Electronic copy available at: http://ssrn.com/abstract=1490994
!
"#$%& "# %&
#$%
# %
!
'
( ) * + , )--.
% +/+ +00
!
" #$
$ 1
2 3 4
$
#
# 5
3 3 2 2
% &' &%
5 6
" 56& 1
"+770&
+
8 $ 9 4 # 1 : 9
"4# 1: 9& $ 1 2 3 4 ' )--/;
: : : % : # 5 3 3 2
Electronic copy available at: http://ssrn.com/abstract=1490994 "+7.-&> A B F A "+7.C&>
A B "+7..&> 6
"+770& 6 "+77=&
! " #$%%&' "(" ")) +// !
"D +7.=
)--C& !
"( )--/> )--C&
" # +77<> A
+77=> )--C&
"#$%& 4
"# %& : # "+77<& A "+77=&>
")--C&
'
9 "+77C&
: "+7==&
" )--C&
!
! : "+77)&
! " +77C&
% ( ) & & ) ) *
"& + % )
3
$ %
9 "+77)& '
!
+/0 ! " #$%%&' "(" ")) 4
G H
5
: D
D "+77=&
!
$ "+77C&
4
$ +77C&
A
E ")---&
!
/ D D ")--+&
4
9 ")---&
!
/
$
! " #$%%&' "(" ")) +/C
+770> 2
)--/& ! "+77C )---&
"+770 +77C +77C )---&
+/< ! " #$%%&' "(" "))
!
!
D "+7.7>
+77C&
$ "+7.+&
4
D "+77- +77C&
#
@ "+77.&
! " #$%%&' "(" ")) +/= +77+> +77C& D
"@ +77C& 4
"2
+77- +77C&
!
2 ")--)&
'
@ "+77=&
5
"
+/. ! " #$%%&' "(" ")) "
)--/& # ")--C&
4
" +77C )---& D
"+77+&
: "
D )--< )--=&
" &
4
2 ! "+7=.&
" +77C>
)---& 8 4
2 ! "+7=.&
6 2 "+7..&
4 : 5 "+777&
#
5
"D +77=&
"#$%&
"# %& #$%
! " #$%%&' "(" ")) +/7 #
K !
" +770&
$
"5
+7.=> +77->
+7.<&
"5
+7.=> $ 8 +77C>
)---> ( +77<& $
L
" #
+7.0> +770& #
" &
"A #
+77+&
!
"A 5 +7.7&
" +7.=> +7.<&
&% &%
5 6
" 56&' $ 1
(
4 " # .
+0- ! " #$%%&' "(" "))
NNNNNNNNN "+777& G# ' 1 NNNNNNNNN ")--C& G4
! " #$%%&' "(" ")) +0+
+<"0&'<<=
<7-A 8 F Q , 2 "+77=&
5 % "+77<& NNNNNNNNNNNN "+7..& G: #
: 4
NNNNNNNNNNN F $ , "+77-&
+0) ! " #$%%&' "(" "))
6 "+7.-& G1
! " #$%%&' "(" ")) +0/
NNNNNNNN "+770& M8 * 2
3 #
6 M
. /
( +C "2 & +<7 +.7 NNNNNNNN "+77C & M# :
1 M 2
1 ( =/ * )
"2 & .- ..
NNNNNNNN "+77C & 4 5
1 . 7
6
1 5 ' 8
5 %
NNNNNNNN ")---& 3 .
5 <
"+770& G
' :
6 "+7.<& G1 9
2 ' : %
1 "+77<& M1 #
+00 ! " #$%%&' "(" "))
NNNNNNNN ")--=& G: 1 :