3URPHWKHXVDV3HUIRUPHU7RZDUGD3RVWKXPDQLVW&XOWXUH"

$XWKRUV,KDE+DVVDQ
6RXUFH7KH*HRUJLD5HYLHZ9RO1R:LQWHUSS
3XEOLVKHGE\%RDUGRI5HJHQWVRIWKH8QLYHUVLW\6\VWHPRI*HRUJLDE\DQGRQ%HKDOIRIWKH
8QLYHUVLW\RI*HRUJLDDQGWKH*HRUJLD5HYLHZ

6WDEOH85/http://www.jstor.org/stable/41397536 .
$FFHVVHG
Your use of the JSTOR archive indicates your acceptance of the Terms & Conditions of Use, available at .
http://www.jstor.org/page/info/about/policies/terms.jsp

.
JSTOR is a not-for-profit service that helps scholars, researchers, and students discover, use, and build upon a wide range of
content in a trusted digital archive. We use information technology and tools to increase productivity and facilitate new forms
of scholarship. For more information about JSTOR, please contact support@jstor.org.

Board of Regents of the University System of Georgia by and on Behalf of the University of Georgia and the
Georgia Review is collaborating with JSTOR to digitize, preserve and extend access to The Georgia Review.

http://www.jstor.org

This content downloaded from 169.229.32.36 on Mon, 26 Jan 2015 20:13:09 PM

All use subject to JSTOR Terms and Conditions

,KDE

+DVVDQ

3URPHWKHXV
7RZDUG

DV

3HUIRUPHU

D 3RVWKXPDQLVW

&XOWXUH

"

$ 8QLYHUVLW\0DVTXH LQ )LYH 6FHQHV 

IRU$QLPD
+H JRHV IURPGHDWKWR GHDWKZKR VHHVWKH
PDQ\KHUH
7KH 9HGDQWD
7KH HWHUQDOERG\ RIPDQLV WKH,PDJLQDWLRQ
WKDWLV*RG KLPVHOI
%ODNH
7KH P\VWHUYRIWKHZRUOGLVLWVFRPSUHKHQVL
ELOLW\
(LQVWHLQ
2XU PLVVLRQXQILQLVKHG
PD\WDNHD WKRXVDQG
\HDUV
0DR
)URPZRPHQ
VH\HVWKLVGRFWULQH, GHULYH
3URPHWKHDQ
ZLWKWKHULJKW
ILUH
7KH\VSDUNOH
6KDNHVSHDUH

7KLVHVVD\ZDVRULJLQDOO\
GHOLYHUHG
IRUWKH,QWHU
DVWKHNH\QRWH
DGGUHVV
RQ3RVWPRGHUQ
IRU
QDWLRQDO6\PSRVLXP
KHOGDWWKH&HQWHU
3HUIRUPDQFH
WKH8QLYHUVLW\
LQ0LOZDXNHH

7ZHQWLHWK
RI:LVFRQVLQ
6WXGLHV
&HQWXU\
3UHVHQFH
DQ

,WZLOODSSHDULQ3HUIRUPDQFH
1RYHPEHU
3OD\LQ3RVW
PRGHUQ
&XOWXUH
DQG&KDUOHV&DUDPHOOR
&RGD
HGLWHGE\0LFKHO%HQDPRX
%HQDPRX
3UHVV0DGLVRQ
:HWKDQN3URIHVVRU
DQGWKH&HQWHU
:LVFRQVLQ
5HYLHZ
IRU
LWWRDSSHDULQ7KH*HRUJLD
DOORZLQJ
>@

This content downloaded from 169.229.32.36 on Mon, 26 Jan 2015 20:13:09 PM

All use subject to JSTOR Terms and Conditions

,+$%

+$66$1



7KH &KDUDFWHUVLQ2UGHU RI$SSHDUDQFH

3UHWH[W ZKR RSHQV DQG SUHVXPDEO\H[SODLQV WKH QRQDFWLRQ
0\WKRWH[W ZKR LV REVHVVHG ZLWK WKH VWRU\RI 3URPHWKHXV
7H[W ZKR FDUULHVWKH EXUGHQ RI WKH LQWHOOHFWXDOQDUUDWLYH
+HWHURWH[W ZKR VSHDNVRQO\WRTXRWH IURPYDULRXVDXWKRULWLHV
&RQWH[W ZKR SUHWHQGVWR EH D KLVWRULDQ
0HWDWH[W ZKR HQMR\V FRPPHQWLQJRQ 7H[W DQG FULWLFL]LQJ
FROOHDJXHV
3RVWH[W ZKR YDLQO\ DWWHPSWVWR FRQFOXGH WKH QRQDFWLRQ
3DUDWH[W LQDXGLEOH LQ SULQW ZKR EUHDNVWKHIUDPHQRZ DQG
WKHQZLWK KLV FRPPHQWVDQG ZKR KDV DOUHDG\ DSSHDUHG DV
D YHUVLRQRI WKHVSHDNHU

3UHWH[W
I
DSSHDULQJIURPQRZKHUHVSHDNLQJUDWKHUVXSHUFLOLRXVO\@
*RRG ODGLHVDQGJHQWOHPHQ7KLV PDVTXHDWWHPSWVWRSODFH
WKHVXEMHFWRISRVWPRGHUQSHUIRUPDQFHLQDZLGHDQGVSHFXODWLYH
FRQWH[W$ERXW SHUIRUPDQFHDV VXFK OLWWOHZLOO EH VDLG DERXW
SRVWPRGHUQLVPHYHQ OHVV &HUWDLQ DFDGHPLFV RQ WKLV FDPSXV
LQWRDWHGLRXVWUDYHVW\7KLV
KDYHDOUHDG\WXUQHGSRVWPRGHUQLVP
UDWKHU
U
HIOHFW
WKHOLQHDPHQWV
RIDQHPHUJHQW
ZRXOG
XSRQ
PDVTXH
FXOWXUH&DOO LW SRVWKXPDQLVWFXOWXUHRU FDOO LW QRWKLQJDW DOO
,W UHPDLQVWKHPDWUL[RIDOO RXU SHUIRUPDQFHV$QG LWUHPDLQV
EOHVVLQJVRQ JUHDW7RP (OLRW XQGHILQHG
2QH RU WZR ZRUGV PRUH ,I SRVWKXPDQLVWFXOWXUH LV WKH
PDWUL[RI FRQWHPSRUDU\SHUIRUPDQFHWKHUHLV D PDWUL[ODUJHU
VWLOOWKHXQLYHUVHLWVHOIHYHU\WKLQJWKDWZDVLVDQGZLOOEHFRPH
:KDW D SHUIRUPDQFH %XW ZKR FDQ VSHDN IRU WKH XQLYHUVH"
1R RQHQRQRWHYHQWKH7LWDQ3URPHWKHXV6WLOOOLQNLQJ&RVPRV
DQG &XOWXUH'LYLQH 6SDFH DQG +XPDQ 7LPH 6N\ DQG (DUWK
WKH8QLYHUVDODQG WKH&RQFUHWH3URPHWKHXVPD\SURYH KLPVHOI
WREHD ILJXUHRIIODZHGDQG HYROYLQJFRQVFLRXVQHVVDQHPEOHP
RIKXPDQGHVWLQ\
1R PRUH SUHWH[WVWKH PDVTXH IROORZV LQ ILYHVFHQHV

This content downloaded from 169.229.32.36 on Mon, 26 Jan 2015 20:13:09 PM

All use subject to JSTOR Terms and Conditions



7+(

*(25*,$

6FHQH

5(9,(:

WKH )LUVW

 WKH4XHVWLRQRIWKH2QH DQG WKH0DQ\

)URP0\WKWR3ROLWLFV
0\WKRWH[W
ZLWKWKHDUFKHW\SHV@
D
YRLFHUHVRQDQW
>LQ
3URPHWKHXV
\VRQ RI ODSHWXV 7LWDQ WXUQFRDWDQG WULFNVWHU
7KHUH DUHPDQ\YHUVLRQVRIKLVVWRU\EXWWKHPDLQRXWOLQHVDU
IDPLOLDU+H VLGHGZLWKWKHQHZ 2O\PSLDQJRGV =HXV  &R
DJDLQVWKLVRZQ FKWKRQLFNLQG<HW 3URPHWKHXVWKDWIRUHWKLQNHU
FRXOG QHYHUOHDYH ZHOO HQRXJK DORQH
6RPH VD\ KHFUHDWHGPHQRXW RIFOD\ DQGZDWHU VRPHVD\
YDVVWROHQIURPWKHVPLWKJRG
KHRQO\JDYH WKHPILUH7KH ILUH
RULYDV
LWWDNHQ

IURP$SROOR
V VXQ" ,W LYDV VWROHQ
+HSKDHVWXV
LQ DQ\ HYHQWDQG KLGGHQLQ D IHQQHOVWDON%XW WKLVILUHLYDV
QR VLPSOHHOHPHQWLWLYDVNQRZOHGJHDQGLPDJLQDWLRQWKHDOSKD
EHWPHGLFLQHDQG DOO WKHDUWV6WROHQ ILUHUHG IRUELGGHQIUXLW
V GRXEOH QDWXUH
:H RZH HYHU\WKLQJWR D FULPH3URPHWKHXV

LVDOZD\V DFNQRZOHGJHG DV E\&ROHULGJHZKR VDLGWKDWKHZDV

WKH5HGHHPHUDQGWKH'HYLO MXPEOHGLQWRRQH 'HQLV 'RQRJKXH
7KLHYHV RI)LUH
$K EXWWKHGRXEOHQHVVRIWKLVWULFNVWHULVQRWPHUHO\WKHR
ORJLFDO LW LV SROLWLFDO DQG HSLVWHPRORJLFDODV ZHOO $QG LW LV D
GRXEOHQHVV WKDWZDQWV WR EHFRPH RQH DJDLQ 6RFUDWHV KHUH LV
RXUDXWKRULW\7KHUH LVD JLIWRIWKHJRGV ZKLFK WKH\OHW
IDOOIURPWKHLUDERGH DQG LWZDV WKURXJK3URPHWKHXVRU RQH
OLNHKLPWKDWLWUHDFKHGPDQNLQG>QR HPSKDVLVRQ WKHIWKHUH@
WRJHWKHUZLWKD ILUHH[FHHGLQJEULJKW 7KLV JLIW6RFUDWHV JRHV
RQWRVD\LQWKH3KLOHEXVLVD SHUFHSWLRQWKDWDOO WKLQJV  
FRQVLVWRI D RQH DQG D PDQ\DQG KDYH LQWKHLUQDWXUHD FRQ
MXQFWLRQRIOLPLWDQGXQOLPLWHGQHVV
7KXV WKH2QH DQG WKH0DQ\ HQWHU:HVWHUQWKRXJKW
7H[W
>IRUFHIXOO\@
7KDQN \RX 0\WKRWH[W\RX KDYH OHG XV IURPP\WK WR
SROLWLFVWKURXJKSKLORVRSK\<RXU LPDJH RI3URPHWKHXVPLUURUV
RXURZQ SUHVHQWLQZKLFKWKHRQHDQGWKHPDQ\WKHHFXPHQLFDO

This content downloaded from 169.229.32.36 on Mon, 26 Jan 2015 20:13:09 PM

All use subject to JSTOR Terms and Conditions

,+ +$66$1



ZLOO RI KXPDQNLQGDQG LWVZLOO WR VHFHVVLRQKROG WKHLUEORRG\

SOD\ XQGHU WKH WZLQ DVSHFWV RI WRWDOLWDULDQLVPWRUWXUH DQG
DQDUFK\ WHUURULVP &RQYHUJHQFHV DQG GLYHUJHQFHVFRQMXQF
WLRQVDQG GLVMXQFWLRQVDUHYLVLEOHHYHU\ZKHUHRQ WKHRQH KDQG
YDULRXV P\WKVRI WRWDOLW\RQ WKH RWKHUGLYHUVH LGHRORJLHV RI
IUDFWXUH7KXV WKH PRUH 0DUVKDOO 0F/XKDQ SURFODLPV WKH
JOREDO YLOODJH RU %XFNPLQVWHU)XOOHU VSDFHVKLS HDUWK RU
1RUPDQ 2 %URZQ WKH P\VWLFERG\ RI PDQNLQG WKHPRUH
-DFTXHV'HUULGDDQGKLVFRQIUUHVLQVLVWXSRQ GLIIUDQFHDQGWKH
PHWDSK\VLFVRI IUDJPHQWV
7KH QHZVDODVVHHPVWRIDYRU'HUULGD2XU SODQHWFRQWLQXDO
EUHDNVDFFRUGLQJWRLGHRORJ\UHOLJLRQFODVVUDFHODQ
O\VSOLQWHUV
DQG DJH 7KH HDUWK VSOLWVLQWR EORFNV EORFNV LQWR
VH[
JXDJH
QDWLRQVLQWR
QDWLRQV
SURYLQFHVSURYLQFHVLQWRWULEHVWULEHVLQWR
IDPLOLHVIDPLOLHVLQWR IHXGLQJLQGLYLGXDOVDQG LQGLYLGXDOVVRRQ
HQRXJKDODVLQWRUDQGRPDWRPV*LQ LWEH IRUWXLWRXVWKDWDWRPV
WKHPVHOYHVKDYH EHHQ VSOLWLQWRWKH WLQLHVWWKHVKLHVWSDUWLFOHV
SDUWLFOHVWKDWVHHPDPDWKHPDWLFDOZKLVSHUDPHUHEUHDWK":KRVH
EUHDWK"7KH EUHDWKRIWKHXQLYHUVH"
1R GRXEWFRQYHUJHQFHDQG GLYHUJHQFHDUHEXWWZR DVSHFWV
RIWKHVDPHUHDOLW\WKHVDPHSURFHVV7RWDOLWDULDQLVPDQGDQDUFK\
VXPPRQHDFK WKHRWKHU$QG WKHPRUHFRPPXQLFDWLRQWKUHDWHQV
WREHFRPHJOREDOWKHPRUHLQGLYLGXDOVLQVLVWLQJRQWKHLUTXLGGLW\
ZLOO GLVFRYHUWKH GHHS DQG REVFXUH QHHG IRUPLVXQGHUVWDQGLQJ
%XWLVWKLVDOOZH FDQ H[SHFW IURPRXUHDUWKDQG VN\RXUEULHI
PRPHQWRI VRGDOLW\"
7KHUHDUHSRHWVDQGSKLORVRSKHUVVFLHQWLVWVDQGP\VWLFVZKR
OHDG XV WR H[SHFW PRUH 7KH\ EHOLHYH LQ VRPH ULFKHUUHODWLRQ
EHWZHHQWKHRQH DQG WKHPDQ\WKHXQLYHUVDODQG WKHFRQFUHWH
/LNH %ODNH LQ KLV SURSKHF\ FDOOHG $PHULFD WKH\ HQYLVLRQ
D PRYHPHQW EH\RQG VWUXJJOLQJDIIOLFWLRQVWRZDUG DQRWKHU
SRUWLRQRIWKHLQILQLWH/LNH :KLWPDQWKH\VLQJRIDQ RUELF
YLVLRQLQ ZKLFK WKHLQQHUGLYLVLRQVRI FRQVFLRXVQHVVDQG WKH
H[WHUQDOGLYLVLRQVRI KXPDQNLQGDUH KHDOHG DQG PDGH ZKROH
PDGH ZKROH EXW QRW KRPRJHQHRXV KHDOHG EXW QRW UHQGHUHG
XQLIRUP
+DYH \RXWKRXJKW
WKHUHFRXOGEHEXWDVLQJOHVXSUHPH"
7KHUHFDQEH DQ\QXPEHURIVXSUHPHV  
$OOLVHOLJLEOHWRDOO

This content downloaded from 169.229.32.36 on Mon, 26 Jan 2015 20:13:09 PM

All use subject to JSTOR Terms and Conditions



7+(

*(25*,$

5(9,(:

,V WKLVWKH SURMHFW RI WKH3URPHWKHDQFRQVFLRXVQHVV"7KH

SURMHFW LV PRUH SUREOHPDWLFWKDQZH FDQ LPDJLQH RU IRUHWHOO
+HWHURWH[W
>FKLPLQJLQ@
YRLFHVRIWKHRUELFYLVLRQ

WRVRPHRWKHU
OLVWHQ
7H[WDQG0\WKRWH[W
XQLYHUVDO
RIWKHFRQFUHWH
DQGWKH
VSHDNLQJYDULRXVO\
RI0LQG
+HJHOLQ7KH3KHQRPHQRORJ\
LQJRYHUQPHQW@
7KLVVLPSOH
IRUFH>FRQFUHWH
DOORZV
VSLULW
WRXQIROG
DQG
W
KH
LQGHHG FRPPXQLW\
H[SDQGLQWRLWVFRP
DQG
DQGWRJLYHHDFK SDUWVXEVLVWHQFH
SRQHQWPHPEHUV
LQWKLVZD\LWVUHDOL]D
ILQGV
RILWVRZQ6SLULW
VHOIH[LVWHQFH
LVDWWKHVDPH
%XWVSLULW
H[LVWHQFH
WLRQRULWVREMHFWLYH
WKHVHSDUWVDJDLQ
WLPHWKHIRUFHRIWKHZKROHFRPELQLQJ
WKHP
DQGNHHSLQJ
ZKLFK
ZLWKLQ
WKHXQLW\
QHJDWHVWKHP
DZDUHWKDWWKHLUOLIHRQO\OLHVLQWKHZKROH

RI
DQG3KLORVRSKLF
0DU[LQ7KH(FRQRPLF
0DQXVFULSWV
LQGLYL
EHD SDUWLFXODU
0DQPXFKDV KHPD\WKHUHIRUH
WKH
WKHLGHDOWRWDOLW\
WKHWRWDOLW\
GXDO LVMXVWDVPXFK
DQG H[SHULHQFHGVRFLHW\
H[LVWHQFHRI WKRXJKW
VXEMHFWLYH

IRULWVHOI
SUHVHQW


RI0DQ
LQ7KH)XWXUH
7HLOKDUG
GH &KDUGLQ
,IWKHUHLVDQ\FKDUDFWHULVWLF
FOHDUO\REVHUYDEOHLQWKH
LWLVWKDW
RI1DWXUHWRZDUGV
FRQVFLRXVQHVV
KLJKHU
SURJUHVV
ZKLFK
LQLWVHOI
WKLVLVDFKLHYHGE\LQFUHDVLQJ
GLIIHUHQWLDWLRQ
,Q
RWKHU

WR
LQGLYLGXDOLWLHV
FDXVHVHYHUVWURQJHU
HPHUJH
D
FKLHYHV
HOHPHQW
L
QD
HDFK
8QLYHUVH
ZRUGV
FRQYHUJLQJ
EXW
QRWGLUHFWO\
LQD VHSDUDWHFRQVXPPDWLRQ
FRPSOHWHQHVV
LQ
ZKLFK
D
RI
FRQVFLRXVQHVV
LQ
KLJKHU
SROH
E\LQFRUSRUDWLRQ
ZLWKDOOWKHRWKHUV
DORQHLWFDQHQWHULQWRFRQWDFW

-DFTXHV0RQRGLQ&KDQFHDQG1HFHVVLW\
PROHFXOH
7KHZHLJKW
RIDQDOORVWHULF
FDSDEOHRI
HQ]\PH
LVRIWKHRUGHURID RID
WKHVDPHSHUIRUPDQFHV
ELOOLRQ
WLPHV
OHVVWKDQDQHOHFWURQLF
LVDPLOOLRQ
JUDP:KLFK
VRPHLGHD RIWKH
DIIRUGV
ILJXUH
UHOD\7KDWDVWURQRPLFDO
LHWHOHRQRPLF
SRZHUDWWKHGLVSRVDORID
F\EHUQHWLF
RUWKRXVDQGV
RIWKHVHPLFUR
FHOOHTXLSSHGZLWKKXQGUHGV
0
D[ZHOO6]LODUG
WKDQ
W
KH
DOOIDU
P
RUH
FOHYHU
VFRSLFHQWLWLHV
%ULOORXLQ
GHPRQ
FUHZ%XWGR WKH\
+HJHODQG 0DU[7HLOKDUGDQG 0RQRGD PRWOH\
LQYDULRXVQHVV"
QRWDOOVLQJHDFKLQKLVNH\WKHVDPHVRQJRIVLQJOHQHVV

This content downloaded from 169.229.32.36 on Mon, 26 Jan 2015 20:13:09 PM

All use subject to JSTOR Terms and Conditions

,+$%

+$66$1



7H[W
>VHYHUHO\
@
+HWHURWH[W GR EH VHQVLEOH <RXU YRLFHV DUH D OLWWOHWRR
REVFXUH DQG ZRUVH P\VWLFDO7KHUH LV QRWKLQJVXSHUQDWXUDOLQ
WKHSURFHVVOHDGLQJ XV WR D SRVWKXPDQLVWFXOWXUH7KDW SURFHVV
GHSHQGV PDLQO\RQ WKH JURZLQJ LQWUXVLRQRI WKH KXPDQPLQG
LQWRQDWXUHDQG KLVWRU\RQ WKHGHPDWHULDOL]DWLRQRIOLIHDQG WKH
FRQFHSWXDOL]DWLRQRIH[LVWHQFH,Q WKDWVHQVHZH QHHG QRWZDLW
IRUWKHHQGRI+LVWRU\DV+HJHO WKRXJKWWRZLWQHVVWKHV\QWKHVLV
RIWKH&RQFUHWHDQGWKH8QLYHUVDO6ODYH DQG 0DVWHU,QGLYLGXDO
DQG6WDWH(DFK RIXVE\YLUWXHRI'UHDP +RSH DQG/DQJXDJH
SURYLGHVVRPHDZNZDUG YHUVLRQRIWKH&RQFUHWH 8QLYHUVDO)RU
ZKDW LV WKH KXPDQ DQLPDO DV 0RQRG KLPVHOIVD\V EXW WKH
PRVWGLVWLQFWLYHRUJDQLVPRQ HDUWKDQG DW WKH VDPH WLPHWKH
, PHDQ WKHPRVW FDSDEOH RI DEVWUDFWLQJ
PRVWVHOIWUDQVFHQGHQW
LWVHOIWKURXJKODQJXDJH DQG ULVLQJHTXLYRFDOO\ WKURXJKOD\HUV
RIFRQVFLRXVQHVV"
$V IRU\RX 0\WKRWH[W, PXVWWHOO \RX WKLV3URPHWKHXV
PD\ EH D YDJXH PHWDSKRURI D PLQGVWUXJJOLQJZLWKWKH2QH
DQG WKH 0DQ\ <HW , SUHIHUWR YLHZ KLV VWUXJJOHLQ QDUURZHU
SHUVSHFWLYH+LV PLQGLVZKHUH ,PDJLQDWLRQDQG 6FLHQFH 0\WK
DQG 7HFKQRORJ\ /DQJXDJH DQG 1XPEHU VRPHWLPHVPHHW 2U
SXW LW ERWK SURSKHWLFDOO\DQG DUFKHW\SLFDOO\ 3URPHWKHXVSUH
VDJHV WKHPDUULDJHRI(DUWK DQG 6N\ 2QO\ WKHQSHUKDSVZLOO
SRVWKXPDQLVPVHHWKHGXELRXVOLJKWRIDQHZ GD\
>1R RQH DQVZHUV7H[W WKHVFHQH FORVHV@

6FHQH

WKH 6HFRQG

)URP/DVFDX[ WR +HQU\ $GDPV $ +LVWRULFDO &ROODJH

&RQWH[W
 JUDYLGLYLWKKLVWRU\
@
>HQWHULQJSRQGHURXVO\
$OORZ PH WR KDYH P\ WXUQ\RXQJ WH[WVWKLVPDWWHU\RX
VR DUGHQWO\ GLVFXVV UHTXLUHV D OHVV KXUULHGSHUVSHFWLYH 3RVW
KXPDQLVPVHHPVWR\RX DVXGGHQPXWDWLRQRIWKHWLPHVLQIDFW
WKH FRQMXQFWLRQV RI LPDJLQDWLRQDQG VFLHQFH P\WKDQG WHFK

This content downloaded from 169.229.32.36 on Mon, 26 Jan 2015 20:13:09 PM

All use subject to JSTOR Terms and Conditions



7+(

*(25*,$

5(9,(:

QRORJ\ KDYH EHJXQ E\ ILUHOLJKWLQ WKH FDYHV RI /DVFDX[ %XW
XQOLNH 0\WKRWH[WKHUH , DP OHVV FRQFHUQHG ZLWK P\WK WKDQ
ZLWKKLVWRU\)URPWKH3\WKDJRUHDQVWKURXJKPHGLHYDODOFKHPLVWV
WRWKH(XURSHDQ 5HQDLVVDQFHDULFKKHUPHWLFWUDGLWLRQKDVRSHQHG
LWVHOIWR ERWKVFLHQFH DQG P\VWHU\
0\WKRWH[W
>LQWHUUXSWLQJ@
6R PXFK KHUPHWLFNQRZOHGJH WKURXJKRXWKLVWRU\DQG VR
OLWWOHZLVGRP :K\ WKHQGLG WKH3URPHWKHDQILUHIDLO KXPDQ
NLQG" ,V LW PHUHO\ EHFDXVH LW ZDV VWROHQ
 D SRZHU XQHDUQHG
WKHUHDFK
KXPDQ
2U
LVLWUDWKHU
EHFDXVHWKH
H[FHHGLQJ
RI
SLHW\"
ODFNHG
DQ
HVVHQWLDOHOHPHQWFLYLF
ZLVGRP
,Q 3ODWR
V
JLIWLWVHOI
GLDORJXH 3URWDJRUDV WHOOVKRZ (SLPHWKHXVKDYLQJ VTXDQGHUHG
DOO WKH GLYLQH JLIWVRQ DQLPDOVIRXQG QRWKLQJPRUH WR JLYH
KXPDQNLQG:KLOH (SLPHWKHXVVDWSX]]OLQJ DERXW WKLV3URPH
WKHXVFDUQHWR LQVSHFW WKHZRUN DQG IRXQG WKHRWKHUDQLPDOV
ZHOO RIIIRUHYHU\WKLQJEXWPDQQDNHGXQVKRGLPEHGGHGDQG
XQDUPHG   3URPHWKHXVWKHUHIRUHEHLQJDWD ORVVWR SURYLGH
DQ\ PHDQV RI VDOYDWLRQ IRUPDQ VWROH IURP+HSKDHVWXV DQG
$WKHQH WKHJLIWRI VNLOOLQ WKHDUWVWRJHWKHUZLWK ILUH ,Q
WKLVZD\PDQDFTXLUHGVXIILFLHQW
UHVRXUFHVWRNHHSKLPVHOIDOLYH
EXWKDG QR SROLWLFDOZLVGRP7KLV ZDV LQWKHNHHSLQJ RI =HXV
DQG 3URPHWKHXVQR ORQJHUKDG WKHULJKWRIHQWU\WRWKHFLWDGHO
ZKHUH7HXV GZHOW >HPSKDVLVPLQH@
&RQWH[W
WKHQGHFLGHVWR LJQRUHLW@
>SRQGHUVWKHLQWHUUXSWLRQ
7KH (XURSHDQ KHUPHWLFWUDGLWLRQLQFOXGHG$OEHUWXV0DJQXV
3DUDFHOVXV*LRUGDQR %UXQRDXWKRUVZKRP WKDW1HZ 3URPH
WKHXV 'U 9LFWRU )UDQNHQVWHLQVWXGLHG SURIRXQGO\ EHIRUH
WXUQLQJWR VKDOORZHU WKLQJV6XUSULVLQJO\WKLV VDPH KHUPHWLF
WUDGLWLRQDIIHFWHGVRPHHPLQHQWVFLHQWLVWVQRWLQ ILFWLRQEXWLQ
KLVWRU\.HSOHU ZH NQRZ ZURWHWKHKRURVFRSH RI:DOOHQVWHLQ
LQ  DQG VWDWHGLQ 'H 6WHOOD 1RYD TXRWHG LQ .RHVWOHU
V
5RRWV RI&RLQFLGHQFH

1RWKLQJH[LVWVQRUKDSSHQVLQWKHYLVLEOHVN\WKDWLV
QRWVHQVHGLQVRPHKLGGHQPDQQHUE\ WKHIDFXOWLHVRI

This content downloaded from 169.229.32.36 on Mon, 26 Jan 2015 20:13:09 PM

All use subject to JSTOR Terms and Conditions

,+ +$66$1



(DUWKDQG1DWXUH7KH QDWXUDOVRXORIPDQLVQRW
ODUJHULQVL]HWKDQD VLQJOHSRLQWDQGRQWKLVSRLQWWKH
IRUPDQG FKDUDFWHURI WKH HQWLUHVN\ LV SRWHQWLDOO\
HQJUDYHGDVLILWZHUHD KXQGUHGWLPHVODUJHU
(YHQWKHJUHDW1HZWRQ VSHQWPXFKRI,LLVHDUOLHUOLIHLQDOFKHPLFDO
DQG )DXVWOLNH SXUVXLWV +LV GHHSHVW LQVWLQFWVZURWH /RUG
.H\QHVXZHUHRFFXOWHVRWHULFVHPDQWLF2IWKLVGDUNHU1HZWRQ

*HRUJH % /HRQDUG KDVDOVR VDLGLQ 7KH 7UDQVIRUPDWLRQ
0RUHWKDQDPLOOLRQZRUGVRI >KLV@RFFXOWZULWLQJ
KDVVXUYLYHG0XFKRIWKHVXPPDULHV
KDYHWRGR ZLWK
DQHOL[LURU3KLORVRSKHU
V6WRQHWKDWQRWRQO\ZLOODLG
LQWKHWUDQVPXWDWLRQ
RIPHWDOVEXWZLOODOVRLQYHVWWKH
RZQHUZLWKPDJLFDOSRZHUVVHHLQJDWD JUHDWGLVWDQFH
IRUFLQJRWKHUVWR ERZ WR RQH
V ZLOOJDLQLQJHWHUQDO
\RXWK
%XWWKHRXWVWDQGLQJH[DPSOHRIWKHFRQMXQFWLRQVEHWZHHQVFLHQFH
DQGLPDJLQDWLRQWHFKQRORJ\DQGDUWUHPDLQV/HRQDUGR GD 9LQFL
ZKR KDV KDXQWHGVR PDQ\ PLQGVVLQFH WKH 5HQDLVVDQFH %RWK
)UHXG DQG 9DOU\ VDZ LQ /HRQDUGR PRUH WKDQ D WRWDO DQG
PHGLWDWLYHFXULRVLW\WKH\DOVRVDZLQKLPVRPHWKLQJDSSURDFKLQJ
D XQLILHG FRQVFLRXVQHVV SHUKDSV HYHQ WKH UDGLFDO SURFHVV RI
FRQVFLRXVQHVVLWVHOIPDGHLQFDUQDWH7KLV KDVOHG5RJHU 6KDWWXFN
WR VD\
$WWKHYHU\PRPHQWZKHQ:HVWHUQFRQVFLRXVQHVV
ZDV KDUGHQLQJLQWR D GLYLVLRQEHWZHHQ UHDVRQDQG
PLQGVZHUH
IHHOLQJWZRRIWKHJUHDWHVWFRQWHPSRUDU\
VD\LQJSUHFLVHO\WKHRSSRVLWHLQWHUPVWKDWUHFDSLWXODWH
WKHKLVWRU\RIPRGHUQ(XURSHDQWKRXJKW7KH\ DVVHUW
LQHIIHFW
WKDWWKHH[SHULHQFH
RIIRXUKXQGUHG\HDUVWHOOV
XVXUJHQWO\
DQGLQVLVWHQWO\
QRWWRGLYLGHXSWKHPLQG
$WWKDWVDPHWXUQLQJSRLQWRIWKHWZHQWLHWKFHQWXU\+HQU\
$GDPVUHFRUGHGKLVRZQLQWXLWLRQRIWKHXQGLYLGHGPLQG'DWLQJ
KLVZRUGV H[DFWO\LQWKH \HDU $GDPV ZURWHLQ D IDPRXV
SDVVDJHRIKLV(GXFDWLRQ
&RSHUQLFXVDQG*DOLOHR KDGEURNHQPDQ\SURIHVVLRQDO
QHFNVDERXW&ROXPEXVKDGVWRRGWKHZRUOGRQLWV
KHDG WRZDUG EXW WKH QHDUHVWDSSURDFKWR WKH
UHYROXWLRQRI ZDVWKDWRI ZKHQ&RQVWDQWLQH
VHWXS WKH&URVV7KH UD\VWKDW/DQJOH\GLVRZQHGDV

This content downloaded from 169.229.32.36 on Mon, 26 Jan 2015 20:13:09 PM

All use subject to JSTOR Terms and Conditions

M

7+(

*(25*,$

5(9,(:

ZHOODV WKRVHZKLFKKH IDWKHUHG

ZHUH RFFXOWVXSHU
RIDP\VWHULRXV
VHQVXDO
LUUDWLRQDO
WKH\ZHUHDUHYHODWLRQ
OLNHWKDW
RIWKH&URVV


HQHUJ\
0HWDWH[W
>FOLSSHGORJLFDODOPRVWSULVV\
@
DQG KLVWRU\
DUHDOO YHU\QLFH%XWWKLVFROODJH
0\WK
SKLORVRSK\
VKDOOZH VD\ RI VLJQLILFDQW
PXVWOHDYH WKHDXGLHQFHQRQ
PRPHQWV"
WRVXPPDUL]H
WKHLQDFWLRQV
RIWKLVPDVTXH
PHWKHUHIRUH
SOXVVHG3HUPLW
,QVRIDUDV , FDQ XQGHUVWDQG
P\OHDUQHGDQG ORTXDFLRXVFROOHDJXHV
ZLVKWRPDLQWDLQ
WKDW
WKH\
WKHFRVPRVLVSHUIRUPDQFH
FXOWXUH
LVD
SRVWKXPDQLVW
LQ SURJUHVVDQG WKHLUV\PEROLFQH[XVLV
SHUIRUPDQFH
3URPHWKHXV
3URPHWKHXV
LVKLPVHOI
WKHILJXUH
RID IODZHGFRQVFLRXV
QHVVVWUXJJOLQJ
WRWUDQVFHQG
VXFKGLYLVLRQV
DVWKH2QHDQG
WKH0DQ\&RVPRVDQG &XOWXUH
DQG WKH
WKH8QLYHUVDO
&RQFUHWH
ZLWKUHJDUGWRSRVWKXPDQLVP
WKHPRVWUHOHYDQW
LWVHOI
GLDOHFWLF
FRQFHUQV
DQG
DVSHFWRIWKH3URPHWKHDQ
,PDJLQDWLRQ
DQG7HFKQRORJ\
(DUWK
DQG6N\WZRUHDOPV
6FLHQFH0\WK
WRRQH
WHQGLQJ
WKLVGLDOHFWLF
KDVD KRDU\KLVWRU\
WKHODQ
KRZHYHU
RI
DQGWKH
R
IVFLHQFH
KDYH
JXDJHV LPDJLQDWLRQ
ODQJXDJHV
RIWHQ
DQGFURVVHG
LQFHUWDLQ
DQGLQ
FHUWDLQ
PLQJOHG
HSRFKV
RIWKHSDVW
JUHDWPLQGV
EHFDXVHERWKLPDJLQDWLRQ
DQGVFLHQFHDUHDJHQWVRI
RIYDOXHVPRGHVQRWRQO\RIUHSUHVHQWD
FKDQJHFUXFLEOHV
WLRQEXWDOVRRIWUDQVIRUPDWLRQ
WKHLULQWHUSOD\
PD\QRZ
EHWKHYLWDOSHUIRUPLQJ
LQFXOWXUH
DQGFRQVFLRXV
SULQFLSOH
QHVVD NH\WRSRVWKXPDQLVP
>7H[WM 0\WKRWH[W&RQWH[WFROGO\ QRG WKHLUDSSURYDO
WKHVFHQH HQGV@

This content downloaded from 169.229.32.36 on Mon, 26 Jan 2015 20:13:09 PM

All use subject to JSTOR Terms and Conditions

,+ +$66$1
6FHQH

WKH



7KLUG

&RQWHPSRUDU\&XOWXUH
7H[W
WRKROG
@
>GHOLJKWHG
IRUWKDJDLQ
+XPDQLVWVDUH D OLWWOH(SLPHWKHDQ , IHDU WKH DVWRQLVKLQJ
FRQYHUJHQFHVRI LPDJLQDWLRQDQG VFLHQFHP\WKDQG WHFKQRORJ\
LQ FRQWHPSRUDU\FXOWXUHKDYH WHQGHGWR HOXGH WKHP1RU KDYH
WKHJUHDWPRGHUQPLQGVZKLFK FXUUHQWO\FRPPDQGWKHJUHDWHVW
DXWKRULW\, PHDQ0DU[1LHW]VFKHDQG )UHXG6DUWUHDQG/YL
6WUDXVV+HLGHJJHUDQG+XVVHUOLOOXPLQDWHGSDUWLFXODUO\WKLVTXHV
WLRQ :LOOLDP -DPHV PD\ SURYH D FXULRXV H[FHSWLRQ <HW
PRUHDQG PRUHWKHHYLGHQFH VXJJHVWVWKDWWKHWZR FXOWXUHV
RI & 3 6QRZ DQG ) 5 /HDYLV RI DEVWUDFWVN\KDXQWHG
WHFKQRSKLOHVGRPLQDWHGE\ WKHPDOH SULQFLSOHDQG PRLVWHDUWK
ERXQG DUFDGLDQV UXOHG E\ WKH IHPDOH SULQFLSOH DUH VORZO\
EHFRPLQJ REVROHWH DV FRQVFLRXVQHVVHYROYHV WKURXJKPDQ\ VHW
EDFNV DQG FRQWUDGLFWLRQVWR LQFOXGH WKHPERWK
(YLGHQFH RIWKHVHSUREOHPDWLFFRQYHUJHQFHVFHQWHUVRQIRXU
UHJLRQVRI FRQWHPSRUDU\FXOWXUH
D WKHFUHDWLYHSURFHVVLQVFLHQFHDQG DUW
E WKHQHZ WZLOLJKW]RQHRIH[SHULPHQWDOVFLHQFH
F WKHLQFRUSRUDWLRQRIWHFKQRORJ\LQWRWKHDUWV
ERWKDVWKHPHDQGIRUP
G WKHH[LVWHQWLDOVHDUFKIRUD XQLILHGVHQVLELOLW\
$ UHFHQWDUWLFOHHQWLWOHG%H\RQG $UFDGLDQV DQG 7HFKQR
SKLOHV ZKLFK DSSHDUHG LQ WKH 6SULQJ  QXPEHURI 7KH
0DVVDFKXVHWWV5HYLHZ GHDOV VXSHUILFLDOO\ZLWKWKHVHLVVXHV3HU
KDSV,FDQFDOORQ +HWHURWH[WZKRVHSHQFKDQWVDUHELEOLRJUDSKLF
WRVXPPDUL]HEULHIO\LWVDUJXPHQW
+HWHURWH[W
@
>ZLWKDODFULW\
UHIHUHQFHV
WKHQFLWHDIHZELEOLRJUDSKLF
,ZLOOILUVW
TXRWHWKHQTXHU\
3URFHVV
$2QWKH&UHDWLYH
i4XRWDWLRQV
PXVWKDYHD YLYLG
0D[ 3ODQFN7KHSLRQHHUVFLHQWLVW
QRWJHQHUDWHG
LGHDV
IRUQHZ
LQWXLWLYH
LGHDV
LPDJLQDWLRQ

This content downloaded from 169.229.32.36 on Mon, 26 Jan 2015 20:13:09 PM

All use subject to JSTOR Terms and Conditions



7+(

*(25*,$

5(9,(:

EXWE\DUWLVWLFDOO\
FUHDWLYHLPDJLQDWLRQ
E\GHGXFWLRQ
PXVWKDYH
-DFTXHV0RQRG, DPVXUHHYHU\VFLHQWLVW
QRWLFHGKRZKLVPHQWDOUHIOHFWLRQ
DWWKHGHHSHUOHYHOLV
QRWYHUEDOWREHDEVRUEHGLQWKRXJKW
LVWREHHPEDUNHG
VLPXODWHG
ZLWK
DQH[SHULHQFH
H[SHULHQFH
XSRQDQLPDJLQHG
WKHDLGRIIRUPV
RUIRUFHV
RILQWHUDFWLRQV
ZKLFK
WRJHWKHU
RQO\EDUHO\FRPSRVHDQ
LPDJH
LQWKHYLVXDOVHQVHRIWKH
WHUP

i4XHULHV
:KDWWKHQDUHWKHUROHVRIGUHDPSOD\LPDJLQDWLRQ
DQG DHVWKHWLFVHQVLELOLW\
LQ VFLHQWLILF
DQG
PDWKHPDWLFDO
DUWLVWLF
:KLFK
WUDLWV
FUHDWLRQ"
GRFUHDWLYH
VKDUH
SHUVRQDOLWLHV
RIWKHLUILHOGV":KDWLQGHHGGR ZHPHDQE\
UHJDUGOHVV
'R FHUWDLQPHQWDOVWUXFWXUHV
FRQVWLWXWH
WKHODQ
FUHDWLYLW\"
RIYDULRXV
&DQQHXURORJLFDO
JXDJHVDQGPHWKRGV
GLVFLSOLQHV"
UHVHDUFK
RQWKHRQHKDQGDQGSKHQRPHQRORJLFDO
RQ
WKHRU\
PRYH
DXQLILHG
WKHRWKHU
WRZDUG
RI
EUDLQ
DQGPLQG"
FRQFHSW

i5HIHUHQFHV
)UDQN%DUURQ
DQG3HUVRQDO)UHHGRP
&UHDWLYLW\
%UHZVWHU
HG7KH&UHDWLYH3URFHVV
*KLVHOLQ
$UWKXU
7KH$FWRI&UHDWLRQ
.RHVWOHU
5ROOR0D\7KH&RXUDJHWR&UHDWH
:LOGHU3HQILHOG
7KH0\VWHU\
RI0LQG
-HDQ3LDJHW%LRORJ\DQG .QRZOHGJH
+DQV6H\OH)URP'UHDPWR'LVFRYHU\
$07D\ORU
DQGWKH*URZWK
RI6FLHQFH
,PDJLQDWLRQ
3DXO9DOU\7KH$UWRI3RHWU\
%7KH7ZLOLJKW
=RQHRI6FLHQFH

i4XRWDWLRQV
&DUO)ULHGULFK
YRQ:HL]VFNHU
WKH>\RJD@ FRQFHSWRI
3UDQDLVQRWQHFHVVDULO\
ZLWK
RXUSK\VLFV
3UDQD
LQFRPSDWLEOH
LVVSDWLDOO\
H[WHQGHGDQGYLWDOL]LQJ
+HQFHDERYHDOOLWLV
7KHTXDQWXP
PRYLQJ
GHVLJQDWHV
SRWHQF\
VRPHWKLQJ
WKHRU\
QRWHQWLUHO\
UHPRWHIURPWKLVE\ WKHWHUP
SUREDELOLW\

DPSOLWXGH

*XQWKHU
6WHQW
6LQFH-RKQ
RXWWRPH
&DJH KDGSRLQWHG
WKHDQDORJ\EHWZHHQWKHJHQHWLFFRGH DQG WKHO&KLQJ
,KDYHORRNHGLQWRWKLVPDWWHU
D OLWWOH
PRUH7RP\DPD]H
PHQW, IRXQGWKDWWKH
QDWXUDO
RUGHURI WKH O&KLQJ
FRGRQV
KH[DJUDPV
JHQHUDWHVD WDEOHRIQXFOHRWLGH
WULSOHW
ZKLFKVKRZVWKHVDPHLQWHUFRGRQ
JHQHULFUHODWLRQVDV
&ULFNV

WDEOH
/\DOO:DWVRQ$OOWKHEHVWVFLHQFHKDVVRIWHGJHVOLPLWV
WKDWDUHVWLOOREVFXUHDQGH[WHQGZLWKRXW
LQWR
LQWHUUXSWLRQ
DUHDVWKDWDUHZKROO\
LQH[SOLFDEOH

This content downloaded from 169.229.32.36 on Mon, 26 Jan 2015 20:13:09 PM

All use subject to JSTOR Terms and Conditions

,+ +$66$1




i4XHULHV
:KDWFKDQJHVcQWKHORJRVWKHUDWLRQDOLW\
RIWKHVFLHQFHV
DVWKHLU
EH
IURQWLHUV
H[SDQG":KDWDUHWKH
PD\ H[SHFWHG
RIFXUUHQW
DV
ZHOODV
VRFLDO
HSLVWHPRORJLFD
LPSOLFDWLRQV
ELR
VFLHQWLILF
ZLWK
W
UDQVFHQGHQWDO
PHGLWDWLRQ
H[SHULPHQWV
DOLHQDQGDUWLILFLDO
IHHGEDFNSDUDSV\FKRORJ\
LQWHOOLJHQFH
RUFRVPLF
FRQVFLRXVQHVV"

i5HIHUHQFHV
YRQ%HUWDODQII\
5RERWV
 0HQDQG0LQGV
/XGZLJ
7DRRI
7KH
)ULWMRI
3K\VLFV
&DSUD
7KH3URPHWKHXV
*HUDOG)HLQEHUJ
3URMHFW
XQG3V\FKH
&* -XQJ
 :ROIJDQJ3DXOL1DWXUHUNOUXQJ
$UWKXU
5HGXFWLRQLVP
.RHVWOHU
-56P\WKLHV
HGV%H\RQG
7KH0HGLXP
/DZUHQFH
WKH0\VWLF
/H6KDQ
DQGWKH3K\VLFLVW
/DJQRVHGH3ULQFHWRQ
5D\PRQG
5X\HU
5*+6LX7KH7DRRI6FLHQFH
& + :DGGLQJWRQ
%H\RQG$SSHDUDQFH
/\DOO:DWVRQ6XSHUQDWXUH
1RUEHUW

:LHQHU*RGDQG *ROHP,QH
WR
RI7HFKQRORJ\
7KH,QWHUSQWUDWLRQ
DQG$UWZLWK
DFNQRZOHGJPHQW
:RRGZDUG
.DWK\
i4XRWDWLRQV
<RXNQRZH[DFWO\KRZ,
0DUFHO'XFKDPSWR6WLHJOLW]
,ZRXOGOLNHWRVHHLWPDNHSHRSOH
IHHODERXWSKRWRJUDSK\
XQWLO
HOVHZLOOPDNHSKRWRJUDSK\
VRPHWKLQJ
GHVSLVHSDLQWLQJ
XQEHDUDEOH

,
GOLNHWR
KDYHOHVVSUREOHPV
$QG\:DUKRO0DFKLQHV
EHD PDFKLQH
DQGHYHQVFLHQFHVHHP
'RXJODV'DYLV$UW
WHFKQRORJ\
WKDW
WRPHWKUHHYHLOVIRUWKHVDPHIDFHWKUHHPHWDSKRUV
WKHQGLVVROYH
LQWRD VLQJOHUHDOLW\
FRYHU

i4XHULHV
7R ZKDWH[WHQWDUH YDULRXVWHFKQRORJLHVLQWHJUDWLQJ
+DV WHFKQRORJ\
WKHPVHOYHV
LQWRRXUDUWIRUPV"
EHJXQWR
DIIHFWQRWRQO\SDUWLFXODU
RU RS DUW
JHQUHV
F\EHUQHWLF
GDQFHEXWDOVR
HOHFWURQLF
YLGHRDUWFRQWHPSRUDU\
PXVLF
WKHYHU\GHILQLWLRQ
RIDUW",QGHHGLVLWSRVVLEOHWKDWWHFK
VR
KXPDQ
FRQVFLRXVQHVV
LWVHOI
QRORJ\PD\EH WUDQVIRUPLQJ
LWJUDGXDOO\
REVROHWH"
DV WRPDNHDUWDV ZHKDYHNQRZQ
,QVKRUW
)XWXULVP
OHDGXV"
ZKHUHZLOO0DULQHWWL
V
ILQDOO\
i5HIHUHQFHV
6FLHQFHDQG 7HFKQRORJ\
LQ$UW7RGD\
-RQDWKDQ
%HQWKDOO
-DFN%XUQKDP
%H\RQG0RGHUQ6FXOSWXUH
-RKQ
&DJH6LOHQFHDQG$<HDU)URP
0RQGD\
'RXJODV'DYLV$UWDQGWKH)XWXUH

This content downloaded from 169.229.32.36 on Mon, 26 Jan 2015 20:13:09 PM

All use subject to JSTOR Terms and Conditions



7+(

*(25*,$

5(9,(:

:RUNV
0DUFHO'XFKDPS
&RPSOHWH
$UWKXU
.RHVWOHU
WKH7ZR&XOWXUHV
+DUUROG
+DUULV
HG$VWULGH
RW
LQ$UWDQG6FLHQFH
.HSHVHG6WUXFWXUH
*\RUJ\
0HGLD
0DUVKDOO0F/XKDQ
8QGHUVWDQGLQJ
5DLQERZ
7KRPDV3\QFKRQ
*UDYLW\
V
LQ$UW
-DVLD5HLFKDUGW
7KH&RPSXWHU
DQG/LWHUDWXUH
7HFKQRORJ\
:\OLH6\SKHU
7KH%ULGHDQG WKH%DFKHORUV
&DOYLQ7RPNLQV
(LQVWHLQ
RQWKH%HDFK
5REHUW
:LOVRQ
6HDUFKIRUD 8QLILHG
'7KH([LVWHQWLDO
6HQVLELOLW\

i4XRWDWLRQV
VFLHQFH
LQFRQWDFW
ZLWK
'HFDGHVVSHQW
&KDUOHV
/LQGEHUJK
W
RDUHDV
PLQG
DQGVHQVHV
KDYHGLUHFWHG
DQGLWVYHKLFOHV
P\
DV
UHDFK,QRZVHHVFLHQWLILF
DFFRPSOLVKPHQW
EH\RQGWKHLU
D SDWKQRWDQ HQGD SDWKOHDGLQJWRDQGGLVDSSHDULQJ
LQP\VWHU\
7KH%XGGKDWKH*RGKHDGUHVLGHVTXLWH
5REHUW
3LUVLJ
RUWKH
LQWKHFLUFXLWV
RID GLJLWDOFRPSXWHU
DV FRPIRUWDEO\
DV
KHGRHVDWWKH
WUDQVPLVVLRQ
RID
WRSRID
JHDUV
F\FOH
RULQWKHSHWDOVRID IORZHU
PRXQWDLQ
   WKDW
,VPXVLF
   ,VHOHFWULFLFLW\
-LPL
+HQGUL[
ZLOOWDNHXVDOOWRWKDWVSLULWXDO
KLJK, FDOOWKHHOHFWULF

FKXUFK
ZLWK
VFLHQFH
0HDG:HQHHGD UHOLJLRXV
0DUJDUHW
V\VWHP
EHWZHHQ
ZKLFK
W
UDGLWLRQDO
L
Q
WKH
DWLWVYHU\
FRUH
RSSRVLWLRQ
WUXWK
UHIOHFWHG
LQJULVO\
VFLHQFHDQG UHOLJLRQ
E\RXUWHFK
FDQDJDLQEH UHVROYHG
GHVHFUDWHG
FRXQWU\VLGH
QRORJLFDOO\
LQVWHDGRIWKHSDVW
EXWLQWHUPV
RIWKHIXWXUH

i4XHULHV
GRWKHGLYHUVHFDUHHUVRIDQ DVWURQDXW
7RZKDWH[WHQW
RU1RUPDQ
DZULWHU
7KRPDV
OLNH
OLNH
0LFKDHO
&ROOLQV
3\QFKRQ
D KLV
RU-LPL
OLNH-RKQ
+HQGUL[
0DLOHUD PXVLFLDQ
&DJH
OLNH
DQ DQWKURSRORJLVW
WRULDQOLNH:LOOLDP,UZLQ
7KRPSVRQ
UHIOHFW
OLNH5REHUW
0HDGDQGD =HQF\FOLVW
3LUVLJ
0DUJDUHW
DQ DXWKHQWLF
VRFLHW\IRUDQ
TXHVWLQRXUSRVWLQGXVWULDO
$QGDJDLQZKDW
\HWXQLILHG
LQILQLWHO\
RSWDWLYH
VHQVLELOLW\"
DQG SKLORVRSKLFDO
DUH WKHSHUVRQDOSROLWLFDO
LPSOLFDWLRQV
RIVXFKD TXHVW"

i5HIHUHQFHV
WKH)LUH
0LFKDHO&ROOLQV&DUU\LQJ
2ID )LUHRQWKH0RRQ
1RUPDQ
0DLOHU
)DLWK
0DUJDUHW0HDG7ZHQWLHWK
&HQWXU\
LQWKH&RVPLF
&KLOWRQ
7
KH&UDFN
3HDUFH
(JJ
-RVHSK

This content downloaded from 169.229.32.36 on Mon, 26 Jan 2015 20:13:09 PM

All use subject to JSTOR Terms and Conditions

,+ +$66$1



03LUVLJ
=HQDQGWKH$UWR0RWRUF\FOH
0DLQWHQDQFH
5REHUW
:LOOLDP,UZLQ
3DVVDJHV$ERXW(DUWK
7KRPSVRQ
>+DYLQJ RYHUH[WHQGHGLWVPLQG ZLWK TXHULHV +HWHURWH[W
VXGGHQO\VWRSVWKXVHQGVWKHVFHQH`

6FHQH

WKH )RXUWK

7KH )XWXUH RI 9LWUXYLDQ0DQ

7H[W
WRTXRWH DOPRVWDVPXFKDV +HWHURWH[W@

QRLY GHWHUPLQHG
$W SUHVHQWSRVWKXPDQLVPPD\DSSHDUYDULRXVO\DVDGXELRXV
QHRORJLVPWKHODWHVWVORJDQ RU VLPSO\DQRWKHULPDJHRI PDQ
V
UHFXUUHQWVHOIKDWH<HW SRVWKXPDQLVPPD\ DOVR KLQWDW D SR
WHQWLDOLQRXU FXOWXUHKLQWDWD WHQGHQF\VWUXJJOLQJWR EHFRPH
PRUH WKDQD WUHQG7KH 3URPHWKHDQP\WKDIWHUDOO FRQWDLQV
DQ HQLJPDWLFSURSKHF\ +RZ WKHQVKDOO ZH XQGHUVWDQGSRVW
KXPDQLVP"
:H QHHGILUVWWRXQGHUVWDQGWKDWWKHKXPDQIRUPLQFOXGLQJ
KXPDQGHVLUHDQGDOOLWVH[WHUQDOUHSUHVHQWDWLRQV
PD\EHFKDQJLQJ
DQG
WKXVPXVWEH
UHYLVLRQHG
:H
QHHG
WRXQGHUVWDQG
UDGLFDOO\
WKDWILYHKXQGUHG\HDUVRIKXPDQLVPPD\EH FRPLQJWRDQ HQG
DV KXPDQLVPWUDQVIRUPVLWVHOILQWR VRPHWKLQJ WKDW ZH PXVW
KHOSOHVVO\ FDOO SRVWKXPDQLVP7KH ILJXUH RI 9LWUXYLDQ 0DQ
DUPVDQG OHJV GHILQLQJWKHPHDVXUHRI WKLQJVVR PDUYHORXVO\
GUDZQE\/HRQDUGR KDVEURNHQWKURXJKLWVHQFORVLQJFLUFOHDQG
VTXDUH DQG VSUHDG DFURVV WKH FRVPRV 6WDQGV KH QRW WKHUHE\
LQWKHFHQWHURI,PPHQVLWLHV
LQWKHFRQIOX[RI(WHUQLWLHV"&DUO\OH
DVNHG/HVV
WKDQD
RPLQRXVO\
FHQWXU\DIWHU3LRQHHU  FDUULHV
WKHKXPDQIRUPDQG WKHKXPDQVLJQEH\RQG WKHVRODU V\VWHP
LQWRWKHLQWHUJDODFWLFVSDFHV DQG &DUO 6DJDQ ZU\O\VSHFXODWHV
LQ 7KH &RVPLF &RQQHFWLRQDERXW WKHIXWXUHRIKXPDQLQWHOOL
JHQFHEDEEOLQJ LWVFKLOGKRRG WR WKHXQLYHUVH
7KLV H[SDQVLRQ RI KXPDQ FRQVFLRXVQHVV LQWR WKH FRVPRV
WKLVLPSOLFDWLRQRIPLQGLQWRIDUWKHVWPDWWHUEHFRPHV DZHVRPH
ZKHQ DVWURSK\VLFLVWVUHIOHFWXSRQ WKH RULJLQ RIWKHXQLYHUVH

This content downloaded from 169.229.32.36 on Mon, 26 Jan 2015 20:13:09 PM

All use subject to JSTOR Terms and Conditions



7+(

*(25*,$

5(9,(:

$V 6LU %HUQDUG /RYHOO 3URIHVVRURI 5DGLR $VWURQRP\DW WKH

8QLYHUVLW\RI 0DQFKHVWHUSXW LW
IURPWKHLQILQLWLHV
RIGHQVLW\DQGVL]H
7KH WUDQVIHUHQFH
DWWLPH]HUR >ZKHQWKHXQLYHUVHEHJDQ@ WRWKHILQLWH
TXDQWLWLHVHQFRPSDVVHGE\ WKH ODZV RI WKH SK\VLFDO
ZRUOGPD\OLH EH\RQGVFLHQWLILFFRPSUHKHQVLRQ
'RHV
EHFDXVHKHKDVH[WHUQDOL]HG
PDQIDFHWKLVGLIILFXOW\
WKH
,V WKHUHUHDOLW\LQ WKHVH
REMHFW RI KLV LQYHVWLJDWLRQ"
H[WHUQDOL]HGSURFHGXUHV":KDW LV PDQ
V FRQQHFWLRQ
ZLWKWKHXQLYHUVHRI DWRPVVWDUVDQG JDOD[LHV" 
VFLHQWLILF
,QGHHG, DPLQFOLQHGWRDFFHSWFRQWHPSRUDU\
HYLGHQFHDVLQGLFDWLYHRID IDUJUHDWHUGHJUHHRIPDQ
V
WRWDOLQYROYHPHQW
ZLWKWKHXQLYHUVH $ UHPDUNDEOH
DQGLQWLPDWH
EHWZHHQPDQWKHIXQGDPHQWDO
UHODWLRQVKLS
DQGWKHLQLWLDO
PRPHQWV
RIQDWXUH
RIVSDFHDQG
FRQVWDQWV
WLPHVHHPVWREHDQLQHVFDSDEOHFRQGLWLRQRIH[LVWHQFH
 1RYHPEHU 
1HLY <RUN 7LPHV0DJD]LQH
7KLV FRVPRORJLFDO YLHZ , WKLQNUHTXLUHV IURPXV D JHQXLQH
DOWHUDWLRQLQRXUPRGHVRIIHHOLQJDQGWKRXJKWDQG SHUIRUPDQFH
DQ DOWHUDWLRQWKDW PXVW JR EH\RQG VD\ $OEHUW 6FKZHLW]HU
V
UHYHUHQFHEHIRUHOLIHDQG EH\RQG WKH SDUWLFLSDWLRQP\VWLTXH
DWWULEXWHGWR SULPLWLYHPDQ
%XW WKLV FRVPRORJLFDO H[WHQVLRQ RI KXPDQ FRQVFLRXVQHVV
ZKLFK ERWK7HLOKDUG GH &KDUGLQDQG 0DUVKDOO0F/XKDQ KDYH
ORQJ LI GLIIHUHQWO\
SHUFHLYHG LV QRW WKH RQO\ IRUFH WHQGLQJ
WRZDUG SRVWKXPDQLVP,QGHHG WKHUHYLVLRQRIPDQLV FXUUHQWO\
SURPRWHG E\ FHUWDLQ SUHVFLHQWKXPDQLVWVDV ZHOO DV E\ PRVW
VFLHQWLVWV7KXV IRULQVWDQFH&ODXGH /YL6WUDXVVERWKKXPDQLVW
DQGVFLHQWLVW
VSHDNVGDUNO\DWWKHHQGRI$ :RUOGRQWKH:DQH
7KH ZRUOGEHJDQZLWKRXWWKHKXPDQUDFHDQGLWZLOO
HQGZLWKRXWLW7KH LQVWLWXWLRQV
DQGFXVWRPV
PDQQHUV
ZKLFK, VKDOOKDYH VSHQWP\OLIHLQ FDWDORJXLQJDQG
DUHDQHSKHPHUDOHIIORUHVFHQFH
RI
WU\LQJWRXQGHUVWDQG
D FUHDWLYH SURFHVV LQ UHODWLRQWR ZKLFK WKH\ DUH
PHDQLQJOHVV
$QG WKXVDJDLQ 0LFKDHO )RXFDXOW LQ 7KH 2UGHU RI 7KLQJV
2QH WKLQJLQ DQ\ FDVHLV FHUWDLQPDQLVQHLWKHUWKH
ROGHVWQRUWKHPRVWFRQVWDQWSUREOHPWKDWKDV EHHQ
SRVHGIRUKXPDQNQRZOHGJH $VWKHDUFKDHRORJ\RI
RXUWKRXJKWHDVLO\VKRZVPDQLVDQLQYHQWLRQ
RIUHFHQW
GDWH$QGRQHSHUKDSVQHDULQJLWVHQG

This content downloaded from 169.229.32.36 on Mon, 26 Jan 2015 20:13:09 PM

All use subject to JSTOR Terms and Conditions

,+ +$66$1



<HW ERWK)RXFDXOW DQG /YL6WUDXVV, DP FRQYLQFHGPHDQ

QRWWKHOLWHUDOHQG RI PDQ EXW WKHHQG RI D SDUWLFXODULPDJH
RI XVVKDSHG DV PXFK E\ 'HVFDUWHV VD\ DV E\ 7KRPDV 0RUH
RU(UDVPXVRU0RQWDLJQH7KDWLVZK\FRQWHPSRUDU\VWUXFWXUDOLVW
WKRXJKWHPSKDVL]HV VR PXFK WKH GLVVROXWLRQRI WKH VXEMHFW
WKH DQQLKLODWLRQRI WKDW KDUG &DUWHVLDQ HJR RU FRQVFLRXVQHVV
ZKLFKGLVWLQJXLVKHGLWVHOIIURPWKHZRUOG E\WXUQLQJWKHZRUOG
LQWR DQ REMHFW 7KH 6HOI VWUXFWXUDOLVWVDQG SRVWVWUXFWXUDOLVWV
LQVLVWIROORZLQJWKHLQWXLWLRQRI 1LHW]VFKH LV UHDOO\ DQ HPSW\
SODFH ZKHUHPDQ\VHOYHVFRPH WR PLQJOHDQG GHSDUW
$ VLPLODU SHUFHSWLRQ GHULYLQJ IURP ELRORJ\ PRUH WKDQ
SV\FKRORJ\ RU SKLORVRSK\SHUVXDGHV (OL]DEHWK 0DQQ %RUJKHVH
WKDWKXPDQQDWXUHLVVWLOOHYROYLQJ
2QH PLJKWHYHQ VD\ WKDWZKHWKHUSRVWPRGHUQPDQ
LVVWLOO+RPR VDSLHQVUHPDLQVWREHVHHQ$ VSHFLHVWKDW
FDQIO\LVGLIIHUHQW
IURPRQHWKDWFDQQRW$VSHFLHVWKDW
FDQ WUDQVSRUWLWVHOIRXW RIHDUWK
VELRVSKHUHWR RWKHU
IURPDQHDUWKERXQGVSHFLHV$ VSH
SODQHWVLVGLIIHUHQW
YLWDORUJDQVIURPRQHPHPEHU
FLHVWKDWFDQ WUDQVSODQW
WR DQRWKHUEOXUULQJWKHERXQGDULHVEHWZHHQWKLVLQGL
YLGXDODQGWKDWLQGLYLGXDODQGEHWZHHQOLIHDQGGHDWK
LVGLIIHUHQW
IURPD VSHFLHVZKRVHPHPEHUVFDQQRWGR
WKLV&HQWHU0DJD]LQH0DUFK
$SULO 
3URMHFWHG RXW RI WKLV ZRUOG DQG LQWR WKH XQLYHUVHWKH
SK\VLFDODQGPHQWDOSRVVLELOLWLHVRIHYROXWLRQEHFRPH HYHQPRUH
VWDJJHULQJ2QO\ D PLQXWH IUDFWLRQDQ LQFRQFHLYDEO\ VPDOO
IUDFWLRQRI DOO SRVVLEOH IRUPVRI OLIH KDYH H[LVWHGRQ HDUWK
ZULWHV-DPHV) 'DQLHOOL 'LUHFWRURIWKH&HQWHUIRU7KHRUHWLFDO
%LRORJ\ DW681< %XIIDOR,W LVLQFRQFHLYDEOHWKDWWKHWHUUHV
WULDORUJDQLVPVZH QRZ KDYH DUH UHSUHVHQWDWLYHVDPSOHVRI WKH
RUJDQLVPVZKLFK FDQ H[LVW &HQWHU 0DJD]LQH 2FWREHU ]
&RQFUHWHO\WKLVPHDQVWKDWWKHUHYLVLRQRIKXPDQGHVWLQ\PXVW
XOWLPDWHO\FRQVLGHUWKDWGHVWLQ\LQ D YDVW HYROXWLRQDU\VFKHPH
0RUHVREHUO\PRUHLPPHGLDWHO\SHUKDSVDSRVWKXPDQSKLORV
RSK\ PXVWDGGUHVVWKH FRPSOH[ LVVXH RI DUWLILFLDOLQWHOOLJHQFH
ZKLFK PRVWRI XV NQRZ RQO\ E\ WKHIDPLOLDUQDPH RI +$/
WKH VXSHUFRPSXWHU LQ .XEULFN
V  VR VWUDQJHO\KXPDQ
WKDWLVDWRQFHVRVLQLVWHUDQG SDWKHWLFLQHYHU\FLUFXLWDQG ELW
%XW DUWLILFLDOLQWHOOLJHQFHLV QRW PHUHO\ D ILJPHQWRI VFLHQFH

This content downloaded from 169.229.32.36 on Mon, 26 Jan 2015 20:13:09 PM

All use subject to JSTOR Terms and Conditions



7+(

*(25*,$

5(9,(:

ILFWLRQLWDOPRVWOLYHVLQRXUPLGVW7KHUH LVDQ DQHFGRWHDERXW

$ODQ 7XULQJ WKH\RXQJ PDWKHPDWLFDOJHQLXVZKR GLHGLQ 
RQ ZKRVH ZRUN -RKQ YRQ 1HXPDQQ EXLOW PRGHUQ FRPSXWHU
WKHRU\D VRPEHU DQHFGRWH WKDWZH GR ZHOO WR SRQGHU ,W LV
WROG E\ WKHZLIHRI RQH RI 7XULQJ
V FORVHVW FROOHDJXHV
,UHPHPEHU
LQRXUJDUGHQDW%RZGRQDERXW
VLWWLQJ
ZKLOH$ODQDQGP\KXVEDQGGLVFXVVHGWKHPDFKLQHDQG
, FRXOGQ
WWDNHSDUWLQWKHGLVFXV
LWVIXWXUHDFWLYLWLHV
ZKLFK
VLRQEXWVXGGHQO\P\HDUSLFNHGXSDUHPDUN
,
VHQWD VKLYHUGRZQP\EDFN$ODQVDLGUHIOHFWLYHO\
VKDQ
WNQRZ
ZKHQLW
WR
WKDW
ZH
VXSSRVH
JHWV
VWDJH
KRZLWGRHVLW1RY <RUN7LPHV0DJD]LQH)HE
UXDU\
6R PXFKIRUWKHFKLOOLQJREVROHVFHQFHRIWKHKXPDQEUDLQ
<HW WKHKXPDQEUDLQLWVHOIGRHV QRW UHDOO\NQRZ ZKHWKHU
LW ZLOO EHFRPH REVROHWHRU VLPSO\QHHG WR UHYLVHLWVVHOIFRQ
FHSWLRQ 7KH DUJXPHQWH[SORUHG E\ $UWKXU.RHVWOHU LQ 7KH
*KRVW LQ WKH0DFKLQH WKDWWKHKXPDQEUDLQPD\ EH UDGLFDOO\
IODZHGPD\ EH WKDW LV DQ RUJDQ LQDGHTXDWH WR LWV WDVN D
PLVWDNHDPRQJFRXQWOHVVRWKHUPLVWDNHVRIHYROXWLRQUHPDLQV
D K\SRWKHVLVSHUKDSVLWVHOIPRUHPLVWDNHQWKDQWKHEUDLQZKLFK
FRQFHLYHG LW :LOO DUWLILFLDOLQWHOOLJHQFHVVXSHUVHGH WKH KXPDQ
EUDLQUHFWLI\LWRUVLPSO\H[WHQGLWVSRZHUV":H GR QRWNQRZ
%XWWKLVZH GR NQRZ DUWLILFLDOLQWHOOLJHQFHVIURPWKHKXPEOHVW
FDOFXODWRUWRWKHPRVWWUDQVFHQGHQWFRPSXWHUKHOSWRWUDQVIRUP
WKHLPDJH RI PDQWKHFRQFHSW RIWKHKXPDQ7KH\ DUH DJHQWV
HYHQLIWKH\GR QRPRUHWKDQWKH,%0
RIDQHZ SRVWKXPDQLVP
ZKLFK

SHUIRUPVLQ D IHZ KRXUV DOO WKH DULWKPHWLF
HVWLPDWHGHYHU WR KDYH EHHQ GRQH E\ KDQG E\ DOO PDQNLQG
+HQU\ -7D\ORU LQ 'LPHQVLRQV RI WKH )XWXUH
$OOWKHVHYLVLRQVILQDOO\ERJJOH WKHPLQGVRISRRU KXPDQLVWV
OLNHRXUVHOYHV<HW WKH\DUHQRWWKHYLVLRQVRIVFLHQFHILFWLRQLVWV
DQG IXWXUHVKRFNHUVLQWHQGHGWR DPXVHDQG WHUULI\XVHYHQ DV
WKH\PDNHWKHEHVWVHOOHUOLVWV7KHVH YLVLRQVDUHLPPHGLDWHDQG
FRQFUHWH 7HFKQRORJ\ DQG WKH SKDUPDFHXWLFDO LQGXVWU\ KDYH
DOUHDG\ DOWHUHGPRVWSHUIRUPDQFHVLQWKH 2O\PSLF *DPHV DQG
WKRVH %LRQLF :RPHQ IURPWKH *HUPDQ 'HPRFUDWLF 5HSXEOLF
PD\SRLQWWR D IXWXUHPRUHJROGHQ WKDQDOO WKHLUPHGDOV$QG
ZKHQ WKH ILJXUHRI /HRQDUGR
V 9LWUXYLDQ0DQ DSSHDUV RQ WKH

This content downloaded from 169.229.32.36 on Mon, 26 Jan 2015 20:13:09 PM

All use subject to JSTOR Terms and Conditions

,+ +$66$1



FRYHURIRXU 79 *XLGH QRZDGD\V XQGHULWUXQVWKH FDSWLRQ

&RPSDUHG ZLWKWKHUHDOELRQLF SHRSOH ZH H[SHFW LQ WKHQRW
WRRGLVWDQWIXWXUH   7KH 6L[ 0LOOLRQ 'ROODU 0DQ LV -XVWD
7LQ /L]]LH  $XJXVW 
:KDW WKHQZLOO WKH IXWXUHLQ LWVPLGGOH GLVWDQFHVEULQJ
WR XV"
>/RQJ SDXVH DV 7H[W WULHVWR SHQHWUDWH7LPH
WKHVFHQH VORZO\ IDGHVDQG HQGV@

6FHQH

WKH

)LIWK
7KH :DUQLQJVRIWKH(DUWK
0\WKRWH[W
>HQWHUVLQRXWUDJH@
7KLV RSWLPLVP LV PRUH NLWVFK WKDQ YLVLRQ <RX IRUJHW

3URPHWKHXVLYDV D WULFNVWHUDQG WKLHI,Q WKH HQG 7H[W KHUH
VHHPVWR VLGH PRUHZLWK *RHWKH 3HUF\ 6KHOOH\ DQG *LGH LQ
WKHLUURPDQWLFLQWHUSUHWDWLRQ
RIWKHP\WKWKDQZLWKZLVH$HVFK\
OXV0DU\6KHOOH\RU .DIND %XW WR RSHQ RQHVHOIZLWK KRSH WR
WKH3URPHWKHDQHQGHDYRULVDOVRWRUHFRJQL]HLWVHUURUDQG WHUURU
LWVPDGQHVVZLWKLQ
&RQVLGHUIRUD PRPHQW:H NQRZ WKDWODSHWXV ZDV IDWKHL
WR 3URPHWKHXV%XWSUD\ZKR ZDV KLVPRWKHU":DV LW $VLD
RU 7KHPLVRU SHUKDSV&O\PHQHVKDSHO\GDXJKWHURI 2FHDQ"
$FFRXQWV GLIIHU<HW WKHLUGLIIHUHQFHVGR QRWREVFXUHD FHUWDLQ
SRLQW WKHVKDPHOHVVP\VRJ\Q\RI WKH P\WK(SLPHWKHXVZH
NQRZWDNHV3DQGRUDWRZLIH)DVKLRQHGH[TXLVLWHO\E\+HSKDHVWXV
VKHLVVHQWDVWKHFXQQLQJUHYHQJHRI=HXV +HVLRG SXWLWEUXWDOO\

*RGV DQGPHQZHUHVSHHFKOHVVZKHQ WKH\VDZ KRZ GHDGO\DQG
KRZLUUHVLVWLEOH
ZDVWKHWULFNZLWKZKLFK=HXV ZDVJRLQJWRFDWFK
PDQNLQG7KLVZDVWKHRULJLQRIWKHGDPQDEOHUDFHRIZRPHQ
7KH\ KDYHQR SODFH ZKHUHWKHFXUVHRISRYHUW\LVWKH\EHORQJ

ZLWKOX[XU\ 7KHRJRQ\ %XWWKHFXUVHLVQRWVLPSO\HFRQRPLF
(SLPHWKHXVDJDLQVWWKHDGYLFH RI KLV EURWKHURSHQV 3DQGRUD
V
ER[DQGDOOWKHL8VRIPDQNLQGHQVXH

This content downloaded from 169.229.32.36 on Mon, 26 Jan 2015 20:13:09 PM

All use subject to JSTOR Terms and Conditions



7+(

*(25*,$

5(9,(:

)URP WKH VWDUWJUHDWZULWHUVKDYH VHQVHGWKDW3URPHWKHXV

PXVWGR PRUH WKDQRYHUWKURZSDWULDUFKLR=HXV KH PXVWDOVR
UHFRYHUWKHJHPDOHSULQFLSOHZLWKLQKLVRZQ FRQVFLRXVQHVV7KXV
$HVFK\OXV LQFOXGHG LQ KLVZRUN ERWK 7KHPLV DQG WKH ZDWHU\
Q\PSK,R DQG 3HUF\6KHOOH\JDYH $VLD D FUHDWLYHUROH ,QGHHG
6KHOOH\ WULHGWR SODFH ORYH DWWKHKHDUWRI KLVZRUN $QG 'LFN
+LJJLQV ZHQW IDUWKHUKH PDGH 3URPHWKHXVD VH[\ZRPDQ
7KH (DUWKPXVWKH KHDUG <HV (DUWKPXVWEH KHDUGHOVH
&RQVFLRXVQHVV WXUQWKH 6N\ LQWR ILUH
7H[W
DWLQJ
>SODF
\@
&DOP \RXUVHOI0\WKRWH[W, FRQFXU , IUHHO\FRQFHGH WKH
SRLQW 2EYLRXVO\ WKH PDUULDJHRI (DUWK DQG 6N\ PD\ QHYHU
ILQGD KDSS\ FRQVXPPDWLRQ,W PD\ DOVR EHJHW PRQVWHUVDQG
PXWDQWV:H NQRZ DOO WRR ZHOO WKH OLWDQ\ RI RXU IDLOXUHV
SROOXWLRQ SRSXODWLRQ SRZHU WKDW VHUYHV RQO\ WR VXSSUHVVLQ
VKRUWPDQ
V GHDGO\ H[SORLWDWLRQRI QDWXUHDQG KLPVHOI6RPH
IRU LQVWDQFHVD\ WKDWWKH WHFKQRORJLFDO FDSDFLWLHV EXQJOHG LQ
:DWHUJDWH ZRXOG PDNHWKH 0LUDFOH 0\VWHU\DQG $XWKRULW\
RIWKH*UDQG ,QTXLVLWRUVHHPOLNHFKLOGLVKSOD\ 2WKHUVFDXWLRQ
RI SUHVHQW DQG IXWXUH VKRFN RI FORQLQJ SDUWKHQRJHQHVLV
WUDQVSODQWV
SURVWKHVLVRIWKHDOWHUDWLRQRI PHPRU\LQWHOOLJHQFH
DQGEHKDYLRURIWKHFUHDWLRQRIFKLPHUDVDQGURLGVDQG F\ERUJV
2WKHUVVWLOOVLPSO\SURSKHV\RI IDPLQHDQG JOREDO ZDU )URP
' + /DZUHQFH DQG )ULHGULFK -XHQJHUWR /HZLV 0XPIRUG
5DFKHO &DUVRQ-DFTXHV (OOXO DQG WKH&OXE RI 5RPH PHQDQG
ZRPHQRIYLVLRQKDYHZDUQHGDJDLQVWGHKXPDQL]DWLRQDQGFKDO
OHQJHG UDPSDQWWHFKQRORJ\DQG 0DU[ SUHFHGHG WKHPZLWKKLV
IDPRXVGRFWULQHRIDOLHQDWLRQ, NQRZ DOO WKLV
(YHQ +HLGHJJHUGHVSLWHKLVSRVWPRGHUQWXUQLQ SKLORVRSK\
VHH WKHZRUN RI 5LFKDUG 3DOPHU HYHQ +HLGHJJHU LV IXOORI
IRUHERGLQJRQ WKHVXEMHFW ,Q DQ LQWHUYLHZWDSHG LQ  EXW
SXEOLVKHGRQO\ WKLV\HDU LQ 'HU 6SLHJHO KH ZDUQV WKDWWHFK
QRORJ\LVQRORQJHUHPSRZHUHGE\KXPDQUHDOLW\'LH 7HFKQLN
LQLKUHP:HVHQ LVWHWZDVZDV GHU0HQVFK YRQ VLFKDXV QLFKW
 ZDUQVWKDWLWQR ORQJHUFRUUHVSRQGVWR WKHKXPDQ
EHZOWLJW
PHDVXUHRUZD\ ZLU KDEHQQRFKNHLQHQ:HJ GHUGHP:HVHQ

This content downloaded from 169.229.32.36 on Mon, 26 Jan 2015 20:13:09 PM

All use subject to JSTOR Terms and Conditions

,+ +$66$1



GHU7HFKQLN HQWVSULFKW
 +RZ WKHQFDQWKHKXPDQUDFH VSDUH
WKHHDUWKUHFHLYHWKHVN\H[SHFW WKHJRGVDQG KDYHD FDSDFLW\
IRUGHDWK +HLGHJJHU PLJKWZHOO ZRQGHU"
<HWHYHQ+HLGHJJHU VHQVHGWKDW1RW RQO\LVPDQE\QDWXUH
PRUHGDULQJWKDQSODQWDQG EHDVW0DQ LVDWWLPHVPRUHGDULQJ

HYHQ
WKDQ/LIH LWVHOILV
 :LOO WKLVGDULQJWDNHXV WR ZKHUH
DOOJURXQGEUHDNVRIILQWRWKHDE\VV" 2U ZLOOWKHWUDQVKXPDQL
]DWLRQ RI WKH KXPDQ PHDQ DV $UWKXU &ODUN VXJJHVWV RXU
FKLOGKRRG
V HQG"
+HWHURWH[W
>TXLHWO\@
,ZLVKWRTXRWHIURP
$UWKXU
RIWKH)XWXUH
&ODUNH
V3URILOHV
6SHDNLQJ
RIWKHIXWXUH
UDFHV&ODUNHVD\V
7KHZLOOKDYHWLPHHQRXJKLQWKRVHHQGOHVVDHRQVWR
DOOWKLQJV
DQGWRJDWKHUDOONQRZOHGJH
7KH\ZLOO
DWWHPSW
QRWEHOLNHJRGVEHFDXVHQRJRGVLPDJLQHG
E\RXUPLQGV
%XWIRU
KDYHHYHUSRVVHVVHG
WKHSRZHUV
ZLOOFRPPDQG
WKH\
DIWHU
DOOWKDW
LQWKHEULJKW
JORZ
WKH\
PD\HQY\XVEDVNLQJ
RI&UHDWLRQ
IRUZHNQHZWKHXQLYHUVH
ZKHQLWZDV\RXQJ
0\WKRWH[W
ZLOOQRWEH
>ZKR
DVVXDJHG

7H[W PHQWLRQVWKH FDSDFLW\ IRUGHDWK +HWHURWH[W VSHDNV
RI WKH IXWXUH 3URPHWKHXV LV FRQQHFWHG ZLWK ERWK ,Q WKH
*UJLDV 6RFUDWHVFODLPVWKDW3URPHWKHXVKDG DOVR JLYHQPHQ
H[DFWIRUHNQRZOHGJHRIWKHLUGHDWK%XW+DGHV JRGRIWKHXQGHU
ZRUOG FRPSODLQHG WR ;HXV DQG WKH JLIWZDV UHYRNHG &RXOG
LW EH WKDWIRURQFH =HXV DFWHG ZLWK WDFW" 5REEHG RI KXPDQ
PRUWDOLW\KRZ FDQ (DUWK JLYH FRQWLQXDOELUWK":LWKRXW GHDWK
KRZ FDQWKHUHEHVXUSULVHRUJHQHUDWLRQ"
<HW WKHPRWLYHVRI=HXV ZHUHVHOGRPSXUH :H NQRZWKDW
DIWHUDHRQV RI SDLQ +HUDFOHV GHOLYHUHG 3URPHWKHXVIURP KLV
 IRU 3URPHWKHXVNQHZ D VHFUHWYLWDO WR
ERQGDJH RQ 7DUWDUXV
WKHUXOH RI =HXV 6RPH VD\ ;HXV ZDV ILQDOO\WRSSOHG RWKHUV
PDLQWDLQD UHFRQFLOLDWLRQHQVXHG DQG D IHZ VWLOOZKLVSHU WKDW
WKHVLFNFHQWDXU&KLURQRIIHUHGWRUHVLJQKLVJLIWRILPPRUWDOLW\
DQGWDNHWKHSODFH RI3URPHWKHXVXQGHUWKHYXOWXUH2U SHUKDSD

.DINDDIWHUDOOSXWVLWEHVW

This content downloaded from 169.229.32.36 on Mon, 26 Jan 2015 20:13:09 PM

All use subject to JSTOR Terms and Conditions



7+(

*(25*,$

5(9,(:


(YHU\RQH JUHZZHDU\RIWKHPHDQLQJOHVVDIIDLU
7KH JRGV JUHZZHDU\ WKHHDJOHVJUHZZHDU\ WKH
ZRXQG FORVHG ZHDULO\
7KHUH UHPDLQHGWKH LQH[SOLFDEOH PDVV RI URFN
7KH OHJHQGWULHGWRH[SODLQWKHLQH[SOLFDEOH$V LW
FDPHRXW RID VXEVWUDWXPRIWUXWKLWKDGLQWXUQWR
HQGLQWKHLQH[SOLFDEOH
>+XVK ODVWVFHQH HQGV@

3267(;7
, FRPH DWWKHHQGWKRXJKWKHUHDUHQR HQGV , FRPH RQO\
DIWHU$QG ZKDW, PXVWVD\ KDV DOUHDG\EHHQ VDLGDQG ZLOO EH
VDLG PDQ\ WLPHVWKHUHDIWHU
,V LW QRW ILQDOO\SODLQ" 3URPHWKHXVSURSKHW7LWDQ WUDQV
JLYHURIILUHPDNHURIFXOWXUH3URPHWKHXV
JUHVVRUDQGWULFNVWHU
LV RXU SHUIRUPHU+H SHUIRUPV6SDFH DQG 7LPH KH SHUIRUPV
'HVLUH +H VXIIHUV
:H DUH RXUVHOYHVWKDWSHUIRUPDQFHZH SHUIRUPDQG DUH
SHUIRUPHGHYHU\PRPHQW:H DUHWKHSDLQRUSOD\RIWKH+XPDQ
ZKLFK ZLOO QRW UHPDLQKXPDQ:H DUH ERWK (DUWK DQG 6N\
:DWHU DQG )LUH :7HDUH WKHFKDQJLQJIRUPRI 'HVLUH (YHU\
WKLQJFKDQJHVDQG QRWKLQJQRW HYHQ 'HDWK FDQ WLUH
>+HUH HQGVWKH0DVTXH@

This content downloaded from 169.229.32.36 on Mon, 26 Jan 2015 20:13:09 PM

All use subject to JSTOR Terms and Conditions