Citation
The social legitimization of children in Suriname society

Material Information

Title:
The social legitimization of children in Suriname society an ethnographic account of pregnancy and childbirth among the Creole in greater Paramaribo
Creator:
Staker, Mark L., 1961-
Publication Date:
Language:
English
Physical Description:
xii, 257 leaves : ill. ; 29 cm.

Subjects

Subjects / Keywords:
Childbirth ( jstor )
Creoles ( jstor )
Fathers ( jstor )
Hospitals ( jstor )
Infants ( jstor )
Marriage ( jstor )
Mothers ( jstor )
Pregnancy ( jstor )
Slavery ( jstor )
Women ( jstor )
Children -- Social conditions -- Suriname -- Paramaribo ( lcsh )
Creoles -- Social life and customs -- Suriname -- Paramaribo ( lcsh )
Ethnic groups -- Social life and customs -- Suriname -- Paramaribo ( lcsh )
Legitimation of children -- Suriname -- Paramaribo ( lcsh )
Genre:
bibliography ( marcgt )
theses ( marcgt )
non-fiction ( marcgt )

Notes

Thesis:
Thesis (Ph. D.)--University of Florida, 1992.
Bibliography:
Includes bibliographical references (leaves 243-256).
General Note:
Typescript.
General Note:
Vita.
Statement of Responsibility:
by Mark L. Staker.

Record Information

Source Institution:
University of Florida
Holding Location:
University of Florida
Rights Management:
Copyright [name of dissertation author]. Permission granted to the University of Florida to digitize, archive and distribute this item for non-profit research and educational purposes. Any reuse of this item in excess of fair use or other copyright exemptions requires permission of the copyright holder.
Resource Identifier:
001867925 ( ALEPH )
AJU2441 ( NOTIS )
28997614 ( OCLC )

Downloads

This item has the following downloads:


Full Text















THE SOCIAL LEGITIMIZATION OF CHILDREN IN SURINAME SOCIETY: AN
ETHNOGRAPHIC ACCOUNT OF PREGNANCY AND CHILDBIRTH AMONG THE
CREOLE IN GREATER PARAMARIBO




















By

MARK L. STAKER


A DISSERTATION PRESENTED TO THE GRADUATE SCHOOL
OF THE UNIVERSITY OF FLORIDA IN PARTIAL FULFILLMENT
OF THE REQUIREMENTS FOR THE DEGREE OF
DOCTOR OF PHILOSOPHY

UNIVERSITY OF FLORIDA


1992















To my Father and Mother
who have a great deal of experience with childbirth and the
responsibilities of paternity and maternity













ACKNOWLEDGEMENTS


I would like to express my gratitude to Kim Staker for her

many contributions to this work. She gained her understanding

of pregnancy in Suriname through experience. Joshua and Anna '

Staker also contributed by enduring long walks, eating

unfamiliar foods, and patiently letting the incessant throngs of

people in the market run fingers through their hair and teach

them Dutch.

Many others contributed to this work as well. Dr. M.G. Lie

Hon Fong, the Minister of Health, gave me permission to do the

study. Dr. Sonja Caff6 of the Department of Public Health

graciously took responsibility for my work and gave invaluable

aid throughout the research process. The medical staff at

s'Lands Hospitaal allowed me to watch them work, shared their

knowledge, and provided support during the work. Doctor A.

Mungra, a hospital gynecologist/obstetrician and Sister Wandi,

the head nurse/midwife at the hospital, lent invaluable support.

Dr. Linda Wolfe, Dr. Leslie Lieberman, Dr. Molly Dougherty,

and Dr. Sharlene Simpson all contributed invaluable input during

various stages of this research. Dr. Brian du Toit gave immense

amounts of time and insight towards the completion of this

project. A University of Florida Grinter Fellowship made some

of the preliminary research for this work possible and a


iii










University of Florida Goggin Award contributed towards the

travel expenses during research.

Most of all I am indebted to the women and men in Suriname

who graciously shared their experiences and knowledge. Many of

them are sincere friends and association with them will always

be a fond memory.
















TABLE OF CONTENTS

page
ACKNOWLEDGEMENTS.........................................iii

LIST OF TABLES............................................ix

ABSTRACT ................... ............................... xi

CHAPTERS

1 LEGITIMACY: ISSUES AND QUESTIONS ......................1

The Principle of Legitimacy ......................... 1
Marriage. ......................................... 3
Legitimacy.......... .............................. 9
Research Questions................................ 13
Why study in the Caribbean? .....................14
Why study Suriname in particular? ...............14
What in Creole society should be the foci of this
study?..........................................15
Summary................................................. 16

2 THE CARIBBEAN FAMILY SYSTEM......................... 19

Introduction........................................19
The Caribbean Family............................... 19
Origins of the Caribbean Family System.............21
The Nature of the Current Caribbean Family..........27
Men in Household Groups...........................27
The Matrifocal Family ............................31
Mating Patterns in the Caribbean.................35
Extra-Residential unions.......................35
Consensual unions ..............................37
Marriage unions................................ 38
The Importance of Children in Common..............41
Illegitimacy in the Caribbean.................... 45
Summary..............................................52


3 AN OVERVIEW OF THE RESEARCH SITE:
THE REPUBLIC OF SURINAME........................... 55

Historical Overview..................................... 55
European Domination................................ 55
Slavery in Suriname.................................57
The Post-Slavery Period ............................60
The Current Picture................................... 61










Population Growth.................................. 61
Ethnic Make-Up of the Population...................63
The Hindustani................................... 63
The African-American population..................65
The Javanese..................................... 67
The Native Americans ............................ 68
The Chinese...................................... 68
The Europeans.................................... 69
"Mixed" population............................... 70
The Political Situation............................ 70
The Economy.........................................72
Languages.......................................... 73
Sranantongo.......................... ........... 74
Dutch............................................ 75
Other languages.................................. 76
The Religions of Suriname..........................77
Summary.............................................. 81

4 METHOD............................................... 84

Population Studied.................................. 84
Methodology................... .....................85
Language Use...................................... 85
Participant Observation....................... .... ... .. 86
Hospital Records.................................. 88
Interviews........................................ 89
Structured interviews ...........................90
Semistructured and unstructured interviews......92
Summary......................................... ...95

5 THE MATING SYSTEM OF SURINAME......................97

Interaction Between Men and Women...................97
The Development of Relationships....................97
School Relationships..............................98
Street Relationships..............................99
Established relationships.......................99
New relationships.............................. 100
Social Events....................................101
Character...........................................102
Proper Intimate Behavior .........................103
Proper Intimate Knowledge........................104
Being Socially Sensitive .........................107
The Range of Unions................................108
Marriage..........................................109
Marriage rates................................. 111
Legitimacy in marriage..........................112
Consensual Unions................................114
Is "Suriname style marriage" a form of
marriage?.....................................115
The legitimation of children...................116
Extra-Residential Unions.........................117
The Importance of Paternal Recognition and
"Legitimacy"................................... 119











The Economic Status of Reproductive Age Women.... 121
Summary ........................................... 123

6 CONCEPTION..........................................129

Conception and Issues of Paternity.................129
A Woman's Reproductive Capabilities................ 129
Menstruation......................................129
Etiology of Illness and Menstruation.............130
Is There a Motive Behind Pregnancy?................ 132
Sexual Relations as a Rite of Transition.........133
Children as Part of Long-Term Relationships...... 134
The Use of Contraception and its Relationship to
Pregnancy... ..................................... 135
Contraceptives................................... 135
Reasons for Using Temporary Contraceptives.......138
The Importance of Children as They Mature........ 139
Conception........................................140
Signs of Pregnancy............................... 140
Menstruation and pregnancy................... 140
Other signs of pregnancy..................... 141
Response to Discovery of Pregnancy.............144
The Response of Others Towards the Pregnancy...149
False Pregnancies ...............................151
Improving Fertility............................ 152
Aborting the Pregnancy............................153
Spontaneous Abortions ("Miscarriages").........153
Induced Abortions ("Abortions") ................155
The Creole Use of Abortions.................... 159
Summary...........................................160

7 PREGNANCY...........................................165

A Woman's Appearance and Pregnancy................. 165
Pregnancy as an Event ..............................166
A Mother's Contribution to the Child.............166
A Father's Contribution to the Child.............166
Pregnancy Induced Changes in the Body............167
Diet During Pregnancy..............................168
Diet and Pregnancy...............................169
Food Cravings and Avoidance Patterns............. 170
Prenatal Care During Pregnancy..................... 172
Illnesses During Pregnancy..........................173
Inherited From the Ancestors .....................174
Fyo-Fyo..........................................175
Summary............................................ 177


8 BIRTHING..............................................181

Delivery and Paternity...............................181
The Term of Pregnancies ...............................181
Premature Births ...................................181
Postterm Births ....................................182


vii











General Gestation Length........................... 183
Anticipation of Delivery............................. 186
Paying for the Delivery.............................. 187
The Setting for Birth................................ 190
Where to Deliver................................... 190
The Hospital .......................................191
Getting to the Hospital............................ 195
Labor in the Hospital................................ 196
Delivery ..............................................202
Family Support During Delivery.....................205
Special Births......................................206
Age of Mother at Delivery..........................207
Day of Delivery.................................... 207
The Afterbirth..................................... 208
Variation in Birth Weight ..........................210
Summary.......................... *......... ...........211

9 MATERNAL POSTPARTUM RECOVERY AND INFANT
EXTEROGESTATION ............ ..... ................... 215

Postpartum Recovery...................................215
The Hospital Period................................ 215
Recovery at Home................................... 218
Ritual Cleansing Baths............................. 219
Introducing the Child to its World.................223
Preperation for Walking............................ 223
Protection from the Evil Eye and Other Harm.........224
Infant Feeding..................................... 225
Infant Mortality......................................227
Infant Diarrhea....................................228
Infant Funerals....................................228
Birth Anniversaries................................229
Summary......................................... ......229

10 SUMMARY AND CONCLUSIONS .............................232

Summary...............................................232
Implications for Understanding Events in Suriname....235
Implications for Caribbean Society...................238
Implications for Understanding the Concept of
Legitimacy.......................................... 240

REFERENCES...............................................243

BIOGRAPHICAL SKETCH......................................257











viii
















LIST OF TABLES


paae
1. Population Growth and Growth Factors, 1980-1985.......62

2. The Best Spoken Language of the Suriname Population
Six Years Old and Above by Ethnic Group.............74

3. Religion of Delivering Women..........................80

4. Ethnic Identity of Hospital Smaple....................81

5. Marriage Rates of Women Delivering at the Hospital...ll1

6. Official Poverty Level ...............................123

7. Number of Tubal Ligations Performed by Ethnic Group..137

8. Reaction of Women to Their Pregnancy.................144

9. Reaction of the Child's Father to the Pregnancy....... 144

10. Women's Response to Their Pregnancy..................146

11. Ethnicity of Women and Response to Pregnancy..........146

12. Men's Response to Pregnancy by Ethnicity.............148

13. Men's Response to the Pregnancy......................148

14. Number of Abortions in Population of Delivering
Women................................................... 157

15. Total Number of Abortions Specified as Induced in
Delivery Records by Ethnic Group...................158

16. Number of Prenatal Visits to a Clinic or the
Hospital...................... .....................173

17. Woman Reports that Her Menstrual Cycle is "Not Normal"
by Ethnic Group................................... 184

18. Length in Days of a Typical Menstrual Cycle by Ethnic
Group...............................................184

19. Length in Days of a Typical Menstrual Period by Ethnic
Group...............................................185











20. The Gestational Age of Infants by Ethnic Groups......186

21. Method of Payment for Birth by Ethnic Group...........189

22. Frequency of Water Breaking Before Admission.........196

23. Number of Previous Deliveries by Ethnic Group........202

24. Condition of Perineum by Ethnic Group................204

25. Average Age of Mother at Delivery by Ethnic Group....207

26. Kra Names............................................ 208

27. Sex of Child Born by Ethnic Group.................... 210

28. Average Infant Weight in Grams by Ethnic Group........210

29. Number of Low Birth Weigths (>2,500 grams) and High
Birth Weights (<4,000 grams) by Ethnic Group.......211

30. Still Births and Infant Deaths....................... 227















THE SOCIAL LEGITIMIZATION OF CHILDREN IN SURINAME SOCIETY: AN
ETHNOGRAPHIC ACCOUNT OF PREGNANCY AND CHILDBIRTH AMONG THE
CREOLE IN GREATER PARAMARIBO

By

Mark L. Staker

December 1992

Chair: Brian M. du Toit
Major Department: Anthropology

A review of the concept of legitimacy as developed and

used in anthropology is followed by an analysis of research

on the Caribbean family system and the view of scholars on

legitimacy within this system. The view of some Caribbean

scholars that there is no concept of legitimacy in the lower

levels of Caribbean society is critiqued.

Based on previous definitions of legitimacy and

exceptions to those definitions, a more encompassing view of

legitimacy is presented. This view defines children as

legitimate if they are born into a socially approved union

and receive public acknowledgement of paternity by their

father. In the context of an attempt to shed light on these

two concepts, an ethnographic account of pregnancy and

childbirth within the Creole population of greater

Paramaribo, Suriname, is presented.

For the Creole it is concluded that a relationship has

social approval if it is open and public. Although paternity

can be acknowledged by publicly legitimizing a child through












legal registration, it can also be done in rituals and other

types of behavior. One of the most important ways of

indicating paternity is participation in ritual healing for a

pregnant woman and her child of an illness called fyo-fyo.

Another is experiencing couvade-like symptoms known as yepi

or "helping" during the pregnancy or delivery. This evidence

indicates legitimacy is common within Creole society, and

some of the responses to illegitimacy within this context are

considered.

Based on these findings, it is important for

anthropologists to examine accepted definitions of

"legitimacy" and "illegitimacy." Legitimacy implies that a

child is born into a union that is socially approved and it

receives public acknowledgement of paternity.


xii















CHAPTER 1
LEGITIMACY: ISSUES AND QUESTIONS



The Principle of Legitimacy

Early in this century Malinowski developed a concept he

labeled the "principle of legitimacy." He argued that

In all human societies .there is universally
found what might be called the rule of legitimacy.
By this I mean that in all human societies a girl
is bidden to be married before she becomes
pregnant. Pregnancy and childbirth on the part of
an unmarried young woman are invariably regarded as
a disgrace I know of no single instance in
anthropological literature of a community where
illegitimate children, that is children of
unmarried girls, would enjoy the same social
treatment and have the same social status as
legitimate ones (Malinowski 1927:187).

In later writings he retained the view that "the main

sociological principle embodied in these rules and

arrangements is that children should not be produced outside

a socially approved contract of marriage" (Malinowski

1929a:6-7). Malinowski (1930) recognized that having a

sociological father was central to the concept of legitimacy.

He viewed the acknowledgment of a sociological father as

critical to parenthood in all societies. "Parenthood, to be

normal [i.e. the "norm" or usual practice of a society], must

be made legitimate, that is, based on a socially approved,

but individual marriage contract" (1929b:407).









Malinowski was aware that every child has a biological

father and most people recognize this fact.1 But he saw the

concept of a sociological father as equally important

although not necessarily connected. "Physiological

paternity, the begetting of a child, is not, as a rule,

sufficient and may even be irrelevant in determining social

fatherhood" (Malinowski 1929b:406). This distinction between

a biological and sociological father has been retained by

anthropologists in the use of the terms genitor and pater,

respectively. The genitor is the biological father of a

child. The pater is the legally or socially recognized

father of a child that fulfills the duties this role requires

in his society. It is the possession of a pater that makes a

child legitimate.

According to this perspective, not every child possesses

a pater and some are born illegitimate; but illegitimacy is

expected to be unacceptable and unusual in all societies.

The idea of a child being born without a pater is separate

from the concept of a woman getting pregnant without a

husband. Malinowski was aware that premarital intercourse

can occur in all societies and that in some societies it is

institutionalized. But he asserted that "conception is not

left to the chance of free intercourse, even where this is

allowed, but its necessary condition is marriage" (Malinowski

1929b:406). He argued that children are either not born of

these unions because of abortion or other unknown factors or









the resulting offspring prove the fertility of a couple and

they marry.2

The concept of legitimacy, as described above, has

generally been accepted as valid for all societies as

indicated in Davis' statement that:

without this rule there would be no family
the legitimacy rule prevails no matter what other
conditions prevail. Children may be an asset or a
liability, pre-nuptial or extra-nuptial intercourse may
be forbidden or sanctioned, still the rule runs that a
father is indispensable for the full social status of
the child and its mother. Otherwise the child is
illegitimate and the mother is disesteemed (1966:79).

Although its validity has not generally been examined, this

"universal" concept is occasionally worked into the theories

or writings of anthropologists (e.g. Fortes 1969:258-259,

Houseman 1988:660).3 Most anthropologists, however, have

generally ignored the concept completely as evidenced by the

relative lack of discussion surrounding legitimacy in the

literature. Legitimacy has been given indirect consideration

in discussions of marriage (a topic that has been given

considerable attention) and an examination of the

anthropological discussion surrounding marriage will shed

further light on the views scholars have expressed concerning

the concept of legitimacy.



Marriage

The connection between legitimacy and marriage is

evident in the way anthropologists define marriage. The

well-known Notes and Queries in Anthropology (1951)









definition is still frequently referred to by anthropologists

and Mair (1972:82) calls it a "useful working definition."

Notes and Queries (1951:110) published a definition of

marriage as "a union between a man and a woman such that

children born to the woman are recognized legitimate

offspring of both parents."

Upon reflection it is evident that this definition does

not apply to every type of marriage. The Nuer institution of

woman-marriage-to-a-woman illustrates this point. Evans-

Pritchard (1960:108-109) has argued that the legal provisions

of this type of union are the same as those for a marriage

between a man and a woman. The only difference is that a

Nuer in a woman-marriage-to-a-woman will use a proxy male

(generally her own husband) to "father" children for her

while all of the children born of such unions are strictly

under the control of the woman who fills the paternal role.

The children call her "father" and she fulfills the role of

pater for them. Therefore the part of the Notes and Queries

definition that requires both a woman and a man does not

apply to all marriages.

Another part of the definition that states marriage is a

union has previously been called into question by Sarana

(1968) who has pointed out that if one considers that the

word connotes physical contact it does not apply to some

relationships. For example, Nuer ghost marriages to not fit

this requirement. A Nuer woman may marry a man who is

already dead while another man fulfills the role of genitor.4










When children are born they are incorporated into the lineage

of the dead man who is their pater. Children born of these

relationships are considered legitimate (Evans-Pritchard

1960).

The second half of the Notes and Queries definition,

which states if the children of a union are recognized as

legitimate the relationship is a marriage, was considered

problematic by Leach (1968); but his argument does not hold

up. He draws on his knowledge of the practice of polyandry

in various societies. He concedes that in some polyandrous

societies, such as that of the Britons as described by

Caesar, "wives are shared between groups of ten or twelve

men, especially between brothers and between fathers and

sons; but the offspring of these unions are counted as the

children of those to whom the maid was conducted first"

(Leach 1968:73; see Fischer 1952 for additional comments on

marriage among the ancient Britons). Leach acknowledges that

this type of marriage still produces children who are

legitimate since, although the genitor may by obscure, the

child has a recognized pater. He also concedes that the

Todas, another polyandrous society, have a single recognized

pater for each child (Leach 1968). Therefore, the only

polyandrous society that Leach sees as a real exception to

the rule is the Nayar studied by Gough (1952, 1955). Leach,

relying on two papers by Gough, stated that the Nayars

historically have not had marriage "in the strict sense of

the term" (i.e. the Notes and Queries concept of marriage)









but only a "relationship of perpetual affinity" between

linked lineages (Leach 1968:75). Leach also argued that the

Nayar did not have a notion of fatherhood since Nayar

children use a term of address meaning "lord" or "leader" to

all of their mother's lovers irrespective of paternity and

the term does not imply a notion of paternity. Leach does

concede that a notion of affinity is present, however, since

Nayar women were required to observe pollution at their

ritual husband's death. Leach concludes in his paper that

the only marriage characteristic among the Nayar is the

establishment of "a socially significant 'relationship of

affinity' between the husband and his wife's brothers" (Leach

1968:77). Leach expands the definition of marriage to

include ceremonies to establish one of ten specific rights

(one of which is the relationship of affinity mentioned

above) but he claims the list can be expanded further. These

ten rights are:

1. To establish the legal father of a woman's children.
2. To establish the legal mother of a man's children.
3. To give the husband a monopoly in the wife's
sexuality.
4. To give the wife a monopoly in the husband's
sexuality.
5. To give the husband partial or monopolistic rights
to the wife's domestic and other labor services.
6. To give the wife partial or monopolistic rights to
the husband's labor services.
7. To give the husband partial or total rights over
property belonging or potentially accruing to the
wife.
8. To give the wife partial or total rights over
property belonging or potentially accruing to the
husband.
9. To establish a joint fund of property--a
partnership--for the benefit of the children of the
marriage.









10. To establish a socially significant relationship of
affinity between the husband and his wife's
brothers.

Although each of these rights may exist in some

circumstances, only rights one and two on the list can be

considered to occur universally.5 Number one on the list is

considered universal by Gough, who disputes Leach's assertion

that Nayar polyandry is an exception of the legitimacy

principle.

Gough (1968) describes marriages of Nayar girls as

taking place every few years. A lineage held a grand

ceremony at which all of its girls who had not attained

puberty, about seven to twelve years old, were on one day

ritually married to men drawn from their linked lineages.

After four days of ceremonies the ritual husbands left the

house and had no further obligations to their brides. The

only further obligation a bride had to her ritual husband was

at his death when she and her children, "by whatever

biological father," would observe death-pollution for him

(Gough 1968:55). Death-pollution was a ritual that would

otherwise only be observed for matrilineal kin.

After this ceremony a Nayar girl is then able to take

part in the rites of adult women and she is called by the

respectful title amma meaning "mother." Gough reports that

although the ritual husband need have no further contact with

his ritual wife, if both parties were willing, he might enter

into a sexual relationship with his ritual bride about the

time of her puberty. This man did not remain a woman's sole









partner, however, and a woman usually had from three to eight

regular husbands but might receive other men of her own or a

higher caste when desired. Gift giving was an important part

of these relationships and when men no longer gave the

expected gifts it was assumed that they had ended the

relationship.6 However, "when a woman became pregnant it was

essential for one or more men of appropriate sub-caste to

acknowledge probable paternity" (Gough 1968:57). This was

accomplished by a man, or several men, paying the midwife for

the birth--a duty of the father.7 Since the Nayar believed

that numerous acts of intercourse were required for the

growth of the fetus, several men could in fact be the

biological father of a Nayar child. The legitimacy and

status of children depended on the status of the "visiting

husbands" who acknowledged paternity, not that of the ritual

husbands (see Sarana 1968:163-164). These men had no other

responsibilities towards the woman or her child. If no man

of a suitable caste would consent to make a gift then the

mother and the child would either be killed or sold into

slavery. If the woman were driven away then her kin would

perform funeral rites as if she had died.

In reference to this mating system Gough says:

In these circumstances the exact biological
fatherhood of a child was often uncertain,
although, of course, paternity was presumed to lie
with the man or among the men who had paid the
delivery expenses. But even when biological
paternity was known with reasonable certainty, the
genitor had no economic, social, legal, or ritual
rights in nor obligations to, his children after he
had once paid the fees of their births. Their









guardianship, care and discipline were entirely the
concern of their matrilineal kinsfolk .
(Gough 1968:58)

Gough concludes "Nayar unions [were] marriage because they

involved the concept of legal paternity." She then defines

marriage in the following manner:

Marriage is a relationship established between a
woman and one or more other persons, which provides
that a child born to the woman under circumstances
not prohibited by the rules of the relationship, is
accorded full birth-status rights common to normal
members of his society or social stratum. (Gough
1968:68)8

Because the Nayar marriage system has generally been

considered marginal and an important test case, this

definition has important broader implications. These

implications will be considered in the context of the

following discussion of legitimacy.



Legitimacy

In the case of the Nayar, Malinowski's (1929b:407)

assertion that legitimacy is based on a "socially approved,

but individual marriage contract" continues to hold. Part of

the Nayar concern for a man acknowledging paternity is based

on their concern for proper "breeding," although this is not

based on an understanding of genetic inheritance. The Nayar

say that if no one will acknowledge paternity then the father

must be a Christian or a Muslim, or "even worse" a woman has

had sexual relations with a member of her own lineage--an act

of incest. Gough points out that the Nayar fear their

children will inherit poor qualities in such circumstances.









The concept of "higher breeding" in legitimate relationships

exists in a number of societies (Teichman 1978:60-61).

But although the discussion surrounding the Nayar case

does indicate that legitimacy is inherited by children as a

part of all marriages, this does not mean that all children

who are legitimate are born into marriages. This can be seen

in the case of the Ashanti in West Africa.

Formally the condition of bastardy is not
recognized in Ashanti law and custom. But jural
sufficiency does not make the whole person; he must
be morally and spiritually complete as well. For
this, a freeborn person must have a known, freeborn
pater. If he cannot name a father who has
acknowledged him, this is tantamount to admitting
either slave-paternity or a condition akin to
bastardy. (Fortes 1969:196).

For the Ashanti marriage is not a prerequisite for legitimate

paternity. However, the genitor must make public

acknowledgement of his paternity, notably by exercising his

paternal role of naming the child, by supporting the mother

during pregnancy, and by giving customary gifts to the mother

at the time of delivery. Admitting paternity does not bind

the father and child in legal terms but it creates moral and

sentimental loyalties, claims, and privileges and these are

defined and sanctioned by custom and public opinion (Fortes

1969). Legitimate paternity is also essential as a sign of

manhood for the Ashanti. If a man does not have a child to

claim after a lengthy marriage, he is considered defective in

some way and is prohibited from election to office in the

lineage system.9









The Ashanti, then, have a concept of legitimacy that can

exist separate from marriage. In order for Malinowski's

definition of legitimacy to still apply to them it must be

restricted to being derived from a "socially approved, but

individual contract," with marriage taken out.

If marriage is separated from legitimacy as a concept

then it requires a more precise definition of legitimacy

since its opposite--illegitimacy--is usually defined as

including all children born outside of marriage.10 An attempt

to define illegitimacy in terms of sexual relations is also

problematic. Teichman's (1978:53) assertion that "an

illegitimate child is one whose existence is the result of an

unsanctioned sexual act" overlooks the fact that in many

societies if a woman is married all children born to her are

considered legitimate and her husband is their pater--even if

the genitor is another man from an illicit relationship.11

Teichman's definition also overlooks many sanctioned sexual

acts where the children conceived from the union are

considered illegitimate.12 In fact, the origins of

Malinowski's principle of legitimacy lies in his recognition

that premarital relationships among the Trobriand Islanders

were expected and even encouraged although children born as a

result of these unions evidently did not exist and would not

have been accepted if they did exist.

The importance of Malinowski's assertion that social

approval is essential to legitimacy can be seen in a number

of industrial societies. For example, in the United States a









child born in most states is only considered legitimate if

born into a marriage, born to a mother who subsequently

marries the father, or is adopted after birth (The Guide to

American Law 1984). In Great Britain, even when a child is

born into a marriage, if the father does not acknowledge the

child as his it may be considered illegitimate. Especially

if the father's actions and public sentiment do not support

the mother's contentions (Teichman 1978). In these

situations it is not marriage that is the fundamental

component of legitimacy, but public acknowledgement of

paternity.

In the Ashanti case legitimacy is created through the

public acknowledgement of paternity. This coincides with the

Nayar view that paternity needs to be acknowledged for a

child to be legitimate. Marriage, or the giving of gifts to

the mother, is not important for obtaining legitimacy. It is

only when gifts are given to the midwife at birth that

legitimacy is conferred on the Nayar child.

It seems then, in an attempt to define legitimacy, that

the social approval of a relationship (whether it is

considered marriage, as Malinowski believed, or not) is

important in conjunction with public acknowledgement of

paternity. Keeping this in mind we can now approach a

definition of legitimacy.


A child is legitimate when it receives public
acknowledgement of paternity and is born from a
union that is socially approved.










This definition separates the concept of legitimacy from that

of marriage. Although an attempt to define marriage in terms

separate from legitimacy has not been successfully done, such

a definition might be approached through a modification of

existing definitions to restrict marriage to those

relationships that give legitimacy to children without the

necessity of public acknowledgement of paternity (i.e. the

very nature of the relationship is one in which everyone

knows who the pater should be).



Research Ouestions

Based on the definitions presented, two questions

arise: first, how is a relationship outside of legal marriage

recognized as having social approval while other nonlegal

relationships may not have such approval? Second, how does

public acknowledgement of paternity take place and what is

accepted as valid proof of paternity?

I will explore these questions in the following

chapters in the context of an ethnographic account of the

perinatal period for a specific society in the Caribbean--the

Creole population in greater Paramaribo, Suriname. Because

the history of Suriname is connected historically and

culturally to that of other Caribbean societies, research

examining the patterns of family life throughout the

Caribbean has bearing on our understanding of Surinamese

society and so this information will also be considered in a

separate chapter.










In the concluding chapter, I will return to the

concepts discussed above and especially to Malinowski's

characterization of legitimacy and reexamine the issues in

light of the data presented.



Why study in the Caribbean?

An examination of a Caribbean society is important in

furthering the understanding of illegitimacy. Since some

have argued that illegitimacy as a concept does not exist in

the Caribbean and others have argued that it exists but is of

little concern to those living there, the region is important

as a borderline case for testing the construction of

legitimacy as presented.



Why study Suriname in particular?

Although the Republic of Suriname has historical and

cultural similarities to other Caribbean societies, it is

unique in its cultural diversity in the Caribbean due to the

importation of a diverse pool of labor (discussed in chapter

three). This allows for the examination of the Creole

population in Suriname in the context of a wide diversity of

beliefs and practices that serve to highlight distinctive

beliefs and practices and thereby foster an emic view of

Creole society.

Suriname is also distinctive in the Caribbean in that

it inherited the Dutch legal system.13 Dutch law differs from

British law (common in much of the Caribbean region) in that









Roman-Dutch law declares that "a mother makes no bastard" or

in other words that a child is always legitimate in terms of

its mother while British law declares that a child is "filius

nullius" or "the child of no one" which means the child does

not have claim on either its mother or its father (Teichman

1978). The distinction made within Dutch law separates the

issues of maternity and paternity so that paternity can be

focused on more precisely.14



What in Creole society should be the foci of this study?

The development of the approval of relationships

outside of legal marriage and the subsequent paternity of a

child are described relying on rituals and activities

surrounding birth. Paige and Paige (1981), in their cross-

cultural study of 114 non-industrial societies, have argued

that ritual is used by fraternal interest groups to gain

control over children through asserting paternity. Although

the authors do not consider issues of legitimacy directly in

their work, they do argue that "legitimacy is

determined by social consensus and contractual

agreements" (Paige and Paige 1981:167). The authors argue

that ritual surrounding reproduction is used by men in

societies with loose fraternal organizations to gain the

social consensus that a child belongs to the fraternal

interest group and, indirectly, is legitimate.










Summary

Malinowski originated the concept of "principle of

legitimacy" which is essentially the emphasis of all

societies on having legitimate children with the result that

illegitimate children are unusual. In his view, it was the

possession of a pater that makes a child legitimate. This

concept has been accepted as valid by other scholars and is

occasionally worked into theories of parenthood. Views of

marriage have also revolved around the idea of legitimacy.

Marriage has generally been defined as a legitimizing

relationship.

The Ashanti have relationships that are not considered

marriage and yet a child born in these unions is legitimate

as long as someone acknowledges paternity. Such

relationships require that the concept of legitimacy be

redefined such that:


A child is legitimate when it receives public
acknowledgement of paternity and is born from a
union that is socially approved.

Based on the definitions presented, two questions

arise: first, how is a relationship outside of legal marriage

recognized as having social approval while other non-legal

relationships may not have such approval? Second, how does

public acknowledgement of paternity take place and what is

accepted as valid proof of paternity? These questions are

explored in the remainder of this dissertation in the context

of the Creole population in Suriname with reference to










Caribbean societies in general. An examination of this

region is warranted because of the apparent uniqueness of

concepts of legitimacy and illegitimacy in the Caribbean.

Doing research in Suriname allows for the examination of a

population that in some ways has hightend cultural awareness

because of the ethnic diversity in the capital. Since the

events surrounding the conception and birth of children and

the period shortly after the birth all seem to be important

in determining issues of paternity, these events will be

specifically focused on in the discussion of the Suriname

family.

1The Trobriand Islanders that Malinowski studied were one of the two
known groups where a biological father was not recognized (see
Malinowski 1929; Fortune 1932). The other group is a segment of the
Australian Aborigines (see Ashley-Montagu 1937).

2The possible biological influence on this phenomenon that Malinowski
guessed at has since been shown to be valid. Many women do not begin to
ovulate until sometime after menstruation takes place. This delay would
mean that in some societies women would not conceive during premarital
relations even though they were menstruating. Later, when ovulation
begins, women were more likely to be married.

30ne pc3sible exception to this trend has been Spiro's (1954)
examination of life on the kibbutzim in Israel. In a kibbutz children
are separated from their (unmarried) parents to live in separate
housing. However couples do seem to marry soon before or soon after a
child is born so that the child will be considered legitimate. How
often this happens is not stated. In a later addendum (1968) Spiro
states that he does consider the family to exist on the kibbutz since,
among other things, terms of affinity (father, mother, son, daughter)
are used.

4This practice is not the levirate since the genitor is not necessarily
a brother but the practice of levirate would also apply to this same
argument.

5Right number two, "to establish the legal mother of a man's children"
is very clearly connected with he first right of establishing a legal
father to a woman's children. Since in what Hall (1983) calls high
context societies the mother of a child is always known due to the
outward physiological signs of pregnancy and the act of birth, the
mother of a child is rarely in doubt. Only in those situations where a
child is "left on the doorstep" or abandoned in some way is maternity










generally in question. Such abandoned children may be a special case
since both their father and their mother are legally in doubt. Since
the father in such cases is also unknown, the lack of a pater or
sociological father is apparently important in all issues of legitimacy.

6Gough does not state how a Nayar woman went about ending a
relationship, or even if they were allowed to do so.

7The Nayars believed several acts of intercourse "feed" the embryo and
assist it to grow. This would allow more than one man to be the
biological father of a child although it was only essential that one man
acknowledge paternity.

8Although Gough does not discuss it in her paper, this definition is
also important because it allows for the exclusion of children from
legitimacy who are born to a married woman if a man other than the
husband is the father. Although in many cases this is unimportant and a
child is considered legitimate if a woman is married regardless of who
the father is, in other circumstances this is not the case. Having said
this, Gough's definition should not just say "a woman and one or more
other persons" since besides the polyandrous unions she dealt with there
are also polygynous unions

9Fortes (1969:196) notes that public and continuous living together of a
man and a woman without the formalities of marriage but generally with
the consent of the woman's guardian is very common among the Ashanti.
Children of such unions, acknowledged by their fathers, are in every
respect considered equal with those born within a marriage.

10An example of this is found in United States law where nonmaritall
child" is considered equivalent in meaning to "illegitimate child" (The
Guide to American Law 1984:110).

11This is considered in West Africa among the Dahomey in terms of rights
in genetricem and rights in uxorem (Bohannon 1949). That is rights over
a woman as a mother and as a wife respectively. When rights in
genetricem are held by a man, or the patriline as in many West African
societies, then all of the children born to a woman belong to the man or
patriline.

12An example of this is the orgies held by the Areoi, a religious
society described by early explorers in Polynesia. Women who joined the
Areoi society had to promise to destroy at birth any infants that they
might bear while members (Williamson 1924).

13The Dutch were also influential on some of the Caribbean islands--
notably Aruba, Bonair, CuraQao, Saba, and St. Martin.

14It has been pointed out that only a child "left on a doorstep" does
not have a mater or sociological mother. Although this is true for most
societies, British society at one time did not require the mother of an
illegitimate child to take care of it since legally that child did not
have parents. This is an interesting phenomenon that should be examined
in more detail although it is not the focus of this dissertation.
















CHAPTER 2
THE CARIBBEAN FAMILY SYSTEM



Introduction

The concept of legitimacy in the Caribbean can only be

understood in the context of the Caribbean family system.

The family has probably been examined more thoroughly than

any other social phenomenon in Caribbean society. This

research has reflected two major concerns of ethnographers:

the first is an attempt to accurately describe the family

system; the second is an attempt to understand the forces

that have created and shaped this family system to its

current form. Both of these themes are intricately

intertwined. One cannot understand the forces that have

shaped the family system in the Caribbean without an accurate

understanding of the nature of that system and, conversely,

one cannot understand fully the Caribbean family system

without an understanding of the forces that served to create

and shape it. An exploration of these themes places the

concept of legitimacy within its social context.



The Caribbean Family

As research continues on the Caribbean family, an

accurate description of its many facets becomes more










feasible. Marks has distilled eight points which he

considers to be "general" characteristics of the Caribbean

family.


1. the co-residence of a man and a woman as sexual
partners often takes place in the form of a
concubinage;
2. the relations between a man and a woman are
often weak and the period of their co-residence
is not infrequently brief;
3. sexual and economic relations without co-
residence are frequently found;
4. the various forms of man-woman-relationship[s]
such as marriage, concubinage and non-co-
residential unions are not equivalent in
status, durability and sexual exclusiveness;
5. the percentage of illegitimate births is high
in comparison with figures for e.g. European
countries;
6. the husband/father as a co-residential member
of the household group is often lacking;
7. the mother, or in some cases the grandmother,
plays a key role in the management of the
household's affairs and in the children's
upbringing; and
8. household groups are only in relatively few
cases composed of a man and woman and their
joint offspring. (Marks 1975:4)

Marks restricts these descriptive terms to areas where the

process of industrialization is in its "first stages". (He

notes that Curagao, where he studied, is in a "later stage"

of industrialization, and therefore does not fit this

pattern). Most other scholars, however, have restricted

similar descriptions of the Caribbean family to the "lower-

classes" of Caribbean society. (A notable exception is R.T.

Smith [1988], who points out that scholars have generally

neglected other "classes" of society. He argues there may be

fewer differences between the various social strata than

previously thought).1 Since almost all of the research done










on the Caribbean family focuses on the "lower class" of

Caribbean society, the description of the Caribbean family

system which follows is necessarily restricted to the lower

strata of society, although the discussion may apply to the

more wealthy members of Caribbean society as well.2



Origins of the Caribbean Family System

Although there is general agreement as to the make-up

and nature of the Caribbean family, there has been little

agreement about the social forces that have given the

Caribbean family its form. The explanations offered can

generally be attributed to two perspectives of the situation.

The first of these is Herskovits', the first serious

student of Caribbean family life. He viewed the foundation

of the Caribbean family as a West African derivation through

which slaves had retained and reinterpreted a "cultural

focus." The West African "cultural focus" was, for

Herskovits, found in the realm of supernatural sanctions. He

argued that this was why "African religion has shown greater

resistance to white influence than any other phase of African

culture" (Herskovits 1937:55). Herskovits noted that

religion was not the only aspect of society which drew from

the African past; essentially every aspect of Caribbean

society had drawn from West Africa, ranging from the combite,

or communal work patterns, to marriage contracts.

The other contributor to the specific cultural milieu

shaping the "cultural focus" was the colonial power dominant









in each region. For example, "African tribes" and "types of

Frenchmen" were "forged into the structure of Haitian life"

(Herskovits 1937:17). Herskovits argues against the idea

that the French were the only ones to give and the Africans

the only ones to take but concludes that each influenced the

other. Many have viewed his theory as one focused on

"African retentions" or "reinterpretations"; although these

are important components of his perspective, those who are

critical of Herskovits' notion of African retentions have

overlooked the fact that Herskovits makes it clear he

understands there are European influences as well. As an

example, he mentions the "lack of sanitation" and "poor

hygiene" found in Haitian cities as characteristic of French

eighteenth century cities and not those found in West Africa.

Herskovits does, however, tend to focus more attention

on the importance of Africa in his examination of the

Caribbean family than he does to the importance of Europe.

His views on the "origins" of the Caribbean family illustrate

this. He argues that it is the result of the social forces

brought to bear during slavery on the "African" polygynous

form of mating. Also the matrifocal nature of Caribbean

families emphasizes the connection between mother and

children in a polygynous society as the male's importance

declines. Herskovits does not attempt to say why the

Caribbean family has changed from its African roots, he

simply attempts to discover the historical sources of the

current Caribbean family.










The second influential perspective is that of Frazier,

another early student of the Afroamerican family. He argued

against African origins. Based on research done in the

United States he pointed to the disintegrative effects on the

Black family of such socioeconomic factors as slavery,

discrimination and urbanization (Frazier 1965). Frazier

argued that economic and social forces have "determined" the

shape of Black household structure. He saw the attempt to

explain the family life of Afroamericans within the context

of African culture as unfounded. Frazier did acknowledge

some exceptions, noting "among some isolated groups of

Negroes in the New World as for example in Haiti and Jamaica,

it appears that elements of African culture have been

retained in the Negro Family" (Frazier 1965:306).

Although scholars have set these two perspectives up

as diametrically opposed to each other, there appears to be a

greater degree of agreement between Herskovits and Frazier

than either they or later scholars have conceded. Frazier

did not discount the influence of the African past although

he may have emphasized the influence of external conditions

on the Afroamerican family. Herskovits likewise may have

focused on the historical roots of the Afroamerican family

and ignored the social forces which brought about change and

"retention" of some elements. However, neither of them saw

the current family system in the Caribbean as completely

devoid of an historical past.









Most examinations of the family system in various

Caribbean societies made after these two groundbreaking

scholars have been derivations in some form of Frazier's

perspective. These scholars generally discount the African

roots of the slaves family system without attempting to

answer why some aspects of the African past had more

relevance than others in the slaves' subsequent environment.

They also do not attempt to explain why some elements of the

African past are more frequently found than others in the

post-slavery Caribbean. These are not only difficult

questions to deal with but they also may not be very

productive in terms of providing insight into the Caribbean

family system if one agrees with most current arguments that

credit economic conditions with shaping the family.

All current research on the Caribbean family has been

influenced by R.T. Smith's work done in Guyana. R.T. Smith

(1956) concluded that matrifocality and the associated

marginality of men as husbands and fathers was characteristic

of the "lower class" in a class stratified society. He

viewed this situation as directly associated with low rates

of social mobility, restricted public roles for adult men,

and an absence of "managerial" functions, political

responsibilities and status differentiation among them.

In later research, Gonzalez (1969) views the economic

forces on local demography as the important factor in

household structure. She observes that in the Black Carib

population which she studied there has almost always been an









excess of females over males. The "draining of men" from the

system brought "additional burden" on women (Gonzalez

1969:54). This led the women to compete, in a sense, for

economic resources from men. This competition led to

increased instability in the relationships of the younger

women who were mating with younger men, since the younger men

were the ones involved in migratory labor. In contrast M.G.

Smith (1966:xxvii) states this argument is "filled with both

unnecessary errors and conceptual blunders. He argues that

one of the fatal errors of this perspective is the assumption

of a uniform constitution of family system. He shows from

data obtained in rural Jamaica that communities there have a

balance in sex ratio and yet have a similar system. Despite

this evidence, Gonzalez's argument illustrates that the long

term temporary migration of males can have an effect on the

family system.3

Based on her research in Jamaica, Clarke (1966) argues

that the "nuclear family" is the most prevalent and stable in

areas where the land pressure is least. The Caribbean family

system from her perspective is an efficient means of

allocating land. (Clarke's attempts to tie this pattern of

land allocation to African origins by arguing that Jamaican

inheritance through the name of the father and the blood of

the mother fits Ashanti inheritance patterns. R.T. Smith

[1988] does not see the relationship between the two as

significant).









Based on an examination of CuraQao's family system,

Marks (1975) attempts a synthesis of Herskovits' historical

perspective and the economic perspective taken by others

He observes that social status (which is operationalized as

lighter skin color verses darker skin color), as well as

economic status, correlate with legal marriage. He concludes

that the lack of consensual unions in Curacao is due to

"equal economic and social status" and argues that it is only

in cases where status is unequal that "African influences"

play a role. Marks does not attempt to explain why unequal

economic and social status allows more "African influences."

He explains why Curacao is an "equal" society in terms of the

historical view taken by the Dutch on the island that they

were natives of the island and compatriots with those of

African descent in opposition to the Dutch in the Netherlands

who were part of the political yoke to be broken; but he

excluded the oil industry in Curacao and other important

economic factors in his assessment of the differences between

Curagao and the other societies in the Caribbean.

From their Jamaican data, Dirks and Kearns (1976)

argue that the frequency of different types of mating systems

is correlated with the economic situation and environmental

conditions in a country and both tend to change together.

Olwig (1977) found a similar situation in the Virgin Islands;

while Stoffle (1977) concluded that in Barbados

industrialization reinforced rather than disrupted historical

patterns of mating. M.G. Smith (1962) has noted that the










mating patterns in Carriacou and Grenada are generally the

same as they were during slavery and he credits the structure

of slave society for the current family in the Caribbean.

There has been no real consensus on the factors that

have led to the creation or retention of the Caribbean family

system. But it seems evident that although the African

origin of the slaves was undoubtedly important in shaping

their response to slavery, the structure of slavery itself

had a large impact on shaping the family while post-

emancipation economic conditions (including male migration)

may have served to reinforce an existing system of

reproduction.



The Nature of the Current Caribbean Family

There is much more consensus on the nature of the

family as it exists in the Caribbean than there is on its

origins. But that does not mean there is not disagreement

about many of the generalizations made, such as those cited

from Marks (1975). Several areas of family life are

considered important if not distinctive to the Caribbean

region. Each of these is considered separately.



Men in Household Groups

The exact role of the husband or father in the

household has been disputed by some. R.T. Smith (1956:221)

saw men filling an economically induced marginal role in

Guyana. He saw "a correlation between the nature of the










husband-father role and the role of men in the economic

system." In relation to R.T. Smith's findings, M.G Smith

(1966:xiv) points out: "nowhere in this Caribbean region has

any other student [than R.T. Smith] found men to be always

'marginal' as husbands and fathers." But after this

statement was made, Alexander (1977:369) concluded that the

middle class male in Jamaica is "marginal," "irresponsible"

and "weak" because he does not have the level of commitment

to his family expected of him by his society. Gregory

(1985:7) viewed the "marginal" male as a psychological

disadvantage to Jamaican children--especially young boys.4

The difference in perspectives may be based on the

fact that although Caribbean men are not "marginal" in terms

of lack of presence in the household and lack of economic

contributions to the household, their presence and

contributions fall short of the Caribbean ideology of the

male provider. Either male ineffectiveness in economic

endeavors or female reliance on male economic support may be

emphasized in a specific society. In Montserrat, Moses

(1977) found that no matter what women contributed

economically, their status was always lower than the status

of men. This circumstance created a conflict between the

ideology of male superiority and the reality of their

inadequacy as providers. Clarke goes so far as to hint that

this conflict is in part the source of the mating system in

Jamaica. She states:









[t]he husband's liability for the maintenance of
his wife and his responsibility for her debts are
fully understood one reason why men say they
live in concubinage [is] because 'marriage is not
for the poorman' (Clarke 1966:76-77).

Whitehead (1976) later makes this perspective explicit,

arguing that men who fail in the economic role create

insecurities in the household (as a deliberate act) and seek

to find success as individuals through fathering children.

This specific view is unique in the literature. Most

scholars tend to place more emphasis on the nature of male

economic support.

Gonzalez (1969) found that men from the Black Carib

population are responsible for the economic well being of

women with whom they are having sexual relations and they are

responsible for the economic needs of their own children as

well (if they have acknowledged paternity). Men will often

contribute money simultaneously to several women. Flinn

(1986) found that in a village in rural Guyana males with

more land had a higher mating success because they were able

to contribute money to more women than could other men.

Davenport (1968), who studied in Jamaica, found male

interaction with their offspring, which he terms the father-

child dyad. But he views it as a weaker relationship than

the mother-child dyad.

Black Carib men are also responsible for the care of

their mothers and sisters, and as Gonzalez' points out, this

relationship is often overlooked when ethnographers have only

examined men in sexual relationships. In Curagao, a husband










is responsible for the care of his children (Marks 1975).

The responsibilities of his wife and her kin are restricted

to specific aspects of the children's care such as education.

Since legal marriage in Curagao is not only common among the

upper classes but is "by far the prevailing man-woman-

relationship" among the lower class as well, these economic

relationships are found throughout that society.

Although the exact nature of the responsibilities of

men in Aruba has not been stated, De Waal-Malefit and

Helleman (1973) found that women there were economically

dependent on men for support. This does not mean that women

are not active in economic pursuits even though men play an

important economic role in their lives. Barrow (1986) notes

that, although women throughout the Caribbean participate

less in the labor force than men, they continue to fill non-

familial roles including economic ones.

The relative lack of research on men and male/female

relationships has been decried by scholars such as Remy

(1973). As information is published, it suggests that men

are not as marginal in Caribbean society as they are

sometimes characterized. Wilson, one of the few to examine

men in the Caribbean, asks:

if the emphasis on the household by anthropologists
is any measure of its importance as a social unit,
we may well ask whether this means that males have
a marginal role in the society of the community,
and whether they have a subordinate position in the
social system of the Caribbean lower class? To my
knowledge, no anthropologist has reported a society
anywhere in the world in which males take a
subordinate position in the practical affairs of









the community or in the ideological system of
values by which social relationships are conducted.
Is the Caribbean an exception? (Wilson 1971)

Wilson argues that males are not subordinate in Caribbean

life. Although the role of men within the household and

within Caribbean society as a whole needs to be examined in

greater detail, it is clear they have a place somewhere

within the "matrifocal" family. This characteristic of the

family system is clearly one of the most important

conceptually and one of the most central to Caribbean family

life.



The Matrifocal Family

Herskovits and Herskovits (1947:15) pointed out that

in the Caribbean the "nuclear grouping with a woman as its

effective head, has everywhere persisted-to such a degree

that students sometimes speak of the New World Negro family

as 'matriarchal' in character." The view of a "matriarchal"

society in the Caribbean sometimes still appears in the

literature, such as Ducossen's (1976:58) discussion of the

"matriarchal" family in Guadeloupe--the author also states

that "fathers always retain authority" and "mothers exhibit

extreme dependence on them." Although most researchers

contend that Caribbean households are not matriarchal, the

central importance of women in the formation of these

households is also evident. This phenomenon has generally

been referred to as matrifocal. R.T. Smith argued that most

if not all Afro-Caribbean "lower class" households are










"matrifocal" and dominated by women in their combined roles

of mother and wife. This situation is exaggerated as women

grow up and have children of their own while still living in

their mother's household.(R.T. Smith 1956). It is not

uncommon to find three generations of women living in the

same house.

More recently R.T. Smith has argued against the use of

the term "matrifocal" since it has at times led to a

misunderstanding of the prevalence of various mating types.


If the concept of the matrifocal family is to have
any useful meaning it must be redefined to purge it
of the functionalist assumptions embedded in its
earlier use. Nothing can prevent its being used to
mean 'female-headed household' but if that becomes
an accepted usage it would be better to abandon the
term (R.T. Smith 1988:180).


R.T. Smith argues that "matrifocal" cannot be used in

contrast to a "normal nuclear family" since there is

"considerable doubt" as to the normalcy of the nuclear family

worldwide as well as in the Caribbean. This observation was

probably made in reference to conclusions such as those of

Pollard and Wilburg (1978) who view the mother-child family

and matrifocality in Guyana as an incomplete family form as

part of the breakdown of the family system. They argue that

male headed households are superior in performance and have a

higher status in the community. These conclusions, however,

ignore the general consensus that the practice of










economically successful males of establishing more permanent

relationships will influence the performance of households.

Rubenstein (1983) points out that studies of kindred

and family have been neglected in the Caribbean in favor of

studies of the household and that the distinction between the

two has not generally been made. This failure to distinguish

between the two is reflected in Blumberg's (1978) argument

that matrifocality is prevalent among urban residents in all

wage labor societies and not just in the Caribbean, when she

is really discussing female headed households rather than

matrifocal households.

What exactly is a "matrifocal household" if it is not

a female headed household? R.T. Smith argues that it is a

household where the mother and the "maternal" family are more

visible or involved than the man and his family. Eliciting

kinship relationships from individuals in Guyana and Jamaica,

he notes that "[t]he proportion of more distant relatives

increases slightly on the maternal side if all cases are

taken together" (R.T. Smith 1988:61). Melville and Frances

Herskovits' (1947) work supports this view as they observed

that the maternal grandmother figures most importantly in the

lives of grandchildren; although they get along with all of

their grandparents, and although they will go to their

father's family if the mother's family cannot help,

Trinidadians always go first to the mother's family for help.

Slater (1977) views a similar phenomenon in Martinique as

essential to matrifocality.










The fact that the father's family is important in the

lives of his children at all requires a reexamination of

earlier statements made by R.T. Smith. He originally argued:


children derive nothing of any importance from
their fathers, who are marginal and ineffective
members of their families of procreation, even when
resident. It is indeed indifferent whether these
husband-fathers live with their families or not, or
even whether their children know them personally
(R.T. Smith 1956:147).


It has already been pointed out that many disagree with this

view of men in Caribbean society. If the concept of

"matrifocality" is to be retained then it will continue to

imply that men have a diminished role in the household

although they are not completely absent. George, Ebanks, and

Nobbe (1978), whose study also focuses on household rather

than family organization, note that most households in

Barbados are headed by males and it is considered the duty of

men to provide for the family.

Gonzalez (1969) points out that if a young man wants

to "make time" with a girl he will get on the good side of an

older man who is acting in the role of "father" or an older

brother who is "father" to his younger sister. This

statement indicates that the "father" role may at times be

filled by different individuals. However, earlier statements

by Herskovits (1937) of the time spent in arranging

consensual unions in Haiti, and his observations, as well as

those of other scholars, that these relationships evolve into

more and more commitment ending often in legal marriage at










later ages, indicates that men continue to maintain some role

in the household.



Mating Patterns in the Caribbean

The patterns of mating are generally agreed upon by

most ethnographers of Caribbean society. The three types of

unions described by Leridon and Charbit (1981) for Guadeloupe

and Martinique have been found throughout the Caribbean

although they may be discussed under different terms. In

this discussion, relationships that exist without shared

residence are referred to as "extra-residential unions;"

while relationships in which residence is shared with no

legally recognized marriage are discussed as "consensual

unions."5 The nature of Caribbean marriage will also be

examined. It should be noted that, even though these

relationships are considered separately, many relationships

will evolve from extra-residential through consensual to

marriage unions (although the reverse does not appear to be

the case).6 Therefore these relationships are interconnected.



Extra-Residential unions Extra residential relationships,

although considered the most common type of sexual union in

the Caribbean (M.G. Smith 1966, Gonzalez 1969, Ebanks,

George, and Nobbe 1974), can easily be overlooked, as they

were by early ethnographers of Caribbean life, because the

partners do not live together and there is no outward public

indication of their relationship. These relationships are










such that cohabitation occurs on a regular basis and economic

resources are shared, but the couple does not live in the

same residence living, usually, with family members. R.T.

Smith (1988:142) has defined these unions as "based on

'giving' one to another rather than joint unions; exchange

between two entities which are distinct." M.G. Smith (1966)

points out that this is the most common form of mating and an

almost universal practice in early unions among "lower class"

Jamaicans. Gonzalez (1969) adds that extra residential

mating is also the most frequent of all mating relationships

among the Black Caribs. (She calls it a "marital

arrangement," however, rather than a mating relationship.

She also sees "marriage" as occurring later on in a continuum

of a single relationship). Gonzalez adds that such an

arrangement is related to the age of the individuals: young

people start out living separately and then build a house and

move in together; then as age increases the individuals

either marry or separate. M.G. Smith (1966:xxiv) points out

that in his experience "non-domicilary" or extra-residential

unions are "often casual and promiscuous rather than sexually

exclusive." But among the Black Carib even if two

individuals never reside in the same house the union is

considered "proper" as long as the man contributes to the

support of the woman and her children (Gonzalez 1969). In

Haiti these types of unions are seen as the least stable

(Williams, Murthy, and Berggren 1975).










Consensual unions Ebanks, George, and Nobbe (1974) note

that in Barbados a pregnancy often turns an extra-residential

union into a consensual union which they see as a more stable

relationship. Consensual unions differ from extra-

residential relations in that the same residence is shared by

two individuals. Gonzalez (1969) indicates that extra-

residential mating often leads to consensual unions and

therefore is temporary only in the fact that it often quickly

becomes redefined as the residence of the participants

changes. Despite the evidence that some extra-residential

unions evolve into other types of unions, however, it also

appears that many unions are dissolved as different unions

are created. Gonzalez (1969) points out that when an

individual decides to marry she or he may return to the

original partner, if that partner is not already married.

This indicates that the relationships under discussion may be

transitory in nature.

Gonzalez points out that the "ideal mode of behavior"

in a consensual union, as well as in marriage, is sexual

exclusiveness. But this ideal is not always met and a

woman's partner "may at anytime leave her" (Gonzalez

1969:62). She argues that a number of magical devices exist

for a woman to keep her partner from leaving her or moving on

to another union. This is because there is an unequal

position of men and women in regard to maintaining marital

stability and the feeling that a woman should have sexual










relationships with one man during her lifetime is counter-

balanced by a recognition of economic need (Gonzalez 1969).

In R.T. Smith's early work (1956) he viewed "common-

law" unions and legal marriage as sociologically identical,

at least in the "lowly" strata of West Indian society,

stating that it is neither necessary nor appropriate to

distinguish between them. However, his own evidence

contradicts this assumption by indicating that the incidence

of legal marriage increases as age increases. (R.T. Smith

claimed that distinctions in age were "trivial" as well, and

did not examine them in detail; they are examined more

thoroughly below as legal marriage is discussed). Others

have seen distinctions between these relationships as well.

Clarke has shown that attitudes towards the acceptability of

different forms of unions vary from one community to another.

For example, she notes that in Sugar Town there is "no social

disapprobation of concubinage nor bias towards marriage"

(Clarke 1966:82), in Orange Grove "concubinage is

disesteemed" (Clarke 1966:92), and in Mocca "the conjugal

pattern is concubinage for life" (Clarke 1966:77). However,

no matter what the local attitudes towards consensual unions

may be, these unions exist in every Caribbean society.



Marriage unions Some include consensual unions in a

subcategory of marriage. Herskovits (1937) described the

family in Haiti with detail lacking in some later

ethnographies. He described plagage (or consensual unions)









as a union that can be the result of "affairs between young

people" (1937:116) the same way that Gonzalez (1969) has

described the evolution of visiting relations to consensual

unions. Herskovits considers placage as a "marriage" that is

not sanctioned by the church but is sanctioned by the family.

He argues that as couples move in together contracts are

worked out similar to marriage contracts forged in West

Africa. Even though he sees this type of union as a

"marriage," he does not consider it equal to a church

sanctioned marriage as R.T. Smith (1956) later did.

Herskovits points out that a marriage that is sanctioned by

the church is seen as better or more elite than one that is

not sanctioned and therefore has a qualitative difference.

He does not discuss the duration of these unions, but since

he views them as equal in all ways other than the status a

church sanctioned union can give, it is likely that he would

have argued that placage is not a less stable union than is a

church sanctioned union.

Herskovits' observations that a consensual union can

be the result of extra-residential unions (or "affairs") has

been extended by later researchers to legal marriage.

Consensual unions can result in or evolve into legal

marriage. R.T. Smith (1988:88) points out that in Jamaica as

early as 1789 couples would settle into "stable unions" as

they grow older. But, he adds, increasing age does not

always lead to "legalized unions" (R.T. Smith 1988:129).

Gardiner and Podolefsky (1977) point out that in Dominica










marriage is usually delayed until the middle to later years

of life, but it is regarded highly as an institution. M.G.

Smith (1966:xxviii-xxix) notes that "age is the most

important correlate [to marriage], marriage increasing and

visiting decreasing with age in every instance." This

phenomenon has been observed in other parts of the Caribbean

as well and in some areas it appears to be very frequent.

Marks (1975:17-18) points out that in Curagao "practically

all marriages had been contracted at an early age as first

coresidential unions." Gonzalez gives a more detailed

picture of how this process works, based on her work in

Honduras and Belize.


By the time a young man reaches the age of thirty
or so, his life may take on a radically different
form, in that he may have achieved a fairly high-
paying job. Now he may find it possible and
desirable, for purposes of increasing his prestige,
to build a house in which to place his wife and
children. By this time he will probably have had a
series of alliances with different women, and he
will usually have some children. He may set up
housekeeping with his current favorite, or he may
still feel loyalty for his first wife [i.e. mating
partner], if she does not have another husband
(1969:61) .7

Gonzalez' realization a man will marry "for purposes of

increasing his prestige" expands our understanding of

Clarke's (1966:78-84) observation that marriage is delayed in

part until a man has a house and "preferably a bit of land."

A further reason for the delay is that "contracting parties"

must approve of one another sufficiently to risk the change

in status and responsibilities that marriage implies. R.T.










Smith (1988:104) adds that "Many West Indians defer marriage

until they have several children, but not just to accumulate

resources for a proper ceremony." Evidence from other

ethnographers seems to corroborate Gonzalez' assertion that

older couples may legalize marriage to provide security in

inheritance or more importantly to enhance status. R.T.

Smith (1988) points out that those few black members of the

upper class in Jamaica (the upper class consisted almost

exclusively of whites at one time but most have since left)

place an emphasis on property and status in relationships and

always marry (in a legal union). This is also reflected in

the lower class of the Black Carib. Gonzalez (1969:69) found

that "Ideally, permanent monogamy, neolocal residence, and

the nuclear family are held to be the most desirable forms.

However, these ideals are seldom achieved in this society."8

As ideal relationships are achieved, the number of

children in a union is influenced. Ebanks (1973) argues that

legal unions in Barbados are more stable than other unions

and the lower the number of partners a woman has the fewer

children she will bear. This phenomenon can be understood in

terms of the importance of children in common in Caribbean

unions.



The Importance of Children in Common

In Jamaica "it is rare for childless unions to endure;

as rare as for marriage to occur before the birth of

children" (Clarke 1966:107). Clarke (1966:95) points out










that "the childless woman is an object of pity, contempt or

derision." Why this is the case is not made clear; however,

it may, in part be connected to a rite of passage into

adulthood. For these Jamaicans "a woman is only considered

'really' a woman after she has borne a child, [and] the proof

of a man's maleness is the impregnation of a woman" (Clarke

1966:96). Once these women have demonstrated their ability

to bear a child some will "attempt to avert the economic

burden of children" by using drugs or "bush medicines" to

induce a miscarriage (Clarke 1966).

Murray (1975) notes that in Haiti couples want to have

children in common even if they have children from another

person. Women in Guadeloupe and Martinique who change union

types, regardless of which kind they have, will also have

higher levels of fertility than other women (Leridon and

Charbit 1981). Although women who enter a visiting union in

Trinidad and Tobago, Guyana, and Jamaica have fewer children

on the average than do other women (Harewood 1984), this is

likely due to the fact that couples in visiting unions have a

lower frequency of intercourse and therefore a lower risk of

pregnancy than other women in the same societies (Roberts and

Sinclair 1978). If women who have multiple visiting unions

are examined, they as a group are found to have the greatest

number of children and there is also a correlation between

the number of partners and the number of children (Harewood

1985, Wright and Madan 1988). Since visiting unions with a

single partner produce the lowest number of children, while










visiting unions with multiple partners produce the greatest

number of children, these results suggest a relationship

between fertility and the importance of having children in

common with a partner in certain types of relationships.

The number of children a woman has also influences her

activity in the economic sector. In Jamaica childless women

are much more economically active than women with children

(McKenzie and Powell 1975). Women who are already employed

appear to have lower fertility rates than unemployed women

(Powell 1976, 1986; Durant-Gonzalez 1982 views bearing

children as increasing the need to find employment). These

factors can be explained in terms of the Caribbean ideal that

a man contribute money towards the raising of his children.

If a woman bears a child in common with a man then that man

is more likely to contribute goods and money to her

household. This may also explain why a pregnancy seems to

turn an extra-residential union into a consensual union as

discussed above. Higher levels of employment with fewer

children cannot be simply explained by considering that a

woman will have more time available to work, although this

may be a factor, since "child-transfer" or allowing other

family members to care for children is common throughout the

Caribbean.

Clarke (1966) points out that "step-children" are most

frequently found in situations where a union is childless.

Herskovits (1937) states that "child-transfer" among Haitian

parents can take place for economic reasons (i.e. another










family is better equipped financially to care for the child).

Clarke (1966) noted that households based on consensual

unions are equally divided according to the presence or

absence of children, while those based on marriage were

without children in only one-fifth of the cases. Although

this could indicate that children serve to strengthen a

relationship which might lead to marriage, the facts that it

is older couples who tend to marry (who have had more time to

bear children) could also explain the correlation between

marriage and children.

The permanence of these relationships varies, as has

been mentioned, and an adopted girl in Jamaica who becomes

pregnant may be put out of the house. Gonzalez (1969) notes

that among the Black Carib "child loaning" may be long term

but these child will not have inheritance rights as other

children do. "Child transfer" in Haiti, on the other had,

appears as a complete transfer of rights and

responsibilities. Herskovits (1937) states that if the

adopted Haitian child is abused the original parents can do

nothing to help that child. In the British West Indies in

general, it has been found that 25% of all children are not

living with their parents but almost all of these children

are living with another family member (Sanford 1974). In

Jamaica, children who are not taken in by another person are

occasionally abandoned (Broadber 1974).

All children can receive a new "step-parent" as

relationships change. However, if marriage occurs the










children might not be included in that new relationship.

Clarke (1966) points out that the exclusion from the

household of outside children of either parent was more

marked in the case of married couples than in families in a

consensual union. This was not a strict rule but more

outside children from women were included in the home when

compared with those of the men.9 Children do not

automatically go with the mother, but there is a tendency for

boys to go with their fathers in new relationships and girls

to go with their mothers. If under fifteen years of age both

boys and girls are more likely to go with the mother.



Illegitimacy in the Caribbean

Illegitimacy, as noted in Marks' summary of the

Caribbean family cited above, is generally considered to be

not only common in the Caribbean but it carries with it no

social disability or disparagement like it might in other

societies. Herskovits and Herskovits (1947:82-83) state that

in Trinidad "there is no social disability imposed by the

community because of legitimacy or illegitimacy." While in

reference to the concept of legitimacy they point to a "false

perspective on the thinking of people given by the

application of legal terms such as 'legitimate' and

'illegitimate' to the offspring" (Herskovits and Herskovits

1947:17). But they still see these terms as useful to

distinguish between concepts in Caribbean society if an

attempt is made to understand how the concepts differ from










their general use in European society. Slater (1977) takes a

different viewpoint.10 She argues (Slater 1977:155) that in

Martinique: "There simply is no rule of legitimacy." Slater

considers legitimate children, as do others who have dealt

with this issue, to be children born to married parents

rather than those with a recognized pater, as in my

definition. If Slater's data is examined it indicates that

some important distinctions between children are made in

Martinique. She notes that

"although illegitimate births outnumber the
legitimate, recognized children usually outnumber
the nonrecognized .A man need not live with
a woman to recognize one of her children, but if he
lives with her he is forced to recognize her
children unless he wishes to go to court to dispute
paternity" (Slater 1977:159-160).

Recognized children also have a different status from

unrecognized children. "By law, recognized children inherit

along with legitimate children from the father. Unrecognized

children, then are at a disadvantage ." (Slater

1977:160).

Goode (1960:30) argues that the Caribbean does not

contradict Malinowski's views and concludes that

"Malinowski's Principle of Legitimacy is generally

valid." Part of the evidence he gives for this assertion is

the fact that mothers severely chastise daughters who get

pregnant. This indicates that although pregnancies outside

of a marital union are common they are not considered

acceptable. Goode (1960) also states that marriage is

considered the ideal form of mating in the Caribbean and most










people enter marriage at some point in their lives. This he

argues can be held as the "norm" or value of the Caribbean

although there is a high rate of deviance from this ideal

form of mating. He criticizes Slater's assertion that there

is no distinction between legitimacy and illegitimacy based

on these factors. Goode also argues against the

characterization of consensual unions as "sociologically as

legitimate" as legal unions. He concludes: "If this

interpretation is correct, Malinowski's principle would be

erroneous, and one of the apparently major functions of the

father would have to be redefined as unessential" (Goode

1960:23). Goode does not state why he came to this

conclusion and it is difficult now to say exactly what

motivated him to state it. But, if legitimacy is not defined

as necessarily derived from "marriage" but rather in the

terms given in chapter one, then what is and is not

technically a marriage becomes less relevant to the issues.

Slater's (1977) addendum to her dissertation in

published form castigates Goode for not distinguishing, as

she felt he should, between the "upper" and "lower" strata of

society. Slater feels that Goode was relying on the values

of the "upper" strata, to describe the behavior of the lower

strata. She argues that the elite may attempt to discourage

illegitimate births but there is no concept of "shame" among

the non-elite or at most it is fleeting. Slater's

conclusions that there is no concept of illegitimacy in the

Caribbean has been adopted and referenced in subsequent










descriptions of Caribbean family life (e.g. Halberstein 1986,

1990).

If legitimacy is not considered in terms of children

born into a marriage but children who have a socially

recognized father, then the conflict between the perspectives

of Goode and Slater can be reconciled. But before an attempt

is made to do this the views of others on Caribbean

illegitimacy will be considered.

There is some disagreement among various ethnographers

as to the extent of illegitimacy in the Caribbean. This

disagreement is best contrasted by the views of Marks and

R.T. Smith. Marks (1975:16) argues that "illegitimacy should

be regarded as virtually an exclusive 'product' of the lower

strata." R.T. Smith's (1956) earlier arguments were less

polemical. He felt that the distinction between legitimate

and illegitimate children, like that between union types, was

sociologically irrelevant. Currently, however, he attacks

(R.T. Smith 1988:104) "economic determinists theories [which]

have made illegitimacy appear to be an exclusively lower

class 'problem'." His rebuttal to these theories is based on

the efforts of Bishop Nutal in Jamaica to stem "immorality"

among higher class whites who were producing many

illegitimate offspring. Therefore, illegitimacy, he argues,

was an upper class (and white) phenomenon in the Caribbean

just as much as a lower class black phenomenon.11 On the

other hand, Marks' assertion that illegitimate births are

"high" in the Caribbean does appear to reflect empirical










observation if births outside of marriage are considered

illegitimate.

The response of parents to a daughter's discovered

pregnancy indicates that not all pregnancies are treated with

indifference. Simpson (1942:665) notes that daughters in

Haiti are "beaten" when their pregnancy is discovered. A

Jamaican girl's initiation into womanhood appears to follow

several "ritualized" stages that have been described by

Clarke.


The mother's behavior when she discovers her
daughter's condition falls into four almost
ritualized stages. The girl's misconduct is always
said to have been carried on surreptitiously
without her knowledge and brought to her attention
only when the signs of pregnancy become apparent.
The discovery is greeted with noisy upbraiding, the
girl is severely beaten, and in many cases turned
out of the house. In the second stage the girl
takes refuge with a neighbour or kinswoman. After
a period, which may be quite short, the kinsfolk
and neighbours intercede with the mother on her
behalf, and the girl is taken back into her
mother's home for the birth of her child (Clarke
1966:99).

One exception to the rule that a Jamaican mother accepts her

pregnant daughter is with adopted girls who must leave if

they become pregnant. "They could not expect to be kept on

as one's own might be in such an event" (Clarke 1966:177).

There are other occasions when a mother accepts with no

disapproval a daughter's pregnancy. Clarke points out that a

girl working as domestic help returned home for the birth of

her child; the child was left for the mother to raise and no

disapproval was voiced. The reasons for this difference in










treatment were not made clear by Clarke. It appears that in

certain circumstances a pregnant girl, or woman, can meet

with marked social disapproval and at other times be treated

with indifference--each a phenomenon focused on by Goode and

Slater respectively. Rawlins (1984) has also noted that

teenage pregnancy is likely to be lower when parents,

especially mothers, have greater interaction with their

daughters. How much this influences response to pregnancy is

unclear.

Manyoni's (1977:418) comment in reference to the

Caribbean that "illegitimacy is largely considered from the

perspective of maternity rather than both maternity and

paternity" is generally accurate in that men are rarely

chastened or visibly punished in relation to issues of

legitimacy (for a similar perspective see Allman 1985). This

may be due to the fact that paternity is less clear. This is

generally given as the reason why property is only inherited

by a child if it is considered "legitimate." But, as we have

seen for Martinique, a child can inherit property from the

father if the father acknowledges paternity. Therefore,

although a mother may be easier to identify, because of the

pregnancy, paternity can still be determined on a

sociological level if not a biological one (unless

sophisticated techniques are made available).

An approach at reconciliation of the dispute between

Goode and Slater based on this evidence should consider that,

although many children are born in unions other than marriage










relationships and are not socially disapproved of as

"illegitimate," there are a class of children who do not have

a person they can identify as their "father" and these

children do have lower status than others. Relationships

carried on surreptitiously, which result in a child without

an identifiable father, result in sharp social disapproval by

the community. These children do not have claim to support

from their fathers or those men who have established a social

contract with a child as discussed by Malinowski.

In the following ethnography of pregnancy and

childbirth among Creoles in Suriname it will become evident

that there are a number of different ways men can assert

paternity or women can ritually identify the father of their

child.

Although this analysis of the Caribbean as a region

has suggested general characteristics of Caribbean society,

Lewis (1985:226) argues "it is misleading to think of the

[Caribbean] region as a single, monolithic whole a delusion

present in much of the scholarly literature on this area."

This study is not dealing with the Caribbean as a whole but

only with the the coastal region of Suriname. It is not

necessary, however, to treat each society in the Caribbean as

a completely separate entity devoid of any connections with

other regions that have undergone similar historical and

cultural processes. Much of what has been found in other

societies in the Caribbean has relevance for Suriname.










Summary

Although the origins of the Caribbean family are

probably drawn from many different influences, there are

distinctive characteristics of the Caribbean family that can

be found in most Caribbean societies. There is a

"matrifocal" tendency in Caribbean societies which can best

be viewed as a tendency towards slightly greater emphasis on

women and the maternal kin of a family when relationships are

considered as a whole. The perspective of men as "marginal"

to the household is overdrawn if one considers this to mean

they are constantly absent and do not contribute economically

to the household. Yet men are less prominent in daily

household activities than are women. There is also a

distinctive mating system that has developed in Caribbean

societies.

Mating in the Caribbean generally begins as an extra-

residential union; it then evolves into a consensual union;

and later, usually after children are born, a legal marriage

is solemnized. Having children in common seems to strengthen

relationships in each of these patterns of mating.

The family system in the Caribbean is one in which

children are generally born outside of a legally recognized

union. Some of these births receive marked social

disapproval while others are treated with excitement and

expectation. A distinction between these types of

pregnancies can be made on the basis of association with a

presence or lack of a socially recognized father. This











distinction will be explored in the following ethnography of

pregnancy and childbirth among the Creole in Paramaribo,

Suriname.

1Most scholars have focused on the "lower class" while lumping the
middle and upper class into a single group where legal marriage is
consistently found. R.T. Smith's recent work indicates that, although
this is generally the case, it is not a rule. He points out "the
distribution of union types reflects the class composition of the
genealogies, with common law and visiting unions being rare, but not
absent from, established middle class genealogies" (R.T. Smith 1988:67).
Henriques, although he saw the upper class as differing from the lower
and middle class, argued that these patterns were not derivations of the
European ideal but forms that existed in their own right. Henriques
notes in reference to the relation between the upper and middle classes

The attitude of the middle class towards this practice [i.e.
of bearing children outside of marriage relationships] is
not only one of tolerance but of actual approval. This is
interesting as the twin household violates the canons of
this class's sexual morality, and in addition the female
partner is often drawn from its own class. The middle class
girl who becomes the mistress of an upper class man is
condemned, but the action of the man is approved (Henriques
1953:154).

Henriques sees these relationships as having roots in slavery when an
upper class male would have an "outside" relationship with a woman in a
lower status position than himself.

2Class, as it is used by most Caribbean scholars, is consistent with the
concept of socioeconomic status. Not only is one's income level
included in this but also language use (Creole verses Metropolitan
language), skin color (the darker one's skin the lower one's status),
and education (the lower one's education the lower one's status).

3Beet and Sterman (1978) also argue that "male absenteeism" influences
family life and fertility among the Matawai Maroons in Suriname but no ---
conclusions are drawn as to its effects on the structure of the Matawai
family.
It is noteworthy that the recent emigration from Suriname has been
disproportionately Creole men. This has increased the female to male
ratio dramatically.

4The author does not present data to support his conclusions.

5A variety of different terms have been used to describe specific
relationships that exist in the Caribbean family. I have chosen to use
"extra-residential" unions as defined in the text because other terms
such as "affair" or "visiting union" tend to down play the fact that
many of these relationships evolve into co-residential relationships and
possibly marriage. Likewise the term "consensual union," as defined in
the text, is used rather than "concubinage" which reflects a lower
status to the relationship than is often the case in Caribbean











communities. Therefore "consensual union" is used to refer to co-
residential relationships where legal marriage is not found. These may
exists as "common law" marriages or as "living together" relationships
which may or may not lead to legal marriage. Legal marriage is
generally a marriage that is sanctioned by the churches in the community
and the law of the country. This definition is, of necessity, much
narrower than the definition I gave in the first chapter for marriage.
The societies dealt with in this discussion have a much narrower
definition of marriage and the research discussed is based on a much
narrower definition. Therefore, I use this narrower definition of
marriage throughout this chapter.
All of these labels are imposed from the outside although they
have occasionally been adopted by those to whom they apply. Some of the
terms that members of these societies use for their relationships will
be discussed in the text.

6Stoffle (1977b) has argued that industrial employment slows down the
time it takes to move through these patterns of relationships.

7This is only the first stage of a marriage according to "Western
tradition" for the Black Carib. A legal union, or what Gonzalez refers
to as a "Western-type marriage" does not transform a consensual union
with the performance of a ceremony recognized by law, but that is the
culmination of several steps taken to give the relationship higher
status.

8This discussion of the motivations for marriage is admittedly strongly
biased towards the male perspective and what the motives of men are in
these relationships. This is not intentional but is unavoidable due to
the lack of consideration by ethnographers of women's intentions.

9Although this may be expected in European societies, in West Africa
children generally go with the men after separation as part of rights in
genetricem which men hold.

10This work was originally a dissertation done under the authors maiden
name of Kreiselman in 1958.

11R.T. Smith hints in his discussion, in fact, that illegitimacy in the
Caribbean originated with the slave owners and from them became a
persistent part of the structure of "lower class" families.
















CHAPTER 3
AN OVERVIEW OF THE RESEARCH SITE:
THE REPUBLIC OF SURINAME



Historical Overview

Suriname is on the northern border of South America.

Brazil is just south, while French Guiana is east and Guyana

is west of Suriname. The Caribbean Sea and Atlantic Ocean

form the northern border. Because of its historic,

geographic, and ethnic character, Suriname is considered part

of "plantation America" (Wagley 1957), and is specifically

included in the Caribbean region (Mintz and Price 1985).

Paramaribo, the capital and only major city in the country,

is located on the coast of Suriname and is the general site

of early European activity.



European Domination

Suriname's original inhabitants were Native Americans

who, according to current evidence, were in the area in large

numbers at least 5,000 years ago (National Planning Office of

Suriname 1988). Although the coastal Carib and Arawak groups

appear to have had contact with Europeans from the time of

their first arrival, encounters and exchanges slowly spread

to other groups, with the last recorded "first" contact being

with the Akuri who used their stone axes to destroy the










outboard motor of a "curious traveler" in 1968 (Bubberman

1972:11).

The first European contact appears to have been in

1499 when the Spanish navigators Alonzo de Hojeda and Jean de

la Cosa are reputed to have scouted some parts of the

northeast coast of South America during their navigation of

what later would be called "the Wild Coast." One year later,

Vincent Juan Pinzon claimed the region in the name of the

king of Spain.

This region, which came to be known as Guiana ("land

of many streams or waters")1 is situated between the Atlantic

Ocean and the Amazon, Rio Negro, Cassiquiare and Orinoco

rivers. It soon became known for its mythical Dorado, or

land of gold, and Lake Parima--a fabled lake of gold. This

region was possessed in the sixteenth and seventeenth

centuries in whole or in part by Spain, the Netherlands,

England, France, and Portugal in turn. As part of the

imperialistic jousting of the time, the territory became

divided into five regions: Spanish Guiana (now part of

Venezuela), British Guiana (now Guyana), French Guiana,

Portuguese Guiana (now part of Brazil) and Dutch Guiana

(which, of course, is now Suriname).

The Dutch founded the first trading centers on the

coast (in 1530 and 1542) and in 1581, a year after their

independence from Spain, they established the first

settlement in Pomeroon, which later became part of British

Guiana (Mitrasing 1975:5-6). The Dutch became so active in









the Caribbean region that the Spanish governor of Venezuela

recommended they be kept out through poisoning the salt pans

they frequented in the neighboring Antilles (Williams

1984:75). The activities of the Dutch were eventually

curtailed by the British who, under the direction of Lord

Willoughby, established the first permanent settlement in

Suriname in 1651.

Fort Willoughby was built on the remains of a French

fort dating from 1640, and the English began trading with the

indigenous Carib while turning against the Arawak--

traditional Carib enemies. In 1667, sixteen years later, the

Dutch took Fort Willoughby as part of their global war with

England and still held it a year later when a peace treaty

was signed in Breda. In exchange for keeping Suriname, the

Dutch gave New Amsterdam (New York) to the British. The

Dutch, everyone felt at the time, got the better end of the

deal, even though they argued both sides should take equal

burden for the war (i.e. "Dutch treat"). The British

immediately began applying the Dutch hate term jong kaas

(i.e. Yankees) to the inhabitants of New Amsterdam and the

Dutch began to reshape the colony of Suriname.



Slavery in Suriname

The British period was crucial to the development of

Suriname. Most notably, the importation of slaves from

Africa began during this period. The languages originally

spoken by the slaves and the Maroons, or runaway slaves,









still retain much of the basic lexicon and syntax developed

during the period when English was the dominant language.

As the Dutch took control of Suriname, they changed

the name of the fort to Zeelandia. The fort remained central

in importance as is reflected in the Sranantongo word foto,

which now means "city." The Dutch expanded the importation

of African slaves beyond earlier levels. Most of the slaves

were brought from West Africa, but slavers moved down the

coast of Africa as villages were decimated and societies

destroyed. Herskovits (1939) reports that some of the last

slaves brought to Suriname were from Mozambique--clear around

the Cape.

The world shipping capitals of Amsterdam and

Rotterdam, from the provinces of North and South Holland,

respectively, controlled much of the slave trade, while

Europe's leading medical school in Leiden provided most of

the attending physicians on the slave ships and colonies of

the Netherlands and other nations (Calder 1958). Nassy, as

quoted by Price and Price (1988:xiv), stated in 1788 that the

Dutch colony in Suriname was "the envy of all the others in

the Americas" likely because of its economic output.

Suriname remained the most important colony of the

Netherlands until well into the eighteenth century when

Indonesia, or the Dutch East Indies, surpassed it.

The "envy" of the Americas was built at a price.

Essed (1984:1) reports that slaves died at the rate of four a

day from 1682 to 1863 when emancipation was declared. A









contemporary of this period, John Stedman (1796:373), guessed

the entire slave population became "extinct" every twenty

years or in other words that the high death rate led to a

complete overturn in the population every twenty years. In

addition to this, beginning as early as the British period,

many of the slaves had begun escaping into the Amazon rain

forests and establishing communities led by a granman or

"chief." Although the forests were hazardous and called

dedekondre or "country of death" by the slaves, many were

willing to risk malaria and other perils in exchange for

freedom. These enclaves of Maroons, who now call themselves

Busunengre or "Bushnegroes," established themselves along

major rivers and continued to raid plantations until peace

treaties were signed with separate groups in 1760, 1762, and

1767 making them the first peoples in the Americas to gain

independence from Europe.2

Until the importation of slaves was made illegal,

there was always a higher concentration of Africanborn slaves

than Surinameborn slaves (called Creoles) in the colony.

Because of this, the Creole population continued in many

different ways to have contact with their African past until

the importation of slaves was abolished. On July 1, 1863,

the slaves were given their freedom. This event is still

celebrated every first of July as ketikoti or manspasi

("emancipation" day).










The Post-Slavery Period

For years after emancipation, former slaves flocked to

the city, refusing to continue in agriculture.3 This left a

shortage of labor in the plantation areas of Suriname. In

order to fill their labor needs, the Dutch turned to the

British East Indies and began importing indentured labor--

largely from the northeastern provinces of India. These East

Indians are called Hindustanis in Suriname (and the

Netherlands as well). Most of these contract laborers

arrived in Suriname between 1873 and 1917 and are now the

largest of the many ethnic groups in the country. Many of

the Hindustani were tricked into embarking on ships or did

not quite understand the consequences. Suddenly they found

themselves pulling out of their home cities, sometimes not

even having had time to say farewell to family members or

tell them what was happening (Diepraam 1978). In 1890 the

Dutch turned to the East Indies to supplement and later

replace the inflow of Hindustanis on the remaining sugar

plantations. They brought laborers to Suriname from the

Indonesian island of Java until 1939. Of the ethnic groups

in the coastal lowlands the Javanese remain the most

impoverished and least exposed to formal education. Although

the Hindustani have been much more likely to move into

sectors of the economy other than agriculture, they continue,

along with the Javanese, to dot the agricultural regions of

the country.










More recently Maroons have flocked into the city as

well, seeking opportunity and as refugees from rebel fighting

in the interior. The Chinese world diaspora has brought

immigrants from Hong Kong and elsewhere who tend to run small

shops or winkels4 and restaurants. Significant numbers of

Dutch, Lebanese, and Guyanese live in Paramaribo, as do some

Jews from Germany and Portugal and a smattering of North

Americans (often missionaries of various Christian

denominations). The general nature of Suriname is such that

the city of Paramaribo is dominated by the Creole population

with a large Hindustani presence as well, while the coastal

agricultural regions are populated with the Hindustani and

Javanese and the rainforests are the territory of the Maroons

and Native Americans.



The Current Picture

The Republic of Suriname gained independence from the

Netherlands in 1975. Many of the changes that have taken

place since then have been influenced by the newly

independent status of the country. But, as with all

societies, Suriname reflects its historical and cultural

roots.



Population Growth

The population of Suriname has undergone dramatic

fluctuation as a result of independence. Many Surinamers

retained their Dutch citizenship and went to the Netherlands.










Recent figures indicate that the steady decline in population

leading up to and following independence has been reversed

and population growth is again occurring (see table 1).

The population of Paramaribo is 48% of the entire

country's population5 and much of the remaining population

surrounds and has ties with the city. Three other population

centers of note are: Nieuw Nickerie, next to the Guyana

border; Albina, next to the French Guyana border; and Mungo,

a region south of Paramaribo where bauxite mining takes place

for the aluminum industry. Smaller villages are scattered

along many of the major rivers in the interior.


Table 1
Population Growth and Growth Factors 1980-1987


Year Population* Births** Deaths Immigration Emigrat

1980 361,040 9,848 2,192 2,282 18,988
1981 351,990 10,094 2,441 3,338 4,432
1982 358,549 11,205 2,506 3,706 3,431
1983 367,523 11,823 2,811 2,805 5,225
1984 374,115 11,503 2,873 3,393 3,488
1985 382,650 11,704 2,674 1,902 5,321
1986 388,261 10,176
1987 404,962 9,660

*Total as of January 1.
**This figure only includes live births.6
Source:National Planning Office, Suriname (1988) and the
Suriname Department of Public Health statistical office,
1991.


ion









Ethnic Makeup of the Population

One of the distinctive characteristics of Suriname is

the social and cultural diversity of its population. Most of

the population identifies with specific ethnic labels that

signify similar historical and cultural roots. Each of the

large or influential ethnic groups will be discussed

separately. The percentages of each group given from the

"hospital" sample refer to the sample from which part of the

research for this work was derived. The sample is discussed

in the following chapter.



The Hindustani

The Hindustani population of Suriname made up 37.8% of

the total population of Suriname in 1980 (Health Conditions

in the Americas 1990:257).7 In 1991 they made up 32.7% of the

delivering population at s'Lands, the public hospital

(n=340).8 The Hindustani are generally considered to be the

largest ethnic group in Suriname when those of African

descent are separated into Creole and Maroon groups. (If

those with African ancestry are considered as one group, then

they make up 39.1% of the population in the Health Conditions

in the Americas report [1990:257] and 47.3% of the delivering

population at s'Lands in this study).

The Hindustani have cultural and ancestral ties to

India. They prefer use of the Dutch term Hindustani to refer

to themselves as a group. In Sranantongo, they are called

Kuli a word retained from the British period or occasionally










Hustani derived from the Dutch. The Hindustani, as a whole,

hate being referred to as Kuli. (All of the Hindustani women

in the postpartum study said they did not like the term

Kuli.) The Creole, on the other hand, say most Hindustani do

not mind being called Kuli and when groups of Creoles are

together they invariably used Kuli when talking about

Hindustanis. When other ethnic groups are in on the

discussion, Hindustani is generally used. Hindustanis of

both Muslim and Hindu religions find the Dutch term

acceptable.

The recent characterization of Suriname as a place

where harmony exists between divergent ethnic and religious

groups overstates the situation (French 1990). Some ethnic

tensions do exist. For example, Hindustani will occasionally

complain about the Creole population and claim all the

Creoles are interested in is prisiri pleasure, a good time,

or parties. Although most Hindustani will claim everyone can

marry everyone, they tend to discourage or even express

disdain at relationships with Creoles. A child that is born

of Creole and Hindustani parents is called a Dogla and is

generally classified as a Creole (see below).

Many Hindustani still strongly identify with India and

are interested in events in India. A statue of the Mahatma,

Mohandas Karamchand Ghandi, stands in a busy section of the

city and many of the city's streets reflect Indian ties--

including the recent changing of the name of one of the two

major roads from Pad van Wanica to Indira Ghandi Weg.












The African-American population

Although all of Suriname's population of African

descent are descendants of African slaves, historical

separation of two segments of the population have created

cultural and linguistic differences. The Creole population

consists essentially of the descendants of those who were in

the city or on plantations at the end of slavery while the

Maroon population is made up of the descendants of those who

escaped into the rainforests.



Creole. Creole Surinamers are called Creool in

Dutch and Nengre in Sranantongo.9 There has been a major

movement towards the use of the term Creole by Surinamers as

opposed to the term Nengre which is viewed by some as having

negative connotations. There is not only a linguistic

category Nengre to designate the lower class Creoles in

Sranantongo, but historically persons could also be Mulata,

(a Kleurling in Dutch) if part of their ancestry was

European. These distinctions are no longer made, however.

But distinctions are still made in reference to admixture

with other ethnic groups. A Dogla is theoretically the

offspring of a Hindustani mother or father and Creole spouse

but even if parentage is not known a Creole with wavy hair

might be called Dogla. For example, American Blacks seen on

television are occasionally referred to as Dogla.










Of the women who deliver at s'Lands Hospitaal 24.1%

identified themselves as Creole. The percentage of African-

Americans is 39.1% for the entire population but how many of

these identify themselves as Creole is difficult to

determine. There was a movement to identify the Maroon

population with the Creole population based on a common

African ancestry. The intentions were to increase political

clout (see Wooding 1981) but it has also influenced

statistical information on the population. This movement has

not had as devastating an impact on information, however, as

has a more recent trend.

There has been a recent movement to completely ignore

ethnicity in the gathering of official data. The general

opinion is that if ethnicity becomes less important national

unity will increase and this will benefit everyone. The goal

is admirable but it is no longer possible to get such

information as a break down of infant mortality by ethnic

groups. This obfuscates real differences in ethnic groups in

important areas (like birth weight as discussed in chapter

8). It would be better if inequalities between ethnic groups

were made explicit so that changes can be made to improve

specific sections of the population rather than ignoring such

differences under a guise of nationalism.



Maroons. The Maroons are known as Bosland Creool in

Dutch or Busu Nengre in Sranantongo. The Maroons are made up

of six distinct groups. The Saramaccaners are perhaps the










least acculturated to city life of all the Maroons. This is

generally due to the fact that they have historically lived

the furthest from the city. The Aukaners or Ndjuka are the

largest group and are geographically the closest to

Paramaribo. When talking about Maroons, this is the group

most Creole are referring too. Djuka, a term that Aukaners

now disdain, is used by the Creole as a term for impolite

behavior or social ineptitude.

Other small groups of Maroons listed largest to

smallest include Paramaccaners, Matuaridrs (or Matawais),

Kwintis, and Bonnis or Alukus.

Although Djuka has become a term of criticism, the

Creole generally admire the Maroon population. Many of the

Creole see their own culture and society as being derived

from that of the Maroons and they feel the Maroon population

represents the Creole past. Of the women who delivered at

s'Lands Hospitaal, 23.2% identified themselves as Bosland

Creool or Maroon.



The Javanese

The Javanese are called Yapanees in Sranantongo and

Javaans in Dutch. They find both terms acceptable although

both terms are occasionally used in disparaging ways such as

viewing breast-feeding as Javaans or referring to outhouses

as Javaanse toilets. The Javanese only make up 18.4% of the

total population.10 Out of the women from the s'Lands sample,

they make up 12.4% of the total.










The general image that the Javanese have of themselves

and that others have of them is that they tend to get along

with everyone, (although there are exceptions). Many of the

Javanese and especially the older population maintain an

interest in what happens in Indonesia and the small group

that can afford it will attempt to visit the country at least

once. A cultural center has recently been built for the

centennial of Javanese immigration and public events are

occasionally held to celebrate the Javanese heritage.



The Native Americans

Native Americans are referred to as a group in

Sranantongo by the term Ingi or as Indiaan in Dutch. They

only make up 1.5% of the total population and most of this

small group live in rural or remote areas. Native Americans

made up 2.7% of the women who delivered at s'Lands Hospitaal

in January, 1991. Those who do live in the city tend to be

the coastal Carib and Arawak. Other Native Americans include

the Wajana (a total of 397 individuals) and the Trio (a total

of 822 individuals) with just under 700 individuals

identified as "other."



The Chinese

The Chinese are called Sinesi in Sranantongo and

Chinees in Dutch. There are more Chinese in Suriname than

Native Americans with 1.7% of the population, but only .6% of

the women delivering at s'Lands Hospitaal defined themselves










as Chinese. Most of the Chinese own businesses in the city

and are generally successful. (One of the two Chinese women

that delivered at s'Lands had delivered her first child in

the United States and she was the only woman in the entire

sample to have a "class A" delivery which is explained in

chapter 8).



The Europeans

Although the current European population of Suriname

is about 0.5%, their presence is felt in larger proportion

than their numbers. (There were no Europeans in the hospital

sample). Europeans are generally Dutch and are always

considered so unless one knows this not to be the case. The

Dutch are classified into two categories in Sranantongo. A

Buru is specifically applied to descendants of Dutch farmers

in Suriname and the name comes from the Dutch word for

farmer. It is also generally applied to any White who

appears to work hard or is a native Surinamer. The other

class of Dutch are the Bakra. These are the urban, well to

do, or foreign Dutch. For some speakers the use of Bakra has

a negative tinge.

If a person's nationality is known then it is

generally indicated in referring to that person. An American

male becomes Amekan boy or pikin Bush "a child of Bush" (the

U.S. president during the period of this research).









The "mixed" population

The final category is called gemenged in Dutch and

moksi in Sranantongo (or "mixed"). This group made up the

final 4.4% of the total hospital population. Those who would

like ethnic distinctions to disappear in Suriname are hoping

that this group will eventually expand to include all

Surinamers. But presently even those who are called moksi by

friends will often identify with one of the major ethnic

groups.



The Political Situation

In the years following the second world war, when many

former colonies gained independence, Suriname got more

political freedom and control over internal affairs, but it

did not become completely autonomous from the Netherlands.

In 1975 Suriname gained its independence. Events surrounding

its independence have changed the country of Suriname

dramatically. More than 100,000 individuals (mostly Creole)

kept their Dutch citizenship and went to the Netherlands in

the period approaching independence--meaning that a country

the size of the U.S. State of Georgia, with fewer than

400,000 individuals mostly concentrated in one large urban

region, underwent a dramatic population reduction. The large

numbers who emigrated has resulted in many Surinamers having

family members in the Netherlands that can send money or

other goods (although some complain that relatives do not

send much if anything). High levels of emigration (mostly of









males) have contributed to current demographics where more

than 50% of the population is under 20 years of age and

disproportionately female. During the same period of time

there was also a large increase of migration from the

interior into Paramaribo.

Independence has also been followed by political

upheavals. Suriname went through a coup d'etat in 1980, less

than three years after the first elections in 1977, followed

by a series of political assassinations in 1982, and the rise

of the Jungle Commando, a Maroon insurgency. The military

government stepped down in 1987 when democratic elections

were held. A Native American military insurgency split in

1990 from their alliance with the Maroons to create the

Tucayanes Amazones. On Christmas eve of 1990 a "telephone

coup" by military leaders toppled the government. The

military again stepped down in 1991 allowing democratic

elections to be held.

Hopes of pending agreement between insurgents in the

interior and the Suriname government officials as well as

warnings by the Netherlands and U.S. against another coup

attempt may lessen the political turmoil in the country.

However, Brana-Shute's (1987) characterization of a

"surprising Suriname" may continue to express itself in the

political arena.









The Economy

Politics continue to intact with the economy. The

mining sector (mainly bauxite) dominates the economy, since

it accounts for almost 75% of the total export earnings for

the country. Its successes and failures are felt by almost

everyone. Rice, tobacco, bananas, tropical woods and other

agricultural products as well as some oil production are

important exports for the country.

When Suriname became independent it received the

famous "golden handshake" from the Netherlands. A promise of

almost one billion dollars U.S. in aid over a ten-year period

would have had a phenomenal impact in such a small country.

But after the first coup d'etat this aid was held by the

Netherlands in an attempt to influence the internal affairs

of Suriname and still has not been released.

Suriname continues to be plagued with problems. In

the past year there have been at least five flour shortages

which meant no bread or bami (egg noodles), two of the

country's staple foods. During these shortages American

officials, in televised speeches, stated that Suriname needed

to pay for the last wheat shipment before the next one would

be sent. Rice, the third and most important staple, always

seemed in plentiful supply, although many rumors were passed

around that it would also be difficult to get soon. It is

doubtful that events would progress that far, but fears that

rice would disappear were very real.










The country's economy has accelerated its decline in

the past several years and is experiencing a chronic shortage

of foreign currency. Production declines since 1987 have led

to soaring unemployment which currently makes up almost 34%

of the total work force. Suriname's dependence on imports

and a limited supply of foreign currency has led to soaring

prices and a scarcity of a wide range of goods. There is a

large parallel or "black market" and most imported goods such

as medicines and consumer items are purchased paying the high

rates asked for foreign currencies. Despite the parallel

market, the official exchange rate has been held at about a

constant 1.77 guilders per dollar and an even trade of one

Suriname guilder per Dutch guilder. In contrast to this,

during 1989-1990 the blackmarket rate was generally reported

at about sixteen to eighteen guilders per U.S. dollar or

eight to nine Dutch guilders per U.S. dollar with some

reporting exchanging Canadian dollars for as high as twenty

guilders per dollar and others reporting similar rates for

U.S. dollars.11



Languaaes

There are many languages spoken in Suriname. They are

generally defined by different ethnic and cultural

boundaries, although these boundaries are not distinct. The

"best spoken language" of an individual will generally be

defined by ethnic and cultural affiliations, but either










Sranantongo or Dutch is known by almost everyone with Dutch

as the official language (see table 2).12



Sranantongo

One of the most widely used languages in Suriname is

Sranantongo (literally "Suriname-Tongue"). The language is

sometimes referred to as Negerengels in Dutch (or "Negro

English"). This term is incorrect, although accepted by many

Surinamers, since Sranantongo is not a type of English but

has a unique syntax and a modified English lexicon with

considerable contributions from Dutch, Portuguese and West

African languages.



Table 2
The Best Spoken Language of the Suriname
Population Six Years Old and Above by Ethnic Group


Dutch Sranan- Sarnami Javanese Other Total
tongo Hindustani
Creole 61,389 27,939 195 90 1,318 90,931
Hindustani 11,250 1,496 71,505 23 443 84,717
Javanese 2,724 561 22 34,766 35 38,108
Amerindian* 980 944 1 447 2,372
Chinese 2,581 237 1 5 1,663 4,487
European 3,455 15 1 4 144 3,619
Other 1.558 156 2 37 528 2.281

Total 83,937 31,348 71,727 34,925 4,578 226,515
% 37.1 13.8 31.7 15.4 2.0 100.0

*not living in tribal groups

Source: Edward Dew 1978:11










The term Taki-taki regularly appears in English

language publications--even academic ones (e.g. Alleyne 1985)

as the name of a language in Suriname. It is generally used

to refer to Sranantongo, although it has been used for Maroon

languages too. The term is a Sranantongo word meaning "to

gab" or "to chatter" but it is not a complementary one and it

is not used by Surinamers.

Sranantongo's resilience over the years has been

remarkable despite the fact that children are neither allowed

to speak it at school nor in the homes of the upper class or

many of the middle class. There have been increasing

attempts to write in Sranantongo although to date most of the

material produced has been fiction or poetry (e.g. van Kempen

1986, Grot 1987). Recently, a news program has been produced

in Sranantongo which is aired on one of the two television

stations.13 While most of the broadcasting is still done in

Dutch--the official language.



Dutch

Since the emancipation of slaves on July 1, 1863

Christian missionaries and others have taught schools in

Dutch and it is still the official language of Suriname. The

Dutch spoken in Suriname differs from that spoken in the

Netherlands (or the numerous local dialects spoken in the

Netherlands) not only in the accent given to it but also in

some grammar constructions and vocabulary. Besides producing









television shows in Dutch, both of the national newspapers

and the most popular radio station in Suriname use Dutch.

The two major languages of the city (Dutch and

Sranantongo) are both spoken on the streets and most of those

who were born and raised in the city are proficient in both

languages. For the Creole population 69% have indicated that

Dutch is their "best spoken language" while 31% have

indicated that Sranantongo is their "best spoken language"

(Dew 1978:11). Both Sranantongo and Dutch were used during

interviews to gather data for this research and Dutch was

used exclusively in the mailed questionnaires.



Other languages

Other languages spoken in Suriname include Sarnami

Hindustani a derivative of two Hindi dialects--Avadhi and

Bhjpuri. This language has incorporated elements of

Sranantongo and Dutch as well as some English because of the

large number of East Indian immigrants from Guyana. Javanese

is also spoken although it differs from its parent language

in Java, Indonesia in that loan words are not only drawn from

Bahasa Indonesia but also Sranantongo and Dutch. English is

spoken by some immigrants as are Chinese (Manderin, Hakka,

and Pundhi), Arabic (a larger number using it in ritual

contexts), Native American languages (including Arawak,

Carib, Wajana, Trio, Akurio and others), and a variety of

Maroon languages the most influential of which are Saramaccan

and Aucaans.











The Religions of Suriname

The religious beliefs of Surinamers are as varied and

complex as are their languages. Native American animistic

religions are still found in Suriname, although indigenous

religions take a less prominent position in the lives of

Native Americans currently than Catholicism in coastal

regions and Protestantism in the interior.

Although a little missionary activity was conducted by

the Moravian Bretheren from as early as the eighteenth-

century among Native Americans and slaves, proselytizing only

began in ernest after the emancipation of slaves in the late

nineteenth-century. Before this cime the religious life of

the slaves had become in part a syncretization of beliefs

drawn from their divergent African pasts and the Native

American groups around them and in part completely new ideas

and experiences that dealt with the situation in which they

found themselves. This religion has become known as Winti

from the word for "wind" or "spirit." Wooding (1981) points

out that, although this religion is similar to others in the

Caribbean in that it syncretized beliefs from a variety of

sources, it differs from other Caribbean religions in that

Christianity was never included in the syncretization

process. The slaves who escaped into the interior and

established Maroon societies took religious beliefs with them

that are similar to Winti.









Although Winti has been termed "the Creole religion,"

this is not completely accurate. Most Creoles are Roman

Catholics or Moravian with many adherents to other Protestant

denominations. However, participating in a Christian

religion does not preclude the participation in Winti

activities as well and many are involved in both religions.

Some Christian denominations denounce participating in

Winti and the leader of a small revivalistic denomination

(the Mosterd Zaad), who had formerly been a traditional

healed, decries Winti as serving the devil. It is not

uncommon to find Creole men and women who have not been to

Winti ceremonies in years although most have participated in

or seen a ceremony at some point in their lives. For others

Winti serves as a social function, a place to go dance and

meet people, although religious feelings may exist as well.

Winti religious observance involves serving

supernatural beings called Winti and in turn receiving aid

from them in everyday or special circumstances. Using

special protective charms is also viewed as part of these

beliefs as are a variety of healing practices. Those that

involve pregnancy will be dealt with in greater detail in

subsequent chapters.

Maroons have also been influenced by a Christian

presence although to a lesser extent than the Creoles. They

also define their religious beliefs to outsiders in terms of

organized religions. Maroons who do not belong to a specific

Christian denomination will consistently reply "no religion"









in surveys rather than asserting other beliefs. They have

also experienced various prophetic movements and religious

revivals (Thoden van Velzen 1977, 1978; Thoden van Velzen and

van Wetering 1975, 1982). The other segments of the

population have also been influenced by various Christian

denominations and a small number have joined specific groups.

About 60% of the Hindustanis belong to the orthodox

Sanatan Dharm and another 20% the reform Arya Samaj Hindu

faiths. Most of the rest are Muslims. Islam is also the

religion of almost all the Javanese. Both groups are Sunni

Moslems with the Javanese belonging to the Shafi'ite school

and the Hindustani the Hanifite school. There is evidence

that some of the Africans brought over in slavery were also

Moslems but there are no apparent members now among their

descendents.14 In the late eighteenth century and into the

nineteen century there were also many "free people of color"

and later freed slaves who were Jews. The Jewish influence

on Suriname was important and historically there were large

numbers of both Sephardic and Ashkenazian groups in Suriname.

Although some Jews still live in Suriname, their numbers have

dramatically declined to the point that they currently fill

an insignificant niche in the society. There are other

religious creeds in Suriname of course but their influence on

the society is small enough to warrant their exclusion from

this discussion.










The religious affiliation of women who delivered at

the hospital was recorded but there is no indication of the

extent of religious activity (see table 3).


R i~i rn


Table 3
of D live rina Women


Creole n=79
Catholic
Moravian
Full Gospel
Jehovah's Witness
Other
None

Javanese n=43
Muslim
Catholic
Moravian


(52%)
(29%)
(4%)
(4%)
(5%)
(6%)


38 (88%)
4 (9%)
1 (2%)


Source: s'Lands Hospitaal Delivery
1991
Note: Some percentages may not add
rounding.


Hindustani
Hindu 96
Muslim 11
Christian 3
Moravian 1
Catholic 1


n=112
(86%)
(10%)
(3%)
(1%)
(1%)


Maroon n=80
None 29 (36%)15
Catholic 28 (35%)
Moravian 18 (23%)
Full Gospel 5 (6%)

Records, January,

up to 100 due to


For the African-American population there is also no

indication of participation in non-organized religions (note

specifically the Maroon response to religious affiliation).

It should be remembered that this population represents only

the women who delivered at s'Lands Hospitaal. The small

population of "other" religions may be influenced by the fact

that some of the other religions in Suriname (i.e. Dutch

Reform) have congregations that may be better off financially

and/or are less likely to have children.


P 11 -innI 1- Y ---)---










Summary

Suriname's initial development under colonial rule was

as a plantation economy where slavery was the major source of

labor. After the emancipation of the African-American

slaves, contract laborers were brought in from India and Java

(Indonesia). Suriname has since developed into a very

diverse population with a variety of languages, religions,

and racial groups. Ethnic identity is largely based on race

and language spoken but also includes other factors. The

self identified ethnicity of women who delivered at s'Lands

Hospital January 1991 is illustrated in table 4.

Suriname has undergone a series of economic and

political crises and continues to struggle to preserve its

democratic government, its economic independence, and its

national identity.



Table 4
Ethnic Identity of Hospital Sample

Hindustani 32.7% Mixed 4.4%
Creole 24.1% Native American 2.7%
Maroon 23.2% Chinese .6%
Javanese 12.4% European -

Source: s'Lands Hospitaal Delivery Records January, 1991.





1Guiana is presumably a word of Native American origin.(Mitrasing
n.d.:9).

2The reader will note the difference between the term used for the
escaped slaves in this text (i.e. Maroons) and the term they use for
themselves (i.e. Bush Negroes). The term Bush Negro does have a long










past in the region and van Velzen and van Wetering (1983:99) point out
that informants rejected the term Maroon as another attempt by outsiders
to put a label on them. I have not ignored this caution but have still
adopted Richard Price's use of the term Maroon (see R. Price 1976).
Although Bush Negro is a literal translation of the Sranantongo Busu
Nengre, it brings with it negative connotations not generally held in
Sranantongo. Maroon was derived from romance languages but developed
its English form in Jamaica in reference to run-away slaves there. It
does not bring the negative connotations with it that Bush Negro does
and so will be used in this text to refer to African-Americans in the
Amazon rainforests of Suriname.

3There is some suggestion that the Creole population had sought after
city life for a long time. The Sranantongo proverb Tangi foe Pans boko
mi si beni foto means "Thanks to the Spanish bok [a whip used for
punishments] I got to see inside the city." Although this proverb (or
odo) is currently used to illustrate that their is a positive side to
horrible situations, it also indicates the contrasting excitement of
city life in juxtaposition to the doldrums of plantation tasks (R.
Brana-Shute 1990:133).

4see Brana-Shute (1975, 1979) for a discussion of the winkel and its
importance in male Creole life.

5The National Planning Office of Suriname 1988) has published these
figures as 169,798 inhabitants for 47.8% of the population. They do not
give the specific year from which these numbers are derived but when
47.8% of the national population is taken for each of the years listed
by the planning office a slightly higher number is derived than the
169,798 figure given by the planning office.

6Infant mortality is discussed in chapter 8. The birth totals for 1988,
1989, and 1990 are, respectively 9,094; 10,217; and 9,545, although the
rest of the data for these years is not available.

7These figures add up to 99.0% due to rounding.

8These figures add up to 100.1% due to rounding.

9Although the Creole are generally not more specifically defined,
sometimes they are narrowed to Stads Creool or Foto Nengre both terms
which refer to 'City Creoles.'

10Total population percentage is based on the report Health Conditions
in the Americas (1990:257).

11The higher rates were always reported by the news when black market
rates were discussed but regular questioning of the young men who bought
foreign currencies in the large waterfront market never elicited such
high figures. But the young men in the market in turn sold their money
to another person for higher rates and others claimed they got the
reported high rates through their contacts and they had every reason to
lower their quotes of rates since they were giving these rates to family
members outside the country when requesting more foreign currency.











12More recent data on language use is not as inclusive as that included
in the text. One recent study looked at the media languages spoken by
mothers of children with diarrhea but it did not include Asian
languages. The results were as follows:

Languages Understood and Read in Suriname

Language Understand Read

Dutch 94% 92%
Sranantongo 92% 40%
English 44% --
Aucaans 21% 0%
Others 21% (e.g. Saramaccan) 6% (English or French)

Source: Krishnadath and Caff4 1991:20-21.

The number of respondents for this survey was n=48.

.13There are still a variety of variations of spelling in Sranantongo.
The variety used in this book is the the one used by De Drie (1984,
1985) because it tends to use fewer letters than the spellings based on
Dutch pronunciation.
14The evidence is mentioned by Voorhoeve (1962) who notes that in 1700s
there was a Sranantongo term for a Black Moslem.
15Follow-up questioning of Maroon women who told the midwives they did
not have a religion indicated that they did participate in religious
ceremonies associated with the historical religions of the Maroons.
Their response to this question was in terms of organized religions.















CHAPTER 4
METHOD



Population Studied

Although the Creoles of .Paramaribo, Suriname were the

focus of this research, much of the data presented has been

derived from the narrower population of women who delivered

at the public hospital (s'Lands) in Paramaribo. Since this

is the hospital where publicly funded births take place, the

lower strata of society are the main clients of the hospital.

Approximately half of all births in the entire country take

place at s'Lands which makes for a larger uniform sample than

would be the case at the private hospitals.

There are four other hospitals in Paramaribo that

serve the surrounding area, but they are not nearly as

influential as is s'Lands. The military hospital deals with

an insignificant number of deliveries. The Protestant

hospital (Diakennessen Ziekenhuis) do not generally deliver

infants of lower income mothers. The teaching hospital

(Academische Ziekenhuis) generally deals with unusual cases.

Women rarely deliver babies at home in Paramaribo.

Those births that do occur at home are usually unplanned and

the baby is brought to the hospital immediately afterwards.

Occasionally a woman will call on a midwife from the hospital

and pay for a home delivery. These women are usually









relatively wealthy or illegal immigrants, both groups that do

not fall under government subsidized funding for births

(discussed in chapter 8).



Methodolocgy

Several research methodologies were used to gather

data. These are discussed under separate categories for

clarity and organization but in some cases more than one

research method was used to elicit data on a specific topic.

The source of a specific set of data is mentioned in

connection with the presentation of the results in the

appropriate chapters.



Language Use

The most important research technique used to gather

data for this dissertation was thorough preparation in the

languages used by the Creole of Suriname. Dutch was studied

in an academic setting and used for several years with native

speakers in the Netherlands (including speakers from the

Republic of Suriname). I have been rated completely fluent

in an official language evaluation by a native speaker and

language instructor at the University of Florida.

Preparation in Sranantongo, the other major language

used by Creole women, was not as easy since it is not taught

in an academic setting outside of Suriname (an only

occasionally within the country). All of the literature

available on the language was consulted before visiting










Suriname from July-August 1990. While in Suriname during

this period of time, Sranantongo was used as often as

occasion permitted and spoken Sranantongo was recorded for

listening and preparation for improved language ability

during the June-December 1991 period of research. Efforts to

improve my ability to speak and understand Sranantongo were

continued throughout the research period.

Research was conducted using both Dutch and

Sranantongo, depending on the preference of the informant and

the nature of the topic. Sometimes both languages were used

in the same interview for clarification of concepts. There

was not a single informant that did not use fluent Dutch.

Only a few upper middle class individuals stated they did not

speak Sranantongo (although they were later observed to

understand it perfectly well when used by other individuals).

Sranantongo became important when interviews were conducted

with Maroon women at the hospital.



Participant Observation

A major component of the methodology used to gather

information for this study was participant observation. This

method was continually used throughout the research periods

of July-August 1990 and June-December 1991. An attempt was

made to "participate" in as many activities as possible

within the community setting. This activities included

social gatherings, such as four weddings, a funeral, birthday

parties, and religious services (these included Winti dances









and gatherings of several Christian denominations). Other

activities were on a more personal level, such as trading

turns weeding yards, fishing by kerosene lamps in the

Suriname river, or other daily tasks made easier by the

opportunity to swap stories and discuss issues. Some

activities were on a more private level. Births and

postpartum recovery fit in this category. Participating in

deliveries allowed me to learn information that would be

difficult to get any other way. I was also able to ask

questions about the activities of the midwives during the

deliveries as they were actually carrying out their duties.

Participation in daily activities was important for

two major reasons. First, it created friendships and mutual

respect. When people saw me or family members on the street

they would come out and ask if we were the ones they saw at

the dance or other event. As I became well known, the trust

level was higher than would have been the case had I shown up

on the door (as I sometimes did) as an unknown person wanting

to ask questions. The second benefit provided by

participation was the information it generated. I was often

able to ask questions about activities in a setting in which

the activity was being carried out. Observing activities

also served to reinforce or modify information given by

informants often based on what they saw as typical or ideal

behavior rather than what was actually done.









Hospital Records

Data was also gathered from hospital records for women

who delivered at s'Lands Hospitaal. The records of all women

who delivered in January 1991 were examined for specific

information. January was chosen since it was long enough

before research was begun that all the records for that month

would be gathered and available in the hospital archives and

yet it was recent enough that the information would be

current. These records yielded data for three hundred and

seventeen women (n=317). This was the group presented in the

characterization of the ethnic identity of the hospital group

presented in the previous chapter (chapter three) and much of

the data presented in the rest of the dissertation. The

ethnic identity of this population was approximately 33%

Hindustani, 24% Creole, 23% Maroon, 12% Javanese with other

groups making up the rest.

The information in these records was given by the

women to midwives. The midwives would ask a series of

specific questions as each woman was brought into the

delivery area of the hospital. There was generally no

attempt to keep this information private. The midwives would

sit at the desk and loudly ask each question on the form

while the laboring woman would respond between contractions.

Although a few of the responses, such as ethnic identity,

were generally recorded without outside verification, many of

the responses required verification by law. Those

specifically checked carefully included method of payment and




Full Text

PAGE 1

7+( 62&,$/ /(*,7,0,=$7,21 2) &+,/'5(1 ,1 685,1$0( 62&,(7< $1 (7+12*5$3+,& $&&2817 2) 35(*1$1&< $1' &+,/'%,57+ $021* 7+( &5(2/( ,1 *5($7(5 3$5$0$5,%2 %\ 0$5. / 67$.(5 $ ',66(57$7,21 35(6(17(' 72 7+( *5$'8$7( 6&+22/ 2) 7+( 81,9(56,7< 2) )/25,'$ ,1 3$57,$/ )8/),//0(17 2) 7+( 5(48,5(0(176 )25 7+( '(*5(( 2) '2&725 2) 3+,/2623+< 81,9(56,7< 2) )/25,'$

PAGE 2

7R P\ )DWKHU DQG 0RWKHU ZKR KDYH D JUHDW GHDO RI H[SHULHQFH ZLWK FKLOGELUWK DQG WKH UHVSRQVLELOLWLHV RI SDWHUQLW\ DQG PDWHUQLW\ LL

PAGE 3

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n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

PAGE 4

8QLYHUVLW\ RI )ORULGD *RJJLQ $ZDUG FRQWULEXWHG WRZDUGV WKH WUDYHO H[SHQVHV GXULQJ UHVHDUFK 0RVW RI DOO DP LQGHEWHG WR WKH ZRPHQ DQG PHQ LQ 6XULQDPH ZKR JUDFLRXVO\ VKDUHG WKHLU H[SHULHQFHV DQG NQRZOHGJH 0DQ\ RI WKHP DUH VLQFHUH IULHQGV DQG DVVRFLDWLRQ ZLWK WKHP ZLOO DOZD\V EH D IRQG PHPRU\ LY

PAGE 5

7$%/( 2) &217(176 $&.12:/('*(0(176 LLL /,67 2) 7$%/(6 Lr $%675$&7 r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

PAGE 6

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

PAGE 7

7KH (FRQRPLF 6WDWXV RI 5HSURGXFWLYH $JH :RPHQ 6XPPDU\ &21&(37,21 &RQFHSWLRQ DQG ,VVXHV RI 3DWHUQLW\ $ :RPDQn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f ,QGXFHG $ERUWLRQV $ERUWLRQVf 7KH &UHROH 8VH RI $ERUWLRQV 6XPPDU\ 35(*1$1&< $ :RPDQnV $SSHDUDQFH DQG 3UHJQDQF\ 3UHJQDQF\ DV DQ (YHQW $ 0RWKHUnV &RQWULEXWLRQ WR WKH &KLOG $ )DWKHUnV &RQWULEXWLRQ WR WKH &KLOG 3UHJQDQF\ ,QGXFHG &KDQJHV LQ WKH %RG\ 'LHW 'XULQJ 3UHJQDQF\ 'LHW DQG 3UHJQDQF\ )RRG &UDYLQJV DQG $YRLGDQFH 3DWWHUQV 3UHQDWDO &DUH 'XULQJ 3UHJQDQF\ ,OOQHVVHV 'XULQJ 3UHJQDQF\ ,QKHULWHG )URP WKH $QFHVWRUV )\R)\R 6XPPDU\ %,57+,1* 'HOLYHU\ DQG 3DWHUQLW\ 7KH 7HUP RI 3UHJQDQFLHV 3UHPDWXUH %LUWKV 3RVWWHUP %LUWKV YLL

PAGE 8

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

PAGE 9

/,67 2) 7$%/(6 JDJV 3RSXODWLRQ *URZWK DQG *URZWK )DFWRUV 7KH %HVW 6SRNHQ /DQJXDJH RI WKH 6XULQDPH 3RSXODWLRQ 6L[
PAGE 10

7KH *HVWDWLRQDO $JH RI ,QIDQWV E\ (WKQLF *URXSV 0HWKRG RI 3D\PHQW IRU %LUWK E\ (WKQLF *URXS )UHTXHQF\ RI :DWHU %UHDNLQJ %HIRUH $GPLVVLRQ 1XPEHU RI 3UHYLRXV 'HOLYHULHV E\ (WKQLF *URXS &RQGLWLRQ RI 3HULQHXP E\ (WKQLF *URXS $YHUDJH $JH RI 0RWKHU DW 'HOLYHU\ E\ (WKQLF *URXS .UD 1DPHV 6H[ RI &KLOG %RUQ E\ (WKQLF *URXS $YHUDJH ,QIDQW :HLJKW LQ *UDPV E\ (WKQLF *URXS 1XPEHU RI /RZ %LUWK :HLJWKV JUDPVf DQG +LJK %LUWK :HLJKWV JUDPVf E\ (WKQLF *URXS 6WLOO %LUWKV DQG ,QIDQW 'HDWKV [

PAGE 11

7+( 62&,$/ /(*,7,0,=$7,21 2) &+,/'5(1 ,1 685,1$0( 62&,(7< $1 (7+12*5$3+,& $&&2817 2) 35(*1$1&< $1' &+,/'%,57+ $021* 7+( &5(2/( ,1 *5($7(5 3$5$0$5,%2 %\ 0DUN / 6WDNHU 'HFHPEHU &KDLU %ULDQ 0 GX 7RLW 0DMRU 'HSDUWPHQW $QWKURSRORJ\ $ UHYLHZ RI WKH FRQFHSW RI OHJLWLPDF\ DV GHYHORSHG DQG XVHG LQ DQWKURSRORJ\ LV IROORZHG E\ DQ DQDO\VLV RI UHVHDUFK RQ WKH &DULEEHDQ IDPLO\ V\VWHP DQG WKH YLHZ RI VFKRODUV RQ OHJLWLPDF\ ZLWKLQ WKLV V\VWHP 7KH YLHZ RI VRPH &DULEEHDQ VFKRODUV WKDW WKHUH LV QR FRQFHSW RI OHJLWLPDF\ LQ WKH ORZHU OHYHOV RI &DULEEHDQ VRFLHW\ LV FULWLTXHG %DVHG RQ SUHYLRXV GHILQLWLRQV RI OHJLWLPDF\ DQG H[FHSWLRQV WR WKRVH GHILQLWLRQV D PRUH HQFRPSDVVLQJ YLHZ RI OHJLWLPDF\ LV SUHVHQWHG 7KLV YLHZ GHILQHV FKLOGUHQ DV OHJLWLPDWH LI WKH\ DUH ERUQ LQWR D VRFLDOO\ DSSURYHG XQLRQ DQG UHFHLYH SXEOLF DFNQRZOHGJHPHQW RI SDWHUQLW\ E\ WKHLU IDWKHU ,Q WKH FRQWH[W RI DQ DWWHPSW WR VKHG OLJKW RQ WKHVH WZR FRQFHSWV DQ HWKQRJUDSKLF DFFRXQW RI SUHJQDQF\ DQG FKLOGELUWK ZLWKLQ WKH &UHROH SRSXODWLRQ RI JUHDWHU 3DUDPDULER 6XULQDPH LV SUHVHQWHG )RU WKH &UHROH LW LV FRQFOXGHG WKDW D UHODWLRQVKLS KDV VRFLDO DSSURYDO LI LW LV RSHQ DQG SXEOLF $OWKRXJK SDWHUQLW\ FDQ EH DFNQRZOHGJHG E\ SXEOLFO\ OHJLWLPL]LQJ D FKLOG WKURXJK [L

PAGE 12

OHJDO UHJLVWUDWLRQ LW FDQ DOVR EH GRQH LQ ULWXDOV DQG RWKHU W\SHV RI EHKDYLRU 2QH RI WKH PRVW LPSRUWDQW ZD\V RI LQGLFDWLQJ SDWHUQLW\ LV SDUWLFLSDWLRQ LQ ULWXDO KHDOLQJ IRU D SUHJQDQW ZRPDQ DQG KHU FKLOG RI DQ LOOQHVV FDOOHG I\RI\R $QRWKHU LV H[SHULHQFLQJ FRXYDGHOLNH V\PSWRPV NQRZQ DV \HSL RU KHOSLQJ GXULQJ WKH SUHJQDQF\ RU GHOLYHU\ 7KLV HYLGHQFH LQGLFDWHV OHJLWLPDF\ LV FRPPRQ ZLWKLQ &UHROH VRFLHW\ DQG VRPH RI WKH UHVSRQVHV WR LOOHJLWLPDF\ ZLWKLQ WKLV FRQWH[W DUH FRQVLGHUHG %DVHG RQ WKHVH ILQGLQJV LW LV LPSRUWDQW IRU DQWKURSRORJLVWV WR H[DPLQH DFFHSWHG GHILQLWLRQV RI OHJLWLPDF\ DQG LOOHJLWLPDF\ /HJLWLPDF\ LPSOLHV WKDW D FKLOG LV ERUQ LQWR D XQLRQ WKDW LV VRFLDOO\ DSSURYHG DQG LW UHFHLYHV SXEOLF DFNQRZOHGJHPHQW RI SDWHUQLW\ [LL

PAGE 13

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f ,Q ODWHU ZULWLQJV KH UHWDLQHG WKH YLHZ WKDW WKH PDLQ VRFLRORJLFDO SULQFLSOH HPERGLHG LQ WKHVH UXOHV DQG DUUDQJHPHQWV LV WKDW FKLOGUHQ VKRXOG QRW EH SURGXFHG RXWVLGH D VRFLDOO\ DSSURYHG FRQWUDFW RI PDUULDJH 0DOLQRZVNL Df 0DOLQRZVNL f UHFRJQL]HG WKDW KDYLQJ D VRFLRORJLFDO IDWKHU ZDV FHQWUDO WR WKH FRQFHSW RI OHJLWLPDF\ +H YLHZHG WKH DFNQRZOHGJPHQW RI D VRFLRORJLFDO IDWKHU DV FULWLFDO WR SDUHQWKRRG LQ DOO VRFLHWLHV 3DUHQWKRRG WR EH QRUPDO >LH WKH QRUP RU XVXDO SUDFWLFH RI D VRFLHW\@ PXVW EH PDGH OHJLWLPDWH WKDW LV EDVHG RQ D VRFLDOO\ DSSURYHG EXW LQGLYLGXDO PDUULDJH FRQWUDFW Ef

PAGE 14

0DOLQRZVNL ZDV DZDUH WKDW HYHU\ FKLOG KDV D ELRORJLFDO IDWKHU DQG PRVW SHRSOH UHFRJQL]H WKLV IDFW %XW KH VDZ WKH FRQFHSW RI D VRFLRORJLFDO IDWKHU DV HTXDOO\ LPSRUWDQW DOWKRXJK QRW QHFHVVDULO\ FRQQHFWHG 3K\VLRORJLFDO SDWHUQLW\ WKH EHJHWWLQJ RI D FKLOG LV QRW DV D UXOH VXIILFLHQW DQG PD\ HYHQ EH LUUHOHYDQW LQ GHWHUPLQLQJ VRFLDO IDWKHUKRRG 0DOLQRZVNL Ef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f +H DUJXHG WKDW FKLOGUHQ DUH HLWKHU QRW ERUQ RI WKHVH XQLRQV EHFDXVH RI DERUWLRQ RU RWKHU XQNQRZQ IDFWRUV RU

PAGE 15

WKH UHVXOWLQJ RIIVSULQJ SURYH WKH IHUWLOLW\ RI D FRXSOH DQG WKH\ PDUU\ 7KH FRQFHSW RI OHJLWLPDF\ DV GHVFULEHG DERYH KDV JHQHUDOO\ EHHQ DFFHSWHG DV YDOLG IRU DOO VRFLHWLHV DV LQGLFDWHG LQ 'DYLVn VWDWHPHQW WKDW ZLWKRXW WKLV UXOH WKHUH ZRXOG EH QR IDPLO\ WKH OHJLWLPDF\ UXOH SUHYDLOV QR PDWWHU ZKDW RWKHU FRQGLWLRQV SUHYDLO &KLOGUHQ PD\ EH DQ DVVHW RU D OLDELOLW\ SUHQXSWLDO RU H[WUDQXSWLDO LQWHUFRXUVH PD\ EH IRUELGGHQ RU VDQFWLRQHG VWLOO WKH UXOH UXQV WKDW D IDWKHU LV LQGLVSHQVDEOH IRU WKH IXOO VRFLDO VWDWXV RI WKH FKLOG DQG LWV PRWKHU 2WKHUZLVH WKH FKLOG LV LOOHJLWLPDWH DQG WKH PRWKHU LV GLVHVWHHPHG f $OWKRXJK LWV YDOLGLW\ KDV QRW JHQHUDOO\ EHHQ H[DPLQHG WKLV XQLYHUVDO FRQFHSW LV RFFDVLRQDOO\ ZRUNHG LQWR WKH WKHRULHV RU ZULWLQJV RI DQWKURSRORJLVWV HJ )RUWHV +RXVHPDQ f 0RVW DQWKURSRORJLVWV KRZHYHU KDYH JHQHUDOO\ LJQRUHG WKH FRQFHSW FRPSOHWHO\ DV HYLGHQFHG E\ WKH UHODWLYH ODFN RI GLVFXVVLRQ VXUURXQGLQJ OHJLWLPDF\ LQ WKH OLWHUDWXUH /HJLWLPDF\ KDV EHHQ JLYHQ LQGLUHFW FRQVLGHUDWLRQ LQ GLVFXVVLRQV RI PDUULDJH D WRSLF WKDW KDV EHHQ JLYHQ FRQVLGHUDEOH DWWHQWLRQf DQG DQ H[DPLQDWLRQ RI WKH DQWKURSRORJLFDO GLVFXVVLRQ VXUURXQGLQJ PDUULDJH ZLOO VKHG IXUWKHU OLJKW RQ WKH YLHZV VFKRODUV KDYH H[SUHVVHG FRQFHUQLQJ WKH FRQFHSW RI OHJLWLPDF\ 0DUULDJH 7KH FRQQHFWLRQ EHWZHHQ OHJLWLPDF\ DQG PDUULDJH LV HYLGHQW LQ WKH ZD\ DQWKURSRORJLVWV GHILQH PDUULDJH 7KH ZHOONQRZQ 1RWHV DQG 4XHULHV LQ $QWKURSRORJ\ f

PAGE 16

GHILQLWLRQ LV VWLOO IUHTXHQWO\ UHIHUUHG WR E\ DQWKURSRORJLVWV DQG 0DLU f FDOOV LW D XVHIXO ZRUNLQJ GHILQLWLRQ 1RWHV DQG 4XHULHV f SXEOLVKHG D GHILQLWLRQ RI PDUULDJH DV D XQLRQ EHWZHHQ D PDQ DQG D ZRPDQ VXFK WKDW FKLOGUHQ ERUQ WR WKH ZRPDQ DUH UHFRJQL]HG OHJLWLPDWH RIIVSULQJ RI ERWK SDUHQWV 8SRQ UHIOHFWLRQ LW LV HYLGHQW WKDW WKLV GHILQLWLRQ GRHV QRW DSSO\ WR HYHU\ W\SH RI PDUULDJH 7KH 1XHU LQVWLWXWLRQ RI ZRPDQPDUULDJHWRDZRPDQ LOOXVWUDWHV WKLV SRLQW (YDQV 3ULWFKDUG f KDV DUJXHG WKDW WKH OHJDO SURYLVLRQV RI WKLV W\SH RI XQLRQ DUH WKH VDPH DV WKRVH IRU D PDUULDJH EHWZHHQ D PDQ DQG D ZRPDQ 7KH RQO\ GLIIHUHQFH LV WKDW D 1XHU LQ D ZRPDQPDUULDJHWRDZRPDQ ZLOO XVH D SUR[\ PDOH JHQHUDOO\ KHU RZQ KXVEDQGf WR IDWKHU FKLOGUHQ IRU KHU ZKLOH DOO RI WKH FKLOGUHQ ERUQ RI VXFK XQLRQV DUH VWULFWO\ XQGHU WKH FRQWURO RI WKH ZRPDQ ZKR ILOOV WKH SDWHUQDO UROH 7KH FKLOGUHQ FDOO KHU IDWKHU DQG VKH IXOILOOV WKH UROH RI SDWHU IRU WKHP 7KHUHIRUH WKH SDUW RI WKH 1RWHV DQG 4XHULHV GHILQLWLRQ WKDW UHTXLUHV ERWK D ZRPDQ DQG D PDQ GRHV QRW DSSO\ WR DOO PDUULDJHV $QRWKHU SDUW RI WKH GHILQLWLRQ WKDW VWDWHV PDUULDJH LV D XQLRQ KDV SUHYLRXVO\ EHHQ FDOOHG LQWR TXHVWLRQ E\ 6DUDQD f ZKR KDV SRLQWHG RXW WKDW LI RQH FRQVLGHUV WKDW WKH ZRUG FRQQRWHV SK\VLFDO FRQWDFW LW GRHV QRW DSSO\ WR VRPH UHODWLRQVKLSV )RU H[DPSOH 1XHU JKRVW PDUULDJHV WR QRW ILW WKLV UHTXLUHPHQW $ 1XHU ZRPDQ PD\ PDUU\ D PDQ ZKR LV DOUHDG\ GHDG ZKLOH DQRWKHU PDQ IXOILOOV WKH UROH RI JHQLWRU

PAGE 17

:KHQ FKLOGUHQ DUH ERUQ WKH\ DUH LQFRUSRUDWHG LQWR WKH OLQHDJH RI WKH GHDG PDQ ZKR LV WKHLU SDWHU &KLOGUHQ ERUQ RI WKHVH UHODWLRQVKLSV DUH FRQVLGHUHG OHJLWLPDWH (YDQV3ULWFKDUG f 7KH VHFRQG KDOI RI WKH 1RWHV DQG 4XHULHV GHILQLWLRQ ZKLFK VWDWHV LI WKH FKLOGUHQ RI D XQLRQ DUH UHFRJQL]HG DV OHJLWLPDWH WKH UHODWLRQVKLS LV D PDUULDJH ZDV FRQVLGHUHG SUREOHPDWLF E\ /HDFK f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f /HDFK DFNQRZOHGJHV WKDW WKLV W\SH RI PDUULDJH VWLOO SURGXFHV FKLOGUHQ ZKR DUH OHJLWLPDWH VLQFH DOWKRXJK WKH JHQLWRU PD\ E\ REVFXUH WKH FKLOG KDV D UHFRJQL]HG SDWHU +H DOVR FRQFHGHV WKDW WKH 7RGDV DQRWKHU SRO\DQGURXV VRFLHW\ KDYH D VLQJOH UHFRJQL]HG SDWHU IRU HDFK FKLOG /HDFK f 7KHUHIRUH WKH RQO\ SRO\DQGURXV VRFLHW\ WKDW /HDFK VHHV DV D UHDO H[FHSWLRQ WR WKH UXOH LV WKH 1D\DU VWXGLHG E\ *RXJK f /HDFK UHO\LQJ RQ WZR SDSHUV E\ *RXJK VWDWHG WKDW WKH 1D\DUV KLVWRULFDOO\ KDYH QRW KDG PDUULDJH LQ WKH VWULFW VHQVH RI WKH WHUP LH WKH 1RWHV DQG 4XHULHV FRQFHSW RI PDUULDJHf

PAGE 18

EXW RQO\ D UHODWLRQVKLS RI SHUSHWXDO DIILQLW\ EHWZHHQ OLQNHG OLQHDJHV /HDFK f /HDFK DOVR DUJXHG WKDW WKH 1D\DU GLG QRW KDYH D QRWLRQ RI IDWKHUKRRG VLQFH 1D\DU FKLOGUHQ XVH D WHUP RI DGGUHVV PHDQLQJ ORUG RU OHDGHU WR DOO RI WKHLU PRWKHUnV ORYHUV LUUHVSHFWLYH RI SDWHUQLW\ DQG WKH WHUP GRHV QRW LPSO\ D QRWLRQ RI SDWHUQLW\ /HDFK GRHV FRQFHGH WKDW D QRWLRQ RI DIILQLW\ LV SUHVHQW KRZHYHU VLQFH 1D\DU ZRPHQ ZHUH UHTXLUHG WR REVHUYH SROOXWLRQ DW WKHLU ULWXDO KXVEDQGnV GHDWK /HDFK FRQFOXGHV LQ KLV SDSHU WKDW WKH RQO\ PDUULDJH FKDUDFWHULVWLF DPRQJ WKH 1D\DU LV WKH HVWDEOLVKPHQW RI D VRFLDOO\ VLJQLILFDQW nUHODWLRQVKLS RI DIILQLW\n EHWZHHQ WKH KXVEDQG DQG KLV ZLIHnV EURWKHUV /HDFK f /HDFK H[SDQGV WKH GHILQLWLRQ RI PDUULDJH WR LQFOXGH FHUHPRQLHV WR HVWDEOLVK RQH RI WHQ VSHFLILF ULJKWV RQH RI ZKLFK LV WKH UHODWLRQVKLS RI DIILQLW\ PHQWLRQHG DERYHf EXW KH FODLPV WKH OLVW FDQ EH H[SDQGHG IXUWKHU 7KHVH WHQ ULJKWV DUH 7R HVWDEOLVK WKH OHJDO IDWKHU RI D ZRPDQnV FKLOGUHQ 7R HVWDEOLVK WKH OHJDO PRWKHU RI D PDQnV FKLOGUHQ 7R JLYH WKH KXVEDQG D PRQRSRO\ LQ WKH ZLIHnV VH[XDOLW\ 7R JLYH WKH ZLIH D PRQRSRO\ LQ WKH KXVEDQGnV VH[XDOLW\ 7R JLYH WKH KXVEDQG SDUWLDO RU PRQRSROLVWLF ULJKWV WR WKH ZLIHnV GRPHVWLF DQG RWKHU ODERU VHUYLFHV 7R JLYH WKH ZLIH SDUWLDO RU PRQRSROLVWLF ULJKWV WR WKH KXVEDQGnV ODERU VHUYLFHV 7R JLYH WKH KXVEDQG SDUWLDO RU WRWDO ULJKWV RYHU SURSHUW\ EHORQJLQJ RU SRWHQWLDOO\ DFFUXLQJ WR WKH ZLIH 7R JLYH WKH ZLIH SDUWLDO RU WRWDO ULJKWV RYHU SURSHUW\ EHORQJLQJ RU SRWHQWLDOO\ DFFUXLQJ WR WKH KXVEDQG 7R HVWDEOLVK D MRLQW IXQG RI SURSHUW\f§D SDUWQHUVKLSf§IRU WKH EHQHILW RI WKH FKLOGUHQ RI WKH PDUULDJH

PAGE 19

7R HVWDEOLVK D VRFLDOO\ VLJQLILFDQW UHODWLRQVKLS RI DIILQLW\ EHWZHHQ WKH KXVEDQG DQG KLV ZLIHnV EURWKHUV $OWKRXJK HDFK RI WKHVH ULJKWV PD\ H[LVW LQ VRPH FLUFXPVWDQFHV RQO\ ULJKWV RQH DQG WZR RQ WKH OLVW FDQ EH FRQVLGHUHG WR RFFXU XQLYHUVDOO\ 1XPEHU RQH RQ WKH OLVW LV FRQVLGHUHG XQLYHUVDO E\ *RXJK ZKR GLVSXWHV /HDFKnV DVVHUWLRQ WKDW 1D\DU SRO\DQGU\ LV DQ H[FHSWLRQ RI WKH OHJLWLPDF\ SULQFLSOH *RXJK f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f 'HDWKSROOXWLRQ ZDV D ULWXDO WKDW ZRXOG RWKHUZLVH RQO\ EH REVHUYHG IRU PDWULOLQHDO NLQ $IWHU WKLV FHUHPRQ\ D 1D\DU JLUO LV WKHQ DEOH WR WDNH SDUW LQ WKH ULWHV RI DGXOW ZRPHQ DQG VKH LV FDOOHG E\ WKH UHVSHFWIXO WLWOH DPPD PHDQLQJ PRWKHU *RXJK UHSRUWV WKDW DOWKRXJK WKH ULWXDO KXVEDQG QHHG KDYH QR IXUWKHU FRQWDFW ZLWK KLV ULWXDO ZLIH LI ERWK SDUWLHV ZHUH ZLOOLQJ KH PLJKW HQWHU LQWR D VH[XDO UHODWLRQVKLS ZLWK KLV ULWXDO EULGH DERXW WKH WLPH RI KHU SXEHUW\ 7KLV PDQ GLG QRW UHPDLQ D ZRPDQnV VROH

PAGE 20

SDUWQHU KRZHYHU DQG D ZRPDQ XVXDOO\ KDG IURP WKUHH WR HLJKW UHJXODU KXVEDQGV EXW PLJKW UHFHLYH RWKHU PHQ RI KHU RZQ RU D KLJKHU FDVWH ZKHQ GHVLUHG *LIW JLYLQJ ZDV DQ LPSRUWDQW SDUW RI WKHVH UHODWLRQVKLSV DQG ZKHQ PHQ QR ORQJHU JDYH WKH H[SHFWHG JLIWV LW ZDV DVVXPHG WKDW WKH\ KDG HQGHG WKH UHODWLRQVKLS +RZHYHU ZKHQ D ZRPDQ EHFDPH SUHJQDQW LW ZDV HVVHQWLDO IRU RQH RU PRUH PHQ RI DSSURSULDWH VXEFDVWH WR DFNQRZOHGJH SUREDEOH SDWHUQLW\ *RXJK f 7KLV ZDV DFFRPSOLVKHG E\ D PDQ RU VHYHUDO PHQ SD\LQJ WKH PLGZLIH IRU WKH ELUWKf§D GXW\ RI WKH IDWKHU 6LQFH WKH 1D\DU EHOLHYHG WKDW QXPHURXV DFWV RI LQWHUFRXUVH ZHUH UHTXLUHG IRU WKH JURZWK RI WKH IHWXV VHYHUDO PHQ FRXOG LQ IDFW EH WKH ELRORJLFDO IDWKHU RI D 1D\DU FKLOG 7KH OHJLWLPDF\ DQG VWDWXV RI FKLOGUHQ GHSHQGHG RQ WKH VWDWXV RI WKH YLVLWLQJ KXVEDQGV ZKR DFNQRZOHGJHG SDWHUQLW\ QRW WKDW RI WKH ULWXDO KXVEDQGV VHH 6DUDQD f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

PAGE 21

JXDUGLDQVKLS FDUH DQG GLVFLSOLQH ZHUH HQWLUHO\ WKH FRQFHUQ RI WKHLU PDWULOLQHDO NLQVIRON *RXJK f *RXJK FRQFOXGHV 1D\DU XQLRQV >ZHUH@ PDUULDJH EHFDXVH WKH\ LQYROYHG WKH FRQFHSW RI OHJDO SDWHUQLW\ 6KH WKHQ GHILQHV PDUULDJH LQ WKH IROORZLQJ PDQQHU 0DUULDJH LV D UHODWLRQVKLS HVWDEOLVKHG EHWZHHQ D ZRPDQ DQG RQH RU PRUH RWKHU SHUVRQV ZKLFK SURYLGHV WKDW D FKLOG ERUQ WR WKH ZRPDQ XQGHU FLUFXPVWDQFHV QRW SURKLELWHG E\ WKH UXOHV RI WKH UHODWLRQVKLS LV DFFRUGHG IXOO ELUWKVWDWXV ULJKWV FRPPRQ WR QRUPDO PHPEHUV RI KLV VRFLHW\ RU VRFLDO VWUDWXP *RXJK f %HFDXVH WKH 1D\DU PDUULDJH V\VWHP KDV JHQHUDOO\ EHHQ FRQVLGHUHG PDUJLQDO DQG DQ LPSRUWDQW WHVW FDVH WKLV GHILQLWLRQ KDV LPSRUWDQW EURDGHU LPSOLFDWLRQV 7KHVH LPSOLFDWLRQV ZLOO EH FRQVLGHUHG LQ WKH FRQWH[W RI WKH IROORZLQJ GLVFXVVLRQ RI OHJLWLPDF\ /HJLWLPDF\ ,Q WKH FDVH RI WKH 1D\DU 0DOLQRZVNLnV Ef DVVHUWLRQ WKDW OHJLWLPDF\ LV EDVHG RQ D VRFLDOO\ DSSURYHG EXW LQGLYLGXDO PDUULDJH FRQWUDFW FRQWLQXHV WR KROG 3DUW RI WKH 1D\DU FRQFHUQ IRU D PDQ DFNQRZOHGJLQJ SDWHUQLW\ LV EDVHG RQ WKHLU FRQFHUQ IRU SURSHU EUHHGLQJ DOWKRXJK WKLV LV QRW EDVHG RQ DQ XQGHUVWDQGLQJ RI JHQHWLF LQKHULWDQFH 7KH 1D\DU VD\ WKDW LI QR RQH ZLOO DFNQRZOHGJH SDWHUQLW\ WKHQ WKH IDWKHU PXVW EH D &KULVWLDQ RU D 0XVOLP RU HYHQ ZRUVH D ZRPDQ KDV KDG VH[XDO UHODWLRQV ZLWK D PHPEHU RI KHU RZQ OLQHDJHf§DQ DFW RI LQFHVW *RXJK SRLQWV RXW WKDW WKH 1D\DU IHDU WKHLU FKLOGUHQ ZLOO LQKHULW SRRU TXDOLWLHV LQ VXFK FLUFXPVWDQFHV

PAGE 22

7KH FRQFHSW RI KLJKHU EUHHGLQJ LQ OHJLWLPDWH UHODWLRQVKLSV H[LVWV LQ D QXPEHU RI VRFLHWLHV 7HLFKPDQ f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f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f /HJLWLPDWH SDWHUQLW\ LV DOVR HVVHQWLDO DV D VLJQ RI PDQKRRG IRU WKH $VKDQWL ,I D PDQ GRHV QRW KDYH D FKLOG WR FODLP DIWHU D OHQJWK\ PDUULDJH KH LV FRQVLGHUHG GHIHFWLYH LQ VRPH ZD\ DQG LV SURKLELWHG IURP HOHFWLRQ WR RIILFH LQ WKH OLQHDJH V\VWHP

PAGE 23

7KH $VKDQWL WKHQ KDYH D FRQFHSW RI OHJLWLPDF\ WKDW FDQ H[LVW VHSDUDWH IURP PDUULDJH ,Q RUGHU IRU 0DOLQRZVNLnV GHILQLWLRQ RI OHJLWLPDF\ WR VWLOO DSSO\ WR WKHP LW PXVW EH UHVWULFWHG WR EHLQJ GHULYHG IURP D VRFLDOO\ DSSURYHG EXW LQGLYLGXDO FRQWUDFW ZLWK PDUULDJH WDNHQ RXW ,I PDUULDJH LV VHSDUDWHG IURP OHJLWLPDF\ DV D FRQFHSW WKHQ LW UHTXLUHV D PRUH SUHFLVH GHILQLWLRQ RI OHJLWLPDF\ VLQFH LWV RSSRVLWHLOOHJLWLPDF\LV XVXDOO\ GHILQHG DV LQFOXGLQJ DOO FKLOGUHQ ERUQ RXWVLGH RI PDUULDJH $Q DWWHPSW WR GHILQH LOOHJLWLPDF\ LQ WHUPV RI VH[XDO UHODWLRQV LV DOVR SUREOHPDWLF 7HLFKPDQnV f DVVHUWLRQ WKDW DQ LOOHJLWLPDWH FKLOG LV RQH ZKRVH H[LVWHQFH LV WKH UHVXOW RI DQ XQVDQFWLRQHG VH[XDO DFW RYHUORRNV WKH IDFW WKDW LQ PDQ\ VRFLHWLHV LI D ZRPDQ LV PDUULHG DOO FKLOGUHQ ERUQ WR KHU DUH FRQVLGHUHG OHJLWLPDWH DQG KHU KXVEDQG LV WKHLU SDWHUf§HYHQ LI WKH JHQLWRU LV DQRWKHU PDQ IURP DQ LOOLFLW UHODWLRQVKLS 7HLFKPDQnV GHILQLWLRQ DOVR RYHUORRNV PDQ\ VDQFWLRQHG VH[XDO DFWV ZKHUH WKH FKLOGUHQ FRQFHLYHG IURP WKH XQLRQ DUH FRQVLGHUHG LOOHJLWLPDWH ,Q IDFW WKH RULJLQV RI 0DOLQRZVNLnV SULQFLSOH RI OHJLWLPDF\ OLHV LQ KLV UHFRJQLWLRQ WKDW SUHPDULWDO UHODWLRQVKLSV DPRQJ WKH 7UREULDQG ,VODQGHUV ZHUH H[SHFWHG DQG HYHQ HQFRXUDJHG DOWKRXJK FKLOGUHQ ERUQ DV D UHVXOW RI WKHVH XQLRQV HYLGHQWO\ GLG QRW H[LVW DQG ZRXOG QRW KDYH EHHQ DFFHSWHG LI WKH\ GLG H[LVW 7KH LPSRUWDQFH RI 0DOLQRZVNLnV DVVHUWLRQ WKDW VRFLDO DSSURYDO LV HVVHQWLDO WR OHJLWLPDF\ FDQ EH VHHQ LQ D QXPEHU RI LQGXVWULDO VRFLHWLHV )RU H[DPSOH LQ WKH 8QLWHG 6WDWHV D

PAGE 24

FKLOG ERUQ LQ PRVW VWDWHV LV RQO\ FRQVLGHUHG OHJLWLPDWH LI ERUQ LQWR D PDUULDJH ERUQ WR D PRWKHU ZKR VXEVHTXHQWO\ PDUULHV WKH IDWKHU RU LV DGRSWHG DIWHU ELUWK 7KH *XLGH WR $PHULFDQ /DZ f ,Q *UHDW %ULWDLQ HYHQ ZKHQ D FKLOG LV ERUQ LQWR D PDUULDJH LI WKH IDWKHU GRHV QRW DFNQRZOHGJH WKH FKLOG DV KLV LW PD\ EH FRQVLGHUHG LOOHJLWLPDWH (VSHFLDOO\ LI WKH IDWKHUnV DFWLRQV DQG SXEOLF VHQWLPHQW GR QRW VXSSRUW WKH PRWKHUnV FRQWHQWLRQV 7HLFKPDQ f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f LV LPSRUWDQW LQ FRQMXQFWLRQ ZLWK SXEOLF DFNQRZOHGJHPHQW RI SDWHUQLW\ .HHSLQJ WKLV LQ PLQG ZH FDQ QRZ DSSURDFK D GHILQLWLRQ RI OHJLWLPDF\ $ FKLOG LV OHJLWLPDWH ZKHQ LW UHFHLYHV SXEOLF DFNQRZOHGJHPHQW RI SDWHUQLW\ DQG LV ERUQ IURP D XQLRQ WKDW LV VRFLDOO\ DSSURYHG

PAGE 25

7KLV GHILQLWLRQ VHSDUDWHV WKH FRQFHSW RI OHJLWLPDF\ IURP WKDW RI PDUULDJH $OWKRXJK DQ DWWHPSW WR GHILQH PDUULDJH LQ WHUPV VHSDUDWH IURP OHJLWLPDF\ KDV QRW EHHQ VXFFHVVIXOO\ GRQH VXFK D GHILQLWLRQ PLJKW EH DSSURDFKHG WKURXJK D PRGLILFDWLRQ RI H[LVWLQJ GHILQLWLRQV WR UHVWULFW PDUULDJH WR WKRVH UHODWLRQVKLSV WKDW JLYH OHJLWLPDF\ WR FKLOGUHQ ZLWKRXW WKH QHFHVVLW\ RI SXEOLF DFNQRZOHGJHPHQW RI SDWHUQLW\ LH WKH YHU\ QDWXUH RI WKH UHODWLRQVKLS LV RQH LQ ZKLFK HYHU\RQH NQRZV ZKR WKH SDWHU VKRXOG EHf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f§WKH &UHROH SRSXODWLRQ LQ JUHDWHU 3DUDPDULER 6XULQDPH %HFDXVH WKH KLVWRU\ RI 6XULQDPH LV FRQQHFWHG KLVWRULFDOO\ DQG FXOWXUDOO\ WR WKDW RI RWKHU &DULEEHDQ VRFLHWLHV UHVHDUFK H[DPLQLQJ WKH SDWWHUQV RI IDPLO\ OLIH WKURXJKRXW WKH &DULEEHDQ KDV EHDULQJ RQ RXU XQGHUVWDQGLQJ RI 6XULQDPHVH VRFLHW\ DQG VR WKLV LQIRUPDWLRQ ZLOO DOVR EH FRQVLGHUHG LQ D VHSDUDWH FKDSWHU

PAGE 26

,Q WKH FRQFOXGLQJ FKDSWHU ZLOO UHWXUQ WR WKH FRQFHSWV GLVFXVVHG DERYH DQG HVSHFLDOO\ WR 0DOLQRZVNLn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f 7KLV DOORZV IRU WKH H[DPLQDWLRQ RI WKH &UHROH SRSXODWLRQ LQ 6XULQDPH LQ WKH FRQWH[W RI D ZLGH GLYHUVLW\ RI EHOLHIV DQG SUDFWLFHV WKDW VHUYH WR KLJKOLJKW GLVWLQFWLYH EHOLHIV DQG SUDFWLFHV DQG WKHUHE\ IRVWHU DQ HPLF YLHZ RI &UHROH VRFLHW\ 6XULQDPH LV DOVR GLVWLQFWLYH LQ WKH &DULEEHDQ LQ WKDW LW LQKHULWHG WKH 'XWFK OHJDO V\VWHP 'XWFK ODZ GLIIHUV IURP %ULWLVK ODZ FRPPRQ LQ PXFK RI WKH &DULEEHDQ UHJLRQf LQ WKDW

PAGE 27

5RPDQ'XWFK ODZ GHFODUHV WKDW D PRWKHU PDNHV QR EDVWDUG RU LQ RWKHU ZRUGV WKDW D FKLOG LV DOZD\V OHJLWLPDWH LQ WHUPV RI LWV PRWKHU ZKLOH %ULWLVK ODZ GHFODUHV WKDW D FKLOG LV ILOLXV QXOOLXV RU WKH FKLOG RI QR RQH ZKLFK PHDQV WKH FKLOG GRHV QRW KDYH FODLP RQ HLWKHU LWV PRWKHU RU LWV IDWKHU 7HLFKPDQ f 7KH GLVWLQFWLRQ PDGH ZLWKLQ 'XWFK ODZ VHSDUDWHV WKH LVVXHV RI PDWHUQLW\ DQG SDWHUQLW\ VR WKDW SDWHUQLW\ FDQ EH IRFXVHG RQ PRUH SUHFLVHO\ :KDW LQ &UHROH VRFLHW\ VKRXOG EH WKH IRFL RI WKLV VWXG\" 7KH GHYHORSPHQW RI WKH DSSURYDO RI UHODWLRQVKLSV RXWVLGH RI OHJDO PDUULDJH DQG WKH VXEVHTXHQW SDWHUQLW\ RI D FKLOG DUH GHVFULEHG UHO\LQJ RQ ULWXDOV DQG DFWLYLWLHV VXUURXQGLQJ ELUWK 3DLJH DQG 3DLJH f LQ WKHLU FURVV FXOWXUDO VWXG\ RI QRQLQGXVWULDO VRFLHWLHV KDYH DUJXHG WKDW ULWXDO LV XVHG E\ IUDWHUQDO LQWHUHVW JURXSV WR JDLQ FRQWURO RYHU FKLOGUHQ WKURXJK DVVHUWLQJ SDWHUQLW\ $OWKRXJK WKH DXWKRUV GR QRW FRQVLGHU LVVXHV RI OHJLWLPDF\ GLUHFWO\ LQ WKHLU ZRUN WKH\ GR DUJXH WKDW OHJLWLPDF\ LV GHWHUPLQHG E\ VRFLDO FRQVHQVXV DQG FRQWUDFWXDO DJUHHPHQWV 3DLJH DQG 3DLJH f 7KH DXWKRUV DUJXH WKDW ULWXDO VXUURXQGLQJ UHSURGXFWLRQ LV XVHG E\ PHQ LQ VRFLHWLHV ZLWK ORRVH IUDWHUQDO RUJDQL]DWLRQV WR JDLQ WKH VRFLDO FRQVHQVXV WKDW D FKLOG EHORQJV WR WKH IUDWHUQDO LQWHUHVW JURXS DQG LQGLUHFWO\ LV OHJLWLPDWH

PAGE 28

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

PAGE 29

&DULEEHDQ VRFLHWLHV LQ JHQHUDO $Q H[DPLQDWLRQ RI WKLV UHJLRQ LV ZDUUDQWHG EHFDXVH RI WKH DSSDUHQW XQLTXHQHVV RI FRQFHSWV RI OHJLWLPDF\ DQG LOOHJLWLPDF\ LQ WKH &DULEEHDQ 'RLQJ UHVHDUFK LQ 6XULQDPH DOORZV IRU WKH H[DPLQDWLRQ RI D SRSXODWLRQ WKDW LQ VRPH ZD\V KDV KLJKWHQG FXOWXUDO DZDUHQHVV EHFDXVH RI WKH HWKQLF GLYHUVLW\ LQ WKH FDSLWDO 6LQFH WKH HYHQWV VXUURXQGLQJ WKH FRQFHSWLRQ DQG ELUWK RI FKLOGUHQ DQG WKH SHULRG VKRUWO\ DIWHU WKH ELUWK DOO VHHP WR EH LPSRUWDQW LQ GHWHUPLQLQJ LVVXHV RI SDWHUQLW\ WKHVH HYHQWV ZLOO EH VSHFLILFDOO\ IRFXVHG RQ LQ WKH GLVFXVVLRQ RI WKH 6XULQDPH IDPLO\ A‘7KH 7UREULDQG ,VODQGHUV WKDW 0DOLQRZVNL VWXGLHG ZHUH RQH RI WKH WZR NQRZQ JURXSV ZKHUH D ELRORJLFDO IDWKHU ZDV QRW UHFRJQL]HG VHH 0DOLQRZVNL )RUWXQH f 7KH RWKHU JURXS LV D VHJPHQW RI WKH $XVWUDOLDQ $ERULJLQHV VHH $VKOH\0RQWDJX f 7KH SRVVLEOH ELRORJLFDO LQIOXHQFH RQ WKLV SKHQRPHQRQ WKDW 0DOLQRZVNL JXHVVHG DW KDV VLQFH EHHQ VKRZQ WR EH YDOLG 0DQ\ ZRPHQ GR QRW EHJLQ WR RYXODWH XQWLO VRPHWLPH DIWHU PHQVWUXDWLRQ WDNHV SODFH 7KLV GHOD\ ZRXOG PHDQ WKDW LQ VRPH VRFLHWLHV ZRPHQ ZRXOG QRW FRQFHLYH GXULQJ SUHPDULWDO UHODWLRQV HYHQ WKRXJK WKH\ ZHUH PHQVWUXDWLQJ /DWHU ZKHQ RYXODWLRQ EHJLQV ZRPHQ ZHUH PRUH OLNHO\ WR EH PDUULHG QH SRVVLEOH H[FHSWLRQ WR WKLV WUHQG KDV EHHQ 6SLURnV f H[DPLQDWLRQ RI OLIH RQ WKH NLEEXW]LP LQ ,VUDHO ,Q D NLEEXW] FKLOGUHQ DUH VHSDUDWHG IURP WKHLU XQPDUULHGf SDUHQWV WR OLYH LQ VHSDUDWH KRXVLQJ +RZHYHU FRXSOHV GR VHHP WR PDUU\ VRRQ EHIRUH RU VRRQ DIWHU D FKLOG LV ERUQ VR WKDW WKH FKLOG ZLOO EH FRQVLGHUHG OHJLWLPDWH +RZ RIWHQ WKLV KDSSHQV LV QRW VWDWHG ,Q D ODWHU DGGHQGXP f 6SLUR VWDWHV WKDW KH GRHV FRQVLGHU WKH IDPLO\ WR H[LVW RQ WKH NLEEXW] VLQFH DPRQJ RWKHU WKLQJV WHUPV RI DIILQLW\ IDWKHU PRWKHU VRQ GDXJKWHUf DUH XVHG nf7KLV SUDFWLFH LV QRW WKH OHYLUDWH VLQFH WKH JHQLWRU LV QRW QHFHVVDULO\ D EURWKHU EXW WKH SUDFWLFH RI OHYLUDWH ZRXOG DOVR DSSO\ WR WKLV VDPH DUJXPHQW 5LJKW QXPEHU WZR WR HVWDEOLVK WKH OHJDO PRWKHU RI D PDQnV FKLOGUHQ LV YHU\ FOHDUO\ FRQQHFWHG ZLWK KH ILUVW ULJKW RI HVWDEOLVKLQJ D OHJDO IDWKHU WR D ZRPDQnV FKLOGUHQ 6LQFH LQ ZKDW +DOO f FDOOV KLJK FRQWH[W VRFLHWLHV WKH PRWKHU RI D FKLOG LV DOZD\V NQRZQ GXH WR WKH RXWZDUG SK\VLRORJLFDO VLJQV RI SUHJQDQF\ DQG WKH DFW RI ELUWK WKH PRWKHU RI D FKLOG LV UDUHO\ LQ GRXEW 2QO\ LQ WKRVH VLWXDWLRQV ZKHUH D FKLOG LV OHIW RQ WKH GRRUVWHS RU DEDQGRQHG LQ VRPH ZD\ LV PDWHUQLW\

PAGE 30

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nV GHILQLWLRQ VKRXOG QRW MXVW VD\ D ZRPDQ DQG RQH RU PRUH RWKHU SHUVRQV VLQFH EHVLGHV WKH SRO\DQGURXV XQLRQV VKH GHDOW ZLWK WKHUH DUH DOVR SRO\J\QRXV XQLRQV )RUWHV f QRWHV WKDW SXEOLF DQG FRQWLQXRXV OLYLQJ WRJHWKHU RI D PDQ DQG D ZRPDQ ZLWKRXW WKH IRUPDOLWLHV RI PDUULDJH EXW JHQHUDOO\ ZLWK WKH FRQVHQW RI WKH ZRPDQnV JXDUGLDQ LV YHU\ FRPPRQ DPRQJ WKH $VKDQWL &KLOGUHQ RI VXFK XQLRQV DFNQRZOHGJHG E\ WKHLU IDWKHUV DUH LQ HYHU\ UHVSHFW FRQVLGHUHG HTXDO ZLWK WKRVH ERUQ ZLWKLQ D PDUULDJH $Q H[DPSOH RI WKLV LV IRXQG LQ 8QLWHD 6WDWHV ODZ ZKHUH QRQPDULWDO FKLOG LV FRQVLGHUHG HTXLYDOHQW LQ PHDQLQJ WR LOOHJLWLPDWH FKLOG 7KH *XLGH WR $PHULFDQ /DZ f 7KLV LV FRQVLGHUHG LQ :HVW $IULFD DPRQJ WKH 'DKRPH\ LQ WHUPV RI ULJKWV LQ JHQHWULFHP DQG ULJKWV LQ X[RUHP %RKDQQRQ f 7KDW LV ULJKWV RYHU D ZRPDQ DV D PRWKHU DQG DV D ZLIH UHVSHFWLYHO\ :KHQ ULJKWV LQ JHQHWULFHP DUH KHOG E\ D PDQ RU WKH SDWULOLQH DV LQ PDQ\ :HVW $IULFDQ VRFLHWLHV WKHQ DOO RI WKH FKLOGUHQ ERUQ WR D ZRPDQ EHORQJ WR WKH PDQ RU SDWULOLQH $Q H[DPSOH RI WKLV LV WKH RUJLHV KHOG E\ WKH $UHRL D UHOLJLRXV VRFLHW\ GHVFULEHG E\ HDUO\ H[SORUHUV LQ 3RO\QHVLD :RPHQ ZKR MRLQHG WKH $UHRL VRFLHW\ KDG WR SURPLVH WR GHVWUR\ DW ELUWK DQ\ LQIDQWV WKDW WKH\ PLJKW EHDU ZKLOH PHPEHUV :LOOLDPVRQ f 7KH 'XWFK ZHUH DOVR LQIOXHQWLDO RQ VRPH RI WKH &DULEEHDQ LVODQGVf§ QRWDEO\ $UXED %RQDLU &XUDVDR 6DED DQG 6W 0DUWLQ ,W KDV EHHQ SRLQWHG RXW WKDW RQO\ D FKLOG OHIW RQ D GRRUVWHS GRHV QRW KDYH D PDWHU RU VRFLRORJLFDO PRWKHU $OWKRXJK WKLV LV WUXH IRU PRVW VRFLHWLHV %ULWLVK VRFLHW\ DW RQH WLPH GLG QRW UHTXLUH WKH PRWKHU RI DQ LOOHJLWLPDWH FKLOG WR WDNH FDUH RI LW VLQFH OHJDOO\ WKDW FKLOG GLG QRW KDYH SDUHQWV 7KLV LV DQ LQWHUHVWLQJ SKHQRPHQRQ WKDW VKRXOG EH H[DPLQHG LQ PRUH GHWDLO DOWKRXJK LW LV QRW WKH IRFXV RI WKLV GLVVHUWDWLRQ

PAGE 31

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

PAGE 32

IHDVLEOH 0DUNV KDV GLVWLOOHG HLJKW SRLQWV ZKLFK KH FRQVLGHUV WR EH JHQHUDO FKDUDFWHULVWLFV RI WKH &DULEEHDQ IDPLO\ WKH FRUHVLGHQFH RI D PDQ DQG D ZRPDQ DV VH[XDO SDUWQHUV RIWHQ WDNHV SODFH LQ WKH IRUP RI D FRQFXELQDJH WKH UHODWLRQV EHWZHHQ D PDQ DQG D ZRPDQ DUH RIWHQ ZHDN DQG WKH SHULRG RI WKHLU FRUHVLGHQFH LV QRW LQIUHTXHQWO\ EULHI VH[XDO DQG HFRQRPLF UHODWLRQV ZLWKRXW FRn UHVLGHQFH DUH IUHTXHQWO\ IRXQG WKH YDULRXV IRUPV RI PDQZRPDQUHODWLRQVKLS>V@ VXFK DV PDUULDJH FRQFXELQDJH DQG QRQFR UHVLGHQWLDO XQLRQV DUH QRW HTXLYDOHQW LQ VWDWXV GXUDELOLW\ DQG VH[XDO H[FOXVLYHQHVV WKH SHUFHQWDJH RI LOOHJLWLPDWH ELUWKV LV KLJK LQ FRPSDULVRQ ZLWK ILJXUHV IRU HJ (XURSHDQ FRXQWULHV WKH KXVEDQGIDWKHU DV D FRUHVLGHQWLDO PHPEHU RI WKH KRXVHKROG JURXS LV RIWHQ ODFNLQJ WKH PRWKHU RU LQ VRPH FDVHV WKH JUDQGPRWKHU SOD\V D NH\ UROH LQ WKH PDQDJHPHQW RI WKH KRXVHKROGnV DIIDLUV DQG LQ WKH FKLOGUHQnV XSEULQJLQJ DQG KRXVHKROG JURXSV DUH RQO\ LQ UHODWLYHO\ IHZ FDVHV FRPSRVHG RI D PDQ DQG ZRPDQ DQG WKHLU MRLQW RIIVSULQJ 0DUNV f 0DUNV UHVWULFWV WKHVH GHVFULSWLYH WHUPV WR DUHDV ZKHUH WKH SURFHVV RI LQGXVWULDOL]DWLRQ LV LQ LWV ILUVW VWDJHV +H QRWHV WKDW &XUDVDR ZKHUH KH VWXGLHG LV LQ D ODWHU VWDJH RI LQGXVWULDOL]DWLRQ DQG WKHUHIRUH GRHV QRW ILW WKLV SDWWHUQf 0RVW RWKHU VFKRODUV KRZHYHU KDYH UHVWULFWHG VLPLODU GHVFULSWLRQV RI WKH &DULEEHDQ IDPLO\ WR WKH ORZHU FODVVHV RI &DULEEHDQ VRFLHW\ $ QRWDEOH H[FHSWLRQ LV 57 6PLWK >@ ZKR SRLQWV RXW WKDW VFKRODUV KDYH JHQHUDOO\ QHJOHFWHG RWKHU FODVVHV RI VRFLHW\ +H DUJXHV WKHUH PD\ EH IHZHU GLIIHUHQFHV EHWZHHQ WKH YDULRXV VRFLDO VWUDWD WKDQ SUHYLRXVO\ WKRXJKWf 6LQFH DOPRVW DOO RI WKH UHVHDUFK GRQH

PAGE 33

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n WKH ILUVW VHULRXV VWXGHQW RI &DULEEHDQ IDPLO\ OLIH +H YLHZHG WKH IRXQGDWLRQ RI WKH &DULEEHDQ IDPLO\ DV D :HVW $IULFDQ GHULYDWLRQ WKURXJK ZKLFK VODYHV KDG UHWDLQHG DQG UHLQWHUSUHWHG D FXOWXUDO IRFXV 7KH :HVW $IULFDQ FXOWXUDO IRFXV ZDV IRU +HUVNRYLWV IRXQG LQ WKH UHDOP RI VXSHUQDWXUDO VDQFWLRQV +H DUJXHG WKDW WKLV ZDV ZK\ $IULFDQ UHOLJLRQ KDV VKRZQ JUHDWHU UHVLVWDQFH WR ZKLWH LQIOXHQFH WKDQ DQ\ RWKHU SKDVH RI $IULFDQ FXOWXUH +HUVNRYLWV f +HUVNRYLWV QRWHG WKDW UHOLJLRQ ZDV QRW WKH RQO\ DVSHFW RI VRFLHW\ ZKLFK GUHZ IURP WKH $IULFDQ SDVW HVVHQWLDOO\ HYHU\ DVSHFW RI &DULEEHDQ VRFLHW\ KDG GUDZQ IURP :HVW $IULFD UDQJLQJ IURP WKH FRPELWH RU FRPPXQDO ZRUN SDWWHUQV WR PDUULDJH FRQWUDFWV 7KH RWKHU FRQWULEXWRU WR WKH VSHFLILF FXOWXUDO PLOLHX VKDSLQJ WKH FXOWXUDO IRFXV ZDV WKH FRORQLDO SRZHU GRPLQDQW

PAGE 34

LQ HDFK UHJLRQ )RU H[DPSOH $IULFDQ WULEHV DQG W\SHV RI )UHQFKPHQ ZHUH IRUJHG LQWR WKH VWUXFWXUH RI +DLWLDQ OLIH +HUVNRYLWV f +HUVNRYLWV DUJXHV DJDLQVW WKH LGHD WKDW WKH )UHQFK ZHUH WKH RQO\ RQHV WR JLYH DQG WKH $IULFDQV WKH RQO\ RQHV WR WDNH EXW FRQFOXGHV WKDW HDFK LQIOXHQFHG WKH RWKHU 0DQ\ KDYH YLHZHG KLV WKHRU\ DV RQH IRFXVHG RQ $IULFDQ UHWHQWLRQV RU UHLQWHUSUHWDWLRQV DOWKRXJK WKHVH DUH LPSRUWDQW FRPSRQHQWV RI KLV SHUVSHFWLYH WKRVH ZKR DUH FULWLFDO RI +HUVNRYLWVn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nV LPSRUWDQFH GHFOLQHV +HUVNRYLWV GRHV QRW DWWHPSW WR VD\ ZK\ WKH &DULEEHDQ IDPLO\ KDV FKDQJHG IURP LWV $IULFDQ URRWV KH VLPSO\ DWWHPSWV WR GLVFRYHU WKH KLVWRULFDO VRXUFHV RI WKH FXUUHQW &DULEEHDQ IDPLO\

PAGE 35

7KH VHFRQG LQIOXHQWLDO SHUVSHFWLYH LV WKDW RI )UD]LHU DQRWKHU HDUO\ VWXGHQW RI WKH $IURDPHULFDQ IDPLO\ +H DUJXHG DJDLQVW $IULFDQ RULJLQV %DVHG RQ UHVHDUFK GRQH LQ WKH 8QLWHG 6WDWHV KH SRLQWHG WR WKH GLVLQWHJUDWLYH HIIHFWV RQ WKH %ODFN IDPLO\ RI VXFK VRFLRHFRQRPLF IDFWRUV DV VODYHU\ GLVFULPLQDWLRQ DQG XUEDQL]DWLRQ )UD]LHU f )UD]LHU DUJXHG WKDW HFRQRPLF DQG VRFLDO IRUFHV KDYH GHWHUPLQHG WKH VKDSH RI %ODFN KRXVHKROG VWUXFWXUH +H VDZ WKH DWWHPSW WR H[SODLQ WKH IDPLO\ OLIH RI $IURDPHULFDQV ZLWKLQ WKH FRQWH[W RI $IULFDQ FXOWXUH DV XQIRXQGHG )UD]LHU GLG DFNQRZOHGJH VRPH H[FHSWLRQV QRWLQJ DPRQJ VRPH LVRODWHG JURXSV RI 1HJURHV LQ WKH 1HZ :RUOG DV IRU H[DPSOH LQ +DLWL DQG -DPDLFD LW DSSHDUV WKDW HOHPHQWV RI $IULFDQ FXOWXUH KDYH EHHQ UHWDLQHG LQ WKH 1HJUR )DPLO\ )UD]LHU f $OWKRXJK VFKRODUV KDYH VHW WKHVH WZR SHUVSHFWLYHV XS DV GLDPHWULFDOO\ RSSRVHG WR HDFK RWKHU WKHUH DSSHDUV WR EH D JUHDWHU GHJUHH RI DJUHHPHQW EHWZHHQ +HUVNRYLWV DQG )UD]LHU WKDQ HLWKHU WKH\ RU ODWHU VFKRODUV KDYH FRQFHGHG )UD]LHU GLG QRW GLVFRXQW WKH LQIOXHQFH RI WKH $IULFDQ SDVW DOWKRXJK KH PD\ KDYH HPSKDVL]HG WKH LQIOXHQFH RI H[WHUQDO FRQGLWLRQV RQ WKH $IURDPHULFDQ IDPLO\ +HUVNRYLWV OLNHZLVH PD\ KDYH IRFXVHG RQ WKH KLVWRULFDO URRWV RI WKH $IURDPHULFDQ IDPLO\ DQG LJQRUHG WKH VRFLDO IRUFHV ZKLFK EURXJKW DERXW FKDQJH DQG UHWHQWLRQ RI VRPH HOHPHQWV +RZHYHU QHLWKHU RI WKHP VDZ WKH FXUUHQW IDPLO\ V\VWHP LQ WKH &DULEEHDQ DV FRPSOHWHO\ GHYRLG RI DQ KLVWRULFDO SDVW

PAGE 36

0RVW H[DPLQDWLRQV RI WKH IDPLO\ V\VWHP LQ YDULRXV &DULEEHDQ VRFLHWLHV PDGH DIWHU WKHVH WZR JURXQGEUHDNLQJ VFKRODUV KDYH EHHQ GHULYDWLRQV LQ VRPH IRUP RI )UD]LHUnV SHUVSHFWLYH 7KHVH VFKRODUV JHQHUDOO\ GLVFRXQW WKH $IULFDQ URRWV RI WKH VODYHV IDPLO\ V\VWHP ZLWKRXW DWWHPSWLQJ WR DQVZHU ZK\ VRPH DVSHFWV RI WKH $IULFDQ SDVW KDG PRUH UHOHYDQFH WKDQ RWKHUV LQ WKH VODYHVn VXEVHTXHQW HQYLURQPHQW 7KH\ DOVR GR QRW DWWHPSW WR H[SODLQ ZK\ VRPH HOHPHQWV RI WKH $IULFDQ SDVW DUH PRUH IUHTXHQWO\ IRXQG WKDQ RWKHUV LQ WKH SRVWVODYHU\ &DULEEHDQ 7KHVH DUH QRW RQO\ GLIILFXOW TXHVWLRQV WR GHDO ZLWK EXW WKH\ DOVR PD\ QRW EH YHU\ SURGXFWLYH LQ WHUPV RI SURYLGLQJ LQVLJKW LQWR WKH &DULEEHDQ IDPLO\ V\VWHP LI RQH DJUHHV ZLWK PRVW FXUUHQW DUJXPHQWV WKDW FUHGLW HFRQRPLF FRQGLWLRQV ZLWK VKDSLQJ WKH IDPLO\ $OO FXUUHQW UHVHDUFK RQ WKH &DULEEHDQ IDPLO\ KDV EHHQ LQIOXHQFHG E\ 57 6PLWKnV ZRUN GRQH LQ *X\DQD 57 6PLWK f FRQFOXGHG WKDW PDWULIRFDOLW\ DQG WKH DVVRFLDWHG PDUJLQDOLW\ RI PHQ DV KXVEDQGV DQG IDWKHUV ZDV FKDUDFWHULVWLF RI WKH ORZHU FODVV LQ D FODVV VWUDWLILHG VRFLHW\ +H YLHZHG WKLV VLWXDWLRQ DV GLUHFWO\ DVVRFLDWHG ZLWK ORZ UDWHV RI VRFLDO PRELOLW\ UHVWULFWHG SXEOLF UROHV IRU DGXOW PHQ DQG DQ DEVHQFH RI PDQDJHULDO IXQFWLRQV SROLWLFDO UHVSRQVLELOLWLHV DQG VWDWXV GLIIHUHQWLDWLRQ DPRQJ WKHP ,Q ODWHU UHVHDUFK *RQ]DOH] f YLHZV WKH HFRQRPLF IRUFHV RQ ORFDO GHPRJUDSK\ DV WKH LPSRUWDQW IDFWRU LQ KRXVHKROG VWUXFWXUH 6KH REVHUYHV WKDW LQ WKH %ODFN &DULE SRSXODWLRQ ZKLFK VKH VWXGLHG WKHUH KDV DOPRVW DOZD\V EHHQ DQ

PAGE 37

H[FHVV RI IHPDOHV RYHU PDOHV 7KH GUDLQLQJ RI PHQ IURP WKH V\VWHP EURXJKW DGGLWLRQDO EXUGHQ RQ ZRPHQ *RQ]DOH] f 7KLV OHG WKH ZRPHQ WR FRPSHWH LQ D VHQVH IRU HFRQRPLF UHVRXUFHV IURP PHQ 7KLV FRPSHWLWLRQ OHG WR LQFUHDVHG LQVWDELOLW\ LQ WKH UHODWLRQVKLSV RI WKH \RXQJHU ZRPHQ ZKR ZHUH PDWLQJ ZLWK \RXQJHU PHQ VLQFH WKH \RXQJHU PHQ ZHUH WKH RQHV LQYROYHG LQ PLJUDWRU\ ODERU ,Q FRQWUDVW 0* 6PLWK [[YLLf VWDWHV WKLV DUJXPHQW LV ILOOHG ZLWK ERWK XQQHFHVVDU\ HUURUV DQG FRQFHSWXDO EOXQGHUV +H DUJXHV WKDW RQH RI WKH IDWDO HUURUV RI WKLV SHUVSHFWLYH LV WKH DVVXPSWLRQ RI D XQLIRUP FRQVWLWXWLRQ RI IDPLO\ V\VWHP +H VKRZV IURP GDWD REWDLQHG LQ UXUDO -DPDLFD WKDW FRPPXQLWLHV WKHUH KDYH D EDODQFH LQ VH[ UDWLR DQG \HW KDYH D VLPLODU V\VWHP 'HVSLWH WKLV HYLGHQFH *RQ]DOH]nV DUJXPHQW LOOXVWUDWHV WKDW WKH ORQJ WHUP WHPSRUDU\ PLJUDWLRQ RI PDOHV FDQ KDYH DQ HIIHFW RQ WKH IDPLO\ V\VWHP %DVHG RQ KHU UHVHDUFK LQ -DPDLFD &ODUNH f DUJXHV WKDW WKH QXFOHDU IDPLO\ LV WKH PRVW SUHYDOHQW DQG VWDEOH LQ DUHDV ZKHUH WKH ODQG SUHVVXUH LV OHDVW 7KH &DULEEHDQ IDPLO\ V\VWHP IURP KHU SHUVSHFWLYH LV DQ HIILFLHQW PHDQV RI DOORFDWLQJ ODQG &ODUNHnV DWWHPSWV WR WLH WKLV SDWWHUQ RI ODQG DOORFDWLRQ WR $IULFDQ RULJLQV E\ DUJXLQJ WKDW -DPDLFDQ LQKHULWDQFH WKURXJK WKH QDPH RI WKH IDWKHU DQG WKH EORRG RI WKH PRWKHU ILWV $VKDQWL LQKHULWDQFH SDWWHUQV 57 6PLWK >@ GRHV QRW VHH WKH UHODWLRQVKLS EHWZHHQ WKH WZR DV VLJQLILFDQWf

PAGE 38

%DVHG RQ DQ H[DPLQDWLRQ RI &XUDVDRnV IDPLO\ V\VWHP 0DUNV f DWWHPSWV D V\QWKHVLV RI +HUVNRYLWVn KLVWRULFDO SHUVSHFWLYH DQG WKH HFRQRPLF SHUVSHFWLYH WDNHQ E\ RWKHUV +H REVHUYHV WKDW VRFLDO VWDWXV ZKLFK LV RSHUDWLRQDOL]HG DV OLJKWHU VNLQ FRORU YHUVHV GDUNHU VNLQ FRORUf DV ZHOO DV HFRQRPLF VWDWXV FRUUHODWH ZLWK OHJDO PDUULDJH +H FRQFOXGHV WKDW WKH ODFN RI FRQVHQVXDO XQLRQV LQ &XUDVDR LV GXH WR HTXDO HFRQRPLF DQG VRFLDO VWDWXV DQG DUJXHV WKDW LW LV RQO\ LQ FDVHV ZKHUH VWDWXV LV XQHTXDO WKDW $IULFDQ LQIOXHQFHV SOD\ D UROH 0DUNV GRHV QRW DWWHPSW WR H[SODLQ ZK\ XQHTXDO HFRQRPLF DQG VRFLDO VWDWXV DOORZV PRUH $IULFDQ LQIOXHQFHV +H H[SODLQV ZK\ &XUDJDR LV DQ HTXDO VRFLHW\ LQ WHUPV RI WKH KLVWRULFDO YLHZ WDNHQ E\ WKH 'XWFK RQ WKH LVODQG WKDW WKH\ ZHUH QDWLYHV RI WKH LVODQG DQG FRPSDWULRWV ZLWK WKRVH RI $IULFDQ GHVFHQW LQ RSSRVLWLRQ WR WKH 'XWFK LQ WKH 1HWKHUODQGV ZKR ZHUH SDUW RI WKH SROLWLFDO \RNH WR EH EURNHQ EXW KH H[FOXGHG WKH RLO LQGXVWU\ LQ &XUDVDR DQG RWKHU LPSRUWDQW HFRQRPLF IDFWRUV LQ KLV DVVHVVPHQW RI WKH GLIIHUHQFHV EHWZHHQ &XUDJDR DQG WKH RWKHU VRFLHWLHV LQ WKH &DULEEHDQ )URP WKHLU -DPDLFDQ GDWD 'LUNV DQG .HDUQV f DUJXH WKDW WKH IUHTXHQF\ RI GLIIHUHQW W\SHV RI PDWLQJ V\VWHPV LV FRUUHODWHG ZLWK WKH HFRQRPLF VLWXDWLRQ DQG HQYLURQPHQWDO FRQGLWLRQV LQ D FRXQWU\ DQG ERWK WHQG WR FKDQJH WRJHWKHU 2OZLJ f IRXQG D VLPLODU VLWXDWLRQ LQ WKH 9LUJLQ ,VODQGV ZKLOH 6WRIIOH f FRQFOXGHG WKDW LQ %DUEDGRV LQGXVWULDOL]DWLRQ UHLQIRUFHG UDWKHU WKDQ GLVUXSWHG KLVWRULFDO SDWWHUQV RI PDWLQJ 0* 6PLWK f KDV QRWHG WKDW WKH

PAGE 39

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n HPDQFLSDWLRQ HFRQRPLF FRQGLWLRQV LQFOXGLQJ PDOH PLJUDWLRQf PD\ KDYH VHUYHG WR UHLQIRUFH DQ H[LVWLQJ V\VWHP RI UHSURGXFWLRQ 7KH 1DWXUH RI WKH &XUUHQW &DULEEHDQ )DPLO\ 7KHUH LV PXFK PRUH FRQVHQVXV RQ WKH QDWXUH RI WKH IDPLO\ DV LW H[LVWV LQ WKH &DULEEHDQ WKDQ WKHUH LV RQ LWV RULJLQV %XW WKDW GRHV QRW PHDQ WKHUH LV QRW GLVDJUHHPHQW DERXW PDQ\ RI WKH JHQHUDOL]DWLRQV PDGH VXFK DV WKRVH FLWHG IURP 0DUNV f 6HYHUDO DUHDV RI IDPLO\ OLIH DUH FRQVLGHUHG LPSRUWDQW LI QRW GLVWLQFWLYH WR WKH &DULEEHDQ UHJLRQ (DFK RI WKHVH LV FRQVLGHUHG VHSDUDWHO\ 0HQ LQ +RXVHKROG *URXSV 7KH H[DFW UROH RI WKH KXVEDQG RU IDWKHU LQ WKH KRXVHKROG KDV EHHQ GLVSXWHG E\ VRPH 57 6PLWK f VDZ PHQ ILOOLQJ DQ HFRQRPLFDOO\ LQGXFHG PDUJLQDO UROH LQ *X\DQD +H VDZ D FRUUHODWLRQ EHWZHHQ WKH QDWXUH RI WKH

PAGE 40

KXVEDQGIDWKHU UROH DQG WKH UROH RI PHQ LQ WKH HFRQRPLF V\VWHP ,Q UHODWLRQ WR 57 6PLWKnV ILQGLQJV 0* 6PLWK [LYf SRLQWV RXW QRZKHUH LQ WKLV &DULEEHDQ UHJLRQ KDV DQ\ RWKHU VWXGHQW >WKDQ 57 6PLWK@ IRXQG PHQ WR EH DOZD\V nPDUJLQDOn DV KXVEDQGV DQG IDWKHUV %XW DIWHU WKLV VWDWHPHQW ZDV PDGH $OH[DQGHU f FRQFOXGHG WKDW WKH PLGGOH FODVV PDOH LQ -DPDLFD LV PDUJLQDO LUUHVSRQVLEOH DQG ZHDN EHFDXVH KH GRHV QRW KDYH WKH OHYHO RI FRPPLWPHQW WR KLV IDPLO\ H[SHFWHG RI KLP E\ KLV VRFLHW\ *UHJRU\ f YLHZHG WKH PDUJLQDO PDOH DV D SV\FKRORJLFDO GLVDGYDQWDJH WR -DPDLFDQ FKLOGUHQf§HVSHFLDOO\ \RXQJ ER\V 7KH GLIIHUHQFH LQ SHUVSHFWLYHV PD\ EH EDVHG RQ WKH IDFW WKDW DOWKRXJK &DULEEHDQ PHQ DUH QRW PDUJLQDO LQ WHUPV RI ODFN RI SUHVHQFH LQ WKH KRXVHKROG DQG ODFN RI HFRQRPLF FRQWULEXWLRQV WR WKH KRXVHKROG WKHLU SUHVHQFH DQG FRQWULEXWLRQV IDOO VKRUW RI WKH &DULEEHDQ LGHRORJ\ RI WKH PDOH SURYLGHU (LWKHU PDOH LQHIIHFWLYHQHVV LQ HFRQRPLF HQGHDYRUV RU IHPDOH UHOLDQFH RQ PDOH HFRQRPLF VXSSRUW PD\ EH HPSKDVL]HG LQ D VSHFLILF VRFLHW\ ,Q 0RQWVHUUDW 0RVHV f IRXQG WKDW QR PDWWHU ZKDW ZRPHQ FRQWULEXWHG HFRQRPLFDOO\ WKHLU VWDWXV ZDV DOZD\V ORZHU WKDQ WKH VWDWXV RI PHQ 7KLV FLUFXPVWDQFH FUHDWHG D FRQIOLFW EHWZHHQ WKH LGHRORJ\ RI PDOH VXSHULRULW\ DQG WKH UHDOLW\ RI WKHLU LQDGHTXDF\ DV SURYLGHUV &ODUNH JRHV VR IDU DV WR KLQW WKDW WKLV FRQIOLFW LV LQ SDUW WKH VRXUFH RI WKH PDWLQJ V\VWHP LQ -DPDLFD 6KH VWDWHV

PAGE 41

>W@KH KXVEDQGnV OLDELOLW\ IRU WKH PDLQWHQDQFH RI KLV ZLIH DQG KLV UHVSRQVLELOLW\ IRU KHU GHEWV DUH IXOO\ XQGHUVWRRG RQH UHDVRQ ZK\ PHQ VD\ WKH\ OLYH LQ FRQFXELQDJH >LV@ EHFDXVH nPDUULDJH LV QRW IRU WKH SRRUPDQn &ODUNH f :KLWHKHDG f ODWHU PDNHV WKLV SHUVSHFWLYH H[SOLFLW DUJXLQJ WKDW PHQ ZKR IDLO LQ WKH HFRQRPLF UROH FUHDWH LQVHFXULWLHV LQ WKH KRXVHKROG DV D GHOLEHUDWH DFWf DQG VHHN WR ILQG VXFFHVV DV LQGLYLGXDOV WKURXJK IDWKHULQJ FKLOGUHQ 7KLV VSHFLILF YLHZ LV XQLTXH LQ WKH OLWHUDWXUH 0RVW VFKRODUV WHQG WR SODFH PRUH HPSKDVLV RQ WKH QDWXUH RI PDOH HFRQRPLF VXSSRUW *RQ]DOH] f IRXQG WKDW PHQ IURP WKH %ODFN &DULE SRSXODWLRQ DUH UHVSRQVLEOH IRU WKH HFRQRPLF ZHOO EHLQJ RI ZRPHQ ZLWK ZKRP WKH\ DUH KDYLQJ VH[XDO UHODWLRQV DQG WKH\ DUH UHVSRQVLEOH IRU WKH HFRQRPLF QHHGV RI WKHLU RZQ FKLOGUHQ DV ZHOO LI WKH\ KDYH DFNQRZOHGJHG SDWHUQLW\f 0HQ ZLOO RIWHQ FRQWULEXWH PRQH\ VLPXOWDQHRXVO\ WR VHYHUDO ZRPHQ )OLQQ f IRXQG WKDW LQ D YLOODJH LQ UXUDO *X\DQD PDOHV ZLWK PRUH ODQG KDG D KLJKHU PDWLQJ VXFFHVV EHFDXVH WKH\ ZHUH DEOH WR FRQWULEXWH PRQH\ WR PRUH ZRPHQ WKDQ FRXOG RWKHU PHQ 'DYHQSRUW f ZKR VWXGLHG LQ -DPDLFD IRXQG PDOH LQWHUDFWLRQ ZLWK WKHLU RIIVSULQJ ZKLFK KH WHUPV WKH IDWKHU FKLOG G\DG %XW KH YLHZV LW DV D ZHDNHU UHODWLRQVKLS WKDQ WKH PRWKHUFKLOG G\DG %ODFN &DULE PHQ DUH DOVR UHVSRQVLEOH IRU WKH FDUH RI WKHLU PRWKHUV DQG VLVWHUV DQG DV *RQ]DOH]n SRLQWV RXW WKLV UHODWLRQVKLS LV RIWHQ RYHUORRNHG ZKHQ HWKQRJUDSKHUV KDYH RQO\ H[DPLQHG PHQ LQ VH[XDO UHODWLRQVKLSV ,Q &XUDJDR D KXVEDQG

PAGE 42

LV UHVSRQVLEOH IRU WKH FDUH RI KLV FKLOGUHQ 0DUNV f 7KH UHVSRQVLELOLWLHV RI KLV ZLIH DQG KHU NLQ DUH UHVWULFWHG WR VSHFLILF DVSHFWV RI WKH FKLOGUHQnV FDUH VXFK DV HGXFDWLRQ 6LQFH OHJDO PDUULDJH LQ &XUDJDR LV QRW RQO\ FRPPRQ DPRQJ WKH XSSHU FODVVHV EXW LV E\ IDU WKH SUHYDLOLQJ PDQZRPDQ UHODWLRQVKLS DPRQJ WKH ORZHU FODVV DV ZHOO WKHVH HFRQRPLF UHODWLRQVKLSV DUH IRXQG WKURXJKRXW WKDW VRFLHW\ $OWKRXJK WKH H[DFW QDWXUH RI WKH UHVSRQVLELOLWLHV RI PHQ LQ $UXED KDV QRW EHHQ VWDWHG 'H :DDO0DOHILW DQG +HOOHPDQ f IRXQG WKDW ZRPHQ WKHUH ZHUH HFRQRPLFDOO\ GHSHQGHQW RQ PHQ IRU VXSSRUW 7KLV GRHV QRW PHDQ WKDW ZRPHQ DUH QRW DFWLYH LQ HFRQRPLF SXUVXLWV HYHQ WKRXJK PHQ SOD\ DQ LPSRUWDQW HFRQRPLF UROH LQ WKHLU OLYHV %DUURZ f QRWHV WKDW DOWKRXJK ZRPHQ WKURXJKRXW WKH &DULEEHDQ SDUWLFLSDWH OHVV LQ WKH ODERU IRUFH WKDQ PHQ WKH\ FRQWLQXH WR ILOO QRQ IDPLOLDO UROHV LQFOXGLQJ HFRQRPLF RQHV 7KH UHODWLYH ODFN RI UHVHDUFK RQ PHQ DQG PDOHIHPDOH UHODWLRQVKLSV KDV EHHQ GHFULHG E\ VFKRODUV VXFK DV 5HP\ f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

PAGE 43

WKH FRPPXQLW\ RU LQ WKH LGHRORJLFDO V\VWHP RI YDOXHV E\ ZKLFK VRFLDO UHODWLRQVKLSV DUH FRQGXFWHG ,V WKH &DULEEHDQ DQ H[FHSWLRQ" :LOVRQ f :LOVRQ DUJXHV WKDW PDOHV DUH QRW VXERUGLQDWH LQ &DULEEHDQ OLIH $OWKRXJK WKH UROH RI PHQ ZLWKLQ WKH KRXVHKROG DQG ZLWKLQ &DULEEHDQ VRFLHW\ DV D ZKROH QHHGV WR EH H[DPLQHG LQ JUHDWHU GHWDLO LW LV FOHDU WKH\ KDYH D SODFH VRPHZKHUH ZLWKLQ WKH PDWULIRFDO IDPLO\ 7KLV FKDUDFWHULVWLF RI WKH IDPLO\ V\VWHP LV FOHDUO\ RQH RI WKH PRVW LPSRUWDQW FRQFHSWXDOO\ DQG RQH RI WKH PRVW FHQWUDO WR &DULEEHDQ IDPLO\ OLIH 7KH 0DWULIRFDO )DPLO\ +HUVNRYLWV DQG +HUVNRYLWV f SRLQWHG RXW WKDW LQ WKH &DULEEHDQ WKH QXFOHDU JURXSLQJ ZLWK D ZRPDQ DV LWV HIIHFWLYH KHDG KDV HYHU\ZKHUH SHUVLVWHGf§WR VXFK D GHJUHH WKDW VWXGHQWV VRPHWLPHV VSHDN RI WKH 1HZ :RUOG 1HJUR IDPLO\ DV nPDWULDUFKDOn LQ FKDUDFWHU 7KH YLHZ RI D PDWULDUFKDO VRFLHW\ LQ WKH &DULEEHDQ VRPHWLPHV VWLOO DSSHDUV LQ WKH OLWHUDWXUH VXFK DV 'XFRVVHQnV f GLVFXVVLRQ RI WKH PDWULDUFKDO IDPLO\ LQ *XDGHORXSHf§WKH DXWKRU DOVR VWDWHV WKDW IDWKHUV DOZD\V UHWDLQ DXWKRULW\ DQG PRWKHUV H[KLELW H[WUHPH GHSHQGHQFH RQ WKHP $OWKRXJK PRVW UHVHDUFKHUV FRQWHQG WKDW &DULEEHDQ KRXVHKROGV DUH QRW PDWULDUFKDO WKH FHQWUDO LPSRUWDQFH RI ZRPHQ LQ WKH IRUPDWLRQ RI WKHVH KRXVHKROGV LV DOVR HYLGHQW 7KLV SKHQRPHQRQ KDV JHQHUDOO\ EHHQ UHIHUUHG WR DV PDWULIRFDO 57 6PLWK DUJXHG WKDW PRVW LI QRW DOO $IUR&DULEEHDQ ORZHU FODVV KRXVHKROGV DUH

PAGE 44

PDWULIRFDO DQG GRPLQDWHG E\ ZRPHQ LQ WKHLU FRPELQHG UROHV RI PRWKHU DQG ZLIH 7KLV VLWXDWLRQ LV H[DJJHUDWHG DV ZRPHQ JURZ XS DQG KDYH FKLOGUHQ RI WKHLU RZQ ZKLOH VWLOO OLYLQJ LQ WKHLU PRWKHUnV KRXVHKROG57 6PLWK f ,W LV QRW XQFRPPRQ WR ILQG WKUHH JHQHUDWLRQV RI ZRPHQ OLYLQJ LQ WKH VDPH KRXVH 0RUH UHFHQWO\ 57 6PLWK KDV DUJXHG DJDLQVW WKH XVH RI WKH WHUP PDWULIRFDO VLQFH LW KDV DW WLPHV OHG WR D PLVXQGHUVWDQGLQJ RI WKH SUHYDOHQFH RI YDULRXV PDWLQJ W\SHV ,I WKH FRQFHSW RI WKH PDWULIRFDO IDPLO\ LV WR KDYH DQ\ XVHIXO PHDQLQJ LW PXVW EH UHGHILQHG WR SXUJH LW RI WKH IXQFWLRQDOLVW DVVXPSWLRQV HPEHGGHG LQ LWV HDUOLHU XVH 1RWKLQJ FDQ SUHYHQW LWV EHLQJ XVHG WR PHDQ nIHPDOHKHDGHG KRXVHKROGn EXW LI WKDW EHFRPHV DQ DFFHSWHG XVDJH LW ZRXOG EH EHWWHU WR DEDQGRQ WKH WHUP 57 6PLWK f 57 6PLWK DUJXHV WKDW PDWULIRFDO FDQQRW EH XVHG LQ FRQWUDVW WR D QRUPDO QXFOHDU IDPLO\ VLQFH WKHUH LV FRQVLGHUDEOH GRXEW DV WR WKH QRUPDOF\ RI WKH QXFOHDU IDPLO\ ZRUOGZLGH DV ZHOO DV LQ WKH &DULEEHDQ 7KLV REVHUYDWLRQ ZDV SUREDEO\ PDGH LQ UHIHUHQFH WR FRQFOXVLRQV VXFK DV WKRVH RI 3ROODUG DQG :LOEXUJ f ZKR YLHZ WKH PRWKHUFKLOG IDPLO\ DQG PDWULIRFDOLW\ LQ *X\DQD DV DQ LQFRPSOHWH IDPLO\ IRUP DV SDUW RI WKH EUHDNGRZQ RI WKH IDPLO\ V\VWHP 7KH\ DUJXH WKDW PDOH KHDGHG KRXVHKROGV DUH VXSHULRU LQ SHUIRUPDQFH DQG KDYH D KLJKHU VWDWXV LQ WKH FRPPXQLW\ 7KHVH FRQFOXVLRQV KRZHYHU LJQRUH WKH JHQHUDO FRQVHQVXV WKDW WKH SUDFWLFH RI

PAGE 45

HFRQRPLFDOO\ VXFFHVVIXO PDOHV RI HVWDEOLVKLQJ PRUH SHUPDQHQW UHODWLRQVKLSV ZLOO LQIOXHQFH WKH SHUIRUPDQFH RI KRXVHKROGV 5XEHQVWHLQ f SRLQWV RXW WKDW VWXGLHV RI NLQGUHG DQG IDPLO\ KDYH EHHQ QHJOHFWHG LQ WKH &DULEEHDQ LQ IDYRU RI VWXGLHV RI WKH KRXVHKROG DQG WKDW WKH GLVWLQFWLRQ EHWZHHQ WKH WZR KDV QRW JHQHUDOO\ EHHQ PDGH 7KLV IDLOXUH WR GLVWLQJXLVK EHWZHHQ WKH WZR LV UHIOHFWHG LQ %OXPEHUJnV f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f 0HOYLOOH DQG )UDQFHV +HUVNRYLWVn f ZRUN VXSSRUWV WKLV YLHZ DV WKH\ REVHUYHG WKDW WKH PDWHUQDO JUDQGPRWKHU ILJXUHV PRVW LPSRUWDQWO\ LQ WKH OLYHV RI JUDQGFKLOGUHQ DOWKRXJK WKH\ JHW DORQJ ZLWK DOO RI WKHLU JUDQGSDUHQWV DQG DOWKRXJK WKH\ ZLOO JR WR WKHLU IDWKHUnV IDPLO\ LI WKH PRWKHUnV IDPLO\ FDQQRW KHOS 7ULQLGDGLDQV DOZD\V JR ILUVW WR WKH PRWKHUnV IDPLO\ IRU KHOS 6ODWHU f YLHZV D VLPLODU SKHQRPHQRQ LQ 0DUWLQLTXH DV HVVHQWLDO WR PDWULIRFDOLW\

PAGE 46

7KH IDFW WKDW WKH IDWKHUnV IDPLO\ LV LPSRUWDQW LQ WKH OLYHV RI KLV FKLOGUHQ DW DOO UHTXLUHV D UHH[DPLQDWLRQ RI HDUOLHU VWDWHPHQWV PDGH E\ 57 6PLWK +H RULJLQDOO\ DUJXHG FKLOGUHQ GHULYH QRWKLQJ RI DQ\ LPSRUWDQFH IURP WKHLU IDWKHUV ZKR DUH PDUJLQDO DQG LQHIIHFWLYH PHPEHUV RI WKHLU IDPLOLHV RI SURFUHDWLRQ HYHQ ZKHQ UHVLGHQW ,W LV LQGHHG LQGLIIHUHQW ZKHWKHU WKHVH KXVEDQGIDWKHUV OLYH ZLWK WKHLU IDPLOLHV RU QRW RU HYHQ ZKHWKHU WKHLU FKLOGUHQ NQRZ WKHP SHUVRQDOO\ 57 6PLWK f ,W KDV DOUHDG\ EHHQ SRLQWHG RXW WKDW PDQ\ GLVDJUHH ZLWK WKLV YLHZ RI PHQ LQ &DULEEHDQ VRFLHW\ ,I WKH FRQFHSW RI PDWULIRFDOLW\ LV WR EH UHWDLQHG WKHQ LW ZLOO FRQWLQXH WR LPSO\ WKDW PHQ KDYH D GLPLQLVKHG UROH LQ WKH KRXVHKROG DOWKRXJK WKH\ DUH QRW FRPSOHWHO\ DEVHQW *HRUJH (EDQNV DQG 1REEH f ZKRVH VWXG\ DOVR IRFXVHV RQ KRXVHKROG UDWKHU WKDQ IDPLO\ RUJDQL]DWLRQ QRWH WKDW PRVW KRXVHKROGV LQ %DUEDGRV DUH KHDGHG E\ PDOHV DQG LW LV FRQVLGHUHG WKH GXW\ RI PHQ WR SURYLGH IRU WKH IDPLO\ *RQ]DOH] f SRLQWV RXW WKDW LI D \RXQJ PDQ ZDQWV WR PDNH WLPH ZLWK D JLUO KH ZLOO JHW RQ WKH JRRG VLGH RI DQ ROGHU PDQ ZKR LV DFWLQJ LQ WKH UROH RI IDWKHU RU DQ ROGHU EURWKHU ZKR LV IDWKHU WR KLV \RXQJHU VLVWHU 7KLV VWDWHPHQW LQGLFDWHV WKDW WKH IDWKHU UROH PD\ DW WLPHV EH ILOOHG E\ GLIIHUHQW LQGLYLGXDOV +RZHYHU HDUOLHU VWDWHPHQWV E\ +HUVNRYLWV f RI WKH WLPH VSHQW LQ DUUDQJLQJ FRQVHQVXDO XQLRQV LQ +DLWL DQG KLV REVHUYDWLRQV DV ZHOO DV WKRVH RI RWKHU VFKRODUV WKDW WKHVH UHODWLRQVKLSV HYROYH LQWR PRUH DQG PRUH FRPPLWPHQW HQGLQJ RIWHQ LQ OHJDO PDUULDJH DW

PAGE 47

ODWHU DJHV LQGLFDWHV WKDW PHQ FRQWLQXH WR PDLQWDLQ VRPH UROH LQ WKH KRXVHKROG 0DWLQJ 3DWWHUQV LQ WKH &DULEEHDQ 7KH SDWWHUQV RI PDWLQJ DUH JHQHUDOO\ DJUHHG XSRQ E\ PRVW HWKQRJUDSKHUV RI &DULEEHDQ VRFLHW\ 7KH WKUHH W\SHV RI XQLRQV GHVFULEHG E\ /HULGRQ DQG &KDUELW f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f 7KHUHIRUH WKHVH UHODWLRQVKLSV DUH LQWHUFRQQHFWHG ([WUD5HVLGHQWLDO XQLRQV ([WUD UHVLGHQWLDO UHODWLRQVKLSV DOWKRXJK FRQVLGHUHG WKH PRVW FRPPRQ W\SH RI VH[XDO XQLRQ LQ WKH &DULEEHDQ 0* 6PLWK *RQ]DOH] (EDQNV *HRUJH DQG 1REEH f FDQ HDVLO\ EH RYHUORRNHG DV WKH\ ZHUH E\ HDUO\ HWKQRJUDSKHUV RI &DULEEHDQ OLIH EHFDXVH WKH SDUWQHUV GR QRW OLYH WRJHWKHU DQG WKHUH LV QR RXWZDUG SXEOLF LQGLFDWLRQ RI WKHLU UHODWLRQVKLS 7KHVH UHODWLRQVKLSV DUH

PAGE 48

VXFK WKDW FRKDELWDWLRQ RFFXUV RQ D UHJXODU EDVLV DQG HFRQRPLF UHVRXUFHV DUH VKDUHG EXW WKH FRXSOH GRHV QRW OLYH LQ WKH VDPH UHVLGHQFH f§ OLYLQJ XVXDOO\ ZLWK IDPLO\ PHPEHUV 57 6PLWK f KDV GHILQHG WKHVH XQLRQV DV EDVHG RQ nJLYLQJn RQH WR DQRWKHU UDWKHU WKDQ MRLQW XQLRQV H[FKDQJH EHWZHHQ WZR HQWLWLHV ZKLFK DUH GLVWLQFW 0* 6PLWK f SRLQWV RXW WKDW WKLV LV WKH PRVW FRPPRQ IRUP RI PDWLQJ DQG DQ DOPRVW XQLYHUVDO SUDFWLFH LQ HDUO\ XQLRQV DPRQJ ORZHU FODVV -DPDLFDQV *RQ]DOH] f DGGV WKDW H[WUD UHVLGHQWLDO PDWLQJ LV DOVR WKH PRVW IUHTXHQW RI DOO PDWLQJ UHODWLRQVKLSV DPRQJ WKH %ODFN &DULEV 6KH FDOOV LW D PDULWDO DUUDQJHPHQW KRZHYHU UDWKHU WKDQ D PDWLQJ UHODWLRQVKLS 6KH DOVR VHHV PDUULDJH DV RFFXUULQJ ODWHU RQ LQ D FRQWLQXXP RI D VLQJOH UHODWLRQVKLSf *RQ]DOH] DGGV WKDW VXFK DQ DUUDQJHPHQW LV UHODWHG WR WKH DJH RI WKH LQGLYLGXDOV \RXQJ SHRSOH VWDUW RXW OLYLQJ VHSDUDWHO\ DQG WKHQ EXLOG D KRXVH DQG PRYH LQ WRJHWKHU WKHQ DV DJH LQFUHDVHV WKH LQGLYLGXDOV HLWKHU PDUU\ RU VHSDUDWH 0* 6PLWK [[LYf SRLQWV RXW WKDW LQ KLV H[SHULHQFH QRQGRPLFLODU\ RU H[WUDUHVLGHQWLDO XQLRQV DUH RIWHQ FDVXDO DQG SURPLVFXRXV UDWKHU WKDQ VH[XDOO\ H[FOXVLYH %XW DPRQJ WKH %ODFN &DULE HYHQ LI WZR LQGLYLGXDOV QHYHU UHVLGH LQ WKH VDPH KRXVH WKH XQLRQ LV FRQVLGHUHG SURSHU DV ORQJ DV WKH PDQ FRQWULEXWHV WR WKH VXSSRUW RI WKH ZRPDQ DQG KHU FKLOGUHQ *RQ]DOH] f ,Q +DLWL WKHVH W\SHV RI XQLRQV DUH VHHQ DV WKH OHDVW VWDEOH :LOOLDPV 0XUWK\ DQG %HUJJUHQ f

PAGE 49

&RQVHQVXDO XQLRQV (EDQNV *HRUJH DQG 1REEH f QRWH WKDW LQ %DUEDGRV D SUHJQDQF\ RIWHQ WXUQV DQ H[WUDUHVLGHQWLDO XQLRQ LQWR D FRQVHQVXDO XQLRQ ZKLFK WKH\ VHH DV D PRUH VWDEOH UHODWLRQVKLS &RQVHQVXDO XQLRQV GLIIHU IURP H[WUD UHVLGHQWLDO UHODWLRQV LQ WKDW WKH VDPH UHVLGHQFH LV VKDUHG E\ WZR LQGLYLGXDOV *RQ]DOH] f LQGLFDWHV WKDW H[WUD UHVLGHQWLDO PDWLQJ RIWHQ OHDGV WR FRQVHQVXDO XQLRQV DQG WKHUHIRUH LV WHPSRUDU\ RQO\ LQ WKH IDFW WKDW LW RIWHQ TXLFNO\ EHFRPHV UHGHILQHG DV WKH UHVLGHQFH RI WKH SDUWLFLSDQWV FKDQJHV 'HVSLWH WKH HYLGHQFH WKDW VRPH H[WUDUHVLGHQWLDO XQLRQV HYROYH LQWR RWKHU W\SHV RI XQLRQV KRZHYHU LW DOVR DSSHDUV WKDW PDQ\ XQLRQV DUH GLVVROYHG DV GLIIHUHQW XQLRQV DUH FUHDWHG *RQ]DOH] f SRLQWV RXW WKDW ZKHQ DQ LQGLYLGXDO GHFLGHV WR PDUU\ VKH RU KH PD\ UHWXUQ WR WKH RULJLQDO SDUWQHU LI WKDW SDUWQHU LV QRW DOUHDG\ PDUULHG 7KLV LQGLFDWHV WKDW WKH UHODWLRQVKLSV XQGHU GLVFXVVLRQ PD\ EH WUDQVLWRU\ LQ QDWXUH *RQ]DOH] SRLQWV RXW WKDW WKH LGHDO PRGH RI EHKDYLRU LQ D FRQVHQVXDO XQLRQ DV ZHOO DV LQ PDUULDJH LV VH[XDO H[FOXVLYHQHVV %XW WKLV LGHDO LV QRW DOZD\V PHW DQG D ZRPDQnV SDUWQHU PD\ DW DQ\WLPH OHDYH KHU *RQ]DOH] f 6KH DUJXHV WKDW D QXPEHU RI PDJLFDO GHYLFHV H[LVW IRU D ZRPDQ WR NHHS KHU SDUWQHU IURP OHDYLQJ KHU RU PRYLQJ RQ WR DQRWKHU XQLRQ 7KLV LV EHFDXVH WKHUH LV DQ XQHTXDO SRVLWLRQ RI PHQ DQG ZRPHQ LQ UHJDUG WR PDLQWDLQLQJ PDULWDO VWDELOLW\ DQG WKH IHHOLQJ WKDW D ZRPDQ VKRXOG KDYH VH[XDO

PAGE 50

UHODWLRQVKLSV ZLWK RQH PDQ GXULQJ KHU OLIHWLPH LV FRXQWHUn EDODQFHG E\ D UHFRJQLWLRQ RI HFRQRPLF QHHG *RQ]DOH] f ,Q 57 6PLWKnV HDUO\ ZRUN f KH YLHZHG FRPPRQ ODZ XQLRQV DQG OHJDO PDUULDJH DV VRFLRORJLFDOO\ LGHQWLFDO DW OHDVW LQ WKH ORZO\ VWUDWD RI :HVW ,QGLDQ VRFLHW\ VWDWLQJ WKDW LW LV QHLWKHU QHFHVVDU\ QRU DSSURSULDWH WR GLVWLQJXLVK EHWZHHQ WKHP +RZHYHU KLV RZQ HYLGHQFH FRQWUDGLFWV WKLV DVVXPSWLRQ E\ LQGLFDWLQJ WKDW WKH LQFLGHQFH RI OHJDO PDUULDJH LQFUHDVHV DV DJH LQFUHDVHV 57 6PLWK FODLPHG WKDW GLVWLQFWLRQV LQ DJH ZHUH WULYLDO DV ZHOO DQG GLG QRW H[DPLQH WKHP LQ GHWDLO WKH\ DUH H[DPLQHG PRUH WKRURXJKO\ EHORZ DV OHJDO PDUULDJH LV GLVFXVVHGf 2WKHUV KDYH VHHQ GLVWLQFWLRQV EHWZHHQ WKHVH UHODWLRQVKLSV DV ZHOO &ODUNH KDV VKRZQ WKDW DWWLWXGHV WRZDUGV WKH DFFHSWDELOLW\ RI GLIIHUHQW IRUPV RI XQLRQV YDU\ IURP RQH FRPPXQLW\ WR DQRWKHU )RU H[DPSOH VKH QRWHV WKDW LQ 6XJDU 7RZQ WKHUH LV QR VRFLDO GLVDSSUREDWLRQ RI FRQFXELQDJH QRU ELDV WRZDUGV PDUULDJH &ODUNH f LQ 2UDQJH *URYH FRQFXELQDJH LV GLVHVWHHPHG &ODUNH f DQG LQ 0RFHD WKH FRQMXJDO SDWWHUQ LV FRQFXELQDJH IRU OLIH &ODUNH f +RZHYHU QR PDWWHU ZKDW WKH ORFDO DWWLWXGHV WRZDUGV FRQVHQVXDO XQLRQV PD\ EH WKHVH XQLRQV H[LVW LQ HYHU\ &DULEEHDQ VRFLHW\ 0DUULDJH XQLRQV 6RPH LQFOXGH FRQVHQVXDO XQLRQV LQ D VXEFDWHJRU\ RI PDUULDJH +HUVNRYLWV f GHVFULEHG WKH IDPLO\ LQ +DLWL ZLWK GHWDLO ODFNLQJ LQ VRPH ODWHU HWKQRJUDSKLHV +H GHVFULEHG SODSDJH RU FRQVHQVXDO XQLRQVf

PAGE 51

DV D XQLRQ WKDW FDQ EH WKH UHVXOW RI DIIDLUV EHWZHHQ \RXQJ SHRSOH f WKH VDPH ZD\ WKDW *RQ]DOH] f KDV GHVFULEHG WKH HYROXWLRQ RI YLVLWLQJ UHODWLRQV WR FRQVHQVXDO XQLRQV +HUVNRYLWV FRQVLGHUV SODJDJH DV D PDUULDJH WKDW LV QRW VDQFWLRQHG E\ WKH FKXUFK EXW LV VDQFWLRQHG E\ WKH IDPLO\ +H DUJXHV WKDW DV FRXSOHV PRYH LQ WRJHWKHU FRQWUDFWV DUH ZRUNHG RXW VLPLODU WR PDUULDJH FRQWUDFWV IRUJHG LQ :HVW $IULFD (YHQ WKRXJK KH VHHV WKLV W\SH RI XQLRQ DV D PDUULDJH KH GRHV QRW FRQVLGHU LW HTXDO WR D FKXUFK VDQFWLRQHG PDUULDJH DV 57 6PLWK f ODWHU GLG +HUVNRYLWV SRLQWV RXW WKDW D PDUULDJH WKDW LV VDQFWLRQHG E\ WKH FKXUFK LV VHHQ DV EHWWHU RU PRUH HOLWH WKDQ RQH WKDW LV QRW VDQFWLRQHG DQG WKHUHIRUH KDV D TXDOLWDWLYH GLIIHUHQFH +H GRHV QRW GLVFXVV WKH GXUDWLRQ RI WKHVH XQLRQV EXW VLQFH KH YLHZV WKHP DV HTXDO LQ DOO ZD\V RWKHU WKDQ WKH VWDWXV D FKXUFK VDQFWLRQHG XQLRQ FDQ JLYH LW LV OLNHO\ WKDW KH ZRXOG KDYH DUJXHG WKDW SODSDJH LV QRW D OHVV VWDEOH XQLRQ WKDQ LV D FKXUFK VDQFWLRQHG XQLRQ +HUVNRYLWVn REVHUYDWLRQV WKDW D FRQVHQVXDO XQLRQ FDQ EH WKH UHVXOW RI H[WUDUHVLGHQWLDO XQLRQV RU DIIDLUVf KDV EHHQ H[WHQGHG E\ ODWHU UHVHDUFKHUV WR OHJDO PDUULDJH &RQVHQVXDO XQLRQV FDQ UHVXOW LQ RU HYROYH LQWR OHJDO PDUULDJH 57 6PLWK f SRLQWV RXW WKDW LQ -DPDLFD DV HDUO\ DV FRXSOHV ZRXOG VHWWOH LQWR VWDEOH XQLRQV DV WKH\ JURZ ROGHU %XW KH DGGV LQFUHDVLQJ DJH GRHV QRW DOZD\V OHDG WR OHJDOL]HG XQLRQV 57 6PLWK f *DUGLQHU DQG 3RGROHIVN\ f SRLQW RXW WKDW LQ 'RPLQLFD

PAGE 52

PDUULDJH LV XVXDOO\ GHOD\HG XQWLO WKH PLGGOH WR ODWHU \HDUV RI OLIH EXW LW LV UHJDUGHG KLJKO\ DV DQ LQVWLWXWLRQ 0* 6PLWK [[YLLL[[L[f QRWHV WKDW DJH LV WKH PRVW LPSRUWDQW FRUUHODWH >WR PDUULDJH@ PDUULDJH LQFUHDVLQJ DQG YLVLWLQJ GHFUHDVLQJ ZLWK DJH LQ HYHU\ LQVWDQFH 7KLV SKHQRPHQRQ KDV EHHQ REVHUYHG LQ RWKHU SDUWV RI WKH &DULEEHDQ DV ZHOO DQG LQ VRPH DUHDV LW DSSHDUV WR EH YHU\ IUHTXHQW 0DUNV f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f *RQ]DOH]n UHDOL]DWLRQ D PDQ ZLOO PDUU\ IRU SXUSRVHV RI LQFUHDVLQJ KLV SUHVWLJH H[SDQGV RXU XQGHUVWDQGLQJ RI &ODUNHnV f REVHUYDWLRQ WKDW PDUULDJH LV GHOD\HG LQ SDUW XQWLO D PDQ KDV D KRXVH DQG SUHIHUDEO\ D ELW RI ODQG $ IXUWKHU UHDVRQ IRU WKH GHOD\ LV WKDW FRQWUDFWLQJ SDUWLHV PXVW DSSURYH RI RQH DQRWKHU VXIILFLHQWO\ WR ULVN WKH FKDQJH LQ VWDWXV DQG UHVSRQVLELOLWLHV WKDW PDUULDJH LPSOLHV 57

PAGE 53

6PLWK f DGGV WKDW 0DQ\ :HVW ,QGLDQV GHIHU PDUULDJH XQWLO WKH\ KDYH VHYHUDO FKLOGUHQ EXW QRW MXVW WR DFFXPXODWH UHVRXUFHV IRU D SURSHU FHUHPRQ\ (YLGHQFH IURP RWKHU HWKQRJUDSKHUV VHHPV WR FRUURERUDWH *RQ]DOH]n DVVHUWLRQ WKDW ROGHU FRXSOHV PD\ OHJDOL]H PDUULDJH WR SURYLGH VHFXULW\ LQ LQKHULWDQFH RU PRUH LPSRUWDQWO\ WR HQKDQFH VWDWXV 57 6PLWK f SRLQWV RXW WKDW WKRVH IHZ EODFN PHPEHUV RI WKH XSSHU FODVV LQ -DPDLFD WKH XSSHU FODVV FRQVLVWHG DOPRVW H[FOXVLYHO\ RI ZKLWHV DW RQH WLPH EXW PRVW KDYH VLQFH OHIWf SODFH DQ HPSKDVLV RQ SURSHUW\ DQG VWDWXV LQ UHODWLRQVKLSV DQG DOZD\V PDUU\ LQ D OHJDO XQLRQf 7KLV LV DOVR UHIOHFWHG LQ WKH ORZHU FODVV RI WKH %ODFN &DULE *RQ]DOH] f IRXQG WKDW ,GHDOO\ SHUPDQHQW PRQRJDP\ QHRORFDO UHVLGHQFH DQG WKH QXFOHDU IDPLO\ DUH KHOG WR EH WKH PRVW GHVLUDEOH IRUPV +RZHYHU WKHVH LGHDOV DUH VHOGRP DFKLHYHG LQ WKLV VRFLHW\ $V LGHDO UHODWLRQVKLSV DUH DFKLHYHG WKH QXPEHU RI FKLOGUHQ LQ D XQLRQ LV LQIOXHQFHG (EDQNV f DUJXHV WKDW OHJDO XQLRQV LQ %DUEDGRV DUH PRUH VWDEOH WKDQ RWKHU XQLRQV DQG WKH ORZHU WKH QXPEHU RI SDUWQHUV D ZRPDQ KDV WKH IHZHU FKLOGUHQ VKH ZLOO EHDU 7KLV SKHQRPHQRQ FDQ EH XQGHUVWRRG LQ WHUPV RI WKH LPSRUWDQFH RI FKLOGUHQ LQ FRPPRQ LQ &DULEEHDQ XQLRQV 7KH ,PSRUWDQFH RI &KLOGUHQ LQ &RPPRQ ,Q -DPDLFD LW LV UDUH IRU FKLOGOHVV XQLRQV WR HQGXUH DV UDUH DV IRU PDUULDJH WR RFFXU EHIRUH WKH ELUWK RI FKLOGUHQ &ODUNH f &ODUNH f SRLQWV RXW

PAGE 54

WKDW WKH FKLOGOHVV ZRPDQ LV DQ REMHFW RI SLW\ FRQWHPSW RU GHULVLRQ :K\ WKLV LV WKH FDVH LV QRW PDGH FOHDU KRZHYHU LW PD\ LQ SDUW EH FRQQHFWHG WR D ULWH RI SDVVDJH LQWR DGXOWKRRG )RU WKHVH -DPDLFDQV D ZRPDQ LV RQO\ FRQVLGHUHG nUHDOO\n D ZRPDQ DIWHU VKH KDV ERUQH D FKLOG >DQG@ WKH SURRI RI D PDQnV PDOHQHVV LV WKH LPSUHJQDWLRQ RI D ZRPDQ &ODUNH f 2QFH WKHVH ZRPHQ KDYH GHPRQVWUDWHG WKHLU DELOLW\ WR EHDU D FKLOG VRPH ZLOO DWWHPSW WR DYHUW WKH HFRQRPLF EXUGHQ RI FKLOGUHQ E\ XVLQJ GUXJV RU EXVK PHGLFLQHV WR LQGXFH D PLVFDUULDJH &ODUNH f 0XUUD\ f QRWHV WKDW LQ +DLWL FRXSOHV ZDQW WR KDYH FKLOGUHQ LQ FRPPRQ HYHQ LI WKH\ KDYH FKLOGUHQ IURP DQRWKHU SHUVRQ :RPHQ LQ *XDGHORXSH DQG 0DUWLQLTXH ZKR FKDQJH XQLRQ W\SHV UHJDUGOHVV RI ZKLFK NLQG WKH\ KDYH ZLOO DOVR KDYH KLJKHU OHYHOV RI IHUWLOLW\ WKDQ RWKHU ZRPHQ /HULGRQ DQG &KDUELW f $OWKRXJK ZRPHQ ZKR HQWHU D YLVLWLQJ XQLRQ LQ 7ULQLGDG DQG 7REDJR *X\DQD DQG -DPDLFD KDYH IHZHU FKLOGUHQ RQ WKH DYHUDJH WKDQ GR RWKHU ZRPHQ +DUHZRRG f WKLV LV OLNHO\ GXH WR WKH IDFW WKDW FRXSOHV LQ YLVLWLQJ XQLRQV KDYH D ORZHU IUHTXHQF\ RI LQWHUFRXUVH DQG WKHUHIRUH D ORZHU ULVN RI SUHJQDQF\ WKDQ RWKHU ZRPHQ LQ WKH VDPH VRFLHWLHV 5REHUWV DQG 6LQFODLU f ,I ZRPHQ ZKR KDYH PXOWLSOH YLVLWLQJ XQLRQV DUH H[DPLQHG WKH\ DV D JURXS DUH IRXQG WR KDYH WKH JUHDWHVW QXPEHU RI FKLOGUHQ DQG WKHUH LV DOVR D FRUUHODWLRQ EHWZHHQ WKH QXPEHU RI SDUWQHUV DQG WKH QXPEHU RI FKLOGUHQ +DUHZRRG :ULJKW DQG 0DGDQ f 6LQFH YLVLWLQJ XQLRQV ZLWK D VLQJOH SDUWQHU SURGXFH WKH ORZHVW QXPEHU RI FKLOGUHQ ZKLOH

PAGE 55

YLVLWLQJ XQLRQV ZLWK PXOWLSOH SDUWQHUV SURGXFH WKH JUHDWHVW QXPEHU RI FKLOGUHQ WKHVH UHVXOWV VXJJHVW D UHODWLRQVKLS EHWZHHQ IHUWLOLW\ DQG WKH LPSRUWDQFH RI KDYLQJ FKLOGUHQ LQ FRPPRQ ZLWK D SDUWQHU LQ FHUWDLQ W\SHV RI UHODWLRQVKLSV 7KH QXPEHU RI FKLOGUHQ D ZRPDQ KDV DOVR LQIOXHQFHV KHU DFWLYLW\ LQ WKH HFRQRPLF VHFWRU ,Q -DPDLFD FKLOGOHVV ZRPHQ DUH PXFK PRUH HFRQRPLFDOO\ DFWLYH WKDQ ZRPHQ ZLWK FKLOGUHQ 0F.HQ]LH DQG 3RZHOO f :RPHQ ZKR DUH DOUHDG\ HPSOR\HG DSSHDU WR KDYH ORZHU IHUWLOLW\ UDWHV WKDQ XQHPSOR\HG ZRPHQ 3RZHOO 'XUDQW*RQ]DOH] YLHZV EHDULQJ FKLOGUHQ DV LQFUHDVLQJ WKH QHHG WR ILQG HPSOR\PHQWf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f SRLQWV RXW WKDW VWHSFKLOGUHQ DUH PRVW IUHTXHQWO\ IRXQG LQ VLWXDWLRQV ZKHUH D XQLRQ LV FKLOGOHVV +HUVNRYLWV f VWDWHV WKDW FKLOGWUDQVIHU DPRQJ +DLWLDQ SDUHQWV FDQ WDNH SODFH IRU HFRQRPLF UHDVRQV LH DQRWKHU

PAGE 56

IDPLO\ LV EHWWHU HTXLSSHG ILQDQFLDOO\ WR FDUH IRU WKH FKLOGf &ODUNH f QRWHG WKDW KRXVHKROGV EDVHG RQ FRQVHQVXDO XQLRQV DUH HTXDOO\ GLYLGHG DFFRUGLQJ WR WKH SUHVHQFH RU DEVHQFH RI FKLOGUHQ ZKLOH WKRVH EDVHG RQ PDUULDJH ZHUH ZLWKRXW FKLOGUHQ LQ RQO\ RQHILIWK RI WKH FDVHV $OWKRXJK WKLV FRXOG LQGLFDWH WKDW FKLOGUHQ VHUYH WR VWUHQJWKHQ D UHODWLRQVKLS ZKLFK PLJKW OHDG WR PDUULDJH WKH IDFWV WKDW LW LV ROGHU FRXSOHV ZKR WHQG WR PDUU\ ZKR KDYH KDG PRUH WLPH WR EHDU FKLOGUHQf FRXOG DOVR H[SODLQ WKH FRUUHODWLRQ EHWZHHQ PDUULDJH DQG FKLOGUHQ 7KH SHUPDQHQFH RI WKHVH UHODWLRQVKLSV YDULHV DV KDV EHHQ PHQWLRQHG DQG DQ DGRSWHG JLUO LQ -DPDLFD ZKR EHFRPHV SUHJQDQW PD\ EH SXW RXW RI WKH KRXVH *RQ]DOH] f QRWHV WKDW DPRQJ WKH %ODFN &DULE FKLOG ORDQLQJ PD\ EH ORQJ WHUP EXW WKHVH FKLOG ZLOO QRW KDYH LQKHULWDQFH ULJKWV DV RWKHU FKLOGUHQ GR &KLOG WUDQVIHU LQ +DLWL RQ WKH RWKHU KDG DSSHDUV DV D FRPSOHWH WUDQVIHU RI ULJKWV DQG UHVSRQVLELOLWLHV +HUVNRYLWV f VWDWHV WKDW LI WKH DGRSWHG +DLWLDQ FKLOG LV DEXVHG WKH RULJLQDO SDUHQWV FDQ GR QRWKLQJ WR KHOS WKDW FKLOG ,Q WKH %ULWLVK :HVW ,QGLHV LQ JHQHUDO LW KDV EHHQ IRXQG WKDW b RI DOO FKLOGUHQ DUH QRW OLYLQJ ZLWK WKHLU SDUHQWV EXW DOPRVW DOO RI WKHVH FKLOGUHQ DUH OLYLQJ ZLWK DQRWKHU IDPLO\ PHPEHU 6DQIRUG f ,Q -DPDLFD FKLOGUHQ ZKR DUH QRW WDNHQ LQ E\ DQRWKHU SHUVRQ DUH RFFDVLRQDOO\ DEDQGRQHG %URDGEHU f $OO FKLOGUHQ FDQ UHFHLYH D QHZ VWHSSDUHQW DV UHODWLRQVKLSV FKDQJH +RZHYHU LI PDUULDJH RFFXUV WKH

PAGE 57

FKLOGUHQ PLJKW QRW EH LQFOXGHG LQ WKDW QHZ UHODWLRQVKLS &ODUNH f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n VXPPDU\ RI WKH &DULEEHDQ IDPLO\ FLWHG DERYH LV JHQHUDOO\ FRQVLGHUHG WR EH QRW RQO\ FRPPRQ LQ WKH &DULEEHDQ EXW LW FDUULHV ZLWK LW QR VRFLDO GLVDELOLW\ RU GLVSDUDJHPHQW OLNH LW PLJKW LQ RWKHU VRFLHWLHV +HUVNRYLWV DQG +HUVNRYLWV f VWDWH WKDW LQ 7ULQLGDG WKHUH LV QR VRFLDO GLVDELOLW\ LPSRVHG E\ WKH FRPPXQLW\ EHFDXVH RI OHJLWLPDF\ RU LOOHJLWLPDF\ :KLOH LQ UHIHUHQFH WR WKH FRQFHSW RI OHJLWLPDF\ WKH\ SRLQW WR D IDOVH SHUVSHFWLYH RQ WKH WKLQNLQJ RI SHRSOH JLYHQ E\ WKH DSSOLFDWLRQ RI OHJDO WHUPV VXFK DV nOHJLWLPDWHn DQG nLOOHJLWLPDWHn WR WKH RIIVSULQJ +HUVNRYLWV DQG +HUVNRYLWV f %XW WKH\ VWLOO VHH WKHVH WHUPV DV XVHIXO WR GLVWLQJXLVK EHWZHHQ FRQFHSWV LQ &DULEEHDQ VRFLHW\ LI DQ DWWHPSW LV PDGH WR XQGHUVWDQG KRZ WKH FRQFHSWV GLIIHU IURP

PAGE 58

WKHLU JHQHUDO XVH LQ (XURSHDQ VRFLHW\ 6ODWHU f WDNHV D GLIIHUHQW YLHZSRLQW 6KH DUJXHV 6ODWHU f WKDW LQ 0DUWLQLTXH 7KHUH VLPSO\ LV QR UXOH RI OHJLWLPDF\ 6ODWHU FRQVLGHUV OHJLWLPDWH FKLOGUHQ DV GR RWKHUV ZKR KDYH GHDOW ZLWK WKLV LVVXH WR EH FKLOGUHQ ERUQ WR PDUULHG SDUHQWV UDWKHU WKDQ WKRVH ZLWK D UHFRJQL]HG SDWHU DV LQ P\ GHILQLWLRQ ,I 6ODWHUnV GDWD LV H[DPLQHG LW LQGLFDWHV WKDW VRPH LPSRUWDQW GLVWLQFWLRQV EHWZHHQ FKLOGUHQ DUH PDGH LQ 0DUWLQLTXH 6KH QRWHV WKDW DOWKRXJK LOOHJLWLPDWH ELUWKV RXWQXPEHU WKH OHJLWLPDWH UHFRJQL]HG FKLOGUHQ XVXDOO\ RXWQXPEHU WKH QRQUHFRJQL]HG $ PDQ QHHG QRW OLYH ZLWK D ZRPDQ WR UHFRJQL]H RQH RI KHU FKLOGUHQ EXW LI KH OLYHV ZLWK KHU KH LV IRUFHG WR UHFRJQL]H KHU FKLOGUHQ XQOHVV KH ZLVKHV WR JR WR FRXUW WR GLVSXWH SDWHUQLW\ 6ODWHU f 5HFRJQL]HG FKLOGUHQ DOVR KDYH D GLIIHUHQW VWDWXV IURP XQUHFRJQL]HG FKLOGUHQ %\ ODZ UHFRJQL]HG FKLOGUHQ LQKHULW DORQJ ZLWK OHJLWLPDWH FKLOGUHQ IURP WKH IDWKHU 8QUHFRJQL]HG FKLOGUHQ WKHQ DUH DW D GLVDGYDQWDJH 6ODWHU f *RRGH f DUJXHV WKDW WKH &DULEEHDQ GRHV QRW FRQWUDGLFW 0DOLQRZVNLnV YLHZV DQG FRQFOXGHV WKDW 0DOLQRZVNLnV 3ULQFLSOH RI /HJLWLPDF\ LV JHQHUDOO\ YDOLG 3DUW RI WKH HYLGHQFH KH JLYHV IRU WKLV DVVHUWLRQ LV WKH IDFW WKDW PRWKHUV VHYHUHO\ FKDVWLVH GDXJKWHUV ZKR JHW SUHJQDQW 7KLV LQGLFDWHV WKDW DOWKRXJK SUHJQDQFLHV RXWVLGH RI D PDULWDO XQLRQ DUH FRPPRQ WKH\ DUH QRW FRQVLGHUHG DFFHSWDEOH *RRGH f DOVR VWDWHV WKDW PDUULDJH LV FRQVLGHUHG WKH LGHDO IRUP RI PDWLQJ LQ WKH &DULEEHDQ DQG PRVW

PAGE 59

SHRSOH HQWHU PDUULDJH DW VRPH SRLQW LQ WKHLU OLYHV 7KLV KH DUJXHV FDQ EH KHOG DV WKH QRUP RU YDOXH RI WKH &DULEEHDQ DOWKRXJK WKHUH LV D KLJK UDWH RI GHYLDQFH IURP WKLV LGHDO IRUP RI PDWLQJ +H FULWLFL]HV 6ODWHUnV DVVHUWLRQ WKDW WKHUH LV QR GLVWLQFWLRQ EHWZHHQ OHJLWLPDF\ DQG LOOHJLWLPDF\ EDVHG RQ WKHVH IDFWRUV *RRGH DOVR DUJXHV DJDLQVW WKH FKDUDFWHUL]DWLRQ RI FRQVHQVXDO XQLRQV DV VRFLRORJLFDOO\ DV OHJLWLPDWH DV OHJDO XQLRQV +H FRQFOXGHV ,I WKLV LQWHUSUHWDWLRQ LV FRUUHFW 0DOLQRZVNLnV SULQFLSOH ZRXOG EH HUURQHRXV DQG RQH RI WKH DSSDUHQWO\ PDMRU IXQFWLRQV RI WKH IDWKHU ZRXOG KDYH WR EH UHGHILQHG DV XQHVVHQWLDO *RRGH f *RRGH GRHV QRW VWDWH ZK\ KH FDPH WR WKLV FRQFOXVLRQ DQG LW LV GLIILFXOW QRZ WR VD\ H[DFWO\ ZKDW PRWLYDWHG KLP WR VWDWH LW %XW LI OHJLWLPDF\ LV QRW GHILQHG DV QHFHVVDULO\ GHULYHG IURP PDUULDJH EXW UDWKHU LQ WKH WHUPV JLYHQ LQ FKDSWHU RQH WKHQ ZKDW LV DQG LV QRW WHFKQLFDOO\ D PDUULDJH EHFRPHV OHVV UHOHYDQW WR WKH LVVXHV 6ODWHUnV f DGGHQGXP WR KHU GLVVHUWDWLRQ LQ SXEOLVKHG IRUP FDVWLJDWHV *RRGH IRU QRW GLVWLQJXLVKLQJ DV VKH IHOW KH VKRXOG EHWZHHQ WKH XSSHU DQG ORZHU VWUDWD RI VRFLHW\ 6ODWHU IHHOV WKDW *RRGH ZDV UHO\LQJ RQ WKH YDOXHV RI WKH XSSHU VWUDWD WR GHVFULEH WKH EHKDYLRU RI WKH ORZHU VWUDWD 6KH DUJXHV WKDW WKH HOLWH PD\ DWWHPSW WR GLVFRXUDJH LOOHJLWLPDWH ELUWKV EXW WKHUH LV QR FRQFHSW RI VKDPH DPRQJ WKH QRQHOLWH RU DW PRVW LW LV IOHHWLQJ 6ODWHUnV FRQFOXVLRQV WKDW WKHUH LV QR FRQFHSW RI LOOHJLWLPDF\ LQ WKH &DULEEHDQ KDV EHHQ DGRSWHG DQG UHIHUHQFHG LQ VXEVHTXHQW

PAGE 60

GHVFULSWLRQV RI &DULEEHDQ IDPLO\ OLIH HJ +DOEHUVWHLQ f ,I OHJLWLPDF\ LV QRW FRQVLGHUHG LQ WHUPV RI FKLOGUHQ ERUQ LQWR D PDUULDJH EXW FKLOGUHQ ZKR KDYH D VRFLDOO\ UHFRJQL]HG IDWKHU WKHQ WKH FRQIOLFW EHWZHHQ WKH SHUVSHFWLYHV RI *RRGH DQG 6ODWHU FDQ EH UHFRQFLOHG %XW EHIRUH DQ DWWHPSW LV PDGH WR GR WKLV WKH YLHZV RI RWKHUV RQ &DULEEHDQ LOOHJLWLPDF\ ZLOO EH FRQVLGHUHG 7KHUH LV VRPH GLVDJUHHPHQW DPRQJ YDULRXV HWKQRJUDSKHUV DV WR WKH H[WHQW RI LOOHJLWLPDF\ LQ WKH &DULEEHDQ 7KLV GLVDJUHHPHQW LV EHVW FRQWUDVWHG E\ WKH YLHZV RI 0DUNV DQG 57 6PLWK 0DUNV f DUJXHV WKDW LOOHJLWLPDF\ VKRXOG EH UHJDUGHG DV YLUWXDOO\ DQ H[FOXVLYH nSURGXFWn RI WKH ORZHU VWUDWD 57 6PLWKnV f HDUOLHU DUJXPHQWV ZHUH OHVV SROHPLFDO +H IHOW WKDW WKH GLVWLQFWLRQ EHWZHHQ OHJLWLPDWH DQG LOOHJLWLPDWH FKLOGUHQ OLNH WKDW EHWZHHQ XQLRQ W\SHV ZDV VRFLRORJLFDOO\ LUUHOHYDQW &XUUHQWO\ KRZHYHU KH DWWDFNV 57 6PLWK f HFRQRPLF GHWHUPLQLVWV WKHRULHV >ZKLFK@ KDYH PDGH LOOHJLWLPDF\ DSSHDU WR EH DQ H[FOXVLYHO\ ORZHU FODVV nSUREOHPn +LV UHEXWWDO WR WKHVH WKHRULHV LV EDVHG RQ WKH HIIRUWV RI %LVKRS 1XWDO LQ -DPDLFD WR VWHP LPPRUDOLW\ DPRQJ KLJKHU FODVV ZKLWHV ZKR ZHUH SURGXFLQJ PDQ\ LOOHJLWLPDWH RIIVSULQJ 7KHUHIRUH LOOHJLWLPDF\ KH DUJXHV ZDV DQ XSSHU FODVV DQG ZKLWHf SKHQRPHQRQ LQ WKH &DULEEHDQ MXVW DV PXFK DV D ORZHU FODVV EODFN SKHQRPHQRQ 2Q WKH RWKHU KDQG 0DUNVn DVVHUWLRQ WKDW LOOHJLWLPDWH ELUWKV DUH KLJK LQ WKH &DULEEHDQ GRHV DSSHDU WR UHIOHFW HPSLULFDO

PAGE 61

REVHUYDWLRQ LI ELUWKV RXWVLGH RI PDUULDJH DUH FRQVLGHUHG LOOHJLWLPDWH 7KH UHVSRQVH RI SDUHQWV WR D GDXJKWHUnV GLVFRYHUHG SUHJQDQF\ LQGLFDWHV WKDW QRW DOO SUHJQDQFLHV DUH WUHDWHG ZLWK LQGLIIHUHQFH 6LPSVRQ f QRWHV WKDW GDXJKWHUV LQ +DLWL DUH EHDWHQ ZKHQ WKHLU SUHJQDQF\ LV GLVFRYHUHG $ -DPDLFDQ JLUOnV LQLWLDWLRQ LQWR ZRPDQKRRG DSSHDUV WR IROORZ VHYHUDO ULWXDOL]HG VWDJHV WKDW KDYH EHHQ GHVFULEHG E\ &ODUNH 7KH PRWKHUnV EHKDYLRU ZKHQ VKH GLVFRYHUV KHU GDXJKWHUnV FRQGLWLRQ IDOOV LQWR IRXU DOPRVW ULWXDOL]HG VWDJHV 7KH JLUOn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nV KRPH IRU WKH ELUWK RI KHU FKLOG &ODUNH f 2QH H[FHSWLRQ WR WKH UXOH WKDW D -DPDLFDQ PRWKHU DFFHSWV KHU SUHJQDQW GDXJKWHU LV ZLWK DGRSWHG JLUOV ZKR PXVW OHDYH LI WKH\ EHFRPH SUHJQDQW 7KH\ FRXOG QRW H[SHFW WR EH NHSW RQ DV RQHnV RZQ PLJKW EH LQ VXFK DQ HYHQW &ODUNH f 7KHUH DUH RWKHU RFFDVLRQV ZKHQ D PRWKHU DFFHSWV ZLWK QR GLVDSSURYDO D GDXJKWHUnV SUHJQDQF\ &ODUNH SRLQWV RXW WKDW D JLUO ZRUNLQJ DV GRPHVWLF KHOS UHWXUQHG KRPH IRU WKH ELUWK RI KHU FKLOG WKH FKLOG ZDV OHIW IRU WKH PRWKHU WR UDLVH DQG QR GLVDSSURYDO ZDV YRLFHG 7KH UHDVRQV IRU WKLV GLIIHUHQFH LQ

PAGE 62

WUHDWPHQW ZHUH QRW PDGH FOHDU E\ &ODUNH ,W DSSHDUV WKDW LQ FHUWDLQ FLUFXPVWDQFHV D SUHJQDQW JLUO RU ZRPDQ FDQ PHHW ZLWK PDUNHG VRFLDO GLVDSSURYDO DQG DW RWKHU WLPHV EH WUHDWHG ZLWK LQGLIIHUHQFHf§HDFK D SKHQRPHQRQ IRFXVHG RQ E\ *RRGH DQG 6ODWHU UHVSHFWLYHO\ 5DZOLQV f KDV DOVR QRWHG WKDW WHHQDJH SUHJQDQF\ LV OLNHO\ WR EH ORZHU ZKHQ SDUHQWV HVSHFLDOO\ PRWKHUV KDYH JUHDWHU LQWHUDFWLRQ ZLWK WKHLU GDXJKWHUV +RZ PXFK WKLV LQIOXHQFHV UHVSRQVH WR SUHJQDQF\ LV XQFOHDU 0DQ\RQLnV f FRPPHQW LQ UHIHUHQFH WR WKH &DULEEHDQ WKDW LOOHJLWLPDF\ LV ODUJHO\ FRQVLGHUHG IURP WKH SHUVSHFWLYH RI PDWHUQLW\ UDWKHU WKDQ ERWK PDWHUQLW\ DQG SDWHUQLW\ LV JHQHUDOO\ DFFXUDWH LQ WKDW PHQ DUH UDUHO\ FKDVWHQHG RU YLVLEO\ SXQLVKHG LQ UHODWLRQ WR LVVXHV RI OHJLWLPDF\ IRU D VLPLODU SHUVSHFWLYH VHH $OOPDQ f 7KLV PD\ EH GXH WR WKH IDFW WKDW SDWHUQLW\ LV OHVV FOHDU 7KLV LV JHQHUDOO\ JLYHQ DV WKH UHDVRQ ZK\ SURSHUW\ LV RQO\ LQKHULWHG E\ D FKLOG LI LW LV FRQVLGHUHG OHJLWLPDWH %XW DV ZH KDYH VHHQ IRU 0DUWLQLTXH D FKLOG FDQ LQKHULW SURSHUW\ IURP WKH IDWKHU LI WKH IDWKHU DFNQRZOHGJHV SDWHUQLW\ 7KHUHIRUH DOWKRXJK D PRWKHU PD\ EH HDVLHU WR LGHQWLI\ EHFDXVH RI WKH SUHJQDQF\ SDWHUQLW\ FDQ VWLOO EH GHWHUPLQHG RQ D VRFLRORJLFDO OHYHO LI QRW D ELRORJLFDO RQH XQOHVV VRSKLVWLFDWHG WHFKQLTXHV DUH PDGH DYDLODEOHf $Q DSSURDFK DW UHFRQFLOLDWLRQ RI WKH GLVSXWH EHWZHHQ *RRGH DQG 6ODWHU EDVHG RQ WKLV HYLGHQFH VKRXOG FRQVLGHU WKDW DOWKRXJK PDQ\ FKLOGUHQ DUH ERUQ LQ XQLRQV RWKHU WKDQ PDUULDJH

PAGE 63

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f DUJXHV LW LV PLVOHDGLQJ WR WKLQN RI WKH >&DULEEHDQ@ UHJLRQ DV D VLQJOH PRQROLWKLF ZKROH f§ D GHOXVLRQ SUHVHQW LQ PXFK RI WKH VFKRODUO\ OLWHUDWXUH RQ WKLV DUHD 7KLV VWXG\ LV QRW GHDOLQJ ZLWK WKH &DULEEHDQ DV D ZKROH EXW RQO\ ZLWK WKH WKH FRDVWDO UHJLRQ RI 6XULQDPH ,W LV QRW QHFHVVDU\ KRZHYHU WR WUHDW HDFK VRFLHW\ LQ WKH &DULEEHDQ DV D FRPSOHWHO\ VHSDUDWH HQWLW\ GHYRLG RI DQ\ FRQQHFWLRQV ZLWK RWKHU UHJLRQV WKDW KDYH XQGHUJRQH VLPLODU KLVWRULFDO DQG FXOWXUDO SURFHVVHV 0XFK RI ZKDW KDV EHHQ IRXQG LQ RWKHU VRFLHWLHV LQ WKH &DULEEHDQ KDV UHOHYDQFH IRU 6XULQDPH

PAGE 64

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
PAGE 65

GLVWLQFWLRQ ZLOO EH H[SORUHG LQ WKH IROORZLQJ HWKQRJUDSK\ RI SUHJQDQF\ DQG FKLOGELUWK DPRQJ WKH &UHROH LQ 3DUDPDULER 6XULQDPH 0RVW VFKRODUV KDYH IRFXVHG RQ WKH ORZHU FODVV ZKLOH OXPSLQJ WKH PLGGOH DQG XSSHU FODVV LQWR D VLQJOH JURXS ZKHUH OHJDO PDUULDJH LV FRQVLVWHQWO\ IRXQG 57 6PLWKnV UHFHQW ZRUN LQGLFDWHV WKDW DOWKRXJK WKLV LV JHQHUDOO\ WKH FDVH LW LV QRW D UXOH +H SRLQWV RXW WKH GLVWULEXWLRQ RI XQLRQ W\SHV UHIOHFWV WKH FODVV FRPSRVLWLRQ RI WKH JHQHDORJLHV ZLWK FRPPRQ ODZ DQG YLVLWLQJ XQLRQV EHLQJ UDUH EXW QRW DEVHQW IURP HVWDEOLVKHG PLGGOH FODVV JHQHDORJLHV 57 6PLWK f +HQULTXHV DOWKRXJK KH VDZ WKH XSSHU FODVV DV GLIIHULQJ IURP WKH ORZHU DQG PLGGOH FODVV DUJXHG WKDW WKHVH SDWWHUQV ZHUH QRW GHULYDWLRQV RI WKH (XURSHDQ LGHDO EXW IRUPV WKDW H[LVWHG LQ WKHLU RZQ ULJKW +HQULTXHV QRWHV LQ UHIHUHQFH WR WKH UHODWLRQ EHWZHHQ WKH XSSHU DQG PLGGOH FODVVHV 7KH DWWLWXGH RI WKH PLGGOH FODVV WRZDUGV WKLV SUDFWLFH >LH RI EHDULQJ FKLOGUHQ RXWVLGH RI PDUULDJH UHODWLRQVKLSV@ LV QRW RQO\ RQH RI WROHUDQFH EXW RI DFWXDO DSSURYDO 7KLV LV LQWHUHVWLQJ DV WKH WZLQ KRXVHKROG YLRODWHV WKH FDQRQV RI WKLV FODVVnV VH[XDO PRUDOLW\ DQG LQ DGGLWLRQ WKH IHPDOH SDUWQHU LV RIWHQ GUDZQ IURP LWV RZQ FODVV 7KH PLGGOH FODVV JLUO ZKR EHFRPHV WKH PLVWUHVV RI DQ XSSHU FODVV PDQ LV FRQGHPQHG EXW WKH DFWLRQ RI WKH PDQ LV DSSURYHG +HQULTXHV f +HQULTXHV VHHV WKHVH UHODWLRQVKLSV DV KDYLQJ URRWV LQ VODYHU\ ZKHQ DQ XSSHU FODVV PDOH ZRXOG KDYH DQ RXWVLGH UHODWLRQVKLS ZLWK D ZRPDQ LQ D ORZHU VWDWXV SRVLWLRQ WKDQ KLPVHOI &ODVV DV LW LV XVHG E\ PRVW &DULEEHDQ VFKRODUV LV FRQVLVWHQW ZLWK WKH FRQFHSW RI VRFLRHFRQRPLF VWDWXV 1RW RQO\ LV RQHnV LQFRPH OHYHO LQFOXGHG LQ WKLV EXW DOVR ODQJXDJH XVH &UHROH YHUVHV 0HWURSROLWDQ ODQJXDJHf VNLQ FRORU WKH GDUNHU RQHnV VNLQ WKH ORZHU RQHnV VWDWXVf DQG HGXFDWLRQ WKH ORZHU RQHnV HGXFDWLRQ WKH ORZHU RQHnV VWDWXVf %HHW DQG 6WHUPDQ f DOVR DUJXH WKDW PDOH DEVHQWHHLVP LQIOXHQFHV IDPLO\ OLIH DQG IHUWLOLW\ DPRQJ WKH 0DWDZDL 0DURRQV LQ 6XULQDPH EXW QR f§ FRQFOXVLRQV DUH GUDZQ DV WR LWV HIIHFWV RQ WKH VWUXFWXUH RI WKH 0DWDZDL IDPLO\ ,W LV QRWHZRUWK\ WKDW WKH UHFHQW HPLJUDWLRQ IURP 6XULQDPH KDV EHHQ GLVSURSRUWLRQDWHO\ &UHROH PHQ 7KLV KDV LQFUHDVHG WKH IHPDOH WR PDOH UDWLR GUDPDWLFDOO\ 7KH DXWKRU GRHV QRW SUHVHQW GDWD WR VXSSRUW KLV FRQFOXVLRQV $ YDULHW\ RI GLIIHUHQW WHUPV KDYH EHHQ XVHG WR GHVFULEH VSHFLILF ApOVWLRQVKLSV WKDW H[LVW LQ WKH &DULEEHDQ IDPLO\ KDYH FKRVHQ WR XVH H[WUDUHVLGHQWLDO XQLRQV DV GHILQHG LQ WKH WH[W EHFDXVH RWKHU WHUPV VXFK DV DIIDLU RU YLVLWLQJ XQLRQ WHQG WR GRZQ SOD\ WKH IDFW WKDW PDQ\ RI WKHVH UHODWLRQVKLSV HYROYH LQWR FRUHVLGHQWLDO UHODWLRQVKLSV DQG SRVVLEO\ PDUULDJH /LNHZLVH WKH WHUP FRQVHQVXDO XQLRQ DV GHILQHG LQ WKH WH[W LV XVHG UDWKHU WKDQ FRQFXELQDJH ZKLFK UHIOHFWV D ORZHU VWDWXV WR WKH UHODWLRQVKLS WKDQ LV RIWHQ WKH FDVH LQ &DULEEHDQ

PAGE 66

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f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nV LQWHQWLRQV $OWKRXJK WKLV PD\ EH H[SHFWHG LQ (XURSHDQ VRFLHWLHV LQ :HVW $IULFD FKLOGUHQ JHQHUDOO\ JR ZLWK WKH PHQ DIWHU VHSDUDWLRQ DV SDUW RI ULJKWV LQ JHQHWULFHP ZKLFK PHQ KROG 7KLV ZRUN ZDV RULJLQDOO\ D GLVVHUWDWLRQ GRQH XQGHU WKH DXWKRUV PDLGHQ QDPH RI .UHLVHOPDQ LQ 57 6PLWK KLQWV LQ KLV GLVFXVVLRQ LQ IDFW WKDW LOOHJLWLPDF\ LQ WKH &DULEEHDQ RULJLQDWHG ZLWK WKH VODYH RZQHUV DQG IURP WKHP EHFDPHBDB SHUVLVWHQW SDUW RI WKH VWUXFWXUH RI ORZHU FODVV IDPLOLHV

PAGE 67

&+$37(5 $1 29(59,(: 2) 7+( 5(6($5&+ 6,7( 7+( 5(38%/,& 2) 685,1$0( +LVWRULFDO 2YHUYLHZ 6XULQDPH LV RQ WKH QRUWKHUQ ERUGHU RI 6RXWK $PHULFD %UD]LO LV MXVW VRXWK ZKLOH )UHQFK *XLDQD LV HDVW DQG *X\DQD LV ZHVW RI 6XULQDPH 7KH &DULEEHDQ 6HD DQG $WODQWLF 2FHDQ IRUP WKH QRUWKHUQ ERUGHU %HFDXVH RI LWV KLVWRULF JHRJUDSKLF DQG HWKQLF FKDUDFWHU 6XULQDPH LV FRQVLGHUHG SDUW RI SODQWDWLRQ $PHULFD :DJOH\ f DQG LV VSHFLILFDOO\ LQFOXGHG LQ WKH &DULEEHDQ UHJLRQ 0LQW] DQG 3ULFH f 3DUDPDULER WKH FDSLWDO DQG RQO\ PDMRU FLW\ LQ WKH FRXQWU\ LV ORFDWHG RQ WKH FRDVW RI 6XULQDPH DQG LV WKH JHQHUDO VLWH RI HDUO\ (XURSHDQ DFWLYLW\ (XURSHDQ 'RPLQDWLRQ 6XULQDPHnV RULJLQDO LQKDELWDQWV ZHUH 1DWLYH $PHULFDQV ZKR DFFRUGLQJ WR FXUUHQW HYLGHQFH ZHUH LQ WKH DUHD LQ ODUJH QXPEHUV DW OHDVW \HDUV DJR 1DWLRQDO 3ODQQLQJ 2IILFH RI 6XULQDPH f $OWKRXJK WKH FRDVWDO &DULE DQG $UDZDN JURXSV DSSHDU WR KDYH KDG FRQWDFW ZLWK (XURSHDQV IURP WKH WLPH RI WKHLU ILUVW DUULYDO HQFRXQWHUV DQG H[FKDQJHV VORZO\ VSUHDG WR RWKHU JURXSV ZLWK WKH ODVW UHFRUGHG ILUVW FRQWDFW EHLQJ ZLWK WKH $NXUL ZKR XVHG WKHLU VWRQH D[HV WR GHVWUR\ WKH

PAGE 68

RXWERDUG PRWRU RI D FXULRXV WUDYHOHU LQ %XEEHUPDQ f 7KH ILUVW (XURSHDQ FRQWDFW DSSHDUV WR KDYH EHHQ LQ ZKHQ WKH 6SDQLVK QDYLJDWRUV $ORQ]R GH +RMHGD DQG -HDQ GH OD &RVD DUH UHSXWHG WR KDYH VFRXWHG VRPH SDUWV RI WKH QRUWKHDVW FRDVW RI 6RXWK $PHULFD GXULQJ WKHLU QDYLJDWLRQ RI ZKDW ODWHU ZRXOG EH FDOOHG WKH :LOG &RDVW 2QH \HDU ODWHU 9LQFHQW -XDQ 3LQ]Q FODLPHG WKH UHJLRQ LQ WKH QDPH RI WKH NLQJ RI 6SDLQ 7KLV UHJLRQ ZKLFK FDPH WR EH NQRZQ DV *XLDQD ODQG RI PDQ\ VWUHDPV RU ZDWHUVf LV VLWXDWHG EHWZHHQ WKH $WODQWLF 2FHDQ DQG WKH $PD]RQ 5LR 1HJUR &DVVLTXLDUH DQG 2ULQRFR ULYHUV ,W VRRQ EHFDPH NQRZQ IRU LWV P\WKLFDO 'RUDGR RU ODQG RI JROG DQG /DNH 3DULPDD IDEOHG ODNH RI JROG 7KLV UHJLRQ ZDV SRVVHVVHG LQ WKH VL[WHHQWK DQG VHYHQWHHQWK FHQWXULHV LQ ZKROH RU LQ SDUW E\ 6SDLQ WKH 1HWKHUODQGV (QJODQG )UDQFH DQG 3RUWXJDO LQ WXUQ $V SDUW RI WKH LPSHULDOLVWLF MRXVWLQJ RI WKH WLPH WKH WHUULWRU\ EHFDPH GLYLGHG LQWR ILYH UHJLRQV 6SDQLVK *XLDQD QRZ SDUW RI 9HQH]XHODf %ULWLVK *XLDQD QRZ *X\DQDf )UHQFK *XLDQD 3RUWXJXHVH *XLDQD QRZ SDUW RI %UD]LOf DQG 'XWFK *XLDQD ZKLFK RI FRXUVH LV QRZ 6XULQDPHf 7KH 'XWFK IRXQGHG WKH ILUVW WUDGLQJ FHQWHUV RQ WKH FRDVW LQ DQG f DQG LQ D \HDU DIWHU WKHLU LQGHSHQGHQFH IURP 6SDLQ WKH\ HVWDEOLVKHG WKH ILUVW VHWWOHPHQW LQ 3RPHURRQ ZKLFK ODWHU EHFDPH SDUW RI %ULWLVK *XLDQD 0LWUDVLQJ f 7KH 'XWFK EHFDPH VR DFWLYH LQ

PAGE 69

WKH &DULEEHDQ UHJLRQ WKDW WKH 6SDQLVK JRYHUQRU RI 9HQH]XHOD UHFRPPHQGHG WKH\ EH NHSW RXW WKURXJK SRLVRQLQJ WKH VDOW SDQV WKH\ IUHTXHQWHG LQ WKH QHLJKERULQJ $QWLOOHV :LOOLDPV f 7KH DFWLYLWLHV RI WKH 'XWFK ZHUH HYHQWXDOO\ FXUWDLOHG E\ WKH %ULWLVK ZKR XQGHU WKH GLUHFWLRQ RI /RUG :LOORXJKE\ HVWDEOLVKHG WKH ILUVW SHUPDQHQW VHWWOHPHQW LQ 6XULQDPH LQ )RUW :LOORXJKE\ ZDV EXLOW RQ WKH UHPDLQV RI D )UHQFK IRUW GDWLQJ IURP DQG WKH (QJOLVK EHJDQ WUDGLQJ ZLWK WKH LQGLJHQRXV &DULE ZKLOH WXUQLQJ DJDLQVW WKH $UDZDNf§ WUDGLWLRQDO &DULE HQHPLHV ,Q VL[WHHQ \HDUV ODWHU WKH 'XWFK WRRN )RUW :LOORXJKE\ DV SDUW RI WKHLU JOREDO ZDU ZLWK (QJODQG DQG VWLOO KHOG LW D \HDU ODWHU ZKHQ D SHDFH WUHDW\ ZDV VLJQHG LQ %UHGD ,Q H[FKDQJH IRU NHHSLQJ 6XULQDPH WKH 'XWFK JDYH 1HZ $PVWHUGDP 1HZ
PAGE 70

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f UHSRUWV WKDW VRPH RI WKH ODVW VODYHV EURXJKW WR 6XULQDPH ZHUH IURP 0R]DPELTXHf§FOHDU DURXQG WKH &DSH 7KH ZRUOG VKLSSLQJ FDSLWDOV RI $PVWHUGDP DQG 5RWWHUGDP IURP WKH SURYLQFHV RI 1RUWK DQG 6RXWK +ROODQG UHVSHFWLYHO\ FRQWUROOHG PXFK RI WKH VODYH WUDGH ZKLOH (XURSHnV OHDGLQJ PHGLFDO VFKRRO LQ /HLGHQ SURYLGHG PRVW RI WKH DWWHQGLQJ SK\VLFLDQV RQ WKH VODYH VKLSV DQG FRORQLHV RI WKH 1HFKHUODQGV DQG RWKHU QDWLRQV &DOGHU f 1DVV\ DV TXRWHG E\ 3ULFH DQG 3ULFH [LYf VWDWHG LQ WKDW WKH 'XWFK FRORQ\ LQ 6XULQDPH ZDV WKH HQY\ RI DOO WKH RWKHUV LQ WKH $PHULFDV OLNHO\ EHFDXVH RI LWV HFRQRPLF RXWSXW 6XULQDPH UHPDLQHG WKH PRVW LPSRUWDQW FRORQ\ RI WKH 1HWKHUODQGV XQWLO ZHOO LQWR WKH HLJKWHHQWK FHQWXU\ ZKHQ ,QGRQHVLD RU WKH 'XWFK (DVW ,QGLHV VXUSDVVHG LW 7KH HQY\ RI WKH $PHULFDV ZDV EXLOW DW D SULFH (VVHG f UHSRUWV WKDW VODYHV GLHG DW WKH UDWH RI IRXU D GD\ IURP WR ZKHQ HPDQFLSDWLRQ ZDV GHFODUHG $

PAGE 71

FRQWHPSRUDU\ RI WKLV SHULRG -RKQ 6WHGPDQ f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f LQ WKH FRORQ\ %HFDXVH RI WKLV WKH &UHROH SRSXODWLRQ FRQWLQXHG LQ PDQ\ GLIIHUHQW ZD\V WR KDYH FRQWDFW ZLWK WKHLU $IULFDQ SDVW XQWLO WKH LPSRUWDWLRQ RI VODYHV ZDV DEROLVKHG 2Q -XO\ WKH VODYHV ZHUH JLYHQ WKHLU IUHHGRP 7KLV HYHQW LV VWLOO FHOHEUDWHG HYHU\ ILUVW RI -XO\ DV NHWLNRWL RU PDQVSDVL HPDQFLSDWLRQ GD\f

PAGE 72

7KH 3RVW6ODYHU\ 3HULRG )RU \HDUV DIWHU HPDQFLSDWLRQ IRUPHU VODYHV IORFNHG WR WKH FLW\ UHIXVLQJ WR FRQWLQXH LQ DJULFXOWXUH 7KLV OHIW D VKRUWDJH RI ODERU LQ WKH SODQWDWLRQ DUHDV RI 6XULQDPH ,Q RUGHU WR ILOO WKHLU ODERU QHHGV WKH 'XWFK WXUQHG WR WKH %ULWLVK (DVW ,QGLHV DQG EHJDQ LPSRUWLQJ LQGHQWXUHG ODERUf§ ODUJHO\ IURP WKH QRUWKHDVWHUQ SURYLQFHV RI ,QGLD 7KHVH (DVW ,QGLDQV DUH FDOOHG +LQGXVWDQLV LQ 6XULQDPH DQG WKH 1HWKHUODQGV DV ZHOOf 0RVW RI WKHVH FRQWUDFW ODERUHUV DUULYHG LQ 6XULQDPH EHWZHHQ DQG DQG DUH QRZ WKH ODUJHVW RI WKH PDQ\ HWKQLF JURXSV LQ WKH FRXQWU\ 0DQ\ RI WKH +LQGXVWDQL ZHUH WULFNHG LQWR HPEDUNLQJ RQ VKLSV RU GLG QRW TXLWH XQGHUVWDQG WKH FRQVHTXHQFHV 6XGGHQO\ WKH\ IRXQG WKHPVHOYHV SXOOLQJ RXW RI WKHLU KRPH FLWLHV VRPHWLPHV QRW HYHQ KDYLQJ KDG WLPH WR VD\ IDUHZHOO WR IDPLO\ PHPEHUV RU WHOO WKHP ZKDW ZDV KDSSHQLQJ 'LHSUDDP f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

PAGE 73

0RUH UHFHQWO\ 0DURRQV KDYH IORFNHG LQWR WKH FLW\ DV ZHOO VHHNLQJ RSSRUWXQLW\ DQG DV UHIXJHHV IURP UHEHO ILJKWLQJ LQ WKH LQWHULRU 7KH &KLQHVH ZRUOG GLDVSRUD KDV EURXJKW LPPLJUDQWV IURP +RQJ .RQJ DQG HOVHZKHUH ZKR WHQG WR UXQ VPDOO VKRSV RU ZLQNHOVn DQG UHVWDXUDQWV 6LJQLILFDQW QXPEHUV RI 'XWFK /HEDQHVH DQG *X\DQHVH OLYH LQ 3DUDPDULER DV GR VRPH -HZV IURP *HUPDQ\ DQG 3RUWXJDO DQG D VPDWWHULQJ RI 1RUWK $PHULFDQV RIWHQ PLVVLRQDULHV RI YDULRXV &KULVWLDQ GHQRPLQDWLRQVf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

PAGE 74

5HFHQW ILJXUHV LQGLFDWH WKDW WKH VWHDG\ GHFOLQH LQ SRSXODWLRQ OHDGLQJ XS WR DQG IROORZLQJ LQGHSHQGHQFH KDV EHHQ UHYHUVHG DQG SRSXODWLRQ JURZWK LV DJDLQ RFFXUULQJ VHH WDEOH f 7KH SRSXODWLRQ RI 3DUDPDULER LV b RI WKH HQWLUH FRXQWU\nV SRSXODWLRQ DQG PXFK RI WKH UHPDLQLQJ SRSXODWLRQ VXUURXQGV DQG KDV WLHV ZLWK WKH FLW\ 7KUHH RWKHU SRSXODWLRQ FHQWHUV RI QRWH DUH 1LHXZ 1LFNHULH QH[W WR WKH *X\DQD ERUGHU $OELQD QH[W WR WKH )UHQFK *X\DQD ERUGHU DQG 0XQJR D UHJLRQ VRXWK RI 3DUDPDULER ZKHUH EDX[LWH PLQLQJ WDNHV SODFH IRU WKH DOXPLQXP LQGXVWU\ 6PDOOHU YLOODJHV DUH VFDWWHUHG DORQJ PDQ\ RI WKH PDMRU ULYHUV LQ WKH LQWHULRU 7DEOH 3RSXODWLRQ *URZWK DQG *URZWK )DFWRUV
PAGE 75

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b RI WKH WRWDO SRSXODWLRQ RI 6XULQDPH LQ +HDOWK &RQGLWLRQV LQ WKH $PHULFDV f ,Q WKH\ PDGH XS b RI WKH GHOLYHULQJ SRSXODWLRQ DW Vn/DQGV WKH SXEOLF KRVSLWDO Q f 7KH +LQGXVWDQL DUH JHQHUDOO\ FRQVLGHUHG WR EH WKH ODUJHVW HWKQLF JURXS LQ 6XULQDPH ZKHQ WKRVH RI $IULFDQ GHVFHQW DUH VHSDUDWHG LQWR &UHROH DQG 0DURRQ JURXSV ,I WKRVH ZLWK $IULFDQ DQFHVWU\ DUH FRQVLGHUHG DV RQH JURXS WKHQ WKH\ PDNH XS b RI WKH SRSXODWLRQ LQ WKH +HDOWK &RQGLWLRQV LQ WKH $PHULFDV UHSRUW >@ DQG b RI WKH GHOLYHULQJ SRSXODWLRQ DW Vn/DQGV LQ WKLV VWXG\f 7KH +LQGXVWDQL KDYH FXOWXUDO DQG DQFHVWUDO WLHV WR ,QGLD 7KH\ SUHIHU XVH RI WKH 'XWFK WHUP +LQGXVWDQL WR UHIHU WR WKHPVHOYHV DV D JURXS ,Q 6UDQDQWRQJR WKH\ DUH FDOOHG .XOL D ZRUG UHWDLQHG IURP WKH %ULWLVK SHULRG RU RFFDVLRQDOO\

PAGE 76

+XVWDQL GHULYHG IURP WKH 'XWFK 7KH +LQGXVWDQL DV D ZKROH KDWH EHLQJ UHIHUUHG WR DV .XOL $OO RI WKH +LQGXVWDQL ZRPHQ LQ WKH SRVWSDUWXP VWXG\ VDLG WKH\ GLG QRW OLNH WKH WHUP .XOLf 7KH &UHROH RQ WKH RWKHU KDQG VD\ PRVW +LQGXVWDQL GR QRW PLQG EHLQJ FDOOHG .XOL DQG ZKHQ JURXSV RI &UHROHV DUH WRJHWKHU WKH\ LQYDULDEO\ XVHG .XOL ZKHQ WDONLQJ DERXW +LQGXVWDQLV :KHQ RWKHU HWKQLF JURXSV DUH LQ RQ WKH GLVFXVVLRQ +LQGXVWDQL LV JHQHUDOO\ XVHG +LQGXVWDQLV RI ERWK 0XVOLP DQG +LQGX UHOLJLRQV ILQG WKH 'XWFK WHUP DFFHSWDEOH 7KH UHFHQW FKDUDFWHUL]DWLRQ RI 6XULQDPH DV D SODFH ZKHUH KDUPRQ\ H[LVWV EHWZHHQ GLYHUJHQW HWKQLF DQG UHOLJLRXV JURXSV RYHUVWDWHV WKH VLWXDWLRQ )UHQFK f 6RPH HWKQLF WHQVLRQV GR H[LVW )RU H[DPSOH +LQGXVWDQL ZLOO RFFDVLRQDOO\ FRPSODLQ DERXW WKH &UHROH SRSXODWLRQ DQG FODLP DOO WKH &UHROHV DUH LQWHUHVWHG LQ LV SULVLUL f§ SOHDVXUH D JRRG WLPH RU SDUWLHV $OWKRXJK PRVW +LQGXVWDQL ZLOO FODLP HYHU\RQH FDQ PDUU\ HYHU\RQH WKH\ WHQG WR GLVFRXUDJH RU HYHQ H[SUHVV GLVGDLQ DW UHODWLRQVKLSV ZLWK &UHROHV $ FKLOG WKDW LV ERUQ RI &UHROH DQG +LQGXVWDQL SDUHQWV LV FDOOHG D 'RJOD DQG LV JHQHUDOO\ FODVVLILHG DV D &UHROH VHH EHORZf 0DQ\ +LQGXVWDQL VWLOO VWURQJO\ LGHQWLI\ ZLWK ,QGLD DQG DUH LQWHUHVWHG LQ HYHQWV LQ ,QGLD $ VWDWXH RI WKH 0DKDWPD 0RKDQGDV .DUDPFKDQG *KDQGL VWDQGV LQ D EXV\ VHFWLRQ RI WKH FLW\ DQG PDQ\ RI WKH FLW\nV VWUHHWV UHIOHFW ,QGLDQ WLHVf§ LQFOXGLQJ WKH UHFHQW FKDQJLQJ RI WKH QDPH RI RQH RI WKH WZR PDMRU URDGV IURP 3DG YDQ :DQLFD WR ,QGLUD *KDQGL :HJ

PAGE 77

7KH $IULFDQ$PHULFDQ SRSXODWLRQ $OWKRXJK DOO RI 6XULQDPHn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f LI SDUW RI WKHLU DQFHVWU\ ZDV (XURSHDQ 7KHVH GLVWLQFWLRQV DUH QR ORQJHU PDGH KRZHYHU %XW GLVWLQFWLRQV DUH VWLOO PDGH LQ UHIHUHQFH WR DGPL[WXUH ZLWK RWKHU HWKQLF JURXSV $ 'RJOD LV WKHRUHWLFDOO\ WKH RIIVSULQJ RI D +LQGXVWDQL PRWKHU RU IDWKHU DQG &UHROH VSRXVH EXW HYHQ LI SDUHQWDJH LV QRW NQRZQ D &UHROH ZLWK ZDY\ KDLU PLJKW EH FDOOHG 'RJOD )RU H[DPSOH $PHULFDQ %ODFNV VHHQ RQ WHOHYLVLRQ DUH RFFDVLRQDOO\ UHIHUUHG WR DV 'RJOD

PAGE 78

2I WKH ZRPHQ ZKR GHOLYHU DW Vn/DQGV +RVSLWDDO b LGHQWLILHG WKHPVHOYHV DV &UHROH 7KH SHUFHQWDJH RI $IULFDQ $PHULFDQV LV b IRU WKH HQWLUH SRSXODWLRQ EXW KRZ PDQ\ RI WKHVH LGHQWLI\ WKHPVHOYHV DV &UHROH LV GLIILFXOW WR GHWHUPLQH 7KHUH ZDV D PRYHPHQW WR LGHQWLI\ WKH 0DURRQ SRSXODWLRQ ZLWK WKH &UHROH SRSXODWLRQ EDVHG RQ D FRPPRQ $IULFDQ DQFHVWU\ 7KH LQWHQWLRQV ZHUH WR LQFUHDVH SROLWLFDO FORXW VHH :RRGLQJ f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f ,W ZRXOG EH EHWWHU LI LQHTXDOLWLHV EHWZHHQ HWKQLF JURXSV ZHUH PDGH H[SOLFLW VR WKDW FKDQJHV FDQ EH PDGH WR LPSURYH VSHFLILF VHFWLRQV RI WKH SRSXODWLRQ UDWKHU WKDQ LJQRULQJ VXFK GLIIHUHQFHV XQGHU D JXLVH RI QDWLRQDOLVP 0DURRQV 7KH 0DURRQV DUH NQRZQ DV %RVODQG &UHRRO LQ 'XWFK RU %XVX 1HQJUH LQ 6UDQDQWRQJR 7KH 0DURRQV DUH PDGH XS RI VL[ GLVWLQFW JURXSV 7KH 6DUDPDFFDQHUV DUH SHUKDSV WKH

PAGE 79

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f .ZLQWLV DQG %RQQLV RU $OXNXV $OWKRXJK 'MXND KDV EHFRPH D WHUP RI FULWLFLVP WKH &UHROH JHQHUDOO\ DGPLUH WKH 0DURRQ SRSXODWLRQ 0DQ\ RI WKH &UHROH VHH WKHLU RZQ FXOWXUH DQG VRFLHW\ DV EHLQJ GHULYHG IURP WKDW RI WKH 0DURRQV DQG WKH\ IHHO WKH 0DURRQ SRSXODWLRQ UHSUHVHQWV WKH &UHROH SDVW 2I WKH ZRPHQ ZKR GHOLYHUHG DW Vn/DQGV +RVSLWDDO b LGHQWLILHG WKHPVHOYHV DV %RVODQG &UHRRO RU 0DURRQ 7KH -DYDQHVH 7KH -DYDQHVH DUH FDOOHG
PAGE 80

7KH JHQHUDO LPDJH WKDW WKH -DYDQHVH KDYH RI WKHPVHOYHV DQG WKDW RWKHUV KDYH RI WKHP LV WKDW WKH\ WHQG WR JHW DORQJ ZLWK HYHU\RQH DOWKRXJK WKHUH DUH H[FHSWLRQVf 0DQ\ RI WKH -DYDQHVH DQG HVSHFLDOO\ WKH ROGHU SRSXODWLRQ PDLQWDLQ DQ LQWHUHVW LQ ZKDW KDSSHQV LQ ,QGRQHVLD DQG WKH VPDOO JURXS WKDW FDQ DIIRUG LW ZLOO DWWHPSW WR YLVLW WKH FRXQWU\ DW OHDVW RQFH $ FXOWXUDO FHQWHU KDV UHFHQWO\ EHHQ EXLOW IRU WKH FHQWHQQLDO RI -DYDQHVH LPPLJUDWLRQ DQG SXEOLF HYHQWV DUH RFFDVLRQDOO\ KHOG WR FHOHEUDWH WKH -DYDQHVH KHULWDJH 7KH 1DWLYH $PHULFDQV 1DWLYH $PHULFDQV DUH UHIHUUHG WR DV D JURXS LQ 6UDQDQWRQJR E\ WKH WHUP ,QJL RU DV ,QGLDDQ LQ 'XWFK 7KH\ RQO\ PDNH XS b RI WKH WRWDO SRSXODWLRQ DQG PRVW RI WKLV VPDOO JURXS OLYH LQ UXUDO RU UHPRWH DUHDV 1DWLYH $PHULFDQV PDGH XS b RI WKH ZRPHQ ZKR GHOLYHUHG DW Vn/DQGV +RVSLWDDO LQ -DQXDU\ 7KRVH ZKR GR OLYH LQ WKH FLW\ WHQG WR EH WKH FRDVWDO &DULE DQG $UDZDN 2WKHU 1DWLYH $PHULFDQV LQFOXGH WKH :DMDQD D WRWDO RI LQGLYLGXDOVf DQG WKH 7ULR D WRWDO RI LQGLYLGXDOVf ZLWK MXVW XQGHU LQGLYLGXDOV LGHQWLILHG DV RWKHU 7KH &KLQHVH 7KH &KLQHVH DUH FDOOHG 6LQHVL LQ 6UDQDQWRQJR DQG &KLQHHV LQ 'XWFK 7KHUH DUH PRUH &KLQHVH LQ 6XULQDPH WKDQ 1DWLYH $PHULFDQV ZLWK b RI WKH SRSXODWLRQ EXW RQO\ b RI WKH ZRPHQ GHOLYHULQJ DW Vn/DQGV +RVSLWDDO GHILQHG WKHPVHOYHV

PAGE 81

DV &KLQHVH 0RVW RI WKH &KLQHVH RZQ EXVLQHVVHV LQ WKH FLW\ DQG DUH JHQHUDOO\ VXFFHVVIXO 2QH RI WKH WZR &KLQHVH ZRPHQ WKDW GHOLYHUHG DW Vn/DQGV KDG GHOLYHUHG KHU ILUVW FKLOG LQ WKH 8QLWHG 6WDWHV DQG VKH ZDV WKH RQO\ ZRPDQ LQ WKH HQWLUH VDPSOH WR KDYH D FODVV $ GHOLYHU\ ZKLFK LV H[SODLQHG LQ FKDSWHU f 7KH (XURSHDQV $OWKRXJK WKH FXUUHQW (XURSHDQ SRSXODWLRQ RI 6XULQDPH LV DERXW b WKHLU SUHVHQFH LV IHOW LQ ODUJHU SURSRUWLRQ WKDQ WKHLU QXPEHUV 7KHUH ZHUH QR (XURSHDQV LQ WKH KRVSLWDO VDPSOHf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nV QDWLRQDOLW\ LV NQRZQ WKHQ LW LV JHQHUDOO\ LQGLFDWHG LQ UHIHUULQJ WR WKDW SHUVRQ $Q $PHULFDQ PDOH EHFRPHV $PHNDQ ER\ RU SLNLQ %XVK D FKLOG RI %XVK WKH 86 SUHVLGHQW GXULQJ WKH SHULRG RI WKLV UHVHDUFKf

PAGE 82

7KH PL[HG SRSXODWLRQ 7KH ILQDO FDWHJRU\ LV FDOOHG JHPHQJHG LQ 'XWFK DQG PRNVL LQ 6UDQDQWRQJR RU PL[HGf 7KLV JURXS PDGH XS WKH ILQDO b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f NHSW WKHLU 'XWFK FLWL]HQVKLS DQG ZHQW WR WKH 1HWKHUODQGV LQ WKH SHULRG DSSURDFKLQJ LQGHSHQGHQFHf§PHDQLQJ WKDW D FRXQWU\ WKH VL]H RI WKH 86 6WDWH RI *HRUJLD ZLWK IHZHU WKDQ LQGLYLGXDOV PRVWO\ FRQFHQWUDWHG LQ RQH ODUJH XUEDQ UHJLRQ XQGHUZHQW D GUDPDWLF SRSXODWLRQ UHGXFWLRQ 7KH ODUJH QXPEHUV ZKR HPLJUDWHG KDV UHVXOWHG LQ PDQ\ 6XULQDPHUV KDYLQJ IDPLO\ PHPEHUV LQ WKH 1HWKHUODQGV WKDW FDQ VHQG PRQH\ RU RWKHU JRRGV DOWKRXJK VRPH FRPSODLQ WKDW UHODWLYHV GR QRW VHQG PXFK LI DQ\WKLQJf +LJK OHYHOV RI HPLJUDWLRQ PRVWO\ RI

PAGE 83

PDOHVf KDYH FRQWULEXWHG WR FXUUHQW GHPRJUDSKLFV ZKHUH PRUH WKDQ b RI WKH SRSXODWLRQ LV XQGHU \HDUV RI DJH DQG GLVSURSRUWLRQDWHO\ IHPDOH 'XULQJ WKH VDPH SHULRG RI WLPH WKHUH ZDV DOVR D ODUJH LQFUHDVH RI PLJUDWLRQ IURP WKH LQWHULRU LQWR 3DUDPDULER ,QGHSHQGHQFH KDV DOVR EHHQ IROORZHG E\ SROLWLFDO XSKHDYDOV 6XULQDPH ZHQW WKURXJK D FRXS Gn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nV f FKDUDFWHUL]DWLRQ RI D VXUSULVLQJ 6XULQDPH PD\ FRQWLQXH WR H[SUHVV LWVHOI LQ WKH SROLWLFDO DUHQD

PAGE 84

7KH (FRQRP\ 3ROLWLFV FRQWLQXH WR LQWDFW ZLWK WKH HFRQRP\ 7KH PLQLQJ VHFWRU PDLQO\ EDX[LWHf GRPLQDWHV WKH HFRQRP\ VLQFH LW DFFRXQWV IRU DOPRVW b RI WKH WRWDO H[SRUW HDUQLQJV IRU WKH FRXQWU\ ,WV VXFFHVVHV DQG IDLOXUHV DUH IHOW E\ DOPRVW HYHU\RQH 5LFH WREDFFR EDQDQDV WURSLFDO ZRRGV DQG RWKHU DJULFXOWXUDO SURGXFWV DV ZHOO DV VRPH RLO SURGXFWLRQ DUH LPSRUWDQW H[SRUWV IRU WKH FRXQWU\ :KHQ 6XULQDPH EHFDPH LQGHSHQGHQW LW UHFHLYHG WKH IDPRXV JROGHQ KDQGVKDNH IURP WKH 1HWKHUODQGV $ SURPLVH RI DOPRVW RQH ELOOLRQ GROODUV 86 LQ DLG RYHU D WHQ\HDU SHULRG ZRXOG KDYH KDG D SKHQRPHQDO LPSDFW LQ VXFK D VPDOO FRXQWU\ %XW DIWHU WKH ILUVW FRXS GnHWDW WKLV DLG ZDV KHOG E\ WKH 1HWKHUODQGV LQ DQ DWWHPSW WR LQIOXHQFH WKH LQWHUQDO DIIDLUV RI 6XULQDPH DQG VWLOO KDV QRW EHHQ UHOHDVHG 6XULQDPH FRQWLQXHV WR EH SODJXHG ZLWK SUREOHPV ,Q WKH SDVW \HDU WKHUH KDYH EHHQ DW OHDVW ILYH IORXU VKRUWDJHV ZKLFK PHDQW QR EUHDG RU EDPL HJJ QRRGOHVf WZR RI WKH FRXQWU\nV VWDSOH IRRGV 'XULQJ WKHVH VKRUWDJHV $PHULFDQ LQ WHOHYLVHG VSHHFKHV VWDWHG WKDW 6XULQDPH QHHGHG WR SD\ IRU WKH ODVW ZKHDW VKLSPHQW EHIRUH WKH QH[W RQH ZRXOG EH VHQW 5LFH WKH WKLUG DQG PRVW LPSRUWDQW VWDSOH DOZD\V VHHPHG LQ SOHQWLIXO VXSSO\ DOWKRXJK PDQ\ UXPRUV ZHUH SDVVHG DURXQG WKDW LW ZRXOG DOVR EH GLIILFXOW WR JHW VRRQ ,W LV GRXEWIXO WKDW HYHQWV ZRXOG SURJUHVV WKDW IDU EXW IHDUV WKDW ULFH ZRXOG GLVDSSHDU ZHUH YHU\ UHDO

PAGE 85

7KH FRXQWU\nV HFRQRP\ KDV DFFHOHUDWHG LWV GHFOLQH LQ WKH SDVW VHYHUDO \HDUV DQG LV H[SHULHQFLQJ D FKURQLF VKRUWDJH RI IRUHLJQ FXUUHQF\ 3URGXFWLRQ GHFOLQHV VLQFH KDYH OHG WR VRDULQJ XQHPSOR\PHQW ZKLFK FXUUHQWO\ PDNHV XS DOPRVW b RI WKH WRWDO ZRUN IRUFH 6XULQDPHn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

PAGE 86

6UDQDQWRQJR RU 'XWFK LV NQRZQ E\ DOPRVW HYHU\RQH ZLWK 'XWFK DV WKH RIILFLDO ODQJXDJH VHH WDEOH f 6UDQDQWRQJR 2QH RI WKH PRVW ZLGHO\ XVHG ODQJXDJHV LQ 6XULQDPH LV 6UDQDQWRQJR OLWHUDOO\ 6XULQDPH7RQJXHf 7KH ODQJXDJH LV VRPHWLPHV UHIHUUHG WR DV 1HJHUHQJHOV LQ 'XWFK RU 1HJUR (QJOLVKf 7KLV WHUP LV LQFRUUHFW DOWKRXJK DFFHSWHG E\ PDQ\ 6XULQDPHUV VLQFH 6UDQDQWRQJR LV QRW D W\SH RI (QJOLVK EXW KDV D XQLTXH V\QWD[ DQG D PRGLILHG (QJOLVK OH[LFRQ ZLWK FRQVLGHUDEOH FRQWULEXWLRQV IURP 'XWFK 3RUWXJXHVH DQG :HVW $IULFDQ ODQJXDJHV 7DEOH 7KH %HVW 6SRNHQ /DQJXDJH RI WKH 6XULQDPH 3RSXODWLRQ 6L[
PAGE 87

7KH WHUP 7DNLWDNL UHJXODUO\ DSSHDUV LQ (QJOLVK ODQJXDJH SXEOLFDWLRQVf§HYHQ DFDGHPLF RQHV HJ $OOH\QH f DV WKH QDPH RI D ODQJXDJH LQ 6XULQDPH ,W LV JHQHUDOO\ XVHG WR UHIHU WR 6UDQDQWRQJR DOWKRXJK LW KDV EHHQ XVHG IRU 0DURRQ ODQJXDJHV WRR 7KH WHUP LV D 6UDQDQWRQJR ZRUG PHDQLQJ WR JDE RU WR FKDWWHU EXW LW LV QRW D FRPSOHPHQWDU\ RQH DQG LW LV QRW XVHG E\ 6XULQDPHUV 6UDQDQWRQJRnV UHVLOLHQFH RYHU WKH \HDUV KDV EHHQ UHPDUNDEOH GHVSLWH WKH IDFW WKDW FKLOGUHQ DUH QHLWKHU DOORZHG WR VSHDN LW DW VFKRRO QRU LQ WKH KRPHV RI WKH XSSHU FODVV RU PDQ\ RI WKH PLGGOH FODVV 7KHUH KDYH EHHQ LQFUHDVLQJ DWWHPSWV WR ZULWH LQ 6UDQDQWRQJR DOWKRXJK WR GDWH PRVW RI WKH PDWHULDO SURGXFHG KDV EHHQ ILFWLRQ RU SRHWU\ HJ YDQ .HPSHQ *URW f 5HFHQWO\ D QHZV SURJUDP KDV EHHQ SURGXFHG LQ 6UDQDQWRQJR ZKLFK LV DLUHG RQ RQH RI WKH WZR WHOHYLVLRQ VWDWLRQV :KLOH PRVW RI WKH EURDGFDVWLQJ LV VWLOO GRQH LQ 'XWFKf§WKH RIILFLDO ODQJXDJH 'XWFK 6LQFH WKH HPDQFLSDWLRQ RI VODYHV RQ -XO\ &KULVWLDQ PLVVLRQDULHV DQG RWKHUV KDYH WDXJKW VFKRROV LQ 'XWFK DQG LW LV VWLOO WKH RIILFLDO ODQJXDJH RI 6XULQDPH 7KH 'XWFK VSRNHQ LQ 6XULQDPH GLIIHUV IURP WKDW VSRNHQ LQ WKH 1HWKHUODQGV RU WKH QXPHURXV ORFDO GLDOHFWV VSRNHQ LQ WKH 1HWKHUODQGVf QRW RQO\ LQ WKH DFFHQW JLYHQ WR LW EXW DOVR LQ VRPH JUDPPDU FRQVWUXFWLRQV DQG YRFDEXODU\ %HVLGHV SURGXFLQJ

PAGE 88

WHOHYLVLRQ VKRZV LQ 'XWFK ERWK RI WKH QDWLRQDO QHZVSDSHUV DQG WKH PRVW SRSXODU UDGLR VWDWLRQ LQ 6XULQDPH XVH 'XWFK 7KH WZR PDMRU ODQJXDJHV RI WKH FLW\ 'XWFK DQG 6UDQDQWRQJRf DUH ERWK VSRNHQ RQ WKH VWUHHWV DQG PRVW RI WKRVH ZKR ZHUH ERUQ DQG UDLVHG LQ WKH FLW\ DUH SURILFLHQW LQ ERWK ODQJXDJHV )RU WKH &UHROH SRSXODWLRQ b KDYH LQGLFDWHG WKDW 'XWFK LV WKHLU EHVW VSRNHQ ODQJXDJH ZKLOH b KDYH LQGLFDWHG WKDW 6UDQDQWRQJR LV WKHLU EHVW VSRNHQ ODQJXDJH 'HZ f %RWK 6UDQDQWRQJR DQG 'XWFK ZHUH XVHG GXULQJ LQWHUYLHZV WR JDWKHU GDWD IRU WKLV UHVHDUFK DQG 'XWFK ZDV XVHG H[FOXVLYHO\ LQ WKH PDLOHG TXHVWLRQQDLUHV 2WKHU ODQJXDJHV 2WKHU ODQJXDJHV VSRNHQ LQ 6XULQDPH LQFOXGH 6DUQDPL +LQGXVWDQL D GHULYDWLYH RI WZR +LQGL GLDOHFWVf§$YDGKL DQG %KMSXUL 7KLV ODQJXDJH KDV LQFRUSRUDWHG HOHPHQWV RI 6UDQDQWRQJR DQG 'XWFK DV ZHOO DV VRPH (QJOLVK EHFDXVH RI WKH ODUJH QXPEHU RI (DVW ,QGLDQ LPPLJUDQWV IURP *X\DQD -DYDQHVH LV DOVR VSRNHQ DOWKRXJK LW GLIIHUV IURP LWV SDUHQW ODQJXDJH LQ -DYD ,QGRQHVLD LQ WKDW ORDQ ZRUGV DUH QRW RQO\ GUDZQ IURP %DKDVD ,QGRQHVLD EXW DOVR 6UDQDQWRQJR DQG 'XWFK (QJOLVK LV VSRNHQ E\ VRPH LPPLJUDQWV DV DUH &KLQHVH 0DQGHULQ +DNND DQG 3XQGKLf $UDELF D ODUJHU QXPEHU XVLQJ LW LQ ULWXDO FRQWH[WVf 1DWLYH $PHULFDQ ODQJXDJHV LQFOXGLQJ $UDZDN &DULE :DMDQD 7ULR $NXULR DQG RWKHUVf DQG D YDULHW\ RI 0DURRQ ODQJXDJHV WKH PRVW LQIOXHQWLDO RI ZKLFK DUH 6DUDPDFFDQ DQG $XFDDQV

PAGE 89

7KH 5HOLJLRQV RI 6XULQDPH 7KH UHOLJLRXV EHOLHIV RI 6XULQDPHUV DUH DV YDULHG DQG FRPSOH[ DV DUH WKHLU ODQJXDJHV 1DWLYH $PHULFDQ DQLPLVWLF UHOLJLRQV DUH VWLOO IRXQG LQ 6XULQDPH DOWKRXJK LQGLJHQRXV UHOLJLRQV WDNH D OHVV SURPLQHQW SRVLWLRQ LQ WKH OLYHV RI 1DWLYH $PHULFDQV FXUUHQWO\ WKDQ &DWKROLFLVP LQ FRDVWDO UHJLRQV DQG 3URWHVWDQWLVP LQ WKH LQWHULRU $OWKRXJK D OLWWOH PLVVLRQDU\ DFWLYLW\ ZDV FRQGXFWHG E\ WKH 0RUDYLDQ %UHWKHUHQ IURP DV HDUO\ DV WKH HLJKWHHQWK FHQWXU\ DPRQJ 1DWLYH $PHULFDQV DQG VODYHV SURVHO\WL]LQJ RQO\ EHJDQ LQ HUQHVW DIWHU WKH HPDQFLSDWLRQ RI VODYHV LQ WKH ODWH QLQHWHHQWKFHQWXU\ %HIRUH WKLV XLPH WKH UHOLJLRXV OLIH RI WKH VODYHV KDG EHFRPH LQ SDUW D V\QFUHWL]DWLRQ RI EHOLHIV GUDZQ IURP WKHLU GLYHUJHQW $IULFDQ SDVWV DQG WKH 1DWLYH $PHULFDQ JURXSV DURXQG WKHP DQG LQ SDUW FRPSOHWHO\ QHZ LGHDV DQG H[SHULHQFHV WKDW GHDOW ZLWK WKH VLWXDWLRQ LQ ZKLFK WKH\ IRXQG WKHPVHOYHV 7KLV UHOLJLRQ KDV EHFRPH NQRZQ DV :LQWL IURP WKH ZRUG IRU ZLQG RU VSLULW :RRGLQJ f SRLQWV RXW WKDW DOWKRXJK WKLV UHOLJLRQ LV VLPLODU WR RWKHUV LQ WKH &DULEEHDQ LQ WKDW LW V\QFUHWL]HG EHOLHIV IURP D YDULHW\ RI VRXUFHV LW GLIIHUV IURP RWKHU &DULEEHDQ UHOLJLRQV LQ WKDW &KULVWLDQLW\ ZDV QHYHU LQFOXGHG LQ WKH V\QFUHWL]DWLRQ SURFHVV 7KH VODYHV ZKR HVFDSHG LQWR WKH LQWHULRU DQG HVWDEOLVKHG 0DURRQ VRFLHWLHV WRRN UHOLJLRXV EHOLHIV ZLWK WKHP WKDW DUH VLPLODU WR :LQWL

PAGE 90

$OWKRXJK :LQWL KDV EHHQ WHUPHG WKH &UHROH UHOLJLRQ WKLV LV QRW FRPSOHWHO\ DFFXUDWH 0RVW &UHROHV DUH 5RPDQ &DWKROLFV RU 0RUDYLDQ ZLWK PDQ\ DGKHUHQWV WR RWKHU 3URWHVWDQW GHQRPLQDWLRQV +RZHYHU SDUWLFLSDWLQJ LQ D &KULVWLDQ UHOLJLRQ GRHV QRW SUHFOXGH WKH SDUWLFLSDWLRQ LQ :LQWL DFWLYLWLHV DV ZHOO DQG PDQ\ DUH LQYROYHG LQ ERWK UHOLJLRQV 6RPH &KULVWLDQ GHQRPLQDWLRQV GHQRXQFH SDUWLFLSDWLQJ LQ :LQWL DQG WKH OHDGHU RI D VPDOO UHYLYDOLVWLF GHQRPLQDWLRQ WKH 0RVWHUG =DDGf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

PAGE 91

LQ VXUYH\V UDWKHU WKDQ DVVHUWLQJ RWKHU EHOLHIV 7KH\ KDYH DOVR H[SHULHQFHG YDULRXV SURSKHWLF PRYHPHQWV DQG UHOLJLRXV UHYLYDOV 7KRGHQ YDQ 9HO]HQ 7KRGHQ YDQ 9HO]HQ DQG YDQ :HWHULQJ f 7KH RWKHU VHJPHQWV RI WKH SRSXODWLRQ KDYH DOVR EHHQ LQIOXHQFHG E\ YDULRXV &KULVWLDQ GHQRPLQDWLRQV DQG D VPDOO QXPEHU KDYH MRLQHG VSHFLILF JURXSV $ERXW b RI WKH +LQGXVWDQLV EHORQJ WR WKH RUWKRGR[ 6DQDWDQ 'KDUP DQG DQRWKHU b WKH UHIRUP $U\D 6DPDM +LQGX IDLWKV 0RVW RI WKH UHVW DUH 0XVOLPV ,VODP LV DOVR WKH UHOLJLRQ RI DOPRVW DOO WKH -DYDQHVH %RWK JURXSV DUH 6XQQL 0RVOHPV ZLWK WKH -DYDQHVH EHORQJLQJ WR WKH 6KDILn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

PAGE 92

7KH UHOLJLRXV DIILOLDWLRQ RI ZRPHQ ZKR GHOLYHUHG DW WKH KRVSLWDO ZDV UHFRUGHG EXW WKHUH LV QR LQGLFDWLRQ RI WKH H[WHQW RI UHOLJLRXV DFWLYLW\ VHH WDEOH f 7DEOH 5HOLDLRQ RI 'HOLYHULQJ :RPHQ &UHROH Q +LQGXVWDQL Q O &DWKROLF bf +LQGX bf 0RUDYLDQ bf 0XVOLP bf )XOO *RVSHO bf &KULVWLDQ bf -HKRYDKnV :LWQHVV bf 0RUDYLDQ bf 2WKHU bf &DWKROLF bf 1RQH bf -DYDQHVH Q 0DURRQ Q 0XVOLP bf 1RQH bf &DWKROLF bf &DWKROLF bf 0RUDYLDQ bf 0RUDYLDQ bf )XOO *RVSHO bf 6RXUFH Vn/DQGV +RVSLWDDO 'HOLYHU\ 5HFRUGV -DQXDU\ 1RWH 6RPH SHUFHQWDJHV PD\ QRW DGG XS WR GXH WR URXQGLQJ )RU WKH $IULFDQ$PHULFDQ SRSXODWLRQ WKHUH LV DOVR QR LQGLFDWLRQ RI SDUWLFLSDWLRQ LQ QRQRUJDQL]HG UHOLJLRQV QRWH VSHFLILFDOO\ WKH 0DURRQ UHVSRQVH WR UHOLJLRXV DIILOLDWLRQf ,W VKRXOG EH UHPHPEHUHG WKDW WKLV SRSXODWLRQ UHSUHVHQWV RQO\ WKH ZRPHQ ZKR GHOLYHUHG DW Vn/DQGV +RVSLWDDO 7KH VPDOO SRSXODWLRQ RI RWKHU UHOLJLRQV PD\ EH LQIOXHQFHG E\ WKH IDFW WKDW VRPH RI WKH RWKHU UHOLJLRQV LQ 6XULQDPH LH 'XWFK 5HIRUPf KDYH FRQJUHJDWLRQV WKDW PD\ EH EHWWHU RII ILQDQFLDOO\ DQGRU DUH OHVV OLNHO\ WR KDYH FKLOGUHQ

PAGE 93

6XPPDU\ 6XULQDPHnV LQLWLDO GHYHORSPHQW XQGHU FRORQLDO UXOH ZDV DV D SODQWDWLRQ HFRQRP\ ZKHUH VODYHU\ ZDV WKH PDMRU VRXUFH RI ODERU $IWHU WKH HPDQFLSDWLRQ RI WKH $IULFDQ$PHULFDQ VODYHV FRQWUDFW ODERUHUV ZHUH EURXJKW LQ IURP ,QGLD DQG -DYD ,QGRQHVLDf 6XULQDPH KDV VLQFH GHYHORSHG LQWR D YHU\ GLYHUVH SRSXODWLRQ ZLWK D YDULHW\ RI ODQJXDJHV UHOLJLRQV DQG UDFLDO JURXSV (WKQLF LGHQWLW\ LV ODUJHO\ EDVHG RQ UDFH DQG ODQJXDJH VSRNHQ EXW DOVR LQFOXGHV RWKHU IDFWRUV 7KH VHOI LGHQWLILHG HWKQLFLW\ RI ZRPHQ ZKR GHOLYHUHG DW Vn/DQGV +RVSLWDDO -DQXDU\ LV LOOXVWUDWHG LQ WDEOH 6XULQDPH KDV XQGHUJRQH D VHULHV RI HFRQRPLF DQG SROLWLFDO FULVHV DQG FRQWLQXHV WR VWUXJJOH WR SUHVHUYH LWV GHPRFUDWLF JRYHUQPHQW LWV HFRQRPLF LQGHSHQGHQFH DQG LWV QDWLRQDO LGHQWLW\ 7DEOH (WKQLF ,GHQWLW\ RI +RVSLWDO 6DPSOH +LQGXVWDQL &UHROH 0DURRQ -DYDQHVH b 0L[HG b b 1DWLYH $PHULFDQ b b &KLQHVH b b (XURSHDQ 6RXUFH Vn/DQGV +RVSLWDDO 'HOLYHU\ 5HFRUGV -DQXDU\ *XLDQD LV SUHVXPDEO\ D ZRUG RI 1DWLYH $PHULFDQ RULJLQ0LWUDVLQJ QGf 7KH UHDGHU ZLOO QRWH WKH GLIIHUHQFH EHWZHHQ WKH WHUP XVHG IRU WKH HVFDSHG VODYHV LQ WKLV WH[W LH 0DURRQVf DQG WKH WHUP WKH\ XVH IRU WKHPVHOYHV LH %XVK 1HJURHVf 7KH WHUP %XVK 1HJUR GRHV KDYH D ORQJ

PAGE 94

SDVW LQ WKH UHJLRQ DQG YDQ 9HO]HQ DQG YDQ :HWHULQJ f SRLQW RXW WKDW LQIRUPDQWV UHMHFWHG WKH WHUP 0DURRQ DV DQRWKHU DWWHPSW E\ RXWVLGHUV WR SXW D ODEHO RQ WKHP KDYH QRW LJQRUHG WKLV FDXWLRQ EXW KDYH VWLOO DGRSWHG 5LFKDUG 3ULFHnV XVH RI WKH WHUP 0DURRQ VHH 5 3ULFH f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f LV FXUUHQWO\ XVHG WR LOOXVWUDWH WKDW WKHLU LV D SRVLWLYH VLGH WR KRUULEOH VLWXDWLRQV LW DOVR LQGLFDWHV WKH FRQWUDVWLQJ H[FLWHPHQW RI FLW\ OLIH LQ MX[WDSRVLWLRQ WR WKH GROGUXPV RI SODQWDWLRQ WDVNV 5 %UDQD6KXWH f VHH %UDQD6KXWH f IRU D GLVFXVVLRQ RI WKH ZLQNHO DQG LWV LPSRUWDQFH LQ PDOH &UHROH OLIH 7KH 1DWLRQDO 3ODQQLQJ 2IILFH RI 6XULQDPH f KDV SXEOLVKHG WKHVH ILJXUHV DV LQKDELWDQWV IRU b RI WKH SRSXODWLRQ 7KH\ GR QRW JLYH WKH VSHFLILF \HDU IURP ZKLFK WKHVH QXPEHUV DUH GHULYHG EXW ZKHQ b RI WKH QDWLRQDO SRSXODWLRQ LV WDNHQ IRU HDFK RI WKH \HDUV OLVWHG E\ WKH SODQQLQJ RIILFH D VOLJKWO\ KLJKHU QXPEHU LV GHULYHG WKDQ WKH ILJXUH JLYHQ E\ WKH SODQQLQJ RIILFH ,QIDQW PRUWDOLW\ LV GLVFXVVHG LQ FKDSWHU 7KH ELUWK WRWDOV IRU DQG DUH UHVSHFWLYHO\ DQG DOWKRXJK WKH UHVW RI WKH GDWD IRU WKHVH \HDUV LV QRW DYDLODEOH 7KHVH ILJXUHV DGG XS WR b GXH WR URXQGLQJ 7KHVH ILJXUHV DGG XS WR b GXH WR URXQGLQJ $OWKRXJK WKH &UHROH DUH JHQHUDOO\ QRW PRUH VSHFLILFDOO\ GHILQHG VRPHWLPHV WKH\ DUH QDUURZHG WR 6WDGV &UHRRO RU )RWR 1HQJUH ERWK WHUPV ZKLFK UHIHU WR n&LW\ &UHROHVn 7RWDO SRSXODWLRQ SHUFHQWDJH LV EDVHG RQ WKH UHSRUW +HDOWK &RQGLWLRQV LQ WKH $PHULFDV f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

PAGE 95

0RUH UHFHQW GDWD RQ ODQJXDJH XVH LV QRW DV LQFOXVLYH DV WKDW LQFOXGHG LQ WKH WH[W 2QH UHFHQW VWXG\ ORRNHG DW WKH PHGLD ODQJXDJHV VSRNHQ E\ PRWKHUV RI FKLOGUHQ ZLWK GLDUUKHD EXW LW GLG QRW LQFOXGH $VLDQ ODQJXDJHV 7KH UHVXOWV ZHUH DV IROORZV /DQJXDJHV 8QGHUVWRRG DQG 5HDG LQ 6XULQDPH /DQJXDJH 8QGHUVWDQG 5HDG 'XWFK b b 6UDQDQWRQJR b b (QJOLVK b f§ $XFDDQV b b 2WKHUV b HJ 6DUDPDFFDQf b (QJOLVK RU )UHQFKf 6RXUFH .ULVKQDGDWK DQG &DII 7KH QXPEHU RI UHVSRQGHQWV IRU WKLV VXUYH\ ZDV Q 7KHUH DUH VWLOO D YDULHW\ RI YDULDWLRQV RI VSHOOLQJ LQ 6UDQDQWRQJR 7KH YDULHW\ XVHG LQ WKLV ERRN LV WKH WKH RQH XVHG E\ 'H 'ULH f EHFDXVH LW WHQGV WR XVH IHZHU OHWWHUV WKDQ WKH VSHOOLQJV EDVHG RQ 'XWFK SURQXQFLDWLRQ 7KH HYLGHQFH LV PHQWLRQHG E\ 9RRUKRHYH f ZKR QRWHV WKDW LQ V WKHUH ZDV D 6UDQDQWRQJR WHUP IRU D %ODFN 0RVOHP )ROORZXS TXHVWLRQLQJ RI 0DURRQ ZRPHQ ZKR WROG WKH PLGZLYHV WKH\ GLG QRW KDYH D UHOLJLRQ LQGLFDWHG WKDW WKH\ GLG SDUWLFLSDWH LQ UHOLJLRXV FHUHPRQLHV DVVRFLDWHG ZLWK WKH KLVWRULFDO UHOLJLRQV RI WKH 0DURRQV 7KHLU UHVSRQVH WR WKLV TXHVWLRQ ZDV LQ WHUPV RI RUJDQL]HG UHOLJLRQV

PAGE 96

&+$37(5 0(7+2' 3RSXODWLRQ 6WXGLHG $OWKRXJK WKH &UHROHV RI 3DUDPDULER 6XULQDPH ZHUH WKH IRFXV FI WKLV UHVHDUFK PXFK RI WKH GDWD SUHVHQWHG KDV EHHQ GHULYHG IURP WKH QDUURZHU SRSXODWLRQ RI ZRPHQ ZKR GHOLYHUHG DW WKH SXEOLF KRVSLWDO Vn/DQGVf LQ 3DUDPDULER 6LQFH WKLV LV WKH KRVSLWDO ZKHUH SXEOLFO\ IXQGHG ELUWKV WDNH SODFH WKH ORZHU VWUDWD RI VRFLHW\ DUH WKH PDLQ FOLHQWV RI WKH KRVSLWDO $SSUR[LPDWHO\ KDOI RI DOO ELUWKV LQ WKH HQWLUH FRXQWU\ WDNH SODFH DW Vn/DQGV ZKLFK PDNHV IRU D ODUJHU XQLIRUP VDPSOH WKDQ ZRXOG EH WKH FDVH DW WKH SULYDWH KRVSLWDOV 7KHUH DUH IRXU RWKHU KRVSLWDOV LQ 3DUDPDULER WKDW VHUYH WKH VXUURXQGLQJ DUHD EXW WKH\ DUH QRW QHDUO\ DV LQIOXHQWLDO DV LV Vn/DQGV 7KH PLOLWDU\ KRVSLWDO GHDOV ZLWK DQ LQVLJQLILFDQW QXPEHU RI GHOLYHULHV 7KH 3URWHVWDQW KRVSLWDO 'LDNHQQHVVHQ =LHNHQKXLVf GR QRW JHQHUDOO\ GHOLYHU LQIDQWV RI ORZHU LQFRPH PRWKHUV 7KH WHDFKLQJ KRVSLWDO $FDGHPLVFKH =LHNHQKXLVf JHQHUDOO\ GHDOV ZLWK XQXVXDO FDVHV :RPHQ UDUHO\ GHOLYHU EDELHV DW KRPH LQ 3DUDPDULER 7KRVH ELUWKV WKDW GR RFFXU DW KRPH DUH XVXDOO\ XQSODQQHG DQG WKH EDE\ LV EURXJKW WR WKH KRVSLWDO LPPHGLDWHO\ DIWHUZDUGV 2FFDVLRQDOO\ D ZRPDQ ZLOO FDOO RQ D PLGZLIH IURP WKH KRVSLWDO DQG SD\ IRU D KRPH GHOLYHU\ 7KHVH ZRPHQ DUH XVXDOO\

PAGE 97

UHODWLYHO\ ZHDOWK\ RU LOOHJDO LPPLJUDQWV ERWK JURXSV WKDW GR QRW IDOO XQGHU JRYHUQPHQW VXEVLGL]HG IXQGLQJ IRU ELUWKV GLVFXVVHG LQ FKDSWHU f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f KDYH EHHQ UDWHG FRPSOHWHO\ IOXHQW LQ DQ RIILFLDO ODQJXDJH HYDOXDWLRQ E\ D QDWLYH VSHDNHU DQG ODQJXDJH LQVWUXFWRU DW WKH 8QLYHUVLW\ RI )ORULGD 3UHSDUDWLRQ LQ 6UDQDQWRQJR WKH RWKHU PDMRU ODQJXDJH XVHG E\ &UHROH ZRPHQ ZDV QRW DV HDV\ VLQFH LW LV QRW WDXJKW LQ DQ DFDGHPLF VHWWLQJ RXWVLGH RI 6XULQDPH DQ RQO\ RFFDVLRQDOO\ ZLWKLQ WKH FRXQWU\f $OO RI WKH OLWHUDWXUH DYDLODEOH RQ WKH ODQJXDJH ZDV FRQVXOWHG EHIRUH YLVLWLQJ

PAGE 98

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f 6UDQDQWRQJR EHFDPH LPSRUWDQW ZKHQ LQWHUYLHZV ZHUH FRQGXFWHG ZLWK 0DURRQ ZRPHQ DW WKH KRVSLWDO 3DUWLFLSDQW 2EVHUYDWLRQ $ PDMRU FRPSRQHQW RI WKH PHWKRGRORJ\ XVHG WR JDWKHU LQIRUPDWLRQ IRU WKLV VWXG\ ZDV SDUWLFLSDQW REVHUYDWLRQ 7KLV PHWKRG ZDV FRQWLQXDOO\ XVHG WKURXJKRXW WKH UHVHDUFK SHULRGV RI -XO\$XJXVW DQG -XQH'HFHPEHU $Q DWWHPSW ZDV PDGH WR SDUWLFLSDWH LQ DV PDQ\ DFWLYLWLHV DV SRVVLEOH ZLWKLQ WKH FRPPXQLW\ VHWWLQJ 7KLV DFWLYLWLHV LQFOXGHG VRFLDO JDWKHULQJV VXFK DV IRXU ZHGGLQJV D IXQHUDO ELUWKGD\ SDUWLHV DQG UHOLJLRXV VHUYLFHV WKHVH LQFOXGHG :LQWL GDQFHV

PAGE 99

DQG JDWKHULQJV RI VHYHUDO &KULVWLDQ GHQRPLQDWLRQVf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f DV DQ XQNQRZQ SHUVRQ ZDQWLQJ WR DVN TXHVWLRQV 7KH VHFRQG EHQHILW SURYLGHG E\ SDUWLFLSDWLRQ ZDV WKH LQIRUPDWLRQ LW JHQHUDWHG ZDV RIWHQ DEOH WR DVN TXHVWLRQV DERXW DFWLYLWLHV LQ D VHWWLQJ LQ ZKLFK WKH DFWLYLW\ ZDV EHLQJ FDUULHG RXW 2EVHUYLQJ DFWLYLWLHV DOVR VHUYHG WR UHLQIRUFH RU PRGLI\ LQIRUPDWLRQ JLYHQ E\ LQIRUPDQWV RIWHQ EDVHG RQ ZKDW WKH\ VDZ DV W\SLFDO RU LGHDO EHKDYLRU UDWKHU WKDQ ZKDW ZDV DFWXDOO\ GRQH

PAGE 100

+RVSLWDO 5HFRUGV 'DWD ZDV DOVR JDWKHUHG IURP KRVSLWDO UHFRUGV IRU ZRPHQ ZKR GHOLYHUHG DW Vn/DQGV +RVSLWDDO 7KH UHFRUGV RI DOO ZRPHQ ZKR GHOLYHUHG LQ -DQXDU\ ZHUH H[DPLQHG IRU VSHFLILF LQIRUPDWLRQ -DQXDU\ ZDV FKRVHQ VLQFH LW ZDV ORQJ HQRXJK EHIRUH UHVHDUFK ZDV EHJXQ WKDW DOO WKH UHFRUGV IRU WKDW PRQWK ZRXOG EH JDWKHUHG DQG DYDLODEOH LQ WKH KRVSLWDO DUFKLYHV DQG \HW LW ZDV UHFHQW HQRXJK WKDW WKH LQIRUPDWLRQ ZRXOG EH FXUUHQW 7KHVH UHFRUGV \LHOGHG GDWD IRU WKUHH KXQGUHG DQG VHYHQWHHQ ZRPHQ Q f 7KLV ZDV WKH JURXS SUHVHQWHG LQ WKH FKDUDFWHUL]DWLRQ RI WKH HWKQLF LGHQWLW\ RI WKH KRVSLWDO JURXS SUHVHQWHG LQ WKH SUHYLRXV FKDSWHU FKDSWHU WKUHHf DQG PXFK RI WKH GDWD SUHVHQWHG LQ WKH UHVW RI WKH GLVVHUWDWLRQ 7KH HWKQLF LGHQWLW\ RI WKLV SRSXODWLRQ ZDV DSSUR[LPDWHO\ b +LQGXVWDQL b &UHROH b 0DURRQ b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

PAGE 101

PDULWDO VWDWXV 7KH PHWKRG RI SD\PHQW ZDV DOZD\V FKHFNHG FDUHIXOO\ VLQFH WKH KRVSLWDO ZDV QDWXUDOO\ FRQFHUQHG DERXW ODWHU ELOOLQJ SURFHGXUHV 6LQFH PRVW RI WKH ZRPHQ UHFHLYHG VRPH W\SH RI JRYHUQPHQW VXSSRUW D JRYHUQPHQW UHSUHVHQWDWLYH KDG YLVLWHG WKHP LQ WKHLU KRPH ORRNHG DW LQFRPH VWDWHPHQWV DQG KRXVHKROG LWHPV DQG WDONHG ZLWK QHLJKERUV DQG RWKHUV DZDUH RI ZRUN DFWLYLWLHV DQG OLNHO\ VRXUFHV RI LQFRPH 7KLV FDUHIXO FKHFNLQJ FRPELQHG ZLWK WKH UHODWLYHO\ ORZ FRVW RI ELUWKV ZKHQ FRPSDUHG WR WKH 6f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n/DQGV DOVR FRQGXFWHG VWUXFWXUHG DQG XQVWUXFWXUHG LQWHUYLHZV

PAGE 102

6WUXFWXUHG LQWHUYLHZV 7KH KRVSLWDO UHFRUGV XVHG LQ WKH VDPSOH PHQWLRQHG SUHYLRXVO\ EXW RI D ODWHU GDWH ZHUH DOVR FRQVXOWHG LQ FRQMXQFWLRQ ZLWK D PRUH GHWDLOHG H[WHQGHG LQWHUYLHZ DGPLQLVWHUHG WR D VDPSOH RI ZRPHQ GXULQJ SRVWSDUWXP UHFRYHU\ 7KHVH LQWHUYLHZV ZHUH FRQGXFWHG DIWHU WKH PLGZLYHV UHFRUGV ZHUH GHOLYHUHG WR WKH QXUVHV LQ WKH UHFRYHU\ DUHD 7KLV ZDV DW OHDVW VL[ RU VHYHQ KRXUV DIWHU WKH GHOLYHU\ EXW EHIRUH ZRPHQ ZHQW KRPHf§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

PAGE 103

7KH TXHVWLRQQDLUH KDG EHHQ SUHWHVWHG DQG UHYLVHG VHYHQ WLPHV EHIRUH LW ZDV DGPLQLVWHUHG WR WKH KRVSLWDO VDPSOH WR PDNH LW PRUH UHOHYDQW WR WKHLU H[SHULHQFH DQG OHVV HWKQRFHQWULFDOO\ ELDVHG 7KH ILUVW VL[ SUHWHVWV ZHUH JLYHQ WR ZRPHQ LQ -XO\ DQG $XJXVW 7KH ILUVW WZR SUHWHVWV RI WKH TXHVWLRQQDLUH LQGLFDWHG LW ZDV VR RXW RI WKH UIHDOP RI H[SHULHQFH RI &UHROH ZRPHQ LW QHHGHG GUDVWLF UHYLVLRQV 7KLV DIWHU EHLQJ DGPLQLVWHUHG WR RQH ZRPDQ HDFK WLPH 7KH QH[W IRXU SUHWHVWV ZHUH HDFK JLYHQ WR WZR ZRPHQ DQG UHYLVHG RQO\ VOLJKWO\ 7KH ILQDO SUHWHVW ZDV JLYHQ WR HLJKW ZRPHQ LQFOXGLQJ WZR QXUVLQJ RIILFLDOVf LQ -XO\ RI 6RPH VOLJKW PRGLILFDWLRQV ZHUH PDGH LQ ZRUGLQJ DQG RUGHU RI TXHVWLRQLQJ DIWHU ZKLFK WKH TXHVWLRQQDLUH ZDV DGPLQLVWHUHG WR ZRPHQ DW WKH KRVSLWDO )URP $XJXVW WR $XJXVW H[WHQGHG LQWHUYLHZV ZHUH DGPLQLVWHUHG WR ZRPHQ DW Vn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

PAGE 104

7KHVH LQWHUYLHZV ZHUH DGPLQLVWHUHG LQ WKH UHFRYHU\ URRPV RI WKH KRVSLWDO WKHUH ZHUH WKUHH ODUJH URRPV ZLWK DSSUR[LPDWHO\ VL[WHHQ EHGV SHU URRPf RU RQ WKH EDOFRQ\ ZKHUH ZRPHQ VDW WR ZDWFK WKH IRRW WUDIILF EHORZ $OWKRXJK WKH WRQH DQG SURFHVV RI LQWHUYLHZLQJ ZDV PXFK OHVV GLVUXSWLYH WKDQ WKRVH GRQH LQ WKH GHOLYHU\ URRP WKHVH ZRPHQ ZHUH UDUHO\ FRPSOHWHO\ DORQH GXULQJ WKH LQWHUYLHZV VLQFH WKH UHFRYHU\ DUHDV KDG VR PDQ\ EHGV DQG WKHUH ZDV DOZD\V PRUH WKDQ RQH ZRPDQ LQ HDFK URRP 2QH LQWHUYLHZ ZDV WUDQVODWHG E\ D IDPLO\ PHPEHU 7KH ZRPDQ LQWHUYLHZHG D 6DUDPDFFDQ GLG QRW VSHDN 6UDQDQWRQJR RU 'XWFK 'XULQJ YLVLWLQJ KRXUV D VLVWHU WUDQVODWHG IURP 6UDQDQWRQJR WR 6DUDPDFFDQ DQG EDFN LQWR 6UDQDQWRQJR $ WRWDO RI ZRPHQ ZHUH LQWHUYLHZHG WKLV LQFOXGHG VHYHQ +LQGXVWDQL WZR -DYDQHVH WZR 1DWLYH $PHULFDQV ERWK &DULEf DQG RQH PL[HG ZRPDQ 2XW RI WKH IRXUWHHQ 0DURRQ ZRPHQ LQWHUYLHZHG HLJKW ZHUH 6DUDPDFFDQ DQG VL[ ZHUH 1GMXND RU $XFDDQVf )LIWHHQ &UHROH ZRPHQ ZHUH LQWHUYLHZHG RI ZKLFK WZR ZHUH SULPLSDUDV 7KHUH ZHUH QLQH SULPLSDUDV LQ WKH WRWDO JURXS RI ZRPHQ ZKLOH ZHUH PXOWLSDUDV 2WKHU FKDUDFWHULVWLFV RI WKLV SRSXODWLRQ DUH SUHVHQWHG LQ VXEVHTXHQW FKDSWHUV HPLVWUXHWXUHG DQG 8QVWUXFWXUHG ,QWHUYLHZV 6HPLVWUXFWXUHG LQWHUYLHZV ZHUH FDUULHG RXW GXULQJ WKH HQWLUH SHULRG RI UHVHDUFK 7KHVH LQWHUYLHZV FDQ EH FKDUDFWHUL]HG DV WKRVH WKDW ZHUH UHFRUGHG *HQHUDOO\ D OLVW

PAGE 105

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n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

PAGE 106

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f DQG KH ZRXOG ZULWH RXW LQIRUPDWLRQ LQ SUHSDUDWLRQ IRU RXU LQWHUYLHZV +H DOVR DUUDQJHG LQWHUYLHZV ZLWK D ERQXPDQ DQG DFFRPSDQLHG PH WR :LQWL FHUHPRQLHV DQG RWKHU HYHQWV $ ORW RI XQVWUXFWXUHG LQWHUYLHZV ZHUH FRQGXFWHG 3HRSOH ZHUH DVNHG LQ WKH FRQWH[W RI HYHU\GD\ HYHQWV WR H[SODLQ VRPHWKLQJ JRLQJ RQ RU WR H[SUHVV WKHLU YLHZV RQ VRPHWKLQJ $Q H[DPSOH WKDW EHDUV GLUHFWO\ RQ WKH IRFXV RI

PAGE 107

WKLV GLVVHUWDWLRQ ZDV D GLVFXVVLRQ KHOG RQ 'U 6RSKLH 5HGPRQGVWUDDW RQH RI WKH PDLQ VWUHHWV RI WKH FLW\ DERXW ZK\ PHQ GR QRW ZDQW WR DFNQRZOHGJH SDWHUQLW\ 7KLV LQWHUYLHZ ZDV QRW UHFRUGHG DOWKRXJK VWDWHPHQWV ZHUH MRWWHG GRZQ LQ D ERRNOHW DQG ZULWWHQ LQ GHWDLO ODWHUf DQG DW RQH SRLQW XS WR VHYHQ PHQ SDUWLFLSDWHG LQ WKH GLVFXVVLRQ ZLWK VHYHUDO ZRPHQ ZDWFKLQJ IURP WKH VLGHOLQHV 7KHVH W\SHV RI LQWHUYLHZV RU GLVFXVVLRQV ZHUH QXPHURXV LQIRUPDO DQG DURVH RXW RI VSHFLILF FLUFXPVWDQFHV 6XPPDU\ 5HVHDUFK ZDV FRQILQHG WR JUHDWHU 3DUDPDULERf§WKH SRSXODWLRQ VHUYHG E\ WKH SXEOLF KRVSLWDO LQ WKH FLW\ 0HWKRGV XVHG WR REWDLQ LQIRUPDWLRQ IURP WKLV SRSXODWLRQ FRQVLVWHG ODUJHO\ RI SDUWLFLSDQW REVHUYDWLRQ GXULQJ -XO\ $XJXVW DQG -XQH'HFHPEHU WKH FROOHFWLRQ RI GDWD IURP KRVSLWDO UHFRUGV IRU -DQXDU\ DQG VWUXFWXUHG VHPLVWUXFWXUHG DQG XQVWUXFWXUHG LQWHUYLHZV FRQGXFWHG LQ 'XWFK DQG 6UDQDQWRQJR $V DQ LOOXVWUDWLRQ RI WKH QDWXUH RI WKHVH DFWLYLWLHV .LP 6WDNHU P\ ZLIH DQG UHVHDUFK SDUWQHU PDGH D NRWRPLVL RU ZRPHQnV RXWILW OLNH WKRVH ZRUQ GXULQJ VODYHU\ ZLWK WKH KHOS RI D JRRG IULHQG 6KH ZRUH LW WR WKH HPDQFLSDWLRQ FHOHEUDWLRQ LQWHQGLQJ WR ZDWFK WKH RWKHU ZRPHQ JHW XS DQG GDQFH LQ WKHLU FRVWXPHV VWDWLQJ WKHLU UHDVRQV IRU FRPSHWLQJ 7KH PRVW FRPPRQ UHDVRQ WKH\ JDYH ZDV WKDW WKH\ ZDQWHG PHQ WR QRWLFH WKHPf .LP ZDV XUJHG E\ VHYHUDO RI WKH ZRPHQ WR HQWHU WKH FRPSHWLWLRQ DQG VR VKH JRW XS DQG GDQFHG LQ KHU ODUJH GUHVV WRR 6RPH VD\ WKH GUHVVHV ZHUH LQWHQWLRQDOO\ GHVLJQHG ODUJH WR PDNH D ZRPDQ ORRN SUHJQDQW (LWKHU WR KLGH WKH SUHJQDQF\ IURP WKH VODYH RZQHUnV ZLIH RU WR PDNH WKH ZRPDQ OHVV DWWUDFWLYH WR WKH VODYH RZQHU )RU RWKHU LQWHUSUHWDWLRQV VHH YDQ 3XWWHQ DQG =DQWLQJH f .LP HQGHG XS ZLQQLQJ WKH WKLUG SUL]H RI VI LQ WKH FRPSHWLWLRQ $IWHU WKDW ZKHQ VKH ZRXOG ZDON GRZQ WKH VWUHHW VKH ZRXOG RFFDVLRQDOO\ EH DSSURDFKHG E\ SHRSOH ZKR ZRXOG DVN LI VKH ZDV WKH RQH WKDW KDG GDQFHG LQ WKH FRPSHWLWLRQ DQG ODWHU ZKHQ VRPH RI RXU IULHQGV ZRXOG UHSRUW RQ

PAGE 108

H JRVVLS DERXW XV DQG KRZ ZH ZHUH EXQ VPD RU JRRG SHRSOH .LPnV SDUWLFLSDWLRQ LQ WKH HPDQFLSDWLRQ GD\ GUHVV FRPSHWLWLRQ ZDV PHQWLRQHG 'XULQJ WKH SHULRG RI ILHOGZRUN TXHVWLRQQDLUHV ZHUH VHQW WR &UHROH ZRPHQ ZKR KDG GHOLYHUHG EHWZHHQ -XO\ DQG 6HSWHPEHU VHH $SSHQGL[ &f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

PAGE 109

&+$37(5 7+( 0$7,1* 6<67(0 2) 685,1$0( ,QWHUDFWLRQ %HWZHHQ 0HQ DQG :RPHQ 0DQ\ &UHROH ZRPHQ LQ JUHDWHU 3DUDPDULER OLYH SDUWV LI QRW ORQJ VHJPHQWV RI WKHLU OLYHV ZLWK WKHLU FKLOGUHQ DQG WKHLU PRWKHUV 0HQ ZLOO DOVR RIWHQ OLYH IRU ORQJ SHULRGV ZLWK WKHLU PRWKHUV DQG VLEOLQJV EXW OHVV RIWHQ ZLWK WKHLU FKLOGUHQ 7KH\ DUH PRUH OLNHO\ WR VSHQG PXFK RI WKHLU WLPH ZLWK PDOH IULHQGV 7KLV FRQWULEXWHV WR WKH JHQHUDO SHUFHSWLRQ WKDW PHQ DQG ZRPHQ OHDG VHSDUDWH OLYHV LQ WKH &DULEEHDQ :LOVRQ f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

PAGE 110

GDXJKWHU IURP JHWWLQJ SUHJQDQW WRR \RXQJ 7KLV LV JHQHUDOO\ FRQVLGHUHG WKH PRWKHUnV FRQFHUQ UDWKHU WKDQ WKDW RI KHU GDXJKWHU VLQFH LW ZLOO OLNHO\ EH WKH PRWKHU ZKR FDUHV IRU VXFK D FKLOG 3LHUFH f DUJXHV WKDW PRVW &UHROHV IHHO EHORZ VL[WHHQ \HDUV RI DJH LV WRR \RXQJ IRU VRPHRQH WR JHW SUHJQDQW 6HH WKH IROORZLQJ FKDSWHU IRU D GLVFXVVLRQ RI DJH DW ILUVW ELUWKf ,QIRUPDQWV WHQG WR DJUHH KRZHYHU WKDW LQWHUHVW LQ UHODWLRQVKLSV EHJLQV WR GHYHORS DURXQG WHQ RU HOHYHQ \HDUV RI DJH 7KLV PHDQV WKDW WKHUH LV D ORQJ SHULRG RI WLPH ZKHQ PRWKHUV IHHO WKH\ VKRXOG EH SURWHFWLYH DQG FRQFHUQHG 6FKRRO 5HODWLRQVKLSV (DUO\ UHODWLRQVKLSV ZLOO RFFDVLRQDOO\ EHJLQ DW VFKRRO ,QIRUPDQWV LQGLFDWHG WKDW FORWKLQJ LV LPSRUWDQW IRU DWWUDFWLQJ WKH LQWHUHVW RI RWKHUV DOWKRXJK KRZ LQIOXHQWLDO RQHn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

PAGE 111

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f§ MRLQHG E\ IULHQGV ZKHQ VFKRRO OHWV RXW $OPRVW b RI WKRVH ZKR DUH RXW RI VFKRRO DUH XQHPSOR\HG DQG WKH\ WRR VSHQG PXFK RI WKHLU WLPH RQ WKH VWUHHWV (YHQ WKRVH ZKR ZRUN RIWHQ

PAGE 112

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f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

PAGE 113

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f§WR GDQFH E\ WKHPVHOYHV %XW PRVW DGXOWV ZLOO GDQFH ZLWK DQRWKHU SHUVRQ HYHQ LI WKDW SHUVRQ LV D JUHDW GHDO \RXQJHU RU ROGHU ,W LV QRW FRQVLGHUHG LPSURSHU LI D WKLUW\ \HDU ROG ZRPDQ GDQFHV ZLWK D VL[WHHQ \HDU ROG PDQ HYHQ LI VKH LV PDUULHG WR DQRWKHU PDQ ZKR FRXOG QRW FRPH WR WKH VRFLDO HYHQWf RU IRU DQ HOGHUO\ PDQ WR GDQFH ZLWK D ZRPDQ LQ KHU WHHQV %XW +HUVNRYLWVn f HDUOLHU UHSRUW WKDW WKHVH GDQFHV DUH QRW YLHZHG DV HURWLF E\ WKH SDUWLFLSDQWV HYHQ WKRXJK WKH\ DSSHDU VR WR DQ RXWVLGHU GRHV QRW UHIOHFW WKH

PAGE 114

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f§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nV EHOLHI WKDW D PDQ LV OLNHO\ WR DFNQRZOHGJH SDWHUQLW\

PAGE 115

6RPH RI WKHVH LQGLFDWLRQV DUH H[KLELWLQJ SURSHU LQWLPDWH EHKDYLRU DQG NQRZOHGJH DQG EHLQJ VRFLDOO\ VHQVLWLYH 3URSHU ,QWLPDWH %HKDYLRU )RU WKH &UHROH SRSXODWLRQ D SHUVRQ ZLWK JRRG FKDUDFWHU ZLOO QRW EH LQGLVFULPLQDWH ZLWK LQWLPDWH EHKDYLRU DQG GRHV QRW VOHHS DURXQG 7KH ZRUVW LQVXOWV DYDLODEOH DUH DWWDFNV RQ WKH VH[XDO EHKDYLRU RI DQ HQHPLHV PRWKHU )LJKWLQJ ZRUGV LQFOXGH
PAGE 116

DV OLNHO\ DV PHQ WR VD\ WKH\ ZRXOG KDYH JXLOW\ IHHOLQJV LI WKH\ KDG D UHODWLRQVKLS ZLWK VRPHRQH RWKHU WKDQ WKHLU SDUWQHU %DEE QGf $QG DOPRVW KDOI RI WKH ZRPHQ LQ RQH VWXG\ UHSRUWHG WKH\ ZRXOG OLNH WR KDYH D UHODWLRQVKLS ZLWK DQRWKHU PDQ EXW GLG QRW GDUH QRQH RI WKH PHQ UHSRUWHG VXFK IHHOLQJV %DEE QG f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nV QDPH WKH\ UHIHUUHG WR WKH PDQ DV SOD\ER\ UDWKHU WKDQ E\ QDPH 'H :DUH 7LMG f 3URSHU ,QWLPDWH .QRZOHGJH $OWKRXJK LW LV QRW YLHZHG DV JRRG FKDUDFWHU WR VOHHS DURXQG LW DOVR LV QRW JRRG FKDUDFWHU WR EH VH[XDOO\ QDLYH RU JXOODEOH 7KLV FDQ EH VHHQ LQ WKH VWRU\ WROG RI $QDQVL WKH VSLGHU DQG 'RFWRU 0DQWZDUL 6KXVK +DUNHQ ZHOO ,Q D FRXQWU\ WKHUH ZDV D GRFWRU FDOOHG 'RFWRU 0DQWZDUL 7KHUH ZDVQnW D JUDQGHU GRFWRU LQ WKDW FRXQWU\ +H UHFHLYHG VR PDQ\ SHRSOH WKDW KH GLGQnW KDYH WKH KDQGV WR H[DPLQH >DOO@ WKH SDWLHQWV

PAGE 117

1RZ WKHQ %D $QDQVL KHDUV RI WKDW GRFWRU WKHQ KH WDNHV 6D $NXED WKHUH 6D $NXED LV VLFN %HFDXVH RI WKH W\SH RI VLFNQHVV WKDW 6D $NXED LV VLFN ZLWK %D $QDQVL VD\V 2K P\ GRFWRU P\ ZLIH 6D $NXED LV KHUH DQG KDV D VRUH WKDW ZRQnW JR DZD\ )RU DQ KRXU WKH GRFWRU 0DQWZDUL H[DPLQHV 6D $NXED DQG WHOOV %D $QDQVL RU ZRPDQ@ :HOO QRZ \RX VHH $QDQVL VHWWOHV LQ KLV ERDW DQG JRHV DZD\ DQG WKH GRFWRU 0DQWZDUL FRPHV RXWVLGH +H \HOOV KH ORRNV DW $QDQVL SDGGOLQJ WKH ERDW DQG JRLQJ DZD\ WR EX\ VWURQJ IRRG +H ORRNV DW WKH ULYHU KH ORRNV +H \HOOV 0DQWZDUn RK LW LV JRRG RR\ %D $QDQVL@ VD\V 0\ GRFWRU VR ORQJ" +H >'RFWRU 0DQWZDUL@ VD\V \HV RQH PXVW WUHDW LW D OLWWOH EXW WKHQ \RX PXVW JR EX\ D OLWWOH IRRG \RX FDQ JLYH KHU $QDQVL VHWWOHV LQ WKH ERDW DQG JRHV EDFN DZD\ 0DQWZDUL ORRNV +H VD\V 0DQWZDUL ORRNV IRU WKH JRRG WKDW LV JLYHQ PH RR\
PAGE 118

:LQG EORZV RK ZLQG EORZV RK KDYH VHHQ WKLQJV :LQG EORZV RK ZLQG EORZV RK KDYH VHHQ WKLQJV 7KH QDPHG KH FULHV 7KDW $QDQVL KH FULHV 6D $NXED EHDUV D FKLOG RI 0DQWZDUL 7KH QDPHG KH FULHV 7KDW $QDQVL KH FULHV $QG WKHQ RXWVLGH KH KHDUV ZDDDD +H UXQV DQG JRHV WR ORRN +H VHHV D FKLOG RI 0DQWZDUL VLWWLQJ RQ WKH JURXQG 7KXV KH >%D $QDQVL@ KLPVHOI WRRN 6D $NXED WR JR WR WKH GRFWRU VD\LQJ KH PXVW JR WUHDW WKH VRUH 7KHQ 0DQWZDUL WUHDWHG WKH VRUH JLYHQ WR KLP 6RPH YLHZ WKH ODVW OLQHV RI WKLV VWRU\ DV DQ RGR RU SURYHUE ,Q RUGHU WR XQGHUVWDQG WKH HQGLQJ RQH PXVW LQWHUSUHW WKH VWRU\ VLQFH WKH WHOOHU GRHV QRW VD\ ZKDW W\SH RI VRUH 0DQWZDUL LV DVNHG WR KHDO 7KH PRVW FRPPRQ LQWHUSUHWDWLRQ JLYHQ E\ ERWK PHQ DQG ZRPHQ ZDV WKDW WKH VRUH LV 6D $NXEDnV YDJLQD %D $QDQVL GLG QRW XQGHUVWDQG PXFK DERXW ZRPHQ DQG WKRXJKW KHU YDJLQD ZDV D VRUH ZKLFK KH DVNHG 0DQWZDUL WR WUHDW 7KH HQGLQJ WKHQ PDNHV VHQVH VLQFH 0DQWZDUL GLG WUHDW KHU YDJLQD DV DVNHG $Q DOWHUQDWLYH LQWHUSUHWDWLRQ JLYHQ E\ RQH ZRPDQ FUHGLWV 6D $NXED ZLWK DQ DFWLYH SDUW LQ WKLV HYHQW 6D $NXED VKH VDLG KDG SUHWHQGHG WR KDYH D VRUH VR WKDW VKH FRXOG JHW DZD\ IURP %D $QDQVL WR KDYH D UHODWLRQVKLS ZLWK 'RFWRU 0DQWZDUL %XW PRVW RI WKRVH ZKR KHDU WKLV VWRU\ WHQG WR RYHUORRN WKH IHHOLQJV RU LQWHQWLRQV RI 6D $NXED DQG IRFXV RQ WKH UHODWLRQVKLS EHWZHHQ WKH WZR PHQ 6SHFLILFDOO\ 'RFWRU 0DQWZDUL IDWKHUHG D FKLOG EHFDXVH RI %D $QDQVLnV ODFN RI XQGHUVWDQGLQJ RI ZRPHQ :H FDQ DGG WKDW ZRPHQ FDQ XVH PHQnV ODFN RI XQGHUVWDQGLQJ WR WKHLU DGYDQWDJH DV ZHOO

PAGE 119

5HLQD 6RFLDOO\ 6HQVLWLYH $ JRRG SHUVRQ EXQVPDf LV RIWHQ GHILQHG DV RQH ZKR LV VRFLDOO\ VHQVLWLYH WR WKH QHHGV RI RWKHUV $ SHUVRQ ZKR LV UHDG\ WR KHOS RWKHUV DQG KHOSV WKHP JODGO\ ILWV LQWR WKLV FDWHJRU\ $ EDG SHUVRQ LV GHILQHG DV VRPHRQH ZKR RQO\ WKLQNV RI KLPVHOI DQG QR RQH HOVH $ EDG SHUVRQ ZLOO XVH ZLVL WR DFKLHYH JRDOV :LVL LV YLHZHG DV GRLQJ HYLO WR DQRWKHU SHUVRQ %XW LW LV DOVR HYLO LQ D GLIIHUHQWf§VXSHUQDWXUDOf§ FRQWH[W ,W KDV LWV URRWV LQ HQY\ XVXDOO\ WKH HQY\ RI D ELJ KRXVH QLFH FDU RU DWWUDFWLYH FRPSDQLRQ ,W H[SUHVVHV LWVHOI KRZHYHU DV D GHVWUXFWLYH IRUFH 8VXDOO\ D UHODWLRQVKLS LV VSOLW XS RU HOVH LW PLJKW EH DQ LQMXU\ DW ZRUN RU DFFLGHQW RQ WKH VWUHHW (YHQ WKRVH ZKR WROG PH WKH\ GLG QRW EHOLHYH LQ ZLVL ODWHU ZKHQ VRPHWKLQJ EDG KDSSHQHG EODPHG VRPHRQHnV XVH RI ZLVL DV WKH VRXUFH RI WURXEOH 7KLV SRZHU FDQ EH XVHG LQ VHYHUDO GLIIHUHQW ZD\V $ VPDOO SDFNHW RI REMHFWV FDQ EH OHIW ZKHUH WKH LQWHQGHG YLFWLP ZLOO SDVV RYHU RU WRXFK LW RU D ZLQWL PHWDSK\VLFDO EHLQJf FDQ EH VHQW WR D SHUVRQ WR GR KDUP ,I WKH SHUVRQ WR EH KDUPHG LV WRR VWURQJ VSLULWXDOO\ WKHQ WKH ZLQWL ZLOO UHWXUQ WR LWV VHQGHU DQG EH JLYHQ HYHQ JUHDWHU SRZHU 7KH ZLQWL LV XVXDOO\ JLYHQ D WLPH SHULRG LQ ZKLFK LW GRHV LWV KDUP LH ZLWKLQ VHYHQ GD\V NLOO WKLV SHUVRQf ,I WKH LQWHQGHG YLFWLPnV VSLULWXDO VWUHQJWK RU SRZHU UHPDLQV WRR VWURQJ WKH ZLQWL ZLOO FKRRVH DQRWKHU SHUVRQ LQ WKH DUHD SUHIHUDEO\ D IDPLO\ PHPEHU RI WKH HQHP\f WR VWULNHRXW DW LQ RUGHU WR

PAGE 120

FRPSOHWH LWnV WDVN :LVL LV JHQHUDOO\ FDUULHG RXW E\ D ERQXPDQ DQG QHHGV WR EH FRXQWHUDFWHG E\ DQRWKHU 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

PAGE 121

NHHSV D NQRZOHGJH RI WKHVH UHODWLRQVKLSV IURP WKH PDUULHG SDUWQHUf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f RU SHRSOH ZKR WU\ WR DFKLHYH D KLJKHU VWDWXV WKDQ FLUFXPVWDQFHV GLFWDWH 6RPH ZLOO VD\ RI D SHUVRQ ZKR GRHV WKLV D GX OHN ZDQ EDNUD RU VKH GRHV OLNH D 'XWFK SHUVRQ 6RPH RI WKRVH ZKR PDUU\ WR DUUDQJH LQKHULWDQFH IRU WKHLU FKLOGUHQ EXW GR QRW VRFLDOO\ ILW WKH UHTXLUHPHQWV IRU PDUULDJH ZLOO PDUU\ LQ VHFUHW VR QR RQH NQRZV 2WKHUV ZLOO RQO\ WHOO D IHZ FORVH IDPLO\ PHPEHUV RU WU\ WR SXW EODPH RQ

PAGE 122

DQRWKHU SHUVRQ IRU WKH DFW LH P\ ERVV ZDQWV PH WR PDUU\ IRU LQVXUDQFH SXUSRVHVf 7KRVH ZKR PDUU\ RSHQO\ JHQHUDOO\ KDYH D IRUPDO HODERUDWH DIIDLU 7KH EHVW TXDOLW\ UHIUHVKPHQWV DQG GULQNV DUH RIIHUHG DQG LPSRUWHG ZKLVNH\ LV VHUYHG WKH KLJKHVW LQ VWDWXV RI DYDLODEOH GULQNVf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nV LQKHULWDQFH DQG DUH PRUH ILQDQFLDOO\ VHFXUH :RPHQ DOVR VD\ LW LV KDUGHU WR JHW ULG RI D KXVEDQG ZKR ZLOO QRW ZRUN WKDQ LW LV D ORYHU $OWKRXJK PDUULDJH EULQJV DGGHG VWUHVVHV LW DOVR EULQJV EHQHILWV +LVWRULFDOO\ LW ZDV H[SHFWHG WKDW RWKHUV JLYH JLIWV DW ZHGGLQJV &XUUHQWO\ PDQ\ ZLOO MXVW JLYH DQ HQYHORSH ZLWK PRQH\ :KHQ DVNHG KRZ PXFK RQH VKRXOG JLYH WKH XQLYHUVDO UHVSRQVH ZDV WR JLYH ZKDW \RX FDQ PLVV DQG D VSHFLILF VXP RI PRQH\ ZDV QHYHU PHQWLRQHG +RZHYHU WKH UHFLSLHQWV RI VXFK JLIWV VWDWHG WKH HQYHORSHV JHQHUDOO\ FRQWDLQ IURP WHQ WR WZHQW\ JXLOGHUV

PAGE 123

,OO 0DUULDJH UDWHV ,W LV XQFOHDU KRZ FRPPRQ PDUULDJHV KDYH EHHQ LQ 6XULQDPH KLVWRULFDOO\ 'XULQJ VODYHU\ WKH\ ZHUH IRUELGGHQ EXW WKHUH LV VRPH HYLGHQFH WKDW WKH UDWH RI PDUULDJH LV GHFOLQLQJ DPRQJ WKH &UHROH SRSXODWLRQ %XVFKNHQV f QRWHV WKDW JRYHUQPHQW PDUULDJH UHFRUGV LQGLFDWH D KLJKHU LQFLGHQFH RI PDUULDJH LQ UXUDO VHJPHQWV RI WKH &UHROH SRSXODWLRQ WKDQ DPRQJ XUEDQ UHVLGHQWV $V LQGLFDWHG WKH UHVW RI WKH &DULEEHDQ VHHPV WR IROORZ D SDWWHUQ WKDW LV WKH RSSRVLWH RI WKLV (OGHUO\ &UHROH ZRPHQ FRQVLVWHQWO\ UHSRUWHG 7DEOH 0DUULDJH 5DWHV RI :RPHQ 'HOLYHULQJ DW WKH +RVSLWDO 0DUULHG 8QPDUULHG 'LYRUFHG 7RWDO +LQGXVWDQL bf bf bf &UHROH bf bf 0DURRQ bf bf -DYDQHVH bf bf 8QNQRZQ0L[HG bf bf 1DWLYH $PHULFDQ bf &KLQHVH bf bf 7RWDO bf bf bf 6RXUFH Vn/DQGV +RVSLWDDO 'HOLYHU\ 5HFRUGV IRU -DQXDU\}

PAGE 124

WKDW LQ WKHLU FKLOGKRRG D KLJK YDOXH ZDV SODFHG RQ YLUJLQLW\ DW PDUULDJH $ ZKLWH FORWK ZDV SODFHG XQGHU WKH QHZO\ ZHG FRXSOH RQ WKHLU KRQH\PRRQ DQG VKRZQf§EORRG VWDLQHGf§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f KDV FRQWHQGHG WKDW WKLV YLHZ LV RQO\ IRXQG DPRQJ WKH ZHDOWK\ LQ WKH &DULEEHDQ UHJLRQ VKH RQO\ ORRNHG DW WKH WLPH SHULRG VXUURXQGLQJ ELUWK DQG QRW WKH HQWLUH OLIH VSDQ RI D IDPLO\

PAGE 125

,Q 6XULQDPH DOO FKLOGUHQ DXWRPDWLFDOO\ LQKHULW ODQG DQG RWKHU SURSHUW\ IURP WKHLU PRWKHUV %XW LQ RUGHU WR LQKHULW ODQG IURP WKHLU IDWKHUV WKH\ PXVW EH HLWKHU ERUQ LQWR D OHJDO PDUULDJH RU WKH IDWKHU PXVW OHJLWLPDWH WKH FKLOG WKURXJK ILOOLQJ RXW RIILFLDO IRUPV RI UHFRJQLWLRQ RIILFLDO UHFRJQLWLRQ LV GLVFXVVHG LQ FRQWH[W XQGHU FRQVHQVXDO XQLRQV EHORZf 7KLV FRQFHSW GLIIHUV IURP WKH VRFLDO FRQWUDFW GHYHORSHG E\ OHJLWLPL]DWLRQ WKURXJK SXEOLF DFNQRZOHGJHPHQW RI SDWHUQLW\ ZLWKLQ WKH FRQWH[W RI D VRFLDOO\ DFFHSWDEOH XQLRQ DV GLVFXVVHG ODWHU 7KH FRQFHSW RI EHLQJ DEOH WR OHJDOO\ LQKHULW IURP RQHn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f LI LW DSSHDUV RQ RIILFLDO GRFXPHQWV VLQFH WKLV LPSOLHV WR WKHP D ORZHU VRFLDO VWDWXV 7KH FRQQHFWLRQ EHWZHHQ VWDWXV DQG OHJLWLPDF\ LV QRW MXVW VRPHWKLQJ

PAGE 126

DVVRFLDWHG ZLWK WKH XSSHU FODVV 7KRVH RI WKH ORZHU VWUDWD RI VRFLHW\ FDQ KDYH VWDWXV LQIOXHQFHG E\ OHJLWLPDF\ EXW IRU WKHP LW LV VRFLDO OHJLWLPDF\ UDWKHU WKDQ OHJDO OHJLWLPDF\ WKDW LQIOXHQFHV WKHLU VWDWXV 7KLV FRQFHSW LV GLVFXVVHG LQ WKH FRQWH[W RI H[WUDUHVLGHQWLDO XQLRQV &RQVHQVXDO 8QLRQV $OWKRXJK DOPRVW b RI WKH &UHROH ZRPHQ ZKR GHOLYHUHG DW WKH KRVSLWDO LQ -DQXDU\ ZHUH QRW PDUULHG LW LV QRW FOHDU KRZ PDQ\ RI WKHVH ZRPHQ KDG HVWDEOLVKHG FRQVHQVXDO XQLRQV ,Q WKH SRVWSDUWXP LQWHUYLHZV FRQGXFWHG b ZHUH OLYLQJ LQ FRQVHQVXDO XQLRQV ZKLOH b ZHUH OLYLQJ LQ H[WUDUHVLGHQWLDO XQLRQV 7KH JHQHUDO FKDUDFWHUL]DWLRQ RI WKHVH W\SHV RI XQLRQV LQ RWKHU SDUWV RI WKH &DULEEHDQ KDV EHHQ WKDW WKH\ DUH XQVWDEOH DQG QRW RI ORQJ GXUDWLRQ 7KLV GRHV QRW DSSHDU WR EH WKH FDVH IRU 6XULQDPH ,Q 6SHFNPDQnV f H[DPLQDWLRQ RI PDUULDJH DPRQJ WKH +LQGXVWDQL KH QRWHV WKDW WKHLU b GLYRUFH UDWH LV WKH VDPH DV WKH GLVVROXWLRQ UDWH RI FRQVHQVXDO XQLRQV LQ WKH &UHROH SRSXODWLRQ 7KHUHIRUH WKH &UHROH SRSXODWLRQ GRHV QRW KDYH OHVV VWDEOH XQLRQV WKDQ DQRWKHU PDMRU VHJPHQW RI 6XULQDPHnV SRSXODWLRQ %XVFKNHQV f DOVR QRWHV WKDW DOWKRXJK FRQVHQVXDO XQLRQV GLVVROYH DW D IDVWHU UDWH GXULQJ WKH ILUVW ILYH \HDUV WKDQ GR PDUULDJHV PDUULDJH GLVVROXWLRQ UDWHV LQFUHDVH DIWHU WKLV DQG DIWHU WHQ \HDUV WKH UDWHV IRU PDUULDJHV DQG FRQVHQVXDO XQLRQV DUH DSSUR[LPDWHO\ HTXDO

PAGE 127

$OWKRXJK WKHUH LV VLPLODU VWDELOLW\ LQ FRQVHQVXDO XQLRQV DQG PDUULDJHV WKH VWDWXV LV QRW WKH VDPH 0DUULDJHV DOZD\V EULQJ D KLJKHU OHYHO RI VWDWXV DV GLVFXVVHG LQ WKH SUHYLRXV VHFWLRQ 7V 6XULQDPH VW\OH PDUULDJH D IRUP RI PDUULDJH" %XVFKNHQV f WHUPV FRQVHQVXDO XQLRQV 6XULQDPH VW\OH PDUULDJH 7KHUH PD\ EH VRPH YDOLGLW\ LQ WKLV SHUFHSWLRQ ,Q UXUDO DUHDV DIWHU IDPLOLHV DJUHH WKDW D \RXQJ PDQ DQG ZRPDQ FDQ KDYH D UHODWLRQVKLS WKH DJUHHPHQW LV VHDOHG E\ WKH SUDFWLFH RI VHW OREL RU HVWDEOLVKLQJ ORYH 7KLV DJUHHPHQW LV VHDOHG ZKHQ ERWK RI WKH IDWKHUV VKDUH D GULQN RI UXP :RRGLQJ f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bf VWDWHG WKDW VKH ZDV PDUULHG ZKLOH bf UHVSRQGHG WKDW WKH\ ZHUH QRW PDUULHG VHH WDEOH f 0DURRQ ZRPHQ LQ SRVWSDUWXP LQWHUYLHZV KDG VLPLODU UHVSRQVHV UHFRUGHG LQ WKHLU UHFRUGV :KHQ TXHVWLRQHG

PAGE 128

IXUWKHU WKHVH ZRPHQ UHSOLHG WKH\ KDG XQGHUJRQH D EXVWURR RU EXVK ZHGGLQJ 7KH VDPH UHVXOWV ZHUH DFKLHYHG ZLWK WKH TXHVWLRQ RI ZKHWKHU RU QRW WKH\ KDG D UHOLJLRQf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

PAGE 129

DQG LV GRQH IRU WKH VDPH UHDVRQV DV GRHV OHJDO OHJLWLPDF\ ,I WKH IDWKHU JRHV WR WKH SXEOLF UHFRUG RIILFH DQG ILOOV RXW IRUPV DFNQRZOHGJLQJ SDWHUQLW\ WKHQ WKH FKLOG LV FRQVLGHUHG OHJLWLPDWH IRU OHJDO SXUSRVHV DQG ZLOO LQKHULW SURSHUW\ IURP WKH IDWKHU XSRQ WKH IDWKHUnV GHDWK ,Q WKH &UHROH SRSXODWLRQ DSSUR[LPDWHO\ b RI &UHROH FKLOGUHQ LQ 6XULQDPH KDYH EHHQ HLWKHU OHJLWLPDWHO\ ERUQ RU OHJLWLPL]HG E\ WKHLU IDWKHU &KLOGUHQ ZKR KDYH EHHQ OHJLWLPL]HG WHQG WR EH RQHV ERUQ LQ FRQVHQVXDO XQLRQV VHH %XVFKNHQV IRU FRPPHQW RQ WKH UHODWLRQVKLS EHWZHHQ WKH WZRf &KLOGUHQ ZKR KDYH QRW EHHQ OHJDOO\ UHFRJQL]HG E\ WKHLU IDWKHU WHQG WR FRPH IURP H[WUD UHVLGHQWLDO XQLRQV ([WUD5HVLGHQWLDO 8QLRQV $OWKRXJK D PDQ DQG D ZRPDQ PD\ OLYH LQ VHSDUDWH KRXVHKROGV WKH\ VWLOO IUHTXHQWO\ LQWHUDFW ZLWK IDPLO\ PHPEHUV RI WKH SDUWQHU ,QIRUPDQWV VWDWHG D JRRG ER\ GRHV QRW OXUN DERXW DQG RQO\ LQWHUDFW ZLWK WKHLU JLUOIULHQG DQG QRW KHU IDPLO\ PHPEHUV $ ER\ VKRXOG LQWURGXFH KLPVHOI WR WKH PRWKHU RI KLV JLUOIULHQG $ JLUOnV PRWKHU LV KLJKO\ VXVSLFLRXV LI KHU GDXJKWHU LV KDQJLQJ DERXW ZLWK \RXQJ PHQ ZKR GR QRW FRPH DQG LQWURGXFH WKHPVHOYHV 2QH HLJKWHHQ \HDU ROG ZDV SURKLELWHG IURP JRLQJ WR FKXUFK IRU D PRQWK EHFDXVH VKH FDPH KRPH DIWHU WKH VHUYLFH DQ KRXU ODWH DQG WKH PRWKHU VXVSHFWHG VKH VSHQW KHU WLPH ZLWK D ER\ $ JUDQGPRWKHU FRPSODLQHG WKDW KHU JUDQGGDXJKWHUnV ER\IULHQG KDG QRW LQWURGXFHG KLPVHOI WR KHU 7KRVH ZHUH WKH W\SH RI ER\V VKH H[SODLQHG ZKR ZRXOG

PAGE 130

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f DQG WKUHH ZRPHQ KDG FRQVLGHUDEOH LQWHUDFWLRQ ZLWK WKH IDWKHU RI WKH FKLOG WKH IDWKHUV KHOSHG ZLWK WDVNV FRRNLQJ DQG FOHDQLQJf DQG FRQWULEXWHG PRQH\ ,Q RQH RI WKH UHSRUWHG FDVHV ZKHUH WKH VLVWHU DQG PRWKHU RI WKH IDWKHU FRQWULEXWHG WR WKH QHHGV RI WKH SUHJQDQW ZRPHQ KHU PRWKHU KDG WR GHPDQG WKDW WKH\ KHOS ZLWK WKH

PAGE 131

SUHJQDQF\ LQ WKH RWKHU FDVH WKH IDWKHU RI WKH FKLOG KDG VXSSRUWHG WKH ZRPDQ WKURXJK HLJKW PRQWKV RI SUHJQDQF\ ZKHQ WKH\ KDG DQ DUJXPHQW DQG KH FXW RII FRQWDFW ,Q ERWK FDVHV WKH IDWKHU ZDV NQRZQ E\ WKH FRPPXQLW\ DQG KLV VXSSRUW ZDV H[SHFWHG ,Q WKH WZR FDVHV ZKHUH WKH IDWKHUV KDG QR PRUH FRQWDFW ZLWK WKH SUHJQDQW ZRPHQ WKH UROH RI WKHVH PHQ LQ SDWHUQLW\ ZDV QRW NQRZQ E\ WKH FRPPXQLW\ RQH RI WKH ZRPHQ UHSRUWHG KDYLQJ VR PDQ\ VH[XDO SDUWQHUV LQ WKH UHFHQW SDVW VKH FRXOG QRW FRXQW WKHP WKH RWKHU VDLG LW ZDV KHU ILUVW H[SHULHQFH DQG VKH QHYHU VDZ WKH IDWKHU DJDLQ WR WHOO KLP VKH ZDV SUHJQDQWf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

PAGE 132

LQ WKH SUHYLRXV WZR XQLRQ W\SHV ,I D IDWKHU OHJDOO\ GHFODUHV SDWHUQLW\ WKHQ WKH JRYHUQPHQW FDQ WDNH VXSSRUW RXW RI KLV VDODU\ LI KH GRHV QRW FRQWULEXWH ZLOOLQJO\ %XW HYHQ LI KH GRHV QRW OHJDOO\ GHFODUH SDWHUQLW\ LI SDWHUQLW\ LV NQRZQ E\ WKH FRPPXQLW\ WKHQ WKH IDWKHU LV VRFLDOO\ REOLJDWHG WR FRQWULEXWH PRQH\ WR ERWK WKH SUHJQDQW ZRPDQ DQG WKHLU FKLOG ZKHQ LW LV ERUQ &KLOGUHQ GR QRW LQKHULW OHJDO ULJKWV WR D IDWKHUnV SURSHUW\ LI SDSHUV DUH QRW ILOOHG RXW E\ PHQ DFNQRZOHGJLQJ SDWHUQLW\ HYHQ LI WKH\ ZLOOLQJO\ DGPLW WR WKH FRPPXQLW\ WKH\ DUH WKH IDWKHU DQG JLYH VXSSRUW WR WKH FKLOG 7KLV LV ZKHUH OHJLWLPL]DWLRQ DQGRU PDUULDJH FRPH LQWR SOD\ DV D FRXSOH PDWXUHV DQG WKHLU UHODWLRQVKLS VROLGLILHV %XW LI D IDWKHU DFNQRZOHGJHV SDWHUQLW\ WR WKH FRPPXQLW\ WKHQ LW DSSHDUV WKDW FKLOGUHQ KDYH D PRUDO ULJKW WR KLV SURSHUW\ ZKLOH KH LV DOLYH LI QRW D OHJDO ULJKW 7KLV ULJKW FDQ EH LPSRUWDQW JLYHQ WKH HFRQRPLF VWDWXV RI PRVW RI WKH ZRPHQ OLYLQJ LQ H[WUDUHVLGHQWLDO DQG FRQVHQVXDO XQLRQV 7KH LPSRUWDQFH RI WKH VRFLDO FRQWUDFW PHQ GHYHORS LQ UHODWLRQ WR WKHLU FKLOGUHQ FDQ EH VHHQ LQ WKH LQIOXHQFH WKLV W\SH RI OHJLWLPDF\ KDV RQ VWDWXV &UHROH PHQ FDQ ORVH VLJQLILFDQW VWDWXV LI WKH\ IDLO WR IROORZ WKURXJK RQ REOLJDWLRQV RI VXSSRUW IRU FKLOGUHQ WKH\ IDWKHU &KLOGUHQ DOVR VHHP WR KDYH WKHLU VWDWXV LQIOXHQFHG E\ DFNQRZOHGJHPHQW RI SDWHUQLW\ $W OHDVW WKH &UHROH H[SUHVV WKH EHOLHI WKDW LW LV EHWWHU WR FDUU\ WKH ODVW QDPH RI RQHnV IDWKHU WKDQ WR QRW KDYH LW

PAGE 133

7KH LPSRUWDQFH RI KDYLQJ D IDWKHU UHFRJQL]H D FKLOG LV LPSOLHG LQ WKH XVH RI WKH 6UDQDQWRQJR ZRUG EDVUD IURP WKH (QJOLVK EDVWDUG RU 'XWFK EDVWDDUGf ,WV PHDQLQJ LV QRW WKH VDPH DV WKH (QJOLVK ZRUG WKDW LPSOLHV RQH ZKRnV SDUHQWV ZHUHQnW PDUULHG ,W LV XVHG IRU RQH ZKR GRHV QRW KDYH D SHUVRQ WKH\ FDQ LGHQWLI\ DV IDWKHU RU RQH ZKR LV RI PL[HG HWKQLF DQFHVWU\ 6RUGDP DQG (HUVHO f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nV PRQH\ VWLOO ZRXOG QRW EH HQRXJK WR UXQ WKH KRXVH +H ZDV WROG HYHQ LI KH MXVW JDYH D OLWWOH D PRQWK KH VKRXOG DW OHDVW JLYH VRPHWKLQJ +H DGGHG ,I \RX FDQ QRW JLYH DQ\WKLQJ WKHQ WHOO KHU \RX ZLOO JLYH DV VRRQ DV \RX FDQ 2QH ZRPDQ VWDWHG WKDW D PDQnV PRQH\ LV WR UXQ WKH KRXVH DQG WKH ZRPDQnV PRQH\ LV WR WDNH FDUH RI KHU DQG WKH PDQ 7KH

PAGE 134

ZRPDQ LV FULWLFL]HG LI KHU PDOH FRPSDQLRQ ZDONV DURXQG ORRNLQJ XQFDUHG IRU VLQFH KHnV KHU UHVSRQVLELOLW\ 7KH VWUDWHJLHV SUHVHQWHG IRU GLYLGLQJ PRQH\ FRQVLGHU WKDW ERWK SDUWQHUV HDUQ LW (VWLPDWHV RI XQHPSOR\PHQW DPRQJ \RXQJ PHQ UDQJH IURP b RI WKH WRWDO SRSXODWLRQ .ULVKQDGDWK DQG &DII f %DVHG RQ GHOLYHU\ UHFRUGV WKH KLJKHVW HPSOR\PHQW UDWH LV IRU &UHROH ZRPHQ RI ZKRP b DUH HPSOR\HG DQG WKH ORZHVW UDWH LV IRU WKH 0DURRQ ZRPHQ RI ZKRP b DUH HPSOR\HG 7KLV UHVHDUFK ZDV GRQH DW WKH SXEOLF KRVSLWDO DQG PD\ WKHUHIRUH UHIOHFW DUWLILFLDOO\ ORZ HPSOR\PHQW 0RVW RI WKRVH ZKR DUH HPSOR\HG DV FOHDQHUV RU DV ODERUHUV IRU H[DPSOH VHHPHG WR KDYH VSRUDGLF ZRUN DQG OLWWOH LQ WKH ZD\ RI VWHDG\ LQFRPH $PRQJ WKH SRVWSDUWXP VDPSOH RI ZRPHQ bf RI WKH ZRPHQ UHFHLYHG ILQDQFLDO KHOS IRU WKH EDE\ WKH\ KDG MXVW GHOLYHUHG ,I WKH VWDWHPHQWV RI ZRPHQ WKDW LW KDG EHHQ GLIIHUHQW IRU DQ HDUOLHU FKLOG DUH LQFOXGHG WKHQ WKH SHUFHQWDJHV DUH VWLOO WKH VDPHf 7KHVH ZRPHQ UHSRUWHG UHFHLYLQJ D PHDQ RI JXLOGHUV SHU PRQWK WKH PRGH ZDV VLPLODU DW JXLOGHUV SHU PRQWKf 2I WKLV DPRXQW DQ DYHUDJH RI JXLOGHUV ZHUH JLYHQ E\ WKH FKLOGnV IDWKHU SHU PRQWK 7KLV LV ZHOO EHORZ WKH RIILFLDO SRYHUW\ OHYHO ZKLFK KDV ULVHQ GUDPDWLFDOO\ EHFDXVH RI WKH UDSLG ORVV LQ YDOXH RI WKH 6XULQDPH JXLOGHU 7DEOH EHORZ JLYHV WKH RIILFLDO SRYHUW\ OHYHO SHU PRQWK

PAGE 135

7DEOH 2IILFLDO 3RYHUW\ /HYHO
PAGE 136

DQRWKHU DW VFKRRO RQ WKH VWUHHWV DQG DW VRFLDO HYHQWV DQG WKLV LQWHUDFWLRQ OHDGV WR WKH IRUPDWLRQ RI XQLRQV 6RPH RI WKH VLJQLILFDQW IDFWRUV FRQVLGHUHG LQ IRUPLQJ XQLRQV DUH DSSHDUDQFH DQG FKDUDFWHU 2QH RI WKH PRVW VLJQLILFDQW WUDLWV RI D PDQnV FKDUDFWHU LV WKH OLNHOLKRRG WKDW KH ZLOO DFNQRZOHGJH SDWHUQLW\ 2QH LQGLFDWLRQ WKDW KH ZLOO FODLP SDWHUQLW\ LV KLV IROORZLQJ RI JRRG EHKDYLRU ZKLFK LQFOXGHV LQWURGXFLQJ KLPVHOI WR D ZRPDQn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

PAGE 137

PDQ\ ZRPHQ DQG FKLOGUHQ LW LV WR WKHLU DGYDQWDJH WKDW D PDQ DFNQRZOHGJHV SDWHUQLW\ DQG FRQWULEXWHV VXSSRUW 7KHUH PD\ DOVR EH LQFUHDVHG VRFLDO VWDWXV DVVRFLDWHG ZLWK DFNQRZOHGJHG SDWHUQLW\ $OWKRXJK WKLV WKH JHQHUDO WUHQG WKHUH DUH VRPH LPSRUWDQW H[FHSWLRQV +HUVNRYLWV f DQG %XVFKNHQV f KDYH ERWK QRWHG WKDW DV ZRPHQ JHW ROGHU WKHUH LV D YHU\ KLJK LQFLGHQFH RI IHPDOH KRPRVH[XDOLW\ DPRQJ WKH &UHROH SRSXODWLRQ $OWKRXJK WKHVH VFKRODUV DUH FRUUHFW LQ VD\LQJ LW LV QRW YLHZHG DV KRUULEOH LW LV H[DJJHUDWHG WKDW WKH FRPPXQLW\ DW ODUJH ILQGV WKH SUDFWLFH FRPSOHWHO\ DFFHSWDEOH VLQFH SHRSOH ILQG LW DW WLPHV KXPRURXV 7KH\ UHIHU WR D ZRPDQ WKDW KDV VH[XDO UHODWLRQV ZLWK DQRWKHU IHPDOH DV D JUDWL RU VKH JUDWHV 6UDQDQWRQJR GRHV QRW KDYH PDOH DQG IHPDOH SURQRXQV DQG D FDQ PHDQ ERWK VKH DQG KHf 0DOH KRPRVH[XDOLW\ RQ WKH RWKHU KDQG LV FOHDUO\ YLHZHG DV XQDFFHSWDEOH ,I D PDQ LV FDOOHG D EXOHU RU PDOH KRPRVH[XDO WKHQ WKRVH DUH ILJKWLQJ ZRUGV ,I D PDQ GRHV QRW ILJKW ZKHQ VRPHRQH FDOOV KLP D EXOHU WKHQ KH LV DFFHSWHG E\ DOO DV RQH f§ UHIXVDO WR ILJKW LV FRQVLGHUHG RQH RI WKH FKDUDFWHULVWLFV RI D EXOHU (QMR\LQJ KRXVH FOHDQLQJ FRRNLQJ DQG ZDVKLQJ GLVKHV DUH DOVR FKDUDFWHULVWLFV RI D EXOHU $OWKRXJK PRVW PHQ ZDVK FORWKHV DQG FOHDQ WKH\ GR LW LQ ZKDW WKH\ GHVFULEH DV D PDVFXOLQH PDQQHU f§ MHUNLQJ RQHnV DUPV XS DQG GRZQ DV WKH FORWKHV DUH UXEEHG RQ WKH ZDVKERDUG UDWKHU WKDQ JUDFHIXO VPRRWK PRWLRQV LV DQ H[DPSOH RI WKLV %UDQD6KXWH f UHFRUGV DQG LQFLGHQW ZKHUH D PDQ LV NLOOHG DQG KLV ZLIH JULHYHV LQWHQVHO\ 3HRSOH DUH FULWLFDO RI WKH FORVH UHODWLRQVKLS VKH GHYHORSHG ZLWK WKH PDQ DQG FRQVLGHU LW LPSURSHU DQG XQZLVH %RG\ EXLOGLQJ KDV EHFRPH YHU\ SRSXODU LQ 6XULQDPH DQG LV SURPRWHG E\ WKH QDWLRQDOO\ SXEOLVKHG PDJD]LQH %RG\ 7DON 3LHUFH f LQFOXGHV GDQFH DWWHQGDQFH XQGHU WKH 6UDQDQWRQJR WHUP ZDND ZKLFK OLWHUDOO\ PHDQV WR ZDON EXW WKLV WHUP LV DOVR DSSOLHG WR WKH EHKDYLRU WKDW VRPH PHQ DQG DOVR RFFDVLRQDOO\ ZRPHQf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

PAGE 138

7KH 6UDQDQWRQJR EDO LV D ZRUG IRU WKH PDOH H[WHUQDO JHQLWDOV EXW LV IUHTXHQWO\ XVHG VSHFLILFDOO\ IRU WKH SHQLV VLQFH WROL LV VHHQ DV EHLQJ FUXGH $ YURXZ PHDQV ERWK ZRPDQ DQG ZLIH LQ 'XWFK 6LQFH ZLIH LQGLFDWHV D OHJDOO\ VDQFWLRQHG PDUULDJH LQ (QJOLVK DQG ZRPDQ FDQ FDUU\ QHJDWLYH FRQQRWDWLRQV ZKHQ XVHG LQ UHIHUHQFH WR D UHODWLRQVKLS LH P\ ZRPDQf KDYH UHWDLQHG WKH 'XWFK ZRUG LQ PDQ\ LQVWDQFHV LQ WKLV WH[W ,Q 6UDQDQWRQJR WKHUH DUH WZR ZRUGV IRU ZRPDQf§IURR DQG XPD 7KH ILUVW FRPLQJ IURP 'XWFK DQG WKH VHFRQG IURP (QJOLVK $WWHPSWV WR WHVW WKH FRQQRWDWLRQV RI WKHVH ZRUGV VHH TXHVWLRQ RI $SSHQGL[ $f SURYHG LQFRQFOXVLYH $ PDVUD ZKLFK FDQ EH D PDVWHU RU D KXVEDQG QHHG QRW EH RIILFLDOO\ PDUULHG WR D ZRPDQ $ ZRPDQ ZLOO FDOO D PDQ PDVUD LI WKH\ DUH KDYLQJ D UHJXODU VH[XDO UHODWLRQVKLS RU VKH KDV FRQFHLYHG D FKLOG ZLWK KLP 0DVUD LV DOVR XVHG LQ UHIHUHQFH WR VODYH RZQHUV ZKHQ GLVFXVVLQJ VODYHU\ RU LQ UHIHUHQFH WR *RG ZKHQ GLVFXVVLQJ UHOLJLRXV PDWWHUV 7KLV YHUVLRQ RI WKH VWRU\ LV IURP 'H 'ULH DQG *XGD f VLPLODU YHUVLRQV DUH DOVR WROG UHJXODUO\ DW HYHQWV 7KH QDPH RI D ZRPDQ ERUQ RQ :HGQHVGD\ VHH FKDSWHU f ,QIRUPDQWV ZRXOG GHILQH ERQX DV WR JLYH KHDOLQJ DQG KHQFH D ERQXPDQ LV D PDQ ZKR JLYHV KHDOLQJ WKHUH GLG QRW DSSHDU WR EH ZRPHQ LQYROYHG LQ WKLV DFWLYLW\ LQ 6XULQDPHf 7KH VLPLODULW\ EHWZHHQ EXQ JRRG DQG ERQX WR JLYH KHDOLQJ LV VWULNLQJ EXW GR QRW KDYH HYLGHQFH WKDW WKH\ KDYH WKH VDPH RULJLQV EXQ ILQGV LWnV RULJLQV LQ WKH 3RUWXJXHVH WHUP IRU JRRGf +RZHYHU D ERQXPDQ LV JHQHUDOO\ EHOLHYHG WR EH JRRG DQG SUDFWLFLQJ ZLVL LV YLHZHG DV D QHJDWLYH DVSHFW RI WKHLU DFWLYLWLHV 7KRVH ERQXPDQ LQ WKH PDUNHW SODFH DOO FODLPHG DELOLWLHV WR FRXQWHUDFW ZLVL EXW QR RQH ZRXOG DGPLW KDYLQJ HYHU GRQH ZLVL RQ DQRWKHU SHUVRQ L/6LQFH 6XULQDPH LV ZKHUH +HUVNRYLWV GHYHORSHG KLV LGHDV DERXW WKH &DULEEHDQ PDWLQJ V\VWHP EHLQJ D PRGLILFDWLRQ RI :HVW $IULFDQ SDWWHUQV RI SRO\J\Q\ WKLV W\SH RI UHODWLRQVKLS PD\ EH SDUW RI ZKDW KH KDG LQ PLQG %XW WKHVH W\SHV RI UHODWLRQVKLSV DUH YHU\ UDUH IRU PDUULHG PHQ DQG DUH FRQVLGHUHG LPSURSHU ,W LV GLIILFXOW WR FRPSDUH WKH PRUH UHFHQW GDWD IURP Vn/DQGV +RVSLWDDO WR WKHVH ILQGLQJV VLQFH WKH\ KDYH EHHQ JDWKHUHG LQ VXFK GLIIHUHQW ZD\V ,W LV D ZHOO NQRZQ IDFW KRZHYHU WKDW WKH UXUDO DUHDV VXUURXQGLQJ 3DUDPDULER DUH GLVSURSRUWLRQDWHO\ +LQGXVWDQL DQG -DYDQHVH LQ HWKQLF PDNHXS 7KHVH WZR JURXSV DUH OLNHO\ WR PDUU\ LQ JUHDWHU QXPEHUV WKDQ WKH &UHROH SRSXODWLRQ VHH WDEOH f 6LQFH %XVFKNHQV GLG QRW KDYH LQGLFDWLRQ RI HWKQLFLW\ EXW ZHQW RQ WKH QDWXUH RI WKH ODVW QDPH RI LQGLYLGXDOV LQ UHFRUGV WKLV PD\ KDYH LQIOXHQFHG KLV ILQGLQJV ,W PD\ EH WKDW WKH KLJK LQFLGHQFH RI PDUULDJH DPRQJ WKH QRQ&UHROH SRSXODWLRQ UXUDO DUHDV KDV LQIOXHQFH WKH &UHROH SRSXODWLRQ LQ WKHLU FKRLFH WR PDUU\ 7KHVH DUH LPSRUWDQW LVVXHV WKDW VKRXOG EH H[DPLQHG IXUWKHU 6SHFNPDQ f VWDWHV LQ UHJDUGV WR GLYRUFH DPRQJ WKH +LQGXVWDQL WKDW

PAGE 139

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f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f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nV HFRQRPLF VWUDWHJLHV ZKHQ WKLV ZRUN ZDV EHJXQ DQG KHU UHVXOWV ZLOO DGG PRUH LQIRUPDWLRQ WR WKLV DUHD RI IRFXV $QRWKHU LQIOXHQFH RQ WKH LQFRPH RI ZRPHQ LV WKH EHOLHI WKDW WKH\ VKRXOG QRW EH ZRUNLQJ IRU PRQH\f ZKLOH SUHJQDQW 0DQ\ RI WKH &UHROH ZRPHQ LQWHUYLHZHG KDG ZRUNHG XQWLO WKH\ JRW SUHJQDQW DQG WKHQ WKH\ TXLW ZRUNLQJ 7KH\ VDLG WKH\ SODQQHG WR JR EDFN WR ZRUN D FRXSOH RI PRQWKV DIWHU WKH EDE\ ZDV ERUQ DQG OHDYH WKH EDE\ ZLWK WKHLU PRWKHU 6RPH RI WKH ZRPHQ ZHUH DOVR VWLOO LQ VFKRRO DQG VR HPSOR\PHQW ZDV LUUHOHYDQW WR WKHLU VLWXDWLRQ 7KH ZRPHQ ZKR UHFHLYHG QR PRQH\ IURP WKH FKLOGnV IDWKHU ZHUH H[FOXGHG IURP WKH VHFRQG ILJXUH 2QH ZRPDQ ZKR ZDV XQLTXH LQ PDQ\ ZD\V UHFHLYHG IO RU PRUH IURP WKH 1HWKHUODQGV HYHU\ PRQWK 6KH ZDV H[FOXGHG ZKHQ WKHVH ILJXUHV ZHUH GHWHUPLQHG DQG ZKHUH LW LV SRLQWHG RXW VKH KDV DOVR EHHQ H[FOXGHG IURP RWKHU ILJXUHV

PAGE 140

7KLV UHSRUW GRHV QRW GHILQH KRZ PDQ\ LQGLYLGXDOV WKHVH ILJXUHV DSSO\ WR EXW EDVHG RQ H[SHULHQFH LW LV DVVXPHG WKDW WKH\ DUH IRU RQH LQGLYLGXDO

PAGE 141

&+$37(5 &21&(37,21 &RQFHSWLRQ DQG ,VVXHV RI 3DWHUQLW\ 7KHUH DUH D QXPEHU RI LPSRUWDQW LVVXHV VXUURXQGLQJ FRQFHSWLRQ WKDW DUH LQIOXHQFHG E\ LVVXHV RI SDWHUQLW\ 7KHUH DUH FRQFHUQV DERXW SUHYHQWLQJ D SUHJQDQF\ RU HQGLQJ D SUHJQDQF\ WKDW DUH UHODWHG WR VRPH RI WKH UHDVRQV IRU ZDQWLQJ D SUHJQDQF\ 7KHUH LV DOVR D SXEOLF DZDUHQHVV DPRQJ 6XULQDPHUV DERXW WKH DELOLW\ RI ZRPHQ WR UHSURGXFH 7KHVH LVVXHV DUH GHDOW ZLWK LQ WKH IROORZLQJ VHFWLRQV $ :RPDQnV 5HSURGXFWLYH &DSDELOLWLHV $ &UHROH ZRPDQnV DELOLW\ WR UHSURGXFH LV VLJQLILHG E\ WKH FKDQJHV WKDW WDNH SODFH LQ KHU ERG\ GXULQJ SXEHUW\ 7KH PRVW VLJQLILFDQW RI ZKLFK LV PHQDUFKH 0HQVWUXDWLRQ &UHROH ZRPHQ LQ SRVWSDUWXP LQWHUYLHZV UHSRUWHG D PHDQ RI \HDUV RI DJH DW PHQDUFKH )LUVW PHQVWUXDWLRQ LV YLHZHG DV D VLJQ RI D ZRPDQnV IHUWLOLW\ DQG KDV VH[XDO LPSOLFDWLRQV ,W LV QRW KRZHYHU YLHZHG DV D VLJQ RI WUDQVLWLRQ IURP JLUO WR ZRPDQ WKLV WUDQVLWLRQ FRPHV ODWHU :RPHQ UHSRUWHG WKH\ ZHUH JHQHUDOO\ QRW SUHSDUHG IRU WKLV HYHQW DQG ZRXOG FKLGH DJLQJ PRWKHUV IRU QRW SUHSDULQJ WKHP IRU WKH DUULYDO RI PHQDUFKH 7RSLFV WKDW DUH YLHZHG DV

PAGE 142

VH[XDO LQ QDWXUH DQG PHQVWUXDWLRQ LV RQH RI WKRVHf DUH JHQHUDOO\ NHSW IURP \RXQJHU SHRSOH 2FFDVLRQDOO\ DQ ROGHU SHUVRQ ZLOO YHLO D GLVFXVVLRQ RI PHQVWUXDWLRQ FDOOLQJ LW QD IXWX RU EHLQJ RQ WKH IRRW )XWX EHLQJ D VKRUWHQLQJ RI PLQGUHIXWX OHVVHU IRRW RU OLWWOH IRRW f§DQ LQGLUHFW ZD\ RI UHIHUULQJ WR RQHnV JHQLWDOV :KHQ PRUH GLUHFW GLVFXVVLRQV DERXW PHQVWUXDWLRQ DUH KHOG WKH 'XWFK WHUP PHQVWUXDWLH RU WKH 6UDQDQWRQJR WHUP PXQVLNL RU PRRQ VLFNQHVV LV XVHG LQ UHIHUHQFH WR PHQVWUXDWLRQ *LYHQ WKLV VLWXDWLRQ RQH PD\ WKLQN WKDW D ZRPDQnV PHQVWUXDWLRQ ZRXOG QRW EH NQRZQ E\ RXWVLGHUV ZKHQ LQ IDFW WKH RSSRVLWH LV WKH FDVH 0HQVWUXDWLRQ DQG E\ DQDORJ\ D NQRZOHGJH RI D ZRPDQnV UHSURGXFWLYH DELOLWLHV LV D SXEOLF LVVXH 7KLV LV EHFDXVH RI LWV FRQQHFWLRQ ZLWK FHUWDLQ W\SHV RI LOOQHVV (WLRORJ\ RI ,OOQHVV DQG 0HQVWUXDWLRQ )RU &UHROHV WKH FRQGLWLRQ RI WKH EORRG LV UHIOHFWHG LQ RQHnV KHDOWK 2QH FDQ KDYH WKLFNWKLQ EORRG DQG FOHDQGLUW\ EORRG 7KLFN DQG FOHDQ EORRG LV KHDOWK\ ZKLOH WKLQ DQG GLUW\ EORRG LV XQKHDOWK\ 7KHUH DUH VHYHUDO WUHDWPHQWV DYDLODEOH IRU GLIIHUHQW SUREOHPV DQG D ZKROH SKDUPDFRSHLD RI PHGLFLQDO SODQWV FDQ EH XVHG VHH $SSHQGL[ )f ,OOQHVVHV FDQ DOVR EH FDXVHG WKURXJK SUREOHPV LQ UHODWLRQ WR WKH WKH VSLULW ZRUOG DOWKRXJK WKH GLVFXVVLRQ KHUH LV OLPLWHG WR QRQVSLULWXDO LOOQHVVHV 0HQVWUXDWLRQ LV VHHQ DV RQH ZD\ ZRPHQ JHW ULG RI GLUW\ EORRG 0HQ KDYH GLUW\ EORRG DV ZHOO DQG DUH PRUH OLNHO\ WR

PAGE 143

WDNH PHGLFLQDO WUHDWPHQWV IRU WKHLU FRQGLWLRQ $OWKRXJK LQIRUPDQWV GLG QRW RIIHU DQ H[SODQDWLRQ DV WR ZK\ PHQ GR QRW PHQVWUXDWH H[FHSW IRU WKH RFFDVLRQDO WH[WERRN H[SODQDWLRQ OHDUQHG IURP VFKRRO LW LV JHQHUDOO\ YLHZHG DV D ZRPDQnV DGYDQWDJH WKDW VKH PHQVWUXDWHV RXW GLUW\ EORRGf 0HQVWUXDO EORRG LV QRW RQO\ GLUW\ EXW LW FDQ DOVR FDXVH VLFNQHVV ,I IRRG LV HDWHQ SUHSDUHG E\ D PHQVWUXDWLQJ ZRPDQ LW FDQ FDXVH VRURPRIR RU VRUH PRXWK D FRQGLWLRQ LQ ZKLFK WKH FRUQHUV RI WKH PRXWK DUH VRUH DQG GU\ RUf§PRUH IUHTXHQWO\f§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f (YHU\RQH DJUHHV WKDW WU\LQJ WR HDUQ D OLYLQJ PHDQV WKDW PRVW ZRPHQ ZLOO FRQWLQXH WR FRRN DQG VHOO WKHLU ZDUHV GXULQJ WKLV WLPH HYHQ LI WKH\ WKLQN LW PLJKW FDXVH D OLWWOH LOOQHVV (YHQ PHQ ZKR VHHP SDUWLFXODUO\ FRQFHUQHG DERXW JHWWLQJ VRURPRIR ZLOO RFFDVLRQDOO\ HDW DW D

PAGE 144

UHVWDXUDQW 7KHQ ZKHQ WKH\ JHW VLFN WKH\ ZLOO DYRLG HDWLQJ RXW IRU D WLPH 0HQ FODLP WKDW ZRPHQ XVH PXQVLNL WR WKHLU DGYDQWDJH :RPHQ ZLOO VD\ WKH\ DUH PHQVWUXDWLQJ LI WKH\ GR QRW ZDQW WR FRRN WKH PHDO RU D PRWKHU PD\ WHOO KHU VRQ WR FOHDQ XS WKH IRRG DIWHU D PHDO EHFDXVH KLV VLVWHUV FDQnW D QR PDQ f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nOO WDNH ZKDW *RG JLYHV PH

PAGE 145

6H[XDO 5HODWLRQV DV D 5LWH RI 7UDQVLWLRQ 'RXJKHUW\ f SRLQWV RXW WKDW IRU UXUDO $IULFDQ $PHULFDQV LQ )ORULGD SUHJQDQF\ GHOLYHU\ DQG DFFHSWDQFH RI PRWKHUKRRG DUH SDUWV RI D ULWH RI SDVVDJH IURP FKLOGKRRG WR DGXOWKRRG &ODUNH f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

PAGE 146

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f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

PAGE 147

\HDUV DQG WKHLU FKLOGUHQ ZHUH JHQHUDOO\ DOO IURP RQH SDUWQHU 2QO\ WKUHH RI WKH ZRPHQ KDG JRWWHQ SUHJQDQW DW WKH EHJLQQLQJ RI WKHLU UHODWLRQVKLS DQG DOO WKUHH RI WKHP ZHUH H[WUDUHVLGHQWLDO UHODWLRQVKLSV 2QH RI WKHP UHSRUWHG WKDW KHU SDUWQHU KDG GLVDSSHDUHG ZKHQ KH GLVFRYHUHG VKH ZDV SUHJQDQW D VHFRQG UHSOLHG WKDW WKH PDQ FDPH DQG ZHQW KHnV D ZDONLQJ PDQf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

PAGE 148

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n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

PAGE 149

7DEOH 1XPEHU RI 7XEDO /LJDWLRQV 3HUIRUPHG E\ (WKQLF *URXS 1RW 6WHULOL]HG 6WHULOL]HG &UHROH bf bf +LQGXVWDQL bf bf -DYDQHVH bf bf 0DURRQ bf bf M 6RXUFH 'HOLYHU\ UHFRUGV RI Vn/DQGV +RVSLWDDO -DQXDU\ ,W LV QRWHZRUWK\ WKDW WKH WKUHH &UHROH ZRPHQ b RI WKH &UHROH ZRPHQf ZKR ZHUH VWHULOL]HG ZHUH DOO PDUULHG 7KH +LQGXVWDQL ZRPHQ KDG D VLJQLILFDQWO\ KLJKHU UDWH RI VWHULOL]DWLRQ DW b DQG QRW D VLQJOH 0DURRQ ZRPDQ UHTXHVWHG VWHULOL]DWLRQ DIWHU GHOLYHU\ ,W DSSHDUV WKDW XQPDUULHG &UHROH ZRPHQ WKH YDVW PDMRULW\ RI WKH &UHROH ZRPHQf DUH UHOXFWDQW WR EHFRPH VWHULOL]HG ,W LV SODXVLEOH WKDW WKLV LV UHODWHG WR WKH LPSRUWDQFH RI EHDULQJ FKLOGUHQ LQ FRPPRQ ZLWK D SDUWQHU DQG WKH SRVVLELOLW\ WKDW DOZD\V H[LVWV RI D UHODWLRQVKLS GLVVROYLQJ DQG QHFHVVLWDWLQJ WKH HVWDEOLVKPHQW RI DQRWKHU RQH DV GLVFXVVHG LQ WKH IROORZLQJ VHFWLRQ $ ZRPDQnV UHSURGXFWLYH FDSDELOLWLHV DUH DQ LPSRUWDQW UHVRXUFH WR KHU WKDW VKH GRHV QRW ZDQW WR OLPLW 6RPH RWKHU W\SHV RI FRQWUDFHSWLYHV DUH DOVR DYDLODEOH EXW LW LV XQFHUWDLQ KRZ IUHTXHQWO\ WKH\ DUH XVHG DQG ZRPHQ LQ WKH SRVWSDUWXP VXUYH\ KDG QHYHU XVHG DQ\ RI WKHP 6RPH ZRPHQ PHQWLRQHG WKDW DERUWLIDFLHQWV DUH XVHG DV FRQWUDFHSWLYHV $

PAGE 150

ZRPDQ FDQ KDYH DQ DERUWLRQ EHIRUH VKH LV HYHQ FHUWDLQ VKH LV SUHJQDQW 7KHVH DUH GLVFXVVHG LQ WKH VHFWLRQ RQ DERUWLIDFLHQWV EHORZf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

PAGE 151

(YHQ LI D UHODWLRQVKLS KDV GLVVROYHG D FKLOG LQ FRPPRQ FDQ EH DQ LPSRUWDQW FODLP E\ D ZRPDQ WR WKH LQFRPH RI D PDQ ,W LV WUXH WKDW PDQ\ PHQ FRXQWHU WKDW D ZRPDQ JLYHV WKH PRQH\ VKH UHFHLYHV IURP KLP WR DQRWKHU PDQ RU KHU RWKHU FKLOGUHQ EXW HYHQ VR VKH KDV D JUHDWHU FODLP RQ KLP WKDQ VKH ZRXOG RWKHUZLVH KDYH DQG DV SRLQWHG RXW WKH FRPPXQLW\ DV D ZKROH H[SHFWV WKH FKLOGn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f DQG WKHQ WKHLU PRWKHU ZLOO EX\ WKH WKLQJV WKDW WKH\ QHHG DQG JLYH WKRVH WKLQJV WR WKHP 'DXJKWHUV DUH JHQHUDOO\ UHVSRQVLEOH IRU FRQWULEXWLQJ ODERU DURXQG WKH KRXVH 7KH\ ZLOO GR GLVKHV DQG FOHDQLQJ DQG RIWHQ WKH\ ZLOO UDNH WKH \DUG RU GR RXWVLGH ZRUN DURXQG WKH KRXVH 1RUPDOO\ WKRXJK PHQ ZLOO GR WKH \DUG ZRUN

PAGE 152

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nV EORRG JRHV WR KHU EDE\ 7KH &UHROH EHOLHYH WKDW IRU PRVW ZRPHQ WKH IORZ RI WKH EORRG FDQ H[HUW DQ LQIOXHQFH RQ WKH DSSHDUDQFH RI WKH LQIDQW $OWKRXJK VRPH ZRPHQ GLVSXWH WKLV EHOLHI PRVW FODLP WKDW LI D ZRPDQ PHQVWUXDWHV GXULQJ SUHJQDQF\ WKHQ WKH EDE\ ZLOO EH ERUQ ZLWK OLJKWHU VNLQ VLQFH WKH GLUW JRHV RXW RI WKH ERG\ 2WKHUV ZKR KDYH PHQVWUXDWHG LQ WKH HDUO\ PRQWKV RI

PAGE 153

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f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

PAGE 154

GRXEWV DQG UHLQIRUFH ERWK WKH PDQn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f :RPHQ GR QRW FRQILQH WKH H[SHFWHG SHULRG RI QDXVHD WR WKH PRUQLQJ RU VRPH RWKHU SDUW RI WKH GD\ EXW H[SHFW LW DQ\ WLPH LI QRW PRVW RI WKH WLPH ,W LV FRPPRQ IRU SUHJQDQW ZRPHQ WR FDUU\ D ERWWOH RI DOFRODGH DURXQG ZLWK WKHP

PAGE 155

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

PAGE 156

5HVSRQVH WR 'LVFRYHU\ RI 3UHJQDQF\ 1RW HYHU\ ZRPDQ ZKR GLVFRYHUV VKH LV SUHJQDQW UHVSRQGV LQ WKH VDPH ZD\ 7KH UHVSRQVH RI WKH FKLOGnV IDWKHU PD\ DOVR YDU\ &DIInV f H[DPLQDWLRQ RI WHHQDJH SUHJQDQF\ ZRPHQ IURP WR f UHFRUGHG WZR ZRPHQ ZKR KDG DQ XQSOHDVDQW UHDFWLRQ WR WKHLU SUHJQDQF\ IRU HYHU\ RQH WKDW VDLG VKH KDG D SOHDVDQW UHDFWLRQ VHH WDEOH f 7DEOH 5HDFWLRQ RI :RPHQ WR 7KHLU 3UHJQDQF\ Q f 3UHWWLJ 3OHDVDQWf 1HXWUDDO 1HXWUDOf 2QSUHWWLJ 8QSOHDVDQWf 6RXUFH &DII 7KH IDWKHUV RI WKH FKLOGUHQ UHVSRQGHG D OLWWOH PRUH SRVLWLYHO\ ZLWK DOPRVW HTXDO QHJDWLYH DQG SRVLWLYH UHVSRQVHV DOWKRXJK LW LV SRVVLEOH WKDW IDWKHUV ZKR ZHUH QHYHU WROG PD\ KDYH LQFUHDVHG WKH QHJDWLYH UHVSRQVHV LI WKH\ KDG EHHQ LQIRUPHG VHH WDEOH f 7DEOH 5HDFWLRQ RI WKH &KLOGnV )DWKHU WR WKH 3UHTSDQ&< Q ILfr 3UHWWLJ 3OHDVDQWf 1HXWUDDO 1HXWUDOf 2QSUHWWLJ 8QSOHDVDQWf r6L[ RI WKH ZRPHQ UHSRUWHG WKH\ KDG QHYHU WROG WKH FKLOGnV IDWKHU RI WKH SUHJQDQF\

PAGE 157

6RXUFH &DII 7KH FXUUHQW VWXG\ GLG QRW IRFXV RQ WHHQDJH SUHJQDQF\ EXW RQ DOO SUHJQDQFLHV 7KH TXHVWLRQV SRVHG RQ UHVSRQVH WR SUHJQDQF\ ZHUH RSHQ HQGHG DVNLQJ KRZ ZRPHQ IHOW DERXW WKHLU SUHJQDQF\ DQG ZKDW WKHLU SDUWQHUV VDLG ZKHQ WKH\ NQHZ WKH ZRPDQ ZDV SUHJQDQW 6LQFH &DII f GLG QRW VHSDUDWH WKH UHVSRQVHV RI HDFK HWKQLF JURXS LQ KHU VWXG\ WKH UHVSRQVHV ZLOO ILUVW EH FRQVLGHUHG DV D JURXS EHIRUH WKH\ DUH VHSDUDWHG E\ HWKQLF JURXS PHPEHUVKLS VHH WDEOH f 2I WKH ZRPHQ LQWHUYLHZHG UHVSRQGHG WKDW WKH\ ZHUH KDSS\ WKH\ ZHUH SUHJQDQW DQG WHQ VWDWHG WKH\ UHVSRQGHG JHZRRQ RU QRUPDOO\ ZKHQ WKH\ GLVFRYHUHG WKH\ ZHUH SUHJQDQW ZKLFK LV HYLGHQWO\ WDNHQ LQ FRQWH[W D SRVLWLYH UHVSRQVHf 1LQH RI WKH ZRPHQ ZHUH XQKDSS\ DERXW WKH SUHJQDQF\ 7KRVH ZKR VWDWHG WKH\ ZHUH XQKDSS\ ZLWK WKHLU SUHJQDQF\ VDLG WKH\ ZHUH QRW HFRQRPLFDOO\ DEOH WR WDNH FDUH RI WKH FKLOG RU KDG MXVW QRW SODQQHG RQ DQRWKHU FKLOG $OWKRXJK WKH UHVSRQVHV RI WKHVH ZRPHQ KDYH EHHQ SODFHG LQ RQH RI WKUHH FDWHJRULHV WR DOORZ IRU FRPSDULVRQ ZLWK &DIInV VWXG\ WKH\ YDULHG WUHPHQGRXVO\ 7KHUH ZDV D ZRPDQ ZKR GLG QRW WKLQN VKH FRXOG KDYH FKLOGUHQ DIWHU VL[ \HDUV RI WU\LQJ DQG IHOW HQWKXVLDVWLF ZKHQ VKH NQHZ VKH ZDV SUHJQDQW $QRWKHU ZRPDQ VDLG VKH ZDV JODG WR KDYH WKH EDE\ VLQFH VKH NQHZ WKHUH ZDV D ULVN WR KDYLQJ LW KDXOHG DZD\ LH DERUWHGf 2WKHUV UHVSRQGHG OLIHnV GLIILFXOW EXW \RX

PAGE 158

FDQQRW GR DQ\WKLQJ DERXW LW RU WKH SUHJQDQF\ ZDV D OLWWOH ERWKHUVRPH EXW 6RPH ZHUH XQKDSS\ LQ WKH EHJLQQLQJ EXW ODWHU ZHUH KDSS\ DERXW WKHLU VLWXDWLRQ DQG VRPH VDLG WKH\ ZHUH DIUDLG 7KRVH WKDW ZHUH HVSHFLDOO\ XQKDSS\ ZHUH VWLOO LQ VFKRRO 7DEOH :RPHQnV 5HVSRQVH WR 7KHLU 3UHJQDQF\ Q f +DSS\ 1HXWUDO *HZRRQf 8QKDSS\ 6RXUFH 3RVWSDUWXP ,QWHUYLHZV &UHROH DQG 0DURRQ ZRPHQ ZHUH OHVV OLNHO\ WR EH KDSS\ WKDQ RWKHU HWKQLF JURXSV ,I WKH UHVSRQVHV ZHUH VHSDUDWHG DFFRUGLQJ WR WKRVH RI $IULFDQ DQFHVWU\ DQG WKRVH RI RWKHU DQFHVWU\ VHH WDEOH f WKH UHVSRQVHV IRU ZRPHQ RI $IULFDQ DQFHVWU\ Q f ZHUH QLQH KDSS\ DQG HLJKW XQKDSS\ ZKLOH WKH UHVSRQVHV RI WKH RWKHU ZRPHQ Q f ZHUH WHQ KDSS\ DQG RQH XQKDSS\ WKH RQH XQKDSS\ ZDV D 1DWLYH $PHULFDQ ZKR VDLG VKH ZDQWHG WKH FKLOG EXW ZDV DIUDLGf 7DEOH (WKQLFLW\ RI :RPHQ DQG 5HVSRQVH WR 3UHFPDQFY &UHROH0DURRQ :RPHQ Q f +DSS\ 1HXWUDO 8QKDSS\ 2WKHU :RPHQ Q f +DSS\

PAGE 159

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rI WKH ZRPHQ ZKR DVNHG WR EH LQWHUYLHZHG LQ 6UDQDQWRQJR ZHUH 0DURRQ ZRPHQ VRPH ZHUH UHIXJHHV DQG VRPH KDG OHIW WKH LQWHULRU VRPH WLPH DJR ,W LV SRVVLEOH WKDW GLIIHUHQFHV LQ EHKDYLRU ZHUH EDVHG RQ GLIIHUHQW FXOWXUDO UHVSRQVHV WKDW ZHUH PLVVHG VLQFH WKHVH ZRPHQ ZHUH QRW WKH IRFXV RI WKLV UHVHDUFK 7KH UHVSRQVHV JLYHQ E\ &UHROH0DURRQ PHQ DV SHUFHLYHG E\ ZRPHQ IRU WKH TXHVWLRQ ZHUH RI WKH PHQ ZHUH KDSS\ ZLWK WKH SUHJQDQF\ IRXU ZHUH XQKDSS\ DQG QHXWUDO VHH WDEOH f :KHQ DOO RI WKH UHVSRQVHV DUH FRQVLGHUHG WRJHWKHU WKHUH ZHUH PHQ KDSS\ ZLWK WKH SUHJQDQF\ IRXU XQKDSS\ DQG

PAGE 160

PL[HG QRUPDO RU QRWKLQJ UHVSRQVHV VHH WDEOH f 2I WKRVH ZKR ZHUH QHW HLWKHU &UHROH RU 0DURRQ QRQH RI WKH PHQ ZHUH FUHGLWHG ZLWK JLYLQJ XQKDSS\ UHVSRQVHVf 7DEOH 0HQnV 5HVRQVH WR 3UHJQDQF\ EY (WKQLFLW\ &UHROH0DURRQ 0HQ Q fr +DSS\ 1HXWUDOrr 8QKDSS\ L 2WKHU 0HQ Q f +DSS\ 1HXWUDO 8QKDSS\ r2QH PDQ ZDV QHYHU QRWLILHG RI WKH SUHJQDQF\ rr,QFOXGHV VL[ PHQ ZKR VDLG QRWKLQJ 6RXUFH 3RVWSDUWXP ,QWHUYLHZV 7DEOH 0HQnV 5HVSRQVH WR WKH 3UHJQDQF\ Q fr +DSS\ 1HXWUDOrr 8QKDSS\ r 2QH PDQ ZDV QHYHU WROG RI WKH SUHJQDQF\ rr7KLV ILJXUH LQFOXGHV VL[ PHQ ZKR VDLG QRWKLQJ 6RXUFH 3RVWSDUWXP ,QWHUYLHZV 2QH ZRPDQ VDLG VKH KDG ZDQWHG WR DERUW WKH FKLOG EXW WKH IDWKHU WROG KHU LW ZDV D VLQ ZKLOH DQRWKHU JDYH D VLPLODU UHVSRQVH DQG WKH IDWKHU VDLG LW ZDV PXUGHU 2WKHU IDWKHUV ZHUH QRW VR KDSS\ 2QH ZRPDQ UHSRUWHG WKH IDWKHU

PAGE 161

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‘7KH 5HVSRQVH 2I 2WKHUV 7RZDUGV WKH 3UHJQDQF\ 8VXDOO\ SDUHQWV DQG HVSHFLDOO\ PRWKHUV DUH WROG E\ D GDXJKWHU WKDW VKH LV SUHJQDQW 7KRVH SDUHQWV ZKR DUH QRW WROG DERXW D SUHJQDQF\ WHQG WR GLVFRYHU LW RQ WKHLU RZQ HDUO\

PAGE 162

LQ WKH SUHJQDQF\ 0RVW ZRPHQ UHSRUWHG WKDW WKHLU SDUHQWV NQHZ ZLWKLQ ZHHNV RI WKH WLPH WKH\ WKHPVHOYHV NQHZ WKH\ ZHUH SUHJQDQW 7KLV ZDV QRW WKH VDPH ZLWK IULHQGV DQG QHLJKERUV $OPRVW DOO RI WKLV JURXS GLVFRYHUHG WKHLU IULHQGnV FRQGLWLRQ DW IRXU RU ILYH PRQWKV LQWR WKH SUHJQDQF\ 7KLV ZDV EHFDXVH WKH SUHJQDQF\ EHFDPH REYLRXV DW WKDW SRLQW 3UHJQDQF\ GLG QRW DSSHDU WR EH DQ HYHQW WKDW ZDV DQQRXQFHG WR WKH FRPPXQLW\ LQ D GLUHFW ZD\ ,W DSSHDUV WKDW WKH ZRPDQ KHU SDUHQWV WKH FKLOGnV IDWKHU DQG RFFDVLRQDOO\ WKH IDWKHUnV SDUHQWV DUH JHQHUDOO\ WKH RQO\ RQHV LQ WKH VRFLDO QHWZRUN RI D ZRPDQ WKDW DUH WROG DERXW WKH HYHQW LI HYHQ WKH\ DUH WROG +RZHYHU DV SUHJQDQFLHV EHFRPH NQRZQ RU UHFRJQL]HG E\ RWKHU PHPEHUV RI WKH FRPPXQLW\ WKH\ FRQWULEXWH WR D SUHJQDQW ZRPDQnV QHHGV DQG KHOS KHU ZKHQ WKH\ FDQ VHH FKDSWHU VHYHQf $OWKRXJK PDQ\ RI WKHVH FRPPXQLW\ PHPEHUV IHHO IUHH WR DVN D ZRPDQ ZKR WKH IDWKHU RI DQ H[SHFWHG FKLOG LV PRVW UHO\ RQ EHKDYLRUDO LQGLFDWLRQV 6XFK DV ZKLFK PDOHV KDYH EHHQ DURXQG WKH KRXVH D ORWf§HVSHFLDOO\ LI WKH\ KDYH EULQJLQJ FORWKHV RU RWKHU JLIWV ,I D PDQ KDV KHOSHG D ZRPDQ WKURXJK FDUU\LQJ DQ LOOQHVV WKLV LV FRQYLQFLQJ HYLGHQFH WKDW KH LV WKH IDWKHU 0HQ ZLOO RIWHQ WHOO IULHQGV DQG RWKHUV WKDW WKH\ DUH WKH IDWKHU RI D FKLOG DQG LI WKH\ DUH KDSS\ DERXW WKH RXWFRPH WKH\ DUH QRW DV UHOXFWDQW DV ZRPHQ WR DQQRXQFH D SUHJQDQF\ ZKHQ WKH\ NQRZDERXW LW /DWHU RQ DV WKH SUHJQDQF\ SURJUHVVHV GXULQJ GHOLYHU\ RU IROORZLQJ GHOLYHU\ WKHUH DUH RWKHU EHKDYLRUDO LQGLFDWLRQV RI SDWHUQLW\

PAGE 163

)DOVH 3UHJQDQFLHV 7KHUH DUH WLPHV ZKHQ D ZRPDQ PD\ DSSHDU WR EH SUHJQDQW RU EHOLHYH VKH LV SUHJQDQW ZKHQ LW LV QRW WKH FDVH $OWKRXJK DPHQRUUKHD RU GLVUXSWHG PHQVWUXDWLRQ PD\ DW WLPHV EH D IDFWRU LQ WKLV LW GRHV QRW RFFXU YHU\ IUHTXHQWO\ DPRQJ WKRVH ZKR GHOLYHU DW WKH KRVSLWDO WKHUH PD\ EH KLJKHU UDWHV DPRQJ WKRVH ZKR FDQ QRW FRQFHLYH DQG DUH WKHUHIRUH QRW GHOLYHULQJ EDELHV DW WKH KRVSLWDOf 2I WKH ZRPHQ LQ WKH GHOLYHU\ UHFRUGV VDPSOH RQO\ b RU QLQH ZRPHQf UHSRUWHG DEQRUPDO PHQVWUXDWLRQ 2QH SKHQRPHQRQ WKDW ZRPHQ VRPHWLPHV DVVRFLDWH ZLWK SUHJQDQF\ LV DEGRPLQDO VZHOOLQJ 2FFDVLRQDOO\ H[DFWO\ KRZ RIWHQ LV VWLOO XQNQRZQf D ZRPDQnV DEGRPHQ ZLOO EHJLQ WR VZHOO 6KH EHOLHYHV VKH LV SUHJQDQW +HU IDPLO\ DQG DWWHQWLYH QHLJKERUV PD\ DOVR EHJLQ WR QRWLFH 7KHQ WKH ZRPDQnV DEGRPHQ ZLOO UHWXUQ WR RULJLQDO VL]H DQG HYHU\WKLQJ DSSHDUV DV LW GLG EHIRUH 7KLV SUHJQDQF\ KDV EHHQ UHSRUWHG WR ODVW IURP WKUHH WR VL[ PRQWKV EXW WKHRUHWLFDOO\ FDQ ODVW DQ\ OHQJWK RI WLPH 7KHUH LV QR QDPH IRU WKLV HYHQW EXW WKHVH SUHJQDQFLHV DUH DVVRFLDWHG ZLWK WKH %DNUX D VPDOO GZDUIOLNH PDOH VSLULW ZLWK D ODUJH KHDG DQG VRPH VD\ ODUJH ZRRGHQOLNH KDQGV +H ZLOO RFFDVLRQDOO\ YLVLW ZRPHQ DW QLJKW LQ WKHLU GUHDPV DQG KDYH LQWHUFRXUVH ZLWK WKHP $ VSLULWXDO FKLOG LV FRQFHLYHG EXW QHYHU GHOLYHUHG $V WKH ZLQWL DUH VHUYHG DQG JLYHQ VSHFLDO IHDVWV WKH %DNUX LV DSSHDVHG DQG WKH VSLULW EDE\ LV ZLWKGUDZQ

PAGE 164

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f§RQH RI WKH PRVW LPSRUWDQW H[SUHVVLRQV RI ZKLFK LV LPSRWHQF\ ,W LV EHOLHYHG WKDW WKH ROGHU VRPHRQH JHWV WKH PRUH QHFHVVDU\ WKLV WUHDWPHQW EHFRPHV DQG WKH ODUJHU WKH GRVH QHHGHG 6PDOO ERWWOHV DUH DYDLODEOH IRU PHQ LQ WKHLU WZHQWLHV DQG WKLUWLHV PHGLXP VL]H ERWWOHV IRU PHQ LQ WKHLU IRUWLHV DQG ILIWLHV DQG ODUJH ERWWOHV DUH DYDLODEOH IRU PHQ SDVW WKHLU ILIWLHV 7KH IDFW WKDW WKHVH SRWLRQV DUH DOVR GUXQN WR LPSURYH D PDQnV IHUWLOLW\ ZKLOH ZRPHQ KDYH QR PHDQV RI LPSURYLQJ IHUWLOLW\ PD\ EH UHODWHG WR WKH LPSRUWDQFH PHQ SODFH RQ IDWKHULQJ FKLOGUHQ EXW WKLV LV QRW FOHDU

PAGE 165

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f 1RW DOO DERUWLRQV DUH LQWHQWLRQDO ,W DSSHDUV IURP KRVSLWDO UHFRUGV WKDW PDQ\ RI WKH DERUWLRQV WKDW KDSSHQ RFFXU VSRQWDQHRXVO\ 7KHVH DUH JHQHUDOO\ WHUPHG PLVFDUULDJHV LQ

PAGE 166

WKH 8QLWHG 6WDWHV PLVNUDDPV LQ 'XWFK DQG WURZHEHUH LQ 6UDQDQWRQJR OLWHUDOO\ WKURZDZD\ EHOO\f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f PD\ DOVR FDXVH D PLVFDUULDJH ,I D ZRPDQ KDV QRW SURSHUO\ WUHDWHG D ZLQWL ZKLFK KDV VHUYHG KHU WKHQ LW PD\ UHWDOLDWH E\ FDXVLQJ KHU XWHUXV WR WKURZ DZD\ WKH EDE\ HYHQ WKRXJK VKH ZLVKHV WR NHHS LW ,I D ZRPDQ KDV H[SHULHQFHG VHYHUDO PLVFDUULDJHV WKHQ WKH\ DUH JHQHUDOO\ FRQQHFWHG WR VXSHUQDWXUDO HYHQWV ,Q RUGHU WR PLVOHDG WKH ZLQWL WKH FKLOG LV VROG WR DQRWKHU SHUVRQ EHIRUH LW LV ERUQ VR WKDW LW ZLOO QR ORQJHU EHORQJ WR WKH SUHJQDQW ZRPDQ DQG ZLOO QRW EH

PAGE 167

KDUPHG 7KLV VHOOLQJ LV RQO\ D WRNHQ FHUHPRQ\ DQG &UHROHV ZRXOG QHYHU FRQVLGHU UHDOO\ VHOOLQJ DQRWKHU SHUVRQ $ IHZ FHQWV LV DOO WKDW LV SDLG WR WKH PRWKHU DQG DIWHU WKH ELUWK WKH SXUFKDVHU JLYHV SUHVHQWV WR WKH FKLOG DQG FRQWLQXHV D VSHFLDO UHODWLRQVKLS ZLWK WKH FKLOG ,QGXFHG $ERUWLRQV $ERUWLRQVf ,QGXFHG DERUWLRQV DUH UHIHUUHG WR LQ WKH 8QLWHG 6WDWHV DV DERUWLRQV ZKLOH LQ 'XWFK WKH\ DUH UHIHUUHG WR DV DERUWXV DQG LQ 6UDQDQWRQJR DV SXUXEHUH OLWHUDOO\ WR SXOO WKH EHOO\f ,W LV OHJDO LQ 6XULQDPH IRU D SK\VLFLDQ WR SHUIRUP DQ DERUWLRQ 7KH\ DUH KRZHYHU VRFLDOO\ GLVDSSURYHG RI E\ PDQ\ RI WKH &KULVWLDQ GHQRPLQDWLRQV VXSSRUWHG E\ WKH &UHROHV ZKLFK IRU WKH PDMRULW\ LV &DWKROLFLVP DW b RU 0RUDYLDQ %UHWKUHQ DW bf ,I D ZRPDQ XQGHUJRHV DQ DERUWLRQ LW LV QRW UHDGLO\ DGPLWWHG WR WKH FRPPXQLW\ DOWKRXJK PRVW SHRSOH DUH JHQHUDOO\ V\PSDWKHWLF WR KHU SUHGLFDPHQW 2QH \RXQJ ZRPDQ ZDV WDNHQ E\ KHU PRWKHU WR D SULYDWH GRFWRU DQG VKH JXLHWO\ JRW DQ DERUWLRQ ZLWKRXW DQ\RQH LQ WKH QHLJKERUKRRG NQRZLQJ :RPHQ PD\ DOVR XQGHUJR DQ DERUWLRQ DW KRPH RU VRPHZKHUH HOVH RXWVLGH WKH ELRPHGLFDO V\VWHP $ ZRPDQ PD\ GR WKLV QRW RQO\ WR NHHS LQIRUPDWLRQ DERXW KHU DERUWLRQ IURP RWKHUV EXW D KRPH UHPHG\ PD\ DOVR EH OHVV H[SHQVLYHf§LI LW ZRUNV ,I RWKHUV DOUHDG\ NQRZ WKDW D ZRPDQ LV SUHJQDQW WKHQ D KRPH UHPHG\ FDQ DOVR EH XVHG WR FDXVH D VSRQWDQHRXV DERUWLRQ (YHQ WKRXJK D ZRPDQ PD\ EH EODPHG IRU GRLQJ

PAGE 168

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b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

PAGE 169

EH LQIOXHQFHG E\ YDU\LQJ UDWHV RI WKH DFFHSWDELOLW\ RI DERUWLRQ LQ GLIIHULQJ HWKQLF JURXSV WKHUH PD\ EH SK\VLRORJLFDO IDFWRUV LQYROYHG WKH 0DURRQ ZRPHQ KDG WKH VHFRQG KLJKHVW UDWH RI DERUWLRQ DQG KDYH WKH VDPH DQFHVWU\ DV &UHROH ZRPHQ DOWKRXJK WKHUH DUH PDQ\ VLPLODU FXOWXUDO DQG HFRQRPLF IDFWRUV WKDW FRPH LQWR SOD\ DV ZHOOf RU WKHUH PD\ EH D FXOWXUDO ELDV WR RYHUORRN PLVFDUULDJHV WKDW WDNH SODFH HDUO\ LQ WKH SUHJQDQF\ DOWKRXJK WKH UDWLR RI UHSRUWHG LQGXFHG DERUWLRQV LV VLPLODU WR DOWKRXJK ORZHU LQ UHDO WHUPV WKDQ WKH QXPEHUV JLYHQ KHUHf 7DEOH 1XPEHU RI $ERUWLRQV LQ 3RSXODWLRQ RI 'HOLYHULQD :RPHQ 0HDQ 1XPEHU 6WDQGDUG 'HYLDWLRQ RI $ERUWLRQV IURP WKH 0HDQ &UHROH Q f +LQGXVWDQL Q f -DYDQHVH Q f 0DURRQ Q f 6RXUFH 'HOLYHU\ UHFRUGV RI Vn/DQGV +RVSLWDDO IRU -DQXDU\ ,W LV OLNHO\ WKDW HYHQ LI WKH UHDO QXPEHU RI DERUWLRQV LV KLJKHU WKDQ OLVWHG DQG WKH UDWLRV PD\ GLIIHU VRPHZKDW GXH WR XQIRUHVHHQ IDFWRUV WKH KLJK UDWH RI DERUWLRQV DPRQJ &UHROH ZRPHQ UHIOHFWV UHDO HYHQWV )URP WKH ZRPHQ ZKR GR KDYH DQ LQGLFDWLRQ LQ WKHLU UHFRUGV RI ZKLFK W\SH RI DERUWLRQ WKH\ H[SHULHQFHG VHH WDEOH f QRQH RI WKRVH ZLWK VSRQWDQHRXV DERUWLRQV ZHUH &UHROH ZKLOH WKUHH ZHUH +LQGXVWDQL DQG ILYH

PAGE 170

ZHUH 0DURRQ ZKLFK LQGLFDWHV WKDW DQFHVWU\ PD\ QRW EH LPSRUWDQW LQ WKLV FDVHf 2I WKRVH ZKR KDG LQGXFHG DERUWLRQV OLVWHG DV DERUWXV SURYRFDWXV LQ WKH UHFRUGVf WZR ZKHUH +LQGXVWDQL WZR ZHUH 0DURRQV DQG ZHUH &UHROH WZR RI WKHVH ZRPHQ ZHUH EURXJKW WR WKH KRVSLWDO EHFDXVH RI LPSHUIHFW KRPH DERUWLRQV 1RQH RI WKH -DYDQHVH ZHUH FODVVLILHG LQ HLWKHU FDWHJRU\f 7DEOH 7RWDO 1XPEHU RI $ERUWLRQV 6SHFLILHG DV ,QGXFHG LQB 'HOLYHU\ 5HFRUGV EY (WKQLF *URXS ,QGXFHG 6SRQWDQHRXV &UHROH Q f +LQGXVWDQL Q f -DYDQHVH Q f 0DURRQ Q f 7RWDOVr r ,QFOXGHV LQGXFHG DQG VSRQWDQHRXV DERUWLRQV DV ZHOO DV WKRVH QRW VSHFLILHG LQ HLWKHU FDWHJRU\ 6RXUFH 'HOLYHU\ 5HFRUGV RI Vn/DQGV +RVSLWDDO -DQXDU\ $OO RI WKH DERUWLRQV UHSRUWHG DV LQGXFHG KDG EHHQ SHUIRUPHG DW WKH KRVSLWDO WKH WZR KRPH HIIRUWV ZHUH FRPSOHWHG DW WKH KRVSLWDOf WKXV LW LV OLNHO\ WKDW RWKHU KRPH DERUWLRQV WKDW VXFFHHGHG DQG QHYHU HQGHG XS RQ KRVSLWDO UHFRUGV ZHUH QHYHU UHSRUWHG %HFDXVH 6XULQDPH ODZV SURKLELW QRQPHGLFDO DERUWLRQV DQG WKH FRVW DW SULYDWH FOLQLFV LV PRUH WKDQ D PRQWKnV VDODU\ IRU PRVW ZRPHQ DERXW VI LH VI PRUH WKDQ WKH GHOLYHU\ FRVWV IRU WKH EDE\f LW LV GRXEWIXO WKDW PDQ\ XVH RWKHU SURIHVVLRQDO VRXUFHV RI

PAGE 171

DERUWLRQ %DVHG RQ WKH HYLGHQFH WKHUH LV HYHU\ UHDVRQ WR EHOLHYH WKDW WKH UDWH RI LQGXFHG DERUWLRQV DPRQJ &UHROH ZRPHQ LV PXFK KLJKHU WKDQ IRU RWKHU VHJPHQWV RI WKH SRSXODWLRQ 7KH &UHROH 8VH RI $ERUWLRQV ,I RQH ORRNV DW WKH IDFW PHQWLRQHG SUHYLRXVO\ LQ WKLV FKDSWHU WKDW &UHROH ZRPHQ DUH WKH JURXS ZLWK WKH ORZHVW QXPEHU RI SRVWSDUWXP VWHULOL]DWLRQV DQG WKH IDFW WKDW WKH QXPEHU RI FKLOGUHQ ERUQ WR &UHROH ZRPHQ LV EDVLFDOO\ VLPLODU WR WKDW RI RWKHU VHJPHQWV RI WKH SRSXODWLRQ VHH FKDSWHU HLJKWf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f %HLQJ DEOH WR FDUH IRU WKH EDE\ DIWHU LW LV EURXJKW KRPH LV DOVR LPSRUWDQW 7KHUH LV OLWWOH FRQFHUQ DERXW KDYLQJ DQ H[WUD URRP WR SXW WKH EDE\ LQ VLQFH PRVW LQIDQWV ZLOO

PAGE 172

VKDUH D URRP ZLWK WKHLU PRWKHU IRU \HDUV 7KHUH LV KRZHYHU VRPH FRQFHUQ DERXW FORWKLQJ IRU WKH EDE\ EXW VXSSRUW IURP IDPLO\ DQG IULHQGV WHQGV WR FRQWULEXWH LQ WKLV DUHD :KHQ WKH IDWKHU RI WKH EDE\ GRHV QRW KDYH WKH PHDQV WR FRQWULEXWH WR WKH EDE\nV XSNHHS RU GHQLHV SDWHUQLW\ WKLV VHHPV WR EH D UHDVRQ WR DERUW 6XPPDU\ $OWKRXJK PHQVWUXDWLRQ LV UDUHO\ GLVFXVVHG GLUHFWO\ D ZRPDQn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nV FKRLFH RI KDYLQJ DQ DERUWLRQ

PAGE 173

7KLV ILJXUH LV GHWHUPLQHG IURP Q 2QH ZRPDQ UHSRUWHG WKDW VKH EHJDQ KHU PHQVWUXDWLRQ DW DJH RU VKH VHHPHG XQFHUWDLQ DV WR WKH H[DFW DJH ZKHQ PHQVWUXDWLRQ EHJDQ ZKLFK PDGH KHU UHVSRQVH OHVV YDOLGf 7KLV LQIRUPDWLRQ ZDV H[FOXGHG VLQFH WKH KLJK DJH ZDV XQLTXH ,I WKLV ZRPDQ LV LQFOXGHG DV PHQVWUXDWLQJ DW \HDUV ROG WKHQ Q PHDQV WKDW WKH PHDQ DJH DW PHQDUFKH LV \HDUV ROG UDWKHU WKDQ \HDUV ROG 7KH PRGH DJH DW PHQDUFKH IRU WKLV VDPSOH ZDV \HDUV ROG 7KLV PD\ EH D GLVDSSHDULQJ SUDFWLFH VLQFH LW ZDV JHQHUDOO\ HOGHUO\ LQIRUPDQWV WKDW H[SUHVVHG WKLV LGHD
PAGE 174

FKLOGUHQ WKH LQWHUYLHZV ZHUH GRQH DERXW KRXUV DIWHU WKH\ KDG ILQLVKHG GHOLYHULQJf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f $,'6 KDV LQ JHQHUDO EHFRPH DVVRFLDWHG ZLWK WKRVH ZKR DUH ZDNDZDND SHUVRQDOLW\ W\SHV DQG DQ DFFXVDWLRQ RI VRPHRQH EHLQJ +,9 SRVLWLYH LV FRQVLGHUHG DQ LQVXOW VHH H[DPSOH LQ WKH WH[Wf 6LQFH WKLV VWXG\ LV RQO\ IRFXVHG RQ &UHROH ZRPHQ QR DWWHPSW ZLOO EH PDGH WR H[SODLQ WKH UDWHV RI VWHULOL]DWLRQ DPRQJ WKH RWKHU JURXSV +RZHYHU LW VKRXOG EH QRWHG WKDW WKH +LQGXVWDQL UDWH ZRXOG EH HYHQ KLJKHU EXW VHYHUDO ZRPHQ ZKR KDG UHTXHVWHG VWHULOL]DWLRQ DQG KDG RQO\ GDXJKWHUV DVNHG QRW WR EH VWHULOL]HG DIWHU DQRWKHU GDXJKWHU ZDV ERUQ /RZHQWKDO f KDV DUJXHG WKDW LQ +DLWL D ZRPDQn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f EXW LW DSSHDUV WKDW LQ WKH ORZHU VWUDWD RI 6XULQDPH GDUNHU VNLQ LV DW OHDVW SUHIHUDEOH LQ VRPH FLUFXPVWDQFHV DQG SRVVLEOH KDV OLWWOH QHJDWLYH LQIOXHQFH RQ VWDWXV 7KHVH EHOLHIV PD\ KDYH EHHQ DGRSWHG IURP WKH EHOLHIV RI 1DWLYH $PHULFDQV LQ WKH UHJLRQ 7KH FXVWRP RI WKH FRXYDGH LV ZHOO NQRZQ DPRQJ 1DWLYH $PHULFDQV LQ 6XULQDPH 'DZVRQ .ORRV f DOWKRXJK .UXPHLFK f TXHVWLRQV LWV H[LVWHQFH :KHQ ZRPHQ VWDWHG WKH\ UHVSRQGHG QRUPDOO\ WR WKH SUHJQDQF\ WKH\ RIWHQ UHVSRQGHG WR WKH IROORZLQJ TXHVWLRQ DERXW WKH PDQnV UHVSRQVH +H ZDV KDSS\ WRR :KLFK WHQGV WR LQGLFDWH WKDW D QRUPDO UHVSRQVH IRU WKHVH ZRPHQ ZDV OLNHO\ D SRVLWLYH UHVSRQVH

PAGE 175

$OWKRXJK 0DURRQ ZRPHQ JHQHUDOO\ KDYH PRUH FKLOGUHQ WKDQ RWKHU HWKQLF JURXSV VHH FKDSWHU VHYHQf &UHROH ZRPHQ KDYH DERXW WKH VDPH QXPEHU DV RWKHU HWKQLF JURXSV DQG VR IDPLO\ VL]H SUREDEO\ KDV OLWWOH WR GR ZLWK WKHVH ILJXUHV 7KHVH VWDWHPHQWV DUH WDNHQ IURP WZR SRVWSDUWXP LQWHUYLHZV DQG VL[ XQVWUXFWXUHG LQWHUYLHZV ZLWK LQIRUPDQWV 7KH GHWDLOV RI WKLV FDVH DUH VXFK WKDW D ZRPDQ ZKR ZDV D PHPEHU RI WKH H[WHQGHG IDPLO\ RI VHYHUDO LQIRUPDQWV JRW SUHJQDQW DW VHYHQWHHQ \HDUV RI DJH 7KH IDWKHU RI WKH FKLOG OHIW KHU DQG ZHQW WR WKH 1HWKHUODQGV VKRUWO\ DIWHUZDUGV $IWHU ZULWLQJ VHYHUDO OHWWHUV DQG DWWHPSWLQJ WR JHW KLP WR KHOS ILQDQFLDOO\ WKH ZRPDQ OHDUQHG IURP VRPHRQH HOVH WKDW KH KDG DQRWKHU JLUOIULHQG LQ +ROODQG 6KH ZHQW WR WKH KRVSLWDO DQG DVNHG D GRFWRU WR SHUIRUP DQ DERUWLRQ 7KH GRFWRU QHYHU WROG KHU VKH FRXOG QRW JHW RQH EXW WROG KHU VKH ZRXOG UHJUHW LW DQG VKRXOG ZDLW WR WKLQN DERXW ZKDW VKH ZDV GRLQJ DFFRUGLQJ WR VXEVHTXHQW SROLFH LQYHVWLJDWLRQ DQG KHU IDPLO\ PHPEHUVf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f 5RDVWHG FROD QXWV DUH DOVR OLVWHG E\ $FVDGL f DV DQ DERUWLIDFLHQW IRU WKH
PAGE 176

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

PAGE 177

&+$37(5 35(*1$1&< $ :RPDQn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n HDUHG DQG IUHTXHQWO\ SHUXVHG LW VWD\HG RQ WKH VKHOI IRU DW OHDVW D \HDU DQG D KDOI %HFDXVH ZRPHQ GR QRW GUHVV GLIIHUHQWO\ ZKHQ WKH\ DUH SUHJQDQW DQG JHQHUDOO\ ZHDU WKHLU

PAGE 178

FORWKHV XQWLO WKH\ DUH WRR WLJKW WKLV VHUYHV WR UHLQIRUFH VL]H DV WKH LQGLFDWRU RI SUHJQDQF\ 3UHJQDQF\ DV DQ (YHQW 3UHJQDQF\ LV ERWK D VSLULWXDO DQG SK\VLFDO HYHQW $ FKLOG PXVW UHFHLYH D VSLULW LQ RUGHU WR OLYH EXW WKH DFWXDO GHYHORSPHQW RI WKH FKLOG LV D SK\VLFDO SURFHVV WKDW UHTXLUHV ERWK WKH PRWKHU DQG WKH IDWKHU WR FRPSOHWH $ 0RWKHUn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nV &RQWULEXWLRQV WR WKH &KLOG 7KH IDWKHU LV DOVR LPSRUWDQW WR WKH JURZWK RI WKH FKLOG 6HPHQ LV FRQVLGHUHG LPSRUWDQW IRU ERQH JURZWK DQG VR WKH IDWKHU VKRXOG FRQWLQXH WR KDYH VH[XDO UHODWLRQV XQWLO WKH FKLOG LV ERUQ $OWKRXJK VRPH LQIRUPDQWV VWLOO EHOLHYH WKLV ILUPO\ RWKHUV VWURQJO\ GRXEW LWV YHUDFLW\ RU VD\ WKH\

PAGE 179

EHOLHYH WKH GHVFULSWLRQ RI IHWDO JURZWK WKH\ OHDUQHG LQ VFKRRO EXW HYHQ WKH\ NHHS LW LQ PLQG DQG WU\ WR PDNH VXUH WKH FKLOGnV SURSHU JURZWK LV FDUHG IRU MXVW LQ FDVH LW LV LPSRUWDQW 7KH EHOLHI WKDW D IDWKHU VKRXOG FRQWLQXH WR VXSSRUW WKH JURZWK RI D FKLOG WHQGV WR VXSSRUW FODLPV RI SDWHUQLW\ ,I D PDQ FRQWLQXHV WR YLVLW D ZRPDQnV UHVLGHQFH ZKHQ LW KDV EHFRPH FOHDU WR WKH FRPPXQLW\ WKDW VKH LV SUHJQDQW WKHQ WKH FKDQFHV WKDW SDWHUQLW\ ZLOO EH FUHGLWHG WR KLP DUH LQFUHDVHG 7KLV LV QRW DOZD\V WKH FDVH WKRXJK 6RPHWLPHV DV SRLQWHG RXW D UHODWLRQVKLS GLVVROYHV RQ GLVFRYHU\ RI SUHJQDQF\ RU D FKLOGnV IDWKHU PD\ OHDYH WKH FLW\ WR ZRUN LQ WKH LQWHULRU RU LQ DQRWKHU FRXQWU\ ,Q WKHVH FDVHV D ZRPDQ PD\ GHYHORS D UHODWLRQVKLS ZLWK DQRWKHU PDQ ,I WKH FKLOGnV IDWKHU LV DZD\ DQG D ZRPDQ KDV DQ DIIDLU ZLWK DQRWKHU PDQ WKLV LV QRW ORRNHG RQ DV KDUVKO\ DV LW PLJKW DW DQRWKHU WLPH 7KLV LV JHQHUDOO\ UHFRJQL]HG DV GXH WR WKH IDFW WKDW WKH PDQ ZDV IXOILOOLQJ WKH UHVSRQVLELOLWLHV RI WKH FKLOGnV IDWKHU ,Q VXFK XQXVXDO FDVHV DV WKLV WKH RQH ZKR LV UHVSRQVLEOH IRU WKH FRQFHSWLRQ LV FRQVLGHUHG WKH IDWKHU 5UHJQDQFY ,QGXFHG &KDQJHV LQ WKH %RG\ ,QFUHDVHV LQ DEGRPLQDO VL]H DUH FRQVLGHUHG LPSRUWDQW WR WKH GHYHORSPHQW RI D SUHJQDQF\ 6SLULWXDO SUHJQDQFLHV DV PHQWLRQHG DUH ODUJHO\ GHWHUPLQHG E\ FKDQJHV LQ DEGRPLQDO VL]H $ SUHJQDQW ZRPDQ LV FDOOHG D EHUHXPD OLWHUDOO\ EHOO\ ZRPDQf DQG YDULRXV UHIHUHQFHV WR SUHJQDQF\ DUH PDGH

PAGE 180

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f 2WKHU XQGHVLUDEOH UHVXOWV RI SUHJQDQF\ WKDW ZRPHQ UHSRUWHG LQFOXGH YDULFRVH YHLQV WLUHGQHVV DQG GLIILFXOW\ LQ JHWWLQJ ZRUN GRQH 1DXVHD ZKLFK ZDV DOVR PHQWLRQHG DV D VLJQ RI SUHJQDQF\ FDQ EH D VLJQ RI SUREOHPV LI LW FRQWLQXHV ZHOO LQWR WKH SUHJQDQF\ 'LHW 'XULQJ 3UHJQDQF\ $ ZRPDQnV GLHW GXULQJ SUHJQDQF\ FDQ EH LPSRUWDQW LQ LVVXHV RI SDWHUQLW\ IRU WZR PDMRU UHDVRQV 7KH ILUVW LV WKH W\SHV RI IRRG ZRPHQ HDW 6RPH DUH HDWHQ PRUH IUHTXHQWO\ GXULQJ SUHJQDQF\ RU DOPRVW H[FOXVLYHO\ GXULQJ SUHJQDQF\ ,I PHQ DUH VHHQ LQ WKH PDUNHWV EX\LQJ WKHVH W\SHV RI JRRG LW LV DVVXPHG E\ PDQ\ ULJKWO\ RU QRW WKDW WKH\ DUH EX\LQJ WKH JRRGV IRU WKH PRWKHU RI WKHLU FKLOG VRPH ZLOO DGG WKH\ PLJKW EH EX\LQJ IRU D VLVWHUf 7KH VHFRQG DQG PRUH GLUHFW FRQQHFWLRQ EHWZHHQ GLHW DQG SDWHUQLW\ LV WKURXJK WKH IRRG

PAGE 181

WDERRV WKDW DUH VSHFLILFDOO\ LQKHULWHG E\ WKH IDWKHU $Q LQKHULWHG WDERR FDQ LQGLFDWH SDWHUQLW\ 'LHW DQG 3UHJQDQF\ ,Q SRVWSDUWXP LQWHUYLHZV &UHROH ZRPHQ ZHUH DVNHG WR UHSRUW HYHU\WKLQJ WKH\ KDG HDWHQ RQ WKH GD\ EHIRUH WKH\ ZHQW LQWR ODERU $OWKRXJK +LQGXVWDQL ZRPHQ WHQGHG WR UHSRUW D GLHW RI EURWKV RU OLJKW IRRGV &UHROH ZRPHQ WHQGHG WR KDYH HDWHQ VXEVWDQWLDO GLHWV &UHROH ZRPHQ JHQHUDOO\ DWH EUHDG ZLWK D WRSSLQJ LQ WKH PRUQLQJ WKH\ KDG ULFH ZLWK DQRWKHU GLVK HJ SHD VRXS RU EURZQ EHDQVf LQ WKH DIWHUQRRQ DQG WKH\ KDG DQRWKHU PHDO RI EUHDG LQ WKH HYHQLQJV ,I D SUHJQDQW ZRPDQ H[SUHVVHV D GHVLUH IRU VRPHWKLQJ WKDW LV DYDLODEOH LW PXVW EH JLYHQ WR KHU ,I LW LV QRW JLYHQ WR KHU RQH RI WZR XQGHVLUDEOH WKLQJV FDQ KDSSHQ 7KH EDE\ FDQ EH ERUQ ZLWK D ELUWK PDUN PRHGHUnV YOHN RU PRWKHUnV PDUN LQ 'XWFK DQG *DGR PDUNL RU *RGnV PDUN LQ 6UDQDQWRQJRf RU PRUH VHULRXVO\ WKH FKLOG ZLOO GLH 2QH SUHJQDQW ZRPDQ KDG DVNHG D QHLJKERU LI VKH FRXOG KDYH D WDVWH RI ERLOHG SODQWDLQ WKH QHLJKERU ZDV SUHSDULQJ EXW ZDV GHQLHG 7ZR GD\V ODWHU WKH ZRPDQ ZHQW LQWR ODERU DQG GHOLYHUHG VWLOOERUQ WZLQV 6KH VDLG KHU FKLOGUHQ ZHUH ERUQ ZLWK WKHLU PRXWKV RSHQ EHFDXVH WKH\ GLG QRW JHW WKH SODQWDLQV DQG VKH EODPHG KHU QHLJKERU IRU WKHLU GHDWKV 3UHJQDQW ZRPHQ DUH PRUH OLNHO\ WR JHW VFDUFH IRRGV EHFDXVH RI WKLV EHOLHI DOWKRXJK VRPH SHRSOH VDLG WKH\ KLGH

PAGE 182

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f§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

PAGE 183

JHQHUDWHG D ELJ GLVFXVVLRQ ZKLFK HQGHG ZLWK WKH FRQFOXVLRQ WKDW LW PXVW EH ZKLWH SHPED ZLWK EDX[LWH PL[HG LQ $OWKRXJK QRQH RI WKH GRFWRUV DW WKH KRVSLWDO KDG HYHU KHDUG RI SHPED RU NQHZ WKDW &UHROH ZRPHQ ZHUH HDWLQJ LW b RI WKH &UHROH ZRPHQ GXULQJ SRVWSDUWXP LQWHUYLHZV UHVSRQGHG WKDW WKH\ KDG HDWHQ SHPED GXULQJ WKHLU SUHJQDQF\ DQG RI WKRVH ZKR KDG HDWHQ SHPED b KDG HDWHQ LW HYHU\ GD\ GXULQJ WKH ODVW PRQWKV RI WKHLU SUHJQDQF\ :RPHQ GLG QRW DOZD\V KDYH SHPED RQ KDQG DQG b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

PAGE 184

SHUVRQnV WUHIX 7KHVH WUHIX DUH IRRGV WKDW D SHUVRQ VKRXOG QRW HDW ,I WKH\ HDW WKHP WKH IRRGV FDXVH V\PSWRPV VLPLODU WR DOOHUJLHV DQG FDQ DOVR LQIOXHQFH WKH EDE\ GXULQJ SUHJQDQF\ 7KH PRVW FRPPRQ WUHIX DUH ILVK ZLWKRXW VFDOHV DQG SRUN UHVWULFWHG IRRGV IRU -HZVf EXW RWKHU WUHIX DOVR H[LVW LQFOXGLQJ RQH ZRPDQn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f 'XULQJ SRVWSDUWXP LQWHUYLHZV PRVW RI WKH ZRPHQ UHVSRQGHG WKDW WKH\ JHQHUDOO\ ZHQW WR SUHQDWDO YLVLWV IRU UHDVVXUDQFH WKDW HYHU\WKLQJ ZDV DOO ULJKW UDWKHU WKDQ WR JHW VSHFLILF LQIRUPDWLRQ :KHQ WKH\ ZHUH JLYHQ LQVWUXFWLRQV IRU H[DPSOH WR FXW GRZQ VDOW LQWDNHf WKH\ UDUHO\ GLG DV

PAGE 185

LQVWUXFWHG 7KH\ GLG QRW IHHO DQ\ GLIIHUHQW WKH\ ZRXOG VD\ ZKHWKHU WKH\ IROORZHG LQVWUXFWLRQV RU QRW 7DEOH 1XPEHU RI 3UHQDWDO 9LVLWV WR D &OLQLF RU WKH +RVSLWDO &UHROH Q +LQGXVWDQL Q YLVLWV bf YLVLWV bf YLVLWV bf YLVLWV bf YLVLWV bf YLVLWV bf -DYDQHVH Q 0DURRQV Q YLVLWV bf YLVLWV bf YLVLWV bf YLVLWV bf YLVLWV bf YLVLWV bf 6RXUFH 'HOLYHU\ 5HFRUGV RI Vn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nV IDWKHU KDG FRQWULEXWHG WR WKH SUHJQDQF\ PHQWLRQHG WKDW KH KDG WDNHQ WKHP WR FRQWUROH 7KH\ YLHZHG KLV SUHVHQFH GXULQJ WKH SURFHVV DV FRPIRUWLQJ DQG VXSSRUWLYH 7KHUH LV RQH XOWUDVRXQG ZLWK PRQLWRU DYDLODEOH DW WKH KRVSLWDO $V HOVHZKHUH LQ WKH ZRUOG 6XULQDPHUV OLNH WKH

PAGE 186

XOWUDVRXQG WR EH DEOH WR GHWHUPLQH WKH VH[ RI WKHLU FKLOG EXW PRVW XOWUDVRXQG H[DPLQDWLRQV DUH JLYHQ WR KHOS HVWDEOLVK D GXH GDWH DQG WKH UHVW DUH JLYHQ WR FKHFN IRU SRWHQWLDO KHDOWK SUREOHPV DQG WKH PDMRULW\ RI ZRPHQ GR QRW KDYH DQ XOWUDVRXQG DW DOO $OWKRXJK WKH -DYDQHVH KDYH PHWKRGV RI GHWHUPLQLQJ WKH VH[ RI D FKLOG WKH &UHROH GR QRW XQWLO WKH DFWXDO GHOLYHU\ LV XQGHUZD\ ZKHQ YDULDWLRQV LQ ODERU DUH FUHGLWHG WR WKH GLIIHUHQW VH[HV GLVFXVVHG LQ WKH IROORZLQJ FKDSWHUf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

PAGE 187

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f WKDW DUH V\PSWRPV RI D PRUH VHULRXV SUREOHP 7KH V\PSWRPV PD\ QRW DOZD\V EH SUHVHQW ZKHQ D ZRPDQ LV LOOf $ SHUVRQ GRHV QRW WKHRUHWLFDOO\ KDYH WR EH SUHJQDQW WR JHW I\RI\R EXW WKDW LV ZKHQ DOO WKH FDVHV LQIRUPDQWV NQHZ RI KDG RFFXUUHG DQG LW LV FRQVLGHUHG WKH PRVW OLNHO\ WLPH IRU D ZRPDQ WR JHW LW 7KH LOOQHVV LV EURXJKW RQ E\ VRFLDO GLVFRUG DQG LWV PRVW FRPPRQ V\PSWRP LV D SUHJQDQF\ WKDW JRHV EH\RQG WKH GXH GDWH ,W UDUHO\ FRQWLQXHV RYHU D ORQJ SHULRG VLQFH DV VRRQ DV I\RI\R LV VXVSHFWHG D ZRPDQ LV WUHDWHG 7DNUX WDNL RU

PAGE 188

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f 7KH ERQXPDQ WDNHV D KHQnV HJJ DQG PDNHV D FURVV RYHU WKH QDYHO ZKLOH VD\LQJ ID D IRUX H PHNL HNVL VRQGUD ZDQ SHQ VRQGUD QRWL VR D SLNLQ PXV NRQ D GRUR VRQGUD ZDQ SHQ VRQGUD QRWL ZKLFK PHDQV DV D FKLFNHQ OD\V HJJV ZLWKRXW D SDLQ DQG ZLWKRXW QRWKLQJ VR D FKLOG PXVW FRPH WKURXJK ZLWKRXW D SDLQ DQG ZLWKRXW QRWKLQJ 7KLV LV YLHZHG DV DQ DLG LQ HDVLQJ WKH GHOLYHU\

PAGE 189

:KHQ D ZRPDQ KDV EHHQ WUHDWHG IRU I\RI\R WKH IOHDV VKRXOG OHDYH KHU ,W LV LPSRUWDQW WKDW WKH IOHDV ZDON DZD\ LI RQH LV VHHQ IO\LQJ DZD\ WKHQ WKLV LV D EDG VLJQ ,W PHDQV WKH VSLULW KDUPLQJ D ZRPDQ KDV HVFDSHG DQG LW ZLOO FRPH EDFN WR NLOO KHU )\RI\R PD\ VHUYH WR VWUHQJWKHQ SXEOLF DFNQRZOHGJHPHQW RI SDWHUQLW\ VLQFH WKH WUHDWPHQW XVXDOO\ LQYROYHV WKH FKLOGnV IDWKHU 7KH IDWKHU DOVR JHQHUDOO\ SURPLVHV WR JLYH VXSSRUW WR WKH FKLOG GXULQJ WUHDWPHQW ZKLFK LV DVVRFLDWHG ZLWK WKH OHJLWLPDWLRQ RI D FKLOG 6RPH LQIRUPDQWV UHSRUWHG WKDW WUHDWLQJ D ZRPDQ IRU I\RI\R DOVR LQFUHDVHV WKH FKDQFHV WKDW D PDQ ZLOO KHOS ZLWK WKH GHOLYHU\ DV GLVFXVVHG LQ WKH IROORZLQJ FKDSWHU 6XPPDU\ 'XULQJ SUHJQDQF\ WKH FRPPXQLW\ PD\ EH PDGH DZDUH RI D FKLOGnV IDWKHU WKURXJK WKH FRQWLQXHG YLVLWV RI WKH IDWKHU ILOOLQJ KLV H[SHFWHG UROH LQ FRQWULEXWLQJ WR WKH JURZWK DQG GHYHORSPHQW RI WKH FKLOG GXULQJ JHVWDWLRQ 7KH IDWKHU LV DOVR H[SHFWHG WR MRLQ WKH UHVW RI WKH FRPPXQLW\ LQ JLYLQJ D SUHJQDQW ZRPDQ WKH WKLQJV VKH ZDQWV WR HDW WR LQVXUH WKH FKLOGnV VXUYLYDO $V D PDQ JRHV WR WKH PDUNHW SODFH WR EX\ WKLQJV IRU D ZRPDQ WR HDW DQG HVSHFLDOO\ SHPED ZKLFK LV RIWHQ HDWHQ HYHU\ GD\ RWKHUV EHJLQ WR DVVXPH KH LV EX\LQJ WKH JRRGV IRU D SUHJQDQW ZRPDQ DQG KH LV WKH IDWKHU RI WKH FKLOG 7UHIX DUH LQKHULWHG IURP WKH IDWKHU 7KH UHVHEODQFH EHWZHHQ D FKLOGnV WUHIX DQG WKDW RI D PDQ LQ WKH FRPPXQLW\

PAGE 190

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n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nV VL]H RU UHJUHWV DERXW WKHLU RZQ DQG LW QHYHU VHHPHG WR EH DQ LPSRUWDQW IDFWRU 6RPH ZRPHQ GR H[SUHVV UHJUHW DERXW VL]H ODWHU RQ LQ WKH SUHJQDQF\ VRPHWLPHV IRU DSSHDUDQFH VDNH EXW JHQHUDOO\ EHFDXVH RI WKH GLIILFXOWLHV LQ JHWWLQJ DURXQG DQG JHWWLQJ WKLQJV GRQH 6RPH &UHROH LQIRUPDQWV H[SUHVVHG WKH LGHD WKDW WKH VSLULW RI D FKLOG KDG OLYHG EHIRUH DQG ZDV UHLQFDUQDWHG 7KLV EHOLHI PD\ KDYH FRPH IURP :HVW $IULFD RU IURP WKH ORFDO +LQGX FRQFHSWV PDQ\ RI WKH &UHROHnV QHLJKERUV KDYH ,W LV QRW FOHDU KRZ FRPPRQ WKLV EHOLHI LV ZLWKLQ WKH &UHROH SRSXODWLRQ *HQHUDOO\ WKH WHUP *DGR LV XVHG LQ UHIHUHQFH WR &KULVWLDQ GHLW\ UDWKHU WKDQ WR RWKHU GHLW\ 7KHUH DUH D YDULHW\ RI PXUXGUHVL RU XWHULQH PHGLFLQHV DYDLODEOH LQ WKH PDUNHW SODFH IRU YDULRXV PHQVWUXDO SUREOHPV 6RPH RI WKHVH VXFK DV WKRVH IRU FUDPSLQJ FDQ EH WDNHQ GXULQJ SUHJQDQF\ ZKLOH PRVW VKRXOG EH DYRLGHG GXULQJ SUHJQDQF\

PAGE 191

7KH HDWLQJ RI FOD\V RU RWKHU W\SHV RI HDUWK LV NQRZQ DV SLFD RU JHRSKDJ\ DQG LW LV FRPPRQO\ GRQH GXULQJ SUHJQDQF\ +RFKVWHLQ -RQHV f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f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f ‘/$Q XOWUDVRXQG LV FDOOHG DQ HFKR LQ 'XWFK ZLWK QR 6UDQDQWRQJR WHUP ,Q :RRGLQJnV f H[DPLQDWLRQ RI WKH :LQWL UHOLJLRQ KH DOVR QRWHV WKH H[LVWHQFH RI WKLV LOOQHVV +H FDOOV LW ZLQWLEHUH EXW ZRPHQ ZKHQ DVNHG DERXW WKLV VDLG WKH\ GLG QRW NQRZ RI D QDPH IRU LW 7KLV ZRPDQnV GDXJKWHULQODZ UHIXVHG WR EHOLHYH WKH VWRU\ ZKHQ LW ZDV WROG DQG VDLG LW ZDV MXVW DQ $QDQVL WRUL RU 6SLGHU VWRU\f§D IRON WDOH RIWHQ IURP VODYH WLPHV RU HDUOLHU WKDW LV WROG GXULQJ GHGH RVR GHDWK KRXVH RU D ZDNHf RU DW RWKHU LPSRUWDQW WLPHV 7KH ZRPDQ LQVLVWHG KRZHYHU WKDW WKH VWRU\ ZDV WUXH 7KH IDFW WKDW LW ZDV D VQDNH WKDW ZDV GHOLYHUHG LV VLJQLILFDQW VLQFH VQDNHV FDQ EH SK\VLFDO PDQLIHVWDWLRQV RI :LQWL VSLULWV 6RPH RI WKH PRVW SRZHUIXO DQG LQIOXHQWLDO :LQWL WKH 9RGX ZLOO DSSHDU DV VQDNHV ,Q UXUDO +DLWL PDQ\ ZRPHQ KDYH VXIIHUHG IURP DQ LOOQHVV VLPLODU WR WKH RQH GHVFULEH IRU 6XULQDPH +HUVNRYLWV 0XUUD\ 6LQJHU HW DO f 7KH\ FDOO WKHLU LOOQHVV SGLV\ LQ +DLWLDQ &UHROH PHDQLQJ SHUGLWLRQ LQ (QJOLVK 8S WR RQHWKLUG RI WKH IHPDOH SRSXODWLRQ FODLP WR KDYH EHHQ DIIOLFWHG ZLWK SGLV\ DW RQH WLPH RU DQRWKHU 7KH\ GHVFULEH WKH LOOQHVV DV D VWDWH LQ ZKLFK D ZRPDQ LV SUHJQDQW IRU FRQVLGHUDEOH DPRXQWV RI WLPH DQG FDQ LI QRW KHDOHG HYHQ EH SUHJQDQW LQGHILQLWHO\ HYHQ DIWHU PHQRSDXVH LV UHDFKHGf 6\PSWRPV RI WKLV LOOQHVV DUH VXFK WKDW PHQVWUXDWLRQ FHDVHV IRU VHYHUDO PRQWKV DQG D ZRPDQ WHOOV RWKHUV VKH LV SUHJQDQW 7KH ZRPDQ WKHQ EHJLQV WR EOHHG DJDLQ DQG RXWZDUG VLJQV RI SUHJQDQF\ GLVDSSHDU 7KHVH ZRPHQ LQVLVW WKDW WKH\ KDYH

PAGE 192

QRW KDG PLVFDUULDJHV ZLWK ZKLFK WKH\ DUH IDPLOLDUf ZKHQ SGLV\ RFFXUV EXW LQVWHDG WKDW WKH IHWXV KDG EHJXQ WR GHYHORS DQG WKHQ EHFDPH GRUPDQW DW D FHUWDLQ SRLQW f§ QRW JURZLQJ ODUJHU EXW UHPDLQLQJ DOLYH DQG ILUPO\ ORGJHG LQ LWV PRWKHUnV ZRPE 7KH EORRG WKDW LV ORVW HDFK PRQWK LV YLHZHG DV QHFHVVDU\ IRU DQ LQIDQWnV JURZWK DQG LWV ORVV LV FRQVLGHUHG WKH FDXVH RI WKH IHWDO GRUPDQF\ %XW HYHQ WKRXJK WKH EORRG ORVV LV WKH GLUHFW FDXVH RI SGLV\ LWV XOWLPDWH FDXVH FDQ EH RQH RI D QXPEHU RI VRXUFHV LQFOXGLQJ FROG ZLQGV WKH ORXJDURX RU ZHUHZROYHVf WKH GHDG RU ZLWFKHV DQG VRUFHUHUV 7KH FDXVH FDQ RQO\ EH GHWHUPLQHG E\ WKH KRXQJDQ RU PDPER WKH YRGR4 SULHVW RU SULHVWHVV UHVSHFWLYHO\f +HUVNRYLWV GHVFULEHV D VLPLODU SKHQRPHQRQ LQ 7ULQLGDG NQRZQ DV MXPE\ EHOO\ $ ZRPDQ GHVFULEHV MXPE\ EHOO\ DV D VWDWH LQ ZKLFK D VXIIHUHU UHVSRQGV LQ VXFK D ZD\ WKDW 6KH WHOO KXVEDQG VKH JRLQJ WR KDYH EDE\ DQn EHOLHYH VR WRR 1LQH PRQWKV WHQ PRQWKV QR EDE\ +HUVNRYLWV DQG +HUVNRYLWV f $OWKRXJK WKLV LOOQHVV KDV D ORQJ KLVWRU\ DQG LWV RULJLQV DUH REVFXUH LW PD\ VHUYH D EHQHILFLDO SXUSRVH DV IDU DV VRFLDO VXSSRUW LV FRQFHUQHG (YLGHQFH LQ +DLWL 0XUUD\ f LQGLFDWHV WKDW WKLV LOOQHVV LV YHU\ SUHYDOHQW DPRQJ ZRPHQ ZKR KDYH QRW ERUQ D FKLOG LQ FRPPRQ ZLWK WKHLU FXUUHQW SDUWQHU KDYH DUJXHG 6WDNHU f WKDW WKLV EHOLHI VHUYHV WR VWUHQJWKHQ UHODWLRQVKLSV 6LQFH D UHODWLRQVKLS LV PRUH OLNHO\ WR HQGXUH LI D FRXSOH KDV D FKLOG LQ FRPPRQ LI D ZRPDQ LV SUHJQDQW ZLWK D FKLOG IURP KHU FXUUHQW SDUWQHU HYHQ LI WKDW FKLOG LV QRW ERUQ IRU \HDUV RU LV QHYHU ERUQ WKHQ WKH UHODWLRQVKLS LV PRUH OLNHO\ WR HQGXUH /RZHQWKDO f KDV VHHQ D VLPLODU EHQHILFLDO XVH RI VH[XDOLW\ DPRQJ +DLWLDQ ZRPHQ ,W LV SRVVLEOH WKDW WKLV EHOLHI DOVR VHUYHG WR LQFUHDVH WKH VWDELOLW\ RI UHODWLRQVKLSV LQ 6XULQDPH ,I D FRXSOH KDG D FKLOG LQ FRPPRQ HYHQ WKRXJK LW ZDV QHYHU ERUQ WKH PDQ FRXOG EH UHTXLUHG WR JLYH PRUH VXSSRUW WR D ZRPDQ DQG WKH UHODWLRQVKLS PLJKW WHQG WR EH PRUH VWDEOH $WVDILVD LV QRW OLVWHG LQ GLFWLRQDULHV RI 6XULQDPH SODQWV DQG KDV QR DSSDUHQW PHDQLQJ RWKHU WKDQ DV WKH QDPH RI D SODQW 6LELZLZLUL LV IURP WKH JHQXV DQG VSHFLHV 6FRSDULD GXOFLV 7KH ZRUG XVHG IRU OD\ DQ HJJ LV PHNL RU PDNH ZKLFK LV WKH VDPH ZRUG XVHG IRU GHOLYHU D FKLOG DP QRW DZDUH WKDW IOHDV LQ 6XULQDPH KDYH ZLQJV EXW IO\LQJ LQVHFWV DUH VLJQLILFDQW FDXVHV RI LOOQHVV ZLQWL FDQ FRPH WR D SHUVRQ DV D IO\LQJ LQVHFW WR KDUP WKHP 7KH LQVHFWV PRVW OLNHO\ WR EULQJ D :LQWL DUH IOLHV VRPH EHHWOHV DQG D ZKLWH EXWWHUIO\ ZLWK VLOYHU VSRWV WKDW KDV VHYHUDO VSLNHOLNH SURWUXVLRQV 7KH :LQWL W\SLFDOO\ RQO\ FRPH DV LQVHFWV DW QLJKW DQG VR LI RQH ZHUH H[WUHPHO\ FDUHIXO VKH ZRXOG PDNH VXUH WKH KRXVH ZDV FRPSOHWHO\ VHDOHG RII WR NHHS DOO LQVHFWV RXW $ WDVN WKDW LV LPSRVVLEOH IRU PDQ\ RI WKH VDJJLQJ ZRRGHQ KRPHV LQ ZKLFK PDQ\ RI WKH &UHROH OLYHf

PAGE 193

&+$37(5 %,57+,1* 'HOLYHU\ DQG 3DWHUQLW\ $OWKRXJK PHQ DUH UDUHO\ DW WKH GHOLYHU\ RI WKHLU FKLOG WKHLU UHVSRQVH GXULQJ GHOLYHU\ FDQ VWUHQJWKHQ DFNQRZOHGJHPHQW RI SDWHUQLW\ 7KHLU UHVSRQVH FDQ EH FRQVLGHUHG LQ WKH ZLGHU FRQWH[W RI DFWLYLWLHV DQG SKHQRPHQD VXUURXQGLQJ WKH ELUWK 7KH 7HUP RI 3UHJQDQFLHV 7KH GXH GDWH RI D ZRPDQn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

PAGE 194

QXPEHU VHYHQ LV YHU\ LPSRUWDQW LQ D YDULHW\ RI VHWWLQJV IRU WKH -DYDQHVHf +LQGXVWDQL ZRPHQ JHQHUDOO\ VD\ QLQH PRQWKV LV WKH EHVW OHQJWK WR FDUU\ DQ LQIDQW EXW WKH\ DGG WKDW VHYHQ PRQWKV LV JRRG WRR DQG D EDE\ ERUQ HLWKHU VHYHQ RU QLQH PRQWKV DIWHU FRQFHSWLRQ LV YLHZHG DV HTXDOO\ KHDOWK\ EXW DJDLQ QRW EHWZHHQ WKHVH SHULRGVf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f PD\ EH GUXQN WR HQFRXUDJH ODERU ,I ODERU KDV EHJXQ EXW LW LV LQHIILFLHQW DQG WKH FRQWUDFWLRQV DUH QRW IRUFHIXO HQRXJK ELWD LV GUXQN WR LQFUHDVH WKH FRQWUDFWLRQV 8VXDOO\ RQH FDODEDVK ERZO RI ELWD WHD LV UHFRPPHQGHG $OWKRXJK QRW PHQWLRQHG

PAGE 195

VSHFLILFDOO\ DV D PHDQV RI LQGXFLQJ ODERU D QXPEHU RI ZRPHQ VWDWHG WKH\ KDG LQWHUFRXUVH XS XQWLO WKH GD\ WKH EDE\ ZDV ERUQ 7KH\ IHHO WKLV LPSURYHV WKH KHDOWK RI WKH EDE\f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f 0RVW ZRPHQ DOVR KDYH D SHULRG WKDW ODVWV IURP GD\V ORQJ 7KH XQXVXDOO\ KLJK QXPEHU RI -DYDQHVH ZRPHQ ZKR PHQVWUXDWH IRU VHYHQ GD\V PD\ EH UHODWHG WR WKH LPSRUWDQFH RI WKDW QXPEHU LQ WKHLU FXOWXUDO EHOLHIV ZKLOH WKH ODUJHVW DPRXQW RI YDULDWLRQ VHHPV WR OLH ZLWKLQ WKH 0DURRQ SRSXODWLRQ VHH WDEOH DQG WDEOH f

PAGE 196

7DEOH :RPDQ 5HSRUWV WKDW +HU 0HQVWUXDO &\FOH LV 1RW 1RUPDOr E\ (WKQLF *URXS 1RUPDO 0HQVWUXDWLRQ $EQRUPDO &UHROH Q f bf bf +LQGXVWDQL Q f bf bf -DYDQHVH Q f bf bf 0DURRQ Q f bf r:RPHQ ZHUH QRW JLYHQ D GHILQLWLRQ IRU QRUPDO DQG VR WKHVH DUH VHOI GHILQHG UHVSRQVHV 6RXUFH 'HOLYHU\ 5HFRUGV RI Vn/DQGV +RVSLWDDO -DQXDU\ 7DEOH /HQJWK LQ 'D\V RI D 7\SLFDO 0HQVWUXDO &\FOH E\ (WKQLFf§*URXS &UHROH Q +LQGXVWDQL Q GD\V GD\V bf GD\V bf GD\V bf GD\V bf GD\V bf GD\V bf GD\V bf GD\V bf GD\V bf GD\V bf GD\V bf -DYDQHVH Q 0DURRQV Q GD\V GD\V GD\V GD\V GD\V GD\V GD\V bf GD\V bf GD\V GD\V GD\V bf GD\V bf FH Vn /DQGV +RVSLWDDO 'HOLYHU\ 5HFRUGV -DQXDU\ ,I KRZHYHU WKH QXPEHU RI ZRPHQ ZKR UHSRUW DEQRUPDO PHQVWUXDO F\FOHV LV H[DPLQHG WKHQ WKH 0DURRQ SRSXODWLRQ KDV WKH ORZHVW DW b DQG WKH &UHROH SRSXODWLRQ KDV WKH KLJKHVW DW

PAGE 197

b $ WRWDO RI b RI WKH +LQGXVWDQL ZRPHQ UHSRUWHG DEQRUPDO PHQVWUXDO F\FOHV DQG b RI WKH -DYDQHVH ZRPHQf 7DEOH /HQJWK LQ 'D\V RI D 7\SLFDO 0HQVWUXDO 3HULRG E\ (WKQLF *URXS &UHROH Q +LQGXVWDQL Q GD\ GD\ GD\V bf GD\V bf GD\V bf GD\V bf GD\V bf GD\V bf GD\V bf GD\V bf GD\V bf GD\V bf GD\V bf GD\V bf GD\V GD\V GD\V GD\V -DYDQHVH Q 0DURRQV L Q GD\ GD\ bf GD\V bf GD\V GD\V bf GD\V bf GD\V bf GD\V bf GD\V bf GD\V bf GD\V bf GD\V bf GD\V bf GD\V bf GD\V GD\V bf GD\V GD\V bf 6RXUFH Vn/DQGV +RVSLWDDO 'HOLYHU\ 5HFRUGV -DQXDU\ ,Q WKH VDPSOH RI JHVWDWLRQDO GDWHV WKH ZRPHQ ZKR ZHUH XQFHUWDLQ RI WKHUH ODVW PHQVWUXDO F\FOH ZHUH H[FOXGHG IURP WKH SRSXODWLRQ VDPSOH LQ RUGHU WR PDNH WKH UHVXOWV DV DFFXUDWH DV SRVVLEOH VHH WDEOH f

PAGE 198

7KH &UHROH0DURRQ SRSXODWLRQ KDV D VOLJKWO\ ORZHU PHDQ IRU GD\V IURP WKH ILUVW GD\ RI ODVW PHQVWUXDWLRQ WR GHOLYHU\ RI WKH FKLOG EXW MXVW DV LPSRUWDQWO\ ERWK JURXSV DOVR KDYH WKH PRVW YDULDWLRQ LQ WKH QXPEHU RI GD\V RI JHVWDWLRQ 7KLV PLJKW LQIOXHQFH WKH YDULDWLRQ LQ ELUWK ZHLJKWV LQ WKH &UHROH 0DURRQ SRSXODWLRQ DV LV GLVFXVVHG EHORZ 7DEOH 7KH *HVWDWLRQDO $JH RI ,QIDQWV E\ (WKQLF *URXSV &UHROH Q b RI WRWDOf [ GD\V V -DYDQHVH Q b RI WRWDOf [ GD\V V +LQGXVWDQL Q bRI WRWDOf [ GD\V V O 0DURRQV Q b RI WRWDOf [ GD\V V 6RXUFH Vn/DQGV +RVSLWDDO 'HOLYHU\ 5HFRUGV -DQXDU\ $QWLFLSDWLRQ RI 'HOLYHU\ $V WKH WLPH RI ELUWK DSSURDFKHV ZRPHQ ZLOO EHJLQ WR UHO\ PRUH KHDYLO\ RQ IDPLO\ PHPEHUV $OWKRXJK WKLV UHOLDQFH ZLOO RFFDVLRQDOO\ EH D UHTXHVW IRU KHOS ZLWK GDLO\ WDVNV RU MXVW D OLVWHQLQJ HDU WR KHDU FRPSODLQWV DERXW WKH KHDW RU RWKHU WKLQJV D ZRPDQ ZKR OLYHV VRPH GLVWDQFH IURP WKH FLW\ DQG WUDYHOV ZLWK WKH EXVVHV ZLOO DOVR SODQ WR EH ZLWK IDPLO\ PHPEHUV LQ WKH FLW\ IRU WKH ODVW IHZ ZHHNV RI KH U SUHJQDQF\

PAGE 199

RU LI VKHnV DOUHDG\ LQ WKH FLW\ D ZRPDQ PD\ PRYH EDFN LQ ZLWK KHU PRWKHU RU DUUDQJH WR EH ZLWK VRPHRQH HOVH ZKR FDQ KHOS DIWHU WKH GHOLYHU\ VHH WKH QH[W FKDSWHU IRU D GLVFXVVLRQ ZKDW WKLV HQWDLOVf 7KHVH DFWLRQV PD\ LQIOXHQFH WKH QXPEHU RI IDWKHUV ZKR FRPH WR WKH KRVSLWDO IRU GHOLYHU\ EXW LW LV QRW FOHDU KRZ PXFK LQIOXHQFH LV H[HUWHG $V GHOLYHU\ WLPH DSSURDFKHV PHGLFDWLRQV PD\ DOVR EH WDNHQ WR HDVH WKH GHOLYHU\ SURFHVV 0RVW RI WKHVH PHGLFLQHV DUH WKH VDPH RQHV XVHG WR SXULI\ RU WKLFNHQ WKH EORRG VHH $SSHQGL[ )f +DYLQJ RQHnV EORRG V\VWHP LQ JRRG RUGHU LV FRQVLGHUHG FRPPRQ VHQVH EHIRUH VRPHWKLQJ OLNH GHOLYHULQJ D EDE\ LV XQGHUWDNHQ )D\LQJ IRU WKH 'HOLYHU\ %HIRUH D ZRPDQ OHDYHV WKH KRVSLWDO WKHUH PXVW EH VRPH GHWHUPLQDWLRQ RI SD\PHQW PDQ\ ZRPHQ DQWLFLSDWH WKLV DQG PDNH DUUDQJHPHQWV EHIRUHKDQG IRU SD\PHQW ,I DQ RXWVLGH VRXUFH XVXDOO\ JRYHUQPHQWf KDV QRW EHHQ IRXQG WR SD\ IRU WKH ELUWK WKHQ D ZRPDQ LV QRW DEOH WR WDNH KHU EDE\ KRPH IURP WKH KRVSLWDO $ FODVV % ELUWK FRVWV DSSUR[LPDWHO\ VI DW Vn/DQGV +RVSLWDDO ZKLOH D FODVV $ ELUWK LV DSSUR[LPDWHO\ VI 7KH ORZHU FKDUJH ZRXOG EH DERXW D PRQWKnV VDODU\ IRU PRVW RI WKH ZRPHQ WKH DYHUDJH PRQWKO\ LQFRPH LV UHSRUWHG DV VIf 7KLV FKDUJH WKHRUHWLFDOO\ LQFOXGHV D WKUHH GD\ VWD\ LQ WKH KRVSLWDO EXW ZRPHQ DUH JHQHUDOO\ UHOHDVHG WKH PRUQLQJ DIWHU WKH\ GHOLYHUHG LI WKH GHOLYHU\ ZDV GXULQJ WKH

PAGE 200

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f JXLOGHUV SHU PRQWK VKH LV FODVVLILHG DV RQYHUPRJHQ RU LQFDSDEOH ZKLFK LV LQ UHIHUHQFH WR DELOLW\ WR SD\f LI D ZRPDQ HDUQV RU KDV DYDLODEOHf JXLOGHUV SHU PRQWK VKH LV FODVVLILHG DV PLQGHUYHUPRJHQ RU OHVV FDSDEOH DQG LI D ZRPDQ HDUQV RYHU JXLOGHUV SHU PRQWK VKH LV FRQVLGHUHG DEOH WR SD\ IRU KHU GHOLYHU\ $OWKRXJK WKHVH FODVVLILFDWLRQV DUH EDVHG RQ LQFRPH RWKHU IDFWRUV DOVR SOD\ D UROH ,W LV DVVXPHG WKDW D IDPLO\ FRXOG EH HDUQLQJ XQUHSRUWHG LQFRPH %XV GULYHUV DUH DOZD\V PHQWLRQHG DV D VSHFLILF H[DPSOH RI SHRSOH ZKR PDNH PRUH WKDQ WKH\ UHSRUW VLQFH WKH\ QHYHU UHSRUW DOO WKH PRQH\ WKH\ JHW LQ IDUHV %HVLGHV ORRNLQJ DW UHSRUWHG LQFRPH DQ HYDOXDWRU ZLOO ORRN DW KRXVLQJ DQG WKH PDWHULDO JRRGV DQ H[WHQGHG IDPLO\ KDV DQG LQFOXGH WKLV LQ KHU FODVVLILFDWLRQ RI D ZRPDQnV DELOLW\ WR SD\

PAGE 201

7DEOH LOOXVWUDWHV WKH FODVVLILFDWLRQV HPSOR\HG E\ HYDOXDWRUV 7KH KLJK HPSOR\PHQW RI &UHROHV E\ WKH JRYHUQPHQW LV UHIOHFWHG LQ WKH UDWHV RI WKHLU LQVXUDQFH E\ 6=) 7KLV JHQHUDOO\ UHIOHFWV WKH HPSOR\PHQW RI PHQ DQG ZRPHQ DUH DEOH WR XVH WKH LQVXUDQFH RI PHQ LQ FRQVHQVXDO XQLRQV HYHQ WKRXJK WKH\ DUH QRW PDUULHG ,W LV DOVR LPSRUWDQW WR QRWH WKDW WKRVH &UHROHV ZKR DUH QRW LQVXUHG DUH JHQHUDOO\ FODVVLILHG DV RQYHUPRJHQ UDWKHU WKDQ PLQGHUYHUPRJHQ DQG b RI &UHROH ZRPHQ ZKR GHOLYHU DW WKH KRVSLWDO KDYH OHVV WKDQ VI SHU PRQWK DYDLODEOH WR WKHP 2IWHQ ZRPHQ IURP *X\DQD RU RWKHUV ZKR GR QRW KDYH 6XULQDPH FLWL]HQVKLS RU FDQQRW JHW VXSSRUW IURP WKH JRYHUQPHQW ZLOO OHDYH WKH KRVSLWDO VKRUWO\ DIWHU ELUWK WR SD\ DV OLWWOH DV SRVVLEOH 7KH\ DUH LQFOXGHG XQGHU WKH WHUP VHOI IRU PHWKRG RI SD\PHQW 7DEOH 0HWKRG RI 3D\PHQW IRU %LUWK (WKQLF *URXS &UHROH +LQGXVWDQL -DYDQHVH 0DURRQ Q f Q f Q f Q f 6HOI bf bf bf bf /LPLWHG $ELOLW\ bf bf bf bf ,QDELOLW\ bf bf bf bf 6WDWH ,QVXUDQFH bf bf bf bf 3ULYDWH ,QVXUHU bf bf bf bf 8QGHWHUPLQHG bf bf 6RXUFH 'HOLYHU\ 5HFRUGV Vn/DQGV +RVSLWDDO -DQXDU\

PAGE 202

7KH 6HWWLQJ IRU %LUWK 0DQ\ ELUWKV LQ 6XULQDPH WDNH SODFH LQ D VLPLODU VHWWLQJ 7KH QDUURZ UDQJH RI RSWLRQV LQIOXHQFHV ZKHUH ZRPHQ FKRRVH WR GHOLYHU WKHLU EDELHV :KHUH WR 'HOLYHU /LWWOH KLVWRULFDO PDWHULDO LV DYDLODEOH RQ PLGZLIHU\ LQ 6XULQDPH ,Q DQ DWWHPSW ZDV PDGH WR OLFHQFH DQG FRQWURO ZKLWH PLGZLYHV DOWKRXJK EODFN PLGZLYHV ZHUH H[FOXGHG IURP WKH OLFHQVLQJ ODZV ,QVWUXFWLH YRRU KHW &ROOHJLXP 0HGLFXP f 7KH IDFW WKDW WKH DWWHPSW WR OLFHQFH PLGZLYHV ZDV PDGH DJDLQ LQ LQGLFDWHV WKDW HYHQ (XURSHDQ PLGZLYHV KDG D ODUJH DPRXQW RI LQGHSHQGHQFH LQ 6XULQDPH ,QVWUXFWLH YRRU KHW &ROOHJLXP 0HGLFXP f $ UHWLUHG PLGZLIH LQ 6XULQDPH DJH f UHSRUWHG WKDW KHU PRWKHU KDG QRW KDG DQ\ IRUPDO WUDLQLQJ LQ PLGZLIHU\ EXW KDG OHDUQHG LW IURP RWKHU PLGZLIHV %\ WKH WLPH WKH UHWLUHG PLGZLIH OHDUQHG KHU WUDGH LQ WKH HDUO\ V WKHUH ZDV IRUPDO WUDLQLQJ DOWKRXJK VKH DOVR OHDUQHG D JUHDW GHDO IURP KHU PRWKHU 7KHUH ZDV D PDMRU PRYH WRZDUGV KRVSLWDO GHOLYHULHV LQ 3DUDPDULER LQ WKH V DQG V 7KRVH ZKR SXVKHG IRU KRVSLWDO GHOLYHULHV IHOW WKDW 6XULQDPH KRPHV ZHUH GLUW\ DQG D SRRU SODFH WR GHOLYHU EDELHV YDQ GHU .X\S f $OPRVW DOO GHOLYHULHV E\ ZRPHQ ZKR OLYH ZLWKLQ D UHDVRQDEOH GLVWDQFH QRZ WDNH SODFH LQ D KRVSLWDO :RPHQ WHQG WR FKRRVH KRVSLWDO ELUWKV IRU ILQDQFLDO UHDVRQV 7KH VWDWH DQG SULYDWH VRXUFHV RI IXQGLQJ IRU ELUWKV ZLOO RQO\ SD\ IRU KRVSLWDO GHOLYHULHV

PAGE 203

DQG JRYHUQPHQW DLG FDQ RQO\ EH UHFHLYHG IRU GHOLYHULHV LQ Vn/DQGV +RVSLWDDO :RPHQ RFFDVLRQDOO\ FDOO WKH PLGZLYHV DW WKH KRVSLWDO WR DVN DERXW KRPH GHOLYHULHV 7KH PLGZLYHV SHUIRUP KRPH GHOLYHULHV IRU DERXW WKH VDPH DPRXQW DV LW ZRXOG FRVW D ZRPDQ WR FRPH WR WKH KRVSLWDO WR GHOLYHU WKH VHUYLFHV ZHUH URXJKO\ VLPLODU DV ZHOOf 7KRVH ZKR GLG RSW IRU D KRPH GHOLYHU\ ZHUH JHQHUDOO\ ZRPHQ ZKR ZHUH ILQDQFLDOO\ VWDEOH HQRXJK WKDW WKH\ ZRXOG KDYH WR SD\ WKH IXOO SULFH IRU D KRVSLWDO GHOLYHU\ LI WKH\ GHOLYHUHG WKHUH 7KH +RVSLWDO 0RUH WKDQ KDOI RI DOO WKH GHOLYHULHV LQ 6XULQDPH WDNH SODFH LQ Vn/DQGV +RVSLWDDO Vn/DQGV +RVSLWDDO ZDV RULJLQDOO\ EXLOW LQ WKH V DV D PLOLWDU\ KRVSLWDO DQG WKDW LV ZK\ LW UHWDLQV LWV PLOLWDU\ QDPH +RVSLWDDO UDWKHU WKDQ =LHNHQKXLV RU VLFN KRXVH WKH WHUP XVHG IRU RWKHU KRVSLWDOV 7KH 6UDQDQWRQJR ZRUG DWRVR RU KRW KRXVH LV XVHG IRU DOO RI WKH KRVSLWDOVf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

PAGE 204

7KH URRPV DUH RSHQ ZLWKRXW ZLQGRZV RU FRPSOHWH GRRUV WR VHSDUDWH WKHP IURP WKH RXWVLGH 7KLV PD\ DOORZ DQ RFFDVLRQDO EXWWHUIO\ LQ WR EULJKWHQ WKH URRP EXW LW DOVR DOORZV WKH DOO LPSRUWDQW EUHH]H WR FURVV WKH URRPV DQG FRXQWHUDFW WKH YLHZ RI D KRW KRXVH (DFK URRP KDV DSSUR[LPDWHO\ WZHOYH EHGV LQ LW ZLWK EDVVLQHWV NHSW LQ RQH FRUQHU IRU PRVW RI WKH GD\ $W QLJKW WKH EDVVLQHWV DUH FRYHUHG E\ PRVTXLWR QHWWLQJ DQG SODFHG QH[W WR WKH PRWKHUn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f :RPHQ ILQG LW OXGLFURXV ZKHQ LWnV VXJJHVWHG WKDW WKH\ WDNH D EXV WR WKH KRVSLWDO WR GHOLYHU 7KH ORQJ VWUHWFKHV RI ZDONLQJ UHTXLUHG WKH ORQJ ZDLWV DQG WKH XQSUHGLFWDEOH QDWXUH RI WKH EXV V\VWHP PDNHV LW YHU\ XQGHVLUDEOH DV D PHDQV RI JHWWLQJ WR WKH KRVSLWDO ,Q 3DUDPDULER WDNLQJ D WD[L LV WKH PRVW FRPPRQ ZD\ ZRPHQ JHW WR WKH KRVSLWDO 7KRVH ZKR OLYH RXWVLGH RI 3DUDPDULER 'LVWULFW WHQG WR DYRLG WDNLQJ D WD[L LI WKH\ FDQ KHOS LW VLQFH LW FDQ

PAGE 205

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f WU\ WR NHHS RQ JRRG WHUPV ZLWK D WD[L GULYHU RU D SULYDWH RZQHU RI D FDU 7D[L GULYHUV ZLOO WKHQ FKDUJH OHVV PRQH\ DQG RWKHUV ZRXOG EH PRUH OLNHO\ WR JLYH D ULGH ZKHQ LW ZDV UHDOO\ QHHGHG 7KH 0DULHQEHUJ FOLQLF DFURVV WKH 6XULQDPH ULYHU ZLOO RIWHQ GHOLYHU EDELHV IURP 0HHU]RUJ 1LHXZ $PVWHUGDP DQG WKH VXUURXQGLQJ UHJLRQV EXW GXULQJ WKH GD\ WKH\ ZLOO IUHTXHQWO\ VHQG SDWLHQWV RYHU WKH ULYHU WR 3DUDPDULER LQ ERDWV 7KH PLGZLYHV DW Vn/DQGV FRPSODLQ DERXW WKLV SUDFWLFH EXW WKH FOLQLF PLGZLIH VDLG WKDW WKH SDUWXULHQW ZRPHQ ZHQW IRU FKHFNn XSV DW Vn/DQGV DQG VLQFH WKHLU UHFRUGV DUH WKHUH LW LV EHVW LI WKH\ GHOLYHU WKHUH DV ZHOO $OWKRXJK ZRPHQ SODQ DKHDG DQG PDNH DOO RI WKH QHFHVVDU\ DUUDQJHPHQWV WR JHW WR WKH KRVSLWDO ZKHQ WKH\ QHHG WR GHOLYHU D QXPEHU RI LQIDQWV DUH ERUQ LQ URXWH WR WKH KRVSLWDO HVSHFLDOO\ IURP WKH UXUDO GLVWULFWVf DW KRPH RU RFFDVLRQDOO\ RQ WKH VWUHHW :KLOH GRLQJ P\ ILHOGZRUN D

PAGE 206

ZRPDQ GRZQ WKH VWUHHW GHOLYHUHG WKH EDE\ RI D ZRPDQ MXVW SDVVLQJ KHU VWRUH 7KH SDUWXULHQW ZRPDQ ZDV EURXJKW LQWR WKH VKRS DQG D PDQ WKDW OLYHG DERYH WKH VKRS KHOSHG ZKLOH WKH\ GHOLYHUHG WKH EDE\ 7KH IRUW\ \HDU ROG VKRS WHQGHU VDLG WKDW LW ZDV WKH WKLUG EDE\ VKH KDG GHOLYHUHG LQ KHU VWRUH /HVV WKDQ b RI DOO ZRPHQ UHFRYHULQJ DW WKH KRVSLWDO KDG GHOLYHUHG WKHLU EDELHV EHIRUH WKH\ FDPH WR WKH KRVSLWDO EXW WKHUH PD\ EH ZRPHQ ZKR GHOLYHU LQ URXWH DQG WKHQ UHWXUQ KRPH WR UHFRYHU /DERU 7KH ILUVW VLJQ WKDW GHOLYHU\ LV LPPLQHQW LV WKH HVWDEOLVKPHQW RI XWHULQH FRQWUDFWLRQV 7KHVH FRQWUDFWLRQV DUH FDOOHG ZHHQ LQ 'XWFK UHODWHG WR WKH (QJOLVK ZRUG ZRHf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

PAGE 207

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f :KHQ D ZRPDQ JHWV WR WKH KRVSLWDO VKH KDV WR FKHFNLQ DQG LQGLFDWH PHWKRG RI SD\PHQW )DPLO\ PHPEHUV IUHTXHQWO\ WDNH FDUH RI WKH DUUDQJHPHQWV IRU SD\PHQW ZKLOH D ZRPDQ LV LQ WKH KRVSLWDO LI WKLV KDG QRW EHHQ GRQH EHIRUHKDQG :RPHQ DUH YHU\ UDUHO\ VHQW KRPH LI WKH\ KDYH FRPH WR WKH KRVSLWDO LQ WKH HDUO\ VWDJHV RI ODERU ,QVWHDG WKH\ ZLOO VWD\ LQ WKH KRVSLWDO WR ODERU SRVVLEO\ EHFDXVH RI WUDYHOLQJ WLPHV DQG XQFHUWDLQW\ UHJDUGLQJ WUDQVSRUWDWLRQf 5XSWXUH RI WKH $PQLRWLF 0HPEUDQHV ,I D ZRPDQ DUULYHV DW WKH KRVSLWDO WR GHOLYHU DQG KHU DPQLRWLF PHPEUDQHV KDYH DOUHDG\ UXSWXUHG D ODUJH YHUZDDUORVHG QHJOHFWHGf LV VWDPSHG LQ EOXH LQN DFURVV KHU UHFRUGV ,I KHU PHPEUDQHV DUH VWLOO LQWDFW DV PRVW DUH WKHQ WKH\ DUH OHIW DORQH GXULQJ WKH GHOLYHU\ DQG WKH\ DUH QRW EURNHQ WR VSHHG XS WKH SURFHVV ,W LV VLJQLILFDQW WKDW WKH -DYDQHVH DQG +LQGXVWDQL ZRPHQ DUH PRUH OLNHO\ WR OLYH RXWVLGH

PAGE 208

RI WKH FLW\ LQ DJULFXOWXUDO GLVWULFWV DQG KDYH D ORQJHU ZD\ WR WUDYHO WKDQ &UHROH ZRPHQ GR DQG \HW -DYDQHVH ZRPHQ DUH OHVV OLNHO\ WR KDYH UXSWXUHG PHPEUDQHV ZKHQ WKH\ DUULYH DW WKH KRVSLWDO VHH WDEOH f )UHTXHQF\ RI 7DEOH :DWHU %UHDNLQD %HIRUH $GPLVVLRQ :DWHU %URNHQ :DWHU 1RW %URNHQ &UHROH Q f bf bf +LQGXVWDQL Q f bf bf -DYDQHVH Q f bf bf 0DURRQ Q f bf bf 6RXUFH Vn/DQGV +RVSLWDDO 'HOLYHU\ 5HFRUGV -DQXDU\ /DERU LQ WKH +RVSLWDO $OWKRXJK ODERU IRU PRVW ZRPHQ EHJLQV EHIRUH WKH\ DUULYH DW WKH KRVSLWDO PDQ\ RI WKHP JR WKURXJK WKHLU ODERU RQ WKH VHFRQG IORRU RI Vn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

PAGE 209

DQG LW FRQWLQXHV IURP WKHUHf 2QFH D ZRPDQ KDV UHDFKHG ILYH FHQWLPHWHUV VKH LV JHQHUDOO\ LQ WKH GHOLYHU\ URRP XQWLO WKH EDE\ LV ERUQ 7KHUH DUH VL[ EHGV LQ WKH GHOLYHU\ URRP (DFK RQH LV VHFWLRQHG RII RQ WKH VLGHV E\ WKLQ SDUWLWLRQV DERXW VHYHQ IHHW KLJK WKH FHLOLQJ LV IHHW KLJKf DQG D SODVWLF FXUWDLQ WKDW FDQ EH GUDZQ RYHU WKH IURQW IRU SULYDF\ 7KLV JHQHUDOO\ LV DW OHDVW SDUWLDOO\ GUDZQf 7ZR RI WKH VL[ EHGV DUH RII WR WKH ULJKW RI WKH RWKHUV HDFK OLWWOH URRP KDV D GRRU WKDW FDQ EH FORVHG 7KHVH WZR URRPV DOVR KDYH DLU FRQGLWLRQLQJ 7KHVH DUH WKH FODVV $ ELUWKLQJ URRPV $ FODVV $ ELUWK FDQ FRVW WKUHH WLPHV DV PXFK DV D FODVV % ELUWK $ FODVV $ ELUWK DOORZV D ZRPDQ D OLWWOH PRUH FRPIRUW GXULQJ WKH ELUWK DQG PRUH SULYDF\ GXULQJ UHFRYHU\ 2XW RI WKH ZRPHQ ZKR GHOLYHUHG LQ -DQXDU\ RQO\ RQH ZRPDQ KDG D FODVV $ GHOLYHU\ 6KH ZDV D &KLQHVH ZRPDQ ZKR KDG GHOLYHUHG KHU ILUVW FKLOG LQ WKH 8QLWHG 6WDWHV 7KH FODVV $ URRPV DUH QRW DOZD\V NHSW HPSW\ WKRXJK :RPHQ DUH UHJXODUO\ SXW LQWR WKHVH URRPV HYHQ ZKHQ WKHUH LV DQ RFFDVLRQDO EHG HPSW\ LQ WKH FODVV % VHFWLRQ 2Q EXV\ GD\V KRZHYHU DOO RI WKH EHGV DUH ILOOHG DQG VLQFH WKHUH DUH XVXDOO\ PRUH WKDQ ELUWKV D GD\ LQ WKH GHOLYHU\ URRP VHYHUDO EHGV DUH XVHG DW OHDVW WZLFH D GD\ IRU GHOLYHULHV :KHQ DVNHG KRZ WKH\ UHVSRQGHG GXULQJ ODERU ZRPHQ JHQHUDOO\ UHSOLHG WKDW WKH\ ZHUH DIUDLG WR FU\ RXW RU PDNH D QRLVH EXW PRVW ZLOO DGG WKDW LW KXUW VR EDG WKH\ FRXOG QRW KHOS WKHPVHOYHV $ SRSXODU PHWKRG RI GHDOLQJ ZLWK WKH SDLQ

PAGE 210

LV WR VKDNH WKH KDQG ZLWK WKH LQGH[ DQG PLGGOH ILQJHU H[WHQGHG VR WKDW WKH\ PDNH D VQDSSLQJ QRLVH 7KLV DFWLRQ GRHV QRW KDYH D VSHFLILF QDPH EXW DOO &UHROH ZRPHQ DJUHH WKDW LW PHDQV DP LQ SDLQ :RPHQ ZLOO DOVR FU\ RXW YDULRXV H[WHQGHG YRZHO VRXQGV LQ UHVSRQVH WR SDLQ 7KH PLGZLYHV ZKR DUH DOPRVW DOO &UHROH H[FHSW IRU WKH VXSHUYLVRU ZKR LV -DYDQHVHf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

PAGE 211

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nV VLGH LV FRQVLGHUHG HVVHQWLDO LI WKH GHOLYHU\ LV WR SURJUHVV QRUPDOO\ LQWHUYLHZHG D UHWLUHG PLGZLIH ZKR FODLPHG FUHGLW IRU WKLV GLVFRYHU\ 6KH VDLG VKH KDG QHYHU UHDG LW LQ DQ\ RI WKH WH[WERRNV VKH KDG VHHQf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

PAGE 212

ORXGO\ D ZRPDQn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f :KLOH D ZRPDQ LV GHOLYHULQJ VKH LV RIWHQ DVNHG LI VKH NQRZV KRZ GHOLYHU\ ZLOO WDNH SODFH 7KLV LV QRW D UKHWRULFDO TXHVWLRQ IRU &UHROH ZRPHQ 7KHLU PRWKHUV DUH JHQHUDOO\ DV UHOXFWDQW WR WHOO WKHP DERXW ELUWK DV WKH\ KDG EHHQ WR GLVFXVV PHQVWUXDWLRQ 2QH ZRPDQ ZKR QRZ KDV D 3K' LQ D 6RFLDO 6FLHQFH DQG WZR KHDOWK\ WHHQDJH GDXJKWHUV UHFDOOHG KHU ILUVW ELUWK ZLWK KXPRU 'XULQJ KHU ODERU VKH WROG WKH PLGZLYHV WKDW WKH SDLQV IHOW LQWHQVH DQG VKH ZDV VXUH WKH

PAGE 213

EDE\ ZDV DERXW WR FRPH 6KH ZDQWHG WKH PLGZLYHV WR FRPH DQG FXW KHU RSHQ WR WDNH WKH EDE\ RXWf§QRW NQRZLQJ KRZ WKH EDE\ ZRXOG EH GHOLYHUHG 7KH QXUVH WKHQ H[SODLQHG KRZ ELUWKV WRRN SODFH +HU VWRU\ ZDV QRW XQXVXDO VLQFH ZDWFKHG PLGZLYHV H[SODLQ WR RWKHU \RXQJ ZRPHQ LQ ODERU KRZ ELUWKV WDNH SODFH 3DUW RI WKH H[SODQDWLRQ LQFOXGHG LQVWUXFWLRQV WKDW WKH\ ZRXOG IHHO WKH XUJH WR GHIHFDWH DQG VKRXOG WKHQ FDOO WKH PLGZLIH VLQFH WKDW PHDQW WKH EDE\ ZDV DERXW WR FRPH 7KH JURDQV RI ODERULQJ ZRPHQ ZHUH SXQFWXDWHG E\ WKH RFFDVLRQDO FU\ RI =XVWHU LN PRHW SRHSHQ RU =XVWHU LN SRHS 6LVWHU QHHG WR SRRSf $IWHU WKHVH FULHV D PLGZLIH JRHV WR FKHFN WKH SDUWXULHQW ZRPDQ WR VHH LI WKH FHUYL[ KDV GLODWHG LW XVXDOO\ KDV QRW DQG D ZRPDQ LV WROG WR ZDLW DQG QRW SXVKf 1RW HYHU\ ZRPDQ ZKR FRPHV WR GHOLYHU LV QDLYH DERXW KRZ WKH GHOLYHU\ SURFHHG 0XOWLSDURXV ZRPHQ KDYH KDG H[SHULHQFH ZLWK D SUHYLRXV GHOLYHU\ 7KLV JURXS PDNHV XS b RI WKRVH ZKR GHOLYHU DQG b RI WKH &UHROH ZRPHQ ZKR GHOLYHU DW WKH KRVSLWDO VHH WDEOH f 7KH IHWDO KHDUW UDWH LV PRQLWRUHG E\ WKH PLGZLYHV ZLWK D ORQJ ZRRGHQ IXQQHO VWHWKRVFRSH 7KH PLGZLIH ZLOO SXVK WKH VWHWKRVFRSH ILUPO\ DJDLQVW WKH DEGRPHQ DQG OLVWHQ LQWHQWO\ WR VHH LI WKH KHDUW UDWH LV EHDWLQJ WRR VORZ 7KLV XVXDOO\ KDSSHQV RQFH VKRUWO\ EHIRUH GHOLYHU\ RFFXUV

PAGE 214

7DEOH 1XPEHU RI 3UHYLRXV 'HOLYHULHV E\ (WKQLF *URXS &UHROH +LQGXVWDQL -DYDQHVH 0DURRQ 1XPEHU RI Q f Q f Q f Q f 'HOLYHULHV bf bf bf bf bf bf bf bf bf bf bf bf bf bf bf bf bf bf bf bf bf bf bf bf bf bf bf Gbf bf Gbf bf bf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

PAGE 215

GXULQJ WKH GHOLYHU\ 7KH PLGZLIH ZLOO VWDQG WR WKH VLGH RI WKH GHOLYHULQJ ZRPDQ DQG TXLHWO\ HQFRXUDJH WKH ZRPDQ WR SXVK 7KLV PD\ EH UHSHDWHG D FRXSOH RI WLPHV ZKLOH WKH PLGZLIH KROGV KHU KDQG RYHU WKH SHULQHXP DV LI WR NHHS WKH EDE\ IURP SURSHOOLQJ DFURVV WKH URRP 7KH KHDG FURZQV WKHQ GHOLYHUV DQG WXUQV WR WKH VLGH DV WKH ERG\ LV GHOLYHUHG 7KH QDVDO SDVVDJH LV RIWHQ DVSLUDWHG EHIRUH WKH ERG\ LV GHOLYHUHG $W RWKHU WLPHV WKH GHOLYHU\ LV QRW VR TXLHW DQ HYHQW 6HYHUDO PLGZLYHV XS WR VL[f ZLOO VXUURXQG WKH ZRPDQ DQG WKH\ JHQHUDOO\ JLYH ZRUGV RI VXSSRUW 2QH PLGZLIH ZLOO KROG HDFK WKLJK DQG DQRWKHU RQH ZLOO KHOS D ZRPDQ SXVK KHU XSSHU ERG\ WRZDUGV KHU WKLJKV 7KHUH LV RIWHQ D FKRUXV RI SXVK SXVK SXVK 7KLV VHHPV WR EXLOG DV WKH GHOLYHU\ SURJUHVVHV 7KHVH ELUWKV HQG ZLWK VLJKV RI UHOLHI E\ WKH PLGZLYHV DQG KHDUW\ FRQJUDWXODWLRQV RU D \RX GLG LW DUH RIIHUHG WR WKH ZRPDQ )RU WKH YHU\ UDUH RFFDVLRQ ZKHUH D GHOLYHU\ KDV JRQH RQ WRR ORQJ ZKLFK LV YLHZHG DV RYHU KRXUVf RU VRPH RWKHU SUREOHP VHHPV HYLGHQW WKH GRFWRUV DUH FDOOHG LQ 7KHVH DUH QHYHU TXLHW RU XQHYHQWIXO RFFDVLRQV 2QH PLGZLIH ZLOO JHW WKH ODUJH YDFXXP VXFWLRQ GHYLFH WKDW LV XVHG WR SXOO WKH FKLOG RXW RWKHU PLGZLYHV VXUURXQG WKH ZRPDQ DQG JLYH KHU FRPIRUW DQG HQFRXUDJHPHQW WKH GRFWRU FRPHV LQ JHQHUDOO\ JLYHV DQ HSLVLRWRP\ DV VWDQGDUG SURFHGXUH DQG LQVHUWV WKH YDFXXP KRVH RQ WKH LQIDQWnV KHDG +H WKHQ EHJLQV WR DVVLVW WKH FKLOG RXW WKURXJK WKH ELUWK FDQDO

PAGE 216

$OWKRXJK WKH UHVSRQVHV RI LQGLYLGXDO ZRPHQ PD\ YDU\ WKHUH DUH VRPH VSHFLILF SK\VLFDO RXWFRPHV WKDW IROORZ JHQHUDO WUHQGV 7KRVH HWKQLF JURXSV ZKR KDYH KLVWRULFDOO\ EHHQ XUEDQ UHVLGHQWV WHQG WR H[SHULHQFH VLPLODU ELUWK WUDXPD VHH WDEOH f 7DEOH &RQGLWLRQ RI 3HULQHXP E\ (WKQLF *URXS &RQGLWLRQ &UHROH +L QGXVWDQL -DYDQHVH 0DURRQ Q f Q f Q f Q f ,QWDFW :KROH bf bf bf bf 6OLJKW 7HDUV bf bf bf (SLVLRWRP\ bf bf bf bf VW GHJUHH UXSWXUH bf bf bf bf QG GHJUHH UXSWXUH bf bf bf bf UG GHJUHH UXSWXUH bf (SLVLRWRP\UXSWXUH bf 6XEWRWDO UXSWXUH bf bf 7RWDO UXSWXUH bf 6RXUFH Vn/DQGV +RVSLWDDO 'HOLYHU\ 5HFRUGV -DQXDU\ $OWKRXJK QHYHU REVHUYHG D &DHVDULDQ VHFWLRQ SHUIRUPHG WKH RQH WLPH D ZRPDQ ZDV WDNHQ IURP WKH GHOLYHU\ URRP WR VXUJHU\ ZKHUH D VHFWLRQ ZRXOG EH SHUIRUPHG WKH HYHQW ZDV VXUURXQGHG ZLWK D ORW RI FRPPRWLRQ 7KH ZRPDQ ERUQ LQ ZDV GHOLYHULQJ KHU ILUVW FKLOG %HFDXVH RI WKLV WKH PLGZLYHV VDLG LW ZDV D NRVWEDDU NLQG YDOXDEOH RU H[SHQVLYH FKLOGf %XW LW KDG DOVR EHHQ GHWHUPLQHG WKDW VKH KDG WR[HPLD SUHHFODPSVLDf ,Q -DQXDU\ RQO\ RQH ZRPDQ D 0DURRQ ZRPDQf ZDV JLYHQ D &VHFWLRQ DQ DYHUDJH FRQVLGHUDEO\

PAGE 217

ORZHU WKDQ b RI DOO ELUWKV VWDUWLQJ LQ WKH GHOLYHU\ URRP HQG LQ &DHVDULDQ VHFWLRQVf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nV IDWKHU FRQWULEXWHG WR WKH SUHJQDQF\ 7KH JHQHUDO ODFN RI &UHROH IDPLO\ PHPEHUV DW WKH KRVSLWDO GRHV QRW PHDQ WKH\ DUH QRW FRQFHUQHG DERXW WKH ZRPDQ DQG WKH

PAGE 218

RXWFRPH RI KHU ELUWK 0RVW ZDLW LQWHQWO\ DW KRPH IRU QHZV RI WKH ZRPDQ DQG KHU ELUWK 7KH PLGZLYHV DUH IUHTXHQWO\ DVNHG WR FDOO IDPLO\ DIWHU WKH ELUWK DQG LQIRUP IDPLO\ DERXW WKH HYHQW 7KH VH[ RI WKH EDE\ LV XVXDOO\ UHSRUWHG DV ZHOO DV ZHLJKW DQG WKH WLPH RI ELUWK 'XULQJ WKH ELUWK D IDPLO\ PHPEHU PD\ IHHO SDLQV QDXVHD RU RWKHU V\PSWRPV RI ELUWKLQJ ,W LV JHQHUDOO\ WKH IDWKHU RI WKH FKLOG ZKR IHHOV ELUWK SDLQV :KHQ WKLV KDSSHQV WKH IDPLO\ ZLOO VD\ WKDW KH KHOSV \HSLf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nV DELOLWLHV $ VHW RI WZLQV LV EHOLHYHG WR EH HQGRZHG ZLWK VLPLODU VSLULWXDO SRZHUV $ SHUVRQ ERUQ DIWHU WZLQV LV FDOOHG D GRVX ZKLFK DOVR PHDQV SODFHQWDf $ GRVX LV SDUWLFXODUO\ JLIWHG ZLWK VSLULWXDO DELOLWLHV

PAGE 219

$JH RI 0RWKHU DW 'HOLYHU\ &UHROH ZRPHQ DUH RQ WKH DYHUDJH VOLJKWO\ ROGHU WKDQ RWKHUV ZKR GHOLYHU DW WKH KRVSLWDO ZLWK DQ DYHUDJH DJH RI \HDUV VHH WDEOH f 7KLV LV SDUWO\ GXH WR WKH IDFW WKDW &UHROH ZRPHQ DUH PRUH UHOXFWDQW WR XQGHUJR VWHULOL]DWLRQ DQG VR KDYH D ORQJHU UHSURGXFWLYH SHULRG 0DQ\ RI WKH 0DURRQ ZRPHQ ZKR GHOLYHUHG ZHUH ROGHU ZLWK YHU\ ODUJH IDPLOLHV EXW WKHUH ZHUH DOVR PDQ\ \RXQJ 0DURRQ ZRPHQ GHOLYHULQJ WKHLU ILUVW FKLOG 7DEOH $YHUDJH $JH RI 0RWKHU DW 'HOLYHU\ EY (WKQLF *URXS &UHROH +LQGXVWDQL -DYDQHVH 0DURRQ [ \HDUV [ \HDUV [ \HDUV [ \HDUV V \HDUV V \HDUV V \HDUV V \HDUV 6RXUFH Vn/DQGV +RVSLWDDO 'HOLYHU\ 5HFRUGV -DQXDU\ 'DY RI 'HOLYHU\ 7KH GD\ RI GHOLYHU\ KDV VSLULWXDO LPSRUWDQFH (DFK SHUVRQ KDV D NUD ZKLFK LV WKHLU OLIH IRUFH 7KLV NUD LV FDOOHG E\ QDPH GXULQJ KHDOLQJ HYHQWV DQG RWKHU ULWXDOV DQG WKH QDPH LV GHWHUPLQHG E\ WKH GD\ RI WKH ZHHN RQ ZKLFK D SHUVRQ ZDV ERUQ VHH WDEOH f :KHQ WKH NUD KHDUV LWV QDPH FDOOHG LW ZLOO UHVSRQG $NXED LV OLNHO\ WR EH WKH PRVW FRPPRQ NUD QDPH IRU ZRPHQ ERUQ DW Vn/DQGV +RVSLWDDO

PAGE 220

7DEOH .UD 1DPHV 'D\ RI %LUWK )HPDOH 1DPH 0DOH 1DPH 6XQGD\ .ZDVLED .ZD V L 0RQGD\ $G\XED .RG\R 7XHVGD\ $EHQL .ZDPLQD :HGQHVGD\ $NXED .ZDNX 7KXUVGD\
PAGE 221

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f 7KH EDE\ LV WKHQ WDNHQ RYHU WR D ODUJH VWDLQOHVV VWHHO VLQN DQG ZDVKHG RII XQGHU UXQQLQJ ZDWHU *DX]H LV ZUDSSHG DURXQG WKH XPELOLFXV VWXPS DQG DURXQG WKH HQWLUH DEGRPHQ ,GHDOO\ WKH EDE\ LV WKHQ JLYHQ D GLDSHU DQG GUHVVHG LQ D EULJKW RUDQJH JRZQ 6LQFH WKHUH LV D VKRUWDJH RI GLDSHUV WKH JRZQ RFFDVLRQDOO\ VHUYHV WKH SXUSRVH RU WKH EDE\ ZLOO ZDLW XQWLO D GLDSHU LV IRXQG %DELHV DUH WKHQ SODFHG LQ D FULE LH D ZHHJf ZKLFK LV WKUHH VHSDUDWH VORWV SDUWLWLRQHG E\ ERDUGV 6RPHWLPHV D EDE\ PD\ EH OHIW RQ D EHG IRU XS WR DQ KRXU EHIRUH LW LV SXW LQ WKH FULE VLQFH WKH PLGZLYHV DUH JHQHUDOO\ YHU\ EXV\ $IWHU GHOLYHU\ DUUDQJHPHQWV DUH PDGH IRU D EHG LQ WKH UHFRYHU\ DUHD *HQHUDOO\ D ZRPDQ LV WDNHQ LQ WKH UHFRYHU\ DUHD LQ D ZKHHO FKDLU DOWKRXJK VRPH ZRPHQ JHW XS DQG ZDON LQWR WKH UHFRYHU\ DUHD

PAGE 222

7DEOH 6H[ RI &KLOG %RUQ E\ (WKQLF *URXS 0DOH )HPDOH &UHROH +LQGXVWDQL -DYDQHVH Q f Q OOOf Q f bf bf bf bf bf bf 0DURRQ Q f bf bf 6RXUFH Vn/DQGV +RVSLWDDO 'HOLYHU\ 5HFRUGV -DQXDU\ 9DULDWLRQ LQ %LUWK :HLJKW $IWHU WKH QHZERUQ LV ZDVKHG DQG EHIRUH LW LV GUHVVHG LW LV PHDVXUHG DQG ZHLJKHG 7KH QXPEHU RI ORZ ELUWK ZHLJKW LQIDQWV LV b RI DOO ELUWKV VHH WDEOH DQG WDEOH f $IWHU WKLV LV GRQH WKH PRWKHU LV WDNHQ LQWR WKH UHFRYHU\ URRP DORQJ ZLWK WKH EDE\ DQG WKH SRVWSDUWXP SHULRG EHJLQV 7DEOH $YHUDJH ,QIDQW :HLJKW LQ *UDPV L E\ (WKQLF *URXS &UHROH +LQGXVWDQL -DYDQHVH 0DURRQ Q f Q f Q f Q f [ [ [ [ V V V V 6RXUFH Vn/DQGV +RVSLWDDO 'HOLYHU\ 5HFRUGV -DQXDU\

PAGE 223

7DEOH 1XPEHU RI /RZ %LUWK :HLJKW I JUDPVf DQG +LJK %LUWK :HLJKWV JUDPVf EY (WKQLF *URXS &UHROH +LQGXVWDQL -DYDQHVH 0DURRQ /RZ %LUWK Q f Q f Q f Q f :HLJKWV bf bf bf b +LJK %LUWK :HLJKWV bf bf 6RXUFH Vn/DQGV +RVSLWDDO 'HOLYHU\ 5HFRUGV -DQXDU\ 6XPPDU\ 0RVW RI WKH ELUWKV LQ 6XULQDPH WDNH SODFH LQ Vn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nV IDWKHU DQG LW VWUHQJWKHQV D ZRPDQnV FODLP RQ KLV VXSSRUW IRU WKH FKLOG 7KLV FHUHPRQ\ JLYHQ WR -DYDQHVH ZRPHQ HPSKDVL]HV WKH HDVH RI WKH GHOLYHU\ DQG UHLQIRUFHV WKH IDWKHUV UROH LQ WKH SURFHVV $ FRFRQXW LV UROOHG RII WKH JUDYLG DEGRPHQ GRZQ WKURXJK D ZRPDQnV SDUWLDOO\ VSUHDG OHJV DQG FDXJKW E\ WKH IDWKHU 7KH FRFRQXW LV WKHQ FXW ZLWK D PDFKHWH $ VWUDLJKW FXW WKDW GLYLGHV ERWK KDOYHV HTXDOO\ LQGLFDWHV D JLUO ZLOO EH ERUQ DQG D FXW WR RQH VLGH LQGLFDWHV D ER\ ZLOO EH ERUQ 2QH -DYDQHVH ZRPDQ WKDW KDG GHOLYHUHG WKUHH ER\V IHOW WKDW DOWKRXJK WKLV PHWKRG PD\ QRW ZRUN IRU HYHU\RQH RU HYHU\ WLPH LW KDG SUHGLFWHG DOO WKUHH RI KHU

PAGE 224

VRQV $IWHU WKH FHUHPRQ\ D MXLFH LV GUXQN PDGH ZLWK VHYHQ GLIIHUHQW LQJUHGLHQWV 7KH FDODEDVK LV FXW LQ KDOI DQG D ERZO IRUPHG $ FDODEDVK DSSUR[LPDWHO\ RQH SLQW LQ VL]H LV XVHG FFnVf DQG D KDQGIXO RI GULHG OHDYHV IURP WKH ILQLELWD 3K\OODQWKXV DPDUXV IURP WKH *HQXV (XSKRUELDFHDHf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f $OWKRXJK KDYH VHHQ D UHFRUG RI WKH H[DFW QXPEHU RI ELUWKV SHU \HDU DW WKH KRVSLWDO QHJOHFWHG WR WUDQVFULEH LW 7KH QXPEHU RI ELUWKV IRU -DQXDU\ ZDV DQG VR H[WHQGHG WR D \HDU LW ZRXOG EH DSSUR[LPDWHO\ ELUWKV SHU \HDU DW WKH KRVSLWDO 1DWLRQDO ELUWK UHFRUGV DUH RQO\ DYDLODEOH XS XQWLO EXW WKH WUHQG KDV EHHQ D GHFOLQLQJ WRWDO QXPEHU RI ELUWKV ,I WKLV WUHQG KDV FRQWLQXHG WKHQ PRUH WKDQ b RI DOO GHOLYHULHV LQ WKH HQWLUH FRXQWU\ ZRXOG KDYH EHHQ GRQH DW Vn/DQGV +RVSLWDDO p+RW KRXVH ZDV WKH WHUP XVHG IRU KRVSLWDOV LQ -DPDLFD GXULQJ VODYHU\ DV ZHOO 'LUNV f ,W LV D GHVFULSWLYH WHUP IRU WKH SODFH ZKHUH VLFN VODYHV ZHUH WDNHQ WR EH QXUWXUHG 2WKHU VODYHV ZLWK KHDOLQJ NQRZOHGJH ZHUH IUHTXHQWO\ VRXJKW RXW WR RYHUVHH WKH KHDOLQJ DQG $IULFDQ KHDOLQJ NQRZOHGJH IUHTXHQWO\ KDG KLJK VWDWXV HYHQ DPRQJ WKH (XURSHDQ SRSXODWLRQ &UDWRQ f 7KH KRVSLWDO IROORZV WKH 'XWFK SDWWHUQ RI QRW UHIHUULQJ WR WKH JURXQG IORRU LQ FRXQWLQJ QXPEHUV RI OHYHOV 7KH\ UHIHU WR WKH GHOLYHU\ DUHD DV WKH ILUVW IORRU KDYH XVHG WKH $PHULFDQ SDWWHUQ KHUH IRU FODULW\

PAGE 225

2EVHUYDWLRQV ZHUH PDGH RQH GD\ ZKLOH ZDLWLQJ IRU D ULGH DQG RI WKH ILUVW FDUV WKDW GURYH E\ RQO\ RQH ZDV GULYHQ E\ DQ $VLDQ ZRPHQ 7KH UHVW ZHUH GULYHQ E\ PHQ X7KH PLGZLYHV LQ WKH GLVWULFWV LH QRW LQ 3DUDPDULERf FRPSODLQ WKDW WKH\ DUH WKH RQHnV WKDW GR PRVW RI WKH GHOLYHULHV DQG WKH GRFWRUV RYHU WKH GLVWULFWV WDNH D ODUJH IHH RXW IRU HYHU\ GHOLYHU\ GRQH 7KH PLGZLYHV VD\ WKDW LI WKH GHOLYHU\ LV DW QLJKW WKH GRFWRU LV PRUH OLNHO\ WR KDYH WKHP WDNH FDUH RI WKH GHOLYHU\ WRR 7KH IRXU J\QHFRORJLVWV ZKR RFFDVLRQDOO\ GHOLYHU LQ GLIILFXOW ELUWKVf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f UHFHQWO\ KDV DUJXHG WKDW WKH FRXYDGH ULWXDO PD\ QRW H[LVW DPRQJ WKH &DULE EXW VKH JLYHV OLWWOH MXVWLILFDWLRQ IRU WKLV DQG LW PD\ EH WKDW WKH SUDFWLFH KDV GHFOLQHG DV D UHVXOW RI LQGXVWULDOL]DWLRQ 3DLJH DQG 3DLJHnV >@ H[SODQDWLRQ WKDW WKH FRXYDGH LV D UHLQIRUFHPHQW RI PDOH IUDWHUQDO RUJDQL]DWLRQ FRQWURO RYHU FKLOGUHQ PD\ H[SODLQ WKLV WUHQG DQG LV GLUHFWO\ UHOHYDQW WR &UHROH KHOSLQJ DQG D ZD\ RI DVVHUWLQJ SDWHUQLW\f 1DWLYH $PHULFDQ WUDGLWLRQ PD\ KDYH LQIOXHQFHG &UHROH SUDFWLFHV LQ WKLV DUHD 7KHVH ILJXUHV ZHUH GHWHUPLQHG E\ XVLQJ D SURJUDP WKDW XVHG WKH PRWKHUnV ELUWKGDWH DQG WKH FKLOGnV ELUWKGDWH WR GHWHUPLQH WKH PRWKHUnV DJH LQ GD\V 7KHVH ILJXUHV ZHUH GLYLGHG E\ WR JLYH \HDUV OHDS \HDUV ZHUH LJQRUHGf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

PAGE 226

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f $OWKRXJK WKLV PD\ EH WKH FDVH QHYHU REVHUYHG D &UHROH ZRPDQ DVN WR WDNH KHU SODFHQWD KRPH ZKLOH GLG VHH -DYDQHVH ZRPHQ DVN IRU WKH SODFHQWD 7KH PLGZLYHV VDLG WKDW ZRPHQ RFFDVLRQDOO\ DVNHG WR WDNH WKH SODFHQWD KRPH EXW WKH\ FRXOG QRW UHFDOO WKH HWKQLFLW\ RI WKHVH ZRPHQf RQFH ZHQW KDVWLO\ ZLWK DQ LQIRUPDQW WR VHH KLV FRZ DIWHU QHZV FDPH WKDW LW KDG FDOYHG 7KH SODFHQWD ZDV JRQH E\ WKH WLPH ZH KDG DUULYHG EXW KH VDLG WKDW RWKHU DQLPDOV KDG SUREDEO\ FRPH DQG WDNHQ LW DZD\ DQG VR KH ZDV QRW ZRUULHG WKDW KLV FRZ KDG HDWHQ LW KDG LQWHQGHG RQ ZDWFKLQJ WKH PRWKHUnV H\H FRQWDFW DQG ILUVW LQWHUDFWLRQ ZLWK WKH LQIDQW IRU D FURVVFXOWXUDO FRPSDULVRQ WR 7UHYHWKDQnV f ZRUN 6LQFH WKLV RIWHQ WRRN SODFH KRXUV ODWHU DQG WKH WLPH ZDV XQSUHGLFWDEOH WKH REVHUYDWLRQV FRXOG QRW EH PDGH fn‘'LIIHUHQFHV LQ VH[ UDWLRV EHWZHHQ WKH &UHROH DQG 0DURRQ SRSXODWLRQ PD\ EH GXH WR WKH $XVWUDOLDQ DQWLJHQ DVVRFLDWHG ZLWK KHSDWLWLV % %OXPEHUJ %OXPEHUJ HW DO f

PAGE 227

&+$37(5 0$7(51$/ 32673$5780 5(&29(5< $1' ,1)$17 (;7(52*(67$7,21 3RVWSDUWXP 5HFRYHU\ 7KH SHULRG DIWHU WKH ELUWK LV D WLPH RI UHFRYHU\ IRU WKH PRWKHU DQG D FULWLFDO SHULRG RI GHYHORSPHQW IRU WKH LQIDQW ,W KDV EHHQ WHUPHG D SHULRG RI H[WHURJHVWDWLRQ E\ 0RQWDJX f *RXOG f DQG 7UHYHWKDQ f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

PAGE 228

EULQJ D VPDOO EDJ RU EDVNHW ZLWK WKHP WR WKH KRVSLWDO WKLV JHQHUDOO\ KDV D FRPE DQG D GUHVV LQ LW :RPHQ JHQHUDOO\ VOHHS LQ D VLPSOH GUHVV ZKLOH LQ WKH KRVSLWDO 6RPH ZRPHQ JHQHUDOO\ +LQGXVWDQL ZRPHQ EULQJ QLJKW JRZQV WR ZHDUf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f§OLNHO\ WKH SDUWXULHQWnV PRWKHUf ZLOO VLW QH[W WR KHU 7KH QHZERUQV DUH JHQHUDOO\ NHSW LQ EDVVLQHWV FRYHUHG ZLWK PRVTXLWR QHWWLQJ JDWKHUHG QHDU WKH EDFN HQWUDQFH 7KH\ VOHHS PRVW RI WKH WLPH DQG DUH OHIW DORQH XQOHVV WKH\ FU\ 7KH GLDSHUV DUH SURYLGHG IRU WKH EDELHV ZKLOH LQ WKH KRVSLWDO EXW PRWKHUV DUH VXSSRVHG WR EULQJ WKHLU RZQ GLDSHUV IRU WKH EDE\ WR ZHDU KRPH 0DQ\ FDQ QRW DIIRUG GLDSHUV DQG VRPH PDQDJH WR WDNH D GLDSHU KRPH IURP WKH KRVSLWDO 7KLV GLDSHU LV RIWHQ XVHG ZKHQ WKH EDE\

PAGE 229

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

PAGE 230

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

PAGE 231

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
PAGE 232

DQG D ZRPDQ VLWV RQ WKH VWLFNV ZKLOH WKH VWHDP ULVHV XS WR KHU 6KH KDV WDNHQ DOO KHU FORWKHV RII DQG FRYHUV KHUVHOI ZLWK D EODQNHW VR WKDW KHU HQWLUH ERG\ VWHDPV 7KH ZRPDQnV PRWKHU EURWKHU RU RWKHU FORVH UHODWLYH ZLOO KHOS VWHDG\ KHU RYHU WKH WXE DQG NHHS KRW ZDWHU LQ LW WR VWHDP KHU $IWHU VLWWLQJ RYHU WKH WXE IRU DERXW DQ KRXU WKH ZRPDQnV ERG\ LV PDVVDJHG ZLWK WKH KHUEDO ZDWHU 7KHUH LV SDUWLFXODU FRQFHQWUDWLRQ RQ KHU EUHDVWV WR EULQJ LQ KHU PLON $ WRZHO LV GLSSHG LQWR WKH ZDWHU DQG ZUXQJ RXW WKHQ LW LV SXW RQ GLIIHUHQW DUHDV RI WKH ERG\ $IWHU WKLV D ZKLWH SLHFH RI PXVOLQ DERXW WHQ IHHW ORQJ DQG WZR IHHW ZLGH LV ZUDSSHG WLJKWO\ DURXQG WKH ZRPDQnV DEGRPHQ 6KH LV ERXQG HYHU\ GD\ GXULQJ WKH UHFRYHU\ SHULRG 7KH FOHDQVLQJ DQG ELQGLQJ LV GRQH WZLFH D GD\ DV WKH VXQ FRPHV XS DQG DV WKH VXQ JRHV GRZQ PRIR GH\ PRXWK RI WKH GD\ DQG PRIR QHWL PRXWK RI WKH QLJKWf )RU WKH ILUVW ZHHN SRVWSDUWXP WKH RQO\ WKLQJ ERLOHG LQ WKH ZDWHU LV OLPH OHDYHV $IWHU WKH ILUVW ZHHN D PL[WXUH RI G\DUD NRSL 6LSDUXQD JXLDQHQVLVf EXVDQDQVL ZLZLUL KDLUV IURP D WDUDQWXODf DQG PDVXVD ZLZLUL 5HQHDOPLD H[DOWDWDf LV SXW LQWR WKH ZDWHU DQG D ZRPDQ ZDVKHV WZLFH D GD\ ZLWK WKHVH IRU WKUHH PRQWKV 2QO\ ZKHQ D ZRPDQ KDV FRPSOHWHG WKLV SURFHVV FDQ VKH KDYH LQWHUFRXUVH ZLWK KHU KXVEDQG DJDLQ :KLOH D ZRPDQ XQGHUJRHV WKLV FOHDQVLQJ SURFHVV VKH ZLOO GULQN KHUEDO EUHZV LQWHQGHG WR FOHDQ RXW KHU UHSURGXFWLYH V\VWHP 7KH EUHZ LV PDGH RI ILQL ELWD 3K\OODQWKXV DPDUXVf OXDQJR WLWH\ $ULVWRORFKLD PDFURWDf

PAGE 233

DQG SHGUHNX ;\ORSLDf $ OLWWOH DQLVH VHHG DQG VDOW DUH DGGHG IRU IODYRULQJ 'XULQJ WKH SRVWSDUWXP SHULRG WKLV PL[WXUH LV GUXQN HYHU\ PRUQLQJ PLGGD\ DQG HYHQLQJ :KHQ D ZRPDQ GULQNV WKLV PL[WXUH VKH LV VXSSRVHG WR KROG KHU EUHDVWV XS VR WKDW WKH EUHZ ZLOO QRW IORZ LQWR KHU EUHDVWV VLQFH LW LV FRQVLGHUHG EDG IRU WKH EDE\ DQG ZLOO JLYH WKH EDE\ VWLII RU KDUG ERQHV :RPHQ XQGHUJR WKLV SURFHVV WR PDNH WKHPVHOYHV SXUH DQG VWURQJ LQVLGH 7KH\ VD\ WKDW D PDQ GRHV QRW ZDQW D ZRPDQ WKDW LV QRW VWURQJ WUDQJDf LQVLGH EXW LW LV DOVR JRRG IRU WKH ZRPDQ VLQFH VKH ZLOO WDNH FDUH RI KHUVHOI EHWWHU %HLQJ VWURQJ UHIHUV LQ WKLV FDVH WR VH[XDO UHODWLRQV :RPHQ VD\ WKDW G\DUD NRSL ZLOO PDNH WKH YDJLQD FORVH OLNH D IORZHU DQG LW ZLOO EHFRPH OLNH WKDW RI D \RXQJ ZRPDQ 6RPH ZRPHQ XQGHUJR WKLV SURFHVV IDLUO\ UHJXODUO\ DV WKH\ PDWXUH $ ZRPDQ EHFRPHV SXUH NDVHULf DV WKH SRVWSDUWXP EOHHGLQJ VWRSV 7KH ELWWHUV ILQ ELWD OXDQJR WLWH\f DUH VSHFLILFDOO\ LQWHQGHG WR DLG LQ WKLV SURFHVV 7KH SHGUHNX LV WDNHQ IRU FUDPSLQJ DQG LV IUHTXHQWO\ XVHG E\ ZRPHQ GXULQJ PHQVWUXDO SHULRGV DV ZHOOf 7KH ELWWHUV DUH EHOLHYHG WR GU\ XS WKH IORZ RI EORRG 6RPH ROGHU ZRPHQ DOVR SXW D IROGHG SLHFH RI QHZVSDSHU VRDNHG LQ UXP XS LQWR WKH ELUWK FDQDO EXW QRQH RI WKH \RXQJHU ZRPHQ VHHP WR GR WKLV 7KLV SUDFWLFH LV DOVR LQWHQGHG WR KHOS FOHDQ D ZRPDQ LQVLGH 7KH SRVWSDUWXP IORZ RI EORRG LV VHHQ DV GLUW\ DQG LV FRQQHFWHG ZLWK WKH VDPH EHOLHIV VXUURXQGLQJ PHQVWUXDWLRQ

PAGE 234

'LUW\ GRWLf LV VHHQ DV WKH RSSRVLWH RI FOHDQ NULQf LQ PRUH WKDQ D VWULFWO\ K\JLHQLF VHQVH $ SHUVRQ ZKR SUDFWLFHV FOHDQ OLYLQJ NULQOLELf LV RQH ZKR LV DFWLYH LQ D &KULVWLDQ GHQRPLQDWLRQ DQG DGKHUHV WR LWn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f 1RZ ZRPHQ DUH PXFK OHVV FRQFHUQHG DERXW VWD\LQJ LQ DQG ZLOO RIWHQ JR RXW ZLWKLQ GD\V RI WKH GHOLYHU\

PAGE 235

,QWURGXFLQJ WKH &KLOG WR LWV :RUOG $OWKRXJK PRVW &UHROH GR QRW ERWKHU WR WDNH WKH QHZERUQ FKLOG RXW DQG LQWURGXFH LW WR WKH ZRUOG VRPH RI WKRVH LQ UXUDO DUHDV VWLOO GR WKLV *HQHUDOO\ WKH EDE\nV IDWKHU ZLOO WDNH KLP RU KHU RXW LQWR WKH \DUG 7KH IDWKHU ZLOO KROG WKH FKLOG RXW LQ ERWK KDQGV DV KH ZDONV DURXQG DQG LQWURGXFH WKH FKLOG WR WKH LPSRUWDQW SODQWV DURXQG WKH KRXVH 7KH IDWKHU PD\ HYHQ WHOO WKH QHZERUQ D OLWWOH DERXW HDFK SODQW $W WKLV VDPH WLPH OHDYHV IURP WKH DODWD WHUH UDWV WDLOf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nV IHHW 7KLV LV GRQH LQ RUGHU WR WHDFK WKH FKLOG DERXW ZDONLQJ

PAGE 236

,W LV LPSRUWDQW WKDW D FKLOG EHJLQ WR ZDON EHIRUH LWV ILUVW ELUWKGD\ 3DUHQWV ZLOO RIWHQ VSDQN WKHLU FKLOG LI LW KDV QRW ZDONHG E\ WKHQ 7KH\ FLWH DV HYLGHQFH WKDW WKH VSDQNLQJ ZRUNV WKH IDFW WKDW WKHLU FKLOGUHQ ZLOO ZDON VKRUWO\ DIWHU WKLV LV GRQH 3URWHFWLRQ IURP WKH (YLO (\H DQG 2WKHU +DUP ,QIDQWV DUH FRQVLGHUHG HVSHFLDOO\ YXOQHUDEOH WR WKH HYLO H\H RJUL D\Hf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

PAGE 237

WKH \DUG 7KHVH WDSX DUH HVSHFLDOO\ LPSRUWDQW LI D FKLOG LV WDNHQ WR WKH PDUNHWV 7KH PDUNHWV DUH FRQVLGHUHG IXOO RI VSLULWV DQG RWKHU PHWDSK\VLFDO EHLQJV WKDW DUH EHLQJ XVHG E\ GLIIHUHQW LQGLYLGXDOV WR VHOO WKHLU ZDUHV 2QH ZRPDQ ZKR KDV EHFRPH YHU\ ZHOO RII VHOOLQJ JLQJHU EHHU LQ WKH PDUNHW SODFH D VSLF\ GULQN PDGH RI JLQJHU URRWf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f ,QIRUPDQWV VWDWHG WKDW WKH EDE\ EUHDWKV IURP WKH EORSUHVL DQG WKH PRXWK XQWLO LW EHJLQV WR PDWXUH 2WKHUV FRXQWHUHG WKLV YLHZ VWDWLQJ WKDW ZKDW ORRNHG OLNH EUHDWKLQJ ZDV UHDOO\ WKH EORRG SXOVLQJ WKURXJK D YHLQf 7KH IDFW WKDW WKH LQIDQWV EUHDWKLQJ FOHDUV XS VHYHUDO GD\V DIWHU EHLQJ WUHDWHG LQ WKLV PDQQHU LV RIIHUHG DV HYLGHQFH WKDW WKH UXP VRDNHG FRWWRQ KHOSV ,QIDQW )HHGLQJ :KHQ DVNHG LI WKH\ SODQQHG RQ EUHDVWIHHGLQJ RU ERWWOH IHHGLQJ WKHLU FKLOG DOO RI WKH ZRPHQ LQ WKH SRVWSDUWXP VDPSOH UHVSRQGHG WKDW WKH\ SODQQHG RQ GRLQJ ERWK +RZHYHU WKLV

PAGE 238

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f 7KH PDWDSL LV KXQJ IURP WKH UDIWHUV DQG D KHDY\ VWLFN LV DWWDFKHG WR WKH ERWWRP 7KH ZDWHU LV VTXHH]HG RXW WKLV ZD\ DQG WKH UHPDLQLQJ SURGXFW LV GULHG RYHU D ILUH 7KLV LV EURNHQ DQG VROG LQ ODUJH SLHFHV LQ WKH

PAGE 239

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f 7DEOH 6WLOO %LUWKVr DQG ,QIDQW 'HDWKVrr
PAGE 240

,QIDQW 'LDUUKHD 7KH VHFRQG PDMRU FDXVH RI GHDWK LQ 6XULQDPH LV GHDWK GXULQJ WKH SHULQDWDO SHULRG DQG GLDUUKHD LV WKH PDMRU FDXVH RI LQIDQW GHDWKV ,Q b RI DOO YLVLWV WR WKH FOLQLF IRU LQIDQWV ZHUH DV D UHVXOW RI GLDUUKHD DQG IURP GHDWKV GXH WR GLDUUKHD ZHUH b RI DOO LQIDQW GHDWKV .ULVKQDGDWK DQG &DII f 7KHUH KDV EHHQ D UHFHQW UHFRJQLWLRQ WKDW GLDUUKHD OHYHOV DUH PXFK KLJKHU GXULQJ WKH PDMRU UDLQ\ VHDVRQ $SULO$XJXVWf WKDQ GXULQJ WKH PDMRU GU\ VHDVRQ $XJXVW'HFHPEHUf 7KLV DSSHDUV WR EH FRQQHFWHG WR WRLOHW IDFLOLWLHV .ULVKQDGDWK DQG &DII f &UHROH IRON NQRZOHGJH LQGLFDWHV WKDW WKLV FRQQHFWLRQ KDV EHHQ XQGHUVWRRG IRU VRPH WLPH 7KH\ VD\ WKDW LI RQH LQGLVFULPLQDWHO\ GHIHFDWHV DURXQG WKH \DUG WKH 6SLULWV RI WKH *URXQG *URQ :LQWLf ZLOO EHFRPH DQJU\ DQG PDNH RQH VLFN &KLOGUHQ DUH HVSHFLDOO\ OLNHO\ WR EHFRPH WKH WDUJHWV RI WKHVH VSLULWV ,QIDQW )XQHUDOV :KHQ D EDE\ GRHV GLH LW LV FRQVLGHUHG D WUDJHG\ EXW WKH GHDWK LV WUHDWHG GLIIHUHQWO\ WKDQ RWKHU GHDWKV +HUVNRYLWV f QRWHG LQ KLV REVHUYDWLRQV WKDW IXQHUDOV DUH QRW KHOG IRU EDELHV DQG LI D ZRPDQ GLHV LQ FKLOGELUWK RQO\ D VPDOO ZDNH LV KHOG E\ D IHZ FORVH UHODWLYHV &XUUHQWO\ IXQHUDOV DUH RFFDVLRQDOO\ KHOG IRU VWLOOERUQ LQIDQWV RU PRUH FRPPRQO\ LQIDQWV WKDW GLH VRRQ DIWHU ELUWK %XW LQIDQW IXQHUDOV GLIIHU IURP WKRVH RI DGXOWV

PAGE 241

2QO\ D IHZ IDPLO\ PHPEHUV ZLOO FRPH WR DQ LQIDQWV IXQHUDO ,QIRUPDQWV VDLG WKDW WKLV LV EHFDXVH WKH FKLOG GLG QRW KDYH DQ\ IULHQGV 7KH GHDWKV RI FKLOGUHQ DUH QRW DQQRXQFHG LQ WKH SDSHU RU RQ UDGLR 'HGH RVR DQG D\WL GH\ FHUHPRQLHV DUH GLVSHQVHG ZLWK LQ LQIDQW GHDWKV 7KHVH DUH VSHFLDO HYHQWV KHOG LQ SDUW WR VHQG RII WKH \RUND RU VSLULW RI WKH GHDG VR WKDW LW ZLOO QRW FRPH EDFN WR ERWKHU WKH IDPLO\f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nV SURSHU UHFRYHU\ LV RI FHQWUDO FRQFHUQ 7KH IDPLO\ DVVLVWV KHU LQ EDWKLQJ DQG ELQGV KHU WLJKWO\ HDFK GD\ XQWLO VKH GRHV QRW EOHHG DQ\ PRUH 7KH FKLOG LV DOVR FDUHG IRU E\ EDWKLQJ DQG IHHGLQJ 0RVW ZRPHQ GR QRW EUHDVWIHHG EXW WKLV PDNHV LW HDVLHU IRU WKH JUDQGPRWKHU RU RWKHU FDUH JLYHUV WR DVVLVW LQ

PAGE 242

ZDWFKLQJ WKH EDE\ ,I WKH FKLOG GLHV OLWWOH HIIRUW LV SODFHG LQ IXQHUDOV RU PRQXPHQWV DQG \HW HDFK ELUWKGD\ LV D FHOHEUDWLRQ RI WKH VXUYLYDO RI WKH FKLOG )DWKHUV FDQ EH LQYROYHG LQ WKH SRVWSDUWXP FOHDQVLQJ DQG DUH JHQHUDOO\ LQYROYHG LQ LQWURGXFLQJ WKH FKLOG WR LWV ZRUOG 0RQWDJX f *RXOG f 7UHYHWKDQ f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f -HDWK r 0DOH )HPDOH 7RWDO 3HUFHQW

PAGE 243

'LJHVWLYH 7UDFW ,OOQHVV $UWHULDO 6FOHURVLV *DVWURHQWULWLV GLDUUKHD HWFf 6XLFLGH r/LPLWHG WR WKRVH GHDWKV ZKHUH D FHUWLILFDWH ZDV ILOOHG RXW RU b RI WKH WRWDO GHDWKV IRU 6RXUFH 'HSDUWPHQW RI 3XEOLF +HDOWK 6XULQDPH 6XULQDPH LQ &LMIHUV f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f DQG RFFDVLRQDOO\ SRSXODU VRQJV DV ZHOO /DWH LQ WKH HYHQLQJ :LQWL SRVVHVVLRQV PD\ DOVR WDNH SODFH ,I WKHVH HYHQWV DUH QRW KHOG RQ WKH DFWXDO GD\ RI ELUWK WKHQ DQRWKHU JDWKHULQJ PD\ WDNH SODFH ZKHUH D VPDOOHU JURXS RI SHRSOH ZLOO FRPH WRJHWKHU WR WDON DQG HDW (YHQ ZKHQ WKHVH VHSDUDWH FHOHEUDWLRQV DUH KHOG RQ WKH DFWXDO GD\ rL ELUWK D EUDVV EDQG ZLOO FRPH WR SOD\ K\PQV DQG WUDGLWLRQDO VRQJV DW D VXQULVH VHUYLFH PDGH XS RI IDPLO\ PHPEHUV DQG YHU\ FORVH IULHQGV 7KH PRVW LPSRUWDQW HPSKDVLV RI WKHVH HYHQWV LV WKDW WKH SHUVRQ EHLQJ KRQRUHG PDQDJHG WR VXUYLYH XQWLO WKDW SRLQW LQ WKHLU OLYHV DQG HVSHFLDOO\ IRU WKH ELJLSRNX KDV UHDFKHG ROG DJHf§DQ KRQRUDEOH DQG VDFUHG SRVLWLRQ

PAGE 244

&+$37(5 6800$5< $1' &21&/86,216 6XPPDU\ 7KH TXHVWLRQ SRVHG LQ FKDSWHU RQHf§KRZ LV D UHODWLRQVKLS RXWVLGH RI OHJDO PDUULDJH UHFRJQL]HG DV KDYLQJ VRFLDO DSSURYDO ZKLOH RWKHU QRQOHJDO UHODWLRQVKLSV PD\ QRW KDYH VLPLODU DSSURYDO"f§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

PAGE 245

QRW FDUULHG RXW LOOLFLWO\ LH LQ VHFUHWf WKH UHODWLRQVKLS JDLQV WKH DSSURYDO RI WKH FRPPXQLW\ 7KHVH UHODWLRQVKLSV JHQHUDOO\ HYROYH LQWR FRQVHQVXDO XQLRQV ZKHQ KRXVLQJ LV DYDLODEOH RU ZKHQ D FKLOG LV ERUQ E\ WKH FRXSOH 8QLRQV WKDW GR QRW KDYH SXEOLF DSSURYDO DUH WKRVH WKDW DUH FDUULHG RQ ZLWKRXW WKH NQRZOHGJH RI DQ LPSRUWDQW WKLUG SDUW\ LH PRWKHU ZLIH ER\IULHQG RU RWKHUVf 2QH SRVVLEOH H[FHSWLRQ WR WKLV SRLQWHG RXW LQ WKH WH[W LV WKH FDVH RI D SUHJQDQW ZRPDQ HVWDEOLVKLQJ D XQLRQ ZLWK D PDQ ZKLOH WKH FKLOGnV IDWKHU LV DZD\ 6LQFH WKLV EHKDYLRU LV VWLOO RFFDVLRQDOO\ FRQVLGHUHG LQ WKH EHVW LQWHUHVW RI WKH FKLOGn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f§KRZ GRHV SXEOLF DFNQRZOHGJHPHQW RI SDWHUQLW\ WDNH SODFH DQG ZKDW LV DFFHSWHG DV YDOLG HYLGHQFH RI SDWHUQLW\"f§FDQ DOVR EH DQVZHUHG RQ GLIIHUHQW OHYHOV IRU &UHROHV LQ JUHDWHU 3DUDPDULER ,Q D OHJDO PDUULDJH DFNQRZOHGJHPHQW RI SDWHUQLW\ LV QRW QHFHVVDU\

PAGE 246

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nV IDWKHU WKURXJK WKH FRQWLQXHG YLVLWV RI WKH IDWKHU ILOOLQJ KLV H[SHFWHG UROH LQ FRQWULEXWLQJ WR WKH JURZWK DQG GHYHORSPHQW RI KLV FKLOG GXULQJ JHVWDWLRQ 7KH IDWKHU LV DOVR H[SHFWHG WR MRLQ WKH UHVW RI WKH FRPPXQLW\ LQ JLYLQJ D SUHJQDQW ZRPDQ WKH WKLQJV VKH ZDQWV WR HDW LQ RUGHU WR LQVXUH WKH FKLOGnV KHDOWK DQG VXUYLYDO $V KH JRHV WR WKH PDUNHW SODFH WR EX\ WKLQJV IRU D ZRPDQ WR HDW DQG HVSHFLDOO\ SHPED ZKLFK LV RIWHQ HDWHQ HYHU\ GD\ RWKHUV EHJLQ WR DVVXPH KH LV EX\LQJ WKH JRRGV IRU D SUHJQDQW ZRPDQ DQG KH LV WKH IDWKHU RI KHU FKLOG 7UHIX RU IRRG WDERRV DUH DOVR LQKHULWHG IURP WKH IDWKHU DQG VR NQRZLQJ WKH RULJLQV RI D FKLOGnV WUHIX KHOSV WR VWUHQJWKHQ FODLPV RI SDWHUQLW\ 3HUKDSV WKH PRVW VLJQLILFDQW DQG GLUHFW PHDQV RI DFNQRZOHGJLQJ SDWHUQLW\ LV GXULQJ WKH WUHDWPHQW IRU I\RI\R D VSLULWXDO LOOQHVV $ PDQ PXVW SURPLVH WR KHOS VXSSRUW D ZRPDQ DQG WKH H[SHFWHG FKLOG

PAGE 247

DQG KH FRQIHVVHV KLV IDXOWV LQ QRW WDNLQJ WKH UHVSRQVLELOLWLHV RI IDWKHUKRRG XSRQ KLPVHOI DV H[SHFWHG 7KHVH YDULRXV EHOLHIV FDQ EH EURXJKW WR EHDU WR VXSSRUW D ZRPDQnV VSHFLILF FODLPV WKDW D PDQ LV WKH IDWKHU RI KHU FKLOG )XUWKHUPRUH WKH\ PLJKW VHUYH WR VWUHQJWKHQ WKH LQYROYHPHQW RI WKH PDQ ODWHU RQ GXULQJ GHOLYHU\ DQG LQ FDULQJ IRU WKH FKLOG 'XULQJ WKH GHOLYHU\ RI KLV FKLOG D &UHROH PDQ GRHV QRW FRPH LQWR WKH GHOLYHU\ URRP DQG UDUHO\ ZDLWV RXWVLGH ZLWK WKH IDPLO\ EXW DOWKRXJK QRW DW WKH ELUWK KH PD\ EH DW KRPH H[SHULHQFLQJ SDLQV WKDW KHOS WKH ZRPDQ WKURXJK WKH GHOLYHU\ ,I D PDQ JRHV WKURXJK WKLV SURFHVV LW VWUHQJWKHQV WKH FRQVHQVXV WKDW KH LV WKH FKLOGnV IDWKHU ,W DOVR LPSURYHV D ZRPDQnV FODLP WR KLV VXSSRUW IRU WKH FKLOG )DWKHUn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

PAGE 248

VWHULOL]DWLRQf§H[FHSW ZKHQ PDUULHGf§PD\ RQ WKH VXUIDFH VHHP LQFRQJUXRXV 'R ZRPHQ ZDQW WR KDYH FKLOGUHQ RU GR WKH\ QRW ZDQW WR KDYH FKLOGUHQ" 7KH DQVZHU WR WKLV TXHVWLRQ LV WKDW FLUFXPVWDQFHV GLFWDWH ZKHWKHU D FKLOG LV ZDQWHG RU QRW DQG WKH IDWKHUn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f $ ZRPDQ KDG ZULWWHQ QHDWO\ LQ WKH SDFNHG HDUWK ZLWK WKH HQG RI D VWLFN GH NLQGHUHQ KXLOHQ YRRU HHQ YDGHU DQG GH NLQGHUHQ KHEEHQ KRQJHU YRRU HHQ YDGHU ZKLFK PHDQ UHVSHFWLYHO\ WKH FKLOGUHQ FU\ IRU D IDWKHU DQG WKH FKLOGUHQ KXQJHU IRU D IDWKHU D SXQ PHDQLQJ HLWKHU WKH FKLOGUHQ GHVLUH D IDWKHU RU WKH\ DUH OLWHUDOO\ KXQJU\ EHFDXVH WKH\ GR QRW KDYH D IDWKHUf 7KLV ZRPHQ ZDV QRW XQXVXDO LQ EODPLQJ WKH SUREOHPV RI KHU FKLOGUHQ RQ DQ DEVHQFH RI D IDWKHU DQG VLPLODU IHHOLQJV ZHUH H[SUHVVHG E\ RWKHUV 1RQ&UHROH 6XULQDPHUV RFFDVLRQDOO\ PLVXQGHUVWDQG WKH DFWLRQV RI &UHROH ZRPHQ ZKR UHDOL]H WKH\ DUH OHIW FRPSOHWHO\ UHVSRQVLEOH IRU D FKLOG ZLWK IHZ PHDQV WR FDUH IRU LW 7KLV LV LOOXVWUDWHG LQ WKH FRPSDULVRQ RI WZR VHSDUDWH HYHQWV WKDW

PAGE 249

RFFXUUHG LQ WKH VDPH ZHHN DQG WKH UHVSRQVH HDFK HYHQW UHFHLYHG E\ VRPH 6XULQDPHUV :KLOH GRLQJ UHVHDUFK DW WKH SXEOLF KRVSLWDO DUULYHG RQH GD\ WR ILQG HYHU\RQH ORRNLQJ YHU\ FRQFHUQHG DQG GLVFXVVLQJ VRPHWKLQJ LQ WHQVH KXVKHG WRQHV 7KH SUHYLRXV DIWHUQRRQ VRPHRQH ZDONHG LQ DQG VWROH D EDE\ IURP RQH RI WKH FULEV 1R RQH FRXOG UHPHPEHU DQ\WKLQJ OLNH WKLV HYHU KDSSHQLQJ LQ 6XULQDPH EHIRUH DQG HYHU\RQH ZDV FOHDUO\ XSVHW E\ WKH HYHQW 7KH NLGQDSLQJ EHFDPH D IURQW SDJH VWRU\ LQ WKH QHZVSDSHU DORQJ ZLWK D SLFWXUH RI WKH JULHYLQJ KXVEDQG DQG ZLIHf§D \RXQJ +LQGXVWDQL FRXSOH 7KH KRVSLWDO UHFRYHU\ URRP VXSHUYLVRU D +LQGXVWDQL ZRPDQ FRPSODLQHG WKDW HYHU\RQH ZDV VD\LQJ WKH\ VXVSHFWHG D +LQGXVWDQL ZRPDQ RI KDYLQJ WDNHQ WKH FKLOG ZKHQ QR RQH UHDOO\ NQHZ ZKR WRRN LW DQG VKH WKRXJKW VXFK DFFXVDWLRQV ZHUH XQIDLU 6HYHUDO GD\V ODWHU WKH NLGQDSHU ZDV IRXQG LW ZDV D \RXQJ +LQGXVWDQL QXUVLQJ VWXGHQW ZKR KDG WDNHQ WKH FKLOG WR JLYH WR KHU EURWKHU DQG KLV ZLIH VLQFH WKH\ DSSDUHQWO\ FRXOG QRW KDYH FKLOGUHQ $ERXW D ZHHN DIWHU WKLV HYHQW D FRXSOH RI LQGLYLGXDOV EURXJKW D QHZVSDSHU DUWLFOH WR P\ DWWHQWLRQ ,W ZDV D VKRUW DUWLFOH ZLWK IHZ GHWDLOV SXEOLVKHG LQ WKH EDFN RI WKH SDSHU DERXW D ZRPDQ ZKR KDG NLOOHG KHU RZQ FKLOG VKRUWO\ DIWHU LW ZDV ERUQ 7KH WZR -DYDQHVH ZRPHQ ZKR PHQWLRQHG WKH DUWLFOH DVNHG 'LG \RX UHDG LQ WKH SDSHU DERXW WKH &UHROH ZRPDQ ZKR NLOOHG KHU EDE\" 7KH\ PHQWLRQHG LW KDG KDSSHQHG D QXPEHU RI WLPHV EHIRUH EHFDXVH WKH PRWKHUV FRXOG QRW WDNH FDUH RI WKH FKLOG 'HVSLWH WKHLU VWDWHPHQWV WKH DUWLFOH GLG QRW PHQWLRQ

PAGE 250

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

PAGE 251

LQFUHDVHV XQGHUVWDQGLQJ RI &DULEEHDQ VRFLHWLHV LQ JHQHUDO 7KH SRUWUD\DO RI 6ODWHU f WKDW WKHUH LV QR FRQFHSW RI OHJLWLPDF\ LQ 0DUWLQLTXH D VWDWHPHQW ZKLFK KDV EHHQ JHQHUDOL]HG WR WKH &DULEEHDQ DW ODUJH HJ +DOEHUVWHLQ f GRHV QRW DSSO\ LQ WKH FDVH RI 6XULQDPH 6ODWHU DV FLWHG LQ FKDSWHU WZR UHFRJQL]HG WKDW OHJLWLPL]DWLRQ WDNHV SODFH LQ 0DUWLQLTXH %XW VKH GLG QRW DWWHPSW WR GHDO ZLWK KRZ WKLV IDFW PLJKW LQIOXHQFH KHU DVVHUWLRQ WKDW WKHUH LV QR OHJLWLPDF\ LQ WKH &DULEEHDQ ,I 0DUWLQLTXH LV WKH VDPH DV 6XULQDPH LH PRVW OHJLWLPL]DWLRQ WDNHV SODFH LQ FRQVHQVXDO XQLRQVf 6ODWHUnV DUJXPHQW WKDW OHJLWLPDF\ LV RQO\ D FRQFHSW RI WKH XSSHU HFKHORQV RI VRFLHW\ DQG QRW DSSOLFDEOH WR PRVW RI WKH $IUR&DULEEHDQ LV QRW YDOLG 7KH FRQVHQVXDO XQLRQV ZKHUH OHJLWLPL]DWLRQ WDNHV SODFH PD\ LQ IDFW EH FKDUDFWHUL]HG DV D W\SH RI PDUULDJH DOWKRXJK RSHUDWLQJ RQ D GLIIHUHQW OHYHO WKDQ ZKDW KDV KLVWRULFDOO\ EHHQ FRQVLGHUHG PDUULDJH LQ &DULEEHDQ UHVHDUFK ,I WKLV LV WKH FDVH WKHQ *RRGHnV Ef DVVHUWLRQ WKDW WKH &DULEEHDQ UHSUHVHQWV D JHRJUDSKLF UHJLRQ ZKHUH 0DOLQRZVNLnV SULQFLSOH RI OHJLWLPDF\ GRHV QRW FRPSOHWHO\ DSSO\ QHHGV WR EH UHFRQVLGHUHG *RRGH Ef YLHZV WKH &DULEEHDQ UHJLRQ DV RQH ZKHUH PRWKHUV JHW DQJU\ ZLWK GDXJKWHUV ZKR JHW SUHJQDQW RXWVLGH RI PDUULDJH EXW LW VWLOO FRQWLQXDOO\ KDSSHQV VLQFH FRPSOHWH DFFHSWDQFH RI :HVWHUQ VWDQGDUGV KDV IDLOHG WR WDNH SODFH OHDGLQJ WR LQFRPSOHWH VRFLDOL]DWLRQ ,I OHJLWLPDF\ LV QRW QDUURZO\ GHILQHG LQ WKH &DULEEHDQ WR RSHUDWH WKH VDPH DV LQ :HVWHUQ VRFLHWLHV LH WKH (XURSHDQ

PAGE 252

FRXQWULHV ZKLFK FRQWUROOHG WKH &DULEEHDQ UHJLRQf EXW LQVWHDG LV ORRNHG DW LQ WKH FRQWH[W RI D EURDGHU FURVVFXOWXUDO SHUVSHFWLYH ZLWK SRVVLEO\ D GLIIHUHQW FRQFHSW RI PDUULDJHf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f§WKDW D FKLOG LV OHJLWLPDWH ZKHQ LW LV ERUQ IURP D XQLRQ WKDW LV VRFLDOO\ DSSURYHG DQG LW UHFHLYHV SXEOLF DFNQRZOHGJHPHQW RI SDWHUQLW\ LW LV HYLGHQW LQ WKH FDVH RI 6XULQDPH WKDW D VRFLDOO\ DSSURYHG XQLRQ LV DOVR RQH WKDW LV SXEOLF DQG RSHQ ,W LV DOVR HYLGHQW WKDW SXEOLF DFNQRZOHGJHPHQW RI SDWHUQLW\ QHHG QRW EH D YHUEDO VWDWHPHQW WR WKH IDFW EXW FDQ EH SDUWLFLSDWLRQ LQ ULWXDO RU RWKHU DFWLYLWLHV LQ WKH IDWKHU UROH ,I OHJLWLPDF\ LV YLHZHG LQ WKHVH WHUPV 0DOLQRZVNLnV SULQFLSOH FRQWLQXHV WR KROG WUXH DOWKRXJK LW ZRXOG QRW LI RQO\ OHJDO PDUULDJH ZHUH FRQVLGHUHG DV KH RULJLQDOO\ GHILQHG WKH SULQFLSOH 6LQFH WKH FRQFHSW DQG LPSRUWDQFH RI OHJLWLPDF\ GR VHHP WR EH IRXQG LQ HYHU\ VRFLHW\ LW GHPDQGV DQ H[SODQDWLRQ +RZHYHU VXFK DQ

PAGE 253

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f ,W LV SRVVLEOH WKDW OHJLWLPL]DWLRQ PD\ EH FDUULHG RXW RQ DQ HQWLUHO\ GLIIHUHQW OHYHO DQG EDVHG RQ VRFLDO FRQWUDFWV UDWKHU WKDQ OHJDO RQHV $OWKRXJK 0DOLQRZVNLnV RULJLQDO FRQFHSWLRQ RI OHJLWLPDF\ GLG YLHZ WKH PRWKHUV RI LOOHJLWLPDWH FKLOGUHQ DV OLNHO\ WR ORVH VWDWXV LQ VRFLHW\ LW LV QRW FOHDU KRZ PXFK WKH PRWKHU LV GLVHVWHHPHG 'DYLV f RU VWLJPDWL]HG *RRGH Df E\ LOOHJLWLPDF\ *RRGHnV Df DVVHUWLRQ WKDW WKH SDUHQWDO DQJHU DURXVHG E\ D FODQGHVWLQH SUHJQDQF\ ZLOO QRW EH UHSHDWHG ZKHQ WKH JLUO KDV HQWHUHG D FRQVHQVXDO XQLRQ FDQ EH VLPSO\ H[SODLQHG E\ WKH IDFW WKDW WKH FODQGHVWLQH SUHJQDQF\ ZDV LOOHJLWLPDWH DQG WKH FRQVHQVXDO XQLRQ ZDV QRW ,I OHJLWLPDF\ SURYLGHV WKH IRXQGDWLRQ IRU SDUHQWKRRG DQG SDUHQWKRRG LV WKH EDVLV RI VRFLDO VWUXFWXUH DV 0DOLQRZVNL

PAGE 254

f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

PAGE 255

5()(5(1&(6 $FVDGL 7UDGLWLRQDO %LUWK &RQWURO 0HWKRGV LQ
PAGE 256

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n 7KH 6HFUHW DQ ,GHD LQ
PAGE 257

&RKHQ 5REHUW -HZV LQ $QRWKHU (QYLURQPHQW 6XULQDP LQ WKH 6HFRQG +DOI RI WKH (LJKWHHQWK &HQWXU\ 1HZ
PAGE 258

'LUNV 5REHUW 7KH %ODFN 6DWXUQDOLD &RQIOLFW DQG LWV 5LWXDO ([SUHVVLRQ RQ %ULWLVK :HVW ,QGLDQ 6ODYH 3ODQWDWLRQV *DLQHVYLOOH 8QLYHUVLW\ RI )ORULGD 3UHVV 'LUNV 5REHUW DQG 9LUJLQLD .HDUQV 0DWLQJ 3DWWHUQV DQG $GDSWLYH &KDQJH LQ 5XP %D\ 6RFLDO DQG (FRQRPLF 6WXGLHV 'RXJKHUW\ 0ROO\ %HFRPLQJ D :RPDQ LQ 5XUDO %ODFN &XOWXUH 1HZ
PAGE 259

)LVFKHU $ )LVFKHU DQG ) 0DKRQ\ 7RWHPLVP DQG $OOHUJ\ ,Q &XOWXUH 'LVHDVH DQG +HDOLQJ 6WXGLHV LQ 0HGLFDO $QWKURSRORJ\ /DQG\ HG 3S 1HZ
PAGE 260

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f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
PAGE 261

/LIH LQ D +DLWLDQ 9DOOH\ 1HZ
PAGE 262

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
PAGE 263

0LQW] 6LGQH\ DQG 6DOO\ 3ULFH HGV &DULEEHDQ &RQWRXUV %DOWLPRUH -RKQV +RSNLQV 8QLYHUVLW\ 3UHVV 0LWUDVLQJ )(0 7KH %RDUGHU &RQIOLFW %HWZHHQ 6XULQDP DQG *XLDQD $ /HJDO 5HVHDUFK 3DUDPDULER & .HUVWHQ DQG &R 19 QG 6XULQDPH /DQG RI 6HYHQ 3HRSOHV 3DUDPDULER YDQ GHQ %RRPHQ 0RQWDJX $VKOH\ &RPLQJ LQWR %HLQJ $PRQJ $XVWUDOLDQ $ERULJLQHV /RQGRQ 5RXWOHGJH DQG 6RQV 1HRQDWDO DQG ,QIDQW ,PPDWXULW\ LQ 0DQ -RXUQDO RI WKH $PHULFDQ 0HGLFDO $VVRFLDWLRQ 0RVHV
PAGE 264

&DULEEHDQ $) 0DUNV DQG 5$ 5RPHU HGV3S /HLGHQ 5R\DO ,QVWLWXWH RI /LQJXLVWLFV DQG $QWKURSRORJ\ 3RZHOO 'RULDQ / )HPDOH /DERXU )RUFH 3DUWLFLSDWLRQ DQG )HUWLOLW\ $Q ([SORUDWRU\ 6WXG\ RI -DPDLFDQ :RPHQ 6RFLDO DQG (FRQRPLF 6WXGLHV &DULEEHDQ :RPHQ DQG 7KHLU 5HVSRQVH WR )DPLOLDO ([SHULHQFHV 6RFLDO DQG (FRQRPLF 6WXGLHV 3ULFH 5LFKDUG 7KH *XLDQD 0DURRQV $ +LVWRULFDO DQG %LEOLRJUDSKLFDO ,QWURGXFWLRQ %DOWLPRUH -RKQV +RSNLQV 8QLYHUVLW\ 3UHVV 3ULFH 5LFKDUG DQG 6DOO\ 3ULFH HG ,QWURGXFWLRQ ,Q 1DUUDWLYH RI D )LYH
PAGE 265

6DQIRUG 0DUJDUHW $ 6RFLDOL]DWLRQ LQ $PELJXLW\ &KLOGOHQGLQJ LQ D %ULWLVK :HVW ,QGLDQ 6RFLHW\ (WKQRORJ\ 6DUDQD 6RPH 2EVHUYDWLRQV RQ WKH 'HILQLWLRQ RI 0DUULDJH (WKQRV 6LPSVRQ *HRUJH ( 6H[XDO DQG )DPLOLDO ,QVWLWXWLRQV LQ 1RUWKHUQ +DLWL $PHULFDQ $QWKURSRORJLVW 6LQJHU 0HUULOO /DQL 'DYLVRQ DQG *LQD *HUGHV &XOWXUH &ULWLFDO 7KHRU\ DQG 5HSURGXFWLYH ,OOQHVV %HKDYLRU LQ +DLWL 0HGLFDO $QWKURSRORJ\ 4XDUWHUO\ 6ODWHU 0DULDP 7KH &DULEEHDQ )DPLO\ /HJLWLPDF\ LQ 0DUWLQLTXH 1HZ
PAGE 266

6WHGPDQ -RKQ 1DUUDWLYH RI D )LYH
PAGE 267

+XPDQ %LUWK $Q (YROXWLRQDU\ 3HUVSHFWLYH 1HZ
PAGE 268

:RRGLQJ &KDUOHV (YROYLQJ &XOWXUH $ &URVV&XOWXUDO 6WXG\ RI 6XULQDPH :HVW $IULFD DQG WKH &DULEEHDQ :DVKLQJWRQ '& 8QLYHUVLW\ 3UHVV RI $PHULFD $IUR6XULQDPHVH (WKQRSV\FKLDWU\ $ 7UDQVFXOWXUDO $SSURDFK 3DUDPDULER 6XULQDPH 6HOI 3XEOLVKHG :ULJKW 5REHUW 8QLRQ 6RFLHWLHV (DQG $. 0DGHQ 6WDELOLW\ DQG )HUWLOLW\ LQ 7KUHH &DULEEHDQ -RXUQDO RI %LRVRFLDO 6FLHQFH mm

PAGE 269

%,2*5$3+,&$/ 6.(7&+ 0DUN 6WDNHU ZDV ERUQ LQ 6DOW /DNH &LW\ 8WDK RQ 2FWREHU +H UHFHLYHG KLV %$ LQ DQWKURSRORJ\ IURP %ULJKDP
PAGE 270

, FHUWLI\ WKDW KDYH UHDG WKLV VWXG\ DQG WKDW LQ P\ RSLQLRQ LW FRQIRUPV WR DFFHSWDEOH VWDQGDUGV RI VFKRODUO\ SUHVHQWDWLRQ DQG LV IXOO\ DGHTXDWH LQ VFRSH DQG TXDOLW\ DV D GLVVHUWDWLRQ IRU WKH GHJUHH RI 'RFWnIU!SI 3KLORVRSK\ ‘ nISY 0 7 L L ‘ 77A7 U ‘i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

PAGE 271

7KLV GLVVHUWDWLRQ ZDV VXEPLWWHG WR WKH *UDGXDWH )DFXOW\ RI WKH 'HSDUWPHQW RI $QWKURSRORJ\ LQ WKH &ROOHJH RI /LEHUDO $UWV DQG 6FLHQFHV DQG WR WKH *UDGXDWH 6FKRRO DQG ZDV DFFHSWHG DV SDUWLDO IXOILOOPHQW RI WKH UHTXLUHPHQWV IRU WKH GHJUHH RI 'RFWRU RI 3KLORVRSK\ 'HFHPEHU 'HDQ *UDGXDWH 6FKRRO

PAGE 272

81,9(56,7< 2) )/25,'$


xml version 1.0 encoding UTF-8
REPORT xmlns http:www.fcla.edudlsmddaitss xmlns:xsi http:www.w3.org2001XMLSchema-instance xsi:schemaLocation http:www.fcla.edudlsmddaitssdaitssReport.xsd
INGEST IEID ERSAC5PT5_XJVTLQ INGEST_TIME 2017-07-13T22:05:57Z PACKAGE AA00003705_00001
AGREEMENT_INFO ACCOUNT UF PROJECT UFDC
FILES