ABSTRACT
UHJXODWRU\ IDLOXUH LW ZDV XVXDOO\ DUJXHG WKDW PDUNHW GLVFLSOLQH ZRXOG DZDNHQ VOXJJLVKXWLOLWLHV,QVRPHFDVHVLWZDVDUJXHGPRVWHIIHFWLYHO\LQ1HZ=HDODQG WKDWWKHUHVSRQVHWRUHJXODWRU\IDLOXUHVKRXOGEHWR ¶GHUHJXODWH·RUDSSO\ ¶OLJKW KDQGHG·UHJXODWLRQ7KDWLVSULYDWLVDWLRQVLPSO\LQYROYHVVKLIWLQJDQHQWLW\IURP SXEOLF WR SULYDWH RZQHUVKLS DQG WUHDWLQJ LW DV EHLQJ OLWWOH GLIIHUHQW IRU WKH SXUSRVH RI UHJXODWLRQ WKDQ DQ\ RWKHU FRUSRUDWLRQ 7KLV LVPLVJXLGHG ORJLF ,W PLVVHVDQXPEHURI SRLQWV)LUVWWKHORJLFDOUHVSRQVHWRUHJXODWRU\¶IDLOXUH·LVQRW QHFHVVDULO\WRDEDQGRQUHJXODWLRQEXWWRUHIRUPLW6HFRQGWKHUHDVRQWKDWPDQ\ XWLOLWLHV ZHUH JRYHUQPHQW RZQHG ZDV EHFDXVH WKH\ ZHUH QDWXUDO PRQRSROLHV ZKLFKZRXOGWDNHDGYDQWDJHRIUDWKHUWKDQEHFRQVWUDLQHGE\PDUNHWFRQGLWLRQV 7KLUGWKHXWLOLWLHVRIIHUHVVHQWLDOSXEOLFVHUYLFHV,WKDVORQJEHHQUHFRJQLVHGWKDW VRPH VHUYLFHV DUH DIIHFWHG E\ WKH SXEOLF LQWHUHVW VR DV WR UHTXLUH WKH VHUYLFH SURYLGHUWRRIIHUWKHVHUYLFHVWRDOOZLWKRXWGLVFULPLQDWLRQDWDUHDVRQDEOHSULFH 7KHZD\LQZKLFKWKH1HZ=HDODQGDQG$XVWUDOLDQJRYHUQPHQWVSXUVXHG
WKHLUSULYDWLVDWLRQDQGFRUSRUDWLVDWLRQDJHQGDVRIIHUVDQLQWHUHVWLQJVWXG\LQ
RSSRVLWHV7KH1HZ=HDODQGHUVRSWHGIRU ¶OLJKWKDQGHG·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·V ¶PRQRSRO\ VHUYLFHV· ZKHUHDV LQ WKH 8. LQGXVWU\VSHFLILF UHJXODWRUV OLNH 2IWHO IRU WHOHFRPPXQLFDWLRQV 2IZDW IRU ZDWHU DQG2IIHU IRU HOHFWULFLW\ KDYH EHHQ HVWDEOLVKHG 7KH $XVWUDOLDQ SURFHVV KDV EHHQ DIIHFWHG E\ LWV IHGHUDO VWUXFWXUH 7KH
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
