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Marketing Department Journal Articles Marketing Faculty Publications and Research
3-17-2020
The role of supplier performance evaluations in mitigating risk: The role of supplier performance evaluations in mitigating risk:
assessing evaluation processes and behaviors assessing evaluation processes and behaviors
Timothy G. Hawkins
Michael J. Gravier
Bryant University
William A. Muir
Follow this and additional works at: https://digitalcommons.bryant.edu/mark_jou
Part of the Marketing Commons
Recommended Citation Recommended Citation
Hawkins, Timothy G.; Gravier, Michael J.; and Muir, William A., "The role of supplier performance
evaluations in mitigating risk: assessing evaluation processes and behaviors" (2020).
Marketing
Department Journal Articles.
Paper 118.
https://digitalcommons.bryant.edu/mark_jou/118
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Bryant Digital Repository. It has been accepted for inclusion in Marketing Department Journal Articles by an
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UNCORRECTED PROOF
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1. Introduction
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UNCORRECTED PROOF
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CHA NB? LCME I@ ;>P?LM? M?F?=NCIHξ 1B? @IFFIQCHA L?M?;L=B KO?MNCIHM ;L?
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CM OHL?FC;<F?ξ ;H> C@ <OS?LM ;H> ?P;FO;NILM =;HHIN OM? NB? CH@ILG;NCIH
NI >CM=LCGCH;N? <?NQ??H =IGJ?NCNCP? JLIJIM;FM ξ(?FG;Hξ ξξξξξξ NB? ?@ξ
@ILN I@ =IFF?=NCHA ;H> L?JILNCHA NB? MOJJFC?L J?L@ILG;H=? CH@ILG;NCIH CM
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=OL;N?ξ L?MOFNCHA CH NB? >?MCAH I@ ; F?MMξNB;HξIJNCG;F MOJJFS =B;CHξ ;H>
CH=L?;MCHA NB? F?P?F I@ JMS=BIFIAC=;F >CMMIH;H=? CH JOL=B;MCHA JLI@?Mξ
MCIH;FM ξ$IHT;F?Tξ-;>LIH ?N ;Fξξ ξξξξξ /?CFFS ?N ;Fξξ ξξξξξξ
1B? L?G;CH>?L I@ NBCM J;J?L CM ILA;HCT?> CH NB? @IFFIQCHA G;HH?Lξ
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?@@?=NCP?H?MMξ 1B?Hξ NB?ILC?M L?F?P;HN NI 0-" ;L? MOGG;LCT?>ξ H;G?FS
;A?H=S NB?ILS ;H> ILA;HCT;NCIH;F <?B;PCILξ 1I ?RJFIL? NB? ;HN?=?>?HNM
I@ 0-" LCME GCNCA;NCIH ?@@?=NCP?H?MMξ NBCM L?M?;L=B ?GJFISM KO;FCN;NCP?
CHN?LPC?QM I@ <OS?LM ;H> MOJJFC?LM NI >?P?FIJ ; =IH=?JNO;F GI>?F ;H>
N?MN;<F? BSJINB?M?Mξ +?RNξ NB? MNO>S JL?M?HNM NB? G?NBI>IFIAC?M I@ KO;Hξ
NCN;NCP? >;N; =IFF?=NCIH ;H> ;H;FSMCM NI N?MN NB? ?G?LA?> GI>?Fξ );MNFSξ
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2. Supplier performance evaluations
ξ ALIQCHA <I>S I@ L?M?;L=B ;>>L?MM?M @IOL MNL?;GM I@ 0-" CHKOCLSξ
H;G?FS NB? @OH=NCIHM I@ 0-"Mξ =IGGOHC=;NCIHMξ G?NLC=Mξ ;H> ION=IG?Mξ
#CLMNξ 0-"M M?LP? M?P?L;F @OH=NCIHM MO=B ;Mξ MNL;N?AS @ILGOF;NCIH ;H>
=F;LC[=;NCIHξ G;H;A?G?HN CH@ILG;NCIHξ =IGGOHC=;NCIH QCNB MOJJFC?LM
ξ?ξAξξ ?R ;HN? J?L@ILG;H=? ?RJ?=N;NCIHM ;H> ?R JIMN @??><;=Eξξ =IGGOξ
HC=;NCIHM <?NQ??H >?J;LNG?HNMξ >?=CMCIH G;ECHA ;H> JLCILCNCTCHA ξ?ξAξξ
MOJJFC?L M?F?=NCIH ;H> JLCILCNCTCHA MOJJFC?L CGJLIP?G?HN ;=NCPCNC?Mξξ =Iξ
IL>CH;NCIH ;H> ;FCAHG?HNξ GINCP;NCHA MOJJFC?LMξ =IHNCHOIOM CGJLIP?ξ
G?HNξ ;H> >I=OG?HNCHA BCMNILC=;F J?L@ILG;H=? @IL OM? CH H?AINC;NCIHM
ξ0=BGCNT ξ -F;NNMξ ξξξξξ 0=BGCNT ξ -F;NNMξ ξξξξξξ &GJILN;HNFSξ 0-"M
MBIOF> ;FMI CGJLIP? MOJJFC?LMξ
=;J;<CFCNC?Mξ NB?L?<S <?H?[N NB? <OS?L
ξ%;F> ξ "FF?A;;L>ξ ξξξξξξ
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?RJFIL? NB? =IGGOHC=;NCIH I@ 0-"M @LIG NB? J?LMJ?=NCP? I@ MCAH;F
CHA NB?ILSξ =IH=?HNL;NCHA IH CH@ILG;NCIH MB;JCHAξ L?;=NCIHM @LIG MOJJFCξ
?LMξ ;H> CGJ;=NM NI <OS?LξMOJJFC?L L?F;NCIHMBCJMξ %;F> ;H> "FF?A;;L>
ξξξξξξ ;FMI @I=OM IH =IGGOHC=;NCIH ;H> CH@ILG;NCIH ?R=B;HA?ξ BCABξ
FCABNCHA MOJJFC?L L?;=NCIHM ;H> BIQ 0-" CH@ILG;NCIH CM H?AINC;N?> <?ξ
NQ??H <OS?LM ;H> MOJJFC?LMξ
ξ NBCL> MNL?;G I@ L?M?;L=B =IH=?HNL;N?M IH J?L@ILG;H=? G?NLC=M ;H>
G?;MOL?G?HN G?NBI>Mξ 0CGJMIHξ 0CAO;Qξ ;H> 4BCN? ξξξξξξ C>?HNC@S
NB? >C@@?L?HN G?NLC=M OM?> CH 0-"ξ ξO^; ;H> /IMM ξξξξξξ ?RJFIL? NB?
LIF? I@ ?P;FO;NCIH N?;G >CP?LMCNS IH MOJJFC?L J?L@ILG;H=? OMCHA !;N; "Hξ
P?FIJG?HN ξH;FSMCMξ ILGC=;H ;H> OHHCHAB;G ξξξξξξ >?P?FIJ?>
;H ?P;FO;NCIH NIIF =IHMC>?LCHA KO;FCNSξ IHξNCG? >?FCP?LSξ ;H> NIN;F =IMN
I@ KO;FCNSξ ,NB?L L?M?;L=B ?RJFIL?M NB? N?H?NM I@ L?F;NCIH;F ?R=B;HA? OHξ
>?LJCHH?> <S MI=C;F H?NQILE NB?ILS ξ$L;HIP?NN?Lξ ξξξξξξ IOMCHMξ
);QMIHξ ;H> 0KOCL? ξξξξξξ ?R;GCH?> BIQ NB? LIF? I@ MI=C;FCT;NCIH
G?=B;HCMGM CH NB? 0-" JLI=?MM ;@@?=N?> <OS?L J?L@ILG;H=?ξ $C;HH;ECM
ξξξξξξ >?P?FIJ?> ; @L;G?QILE @IL ; 0-" G?NBI> NB;N ?P;FO;N?M MOJξ
JFC?L L?F;NCIH;F =IHMNLO=NM MO=B ;M NLOMNξ =IGGCNG?HNξ JIQ?Lξ ;H> CHξ
PIFP?G?HNξ
#CH;FFSξ ; <I>S I@ L?M?;L=B @I=OM?M IH NB? ION=IG?M I@ 0-"Mξ *;Hξ
;A?LM B;P? MNLIHA J?L=?JNCIHM NB;N 0-" =;H F?;> NI M?P?L;F <?H?[NM ξ?ξAξξ
%;F> ξ "FF?A;;L>ξ ξξξξξ %;H>[?F>ξ IOMCHMξ );QMIHξ ξ -?N?LM?Hξ
ξξξξξ +;CLξ ';S;L;Gξ ξ !;Mξ ξξξξξξ 1B? OM? I@ ;H 0-* MSMN?G CGξ
JLIP?M <OS?LβMOJJFC?L L?F;NCIHMBCJM ξ-L;BCHMEC ξ ξ?HNIHξ ξξξξξξ CGξ
JLIP?M MOJJFC?L J?L@ILG;H=? ξ0=BGCNT ξ -F;NNMξ ξξξξξξ ;H> CH=L?;M?M
@L?KO?H=S ;H> =IHN?HN I@ @??><;=Eξ QBC=B ;FMI CH=L?;M?M MOJJFC?L J?L@ILξ
G;H=? ξ%;H>[?F> ξ +C=BIFM 'Lξ ξξξξξ +;CL ?N ;Fξξ ξξξξξ -L;BCHξ
MEC ξ #;Hξ ξξξξξξ ξ>>CNCIH;FFSξ NB? OM? I@ ; J?L@ILG;H=? ?P;FO;NCIH
JLIAL;G CH=L?;M?M NB? MNL?HANB I@ NB? L?F;NCIHMBCJ <?NQ??H MOJJFC?LMξ
JLI=?MM CHHIP;NCP?H?MM ;H> NB? <OS?Lξ
M J?L@ILG;H=? <?H?[NM ξξT;>?ξ
A;Hξ ξξξξξξ &H IH? CH>OMNLS <?H=BG;LEξ OM? I@ ;H 0-* MSMN?G A;LH?L?>
ξξξ AL?;N?L JLC=? M;PCHAMξ ξξξ <?NN?L IHξNCG? >?FCP?LS CGJLIP?G?HNξ
@IOL NCG?M AL?;N?L KO;FCNS CGJLIP?G?HNξ ;H> ξξ AL?;N?L CGJLIP?G?HN
CH M?LPC=? ξξ<?L>??H $LIOJξ ξξξξξξ 0-* ?H;<F?M =IHNCHOIOM CGJLIP?ξ
G?HNM NB;N =;H SC?F> ; ξξ NI ξξ L?>O=NCIH CH NIN;F MOJJFS =B;CH =IMNM
PC; =IHNCHOIOM CGJLIP?G?HNM ξ$IL>IHξ ξξξξξξ
&H>OMNLC;F G;LE?NCHA L?M?;L=B ?RNIFM NB? LIF? I@ GIHCNILCHA CH IL>?L
NI G;H;A? NB? B;T;L>M I@ ?R=B;HA?ξ MJ?=C@C=;FFSξ MOJJFC?L IJJILNOHCMG
?R JIMN ;H> ;>P?LM? M?F?=NCIH ?R ;HN? ξ/CH>\?CM=B ξ %?C>?ξ ξξξξξξ
0-" M?LP?M <INB JOLJIM?M <S G?;MOLCHA MOJJFC?L J?L@ILG;H=? ;H> <S
M?LPCHA ;M ; L?JIMCNILS I@ J?L@ILG;H=? CH@ILG;NCIH @IL @ONOL? MIOL=? M?ξ
F?=NCIHMξ 4BCF? 0-"M B;P? G;HS JIMNξ=IHNL;=NO;F OM?M ;M JL?PCIOMFS >?ξ
M=LC<?>ξ Q? FCGCN NB? @I=OM I@ NBCM L?M?;L=B NI NB? ?@@?=NCP?H?MM I@ 0-"M
CH GCNCA;NCHA NB? LCME I@ ;>P?LM? M?F?=NCIH NI =ICH=C>? QCNB NB? JLI<F?GM
C>?HNC[?> ;H> NB? L?M?;L=B KO?MNCIHMξ ,NB?LQCM?ξ ;NN?GJNCHA NI ;>>L?MM
;FF I@ NB? @OH=NCIHM I@ 0-"M QIOF> L?KOCL? G;HS GIL? ?RJF;H;NILS @;=ξ
NILM CH NB? GI>?F =IGJLIGCMCHA NB? ?R?=ON;<CFCNS I@ NB? MNO>Sξ
&#ξ <3=5 73>31+>398 /00/->3@/8/== L?JL?M?HNM NB? ?RN?HN NI QBC=B 0-"M
;=BC?P? NB? AI;F I@ GCNCA;NCHA NB? LCME I@ OHMO==?MM@OF =IHNL;=N J?L@ILξ
G;H=? ξCξ?ξξ ;PIC>CHA ;>P?LM? M?F?=NCIHξξ 0-"M GCNCA;N? LCME <S CH@ILGCHA
@ONOL? <OSCHA N?;GM I@ ; JLIMJ?=NCP? MOJJFC?Lξ
M NLO? J;MN J?L@ILG;H=?
F?P?FMξ 4BCF? =IHN?RNξMJ?=C[= CGJF?G?HN;NCIH ;H> NB?IL?NC=;F J?LMJ?=ξ
NCP?M JO<FCMB @;CLFS @L?KO?HNFSξ ?MJ?=C;FFS =;M? MNO>C?M I@ H?Q MOJJFC?L
?P;FO;NCIH G?NBI>M ξ?ξAξξ %Oξ BCOξ 6?Hξ ξ B?HAξ ξξξξξ 7?S>;Hξ
VIFJ;Hξ ξ VI<;HI_FOξ ξξξξξξ ?GJCLC=;F P;FC>;NCIHM I@ <?H?[NM ;L?
M=;L=? ξ*;?MNLCHC ?N ;Fξξ ξξξξξξ #OLNB?LGIL?ξ NB? G?=B;HCMGM @IL =;Jξ
NOLCHA ;H> G?;MOLCHA J?L@ILG;H=? F?P?FM ;L? HIN Q?FF OH>?LMNII>ξ ?MJ?ξ
=C;FFS CH L?F;NCIH NI NB? ?@@?=NM I@ IJJILNOHCMGξ
,OL L?M?;L=Bξ ;H> JLCIL L?M?;L=Bξ ;FFO>?M NI NB? GCMOM? I@ 0-"M ξ%;F>
ξ "FF?A;;L>ξ ξξξξξξ 4? >?[H? &#ξ 73=?=/ ;M NB? OM? I@ 0-"M CH CGξ
JLIJ?Lξ OH@IL?M??;<F?ξ IL OHCHN?H>?> G;HH?LMξ ξOMCH?MM L?M?;L=B B;M
; BCMNILS I@ BCABFCABNCHA NB? >;HA?LM I@ GCMOM?ξ @IL CHMN;H=? CH =IHξ
MOG?L GCMOM? I@ JLI>O=NM ξ?ξAξξ 1LIG<?NN; ξ 4CFMIHξ ξξξξξξ CH CHMNCξ
NONCIH;F GCMOM? I@ J?LMIH;F CH@ILG;NCIH ξ?ξAξξ 6IOHA ξ .O;Hξ%;;M?ξ
ξξξξξξ ;H> CH ?GJFIS?? GCMOM? I@ CH@ILG;NCIH N?=BHIFIAS L?MIOL=?M
ξ?ξAξξ !ξ
ξL=S ξ !?P;L;Dξ ξξξξξξ 0-" GCMOM? CHB?L?HNFS CHPIFP?M IJξ
JILNOHCMNC= <?B;PCILM <S ;=NILM QBI [H> OM?M @IL 0-"M NB;N ;L?
ξ
UNCORRECTED PROOF
'ξξξξξ+A538=ξ/>ξ+6ξ ξ8.?=><3+6ξ +<5/>381ξ +8+1/7/8> BBB ξBBBBξ
BBBξBBB
HIN JLIJ?Lξ @IL?M??H IL ;HNC=CJ;N?>ξ ;H> NB;N OFNCG;N?FS ?LI>? 0-" ?@[ξ
=C?H=S ;H> ?@@?=NCP?H?MM ;N ;==OL;N?FS ?P;FO;NCHA MOJJFC?L <?B;PCILξ
3. Theoretical foundation and hypothesis development
ξξξξ ?6>3ξ>2/9</>3-+6 +::<9+-2
&HN?LξILA;HCT;NCIH;F <?B;PCIL CM ; =IGJF?R JB?HIG?HIH MO=B NB;N
;HS MCHAF? NB?ILS @;FFM MBILN I@ ?RJF;CHCHA NB? G;HS CHN?LL?F;NCIHMBCJMξ
ξ L?PC?Q I@ MOJJFS =B;CH FCN?L;NOL? L?P?;F?> ξξξ >CMNCH=N NB?ILC?M OM?>
NI >CL?=N CHKOCLS ;H> OH>?LMN;H> NB? >IG;CH ξ!?@??ξ 4CFFC;GMξ /;Hξ
>;FFξ ξ 1BIG;Mξ ξξξξξξ 0-"ξ
M =IGJF?RCNS ?G?LA?M @LIG NB? CHN?L;=NCIH
I@ CH>CPC>O;F BOG;H ;=NILM H?MN?> CH ILA;HCT;NCIH;F MNLO=NOL?Mξ ;H> >O?
NI NB? CHN?LM?=NCIH I@ GOFNCJF? >CM=CJFCH?M MO=B ;M =IHNL;=N F;Qξ MOJJFS
=B;CH G;H;A?G?HNξ ;H> G;LE?NCHAξ ξH 0-" MSMN?G CM ;H ILA;HCT;NCIH;F
;>;JNCP? G?=B;HCMG NB;N MO@@?LM NB? JLI<F?GM I@ ;A?H=S ;LCMCHA @LIG
NB? G;H;A?LM <INB CHN?LH;F ;H> ?RN?LH;F NI NB? [LG CH NB? MOJJFC?L ?P;Fξ
O;NCIH JLI=?MM ξ0=BGCNT ξ -F;NNMξ ξξξξξξ !O? NI CNM ?G?LA?H=? @LIG
<INB NB? ILA;HCT;NCIH;F ;H> ;A?HN F?P?FMξ Q? ;JJFS NQI NB?ILC?Mξ ILA;HCξ
T;NCIH;F <?B;PCIL ;H> ;A?H=S NB?ILSξ
ξF?H>CHA ILA;HCT;NCIH;F <?B;PCIL ;H> ;A?H=S NB?ILS CM =B;L;=N?LCMξ
NC= I@ NB? [?F> I@ ILA;HCT;NCIH;F ?=IHIGC=M ξ,"ξ ξξ;LH?S ξ ,O=BCξ
ξξξξξξ ," @I=OM?M IH NB? L?F;NCIHMBCJM <?NQ??H MOJJFC?LM ;H> <OS?LMξ
?MJ?=C;FFS NB? KO?MNCIH I@ QB;N CH@ILG;NCIH CM A;NB?L?> ;H> BIQ CN CM
OM?> ξ$C<<IHM ξ /I<?LNMξ ξξξξξξ ,OL L?M?;L=B @;FFM CH NB? M;G? P?CH
;M INB?L <OS?LξMOJJFC?L L?M?;L=B =IHH?=NCHA NB? CHN?LξILA;HCT;NCIH;F ;H>
CHN?LξJ?LMIH;F F?P?FM ξCξ?ξξ ξMBH;Cξ %?HH?<?LAξ +;O>Xξ ξ #L;H=?Mξ
=O==Cξ ξξξξξξ
," ;JJFC?M ;A?H=S NB?ILS NI MNO>S NL;HM;=NCIHM I==OLLCHA QCNBCH
[LGM QCNB ; MJ?=C;F @I=OM IH NB? JLI<F?G I@ NB? MBCLECHA ;H> >?=?CN I@
G;H;A?LM ?HNLOMN?> NI JLIN?=N NB? CHN?L?MNM I@ NB? [LG P?LMOM NB? G;Hξ
;A?LM I@ NB? MOJJFSCHA [LGM ξ!IH;F>MIHξ ξξξξξξ ξM ; <I>S I@ ?GJCLξ
C=;F ;H> NB?IL?NC=;F QILEξ ," JL?M?HNM ; MNL?;G I@ ILA;HCT;NCIH;F <?ξ
B;PCIL FCN?L;NOL? ?RJF;CHCHA QBS MIG? ILA;HCT;NCIHM IONJ?L@ILG INBξ
?LM <;M?> OJIH NB?CL ;<CFCNS NI G;H;A? <INB CHN?LH;F ;H> MOJJFC?L L?ξ
F;NCIHMBCJM ?@[=C?HNFS ξξ;LH?S ξ %?MN?LFSξ ξξξξξξ &H=ILJIL;NCHA ;H
ILA;HCT;NCIH;FξF?P?F NB?ILS MBIL?M OJ ;A?H=S NB?ILS L?M?;L=B NB;N MO@ξ
@?LM βGCMJF;=?> G?NBI>IFIAC=;F CH>CPC>O;FCMGβ ξ4ILMB;Gξ "CMH?Lξ ξ
/CHAKOCMNξ ξξξξξ Jξ ξξξξ QB?L? F;LA? ILA;HCT;NCIHM I@ G;HS J?IJF?
;H> MO<ξILA;HCT;NCIHM ;L? ;MMOG?> NI ;=N ;M IH? BIGIA?H?IOM ?HNCNSξ
," ?RJF;CHM NB? H??> NI GIHCNIL ;H> =IHNLIF IJJILNOHCMG ;M GO=B
@IL CHN?LH;F ;M ?RN?LH;F G;H;A?LM <S PC?QCHA ILA;HCT;NCIH;F <?B;PCIL
CH NB? =IHN?RN I@ =IH>O=NCHA ?R=B;HA?M I@ AII>M ;H> M?LPC=?M ;M ; =IHξ
NCHOIOMFS ?PIFPCHA JLI=?MM AOC>?> <S NB? ;A?HNMξ
ξCHN?LH;F ;H> ?RN?LH;F
G;H;A?LMξ
ξ >LCP? NI >I MI CH NB? GIMN ?@[=C?HN G;HH?Lξ 4CFFC;GMIH CM ;Lξ
AO;<FS ,"ξ
M GIMN @;GIOM JLIJIH?HNξ ;H> BCM +I<?F =CN;NCIH L?=IAHCT?>
NB? CGJFC=;NCIHM I@ BCM QILE AICHA <?SIH> BCM @;GIOM NL;HM;=NCIH =IMN
;H;FSMCM NI <LCHA NIA?NB?L ?=IHIGC=Mξ ILA;HCT;NCIH NB?ILSξ ;H> =IHNL;=N
F;Qξ QCNB NL;HM;=NCIH =IMNM ;M BCM GIMN @;GIOM ?RJF;H;NILS G?=B;HCMG
@IL ;MM?MMCHA CHNL;ξ ;H> CHN?Lξ[LG ?@[=C?H=Sξ ;H> ?MJ?=C;FFS NB? ?@@?=NM I@
IJJILNOHCMG MO=B ;M MBCLECHAξ ;H> >?=?CN ξ IG<M ξ (?N=B?H 'Lξ ξξξξξ
!IH;F>MIHξ ξξξξξξ IHNL;=NO;F L?F;NCIHM ?HA;A? ;ONBILCNS ;H> CH=?Hξ
NCP?M HIN ;P;CF;<F? CH IJ?H G;LE?N NL;HM;=NCIHM CH IL>?L NI G;H;A? >CP?Lξ
A?HN AI;FMξ CGJ?L@?=N CH@ILG;NCIHξ ;H> M?F@ξCHN?L?MN ξ IG<M ξ (?N=B?H
'Lξ ξξξξξ 4CFFC;GMIHξ ξξξξξξ ;H> ?@@?=NCP? 0-"M =IHNLC<ON? NI NB?M?
AI;FMξ
ξFNBIOAB =IHNL;=NM ;H> ILA;HCT;NCIHM =L?;N? NB? ?HPCLIHG?HN ;H>
NB? JLI=?MM?M @IL 0-"Mξ ILA;HCT;NCIHM ;L? =IHMNCNON?> I@ CH>CPC>O;FM ;H>
CN QIOF> <? ;H ?LLIL NI ;NNLC<ON? ?P?LS JIMCNCP? IL H?A;NCP? ION=IG?
NI NB? ILA;HCT;NCIH;F IL ?HPCLIHG?HN;F =IHN?RN ξ)ONB;HM ξ 6IOMM?@ξ
ξξξξξξ 4B?L? ILA;HCT;NCIH;F <?B;PCIL ?R;GCH?M ILA;HCT;NCIH;F ;>;Jξ
N;NCIHMξ ;A?H=S NB?ILS ?FO=C>;N?M MCNO;NCIHM QB?H CH>CPC>O;FM G;E? >?ξ
=CMCIHM IH <?B;F@ I@ INB?LMξ ;H> FCE? 0-"Mξ ;A?H=S NB?ILSξ
M OMO;F OHCN
I@ ;H;FSMCM CM NB? =IHNL;=N ξ"CM?HB;L>Nξ ξξξξξξ 1B? =IHNL;=N >?GIHξ
MNL;N?M NB? ;>>?> =IGJF?RCNS I@ ;H ;A?HN GIHCNILCHA ;H ;A?HNβNB? J?Lξ
@ILG;H=? ?P;FO;NIL ;=NM ;M ;H ;A?HN CH NB? ?GJFIS I@ NB? ILA;HCT;NCIHξ
;H> NB? MOJJFC?L CM ; =IHNL;=NO;FFS I<FCA;N?> ;A?HNξ ξMSGG?NLC?M CH CH
@ILG;NCIH =;H F?;> ?CNB?L IL <INB ;A?HNM NI MBCLE >ONC?Mξ >CMNILN CH@ILG;ξ
NCIHξ ;H> <?B;P? IJJILNOHCMNC=;FFSξ #IL ?R;GJF?ξ QB?H L;NCHA ; MO<ξJ;L
MOJJFC?Lξ L;NB?L NB;H L;N? NB? MOJJFC?L ;M OHM;NCM@;=NILSξ NB? ?P;FO;NIL
GCABN CH\;N? NB? L;NCHA NI ;PIC> ; >CMJON?ξ -LCH=CJ;FM =;H L?MJIH> <S CHξ
=L?;MCHA GIHCNILCHA I@ ;A?HNM ξ;FNBIOAB ;FCAHCHA NB? AI;FM I@ NB? ;A?HN
QCNB NB? JLCH=CJ;F CM ; F?MM =IMNFS ;JJLI;=Bξξ G;HC@?MNCHA ;M FIHAξN?LG
?GJFISG?HN ;H>ξ @IL MOJJFC?LMξ OMCHA ION=IG?ξ<;M?> =IHNL;=NM ξ"CM?Hξ
B;L>Nξ ξξξξξξ -LCH=CJ;FM ;FMI M=L??H JIN?HNC;F MOJJFC?L ;A?HNM ?R ;HN? NI
GCNCA;N? ;>P?LM? M?F?=NCIHξ
ξ?=;OM? NB?M? ;L? ILA;HCT;NCIH;F ;H> ;A?HNξF?P?F JB?HIG?H;ξ IOL BSξ
JINB?MCM >?P?FIJG?HN >?M=LC<?M NB? =IHN?RN I@ NB? =CL=OGMN;H=?M I@ IOL
M;GJF? M?NNCHA I@ AIP?LHG?HN JOL=B;MCHAξ 1B? =CL=OGMN;H=?M I@ AIP?LHξ
G?HN =IHNL;=NCHA G;S P;LS CH >?N;CFξ <ON Q? I<M?LP? MCGCF;L =CL=OGξ
MN;H=?M CH NB? @ILξJLI[N M?NNCHA ξξ?;OMIF?CFξ ξξξξξξ
ξξξξ %+>381 .3==98+8-/
0-" CM =IGJF?Rξ NB?L? G;S <? GOFNCJF? CHN?LH;F MN;E?BIF>?LM ;H>
ILA;HCT;NCIHMξ GOFNCJF? MOJJFC?L J?LMIHH?Fξ GOFNCJF? J?L@ILG;H=? =LCN?ξ
LC;ξ ;H> GOFNCJF? J?L@ILG;H=? ?P;FO;NILM CHPIFP?> ξ%;F> ξ "FF?A;;L>ξ
ξξξξξ *;?MNLCHC ?N ;Fξξ ξξξξξ +;CL ?N ;Fξξ ξξξξξ -;FG;NC?Lξ ξξξξξ
0B;JCLIξ ξξξξξ 4C?N?LM ξ ,MNLIGξ ξξξξξξ ?MJ?=C;FFS QCNB F;LA?ξ =IGξ
JF?R =IHNL;=NM ;H> QB?L? J?L@ILG;H=? I==OLM CH GIL? NB;H IH? FI=;ξ
NCIHξ "PC>?H=? I@ NB? <?H?[N I@ L?>O=CHA ILA;HCT;NCIH;F >CMMIH;H=? =;H
<? @IOH> CH MOJJFS =B;CH CHN?AL;NCIH L?M?;L=Bξ #CLG CHN?LH;F CHN?AL;NCIH
L?CH@IL=?M ?RN?LH;F MOJJFS =B;CH CHN?AL;NCIH QBC=Bξ CH NOLHξ CGJLIP?M
MOJJFS =B;CH J?L@ILG;H=? ξ#LIBFC=B ξ 4?MN<LIIEξ ξξξξξ %OIξ ξξξξξ
)?OM=BH?Lξ /IA?LMξ ξ B;LP?Nξ ξξξξξξ
!CMMIH;H=? =;H ;LCM? @LIG JMS=BIFIAC=;F @;=NILM ;N NB? ;A?HNξF?P?Fξ
ξ@@?=NCP? NL;CN >CP?LMCNS IH NB? MIOL=? M?F?=NCIH N?;G B;M L?=?HNFS <??H
@IOH> NI >CGCHCMB J?L@ILG;H=? I@ MIOL=CHA N?;GMξ ;H> MIOL=CHA N?;G
=IB?MCIH @OFFS G?>C;N?> NBCM ?@@?=Nξ >?GIHMNL;NCHA NB? CGJILN;H=? I@
L?>O=CHA >CMMIH;H=? ;H> L?=IH=CFCHA >CP?LM? MIOL=CHA N?;G G?G<?LM
ξ(;O@G;HH ξ 4;AH?Lξ ξξξξξξ !CMMIH;H=? =;H ;FMI <? M??H CH NB?
H?A;NCP? ?@@?=N I@ A?IAL;JBC= >CMJ?LMCIH IH <OS?LξMOJJFC?L L?F;NCIHMBCJ
J?L@ILG;H=? NB;N CH=L?;M?M QCNB NB? CHN?HMCNS I@ CH@ILG;NCIH MB;LCHA
ξ)IL?HNTξ 1YSFCξ 0IF;ECPCξ %WFCH?Hξ ξ ,D;F;ξ ξξξξξξ [H>CHAM GCLξ
LIL?> CH CHN?LH;NCIH;F NL;>? ξ!CM>C?L ξ %?;>ξ ξξξξξξ
/;NCHA >CMMIH;H=? L?JL?M?HNM IH? =IGJIH?HN I@ CH@ILG;NCIH CHN?AL;ξ
NCIH CH MOJJFS =B;CHM ξ#LIBFC=B ξ 4?MN<LIIEξ ξξξξξξ ,LA;HCT;NCIH;F
<?B;PCILCMNM B;P? L?M?;L=B?> >CMMIH;H=? ;GIHA GOFNCJF? L;N?LM CH NB?
=IHN?RN I@ NB? ?GJFIS?? J?L@ILG;H=? ;JJL;CM;F MSMN?G ξ?ξAξξ ξξξξ>?AL??
?P;FO;NCIHM CH QBC=B MOJ?LCILMξ MO<IL>CH;N?Mξ ;H> J??LM ?P;FO;N? NB? L;ξ
N??ξξ 2MCHA GOFNCJF? L;N?LM =;H I@@?L GIL? OHCKO?ξ P;FO;<F? CH@ILG;NCIH
;<ION NB? ?GJFIS??ξ
M J?L@ILG;H=? ;H> G;S GCNCA;N? ?P;FO;NCIH <C;M
ξξLIQHξ &H=?IAFOξ ξ )CHξ ξξξξξ )?PSξ ;QF?Sξ ξ #INCξ ξξξξξ P;H
>?L %?CD>?H ξ +CDBI@ξ ξξξξξξ *IL? @;CLH?MM =IG?M ;N NB? =IMN I@ P;LCξ
;H=? CH L;NCHAM ;NNLC<ON;<F? NI CH>CPC>O;F >C@@?L?H=?M CH L;N?LM ξξLIQH
?N ;Fξξ ξξξξξ *IOHNξ 'O>A?ξ 0=OFF?Hξ 0SNMG;ξ ξ %?TF?NNξ ξξξξξξ
+INQCNBMN;H>CHAξ ; LC=B L?M?;L=B MNL?;G NIONM NB? <?H?[NM I@ @OH=NCIH;F
=IH\C=N ξ MJ?=C@C=;FFS N;ME =IH\C=N ξ'?BH ξ B;NG;Hξ ξξξξξ ξ QBC=B
@;=CFCN;N?M =B;FF?HA?M NI C>?;M ;H> IJ?H >C;FIAO?ξ *;H;A?> =ILL?=NFSξ
MO=B >CM;AL??G?HNM CGJLIP? >?=CMCIHξG;ECHA ;H> CH=L?;M? J?L@ILG;H=?
ξ'?BH ξ B;NG;Hξ ξξξξξξ
&H NB? =IHN?RN I@ 0-"Mξ @LC=NCIH L?MOFNM @LIG NB? ILA;HCT;NCIH =IH=;N?ξ
H;NCHA CHMCABNM @LIG >C@@?L?HN ?P;FO;NILMξ >C@@?L?HN CHMN;H=?M I@ MOJJFC?L
J?L@ILG;H=?ξ ;H> >C@@?L?HN CHN?LJL?N;NCIHM I@ NB? G?;HCHA I@ J?L@ILξ
G;H=? =LCN?LC; ;H> L;NCHA >?@CHCNCIHM ξ!IQMNξ ξξξξξ (ILM=BOHξ ξξξξξ
)?PS ?N ;Fξξ ξξξξξξ *IL? L;N?LM G?;H GIL? =IGJF?RCNS NI CHJON L;NCHAM
;H> ;MM?MMG?HNMξ ;H> GIL? IJJILNOHCNS @IL MOJJFC?LM NI MO==?MM@OFFS L?ξ
<ON L;NCHAM ;H> NI I^M?N L?F;NCP?FS GCHIL @;CFOL?M QCNB MO==?MM?Mξ A;LH?Lξ
CHA ;H IP?L;FF ;==?JN;<F? L;NCHAξ ξH CH=L?;M?> ;<CFCNS NI ?M=;J? ; L;NCHA
OHM=;NB?> >CGCHCMB?M GINCP;NCIH NI CGJLIP? J?L@ILG;H=?ξ ;H> L?>O=?M
H?A;NCP? J?L@ILG;H=? CH@ILG;NCIH PCMC<F? CH @ONOL? MIOL=? M?F?=NCIHMξ
ξ
UNCORRECTED PROOF
'ξξξξξ+A538=ξ/>ξ+6ξ ξ8.?=><3+6ξ +<5/>381ξ +8+1/7/8> BBB ξBBBBξ
BBBξBBB
4CNB <INB <?H?[=C;F ;H> >?NLCG?HN;F ?@@?=NMξ CN CM FCE?FS NB;N >CMMIξ
H;H=? ;@@?=NM 0-" ?@[=;=Sξ BIQ?P?Lξ CN CM HIN @?;MC<F? NI JL?>C=N ?R;=NFS
BIQξ 1B?L?@IL?ξ
%ξ
;
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ξξξξ %+>381 4?=>3F-+>398 +8. :/<-/3@/. +--?<+-C
&H J?L@ILG;H=? ;JJL;CM;Fξ MOJJFC?LM QCFF GIL? QCFFCHAFS ;==?JN H?A;ξ
NCP? @??><;=E <;M?> IH >?N;CF?>ξ NBIOABNξION =IGGOHC=;NCIH ;H> =F?;LFS
C>?HNC[?> CHCNC;NCP?M ;H> CGJLIP?G?HNM ξ*;?MNLCHC ?N ;Fξξ ξξξξξξ 'OMξ
NC[=;NCIHM CH=FO>? NB? MOJJILNCHA >?N;CFM ;H> @;=NM MOLLIOH>CHA NB? ?P;Fξ
O;N?> J?L@ILG;H=?ξ ;JJFSCHA <INB G?>C;N?> ;H> HIHξG?>C;N?> ξL?@?Lξ
?HNξ ?RJ?LNξ <;M?M I@ JIQ?L NI =L?;N? ;H ?NBC=;F <OS?LξMOJJFC?L =FCG;N?
ξ0=BF?J?Lξ ξFIG?ξ ξ 4ONNE?ξ ξξξξξξ #;=Nξ<;M?> MO<MN;HNC;NCIH ;H>
=IGGCNG?HN NI ;H ?NBC=;F =FCG;N? ACP? =L?>?H=? NI NB? L;NCHA ;H> ACP?
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NCIH CM JLIPC>CHA NLO? CHMCABNM CHNI NB? JLIMJ?=NCP? MOJJFC?Lξ
M J;MN J?Lξ
@ILG;H=?ξ %+>381 4?=>3F-+>398 >?M=LC<?M QB?H NB? MIOL=? M?F?=NCIH N?;G
CM ;LG?> QCNB NB? @;=NM NI MOJJILN NB?CL L;NCHAM ;H> NI >?@?H> NB?G NI
M?HCIL F?;>?LM IL ?P?H ;A;CHMN OHMO==?MM@OF I@@?LILM CH ; F?A;F =B;FF?HA?
NI ; =IHNL;=N ;Q;L> >?=CMCIH ξ?ξAξξ ; <C> JLIN?MN CH AIP?LHG?HN JLI=OL?ξ
G?HNξξ
+I G;NN?L BIQ Q?FF DOMNC[?>ξ :/<-/3@/. +--?<+-C I@ 0-"M >?J?H>M IH
M?P?L;F @;=NILMξ ξOSCHA ILA;HCT;NCIHM NB;N =;HHIN GOMN?L NB? ?PC>?H=?
NI DOMNC@S ; L;NCHAξ IL IJN HIN NI <INB?Lξ >CGCHCMB ;==OL;=Sξ &H;==OL;ξ
=C?M ;FMI =L??J CHNI 0-"M CH Q;SM NB;N >?GIHMNL;N? MNLCECHA J;L;FF?FM NI
?GJFIS?? J?L@ILG;H=? ;JJL;CM;Fξ ξ@@?=NCP? =IHMNL;CHNM FCGCN NB? ;GIOHN
I@ ;AL??G?HN <?NQ??H ; MOJ?LPCMILξ
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>O? NI NB? N?H>?H=S I@ CH>CPC>O;FM NI =IH[LG ; LIF? CH MO==?MM@OF J?Lξ
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ξξξξξ !?<ξ )Cξ ξ *OEB?LD??ξ ξξξξξξ &H NB? =IHN?RN I@ ILA;HCT;NCIH;F
<OSCHAξ @;CFOL?M I@ NB? JLI=OL?G?HN JLIAL;G =IOF> <? OHL?;MIH;<FS ;Nξ
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;==OL;N? ;JJL;CM;Fξ J?LB;JM CH IL>?L NI JL?M?LP? NB? ?@@?=NCP?H?MM I@
;H CHN?L>?J?H>?HN QILE ALIOJ ξ ;GJ<?FF ξ )??ξ ξξξξξ (ILM=BOHξ
ξξξξξξ ξ=;>?GC= FCN?L;NOL? =IH[LGM NB;N ; B;FI ?@@?=N I==OLM CH 0-"M
;H> =IOF> J;LNC;FFS ?RJF;CH CH\;N?> L;NCHAM ξ(?FG;Hξ ξξξξξξ ;H> NB?
M;G? =IH=?LH B;M <??H C>?HNC[?> CH ?GJFIS?? J?L@ILG;H=? ;JJL;CM;FM
NB;N >?GIHMNL;N? MCGCF;L NL;CNM I@ GOFNCJF? L;N?LM ;H> CH\;N?> L;NCHAM
ξ"L?Tξ 0=BCFJT;H>ξ )?;PCNNξ 4IIFOGξ ξ 'O>A?ξ ξξξξξ 1BIG;M ξ
ξL?NTξ ξξξξξξ &H ;HINB?L MCNO;NCIH NB;N I==OLM CH NB? MOJJFC?L L?F;NCIHξ
MBCJ =IHN?RNξ MOJJFC?L M?F@ξ?P;FO;NCIHM G;S <?=IG? <C;M?> C@ ; MOJJFC?L
M??EM NI JL?M?LP? CNM L?JON;NCIHξ >?FC<?L;N? >CMBIH?MNS CM GIL? FCE?FS NI
I==OL QB?H M?F@ξ;JJL;CM;FM ;L? OM?> @IL M=;L=? L?MIOL=? ;FFI=;NCIH >?=Cξ
MCIHM ξ0BL;OA?L ξ ,M<?LAξ ξξξξξ 0N?CHF?ξ 0=BC?F?ξ ξ "LHMNξ ξξξξξξ
MO=B ;M =IHNL;=N ;Q;L>Mξ
!CMNL?MM?> MOJJFC?LM G;S L?@ON? ;HS H?A;NCP? CH@ILG;NCIHξ =B;FF?HAξ
CHA NB? L;NCHA ;H> DOMNC[=;NCIHξ CH=L?;MCHA QILEFI;> @IL NB? <OSCHA ILξ
A;HCT;NCIH NI L?MIFP? >CM;AL??G?HNMξ &@ NB? MOJJFC?Lξ
M J?L@ILG;H=? >C>
HIN G??N L?KOCL?G?HNMξ L;NB?L NB;H L;N? NB? MOJJFC?L ;M OHM;NCM@;=NILSξ
NB? ?P;FO;NIL GCABN CH\;N? NB? L;NCHA NI ;PIC> ; >CMJON?β=IH\C=N NB;N
QIOF> OHP?CF NB? ?P;FO;NILξ
M H?AFCA?H=?ξ
&H MOGξ 0-" MSMN?GM QCNB >?[=C?HN <+>381= 4?=>3F-+>398 ;H> :/<-/3@/.
+--?<+-C >CMCH=?HNCPCT? MOJJFC?LM ;H> @;CF NI L?>O=? NB? LCME I@ ;>P?LM?
M?F?=NCIH <S ; @ONOL? <OS?L ξ*;?MNLCHC ?N ;Fξξ ξξξξξξ -?L=?CPCHA ; >?ξ
[=C?HN MSMN?Gξ ?P;FO;NILM QCFF @;CF NI ?HA;A? CH >?N;CF?>ξ @;=NO;F L;NCHA
DOMNC[=;NCIH NB;N QCFF <? ;==?JN?> <S NB? MOJJFC?L ;H>ξ C@ L?<ONN?>ξ CHN?Lξ
H;FFS <S ; L?PC?QCHA I@[=C;Fξ 1BOMξ CN CM JIMCN?> NB;Nξ
%ξ1B?L? CM ; JIMCNCP? L?F;NCIHMBCJ <?NQ??H J?L=?CP?> ;==OL;=S ;H>
L;NCHA DOMNC[=;NCIHξ
%ξ1B?L? QCFF <? ; JIMCNCP? L?F;NCIHMBCJ <?NQ??H L;NCHA DOMNC[=;NCIH ;H>
0-" LCME GCNCA;NCIH ?@@?=NCP?H?MMξ
ξξξξ &?::63/< .3=:?>/=
-?L=?CP?> OH@;CLH?MM B;M <??H F;<?F?> ;M CHN?Lξ[LG βL?F;NCIHMBCJ JICξ
MIHβξ ;H> QBCF? =IHNL;=NM MOJJL?MM JLI<F?GM I@ IJJILNOHCMG NB?S ?R;=ξ
?L<;N? NB? M?HM? I@ OH@;CLH?MM >O? NI ;NNLC<ONCIH ;N NB? ;A?HNξF?P?F I@
H?A;NCP? GINCP;NCIHM NI NB? ?P;FO;NIL ξ0;G;B;ξ -;FG;NC?Lξ ξ !;HNξ
ξξξξξξ 1BCM GCLLILM ILA;HCT;NCIH;F <?B;PCIL L?M?;L=B ;<ION BIQ ; L;ξ
N?? QCFF L?MJIH> NI @??><;=E CH ; Q;S NB;N =ILL?MJIH>M NI BCM IL B?L
;==?JN;H=? I@ NB? @??><;=Eξ β?GJFIS??M ;L? OHFCE?FS NI ;==?JNξ >?MCL?
NI L?MJIH>ξ IL CHN?H> NI L?MJIH> NI @??><;=E <;M?> IH CH@ILG;NCIH >?ξ
LCP?> @LIG ;H CHP;FC> IL CH;==OL;N? ;JJL;CM;Fβ ξ(CHC=ECξ -LOMMC;ξ *=ξ
(??ξ/S;Hξ ξ 4Oξ ξξξξξ Jξ ξξξξξξ 1B? ?G?LA?H=? I@ >O? JLI=?MM CH
?GJFIS?? J?L@ILG;H=? ?P;FO;NCIH CM N?MN;G?HN NI NB? CGJILN;H=? I@ ;
@;CL B?;LCHA ξCξ?ξξ ;H ;JJ?;F JLI=?MMξ ;H> NB;N DO>AG?HN <? <;M?> IH ?PCξ
>?H=? ξCξ?ξξ <? ;==OL;N?ξ ξ#IFA?Lξ (IHIPMESξ ξ LIJ;HT;HIξ ξξξξξξ
&H AIP?LHG?HN =IHNL;=NCHAξ L;NCHAM ;L? ?HN?L?> CHNI ;H CH@ILG;NCIH
MSMN?G <S +==/==381 90F-3+6= β NBIM? ;JJICHN?> NI IP?LM?? MOJJFC?L J?Lξ
@ILG;H=? ξ?ξAξξ KO;FCNS CHMJ?=NILMξξ 1B? @L?KO?H=S I@ ?P;FO;NCIH P;LC?M
<S =IHNL;=Nξ <ON NSJC=;FFSξ ;H ?P;FO;NCIH I==OLM QCNBCH ξξξ >;SM I@ NB?
=IGJF?NCIH I@ J?L@ILG;H=? ξ?ξAξξ >?FCP?LS I@ AII>M IL =IGJF?NCIH I@ ;
N?LG @IL M?LPC=?Mξξ 1B? CH@ILG;NCIH MSMN?G NL;HMGCNM NB? ?P;FO;NCIH NI
NB? MOJJFC?Lξ 0OJJFC?LM ;L? ;@@IL>?> ;H IJJILNOHCNS NI L?MJIH> NI NB?
?P;FO;NCIHMξ !CM;AL??G?HNM ;L? >?=C>?> <S ; </@3/A381 90F-3+6 QBI M?LP?M
;N F?;MN IH? F?P?F ;<IP? NB? ;MM?MMCHA I@[=C;Fξ #CH;F L?JILNM ;L? ;A;CH
MB;L?> QCNB NB? MOJJFC?Lξ
!CMJON?> L;NCHAM A?H?L;N? ?@@ILNM NI DOMNC@S NB? ILCACH;F L;NCHAM ξξ?;Oξ
MIF?CFξ ξξξξξξ /?<ONN;FM I@N?H I==OL CH 0-"M CH @ILξJLI[N ILA;HCT;NCIHM
;M Q?FF ξ%;F> ξ "FF?A;;L>ξ ξξξξξξ ; MOJJFC?L G;S F?P?L;A? ; G;Hξ
;A?LξF?P?F L?F;NCIHMBCJ QCNB NB? <OS?L NI =IGGOHC=;N? >CM;AL??G?HN
QCNB 0-"Mξ ξHS L?<ONN;FM L?KOCL? NB;N NB? <OSCHA ILA;HCT;NCIH >?P?FIJ
CHN?LH;F ?RJF;H;NCIHMξ ?RJ?H> ?@@ILN NI GOMN?L @;=NMξ ;H> >?;F QCNB H?Aξ
;NCP? ;NN?HNCIH C@ NB? ILCACH;F 0-" Q;M HIN ;==OL;N? IL JLIJ?LFS DOMNCξ
[?>ξ ξ/+< 90 + =?::63/< .3=:?>/ =;H L?MOFN QB?H ;NN?GJNM ;GIHA GOFNCJF?
L;N?LM NI NBQ;LN ; MOJJFC?L L?<ONN;F A?H?L;N? CHN?LH;F =IH\C=Nξ QBC=B G;S
GINCP;N? MIG? ?P;FO;NILM NI CH\;N? L;NCHAMβ;H> >CGCHCMB L;NCHAM ;==Oξ
L;=SβNI ;PIC> ; >CMJON?ξ QBCF? INB?LM G;S N;E? ; F?A;FCMNC=ξ MNLC=N ;Jξ
JLI;=Bξ $CP?H NB? ;<IP? FIAC=ξ CN CM BSJINB?MCT?> NB;Nξ
%ξ1B? FIQ?L NB? J?L=?CP?> ;==OL;=Sξ NB? AL?;N?L NB? @?;L I@ MOJJFC?L
>CMJON?ξ
%ξ1B?L? QCFF <? ; JIMCNCP? L?F;NCIHMBCJ <?NQ??H @?;L I@ MOJJFC?L >CMξ
JON? ;H> L;NCHA >CMMIH;H=?ξ
ξξξξ &?H-3/8-C 90 </;?3</7/8> ./F83>398
ξOS?L ?RJ?=N;NCIHM I@ MOJJFC?LM GOMN <? =IGGOHC=;N?> NI MOJJFCξ
?LMξ 1BCM I@N?H I==OLM PC; ; L?KOCL?G?HNM >I=OG?HN MO=B ;M ; MN;N?G?HN
I@ QILEξ ; MJ?=C[=;NCIHξ IL >L;QCHAMξ -OL=B;M?LM I@ AII>M ;H> M?LPC=?M
MBIOF> =F?;LFS >?[H? NB?CL L?KOCL?G?HNM ξCξ?ξξ ?RJ?=N;NCIHMξ NI ;=BC?P?
JLI=OL?G?HN I<D?=NCP?M ξ3;H >?L 3;FE ξ /IT?G?CD?Lξ ξξξξξξ 1BCM CM
;GIHA NB? GIMN >C@[=OFN N;MEM CH NB? MIOL=CHA JLI=?MM ξ3;H >?L 3;FE
ξ /IT?G?CD?Lξ ξξξξξξ /?JILNM BCABFCABN M?P?L;F CHMN;H=?M I@ >?=L?;M?>
=IHNL;=N ION=IG?M >O? NI CH;>?KO;N?FS >?[H?> L?KOCL?G?HNM ξ$ξ,ξ
ξξξξξ $ξ,ξ ξξξξξ $ξ,ξ ξξξξξξ 1B?M? J?LMCMN?HN JLI<F?GM CFFOGCH;N?
NB? JLI<F?GM I@ ;A?H=Sξ !?@SCHA =IHP?HNCIH;F QCM>IGξ <OS?L N?;GM @;CF
NI ;JJFS NB? L?KOCMCN? >O? >CFCA?H=? NI >?P?FIJ ;H> JLIPC>? =IGJF?N?
;H> ;==OL;N? MJ?=C[=;NCIHM I@ H??>Mξ 4CNBION ; =IGJF?N? OH>?LMN;H>CHA
I@ NB? <OS?Lξ
M L?KOCL?G?HNξ ; MOJJFC?L G;S HIN J?L@ILG QILE NB;N NB?
<OS?L ?RJ?=NM NI L?=?CP? ;H> G;S HIN G??N NB? <OS?Lξ
M ?RJ?=N;NCIHM CH
N?LGM I@ @OH=NCIHξ J?L@ILG;H=?ξ ;H> KO;FCNS ξ%;QECHM ξ *OCLξ ξξξξξξ
)IAC=;FFSξ C@ NB? QILE CM HIN Q?FF >?[H?>ξ ?P;FO;NILM QCFF MNLOAAF? NI ;=ξ
=OL;N?FS ?P;FO;N? NB? MOJJFC?Lξ
M ?@@ILNMξ
ξ
UNCORRECTED PROOF
'ξξξξξ+A538=ξ/>ξ+6ξ ξ8.?=><3+6ξ +<5/>381ξ +8+1/7/8> BBB ξBBBBξ
BBBξBBB
1B?L?@IL?ξ CM CN JIMCN?> NB;Nξ
%ξ1B?L? QCFF <? ; JIMCNCP? L?F;NCIHMBCJ <?NQ??H NB? MO@[=C?H=S I@
NB? L?KOCL?G?HN >?@CHCNCIH ;H> J?L=?CP?> ;==OL;=Sξ
ξξξξ "::9<>?83=7 +>>3>?./=
?HNL;F NI ;A?H=S NB?ILS CM NB? ;MMOGJNCIH I@ IJJILNOHCMGξ >?[H?>
;M M?F@ξCHN?L?MN M??ECHA QCNB AOCF? ξ4CFFC;GMIHξ ξξξξξξ ,JJILNOHCMG
=IHMNCNON?M ; FCN;HSξ MN?;FCHAξ =B?;NCHAξ <L?;=B I@ =IHNL;=Nξ >CMBIH?MNSξ
>CMNILNCHA >;N;ξ I<@OM=;NCHA CMMO?Mξ ;H> GCML?JL?M?HN;NCIH ξξH>?LMIHξ
ξξξξξ 'IBHξ ξξξξξ 4;NBH? ξ %?C>?ξ ξξξξξ 4CFFC;GMIHξ ξξξξξ
ξξξξξ ξξξξξξ &N CM MI =IGGIHJF;=? NB;N N?RN<IIEM >?M=LC<? IJJILξ
NOHCMNC= H?AINC;NCIH N?=BHCKO?M MO=B ;M JB;HNIG I@@?LMξ ?M=;F;NCIHξ NB?
MQCN=Bξ MCF?H=? ξ*IH=TE;ξ 1L?HNξ ξ %;H>[?F>ξ ξξξξξξ ;LNC[=C;F F?A;F
F?P?L;A?ξ NB? GCMMCHA J?LMIHξ MN;FFCHA ξ ;PCH;NI ξ (;O^G;Hξ ξξξξξξ
;H> <FO^CHAξ
4B?L? NB? JIMCNCP? ;MJ?=NM I@ NLOMN ;H> FIHAξN?LG L?F;NCIH;F ILC?HN;ξ
NCIH B;P? ?HDIS?> L?M?;L=B ;NN?HNCIHξ FCNNF? L?M?;L=B B;M ;MM?MM?> NB? IJξ
JILNOHCMNC= G;HH?L CH QBC=B <OS?LM =;H N;E? ;>P;HN;A? I@ NB?CL CGJILξ
N;HN LIF? CH NB? <OS?LξMOJJFC?L M?NNCHA ξ0=BI?HB?LL ?N ;Fξξ ξξξξξξ ;H>
?P?H @?Q?L QILEM B;P? ;MM?MM?> IJJILNOHCMG CH NB? =IHN?RN I@ 0-" GCMξ
OM?ξ %;F> ;H> "FF?A;;L> ξξξξξξ MNO>C?> 0-"ξ
M CH NB?CL >?MCAHξ CGJF?ξ
G?HN;NCIHξ ;H> OM? JB;M?Mξ ;H> C>?HNC[?> ξξ @;=NILM NB;N MB;J? MOJJFC?L
J?L@ILG;H=? CH@ILG;NCIHξ 1B?CL QILE @IOH> JIN?HNC;F GCMOM? <S NB? MOJξ
JFC?LM ;N NB? CGJF?G?HN;NCIH JB;M?ξ ;H> <S <INB MOJJFC?LM ;H> <OS?LM ;N
NB? OM? JB;M?ξ
1B? GCMOM?M L?MOFN?> @LIG ;GJFC@SCHA ?@@?=NM ;N NB? CGJF?G?HN;NCIH
MN;A?ξ ;H> @LIG >;GJ?HCHA ;H> >CL?=NCHA ?@@?=NM ;N NB? OM? MN;A?ξ ξGJFCξ
[=;NCIH L?MOFN?> QB?H <OS?LM ;>>?> IL >IM?> CH@ILG;NCIH NI JLIPIE? ;
<?B;PCIL;F =B;HA?β<?B;PCIL NB;N F?@N MOJJFC?LM @??FCHA NL?;N?> OH@;CLFS
;H> >?GINCP;N?>ξ !;GJ?HCHA CM ; QCNB>L;Q;F <?B;PCIL CHPIFPCHA L?>O=ξ
NCIH I@ ; J;MN ;GJFC[=;NCIH CH IL>?L NI L?MNIL? AII>QCFFξ <ON CN G;S >LCP?
MOJJFC?L >IO<NM CH NB? 0-"ξ NB?L?<S L?>O=CHA NB?CL ?@@?=NCP?H?MMξ !CL?=Nξ
CHA >?[H?M NB? ?@@?=N I@ L?ξLIONCHA 0-" CH@ILG;NCIH NI CH\O?H=? QBI
QCFF L?=?CP? CNξ IL <FI=ECHA IL BCH>?LCHA CH@ILG;NCIH @LIG L?;=BCHA CNM
CHN?H>?> ;O>C?H=?ξ
!?J?H>?H=? CM NB? JL?>IGCH;HN @;=NIL ;@@?=NCHA IJJILNOHCMG
ξ%;QECHMξ 4CNNG;HHξ ξ ξ?S?LF?CHξ ξξξξξ 1;HAJIHAξ )Cξ ξ %OHAξ
ξξξξξ 4;HA ξ 6;HAξ ξξξξξξ "GJCLC=;F L?M?;L=B [H>M P;LC;<F? CGJ;=NM
IH NLOMN @LIG >C@@?L?HN @ILGM I@ <OS?L IJJILNOHCMGξ %CFFξ "=E?L>ξ 4CFξ
MIHξ ;H> $L??L ξξξξξξ >CMNCHAOCMB?> MO<NF? ;H> >?=?CN@OF OH?NBC=;F <?ξ
B;PCILMξ [H>CHA NB;N ?P?H C@ NB? MOJJFC?L <?H?[NM @LIG <OS?L OH?NBC=;F
<?B;PCIL NB;N NLOMN ?LI>?Mβ; MOJJFC?L >?J?H>?HN IH ; <OS?L OHNLOMNQILξ
NBS CH IH? >CG?HMCIH QIOF> OH>?LMN;H>;<FS ?RBC<CN F?MM NLOMN CH INB?L
>CG?HMCIHM I@ NB? L?F;NCIHMBCJξ MO=B ;M 0-"Mξ
1B? ?RNL?G?FS BCAB MQCN=BCHA =IMNM I@ ?HA;ACHA CH AIP?LHG?HN =IHξ
NL;=NCHA ;FMI =L?;N? >?J?H>?H=? I@ <OS?LM IH MOJJFC?LMξ 1B? I@NξOM?> MIF?
MIOL=? =IHNL;=N CH=L?;M?M <OS?L >?J?H>?H=? ξ;H> MOJJFC?L JIQ?Lξξ &H ILξ
>?L NI =IOHN?L >?J?H>?H=?ξ <OS?LM G;S Q?;JIHCT? NB? 0-" ;M F?P?L;A?
NI L?;J =IH=?MMCIHM @LIG MOJJFC?LMξ 1B? JL;=NC=? I@ ; <OS?L NBL?;N?Hξ
CHA NI >IQHAL;>? ; MOJJFC?Lξ
M J?L@ILG;H=? L;NCHA OHF?MM ; J;LNC=OF;L ;=ξ
NCIH ξIL CH;=NCIHξ CM =IH=?>?> ξ0=BGCNT ξ -F;NNMξ ξξξξξ =IHMNCNON?M >?ξ
=?CN@OF JMS=BIFIAC=;F =IHNL;=N PCIF;NCIH ξ%CFF ?N ;Fξξ ξξξξξ B?L?;@N?L L?ξ
@?LL?> NI ;M 9::9<>?83=7ξ>2</+>ξ 1BCM IJJILNOHCMG G;HC@?MN;NCIH CM GCMOMξ
CHA 0-"M @IL =I?L=CIH <S QCNBBIF>CHA L?Q;L>M ξI@ ; >?M?LP?> GIL? @;ξ
PIL;<F? 0-"ξ P?LMOM <S F?PSCHA JOHCMBG?HN ξ*IFGξ ξξξξξ 0;CHCξ ξξξξξ
1;HAJIHA ?N ;Fξξ ξξξξξξ
-;MN L?M?;L=B >?GIHMNL;N?M NB;N QB?L? <L?;=B?M I@ L?F;NCIH;F ?RJ?=ξ
N;NCIHM =;H <? MIG?QB;N IP?LFIIE?> QB?H ;NNLC<ON?> NI ?HPCLIHG?Hξ
N;F =CL=OGMN;H=?M <?SIH> <OS?L =IHNLIF MO=B ;M ; >CMLOJNCIHξ QB?H ;Nξ
NLC<ON?> NI L?H?ACHA MO=B <?B;PCIL J;LNC=OF;LFS >;G;A?M NLOMN ξ"=E?L>ξ
%CFFξ ξIS?Lξ !IHIBO?ξ ξ 4;L>ξ ξξξξξξ ;H> L?>O=?> NLOMN ?LI>?M
MOJJFC?L =IH[>?H=? CH NB? <OS?Lξ
M J?L@ILG;H=? ?P;FO;NCIH JLI=?MMξ 1B?
MO<D?=NCP? H;NOL? I@ G;HS J?L@ILG;H=? ?P;FO;NCIH M=B?G?M ξ$IL
>IHξ ξξξξξ JLIPC>? <OS?LM ;GJF? F;NCNO>? NI =IH=FO>? J?L@ILG;H=? ;M
;==?JN;<F? IL HINξ
,H NB? INB?L B;H>ξ ; F?MMξNB;Hξ>?MCL;<F? J?L@ILG;H=? L;NCHA G;S <?
Q;LL;HN?>ξ <ON ; <OS?L G;S <? QCFFCHA NI =IGJLIGCM? NB? FIHAξN?LG
P;FO? I@ NB? 0-" ξCξ?ξξ NB? ;<CFCNS NI CH@ILG ; @ONOL? MIOL=? M?F?=NCIHξ <S
CH\;NCHA NB? L;NCHA CH ?R=B;HA? @IL H?;LξN?LG =IH=?MMCIHM IH NB? =OLL?HN
=IHNL;=N ξ%OMM?Lξ $;ONC?Lξ ξH>LXξ ξ )?MJCH?Nξ+;DC<ξ ξξξξξ 1;HAξ
JIHA ?N ;Fξξ ξξξξξξ 4B?L? L;NCHAM ;L? MO<NFS <;LA;CH?> @IL =IH=?MMCIHMξ
NB? ;==OL;=S I@ 0-"M =IOF> <? KO?MNCIH?>ξ 1B?L?@IL?ξ CN CM JIMCN?> NB;Nξ
%ξ,JJILNOHCMG ξNNCNO>?ξ1BL?;N QCFF <? H?A;NCP?FS L?F;N?> NI J?Lξ
=?CP?> ;==OL;=Sξ
,JJILNOHCMG CH 0-"M =IOF> N;E? ;HINB?L @ILGξ &H ; MCNO;NCIH NB;N
MOJJFC?L J?L@ILG;H=? Q;LL;HNM ; βJIILβ 0-" L;NCHAξ @?;L I@ ; MOJJFC?L >CMξ
JON? NI NB? L;NCHA QIOF> <? BCAB <?=;OM? MOJJFC?LM I@N?H QCFF ;NN?GJN
NI =B;FF?HA? ;HS CH@ILG;NCIH >?F?N?LCIOM NI CNM L?JON;NCIH β QB?NB?L NB?
<;MCM I@ NB? =B;FF?HA? CM NLO? IL HIN ξ*;?MNLCHC ?N ;Fξξ ξξξξξξ 1I ;PIC>
=IH@LIHN;NCIHξ NB? <OS?L =;H ;Q;L> ;H I<PCIOMFS GIL? JIMCNCP? 0-" NB;H
>?M?LP?>ξ 1BCM βAC@Nβ CM ;H 0-" GCMOM? NB;N =IOF> =L?;N? ; MO<NF? >?<N
;H> ;=NCP;N? NB? HILG I@ L?=CJLI=CNS ξ$L??H<?LAξ ξξξξξ 1;HAJIHA ?N
;Fξξ ξξξξξξ 1B? FIHA NCG? BILCTIH ;H> GONO;F <OS?LξM?FF?L >?J?H>?H=?
G?;HM NB;N NB? <OS?L =;H ?RJ?=N ; L?NOLH @;PIL CH NB? @ONOL?ξ ?@@?=ξ
NCP?FS MOJJF;HNCHA NB? QLCNN?H =IHNL;=N QCNB ; JMS=BIFIAC=;F IH? @ILA?>
<S JLIGCM?M <?NQ??H CH>CPC>O;F ;A?HNM ξ(CHAMBINNξ ξξξξξξ 1BCM =;H
>CFON? ;==IOHN;<CFCNS <?NQ??H NB? <OS?L ;H> MOJJFC?Lξ ;H> L?ξJOLJIM?M
NLOMN @LIG <?H?[NCHA ILA;HCT;NCIHM CH IL>?L NI <?H?[N CH>CPC>O;F ;A?HNM
ξ%OMM?L ?N ;Fξξ ξξξξξ 0;CHCξ ξξξξξξ
4? L?@?L NI NBCM ;M 9::9<>?83=7ξ./,>ξ 1B? NB?ILS I@ CH>?<N?>H?MM
ξ$IOF>H?Lξ ξξξξξ MOAA?MNM NB;N >?<NM =;H =L?;N? H?A;NCP? ?GINCIHM
MO=B ;M >CM=IG@ILNξ OH?;MCH?MMξ ;H> ;PIC>;H=? G?=B;HCMGMξ !?<NM L?ξ
MNL;CH @L??>IG JIN?HNC;FFS F?;>CHA NI L?;=N;H=? ξ-?FM?L ?N ;Fξξ ξξξξξξ
1BCM MILN I@ MO<NF? OH?NBC=;F <?B;PCIL B;M <??H @IOH> NI CH=L?;M? NB?
M?HM? I@ JMS=BIFIAC=;F =IHNL;=N PCIF;NCIH CH ?GJCLC=;F MOJJFS =B;CH L?ξ
M?;L=B ξ%CFF ?N ;Fξξ ξξξξξξ ;H> MO=B <?B;PCIL H?A;NCP?FS CGJ;=NM J?Lξ
=?JNCIHM I@ @;CLH?MM ξ"=E?L> ?N ;Fξξ ξξξξξξ "P?H CH NB? =IHN?RN I@ ;
NLOMNCHA ;H> NL;HMJ;L?HN L?F;NCIHMBCJ QCNBION CHN?HNCIH;F IJJILNOHCMNC=
CHN?HNCIHMξ <OS?LM CGJIMCHA ;H I<FCA;NCIH NB;N ?R=??>M MOJJFC?Lξ
M QCFFCHAξ
H?MM IL =;J;<CFCNC?M NI L?=CJLI=;N? CM ; GCMOM? I@ ;H 0-" NB;N ?LI>?M NLOMN
ξ!;Sξ #;Q=?NNξ #;Q=?NNξ ξ *;AH;Hξ ξξξξξξ H?A;NCP? ;NNLC<ONCIHM I@
<OS?L GINCP;NCIHM QIOF> ?LI>? NLOMN ?P?H @OLNB?L ξ"=E?L> ?N ;Fξξ ξξξξξ
%CFF ?N ;Fξξ ξξξξξξ
0OJJFC?LM G;S ;NN?GJN NI <L?;E @L?? @LIG NB? CH>?<N?>H?MM <S =B;Fξ
F?HACHA NB? JL?GCM? NB;N NB? 0-" CM IP?LFSξ@;PIL;<F?ξ 1B? <OS?L G;S @?;L
NB;N NB? MOJJFC?Lξ CH CNM L?<ONN;F β QBC=B <?=IG?M ;H I@[=C;F L?=IL> β
QCFF ?RJFC=CNFS =;FF ION NB? <OS?Lξ
M IJJILNOHCMNC= ;NN?GJN NI A;CH JIQ?L
PC; NB? N;=NC= I@ CH>?<N?>H?MMξ ξ MOJJFC?L =;H MB;L? CNM ?RJ?LC?H=? QCNB
INB?L =FC?HNM ;H> MOJJFC?LMξ JIN?HNC;FFS N;LHCMBCHA NB? L?JON;NCIH I@ NB?
I@@?H>CHA <OS?Lξ ξ L?<ONN;F =L?;N?M GIL? ?@@ILN NI L?=IH=CF? NB? =IH\C=Nξ
;H> OHP?CF?> @;PILM QCNB MNLCHAM ;NN;=B?> G;S <?=IG? ?G<;LL;MMCHA C@
L?P?;F?>ξ 1B?L?@IL?ξ CN CM JIMCN?> NB;Nξ
%ξ,JJILNOHCMG ξNNCNO>?ξ!?<N QCFF <? JIMCNCP?FS L?F;N?> NI @?;L I@
MOJJFC?L >CMJON?ξ
1B? =IH=?JNO;F GI>?F ξ#CAξ ξξ >CMJF;SM NBCM M?N I@ BSJINB?M?M NI ?Rξ
JF;CH 0-" LCME GCNCA;NCIH ?@@?=NCP?H?MMξ 1B? GI>?F CHN?AL;N?M ILA;HCT;ξ
NCIH;F NB?ILS ;H> ;A?H=S NB?ILS NI I@@?L ?RJF;H;NCIHM @IL NB? G?=B;ξ
HCMGM F?;>CHA NI NB? LCMEξL?F;N?> ?@@?=NCP?H?MM I@ 0-"Mξ
4. Methodology
1BCM L?M?;L=B ?GJFISM ; GCR?> G?NBI>ξ #CLMNξ CHN?LPC?QM I@ <OSξ
?LM ;H> MOJJFC?LM M?LP? NI P;FC>;N? NB? =IH=?JNO;F GI>?F I@ BSJINB?ξ
M?M MOAA?MN?> <S JL;=NC=? ;H> MOJJILN?> <S NB?ILS ξCξ?ξξ L?M?;L=B KO?Mξ
NCIH ξξξ +?RNξ NB? CHN?LPC?QM Q?L? OM?> NI ?RJFIL? QB?NB?L ;H> BIQ
0-"M ;L? OM?> IJJILNOHCMNC=;FFSξ #IFFIQCHA NB? KO;FCN;NCP? GI>?F <OCF>ξ
CHA JB;M?ξ ; @IFFIQξIH MNO>S Q;M >?MCAH?> NI =IFF?=N KO;HNCN;NCP? >;N; I@
ξ
UNCORRECTED PROOF
'ξξξξξ+A538=ξ/>ξ+6ξ ξ8.?=><3+6ξ +<5/>381ξ +8+1/7/8> BBB ξBBBBξ
BBBξBBB
Fig. 1. *I>?F I@ 0-" LCME GCNCA;NCIH ?@@?=NCP?H?MMξ
0-"M @LIG ; L;L? M;GJF? I@ J?L@ILG;H=? ?P;FO;NILM CH IL>?L NI N?MN NB?
BSJINB?M?Mξ
1B? =IHN?RN M?F?=N?> @IL NB? MNO>S Q;M =IHNL;=N J?L@ILG;H=? <?NQ??H
2ξ0ξ @?>?L;F AIP?LHG?HN ;A?H=C?M ;H> NB?CL MOJJFC?LMξ ξ AIP?LHG?HN
=IHN?RN Q;M MOCN;<F? >O? NI CNM G;MMCP? M=IJ? ξCξ?ξξ >IFF;LMξ CH>OMNLC?Mξ
;H> A?IAL;JBC?Mξξ LCAILξ ?MN;<FCMB?> @;CLH?MMξ ;H> MN;H>;L>CT?> 0-" JLIξ
=?>OL?Mξ 1B? 2ξ0ξ AIP?LHG?HN B;M ; OHC@ILG JIFC=S I@ 0-" >;N; =IFF?=ξ
NCIH ;H> OM?ξ ;H> OM?M MN;H>;L> L;NCHAMξ 0-" >;N; CM =IHMC>?L?> JLIJLCξ
?N;LS IL CM INB?LQCM? M?HMCNCP?ξ G;HS @ILξJLI[N [LGM B;P? JIFC=C?M JLIξ
BC<CNCHA NB? L?F?;M? I@ NB? CH@ILG;NCIHξ 1;E?H NIA?NB?Lξ NB? AIP?LHG?HN
=IHN?RN I@@?L?> IJJILNOHCNS NI ?RJFIL? F;LA?ξ =IGJF?R =IHNL;=NM QBCF?
=IHNLIFFCHA @IL <C;M ;H> MSMN?G;NC= MIOL=?M I@ P;LC;H=?ξ
ξξξξ $?+63>+>3@/
&HN?LPC?QM Q?L? =IH>O=N?> M?J;L;N?FS QCNB J?L@ILG;H=? ?P;FO;NILM
;H> MOJJFC?LMξ 1B? CHN?LPC?Q JLINI=IFM ξ1;<F?M ξ ;H> ξξ Q?L? >?P?Fξ
IJ?> <;M?> IH ; L?PC?Q I@ ;L=BCP;F 0-"Mξ NB? FCN?L;NOL? MOLLIOH>CHA 0-"ξ
;H> >CM=OMMCIHM QCNB ;=;>?GC= ?RJ?LNM ;H> JL;=NCNCIH?LMξ "CABN CHN?Lξ
PC?QM I@ J?L@ILG;H=? ?P;FO;NILM Q?L? =IH>O=N?>ξ ";=B CHN?LPC?Q Q;M
L?=IL>?> ;H> NB?H NL;HM=LC<?>ξ F;MNCHA <?NQ??H ξξ ;H> ξξ GCH ξG?;H
I@ ξξ GCHξξ 1L;HM=LCJNM ;P?L;ACHA ξξ J;A?M ;H> ξξξξ QIL>M CH F?HANB
Q?L? NB?H M?HN NI CH@ILG;HNM @IL ;H ;==OL;=S =B?=Eξ ?HB;H=CHA =IHMNLO=N
P;FC>CNS ξ#FCHNξ 4II>LO^ξ ξ $;L>C;Fξ ξξξξξ 6CHξ ξξξξξξ 1B? M;GJF?
I@ J?L@ILG;H=? ?P;FO;NILM ξ1;<F? ξξ Q;M >L;QH @LIG NB? L?M?;L=B?Lξ
M
J?LMIH;F =IHN;=NM QCNBCH IH? GCFCN;LS M?LPC=?ξ "GJFIS??M QBI LIONCH?FS
?P;FO;N? =IHNL;=NIL J?L@ILG;H=? J;LNC=CJ;N?>ξ "RJ?LC?H=? CH ?P;FO;NCHA
=IHNL;=NIL J?L@ILG;H=? L;HA?> @LIG NQI NI ξξ S?;LMξ ;H> NB?L? Q;M ;
MCGCF;L QC>? L;HA? I@ NB? HOG<?L I@ 0-"M ?RJ?LC?H=?> ξξβξξξξ
"CABN CHN?LPC?QM Q?L? =IH>O=N?> QCNB MOJJFC?LMξ 1B? CHN?LPC?QM
F;MN?> <?NQ??H ξξ ;H> ξξ GCHξ ;H> ;FF Q?L? L?=IL>?> ;H> NB?H NL;Hξ
M=LC<?> ?R=?JN @IL NQI ;N NB? L?KO?MN I@ NB? CH@ILG;HNMξ 1L;HM=LCJNM ;Pξ
?L;A?> ξξξξ J;A?M CH F?HANBξ ,H? CHN?LPC?Q I==OLL?> CHξJ?LMIHξ [P? I=ξ
=OLL?> PC; N?F?JBIH?ξ ;H> NQI CH@ILG;HNM JLIPC>?> IHFS QLCNN?H N?MNCξ
GIHSξ 1B? M;GJF? I@ MOJJFC?L CH@ILG;HNM ξ1;<F? ξξ Q;M C>?HNC[?> @LIG
;Q;L>?> =IHNL;=NM ?R=??>CHA ξξξξ NBIOM;H> ;H> @LIG =IHN;=NM G;>? ;N
; NL;>? ;MMI=C;NCIH ;HHO;F =IH@?L?H=?ξ &HJON @LIG L?JL?M?HN;NCP?M I@ @?>ξ
?L;F =IHNL;=NILM QBI B;> <??H >CL?=NFS CHPIFP?> CH NB? 0-" JLI=?MM Q;M
MIOABNξ 1B? J?LMJ?=NCP?M I@ F;LA? ;H> MG;FF <OMCH?MM?M L?JL?M?HNCHA GOFξ
NCJF? CH>OMNLC?M Q?L? I<N;CH?>ξ "RJ?LC?H=? CH G;H;ACHA =OMNIG?L ?P;FOξ
;NCIHM L;HA?> @LIG NBL?? NI ξξ S?;LMξ ;H> NB?L? Q;M ; MCGCF;L QC>? L;HA?
I@ NB? HOG<?L I@ 0-"M ?RJ?LC?H=?> ξξξβξξξξ
1B? ;H;FSMCM JLI=?MM <?A;H <S C>?HNC@SCHA =IHMNLO=NMξ >?[HCHA NBIM?
=IHMNLO=NMξ ;H> NB?H JIMCNCHA L?F;NCIHMBCJM <?NQ??H NB?G ξ3;H "=E?ξ
0EIOG;ξ #L?OH>ξ $I?MED;?Lξ ξ ,IGMξ ξξξξξξ ";=B CHN?LPC?Q Q;M ?Rξ
;GCH?> NI C>?HNC@S NB?G?M ;H> NB?H N?MN?> NI >?N?LGCH? QB?NB?L NB?M?
NB?G?M L?G;CH?> =IHMCMN?HN CH MO<M?KO?HN CHN?LPC?QM IL CH L??R;GCH;ξ
NCIHM I@ JL?PCIOM CHN?LPC?QMξ 1;<F?M ξ ;H> ξ MBIQ L?F?P;HN MOGG;LC?M
I@ N?MNCGIHC?M ;H> CH@ILG;HN KOIN?Mξ NB?H C>?HNC@S ;MMI=C;N?> =IHMNLO=NM
@LIG NB? =IH=?JNO;F GI>?Fξ 1B? L?F;NCIHMBCJM ;GIHA =IHMNLO=NM CH NB?
=IH=?JNO;F GI>?F Q?L? MOJJILN?> <S NB? CHN?LPC?Q >;N;ξ
ξξξξ $?+8>3>+>3@/
1B? KO;HNCN;NCP? G?NBI>IFIAS ?HN;CF?> G?;MOLCHA =IHMNLO=NM PC; MOLξ
P?Sξ 1B? OHCN I@ ;H;FSMCM Q;M ; <OSCHA ILA;HCT;NCIHξ
M 0-"ξ "RCMNCHA
M=;F?M QCNB ?MN;<FCMB?> L?FC;<CFCNS ;H> P;FC>CNS Q?L? OM?> QB?L? JIMMCξ
<F? ξξJJ?H>CR ξξξ *?;MOL?M Q?L? =L?;N?> @IL =IHMNLO=NM QCNB HI ?RCMN
Table 1
&H@ILG;HN >?GIAL;JBC=M β J?L@ILG;H=? ?P;FO;NILMξ
&H@ILG;HN CPCFC;HξGCFCN;LS &H>OMNLS "RJ?LC?H=?ξξ6?;LMξ /IF? -;MNξJ?L@ILG;H=?ξ?RJ?LC?H=?ξξHOG<?LξI@ξ?P;FO;NCIHMξ
ξ CPCFC;H ξ?LIMJ;=? ξξ IHNL;=NCHAξ,]=?L ξξξ
ξ *CFCN;LS ξ?LIMJ;=? ξ -LIAL;Gξ*;H;A?L ξξ
ξ CPCFC;H &1 ξ -LIAL;Gξ*;H;A?L ξξ
ξ CPCFC;H &1 ξξ -LIAL;Gξ*;H;A?L ξ
ξ *CFCN;LS &1 ξξ -LIAL;Gξ*;H;A?L ξ
ξ *CFCN;LS &1 ξ -LIAL;Gξ*;H;A?L ξξ
ξ *CFCN;LS &1 ξ -LIAL;Gξ*;H;A?L ξ
ξ *CFCN;LS &1 ξξ -LIAL;Gξ*;H;A?L ξξ
ξ
UNCORRECTED PROOF
'ξξξξξ+A538=ξ/>ξ+6ξ ξ8.?=><3+6ξ +<5/>381ξ +8+1/7/8> BBB ξBBBBξ
BBBξBBB
Table 2
&H@ILG;HN >?GIAL;JBC=M β MOJJFC?LMξ
&H@ILG;HN ξOMCH?MMξMCT? &H>OMNLS
"RJ?LC?H=?ξG;H;ACHAξ=OMNIG?Lξ?P;FO;NCIHM
ξS?;LMξ !ONSξNCNF?
0OJJFC?LξJ?L@ILG;H=?ξ?RJ?LC?H=?
ξHOG<?LξI@ξ?P;FO;NCIHMξ
ξ ) ξ?LIMJ;=? ξξ 0SMN?GMξ"HACH??L *OFNCJF?
ξ ) ξ?LIMJ;=? ξ -LIAL;Gξ*;H;A?L ξξ
ξ ) ξ?LIMJ;=? ξξ -LIAL;Gξ*;H;A?L *OFNCJF?
ξ 0 &H@ILG;NCIHξ1?=BHIFIAS ξ ,,
ξ ) *OHCNCIHM ξ 3-ξξξOMCH?MMξ!?P?FIJG?HN ξξ
ξ ) ξ?LIMJ;=? ξξ 3-ξξξOMCH?MMξ0NL;N?AS ξξ
ξ ) ξ?LIMJ;=? *OFNCJF? IHNL;=NMξ!CL?=NIL ξξ
ξ 0 0BCJ<OCF>CHA ξξ -L?MC>?HN ξξξ
CHA M=;F?M <;M?> IH NB? FCN?L;NOL? ;H> IH =IGG?HNM @LIG J?L@ILG;H=?
?P;FO;NILM ;H> MOJJFC?LMξ +?Q M=;F?M Q?L? OM?> NI G?;MOL? 0-" LCME GCNCξ
A;NCIH ?@@?=NCP?H?MMξ L;NCHA >CMMIH;H=?ξ L;NCHA DOMNC[=;NCIHξ IJJILNOHCMG
;NNCNO>?ξNBL?;Nξ IJJILNOHCMGξ>?<Nξ ;H> @?;L I@ MOJJFC?L >CMJON?ξ
ξξξξξξ #/<-/3@/. +--?<+-C
-?L=?CP?> ;==OL;=S Q;M G?;MOL?> <S ?RJIOH>CHA IH ; M=;F? >?P?Fξ
IJ?> <S (CHC=EC ?N ;Fξ ξξξξξξ NB;N ;MM?MM?> NB? ;==OL;=S I@ ?GJFIS??
J?L@ILG;H=? ;JJL;CM;FMξ (?S ;MJ?=NM I@ ;==OL;=S CH=FO>?> <?CHA =IHMCMξ
N?HN ;H> <?CHA @;=NO;Fξ &H@ILG;HNM L?JILN?> NB? CGJILN;H=? I@ @;=NO;F
?P;FO;NCIHM MCH=? ; MOJJFC?Lξ
M @ONOL? <OMCH?MM =IOF> >?J?H> IH NB? 0-"Mξ
1B?S ;FMI =IH[LG?> NB? 2+69 /00/-> ξ"L?T ?N ;Fξξ ξξξξξξ MOJJFC?L ?P;FOξ
;NCIHM ;L? =IGGIHFS CH;==OL;N? >O? NI CH\;N?> L;NCHAMξ &H@ILG;HNM ;FMI
?RJL?MM?> =IH=?LH ;<ION CH=IHMCMN?HN 0-"M >O? NI NB? BOG;H @;=NIL ;H>
NB? CHB?L?HN MO<D?=NCPCNS I@ L;NCHAMξ 1B?L?@IL?ξ NQI CN?GM ?;=B Q?L? OM?>
NI G?;MOL? NB?M? NQI ;MJ?=NMξ
ξξξξξξ &?H-3/8-C 90 </;?3</7/8> ./F83>398
ξH ?RCMNCHAξ @IOLξCN?G M=;F? Q;M OM?> NI G?;MOL? NB? MO@[=C?H=S
I@ L?KOCL?G?HN >?@CHCNCIH ξ%;QECHMξ ξ?LEIQCNTξ *OCLξ ξ $L;PC?Lξ
ξξξξξξ /?KOCL?G?HNM ξCξ?ξξ H??>Mξ ;L? =IGGIHFS =IGGOHC=;N?> CH P;LCξ
IOM >I=OG?HNM MO=B ;M =IHNL;=NMξ JOL=B;M? IL>?LMξ MJ?=C[=;NCIHMξ >L;Qξ
CHAMξ ;H> MN;N?G?HNM I@ QILEξ NBOMξ M?P?L;F M=;F? CN?GM JLIGJN?> L?MJIHξ
>?HNM NI =IHMC>?L NB?M? >I=OG?HNM NI CH>C=;N? BIQ Q?FF NB? L?KOCL?G?HNM
Q?L? >?[H?>ξ ,@N?Hξ NB?M? >I=OG?HNM ;L? HIN J?L@?=N ξ);Gξ BCHξ ξ
-OHξ ξξξξξξ ξG<CAOCNC?M CH NB? QIL>CHA =;H F?;> NI OH=?LN;CHNS CH
G?;HCHAξ 1BOMξ IH? CN?G Q;M CH=FO>?> NI A;OA? NB? JL?M?H=? I@ ;G<CAOξ
CNC?Mξ
ξξξξξξ %+>381 .3==98+8-/
1BCM =IHMNLO=N A;OA?M NB? >?AL?? I@ >CM;AL??G?HN ;GIHA GOFNCJF?
J?L@ILG;H=? ?P;FO;NILM I@ ; MOJJFC?Lξ
M J?L@ILG;H=? F?P?Fξ ξM ?PC>?H=?>
CH NB? CHN?LPC?Q N?MNCGIHC?Mξ =IHMN?LH;NCIH =;H ?HP?FIJ L;NCHAM ;H> H;Lξ
L;NCP? ?RJF;H;NCIHM I@ NB? L;NCHAMξ 1BOMξ NBL?? M=;F? CN?GM ;>>L?MM?>
NB?M? NQI JIN?HNC;F JICHNM I@ >CM;AL??G?HNξ IHMCMN?HN QCNB JLCIL IJξ
?L;NCIH;FCT;NCIH I@ >CM;AL??G?HN ξ)IP?F;=?ξ 0B;JCLIξ ξ 4?CHA;LNξ
ξξξξξξ M=;F? CN?GM ;ME?> L?MJIH>?HNM NI CH>C=;N? NB? ;GIOHN I@ >CMξ
;AL??G?HN ;H> F;=E I@ =IHM?HMOMξ
ξξξξξξ %+>381 4?=>3F-+>398
ξ?B;PCIL;F >?=CMCIHξG;ECHA L?M?;L=B ?GJB;MCT?M NB? CGJILN;HN LIF?
I@ L?;MIHCHA CH =BIC=?M ξ(OI ξ +;EB;N;ξ ξξξξξξ ξM MO=Bξ L;NCHA DOMNCξ
[=;NCIH ;>>L?MM?M NB? ?RN?HN NI QBC=B NB? ?P;FO;NCIH Q;M ?RJF;CH?> ;H>
Q;LL;HN?>ξ 'OMNC[=;NCIH N;JM ;H CGJILN;HN ;MJ?=N I@ 0-"ξ ;==?JN;H=? I@
@??><;=E ξ&FA?Hξ #CMB?Lξ ξ 1;SFILξ ξξξξξξ ξOS?LM ξCξ?ξξ L;N?LMξ Q;HN
MOJJFC?LM ξL;N??Mξ NI ;==?JN NB? ?P;FO;NCIH CH IL>?L NI ;PIC> =IH\C=N ;H>
GINCP;N? NB?G NI ;JJLIJLC;N?FS ;=N IH NB? @??><;=Eξ &H NB? =IHN?RN I@
0-"M β ;H> OHCKO? NI ; <OS?LξMOJJFC?L =IHN?RN β NB? <OSCHA ILA;HCT;ξ
NCIH ;FMI H??>M @ONOL? <OS?LM NI ;==?JN NB? @??><;=Eξ ξ==?JN;H=? <S @Oξ
NOL? <OS?LM ?H;<F?M NLOMN CH NB? CH@ILG;NCIHξ ;H> NBOMξ <OS?LM =;H =IHξ
[>?HNFS L?FS IH ξCξ?ξξ ;=N OJIHξ ?P;FO;NCIHM NB;N ;L? ?RJF;CH?> ;H> MOJ
JILN?> QCNB ?PC>?H=?ξ !?=CMCIH DOMNC[=;NCIH B;M <??H IJ?L;NCIH;FCT?>
;M ?;MS NI >?@?H> ξCξ?ξξ ?PC>?H=?ξ ;H> FIAC=;F ξCξ?ξξ ?RJF;CH?> ;H> L;NCIξ
H;FCT?>ξ ξ(OI ξ +;EB;N;ξ ξξξξξξ 1B?M? E?S ;MJ?=NM I@ DOMNC[=;NCIH
?G?LA?> CH NB? CHN?LPC?QMξ NBOMξ NQI M=;F? CN?GM Q?L? CH=FO>?> NI ;MM?MM
NB? ?RN?HN I@ ?RJF;H;NCIH I@ NB? L;NCHAMξ ;H> IH? CN?G ;>>L?MM?> NB? ?Rξ
N?HN I@ ?PC>?H=? NI MOJJILN NB? 0-"ξ
ξξξξξξ "::9<>?83=7
&HN?LPC?QM QCNB J?L@ILG;H=? ?P;FO;NILM ;H> MOJJFC?LM L?P?;F?> IJξ
JILNOHCMNC= N?H>?H=C?M ;GIHA ?P;FO;NILMξ 1B? QCFFCHAH?MM NI OM? NB?
NBL?;N I@ ; FIQ 0-" NI ?PIE? ; >?MCL?> L?MJIHM? @LIG ; MOJJFC?L ξL?@?LL?>
NI ;M 9::9<>?83=7 +>>3>?./ β >2</+>ξ Q;M G?;MOL?> <S NQI CN?GMξ ,H? CN?G
;MM?MM?> NB? ;==?JN;<CFCNS I@ NBL?;N?HCHA ; MOJJFC?L OMCHA NB? 0-" L;NCHAξ
QBCF? NB? INB?L CN?G ;MM?MM?> NB? ;==?JN;<CFCNS I@ OMCHA NB? 0-" ;M F?P?Lξ
;A?ξ 1B? QCFFCHAH?MM NI ;Q;L> ;H IP?LFSξ@;PIL;<F? 0-" QCNB NB? ?RJ?=ξ
N;NCIH NB;N NB? @;PIL QCFF <? L?J;C> ξL?@?LL?> NI ;M IJJILNOHCMG ;NNCNO>?
β >?<Nξ Q;M G?;MOL?> <S NQI CN?GMξ 1B? [LMN CN?G A;OA?> NB? ?RJ?=ξ
N;NCIH I@ L?=CJLI=;NCHAξ 1B? M?=IH> CN?G ;MM?MM?> NB? ?P;FO;NILξ
M <?FC?@
NB;N F?P?L;A? =;H <? A;CH?> NBLIOAB AC@NCHA ;H CH\;N?> 0-"ξ
ξξξξξξ ξ/+< 90 =?::63/< .3=:?>/
1BCM =IHMNLO=N ?G?LA?> @LIG NB? CHN?LPC?QM ;M ; =IHMC>?L;NCIH ;@@?=Nξ
CHA NB? =IHN?HN I@ 0-"Mξ 0=;F? CN?GM ;MM?MM?> NB? FCE?FCBII> I@ NB? MOJξ
JFC?L >CMJONCHA CNM 0-"ξ NB? <OS?Lξ
M >?AL?? I@ =IH=?LH IP?L MO=B ; L?<ONξ
N;Fξ ;H> NB? ?HMOCHA ?@@ILN L?KOCL?> NI L?MIFP? NB? >CMJON?ξ
ξξξξξξ &#ξ <3=5 73>31+>398 /I/->3@/8/==
0CH=? NB? JOLJIM? I@ 0-"M CM NI GCNCA;N? NB? LCME I@ ;>P?LM? M?F?=ξ
NCIHξ A;OACHA NB? ;<CFCNS I@ NB? 0-" NI ;MM?MM NB? LCME I@ OHMO==?MM@OF MOJξ
JFC?L J?L@ILG;H=? ?R ;HN? CM ?MM?HNC;Fξ 1B? >?P?FIJ?> M=;F? CH=FO>?> NQI
CN?GM NI ;MM?MM MO=B LCMEξ &HB?L?HN CH NB? >?@CHCNCIH I@ LCME CM OH=?LN;CHNS
ξξ?NNG;Hξ ξξξξξ β ;H ;MJ?=N NB;N ?G?LA?> @LIG NB? CHN?LPC?QMξ 1B?L?ξ
@IL?ξ IH? M=;F? CN?G Q;M OM?> NI ?FC=CN L?MJIH>?HNξ
M =IHMC>?L;NCIH I@ NB?
OH=?LN;CHNS I@ MOJJFC?L J?L@ILG;H=?ξ $CP?H NB? JOLJIM? I@ NB? 0-" NI L?ξ
>O=? CH@ILG;NCIH ;MSGG?NLS <?NQ??H <OS?LM ;H> JLIMJ?=NCP? MOJJFC?LM
>OLCHA ; @ONOL? MIOL=? M?F?=NCIHξ Q? ;>>?> ; M=;F? CN?G NB;N A;OA?M NB?
<OS?Lξ
M =IH[>?H=? F?P?F CH CNM ;MM?MMG?HN I@ JIN?HNC;F MOJJFC?L LCMEξ
ξM ; JL?ξN?MNξ M?P?L;F ;=;>?GC=C;HM ;H> =IHNL;=NCHA JL;=NCNCIH?LM
L?PC?Q?> NB? MOLP?S CHMNLOG?HNξ #??><;=E Q;M MIFC=CN?> L?A;L>CHA
QB?NB?L NB? MOLP?S CN?GMξ ξξξ =;JNOL?> NB? >IG;CH I@ NB? =IHMNLO=N ξ=IHξ
N?HN P;FC>CNSξξ ξξξ Q?L? OH;G<CAOIOMξ ξξξ Q?L? MCGJF? NI OH>?LMN;H>ξ
;H> ξξξ Q?L? =IHMCMN?HNFS CHN?LJL?N;<F? ξ!CFFG;Hξ ξξξξξξ 1B? ?RJ?LNM
Q?L? ;ME?> QB?NB?L NB? GI>?F Q;M MO@[=C?HNFS =IGJL?B?HMCP?ξ ;H> CN
Q;M GI>C[?> <;M?> OJIH ?RJ?LN @??><;=Eξ
&H ;H ?@@ILN NI ?HMOL? =IHMNLO=N L?FC;<CFCNS ;H> P;FC>CNS JLCIL NI
@OFFξM=;F? MOLP?S >?JFISG?HN ξ BOL=BCFF 'Lξξ ξξξξξξ NB? MOLP?S CHξ
MNLOG?HN Q;M JCFINξN?MN?> PC; IHFCH? MOLP?S NI ξξξ J?L@ILG;H=? ?P;Fξ
O;NILMξ QCNB ξξ L?MJIHM?M L?=?CP?>ξ &HN?LH;F =IHMCMN?H=S L?FC;<CFCNS @IL
?;=B F;N?HN =IHMNLO=N Q;M ;MM?MM?> OMCHA LIH<;=Bξ
M ;FJB; QCNB ;FF
=IHMNLO=NM MBIQ
ξ
UNCORRECTED PROOF
'ξξξξξ+A538=ξ/>ξ+6ξ ξ8.?=><3+6ξ +<5/>381ξ +8+1/7/8> BBB ξBBBBξ
BBBξBBB
Table 3
0NLO=NOL?> CHN?LPC?Q KO?MNCIHH;CL? β J?L@ILG;H=? ?P;FO;NILMξ
.O?MNCIHξξ/?MJIHM?ξ0OGG;LC?Mξξ;H>ξ.OIN?M IHMNLO=N
ξ</ξ:+=>ξ:/<09<7+8-/ξ</:9<>=ξ?=/0?6ξξξ9Aξ=9ξξ9<ξA2Cξ89>ξ
β’
β&ξNBCHEξCNξ=IOF>ξ<?ξ?^?=NCP?ξ;NξGCNCA;NCHAξ;ξLCMEξC@ξNB?ξL?KOCL?ξ
G?HNMξNB;NξSIOξ;L?ξFIIECHAξ;NξG;N=BξOJξQCNBξNB?ξ8CH;O>C<F?9
J;MNξJ?L@ILG;H=?ξ?P;FO;NCIHMξNB;NξSIOξ;L?ξ=IGJ;LCHAξNB?G
NIξβ
β’
β&ξEHIQξNB;NξCNξCMξAICHAξNIξ<?ξQ;N?L?>ξ>IQHξECH>ξI@ξFCE?ξNB?
8?HFCMN?>ξJ?L@ILG;H=?ξL?JILNξI]=?LξJ?L@ILG;H=?ξL?JILN9ξ<?ξ
=;OM?ξNB?L?ξCMξMIξGO=BξJL?MMOL?ξNB;NξNB?ξ=IHNL;=NILξJONMξ<;=E
IHξNB?ξAIP?LHG?HNξ@ILξQIL>CHAξCHNLC=;=C?Mξξ,P?L;FFξξ&ξNBCHEξ&
QIOF>ξB;P?ξNIξKO?MNCIHξNB?ξIP?L;FFξIP?L;L=BCHAξ@;CLH?MMξI@ξNB?
JLI=?MMξDOMNξ<?=;OM?ξDOMNξFCE?ξNB?ξ8?HFCMN?>ξJ?L@ILG;H=?ξL?JILNξ
I]=?LξJ?L@ILG;H=?ξL?JILN9ξMSMN?GξξJ;LNC=OF;LFSξNB?ξ8I]=?L
J?L@ILG;H=?ξL?JILN9ξMSMN?GξSIOξKO?MNCIHξBIQξGO=BξL?;FCNS
SIOξ;L?ξA?NNCHAξIONξI@ξNBCMξC@ξSIOξ;L?ξHINξM??CHAξ;FFξI@ξNB?M?
MOJJILNξNB;NξAI?Mξ<?BCH>ξNB?ξL;NCHAMξξ1B;NξCMξQBSξ&ξQIOF>ξB;P?
NIξM;SξIP?L;FFξ&ξQIOF>ξKO?MNCIHξCNξβ
0-"
"^?=NCP?H?MM
#?;LξI@
0OJJFC?L
!CMJON?
/;NCHA
'OMNC[=;NCIH
ξ8ξ>2/ξ-+=/=ξ90ξ7?6>3:6/ξ/@+6?+>9<=ξ98ξ+ξ=3816/ξ-98><+->ξ+->398ξξ.9ξ:+=>
:/<09<7+8-/ξ/@+6?+>398=ξ<+>381=ξ./@3+>/ξ+7981ξ/@+6?+>9<=ξξ+8.ξξ30ξ=9ξ
A2Cξ
β’
β0IG?NCG?MξNB?L?ξQ;MξMIG?ξL?;Fξ=IHMN?LH;NCIHξξ;H>ξMIG?NCG?M
NB?Sξ;=NO;FFSξQ?HNξIONMC>?ξNB?ξJLIAL;GξN?;Gξ;H>ξQ?HNξOJξNI
BCAB?LξG;H;A?G?HNξNIξA?NξCNξL?MIFP?>ξβ
β’
1B?ξCH@ILG;HNMξI^?L?>ξ;ξP;LC?NSξI@ξ?RJF;H;NCIHMξ@ILξ>C^?Lξ
?H=?MξCHξ;MM?MMG?HNMξξ1BL??ξCH@ILG;HNMξG?HNCIH?>ξ>C^?L?HNξ?Rξ
J?=N;NCIHMξI@ξ=IHNL;=NILξJ?L@ILG;H=?ξ;H>ξJIILξL?KOCL?G?HNM
>?[HCNCIHξ;Mξ=OFJLCNMξξ1QIξCH@ILG;HNMξ;NNLC<ON?>ξCH=IHALO?HN
J;MNξJ?L@ILG;H=?ξ?P;FO;NCIHMξNIξCHMO]=C?HNξGIHCNILCHAξI@ξNB?
=IHNL;=NILξξ1QIξCH@ILG;HNMξG?HNCIH?>ξNB;NξNB?ξ>C^?L?HNξAIPξ
?LHG?HNξJ?L@ILG;H=?ξ?P;FO;NILMξB;>ξ>C^?L?HNξ?RJ?LC?H=?Mξ
MOAA?MNCHAξNB;NξCH>CPC>O;Fξ>C^?L?H=?MξG;Sξ?RCMNξξ1QIξCH@ILξ
G;HNMξG?HNCIH?>ξ>C^?L?HNξFI=;NCIHMξI@ξNB?ξ=IHNL;=NCHAξI]=?Lξ
M
L?JL?M?HN;NCP?ξξCH>C=;NCHAξNB;NξJ?L@ILG;H=?ξG;Sξ>C^?Lξ;Nξ>C@ξ
@?L?HNξJBSMC=;FξMCN?Mξξ1QIξCH@ILG;HNMξ;FMIξG?HNCIH?>ξNB;NξQILE
IP?LFI;>ξJL?=FO>?MξJ?L@ILG;H=?ξ?P;FO;NILMξ@LIGξ@OF[FFCHAξNB?CL
>ONC?MξNIξ?P;FO;N?ξ;H>ξ>I=OG?HNξ=IHNL;=NILξJ?L@ILG;H=?ξ
/;NCHA
!CMMIH;H=?
0O]=C?H=S
I@
/?KOCL?G?HN
!?[HCNCIH
ξ==OL;=S
'9ξA2+>ξ/B>/8>ξ.9ξ:+=>ξ:/<09<7+8-/ξ/@+6?+>398=ξ<+>381=ξ-+:>?</.ξ38
0/./<+6ξ.+>+,+=/=ξ38G?/8-/ξ=9?<-/ξ=/6/->398ξ./-3=398=ξ
β’
,H?ξCH@ILG;HNξL?JILN?>ξHIξCH\O?H=?ξξ1BL??ξCH@ILG;HNMξL?ξ
JILN?>ξFCNNF?ξCH\O?H=?ξξ,H?ξCH@ILG;HNξL?JILN?>ξMIG?ξCH\O?H=?ξ
;H>ξIH?ξCH@ILG;HNξL?JILN?>ξAL?;NξCH\O?H=?ξ
0-"
"^?=NCP?H?MM
)2Cξ.9ξ:+=>ξ:/<09<7+8-/ξ/@+6?+>398=ξ<+>381=ξ6+-5ξ=?H-3/8>
4?=>3F-+>398ξ=?::9<>381ξ3809<7+>398ξ
β’
β&ξQ;MξQILECHAξIHξ;HINB?LξJLID?=Nξ=IGJF?N?FSξ>C^?L?HNξ@LIG
NBCMξ;H>ξ=IOF>Hξ
Nξ?P?HξMJ?FFξ80-"9ξξ&ξG?;Hξ&ξ>C>Hξ
NξL?;FFSξEHIQ
QB;NξCNξQ;Mξ;H>ξ;FFξI@ξ;ξMO>>?Hξ&ξQ;MξG;>?ξNB?ξJLIAL;GξG;Hξ
;A?Lξ@ILξ;ξ=?LN;CHβ@ILξ;ξJLIAL;Gξβ β0IξGSξ[LMNξIH?ξQ;Mβ;H>
&ξ>IHξ
Nξ?P?HξL?G?G<?LξQB;NξNB?ξL;NCHAMξQ?L?β&ξL?;FFSξ>IHξ
Nξ
<ONξ&ξEHIQξNB;Nξ[LMNξIH?ξξNB;NξQ;MξJLI<;<FSβ&ξ;GξHINξAICHAξNI
M;SξCNξQ;MξQLIHAξξ<ONξ&ξ;GξAICHAξNIξM;SξCNξQ;Mβ&ξ=IOF>Hξ
NξB;P?
<;=E?>ξOJξMIG?ξI@ξNB?ξMNO^ξNB;NξQ;MξCHξNB?L?ξ<?=;OM?ξ&ξQ;MHξ
N
QILECHAξQCNBξNB?ξ=IHNL;=NILξβ
β’
βξH>ξNB?L?ξCMξ;ξQC>?ξP;LC?NSξQCNBCHξNB?ξMSMN?GξξCHξGSξ?RJ?LCξ
?H=?ξξ0IξSIOξA?Nβ;H>ξSIOξ[H>ξNB;NξIONξ<Sξ=;FFCHAξ<;=EξNIξNB?
-*MξNB;NξSIOξ=;HξA?Nξ;BIF>ξI@ξξC@ξNB?Sξ;L?ξMNCFFξNB?L?ξξ1B?ξIF>?L
NB?ξ80-"M9ξ;L?ξξI<PCIOMFSξCNξCMξB;L>?LξNIξ[H>ξNB?ξJ?IJF?ξξ;H>
SIOξ=F;LC@SξNB?ξCH@ILG;NCIHξSIOξ;L?ξL?;>CHAξ@LIGξ;ξJ;MNξJ?L@ILξ
G;H=?ξJ?LMJ?=NCP?ξβ
ξ==OL;=S
/;NCHA
'OMNC[=;NCIH
/;NCHA
'OMNC[=;NCIH
Table 3 ξξ98>38?/.ξ
.O?MNCIHξξ/?MJIHM?ξ0OGG;LC?Mξξ;H>ξ.OIN?M IHMNLO=N
)2Cξ+</ξ:+=>ξ:/<09<7+8-/ξ/@+6?+>398=ξ=97/>37/=ξ38+--?<+>/ξ
β’
β1B;NξCMξP?LSξB;L>ξNIξA?Nξ;HξOH>?LξM;NCM@;=NILSξ@LIGξQB;Nξ&
B;P?ξM??Hξβ
β’
β*;HSβCHξGSξIJCHCIHξξG;HSξI@ξNB?ξL;NCHAMξ@ILξ;ξFIHAξNCG?
=IOF>ξB;P?ξ<??Hξ;ξFINξFIQ?LξC@ξAIP?LHG?HNξB;>ξCNMξ;=NξNIA?NB?L
;H>ξ;>?KO;N?FSξMOJJILN?>ξ;H>ξ=IGGOHC=;N?>ξQCNBξNB?ξ=IHξ
NL;=NILξβ
β’
β0IG?ξM?LPC=?MξN?H>ξNIξHINξJONξGO=BξH?A;NCP?ξCH@ILG;NCIHξCH
NB?L?ξCHξGSξ?RJ?LC?H=?ξξξNξF?;MNξNB?ξIH?Mξ&ξB;P?ξL?;>ξξ0IG?ξI@
NB?Gξ;L?ξQLCNN?HξGIL?ξFCE?ξ;ξJ?L@ILG;H=?ξL?JILNξQB?L?ξCNξ
M
<;>ξNIξM;Sξ;HSNBCHAξH?A;NCP?ξξ&ξNBCHEξNB;NβC@ξNB;NξCMξNB?ξ;Jξ
JLI;=BξNB;NξJ?IJF?ξN;E?ξξNB?HξSIOξQIOF>ξN;E?ξNB?HξNB?ξMSMN?G
B;MξFCNNF?ξP;FO?ξβ
β’
β1B?L?ξQ?L?ξINB?LξNBCHAMξNB;NξQ?L?ξFCE?ξξQ?FFξξNB?Sξ>C>Hξ
NξJ?Lξ
@ILGξ;MξQ?FFξ;MξQ?ξQ;HN?>ξNB?GξNIξξ<ONξQ?ξ=IOF>Hξ
Nξ>CHAξNB?G
IHξCNξ<?=;OM?ξHIQB?L?ξCHξNB?ξ=IHNL;=Nξ>C>ξCNξMJ?=C[=;FFSξM;S
NBCMξCMξSIOLξMN;H>;L>ξ;H>ξNBCMξCMξQB?L?ξSIOξB;P?ξNIξG??NξCNξIL
?R=??>ξCNξβ
β’
β0IξQ?ξQILEξB;L>ξCHξNBCMξ>CPCMCIHξNIξB;P?ξNB?ξ?PC>?H=?ξQCNBCH
NB?ξ80-"9ξMIξCNξ>I?MHξ
NξA?Nξ>CMJON?>ξ>IQHξNB?ξLI;>ξC@ξQ?ξLOH
CHNIξCMMO?Mξβ
β’
βξ=NO;FFSξCNξ>C>Hξ
Nξ?P?HξA?Nξ>CMJON?>ξξ;H>ξQ?ξB;>ξ;ξ=IOJF?ξI@
;L?;MξQB?L?ξQ?ξB;>ξ;ξ@?QξG;LE>IQHMξ;H>ξQ?ξB;>ξNB?ξ>;N;ξ
;H>ξNB;NξCMξNB?ξCGJILN;HNξNBCHAξCHξQLCNCHAξCMξNB?ξ>;N;ξNIξ<;=EξCN
OJξβ
ξ==OL;=S
ξ==OL;=S
ξ==OL;=S
0O]=C?H=S
I@
/?KOCL?G?HN
!?[HCNCIH
/;NCHA
'OMNC[=;NCIH
#?;LξI@
0OJJFC?L
!CMJON?
/;NCHA
'OMNC[=;NCIH
CHA L?FC;<CFCNC?M AL?;N?L NB;H ξξξ @IL ?MN;<FCMB?> M=;F?M ;H> AL?;N?L NB;H
ξξξ @IL H?Q M=;F?M ξ%;CLξ ξF;=Eξ ξ ξ;<CHξ ξξξξξξ
ξH IHFCH? MOLP?S Q;M NB?H JL?M?HN?> NI ξξξξ ;>>CNCIH;F J?L@ILG;H=?
?P;FO;NILMξ ,ON I@ ξξξ L?MJIHM?M L?=?CP?>ξ ξξ Q?L? CH=IGJF?N? L?MOFNξ
CHA CH ξξ OM;<F? L?MJIHM?Mξ 0CH=? HI =B;HA?M Q?L? G;>? NI NB? MOLP?S
@LIG NB? JCFIN MNO>Sξ NB? L?=IL>M @LIG NB? JCFIN MNO>S Q?L? ;>>?> NI
NB? >;N; M?N
ξ
L?MOFNCHA CH ; =IG<CH?> M;GJF? I@ ξξξ L?MJIH>?HNM ION I@
ξξξξ ;H> ;H IP?L;FF L?MJIHM? L;N? I@ ξξξξξ 1BCM L?MJIHM? L;N?ξ QBCF?
FIQξ CM =IGJ;L;<F? NI NB;N I@ INB?L MOJJFS =B;CH L?M?;L=B NB;N =IG<CH?>
M;GJF?M ξ$CG?H?T ξ 0C?LL;ξ ξξξξξ ;H> INB?L MNO>C?M I@ JO<FC= JLIξ
=OL?G?HNξ ; JIJOF;NCIH NB;N CM >C@[=OFN NI ;==?MM ξ0;;MN;GICH?Hξ /?Cξ
DIH?Hξ ξ 1;GGCξ ξξξξξ 1;GGCξ 0;;MN;GICH?Hξ ξ /?CDIHCHξ ξξξξξξ 1B?
L?MJIHM? L;N? CM ;FMI MCGCF;L NI JL?PCIOM MNO>C?M CH G;LE?NCHA L?M?;L=B
ξ?ξAξ );A?Mξ 0CFP;ξ ξ 0NSF?Mξ ξξξξξ *ILA;H ξ %OHNξ ξξξξξ -LCILξ
ξξξξξ -LCILξ ξξξξξξ !O? NI NB? M?HMCNCPCNS I@ 0-"Mξ NB? MOLP?S >;N; CM
>C@[=OFN NI I<N;CH ;H>ξ NB?L?@IL?ξ ?RNL;IL>CH;LCFS L;L?ξ +I INB?L MNO>S
NB;N Q? ;L? ;Q;L? I@ ?RCMNM NB;N =;JNOL?M KO;HNCN;NCP? >;N; I@ MOJJFC?L
?P;FO;NCIHM I@ GOFNCJF? MOJJFC?LM @LIG GOFNCJF? <OSξMC>? ?P;FO;NILM I@
JIMNξ=IHNL;=Nξ;Q;L> J?L@ILG;H=?ξ
ξξξξ ξ/791<+:23-=
!?GIAL;JBC=M =B;L;=N?LCTCHA NB? L?MJIH>?HNM ;H> NB? =IHNL;=NM @IL
QBC=B NB?S L?MJIH>?> ;L? @IOH> CH 1;<F? ξξ 1B? ;P?L;A? >IFF;L P;FO?
I@ NB? =IHNL;=NM Q;M ξξξξξξ GCFFCIH ξMN>ξ >?Pξ ξξξξξξ *ξ L;HA?ξ
ξξξ (ξξξξξξξ 1B? L?MJIH>?HNMξ
;P?L;A? S?;LM I@ ?RJ?LC?H=? ;MM?MMCHA
=IHNL;=NIL J?L@ILG;H=? Q;M ξξξξξ ξMN>ξ >?Pξ ξξξξξ 1B? M;GJF? Q;M L?ξ
MJ?=N;<FS ?>O=;N?>ξ -?L@ILG;H=? ?P;FO;NILM L?JL?M?HN?> ; P;LC?NS I@
DI< @OH=NCIHMξ /?MJIH>?HN ;A?M Q?L? ?P?HFS >CMNLC<ON?> ;=LIMM N?HξS?;L
ALIOJMξ *IMN L?MJIH>?HNM Q?L? G;F? ξξξξξξ QBC=B CM MIG?QB;N ME?Q?>
=IGJ;L?> NI NIN;F 2ξ0ξ AIP?LHG?HN ?GJFISG?HN ξξξξξ ξ,@[=? I@ -?Lξ
MIHH?F *;H;A?G?HNξ ξξξξξξ 1B? M;GJF? Q;M CH\O?H=?> <S M?LPC=?M
P?LMOM =IHMNLO=NCIH ;H> AII>Mξ <ON ; QC>? P;LC?NS I@ AII>M ;H> M?Lξ
PC=?M Q?L? L?JL?M?HN?> ξξξ >C@@?L?HN JLI>O=NξM?LPC=? =I>?Mξ@?>?L;F MOJξ
JFS =F;MM?Mξξ *IMN =IHNL;=NM Q?L? =IGJ?N?>ξ ;H> F;LA? ;H> MG;FF <OMCξ
H?MM?M ;L? ?P?HFS L?JL?M?HN?>ξ ξFF G;DIL NSJ?M I@ =IHNL;=NM Q?L? L?JL?ξ
M?HN?>ξ
ξ
4? CH=FO>? ; =IHNLIF @IL MOLP?S ALIOJ QCNBCH IOL MO<M?KO?HN ;H;FSMCMξ
ξ
UNCORRECTED PROOF
'ξξξξξ+A538=ξ/>ξ+6ξ ξ8.?=><3+6ξ +<5/>381ξ +8+1/7/8> BBB ξBBBBξ
BBBξBBB
Table 4
0NLO=NOL? CHN?LPC?Q KO?MNCIHH;CL? β MOJJFC?LMξ
.O?MNCIHξξL?MJIHM?ξMOGG;LC?Mξξ;H>ξKOIN?M IHMNLO=N
)2Cξ+</ξ&#ξ=ξ90>/8ξ38+--?<+>/ξ
β’
β1B?ξH;NOL;FξCH=FCH;NCIHξCMξNB;Nξ?P?HξNBIOABξCNξNIξ<?ξIP?LξNB?
ξξ GIHNBξJ?LCI>ξξNB?SξNBCHEξ;<IONξQB;NξB;MξB;JJ?H?>ξNI
NB?GξL?=?HNFSξ;H>ξNB?SξN?H>ξNIξNBCHEξ;<IONξNB?ξ<;>ξNBCHAM
GIL?ξNB;HξNB?ξAII>ξNBCHAMξβ
β’
β0IG?NCG?MξNB?ξL?JILNξL?\?=N?>ξMIG?ξL?=?HNξ?P?HNξL;NB?L
NB;HξNB?ξ?HNCL?ξJ?LCI>ξβ
β’
β&H=IHMCMN?H=SξACP?Hξ<SξNB?ξBOG;HξDO>AG?HNξ@;=NILξξ1B?L?ξCM
NIIξGO=BξMO<D?=NCPCNSξβ β&NξG;E?MξL?JILNMξOHL?FC;<F?ξβ
β’
β&HξIOLξ?RJ?LC?H=?ξ8NB?ξ;A?H=S9ξ>I?MξHINξ@IFFIQξ;H>ξ<F;N;HNFS
PCIF;N?MξJO<FCMB?>ξAOC>?FCH?Mξ@ILξ[FFCHAξNB?M?ξIONξ;H>ξOM?M
MO<D?=NCPCNSξNIξ=IP?LξOJξ@ILξCNMξIQHξGCMN;E?Mξ>OLCHAξJLID?=N
?R?=ONCIHξβ
β’
β4B?Hξ;ξKO;LN?LFSξL?PC?QξQCNBξNB?ξ=OMNIG?Lξ=IG?Mξ<;=Eξ@IOL
KO;LN?LMξCHξ;ξLIQξQCNBξ;Hξ?R=?JNCIH;FξξP?LSξAII>ξQLCN?ξOJξCNM
P?LSξB;L>ξNIξ;==?JNξ;ξM;NCM@;=NILSξ;NξNB?ξ?H>ξI@ξNB?ξJ?L@ILξ
G;H=?ξJ?LCI>ξβ
β’
β4CNBξNB?ξ80-"9ξξ&ξEHIQξNB?L?ξ
MξMOJJIM?>ξNIξ<?ξMIG?ξAOC>?ξ
FCH?MξIHξξSIOξEHIQξξQB;Nξ
Mξ;==?JN;<F?ξILξG;LACH;FξξILξQB;Nξ
?P?LξNB?ξAOC>?FCH?Mξ;L?ξ@ILξJ?L@ILG;H=?ξξ<ONξCNξM??GMξNIξ<?
HINξL?;FFSξMNLC=NFSξ?H@IL=?>ξ;Mξ@;Lξ;MξFCE?ξNB?L?ξ
MξGIL?ξGINCIH
IHξNB?ξL;NCHAMξI@ξNB?ξ80-"9ξQCNBξHINξ;ξFINξI@ξDOMNC[=;NCIHξβ
β’
β1B?L?ξ;L?ξMIG?ξMBILN@;FFMξCHξCNξξCNξCMξ>?[HCN?FSξMO<D?=NCP?ξξ&H
INB?LξQIL>MξξGIMNξ?MJ?=C;FFSξ<?NQ??Hξ>C^?L?HNξ=OMNIG?LMξξ
G?;HCHAξNB;NξQ?ξB;P?ξ=IHNL;=NMξQCNBξP;LCIOMξ=IHNL;=NCHA
;A?H=C?Mξ;=LIMMξNB?ξAIP?LHG?HNξξ0IG?ξ;L?ξ;ξFINξB;L>?LξL;N?LM
NB;HξINB?LMξβ
β’
β4?ξB;P?ξB;>ξL?JILNMξIP?Lξ;ξS?;LξF;N?ξβ
β’
β&NξCMξGIL?βCNξCMξ?;MC?LξNIξ=IGGIHFSξB?;LξNB?GξξFCE? β,Bξ
80-"9ξ;A;CHξβ ξA;CHξξSIOξEHIQξξDOMNξQCNBξ;JJL;CM;FMξ β,Bξξ;Jξ
JL;CM;FξNCG?ξ;A;CHξβ 6?;BξξNB?Sξ>IHξ
NξFIIEξ@ILQ;L>ξNIξCNξ;H>ξMI
&ξNBCHEξ@ILξNB?GξCNξCMξHINξ;ξJLCILCNSξξCNξCMξHINξ;ξG?;HMξI@ξG?;ξ
MOLCHAξβ
β’
β&ξB;P?ξAINξIH?ξ=IHNL;=Nξ@ILξMOL?ξNB;NξNB?L?ξCMξ;ξGIHNBFS
M=IL?=;L>ξξ&NξCMξNB?βNB?ξAIP?LHG?HNξACP?MξOMξ;ξGIHNBFSξFIIE
;NξBIQξQ?ξ;L?ξ>ICHAξ;H>ξCNξ<;MC=;FFSξP?LSξGO=BξSIOξ=;HξNC?ξCN
LCABNξNIξNB?ξ80-"9ξξ1B?L?ξCMξHIξ@OTTξIHξBIQξNBCHAMξ;L?ξAICHA
NBLIOABIONξNB?ξS?;Lξξ0IξNB;NξCMξAL?;Nξβ
β’
β&NξCMξ>C]=OFNξNIξG??Nξ;H βOHEHIQHβ L?KOCL?G?HNξβ
β’
β0IG?NCG?MξCNξCMξ8CHξNB?ξ=IHNL;=N9ξξ<ONξNB?Sξ
P?ξAINN?HξLC>ξI@
IOLξCH=?HNCP?ξ@??ξξMIξQB?HξQ?ξ>IHξ
NξB;P?ξ;HξCH=?HNCP?ξ@??
NBL?MBIF>ξ;H>ξSIOξ>IHξ
NξQLCN?ξCNξCHNIξ;ξ=IHNL;=NξILξ;ξJ?L@ILξ
G;H=?ξQILEξMN;N?G?HNξξQ?ξ
L?ξECH>ξI@ξMBIINCHAξCHξNB?ξ>;LEξβ
β'OMNξN?FFξOMξQB;NξCNξN;E?MβQB;NξSIOξ?RJ?=Nξξ&@ξQ?ξQ;HNξNI
A?Nξ;Hξ?R=?JNCIH;FξξQB;Nξ>IξSIOξ?RJ?=NξOMξNIξJLIPC>?ξNIξSIOξ
4B;NξJ?L@ILG;H=?ξβ
β’
βNB?Sξ
L?ξNLSCHAξNIξBIF>ξOMξ;==IOHN;<F?ξ@ILξNBCHAMξNB;Nξ;L?Hξ
N
?P?HξCHξNB?ξ=IHNL;=Nξβ β4B;NξNB?SξQ;HN?>ξ;H>ξQB;NξNB?S
<IOABNξQ?L?ξNQIξ>C^?L?HNξNBCHAMξξξH>ξMIξ&ξ
GξA?NNCHAξ>CHA?>
IHξNBCHAMξNB;Nξ;A;CHξ&ξMBIOF>Hξ
Nξ<?ξ>CHA?>ξIHξξ&NξQ;MξHINξCH
GSξ=IHNL;=NξNIξJLIPC>?ξNB;NξF?P?FξI@ξM?LPC=?ξ@ILξN;F?HNξβ
β’
β1B?L?ξ;L?ξ;ξ@?Qξ=;M?MξQB?L?ξCNξDOMNξM??G?>ξFCE?ξMIG?<I>S
B;>ξ;Hξ;A?H>;ξξ1BIM?ξH?P?LξAIξIP?LξQ?FFξβ ξHINB?LξCH@ILG;HN
=ILLI<IL;N?>ξNB?ξ?RCMN?H=?ξI@ξ;Hξ;A?H>;ξMN;NCHAξ β81B?ξ?P;FOξ
;NIL9ξ>CMNILN?>ξNB?ξ?P;FO;NCIHξNIξMOCNξBCMξB?LξIQHξ;A?H>;ξβ
β’
β1B?ξ80-"9ξJLI=?MMξ@LIGξNB?ξ IHNL;=NILξMC>?ξ=;Hξ<?ξ<LON;Fξ
1B?ξ$IP?LHG?HNξJ?LMIHH?Fξ=;Hξ;<OM?ξNB?ξMSMN?Gξ;H>ξG?N?
IONξJOHCMBG?HNξQCNBξFCNNF?ξNIξHIξL?=IOLM?ξξ1B?ξ IHNL;=NILξ;Fξ
Q;SMξ;JJ?;LMξNIξ<?ξCHξNB?ξQLIHAξ;MξNB?Sξ;L?ξL?JFSCHAξNIξ;==Oξ
M;NCIHMξβ
β’
β1B?ξDOMNC[=;NCIHξ@ILξL;NCHAMξL?=?CP?>ξB;P?ξ<??HξQ?;EξNIξGCHξ
CG;FξIHξNB?ξ$IP?LHG?HNξ
MξJ;LNξβ
β’
4B?Hξ;ME?>ξQB?NB?LξNB?ξCH@ILG;HNξMOMJ?=N?>ξNB;NξNB?ξAIPξ
?LHG?HNξ?P?LξOM?MξNB?ξ0-"ξL;NCHAξ?P;FO;NCIHξ;MξF?P?L;A?ξξIH?
CH@ILG;HNξ;HMQ?L?>ξ β6?Mξξ?MJ?=C;FFSξC@ξNB?Sξ>IHξ
NξA?Nξ;FIHA
QCNBξNB?ξ=IHNL;=NILξ
MξG;H;A?LMξβ ξHINB?LξCH@ILG;HNξMN;N?>ξ
βξ<MIFON?FSξξQ?ξB;P?ξ;ξ=FC?HNξQBIξQ?ξ;L?ξB?FJCHAξHIQξξ<?ξ
=;OM?ξNB?ξAIP?LHG?HNξ=FC?HNξCMξOMCHAξNBCMξNIξL?>O=?ξNB?ξL?ξ
KO?MNMξ@ILξ?KOCN;<F?ξ;>DOMNG?HNξβ ξξNBCL>ξCH@ILG;HNξ=IGξ
G?HN?>ξ βNB;NξNB?ξ80-"9ξCMξOM?>ξNIξ=B;HA?ξIOLξJIMCNCIHξQB?H
Q?ξH?AINC;N?ξCMMO?Mξ;H>ξQB?HξNIOABξJIMCNCIHMξ;L?ξ<LIOABNξNI
NB?ξ@IL?@LIHNξ β4?FFξξSIOξEHIQξξSIOξIHFSξAINξNBCMξIHξSIOL
-ξ/0ξξNB?L?@IL?ξξSIOξH??>ξNIξQILEξB;L>?LξMIξSIOξMBIOF>
ACP?ξOMξNB?βξβ 0IξSIOξ;L?ξNIF>ξNIξH?AINC;N?ξβ β&ξNBCHEξCNξ
MξOM?>
;MξF?P?L;A?ξ?P?LSξNCG?ξQ?ξAIξNIξH?AINC;N?ξβ β&Nξ
MξCGJFC?>ξξ&Nξ
M
DOMNξBC>?IOMξξ&Nξ
MξOH>?LξNB?ξMOL@;=?ξβ ξHINB?Lξ=IGG?HN?>ξ
β6?;Bξξ&ξ
>ξM;SξF?P?L;A?ξξ<?=;OM?ξ&ξAO?MMξ&ξ>IHξ
NξEHIQξ?R;=NFS
QB;NξA?NMξNB?Gξξ<ONξNB?Sξ>?[HCN?FSξOM?ξNB?Gξ;Mξ;HξIJJILNOξ
HCNSξNIξ?RJL?MMξNB?CLξ>CMJF?;MOL?ξβ ,H?ξCH@ILG;HNξJONξCNξNBCM
Q;Sξ β0IG?ξAIP?LHG?HNξJLIAL;GξI]=?LMξOM?ξNB?ξ -ξ/ξ;Mξ;
G?;HMξNIξG;S<?ξA?NξIOLξ;NN?HNCIHξILξNIξA?NξG;S<?ξ;ξM?J;L;N?
;A?H>;ξξ;NξF?;MNξIHξNB?ξ>L;@NξC@ξHINξIHξNB?ξ[H;FξP?LMCIHξβ
4B?Hξ;ME?>ξQB?NB?LξNB?ξAIP?LHG?HNξOM?Mξ -ξ/Mξ;MξF?P?L;A?
ILξ;ξNBL?;NξξIH?ξCH@ILG;HNξ=IGG?HN?>ξ β,Bξ=?LN;CHβSIO
EHIQξQB?L?ξQ?ξGCABNξB;P?ξMIG?ξNBIOABNMξNB;NξQ;Sξξ&ξ>IHξ
N
EHIQξNB;NξCNξCMξM??Hξ;Mξ;HξIP?L;FFξNL?H>ξξ1B?L?ξ;L?ξJLI<;<FS
?F?G?HNMξNIξCNξCHξMIG?ξ=;M?Mξξ<ONξNIξG?ξCNξCMξNB?ξ?R=?JNCIHξξ&NξCM
=?LN;CHFSξHINξNB?ξLOF?ξβ ,H?ξCH@ILG;HNξ;FFO>?>ξNIξOMCHAξNB?
-ξ/ξ;MξJOHCMBG?HNξ β OMNIG?LMξ;L?ξCH=IHMCMN?HNξξ1B?Sξ;L?
=IHMCMN?HNξQB?HξNB?SξQ;HNξNIξ[FF?NξSIOξβ
ξ==OL;=S
ξ==OL;=S
ξ==OL;=S
ξ==OL;=S
/;NCHA
'OMNC[=;NCIH
/;NCHA
'OMNC[=;NCIH
ξ==OL;=S
ξ==OL;=S
ξ==OL;=S
/;NCHA
'OMNC[=;NCIH
0O]=C?H=SξI@
/?KOCL?G?HN
!?[HCNCIH
0O]=C?H=SξI@
/?KOCL?G?HN
!?[HCNCIH
0O]=C?H=SξI@
/?KOCL?G?HN
!?[HCNCIH
,JJILNOHCMGξ
1BL?;N
,JJILNOHCMG
/;NCHA
'OMNC[=;NCIH
,JJILNOHCMGξ
1BL?;N
ξ
UNCORRECTED PROOF
'ξξξξξ+A538=ξ/>ξ+6ξ ξ8.?=><3+6ξ +<5/>381ξ +8+1/7/8> BBB ξBBBBξ
BBBξBBB
Table 5
0;GJF? >?GIAL;JBC=Mξ
/?MJIH>?HN
%CAB?MNξ?>O=;NCIHξ;NN;CH?> ;L??Lξ[?F>
!?AL??ξ1SJ? #L?KO?H=S $LIOJ #L?KO?H=S
%CABξ0=BIIF ξξ .O;FCNSξξMMOL;H=? ξ
ξMMI=C;N?M ξ -LIAL;Gξ*;H;A?G?HN ξξ
ξ;=B?FILM ξξ IHNL;=NCHA ξξ
*;MN?LM ξξ "HACH??LCHA ξξ
!I=NIL;N? ξ )IACMNC=M ξξ
,NB?L ξξ
Sex
1SJ? #L?KO?H=S -?L=?HN;A?
*;F? ξξ ξξξξ
#?G;F? ξξ ξξξξ
1L;HM;=NCIHξ=IHNL;=N
Purchase type Competition
1SJ? #L?KO?H=S 1SJ? #L?KO?H=S -?L=?HN;A?
0?LPC=?M ξξ IGJ?N?> ξξ ξξξξ
IHMNLO=NCIH ξ 0IF?ξ0IOL=? ξξ ξξξξ
0OJJFC?Mξ IGGI>CNC?Mξ0J;L?M ξξ
4?;JIHξ0SMN?G ξ
,NB?L ξξ
Business size Type of contract
1SJ? #L?KO?H=S -?L=?HN;A? 1SJ? #L?KO?H=S
0G;FFξξOMCH?MM ξξ ξξξξ #CLGξ#CR?>
-LC=?
ξξ
);LA?ξξOMCH?MM ξξ ξξξξ IMN
/?CG<OLM?G?HN
ξξ
1CG?ξ;H>
*;N?LC;FM
ξ
);<ILξ%IOL ξ
%S<LC> ξξ
,NB?L ξ
ξξξξ ξ==/==381 898ξ</=:98=/ ,3+=
+IHξL?MJIHM? <C;M Q;M ?P;FO;N?> <S =IGJ;LCHA L?MJIHM?M @LIG ?;LFS
;H> F;N? L?MJIH>?HNM ξξLGMNLIHA ξ ,P?LNIHξ ξξξξξξ ξ =BCξMKO;L? N?MN
MBIQ?> HI >C@@?L?H=? ;=LIMM ; E?S >?GIAL;JBC=ξ A?H>?Lξ &H>?J?H>?HN
M;GJF?M >ξN?MNM ?RJFIL?> ;HS >C@@?L?H=?M CH =IHMNLO=NM G?;MOL?> <S =IHξ
NCHOIOM G?;MOL?Mξ 1B?M? L?MOFNM MOAA?MN NB;N NB? M;GJF? Q;M HIN ;@@?=N?>
<S ; HIHξL?MJIHM? <C;Mξ 0I=C;FFSξ>?MCL;<F? L?MJIHM? <C;M CM βNB? N?H>?H=S
NI ACP? ;HMQ?LM NB;N G;E? NB? L?MJIH>?HN FIIE AII>β ξ-;OFBOMξ ξξξξξ
Jξ ξξξξ 1BCM H;NOL;F N?H>?H=S G;S I<@OM=;N? NB? NLONBξ NBOMξ 0!/ =;H
M?LCIOMFS D?IJ;L>CT? NB? P;FC>CNS I@ MOLP?S L?M?;L=B ξ+OHH;FFSξ ξξξξξ
/;H>;FF ξ #?LH;H>?Tξ ξξξξξξ 0CH=? NBCM L?M?;L=B ?HN;CF?> ; M?HMCNCP?ξ
?NBC=;F =IGJIH?HN ξCξ?ξξ IJJILNOHCMGξξ ;HIHSGCNS Q;M ;MMOL?> NI L?ξ
MJIH>?HNM ;M N?=BHCKO? NI L?>O=? NB? L?MJIH>?HNξ
M GINCP;NCIH NI L?MJIH>
CH ; MI=C;FFS ;==?JN;<F? Q;Sξ
ξξξξ ξ==/==381 -97798 7/>29. @+<3+8-/
4? ;MM?MM ;H> ;==IOHN @IL NB? JL?M?H=? I@ =IGGIH G?NBI> P;LCξ
;H=? ξ *3ξ OMCHA NB? =ILL?F;NCIH;F G;LE?L P;LC;<F? ;JJLI;=B >?M=LC<?>
<S *;FBINL;ξ (CGξ ;H> -;NCF ξξξξξξξ *3 L?@?LM NI MSMN?G;NC= ?Lξ
LIL P;LC;H=? L?MOFNCHA @LIG NB? OM? I@ ; MCHAF? ξ=IGGIHξ G?NBI>ξ JIξ
N?HNC;FFS CH\;NCHA =ILL?F;NCIHM <?NQ??H P;LC;<F?M ;H> I<M=OLCHA NB? NLO?
G;AHCNO>? ;H>ξ JIMMC<FSξ MCAHC@C=;H=? I@ MN;NCMNC=;F L?F;NCIHMBCJMξ *3
CM I@ J;LNC=OF;L =IH=?LH CH =LIMMξM?=NCIH;F MOLP?S L?M?;L=Bξ QB?L? >;N;
IH GOFNCJF? P;LC;<F?M ;L? =IFF?=N?> @LIG ; MCHAF? MIOL=?ξ 1I J;LNC;F
ION NBCM P;LC;H=?ξ ;H> NBOM NI AO;L> ;A;CHMN *3ξL?F;N?> <C;M?M CH
IOL GI>?FξJLI>O=?> =I?@[=C?HN ?MNCG;N?Mξ Q? ONCFCT? NB? M?=IH>ξMG;FF
?MN JIMCNCP? =ILL?F;NCIH ξΟ ξ ξξξξξ ;GIHA G;HC@?MN P;LC;<F?M NI =ILL?=N
I<M?LP?> =ILL?F;NCIHM <?NQ??H ;FF P;LC;<F?M CH IOL MNO>Sξ 4? NB?H OM?
NB? L?MOFNCHA G;NLCR I@ =ILL?=N?> =ILL?F;NCIHM ;M CHJON @IL =IH[LG;NILS
@;=NIL ;H;FSMCM ;H> MNLO=NOL;F ?KO;NCIH GI>?FCHAξ
ξξξξ ξ98F<7+>9<C 0+->9< +8+6C=3=
4? ;MM?MM NB? G?;MOL?G?HN JLIJ?LNC?M I@ IOL F;N?HN =IHMNLO=NM
NBLIOAB IH[LG;NILS #;=NIL ξH;FSMCM ξ #ξξ CH / ξξξξξ ξ/ IL? 1?;Gξ
ξξξξξξ OMCHA NB? F;P;;H J;=E;A? ξ/IMM??Fξ ξξξξξξ "MNCG;NCIH I@ NB?
G?;MOL?G?HN GI>?F Q;M J?L@ILG?> PC; G;RCGOG FCE?FCBII>ξ 4BCF? NB?
GI>?FξCGJFC?> =IP;LC;H=? G;NLCR >C@@?LM @LIG NB;N I<M?LP?> CH NB? M;Gξ
JF? ξΞ§
ξ
ξξξξξ ξ ξξξξξξξξ : ξ ξξξξξ NB? G?;MOL?G?HN GI>?F I@@?LM L?;ξ
MIH;<F? [N NI NB? M;GJF? >;N; ;M ;MM?MM?> <S NB? IGJ;L;NCP? #CN &H>?R
ξ #&ξ P;FO? I@ ξξξξξ NB? /IIN *?;H 0KO;L? "LLIL I@ ξJJLIRCG;NCIH ξ/*ξ
0"ξξ P;FO? I@ ξξξξξ NB? 0N;H>;L>CT?> /IIN *?;H 0KO;L? /?MC>O;F P;FO?
I@ ξξξξ ;H> NB? 1O=E?Lξ)?QCM &H>?R P;FO? I@ ξξξξξ ;FF I@ QBC=B @;FF QCNBCH
=IGGIH MN;H>;L>M @IL ;==?JN;<F? [N ξ?ξAξξ (FCH?ξ ξξξξξ ξ 4? ;MM?MM
NB? JMS=BIG?NLC= JLIJ?LNC?M I@ GOFNCξCN?G M=;F?M NBLIOAB ;H ?R;GCH;ξ
NCIH I@ #ξ ?MNCG;NCIH L?MOFNM ;H> =IGJ;LCMIH NI ?MN;<FCMB?> =LCN?LC; @IL
;==?JN;<CFCNSξ 1;<F? ξ JL?M?HNM NB? CN?G G?;HM ;H> MN;H>;L> >?PC;NCIHMξ
;M Q?FF ;M M=;F? L?FC;<CFCNC?M ;H> @;=NIL FI;>CHAMξ 1B? =IGJIMCN? L?FC;<CFξ
CNS ξ /ξ I@ ?;=B M=;F? ?R=??>M NB? A?H?L;FFSξ;==?JN?> MN;H>;L> I@ ξξξξ
ξ+OHH;FFSξ ξξξξξξ #OLNB?Lξ ;P?L;A? P;LC;H=? ?RNL;=N?> ξξ3"ξ @IL ?;=B
=IHMNLO=N ?R=??>M NB? ξξξξ NBL?MBIF> ξ#ILH?FF ξ );L=E?Lξ ξξξξξξ JLIξ
PC>CHA ?PC>?H=? @IL =IHP?LA?HN P;FC>CNSξ );MNFSξ ξ3" @IL ?;=B F;N?HN =IHξ
MNLO=N Q;M MCAHC@C=;HNFS AL?;N?L NB;H CNM MKO;L?> =ILL?F;NCIH ξ1;<F? ξξξ
F?H>CHA ?PC>?H=? @IL >CM=LCGCH;HN P;FC>CNS ξ#ILH?FF ξ );L=E?Lξ ξξξξξξ
ξξ
UNCORRECTED PROOF
'ξξξξξ+A538=ξ/>ξ+6ξ ξ8.?=><3+6ξ +<5/>381ξ +8+1/7/8> BBB ξBBBBξ
BBBξBBB
Table 6
/?MOFNM I@ G?;MOL?G?HN GI>?F ?MNCG;NCIHξ
IHMNLO=N &N?G
0N;H>;L>CT?>
FI;>CHA
Dξ
P;FO? -ξξUDEξ *?;H 0!
0-"ξLCME
GCNCA;NCIH
?^?=NCP?H?MM
Ο ξ ξξξξξ
0-"ξ ξξξξξ ξξξξξξ ξ
ξξξξξ
ξξξξξ ξξξξξ
0-"ξ ξξξξξ ξξξξξξ ξ
ξξξξξ
ξξξξξ ξξξξξ
0-"ξ ξξξξξ ξξξξξξ ξ
ξξξξξ
ξξξξξ ξξξξξ
0-"ξ ξξξξξ ξξξξξξ ξ
ξξξξξ
ξξξξξ ξξξξξ
/;NCHA
!CMMIH;H=?
Ο ξ ξξξξξ
/!ξ ξξξξξ ξξξξξξ ξ
ξξξξξ
ξξξξξ ξξξξξ
/!ξ ξξξξξ ξξξξξξ ξ
ξξξξξ
ξξξξξ ξξξξξ
/!ξ ξξξξξ ξξξξξξ ξ
ξξξξξ
ξξξξξ ξξξξξ
/;NCHA
'OMNC[=;NCIH
Ο ξ ξξξξξ
/'ξ ξξξξξ ξξξξξξ ξ
ξξξξξ
ξξξξξ ξξξξξ
/'ξ ξξξξξ ξξξξξξ ξ
ξξξξξ
ξξξξξ ξξξξξ
/'ξ ξξξξξ ξξξξξξ ξ
ξξξξξ
ξξξξξ ξξξξξ
-?L=?CP?>
ξ==OL;=S
Ο ξ ξξξξξ
ξξ ξξξξξ ξξξξξξ ξ
ξξξξξ
ξξξξξ ξξξξξ
ξξ ξξξξξ ξξξξξξ ξ
ξξξξξ
ξξξξξ ξξξξξ
ξξ ξξξξξ ξξξξξξ ξ
ξξξξξ
ξξξξξ ξξξξξ
ξξ ξξξξξ ξξξξξ ξ
ξξξξξ
ξξξξξ ξξξξξ
#?;LξI@
0OJJFC?L
!CMJON?
Ο ξ ξξξξξ
#!ξ ξξξξξ ξξξξξ ξ
ξξξξξ
ξξξξξ ξξξξξ
#!ξ ξξξξξ ξξξξξ ξ
ξξξξξ
ξξξξξ ξξξξξ
#!ξ ξξξξξ ξξξξξξ ξ
ξξξξξ
ξξξξξ ξξξξξ
0O]=C?H=SξI@
/?KOCL?G?HN
!?[HCNCIH
Ο ξ ξξξξξ
0/!ξ ξξξξξ ξξξξξξ ξ
ξξξξξ
ξξξξξ ξξξξξ
0/!ξ ξξξξξ ξξξξξξ ξ
ξξξξξ
ξξξξξ ξξξξξ
0/!ξ ξξξξξ ξξξξξξ ξ
ξξξξξ
ξξξξξ ξξξξξ
,JJILNOHCMG
ξNNCNO>?ξ
1BL?;N
Ο ξ ξξξξξ
)ξ ξξξξξ ξξξξξ ξ
ξξξξξ
ξξξξξ ξξξξξ
)ξ ξξξξξ ξξξξξ ξ
ξξξξξ
ξξξξξ ξξξξξ
,JJILNOHCMG
ξNNCNO>?ξξ!?<N
Ο ξ ξξξξξ
)ξ ξξξξξ ξξξξξ ξ
ξξξξξ
ξξξξξ ξξξξξ
)ξ ξξξξξ ξξξξξ ξ
ξξξξξ
ξξξξξ ξξξξξ
5. Results
1B? MNLO=NOL;F GI>?F ξ#CAξ ξξ Q;M ?MNCG;N?> OMCHA MNLO=NOL;F ?KO;ξ
NCIH GI>?FCHA ξ0"*ξξ PC; G;RCGOG FCE?FCBII>ξ &H ;>>CNCIH NI ?MNCG;ξ
NCIH I@ IOL BSJINB?MCT?> J;NBM ξ;M >?JC=N?> QCNBCH NB? [AOL?ξξ Q? ?MNC
G;N?> ?@@?=NM @LIG ; M?LC?M I@ MN;NCMNC=;F =IHNLIFM IH ?;=B ?H>IA?HIOM
P;LC;<F? NI AO;L> ;A;CHMN <C;M >O? NI JIN?HNC;F =IH@IOH>Mξ #CLMNξ ; =IHNLIF
P;LC;<F? ξ1<9?:ξξ ; >OGGS P;LC;<F?ξ ;==IOHNM @IL P;LC;NCIH CH ?H>IA?ξ
HIOM P;LC;<F?M NB;N G;S <? ;NNLC<ON?> NI =IHMIFC>;NCIH I@ >;N; ;=LIMM
NB? NQI =IFF?=NCIHMξ L?MJIHM?M =IFF?=N?> NBLIOAB NB? F;NN?L MOLP?S Q?L?
=I>?> QCNB ; P;FO? I@ IH?ξ 0?=IH>ξ Q? =IHNLIF @IL L?MJIH>?HNMξ
J?L=?Jξ
NCIHM I@ JOL=B;M? =LCNC=;FCNS ξ-<3>3-+63>Cξ NI ;==IOHN @IL ;HS P;LC;NCIH CH
&#ξ <3=5 73>31+>398 /00/->3@/8/==ξ ;H> G?>C;NCHA P;LC;<F?M CH NB? GI>?Fξ
NB;N GCABN <? ;NNLC<ON?> NI NB? CGJILN;H=? J?L=?JNCIHM <S L?MJIH>?HNM
CH NB? <OSCHA ILA;HCT;NCIHξ 1I ;==IOHN @IL NB? H;NOL? I@ NB? L?F;NCIHMBCJ
;H> NB? H;NOL? I@ NB? J?L@ILG;H=? OH>?L ?P;FO;NCIHξ Q? CH=FO>? =IHξ
NLIFM @IL =IHNL;=N >OL;NCIH ξ.?<+>398ξ ;H> J?L@ILG;H=? =IGJF?RCNS ξ-97ξ
:6/B3>Cξξ ξM QCNB -<3>3-+63>Cξ Q? =IHNLIF @IL NB?CL ?@@?=NM IH G?>C;NCHA P;LCξ
;<F?M CH IOL GI>?F ;M Q?FF ;M IH &#ξ <3=5 73>31+>398 /00/->3@/8/==ξ );MNFSξ
Q? =IHNLIF @IL CGJILN;H=? I@ NB? L?F;NCIHMBCJ NI NB? [LG <S CH=FO>CHA ;
G?;MOL? I@ =IHNL;=N P;FO? ξ@+6?/ξξ ;A;CH =IHNLIFFCHA ;FF G?>C;NILM ;M Q?FF
;M &#ξ <3=5 73>31+>398 /00/->3@/8/==ξ 4? ;JJFS ; H;NOL;FξFIA NL;HM@ILG;NCIH
NI @+6?/ξ QBC=B CM G?;MOL?> CH >IFF;LMξ NI CGJLIP? HILG;FCNS ξCξ?ξξ NI L?ξ
>O=? OH>O? F?P?L;A? @LIG NBIM? CH NB? N;CF I@ NB? >CMNLC<ONCIHξ ;H> CHN?Lξ
JL?N;<CFCNS I@ =I?@[=C?HN ?MNCG;N?Mξ
#CN CH>C=?M @IL NB? MNLO=NOL;F GI>?F ξΞ§
ξ
ξξξξξ ξ ξξξξξξξ : ξ ξξξξ
MOAA?MN ;>?KO;N? [N NI NB? M;GJF? >;N; ξ #ξ ξ ξξξξξ /*0"ξ ξ ξξξξξ
0/*/ ξ ξξξξξ 1)& ξ ξξξξξξ 0N;H>;L>CT?> ?MNCG;N?M I@ J;NB =I?@[=C?HNM
@IL BSJINB?MCT?> ?@@?=NM ;L? JL?M?HN?> QCNBCH 1;<F? ξξ ;FIHA QCNB NB?CL
=ILL?MJIH>CHA DξP;FO?Mξ +IHξMCAHC@C=;HN ?@@?=NM ξ: ξ ξξξξ Q?L? ?MNCG;N?>
@LIG =IHNLIF P;LC;<F?M 1<9?:ξ .?<+>398ξ -97:6/B3>C +8. @+6?/ IH NB? ?Hξ
>IA?HIOM P;FO?Mξ "@@?=NM @LIG =IHNLIF P;LC;<F? -<3>3-+63>C Q?L? ;FMI
HIHξMCAHC@C=;HN IH ;FF ?H>IA?HIOM P;LC;<F?Mξ QCNB NB? ?R=?JNCIHM I@ ξ/+<
90 &?::63/< ξ3=:?>/ ξΞ ξ βξξξξξξ D ξ βξξξξξξ : ξ ξξξξξ ;H> &#ξ <3=5
73>31+>398 /00/->3@/8/== ξΞ ξ ξξξξξξ D ξ ξξξξξξ : ξ ξξξξξξ /?NOLHCHA NI
NB? BSJINB?MCT?> L?F;NCIHMBCJMξ NIN;F ?@@?=NM IH &#ξ <3=5 73>31+>398 /00/-ξ
>3@/8/== @LIG G?>C;N?> P;LC;<F?M ;L? JL?M?HN?> QCNBCH 1;<F? ξξ NI ;Mξ
M?MM G?>C;NCIH Q? =IHMNLO=N =IH[>?H=? CHN?LP;FM OMCHA NB? *IHN? ;LFI
G?NBI> ξ%;S?M ξ 0=B;LEIQξ ξξξξξ -L?;=B?L ξ 0?FCAξ ξξξξξξ 1B?
MNLO=NOL;F GI>?F ?RJF;CH?> ξξξξξξ I@ NB? P;LC;NCIH CH &#ξ <3=5 73>31+>398
/00/->3@/8/==ξ ξξξξξξ I@ NB? P;LC;NCIH CH <+>381 4?=>3F-+>398ξ ξξξξξξ I@ NB?
P;LC;NCIH CH <+>381 .3==98+8-/ξ ξξξξξξ I@ NB? P;LC;NCIH CH :/<-/3@/. +--?ξ
<+-C ;H> ξξξξξξ I@ NB? P;LC;NCIH CH 0/+< 90 =?::63/< .3=:?>/ξ 1B? GI>?F I@ξ
@?L?> MN;NCMNC=;F MOJJILN @IL ?;=B I@ NB? ?CABN BSJINB?MCT?> L?F;NCIHMBCJMξ
ξξξξ ξI/-> 90 <+>381 4?=>3F-+>398ξ + :<9-/.?<+6 <319< :+>2
1B? J;NB @LIG MO@[=C?H=S I@ L?KOCL?G?HN >?@CHCNCIH NBLIOAB J?Lξ
=?CP?> ;==OL;=S ;H> L;NCHA DOMNC[=;NCIH NI 0-" LCME GCNCA;NCIH ?@@?=ξ
NCP?H?MM CGJFC=;N?M NB? CGJILN;H=? I@ JLI=?>OL;F LCAIL ;H> NB? =IHNL;=ξ
NO;F ;MJ?=NM I@ <OMCH?MMξ QCNB ; @I=OM IH NBILIOABFS C>?HNC@SCHA L?KOCL?ξ
G?HNM ?R ;HN? ;H> IH DOMNC[?> ;H> JL;AG;NC= JLI=?MMCHAξ !?GIHMNL;Nξ
CHA MNLIHA?L ?@@?=N MCT?M NB;H NB? J;NB AICHA NBLIOAB L;NCHA >CMMIH;H=?ξ
NBCM J;NB CH>C=;N?M NB? MOJL?G;=S I@ M?NNCHA ;H> @IFFIQCHA NBLIOAB IH
; MB;L?>ξ I<D?=NCP? PCMCIHξ "R ;HN? >?[HCHA I@ L?KOCL?G?HNM >?N?LGCH?M
NB? J?L=?CP?> ;==OL;=S I@ ;MM?MMG?HNξ ;H> NB? GIL? ;==OL;N? NB? ;MM?MMξ
G?HNξ NB? MNLIHA?L NB? ION=IG? CH N?LGM I@ ; DOMNC[?> L;NCHA ;H> ;H ?@[ξ
=;=CIOM MOJJFC?L J?L@ILG;H=? ?P;FO;NCIH β IH? NB;N =;H F?H> =IH[>?H=?
I@ ; @ONOL? MIOL=? M?F?=NCIH N?;G CH CNM ;<CFCNS NI ;MM?MM NB? LCME I@ ;>ξ
P?LM? M?F?=NCIHξ
ξξξξ ξI/-> 90 <+>381 .3==98+8-/
/;NCHA >CMMIH;H=? >?=L?;M?> 0-" LCME GCNCA;NCIH ?@@?=NCP?H?MMξ QBC=B
Q;M CH NOLH CH=L?;M?> <S @?;L I@ MOJJFC?L >CMJON?ξ 1BCM J;NB CH>C=;N?M
AL?;N?L @?;L I@ ; MOJJFC?Lξ
M >CMJON? NI NB? 0-" ;MMI=C;N?> QCNB AL?;N?L L;Nξ
CHA >CMMIH;H=?ξ 1L;=CHA NB? L?F;NCIHMBCJM <;=E @OLNB?Lξ @?;L I@ MOJJFC?L
>CMJON? CM CH=L?;M?> <S NB? J?L@ILG;H=? ?P;FO;NILξ
M IJJILNOHCMG ;NNCξ
NO>?ξ>?<Nξ
ξξ
UNCORRECTED PROOF
'ξξξξξ+A538=ξ/>ξ+6ξ ξ8.?=><3+6ξ +<5/>381ξ +8+1/7/8> BBB ξBBBBξ
BBBξBBB
Table 7
ILL?F;NCIHM ;GIHA F;N?HN =IHMNLO=NMξ
ILL?F;NCIHM
ξξ ξξ ξξ ξξ ξξ ξξ ξξ ξξ
ξξξ0-"ξLCMEξGCNCA;NCIHξ?^?=NCP?H?MM
0.853
ξξξ/;NCHAξ>CMMIH;H=? βξξξξξ 0.901
ξξξ/;NCHAξDOMNC[=;NCIH ξξξξξ βξξξξξ 0.856
ξξξ-?L=?CP?>ξ;==OL;=S ξξξξξ βξξξξξ ξξξξξ 0.815
ξξξ#?;LξI@ξMOJJFC?Lξ>CMJON? βξξξξξ ξξξξξ βξξξξξ βξξξξξ 0.752
ξξξ0O]=C?H=SξI@ξL?KOCL?G?HN
!?[HCNCIH
ξξξξξ βξξξξξ ξξξξξ ξξξξξ βξξξξξ 0.899
ξξξ,JJILNOHCMGξξNNCNO>?ξξ1BL?;N βξξξξξ ξξξξξ βξξξξξ βξξξξξ ξξξξξ βξξξξξ 0.780
ξξξ,JJILNOHCMGξξNNCNO>?ξξ!?<N βξξξξξ ξξξξξ βξξξξξ βξξξξξ ξξξξξ βξξξξξ ξξξξξ 0.758
0KO;L? LIIN I@ ;P?L;A? P;LC;H=? ?RNL;=N?> ξξ3"ξ MBIQH CH <IF> IH NB? >C;AIH;Fξ
Table 8
/?MOFNM I@ MNLO=NOL;F GI>?F ?MNCG;NCIHξ
!CL?=N
?^?=N
0N;H>;L>CT?>ξ=I?]=C?HN
DξP;FO? -ξξUDEξ
%ξ
/;NCHAξ!CMMIH;H=? β 0-"ξ/CME
*CNCA;NCIHξ"^?=NCP?H?MM
βξξξξξ
βξξξξξ ξξξξξ
ββ
%ξ -?L=?CP?>ξξ==OL;=S β /;NCHA
'OMNC[=;NCIH
ξξξξξ ξξξξξ ξ
ξξξξξ
ββ
%ξ /;NCHAξ'OMNC[=;NCIH β 0-"ξ/CME
*CNCA;NCIHξ"^?=NCP?H?MM
ξξξξξ ξξξξξ ξ
ξξξξξ
ββ
%ξ -?L=?CP?>ξξ==OL;=S β #?;LξI@
0OJJFC?Lξ!CMJON?
βξξξξξ βξξξξξ ξξξξξ
ββ
%ξ #?;LξI@ξ0OJJFC?Lξ!CMJON? β /;NCHA
!CMMIH;H=?
ξξξξξ ξξξξξ ξ
ξξξξξ
ββ
%ξ 0O]=C?H=SξI@ξ/?KOCL?G?HNξ!?[HCNCIH
β -?L=?CP?>ξξ==OL;=S
ξξξξξ ξξξξξ ξ
ξξξξξ
ββ
%ξ ,JJILNOHCMGξξNNCNO>?ξ1BL?;N β
-?L=?CP?>ξξ==OL;=S
βξξξξξ βξξξξξ ξξξξξ
β
%ξ ,JJILNOHCMGξξNNCNO>?ξ!?<N β #?;LξI@
0OJJFC?Lξ!CMJON?
ξξξξξ ξξξξξ ξ
ξξξξξ
ββ
β
: ξ ξξξξ
ββ
: ξ ξξξξ
Table 9
1IN;F ?@@?=NM IH 0-" LCME GCNCA;NCIH ?@@?=NCP?H?MM @LIG G?>C;N?> P;LC;<F?Mξ
1IN;Fξ?^?=N
0N;H>;L>CT?>
=I?]=C?HN
ξξξJ?L=?HN
=IH[>?H=?
CHN?LP;F
)IQ?L
<IOH>
2JJ?L
<IOH>
-?L=?CP?>ξξ==OL;=S β 0-"ξLCMEξGCNCA;NCIH
?^?=NCP?H?MM
ξξξξξ
ξξξξξ ξξξξξ
#?;LξI@ξ0OJJFC?Lξ!CMJON? β 0-"ξLCME
GCNCA;NCIHξ?^?=NCP?H?MM
βξξξξξ βξξξξξ βξξξξξ
0O]=C?H=SξI@ξ/?KOCL?G?HNξ!?[HCNCIH β
0-"ξLCMEξGCNCA;NCIHξ?^?=NCP?H?MM
ξξξξξ ξξξξξ ξξξξξ
,JJILNOHCMGξξNNCNO>?ξ1BL?;N β 0-"ξLCME
GCNCA;NCIHξ?^?=NCP?H?MM
βξξξξξ βξξξξξ βξξξξξ
,JJILNOHCMGξξNNCNO>?ξ!?<N β 0-"ξLCME
GCNCA;NCIHξ?^?=NCP?H?MM
βξξξξξ βξξξξξ β
ξξξξξ
+IN?ξ IH[>?H=? CHN?LP;FM =IHMNLO=N?> OMCHA *IHN? ;LFI MCGOF;NCIH QCNB ξξξξ >L;QMξ
ξξξξ ξ3I/</8>3+6 /I/->= 90 >A9 >C:/= 90 9::9<>?83=7
1B? @;=NIL ;H;FSMCM =IH[LG?> ; P;FC> >CMNCH=NCIH <?NQ??H NQI @ILGM
I@ IJJILNOHCMG ;NNCNO>? β >?<N ;H> NBL?;N β NB;N ;L? L?F?P;HN CH NB?
=IHN?RN I@ 0-"ξ 1B? G?;H P;FO?M I@ CN?GM G?;MOLCHA IJJILNOHCMG ;NNC
NO>?ξ>?<N ;L? HINC=?;<FS FIQ?L NB;H NBIM? G?;MOLCHA IJJILNOHCMG ;Nξ
NCNO>?ξNBL?;Nξ CH>C=;NCHA NB;N NB? NBL?;N CM ; GIL? ?MN;<FCMB?> JL;=NC=?ξ
,JJILNOHCMG ;NNCNO>?ξ>?<N MNLIHAFS CH=L?;M?M NB? @?;L I@ ; MOJJFC?L >CMξ
JON?ξ ,JJILNOHCMG ;NNCNO>?ξNBL?;N >?=L?;M?M NB? J?L=?CP?> ;==OL;=S I@
NB? 0-"ξ 1BOMξ NB? NQI @ILGM I@ IJJILNOHCMG B;P? >C@@?L?HNC;F ?@@?=NM
IH NB? J;NBM NI 0-" LCME GCNCA;NCIH ?@@?=NCP?H?MMξ ;H> NB?S OFNCG;N?FS
Q?;E?H 0-" LCME GCNCA;NCIH ?@@?=NCP?H?MMξ
6. Discussion
1B? JOLJIM? I@ NB? L?M?;L=B Q;M NI C>?HNC@S ;H> ?RJF;CH NB? @;=ξ
NILM =IHNLC<ONCHA NI NB? LCMEξGCNCA;NCHA ?@@?=NCP?H?MM I@ 0-"M ξ NB? ?Rξ
N?HN NI QBC=B NB? MOJJFC?L J?L@ILG;H=? CH@ILG;NCIH =IFF?=NCIH ;H> OMξ
;A? ;=BC?P?M NB? CHN?H>?> AI;F I@ GCNCA;NCHA NB? LCME I@ ;>P?LM? M?F?=ξ
NCIHξ ;H> BIQ 0-" GCMOM? OH>?LGCH?M NB? ?@@?=NCP?H?MM ;H> ?@[=C?H=S I@
0-"Mξ ξ GCR?> G?NBI> I@ KO;FCN;NCP? CHN?LPC?QM I@ <OS?LM ;H> MOJJFC?LM
@IFFIQ?> <S ; MOLP?S I@ <OSξMC>? J?L@ILG;H=? ?P;FO;NILM Q;M ?GJFIS?>
CH IL>?L NI <OCF> ;H> N?MN ; GI>?F I@ ;HN?=?>?HNM NI 0-" LCME GCNCA;NCIH
?@@?=NCP?H?MM QCNB NB? @IFFIQCHA CGJFC=;NCIHM @IL L?M?;L=B ;H> JL;=NC=?ξ
ξξξξ %/=/+<-2 37:63-+>398=
1B?M? ?GJCLC=;F [H>CHAM CH=LCGCH;N? 0-"M ;M POFH?L;<F? NI OHCKO?
G;HC@?MN;NCIHM I@ IJJILNOHCMGξ 0-" GCMOM? OH>?LGCH?M NB? JIQ?L@OF
<?H?[NM I@ 0-"M ξM?? 1;<F? ξξξξ ,LA;HCT;NCIH;F <?B;PCIL NB?ILSξ
M ?Rξ
JF;H;NILS JIQ?L ;JJ?;LM J;L;GIOHN IP?L ;A?H=S NB?ILS QCNB L?A;L> NI
0-" LCME GCNCA;NCIH ?@@?=NCP?H?MMξ 1BCM CM ?RNL;IL>CH;LS <?=;OM? ILA;HCξ
T;NCIH;F NB?ILS L?JL?M?HNM IHFS ξξ I@ NB?ILC?M L?FC?> OJIH CH MOJJFS
=B;CH L?M?;L=B ξ!?@?? ?N ;Fξξ ξξξξξξ &H ; J;L;FF?F NI [H>CHAM CH ILA;HCξ
T;NCIH;F <?B;PCIL FCN?L;NOL? L?A;L>CHA NB? CGJ;=N IH ?GJFIS?? <?B;PCIL
I@ <?FC?@ CH NB? L;NCHAM JILNL;S;F ξ&FA?H ?N ;Fξξ ξξξξξξ NBCM L?M?;L=B MOAξ
A?MNM NB;N CH IL>?L @IL 0-"M NI <? ?@@?=NCP? CH GCNCA;NCHA NB? LCME I@ @ONOL?
;>P?LM? M?F?=NCIHξ =IHMOG?LM I@ NB? CH@ILG;NCIH ξCξ?ξξ =OLL?HN MOJJFC?LM
;H> @ONOL? <OS?LMξ GOMN <?FC?P? NB? 0-" CM NLO?ξ 1BCM L?H>?LM 0-" ;=ξ
=OL;=S ;H> MO@[=C?HN L;NCHA DOMNC[=;NCIHM CHNI ?MM?HNC;F @;=NILM ?RJF;CHξ
CHA 0-" LCME GCNCA;NCIH ?@@?=NCP?H?MMξ 1BCM [H>CHA CM =IHMCMN?HN QCNB JL?ξ
PCIOM L?M?;L=B NB;N @IOH> J?L@ILG;H=? >;N; CHMN;<CFCNS NI CGJ?>? MOJξ
JFC?Lξ
M L?FC;H=? IH NB? 0-"M ;M ; <;MCM @IL CGJLIP?G?HNM ξ%;F> ξ "FF?ξ
A;;L>ξ ξξξξξξ &N ;FMI =ILL?MJIH>M NI ; JLCIL [H>CHA NB;N <OS?LM MIG?ξ
NCG?M MNLOAAF? NI GOMN?L MOJJILNCHA CH@ILG;NCIH ξCξ?ξξ NB? L;NCHA DOMNC[ξ
=;NCIHξ NI MOJJILN ; 0-" ξ%;F> ξ "FF?A;;L>ξ ξξξξξξ 1B?L?@IL?ξ NBCM L?ξ
M?;L=B =IHNLC<ON?M NI NB? MNL?;G I@ 0-" L?M?;L=B J?LN;CHCHA NI @OH=NCIHM
I@ 0-"M <S KO;HNCN;NCP?FS =IH[LGCHA JLCIL KO;FCN;NCP? [H>CHAM ;H> @OLξ
NB?L <S MBIQCHA BIQ β NBLIOAB ;==OL;=S ;H> L;NCHA DOMNC[=;NCIH β 0-"M
=;H <?=IG? GIL? ?@@?=NCP?ξ
4CNB L?A;L> NI ;A?H=S NB?ILSξ NQI >CG?HMCIHM I@ ;A?H=S IJ?L;N?>
MCGOFN;H?IOMFSξ ;H> ; NBCL> HIP?F >CG?HMCIH ?G?LA?>ξ #CLMNξ NB? MOJξ
JFC?L CM =IHMC>?L?> ;H ;A?HN I@ NB? <OS?L CH JLIGOFA;NCHA NB? <OS?Lξ
M
GCMMCIHξ 0?=IH>ξ NB? <OS?L N?;G CM =IGJLCM?> I@ GOFNCJF? ;A?HNM NI
CNM?F@ξ &H NB? =;M? I@ GOFNCJF? ?P;FO;NILM CH >C@@?L?HN MO<ξILA;HCT;
ξξ
UNCORRECTED PROOF
'ξξξξξ+A538=ξ/>ξ+6ξ ξ8.?=><3+6ξ +<5/>381ξ +8+1/7/8> BBB ξBBBBξ
BBBξBBB
Table 10
&GJFC=;NCIHM I@ 0-" IJJILNOHCMGξ
0-"ξ<?H?[N
ξ0=BGCNTξξ
-F;NNMξ
ξξξξξ ,JJILNOHCMGξCGJFC=;NCIH
ξξξξ-LCILCNCT?
MOJJFC?L
CGJLIP?G?HN
;=NCPCNC?M
,JJILNOHCMNC=ξ<?B;PCILξG;Sξ>CP?LNξ;=NCPCNSξNIξG;H;ACHAξNB?
J?L@ILG;H=?ξ?P;FO;NCIHMξL;NB?LξNB;HξNB?ξ;=NO;Fξ=IHNL;=N?>ξQILE
;=NCPCNC?Mξξ*;SξL?MOFNξCHξL?>O=?>ξCGJLIP?G?HNξ;=NCPCNC?Mξξ;H>
>CM=IHNCHOCNC?MξC@ξJ?L@ILG;H=?ξ?P;FO;NILMξ=B;HA?ξξ"LIMCIHξI@
=IHNCHOIOMξCGJLIP?G?HNξ;H>ξGCM;FCAH?>ξ<OS?LξM?FF?LξJLCILCNC?M
L?MOFNξ
ξξξξ#I=OM
G;H;A?G?HN
;NN?HNCIHξIH
=LCNC=;F
MOJJFC?LM
,JJILNOHCMGξ>CP?LNMξ@I=OMξNIξHIHξIJ?L;NCIH;Fξ;H>ξHIHξMNL;N?AC=
JLCILCNC?Mξξξξ=LCNC=;FξMOJJFC?LξNB;NξCMξGCMG;H;A?>ξG;Sξ<?=IG?
>CM=IOL;A?>ξξHINξL?ξ;JJFSCHAξ@ILξ@ONOL?ξ=IHNL;=NξIJJILNOHCNC?MξIL
>CGCHCMBCHAξCHP?MNG?HNMξMO=Bξ;MξNIJξN;F?HNξ;H>ξN?=BHIFIASξ
&H;==OL;N?ξ0-"Mξ;FMIξGCMF?;>ξG;H;A?G?HNξ;NN?HNCIHξξQ;MNCHA
L?MIOL=?Mξ;H>ξ>CGCHCMBCHAξJ?L@ILG;H=?ξION=IG?Mξ
ξξξξ0OJJILN
MOJJFC?L
M?F?=NCIH
>?=CMCIHM
2HL?FC;<F?ξILξ?P?HξKO?MNCIH;<F?ξJ;MNξJ?L@ILG;H=?ξ>;N;ξQCFFξ<?ξF?MM
FCE?FSξNIξ<?ξOM?>ξξL?JL?M?HNCHAξHINξDOMNξ;ξFIMNξIJJILNOHCNSξNI
CGJLIP?ξMOJJFC?LξM?F?=NCIHξ<ONξ;FMIξQ;MN?>ξL?MIOL=?Mξξ4B?L?ξ>;N;
=ILLOJN?>ξ<SξIJJILNOHCMGξCMξOM?>ξξCNξQCFFξF?;>ξNIξCH;==OL;N?
MOJJFC?LξM?F?=NCIHξION=IG?MξξQCNBξ=IH=IGCN;HNξQ;MN?ξI@ξL?MIOL=?M
;H>ξJIIL?LξKO;FCNSξION=IG?Mξ
ξξξ
IGGOHC=;N?
>CMM;NCM@;=NCIH
QCNBξMOJJFC?L
J?L@ILG;H=?
);=EξI@ξ=L?>C<F?ξ@??><;=EξG?=B;HCMGMξQCFFξ?LI>?ξMOJJFC?L
CHP?MNG?HNξ;H>ξGINCP;NCIHξNIξCGJLIP?ξJ?L@ILG;H=?ξξ-?L=?CP?>
<OS?LξMOM=?JNC<CFCNSξNIξIJJILNOHCMGξG;Sξ?H=IOL;A?ξMOJJFC?LMξNI
L?=CJLI=;N?ξILξ[F?ξ;ξJLIN?MNξL;NB?LξNB;Hξ;==?JNξH?A;NCP?ξ@??><;=Eξ
ξξξ
IGGOHC=;N?
J?L@ILG;H=?
?RJ?=N;NCIHM
NIξMOJJFC?LM
2M?ξI@ξNBL?;NMξξ=I?L=CIHξξILξCGJIMCHAξI@ξ;ξM?HM?ξI@ξ>?<NξQCFFξL?ξ
;FCAHξMOJJFC?Lξ@I=OMξ@LIGξJ?L@ILG;H=?ξ?RJ?=N;NCIHMξNIξG;H;ACHA
?RJ?=N;NCIHMξI@ξCH>CPC>O;FξJ?L@ILG;H=?ξ?P;FO;NILMξ
ξξξξ!I=OG?HN
BCMNILC=;F
J?L@ILG;H=?
0-"ξIJJILNOHCMGξL?H>?LMξP;FO?F?MMξ;HSξBCMNILC=;FξJ?L@ILG;H=?
>I=OG?HN;NCIHξξ1BCMξL?JL?M?HNMξ;ξF;LA?ξQ;MN?ξI@ξL?MIOL=?Mξ;MξQ?FF
;Mξ;ξ@;CFOL?ξNIξ=IGJFSξ<SξL?AOF;NILSξ;H>ξ?NBC=;FξMN;H>;L>Mξ
ξξξξ&H@ILG
NB?
JOL=B;MCHA
>?J;LNG?HNξI@
MOJJFSξ<;M?
J?L@ILG;H=?
-OL=B;MCHAξG;H;A?LMξNB;NξL?FSξIHξJ?L@ILG;H=?ξ?P;FO;NCIH
CH@ILG;NCIHξ=ILLOJN?>ξ<Sξ0-"ξIJJILNOHCMGξQCFFξGCM;FFI=;N?
L?MIOL=?Mξ;H>ξ;LLCP?ξ;NξGCMCH@ILG?>ξMOJJFC?LξG;H;A?G?HN
MNL;N?AC?Mξ
ξξξξ&H\O?H=?
MOJJFC?LM
IGJ;HC?Mξ;AAL?A;N?ξJOL=B;MCHAξJIQ?LξNIξA;CHξCH\O?H=?ξIP?L
MOJJFC?LMξNBLIOABξNB?ξJIQ?LξI@ξCH=?HNCP?Mξ@LIGξ<CAA?Lξ=IHNL;=NMξ;M
Q?FFξ;MξGIL?ξMN;<CFCNSξ;H>ξ?]=C?H=Sξξ1IξNB?ξ?RN?HNξNB;Nξ=IGJ;HS
JLCILCNC?Mξ<?=IG?ξ>CM;AAL?A;N?>ξ<SξIJJILNOHCMNC=ξ<?B;PCILξ;NξNB?
CH>CPC>O;FξF?P?Fξξ=IGJ;HSξJIFC=C?MξFIM?ξNB?CLξCH\O?H=?ξξξOSCHA
=IGJ;HSξL?JON;NCIHξMO^?LMξξQBC=BξG;Sξ>CM=IOL;A?ξAII>ξMOJJFC?LM
@LIGξQ;HNCHAξNIξ?HA;A?ξCHξ@ONOL?ξ<OMCH?MMξQCNBξNB;Nξ<OS?LξξIL
QB?L?ξ;FL?;>Sξ=IHNL;=N?>ξξMOJJFC?LMξG;SξHINξ=IGGCNξNB?CLξ<?MN
L?MIOL=?Mξ
ξξξ
IHNCHOIOMFS
CGJLIP?
&H;==OL;N?ξILξOHNLOMNQILNBSξ@??><;=EξG;E?Mξ;==OL;N?
C>?HNC[=;NCIHξI@ξ=IHNCHOIOMξCGJLIP?G?HNξIJJILNOHCNC?Mξ>C]=OFNξ
0-"ξIJJILNOHCMGξMBC@NMξ@I=OMξ@LIGξJLI=?MMξ;H>ξM?LPC=?ξ>?FCP?LS
CGJLIP?G?HNξNI βG;H;ACHAξNB?ξJ?L@ILG;H=?ξ?P;FO;NILβξ
NCIHMξ GOFNCJF? ;A?H=S L?F;NCIHMBCJM ?RCMNξ ;H> ?;=B =;H BIF> >C@@?L?HN CHξ
N?L?MNMξ 1B? NBCL> OHMOMJ?=N?> >CG?HMCIH I@ ;A?H=S J?LN;CHM NI NB? JLIξ
AL;G ξCξ?ξξ NB? JOL=B;M?> L?KOCL?G?HN MO=B ;M ; =IHMNLO=NCIH JLID?=N IL
=IGJF?R MSMN?Gξξ &H MIG? =;M?Mξ <INB J?L@ILG;H=? ?P;FO;NILM ;H> MOJξ
JFC?L ?GJFIS??M =IOF> <?ACH NI C>?HNC@S GIL? QCNB NB? JLIAL;G NB;H
QCNB NB?CL ?GJFIS?LMξ &H INB?L QIL>Mξ MIG?NCG?M QB;N CM ;>P;HN;A?IOM
@IL NB? JLIAL;G =;H MOJ?LM?>? QB;N CM ;>P;HN;A?IOM @IL ?CNB?L NB? <OS?L
N?;G IL NB? MOJJFC?Lξ 1BCM ?RJF;CHM NB? B;FI ?@@?=N ;@@IL>?> ; MOJJFC?L
QBI @;CFM CH IH? CHMN;H=? I@ J?L@ILG;H=?ξ S?N NB? ?P;FO;NIL >I?M HIN
G?HNCIH NB? @;CFOL? CH NB? 0-" <?=;OM? I@ L?FO=N;H=? NI N;CHN NB? JLIξ
AL;G IL NB? MOJJFC?Lξ
M =B;H=? @IL @ONOL? <OMCH?MMξ
1BCM L?M?;L=B [H>M NQI >CMNCH=N NSJ?M I@ ;NNCNO>?M NIQ;L> IJJILξ
NOHCMG CH NB? =IHN?RN I@ 0-" ?@@?=NCP?H?MMξ >2</+> ;H> ./,>ξ ξOS?LM MIG?ξ
NCG?M <?FC?P? CN CM ;==?JN;<F? NI ?HA;A? CH 0-" GCMOM? <S Q?;JIHCTξ
CHA NB? 0-" ;M F?P?L;A? NI L?;J =IH=?MMCIHM @LIG MOJJFC
?LMξ IHMCMN?HN QCNB JLCIL L?M?;L=B ξ0=BGCNT ξ -F;NNMξ ξξξξξξ <OS?LM
G;S >I MI <S NBL?;N?HCHA ; FIQ?L L;NCHA CH ?R=B;HA? @IL ; >?MCL?> ;=NCIHξ
ξ HIP?F [H>CHA CM NB;N <OS?LM G;S ;FMI L?;J =IH=?MMCIHM <S CGJIMCHA ;
>?<N <S βAC@NCHAβ ; GIL? JIMCNCP? 0-" NB;H ?;LH?> IL >I=OG?HN?>ξ &H ?Cξ
NB?L =;M?ξ 0-" GCMOM? <S NB? J?L@ILG;H=? ?P;FO;NIL >CGCHCMB?M 0-" ;=ξ
=OL;=S ;H>ξ J;L;>IRC=;FFSξ B;LGM NB? ?GJFIS?L <S =IGJLIGCMCHA NB? ILξ
A;HCT;NCIHξ
M ;<CFCNS NI ;PIC> JIIL MOJJFC?LM CH NB? @ONOL?ξ 1B?M? [H>CHAMξ
NB?L?@IL?ξ =IHNLC<ON? NI NB? 0-" MNL?;G I@ FCN?L;NOL? J?LN;CHCHA NI IONξ
=IG?M <S CFFOGCH;NCHA ; N?GJIL;F >CG?HMCIH β 0-" GCMOM? <S IH? ?Gξ
JFIS?? M?LPCHA ;M MOJJFC?L J?L@ILG;H=? ?P;FO;NIL ξ=OLL?HN ;A?HNξ =IOF>
CHBC<CN NB? ?@@?=NCP?H?MM I@ ;HINB?L ?GJFIS?? M?LPCHA IH ; MIOL=? M?F?=ξ
NCIH N?;G ξ@ONOL? ;A?HNξξ
/?=?HN L?M?;L=B [H>M NB;N DO>AG?HNM I@ QB?NB?L ; J;LNC=OF;L ;=N =IHξ
MNCNON?M IJJILNOHCMG ;L? MO<D?=NCP?ξ >?J?H>?HN IH NB? NSJ? I@ <?B;PCILξ
NSJ? I@ ?R=B;HA?ξ ;H> J?LMIH;FCNS ξξLCE;Hξ ξξξξξξ 3C=NCGM ;L? GIL?
FCE?FS NI J?L=?CP? ;H ;=N ;M IJJILNOHCMNC= NB;H ;L? J?LJ?NL;NILMξ 1BCM G;S
?RJF;CH QBS MIG? J?L@ILG;H=? ?P;FO;NILM G;S BIF> ;H ;NNCNO>? NB;N
NBL?;N?HCHA ; MOJJFC?L CM DOMNC[;<F?ξ &N G;S ;FMI ?RJF;CH QBS MIG? J?Lξ
@ILG;H=? ?P;FO;NILM <?FC?P? CN ;==?JN;<F? NI JON MOJJFC?LM CH >?<N I@ L?ξ
J;SCHA @;PILM I@ JIMCNCP? 0-"Mξ -?L@ILG;H=? ?P;FO;NILM MCGJFS >I HIN
J?L=?CP? NB?M? <?B;PCILM ;M 0-" GCMOM?ξ
1B? [H>CHAM @LIG NBCM L?M?;L=B M??G NI =IH[LG INB?L ;MJ?=NM I@
0-" OM? @LIG JLCIL L?M?;L=Bξ #IL ?R;GJF?ξ %;F> ;H> "FF?A;;L> ξξξξξξ
@IOH> NB;N <OS?LM =B;HA?> L;NCHAM <;M?> IH L?;=NCIHM @LIG MOJJFC?LM CGξ
JFSCHA NB;Nξ ξξξ L;NCHAM Q?L? CH;==OL;N? ;H> ξξξ <OS?LM ;L? =IH=?LH?>
;<ION MOJJFC?L L?;=NCIHMξ 0CGCF;LFSξ NBCM L?M?;L=B @IOH> NB;N 0-" CH;==Oξ
L;=S CH=L?;M?M NB? @?;L I@ ; MOJJFC?L >CMJON? NI NB? L;NCHAMξ 1B? @?;L I@
; >CMJON? =L?;N?M >CMMIH;H=? ;GIHA NB? <OS?Lξ
M ?P;FO;NCIH N?;Gξ QBC=Bξ
CH NOLHξ >?=L?;M?M NB? LCME GCNCA;NCHA ?@@?=NCP?H?MM I@ 0-"Mξ 1B? CGJFC=;ξ
NCIH CM NB;N J?L@ILG;H=? ?P;FO;NILM I@N?H @;CF NI =ILL?=NFS J?L=?CP? 0-"
GCMOM? ?P?H NBIOAB 0-" GCMOM? JLIJ;A;N?M HOG?LIOM H?A;NCP? =IHM?ξ
KO?H=?M NB;N OH>?LGCH? 0-" ?@@?=NCP?H?MMξ
ξξξξ #<+->3-+6 37:63-+>398=
/;NCHA DOMNC[=;NCIH B;> NB? MNLIHA?MN ?@@?=N IH 0-" LCME GCNCA;NCIH
?@@?=NCP?H?MMξ 1BOMξ @IL NBIM? M??ECHA NI CH=L?;M? 0-" LCME GCNCA;NCIH
?@@?=NCP?H?MMξ ?@@ILNM MBIOF> <? G;>? NI GIL? NBILIOABFS DOMNC@S L;Nξ
CHAMβQBC=B CGJFC?M ;H CGJILN;HN ?@@?=N @LIG GCHCGCTCHA 0-" GCMOM?ξ
1BCM L?M?;L=B I@@?LM CHMCABNM ;M NI BIQ NI CGJLIP? L;NCHA DOMNC[=;NCIHMξ
#CLMNξ <OSCHA ILA;HCT;NCIHM =;H ;>>L?MM NB? ?@@ILN L?KOCL?> NI DOMNC@S ;
0-"ξ 1BCM =;H <? >IH? <S G;ECHA GIL? NCG? ;P;CF;<F? NI ?P;FO;NILM NI
=IH>O=N 0-"M <S BCLCHA GIL? ?P;FO;NILMξ <S >?>C=;NCHA ?P;FO;NILM NI NB?
N;ME I@ 0-"ξ IL <S L?>O=CHA ?P;FO;NILMξ
HIHξ0-" >ONC?Mξ
0IG? ?PC>?H=? MOAA?MNM NB;N <OSCHA ILA;HCT;NCIHM =;H CGJLIP? L;Nξ
CHA DOMNC[=;NCIHM <S MO@[=C?HNFS >?[HCHA L;NCHA >?@CHCNCIHMξ !ICHA MI
G;S L?KOCL? N;CFILCHA L;NCHAM ;H> NB?CL >?@CHCNCIHM NI NB? J;LNC=OF;L
AII>M IL M?LPC=?M <?CHA JLI=OL?> L;NB?L NB;H OMCHA =IGGIHξ A?H?LC= >?@ξ
CHCNCIHMξ 0IOL=CHA N?;GM MBIOF> @OLNB?L >?[H? J?L@ILG;H=? =LCN?LC;ξ BIQ
?;=B QCFF <? G?;MOL?>ξ ;H> >?P?FIJ NBL?MBIF>M @IL ?;=B NB;N OH;G<CAOξ
IOMFS F?;> NI NB? MJ?=C[= J?L@ILG;H=? L;NCHAMξ 1B?M? J?L@ILG;H=? =LCN?ξ
LC; ;H> L;NCHA >?@CHCNCIHM MBIOF> <? >?[H?> CH NB? L?KO?MN @IL JLIJIM;FM
;H> L?KOCL?G?HNM >I=OG?HNMξ ;H> NB?H M?N CH NB? L?MOFNCHA =IHNL;=N CH
IL>?L @IL NB? MOJJFC?L NI GIL? FCE?FS <?FC?P? ;H> ;==?JN NB? L;NCHAM ;M
F?ACNCG;N?ξ
#IL NB? JL;=NC=CHA G;H;A?Lξ NB? GI>?F CFFOMNL;N?M NB? CGJILN;H=? I@
?;LFS MN?JM CH NB? JLI=?MM NI =L?;N? CHJONM NI NB? L;NCHA MSMN?G NB;N ;L?
=F?;LFS >?[H?>ξ ξOS?LM ;L? HINILCIOM @IL IGCNNCHA >?N;CFM ;H> CH=FO>ξ
CHA ;G<CAOIOM CH@ILG;NCIHξ $L?;N?L J?L=?CP?> ;==OL;=S L?MOFNM QB?H
NB? <OS?L N;E?M NB? NCG? NI =F?;LFS C>?HNC@S ;H> =IGGOHC=;N? H??>Mξ
;H> J?L=?CP?> ;==OL;=Sξ NI ;H CGJILN;HN ?RN?HNξ DOMNC[?M MOJJFC?L J?L@ILξ
G;H=? L;NCHAMξ
0IG? J?L@ILG;H=? ?P;FO;NILM <?FC?P? NB;N GCMOM? I@ 0-" L;NCHAM ;M
F?P?L;A? CM ;==?JN;<F?β?CNB?L ξIL <INBξ ;M ; NBL?;N NI ; MOJJFC?L >OLξ
CHA J?L@ILG;H=? ;H> JLCIL NI ; 0-" IL ;M ; G?;HM NI ?RNL;=N =IH=?Mξ
MCIHM JIMN BI= @LIG ; MOJJFC?L CH ?R=B;HA? @IL ; GIL? @;PIL;<F? 0-" L;N
ξξ
UNCORRECTED PROOF
'ξξξξξ+A538=ξ/>ξ+6ξ ξ8.?=><3+6ξ +<5/>381ξ +8+1/7/8> BBB ξBBBBξ
BBBξBBB
CHAξ 1B? MOLP?S >;N; @LIG J?L@ILG;H=? ?P;FO;NILM Q;M =ILLI<IL;N?> <S
N?MNCGIHC?M @LIG MOJJFC?LMξ 0O=B ;H ;NNCNO>? NIQ;L> IJJILNOHCMG Q;M
@IOH> NI FIQ?L 0-" ;==OL;=Sξ 0CH=? J?L=?CP?> ;==OL;=S Q;M @IOH> NI <?
; =?HNL;F =IHMNLO=N F?;>CHA NI 0-" LCME GCNCA;NCIH ?@@?=NCP?H?MMξ 0-" GCMξ
OM? ;M F?P?L;A? MBIOF> <? ?RJFC=CNFS ;>>L?MM?> CH BCLCHAξ NL;CHCHAξ ;H>
JLI=OL?G?HN JIFC=Sξ
0CH=? NB? F?P?F I@ IJJILNOHCMG ;NNCNO>?ξ>?<N CM FIQ?L NB;H NB;N I@
IJJILNOHCMG ;NNCNO>?ξNBL?;Nξ NB?L? ;JJ?;LM NI <? ; AL?;N?L ;==?JN;H=?
;GIHA <OS?LM I@ OMCHA NB? 0-" ;M ; NBL?;N @IL =IH=?MMCIHM @LIG NB? MOJξ
JFC?Lξ J?LB;JM <?=;OM? NB;Nξ IP?L NCG?ξ NB? J?L@ILG;H=? ?P;FO;NIL B;M
F?;LH?> NB;N NB?S =;H A?N QB;N NB?S Q;HN @LIG MOJJFC?LMξ #OLNB?Lξ NB?
JL?P;F?H=? I@ ; NBL?;N N;=NC= P?LMOM ; >?<N N;=NC= MOAA?MNM NB;N <OS?LM ;L?
GIL? L?FO=N;HN NI OM? ;H IP?LFS A?H?LIOM 0-" NI =L?;N? ;H I<FCA;NCIH NI
L?NOLH ; @;PILξ
ξξξξ &>?.C 6373>+>398=
ξFNBIOAB MCGCF;L NI INB?L MNO>C?M I@ JO<FC= JLI=OL?G?HNξ NB? L?ξ
MJIHM? L;N? CM FIQ =;FFCHA CHNI KO?MNCIH NB? A?H?L;FCT;<CFCNS I@ NB? L?ξ
MOFNMξ 1B? L?MJIHM? G;S B;P? <??H MO<>O?> <S M?P?L;F @;=NILMξ #CLMNξ J;MN
J?L@ILG;H=? >;N; CM =IHMC>?L?> M?HMCNCP? ;H> JLIJLC?N;LS CH@ILG;NCIHξ
MIG? JLIMJ?=NCP? L?MJIH>?HNM G;S B;P? <??H OH=IG@ILN;<F? J;LNC=CJ;Nξ
CHAξ #OLNB?LGIL?ξ AIP?LHG?HN ;A?H=C?M B;P? >CM=IOL;A?> NB? J;LNC=CJ;ξ
NCIH CH MOLP?SM PC; =OG<?LMIG? ;JJLIP;FMξ ξHINB?L =IHNLC<ONCHA @;=NIL
G;S B;P? <??H NB? >;N; <L?;=B <S NB? ,@[=? I@ -?LMIHH?F *;H;A?G?HN
CHPIFPCHA NB? FIMM I@ M?HMCNCP? CH@ILG;NCIH I@ ξξ GCFFCIH AIP?LHG?HN ?Gξ
JFIS??M ξ+?FMIH ξ 1;Oξ ξξξξξξ ξ>>CNCIH;FFSξ MOLP?S MIFC=CN;NCIHM PC;
?G;CF ILCACH;NCHA IONMC>? I@ NB? AIP?LHG?HN >IG;CH G;S <? \;AA?> ;M
DOHE G;CF IL MJ;Gξ #CH;FFSξ MOLP?S F?HANB Q;M ; FCE?FS =OFJLCNξ )IQ L?ξ
MJIHM? L;N? CM HIN OH=IGGIH CH <OMCH?MM L?M?;L=Bξ *?FHSEξ -;A?ξ 4Oξ
;H> ξOLHM ξξξξξξ L?P?;F?> ; MN?;>S >?=FCH? I@ ξξ ;HHO;FFS MCH=? ξξξξξ
#CP? NIJ DIOLH;FM L?JILN?> FIQξ?H> MOLP?S L?MJIHM? L;N?M L;HACHA @LIG
ξξ NI ξξξ ξHINB?L FCGCN;NCIH =IOF> CH=FO>? M?F@ξM?F?=NCIH <C;Mξ 1BIM? L?ξ
MJIH>?HNM NI NB? MOLP?S QBI Q?L? BCABFS >CMM;NCM[?> QCNB NB? 0-" JIFC=S
IL MSMN?G =IOF> B;P? <??H GIL? CH=FCH?> NI L?MJIH> NI NB? MOLP?Sξ ξ<ξ
M?HN CH@ILG;NCIH ;<ION HIHξL?MJIH>?HNMξ HIHξL?MJIHM? <C;M =IOF> IHFS
<? CH@?LL?> <S =IGJ;LCHA ?;LFS NI F;N? L?MJIH>?HNMξ
ξξξξ ξ?>?</ </=/+<-2 .3</->398=
1B? NL;>?ξI^ I@ ; =OLL?HN A;CH CH MOJJFC?L J?L@ILG;H=? P?LMOM ; @Oξ
NOL? LCME L?>O=NCIH CH ;>P?LM? M?F?=NCIH L;CM?M ;H CHN?L?MNCHA L?M?;L=B
KO?MNCIHξ /?M?;L=B?LM =IOF> ?RJFIL? QB;N F?P?F I@ JLIMJ?=NCP? A;CH QCFF
JLIGJN ;H ?P;FO;NIL NI G;E? MO=B ; NL;>?I^ ;H> L?H>?L NB? NBL?;Nξ
;H>ξ =IHP?LM?FSξ QB;N F?P?F I@ A;CH QIOF> <? CHMO@[=C?HN NI Q;LL;HN ;
NBL?;Nξ #ONOL? L?M?;L=B =IOF> ;FMI ?RJFIL? NB? ILCACHM I@ IJJILNOHCMG
;NNCNO>?M NB;N >LCP? 0-" GCMOM?ξ J;LNC=OF;LFS NB? >?<N @ILGξ 0J?=C@C=;FFSξ
BIQ GO=B I@ NB? ;NNCNO>? NB;N =L?;NCHA CH>?<N?>H?MM NI M?LP? ;M F?P?L;A?
CM ;H ;==?JN;<F? JL;=NC=? CM B?F> <S NB? J?L@ILG;H=? ?P;FO;NIL IL <S BCM
IL B?L MOJ?LPCMIL ξCξ?ξξ NB? L?PC?QCHA I@[=C;Fξξ 1BCM ;HMQ?L QIOF> MOAξ
A?MN NI ;H ?NBC=;FFSξGCH>?> ILA;HCT;NCIH NB? MIOL=? CH IL>?L NI GCNCA;N?
IL ?FCGCH;N? NB? JL;=NC=?ξ #ONOL? L?M?;L=B =IOF> ;FMI <IFMN?L IOL CHCNC;F
[H>CHAM <S ?R;GCHCHA ;=NO;F ;=NM I@ IJJILNOHCMG L;NB?L NB;H ;NNCNO>?Mξ
Funding
1BCM L?M?;L=B Q;M MOJJILN?> <S ; AL;HN @LIG NB? +;P;F -IMNAL;>O;N?
0=BIIFξ
M ξ=KOCMCNCIH /?M?;L=B -LIAL;Gξ
Appendix A. Measurement scale
IHMNLO=Nξ0=;F?ξ&N?GM
;
0-"ξLCMEξGCNCA;NCIHξ?^?=NCP?H?MM
0-"ξξξ1BCMξ -ξ/ξQCFFξB?FJξCH@ILGξ?P;FO;NILMξ;<IONξNBCMξ=IHNL;=NILξ
MξJ?L@ILG;H=?
LCMEξCHξ;ξ@ONOL?ξMIOL=?ξM?F?=NCIHξ?P;FO;NCIHξ
0-"ξξξ&@ξ@ONOL?ξMIOL=?ξM?F?=NCIHξ?P;FO;NILMξL?;>ξNBCMξ0-"ξξNB?Sξ=;Hξ;MM?MMξNB?ξLCMEξI@
>?;FCHAξQCNBξNBCMξ=IHNL;=NILξ
0-"ξξξ1BCMξ -ξ/ξQCFFξL?>O=?ξ@ONOL?ξMIOL=?ξM?F?=NCIHξ?P;FO;NILMξ
OH=?LN;CHNSξ;<ION
NBCMξ[LGξ
MξFCE?FCBII>ξI@ξJ?L@ILGCHAξMCGCF;LξQILEξQ?FFξ
0-"ξξξ4CNBξNBCMξ0-"ξξ@ONOL?ξMIOL=?ξM?F?=NCIHξ?P;FO;NILMξ=;Hξ<?ξ=IH[>?HNξCHξNB?CL
;MM?MMG?HNξI@ξNB?ξLCMEξI@ξNBCMξ=IHNL;=NILξMO==?MM@OFFSξJ?L@ILGCHAξIHξ;ξMCGCF;Lξ@ONOL?
=IHNL;=Nξ
/;NCHAξ>CMMIH;H=?
/!ξξξξ?NQ??HξGSM?F@ξξNB? β/?PC?QCHAξ,]=C;Fξβ ;H>ξINB?LξJ?L@ILG;H=?ξ?P;FO;NILMξ
NB?L?ξQ;MξMIG?ξ>CM;AL??G?HNξIHξ;NξF?;MNξIH?ξ0-"ξL;NCHAξ
/!ξξξ0CAHC[=;HNξ?^ILNξQ;MξL?KOCL?>ξNIξ>?FC<?L;N?ξQCNBξINB?LMξ;MξNIξQB;NξL;NCHAξMξ
NIξ;MMCAHξ
/!ξξξ1B?ξAIP?LHG?HNξN?;GξB;>ξ>C]=OFNSξL?;=BCHAξ=IHM?HMOMξIHξNB?ξL;NCHAMξIL
H;LL;NCP?ξDOMNC[=;NCIHξ
/;NCHAξDOMNC[=;NCIH
/'ξξξ1B?ξL;NCIH;F?ξ@ILξNB?ξ;MMCAH?>ξ0-"ξL;NCHAξQ;MξNBILIOABFSξ>I=OG?HN?>ξ
/'ξξξξHξCHMJ?=NILξA?H?L;FξQIOF>ξ=IH=FO>?ξNB;NξNB?ξ0-"ξL;NCHAξQ;MξMO]=C?HNFSξ?Rξ
JF;CH?>ξ
/'ξξξξHSIH?ξQBIξL?;>MξNBCMξ0-"ξQCFFξOH>?LMN;H>ξNB?ξL;NCHAMξ<;M?>ξIHξNB?ξMOJJILNξ
CHAξCH@ILG;NCIHξCHξNB?ξL?JILNξ
-?L=?CP?>ξ;==OL;=S
ξξξξ1B?ξAIP?LHG?HNξ;==OL;N?FSξG?;MOL?>ξNB?ξ=IHNL;=NILξ
MξJ?L@ILG;H=?ξF?P?Fξ
ξξξξ1B?ξAIP?LHG?HNξ=IHMCMN?HNFSξG?;MOL?>ξNB?ξ=IHNL;=NILξ
MξJ?L@ILG;H=?ξF?P?Fξ
ξξξξξFFξI@ξNB?ξ;MM?MM?>ξL;NCHAMξ=IOF>ξ<?ξNL;=?>ξ<;=EξNIξL?=IL>MξI@ξ=IHNL;=NILξJ?L@ILξ
G;H=?ξ
ξξξξ%;>ξN?HξINB?LξKO;FC[?>ξJ?IJF?ξ=IGJF?N?>ξNBCMξ0-"ξξ?;=BξQIOF>ξB;P?ξ;LLCP?>ξ;N
NB?ξ?R;=NξM;G?ξL;NCHAMξ
#?;LξI@ξMOJJFC?Lξ>CMJON?
#!ξξξ&@ξ&ξL?JILN?>ξNB?ξ=IHNL;=NILξ
MξJ?L@ILG;H=?ξ;==OL;N?FSξξNB?ξ=IHNL;=NILξQIOF>
B;P?ξ>CMJON?>ξL?<ONN?>ξNB?ξL;NCHAξMξξ
#!ξξξ4BCF?ξ=IGJF?NCHAξNB?ξ0-"ξξ;NξF?;MNξIH?ξG?G<?LξI@ξNB?ξAIP?LHG?HNξN?;GξQ;M
=IH=?LH?>ξNB;NξNB?ξ=IHNL;=NILξGCABNξ>CMJON?ξNB?ξ;MMCAH?>ξL;NCHAξ
#!ξξξ1IξL?JILNξNB?ξL;NCHAMξNB;NξNB?ξ=IHNL;=NILξ;=NO;FFSξ>?M?LP?>ξQIOF>ξB;P?ξ=IHξ
MOG?>ξNIIξGO=BξNCG?ξL?MJIH>CHAξNIξNB?ξ=IHNL;=NILξ
MξL?<ONN;Fξ
0O]=C?H=SξI@ξL?KOCL?G?HNξ>?[HCNCIH
0/!ξξξ1B?ξL?KOCL?G?HNξQ;MξP?LSξQ?FFξ>?[H?>ξCHξNB?ξ=IHNL;=NξN;MEξIL>?Lξ>?FCP?LSξ
0/!ξξξ1B?ξ=IHNL;=NξN;MEξIL>?Lξ>?FCP?LSξIL>?LξξCH=FO>CHAξNB?ξMN;N?G?HNξI@ξQILEξ
J?L@ILG;H=?ξQILEξMN;N?G?HNξξMJ?=C[=;NCIHξξ>L;QCHAMξξ?N=ξξξ>?[H?>ξNB?ξL?KOCL?G?HN
P?LSξQ?FFξ
0/!ξξξ1B?L?ξQ?L?ξHIξ;G<CAOCNC?MξCHξNB?ξ>?[HCNCIHξI@ξNB?ξL?KOCL?G?HNξξCH=FO>CHA
NB?ξMN;N?G?HNξI@ξQILEξξJ?L@ILG;H=?ξQILEξMN;N?G?HNξξMJ?=C[=;NCIHξξ>L;QCHAMξξ?N=ξξξ
,JJILNOHCMGξ;NNCNO>?ξNBL?;N
,1ξξξ&NξCMξIEξ@ILξNB?ξ$IP?LHG?HNξNIξNBL?;N?HξNB?ξ=IHNL;=NILξQCNBξ;ξFIQ?Lξ0-"ξL;Nξ
CHAξ
,1ξξξ&NξCMξIEξ@ILξNB?ξ$IP?LHG?HNξNIξOM?ξNB?ξ0-"ξ;Mξ<;LA;CHCHAξF?P?L;A?ξQCNBξNB?
=IHNL;=NILξ
,JJILNOHCMGξ;NNCNO>?ξ>?<N
,!ξξξ&@ξQ?ξACP?ξNB?ξ=IHNL;=NILξ;ξ0-"ξNB;NξCMξ<?NN?LξNB;HξQB;NξNB?Sξ>?M?LP?ξξNB?
=IHNL;=NILξMBIOF>ξL?=CJLI=;N?ξCHξMIG?ξQ;Sξ
,!ξξξ)?P?L;A?ξ=;Hξ<?ξA;CH?>ξ<SξJLIPC>CHAξNB?ξ=IHNL;=NILξ;HξIP?LFSξ@;PIL;<F?ξ0-"ξ
;
ξFF L?MJIHM?M Q?L? I<N;CH?> OMCHA ξξJICHN )CE?LNξNSJ? M=;F?Mξ
References
ξ<?L>??H $LIOJ ξξξξξξξ 1B? MOJJFC?L J?L@ILG;H=? G?;MOL?G?HN <?H=BG;LE L?JILNξ
ξIMNIHξ *;MM;=BOM?NNMξ 0?JN?G<?Lξ
ξH>?LMIHξ " ξξξξξξξ 1L;HM;=NCIH =IMNM ;M >?N?LGCH;HNM I@ IJJILNOHCMG CH CHN?AL;N?>
;H> CH>?J?H>?HN M;F?M @IL=?Mξ 'IOLH;F I@ "=IHIGC= ξ?B;PCIL ξ ,LA;HCT;NCIHξ ξξξξξ
ξξξβξξξξ
ξLCE;Hξ ξ 1 ξξξξξξξ ,JJILNOHCMG CM CH NB? ?S? I@ NB? <?BIF>?Lξ ξHN?=?>?HNM I@ MO<D?=NCP?
IJJILNOHCMG DO>AG?HNMξ 'IOLH;F I@ ξOMCH?MM "NBC=Mξ ξβξξξ >ICξξξξξξξξξ
Mξξξξξξξξξξξξξξξξξ
ξLGMNLIHAξ ' 0ξ ξ ,P?LNIHξ 1 0 ξξξξξξξ "MNCG;NCHA HIHL?MJIHM? <C;M CH G;CF MOLP?SMξ
'IOLH;F I@ *;LE?NCHA /?M?;L=Bξ ξξξξξξ ξξξβξξξξ
ξξ
UNCORRECTED PROOF
'ξξξξξ+A538=ξ/>ξ+6ξ ξ8.?=><3+6ξ +<5/>381ξ +8+1/7/8> BBB ξBBBBξ
BBBξBBB
ξMBH;Cξ ξξ %?HH?<?LAξ 0 ξ +;O>Xξ -ξ ξ #L;H=?M=O==Cξ ξ ξξξξξξξ &HN?LξJ?LMIH;F ;H>
CHN?LξILA;HCT;NCIH;F NLOMN CH <OMCH?MM L?F;NCIHMBCJMξ ξH ;NNCNO>?β<?B;PCILβION=IG?
GI>?Fξ &H>OMNLC;F *;LE?NCHA *;H;A?G?HNξ ξξξ ξξξβξξξξ
ξT;>?A;Hξ ξ ξξξξξξξ ξ?H?[NCHA @LIG MOJJFC?L IJ?L;NCIH;F CHHIP;NCP?H?MMξ 1B? CH\O?H=? I@
MOJJFC?L ?P;FO;NCIHM ;H> ;<MILJNCP? =;J;=CNSξ 'IOLH;F I@ 0OJJFS B;CH *;H;A?G?HNξ
ξξξξξξ ξξβξξξ
ξ;LH?Sξ ' ξξ ξ %?MN?LFSξ 4 ξξξξξξξ ,LA;HCT;NCIH;F ?=IHIGC=Mξ 2H>?LMN;H>CHA NB?
L?F;NCIHMBCJ <?NQ??H ILA;HCT;NCIHM ;H> ?=IHIGC= ;H;FSMCMξ 1B? 0ξ$" %;H><IIE I@
,LA;HCT;NCIH 0NO>C?Mξ ξξξβξξξξ
ξ;LH?Sξ ' ξξ ξ ,O=BCξ 4 $ ξξξξξξξ ,LA;HCT;NCIH;F "=IHIGC=Mξ 'IMM?Sξξ;MMξ
ξ?;OMIF?CFξ ' 4 ξξξξξξξ -;MN -?L@ILG;H=? %;H><IIEξ ξJJFSCHA IGG?L=C;F -L;=NC=?M NI
#?>?L;F -LI=OL?G?HN ξξ ?>ξξξ 3C?HH;ξ 3ξξ *;H;A?G?HN IH=?JNMξ
ξ?LLCIMξ / ξξξξξξξ $IP?LHG?HN =IHNL;=NM ;H> =IHNL;=NIL <?B;PCILξ 'IOLH;F I@ ξOMCH?MM
"NBC=Mξ ξξξ ξξξβξξξξ
ξ?NNG;Hξ ' / ξξξξξξξ -?L=?CP?> LCME ;H> CNM =IGJIH?HNMξ ξ GI>?F ;H> ?GJCLC=;F N?MNξ
'IOLH;F I@ *;LE?NCHA /?M?;L=Bξ ξξξ*;Sξξ ξξξβξξξξ
ξLIQHξ ξξ &H=?IAFOξ &ξ ξ )CHξ 6 ξξξξξξξ -L?P?HNCHA L;N?L <C;M?M CH ξξξξ>?AL?? @??><;=E <S
@IL=CHA =BIC=?ξ ,LA;HCT;NCIH;F /?M?;L=B *?NBI>Mξ ξξξξξξ ξξξβξξξξ
ξO^;ξ # -ξ ξ /IMMξ ξ ! ξξξξξξξ *?;MOLCHA NB? =IHM?KO?H=?M I@ OMCHA >CP?LM? MOJJFC?L
?P;FO;NCIH N?;GMξ ξ J?L@ILG;H=? @LIHNC?L J?LMJ?=NCP?ξ 'IOLH;F I@ ξOMCH?MM )IACMNC=Mξ
ξξξξξξ ξξβξξξ
;GJ<?FFξ ! 'ξ ξ )??ξ ξξξξξξξ 0?F@ξ;JJL;CM;F CH J?L@ILG;H=? ?P;FO;NCIHMξ !?P?FIJG?HN
P?LMOM ?P;FO;NCIHξ ξ=;>?GS I@ *;H;A?G?HN /?PC?Qξ ξξξξξξ ξξξβξξξξ
ξ-0 /?M?;L=B ξξξξξξξ 0OJJFC?L KO;FCNS ξ >?FCP?LS J?L@ILG;H=?ξ ξξξξ MOJJFS G;H;A?G?HN
<?H=BG;LECHA L?JILNξ 1?GJ?ξ ξ7ξ &HMNCNON? @IL 0OJJFS *;H;A?G?HN ;H> 4ξ-ξ ;L?S
0=BIIF I@ ξOMCH?MM ;N ξLCTIH; 0N;N? 2HCP?LMCNSξ
;PCH;NIξ 'ξ ξ (;O^G;Hξ / $ ξξξξξξξ 1B? JOL=B;MCHA B;H><IIEξ ξ AOC>? @IL NB?
JOL=B;MCHA ;H> MOJJFS JLI@?MMCIH;Fξ +?Q 6ILEξ *=$L;Q %CFFξ
BOL=BCFFξ $ ξξ 'Lξ ξξξξξξξ ξ J;L;>CAG @IL >?P?FIJCHA <?NN?L G?;MOL?M I@ G;LE?NCHA
=IHMNLO=NMξ 'IOLH;F I@ *;LE?NCHA /?M?;L=Bξ ξξξξξξ ξξβξξξ
IG<Mξ ' $ξ ξ (?N=B?Hξ ! 'ξ 'Lξ ξξξξξξξ "RJF;CHCHA CHN?L[LG =IIJ?L;NCIH ;H> J?L@ILG;H=?ξ
1IQ;L> ; L?=IH=CFC;NCIH I@ JL?>C=NCIHM @LIG NB? L?MIOL=?ξ<;M?> PC?Q ;H>
ILA;HCT;NCIH;F ?=IHIGC=Mξ 0NL;N?AC= *;H;A?G?HN 'IOLH;Fξ ξξξξξξ ξξξβξξξξ
ILGC=;Hξ (ξ ξ OHHCHAB;Gξ * ξξξξξξξ 0OJJFC?L J?L@ILG;H=? ?P;FO;NCIHξ )?MMIHM @LIG ;
F;LA? GOFNCH;NCIH;F ILA;HCT;NCIHξ 'IOLH;F I@ *;HO@;=NOLCHA 1?=BHIFIAS *;H;A?G?HNξ
ξξξξξξ ξξξβξξξξ
IOMCHMξ - !ξ );QMIHξ ξξ ξ 0KOCL?ξ ξ ξξξξξξξ -?L@ILG;H=? G?;MOL?G?HN CH MNL;N?AC=
<OS?LξMOJJFC?L L?F;NCIHMBCJMξ 1B? G?>C;NCHA LIF? I@ MI=C;FCT;NCIH G?=B;HCMGMξ
&HN?LH;NCIH;F 'IOLH;F I@ ,J?L;NCIHM ;H> -LI>O=NCIH *;H;A?G?HNξ ξξξξξξ ξξξβξξξξ
!βξL=Sξ 'ξ ξ !?P;L;Dξ 0 ξξξξξξξ "GJFIS?? GCMOM? I@ CH@ILG;NCIH N?=BHIFIAS L?MIOL=?Mξ
1?MNCHA ; =IHN?GJIL;LS >?N?LL?H=? GI>?Fξ !?=CMCIH 0=C?H=?Mξ ξξξξξξ ξξξξβξξξξξ
!;Sξ *ξ #;Q=?NNξ 0 "ξ #;Q=?NNξ ξ *ξ ξ *;AH;Hξ $ * ξξξξξξξ 1LOMN ;H> L?F;NCIH;F
?G<?>>?>H?MMξ "RJFILCHA ; J;L;>IR I@ NLOMN J;NN?LH >?P?FIJG?HN CH E?S MOJJFC?L
L?F;NCIHMBCJMξ &H>OMNLC;F *;LE?NCHA *;H;A?G?HNξ ξξξξξξ ξξξβξξξξ
!?<ξ 'ξ )Cξ 'ξ ξ *OEB?LD??ξ ξ ξξξξξξξ /?F;NCIH;F =IHNL;=NM QCNB MO<D?=NCP? J??L ?P;FO;NCIHMξ
1B? /;H> 'IOLH;F I@ "=IHIGC=Mξ ξξξξξξ ξβξξξ
!?@??ξ ξ 4CFFC;GMξ ξξ /;H>;FFξ 4 0ξ ξ 1BIG;Mξ / ξξξξξξξ ξH CHP?HNILS I@ NB?ILS CH
FIACMNC=M ;H> 0 * L?M?;L=Bξ &HN?LH;NCIH;F 'IOLH;F I@ )IACMNC=M *;H;A?G?HNξ ξξξξξξ
ξξξβξξξξ
!CFFG;Hξ ! ξξξξξξξ *;CF ;H> &HN?LH?N 0OLP?SMξ 1B? 1;CFIL?> !?MCAH *?NBI> ξξH> ?>ξξξ +?Q
6ILEξ 'IBH 4CF?S ;H> 0IHMξ &H=ξξ
!CM>C?Lξ ξξ ξ ξ %?;>ξ ( ξξξξξξξ 1B? JOTTFCHA J?LMCMN?H=? I@ NB? >CMN;H=? ?^?=N IH <CF;N?L;F
NL;>?ξ 1B? /?PC?Q I@ "=IHIGC=M ;H> 0N;NCMNC=Mξ ξξξξξξ ξξβξξξ
!IH;F>MIHξ ) ξξξξξξξ 1B? ?NB?L?;F B;H>ξ ,LA;HCT;NCIH;F ?=IHIGC=M ;H> G;H;A?G?HN
NB?ILSξ ξ=;>?GS I@ *;H;A?G?HN /?PC?Qξ ξξξξξξ ξξξβξξξξ
!IQMNξ 0 ξξξξξξξ %IQ >?MCAH?LM L;N? MOJJFC?LMβξH> JOL=B;MCHAξ -OL=B;MCHAξ ξξξ'OH?ξξ
ξξβξξξ
"=E?L>ξ 0ξ %CFFξ 'ξ ξIS?Lξ ( (ξ !IHIBO?ξ (ξ ξ 4;L>ξ - 1 ξξξξξξξ 1B? L?F;NCP? CGJ;=N I@
;NNLC<ON?ξ M?P?LCNSξ ;H> NCGCHA I@ JMS=BIFIAC=;F =IHNL;=N <L?;=B IH <?B;PCIL;F ;H>
;NNCNO>CH;F ION=IG?Mξ 'IOLH;F I@ ,J?L;NCIHM *;H;A?G?HNξ ξξξξβξξξ ξξξβξξξξ
"CM?HB;L>Nξ ( ξξξξξξξ ξA?H=S NB?ILSξ ξH ;MM?MMG?HN ;H> L?PC?Qξ ξ=;>?GS I@ *;H;A?G?HN
/?PC?Qξ ξξξξξξ ξξβξξξ
"L?Tξ ξξ 0=BCFJT;H>ξ -ξ )?;PCNNξ (ξ 4IIFOGξ ξ %ξ ξ 'O>A?ξ 1 ξ ξξξξξξξ &HB?L?HNFS
L?F;NCIH;Fξ &HN?L;=NCIHM <?NQ??H J??LMβ ;H> CH>CPC>O;FMβ J?LMIH;FCNC?M CGJ;=N L?Q;L>
ACPCHA ;H> ;JJL;CM;F I@ CH>CPC>O;F J?L@ILG;H=?ξ ξ=;>?GS I@ *;H;A?G?HN 'IOLH;Fξ
ξξξξξξ ξξξξβξξξξξ
#FCHNξ ! 'ξ 4II>LO^ξ / ξξ ξ $;L>C;Fξ 0 # ξξξξξξξ "RJFILCHA NB? JB?HIG?HIH I@ =OMNIG?LMβ
>?MCL?> P;FO? =B;HA? CH ; <OMCH?MMξNIξ<OMCH?MM =IHN?RNξ 'IOLH;F I@ *;LE?NCHAξ ξξξξξξ
ξξξβξξξξ
#IFA?Lξ /ξ (IHIPMESξ * ξξ ξ LIJ;HT;HIξ / ξξξξξξξ ξ >O? JLI=?MM G?N;JBIL @IL
J?L@ILG;H=? ;JJL;CM;Fξ &H 0N;Q;H>ξ ξ *ξ ξ OGGCHAMξ ) ) ξ">Mξξξ /?M?;L=B CH
,LA;HCT;NCIH;F ξ?B;PCIL ξ3IFξ ξξξ JJξ ξξξβξξξξξ $L??HQC=Bξ 1ξ 'ξ& -L?MMξ
#ILH?FFξ ξ ξ );L=E?Lξ ! ξξξξξξξ "P;FO;NCHA MNLO=NOL;F ?KO;NCIH GI>?FM QCNB OHI<M?LP;<F?
P;LC;<F?M ;H> G?;MOL?G?HN ?LLILξ 'IOLH;F I@ *;LE?NCHA /?M?;L=Bξ ξξξξξξ ξξβξξξ
#LIBFC=Bξ * 1ξ ξ 4?MN<LIIEξ / ξξξξξξξ ξL=M I@ CHN?AL;NCIHξ ξH CHN?LH;NCIH;F MNO>S I@ MOJJFS
=B;CH MNL;N?AC?Mξ 'IOLH;F I@ ,J?L;NCIHM *;H;A?G?HNξ ξξξξξ ξξξβξξξξ
$C;HH;ECMξ * ξξξξξξξ -?L@ILG;H=? G?;MOL?G?HN I@ MOJJFC?L L?F;NCIHMBCJMξ 0OJJFS B;CH
*;H;A?G?HNξ ξH &HN?LH;NCIH;F 'IOLH;Fξ ξξξξξξ ξξξβξξξξ
$C<<IHMξ /ξ ξ /I<?LNMξ ' ξ">Mξξξ ξξξξξξξ 1B? B;H><IIE I@ ILA;HCT;NCIH;F ?=IHIGC=Mξ
-LCH=?NIH 2HCP?LMCNS -L?MMξ
$CG?H?Tξ ξ ξ 0C?LL;ξ 3 ξξξξξξξ 0OMN;CH;<F? MOJJFS =B;CHMξ $IP?LH;H=? G?=B;HCMGM NI
AL??HCHA MOJJFC?LMξ 'IOLH;F I@ ξOMCH?MM "NBC=Mξ ξξξξξξξ ξξξβξξξξ
$IHT;F?Tξ-;>LIHξ 1ξ %OFNξ $ 1 *ξ ξ ;F;HNIH?ξ / ξξξξξξξ "RJFICNCHA CHHIP;NCP?
IJJILNOHCNC?M CH AFI<;F JOL=B;MCHAξ ξH ;MM?MMG?HN I@ ?NBC=;F =FCG;N? ;H> L?F;NCIHMBCJ
J?L@ILG;H=?ξ &H>OMNLC;F *;LE?NCHA *;H;A?G?HNξ ξξξξξξ ξξβξξξ
$IL>IHξ 0 ξξξξξξξ 0OJJFC?L ?P;FO;NCIH ;H> J?L@ILG;H=? ?R=?FF?H=?ξ #ILN );O>?L>;F?ξ
#FILC>;ξ 'ξ /IMM -O<FCMBCHAξ
$IOF>H?Lξ ξ ξξξξξξξ 1B? HILG I@ L?=CJLI=CNSξ ξ JL?FCGCH;LS MN;N?G?HNξ ξG?LC=;H
0I=CIFIAC=;F /?PC?Qξ ξξξ ξξξβξξξξ
$IP?LHG?HN ξ==IOHN;<CFCNS ,]=? ξ$ξ,ξ ξξξξξξξ IHNL;=N G;H;A?G?HNξ $OC>;H=? H??>?>
@IL OMCHA J?L@ILG;H=?ξ<;M?> M?LPC=? =IHNL;=NCHA ξ$ξ,ξξξξξξξξξξ 4;MBCHANIHξ ! ξ
$IP?LHG?HN ξ==IOHN;<CFCNS ,]=? ξ$ξ,ξ ξξξξξξξ !?@?HM? ;=KOCMCNCIHMξ &GJLIP?>
G;H;A?G?HN ;H> IP?LMCABN H??>?> NI <?NN?L =IHNLIF !I!βM ;=KOCMCNCIH I@ M?LPC=?M
ξ$ξ,ξξξβξξξ1ξ 4;MBCHANIHξ ! ξ
$IP?LHG?HN ξ==IOHN;<CFCNS ,]=? ξ$ξ,ξ ξξξξξξξ #?>?L;F =IHNL;=NILMξ <?NN?L J?L@ILG;H=?
CH@ILG;NCIH H??>?> NI MOJJILN ;A?H=S =IHNL;=N ;Q;L> >?=CMCIHM ξ$ξ,ξξξξξξξξξξ
4;MBCHANIHξ ! ξ $IP?LHG?HN ξ==IOHN;<CFCNS ,]=?ξ
$IP?LHG?HN ξ==IOHN;<CFCNS ,]=? ξ$ξ,ξ ξξξξξξξ IHNL;=NIL J?L@ILG;H=?ξ ;=NCIHM N;E?H
NI CGJLIP? L?JILNCHA I@ J;MN J?L@ILG;H=? CH@ILG;NCIH ξ$ξ,ξξξξξξξξξ 4;MBCHANIHξ
! ξ $IP?LHG?HN ξ==IOHN;<CFCNS ,]=?ξ
$L;HIP?NN?Lξ * 0 ξξξξξξξ "=IHIGC= ;=NCIH ;H> MI=C;F MNLO=NOL?ξ 1B? JLI<F?G I@
?G<?>>?>H?MMξ ξG?LC=;H 'IOLH;F I@ 0I=CIFIASξ ξξξξξ ξξξβξξξξ
$L??H<?LAξ * 0 ξξξξξξξ ξ NB?ILS I@ CH>?<N?>H?MMξ 0I=C;F "R=B;HA? ξJJξ ξβξξξξ ξIMNIHξ *ξξ
0JLCHA?Lξ
%;CLξ 'ξ ξF;=Eξ 4ξ ξ ξ;<CHξ ξ ξξξξξξξ *OFNCP;LC;N? !;N; ξH;FSMCM ξξNB ?>ξξξ 2JJ?L 0;>>F?
/CP?Lξ +?Q '?LM?Sξ -L?HNC=? %;FFξ
%;F>ξ ( 0ξ ξ "FF?A;;L>ξ ξξξξξξξ 0OJJFC?L ?P;FO;NCIH JLI=?MM?Mξ 1B? MB;JCHA ;H> L?MB;JCHA
I@ MOJJFC?L J?L@ILG;H=?ξ &HN?LH;NCIH;F 'IOLH;F I@ ,J?L;NCIHM ;H> -LI>O=NCIH
*;H;A?G?HNξ ξξξξξξ ξξξβξξξξ
%;H>[?F>ξ / ξξ ξ +C=BIFMξ " )ξ 'Lξ ξξξξξξξ (?S CMMO?M CH AFI<;F MOJJFS <;M? G;H;A?G?HNξ
&H>OMNLC;F *;LE?NCHA *;H;A?G?HNξ ξξξξξξ ξξβξξξ
%;H>[?F>ξ / ξξ IOMCHMξ - !ξ );QMIHξ ξξ ξ -?N?LM?Hξ ( ' ξξξξξξξ %IQ =;H MOJJFS
G;H;A?G?HN L?;FFS CGJLIP? J?L@ILG;H=?ξ ξ EHIQF?>A?ξ<;M?> GI>?F I@ ;FCAHG?HN
=;J;<CFCNC?Mξ 'IOLH;F I@ 0OJJFS B;CH *;H;A?G?HNξ ξξξξξξ ξβξξξ
%;QECHMξ 1ξ ξ?LEIQCNTξ !ξ *OCLξ 4ξ ξ $L;PC?Lξ * ξξξξξξξ &GJLIPCHA M?LPC=?M MOJJFS
G;H;A?G?HN CH NB? >?@?HM? M?=NILξ %IQ NB? JLI=OL?G?HN JLI=?MM ;^?=NM ξξξ M?LPC=?
KO;FCNSξ 'IOLH;F I@ -OL=B;MCHA ;H> 0OJJFS *;H;A?G?HNξ ξξξ ξξβξξξ
%;QECHMξ 1ξ ξ *OCLξ 4 ξξξξξξξ ξH ?RJFIL;NCIH I@ EHIQF?>A?ξ<;M?> @;=NILM ;^?=NCHA
JLI=OL?G?HN =IGJFC;H=?ξ 'IOLH;F I@ -O<FC= -LI=OL?G?HNξ ξξξξξξ ξβξξξ
%;QECHMξ 1 $ξ 4CNNG;HHξ *ξ ξ ξ?S?LF?CHξ * * ξξξξξξξ ξHN?=?>?HNM ;H> =IHM?KO?H=?M
I@ IJJILNOHCMG CH <OS?LβMOJJFC?L L?F;NCIHMξ /?M?;L=B MSHNB?MCM ;H> H?Q @LIHNC?LMξ
&H>OMNLC;F *;LE?NCHA *;H;A?G?HNξ ξξξξξξ ξξξβξξξξ
%;S?Mξ ξ #ξ ξ 0=B;LEIQξ * ξξξξξξξ 1B? L?F;NCP? NLOMNQILNBCH?MM I@ N?MNM I@ CH>CL?=N ?^?=NM
CH MN;NCMNC=;F G?>C;NCIH ;H;FSMCMξ !I?M G?NBI> L?;FFS G;NN?Lξ -MS=BIFIAC=;F 0=C?H=?ξ
ξξξ ξξξξβξξξξξ
P;H >?L %?CD>?Hξ ξξ ξ +CDBI@ξ ξ ξξξξξξξ 1B? P;FO? I@ MO<D?=NCPCNSξ -LI<F?GM ;H> JLIMJ?=NM
@IL ξξξξ>?AL?? ;JJL;CM;F MSMN?GMξ &HN?LH;NCIH;F 'IOLH;F I@ %OG;H /?MIOL=?
*;H;A?G?HNξ ξξξξξξ ξξξβξξξξ
%CFFξ ' ξξ "=E?L>ξ 0ξ 4CFMIHξ !ξ ξ $L??Lξ ξ ξξξξξξξ 1B? ?^?=N I@ OH?NBC=;F <?B;PCIL IH
NLOMN CH ; <OS?LβMOJJFC?L L?F;NCIHMBCJξ 1B? G?>C;NCHA LIF? I@ JMS=BIFIAC=;F =IHNL;=N
PCIF;NCIHξ 'IOLH;F I@ ,J?L;NCIHM *;H;A?G?HNξ ξξξ ξξξβξξξξ
%Oξ % 6ξ BCOξ 0 &ξ 6?Hξ 1ξ*ξ ξ B?HAξ ξ ξξξξξξξ ξMM?MMG?HN I@ MOJJFC?L KO;FCNS
J?L@ILG;H=? I@ =IGJON?L G;HO@;=NOLCHA CH>OMNLS <S OMCHA ξ+- ;H> !"*ξ1")ξ 1B?
1.* 'IOLH;Fξ ξξξξξξ ξξξβξξξξ
%OIξ ξ ξξξξξξξ 1B? CGJ;=N I@ MOJJFS =B;CH CHN?AL;NCIH IH =IGJ;HS J?L@ILG;H=?ξ ξH
ILA;HCT;NCIH;F =;J;<CFCNS J?LMJ?=NCP?ξ 0OJJFS B;CH *;H;A?G?HNξ ξH &HN?LH;NCIH;F
'IOLH;Fξ ξξξξξξ ξξξβξξξξ
%OMM?Lξ 'ξ $;ONC?Lξ )ξ ξH>LXξ ' *ξ ξ )?MJCH?Nξ+;DC<ξ 3 ξξξξξξξ )CHECHA JOL=B;MCHA NI ?NBC=;F
>?=CMCIHξG;ECHAξ ξH ?GJCLC=;F CHP?MNCA;NCIHξ 'IOLH;F I@ ξOMCH?MM "NBC=Mξ ξξξξξξξ
ξξξβξξξξ
&FA?Hξ ! /ξ #CMB?Lξ !ξ ξ 1;SFILξ * 0 ξξξξξξξ IHM?KO?H=?M I@ CH>CPC>O;F @??><;=E IH
<?B;PCIL CH ILA;HCT;NCIHMξ 'IOLH;F I@ ξJJFC?> -MS=BIFIASξ ξξξξξξ ξξξβξξξξ
'?BHξ ( ξξ ξ B;NG;Hξ ' ξ ξξξξξξξ 1B? CH\O?H=? I@ JLIJILNCIH;F ;H> J?L=?JNO;F
IH\C=N=IGJIMCNCIH IH 1?;G J?L@ILG;H=?ξ &HN?LH;NCIH;F 'IOLH;F I@ IH\C=N
*;H;A?G?HNξ ξξξξξξ ξξξ
'IBHξ $ ξξξξξξξ ξH ?GJCLC=;F CHP?MNCA;NCIH I@ MIG? ;HN?=?>?HNM I@ IJJILNOHCMG CH ;
G;LE?NCHA =B;HH?Fξ 'IOLH;F I@ *;LE?NCHA /?M?;L=Bξ ξξξξξξ ξξξβξξξξ
(;O@G;HHξ )ξ ξ 4;AH?Lξ * ξξξξξξξ ξ^?=NCP? >CP?LMCNS ;H> ?GINCIH;F CHN?FFCA?H=?
CH =LIMMξ@OH=NCIH;F MIOL=CHA N?;GMξ 'IOLH;F I@ -OL=B;MCHA ;H> 0OJJFS *;H;A?G?HNξ
ξξξξξξ ξβξξξ
(?FG;Hξ 0 ξξξξξξξ 1BL?? Q;SM NI L?PCN;FCT? NB? OM? I@ J;MNξJ?L@ILG;H=? >;N;ξ #?>?L;F
IGJON?L 4??Eξ ξξ *;Sξ ;P;CF;<F? ;N BNNJξξξ@=Qξ=IGξ<FIAMξF?=N?LHξξξξξξξξξMN?P?ξ
E?FG;HξJ;MNξJ?L@ILG;H=?ξMIOL=?ξM?F?=NCIHξ;MJR ξ;==?MM?> IH ξξ ξOAOMN ξξξξξξ
(CHAMBINNξ / ξξξξξξξ 1B? CGJ;=N I@ JMS=BIFIAC=;F =IHNL;=NM OJIH NLOMN ;H> =IGGCNG?HN
QCNBCH MOJJFC?Lβ<OS?L L?F;NCIHMBCJMξ ξ MI=C;F ?R=B;HA? PC?Qξ &H>OMNLC;F *;LE?NCHA
*;H;A?G?HNξ ξξξξξξ ξξξβξξξξ
(CHC=ECξ ξ 'ξ -LOMMC;ξ $ "ξ *=(??ξ/S;Hξ # *ξ ξ 4Oξ ξ ξξξξξξξ ξ =IP;LC;H=? MNLO=NOL?
;H;FSMCM I@ ?GJFIS??Mβ L?MJIHM? NI J?L@ILG;H=? @??><;=Eξ 'IOLH;F I@ ξJJFC?>
-MS=BIFIASξ ξξξξξξ ξξξξβξξξξξ
(FCH?ξ / ξ ξξξξξξξ -LCH=CJF?M ;H> JL;=NC=? I@ MNLO=NOL;F ?KO;NCIH GI>?FCHAξ +?Q 6ILEξ
$OCF@IL> -L?MMξ
(ILM=BOHξ ! ξξξξξξξ ξIOH>;LSξMJ;HHCHA ?GJFIS??M ;H> L?F;NCIHMBCJM QCNB ?RN?LH;F
MN;E?BIF>?LMξ ξ MI=C;F C>?HNCNS ;JJLI;=Bξ ξ=;>?GS I@ *;H;A?G?HN /?PC?Qξ ξξξξξξ
ξξξβξξξξ
(OIξ %ξ ξ +;EB;N;ξ ξξξξξξξ -LC=? JLIGINCIHM ;H> JLI>O=NM QCNB FIQ =IHMOG?L L;NCHAMξ
1B? 'IOLH;F I@ IHMOG?L *;LE?NCHAξ ξξξξξξ ξξξβξξξξ
);A?Mξ )ξ 0CFP;ξ $ξ ξ 0NSF?Mξ ξξξξξξξ /?F;NCIHMBCJ =;J;<CFCNC?Mξ KO;FCNSξ ;H> CHHIP;NCIH
;M >?N?LGCH;HNM I@ ?RJILN J?L@ILG;H=?ξ 'IOLH;F I@ &HN?LH;NCIH;F *;LE?NCHAξ ξξξξξξ
ξξβξξξ
ξξ
UNCORRECTED PROOF
'ξξξξξ+A538=ξ/>ξ+6ξ ξ8.?=><3+6ξ +<5/>381ξ +8+1/7/8> BBB ξBBBBξ
BBBξBBB
);Gξ - (ξ BCHξ ( 0ξ ξ -OHξ ( # ξξξξξξξ *;H;ACHA =IH\C=N CH =IFF;<IL;NCP? H?Q JLI>O=N
>?P?FIJG?HNξ ξ MOJJFC?L J?LMJ?=NCP?ξ 1B? &HN?LH;NCIH;F 'IOLH;F I@ .O;FCNS ξ
/?FC;<CFCNS *;H;A?G?HNξ ξξξξξξ ξξξβξξξξ
)?OM=BH?Lξ /ξ /IA?LMξ ! 0ξ ξ B;LP?Nξ # # ξξξξξξξ ξ G?N;ξ;H;FSMCM I@ MOJJFS =B;CH
CHN?AL;NCIH ;H> [LG J?L@ILG;H=?ξ 'IOLH;F I@ 0OJJFS B;CH *;H;A?G?HNξ ξξξξξξ
ξξβξξξ
)?PSξ -ξ ;QF?Sξ ξξ ξ #INCξ / ξξξξξξξ /?;=NCIHM NI ;JJL;CM;F >CM=L?J;H=C?Mξ -?L@ILG;H=?
L;NCHAM ;H> ;NNLC<ONCIHMξ 'IOLH;F I@ ξOMCH?MM ;H> -MS=BIFIASξ ξξξξξξ ξξξβξξξξ
)IL?HNTξ %ξ 1YSFCξ 'ξ 0IF;ECPCξ 1ξ %WFCH?Hξ % *ξ ξ ,D;F;ξ ) ξξξξξξξ "^?=NM I@ A?IAL;JBC=
>CMJ?LMCIH IH CHNL;ξ[LG MOJJFS =B;CH J?L@ILG;H=?ξ 0OJJFS B;CH *;H;A?G?HNξ ξH
&HN?LH;NCIH;F 'IOLH;Fξ ξξξξξξ ξξξβξξξξ
)IP?F;=?ξ (ξ 0B;JCLIξ ! )ξ ξ 4?CHA;LNξ ) / ξξξξξξξ *;RCGCTCHA =LIMMξ@OH=NCIH;F H?Q
JLI>O=N N?;GMβ CHHIP;NCP?H?MM ;H> =IHMNL;CHN ;>B?L?H=?ξ ξ =IH\C=N =IGGOHC=;NCIHM
J?LMJ?=NCP?ξ ξ=;>?GS I@ *;H;A?G?HN 'IOLH;Fξ ξξξξξξ ξξξβξξξξ
)ONB;HMξ #ξ ξ 6IOMM?@ξ * ξξξξξξξ "G?LACHA JIMCNCP? ILA;HCT;NCIH;F <?B;PCILξ 'IOLH;F I@
*;H;A?G?HNξ ξξξξξξ ξξξβξξξξ
*;?MNLCHCξ 3ξ *;==;LLIH?ξ -ξ ;HC;NIξ #ξ ξ )OTTCHCξ ! ξξξξξξξ 0OJJFC?L J?L@ILG;H=?
G?;MOL?G?HN MSMN?GMξ IGGOHC=;NCIH ;H> L?;=NCIH GI>?Mξ &H>OMNLC;F *;LE?NCHA
*;H;A?G?HNξ ξξξ ξξξβξξξξ
*;FBINL;ξ + (ξ (CGξ 0 0ξ ξ -;NCFξ ξ ξξξξξξξ IGGIH G?NBI> P;LC;H=? CH &0 /?M?;L=Bξ ξ
=IGJ;LCMIH I@ ;FN?LH;NCP? ;JJLI;=B?M ;H> ; L?;H;FSMCM I@ J;MN /?M?;L=Bξ *;H;A?G?HN
0=C?H=?ξ ξξξξξξξ ξξξξβξξξξξ
*?FHSEξ 0ξ -;A?ξ 1ξ 4Oξ 0ξ ξ ξOLHMξ ) ξ ξξξξξξξ 4IOF> SIO GCH> =IGJF?NCHA NBCM
MOLP?Sξ ξMM?MMCHA NB? MN;N? I@ MOLP?S L?M?;L=B CH MOJJFS =B;CH G;H;A?G?HNξ 'IOLH;F I@
-OL=B;MCHA ;H> 0OJJFS *;H;A?G?HNξ ξξξξξξ ξξβξξξ
*IFGξ ) ! ξξξξξξξ /CME ;H> JIQ?L OM?ξ IHMNL;CHNM IH NB? OM? I@ =I?L=CIH CH ?R=B;HA?ξ
ξG?LC=;H 0I=CIFIAC=;F /?PC?Qξ ξξξξξξ ξξξβξξξξ
*IH=TE;ξ / *ξ BICξ 1 6ξ (CGξ 6ξ ξ *=!IQ?FFξ ξξξξξξξ 0OJJFC?L L?F;NCIHMBCJ
G;H;A?G?HNξ ξH CGJF?G?HN;NCIH @L;G?QILEξ 1?GJ?ξ ξ7ξ ξ-0 /?M?;L=Bξ
*IH=TE;ξ / *ξ 1L?HNξ / 'ξ ξ %;H>[?F>ξ / ξ ξξξξξξξ -OL=B;MCHA ;H> MOJJFS =B;CH
G;H;A?G?HN ξξH> ?>ξξξ CH=CHH;NCξ ,BCIξ 2HCN?> 0N;N?Mξ 0IONBξ4?MN?LHξ
*ILA;Hξ /ξ ξ %OHNξ 0 ξξξξξξξ 1B? =IGGCNG?HNξNLOMN NB?ILS I@ L?F;NCIHMBJ G;LE?NCHAξ
'IOLH;F I@ *;LE?NCHAξ ξξξξξξ ξξβξξξ
*IOHNξ *ξ 'O>A?ξ 1ξ 0=OFF?Hξ 0ξ 0SNMG;ξ *ξ ξ %?TF?NNξ 0 ξξξξξξξ 1L;CNξ L;N?L ;H> F?P?F
?^?=NM CH ξξξξ>?AL?? J?L@ILG;H=? L;NCHAMξ -?LMIHH?F -MS=BIFIASξ ξξξξξξ ξξξβξξξξ
+;CLξ ξξ ';S;L;Gξ 'ξ ξ !;Mξ ξ ξξξξξξξ 0NL;N?AC= JOL=B;MCHA J;LNC=CJ;NCIHξ MOJJFC?L M?F?=NCIHξ
MOJJFC?L ?P;FO;NCIH ;H> JOL=B;MCHA J?L@ILG;H=?ξ &HN?LH;NCIH;F 'IOLH;F I@ -LI>O=NCIH
/?M?;L=Bξ ξξξξξξξ ξξξξβξξξξξ
+?FMIHξ ξ ξ 1;Oξ ξ ξξξξξξξ ,-* >CL?=NIL L?MCAHM ;@N?L G;MMCP? J?LMIHH?F >;N; B;=Eξ
!IQ 'IH?M +?QMξ ξξ 'OFSξ ;P;CF;<F? ;N BNNJξξξQQQξ;>P@Hξ=IGξH?QM:,-*ξ!CL?=NILξ
/?MCAHMξξ@N?Lξ*;MMCP?ξ-?LMIHH?Fξ!;N;:ξξξξξξξξξBNGF ξ;==?MM?> IH ξξ ξJLCF ξξξξξξ
+OHH;FFSξ ' ξξξξξξξ -MS=BIG?NLC= NB?ILSξ +?Q 6ILEξ *=$L;Qξ%CFFξ
,]=? I@ #?>?L;F -LI=OL?G?HN -IFC=S ξ,#--ξ ξξξξξξ *;Sξξ ξ?MN JL;=NC=?M @IL =IFF?=NCHA
;H> OMCHA =OLL?HN ;H> J;MN J?L@ILG;H=? CH@ILG;NCIHξ 4;MBCHANIHξ ! ξ ,]=? I@
*;H;A?G?HN ;H> ξO>A?Nξ
,]=? I@ #?>?L;F -LI=OL?G?HN -IFC=S ξ,#--ξ ξξξξξξξ &GJLIPCHA =IHNL;=NIL J;MN
J?L@ILG;H=? ;MM?MMG?HNMξ 0OGG;LS I@ NB? ,]=? I@ #?>?L;F -LI=OL?G?HN -IFC=SβM
L?PC?Qξ ;H> MNL;N?AC?M @IL CGJLIP?G?HN 8G?GIL;H>OG9ξ ';HO;LS ξξξ 4;MBCHANIHξ ! ξ
,]=? I@ *;H;A?G?HN ;H> ξO>A?Nξ
,]=? I@ -?LMIHH?F *;H;A?G?HN ξξξξξξξ IGGIH =B;L;=N?LCMNC=M I@ NB? AIP?LHG?HN [M=;F
S?;L ξξξξξ 4;MBCHANIHξ ! ξ ,]=? I@ -?LMIHH?F *;H;A?G?HNξ
-;FG;NC?Lξ / ξξξξξξξ &HN?L[LG L?F;NCIH;F >LCP?LM I@ =OMNIG?L P;FO?ξ 'IOLH;F I@ *;LE?NCHAξ
ξξξξξξ ξξβξξξ
-;OFBOMξ ! ξξξξξξξ *?;MOL?G?HN ;H> =IHNLIF I@ L?MJIHM? ξC;Mξ &H /I<CHMIHξ ' -ξ 0B;P?Lξ
- /ξ ξ 4LCABNMG;Hξ ) 0 ξ">Mξξξ *?;MOL?M I@ -?LMIH;FCNS ;H> 0I=C;F -MS=BIFIAC=;F
ξNNCNO>?Mξ 3IFOG? & I@ *?;MOL?M I@ 0I=C;F -MS=BIFIAC=;F ξNNCNO>?M ξξξ JJξ ξξβξξξξ 0;H
!C?AIξ ξ=;>?GC= -L?MMξ &H=ξξ
-?FM?Lξ 'ξ >? /OSN?Lξ (ξ 4?NT?FMξ *ξ $L?Q;Fξ !ξ IRξ !ξ ξ P;H ξ?OHCHA?Hξ ' ξξξξξξξ
ξξξ =B;HH?F J;LNH?L JLIAL;GMξ !CM?HN;HAFCHA CH>?<N?>H?MM @LIG AL;NCNO>?ξ 'IOLH;F I@
/?N;CFCHAξ ξξξξξξ ξξξβξξξξ
-L;BCHMECξ ξ ξ ξ?HNIHξ 4 ξξξξξξξ 0OJJFC?L ?P;FO;NCIHMξ =IGGOHC=;NCIH MNL;N?AC?M NI
CGJLIP? MOJJFC?L J?L@ILG;H=?ξ 'IOLH;F I@ ,J?L;NCIHM *;H;A?G?HNξ ξξξξξξ ξξβξξξ
-L;BCHMECξ ξ ξ #;Hξ 6 ξξξξξξξ 0OJJFC?L ?P;FO;NCIHMξ 1B? LIF? I@ =IGGOHC=;NCIH KO;FCNSξ
'IOLH;F I@ 0OJJFS B;CH *;H;A?G?HNξ ξξξξξξ ξξβξξξ
-L?;=B?Lξ ( 'ξ ξ 0?FCAξ ' - ξξξξξξξ ξ>P;HN;A?M I@ *IHN? ;LFI =IH[>?H=? CHN?LP;FM @IL
CH>CL?=N ?^?=NMξ IGGOHC=;NCIH *?NBI>M ;H> *?;MOL?Mξ ξξ ξξβξξξ
-LCILξ ! ! ξξξξξξξ 1B? ?^?=NM I@ <OS?LβMOJJFC?L L?F;NCIHMBCJM IH <OS?L =IGJ?NCNCP?H?MMξ
'IOLH;F I@ ξOMCH?MM ξ &H>OMNLC;F *;LE?NCHAξ ξξξξξξ ξξξβξξξξ
-LCILξ ! ! ξξξξξξξ 1B? CGJ;=N I@ M?LPC=? QILE?L J?LMIH;F L?MIOL=?M IH L?F;NCIHMBCJ KO;FCNS
CH <OMCH?MM MIFONCIHMξ &H>OMNLC;F *;LE?NCHA *;H;A?G?HNξ ξξξ ξξξβξξξξ
/ IL? 1?;G ξξξξξξξ /ξ ξ F;HA;OA? ;H> ?HPCLIHG?HN @IL MN;NCMNC=;F =IGJONCHAξ 3C?HH;ξ
ξOMNLC;ξ / #IOH>;NCIH @IL 0N;NCMNC=;F IGJONCHAξ
/;H>;FFξ ! *ξ ξ #?LH;H>?Tξ * # ξξξξξξξ 1B? MI=C;F >?MCL;<CFCNS L?MJIHM? ξC;M CH ?NBC=M
/?M?;L=Bξ 'IOLH;F I@ ξOMCH?MM "NBC=Mξ ξξξξξξξ ξξξβξξξξ
/?CFFSξ 1ξ 0;CHCξ ξξ ξ 0EC<;ξ ' ξξξξξξξ "NBC=;F JOL=B;MCHA >CMMIH;H=?ξ ξHN?=?>?HNM ;H>
=IJCHA <?B;PCILMξ 'IOLH;F I@ ξOMCH?MM "NBC=Mξ ξβξξξ
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