{
    "paper_id": "O00-2004",
    "header": {
        "generated_with": "S2ORC 1.0.0",
        "date_generated": "2023-01-19T07:59:02.384973Z"
    },
    "title": "",
    "authors": [],
    "year": "",
    "venue": null,
    "identifiers": {},
    "abstract": "",
    "pdf_parse": {
        "paper_id": "O00-2004",
        "_pdf_hash": "",
        "abstract": [],
        "body_text": [
            {
                "text": "$ 6WXG\\ RQ 0DQGDULQ 9HUEV RI (PRWLRQ",
                "cite_spans": [],
                "ref_spans": [],
                "eq_spans": [],
                "section": "",
                "sec_num": null
            }
        ],
        "back_matter": [],
        "bib_entries": {},
        "ref_entries": {
            "TABREF0": {
                "content": "<table><tr><td>/ / &amp;KDQJ HW DO / / &amp;KDQJ HW DO</td></tr><tr><td>-897,.9 \u00e9 \u00f8 \u00f5 \u00f9 \u00d8 \u00fc \u00f4\u00f7 \u00fb\u00f8\u00fc \u00d9\u00f8\u00f8\u00f6 \u00f9 \u00e2\u00f6\u00f6\u00f8\u00f6\u00f8 \u00fc \u00fb\u00f8 ae\u00fc\u00fc\u00f6\u00f4 \u00d6 \u00fe\u00f4\u00fc\u00c7\u00ff\u00f8\u00c7 v9\u00bb\u00cc\u00c7\u00c5\u00bc\u00bf \u00fa\u00f4\u00c4\u00fc\u00fa\u00c7 \u00cf\u00bb\u00c9\u00c9\u00cc\u00bc\u00bf \u00c5\u00fe\u00f4\u00fc\u00c7 -v\u00bb\u00c5\u00ca\u00c4\u00bc\u00bf \u00ff\u00f8\u00c7 9\u00bb\u00c5\u00c9\u00c7\u00bc\u00bf \u00fcAE\u00f8\u00c7 \u00dbc\u00bb\u00c4\u00c8\u00c9\u00bc\u00bf \u00fe\u00f4\u00fc\u00c4\u00fc\u00c4 r\u00a8\u00bb\u00c4\u00c8\u00c5\u00bc\u00bf \u00fb\u00f4\u00c4\u00ff\u00f8\u00c7 9\u00bb\u00c4\u00c7\u00c4\u00bc\u00bf \u00fb\u00f4\u00c4\u00fcAE \u00db\u00bb\u00c4\u00c3\u00ca\u00bc\u00bf \u00fe\u00f4\u00fc\u00c7\u00fb\u00c5 vR\u00bb\u00c7\u00cb\u00bc\u00bf \u00fa\u00c7\u00fe\u00f4\u00fc\u00c7 \u00c0v\u00bb\u00c7\u00c3\u00bc \u00fa\u00c7\u00feAE \u00c0\u00c7\u00bb\u00c7\u00c7AE\u00bc\u00bf \u00f4\u00fa\u00c5\u00fa\u00c7 \u00c4\u00bb\u00c5AE\u00c5\u00bc\u00bf \u00f6\u00fb\u00f8\u00c5\u00fb\u00fa\u00c7  \u00a7\u00f9\u00bb\u00cbAE\u00bc\u00bf \u00fdAE\u00f4\u00fa\u00c7 \u00dc \u00bb\u00c9\u00c5\u00bc\u00bf \u00fa\u00c7\u00fc\u00c4 \u00c0\u00a8\u00bb\u00c7\u00cb\u00bc \u00fb\u00f4\u00fa\u00c4\u00fc\u00c4 \u00a8\u00bb\u00c4AE\u00c7\u00bc\u00bf \u00f5\u00f8\u00fc\u00c4\u00fb\u00f4\u00fa\u00c4 \u00bb\u00c8\u00c5\u00bc \u00fc\u00c5\u00fb\u00f4\u00c7 J\u00bb\u00c4\u00cc\u00cb\u00bc\u00bf \u00fb\u00c7\u00fb\u00fcAE \u00f5a\u00bb\u00c4\u00c3\u00c5\u00bc \u00fb\u00f8\u00fa\u00c4\u00fc\u00c7 !\u00db\u00bb\u00c5\u00cc\u00c8\u00bc\u00bf \u00fc\u00c7 \u00db\u00bb\u00c4\u00c5\u00c9\u00bc\u00bf \u00f9\u00f8\u00c7\u00c7 ,\u00f7\u00bb\u00c4\u00c4\u00c5\u00bc\u00bf \u00fc\u00c7\u00f9\u00f8\u00c7 \u00db,\u00bb\u00c7\u00cc\u00bc \u00f4\u00c7 \u00a2\u00bb\u00c8\u00c7\u00cb\u00bc\u00bf \u00fb\u00f4\u00fc\u00c7\u00f4\u00c7 m\u00a2\u00bb\u00c5\u00c9\u00c4\u00bc\u00bf \u00fe\u00faAE\u00fd\u00c7 0\u00bb\u00c4\u00c7\u00cc\u00bc\u00bf \u00f8\u00fc\u00c7\u00fd\u00c7 y0\u00bb\u00c7\u00c3\u00bc \u00f7\u00f4\u00c4\u00fc\u00c4 \u00a8\u00bb\u00c9\u00c3\u00cc\u00bc\u00bf \u00f9\u00f4\u00c5\u00f4AE (*\u00bb\u00c4\u00cc\u00cc\u00bc\u00bf \u00f7\u00f4\u00c4\u00c4 !\u00bb\u00c9\u00c7\u00bc\u00bf\u00f9\u00f4\u00c5(\u00bb\u00c8\u00c7\u00bc\u00bf \u00c4\u00fc\u00c4 !\u00a8\u00bb\u00c7\u00c9\u00bc\u00bf \u00feAE\u00f4AE \u00c7*\u00bb\u00c7\u00c8\u00bc ,QLWLDO REVHUYDWLRQV DQG WKHRUHWLFDO DVVXPSWLRQV ae\u00f5\u00f8 \u00db\u00f4\u00fc\u00f8 \u00d7\u00f8\u00f8\u00fc ae\u00f4\u00f7\u00f8 \u00e5\u00f8\u00fa\u00f8 \u00d4\u00fa\u00f8 \u00d9\u00f8\u00f4 \u00ea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ae\u00f5\u00f8 \u00e7 \u00f8 \u00d4 \u00e7\u00f8 \u00d5 \u00db\u00f4\u00fc\u00f8 \u00fa\u00f4\u00c4\u00fc\u00fa\u00c7 \u00cf\u00bb\u00c9\u00c9\u00cc\u00bc \u00fe\u00f4\u00fc\u00c4\u00fc\u00c4 H\u00a8\u00bb\u00c4\u00c8\u00c5\u00bc \u00fa\u00c7\u00fe\u00f4\u00fc\u00c7 \u00c0L\u00bb\u00c7\u00c3\u00bc \u00fe\u00f4\u00fc\u00c7\u00ff\u00f8\u00c7 L9\u00bb\u00cc\u00c7\u00c5\u00bc \u00c5\u00fe\u00f4\u00fc\u00c7 -L\u00bb\u00c5\u00ca\u00c4\u00bc \u00fcAE\u00f8\u00c7 \u00dbc\u00bb\u00c4\u00c8\u00c9\u00bc \u00fb\u00f4\u00c4\u00ff\u00f8\u00c7 9\u00bb\u00c4\u00c7\u00c4\u00bc \u00fb\u00f4\u00c4\u00fcAE \u00db\u00bb\u00c4\u00c3\u00ca\u00bc \u00fe\u00f4\u00fc\u00c7\u00fb\u00c5 L4\u00bb\u00c7\u00cb\u00bc \u00d7\u00f8\u00f8\u00fc \u00f4\u00c5\u00fa\u00c7 \u00c4\u00bb\u00c5AE\u00c5\u00bc \u00fa\u00c7\u00fc\u00c4 \u00c0\u00a8\u00bb\u00c7\u00cb\u00bc \u00e7\u00fa\u00c7\u00feAE \u00c0\u00c7\u00bb\u00c7\u00c7AE\u00bc \u00f6\u00fb\u00f8\u00c5\u00fb\u00fa\u00c7  \u00a7\u00f9\u00bb\u00cbAE\u00bc \u00fdAE\u00f4\u00fa\u00c7 \u00dc\u00bb\u00c9\u00c5\u00bc ae\u00f4\u00f7\u00f8 \u00fb\u00f4\u00fa\u00c4\u00fc\u00c4 \u00a8\u00bb\u00c4AE\u00c7\u00bc \u00f5\u00f8\u00fc\u00c4\u00fb\u00f4\u00fa\u00c4 \u00bb\u00c8\u00c5\u00bc \u00e5\u00f8\u00fa\u00f8 \u00fb\u00c7\u00fb\u00fcAE \u00f5\u00bb\u00c4\u00c3\u00c5\u00bc \u00fc\u00c5\u00fb\u00f4\u00c7 J\u00bb\u00c4\u00cc\u00cb\u00bc \u00d4\u00fa\u00f8 \u00fb\u00f8\u00fa\u00c4\u00fc\u00c7 !\u00db\u00bbAE\u00c3\u00ca\u00bc \u00f9\u00f8\u00c7\u00c7 ,\u00f7\u00bb\u00c4\u00c4\u00c5\u00bc \u00fc\u00c7\u00f9\u00f8\u00c7 \u00db,\u00bb\u00c7\u00cc\u00bc \u00d9\u00f8\u00f4 \u00fb\u00f4\u00fc\u00c7\u00f4\u00c7 m\u00a2\u00bb\u00c5\u00c9\u00c4\u00bc \u00fe\u00faAE\u00fd\u00c7 0\u00bb\u00c4\u00c7\u00cc\u00bc \u00f8\u00fc\u00c7\u00fd\u00c7 y0\u00bb\u00c7\u00c3\u00bc \u00ea \u00f7\u00f4\u00c4\u00fc\u00c4 \u00a8\u00bb\u00c9\u00c3\u00cc\u00bc \u00f7\u00f4\u00c4\u00c4 !\u00bb\u00c9\u00c7\u00bc \u00c4\u00fc\u00c4 !\u00a8\u00bb\u00c7\u00c9\u00bc \u00f9\u00f4\u00c5\u00f4AE (*\u00bb\u00c4\u00cc\u00cc\u00bc \u00feAE\u00f4AE \u00c7*\u00bb\u00c7\u00c8\u00bc 7KH GHILQLWLRQ RI D 6HPDQWLF )LHOG DFFRUGLQJ WR *UDQG\\ &gt;@ LV DV IROORZV L &gt;$ VHPDQWLF ILHOG@ LV D VHW LQFOXGLQJ RQH RU PRUH FRQWUDVW VHWV DQG SRVVLEO\\ DOVR LQFOXGLQJ SHUPXWDWLRQ UHODWLRQV VXFK WKDW DW PRVW RQH FRYHULQJ WHUP GRHV QRW RFFXU DV DQ HOHPHQW RI D FRQWUDVW VHW LQ WKH VHPDQWLF ILHOG H[FHSW IRU WKH FRYHULQJ WHUP DQ\\ H[SUHVVLRQ WKDW RFFXUV LQ D FRQWUDVW VHW ZLWK DQ HOHPHQW RI WKH VHPDQWLF ILHOG LV DOVR LQ WKH ILHOG ,Q DGGLWLRQ ZH UHLQWHUSUHW *UDQG\\V &gt;@ IRUPDO GHILQLWLRQ RI D &amp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amp;RQWUDVWEDVHG VHPDQWLF ILHOGV 7KH IDFW WKDW LQ HDFK RI WKH ILHOGV RI HPRWLRQV ZH KDYH H[DPLQHG WKH WZR PRVW IUHTXHQW DQG WKHUHIRUH PRVW GRPLQDQW WHUPV IRUP D FRQWUDVW SDLU OHDGV XV WR DGRSW D UHYLVLRQ RI *UDQG\\V &gt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u00ef ln 1 \u00b4^\u00f0 J^~\u00a3 \u00a4 v\u00e0] KHZHL \\LVKXMLD GH ]XRSLQ KHQ \\LKDQGL MLQQLDQ ZXID ]KDQFKX WKLV DUWLVW V ZRUNV YHU\\ UHJUHWIXOO\\ WKLV \\HDU FRXOGQW H[KLELW ,7\\SH $ 7RWDO 3UHG 1RP 10 $GMXQFW &amp;RPS (OVH JDR[LQJ \u00cf QDQJXR \u00c4 VKDQJ[LQ \u00a8 KRXKXL \u00f5 VKHQJTL !\u00db KDLSD m\u00a2 GDQ[LQ \u00a8 $YHUDJH \u00e7\u00f8 \u00d5 \u00e7\u00f4\u00ff \u00e3\u00f8\u00f7\u00c1 \u00e1 \u00c1 \u00e1\u00c1\u00e0\u00c1 \u00d4\u00f7\u00fd\u00f6 \u00d6 \u00c1 \u00d8\u00ff\u00f8 \u00fe\u00f4\u00fc\u00c7\u00ff\u00f8\u00c7 LW \u00cc\u00c7\u00c5 AE\u00ca\u00c1\u00ca\u00cc\u00b8\u00c5\u00c9\u00c1\u00c7AE\u00b8\u00c5\u00c7\u00c1\u00cb\u00c7\u00b8\u00c8\u00c1\u00caAE\u00b8\u00c8\u00c1\u00c5\u00c3\u00b8\u00c3\u00c1\u00c3\u00c3 \u00fa\u00c7\u00feAE \u00c0\u00c7 \u00c7\u00c7AE \u00c5\u00c8\u00c1\u00caAE\u00b8\u00c7\u00c8\u00c1\u00c9\u00c3\u00b8\u00c5\u00c3\u00c1\u00c8\u00c7\u00b8\u00c9\u00c1\u00c3\u00cc\u00b8\u00c5\u00c1\u00c3AE\u00b8\u00c3\u00c1\u00c3\u00c3\u00f5 \u00f8\u00fc\u00c4\u00fb\u00f4\u00fa\u00c4 \u00c8\u00c5 \u00c7\u00c3\u00c1AE\u00cb\u00b8\u00c5\u00cb\u00c1\u00cb\u00c8\u00b8\u00c4\u00cc\u00c1\u00c5AE\u00b8\u00cc\u00c1\u00c9\u00c5\u00b8\u00c4\u00c1\u00cc\u00c5\u00b8\u00c3\u00c1\u00c3\u00c3 \u00fc\u00c5\u00fb\u00f4\u00c7 J \u00c9 \u00c4\u00cc\u00cb AE\u00c7\u00c1\u00cb\u00c8\u00b8AEAE\u00c1\u00cb\u00c7\u00b8AE\u00c1\u00c8\u00c7\u00b8\u00c7\u00c1\u00c3\u00c7\u00b8\u00c3\u00c1\u00c3\u00c3\u00b8\u00c5AE\u00c1\u00ca\u00c7\u00f9 \u00f8\u00c7\u00c7 ,\u00f7 \u00c4\u00c4\u00c5 \u00c5\u00cb\u00c1\u00c8\u00ca\u00b8AE\u00ca\u00c1\u00c8\u00c3\u00b8\u00c4\u00ca\u00c1\u00cb\u00c9\u00b8\u00c4\u00c9\u00c1\u00c3\u00ca\u00b8\u00c3\u00c1\u00c3\u00c3\u00b8\u00c3\u00c1\u00c3\u00c3\u00fe \u00faAE\u00fd\u00c7 0 \u00c4\u00c7\u00cc \u00c5AE\u00c1\u00c7\u00cc\u00b8\u00c9\u00cb\u00c1\u00c7\u00c9\u00b8\u00ca\u00c1AE\u00cb\u00b8\u00c5\u00c1\u00c3\u00c7\u00b8\u00c3\u00c1\u00c3\u00c3\u00b8\u00c3\u00c1\u00c3\u00c3\u00f9 \u00f4\u00c5\u00f4AE (* \u00c4\u00cc\u00cc \u00c5\u00c7\u00c1\u00c4\u00c5\u00b8\u00c9\u00cc\u00c1\u00cb\u00c8\u00b8\u00c9\u00c1\u00c3AE\u00b8\u00c3\u00c1\u00c3\u00c3\u00b8\u00c3\u00c1\u00c3\u00c3\u00b8\u00c3\u00c1\u00c3\u00c3\u00d4 \u00f8\u00f4\u00fa\u00f8 \u00c5\u00cc\u00cc AE\u00c3\u00c1\u00ca\u00c3\u00b8\u00c7\u00c7\u00c1AE\u00c9\u00b8\u00c4\u00c7\u00c1\u00c5\u00c4\u00b8\u00c9\u00c1\u00c5AE\u00b8\u00c4\u00c1AE\u00c4\u00b8AE\u00c1AE\u00cc /LNHOLKRRG UDWLR PHDVXULQJ WKH HQFRGLQJ SUHIHUHQFH 7DEOH 7KH /LNHOLKRRG 5DWLR RI 'RPLQDQW 7\\SH RYHU 1RQGRPLQDQW 7\\SH LQ WHUPV RI 3UHGLFDWLYH DQG 1RPLQDO )XQFWLRQV 7\\SH $7\\SH % YHUEV 3UHGLFDWH )UHTXHQF\\ 5DWLR RI $ RYHU % 1RPLQDO )UHTXHQF\\ 5DWLR RI % RYHU $ JDR[LQJ \u00cfNXDLOH LW QDQJXR \u00c4WRQJNX \u00c0\u00c7 6KDQJ[LQ \u00a8EHLVKDQJ KRXKXL \u00f5\\LKDQ J VKHQJTL !\u00dbIHQQX ,\u00f7 KDLSD m\u00a2NRQJMX 0 GDQ[LQ \u00a8IDQQDR(* $YHUDJH UDWLR 7DEOH 9HUEV RI (PRWLRQ 6RUWHG $FFRUGLQJ WR 'HYHUEDO 8VHV \u00e7\u00f8 \u00d4 \u00e9\u00f8\u00f5 \u00e1 \u00c1 \u00e1\u00c1\u00e0\u00c1 \u00f7\u00f8 \u00f8\u00f5\u00f4\u00ff \u00e7\u00f8 \u00d5 \u00e9\u00f8\u00f5 \u00e1 \u00c1 \u00e1\u00c1\u00e0\u00c1 \u00f7\u00f8 \u00f8\u00f5\u00f4\u00ff \u00fa\u00c7\u00fe \u00f4\u00fc\u00c7\u00c0 v \u00c3\u00c1\u00c3\u00c3\u00b8\u00c3\u00c1\u00c3\u00c3\u00b8\u00c3\u00c1\u00c3\u00c3\u00b8\u00fc\u00c7\u00f9\u00f8\u00c7\u00db , \u00c5\u00c3\u00c1\u00c7\u00c4\u00b8\u00c7\u00c1\u00c3\u00cb\u00b8\u00c5\u00c7\u00c1\u00c7\u00cc\u00fa \u00f4 \u00c4 \u00fc\u00fa\u00c7\u00cf \u00c3\u00c1AE\u00c3\u00b8\u00c4\u00c1AE\u00c8\u00b8\u00c4\u00c1\u00c9\u00c8\u00b8\u00f8\u00fc\u00c7\u00fd\u00c7y H \u00c5\u00c5\u00c1\u00c8\u00c3\u00b8\u00c5\u00c1\u00c8\u00c3\u00b8\u00c5\u00c8\u00c1\u00c3\u00c3\u00fb \u00c7\u00fb\u00fcAE\u00f5 \u00c3\u00c1\u00cc\u00cb\u00b8\u00c5\u00c1\u00cc\u00c7\u00b8\u00c5\u00c1\u00cc\u00c7\u00b8\u00c5\u00fe\u00f4\u00fc\u00c7-v \u00ca\u00c1\u00ca\u00c8\u00b8\u00c5\u00c5\u00c1\u00c4\u00c7\u00b8\u00c5\u00cc\u00c1\u00cb\u00cc\u00f7 \u00f4 \u00c4 \u00fc\u00c4\u00a8\u00c4\u00c1\u00cc\u00ca\u00b8\u00c4\u00c1AE\u00c4\u00b8AE\u00c1\u00c5\u00cb\u00b8\u00fb\u00f4\u00c4\u00fc\u00c4 \u00db \u00c5\u00c4\u00c1\u00c8\u00c3\u00b8\u00cc\u00c1AE\u00c8\u00b8AE\u00c3\u00c1\u00cb\u00c7 \u00fb \u00f8 \u00fa\u00c4 \u00fc\u00c7! \u00db \u00c3\u00c1\u00c3\u00c3\u00b8AE\u00c1\u00c8\u00cb\u00b8AE\u00c1\u00c8\u00cb\u00b8\u00fe\u00f4\u00fc\u00c7\u00fb\u00c5v R \u00c9\u00c1\u00c5\u00c8\u00b8\u00c5\u00ca\u00c1\u00c3\u00cb\u00b8AEAE\u00c1AEAE \u00fa\u00c7\u00fc\u00c4\u00c0\u00a8\u00c5\u00c1\u00c3\u00cb\u00b8\u00c5\u00c1\u00c3\u00cb\u00b8\u00c7\u00c1\u00c4\u00ca\u00b8\u00fdAE\u00f4\u00fa\u00c7 \u00dc \u00c5\u00c3\u00c1\u00cc\u00ca\u00b8\u00c4\u00c5\u00c1\u00cc\u00c3\u00b8AEAE\u00c1\u00cb\u00ca \u00f4 \u00c5\u00fa\u00c7\u00c4 \u00c5\u00c1\u00c4\u00c9\u00b8\u00c5\u00c1\u00c8\u00cc\u00b8\u00c7\u00c1\u00ca\u00c8\u00b8\u00fc\u00c5\u00fb\u00f4\u00c7J AEAE\u00c1\u00cb\u00c7\u00b8AE\u00c1\u00c8\u00c7\u00b8AE\u00ca\u00c1AE\u00cb\u00fb \u00f4\u00fc\u00c7 \u00f4 \u00c7m \u00a2 AE\u00c1\u00c3\u00ca\u00b8\u00c5\u00c1\u00c9\u00cb\u00b8\u00c8\u00c1\u00ca\u00c8\u00b8\u00feAE\u00f4AE\u00c7 * AE\u00c8\u00c1\u00c8\u00c9\u00b8\u00c4\u00c4\u00c1\u00c4\u00c4\u00b8\u00c7\u00c9\u00c1\u00c9\u00ca \u00c4\u00fc\u00c4!\u00a8\u00c9\u00c1\u00c8\u00c5\u00b8\u00c3\u00c1\u00c3\u00c3\u00b8\u00c9\u00c1\u00c8\u00c5\u00b8\u00f5\u00f8\u00fc\u00c4\u00fb\u00f4\u00fa\u00c4 \u00c5\u00cb\u00c1\u00cb\u00c8\u00b8\u00c4\u00cc\u00c1\u00c5AE\u00b8\u00c7\u00cb\u00c1\u00c3\u00cb\u00fe \u00f4\u00fc\u00c4 \u00fc \u00c4 r\u00a8\u00c4\u00c1\u00cc\u00ca\u00b8\u00c8\u00c1\u00cc\u00c5\u00b8\u00ca\u00c1\u00cb\u00cc\u00b8\u00f6\u00fb\u00f8\u00c4\u00fb\u00fa\u00c7 \u00a7\u00f9 \u00c3\u00c1\u00c3\u00c3\u00b8\u00c7\u00cb\u00c1\u00c4\u00cc\u00b8\u00c7\u00cb\u00c1\u00c4\u00cc\u00f7 \u00f4 \u00c4 \u00c4 ! \u00cc\u00c1AE\u00cb\u00b8\u00c3\u00c1\u00c3\u00c3\u00b8\u00cc\u00c1AE\u00cb\u00b8\u00fe\u00f4\u00fc\u00c7\u00ff\u00f8\u00c7v W \u00c5\u00c9\u00c1\u00c7AE\u00b8\u00c5\u00c7\u00c1\u00cb\u00c7\u00b8\u00c8\u00c4\u00c1\u00c5\u00ca \u00fb \u00f4 \u00fa\u00c4 \u00fc\u00c4\u00a8\u00c5\u00c1\u00cc\u00cc\u00b8\u00c4\u00c4\u00c1\u00c4\u00cc\u00b8\u00c4\u00c7\u00c1\u00c4\u00cb\u00b8\u00f9\u00f8\u00c7\u00c7, \u00f7 AE\u00ca\u00c1\u00c8\u00c3\u00b8\u00c4\u00ca\u00c1\u00cb\u00c9\u00b8\u00c8\u00c8\u00c1AE\u00c9 \u00fa\u00c7\u00feAE\u00c0 \u00c7 \u00c7\u00c8\u00c1\u00c9\u00c3\u00b8\u00c5\u00c3\u00c1\u00c8\u00c7\u00b8\u00c9\u00c9\u00c1\u00c4\u00c7\u00fe \u00faAE\u00fd\u00c7 H \u00c9\u00cb\u00c1\u00c7\u00c9\u00b8\u00ca\u00c1AE\u00cb\u00b8\u00ca\u00c8\u00c1\u00cb\u00c7\u00f9 \u00f4 \u00c5\u00f4AE( * \u00c9\u00cc\u00c1\u00cb\u00c8\u00b8\u00c9\u00c1\u00c3AE\u00b8\u00ca\u00c8\u00c1\u00cb\u00cb \u00fc\u00c4\u00f8 \u00c7\u00db \u00cc\u00c3\u00c1AE\u00cb\u00b8\u00c4\u00c1\u00cc\u00c5\u00b8\u00cc\u00c5\u00c1\u00c5\u00c3\u00fb \u00f4\u00c4\u00ff\u00f8\u00c7 W 7\\SH $ \" \u00cf1 \u00d9\u00a3 \" \u00cf1 &amp;\u00d7 \" \u00cf1 * \" \u00cf1 \u00e9| JDR[LQJGH WRQJQLDQ JDR[LQJGH KXQ\\LQ JDR[LQJGH VKDQJEDQ]X JDR[LQJGH KXDQMLQJ JODG FKLOGKRRG JODG PDUULDJHJODG ZRUNHUV JODG HQYLURQPHQW 7\\SH % L91 \u00d9\u00a3 L91 &amp;\u00d7 L91 * L91 \u00e9| NXDLOHGH WRQJQLDQ NXDLOHGH KXQ\\LQ NXDLOHGH VKDQJEDQ]X NXDLOHGH KXDQMLQJ KDSS\\ FKLOGKRRG KDSS\\ PDUULDJH KDSS\\ ZRUNHUV KDSS\\ HQYLURQPHQW KDSS\\ FKLOGKRRG KDSS\\ PDUULDJH KDSS\\ ZRUNHUV KDSS\\ HQYLURQPHQW :FRPPDQG RU HYDOXDWLRQ PHDQLQJ 3UDJPDWLFDOO\\ VSHDNLQJ ERWK FRQVWUXFWLRQV ZLWK YHUEV RI HPRWLRQ KDYH WKH VDPH GLVVXDGLQJ IXQFWLRQ \u00a8 7 \u00a8 l\u00de \u00a8 ELH VKDQJ[LQ PR VKDQJ[LQ EX\\DR VKDQJ[LQ GRQW VDG GRQW VDG GRQW VDG 3OHDVH GRQW IHHO VDG l 5 \u00a8 \u00b2 y\u00d6 ] \u00a8 EX ]KLGH VKDQJ[LQ PHL VKHPH KDR VKDQJ[LQ GH 1(* ZRUWK VDG ZLWKRXW DQ\\WKLQJ ZRUWK VDG 3$57,&amp;/( ,W LV QRW ZRUWKZKLOH WR IHHO VDG 7KHUHV QRWKLQJ WR EH VDG DERXW 3OHDVH GRQW IHHO VDG %DVHG RQ WKH 6LQLFD &amp;RUSXV ZH ILQG WKDW DOO W\\SH $ YHUEV DSSHDU LQ WKH LPSHUDWLYH RU WKH HYDOXDWLYH FRQVWUXFWLRQ DQG ZLWK RQO\\ RQH H[FHSWLRQ LH 1,33,4 W\\SH % 7DEOH ,PSHUDWLYH DQG (YDOXDWLYH 8VHV RI WKH 6HYHQ 3DLUV 9HUE 7\\SHV 9HUEV ,PS (YD 7RWDO 9HUEV ,PS (YD 7RWDO +DSS\\ JDR[LQJ \u00cf NXDLOH L9 'HSUHVVLRQ QDQJXR \u00c4 WRQJNX \u00c0\u00c7 6DGQHVV VKDQJ[LQ \u00a8 EHLVKDQJ 5HJUHW KRXKXL \u00f5a \\LKDQ J $QJHU VKHQJTL !\u00db IHQQX ,\u00f7 )HDU KDLSD m\u00a2 NRQJMX 0 :RUU\\ GDQ[LQ \u00a8 IDQQDR (* 9HUEDO DVSHFW RU DNWLRQVDUW 9HUEV RI HPRWLRQ H[SUHVV PHQWDO VWDWHV 7KH\\ FDQ UHSUHVHQW HLWKHU D KRPRJHQHRXV VWDWH DV LQ RU DQ LQFKRDWLYH VWDWH DV LQ \u00d4 = \u00bc \u00a8lb\u1e80 D ZHL FL VKL VKDQJ[LQ EX\\L KH IRU WKLV PDWWHU VDG FRQWLQXRXV +H KDV EHHQ VDG DERXW WKLV IRU D ORQJ WLPH \u00d4+ \u00e3\u00a6 &lt;W b`\u00bd 1^ \u00a81 \u00a6\u1e80 D \\L [$ % 9HUE 7\\SHV 9HUEV )UHT 9HUEV )UHT +DSSLQHVV JDR[LQJ \u00cf NXDLOH LW 'HSUHVVLRQ QDQJXR \u00c4 WRQJNX \u00c0\u00c7 6DGQHVV VKDQJ[LQ \u00a8 EHLVKDQJ 5HJUHW KRXKXL \u00f5 \\LKDQ J $QJHU VKHQJTL !\u00db IHQQX ,\u00f7 )HDU KDLSD m\u00a2 NRQJMX 0 :RUU\\ GDQ[LQ \u00a8 IDQQDR (* 7UDQVLWLYLW\\ $ \u00d4 \u00f0 \u00cf M? \u00b2 \u00e8`&gt;7VDL @ WDPHQ KHQ JDR[LQJ ]KDQJVDQ PHL ]RX WKH\\ YHU\\ JODG -RKQ GRHVQW JR 7KH\\ ZHUH JODG WKDW -RKQ GLGQW JR $GRSWLQJ 7HQJV &gt;@ L a1 ; z : \u00a81 ] F ZHLOH ]KH MLDQ VKL ZR FHQJ VKDQJ[LQ OH KDR MLX IRU WKLV SLHFH PDWWHU , HYHU VDG /( TXLWH ORQJ WLPH ,YH IHOW VDG DERXW WKLV PDWWHU IRU TXLWH D ORQJ WLPH LL W  \u00b6 l5 \u00e0\u00ff \u00fb\u00d6 D l \u00a8K PX ]L MLQJ EXGH MLDQPLDQ ]HQPH QHQJ EX VKDQJ[LQ QH PRWKHU VRQ GDUH FRXOGQW PHHW KRZ FDQ QRW VDG 1( +RZ FDQ WKH\\ QRW IHHO VDG WKDW WKH PRWKHU DQG VRQ FDQW PHHW HDFK RWKHU \u00d4 \u00f0 L9 M? \u00b2 \u00e8`&gt;7VDL @ WDPHQ KHQ NXDLOH ]KDQJVDQ PHL ]RX WKH\\ YHU\\ JODG -RKQ GRHVQW JR 7KH\\ ZHUH KDSS\\ WKDW -RKQ GLGQW JR $V IRU JRDO RQO\\ WKH YHUEV RI $QJU\\ $IUDLG DQG :RUULHG VHPDQWLFDOO\\ WDNH WKLV NLQG RI DUJXPHQW DQG WKXV V\\QWDFWLFDOO\\ WDNH WKHP DV GLUHFW REMHFWV +RZHYHU LQ WKH 6LQLFD &amp;RUSXV RQO\\ *URXS $ YHUEV RI WKRVH W\\SHV FDQ WDNH D JRDO DV D GLUHFW REMHFW ZKLOH *URXS % YHUEV DV D UXOH GR QRW WDNH D JRDO DV D GLUHFW REMHFW DV VKRZQ LQ 7DEOH 7DEOH 7KH 7UDQVLWLYH 8VHV RI )RXU 5HSUHVHQWDWLYH 3DLUV &amp;DXVH (YHQW *RDO &amp;DXVH (YHQW *RDO 7\\SH $ 936 (YHQW 1 6LPSOH 1 7\\SH % 936 HYHQW 1 6LPSOH 1 JDR[LQJ \u00cf NXDLOH LW VKHQJTL !\u00db IHQQX ,\u00f7 KDLSD m\u00a2 NRQJMX 0 GDQ[LQ \u00a8 IDQQDR (* 6HPDQWLF H[SODQDWLRQ ,Q WKLV VHFWLRQ ZH ZLOO ILUVW VXPPDUL]H WKH FRQWUDVWV DQG WKHQ SURSRVH D OH[LFDO VHPDQWLF H[SODQDWLRQ IRU DOO WKH FRQWUDVWV 7KH V\\QWDFWLF FRQWUDVWV ,Q D FDQRQLFDO REMHFW SRVLWLRQ VXFK DV VKDQJ WD GH TL !\u00d4\u00db &gt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u00db 99 KXDQOH 9 99 IDQQDR (* 99 NRQJMX H 99 WRQJNX \u00c0\u00c7 99 IHQQX ,\u00f7 99 FKHQ]KRQJ  \u00a7\u00f9 99 EHLVKDQJ 99 NXQDR \u00c7* 99 \\LKDQ J $1 RU 92 MXVDQJ \u00dc 99 NXDLKXR vR 99 RU $9 KXDQ[L \u00db 99 \\XNXDL -v 99 ZHLMX y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td></tr></table>",
                "num": null,
                "text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u00cf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u00b4\" VKL\u00b4 HYHQWVWRU\\ PRRG IDFLDO H[SUHVVLRQV SHUVRQ DQG XWWHUDQFH ,Q FRQWUDVW W\\SH % YHUEV VXFK DV NXDLOH FDQ EH DGMXQFWV IRU PDQ\\ DGGLWLRQDO QRXQ FODVVHV 7KH FRQWUDVW LV VKRZQ LQ DQG LWK UHJDUG WR SRVWYHUEDO DGMXQFWV ERWK JURXSV FDQ PRGLI\\ WUDQVLHQW DFWLYLWLHV VXFK DV ZDQ GH KHQ JDR[LQJ (5\u00f0\u00cf SOD\\ KDSSLO\\ DQG ZDQ GH KHQ NXDLOH (5\u00f0L9 SOD\\ KDSSLO\\ +RZHYHU RQO\\ W\\SH % YHUEV FDQ EH DGMXQFWV RI QRQWUDQVLHQW VWDWHOLNH DFWLYLWLHV VXFK DVKXR GH NXDLOH R5L9 OLYH KDSSLO\\ JXR GH NXDLOH 5L9 OLYH KDSSLO\\ DQG DR GH KHQ WRQJNX L5\u00f0\u00c0\u00c7 HQGXUH WHUULEO\\ 7KH LPSHUDWLYH DQG HYDOXDWLYH FRQVWUXFWLRQV 6RPH YHUEV RI HPRWLRQ DUH XVHG LQ LPSHUDWLYH VHQWHQFHV FRQWDLQLQJ GHRQWLF PRGDO YHUEV DV LQ 0DQ\\ RI WKHP FDQ DOVR RFFXU LQ HYDOXDWLYH VHQWHQFHV ZKLFK FRQWDLQ WKH YHUE ]KLGH 5 EH ZRUWKZKLOH WR RU WKH SKUDVH PHL VKHPH KDR /0 \u00b2y\u00d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u00cf QRQ99 QDQJXR \u00c4 QRQ99 KRXKXL \u00f5 QRQ99WRQJNX \u00c0L QRQ99 GDQ\\RX QRQ99VKHQJTL 3\u00db QRQ99 FKLMLQ~\u00eb QRQ99 GDQ[LQ \u00a8 QRQ99 VKDQJ[LQ \u00a8 QRQ99 NDL[LQ H\u00a8 QRQ99 \\RX[LQ QRQ99 WRQJ[LQ \u00c0\u00a8 QRQ99 KDLSD m\u00a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
                "html": null,
                "type_str": "table"
            }
        }
    }
}