Strategic Corporate Layoﬀs

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(1)Strategic Corporate Layoffs∗ Ruchir Agarwal. Julian Kolev. IMF. Harvard University February 2013. Abstract Firms in the S&P 500 often announce layoffs within days of one another, despite the fact that the average S&P 500 constituent announces layoffs once every 5 years. By contrast, similar-sized privately-held firms do not behave in this way. This paper provides evidence that such clustering behavior is largely due to CEOs managing their reputation in financial markets. To interpret these results we develop a theoretical framework in which managers delay layoffs during good economic states to avoid damaging the markets perception of their ability. The model predicts clustering in the timing of layoff announcements, and illustrates a mechanism through which the cyclicality of firms layoff policies is amplified. The models predictions are tested using two novel datasets of layoff announcements and actual mass layoffs. We compare the layoff behavior of publicly-listed and privately-held firms to estimate the impact of reputation-based incentives on cyclicality of layoffs. Compared to observably similar matched private firms, public firms are 2.5-3.5 percentage points more likely to conduct mass layoffs in a recession month, indicating a doubling of layoff sensitivity to recessions. In addition, we find that the firms that cluster layoff announcements at high frequencies are also the ones that are more likely to engage in mass layoffs during recessions. These effects are not driven by leverage, lifecycle differences, or the criteria used to match public and private firms. Our findings suggest that reputation management is an important driver of layoff policies both at daily frequencies and over the business cycle, and can have significant macroeconomic consequences. ∗. We especially thank Emmanuel Farhi, Larry Katz, Greg Mankiw, Alp Simsek, Jeremy Stein, and members of the Mass Layoff Statistics program at the Bureau of Labor Statistics for hosting us as visiting researcher. We also greatly benefited from discussions with Philippe Aghion, Robert Barro, Effi Benmelech, Shai Bernstein, John Campbell, Dan Cao, Patrick Carey, Eliana Carranza, Josh Coval, Tom Cunningham, Dan Fetter, Marco Di Maggio, Andreas Fuster, Joan Farre-Mensa, Patrick Gaule, Stefano Giglio, Ed Glaeser, Robin Greenwood, Luigi Iovino, Sam Hanson, Oliver Hart, David Laibson, Ryan Michaels, David Molitor, Francisco Queiro, Tiago Severo, Andrei Shleifer, Kelly Shue, Ija Trapeznikova, and Tom Vogl. We also thank Kevin Hallock for sharing access to one of the datasets used in this paper, and several helpful discussions. This Working Paper should not be reported as representing the views of the IMF. The views expressed in this Working Paper are those of the authors and do not necessarily represent those of the IMF or IMF policy..

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(56) .5 <125< D89C 1@@B?138 1C D85 O0#.*'+0#P @?<93I >CD514 ?6 D5B=9>1D9?> D85 KB= 31> 8945 D85 E>CE335CC6E< ?ED3?=5 ?6 D85 @B?:53D 6B?= D85 =1B;5D 2I >?D <1I9>7 ?S D85 <12?B 6?B35 1CC97>54 D? D85 @B?:53D. 6 D85 =1>175B 14?@DC CE38 1. @?<93I 85 =ECD @1I D85 G?B;5B 6?B ?>5 =?B5 @5B9?4 5F5> D8?E78 D85 G?B;5B G9<< >?D 25 @B?4E3D9F5 .5 45>?D5 D89C 3?CD 1C )5<1D9F5 D? D85 0#.*'+0# @?<93I D89C 4539C9?> 45<1IC D85 5>4 ?6 D85 @B?:53D 2I ?>5 @5B9?4 .5 D85B56?B5 <125< D89C 1@@B?138 1C D85 O"#)4P @?<93I .5 1CCE=5 D81D 14?@D9>7 D85 "#)4 @?<93I 9C 3?CD D? 0#.*'+0# +89C 9C 79F5> 2I //1*-0',+ +89C 1CCE=@D9?> 9=@<95C D81D 9> 1 KBCD25CD G?B<4 D85 "#)4 @?<93I C8?E<4 >?D 25 14?@D54 5C@9D5 9DC 9>5R395>3I =1>175BC 81F5 1> 9>35>D9F5 D? 14?@D D85 "#)4 @?<93I 2531EC5 9D 9C 25DD5B 6?B D859B B5@ED1D9?> D? 8945 1> E>CE335CC6E< @B?:53D ?ED3?=5 > C5DD9>7 E@ D85 =1H9=9J1D9?> @B?2<5= 6?B =1>175BC <5D

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(61) ( 0/,)#9 .5 75D 1> 1>1<?7?EC E@41D9>7 BE<5 6?B D85 31C5 9> G8938 D85 =1B;5D 25<95F5C D85 KB= 9C 7?9>7 D? ,>45B CD1>41B4 5AE9<92B9E= 1CCE=@D9?>C D85 ?ED3?=5 ?6 <1I?SC 14?@D D85 "#)4 @?<93I 9 5 E>45B D89C @?<93I G9<< >5F5B ?33EB 1>4 D85 1I5C91> @?CD5B9?B G?E<4 >?D 25 E>9AE554 .5 D85B56?B5 9>DB?4E35 DB5=2<5C 1>4 6?3EC ?> DB5=2<9>781>4@5B653D9?> 1C ?EB 5AE9<92B9E= 3?>35@D 531EC5 CE335CC6E< @B?:53DC 3?>D9>E5 1ED?=1D931<?D B5AE9B5 1>I 13D9?> 6B?= D85 =1>175B 1>4 1B5 >?D CEC35@D92<5 D? DB5=2<5C I 3?>DB1CD D85 4539C9?> D? 14?@D D85 "#)4 @?<93I B5AE9B5C 1 49B53D 13D9?> 2I D85 =1>175B G8? 3?E<4 DB5=2<5 1>4 38??C5 D? D5B=9>1D5 D85 @B?:53D 9>CD514 +85B56?B5 G85>5F5B D85 KB= 5>7175C 9> <1I?SC D85 =1B;5D ;>?GC D85 @B?:53D =ECD 81F5 619<54 5F5> D8?E78 D89C ?ED3?=5 G9<< 1<=?CD >5F5B 25 ?2C5BF54 9> 5AE9<92B9E= +85 E@41D9>7 BE<5 9> D89C .

(62) C9DE1D9?> 31> 25 31<3E<1D54 1C 6?<<?GC #1I?SC 'B?:53D 19<C . . &>35 1719> G85> D85 =1B;5D ?2C5BF5C 1 <1I?S D85I E@41D5 D859B 25<956C 12?ED =1>175B91< D1<5>D >571D9F5DB1CD G85> D85 =1B;5D ?2C5BF5C >? <1I?SC D85I 4? >?D ;>?G G85D85B D85 @B?:53D 619<54 ?B >?D +89C 9C 2531EC5 D85 KB= 9C 5H@53D54 D? 14?@D D85 "#)4 @?<93I ?6 >? <1I?SC 9BB5C@53D9F5 ?6 @B?:53D ?ED3?=5C +85B56?B5 G85> D85 =1B;5D ?2C5BF5C >? <1I?SC D85I 75D >? >5G 9>6?B=1D9?> 12?ED D85 KB= 1>4 D85 E@41D9>7 BE<5 9C C9=@ @@5>49H 15),)"2)5- %,%#4)/. > 5AE9<92B9E= D85 =1B;5D 3?>:53DEB5 12?ED D85 =1>175BNC @?<93I =ECD 25 3?BB53D 1>4 85>35 +? CE@@?BD D85 5AE9<92B9E= G85B5 D85 =1>175B 1<G1IC 14?@DC D85 0#.*'+0# @?<93I D85 6?<<?G 9>7 9>35>D9F5 3?=@1D929<9DI 3?>49D9?> =ECD 8?<4 #1I?SC #1I?SC . . I 3?>DB1CD D? CE@@?BD D85 5AE9<92B9E= G85B5 D85 =1>175B 1<G1IC 14?@DC D85 "#)4 @?<93I D85 3?>CDB19>D 9C #1I?SC #1I?SC . . ,C9>7 D85 1I5C91> 1>1<IC9C 9> D85 @B5F9?EC C53D9?> D85 12?F5 3?>CDB19>DC B5C@53D9F54. . . . . . B?= D85 12?F5 3?>CDB19>DC 9D 9C 3<51B D81D 6?B CER395>D4 =1>175BC G9<< 38??C5 D? 1<G1IC 14?@D D85 "#)4 @?<93I D D85 C1=5 D9=5 6?B CER395>D175BC G9<< 1<G1IC 38??C5 D? 14?@D D85 0#.*'+0# @?<93I 1F9>7 1<B514I 381B13D5B9J54 D85C5 5AE9<92B91 G5 >?G =?F5 D? 3?>C945B D85 9>D5B=5491D5 C5D ?6 @1B1=5D5B F1<E5C G8938 CE@@?BD >59D85B @EB5CDB1D57I 5AE9<92B9E= ?B 9>D5B=5491D5 F1<E5C ?6 1>4 D85 5AE9<92B9E= B5@ED1D9?> @5>1<DI E>45B D85 0#.*'+0# @?<93I 9C C? <1B75 D81D =1>175BC @B565B D85 "#)4 @?<93I 1>4 D85 5AE9<92B9E= B5@ED1D9?> @5>1<DI E>45B D85 45<1I @?<93I 9C C? C=1<< D81D D85I @B565B D85 0#.*'+0# @?<93I +89C =51>C D81D 6?B D85C5 @1B1=5D5B F1<E5C D85B5 9C >? 5AE9<92B9E= 9> @EB5 CDB1D5795C .5 D85B56?B5 @B?3554 D? 1>1<IJ5 1 =9H54CDB1D57I 5AE9<92B9E= G85B5 =1>175BC B1>4?=9J5 25DG55> 14?@D9>7 D85 0#.*'+0# 1>4 "#)4 @?<9395C C 9> D85 @B5F9?EC C53D9?> G5 2579> ?EB 381B13D5B9J1D9?> ?6 D85 =9H54CDB1D57I 5AE9<92B9E= 2I 6?3EC9>7 ?> D85 =1B;5DNC @?CD5B9?B 6?<<?G9>7 1> ?2C5BF1D9?> ?6 59D85B <1I?SC ?B >? <1I?SC. >. D89C 31C5 9>CD514 ?6 1 29>1BI 3?>:53DEB5 12?ED D85 @?<93I ?6 D85 =1>175B G5 =?F5 D? 1 3?>D9>E?EC G8938 3?BB5C@?>4C D? D85 @B?2129<9DI G9D8 G8938 D85 =1B;5D 5H@53DC D85 3?>:53DEB5 =1>175B D? 38??C5 D85 "#)4 @?<93I 3?>49D9?>1< ?> @B?:53D 619<EB5 > CE38 1 C5DD9>7 G5 31<3E<1D5 D85 =1B;5DNC @?CD5B9?BC 1C #1I?SC . . . .

(65) . 1>4. #1I?SC . 'B??6 9> @@5>49H %?D5 D81D D85 12?F5 @?CD5B9?BC =1D38 E@ G9D8 @EB5CDB1D57I 25<956C G85> G5 D1;5 D85 <9=9DC 1C

(66)

(67).

(68) 1>4 6?B D85 31C5C ?6 D85 0#.*'+0# 1>4 "#)4 @?<9395C B5C@53D9F5 ?6 D85 =9H54CDB1D57I 5AE9<92B9E= G5 >554 D85 =1>175B D? 25 9>49S5B5>D 25DG55> D85 DG? CDB1D5795C 1F19<12<5 D? 89= ,C9>7 D85 C1=5 3?>CDB19>D 6B1=5G?B; 1C 9> D85 @EB5CDB1D57I 31C5 G5 >554 #1I?SC #1I?SC .

(69)

(70) . ,C9>7 D85 @?CD5B9?B =1B;5D 25<956C 6?B D85 =9H54CDB1D57I 31C5 D85 12?F5 3?>CDB19>D C9=@<9K5C D?. . . . .

(71) . +85 5AE1D9?> 12?F5 1<<?GC EC D? C?<F5 6?B D85 =1>175BNC B1>4?=9J1D9?> @B?2129<9D95C 9> D85 D85B5 =9H54CDB1D57I 5AE9<92B9E= %?D5 D81D 2531EC5 D85 )* 9C =?>?D?>931<7 9> 9C 1 E>9AE5 C5D ?6 =9H9>7 @B?2129<9D95C D81D CE@@?BDC 5AE9<92B9E= @<1I 6?B 1>I 79F5> C5D ?6 @1B1=5 D5B F1<E5C EBD85B 2531EC5 D85 <9=9DC ?6 D85 5H@B5CC9?> =1D38 E@ D? D85 @EB5CDB1D57I 5AE9<92B91 45C3B9254 9> D85 @B5F9?EC C53D9?> D85B5 9C 1 3?>D9>E?EC @B?7B5CC9?> 6B?= 1<G1IC 38??C9>7 D85 0#. *'+0# @?<93I D8B?E78 1 =9H ?6 2?D8 ?@D9?>C 1>4 K>1<7 D85 "#)4 @?<93I 1C D85 @B?4E3D ?6 1>4 9>3B51C5C 6B?= J5B? 15),)"2)5- -0,)#!4)/.3 +85 B5CE<DC ?6 D85 @B5F9?EC C53D9?> 45C3B925 3?>49D9?>C E>45B G8938 D85 KB= G9<< E>45BD1;5 D85 "#)4 @?<93I 45C@9D5 D85 9>5R395>D B54E3D9?> 9> 51B>9>7C D81D B5CE<D 6B?= 9D +? 719> 1> 9>C978D 9>D? D85C5 35>DB1< B5CE<DC 97EB5 @<?DC D85 5AE9<92B9E= @?<9395C ?6 =1>175BC 21C54 ?> D859B F1<E5C ?6 457B55 ?6 B5@ED1D9?>1< 3?>35B>C 1>4 F1B91>35 ?6 =1B;5DNC @B9?B 12?ED KB= $1>175BC G8? 14?@D D85 "#)4 @?<93I G9<< <95 12?F5 1>4 D? D85 B978D ?6 =9H54CDB1D57I B579?> > D89C B579?> =1>175BC 1>4 D859B KB=C G9<< 45<1I @B?:53D D5B=9>1D9?> 1>4 1F?94 <1I?SC 45C@9D5 D859B @B?:53D 619<9>7 / %*)+ ,) )0 1C54 ?> D89C 1>1<IC9C G5 31> 3?>3<E45 D81D D85 KB= 81C 1> 9>35>D9F5 D? E>45BD1;5 D85 "#)4 @?<93I G85>

(72) .

(73) D85 =1>175B @<135C 1 8978 G5978D ?> B5@ED1D9?> 1C =51CEB54 2I <1I?SC 1B5 @1BD93E<1B6?B=1D9F5 12?ED D85 =1>175BNC 129<9DI 4E5 D? C97>9K31>D E>35BD19>DI 9> D85 =1B;5DNC @B9?B 25<956C 9 5 1 8978 F1<E5 ?6 +85 12?F5 9=@<931D9?>C 81F5 49B53D <9>;C D? ?2C5BF12<5 F1B912<5C 9> 5=@9B931< 3?B@?B1D5 K>1>35 8978 F1<E5 ?6 9C <9;535>D9F9J5 D859B =1>175=5>D G9D8 8978@?G5B54 =1B;5D21C54 3?=@5>C1D9?> @13;175C C 6?B D85 9>6?B=1D9F5>5CC ?6 <1I?SC 1 8978 F1<E5 ?6 1 CER395>D CD1D9CD93 6?B D85 C97>1<D?>?9C5 B1D9? 9> ?EB =?45< 9C <9;55G =1>175=5>D @B539C56?B=1D9?> 12?ED D85= 1>4 1>I 13D9?> D1;5> 2I D85= G9<< 25 B5<1D9F56?B=1D9F5 > 9>D5B5CD9>7 9=@<931D9?> ?6 D85 =?45< 9C D85 5S53D ?6 381>79>7 25<956C 12?ED D85 177B571D5 CD1D5 G85B5 D85 5H@53D1D9?> ?6 1> 14F5BC5 CD1D5 9C =51CEB54 2I 97EB5 @<?DC D85 C1=5 2?E>41B95C 1C 97EB5 1>4 144C 1>?D85B C5D ?6 2?E>41B95C D? 45=?>CDB1D5 D85 5S53D ?6 D85 =1B;5DNC @5B35@D9?> 12?ED 177B571D5 CD1D5 253?=9>7 @5CC9=9CD93 CCE=9>7 D81D D89C @5B35@D9?> 9C :ECD9K54 D85B5 G9<< 25 1 49B53D 5S53D ?6 65G5B CE335CC6E< @B?:53DC 9> 1> 14F5BC5 53?>?=93 5>F9B?>=5>D 531EC5 ?6 D89C D85 =1B;5D 9C <5CC <9;5571D9F5 C97>1< ?6 1 <1I?S D? D85 =1>175BNC <5F5< ?6 D1<5>D 1>4 3?>C5AE5>D1< 3?>35B> 1CC?391D54 G9D8 <1I?SC 49=9>9C85C +89C 9C 9<<ECDB1D54 2I D85 B978DG1B4 C896D ?6 D85 2?E>41B95C 9> 97EB5 C 1 B5CE<D D85 @1B1=5D5B B579?> 6?B G8938 KB=C G9<< 14?@D D85 "#)4 @?<93I C8B9>;C $?B5 KB=C >?G G9<< 38??C5 D? 1>>?E>35 <1I?SC 96 D859B @B?:53D 619<C / %*)+ ,) )0 > 1449D9?> D? D85 49B53D 5S53D ?6 14F5BC5 53?>?=93 3?>49D9?>C <5149>7 D? 89785B B1D5C ?6 @B?:53D 619<EB5 ?EB =?45< 1<C? @B5493DC 1 C896D9>5AE9<92B9E= 5S53D 3?>49D9?>1< ?> @B?:53D 619<EB5 1 <1B75B 6B13D9?> ?6 =1>175BC G9<< 38??C5 D? D5B=9>1D5 D859B @B?:53DC 1>4 5>7175 9> <1I?SC 4EB9>7 D85C5 53?>?=93 4?G>DEB>C

(74) . > D85 @EB5CDB1D57I B579?>C ?6 D85 @1B1=5D5B C@135 D85B5 9C >? C896D 9>. 5AE9<92B9E= 2531EC5 =1>175BC 1B5 5S53D9F55B C?<ED9?> +8?C5 G8? CDB93DD9>E5 D? 81F5 1 <1I?S B1D5 ?6 @B539C5 D85 =E<D9@5B9?4 =?45< 49C3ECC54 9> D85 1@@5>49H G5 C8?G D81D KB=C G9D8 619<54 @B?:53DC 1B5 <9;5D9>E5 D85= E>D9< D85 >5HD 53?>?=93 4?G>DEB> 5S53D9F57 D859B <1I?SC E>D9< D85I 31> 9=@<5=5>D D85= G9D8?ED CES5B9>7 D85 >?B=1< B5@ED1D9?>1< @5>1<DI.

(76) .

(77) D85 0#.*'+0# @?<93I G9<< 81F5 1 <1I?S B1D5 5AE1< D? D859B @B?:53D 619<EB5 B1D5 ?B ?> 1F5B175 +85 9>D5B5CD9>7 31C5 9C D81D ?6 =1>175BC 9> D85 =9H54CDB1D57I B579?> .5 45C3B925 D859B <1I?S B1D5 9> D85 6?<<?G9>7 @B?@?C9D9?>

(78) 2/0/3)4)/. ?B =1>175BC 9> D85 =9H54CDB1D57I B579?> ?6 D85 @1B1=5D5B C@135 1> 9>3B51C5 9> D85 5H@53D54 @B?2129<9DI ?6 1 4?G>DEB> <514C D? 1 CDB93D49H B?= D89C B5CE<D 9D 6?<<?GC D81D =1>175BC G8? 31B5 =?CD 12?ED B5@ED1D9?> 9 5 81F5 1 8978 F1<E5 ?6 1>4 G8? 81F5 1 C8?BD DB13; B53?B4 9 5 1 8978 F1<E5 ?6 1B5 =?CD <9;5 =1B;5DNC @5B35@D9?> ?6 D85 177B571D5 CD1D5 +85C5 9>C978DC 1B5 CE==1B9J54 9> D85 6?<<?G9>7 DG? 3?B?<<1B95C /2/,,!29 6 D85 =1B;5DNC 25<956 12?ED 1 KB=NC =1>175=5>D 9C <5CC @B539C5 D85> D85 =1>175B #1I?S 9C =?B5 <9;5>?E>35 <1I?SC 9> 4?G>DEB>C +81D 9C . /2/,,!29 6 D85 =1>175BNC ED9<9DI 6E>3D9?> @EDC =?B5 G5978D ?> 89C B5@ED1D9?> D85> D85 #1I?S =1>175B 9C =?B5 <9;5>?E>35 <1I?SC 9> 4?G>DEB>C +81D 9C 84%.$).' 4(% /$%, -0!#4 /& ! !2'% )2> D89C C53D9?> G5 5HD5>4 D85 =?45< @B5C5>D54 12?F5 2I 9>DB?4E39>7 1 <1B75 KB= 9>D? D85 53?>?=I +85 >?D9?> ?6 <1B75 85B5 9C D81D D85 KB=NC @5B6?B=1>35 3?>D19>C 9>6?B=1D9?> 12?ED D85 177B571D5 CD1D5 ?6 D85 9>4ECDBI I 3?>DB1CD D85 @5B6?B=1>35 ?6 C=1<< KB=C 9C 851F9LE5>354 2I 3?>49D9?>C 9> D859B <?31< =1B;5D C? D85 129<9DI D? ?2D19> 9>6?B=1D9?> 12?ED D85 177B571D5 CD1D5 ?6 D85 9>4ECDBI 6B?= D85 @5B6?B=1>35 ?6 1 C=1<< KB= 9C 1CCE=54 D? 25 >57<9792<5 C 1 B5CE<D D85 <1B75 KB=NC <1I?SC 4539C9?> G9<< 9>LE5>35 D85 ?D85B KB=C 9> D85 9>4ECDBI D8B?E78 D85 9>6?B=1D9?> 9D @B?F945C 12?ED D85 177B571D5 CD1D5 12?ED D85 9>4ECDBI C C8?G> 9> 'B?@?C9D9?>C

(79) 1>4 D85

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(82) .

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(84) 0

(85) ?B C9=@<939DI G5 1CCE=5 D81D D85 @B?:53D ?ED3?=5 6?B D85 <1B75 KB= 9C 49B53D45>D ?> 4 1C 256?B5 G9D8 D85 @B9?B @B?2129<9DI ?6 1> 14F5BC5 177B571D5 CD1D5 =51CEB54 2I ?B D85 C=1<< KB= 1> 14F5BC5 177B571D5 CD1D5 9>3B51C5C D85 381>35C D81D D85 KB=C@539K3 53?>?=93 CD1D5 G9<< 1<C? 25 14F5BC5 2ED 4?5C >?D @B5493D D89C @5B653DD19> D85 C1=5 6B1=5G?B; ?6 ?2C5BF129<9DI 1C 256?B5 G85B5 @B9?B 49CDB92ED9?>C 1B5 3?==?> ;>?G<5475 2ED ?> 9C ?2C5BF54 2I D85 =1B;5D +85 =1B;5D E@41D5C D85 C=1<<5B KB=CN B5@ED1D9?> 9> DG? CD5@C 9BCD 9D E@41D5C 9DC @B9?B ?> D85 B51<9J1D9?> ?6 4 EC9>7 D85 <1B75 KB=NC <1I?S 4539C9?> +89C 9> DEB> <514C D? 1> E@41D54 25<956 12?ED 6?B D85 C=1<< KB= 9> DEB> 9=@13D9>7 D85 B5@ED1D9?>1< @5>1<DI D85 C=1<< KB= G?E<4 6135 96 9D 1>>?E>354 <1I?SC ?6 9DC ?G> ,C9>7 1I5CN )E<5 D85 @B?35CC ?6 E@41D9>7 5H@53D1D9?>C 12?ED 4 EC9>7 D85 <1I?S 4539C9?> ?6 D85 <1B75 KB= 9C CDB1978D6?BG1B4 #5DD9>7 25 D85 @B9?B 5H@53D1D9?> ?6 D85 14F5BC5 CD1D5 D85 @?CD5B9?B 5H@53D1D9?> 3?>49D9?>1< ?> ?2C5BF9>7 <1I?SC 2I D85 <1B75 KB= 4 #1B75 9B= #1I?S 9C 79F5> 2I . . . .

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(134) 33?B49>7 D85 $#* 45K>9D9?>C 1 =1CC <1I?S ?33EBC G85> 1D <51CD 9>9D91< 3<19=C 1B5 K<54 1719>CD 1> 5CD12<9C8=5>D 4EB9>7 1 3?>C53ED9F5 G55; @5B9?4 > 5HD5>454 =1CC <1I?S ?33EBC G85> 1D <51CD 9>9D91< 3<19=C 1B5 K<54 1719>CD 1> 5CD12<9C8=5>D 4EB9>7 1 3?>C53ED9F5 G55; @5B9?4 1>4 1D <51CD G?B;5BC 81F5 255> C5@1B1D54 6B?= :?2C 6?B =?B5 D81> 41IC *9>35 5HD5>454 =1CC <1I?SC 1B5 1 25DD5B =51CEB5 ?6 <1I?SC D81D <514 D? =?B5 @5B=1>5>D :?2 49C<?31D9?> 7B51D5B D81> 41IC G5 6?3EC ?> D89C =51CEB5 9> ?EB 1>1<IC9C &EB 6?3EC ?> D85 CE2C5D ?6 5CD12<9C8=5>DC 5=@<?I9>7 ?B =?B5 G?B;5BC =51>C D81D 133?B49>7 D? D85 41D1 @5B35>D ?6 1<< 3?F5B54 5=@<?I5BC 1>4 @5B35>D ?6 3?F5B54 5=@<?I=5>D 1B5 9> D85 @B?7B1=NC C3?@5 +89C =51CEB5 81C 255> AE9D5 CD12<5 ?F5B D9=5 =?B5 D81> DG? 453145C 17? @5B35>D ?6 5=@<?I5BC 1>4

(135) @5B35>D ?6 D?D1< 5=@<?I=5>D G5B5 B5@?BD54 9> 5CD12<9C8=5>DC G9D8 ?B =?B5 G?B;5BC B?G> +85 EB51E ?6 #12?B *D1D9CD93C ;55@C D85 945>D9DI ?6 3?=@1>95C D81D 5>7175 9> =1CC <1I?SC 3?>K45>D91< ,>45B D85 1EC@935C ?6 D85 ?>C9D5 B5C51B385B @B?7B1= ?6 #* G5 G5B5 12<5 D? 1335CC D85 3?>K45>D91< =93B?41D1 G8938 1<<?G54 EC D? 5HD5>4 ?EB 5=@9B931< 1>1<IC9C D? 13DE1< =1CC <1I?SC 9> 1449D9?> D? D85 <1I?S 1>>?E>35=5>D ?2C5BF1D9?>C 21C54 ?> D85 .1<< *DB55D !?EB>1< 41D1 9F5 CD1D5 5=@<?I=5>D ?R35C 8?G5F5B B5:53D54 ?EB @B?@?C1< D? 1335CC D85 3?>K45>D91< 41D1 39D9>7 CD1D5 <579C<1D9?> D81D 49C1<<?GC D85= D? C81B5 D85 945>D9DI ?6 5CD12<9C8=5>DC 5F5> 6?B B5C51B38 @EB@?C5C %5F5BD85<5CC D85 B5C51B385BC 1D D85 #* 5CD9=1D5 D81D D85 3?>K45>D91< 41D1 D81D G1C 1335CC92<5 D? EC 3?F5B54 =?B5 D81> ?6 1<< D85 =1CC <1I?S 5F5>DC D85I DB13; 1F9>7 1335CC D? 13DE1< =1CC <1I?SC 41D1 1<<?GC EC D? 5H1=9>5 D85 457B55 D? G8938 CDB1D5793 2581F9?B 2I KB=C 31> <514 D? 13DE1< 381>75C 9> D85 <12?B =1B;5D ?ED3?=5C. 53).%33 9#,% 2%15%.#9 %343 &>5 ?6 D85 =19> @B5493D9?>C ?6 D85 =?45< @B5C5>D54 9> *53D9?> 9C D81D KB=C G9D8 =1>175BC G8? 31B5 =?CD CDB?>7 1B5 =?B5 <9;57175 9> <1I?SC 4EB9>7 4?G>DEB>C @B?@?C9D9?> 1>4 > 1> 9451< 5H@5B9=5>D G5 G?E<4 5CD9=1D5 D85 =17>9DE45 ?6 D89C 5S53D EC9>7 DG? 945>D931< KB=C CE38 D81D D85 =1>175B ?6 ?>5 KB= 81C 9>35>D9F5C D? =1>175 B5@ED1D9?> G89<5 . +85 <1B75 49S5B5>35 9> @5B35>D175C B5L53DC D85 CDB?>7 ?6 5=@<?I5B C9J5 G85B5 1 B5<1D9F5 ?6 5CD12<9C8=5>DC @B?F945 1 =1:?B9DI ?6 :?2C.

(136).

(137) D85 ?D85B 4?5C >?D > D85 12C5>35 ?6 CE38 1> 5H@5B9=5>D G5 5H@<?9D 49S5B5>35C 9> D85 9>35>D9F5C 61354 2I @E2<93<I<9CD54 KB=C O@E2<93P KB=C 1>4 @B9F1D5<I85<4 KB=C O@B9F1D5P KB=C 'E2<93 KB=C 49S5B 6B?= @B9F1D5 KB=C 1<?>7 D8B55 =1:?B =1B79>C 1<< ?6 G8938 =1;5 D859B =1>175BC =?B5 <9;5175 D859B B5@ED1D9?> 9> K>1>391< =1B;5DC B5<1D9F5 D? 1 C9=9<1B @B9F1D5 KB= 9BCD C9>35 @E2<93 KB=C C5<< C81B5C D? ?EDC945 9>F5CD?BC G8? 1B5 >?D 9>F?<F54 9> =1>179>7 D85 KB= D85B5 5H9CDC C5@1B1D9?> 25DG55> ?G>5BC89@ 1>4 3?>DB?< +89C =1I <514 D? 175>3I @B?2<5=C 96 =1>175BCN 9>D5B5CDC 49F5B75 6B?= D8?C5 ?6 D859B 9>F5CD?BC !5>C5> 1>4 $53;<9>7

(138) *53?>4 ?G>5BC ?6 @E2<93 KB=C DI@931<C C9>35 <9AE949DI =1;5C 9D 51CI 6?B C81B58?<45BC D? C5<< D859B CD?3; 1D D85 KBCD C97> ?6 DB?E2<5 B1D85B D81> 13D9F59D?B9>7 =1>175=5>D +89C B5<1D9F5 =I?@93 2581F9?B ?6 9>F5CD?BC G51;5>C 9>35>D9F5C 6?B 5S53D9F5 3?B@?B1D5 7?F5B>1>35 =1B

(139) 1>4 75>5B1D5C 9>35>D9F5C 6?B =1>175BC D? 25 =I?@93 9> D859B B5@ED1D9?> =1>175=5>D *D59>

(140) +89B4 =1>175BC ?6 @E2<93 KB=C 1B5 CE2:53D D? D1;5?F5B D8B51DC G8938 1B5 9> @1BD 45@5>45>D ?> D85 CD?3; @B935 ?6 D1B75D54 KB=C +89C 31> <514 D? =1>175B91< =I?@91 9> @E2<93 KB=C 9> ?B45B D? 13D9F5175 3EBB5>D CD?3; @B935C *D59>

(141) 1>4 4=1>C ?<4CD59> 1>4 !91>7

(142)

(143)

(144) 6 B5@ED1D9?> =1>175=5>D 4B9F5C <1I?S 2581F9?B ?F5B D85 2EC9>5CC 3I3<5 D85 KBCD?B45B 5S53D C8?E<4 C8?G E@ G85> 3?=@1B9>7 49S5B5>35C 9> 2581F9?B ?6 /'*'). @E2<93 1>4 @B9F1D5 KB=C 5B5 G5 5=@81C9J5 B5@ED1D9?> =1>175=5>D 9> 6++!') *.(#0/ C9>35 D85 =1>175BC ?6 @E2<93 1>4 @B9F1D5 KB=C 1B5 <9;5C 6?B B5@ED1D9?> =1>175=5>D 1=?>7 ?D85B 3?>CD9DE5>DC +85 >5HD C53D9?> 45C3B925C D85 5=@9B931< CDB1D57I 1>4 41D1 C1=@<5C G5 EC5 6?B ?EB D5CDC /-0!2).' 5",)#2)6!4% )2-3 -0)2)#!, 42!4%'9 +85 1>1<IC9C ?6 D89C C53D9?> 9C 21C54 ?> D85 3?>K45>D91< =93B?41D1 3?<<53D54 1D 1 =?>D83I 6B?= @B9<

(145) D? 535=25B

(146) 2I D85 $1CC #1I?S *D1D9CD93C @B?7B1= ?6 D85 EB51E ?6 #12?B *D1D9CD93C +85 41D1C5D 9>3<E45C KB=C D81D 5F5B 5>71754 9> 1 <1I?S 4EB9>7 D85 C1=@<5 @5B9?4 ,C9>7 D89C 41D1 G5 3B51D5 D8B55 49S5B5>D C1=@<5C 6?B ?EB CDE4I & ! ). +85 3?>CDBE3D9?> ?6 ?EB 6E<< C1=@<5 6?B D89C @?BD9?> ?6 ?EB 1>1<IC9C. 2579>C G9D8 1<< @E2<93 KB=C D81D 1B5 ?BDE>5 3?>CD9DE5>DC 25DG55>

(147) 1>4

(148) 1>4 1<<

(149). 'B9F1D5 KB=C 9> 3?>DB1CD 1B5 ?6D5> ?G>5B=1>1754 1>4 5F5> G85> >?D 1B5 2?D8 9<<9AE94 1>4 DI@931<35>DB1D54 ?G>5BC89@ G8938 5>3?EB175C D859B ?G>5BC D? =?>9D?B =1>175=5>D =?B5 3<?C54554 5F945>35 6B?= D85 545B1< )5C5BF5NC *EBF5I ?6 *=1<< EC9>5CC 9>1>35C ** C8?GC D81D

(150) ?6 D85 <1B75B @B9F1D5 KB=C 9> D85 CEBF5I 81F5 65G5B D81> D5> C81B58?<45BC =?CD 81F5 65G5B D81> D8B55 1>4 1B5 =1>1754 2I D85 3?>DB?<<9>7 C81B58?<45B C 1 B5CE<D 175>3I @B?2<5=C 1B5 <9;57 @E2<93 KB=C D81> 1=?>7 @B9F1D5 ?>5C. .

(151) @B9F1D5 KB=C D81D 1B5 ?B25C

(152) 3?>CD9DE5>DC 25DG55>

(153) 1>4

(154) .5 D85> =1D38 D85C5 KB=C D? D85 =93B?41D1 G5 1335CC54 6B?= D85 $#* 41D121C5 B5CE<D9>7 9> 1 D?D1< ?6 @E2<93 KB=C 1>4

(155) @B9F1D5 KB=C DB13;54 ?F5B D85 @5B9?4 3?F5B54 2I $#* >1=54 @E2<93 KB=C 9> D89C C1=@<5 &F5B D85

(159)

(160) D9=5 @5B9?4 D85 @E2<93 KB=C D5>4 D? 25 <1B75B D81> D85 @B9F1D5 KB=C 9> D5B=C ?6 2?D8 B5F5>E5 1>4 >E=25B ?6 5=@<?I55C <C? D85 21C5<9>5 <1I?S @B?@5>C9DI ?6 @E2<93 KB=C 9C 12?ED

(161) @5B35>D175 @?9>DC 7B1D5B D81> D85 @B9F1D5 KB=C 1<D8?E78 G5 K>4 >? 49S5B5>35 9> D85 >E=25B ?6 G?B;5BC <194 ?S 2I 2?D8 D85C5 KB=C 9> 1 79F5> =1CC <1I?S 5F5>D > 1> 9451< G?B<4 G5 G?E<4 <9;5 D? 3?=@1B5 D85 9>F5CD=5>D 2581F9?B ?6 DG? ?D85BG9C5 945>D931< KB=C D81D 49S5B ?> D859B <9CD9>7 CD1DEC +? 75D 3<?C5B D? D89C 9451< G5 >554 D? K>4 @19BC ?6 @E2<93 1>4 @B9F1D5 KB=C D81D 1B5 ?2C5BF125 3?>F5>95>D G1I D? 4? D89C 9C D8B?E78 =1D389>7 G8938 9C G81D G5 DEB> D? >5HD / %*)+ +#

(162) )0 % ! ). *9>35 C9J5 9C 1> 9=@?BD1>D ?2C5BF12<5 49S5B5>35 25DG55> D85 @E2<93. 1>4 @B9F1D5 KB=C 9> ?EB C1=@<5 G5 =1D38 ?> C9J5 B5F5>E5 9> 1449D9?> D? =1D389>7 ?> 9>4ECDBI +89C @B?354EB5 3<?C5C1 1>4 #:E>7AF9CD

(163)

(164) G8? 3?>4E3D 1 C9=9<1B =1D389>7 25DG55> @E2<93 1>4 @B9F1D5 KB=C D? 9>F5CD971D5 49S5B5>35C 9> 9>F5CD=5>D C5>C9D9F9D95C $1D389>7 ?> C9J5 9=@<95C D81D ?EB =1D3854 C1=@<5 3?>C9CDC ?6 D85 2?DD?= 81<6 ?6 @E2<93 KB=C 9> D85 ?BDE>5 G8938 3?BB5C@?>4 D? D85 C9J5 ?6 1<< @B9F1D5 KB=C 9> D85 ?B25C

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