGD QR YDORU GRV HVWRTXHV GH DWLYRV ÀQDQFHLURV HP WRGR R PXQGR QR ÁX[R GR FRPpU FLR LQWHUQDFLRQDO QRV LQYHVWLPHQWRV QDFLRQDLV H LQWHUQDFLRQDLV H SULQFLSDOPHQWH QD RIHUWD GH FUpGLWR SULYDGR 'H XPD PDQHLUD RX GH RXWUD HVVH SDQRUDPD DIHWRX GLUHWD PHQWH RV JRYHUQRV HP WRGDV DV VXDV HVIHUDV H GHÁDJURX XPD UHWUDomR GD DWLYLGDGH _ HFRQ{PLFD TXH VH SURORQJRX HP 1mR VH VDEH DLQGD R PRQWDQWH GDV SHUGDV GH ULTXH]D QmR DSHQDV SHOD GLÀFXOGDGH GH PHGLomR PDV WDPEpP SRUTXH HVVH SURFHVVR GH FRUURVmR HP HVFDOD PXQGLDO DLQGD QmR FKHJRX DR ÀP 3URMHo}HV GR )XQGR 0RQHWiULR ,QWHUQDFLRQDO ² )0, ² DSRQWDP XPD FRQWUDomR GD REVWDQWH XP IHQ{PHQR HVWDWtVWLFR LQWHUHVVDQWH ID] FRP TXH PHVPR TXH D HFRQRPLD VH PDQWHQKD SDUDOLVDGD HP KDMD HYROXomR SRVLWLYD HP UHODomR D 'H IDWR DLQGD TXH QDGD DFRQWHoD QHVWH DQR H D HFRQRPLD SHUPDQHoD QR PHVPR QtYHO GH GH ]HPEUR GR DQR SDVVDGR D DOWXUD GHVWD QRYD FXUYD GLYLGLGD SHOD DOWXUD PpGLD GD FXUYD GH GDUi XP UHVXOWDGR PDLRU GR TXH XP ,VVR VLJQLÀFD SRUWDQWR TXH D UHGXomR YHUGDGHLUD VHUi PHQRU GR TXH D HVWLPDGD GH 0DV HVWDWLVWLFDPHQWH D HVWDJQD omR QmR YDL VH PRVWUDU HP WRGD VXD GLPHQVmR SRLV R UHVXOWDGR PpGLR GR DQR VHUi PDLV DOWR GR TXH DTXHOH REVHUYDGR QR DQR DQWHULRU (P UHODomR DR HVWDGR GH 6mR 3DXOR XP ERP LQGLFDGRU GD YDULDomR GRV QtYHLV GD DWLYLGDGH HFRQ{PLFD p R FRQVXPR GH HQHUJLD HOpWULFD 'DGRV GR SULPHLUR WULPHVWUH GHVWH DQR UHYHODP TXH KRXYH XPD UHGXomR GH HP UHODomR DR PHVPR SHUtRGR GH 1D LQG~VWULD HVVH YDORU FKHJRX D (PERUD GHIDVDGRV RV GDGRV VREUH R PHUFDGR GH WUDEDOKR WDPEpP VmR H[SUHVVL YRV e SUHFLVR WHU HP PHQWH TXH RV HIHLWRV GD TXHGD RX GR DXPHQWR GH SURGXomR VREUH & $ ' ( 5 1 2 6 ) * 9 3 5 2 - ( 72 6 * ( 6 7 ® 2 * 2 9 ( 5 1 $ 0 ( 1 7$ / HFRQRPLD PXQGLDO GH QHVWH DQR H XP FUHVFLPHQWR HP GH FHUFD GH 1mR &21)(5(1&,$6 R HPSUHJR VmR VHPSUH PDLV OHQWRV GR TXH R ULWPR GD SURGXomR SRUTXH GHPLVV}HV H FRQWUDWDo}HV WrP XP FXVWR H[WUD 'H WRGR PRGR QD HFRQRPLD SDXOLVWD IRUDP GHVOLJDGDV PLO SHVVRDV HP GH]HPEUR GH 1RV GRLV PHVHV VHJXLQWHV D WHQGrQFLD GH TXHGD VH PDQWHYH SRUpP FRP Q~PHURV PDLV PRGHVWRV 2 PrV GH PDUoR DSUHVHQWRX XPD SHTXHQD UHFXSHUDomR H XP VDOGR SRVLWLYR GH PLO HPSUHJRV 2 IDWR p TXH R GHVHPSUHJR HP 6mR 3DXOR H HP WRGDV DV UHJL}HV PHWURSROLWDQDV DSUHVHQWD XPD WHQGrQFLD GH FUHVFLPHQWR GHVGH MDQHLUR 6H R SRQWR PDLV EDL[R GD WD[D GH GHVHPSUHJR IRL GH QR ÀQDO GR DQR SDVVD GR D HVWD DOWXUD Mi p GH QR HVWDGR GH 6mR 3DXOR 8P DXPHQWR H[SUHVVLYR GH WUrV SRQWRV SHUFHQWXDLV 2XWUR LQGLFDGRU p D YDULDomR GD UHFHLWD WULEXWiULD 1R SULPHLUR WULPHVWUH GHVWH DQR HP WHUPRV UHDLV D DUUHFDGDomR GR ,&06 FDLX FHUFD GH $ UHFHLWD DJUHJDGD GR HVWDGR FUHVFHX VXVWHQWDGD SULQFLSDOPHQWH SHOR ,39$ 1HVWH DQR D TXHGD GD UHFHLWD Vy QmR IRL PDLRU GHYLGR DRV HIHLWRV GDV VXEVWLWXLo}HV WULEXWiULDV DSURYDGDV HP &RQWXGR R GHVHPSHQKR GD UHFHLWD WHP VLGR HVSHFLDOPHQWH LQVDWLVIDWyULR QR TXH GL] UHVSHLWR j HOHYDomR GDV GHVSHVDV RUoDPHQWiULDV (P D UHFHLWD FUHVFHX IRUWHPHQWH H PXLWDV GHVSHVDV QRYDV IRUDP GHFLGLGDV RX UHDOL]DGDV QR VHJXQGR VHPHV WUH e QDWXUDO SRUWDQWR TXH WHQKDPRV LQJUHVVDGR HP HP XP SDWDPDU PDLV DOWR GH GLVSrQGLRV H TXH HVVH DXPHQWR UHDO QmR VLJQLÀTXH TXH H[LVWD GLQKHLUR VREUDQGR (VWDPRV DR FRQWUiULR DEDL[R GDV SUHYLV}HV GH UHFHLWD LQFOXtGDV QR RUoDPHQWR HPERUD WLYpVVHPRV VLGR FRQVHUYDGRUHV $ SHUGD SUHYLVWD VH FRPSDUDGD FRP D UHFHLWD LQFOXtGD QR RUoDPHQWR p GH 5 PLOK}HV DWp PDLR ,VVR PRVWUD DOLiV TXH QmR H[LVWHP FRQ GLo}HV SDUD SURPRYHU DXPHQWRV HVSHFLDOPHQWH QRV JDVWRV FRUUHQWHV $ DUUHFDGDomR IHGHUDO GLPLQXLX HP WHUPRV QRPLQDLV H HP WHUPRV UHDLV GHYLGR j TXHGD HVSHWDFXODU H SUHYLVtYHO GH DOJXQV LPSRVWRV $OpP GR ,PSRVWR GH 5HQGD R 3,6 R &2),16 H R ,3, OLJDGRV DRV QtYHLV GD DWLYLGDGH HFRQ{PLFD VRIUH UDP H[SUHVVLYD UHGXomR 9DOH PHQFLRQDU TXH FHUFD GD PHWDGH GR ,3, H GR ,5 YmR SDUD HVWDGRV H PXQLFtSLRV (P 6mR 3DXOR SRU H[FHomR LVVR LQWHUIHUH SRXFR PDV HP HVWDGRV GR 1RUWH SRU H[HPSOR R )XQGR GH 3DUWLFLSDomR GRV HVWDGRV FKHJD D RX GD UHFHLWD 1RV PXQLFtSLRV SHTXHQRV HVVDV SURSRUo}HV VmR IUHTXHQWHV e IiFLO LPDJLQDU R LPSDFWR TXH LVVR FDXVD VREUH DV ÀQDQoDV GH HVWDGRV H PXQLFtSLRV 'XDV LPSRUWDQWHV IHUUDPHQWDV TXH SRGHP LQWHUIHULU QRV FLFORV GDV HFRQRPLDV VmR DV SROtWLFDV ÀVFDO H PRQHWiULD 2 JRYHUQR IHGHUDO XVRX D SULPHLUD GH PDQHLUD DQWLFtFOLFD H D VHJXQGD SUyFtFOLFD RX VHMD VH D HFRQRPLD YDL SDUD EDL[R D SROtWLFD PRQHWiULD DMXGD D DIXQGDU 1R %UDVLO PHVPR DQWHV GD FULVH HFORGLU QRV (VWDGRV 8QLGRV Mi H[LVWLD XPD SROtWLFD PRQHWiULD SUyFtFOLFD ( FRPR D HFRQRPLD PXQGLDO GHFOLQDYD D EUDVLOHLUD LD DFDEDU LQGR MXQWR $ HVWUDWpJLD HUD PDQWHU MXURV DOWRV H VREUHYDORUL]DU R FkPELR HP XPD VXSRVWD WHQWDWLYD GH VHJXUDU D LQÁDomR 0DV GHVVD PDQHLUD FRP R UHDO QXP SURFHVVR GH FRQWt QXD YDORUL]DomR DV HPSUHVDV H[SRUWDGRUDV SHUGLDP GLQKHLUR SDUD HYLWDU LVVR H VHJXLU RSHUDQGR DQWHFLSDYDP HQWmR PHGLDQWH FUpGLWR H[WHUQR DV UHFHLWDV GH H[SRUWDomR FRQYHUWLDP RV HPSUpVWLPRV HP UHDLV H LQYHVWLDP QR PHUFDGR ÀQDQFHLUR EUDVLOHLUR TXH WHP DV PDLRUHV WD[DV GH MXURV GR PXQGR 1R YHQFLPHQ UHFXSHUD HOHV WHQGHP D VHU FRQFOXtGRV RX SRGHP VHU WR GRV FUpGLWRV FRPSUDYDVH GyODU PDLV EDUDWR GR TXH UHSURJUDPDGRV 1mR FULDP ULJLGH] ÀVFDO -i D GHVSHVD TXDQGR IRL HPSUHVWDGR &RP R FRUWH GR FUpGLWR H[WHUQR FRUUHQWH QR %UDVLO p SUDWLFDPHQWH HWHUQD 8PD YH] IHL H D GHVYDORUL]DomR GR UHDO PXLWDV GHVVDV HPSUHVDV VR WD QmR WHP ÀP $OpP GLVVR QR TXH GL] UHVSHLWR j LQIUD IUHUDP XP FRODSVR (VVH IRL R VXESULPH EUDVLOHLUR FRQ HVWUXWXUD RV LQYHVWLPHQWRV SHUPLWHP XPD PHOKRUD QDV FHELGR H HVWLPXODGR SHOR %DQFR &HQWUDO FRQGLo}HV GH UHWRPDGD GR FUHVFLPHQWR 1mR PH UHÀUR D SDUD FRPSUDV GH FRQVXPR KRXYH XPD SROtWLFD DQWLFtFOL 1HVVH FDVR DOLiV QmR YHMR SUREOHPD DOJXP $V Do}HV GR FD &RQWULEXLX SDUD LVVR WDPEpP R IDWR GDV GHVSHVDV %1'(6 WDPEpP VmR FRPSUHHQVtYHLV PHVPR TXH DOJXPDV FRUUHQWHV WHUHP VLGR PDQWLGDV H DWp DXPHQWDGDV DSHVDU GHODV QmR VHMDP DQWLFtFOLFDV GR SRQWR GH YLVWD GR JDVWR GD TXHGD GH UHFHLWD H LVVR FRQWULEXLX SDUD VXVWHQWDU D FRPR UHVROYHU VLWXDo}HV TXH SRGHULDP OHYDU j IDOrQFLD DWLYLGDGH HFRQ{PLFD $ HOHYDomR GRV JDVWRV GH FXVWHLR GH JUDQGHV HPSUHVDV DFDEDP H[HUFHQGR R SDSHO GH VXV IHGHUDLV p IUXWR GH DXPHQWRV VDODULDLV FRQFHGLGRV SHOR WHQWDomR GD DWLYLGDGH HFRQ{PLFD JRYHUQR IHGHUDO DQWHV GD FULVH HVFDORQDGRV QR WHPSR e LPSRUWDQWH QRWDU TXH RV HVWDGRV H PXQLFtSLRV DWp SULPHLUR DQR GR SUy[LPR JRYHUQR $ DSRVWD HVWmR VRE D /HL GH 5HVSRQVDELOLGDGH )LVFDO GLIHUHQWH DQWLFtFOLFD EDVHDGD QmR HP LQYHVWLPHQWRV FRPR HQVL PHQWH GR JRYHUQR IHGHUDO TXH QmR HVWi VXEPHWLGR D HVVD QDP Ki PXLWDV GpFDGDV RV PDQXDLV GH HFRQRPLD PDV OHL H QmR SRGHP FULDU GHVSHVDV SDUD RV SUy[LPRV DQRV PHGLDQWH DXPHQWRV SHUPDQHQWHV GH JDVWRV GH FXVWHLR 3RUWDQWR SUDWLFDPHQWH QmR H[LVWH HVSDoR SDUD SROtWLFD D FXUWR SUD]R WDPEpP p DQWLFtFOLFD 'R SRQWR GH YLV DQWLFtFOLFD QHVVDV HVIHUDV $ÀQDO HODV QmR WrP SROtWLFD WD NH\QHVLDQR D HOHYDomR GR JDVWR S~EOLFR QmR LPSRU PRQHWiULD H QmR SRGHP ID]HU GpÀFLW 6H D UHFHLWD GH XP WD D VXD TXDOLGDGH H VHXV HIHLWRV PHOKRUHV RX SLRUHV D GHWHUPLQDGR PXQLFtSLR GLPLQXL SRU H[HPSOR HOH DWUDVD ORQJR SUD]R p XP IDWRU GH UHDWLYDomR GD HFRQRPLD D VDOiULRV H SDJDPHQWRV SRUTXH QmR H[LVWH D SRVVLELOLGD FXUWR SUD]R GH GH HPLVVmR GH SDSpLV GH GtYLGD $OLiV HX IXL XP GRV $LQGD DVVLP p HYLGHQWH TXH R LGHDO VHULD DX SULQFLSDLV LGHyORJRV QD SULPHLUD PHWDGH GRV DQRV GD PHQWDU LQYHVWLPHQWRV H QmR FXVWHLR 3ULPHLUR SRUTXH SURLELomR DRV HVWDGRV H PXQLFtSLRV GH HPLWLU SDSpLV RV LQYHVWLPHQWRV WrP XP SUD]R GH GXUDomR OLPLWDGR RX 1D pSRFD WDPEpP DSUHVHQWHL HPHQGDV FRQVWLWXFLRQDLV VHMD TXDQGR D FULVH DFDED RX TXDQGR D HFRQRPLD VH SURLELQGR D H[LVWrQFLD GH LQVWLWXLo}HV EDQFiULDV HVWDGX & $ ' ( 5 1 2 6 ) * 9 3 5 2 - ( 72 6 * ( 6 7 ® 2 * 2 9 ( 5 1 $ 0 ( 1 7$ / WLUDU WHPSRUDULDPHQWH R ,3, GH DXWRPyYHO GH JHODGHLUD _ 1R SODQR ÀVFDO FRP DV UHGXo}HV GH LPSRVWRV &21)(5(1&,$6 DLV TXDVH VHPSUH PDQLSXODGDV SROLWLFDPHQWH 1DTXHOH TXDQGR D UHFHLWD FDL FRUWDVH WDPEpP R LQYHVWLPHQWR SHUtRGR HUDP HVWDV DV JUDQGHV IRQWHV GH JHUDomR GH Gp GRV PXQLFtSLRV PDLRUHV e XP IDWRU SUyFtFOLFR 8PD ÀFLW S~EOLFR RX VH SHJDYD GLQKHLUR GR SUySULR EDQFR RX LGpLD UD]RiYHO VHULD OHYDU R )XQGR 6REHUDQR MXQWR FRP VH HPLWLDP SDSpLV FRPSXOVLYDPHQWH RXWUDV PHGLGDV D DSRLDU DV FLGDGHV PDLRUHV D JDVWDUHP $VVLP TXDQGR VH SHUJXQWD R TXH RV HVWDGRV H DFLPD GD UHFHLWD SDUD PDQWHU RV LQYHVWLPHQWRV (VVD p PXQLFtSLRV HVWmR ID]HQGR SDUD HQIUHQWDU D FULVH p SUHFL XPD TXHVWmR LPSRUWDQWtVVLPD D VHU GLVFXWLGD $OLiV QHV VR WHU HP PHQWH TXH HOHV QmR SRGHP VH YDOHU GH SROtWLFDV WH LWHP SRVVR FRQWULEXLU SRLV PH FRQVLGHUR XP HVSHFLD DQWLFtFOLFDV SRUTXH SROtWLFD DQWLFtFOLFD p GpÀFLW 3ROtWLFD OLVWD HP JHVWmR PXQLFLSDO 3ULPHLUR SRU FDXVD GD pSRFD ÀVFDO DQWLFtFOLFD SDUD HOHV p SUiWLFD H DULWPHWLFDPHQWH GR JRYHUQR 0RQWRUR GHSRLV SRU OLGDU FRP DVVXQWRV WUL LPSRVVtYHO 6H DQDOLVDUPRV RV UHVXOWDGRV SULPiULRV SRU EXWiULRV H RUoDPHQWiULRV QR &RQJUHVVR 1DFLRQDO H ÀQDO HVIHUD GH JRYHUQR QR SULPHLUR ELPHVWUH WHUHPRV RV VH PHQWH SRU PLQKD H[SHULrQFLD FRPR SUHIHLWR GD PDLRU JXLQWHV YDORUHV D IHGHUDO TXH DSUHVHQWRX XPD TXHGD FLGDGH GR SDtV H FRPR JRYHUQDGRU GH DSUR[LPDGDPHQWH D HVWDGXDO PHQRV H 7HQKR DXWRULGDGH SDUD DÀUPDU TXH HVWDGRV H D PXQLFLSDO UHWUDomR GH 2 VXSHUiYLW GR JRYHUQR PXQLFtSLRV WrP PDLV UHFXUVRV SDUD ID]HU LQYHVWLPHQ IHGHUDO IRL GH 5 ELOK}HV R GR HVWDGR GH 6mR 3DXOR WRV 4XDOTXHU XP GHOHV WHP SODQRV SDUD LQYHVWLU D FXUWR GH 5 ELOK}HV GR 5LR GH -DQHLUR 5 ELOKmR H GH SUD]R $ JUDQGH PDLRULD GRV JRYHUQDGRUHV WHP SURMH 0LQDV *HUDLV 5 ELOKmR ,VVR PRVWUD XPD DVVLPHWULD WRV SDUD UHDOL]DU QD KRUD (P 6mR 3DXOR VH UHFHEHUPRV ÀVFDO H[LVWHQWH HQWUH 8QLmR GH XP ODGR HVWDGRV H PXQL 5 ELOK}HV QyV JDVWDPRV DLQGD QHVWH DQR SRUTXH WH FtSLRV GH RXWUR PRV SURJUDPDV H Do}HV FRPR R 3RXSDWHPSR $PEXODWy 0DV HQWUH DV WUrV HVIHUDV TXDLV UHDOL]D PDLV LQ ULR 0pGLFR GH (VSHFLDOLGDGHV (VFRODV 7pFQLFDV (VWUDGDV YHVWLPHQWRV" 6H H[FOXLUPRV DV HVWDWDLV 3HWUREUiV H 6D 9LFLQDLV TXH DX[LOLDP PXQLFtSLRV QD SDYLPHQWDomR (Q EHVS SRU H[HPSOR H OHYDUPRV HP FRQWD DSHQDV R *R ÀP XPD VpULH GH RXWUDV FRLVDV TXH VH UHDOL]D PXLWR UD YHUQR H VXDV DXWDUTXLDV TXDO p D SDUWLFLSDomR GH HVWDGRV SLGDPHQWH HP VHLV RX RLWR PHVHV $VVLP VHQGR TXDQGR H PXQLFtSLRV QRV LQYHVWLPHQWRV" 1R DQR SDVVDGR SHUWR VH FRUWD D UHFHLWD GH HVWDGRV H PXQLFtSLRV RX VH SURtEH GH GDV REUDV S~EOLFDV QR %UDVLO IRUDP IHLWDV SHODV GH UHDOL]DU SROtWLFDV DQWLFtFOLFDV QmR DSHQDV VH FRUUyL D HVIHUDV HVWDGXDO H PXQLFLSDO FDSDFLGDGH GDTXHOHV TXH WrP PDLV LQYHVWLPHQWRV PDV 7DOYH] QmR VHMD GR FRQKHFLPHQWR GH WRGRV PDV R )XQGR GH 3DUWLFLSDomR p GLVWULEXtGR FRQVLGHUDQGR R WD WDPEpP GDTXLOR TXH SRGHULD VHU IHLWR PDLV GHSUHVVD ( QXPD FULVH R IDWRU WHPSR p FUXFLDO PDQKR GD SRSXODomR FRPR VH IRVVH HVWiWLFR 2X VHMD 2 TXH ID]HPRV QR HVWDGR GH 6mR 3DXOR" $TXL WDP HOH HVWi FRQFHQWUDGR QDV FLGDGHV SHTXHQDV 3RUWDQWR EpP UHSLWR R JUDQGH SDSHO GD SROtWLFD DQWLFtFOLFD ² JH UDomR GH GpÀFLWV ÀVFDLV MXURV PHQRUHV ² HVWi IRUD GH TXHVWmR 0DV LVVR WDPEpP QmR TXHU GL]HU TXH QmR VHMD SRVVtYHO ID]HU DOJR $OJXPDV FRLVDV VmR SRVVtYHLV GH VH UHDOL]DU H PXLWDV GHODV FRP UHVXOWDGRV EDVWDQWH VLJQLÀFDWLYRV 6mR 3DXOR YLYH XPD VLWXDomR SHFXOLDU TXH QmR WHQGH D VH UHSHWLU HP RXWURV OXJDUHV 1yV FRQVHJXLPRV JDUDQWLU XP LQYHVWLPHQWR S~EOLFR GH TXDVH 5 ELOK}HV SDUD R PDLV DOWR GH QRVVD KLVWyULD $SHQDV SDUD VH WHU XPD LGHLD RV LQYHVWLPHQWRV GR JRYHUQR GR HVWDGR HYROXtUDP GH 5 ELOK}HV HP SDUD 5 ELOK}HV HP H 5 ELOK}HV HP 3RU DTXL DSHVDU GD TXHGD GD UHFHLWD R LQYHVWLPHQWR QmR VHUi VXEVWDQFLDOPHQWH DEDODGR SRLV HOH QmR p WmR GHSHQGHQWH GDV UHFHLWDV FRUUHQWHV ,QLFLDOPHQWH YHQGHPRV D IROKD GH SDJDPHQWRV GR HVWDGR SRU 5 ELOK}HV $À QDO VH HUD SDUD D 1RVVD &DL[D WHU XP GHVHPSHQKR GH TXDOLGDGH FRP DV YDQWDJHQV GH VHU XP EDQFR S~EOLFR VHULD SUHFLVR WDPEpP TXH HOD WLYHVVH GH HQIUHQWDU DV FRQGLo}HV GH PHUFDGR 3RU LVVR WHYH TXH SDJDU SHOR GLQKHLUR GD IROKD SDXOLVWD GH VDOiULRV $OpP GLVVR FRQVHJXLPRV RXWURV 5 ELOK}HV GH RXWRUJDV SRU FRQFHVV}HV _ FRPR p R FDVR GR 5RGRDQHO H GRV FLQFR ORWHV GDV URGRYLDV $\UWRQ 6HQQD 'RP 3HGUR 0DUHFKDO 5RQGRQ H H 5DSRVR 7DYDUHV ( R QRVVR QRYR PRGHOR GH FRQFHVV}HV p GLIHUHQWH SRUTXH LQFOXL RXWRUJD À[D H PHQRU WDULID IDWRU TXH GHFLGH TXHP JDQKD D FRQFRUUrQFLD 2X VHMD SDUD REWHU XPD FRQFHVVmR p SUHFLVR SDJDU R PRQWDQWH À[R HVWD D WDULID HUD SUpÀ[DGD 7UDWDVH GH XP LQYHVWLPHQWR YLQFXODGR H S~EOLFR SRUTXH TXHP JDQKD D FRQFHVVmR WHP TXH LQYHVWLU 1HVVH FDVR SRU H[HPSOR DV HPSUHVDV LQYHVWLUmR 5 ELOK}HV 6RPHQWH D FRQFHVVLRQiULD GD 'RP 3HGUR , TXH Mi SDJRX 5 ELOKmR LUi LQYHVWLU PDLV 5 ELOK}HV 0DV DOpP GLVVR R JRYHUQR UHFHEH WDPEpP XP PRQWDQWH HP GLQKHLUR 5 ELOK}HV SDUD LQYHVWLU HP HVWUDGDV QDTXHODV RQGH QmR Ki FRQFHVVmR QHP SHGiJLR FRPR DV YLFLQDLV 'HSRLV SHJDPRV 5 ELOK}HV GH ÀQDQFLDPHQWRV GR %1'(6 H GH RUJDQLVPRV LQWHUQDFLRQDLV GHYLGR DR DMXVWDPHQWR GDV FRQWDV S~EOLFDV ,VWR DR ODGR GH PDLV DOJX PDV RXWUDV PHGLGDV TXH IRUDP WRPDGDV DXPHQWRX D FDSDFLGDGH GH HQGLYLGDPHQWR GR HVWDGR ,URQLFDPHQWH D YDORUL]DomR GR FkPELR WDPEpP FRQWULEXLX SDUD HVVH FHQiULR 'HYR GL]HU TXH DSHVDU GDV ´Qµ DXWRUL]Do}HV QHFHVViULDV H GD VDJD TXH XP LQYHVWLPHQ WR ÀQDQFLDGR WHP TXH SHUFRUUHU QmR HQIUHQWDPRV PDLRUHV REVWiFXORV EXURFUiWLFRV GR JRYHUQR IHGHUDO TXH YLD GH UHJUD QmR DSRUWD UHFXUVRV RUoDPHQWiULRV VLJQLÀFDWLYRV PDV WHP GH DXWRUL]DU ÀQDQFLDPHQWR GH HVWDGRV H PXQLFtSLRV MXQWR D WHUFHLURV & $ ' ( 5 1 2 6 ) * 9 3 5 2 - ( 72 6 * ( 6 7 ® 2 * 2 9 ( 5 1 $ 0 ( 1 7$ / EHOHFLGR SHOR *RYHUQR H DSUHVHQWDU R PHQRU SHGiJLR $QWHV D YDULiYHO HUD D RXWRUJD H &21)(5(1&,$6 3RU ~OWLPR FRQVHJXLPRV 5 ELOK}HV FRP D YHQGD GD SHGLU SDUD TXH R VHWRU FRQWUDWH XPD SHVTXLVD HP XPD 1RVVD &DL[D SDUD R %DQFR GR %UDVLO 6RPDGDV WRGDV HVVDV HQWLGDGH LQGHSHQGHQWH TXH FDOFXOH TXDO D PDUJHP QR Do}HV WHPVH XP PRQWDQWH DSUHFLiYHO GH FHUFD GH 5 YDUHMR SDUD VLPXODU R ,&06 QD RULJHP SDUD HQWmR VHU ELOK}HV &ODUR TXH QmR VHUi WXGR SDJR DJRUD PDV VLP HP DFHLWD SHOR JRYHUQR 1mR Ki DUELWUDULHGDGH SUHVWDo}HV LQGH[DGDV QmR SHOD WD[D GH MXURV GH PHUFD (QWUH RXWUDV PHGLGDV DGRWDGDV SHOR HVWDGR GH 6mR GR TXH YLVWD SRU WRGRV RV kQJXORV p FRQVLGHUDGD DEXVLYD 3DXOR HVWi D LQVWLWXLomR GH SURJUDPDV GH SDUFHODPHQWR 'H TXDOTXHU PRGR ÀFD SHUFHSWtYHO D FRQGLomR GH GpELWRV FRPR QR FDVR GR ,39$ H R GHIHULPHQWR GR HVSHFLDO GH LQYHVWLPHQWRV QR HVWDGR GH 6mR 3DXOR VHMD ,&06 VHQGR D PHWDGH GHVWH LPSRVWR TXH HUD GHYLGR HP DWUDYpV GDV FRQFHVVLRQiULDV RX GDV RXWRUJDV H RXWUDV UH GH]HPEUR SURWHODGD SDUD IHYHUHLUR 7DPEpP SDUD FR FHLWDV GH YHQGDV H WDPEpP GH SDUFHODPHQWR GH GtYL RSHUDU FRP R JRYHUQR IHGHUDO DLQGD FRP D 1RVVD &DL[D GDV SULYDGDV FRP R ÀVFR SDXOLVWD 1D YHUGDGH 6mR 3DXOR 6mR 3DXOR FRPSURX FDUWHLUDV GH FUpGLWR GH LQVWLWXLo}HV QmR WHP UHGX]LGR R SHVR GR FDSLWDO S~EOLFR PDV PXGDGR ÀQDQFHLUDV HP GLÀFXOGDGHV H FKHJRX D GHYROYHU R ,&06 VXD FRPSRVLomR 4XDQGR D 1RVVD &DL[D p YHQGLGD R PH UHFROKLGR SRU PLFURHPSUHVDV 0DLV XPD SRVLomR QRVVD WU{ p DPSOLDGR DSOLFDGD QR HVWDGR H TXH GHIHQGHPRV QR SODQR QDFLRQDO $OpP GLVVR HVVH GLQKHLUR QmR p XVDGR SDUD FXV WHLR PDV VLP SDUD RXWURV LQYHVWLPHQWRV TXH WDPEpP DX IRL SURUURJDU HP GLDV R UHFROKLPHQWR GH HPSUHVDV GR 6LPSOHV 1DFLRQDO PHQWDP R QRVVR SDWULP{QLR $OLiV IXL SUHVLGHQWH GR &R ([LVWHP DLQGD PHGLGDV YROWDGDV PDLV SDUD D LQ PLWr GH 'HVHVWDWL]DomR QR JRYHUQR )HUQDQGR +HQULTXH G~VWULD FRPR R ÀQDQFLDPHQWR VXEVLGLDGR GH QRWHERRNV H Oi VH GHVHQKRX R TXH VHULD IHLWR QRV DQRV VXEVHTXHQWHV SDUD SURIHVVRUHV HP DWp PHVHV VHP MXURV GH WUDWR 0DV GLIHUHQWHPHQWH GR TXH VH IH] QR SDVVDGR KRMH QR UHV SDUD SHTXHQRV H PpGLRV DJULFXOWRUHV FRP SUD]R GH FDVR SDXOLVWD HVWDPRV XVDQGR HVVHV UHFXUVRV QmR SDUD FLQFR DQRV WUrV GH FDUrQFLD MXURV ]HUR H SUHoRV SRU SDJDU GtYLGDV RX ÀQDQFLDU R FkPELR VREUHYDORUL]DGR FHQWR PHQRUHV H DLQGD XP RXWUR H[HPSOR FRPR D FULD PDV SDUD DXPHQWDU R LQYHVWLPHQWR S~EOLFR omR GR (PSUHJD 6mR 3DXOR XPD IHUUDPHQWD TXH XWLOL]D 7XGR R TXH IRL GLWR DWp DJRUD VH UHIHUH DR LQYHVWL D LQWHUQHW SDUD D LQWHUPHGLDomR GH PmRGHREUD H WHP PHQWR DJUHJDGR 0DV FRPR WtQKDPRV GLQKHLUR HP FDL[D FDGDVWUDGDV PDLV GH PLO YDJDV R TXH JHUD XPD SXGHPRV DLQGD WRPDU RXWUDV PHGLGDV )RL SRVVtYHO SRU PRELOLGDGH PDLRU QR PHUFDGR GH WUDEDOKR H[HPSOR SURUURJDU SRU GRLV PHVHV R SDJDPHQWR GR ,&06 1R TXH GL] UHVSHLWR DR PHUFDGR LPRELOLiULR PRQ UHFROKLGR SRU VXEVWLWXLomR WULEXWiULD TXDQGR R LPSRVWR WDPRV R SURJUDPD &LGDGH /HJDO &RPR HP 6mR 3DXOR p FREUDGR QD RULJHP 1HVWH FDVR LPSXWDVH XPD PDU H[LVWHP FHUFD GH PLO IDPtOLDV HP SURSULHGDGHV LUUH JHP QD YHQGD GR YDUHMR H FREUDVH WXGR GR SURGXWRU JXODUHV ² H LVVR QmR VHUYH SDUD KHUDQoD SDUD YHQGD RX (VVH SURFHGLPHQWR QmR p QHQKXPD QRYLGDGH H FRPHoRX FRPR JDUDQWLD GH ÀQDQFLDPHQWR ² FRQVHJXLPRV GLPLQXLU FRP R $IRQVR &HOVR 3DVWRUH TXH HVWi ORQJH GH VHU XP HP DWp GH] YH]HV D WD[D GH HPROXPHQWRV QR SULPHLUR HFRQRPLVWD VXEYHUVLYR 6XD PDLRU YDQWDJHP p LQLELU D UHJLVWUR ,VVR p XP LQFHQWLYR WUHPHQGR H PHVPR VHP VRQHJDomR 3RUTXH VH YRFr FREUDU R ,&06 GH FLJDUUR HP ID]HU FRPSDUDo}HV WHP XP LPSDFWR VHPHOKDQWH DR GH FDGD SRQWR GH YHQGD YDL KDYHU VRQHJDomR H XP FXVWR GH TXDOTXHU RXWUR JUDQGH SURJUDPD KDELWDFLRQDO 2XWUD PH DUUHFDGDomR HQRUPH ([LVWH DWXDOPHQWH XPD GLVFXVVmR GLGD WRPDGD IRL DQWHFLSDU DV FRPSUDV JRYHUQDPHQWDLV GH JUDQGH HP WRUQR GLVVR PDV R TXH R *RYHUQR ID] p DSHQDV EHQV GXUiYHLV SDUD R SULPHLUR TXDGULPHVWUH GR DQR 3RU TXH FRPR Ki GLQKHLUR HP FDL[D LVVR DSHQDV DV DQWHFLSD D ÀP GH HVWLPXODU D DWLYLGDGH HFRQ{PLFD QR SRQWR PDLV EDL[R GD FULVH 2 PHVPR RFRUUH FRP UHIRUPDV GH HVFRODV H GHOHJDFLDV SRU H[HPSOR 7DPEpP HVWHQGHPRV D UHGXomR GD DOtTXRWD GR ,&06 GH SDUD SDUD PXLWRV SURGXWRV H HVWDPRV SUHSDUDQGR XP LQFHQWLYR SDUD D FRPSUD GH EHQV GH FDSLWDO +RMH DÀUPDPRV TXH p SUHFLVR SDJDU R LPSRVWR SDUD UHDYrOR HP TXDWUR DQRV 1RVVD LGHLD p DFDEDU FRP LVVR QR FDVR GRV LQYHVWLPHQWRV ( HVWDPRV QR PHLR GH XP _ SURFHVVR GH VHOHomR GR FDPLQKR SRU RQGH FRPHoDU (QWUH DV RXWUDV PXLWDV DWLYLGDGHV HVWmR RV LQFHQWLYRV D SHTXHQDV H PpGLDV HPSUHVDV H OLQKDV GH FUpGLWR SDUD D LQG~VWULD DXWRPRELOtVWLFD SDUD R 6LQGLSHoDV H SDUD R SDJDPHQWR GR ,&06 (P VXPD GHQWUR GH XP PDUFR GH IRUWHV OLPLWDo}HV SDUD D SROtWLFD DQWLFtFOLFD G~VWULD H GD LQG~VWULD DYDQoDGD 6mR 3DXOR WHQGH D VHU D SULQFLSDO YtWLPD GH TXDLVTXHU FULVHV ( QmR SRU SHUVHJXLomR PDV SHODV SUySULDV FDUDFWHUtVWLFDV HFRQ{PLFDV YLUWXRVDV GR HVWDGR 1R ÀQDO GDV FRQWDV VRPRV PDLV VHQVtYHLV SDUD R EHP H SDUD R PDO HP PD WpULD GH GHVHPSHQKR GD HFRQRPLD QDFLRQDO FRPR XP WRGR & $ ' ( 5 1 2 6 ) * 9 3 5 2 - ( 72 6 * ( 6 7 ® 2 * 2 9 ( 5 1 $ 0 ( 1 7$ / QDV HVIHUDV HVWDGXDLV H PXQLFLSDLV WHPRV IHLWR R Pi[LPR $Wp SRUTXH FRP GD LQ &21)(5(1&,$6 3'4 .-0,' .4 .+&.4 .1'-'. 19+' -60-'. :3 -60-'. :3 0HVWUH HP 6RFLRORJLD SHOD 8QLYHUVLGDGH )HGHUDO GH $QW{QLR /DYDUHGD KROGV D PDVWHU·V GHJUHH LQ 6RFLRORJ\ 3HUQDPEXFR 8)3( H 'RXWRU HP &LrQFLD 3ROtWLFD SHOR IURP 8)3( )HGHUDO 8QLYHUVLW\ RI 3HUQDPEXFR DQG D 3K' ,QVWLWXWR 8QLYHUVLWiULR GH 3HVTXLVDV GR 5LR GH -DQHLUR LQ 3ROLWLFDO 6FLHQFH IURP ,83(5- 5HVHDUFK 8QLYHUVLW\ ,83(5- e 3UHVLGHQWH GR &RQVHOKR &LHQWtÀFR GR ,SHVSH ,QVWLWXWH RI 5LR GH -DQHLUR +H LV WKH 3UHVLGHQW RI WKH ² ,QVWLWXWR GH 3HVTXLVDV 6RFLDLV 3ROtWLFDV H (FRQ{PLFDV 6FLHQWLÀF &RXQFLO RI ,SHVSH 6RFLDO 3ROLWLFDO DQG (FRQRPLF 'LUHWRU3UHVLGHQWH GD 0&, ² (VWUDWpJLD HPSUHVD GH 5HVHDUFK ,QVWLWXWH DQG &(2 RI 0&, (VWUDWpJLD D FRQVXOWRULD HVWUDWpJLFD H GH FRPXQLFDomR SROtWLFD VWUDWHJLF FRQVXOWDQF\ DQG SROLWLFDO DQG JRYHUQPHQWDO H JRYHUQDPHQWDO FRPPXQLFDWLRQV FRPSDQ\ 5(6802 $%675$&7 2 SURIHVVRU $QW{QLR /DYDUHGD DQDOLVD R PRPHQWR YLYLGR 3URIHVVRU $QW{QLR /DYDUHGD DQDO\VHV WKH FXUUHQW WLPH LQ SHORV EUDVLOHLURV H DSUHVHQWD DV SULQFLSDLV FRQFOXV}HV GH WKH OLYHV RI WKH %UD]LOLDQ SHRSOH DQG GLVFORVHV WKH NH\ SHVTXLVD UHDOL]DGD SHOR 1~FOHR GH 3ROtWLFDV 3~EOLFDV GD ÀQGLQJV RI WKH VXUYH\ FDUULHG RXW E\ WKH &HQWUH IRU 3XE )*9 3URMHWRV TXH UHYHOD FRPR D RSLQLmR S~EOLFD Yr H OLF 3ROLF\ RI )*9 3URMHWRV 7KH UHVHDUFK VWXG\ VKRZV KRZ VHQWH D FULVH EHP FRPR VHXV LPSDFWRV H SRVVtYHLV UHV WKH SXEOLF SHUFHLYHV DQG LV DIIHFWHG E\ WKH FULVLV DV ZHOO SRQVDELOLGDGHV 2V Q~PHURV FRQÀUPDP R PHGR GR GH DV LWV LPSDFWV DQG SRVVLEOH DFFRXQWDELOLWLHV 7KH VXUYH\ VHPSUHJR H R WUDGLFLRQDO RWLPLVPR GRV EUDVLOHLURV ÀJXUHV KLJKOLJKW IHDU RI XQHPSOR\PHQW DQG WKH WUDGL WLRQDO RSWLPLVP RI WKH %UD]LOLDQ SHRSOH (VWXGRV UHDOL]DGRV QR %UDVLO H QR H[WH 2XWUD SDUWH GD OLWHUDWXUD PRVWUD TXH RV ULRU VREUH R LPSDFWR GDV FULVHV HFRQ{PL REMHWRV FHQWUDLV GH SUHRFXSDomR HP WHP FDV VH DOLQKDP GH FHUWD IRUPD HP GXDV SRV GH FULVH SRU SDUWH GD RSLQLmR S~EOL YHUWHQWHV $ SULPHLUD GHODV FRQVLGHUD D FD VmR R GHVHPSUHJR H D LQÁDomR ( DTXL SRSXODomR FRPR XP FRQMXQWR GH FRQVX FDEH XP TXHVWLRQDPHQWR LQWHUHVVDQWH 2 PLGRUHV H GDt R SRUTXr GR WUDEDOKR FRP JRYHUQR IHGHUDO p R JUDQGH UHVSRQViYHO tQGLFHV GH FRQÀDQoD GR FRQVXPLGRU -i SHOD FRQGXomR GDV SROtWLFDV DQWLFtFOLFDV D RXWUD IUHQWH GD TXDO QRV RFXSDUHPRV H RV HVWDGRV H PXQLFtSLRV TXDVH QmR WrP DTXL HQFDUD D VRFLHGDGH FRPR RSLQLmR SDSHO HIHWLYR 0DV VHUi TXH D RSLQLmR S~ S~EOLFD XPD UHXQLmR GH DYDOLDo}HV DWL EOLFD FRPSUHHQGH DVVLP" 3RU ~OWLPR XPD KLSyWHVH TXH WR UHOHYDQWH GD HVIHUD S~EOLFD TXH p D REYLDPHQWH QmR ID] SDUWH GD OLWHUDWX FULVH HFRQ{PLFD 1HVWH FDVR DQDOLVDVH UD LQWHUQDFLRQDO PDV WHP OHJLWLPLGDGH SRU H[HPSOR FRPR DV SHVVRDV SHUFHEHP SRUTXH GHFRUUH GD FRPSDUDomR GR %UDVLO R GHVHPSHQKR GRV JRYHUQDQWHV H FRPR HP YiULRV UDQNLQJV UHODWLYRV D FOLPD GH HODV GLYLVDP XP FURQRJUDPD GH VXSHUD RSLQLmR FXMRV UHVXOWDGRV DSRQWDP SDUD omR GD FULVH e HVVD SHVTXLVD TXH QyV WLYH R ´PDLRU RWLPLVPR GRV EUDVLOHLURVµ )UH PRV D RSRUWXQLGDGH GH FRRUGHQDU UHDOL TXHQWHPHQWH R %UDVLO PHVPR D $PpULFD ]DGD SHOR 1~FOHR GH 3ROtWLFDV 3~EOLFDV GD /DWLQD TXH Mi p XPD UHJLmR GLIHUHQFLD )*9 3URMHWRV H GD TXDO YRX DSUHVHQWDU DV GD QHVVH VHQWLGR DSDUHFH HP SRVLomR GH SULQFLSDLV FRQFOXV}HV GHVWDTXH QR TXH GL] UHVSHLWR DR QtYHO GH VDWLVIDomR GH VHXV KDELWDQWHV FRP UHOD EUH DV FRQVHTXrQFLDV GD FULVH DOLPHQWDP omR j YLGD H H[SHFWDWLYD DR IXWXUR 0DV WUrV WLSRV GH KLSyWHVHV 8PD GHODV GL] DLQGD DVVLP SUDWLFDPHQWH QRYH HP FDGD UHVSHLWR j UHFRUUrQFLD GHVWDV WXUEXOrQ GH] EUDVLOHLURV HVWmR EDVWDQWH SUHRFXSD FLDV 2X VHMD DTXHODV VRFLHGDGHV RX VHJ GRV RX PXLWR SUHRFXSDGRV FRP D FULVH ( PHQWRV GD SRSXODomR PDLV DIHLWRV j FULVH HVVH QtYHO GH DQVLHGDGH p PDLRU HQWUH DV HVWmR PDLV DWHQWRV VmR PDLV LPSDFWDGRV PXOKHUHV -RYHQV H LGRVRV HVWmR QR PHV H WrP PDLV DQVLHGDGH HP UHODomR D HOD PR SDWDPDU & $ ' ( 5 1 2 6 ) * 9 3 5 2 - ( 72 6 * ( 6 7 ® 2 * 2 9 ( 5 1 $ 0 ( 1 7$ / %DVLFDPHQWH WRGDV DV DQiOLVHV VR _ WXGHV H VHQWLPHQWRV HP UHODomR DR REMH &21)(5(1&,$6 $ SHVTXLVD WDPEpP WHQWRX PHGLU D SHUFHSomR GDV SHVVRDV VREUH R LPSDFWR GD FUL VH 3RU H[HPSOR GRV EUDVLOHLURV GL]HP TXH R SDtV H TXH D YLGD GDV SHVVRDV QR %UDVLO HVWmR VHQGR DWLQJLGRV HIHWLYDPHQWH SHOD FULVH (VVD SRUFHQWDJHP QR HQWDQ WR FDL SDUD TXDQGR VH SHQVD HP XQLGDGHV HVWDGXDLV H SDUD QR FDVR GRV PXQLFtSLRV 0DV FHUFD GH GRV LQGLYtGXRV RXYLGRV QmR VDEHP UHVSRQGHU R TXDQ WR D FULVH DIHWD VHXV HVWDGRV RX FLGDGHV -i HP UHODomR j YLGD SHVVRDO RX IDPLOLDU DFUHGLWDP TXH Mi VRIUHP VLP DV FRQVHTXrQFLDV GD FULVH H GL]HP TXH HOD DLQGD QmR RV DWLQJLX PDV SRGH YLU D ID]rOR R TXH H[SOLFD QR DJUHJDGR DV WD[DV GH DQVLHGDGH ( HP PHLR D WDQWDV LQIRUPDo}HV WUDQVPLWLGDV SHOD PtGLD FRWLGLDQDPHQWH SDUD TXDLV GHODV DV SHVVRDV HVWmR PDLV DWHQWDV" (P SULPHLUR OXJDU jV GHPLVV}HV 2X VHMD D TXHVWmR GR GHVHPSUHJR QR %UDVLO 1D VHTXrQFLD SRVLFLRQDPVH DV QRWtFLDV VREUH DV GLÀFXOGDGHV GDV JUDQGHV HPSUHVDV LQWHUQDFLRQDLV ( HP WHUFHLUR QR UDQNLQJ R GH VHPSUHJR HP RXWURV SDtVHV 3RUWDQWR VH REVHUYDUPRV D SULPHLUD H D WHUFHLUD PHQomR DPEDV UHODWLYDV DR WySLFR GHVHPSUHJR FRPSUHHQGHUHPRV PHOKRU DLQGD SRU H[HPSOR DV LQÁXrQFLDV VREUH D WD[D GH DQVLHGDGH 2V MRYHQV VmR RV TXH VH GHFODUDP PHQRV DWLQJLGRV SRUpP PDLV SRWHQFLDOPHQWH H[SRVWRV j FULVH -i RV PDLV YHOKRV DFUHGLWDP H[DWDPHQWH QR FRQWUiULR 0DV VRE R SRQWR GH YLVWD GD YLGD GDV SHVVRDV D SHVTXLVD QmR UHYHOD QHQKXPD RXWUD JUDQGH YDULDomR (P UHODomR DRV HVWDGRV DV UHJL}HV 1RUWH 6XO H 1RUGHVWH YrP QXPD SRVLomR EDVWDQWH VHPHOKDQWH H WrP SHUFHQWXDLV VXSHULRUHV DRV GR 6XGHVWH H &HQWUR2HVWH 2V VHWRUHV PDLV DWLQJLGRV VHJXQGR D RSLQLmR S~EOLFD VmR D SRSXODomR HP JHUDO D LQG~V WULD DXWRPRELOtVWLFD HPSUHViULRV H WUDEDOKDGRUHV ( DTXL H[LVWHP DOJXPDV GLIHUHQoDV UHJLRQDLV LQWHUHVVDQWHV SRUTXH QR 1RUWH VRIUHP PDLV DV HPSUHVDV YLQFXODGDV j H[SRU WDomR QR &HQWUR2HVWH R DJURQHJyFLR QR 6XGHVWH D LQG~VWULD DXWRPRELOtVWLFD H QR 6XO H[SRUWDo}HV H DJURQHJyFLR WDPEpP $ DJHQGD GD SRSXODomR QD FULVH WDPEpP p GLYHUVLÀFDGD 0DV HVVD FULVH SRU VXD HVSHFLÀFLGDGH UHPHWH D RSLQLmR S~EOLFD D XP IRFR DGHTXDGR WUD]HQGR MXQWR GD SUHRFXSDomR FRP R GHVHPSUHJR D TXHVWmR GD WD[D GH MXURV $SHQDV FRPR H[HPSOR QD ~OWLPD SHVTXLVD IHLWD QRV (VWDGRV 8QLGRV RV TXDWUR SULPHLURV HOHPHQWRV FRQFHUQHQWHV j FULVH HP WHUPRV GD SUHRFXSDomR GDV SHVVRDV HUDP R GHVHPSUHJR FRP DV KLSR WHFDV Mi FRP D TXHEUD GH LQVWLWXLo}HV ÀQDQFHLUDV FRP H R SUHoR GRV FRPEXVWtYHLV FRP $TXL QR %UDVLO Ki XPD YDULHGDGH PDLRU GH LQTXLHWDo}HV 'LDQWH GHVVD UHDOLGDGH XPD SHUJXQWD UHOHYDQWH H LQHYLWiYHO GL] UHVSHLWR D TXHP GHYH HQIUHQWDU D FULVH ([LVWH ORJLFDPHQWH XPD UHVSRQVDELOLGDGH FRQFHQWUDGD QR JRYHUQR IHGHUDO 0DV DLQGD DVVLP H LVVR p PXLWR LPSRUWDQWH SDUD RV JHVWRUHV HVWDGXDLV H PX QLFLSDLV XPD SDUFHOD VLJQLÀFDWLYD GD SRSXODomR DSRQWD SDUD D QHFHVVLGDGH GR HQYRO YLPHQWR GRV HVWDGRV H PXQLFtSLRV QHVWD TXHVWmR ([LVWH XPD YDULDomR UHJLRQDO GHVVD H[SHFWDWLYD PDV GH TXDOTXHU IRUPD HOD VH UHÁHWH QD DYDOLDomR TXH R S~EOLFR ID] GR 1R FDVR HVSHFtÀFR GD DWXDomR GR JRYHUQR IHGHUDO GRV HQWUHYLVWDGRV D DYD _ GHVHPSHQKR GDV WUrV HVIHUDV QR FRPEDWH j FULVH HFRQ{PLFD OLDP FRPR UXLP RX SpVVLPD H FRPR yWLPD RX ERD *RYHUQRV HVWDGXDLV H PXQLFLSDLV HVWmR SUDWLFDPHQWH HPSDWDGRV UHVSHFWLYDPHQWH FRP H GH DYDOLDo}HV UXLQV RX SpVVLPDV H H GH yWLPDV RX ERDV (QJDQDVH TXHP GL] TXH DV DYDOLDo}HV HVSHFtÀFDV GH FDGD XPD GHVVDV HVIHUDV $OLiV RV PDLRUHV VDOGRV QHJDWLYRV VH YHULÀFDP QD IDWLD GR HOHLWRUDGR TXH WHP HGXFDomR VXSHULRU VHQGR HVWD D SDUFHOD PDLV LQIRUPD GD GD RSLQLmR S~EOLFD EUDVLOHLUD 2X VHMD D SRSXODomR UHFODPD XPD SUHVHQoD RX QR PtQLPR XPD YR] GRV VHXV JRYHUQDQWHV QmR DSHQDV HP kPELWR IHGHUDO PDV WDPEpP HVWDGXDO H PXQLFLSDO 3RU ~OWLPR YDPRV DERUGDU D TXHVWmR GR RWLPLVPR GRV EUDVLOHLURV H VXDV H[SHF WDWLYDV HP UHODomR j VXSHUDomR GD FULVH 1HVWH ~OWLPR PrV GH DEULO GH XP HP FDGD FLQFR EUDVLOHLURV DFUHGLWD TXH D FULVH VH HVJRWDUi DLQGD QHVWH DQR 0DV GD SRSXODomR HVSHUDP TXH DV FRLVDV GHPRUHP DWp XP DQR SDUD VH UHVROYHU H RXWURV DSRQWDP GRLV DQRV GH GXUDomR 0DV FRPR HVVH WLSR GH GDGR Vy VH UHYHOD HP WHUPRV FRPSDUDGRV YDPRV DQDOLVDU R ~OWLPR ,EHUREDU{PHWUR ODWLQRDPHULFDQR GH PDUoR GH QR TXDO R %UDVLO HVWi LQVHULGR MXQWR D RXWURV SDtVHV & $ ' ( 5 1 2 6 ) * 9 3 5 2 - ( 72 6 * ( 6 7 ® 2 * 2 9 ( 5 1 $ 0 ( 1 7$ / QHJDWLYDV VmR SURYHQLHQWHV GD IDOWD GH LQIRUPDomR VXÀFLHQWH VREUH DV FRPSHWrQFLDV 1HVWH FDVR D SHVTXLVD VH EDVHLD QD LGHLD GH FRPR HVWDUi D YLGD HFRQ{PLFD GR LQGLYtGXR GDTXL D XP DQR 2 %UDVLO DSDUHFH HP VHJXQGR OXJDU QR UDQNLQJ VH VRPDUPRV DV UHVSRVWDV SRVVtYHLV ´PHOKRUµ RX ´LJXDOµ PDV p GH ORQJH R PDLV RWLPLVWD GR FRQWLQHQWH TXDQGR DQDOLVDPRV DSHQDV D SRUFHQWDJHP GRV TXH HVSHUDP XPD PHOKRUD GD VXD FRQGLomR 3RUWDQWR GDV WUrV KLSyWHVHV FRUUHQWHV TXH QyV YLPRV DWp DJRUD WDOYH] D ~QLFD TXH VDLD DEVROXWDPHQWH SUHVHUYDGD GHVVH HVWXGR p D KLSyWHVH GR PDUFDQWH RWLPLVPR GD RSLQLmR S~EOLFD EUDVLOHLUD $QVLHGDGH PDV FRP RWLPLVPR $YDOLDomR VHYHUD GRV JRYHUQDQWHV PDV FRP RWLPLVPR 0HGR H WHPRU HVSHFLDOPHQWH HP UHODomR DR GHVHPSUHJR PDV DLQ GD FRP PDQXWHQomR GR RWLPLVPR 3HVTXLVD GH RSLQLmR 3HQVDQGR HP VHX IXWXUR YRFr DFUHGLWD TXH VXD VLWXDomR HFRQ{PLFD HP XP DQR HVWDUi PXLWR PHOKRU PHOKRU TXH KRMH RX LJXDO j GH KRMH" 08,72 0(/+25 0(/+25 48( +2-( ,*8$/ '( +2-( &21)(5(1&,$6 ,16.4 1.+(6'4 19+'4 3$'.-'4 3--. +8,-4&'- 3--. +8,-4&'3K' H 06 HP HFRQRPLD SHOD 8QLYHUVLGDGH )HUQDQGR %OXPHQVFKHLQ KROGV D 3K' GH &RUQHOO )RL SURIHVVRU GD )DFXOGDGH DQG 06F LQ (FRQRPLFV IURP &RUQHOO GH (FRQRPLD H $GPLQLVWUDomR )($ GD 8QLYHUVLW\ +H ZDV SURIHVVRU ZLWK WKH 8QLYHUVLGDGH GH 6mR 3DXOR 863 H GD 6FKRRO RI (FRQRPLFV DQG $GPLQLVWUDWLRQ (VFROD GH *UDGXDomR HP (FRQRPLD GD )*9 RI WKH 8QLYHUVLW\ RI 6DR 3DXOR 863 DQG $WXDOPHQWH p FRRUGHQDGRU GH SURMHWRV GD WKH 6FKRRO RI 8QGHUJUDGXDWH 6WXGLHV LQ )*9 3URMHWRV (FRQRPLFV RI )*9 +H LV FXUUHQWO\ SURMHFW FRRUGLQDWRU ZLWK )*9 3URMHWRV 2 SURIHVVRU )HUQDQGR %OXPHQVFKHLQ DSUH 3URIHVVRU )HUQDQGR %OXPHQVFKHLQ DV VHQWD XPD DYDOLDomR GRV LPSDFWRV GD FUL VHVVHV WKH LPSDFWV RI WKH JOREDO FULVLV RQ VH PXQGLDO VREUH DV HFRQRPLDV UHJLRQDLV UHJLRQDO %UD]LOLDQ HFRQRPLHV 7KH 1RUWK EUDVLOHLUDV $V UHJL}HV 1RUWH 6XGHVWH H HUQ 6RXWKHDVWHUQ DQG 6RXWKHUQ UHJLRQV 6XO DSDUHFHP FRPR DV JUDQGHV iUHDV LP DUH WKRVH VXIIHULQJ WKH JUHDWHVW HIIHFWV SDFWDGDV (OH DFUHGLWD TXH D SHVTXLVD p +H EHOLHYHV WKDW UHVHDUFK LV D ULFK VRXUFH XPD ULFD IRQWH GH GDGRV SDUD D FULDomR GH RI GDWD IRU FUHDWLQJ GLIIHUHQWLDWHG UH SROtWLFDV S~EOLFDV UHJLRQDLV GLIHUHQFLDGDV JLRQDO SXEOLF SROLFLHV DV WKHUH DUH VWDWHV Mi TXH H[LVWHP HVWDGRV FRP PDLRU VXVFH PRUH VXVFHSWLEOH WR WKH RXWFRPHV RI WLELOLGDGH DRV HIHLWRV GD FULVH WKH FULVLV & $ ' ( 5 1 2 6 ) * 9 3 5 2 - ( 72 6 * ( 6 7 ® 2 * 2 9 ( 5 1 $ 0 ( 1 7$ / $%675$&7 _ 5(6802 &21)(5(1&,$6 ([LVWH XPD WUDGLomR DFDGrPLFD H PHVPR GH DQiOLVH GH $TXL DSUHVHQWDUHL DSHQDV GRLV UHVXOWDGRV PDV H[LVWH IRUPXODomR GH SROtWLFD QR %UDVLO TXH GXUDQWH PXLWRV XP UHODWyULR FRPSOHWR H GHWDOKDGR GLVSRQtYHO QR VLWH GD DQRV VH FRQFHQWURX QR LPSDFWR GDV PHGLGDV GH SROtWLFD )XQGDomR *HWXOLR 9DUJDV 2 SULPHLUR GHVVHV UHVXOWDGRV HFRQ{PLFD VREUH DV FODVVHV VRFLDLV 0DV VH À]HUPRV XPD EXVFD H[SOLFDU D UHODomR HQWUH R HPSUHJR QDFLRQDO QR UHYLVmR VREUH HVVDV DQiOLVHV REVHUYDUHPRV XPD JUDQGH FRQFHLWR PDFURHFRQ{PLFR H QDV UHJL}HV H HVWDGRV EUDVL ODFXQD WDQWR QD DFDGHPLD TXDQWR QRV LQVWLWXWRV GH SHV OHLURV (VVD DQiOLVH IHLWD SDUD R SHUtRGR DQWHULRU j FULVH TXLVD H PHVPR QRV yUJmRV JRYHUQDPHQWDLV $LQGD QmR VH WHYH R LQWXLWR VLPSOHVPHQWH GH FRPSURYDU DV GLIHUHQoDV WHP XPD UHVSRVWD SRU H[HPSOR j SHUJXQWD VREUH TXDO GH FLFORV PDFURHFRQ{PLFRV HP QtYHO UHJLRQDO 8PD RXWUD p R LPSDFWR GD PXGDQoD GR HPSUHJR HP QtYHO QDFLRQDO UHVXOWDQWH GL] UHVSHLWR D VH LGHQWLÀFDU R UHÁH[R GD FULVH VREUH R HPSUHJR QDV GLYHUVDV UHJL}HV H QRV GLYHUVRV HV DWUDYpV GHVVHV PHVPRV LQGLFDGRUHV QDFLRQDLV H UHJLRQDLV WDGRV 3HUJXQWDV FRPR HVWD DWp SRGHP VHU VLPSOHV PDV GH VHWHPEUR GH DWp KRMH $V YDULiYHLV XVDGDV SDUD FDUUHJDP XP YROXPH JUDQGH GH LQIRUPDo}HV TXH GHYHP HVVD VHJXQGD DQiOLVH IRUDP R HPSUHJR DV H[SRUWDo}HV VHU DQDOLVDGDV D DUUHFDGDomR GH EHP D DUUHFDGDomR IHGHUDO WRWDO D ( TXDO D UHOHYkQFLD GHVWH WLSR GH DQiOLVH" 8P GRV DUUHFDGDomR GH ,&06 R ÌQGLFH GH 9HQGDV GR &RPpUFLR SRQWRV LPSRUWDQWHV QD PLQKD RSLQLmR p TXH DR VDEHU R ÁX[R GH FUpGLWR H DV 7UDQVIHUrQFLDV &RQVWLWXFLRQDLV HP TXH PHGLGD R FLFOR HFRQ{PLFR DIHWD GLIHUHQWHPHQWH SHORV HVWDGRV DV UHJL}HV p SRVVtYHO JHUDU XP SURFHVVR GH UDFLRQDOL 1yV WHPRV SRUWDQWR WUrV JUDQGHV JUXSRV GH ]DomR GD IRUPXODomR GD SROtWLFD FRP HIHLWRV ORFDLV $V LQGLFDGRUHV 8P GHOHV UHIHUHVH DRV tQGLFHV PDFURHFR FRQVHTXrQFLDV GD FULVH HVWmR VHQGR VHQWLGDV GH IRUPDV Q{PLFRV GH QtYHO GH DWLYLGDGH UHSUHVHQWDGR SHODV H[ PXLWR GLIHUHQFLDGDV QRV HVWDGRV GR %UDVLO ( VDEHPRV TXH SRUWDo}HV SHODV YHQGDV GR FRPpUFLR H SHOR HPSUHJR QmR Ki QHQKXPD DQiOLVH IHLWD QR VHQWLGR GH TXDLV UHJL}HV 2 RXWUR UHIHUHVH DR ÁX[R GH FUpGLWR TXH SRU VXD YH] HVWmR VRIUHQGR PDLV H TXDLV PHQRV $OpP GLVVR R TXH p XP LPSRUWDQWH LQGLFDWLYR ÀQDQFHLUR ( SRU ÀP Ki R QyV WHPRV KRMH HP WHUPRV GH LPSDFWR GD FULVH Mi p JUXSR GH TXDWUR LQGLFDGRUHV GH SROtWLFDV ÀVFDLV IHGHUDO VXÀFLHQWHPHQWH UHOHYDQWH SDUD TXH VH SURFXUH DQDOLVDU H HVWDGXDO 7RGRV HOHV WDOYH] QmR UHSUHVHQWHP HP VXD $V HFRQRPLDV UHJLRQDLV SRVVXHP FDUDFWHUtVWLFDV WRWDOLGDGH WXGR R TXH DFRQWHFH QDV UHJL}HV PDV FDQDOL EDVWDQWH GLVWLQWDV HQWUH VL FRPR HVWUXWXUD SURGXWLYD ]DP WRGR R GHVHPSHQKR GH FDGD XPD GHODV HP WHUPRV GRWDomR GH UHFXUVRV GLIHUHQoDV JHRJUiÀFDV H DWp PHV PDFURHFRQ{PLFRV PR GH DUWLFXODomR SROtWLFD GH VHXV UHSUHVHQWDQWHV 7RGDV 2 SURFHGLPHQWR XWLOL]DGR IRL UHODWLYDPHQWH VLP HVVDV YDULiYHLV VH FRQVROLGDP H ID]HP FRP TXH PXLWRV SOHV 3DUD FRPSDUDU GHVHPSHQKRV GH GRLV SHUtRGRV GLV GRV LPSDFWRV GD FULVH VHMDP H[WUHPDPHQWH GLIXVRV FRP WLQWRV DGRWDPRV RV LPHGLDWDPHQWH VHJXLQWHV SDUD HYLWDU HVVH WUDEDOKR TXHUHPRV PRVWUDU R TXH HVWi DFRQWHFHQGR HIHLWRV GH VD]RQDOLGDGH 3HJDPRV RV GDGRV GH VHWHPEUR QDV HFRQRPLDV UHJLRQDLV 0DV p LPSRUWDQWH GHVWDFDU TXH GH DWp PDUoR GH H RV UHODFLRQDPRV FRP RV QmR WUDWDUHPRV R SRUTXr GHVVDV GLIHUHQoDV H[LVWLUHP Q~PHURV GH VHWHPEUR GH D PDUoR GH $VVLP FRPR WDPEpP QmR IDODUHPRV GDV PHGLGDV GH SROtWLFDV REVHUYDPRV TXDLV VmR DV WD[DV GH YDULDomR HP VHSDUDGR HFRQ{PLFDV TXH GHYHP VHU DGRWDGDV SDUD PLWLJDU HVVHV HP FDGD UHJLmR H HP FDGD HVWDGR EUDVLOHLUR HP FRPSD HIHLWRV 8P GRV QRVVRV REMHWLYRV p DWUDYpV GD HYROXomR UDomR DR TXH DFRQWHFHX QR PHVPR SHUtRGR DQWHULRU UHFHQWH GH GLYHUVRV LQGLFDGRUHV FRPSDUDU RV LPSDFWRV GD FULVH DWXDO VREUH DV UHJL}HV H RV HVWDGRV EUDVLOHLURV $ SULPHLUD YDULiYHO D VHU DQDOLVDGD p R HPSUH JR 6RE HVWH DVSHFWR KRXYH XPD LQYROXomR SDUD WRGDV DV $ DUUHFDGDomR GH ,3, p RXWUR SRQWR EDVWDQWH VHQVtYHO XPD KHWHURJHQHLGDGH UHJLRQDO EDVWDQWH DFHQWXDGD FRP 9HULÀFDPRV WDPEpP TXHGDV PXLWR IRUWHV QD DUUHFDGDomR UHODomR DR HPSUHJR IRUPDO FRP GHVWDTXH SDUD DV UHJL GHVGH VHWHPEUR GH DWp KRMH $V GLIHUHQoDV UHJLR }HV 1RUWH H 6XGHVWH H PDLV PRGHUDGDPHQWH SDUD 1RU QDLV VmR EDVWDQWH DFHQWXDGDV FRP PDLRU GHVWDTXH SDUD GHVWH 6XO H &HQWUR2HVWH $TXL DOLiV WHPRV XP GDGR DV TXHGDV QR 6XO H 6XGHVWH FRPR Mi HUD HVSHUDGR 0DV D QRYR TXH WDOYH] VHMD DWp FRQWUDLQWXLWLYR TXH p D JUDQGH UHJLmR 1RUWH YROWD D DSDUHFHU FRP JUDQGH UHWUDomR GLPLQXLomR GR HPSUHJR QR 1RUWH GR %UDVLO _ UHJL}HV H XPD GHVDFHOHUDomR IRUWH 5HYHORXVH WDPEpP $ DUUHFDGDomR IHGHUDO FRP H[FHomR GR ,3, H &30) FDLX GH IRUPD KHWHURJrQHD QDV UHJL}HV PDV HP D DWHQomR SRUTXH D TXHGD UHODWLYD HP UHODomR DR GHVHP WRGDV HODV 2 UHFROKLPHQWR GR ,&06 VHJXLX R PHVPR SD SHQKR DQWHV GD FULVH p EDVWDQWH H[SUHVVLYD $R ODGR GR GUmR FRP SHUGDV UHOHYDQWHV HP WRGDV DV UHJL}HV SULQFL ,3, HVWD IRL D YDULiYHO TXH UHJLVWURX DV PDLRUHV TXHGDV SDOPHQWH QD 1RUWH 'H QRYR R SDGUmR VH UHSHWH HP WHUPRV GH GLIHUHQoDV 7RGRV HVVHV LQGLFDGRUHV GDV RLWR YDULiYHLV IRUDP UHJLRQDLV 2FRUUHX XPD PDLRU UHWUDomR QDV UHJL}HV 6XO FRQVROLGDGRV DWUDYpV GH XPD WpFQLFD HVWDWtVWLFD GH FRP H 6XGHVWH H XPD GHVDFHOHUDomR PHQRU QD &HQWUR2HVWH SRQHQWHV SULQFLSDLV HP TXH VH WHQWD PHGLU D VXVFHWLEL -i R tQGLFH GH YHQGDV GR FRPpUFLR PRVWUD XP SDGUmR GH OLGDGH GH FDGD UHJLmR DRV HIHLWRV GD FULVH 3HUFHEHPRV TXHGD HP WRGDV DV UHJL}HV 0DV WDPEpP QHVWH FDVR D TXH H[LVWHP GRLV JUXSRV DV UHJL}HV 1RUWH 6XGHVWH H 6XO UHJLmR 1RUWH DSUHVHQWD XPD UHWUDomR EDVWDQWH DFHQWXD TXH VRIUHUDP PDLRU LPSDFWR H DV &HQWUR2HVWH H 1RU GD D PDLRU GH WRGDV HODV GHVWH FRP XP FKRTXH EHP PHQRU & $ ' ( 5 1 2 6 ) * 9 3 5 2 - ( 72 6 * ( 6 7 ® 2 * 2 9 ( 5 1 $ 0 ( 1 7$ / $V H[SRUWDo}HV IRUDP RXWUR GDGR TXH QRV FKDPRX &21)(5(1&,$6 6-. ., $46.4 19+'.4 -3 +' -3 +' (FRQRPLVWD IRUPDGR SHOD )DFXOGDGH GH (FRQRPLD $GPL $QGUHD &DODEL LV DQ HFRQRPLVW ZLWK D GHJUHH IURP WKH QLVWUDomR H &RQWDELOLGDGH GD 8QLYHUVLGDGH GH 6mR 3DXOR 6FKRRO RI (FRQRPLFV $GPLQLVWUDWLRQ DQG $FFRXQWLQJ RI )($863 0HVWUH SHOR ,3(863 H 3K' SHOD 8QLYHUVLGDGH WKH 8QLYHUVLW\ RI 6DR 3DXOR )($863 KH KROGV D 0DVWHU·V GD &DOLIyUQLD %HUNHOH\ )RL 3URIHVVRU GD )($863 'LUHWRU IURP ,3(863 DQG D 3K' IURP WKH 8QLYHUVLW\ RI &DOLIRUQLD 3UHVLGHQWH GD ',9(63 6HFUHWiULR *HUDO GD 6(3/$135 %HUNHOH\ +H ZDV D 3URIHVVRU ZLWK )($863 &(2 RI ',9(63 'LUHWRU 3UHVLGHQWH GR ,3($ 6HFUHWiULR GR 7HVRXUR 1DFLRQDO 6HFUHWDU\*HQHUDO RI 6(3/$1 6WDWH RI 3DUDQi &(2 RI H 0LQLVWpULR GD )D]HQGD 6HFUHWiULR ([HFXWLYR GR 0LQLVWpULR ,3($ 6HFUHWDU\ RI WKH 1DWLRQDO 7UHDVXU\ DQG 0LQLVWU\ RI )L GR 3ODQHMDPHQWR 3UHVLGHQWH GR %DQFR GR %UDVLO 3UHVLGHQWH QDQFH 9LFH0LQLVWHU RI WKH 0LQLVWU\ RI 3ODQQLQJ 3UHVLGHQW GR %1'(6 H 6HFUHWiULR GH (FRQRPLD H 3ODQHMDPHQWR GR RI %DQFR GR %UDVLO 3UHVLGHQW RI %1'(6 DQG (FRQRP\ DQG (VWDGR GH 6mR 3DXOR $WXDOPHQWH p FRRUGHQDGRU GH SURMHWRV 3ODQQLQJ 6HFUHWDU\ IRU WKH 6WDWH RI 6DR 3DXOR +H LV FXU GD )*9 3URMHWRV UHQWO\ SURMHFW FRRUGLQDWRU ZLWK )*9 3URMHWRV 5(6802 $%675$&7 2 SURIHVVRU $QGUHD &DODEL VH DSURIXQGRX QD TXHVWmR GD 3URIHVVRU $QGUHD &DODEL FRQGXFWHG DQ LQGHSWK VWXG\ RI DUUHFDGDomR WULEXWiULD $ DQiOLVH GRV GDGRV GH UH WKH TXHVWLRQ RI WD[ UHYHQXHV $Q DQDO\VLV RI WKH FRPHQGDP SUXGrQFLD H FRQWUROH GD TXDOLGDGH QRV JDVWRV GDWD OHG KLP WR UHFRPPHQG FDXWLRQ DQG FRQWURO LQ WKH S~EOLFRV $V GLIHUHQoDV HQWUH DV UHFHLWDV IHGHUDLV H RV WUL TXDOLW\ RI SXEOLF H[SHQGLWXUHV 7KH GLIIHUHQFHV EHWZHHQ EXWRV FRPSDUWLOKDGRV PRVWUDP TXH QmR VH DSOLFD D LGHLD IHGHUDO UHYHQXHV DQG WD[HV VKDUHG DPRQJ IHGHUDO DQG GH TXH DV SHUGDV DIHWDP D WRGRV LJXDOPHQWH ORFDO DXWKRULWLHV VKRZ WKDW WKH LGHD WKDW ORVVHV HTXDOO\ DIIHFW HYHU\RQH LV QRW DSSOLFDEOH 'XDV FRQFOXV}HV GH RUGHP JHUDO HPHUJHP VyOLGD FRPR R 6XGHVWH H PHVPR R 1RUWH DSyV D DQiOLVH GH DOJXQV DVSHFWRV JHUDLV SRU FRQWD GD 6XIUDPD H GDV TXHVW}HV GD GD FULVH PXQGLDO $ SULPHLUD GHODV GL] UHV PLQHUDomR VRIUHP PDLV GR TXH R 1RUGHV SHLWR j SURIXQGLGDGH GD SUySULD FULVH H WH H R &HQWUR2HVWH )D]VH QHFHVViULR D VHJXQGD UHIHUHVH j GLÀFXOGDGH GH VH HQWHQGHU PHOKRU RV PRWLYRV SHORV TXDLV VDEHU KRMH R TXDQWR HOD SRGH GXUDU 2 H[LVWH HVVD GLIHUHQFLDomR TXH HOD FRQWpP HOHPHQWRV TXH PRVWUDP WLU D FULVH GH GLIHUHQWHV IRUPDV &RPR WUDWDUVH GH XPD FULVH HP FHUWDV GLPHQ FRQVXPLGRU HYLGHQWHPHQWH WHP DV H[ V}HV DLQGD PDLV SURIXQGD TXH D GH SHFWDWLYDV H RV UHFHLRV GH HPSUHJR DIH 3RUWDQWR LQpGLWD GR SRQWR GH YLVWD GRV WDGRV H H[DFHUEDGRV 0DV FRPR JUXSRV GH JUDQGHV FLFORV PXQGLDLV 0DV VH DSUR[LPD RSLQLmR QmR GHL[D GH JXDUGDU XP JUDQ FRP GHVDÀRV VHPHOKDQWHV j FULVH TXH YLYH GH RWLPLVPR FRP UHODomR j FDSDFLGDGH R -DSmR Ki PDLV GH XPD GpFDGD GH VXSHUDomR GD FULVH QR %UDVLO DLQGD 6HJXQGR R SURIHVVRU )HUQDQGR %OX TXH QD PpGLD DFUHGLWH TXH LVVR SRVVD PHQVFKHLQ GD )*9 PRVWURX RV LPSDFWRV GHPRUDU PDLV GH GRLV DQRV 2X VHMD D GD FULVH VmR HP SULPHLUR OXJDU PXLWR SDUWLFLSDomR GRV TXH DFKDP TXH D FULVH IRUWHV HP WHUPRV PDFURHFRQ{PLFRV QR p FXUWD p PHQRU GR TXH D SRUFHQWDJHP %UDVLO ( GHSRLV GLIHUHQFLDGRV HQWUH DV GDTXHOHV TXH DFUHGLWDP TXH HOD VHUi XQLGDGHV GD )HGHUDomR (P XPD PpGLD PDLV ORQJD $ VRFLHGDGH WDPEpP DFUHGLWD HP FRQVROLGDo}HV UHJLRQDLV UHYHORXVH TXH D FULVH VHMD GHWHUPLQDGD RX PRGH TXH DOJXPDV UHJL}HV TXH WrP XP FRP UDGD SHORV SODQRV H LQLFLDWLYDV HVWDGXDLV SRUWDPHQWR RX XPD EDVH LQGXVWULDO PDLV H PXQLFLSDLV & $ ' ( 5 1 2 6 ) * 9 3 5 2 - ( 72 6 * ( 6 7 ® 2 * 2 9 ( 5 1 $ 0 ( 1 7$ / $ SRSXODomR WDPEpP SDUHFH VHQ _ SURIHVVRU <RVKLDNL 1DNDQR Mi QRV PRVWURX &21)(5(1&,$6 2 JRYHUQDGRU 6HUUD IH] XPD ORQJD H[ GDomR DR ORQJR GRV DQRV H DWp KRMH SRVLomR VREUH R GHVHQYROYLPHQWR GD DU SHUPLWLX R HTXLOtEULR ÀVFDO PHVPR HP UHFDGDomR H D HYROXomR GDV UHFHLWDV GR IDFH GH IRUWHV DXPHQWRV GH JDVWRV HVWDGR GH 6mR 3DXOR EHP FRPR VHXV XVRV 2 TXH VLJQLÀFD TXH IRL FRQVWUXtGR H LQYHVWLPHQWRV 0RVWURX DXVWHULGDGH H FRP R DXPHQWR EDVWDQWH IRUWH GD DUUHFD H[SOLFRX R GLIHUHQFLDO GRV DXPHQWRV GH GDomR TXH IH] FRP TXH D FDUJD WULEXWiULD JDVWRV QR HVWDGR TXH VH GmR PDLV HP LQ VREUH R 3,% SDVVDVVH GH FHUFD GH SDUD YHVWLPHQWRV H WrP FRPR EDVH SULQFLSDO D DOJR HP WRUQR GH QD GpFDGD VHJXLQWH LQIUDHVWUXWXUD PHWURSROLWDQD 0HQFLRQRX 2X QXPD PHGLGD PDLV UHFHQWH GR DV IRQWHV TXH QmR VmR DSHQDV WULEXWiULDV 3,% QR ÀQDO GH ( DVVLP FRPR QRV PDV WDPEpP SULYDWL]Do}HV H H[SDQVmR GH SHUtRGRV GH H[SDQVmR Ki XP DXPHQWR GD ÀQDQFLDPHQWRV DUUHFDGDomR QD FULVH RFRUUH R RSRVWR 7HQGR SRU EDVH XP SDSHU SXEOL 3RUWDQWR p GH VH HVSHUDU HP WRGRV RV Qt FDGR SHOR -RVp 5REHUWR $IRQVR YRX PH YHLV XPD TXHGD GH DUUHFDGDomR GHYLGR j DSURIXQGDU XP SRXFR VREUH D TXHVWmR ÀV GLPLQXLomR QR ULWPR GD DWLYLGDGH FDO 2 WUDEDOKR HVWi IXQGDPHQWDGR VREUH &RPR H[HPSOR GH YDULDomR UHDO DV DUUHFDGDo}HV WULEXWiULDV GRV SULPHLURV HQWUH RV SULPHLURV ELPHVWUHV GH H ELPHVWUH H WULPHVWUH GHVVH DQR HP UHOD -RVp 5REHUWR $IRQVR PRVWUD TXH omR DRV PHVPRV SHUtRGRV GH 7XGR D TXHGD GR 3,% IRL GH GR ,&06 GH LVVR FODUR QR kPELWR GDV GLVFXVV}HV VR GD UHFHLWD IHGHUDO H GR )XQ EUH R LPSDFWR GD FULVH QDV ÀQDQoDV S~EOL GR GH 3DUWLFLSDomR GH HVWDGRV H PXQLFt FDV QRV GLYHUVRV QtYHLV GH JRYHUQR SLRV GH 2X VHMD VH Ki TXHGD QD 'H IDWR R FUHVFLPHQWR GD DUUHFD DUUHFDGDomR IHGHUDO LVWR RFRUUH SURSRU FLRQDOPHQWH PHQRV GR TXH D TXHGD QD DUUHFDGDomR HVWDGXDO 1R HQWDQWR D PDLRU TXHGD RFRUUH QR )XQGR GH 3DUWLFLSDomR ,VVR VH H[SOLFD SRUTXH IXQGDPHQWDOPHQWH D PDLRU SDUWH GD TXHGD GH DUUHFDGDomR WULEXWiULD IHGHUDO VH Gi VREUH RV LPSRVWRV TXH VmR SDUWLOKDGRV FRP HVWDGRV H PXQLFtSLRV R ,3, ,PSRVWR GH 5HQGD H D &,'( 'R ODGR IHGHUDO R JUDQGH DXPHQWR GD DUUHFDGDomR HP H QRV DQRV DQWHULR UHV p DWULEXtYHO D WUrV HOHPHQWRV TXH VRIUHUDP PXLWR FRP D FULVH H H[SOLFDP R SRUTXr GD DWXDO UHGXomR 2 SULQFLSDO FRPSRQHQWH GD DUUHFDGDomR IHGHUDO HVWi YLQFXODGR D UHFHLWDV GH VHUYLoRV ÀQDQFHLURV $ VHJXQGD JUDQGH IRQWH VmR LPSRVWRV VREUH D LQG~VWULD DXWRPRELOtVWLFD ( D WHUFHLUD VREUH LQVXPRV SURGXWLYRV H VLGHUXUJLD 5HVSHFWLYDPHQWH H 'HVVD IRUPD GD DUUHFDGDomR IHGHUDO GHSHQGHP GHVVHV VHWRUHV TXH IRUDP IRUWHPHQWH DIHWDGRV SHOD FULVH 3DUD R %UDVLO D IRQWH GD FULVH IRL XPD EUXVFD LQWHUUXSomR GH FUpGLWR H[WHUQR 8PD UiSLGD UHGXomR GH ÀQDQFLDPHQWRV 6HJXQGR $IRQVR ´FRP DFHVVR DR FUpGLWR LQWHU URPSLGR RX GLÀFXOWDGR H PHVPR TXDQGR GLVSRQtYHO FRP WD[DV GH MXURV DEVXUGDPHQWH DOWDV R DWUDVR QR UHFROKLPHQWR GH WULEXWRV TXH p GLIHUHQWH GH VRQHJDomR WRUQRXVH XPD RSomR LQWHUHVVDQWH $Wp SRUTXH R VHX FXVWR MXURV GH PRUD H PXOWD VH WRUQDYD XP FXVWR GH RSRUWXQLGDGH DWUDHQWH GLDQWH GDV WD[DV EDQFiULDV ,VVR SDUD QmR GL]HU TXH p XPD GHFLVmR GH DFHVVR D XP FUpGLWR TXH R SUySULR FRQWULEXLQWH FRPDQGD H QmR GHSHQGH GH XP JHUHQWH GH EDQFRµ 2X VHMD QDV TXHVW}HV GH UHGXomR GD DUUHFDGDomR Ki WDPEpP XP LPSDFWR GH WULEXWRV GHFODUDGRV PDV QmR UHFROKLGRV 0XQGLDOPHQWH SDUD DWHQXDU RV HIHLWRV GD FULVH VREUH RV FRQWULEXLQWHV H WHQWDU HVWLPXODU D GHPDQGD GD HFRQRPLD DGRWDUDPVH YiULDV PHGLGDV GH GHVRQHUDomR WULEX WiULD 2 TXH D 7HUH]D 7HU 9OLQDVVLDQ SHVTXLVDGRUD GR GHSDUWDPHQWR GH DVVXQWRV ÀVFDLV _ GR )0, PRVWUD p TXH HP TXDVH WRGRV RV SDtVHV GR PXQGR RV WULEXWRV TXH IRUDP UHGX ]LGRV VmR GLUHWRV GH UHQGD EDVLFDPHQWH (QTXDQWR TXH DTXL RV LPSRVWRV GLPLQXtGRV IRUDP IXQGDPHQWDOPHQWH LQGLUHWRV FRPR R ,3, H R ,&06 & $ ' ( 5 1 2 6 ) * 9 3 5 2 - ( 72 6 * ( 6 7 ® 2 * 2 9 ( 5 1 $ 0 ( 1 7$ / &21)(5(1&,$6 2V FRQGLFLRQDQWHV DTXL OLVWDGRV ´SDUHFHP WmR LPSRUWDQWHV TXH SURYDYHOPHQWH D WHQ GrQFLD REVHUYDGD QHVVHV SULPHLURV PHVHV GR DQR GH UHGXomR GD DUUHFDGDomR WULEXWiULD HP ULWPR PDLV DFHQWXDGR GR TXH D HFRQRPLD QmR GHYHUi VHU DWHQXDGD H PXLWR PH QRV UHYHUWLGD YLVWR TXH HVVD WHQGrQFLD DYDQoD DR ORQJR GH $QDOLVWDV Mi WUDoDP SURMHo}HV GH XPD FRQWHQomR LPSRUWDQWH QR QtYHO GD FDUJD WULEXWiULD JOREDO HVVH DQRµ DYDOLD R DXWRU GR SDSHU &RPR H[HPSOR XPD VLPXODomR GR %DQFR 6DQWDQGHU DSRQWD XPD TXHGD GH DUUHFDGDomR HQWUH H GH ,PSRVWR GH 5HQGD GH DFRUGR FRP DV HODVWLFLGDGHV HVWLPDGDV 2 IDWR p GH TXH QR FHUQH GHVVH GHEDWH S~EOLFR H GD TXHVWmR GD UHGXomR GH UHFHLWDV HVWi D UHFODPDomR GRV SUHIHLWRV HP UHODomR DR GHFUpVFLPR GRV )XQGRV GH 3DUWLFLSDomR GRV 0XQLFtSLRV )30 TXH WRPDP SRU EDVH SULQFLSDOPHQWH D DUUHFDGDomR IHGHUDO GH GRLV LPSRVWRV R ,3, H R ,5 $ GLYXOJDomR UHFHQWH GD DUUHFDGDomR WULEXWiULD GR SULPHLUR WULPHVWUH GH ´PRVWUD TXH Ki XP LQHJiYHO GHVHTXLOtEULR IHGHUDWLYR DR PHQRV QHVVH SHUtRGR PDLV UHVWULWR GH REVHUYDomR e LPSRUWDQWH WDPEpP QmR OLPLWDU D TXHVWmR DR )30 SRUTXH D PHVPD EDVH DOLPHQWD R )XQGR GH 3DUWLFLSDomR GRV HVWDGRV H RV )XQGRV &RQVWLWXFLRQDLV 5HJLRQDLV GH 'HVHQYROYLPHQWR )XQGR 1RUWH 1RUGHVWH H &HQWUR2HVWH 6RPDGRV GD UHFHLWD GR ,5 H GR ,3, VmR UHSDUWLGRVµ &RQVLGHUDQGR R ,5 ,3, ,75 H D &,'( p SRVVtYHO YHULÀFDU TXH QR SULPHLUR WUL PHVWUH GH H QR PHVPR SHUtRGR GH D DUUHFDGDomR IHGHUDO WHYH XPD TXHGD UHDO GH 5 ELOK}HV -i RV GHPDLV WULEXWRV IHGHUDLV LQFOXLQGR FRQWULEXLo}HV SDUD D SUHYLGrQFLD VRFLDO VRIUHUDP XP UHFXR GH DSHQDV 5 ELOK}HV 'LWR GH RXWUD IRUPD D TXHGD GD DUUHFDGDomR IRL GD RUGHP GH H QR HQWDQWR VmR GHYLGRV D LPSRVWRV FRPSDUWLOKDGRV 8P RXWUR SRQWR TXH YDOH D SHQD VHU PHQFLRQDGR p XPD FHUWD FRQFHQWUDomR QR TXH VH UHIHUH j GLIHUHQoD GH LPSDFWRV GD FULVH VREUH D DUUHFDGDomR HVWDGXDO GR ,&06 D SDUWLU GD &RQVWLWXLomR GH VREUH WUrV FRPSRQHQWHV LPSRUWDQWHV HQHUJLD HOpWULFD FRPEXVWtYHLVOXEULÀFDQWHV H WHOHFRPXQLFDo}HV (YLGHQWHPHQWH TXH SHOD QDWXUH]D GD GHPDQGD H GRV SUHoRV QHVVHV VHWRUHV HOHV QmR VRIUHP WDQWR TXDQWR D LQG~VWULD DXWR PRELOtVWLFD H VHUYLoRV ÀQDQFHLURV $ HQRUPH GLIHUHQoD GH FRPSRUWDPHQWR HQWUH DV UHFHLWDV IHGHUDLV H WULEXWRV FRPSDU WLOKDGRV H[FOXVLYRV QR SULPHLUR WULPHVWUH VLJQLÀFD TXH QmR VH DSOLFD D LGHLD GH TXH DV SHUGDV DIHWDP D WRGRV LJXDOPHQWH RX GH IRUPD SDUHFLGD 3HUFHEHVH SRUWDQWR R TXDQWR p SRVVtYHO DPSOLDU HVVD OHLWXUD &RORTXHPRV ODGR D ODGR D DUUHFDGDomR GDV SULQFLSDLV IRQWHV GH UHFHLWD GD 8QLmR QR SULPHLUR WULPHVWUH GH H QR SULPHLUR WULPHVWUH GH H[WUDtGDV GR 6,$) H FRUULJLGDV SHOD YDULDomR GR TXHGD VH GHX QDV JUDQGHV PLFURV H SHTXHQDV ( QmR QR HVWDPHQWR PpGLR ([LVWH DLQGD _ ,3&$ H TXH PRVWUDP WDPEpP GLIHUHQoDV SRU WDPDQKR GH HPSUHVDV *UDQGH SDUWH GD XP GLIHUHQFLDO VHWRULDO TXH LQGLFD XPD TXHGD GH DUUHFDGDomR GH ,&06 SRU XQLGDGH GD IHGHUDomR FRP UHVXOWDGRV LPSRUWDQWH QR $PD]RQDV %DKLD H 0LQDV *HUDLV TXH FRLQFLGH FRP HOHPHQWRV GR LPSDFWR GLIHUHQFLDGR GD FULVH SRU HVWDGRV GD FULVH ÀQDQFHLUD JOREDO PDV Mi p WDUGH R VXÀFLHQWH SDUD GL]HU TXH R LPSDFWR IRL SUR IXQGR H PXLWR PDLV QHJDWLYR GR TXH RV HIHLWRV VREUH D SURGXomR HFRQ{PLFD QDFLRQDO $ ~QLFD FHUWH]D DEVROXWD H[WUDtGD GD DQiOLVH GRV SULPHLURV UHVXOWDGRV GD DUUHFDGDomR WULEXWiULD GH p TXH D SUXGrQFLD QD JHVWmR RUoDPHQWiULD GH FXUWR SUD]R GHYHULD VHU IRUoDGD DR OLPLWH ( LVVR p PXLWR SUHRFXSDQWH SRUTXH DV QRWtFLDV TXH YrP GR EDODQoR GH ÁX[RV ÀVFDLV VmR GH XPD H[SDQVmR LJXDOPHQWH IRUWH QRV JDVWRV S~EOLFRV SRUpP LQ ÁXHQFLDGDV SHODV GHVSHVDV FRUUHQWHV H GH FDUiWHU SHUPDQHQWH ( LVVR FKDPD D DWHQomR SDUD XP FRQWUROH PDLV DSXUDGR GD TXDOLGDGH GRV JDVWRV & $ ' ( 5 1 2 6 ) * 9 3 5 2 - ( 72 6 * ( 6 7 ® 2 * 2 9 ( 5 1 $ 0 ( 1 7$ / $LQGD p FHGR SDUD IDODU HP WHQGrQFLDV QD DUUHFDGDomR WULEXWiULD QR SDtV GLDQWH &21)(5(1&,$6 &'46/3' .,. ;,1+. -. .,6 3'4 .4&'*' *-. .4&'*' *-. )RUPDGR HP $GPLQLVWUDomR GH (PSUHVDV <RVKLDNL 1DNDQR JUDGXDWHG LQ %XVLQHVV SHOD )XQGDomR *HWXOLR 9DUJDV e 'LUHWRU GD $GPLQLVWUDWLRQ IURP )XQGDomR *HWXOLR (VFROD GH (FRQRPLD GD )*9 )*9((63 H 9DUJDV &XUUHQWO\ 'LUHFWRU RI )*9·V 6FKRRO &KHIH GR 'HSDUWDPHQWR GH (FRQRPLD 3$( RI (FRQRPLFV )*9((63 DQG +HDG RI WKH GD )*9((63 'HVGH p SURIHVVRU GH (FRQRPLFV 'HSDUWPHQW 3$( RI )*9((63 (FRQRPLD GD )*9 IRL 6HFUHWiULR GD )D]HQGD +H KDV EHHQ D 3URIHVVRU RI (FRQRPLFV DW GR (VWDGR GH 6mR 3DXOR D H )*9 VLQFH ZDV )LQDQFH 6HFUHWDU\ IRU 6HFUHWiULR (VSHFLDO GH $VVXQWRV (FRQ{PLFRV WKH 6WDWH RI 6mR 3DXOR DQG GR 0LQLVWpULR GD )D]HQGD 6SHFLDO 6HFUHWDU\ RI (FRQRPLF $IIDLUV RI WKH 0LQLVWU\ RI )LQDQFH 5(6802 $%675$&7 2 SURIHVVRU <RVKLDNL 1DNDQR ID] XPD DQi 3URIHVVRU <RVKLDNL 1DNDQR IRUPXODWHV D OLVH JHUDO GD RULJHP GD FULVH HFRQ{PLFD JHQHUDO DQDO\VLV RI WKH RULJLQ RI WKH JORE QR PXQGR H GH VXDV SHFXOLDULGDGHV QR DO HFRQRPLF FULVLV DQG LWV SHFXOLDULWLHV %UDVLO $ SDUWLU GLVVR FULWLFD R XVR GD SR SUHYDLOLQJ LQ %UD]LO %DVHG RQ WKLV VWXG\ OtWLFD ÀVFDO SDUD FRPEDWrOD ([LVWHP DO KH FULWLFL]HV WKH XVH RI ÀVFDO SROLF\ WR WHUQDWLYDV UD]RiYHLV SDUD R %UDVLO VDLU GD FRPEDW WKH FULVLV +H EHOLHYHV WKDW WKHUH FULVH FRP RIHUWD PDLRU GH FUpGLWR UHGX DUH YLDEOH DOWHUQDWLYHV IRU %UD]LO WR RYHU omR GH MXURV H OLEHUDomR GH FRPSXOVyULR FRPH WKH FULVLV E\ PDNLQJ PRUH FUHGLW SDUD D FRQVHTXHQWH H QHFHVViULD UHWRPD DYDLODEOH UHGXFLQJ LQWHUHVW UDWHV DQG GD GH LQYHVWLPHQWRV H[HPSWLQJ FRPSXOVRU\ GHSRVLW UHTXLUH PHQWV ZLWK WKH &HQWUDO %DQN SULRU WR D VXEVHTXHQW DQG QHFHVVDU\ UHVXPSWLRQ RI LQYHVWPHQWV 3UHWHQGR DERUGDU D TXHVWmR GD UHVSRVWD GD SROtWLFD PDFURHFRQ{PLFD j FULVH ÀQDQFHLUD JOREDO H DV LPSOLFDo}HV SDUD R GHVHQYROYLPHQWR GD HFRQRPLD EUDVLOHLUD 0DV ORJLFD PHQWH DQWHV GH IRFDU QR %UDVLO WHUHL TXH IDODU VREUH D FULVH ÀQDQFHLUD HP VL $ FULVH DWXDO p XPD GDTXHODV JUDQGHV FULVHV ÀQDQFHLUDV TXH RFRUUHP D FDGD RX DQRV H TXH UHDOPHQWH YDL PDUFDU R IXWXUR GD HFRQRPLD PXQGLDO SRLV HOD p JOREDO LQVWLWXFLRQDO H VLVWrPLFD H WUDUi LPSRUWDQWHV PXGDQoDV HVWUXWXUDLV $FUHGLWR LQFOXVLYH TXH WHUHPRV XPD WUDQVIRUPDomR VLJQLÀFDWLYD QD SUySULD FRQÀJXUDomR GD VR FLHGDGH H SDUWLFXODUPHQWH FRP UHWUDomR GDV SROtWLFDV OLEHUDOL]DQWHV H UHIRUoR QR SD SHO GR HVWDGR QD HFRQRPLD 1R FDVR EUDVLOHLUR p SUHFLVR SHQVDU QR H UHIRUPDU R HVWDGR SDUD WRUQiOR PRGHUQR H LQGXWRU GR FUHVFLPHQWR $LQGD QmR H[LVWHP VLQDLV GH XPD VDtGD D FXUWR SUD]R e GLItFLO SUHYHU VH XPD FULVH GHVVH WLSR LUi GXUDU WUrV FLQFR RX GH] DQRV 4XDQGR VXUJHP LQIRUPDo}HV GH TXH R ´SLRU Mi SDVVRXµ H PXLWRV SDVVDP D DFUHGLWDU TXH D UHFXSHUDomR HVWi HP FXUVR SRGH YLU XP QRYR WRPER 7XGR p SRVVtYHO %DVWD OHPEUDU TXH D JUDQGH FULVH GH GXURX DQRV H RV (VWDGRV 8QLGRV Vy VDtUDP GD FULVH FRP R LQtFLR GD 6HJXQGD *XHUUD 0XQGLDO H WDPEpP TXH D FULVH ÀQDQFHLUD MDSRQHVD GRV DQRV GXURX SUDWLFDPHQWH DQRV $PEDV IRUDP PDUFDGRV SRU VXFHVVLYDV UHFXSHUDo}HV VHJXLGDV GH GHWHULRUDo}HV 0HVPR DVVLP DFUHGLWR TXH VHMD SRVVtYHO HVERoDU DOJR VREUH R IXWXUR DWp SRUTXH RV _ DPHULFDQRV TXH FHUWDPHQWH PDQWHUmR D VXD KHJHPRQLD SHQVDP D ORQJR SUD]R H WrP XP VLVWHPD PRQXPHQWDO GH SODQHMDPHQWR GD DomR JRYHUQDPHQWDO Mi DSUHVHQWDUDP R TXH HOHV LPDJLQDP VHU VXD QRYD HVWUDWpJLD GH ORQJR SUD]R SyVFULVH SULRUL]DQGR R GHVHQYROYLPHQWR GH QRYD IRQWH GH HQHUJLD VXVWHQWiYHO UHQRYDomR H PRGHUQL]DomR GD 6H QyV FRPSDUDUPRV D FULVH DWXDO FRP D GD GpFDGD GH DOJXQV GDGRV HVWD WtVWLFRV PRVWUDP XPD VLWXDomR EDVWDQWH SUHRFXSDQWH 8P HFRQRPLVWD HVSHFLDOLVWD HP FULVHV ÀQDQFHLUDV SURIHVVRU (LFKHQJUHHQ GD 8QLYHUVLGDGH GD &DOLIyUQLD SXEOLFRX XP WUDEDOKR FRPSDUDQGR R TXH DFRQWHFHX QD HFRQRPLD PXQGLDO QHVVHV GRLV SHUtRGRV ( RV Q~PHURV TXH HOH DSUHVHQWD VmR LPSUHVVLRQDQWHV $ SURGXomR LQGXVWULDO JOREDO DV EROVDV GH YDORUHV DVVLP FRPR R FRPpUFLR H DV H[SRUWDo}HV PXQGLDLV VRIUHUDP XPD FRQWUDomR PDLRU DJRUD GR TXH QD FULVH GH 2XWUR GDGR LQWHUHVVDQWH p TXH DV UHSRVWDV SDUWLFXODUPHQWH GRV EDQFRV FHQ WUDLV IRUDP PXLWR PDLV UiSLGDV H IRUWHV QHVWD FULVH GR TXH HP $V WD[DV GH MXURV IRUDP UHGX]LGDV UDSLGDPHQWH 1HVWH SDUWLFXODU R %UDVLO HYLGHQWHPHQWH p XPD H[FH omR 6H SHJDUPRV RV VHWH SDtVHV PDLV LPSRUWDQWHV GR PXQGR D WD[D PpGLD GH MXURV GRV EDQFRV FHQWUDLV p GH PHQRV GH ( PHVPR QD $PpULFD /DWLQD DV QDo}HV UHGX]LUDP VXDV WD[DV GH MXURV H KRMH SUDWLFDPHQWH QLQJXpP SUDWLFD D WD[D QRPLQDO GH MXURV GH PDLV GH DR DQR & $ ' ( 5 1 2 6 ) * 9 3 5 2 - ( 72 6 * ( 6 7 ® 2 * 2 9 ( 5 1 $ 0 ( 1 7$ / LQIUDHVWUXWXUD ItVLFD H UHGLVWULEXLomR GH UHQGD DPSOLDQGR D DVVLVWrQFLD GH VD~GH &21)(5(1&,$6 $ RIHUWD GH PRHGD WDPEpP DXPHQWRX GH IRUPD PRQXPHQWDO GHVGH R VHJXQGR VHPHVWUH GH 1RV (VWDGRV 8QLGRV D EDVH PRQHWiULD FKHJRX D FUHVFHU H PDQWpPVH QXP QRYR SDWDPDU JUDoDV j DomR DJUHVVLYD GR )(' VRFRUUHQGR GH GLYHUVDV IRUPDV QmR Vy R VLVWHPD ÀQDQFHLUR PDV WDPEpP R SUySULR VHWRU SULYDGR SURGXWLYR SRU H[HPSOR LQMHWDQGR UHFXUVRV QR PHUFDGR GH FRPHUFLDO SDSHUV 2V GpÀFLWV S~EOLFRV YLVWRV FRPR LQGLFDGRUHV GH UHDomR WDPEpP DXPHQWDUDP PXLWR PDLV GHSUHVVD GR TXH QRV DQRV H GHYHUi FKHJDU D GR 3,% GRV (VWDGRV 8QLGRV $R ROKDUPRV D KLVWyULD QDV JUDQGHV FULVHV SHUFHEHUHPRV VXFHVVLYRV VXUWRV GH UHFXSHUDomR GDV %ROVDV GH 9DORUHV H GD SUySULD HFRQRPLD (QWUH RV DQRV H LVVR DFRQWHFHX TXDWUR YH]HV 'DGD D LQMHomR LQLPDJLQiYHO GH OLTXLGH] PRQHWiULD LVWR SRGHUi DFRQWHFHU QXP IXWXUR SUy[LPR QHVWD FULVH 0DV ORJR DSyV SHTXHQR VXUWR GH UH FXSHUDomR D HFRQRPLD SRGHUi YROWDU D PHUJXOKDU ,VWR p PDLV RX PHQRV yEYLR SRUTXH SDUD FRQWUDSRU D FRQWUDomR EUXWDO GR FUpGLWR SULYDGR GHFRUUHQWH GD FULVH RV %DQFRV &HQWUDLV H RV 7HVRXURV LQMHWDUDP XP YROXPH LPHQVR GH OLTXLGH] &ULDVH SRUWDQWR XPD VLWXDomR FRQWUDGLWyULD GH H[FHVVR GH OLTXLGH] PDV ´HPSRoDGRµ QD FRQWD GH UHVHUYDV EDQFiULDV SRLV RV EDQFRV QmR HPSUHVWDP SDUD DV HPSUHVDV H IDPtOLDV 'H RXWUR ODGR D RIHUWD LQÀQLWD GH UHFXUVRV SHORV EDQFRV FHQWUDLV D WD[D GH MXURV SUy[LPD GH ]HUR R TXH JHUD QRYD RQGD GH HVSHFXODomR FRP EDQFRV LQFUHPHQWDQGR RSHUDo}HV GH PHUFDGR ID]HQGR DV %ROVDV GH 9DORUHV H SUHoRV GDV FRPPRGLWLHV LQÁDUHP HP SOHQD UHFHVVmR e H[DWDPHQWH LVVR TXH DFRQWHFH DJRUD QR %UDVLO FRP D HQWUDGD GH FDSLWDO HVSHFXODWLYR DXPHQWDQGR RV tQGLFHV %29(63$ H DSUHFLDQGR R UHDO $VVLP D SUySULD DomR GRV EDQFRV FHQWUDLV SDUD VDOYDU R VLVWHPD ÀQDQFHLUR HVWi GH XP ODGR FULDQGR QRYDV EROKDV H GH RXWUR FULDQGR XP SUREOHPD SDUD R IXWXUR VH D OLTXLGH] H[FHVVLYD QmR IRU UHFROKLGD D LQÁDomR YLUi FRP FHUWH]D $ FULVH DWXDO WHP VXDV UDt]HV QD RQGD OLEHUDOL]DQWH D SDU SDJDPHQWRV H IXQFLRQDQGR WDPEpP FRPR EDQTXHLURV GR WLU GD GpFDGD GH FRP R FRODSVR GR HVWDGR VRYLpWLFR PXQGR FDSWDQGR UHFXUVRV D MXURV PXLWR EDL[RV H FRQVH H ÀP GD *XHUUD )ULD 1D ,QJODWHUUD 0DUJDUHW 7KDWFKHU JXLQGR JDQKRV QR H[WHULRU GH SHOR PHQRV SHUPL H 5RQDOG 5HDJDQ QRV (VWDGRV 8QLGRV LQLFLDP D RQGD OL WLUDP TXH HOHV DPSOLDVVHP R VHX GpÀFLW HP WUDQVDo}HV EHUDOL]DQWH UHWLUDQGR R (VWDGR GD HFRQRPLD SDUWLFXODU FRUUHQWHV VHP OLPLWH LQXQGDQGR R PXQGR GH GyODU PHQWH FRP D GHVUHJXODPHQWDomR GR PHUFDGR ÀQDQFHLUR $ FULVH ÀQDQFHLUD p XP SURFHVVR GH GHVWUXLomR GH FRP D KHJHPRQLD GD LGHLD GH TXH RV PHUFDGRV VmR HÀ DWLYRV ÀQDQFHLURV $ SLUkPLGH GH OLTXLGH] GHVHQYROYLGD FLHQWHV H VH DXWRUUHJXODP ,VWR SHUPLWLX TXH DV LQVWLWXL SHOR HFRQRPLVWD -RKQ ([WHU QD GpFDGD GH SHUPLWH o}HV ÀQDQFHLUDV JHUDVVHP XPD JUDQGH RQGD H ORQJD GH YLVXDOL]DU HVWH SURFHVVR FRP FODUH]D ,PDJLQH XPD SL H[SDQVmR GH FUpGLWR IHQ{PHQR TXH HVWi SRU WUiV GHVWD H UkPLGH LQYHUWLGD HP TXH EHQV H WtWXORV HVWmR RUGHQDGRV GH WRGDV DV FULVHV ÀQDQFHLUDV $ DWXDO RQGD GH H[SDQVmR HP RUGHP GH OLTXLGH] QD SDUWH VXSHULRU EDVH RV PHQRV GH FUpGLWR TXH DJRUD FKHJD DR ÀP FRP D FULVH JHURX XP OtTXLGRV LPyYHLV WtWXORV GH SURSULHGDGH GH SHTXHQDV SHUtRGR KLVWyULFR GH PDLRU LQFLGrQFLD GH EROKDV ÀQDQFHL HPSUHVDV WtWXORV GH GtYLGD SULYDGR HWF H QR WRSR RV UDV FULVHV EDQFiULDV H ÀQDQFHLUDV QD KLVWyULD PDLV OtTXLGRV RXUR PRHGD GR EDQFR FHQWUDO GHSyVLWRV &RP D UHWUDomR GD UHJXODomR H FRQWUROH DV LQR EDQFiULRV WtWXORV GR JRYHUQR HWF &RP D OLEHUDOL]DomR YDo}HV ÀQDQFHLUDV VH PXOWLSOLFDUDP H FULRXVH DTXLOR TXH HVVD SLUkPLGH YLQKD FUHVFHQGR D XPD YHORFLGDGH TXDWUR SRGHPRV FKDPDU GH VLVWHPD EDQFiULR SDUDOHOR ´VKDGRZ D FLQFR YH]HV PDLRU GR TXH R 3,% PXQGLDO &RP D FULVH À EDQNLQJµ %DQFRV FRPHUFLDLV SRU H[HPSOR SDVVDUDP D QDQFHLUD H DXPHQWR GD LQFHUWH]D XP YROXPH IDQWiVWLFR ID]HU RSHUDo}HV GH PHUFDGR H IRUD GR EDODQoR 6XUJH GH DWLYRV H WtWXORV GR WRSR FRPHoDP D FRUUHU SDUD EDL[R XPD YDULHGDGH GH IXQGRV FDSD]HV GH FULDU PRHGD H FUp WRGR PXQGR TXHUHQGR OLTXLGH] RX DWLYRV ÀQDQFHLURV PDLV GLWR 2V PHUFDGRV GH GHULYDWLYRV FUHVFHUDP H[SORVLYD OtTXLGRV H FRP PHQRU ULVFR $VVLP RV SUHoRV GRV DWLYRV PHQWH VHP QHQKXP FRQWUROH ÀQDQFHLURV FDHP DIHWDQGR WDQWR R EDODQoR GDV HPSUH 2V (VWDGRV 8QLGRV SDtV HPLVVRU GH PRHGD UH DFDEDP RFRUUHQGR IDOrQFLDV FRQFRUGDWDV HWF _ VHUYD H GD SULQFLSDO PRHGD GR VLVWHPD LQWHUQDFLRQDO GH VDV EDQFRV FRPR WDPEpP GDV IDPtOLDV e D GHÁDomR H & $ ' ( 5 1 2 6 ) * 9 3 5 2 - ( 72 6 * ( 6 7 ® 2 * 2 9 ( 5 1 $ 0 ( 1 7$ / &21)(5(1&,$6 2 TXH HVWD FULVH HVWi ID]HQGR QD YHUGDGH p XPD GHVWUXLomR GRV H[FHVVRV JHUDGRV SHOD JUDQGH RQGD GH H[SDQVmR GH FUpGLWR H QHVWH SURFHVVR GR SUySULR VLVWHPD EDQFiULR SD UDOHOR (VVH SURFHVVR FRPHoRX QR VHWRU LPRELOLiULR QRUWHDPHULFDQR TXDQGR RV SUHoRV GRV LPyYHLV SDUDUDP GH VXELU HP H HP VHJXLGD VXUJLX D RQGD GH LQDGLPSOrQFLDV &RP LVVR RV DWLYRV ÀQDQFHLURV ODVWUHDGRV HP KLSRWHFDV GHVYDORUL]DUDP &RP D H[HFX omR GDV KLSRWHFDV H LPyYHLV FRORFDGRV j YHQGD RV SUHoRV GRV LPyYHLV FDtUDP DLQGD PDLV H RV SUHMXt]RV VH PXOWLSOLFDUDP D GHVDODYDQFDJHP VH IH] QHFHVViULD R TXH JHURX QRYD RQGD GH SHUGD GH YDORU GRV DWLYRV ÀQDQFHLURV &RPR XPD GDV LQRYDo}HV ÀQDQFHL UDV IRL D VHFXULWL]DomR GDV KLSRWHFDV D FULVH LQLFLDGD QR VHWRU LPRELOLiULR FRQWDPLQD WRGR R VLVWHPD ÀQDQFHLUR TXH ID]LD JUDQGHV OXFURV FRPSUDQGR HVWHV WtWXORV PXLWDV YH ]HV ODVWUHDGRV HP KLSRWHFDV VXESULPH +DYLD SRUWDQWR XPD UHGH GH UHODo}HV DWUDYpV GD TXDO D FULVH LPRELOLiULD FRQWDPLQRX WRGR R VLVWHPD ÀQDQFHLUR H DLQGD XPD VpULH GH PHFDQLVPRV JHUDQGR RQGDV VXFHVVLYDV GH UHWURDOLPHQWDomR 2 SUREOHPD p TXH SDUD UHVROYHU D FULVH ÀQDQFHLUD p SUHFLVR UHVWDXUDU D FRQÀDQoD GD VRFLHGDGH QRV EDQFRV H QDV LQVWLWXLo}HV ÀQDQFHLUDV 5HFDSLWDOL]DU RV EDQFRV HOLPL QDU RV DWLYRV SRGUHV H OLPSDU RV EDODQoRV QmR p DOJR TXH VH ID] GH XP GLD SDUD R RXWUR 2 TXH D KLVWyULD QRV HQVLQD p TXH SDtVHV TXH DJHP ORJR QR LQtFLR GD FULVH HVWDWL]DQGR WRGR R VLVWHPD EDQFiULR FRPR D 6XpFLD H R 0p[LFR VH UHFXSHUDP PDLV UDSLGDPHQWH 5HVWDXUDVH D FRQÀDQoD QRV DWLYRV ÀQDQFHLURV UHVWDXUD R FUpGLWR H VH OLPSD RV EDODQoRV DGPLQLVWUDWLYDPHQWH 0DV p HYLGHQWH TXH XPD RSHUDomR TXH HQYROYH HVWDWL]DomR GRV EDQFRV HQFRQWUD XPD UHVLVWrQFLD SROtWLFD IRUWH 2 SURJUDPD DSUHVHQWDGR SHOR SUHVLGHQ WH %DUDFN 2EDPD DLQGD p XPD LQFyJQLWD VH YDL RX QmR GDU FHUWR 1mR VDEHPRV DLQGD R TXH YLUi QR IXWXUR PDV FHUWDPHQWH HVVH PRGHOR FRP OLTXLGH] DEXQGDQWH FUpGLWR j YRQWDGH JHUDGR SHOR VLVWHPD EDQFiULR SDUDOHOR FKHJRX DR ÀP &HUWDPHQWH D FULVH UHSUHVHQWDUi R ÀP GR ORQJR FLFOR GH WD[DV GH MXURV EDL[RV FUpGLWR DEXQGDQWH H JUDQGH PRYLPHQWDomR GH FDSLWDLV QR PHUFDGR LQWHUQDFLRQDO 2 %UDVLO SDUD YROWDU D FUHVFHU WHUi TXH UHGLUHFLRQDU DMXVWDQGR DR QRYR TXDGUR 2 )(' QRV (VWDGRV 8QLGRV Mi UHGX]LX D WD[D GH MXURV H LQMHWRX WULOK}HV GH GyOD UHV QR VLVWHPD ÀQDQFHLUR PDV D HFRQRPLD QmR UHVSRQGHX ( TXDQGR XP SDtV TXDOTXHU UHGX] VXD WD[D GH MXURV DR VHX SLVR SUy[LPR D ]HUR H D DPHDoD GH GHSUHVVmR SHUVLVWH UHVWD DR JRYHUQR D SROtWLFD ÀVFDO FRP IHUUDPHQWD SDUD HYLWiOD $ SROtWLFD ÀVFDO DFDED VHQGR D ~QLFD IRUPD GH HVWLPXODU D GHPDQGD DJUHJDGD SDUD VXVWHQWDU R QtYHO GH DWLYL GDGH H UHFXSHUDU D HFRQRPLD $ OyJLFD TXH SUHYDOHFH FRP D FULVH ÀQDQFHLUD ² H LVVR HYLGHQWHPHQWH QmR FKH JRX DR %UDVLO ² p D GD UHFRPSRVLomR GH SDWULP{QLR $V HPSUHVDV PHVPR TXH WHQKDP OXFUR QmR LQYHVWHP YmR SULPHLUR SURFXUDU UHVROYHU R VHX SUREOHPD SDWULPRQLDO 2 FRQVXPLGRU HQGLYLGDGR GD PHVPD IRUPD WHP GH UHGX]LU FRQVXPR SDUD SDJDU DV GtYL GDV +i XPD UHGXomR GRV LQYHVWLPHQWRV H GR FRQVXPR H XP DXPHQWR GD SRXSDQoD $ ~QLFD IRUPD HQWmR SDUD VH HYLWDU XPD GHSUHVVmR p R JRYHUQR FDSWXUDU HVVD SRXSDQoD H UHLQMHWiOD GH YROWD QD HFRQRPLD VRE IRUPD GH GHPDQGD DJUHJDGD e SRU LVVR TXH D SROtWLFD ÀVFDO SDVVD D VHU XP HOHPHQWRFKDYH SDUD D UHFXSHUDomR 1RV SUy[LPRV DQRV XPD YH] UHVROYLGD D FULVH WDQWR QRV (VWDGRV 8QLGRV TXDQWR QD (XURSD VHUmR JUDQGHV VXJDGRUHV GH UHFXUVRV QR PHUFDGR LQWHUQDFLRQDO 6REUDUi SRUWDQWR PXLWR SRXFR SDUD RV SDtVHV HPHUJHQWHV FRPR R %UDVLO 1XP FRQWH[WR GH FRPpUFLR LQWHUQDFLRQDO GHSULPLGR H UHGXomR QRV ÁX[RV GH FDSLWDO WRGRV RV SDtVHV WH UmR TXH ROKDU PDLV SDUD VL H SURFXUDU VROXo}HV LQWHUQDV SDUD YROWDU D FUHVFHU ( VH QXP PXQGR OLEHUDOL]DQWH DWp DTXL R (VWDGR WLQKD TXH UHVSRQGHU j GLVFLSOLQD GR PHUFDGR HP $ FULVH ÀQDQFHLUD FKHJRX DR %UDVLO QXP IRUPDWR FRPSOHWDPHQWH GLIHUHQWH _ XP SHUtRGR SyVFULVH HOH WHUi XP SDSHO GRPLQDQWH H PDLV DWLYR FRPSDUDWLYDPHQWH DRV SDtVHV HXURSHXV -DSmR &RUpLD &KLQD HWF 1D (XURSD D FULVH ÀQDQFHLUD FKHJRX GH LPHGLDWR SRUTXH RV FKDPDGRV DWLYRV ÀQDQFHLURV GHQRPLQDGRV Wy[LFRV FRQWDPLQDYDP RV EDODQoRV GDV VXDV LQVWLWXLo}HV ÀQDQFHLUDV 1R -DSmR &RUpLD PXLWR GHSHQGHQWHV GR VHWRU DXWRPRELOtVWLFR 0DV QR %UDVLO IRL D FRQWUDomR GH FUpGLWR GRPpVWLFR SHORV EDQFRV TXH SDUDOLVRX VXDV RSHUDo}HV FRP R SkQLFR JHUDGR SHOD TXHEUD GR /HKPDQ %URWKHUV $TXL QD YHUGDGH QmR IRL D FRQWUDomR GD GHPDQGD H[WHUQD TXH YHLR GHSRLV PDV IRL DQWHV D FRQWUDomR DEUXSWD GH FUpGLWR TXH IUHRX RV LQYHVWLPHQWRV H D SURGXomR QR ~OWLPR WULPHVWUH GH $ TXHGD QDV H[SRUWDo}HV SULQFLSDOPHQWH GH PDQXIDWXUDGRV HVWi VHQGR VHQWLGD DJRUD PHVHV GHSRLV GR FRODSVR QD SURGXomR QR ÀQDO GH H LQtFLR GH )RL XP HUUR GR %DQFR &HQWUDO TXH GHPRURX SDUD UHGX]LU D WD[D GH MXURV H UHSRU D FRQWUDomR GR FUpGLWR LQWHUQR SURYRFDQGR R FRODSVR QRV LQYHVWLPHQWRV H QD SURGX omR )RL XP EUXWDO FKRTXH QD RIHUWD FRP D SDUDOLVLD GR FUpGLWR TXH WUDYRX R FLUFXLWR & $ ' ( 5 1 2 6 ) * 9 3 5 2 - ( 72 6 * ( 6 7 ® 2 * 2 9 ( 5 1 $ 0 ( 1 7$ / H &KLQD KRXYH GH LPHGLDWR XPD TXHGD GUiVWLFD QDV VXDV H[SRUWDo}HV GRLV SULPHLURV &21)(5(1&,$6 HFRQ{PLFR 'HVGH QRYHPEUR ~OWLPR H QRV SULPHLURV PHVHV GH PDLV GR TXH GD FRQFHVVmR GH QRYRV FUpGLWRV IRUDP IHLWRV SHORV EDQFRV S~EOLFRV TXH HYLWDUDP XP GHVDVWUH PDLRU $ OLEHUDomR GR FRPSXOVyULR QmR UHVXOWRX QD H[SDQVmR GH FUpGLWR SHORV EDQFRV SULYDGRV SRLV FRP XPD WD[D GH QDTXHOH PRPHQWR RV EDQFRV SUHIHUHP LQYHVWLU QR RYHUQLJKW D HPSUHVWDU HP XP TXDGUR GH LQFHUWH]D H PDLRU ULVFR 3RUWDQWR VH SHJDUPRV DV DSOLFDo}HV QR PHUFDGR DEHUWR QHVWH SHUtRGR HODV DXPHQWDUDP 5 ELOK}HV RX H[DWDPHQWH DTXLOR TXH R %DQFR &HQWUDO WHQWRX LQMHWDU GH YROWD HP UHGXomR GR FRPSXOVyULR $VVLP R DQR GH VHUi SHUGLGR H QXPD KLSyWHVH RWLPLVWD YROWDUH PRV j VLWXDomR SUpFULVH (QÀP R JRYHUQR EUDVLOHLUR GHYHULD XVDU R HVSDoR TXH WHP SDUD UHGXomR QD WD[D GH MXURV H OLEHUDU R FRPSXOVyULR SDUD ID]HU R FUpGLWR YROWDU 1mR Ki QHFHVVLGDGH DLQGD GH XVDU SROtWLFD ÀVFDO SRUTXH GLIHUHQWHPHQWH GRV (VWDGRV 8QLGRV QmR IRL D UHGXomR GR FRQVXPR H DXPHQWR GH SRXSDQoD TXH JHUDUDP D FRQWUDomR QD HFRQRPLD 1R QRVVR FDVR IRL R LQYHVWLPHQWR TXH FDLX ( LQYHVWLPHQWR VH UHFXSHUD FRP MXURV PHQRUHV H FUpGLWR PDLV DEXQGDQWH 7RPHPRV XPD YLVmR PDLV GH ORQJR SUD]R $ HFRQRPLD EUDVLOHLUD DWp YLQKD DSUHVHQWDQGR FLFORV GH UHFXSHUDomR H FULVHV VXFHVVLYDV FUHVFHQGR HP PpGLD SRXFR PDLV GH DR DQR 'HVGH HQWmR HQWUDPRV QXPD WUDMHWyULD GH PDLV FUHVFLPHQWR DFHOH UDGR H YtQKDPRV FUHVFHQGR HP WRUQR GH DR DQR 2 LPSXOVR LQLFLDO GH UHFXSHUDomR LQLFLRXVH QR VHJXQGR VHPHVWUH GH HP IXQomR GDV GHVYDORUL]Do}HV FDPELDLV RFRU ULGDV HP H TXH LPSXOVLRQDUDP DV QRVVDV H[SRUWDo}HV H SHOD YROWD GD GH PDQGD GH EHQV GXUiYHLV GH FRQVXPR TXH KDYLDP VLGR SRVWHUJDGRV SHOD FULVH HQHUJpWLFD GHVGH (P VHJXLGD R ERRP GRV SUHoRV GDV FRPPRGLWLHV DODYDQFRX D HFRQRPLD EUDVLOHLUD 0DV FRP D IRUWH DSUHFLDomR GD WD[D GH FkPELR GHVGH IRL D H[SDQVmR GR PHUFDGR LQWHUQR TXH VXVWHQWRX R QRYR SDWDPDU GH FUHVFLPHQWR GD HFRQRPLD EUDVLOHLUD 1D YHUGDGH QR LQtFLR GD GpFDGD KRXYH XPD PXGDQoD HVWUXWXUDO QR PHUFDGR GH WUDED OKR TXH SHUPLWLX D FULDomR GH XP QRYR SyOR GLQkPLFR H HQGyJHQR QD HFRQRPLD EUDVLOHL UD $ SRSXODomR MRYHP LQJUHVVDQWH QR PHUFDGR GH WUDEDOKR FRPHoRX D UHGX]LU D SDUWLU GR DQR HP IXQomR GD IRUWH TXHGD GD WD[D GH QDWDOLGDGH GHVGH $VVLP FRP D RIHUWD GH PmRGHREUD LQJUHVVDQWH QR PHUFDGR HP UHGXomR H FUHVFLPHQWR HFRQ{PLFR PDLV DFHOHUDGR DV HPSUHVDV IRUDP REULJDGDV D FULDU PDLV HPSUHJRV IRUPDLV H FRP VDOiULRV PHOKRUHV $V HPSUHVDV UHDJLUDP WDPEpP LQFRUSRUDQGR LQRYDo}HV WHFQROyJLFDV SDUD DXPHQWDU D SURGXWLYLGDGH GR WUDEDOKR H UHGX]LU R FXVWR XQLWiULR GH WUDEDOKR H DVVLP SUHVHUYDU D PDUJHP GH OXFUR +RXYH XPD PXGDQoD HVWUXWXUDO QD GLQkPLFD GR PHUFDGR GH WUDEDOKR DPSOLDQGRVH D JHUDomR GH PDLV HPSUHJRV IRUPDLV FRP VDOiULRV PDLRUHV SRVVtYHO JUDoDV DR DXPHQWR GH SURGXWLYLGDGH 'HVWD IRUPD FULRXVH XP FtU FXOR YLUWXRVR FRP PDLRU ÁX[R GH VDOiULRV GLQDPL]DQGR R PHUFDGR GH EHQV GH FRQVXPR H FRP ÁX[R PDLRU GH OXFUR DV HPSUHVDV WLQKDP UHFXUVRV SDUD ÀQDQFLDU VHXV LQYHVWL PHQWRV (VVH SURFHVVR LQIHOL]PHQWH IRL LQWHUURPSLGR FRP D FULVH SDUWLFXODUPHQWH QD LQG~VWULD GH WUDQVIRUPDomR H SUHFLVD VHU UHWRPDGR ( FRPR FULDPRV XP QRYR SyOR GLQkPLFR H HQGyJHQR H YROWDGR SDUD R PHUFDGR GRPpVWLFR DFUHGLWR TXH R %UDVLO WHQKD XPD HQRUPH FKDQFH GH IDWR GH UHWRPDU R VHX FUHVFLPHQWR PHVPR HP PHLR j FULVH LQWHUQDFLRQDO e LPSRUWDQWH OHPEUDU WDPEpP TXH QRV PRPHQWRV GH FULVH R %UDVLO VHPSUH _ UHVSRQGHX PXLWR EHP )RL DVVLP QD JUDQGH FULVH GRV DQRV QR VpFXOR H QD 3ULPHLUD *XHUUD 1D GHSUHVVmR GD GpFDGD GH FRQVWUXtPRV XP ORQJR FLFOR GH FUHVFLPHQWR GHVORFDQGR R SyOR GLQkPLFR SDUD R PHUFDGR GRPpVWLFR FRP LQYHVWLPHQWRV EDVHDGRV QDV VXEVWLWXLo}HV GH LPSRUWDo}HV ]R EDVHDGR QD QRYD GLQkPLFD GH H[SDQVmR GR PHUFDGR GRPpVWLFR PHQFLRQDGR DFLPD H QXP FRQMXQWR GH JUDQGHV EORFRV GH LQYHVWLPHQWR ([LVWH FHUWR FRQVHQVR HP UHODomR DRV PDLRUHV SUREOHPDV 1LQJXpP GLVFRUGD GH TXH R (VWDGR %UDVLOHLUR WHQKD XP WDPDQKR H[FHVVLYR H TXH VXDV LQHÀFLrQFLDV UHSUHVHQWDP XP HOHYDGR {QXV SDUD R VHWRU SULYDGR 3RUWDQWR p SUHFLVR GLPLQXLU VHX FRQVXPR SDUD DEULU HVSDoR SDUD LQYHVWLPHQWRV S~EOLFRV H SDVVDU SRU XPD SURIXQGD UHIRUPD SDUD PHOKRUDU RV VHXV VHUYLoRV ([LVWH WDPEpP FRQVHQVR GH TXH HQIUHQWDPRV SUREOHPD JUDYtVVLPR GH LQVXÀFLrQFLD GH LQIUDHV WUXWXUD ItVLFD H FDUrQFLD GH TXDOLGDGH QD HGXFDomR 5HGHVFREULPRV TXH R VHWRU GH KDEL WDomR JHUD HPSUHJR H GHVFREULPRV R SUpVDO DEVRUYHQGR D LGHLD GH TXH p SUHFLVR PRQ WDU XPD LQIUDHVWUXWXUD LQGXVWULDO LQWHUQD GH PRGR D UHWHU RV EHQHItFLRV GD H[SORUDomR GR SHWUyOHR GHQWUR GR SDtV 6DEHPRV WDPEpP GR QRVVR JUDQGH SRWHQFLDO QD SURGXomR GH DOLPHQWRV H DJURHQHUJLD OLPSD H VXVWHQWiYHO 7HPRV DVVLP VHWRUHV RQGH p SRVVtYHO SODQHMDU JUDQGHV EORFRV GH LQYHVWLPHQWR LQIUDHVWUXWXUD HGXFDomR KDELWDomR HQHUJLD HWF FDSD]HV GH SHUPLWLU XP SURFHVVR VXVWHQWDGR GH FUHVFLPHQWR H GH ORQJR SUD]R & $ ' ( 5 1 2 6 ) * 9 3 5 2 - ( 72 6 * ( 6 7 ® 2 * 2 9 ( 5 1 $ 0 ( 1 7$ / +RMH QR %UDVLO HVWi HP JHVWDomR XP QRYR SURMHWR GH FUHVFLPHQWR GH ORQJR SUD '(32,0(1726 3'4 8, 13 .8 8, .1.368-'2 '3+ 39). .84 3 '3+ 39). .84 3 )RUPDGD HP &RPXQLFDomR 6RFLDO SHOD 8QLYHUVLGDGH )HGHUDO 0LFDUOD $UD~MR JUDGXDWHG LQ 6RFLDO &RPPXQLFDWLRQ IURP WKH GR 5LR *UDQGH GR 1RUWH 8)51 IRL YLFHSUHIHLWD GH 1DWDO )HGHUDO 8QLYHUVLW\ RI 5LR *UDQGH GR 1RUWH 8)51 DQG ZDV GHSXWDGD HVWDGXDO PDLV YRWDGD HP 'HSXW\ 0D\RU RI 1DWDO 6KH ZDV HOHFWHG 6WDWH YRWRV H SULPHLUD PXOKHU EUDVLOHLUD D JRYHUQDU XPD 'HSXW\ LQ ZLWK WKH KLJKHVW QXPEHU RI YRWHV FDSLWDO EUDVLOHLUD VRE D OHJHQGD GR 3DUWLGR 9HUGH 39 DQG KDV EHQQ WKH ÀUVW %UD]LOLDQ ZRPDQ WR JRYHUQ D %UD]LOLDQ FDSLWDO XQGHU WKH EDQQHU RI WKH *UHHQ 3DUW\ 39 5(6802 $%675$&7 $ SUHIHLWD GH 1DWDO 0LFDUOD $UD~MR GHV 0D\RU RI 1DWDO 0LFDUOD $UD~MR KLJKOLJKWV WDFD D LPSRUWkQFLD GH RWLPL]DU H UDFLR WKH LPSRUWDQFH RI VWUHDPOLQLQJ DQG RSWL QDOL]DU SURFHVVRV FRPR IRUPD GH DPSOLDU PL]LQJ SURFHVVHV DV D ZD\ RI LQFUHDVLQJ DV UHFHLWDV SUySULDV H GLPLQXLU D GHSHQ ORFDO WD[ UHYHQXHV DQG UHGXFLQJ GHSHQ GrQFLD GR )30 (P XP PXQLFtSLR WXUtVWLFR GHQFH RQ WKH PXQLFLSDOLW\ SDUWLFLSDWLRQ FRPR R FRPDQGDGR SRU HOD DSHQDV D DJL IXQG )30 ,Q D WRXULVPEDVHG PXQLFLSDO OLGDGH QD OLEHUDomR GH OLFHQFLDPHQWRV IH] LW\ VXFK DV WKH RQH VKH UXQV IDVW WUDFNLQJ VDOWDU DUUHFDGDomR GH 5 PLO HP MDQHL WKH DSSURYDO RI OLFHQVHV DORQH FDXVHG WD[ UR SDUD 5 PLOK}HV HP PDUoR GHVWH DQR UHYHQXHV WR VRDU IURP 5 LQ -DQX DU\ WR 5 PLOOLRQ LQ 0DUFK WKLV \HDU 6RX MRUQDOLVWD SRU IRUPDomR H[HFXWLYD SRU GHVWLQR SROtWLFD SRU PLVVmR H DFUHGLWR TXH WRGD WUDQVIRUPDomR SDVVD SHOD SROtWLFD )XL DWURSHODGD SHOD FULVH JOREDO TXH WRPRX FRQWD GRV MRUQDLV QR GLD VHJXLQWH j PLQKD YLWyULD H SUHFLVHL PH DGDSWDU 3RU FRQWD GLVVR PLQKD SULPHLUD PHGLGD IRL YLDMDU SHOR %UDVLO LGHQWLÀFDQGR FDVHV GH VXFHVVR HP DGPLQLV WUDomR S~EOLFD 1DWDO WHP FHUFD GH XP PLOKmR GH KDELWDQWHV XP RUoDPHQWR SUHYLVWR SDUD GH 5 ELOKmR XPD DUUHFDGDomR SUySULD GH 5 PLOK}HV H GpELWRV GH 5 PLOK}HV TXH ÀFDUDP GH VDOGRV D SDJDU GD JHVWmR DQWHULRU 1R EDODQoR GR SULPHLUR WULPHVWUH GH R PXQLFtSLR WHYH XPD TXHGD GH 5 PLOK}HV QD DUUHFDGDomR _ GH UHSDVVHV FRPR R )XQGR GH 3DUWLFLSDomR 0XQLFLSDO H R ,&06 0DV FRQVHJXLPRV XP DFUpVFLPR GH 5 PLOK}HV QD DUUHFDGDomR SUySULD &RP D DMXGD GRV *RYHUQDGRUHV -RVp 6HUUD H $pFLR 1HYHV FULDPRV XP PRGHOR QDWDOHQVH GH DGPLQLVWUDomR 2V SURFHVVRV IRUDP RWLPL]DGRV H UDFLRQDOL]DGRV %DWHPRV PHQWH DUUHFDGDU PDLV SDUD R PXQLFtSLR 8P SURJUDPD GH SDUFHODPHQWR LQFHQWLYDGR IRL LQVWLWXtGR SDUD TXH SHVVRDV ItVLFDV H MXUtGLFDV FRP DWUDVRV SXGHVVHP UHJXODUL]DU VXD VLWXDomR 8PD PXGDQoD QR FiOFXOR GR ,66 SDUD RV EDQFRV DXPHQWRX HP D DUUHFDGDomR GHVVH VHWRU QR SULPHLUR WULPHVWUH ( D LPSODQWDomR GR JHRUUHIHUHQFLDPHQWR GD FLGDGH DLQGD QXPD SULPHLUD IDVH DXPHQWRX D EDVH GR ,378 HP PLO QRYRV FRQWULEXLQWHV 1R FDPSR LPRELOLiULR D DJLOLGDGH QD OLEHUDomR GH OLFHQFLDPHQWRV SDUD QRYRV SURMHWRV IH] VDOWDU D DUUHFDGDomR GH 5 PLO HP MDQHLUR GHVWH DQR SDUD 5 PLO QR PrV VHJXLQWH H 5 PLOK}HV HP PDUoR ( D SDUWLU GH DJRUD D PHWD p R SUD]R Pi[LPR GH GLDV SDUD TXH XP SURMHWR UHFHED RX QmR D OLEHUDomR 2XWUDV PHGLGDV FRP UHÁH[RV PDFURHFRQ{PLFRV WDPEpP IRUDP WRPDGDV 2 FXVWHLR GD PiTXLQD S~EOLFD IRL UHGX]LGR HP ( RV SDJDPHQWRV GH GHVDSURSULDo}HV H FRQWUDSDUWLGDV GH REUDV VmR UHJXODUPHQWH HIHWXDGRV SDUD TXH D HFRQRPLD JLUH DWUDYpV GD FULDomR GH PDLV HPSUHJRV & $ ' ( 5 1 2 6 ) * 9 3 5 2 - ( 72 6 * ( 6 7 ® 2 * 2 9 ( 5 1 $ 0 ( 1 7$ / QDV SRUWDV TXH SUHFLVDYDP DSHQDV GH XP LQFHQWLYR SDUD JDQKDU PDLV H FRQVHTXHQWH '(32,0(1726 ,13$. 33. 1.3 ,+&.3'4 +4.- 3 '+&. +4.- 3 '+&. )RUPDGR HP PHGLFLQD FRP HVSHFLDOL]DomR HP FLUXUJLD 1HOVRQ 7UDG )LOKR KDV D %6F GHJUHH DV D SK\VLFLDQ ZLWK D JHUDO XURORJLD PHGLFLQD GR WUDEDOKR H VD~GH S~EOLFD )RL GLSORPD LQ JHQHUDO VXUJHU\ XURORJ\ RFFXSDWLRQDO PHGLFLQH YHUHDGRU HP &DPSR *UDQGH ² 06 QRV DQRV GH DQG SXEOLF KHDOWK +H ZDV DQ &LW\ &RXQFLOORU LQ &DPSR H GHSXWDGR HVWDGXDO HP HOHLWR SUHIHLWR GH *UDQGH FDSLWDO FLW\ RI WKH 6WDWH RI 0DWR *URVVR GR 6XO 06 &DPSR *UDQGH HP H UHHOHLWR HP LQ DQG 6WDWH 'HSXW\ LQ DQG HOHFWHG 0D\RU RI &DPSR *UDQGH LQ DQG UHHOHFWHG LQ 5(6802 $%675$&7 2 3UHIHLWR 1HOVRQ 7UDG )LOKR GH &DPSR *UDQGH HQYROYHX 0D\RU RI &DPSR *UDQGH 1HOVRQ 7UDG )LOKR UDOOLHG DOO WRGRV QR HQIUHQWDPHQWR GD FULVH $ FRQVWUXomR FLYLO IRL KLV FRQVWLWXHQWV WR WDFNOH WKH FULVLV &LYLO FRQVWUXFWLRQ SULYLOHJLDGD SHOD JHUDomR GH PDLV HPSUHJRV H R RUoDPHQ EHQHÀWWHG IURP WKH JHQHUDWLRQ RI PRUH MREV DQG WKH WR GH 21*V GH DVVLVWrQFLD VRFLDO IRL LQFUHPHQWDGR $ DU EXGJHWV RI 1*2V LQYROYHG LQ VRFLDO ZRUN ZDV LQFUHDVHG UHFDGDomR GR ,378 JDQKD SURJUDPDV GH ÀGHOL]DomR H KRMH 7KH PXQLFLSDO UHDO HVWDWH WD[ ,378 FROOHFWLRQ GHSDUW D SRSXODomR SDJD D WD[D GH FRQWULEXLomR GH PHOKRULDV PHQW ODXQFKHG D OR\DOW\ SURJUDP DQG WKH SRSXODWLRQ QRZ SD\V D WD[ WR FRQWULEXWH WR XUEDQ HQKDQFHPHQW &DPSR *UDQGH WHP PLO KDELWDQWHV XP RUoDPHQWR GH 5 ELOKmR H VHJXQGR D SUySULD )XQGDomR *HWXOLR 9DUJDV HVWi HP QRQR OXJDU QR UDQNLQJ GH TXDOLGDGH GH YLGD DFLPD GD PpGLD QDFLRQDO e XPD FLGDGH SODQHMDGD TXH QmR WHP IDYHODV FRP D FRQFOXVmR GH XPD SROtWLFD KDELWDFLRQDO LQLFLDGD SHOR PHX DQWHFHVVRU DWXDO JRYHUQDGRU GR HVWDGR 1RV GRLV SULPHLURV PHVHV GHVWH DQR ² H PDUoR DFRPSDQKD HVVD WHQGrQFLD ² WL YHPRV TXHGDV GH DUUHFDGDomR HP UHODomR jTXLOR TXH KDYLD VLGR HVWLPDGR (P MDQHLUR HVVD GLIHUHQoD IRL GH PHQRV H HP IHYHUHLUR GH PHQRV $V UHFHLWDV TXH PDLV FDtUDP IRUDP R ,&06 )30 ,66 ,7%, 1R HQWDQWR FUHVFHUDP R ,39$ H R ,378 FRP DXPHQWRV GH H UHVSHFWL YDPHQWH 1R FDVR HVSHFtÀFR GR ,378 FULDPRV XP PHFDQLVPR SDUD EHQHÀFLDU R PXQtFL SH TXH QmR DWUDVD $OpP GH VRUWHDUPRV XP FDUUR D FDGD DQR SDJR HP GLD HOH DFXPXOD $R DWLQJLU HOH WHUi HVVH GHVFRQWR QR SDJDPHQWR $XPHQWDPRV D DGLPSOrQFLD GH SDUD 7DPEpP HVWDPRV FREUDQGR DV WD[DV GH FRQWULEXLomR GH PHOKRULDV SUHYLVWDV QR DUWLJR GD &RQVWLWXLomR )HGHUDO 'HL[DPRV XP FDGHUQR QD UHJLmR TXH VHUi EHQHÀFLD GD $V SHVVRDV DVVLQDP FRQFRUGDQGR FRP R SDJDPHQWR H HPLWLPRV D FREUDQoD FRP D REUD FRQFOXtGD $VVLP DWXDPRV FROHWLYDPHQWH SDUD IRUWDOHFHU DV ÀQDQoDV PXQLFLSDLV _ 3DUD FRQWHU DV GHVSHVDV QD DGPLQLVWUDomR S~EOLFD IRUDP VXVSHQVRV QRYRV LQ YHVWLPHQWRV j H[FHomR GDV REUDV GR 3$& GDTXHODV QHFHVViULDV SDUD R FXPSULPHQWR GRV SHUFHQWXDLV GD &RQVWLWXLomR H GDV GHVSHVDV SUHYLDPHQWH DXWRUL]DGDV (VWDV JHUDP HPSUHJR H IRPHQWDP D HFRQRPLD 5HGX]LPRV RV JDVWRV GH IRUPD FULWHULRVD HYLWDQGR ÀVFDO HOHWU{QLFD SDUD R ,66 7DPEpP IRUDP DGLDGDV QRPHDo}HV FRQWUDWDo}HV FRQYRFDo}HV DIDVWDPHQWRV GH VHUYLGRU SDUD FXUVR H FRQFHVVmR GH JUDWLÀFDomR +RXYH GHWHUPLQDomR H[SUHVVD D WRGRV RV 6HFUHWiULRV SDUD TXH FRUWDVVHP GRV JDVWRV FRP iJXD HQHUJLD WHOHIRQLD FRPEXVWtYHO H VHUYLoRV GH WHUFHLURV HQWUH RXWURV ( LQFUHPHQWDPRV R RUoDPHQWR GDV 21*V GH DVVLVWrQFLD VRFLDO SDUD TXH HODV QRV DMXGHP PDLV 5HVXPLGDPHQWH R TXH À]HPRV IRL HQYROYHU D WRGRV QR HQIUHQWDPHQWR GD FULVH 3DUD LVVR FULDPRV JUXSRV GH FRQWUROH GH JHVWmR GHÀQLPRV PHWDV D VHUHP DOFDQoD GDV HVWDEHOHFHPRV FULWpULRV GH SUHPLDomR SURPRYHPRV FRQFXUVRV H[WHUQRV FRUUHPRV DWUiV GH RSHUDo}HV GH FUpGLWR DFRPSDQKDPRV R DQGDPHQWR GRV JDVWRV H DJLOL]DPRV RV SURFHGLPHQWRV FRQWiEHLV & $ ' ( 5 1 2 6 ) * 9 3 5 2 - ( 72 6 * ( 6 7 ® 2 * 2 9 ( 5 1 $ 0 ( 1 7$ / DIHWDU D TXDOLGDGH GRV VHUYLoRV 3DUD GLPLQXLU D VRQHJDomR LPSOHPHQWDPRV D QRWD '(32,0(1726 , -.: ".3, $.:3-- 4( 13 3'4 +'4 .,4 +'4 .,4 )RUPDGR HP &RQWDELOLGDGH IRL HOHLWR HP R YHUHDGRU :LWK D GHJUHH LQ $FFRXQWLQJ (OLDV *RPHV ZDV HOHFWHG WRZQ PDLV YRWDGR GD KLVWyULD SROtWLFD GR PXQLFtSLR HP FRXQFLOORU ZLWK WKH KLJKHVW QXPEHU RI YRWHV LQ WKH SROLWLFDO IRL HOHLWR SUHIHLWR GH &DER GH 6DQWR $JRVWLQKR HP KLVWRU\ RI WKH PXQLFLSDOLW\ LQ HOHFWHG PD\RU RI &DER DVVXPLX D $GPLQLVWUDomR GR $UTXLSpODJR GH )HUQDQGR GH GH 6DQWR $JRVWLQKR LQ WRRN RYHU WKH $GPLQLVWUDWLRQ 1RURQKD HP IRL HOHLWR QRYDPHQWH SUHIHLWR GR &DER RI WKH )HUQDQGR GH 1RURQKD $UFKLSHODJR LQ DQG DJDLQ GH 6DQWR $JRVWLQKR FDUJR SDUD R TXDO IRL UHHOHLWR HP HOHFWHG PD\RU RI &DER GH 6DQWR $JRVWLQKR LQ EHLQJ 1RPHDGR 6HFUHWiULR (VWDGXDO GH -XVWLoD H 'LUHLWRV UHHOHFWHG LQ $SSRLQWHG 6WDWH 6HFUHWDU\ RI -XVWLFH +XPDQRV SHOR HQWmR JRYHUQDGRU -DUEDV 9DVFRQFHORV p DQG +XPDQ 5LJKWV E\ *RYHUQRU -DUEDV 9DVFRQFHORV KH LV DWXDOPHQWH SUHIHLWR GH -DERDWmR GRV *XDUDUDSHV FXUUHQWO\ 0D\RU RI -DERDWmR GRV *XDUDUDSHV 5(6802 $%675$&7 3UHIHLWR GH -DERDWmR GRV *XDUDUDSHV FLGDGH DWp HQWmR 0D\RU RI -DERDWmR GRV *XDUDUDSHV D FLW\ KLWKHUWR PDUFDGD SRU LQWHUYHQo}HV (OLDV *RPHV DFUHGLWD TXH XPD PDUNHG E\ VWDWH LQWHUYHQWLRQ (OLDV *RPHV EHOLHYHV WKDW JHVWmR PDLV DPSOD H GHPRFUiWLFD QHFHVVLWD GR HQYROYL D EURDGHU DQG PRUH GHPRFUDWLF DGPLQLVWUDWLRQ UHTXLUHV PHQWR GH WRGD D VRFLHGDGH H DSRVWD QD GHVFHQWUDOL]DomR WKH LQYROYHPHQW RI VRFLHW\ DV D ZKROH DQG LV D SURSR H QD UHJLRQDOL]DomR GD DGPLQLVWUDomR 3DUD UHFXSHUDU RV QHQW RI GHFHQWUDOL]DWLRQ DQG UHJLRQDOL]DWLRQ RI SROLWLFDO PLOK}HV GD GtYLGD DWLYD R SUHIHLWR HVWDEHOHFHX PHVDV GH DGPLQLVWUDWLRQ 7R UHFRYHU WKH PLOOLRQV RI FROOHFWDEOH FRQFLOLDomR QR 7ULEXQDO GH -XVWLoD GH 3HUQDPEXFR WD[ LQ DUUHDUV WKH PD\RU VHW XS UHFRQFLOLDWLRQ SDQHOV LQ WKH &RXUWV RI -XVWLFH RI WKH 6WDWH RI 3HUQDPEXFR $ FULVH QmR HVWi LQVWDODGD DSHQDV QD HFRQRPLD PDV WDP 1R TXH GL] UHVSHLWR j JHVWmR UHHVWUXWX EpP QR HVWDGR UDPRV D 3UHIHLWXUD 3DUD ID]HU PDLV FRP -DERDWmR GH *XDUDUDSHV ID] SDUWH GD UHJLmR PH PHQRV VHUi QHFHVViULR LQYHQWLYLGDGH WURSROLWDQD GH 5HFLIH H WHP FHUFD GH PLO KDELWDQWHV DXVWHULGDGH FRPEDWH DR GHVSHUGtFLR H +LVWRULFDPHQWH GRPLQDGD SHOR SRSXOLVPR H SHOR FOLHQWH j FRUUXSomR (VWDEHOHFHPRV SULRULGDGHV OLVPR D FLGDGH VRIUHX LQ~PHUDV LQWHUYHQo}HV 3RU LVVR 5HFXSHUDPRV HVFRODV PXQLFLSDLV LQ DSUHVHQWDPRV XPD SURSRVWD GH UXSWXUD FRP D YHOKD SROt FOXtPRV -DERDWmR HQWUH RV PXQLFtSLR SULR WLFD H SURSXVHPRV XPD DOLDQoD FRP D VRFLHGDGH ULWiULRV GR 0LQLVWpULR GD (GXFDomR SDUD e SUHFLVR VH HVWDEHOHFHU XPD QRYD IRUPD GH JR LQYHVWLPHQWR H DVVXPLPRV R FRPSURPLV YHUQDQoD 'HYHVH EXVFDU XP QRYR SRGHU TXH QmR VHMD VR S~EOLFR GH FRORFDU DWp WRGDV DV SUHIHLWRUDO PDV ORFDO TXH HQYROYD D VRFLHGDGH H RV DWR FULDQoDV QD HVFROD UHV VRFLDLV SDUD TXH VH WHQKD XPD YLVmR PDLV DPSOD H )L]HPRV FRP TXH DV TXDWUR HP GHPRFUiWLFD (P -DERDWmR QyV FKDPDPRV LVVR GH *R SUHVDV TXH UHDOL]DYDP D FROHWD GH OL[R YHUQDQoD &RPSDUWLOKDGD FXPSULVVHP GR FRQWUDWR GXSOLFDPRV 'HVFHQWUDOL]DPRV H UHJLRQDOL]DPRV D JHVWmR 6mR D FROHWD UHWLUDPRV DV WRQHODGDV GH VHLV UHJL}HV DGPLQLVWUDWLYDV H &HQWUDLV GH $WHQGLPHQ OL[R DFXPXODGR H QR ÀQDO GH FDGD PrV WR DR &LGDGmR 3OHQiULDV SRSXODUHV H IyUXQV UHJLRQDLV WHPRV HFRQRPL]DGR FHUFD GH GRV 5 SHUPLWHP PDLRU LQWHUDomR 4XDQGR GR ODQoDPHQWR GR PLOK}HV JDVWRV FRP D OLPSH]D XUEDQD (QWUH RV UHVXOWDGRV DOFDQoDGRV JDQL]DU FRPLWrV GR ,378 YLVDQGR j UHFRQVWUXomR GD FL WDPEpP HVWi R UHHTXLOtEULR GDV ÀQDQoDV GDGH (QTXDQWR D PpGLD GH TXHGD GHVVD UHFHLWD QR SDtV S~EOLFDV +RMH R PXQLFtSLR WHP 5 HP IRL GH WLYHPRV XP DXPHQWR GH PLOK}HV HP FDL[D H HVSHUDPRV FKHJDU DR ÀQDO GR DQR FRP 5 PLOK}HV VHP UHFXSHUDU RV 5 PLOK}HV GD GtYLGD DWLYD 5HDOL]DPRV SUHVVD GH ID]HU REUDV DoRGDGDPHQWH 9D XP FRQYrQLR FRP R 7ULEXQDO GH -XVWLoD GR (VWDGR GH 3HU PRV LQYHVWLU JUDQGH SDUWH GHVVH GLQKHLUR QDPEXFR H PRQWDPRV PHVDV SHUPDQHQWHV GH FRQFLOLD HP SURMHWRV SDUD FDSWDomR GH UHFXUVRV omR SDUD DJLOL]DU D FREUDQoD GRV FUpGLWRV WULEXWiULRV GR HP SURMHWRV HVWUDWpJLFRV H QD UHFXSHUD PXQLFtSLR 1RVVD H[SHFWDWLYD p GH TXH SHOR PHQRV omR GRV VHUYLoRV S~EOLFRV GHVVD GtYLGD DWLYD VHMDP FREUDGRV DLQGD HVWH DQR & $ ' ( 5 1 2 6 ) * 9 3 5 2 - ( 72 6 * ( 6 7 ® 2 * 2 9 ( 5 1 $ 0 ( 1 7$ / (VWDPRV WRPDQGR SURYLGrQFLDV WULEXWiULDV SDUD _ ,378 FKDPDPRV DV SHVVRDV SDUD TXH HODV SXGHVVHP RU '(32,0(1726 9 8. -. .,6 3'4 .36. :34 .36. :34 *UDGXDGR HP 7HFQRORJLD GD &RQVWUXomR &LYLO OLFHQFLDGR HP 5REHUWR 7DYDUHV KROGV D %6F LQ &LYLO &RQVWUXFWLRQ &LrQFLDV H 0DWHPiWLFD H SyVJUDGXDGR HP $GPLQLVWUDomR GH 7HFKQRORJ\ D WHDFKHU·V FHUWLÀFDWH LQ 6FLHQFH DQG 5+ )XQFLRQiULR GH FDUUHLUD GD SUHIHLWXUD GH ,WDSHWLQLQJD p 0DWKHPDWLFV DQG D 3K' LQ +5 0DQDJHPHQW +H LV D FDUHHU WDPEpP SURIHVVRU XQLYHUVLWiULR )RL YLFHSUHIHLWR RIÀFLDO RI WKH 0XQLFLSDOLW\ RI ,WDSHWLQLQJD DQG LV DOVR D H SUHIHLWR GH ,WDSHWLQLQJD WHQGR VLGR XQLYHUVLW\ SURIHVVRU +H ZDV 'HSXW\ 0D\RU DQG UHHOHLWR SDUD R PDQGDWR GH 0D\RU RI ,WDSHWLQLQJD EHLQJ UHHOHFWHG IRU WKH WHUP RI RIÀFH 5(6802 $%675$&7 3UHIHLWR GH ,WDSHWLQLQJD FLGDGH GR VXGRHVWH SDXOLVWD 0D\RU RI ,WDSHWLQLQJD D 6RXWKZHVWHUQ WRZQ RI 6DR 3DX FRP R PDLRU 3,% DJUtFROD GR HVWDGR 5REHUWR 7DYDUHV GH OR ZLWK WKH ODUJHVW DJULFXOWXUDO *'3 RI WKH 6WDWH 5REHU IHQGH D UHIRUPD WULEXWiULD H D HGXFDomR FRPR DJHQWHV WR 7DYDUHV VXSSRUWV WD[ UHIRUP DQG HGXFDWLRQ DV DJHQWV WUDQVIRUPDGRUHV &RP D DMXGD GH SURJUDPDV IHGHUDLV RI WUDQVIRUPDWLRQ +H WXUQHG WKH FLW\ LQWR D FHQWUH IRU H PXQLFLSDLV H SDUFHULDV FRP LQVWLWXLo}HV GH HQVLQR GH GLVWDQFH OHDUQLQJ ZLWK WKH KHOS RI IHGHUDO DQG PXQLFL WRGR R SDtV WUDQVIRUPRX R PXQLFtSLR HP SROR GH HQVLQR SDO SURJUDPV DV ZHOO DV SDUWQHUVKLSV ZLWK HGXFDWLRQDO D GLVWkQFLD LQVWLWXWLRQV WKURXJKRXW WKH FRXQWU\ ,WDSHWLQLQJD p XP PXQLFtSLR ORFDOL]DGR QD UHJLmR VXGRHVWH GR HVWDGR GH 6mR 3DXOR SRU WD GH HQWUDGD SDUD R 9DOH GR 5LEHLUD WHP DSUR[LPDGDPHQWH PLO KDELWDQWHV PDV FRPR SyOR UHJLRQDO WRWDOL]D FHUFD GH PLO SHVVRDV 6mR PXQLFtSLRV TXH GLUHWD RX LQGLUHWDPHQWH WrP XPD OLJDomR IRUWH FRP D FLGDGH QDV iUHDV GR FRPpUFLR SUHVWDomR GH VHUYLoRV HGXFDomR H VD~GH (P HQFRQWUDPRV XPD VLWXDomR FDyWLFD 8P PXQLFtSLR FRP RUoDPHQWR SHU WR GH 5 PLOK}HV H XPD GtYLGD GH 5 PLOK}HV $LQGD DVVLP IRL SRVVtYHO DPSOLDU D UHFHLWD SDUD 5 PLOK}HV FRP D DMXGD GH UHFXUVRV IHGHUDLV REWLGRV DWUDYpV GR SUR JUDPD GH PRGHUQL]DomR S~EOLFD 'HFLGLPRV DSURYHLWDU WXGR R TXH RV JRYHUQRV IHGHUDO H HVWDGXDO FRORFDYDP j GLVSRVLomR GRV PXQLFtSLRV &RPR WDPEpP VRX SURIHVVRU UHVROYL LQYHVWLU QD HGXFDomR FRPR DJHQWH GH WUDQVIRUPDomR ,QLFLDOPHQWH ,WDSHWLQLQJD H UHJLmR WLQKDP DSHQDV GRLV FXUVRV WpFQLFRV JUDWXLWRV DJRUD VmR HQWUH WpFQLFRV VXSHULRUHV H GH HVSHFLDOL]DomR 2 SURJUDPD 8QLYHUVLGDGH $EHUWD GR %UDVLO DMXGRX ,WDSHWLQLQJD D VH WRUQDU UHIHUrQFLD QR HQVLQR j GLVWkQFLD 6mR QRYH JUDGXDo}HV JUDWXLWDV H FXUVRV GH HVSHFLDOL]DomR QD iUHD GH VD~GH FRP SDUFHULDV GD )LRFUX] H GD 8QLIHVS (VVD SULPD]LD IRL FRQTXLVWDGD JUDoDV j HVWUXWXUD PRQWDGD QD FLGDGH )RUDP LQYHVWLGRV FHUFD GH 5 PLOK}HV SDUD FRQVWUXLU XP SyOR GH HGXFDomR D GLVWkQFLD ( DLQGD HVWH DQR VHUmR LQYHVWLGRV TXDVH 5 PLO SDUD HTXLSDU RV ODERUDWyULRV GRV FXU _ VRV GH HQJHQKDULD DPELHQWDO ELRORJLD H WHFQRORJLD VXFURDOFRROHLUD 2 HQVLQR WpFQLFR QRV EDLUURV PDLV GLVWDQWHV FDSDFLWD D PmRGHREUD JHUD UHQGD À[D R WUDEDOKDGRU QR FDPSR H DMXGD D HFRQRPLD ORFDO ,WDSHWLQLQJD p R WHUFHLUR PXQLFtSLR HP iUHD WHUULWRULDO GR HVWDGR GH 6mR 3DXOR H R WrP EDL[D UHFHLWD WULEXWiULD 3RU LVVR p SUHFLVR FRORFDU HP SDXWD D UHIRUPD WULEXWiULD $ÀQDO D PDLRU SDUWH GRV UHFXUVRV ÀFD FRP D 8QLmR D VHJXQGD FRP RV HVWDGRV H D PH QRU FRP RV PXQLFtSLRV 0DV p QHVWHV ~OWLPRV TXH YLYH D SRSXODomR e RQGH SUHFLVD ÀFDU R GLQKHLUR 3DUD DXPHQWDU DV UHFHLWDV ,WDSHWLQLQJD YDOHXVH GH PHLRV H IHUUDPHQWDV GH JHV WmR PRGHUQD FRPR FRQWURODU JDVWRV DGHTXDU SURFHVVRV GH FRPSUDV H YHULÀFDU R TXH p SRVVtYHO WHUFHLUL]DU RX ID]HU FRP DGPLQLVWUDomR GLUHWD 1R TXH GL] UHVSHLWR DR IXQFLR QDOLVPR S~EOLFR DR LQYpV GH UHDMXVWH VDODULDO DXPHQWDPRV HP R YDORU GR FDUWmR DOLPHQWDomR SRUTXH YLD HVVH SURFHGLPHQWR LQMHWDVH FHUFD GH 5 PLOK}HV SRU DQR QD HFRQRPLD ORFDO & $ ' ( 5 1 2 6 ) * 9 3 5 2 - ( 72 6 * ( 6 7 ® 2 * 2 9 ( 5 1 $ 0 ( 1 7$ / SULPHLUR 3,% DJUtFROD SDXOLVWD 0DV p VDELGR TXH PXQLFtSLRV FRP 3,% DJUtFROD FRQVLGHUiYHO '(32,0(1726 84 1.3 3'64 13/13'4 "+ '3- "+ '3- $WXDO SUHIHLWR GH &DFKRHLUDV GH 0DFDFX HVWHYH j 5DIDHO 0LUDQGD LV FXUUHQWO\ WKH 0D\RU RI &DFKRHLUDV GH IUHQWH GD 6HFUHWDULD 0XQLFLSDO GH $JULFXOWXUD 3HFXiULD 0DFDFX +H ZDV LQ FKDUJH RI WKH 0XQLFLSDO 'HSDUWPHQW RI H $EDVWHFLPHQWR HQWUH H H GD 6HFUHWDULD $JULFXOWXUH /LYHVWRFN DQG 6XSSOLHV IURP WR DQG 0XQLFLSDO GH $JULFXOWXUD 'HVHQYROYLPHQWR ,QG~VWULD H WKH 0XQLFLSDO 'HSDUWPHQW RI $JULFXOWXUH 'HYHORSPHQW &RPpUFLR HQWUH H 7UDGH DQG ,QGXVWU\ EHWZHHQ DQG 5(6802 $%675$&7 5DIDHO 0LUDQGD SUHIHLWR GH &DFKRHLUDV GH 0DFDFX FL 5DIDHO 0LUDQGD 0D\RU RI &DFKRHLUDV GH 0DFDFX D GDGH YL]LQKD DR SROR SHWURTXtPLFR GH ,WDERUDt UHVVDOWD WRZQ QHLJKERXULQJ WKH ,WDERUDt SHWURFKHPLFDO FRPSOH[ D LPSRUWkQFLD GD SROtWLFD ÀVFDO GHIHQGH D QHFHVVLGDGH VWUHVVHV WKH LPSRUWDQFH RI D ÀVFDO SROLF\ DGYRFDWHV WKH GH DXPHQWDU DV UHFHLWDV SUySULDV H PDQLIHVWDVH D ID QHHG WR LQFUHDVH ORFDO WD[ UHYHQXHV DQG LV LQ IDYRXU RI YRU GR UHSDVVH GLUHWR GH YHUEDV GR JRYHUQR IHGHUDO SDUD GLUHFW WUDQVIHU RI IXQGV IURP WKH )HGHUDO *RYHUQPHQW WR RV PXQLFtSLRV WKH 0XQLFLSDOLWLHV 2 PXQLFtSLR FRP PLO KDELWDQWHV HVWi DR ODGR GH XP GLVVR p SUHPHQWH TXH RV SUHIHLWRV SURFXUHP WHU PDLV UH GRV PDLRUHV LQYHVWLPHQWRV EUDVLOHLURV R SyOR SHWURTXt FHLWDV SUySULDV 2 JRYHUQR IHGHUDO SUHFLVD SHUFHEHU TXH PLFR GH ,WDERUDt 0HVPR DVVLP SUHFLVDPRV HQIUHQWDU D D VDtGD SDUD FULVH HVWi QRV PXQLFtSLRV H GHYH FRPHoDU FULVH VHP GLQKHLUR SDUD LQYHVWLU 3RU /HL VRPRV REULJDGRV D UHSDVVDU UHFXUVRV GLUHWRV SDUD TXH KDMD LQYHVWLPHQWRV D JDVWDU GD UHFHLWD FRP VD~GH H FRP HGXFDomR QDV FLGDGHV PDV &DFKRHLUDV GH 0DFDFX JDVWD H UHVSHFWLYD &RP WRGR HVWH HVIRUoR HX JRVWDULD GH SHOR PH PHQWH ,VVR VLJQLÀFD TXH VREUD PXLWR SRXFR SDUD WRGDV DV QRV DMXGDU QR GHVHQYROYLPHQWR GR HVWDGR GR 5LR GH -D RXWUDV iUHDV TXH QmR VmR PHQRV LPSRUWDQWHV QHLUR &RP D RULHQWDomR GD )*9 GXUDQWH D PLQKD JHVWmR $ FULVH SRU XP ODGR IRUoD RV SUHIHLWRV D VDtUHP R PXQLFtSLR Mi HVWi QR FDPLQKR FHUWR FRP WRGDV DV FRQ GD SUHJXLoD ÀVFDO 2 PXQLFtSLR HP TXDWUR PHVHV GH JR WDV SDJDV HP GLD VHP GtYLGDV FRP WRGRV RV RLWR PLO DOX YHUQR FRPSDUDGR FRP R ~OWLPR TXDGULPHVWUH GH QRV QD HVFROD H KRVSLWDLV H SRVWRV GH VD~GH IXQFLRQDQGR SHUGHX 5 PLOK}HV GH UR\DOWLHV GR SHWUy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