Emasf 41

325 81$ +25$ '( ('8&$&,Ï1 )Ë6,&$ $/ 'Ë$«

Ì1',&(

(',725,$/ 'RPLQJR %Oi]TXH] 6iQFKH] ´(GXFDFLyQ ItVLFD DXWpQWLFD (GXFDFLyQ ItVLFD SDUD OD YLGDµ 3S D

/HLUH 'DUUHW[H 8UUXW[L =XULxH *DLQW]D -DXUHJL \ -RVX (W[DQL] ,UD]DEDO ´+DFLD XQD HGXFDFLyQ PiV LQFOXVLYD GHO DOXPQDGR FRQ GLVFDSDFLGDG HQ HO iUHD GH (GXFDFLyQ ItVLFDµ 3S D

0RLVpV *ULPDOGL 3X\DQD ´¢(V EHQHILFLRVD ODV DFWLYLGDG ILVLFD HQ HO PHGLR DFXiWLFR SDUD GLVPLQXLU HO GRORU GH HVSDOGD"µ 3S D

0DQXHO )UDQFLVFR 'H /D &UX] 2UWHJD -HV~V 6HUJLR %DGLOOD =DYDOD -RYDQQ\ (GPXQGR &DUEDMDO %DFD +pFWRU 'XDUWH )pOL[ \ $OPD 3DWULFLD /ySH] 2TXLWD ´&OLPD PRWLYDFLRQDO HQ ORV GHSRUWHV FROHFWLYRV GH OD 8QLYHUVLGDG (VWDWDO GH 6RQRUDµ 3S D

-RVp (XJHQLR 5RGUtJXH] )HUQiQGH] 0DUtD GHO &DUPHQ 3HUHLUD 0DULxR \ -RVp ÉQJHO 0DWR &DGyUQLJD ´$GDSWDFLRQHV VREUH XQD XQLGDG GLGiFWLFD GH H[SUHVLyQ FRUSRUDO SDUD PHMRUDU OD LQWHUDFFLyQ HQ HO DXOD GH SULPDULD GH DOXPQDGR FRQ 6tQGURPH GH $VSHUJHUµ 3S D

ÉOYDUR &DQGyQ /LxiQ $QWRQLR -HV~V 6iQFKH] 2OLYHU ,VPDHO *DODQFKR 5HLQD :DOWHU 6XiUH] &DUPRQD \ -RVp $QWRQLR *RQ]iOH] -XUDGR ´(MHUFLFLR ItVLFR REHVLGDG H LQIODPDFLyQµ 3S D

$OHMDQGUR 0DUWtQH] %DHQD ´/D SURPRFLyQ GH OD VDOXG HQ OD (GXFDFLyQ ItVLFD HVFRODU VLWXDFLyQ DFWXDO \ UHFRPHQGDFLRQHVµ 3S D

(PiV) 5HYLVWD 'LJLWDO GH (GXFDFLyQ )tVLFD $xR 1XP MXOLR DJRVWR GH

KWWS HPDVI ZHEFLQGDULR FRP

$QGUpV (GXDUGR =HJHUV 5HLQRVR %HQMDPtQ $QGUpV %XVWDPDQWH 9LOFKHV (ULFNVRQ *XLOOHUPR $OYDUHV -HOGHV 0DLWHQ &DUROLQD 0DKDQ 9DUDV 3DXOD ,ULV 0RHQD 3HxDOR]D $OGD 0DU\VRO 5H\QR )UHXQGW ´$FWLYLGDGHV \ RUJDQL]DFLyQ GH ODV FODVHV GH (GXFDFLyQ ItVLFD HQ SUHVHQFLD GH XQ DOXPQR HQ VLWXDFLyQ GH GLVFDSDFLGDGµ 3S D

5D~O 0ROLQD 'tD] ´/RV MXHJRV FRRSHUDWLYRV \ VX LQFLGHQFLD HQ ORV HVWDGRV GH iQLPR \ ODV HPRFLRQHV HQ HVFRODUHV GH DxRVµ 3S D

6HEDVWLiQ &HD 0RUDOHV &ULVWyEDO 6RWR 9LOODQXHYD +XJR 6RWR *RZHU )HUQDQGR 0DXUHLUD &LG \ (OL]DEHWK )ORUHV )HUUR &DUORV 9pOL] 9pOL] &ODXGLD *iOYH] 0HOOD ´3HUFHSFLyQ GH ORV HVWXGLDQWHV GH SULPDULD KDFLD VXV SURIHVRUHV GH (GXFDFLyQ ItVLFD HQ 6DQWLDJR GH &KLOHµ 3S D

)HUQDQGR 0DQXHO 2WHUR 6DERULGR \ -RVp $QWRQLR *RQ]iOH] -XUDGR ´(YDOXDU SDUD DSUHQGHU \ FDOLILFDU H[SHULHQFLD HQ (GXFDFLyQ ItVLFD FRQ HO LQVWUXPHQWR GH HYDOXDFLyQ SDUD HO DSUHQGL]DMH GH VLWXDFLRQHV GH LQYDVLyQµ 3 D

ŵĄƐ

&

(GLWRU -XDQ &DUORV 0XxR] 'tD] (GLFLyQ KWWS HPDVI ZHEFLQGDULR FRP &RUUHR HPDVI FRUUHR#JPDLO FRP -DpQ (VSDxD

)HFKD GH LQLFLR 'HSyVLWR OHJDO - ,661

(PiV) 5HYLVWD 'LJLWDO GH (GXFDFLyQ )tVLFD $xR 1XP MXOLR DJRVWR GH

KWWS HPDVI ZHEFLQGDULR FRP

5(9,67$ ,1'(;$'$ (1 /$6 6,*8,(17(6 %$6(6 '( '$726 %,%/,2*5É),&$6

(PiV) 5HYLVWD 'LJLWDO GH (GXFDFLyQ )tVLFD $xR 1XP MXOLR DJRVWR GH

KWWS HPDVI ZHEFLQGDULR FRP

(',725,$/

´('8&$&,Ð1 )Ì6,&$ $87e17,&$ ('8&$&,Ð1 )Ì6,&$ 3$5$ /$ 9,'$µ

(GXFDFLyQ ItVLFD \ QXHYR PLOHQLR

1RV KDOODPRV HQ XQD pSRFD IDVFLQDQWH (VWDPRV DWUDYHVDQGR XQ FDPELR SURIXQGR GH FLYLOL]DFLyQ 6H QRV HVWiQ DJROSDQGR GHVDItRV LQWHOHFWXDOHV FLHQWtILFRV \ VRFLDOHV GH XQD FRPSOHMLGDG HQRUPH 6RQ UHWRV GLItFLOHV 5HWRV TXH UHTXLHUHQ PHQWHV YLYDV PHQWHV DXGDFHV PHQWHV SRVLWLYDV PHQWHV VHULDV 1R HV WLHPSR SDUD OD FREDUGtD \ OD YXOJDULGDG QL HV WLHPSR SDUD LQPRYLOLVWDV \ WHPHURVRV

6H WUDWD GH DVXPLU \ UDFLRQDOL]DU FDPELRV GLItFLOHV TXH YDQ D SURYRFDU OD SpUGLGD GH PXFKRV UHIHUHQWHV \ DVLGHURV PHQWDOHV FOiVLFRV \ HO QDFLPLHQWR GH RWURV GH VLJQR GLVWLQWR \ D~Q FRQWUDULR $SHQDV VL GLVSRQHPRV GH WLHPSR SDUD UHFDSDFLWDU VREUH ORV LQFHVDQWHV FDPELRV TXH VH HVWiQ SURGXFLHQGR HQ ODV HVWUXFWXUDV EiVLFDV GH ODV VRFLHGDGHV GHVDUUROODGDV R VREUH ODV IRUPDV HQ TXH HVRV FDPELRV QRV YDQ D DIHFWDU \ TXL]iV VREUH ODV PDQHUDV HQ TXH SRGUtDPRV LQIOXLU R LQFOXVR EHQHILFLDUQRV HQ VX FRQMXQWR (VWRV FDPELRV JLUDQ HQWRUQR D SULQFLSLRV \ YDORUHV TXH KDVWD KDFH SRFR SDUHFtDQ LQPXWDEOHV \ TXH DKRUD HVWiQ FXHVWLRQDGRV

(VD HV OD VRFLHGDG HQ OD TXH QRV KD WRFDGR YLYLU \ HQ OD TXH GHEHPRV GHVHQYROYHUQRV &LHUWDPHQWH KD\ FRVDV TXH QR QRV DJUDGDQ RWUDV TXH QRV UHVXOWDQ VXPDPHQWH GLItFLOHV GH DFHSWDU SHUR WDPELpQ KD\ RWUDV TXH FRQWULEX\HQ D DXWpQWLFDV UHYROXFLRQHV TXH IDYRUHFHQ HO GHVDUUROOR \ SURJUHVR GH OD KXPDQLGDG

&RPR QR SRGUtD VHU GH RWUD PDQHUD OD HGXFDFLyQ ItVLFD QR VH HVFDSD D HVWH IHQyPHQR GH FDPELRV FRQVWDQWHV \ VH YH LQYROXFUDGD SRU HVWD UHDOLGDG /D HGXFDFLyQ ItVLFD IRUPD SDUWH GH HVD HGXFDFLyQ LQWHJUDO GH HVD XQLGDG WRWDO HQ OD TXH QRV YHPRV HQYXHOWRV WRGRV \ WRGDV 3HUR HVH GLVFXUVR \D HVWDED GLFKR« HGXFDFLyQ JOREDO 6LQ HPEDUJR DOJR VXFHGH TXH PRGLILFD ODV FRVDV ¢DGyQGH YDPRV FRQ OD HGXFDFLyQ ItVLFD HQ HO QXHYR PLOHQLR" (PiV) 5HYLVWD 'LJLWDO GH (GXFDFLyQ )tVLFD $xR 1XP MXOLR DJRVWR GH

KWWS HPDVI ZHEFLQGDULR FRP

(VWDPRV HGXFDQGR QLxRV \ QLxDV TXH QR VRQ LJXDOHV TXH ORV GH DQWHV 7LHQHQ GLIHUHQWHV LQWHUHVHV \ YDORUHV /D ILQDOLGDG GH OD HVFXHOD KD VLGR \ VLJXH VLHQGR TXH ORV DOXPQRV \ DOXPQDV DSUHQGDQ (VR HV FDVL XQD REYLHGDG 3HUR DSUHQGHU KR\ QR HV H[DFWDPHQWH OR PLVPR TXH ´DSUHQGHU D\HUµ 1L OR TXH VH GHEH DSUHQGHU QL FyPR VH GHEH DSUHQGHU FRLQFLGH FRQ ORV PRGRV GH KDFH QR PXFKR WLHPSR 6H DSUHQGHQ FRQRFLPLHQWRV FRPR VLHPSUH SHUR WDPELpQ VH DSUHQGH D VHU XQR PLVPR D XWLOL]DU HVWUDWHJLDV D VDEHU FRPSRUWDUVH FRQ ORV GHPiV D OOHYDU OR DSUHQGLGR HQ FODVH D OD YLGD DXWpQWLFD (Q EXHQD OyJLFD OD JHVWLyQ GH OD FODVH GHEH LQFLGLU HQ ODV DFFLRQHV \ UHFXUVRV TXH IDYRUH]FDQ DO Pi[LPR GH PRGR SRVLWLYR \ FRQVWUXFWLYR HVH DSUHQGL]DMH \ TXH HO DOXPQDGR OR YD\D DVXPLHQGR JUDGXDOPHQWH GH PDQHUD DXWyQRPD \ UHVSRQVDEOH < HVR WLHQH TXH HQVHxDUVH GH RWUD IRUPD

$O DVXPLU HVWDV LQWHQFLRQDOLGDGHV QRV VLWXDPRV DQWH QXPHURVRV LQWHUURJDQWHV TXH VXUJHQ FXDQGR QRV SODQWHDPRV HO IXWXUR GH QXHVWUD iUHD ¢4Xp HGXFDFLyQ ItVLFD GHEHUtDQ UHFLELU ORV DOXPQRV HQ ORV SUy[LPRV DxRV" ¢&yPR DQWLFLSDUVH SDUD PHMRUDU OD SUHSDUDFLyQ GH ORV SURIHVLRQDOHV GH QXHVWUR VHFWRU" ¢4Xp FRPSHWHQFLDV GHEHQ WHQHU ORV GRFHQWHV SDUD DERUGDU OD HGXFDFLyQ ItVLFD GHO VLJOR ;;,"

(GXFDFLyQ ItVLFD H LQQRYDFLyQ

/D HGXFDFLyQ ItVLFD SLGH FDPELRV \ DOJXQRV H[SHUWRV ORV KDQ SURSXHVWR GHVGH KDFH GpFDGDV SHUR GH IRUPD PiV FDWHJyULFD VH HVWi KDFLHQGR UHFLHQWHPHQWH YpDVH ´(GXFDFLyQ ItVLFD FDOLGDG *XtD SDUD ORV UHVSRQVDEOHV SROtWLFRVµ GHO WH[WR SXEOLFDGR SRU OD 81(6&2 81(6&2

KWWS XQHVGRF XQHVFR RUJ LPDJHV 6 SGI 6LQ HPEDUJR VX SURIHVRUDGR KD GHPRVWUDGR VHU HQRUPHPHQWH UHVLVWHQWH DO FDPELR \ FXULRVDPHQWH D OD LQQRYDFLyQ (V SUREDEOH TXH D SHVDU GH TXH EXVFDPRV WRGRV ORV GtDV OD PD\RU HIHFWLYLGDG GH QXHVWUDV FODVHV SDUD HO PHMRU DSUHQGL]DMH GH ORV DOXPQRV \ WUDWDPRV GH DSOLFDU ODV PHMRUHV SUiFWLFDV SHGDJyJLFDV \ FXUULFXODUHV ODV GHFLVLRQHV TXH WRPDPRV VH YHQ PHGLDWL]DGDV SRU QXHVWUDV FRQFHSFLRQHV SUHYLDV VREUH HO DSUHQGL]DMH \ ORV FRQWHQLGRV %Oi]TXH] 6iQFKH]

'HQWUR GHO HQIRTXH DFWXDO GH OD HQVHxDQ]D HVWiQ SUROLIHUDQGR WpUPLQRV TXH QRV LQGXFHQ D UHIOH[LRQDU VREUH QXHVWUR PRGR GH DFWXDU FRPR GRFHQWHV 1R VRQ QXHYRV FRQFHSWRV $OJXQRV WLHQHQ PXFKRV DxRV GH WUDGLFLyQ HGXFDWLYD JUDFLDV D DXWRUHV GH JUDQ SUHVWLJLR )UHLUH %UXQHU 'HZH\ HWF 3HUR VXUJHQ DKRUD SRU VX FRUUHODFLyQ FRQ ORV SUREOHPDV \ SUHVLRQHV TXH VXIUHQ WRGRV ORV VLVWHPDV HGXFDWLYRV HQ HO PXQGR

$SUHQGL]DMH DXWpQWLFR DSUHQGL]DMH VLWXDGR HQVHxDQ]D H[SHULHQFLDO VRQ SHUVSHFWLYDV TXH HPHUJHQ GH QXHYR SDUD KDEODUQRV GH FRQFHSFLRQHV GHO DSUHQGL]DMH TXH VH DOHMDQ GH ODV WUDGLFLRQDOHV \ TXH ODPHQWDEOHPHQWH VRQ ODV TXH PiV FDUDFWHUL]DQ OD UHDOLGDG GH QXHVWUDV HVFXHODV (Q SDUWLFXODU FXHVWLRQDQ OD IRUPD HQ TXH VH HQVHxDQ GHPDVLDGRV DSUHQGL]DMHV GHFODUDWLYRV LPSUHFLVRV \ GHVFRQWH[WXDOL]DGRV 'HQXQFLDQ H[FHVLYRV FRQRFLPLHQWRV LQHUWHV SRFR ~WLOHV HVFDVDPHQWH PRWLYDQWHV \ GH UHOHYDQFLD VRFLDO OLPLWDGD 'tD] %DUULJD +HUQiQGH]

/DV DVLJQDWXUDV HVFRODUHV VLJXHQ VLHQGR EiVLFDPHQWH FRQMXQWRV GH FRQRFLPLHQWRV FRGLILFDGRV \ OHJLWLPDGRV SRU OD WUDGLFLyQ DFDGpPLFD

(PiV) 5HYLVWD 'LJLWDO GH (GXFDFLyQ )tVLFD $xR 1XP MXOLR DJRVWR GH

KWWS HPDVI ZHEFLQGDULR FRP

(V GHFLU VRVWLHQHQ TXH HQ ODV HVFXHODV VH SULYLOHJLDQ ODV SUiFWLFDV HGXFDWLYDV VXFHGiQHDV R DUWLILFLDOHV HQ ODV FXDOHV VH PDQLILHVWD XQD UXSWXUD HQWUH HO ´VDEHU TXpµ \ HO ´VDEHU FyPRµ \ GRQGH ORV FRQWHQLGRV VH WUDWDQ FRPR VL IXHUD DOJR QHXWUR DMHQR DXWRVXILFLHQWH H LQGHSHQGLHQWH GH ODV VLWXDFLRQHV GH OD YLGD UHDO R GH ODV SUiFWLFDV VRFLDOHV GH OD FXOWXUD D OD TXH VH SHUWHQHFH (VWD IRUPD GH HQVHxDU VH WUDGXFH HQ DSUHQGL]DMHV SRFR VLJQLILFDWLYRV HV GHFLU FDUHQWHV GH VHQWLGR \ DSOLFDELOLGDG \ HQ OD LQFDSDFLGDG GH ORV DOXPQRV SRU WUDQVIHULU \ JHQHUDOL]DU OR TXH DSUHQGHQ

$SUHQGL]DMH VLWXDGR \ DXWpQWLFR

(O FRQFHSWR GH ´DSUHQGL]DMH VLWXDGRµ LQGLFD HO FDUiFWHU FRQWH[WXDOL]DGR GHO DSUHQGL]DMH TXH QR VH UHGXFH D ODV QRFLRQHV FRQYHQFLRQDOHV GH DSUHQGL]DMH ´LQ VLWXµ R DSUHQGL]DMH DFWLYR VLQR D OD SDUWLFLSDFLyQ GHO DSUHQGL] HQ XQD FRPXQLGDG GH SUiFWLFD HVWR HV HQ XQ FRQWH[WR FXOWXUDO VRFLDO GH UHODFLRQHV GHO FXDO VH REWLHQH ORV VDEHUHV QHFHVDULRV SDUD WUDQVIRUPDU OD FRPXQLGDG \ WUDQVIRUPDUVH D Vt PLVPR

'HVGH OD YLVLyQ GHO DSUHQGL]DMH VLWXDGR VH DERJD SRU XQD HQVHxDQ]D FHQWUDGD HQ SUiFWLFDV HGXFDWLYDV DXWpQWLFDV ODV FXDOHV UHTXLHUHQ VHU FRKHUHQWHV VLJQLILFDWLYDV \ SURSRVLWLYDV HQ RWUDV SDODEUDV ´VLPSOHPHQWH GHILQLGDV FRPR ODV SUiFWLFDV RUGLQDULDV GH OD FXOWXUD FRWLGLDQDµ $GHPiV OD DXWHQWLFLGDG GH XQD SUiFWLFD HGXFDWLYD SXHGH GHWHUPLQDUVH SRU HO JUDGR GH UHOHYDQFLD FXOWXUDO GH ODV DFWLYLGDGHV HQ TXH SDUWLFLSD HO DOXPQR DVt FRPR PHGLDQWH HO WLSR \ QLYHO GH DFWLYLGDG VRFLDO TXH pVWDV SURPXHYHQ

< ¢FXiOHV VRQ ORV UDVJRV HVSHFtILFRV GHO DSUHQGL]DMH VLWXDGR" $SUHQGHU HV XQD H[SHULHQFLD VRFLDO TXH VH HQULTXHFH FRQ H[SHULHQFLDV GH RWURV FRQ UHFXUVRV FRPSDUWLGRV \ FRQ SUiFWLFDV VRFLDOHV FRPXQHV 6H IXQGDPHQWD VREUH HO FRQFHSWR TXH HO FRQRFLPLHQWR HV FRQWH[WXDO \ VLWXDGR H LQIOXHQFLDGR SRU OD DFWLYLGDG ORV DJHQWHV ORV HOHPHQWRV GHO HQWRUQR \ OD FXOWXUD HQ OD FXDO VH XWLOL]D

$XQTXH OD GXSOLFDFLyQ H[DFWD HV D PHQXGR LPSRVLEOH OD UpSOLFD FHUFDQD D XQ FRQWH[WR YHUGDGHUR GHO PXQGR TXH QRV URGHD PHMRUD HO DSUHQGL]DMH (Q HVWH VHQWLGR HQ OD FODVH \ HQ OD FRPXQLGDG GH DSUHQGLFHV VH GHEH UHGLVHxDU HO DPELHQWH GH DSUHQGL]DMH SDUD TXH ORV DFWRUHV SXHGDQ SDUWLFLSDU GH PDQHUD SURGXFWLYD HQ DXWpQWLFDV H[SHULHQFLDV FRPSDUWLGDV

(Q HVWD SURSXHVWD VRQ PX\ LPSRUWDQWHV OD PHGLDFLyQ OD FRQVWUXFFLyQ D WUDYpV GHO DGXOWR \ RWURV FRPSDxHURV OD QHJRFLDFLyQ PXWXD GH VLJQLILFDGRV OD FRQVWUXFFLyQ FRQMXQWD GH ORV VDEHUHV \ ODV HVWUDWHJLDV TXH SURPXHYDQ XQ DSUHQGL]DMH FRRSHUDWLYR FRODERUDWLYR R UHFtSURFR

(GXFDFLyQ ItVLFD DXWpQWLFD

6L HO DSUHQGL]DMH DXWpQWLFR UHTXLHUH TXH HO DOXPQR VH LQWHJUH FRQ HO PXQGR UHDO \ FRQ OD YLGD FRWLGLDQD ¢&yPR GHEH VHU XQD HGXFDFLyQ ItVLFD DXWpQWLFD" ¢4Xp WLSR GH WDUHDV GHEHQ SURPRYHUVH" ¢4Xp PpWRGRV GHEHQ SURPRYHUVH"

(PiV) 5HYLVWD 'LJLWDO GH (GXFDFLyQ )tVLFD $xR 1XP MXOLR DJRVWR GH

KWWS HPDVI ZHEFLQGDULR FRP

(O HQIRTXH EDVDGR HQ FRPSHWHQFLDV %Oi]TXH] 6iQFKH] 6HEDVWLDQL L 2EUDGRU KD SURYRFDGR XQD QXHYD PLUDGD GH OD HGXFDFLyQ ItVLFD 1RV KDFH SRQHU HO IRFR \ SHQVDU QR VyOR HQ HO QLxR \ HO MRYHQ VLQR WDPELpQ HQ HO IXWXUR FLXGDGDQR \ HO FRUUHFWR GHVHPSHxR GH VX FRUSRUHLGDG PiV DOOi GH OD HVFXHOD 6H SUHRFXSD GH TXH OD HGXFDFLyQ ItVLFD VH RULHQWH SRU \ SDUD OD YLGD

/RV UHWRV TXH QRV SODQWHD XQD HQVHxDQ]D GH FRPSHWHQFLDV SDUD OD YLGD VRQ GRV (O SULPHUR HV HO TXH ORV FRQWHQLGRV GH DSUHQGL]DMH VHDQ DSUHQGLGRV GH PDQHUD IXQFLRQDO (O VHJXQGR YLHQH GHWHUPLQDGR SRU OD LQWURGXFFLyQ GH QXHYRV FRQWHQLGRV UHODFLRQDGRV FRQ HO iPELWR SHUVRQDO LQWHUSHUVRQDO \ VRFLDO =DEDOD $UQDX

3DUD TXH OD HGXFDFLyQ ItVLFD GHMH UDVWUR HQ HO DOXPQDGR FRQ HO REMHWR GH TXH FRQWLQ~H OLJDGR D XQ HVWLOR GH YLGD DFWLYR \ VDOXGDEOH OD RULHQWDFLyQ GH OD PDWHULD GHEH FDPELDU /D HGXFDFLyQ ItVLFD GHEH VHU PiV IXQFLRQDO PiV ~WLO PiV FRKHUHQWH PiV VLVWHPiWLFD PiV ULJXURVD PiV LQFOXVLYD PiV VDOXGDEOH \ TXL]iV PHQRV GHSRUWLYD (Q GHILQLWLYD PiV HGXFDWLYD *RQ]iOH]

/RV FRQWHQLGRV DXWpQWLFRV VH UHILHUHQ D WDUHDV TXH HVWLPXODQ FDPELRV \ VLWXDFLRQHV FRPSOHMDV TXH RFXUUHQ HQ HO PXQGR UHDO 3RU HOOR GHEHQ VHU H[SHULHQFLDV UHOHYDQWHV GH DSUHQGL]DMH GLUHFWR HQ HVFHQDULRV UHDOHV FRPXQLWDULRV GHSRUWLYRV LQVWLWXFLRQDOHV TXH SHUPLWHQ DO DOXPQR D HQIUHQWDUVH D VLWXDFLRQHV GH OD YLGD UHDO E DSOLFDU \ WUDQVIHULU VLJQLILFDWLYDPHQWH HO FRQRFLPLHQWR F GHVDUUROODU KDELOLGDGHV \ FRQVWUXLU XQ VHQWLGR GH FRPSHWHQFLD SHUVRQDO G PDQHMDU VLWXDFLRQHV VRFLDOHV YLQFXODU HO SHQVDPLHQWR FRQ OD DFFLyQ H UHIOH[LRQDU DFHUFD GH YDORUHV \ FXHVWLRQHV pWLFDV

8QD HGXFDFLyQ ItVLFD DXWpQWLFD GHEH FRPSURPHWHUVH D GRWDU D ORV DOXPQRV GH XQ EDJDMH PRWRU TXH OHV SHUPLWD UHDOL]DU FRQ GHVHPSHxR \ FRQILDQ]D XQD DPSOLD VHULH GH DFWLYLGDGHV ItVLFDV HQ FRQWH[WRV PX\ GLYHUVRV TXH UHGXQGHQ HQ EHQHILFLR GHO GHVDUUROOR LQWHJUDO GH OD SHUVRQD /DV SHUVRQDV TXH VH GHVHQYXHOYHQ ELHQ ItVLFDPHQWH FRPSUHQGHQ FyPR KD\ TXH DFWXDU HQ OD YLGD \ VRQ FDSDFHV GH WUDQVIHULU VXV FRPSHWHQFLDV GH XQ iPELWR D RWUR 3XHGHQ PRVWUDU HVD FRPSHWHQFLD \ FRQILDQ]D HQ XQ JUDQ Q~PHUR GH DFWLYLGDGHV \ FRQWH[WRV ItVLFRV GLIHUHQWHV DVt FRPR XWLOL]DU VXV FDSDFLGDGHV SDUD OOHYDU XQD YLGD DFWLYD \ VDOXGDEOH

8QD HGXFDFLyQ ItVLFD DXWpQWLFD GHEHUtD WHQHU FRPR PtQLPR HVWDV FRQGLFLRQHV

Â&#x192; 2IUHFLHQGR HQ HO SURSLR PDUFR HVFRODU GLYHUVRV PRPHQWRV \ HVSDFLRV GH YDULDGDV JDPDV GH H[SHULHQFLDV 9LQFXODU HGXFDFLyQ IRUPDO FRQ HGXFDFLyQ QR IRUPDO SDUD HVWDEOHFHU FRQH[LRQHV HQWUH OR TXH VH HQVHxD \ OD YLGD UHDO Â&#x192;

$ELHUWD DO HQWRUQR SDUD DVXPLU H[SHULHQFLDV QR KDELWXDOHV /RV FRQWHQLGRV GHEHQ DGDSWDUVH D ODV UHDOLGDGHV GHO HQWRUQR GRQGH VH GHVHQYXHOYH OD DFFLyQ (V LPSUHVFLQGLEOH XQD OHFWXUD FXOWXUDO \ DPELHQWDO SDUD FRQVHJXLU XQ ySWLPR \ UHOHYDQWH DSUHQGL]DMH 5XELR &DPSR 6HEDVWLDQL

Â&#x192;

(VWDEOHFLHQGR SDVDUHODV TXH SHUPLWDQ GHDPEXODU HQWUH ODV GLYHUVDV RIHUWDV GH SUiFWLFDV FRUSRUDOHV 'HEHQ H[LVWLU SXHQWHV HQWUH OR TXH VH UHDOL]D HQ FODVH \ VX SUR\HFFLyQ HQ HO PXQGR H[WHULRU

(PiV) 5HYLVWD 'LJLWDO GH (GXFDFLyQ )tVLFD $xR 1XP MXOLR DJRVWR GH

KWWS HPDVI ZHEFLQGDULR FRP

Â&#x192;

&RQ PDQHUDV GH SURJUHVLyQ TXH UHVSHWHQ ORV ULWPRV SHUVRQDOHV 5HVSHWDQGR ODV GLIHUHQFLDV SHUVRQDOHV \ DMXVWiQGRODV D SUiFWLFDV HQ ODV TXH VH SXHGD REWHQHU p[LWRV GHELGRV DO HVIXHU]R LQGLYLGXDO

Â&#x192;

(Q FRQH[LyQ FRQ HQWLGDGHV H LQVWLWXFLRQHV TXH RIUHFHQ VHUYLFLRV GH DFWLYLGDGHV ItVLFDV 5HDOL]DQGR DFXHUGRV SDUD DSUR[LPDU ODV FROHFWLYLGDGHV TXH WLHQHQ DOJXQD UHVSRQVDELOLGDG HQ PDWHULD GH DFWLYLGDG ItVLFR GHSRUWLYD FRQ OD HVFXHOD

Â&#x192;

$SR\iQGRVH HQ XQD GLYHUVLGDG GH HVWUDWHJLDV FHQWUDGDV HQ HO DSUHQGL]DMH H[SHULHQFLDO \ VLWXDGR $%3 DSUHQGL]DMH SRU SUR\HFWRV DSUHQGL]DMH VHUYLFLR DSUHQGL]DMH FRRSHUDWLYR HWF

(Q GHILQLWLYD XQD HGXFDFLyQ ItVLFD SDUD XQD YLGD PiV SURORQJDGD VDOXGDEOH VDWLVIDFWRULD \ SURGXFWLYD

'RPLQJR %Oi]TXH] 6iQFKH] ,1()& &HQWUR GH %DUFHORQD (PDLO GEOD]TXH] #JPDLO FRP )DFHERRN KWWSV ZZZ IDFHERRN FRP GEOD]TXH]VDQFKH] WLPHOLQH

5HIHUHQFLDV ELEOLRJUiILFDV

Â&#x192;

%Oi]TXH] 6iQFKH] ' 'LH] FRPSHWHQFLDV GRFHQWHV SDUD VHU PHMRU SURIHVRU GH HGXFDFLyQ ItVLFD /D JHVWLyQ GLGiFWLFD GH OD FODVH %DUFHORQD ,1'(

Â&#x192;

%Oi]TXH] 6iQFKH] ' 6HEDVWLDQL L 2EUDGRU ( 0 (QVHxDU SRU FRPSHWHQFLDV HQ HGXFDFLyQ ItVLFD %DUFHORQD ,1'(

Â&#x192;

'tD] %DUULJD ) +HUQiQGH] * (VWUDWHJLDV GRFHQWHV SDUD XQ DSUHQGL]DMH VLJQLILFDWLYR XQD LQWHUSUHWDFLyQ FRPXQLFDWLYD D HG 0H[LFR 0F*UDZ +LOO

Â&#x192;

*RQ]iOH] & (GXFDFLyQ ItVLFD SDUD OD YLGD %DUFHORQD ,1'(

Â&#x192;

5XELR / &DPSR / 6HEDVWLDQL ( 0 $SUHQGL]DMH 6HUYLFLR \ (GXFDFLyQ )tVLFD ([SHULHQFLDV GH FRPSURPLVR VRFLDO D WUDYpV GH OD DFWLYLGDG ItVLFD \ HO GHSRUWH %DUFHORQD ,1'(

Â&#x192;

81(6&2 (GXFDFLyQ ItVLFD GH FDOLGDG ()& *XtD SDUD ORV UHVSRQVDEOHV SROtWLFRV 3$5,6 81(6&2

Â&#x192;

=DEDOD $ $UQDX / 0pWRGRV SDUD OD HQVHxDQ]D GH ODV FRPSHWHQFLDV %DUFHORQD *UDy

(PiV) 5HYLVWD 'LJLWDO GH (GXFDFLyQ )tVLFD $xR 1XP MXOLR DJRVWR GH

KWWS HPDVI ZHEFLQGDULR FRP

+$&,$ 81$ ('8&$&,Ð1 0É6 ,1&/86,9$ '(/ $/801$'2 &21 ',6&$3$&,'$' (1 (/ É5($ '( ('8&$&,Ð1 )Ì6,&$

/HLUH 'DUUHW[H 8UUXW[L 3URIHVRUD GH OD 8QLYHUVLGDG GHO 3DtV 9DVFR (XVNDO +HUULNR 8QLEHUWVLWDWHD (PDLO OHLUH GDUUHW[H#HKX HXV

=XULxH *DLQW]D -DXUHJL 3URIHVRUD GH OD 8QLYHUVLGDG GHO 3DtV 9DVFR (XVNDO +HUULNR 8QLEHUWVLWDWHD (PDLO ]XUL JDLQW]D#HKX HXV

-RVX (W[DQL] ,UD]DEDO

0DHVWUR GH 3HGDJRJtD 7HUDSpXWLFD \ /LFHQFLDGR HQ ,9() (PDLO MRVXHW[D#KRWPDLO FRP

5(680(1 (Q HVWH DUWtFXOR VH SUHVHQWD XQD DSXHVWD SRU OD HGXFDFLyQ LQFOXVLYD HQ HO iUHD GH (GXFDFLyQ )tVLFD () SRQLHQGR HVSHFLDO LQWHUpV HQ HO FROHFWLYR GH DOXPQDGR FRQ GLVFDSDFLGDG $OXPQDGR TXH KLVWyULFDPHQWH KD VLGR H[FOXLGR GH OD HGXFDFLyQ RUGLQDULD 6LQ HPEDUJR HQ OD DFWXDOLGDG GLFKR FROHFWLYR HVWi SUHVHQWH HQ ORV FHQWURV \ DXODV RUGLQDULDV \ HV WDUHD GHO SURIHVRUDGR HQ HVWH FDVR GHO GH () RIUHFHU XQD UHVSXHVWD DGDSWDGD D VXV QHFHVLGDGHV FUHDQGR HQWRUQRV LQFOXVLYRV 3RU HOOR WUDV XQD UHYLVLyQ GH HVWXGLRV FLHQWtILFRV UHDOL]DGRV HQ HVWH iPELWR VH DQDOL]DQ EDUUHUDV SDUD HO DSUHQGL]DMH \ OD SDUWLFLSDFLyQ \ VH SURSRQHQ HVWUDWHJLDV SDUD IDYRUHFHU OD LQFOXVLyQ HGXFDWLYD GHO DOXPQDGR FRQ GLVFDSDFLGDG HQ HO iUHD GH ()

3$/$%5$6 &/$9(

(GXFDFLyQ LQFOXVLYD DOXPQDGR FRQ GLVFDSDFLGDG (GXFDFLyQ )tVLFD EDUUHUDV HVWUDWHJLDV

(PiV) 5HYLVWD 'LJLWDO GH (GXFDFLyQ )tVLFD $xR 1XP MXOLR DJRVWR GH

KWWS HPDVI ZHEFLQGDULR FRP

,1752'8&&,Ð1 (O WUDWDPLHQWR \ UHVSXHVWD WDQWR HGXFDWLYD FRPR VRFLDO TXH VH KD GDGR D ODV SHUVRQDV FRQ GLVFDSDFLGDG KD YDULDGR D OR ODUJR GH OD KLVWRULD HQ IXQFLyQ GHO PRGHOR SUHGRPLQDQWH HQ FDGD PRPHQWR \ OXJDU 'H HVWD IRUPD HO PRGHOR PpGLFR FRQFLEH OD GLVFDSDFLGDG FRPR SDWRORJtD LQGLYLGXDO HO PRGHOR VRFLDO FRQFLEH OD GLVFDSDFLGDG FRPR HO UHVXOWDGR GH OD LQWHUDFFLyQ GH OD SHUVRQD FRQ VX HQWRUQR HO PRGHOR ELRSVLFRVRFLDO DEDUFD DVSHFWRV ELROyJLFRV SVLFROyJLFRV \ VRFLDOHV HO PRGHOR GH OD GLYHUVLGDG FRQVLGHUD OD GLVFDSDFLGDG FRPR GLIHUHQFLD H LGHQWLGDG \ SRU ~OWLPR HO PRGHOR GH ORV GHUHFKRV FRQVLGHUD D OD SHUVRQD FRQ GLVFDSDFLGDG FRPR VXMHWR GH GHUHFKR \ VH FRQVROLGD FRPR UHVSXHVWD PiV FRPSOHWD SDUD HO WUDWDPLHQWR GH ODV SHUVRQDV FRQ GLVFDSDFLGDG 6HRDQH 6XVWHQWiQGRVH HQ HVH ~OWLPR PRGHOR OD &RQYHQFLyQ VREUH ORV GHUHFKRV GH ODV SHUVRQDV FRQ GLVFDSDFLGDG SRVWXOD TXH ´ODV SHUVRQDV FRQ GLVFDSDFLGDG LQFOX\HQ D DTXHOODV TXH WHQJDQ GHILFLHQFLDV ItVLFDV PHQWDOHV LQWHOHFWXDOHV R VHQVRULDOHV D ODUJR SOD]R TXH DO LQWHUDFWXDU FRQ GLYHUVDV EDUUHUDV SXHGDQ LPSHGLU VX SDUWLFLSDFLyQ SOHQD \ HIHFWLYD HQ OD VRFLHGDG HQ LJXDOGDG GH FRQGLFLRQHV FRQ ODV GHPiVµ 1DFLRQHV 8QLGDV S 'LFKD &RQYHQFLyQ VXSRQH XQ ORJUR UHVSHFWR D ORV GHUHFKRV KXPDQRV \ DOXGH DO GHUHFKR D OD HGXFDFLyQ DSRVWDQGR SRU XQ VLVWHPD GH HGXFDFLyQ LQFOXVLYR $SRVWDU SRU XQ VLVWHPD LQFOXVLYR FRQVLGHUDQGR OD GLYHUVLGDG FRPR HQULTXHFHGRUD \ SRVLWLYD FRQOOHYD HO FRPSURPLVR GH KDFHU ODV DXODV ORV FHQWURV HVFRODUHV \ HO PXQGR OXJDUHV HQ ORV TXH WRGRV ORV QLxRV \ QLxDV VHDQ YDORUDGRV \ ELHQ DFRJLGRV 6DSRQ 3DUD HOOR VH GHEHUiQ DGDSWDU FLHUWRV PHGLRV \D VHDQ PDWHULDOHV FXUULFXODUHV R SURIHVLRQDOHV GH PDQHUD WHPSRUDO R SHUPDQHQWH 3XLJGHOOtYRO &RPR VHxDOD 0RULxD ORV FRQWH[WRV HGXFDWLYRV GHEHQ FDPELDU SDUD DYDQ]DU VLHQGR QHFHVDULR UHYLVDU \ PHMRUDU ODV SUiFWLFDV SDUD FUHDU OXJDUHV DFRJHGRUHV VHJXURV \ TXH IRUPHQ XQD YHUGDGHUD FRPXQLGDG VRFLDO \ DFDGpPLFD (Q HVWD OtQHD VRQ PXFKDV ODV YRFHV TXH UHIXHU]DQ ORV YDORUHV \ ORV SULQFLSLRV pWLFRV SDUD FDPLQDU KDFLD OD LQFOXVLyQ %RRWK 6LPyQ 5XHGD 6DQGRYDO 0HQD (FKHLWD 0XxR] /D LQFOXVLyQ \ OD H[FOXVLyQ VRQ GRV SURFHVRV TXH HVWiQ HVWUHFKDPHQWH YLQFXODGRV HQ OD PHGLGD HQ TXH VH UHGXFHQ ODV EDUUHUDV TXH DFW~DQ FRPR PHFDQLVPRV GH H[FOXVLyQ VH FRQWULEX\H D JHQHUDU SUiFWLFDV PiV LQFOXVLYDV )ORULDQ 5RXVH %ODFN +DZNLQV 0RULxD

&RQ WRGR HOOR HO FRPSURPLVR FLWDGR DQWHULRUPHQWH UHTXLHUH XQ FDPELR FXOWXUDO $LQVFRZ (Q SDODEUDV GH (FKHLWD OD HGXFDFLyQ LQFOXVLYD ~QLFDPHQWH DYDQ]DUi VL HQWUH WRGRV \ WRGDV DGPLQLVWUDFLyQ HTXLSRV GLUHFWLYRV DJHQWHV VRFLDOHV IDPLOLDV H[LVWH XQD LPSOLFDFLyQ SDUD HOLPLQDU EDUUHUDV TXH JHQHUDQ VHJUHJDFLyQ IUDFDVR HVFRODU R PDUJLQDFLyQ (QWUH ORV FRPSURPLVRV \ HVIXHU]RV DVXPLGRV HQ HO DYDQFH KDFLD OD HGXFDFLyQ LQFOXVLYD FDEH UHVDOWDU HO DVXPLGR HQ HO )RUR 0XQGLDO VREUH OD (GXFDFLyQ FHOHEUDGR HQ ,QFKHyQ 5HS~EOLFD GH &RUHD HQ HO HQ HO TXH WRGRV ORV SDtVHV ILUPDQWHV VH FRPSURPHWHQ D HVIRU]DUVH HQ SROtWLFDV GH HGXFDFLyQ \ D FHQWUDU VXV HVIXHU]RV HQ ORV PiV GHVIDYRUHFLGRV SULQFLSDOPHQWH HQ ODV SHUVRQDV FRQ GLVFDSDFLGDG YHODQGR SDUD TXH QDGLH VH TXHGH DWUiV 8QHVFR

6L ELHQ pVWDV VRQ ODV SROtWLFDV GH DOWR QLYHO TXH VH DGRSWDQ SDUD GLIHUHQWHV SDtVHV HQ WRUQR D OD HGXFDFLyQ LQFOXVLYD ¢4Xp RFXUUH FXDQGR QRV DSUR[LPDPRV D OD UHDOLGDG FRQFUHWD GHO iUHD GH OD HGXFDFLyQ )tVLFD HQ HO FRQWH[WR HVFRODU" (PiV) 5HYLVWD 'LJLWDO GH (GXFDFLyQ )tVLFD $xR 1XP MXOLR DJRVWR GH

KWWS HPDVI ZHEFLQGDULR FRP

/$ ('8&$&,Ð1 )Ì6,&$ 81 '(5(&+2 81,9(56$/

/D &RQIHUHQFLD ,QWHUQDFLRQDO GH 0LQLVWURV \ /tGHUHV GH OD $FWLYLGDG )tVLFD GH OD 81(6&2 VHxDOD TXH WRGDV ODV SHUVRQDV WLHQHQ GHUHFKR DO 'HSRUWH \ D OD () FRPR FRPSOHPHQWRV YLWDOHV SDUD GHVDUUROODUVH FRPR SHUVRQDV \ HVWH GHUHFKR GHEH TXHGDU JDUDQWL]DGR PHGLDQWH HO VLVWHPD HGXFDWLYR SURSLR 'H DKt TXH KD VLGR SUHFLVR OHJLVODU HO VLVWHPD HGXFDWLYR KDFLD XQD HVFXHOD LQFOXVLYD HQ OD TXH WHQJD FDELGD WRGR HO DOXPQDGR 6HJ~Q 1LFROHWWL \ *DUFtD OD () IRUPD SDUWH GHO GHUHFKR KXPDQR D OD HGXFDFLyQ SRU OR TXH VH GHEHQ UHDOL]DU DGDSWDFLRQHV GH VXV SUiFWLFDV HGXFDWLYDV \ GHSRUWLYDV SDUD TXH WRGR HO DOXPQDGR SXHGD SDUWLFLSDU GH WRGDV HOODV

$Vt SXHV PLHQWUDV TXH OD LQFOXVLyQ HQ HO FHQWUR HVFRODU GHO DOXPQDGR FRQ GLVFDSDFLGDG HV XQD UHDOLGDG JUDFLDV D ODV UHVSXHVWDV GDGDV GHVGH GLIHUHQWHV GLVFLSOLQDV VX LQFOXVLyQ HQ HO iUHD GH OD () HV WRGDYtD XQD DVLJQDWXUD D~Q SHQGLHQWH &DXV 6DQWRV HQ OD TXH H[LVWH JUDQ GLVSDULGDG HQ OD DSOLFDFLyQ GH SURSXHVWDV SDUWLFLSDWLYDV SDUD WRGR HO DOXPQDGR 6HJ~Q HVWDV PLVPDV DXWRUDV HQ ORV ~OWLPRV DxRV VH KD HYROXFLRQDGR GHVGH OD H[HQFLyQ GHO DOXPQDGR FRQ GLVFDSDFLGDG D VX LQFRUSRUDFLyQ HQ WDUHDV SUHVHQFLDOHV \ SRFR SDUWLFLSDWLYDV OOHJDQGR KDVWD VX LQFRUSRUDFLyQ HQ HO GLVHxR GH ODV SURJUDPDFLRQHV GH DXOD

&RQVHJXLU TXH OD SURJUDPDFLyQ GH DXOD GH () VH DGDSWH D OD GLYHUVLGDG GH OD PLVPD QR HV WDUHD VHQFLOOD 8QD GH ODV OtQHDV GH LQYHVWLJDFLyQ UHDOL]DGD HQ HVWH iUHD VH KD FHQWUDGR HQ EDUUHUDV \ HVWUDWHJLDV IDFLOLWDGRUDV DQWH OD LQFOXVLyQ 5tRV

8QR GH ORV SURSyVLWRV SHUVLJXH TXH HO SURIHVRUDGR GH () UHDOLFH SURSXHVWDV LQFOXVLYDV UHDOHV \ VH DYDQFH DVt HQ OD LQFOXVLyQ HQ HO iUHD GH () &RQ HO ILQ GH VHJXLU DYDQ]DQGR HQ HVWD OtQHD HQ ORV VLJXLHQWHV DSDUWDGRV VH SUHVHQWDQ DOJXQDV EDUUHUDV \ HVWUDWHJLDV SDUD HO DSUHQGL]DMH \ OD SDUWLFLSDFLyQ GHO DOXPQDGR FRQ GLVFDSDFLGDG HQ HO iUHD GH ()

35,1&,3$/(6 %$55(5$6 3$5$ (/ $35(1',=$-( < /$ 3$57,&,3$&,Ð1

/DV EDUUHUDV VRQ IDFWRUHV TXH GLILFXOWDQ OD SDUWLFLSDFLyQ \ HO GHVDUUROOR GH ODV SHUVRQDV 6HUUDQR HW DO &RPR YHUHPRV HQ HVWH DSDUWDGR PXFKDV YHFHV OD QR SDUWLFLSDFLyQ GHO DOXPQDGR FRQ GLVFDSDFLGDG HQ HO FRQWH[WR HGXFDWLYR HQ JHQHUDO \ HQ HO iUHD GH () HQ SDUWLFXODU HVWi PDV UHODFLRQDGD FRQ IDFWRUHV H[WHUQRV D HVWH FROHFWLYR TXH FRQ OD SURSLD GLVFDSDFLGDG (Q OD WDEOD VH UHFRJHQ DOJXQDV GH HVDV EDUUHUDV SDUD HO DSUHQGL]DMH \ OD SDUWLFLSDFLyQ HQ HO iUHD GH ()

7DEOD %DUUHUDV SDUD OD LQFOXVLyQ )DOWD GH UHFXUVRV PDWHULDOHV \ SHUVRQDOHV 2UJDQL]DFLyQ $OWRV UDWLRV )DOWD GH IRUPDFLyQ $FWLWXGHV QHJDWLYDV )DOWD GH DFFHVLELOLGDG $VLJQDWXUD ´0DUtDµ

(PiV) 5HYLVWD 'LJLWDO GH (GXFDFLyQ )tVLFD $xR 1XP MXOLR DJRVWR GH

KWWS HPDVI ZHEFLQGDULR FRP

(Q FXDQWR D OD IDOWD GH UHFXUVRV HQ HO HVWXGLR GH 'XUiQ \ 6DQ] VH UHFRJH TXH HO SURIHVRUDGR VH HQFXHQWUD DQWH OD FDUHQFLD GH UHFXUVRV WDQWR PDWHULDOHV \ KXPDQRV FRPR IRUPDWLYRV 3RU VX SDUWH &DXV \ 6DQWRV VHxDODQ TXH ODV PD\RUHV GLILFXOWDGHV QR WLHQHQ WDQWR TXH YHU FRQ OD GLGiFWLFD VLQR FRQ OD RUJDQL]DFLyQ HVFRODU \ DGPLQLVWUDWLYD 2WUR IDFWRU D WHQHU HQ FXHQWD HV OD KHWHURJHQHLGDG GHO DOXPQDGR FDEH GHFLU TXH FXDQWR PiV KHWHURJpQHR VHD pVWH PD\RU GLILFXOWDG H[LVWLUi D OD KRUD GH KDFHU SURSXHVWDV LQFOXVLYDV DO LJXDO TXH RFXUUH HQ ODV FODVHV GRQGH HO UDWLR HV JUDQGH 7ULSS )UDQFK 6KHUULOO (Q OR UHIHUHQWH D OD IRUPDFLyQ GHO SURIHVRUDGR *RPHQGLR DUJXPHQWD TXH D SHVDU GH TXH H[LVWH XQD DPSOLD ELEOLRJUDItD HQ WRUQR D OD () SDUD IDYRUHFHU OD LQFOXVLyQ HO SURIHVRUDGR VH VLHQWH DLVODGR (Q HVWD OtQHD VRQ QXPHURVRV ORV DXWRUHV \ DXWRUDV TXH VHxDODQ OD IDOWD GH IRUPDFLyQ GHO SURIHVRUDGR SDUD DWHQGHU DO DOXPQDGR FRQ QHFHVLGDGHV HGXFDWLYDV HVSHFLDOHV $&1(( R GLVFDSDFLGDG %HWDQFXU 'tD] 'XUiQ 6DQ] *RPHQGLR -LPpQH] +HUQiQGH] 7LHUUD &DVWLOOR VLHQGR HO GHVFRQRFLPLHQWR GH OD SURSLD GLVFDSDFLGDG XQ KiQGLFDS SDUD OD SDUWLFLSDFLyQ (Q OD OHJLVODFLyQ HGXFDWLYD GHELGR D TXH DO DOXPQDGR FRQ GLVFDSDFLGDG VH OH FRQVLGHUD $&1(( WDPELpQ VH LQFOX\HQ DOJXQDV UHIHUHQFLDV WHyULFDV VREUH GLFKR WpUPLQR /D IDOWD GH UHFXUVRV PDWHULDOHV \ SHUVRQDOHV OD KHWHURJHQHLGDG GHO JUXSR DVt FRPR OD IDOWD GH SUHSDUDFLyQ SDUD OD DWHQFLyQ D OD GLYHUVLGDG VRQ ORV PD\RUHV REVWiFXORV \ GLILFXOWDGHV TXH VHxDODQ ORV GRFHQWHV 0HQGR]D

1R PHQRV LPSRUWDQWHV VRQ ODV EDUUHUDV TXH VH JHQHUDQ GHVGH OD SURSLD FRQYLYHQFLD VRFLDO HQ HVWH VHQWLGR ODV DFWLWXGHV GH UHFKD]R R HYLWDFLyQ KDFLD ODV SHUVRQDV FRQ GLVFDSDFLGDG VXHOHQ VHU RWUR REVWiFXOR LPSRUWDQWH )HOLSH \ *DUR]

H[SRQHQ TXH HQ RFDVLRQHV ODV DFWLWXGHV VRFLDOHV QHJDWLYDV FDUJDGDV HQ VX PD\RUtD GH SUHMXLFLRV \ IDOVDV FUHHQFLDV DWULEX\HQ D ODV SHUVRQDV FRQ GLVFDSDFLGDG HWLTXHWDV TXH OLPLWDQ VX JUDGR GH SDUWLFLSDFLyQ DFWLYD (VWD OLPLWDFLyQ WDPELpQ RFXUUH HQ OD HVFXHOD GH DKt TXH HO ,QIRUPH :DUQRFN FRQWHPSOH OD QHFHVLGDG GH TXH HO SURIHVRUDGR DGTXLHUD XQD DFWLWXG SRVLWLYD DQWH HO $&1((

8QD EDUUHUD WRWDOPHQWH DMHQD D OD SHUVRQD FRQ GLVFDSDFLGDG SHUR TXH YD D GHWHUPLQDU VX SDUWLFLSDFLyQ R QR HQ XQ OXJDU R HQ XQD DFWLYLGDG HV OD DFFHVLELOLGDG GHO PLVPR 1R FDEH QLQJXQD GXGD GH TXH ORV HVSDFLRV GHSRUWLYRV HQ ORV FHQWURV HVFRODUHV GHEHQ VHU GH FDOLGDG *LO *DUFtD )HOLSH *DOODUGR %XULOOR 6LQ HPEDUJR D SHVDU GH TXH HQ ORV ~OWLPRV DxRV VH KDQ GHVDUUROODGR OH\HV QRUPDV HWF SDUD VXSULPLU ODV EDUUHUDV H[LVWHQWHV HQ FXDQWR D OD DFFHVLELOLGDG WRGDYtD VLJXH VLHQGR XQ UHWR OD QR GLVFULPLQDFLyQ GH ODV SHUVRQDV FRQ GLVFDSDFLGDG SDUD HO DFFHVR \ XWLOL]DFLyQ GH ORV HVSDFLRV < HQ HVWD FXHVWLyQ ODV LQVWDODFLRQHV GHSRUWLYDV GH ORV FHQWURV HGXFDWLYRV QR TXHGDQ H[HQWDV $XQTXH VH GHEH FRQWDU FRQ LQVWDODFLRQHV IXQFLRQDOHV DGDSWDGDV \ DGHFXDGDV SDUD HO GHVDUUROOR GHO FXUUtFXOR HQ OD () HO SURIHVRUDGR HV FRQVFLHQWH GH ORV FRQWLQXRV HUURUHV TXH VH FRPHWHQ HQ HO GLVHxR HQ OD FRQVWUXFFLyQ \ HQ OD UHPRGHODFLyQ GH ODV LQVWDODFLRQHV %XULOOR *LO *DUFtD )HOLSH (Q HVWH VHQWLGR *LO HW DO DQDOL]DQ ODV QHFHVLGDGHV GH ORV GRFHQWHV GH (GXFDFLyQ 6HFXQGDULD 2EOLJDWRULD HQ UHODFLyQ D ODV LQVWDODFLRQHV GHSRUWLYDV GHO FHQWUR HVFRODU \ FRQFOX\HQ TXH ODV VDODV HVFRODUHV \ ODV SLVWDV H[WHULRUHV GHVWLQDGDV D OD SUiFWLFD GHSRUWLYD VRQ LQVXILFLHQWHV \ TXH ORV GRFHQWHV VH DGDSWDQ D ODV FLUFXQVWDQFLDV TXH OHV YLHQHQ LPSXHVWDV *DUFtD *DOODUGR *LO )HOLSH DQDOL]DQ HO HVWDGR GH ODV LQVWDODFLRQHV GHSRUWLYDV HQ FHQWURV HGXFDWLYRV GH &DVWLOOD \ /HyQ \ DILUPDQ TXH H[LVWHQ FHQWURV TXH QR FXPSOHQ OD QRUPDWLYD GH DFFHVLELOLGDG HVWDEOHFLGD SRU OH\ $ YHFHV OD QR DFFHVLELOLGDG GH XQ

(PiV) 5HYLVWD 'LJLWDO GH (GXFDFLyQ )tVLFD $xR 1XP MXOLR DJRVWR GH

KWWS HPDVI ZHEFLQGDULR FRP

HVSDFLR SXHGH LU PX\ XQLGR D OD VHJXULGDG GHO PLVPR FRQ ODV FRQVHFXHQFLDV TXH OD SURSLD DILUPDFLyQ FRQOOHYD (Q HVWD OtQHD /DWRUUH \ 3pUH] DQDOL]DQ OD VHJXULGDG HQ ODV FODVHV GH () \ DUJXPHQWDQ TXH ODV DGPLQLVWUDFLRQHV GHEHQ VHU VHQVLEOHV D OD SUREOHPiWLFD TXH FRQOOHYD OD SUHVHQFLD GH LQVWDODFLRQHV GHSRUWLYDV GH XVR HVFRODU QR DGHFXDGDV D OD QRUPDWLYD YLJHQWH

)LQDOPHQWH HQ FXDQWR D OD SURSLD GLVFLSOLQD GH () UHVXOWD GHVWDFDEOH FRQ UHVSHFWR D ODV EDUUHUDV TXH WUDGLFLRQDOPHQWH KD VLGR FRQVLGHUDGD FRPR XQD PDWHULD GH ´VHJXQGR RUGHQµ /DWRUUH 3pUH] R DVLJQDWXUD ´PDUtDµ 5tRV

5HDOLGDG QDGD SRVLWLYD D OD KRUD GH SUHVWDUOH OD GHELGD DWHQFLyQ \ GHGLFDFLyQ R VLPSOHPHQWH GHPDQGDU \ REWHQHU UHFXUVRV WDQWR KXPDQRV FRPR PDWHULDOHV SDUD IDYRUHFHU OD LQFOXVLyQ GH WRGR HO DOXPQDGR HQ ODV VHVLRQHV GH ()

(675$7(*,$6 )$&,/,7$'25$6 3$5$ (/ $35(1',=$-( < /$ 3$57,&,3$&,Ð1

)UHQWH D ODV EDUUHUDV D ODV TXH VH KD DOXGLGR HQ HO DSDUWDGR DQWHULRU WDPELpQ FDEH GHFLU TXH H[LVWHQ GLIHUHQWHV HVWUDWHJLDV LQFOXVLYDV 7DEOD (VWDV HVWUDWHJLDV IDYRUHFHQ HO DSUHQGL]DMH \ OD SDUWLFLSDFLyQ GHO DOXPQDGR FRQ GLVFDSDFLGDG HQ HO iUHD GH ()

7DEOD (VWUDWHJLDV LQFOXVLYDV

)RPHQWDU DFWLWXGHV SRVLWLYDV &RQRFHU ODV OLPLWDFLRQHV GHO DOXPQDGR )RUPDFLyQ LQLFLDO \ SHUPDQHQWH 6HQVLELOL]DFLyQ DO SURIHVRUDGR DO DOXPQDGR HWF $SRVWDU SRU HVWUDWHJLDV PHWRGROyJLFDV LQFOXVLYDV $JUXSDPLHQWRV IOH[LEOHV $FWLYLGDGHV GH FRODERUDFLyQ \ FRRSHUDFLyQ 3DSHO DFWLYR GHO DOXPQDGR $GDSWDFLRQHV

&RPR \D VH KD GLFKR HQ HO DSDUWDGR DQWHULRU ODV DFWLWXGHV VRQ XQ DVSHFWR LPSRUWDQWH GH OD HGXFDFLyQ LQFOXVLYD $EHOOiQ 0ROLQD 0DQGDULQR

+HUQiQGH] &DVDPRUW %RILOO 1LRUW \ %Oi]TXH] SODQWHDQ TXH H[LVWHQ SRVLEOHV LQGLFDGRUHV TXH GHWHUPLQDQ ODV DFWLWXGHV GHO SURIHVRUDGR KDFLD HO $&1(( (VWRV IDFWRUHV VRQ ORV VLJXLHQWHV OD SUHSDUDFLyQ DFDGpPLFD OD H[SHULHQFLD OD SHUFHSFLyQ GH OD FRPSHWHQFLD ODV H[SHULHQFLDV SUHYLDV HQ OD HQVHxDQ]D FRQ HO $&1(( \ OD HGDG *HQHUDOPHQWH SDUD GHVDUUROODU DFWLWXGHV SRVLWLYDV KDFLD DOJR HV IXQGDPHQWDO FRQRFHUOR \ HQ QXHVWUR FDVR FRQRFHU ODV OLPLWDFLRQHV GHO DOXPQDGR FRQ GLVFDSDFLGDG QRV YD D SHUPLWLU GHVDUUROODU HVWUDWHJLDV SDUD HQ FLHUWD PHGLGD FRQRFHU PHMRU DO DOXPQDGR \ DGDSWDU DVt OD UHVSXHVWD HGXFDWLYD 0ROLQD \ 0DQGDULQR VHxDODQ TXH OD IRUPDFLyQ LQLFLDO HV IXQGDPHQWDO SDUD TXH H[LVWD XQD PD\RU VHQVLELOLGDG UHVSHFWR D OD LQFOXVLyQ GHO $&1(( 3RU WRGR HOOR UHVXOWD QHFHVDULR RIUHFHU SRVLELOLGDGHV GH IRUPDFLyQ DO SURIHVRUDGR GH () HQ WRUQR D OD GLVFDSDFLGDG 'tD] $GHPiV GH OD IRUPDFLyQ LPSDUWLGD QR SRGHPRV GHMDU GH XQ ODGR OD LPSRUWDQFLD GH OD H[LVWHQFLD GH PDQXDOHV \ SXEOLFDFLRQHV SDUD GDU D FRQRFHU GLIHUHQWHV WLSRV GH GLVFDSDFLGDGHV (MHPSOR GH SXEOLFDFLRQHV TXH DOXGHQ D FDVRV FRQFUHWRV GH GLVFDSDFLGDG HQ HO iUHD GH () VRQ ORV VLJXLHQWHV DOXPQDGR TXH VH VLHQWH LQFRPSHWHQWH PRWUL]PHQWH HQ ODV FODVHV GH () 0ROLQD %HOWUiQ

DOXPQDGR FRQ 7UDVWRUQR GH $VSHUJHU TXH SUHVHQWD HQWUH RWURV DVSHFWRV (PiV) 5HYLVWD 'LJLWDO GH (GXFDFLyQ )tVLFD $xR 1XP MXOLR DJRVWR GH

KWWS HPDVI ZHEFLQGDULR FRP

GLILFXOWDGHV HQ ODV UHODFLRQHV VRFLDOHV )HUQiQGH] DOXPQDGR FRQ 6tQGURPH GH 'RZQ &KLYD *LO 6DOYDGRU DOXPQDGR FRQ GLVFDSDFLGDG DXGLWLYD 5RGUtJXH] DOXPQDGR FRQ WUDVWRUQR SRU GpILFLW GH DWHQFLyQ FRQ KLSHUDFWLYLGDG 7'$+ /ySH] /ySH] 'tD] $GHPiV VH VDEH TXH GHVGH HO FRQRFLPLHQWR HV QHFHVDULR VHQVLELOL]DU QR VyOR DO SURIHVRUDGR VLQR WDPELpQ FRPR VHxDOD )HUQiQGH] DO DOXPQDGR SDUD TXH WRPHQ FRQFLHQFLD GH ODV SRVLELOLGDGHV \ OLPLWDFLRQHV GH ORV HVWXGLDQWHV FRQ GLVFDSDFLGDG < HV TXH WDO \ FRPR VHxDODED (JHD S ´XQD FRVD HV VDEHU OR TXH WLHQHV \ RWUD TXH ORV GHPiV VHSDQ GH WX QXHYD VLWXDFLyQ« HV QHFHVDULR SRU DPEDV SDUWHV XQD LQIRUPDFLyQ JOREDO SDUD TXH HVWD DGDSWDFLyQ UHVXOWH PiV VHQFLOODµ $FWXDOPHQWH H[LVWHQ SURJUDPDV HGXFDWLYRV GH VHQVLELOL]DFLyQ KDFLD ODV SHUVRQDV FRQ GLVFDSDFLGDG HQ HO iPELWR GH OD DFWLYLGDG ItVLFD GHSRUWLYD TXH SUHWHQGHQ PRGLILFDU DFWLWXGHV QHJDWLYDV )HOLSH *DUR] 'H WRGDV IRUPDV KD\ TXH FRQVLGHUDU TXH FDGD SHUVRQD HV ~QLFD H LUUHSHWLEOH \ QR H[LVWHQ IyUPXODV PiJLFDV SDUD FDGD XQD GH WRGDV HOODV

3DUD IDFLOLWDU OD LQFOXVLyQ DGHPiV GHO GHVDUUROOR GH DFWLWXGHV HV QHFHVDULR TXH ODV HVWUDWHJLDV PHWRGROyJLFDV TXH VH HPSOHHQ HQ HO DXOD IDYRUH]FDQ OD PLVPD (Q HVWD GLUHFFLyQ GLIHUHQWHV HVWXGLRV SURSRQHQ GHWHUPLQDGDV IRUPDV GH DJUXSDPLHQWR GHO DOXPQDGR R GHWHUPLQDGR WLSR GH DFWLYLGDG R LQFOXVR GLIHUHQWHV DGDSWDFLRQHV TXH HQ XQD X RWUD PHGLGD IDFLOLWDQ OD LQFOXVLyQ

(Q FXDQWR DO DJUXSDPLHQWR 0HOH DSXHVWD SRU XQD HVWUDWHJLD LQFOXVLYD TXH VH SXHGH XWLOL]DU HQ ODV FODVHV GH () HO HQWUHQDPLHQWR GH XQ FRPSDxHUR R FRPSDxHUD TXH DFW~H FRPR WXWRU R WXWRUD FRQ XQ HVWXGLDQWH TXH WHQJD GLVFDSDFLGDG ,QYHVWLJDFLRQHV DQWHULRUHV GHPXHVWUDQ TXH OD SXHVWD HQ SUiFWLFD GH HVWD HVWUDWHJLD HQ ODV VHVLRQHV GH () QR VyOR D\XGD D PHMRUDU HO GHVDUUROOR PRWRU GHO DOXPQDGR FRQ GLVFDSDFLGDGHV +RXVWRQ :LOVRQ 'XQQ YDQ GHU 0DUV 0F&XXELQ

VLQR TXH WDPELpQ IDYRUHFH HO GHVDUUROOR GH DFWLWXGHV SRVLWLYDV KDFLD HO DOXPQDGR FRQ GLVFDSDFLGDG HQ HO DOXPQDGR VLQ GLVFDSDFLGDG %ORFN 2EHUZHLVHU %DLQ &RKHQ .XOLN .XOLN +D\ TXH DGYHUWLU TXH DQWHV GH SURSRQHU HVWD HVWUDWHJLD PHWRGROyJLFD DO DOXPQDGR VLHPSUH KD\ TXH KDEODU FRQ OD SHUVRQD TXH WLHQH GLVFDSDFLGDG SDUD FRQRFHU VL TXLHUH VHU UHDOPHQWH D\XGDGD $GHPiV OD SHUVRQD TXH D\XGH OR WLHQH TXH KDFHU GH PDQHUD YROXQWDULD

&RQVLGHUDQGR HO DJUXSDPLHQWR GH DOXPQDGR FRPR XQ FRQWH[WR VRFLDO =XFFKL VHxDOD TXH KD\ TXH KDFHU SDUWtFLSH D FDGD HVWXGLDQWH HQ HO Pi[LPR GH VXV FDSDFLGDGHV VLQ SHUGHU ORV REMHWLYRV SHGDJyJLFRV GHO JUXSR HVFRODU 'H DKt TXH HO XVR GH XQD X RWUD HVWUDWHJLD QR VHD XQD UHDOLGDG HVWDEOHFLGD SXHV pVWD YD D HVWDU HQ IXQFLyQ WDQWR GHO WLSR GH GLVFDSDFLGDG FRPR GH ODV FDUDFWHUtVWLFDV GHO JUXSR HVFRODU (Q HO HVWXGLR GH &DXV \ 6DQWRV UHDOL]DGR HQ &DVWHOOyQ \ 9DOHQFLD XQ JUXSR GH SURIHVRUDGR GH () FRQ DOXPQDGR FRQ GLVFDSDFLGDG SRQH HQ PDUFKD GLIHUHQWHV HVWUDWHJLDV GLGiFWLFDV SDUD IDFLOLWDU OD LQFOXVLyQ RUJDQL]DU DSR\RV \ HOHPHQWRV IRUPDOHV GH OD VHVLyQ GLYHUVLILFDU HO PDWHULDO GLGiFWLFR PRGLILFDU HO GLVHxR GH ODV WDUHDV \ ODV QRUPDV \ UHDOL]DU DFWLYLGDGHV SUHYLDV GH VHQVLELOL]DFLyQ &DXV HW DO WDPELpQ SUHVHQWDQ XQ SURFHGLPLHQWR GH DFWXDFLyQ DQWH OD LQFOXVLyQ GH DOXPQDGR FRQ GLVFDSDFLGDG HQ HO iUHD GH () TXH FXHQWD FRQ GRV DSDUWDGRV OD E~VTXHGD GH LQIRUPDFLyQ \ OD SURJUDPDFLyQ GLGiFWLFD (Q FXDQWR D OD E~VTXHGD GH LQIRUPDFLyQ VH LQFOX\HQ DVSHFWRV FRPR HO LQIRUPH JHQHUDO GH VDOXG HO LQIRUPH GHO iUHD GH DXWRQRPtD SHUVRQDO HO LQIRUPH GH FRPXQLFDFLyQ \ HO

(PiV) 5HYLVWD 'LJLWDO GH (GXFDFLyQ )tVLFD $xR 1XP MXOLR DJRVWR GH

KWWS HPDVI ZHEFLQGDULR FRP

LQIRUPH GH VRFLDOL]DFLyQ $OXGLHQGR D ODV SURJUDPDFLRQHV GLGiFWLFDV HO LQVWUXPHQWR DSRUWD SUHJXQWDV TXH SHUPLWHQ RULHQWDU DO GRFHQWH

3RU RWUD SDUWH VL ELHQ HQ HO iUHD GH OD () HO DVSHFWR FRPSHWLWLYR VXHOH VHU XQD UHDOLGDG PX\ H[WHQGLGD QXQFD OD FRPSHWLFLyQ GHEH VHUYLU FRPR SUHWH[WR SDUD OD EXUOD HO UHFKD]R \ OD PDUJLQDFLyQ GH DTXHOORV HVWXGLDQWHV TXH IDOODQ R SLHUGHQ 0ROLQD %HOWUiQ (Q HVWH ~OWLPR HVWXGLR UHDOL]DGR FRQ XQ HVWXGLDQWH FRQ GLVFDSDFLGDG LQWHOHFWXDO GH (GXFDFLyQ 6HFXQGDULD VH FRQFOX\H TXH HO SURIHVRUDGR QR VyOR GHEH D\XGDU DO DOXPQDGR D DFHSWDU VXV OLPLWDFLRQHV HQWHQGLHQGR TXH OR LPSRUWDQWH HV PHMRUDU OD FRPSHWHQFLD PRWUL] VLQR TXH WDPELpQ GHEH GHWHFWDU VLWXDFLRQHV HQ ODV TXH HO DOXPQDGR VH VLHQWD LQFRPSHWHQWH SDUD HYLWDUODV SRU HMHPSOR SUHVHQWDQGR WDUHDV DGDSWDGDV D ODV GLVWLQWDV FDSDFLGDGHV )UHQWH D OD FRPSHWLWLYLGDG 0HQGR]D SURSRQH IRPHQWDU XQD FRODERUDFLyQ PXWXD \ MXHJRV FRRSHUDWLYRV GRQGH WRGR HO DOXPQDGR SXHGD SDUWLFLSDU 'H KHFKR HO DOXPQDGR FRQ GLVFDSDFLGDG ItVLFD GH (GXFDFLyQ 3ULPDULD FRQVLGHUD ´EXHQRV GtDVµ HQ ODV VHVLRQHV GH () FXDQGR VH OHV SHUPLWH SDUWLFLSDU MXQWR DO UHVWR \ ´PDORV GtDVµ DTXHOORV HQ ORV TXH VX SDUWLFLSDFLyQ FRQ HO JUXSR GH FODVH HV OLPLWDGD R QXOD VLQWLpQGRVH DSDUWDGRV *RRGZLQ :DWNLQVRQ 6LQ QLQJXQD GXGD OD IUDVH GH ´OR LPSRUWDQWH QR HV JDQDU VLQR SDUWLFLSDU \ GLYHUWLUVHµ HVWi PX\ SUHVHQWH $Vt PLVPR RWRUJDU DO DOXPQDGR XQ SDSHO UHOHYDQWH IXQGDPHQWiQGRVH HQ XQ PRGHOR GLDOyJLFR GH SDUWLFLSDFLyQ TXH IRPHQWH XQ PRGHOR GLVWLQWR GH DXWRULGDG SHGDJyJLFD HV XQD LQLFLDWLYD LQFOXVLYD SURPHWHGRUD 6XVLQRV 3DUULOOD 6XVLQRV \D TXH VH OH RWRUJD DO DOXPQDGR XQ SURWDJRQLVPR FRPR VXMHWRV DFWLYRV HQ OD YLGD HVFRODU

&21&/86,21(6

/RV FHQWURV RUGLQDULRV GHEHQ GDU UHVSXHVWD D OD GLYHUVLGDG GHO DOXPQDGR \ HQ HOORV WDPELpQ VH HQFXHQWUD DOXPQDGR FRQ GLVFDSDFLGDG FRQ SOHQR GHUHFKR D UHFLELU XQD HGXFDFLyQ GH FDOLGDG &RQVLGHUDQGR TXH ODV DXODV \ ORV FHQWURV HGXFDWLYRV GHEHQ UHHVWUXFWXUDUVH \ DGDSWDUVH SDUD UHVSRQGHU GH XQD PDQHUD PiV DGHFXDGD D OD GLYHUVLGDG H[LVWHQWH HQ VX FRQWH[WR SDUWLFXODU VH UHVDOWD TXH OD IRUPDFLyQ \ ODV DFWLWXGHV GHO HTXLSR GH SURIHVLRQDOHV HQWUH RWURV DVSHFWRV VRQ FODYHV SDUD HOOR

(O iUHD GH () UHVXOWD PX\ SURSLFLD SDUD VHQVLELOL]DU UHVSHFWR D WHPDV UHODFLRQDGRV FRQ OD GLVFDSDFLGDG 'H DFXHUGR FRQ OD UHYLVLyQ GH ORV HVWXGLRV UHDOL]DGD HQ HVWH iPELWR SRGHPRV DILUPDU TXH WRGDYtD H[LVWHQ REVWiFXORV TXH GLILFXOWDQ OD SDUWLFLSDFLyQ GHO DOXPQDGR FRQ GLVFDSDFLGDG \ TXH pVWRV VH GHEHQ WUDWDU GH HOLPLQDU $OJXQRV HMHPSORV GH HOORV VRQ OD IDOWD GH UHFXUVRV OD IDOWD GH IRUPDFLyQ ODV DFWLWXGHV QHJDWLYDV \ ODV EDUUHUDV HQ OD DFFHVLELOLGDG 3RU HO FRQWUDULR H[LVWHQ HVWUDWHJLDV TXH HVWiQ GHPRVWUDQGR TXH VH SXHGH DYDQ]DU KDFLD SUiFWLFDV PiV LQFOXVLYDV HQ HO iUHD GH OD () FRPR SRU HMHPSOR GHVDUUROODU DFWLWXGHV SRVLWLYDV SRQHU HQ SUiFWLFD HVWUDWHJLDV PHWRGROyJLFDV \ IRPHQWDU HO HQIRTXH FRRSHUDWLYR IUHQWH DO FRPSHWLWLYR &RQ WRGR HOOR HV WDUHD GHO SURIHVRUDGR GH () UHDOL]DU GHVGH VX iUHD HVDV SHTXHxDV DFFLRQHV TXH YDQ D SURSLFLDU XQ FDPELR TXH YDQ D KDFHU SRVLEOH XQ HVFHQDULR HVFRODU PiV LQFOXVLYR 6LQ OXJDU D GXGDV HV WDUHD GH WRGRV \ WRGDV VHJXLU FRQWULEX\HQGR HQ HVWH SURFHVR

(PiV) 5HYLVWD 'LJLWDO GH (GXFDFLyQ )tVLFD $xR 1XP MXOLR DJRVWR GH

KWWS HPDVI ZHEFLQGDULR FRP

5()(5(1&,$6 %,%/,2*5É),&$6

$EHOOiQ - $FWLWXGHV KDFLD OD GLVFDSDFLGDG GH ORV IXWXURV PDHVWURV GH HGXFDFLyQ ItVLFD 6SRUWLV 5HYLVWD 7pFQLFR &LHQWtILFD 'HO 'HSRUWH (VFRODU (GXFDFLyQ )tVLFD \ 3VLFRPRWULFLGDG &RQVXOWDGR HO HQ KWWS UHYLVWDV XGF HV LQGH[ SKS 63257,6 DUWLFOH YLHZ SGIB $LQVFRZ 0 5HVSRQGLQJ WR WKH FKDOOHQJH RI HTXLW\ ZLWKLQ HGXFDWLRQ V\VWHPV $XOD 5HYLVWD 'H 3HGDJRJtD 'H /D 8QLYHUVLGDG 'H 6DODPDQFD &RQVXOWDGR HO

HQ KWWS FDPSXV XVDO HV aUHYLVWDVBWUDEDMR LQGH[ SKS DUWLFOH YLHZ)LOH %HWDQFXU - ( 3UiFWLFDV LQFOX\HQWHV \ H[FOX\HQWHV HQ OD FODVH GH HGXFDFLyQ ItVLFD (GXFDFLyQ )tVLFD \ 'HSRUWH &RQVXOWDGR HO HQ KWWS DSUHQGHHQOLQHD XGHD HGX FR UHYLVWDV LQGH[ SKS HGXFDFLRQILVLFD\GHSRUWH DU WLFOH YLHZ %ORFN 0 2EHUZHLVHU % %DLQ 0 8VLQJ FODVVZLGH SHHU WXWRULQJ WR IDFLOLWH LQFOXVLRQ RI VWXGHQWV ZLWK GLVDELOLWLHV LQ UHJXODU SK\VLFDO HGXFDWLRQ 7KH 3K\VLFDO (GXFDWRU %RRWK 7 6LPyQ & 6DQGRYDO 0 (FKHLWD * 0XxR] < *XtD SDUD OD HGXFDFLyQ LQFOXVLYD 3URPRYLHQGR HO DSUHQGL]DMH \ OD SDUWLFLSDFLyQ HQ ODV HVFXHODV 1XHYD HGLFLyQ UHYLVDGD \ DPSOLDGD 5(,&( 5HYLVWD (OHFWUyQLFD ,EHURDPHULFDQD 6REUH &DOLGDG (ILFDFLD \ &DPELR (Q (GXFDFLyQ &RQVXOWDGR HO HQ KWWS ZZZ ULQDFH QHW UHLFH QXPHURV DUWV YRO QXP DUW SGI %XULOOR 3 *LO - / *DUFtD 0 )HOLSH - / 'HWHFFLyQ GH QHFHVLGDGHV HQ ODV LQVWDODFLRQHV GHSRUWLYDV GH HGXFDFLyQ VHFXQGDULD REOLJDWRULD (O FDVR GH OD SURYLQFLD GH DYLOD -RXUQDO RI 6SRUW DQG +HDOWK 5HVHDUFK

&DXV L 3HUWHJi] 1 6DQWRV ( $QiOLVLV GH OD ODERU GRFHQWH HQ HO SURFHVR GH LQFOXVLyQ GH DOXPQDGR FRQ GLVFDSDFLGDG HQ HO iUHD GH HGXFDFLyQ ItVLFD (GXFDFLyQ \ 'LYHUVLGDG (GXFDWLRQ DQG 'LYHUVLW\ 5HYLVWD ,QWHU 8QLYHUVLWDULD 'H ,QYHVWLJDFLyQ 6REUH 'LVFDSDFLGDG H ,QWHUFXOWXUDOLGDG &RQVXOWDGR HO HQ KWWS ZZZ JUXSR HGL FRP DQXDULRBOLVW SKS"DQR &DXV L 3HUWHJi] 1 6DQWRV ( %ODVFR - ( 9HJD / 0HQJXDO 6 <DQJ H] (

3URFHGLPLHQWR GH DFWXDFLyQ DQWH OD LQFOXVLyQ GH DOXPQDGR FRQ GLVFDSDFLGDG HQ HO iUHD GH HGXFDFLyQ ItVLFD 3$,$'() $SXQWV (GXFDFLyQ )tVLFD \ 'HSRUWHV &RQVXOWDGR HO HQ KWWS ZZZ UHYLVWD DSXQWV FRP HV KHPHURWHFD"DUWLFOH &KLYD 2 *LO - 6DOYDGRU & $FWLYLGDG ItVLFD \ 6tQGURPH GH 'RZQ (O MXHJR PRWUL] FRPR UHFXUVR PHWRGROyJLFR (PiV) 5HYLVWD 'LJLWDO GH (GXFDFLyQ )tVLFD

&RKHQ 3 $ .XOLN - $ .XOLN & & (GXFDWLRQDO RXWFRPHV RI WXWRULQJ $ PHWD DQDO\VLV RI ILQGLQJV $PHULFDQ (GXFDWLRQDO 5HVHDUFK -RXUQDO 'tD] GHO &XHWR 0 3HUFHSFLyQ GH FRPSHWHQFLD GHO SURIHVRUDGR GH HGXFDFLyQ ItVLFD H LQFOXVLyQ 5HYLVWD ,QWHUQDFLRQDO 'H 0HGLFLQD \ &LHQFLDV 'H /D $FWLYLGDG )tVLFD \ 'HO 'HSRUWH &RQVXOWDGR HO HQ KWWS FGHSRUWH UHGLULV HV UHYLVWD UHYLVWD DUWSHUFHSFLRQ KWP 'XUiQ ' 6DQ] $ 'LILFXOWDGHV GHO SURIHVRUDGR GH HGXFDFLyQ ItVLFD GH HGXFDFLyQ VHFXQGDULD DQWH HO DOXPQR FRQ GLVFDSDFLGDG 5HYLVWD ,QWHUQDFLRQDO 'H (PiV) 5HYLVWD 'LJLWDO GH (GXFDFLyQ )tVLFD $xR 1XP MXOLR DJRVWR GH

KWWS HPDVI ZHEFLQGDULR FRP

0HGLFLQD \ &LHQFLDV 'H /D $FWLYLGDG )tVLFD \ 'HO 'HSRUWH &RQVXOWDGR HO HQ KWWS FGHSRUWH UHGLULV HV UHYLVWD UHYLVWD DUWGLILFXOWDGHV E KWP (FKHLWD * 'HILQLU OD LQFOXVLyQ HGXFDWLYD SDUD OOHYDUOD D OD SUiFWLFD (Q /D &DOOH 5HYLVWD 6REUH 6LWXDFLRQHV 'H 5LHVJR 6RFLDO (JHD 1R VHU XQD VLOOD /D FDUD RFXOWD GHO PXQGR GH JUDQGHV GLVFDSDFLWDGRV 1DYDUUD 7[DODSDUWD )HOLSH & *DUR] , $FWLYLGDG ItVLFR GHSRUWLYD HQ SURJUDPDV GH FDPELR GH DFWLWXGHV KDFLD OD GLVFDSDFLGDG HQ HGDG HVFRODU 8QD UHYLVLyQ GH OD OLWHUDWXUD &XOWXUD &LHQFLD \ 'HSRUWH 5HYLVWD 'H &LHQFLDV 'H /D $FWLYLGDG )tVLFD \ 'HO 'HSRUWH 'H /D 8QLYHUVLGDG &DWyOLFD 'H 6DQ $QWRQLR &RQVXOWDGR HO HQ KWWS FFG XFDP HGX LQGH[ SKS UHYLVWD DUWLFOH YLHZ )HUQiQGH] ) $ 2ULHQWDFLRQHV SDUD HO iUHD GH HGXFDFLyQ ItVLFD VREUH DOXPQRV FRQ VtQGURPH GH DVSHUJHU (PiV) 5HYLVWD 'LJLWDO 'H (GXFDFLyQ )tVLFD

&RQVXOWDGR HO

HQ KWWS HPDVI ZHEFLQGDULR FRP 18(052B B(0$6) SGI )ORULDQ / 5RXVH 0 %ODFN +DZNLQV .

5HVHDUFKLQJ DFKLHYHPHQW DQG LQFOXVLRQ WR LPSURYH WKH HGXFDWLRQDO H[SHULHQFHV DQG RXWFRPHV RI DOO OHDUQHUV $XOD 5HYLVWD 'H 3HGDJRJtD 'H /D 8QLYHUVLGDG 'H 6DODPDQFD &RQVXOWDGR HO HQ KWWS UHYLVWDV XVDO HV LQGH[ SKS DUWLFOH YLHZ *DUFtD - *DOODUGR / *LO - / )HOLSH - / ¢6H DGDSWD HO GLVHxR DFWXDO GH ODV LQVWDODFLRQHV GHSRUWLYDV HVFRODUHV D OD FDOLGDG H[LJLGD HQ OD HGXFDFLyQ VHFXQGDULD REOLJDWRULD GHO V [[L" (O FDVR GH FDVWLOOD \ OHyQ 6SRUWN 5HYLVWD (XURDPHULFDQD 'H &LHQFLDV 'HO 'HSRUWH &RQVXOWDGR HO HQ KWWS UHYLVWDV XP HV VSRUWN DUWLFOH YLHZ *LO - / *DUFtD - )HOLSH - / *DOODUGR / %XULOOR 3 'HPDQGDV GH ORV SURIHVRUHV GH HGXFDFLyQ ItVLFD SDUD XQD HQVHxDQ]D GH FDOLGDG UHVSHFWR D ODV LQVWDODFLRQHV GHSRUWLYDV HVFRODUHV -RXUQDO RI 6SRUWV (FRQRPLFV 0DQDJHPHQW

&RQVXOWDGR HO

HQ KWWS VSRUWVHP XY HV MBVSRUWVBDQGBHP LQGH[ SKS -6(0 DUWLFOH YLHZ *RPHQGLR 0 (O SURIHVRU GH HGXFDFLyQ ItVLFD HQ OD HVFXHOD LQFOXVLYD YDVFD DFFLyQ GH ORV FHQWURV GH IRUPDFLyQ JDUDWX \ DSR\R EHUULW]HJXQH ,, &RQIHUHQFLD ,QWHUQDFLRQDO VREUH 'HSRUWH $GDSWDGR 0iODJD )XQGDFLyQ $QGDOXFtD 2OtPSLFD &RQVXOWDGR HO HQ KWWS ZZZ SDUDOLPSLFVSRUW RUJ FLGD *RRGZLQ ' / :DWNLQVRQ ( - ,QFOXVLYH SK\VLFDO HGXFDWLRQ IURP WKH SHUVSHFWLYH RI VWXGHQWV ZLWK SK\VLFDO GLVDELOLWLHV $GDSWHG 3K\VLFDO $FWLYLW\ 4XDUWHUO\

+HUQiQGH] ) - &DVDPRUW - %RILOO $ 0 1LRUW - %Oi]TXH] ' /DV DFWLWXGHV GHO SURIHVRUDGR GH HGXFDFLyQ ItVLFD KDFLD OD LQFOXVLyQ HGXFDWLYD 5HYLVLyQ $SXQWV (GXFDFLyQ )tVLFD \ 'HSRUWHV &RQVXOWDGR HO HQ KWWS ZZZ UHYLVWD DSXQWV FRP HV KHPHURWHFD"DUWLFOH +RXVWRQ :LOVRQ & 'XQQ - 0 YDQ GHU 0DUV + 0F&XEELQ - 7KH HIIHFW RI SHHU WXWRUV RQ PRWRU SHUIRUPDQFH LQ LQWHJUDWHG SK\VLFDO HGXFDWLRQ FODVVHV $GDSWHG 3K\VLFDO $FWLYLW\ 4XDUWHUO\ -LPpQH] / +HUQiQGH] - / /D IRUPDFLyQ LQLFLDO SDUD XQD HGXFDFLyQ ItVLFD LQFOXVLYD 6LWXDFLyQ SURVSHFWLYD \ FRPSHWHQFLDV 5HYLVWD ,QWHUQDFLRQDO 'H 0HGLFLQD (PiV) 5HYLVWD 'LJLWDO GH (GXFDFLyQ )tVLFD $xR 1XP MXOLR DJRVWR GH

KWWS HPDVI ZHEFLQGDULR FRP

\ &LHQFLDV 'H /D $FWLYLGDG )tVLFD \ 'HO 'HSRUWH &RQVXOWDGR HO HQ KWWS FGHSRUWH UHGLULV HV UHYLVWD UHYLVWD DUWIRUPDFLRQ KWP /DWRUUH 3 $ 3pUH] 0 , *HVWLyQ GH OD VHJXULGDG HQ ODV DFWLYLGDGHV ItVLFR GHSRUWLYDV HVFRODUHV (PiV) 5HYLVWD 'LJLWDO 'H (GXFDFLyQ )tVLFD &RQVXOWDGR HO

HQ KWWS HPDVI ZHEFLQGDULR FRP 180(52B B(0$6) SGI /ySH] * ) /ySH] / 'tD] $ 7UDVWRUQRV SRU GpILFLW GH DWHQFLyQ FRQ KLSHUDFWLYLGDG 7'$+ \ DFWLYLGDG ItVLFD (PiV) 5HYLVWD 'LJLWDO GH (GXFDFLyQ )tVLFD

&RQVXOWDGR HO

HQ KWWS HPDVI ZHEFLQGDULR FRP (PDV)B SGI 0HOH $ (GXFDFLyQ ItVLFD LQFOXVLYD HQ %UDVLO (QWUHYLVWD FRQ 0DUOL 1DEHLUR (GXFDFLyQ )tVLFD \ &LHQFLD &RQVXOWDGR HO HQ KWWS ZZZ HI\F IDKFH XQOS HGX DU ILOHV MRXUQDOV DUWLFOHV SXEOLF 3% SGI 0HQGR]D 1 /D IRUPDFLyQ GHO SURIHVRUDGR HQ HGXFDFLyQ ItVLFD FRQ UHODFLyQ D ODV SHUVRQDV FRQ GLVFDSDFLGDG $JRUD 3DUD /D (GXFDFLyQ )tVLFD \ (O 'HSRUWH

&RQVXOWDGR HO

HQ KWWSV ZZZ XYD HV DJRUD UHYLVWD DJRUD BPHQGR]DB SGI 0ROLQD - 3 %HOWUiQ 9 - ,QFRPSHWHQFLD PRWUL] H LGHRORJtD GHO UHQGLPLHQWR HQ HGXFDFLyQ ItVLFD (O FDVR GH XQ DOXPQR FRQ GLVFDSDFLGDG LQWHOHFWXDO (XURSHDQ -RXUQDO RI +XPDQ 0RYHPHQW &RQVXOWDGR HO HQ KWWS ZZZ HXUMKP FRP LQGH[ SKS HXUMKP LVVXH DUFKLYH 0ROLQD - 3 0DQGDULQR & 0 ([SHULHQFLD GRFHQWH HQ HGXFDFLyQ ItVLFD \ DOXPQRV FRQ QHFHVLGDGHV HGXFDWLYDV HVSHFtILFDV (VWXGLR GH FRUUHODFLyQ 5HWRV 1XHYDV 7HQGHQFLDV (Q (GXFDFLyQ )tVLFD 'HSRUWH \ 5HFUHDFLyQ

&RQVXOWDGR HO HQ KWWS UHWRV RUJ SGI UHWRV SGI 0RULxD $ 9XOQHUDEOHV DO VLOHQFLR +LVWRULDV HVFRODUHV GH MyYHQHV FRQ GLVFDSDFLGDG 5HYLVWD 'H (GXFDFLyQ 1DFLRQHV 8QLGDV &RQYHQFLyQ VREUH ORV GHUHFKRV GH ODV SHUVRQDV FRQ GLVFDSDFLGDG \ SURWRFROR IDFXOWDWLYR &RQVXOWDGR HO HQ KWWS ZZZ XQ RUJ GLVDELOLWLHV GRFXPHQWV FRQYHQWLRQ FRQYRSWSURW V SGI 1LFROHWWL - $ *DUFtD * (O GHUHFKR KXPDQR D OD HGXFDFLyQ ItVLFD DGDSWDGD (PiV) 5HYLVWD 'LJLWDO GH (GXFDFLyQ )tVLFD 3XLJGHOOtYRO , /D HGXFDFLyQ HVSHFLDO HQ OD HVFXHOD LQWHJUDGD 8QD SHUVSHFWLYD GHVGH OD GLYHUVLGDG %DUFHORQD *UDy 5tRV 0 /D LQFOXVLyQ HQ HO iUHD GH HGXFDFLyQ ItVLFD HQ HVSDxD $QiOLVLV GH ODV EDUUHUDV SDUD OD SDUWLFLSDFLyQ \ DSUHQGL]DMH $JRUD 3DUD /D (GXFDFLyQ )tVLFD \ (O 'HSRUWH

&RQVXOWDGR HO

HQ KWWSV ZZZ XYD HV DJRUD UHYLVWD DJRUD BULRVB SGI 5RGUtJXH] ( ,QWHUYHQFLyQ PHWRGROyJLFD SDUD WUDEDMDU OD VHQVLELOL]DFLyQ DVRFLDGD D OD GLVFDSDFLGDG VHQVRULDO DXGLWLYD FRQ HVWXGLDQWHV GHO *&&$)' (PiV) 5HYLVWD 'LJLWDO GH (GXFDFLyQ )tVLFD &RQVXOWDGR HO HQ KWWS HPDVI ZHEFLQGDULR FRP (PDV)B SGI 6DSRQ 0 /D LQFOXVLyQ UHDO 8QD SHUVSHFWLYD GH MXVWLFLD VRFLDO >YHUVLyQ HQ FDVWHOODQR@ 5HYLVWD 'H ,QYHVWLJDFLyQ (Q (GXFDFLyQ &RQVXOWDGR HO (PiV) 5HYLVWD 'LJLWDO GH (GXFDFLyQ )tVLFD $xR 1XP MXOLR DJRVWR GH

KWWS HPDVI ZHEFLQGDULR FRP

KWWS UHLQHG ZHEV XYLJR HV RMV LQGH[ SKS UHLQHG DUWLFOH YLHZ)LOH

HQ

6HRDQH - $ ¢4Xp HV XQD SHUVRQD FRQ GLVFDSDFLGDG" $JRUD 3DSHOHV 'H )LORVRItD

6HUUDQR & 3 5DPtUH] & $EULO - 3 5DPyQ / 9 *XHUUD / < &ODYLMR 1

%DUUHUDV FRQWH[WXDOHV SDUD OD SDUWLFLSDFLyQ GH ODV SHUVRQDV FRQ GLVFDSDFLGDG ItVLFD 5HYLVWD 6DOXG 8LV

&RQVXOWDGR HO

HQ KWWS UHYLVWDV XLV HGX FR LQGH[ SKS UHYLVWDVDOXGXLV DUWLFOH YLHZ 6XVLQRV 7 (VFXFKDU SDUD FRPSDUWLU 5HFRQRFLHQGR OD DXWRULGDG GHO DOXPQDGR HQ HO SUR\HFWR GH XQD HVFXHOD LQFOXVLYD 5HYLVWD 'H (GXFDFLyQ

6XVLQRV 7 3DUULOOD 0 $ 'DU OD YR] HQ OD LQYHVWLJDFLyQ LQFOXVLYD GHEDWHV VREUH LQFOXVLyQ \ H[FOXVLyQ GHVGH XQ HQIRTXH ELRJUiILFR QDUUDWLYR 5(,&( 5HYLVWD (OHFWUyQLFD ,EHURDPHULFDQD 6REUH &DOLGDG (ILFDFLD \ &DPELR (Q (GXFDFLyQ

&RQVXOWDGR HO

HQ KWWS ZZZ ULQDFH QHW DUWV YRO QXP DUW SGI 7LHUUD - &DVWLOOR - (GXFDFLyQ ItVLFD HQ DOXPQRV FRQ QHFHVLGDGHV HGXFDWLYDV HVSHFLDOHV :DQFHXOHQ (GXFDFLyQ )tVLFD 'LJLWDO &RQVXOWDGR HO

HQ KWWS UDELGD XKX HV GVSDFH ELWVWUHDP KDQGOH E SGI"VHTXHQF H 7ULSS $ )UDQFK 5 \ 6KHUULOO & &RQWDFW WKHRU\ DQG DWWLWXGHV RI FKLOGUHQ LQ SK\VLFDO HGXFDWLRQ SURJUDPV WRZDUG SHHUV ZLWK GLVDELOLWLHV $GDSWHG 3K\VLFDO $FWLYLW\ 4XDUWHUO\ 8QHVFR /D )XQFLyQ GH OD (GXFDFLyQ )tVLFD \ ORV 'HSRUWHV HQ OD )RUPDFLyQ GH OD -XYHQWXG D SDUWLU GHO SXQWR GH YLVWD GH XQD (GXFDFLyQ 3HUPDQHQWH &RQIHUHQFLD ,QWHUQDFLRQDO GH 0LQLVWURV \ $OWRV )XQFLRQDULRV (QFDUJDGRV SRU OD (GXFDFLyQ )tVLFD \ ORV 'HSRUWHV 3DUtV 81(6&2 8QHVFR 'HFODUDFLyQ GH ,QFKHyQ )RUR 0XQGLDO GH (GXFDFLyQ &RQVXOWDGR HO HQ KWWS XQHVGRF XQHVFR RUJ LPDJHV 0 SGI :DUQRFN 0 6SHFLDO HGXFDWLRQ QHHGV /RQGUHV 5HLQR 8QLGR +602 :DUQRFN 0 ,QIRUPH VREUH QHFHVLGDGHV HGXFDWLYDV HVSHFLDOHV 6LJOR &HUR

=XFFKL ' * (O DOXPQR FRQ GLVFDSDFLGDG HQ OD FODVH GH HGXFDFLyQ ItVLFD ¢WRUSH]D PRWRUD R GLYHUVLGDG GH PRYLPLHQWRV" /HFWXUDV (GXFDFLyQ )tVLFD \ 'HSRUWHV

&RQVXOWDGR HO

HQ KWWS ZZZ HIGHSRUWHV FRP HIG FODVHI KWP

)HFKD GH UHFHSFLyQ )HFKD GH DFHSWDFLyQ

(PiV) 5HYLVWD 'LJLWDO GH (GXFDFLyQ )tVLFD $xR 1XP MXOLR DJRVWR GH

KWWS HPDVI ZHEFLQGDULR FRP

¢(6 %(1(),&,26$ /$6 $&7,9,'$' ),6,&$ (1 (/ 0(',2 $&8Ã&#x2030;7,&2 3$5$ ',60,18,5 (/ '2/25 '( (63$/'$"

0RLVpV *ULPDOGL 3X\DQD

'HSDUWDPHQWR GH (GXFDFLyQ )tVLFD \ GHSRUWH 8QLYHUVLGDG GH 6HYLOOD

(PDLO PJULPDOGL#XV HV

5(680(1

/RV GRORUHV GH HVSDOGD VXSRQHQ XQ JUDQ SUREOHPD SDUD OD VDOXG \ FDOLGDG GH YLGD SDUD ORV FLXGDGDQRV TXH OR SDGHFHQ TXH WLHQH JUDQGHV FRQVHFXHQFLDV VRFLDOHV ODERUDOHV \ HFRQyPLFDV ([LVWHQ QXPHURVRV SURJUDPDV GH HGXFDFLyQ SRVWXUDO \ WUDWDPLHQWRV D WUDYpV GH GLIHUHQWHV WHUDSLDV SHUR SRFRV HQ HO PHGLR DFXiWLFR 3RU HVH PRWLYR HO REMHWLYR GHO SUHVHQWH HVWXGLR IXH FRQRFHU HO HIHFWR GH ODV DFWLYLGDGHV ItVLFDV HQ HO PHGLR DFXiWLFR HQ SHUVRQDV FRQ GRORUHV HQ OD HVSDOGD SUHVHQWiQGRVH FRPR XQ SRVLEOH PpWRGR TXH D\XGH D SUHYHQLU IXWXURV GRORUHV FUyQLFRV (O SURJUDPD WXYR XQD GXUDFLyQ GH QXHYH PHVHV HQ XQD SLVFLQD FXELHUWD FRQ VHVLRQHV VHPDQDOHV GH PLQXWRV FDGD XQD /D PXHVWUD HVWXYR FRPSXHVWR SRU SHUVRQDV VLHQGR HO PXMHUHV \ KRPEUHV FRQ XQD PHGLD GH HGDG GH DxRV \ XQ UDQJR GH HGDG GH D DxRV 3RGHPRV FRQFOXLU TXH GHVSXpV GH XQ SURJUDPD GH DFWLYLGDG ItVLFD HQ HO PHGLR DFXiWLFR HQ SDUWLFLSDQWHV FRQ GRORU GH HVSDOGD TXH HVWRV UHGXMHURQ VX GRORU GH HVSDOGD \ PHMRUDURQ VX FDOLGDG GH YLGD UHODFLRQDGR FRQ OD VDOXG

3$/$%5$6 &/$9(6 $FWLYLGDG ItVLFD 0HGLR DFXiWLFR GRORU HVSDOGD

(PiV) 5HYLVWD 'LJLWDO GH (GXFDFLyQ )tVLFD $xR 1XP MXOLR DJRVWR GH

KWWS HPDVI ZHEFLQGDULR FRP

,1752'8&&,Ð1

/RV GRORUHV GH HVSDOGD VXSRQHQ XQ JUDQ SUREOHPD SDUD OD VDOXG \ FDOLGDG GH YLGD GH OD VRFLHGDG DFWXDO *LO 0RQWH FRQ JUDQGHV FRQVHFXHQFLDV VRFLDOHV ODERUDOHV \ HFRQyPLFDV \ GH GLItFLO VROXFLyQ %DVVROV %RVFK &DPSLOOR %DxRV 0DUWtQH] 3pUH] 9i]TXH] 6DOYDGR 6DXQp $ULDV $QJODGD //HJXHW 5XL] %DVVROV (VFULEi HW DO %RPEDUGLHU $GHPiV VXSRQH XQR GH ORV SULQFLSDOHV PRWLYRV GH YLVLWD DO PpGLFR %DVVROV HW DO

(Q (XURSD HV FRQVLGHUDGD FRPR XQD GH ODV HQIHUPHGDGHV ODERUDOHV PiV FRPXQHV LQGHSHQGLHQWHPHQWH OD HGDG R HO VHFWRU ODERUDO 6DXQp HW DO \ DIHFWD SRU LJXDO D KRPEUH \ PXMHUHV 6HxDODU TXH DIHFWD SRU LJXDO D KRPEUHV \ PXMHUHV \ QR HV KDVWD ORV DxRV FXDQGR SURYRFD GLIHUHQWHV LQFDSDFLGDGHV 0LUDOOHV 0DUWtQ /DVFXHYDV %DOOLQD +HUQiQGH] 0HMtD &XHWR (Q WpUPLQRV HFRQyPLFRV VXSRQH XQ JDVWR GH GHO SURGXFWR LQWHULRU EUXWR HVSDxRO OOHJDQGR DIHFWDU D PLOORQHV GH WUDEDMDGRUHV 6DXQp HW DO

(Q GHILQLWLYD VH WUDWD GH XQ SUREOHPD KD GHVSHUWDGR JUDQ LQWHUpV HQ OD PD\RUtD GH ORV SURIHVLRQDOHV GHO VHFWRU VDQLWDULR VLHQGR FRQRFLGD FRPR HQIHUPHGDG GHO VLJOR SDVDGR \ OOHJDQGR HQ RFDVLRQHV D SURYRFDU LQFDSDFLGDGHV IXQFLRQDOHV $JXDGR -LPpQH] &RVPHV )HUUHUR 6DQWRV (JJLPDQQ :HLWOLVEDFK 5LFNHQEDFK 3DFFXDXG *XW]ZLOOHU :DOVK &UXGGDV &RJJRQ 2OVHQ $QGHUVRQ 'HDUZDWHU .LUVND &DXOH\ $DURQ HW DO 7D\ORU 0RUHQF\ < FRPR FRQVHFXHQFLD GH HOOR VH KD SURGXFLGR XQ DXPHQWR GH ORV HVWXGLRV \ SXEOLFDFLRQHV 0ROOi 6DQIpOL[ HQ ODV TXH DERUGDQ HO GRORU GH HVSDOGD FRQ PHGLGDV \ SURWRFRORV GH DFWXDFLyQ SURJUDPDV GH HGXFDFLyQ SRVWXUDO \ WUDWDPLHQWRV D WUDYpV GH GLIHUHQWHV WHUDSLDV HQWUH RWURV 9DQ 7XOGHU .RHV %RXWHU

6LQ HPEDUJR GHEHPRV VHxDODU TXH OD JUDQ PD\RUtD GH WUDWDPLHQWRV HVWXGLRV \ DFWXDFLRQHV HVWiQ RULHQWDGDV D GDU VROXFLyQ FXDQGR ORV GRORUHV GH HVSDOGD FUyQLFRV 3DQHO 0RUDWD 7ULV $UD 0DUWtQ 5HGRQGR 5DPRV &DUUHUD 5LSRO 0XxR]

3RU OR DQWHULRUPHQWH H[SXHVWR \ SDUD HYLWDU GRORUHV FUyQLFRV GH HVSDOGD VH GHEH FRPHQ]DU D WUDEDMDU HQ HVWDV SDWRORJtDV GHVGH VXV LQLFLRV DFWXDQGR SXHV FRQ SURJUDPDV SUHYHQWLYRV 0LUDOOHV 'HELGR D OD QHFHVLGDG \ JUDQ GHPDQGDGD GH OD VRFLHGDG VH WUDWD GH DSOLFDU XQ PpWRGR HILFD] TXH QRV OOHYH D HYLWDU IXWXURV GRORUHV FUyQLFRV FRQ OD LQWHUYHQFLyQ GH XQ 3URJUDPD GH $FWLYLGDG )tVLFD HQ HO 0HGLR $FXiWLFR 3 $ ) 0 $ 3RU HOOR HO REMHWLYR GH OD LQYHVWLJDFLyQ IXH FRQRFHU ORV EHQHILFLRV GH XQ 3$)0$ HQ SDUWLFLSDQWHV FRQ GRORUHV GH HVSDOGD \ VL D WUDYpV GH OD DSOLFDFLyQ GHO SURJUDPD SODQWHDGR ORV SDUWLFLSDQWHV UHGXFLUiQ VX LQFDSDFLGDG IXQFLRQDO SURYRFDGR SRU HO GRORU \ FRPR FRQVHFXHQFLD PHMRUDQ VX FDOLGDG GH YLGD

0e72'2

3$57,&,3$17(6

(O HVWXGLR VH UHDOL]R HQ XQ SURJUDPD GH ´1DWDFLyQ SUHYHQWLYD \ PHMRUD GH ORV GRORUHV GH HVSDOGDµ FRPSXHVWR SRU SDUWLFLSDQWHV GH OD SLVFLQD FXELHUWD GH OD FLXGDG GH &iGL] 6H VHOHFFLRQDURQ DTXHOORV SDUWLFLSDQWHV FRQ XQD HGDG (PiV) 5HYLVWD 'LJLWDO GH (GXFDFLyQ )tVLFD $xR 1XP MXOLR DJRVWR GH

KWWS HPDVI ZHEFLQGDULR FRP

FRPSUHQGLGD HQWUH \ DxRV 6H H[FOX\HURQ WRGRV ORV SDUWLFLSDQWHV FRQ GRORUHV FUyQLFRV DO LQLFLR GHO 3 $ ) 0 $ \ TXH QR DVLVWLHVHQ DO PHQRV DO GH ODV VHVLRQHV )LQDOPHQWH XQD YH] TXH VH REWXYR HO JUXSR REMHWR GH HVWXGLR HVWH HVWXYR FRPSXHVWR SRU SHUVRQDV VLHQGR HO PXMHUHV \ KRPEUHV &RQ XQD PHGLD GH HGDG GH DxRV \ XQD GHVYLDFLyQ WtSLFD '7 GH ± ± FRPSUHQGLGR HO UDQJR GH HGDG GH D DxRV

Ca ra cterírtica s sociodemográ fica s (n=111)

n

%

Género +RPEUHV 0XMHUHV

20 80

Nivel de estudios 3ULPDULRV 6HFXQGDULRV ) 3URIHVLRQDO 'LSORPDGR /LFHQFLDGR 2WURV

28,8 26,1 16,2 10,8 12,6 5,4

Da tos expersa dos en porcenta jes

,167580(1726

6H XWLOL]DURQ WUHV LQVWUXPHQWRV DO SULQFLSLR DQWHV GHO 3$)0$ \ GHVSXpV GH QXHYH PHVHV SDUD YHU HO HIHFWR SURGXFLGR (O SULPHUR IXH HO Ã&#x152;QGLFH GH ,QFDSDFLGDG 2VZHVWU\ HVWH VH XWLOL]y FRQ HO SURSyVLWR GH PHGLU OD LQFDSDFLGDG SURGXFLGD SRU HO GRORU GH HVSDOGD \ FRQ HO REMHWLYR GH DJUXSDU D ORV XVXDULRV SRU VX QLYHO GH LQFDSDFLGDG IXQFLRQDO PtQLPD LQFDSDFLGDG IXQFLRQDO PRGHUDGD \ LQFDSDFLGDG IXQFLRQDO VHYHUD $OFiQWDUD )OyUH] (FKiYDUUL *DUFtD 3pUH] ) /D HVFDOD WLHQH tWHPV FRQ SRVLEOHV UHVSXHVWDV FDGD XQD &DGD tWHP VH YDORUD GH D GH PHQRU D PD\RU OLPLWDFLyQ 6L VH PDUFD OD SULPHUD RSFLyQ VH SXQW~D \ VL OD VHxDODGD HV OD ~OWLPD RSFLyQ 6L VH PDUFD PiV GH XQD RSFLyQ VH WLHQH HQ FXHQWD OD SXQWXDFLyQ PiV DOWD (Q FDVR GH QR UHVSRQGHU D XQ tWHP pVWH VH H[FOX\H GHO FiOFXOR ILQDO /D SXQWXDFLyQ WRWDO H[SUHVDGD HQ SRUFHQWDMH GH D VH REWLHQH FRQ OD VXPD GH ODV SXQWXDFLRQHV GH FDGD tWHP GLYLGLGR SRU OD Pi[LPD SXQWXDFLyQ SRVLEOH PXOWLSOLFDGD SRU (VWD HV XQD GH ODV HVFDODV PiV XWLOL]DGDV HQ ORV FHQWURV GH UHKDELOLWDFLyQ HXURSHRV %DGLD %DUy $ORQVR

(O VHJXQGR IXH HO 6) SDUD PHGLU OD FDOLGDG GH YLGD UHODFLRQDGD FRQ OD VDOXG &956 (VWi FRPSXHVWR SRU tWHPV GHO TXH VH REWLHQHQ ODV RFKR GLPHQVLRQHV GH SULPHU RUGHQ )XQFLyQ )tVLFD 5RO )tVLFR 'RORU &RUSRUDO 6DOXG *HQHUDO 9LWDOLGDG )XQFLyQ 6RFLDO 5RO (PRFLRQDO \ 6DOXG 0HQWDO 'H OD FRPELQDFLyQ GH ODV SULPHUDV FXDWUR GLPHQVLRQHV \ OD FRPELQDFLyQ GH ODV FXDWUR ~OWLPDV YDULDEOHV VH REWLHQH OD YDULDEOH GH VHJXQGR RUGHQ &RPSRQHQWH 6XPDWRULR )tVLFR &6) \ &RPSRQHQWH 6XPDWRULR 0HQWDO &60 UHVSHFWLYDPHQWH 9LODJXW )HUUHU 5DMPLO 5HEROOR 3HUPDQ\HU 0LUDOGD 4XLQWDQD 9LDJXW $ORQVR 3ULHWR $QWyQ

(PiV) 5HYLVWD 'LJLWDO GH (GXFDFLyQ )tVLFD $xR 1XP MXOLR DJRVWR GH

KWWS HPDVI ZHEFLQGDULR FRP

< HO WHUFHU LQVWUXPHQWR XWLOL]DGR IXH XQD (VFDOD 9LVXDO $QDOyJLFD FRQ HVWH PHGLPRV HO GRORU VXEMHWLYR GH HVSDOGD GH ORV SDUWLFLSDQWHV +XVNLQVVRQ

&RQVLVWH HQ XQD OtQHD GH FP TXH UHSUHVHQWD HO HVSHFWUR FRQWLQXR GH OD H[SHULHQFLD GRORURVD /D OtQHD SXHGH VHU YHUWLFDO X KRUL]RQWDO WHUPLQD HQ iQJXOR UHFWR HQ VXV H[WUHPRV 6yOR HQ ORV H[WUHPRV DSDUHFHQ GHVFULSFLRQHV ´QR GRORUµ HQ XQ H[WUHPR \ ´HO SHRU GRORU LPDJLQDEOHµ HQ HO RWUR VLQ QLQJXQD RWUD GHVFULSFLyQ D OR ODUJR GH OD OtQHD

35272&2/2

(O 3 $ ) 0 $ WXYR XQD GXUDFLyQ GH QXHYH PHVHV HQ XQD SLVFLQD FXELHUWD GH PHWURV GH ODUJR PHWURV GH DQFKR \ XQD SURIXQGLGDG GH PHWURV /RV SDUWLFLSDQWHV WXYLHURQ TXH DVLVWLU D VHVLRQHV VHPDQDOHV \ FDGD VHVLyQ WXYR XQD GXUDFLyQ GH PLQXWRV /D HVWUXFWXUD GH ODV VHVLRQHV IXH OD VLJXLHQWH PLQXWRV GH FDOHQWDPLHQWR GRQGH VH WUDEDMy OD PRYLOLGDG DUWLFXODU HQ VHQWLGR FUiQHR FDXGDO GHVSOD]DPLHQWRV VXDYH \ HODVWLFLGDG PXVFXODU 3DUWH SULQFLSDO PLQXWRV VH GHVDUUROOR D WUDYpV GH PpWRGRV GH FDUiFWHU DHUyELFR \ HQWUHQDPLHQWR FRQWLQXR DXQTXH WDPELpQ VH XWLOL]y HQWUHQDPLHQWRV HQ FLUFXLWRV /D HVWUXFWXUD GH OD SDUWH SULQFLSDO IXH PLQXWRV GH GHVSOD]DPLHQWR HQ HO PHGLR DFXiWLFR D WUDYpV GH OD FRPELQDFLyQ GH FDPLQDWD D\XGDGRV FRQ FLQWXUyQ IORWDGRU \ WDPELpQ GHVSOD]DPLHQWR HQ SRVLFLyQ GH SURQR VXSLQR DVLVWLGRV FRQ XQ WXER UHVSLUDGRU /RV ~OWLPRV PLQXWRV VH GHVDUUROODURQ HMHUFLFLRV PXVFXODUHV ORFDOL]DGRV SRU ]RQDV WUHQ VXSHULRU WURQFR \ WUHQ LQIHULRU FRQ HO REMHWR GH IRUWDOHFHU OD PXVFXODWXUD GH OD FROXPQD YHUWHEUDO < SRU ~OWLPR PLQXWRV GH YXHOWD D OD FDOPD VH FRPELQDURQ HMHUFLFLRV GH HODVWLFLGDG PXVFXODU \ UHODMDFLyQ

$1Ã&#x2030;/,6,6 '( '$726

3DUD DQDOL]DU ORV UHVXOWDGRV REWHQLGRV HQ QXHVWUR HVWXGLR FRQ XQ GLVHxR FXDVL H[SHULPHQWDO SUH SRVW FRQ XQ JUXSR VH XWLOL]y HO SURJUDPD HVWDGtVWLFR 6366 9HUVLyQ (Q SULPHU OXJDU VH UHDOL]y XQ HVWXGLR GHVFULSWLYR \ GH IUHFXHQFLDV SDUD OD VHOHFFLyQ GH SDUWLFLSDQWHV FRQ GRORUHV QR FUyQLFRV (Q VHJXQGR OXJDU UHVSHFWR D ODV WpFQLFDV GH DQiOLVLV HVWDGtVWLFR FDEH GHVWDFDU TXH ODV YDULDEOHV REMHWR GH HVWXGLR QR SUHVHQWDURQ XQD GLVWULEXFLyQ QRUPDO DO VHU VRPHWLGDV D OD SUXHED GH .ROPRJRURY 6PLUQRY \ SRVWHULRUPHQWH VH OHV VH DSOLFy HO WHVW GH :LOFRQ[RQ SDUD PXHVWUDV UHODFLRQDGDV < HQ ~OWLPR OXJDU VH UHDOL]y OD SUXHED GH &RUUHODFLyQ GH 3HDUVRQ SDUD YDORUDU ORV UHVXOWDGRV REWHQLGRV HQWUH tQGLFH GH LQFDSDFLGDG FDOLGDG GH YLGD \ GRORUHV GH HVSDOGD

5(68/7$'26

(Q OD 7DEOD , REVHUYDPRV ORV YDORUHV PHGLRV H[SUHVDGRV HQ SRUFHQWDMHV REWHQLGRV DQWHV \ GHVSXpV GHO 3$)0$ VHJ~Q HO tQGLFH GH LQFDSDFLGDG IXQFLRQDO GH 2VZHVWU\ 'HVSXpV GH QXHYH PHVHV REWXYLHURQ XQD GLPLQXFLyQ HQ OD LQFDSDFLGDG IXQFLRQDO GH XQ S $QDOL]DQGR OD GLIHUHQFLD DQWHV \ GHVSXpV GHO 3$)0$ DO LQLFLR VH VLWXDURQ HQ XQ tQGLFH HTXLYDOHQWH D LQFDSDFLGDG IXQFLRQDO PRGHUDGD ± \ GHVSXpV GH QXHYH PHVHV HQ XQ tQGLFH GH LQFDSDFLGDG IXQFLRQDO PtQLPD ± 6H SURGXMR XQD PHMRUD HQ PD\RUtD GH YDULDEOHV GH VHJXQGR RUGHQ HVWDGtVWLFDPHQWH VLJQLILFDWLYD S LQWHQVLGDG GHO GRORU OHYDQWDU SHVR FDPLQDU HVWDU VHQWDGR HVWDU GH SLH YLGD VRFLDO FXLGDGRV SHUVRQDOHV \

(PiV) 5HYLVWD 'LJLWDO GH (GXFDFLyQ )tVLFD $xR 1XP MXOLR DJRVWR GH

KWWS HPDVI ZHEFLQGDULR FRP

$FWLYLGDG VH[XDO 0LHQWUDV TXH ODV YDULDEOHV YLDMDU \ GRUPLU QR UHIOHMDQ PHMRUHV YDORUHV PHGLRV DXQTXH HVWDV QR VRQ HVWDGtVWLFDPHQWH VLJQLILFDWLYRV

7DEOD , 9DORUHV PHGLRV GHO tQGLFH GH LQFDSDFLGDG GHO 2VZHVWU\ DQWHV \ GHVSXpV GHO 3$)0$

3UH WHVW Ш '7 Â&#x201C; Â&#x201C; Â&#x201C; Â&#x201C; Â&#x201C; Â&#x201C; Â&#x201C; Â&#x201C; Â&#x201C; Â&#x201C; Â&#x201C;

9DULDEOHV Ã&#x152;QGLFH GH LQFDSDFLGDG GH 2VZHVWU\ ,QWHQVLGDG GHO GRORU &XLGDGRV SHUVRQDOHV /HYDQWDU SHVR &DPLQDU (VWDU VHQWDGR (VWDU GH SLH 'RUPLU $FWLYLGDG VH[XDO 9LGD VRFLDO 9LDMDU

3RVW WHVW Ш '7 Â&#x201C; Â&#x201C; Â&#x201C; Â&#x201C; Â&#x201C; Â&#x201C; Â&#x201C; Â&#x201C; Â&#x201C; Â&#x201C; Â&#x201C;

9DORU S

5HVXOWDGRV GHO FXHVWLRQDULR 2VZHVWU\ H[SUHVDGR PHGLD \ SRUFHQWDMHV FHUFDQRV PHQRU LQFDSDFLGDG FHUFDQRV D PD\RU LQFDSDFLGDG '7 GHVYLDFLyQ WtSLFD (VWDGtVWLFDPHQWH VLJQLILFDWLYR S

(Q OD 7DEOD ,, SRGHPRV REVHUYDU ORV YDORUHV PHGLRV GH SULPHU \ VHJXQGR RUGHQ GH FDOLGDG GH YLGD GHO 6) 6H SURGXFH XQ DXPHQWR GH ORV YDORUHV PHGLRV HVWDGtVWLFDPHQWH VLJQLILFDWLYRV S HQ OD FRPSRQHQWH VXPDWRULD ItVLFD SDVDQGR DO SULQFLSLR GH '7± ± D '7± ± DO ILQDO GHO SURJUDPD 3RU HO FRQWUDULR OD FRPSRQHQWH VXPDWRULD PHQWDO QR UHJLVWUD YDORUHV VXSHULRUHV GHVSXpV GHO SURJUDPD DXQTXH HVWDV QR VRQ HVWDGtVWLFDPHQWH VLJQLILFDWLYRV

$O REVHUYDU ORV YDORUHV GH SULPHU RUGHQ GHO 6) \ FRPSDUDU ORV UHJLVWURV DQWHV \ GHVSXpV VH FRQWHPSOD XQ DXPHQWR HQ ORV YDORUHV PHGLRV HVWDGtVWLFDPHQWH VLJQLILFDWLYRV S \ HQ HO VLJXLHQWH RUGHQ IXQFLyQ ItVLFD JUDGR HQ HO TXH OD IDOWD GH VDOXG OLPLWD ODV DFWLYLGDGHV ItVLFDV GH OD YLGD GLDULD FRPR HO FXLGDGR SHUVRQDO FDPLQDU VXELU HVFDOHUDV FRJHU R WUDQVSRUWDU FDUJDV \ UHDOL]DU HVIXHU]RV PRGHUDGRV H LQWHQVRV GRORU FRUSRUDO PHGLGD GH OD LQWHQVLGDG GHO GRORU SDGHFLGR \ VX HIHFWR HQ HO WUDEDMR KDELWXDO \ HQ ODV DFWLYLGDGHV GHO KRJDU \ VDOXG JHQHUDO YDORUDFLyQ SHUVRQDO GHO HVWDGR GH VDOXG TXH LQFOX\H OD VLWXDFLyQ DFWXDO \ ODV SHUVSHFWLYDV IXWXUDV \ OD UHVLVWHQFLD D HQIHUPDU \ HQ OD IXQFLyQ VRFLDO S

7DPELpQ VH SURGXFH XQ DXPHQWR HQ ORV YDORUHV PHGLRV UHJLVWUDGRV SHUR QR VRQ HVWDGtVWLFDPHQWH VLJQLILFDWLYRV HQ URO ItVLFR 9LWDOLGDG \ VDOXG PHQWDO 3RU HO FRQWUDULR QR VH SURGXFHQ PHMRUHV UHVXOWDGRV HQ HO 5RO HPRFLRQDO JUDGR HQ HO TXH ORV SUREOHPDV HPRFLRQDOHV DIHFWDQ DO WUDEDMR \ RWUDV DFWLYLGDGHV GLDULDV FRQVLGHUDQGR OD UHGXFFLyQ GHO WLHPSR GHGLFDGR GLVPLQXFLyQ GHO UHQGLPLHQWR \ GHO HVPHUR HQ HO WUDEDMR

(PiV) 5HYLVWD 'LJLWDO GH (GXFDFLyQ )tVLFD $xR 1XP MXOLR DJRVWR GH

KWWS HPDVI ZHEFLQGDULR FRP

7DEOD ,, 9DORUHV PHGLRV GH SULPHU \ VHJXQGR RUGHQ GH FDOLGDG GH YLGD GHO 6)

9DORUHV GHO FXHVWLRQDULR 6) &RPSRQHQWH 6XPDWRULR )tVLFR )XQFLyQ ItVLFD 5RO ItVLFR 'RORU FRUSRUDO 6DOXG JHQHUDO &RPSRQHQWH 6XPDWRULR 0HQWDO 9LWDOLGDG )XQFLyQ VRFLDO 5RO HPRFLRQDO 6DOXG PHQWDO

3UH WHVW Ш '7

3RVW WHVW Ш '7

9DORU S

3 YDORU HVWDGtVWLFR /RV UHVXOWDGRV VH H[SUHVDQ OD PHGLD Ш Ш \ GHYLDFLyQ WtSLFD '7 FHUFDQRV D SHRU UHVXOWDGRV \ FHUFDQRV D PHMRU UHVXOWDGRV SDUD OD VDOXG (O QLYHO GH VLJQLILFDFLyQ HVWDGtVWLFD VH VLWXy D XQ YDORU GH S

(Q OD 7DEOD ,,, VH SUHVHQWDQ ORV YDORUHV UHODWLYR D ORV GRORUHV GH HVSDOGD DO LQLFLR GHO 3$)0$ FRPR GHVSXpV GH QXHYH PHVHV UHFRJLGRV HQ OD HVFDOD YLVXDO DQDOyJLFD 6H REVHUYD XQD GLVPLQXFLyQ GH ORV GRORUHV GH HVSDOGD HVWDGtVWLFDPHQWH VLJQLILFDWLYD S VLWXDQGR OD PHGLD HQ ORV YDORUHV LQLFLDOHV GH >'7± ± @ \ GH >'7± ± @ GHVSXpV GHO SURWRFROR GHO 3 $ ) 0 $

7DEOD ,,, 9DORUHV DQWHV \ GHVSXpV HQ OD (VFDOD $QDOyJLFD 9LVXDO

Diferencia Escala Analógica Visual

Pre-test Ш DT 6,90 ± 2,20

Pos-test Ш DT 4,20 ± 2,00

Valor p 0,001**

5HVXOWDGRV GH (9$ H[SUHVDGR PHGLD FHUFDQRV D PHQRU GRORU GH HVSDOGD FHUFDQRV D PD\RU DOJLDV GH HVSDOGD GHYLDFLyQ WtSLFD '7 3 YDORU HVWDGtVWLFR (VWDGtVWLFDPHQWH VLJQLILFDWLYR GH S

6HJ~Q FRUUHODFLyQ GH SHDUVRQ VH REMHWLYD XQD UHODFLyQ OLQHDO SRVLWLYD FRQ XQ JUDGR GH DVRFLDFLyQ U HQWUH ORV YDORUHV GH (9$ \ HO tQGLFH GH 2VZHVWU\ HQ OD YDORUDFLyQ LQLFLDO S \ GHVSXpV GH QXHYH PHVHV XQD DVRFLDFLyQ U S $O KDOODU OD FRUUHODFLyQ H[LVWHQWH HQWUH 6) \ HO ÌQGLFH GH 2VZHVWU\ DO LQLFLR GHO 3$)0$ QR VH REWXYR UHODFLyQ OLQHDO DXQTXH GHVSXpV GH QXHYH PHVHV VH REWXYR XQD UHODFLyQ VLJQLILFDWLYD \ QHJDWLYD FRQ ODV FRPSRQHQWH VXPDWRULD PHQWDO S U \ VLJQLILFDWLYD \ QHJDWLYD FRQ OD FRPSRQHQWH VXPDWRULD ItVLFD S U

',6&86,Ð1

$O UHDOL]DU XQD UHYLVLyQ GH OD OLWHUDWXUD HVSHFLDOL]DGD VH HYLGHQFLD HO HVFDVR Q~PHUR GH HVWXGLRV VREUH ORV EHQHILFLRV GH OD DFWLYLGDG ItVLFD HQ HO PHGLR DFXiWLFR DSOLFDGR D SHUVRQDV FRQ GRORUHV GH HVSDOGD FRQ HO SURSyVLWR GH PHMRUDU OD FDOLGDG GH YLGD FRPR PpWRGR SUHYHQWLYR *ULPDOGL 3X\DQD *ULPDOGL 3X\DQD /DQ]DURWH *DUFtD )HUQiQGH] )HUQiQGH] *DYLUD 3R]R &UX] HW DO 9pOH] $OEDQ 5HLQD ,GDUUDJD *HQVLQL 5DPtUH] 9pOH] 7ULDQD (Q WRGR FDVR GH GLFKD UHYLVLyQ SDUHFH GHVSUHQGHUVH TXH OD DFWLYLGDG ItVLFD HQ HO PHGLR DFXiWLFR

(PiV) 5HYLVWD 'LJLWDO GH (GXFDFLyQ )tVLFD $xR 1XP MXOLR DJRVWR GH

KWWS HPDVI ZHEFLQGDULR FRP

SRGUtD OOHJDU D UHSUHVHQWDU XQ HOHPHQWR IXQGDPHQWDO HQ OD SURPRFLyQ GH OD FDOLGDG GH YLGD UHODFLRQDGD FRQ OD VDOXG GH OD SREODFLyQ JHQHUDO \ GH DTXHOODV SHUVRQDV FRQ GRORUHV GH HVSDOGD *UDQDWK +HOOJUHQ *XQQDUVVRQ <R]EDWLUDQ <LOGLULP 3DUODN 6DJJLQL &DQFHOOL %RQDYHQWXUD %HOORPR 3H]]DWLQL &DUQLHO 6WXJH +LOGH 9ยกOOHVWDG .LKOVWUDQG 6WHQPDQ 1LOVVRQ $[HOVVRQ $UL\RVKL 6RQRGD 1DJDWD 0DVKLPD =HQP\R HW DO 0F,OYHHQ 5REHUWVRQ 6MRJUHQ /RQJ 6WRU\ 6PLWK

7UDV ORV GDWRV REWHQLGRV HQ HVWH HVWXGLR ORV VXMHWRV GHVSXpV GH XQ SURJUDPD HQ HO PHGLR DFXiWLFR FRQ XQD GXUDFLyQ GH QXHYH PHVHV ORV SDUWLFLSDQWHV PHMRUDQ VX FDOLGDG GH YLGD WDO FRPR LQGLFDQ ORV YDORUHV PHGLRV GHO FXHVWLRQDULR GH FDOLGDG GH YLGD 6) FRQFUHWDPHQWH HQ OD &RPSRQHQWH 6XPDWRULD )tVLFD LJXDO TXH ORV HVWXGLRV GH VLPLODUHV FDUDFWHUtVWLFDV SHUR FRQ GLIHUHQWH SREODFLyQ 'XQGDU 6RODN <LJLW (YFLN .DYXQFX 6DWR .DQHGD :DNDED\DVKL 1RPXUD 6LQ HPEDUJR QR SRGHPRV DILUPDU TXH HO 3 $ ) 0 $ PHMRUD OD FDOLGDG YLGD HQ HO FRPSRQHQWH VXPDWRULR PHQWDO FRQWUDULRV D RWURV HVWXGLRV SXEOLFDGRV 'XQGDU HW DO 6DWR HW DO $GHPiV FRQ HVWH SURJUDPD VH REWXYLHURQ PHMRUHV UHVXOWDGRV HQ ODV FRPSRQHQWHV GH SULPHU RUGHQ GHO 6) GH ORV HVWXGLRV GH 9pOH] HW DO \ 5DPtUH] 9pOH] \ 7ULDQD VLHQGR VLJQLILFDWLYDV HQ ODV GLPHQVLRQHV IXQFLyQ ItVLFD GRORU FRUSRUDO VDOXG JHQHUDO \ IXQFLyQ VRFLDO

7DPELpQ SRGHPRV DILUPDU TXH GLVPLQX\H HO GRORU \ OD LQFDSDFLGDG FRPR PXHVWUD HO FXHVWLRQDULR GH LQFDSDFLGDG GH 2VZHVWU\ LJXDO TXH HVWXGLRV UHDOL]DGRV HQ HO PHGLR DFXiWLFR FRQ HPEDUD]DGDV \ GRORU GH HVSDOGD 0FOOYHQ 5REHUVRQ 6MRJUHQ \ FRQWUDULRV DO HVWXGLR GH 6KHUHSIHU \ )ULWV TXH DILUPDQ :DOOHU /DPEHFN \ 'DO\ TXH HO HVWXGLR WHQtD PX\ PDOD FDOLGDG PHWRGROyJLFD \ DOWR ULHVJR GH VHVJR

&21&/86,ร 1

$ WHQRU GHO UHVXOWDGR REWHQLGRV WUDV HO 3$)0$ DSOLFDGR D VXMHWRV FRQ GRORUHV GH HVSDOGD VH FRQFOX\H TXH HO HMHUFLFLR HQ HO PHGLR DFXiWLFR WLHQH EHQHILFLR HQ SHUVRQDV FRQ GRORU GH HVSDOGD \ D\XGD D UHGXFLU OD LQFDSDFLGDG IXQFLRQDO SURGXFLGD SRU ORV GRORUHV $GHPiV D\XGD D PHMRUDU OD FDOLGDG GH YLGD UHODFLRQDGR FRQ OD VDOXG FRQFUHWDPHQWH HQ ODV VLJXLHQWHV YDULDEOHV IXQFLyQ ItVLFD GRORU FRUSRUDO VDOXG JHQHUDO \ IXQFLyQ VRFLDO

5()(5(1&,$6 %,%/,2*5ร ),&$6

$JXDGR % -LPpQH] &RVPHV / )HUUHUR 0pQGH] $ (O GRORU OXPEDU HQ HO DxR 5HKDELOLWDFLyQ

$OFiQWDUD 6 )OyUH] *DUFtD 0 (FKiYDUUL & *DUFtD 3pUH] ) (VFDOD GH LQFDSDFLGDG SRU GRORU OXPEDU GH 2VZHVWU\ 5HKDELOLWDFLyQ

$ORQVR - 3ULHWR / $QWR %RTXp - /D YHUVLyQ HVSDxROD GHO 6) +HDOWK 6XUYH\ &XHVWLRQDULR GH 6DOXG 6) XQ LQVWUXPHQWR SDUD OD PHGLGD GH ORV UHVXOWDGRV FOtQLFRV 0HGLFLQD FOtQLFD

(PiV) 5HYLVWD 'LJLWDO GH (GXFDFLyQ )tVLFD $xR 1XP MXOLR DJRVWR GH

KWWS HPDVI ZHEFLQGDULR FRP

$UL\RVKL 0 6RQRGD . 1DJDWD . 0DVKLPD 7 =HQP\R 0 3DNX & HW DO

(IILFDF\ RI DTXDWLF H[HUFLVHV IRU SDWLHQWV ZLWK ORZ EDFN SDLQ 7KH .XUXPH PHGLFDO MRXUQDO

%DGLD ; %DUy 0 $ORQVR - /D PHGLGD GH OD VDOXG *XtD GH HVFDODV GH PHGLFLyQ HQ HVSDxRO %DUFHORQD 7HFQRORJtD \ (GLFLRQHV GHO &RQRFLPLHQWR %RPEDUGLHU & 2XWFRPH DVVHVVPHQWV LQ WKH HYDOXDWLRQ RI WUHDWPHQW RI VSLQDO GLVRUGHUV VXPPDU\ DQG JHQHUDO UHFRPPHQGDWLRQV 6SLQH

%RUWROX]]L 0 /XPEDOJLD \ VHGHQWDULVPR 6SRUW 0HGLFLQD 0D\R -XQLR

%DVVROV %RVFK &DPSLOOR 0 %DxRV - ( (O GRORU GH HVSDOGD HQ OD SREODFLyQ &DWDODQD 3HYDOHQFLD FDUDFWHUtVWLFDV \ FRQGXFWD WHUDSpXWLFD *DF 6DLQW

&DPDUJR ' 2UR]FR / +HUQiQGH] 6iQFKH] - 1LxR &UX] * 'RORU GH HVSDOGD FUyQLFR \ DFWLYLGDG ItVLFD HQ HVWXGLDQWHV XQLYHUVLWDULRV GH iUHDV GH OD VDOXG 5HYLVWD GH OD 6RFLHGDG (VSDxROD GHO 'RORU

'XQGDU 8 6RODN 2 <LJLW , (YFLN ' .DYXQFX 9 &OLQLFDO HIIHFWLYHQHVV RI DTXDWLF H[HUFLVH WR WUHDW FKURQLF ORZ EDFN SDLQ $ UDQGRPL]HG FRQWUROOHG WULDO 6SLQH

*LO 0RQWH 3 5 $OJXQDV UD]RQHV SDUD FRQVLGHUDU ORV ULHVJRV SVLFRVRFLDOHV HQ HO WUDEDMR \ VXV FRQVHFXHQFLDV HQ OD VDOXG S~EOLFD 5HYLVWD HVSDxROD GH VDOXG S~EOLFD

*UDQDWK $ +HOOJUHQ 0 *XQQDUVVRQ 5 :DWHU DHURELFV UHGXFHV VLFN OHDYH GXH WR ORZ EDFN SDLQ GXULQJ SUHJQDQF\ -RXUQDO RI 2EVWHWULF *\QHFRORJLF 1HRQDWDO 1XUVLQJ

*ULPDOGL 3X\DQD 0 (IHFWRV GH XQ 3URJUDPD GH $FWLYLGDG ItVLFD HQ HO PHGLR DFXiWLFR DSOLFDGRV D SHUVRQDV FRQ DOJLDV HQ HO GRUVR GHO WURQFR &iGL] 6HUYLFLRV GH SXEOLFDFLyQ GH OD 8QLYHUVLGDG GH &iGL] *ULPDOGL 3X\DQD 0 /DQ]DURWH 0 ' *DUFtD )HUQiQGH] - < )HUQiQGH] *DYLUD - 'HO SR]R &UX] - HW DO ,QWHUYHQFLyQ GH HMHUFLFLRV HQ HO PHGLR DFXiWLFR DSOLFDGRV D VXMHWRV FRQ GRORU GH HVSDOGD LQHVSHFtILFR +DELOLGDG 0RWUL] +XVNLVVRQ ( 0HDVXUHPHQW RI SDLQ 7KH /DQFHW

.LKOVWUDQG 0 6WHQPDQ % 1LOVVRQ 6 $[HOVVRQ 2 :DWHU J\PQDVWLFV UHGXFHG WKH LQWHQVLW\ RI EDFN ORZ EDFN SDLQ LQ SUHJQDQW ZRPHQ $FWD REVWHWULFLD HW J\QHFRORJLFD 6FDQGLQDYLFD

/ySH] GH &HOLV & %DUUD 0 9LOODU ( &RUUHODFLyQ HQWUH GRORU GLVFDSDFLGDG \ UDQJR GH PRYLOLGDG HQ SDFLHQWHV FRQ OXPEDOJLD FUyQLFD )LVLRWHUDSLD

0DUWtQ /DVFXHYDV 3 %DOOLQD ) +HUQiQGH] 0HMtD 5 &XHWR $ /XPEDOJLD H LQFDSDFLGDG ODERUDO HSLGHPLRORJtD \ SUHYHQFLyQ $WHQFLyQ SULPDULD

(PiV) 5HYLVWD 'LJLWDO GH (GXFDFLyQ )tVLFD $xR 1XP MXOLR DJRVWR GH

KWWS HPDVI ZHEFLQGDULR FRP

0F$UGOH : .DWFK ) .DWFK 9 )XQGDPHQWRV GH ILVLRORJtD GHO HMHUFLFLR ,QWHUDPHULFDQD 0F*UDZ +LOO 0F,OYHHQ % 5REHUWVRQ 9 $ UDQGRPLVHG FRQWUROOHG VWXG\ RI WKH RXWFRPH RI K\GURWKHUDS\ IRU VXEMHFWV ZLWK ORZ EDFN RU EDFN DQG OHJ SDLQ 3K\VLRWKHUDS\

0LUDOOHV , 3UHYHQFLyQ GHO GRORU OXPEDU (IHFWLYLGDG GH OD (VFXHOD GH &ROXPQD 5HYLVWD GH OD 6RFLHGDG (VSDxROD GHO 'RORU 0ROOi % 6DQIpOL[ (YLGHQFLDV HQ HO WUDWDPLHQWR QR IDUPDFROyJLFR GH ODV OXPEDOJLDV )RUPDFLyQ 0pGLFD &RQWLQXDGD HQ $WHQFLyQ 3ULPDULD

0RUDWD &UHVSR $ 7ULV $UD 0 0DUtQ 5HGRQGR 0 5DPRV &DUUHUD 1 5LSRO 0XxR] ( 6HJXLPLHQWR GH SDFLHQWHV FRQ GRORU OXPEDU FUyQLFR WUDV WUDWDPLHQWR GH HVFXHOD GH HVSDOGD 5HKDELOLWDFLyQ

2OVHQ 7/ $QGHUVRQ 5/ 'HDUZDWHU 65 .LUVND $0 &DXOH\ -$ $DURQ '- HW DO

7KH HSLGHPLRORJ\ RI ORZ EDFN SDLQ LQ DQ DGROHVFHQW SRSXODWLRQ $P - 3XEOLF +HDOWK

3DQHO 3 \ 3KLODGHOSKLD 3DQHO 3KLODGHOSKLD 3DQHO HYLGHQFH EDVHG FOLQLFDO SUDFWLFH JXLGHOLQHV RQ VHOHFWHG UHKDELOLWDWLRQ LQWHUYHQWLRQV IRU ORZ EDFN SDLQ 3K\V 7KHU

5DPtUH] 9pOH] 5 7ULDQD 5HLQD + (IHFWR HQ OD FDOLGDG GH YLGD UHODFLRQDGD D OD VDOXG &956 GH XQ SURJUDPD GH DFWLYLGDG ItVLFD WHUDSpXWLFD HQ PHGLR DFXiWLFR HQ XQ JUXSR GH DGXOWRV PD\RUHV GH DxRV QR LQVWLWXFLRQDOL]DGR &DOL 5HYLVWD ,EHURDPHULFDQD GH )LVLRWHUDSLD \ .LQHVLRORJtD

6DJJLQL 5 &DQFHOOL ) 'L %RQDYHQWXUD 9 %HOORPR 5 3H]]DWLQL $ &DUQLHO 5

(IILFDF\ RI WZR PLFUR JUDYLWDWLRQDO SURWRFROV WR WUHDW FKURQLF ORZ EDFN SDLQ DVVRFLDWHG ZLWK GLVFDO OHVLRQV D UDQGRPL]HG FRQWUROOHG WULDO (XURSD PHGLFRSK\VLFD

6DQWRV (JJLPDQQ % :LHWOLVEDFK 9 5LFNHQEDFK 0 3DFFDXG ) *XW]ZLOOHU )

2QH \HDU SUHYDOHQFH RI ORZ EDFN SDLQ LQ WZR 6ZLVV UHJLRQV 6SLQH

6DWR ' .DQHGD . :DNDED\DVKL + 1RPXUD 7 7KH ZDWHU H[HUFLVH LPSURYHV KHDOWK UHODWHG TXDOLW\ RI OLIH RI IUDLO HOGHUO\ SHRSOH DW GD\ VHUYLFH IDFLOLW\ 4XDOLW\ RI /LIH 5HVHDUFK

6DXQp 0 $ULDV $QJODGD 5 //HJHW , 5XL] %DVVROV $ (VFULEi 0 *LO 0

(VWXGLR HSLGHPLROyJLFR GH OD OXPEDOJLD $QiOLVLV GH IDFWRUHV SUHGLFWLYRV GH LQFDSDFLGDG 5HKDELOLWDFLyQ 6FKUHSIHU 5 )ULW] - $ FRPSDULVRQ RI FKDQJH LQ YLVXDO DQDORJXH SDLQ UDWLQJ RI DFXWH ORZ EDFN SDLQ SDWLHQWV IROORZLQJ GHHS ZDWHU ZDONLQJ RU GHHS ZDWHU KDQJLQJ -RXUQDO RI $TXDWLF 3K\VLFDO 7KHUDS\

6MRJUHQ 7 /RQJ 1 6WRU\ , \ 6PLWK - *URXS K\GURWKHUDS\ YHUVXV JURXS ODQG EDVHG WUHDWPHQW IRU FKURQLF ORZ EDFN SDLQ 3K\VLRWKHUDS\ 5HVHDUFK ,QWHUQDWLRQDO

(PiV) 5HYLVWD 'LJLWDO GH (GXFDFLyQ )tVLFD $xR 1XP MXOLR DJRVWR GH

KWWS HPDVI ZHEFLQGDULR FRP

6WXJH % +LOGH * 9ยกOOHVWDG 1 3K\VLFDO WKHUDS\ IRU SUHJQDQF\ UHODWHG ORZ EDFN DQG SHOYLF SDLQ D V\VWHPDWLF UHYLHZ $FWD REVWHWULFLD HW J\QHFRORJLFD 6FDQGLQDYLFD

7D\ORU + 0RUHQF\ 1 7KH 1XSULQ SDLQ UHSRUW 5HSRUW 1HZ <RUN /RXLV +DUULV DQG $VVRFLDWHV 9DQ 7XOGHU 0: .RHV %: %RXWHU /0 &RQVHUYDWLYH WUHDWPHQW RI DFXWH DQG FKURQLF QRQHVSHFLILF ORZ EDFN SDLQ D V\VWHPDWLF UHYLHZ RI UDQGRPL]HG FRQWUROOHG WULDOV RI WKH PRVW FRPPRQ LQWHUYHQWLRQV 6SLQH

9pOH] 55 $OEDQ & 5HLQD + ,GDUUDJD 0 *HQVLQL )* %HQHILFLRV SHUFLELGRV GH XQ JUXSR GH PXMHUHV HQ FOLPDWHULR LQFRUSRUDGDV D XQ SURJUDPD GH DFWLYLGDG ItVLFD WHUDSpXWLFD $SXQWV 0HGLFLQD GH O (VSRUW

9LODJXW * )HUUHU 0 5DMPLO / 5HEROOR 3 3HUPDQ\HU 0LUDOGD * 4XLQWDQD -0 HW DO (O FXHVWLRQDULR GH VDOXG 6) HVSDxRO XQD GpFDGD GH H[SHULHQFLD \ QXHYRV GHVDUUROORV *DF 6DQLW

:DOOHU % /DPEHFN - 'DO\ ' 7KHUDSHXWLF DTXDWLF H[HUFLVH LQ WKH WUHDWPHQW RI ORZ EDFN SDLQ D V\VWHPDWLF UHYLHZ &OLQLFDO 5HKDELOLWDWLRQ

:DOVK . &UXGGDV 0 &RJJRQ ' /RZ EDFN SDLQ LQ HLJKW DUHDVRI %ULWDLQ - (SLGHPLRO &RPPXQLW\ +HDOWK <R]EDWLUDQ 1 <LOGLULP < 3DUODN % (IIHFWV RI ILWQHVV DQG DTXDILWQHVV H[HUFLVHV RQ SK\VLFDO ILWQHVV LQ SDWLHQWV ZLWK FKURQLF ORZ EDFN SDLQ 7KH 3DLQ &OLQLF

)HFKD GH UHFHSFLyQ )HFKD GH DFHSWDFLyQ

(PiV) 5HYLVWD 'LJLWDO GH (GXFDFLyQ )tVLFD $xR 1XP MXOLR DJRVWR GH

KWWS HPDVI ZHEFLQGDULR FRP

&/,0$ 027,9$&,21$/ (1 /26 '(3257(6 &2/(&7,926 '( /$ 81,9(56,'$' (67$7$/ '( 62125$

0DQXHO )UDQFLVFR 'H /D &UX] 2UWHJD -HV~V 6HUJLR %DGLOOD =DYDOD -RYDQQ\ (GPXQGR &DUEDMDO %DFD +pFWRU 'XDUWH )pOL[ $OPD 3DWULFLD /ySH] 2TXLWD

0DHVWUR GH OD 8QLYHUVLGDG (VWDWDO GH 6RQRUD 0p[LFR $OXPQD GH OD 8QLYHUVLGDG (VWDWDO GH 6RQRUD 0p[LFR (PDLO PDQXHOGHODFUX] #JPDLO FRP

5(680(1

(O REMHWLYR GH HVWH HVWXGLR IXH GHWHUPLQDU OD RULHQWDFLyQ GH PHWDV GH ORV DWOHWDV GH OD 8QLYHUVLGDG (VWDWDO GH 6RQRUD TXH SDUWLFLSDQ HQ ORV GHSRUWHV FROHFWLYRV +DQ SDUWLFLSDGR GHSRUWLVWDV XQLYHUVLWDULRV KRPEUHV \ PXMHUHV FRQ HGDGHV FRPSUHQGLGDV HQWUH \ DxRV 3DUD OD HYDOXDFLyQ GH ODV YDULDEOHV VH XWLOL]DURQ FXHVWLRQDULRV XQR SDUD ODV YDULDEOHV VRFLRGHPRJUiILFDV \ RWUR SDUD OD HYDOXDFLyQ GH ODV RULHQWDFLRQHV GH PHWD /RV UHVXOWDGRV LQGLFDQ TXH ORV DWOHWDV GH OD 8QLYHUVLGDG (VWDWDO GH 6RQRUD FRQ PD\RU QLYHO FRPSHWLWLYR HVWDEDQ PiV RULHQWDGRV D OD WDUHD HQ VXV SUiFWLFDV GHSRUWLYDV TXH DO HJR /DV PXMHUHV \ KRPEUHV VH RULHQWDURQ D OD WDUHD VLHQGR TXH HOODV REWXYLHURQ QLYHOHV PiV HOHYDGRV 0LHQWUDV TXH HQ WRGRV ORV GHSRUWHV VH REVHUYy TXH WLHQHQ XQ FRHILFLHQWH GH REMHWLYRV GH PHWD PiV HQIRFDGR D OD WDUHD TXH DO HJR

3$/$%5$6 &/$9(

2ULHQWDFLyQ 0HWDV (JR 7DUHD $XWRGHWHUPLQDFLyQ 0RWLYDFLyQ

(PiV) 5HYLVWD 'LJLWDO GH (GXFDFLyQ )tVLFD $xR 1XP MXOLR DJRVWR GH

KWWS HPDVI ZHEFLQGDULR FRP

,1752'8&&,Ð1

'H OD WHRUtD GH OD DXWRGHWHUPLQDFLyQ VH GHVSUHQGH OD WHRUtD GH PHWDV GH ORJUR TXH HV XQD GH ODV XWLOL]DGDV HQ HO FRQWH[WR GHSRUWLYR $PHV \ $UFKHU 1LFKROOV +R\ HQ GtD HO GHSRUWH RUJDQL]DGR HV XQR GH ORV ORJURV PiV LPSRUWDQWHV HQ HO KRUDULR H[WUD HVFRODU HVWR SHUPLWH D PXMHUHV \ KRPEUHV REWHQHU XQ LPSDFWR SRVLWLYR HQ VX ELHQHVWDU 'HVGH HVWD SHUVSHFWLYD XQD WHRUtD TXH SHUPLWH FRPSUHQGHU HO SDSHO GH XQ HQWUHQDGRU SDUD OOHYDU D XQ FOLPD PRWLYDFLRQDO \ ODV RULHQWDFLRQHV GH PHWDV HVWR SDUD HO GHVDUUROOR GH XQ ELHQHVWDU HV OD 7HRUtD GH ODV PHWDV GH ORJUR $PHV 'ZHFN 1LFKROOV

(VWD WHRUtD HVWi IRUPDGD SRU GRV RULHQWDFLRQHV GH PHWDV XQD RULHQWDFLyQ D ODV WDUHDV \ XQD RULHQWDFLyQ DO HJR (O REMHWLYR GH ODV TXH HVWiQ RULHQWDGDV D ODV WDUHDV FRQVLVWH HQ PHMRUDU DSUHQGHU R ORJUDU XQD GHVWUH]D HQ XQD WDUHD $VLPLVPR ODV TXH HVWiQ LQFOLQDGDV D OD RULHQWDFLyQ DO HJR EXVFDQ D FRQRFHU VX PD\RU FRPSHWLWLYLGDG TXH ORV GHPiV SHUR FRQ PHQRU HVIXHU]R &RQVWDQWHPHQWH OD RULHQWDFLyQ D ODV WDUHDV FRQOOHYD D PRGHORV GH ORJURV GHSRUWLYRV 'XGD

0LHQWUDV TXH OD RULHQWDFLyQ DO HJR KDQ VLGR PX\ FRQIXVRV \ SRFRV FRQYLQFHQWH %LGGOH :DQJ .DYXVVDQX \ 6SUD\

(Q FRQVHFXHQFLD OD RULHQWDFLyQ GH PHWDV KDFLD ODV WDUHDV R DO HJR HVWi HQ IXQFLyQ GH ODV SULRULGDGHV SHUVRQDOHV \ HQ GHSHQGHQFLD GHO HVFHQDULR TXH VH OHV SUHVHQWHQ D ORV DWOHWDV 'LFKDV RULHQWDFLRQHV GH PHWDV VRQ LQGHSHQGLHQWHV QR VRQ SXQWDV RSXHVWDV FDEH OD SRVLELOLGDG GH TXH XQ VXMHWR WHQJD DPEDV RULHQWDFLRQHV GRQGH XQD VHD PiV EDMD \ TXH OD RWUD VHD PiV DOWD R DPEDV EDMDV R DPDEDV DOWDV 1R VH DOFDQ]D XQD RULHQWDFLyQ GH XQ WLSR D FRVWDV GH OD RWUD 'XGD \ :KLWHKHDG

(Q ORV GHSRUWHV HQ FRQMXQWR HV LQGLVSHQVDEOH HO WUDEDMR HQ HTXLSR \ SDUD TXH VH ORJUH XQ EXHQ WUDEDMR HQ HTXLSR HV QHFHVDULR FRQFHGHU OD RSRUWXQLGDG D WRGRV ORV LQWHJUDQWHV GHO HTXLSR SDUD GDU VX SXQWR GH YLVWD DVt FRPR WUDEDMDU MXQWRV SDUD UHVROYHU ORV SUREOHPDV TXH VH OHV SUHVHQWH HQ OD FDQFKD R WHUUHQR GH MXHJR 9RLJKW

6H GHEH GH WUDEDMDU FRQ ORV GHSRUWHV HQ FRQMXQWR GH WDO PDQHUD TXH VH OHV DVLJQHQ WDUHDV GH HTXLSR GXUDQWH HO HQWUHQDPLHQWR SDUD DOFDQ]DU GLIHUHQWHV REMHWLYRV HVWR ORJUDUD TXH ORV HTXLSRV WHQJDQ PD\RUHV SUREDELOLGDGHV GH DOFDQ]DU HO p[LWR .R]XE

(Q HO PDUFR GH OD WHRUtD GH ODV PHWDV GH ORJUR 'XGD \ 1LFKROOV QRV GLFH TXH HQ ORV FRQWH[WRV GH ORJUR ODV PHWDV SHUVRQDOHV X RULHQWDFLRQHV PRWLYDFLRQDOHV GH ORJUR UHIOHMDQ ODV GLIHUHQFLDV LQGLYLGXDOHV VREUH ORV FULWHULRV SHUVRQDOHV GH p[LWR (VSHFtILFDPHQWH GHIHQGLy OD H[LVWHQFLD GH DO PHQRV GRV RULHQWDFLRQHV GH PHWD OODPDGDV RULHQWDFLyQ D OD WDUHD \ RULHQWDFLyQ DO HJR (VWDV RULHQWDFLRQHV GH PHWD VRQ LQGHSHQGLHQWHV QR VRQ SRORV RSXHVWRV GH XQ FRQWLQXR (V SRVLEOH TXH XQ VXMHWR SRVHD XQD RULHQWDFLyQ EDMD \ OD RWUD DOWD \ YLFHYHUVD R ELHQ TXH SRVHD DPEDV RULHQWDFLRQHV EDMDV R DPEDV RULHQWDFLRQHV DOWDV 1R VH DGTXLHUH XQD RULHQWDFLyQ GH XQ WLSR D H[SHQVDV GHO RWUR 'XGD \ 1LFKROOV 6H KD GHPRVWUDGR TXH KD\ GLIHUHQFLDV VLJQLILFDWLYDV HQWUH KRPEUHV \ PXMHUHV HV VXV RULHQWDFLRQHV GH PHWDV 'XGD \ :KLWHKHDG

(PiV) 5HYLVWD 'LJLWDO GH (GXFDFLyQ )tVLFD $xR 1XP MXOLR DJRVWR GH

KWWS HPDVI ZHEFLQGDULR FRP

(Q OD RULHQWDFLyQ KDFLD OD WDUHD GRQGH HO FRQFHSWR GH KDELOLGDG HV LQGLIHUHQFLDGR ODV SHUFHSFLRQHV GH KDELOLGDG \ GH p[LWRV VXEMHWLYRV HVWiQ EDVDGDV HQ ODV H[SHULHQFLDV GH DSUHQGL]DMH HQ OD PHMRUD SHUVRQDO \ HQ HO GRPLQLR GH OD WDUHD /D GHPRVWUDFLyQ GH KDELOLGDG VH EDVD HQ HO Pi[LPR HVIXHU]R \ HV DXWRU UHIHUHQFLDGD 3HLUy

(Q OD RULHQWDFLyQ KDFLD HO HJR HQ OD TXH HO FRQFHSWR GH KDELOLGDG HV QRUPDWLYR ORV VXMHWRV FRQVLGHUDQ TXH DOFDQ]DQ HO p[LWR FXDQGR GHPXHVWUDQ TXH SRVHHQ XQD KDELOLGDG VXSHULRU D ORV RWURV R FXDQGR FRQVLJXHQ ORV PLVPRV UHVXOWDGRV TXH ORV RWURV SHUR FRQ PHQRV HVIXHU]R 3HLUy (VWD RULHQWDFLyQ OD GHVDUUROODQ ORV DWOHWDV HQ GHPRVWUDFLyQ HQWUH ORV GHPiV FRPSDxHURV HQ FXDQWR HO SHUIHFFLRQDPLHQWR GH GLIHUHQWHV KDELOLGDGHV SRU OR WDQWR HO WULXQIR GH HVWRV HVWD FRPSDUDFLyQ FRQ OR GHPiV %RVVLR

(Q HO GHSRUWH XQLYHUVLWDULR VH KD REVHUYDGR TXH KD\ XQD PD\RU DGDSWDFLyQ D ODV WDUHDV VLQ HPEDUJR HQ OD FRPSHWHQFLD GH DOWR QLYHO H[LVWH XQD RULHQWDFLyQ PiV SURQXQFLDGD KDFLD HO HJR &HFFKLQL *RQ]DOH] \ 0RQWHUR .DYXVVDQX \ 1WRXPDQLV :KLWH \ 'XGD

(O REMHWLYR GH QXHVWUD LQYHVWLJDFLyQ HV GHWHUPLQDU OD RULHQWDFLyQ GH PHWDV GH ORV DWOHWDV GH OD 8QLYHUVLGDG (VWDWDO GH 6RQRUD TXH SDUWLFLSDQ HQ ORV GHSRUWHV FROHFWLYRV

3/$17($0,(172 '(/ 352%/(0$

/D 8QLYHUVLGDG (VWDWDO GH 6RQRUD KD VREUHVDOLGR HQ ORV ~OWLPRV DxRV SRU VX GHVHPSHxR HQ ORV GHSRUWHV LQGLYLGXDOHV D QLYHO QDFLRQDO GH LJXDO PDQHUD H[LVWH XQ VROR GHSRUWH TXH KD WHQLGR JUDQGHV ORJURV D HVWH QLYHO TXH HV HO HTXLSR GH %DORQPDQR 6H EXVFD REWHQHU ORV PLVPRV UHVXOWDGRV GHO EDORQPDQR HQ ORV GHPiV GHSRUWHV HQ FRQMXQWR TXH QR REWLHQHQ ORV PLVPRV UHVXOWDGRV VREUHVDOLHQWHV 6LQ HPEDUJR QR H[LVWHQ HVWXGLRV FRQ XQ FRQWURO ULJXURVR SDUD FRQRFHU VL ORV DWOHWDV GH ORV GHSRUWHV FROHFWLYRV UHSUHVHQWDWLYRV GH OD 8QLYHUVLGDG (VWDWDO GH 6RQRUD HVWiQ PiV RULHQWDGRV DO HJR R D OD WDUHD HQ OD SUiFWLFD GH VX GHSRUWH

-867,),&$&,21

(O VLJXLHQWH HVWXGLR VH UHDOL]y \D TXH OD 8QLYHUVLGDG (VWDWDO GH 6RQRUD FXHQWD FRQ JUDQ KLVWRULDO GHQWUR GHO GHSRUWH XQLYHUVLWDULR D QLYHO QDFLRQDO H LQWHUQDFLRQDO 6LQ HPEDUJR HQ ORV GHSRUWHV FROHFWLYRV QR KD WHQLGR WDQWR p[LWR FRPR HQ ORV LQGLYLGXDOHV D H[FHSFLyQ GHO HTXLSR UHSUHVHQWDWLYR GHO EDORQPDQR TXH KD WHQLGR JUDQGHV UHVXOWDGRV D QLYHO QDFLRQDO H LQFOXVR D QLYHO PXQGLDO

/D FRKHVLyQ GH ORV MXJDGRUHV HQ ORV GHSRUWHV HQ FRQMXQWR HV PX\ LPSRUWDQWH 0DUFRV (V SRU HVR TXH HVWXGLDPRV ODV RULHQWDFLRQHV GH PHWDV TXH WLHQHQ ORV GLIHUHQWHV HTXLSRV GH OD LQVWLWXFLyQ SDUD DQDOL]DUORV \ EXVFDU TXp UHODFLyQ KD\ HQWUH ORV JpQHURV ORV GHSRUWHV \ HO QLYHO GH FRPSHWHQFLD 7HQLHQGR ORV UHVXOWDGRV SRGUHPRV GHWHUPLQDU TXH RULHQWDFLyQ WLHQHQ ORV DWOHWDV TXH KDQ WHQLGR p[LWR D QLYHO PXQGLDO \ FRPSDUDUOR FRQ ORV HTXLSRV TXH D~Q QR ORJUDQ WHQHU HO PLVPR QLYHO GH FRPSHWHQFLD (PiV) 5HYLVWD 'LJLWDO GH (GXFDFLyQ )tVLFD $xR 1XP MXOLR DJRVWR GH

KWWS HPDVI ZHEFLQGDULR FRP

6L H[LVWH DOJXQD GLIHUHQFLD HQWUH ORV HTXLSRV VH OH LQIRUPDUD D ORV HQWUHQDGRUHV GH FXiOHV VRQ ODV PHWDV R ODV WHQGHQFLDV GH ORV HTXLSRV H[LWRVRV SDUD TXH VH WUDEDMH FRQ ORV HTXLSRV GiQGROH OD PLVPD RULHQWDFLyQ \ DVt EXVFDU OOHJDU DO Pi[LPR QLYHO FRPSHWLWLYR

(Q 0p[LFR HV SRFD OD LQYHVWLJDFLyQ TXH H[LVWH SDUD GHILQLU ODV RULHQWDFLRQHV GH PHWDV GH ORV DWOHWDV HQ HO GHSRUWH FRQ HVWR EXVFDPRV DEULU XQD RSFLyQ PiV SDUD HO HVWXGLR GH HVWH \ WHQHU HO FRQRFLPLHQWR GH OD PDQHUD HQ TXH SLHQVDQ QXHVWURV DWOHWDV SDUD WHQHU VXV ORJURV DO HVWDU SDUWLFLSDQGR HQ ORV GLIHUHQWHV GHSRUWHV

0(72'26 < 0$7(5,$/(6

7,32 '( ',6(f2

/D LQYHVWLJDFLyQ IXH GH WLSR FXDQWLWDWLYR FRQ XQD DOFDQFH GHVFULSWLYR SRU HO JUDGR GH LQWHUYHQFLyQ IXH QR H[SHULPHQWDO \ DWHQGLHQGR DO Q~PHUR GH WRPDV GH PXHVWUD IXH GH WLSR WUDQVYHUVDO

3$57,&,3$17(6

3DUD OD UHDOL]DFLyQ GH HVWD LQYHVWLJDFLyQ VH HOLJLy D XQD PXHVWUD GH DOXPQRV GH OD 8QLYHUVLGDG (VWDWDO GH 6RQRUD HVWRV SDUWLFLSDQ HQ ORV HTXLSRV UHSUHVHQWDWLYRV GH ORV GHSRUWHV FROHFWLYRV GH OD XQLGDG DFDGpPLFD +HUPRVLOOR )XHURQ KRPEUHV PXMHUHV \ UHVSHFWLYDPHQWH FX\DV HGDGHV HVWDEDQ FRPSUHQGLGDV HQWUH \ DxRV GH HGDG /D PHGLD GH OD HGDG GH OD PXHVWUD IXH GH DxRV FRQ XQD GHVYLDFLyQ HVWiQGDU GH /D PXHVWUD VH IRUPy FRQ HO VLJXLHQWH Q~PHUR GH DWOHWDV VHJ~Q VX GHSRUWH GH GH VRIWERO GH EpLVERO GH YROHLERO GH SOD\D GHO EDORQPDQR GHO IODJ IXWERO HVWRV GHQWUR GH ODV XQLYHUVLDGDV DOFDQ]DURQ XQ QLYHO FRPSHWLWLYR PXQLFLSDO HVWDWDO UHJLRQDO QDFLRQDO PXQGLDO

0$7(5,$/(6

3DUD OD UHFROHFFLyQ GH GDWRV VH XWLOL]DURQ FXHVWLRQDULRV 3DUD OD HYDOXDFLyQ GH YDULDEOHV VRFLRGHPRJUiILFDV VH XWLOL]y XQ FXHVWLRQDULR GH HODERUDFLyQ SURSLD 3DUD OD HYDOXDFLyQ GH ODV RULHQWDFLRQHV GH PHWD VH KD XWLOL]DGR HO &XHVWLRQDULR GH 2ULHQWDFLyQ D OD 7DUHD \ DO (JR HQ HO 'HSRUWH 7(264 GH 'XGD HQ VX YHUVLyQ HQ HVSDxRO GH %DODJXHU &DVWLOOR \ 7RPiV HQ VX DGDSWDFLyQ D OD SREODFLyQ PH[LFDQD GH /ySH] :DOOH %DODJXHU &DVWLOOR \ 7ULVWiQ 6H XWLOL]D SDUD PHGLU ODV RULHQWDFLRQHV R WHQGHQFLDV TXH PRWLYDQ D OD SHUVRQD KDFLD ODV PHWDV LPSOLFDGDV HQ OD WDUHD R HQ HO HJR HQ HO FRQWH[WR GHSRUWLYR (O 7(264 HVWi FRQVWLWXLGR SRU tWHPV TXH FRQVLVWH HQ HVFDODV XQD TXH PLGH OD RULHQWDFLyQ DO HJR tWHPV \ RWUD TXH PLGH OD RULHQWDFLyQ D OD WDUHD tWHPV /RV tWHPV GH HVWH FXHVWLRQDULR FRPLHQ]DQ FRQ OD IUDVH ´<R PH VLHQWR FRQ PiV p[LWR HQ HO GHSRUWH FXDQGR«µ /RV DWOHWDV GHEHQ GH UHVSRQGHU D OD SUHJXQWD XWLOL]DQGR XQD HVFDOD GH /LNHUW GH SXQWRV PX\ HQ GHVDFXHUGR HQ GHVDFXHUGR QHXWUDO GH DFXHUGR \ PX\ GH DFXHUGR

(PiV) 5HYLVWD 'LJLWDO GH (GXFDFLyQ )tVLFD $xR 1XP MXOLR DJRVWR GH

KWWS HPDVI ZHEFLQGDULR FRP

352&(',0,(172

$O KDEHU HVWDEOHFLGR HO SODQR GH DFFLyQ \ ORV REMHWLYRV GH OD LQYHVWLJDFLyQ \ FRQWDU FRQ ORV UHVSRQVDEOHV GH OD &RRUGLQDFLyQ GH 'HSRUWHV GH OD 8QLYHUVLGDG 6H RSWy SRU VHOHFFLRQDU D WRGRV ORV HVWXGLDQWHV TXH SDUWLFLSDQ FRQ ORV HTXLSRV FROHFWLYRV UHSUHVHQWDWLYRV GH OD 8QLYHUVLGDG (VWDWDO GH 6RQRUD 'HVSXpV GH KDEHU DQDOL]DGR OD SURJUDPDFLyQ GH ORV HQWUHQDPLHQWRV GH HVWRV HTXLSRV ORV FRODERUDGRUHV GH OD LQYHVWLJDFLyQ VH GLULJLHURQ PLQXWRV DQWHV GH ILQDOL]DU HO HQWUHQDPLHQWR SDUD UHDOL]DU XQD HQWUHYLVWD D ORV DWOHWDV SUDFWLFDQWHV GH ORV GLIHUHQWHV GHSRUWHV 6H DFRUGy TXH FRQWDUtDPRV FRQ PLQXWRV SDUD TXH ORV DWOHWDV FRQWHVWDUDQ ORV FXHVWLRQDULRV GH PDQHUD LQGLYLGXDO SXGLHQGR SUHJXQWDU FXDOTXLHU GXGD D ORV FRODERUDGRUHV 6H XWLOL]DUD HO VRIWZDUH 6366 YHUVLyQ SDUD HO DQiOLVLV GH GDWRV HVWDGtVWLFRV

5(68/7$'26

ϱ͕ϬϬ ϰ͕ϱϬ

ϰ͕ϯϬ

ϰ͕Ϯϱ

ϰ͕ϬϬ ϯ͕ϱϬ ϯ͕ϬϬ Ϯ͕ϱϭ Ϯ͕ϱϬ

Ϯ͕Ϯϳ

Ϯ͕ϬϬ ϭ͕ϱϬ ϭ͕ϬϬ Ϭ͕ϱϬ Ϭ͕ϬϬ &ĞŵĞŶŝů

sĂƌŽŶŝů d Z

&ĞŵĞŶŝů

sĂƌŽŶŝů 'K

)LJXUD 5HSUHVHQWDFLyQ JUiILFD GH ODV PHGLDV PXpVWUDOHV VHJ~Q VX UDPD

(Q OD ILJXUD QRV PXHVWUD TXH OD RULHQWDFLyQ DO HJR HV PiV DOWD HQ ODV PXMHUHV TXH HQ ORV KRPEUHV DO LJXDO TXH OD RULHQWDFLyQ DO HJR

(PiV) 5HYLVWD 'LJLWDO GH (GXFDFLyQ )tVLFD $xR 1XP MXOLR DJRVWR GH

KWWS HPDVI ZHEFLQGDULR FRP

7DEOD (VWDGtVWLFRV GHVFULSWLYRV GH ODV RULHQWDFLRQHV GH PHWD HQ IXQFLyQ GH OD UDPD GH ORV DWOHWDV

25,(17$&,Ð1

0

6'

)HPHQLO

9DURQLO

)HPHQLO

9DURQLO

5$0$

7$5($

(*2

(Q OD WDEOD VH SUHVHQWDQ ORV UHVXOWDGR GHO FRHILFLHQWH GH RULHQWDFLyQ KDFLD OD WDUHD TXH WLHQHQ ODV DWOHWDV IHPHQLOHV GH OD 8QLYHUVLGDG (VWDWDO GH 6RQRUD HQ ORV HTXLSRV FROHFWLYRV IXH GH 0 6' PLHQWUDV TXH HQ HO FROHFWLYR YDURQLO IXH GH 0 6'

(Q FXDQWR DO FRHILFLHQWH GH RULHQWDFLyQ DO HJR GH ODV DWOHWDV IHPHQLOHV IXH GH 0 6' PLHQWUDV TXH HQ HO JUXSR YDURQLO IXH GH 0 6'

ϱ͕ϬϬ ϰ͕ϱϬ

ϰ͕ϲϳ

ϰ͕ϳϵ ϰ͕ϰϬ

ϰ͕Ϯϰ

ϰ͕ϰϴ

ϯ͕ϳϭ

ϰ͕ϬϬ

ϯ͕Ϯϱ

ϯ͕ϱϬ ϯ͕ϬϬ

Ϯ͕ϴϮ

Ϯ͕ϲϴ

Ϯ͕ϰϴ

Ϯ͕ϯϭ

Ϯ͕ϱϬ

ϭ͕ϵϯ

Ϯ͕ϬϬ ϭ͕ϱϬ ϭ͕ϬϬ Ϭ͕ϱϬ

d Z

&ůĂŐ &ŽŽƚďĂůů

,ĂŶĚďĂůů

sŽůŝďŽů ĚĞ ƉůĂLJĂ

ĂƐƋƵĞƚďŽů

ĠŝƐďŽů

^ŽĨƚďŽů

&ůĂŐ &ŽŽƚďĂůů

,ĂŶĚďĂůů

sŽůŝďŽů ĚĞ ƉůĂLJĂ

ĂƐƋƵĞƚďŽů

ĠŝƐďŽů

^ŽĨƚďŽů

Ϭ͕ϬϬ

'K

)LJXUD 5HSUHVHQWDFLyQ JUiILFD GH ODV PHGLDV PXpVWUDOHV VHJ~Q VX RULHQWDFLyQ \ VX GHSRUWH

(Q OD )LJXUD QRV PXHVWUD FRPR OD RULHQWDFLyQ D OD WDUHD HQ HO GHSRUWH GHO YROHLERO GH SOD\D HV OD PiV DOWD VHJXLGD GHO EDVTXHWERO TXHGDQGR FRQ OD RULHQWDFLyQ KDFLD OD WDUHD PiV EDMD HO EpLVERO

(PiV) 5HYLVWD 'LJLWDO GH (GXFDFLyQ )tVLFD $xR 1XP MXOLR DJRVWR GH

KWWS HPDVI ZHEFLQGDULR FRP

7DEOD (VWDGtVWLFRV GHVFULSWLYRV GH ODV RULHQWDFLRQHV GH PHWD HQ IXQFLyQ GHO GHSRUWH SUDFWLFDGR SRU ORV DWOHWDV

0

6'

6RIWERO

%pLVERO

%DVTXHWERO

9ROHLERO GH SOD\D

%DORQPDQR

)ODJ IXWERO

6RIWERO

%pLVERO

%DVTXHWERO

9ROHLERO GH SOD\D

%DORQPDQR

)ODJ IXWERO

25,(17$&,Ð1

'(3257(

7$5($

(*2

(Q OD WDEOD VH PXHVWUDQ ORV UHVXOWDGRV GHO FRHILFLHQWH GH RULHQWDFLyQ KDFLD OD WDUHD TXH WLHQHQ ORV DWOHWDV TXH SUDFWLFDQ HO VRIWERO IXH GH 0 6'

PLHQWUDV TXH VX RULHQWDFLyQ DO HJR 0 6' (Q HO GHSRUWH GHO EpLVERO VX RULHQWDFLyQ D OD WDUHD 0 6' PLHQWUDV TXH VX RULHQWDFLyQ DO HJR 0 6' (Q HO GHSRUWH GHO EDVTXHWERO VX RULHQWDFLyQ D OD WDUHD 0 6' PLHQWUDV TXH VX RULHQWDFLyQ DO HJR 0 6' (Q HO GHSRUWH GHO YROHLERO GH SOD\D VX RULHQWDFLyQ D OD WDUHD 0 6' PLHQWUDV TXH VX RULHQWDFLyQ DO HJR 0 6' (Q HO GHSRUWH GHO EDORQPDQR VX RULHQWDFLyQ D OD WDUHD 0 6' PLHQWUDV TXH VX RULHQWDFLyQ DO HJR 0 6' (Q HO GHSRUWH GHO IODJ IXWERO VX RULHQWDFLyQ D OD WDUHD 0 6' PLHQWUDV TXH VX RULHQWDFLyQ DO HJR 0 6'

d Z

Ϯ͕ϰϴ

Ϯ͕ϱϬ

DƵŶĚŝĂů

ƐƚĂƚĂů

Ϯ͕ϰϬ

EĂĐŝŽŶĂů

Ϯ͕ϱϮ

ZĞŐŝŽŶĂů

Ϯ͕ϱϭ

DƵŶŝĐŝƉĂů

ϰ͕ϱϮ

DƵŶĚŝĂů

ϰ͕ϯϵ

EĂĐŝŽŶĂů

ϰ͕ϭϮ

ZĞŐŝŽŶĂů

ϰ͕ϯϰ

ƐƚĂƚĂů

ϰ͕ϯϬ

DƵŶŝĐŝƉĂů

ϱ͕ϬϬ ϰ͕ϱϬ ϰ͕ϬϬ ϯ͕ϱϬ ϯ͕ϬϬ Ϯ͕ϱϬ Ϯ͕ϬϬ ϭ͕ϱϬ ϭ͕ϬϬ Ϭ͕ϱϬ Ϭ͕ϬϬ

'K

)LJXUD 5HSUHVHQWDFLyQ JUiILFD GH ODV PHGLDV PXpVWUDOHV VHJ~Q RULHQWDFLyQ \ VX QLYHO FRPSHWLWLYR DOFDQ]DGR HQ OD XQLYHUVLDGD

(PiV) 5HYLVWD 'LJLWDO GH (GXFDFLyQ )tVLFD $xR 1XP MXOLR DJRVWR GH

KWWS HPDVI ZHEFLQGDULR FRP

(Q OD ILJXUD VH QRV PXHVWUD FRPR ORV DWOHWDV TXH KDQ DOFDQ]DGR HO QLYHO PXQGLDO WLHQHQ XQD PD\RU RULHQWDFLyQ D OD WDUHD TXHGDQGR FRQ OD RULHQWDFLyQ PiV EDMD ORV DWOHWDV TXH KDQ DOFDQ]DGR HO QLYHO UHJLRQDO

7DEOD &RHILFLHQWH GH RULHQWDFLyQ KDFLD OD WDUHD

0

6'

0XQLFLSDO

(VWDWDO

5HJLRQDO

1DFLRQDO

0XQGLDO

0XQLFLSDO

(VWDWDO

5HJLRQDO

1DFLRQDO

0XQGLDO

25,(17$&,Ð1

'(3257(

7$5($

(*2

(Q OD WDEOD VH PXHVWUDQ ORV UHVXOWDGRV GHO FRHILFLHQWH GH RULHQWDFLyQ KDFLD OD WDUHD TXH WLHQHQ ORV DWOHWDV TXH KDQ DOFDQ]DGR HO QLYHO GH FRPSHWHQFLD PXQLFLSDO IXH GH 0 6' PLHQWUDV TXH VX RULHQWDFLyQ DO HJR 0 6' (Q ORV DWOHWDV TXH DOFDQ]DURQ HO QLYHO HVWDWDO VX RULHQWDFLyQ D OD WDUHD 0 6' PLHQWUDV TXH VX RULHQWDFLyQ DO HJR 0 6' (Q ORV DWOHWDV TXH DOFDQ]DURQ HO QLYHO UHJLRQDO VX RULHQWDFLyQ D OD WDUHD 0 6'

PLHQWUDV TXH VX RULHQWDFLyQ DO HJR 0 6' (Q pO ORV DWOHWDV TXH DOFDQ]DURQ HO QLYHO QDFLRQDO VX RULHQWDFLyQ D OD WDUHD 0 6' PLHQWUDV TXH VX RULHQWDFLyQ DO HJR 0 6' (Q ORV DWOHWDV TXH DOFDQ]DURQ HO QLYHO PXQGLDO VX RULHQWDFLyQ D OD WDUHD 0 6' PLHQWUDV TXH VX RULHQWDFLyQ DO HJR 0 6'

',6&86,Ð1

(Q EDVH D ORV UHVXOWDGRV SRGHPRV FRQFOXLU TXH ODV DWOHWDV GH OD 8QLYHUVLGDG (VWDWDO GH 6RQRUD 7LHQHQ XQ FRHILFLHQWH GH RULHQWDFLyQ D OD WDUHD \ DO HJR PiV HOHYDGR TXH ORV DWOHWDV GH OD UDPD YDURQLO 'XGD \ :KLWHKHDG

/RV DWOHWDV GH ORV GHSRUWHV FROHFWLYRV TXH KDQ FRPSHWLGR D QLYHO PXQGLDO PXHVWUDV XQD PD\RU RULHQWDFLyQ D OD WDUHD TXH HV PiV DOWD TXH ORV TXH QR KDQ FRPSHWLGR HQ XQ QLYHO GH FRPSHWHQFLD LQIHULRU VLQ HPEDUJR FRPR DILUPD RWUDV LQYHVWLJDFLRQHV WDPELpQ HVWRV HTXLSRV PXHVWUDQ XQD SHTXHxD GLIHUHQFLD FRQ OD RULHQWDFLyQ DO HJR PiV DOWD TXH RWURV \D TXH FRPSLWHQ HQ HO Pi[LPR QLYHO FRPSHWLWLYR &HFFKLQL *RQ]DOH] \ 0RQWHUR .DYXVVDQX \ 1WRXPDQLV :KLWH \ 'XGD

(PiV) 5HYLVWD 'LJLWDO GH (GXFDFLyQ )tVLFD $xR 1XP MXOLR DJRVWR GH

KWWS HPDVI ZHEFLQGDULR FRP

&21&/86,Ð1

7DPELpQ ORV DWOHWDV GH ORV GHSRUWHV GH YROHLERO GH SOD\D IXHURQ ORV TXH WXYLHURQ XQ FRHILFLHQWH PiV DOWR TXH HO GH ORV DWOHWDV GH RWURV GHSRUWHV VLQ HPEDUJR QR VRQ OR TXH KDQ REWHQLGR ORV PHMRUHV UHVXOWDGRV D QLYHO FRPSHWLWLYR HO HTXLSR GH EpLVERO TXH KD WHQLGR XQ DOFDQFH GH QLYHO FRPSHWLWLYR D QLYHO UHJLRQDO KD VLGR HO TXH WLHQH XQD RULHQWDFLyQ D KDFLD OD WDUHD PHQRU TXH ORV GHPiV SRU OR TXH VH SRGUtD WUDEDMDU PiV HQ HVWD RULHQWDFLyQ GXUDQWH VX HQWUHQDPLHQWR SDUD REWHQHU PHMRUHV UHVXOWDGRV HQ HO GHSRUWH FROHFWLYR

(O HTXLSR GH EDVTXHWERO VROR FXHQWD FRQ H[SHULHQFLD PXQLFLSDO VLHQGR HO PiV EDMR HQ FXDQWR OD RULHQWDFLyQ DO HJR OR FXDO SRGUtD D\XGDUOHV HQ XQ IXWXUR D UHDOL]DU XQ EXHQ WUDEDMR HQ HTXLSR \ FRQVHJXLU ORJURV LPSRUWDQWHV HQ OD 8QLYHUVLDGD

'HELGR D TXH ORV DWOHWDV TXH KDQ SDUWLFLSDGR D QLYHO PXQGLDO KDQ REWHQLGR HO FRHILFLHQWH PiV DOWR HQ VX RULHQWDFLyQ D ODV WDUHDV VH SXGLHUD EXVFDU TXH ORV HTXLSRV TXH QR WLHQHQ HO PLVPR QLYHO WUDEDMHQ PiV D QLYHO SVLFROyJLFR FRQ VXV DWOHWDV SDUD HOHYDU OD RULHQWDFLyQ D OD WDUHD

(VWR DEUH ODV SXHUWDV D IXWXUDV LQYHVWLJDFLRQHV GRQGH VH REVHUYH VL H[LVWH XQD UHODFLyQ HQWUH HO UHVXOWDGR GHSRUWLYR GH ORV DWOHWDV \ OD RULHQWDFLyQ KDFLD ODV PHWDV TXH HVWRV WHQJDQ

5(&20(1'$&,21(6

'DU DVHVRUtDV D ORV HQWUHQDGRUHV SDUD TXH LQFOX\DQ HQ VXV HQWUHQDPLHQWRV SOiWLFDV SDUD TXH ORV HTXLSRV TXH QR KDQ OOHJDGR DO Pi[LPR QLYHO LJXDOHQ HO QLYHO GH ORV PHMRUHV 4XH ORV HQWUHQDGRUHV HQIRTXHQ ODV RULHQWDFLRQHV GH VXV HTXLSRV KDFLD OD WDUHD SDUD WUDWDU GH REWHQHU PHMRUHV UHVXOWDGRV

(VWXGLDU WDQWR ORV GHSRUWHV FRPR LQGLYLGXDOHV SDUD REVHUYDU GH TXH PDQHUD WUDEDMDQ OD RULHQWDFLyQ GH PHWDV SDUD OD PHMRUD GH UHVXOWDGRV

5()(5(1&,$6 %,%/,2*5É),&$6

$PHV & $FKLHYHPHQW JRDOV PRWLYDWLRQDO FOLPDWH DQG PRWLYDWLRQDO SURFHVVHV (Q * 5REHUWV (G 0RWLYDWLRQ LQ VSRUW DQG H[HUFLVH SS

&KDPSDLQJ ,/ +XPDQ .LQHWLFV $PHV & \ $UFKHU - $FKLHYHPHQW JRDOV LQ WKH FODVVURRP 6WXGHQWV OHDUQLQJ VWUDWHJLHV DQG PRWLYDWLRQ SURFHVVHV -RXUQDO RI (GXFDWLRQDO 3V\FKRORJ\

%DODJXHU , &OLPD PRWLYDFLRQDO FDOLGDG GH OD LPSOLFDFLyQ \ ELHQHVWDU SVLFROyJLFR 8QD SURSXHVWD GH LQWHUYHQFLyQ HQ HTXLSRV GHSRUWLYRV (Q $ %ODQFR \ - 5RGUtJXH] 0DUtQ (GV ,QWHUYHQFLyQ 3VLFRVRFLDO SS 0DGULG 3HDUVRQ 3UHQWLFH +DOO

(PiV) 5HYLVWD 'LJLWDO GH (GXFDFLyQ )tVLFD $xR 1XP MXOLR DJRVWR GH

KWWS HPDVI ZHEFLQGDULR FRP

%LGGOH 6 - + :DQJ & . - .DYXVVDQX 0 \ 6SUD\ & 0 &RUUHODWHV RI $FKLHYHPHQW JRDO RULHQWDWLRQV LQ SK\VLFDO DFWLYLW\ D V\VWHPDWLF UHYLHZ RI UHVHDUFK (XURSHDQ -RXUQDO RI 6SRUW 6FLHQFH %RVVLR 0 5 3URSLHGDGHV SVLFRPpWULFDV GHO FXHVWLRQDULR GH ,QVWLWXWR GH ,QYHVWLJDFLyQ GH OD (VFXHOD GH 3VLFRORJtD &HFFKLQL - $ *RQ]iOH] & \ 0RQWHUR - 3DUWLFLSDFLyQ HQ HO GHSRUWH \ IDLU SOD\ 3VLFRWKHPD

&HFFKLQL - $ *RQ]iOH] & \ 0RQWHUR - 3DUWLFLSDFLyQ HQ HO GHSRUWH RULHQWDFLyQ GH PHWDV \ IXQFLRQDPLHQWR PRUDO 5HYLVWD /DWLQRDPHULFDQD GH 3VLFRORJtD

'XGD - / 1LFKROOV - * 'LPHQVLRQV RI DFKLHYHPHQW PRWLYDWLRQ LQ VFKRROZRUN DQG VSRUW -RXUQDO RI HGXFDWLRQDO SV\FKRORJ\

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

1LFKROOV - * $FKLHYHPHQW PRWLYDWLRQ &RQFHSWLRQV RI DELOLW\ VXEMHFWLYH H[SHULHQFH WDVN FKRLFH DQG SHUIRUPDQFH 3V\FKRORJLFDO 5HYLHZ

0DUFRV ) 0 / &DOYR 7 * 0LJXHO 3 $ 6 3DUHMR , ,PSRUWDQFLD GH OD 3HUFHSFLyQ GH HILFDFLD SDUD OD PHMRUD GH OD FRKHVLyQ HQ HO I~WERO &XDGHUQRV GH SVLFRORJtD GHO GHSRUWH

3HLUy 9HOHUW & 6DQFKLV *LPHQR - 5 /DV SURSLHGDGHV SVLFRPpWULFDV GH OD YHUVLyQ LQLFLDO GHO FXHVWLRQDULR GH RULHQWDFLyQ D OD WDUHD \ DO HJR 7(264 DGDSWDGR D OD HGXFDFLyQ ItVLFD HQ VX WUDGXFFLyQ DO FDVWHOODQR 5HYLVWD GH SVLFRORJtD GHO GHSRUWH

9RXJKW 0 &DOODJKDQ - $ WHDP EXLOGLQJ LQWHUYHQWLRQ SURJUDP $SSOLFDWLRQ DQG (YDOXDWLRQ ZLWK WZR XQLYHUVLW\ VRFFHU WHDPV -RXUQDO RI 6SRUW %HKDYLRXU

:KLWH 6 $ \ 'XGD - / 7KH UHODWLRQVKLS RI JHQGHU OHYHO RI VSRUW LQYROYHPHQW DQG SDUWLFLSDWLRQ PRWLYDWLRQ WR WDVN DQG HJR RULHQWDWLRQ ,QWHUQDWLRQDO -RXUQDO RI 6SRUW 3V\FKRORJ\

)HFKD GH UHFHSFLyQ )HFKD GH DFHSWDFLyQ

(PiV) 5HYLVWD 'LJLWDO GH (GXFDFLyQ )tVLFD $xR 1XP MXOLR DJRVWR GH

KWWS HPDVI ZHEFLQGDULR FRP

$'$37$&,21(6 62%5( 81$ 81,'$' ','É&7,&$ '( (;35(6,Ð1 &25325$/ 3$5$ 0(-25$5 /$ ,17(5$&&,Ð1 (1 (/ $8/$ '( 35,0$5,$ '( $/801$'2 &21 6Ì1'520( '( $63(5*(5

-RVp (XJHQLR 5RGUtJXH] )HUQiQGH] (PDLO JHQR URGULJXH]#XVF HV

0DUtD GHO &DUPHQ 3HUHLUD 0DULxR

-RVp ÉQJHO 0DWR &DGyUQLJD

)DFXOWDGH GH &LHQFLDV GD (GXFDFLyQ 8QLYHUVLGDGH GH 6DQWLDJR GH &RPSRVWHOD (VSDxD

5(680(1

(O 6tQGURPH GH $VSHUJHU HV XQ WUDVWRUQR TXH FXHQWD FDGD YH] FRQ PD\RU SUHVHQFLD HQ OD HQVHxDQ]D GH (GXFDFLyQ 3ULPDULD SRU OR TXH HV LPSRUWDQWH TXH HO GRFHQWH VHD FDSD] GH SURSRUFLRQDU DO DOXPQDGR FRQ HVWH 6tQGURPH ODV KHUUDPLHQWDV QHFHVDULDV SDUD PHMRUDU VX LQWHUDFFLyQ HQ HO DXOD

$ UDt] GH ODV FDUDFWHUtVWLFDV HVSHFtILFDV GHO 6tQGURPH GH $VSHUJHU VH SURSRQH HO GLVHxR GH XQ SUR\HFWR GH LQWHUYHQFLyQ HGXFDWLYD SDUD XQ DXOD GH SULPHUR GH (GXFDFLyQ 3ULPDULD TXH LQFOX\H XQD VHULH GH HVWUDWHJLDV SDUD WUDEDMDU D WUDYpV GH OD ([SUHVLyQ &RUSRUDO HQ HO iUHD GH (GXFDFLyQ )tVLFD RULHQWDGDV SULQFLSDOPHQWH D OD PHMRUD GH OD FRPXQLFDFLyQ \ H[SUHVLyQ GHO DOXPQDGR HQ JHQHUDO \ FRQFUHWDPHQWH GH ORV GLDJQRVWLFDGRV FRQ 6tQGURPH GH $VSHUJHU

3$/$%5$6 &/$9(

6tQGURPH GH $VSHUJHU ([SUHVLyQ &RUSRUDO (GXFDFLyQ (GXFDFLyQ )tVLFD (GXFDFLyQ 3ULPDULD

(PiV) 5HYLVWD 'LJLWDO GH (GXFDFLyQ )tVLFD $xR 1XP MXOLR DJRVWR GH

KWWS HPDVI ZHEFLQGDULR FRP

,1752'8&&,Ð1

9LYLPRV LQPHUVRV HQ XQ PXQGR GH UDUH]DV D ODV TXH WRGRV QRV WHQHPRV TXH DGDSWDU R HVWDU FDSDFLWDGRV SDUD DGDSWDUQRV HQ PD\RU R PHQRU PHGLGD (Q HO PRPHQWR TXH QR VRPRV FDSDFHV GH UHDOL]DU GLFKD DGDSWDFLyQ VH SUHVXSRQH TXH WHQHPRV DOJ~Q WLSR GH GLILFXOWDG LQFDSDFLGDG GLVFDSDFLGDG« TXH LPSLGH QXHVWUR GHVDUUROOR QRUPDO FRPR LQGLYLGXR 3DUULOOD

'HEHPRV HVWDU FDSDFLWDGRV SDUD PLUDU PiV DOOi GH OR YLVLEOH VHU FDSDFHV GH HQWHQGHU \ DWHQGHU D ODV GLIHUHQFLDV ODV UDUH]DV LQGLYLGXDOHV GH FDGD SHUVRQD SDUD TXH VH Gp XQ DSUHQGL]DMH FRQ p[LWR HV GHFLU GRQGH VH GRWH DO DOXPQDGR GH FRPSHWHQFLDV SDUD OD YLGD HQ VRFLHGDG GHMDQGR D XQ ODGR GLFKDV UDUH]DV

&RQ HVWH HVWXGLR LQWHQWDPRV DWHQGHU D XQD GH HVDV UHDOLGDGHV WDQ SRFR FRQRFLGD SDUD DOJXQRV SHUR TXH VH HVWi GDQGR D FRQRFHU FRPR HV HO 6tQGURPH GH $VSHUJHU HQ DGHODQWH 6$ %RUUHJXHUR 6H SUHWHQGH UHDOL]DU XQD EUHYH GHVFULSFLyQ GH OR TXH HV HQ Vt PLVPR HO 6$ \ XQD SRVLEOH LQWHUYHQFLyQ HQ HO iPELWR GH OD ([SUHVLyQ &RUSRUDO GHQWUR GHO iUHD GH OD (GXFDFLyQ )tVLFD HQ (GXFDFLyQ 3ULPDULD

7LHQH FRPR ILQ PRVWUDU XQD VHULH GH DGDSWDFLRQHV QR VLJQLILFDWLYDV SDUD XQ DOXPQR FRQ HVWH WUDVWRUQR GHVDUUROODQGR HQ HO DXOD XQD XQLGDG GLGiFWLFD GH ([SUHVLyQ &RUSRUDO $VLPLVPR OD ([SUHVLyQ &RUSRUDO SUHWHQGH VHU XQ YHKtFXOR FODYH SDUD IRPHQWDU OD VRFLDOL]DFLyQ GH HVWRV QLxRV &DVWLOOR 5HEROOR \D QR VyOR HQ HO iPELWR GH OD (GXFDFLyQ )tVLFD VLQR WDPELpQ HQ HO UHVWR GH ODV iUHDV HVWDEOHFLGDV SRU HO FXUUtFXOR 3UHWHQGHPRV TXH HO DOXPQDGR DGTXLHUD XQD DFWLWXG GH D\XGD \ GH UHVSHWR KDFLD VXV FRPSDxHURV GH WDO IRUPD TXH HO GtD GH PDxDQD VH FRQYLHUWDQ HQ SHUVRQDV VROLGDULDV HPSiWLFDV \ UHVSHWXRVDV FRQ OD JHQWH TXH OHV URGHD HV GHFLU VHDQ FLXGDGDQRV FtYLFRV TXH SXHGDQ YLYLU HQ VRFLHGDG 7RQXFFL

3DUD HOOR GHVDUUROODUHPRV XQD EUHYH FRQWH[WXDOL]DFLyQ GHO 6$ GRQGH VH DERUGHQ ODV FDUDFWHUtVWLFDV \ SDWURQHV GH FRQGXFWD GH ODV SHUVRQDV FRQ HVWH WUDVWRUQR 'LVHxDUHPRV XQD LQWHUYHQFLyQ HGXFDWLYD SDUD LQFOXLU GHQWUR GH ODV WDUHDV GLDULDV GH ORV QLxRV FRQ 6$ GH (GXFDFLyQ 3ULPDULD \ PiV FRQFUHWDPHQWH HQ HO iUHD GH (GXFDFLyQ )tVLFD WUDEDMDQGR D WUDYpV GH OD ([SUHVLyQ &RUSRUDO

6REUH HO 6$ KD\ PXFKDV SXEOLFDFLRQHV TXH KDEODQ VREUH HO WUDVWRUQR D QLYHO FOtQLFR SVLFROyJLFR \ GH LQWHUYHQFLyQ SHUR VRQ PX\ UDUDV ODV SXEOLFDFLRQHV HVSHFtILFDV GH WUDEDMR HQ XQ iPELWR GHWHUPLQDGR FRPR HV HO FDVR GH OD (GXFDFLyQ )tVLFD \ PiV FRQFUHWDPHQWH HQ OD ([SUHVLyQ &RUSRUDO

$GHPiV GH FRQWDU FRQ OD D\XGD GH SHUVRQDO HVSHFLDOL]DGR HQ HO FDPSR GH OD SVLFRORJtD \ OD PHGLFLQD OD LQIRUPDFLyQ TXH KHPRV PDQHMDGR KDQ VLGR PDQXDOHV HVSHFtILFRV GHO WUDVWRUQR FRQ HO ILQ GH FRQRFHU HQWHQGHU \ FRPSUHQGHU ODV GLILFXOWDGHV TXH SUHVHQWDQ ORV QLxRV FRQ HVWH VtQGURPH 7DPELpQ QRV KHPRV DGHQWUDGR HQ HO PXQGR GH OD ([SUHVLyQ &RUSRUDO D WUDYpV GH OD (GXFDFLyQ )tVLFD \ VXV PDQXDOHV FRQFUHWRV SDUD SRGHU YLQFXODU ODV GLILFXOWDGHV GH DSUHQGL]DMH GH HVWH WUDVWRUQR D XQ FDPSR HVSHFtILFR \ SRGHU YHU HQ TXp PHGLGD OD ([SUHVLyQ &RUSRUDO SXHGH D\XGDU D PHMRUDU HVDV FDUHQFLDV

(PiV) 5HYLVWD 'LJLWDO GH (GXFDFLyQ )tVLFD $xR 1XP MXOLR DJRVWR GH

KWWS HPDVI ZHEFLQGDULR FRP

0$5&2 7(Ð5,&2

6Ì1'520( '( $63(5*(5 3$57,&8/$5,'$'(6

(O 6$ HV YDORUDGR FRPR XQD DQRPDOtD QHXUR ELROyJLFD HQ OD FXDO H[LVWHQ GHVYLDFLRQHV R DQRUPDOLGDGHV HQ GLYHUVRV DVSHFWRV GHO GHVDUUROOR LQFOX\pQGROR GHQWUR GH ORV 7UDVWRUQRV *HQHUDOL]DGRV GHO 'HVDUUROOR 7*' \ FRQVLGHUDGR XQ 7UDVWRUQR GHO (VSHFWUR $XWLVWD 7($ $3$ &RER 0RUiQ

'HQWUR GH ORV 7($ HO 6$ PXHVWUD HO PHMRU QLYHO GH IXQFLRQDPLHQWR %HOLQFKyQ +HUQiQGH] 6RWLOOR VLHQGR ODV iUHDV GH UHODFLyQ VRFLDO DOWHUDFLRQHV D OD KRUD GH HVWDEOHFHU UHODFLRQHV VRFLDOHV \ GH FRPXQLFDFLyQ H LPDJLQDFLyQ H[FHVLYD ULJLGH] GH SHQVDPLHQWR FRQGXFWDV UHSHWLWLYDV LQWHUHVHV UHVWULQJLGRV REVHVLYRV \ HVWHUHRWLSDGRV ODV GLPHQVLRQHV PiV DIHFWDGDV $GHPiV SUHVHQWDQ SHFXOLDULGDGHV HQ ORV VLJXLHQWHV iPELWRV (TXLSR 'HOHWUHD

$ $ QLYHO FRJQLWLYR (Q RFDVLRQHV ODV SHUVRQDV FRQ 6$ VRQ FRQVLGHUDGDV VRFLDOPHQWH FRPR SHUVRQDV PX\ LQWHOLJHQWHV \ VLQ QLQJ~Q WLSR GH GLILFXOWDG GHELGR D VXV DOWDV FRPSHWHQFLDV OLQJ tVWLFDV %HOLQFKyQ +HUQiQGH] 6RWLOOR

(Q XQ DQiOLVLV PiV GHWDOODGR 9i]TXH] 0XULOOR \ $WWZRRG

QRV PXHVWUDQ ODV SDUWLFXODULGDGHV GHO 6$ HQ HO GHVDUUROOR FRJQLWLYR 'LILFXOWDGHV HQ OD 7HRUtD GH OD 0HQWH HO DOXPQDGR FRQ 6$ PRVWUDUi GLILFXOWDGHV SDUD SUHGHFLU OD FRQGXFWD H LQWHQFLRQDOLGDG GH ORV RWURV SDUD H[SOLFDU VXV FRQGXFWDV \ HQWHQGHU HPRFLRQHV SDUD PHQWLU \ FRPSUHQGHU HQJDxRV HWF

,QIOH[LELOLGDG GHO SHQVDPLHQWR UHODFLRQDGR FRQ OD FDUDFWHUtVWLFD GH OD OLWHUDOLGDG HQ OD FRPSUHQVLyQ \ H[SUHVLyQ OLQJ tVWLFD SUHVHQWDQ GLILFXOWDGHV SDUD HVWDEOHFHU WUDQVIHUHQFLDV GH JHQHUDOL]DFLRQHV GH ORV DSUHQGL]DMHV

'LILFXOWDGHV SDUD HO MXHJR LPDJLQDWLYR R VLPEyOLFR OR KDFHQ GH PDQHUD VROLWDULD \ VREUH WRGR UHSURGXFLHQGR SURFHGLPLHQWRV GH RWUDV VLWXDFLRQHV GH IRUPD LQIOH[LEOH

3HQVDPLHQWR YLVXDO IXHQWH SULQFLSDO GH DGTXLVLFLyQ GH OD LQIRUPDFLyQ

6HQVLELOLGDG VHQVRULDO GLIHUHQWH IRUPD GH YLYLU ODV VHQVDFLRQHV SHUFHSWLYDV

% $ QLYHO OLQJ tVWLFR FRPXQLFDWLYR (Q HVWH QLYHO HO FRPSRQHQWH FRPXQLFDWLYR GHO OHQJXDMH VH YH DIHFWDGR \ UHIOHMDGR HQ ODV VLJXLHQWHV GLILFXOWDGHV &RWR

3UREOHPDV HQ HO LQLFLR R PDQWHQLPLHQWR GH FRQYHUVDFLRQHV H LQFDSDFLGDG SDUD FRPSUHQGHU HO GHVLQWHUpV R DEXUULPLHQWR GHO LQWHUORFXWRU ,QWHUSUHWDFLyQ OLWHUDO GHO OHQJXDMH WDQWR D QLYHO RUDO FRPR HVFULWR GLILFXOWDQGR OD FRPSUHQVLyQ GH ORV GLVFXUVRV 2WUDV SURSLDV GHO GHVDUUROOR GHO OHQJXDMH OD LGLRVLQFUDVLD IDOORV HQ OD DVRFLDFLyQ HUUyQHD GH XQ YRFDEOR D XQD VLWXDFLyQ R OD IOXLGH] GHO GLVFXUVR

& $ QLYHO VRFLR DIHFWLYR 3UREOHPiWLFD UHODFLRQDGD FRQ OD VRFLDOL]DFLyQ GHO DOXPQDGR FRQ 6$ \ IXQGDPHQWDGD SRU ODV FDUDFWHUtVWLFDV GH ORV QLYHOHV DQWHULRUHV

(PiV) 5HYLVWD 'LJLWDO GH (GXFDFLyQ )tVLFD $xR 1XP MXOLR DJRVWR GH

KWWS HPDVI ZHEFLQGDULR FRP

3UREOHPDV SDUD MXJDU FRQ LJXDOHV HO DOXPQDGR FRQ 6$ VH PXHVWUD UHDFLR D MXJDU FRQ RWURV QLxRV SRU OD SpUGLGD GHO FRQWURO GHO MXHJR VLPEyOLFR

'LILFXOWDG SDUD OD FRPSUHQVLyQ GH FyGLJRV GH FRQGXFWD YLQFXODGR D OD OLWHUDOLGDG OD LQIOH[LELOLGDG \ OD ULJLGH] XQLGDV D ODV GLILFXOWDGHV GH OD WHRUtD GH OD PHQWH

&RPSUHQVLyQ \ H[SUHVLyQ GH HPRFLRQHV

' $ QLYHO PRWRU 9i]TXH] 0XULOOR \ $WWZRRG QRV KDEODQ GH ODV SULQFLSDOHV KDELOLGDGHV PRWRUDV GDxDGDV OD ORFRPRFLyQ ODV KDELOLGDGHV yFXOR PRWULFHV HO HTXLOLEULR OD SVLFRPRWULFLGDG ILQD \ OD LPSXOVLYLGDG HQ ORV PRYLPLHQWRV VRQ DOJXQRV GH ORV UDVJRV FDUDFWHUtVWLFRV GHO DOXPQDGR FRQ 6$

/$ (;35(6,Ð1 &25325$/ &202 5(&8562

/D ([SUHVLyQ &RUSRUDO FRPR GLVFLSOLQD TXH SHUPLWH HQFRQWUDU XQ OHQJXDMH SURSLR PHGLDQWH HO HVWXGLR \ SURIXQGL]DFLyQ GHO HPSOHR GHO SURSLR FXHUSR *DUFtD 3pUH] &DOYR 6FKLQFD WLHQH FRPR SULQFLSDOHV LQVWUXPHQWRV HGXFDWLYRV HO FXHUSR HO PRYLPLHQWR \ HO VHQWLPLHQWR (Q HVWH VHQWLGR VRQ WUHV ODV iUHDV HQ ODV TXH OD ([SUHVLyQ &RUSRUDO IRFDOL]D VX LQWHUYHQFLyQ (;35(6,Ð1 HO LQGLYLGXR XWLOL]D VX FXHUSR SDUD H[SUHVDU VXV LGHDV \ VHQWLPLHQWRV &2081,&$&,Ð1 FRQ OD LQWHQFLyQ GH WUDQVPLWLUOR D ORV GHPiV \ &5($7,9,'$' FRPR IXHQWH GH FUHDFLRQHV SURSLDV

(Q FXDQWR D OD LPSRUWDQFLD GH OD ([SUHVLyQ &RUSRUDO HQ HO ORJUR GH ODV GLIHUHQWHV FRPSHWHQFLDV D DGTXLULU SRU HO DOXPQDGR HQ OD HVFXHOD 0RQWiYH]

GHVWDFDPRV OD FRPSHWHQFLD HQ FRPXQLFDFLyQ OLQJ tVWLFD \D TXH OD ([SUHVLyQ &RUSRUDO VXSRQH XQD LQYLWDFLyQ DO GLiORJR \ D OD FRPXQLFDFLyQ GRQGH HO DOXPQR HV HO DUWtILFH GH VX DSUHQGL]DMH \ HQFXHQWUD HQ HVWD GLVFLSOLQD XQ PDUFR LQFRPSDUDEOH GH FRPXQLFDFLyQ FRQVLJR PLVPR \ FRQ ORV GHPiV $UPDGD *RQ]iOH] 0RQWiYH]

3RGHPRV REVHUYDU DVt XQD HVWUHFKD UHODFLyQ HQWUH HO DSUHQGL]DMH FRRSHUDWLYR \ OD ([SUHVLyQ &RUSRUDO GHVDUUROODGD D WUDYpV GH OD SUiFWLFD GH MXHJRV \ RWUDV SURSXHVWDV O~GLFDV TXH SHUPLWDQ DO DOXPQDGR OD SXHVWD HQ SUiFWLFD GH DFWLWXGHV FRRSHUDWLYDV VLHQGR DGHPiV XQ EXHQ PpWRGR SDUD DOFDQ]DU XQD HGXFDFLyQ LQFOXVLYD D WUDYpV GH OD ([SUHVLyQ &RUSRUDO 3XMROiV (Q HVWH VHQWLGR \D 6WRNRH

KDFtD UHIHUHQFLD D OD UHVSRQVDELOLGDG GH ODV LQVWLWXFLRQHV HVFRODUHV GH HGXFDU GH PDQHUD LQWHJUDO DVSHFWRV ItVLFRV VRFLDOHV LQWHOHFWXDOHV \ HPRFLRQDOHV \ OD ([SUHVLyQ &RUSRUDO VH PXHVWUD FRPR XQ FDPLQR H[FHOHQWH SDUD HO GHVDUUROOR KROtVWLFR GHO DOXPQDGR

(O MXHJR HV HO SULQFLSDO UHFXUVR TXH WLHQH D VX GLVSRVLFLyQ HO GRFHQWH SDUD IDYRUHFHU HO SURFHVR GH HQVHxDQ]D DSUHQGL]DMH \ HQ UHIHUHQFLD DO WUDEDMR GH ([SUHVLyQ &RUSRUDO HQ (GXFDFLyQ 3ULPDULD HO MXHJR GUDPiWLFR HV HO TXH PiV VH DMXVWD D QXHVWUD SURSXHVWD QR VyOR SRUTXH HV XQD PDJQtILFD KHUUDPLHQWD SDUD TXH HO DOXPQDGR GHVDUUROOH VX FUHDWLYLGDG VROXFLRQH FRQIOLFWRV H LQWHUDFFLRQH FRQ ORV FRPSDxHURV VLQR SRUTXH HO ELQRPLR MXHJR GUDPDWL]DFLyQ HQ (GXFDFLyQ 3ULPDULD VLJXH XQD HYROXFLyQ SDUDOHOD DO QLYHO PDGXUDWLYR D OD HGDG GHO DOXPQDGR \ D VXV SDUWLFXODULGDGHV 0RWRV 1DYDUUR 0DQWRYDQL

3DUD DERUGDU HO WUDEDMR GH PHMRUD GH ORV GpILFLWV GHO DOXPQDGR FRQ 6$ UHODFLRQDUHPRV HO VtQGURPH D OD ([SUHVLyQ &RUSRUDO GHVGH HO iUHD GH (GXFDFLyQ (PiV) 5HYLVWD 'LJLWDO GH (GXFDFLyQ )tVLFD $xR 1XP MXOLR DJRVWR GH

KWWS HPDVI ZHEFLQGDULR FRP

)tVLFD VLHQGR H[WUDSRODEOH D ODV GLIHUHQWHV iUHDV GH DSUHQGL]DMH GH OD (GXFDFLyQ 3ULPDULD &RQVLGHUDPRV TXH YLQFXODQGR ODV GLILFXOWDGHV GHO DOXPQDGR FRQ 6$ D OD ([SUHVLyQ &RUSRUDO HQ HO iUHD GH (GXFDFLyQ )tVLFD pVWD FRPR GLVFLSOLQD SRGUtD GRWDU GH KHUUDPLHQWDV \ HVWUDWHJLDV DO DOXPQDGR SDUD PHMRUDU HQ VXV GLILFXOWDGHV

/D JXtD SXEOLFDGD SRU 2$5 HVWDEOHFH XQDV FDUDFWHUtVWLFDV \ GHVDItRV FRPXQHV GH SHUVRQDV FRQ 6$ ODV FXDOHV WHQGUiQ TXH HVWDU SUHVHQWHV D OD KRUD GH UHDOL]DU XQD LQWHUYHQFLyQ /D YLQFXODFLyQ GH HVRV GHVDItRV D OD ([SUHVLyQ &RUSRUDO SXHGH YHUVH HQ OD WDEOD

7DEOD 9LQFXODFLyQ GH ORV GHVDItRV GHO DOXPQDGR FRQ 6$ D OD ([SUHVLyQ &RUSRUDO )XHQWH HODERUDFLyQ SURSLD D SDUWLU GH 2$5

'(6$)Ì26 $/8012 &21 6Ì1'520( '( $63(5*(5

62&,$/(6

&2081,&$7,926

• • • • • •

&2*1,7,926

• • •

6(1625,2 02725

• •

(;35(6,Ð1 &25325$/ $<8'$ $ )DYRUHFHU OD UHODFLyQ HQWUH LJXDOHV $SUHQGHU ODV QRUPDV VRFLDOHV $PSOLDU VXV FDPSRV GH LQWHUpV )DYRUHFHU FRQWH[WRV FRPXQLFDWLYRV 5HIRU]DU OD FRPXQLFDFLyQ QR YHUEDO $SUHQGHU D FRPSUHQGHU ORV LQGLFDGRUHV GH FRPXQLFDFLyQ QR YHUEDOHV GH ORV GHPiV $SUHQGHU D RUJDQL]DUVH \ SODQLILFDUVH $SUHQGHU D GLIHUHQFLDU OR FRQFUHWR GH OR OLWHUDO )DYRUHFHU OD UHODFLyQ HQWH FRQRFLPLHQWRV DSUHQGLGRV &RQWURODU ORV HVWtPXORV VHQVRULDOHV &RQWURODU OD PRWULFLGDG GH VX FXHUSR

35238(67$ ','É&7,&$

,1752'8&&,Ð1

(VWD 3URJUDPDFLyQ HVWi HQIRFDGD DO WUDEDMR FRQ DOXPQDGR GH SULPHUR GH SULPDULD HQ HO iUHD GH (GXFDFLyQ )tVLFD HWDSD HQ OD TXH VH SUHWHQGH SURSRUFLRQDU D QLxRV \ QLxDV XQD HGXFDFLyQ GH FDOLGDG TXH JDUDQWLFH OD HTXLGDG GH RSRUWXQLGDGHV SDUD HO SOHQR GHVDUUROOR GH OD SHUVRQDOLGDG FRQ HVSHFLDO DWHQFLyQ DO DOXPQDGR TXH VXIUD GHVLJXDOGDGHV VRFLDOHV SHUVRQDOHV HFRQyPLFDV pWQLFDV R GHULYDGDV GH FXDOTXLHU WLSR GH GLVFDSDFLGDG 81(6&2

/D HGXFDFLyQ GHEH TXH SHUPLWLU DO DOXPQDGR DILDQ]DU HO GHVDUUROOR SHUVRQDO \ VX SURSLR ELHQHVWDU DGTXLULU ODV KDELOLGDGHV FXOWXUDOHV EiVLFDV UHODWLYDV D OD H[SUHVLyQ \ FRPSUHQVLyQ RUDO D OD OHFWXUD D OD HVFULWXUD \ DO FiOFXOR DO VHQWLGR DUWtVWLFR D OD FUHDWLYLGDG \ DIHFWLYLGDG DVt FRPR GHVDUUROODU ODV GLVWLQWDV FRPSHWHQFLDV FODYH WRGR HVWR HVWDEOHFLGR SRU OD /H\ 2UJiQLFD GH 0HMRUD GH OD &DOLGDG HGXFDWLYD GH GH GLFLHPEUH /20&(

(PiV) 5HYLVWD 'LJLWDO GH (GXFDFLyQ )tVLFD $xR 1XP MXOLR DJRVWR GH

KWWS HPDVI ZHEFLQGDULR FRP

$GHPiV QR KD\ TXH ROYLGDU TXH HVWD HWDSD VH FDUDFWHUL]D SRU XQD HVSHFLDO DWHQFLyQ D OD GLYHUVLGDG SRU OD SUHYHQFLyQ GH ODV GLILFXOWDGHV GH DSUHQGL]DMH \ OD SXHVWD HQ SUiFWLFD GH DSR\RV \ UHIXHU]RV WDQ SURQWR FRPR VHDQ GHWHFWDGDV DFXGLHQGR D ODV PHGLGDV RUJDQL]DWLYDV \ FXUULFXODUHV TXH VHDQ SUHFLVDV SDUD DVHJXUDU HO SULQFLSLR GH HTXLGDG VLQ SHUMXLFLR GH JDUDQWL]DU XQD HGXFDFLyQ FRP~Q SDUD WRGR HO DOXPQDGR

7Ì78/2

´(UDVH XQD YH] HO FLUFRµ

&217(;72

6H UHDOL]D HVWD SURSXHVWD HQ EDVH D ODV FDUDFWHUtVWLFDV GH XQ FROHJLR SULYDGR GH FDUiFWHU FRQFHUWDGR XELFDGR HQ HO FDVFR KLVWyULFR GH 6DQWLDJR GH &RPSRVWHOD (O DXOD GH GH SULPDULD HVWi IRUPDGD SRU XQ JUXSR KHWHURJpQHR GH DOXPQRV DV GH ORV FXDOHV VRQ QLxDV \ QLxRV (QWUH HO DOXPQDGR HQFRQWUDPRV XQ DOXPQR FRQ 6$ TXH SRU HO PRPHQWR QR KD QHFHVLWDGR QLQJXQD DGDSWDFLyQ FXUULFXODU VLJQLILFDWLYD

7(0325$/,=$&,Ð1

(VWD XQLGDG GLGiFWLFD HVWi HODERUDGD SDUD GHVDUUROODUOD HQ OD PLWDG GHO SULPHU WULPHVWUH GHO FXUVR D OR ODUJR GH VHPDQDV TXH VH FRQFUHWDQ HQ VHVLRQHV OOHYDGDV D FDER GRV YHFHV SRU VHPDQD (OHJLPRV HO SULPHU WULPHVWUH SDUD SURIXQGL]DU HQ ODV UHODFLRQHV GHO DOXPQDGR GHVSXpV GHO SDVR GH LQIDQWLO D SULPDULD QR VLQ DQWHV KDEHU GHVDUUROODGR RWUDV XQLGDGHV SDUD DSURYHFKDU HO FOLPD FUHDGR SDUD GHVDUUROODU XQD XQLGDG HQ GRQGH OD H[SUHVLyQ \ FRPXQLFDFLyQ GH HPRFLRQHV \ VHQWLPLHQWRV VHUi HO IRFR GH DWHQFLyQ

-867,),&$&,Ð1

/D 8QLGDG 'LGiFWLFD TXH SUHVHQWDPRV VH HQPDUFD HQ HO %ORTXH $FWLYLGDGHV ItVLFDV DUWtVWLFR H[SUHVLYDV GHO SULPHU FXUVR GH SULPDULD GHQWUR GHO iUHD GH (GXFDFLyQ )tVLFD WDO \ FRPR HVWi HVWDEOHFLGR HQ OD /H\ 2UJiQLFD GH 0HMRUD GH OD &DOLGDG GH (GXFDFLyQ /20&( \ GHO 'HFUHWR GH GH VHSWLHPEUH SRU HO TXH VH HVWDEOHFH HO FXUUtFXOR GH OD (GXFDFLyQ 3ULPDULD HQ OD &RPXQLGDG $XWyQRPD GH *DOLFLD

(O PRWLYR TXH QRV OOHYD D WUDWDU HVWH WHPD HV TXH QRV SDUHFH XQ DVSHFWR IXQGDPHQWDO SDUD OD PHMRUD GHO GHVDUUROOR GH OD GHVLQKLELFLyQ GHO DOXPQDGR GHO SULPHU FXUVR GH (GXFDFLyQ 3ULPDULD GH IRUPD JHQHUDO \ PiV FRQFUHWDPHQWH SDUD D\XGDU DO DOXPQDGR FRQ 6$ D PHMRUDU HQ PXFKRV FDPSRV GH VX VLQWRPDWRORJtD D WUDYpV GH OD ([SUHVLyQ &RUSRUDO TXH VH LQFRUSRUD DO DXOD XVDQGR MXHJRV FDQFLRQHV EDLOHV \ D WUDYpV GH GLYHUVDV DFWLYLGDGHV PRWULFHV &RQ HVWD SURSXHVWD SUHWHQGHPRV D\XGDU D TXH HO DOXPQDGR VHD FDSD] GH FRQRFHU VX FXHUSR \ D HOORV PLVPRV DV D GHVDUUROODU ODV DFWLWXGHV GHVWUH]DV \ KDELOLGDGHV QHFHVDULDV SDUD H[SUHVDUVH FRPXQLFDUVH DQWH ORV GHPiV VLQ QLQJ~Q WLSR GH LPSHGLPHQWR FRQWULEX\HQGR DVt D IRUWDOHFHU OD DXWRHVWLPD LQGLYLGXDO \ JUXSDO

(PiV) 5HYLVWD 'LJLWDO GH (GXFDFLyQ )tVLFD $xR 1XP MXOLR DJRVWR GH

KWWS HPDVI ZHEFLQGDULR FRP

4XHUHPRV GHVWDFDU OD LPSRUWDQFLD GH OD LQWHUGLVFLSOLQDULHGDG GH HVWD XQLGDG GLGiFWLFD SHQVDGD SDUD DEDUFDU FRQWHQLGRV PiV DOOi GH OR PHUDPHQWH SURSLR GH OD (GXFDFLyQ )tVLFD \D TXH WUDWD WDPELpQ DVSHFWRV GH PDWHULDV FRPR &LHQFLDV GH OD 1DWXUDOH]D S H ORV DQLPDOHV &LHQFLDV 6RFLDOHV S H ODV SURIHVLRQHV $UWHV 3OiVWLFDV \ 0XVLFDOHV ULWPRV SLH]DV PXVLFDOHV« R 'LVFLSOLQDV /LQJ tVWLFDV

2%-(7,926

7RPDQGR FRPR UHIHUHQFLD HO 'HFUHWR (GXFDFLyQ 3ULPDULD HQ *DOLFLD VH HVWDEOHFHQ ORV VLJXLHQWHV REMHWLYRV

*HQHUDOHV

E 'HVDUUROODU KiELWRV GH WUDEDMR LQGLYLGXDO \ GH HTXLSR GH HVIXHU]R \ GH UHVSRQVDELOLGDG HQ HO HVWXGLR DVt FRPR DFWLWXGHV GH FRQILDQ]D HQ Vt PLVPR D VHQWLGR FUtWLFR LQLFLDWLYD SHUVRQDO FXULRVLGDG LQWHUpV \ FUHDWLYLGDG HQ HO DSUHQGL]DMH \ HVStULWX HPSUHQGHGRU G &RQRFHU FRPSUHQGHU \ UHVSHWDU ODV GLIHUHQWHV FXOWXUDV \ ODV GLIHUHQFLDV HQWUH ODV SHUVRQDV OD LJXDOGDG GH GHUHFKRV \ RSRUWXQLGDGHV GH KRPEUHV \ PXMHUHV \ OD QR GLVFULPLQDFLyQ GH SHUVRQDV FRQ GLVFDSDFLGDG QL SRU RWURV PRWLYRV M 8WLOL]DU GLIHUHQWHV UHSUHVHQWDFLRQHV \ H[SUHVLRQHV DUWtVWLFDV H LQLFLDUVH HQ OD FRQVWUXFFLyQ GH SURSXHVWDV YLVXDOHV \ DXGLRYLVXDOHV N 9DORUDU OD KLJLHQH \ OD VDOXG DFHSWDU HO SURSLR FXHUSR \ HO GH ODV GHPiV SHUVRQDV UHVSHWDU ODV GLIHUHQFLDV \ XWLOL]DU OD HGXFDFLyQ ItVLFD \ HO GHSRUWH FRPR PHGLRV SDUD IDYRUHFHU HO GHVDUUROOR SHUVRQDO \ VRFLDO O &RQRFHU \ YDORUDU ORV DQLPDOHV PiV SUy[LPRV DO VHU KXPDQR \ DGRSWDU PRGRV GH FRPSRUWDPLHQWR TXH IDYRUH]FDQ VX FXLGDGR P 'HVDUUROODU VXV FDSDFLGDGHV DIHFWLYDV HQ WRGRV ORV iPELWRV GH OD SHUVRQDOLGDG \ HQ VXV UHODFLRQHV FRQ ODV GHPiV SHUVRQDV DVt FRPR XQD DFWLWXG FRQWUDULD D OD YLROHQFLD D ORV SUHMXLFLRV GH FXDOTXLHU WLSR \ D ORV HVWHUHRWLSRV VH[LVWDV \ GH GLVFULPLQDFLyQ SRU FXHVWLRQHV GH GLYHUVLGDG DIHFWLYR VH[XDO R &RQRFHU DSUHFLDU \ YDORUDU ODV VLQJXODULGDGHV FXOWXUDOHV OLQJ tVWLFDV ItVLFDV \ VRFLDOHV GH *DOLFLD SRQLHQGR GH UHOHYDQFLD D ODV PXMHUHV \ KRPEUHV TXH UHDOL]DURQ DSRUWDFLRQHV LPSRUWDQWHV D OD FXOWXUD \ D OD VRFLHGDG JDOOHJD

(VSHFtILFRV

$GTXLULU XQ FRQRFLPLHQWR GH ODV HPRFLRQHV WDQWR SURSLDV FRPR ODV GH ORV GHPiV &RQRFHU SURIXQGDPHQWH HO HVTXHPD FRUSRUDO 6DEHU H[SUHVDU HPRFLRQHV D WUDYpV GHO FXHUSR 0HMRUDU ODV KDELOLGDGHV ItVLFDV WDOHV FRPR HO HTXLOLEULR ODWHUDOLGDG« )RPHQWDU HO WUDEDMR HQ JUXSR &RQRFHU RWUDV FXOWXUDV GLIHUHQWHV D OD QXHVWUD D WUDYpV GH VXV EDLOHV R GDQ]DV SRSXODUHV

(PiV) 5HYLVWD 'LJLWDO GH (GXFDFLyQ )tVLFD $xR 1XP MXOLR DJRVWR GH

KWWS HPDVI ZHEFLQGDULR FRP

&RQRFHU PiV GH FHUFD HO FLUFR

&217(1,'26

6LJXLHQGR FRQ OD UHIHUHQFLD GHO 'HFUHWR ORV FRQWHQLGRV TXH VH WUDEDMDQ HQ HVWD XQLGDG GLGiFWLFD VRQ

% 'HVFXEULPLHQWR \ H[SORUDFLyQ GH ODV SRVLELOLGDGHV H[SUHVLYDV GHO FXHUSR \ GHO PRYLPLHQWR 6LQFURQL]DFLyQ GHO PRYLPLHQWR FRQ HVWUXFWXUDV UtWPLFDV VHQFLOODV % (MHFXFLyQ GH EDLOHV R GDQ]DV VHQFLOODV UHSUHVHQWDWLYDV GH OD FXOWXUD JDOOHJD \ GH RWUDV FXOWXUDV VLJXLHQGR HO ULWPR % ,PLWDFLyQ GH SHUVRQDMHV REMHWRV \ VLWXDFLRQHV % 3DUWLFLSDFLyQ HQ VLWXDFLRQHV TXH VXSRQJDQ FRPXQLFDFLyQ FRUSRUDO % 'HVLQKLELFLyQ HQ OD H[WHULRUL]DFLyQ GH HPRFLRQHV \ VHQWLPLHQWRV D WUDYpV GHO FXHUSR HO JHVWR \ HO PRYLPLHQWR

&5,7(5,26 '( (9$/8$&,Ð1 (67É1'$5(6 '( $35(1',=$-(

6HJ~Q HO 'HFUHWR ORV FULWHULRV GH HYDOXDFLyQ \ HVWiQGDUHV GH DSUHQGL]DMH TXH VH DSOLFDUiQ HQ HVWD XQLGDG GLGiFWLFD VRQ

&ULWHULRV GH HYDOXDFLyQ

% 8WLOL]DU ORV UHFXUVRV H[SUHVLYRV GHO FXHUSR \ HO PRYLPLHQWR FRPXQLFDQGR VHQVDFLRQHV \ HPRFLRQHV (VWRV FULWHULRV GH HYDOXDFLyQ VH FRQFUHWL]DQ HQ ORV VLJXLHQWHV HVWiQGDUHV GH DSUHQGL]DMH ()% 5HSUHVHQWD SHUVRQDMHV \ VLWXDFLRQHV PHGLDQWH HO FXHUSR \ HO PRYLPLHQWR FRQ GHVLQKLELFLyQ \ HVSRQWDQHLGDG ()% 5HSURGXFH FRUSRUDOPHQWH XQD HVWUXFWXUD UtWPLFD VHQFLOOD

()% 5HDOL]D EDLOHV \ GDQ]DV VHQFLOODV UHSUHVHQWDWLYDV GH OD FXOWXUD JDOOHJD \ GH RWUDV FXOWXUDV

&203(7(1&,$6 &/$9(

(O GHVDUUROOR GH HVWD XQLGDG FRQWULEX\H DO GHVDUUROOR GH ODV VLJXLHQWHV FRPSHWHQFLDV FODYH 'HFUHWR

&RPSHWHQFLD &RPXQLFDFLyQ /LQJ tVWLFD &&/

&RPSHWHQFLD 'LJLWDO &'

&RPSHWHQFLD $SUHQGHU D $SUHQGHU &$$

&RPSHWHQFLD 6RFLDO \ &tYLFD &6&

&RPSHWHQFLD GH 6HQWLGR GH OD ,QLFLDWLYD \ (VStULWX (PSUHQGHGRU &6,((

&RPSHWHQFLD GH &RQFLHQFLD \ ([SUHVLRQHV &XOWXUDOHV &&(&

(PiV) 5HYLVWD 'LJLWDO GH (GXFDFLyQ )tVLFD $xR 1XP MXOLR DJRVWR GH

KWWS HPDVI ZHEFLQGDULR FRP

$7(1&,Ð1 $ /$ ',9(56,'$'

'HVSXpV GH XQD HYDOXDFLyQ LQLFLDO VH GLYHUVLILFDUiQ ODV DFWLYLGDGHV GH ( $ GH PDQHUD TXH VH DGDSWHQ D ODV GLVWLQWDV FDSDFLGDGHV \ ULWPRV GH DSUHQGL]DMH GHO DOXPQDGR SULQFLSLR GH LQGLYLGXDOL]DFLyQ LQFOX\HQGR DFWLYLGDGHV GH UHIXHU]R \ DPSOLDFLyQ HQ ORV FDVRV TXH SUHVHQWHQ QHFHVLGDG 6H DWHQGHUi DVLPLVPR D ODV IRUPDV GH DJUXSDPLHQWR SDUD IDYRUHFHU XQ DSUHQGL]DMH PiV LQWHUDFWLYR HQ FODVH SHTXHxRV JUXSRV WXWRUL]DFLyQ HQWUH LJXDOHV DWHQFLyQ LQGLYLGXDOL]DGD HQ SHUtRGRV FRUWRV« D GLIHUHQWHV DVSHFWRV PHWRGROyJLFRV SDUD VHFXHQFLDU WDUHDV H LQWURGXFLU DFWLYLGDGHV FRPSOHPHQWDULDV \ DO XVR GH GLIHUHQWHV UHFXUVRV PDWHULDOHV SDUD DMXVWDUQRV D ORV LQWHUHVHV JHQHUDOHV \ SDUWLFXODUHV TXH QRV LQWHUHVH HQ FDGD PRPHQWR

$GDSWDFLRQHV QHFHVDULDV SDUD HO DOXPQR FRQ 6$

7RGD OD LQWHUYHQFLyQ HVWi SUHSDUDGD SDUD HO JUDQ JUXSR \ DGDSWDGD HVSHFLDOPHQWH SDUD HO DOXPQR FRQ 6$ 3HGUR (VWR VH GHEH D TXH HO DOXPQDGR FRQ 6$ GHEH HVWDU LQFOXLGR HQ HO DXOD \ HV HO GRFHQWH TXLHQ GHEH PRGLILFDU VXV DFWLYLGDGHV HQ IXQFLyQ GH ODV FDUDFWHUtVWLFDV GHO DOXPQDGR DWHQGLHQGR HQ HVWH FDVR D ODV QHFHVLGDGHV HGXFDWLYDV GH QXHVWUR DOXPQR 3HGUR D OD KRUD GH DGDSWDU HO PDWHULDO

6H HVWUXFWXUDUiQ WRGDV ODV VHVLRQHV GH OD PLVPD IRUPD SDUWH LQLFLDO PHGLD \ ILQDO RUJDQL]DFLyQ SDXWDGD TXH IDYRUHFHUi TXH 3HGUR VHSD HQ WRGR PRPHQWR OR TXH VH YD D KDFHU 3DUWLHQGR GH OD DPELHQWDFLyQ GHO OXJDU GH DFWLYLGDG HO JLPQDVLR FRPR XQ FLUFR WRGDV ODV VHVLRQHV FRPHQ]DUiQ FRQ XQ FXHQWR LQWHUDFWLYR HQ HO FDVR GH 3HGUR HVWH FXHQWR HVWDUi WUDGXFLGR D SLFWRJUDPDV TXH VH SUR\HFWDUDQ HQ HO DXOD SDUD KDFHU PiV IiFLO HO VHJXLPLHQWR GH OD KLVWRULD $VLPLVPR DO ILQDO GH FDGD VHVLyQ VH DGHODQWDUi HO FRQWHQLGR GH OD SUy[LPD VHVLyQ VXVFLWDQGR HO LQWHUpV GH 3HGUR DO WLHPSR TXH VH UHGXFH HO QLYHO GH LQFHUWLGXPEUH HQ HO WUDEDMR D UHDOL]DU

$ OD KRUD GH OD FUHDFLyQ GH JUXSRV UHVSHWDUHPRV ODV DPLVWDGHV GH 3HGUR FRQ HO ILQ GH QR FUHDUOH PD\RU DQJXVWLD 3RFR D SRFR LUHPRV PH]FOiQGROR FRQ RWURV FRPSDxHURV FRQ ORV TXH YHDPRV TXH WLHQH PHQRU UHODFLyQ

/D FRRSHUDFLyQ HQWUH GRFHQWHV GH ODV GLVWLQWDV iUHDV HV IXQGDPHQWDO D OD KRUD GH WUDEDMDU FRQ DOXPQDGR FRQ 6$ \D TXH OHV DSRUWDUi ODV FRQH[LRQHV \ HVWUXFWXUDV QHFHVDULDV SDUD RUJDQL]DU VX DSUHQGL]DMH \ FRQVHJXLU TXH HO QLxR YHD OD HQVHxDQ]D FRPR HO FRQMXQWR GH XQ WRGR

'H PDQHUD LQWHUGLVFLSOLQDU HO 'HSDUWDPHQWR GH 2ULHQWDFLyQ GHO FHQWUR KD LQVWDXUDGR XQDV PHGLGDV GH LQWHUYHQFLyQ FRP~Q D WRGDV ODV iUHDV H LQGLYLGXDO HV GHFLU SDUD 3HGUR 6H WUDWD GH SDXWDU WRGRV ORV WUDEDMRV \ UXWLQDV GLDULDV HQ XQD DJHQGD (VD DJHQGD YD VLHPSUH FRQ 3HGUR \ HQ HOOD HVWiQ PDUFDGRV ORV GLVWLQWRV KRUDULRV GHO GtD TXH OH D\XGDQ D RUJDQL]DUVH \ D DQWLFLSDUVH D ODV VLWXDFLRQHV &XHQWD WDPELpQ FRQ GRV SHTXHxRV DSDUWDGRV GRQGH 3HGUR UHSUHVHQWD FRPR VH VLHQWH \ HO GRFHQWH HVFULEH VXV DQRWDFLRQHV SDUD TXH DVt HO UHVWR GH SURIHVRUHV \ VXV SDGUHV SXHGDQ YHU GLDULDPHQWH FRPR KD WUDEDMDGR

(V WUDEDMR GHO GRFHQWH EXVFDU GRV PRPHQWRV HQ FDGD VHVLyQ DO FRPLHQ]R \ DO ILQDOL]DU OD PLVPD SDUD LQWHUDFWXDU FRQ 3HGUR KDFHU ODV DQRWDFLRQHV SHUWLQHQWHV

(PiV) 5HYLVWD 'LJLWDO GH (GXFDFLyQ )tVLFD $xR 1XP MXOLR DJRVWR GH

KWWS HPDVI ZHEFLQGDULR FRP

HQ OD DJHQGD \ UHDOL]DU ORV UHIXHU]RV RSRUWXQRV (Q IXQFLyQ GH ODV DQRWDFLRQHV HO FHQWUR \ OD IDPLOLD KDQ FUHDGR XQ VLVWHPD GH ERQLILFDFLRQHV /OHGy TXH 3HGUR FDQMHD HQ HO ILQ GH VHPDQD

0(72'2/2*Ì$

&RPR VH UHIOHMD HQ HO DUWtFXOR GHO 'HFUHWR DWHQFLyQ D OD GLYHUVLGDG PHWRGRORJtD GLGiFWLFD DFFLyQ HGXFDWLYD LQWHUYHQFLyQ HGXFDWLYD DWHQFLyQ SHUVRQDOL]DGD \ PHFDQLVPRV GH UHIXHU]R VH HPSOHDUi XQD PHWRGRORJtD QR GLUHFWLYD DOHMDGD GH PpWRGRV WUDGLFLRQDOHV WDO \ FRPR UHTXLHUH OD HQVHxDQ]D GH ODV DFWLYLGDGHV GH ([SUHVLyQ &RUSRUDO DVLJQDQGR WDUHDV \ SURWDJRQLVPR DO DOXPQDGR RIUHFLpQGROH PDUJHQ GH HVSDFLR WLHPSR \ OLEHUWDG SDUD FUHDU FRPSDUWLU GHFLGLU H[SUHVDU FRPXQLFDU

/D PHWRGRORJtD EDVDGD HQ HO MXHJR VHUi OD SUHGRPLQDQWH HQ WRGD OD XQLGDG GLGiFWLFD DSOLFDQGR GLIHUHQWHV HVWLORV GH DSUHQGL]DMH 6LFLOLD 'HOJDGR

LQFHQWLYDQGR HO LQWHUpV GHO DOXPQDGR SRU OD (GXFDFLyQ )tVLFD \ SURSRUFLRQDQGR HO FRQWH[WR QHFHVDULR SDUD TXH VH GLYLHUWDQ \ GLVIUXWHQ GH OD DFWLYLGDG DO WLHPSR TXH EXVFDPRV DSUHQGL]DMHV YHUGDGHUDPHQWH VLJQLILFDWLYRV

'(6$552//2 '( /$6 6(6,21(6

7RGDV ODV VHVLRQHV JLUDQ HQ WRUQR D OD WHPiWLFD GHO FLUFR WDEODV \

\ SDUD HOOR XWLOL]DUHPRV XQ FXHQWR DQH[R TXH VH OHHUi DO FRPLHQ]R \ DO ILQDOL]DU FDGD VHVLyQ 7RGDV ODV VHVLRQHV HVWiQ GLYLGLGDV HQ WUHV SDUWHV XQD SULPHUD GH LQWURGXFFLyQ TXH VH UHDOL]DUi PHGLDQWH OD OHFWXUD GHO FXHQWR SDUD SURYRFDU DVt TXH HO DOXPQDGR VH PHWD HQ VLWXDFLyQ \ VH PLPHWLFH FRQ HO HQWRUQR VLWXDFLyQ \ FRQWH[WR TXH YD\DPRV D WUDEDMDU HVH GtD XQD VHJXQGD SDUWH GRQGH VH GHVDUUROODQ ODV DFWLYLGDGHV FODYH GH OD VHVLyQ \ XQD WHUFHUD \ ~OWLPD SDUWH TXH VHUYLUi GH UHODMDFLyQ \ UHIOH[LyQ

7DEOD 6HVLyQ 0LPRV 6(6,Ð1 0,026 6HVLyQ LQWURGXFWRULD GH ([SUHVLyQ &RUSRUDO SDUD VDEHU HO SXQWR GHO FXDO GHEHPRV SDUWLU FRQ HO DOXPQDGR TXH VH UHDOL]DUi HQ HO SROLGHSRUWLYR 6H SUHWHQGH WUDEDMDU HO WHPD GH ODV HPRFLRQHV \ VHQWLPLHQWRV DVt FRPR TXH HO DOXPQDGR GHVDUUROOH OD HPSDWtD

7HPSRUDOL]DFLyQ PLQXWRV

5HFXUVRV FXHQWR UHSURGXFWRU GH DXGLR SUR\HFWRU P~VLFD \ FDUHWDV

5HFXUVRV SDUD OD DGDSWDFLyQ 6$ FXHQWR FRQ SLFWRJUDPDV DQH[R WDUMHWDV FRQ ODV HPRFLRQHV DQH[R SLFWRJUDPDV GH ODV SDUWHV GHO FXHUSR DQH[R SUHVWDQGR DWHQFLyQ D WUDQVPLWLU OD LQIRUPDFLyQ GH IRUPD FODUD \ FRQFLVD \ D\XGiQGRQRV GH ODV 7,&6 SDUD IDFLOLWDU OD FRPSUHQVLyQ GH ORV FRQWHQLGRV

'HVFULSFLyQ GH ODV DFWLYLGDGHV 3$57( ,1,&,$/ &XHQWR 5HODWR GHO FXHQWR ´(UDVH XQD YH] HO FLUFRµ DQH[R (V XQ EXHQ PRPHQWR SDUD LQYHVWLJDU DFHUFD GHO JUXSR FODVH SDUD VDEHU TXLpQ HV HO OtGHU R TXLpQ SRU HO FRQWUDULR HVWi PiV UHWUDtGR SXHVWR TXH HO FXHQWR LQWHUDFW~D FRQ HO JUXSR

(PiV) 5HYLVWD 'LJLWDO GH (GXFDFLyQ )tVLFD $xR 1XP MXOLR DJRVWR GH

KWWS HPDVI ZHEFLQGDULR FRP

3$57( 35,1&,3$/ /DV HVWDWXDV /D DFWLYLGDG FRQVLVWH HQ FDPLQDU FRUUHU DO ULWPR GH OD P~VLFD SRU WRGR HO HVSDFLR GLVSRQLEOH &XDQGR OD P~VLFD GHMD GH VRQDU WRGRV GHEHUiQ SHUPDQHFHU TXLHWRV FRPR VL IXHVHQ HVWDWXDV KDVWD TXH OD P~VLFD YXHOYD D VRQDU (O MXJDGRU TXH VH PXHYH GHMD GH VHU HVWDWXD \ SDVD D VHU XQ PLPR FDUDQWRxDV HO HOHPHQWR GH GLVWUDFFLyQ SDUD HO UHVWR GH MXJDGRUHV 6X IXQFLyQ VHUi KDFHU TXH VH UtDQ HO UHVWR GH FRPSDxHURV TXH VLJXHQ VLHQGR HVWDWXDV SHUR OR KDUi D WUDYpV GH OD PtPLFD HV GHFLU QR SRGUi WRFDUOHV QL KDEODUOHV (O MXHJR WHUPLQD FXDQGR WRGRV VRQ PLPRV FDUDQWRxDV /D P~VLFD TXH HPSOHDUtDPRV SDUD HVWD DFWLYLGDG VHUtD ´$OHJUtDµ GHO &LUFR GHO 6RO KWWSV ZZZ \RXWXEH FRP ZDWFK"Y SS5*Q2)-K%< /DV HPRFLRQHV (O MXHJR FRVLVWH HQ HVWDEOHFHU XQ GLiORJR KDFLpQGROHV SUHJXQWDV GHO HVWLOR ¢FyPR SXHGHV GHFLUOH D WXV SDGUHV TXH OHV TXLHUHV VLQ KDEODU" ¢'H TXp WLHQHV PLHGR" ¢TXp WLHQHV IUtR" OD DFWLYLGDG FRQVLVWLUi HQ FRUUHU OLEUHPHQWH SRU HO HVSDFLR PLHQWUDV VXHQD OD P~VLFD &XDQGR OD P~VLFD SDUD HO SURIHVRU GLUi XQD HPRFLyQ R VHQVDFLyQ TXH HOORV WLHQHQ TXH UHSUHVHQWDU DQH[R

3DUD HVWD DFWLYLGDG XVDUtDPRV OD FDQFLyQ GH 0~VLFD GHO &LUFR TXH HQFRQWUDPRV HQ HO VLJXLHQWH HQODFH KWWSV ZZZ \RXWXEH FRP ZDWFK"Y [-2 :E' ,R ¢$GLYLQD TXp PH SDVD" (VWD DFWLYLGDG VH OOHYDUi D FDER SRU SDUHMDV XQR IUHQWH DO RWUR 8Q PLHPEUR GH OD SDUHMD GHEHUi UHSUHVHQWDU OD HPRFLyQ R VHQWLPLHQWR GH OD FDUHWD TXH OHV PXHVWUH HO PDHVWUR SDUD TXH HO RWUR PLHPEUR GH OD SDUHMD DGLYLQH GH TXp HPRFLyQ VH WUDWD 3DUD HVWR ORV DOXPQRV VH VLWXDUiQ HQ GRV ILODV GH WDO PRGR TXH ORV DOXPQRV TXH YDQ D UHSUHVHQWDU YHDQ OD FDUHWD DO PLVPR WLHPSR /XHJR VH FDPELDQ ORV UROHV \ ORV TXH WHQtDQ TXH DGLYLQDU OD HPRFLyQ SDVDQ D UHSUHVHQWDUOD

3$57( ),1$/ 0DULRQHWDV (Q HVWD DFWLYLGDG VH OHV GLFH D ORV DOXPQRV TXH WLHQHQ TXH DFWXDU FRPR VL IXHVHQ PDULRQHWDV HV GHFLU FRPR VL ODV SDUWHV GH VX FXHUSR HVWXYLHUDQ DWDGDV FRQ FXHUGDV (O PDHVWUR LUi GLFLHQGR TXH YD D FRUWDU ODV FXHUGDV TXH DWDQ D HVD PDULRQHWD GH WDO IRUPD TXH FDGD YH] TXH FRUWD XQD FXHUGD HVD SDUWH GHO FXHUSR VH GHMD PXHUWD (PSH]DUtDPRV SRU OD FDEH]D KDVWD OOHJDU D ORV SLHV TXHGDQGR HO DOXPQDGR WLUDGR HQ HO VXHOR (VWD DFWLYLGDG LUtD DFRPSDxDGD GH P~VLFD FRPR SRU HMHPSOR OD REUD GH -RKDQQ 6HEDVWLDQ %DFK $ULD TXH HQFRQWUDPRV HQ HVWH HQODFH KWWSV ZZZ \RXWXEH FRP ZDWFK"Y $&HHP2'6V F DQH[R

)LQDO GHO FXHQWR DQH[R

7DEOD 6HVLyQ /RV DQLPDOHV 6(6,Ð1 /26 $1,0$/(6 7HPSRUDOL]DFLyQ PLQXWRV

5HFXUVRV FXHQWR UHSURGXFWRU GH DXGLR P~VLFD WDUMHWDV FRQ DQLPDOHV SDxXHOR FDQFLyQ 1Rp

5HFXUVRV SDUD OD DGDSWDFLyQ 6$ FXHQWR FRQ SLFWRJUDPDV DQH[R SLFWRJUDPDV GH OD H[SOLFDFLyQ GHO MXHJR GHO SDxXHOR DQH[R WDUMHWDV FRQ ORV DQLPDOHV DQH[R SUHVWDQGR DWHQFLyQ D WUDQVPLWLU OD LQIRUPDFLyQ GH IRUPD FODUD \ FRQFLVD \ D\XGiQGRQRV GH ORV UHFXUVRV YLVXDOHV TXH HODERUDPRV SDUD HVWH ILQ SLFWRJUDPDV \ WDUMHWDV TXH HQ HO FDVR GH ORV DQLPDOHV SRGUtDQ VXVWLWXLUVH SRU MXJXHWHV TXH GLVSRQHPRV HQ HO DXOD R TXH VRQ DSRUWDGRV SRU ORV SURSLRV DOXPQRV

3DUD HO MXHJR GH ORV DQLPDOHV WDPELpQ VHUtD LQWHUHVDQWH HO WUDEDMR FRQ ORV %LWV GH LQWHOLJHQFLD SDUD DGTXLULU QXHYRV FRQFHSWRV \ VHDQ FDSDFHV GH HVWDEOHFHU UHODFLRQHV HILFDFHV

'HVFULSFLyQ GH ODV DFWLYLGDGHV (PiV) 5HYLVWD 'LJLWDO GH (GXFDFLyQ )tVLFD $xR 1XP MXOLR DJRVWR GH

KWWS HPDVI ZHEFLQGDULR FRP

3$57( ,1,&,$/ &XHQWR DQH[R

3$57( 35,1&,3$/ /RV DQLPDOHV (Q HVWD DFWLYLGDG WUDEDMDUtDPRV FRQWHQLGRV LQWHUGLVFLSOLQDUHV &LHQFLDV GH OD 1DWXUDOH]D (O DOXPQDGR WLHQH TXH LU FRJLHQGR XQ SDSHO GH XQD EROVD DOHDWRULDPHQWH \ WHQGUiQ TXH LPLWDU HO PRYLPLHQWR H LQFOXVR HO VRQLGR GHO DQLPDO (Q OD EROVD KD\ HO Q~PHUR FRUUHVSRQGLHQWH GH SDSHOHV HQ IXQFLyQ GH ORV DOXPQRV TXH WHQJDPRV HQ HO DXOD \ DQLPDOHV HQ IXQFLyQ GH FXDQWRV JUXSRV TXHUDPRV KDFHU (Q HVWH FDVR VROR KD\ GRV WLSRV GH DQLPDOHV FDUQtYRURV OHRQHV \ ORV KHUEtYRURV HOHIDQWHV (Q FXDQWR WHQJDQ VX DQLPDO GHEHUiQ LPLWDUOR D OD YH] TXH VXHQD OD P~VLFD \ DJUXSDUVH FRQ HO UHVWR GH VX PDQDGD 1RV GHVSOD]DPRV $GDSWDFLyQ GHO MXHJR SRSXODU (O SDxXHOR 'LYLGLUHPRV OD FODVH HQ GRV JUXSRV TXH \D WHQHPRV FUHDGRV FRQ OD DFWLYLGDG DQWHULRU 6H PDUFDQ GRV OtQHDV SDUDOHODV R VH XWLOL]DQ ODV SURSLDV GH OD SLVWD SROLGHSRUWLYD &DGD XQR GH ORV LQGLYLGXRV WHQGUi DVLJQDGR XQ DQLPDO GLIHUHQWH JDWR SHUUR VHUSLHQWH MLUDID FRFRGULOR UDQD PRQR FDQJXUR GH OD PLVPD PDQHUD TXH HQ HO SDxXHOR WHQtDPRV Q~PHURV &XDQGR HO PDHVWUR GLJD HO QRPEUH GHO DQLPDO TXH OH FRUUHVSRQGH ORV DOXPQRV GHEHUiQ LU D EXVFDU HO SDxXHOR \ YROYHU MXQWR D VXV FRPSDxHURV GHVSOD]iQGRVH LJXDO TXH OR KDUtD HO DQLPDO TXH OHV WRFy UHSUHVHQWDU FRQ ORV VRQLGRV LQFOXLGRV $TXHO TXH QR FRMD HO SDxXHOR SHUVHJXLUi DO FRQWUDULR FRQ OD LQWHQFLyQ GH DWUDSDUOR DQWHV GH TXH OOHJXH GRQGH HVWiQ VXV FRPSDxHURV DQH[R

(O MXHJR GH ORV DQLPDOHV (Q JUXSRV GH FLQFR ORV DOXPQRV GHEHUiQ LPLWDU D XQ JUXSR GH DQLPDOHV HVWRV SXHGHQ VHU OHRQHV ORERV HOHIDQWHV \ MLUDIDV FRPR VH PXHYHQ FRPR FRPHQ FRPR VH FRPSRUWDQ PLHQWUDV VXHQD OD P~VLFD 8QD YH] TXH FDGD JUXSR KD HVFHQLILFDGR VX URO VH GHEHQ DOLDU HQ GRV HTXLSRV ORV FDUQtYRURV \ ORV KHUEtYRURV (O MXHJR FRQVLVWH HQ FUX]DU GH XQ ODGR GHO FDPSR DO RWUR VLQ TXH HO HTXLSR FRQWUDULR WH SLOOH &XDQGR HO SURIHVRU GD OD VHxDO HO HTXLSR GH ORV KHUEtYRURV VDOHQ SDUD OOHJDU DO RWUR ODGR GHO FDPSR GRQGH HQ OD PLWDG GHO FDPSR HVWDUiQ IRUPDQGR XQD ILOD ORV FDUQtYRURV 6L XQ FDUQtYRUR SLOOD D XQ KHUEtYRUR HVWH LQPHGLDWDPHQWH SDVD D VHU GHO HTXLSR FRQWUDULR &DQFLyQ GH XQ GtD 1Rp 'LVSRQLEOH HQ HO VLJXLHQWH HQODFH KWWSV ZZZ \RXWXEH FRP ZDWFK"Y 2&;UE IVDUF 6HUtD LQWHUHVDQWH SRGHU SUR\HFWDUOD SDUD TXH ORV DOXPQRV SXGLHUDQ VHJXLUOD

3$57( ),1$/ )LQDO GHO FXHQWR DQH[R

7DEOD 6HVLyQ ÉIULFD 6(6,Ð1 É)5,&$ 7HPSRUDOL]DFLyQ PLQXWRV

5HFXUVRV FXHQWR UHSURGXFWRU GH DXGLR P~VLFD SDxXHORV DURV EDQFRV FROFKRQHWDV JORERV D]XOHV FDQFLyQ (SR , 7DL 7DL

5HFXUVRV SDUD OD DGDSWDFLyQ 6$ FXHQWR FRQ SLFWRJUDPDV DQH[R WDUMHWDV FRQ ORV DQLPDOHV GH ÉIULFD DQH[R SUHVWDQGR DWHQFLyQ D WUDQVPLWLU OD LQIRUPDFLyQ GH IRUPD FODUD \ FRQFLVD \ D\XGiQGRQRV GH ORV UHFXUVRV YLVXDOHV TXH HODERUDPRV SDUD HVWH ILQ SLFWRJUDPDV \ WDUMHWDV TXH HQ HO FDVR GH ORV DQLPDOHV SRGUtDQ VXVWLWXLUVH SRU MXJXHWHV TXH GLVSRQHPRV HQ HO DXOD R TXH VRQ DSRUWDGRV SRU ORV SURSLRV DOXPQRV

(Q ORV HQODFHV GH <RXWXEH VH SUR\HFWDQ YLGHRV TXH D\XGDQ D OD FRPSUHQVLyQ \ VHJXLPLHQWR GH OD VHVLyQ SRU HO DOXPQDGR 6$

(PiV) 5HYLVWD 'LJLWDO GH (GXFDFLyQ )tVLFD $xR 1XP MXOLR DJRVWR GH

KWWS HPDVI ZHEFLQGDULR FRP

'HVFULSFLyQ GH ODV DFWLYLGDGHV 3$57( ,1,&,$/ &XHQWR DQH[R

3$57( 35,1&,3$/ ¢< W~ TXLpQ HUHV" (O DOXPQDGR VH GLVSRQH SRU WRGR HO HVSDFLR GHO JLPQDVLR SDEHOOyQ 0LHQWUDV VXHQD OD P~VLFD HO SURIHVRU OHV LQGLFDUi OD IRUPD GH GHVSOD]DUVH 3RU HMHPSOR QRV PRYHPRV FRPR VL IXpVHPRV VHUSLHQWHV OHRQHV DYHVWUXFHV HQVHxDQGR ORV GLHQWHV FRPR FRFRGULORV JRULODV DQH[R (O DOXPQDGR WHQGUi TXH GHVSOD]DUVH LPLWDQGR OR Pi[LPR SRVLEOH HVH DQLPDO /D P~VLFD TXH HPSOHDUtDPRV SDUD HVWD DFWLYLGDG VHUtD 0~VLFD DIULFDQD GH 1GLYH 0XUR\L KWWSV ZZZ \RXWXEH FRP ZDWFK"Y Y28Q\7\6.$ (O MXHJR GH OD VHUSLHQWH 3RU SDUHMDV RFXSDQGR WRGR HO HVSDFLR &DGD SDUHMD UHFLEH XQ SDxXHOR TXH FRORFD HQ HO VXHOR \ TXH VLPEROL]D XQD VHUSLHQWH 0LHQWUDV OD P~VLFD VXHQD WRGRV VH PXHYHQ \ EDLODQ DO ULWPR GH OD P~VLFD &XDQGR OD P~VLFD VH GHWLHQH FDGD PLHPEUR GH OD SDUHMD WUDWD GH FRJHU OD VHUSLHQWH WLUDQGR KDFLD Vt SRU XQR GH VXV H[WUHPRV (O MXJDGRU TXH QR FRQVLJXH KDFHUVH FRQ OD VHUSLHQWH GHEH EXVFDU XQD QXHYD SDUHMD $TXHO TXH VH KDFH FRQ OD VHUSLHQWH SHUPDQHFH HQ HO VLWLR OHYDQWD VX EUD]R VXMHWDQGR HO SDxXHOR \ SHUPDQHFH DVt KDVWD TXH XQ QXHYR MXJDGRU VH XQH D pO /D P~VLFD TXH SRQGUtDPRV HQ HVWD VHVLyQ VHUtD 0~VLFD DIULFDQD GH =\ZHUH KWWSV ZZZ \RXWXEH FRP ZDWFK"Y 5 $ 1 : H 0 (Q EXVFD GH DJXD &LUFXLWR (VWH FLUFXLWR HVWDUi DPELHQWDGR HQ OD E~VTXHGD GH DJXD SDUD VX WULEX 3DUD HVWD DFWLYLGDG GLYLGLUtDPRV D HO DOXPQDGR HQ JUXSRV GH WULEXV

DJUXSiQGRORV HQ IXQFLyQ GHO MXHJR DQWHULRU SDUHMDV PiV XQD SHUVRQD

(O FLUFXLWR HVWDUi IRUPDGR SRU DURV SLHGUDV TXH WLHQHQ TXH VDOWDU XQ EDQFR SXHQWH TXH FUX]D HO UtR \ XQD FROFKRQHWD UHFLSLHQWH GRQGH WUDQVSRUWDQ HO DJXD /RV DOXPQRV SDVDUtDQ SRU ORV DURV \ EDQFR GiQGROH WRTXHV FRQ ODV PDQRV D XQ JORER D]XO VLPEROL]D HO DJXD HYLWDQGR TXH HO JORER WRTXH HO VXHOR 8QD YH] SDVDGRV ORV DURV \ ORV EDQFRV GHEHUiQ GHMDU ORV JORERV HQFLPD GH OD FROFKRQHWD &XDQGR WRGRV ORV DOXPQRV GHO JUXSR KDQ SDVDGR HO FLUFXLWR FRJHUiQ HQWUH WRGRV OD FROFKRQHWD \ OD WUDQVSRUWDUDQ LQWHQWDQGR QR SHUGHU JORERV KDVWD HO RWUR ODGR GHO JLPQDVLR VX SREODGR

3$57( ),1$/ (SR , 7DL 7DL ( &DQFLyQ GH DJUDGHFLPLHQWR SRU HO DJXD FRQVHJXLGD HQ OD DFWLYLGDG DQWHULRU /D FDQFLyQ VLJXH XQRV JHVWRV TXH YLHQHQ H[SOLFDGRV MXQWR FRQ OD OHWUD HQ KWWSV ZZZ \RXWXEH FRP ZDWFK"Y ]; + TI'UFR 5HODMDFLyQ PHGLDQWH P~VLFD \ DPELHQWDFLyQ GHVDUUROODGD SRU HO SURIHVRU /D P~VLFD TXH SRQGUtDPRV HQ HVWD VHVLyQ VHUtD ,PED ZLPER GH 0LJKW\ -RH <RXQJ KWWSV ZZZ \RXWXEH FRP ZDWFK"Y ;MQTO WPLTR DQH[R

)LQDO GHO FXHQWR 9HU DQH[R

7DEOD 6HVLyQ ,QGLD 6(6,Ð1 ,1',$ 7HPSRUDOL]DFLyQ PLQXWRV 5HFXUVRV FXHQWR UHSURGXFWRU GH DXGLR P~VLFD JRPHWV DPDULOORV QDUDQMDV SHORWDV GH HVSXPD XQD SL]DUUD \ FDQFLyQ $UUDPVDQVDQ

5HFXUVRV SDUD OD DGDSWDFLyQ 6$ FXHQWR FRQ SLFWRJUDPDV DQH[R SLFWRJUDPDV GH OHRSDUGRV \ FLHUYRV SUHVWDQGR DWHQFLyQ D WUDQVPLWLU OD LQIRUPDFLyQ GH IRUPD FODUD \ FRQFLVD \ D\XGiQGRQRV GH ORV UHFXUVRV YLVXDOHV TXH HODERUDPRV SDUD HVWH ILQ (Q HO MXHJR GH ORV VLDPHVHV HO SURIHVRU HOHJLUi SRU DILQLGDG OD SDUHMD GHO DOXPQR 6$ SDUD KDFHUOR VHQWLU PiV VHJXUR \ FyPRGR HQ OD UHDOL]DFLyQ GH HVWH HMHUFLFLR (Q ORV HQODFHV GH <RXWXEH VH SUR\HFWDQ YLGHRV TXH D\XGDQ D OD FRPSUHQVLyQ \ VHJXLPLHQWR GH OD VHVLyQ SRU HO DOXPQDGR 6$

(PiV) 5HYLVWD 'LJLWDO GH (GXFDFLyQ )tVLFD $xR 1XP MXOLR DJRVWR GH

KWWS HPDVI ZHEFLQGDULR FRP

'HVFULSFLyQ GH ODV DFWLYLGDGHV 3$57( ,1,&,$/ &XHQWR DQH[R

$O ILQDOL]DU OD OHFWXUD GHO FXHQWR VH IRUPDUiQ GRV HTXLSRV UHSDUWLpQGROHV JRPHWV GH FRORU DPDULOOR \ QDUDQMD /RV DOXPQRV GHEHUiQ SRQpUVHOR HQ OD IUHQWH FRPR ORV ELQGL TXH OOHYDQ ODV PXMHUHV KLQG~HV HQ OD IUHQWH

3$57( 35,1&,3$/ (O GUDJyQ +DFHPRV GRV JUXSRV GH GRFH MXJDGRUHV IRUPDQGR XQD ILOD (O SULPHUR UHSUHVHQWD OD FDEH]D GHO GUDJyQ \ HO ~OWLPR VX FROD (O JUXSR HPSLH]D D FDPLQDU GHVSDFLR FRJLpQGRVH SRU ORV KRPEURV GHO FRPSDxHUR GH GHODQWH SHUR £FXLGDGR FXDQGR XQR GH ORV MXJDGRUHV JULWH £\D OD FDEH]D GHO GUDJyQ WLHQH TXH LQWHQWDU FRJHU OD FROD (O UHVWR GH MXJDGRUHV VLQ VROWDUVH LQWHQWDUiQ SURWHJHU OD FROD SXHVWR TXH VL pVWD HV WRFDGD TXHGD HOLPLQDGD GHO MXHJR (Q HO FDVR TXH ORV MXJDGRUHV VH VXHOWHQ \ OD ILJXUD GHO GUDJyQ VH URPSD HO SULPHU MXJDGRU WHQGUi TXH SDVDU D OD FROD GHO GUDJyQ \ DVt HO VHJXQGR GH OD ILOD SDVDUi D VHU HO SULPHUR /HRSDUGRV \ FLHUYRV &RQ ORV GRV HTXLSRV \D IRUPDGRV HO JUXSR GH ORV ELQGL DPDULOORV VHUiQ ORV OHRSDUGRV \ HO JUXSR GH ORV ELQGL QDUDQMDV VHUiQ ORV FLHUYRV (O HVSDFLR WLHQH TXH HVWDU GLYLGLGR HQ GRV FDPSRV LJXDOHV /RV GRV HTXLSRV VH FRORFDQ HQ OD OtQHD GHO PHGLR GHO FDPSR GLVWULEXLGRV HQ GRV KLOHUDV GH PDQHUD TXH ORV MXJDGRUHV GH FDGD JUXSR TXHGHQ FDUD D FDUD XQRV FRQ RWURV &XDQGR HO SURIHVRU JULWH HQ YR] DOWD \ GH PDQHUD LQGLVWLQWD FXDOTXLHUD GH ORV GRV QRPEUHV ORV FRPSRQHQWHV GHO JUXSR QRPEUDGR R\HQ VX QRPEUH WLHQHQ TXH VDOLU FRUULHQGR KDFLD OD OtQHD GH IRQGR GH VX ODGR VLHQGR SHUVHJXLGRV SRU ORV MXJDGRUHV GHO RWUR HTXLSR /RV MXJDGRUHV TXH VHDQ SLOODGRV SDVDQ D IRUPDU SDUWH GHO RWUR HTXLSR HQ OD SUy[LPD MXJDGD (O MXHJR VH DFDED FXDQGR XQR GH ORV HTXLSRV VH TXHGH VLQ MXJDGRUHV

3$57( ),1$/ 5(/$-$&,Ð1 /RV VLDPHVHV (Q SDUHMDV ORV DOXPQRV OOHYDUDQ XQD SHORWD XQLGD SRU XQD SDUWH GH VX FXHUSR GHEHUiQ VHJXLU HO ULWPR GH OD P~VLFD VLQ TXH VH OHV FDLJD OD SHORWD 8VDUHPRV FDQFLRQHV WUDQTXLODV SDUD TXH QRV VLUYD GH YXHOWD D OD FDOPD &DQFLyQ $UUDPVDQVDQ &DQFLyQ SDUD OD UHODMDFLyQ KWWSV ZZZ \RXWXEH FRP ZDWFK" Y Y 3 L, I20 )LQDO GHO FXHQWR DQH[R

7DEOD 6HVLyQ /RV WUDSHFLVWDV 6(6,Ð1 /26 75$3(&,67$6 7HPSRUDOL]DFLyQ PLQXWRV

5HFXUVRV FXHQWR UHSURGXFWRU GH DXGLR P~VLFD

5HFXUVRV SDUD OD DGDSWDFLyQ 6$ FXHQWR FRQ SLFWRJUDPDV UHORM GH DUHQD &XHQWR D\XGD GH SLFWRJUDPDV SUR\HFFLyQ HQ OD SDUHG R PHGLDQWH WDUMHWDV GLEXMRV 'LUHFWRU GH RUTXHVWD XVDU LGHQWLILFDGRUHV SDUD DVRFLDU UROHV GH FDGD SHUVRQD 1XGR \ FLUFXLWRV SDUD WUDSHFLVWDV SDXWDGR SRU HO SURIHVRU TXH UHDOL]D ORV HTXLSRV HQ IXQFLyQ GH ODV DPLVWDGHV GH QXHVWUR DOXPQR 6$

'HVFULSFLyQ GH ODV DFWLYLGDGHV 3$57( ,1,&,$/ &XHQWR DQH[R

3$57( 35,1&,3$/ (PiV) 5HYLVWD 'LJLWDO GH (GXFDFLyQ )tVLFD $xR 1XP MXOLR DJRVWR GH

KWWS HPDVI ZHEFLQGDULR FRP

'LUHFWRU GH RUTXHVWD 8Q DOXPQR VHUi HO GLUHFWRU GH RUTXHVWD \ ORV GHPiV FRPSDxHURV FRORFDGRV HQ FtUFXOR WHQGUiQ TXH LPLWDU VX JHVWR 0LHQWUDV XQR HVWDUi HQ HO FHQWUR \ VHUi HO HQFDUJDGR GH DGLYLQDU TXLpQ HV HO GLUHFWRU (O QXGR 7RGRV ORV SDUWLFLSDQWHV KDFHQ XQ FtUFXOR \ VH GDQ ODV PDQRV (O SURIHVRU VXHOWD GRV PDQRV \ FRPLHQ]D D HQUROODU \ FUX]DU ODV PDQRV GH ORV DOXPQRV 8QD YH] FUHDGR HO QXGR HO DOXPQDGR GHEHUi GHVKDFHUOR VLQ VROWDU ODV PDQRV (VSHMR PiJLFR (O DOXPQDGR IRUPDUi GRV ILODV FRORFiQGRVH XQD HQIUHQWH GH OD RWUD GH WDO IRUPD TXH FDGD DOXPQR WHQJD XQD SHUVRQD GHODQWH GHO /RV DOXPQRV GH XQD ILOD WHQGUiQ TXH KDFHU PRYLPLHQWRV R JHVWRV \ ODV SHUVRQDV TXH WLHQHQ HQIUHQWH UHSHWLUORV 6L QR HV FDSD] GH UHDOL]DUOR GDUi XQ SDVR SDUD DWUiV SHUR VL OR UHDOL]D OR GDUi KDFLD GHODQWH &RQVWUX\HQGR FRQ QXHVWUR FXHUSR /D SULPHUD SDUWH GH HVWD DFWLYLGDG FRQVLVWLUi HQ TXH HO DOXPQDGR UHDOLFH HQ GRV JUXSRV ILJXUDV VHQFLOODV FRQ VX FXHUSR FRPR SRU HMHPSOR XQD FDVD (Q OD VHJXQGD SDUWH VH GHVDUUROODUi XQ MXHJR GH GUDPDWL]DFLyQ /HV GHMDUHPRV D ORV DOXPQRV XQ WLHPSR PLQXWRV SDUD TXH VH SRQJDQ GH DFXHUGR HQ UHSUHVHQWDU REMHWRV FXHQWRV SHOtFXODV« TXH HOORV FRQRFHQ (O RWUR JUXSR TXH QR HVWi UHSUHVHQWDQGR WHQGUi TXH DGLYLQDU GH TXH VH WUDWD

3$57( ),1$/ 5(/$-$&,Ð1 )LQDO GHO FXHQWR DQH[R

7DEOD 6HVLyQ %DLODULQHV \ RWUDV FXOWXUDV 6(6,Ð1 %$,/$5,1(6 < 275$6 &8/785$6 7HPSRUDOL]DFLyQ PLQXWRV

5HFXUVRV FXHQWR UHSURGXFWRU GH DXGLR P~VLFD P~VLFD GDQ]D GH ORV SDVRV P~VLFD GH PXLxHLUD

5HFXUVRV SDUD OD DGDSWDFLyQ 6$ FXHQWR FRQ SLFWRJUDPDV SLFWRJUDPDV GH OD GDQ]D GH ORV SDVRV SLFWRJUDPDV GH OD PXLxHLUD 7RGDV ODV GDQ]DV SURSXHVWDV YLHQHQ SDXWDGDV SRU XQRV SDVRV PX\ VHQFLOORV UHSHWLWLYRV \ PX\ HVWUXFWXUDGRV (O SURIHVRU VH VHUYLUi GH SLFWRJUDPDV \ RWURV UHFXUVRV YLVXDOHV SDUD IDFLOLWDU OD FRPSUHQVLyQ GH QXHVWUR DOXPQR FRQ 6$

'HVFULSFLyQ GH ODV DFWLYLGDGHV 3$57( ,1,&,$/ &XHQWR DQH[R

0XpYHWH /LEUHPHQWH DO ULWPR GH OD P~VLFD ORV DOXPQRV YDQ PRYLpQGRVH \ HO SURIHVRU LQGLFD GH TXp PDQHUD SDWD FRMD GH SXQWLOODV VDSR SRU SDUHMDV

3$57( 35,1&,3$/ (O WUHQ HQ PRYLPLHQWR )RUPDPRV XQD ILOD VL HV XQ JUXSR QXPHURVR KDUHPRV PiV

(QWRQFHV HO SULPHUR GH OD ILOD KDFH GH EDLODUtQ H LQLFLD XQD VHULH GH PRYLPLHQWRV ORV TXH pO HOOD TXLHUD PLHQWUDV FRUUHQ VXDYHPHQWH DO ULWPR GH OD P~VLFD 7RGRV ORV PLHPEURV GHO JUXSR GHEHQ FRSLDU H[DFWDPHQWH ORV PRYLPLHQWRV KDVWD TXH VH SDUH OD P~VLFD \ UiSLGDPHQWH HO ~OWLPR GH OD ILOD SDVD SDUD GHODQWH \ DO FRQWLQXDU OD P~VLFD YXHOYH D UHSHWLUVH OD GLQiPLFD 3RGHPRV GDU LQVWUXFFLRQHV R D\XGDU SDUD TXH GHSHQGLHQGR GH OD P~VLFD DQGHQ WURWHQ R FRUUDQ 'DQ]D GH ORV VLHWH SDVRV 3DUD HVWD DFWLYLGDG XVDUHPRV OD P~VLFD GH OD 'DQ]D GH ORV VLHWH SDVRV WtSLFD GH 'LQDPDUFD TXH SRGHPRV HQFRQWUDU HQ HVWH HQODFH KWWSV ZZZ \RXWXEH FRP ZDWFK"Y 8R(ZH4U;SV8 DQH[R

0XLxHLUD 3DUD OD UHDOL]DFLyQ GH HVWD DFWLYLGDG OHV SRQGUHPRV HO YtGHR GHO \RXWXEH TXH DSDUHFH HQ HO VLJXLHQWH HQODFH KWWSV ZZZ \RXWXEH FRP ZDWFK"Y 5 1P*Y2W'<

(PiV) 5HYLVWD 'LJLWDO GH (GXFDFLyQ )tVLFD $xR 1XP MXOLR DJRVWR GH

KWWS HPDVI ZHEFLQGDULR FRP

'H PDQHUD PX\ VHFXHQFLDOL]DGD OHV LUHPRV HQVHxDQGR ORV SDVRV GH QXHVWUD GDQ]D WUDGLFLRQDO

3$57( ),1$/ 5(/$-$&,Ð1 0DVDMH FRQ EDOyQ /RV DOXPQRV VH SRQHQ HQ SDUHMDV TXH WHQGUiQ TXH PDVDMHDU DO FRPSDxHUR FRQ OD D\XGD GH XQ EDOyQ GH HVSRQMD VLJXLHQGR ODV LQVWUXFFLRQHV GHO SURIHVRU 6H UHDOL]DUtD GRV YHFHV SDUD TXH WRGRV IXHUDQ PDVDMHDGRV 3RQGUtDPRV GH IRQGR OD P~VLFD GH (Q\D (O VXHxR GH ODV KDGDV GLVSRQLEOH HQ HO VLJXLHQWH HQODFH KWWSV ZZZ \RXWXEH FRP ZDWFK"Y 2.6W-D' ZF( )LQDO GHO FXHQWR DQH[R

(9$/8$&,Ð1

/D HYDOXDFLyQ WHQGUi XQ FDUiFWHU FRQWLQXR HPSOHDQGR FRPR SURFHGLPLHQWR OD REVHUYDFLyQ GLUHFWD &RPHQ]DUHPRV FRQ XQD HYDOXDFLyQ LQLFLDO TXH VH UHDOL]DUi SDUD FRQRFHU HO HVWDGR HQ HO TXH VH HQFXHQWUD HO DOXPQDGR HQ OR TXH VH UHILHUH D ORV FRQWHQLGRV \ REMHWLYRV GH HVWD XQLGDG 7DPELpQ VHUi FRQWLQXD \D TXH HQ HO WUDQVFXUVR \ GHVDUUROOR GH ODV VHVLRQHV VH LUi SHUFLELHQGR \ DQRWDQGR GLYHUVRV DVSHFWRV \ DFWLWXGHV GHVWDFDEOHV TXH DGHPiV VHUYLUiQ SDUD FRUUHJLU HO TXH VHD QHFHVDULR HQ HO SURFHVR GH HQVHxDQ]D \ DSUHQGL]DMH

3DUD WHUPLQDU VH OOHYDUi D FDER XQD HYDOXDFLyQ ILQDO SDUD YDORUDU Vt VH FRQVLJXLHURQ ORV REMHWLYRV \ VH DGTXLULHURQ ORV FRQWHQLGRV (VWD VHUi OD HYDOXDFLyQ UHIHUHQWH DO DSDUWDGR GHO DOXPQDGR TXH VH FRPSOHWDUi FRQ OD SURSLD HYDOXDFLyQ GH OD 8QLGDG 'LGiFWLFD \ GHO SURSLR GRFHQWH

&21&/86,21(6

&RQVLGHUDPRV TXH D WUDYpV GH OD ([SUHVLyQ &RUSRUDO SRGHPRV D\XGDU D HVWH DOXPQDGR D LQWHJUDUVH HQ HO DXOD \ HQ HO JUXSR KDFLHQGR DVt UHIHUHQFLD D XQD DXWpQWLFD LQFOXVLyQ HYLWDQGR SUREOHPDV HVFRODUHV GH DFRVR R PDUJLQDFLyQ \ IRPHQWDQGR YDORUHV FRPR HO UHVSHWR OD LJXDOGDG OD WROHUDQFLD OD D\XGD PXWXD« GHQWUR GHO JUXSR

4XHUHPRV UHVDOWDU TXH OD LQWHUYHQFLyQ QR SXHGH OLPLWDUVH D OD HQVHxDQ]D GH HVWUDWHJLDV \ KDELOLGDGHV VRFLDOHV HV QHFHVDULR IRPHQWDU HO GHVDUUROOR GH OD FRJQLFLyQ VRFLDO \ DIHFWLYR HPRFLRQDO WHQLHQGR HQ FXHQWD TXH OD PHWD GH OD HGXFDFLyQ HV PHMRUDU VX DXWRQRPtD \ FDOLGDG GH YLGD

(O FROHJLR WLHQH TXH VHU HO OXJDU LGyQHR SDUD TXH VH SURGX]FD HVWD LQWHUDFFLyQ \ HVD DFHSWDFLyQ GH ODV SHUVRQDV FRQ 6tQGURPH GH $VSHUJHU FRQ HO ILQ GH D\XGDU D IRUPDU SHUVRQDV FRPSHWHQWHV TXH SXHGDQ YDOHUVH SRU Vt PLVPDV HQ OD VRFLHGDG 7DPELpQ GHEH VHU OD KHUUDPLHQWD SHUIHFWD SDUD FRQFLHQFLDU DO UHVWR GHO DOXPQDGR GH OD LPSRUWDQFLD GH DWHQFLyQ D OD GLYHUVLGDG

+DFLHQGR UHIHUHQFLD D XQD IUDVH GHO FXHQWR GH (O SULQFLSLWR ´OR HVHQFLDO HV LQYLVLEOH D ORV RMRVµ GHEHPRV VHU FRQVFLHQWHV GH TXH ORV GRFHQWHV GHEHPRV LU PiV DOOi GH OR TXH ORV RMRV FDSWDQ SDUD DVt SRGHU HQWHQGHU D\XGDU \ DWHQGHU D ODV QHFHVLGDGHV \ GHVDItRV TXH QRV SODQWHD OD GLYHUVLGDG HQ OD HVFXHOD

(PiV) 5HYLVWD 'LJLWDO GH (GXFDFLyQ )tVLFD $xR 1XP MXOLR DJRVWR GH

KWWS HPDVI ZHEFLQGDULR FRP

5()(5(1&,$6 %,%/,2*5Ã&#x2030;),&$6

$PHULFDQ 3V\FKLDWULF $VVRFLDWLRQ *XtD GH FRQVXOWD GH ORV FULWHULRV GLDJQyVWLFRV GHO '60 70 (VSDxD 3DQDPHULFDQD $UPDGD - 0 *RQ]iOH] , 0RQWiYH] 0 /D H[SUHVLyQ FRUSRUDO XQ SUR\HFWR SDUD OD LQFOXVLyQ 5HYLVWD 5HWRV SS $WWZRRG 7 (O 6tQGURPH GH $VSHUJHU %DUFHORQD 3DLGyV $WWZRRG 7 *XtD GHO 6tQGURPH GH $VSHUJHU XQD JXtD SDUD SDGUHV \ SURIHVLRQDOHV %DUFHORQD 3DLGyV %HOLQFKyQ 0 +HUQiQGH] - 0 6RWLOOR 0 3HUVRQDV FRQ 6tQGURPH GH $VSHUJHU IXQFLRQDPLHQWR GHWHFFLyQ \ QHFHVLGDGHV 5HFXSHUDGR GH KWWSV ZZZ XDP HV FHQWURV SVLFRORJLD SDJLQDV FSD SDJLQDV GRF GRFXPHQWDFLRQ SHUVRQDVFRQVLQGURPHGHDVSHUJHU SGI &RQVXOWDGR HO GH -XQLR GHO %HOLQFKyQ 0 +HUQiQGH] - 0 6RWLOOR 0 6tQGURPH GH $VSHUJHU 8QD JXtD SDUD ORV SURIHVLRQDOHV GH OD HGXFDFLyQ 5HFXSHUDGR GH KWWS ZZZ IHQDFHUFL SW ZHE SXEOLFDFRHV RXWUDV 6LQGURPH GH $VSHUJHUB*XLD SDUD ORV SURIHVLRQDOHV GH OD HGXFDFLRQ SGI &RQVXOWDGR HO GH -XQLR GHO %RUUHJXHUR 3 (O 6tQGURPH GH $VSHUJHU ¢H[FHQWULFLGDG R GLVFDSDFLGDG VRFLDO" 0DGULG $OLDQ]D &DVWLOOR ( 5HEROOR - $ ([SUHVLyQ \ FRPXQLFDFLyQ FRUSRUDO HQ HGXFDFLyQ ItVLFD :DQFHXOHQ ( ) GLJLWDO &RER 0 & 0RUiQ ( (O 6tQGURPH GH $VSHUJHU ,QWHUYHQFLRQHV SVLFRHGXFDWLYDV =DUDJR]D &RPHWD &RWR 0 *XtD SUiFWLFD SDUD OD LQWHUYHQFLyQ HQ HO iPELWR HVFRODU 5HFXSHUDGR GH KWWS DXWLVPRGLDULR RUJ ZS FRQWHQW XSORDGV 6 & $'QGURPH GH $VSHUJHU *X & $'D SU & $ FWLFD SDUD OD LQWHUYHQFL & % Q HQ HO & $ PELWR HVFRODU SGI &RQVXOWDGR GH -XQLR GH 'HFUHWR GH GH VHSWLHPEUH SRU HO TXH VH HVWDEOHFH HO FXUUtFXOR GH OD (GXFDFLyQ 3ULPDULD HQ OD &RPXQLGDG $XWyQRPD GH *DOLFLD 'LDULR 2ILFLDO GH *DOLFLD GH VHSWLHPEUH GHO Q~P SS (TXLSR '(/(75($ 8Q DFHUFDPLHQWR DO 6tQGURPH GH $VSHUJHU 8QD JXtD WHyULFD \ SUiFWLFD 5HFXSHUDGR GH KWWS RILFLQDVXSRUW XLE FDW GLJLWDO$VVHWV BDVSHUJHU SGI &RQVXOWDGR HO GH MXQLR GHO *DUFtD , 3pUH] 5 &DOYR $ ([SUHVLyQ &RUSRUDO 8QD SUiFWLFD GH LQWHUYHQFLyQ TXH SHUPLWH HQFRQWUDU XQ OHQJXDMH SURSLR PHGLDQWH HO HVWXGLR \ OD SURIXQGL]DFLyQ GHO HPSOHR GHO FXHUSR 5HYLVWD 5HWRV SS /H\ 2UJiQLFD GH GH GLFLHPEUH SDUD OD PHMRUD GH OD FDOLGDG HGXFDWLYD %ROHWtQ 2ILFLDO GHO (VWDGR GH GLFLHPEUH GHO Q~P SS

(PiV) 5HYLVWD 'LJLWDO GH (GXFDFLyQ )tVLFD $xR 1XP MXOLR DJRVWR GH

KWWS HPDVI ZHEFLQGDULR FRP

/OHGy $ /DV QHFHVLGDGHV GHO DOXPQDGR FRQ VtQGURPH GH $VSHUJHU RULHQWDFLRQHV \ SURSXHVWDV GHVGH XQD LQQRYDFLyQ LQFOXVLYD 5HFXSHUDGR GH KWWS ZZZ HGXWLF XD HV ZS FRQWHQW XSORDGV /D SUDFWLFD HGXFDWLYDB &$3 SGI &RQVXOWDGR HO MXQLR GHO 0RQWiYH] 0 /D H[SUHVLyQ FRUSRUDO HQ OD UHDOLGDG HGXFDWLYD 5HFXSHUDGR GH KWWS KHOYLD XFR HV [POXL ELWVWUHDP KDQGOH SGI"VHTXHQFH &RQVXOWDGR HO GH MXQLR GHO 0RWRV 7 3VLFRSHGDJRJtD GH OD GUDPDWL]DFLyQ 9DOHQFLD 8QLYHUVLGDG GH 9DOHQFLD 1DYDUUR 5 0DQWRYDQL $ (O MXHJR GUDPiWLFR GH D DxRV *UDQDGD 2FWDHGUR 2$5 8Q 9LDMH SRU OD YLGD D WUDYpV GHO DXWLVPR *XtD GHO 6tQGURPH GH $VSHUJHU SDUD ORV HGXFDGRUHV 5HFXSHUDGR GH KWWS ZZZ UHVHDUFKDXWLVP RUJ UHVRXUFHV UHDGLQJ LPDJHV 6$VSHUJHU (GXFDWRUV *XLGH),1$/ SGI &RQVXOWDGR HO GH MXQLR GHO 3DUULOOD $ $FHUFD GHO RULJHQ \ VHQWLGR GH OD HGXFDFLyQ LQFOXVLYD 5HFXSHUDGR GH KWWSV ERRNV JRRJOH HV ERRNV"KO HV OU LG ]ZZ%Z$$4%$- RL IQG SJ 3$ GT DXWRUHV TXH KDEOHQ VREUH OD GLYHUVLGDG HGXFDFLRQ RWV =3= OQ % VLJ B3H=L 6N QV:'U N-;%;9$B R Y RQHSDJH T I IDOVH &RQVXOWDGR GH MXQLR GHO 3XMROiV 3 $XODV LQFOXVLYDV \ DSUHQGL]DMH FRRSHUDWLYR (GXFDFLyQ 6LJOR ;;,

SS 5HDO 'HFUHWR GH GH IHEUHUR SRU HO TXH VH HVWDEOHFH HO FXUUtFXOR EiVLFR GH OD (GXFDFLyQ 3ULPDULD %ROHWtQ 2ILFLDO GHO (VWDGR GH PDU]R GHO Q~P SS 6FKLQFD 0 ([SUHVLyQ FRUSRUDO 7pFQLFD \ H[SUHVLyQ GHO PRYLPLHQWR %DUFHORQD 3UD[LV 6LFLOLD $ 'HOJDGR 0 $ (GXFDFLyQ )tVLFD \ (VWLORV GH HQVHxDQ]D =DUDJR]D ,1'( 6WRNRH 3 /D H[SUHVLyQ FRUSRUDO \ HO DGROHVFHQWH %XHQRV $LUHV %DUU\ 7RQXFFL ) /D FLXGDG GH ORV QLxRV 0DGULG )81' *HUPiQ 6iQFKH] 5XLSpUH] 81(6&2 (GXFDFLyQ SDUD 7RGRV HQ ¢$OFDQ]DUHPRV OD PHWD" 5HFXSHUDGR GH KWWS XQHVGRF XQHVFR RUJ LPDJHV V SGI &RQVXOWDGR HO GH MXQLR GHO 9i]TXH] 0 0XULOOR ) 6tQGURPH GH $VSHUJHU 8Q DFHUFDPLHQWR DO WUDVWRUQR \ D VX WUDWDPLHQWR HGXFDWLYR 6HYLOOD )XQGDFLyQ (&2(0

$QH[R &XHQWR (PiV) 5HYLVWD 'LJLWDO GH (GXFDFLyQ )tVLFD $xR 1XP MXOLR DJRVWR GH

KWWS HPDVI ZHEFLQGDULR FRP

3ULPHUD VHVLyQ 0,026 (UDVH XQD YH] HO FLUFR -XDQ \ &ODUD VRQ GRV KHUPDQRV TXH YLYHQ HQ XQD FLXGDG SDUHFLGD D OD YXHVWUD HVWXGLDQ HQ XQ FROH SDUHFLGR DO YXHVWUR \ WLHQHQ XQRV DPLJRV SDUHFLGRV D ORV YXHVWURV 6X GtD D GtD VH SDUHFH PXFKR DO YXHVWUR VH OHYDQWDQ YDQ DO FROH WUDEDMDQ XQ PRQWyQ FRPHQ WUDEDMDQ RWUR SRFR \ VH YDQ D FDVD $OJ~Q GtD WLHQHQ DFWLYLGDGHV H[WUDHVFRODUHV SHUR RWURV D OD VDOLGD GHO FROH YDQ GLUHFWDPHQWH D FDVD FRQ VXV SDSiV 8QD PDxDQD VROHDGD GH RFWXEUH FXDQGR LEDQ DO FROHJLR &ODUD VH GLR FXHQWD GH TXH DOJR QXHYR HVWDED RFXUULHQGR HQ OD FLXGDG +DEtD OOHJDGR HO FLUFR /RV GRV KHUPDQRV HVWDEDQ XQ SRFR FRQIXVRV SRUTXH QR VDEtDQ H[DFWDPHQWH OR TXH VH KDFtD HQ XQ FLUFR SXHVWR TXH QXQFD KDEtDQ YLVWR XQR ¢9RVRWURV OR VDEpLV" ¢SRGUtDLV H[SOLFDU TXH FRVDV SRGHPRV HQFRQWUDU HQ XQ FLUFR" $O OOHJDU DO FROH &ODUD \ -XDQ VH OR FRQWDURQ D VXV FRPSDxHURV /RV DPLJRV GH &ODUD \ -XDQ VH SXVLHURQ PX\ FRQWHQWRV SRUTXH KXELHVH OOHJDGR HO FLUFR \ WRGRV TXHUtDQ LU (VH GtD WXYLHURQ FODVH GH OHQJXD GH OHQJXD GH P~VLFD \ DKRUD OHV WRFDED FODVH GH HGXFDFLyQ ItVLFD &RPR D YRVRWURV /D SURIH GH HGXFDFLyQ ItVLFD OHV GLMR TXH GXUDQWH ORV SUy[LPRV GtDV LEDQ D FRQRFHU GLVWLQWDV UHDOLGDGHV TXH WXYLHUDQ TXH YHU FRQ HO FLUFR $ WRGRV ORV QLxRV OHV KL]R PXFKD LOXVLyQ \ HVWDEDQ DQVLRVRV SRU VDEHU TXH DSUHQGHUtDQ KR\ GHO FLUFR /D PDHVWUD OHV GLMR TXH KR\ DSUHQGHUtDQ HO RILFLR GH ORV PLPRV GHO FLUFR ¢6DEpLV TXH VRQ ORV PLPRV" 6RQ SHUVRQDV TXH VH FRPXQLFDQ D WUDYpV GHO FXHUSR VLQ XVDU OD YR] ¢4XHUpLV DSUHQGHU" 3XHV YDPRV DOOi '(6$552//2 '( /$ 6(6,Ð1 1 &ODUD \ -XDQ HVWiQ PX\ FRQWHQWRV GH OD FDQWLGDG GH FRVDV TXH KDQ DSUHQGLGR D FRPXQLFDU VLQ QHFHVLGDG GH KDEODU DO LJXDO TXH YRVRWURV <D VDEHQ OR GLItFLO TXH UHVXOWD HO WUDEDMR GH ORV PLPRV HQ HO FLUFR \D TXH XVDQ WRGR HO FXHUSR SDUD SRGHU GHFLU DOJR /D SURIHVRUD VH GHVSLGH GH VXV DOXPQRV \ OHV GLFH TXH SUy[LPR GtD VHJXLUiQ WUDEDMDQGR VREUH ODV FRVDV TXH KD\ \ TXH SRGHPRV KDFHU HQ HO FLUFR ¢4Xp FUHpLV TXH VHUi HO SUy[LPR GtD" 6HJXQGD VHVLyQ $1,0$/(6 +R\ &ODUD \ -XDQ VH KDQ OHYDQWDGR PX\ FRQWHQWRV SRUTXH WLHQHQ FODVH GH (GXFDFLyQ )tVLFD 7LHQHQ PXFKDV JDQDV GH YROYHU DO JLPQDVLR SDUD VDEHU OR TXH OD SURIHVRUD OHV YD D H[SOLFDU $O OOHJDU D FODVH GH HGXFDFLyQ ItVLFD OD SURIH HVWXYR UHFRUGDQGR OD LPSRUWDQFLD GH ORV JHVWRV HQ HO WUDEDMR GH ORV PLPRV TXH KDEtDQ SUDFWLFDGR HQ OD DQWHULRU FODVH GH HGXFDFLyQ ItVLFD /D SURIH OHV SUHJXQWy VL VDEtDQ GH PiV SURIHVLRQHV GHQWUR GHO FLUFR ¢9RVRWURV VDEpLV" 8QD SURIHVLyQ PX\ LPSRUWDQWH TXH OODPD PXFKR OD DWHQFLyQ D ORV QLxRV QRUPDOPHQWH HV OD GH GRPDGRU ¢6DEpLV TXH DQLPDOHV KD\ HQ HO FLUFR" +DELWXDOPHQWH SRGHPRV HQFRQWUDU OHRQHV TXH FRPR ELHQ VDEpLV SRU OD FODVHV GH FLHQFLDV QDWXUDOHV VRQ DQLPDOHV FDUQtYRURV \ HOHIDQWHV DQLPDOHV KHUEtYRURV 3XHV KR\ QXHVWUR GtD YD VREUH ORV DQLPDOHV ¢(VWiLV SUHSDUDGRV" '(6$552//2 6(6,Ð1 1 2V HVWiLV FRQYLUWLHQGR HQ XQRV H[SHUWRV GHO FLUFR $GHPiV HVWiLV DSUHQGLHQGR PXFKDV FRVDV TXH SRGpLV KDFHU FRQ YXHVWUR FXHUSR /D SURIHVRUD GH &ODUD \ -XDQ HVWi PX\ FRQWHQWD DO LJXDO TXH \R FRQ OR ELHQ TXH HVWiQ WUDEDMDQGR VXV DOXPQRV (VWD OHV GLFH £%XHQ WUDEDMR FKLFRV (O SUy[LPR GtD PiV \ PHMRU

(PiV) 5HYLVWD 'LJLWDO GH (GXFDFLyQ )tVLFD $xR 1XP MXOLR DJRVWR GH

KWWS HPDVI ZHEFLQGDULR FRP

7HUFHUD VHVLyQ ÉIULFD +R\ -XDQ VH KD OHYDQWDGR PX\ QHUYLRVR /OHYD WRGR HO ILQ GH VHPDQD SHQVDQGR HQ OR TXH VX SURIH OH HVWXYR H[SOLFDQGR OD VHPDQD SDVDGD DFHUFD GHO FLUFR &ODUD SRU HO FRQWUDULR QR GHMD GH SHQVDU HQ OR LPSRUWDQWH TXH VRQ ORV DQLPDOHV GHO FLUFR \ HQ OR PXFKR TXH VXV FXLGDGRUHV WLHQHQ TXH WUDEDMDU SDUD TXH HVWpQ ELHQ DWHQGLGRV (O WHPD GH FRQYHUVDFLyQ PLHQWUDV GHVD\XQDEDQ HUDQ ORV OHRQHV &ODUD GHFtD TXH ORV OHRQHV HUDQ &DUQtYRURV \ -XDQ GHFtD TXH FRPtDQ GH WRGR« ¢YRVRWURV VDEpLV FRPR VH OODPDQ D ORV DQLPDOHV TXH FRPHQ GH WRGR" )XH HO PRPHQWR HQ HO TXH OD PDPi GH QXHVWURV DPLJRV -XDQ \ &ODUD OHV H[SOLFy TXH ORV DQLPDOHV TXH FRPtDQ GH WRGR VH OODPDEDQ RPQtYRURV FRPR SRU HMHPSOR« ¢VDEpLV" ORV RVRV FHUGRV SLUDxDV HO VHU KXPDQR« /RV TXH FRPHQ SODQWDV VH OODPDQ KHUEtYRURV FRPR SRU HMHPSOR OD YDFD OD FDEUD HO FDEDOOR HO EXUUR«ORV TXH FRPHQ FDUQH VH OODPDQ FDUQtYRURV ¢2V DFRUGiLV GH DOJ~Q DQLPDO FDUQtYRUR GHO RWUR GtD" (VWDPRV KDEODQGR GHO /HyQ ¢DOJXLHQ SXHGH LPLWDU VX UXJLGR" £0X\ ELHQ 8QD YH] DFDEDGR HO GHVD\XQR HO GHEDWH FRQWLQXy HQ FODVH GH HGXFDFLyQ ItVLFD FXDQGR OD PDHVWUD OHV SUHJXQWy D VXV DOXPQRV VL VDEtDQ GRQGH YLYtDQ ORV OHRQHV ¢9RVRWURV VDEpLV" (Q OD FODVH GH -XDQ \ GH &ODUD QDGLH VDEtD HQWRQFHV OD PDHVWUD OHV H[SOLFR Ͳ /RV OHRQHV VRQ DQLPDOHV FDUQtYRURV TXH YLYHQ HQ OD VDEDQD DIULFDQD XQ OXJDU HQ GRQGH QR KD\ PXFKRV iUEROHV -XDQ TXH HV PX\ FXULRVR OH SUHJXQWy D OD SURIH VL SRGtD HQVHxDUOH HQ HO PDSD GyQGH VH HQFRQWUDED iIULFD ¢$OJXQR GH YRVRWURV SXHGH EXVFDUOR" 3XHV ELHQ DKRUD TXH \D VDEpLV GyQGH HVWi ÉIULFD« ¢HVWiLV SUHSDUDGRV SDUD FRQRFHU HVH PDJQtILFR FRQWLQHQWH \ ODV FRVDV TXH DOOt KD\" '(6$552//2 6(6,Ð1 1 /D FODVH \D KD DFDEDGR \ -XDQ \ FODUD VH HQFXHQWUDQ PX\ UHODMDGRV KDQ GHVFXELHUWR \ DSUHQGLGR XQ PRQWyQ GH FRVDV VREUH iIULFD DO LJXDO TXH YRVRWURV $QWHV GH DFDEDU OD FODVH OD SURIH GH QXHVWURV FRPSDxHURV GH YLDMH OHV GLFH TXH SDUD HO SUy[LPR GtD SLHQVHQ \ EXVTXHQ LQIRUPDFLyQ VREUH HO OXJDU HQ GRQGH KDELWDQ XQRV DQLPDOHV PX\ JUDQGHV TXH VXHOHQ HVWDU HQ ORV FLUFRV \ WLHQHQ XQDV RUHMDV \ XQD WURPSD PX\ JUDQGH« ¢VDEpLV GH FXDO RV KDEOR" 3XHV HVD HV YXHVWUD PLVLyQ SDUD HO SUy[LPR GtD FKLFRV $ EXVFDU LQIRUPDFLyQ VREUH ORV HOHIDQWHV

&XDUWD VHVLyQ ,1',$ &ODUD \ -XDQ HQWUDQ PX\ UiSLGR HQ HO JLPQDVLR /D SURIHVRUD OHV SLGH TXH VH VLHQWHQ XQ PRPHQWR TXH OHV TXLHUH KDFHU XQD VHULH GH SUHJXQWDV VREUH VXV PDUDYLOORVDV LQYHVWLJDFLRQHV HQ UHODFLyQ D ORV HOHIDQWHV ¢9RVRWURV KDEpLV EXVFDGR DOJR" ¢4Xp PH SRGpLV FRQWDU" 0H HVWR\ GDQGR FXHQWD GH TXH HVWD FODVH HV IDQWiVWLFD \ GH TXH HVWRV QLxRV \ HVWDV QLxDV WUDEDMDQ XQ PRQWyQ £4Xp FRQWHQWD HVWR\ FKLFRV 3XHV ELHQ OD SURIHVRUD GH &ODUD \ -XDQ OHV TXLVR SODQWHDU XQ QXHYR GHVDItR« $O LJXDO TXH ORV OHRQHV DIULFDQRV \D VDEHPRV PRYHUQRV \ KHPRV HQWHQGLGR XQ SRFR PHMRU OD FXOWXUD GH DOOt ¢4XHUpLV FRQRFHU HVH PDUDYLOORVR OXJDU OODPDGR OD ,QGLD" SXHV DOOi YDPRV '(6$552//2 6(6,Ð1 1 8QD YH] DFDEDGD HVWD H[SHULHQFLD GH OD ,QGLD -XDQ \ &ODUD OH SUHJXQWDQ D OD SURIH VL OHV SRGtD H[SOLFDU TXH HUD XQ WUDSHFLVWD 6H OR SUHJXQWDURQ SRUTXH VX SULPD PD\RU \D KD LGR D YHU HO FLUFR \ HVWi PX\ HPRFLRQDGD /D SURIHVRUD OHV SLGH TXH QR VH DQWLFLSHQ TXH SURQWR WHQGUiQ TXH WRPDU DFWLWXGHV VLPLODUHV R LJXDOHV D ODV TXH WLHQH XQ WUDSHFLVWD ¢6DEpLV GH TXp VH WUDWD" (O SUy[LPR GtD OR GHVFXEULUHPRV +DVWD OD VHPDQD TXH YLHQH FKLFRV (PiV) 5HYLVWD 'LJLWDO GH (GXFDFLyQ )tVLFD $xR 1XP MXOLR DJRVWR GH

KWWS HPDVI ZHEFLQGDULR FRP

4XLQWD VHVLyQ 75$3(&,67$6 -XDQ \ &ODUD QR KDQ FRPHQ]DGR PX\ ELHQ OD VHPDQD 1XHVWURV DPLJRV OOHYDQ WRGR HO ILQ GH VHPDQD HQ FDVD GLVFXWLHQGR SRU QR TXHUHU KDFHU ODV WDUHDV TXH VX PDPi OHV PDQGD &ODUD GLFH TXH -XDQ QR KDFH QDGD HQ FDVD \ TXH WRGR OR KDFH HOOD \ SRU HO FRQWUDULR -XDQ GLFH TXH HV &ODUD TXLHQ HQ UHDOLGDG QR KDFH QDGD« 6XV SUREOHPDV YDQ PiV DOOi GH VX FDVD HQ HO FROH HVWiQ WRGR HO GtD FRPSLWLHQGR SRU YHU TXLHQ KDFH ODV FRVDV PHMRU 6X PDPi HVWi PX\ FDQVDGD GH VXV SHOHDV ¢9RVRWURV RV SHOHiLV FRQ YXHVWURV KHUPDQRV DPLJRV SDGUHV«" /D PDPi GH HVWRV GRV KHUPDQRV OHV KD GLFKR TXH WLHQHQ TXH DSUHQGHU D OOHYDUVH ELHQ \ D D\XGDUVH SXHVWR TXH VRQ KHUPDQRV $O OOHJDU D FODVH GH (GXFDFLyQ )tVLFD OD PDHVWUD WHQtD SUHSDUDGD XQD QXHYD DYHQWXUD ¢4XHUpLV VDEHU TXH KDUHPRV KR\" /D PDHVWUD OHV H[SOLFR OD LPSRUWDQFLD TXH WLHQH HQ OD YLGD WUDEDMDU HQ HTXLSR ¢9RVRWURV VDEpLV SRUTXH HV LPSRUWDQWH" 7HQpLV WRGD OD UD]yQ 0XFKDV YHFHV QHFHVLWDPRV GH ORV GHPiV SDUD KDFHU XQ PRQWyQ GH FRVDV R SDUD TXH ODV FRVDV TXH KDFHPRV QRV VDOJDQ D~Q PHMRU 3XHV VL QLxRV \ QLxDV ¢VDEpLV TXH SHUVRQDV GHO FLUFR WLHQHQ TXH VDEHU WUDEDMDU D OD SHUIHFFLyQ HQ HTXLSR" ([DFWR ORV WUDSHFLVWDV (OORV DFW~DQ HQ HO DLUH VDOWDQ GH FXHUGD HQ FXHUGD VH EDODQFHDQ« HV PX\ LPSRUWDQWH TXH HVWpQ FRRUGLQDGRV FRQ VXV FRPSDxHURV SDUD TXH HO HVSHFWiFXOR VHD WRGR XQ p[LWR 3DUD HVR HQWUHQDQ GXUDPHQWH ¢4XHUpLV DSUHQGHU D WUDEDMDU HQ HTXLSR" 3XHV DOOi YDPRV FKLFRV '(6$552//2 6(6,Ð1 1 0X\ ELHQ FKLFRV \D VRLV XQRV DXWpQWLFRV WUDSHFLVWDV \D VDEpLV FRPR VH WLHQH TXH WUDEDMDU HQ HTXLSR ¢4Xp HV OR TXH PiV RV KD JXVWDGR" $ &ODUD \ D -XDQ HVWD FODVH OHV KD HQFDQWDGR SRUTXH VH KDQ GDGR FXHQWD TXH MXQWRV IRUPDQ XQ EXHQ HTXLSR 6H[WD VHVLyQ %$,/$5,1(6 +R\ QXHVWURV DPLJRV &ODUD \ -XDQ KDQ OOHJDGR DO FROHJLR PX\ FRQWHQWRV SRUTXH D\HU FRQRFLHURQ D XQD FKLFD TXH WUDEDMD HQ HO FLUFR (OOD HV EDLODULQD \ HV GH XQ SXHEOR GHO HVWH GH (XURSD (VWD EDLODULQD OHV H[SOLFy OR LPSRUWDQWH TXH HUD SDUD HOOD VX FXHUSR \D TXH D WUDYpV GHO EDLOH VH FRPXQLFD \ FRPSDUWH VXV HPRFLRQHV &ODUD OH H[SOLFR OR TXH KDEtDQ DSUHQGLGR \D KDFH XQDV VHPDQDV HQ VX FODVH GH (GXFDFLyQ )tVLFD OD LPSRUWDQFLD GH VDEHU H[SUHVDUVH D WUDYpV GHO FXHUSR \ TXH KDEtDQ WUDEDMDGR PXFKRV DVSHFWRV UHODFLRQDGRV FRQ HO FLUFR FRPR SRU HMHPSOR« ¢RV DFRUGiLV" /D EDLODULQD OHV FRQWy TXH SDUD HOOD HUD PX\ LPSRUWDQWH VDEHU H[SUHVDUVH D WUDYpV GH ODV GDQ]DV WtSLFDV GH VX SDtV ¢9RVRWURV VDEpLV DOJ~Q EDLOH WtSLFR JDOOHJR" $O OOHJDU D FODVH &ODUD QR SXGR FRQWHQHUVH \ OHV H[SOLFy D VXV FRPSDxHURV OR TXH KDEtD FRQRFLGR HO GtD DQWHULRU 3DUD OD VRUSUHVD GH &ODUD OD PDHVWUD WHQtD XQD VRUSUHVD PX\ LQWHUHVDQWH /D PDHVWUD SUHJXQWy VL DOJXQR VDEtD OR TXH KDFtDQ ORV EDLODULQHV FRQ VX FXHUSR ¢6DEpLV"

(PiV) 5HYLVWD 'LJLWDO GH (GXFDFLyQ )tVLFD $xR 1XP MXOLR DJRVWR GH

KWWS HPDVI ZHEFLQGDULR FRP

3XHV KR\ YDPRV D VHU EDLODULQHV« 9DPRV D HPSH]DU '(6$552//2 6(6,Ð1 1 $O DFDEDU HVWD FODVH OD PDHVWUD GH &ODUD \ -XDQ OHV FRPXQLFy TXH \D HUDQ WRGRV XQRV DUWLVWDV GH FLUFR (OORV KDEtDQ DSUHQGLGR D FRPXQLFDUVH D WUDYpV GHO FXHUSR FRPR ORV PLPRV D FRPSRUWDUVH FRPR OR KDFHQ ORV DQLPDOHV KDEtD GHVFXELHUWR ÉIULFD \ OD ,QGLD D WUDEDMDU HQ HTXLSR D EDLODU FRPR DXWpQWLFRV EDLODULQHV« \ PXFKtVLPDV FRVDV PiV DO LJXDO TXH YRVRWURV /D SURIHVRUD IHOLFLWy D WRGRV VXV DOXPQRV FRPR \R KDJR FRQ YRVRWURV £(QKRUDEXHQD VH GHVSLGLy KDEODQGR GH ODV PXFKDV DYHQWXUDV TXH OHV TXHGDEDQ SRU YLYLU < OHV GHVHy XQ EXHQ ILQ GH VHPDQD $O OOHJDU D VX FDVD &ODUD \ -XDQ VH HQFRQWUDURQ XQ VREUH TXH FRQWHQtD ODV HQWUDGDV SDUD LU DO FLUFR $PERV VH DEUD]DURQ \ OHV GLHURQ ODV JUDFLDV D VXV SDGUHV (OORV VH IXHURQ DO FLUFR \ IXHURQ FDSDFHV GH YDORUDU WRGR HO HVSHFWiFXOR TXH RIUHFtD DO LJXDO TXH KDUpLV YRVRWURV HQ DOJ~Q PRPHQWR (VWD KLVWRULD DFDED DTXt 3HUR -XDQ \ &ODUD YROYHUiQ D HQFRQWUDUVH FRQ YRVRWURV

$QH[R (MHPSOR GHO FXHQWR SRU SLFWRJUDPDV (UDVH XQD YH] HO FLUFR

ENFADADO

ASUSTADO

-XDQ \ PDUWD

$QH[R (MHPSOR GH 3LFWRJUDPDV HPRFLRQHV

ALEGRE

TRISTE

(PiV) 5HYLVWD 'LJLWDO GH (GXFDFLyQ )tVLFD $xR 1XP MXOLR DJRVWR GH

KWWS HPDVI ZHEFLQGDULR FRP

$QH[R (MHPSOR GH SLFWRJUDPDV FRQ ODV SDUWHV GHO FXHUSR

CABEZA

HOMBROS

BRAZOS

MANOS

DEDO

TRONCO

PIERNAS

PIES

$QH[R (MHPSOR GH SLFWRJUDPDV GHO MXHJR GHO SDxXHOLWR

$QH[R (MHPSOR GH SLFWRJUDPDV GH DQLPDOHV DIULFDQRV

$YHVWUX]

*RULOD

6HUSLHQWH

&RFRGULOR

/HyQ

(PiV) 5HYLVWD 'LJLWDO GH (GXFDFLyQ )tVLFD $xR 1XP MXOLR DJRVWR GH

KWWS HPDVI ZHEFLQGDULR FRP

$QH[R 6HVLyQ GH UHODMDFLyQ 1RV WXPEDPRV HQ HO VXHOR \ HVFXFKDPRV OD P~VLFD ,PDJLQDG TXH HVWDPRV HQ ÉIULFD HQ OD JUDQ VDEDQD DIULFDQD 6HQWtV HO FDORU OD VHTXHGDG GH OD WLHUUD \ GH OD KLHUED DPDULOOD (VWiLV PX\ WUDQTXLORV VHQWtV HO YLHQWR HO FDORU« $ OR OHMRV VH YH XQD PDQDGD GH HOHIDQWHV LPDJLQD FRPR VHULD SRGHU WRFDUORV«HVWLUD PXFKR ORV EUD]RV FRPR VL TXLVLHUDV WRFDUORV $ FRQWLQXDFLyQ HVWLUD PXFKR ODV SLHUQDV SDUD SRGHU OOHJDU PiV DOWR \ WRFDUOH XQD RUHMD £/R KDV FRQVHJXLGR 'HMDV D WX HOHIDQWH \ HPSLH]DV D FDPLQDU SRU OD VDEDQD GHFLGHV WXPEDUWH HQ HO VXHOR GH QXHYR (PSLH]DV D WHQHU XQ SRFR GH IULR 1RV HQFRJHPRV FRPR XQD EROLWD 3RFR D SRFR YDPRV HVWLUiQGRQRV RWUD YH] HQ HO VXHOR 0RYHPRV PX\ GHVSDFLR ORV SLHV ODV PDQRV ODV SLHUQDV \ SRFR D SRFR QRV YDPRV OHYDQWDQGR 0X\ GHVSDFLR

$QH[R 'DQ]D GH ORV VLHWH SDVRV • ^Ğ ĚĂŶ ŽĐŚŽ ƉĂƐŽƐ ƐĂůƚĂĚŽƐ ŚĂĐŝĂ ůĂ ĚĞƌĞĐŚĂ LJ ĐŽŵĞŶnjĂŶĚŽ ĐŽŶ Ğů ƉŝĞ ĚĞƌĞĐŚŽ͘ • ^Ğ ĚĂŶ ŽĐŚŽ ƉĂƐŽƐ ƐĂůƚĂĚŽƐ͕ ƉĞƌŽ ĐĂƌĂ Ă ůĂ ŝnjƋƵŝĞƌĚĂ͘ Ŷ ůŽ ƷůƚŝŵŽ ƋƵĞĚĂƌĂ ŵŝƌĂŶĚŽ ŚĂĐŝĂ Ğů ĐĞŶƚƌŽ͘ • ^Ğ ĞůĞǀĂ Ğů ƉŝĞ ŝnjƋƵŝĞƌĚŽ LJ ƐĞ ŚĂĐĞ ĞƋƵŝůŝďƌŝŽ͘ Ŷ ůĂƐ ƐƵĐĞƐŝǀĂƐ ĞƐƚƌŽĨĂƐ ƐĞ ǀĂŶ ĂĐƵŵƵůĂŶĚŽ ůŽƐ ŐĞƐƚŽƐ ĚĞ ůĂƐ ĞƐƚƌŽĨĂƐ ĂŶƚĞƌŝŽƌĞƐ LJ ĂŹĂĚŝŵŽƐ ƵŶŽ ŶƵĞǀŽ͘ - ^Ğ ĞůĞǀĂ Ğů ƉŝĞ ŝnjƋƵŝĞƌĚŽ͕ ůƵĞŐŽ ĐĂŵďŝĂƌĂ ĚĞ ƉŝĞ ĞůĞǀĂŶĚŽ Ğů ĚĞƌĞĐŚŽ - ^Ğ ĂƌƌŽĚŝůůĂŶ ĐŽŶ ůĂ ƉŝĞƌŶĂ ĚĞƌĞĐŚĂ - ^Ğ ĂƌƌŽĚŝůůĂŶ ĐŽŶ ůĂ ƉŝĞƌŶĂ ŝnjƋƵŝĞƌĚĂ - ƉŽLJĂƌĂ Ğů ĐŽĚŽ ĚĞƌĞĐŚŽ ĞŶ Ğů ƐƵĞůŽ - ƉŽLJĂƌĂ Ğů ĐŽĚŽ ŝnjƋƵŝĞƌĚŽ ĞŶ Ğů ƐƵĞůŽ - ƉŽLJĂƌĂ ůĂƐ ŵĂŶŽƐ ĞŶ Ğů ƐƵĞůŽ ĚĞůĂŶƚĞ ĚĞ ůĂ ĐĂďĞnjĂ

)HFKD GH UHFHSFLyQ )HFKD GH DFHSWDFLyQ

(PiV) 5HYLVWD 'LJLWDO GH (GXFDFLyQ )tVLFD $xR 1XP MXOLR DJRVWR GH

KWWS HPDVI ZHEFLQGDULR FRP

(-(5&,&,2 )Ì6,&2 2%(6,'$' ( ,1)/$0$&,Ð1

ÉOYDUR &DQGyQ /LxiQ (PDLO DOFDQGRQ#JPDLO FRP

$QWRQLR -HV~V 6iQFKH] 2OLYHU

,VPDHO *DODQFKR 5HLQD

:DOWHU 6XiUH] &DUPRQD

-RVp $QWRQLR *RQ]iOH] -XUDGR

(VWXGLDQWH GH *UDGR HQ OD 8QLYHUVLGDG 3DEOR 2ODYLGH 832 (VSDxD ,QYHVWLJDGRU GH OD 8QLYHUVLGDG 3DEOR 2ODYLGH 832 (VSDxD 3URIHVRU HQ OD 8QLYHUVLGDG 3DEOR 2ODYLGH 832 (VSDxD

5(680(1

/D REHVLGDG HV XQD HQIHUPHGDG FUyQLFD GH RULJHQ PXOWLIDFWRULDO FRQ XQD HOHYDGD SUHYDOHQFLD D QLYHO PXQGLDO TXH VH DVRFLD D FRPSOLFDFLRQHV SRWHQFLDOPHQWH JUDYHV \ TXH SUHFLVD GH XQ HQIRTXH PXOWLGLVFLSOLQDU SRU VX JUDQ UHSHUFXVLyQ FOtQLFD \ HOHYDGR FRVWH VDQLWDULR (O LQWHUpV DFWXDO GH OD OLSRLQIODPDFLyQ R LQIODPDFLyQ FUyQLFD DVRFLDGD D OD REHVLGDG GHULYD GHO FRQRFLPLHQWR GH ODV DOWHUDFLRQHV \ UHPRGHODGR TXH VH SURGXFH HQ HO WHMLGR DGLSRVR FRQ OD SDUWLFLSDFLyQ GH P~OWLSOHV IDFWRUHV \ HOHPHQWRV LPSOLFDGRV HQ WRGR HO SURFHVR (Q OD REHVLGDG ORV QLYHOHV FLUFXODQWHV GH PDUFDGRUHV LQIODPDWRULRV VRQ HOHYDGRV /D HYLGHQFLD DFWXDO DSR\D TXH HO HQWUHQDPLHQWR ItVLFR FRPR HO HMHUFLFLR DHUyELFR \ GH IXHU]D D ODUJR SOD]R UHGXFH OD LQIODPDFLyQ FUyQLFD HVSHFLDOPHQWH HQ LQGLYLGXRV REHVRV FRQ DOWRV QLYHOHV GH ELRPDUFDGRUHV LQIODPDWRULRV \ TXH HVWH HIHFWR HV LQGHSHQGLHQWH GH OD SpUGLGD GH SHVR LQGXFLGD SRU HO HMHUFLFLR ([LVWHQ YDULRV PHFDQLVPRV D WUDYpV GH ORV FXDOHV HO HMHUFLFLR UHGXFH OD LQIODPDFLyQ FUyQLFD LQFOX\HQGR VX HIHFWR VREUH HO WHMLGR PXVFXODU SDUD JHQHUDU PLRTXLQDV DQWLLQIODPDWRULDV 6LQ HPEDUJR HO WLSR LQWHQVLGDG \ YROXPHQ GH HMHUFLFLR LGHDO SDUD PHMRUDU HVWH HVWDGR GH LQIODPDFLyQ FUyQLFD \ REHVLGDG QR HVWi FODUDPHQWH GHILQLGR \ QHFHVLWD GH LQYHVWLJDFLyQ DGLFLRQDO

3$/$%5$6 &/$9(

2EHVLGDG /LSRLQIODPDFLyQ (MHUFLFLR )tVLFR ,QWHQVLGDG )XHU]D 5HVLVWHQFLD $HUyELFD (PiV) 5HYLVWD 'LJLWDO GH (GXFDFLyQ )tVLFD $xR 1XP MXOLR DJRVWR GH

KWWS HPDVI ZHEFLQGDULR FRP

,1752'8&&,Ð1

/D REHVLGDG HV XQ SUREOHPD GH VDOXG HQ WRGR HO PXQGR FRQVLGHUDGD XQD GH ODV HQIHUPHGDGHV QR WUDQVPLVLEOHV PiV JUDYHV \ SUHYDOHQWHV GHO VLJOR ;;, HQ HOOD RFXUUHQ XQD VHULH GH SURFHVRV FHOXODUHV TXH JHQHUDQ XQRV FDPELRV PHWDEyOLFRV SURGXFLHQGR XQ FtUFXOR YLFLRVR GH JDQDQFLD GH JUDVD YLVFHUDO LQGXFLGD SRU IDFWRUHV JHQpWLFRV \ DPELHQWDOHV TXH VH DVRFLD D PXOWLWXG GH HQIHUPHGDGHV LQFUHPHQWDQGR WDQWR OD PRUELOLGDG FRPR PRUWDOLGDG 3RU OR WDQWR SRGHPRV FRQVLGHUDU OD REHVLGDG FRPR XQD PHWDERORSDWtD DO HVWDU GLUHFWDPHQWH UHODFLRQDGD FRQ DOWHUDFLRQHV PHWDEyOLFDV VREUH WRGR VL VH WUDWD GHO IHQRWLSR DEGRPLQDO \D TXH LPSOLFD XQ PD\RU GHSyVLWR GH JUDVD YLVFHUDO \ SRU WDQWR XQ PD\RU ULHVJR GH SDGHFHU VtQGURPH PHWDEyOLFR \ SDWRORJtDV DVRFLDGDV FRPR GLDEHWHV PHOOLWXV GLVOLSHPLD DWHURJpQLFD RVWHRDUWULWLV HQIHUPHGDGHV FDUGLRYDVFXODUHV R FiQFHU &RKHQ /H5RLWK 5DQD 1LHXZGRUS -XNHPD .DVWHOHLQ

25,*(1 '( /$ ,1)/$0$&,Ð1 (1 /$ 2%(6,'$'

/D HYLGHQFLD PiV UHFLHQWH LQGLFD TXH OD REHVLGDG FRPSDUWH XQD FDUDFWHUtVWLFD FRP~Q FRQ RWURV SUHYDOHQWHV OD LQIODPDFLyQ FUyQLFD GH EDMR JUDGR R WDPELpQ FRQRFLGD FRPR LQIODPDFLyQ VLVWpPLFD TXH SHUSHW~D OD HQIHUPHGDG \ VH DVRFLD D P~OWLSOHV FRPSOLFDFLRQHV $FWXDOPHQWH HVWi WRWDOPHQWH DFHSWDGR TXH HO WHMLGR DGLSRVR EODQFR QR HV XQ PHUR DOPDFpQ GH HQHUJtD \ HV FRQVLGHUDGR XQ yUJDQR HQGRFULQR TXH HMHUFH IXQFLRQHV DXWRFULQDV SDUDFULQDV \ HQGRFULQDV =H\GD 6WXOQLJ (VWH WHMLGR SURGXFH XQD JUDQ YDULHGDG GH DGLSRTXLQDV \ FLWRTXLQDV FRQ LQIOXHQFLD VREUH ODV FDVFDGDV LQIODPDWRULDV SURFRDJXODQWHV DQWLILEULQROtWLFDV \ YDVRDFWLYDV OR TXH VXJLHUH XQD LQIOXHQFLD GLUHFWD VREUH OD LQIODPDFLyQ 7UD\KXUQ :RRG :\VV &RUD\ 5RJHUV VREUH WRGR HQ FLUFXQVWDQFLDV GH REHVLGDG YLVFHUDO GyQGH HO SHUILO VHFUHWRU GHO WHMLGR DGLSRVR VH HQFXHQWUD HVSHFLDOPHQWH DOWHUDGR GHWHFWiQGRVH XQ LQFUHPHQWR GH FLWRTXLQDV FRQ DFWLYLGDG LQIODPDWRULD /DV PiV HVWXGLDGDV DSDUHFHQ HQ OD 7DEOD (Q FRQGLFLRQHV ILVLROyJLFDV QRUPDOHV VXHOH H[LVWLU XQ HTXLOLEULR HQWUH DGLSRTXLQDV SUR LQIODPDWRULDV \ DQWL LQIODPDWRULDV TXH VLUYHQ FRPR LQPXQRPRGXODGRUDV VLQ HPEDUJR HQ OD REHVLGDG OD UHVSXHVWD DQWLLQIODPDWRULD SXHGH VHU LQVXILFLHQWH SDUD FRQWUDUUHVWDU OD DFWLYLGDG LQIODPDWRULD GDQGR SDVR D OD LQIODPDFLyQ FUyQLFD GH EDMR JUDGR

7DEOD 3ULQFLSDOHV FLWRTXLQDV

&LWRFLQD DGLSRFLWRFLQD /HSWLQD

/XJDU GH 6tQWHVLV $GLSRFLWR

5HVLVWLQD

$GLSRFLWR

)DFWRU GH QHFURVLV WXPRUDO $GLSRFLWR PDFUyIDJR DOID 71) ǂ

,QWHUOHXFLQDV ,/ ǃ ,/ ,/ 0DFUyIDJR OLQIRFLWR

3URWHtQD TXLPLRDWUD\HQWH GH 0DFUyIDJR PRQRFLWRV 0&3

,QKLELGRU GHO DFWLYDGRU GHO $GLSRFLWR PDFUyIDJR

3ULQFLSDOHV HIHFWRV &RQWURO GH OD LQJHVWD GHSRVLFLyQ GH JUDVD LQIODPDFLyQ 6HQVLELOLGDG D OD LQVXOLQD LQIODPDFLyQ ,QIODPDFLyQ VHQVLELOLGDG D OD LQVXOLQD ,QIODPDFLyQ OD ,/ ǃ WDPELpQ LQWHUYLHQH HQ HO PHWDEROLVPR HQHUJpWLFR HQ OD VHQVLELOLGDG D OD LQVXOLQD \ HQ HO FRQWURO GH OD LQJHVWD ,QFRUSRUDFLyQ GH PDFUyIDJRV DO WHMLGR +RPHRVWDVLV YDVFXODU

(PiV) 5HYLVWD 'LJLWDO GH (GXFDFLyQ )tVLFD $xR 1XP MXOLR DJRVWR GH

KWWS HPDVI ZHEFLQGDULR FRP

SODVPLQyJHQR 3$,

)DFWRU GH FUHFLPLHQWR WUDQVIRUPDQWH EHWD 7*) Ç&#x192;

+HPDWRSR\HVLV SUROLIHUDFLyQ FHOXODU DQJLRJpQHVLV GLIHUHQFLDFLyQ PLJUDFLyQ \ DSRSWRVLV FHOXODU ,QWHUOHXFLQDV ,/ ,/ ,/ 0DFUyIDJR OLQIRFLWR $QWL LQIODPDWRULD LQKLELFLyQ GH ,/ ,/

FLWRTXLQDV SUR LQIODPDWRULDV 7DEOD $GDSWDGD GH (VWHYH 5jIROV

(Q FRQGLFLRQHV GH REHVLGDG VH KD GHPRVWUDGR TXH HQ XQ GH ORV LQGLYLGXRV VH SURGXFH XQ UHPRGHODGR GHO WHMLGR DGLSRVR WDQWR D QLYHO HVWUXFWXUDO FRPR IXQFLRQDO SURYRFDQGR XQD UHDFFLyQ LQIODPDWRULD &XDQGR OD UHVROXFLyQ GH OD LQIODPDFLyQ DJXGD QR VH UHVXHOYH FRUUHFWDPHQWH VH GHVHQFDGHQD XQ HVWDGR LQIODPDWRULR FUyQLFR GH EDMR JUDGR D QLYHO ORFDO FRQ UHSHUFXVLRQHV VLVWpPLFDV FRQRFLGDV FRPR OLSRLQIODPDFLyQ *XLOKHUPH 9LUEDVLXV 3XUL &]HFK +RWDPLVOLJLO

'H HVWH PRGR OD LQIODPDFLyQ FUyQLFD KD VXUJLGR FRPR XQRV GH ORV PHFDQLVPRV ILVLROyJLFRV FODYH TXH UHODFLRQD OD REHVLGDG FRQ OD UHVLVWHQFLD D OD LQVXOLQD \ OD GLDEHWHV PHOOLWXV DGHPiV GH HVWDU tQWLPDPHQWH DVRFLDGD FRQ HO GHVDUUROOR GH RWUDV SDWRORJtDV JUDYHV FRPR GLVOLSHPLDV HVWHDWRVLV KHSiWLFD QR DOFRKyOLFD FiQFHU GHSUHVLyQ \ HQIHUPHGDGHV FDUGLRYDVFXODUHV 7DPELpQ FDEH GHVWDFDU TXH RWUDV SDWRORJtDV PX\ SUHYDOHQWHV HQWUH OD SREODFLyQ JHQHUDO WDOHV FRPR OD HQIHUPHGDG LQIODPDWRULD LQWHVWLQDO HO DVPD OD DUWULWLV UHXPDWRLGH \ OD HQIHUPHGDG SHULRGRQWDO HVWiQ WDPELpQ DVRFLDGDV D XQ HVWDGR GH LQIODPDFLyQ FUyQLFR $NDVK 5HKPDQ &KHQ %LQJ / &KHQ &KHQ :DQJ /LDQJ

(O RULJHQ GH OD LQIODPDFLyQ HV XQD FXHVWLyQ TXH QR HVWi GHPDVLDGR FODUD (Q SULQFLSLR SRGHPRV GHFLU TXH SDUWH GHO SURSLR WHMLGR DGLSRVR TXH SXHGH VHU HO SULPHU FDXVDQWH GH OD PLVPD DXQTXH H[LVWHQ RWURV IDFWRUHV TXH SXHGHQ GHVHQFDGHQDU LQIODPDFLyQ FRPR HO HVWUpV R[LGDWLYR OD UHVLVWHQFLD D OD LQVXOLQD R SHUPHDELOLGDG LQWHVWLQDO /R TXH Vt HVWi FODUR HV TXH WRGRV ORV SURFHVRV VH FRUUHODFLRQDQ HQWUH Vt \ VH UHWURDOLPHQWDQ SRVLWLYDPHQWH IRUPDQGR FtUFXORV YLFLRVRV

/D H[SDQVLyQ GHO WHMLGR DGLSRVR SXHGH VXFHGHU SRU GRV PHFDQLVPRV GLIHUHQWHV KLSHUSODVLD IRUPDFLyQ GH QXHYRV DGLSRFLWRV H KLSHUWURILD DXPHQWR GHO WDPDxR GHO DGLSRFLWR (Q XQ SULQFLSLR HO EDODQFH HQHUJpWLFR SRVLWLYR KDFH TXH DXPHQWH QXHVWUR WHMLGR DGLSRVR VXEFXWiQHR SHUR FXDQGR HVWH QR HV VXILFLHQWH SDUD DOEHUJDU HVH H[FHVR HQHUJpWLFR FRPLHQ]D D FUHFHU HO WHMLGR DGLSRVR YLVFHUDO TXH DO WHQHU PHQRU FDSDFLGDG DGLSRJpQLFD FUHFHQ SRU KLSHUWURILD 6L ODV FDXVDV TXH GHVHQFDGHQDQ HO DXPHQWR GH OD OLSRJpQHVLV FRQWLQ~DQ HO WHMLGR DGLSRVR VH KDFH LQFRPSHWHQWH HQ HO DOPDFHQDMH GH WULJOLFpULGRV GHSRVLWiQGRVH HVWRV HFWySLFDPHQWH GDQGR OXJDU D OLSRWR[LFLGDG \ DO HIHFWR QRFLYR GHOHWpUHR GH ODV DGLSRTXLQDV DQWHV VHxDODGR <H $O SURGXFLUVH OD KLSHUWURILD GHO DGLSRFLWR OD YDVFXODUL]DFLyQ GH ORV PLVPRV VH YH PHUPDGD SURYRFDQGR XQD IDOWD GH R[LJHQDFLyQ HQ ORV DGLSRFLWRV SHULIpULFRV GDQGR OXJDU D OD KLSR[LD OR TXH LQGXFH D TXH HVWRV FRPLHQFHQ D VHJUHJDU RWURV WLSRV GH FLWRTXLQDV SUR LQIODPDWRULDV FRPR 71) Ç&#x201A; UHVLVWLQD R ,/ E DGHPiV GH RWUDV \D PHQFLRQDGDV TXH LQGXFHQ XQ HVWDGR LQIODPDWRULR TXH FRQOOHYD D OD DWUDFFLyQ H LQILOWUDFLyQ GH PDFUyIDJRV GH IHQRWLSR 0 HV GHFLU SUR LQIODPDWRULR TXH D VX YH] VHJUHJDQ PiV FLWRTXLQDV SUR LQIODPDWRULDV GDQGR OXJDU D XQ UHPRGHODGR GH VX HVWUXFWXUD \ SRVWHULRU LQIODPDFLyQ FRQ

(PiV) 5HYLVWD 'LJLWDO GH (GXFDFLyQ )tVLFD $xR 1XP MXOLR DJRVWR GH

KWWS HPDVI ZHEFLQGDULR FRP

UHSHUFXVLRQHV WDQWR D QLYHO ORFDO FRPR VLVWpPLFR 6XJDQDPL 7DQDND 2JDZD

(Q HVWDGRV GH VREUHDOLPHQWDFLyQ \ REHVLGDG VH KD GHVFULWR HO IHQyPHQR GH ´FDPELR IHQRWtSLFRµ SKHQRW\SLF VZLWFK GHILQLGR FRPR XQD WUDQVIRUPDFLyQ HQ HO HVWDGR GH SRODUL]DFLyQ GH ORV PDFUyIDJRV HV GHFLU OD WUDQVIRUPDFLyQ GH XQ HVWDGR DQWLLQIODPDWRULR 0 IRUPD SUHGRPLQDQWH D XQD IRUPD 0 PiV SURLQIODPDWRULD /XPHQJ 'HO3URSRVWR :HVWFRWW 6DOWLHO (O WHMLGR DGLSRVR SUHVHQWD HQ OD REHVLGDG XQD LQILOWUDFLyQ PDVLYD GH PDFUyIDJRV 0 GHELGR DO DXPHQWR GH OD SURWHtQD 0&3 TXH MXHJD XQ SDSHO FUXFLDO HQ OD UHVSXHVWD LQIODPDWRULD HQ REHVLGDG VLHQGR HO 1) N% XQR GH ORV PD\RUHV LQGXFWRUHV GH OD H[SUHVLyQ GH HVWD DGLSRFLQD .LP HW DO /XPHQJ %RG]LQ 6DOWLHO 8QD YH] LQILOWUDGRV HQ HO WHMLGR DGLSRVR ORV PDFUyIDJRV PDGXURV FRPLHQ]DQ D VHFUHWDU FLWRTXLQDV \ TXLPLRTXLQDV WDOHV FRPR 71) Ç&#x201A; ,/ ,/ \ 0&3 %DNHU +D\GHQ *KRVK

(VWH SDWUyQ GH VHFUHFLyQ MXQWR FRQ HO SURGXFLGR SRU DGLSRFLWRV \ RWURV WLSRV FHOXODUHV IRUPD XQ FtUFXOR YLFLRVR GH UHWURDOLPHQWDFLyQ SRVLWLYD TXH SXHGH SHUSHWXDU HO UHFOXWDPLHQWR GH PDFUyIDJRV \ SURGXFFLyQ GH FLWRTXLQDV LQIODPDWRULDV

3RU RWUD SDUWH OD SUHVHQFLD GH PDFUyIDJRV HPSHRUD OD DGLSRJpQHVLV WUDQVIRUPiQGRVH HQ XQ HIHFWR LQKLELWRULR GH OD GLIHUHQFLDFLyQ GH SUHDGLSRFLWRV D DGLSRFLWRV PDGXURV IDYRUHFLHQGR OD KLSHUWURILD GHO DGLSRFLWR \ SURYRFDQGR ORV HIHFWRV GHOHWpUHRV TXH \D VH KDQ PHQFLRQDGR /DFDVD 7DOHE .HRSKLSKDWK 0LUDQYLOOH &OHPHQW /RV SUHDGLSRFLWRV \ ORV PDFUyIDJRV FRPSDUWHQ FDUDFWHUtVWLFDV VLPLODUHV FRPR OD IDJRFLWRVLV VXUJLHQGR OD KLSyWHVLV GH VL ORV PDFUyIDJRV GHO WHMLGR DGLSRVR VXUJHQ D SDUWLU GH ORV SUHDGLSRFLWRV

/D LQILOWUDFLyQ GH PDFUyIDJRV \ XQ DXPHQWR GH OD VHFUHFLyQ GH FLWRTXLQDV SUR LQIODPDWRULDV IDYRUHFHUiQ OD OLSyOLVLV \ FRQ HOOR HO IOXMR GH iFLGRV JUDVRV *XLOKHUPH HW DO /D HOHYDFLyQ GH iFLGRV JUDVRV HQ SODVPD FRQGXFH D XQ DXPHQWR GH ODV FRQFHQWUDFLRQHV GH DFLO &R$ JUDVR GLDFLOJOLFHUROHV \ FHUDPLGDV HQ HO PLRFLWR TXH DFWLYDQ OD SURWHtQD TXLQDVD & 3.& DXPHQWDQGR OD IRVIRULODFLyQ HQ VHULQD GHO VXVWUDWR UHFHSWRU GH OD LQVXOLQD ,56 H LPSLGLHQGR OD FRUUHFWD WUDQVORFDFLyQ GH ORV WUDQVSRUWDGRUHV */87 D OD VXSHUILFLH GH OD PHPEUDQD GLVPLQX\HQGR OD FDSWDFLyQ GH JOXFRVD \ SRU WDQWR LQGXFLHQGR XQ HVWDGR GH UHVLVWHQFLD D OD LQVXOLQD *XLOOHW 'HQLDX HW DO

/DV FLWRTXLQDV SUR LQIODPDWRULDV FRPR HO 71) Ç&#x201A; HVWLPXODQ OD IRVIRULODFLyQ HQ VHULQD GH ,56 GLVPLQX\HQGR OD DFWLYLGDG GH ,56 \ 3, . QHFHVDULD SDUD OD SURJUHVLyQ GH OD VHxDO LQWUDFHOXODU GH OD LQVXOLQD GLVPLQX\HQGR OD WUDQVORFDFLyQ GH */87 +RWDPLVOLJLO $UQHU &DUR $WNLQVRQ 6SLHJHOPDQ $Vt SXHV GHELGR D TXH 71) Ç&#x201A; HV FDSD] GH FDXVDU XQ GHVFHQVR HQ OD DXWRIRVIRULODFLyQ GHO ,5 HVWLPXODGD SRU LQVXOLQD \ XQ GUDPiWLFR GHVFHQVR HQ OD IRVIRULODFLyQ GHO ,56 SRGHPRV VXJHULU TXH pVWD FLWRTXLQD WLHQH XQ LPSRUWDQWH SDSHO HQ HO GHVDUUROOR GH UHVLVWHQFLD D LQVXOLQD

3RU RWUD SDUWH GHELGR D OD DFFLyQ GHO 71) Ç&#x201A; GH OD ,/ OD H[SDQVLyQ \ FUHFLPLHQWR GHO WHMLGR DGLSRVR \ OD DSDULFLyQ GH UHVLVWHQFLD D OD LQVXOLQD HQ HO PLVPR VH HVWLPXOD OD OLSDVD VHQVLEOH D KRUPRQDV /6+ \ VH IDYRUHFH OD OLSyOLVLV GH ORV WULJOLFpULGRV DOPDFHQDGRV HQ GLFKR WHMLGR OR TXH DXPHQWD OD OLEHUDFLyQ GH $*/ D SDUWLU GHO DGLSRFLWR VREUH WRGR SRU HO WHMLGR DGLSRVR YLVFHUDO 5\GpQ $QGHUVVRQ

(PiV) 5HYLVWD 'LJLWDO GH (GXFDFLyQ )tVLFD $xR 1XP MXOLR DJRVWR GH

KWWS HPDVI ZHEFLQGDULR FRP

%HUQDUG 6SDOGLQJ $UQHU /RV $*/ VH HQFXHQWUDQ IXHUWHPHQWH UHODFLRQDGRV FRPR FDXVD \ FRQVHFXHQFLD FRQ OD UHVLVWHQFLD D LQVXOLQD \ 'LDEHWHV 0HOOLWXV

(O HVWUpV R[LGDWLYR VH PDQLILHVWD SRU XQ DXPHQWR GH HVSHFLHV UHDFWLYDV GH R[tJHQR 526 FRQVHFXHQFLD GH XQ GHVHTXLOLEULR HQWUH ORV VLVWHPDV TXH ODV SURGXFHQ FRPR OD DFWLYLGDG PLWRFRQGULDO R DFWLYLGDGHV FRPR 1$'3+ R[LGDVD 12; \ ORV VLVWHPDV TXH ODV HOLPLQDQ FRPR VXSHUy[LGR GLVPXWDVD 62' R FDWDODVD DQWLR[LGDQWHV HQGyJHQRV &XDQGR DXPHQWDQ ORV QLYHOHV GH JOXFRVD \ iFLGRV JUDVRV HQ VDQJUH VH SURGXFH XQ LQFUHPHQWR HQ OD FRQFHQWUDFLyQ GH DFHWLO &R$ TXH D VX YH] LQFUHPHQWD OD SURGXFFLyQ GH GRQDQWHV GH HOHFWURQHV 1$'+ HQ HO FLFOR GH .UHEV 0DGGX[ HW DO 0DUIHOOD 4XDJOLDUR 1DSSR &HULHOOR *LXJOLDQR &XDQGR HO H[FHVR GH 1$'+ QR SXHGH VHU GLVLSDGR SRU OD IRVIRULODFLyQ R[LGDWLYD X RWURV PHFDQLVPRV DXPHQWD HO JUDGLHQWH GH SURWRQHV PLWRFRQGULDOHV \ OD WUDQVIHUHQFLD GH HOHFWURQHV DO R[tJHQR IRUPiQGRVH DVt UDGLFDOHV OLEUHV DQLyQ VXSHUy[LGR HQ SDUWLFXODU \ SURGXFLHQGR HVWUpV R[LGDWLYR 0DHFKOHU -RUQRW :ROOKHLP (O HVWUpV R[LGDWLYR SURGXFH XQ DXPHQWR GH OD H[SUHVLyQ GH FLWRTXLQDV SUR LQIODPDWRULDV \ GLVPLQXFLyQ GH OD H[SUHVLyQ GH FLWRTXLQDV DQWLLQIODPDWRULDV HQ ORV WHMLGRV /LQ HW DO UHODFLRQiQGRVH FRQ OD UHVLVWHQFLD D LQVXOLQD \ GLDEHWHV (QWUH ODV FDXVDV TXH SXHGHQ JHQHUDU HVWUpV R[LGDWLYR FDEH FLWDU OD KLSHUJOXFHPLD R ORV DOWRV QLYHOHV GH iFLGRV JUDVRV (YDQV *ROGILQH 0DGGX[ *URGVN\

3RU RWUR ODGR OD KLSR[LD HQ DGLSRFLWRV FRQGXFH D XQ HVWUpV HQ HO UHWtFXOR HQGRSOiVPLFR JHQHUDQGR UDGLFDOHV OLEUHV \ GDxR R[LGDWLYR \ FXOPLQDQGR FRQ OD PXHUWH FHOXODU SRU QHFURVLV (VWH SURFHVR WUDH FRQVLJR PHFDQLVPRV GH DOHUWD HQWUH ORV TXH GHVWDFD OD VHFUHFLyQ GH FLWRTXLQDV SUR LQIODPDWRULDV SRU ORV DGLSRFLWRV YHFLQRV \ SRU ORV PDFUyIDJRV UHFOXWDGRV HQ UHVSXHVWD D OD VHxDO GH DOHUWD HVWDEOHFLHQGR FRQ HOOR HO SHUILO LQIODPDWRULR WtSLFR GH OD REHVLGDG

(O HQWUHQDPLHQWR UHJXODU PRGHUDGR SDUHFH EHQHILFLRVR SDUD HO HVWUpV R[LGDWLYR \ OD VDOXG \D TXH GLVPLQX\H ORV QLYHOHV EDVDOHV GHO GDxR RULJLQDGR SRU ORV DJHQWHV R[LGDQWHV \ DXPHQWD OD UHVLVWHQFLD DO FLWDGR HVWUpV &RRSHU 9ROODDUG &KRXHLUL :LOVRQ

(-(5&,&,2 )Ì6,&2 2%(6,'$' ( ,1)/$0$&,Ð1

(O HMHUFLFLR ItVLFR QR VyOR VH PXHVWUD FRPR XQ IDFWRU GHWHUPLQDQWH HQ OD SUHYHQFLyQ \ R WUDWDPLHQWR GH OD REHVLGDG HQ Vt VLQR TXH PHMRUD PXFKRV PDUFDGRUHV GH ODV FRPRUELOLGDGHV DVRFLDGDV D OD PLVPD FRPR OD DOWHUDFLyQ GHO PHWDEROLVPR GH OD JOXFRVD OD GLVOLSLGHPLD \ OD KLSHUWHQVLyQ DGHPiV GH DTXHOORV LPSOLFDGRV FRPR IDFWRUHV GH ULHVJR GH OD HQIHUPHGDG FDUGLRYDVFXODU (&9 FRPR OD LQIODPDFLyQ VLVWpPLFD HO HVWUpV R[LGDWLYR \ OD GLDEHWHV *ROELGL 0HVGDJKLQLD /DKHU 0RUULVRQ .OHHPDQQ $GHPiV GLVPLQX\H OD JUDVD WRWDO \ OD YLVFHUDO LQFOXVR VLQ SURGXFLU SpUGLGDV UHOHYDQWHV GH SHVR \ DXQTXH DXPHQWD OD R[LGDFLyQ GH ORV $*/ SDUHFH TXH WLHQH PiV HIHFWR OLSROtWLFR VREUH OD JUDVD YLVFHUDO -DQLV]HZVNL 5RVV ([LVWH FLHUWD FRQWURYHUVLD HQ FyPR HO HMHUFLFLR D\XGD D UHGXFLU OD LQIODPDFLyQ FUyQLFD DVt FRPR ORV GLVWLQWRV SXQWRV GyQGH SXHGH DFWXDU (QWUH ORV PHFDQLVPRV PHGLDQWH ORV FXDOHV HO HMHUFLFLR UHGXFH OD LQIODPDFLyQ FUyQLFD HQFRQWUDPRV HO HIHFWR VREUH HO WHMLGR PXVFXODU SDUD JHQHUDU \ VLQWHWL]DU PLRTXLQDV DQWL LQIODPDWRULDV HO HIHFWR VREUH HO WHMLGR DGLSRVR SDUD PHMRUDU OD KLSR[LD \ UHGXFLU (PiV) 5HYLVWD 'LJLWDO GH (GXFDFLyQ )tVLFD $xR 1XP MXOLR DJRVWR GH

KWWS HPDVI ZHEFLQGDULR FRP

OD LQIODPDFLyQ ORFDO HO HIHFWR VREUH ODV FpOXODV HQGRWHOLDOHV SDUD UHGXFLU OD DGKHVLyQ GH OHXFRFLWRV \ OD SURGXFFLyQ VLVWpPLFD GH FLWRTXLQDV SUR LQIODPDWRULDV \ HO HIHFWR VREUH HO VLVWHPD LQPXQH SDUD UHGXFLU HO Q~PHUR GH FpOXODV SUR LQIODPDWRULDV VRQ ORV PiV UHSUHVHQWDWLYRV <RX $UVHQLV 'LVDQ]R /DPRQWH

0XFKRV VRQ ORV SXQWRV GyQGH HO HMHUFLFLR ItVLFR SDUHFH DFWXDU SDUD PHMRUDU OD LQIODPDFLyQ FUyQLFD SHUR SUREDEOHPHQWH VX DFFLyQ PiV HILFD] VHD OD UHGXFFLyQ GHO WHMLGR DGLSRVR TXH D VX YH] OLPLWD OD KLSHUWURILD GHO DGLSRFLWR OD LQILOWUDFLyQ GH PDFUyIDJRV OD SRODUL]DFLyQ KDFLD HO IHQRWLSR PHQRV LQIODPDWRULR GH HVWRV 0 \ OD OLEHUDFLyQ GH FLWRTXLQDV SUR LQIODPDWRULDV DFRPSDxDGD GH OD OLEHUDFLyQ FLWRTXLQDV DQWL LQIODPDWRULDV FRPR SRU HMHPSOR ,/ 3DUN 0\HUV 9LHLUD 3RWWHU

(O HMHUFLFLR DJXGR DXPHQWD OD SURGXFFLyQ GHO P~VFXOR GH ,/ )HEEUDLR 3HGHUVHQ $XQTXH VLHPSUH VH KD VXJHULGR TXH OD ,/ HV XQD DGLSRTXLQD LQIODPDWRULD SDUHFH TXH FXDQGR HV VHJUHJDGD SRU HO P~VFXOR LQGXFLGD SRU HO HMHUFLFLR HV GHFLU FXDQGR DFW~D FRPR PLRTXLQD SDUHFH LQKLELU OD VtQWHVLV GH 71) Ç&#x201A; DFWXDQGR FRPR DQWL LQIODPDWRULD \ FRQWULEX\HQGR D OD UHGXFFLyQ GH OD LQIODPDFLyQ FUyQLFD D ODUJR SOD]R 3DO )HEEUDLR :KLWKDP 6WDUNLH 2VWURZVNL -DXIIUHG )HEEUDLR 3HGHUVHQ $GHPiV PHMRUD GH OD VHQVLELOLGDG D OD LQVXOLQD 0DWKXU 3HGHUVHQ 3HUR OD DFWLYLGDG ItVLFD QR SURGXFH 71) Ç&#x201A; VLQR VROR ,/ SRU OR TXH HO HIHFWR LQIODPDWRULR GH 71) Ç&#x201A; GHVDSDUHFH SRU WDQWR ,/ DO XQLUVH D VX UHFHSWRU DXPHQWD OD R[LGDFLyQ GH iFLGRV JUDVRV SRU DFWLYDFLyQ GH $03. \ DXPHQWD OD FDSWDFLyQ GH JOXFRVD SRU DFWLYDFLyQ GH IRVIDWLGLOLQRVLWRO TXLQDVD 3, . \ $NW %UDQGW 3HGHUVHQ $GHPiV OD H[SUHVLyQ GH ,/ SDUHFH VHU TXH VH FRUUHODFLRQD FRQ XQ DXPHQWR GHO WHMLGR PXVFXODU GHELGR D VX DFFLyQ LQGXFWRUD HQ OD SUROLIHUDFLyQ GH FpOXODV VDWpOLWH HMHUFLHQGR XQ LPSDFWR SRVLWLYR HQ OD FDSDFLGDG SUROLIHUDWLYD GH ODV FpOXODV PDGUH GHO P~VFXOR 0XxR] &iQRYHV 6FKHHOH 3HGHUVHQ 6HUUDQR

2WUD YtD GyQGH HO HMHUFLFLR ItVLFR SDUHFH DFWXDU UHGXFLHQGR OD LQIODPDFLyQ FUyQLFD HV LQGXFLHQGR FDPELRV IHQRWtSLFRV GH PDFUyIDJRV 0 D 0 HQ HO WHMLGR DGLSRVR REHVR DGHPiV GH LQKLELU OD LQILOWUDFLyQ GH PDFUyIDJRV 0 HQ HO WHMLGR DGLSRVR .DZDQLVKL <DQR <RNRJDZD 6X]XNL

3RU WDQWR VH SODQWHD TXH HO HMHUFLFLR SUDFWLFDGR GH IRUPD UHJXODU SURWHJH DQWH OD LQIODPDFLyQ FUyQLFD GH EDMR JUDGR \ PHMRUD HO SURQyVWLFR GH HQIHUPHGDGHV LQIODPDWRULDV 6LQ HPEDUJR D~Q VH QHFHVLWD LQYHVWLJDU PiV SDUD GHILQLU TXp WLSR GH HMHUFLFLR R TXp LQWHQVLGDG HV OD PiV DGHFXDGD SDUD HOOR \D TXH H[LVWH FLHUWD FRQWURYHUVLD DO UHVSHFWR

(Q VX PD\RU SDUWH ODV UHFRPHQGDFLRQHV SDUD WUDWDU R SUHYHQLU HO VREUHSHVR \ OD REHVLGDG D WUDYpV GH OD DFWLYLGDG ItVLFD VH KDQ FHQWUDGR HQ HO HQWUHQDPLHQWR GH UHVLVWHQFLD DHUyELFD ,VPDLO .HDWLQJ %DNHU -RKQVRQ \D TXH HO HQWUHQDPLHQWR DHUyELFR VH DVRFLD FRQ PD\RU JDVWR GH HQHUJtD GXUDQWH OD VHVLyQ GH HMHUFLFLR TXH HO HQWUHQDPLHQWR GH IXHU]D VLQ HPEDUJR HQ ORV ~OWLPRV DxRV QXPHURVRV HVWXGLRV DSXQWDQ DO HQWUHQDPLHQWR GH IXHU]D FRPR HO PiV DGHFXDGR SDUD SUHYHQLU \ WUDWDU OD REHVLGDG 0HNDU\ HW DO (O HMHUFLFLR GH IXHU]D SUHVHQWD XQ PD\RU JDVWR FDOyULFR SRVW HMHUFLFLR OR TXH FRQRFHPRV FRPR ([FHVV 3RVW H[HUFLVH 2[\JHQ &RQVXPSWLRQ (32& TXH SXHGH GXUDU LQFOXVR KRUDV GHVSXpV GH OD ILQDOL]DFLyQ GHO PLVPR 2UPVEHH HW DO

(PiV) 5HYLVWD 'LJLWDO GH (GXFDFLyQ )tVLFD $xR 1XP MXOLR DJRVWR GH

KWWS HPDVI ZHEFLQGDULR FRP

$XQ DVt HO HMHUFLFLR DHUyELFR VH SUHVFULEH FRQ IUHFXHQFLD SDUD UHGXFLU ODV HQIHUPHGDGHV UHODFLRQDGDV FRQ OD LQIODPDFLyQ HQIHUPHGDG FDUGLRYDVFXODU \ OD GLDEHWHV \ SDUHFH KDEHU GHPRVWUDGR HIHFWRV EHQHILFLRVRV HQ OD UHGXFFLyQ GH OD LQIODPDFLyQ FUyQLFD %HDYHUV %ULQNOH\ 1LFNODV

3DUHFH TXH OD HVWLPXODFLyQ GHO VLVWHPD QHUYLRVR SDUDVLPSiWLFR D WUDYpV GHO QHUYLR YDJR HIHUHQWH LQKLEH OD SURGXFFLyQ GH FLWRTXLQDV SUR LQIODPDWRULDV \ SURWHJH FRQWUD OD LQIODPDFLyQ VLVWpPLFD 7UDFH\ 8QD IXQFLyQ SULPDULD GHO QHUYLR YDJR HV FRQWURODU OD IUHFXHQFLD FDUGtDFD +55 8QD DGDSWDFLyQ LPSRUWDQWH SDUD OD SUiFWLFD GH HMHUFLFLR FDUGLRYDVFXODU D ODUJR SOD]R HV XQD GLVPLQXFLyQ GH OD +55 3RU OR WDQWR OD SUiFWLFD GH HMHUFLFLR DHUyELFR SXHGH DXPHQWDU OD DFWLYLGDG GHO QHUYLR YDJR HIHUHQWH \ HVWH DXPHQWR GH OD DFWLYLGDG SXHGH FRQWULEXLU DO HIHFWR DQWLLQIODPDWRULR GHO HMHUFLFLR (VWD KLSyWHVLV HVWi DSR\DGD SRU XQ HVWXGLR WUDQVYHUVDO TXH GHPRVWUy +55 IXH HO PHMRU SUHGLFWRU GH OD 3&5 HQ DGXOWRV 9LHLUD 9DOHQWLQH 0F$XOH\ (YDQV :RRGV VLQ HPEDUJR QR KD VLGR GHILQLWLYDPHQWH SUREDGR

ร OWLPDPHQWH H[LVWH XQD WHQGHQFLD GH HQWUHQDPLHQWR GHQRPLQDGD +,,7 +LJK ,QWHUYDO ,QWHQVLW\ 7UDLQQLQJ (VWH WLSR GH HQWUHQDPLHQWR SDUHFH KDEHU FRQGXFLGR PHMRUDV D ODUJR SOD]R HQ FXDQWR D FRPSRVLFLyQ FRUSRUDO ULHVJR FDUGLRPHWDEyOLFR WROHUDQFLD DO HMHUFLFLR HQ VXMHWRV REHVRV *UHPHDX[ HW DO DXPHQWR GH OD ELRJpQHVLV PLWRFRQGULDO \ DXPHQWR GH */87 /LWWOH 6DIGDU :LONLQ 7DUQRSROVN\ *LEDOD (O +,,7 WDPELpQ VH KD GHPRVWUDGR TXH LQGXFH PHMRUDV FRPSDUDEOHV HQ OD DSWLWXG \ OD VHQVLELOLGDG D OD LQVXOLQD HQ SREODFLRQHV FOtQLFDV LQFOX\HQGR DTXHOORV FRQ VREUHSHVR X REHVLGDG 5LFKDUGV HW DO :DOOPDQ 3ODQW 5DNLPRY 0DLRUDQD HQIHUPHGDG FDUGLRYDVFXODU 0RKROGW HW DO VtQGURPH PHWDEyOLFR 7MยกQQD HW DO \ GLDEHWHV WLSR /LWWOH HW DO 0RXULHU HW DO

(VWH WLSR GH HQWUHQDPLHQWR SDUHFH VHJXUR HILFD] \ ELHQ WROHUDGR \ SRGUtD PHMRUDU OD DGKHUHQFLD DO HQWUHQDPLHQWR ItVLFR HQ HVWD SREODFLyQ (O GHEDWH HVWi DELHUWR \D TXH D~Q H[LVWH PXFKD FRQWURYHUVLD DO UHVSHFWR %LGGOH %DWWHUKDP .HDWLQJ HW DO /RV LQGLFLRV QRV OOHYDQ D FRQVLGHUDU HO +,,7 FRPR XQD SRVLEOH HVWUDWHJLD D WHQHU HQ FXHQWD \ SDUHFH VHU TXH pVWD PHWRGRORJtD KD LUUXPSLGR HQ HO iPELWR GH OD REHVLGDG SDUD TXHGDUVH

3RU RWUR ODGR HO HQWUHQDPLHQWR GH IXHU]D DXPHQWD R PDQWLHQH OD PDVD PXVFXODU OR TXH D VX YH] PDQWLHQH HO PHWDEROLVPR DFWLYR \ HMHUFH IXQFLRQHV GH UHJXODFLyQ KRUPRQDO SDUD FRQWURODU GH IRUPD DXWRFULQD SDUDFULQD \ HQGRFULQD GLYHUVRV SURFHVRV ELROyJLFRV FRPR SRU HMHPSOR HO SURFHVR LQIODPDWRULR +HQQLQJVHQ 5LJEROW %ODJRHY 3HGHUVHQ .UDWFKPDURYD (O HQWUHQDPLHQWR GH IXHU]D WLHQH XQ HIHFWR IDYRUDEOH VREUH OD FRPSRVLFLyQ FRUSRUDO \D TXH GLVPLQX\H OD PDVD JUDVD LQFOXLGD OD JUDVD DEGRPLQDO DXPHQWD +'/ GLVPLQX\H /'/ UHGXFH OD FRQFHQWUDFLyQ GH JOXFRVD SODVPiWLFD \ UHGXFH OD SUHVLyQ DUWHULDO VLVWyOLFD \ GLDVWyOLFD 'LDV HW DO 6NU\SQLN HW DO 7DPELpQ PHMRUD OD VHQVLELOLGDG D OD LQVXOLQD PHMRUD OD WROHUDQFLD D OD JOXFRVD \ SUHYLHQH OD VDUFRSHQLD \ OD RVWHRSRURVLV .DO\DQL &RUULHUH )HUUXFFL 2EHVLGDG LQIODPDFLyQ \ VDUFRSHQLD YDQ XQLGDV GH OD PDQR KDVWD HO SXQWR GH VXUJLU OR TXH FRQRFHPRV FRPR 2EHVLGDG VDUFRSpQLFD (VWXGLRV UHFLHQWHV VXJLHUHQ TXH OD VDUFRSHQLD HV XQ HVWDGR LQIODPDWRULR LPSXOVDGR SRU FLWRTXLQDV \ HO HVWUpV R[LGDWLYR /RV QLYHOHV HOHYDGRV GH ,/ \ OD 3&5 VXHOHQ VHU HOHYDGRV HQ HVWDGRV VDUFRSpQLFRV -HQVHQ (O HMHUFLFLR GH IXHU]D HV SRU OR WDQWR IXQGDPHQWDO HQ OD SUHYHQFLyQ GH OD REHVLGDG VDUFRSHQLD 'RGGV 6D\HU

(PiV) 5HYLVWD 'LJLWDO GH (GXFDFLyQ )tVLFD $xR 1XP MXOLR DJRVWR GH

KWWS HPDVI ZHEFLQGDULR FRP

$GHPiV PXFKRV HVWXGLRV KDQ GHPRVWUDGR TXH HO HQWUHQDPLHQWR GH IXHU]D SXHGH PDQWHQHU R LQFOXVR DXPHQWDU OD GHQVLGDG PLQHUDO yVHD 6XQGHOO

UHSHUFXWLHQGR PiV VL FDEH HQ WRGR HO SURFHVR LQIODPDWRULR TXH FRQOOHYD OD REHVLGDG

/DV FLWRTXLQDV FRQ IXQFLRQHV DQWL LQIODPDWRULRV VRQ ,/ UD \ OD ,/ HQWUH RWUDV ,/ UD HV XQ PLHPEUR GH OD IDPLOLD ,/ TXH VH XQH D ,/ Ç&#x192; SHUR QR LQGXFH XQD UHVSXHVWD LQWUDFHOXODU SRU OR TXH VH FRQVLGHUD DQWL LQIODPDWRULD 3HGHUVHQ )HEEUDLR 6H KD FRPSUREDGR TXH OD ,/ UD DXPHQWD GHVSXpV GH HMHUFLFLR DHUyELFR 3HWHUVHQ 3HGHUVHQ \ WDPELpQ GHVSXpV GH HQWUHQDPLHQWR GH IXHU]D ,]TXLHUGR HW DO

(O HQWUHQDPLHQWR GH IXHU]D DOWHUD OD JUDVD YLVFHUDO \ ORV QLYHOHV GH YDULDV FLWRTXLQDV SUR LQIODPDWRULDV 6WUDVVHU $UYDQGL 6LHEHUW SRU OR TXH HO HQWUHQDPLHQWR GH IXHU]D SXHGH VHU FODYH SDUD OD PD[LPL]DFLyQ GH EHQHILFLRV DQWL LQIODPDWRULRV UHDOL]DGR GH IRUPD FRQVWDQWH UHGXFLHQGR ORV PDUFDGRUHV GH LQIODPDFLyQ HQ DXVHQFLD GH FDPELRV HQ OD FRPSRVLFLyQ FRUSRUDO $GHPiV GHELGR D ODV FRQVHFXHQFLDV PHWDEyOLFDV GH OD UHGXFFLyQ GH OD PDVD PXVFXODU VH HQWLHQGH TXH HO HQYHMHFLPLHQWR QRUPDO \ R GLVPLQXFLyQ GH OD DFWLYLGDG ItVLFD SXHGH FRQGXFLU D XQD PD\RU SUHYDOHQFLD GH WUDVWRUQRV PHWDEyOLFRV \ HO HQWUHQDPLHQWR GH IXHU]D VH PXHVWUD HILFLHQWH D OD KRUD GH SUHYHQLU OD DWURILD PXVFXODU 6H KD GHPRVWUDGR TXH HO 71) Ç&#x201A; HV HOHYDGR HQ ORV P~VFXORV GH DQFLDQRV IUiJLOHV SHUR FRQ HO HQWUHQDPLHQWR GH IXHU]D ORV QLYHOHV 71) Ç&#x201A; VH UHGXFHQ *UHLZH %R 5XELQ <DUDVKHVNL 6HPHQNRYLFK 3RU RWUD SDUWH OD WDVD GH VtQWHVLV GH SURWHtQDV PXVFXODUHV HVWDED LQYHUVDPHQWH UHODFLRQDGD FRQ HO 71) Ç&#x201A;

3RGHPRV GHGXFLU TXH XQD VHVLyQ DJXGD GH IXHU]D QR SUHVHQWD PHMRUDV HQ OD LQIODPDFLyQ FUyQLFD GHELGR D TXH VH JHQHUD XQD OHVLyQ WLVXODU FX\D UHVSXHVWD ILVLROyJLFD HV OD LQIODPDFLyQ TXH LPSOLFD OD SURGXFFLyQ GH FLWRTXLQDV 3HGHUVHQ )HEEUDLR DXPHQWDQGR ORV 526 SURGXFLGRV SRU ORV QHXWUyILORV SDUD DWDFDU ODV FpOXODV GHJHQHUDGDV OR TXH DJUDYD HO GDxR PXVFXODU $UPVWURQJ /D UHVSXHVWD GH FLWRTXLQDV SXHGH YDULDU VHJ~Q HO WLSR GH HMHUFLFLR OD LQWHQVLGDG OD GXUDFLyQ OD UHFXSHUDFLyQ HQWUH VHULHV GH HMHUFLFLRV \ HVWDGR GH HQWUHQDPLHQWR 3HWHUVHQ 3HGHUVHQ 3RU HOOR XQD VHVLyQ GH HQWUHQDPLHQWR DJXGD LQGXFH XQ HVWDGR LQIODPDWRULR SHUR GHELGR D ODV DGDSWDFLRQHV ILVLROyJLFDV HQGyJHQDV GHO RUJDQLVPR D ODUJR SOD]R HO HQWUHQDPLHQWR GH IXHU]D LQGXFLUi HO HIHFWR FRQWUDULR (O HQWUHQDPLHQWR GH IXHU]D FUyQLFR WDPELpQ LQGXFH XQD PHMRU UHVSXHVWD HQ OD HQGRWR[LQD 3KLOOLSV HW DO

/RV UHVXOWDGRV GH HVWH HVWXGLR PRVWUDURQ TXH HO HQWUHQDPLHQWR GH IXHU]D HQ XQD VROD LQWHUYHQFLyQ QR PRGLILFy ORV PDUFDGRUHV LQIODPDWRULRV HQ UHSRVR GH ORV JUXSRV GH SUXHED /HYLQJHU HW DO 6LQ HPEDUJR D ODUJR SOD]R VH SXHGH YHU HO HIHFWR SRVLWLYR VREUH ORV PDUFDGRUHV LQIODPDWRULRV 8Q HVWXGLR GH IXHU]D D ODUJR SOD]R OOHYDGR D FDER HQ PXMHUHV FRQ VREUHSHVR PRVWUy XQD UHGXFFLyQ HQ ORV QLYHOHV GH 3&5 HQ SODVPD \ XQ DXPHQWR HQ OD PDVD PXVFXODU SDUD HO JUXSR GH LQWHUYHQFLyQ 2OVRQ 'HQJHO /HRQ 6FKPLW] 2WURV HVWXGLRV HYDOXDURQ ORV QLYHOHV GH FLWRTXLQDV HQ UHSRVR GHVSXpV GHO HQWUHQDPLHQWR GH IXHU]D 6WHZDUW HW DO

(VWRV GDWRV VXJLHUHQ TXH HQ LQGLYLGXRV HQWUHQDGRV OD UHVSXHVWD DJXGD D XQ HQWUHQDPLHQWR GH IXHU]D SRGUtD HMHUFHU XQD UHVSXHVWD GH FLWRTXLQDV VLVWpPLFD PiV IDYRUDEOH SUREDEOHPHQWH GHELGR D OD DGDSWDFLyQ GHO RUJDQLVPR DO HQWUHQDPLHQWR 6LQ HPEDUJR HO DXPHQWR GH FLWRTXLQDV SODVPiWLFDV IXH PRGHVWR

(PiV) 5HYLVWD 'LJLWDO GH (GXFDFLyQ )tVLFD $xR 1XP MXOLR DJRVWR GH

KWWS HPDVI ZHEFLQGDULR FRP

3RU RWUR ODGR HQ HO HQWUHQDPLHQWR GH IXHU]D OOHYDGR KDVWD HO IDOOR PXVFXODU UHGXFH ODV FRQFHQWUDFLRQHV GH ,*) HQ UHSRVR PLHQWUDV TXH HO HQWUHQDPLHQWR GH IXHU]D VLQ OOHJDU DO IDOOR PXVFXODU GD OXJDU D FRQFHQWUDFLRQHV HQ UHSRVR PiV EDMDV GH FRUWLVRO \ XQD HOHYDGD FRQFHQWUDFLyQ WRWDO GH WHVWRVWHURQD HQ VXHUR (VWR SRGUtD VHU PX\ LPSRUWDQWH HQ VXMHWRV TXH SDGHFHQ REHVLGDG SDWROyJLFD H LQIODPDFLyQ 'H 0DGGDOHQD 9RGR 3HWURQL $ORLVL +XDQJ $FHYHGR 0DUL 5DQGD]]R 6KLEDWD

3DUD UHVXPLU SRGHPRV DVHJXUDU TXH HO HQWUHQDPLHQWR GH IXHU]D D ODUJR SOD]R D GLIHUHQFLD GH FRUWR SOD]R SDUHFH WHQHU XQ LPSDFWR HQ OD LQIODPDFLyQ PHGLGR SRU OD 3&5 /D UHGXFFLyQ GH OD 3&5 FRQ HO HQWUHQDPLHQWR SRGUtD DVRFLDUVH HQWUH RWURV FRQ OD UHGXFFLyQ GH OD PDVD JUDVD R HVSHFtILFDPHQWH FRQ OD FLUFXQIHUHQFLD GH OD FLQWXUD TXH SRU OR JHQHUDO VH SURGXFH FRQ HO HQWUHQDPLHQWR 6LQ HPEDUJR QR KXER FDPELRV VLJQLILFDWLYRV HQ OD ,/ HQ UHSRVR GHVSXpV DxR GH HQWUHQDPLHQWR 2OVRQ HW DO SHUR HVWR VLQ GXGD VH GHEH DO GREOH HIHFWR TXH ,/ SDUHFH WHQHU VHJ~Q VL DFW~D FRPR PLRTXLQD LQGXFLGD SRU OD FRQWUDFFLyQ PXVFXODU R VL DFW~D FRPR FLWRTXLQD H[SUHVDGD HQ PDFUyIDJRV \ DGLSRFLWRV

$XQTXH OD LQGLYLGXDOL]DFLyQ GHO HMHUFLFLR ItVLFR GHEH VHU OD QRUPD JHQHUDO SDUHFH VHU TXH OR ySWLPR VHUtD OD FRPELQDFLyQ GH HQWUHQDPLHQWR GH IXHU]D \ FDUGLRYDVFXODU SDUD PHMRUDU UHVXOWDGRV )HWW )HWW 0DUFKLQL +R 'KDOLZDO +LOOV 3DO \ TXH DXQTXH FRPELQDU DPERV HQWUHQDPLHQWRV HQ XQD PLVPD VHVLyQ SXHGH WHQHU HIHFWRV FRQWUDGLFWRULRV HQ FXDQWR D DGDSWDFLRQHV ILVLROyJLFDV FXDQGR KDEODPRV GH REHVLGDG HO HQWUHQDPLHQWR FRQFXUUHQWH VH PXHVWUD HILFD] HQ OD SHUGLGD GH JUDVD FRUSRUDO 6FKZLQJVKDFNO 'LDV 6WUDVVHU +RIIPDQQ

3RU OR WDQWR HO HMHUFLFLR ItVLFR UHJXODU VH SUHVHQWD FRPR XQD LQWHUYHQFLyQ WHUDSpXWLFD QR IDUPDFROyJLFD HVWDEOHFLGD FRQ XQD HQRUPH FDQWLGDG GH EHQHILFLRV HQ OD LQIODPDFLyQ FUyQLFD ORV HIHFWRV GHOHWpUHRV \ UHWURDOLPHQWDFLRQHV TXH pVWD VXJLHUH /LUD 5RVD 1HWR $QWXQHV )HUQDQGHV

)LJXUD $GDSWDGD GH <RX HW DO

(PiV) 5HYLVWD 'LJLWDO GH (GXFDFLyQ )tVLFD $xR 1XP MXOLR DJRVWR GH

KWWS HPDVI ZHEFLQGDULR FRP

(Q FXDQWR D OD LQWHQVLGDG DOJXQRV HVWXGLRV GHPXHVWUDQ TXH HO HMHUFLFLR UHJXODU \ OD DFWLYLGDG ItVLFD PRGHUDGD VRQ SURWHFWRUHV FRQWUD OD PRUWDOLGDG SRU FXDOTXLHU FDXVD D WUDYpV GH OD VXSUHVLyQ GH OD SURGXFFLyQ GH FLWRTXLQDV SUR LQIODPDWRULDV OD PHMRUD GH PHGLDGRUHV DQWLLQIODPDWRULRV \ GHVDUUROOR DQWLR[LGDQWH \ OD SURPRFLyQ GH OD DFWLYLGDG ILEULQROtWLFD $XQTXH KD\ FLHUWRV HVWXGLRV TXH SDUHFHQ HYLGHQFLDU TXH ORV PHMRUHV HIHFWRV VRQ SURGXFLGRV SRU HO HMHUFLFLR GH LQWHQVLGDG YLJRURVD DXQTXH ODV SDXWDV QXWULFLRQDOHV VHDQ DOWDV HQ JUDVD .DVDSLV 7KRPSVRQ

(MHUFLFLR GH IXHU]D GH EDMD FDUJD WDPELpQ SDUHFH GHVHPSHxDU XQ SDSHO YHQWDMRVR HQ WURPERJpQHVLV DO UHGXFLU ORV SURFHVRV LQIODPDWRULRV \ SRWHQFLDU FDUDFWHUtVWLFDV ILEULQROtWLFRV < : &KHQ $SRVWRODNLV /LS

7DPELpQ VH KD HYDOXDGR ODV UHVSXHVWDV SRVWHULRUHV DO HQWUHQDPLHQWR GH IXHU]D PRGHUDGR LQWHQVR \ H[FpQWULFR VREUH ORV FDPELRV HQ ODV FLWRTXLQDV DQWL LQIODPDWRULDV HQ LQGLYLGXRV HQWUHQDGRV 3HDNH HW DO /RV DXWRUHV VXJLHUHQ TXH XQD PD\RU LQWHQVLGDG SRGUtD DXPHQWDU ODV KRUPRQDV GHO HVWUpV \ OD ,/ TXH FRQGXFH D UHVSXHVWDV GH FLWRTXLQDV DQWL LQIODPDWRULDV H LQIRUPDURQ GH TXH OD LQWHQVLGDG GHO HMHUFLFLR WLHQH PD\RU HIHFWR VREUH OD ,/ \ ,/ UD LQKLELHQGR OD SURGXFFLyQ GH ,/ Ç&#x192; 71) Ç&#x201A; H ,/ 3HWHUVHQ 3HGHUVHQ HQ FRPSDUDFLyQ FRQ HO HQWUHQDPLHQWR H[FpQWULFR 3RU OR WDQWR OD LQWHQVLGDG MXHJD XQ SDSHO LPSRUWDQWH HQ OD UHVSXHVWD GH FLWRTXLQDV GRQGH PD\RU LQWHQVLGDG SDUHFH WHQHU XQD UHVSXHVWD PiV IDYRUDEOH

&RPR YHPRV KD\ GDWRV SDUD VXJHULU TXH HO HQWUHQDPLHQWR PRGHUDGR SURGXFH PHMRUDV VLJQLILFDWLYDV HQ FXDQWR D OD GLVPLQXFLyQ GH OD LQIODPDFLyQ FUyQLFD SHUR HQ ORV ~OWLPRV DxRV HVWR VH KD FXHVWLRQDGR HVWR FRPR YLPRV DQWHULRUPHQWH \D TXH RWURV HVWXGLRV SDUHFHQ HYLGHQFLDU TXH HO HQWUHQDPLHQWR GH DOWD LQWHQVLGDG UHSRUWD PD\RUHV EHQHILFLRV HQ FXDQWR D OD GLVPLQXFLyQ GH OD LQIODPDFLyQ FUyQLFD 1LPPR /HJJDWH 9LDQD .LQJ (VWR VH SXHGH GHEHU D TXH OD LQIODPDFLyQ DJXGD TXH HO HMHUFLFLR LQGXFH HQ XQD VHVLyQ DLVODGD SURYRFD XQD UHVSXHVWD KRPHRVWiWLFD \ XQD SRVWHULRU DGDSWDFLyQ ILVLROyJLFD KDFLHQGR TXH D OD ODUJD VH SURGX]FD XQD UHGXFFLyQ GH OD LQIODPDFLyQ \ HMHUFLHQGR XQD UHVSXHVWD DQWLLQIODPDWRULD %HLWHU HW DO

$WHQGLHQGR D WRGR OR DQWHULRU SDUHFH VHU TXH HO HMHUFLFLR GH DOWD LQWHQVLGDG HV PHMRU TXH HO HMHUFLFLR GH LQWHQVLGDG PRGHUDGD SHUR FDEH GHVWDFDU XQ DVSHFWR LPSRUWDQWH 8Q HIHFWR DJXGR GH OD DOWD LQWHQVLGDG HV OD DFWLYDFLyQ GHO HMH KLSRWiODPR KLSyILVLV VXSUDUUHQDOHV \ HO VLVWHPD QHUYLRVR VLPSiWLFR (O FRUWLVRO VH VDEH TXH WLHQH HIHFWRV DQWLLQIODPDWRULRV SRWHQWHV +DUEX] &KRYHU *RQ]DOH] -HVVRS

\ ODV FDWHFRODPLQDV SXHGH LQKLELU OD SURGXFFLyQ GH FLWRTXLQDV SUR LQIODPDWRULDV VLQ HPEDUJR SRU HVWH PLVPR KHFKR GH VtQWHVLV GH JOXFRFRUWLFRLGHV GHEHPRV WHQHU PHVXUD D OD KRUD GH UHDOL]DU HMHUFLFLR ItVLFR GH DOWD LQWHQVLGDG HQ SDFLHQWHV FRQ REHVLGDG SDWROyJLFD H LQIODPDFLyQ FUyQLFD \D TXH VL D GLDULR HQWUHQDPRV D LQWHQVLGDGHV DOWDV SRGUtDPRV GLVSDUDU ORV QLYHOHV GH FRUWLVRO GH IRUPD VLVWpPLFD \ HVWR SRGUtD SURYRFDU XQ HVWDGR GH UHVLVWHQFLD D JOXFRFRUWLFRLGHV \ TXH DGHPiV SXHGH KDFHU UHVLVWHQWHV D QXHVWUD PXVFXODWXUD D OD DFFLyQ GH OD LQVXOLQD 3RU RWUR ODGR HO FRUWLVRO SXHGH GDU OXJDU D XQD UHPRGHODFLyQ GH OD FRPSRVLFLyQ FRUSRUDO XQ HIHFWR LQGHVHDGR \D TXH DGHPiV GH DXPHQWDU HO FDWDEROLVPR PXVFXODU \ GLVPLQXLU OD VtQWHVLV GH SURWHtQD PXVFXODU DO LQKLELU OD YtD GH VHxDOL]DFLyQ

(PiV) 5HYLVWD 'LJLWDO GH (GXFDFLyQ )tVLFD $xR 1XP MXOLR DJRVWR GH

KWWS HPDVI ZHEFLQGDULR FRP

P725 6FKDNPDQ .DOLVWD %DUEp /RXPD\H 7KLVVHQ WDPELpQ SRGUtD IDFLOLWDU OD REHVLGDG GH WLSR DEGRPLQDO 6WHSWRH .XQ] (EUHFKW %U\GRQ :DUGOH

&RPR YHPRV KD\ TXH VHJXLU LQYHVWLJDQGR HQ HVWH VHQWLGR SDUD HYLGHQFLDU TXH LQWHQVLGDG GH HMHUFLFLR HV OD PiV DGHFXDGD SDUD UHGXFLU OD LQIODPDFLyQ FUyQLFD $VLPLVPR HO YROXPHQ GHO HMHUFLFLR WDPELpQ GHEH VHU FRQWURODGR \D TXH HMHUFLFLRV H[WHQXDQWHV GH JUDQ YROXPHQ GH WUDEDMR SXHGHQ SURYRFDU XQ HIHFWR DGYHUVR %HLWHU HW DO

7DEOD 5HYLVLyQ VREUH LQYHVWLJDFLRQHV DQDOL]DGDV

3REODFLyQ

3URWRFROR HMHUFLFLR

3HULRGR GH HQWUHQDPLHQWR

'LDV

DGROHVFHQWHV

Z [ [ 50 Z [ [ 50 Z [ [ 50

V ·

UHSDUWLGDV HQ Z

,]TXLHUGR

KRPEUHV ItVLFDPHQWH DFWLYRV

[ 50 ·

Z G Z · V

*UHLZH

MyYHQHV DFWLYRV \ VDQRV \ DQFLDQRV FRQ HQIHUPHGDGHV

[ 50 DXPHQWDQGR KDVWD [ 50

P G Z · V

71) ǂ

Ņ 71) ǂ

3KLOOLSV

PXMHUHV SRVWPHQRSiXVLFDV

[ HMHUFLFLRV 50

Z G Z

,/ OHSWLQD 71) ǂ H ,/

Ņ ,/ OHSWLQD \ 71) ǂ Ń ,/

2OVRQ

PXMHUHV VHGHQWDULDV

[ [

V Z K HQWUH V

,/

1R ,/

Z G Z

,/ 71) ǂ H ,/ ǃ

1R ,/ H ,/ ǃ Ń71) ǂ HQ MyYHQHV

V

,/ UD ,/ ,/ ,/ ,/ H ,/

Ń ,/ UD Ń ,/ * Ń ,/ *

$XWRU DxR

6WHZDUW

MyYHQHV \ DQFLDQRV

3HDNH

PXMHUHV HQWUHQDGDV

6WDUNLH

,VPDLO

· DQGDQGR WURWDQGR )&5 [ HMHUFLFLRV 50 * 92 PD[ · * 92 PD[ · * 92 PD[ · GH SHQGLHQWH

&LWRFLQDV DQDOL]DGDV ,/ OHSWLQD UHVLVWLQD \ 71) ǂ ,/ ǃ ,/ UD ,/ H ,/

5HVXOWDGRV Ń,/ ŅOHSWLQD ŅUHVLVWLQD \ ń71) ǂ Ń ,/ H ,/

PXMHUHV VDQDV

[ 92 PD[

V

,/ \ 71) ǂ

Ń ,/ Ņ 71) ǂ

UDWRQHV

PHWURV PLQXWRV [ ·

Z V Z

,/ 71) ǂ \ 0&3

Ņ ,/ Ņ 71) ǂ \ Ņ 0&3

: VHPDQD G GtD V VHVLyQ

&21&/86,Ð1

/D DVRFLDFLyQ HQWUH 2EHVLGDG H LQIODPDFLyQ FUyQLFD HV XQ KHFKR \ VH PXHVWUD FRPR SXQWR GH SDUWLGD SDUD OD DSDULFLyQ GH FRPRUELOLGDGHV \ SDWRORJtDV FUyQLFDV SURSLDV GHO VLJOR ;;, DOJXQDV GH ODV FXDOHV IRUPDQ SDUWH HO FRQRFLGR FRPR VtQGURPH PHWDEyOLFR /D HYLGHQFLD FLHQWtILFD DSR\D TXH H[LVWH XQD UHODFLyQ HQWUH OD LQIODPDFLyQ FUyQLFD GH EDMR JUDGR SURSLD GH VXMHWRV TXH SUHVHQWDQ XQ HVWDGR GH REHVLGDG SDWROyJLFD \ QLYHOHV GH ItVLFD DFWLYLGDG (Q ODV SHUVRQDV REHVDV HO WUDWDPLHQWR GH ODV HQIHUPHGDGHV FUyQLFDV \ GH OD LQIODPDFLyQ PHGLDQWH OD SUiFWLFD D ODUJR SOD]R GH HMHUFLFLR DHUyELFR \ R HMHUFLFLR GH IXHU]D KD PRVWUDGR (PiV) 5HYLVWD 'LJLWDO GH (GXFDFLyQ )tVLFD $xR 1XP MXOLR DJRVWR GH

KWWS HPDVI ZHEFLQGDULR FRP

UHVXOWDGRV DOHQWDGRUHV D~Q VLQ TXH H[LVWD SpUGLGD GH SHVR SRVLEOHPHQWH GHELGR D XQD PHMRUD HQ GLYHUVDV FRQGLFLRQHV PHWDEyOLFDV TXH VH UHWURDOLPHQWDQ SRVLWLYDPHQWH HQWUH HOODV FRPR SXHGH VHU OD KLSR[LD GHO WHMLGR DGLSRVR \ HO QLYHO GH JUDVD YLVFHUDO XQ HVWDGR GH UHVLVWHQFLD D OD LQVXOLQD R HO HVWUpV R[LGDWLYR DGHPiV GH IDYRUHFHU XQ EDODQFH DGHFXDGR \ SRVLWLYR HQWUH OD VtQWHVLV GH FLWRTXLQDV DQWLLQIODPDWRULDV D WUDYpV GH ODV FpOXODV PXVFXODUHV \ OD VtQWHVLV GH FLWRTXLQDV LQIODPDWRULDV D WUDYpV GH ORV DGLSRFLWRV \ FpOXODV GHO VLVWHPD LQPXQH 6H QHFHVLWDQ QXHYDV LQYHVWLJDFLRQHV SDUD GHILQLU PHMRU ORV HIHFWRV GH WLSR GRVLV UHVSXHVWD GHO HQWUHQDPLHQWR ItVLFR VREUH DVSHFWRV HVSHFtILFRV GH OD LQIODPDFLyQ \ ORV PHFDQLVPRV SRU ORV TXH OD SUiFWLFD GH HMHUFLFLR UHGXFH OD LQIODPDFLyQ FUyQLFD HQ LQGLYLGXRV REHVRV

5()(5(1&,$6 %,%/,2*5Ã&#x2030;),&$6

$NDVK 0 6 + 5HKPDQ . &KHQ 6 5ROH RI LQIODPPDWRU\ PHFKDQLVPV LQ SDWKRJHQHVLV RI W\SH GLDEHWHV PHOOLWXV -RXUQDO RI FHOOXODU ELRFKHPLVWU\

$UPVWURQJ 5 % ,QLWLDO HYHQWV LQ H[HUFLVH LQGXFHG PXVFXODU LQMXU\ 0HGLFLQH DQG VFLHQFH LQ VSRUWV DQG H[HUFLVH

%DNHU 5 * +D\GHQ 0 6 *KRVK 6 1) Ç&#x2039;% LQIODPPDWLRQ DQG PHWDEROLF GLVHDVH &HOO PHWDEROLVP

%HDYHUV . 0 %ULQNOH\ 7 ( 1LFNODV % - (IIHFW RI H[HUFLVH WUDLQLQJ RQ FKURQLF LQIODPPDWLRQ &OLQLFD FKLPLFD DFWD LQWHUQDWLRQDO MRXUQDO RI FOLQLFDO FKHPLVWU\

%HLWHU 7 +RHQH 0 3UHQ]OHU ) 0RRUHQ ) & 6WHLQDFNHU - 0 :HLJHUW & HW DO

([HUFLVH VNHOHWDO PXVFOH DQG LQIODPPDWLRQ $5( ELQGLQJ SURWHLQV DV NH\ UHJXODWRUV LQ LQIODPPDWRU\ DQG DGDSWLYH QHWZRUNV ([HUFLVH LPPXQRORJ\ UHYLHZ

%LGGOH 6 - + %DWWHUKDP $ 0 +LJK LQWHQVLW\ LQWHUYDO H[HUFLVH WUDLQLQJ IRU SXEOLF KHDOWK D ELJ +,7 RU VKDOO ZH +,7 LW RQ WKH KHDG" 7KH LQWHUQDWLRQDO MRXUQDO RI EHKDYLRUDO QXWULWLRQ DQG SK\VLFDO DFWLYLW\

%LQJ & ,V LQWHUOHXNLQ Ç&#x192; D FXOSULW LQ PDFURSKDJH DGLSRF\WH FURVVWDON LQ REHVLW\" $GLSRF\WH

%UDQGW & 3HGHUVHQ % .

7KH UROH RI H[HUFLVH LQGXFHG P\RNLQHV LQ PXVFOH KRPHRVWDVLV DQG WKH GHIHQVH DJDLQVW FKURQLF GLVHDVHV -RXUQDO RI %LRPHGLFLQH %LRWHFKQRORJ\

&KHQ / &KHQ 5 :DQJ + /LDQJ ) 0HFKDQLVPV /LQNLQJ ,QIODPPDWLRQ WR ,QVXOLQ 5HVLVWDQFH ,QWHUQDWLRQDO MRXUQDO RI HQGRFULQRORJ\

&KHQ < : $SRVWRODNLV 6 /LS * < + ([HUFLVH LQGXFHG FKDQJHV LQ LQIODPPDWRU\ SURFHVVHV ,PSOLFDWLRQV IRU WKURPERJHQHVLV LQ FDUGLRYDVFXODU GLVHDVH $QQDOV RI PHGLFLQH

(PiV) 5HYLVWD 'LJLWDO GH (GXFDFLyQ )tVLFD $xR 1XP MXOLR DJRVWR GH

KWWS HPDVI ZHEFLQGDULR FRP

&RKHQ ' + /H5RLWK ' 2EHVLW\ W\SH GLDEHWHV DQG FDQFHU WKH LQVXOLQ DQG ,*) FRQQHFWLRQ (QGRFULQH UHODWHG FDQFHU

&RRSHU & ( 9ROODDUG 1 % - &KRXHLUL 7 :LOVRQ 0 7 ([HUFLVH IUHH UDGLFDOV DQG R[LGDWLYH VWUHVV %LRFKHPLFDO 6RFLHW\ 7UDQVDFWLRQV

'H 0DGGDOHQD & 9RGR 6 3HWURQL $ $ORLVL $ 0 ,PSDFW RI WHVWRVWHURQH RQ ERG\ IDW FRPSRVLWLRQ -RXUQDO RI FHOOXODU SK\VLRORJ\

'LDV , )DULQDWWL 3 '( 6RX]D 0 ' $ 6 * & 0DQKDQLQL ' 3 %DOWKD]DU ( 'DQWDV ' / 6 HW DO (IIHFWV RI 5HVLVWDQFH 7UDLQLQJ RQ 2EHVH $GROHVFHQWV 0HGLFLQH DQG VFLHQFH LQ VSRUWV DQG H[HUFLVH

'RGGV 5 6D\HU $ $ 6DUFRSHQLD $UTXLYRV EUDVLOHLURV GH HQGRFULQRORJLD H PHWDERORJLD

(VWHYH 5jIROV 0 7HMLGR DGLSRVR KHWHURJHQHLGDG FHOXODU \ GLYHUVLGDG IXQFLRQDO (QGRFULQRORJtD \ 1XWULFLyQ

(YDQV - / *ROGILQH , ' 0DGGX[ % $ *URGVN\ * 0 $UH R[LGDWLYH VWUHVV DFWLYDWHG VLJQDOLQJ SDWKZD\V PHGLDWRUV RI LQVXOLQ UHVLVWDQFH DQG EHWD FHOO G\VIXQFWLRQ" 'LDEHWHV

)HEEUDLR 0 $ 3HGHUVHQ % .

0XVFOH GHULYHG LQWHUOHXNLQ PHFKDQLVPV IRU DFWLYDWLRQ DQG SRVVLEOH ELRORJLFDO UROHV )$6(% MRXUQDO࣯ RIILFLDO SXEOLFDWLRQ RI WKH )HGHUDWLRQ RI $PHULFDQ 6RFLHWLHV IRU ([SHULPHQWDO %LRORJ\

)HWW & $ )HWW : & 5 0DUFKLQL - 6 &LUFXLW ZHLJKW WUDLQLQJ YV MRJJLQJ LQ PHWDEROLF ULVN IDFWRUV RI RYHUZHLJKW REHVH ZRPHQ $UTXLYRV EUDVLOHLURV GH FDUGLRORJLD

*ROELGL 6 0HVGDJKLQLD $ /DKHU , ([HUFLVH LQ WKH PHWDEROLF V\QGURPH 2[LGDWLYH PHGLFLQH DQG FHOOXODU ORQJHYLW\

*UHLZH - 6 %R & 5XELQ ' & <DUDVKHVNL . ( 6HPHQNRYLFK & )

5HVLVWDQFH H[HUFLVH GHFUHDVHV VNHOHWDO PXVFOH WXPRU QHFURVLV IDFWRU DOSKD LQ IUDLO HOGHUO\ KXPDQV )$6(% -RXUQDO

*UHPHDX[ 9 'ULJQ\ - 1LJDP $ -XQHDX 0 *XLOEHDXOW 9 /DWRXU ( HW DO

/RQJ WHUP OLIHVW\OH LQWHUYHQWLRQ ZLWK RSWLPL]HG KLJK LQWHQVLW\ LQWHUYDO WUDLQLQJ LPSURYHV ERG\ FRPSRVLWLRQ FDUGLRPHWDEROLF ULVN DQG H[HUFLVH SDUDPHWHUV LQ SDWLHQWV ZLWK DEGRPLQDO REHVLW\ $PHULFDQ MRXUQDO RI SK\VLFDO PHGLFLQH UHKDELOLWDWLRQ $VVRFLDWLRQ RI $FDGHPLF 3K\VLDWULVWV

*XLOKHUPH $ 9LUEDVLXV - 9 3XUL 9 &]HFK 0 3 $GLSRF\WH G\VIXQFWLRQV OLQNLQJ REHVLW\ WR LQVXOLQ UHVLVWDQFH DQG W\SH GLDEHWHV 1DWXUH UHYLHZV 0ROHFXODU FHOO ELRORJ\

*XLOOHW 'HQLDX , 3LFKDUG $ / .RQp $ (VQRXV & 1LHUXFKDOVNL 0 *LUDUG - HW DO

*OXFRVH LQGXFHV GH QRYR OLSRJHQHVLV LQ UDW PXVFOH VDWHOOLWH FHOOV WKURXJK D VWHURO UHJXODWRU\ HOHPHQW ELQGLQJ SURWHLQ F GHSHQGHQW SDWKZD\ -RXUQDO RI FHOO

(PiV) 5HYLVWD 'LJLWDO GH (GXFDFLyQ )tVLFD $xR 1XP MXOLR DJRVWR GH

KWWS HPDVI ZHEFLQGDULR FRP

VFLHQFH 3W

+DUEX] 0 6 &KRYHU *RQ]DOH] $ - -HVVRS ' 6 +\SRWKDODPR SLWXLWDU\ DGUHQDO D[LV DQG FKURQLF LPPXQH DFWLYDWLRQ $QQDOV RI WKH 1HZ <RUN $FDGHP\ RI 6FLHQFHV

+HQQLQJVHQ - 5LJEROW . 7 * %ODJRHY % 3HGHUVHQ % . .UDWFKPDURYD ,

'\QDPLFV RI WKH VNHOHWDO PXVFOH VHFUHWRPH GXULQJ P\REODVW GLIIHUHQWLDWLRQ 0ROHFXODU FHOOXODU SURWHRPLFV࣯ 0&3

+R 6 6 'KDOLZDO 6 6 +LOOV $ 3 3DO 6 7KH HIIHFW RI ZHHNV RI DHURELF UHVLVWDQFH RU FRPELQDWLRQ H[HUFLVH WUDLQLQJ RQ FDUGLRYDVFXODU ULVN IDFWRUV LQ WKH RYHUZHLJKW DQG REHVH LQ D UDQGRPL]HG WULDO %0& SXEOLF KHDOWK

+RWDPLVOLJLO * ,QIODPPDWLRQ DQG PHWDEROLF GLVRUGHUV 1DWXUH

+RWDPLVOLJLO * $UQHU 3 &DUR - ) $WNLQVRQ 5 / 6SLHJHOPDQ % 0

,QFUHDVHG DGLSRVH WLVVXH H[SUHVVLRQ RI WXPRU QHFURVLV IDFWRU DOSKD LQ KXPDQ REHVLW\ DQG LQVXOLQ UHVLVWDQFH 7KH -RXUQDO RI FOLQLFDO LQYHVWLJDWLRQ

+XDQJ & - $FHYHGR ( 2 0DUL ' & 5DQGD]]R & 6KLEDWD <

*OXFRFRUWLFRLG LQKLELWLRQ RI OHSWLQ DQG OLSRSRO\VDFFKDULGH LQGXFHG LQWHUOHXNLQ SURGXFWLRQ LQ REHVLW\ %UDLQ EHKDYLRU DQG LPPXQLW\

,VPDLO , .HDWLQJ 6 ( %DNHU 0 . -RKQVRQ 1 $ $ V\VWHPDWLF UHYLHZ DQG PHWD DQDO\VLV RI WKH HIIHFW RI DHURELF YV UHVLVWDQFH H[HUFLVH WUDLQLQJ RQ YLVFHUDO IDW 2EHVLW\ UHYLHZV࣯ DQ RIILFLDO MRXUQDO RI WKH ,QWHUQDWLRQDO $VVRFLDWLRQ IRU WKH 6WXG\ RI 2EHVLW\

,]TXLHUGR 0 ,EDxH] - &DOEHW - $ / 1DYDUUR $PH]TXHWD , *RQ]iOH] ,]DO 0 ,GRDWH ) HW DO &\WRNLQH DQG KRUPRQH UHVSRQVHV WR UHVLVWDQFH WUDLQLQJ (XURSHDQ MRXUQDO RI DSSOLHG SK\VLRORJ\

-DQLV]HZVNL 3 0 5RVV 5 7KH XWLOLW\ RI SK\VLFDO DFWLYLW\ LQ WKH PDQDJHPHQW RI JOREDO FDUGLRPHWDEROLF ULVN 2EHVLW\ 6LOYHU 6SULQJ 0G 6XSSO 6 6

-HQVHQ * / ,QIODPPDWLRQ UROHV LQ DJLQJ DQG VDUFRSHQLD -3(1 -RXUQDO RI SDUHQWHUDO DQG HQWHUDO QXWULWLRQ

.DO\DQL 5 5 &RUULHUH 0 )HUUXFFL / $JH UHODWHG DQG GLVHDVH UHODWHG PXVFOH ORVV WKH HIIHFW RI GLDEHWHV REHVLW\ DQG RWKHU GLVHDVHV 7KH /DQFHW 'LDEHWHV (QGRFULQRORJ\

.DVDSLV & 7KRPSVRQ 3 ' 7KH HIIHFWV RI SK\VLFDO DFWLYLW\ RQ VHUXP & UHDFWLYH SURWHLQ DQG LQIODPPDWRU\ PDUNHUV D V\VWHPDWLF UHYLHZ -RXUQDO RI WKH $PHULFDQ &ROOHJH RI &DUGLRORJ\

.DZDQLVKL 1 <DQR + <RNRJDZD < 6X]XNL . ([HUFLVH WUDLQLQJ LQKLELWV LQIODPPDWLRQ LQ DGLSRVH WLVVXH YLD ERWK VXSSUHVVLRQ RI PDFURSKDJH LQILOWUDWLRQ DQG DFFHOHUDWLRQ RI SKHQRW\SLF VZLWFKLQJ IURP 0 WR 0 PDFURSKDJHV LQ KLJK IDW GLHW

(PiV) 5HYLVWD 'LJLWDO GH (GXFDFLyQ )tVLFD $xR 1XP MXOLR DJRVWR GH

KWWS HPDVI ZHEFLQGDULR FRP

LQGXFHG REHVH PLFH ([HUFLVH LPPXQRORJ\ UHYLHZ

.HDWLQJ 6 ( 0DFKDQ ( $ 2·&RQQRU + 7 *HURIL - $ 6DLQVEXU\ $ &DWHUVRQ , ' HW DO &RQWLQXRXV H[HUFLVH EXW QRW KLJK LQWHQVLW\ LQWHUYDO WUDLQLQJ LPSURYHV IDW GLVWULEXWLRQ LQ RYHUZHLJKW DGXOWV -RXUQDO RI REHVLW\

.LP - < YDQ GH :DOO ( /DSODQWH 0 $]]DUD $ 7UXMLOOR 0 ( +RIPDQQ 6 0 HW DO

2EHVLW\ DVVRFLDWHG LPSURYHPHQWV LQ PHWDEROLF SURILOH WKURXJK H[SDQVLRQ RI DGLSRVH WLVVXH 7KH -RXUQDO RI FOLQLFDO LQYHVWLJDWLRQ

/DFDVD ' 7DOHE 6 .HRSKLSKDWK 0 0LUDQYLOOH $ &OHPHQW .

0DFURSKDJH VHFUHWHG IDFWRUV LPSDLU KXPDQ DGLSRJHQHVLV LQYROYHPHQW RI SURLQIODPPDWRU\ VWDWH LQ SUHDGLSRF\WHV (QGRFULQRORJ\

/HYLQJHU , *RRGPDQ & 3HDNH - *DUQKDP $ +DUH ' / -HUXPV * HW DO

,QIODPPDWLRQ KHSDWLF HQ]\PHV DQG UHVLVWDQFH WUDLQLQJ LQ LQGLYLGXDOV ZLWK PHWDEROLF ULVN IDFWRUV 'LDEHWLF PHGLFLQH࣯ D MRXUQDO RI WKH %ULWLVK 'LDEHWLF $VVRFLDWLRQ

/LQ < %HUJ $ + ,\HQJDU 3 /DP 7 . 7 *LDFFD $ &RPEV 7 3 HW DO 7KH K\SHUJO\FHPLD LQGXFHG LQIODPPDWRU\ UHVSRQVH LQ DGLSRF\WHV WKH UROH RI UHDFWLYH R[\JHQ VSHFLHV 7KH -RXUQDO RI ELRORJLFDO FKHPLVWU\

/LUD ) 6 5RVD 1HWR - & $QWXQHV % 0 0 )HUQDQGHV 5 $ 7KH UHODWLRQVKLS EHWZHHQ LQIODPPDWLRQ G\VOLSLGHPLD DQG SK\VLFDO H[HUFLVH IURP WKH HSLGHPLRORJLFDO WR PROHFXODU DSSURDFK &XUUHQW GLDEHWHV UHYLHZV

/LWWOH - 3 *LOOHQ - % 3HUFLYDO 0 ( 6DIGDU $ 7DUQRSROVN\ 0 $ 3XQWKDNHH = HW DO /RZ YROXPH KLJK LQWHQVLW\ LQWHUYDO WUDLQLQJ UHGXFHV K\SHUJO\FHPLD DQG LQFUHDVHV PXVFOH PLWRFKRQGULDO FDSDFLW\ LQ SDWLHQWV ZLWK W\SH GLDEHWHV -RXUQDO RI DSSOLHG SK\VLRORJ\ %HWKHVGD 0G ࣯

/LWWOH - 3 6DIGDU $ :LONLQ * 3 7DUQRSROVN\ 0 $ *LEDOD 0 - $ SUDFWLFDO PRGHO RI ORZ YROXPH KLJK LQWHQVLW\ LQWHUYDO WUDLQLQJ LQGXFHV PLWRFKRQGULDO ELRJHQHVLV LQ KXPDQ VNHOHWDO PXVFOH SRWHQWLDO PHFKDQLVPV 7KH -RXUQDO RI SK\VLRORJ\ 3W

/XPHQJ & 1 %RG]LQ - / 6DOWLHO $ 5 2EHVLW\ LQGXFHV D SKHQRW\SLF VZLWFK LQ DGLSRVH WLVVXH PDFURSKDJH SRODUL]DWLRQ 7KH -RXUQDO RI FOLQLFDO LQYHVWLJDWLRQ

/XPHQJ & 1 'HO3URSRVWR - % :HVWFRWW ' - 6DOWLHO $ 5 3KHQRW\SLF VZLWFKLQJ RI DGLSRVH WLVVXH PDFURSKDJHV ZLWK REHVLW\ LV JHQHUDWHG E\ VSDWLRWHPSRUDO GLIIHUHQFHV LQ PDFURSKDJH VXEW\SHV 'LDEHWHV

0DGGX[ % $ 6HH : /DZUHQFH - & *ROGILQH $ / *ROGILQH , ' (YDQV - /

3URWHFWLRQ DJDLQVW R[LGDWLYH VWUHVV LQGXFHG LQVXOLQ UHVLVWDQFH LQ UDW / PXVFOH FHOOV E\ PLUFRPRODU FRQFHQWUDWLRQV RI DOSKD OLSRLF DFLG 'LDEHWHV

0DHFKOHU 3 -RUQRW / :ROOKHLP & % +\GURJHQ 3HUR[LGH $OWHUV 0LWRFKRQGULDO $FWLYDWLRQ DQG ,QVXOLQ 6HFUHWLRQ LQ 3DQFUHDWLF %HWD &HOOV -RXUQDO RI

(PiV) 5HYLVWD 'LJLWDO GH (GXFDFLyQ )tVLFD $xR 1XP MXOLR DJRVWR GH

KWWS HPDVI ZHEFLQGDULR FRP

%LRORJLFDO &KHPLVWU\

0DUIHOOD 5 4XDJOLDUR / 1DSSR ) &HULHOOR $ *LXJOLDQR ' $FXWH K\SHUJO\FHPLD LQGXFHV DQ R[LGDWLYH VWUHVV LQ KHDOWK\ VXEMHFWV 7KH -RXUQDO RI &OLQLFDO ,QYHVWLJDWLRQ

0DWKXU 1 3HGHUVHQ % . ([HUFLVH DV D PHDQ WR FRQWURO ORZ JUDGH V\VWHPLF LQIODPPDWLRQ 0HGLDWRUV RI LQIODPPDWLRQ

0HNDU\ 5 $ *UยกQWYHG $ 'HVSUHV - 3 'H 0RXUD / 3 $VJDU]DGHK 0 :LOOHWW : & HW DO :HLJKW WUDLQLQJ DHURELF SK\VLFDO DFWLYLWLHV DQG ORQJ WHUP ZDLVW FLUFXPIHUHQFH FKDQJH LQ PHQ 2EHVLW\ 6LOYHU 6SULQJ 0G

0RKROGW 7 $DPRW , / *UDQยกLHQ , *MHUGH / 0\NOHEXVW * :DOGHUKDXJ / HW DO

$HURELF LQWHUYDO WUDLQLQJ LQFUHDVHV SHDN R[\JHQ XSWDNH PRUH WKDQ XVXDO FDUH H[HUFLVH WUDLQLQJ LQ P\RFDUGLDO LQIDUFWLRQ SDWLHQWV D UDQGRPL]HG FRQWUROOHG VWXG\ &OLQLFDO UHKDELOLWDWLRQ

0RUULVRQ 0 & .OHHPDQQ 5 5ROH RI 0DFURSKDJH 0LJUDWLRQ ,QKLELWRU\ )DFWRU LQ 2EHVLW\ ,QVXOLQ 5HVLVWDQFH 7\SH 'LDEHWHV DQG $VVRFLDWHG +HSDWLF &R 0RUELGLWLHV $ &RPSUHKHQVLYH 5HYLHZ RI +XPDQ DQG 5RGHQW 6WXGLHV )URQWLHUV LQ LPPXQRORJ\

0RXULHU $ *DXWLHU - ) 'H .HUYLOHU ( %LJDUG $ ; 9LOOHWWH - 0 *DUQLHU - 3 HW DO 0RELOL]DWLRQ RI YLVFHUDO DGLSRVH WLVVXH UHODWHG WR WKH LPSURYHPHQW LQ LQVXOLQ VHQVLWLYLW\ LQ UHVSRQVH WR SK\VLFDO WUDLQLQJ LQ 1,''0 (IIHFWV RI EUDQFKHG FKDLQ DPLQR DFLG VXSSOHPHQWV 'LDEHWHV FDUH

0XxR] &iQRYHV 3 6FKHHOH & 3HGHUVHQ % . 6HUUDQR $ / ,QWHUOHXNLQ P\RNLQH VLJQDOLQJ LQ VNHOHWDO PXVFOH D GRXEOH HGJHG VZRUG" 7KH )(%6 MRXUQDO

1LPPR 0 $ /HJJDWH 0 9LDQD - / .LQJ - $ 7KH HIIHFW RI SK\VLFDO DFWLYLW\ RQ PHGLDWRUV RI LQIODPPDWLRQ 'LDEHWHV REHVLW\ PHWDEROLVP 6XSSO

2OVRQ 7 3 'HQJHO ' 5 /HRQ $ 6 6FKPLW] . + &KDQJHV LQ LQIODPPDWRU\ ELRPDUNHUV IROORZLQJ RQH \HDU RI PRGHUDWH UHVLVWDQFH WUDLQLQJ LQ RYHUZHLJKW ZRPHQ ,QWHUQDWLRQDO MRXUQDO RI REHVLW\

2UPVEHH 0 - 7K\IDXOW - 3 -RKQVRQ ( $ .UDXV 5 0 &KRL 0 ' +LFNQHU 5 &

)DW PHWDEROLVP DQG DFXWH UHVLVWDQFH H[HUFLVH LQ WUDLQHG PHQ -RXUQDO RI DSSOLHG SK\VLRORJ\ %HWKHVGD 0G เฃฏ

3DO 0 )HEEUDLR 0 $ :KLWKDP 0 )URP F\WRNLQH WR P\RNLQH WKH HPHUJLQJ UROH RI LQWHUOHXNLQ LQ PHWDEROLF UHJXODWLRQ ,PPXQRORJ\ DQG FHOO ELRORJ\

3DUN < 0 0\HUV 0 9LHLUD 3RWWHU 9 - $GLSRVH WLVVXH LQIODPPDWLRQ DQG PHWDEROLF G\VIXQFWLRQ UROH RI H[HUFLVH 0LVVRXUL PHGLFLQH

(PiV) 5HYLVWD 'LJLWDO GH (GXFDFLyQ )tVLFD $xR 1XP MXOLR DJRVWR GH

KWWS HPDVI ZHEFLQGDULR FRP

3HDNH - 0 6X]XNL . +RUGHUQ 0 :LOVRQ * 1RVDND . &RRPEHV - 6

3ODVPD F\WRNLQH FKDQJHV LQ UHODWLRQ WR H[HUFLVH LQWHQVLW\ DQG PXVFOH GDPDJH (XURSHDQ -RXUQDO RI $SSOLHG 3K\VLRORJ\

3HGHUVHQ % . )HEEUDLR 0 $ 0XVFOH DV DQ HQGRFULQH RUJDQ IRFXV RQ PXVFOH GHULYHG LQWHUOHXNLQ 3K\VLRORJLFDO UHYLHZV

3HWHUVHQ $ 0 : 3HGHUVHQ % .

7KH DQWL LQIODPPDWRU\ HIIHFW RI H[HUFLVH -RXUQDO RI DSSOLHG SK\VLRORJ\ %HWKHVGD 0G ࣯

3KLOOLSV 0 ' 3DWUL]L 5 0 &KHHN ' - :RRWHQ - 6 %DUEHH - - 0LWFKHOO - %

5HVLVWDQFH WUDLQLQJ UHGXFHV VXEFOLQLFDO LQIODPPDWLRQ LQ REHVH SRVWPHQRSDXVDO ZRPHQ 0HGLFLQH DQG VFLHQFH LQ VSRUWV DQG H[HUFLVH

5DQD - 6 1LHXZGRUS 0 -XNHPD - : .DVWHOHLQ - - 3 &DUGLRYDVFXODU PHWDEROLF V\QGURPH DQ LQWHUSOD\ RI REHVLW\ LQIODPPDWLRQ GLDEHWHV DQG FRURQDU\ KHDUW GLVHDVH 'LDEHWHV 2EHVLW\ 0HWDEROLVP

5LFKDUGV - & -RKQVRQ 7 . .X]PD - 1 /RQDF 0 & 6FKZHGHU 0 0 9R\OHV : ) HW DO 6KRUW WHUP VSULQW LQWHUYDO WUDLQLQJ LQFUHDVHV LQVXOLQ VHQVLWLYLW\ LQ KHDOWK\ DGXOWV EXW GRHV QRW DIIHFW WKH WKHUPRJHQLF UHVSRQVH WR EHWD DGUHQHUJLF VWLPXODWLRQ 7KH -RXUQDO RI SK\VLRORJ\ 3W

5\GpQ 0 $QGHUVVRQ ' 3 %HUQDUG 6 6SDOGLQJ . $UQHU 3 $GLSRF\WH WULJO\FHULGH WXUQRYHU DQG OLSRO\VLV LQ OHDQ DQG RYHUZHLJKW VXEMHFWV -RXUQDO RI OLSLG UHVHDUFK

6FKDNPDQ 2 .DOLVWD 6 %DUEp & /RXPD\H $ 7KLVVHQ - 3

*OXFRFRUWLFRLG LQGXFHG VNHOHWDO PXVFOH DWURSK\ 7KH LQWHUQDWLRQDO MRXUQDO RI ELRFKHPLVWU\ FHOO ELRORJ\

6FKZLQJVKDFNO / 'LDV 6 6WUDVVHU % +RIIPDQQ * ,PSDFW RI GLIIHUHQW WUDLQLQJ PRGDOLWLHV RQ DQWKURSRPHWULF DQG PHWDEROLF FKDUDFWHULVWLFV LQ RYHUZHLJKW REHVH VXEMHFWV $ V\VWHPDWLF UHYLHZ DQG QHWZRUN PHWD DQDO\VLV 3/R6 21(

6NU\SQLN ' %RJGDÄ&#x2122;VNL 3 0Ä&#x2C6;GU\ ( .DURONLHZLF] - 5DWDMF]DN 0 .U\ĤFLDN - HW DO (IIHFWV RI (QGXUDQFH DQG (QGXUDQFH 6WUHQJWK 7UDLQLQJ RQ %RG\ &RPSRVLWLRQ DQG 3K\VLFDO &DSDFLW\ LQ :RPHQ ZLWK $EGRPLQDO 2EHVLW\ 2EHVLW\ IDFWV

6WDUNLH 5 2VWURZVNL 6 5 -DXIIUHG 6 )HEEUDLR 0 3HGHUVHQ % .

([HUFLVH DQG ,/ LQIXVLRQ LQKLELW HQGRWR[LQ LQGXFHG 71) DOSKD SURGXFWLRQ LQ KXPDQV )$6(% MRXUQDO࣯ RIILFLDO SXEOLFDWLRQ RI WKH )HGHUDWLRQ RI $PHULFDQ 6RFLHWLHV IRU ([SHULPHQWDO %LRORJ\

6WHSWRH $ .XQ] (EUHFKW 6 5 %U\GRQ / :DUGOH - &HQWUDO DGLSRVLW\ DQG FRUWLVRO UHVSRQVHV WR ZDNLQJ LQ PLGGOH DJHG PHQ DQG ZRPHQ ,QWHUQDWLRQDO MRXUQDO RI REHVLW\ DQG UHODWHG PHWDEROLF GLVRUGHUV࣯ MRXUQDO RI WKH ,QWHUQDWLRQDO $VVRFLDWLRQ IRU WKH 6WXG\ RI 2EHVLW\

(PiV) 5HYLVWD 'LJLWDO GH (GXFDFLyQ )tVLFD $xR 1XP MXOLR DJRVWR GH

KWWS HPDVI ZHEFLQGDULR FRP

6WHZDUW / . )O\QQ 0 * &DPSEHOO : : &UDLJ % $ 5RELQVRQ - 3 7LPPHUPDQ . / HW DO 7KH LQIOXHQFH RI H[HUFLVH WUDLQLQJ RQ LQIODPPDWRU\ F\WRNLQHV DQG & UHDFWLYH SURWHLQ 0HGLFLQH DQG VFLHQFH LQ VSRUWV DQG H[HUFLVH

6WUDVVHU % $UYDQGL 0 6LHEHUW 8 5HVLVWDQFH WUDLQLQJ YLVFHUDO REHVLW\ DQG LQIODPPDWRU\ UHVSRQVH D UHYLHZ RI WKH HYLGHQFH 2EHVLW\ UHYLHZV࣯ DQ RIILFLDO MRXUQDO RI WKH ,QWHUQDWLRQDO $VVRFLDWLRQ IRU WKH 6WXG\ RI 2EHVLW\

6XJDQDPL 7 7DQDND 0 2JDZD < $GLSRVH WLVVXH LQIODPPDWLRQ DQG HFWRSLF OLSLG DFFXPXODWLRQ (QGRFULQH MRXUQDO

6XQGHOO - 5HVLVWDQFH 7UDLQLQJ ,V DQ (IIHFWLYH 7RRO DJDLQVW 0HWDEROLF DQG )UDLOW\ 6\QGURPHV $GYDQFHV LQ SUHYHQWLYH PHGLFLQH

7M¡QQD $ ( /HH 6 - 5RJQPR Â&#x2018; 6W¡OHQ 7 2 %\H $ +DUDP 3 0 HW DO

$HURELF LQWHUYDO WUDLQLQJ YHUVXV FRQWLQXRXV PRGHUDWH H[HUFLVH DV D WUHDWPHQW IRU WKH PHWDEROLF V\QGURPH D SLORW VWXG\ &LUFXODWLRQ

7UDFH\ . - 5HIOH[ FRQWURO RI LPPXQLW\ 1DWXUH UHYLHZV ,PPXQRORJ\

7UD\KXUQ 3 :RRG , 6 $GLSRNLQHV LQIODPPDWLRQ DQG WKH SOHLRWURSLF UROH RI ZKLWH DGLSRVH WLVVXH 7KH %ULWLVK MRXUQDO RI QXWULWLRQ

9LHLUD 9 - 9DOHQWLQH 5 - 0F$XOH\ ( (YDQV ( :RRGV - $

,QGHSHQGHQW UHODWLRQVKLS EHWZHHQ KHDUW UDWH UHFRYHU\ DQG & UHDFWLYH SURWHLQ LQ ROGHU DGXOWV -RXUQDO RI WKH $PHULFDQ *HULDWULFV 6RFLHW\

:DOOPDQ . 3ODQW / $ 5DNLPRY % 0DLRUDQD $ - 7KH HIIHFWV RI WZR PRGHV RI H[HUFLVH RQ DHURELF ILWQHVV DQG IDW PDVV LQ DQ RYHUZHLJKW SRSXODWLRQ 5HVHDUFK LQ VSRUWV PHGLFLQH 3ULQW

:\VV &RUD\ 7 5RJHUV - ,QIODPPDWLRQ LQ $O]KHLPHU GLVHDVH D EULHI UHYLHZ RI WKH EDVLF VFLHQFH DQG FOLQLFDO OLWHUDWXUH &ROG 6SULQJ +DUERU SHUVSHFWLYHV LQ PHGLFLQH D

<H - (PHUJLQJ UROH RI DGLSRVH WLVVXH K\SR[LD LQ REHVLW\ DQG LQVXOLQ UHVLVWDQFH ,QWHUQDWLRQDO MRXUQDO RI REHVLW\

<RX 7 $UVHQLV 1 & 'LVDQ]R % / /DPRQWH 0 - (IIHFWV RI H[HUFLVH WUDLQLQJ RQ FKURQLF LQIODPPDWLRQ LQ REHVLW\à¯&#x2014; FXUUHQW HYLGHQFH DQG SRWHQWLDO PHFKDQLVPV 6SRUWV PHGLFLQH $XFNODQG 1 =

=H\GD 0 6WXOQLJ 7 0 2EHVLW\ LQIODPPDWLRQ DQG LQVXOLQ UHVLVWDQFH D PLQL UHYLHZ *HURQWRORJ\

)HFKD GH UHFHSFLyQ )HFKD GH DFHSWDFLyQ

(PiV) 5HYLVWD 'LJLWDO GH (GXFDFLyQ )tVLFD $xR 1XP MXOLR DJRVWR GH

KWWS HPDVI ZHEFLQGDULR FRP

/$ 35202&,Ð1 '( /$ 6$/8' (1 /$ ('8&$&,Ð1 )Ì6,&$ (6&2/$5 6,78$&,Ð1 $&78$/ < 5(&20(1'$&,21(6

$OHMDQGUR 0DUWtQH] %DHQD

)DFXOWDG GH &LHQFLDV GH OD $FWLYLGDG )tVLFD \ HO 'HSRUWH 8QLYHUVLGDG GH 9DOHQFLD

(PDLO DOHMDQGUR PDUWLQH]#XY HV

5(680(1

/D FRQVWLWXFLyQ GH XQ QXHYR HVFHQDULR VRFLDO SURSLFLD OD DSDULFLyQ GH QXHYRV SUREOHPDV GH VDOXG HQWUH OD SREODFLyQ MRYHQ $ SDUWLU GH GLFKD VLWXDFLyQ VH JHQHUD XQD LQTXLHWXG FDGD YH] PD\RU SRU SDUWH GH ORV JUDQGHV RUJDQLVPRV UHVSRQVDEOHV GH JHVWLRQDU HO DERUGDMH GH OD PLVPD VHxDOiQGRVH OD (GXFDFLyQ )tVLFD () HVFRODU FRPR HOHPHQWR IXQGDPHQWDO GHVGH HO TXH LQWHQWDU SDOLDU XQD VLWXDFLyQ TXH VH SODQWHD FRPR LQDERUGDEOH SDUD HO VLVWHPD VDQLWDULR HQ ORV SUy[LPRV DxRV (O SUHVHQWH WUDEDMR SUHWHQGH UHYLVDU OD WUD\HFWRULD GH GLFKD WHPiWLFD GHVGH OD LQFRUSRUDFLyQ HQ HO FXUULFXOXP HVFRODU \ VX WUDWDPLHQWR GHVGH OD () HQ ORV ~OWLPRV DxRV KDVWD HO DFWXDO HVWDEOHFLPLHQWR GH UHFRPHQGDFLRQHV SRU SDUWH GH ORV HVSHFLDOLVWDV GHO iUHD HQ OD E~VTXHGD GH OD DQVLDGD FRQVHFXFLyQ GH OD PLVPD 7RGR HOOR FRQ OD ILQDOLGDG GH IDFLOLWDU XQD YLVLyQ PiV FODUD \ SRGHU GHWHUPLQDU HO YHUGDGHUR SDSHO GH OD () UHVSHFWR DO DERUGDMH GH OD $FWLYLGDG )tVLFD $) SDUD OD VDOXG \ GHO SURIHVRU HVSHFLDOLVWD FRPR HOHPHQWR SUHFXUVRU GH SUiFWLFDV VXVWHQWDGDV \ RULHQWDGDV KDFLD SHUVSHFWLYDV GH DFWXDFLyQ KROtVWLFDV \ HPDQFLDSDGRUDV GH OD UHFUHDFLyQ ItVLFR GHSRUWLYD

3$/$%5$6 &/$9(

(GXFDFLyQ )tVLFD 6DOXG (VFXHOD 5HFRPHQGDFLRQHV 3URIHVRUDGR

(PiV) 5HYLVWD 'LJLWDO GH (GXFDFLyQ )tVLFD $xR 1XP MXOLR DJRVWR GH

KWWS HPDVI ZHEFLQGDULR FRP

,1752'8&&,Ð1

(O WUDWDPLHQWR GH OD VDOXG HQ HO iPELWR HVFRODU VX LQFRUSRUDFLyQ DO FXUULFXOXP HVFRODU \ VX DERUGDMH GHVGH OD () HV XQD WHPiWLFD TXH UHVXOWD PX\ LQWHUHVDQWH SDUD ORV SURIHVLRQDOHV GH OD () 3UXHED GH HOOR HV TXH HQ OD DFWXDOLGDG HQ HO iPELWR GH ODV &LHQFLDV GH OD $FWLYLGDG )tVLFD \ HO 'HSRUWH OD LQYHVWLJDFLyQ FHQWUDGD HQ HO HVWXGLR GH OD VDOXG HQ HVFRODUHV UHVXOWD FDGD YH] PiV DEXQGDQWH $ SHVDU GH TXH .LUN HQ VX HVWXGLR VREUH OD VLWXDFLyQ DFWXDO \ WHQGHQFLDV IXWXUDV GH OD LQYHVWLJDFLyQ VREUH OD () HQ (XURSD VHxDODED TXH VH SURGXFH XQD WHQGHQFLD FUHFLHQWH GH WUDEDMRV SXEOLFDGRV VREUH WHPiWLFDV FHQWUDGDV HQ HO HMHUFLFLR ItVLFR OD VDOXG \ ORV HVWLORV GH YLGD HQ HVFRODUHV \ TXH GLFKD SURSHQVLyQ SRU SDUWH GH ORV LQYHVWLJDGRUHV GHO iUHD GHEHUtD GH VHJXLUVH GH FHUFD SRUTXH SRGUtD GHVYLDU OD DWHQFLyQ GH ORV PLVPRV UHVSHFWR DO YHUGDGHUR REMHWR GH OD LQYHVWLJDFLyQ HQ () QR SRGHPRV REYLDU HO KHFKR GH TXH HVWi UD]yQ JHQHUD XQ HOHYDGR LQWHUpV HQWUH ORV HVSHFLDOLVWDV GHO iUHD DVt FRPR HQWUH ORV JUDQGHV RUJDQLVPRV HQFDUJDGRV GH JHVWLRQDU OD VDOXG GH OD SREODFLyQ /D UHDOL]DFLyQ GH WUDEDMRV GH LQYHVWLJDFLyQ FHQWUDGRV HQ HVWD FXHVWLyQ JHQHUDQ XQ LPSDFWR VRFLR HFRQyPLFR DOWR SURSRUFLRQDQGR LQIRUPDFLyQ QRYHGRVD VREUH OD LQIOXHQFLD GH OD () HQ HO HVWDGR GH VDOXG GH ORV QLxRV (VWR VXSRQH OD UHGXFFLyQ GHO ULHVJR GH DGTXLVLFLyQ GH HQIHUPHGDGHV HQ ORV MyYHQHV DVt FRPR XQD FRODERUDFLyQ HQ OD GLVPLQXFLyQ GHO JDVWR VDQLWDULR QDFLRQDO TXH WDQWR SUHRFXSD D ORV JUDQGHV RUJDQLVPRV UHVSRQVDEOHV GH RUJDQL]DU OD SROtWLFD GH QXHVWUR SDtV 3DUDOHODPHQWH ORV H[SHUWRV GHO iUHD HQ VX iPELWR PiV SHGDJyJLFR UHIOH[LRQDQ FRQ HO ILQ GH LQWHQWDU DSRUWDU SRVLEOHV SDXWDV GH DFWXDFLyQ GRFHQWH TXH SXHGDQ D\XGDU DO SURIHVRU GH () SDUD DIURQWDU OD DFWXDO VLWXDFLyQ GH VDOXG HQ HVWRV HVFRODUHV $ SDUWLU GH WRGR OR DUJXPHQWDGR GLYHUVRV HVSHFLDOLVWDV HVWDEOHFHQ UHFRPHQGDFLRQHV R LPSOLFDFLRQHV TXH SRGUtDQ UHVXOWDU GH JUDQ XWLOLGDG SDUD DFRPHWHU HO DERUGDMH GH OD VDOXG GHVGH OD () HVFRODU

6$/8' '(6'( /$ ('8&$&,Ð1 )Ì6,&$ (6&2/$5

$XQTXH HO WUDWDPLHQWR GH OD HGXFDFLyQ SDUD OD VDOXG GHVGH HO FXUULFXOXP GH OD () \D KDEtD VLGR GHVDUUROODGR HQ ORV DxRV SRU GLYHUVRV DXWRUHV &UDZIRUG $OPRQG $OPRQG \ 'HYtV 6DOOLV \ 0F.HQ]LH GHVWDFDQ OD QHFHVLGDG GH SURPRFLRQDU OD $) HQ HO iPELWR HVFRODU \ GHVGH OD () FRPR PHGLR LGHDO GHVGH HO TXH DVXPLU XQD PHMRUD GH OD VDOXG S~EOLFD D SDUWLU GH XQ WUDEDMR FRODERUDWLYR HQWUH ORV SURIHVLRQDOHV GH OD HGXFDFLyQ \ ORV GH OD VDOXG S~EOLFD

.LUN VHxDODED D OD VDOXG FRPR ´XQ WHPD FUXFLDO SDUD OD FRQIRUPDFLyQ GH OD SHGDJRJtD FUtWLFD GH OD () VL OR TXH VH SUHWHQGtD HUD LQFLGLU HQ HO LQWHUpV JHQHUDO GH ORV DOXPQRV GH OD HVFXHOD \ HQ VX IXWXUD HPDQFLSDFLyQµ (V GHFLU OD VDOXG HUD VHxDODGD FRPR XQ HOHPHQWR SDUD HO GHEDWH \ OD UHIOH[LyQ DVt FRPR XQ DXWpQWLFR GHVDItR SDUD HO iUHD

'HYtV \ 3HLUy HGLWDEDQ HO OLEUR VREUH 1XHYDV SHUVSHFWLYDV FXUULFXODUHV HQ HGXFDFLyQ ItVLFD OD VDOXG \ ORV MXHJRV FRQYHQFLGRV GH TXH HO QXHYR HQIRTXH GH VDOXG HQ () GRWDED D OD SURSLD DVLJQDWXUD GH XQ PD\RU SRWHQFLDO HGXFDWLYR 'LFKRV DXWRUHV LQFOXVR VHxDODEDQ HVWD DSRUWDFLyQ FRPR XQ HOHPHQWR TXH SRGtD DFDEDU LQIOXHQFLDQGR HO IXWXUR GHVDUUROOR GH OD () HQ (VSDxD FRPR DVt VH KD SRGLGR FRQVWDWDU FRQ HO SDVR GHO WLHPSR 3UHVHQWDEDQ SRU HQWRQFHV ORV SULQFLSDOHV PRGHORV H[LVWHQWHV SDUD DFRPHWHU HO WUDWDPLHQWR GH OD VDOXG GHVGH OD () FRQWHPSRUiQHD (PiV) 5HYLVWD 'LJLWDO GH (GXFDFLyQ )tVLFD $xR 1XP MXOLR DJRVWR GH

KWWS HPDVI ZHEFLQGDULR FRP

1XHYDPHQWH 'HYtV \ 3HLUy DERUGDEDQ HO SDSHO GH OD () HQ OD SURPRFLyQ GH OD $) \ OD VDOXG LGHQWLILFDEDQ FXDWUR SHUVSHFWLYDV SDUD DFRPHWHUODV PHFDQLFLVWD RULHQWDGD D ODV DFWLWXGHV RULHQWDGD DO FRQRFLPLHQWR \ GH FDUiFWHU FUtWLFR \ FRQFOXtDQ SURSRQLHQGR XQD SHUVSHFWLYD KROtVWLFD PiV FRKHUHQWH JOREDO \ D SULRUL PiV HILFLHQWH SDUD HO WUDWDPLHQWR GH OD VDOXG D WUDYpV GH ODV FODVHV GH () (Q HVWH VHQWLGR DSXQWDEDQ OD PD\RU ODERULRVLGDG \ GLILFXOWDG SDUD OD SXHVWD HQ SUiFWLFD GH XQD QXHYD SHUVSHFWLYD RULHQWDGD D OD FRQVHFXFLyQ GH XQD FRQFLHQFLDFLyQ FUtWLFD SRU SDUWH GHO DOXPQDGR VREUH WHPiWLFDV FHQWUDGDV HQ OD VDOXG

'HOJDGR \ 7HUFHGRU HQ VX OLEUR (VWUDWHJLDV GH LQWHUYHQFLyQ HQ (GXFDFLyQ SDUD OD 6DOXG GHVGH OD (GXFDFLyQ )tVLFD SODVPDEDQ XQD ´DPSOLD SURSXHVWD VREUH OR TXH OD () SRGUtD DSRUWDU D OD (GXFDFLyQ SDUD OD VDOXG LQGLFDQGR SULQFLSLRV GH LQWHUYHQFLyQ HGXFDWLYD FRQWHQLGRV D WUDWDU DVt FRPR XQ PRGHOR UHIOH[LYR SDUD PDQWHQHU XQ SURFHVR FRQWLQXR GH UHWURDOLPHQWDFLyQ VREUH OR TXH VH HVWDED UHDOL]DQGR KDVWD HO PRPHQWRµ

(Q 'HYtV \ 3HLUy VH UHIOH[LRQDED VREUH OD GLYHUVLGDG GH SODQWHDPLHQWRV H[LVWHQWHV VREUH HO GHVDUUROOR GH OD VDOXG HQ () HVFRODU \ OD QHFHVLGDG GH OD GLVFXVLyQ SURIHVLRQDO SDUD LGHQWLILFDU ORV DVSHFWRV PiV UHOHYDQWHV D LQFOXLU HQ HO FXUUtFXOR

&DVLPLUR 'HOJDGR \ Ã&#x2030;YLOD VXEUD\DEDQ TXH HO ´UHFRQRFLPLHQWR GH OD VDOXG FRPR WHPD GH JUDQ LPSRUWDQFLD VRFLDO KD SRVLELOLWDGR VX LQFRUSRUDFLyQ DO VLVWHPD HGXFDWLYR D WUDYpV GH ORV WHPDV WUDQVYHUVDOHV \ HQ HO FDVR GH OD () PHGLDQWH OD LQFOXVLyQ GH XQ EORTXH GH FRQWHQLGR HVSHFtILFR WDQWR HQ SULPDULD FRPR HQ VHFXQGDULD OR FXDO VXSRQH XQ UHWR \ XQD QXHYD RULHQWDFLyQ GH OD FODVHµ

'H DFXHUGR D OR VHxDODGR SRU 'HYtV \ %HOWUiQ OD SUREOHPiWLFD VRFLDO GH PDOD VDOXG \D VH KDEtD FRQVWLWXLGR FRPR XQD GLILFXOWDG VRFLDO TXH GHEtD LQWHQWDU DERUGDUVH 'H DFXHUGR D HVWRV D SDUWLU GH GLFKD VLWXDFLyQ VH HPSH]DED D JHQHUDU XQD QXHYD FRQFLHQFLD GH VDOXG (Q FDPELR FRQ HO FRPLHQ]R GHO VLJOR ;;, VH DPSOtD OD DSDULFLyQ GH SUREOHPDV HQ OD SREODFLyQ \ HVSHFLDOPHQWH HQ QLxRV \ DGROHVFHQWHV (O PiV FRQRFLGR HO GH OD REHVLGDG LQIDQWLO \ SUREOHPDV GHULYDGRV GH OD PLVPD WDOHV FRPR VtQGURPH PHWDEyOLFR \ GLDEHWHV PHOOLWXV WLSR HQWUH RWUDV $GHPiV VH GHPXHVWUD TXH WHQHU VREUHSHVR X REHVLGDG HQ OD LQIDQFLD R DGROHVFHQFLD HVWi IXHUWHPHQWH DVRFLDGR FRQ VREUHSHVR X REHVLGDG HQ OD HGDG DGXOWD 2UWHJD 5XL] \ &DVWLOOR \ SRU WDQWR D VHU XQ SUHGLFWRU GH PRUELPRUWDOLGDG IXWXUD

3DUDOHODPHQWH D OD VLWXDFLyQ GHVFULWD QR GHEHPRV ROYLGDU TXH OD FRQVLGHUDFLyQ GH OD VDOXG HQ HO FXUULFXOXP RILFLDO SDUD OD () HQ QXHVWUR SDtV KDEtD SDVDGR GH VX HVWDEOHFLPLHQWR HQ OD /2*6( FRPR FRQWHQLGR GLVFLSOLQDU GH OD () \ WDPELpQ FRPR WHPD WUDQVYHUVDO GHO PLVPR HQ WLHPSRV GRQGH OD VDOXG VH FRQVLGHUDED GHVGH XQ HQIRTXH LQQRYDGRU D VX SRVWHULRU DVHQWDPLHQWR WDQWR HQ OD /H\ 2UJiQLFD GH (GXFDFLyQ /2( FRPR HQ OD /H\ 2UJiQLFD SDUD OD 0HMRUD GH OD &DOLGDG (GXFDWLYD /20&( OOHJDQGR D FRQVWLWXLUVH HQ OD DFWXDOLGDG FRPR FRQWHQLGR GRPLQDQWH GHO iUHD (Q OD /2*6( IXHURQ HVWDEOHFLGRV FRPR HMHV FXUULFXODUHV HO FRQRFLPLHQWR GHO SURSLR FXHUSR OD SURSLD PHMRUD GH OD VDOXG \ FDOLGDG GH YLGD HO MXHJR \ HO GHSRUWH \ OD H[SUHVLyQ \ FRPXQLFDFLyQ (O HQIRTXH SODQWHDGR \ FHQWUDGR HQ HO GHVDUUROOR GH OD SURSLD VDOXG D SDUWLU GH XQD

(PiV) 5HYLVWD 'LJLWDO GH (GXFDFLyQ )tVLFD $xR 1XP MXOLR DJRVWR GH

KWWS HPDVI ZHEFLQGDULR FRP

UDFLRQDOLGDG SUiFWLFD VXSXVLHURQ SODQWHDU HO DERUGDMH GH HVWH FRQWHQLGR HVSHFtILFR GHVGH XQD QXHYD SHUVSHFWLYDV FXUULFXODU LQWHJUDGD HQ HO PDUFR GH OD UHIRUPD HGXFDWLYD \ HVWDEOHFLGR HQ HO iUHD SRU 'HYtV \ 3HLUy FRQ OD FRQFUHFLyQ GH XQD QRYHGRVD SHUVSHFWLYD GH VDOXG HQ () 0LHQWUDV HQ ORV 5HDOHV 'HFUHWRV GH OD /2*6( HO FXUUtFXOXP RILFLDO VH FRQFUHWDED SDUD FDGD XQD GH ODV PDWHULDV SRU HWDSDV WDQWR HQ OD /2&( FRPR HQ OD /2( SRVWHULRUHV VyOR VH SUHVHQWDEDQ SRU HWDSDV ORV REMHWLYRV JHQHUDOHV GH ODV PDWHULDV SHUR QR VXV FRQWHQLGRV \ FULWHULRV GH HYDOXDFLyQ TXH SDVDEDQ D VHxDODUVH HVSHFtILFDPHQWH HQ FDGD XQR GH ORV FXUVRV 3RU WDQWR VH SURGXFH XQ FDPELR GUiVWLFR VXVWHQWDGR HQ OD SpUGLGD GH DXWRQRPtD SHGDJyJLFD GHO SURIHVRU GH () SDUD HO HVWDEOHFLPLHQWR GH XQD QXHYD HGXFDFLyQ \ GH XQD () FDGD YH] PiV HQIRFDGD KDFLD OD VDOXG FRPR SULQFLSDO HMH GH OD /2( SDUD HO iUHD 3RVWHULRUPHQWH \ HQ OD PLVPD OtQHD GH SURSRQHU XQ GHVDUUROOR FXUULFXODU D SDUWLU GH XQD UDFLRQDOLGDG WpFQLFD VH HVWDEOHFHQ ORV GHQRPLQDGRV HVWiQGDUHV GH DSUHQGL]DMH HQ OD /20&( (Q OD PLVPD VH VHxDOD FRPR SULQFLSDO ILQDOLGDG GH OD () HO GHVDUUROOR GH OD FRPSHWHQFLD PRWUL] \ VH PDQWLHQH OD QHFHVLGDG GH DFRPHWHU FRQWHQLGRV GLUHFWDPHQWH UHODFLRQDGRV FRQ XQD PHMRUD GH OD VDOXG HQWUH ORV HVFRODUHV (Q FRQFUHWR HV HQ OD HWDSD GH %DFKLOOHUDWR GRQGH VH SUHWHQGH TXH GLFKD WHPiWLFD DVXPD XQD PD\RU UHOHYDQFLD HQ ODV FODVHV \ D WUDYpV GHO SURIHVRU HVSHFLDOLVWD

3$125É0,&$ $&78$/ < 0(','$6 '( 35202&,Ð1 (1 0$7(5,$ ('8&$7,9$

(Q OD DFWXDOLGDG OD PD\RUtD GH ORV HVFRODUHV QR FXPSOHQ FRQ ODV UHFRPHQGDFLRQHV GH SUiFWLFD GH $) GH PLQXWRV GLDULRV D XQD LQWHQVLGDG GH PRGHUDGD D YLJRURVD 206 /D GLVPLQXFLyQ GH HVWRV QLYHOHV GH SUiFWLFD \ HO DXPHQWR SDUDOHOR GH FRQGXFWDV VHGHQWDULDV HQ ORV HVFRODUHV KD SURSLFLDGR OD DSDULFLyQ GH DOWRV tQGLFHV GH VREUHSHVR \ REHVLGDG 1J HW DO \ SRU WDQWR GH XQD PD\RU SUHRFXSDFLyQ SRU SDUWH GH ORV JUDQGHV RUJDQLVPRV LQWHUQDFLRQDOHV DQWH OD QHFHVLGDG GH DERUGDU GLFKD FRPSOLFDFLyQ

6XUJHQ GLYHUVDV PHGLGDV GH SURPRFLyQ GH VDOXG \ HQ HVSHFLDO HQ PDWHULD HGXFDWLYD 6H VHxDOD D OD LQVWLWXFLyQ HVFRODU FRPR XQ HVSDFLR FODYH GHVGH HO TXH LQWHQWDU SDOLDU HVWH WLSR GH FRQGXFWDV SRFR VDOXGDEOHV \ FDPELDUODV SRU HVWLORV GH YLGD PiV DFWLYRV 1XHYDPHQWH OD 206 HQ VX LQIRUPH WLWXODGR (QGLQJ &KLOGKRRG 2EHVLW\ VHxDOD OD QHFHVLGDG GH LPSOHPHQWDU SURJUDPDV LQWHJUDOHV TXH SURPXHYDQ HQWRUQRV HVFRODUHV VDOXGDEOHV \ XQ DXPHQWR HQ OD $) GH ORV QLxRV \ DGROHVFHQWHV HQ HGDG HVFRODU 3DUD HOOR VH PHQFLRQD OD UHOHYDQFLD GH FRQWDU FRQ XQD () GH FDOLGDG TXH VHD LQFOXLGD HQ HO SODQ GH HVWXGLRV GH HVWRV FKLFRV DVt FRPR GH OD LPSRUWDQFLD GH FRQWDU FRQ SURIHVLRQDOHV H LQVWDODFLRQHV DGHFXDGDV SDUD HOOR /D () \ HO SURIHVRU UHVSRQVDEOH GH OD PLVPD VRQ UHVSDOGDGRV FRPR ODV SLH]DV HQFDUJDGDV GH DEDQGHUDU HVWH SURFHVR GH FRQFLHQFLDFLyQ \ FDPELR SDUD XQD PHMRUD GH OD VDOXG

(Q HO ,QIRUPH VREUH OD IXQFLyQ GHO GHSRUWH HQ OD HGXFDFLyQ GHO 3DUODPHQWR (XURSHR 6FKPLWW VH VHxDOD TXH UHVXOWD ´QHFHVDULR H[DPLQDU PiV GH FHUFD ORV FXUUtFXORV GH ORV SURIHVRUHV GH HGXFDFLyQ ItVLFD D ILQ GH DSR\DU OD IRUPDFLyQ \ OD HGXFDFLyQ GH SURIHVRUHV GH FDOLGDG +DFHQ IDOWD SURIHVRUHV FRPSHWHQWHV \ ILDEOHV FDSDFHV GH FRQFHELU FODVHV GH HGXFDFLyQ ItVLFD TXH UHVSRQGDQ D ODV FXHVWLRQHV GH VDOXG \ TXH PRWLYHQ D WRGRV ORV QLxRV SDUD TXH (PiV) 5HYLVWD 'LJLWDO GH (GXFDFLyQ )tVLFD $xR 1XP MXOLR DJRVWR GH

KWWS HPDVI ZHEFLQGDULR FRP

SDUWLFLSHQ 8QD HGXFDFLyQ ItVLFD HILFD] \ ELHQ FRQVHJXLGD H[LJH SURIHVRUHV HVSHFLDOL]DGRV FRQ XQD EXHQD IRUPDFLyQµ

0iV UHFLHQWHPHQWH HQ HO ,QIRUPH VREUH OD () \ HO GHSRUWH HQ ORV FHQWURV HVFRODUHV GH (XURSD &RPLVLyQ (XURSHD VH VHxDOD TXH ´8QRV FXDQWRV SDtVHV RIHUWDQ OD HGXFDFLyQ SDUD OD VDOXG FRPR DVLJQDWXUD LQGHSHQGLHQWH \ GH FDUiFWHU REOLJDWRULR GHQWUR GH VXV FXUUtFXORV (VWR VXFHGH HQ &KLSUH \ HQ VHFXQGDULD LQIHULRU HQ ,UODQGD \ )LQODQGLD (Q SUiFWLFDPHQWH HO UHVWR GH ORV SDtVHV OD HGXFDFLyQ SDUD OD VDOXG HVWi LQFOXLGD HQ RWUDV DVLJQDWXUDV REOLJDWRULDV FRPR RFXUUH HQ (VSDxDµ

(Q QXHVWUR SDtV FRQ HO ILQ GH VHQVLELOL]DU VREUH ORV EHQHILFLRV GH DGRSWDU KiELWRV GH YLGD VDOXGDEOHV VXUJH GH PDQHUD UHFLHQWH OD (VWUDWHJLD SDUD OD 1XWULFLyQ $FWLYLGDG ItVLFD \ SUHYHQFLyQ GH OD 2EHVLGDG 1$26 (Q OD PLVPD VH DSXQWD TXH UHVXOWD QHFHVDULR ´LQFOXLU HQ ORV FXUVRV GH IRUPDFLyQ GHO SURIHVRUDGR PDWHULDOHV GLGiFWLFRV \ RULHQWDFLRQHV VREUH OD LPSRUWDQFLD GH SUDFWLFDU UHJXODUPHQWH $) \ VX LQFLGHQFLD VREUH OD VDOXGµ 0LQLVWHULR GH 6DQLGDG \ &RQVXPR

$ SDUWLU GH OD PLVPD VXUJH HO GHQRPLQDGR ´3URJUDPD 3(56(2µ 3URJUDPD SLORWR HVFRODU GH UHIHUHQFLD SDUD OD VDOXG \ HO HMHUFLFLR FRQWUD OD REHVLGDG

FRQVLVWHQWH HQ LPSOHPHQWDU XQ FRQMXQWR GH LQWHUYHQFLRQHV VHQFLOODV SDUD OOHYDU D FDER HQ FHQWURV HVFRODUHV HQ XQ LQWHQWR GH FRQVHFXFLyQ GH KiELWRV GH YLGD VDOXGDEOHV HQWUH ORV HVFRODUHV 0LQLVWHULR GH 6DQLGDG \ &RQVXPR

0iV UHFLHQWHPHQWH HO 0LQLVWHULR GH 6DQLGDG 6HUYLFLRV 6RFLDOHV H ,JXDOGDG

GH QXHVWUR SDtV SODQWHD XQD QXHYD SURSXHVWD XELFDGD GHQWUR GHO PDUFR GH OD (VWUDWHJLD GH 3URPRFLyQ GH OD 6DOXG \ 3UHYHQFLyQ (363 HQ HO 6LVWHPD 1DFLRQDO GH 6DOXG FRQ OD ILQDOLGDG GH FRODERUDU HQ OD SUHYHQFLyQ GH HQIHUPHGDGHV FDUGLRYDVFXODUHV RULJLQDGDV HQ OD LQIDQFLD FRPR FRQVHFXHQFLD GH OD LQDFWLYLGDG ItVLFD GH ORV QLxRV 6H SUHVHQWD PDWHULDO FXUULFXODU GHQRPLQDGR FRQ HO QRPEUH GH ´8QLGDGHV 'LGiFWLFDV $FWLYDVµ RULHQWDGR D ORJUDU XQD LQWHQVLGDG GH WUDEDMR \ FRPSURPLVR PRWRU LGyQHRV SRU SDUWH GH ORV HVFRODUHV GHQWUR GH ODV FODVHV GH () (O REMHWLYR SULQFLSDO VH FHQWUD HQ DXPHQWDU ORV QLYHOHV REMHWLYRV GH $) KDVWD DOFDQ]DU HO FULWHULR PtQLPR HVWDEOHFLGR SRU HO 8QLWHG 6WDWHV 'HSDUWPHQW RI +HDOWK DQG +XPDQ 6HUYLFHV TXLHQ HVSHFLILFD TXH DO PHQRV HO GHO WLHPSR ~WLO GH FODVH GH () GHEHUtD VHU WLHPSR GH FRPSURPLVR PRWRU D XQD LQWHQVLGDG GH PRGHUDGD D YLJRURVD

$xRV DWUiV GLYHUVRV HVSHFLDOLVWDV GH QXHVWUR SDtV SODQWHDEDQ DOJXQDV SURSXHVWDV GLGiFWLFDV D SDUWLU GH ODV FXDOHV LQWHQWDU LQWHUYHQLU HQ HO DERUGDMH GH OD VDOXG D WUDYpV GH OD () HVFRODU

3pUH] /ySH] \ 'HOJDGR HQ VX OLEUR /D VDOXG HQ VHFXQGDULD GHVGH OD () GHILQtDQ XQD GH ODV SRVLEOHV DSRUWDFLRQHV TXH OD () SXHGH RIUHFHU D OD VRFLHGDG DFWXDO OD HGXFDFLyQ SDUD OD VDOXG /RV DXWRUHV HODERUDURQ XQD SURSXHVWD D SDUWLU GH XQD H[SHULHQFLD HYDOXDGD \ GH ORV UHVXOWDGRV TXH KDEtDQ REWHQLGR HQ OD DSOLFDFLyQ GH PDWHULDOHV \ PHWRGRORJtD XWLOL]DGRV FRQ DOXPQDGR GH 6HFXQGDULD 6H RIUHFtD XQD SURSXHVWD GH LQWHUYHQFLyQ ELHQ GHWDOODGD GRQGH VH LQGLFDEDQ ORV REMHWLYRV \ FRQWHQLGRV VHFXHQFLDGRV HQ VHVLRQHV MXQWR D OD PHWRGRORJtD GH WUDEDMR GHVDUUROODGD FRPR SLODU IXQGDPHQWDO SDUD FRQVHJXLU XQD $) VDOXGDEOH \ SURPRWRUD GH VDOXG SDUD OR TXH SRGtD VHU XQD XQLGDG GLGiFWLFD PRGHOR 3RU ~OWLPR VH

(PiV) 5HYLVWD 'LJLWDO GH (GXFDFLyQ )tVLFD $xR 1XP MXOLR DJRVWR GH

KWWS HPDVI ZHEFLQGDULR FRP

PRVWUDEDQ DOJXQRV GH ORV UHVXOWDGRV REWHQLGRV HQ HO WUDEDMR GH LQYHVWLJDFLyQ OOHYDGR D FDER PHGLDQWH GLFKD PHWRGRORJtD (O OLEUR QR HV XQ ILFKHUR GH WDUHDV R VHVLRQHV SDUD HO WUDWDPLHQWR GH OD VDOXG GHVGH OD () VLQR TXH VX ILQDOLGDG HUD OD GH PRVWUDU SRU XQ ODGR XQD IRUPD GH HQWHQGHU OD HGXFDFLyQ SDUD OD VDOXG FRPR XQD HGXFDFLyQ HQ YDORUHV \ SRU RWUR OD GH RULHQWDU GH IRUPD HMHPSOLILFDGD H LOXVWUDGD

HO GHVDUUROOR GH OD VDOXG D WUDYpV GH ODV JUDQGHV SRVLELOLGDGHV TXH RIUHFH OD ()

&KLOOyQ HODERUD XQ PDQXDO HQ HO TXH SUHVHQWD GLYHUVDV SURSXHVWDV GH 8QLGDGHV GLGiFWLFDV GH (GXFDFLyQ )tVLFD RULHQWDGD D OD 6DOXG HQ 6HFXQGDULD (Q HO SUyORJR GH GLFKR PDQXDO HO GHVWDFDGR SHGDJRJR GHO iUHD 'HOJDGR 1RJXHUD VHxDODED GHO PLVPR TXH ´WLHQH XQ JUDQ LQWHUpV SDUD ORV HVWXGLDQWHV \ HO SURIHVRUDGR GH 6HFXQGDULD HQ DFWLYR SRUTXH SODQWHD XQ HQIRTXH GH OD () TXH SRGHPRV FRQVLGHUDU () SDUD OD 6DOXG \ DGHPiV GHVGH XQD SURSXHVWD FUHtEOH \ UHDOLVWDµ

5HFLHQWHPHQWH 3pUH] /ySH] 7HUFHGRU \ 'HOJDGR UHDOL]DQ XQ HVWXGLR GH UHYLVLyQ FRQ OD LQWHQFLyQ GH LGHQWLILFDU SURJUDPDV GH SURPRFLyQ GH $) VDOXGDEOH UHDOL]DGRV HQ HO iPELWR HGXFDWLYR HQ OD HWDSD GH VHFXQGDULD HQ (VSDxD D OR ODUJR GH ORV ~OWLPRV TXLQFH DxRV (QWUH ORV HVWXGLRV HQFRQWUDGRV GHVWDFD HO UHDOL]DGR SRU 3pUH] /ySH] \ 'HOJDGR GRQGH VH LPSOHPHQWy XQ SURJUDPD GH LQWHUYHQFLyQ FRQVLVWHQWH HQ HO XVR GH XQD PHWRGRORJtD RULHQWDGD D SURSLFLDU OD Pi[LPD SDUWLFLSDFLyQ DFWLYD GHO DOXPQDGR HQ ODV FODVHV GH () EDMR XQD SHUVSHFWLYD LQWHJUDGRUD (Q OD OtQHD GH OD SHUVSHFWLYD KROtVWLFD SURSXHVWD SRU 'HYtV \ 3HLUy

3DUD HOOR OD DFWXDFLyQ SRU SDUWH GHO GRFHQWH UHVXOWy FODYH OR TXH WDPELpQ VH DVRFLD D ORV KDOOD]JRV GHO HVWXGLR GH 0DUWtQH] %DHQD 5RPHUR &HUH]R 'HOJDGR \ 9LFLDQD GRQGH VH VHxDOy TXH ´OD LPSOLFDFLyQ GHO SURIHVRUDGR HQ OD SURPRFLyQ GH KiELWRV VDOXGDEOHV LQIOX\H GH PDQHUD GLUHFWD VREUH OD REWHQFLyQ GH XQ FHQWUR SURPRWRU \ PRYLOL]DGRU < VH GHPXHVWUD TXH DFWXDOPHQWH HO SURWDJRQLVPR GHO SURIHVRUDGR HQ HO LPSXOVR GH OD SURPRFLyQ GH OD VDOXG HQ OD HVFXHOD UHVXOWD IXQGDPHQWDO SDUD UHLQYHUWLU ORV DFWXDOHV tQGLFHV GH LQDFWLYLGDG ItVLFD \ REHVLGDG SUHVHQWH HQWUH ORV PiV MyYHQHVµ (Q XQ HVWXGLR VLPLODU 0DUWtQH] %DHQD 5RPHUR &HUH]R \ 'HOJDGR PRVWUDEDQ ODV YDORUDFLRQHV SRVLWLYDV TXH HIHFWXDED HO SURIHVRUDGR DQDOL]DGR VREUH OD HVFXHOD FRPR SURPRWRUD GH OD $) DVt FRPR VREUH HO HQIRTXH VDOXGDEOH TXH VH SRGUtD KDFHU GHVGH HO GHVDUUROOR GH HVWH WLSR GH DFWLYLGDGHV HQ HO FHQWUR 'H DFXHUGR D GLFKRV DXWRUHV ´OD () FRQVWLWXLUtD XQ iUHD FXUULFXODU LGyQHD SDUD SURPRYHU KiELWRV \ HVWLORV GH YLGD VDOXGDEOHV UHTXLULHQGR XQD PD\RU GHGLFDFLyQ KRUDULD XQD UHRULHQWDFLyQ SDUD XQD PHMRU UHVSXHVWD D OD GHPDQGD VRFLDO H[LVWHQWH \ OD GLVSRQLELOLGDG GH SURIHVRUHV SUHSDUDGRV SDUD IRUPDU SDUWH GH XQ FHQWUR HVFRODU SURPRWRU GH KiELWRV VDOXGDEOHVµ

/$ () &202 35,1&,3$/ $*(17( 35202725 5(&20(1'$&,21(6 (67$%/(&,'$6

3RU WDQWR VH DVXPH OD PDOD VLWXDFLyQ GH VDOXG GH ORV HVFRODUHV \ HO SURIHVRU GH () HV VHxDODGR FRPR HO SULQFLSDO DJHQWH SURPRWRU GH VDOXG S~EOLFD 6H UHDOL]DQ \ SXEOLFDQ QXPHURVRV HVWXGLRV RULHQWDGRV D GHVFULELU OD GLQiPLFD JHQHUDO GH PDOD VDOXG HQWUH ORV HVFRODUHV H LQFOXVR VH HVWXGLDQ ORV QLYHOHV GH DFWLYLGDG \ FRQGLFLyQ ItVLFD VDOXGDEOH GH ORV QLxRV \ QLxDV GHQWUR GHO SURSLR iPELWR HVFRODU \ PiV FRQFUHWDPHQWH GHVGH OD () /RQVGDOH HW DO 9LFLDQD 0DUWtQH] %DHQD \ 0D\RUJD 9HJD FRQ HO SURSyVLWR GH SURIXQGL]DU HQ HO FRQRFLPLHQWR GH OD (PiV) 5HYLVWD 'LJLWDO GH (GXFDFLyQ )tVLFD $xR 1XP MXOLR DJRVWR GH

KWWS HPDVI ZHEFLQGDULR FRP

FRQWULEXFLyQ GH OD () D ODV UHFRPHQGDFLRQHV GLDULDV GH $) HQ DGROHVFHQWHV GH DFXHUGR DO JpQHUR \ GHELGR D OD HVFDVH] GH HVWXGLRV HVSDxROHV GH PHGLFLyQ REMHWLYD GH $) HQ DGROHVFHQWHV \ D OD GLVSDULGDG GH UHVXOWDGRV HQ HVWXGLRV LQWHUQDFLRQDOHV SUHYLRV GHFLGHQ SURIXQGL]DU HQ HVWD OtQHD GH LQYHVWLJDFLyQ 3RVWHULRUPHQWH 0DUWtQH] %DHQD 0D\RUJD 9HJD \ 9LFLDQD VLJXLHQGR FRQ HO DQiOLVLV GH OD () DERUGDQ HO HVWXGLR GH ORV QLYHOHV GH FRQGLFLyQ ItVLFD PHGLDQWH OD %DWHUtD $/3+$ )LWQHVV GH DOWD SULRULGDG \ DQWH OD DXVHQFLD GH HVWXGLRV TXH KXELHUDQ UHODFLRQDGR OD PRWLYDFLyQ \ VX DVRFLDFLyQ FRQ QLYHOHV GH &) VDOXGDEOH HQ SREODFLyQ HVSDxROD GHWHUPLQDQ DQDOL]DU VX SRVLEOH DVRFLDFLyQ HQ HVFRODUHV GH (GXFDFLyQ 6HFXQGDULD 2EOLJDWRULD

$ SDUWLU GH OD VLWXDFLyQ GHVFULWD VH FRPLHQ]DQ D HVWDEOHFHU UHFRPHQGDFLRQHV D WHQHU HQ FXHQWD SRU SDUWH GHO SURIHVRU GH () SDUD HO DERUGDMH GH OD VDOXG HQ VX SURFHVR GH IRUPDFLyQ WDQWR LQLFLDO FRPR SHUPDQHQWH 7RGR HOOR GHVGH OD FRQVWLWXFLyQ GH XQ QXHYR HVFHQDULR VRFLDO TXH WUDQVIRUPD OD IRUPD GH HQWHQGHU \ GDU UHVSXHVWD D OD GHPDQGD GH VDOXG GH OD SREODFLyQ 8Q HVFHQDULR VRFLDO GLIHUHQWH DO GHVFULWR SRU 'HYtV \ %HOWUiQ \ WDPELpQ FRQ XQD FRQFLHQFLD GH VDOXG GLVWLQWD D OD GH ORV DxRV \ (Q HVWH VHQWLGR 6DOOLV HW DO VHxDODQ OD QHFHVLGDG GH SDVDU GH OD GHQRPLQDGD ´() UHODFLRQDGD FRQ OD VDOXGµ TXH KDEtDQ GHILQLGR HQ D OD QHFHVDULD ´() RSWLPL]DGD SDUD OD VDOXGµ GH DFXHUGR D ORV FDPELRV DFRQWHFLGRV HQ ORV SDUiPHWURV GH VDOXG GH ORV HVFRODUHV HQ ODV ~OWLPDV GpFDGDV (V GHFLU VH GHILQH HQ TXp FRQVLVWH HO SURFHVR GH RSWLPL]DFLyQ R DGDSWDFLyQ GH OD () D OD QXHYD GHPDQGD VRFLDO \ GH VDOXG \ VH HQXPHUDQ DOJXQDV UHFRPHQGDFLRQHV R OtQHDV JXtD FHQWUDGDV HQ GHWHQHU R DO PHQRV SDOLDU OD PDOD GLQiPLFD GH VDOXG HQWUH ORV MyYHQHV DQWHV GH TXH SDVHQ RWURV DxRV PiV (QWUH ODV PLVPDV VH DSXQWD OD LPSRUWDQFLD GH

Â&#x192; 5HDOL]DU SHULyGLFDPHQWH HVWXGLRV QDFLRQDOHV TXH DQDOLFHQ ORV QLYHOHV REMHWLYRV GH $) GXUDQWH ODV FODVHV GH () $ SDUWLU GH ORV PLVPRV LGHQWLILFDU SRVLEOHV GLIHUHQFLDV HQWUH XQD () GH PD\RU R PHQRU FDOLGDG Â&#x192;

'HVDUUROODU PpWRGRV TXH D EDMR FRVWH \ GH PDQHUD YLDEOH SHUPLWDQ HVWLPDU FRQ SUHFLVLyQ OD FDQWLGDG GH $) UHDOL]DGD SRU ORV HVFRODUHV HQ FODVH GH IRUPD TXH HO SURIHVRU REWHQJD UHWURDOLPHQWDFLyQ GH PDQHUD LQPHGLDWD \ SRU WDQWR XQD LQIRUPDFLyQ LQWHUHVDQWH SDUD WUDVODGDU D ORV RUJDQLVPRV UHVSRQVDEOHV GH YHODU SRU OD VDOXG GH OD SREODFLyQ

Â&#x192;

3URSRUFLRQDU LQFHQWLYRV D ORV FHQWURV HVFRODUHV \ SURIHVLRQDOHV FRPSURPHWLGRV FRQ LPSOHPHQWDU \ SRQHU HQ SUiFWLFD SURJUDPDV LQQRYDGRUHV FHQWUDGRV HQ OD SURPRFLyQ GH PD\RUHV QLYHOHV REMHWLYRV GH $) HQWUH OD SREODFLyQ HVFRODU \ SRU WDQWR VREUH OD VDOXG GH ORV PLVPRV

Â&#x192;

3URSRUFLRQHV D\XGDV \ VXEYHQFLRQHV D FHQWURV HQ HVFXHODV FRQ PHQRV UHFXUVRV \ FRQ SREODFLyQ FRQ SHRUHV SDUiPHWURV GH VDOXG \ SRU WDQWR FRQ PD\RU PDUJHQ GH PHMRUD GH OD PLVPD

Â&#x192;

5HYLVDU ORV SODQHV GH HVWXGLRV GH ORV IXWXURV JUDGXDGRV HQ () \ DGDSWDUORV \ DFWXDOL]DUORV GH DFXHUGR D ODV QXHYDV QHFHVLGDGHV GH OD VRFLHGDG SDUD TXH ORV IXWXURV SURIHVLRQDOHV SXHGDQ GDU UHVSXHVWD GHVGH XQD PHMRUD GH VX IRUPDFLyQ D ORV SUREOHPDV SODQWHDGRV

(Q &HQWHUV IRU 'LVHDVH &RQWURO DQG 3UHYHQWLRQ VH VHxDODQ IDFWRUHV HVHQFLDOHV TXH GHEHUtDQ WHQHUVH HQ FXHQWD SDUD FRQVWLWXLU SURJUDPDV LQWHJUDOHV GH SURPRFLyQ GH $) HQ OD HVFXHOD &DOLGDG HQ () $) GXUDQWH HO SHUtRGR HVFRODU (PiV) 5HYLVWD 'LJLWDO GH (GXFDFLyQ )tVLFD $xR 1XP MXOLR DJRVWR GH

KWWS HPDVI ZHEFLQGDULR FRP

$) DQWHV \ GHVSXpV GH OD HVFXHOD ,PSOLFDFLyQ GH ORV SURIHVLRQDOHV

3DUWLFLSDFLyQ GH OD IDPLOLD \ OD FRPXQLGDG (V GHFLU OD FDOLGDG GH OD () HV VHxDODGD FRPR HOHPHQWR IXQGDPHQWDO SDUD HO DGHFXDGR DERUGDMH GH OD VDOXG 3UHYLDPHQWH 5RPHUR &HUH]R 0DUWtQH] %DHQD 2UWL] \ &RQWUHUDV KDEtDQ VHxDODGR ORV IDFWRUHV TXH D VX HQWHQGHU UHVXOWDEDQ FODYHV SDUD LQVWDXUDU XQD (VFXHOD $FWLYD \ 6DOXGDEOH 'H DFXHUGR D ORV PLVPRV GHVWDFDEDQ ,PSOLFDFLyQ GHO SURIHVRUDGR HQ OD SURPRFLyQ GH KiELWRV VDOXGDEOHV 5HRULHQWDFLyQ GH OD DVLJQDWXUD GH (GXFDFLyQ )tVLFD KDFLD XQD PD\RU SURPRFLyQ GH OD VDOXG &RQFLHQFLDFLyQ UHVSHFWR D OD IDOWD GH DFWLYLGDG ItVLFR GHSRUWLYD SDUD XQD PHMRUD GH OD VDOXG D WUDYpV GH OD (VFXHOD (O FHQWUR FRPR HOHPHQWR GH SURPRFLyQ GH DFWLYLGDGHV ItVLFDV $EDQGRQR GH SUiFWLFD GH $) \ DFWLWXG SDUHQWDO UHVSHFWR D HOOR

6HQVLELOLGDG \ DSR\R GH ORV WpFQLFRV \ UHVSRQVDEOHV GH ODV SROtWLFDV HGXFDWLYDV GH ODV &RPXQLGDGHV $XWyQRPDV DQWH OD PDOD VLWXDFLyQ GH VDOXG GH ORV HVFRODUHV

5HFLHQWHPHQWH :HEVWHU HW DO UHDOL]DQ XQ HVWXGLR GH UHYLVLyQ FRQ HO REMHWLYR GH LGHQWLILFDU DTXHOODV UHFRPHQGDFLRQHV HVWDEOHFLGDV HQ HVWXGLRV SXEOLFDGRV HQWUH \ UHVSHFWR D OD IRUPDFLyQ GH FDQGLGDWRV D SURIHVRUHV GH () SDUD HO DERUGDMH GH FXHVWLRQHV SURSLDV GH VDOXG $ SDUWLU GHO HVWXGLR UHDOL]DGR HVWDEOHFHQ UHFRPHQGDFLRQHV HQ IRUPD GH VXJHUHQFLDV GH PHMRUD \ FODVLILFDGDV HQ iUHDV GLIHUHQWHV 3HUILO GHO FDQGLGDWR &RQRFLPLHQWR GHO FDQGLGDWR 5HFXUVRV R HVWUDWHJLDV GHO FDQGLGDWR (Q GLFKR DQiOLVLV UHDOL]DGR ~QLFDPHQWH VREUH HVWXGLRV DPHULFDQRV VH REVHUYDQ ORV SULQFLSDOHV DXWRUHV SUHRFXSDGRV SRU GDU UHVSXHVWD D OD IRUPDFLyQ GHO IXWXUR SURIHVRUDGR GH () UHVSHFWR DO DERUGDMH GH HVWH FRQWHQLGR FODYH HQ ()

+LOOV 'HQJHO \ /XEDQV HVWDEOHFHQ FRPR SULRULGDGHV D WHQHU HQ FXHQWD SDUD SURPRFLRQDU VDOXG HQ () D ,QVWDXUDU PLQXWRV VHPDQD GH () HQ 3ULPDULD E

,QVWDXUDU PLQXWRV VHPDQD GH () HQ 6HFXQGDULD F /RV HVWXGLDQWHV GHEHQ HVWDU DFWLYRV GXUDQWH DO PHQRV HO GHO WLHPSR GH FODVH G *HQHUDU XQD () GH FDOLGDG TXH UHVXOWH DJUDGDEOH \ HQVHxH PRYLPLHQWRV \ KDELOLGDGHV HVHQFLDOHV 'XGOH\ 3HDUVRQ 2NHO\ \ &RWWRQ WDPELpQ DUJXPHQWDQ OD FRQVHFXHQFLD GH FRQWDU FRQ XQD () GH FDOLGDG OD QHFHVLGDG GH DXPHQWDU ORV QLYHOHV GH $) GHQWUR GH ODV FODVHV GH () DVt FRPR GH OD LPSRUWDQFLD GHO SDSHO GH ORV OtGHUHV R SHUVRQDV HQFDUJDGDV GH DERUGDU HO HVWDEOHFLPLHQWR GH SROtWLFDV HVFRODUHV HQ PDWHULD GH SURPRFLyQ GH KiELWRV GH YLGD VDOXGDEOHV \ GH OOHYDUODV D OD SUiFWLFD SROtWLFRV GLUHFWRUHV GH FHQWURV HVFRODUHV SURIHVRUHV HWF

&21&/86,21(6

/D () HV VHxDODGD FRPR XQ LQVWUXPHQWR LGHDO SDUD OD SURPRFLyQ GH KiELWRV GH YLGD VDOXGDEOHV HQ ORV HVFRODUHV 3RU WDQWR UHVXOWD QHFHVDULR UHRULHQWDU OD PLVPD KDFLD OD QXHYD GHPDQGD VRFLDO \ GH VDOXG GH ORV MyYHQHV VLQ ROYLGDU OD ILQDOLGDG HPLQHQWHPHQWH HGXFDWLYD GH OD PLVPD (Q OD DFWXDOLGDG H[LVWH QXPHURVD HYLGHQFLD FLHQWtILFD UHVSHFWR D OD DFWXDO VLWXDFLyQ GH PDOD VDOXG \ DOWRV tQGLFHV GH VREUHSHVR \ REHVLGDG GH ORV QLxRV (Q HVWH VHQWLGR SRGUtD UHVXOWDU FRQYHQLHQWH FRPHQ]DU D H[WUDHU LPSOLFDFLRQHV GLGiFWLFDV D SDUWLU GH ORV KDOOD]JRV HQFRQWUDGRV SRU SDUWH GH ORV LQYHVWLJDGRUHV \ WUDQVIRUPDUODV HQ UHFXUVRV GLGiFWLFRV TXH D\XGHQ DO SURIHVRU GH () SDUD HO DERUGDMH GH HVWRV FRQWHQLGRV HQ VXV FODVHV

(PiV) 5HYLVWD 'LJLWDO GH (GXFDFLyQ )tVLFD $xR 1XP MXOLR DJRVWR GH

KWWS HPDVI ZHEFLQGDULR FRP

(Q FXDOTXLHU FDVR QR GHEHPRV ROYLGDU OD YHUGDGHUD HVHQFLD \ ILQDOLGDG GH OD () HVFRODU GH DFXHUGR D OR DSXQWDGR SRU 0ROLQD FXDQGR VHxDOD TXH ´OD SULQFLSDO ILQDOLGDG GH OD () QR HV HO DSUHQGL]DMH GH ODV WDUHDV PRWULFHV VLQR OD HGXFDFLyQ HQ ODV PLVPDVµ (O SDSHO GH OD () UHVSHFWR DO DERUGDMH GH $) SDUD OD VDOXG QR GHEH UHGXFLUVH ~QLFDPHQWH D SURPRFLRQDU HVWLORV GH YLGD DFWLYRV \ OD DGTXLVLFLyQ GH ORV UHFXUVRV QHFHVDULRV SRU SDUWH GH ORV HVFRODUHV SDUD VHU PiV DXWyQRPRV HQ OD UHDOL]DFLyQ GH XQD SUiFWLFD ItVLFR GHSRUWLYD VDOXGDEOH VLQR TXH UHVXOWD HVHQFLDO SURSLFLDU VLWXDFLRQHV TXH SRVLELOLWHQ SURFHVRV GH SHQVDPLHQWR UHIOH[LYR UHVSHFWR D OD HOHFFLyQ GHO TXp FyPR SRU TXp \ SDUD TXp HQ ODV GLYHUVDV VLWXDFLRQHV GH SUiFWLFD VDOXGDEOH TXH VH OHV SODQWHDQ 'H DFXHUGR D 'HYtV \ %HOWUiQ HO REMHWLYR ILQDO GHEHUtD FRQVLVWLU HQ ´SURORQJDU OD SHUVSHFWLYD FXUULFXODU KROtVWLFD GH OD () \ ODV LQLFLDWLYDV H[WUDFXUULFXODUHV GH SURPRFLyQ D ORV FRQWH[WRV FRPXQLWDULRV GH SUiFWLFD ItVLFDµ 7RGR HOOR VLQ ROYLGDU OR DSXQWDGR SRU 0ROLQD \ 9DOHQFLDQR HQ ´VX LQWHQWR GH GHVFLIUDU ODV FODYHV VRFLR FXOWXUDOHV TXH LQIOX\HQ HQ OD PDQHUD GH HQWHQGHU \ GHVDUUROODU OD UHFUHDFLyQ ItVLFR GHSRUWLYD D SDUWLU GH OD FRQFHSFLyQ \ WUDWDPLHQWR TXH VH KDFH GHO FXHUSR HQ ORV GLVWLQWRV SURJUDPDV \ DFWLYLGDGHVµ 'H VX WUDEDMR H[WUDHPRV SDUD HO WHPD TXH QRV RFXSD OD LGHD GH TXH GHEHPRV LQWHQWDU HGXFDU D ORV HVFRODUHV FRQ OD SUHRFXSDFLyQ GH HQWHQGHU OD UHFUHDFLyQ ItVLFR GHSRUWLYD GHVGH XQD SHUVSHFWLYD HPDQFLSDGRUD (V GHFLU ORV QLxRV GHEHQ FRQFHELU OD SUiFWLFD GH $) FRPR XQ PRPHQWR UHFUHDWLYR \ GH FDUiFWHU SODFHQWHUR VLQ OD QHFHVLGDG GH VRPHWHUVH D REOLJDFLRQHV FRUSRUDOHV DVRFLDGDV D H[LJHQFLDV HVWDEOHFLGDV SRU OD VRFLHGDG \ TXH SRFR WLHQHQ TXH YHU FRQ OD FRQVHFXFLyQ LQWHJUDO GH OD VDOXG 3RU WDQWR HO SURIHVRU GH () GHEH LQWHQWDU HYLWDU OD DVXQFLyQ SRU SDUWH GH VXV DOXPQRV GH XQD UHFUHDFLyQ ItVLFR GHSRUWLYD XWLOLWDULD FHQWUDGD HQ OD UHSUHVLyQ \ SpUGLGD GH OD OLEHUWDG SDUD HO GLVIUXWH \ TXH HQJDxRVDPHQWH OHV RULHQWD KDFLD OD DSDUHQWH FRQVHFXFLyQ GH OD VDOXG FXDQGR UHDOPHQWH HVWR QR HV DVt

3DUD ILQDOL]DU WDPELpQ UHVXOWD QHFHVDULR UHFRUGDU TXH OD LQTXLHWXG SRU HO FRQRFLPLHQWR FLHQWtILFR SRU SDUWH GHO SURIHVRUDGR HVSHFLDOLVWD SRGUtD SRVLELOLWDU OD JHQHUDFLyQ GH SURSXHVWDV SHGDJyJLFDV LQWHUHVDQWHV HQ VX ODERU GRFHQWH GLDULD \ SDUD XQ FRQWH[WR GHWHUPLQDGR 3DUD HOOR SRGUtD VHU LQWHUHVDQWH TXH ODV LQYHVWLJDFLRQHV FRQ REMHWR GH HVWXGLR FHQWUDGR HQ HO DERUGDMH GH $) SDUD XQD PHMRUD GH OD VDOXG HQ HVFRODUHV HVWDEOHFLHVHQ QH[RV GH XQLyQ HQWUH VXV SULQFLSDOHV KDOOD]JRV \ ODV SRVLEOHV LPSOLFDFLRQHV GLGiFWLFDV TXH SRGUtDQ JHQHUDUVH SDUD ORV SURIHVLRQDOHV GH OD () VHxDODGRV FRPR XQR GH ORV SULQFLSDOHV SURPRWRUHV GH VDOXG S~EOLFD HQ OD VRFLHGDG DFWXDO

5()(5(1&,$6 %,%/,2*5Ã&#x2030;),&$6

$OPRQG / $ KHDOWK IRFXV LQ SK\VLFDO HGXFDWLRQ 1HZVOHWWHU RI +HDOWK DQG 3K\VLFDO (GXFDWLRQ 3URMHFW

$OPRQG / \ 'HYtV - (O HMHUFLFLR ItVLFR \ OD VDOXG HQ QLxRV \ MyYHQHV 5HYLVWD GH (GXFDFLyQ )tVLFD

&DVLPLUR $ 'HOJDGR 0 \ Ã&#x2030;JXLOD & $FWLYLGDG ItVLFD HGXFDFLyQ \ VDOXG $OPHULD 8QLYHUVLGDG GH $OPHUtD

(PiV) 5HYLVWD 'LJLWDO GH (GXFDFLyQ )tVLFD $xR 1XP MXOLR DJRVWR GH

KWWS HPDVI ZHEFLQGDULR FRP

&HQWHUV IRU 'LVHDVH &RQWURO DQG 3UHYHQWLRQ &RPSUHKHQVLYH VFKRRO SK\VLFDO DFWLYLW\ SURJUDPV D JXLGH IRU VFKRROV 5HFXSHUDGR HO GH DEULO GH GH KWWS ZZZ RUDX JRY GSK FVSDS BDVVHWV )XOO&RXUVH&RQWHQW SGI

&KLOOyQ 3 8QLGDGHV GLGiFWLFDV GH (GXFDFLyQ )tVLFD RULHQWDGDV D OD VDOXG HQ VHFXQGDULD 6HYLOOD :DQFHXOHQ (GLWRULDO 'HSRUWLYD 6 /

&RPLVLyQ (XURSHD /D HGXFDFLyQ ItVLFD \ HO GHSRUWH HQ ORV FHQWURV HVFRODUHV GH (XURSD ,QIRUPH GH (XU\GLFH /X[HPEXUJR 2ILFLQD GH 3XEOLFDFLRQHV GH OD 8QLyQ (XURSHD 5HFXSHUDGR HO

GH PDU]R GH

GH KWWS HDFHD HF HXURSD HX HGXFDWLRQ HXU\GLFH GRFXPHQWV WKHPDWLFBUHSRUWV (6 SGI

&UDZIRUG 5 ´&XOWXUDO LQIOXHQFHV RQ SUHYHQWLRQ DQG WKH HPHUJHQFH RI D QHZ KHDOWK FRQVFLRXVQHVVµ HQ : :HLQDWHLQ HG 7DNLQJ FDUH 8QGHUVWDQGLQJ DQG (QFRXUDJLQJ 6HOI 3URWHFWLYH %HKDYLRXUV &DPEULGJH &DPEULGJH 8QLYHUVLW\ 3UHVV S

'HOJDGR 0 \ 7HUFHGRU 3 (VWUDWHJLDV GH LQWHUYHQFLyQ HQ (GXFDFLyQ SDUD OD VDOXG GHVGH OD (GXFDFLyQ )tVLFD %DUFHORQD ,QGH

'HYtV - \ %HOWUiQ 9 /D HGXFDFLyQ ItVLFD HVFRODU \ OD SURPRFLyQ GH OD DFWLYLGDG ItVLFD \ OD VDOXG (Q ' 3 &HYDOORV \ 1 & 0ROLQD HGV (GXFDFLyQ FRUSRUDO \ VDOXG JHVWDFLyQ LQIDQFLD \ DGROHVFHQFLD SS 0HGHOOtQ )XQiPEXORV

'HYtV - \ 3HLUy & 1XHYD SHUSHFWLYDV FXUULFXODUHV HQ HGXFDFLyQ ItVLFD OD VDOXG \ ORV MXHJRV PRGLILFDGRV %DUFHORQD ,QGH

'HYtV - \ 3HLUy & /D DFWLYLGDG ItVLFD \ OD SURPRFLyQ GH OD VDOXG HQ QLxRV DV \ MyYHQHV /D HVFXHOD \ OD HGXFDFLyQ ItVLFD 5HYLVWD GH 3VLFRORJtD GHO 'HSRUWH

'HYtV - \ 3HLUy & /D VDOXG HQ OD HGXFDFLyQ ItVLFD HVFRODU ¢TXp HV OR UHDOPHQWH LPSRUWDQWH" 7iQGHP

'XGOH\ ' 3HDUVRQ 3 2NHO\ $ \ &RWWRQ : 5HFRPPHQGDWLRQV IRU SROLF\ DQG SUDFWLFH RI SK\VLFDO HGXFDWLRQ LQ FXOWXUDOO\ DQG OLQJXLVWLFDOO\ GLYHUVH $XVWUDOLDQ VHFRQGDU\ VFKRROV EDVHG RQ D WZR \HDU SURVSHFWLYH FRKRUW VWXG\ 6FKRRO 3V\FKRORJ\ ,QWHUQDWLRQDO

+LOOV $ 'HQJHO ' \ /XEDQV ' 6XSSRUWLQJ 3XEOLF +HDOWK 3ULRULWLHV 5HFRPPHQGDWLRQV IRU 3K\VLFDO (GXFDWLRQ DQG 3K\VLFDO $FWLYLW\ 3URPRWLRQ LQ 6FKRROV 3URJUHVV LQ &DUGLRYDVFXODU 'LVHDVHV

.LUN ' (GXFDFLyQ )tVLFD \ FXUULFXOXP 8QLYHUVLWDW GH 9DOHQFLD 9DOHQFLD

.LUN ' :K\ UHVHDUFK PDWWHUV &XUUHQW VWDWXV DQG IXWXUH WUHQGV LQ SK\VLFDO HGXFDWLRQ SHGDJRJ\ 0RYLPHQWR

/RQVGDOH & 5RVHQNUDQ] 5 3HUDOWD / %HQQLH $ )DKH\ 3 \ /XEDQV ' $ V\VWHPDWLF UHYLHZ DQG PHWD DQDO\VLV RI LQWHUYHQWLRQV GHVLJQHG WR LQFUHDVH

(PiV) 5HYLVWD 'LJLWDO GH (GXFDFLyQ )tVLFD $xR 1XP MXOLR DJRVWR GH

KWWS HPDVI ZHEFLQGDULR FRP

PRGHUDWH WR YLJRURXV SK\VLFDO DFWLYLW\ LQ VFKRRO SK\VLFDO HGXFDWLRQ OHVVRQV 3UHY 0HG

0DUWtQH] %DHQD $ 0D\RUJD 9HJD ' \ 9LFLDQD - 0RWLYDFLyQ KDFLD OD HGXFDFLyQ ItVLFD \ VX UHODFLyQ FRQ FRQGLFLyQ ItVLFD VDOXGDEOH HQ HVFRODUHV GH (GXFDFLyQ 6HFXQGDULD 2EOLJDWRULD 1XWULFLyQ +RVSLWDODULD (Q SUHQVD

0DUWtQH] %DHQD $ 5RPHUR &HUH]R & 'HOJDGR 0 \ 9LFLDQD -

&RQVWUXFFLyQ \ YDOLGDFLyQ GHO ,QYHQWDULR SDUD XQD (VFXHOD $FWLYD \ 6DOXGDEOH &XDGHUQRV GH 3VLFRORJtD GHO 'HSRUWH 6XSOHPHQWR

0DUWtQH] %DHQD $ 5RPHUR &HUH]R & \ 'HOJDGR 0 )DFWRUHV TXH LQFLGHQ HQ OD SURPRFLyQ GH OD DFWLYLGDG ItVLFR GHSRUWLYD HQ OD HVFXHOD GHVGH XQD SHUVSHFWLYD GHO SURIHVRUDGR &XDGHUQRV GH 3VLFRORJtD GHO 'HSRUWH

0(& D 5HDO 'HFUHWR GH GH MXQLR SRU HO TXH VH HVWDEOHFHQ ODV HQVHxDQ]DV PtQLPDV FRUUHVSRQGLHQWHV D OD (GXFDFLyQ 3ULPDULD %2( GH GH MXQLR

0(& E 5HDO 'HFUHWR GH GH MXQLR SRU HO TXH VH HVWDEOHFHQ ODV HQVHxDQ]DV PtQLPDV FRUUHVSRQGLHQWHV D OD (GXFDFLyQ 6HFXQGDULD 2EOLJDWRULD %2( GH GH MXQLR

0(&' 5HDO 'HFUHWR GH GH MXQLR SRU HO TXH VH HVWDEOHFHQ ODV HQVHxDQ]DV FRPXQHV GH OD (GXFDFLyQ 3ULPDULD %2(

0(&' 5HDO 'HFUHWR GH GH MXQLR SRU HO TXH VH HVWDEOHFH OD RUGHQDFLyQ JHQHUDO \ ODV HQVHxDQ]DV FRPXQHV GH OD (GXFDFLyQ 6HFXQGDULD 2EOLJDWRULD %2(

0(& 5HDO 'HFUHWR GH GH GLFLHPEUH SRU HO TXH VH HVWDEOHFHQ ODV HQVHxDQ]DV PtQLPDV GH OD (GXFDFLyQ 3ULPDULD %2( GH GH GLFLHPEUH

0(& 5HDO 'HFUHWR GH GH GLFLHPEUH SRU HO TXH VH HVWDEOHFHQ ODV HQVHxDQ]DV PtQLPDV GH OD (GXFDFLyQ 6HFXQGDULD 2EOLJDWRULD %2( GH GH HQHUR

0(&' 5HDO 'HFUHWR GH GH IHEUHUR SRU HO TXH VH HVWDEOHFH HO FXUUtFXOR EiVLFR GH OD (GXFDFLyQ 3ULPDULD %2( GH GH PDU]R

0(&' D 5HDO 'HFUHWR GH GH GLFLHPEUH SRU HO TXH VH HVWDEOHFH HO FXUUtFXOR EiVLFR GH OD (GXFDFLyQ 6HFXQGDULD 2EOLJDWRULD \ GHO %DFKLOOHUDWR %2( GH GH HQHUR

0(&' E 2UGHQ (&' GH GH HQHUR SRU OD TXH VH GHVFULEHQ ODV UHODFLRQHV HQWUH ODV FRPSHWHQFLDV ORV FRQWHQLGRV \ ORV FULWHULRV GH HYDOXDFLyQ GH OD HGXFDFLyQ SULPDULD OD HGXFDFLyQ VHFXQGDULD REOLJDWRULD \ HO EDFKLOOHUDWR %2( GH GH HQHUR

(PiV) 5HYLVWD 'LJLWDO GH (GXFDFLyQ )tVLFD $xR 1XP MXOLR DJRVWR GH

KWWS HPDVI ZHEFLQGDULR FRP

0LQLVWHULR GH 6DQLGDG \ &RQVXPR (VWUDWHJLD SDUD OD QXWULFLyQ DFWLYLGDG ItVLFD SUHYHQFLyQ GH OD REHVLGDG 1$26 5HFXSHUDGR HO GH IHEUHUR GH GH KWWS ZZZ DHFRVDQ PVVVL JRE HV $(&26$1 GRFV GRFXPHQWRV QXWULFLRQ HVWUDWHJLD QDRV SGI

0LQLVWHULR GH 6DQLGDG \ &RQVXPR *XtD SDUD XQD HVFXHOD DFWLYD \ VDOXGDEOH 2ULHQWDFLyQ SDUD ORV &HQWURV GH (GXFDFLyQ 3ULPDULD 5HFXSHUDGR HO GH IHEUHUR GH GH KWWS ZZZ SHUVHR DHVDQ PVSV HV GRFV GRFV JXLDV HVFXHODBDFWLYD SGI

0LQLVWHULR GH 6DQLGDG 6HUYLFLRV 6RFLDOHV H ,JXDOGDG 3URJUDPD 8QLGDGHV 'LGiFWLFDV $FWLYDV 5HFXSHUDGR HO GH IHEUHUR GH GH KWWS ZZZ PVVVL JRE HV SURIHVLRQDOHV VDOXG3XEOLFD SUHY3URPRFLRQ (VWUDWHJLD GRF V 8'$B&RPSOHWR SGI

0ROLQD 3 (VWUDWHJLDV PHWRGROyJLFDV HQ OD HQVHxDQ]D GH OD (GXFDFLyQ )tVLFD HVFRODU (Q 0 9LOODPyQ GLU )RUPDFLyQ GH ORV PDHVWURV HVSHFLDOLVWDV HQ (GXFDFLyQ )tVLFD SS 9DOHQFLD &RQVHOOHUtD GH &XOWXUD (GXFDFLy L &LqQFLD GH OD *HQHUDOLWDW 9DOHQFLDQD

0ROLQD 3 \ 9DOHQFLDQR - /D UHFUHDFLyQ ItVLFR GHSRUWLYD \ VX WUDWDPLHQWR GHO FXHUSR XQ DQiOLVLV FUtWLFR $SXQWV (GXFDFLyQ )tVLFD \ 'HSRUWHV

1J 0 )OHPLQJ 7 5RELQVRQ 0 7KRPVRQ % *UDHW] 1 0DUJRQR & HW DO

*OREDO UHJLRQDO DQG QDWLRQDO SUHYDOHQFH RI RYHUZHLJKW DQG REHVLW\ LQ FKLOGUHQ DQG DGXOWV GXULQJ D V\VWHPDWLF DQDO\VLV IRU WKH *OREDO %XUGHQ RI 'LVHDVH 6WXG\ /DQFHW

206 *OREDO 5HFRPPHQGDWLRQV RQ 3K\VLFDO $FWLYLW\ IRU +HDOWK 5HFXSHUDGR HO

GH PDU]R GH

GH KWWS ZKTOLEGRF ZKR LQW SXEOLFDWLRQV BHQJ SGI

206 (QGLQJ &KLOGKRRG 2EHVLW\ 5HFXSHUDGR HO GH DEULO GH GH KWWS DSSV ZKR LQW LULV ELWVWUHDP BHQJ SGI"XD XD

2UWHJD ) 5XL] - \ &DVWLOOR 0 3K\VLFDO DFWLYLW\ SK\VLFDO ILWQHVV DQG RYHUZHLJKW LQ FKLOGUHQ DQG DGROHVFHQWV HYLGHQFH IURP HSLGHPLRORJLF VWXGLHV (QGRFULQRO 1XWU

3pUH] /RSH] , \ 'HOJDGR 0 /D VDOXG HQ VHFXQGDULD GHVGH OD () %DUFHORQD ,QGH

3pUH] /ySH] , \ 'HOJDGR 0 0HMRUD GH ORV FRQRFLPLHQWRV SURFHGLPLHQWRV \ DFWLWXGHV GHO DOXPQDGR GH VHFXQGDULD WUDV XQ SURJUDPD GH LQWHUYHQFLyQ HQ (GXFDFLyQ )tVLFD SDUD OD VDOXG 0RWULFLGDG (XURSHDQ -RXUQDO RI +XPDQ 0RYHPHQW

3pUH] /ySH] , 7HUFHGRU 3 \ 'HOJDGR 0 (IHFWRV GH ORV SURJUDPDV HVFRODUHV GH SURPRFLyQ GH DFWLYLGDG ItVLFD \ DOLPHQWDFLyQ HQ DGROHVFHQWHV HVSDxROHV UHYLVLyQ VLVWHPiWLFD 1XWULFLyQ +RVSLWDODULD

(PiV) 5HYLVWD 'LJLWDO GH (GXFDFLyQ )tVLFD $xR 1XP MXOLR DJRVWR GH

KWWS HPDVI ZHEFLQGDULR FRP

5RPHUR &HUH]R & 0DUWtQH] %DHQD $ 2UWL] 0 \ &RQWUHUDV -RUGiQ 2

3HUFHSFLyQ GH SDGUHV \ PDGUHV UHVSHFWR D OD SURPRFLyQ GH DFWLYLGDG ItVLFR GHSRUWLYD SDUD XQD (VFXHOD $FWLYD \ 6DOXGDEOH 5HYLVWD GH 3VLFRORJtD GHO 'HSRUWH

6DOOLV - ) \ 0F.HQ]LH 7 / 3K\VLFDO HGXFDWLRQ·V UROH LQ SXEOLF KHDOWK 5HVHDUFK 4XDUWHUO\ IRU ([HUFLVH DQG 6SRUW

6DOOLV - ) 0F.HQ]LH 7 / %HHWV 0 %HLJKOH $ (UZLQ + \ /HH 6 3K\VLFDO (GXFDWLRQ·V 5ROH LQ 3XEOLF +HDOWK 6WHSV )RUZDUG DQG %DFNZDUG 2YHU <HDUV DQG +23( IRU WKH )XWXUH 5HVHDUFK 4XDUWHUO\ IRU ([HUFLVH DQG 6SRUW

6FKPLWW 3 ,QIRUPH VREUH OD IXQFLyQ GHO GHSRUWH HQ OD HGXFDFLyQ $

,1,

3RQHQFLD HQ OD &RPLVLyQ GH &XOWXUD \ (GXFDFLyQ GHO 3DUODPHQWR (XURSHR HQ OD VHVLyQ GH 5HFXSHUDGR HO GH PDU]R GH GH KWWS ZZZ RHL HV GHSRUWH\YDORUHV (6 SGI

8QLWHG 6WDWHV 'HSDUWPHQW RI +HDOWK DQG +XPDQ 6HUYLFHV 6WUDWHJLHV WR LPSURYH WKH TXDOLW\ RI SK\VLFDO HGXFDWLRQ :DVKLQJWRQ &HQWHUV IRU 'LVHDVH &RQWURO DQG 3UHYHQWLRQ 5HFXSHUDGR HO

GH PDU]R GH

GH KWWS ZZZ FGF JRY KHDOWK\\RXWK SK\VLFDODFWLYLW\ SGI TXDOLW\BSH SGI

9LFLDQD - 0DUWtQH] %DHQD $ \ 0D\RUJD 9HJD ' &RQWULEXFLyQ GH OD HGXFDFLyQ ItVLFD D ODV UHFRPHQGDFLRQHV GLDULDV GH DFWLYLGDG ItVLFD HQ DGROHVFHQWHV VHJ~Q HO JpQHUR XQ HVWXGLR FRQ DFHOHURPHWUtD 1XWULFLyQ +RVSLWDODULD

:HEVWHU & :HEVWHU / 5XVV / 0ROLQD 6 /HH + \ &ULEEV - $ 6\VWHPDWLF 5HYLHZ RI 3XEOLF +HDOWK $OLJQHG 5HFRPPHQGDWLRQV IRU 3UHSDULQJ 3K\VLFDO (GXFDWLRQ 7HDFKHU &DQGLGDWHV 5HVHDUFK 4XDUWHUO\ IRU ([HUFLVH DQG 6SRUW

)HFKD GH UHFHSFLyQ )HFKD GH DFHSWDFLyQ

(PiV) 5HYLVWD 'LJLWDO GH (GXFDFLyQ )tVLFD $xR 1XP MXOLR DJRVWR GH

KWWS HPDVI ZHEFLQGDULR FRP

$&7,9,'$'(6 < 25*$1,=$&,Ð1 '( /$6 &/$6(6 '( ('8&$&,Ð1 )Ì6,&$ (1 35(6(1&,$ '( 81 $/8012 (1 6,78$&,Ð1 '( ',6&$3$&,'$'

$QGUpV (GXDUGR =HJHUV 5HLQRVR

%HQMDPtQ $QGUpV %XVWDPDQWH 9LOFKHV (ULFNVRQ *XLOOHUPR $OYDUHV -HOGHV 0DLWHQ &DUROLQD 0DKDQ 9DUDV 3DXOD ,ULV 0RHQD 3HxDOR]D $OGD 0DU\VRO 5H\QR )UHXQGW

DOGDUH\QR#JPDLO FRP

3URIHVRUHV GH (GXFDFLyQ )tVLFD 8QLYHUVLGDG GH 3OD\D $QFKD &KLOH

5(680(1

/D SUHVHQWH LQYHVWLJDFLyQ GH FDUiFWHU H[SORUDWRULD GHVFULSWLYD GH WLSR QR H[SHULPHQWDO H[ SRVW IDFWR DQDOL]D GHVGH ODV UHVSXHVWDV GH SURIHVRUHV HQ UHODFLyQ D ORV FRQWHQLGRV DFWLYLGDGHV \ RUJDQL]DFLyQ GH VXV FODVHV GH (GXFDFLyQ )tVLFD HQ SUHVHQFLD GH XQ DOXPQR HQ VLWXDFLyQ GH GLVFDSDFLGDG PRWUL]

6H DSOLFy XQ FXHVWLRQDULR GH SUHJXQWDV FHUUDGDV H[FOX\HQWHV GH FDUiFWHU GLFRWyPLFDV D SURIHVRUHV GH (GXFDFLyQ )tVLFD TXH UHDOL]DURQ DO PHQRV XQD FODVH D DOXPQRV FRQ (VSLQD %tILGD HQ FROHJLRV GH OD FRPXQD GH 4XLOSXp 9LxD GHO 0DU \ 9DOSDUDtVR

(O REMHWLYR FHQWUDO GH HVWD LQYHVWLJDFLyQ HV DQDOL]DU ORV FRQWHQLGRV DFWLYLGDGHV \ RUJDQL]DFLyQ GH ODV FODVHV UHDOL]DGDV IUHQWH D OD SUHVHQFLD GH XQ DOXPQR FRQ 0LHORPHQLQJRFHOH

6H FRQFOX\H TXH ORV SURIHVRUHV LPSDUWHQ WRGRV ORV FRQWHQLGRV FRQ VXV UHVSHFWLYDV DFWLYLGDGHV VLQ PD\RUHV GLIHUHQFLDV SHUPLWLHQGR TXH HO DOXPQR HQ VLWXDFLyQ GH GLVFDSDFLGDG SDUWLFLSH VHJ~Q VXV SRVLELOLGDGHV (Q UHODFLyQ D OD RUJDQL]DFLyQ ORV SURIHVRUHV EXVFDURQ HVWUDWHJLDV SDUD ORJUDU OD SDUWLFLSDFLyQ GHQRWDQGR DVSHFWRV LQWHJUDGRUHV SRU VREUH ORV LQFOXVLYRV

3$/$%5$6 &/$9( 'LVFDSDFLGDG PRWRUD 3URIHVRUHV &ODVHV GH (GXFDFLyQ )tVLFD (PiV) 5HYLVWD 'LJLWDO GH (GXFDFLyQ )tVLFD $xR 1XP MXOLR DJRVWR GH

KWWS HPDVI ZHEFLQGDULR FRP

,1752'8&&,Ð1

+R\ HQ GtD HQ &KLOH HV XQD UHDOLGDG OD GHVLJXDOGDG HQ WRUQR D ORV iPELWRV HGXFDWLYRV FXOWXUDOHV \ HFRQyPLFRV H[LVWLHQGR XQD EUHFKD LPSRUWDQWH UHVSHFWR D ODV RSRUWXQLGDGHV TXH VH GDQ HQ OD VRFLHGDG SDUD ODV SHUVRQDV HQ VLWXDFLyQ GH GLVFDSDFLGDG

(O GH OD SREODFLyQ SUHVHQWD DO PHQRV XQD GLVFDSDFLGDG ,QIDQWH

VLHQGR ODV PiV IUHFXHQWHV ODV GH GLILFXOWDG ItVLFD \ R GH PRYLOLGDG FRQ XQ 0LQLVWHULR GH 3ODQLILFDFLyQ (Q PDWHULD GH HGXFDFLyQ HO GH ODV SHUVRQDV HQ VLWXDFLyQ GH GLVFDSDFLGDG WLHQHQ HGXFDFLyQ EiVLFD FRPSOHWD R PHQRV \ VyOR HO KDQ FRPSOHWDGR HGXFDFLyQ VXSHULRU

3DUD PHMRUDU OD FDOLGDG \ HTXLGDG GH OD HGXFDFLyQ HO *RELHUQR GH &KLOH HQ SURPXOJD OD OH\ 1 VREUH OD LQWHJUDFLyQ 6RFLDO GH ODV 3HUVRQDV FRQ 'LVFDSDFLGDG 3RVWHULRUPHQWH HO GH )HEUHUR GHO HV PRGLILFDGD SRU OD OH\ 1 TXH HVWDEOHFH QRUPDV VREUH LJXDOGDG GH RSRUWXQLGDGHV H LQFOXVLyQ VRFLDO GH SHUVRQDV FRQ GLVFDSDFLGDG WHQLHQGR FRPR SULPHU REMHWLYR DVHJXUDU HO GHUHFKR D OD LJXDOGDG GH RSRUWXQLGDGHV FRQ HO ILQ GH REWHQHU VX SOHQD LQFOXVLyQ VRFLDO DVHJXUDQGR HO GLVIUXWH GH VXV GHUHFKRV \ HOLPLQDQGR FXDOTXLHU IRUPD GH GLVFULPLQDFLyQ IXQGDGD HQ OD GLVFDSDFLGDG

/D (GXFDFLyQ )tVLFD \ 6DOXG QR HVWi DMHQD D HVWRV FDPELRV SRU OR TXH QR HV SRFR IUHFXHQWH HQFRQWUDU DOXPQRV HQ VLWXDFLyQ GH GLVFDSDFLGDG HQ FODVHV 3RU HVWH PRWLYR VXUJH OD LQWHUURJDQWH HQ UHODFLyQ D TXH KDFHQ ORV SURIHVRUHV GH () HQ SUHVHQFLD GH XQ DOXPQR HQ VLWXDFLyQ GH GLVFDSDFLGDG PRWUL] HQ HO HQWHQGLGR TXH GHELHVHQ VHU LQFOXVLYDV FRPR WRGDV ODV RWUDV DVLJQDWXUDV

2EMHWLYR *HQHUDO

$QDOL]DU ORV FRQWHQLGRV DFWLYLGDGHV \ OD RUJDQL]DFLyQ GH ODV FODVHV GH (GXFDFLyQ )tVLFD HQ SUHVHQFLD GH XQ DOXPQR HQ VLWXDFLyQ GH GLVFDSDFLGDG

2EMHWLYRV (VSHFtILFRV

'HVFULELU ORV FRQRFLPLHQWRV GH ORV SURIHVRUHV GH () HQFXHVWDGRV HQ UHODFLyQ D OD LQFOXVLyQ LQWHJUDFLyQ \ OH\HV FKLOHQDV DVRFLDGDV D OD VLWXDFLyQ GH GLVFDSDFLGDG ,GHQWLILFDU ORV FRQWHQLGRV \ ODV DFWLYLGDGHV UHDOL]DGDV HQ FODVHV GH () HQ SUHVHQFLD GH XQ DOXPQR HQ VLWXDFLyQ GH GLVFDSDFLGDG HQ VXV FODVHV $QDOL]DU OD RUJDQL]DFLyQ GH ODV FODVHV HQ SUHVHQFLD GH XQ DOXPQR HQ VLWXDFLyQ GH GLVFDSDFLGDG

(PiV) 5HYLVWD 'LJLWDO GH (GXFDFLyQ )tVLFD $xR 1XP MXOLR DJRVWR GH

KWWS HPDVI ZHEFLQGDULR FRP

-867,),&$&,Ð1 7(Ð5,&$

,1&/86,Ð1 ( ,17(*5$&,Ð1 (6&2/$5

/D &ODVLILFDFLyQ ,QWHUQDFLRQDO GHO )XQFLRQDPLHQWR GH OD 'LVFDSDFLGDG \ GH OD 6DOXG &,) GHILQH GLVFDSDFLGDG ´8Q WpUPLQR JHQpULFR TXH LQFOX\H GpILFLWV OLPLWDFLRQHV HQ OD DFWLYLGDG UHVWULFFLRQHV HQ OD SDUWLFLSDFLyQ ,QGLFD ORV DVSHFWRV QHJDWLYRV GH OD LQWHUDFFLyQ HQWUH HO LQGLYLGXR FRQ XQD FRQGLFLyQ GH VDOXG \ VXV IDFWRUHV FRQWH[WXDOHV DPELHQWDOHV \ SHUVRQDOHV µ S

/D HGXFDFLyQ WRPD XQ SDSHO SULPRUGLDO HQ HVWD PDWHULD VLHQGR OD LQFOXVLyQ XQ SURFHVR HQ HO TXH VH GHEH DSUHQGHU D YLYLU FRQ OD GLIHUHQFLD \ D ´DSUHQGHU GHVGH OD GLIHUHQFLDµ (FKHLWD S 6LJQLILFD SDUWLFLSDU HQ OD FRPXQLGDG GH WRGRV HQ WpUPLQRV TXH VH JDUDQWLFHQ \ UHVSHWHQ HO GHUHFKR QR VyOR D HVWDU R SHUWHQHFHU VLQR D SDUWLFLSDU GH IRUPD DFWLYD SROtWLFD \ FLYLOPHQWH HQ OD VRFLHGDG HQ HO DSUHQGL]DMH HQ OD HVFXHOD HQWUH RWURV

(O *RELHUQR GH &KLOH D WUDYpV GH OD OH\ HVWDEOHFH QRUPDV VREUH LJXDOGDG GH RSRUWXQLGDGHV H LQFOXVLyQ VRFLDO GH SHUVRQDV HQ VLWXDFLyQ GH GLVFDSDFLGDG FRQ HO ILQ GH REWHQHU VX SOHQD LQFOXVLyQ VRFLDO DVHJXUDQGR HO GLVIUXWH GH VXV GHUHFKRV \ HOLPLQDQGR FXDOTXLHU IRUPD GH GLVFULPLQDFLyQ

6HPiQWLFDPHQWH LQFOXLU H LQWHJUDU WLHQHQ VLJQLILFDGRV PX\ SDUHFLGRV OR TXH KDFH TXH PXFKDV SHUVRQDV XWLOLFHQ HVWRV YHUERV LQGLVWLQWDPHQWH (Q ORV PRYLPLHQWRV VRFLDOHV LQFOXVLyQ H LQWHJUDFLyQ UHSUHVHQWDQ ILORVRItDV WRWDOPHQWH GLIHUHQWHV DXQ FXDQGR WHQJDQ REMHWLYRV DSDUHQWHPHQWH LJXDOHV 6HJ~Q 5XELR ODV SULQFLSDOHV GLIHUHQFLDV HQWUH LQWHJUDFLyQ H LQFOXVLyQ VRQ ODV VLJXLHQWHV

7DEOD 'LIHUHQFLDV HQWUH LQFOXVLyQ H LQWHJUDFLyQ

,QFOXVLyQ

,QWHJUDFLyQ

/D LQVHUFLyQ HV WRWDO H LQFRQGLFLRQDO /D LQVHUFLyQ HV SDUFLDO \ FRQGLFLRQDGD VH QLxRV FRQ GLVFDSDFLGDG QR QHFHVLWDQ ´SUHSDUDQµ HQ HVFXHODV R FODVHV HVSHFLDOHV ´SUHSDUDUVHµ SDUD OD HVFXHOD UHJXODU

SDUD SRGHU DVLVWLU D HVFXHODV R DXODV UHJXODUHV

([LJH WUDQVIRUPDFLRQHV SURIXQGDV HQ 6H FRQWHQWD FRQ WUDQVIRUPDFLRQHV LQIUDHVWUXFWXUD FDPELRV FXUULFXODUHV VXSHUILFLDOHV WDQWR HQ LQIUDHVWUXFWXUD FDPELRV PHWRGRORJtDV GH HQVHxDQ]D HQWUH RWURV FXUULFXODUHV PHWRGRORJtDV GH HQVHxDQ]D HQWUH RWURV /D VRFLHGDG VH DGDSWD SDUD DWHQGHU ODV /DV SHUVRQDV FRQ GLVFDSDFLGDG VH DGDSWDQ D QHFHVLGDGHV GH ODV SHUVRQDV FRQ ODV QHFHVLGDGHV GH ORV PRGHORV TXH \D GLVFDSDFLGDG \ FRQ HVWR VH YXHOYH PiV H[LVWHQ HQ OD VRFLHGDG TXH KDFH VRODPHQWH DMXVWHV DWHQWD D ODV QHFHVLGDGHV GH 72'26 'HILHQGH HO GHUHFKR GH WRGDV ODV 'HILHQGH HO GHUHFKR GH ODV SHUVRQDV FRQ SHUVRQDV GLVFDSDFLGDG $ SDUWLU GH OD FHUWH]D TXH 72'26 VRPRV ,QFHQWLYD D ODV SHUVRQDV FRQ GLVFDSDFLGDG D GLIHUHQWHV QR H[LVWHQ ORV ´HVSHFLDOHVµ VHJXLU PRGHORV QR YDORUL]DGRV SRU HMHPSOR ´QRUPDOHVµ ORV ´H[FHSFLRQDOHVµ /R TXH RWUDV IRUPDV GH FRPXQLFDFLyQ FRPR OD GH ODV H[LVWHQ VRQ SHUVRQDV FRQ GLVFDSDFLGDG VHxDV 6HULDQ XQ EORTXH PD\RULWDULR \ KRPRJpQHR GH SHUVRQDV VLQ GLVFDSDFLGDG URGHDGDV SRU ORV TXH SUHVHQWDQ GLVFDSDFLGDG

(PiV) 5HYLVWD 'LJLWDO GH (GXFDFLyQ )tVLFD $xR 1XP MXOLR DJRVWR GH

KWWS HPDVI ZHEFLQGDULR FRP

',6&$3$&,'$' 0275,= ² 0,(/20(1,1*2&(/(

(Q OD VRFLHGDG OD GLVFDSDFLGDG PRWRUD HV HQWHQGLGD FRPR OD GLILFXOWDG SUHVHQWH HQ DOJXQDV SHUVRQDV SDUD UHDOL]DU \ SUDFWLFDU DFWLYLGDGHV FRWLGLDQDV GHELGR DO GpILFLW TXH SUHVHQWDQ SDUD PDQLSXODU REMHWRV \ DFFHGHU D OXJDUHV R HVSDFLRV VXSHUDQGR WRGRV ORV GtDV EDUUHUDV SUHVHQWHV HQ HO FRQWH[WR TXH VH GHVHQYXHOYH OD SHUVRQD 0iV DOOi GH VXV OLPLWDFLRQHV ItVLFDV HIHFWLYDV ODV EDUUHUDV TXH VH HQFXHQWUDQ SUHVHQWHV HQ XQ HQWRUQR KHFKR SDUD SHUVRQDV VLQ GLVFDSDFLGDG FRQGLFLRQDUiQ HQ HO QLxR R QLxD XQD SHUFHSFLyQ PDO IRUPDGD \ DOWHUDGD GH VXV SRVLELOLGDGHV UHDOHV \ XQD GHSHQGHQFLD DEVROXWD GH ORV GHPiV VXMHWRV SRU OR WDQWR OD GLVFDSDFLGDG PRWRUD \D QR GHSHQGH VROR GH ODV FDUDFWHUtVWLFDV ItVLFDV R ELROyJLFDV GHO QLxR R QLxD WDPELpQ HVWi LQYROXFUDGR HO FRQWH[WR DPELHQWDO GHVIDYRUDEOH %DVLO 5RVHOO \ 6RUR (V SRU HOOR TXH GHVGH HO SXQWR GH YLVWD ELR SVLFR VRFLDO VH HQWLHQGH OD GLVFDSDFLGDG FRPR ´VLWXDFLyQ GH GLVFDSDFLGDGµ GDGR TXH FRUUHVSRQGH D XQ FRQMXQWR GH VLWXDFLRQHV PXFKDV YHFHV FUHDGDV SRU HO SURSLR DPELHQWH VRFLRFXOWXUDO HO FXDO SXHGH JHQHUDU EDUUHUDV R IDFLOLWDGRUHV TXH DO HVWDU SUHVHQWHV PHMRUDQ HO IXQFLRQDPLHQWR R UHGXFHQ OD GLVFDSDFLGDG

/D (VSLQD %tILGD (% HV XQD PDOIRUPDFLyQ FRQJpQLWD GHO WXER QHXUDO TXH RFXUUH HQ HO SULPHU PHV GH JHVWDFLyQ \ TXH VH FDUDFWHUL]D SRU HO FLHUUH LQFRPSOHWR GHO WXER QHXUDO \ GH ORV DUFRV YHUWHEUDOHV SRVWHULRUHV GH PDQHUD TXH OD PpGXOD HVSLQDO TXHGD HQ HVH OXJDU VLQ SURWHFFLyQ OR FXDO KDFH TXH ODV PHPEUDQDV TXH UHFXEUHQ D OD PpGXOD SURWUX\DQ SRU OD HVSDOGD GHO QLxR 5LFDUG \ 0DUWtQH]

0LHORPHQLQJRFHOH HV OD IRUPD PiV JUDYH GH (VSLQD %tILGD (% HQ OD FXDO XQD SRUFLyQ GH OD PpGXOD HVSLQDO VREUHVDOH D WUDYpV GH OD HVSDOGD (Q HVWH FDVR DGHPiV GH OtTXLGR FHIDORUUDTXtGHR HO DEXOWDPLHQWR FRQWLHQH PpGXOD HVSLQDO \ UDtFHV UDTXtGHDV FRPSRUWD P~OWLSOHV VHFXHODV HQ ORV DSDUDWRV ORFRPRWRU XULQDULR \ GLJHVWLYR &XDQWR PiV FHUFD GH OD FDEH]D VH HQFXHQWUD OD OHVLyQ PiV JUDYHV VRQ VXV HIHFWRV &RP~QPHQWH YLHQH DFRPSDxD GH KLGURFHIDOLD 5HTXLHUH LQWHUYHQFLyQ TXLU~UJLFD HQ ORV SULPHURV GtDV GH YLGD FRQ HO ILQ GH HYLWDU OD LQIHFFLyQ \ HO GHWHULRUR GH OD PpGXOD \ GHO WHMLGR QHUYLRVR

/DV QHFHVLGDGHV HVSHFtILFDV GH ORV QLxRV SRUWDGRUHV GH (% SXHGHQ YDULDU VHJ~Q HO QLYHO GH OHVLyQ PHGXODU SXHV HV pVWD OD TXH GHWHUPLQD HO FRPSURPLVR QHXUROyJLFR \ SRU FRQVLJXLHQWH ODV QHFHVLGDGHV TXH SXHGDQ PDQLIHVWDU D QLYHO GH OD PRYLOLGDG QHFHVLWDQGR GH PHGLRV DX[LOLDUHV GH PDUFKD VLOOD GH UXHGDV PXOHWDV \ R SUyWHVLV QHXURVHQVRULDO DXVHQFLD GH VHQVLELOLGDG HQ ORV PLHPEURV LQIHULRUHV

HQ HO DSDUDWR JHQLWRXULQDULR SUHFLVDQ VRQGDUVH YHMLJD QHXURJpQLFD H LQWHVWLQDO SRU LQFRQWLQHQFLD GH HVItQWHU DQDO XVR GH SDxDOHV R HGXFDFLyQ LQWHVWLQDO

,QGHSHQGLHQWH GH OR ItVLFR QR VH GHEH ROYLGDU TXH FDGD DOXPQR WLHQH VXV FDSDFLGDGHV LQWHUHVHV LOXVLRQHV PLHGRV PRWLYDFLRQHV HQWUH RWURV TXH GHEHQ VHU VDWLVIHFKRV OR FXDO SHUPLWLUi HO DXPHQWR R GLVPQLQXVLyQ GHO QLYHO GH DXWRHVWLPD DVSHFWR TXH LQIOXLUi GLUHFWDPHQWH HQ OD FDSDFLGDG GH VRFLDOL]DFLyQ

(PiV) 5HYLVWD 'LJLWDO GH (GXFDFLyQ )tVLFD $xR 1XP MXOLR DJRVWR GH

KWWS HPDVI ZHEFLQGDULR FRP

(/ 352)(625 '( ('8&$&,Ð1 )Ì6,&$ < 686 &/$6(6

(Q UHODFLyQ D ORV FRQWHQLGRV D GHVDUUROODU HV HQ ODV EDVHV FXUULFXODUHV GH () \ 6DOXG 0LQHGXF GRQGH DSDUHFH XQD SURSXHVWD GH GLVWULEXFLyQ GH ODV PLVPDV SDUD WRGRV ORV QLYHOHV GH HQVHxDQ]D (V DVt FRPR HQ OD HQVHxDQ]D EiVLFD SULPDULD

HO HMH SULQFLSDO VRQ ODV +DELOLGDGHV 0RWULFHV %iVLFDV

D HQ \ EiVLFR ´FRUUHU VDOWDU FDPLQDU HQWUH RWURV HQ GLIHUHQWHV MXHJRV \ DFWLYLGDGHV ItVLFDV O~GLFDVµ 0,QHGXF

E GHVGH EiVLFR \ SRWHQFLiQGRODV HQ EiVLFR /DV FDSDFLGDGHV ItVLFDV (Q HO FDVR GHO GHSRUWH LQLFLDOPHQWH D WUDYpV GH MXHJRV SUH GHSRUWLYRV GLYLGLpQGRORV SRVWHULRUPHQWH HQ LQGLYLGXDOHV \ JUXSDOHV

F HQ EiVLFR OD VRFLDELOL]DFLyQ HV XQ FRQWHQLGR LPSOtFLWR GHQWUR GH ODV XQLGDGHV GH MXHJRV \ UHFUHDFLyQ DO DLUH OLEUH HQ \ EiVLFR VH GHEH GHPRVWUDU UHVSHWR HQWUH FRPSDxHURV \ VX HQWRUQR \ D SDUWLU GH EiVLFR VH WUDEDMD LPSOtFLWDPHQWH HQ ODV XQLGDGHV GH MXHJRV SUH GHSRUWLYRV GHSRUWHV \ YLGD HQ OD QDWXUDOH]D

(O SURIHVRU HV TXLHQ HVWi D FDUJR GH OD GLUHFFLyQ GHO SURFHVR GH HQVHxDQ]D DSUHQGL]DMH SRU OR WDQWR GHQWUR GH VXV WDUHDV GHEH SODQLILFDU RUJDQL]DU UHJXODU FRQWURODU \ FRUUHJLU HO DSUHQGL]DMH GHO DOXPQR \ VX SURSLD DFWLYLGDG SDUD HVWR HV LPSRUWDQWH OD FRQVWDQWH LQWHUDFFLyQ \ FRPXQLFDFLyQ FRQ HOORV VXV FROHJDV \ FRQ HO UHVWR GH OD FRPXQLGDG HVFRODU

(O TXHKDFHU HGXFDWLYR FRQVLVWH HQ ORV SURFHGLPLHQWRV R DFWLYLGDGHV UHDOL]DGDV SRU HO GRFHQWH UHODFLRQiQGRVH GLUHFWDPHQWH FRQ OD ´HILFLHQFLDµ \ FRQ ODV HVWUDWHJLDV SDUD HO DSUHQGL]DMH HQ E~VTXHGD GHO DSUHQGL]DMH VLJQLILFDWLYR 'tD] \ +HUQiQGH] (QVHxDU VLJQLILFD PRWLYDU H LQYROXFUDU D ORV HVWXGLDQWHV HQ XQ SURFHVR GH FRQVWUXFFLyQ \ UHFRQVWUXFFLyQ GH VXV SURSLRV FRQRFLPLHQWRV KDELOLGDGHV DFWLWXGHV DIHFWRV IRUPDV GH FRPSRUWDPLHQWR \ YDORUHV 9LGDO

$Vt PLVPR 1pULFL FLWDGR SRU 0RUHQR 5RGUtJXH] 0HUD %HOWUiQ VHxDOD TXH ORV UHFXUVRV WpFQLFRV TXH VH XWLOLFHQ ´WLHQHQ SRU ILQDOLGDG GLULJLU HO DSUHQGL]DMH GHO DOXPQR FRQ HO REMHWR GH OOHYDUOR D DOFDQ]DU XQ HVWDGR GH PDGXUH] TXH OH SHUPLWD HQFDUDU OD UHDOLGDG GH PDQHUD FRQVFLHQWH HILFLHQWH \ UHVSRQVDEOH SDUD DFWXDU HQ HOOD FRPR FLXGDGDQR SDUWLFLSDQWH \ UHVSRQVDEOH S µ

3DUD DERUGDU OD HQVHxDQ]D HO SURIHVRU GH () XWLOL]D GLYHUVRV UHFXUVRV GLGiFWLFRV IDFLOLWiQGROH DVt OD FRPXQLFDFLyQ GH OR TXH SUHWHQGH HQVHxDU DGDSWiQGRORV DO UHSHUWRULR \ HGDG GH ORV HVWXGLDQWHV 6LFLOLD \ 'HOJDGR

(V DVt FRPR SXHGH XWLOL]DU GLIHUHQWHV PDWHULDOHV DEDUFDQGR GHVGH ORV WUDGLFLRQDOHV \ ORV QR WUDGLFLRQDOHV DVt FRPR WDPELpQ UHFXUVRV WHFQROyJLFRV YLGHR

2WUR GH ORV DVSHFWRV LPSRUWDQWHV HV OD 2UJDQL]DFLyQ 'RFHQWH HV GHFLU OD IRUPD HQ TXH HO SURIHVRU GLVWULEX\H HO PDWHULDO HVSDFLR YR] \ RWURV +RSNLQV $LQVFRZ \ RWURV FLWDGR SRU 6DUWR \ 9HOiVTXH] LQGLFDQ OD LPSRUWDQFLD GH JHQHUDU XQ DPELHQWH GH FRQILDQ]D WUDQTXLOLGDG SDUD XQ DSUHQGL]DMH VHJXUR \ UHVSHWR PXWXR 'tD] FLWDGR SRU 7UXMLOOR SODQWHD TXH HO JUXSR VH GHEH RUJDQL]DU VHJ~Q GLYHUVDV YDULDEOHV FRPR SRU HMHPSOR JDQDU WLHPSR HQVHxDQ]D PiV HILFD] JDUDQWL]DU OD VHJXULGDG \ OD SDUWLFLSDFLyQ YDORUDQGR HO Q~PHUR GH

(PiV) 5HYLVWD 'LJLWDO GH (GXFDFLyQ )tVLFD $xR 1XP MXOLR DJRVWR GH

KWWS HPDVI ZHEFLQGDULR FRP

FRPSRQHQWHV SUHWHQGLHQGR TXH UHDOLFHQ OD WDUHD SURSXHVWD 3RU RWUR ODGR 6LFLOOLD \ 'HOJDGR VHxDODQ TXH OD RUJDQL]DFLyQ GHO JUXSR YD D GHSHQGHU GHO HVWLOR GH HQVHxDQ]D XWLOL]DGR SRU HO GRFHQWH SXGLHQGR XWLOL]DU HVWLORV WUDGLFLRQDOHV LQGLYLGXDOL]DGRUHV SDUWLFLSDWLYRV VRFLDOL]DGRUHV FRJQLWLYRV R FUHDWLYRV /D RUJDQL]DFLyQ GH OD FODVH FRQGLFLRQD H LQIOX\H HQ OD FRPXQLFDFLyQ HVWDEOHFLGD HQWUH HO SURIHVRU \ ORV DOXPQRV HQ ODV LQWHUDFFLRQHV VRFLR DIHFWLYDV TXH VH SXHGDQ SURGXFLU \ HQ HO JUDGR GH PRWLYDFLyQ HQ GHILQLWLYD FRQWULEX\H D XQD PHMRU FRQVHFXFLyQ GH ORV REMHWLYRV GH HQVHxDQ]D DSUHQGL]DMH

0e72'2 Â&#x192;

7LSR GH LQYHVWLJDFLyQ

/D SUHVHQWH LQYHVWLJDFLyQ H[ SRVW IDFWR WLHQH DOFDQFHV H[SORUDWRULR GHVFULSWLYR 'H GLVHxR QR H[SHULPHQWDO WUDQVDFFLRQDO

Â&#x192; 0XHVWUD

&RUUHVSRQGH D XQD PXHVWUD LQWHQFLRQDGD FRPSXHVWD SRU TXLQFH GRFHQWHV TXH HQ VXV FODVHV GH () WXYLHURQ D XQR R PiV DOXPQRV FRQ HVSLQD EtILGD WRGRV SHUWHQHFLHQWHV D ODV FRPXQDV GH 4XLOSXp 9LxD GHO 0DU \ 9DOSDUDtVR

Â&#x192; ,QVWUXPHQWR

6H XWLOL]y XQ FXHVWLRQDULR TXH FRQVWD GH SUHJXQWDV FHUUDGDV H[FOX\HQWHV FRQ GRV SRVLELOLGDGHV GH UHVSXHVWD ´6, ² 12µ GLFRWyPLFDV VLHQGR GHILQLGDV D SULRUL SRU HO LQYHVWLJDGRU GH DFXHUGR DO SUREOHPD D LQYHVWLJDU *yPH] (VWH LQVWUXPHQWR VH LQLFLD FRQ QXHYH SUHJXQWDV GHPRJUiILFDV QHXWUDOHV \ VHWHQWD \ FXDWUR SUHJXQWDV FRPSUHQVLEOHV \ IiFLOHV GH FRGLILFDU SDUD HO DQiOLVLV UHTXLULHQGR XQ PHQRU HVIXHU]R SRU SDUWH GH ORV HQFXHVWDGRV /RV HQXQFLDGRV VXUJLHURQ GH IUDVHV HPLWLGDV SRU RWURV SURIHVRUHV GH () TXH WXYLHURQ HQ VXV FODVHV D XQ DOXPQR HQ VLWXDFLyQ GH GLVFDSDFLGDG PRWRUD \ TXH SDUWLFLSDURQ GH XQD HQWUHYLVWD VHPLHVWUXFWXUDGD (VDV IUDVHV IXHURQ DQDOL]DGDV \ DJUXSDGDV SDUD VHU XWLOL]DGDV HQ HO FXHVWLRQDULR FUHDGR SRU ORV LQYHVWLJDGRUHV 8QD YH] FRQIHFFLRQDGR VH VRPHWLy D ORV SURFHGLPLHQWRV GH YDOLGDFLyQ

Â&#x192; 9DOLGDFLyQ

3DUD OD YDOLGDFLyQ GHO LQVWUXPHQWR VH EXVFy VHLV HVSHFLDOLVWDV WUHV SDUD YDOLGDFLyQ GH FRQVWUXFWR \ WUHV SDUD YDOLGDFLyQ GH FRQWHQLGR /RV YDOLGDGRUHV GH FRQVWUXFWR FRUUHVSRQGLHURQ D XQD GRFWRUD HVSHFLDOLVWD HQ HYDOXDFLyQ GH OD (GXFDFLyQ XQD .LQHVLyORJD PDJLVWHU HQ QHXURUHKDELOLWDFLyQ \ D XQD SURIHVRUD 0DJLVWHU HQ OHQJXDMH \ FRPXQLFDFLyQ

/D YDOLGDFLyQ GH FRQWHQLGR IXH UHDOL]DGD SRU GRV GRFWRUHV HVSHFLDOLVWDV HQ GLGiFWLFD GH /D (GXFDFLyQ )tVLFD

(O LQVWUXPHQWR IXH VRPHWLGR D ORV HVWiQGDUHV GH .XGHU 5LFKDUGVRQ HOLPLQDQGR DTXHOORV HQXQFLDGRV TXH WHQtDQ XQD ILDELOLGDG HQWUH \

(PiV) 5HYLVWD 'LJLWDO GH (GXFDFLyQ )tVLFD $xR 1XP MXOLR DJRVWR GH

KWWS HPDVI ZHEFLQGDULR FRP

35(6(17$&,Ð1 '( 5(68/7$'26

/D SUHVHQWDFLyQ GH ORV UHVXOWDGRV HVWi EDVDGD HQ ODV UHVSXHVWDV HQWUHJDGDV SRU ORV SURIHVRUHV GH () TXH WXYLHURQ DO PHQRV XQ DOXPQR HQ VLWXDFLyQ GH GLVFDSDFLGDG PRWUL] (VSLQD %tILGD 0LHORPHQLQJRFHOH HQ VXV FODVHV /D PXHVWUD HVWi FRPSXHVWD SRU XQ WRWDO GH SURIHVRUHV GH () YDURQHV \ GDPDV

'H ORV HQWUHYLVWDGRV VROR XQ SURIHVRU UHVSRQGLy WHQHU XQ SDULHQWH FRQ DOJ~Q WLSR GH GLVFDSDFLGDG PRWUL] \ RWUR SURIHVRU GHFODUD KDEHU WHQLGR XQ FXUVR GH SHUIHFFLRQDPLHQWR UHODFLRQDGR FRQ OD GLVFDSDFLGDG PRWUL]

(Q UHODFLyQ D ORV DOXPQRV GH ORV SURIHVRUHV HQWUHYLVWDGRV WUHV GH HOORV QR XWLOL]DEDQ D\XGD SDUD GHVSOD]DUVH GRV XWLOL]DQ XQ EDVWyQ FXDWUR DOXPQRV XWLOL]DQ GRV EDVWRQHV VHLV DOXPQRV XWLOL]DQ VLOOD GH UXHGDV HQ IRUPD LQGHSHQGLHQWH \ XQR HQ IRUPD DVLVWLGD

'DWRV UHODFLRQDGRV FRQ HO &RQRFLPLHQWR WHyULFR SUiFWLFR HQ UHODFLyQ D OD GLVFDSDFLGDG

(Q OD 7DEOD VH SUHVHQWDQ ORV HQXQFLDGRV FRUUHVSRQGLHQWHV DO ´&RQRFLPLHQWR WHyULFR SUiFWLFR HQ UHODFLyQ D OD GLVFDSDFLGDGµ HO GH ORV SURIHVRUHV FRQWHVWDURQ TXH OD &DUUHUD GH () HQ OD FXDO HVWXGLDEDQ QR OHV SURSRUFLRQy ODV KHUUDPLHQWDV SDUD WUDEDMDU FRQ DOXPQRV HQ VLWXDFLyQ GH GLVFDSDFLGDG (O GHFODUD QR KDEHU FXUVDGR DOJXQD DVLJQDWXUD UHODFLRQDGD FRQ OD WHPiWLFD (O GHFODUD QR FRQRFHU HO ´PLHORPHQLQJRFHOHµ

7DEOD &RQRFLPLHQWR WHyULFR SUiFWLFR HQ UHODFLyQ D OD GLVFDSDFLGDG

(VWR\ LQIRUPDGR VREUH HO GHVDUUROOR PRWRU GHO DOXPQR HQ 6'0 Q

&XUVp XQD DVLJQDWXUD REOLJDWRULD HQ OD XQLYHUVLGDG TXH PH SUHSDUy SDUD WUDEDMDU FRQ HO DOXPQR HQ 6'0 Q

3DUWLFLSR HQ DOJXQD DVRFLDFLyQ R FOXE UHODFLRQDGD FRQ HO DOXPQR HQ 6'0 Q

/D XQLYHUVLGDG PH SURSRUFLRQy ODV KHUUDPLHQWDV SDUD WUDEDMDU FRQ HO DOXPQR HQ 6'0 Q

3RVHR FRQRFLPLHQWR DFHUFD GH OD HQIHUPHGDG OODPDGD PLHORPHQLQJRFHOH Q

6L

$FWLYLGDGHV TXH GHEHQ UHDOL]DU ORV DOXPQRV HQ VLWXDFLyQ GH GLVFDSDFLGDG

(Q OD 7DEOD VH SUHVHQWDQ ORV HQXQFLDGRV FRUUHVSRQGLHQWHV ODV ´$FWLYLGDGHV TXH GHEHQ UHDOL]DU ORV DOXPQRV HQ VLWXDFLyQ GH GLVFDSDFLGDGµ (O VHxDOD TXH HO DOXPQR GHEH HMHFXWDU DFWLYLGDGHV GH KDELOLGDGHV PRWRUDV VHJ~Q VXV SRVLELOLGDGHV HO VHxDOD TXH GHEHQ UHDOL]DU ODV DFWLYLGDGHV GH IOH[LELOLGDG HQ UHODFLyQ D VXV SRVLELOLGDGHV

(PiV) 5HYLVWD 'LJLWDO GH (GXFDFLyQ )tVLFD $xR 1XP MXOLR DJRVWR GH

KWWS HPDVI ZHEFLQGDULR FRP

7DEOD $FWLYLGDGHV TXH GHEHQ UHDOL]DU DOXPQRV HQ VLWXDFLyQ GH GLVFDSDFLGDG

6L

3HUPLWR TXH HO DOXPQR HQ 6'0 UHDOLFH ORV MXHJRV GH KDELOLGDGHV ORFRPRWRUDV VHJ~Q VXV SRVLELOLGDGHV Q

(O DOXPQR HQ 6'0 GHEH HMHFXWDU KDELOLGDGHV EiVLFDV IXQGDPHQWDOHV WDOHV FRPR FRUUHU VDOWDU GXUDQWH HO GHVDUUROOR GH OD FODVH MXQWR D VXV FRPSDxHURV VHJ~Q VXV SRVLELOLGDGHV (O DOXPQR HQ 6'0 GHEH HMHFXWDU KDELOLGDGHV EiVLFDV IXQGDPHQWDOHV WDOHV FRPR WUHSDU UHSWDU GXUDQWH HO GHVDUUROOR GH OD FODVH MXQWR D VXV FRPSDxHURV VHJ~Q VXV SRVLELOLGDGHV Q

(O DOXPQR HQ 6'0 GHEH HMHFXWDU KDELOLGDGHV EiVLFDV IXQGDPHQWDOHV WDOHV FRPR ODQ]DU \ UHFLELU GXUDQWH HO GHVDUUROOR GH OD FODVH MXQWR D VXV FRPSDxHURV VHJ~Q VXV SRVLELOLGDGHV Q

(O DOXPQR HQ 6'0 GHEH UHDOL]DU HMHUFLFLRV GH IOH[LELOLGDG FRQ VXV FRPSDxHURV VHJ~Q VXV SRVLELOLGDGHV Q

0LHQWUDV HO FXUVR MXHJD XQ GHSRUWH GHMR TXH HO DOXPQR HQ 6'0 SDUWLFLSH FRQ ORV DOXPQRV Q

,QFOX\R DO DOXPQR HQ 6'0 SDUD UHDOL]DU WUDEDMRV GH H[SUHVLyQ PRWUL] (M (MHFXWDU XQD FRUHRJUDItD GH IRONORU Q

(O DOXPQR HQ 6'0 GHEH WUDWDU GH KDFHU WRGR OR TXH ORV GHPiV UHDOL]DQ HQ FODVHV Q

(Q OD 7DEOD VH SUHVHQWDQ ORV HQXQFLDGRV FRUUHVSRQGLHQWHV D ODV DFWLYLGDGHV DVLVWLGDV R PRGLILFDGDV HQ UHODFLyQ D ORV DOXPQRV HQ VLWXDFLyQ GH GLVFDSDFLGDG (O UHFXUUHQ D ORV FRPSDxHURV GH FXUVR SDUD TXH D\XGHQ DO DOXPQR HQ VLWXDFLyQ GH GLVFDSDFLGDG (O VHxDOD LQFRUSRUDUVH FRPR XQ DOXPQR PiV HQ OD DFWLYLGDG SDUD DSR\DU DO DOXPQR HO VHxDOD PRGLILFDU DOJXQDV DFWLYLGDGHV

7DEOD $FWLYLGDGHV DVLVWLGDV R PRGLILFDGDV HQ UHODFLyQ D ORV DOXPQRV HQ VLWXDFLyQ GH GLVFDSDFLGDG

0H LQFRUSRUR ´FRPR RWUR MXJDGRUµ SDUD DSR\DU DO DOXPQR HQ 6'0 HQ ODV FODVHV (M /H GR\ ´SDVHVµ Q

0LHQWUDV HO FXUVR MXHJD XQ GHSRUWH GHMR TXH HO DOXPQR HQ 6'0 SDUWLFLSH FRQ ORV DOXPQRV Q

,QFOX\R DO DOXPQR HQ 6'0 SDUD UHDOL]DU WUDEDMRV GH H[SUHVLyQ PRWUL] (M (MHFXWDU XQD FRUHRJUDItD GH IRONORU Q

%XVFR DSR\R HQ ORV FRPSDxHURV SRU PHGLR GH WUDEDMRV JUXSDOHV FRPR ´FUHDFLyQ GH FRUHRJUDItDVµ SDUD ORJUDU OD LQFOXVLyQ GHO DOXPQR HQ 6'0 Q

5HFXUUR D ORV FRPSDxHURV GH FXUVR SDUD TXH D\XGHQ DO DOXPQR HQ 6'0 Q

9R\ PRGLILFDQGR PLV DFWLYLGDGHV DO ULWPR GHO DOXPQR HQ 6'0 Q

0LHQWUDV HO FXUVR MXHJD XQ GHSRUWH HO DOXPQR HQ 6'0 GHEH DVXPLU HO URO GH iUELWUR Q

0LHQWUDV HO FXUVR MXHJD XQ GHSRUWH HO DOXPQR HQ 6'0 GHEH DVXPLU HO URO GH WpFQLFR Q

&XDQGR HQVHxR IRONORU VR\ OD ´SDUHMDµ GHO DOXPQR HQ 6'0 Q

6L

(PiV) 5HYLVWD 'LJLWDO GH (GXFDFLyQ )tVLFD $xR 1XP MXOLR DJRVWR GH

KWWS HPDVI ZHEFLQGDULR FRP

(Q OD 7DEOD VH SUHVHQWDQ ORV HQXQFLDGRV FRUUHVSRQGLHQWHV D OD 2UJDQL]DFLyQ (O GH ORV SURIHVRUHV HQFXHVWDGRV UHVSRQGHQ HQWUHJDU HMHUFLFLRV HVSHFtILFRV TXH HO DOXPQR HQ VLWXDFLyQ GH GLVFDSDFLGDG QHFHVLWD PLHQWUDV VH GHVDUUROOD OD FODVH 3RU RWUR ODGR HO HQXQFLDGR ´8WLOL]R FLUFXLWRV SRUTXH PH IDFLOLWD HO WUDEDMR FRQ HO DOXPQR HQ VLWXDFLyQ GH GLVFDSDFLGDGµ IXH FRQWHVWDGR SRVLWLYDPHQWH SRU XQ GH ORV SURIHVRUHV HQFXHVWDGRV

7DEOD 2UJDQL]DFLyQ

2UJDQL]DFLyQ (QWUHJR HMHUFLFLRV HVSHFtILFRV ´TXH HO DOXPQR HQ 6'0 QHFHVLWDµ PLHQWUDV VH GHVDUUROOD OD FODVH GH (GXFDFLyQ )tVLFD Q

8WLOL]R ´HVWDFLRQHVµ SRUTXH PH IDFLOLWD HO WUDEDMR FRQ HO DOXPQR HQ 6'0 Q

8WLOL]R ´FLUFXLWRVµ SRUTXH PH IDFLOLWD HO WUDEDMR FRQ HO DOXPQR HQ 6'0 Q

6L

$1$/,6,6 < ',6&86,Ð1 '( 5(68/7$'26

(Q UHODFLyQ DO FRQRFLPLHQWR WHyULFR SUiFWLFR UHIHULGR D OD VLWXDFLyQ GH GLVFDSDFLGDG SRU SDUWH GH ORV SURIHVRUHV GH () VHxDODQ TXH ODV &DUUHUDV GH () QR FRQWHPSODQ HQ VXV SODQHV GH HVWXGLRV DVLJQDWXUDV UHODFLRQDGDV D OD WHPiWLFD LQGLFDQGR TXH OHV IDOWDQ KHUUDPLHQWDV SDUD WUDEDMDU FRQ DOXPQRV HQ VLWXDFLyQ GH GLVFDSDFLGDG PRWUL] (Q DOJXQRV FDVRV H[LVWtD XQ HOHFWLYR TXH FRPR WDO QR QHFHVDULDPHQWH DVLVWLHURQ 6yOR XQ SURIHVRU VHxDOy KDEHU SDUWLFLSDGR HQ XQ FXUVR GH SHUIHFFLRQDPLHQWR (V LPSRUWDQWH VHxDODU TXH HO GH MXQLR GHO VH SURPXOJD HQ &KLOH OD /H\ 1 OD FXDO UHJXOD OD DGPLVLyQ GH ORV \ ODV HVWXGLDQWHV HOLPLQD HO ILQDQFLDPLHQWR FRPSDUWLGR \ SURKLELFLyQ GHO OXFUR HQ HVWDEOHFLPLHQWRV HGXFDFLRQDOHV TXH UHFLEHQ DSRUWHV GHO (VWDGR (V GHEHU GHO (VWDGR DVHJXUDU TXH WRGRV ORV HVWXGLDQWHV FRQ QHFHVLGDGHV HGXFDWLYDV HVSHFLDOHV \ HQ VLWXDFLyQ GH GLVFDSDFLGDG WHQJDQ XQD HGXFDFLyQ LQFOXVLYD GH FDOLGDG HQ HVWDEOHFLPLHQWRV UHJXODUHV R HVSHFLDOHV VHD FXDO IXHUH VX RSFLyQ 3RU OR PLVPR DFWXDOPHQWH ODV XQLYHUVLGDGHV GHEHQ UHDOL]DU DGHFXDFLRQHV HQ OD LQIUDHVWUXFWXUD GH ODV PLVPDV DVt FRPR OD FUHDFLyQ GH SUR\HFWRV HGXFDWLYRV FRQ VHQWLGR GH LQFOXVLyQ LPSOHPHQWDQGR VHUYLFLRV GH DSR\R \ DVHVRUDPLHQWR TXH FRQWULEX\DQ D PHMRUDU OD FDOLGDG GH ORV SURFHVRV GH LQFOXVLyQ \ DSUHQGL]DMH SDUD WRGRV ORV DOXPQRV

(Q UHODFLyQ D ORV FRQFHSWRV GH LQFOXVLyQ LQWHJUDFLyQ \ ODV OH\HV UHODFLRQDGDV VH SXHGH VHxDODU TXH ORV SURIHVRUHV HQFXHVWDGRV GHPXHVWUDQ GRPLQLR GHO FRQFHSWR GH ,QFOXVLyQ VLQ HPEDUJR VH DSUHFLD FLHUWD LQFRQJUXHQFLD DO UHVSRQGHU QHJDWLYDPHQWH DO HQXQFLDGR ´PLHQWUDV HO FXUVR MXHJD XQ GHSRUWH GHMR TXH HO DOXPQR HQ VLWXDFLyQ GH GLVFDSDFLGDG SDUWLFLSH FRQ VXV FRPSDxHURVµ

6ROR XQ WHUFLR GH ORV SURIHVRUHV HQFXHVWDGRV UHVSRQGLHURQ HO HQXQFLDGR VREUH OD /H\ ´TXH KDFH UHIHUHQFLD D OD QRUPD GH LJXDOGDG GH RSRUWXQLGDGHV H LQFOXVLyQ VRFLDOµ \ GH HOORV HO QR FRQRFH OD OH\ (Q FRQVHFXHQFLD H[LVWH XQ GHVFRQRFLPLHQWR HQ UHODFLyQ D ODV SROtWLFDV S~EOLFDV DFWXDOHV (V LPSRUWDQWH GHVWDFDU TXH WRGR SURIHVLRQDO GHEH HVWDU LQIRUPDGR \ QR ROYLGDU TXH VX IRUPDFLyQ HV XQ FRQWLQXXP TXH FRPLHQ]D DQWHV GXUDQWH OD IRUPDFLyQ LQLFLDO \ TXH SHUPDQHFH DELHUWR GXUDQWH WRGD OD YLGD &DUUHLUR GD &RVWD &DUYDOKR 2QRIUH \ 3HVWDQD

(PiV) 5HYLVWD 'LJLWDO GH (GXFDFLyQ )tVLFD $xR 1XP MXOLR DJRVWR GH

KWWS HPDVI ZHEFLQGDULR FRP

(Q UHODFLyQ D ODV ´DFWLYLGDGHV TXH GHEHQ UHDOL]DU ORV DOXPQRV HQ VLWXDFLyQ GH GLVFDSDFLGDGµ HQ FODVHV GH () VH REVHUYD TXH WRGRV FRQFXHUGDQ TXH GHEHQ UHDOL]DU WRGDV ODV DFWLYLGDGHV VXJHULGDV HQ ODV EDVHV FXUULFXODUHV FKLOHQDV WDOHV FRPR KDELOLGDGHV PRWRUDV EiVLFDV IXQGDPHQWDOHV GHSRUWHV IOH[LELOLGDG \ RWURV VXJHULGRV VHJ~Q ODV SRVLELOLGDGHV GH ORV QLxRV $O UHVSRQGHU HVWRV HQXQFLDGRV SRVLWLYDPHQWH VH SRGUtD GHGXFLU TXH ORV SURIHVRUHV SHUPLWHQ TXH ORV DOXPQRV HQ VLWXDFLyQ GH GLVFDSDFLGDG UHDOLFHQ OD FODVH TXHULHQGR HOLPLQDU ODV EDUUHUDV TXH QR GDQ OD RSRUWXQLGDG GH H[SUHVDU VXV KDELOLGDGHV 6L IXHUD DVt SRGUtDPRV HQWHQGHU TXH ORV SURIHVRUHV HQFXHVWDGRV LQFOX\HQ D ORV DOXPQRV HQ VLWXDFLyQ GH GLVFDSDFLGDG 6LQ HPEDUJR DO UHVSRQGHU SRVLWLYDPHQWH DO HQXQFLDGR ´9R\ PRGLILFDQGR PLV DFWLYLGDGHV DO ULWPR GHO DOXPQR HQ VLWXDFLyQ GH GLVFDSDFLGDGµ JHQHUD FRQWURYHUVLD 6H GHWHFWDQ DGHPiV PXFKDV DFWLYLGDGHV HQ ODV FXDOHV HO SURIHVRU DVLVWH DO DOXPQR FRQ HO SURSyVLWR GH TXH SDUWLFLSH \D VHD LQFRUSRUiQGRVH pO HQ OD FODVH R UHFXUULHQGR D ORV FRPSDxHURV

$O DQDOL]DU ODV UHVSXHVWDV HQWUHJDGDV HQ UHODFLyQ D OD RUJDQL]DFLyQ GH OD FODVH VH REVHUYD TXH ORV SURIHVRUHV WLHQGHQ D EXVFDU HVWUDWHJLDV HQ ODV TXH SURPXHYHQ OD SDUWLFLSDFLyQ GHO DOXPQR HQ VLWXDFLyQ GH GLVFDSDFLGDG 6LQ HPEDUJR OD UHVSXHVWD ´HQWUHJR HMHUFLFLRV HVSHFtILFRV TXH HO DOXPQR HQ VLWXDFLyQ GH GLVFDSDFLGDG QHFHVLWD PLHQWUDV VH GHVDUUROOD OD FODVH GH ()µ SRQH GH PDQLILHVWR OD WHQGHQFLD D OD LQWHJUDFLyQ SRU VREUH OD LQFOXVLyQ

&21&/86,21(6

/RV SURIHVRUHV VHxDODQ UHDOL]DU WRGDV ODV DFWLYLGDGHV VXJHULGDV SRU ODV %DVHV &XUULFXODUHV FKLOHQDV VLQ KDFHU GLIHUHQFLDFLyQ 'HVWDFDQGR TXH SHUPLWHQ TXH HO DOXPQR HQ VLWXDFLyQ GH GLVFDSDFLGDG ODV UHDOLFH VHJ~Q VXV SRVLELOLGDGHV

6LQ HPEDUJR DO UHIHULUVH D OD RUJDQL]DFLyQ GH OD FODVH VH REVHUYD TXH ORV SURIHVRUHV GH () WUDEDMDQ GH PDQHUD GLIHUHQFLDGD FRQ HO DOXPQR HQ VLWXDFLyQ GH GLVFDSDFLGDG HQ VLPXOWiQHR DO GHVDUUROOR GH OD FODVH 6L ELHQ HV FLHUWR HO DOXPQR SDUWLFLSD DFWLYDPHQWH VH GHMD HQWUH YHU TXH VH IDYRUHFH PiV OD LQWHJUDFLyQ TXH OD LQFOXVLyQ

&RQ UHVSHFWR D ORV FRQRFLPLHQWRV GH ORV SURIHVRUHV HQ UHODFLyQ D ODV OH\HV FKLOHQDV \ D ORV FRQFHSWR GH LQFOXVLyQ ² LQWHJUDFLyQ VH REVHUYD TXH ORV SURIHVRUHV HQFXHVWDGRV GHVFRQRFHQ ODV OH\HV YLJHQWHV 3RU RWUR ODGR LGHQWLILFDQ WHyULFDPHQWH ORV FRQFHSWRV GH LQFOXVLyQ H LQWHJUDFLyQ \ GHFODUDQ TXH VXV FODVHV VRQ LQFOXVLYDV VLHQGR TXH DO PRPHQWR GH VHxDODU FRPR RUJDQL]DQ OD FODVH VH GHQRWD LQWHJUDFLyQ

(O LQVWUXPHQWR DSOLFDGR IXH HODERUDGR XWLOL]DQGR HQXQFLDGRV TXH VH REWXYLHURQ GH XQD HQWUHYLVWD DELHUWD DSOLFDGD D RWURV SURIHVRUHV GH () TXH WXYLHURQ HQ VXV FODVHV D XQ DOXPQR HQ VLWXDFLyQ GH GLVFDSDFLGDG PRWRUD 6LQ HPEDUJR D SHVDU GH H[WUDHU DTXHOORV PiV VLJQLILFDWLYRV HV QHFHVDULR GLVSRQHU GH PiV LQVWDQFLDV GH DFHUFDPLHQWR FRQ ORV SURIHVRUHV &RQVLGHUDPRV TXH XQ VROR LQVWUXPHQWR QR HV VXILFLHQWH \ TXH HV QHFHVDULR DGHPiV FRQVLGHUDU OD RSLQLyQ GH ORV PLVPRV DOXPQRV

(PiV) 5HYLVWD 'LJLWDO GH (GXFDFLyQ )tVLFD $xR 1XP MXOLR DJRVWR GH

KWWS HPDVI ZHEFLQGDULR FRP

%,%/,2*5$)Ì$

%DVLO & 5RVHOO & \ 6RUR ( $OXPQDGR FRQ GLVFDSDFLGDG PRWUL] %DUFHORQD (GLWRULDO *5$Ð &DUUHLUR 'D &RVWD ) &DUYDOKR / 0 2QRIUH - $ \ 3HVWDQD - )RUPDFLyQ GH SURIHVRUHV 2EMHWLYRV &RQWHQLGRV \ (VWUDWpJLDV ,QYHVWLJDFLyQ 3UiFWLFD &UX] 4XHEUDGD )DFXOWDG GH PRWULFLGDG +XPDQD ² 6HUYLFLR GH HGLFLyQ &ODVLILFDFLyQ ,QWHUQDFLRQDO GHO )XQFLRQDPLHQWR GH OD 'LVFDSDFLGDG \ GH OD 6DOXG

2UJDQL]DFLyQ 0XQGLDO GH OD 6DOXG (VSDxD 0DGULG 5HFXSHUDGR GH KWWS ZZZ LPVHUVR HV ,QWHU3UHVHQW JURXSV LPVHUVR GRFXPHQWV ELQDULR FLI SGI

'tD] ) \ +HUQiQGH] * (VWUDWHJLDV GRFHQWHV SDUD XQ DSUHQGL]DMH VLJQLILFDWLYR 8QD LQWHUSUHWDFLyQ FRQVWUXFWLYLVWD 0p[LFR 0F*UDZ +LOO (FKHLWD * (GXFDFLyQ SDUD OD LQFOXVLyQ R HGXFDFLyQ VLQ H[FOXVLRQHV %DUFHORQD 1DUFHD (GLFLRQHV *yPH] 0 ,QWURGXFFLyQ D OD PHWRGRORJtD GH OD LQYHVWLJDFLyQ FLHQWtILFD &yUGRED (GLWRULDO %UXMDV ,QIDQWH 0 VHSWLHPEUH ,QFOXVLyQ HGXFDWLYD HQ HO FRQR VXU &KLOH 7DOOHU 5HJLRQDO 3UHSDUDWRULR VREUH (GXFDFLyQ ,QFOXVLYD $PpULFD /DWLQD 5HJLRQHV $QGLQD \ &RQR 6XU %XHQRV $LUHV $UJHQWLQD 5HFXSHUDGR GH KWWS ZZZ LEH XQHVFR RUJ ILOHDGPLQ XVHUBXSORDG ,QFOXVLYHB(GXFDWLRQ 5HSRUWV EXHQRVDLUHVB FKLOHBLQFOXVLRQB SGI7DOOHU 5HJLRQDO 3UHSDUDWRULR VREUH (GXFDFLyQ ,QFOXVLYD 'H 81(6&2 /H\ (VWDEOHFH QRUPDV SDUD OD SOHQD LQWHJUDFLyQ VRFLDO GH SHUVRQDV FRQ GLVFDSDFLGDG %LEOLRWHFD GHO &RQJUHVR 1DFLRQDO GH &KLOH 6DQWLDJR GH HQHUR GH

/H\ (VWDEOHFH QRUPDV VREUH LJXDOGDG GH RSRUWXQLGDGHV H LQFOXVLyQ VRFLDO GH SHUVRQDV FRQ GLVFDSDFLGDG %LEOLRWHFD GHO &RQJUHVR 1DFLRQDO GH &KLOH 9DOSDUDtVR GH )HEUHUR GH 0LQLVWHULR GH (GXFDFLyQ %DVHV FXUULFXOUHV HQ (GXFDFLyQ )tVLFD 5HFXSHUDGR GH KWWS ZZZ FXUULFXOXPHQOLQHDPLQHGXF FO Z SURSHUW\QDPH KWPO 0LQLVWHUR GH 3ODQLILFDFLyQ 'LVFDSDFLGDG (QFXHVWD &$6(1 5HFXSHUDGR GH KWWS ZZZ FDFFHVLEOH FO ZS FRQWHQW XSORDGV &DVHQ 'LVFDSDFLGDG SGI 0RUHQR - 5RGUtJXH] * 0HUD ( %HOWUiQ / (VWUDWHJLDV GLGiFWLFDV GHVDUUROODGDV SRU ORV GRFHQWHV SDUD RULHQWDU HO WUDEDMR LQWHJUDGRU HQ OD IDFXOWDG GH SVLFRORJtD 3V\FKRORJLD $YDQFHV GH OD GLVFLSOLQD YRO Q~P SS 5HFXSHUDGR GH KWWS ZZZ UHGDO\F RUJ DUWLFXOR RD"LG 5LFDUG ) 0DUWtQH] ( 2VWHRSDWtD \ 3HGLDWUtD %XHQRV $LUHV (GLWRULDO 0pGLFD 3DQDPHULFDQD 6 $

(PiV) 5HYLVWD 'LJLWDO GH (GXFDFLyQ )tVLFD $xR 1XP MXOLR DJRVWR GH

KWWS HPDVI ZHEFLQGDULR FRP

5XELR ) -XQLR 3ULQFLSLRV GH QRUPDOL]DFLyQ LQWHJUDFLyQ H LQFOXVLyQ 1Â&#x192;

5HFXSHUDGR GH KWWS ZZZ FVL FVLI HV DQGDOXFLD PRGXOHV PRGBHQVH UHYLVWD SGI 1XPHURB )5$1&,6&2B58%,2B85$'2 SGI 6DUWR 0 \ 9HOi]TXH] ( /D LPSRUWDQFLD GH OD RUJDQL]DFLyQ HVFRODU SDUD HO GHVDUUROOR GH HVFXHODV LQFOXVLYD 7HVLV GRFWRUDO 8QLYHUVLGDG GH 6DODPDQFD &DVWLOOD \ /HyQ 6LFLOLD $ \ 'HOJDGR 0 (GXFDFLyQ ItVLFD \ HVWLORV GH HQVHxDQ]D %DUFHORQD (GLWRULDO ,1'( 7UXMLOOR ) (QHUR )HEUHUR /D RUJDQL]DFLyQ GHO JUXSR FODVH \ GH ODV WDUHDV HQ OD FODVH GH (GXFDFLyQ )tVLFD (PiV) 5HYLVWD 'LJLWDO GH (GXFDFLyQ )tVLFD 9ROXPHQ 1Â&#x192;

SiJ

5HFXSHUDGR GH ILOH & 8VHUV 3RO\ 'RZQORDGV 'LDOQHW/D2UJDQL]DFLRQ'HO*UXSRFODVH<'H/DV7DUHDV (Q/D&ODVH'H SGI 9LGDO *

/D DFWLYLGDG GHO SURIHVRU KWWS ZZZ HGXFDU RUJ DUWLFXORV /D$FWLYLGDGGHO3URIHVRU DVS

5HFXSHUDGR

GH

)HFKD GH UHFHSFLyQ )HFKD GH DFHSWDFLyQ

(PiV) 5HYLVWD 'LJLWDO GH (GXFDFLyQ )tVLFD $xR 1XP MXOLR DJRVWR GH

KWWS HPDVI ZHEFLQGDULR FRP

/26 -8(*26 &223(5$7,926 < 68 ,1&,'(1&,$ (1 /26 (67$'26 '( Ã&#x2030;1,02 < /$6 (02&,21(6 (1 (6&2/$5(6 '( $f26

5D~O 0ROLQD 'tD]

0DHVWUR GH (GXFDFLyQ )tVLFD HQ HO &HQWUR (GXFDWLYR 1WUD 6UD GH ORV %XHQRV /LEURV 0XUFLD (VSDxD (PDLO UDXOPROLQDGLD] #KRWPDLO FRP

5(680(1

(Q ORV ~OWLPRV DxRV VH KDQ UHDOL]DGR QXPHURVDV LQYHVWLJDFLRQHV GRQGH VH SRQH GH PDQLILHVWR OD UHODFLyQ HQWUH OD SUiFWLFD GH MXHJRV GHSRUWLYRV GHQWUR GH FDGD GRPLQLR GH DFFLyQ PRWUL] \ OD YLYHQFLD HPRFLRQDO GH ORV SDUWLFLSDQWHV (Q HVWH VHQWLGR ORV MXHJRV FRRSHUDWLYRV MXHJDQ XQ SDSHO IXQGDPHQWDO GHVGH HO SXQWR GH YLVWD HPRFLRQDO \ PRWLYDFLRQDO GHVHQFDGHQDQGR HPRFLRQHV SRVLWLYDV (O SULQFLSDO REMHWLYR GHO WUDEDMR IXH HVWXGLDU ORV FDPELRV HQ OD LQWHQVLGDG GH ORV HVWDGRV GH iQLPR \ ODV HPRFLRQHV GXUDQWH OD SUiFWLFD GH MXHJRV GH FRRSHUDFLyQ HQ IXQFLyQ GHO UHVXOWDGR ILQDO GHO MXHJR FRQ \ VLQ YLFWRULD 6H UHDOL]y XQ HVWXGLR FXDVLH[SHULPHQWDO GHVDUUROODQGR GRV VHVLRQHV GH MXHJRV FRRSHUDWLYRV VLQ YLFWRULD \ FRQ YLFWRULD FRQ VXMHWRV GH Â&#x17E; \ Â&#x17E; GH (GXFDFLyQ 3ULPDULD FKLFRV \ FKLFDV

3DUD HYDOXDU ORV HVWDGRV GH iQLPR VH XWLOL]y HO FXHVWLRQDULR 3206 \ SDUD ODV HPRFLRQHV HO *(6 /RV UHVXOWDGRV PRVWUDURQ TXH ORV MXHJRV FRRSHUDWLYRV SURGXFHQ XQ HTXLOLEULR HPRFLRQDO HQ DPERV JpQHURV

3$/$%5$6 &/$9(

-XHJRV MXHJRV FRRSHUDWLYRV HGXFDFLyQ ItVLFD HGXFDFLyQ SULPDULD SUD[LRORJtD PRWUL] GRPLQLRV GH DFFLyQ PRWUL] JpQHUR HVWDGRV GH iQLPR HPRFLRQHV FRPSHWHQFLD HPRFLRQDO

(PiV) 5HYLVWD 'LJLWDO GH (GXFDFLyQ )tVLFD $xR 1XP MXOLR DJRVWR GH

KWWS HPDVI ZHEFLQGDULR FRP

1. INTRODUCCIÃ&#x201C;N 6RQ PXFKDV ODV GHILQLFLRQHV TXH VH KDQ GDGR GH MXHJR FRRSHUDWLYR D OR ODUJR GH ODV ~OWLPDV GpFDGDV $ FRQWLQXDFLyQ VH SDVDUiQ D H[SRQHU ODV PiV LPSRUWDQWHV

Â&#x192; 2UOLFN Â&#x17D; 6RQ DTXHOODV DFWLYLGDGHV HQ ODV TXH ODV SHUVRQDV MXHJDQ MXQWDV \ QR XQDV FRQWUD RWUDV HYLWDQGR OD H[LVWHQFLD GH QLxRV SDVLYRV \ GHVDSDUHFLHQGR OD HOLPLQDFLyQ /D FRRSHUDFLyQ VH UHODFLRQD FRQ OD FRPXQLFDFLyQ FRKHVLyQ OD FRQILDQ]D \ HO GHVDUUROOR GH GHVWUH]DV SDUD XQD LQWHUDFFLyQ VRFLDO SRVLWLYD Â&#x17D; Â&#x192;

&DYLQDWR 'H 3UH]]R /D]]DULQL \ 9HWHQDU Â&#x17D; -XHJR HQ HO TXH VH UHTXLHUH FRQVHJXLU XQ UHVXOWDGR TXH VyOR SXHGH ORJUDUVH VL WRGR HO JUXSR HVWi GLVSXHVWR D RUJDQL]DUVH \ FRRUGLQDU HQHUJtDV Â&#x17D;

Â&#x192;

9HOi]TXH] Â&#x17D; 6RQ DFWLYLGDGHV FROHFWLYDV GRQGH ODV PHWDV GH ORV SDUWLFLSDQWHV VRQ FRPSDWLEOHV \ GRQGH QR H[LVWH RSRVLFLyQ HQWUH ODV DFFLRQHV GH ORV PLVPRV VLQR TXH WRGRV EXVFDQ XQ REMHWLYR FRP~Q FRQ LQGHSHQGHQFLD GH TXH GHVHPSHxHQ HO PLVPR SDSHO R SDSHOHV FRPSOHPHQWDULRV Â&#x17D;

Â&#x192;

$OPHLGD Â&#x17D; (V XQ FRQMXQWR GH H[SHULHQFLDV O~GLFDV TXH SRVLELOLWD WRGRV ORV HQYXHOWRV GH HYDOXDU FRPSDUWLU UHIOHMDU VREUH QXHVWUD UHODFLyQ FRQ QRVRWURV PLVPRV \ FRQ ORV RWURV /D LGHD EiVLFD HV GH SHUPLWLU XQ FDPELR GH VHQWLPLHQWRV \ GH TXH HQWUHPRV HQ FRQWDFWR tQWLPR FRQ QXHVWUDV HPRFLRQHV SDUD SRWHQFLDU ODV +DELOLGDGHV +XPDQDV %iVLFDV FRPR HO DPRU OD DOHJUtD OD FUHDWLYLGDG OD FRQILDQ]D HO UHVSHWR OD UHVSRQVDELOLGDG OD OLEHUWDG OD DXWRQRPtD OD SDFLHQFLD OD KXPLOGDG HWF 7LHQH WDPELpQ FRPR SURSXHVWD LQWHQWDU GLVPLQXLU ODV PDQLIHVWDFLRQHV GH DJUHVLYLGDG HQ ORV MXHJRV HVWLPXODQGR DFWLWXGHV GH VHQVLELOL]DFLyQ FRRSHUDFLyQ FRPXQLFDFLyQ \ VROLGDULGDG Â&#x17D;

Â&#x192;

2PHxDFD \ 5XL] Â&#x17D; 6RQ DFWLYLGDGHV O~GLFDV FRRSHUDWLYDV ODV TXH GHPDQGDQ GH ORV MXJDGRUHV XQD IRUPD GH DFWXDFLyQ RULHQWDGD KDFLD HO JUXSR HQ OD TXH FDGD SDUWLFLSDQWH FRODERUD FRQ ORV GHPiV SDUD OD FRQVHFXFLyQ GH XQ ILQ FRP~Q Â&#x17D;

$ FRQWLQXDFLyQ VH YDQ D GHILQLU ORV HOHPHQWRV TXH FDUDFWHUL]DQ DO MXHJR FRRSHUDWLYR HQ EDVH D DXWRUHV FRPR &UpYLHU \ %HUXEp *XLWDUW

2PHxDFD \ 5XL] 2UOLFN 3DOODUpV 3DUOHEDV 3ROHR $JXLOHUD ,JOHVLDV 6DFULVWiQ 6DQ -RVp %DUWRORPp 0DUWtQH] *RQ]iOH] &DVFyQ *UDVD 6DFULVWiQ \ -DUHV 6ODYLQ \ 7ULJR

Â&#x192; (Q VX IRUPXODFLyQ GHPDQGD OD FRODERUDFLyQ HQWUH ORV PLHPEURV GHO JUXSR GH FDUD D OD FRQVHFXFLyQ GH XQ ILQ FRP~Q Â&#x192;

3ODQWHD XQD DFWLYLGDG FRQMXQWD \ SDUWLFLSDWLYD HQ OD TXH WRGRV ORV LQWHJUDQWHV GHO JUXSR WLHQHQ XQ SDSHO TXH GHVDUUROODU

Â&#x192;

([LJH OD FRRUGLQDFLyQ GH ODERUHV (O UHVXOWDGR QR GHULYD GH OD VXPD GH HVIXHU]RV VLQR GH OD DGHFXDFLyQ GH ODV DFFLRQHV D ODV UHDOL]DGDV SRU HO UHVWR GH ORV SDUWLFLSDQWHV FRPR UHVSXHVWD D ODV GHPDQGDV GH ORV HOHPHQWRV QR KXPDQRV GHO MXHJR

(PiV) 5HYLVWD 'LJLWDO GH (GXFDFLyQ )tVLFD $xR 1XP MXOLR DJRVWR GH

KWWS HPDVI ZHEFLQGDULR FRP

Â&#x192;

5HSUHVHQWD XQ GLVIUXWH GH PHGLRV XQD H[SORUDFLyQ FUHDWLYD GH SRVLELOLGDGHV PiV TXH XQD E~VTXHGD GH PHWDV XQ HQWRUQR SDUD OD UHFUHDFLyQ HQ OD UHODFLRQHV FRQ ORV FRPSDxHURV SRU HQFLPD GH OD OXFKD SRU DOFDQ]DU OD YLFWRULD LQGLYLGXDO

Â&#x192;

$WLHQGH DO SURFHVR &RQFHGH XQD HVSHFLDO LPSRUWDQFLD D WRGR OR TXH KD\ GH HQULTXHFHGRU HQ OD DFWXDFLyQ FRRUGLQDGD FRQ ORV PLHPEURV GHO JUXSR

Â&#x192;

1R IRPHQWD OD FRPSHWLFLyQ /LEHUD GH OD QHFHVLGDG GH HQIUHQWDUVH D ORV GHPiV GH VXSHUDU \ YHQFHU D ORV RWURV

Â&#x192;

1R H[FOX\H 7RGDV ODV SHUVRQDV SRU HQFLPD GH VXV FDSDFLGDGHV WLHQHQ DOJR TXH DSRUWDU \ SDUWLFLSDQ PLHQWUDV GXUD HO MXHJR

Â&#x192;

1R GLVFULPLQD 1R KD\ GLVWLQFLyQ HQWUH EXHQDV \ PDORV HQWUH JDQDGRUHV \ SHUGHGRUHV HQWUH PDVFXOLQRV \ IHPHQLQRV HWF 5HVDOWD OD DFWXDFLyQ GH XQ JUXSR TXH GLVIUXWD SDUWLFLSDQGR PLHQWUDV TXH H[DOWD OD LJXDOGDG HQWUH VXV PLHPEURV

1R HOLPLQD (O HUURU YD VHJXLGR GH OD SRVLELOLGDG GH FRQWLQXDU H[SORUDQGR \ H[SHULPHQWDQGR

/D GLQiPLFD TXH VH HVWDEOHFH HQ WRGR MXHJR R DFWLYLGDG O~GLFD GHSHQGH HQ SDUWH GH OD HVWUXFWXUD PHWD HQ HO SODQWHDPLHQWR GHO MXHJR $Vt \ WRPDGR FRPR UHIHUHQFLD D -RKQVRQ SRGHPRV GLVWLQJXLU WUHV WLSRV GH MXHJRV

Â&#x192; -XHJRV FRQ HVWUXFWXUD GH PHWD LQGLYLGXDOL]DGD /RV REMHWLYRV GHO MXHJR QR HVWiQ UHODFLRQDGRV FRQ ORV GHO UHVWR \ QR H[LVWH LQWHUDFFLyQ QL UHODFLyQ FRQ HO p[LWR R IUDFDVR GH ORV RWURV Â&#x192;

Â&#x192; -XHJRV FRQ HVWUXFWXUD GH PHWD FRPSHWLFLyQ ,PSOLFDQ XQD LQFRPSDWLELOLGDG HQWUH ORV REMHWLYRV GH XQR R YDULRV SDUWLFLSDQWHV \ ORV GH ORV RWURV Â&#x192; -XHJRV FRQ HVWUXFWXUD GH PHWD GH FRRSHUDFLyQ /RV REMHWLYRV TXH HO MXHJR PDUFD SDUD FDGD SDUWLFLSDQWH YDQ XQLGRV D ORV GH ORV GHPiV GH PRGR TXH FDGD XQR DOFDQ]D VX PHWD VyOR VL HO UHVWR GH ORV SDUWLFLSDQWHV DOFDQ]DQ OD VX\D

'H OD FRPELQDFLyQ GH HVWDV WUHV HVWUXFWXUDV SXHGHQ VXUJLU RWUDV

Â&#x192; -XHJRV GH FRRSHUDFLyQ LQWUDJUXSDO FRQ FRPSHWLFLyQ HQWUH JUXSRV Â&#x192; -XHJR SDUDGyJLFR 3DUOHEDV 6H GLVWULEX\HQ ORV SDSHOHV HQWUH ORV PLHPEURV GHO JUXSR GH IRUPD FDPELDQWH GH PDQHUD TXH OD DFWXDFLyQ GH FRRSHUDFLyQ R GH RSRVLFLyQ GHSHQGHUi GHO PRPHQWR \ OD VLWXDFLyQ Â&#x192; -XHJR GH UHVROXFLyQ *XWLpUUH] (O SODQWHDPLHQWR GH OD SURSLD DFWLYLGDG O~GLFD OOHYD D OD E~VTXHGD GH VROXFLRQHV SDUD ODV GLIHUHQWHV VLWXDFLRQHV SUREOHPDV

2WUR DVSHFWR LPSRUWDQWH TXH GHEH VHU FRQVLGHUDGR VRQ ODV IXQFLRQHV HVSHFtILFDV TXH FDGD XQR GH ORV SLODUHV HMHUFH MXQWR D ORV QLxRV HQ VXV DFFLRQHV O~GLFDV (VWRV SLODUHV EiVLFRV SXHGHQ WHQHU HQ VXV HVWUXFWXUDV O~GLFDV GRV HVWLORV GH MXHJR $OPHLGD S

(PiV) 5HYLVWD 'LJLWDO GH (GXFDFLyQ )tVLFD $xR 1XP MXOLR DJRVWR GH

KWWS HPDVI ZHEFLQGDULR FRP

Â&#x192;

(O MXHJR FRRSHUDWLYR (Q HO MXHJR FRRSHUDWLYR OD HVHQFLD O~GLFD HV MXJDU FRQ HO RWUR \ QR FRQWUD HO RWUR (Q HVWD HVWUXFWXUD O~GLFD HO RWUR HV XQ DPLJR FRQ PHWDV FRPXQHV (O p[LWR R HO IUDFDVR VRQ FRPSDUWLGRV SRU WRGRV

Â&#x192;

(O MXHJR FRPSHWLWLYR (Q HO MXHJR FRPSHWLWLYR OD HVHQFLD O~GLFD HV OD GH MXJDU FRQWUD HO RWUR FRQYLUWLpQGRVH HQ XQD VLWXDFLyQ REMHWLYD GH HQIUHQWDPLHQWR PRWRU HQ OD TXH XQR R PiV LQGLYLGXRV UHDOL]DQ XQD WDUHD PRWUL] VRPHWLGD REOLJDWRULDPHQWH D UHJODV TXH GHILHQGHQ VXV REOLJDFLRQHV VX IXQFLRQDPLHQWR \ PX\ HVSHFLDOPHQWH ORV FULWHULRV GH p[LWR \ IUDFDVR (O p[LWR \ HO IUDFDVR VRQ FRPSDUWLGRV SRU XQR R DOJXQRV

&XDQGR HO SURIHVRU GH (GXFDFLyQ )tVLFD VH VLUYH GH ORV MXHJRV FRRSHUDWLYRV SXHGH RULHQWDU ODV UHODFLRQHV LQWHUSHUVRQDOHV KDFLD XQ HVFHQDULR GRQGH VH FRPSDUDQ ORV UHVXOWDGRV FRQWH[WR FRPSHWLWLYR R KDFLD UHWRV FX\R REMHWLYR VH EDVD HQ OD SURSLD VXSHUDFLyQ GH XQ GHVDItR VROLGDULR FRQWH[WR QR FRPSHWLWLYR

-DTXHLUD /DYHJD /DJDUGHUD $UD~MR \ 5RGULJXHV SDJ (Q HVWH VHQWLGR HO FRQWH[WR FRPSHWLWLYR KDFH UHIHUHQFLD D DTXHOORV MXHJRV FRQ PDUFDGRU HQ ORV FXiOHV VH RULHQWD HO MXHJR KDFLD OD FRQVHFXFLyQ GHO p[LWR R HO IUDFDVR HQ OD SUiFWLFD GHWHUPLQDQGR \ GLIHUHQFLDQGR FODUDPHQWH HQWUH JDQDGRU \ SHUGHGRU 'HO PLVPR PRGR HO FRQWH[WR QR FRPSHWLWLYR KDFH UHIHUHQFLD D DTXHOORV MXHJRV VLQ PDUFDGRU VLQ PHPRULD GH MXHJR

/DV VLWXDFLRQHV GLGiFWLFDV PRWULFHV QR WHUPLQDQ GH OD PLVPD PDQHUD (Q ODV VLWXDFLRQHV PRWULFHV VLQ YLFWRULD REYLDPHQWH HO SURIHVRUDGR SUHVHQWD MXHJRV R VLWXDFLRQHV GLGiFWLFDV HQ ORV TXH QR VH HVWDEOHFH HO JDQDGRU 6H MXHJD FRQ OD ILQDOLGDG GH FRPSDUWLU (VWDV DFFLRQHV VRQ FtFOLFDV VH UHSLWHQ \ VH UHSLWHQ (Q HVWDV FLUFXQVWDQFLDV OD ILQDOL]DFLyQ GH ODV PLVPDV HVWi GHWHUPLQDGD SRU FDXVDV H[WHUQDV D OD SURSLD WDUHD SXHVWR TXH OD UHJODPHQWDFLyQ SUHVHQWDGD SRU HO PDHVWUR QR RUGHQD FyPR VH ILQDOL]D 1R H[LVWH XQ YHQFHGRU ILQDO 3RU OR WDQWR HO SURSLR PDHVWUR R PDHVWUD GHFLGH FXiQGR DFDEDU (O DOXPQDGR REHGHFH ODV FRQVLJQDV GHO SURIHVRUDGR VREUH HO FRPLHQ]R \ OD ILQDOL]DFLyQ GH OD WDUHD $Vt SXHV QR VH WLHQH HQ FXHQWD QL ORV DFLHUWRV QL ORV IDOORV SRU OR TXH ORV MXJDGRUHV QR VXPDQ SXQWRV 6RQ MXHJRV VLQ PHPRULD HQ HO PDUFDGRU SRU HMHPSOR ORV MXHJRV WUDGLFLRQDOHV GH SHUVHFXFLyQ GH HVFRQGLWH OD SHORWD VHQWDGD ODV FXDWUR HVTXLQDV MXHJRV LQWHUPLQDEOHV FRPR OD UD\XHOD \ HO JDWR JDWR HMHUFLFLRV GH FDOHQWDPLHQWR VDOWRV GH FRPED YROWHUHWDV« /ySH] GH 6RVRDJD SDJ

(Q FDPELR HQ ODV VLWXDFLRQHV PRWULFHV FRQ YLFWRULD HO DOXPQDGR FRQRFH GH ERFD GHO SURIHVRUDGR TXH HO ILQDO HVWi GHWHUPLQDGR SRU OD SURSLD UHJODPHQWDFLyQ GHO MXHJR (Q HVWDV VLWXDFLRQHV GLGiFWLFDV VH GHWHUPLQD GH DQWHPDQR TXH YD D YHU XQ JDQDGRU 6H FRPSLWH SRU ORJUDU XQD YLFWRULD (O MXHJR R SUiFWLFD HV OLQHDO FRPLHQ]D VH GHVDUUROOD \ VH WHUPLQD $O ILQDO GH HVWH FDPLQR VH GLULPH TXLpQ HV HO JDQDGRU R JDQDGRUD 'XUDQWH OD (GXFDFLyQ )tVLFD HQ 3ULPDULD HO SURIHVRUDGR SXHGH RSWDU SRU XQD X RWUD YtD /ySH] GH 6RVRDJD SDJ

3RU RWUR ODGR GXUDQWH OD DGROHVFHQFLD ODV SHUVRQDV VXIUHQ XQD VHULH GH FDPELRV TXH OHV OOHYDQ D FRQVROLGDU VX LGHQWLGDG SHUVRQDO \ VRFLDO OR FXDO GHEH LU DFRPSDxDGR GH XQ HTXLOLEULR HPRFLRQDO DGHFXDGR %XKULQJ 2OLYD \ %UDYR FLWDGR HQ 5HLJDO \ 0iUTXH] S $XQTXH HO HVWXGLR GHO ELHQHVWDU HPRFLRQDO VHD FRPSOHMR DERUGDUOR WLHQH XQD JUDQ LPSRUWDQFLD GDGR HO LPSDFWR TXH WLHQH VREUH ODV UHODFLRQHV VRFLDOHV \ OD LQWHJUDFLyQ HO IXQFLRQDPLHQWR GHO SURSLR RUJDQLVPR R OD FRQGXFWD 3XQVHW 9HFLQD FLWDGR HQ 5HLJDO \ 0iUTXH] (PiV) 5HYLVWD 'LJLWDO GH (GXFDFLyQ )tVLFD $xR 1XP MXOLR DJRVWR GH

KWWS HPDVI ZHEFLQGDULR FRP

S 8QD GH ODV KHUUDPLHQWDV GH ODV TXH VH GLVSRQH SDUD LQIOXLU VREUH ORV HVWDGRV GH iQLPR \ HO ELHQHVWDU SVLFROyJLFR HQ JHQHUDO HV OD SUiFWLFD GH DFWLYLGDG ItVLFD $QQHVL &DQGHO 2OPHGLOOD \ %ODV FLWDGR HQ 5HLJDO \ 0iUTXH] S

$ SHVDU GH TXH OD LQYHVWLJDFLyQ VREUH OD HGXFDFLyQ GH ODV HPRFLRQHV KD PRVWUDGR VX FRQWULEXFLyQ HQ OD PHMRUD GHO ELHQHVWDU DVt FRPR GH ODV FRPSHWHQFLDV SHUVRQDOHV \ VRFLDOHV %LVTXHUUD 'LHQHU (LVHQEHUJ &XPEHUODQG \ 6SLQUDG 6DDUQL FLWDGR HQ /DYHJD )LOHOOD /DJDUGHUD 0DWHX \ 2FKRD S HVWH iPELWR WRGDYtD HVWi SRFR H[SORUDGR *RHW] )UHQ]HO 3HNUXQ +DOO \ / GWNH FLWDGR HQ /DYHJD \ FRO S /D PD\RUtD GH ODV LQYHVWLJDFLRQHV VREUH HPRFLRQHV VH KDQ DSOLFDGR HQ OD DOWD FRPSHWLFLyQ GHSRUWLYD +DQLQ /D]DUXV FLWDGR HQ /DYHJD HW DO S REVHUYDQGR XQD PLQRUtD GH HVWXGLRV HQ HO FDPSR GH OD (GXFDFLyQ )tVLFD

(Q OD ~OWLPD GpFDGD HO SDSHO GH ODV HPRFLRQHV HVWi WRPDQGR XQD LPSRUWDQFLD GHVWDFDGD 6H HQWLHQGH TXH OD YLYHQFLD GH H[SHULHQFLDV HPRFLRQDOHV SRVLWLYDV UHODFLRQHV FRQ ORV GHPiV \ FRQ HO FRQWH[WR GHEHQ GH VHU FRQWHPSODGDV H LQWHJUDGDV HQ HO SURFHVR GH HQVHxDQ]D DSUHQGL]DMH $ORQVR *HD \ <XVWH S (V SUHFLVR DERUGDU RWUD SHUVSHFWLYD PiV VRFLDO \ HPRFLRQDO LQWHUSUHWDWLYD TXH SHUPLWD FRPSUHQGHU \ DQDOL]DU OD GRFHQFLD GHVGH HO SXQWR GH YLVWD LQWHJUDGRU TXH H[LJH OD PRWULFLGDG $ORQVR \ FRO S /D (GXFDFLyQ )tVLFD DO SURPRYHU DSUHQGL]DMHV YLYHQFLDOHV D WUDYpV GH OD DFFLyQ PRWUL] SXHGH HMHUFHU XQ SDSHO PX\ LPSRUWDQWH HQ HO SURFHVR GH DOIDEHWL]DFLyQ HPRFLRQDO /DYHJD HW DO S

'H HQWUH ORV GLIHUHQWHV WLSRV GH PDQLIHVWDFLRQHV PRWULFHV HO MXHJR HV XQR GH ORV HVFHQDULRV SULYLOHJLDGRV SDUD IDYRUHFHU SURFHVRV GH DSUHQGL]DMH HPRFLRQDO \D TXH OD SUiFWLFD JHQHUD SRU HOOD PLVPD OD YLYHQFLD LQWHQVD GH UHDFFLRQHV HPRFLRQDOHV DVRFLDGDV D HVWDGRV DFWLYRV H LQWHUDFWLYRV %HQ =H·HY %XFN 'DPDVLR )ULMGD /XW] \ :KLWH 0DWXUDQD \ 9HUGHQ =|OOHU =LQV \ (OLDV FLWDGR HQ /DYHJD HW DO S

(Q HVWH VHQWLGR OD FRQWULEXFLyQ GH ORV MXHJRV FRRSHUDWLYRV D OD HGXFDFLyQ PHMRUD GH OD VDOXG R FDOLGDG GH YLGD GHVGH HO SXQWR GH YLVWD HPRFLRQDO HV LQFXHVWLRQDEOH /D YDULHGDG GH VLWXDFLRQHV TXH SURSRQHQ HVWRV MXHJRV SHUPLWHQ LQFLGLU VREUH ODV GLIHUHQWHV GLPHQVLRQHV GH OD HPRFLyQ /DYHJD S $GHPiV ORV MXHJRV FRRSHUDWLYRV SURSRUFLRQDQ XQ H[WUDRUGLQDULR PRVDLFR GH VLWXDFLRQHV HQ ODV TXH VH GHEH LQWHUDFWXDU FRQ ORV GHPiV \D VHDQ FRPSDxHURV R DGYHUVDULRV (Q HVWH WLSR GH MXHJRV OD DIHFWLYLGDG HVWi DVRFLDGD D VDEHU DGDSWDUVH D ODV DFFLRQHV \ UHDFFLRQHV HPRWLYDV TXH RULJLQD OD LQWHUYHQFLyQ GH ORV GHPiV /DYHJD S

(O MXHJR FRRSHUDWLYR HV SRUWDGRU GH XQ VLQItQ GH H[SHULHQFLDV TXH SXHGHQ FRQWULEXLU D PHMRUDU OD DXWRHVWLPD OD FRQFLHQFLD \ UHJXODFLyQ HPRFLRQDO \ SRU WDQWR D SRWHQFLDU HVWD GLPHQVLyQ DIHFWLYD GH OD VDOXG R FDOLGDG GH YLGD &VLNV]HQWPLKDO\L FLWDGR HQ /DYHJD S

&XDOTXLHU WHUUHQR GRQGH DFRQWHFHQ ORV MXHJRV FRRSHUDWLYRV HV XQ ODERUDWRULR GRQGH VH JHQHUDQ H[SHULHQFLDV HPRFLRQDOHV DSUHQGL]DMHV UHODFLRQHV PRWULFHV \ FRQVHFXHQFLDV VRFLDOL]DGRUDV TXH PHUHFHQ VHU LQYHVWLJDGDV /DYHJD S

(PiV) 5HYLVWD 'LJLWDO GH (GXFDFLyQ )tVLFD $xR 1XP MXOLR DJRVWR GH

KWWS HPDVI ZHEFLQGDULR FRP

$ WHQRU GH ODV LQYHVWLJDFLRQHV PiV UHFLHQWHV VH GHVWDFD TXH ORV FRPSRUWDPLHQWRV GH ODV SHUVRQDV \ VXV UHDFFLRQHV HPRFLRQDOHV GLILHUHQ VXVWDQFLDOPHQWH HQ IXQFLyQ GH TXH ODV SUiFWLFDV VHDQ R QR FRPSHWLWLYDV $ORQVR HW DO $ORQVR /DYHJD \ *HD /DYHJD HW DO FLWDGR HQ -DTXHLUD /DYHJD /DJDUGHUD $UiXMR \ 5RGULJXHV S

0e72'2 2.1. MUESTRA. (Q HVWH HVWXGLR VH UHDOL]y XQ PXHVWUHR QR SUREDELOtVWLFR LQWHQFLRQDGR GRQGH LQWHUYLQLHURQ DOXPQRV GH ORV FXDOHV HUDQ GHO JpQHUR PDVFXOLQR \ GHO JpQHUR IHPHQLQR SHUWHQHFLHQWHV D ORV FXUVRV GH Â&#x17E; \ Â&#x17E; GH (GXFDFLyQ 3ULPDULD FRQ XQD PHGLD GH HGDG GH Â&#x201C; DxRV

$QWHV GHO LQLFLR GHO HVWXGLR ORV SDGUHV \ DOXPQRV IXHURQ LQIRUPDGRV VREUH OD ILQDOLGDG GH OD LQYHVWLJDFLyQ 'HO PLVPR PRGR GDGR TXH HO DOXPQDGR SDUWLFLSDQWH HQ HO HVWXGLR HUD PHQRU GH HGDG VH HODERUy XQ HVFULWR VROLFLWDQGR D ORV SDGUHV VX FRQVHQWLPLHQWR SDUD TXH VXV KLMRV DV SDUWLFLSDUDQ YROXQWDULDPHQWH HQ OD LQYHVWLJDFLyQ ,167580(1726

3DUD OOHYDU D FDER OD LQYHVWLJDFLyQ VH XWLOL]DURQ GLIHUHQWHV HVFDODV \ FXHVWLRQDULRV SDUD HYDOXDU ODV YDULDEOHV D HVWXGLR

8QR GH ORV FXHVWLRQDULRV XWLOL]DGRV HQ HVWH HVWXGLR IXH HO 3HUILO GH (VWDGRV GH Ã&#x2030;QLPR PiV FRQRFLGR SRU VXV VLJODV 3206 3URILOH RI 0RRG 6WDWHV GHVDUUROODGR SRU 0F1DLU /RUU \ 'URSSOHPDQ HQ VX YHUVLyQ DGDSWDGD \ YDOLGDGD DO HVSDxRO %DODJXHU )XHQWHV 0HOLi \ *DUFtD 0HULWD \ 3pUH] \ SRVWHULRUPHQWH DEUHYLDGD )XHQWHV %DODJXHU 0HOLi \ *DUFtD 0HULWD (VWD YHUVLyQ DEUHYLDGD \ XWLOL]DGD GHO 3206 FRQWDED FRQ tWHPV UHIHULGRV D ORV FLQFR HVWDGRV GH iQLPR PiV LQIOX\HQWHV HQ HO iPELWR GHSRUWLYR %DODJXHU \ FRO $UUX]D %DODJXp \ $UULHWD

7HQVLyQ $QVLHGDG 'HSUHVLyQ $EDWLPLHQWR 5DELD +RVWLOLGDG 9LJRU $FWLYLGDG \ )DWLJD ,QPRYLOLGDG

/D YDORUDFLyQ GH FDGD tWHP VH UHDOL]DED D SDUWLU GH XQD HVFDOD /LNHUW GRQGH KDEtD RSFLRQHV GH UHVSXHVWD \ VLHQGR QDGD \ PXFKtVLPR

(O 3206 VH XWLOL]y DO FRPHQ]DU \ DO ILQDOL]DU FDGD XQD GH ODV VHVLRQHV GH MXHJRV FRRSHUDWLYRV &RPR LQVWUXFFLRQHV SDUD UHOOHQDU HO FXHVWLRQDULR VH OHV SHGtD D ORV VXMHWRV TXH UHVSRQGLHVHQ D ORV WpUPLQRV HQ IXQFLyQ GH FyPR VH VLQWLHVHQ HQ HO PRPHQWR SUHYLR \ SRVWHULRU D OD UHDOL]DFLyQ GH OD VHVLyQ GH MXHJRV

2WUR GH ORV FXHVWLRQDULRV HPSOHDGRV HQ HO HVWXGLR IXH HO GH MXHJRV \ HPRFLRQHV PiV FRQRFLGR SRU VXV VLJODV *(6 JDPHV DQG HPRWLRQV VFDOH

GHVDUUROODGR SRU /DYHJD 0DUFK \ )LOHOOD FRQ HO FXDO VH SUHWHQGtD UHJLVWUDU OD LQWHQVLGDG GH ODV HPRFLRQHV HQ OD SUiFWLFD GH MXHJRV GHSRUWLYRV (VWH FXHVWLRQDULR FRQVWDED GH HPRFLRQHV GH ODV FXDOHV HPRFLRQHV HUDQ SRVLWLYDV DOHJUtD

(PiV) 5HYLVWD 'LJLWDO GH (GXFDFLyQ )tVLFD $xR 1XP MXOLR DJRVWR GH

KWWS HPDVI ZHEFLQGDULR FRP

KXPRU DPRU IHOLFLGDG HPRFLRQHV QHJDWLYDV PLHGR DQVLHGDG LUD WULVWH]D UHFKD]R YHUJ HQ]D \ HPRFLRQHV DPELJXDV VRUSUHVD HVSHUDQ]D FRPSDVLyQ

/D YDORUDFLyQ GH FDGD HPRFLyQ VH UHDOL]DED D SDUWLU GH XQD HVFDOD GRQGH KDEtD RSFLRQHV GH UHVSXHVWD \ VLHQGR PtQLPD LQWHQVLGDG \ Pi[LPD LQWHQVLGDG

(O *(6 VH XWLOL]y DO ILQDOL]DU FDGD MXHJR FRRSHUDWLYR HQ FDGD XQD GH ODV VHVLRQHV &RPR LQVWUXFFLRQHV SDUD UHOOHQDU HO FXHVWLRQDULR VH OHV SHGtD D ORV VXMHWRV TXH UHJLVWUDUDQ HO Q~PHUR TXH PHMRU GHVFULELHUD FRPR VH VHQWtDQ HQ HVH PRPHQWR HQ FDGD XQD GH ODV HPRFLRQHV

352&(',0,(172

(O SURFHGLPLHQWR LQFOXLGR HQ HO HVWXGLR HVWXYR FRPSXHVWR SRU ODV VLJXLHQWHV IDVHV

)RUPDFLyQ SUHYLD HQ HPRFLRQHV GH ORV HVWXGLDQWHV

/RV SDUWLFLSDQWHV UHFLELHURQ XQD KRUD \ PHGLD GH IRUPDFLyQ WHyULFD \ SUiFWLFD HQ HPRFLRQHV 'XUDQWH OD VHVLyQ GH IRUPDFLyQ DSUHQGLHURQ ORV FRQFHSWRV WHyULFRV PiV UHSUHVHQWDWLYRV GH OD HGXFDFLyQ HPRFLRQDO UHDOL]DQGR XQ VLPXODFUR UHDO DSOLFDWLYR D WUDYpV GH XQD VHULH GH MXHJRV GRQGH HO DOXPQDGR GHEtD LGHQWLILFDU FDGD XQD GH ODV WUHFH HPRFLRQHV VHQWLGDV HQ FDGD XQD GH ODV VLWXDFLRQHV SURSXHVWDV HQ ORV MXHJRV

&RQ HO ILQ GH TXH HO DOXPQDGR VH IDPLOLDUL]DGD FRQ ORV FXHVWLRQDULRV \ FRQRFLHUD HO SURWRFROR D VHJXLU SDUD OD FXPSOLPHQWDFLyQ GH ORV PLVPRV VH OH HQWUHJy XQ FXDGHUQLOOR LQGLYLGXDO GRQGH HVWDEDQ DGMXQWRV WRGRV ORV FXHVWLRQDULRV TXH VH LEDQ D WUDEDMDU FRQ SRVWHULRULGDG HQ ODV VHVLRQHV GH LQWHUYHQFLyQ SDUD FXPSOLPHQWDUORV FRQ ORV MXHJRV TXH VH GHVDUUROODURQ GXUDQWH OD VHVLyQ GH IRUPDFLyQ

3UHYLDPHQWH D OD UHDOL]DFLyQ GH ORV MXHJRV \ DO ILQDOL]DU ORV PLVPRV HO DOXPQDGR FXPSOLPHQWy HO FXHVWLRQDULR VREUH HO 3HUILO GH ORV (VWDGRV GH ÉQLPR 3206 8QD YH] UHDOL]DGD OD VLWXDFLyQ GH MXHJR HO DOXPQDGR UHVSRQGLy DO FXHVWLRQDULR VREUH MXHJRV \ HPRFLRQHV *(6 $O DFDEDU WRGRV ORV MXHJRV HO DOXPQDGR YROYLy D FXPSOLPHQWDU HO FXHVWLRQDULR 3206

'XUDQWH OD VHPDQD VLJXLHQWH VH UHDOL]DURQ GRV VHVLRQHV SUiFWLFDV GH XQD KRUD \ PHGLD GRQGH VH OHV SUHVHQWDURQ ODV GLIHUHQWHV VHVLRQHV GH MXHJRV FRRSHUDWLYRV FRQ YLFWRULD \ VLQ YLFWRULD

6HOHFFLyQ \ DSOLFDFLyQ GH ORV MXHJRV GHSRUWLYRV

/RV MXHJRV UHSUHVHQWDWLYRV GHO GRPLQLR GH DFFLyQ PRWUL] GH FRRSHUDFLyQ VH VXEGLYLGLHURQ HQ IXQFLyQ GH VX FRQVLGHUDFLyQ FRPR MXHJRV FRQ YLFWRULD FRPSHWLWLYRV \ MXHJRV VLQ YLFWRULD QR FRPSHWLWLYRV 3RU FDGD XQR GH HOORV VH UHDOL]y XQD VHVLyQ VLHQGR HO WRWDO GH MXHJRV GH GLH]

(PiV) 5HYLVWD 'LJLWDO GH (GXFDFLyQ )tVLFD $xR 1XP MXOLR DJRVWR GH

KWWS HPDVI ZHEFLQGDULR FRP

$ 3ULPHUD 6HVLyQ -XHJRV VLQ YLFWRULD

Â&#x192; Â&#x17D;1~PHUR PDQGRQHVÂ&#x17D; (O DOXPQDGR SRU SDUHMDV IRUPDUi GRV FtUFXORV FRQFpQWULFRV $ OD VHxDO GHO GRFHQWH HO DOXPQDGR GHEHUi UHDOL]DU ODV WDUHDV DVLJQDGDV SDUD FDGD Q~PHUR VLHQGR pVWDV ODV VLJXLHQWHV (O FRPSDxHUR GH DWUiV VH SRQH GHODQWH VDOWDQGR DO FRPSDxHUR TXH VH WXPEDUi /D SDUHMD GH FRPSDxHURV VH FRJHQ GH ODV PDQRV \ JLUDQ (O FRPSDxHUR GH DWUiV UHSWD SRU GHEDMR GH ODV SLHUQDV GHO FRPSDxHUR GH GHODQWH SDUD LQWHUFDPELDU ODV SRVLFLRQHV (O FRPSDxHUR GH DWUiV VH VXEH D FDEDOOR GHO FRPSDxHUR GH GHODQWH (O FRPSDxHUR GH DWUiV FRUUH KDFLD HO FRPSDxHUR GH OD GHUHFKD FDPELDQGR DVt GH SDUHMD Â&#x192; Â&#x17D; /RV VDOWDGRUHV FRRSHUDWLYRVÂ&#x17D; (O DOXPQDGR XELFDGR VREUH OD OtQHD GH IRQGR GH OD SLVWD GHEHUi UHDOL]DU XQ VDOWR KRUL]RQWDO VLQ FDUUHUD SRU WXUQRV &RPHQ]DUi HO SULPHUR \ VDOWDUi VHJXLGDPHQWH VDOWDUi HO VLJXLHQWH FRPSDxHUR D OD DOWXUD TXH OR KL]R HO DQWHULRU \ DVt VXFHVLYDPHQWH KDVWD UHDOL]DU HO UHFRUULGR LGD \ YXHOWD HV GHFLU OOHJDU D OD RWUD OtQHD GH IRQGR GH OD SLVWD \ YROYHU D OD GH VDOLGD 6H OH SURSRQGUi HO MXHJR DO DOXPQDGR FRPR XQ UHWR FRRSHUDWLYR ¢HQ FXiQWRV VDOWRV VRLV FDSDFHV GH FXEULU HO UHFRUULGR" Â&#x192; Â&#x17D;/D DOIRPEUD PiJLFDÂ&#x17D; 6H IRUPDQ FXDWUR HTXLSRV FRQ MXJDGRUHV FDGD XQR &DGD HTXLSR XQD Â&#x17D;DOIRPEUD PiJLFDÂ&#x17D; FROFKRQHWD $O ODGR GH HOORV KD\ XQ JUXSR GH JUXSR GH YLDMHURV FtUFXOR JUDQGH FRQ GLYHUVR PDWHULDO GH (GXFDFLyQ )tVLFD $ OD VHxDO GHO GRFHQWH VH WUDWD GH LU GHMDQGR XQ YLDMHUR R YDULRV YLDMHURV HQ FDGD SDtV DURV GH FRORUHV TXH HVWDUiQ GLVSHUVRV SRU HO HVSDFLR 6H SXHGH RSWDU SRU OOHYDU XQR R YDULRV SDVDMHURV SHUR VLHPSUH TXH DOJ~Q YLDMHUR FDLJD GH OD FROFKRQHWD GHEHUiQ YROYHU FRQ pO DO SXQWR GH SDUWLGD FtUFXOR JUDQGH (O MXHJR ILQDOL]D FXDQGR HQWUH WRGRV ORV JUXSRV KD\DQ OOHYDGR D WRGRV ORV YLDMHURV D ORV GLIHUHQWHV SDtVHV Â&#x192; Â&#x17D; £$O DLUH Â&#x17D; 'RV HTXLSRV GH MXJDGRUHV FDGD XQR \ XQD SHORWD JLJDQWH /RV SDUWLFLSDQWHV VXMHWDQ HO SDUDFDtGDV FRQ ODV PDQRV \ GHEHUiQ UHDOL]DU ODV FRQVLJQDV TXH LQGLTXH HO GRFHQWH VHJ~Q HO Q~PHUR TXH GLJD

/RV HTXLSRV GHEHQ GH ODQ]DU OD SHORWD JLJDQWH OR PiV DOWR SRVLEOH \ UHFHSFLRQDUOD FRQ HO SDUDFDtGDV DQWHV GH TXH FDLJDQ DO VXHOR

/RV HTXLSRV GHEHQ GH LQWHUFDPELDU OD SRVLFLyQ R OXJDU HQ HO HVSDFLR FRQ HO RWUR HTXLSR VLQ TXH VH FDLJD OD SHORWD JLJDQWH

/RV HTXLSRV GHEHQ GH LQWHUFDPELDU ODV SHORWDV JLJDQWHV ODQ]iQGRODV KDFLD DUULED KDFLD HO RWUR HTXLSR HYLWDQGR TXH VH FDLJDQ pVWDV HQ HO FDPELR

/RV HTXLSRV GHEHQ LQWHUFDPELDU GH VXV SDUWLFLSDQWHV VLQ TXH VH FDLJD OD SHORWD JLJDQWH

6L D DOJ~Q HTXLSR VH OH FDH OD SHORWD XQ SDUWLFLSDQWH OD SRQGUi GH QXHYR HQ MXHJR

(PiV) 5HYLVWD 'LJLWDO GH (GXFDFLyQ )tVLFD $xR 1XP MXOLR DJRVWR GH

KWWS HPDVI ZHEFLQGDULR FRP

Â&#x192; Â&#x17D;(O WURQFRPyYLO Â&#x17D; 6H VLW~DQ HO DOXPQDGR ERFD DEDMR XQR DO ODGR GHO RWUR HQFLPD GH XQD KLOHUD GH FROFKRQHWDV 8Q QLxR VH WXPED SHUSHQGLFXODUPHQWH VREUH HO JUXSR HQ OD SDUWH VXSHULRU GH VXV HVSDOGDV 7RGRV ORV QLxRV HPSLH]DQ D URGDU HQ OD PLVPD GLUHFFLyQ OOHYDQGR GH HVWD PDQHUD D VX FRPSDxHUR &XDQGR HO GRFHQWH OR YHD FRQYHQLHQWH VH OHYDQWDUi HO DOXPQR WXPEDGR \ VH FRORFDUi DO ILQDO GH OD KLOHUD KDFLHQGR DKRUD GH WURQFR HO SULPHUR GH OD KLOHUD \ DVt VXFHVLYDPHQWH

% 6HJXQGD 6HVLyQ -XHJRV FRQ YLFWRULD

Â&#x192; Â&#x17D;(O JLUDDURVÂ&#x17D; )RUPDPRV FXDWUR JUXSRV GH MXJDGRUHV FDGD XQR (O DOXPQDGR VH VLW~D HQ IRUPD GH FtUFXOR PLUDQGR KDFLD HO FHQWUR \ PiV R PHQRV VHSDUDGRV &DGD MXJDGRU SRUWD XQ DUR &XDQGR XQD SHUVRQD SUHYLDPHQWH GHVLJQDGD JULWD Â&#x17D;£JLUDDURV WRGRV KDFHQ URGDU HO DUR VREUH XQR GH VXV HMHV LPDJLQDULRV \ FRUUHQ D UHFRJHU HO GHO FRPSDxHUR GH OD GHUHFKD DQWHV GH TXH FDLJD DO VXHOR 'HEHPRV LQWHQWDU TXH QLQJ~Q DUR OOHJXH D FDHU 3DUD HOOR HV WDQ LPSRUWDQWH KDFHU TXH HO DUR JLUH OR PHMRU SRVLEOH FRPR FRUUHU FRQ UDSLGH] $O HTXLSR TXH QR VH OH FDLJD HO DUR HQ HO LQWHUFDPELR JDQD XQ SXQWR SHUGLHQGR HO MXHJR DTXHO HTXLSR TXH FRQVLJD PHQRV SXQWRV Â&#x192; Â&#x17D;%DOyQ JROSHDGR Â&#x17D; /RV FXDWUR HTXLSRV GHO MXHJR DQWHULRU TXHGDQ GLYLGLGRV HQ GRV HTXLSRV 8Q HTXLSR VH FRORFDUi GHWUiV GH OD OtQHD GH PHGLR FDPSR \ HO RWUR HTXLSR GHWUiV GH OD OtQHD GH IRQGR &DGD SDUWLFLSDQWH FRQ XQ EDOyQ GH EDORQFHVWR $ OD VHxDO GHO GRFHQWH GHEHUiQ ODQ]DU HO EDOyQ KDFLD XQD SHORWD GH SOiVWLFR TXH HVWDUi HQ HO FHQWUR GHO HVSDFLR GH MXHJR LQWHQWDQGR OOHYDU pVWD GHWUiV GH OD OtQHD GH IRQGR GHO HTXLSR FRQWUDULR (O HTXLSR TXH FRQVLJD OOHYDU OD SHORWD GHWUiV GH OD OtQHD GHO HTXLSR FRQWUDULR FRQVLJXH XQ SXQWR /RV SDUWLFLSDQWHV GH DPERV HTXLSRV ODQ]DUiQ VLHPSUH GHWUiV GH VX OtQHD \ QR SRGUiQ PHWHUVH GHQWUR GHO HVSDFLR GH MXHJR *DQD HO HTXLSR TXH FRQVLJD PiV SXQWRV DO ILQDOL]DU HO MXHJR Â&#x192; Â&#x17D;(O UHORMÂ&#x17D; /RV PLVPRV HTXLSRV GHO MXHJR DQWHULRU GRV HTXLSRV 8Q HTXLSR FRQ XQ EDOyQ GH SOiVWLFR \ FRORFDGRV HQ FtUFXOR VHSDUDGRV XQRV GH RWURV IRUPDQ HO UHORM (O RWUR HTXLSR VHUi HO WLHPSR \ HVWDUi FRORFDGR HQ ILOD LQGLD GHWUiV GH XQR GH ORV FRQRV TXH WLHQH IRUPD GH FXDGUDGR WHQLHQGR HO SULPHUR GH OD ILOD XQ WHVWLJR $ OD VHxDO GHO GRFHQWH HO HTXLSR GHO UHORM GHEHUi D FRPHQ]DU D SDVDUVH HO EDOyQ HQ HO VHQWLGR GH ODV DJXMDV GHO UHORM FRPHQ]DQGR HO SULPHU SDVH SRU HO DOXPQR TXH HVWp XELFDGR D ODV GRFH &XDQGR OOHJXp HO EDOyQ DO MXJDGRU GH ODV GRFH VH FRQWDUi XQD YXHOWD \ DVt VXFHVLYDPHQWH 0LHQWUDV WDQWR HO HTXLSR TXH KDFH GH WLHPSR GHEHUi FRUUHU GH XQR HQ XQR DOUHGHGRU GHO FXDGUDGR GHOLPLWDGR SRU FRQRV SRU IXHUD GH ORV PLVPR KDVWD SDVDU HO WHVWLJR DO VLJXLHQWH \ KD\DQ UHDOL]DGR WRGRV HO UHFRUULGR PRPHQWR HQ HO FXDO HO HTXLSR GHO UHORM GHMDUi GH KDFHU SDVHV \ VH GLUi HO Q~PHUR GH YXHOWDV R JLURV TXH KDQ FRQVHJXLGR 6HJXLGDPHQWH VH LQWHUFDPELDQ ORV SDSHOHV JDQDQGR DTXHO HTXLSR TXH FRQVLJD UHDOL]DU PiV YXHOWDV HQ HO UHORM Â&#x192; Â&#x17D;3HORWyQ YRODGRUÂ&#x17D; /RV PLVPRV HTXLSRV GHO MXHJR DQWHULRU GRV HTXLSRV

FRQ XQ EDOyQ GH SOiVWLFR \ FRORFDGRV HQ FtUFXOR VHSDUDGRV XQRV HTXLSRV GH RWURV 8QR GH HOORV WHQGUi XQ EDOyQ (O SDUWLFLSDQWH TXH WLHQH HO EDOyQ OR ODQ]D DO DLUH GHVGH HVH PRPHQWR HO JUXSR WUDWDUi GH HYLWDU TXH HO EDOyQ WRTXH HO VXHOR /RV QLxRV JROSHDUiQ HO EDOyQ VXFHVLYDPHQWH SXGLHQGR

(PiV) 5HYLVWD 'LJLWDO GH (GXFDFLyQ )tVLFD $xR 1XP MXOLR DJRVWR GH

KWWS HPDVI ZHEFLQGDULR FRP

JROSHDU pVWH FRQ FXDOTXLHU SDUWH GHO FXHUSR VLQ TXH QDGLH OD WRTXH GRV YHFHV VHJXLGDV ¢4Xp HTXLSR PDQWHQGUi PiV WLHPSR HO EDOyQ HQ MXHJR" (O HTXLSR TXH PiV YHFHV VH OH FDLJD HO EDOyQ SHUGHUi HO MXHJR Â&#x192; Â&#x17D;/D SHUODÂ&#x17D; /RV PLVPRV HTXLSRV GHO MXHJR DQWHULRU GRV HTXLSRV FRQ XQ SDUDFDtGDV \ WUHV EDORQHV GH SOiVWLFRV GH GLIHUHQWHV FRORUHV URMR DPDULOOR \ EODQFR $ OD VHxDO GHO GRFHQWH FDGD HTXLSR GHEHUi GH VDFDU GHO SDUDFDtGDV VX EDOyQ URMR \ DPDULOOR PDQWHQLHQGR HO EDOyQ EODQFR OD SHUOD GHQWUR GHO SDUDFDtGDV $O HTXLSR TXH VH OH VDOJD OD SHUOD GHEHUi GH LQWURGXFLU ORV WUHV EDORQHV \ FRPHQ]DU GH QXHYR 2EWHQGUi SXQWR DTXHO HTXLSR TXH FRQVLJD DQWHV HFKDU ORV EDORQHV \ PDQWHQHU OD SHUOD GHQWUR GHO SDUDFDtGDV JDQDQGR HO MXHJR HO HTXLSR TXH FRQVLJD PiV SXQWRV

/RV SDUWLFLSDQWHV IXHURQ GLVWULEXLGRV HQ DJUXSDPLHQWRV SRU SDUHMDV HQ SHTXHxR JUXSR X SDUWLFLSDQWHV \ HQ JUDQ JUXSR SDUWLFLSDQWHV

GHSHQGLHQGR GHO MXHJR /RV MXHJRV IXHURQ GLULJLGRV SRU HO PLVPR SURIHVRU HQ ODV GRV VHVLRQHV VLJXLHQGR ODV PLVPDV LQVWUXFFLRQHV 7RGDV ODV VHVLRQHV GH MXHJRV VH UHDOL]DURQ HQ ODV PLVPDV FRQGLFLRQHV UHDOL]DQGR VHVLRQHV GH XQD KRUD \ WUHLQWD PLQXWRV GH GXUDFLyQ FDGD XQD

&DGD DOXPQR GLVSXVR GH XQ FXDGHUQLOOR TXH HVWDED FRPSXHVWR SRU XQD KRMD UHVXPHQ FRQ OD FRQFHSWXDOL]DFLyQ \ HMHPSOLILFDFLRQHV VREUH FDGD XQD GH ODV HPRFLRQHV WUDWDGDV HQ OD SUHVHQWDFLyQ WHyULFD XQD DFODUDFLyQ FRQFHSWXDO GH ORV HVWDGRV GH iQLPR PiV FRPSOHMRV SDUD VX FRPSUHQVLyQ ORV PRGHORV GH FXHVWLRQDULR GHO 3206 DO LQLFLR 3206 DO ILQDO \ *(6 FXDQWLWDWLYR 'HO PLVPR PRGR HO DOXPQDGR GLVSXVR GH OiSL] \ JRPD DVt FRPR GH XQD VLOOD SDUD DSR\DUVH SDUD SRGHU UHOOHQDU ORV FXHVWLRQDULRV WHQLHQGR XQD VHSDUDFLyQ GH GRV PHWURV HQWUH VLOOD \ VLOOD

$O FRPHQ]DU OD VHVLyQ HO SURIHVRU H[SOLFDED ORV REMHWLYRV TXH VH SUHWHQGtDQ DOFDQ]DU FRQ OD PLVPD VXV FRQWHQLGRV \ DOJXQDV UHFRPHQGDFLRQHV GH VHJXULGDG 7UDV HOOR HO DOXPQDGR FRPHQ]DED D FXPSOLPHQWDU HO FXHVWLRQDULR VREUH 3HUILOHV GH (VWDGRV GH Ã&#x2030;QLPR 3206 6HJXLGDPHQWH HO SURIHVRU H[SOLFDED HO SULPHU MXHJR HO DOXPQDGR MXJDED HQWUH PLQXWRV PLHQWUDV TXH HO SURIHVRU REVHUYDED HO GHVDUUROOR GHO PLVPR \ WUDV OD ILQDOL]DFLyQ GH pVWH GHMDED FODUR VL HUD QHFHVDULR TXH HTXLSR HUD JDQDGRU \ FXDO SHUGHGRU /RV SDUWLFLSDQWHV VH GLULJtDQ D UHOOHQDU HO FXHVWLRQDULR VREUH HPRFLRQHV *(6 \ DVt VXFHVLYDPHQWH FRQ FDGD XQR GH ORV MXHJRV $O ILQDOL]DU WRGRV ORV MXHJRV TXH FRPSRQtDQ OD VHVLyQ HO DOXPQDGR FXPSOLPHQWDED GH QXHYR HO FXHVWLRQDULR VREUH 3HUILOHV GH (VWDGRV GH Ã&#x2030;QLPR 3206

$1Ã&#x2030;/,6,6 (67$'Ã&#x152;67,&2

/RV GDWRV GH HVWH HVWXGLR VH KDQ KDOODGR PHGLDQWH HO SURJUDPD HVWDGtVWLFR ,%0 6366 6WDWLVWLFV Y SDUD :LQGRZV ,QWHUQDWLRQDO %XVLQHVV 0DFKLQHV &RUS 1HZ <RUN 86$ 6H KD HPSOHDGR OD SUXHED GH .ROJRPRURY 6PLPRY SDUD DQDOL]DU OD KRPRJHQHLGDG GH JUXSRV HQ UHODFLyQ D ODV YDULDEOHV GHVFULSWRUDV GH OD PXHVWUD 6H KD XWLOL]DGR OD HVWDGtVWLFD GHVFULSWLYD PHGLDV GHVYLDFLyQ WtSLFD '7 ( 7

FRUUHODFLRQHV 6SHDUPDQ GLIHUHQFLD GH PHGLDV $129$ \ 3UXHED 7 HPSOHDQGR FRPR FRYDULDEOH HO JpQHUR HO FXUVR \ OD HGDG (O QLYHO GH VLJQLILFDFLyQ IXH GH S

(PiV) 5HYLVWD 'LJLWDO GH (GXFDFLyQ )tVLFD $xR 1XP MXOLR DJRVWR GH

KWWS HPDVI ZHEFLQGDULR FRP

RESULTADOS 7DEOD 3UXHED GH KRPRJHQHLGDG GH .ROJRPRURY 6PLPRY SDUD XQD PXHVWUD

1

*e1(52

&8562

3DUiPHWURV QRUPDOHVD E

0

' 7

'LIHUHQFLDV PiV H[WUHPDV

$EVROXWD

3RVLWLYD

= GH .ROPRJRURY 6PLUQRY

6LJ DVLQWyW ELODWHUDO

1HJDWLYD

7UDV ODV SUXHED GH .ROJRPRURY 6PLPRY SDUD FRPSUREDU OD KRPRJHQHLGDG GH OD PXHVWUD 7DEOD VH REVHUYy FRPR OD PXHVWUD FRQ OD TXH VH WUDEDMDED QR HUD KRPRJpQHD

$1É/,6,6 '( /$6 9$5,$&,21(6 '( /26 (67$'26 '( É1,02 3206 (1 )81&,Ð1 '(/ 7,32 '( 6(6,Ð1

7DEOD 9DORUHV GHVFULSWLYRV SDUD ODV GLPHQVLRQHV GHO 3206 LQLFLR HQ OD SULPHUD \ OD VHJXQGD VHVLyQ

3DU 3DU 3DU 3DU 3DU

7(16,21 B,

0

1

' 7

( 7

7(16,21 B,

'(35(6,21 B,

'(35(6,21 B,

)$7,*$ B,

)$7,*$ B,

5$%,$ B,

5$%,$ B

9,*25 B,

9,*25 B,

&RPR VH SXHGH REVHUYDU HQ OD WDEOD DO FRPSDUDU ODV GLVWLQWDV GLPHQVLRQHV GHO 3206 LQLFLR HQ OD SULPHUD \ OD VHJXQGD VHVLyQ QR VH REWXYLHURQ GLIHUHQFLDV VLJQLILFDWLYDV S SDUD QLQJXQR GH ORV HVWDGRV GH iQLPR

(PiV) 5HYLVWD 'LJLWDO GH (GXFDFLyQ )tVLFD $xR 1XP MXOLR DJRVWR GH

KWWS HPDVI ZHEFLQGDULR FRP

7DEOD 9DORUHV GHVFULSWLYRV SDUD ODV GLPHQVLRQHV GHO 3206 LQLFLR \ 3206 ILQDO HQ OD SULPHUD VHVLyQ

3DU 3DU 3DU 3DU 3DU

7(16,21 B,

0

1

' 7

( 7

7(16,21 B)

'(35(6,21 B,

'(35(6,21 B)

)$7,*$ B,

)$7,*$ B)

5$%,$ B,

5$%,$ B)

9,*25 B,

9,*25 B)

(Q OD WDEOD DO FRPSDUDU ODV GLVWLQWDV GLPHQVLRQHV GHO 3206 LQLFLR \ 3206 ILQDO HQ OD SULPHUD VHVLyQ VROR VH REWXYLHURQ GLIHUHQFLDV VLJQLILFDWLYDV SDUD ORV YDORUHV GH ORV HVWDGRV GH iQLPR IDWLJD HQ GRQGH IDWLJD B, 0 \ IDWLJD B) 0 S .

*

)LJXUD 9DORUHV GHVFULSWLYRV SDUD ODV GLPHQVLRQHV GHO 3206 LQLFLR \ 3206 ILQDO HQ OD SULPHUD VHVLyQ

7DEOD 9DORUHV GHVFULSWLYRV SDUD ODV GLPHQVLRQHV GHO 3206 LQLFLR \ 3206 ILQDO HQ OD VHJXQGD VHVLyQ

3DU 3DU 3DU 3DU 3DU

7(16,21 B,

0

1

' 7

( 7

7(16,21 B)

'(35(6,21 B,

'(35(6,21 B)

)$7,*$ B,

)$7,*$ B)

5$%,$ B,

5$%,$ B)

9,*25 B,

9,*25 B)

(PiV) 5HYLVWD 'LJLWDO GH (GXFDFLyQ )tVLFD $xR 1XP MXOLR DJRVWR GH

KWWS HPDVI ZHEFLQGDULR FRP

(Q OD WDEOD DO FRPSDUDU ODV GLVWLQWDV GLPHQVLRQHV GHO 3206 LQLFLR \ 3206 ILQDO HQ OD VHJXQGD VHVLyQ VROR VH REWXYLHURQ GLIHUHQFLDV VLJQLILFDWLYDV SDUD ORV YDORUHV GH ORV HVWDGRV GH iQLPR IDWLJD HQ GRQGH IDWLJD B, 0 \ IDWLJD B) 0 S

*

)LJXUD 9DORUHV GHVFULSWLYRV SDUD ODV GLPHQVLRQHV GHO 3206 LQLFLR \ 3206 ILQDO HQ OD VHJXQGD VHVLyQ

7DEOD 9DORUHV GHVFULSWLYRV SDUD ODV GLPHQVLRQHV GHO 3206 ILQDO HQ OD SULPHUD \ VHJXQGD VHVLyQ

3DU 3DU 3DU 3DU 3DU

7(16,21 B) 7(16,21 B) '(35(6,21 B) '(35(6-21 B) )$7,*$ B) )$7,*$ B) 5$%,$ B) 5$%,$ B) 9,*25 B) 9,*25 B)

0

1

' 7

( 7

(Q OD WDEOD DO FRPSDUDU ODV GLVWLQWDV GLPHQVLRQHV GHO 3206 ILQDO HQ OD SULPHUD \ VHJXQGD VHVLyQ VROR VH REWXYLHURQ GLIHUHQFLDV VLJQLILFDWLYDV SDUD ORV YDORUHV GH ORV HVWDGRV GH iQLPR IDWLJD HQ GRQGH VH REWXYLHURQ ORV YDORUHV SDUD IDWLJD B) 0 S \ SDUD \ IDWLJD B) 0 S VLHQGR PD\RU HQ IDWLJD B)

*

)LJXUD 9DORUHV GHVFULSWLYRV SDUD ODV GLPHQVLRQHV GHO 3206 ILQDO HQ OD SULPHUD \ VHJXQGD VHVLyQ

(PiV) 5HYLVWD 'LJLWDO GH (GXFDFLyQ )tVLFD $xR 1XP MXOLR DJRVWR GH

KWWS HPDVI ZHEFLQGDULR FRP

$1É/,6,6 '( /$6 9$5,$&,21(6 '( /26 (67$'26 '( É1,02 3206 < /$6 (02&,21(6 *(6 (1 )81&,Ð1 '(/ *e1(52

7DEOD 9DORUHV GHVFULSWLYRV SDUD ODV GLPHQVLRQHV GHO 3206 LQLFLR HQ OD SULPHUD VHVLyQ HQ IXQFLyQ GHO JpQHUR

7(16,21 B,

*e1(52

1

0

' 7

( 7

'(35(6,21 B, )$7,*$ B, 5$%,$ B, 9,*25 B, 0DVFXOLQR )HPHQLQR

&RPR VH SXHGH REVHUYDU HQ OD WDEOD DO FRPSDUDU ODV GLVWLQWDV GLPHQVLRQHV GHO 3206 GXUDQWH HO LQLFLR GH OD SULPHUD VHVLyQ QR VH REWXYLHURQ GLIHUHQFLDV VLJQLILFDWLYDV S SDUD QLQJXQR GH ORV HVWDGRV GH iQLPR HQ IXQFLyQ GHO JpQHUR

7DEOD 9DORUHV GHVFULSWLYRV SDUD ODV GLPHQVLRQHV GHO 3206 ILQDO HQ OD SULPHUD VHVLyQ HQ IXQFLyQ GHO JpQHUR

7(16,21 B) '(35(6,21 B) )$7,*$ B) 5$%,$ B) 9,*25 B)

*e1(52

1

0

' 7

( 7

0DVFXOLQR )HPHQLQR

&RPR VH SXHGH REVHUYDU HQ OD WDEOD DO FRPSDUDU ODV GLVWLQWDV GLPHQVLRQHV GHO 3206 ILQDO HQ OD SULPHUD VHVLyQ QR VH REWXYLHURQ GLIHUHQFLDV VLJQLILFDWLYDV S SDUD QLQJXQR GH ORV HVWDGRV GH iQLPR HQ IXQFLyQ GHO JpQHUR

(PiV) 5HYLVWD 'LJLWDO GH (GXFDFLyQ )tVLFD $xR 1XP MXOLR DJRVWR GH

KWWS HPDVI ZHEFLQGDULR FRP

7DEOD 9DORUHV GHVFULSWLYRV SDUD ODV GLPHQVLRQHV GHO 3206 LQLFLR HQ OD VHJXQGD VHVLyQ HQ IXQFLyQ GHO JpQHUR

7(16,21 B, '(35(6,21 B, )$7,*$ B, 5$%,$ B, 9,*25 B,

*e1(52

1

0

' 7

( 7

0DVFXOLQR )HPHQLQR

&RPR VH SXHGH REVHUYDU HQ OD WDEOD DO FRPSDUDU ODV GLVWLQWDV GLPHQVLRQHV GHO 3206 LQLFLR HQ OD VHJXQGD VHVLyQ QR VH REWXYLHURQ GLIHUHQFLDV VLJQLILFDWLYDV S SDUD QLQJXQR GH ORV HVWDGRV GH iQLPR HQ IXQFLyQ GHO JpQHUR

7DEOD 9DORUHV GHVFULSWLYRV SDUD ODV GLPHQVLRQHV GHO 3206 ILQDO HQ OD VHJXQGD VHVLyQ HQ IXQFLyQ GHO JpQHUR

7(16,21 B) '(35(6,21 B) )$7,*$ B) 5$%,$ B) 9,*25 B)

*e1(52

1

0

' 7

( 7

0DVFXOLQR )HPHQLQR

&RPR VH SXHGH REVHUYDU HQ OD WDEOD DO FRPSDUDU ODV GLVWLQWDV GLPHQVLRQHV GHO 3206 ILQDO HQ OD VHJXQGD VHVLyQ QR VH REWXYLHURQ GLIHUHQFLDV VLJQLILFDWLYDV S SDUD QLQJXQR GH ORV HVWDGRV GH iQLPR HQ IXQFLyQ GHO JpQHUR

(PiV) 5HYLVWD 'LJLWDO GH (GXFDFLyQ )tVLFD $xR 1XP MXOLR DJRVWR GH

KWWS HPDVI ZHEFLQGDULR FRP

7DEOD 9DORUHV GHVFULSWLYRV SDUD ODV HPRFLRQHV HQ HO WHUFHU MXHJR GH OD SULPHUD VHVLyQ MXHJRV VLQ YLFWRULD HQ IXQFLyQ GHO JpQHUR

(3B B (1B B ($B B

*e1(52

1

0

' 7

( 7

(PRFLRQHV SRVLWLYDV (3 (PRFLRQHV QHJDWLYDV (1 (PRFLRQHV DPELJXDV ($

0DVFXOLQR )HPHQLQR

&RPR VH SXHGH REVHUYDU HQ OD WDEOD DO FRPSDUDU ODV GLVWLQWDV HPRFLRQHV HQ HO WHUFHU MXHJR GH OD SULPHUD VHVLyQ MXHJRV VLQ YLFWRULD QR VH REWXYLHURQ GLIHUHQFLDV VLJQLILFDWLYDV S SDUD ORV YDORUHV GH ODV HPRFLRQHV HQ IXQFLyQ GHO JpQHUR

7DEOD 9DORUHV GHVFULSWLYRV SDUD ODV HPRFLRQHV HQ HO FXDUWR MXHJR GH OD SULPHUD VHVLyQ MXHJRV VLQ YLFWRULD HQ IXQFLyQ GHO JpQHUR

(3B B

(1B B ($B B

*e1(52

1

0

' 7

( 7

(PRFLRQHV SRVLWLYDV (3 (PRFLRQHV QHJDWLYDV (1 (PRFLRQHV DPELJXDV ($

0DVFXOLQR )HPHQLQR

&RPR VH SXHGH REVHUYDU HQ OD WDEOD DO FRPSDUDU ODV GLVWLQWDV HPRFLRQHV HQ HO FXDUWR MXHJR GH OD SULPHUD VHVLyQ MXHJRV VLQ YLFWRULD QR VH REWXYLHURQ GLIHUHQFLDV VLJQLILFDWLYDV S SDUD ORV YDORUHV GH ODV HPRFLRQHV HQ IXQFLyQ GHO JpQHUR

7DEOD 9DORUHV GHVFULSWLYRV SDUD ODV HPRFLRQHV HQ HO WHUFHU MXHJR GH OD VHJXQGD VHVLyQ MXHJRV FRQ YLFWRULD HQ IXQFLyQ GHO JpQHUR

(3B B

*e1(52

(1B B

($B B

1

0

' 7

( 7

(PRFLRQHV SRVLWLYDV (3 (PRFLRQHV QHJDWLYDV (1 (PRFLRQHV DPELJXDV ($

0DVFXOLQR )HPHQLQR

(PiV) 5HYLVWD 'LJLWDO GH (GXFDFLyQ )tVLFD $xR 1XP MXOLR DJRVWR GH

KWWS HPDVI ZHEFLQGDULR FRP

&RPR VH SXHGH REVHUYDU HQ OD WDEOD DO FRPSDUDU ODV GLVWLQWDV HPRFLRQHV HQ HO WHUFHU MXHJR GH OD VHJXQGD VHVLyQ MXHJRV FRQ YLFWRULD QR VH REWXYLHURQ GLIHUHQFLDV VLJQLILFDWLYDV S SDUD ORV YDORUHV GH ODV HPRFLRQHV HQ IXQFLyQ GHO JpQHUR

7DEOD 9DORUHV GHVFULSWLYRV SDUD ODV HPRFLRQHV HQ HO FXDUWR MXHJR GH OD VHJXQGD VHVLyQ MXHJRV FRQ YLFWRULD HQ IXQFLyQ GHO JpQHUR

EP_2_4 EN_2_4 EA_2_4

GÃ&#x2030;NERO 1

N 11

M 5.45

D.T 1.57

E.T 0.47

2

5

5.65

0.65

0.29

1

11

1.76

0.97

0.29

2

5

1.33

0.47

0.21

1

11

2.61

1.13

0.34

2

5

3.40

2.61

1.17

(PRFLRQHV SRVLWLYDV (3 (PRFLRQHV QHJDWLYDV (1 (PRFLRQHV DPELJXDV ($

0DVFXOLQR )HPHQLQR

&RPR VH SXHGH REVHUYDU HQ OD WDEOD DO FRPSDUDU ODV GLVWLQWDV HPRFLRQHV HQ HO FXDUWR MXHJR GH OD VHJXQGD VHVLyQ MXHJRV FRQ YLFWRULD QR VH REWXYLHURQ GLIHUHQFLDV VLJQLILFDWLYDV S SDUD ORV YDORUHV GH ODV HPRFLRQHV HQ IXQFLyQ GHO JpQHUR

$1Ã&#x2030;/6,6 '( &255(/$&,21(6 (175( /$6 (02&,21(6 *(6

7DEOD &RUUHODFLyQ 6SHDUPDQ HQWUH ODV HPRFLRQHV VXVFLWDGDV HQ HO WHUFHU MXHJR GH OD SULPHUD VHVLyQ MXHJRV VLQ YLFWRULD

(3B B (1B B

(3B B

(1B B

($B B

($B B

&RUUHODFLyQ VLJQLILFDWLYDV DO QLYHO (PRFLRQHV SRVLWLYDV (3

(PRFLRQHV QHJDWLYDV (1 (PRFLRQHV DPELJXDV ($

(Q OD WDEOD VH PXHVWUDQ ORV UHVXOWDGRV GHO DQiOLVLV GH FRUUHODFLyQ HQWUH ODV HPRFLRQHV SDUD HO WHUFHU MXHJR GH OD SULPHUD VHVLyQ 6H REVHUYDQ FRUUHODFLRQHV VLJQLILFDWLYDV S HQWUH ODV HPRFLRQHV SRVLWLYDV \ ODV DPELJXDV 7DEOD &RUUHODFLyQ 6SHDUPDQ HQWUH ODV HPRFLRQHV VXVFLWDGDV HQ HO VHJXQGR MXHJR GH OD VHJXQGD VHVLyQ MXHJRV FRQ YLFWRULD

(3B B

(3B B

(1B B

($B B

(1B B

($B B &RUUHODFLyQ VLJQLILFDWLYD DO QLYHO (PRFLRQHV SRVLWLYDV (3

(PRFLRQHV QHJDWLYDV (1 (PRFLRQHV DPELJXDV ($

(Q OD WDEOD VH PXHVWUDQ ORV UHVXOWDGRV GHO DQiOLVLV GH FRUUHODFLyQ HQWUH ODV HPRFLRQHV SDUD HO VHJXQGR MXHJR GH OD VHJXQGD VHVLyQ 6H SXHGHQ REVHUYDU GLIHUHQFLDV PX\ VLJQLILFDWLYDV S HQWUH ODV HPRFLRQHV SRVLWLYDV \ ODV DPELJXDV (PiV) 5HYLVWD 'LJLWDO GH (GXFDFLyQ )tVLFD $xR 1XP MXOLR DJRVWR GH

KWWS HPDVI ZHEFLQGDULR FRP

7DEOD &RUUHODFLyQ 6SHDUPDQ HQWUH ODV HPRFLRQHV VXVFLWDGDV HQ HO WHUFHU MXHJR GH OD VHJXQGD VHVLyQ MXHJRV FRQ YLFWRULD

(3B B

(3B B

(1B B

($B B

(1B B

($B B &RUUHODFLyQ VLJQLILFDWLYDV DO QLYHO &RUUHODFLyQ VLJQLILFDWLYD DO QLYHO (PRFLRQHV SRVLWLYDV (3 (PRFLRQHV QHJDWLYDV (1 (PRFLRQHV DPELJXDV ($

(Q OD WDEOD VH PXHVWUDQ ORV UHVXOWDGRV GHO DQiOLVLV GH FRUUHODFLyQ HQWUH ODV HPRFLRQHV SDUD HO WHUFHU MXHJR GH OD VHJXQGD VHVLyQ 6H REVHUYDQ FRUUHODFLRQHV VLJQLILFDWLYDV S HQWUH ODV HPRFLRQHV QHJDWLYDV \ ODV DPELJXDV

3RU RWUR ODGR VH SXHGHQ REVHUYDU FRUUHODFLRQHV PX\ VLJQLILFDWLYDV S

HQWUH ODV HPRFLRQHV SRVLWLYDV \ ODV DPELJXDV

7DEOD &RUUHODFLyQ 6SHDUPDQ HQWUH ODV HPRFLRQHV VXVFLWDGDV HQ HO FXDUWR MXHJR GH OD VHJXQGD VHVLyQ MXHJRV FRQ YLFWRULD

(3B B (1B B

(3B B

(1B B

($B B

($B B &RUUHODFLyQ VLJQLILFDWLYDV DO QLYHO (PRFLRQHV SRVLWLYDV (3

(PRFLRQHV QHJDWLYDV (1 (PRFLRQHV DPELJXDV ($

(Q OD WDEOD VH PXHVWUDQ ORV UHVXOWDGRV GHO DQiOLVLV GH FRUUHODFLyQ HQWUH ODV HPRFLRQHV SDUD HO FXDUWR MXHJR GH OD VHJXQGD 6H REVHUYDQ FRUUHODFLRQHV VLJQLILFDWLYDV S HQWUH ODV HPRFLRQHV SRVLWLYDV \ ODV DPELJXDV DVt FRPR HQWUH ODV HPRFLRQHV QHJDWLYDV \ ODV DPELJXDV

7DEOD &RUUHODFLyQ 6SHDUPDQ HQWUH ODV HPRFLRQHV VXVFLWDGDV HQ HO TXLQWR MXHJR GH OD VHJXQGD VHVLyQ MXHJRV FRQ YLFWRULD \ ODV GLVWLQWDV GLPHQVLRQHV GHO 364

(3B B

(1B B

($B B

(3B B (1B B ($B B &RUUHODFLyQ VLJQLILFDWLYD DO QLYHO (PRFLRQHV SRVLWLYDV (3

(PRFLRQHV QHJDWLYDV (1 (PRFLRQHV DPELJXDV ($

(Q OD WDEOD VH PXHVWUDQ ORV UHVXOWDGRV GHO DQiOLVLV GH FRUUHODFLyQ HQWUH ODV HPRFLRQHV SDUD HO TXLQWR MXHJR GH OD VHJXQGD 6H REVHUYDQ GLIHUHQFLDV PX\ VLJQLILFDWLYDV S HQWUH ODV HPRFLRQHV SRVLWLYDV \ ODV DPELJXDV

(PiV) 5HYLVWD 'LJLWDO GH (GXFDFLyQ )tVLFD $xR 1XP MXOLR DJRVWR GH

KWWS HPDVI ZHEFLQGDULR FRP

DISCUSIÓN 9$5,$&,21(6 '( /26 (67$'26 '( É1,02 3206 (1 )81&,Ð1 '(/ 7,32 '( 6(6,Ð1

/D PD\RUtD GH ORV HVWXGLRV KDQ UHODFLRQDGR OD DFWLYLGDG ItVLFD FRQ OD PHMRUD GHO HVWDGR GH iQLPR /HyQ &DOYR \ 5DPRV <XHQJ R HO WUDWDPLHQWR \ PHMRUD GH OD GHSUHVLyQ \ DQVLHGDG R WHQVLyQ $QQHVL 0DWKHU 5RGUtJXH] *XWKULH 0F+DUJ 5HLG \ 0F0XUGR 6DOPRQ FLWDGR HQ 2LDUELGH 0DUWtQH] 6DQWRV 8VDELDJD (W[HEHVWH \ 8UGDQJDULQ S

(Q HVWH VHQWLGR ORV DOXPQRV SDUWLFLSDQWHV QR PRVWUDURQ QLQJXQD GLIHUHQFLD DO LQLFLR GH ODV VHVLRQHV HQ QLQJXQD GH ODV GLPHQVLRQHV GH VXV HVWDGRV GH iQLPR LQLFLDOHV 6H HQWLHQGH TXH ORV UHVXOWDGRV REWHQLGRV VRQ IUXWR GH OD SURSLD LQWHUYHQFLyQ \ QR GH ODV SRVLEOHV GLIHUHQFLDV SUHYLDV LQGLYLGXDOHV HQ HO HVWDGR GH iQLPR $UFH $QGUDGH \ 6HRDQH VHxDODQ HVWH KHFKR FRPR UHOHYDQWH VLHQGR HO FRQRFLPLHQWR SUHYLR SUHFLVDPHQWH GHWHUPLQDQWH SDUD VDEHU FRQ FHUWH]D FXDOHV KDQ VLGR UHDOPHQWH ODV IOXFWXDFLRQHV TXH VH KDQ SURGXFLGR GXUDQWH HO GHVDUUROOR GH OD DFWLYLGDG ItVLFR GHSRUWLYD %HHGLH 7HUU\ \ /DQH FLWDGR HQ 'H OD 9HJD 5XL] 7HMHUR \ 5LYHUD S

(Q FDPELR ORV DOXPQRV SDUWLFLSDQWHV VROR PRVWUDURQ GLIHUHQFLDV DO ILQDO GH ODV VHVLRQHV HQ OD GLPHQVLyQ GH HVWDGR GH iQLPR IDWLJD (VWRV PLVPRV UHVXOWDGRV FRLQFLGHQ FRQ RWURV HVWXGLRV UHDOL]DGRV HQ GRQGH VH HQFRQWUDURQ IOXFWXDFLRQHV HQ HO IDFWRU IDWLJD HQ IXQFLyQ GH OD H[SHFWDWLYD GH p[LWR \ GHO WUDEDMR ItVLFR UHDOL]DGR 'H OD 9HJD *DOiQ 5XL] \ 7HMHUR +DGDOD &HEROOD %DQRV \ %DUULRV FLWDGR HQ 'H OD 9HJD \ FRO S 6H HQWLHQGH TXH HO DOXPQDGR SDUWLFLSDQWH HQ EXVFD GHO p[LWR HQ HO MXHJR DVt FRPR GHO WUDEDMR ItVLFR OOHYDGR D FDER SDUD FRQVHJXLUOR KD SURGXFLGR FDPELRV D QLYHO GH IDWLJD

7DPELpQ H[LVWLHURQ GLIHUHQFLDV HQ OD GLPHQVLyQ IDWLJD GH OD SULPHUD VHVLyQ MXHJRV VLQ YLFWRULD \ OD VHJXQGD VHVLyQ MXHJRV FRQ YLFWRULD DO ILQDO GH ODV PLVPDV (Q HVWH VHQWLGR VH HQWLHQGH TXH HQ ORV MXHJRV FRRSHUDWLYRV GRQGH KXER UHVXOWDGR ILQDO JDQDU R SHUGHU ORV SDUWLFLSDQWHV VH HVIRU]DURQ PiV SDUD FRQVHJXLU OD YLFWRULD HQ HO MXHJR VLHQGR HO QLYHO GH IDWLJD PD\RU (VWRV PLVPRV UHVXOWDGRV FRLQFLGHQ FRQ XQ HVWXGLR UHDOL]DGR FRQ HVWXGLDQWHV XQLYHUVLWDULRV HQ MXHJRV GH FRRSHUDFLyQ RSRVLFLyQ HQ GRQGH HO QLYHO GH LQWHQVLGDG GH ORV SDUWLFLSDQWHV IXH Pi[LPR FRQ HO ILQ GH FRQVHJXLU OD YLFWRULD HQ HO MXHJR SURGXFLpQGRVH XQ LQFUHPHQWR HQ HO QLYHO GH IDWLJD GH pVWRV 2LDUELGH \ FRO S

9$5,$&,21(6 '( /26 (67$'26 '( É1,02 3206 < /$6 (02&,21(6 *(6 (1 )81&,Ð1 '(/ *e1(52

3RU XQ ODGR ODV YDULDFLRQHV UHODFLRQDGDV FRQ ORV HVWDGRV GH iQLPR 3206 HQ IXQFLyQ GHO JpQHUR QR IXHURQ VLJQLILFDWLYDV HQ HO 3206 LQLFLR \ ILQDO HQ QLQJXQD GH ODV GRV VHVLRQHV (VWRV UHVXOWDGRV FRQFXHUGDQ FRQ RWURV REWHQLGRV FRQ HO GRPLQLR GH DFFLyQ PRWUL] GH MXHJRV GH FRRSHUDFLyQ RSRVLFLyQ HQ GRQGH HO HVWDGR GH iQLPR HQ HO JpQHUR PDVFXOLQR IXH PHQRU DO ILQDO GH ODV SUiFWLFDV PLHQWUDV TXH HQ HO JpQHUR IHPHQLQR DSHQDV FDPELy 2LDUELGH HW DO S (VWR HV GHELGR D TXH ORV MXHJRV FRRSHUDWLYRV VRQ XQ GRPLQLR GH DFFLyQ PRWUL] FX\D SURSXHVWD HV LQWHQWDU GLVPLQXLU ODV PDQLIHVWDFLRQHV GH DJUHVLYLGDG WHQVLyQ GHSUHVLyQ \ UDELD HQ ORV (PiV) 5HYLVWD 'LJLWDO GH (GXFDFLyQ )tVLFD $xR 1XP MXOLR DJRVWR GH

KWWS HPDVI ZHEFLQGDULR FRP

MXHJRV HVWLPXODQGR DFWLWXGHV GH VHQVLELOL]DFLyQ FRRSHUDFLyQ FRPXQLFDFLyQ \ VROLGDULGDG

3RU RWUR ODGR ODV YDULDFLRQHV UHODFLRQDGDV FRQ OD LQWHQVLGDG HPRFLRQDO *(6

HQ ORV MXHJRV FRRSHUDWLYRV FRQ R VLQ YLFWRULD HQ IXQFLyQ GHO JpQHUR QR IXHURQ VLJQLILFDWLYDV HQ QLQJXQD GH ODV GRV VHVLRQHV (VWH UHVXOWDGR FRLQFLGH FRQ RWUR HVWXGLR UHFLHQWH HQ WRUQR D SUiFWLFDV PRWULFHV H[SUHVLYDV 0DWHX 5RPHUR 0DUWtQ *HOSL 5RYLUD \ /DYHJD S HQ HO FXDO QR VH HQFXHQWUDQ GLIHUHQFLDV GH OD LQWHQVLGDG HPRFLRQDO HQWUH KRPEUHV \ PXMHUHV (Q WRGR FDVR HVWRV UHVXOWDGRV FRQWUDGLFHQ SUHMXLFLRV H[WHQGLGRV VRFLDOPHQWH \ HVWXGLRV SUHYLRV TXH DWULEX\HQ D OD PXMHU XQD PD\RU HPRFLRQDOLGDG

(Q HVWH VHQWLGR HVWi PX\ H[WHQGLGD OD FUHHQFLD GH TXH KRPEUHV \ PXMHUHV VH FRPSRUWDQ HPRFLRQDOPHQWH GH PDQHUD PX\ GLIHUHQWH )HOGPDQ 5RELQ 3LHWURPRQDFR \ (\VVHOO FLWDGR HQ 0DWHX \ FRO S 6H KD LGHQWLILFDGR D ODV PXMHUHV FRPR HO VH[R PiV ´HPRFLRQDOµ OD PXMHU VHQVLEOH TXH VH HPRFLRQD \ H[SUHVD VXV VHQWLPLHQWRV FRQ IDFLOLGDG DXQTXH D YHFHV VH SXHGD SHUFLELU VX FRQGXFWD FRPR LUDVFLEOH R LQHVWDEOH SRU HOOR 6iQFKH] )HUQiQGH] %HUURFDO 0RQWDxpV \ /DWRUUH FLWDGR HQ 0DWHX HW DO S 6LQ HPEDUJR ODV HYLGHQFLDV FLHQWtILFDV QR PXHVWUDQ UHVXOWDGRV FRQFOX\HQWHV OOHJDQGR D DUURMDU GDWRV FRQWUDGLFWRULRV $OFDOi &DPDFKR *LQHU *LQHU H ,EixH] 6iQFKH] \ FRO 6LPRQ \ 1DWK FLWDGR HQ 0DWHX HW DO S

'HO PLVPR PRGR VH GHEH UHFRQRFHU HO SRWHQFLDO SHGDJyJLFR GH OD FRRSHUDFLyQ SDUD HO GHVDUUROOR LQWHJUDO GH OD SD] HQ DPERV JpQHURV DO IDYRUHFHU H[SHULHQFLDV DJUDGDEOHV 'DOH\ \ 2·*DUD :HUQHU 7KRUSH \ %XQNHU FLWDGR HQ -DTXHLUD \ FRO S /RV UHVXOWDGRV REWHQLGRV SHUPLWHQ DILUPDU TXH ORV MXHJRV FRRSHUDWLYRV SXHGHQ VHU XQ UHFXUVR SHGDJyJLFR H[WUDRUGLQDULR SDUD SURPRYHU SURJUDPDV EDVDGRV HQ UHODFLRQHV VRFLDOHV SDFtILFDV TXH JDUDQWLFHQ OD LJXDOGDG GH JpQHUR \ HO HTXLOLEULR SVLFRDIHFWLYR GH ORV SDUWLFLSDQWHV 5HDUGRQ 5RFKH FLWDGR HQ -DTXHLUD HW DO S

5(/$&,21(6 (175( /$6 (02&,21(6 *(6

(Q FXDQWR D OD FRUUHODFLyQ HQWUH ORV GLIHUHQWHV WLSRV GH HPRFLRQHV HQ OD SULPHUD VHVLyQ MXHJRV FRRSHUDWLYRV VLQ YLFWRULD ODV HPRFLRQHV SRVLWLYDV FRUUHODFLRQDURQ GH IRUPD VLJQLILFDWLYD FRQ ODV DPELJXDV $Vt SXHV ODV HPRFLRQHV DPELJXDV DFWXDURQ FRPR SRVLWLYDV HQ IXQFLyQ GH ODV YLYHQFLDV GHVHQFDGHQDGDV HQ ORV MXHJRV (VWRV KDOOD]JRV FRLQFLGHQ FRQ ORV TXH VH SRQHQ GH PDQLILHVWR HQ XQ HVWXGLR VLPLODU /DYHJD $ORQVR (W[HEHVWH /DJDUGHUD \ 0DUFK S HQ GRQGH OD FRRSHUDFLyQ DFWLYy HO QLYHO GH LQWHQVLGDG PiV DOWR HQ HPRFLRQHV SRVLWLYDV \ DPELJXDV 2WUDV LQYHVWLJDFLRQHV /DYHJD HW DO S FRQILUPDQ OD JUDQ FRQWULEXFLyQ GH ORV MXHJRV FRRSHUDWLYRV SDUD VXVFLWDU YDORUHV HOHYDGRV HQ HPRFLRQHV SRVLWLYDV \ DPELJXDV \ GHVHQFDGHQDU QLYHOHV PX\ EDMRV GH HPRFLRQHV QHJDWLYDV

(Q OD VHJXQGD VHVLyQ MXHJRV FRRSHUDWLYRV FRQ YLFWRULD ODV HPRFLRQHV SRVLWLYDV FRUUHODFLRQDURQ GH IRUPD VLJQLILFDWLYD \ PX\ VLJQLILFDWLYD FRQ ODV DPELJXDV DVt FRPR ODV HPRFLRQHV DPELJXDV OR KLFLHURQ GH IRUPD VLJQLILFDWLYD FRQ ODV QHJDWLYDV &XDQGR ORV SDUWLFLSDQWHV JDQDURQ YLYHQFLDURQ ODV HPRFLRQHV DPELJXDV FRPR SRVLWLYDV VLQ HPEDUJR FXDQGR VH SHUGLy pVWDV VH YLYHQFLDURQ FRPR

(PiV) 5HYLVWD 'LJLWDO GH (GXFDFLyQ )tVLFD $xR 1XP MXOLR DJRVWR GH

KWWS HPDVI ZHEFLQGDULR FRP

QHJDWLYDV (VWRV UHVXOWDGRV FRQFXHUGDQ FRQ ORV H[SXHVWRV HQ RWUR HVWXGLR VLPLODU /DYHJD \ FRO S HQ GRQGH DO JDQDU ODV LQWHQVLGDGHV IXHURQ Pi[LPDV HQ ODV HPRFLRQHV SRVLWLYDV \ DPELJXDV \ PtQLPDV HQ ODV HPRFLRQHV QHJDWLYDV (Q FDPELR FXDQGR VH SHUGLy ODV HPRFLRQHV QHJDWLYDV IXHURQ PiV LQWHQVDV HQ ORV FXDWUR GRPLQLRV FRQYLUWLpQGRVH ODV HPRFLRQHV DPELJXDV HQ QHJDWLYDV

&21&/86,21(6

/RV MXHJRV FRRSHUDWLYRV FRQ \ VLQ YLFWRULD VRQ XQ UHFXUVR SHGDJyJLFR GH JUDQ YDORU SDUD GHVDUUROODU \ SRWHQFLDU ORV HVWDGRV GH iQLPRV \ ODV HPRFLRQHV HQ HO LQGLYLGXR

(Q HVWH VHQWLGR VROR VH KDQ SURGXFLGR YDULDFLRQHV R GLIHUHQFLDV GH ORV HVWDGRV GH iQLPR HQ IXQFLyQ GHO WLSR GH VHVLyQ HQ OD GLPHQVLyQ GHO 3206 IDWLJD HQ ODV GRV VHVLRQHV FRPR FRQVHFXHQFLD GH OD LQWHUYHQFLyQ TXH VH KD OOHYDGR D FDER \ DO HVIXHU]R GH ORV SDUWLFLSDQWHV SRU FRQVHJXLU OD YLFWRULD HQ ORV MXHJRV TXH OR UHTXHUtDQ

'HO PLVPR PRGR QR VH KDQ SURGXFLGR YDULDFLRQHV R GLIHUHQFLDV GH ORV HVWDGRV GH iQLPR \ ODV HPRFLRQHV HQ IXQFLyQ GHO JpQHUR GHELGR D TXH SRU XQ ODGR ORV MXHJRV FRRSHUDWLYRV UHGXFHQ ORV HVWDGRV GH iQLPR QHJDWLYRV HQ ORV VXMHWRV FRPR OD UDELD OD GHSUHVLyQ R OD WHQVLyQ \ SRU RWUR ODGR ORV FKLFRV \ ODV FKLFDV DO SUDFWLFDU MXHJRV FRRSHUDWLYRV VH HPRFLRQDQ FRQ OD PLVPD LQWHQVLGDG GHVHFKDQGR ORV SUHMXLFLRV VRFLDOHV TXH DWULEX\HQ D OD PXMHU XQD PD\RU HPRFLRQDOLGDG

(Q OR UHIHUHQWH D ODV HPRFLRQHV GHVWDFDU TXH HQ ORV MXHJRV FRRSHUDWLYRV VLQ YLFWRULD VH KD GDGR XQD UHODFLyQ HQWUH ODV HPRFLRQHV SRVLWLYDV \ DPELJXDV GHELGR D TXH HVWH WLSR GH GRPLQLR GH DFFLyQ PRWUL] DFWLYD HPRFLRQHV SRVLWLYDV \ DPELJXDV \ DO QR KDEHU UHVXOWDGR HVDV HPRFLRQHV DPELJXDV DFW~DQ FRPR SRVLWLYDV 6LQ HPEDUJR HQ ORV MXHJRV FRRSHUDWLYRV FRQ YLFWRULD ODV HPRFLRQHV SRVLWLYDV \ ODV QHJDWLYDV VH KDQ UHODFLRQDGR FRQ ODV DPELJXDV FRPR FRQVHFXHQFLD GH TXH HO UHVXOWDGR HQ HO MXHJR GHWHUPLQD ODV HPRFLRQHV HQ HO VXMHWR 6L VH JDQD HQ HO MXHJR VH DFWLYDQ HPRFLRQHV SRVLWLYDV \ DPELJXDV TXH DFW~DQ FRPR SRVLWLYDV SHUR VL SLHUGH VH DFWLYDQ HPRFLRQHV QHJDWLYDV \ DPELJXDV TXH DFW~DQ FRPR QHJDWLYDV

5()(5(1&,$6 %,%/,2*5É),&$6 $OFDOi 9 &DPDFKR 0 *LQHU ' *LQHU - H ,EixH] ( $IHFWRV \ JpQHUR 3VLFRWKHPD

$OPHLGD 0 7 3 /RV MXHJRV FRRSHUDWLYRV HQ OD HGXFDFLyQ ItVLFD 8QD SURSXHVWD O~GLFD SDUD OD SD] (Q -XHJRV &RRSHUDWLYRV 7iQGHP 'LGiFWLFD GH OD (GXFDFLyQ )tVLFD

$OPHLGD 0 7 3 (O MXHJR FRRSHUDWLYR \ OD FXOWXUD GH OD SD] HQ OD HGXFDFLyQ LQIDQWLO 9 &RQJUHVR ,QWHUQDFLRQDO GH DFWLYLGDGHV ItVLFDV FRRSHUDWLYDV GH [XxR DR GH [XOOR GH &RQFHOOR GH 2OHLURV HG 9DOODGROLG (VSDxD /D 3HRQ]D SXEOLFDFLRQHV

(PiV) 5HYLVWD 'LJLWDO GH (GXFDFLyQ )tVLFD $xR 1XP MXOLR DJRVWR GH

KWWS HPDVI ZHEFLQGDULR FRP

$ORQVR - , *HD * \ <XVWH - / )RUPDFLyQ HPRFLRQDO \ MXHJR HQ IXWXURV GRFHQWHV GH (GXFDFLyQ )tVLFD 5HYLVWD (OHFWUyQLFD ,QWHUXQLYHUVLWDULD GH )RUPDFLyQ GHO 3URIHVRUDGR

$ORQVR - , /DYHJD 3 \ *HD * ,QFLGHQFLD GH ORV MXHJRV GH RSRVLFLyQ HQ OD YLYHQFLD GH HPRFLRQHV 8QLYHUVLGDG GH 0XUFLD 0XUFLD $QQHVL - 6H[ GLIIHUHQFHV LQ UHODWLRQV RI FDUGLRUHVSLUDWRU\ DQG PRRG FKDQJHV DVVRFLDWHV ZLWK VHOI VHOHFWHG DPRXQWV RI FDUGLRYDVFXODU H[HUFLVH 3VXFKRORJLFDO 5HSRUWV

$QQHVL - - 5HODWLRQ RI IDWLJXH DQG FKDQJHV LQ HQHUJ\ DIWHU H[HUFLVH DQG RYHU ZHHNV LQ SUHYLRXVO\ VHGHQWDU\ ZRPHQ H[HUFLVHUV 3HUFHSWXDO DQG PRWRU VNLOOV

$UFH & $QGUDGH ( 0 \ 6HRDQH * 3UREOHPDV VHPiQWLFRV HQ OD DGDSWDFLyQ GHO 3206 DO FDVWHOODQR 3VLFRWKHPD 6XSO

$UUX]D - %DODJXp * \ $UULHWD 0 5HQGLPLHQWR GHSRUWLYR H LQ IOXHQFLD GHO HVWDGR GH iQLPR GH OD GLILFXOWDG HVWLPDGD \ GH OD DXWRHILFD FLD HQ OD DOWD FRPSHWLFLyQ 5HYLVWD GH 3VLFRORJtD GHO 'HSRUWH %DODJXHU , )XHQWHV , 0HOLi - / *DUFtD 0HULWD 0 \ 3pUH] * (O 3HUILO GH ORV (VWDGRV GH Ã&#x2030;QLPR 3206 %DUHPR SDUD HVWXGLDQWHV YDOHQFLDQRV \ VX DSOLFDFLyQ HQ HO FRQWH[WR GHSRUWLYR 5HYLVWD GH 3VLFRORJtD GHO 'HSRUWH %HHGLH &- 7HUU\ 3& \ /DQH $0 (O 3HUILO GH (VWDGRV GH iQLPR \ HO UHQGLPLHQWR DWOpWLFR 'RV PHWD DQiOLVLV 5HYLVWD GH 3VLFRORJtD GHO 'HSRUWH $SOLFDGD

%HQ =H·HY $ 7KH VXEWOHW\ RI HPRWLRQV &DPEULGJH 0,7 3UHVV %LVTXHUUD 5 (GXFDFLyQ HPRFLRQDO \ ELHQHVWDU %DUFHORQD 3UD[LV %XFN 5 1RQYHUEDO FRPPXQLFDWLRQ VSRQWDQHRXV DQG V\PEROLF DVSHFWV $PHULFDQ EHKDYLRUDO VFLHQWLVW

%XKULQJ . 2OLYD 3 \ %UDYR & 'HWHUPLQDFLyQ QR H[SHULPHQWDO GH OD FRQGXFWD VHGHQWDULD HQ HVFRODUHV 5HYLVWD &KLOHQD GH QXWULFLyQ

&DQGHO 1 2OPHGLOOD $ \ %ODV $ 5HODFLRQHV HQWUH OD SUiFWLFD GH DFWLYLGDG ItVLFD \ HO DXWRFRQFHSWR OD DQVLHGDG \ OD GHSUHVLyQ HQ )HPHQLQRV DGROHVFHQWHV &XDGHUQRV GH 3VLFRORJtD GHO 'HSRUWH

&DYLQDWR * 'H 3UH]]R / /D]]DULQL 0 \ 9HWHQDU 1 /D SD] HQ HO MXHJR (Q 7XYLOOD - /D HVFXHOD ,QVWUXPHQWR GH 3D] \ 6ROLGDULGDG 0RUyQ 6HYLOOD 0&(3 &UpYLHU 5 \ %HUXEp ' 'HVDUUROOR SHUFHSWXDO \ PRWRU HQ ORV QLxRV %XHQRV $LUHV 3DLGyV &VLNV]HQWPLKDO\L 0 )OXLU IORZ 8QD SVLFRORJtD GH OD IHOLFLGDG %DUFHORQD .DLUyV 'DOH\ $ \ 2·*DUD $ $JH JHQGHU DQG PRWLYDWLRQ IRU SDUWLFLSDWLRQ LQ H[WUD FXUULFXODU SK\VLFDO DFWLYLWLHV LQ VHFRQGDU\ VFKRRO DGROHVFHQWV (XURSHDQ 3K\VLFDO (GXFDWLRQ 5HYLHZ (3(5

(PiV) 5HYLVWD 'LJLWDO GH (GXFDFLyQ )tVLFD $xR 1XP MXOLR DJRVWR GH

KWWS HPDVI ZHEFLQGDULR FRP

'DPDVLR $ 5 (Q EXVFD GH 6SLQR]D 1HXURELRORJtD GH OD HPRFLyQ \ ORV VHQWLPLHQWRV %DUFHORQD &UtWLFD 'H OD 9HJD 5 *DOiQ $ 5XL] 5 \ 7HMHUR & (VWDGR GH iQLPR SUHFRPSHWLWLYR \ UHQGLPLHQWR SHUFLELGR HQ ERFFLD SDUDOtPSLFD 5HYLVWD GH 3VLFRORJtD GHO 'HSRUWH

'LHQHU ( 6XEMHFWLYH ZHOO EHLQJ 7KH VFLHQFH RI KDSSLQHVV DQG D SURSRVDO IRU D QDWLRQDO LQGH[ $PHULFDQ 3V\FKRORJLVW

(LVHQEHUJ 1 &XPEHUODQG $ \ 6SLQUDG 7 / 3DUHQWDO VRFLDOL]DWLRQ RI HPRWLRQ 3V\FKRORJLFDO ,QTXLU\ )HOGPDQ / 5RELQ / 3LHWURPRQDFR 3 5 \ (\VVHOO . 0 $UH :RPHQ WKHµ 0RUH (PRWLRQDOµ 6H[" (YLGHQFH IURP HPRWLRQDO H[SHULHQFHV LQ VRFLDO FRQWH[W &RJQLWLRQ DQG (PRWLRQ

)ULMGD 1 + :KDW HPRWLRQV PLJKW EH" &RPPHQWV RQ WKH FRPPHQWV· 6RFLDO VFLHQFH LQIRUPDWLRQ VXU OHV VFLHQFHV VRFLDOHV )XHQWHV , %DODJXHU , 0HOLi - / \ *DUFtD 0HULWD 0 )RUPD DEUHYLDGD GHO 3HUILO GH (VWDGR GH ÉQLPR 3206 (Q ( &DQWyQ &RPS 9 &RQJUHVR 1DFLRQDO GH 3VLFRORJtD GH OD $FWLYLGDG )tVLFD \ HO 'HSRUWH SS 9DOHQFLD 8QLYHUVLWDW GH 9DOqQFLD *RHW] 7 )UHQ]HO $ & 3HNUXQ 5 +DOO 1 & \ / GWNH 2 %HWZHHQ DQG ZLWKLQ GRPDLQ UHODWLRQV RI VWXGHQWV· DFDGHPLF HPRWLRQV -RXUQDO RI (GXFDWLRQDO 3V\FKRORJ\

*XLWDUW 5 0 MXHJRV QR FRPSHWLWLYRV %DUFHORQD *UDy *XWLpUUH] 0 /D HGXFDFLyQ SVLFRPRWUL] \ HO MXHJR HQ OD HGDG HVFRODU 6HYLOOD :DQFHXOHQ +DGDOD 0 &HEROOD $ %DQRV 5 \ %DUULRV & 0RRG SURILOH RI DQ $PHULFD V &XS 7HDP 5HODWLRQVKLS ZLWK PXVFOH GDPDJH DQG LQMXULHV 0HGLFLQH DQG 6FLHQFH LQ 6SRUWV DQG ([HUFLVH

+DQLQ < / (G

(PRWLRQV LQ VSRUW &KDPSDLJQ ,OOLQRLV +XPDQ .LQHWLFV -DTXHLUD $ 5 /DYHJD 3 /DJDUGHUD ) $UiXMR 3 \ 5RGULJXHV 0 (GXFDQGR SDUD OD SD] MXJDQGR *pQHUR \ HPRFLRQHV HQ OD SUiFWLFD GH MXHJRV FRRSHUDWLYRV FRPSHWLWLYRV (GXFDWLR 6LJOR ;;, 0DU]R

-RKQVRQ ' : 6WXGHQW VWXGHQW LQWHUDFWLRQ 7KH QHJOHFWHG YDULDEOH LQ HGXFDWLRQ (Q (GXFDWLRQDO 5HVHDUFKHU /DYHJD 3 -XHJRV WUDGLFLRQDOHV HPRFLRQHV \ HGXFDFLyQ GH FRPSHWHQFLDV ,, &XUVR GH IRUPDFLyQ VREUH 2 3DWULPRQLR /~GLFR 2 -RJR 7UDGLFLRQDO H DV GLGiFWLFDV HVSHFtILFDV 0HOLGH RFWXEUH /DYHJD 3 $ORQVR - , (W[HEHVWH - /DJDUGHUD ) \ 0DUFK - 5HODFLyQ HQWUH ODV GLIHUHQWHV FODVHV GH MXHJRV WUDGLFLRQDOHV \ OD LQWHQVLGDG HPRFLRQDO 5HYLVWD GH ,QYHVWLJDFLyQ (GXFDWLYD 5,(

/DYHJD 3 )LOHOOD * /DJDUGHUD ) 0DWHX 0 \ 2FKRD - -XHJRV PRWRUHV \ HPRFLRQHV &XOWXUD \ (GXFDFLyQ

(PiV) 5HYLVWD 'LJLWDO GH (GXFDFLyQ )tVLFD $xR 1XP MXOLR DJRVWR GH

KWWS HPDVI ZHEFLQGDULR FRP

/DYHJD 3 0DUFK - \ )LOHOOD * -XHJRV GHSRUWLYRV \ HPRFLRQHV 3URSLHGDGHV SVLFRPpWULFDV GH OD HVFDOD *(6 SDUD VHU DSOLFDGD HQ OD HGXFDFLyQ ItVLFD \ HO GHSRUWH 5HYLVWD GH ,QYHVWLJDFLyQ (GXFDWLYD 5,(

/D]DUXV 5 6 +RZ HPRWLRQV LQIOXHQFH SHUIRUPDQFH LQ FRPSHWLWLYH VSRUWV 7KH 6SRUW 3V\FKRORJLVW /HyQ - $ &DOYR $ \ 5DPRV $ 0 $FWLYLGDG ItVLFD \ SHUILO DQtPLFR HQ XQ VHFWRU GH OD SREODFLyQ VHYLOODQD 5HYLVWD ,QWHUQDFLRQDO GH 0HGLFLQD \ &LHQFLDV GH OD $FWLYLGDG )tVLFD \ HO 'HSRUWH

/ySH] GH 6RVRDJD $ $QiOLVLV SUD[LROyJLFR GH OD (GXFDFLyQ )tVLFD GH 3ULPDULD DxRV HQ HO 3DtV 9DVFR 8Q HVWXGLR GH FDVRV $FFLyQ 0RWUL] /XW] & \ :KLWH * 7KH DQWKURSRORJ\ RI HPRWLRQV $QQXDO UHYLHZ RI DQWKURSRORJ\ 0DWHX 0 5RPHUR 0DUWtQ 0 *HOSL 3 5RYLUD * \ /DYHJD 3 /D HGXFDFLyQ HPRFLRQDO D WUDYpV GH ODV SUiFWLFDV PRWULFHV GH H[SUHVLyQ 3HUVSHFWLYD GH JpQHUR (GXFDWLR 6LJOR ;;,

0DWKHU $ 6 5RGUtJXH] & *XWKULH 0 ) 0F+DUJ $ 0 5HLG , & \ 0F0XUGR 0

(IIHFWV RI H[HUFLVH RQ GHSUHVVLYH V\PSWRPV LQ ROGHU DGXOWV ZLWK SRRUO\ UHVSRQVLYH GHSUHVVLYH GLVRUGHU 5DQGRPL]HG FRQWUROOHG WULDO %ULWLVK -RXUQDO RI 3V\FKLDWU\ 0DWXUDQD + \ 9HUGHQ =|OOHU * $PRU \ MXHJR )XQGDPHQWRV ROYLGDGRV GH OR KXPDQR 'HVGH HO SDWULDUFDGR D OD GHPRFUDFLD 6DQWLDJR &RPXQLFDFLRQHV 1RUHVWH 0F1DLU ' /RUU 0 \ 'URSOHPDQ / 0DQXDO IRU WKH 3URILOH 0RRG 6WDWHV 6DQ 'LHJR (GXFDWLRQDO DQG ,QGXVWULDO 7HVWLQJ 6HUYLFH 2LDUELGH $ 0DUWtQH] 6DQWRV 5 8VDELDJD 2 (W[HEHVWH - \ 8UGDQJDUtQ &

(IHFWRV GH ORV MXHJRV GH FRRSHUDFLyQ RSRVLFLyQ HQ HO iQLPR GH ORV XQLYHUVLWDULRV 5HWRV 1XHYDV 7HQGHQFLDV HQ (GXFDFLyQ )tVLFD 'HSRUWH \ 5HFUHDFLyQ 2PHxDFD 5 \ 5XL] - 9 -XHJRV FRRSHUDWLYRV \ HGXFDFLyQ ItVLFD HG

%DUFHORQD 3DLGRWULER 2UOLFN 7 -XHJRV \ GHSRUWHV FRRSHUDWLYRV 0DGULG 3RSXODU 2UOLFN 7 /LEUHV SDUD FRRSHUDU OLEUHV SDUD FUHDU %DUFHORQD 3DLGRWULER 3DOODUpV 0 7pFQLFDV GH JUXSR SDUD HGXFDGRUHV 0DGULG ,&&( 3DUOHEDV 3 (OHPHQWRV GH VRFLRORJtD GHO GHSRUWH 0iODJD 8QLVSRUW 3ROHR $ $JXLOHUD % ,JOHVLDV & 6DFULVWiQ & 6DQ -RVp & %DUWRORPp - 0DUWtQH] 0 *RQ]iOH] 0 &DVFyQ 3 *UDVD 5 6DFULVWiQ 6 \ -DUHV ; /D DOWHUQDWLYD GHO MXHJR ,, -XHJRV \ GLQiPLFDV HQ HGXFDFLyQ SDUD OD SD] 7RUUHODYHJD (GLWDGR SRU ORV DXWRUHV 3XQVHW ( (O YLDMH D OD IHOLFLGDG /DV QXHYDV FODYHV FLHQWtILFDV %DUFHORQD 'HVWLQR 5HDUGRQ % $ (GXFDWLQJ IRU KXPDQ GLJQLW\ /HDUQLQJ DERXW ULJKWV DQG UHVSRQVLELOLWLHV 1HZ <RUN 7HDFKHUV &ROOHJH 3UHVV (PiV) 5HYLVWD 'LJLWDO GH (GXFDFLyQ )tVLFD $xR 1XP MXOLR DJRVWR GH

KWWS HPDVI ZHEFLQGDULR FRP

5HLJDO 5 \ 0iUTXH] 0 9 /D H[SUHVLyQ FRUSRUDO FRPR KHUUDPLHQWD GH FRKHVLyQ JUXSDO \ ELHQHVWDU HQ ODV FODVHV GH (GXFDFLyQ )tVLFD $UWH FXOWXUD \ HGXFDFLyQ $SRUWDFLRQHV GHVGH OD SHULIHULD 5RFKH ' 7KH +XPDQ 5LJKW WR 3HDFH 7RURQWR 1RYDOLV 6DDUQL & (PRWLRQDO FRPSHWHQFH +RZ HPRWLRQV DQG UHODWLRQVKLSV EHFRPH LQWHJUDWHG (Q 7KRPSVRQ 5 $ 6RFLRHPRWLRQDO GHYHORSPHQW SS /LQFROQ 8QLYHUVLW\ RI 1HEUDVND 3UHVV 6DOPRQ 3 (IIHFWV RI SK\VLFDO H[HUFLVH RQ DQ[LHW\ GHSUHVVLRQ DQG VHQVLWLYLW\ WR VWUHVV $ XQLI\LQJ WKHRU\ &OLQLFDO 3V\FKRORJ\ 5HYLHZ 6iQFKH] 0 7 )HUQiQGH] %HUURFDO 3 0RQWDxpV - \ /DWRUUH - / ¢(V OD LQWHOLJHQFLD HPRFLRQDO XQD FXHVWLyQ GH JpQHUR" 6RFLDOL]DFLyQ GH ODV FRPSHWHQFLDV HPRFLRQDOHV HQ KRPEUHV \ PXMHUHV \ VXV LPSOLFDFLRQHV 5HYLVWD (OHFWUyQLFD GH ,QYHVWLJDFLyQ 3VLFRHGXFDWLYD

6LPRQ 5 : \ 1DWK / ( *HQGHU DQG HPRWLRQ LQ WKH 8QLWHG 6WDWHV 'R PHQ DQG ZRPHQ GLIIHU LQ VHOI UHSRUWV RI IHHOLQJV DQG H[SUHVVLYH EHKDYLRU" 7KH $PHULFDQ -RXUQDO RI 6RFLRORJ\

6ODYLQ 5 &RRSHUDWLYH OHDUQLQJ WKHRU\ UHVHDUFK DQG SUDFWLFH %RVWRQ $OO\ DQG EDFRQ 7ULJR ( $SOLFDFLyQ GHO MXHJR WUDGLFLRQDO DO FXUUtFXOXP GH (GXFDFLyQ )tVLFD %DUFHORQD 3DLGRWULER 9HFLQD 0 / (PRFLRQHV SRVLWLYDV 3DSHOHV GHO 3VLFyORJR

9HOi]TXH] & /DV DFWLYLGDGHV ItVLFDV FRRSHUDWLYDV HQ XQ SURJUDPD GH (GXFDFLyQ )tVLFD SDUD OD SD] (Q $FWDV GHO , &RQJUHVR (VWDWDO GH $FWLYLGDGHV )tVLFDV &RRSHUDWLYDV 0HGLQD GHO &DPSR GH MXOLR 9DOODGROLG /D 3HRQ]D 3XEOLFDFLRQHV :HUQHU 3 7KRUSH 5 \ %XQNHU ' 7HDFKLQJ JDPHV IRU XQGHUVWDQGLQJ (YROXWLRQ RI D PRGHO -RXUQDO RI 3K\VLFDO (GXFDWLRQ 5HFUHDWLRQ DQG 'DQFH

<XHQJ 5 5 7KH DFXWH HIIHFWV RI H[HUFLVH RQ PRRG VWDWH -RXUQDO RI 3V\FKRVRPDWLF 5HVHDUFK =LQV - ( \ (OLDV 0 - 6RFLDO DQG HPRWLRQDO OHDUQLQJ 3URPRWLQJ WKH GHYHORSPHQW RI DOO VWXGHQWV -RXUQDO RI (GXFDWLRQDO DQG 3V\FKRORJLFDO &RQVXOWDWLRQ

)HFKD GH UHFHSFLyQ )HFKD GH DFHSWDFLyQ

(PiV) 5HYLVWD 'LJLWDO GH (GXFDFLyQ )tVLFD $xR 1XP MXOLR DJRVWR GH

KWWS HPDVI ZHEFLQGDULR FRP

3(5&(3&,Ð1 '( /26 (678',$17(6 '( 35,0$5,$ +$&,$ 686 352)(625(6 '( ('8&$&,Ð1 )Ì6,&$ (1 6$17,$*2 '( &+,/(

&ODXGLD *iOYH] 0HOOD

3URIHVRUD GH (GXFDFLyQ )tVLFD *UXSR GH 1HXURFRJQLFLyQ \ (GXFDFLyQ )tVLFD 6DQWLDJR GH &KLOH (PDLO WUDLQHUVGHHOLWH#JPDLO FRP

)HUQDQGR 0DXUHLUD &LG \ (OL]DEHWK )ORUHV )HUUR

*UXSR GH 1HXURFRJQLFLyQ \ (GXFDFLyQ )tVLFD 6DQWLDJR GH &KLOH

&DUORV 9pOL] 9pOL]

*LPQDVLR 3XOVH (VWDGLR 0D\RU 6DQWLDJR GH &KLOH

6HEDVWLiQ &HD 0RUDOHV &ULVWyEDO 6RWR 9LOODQXHYD \ +XJR 6RWR *RZHU

3URIHVRUHV GH HGXFDFLyQ ItVLFD 6DQWLDJR GH &KLOH

5(680(1

(O REMHWLYR GHO SUHVHQWH HVWXGLR IXH FRPSDUDU OD SHUFHSFLyQ GH ORV HVWXGLDQWHV KDFLD VXV SURIHVRUHV GH HGXFDFLyQ ItVLFD VHJ~Q VH[R FXUVR \ WLSR GH FROHJLR /D PXHVWUD HVWXYR FRQVWLWXLGD SRU HVWXGLDQWHV HQWUH \ GH SULPDULD GH 6DQWLDJR GH &KLOH 6H OHV DSOLFy HO &XHVWLRQDULR GH DFWLWXGHV GH ORV HVFRODUHV KDFLD OD HGXFDFLyQ ItVLFD TXH FRQVWD GH GRV VXE HVFDODV XQD GH DFWLWXGHV SRVLWLYDV \ RWUD GH DFWLWXGHV QHJDWLYDV GHO SURIHVRU /RV UHVXOWDGRV PXHVWUDQ TXH HO tWHP 0L SURIHVRU D GH HGXFDFLyQ ItVLFD VDEH PXFKR SUHVHQWD HO SRUFHQWDMH PiV DOWR GH DSUREDFLyQ HQ OD HVFDOD SRVLWLYD HQ WDQWR HO tWHP 0L SURIHVRU D GH HGXFDFLyQ ItVLFD OHYDQWD OD YR] IUHFXHQWHPHQWH SUHVHQWD HO SRUFHQWDMH PiV DOWR GH DFXHUGR HQ OD HVFDOD QHJDWLYD 7DPELpQ VH HQFRQWUDURQ GLIHUHQFLDV HQWUH GDPDV \ YDURQHV SRU FXUVR \ SRU WLSR GH FHQWUR HGXFDWLYR 6H KDFHQ QHFHVDULDV IXWXUDV LQYHVWLJDFLRQHV HQ RWURV FXUVRV \ HVWXGLRV ORQJLWXGLQDOHV SDUD HVWXGLDU HO FDPELR GH SHUFHSFLyQ KDFLD HO SURIHVRU GH HGXFDFLyQ ItVLFD FRQ ORV DxRV

3$/$%5$6 &/$9(

3HUFHSFLyQ HGXFDFLyQ ItVLFD HQVHxDQ]D EiVLFD DFWLWXGHV SRVLWLYDV DFWLWXGHV QHJDWLYDV

(PiV) 5HYLVWD 'LJLWDO GH (GXFDFLyQ )tVLFD $xR 1XP MXOLR DJRVWR GH

KWWS HPDVI ZHEFLQGDULR FRP

,1752'8&&,Ð1

(O SURIHVRU HV XQ DJHQWH TXH HQWUHJD FRQRFLPLHQWR D ORV DOXPQRV FRQ OD ILQDOLGDG GH IRUPDU XQ VXMHWR LQWHJUDO GHVDUUROODQGR QR VROR DVSHFWRV DFDGpPLFRV VLQR WDPELpQ DFWLWXGLQDOHV *XWLpUUH] 3LOVD \ 7RUUHV (O GRFHQWH VH FRQYLHUWH HQ HO PHGLDGRU GHO DSUHQGL]DMH 0DV 7RUHOOy VLHQGR pO TXLHQ FRQWUROD HQ JUDQ PHGLGD HO FRQWH[WR HVFRODU LQIOX\HQGR HQ OD PDQHUD TXH HO DOXPQR DIURQWD VXV FODVHV 7DSLD (Q HVWH FRQWH[WR 5\DQ \ 'HFL VHxDODQ DO GRFHQWH FRPR XQ PRWLYDGRU TXH SXHGH LQIOXLU HQ OD FRQGXFWD GHO HVWXGLDQWH GHPRVWUDQGR FRPSRUWDPLHQWRV TXH SXHGHQ YDULDU GHVGH OD DFFLyQ SRU REOLJDFLyQ KDVWD OD DFFLyQ SDUD EXVFDU OD VDWLVIDFFLyQ SHUVRQDO /DV FRQGXFWDV R DFFLRQHV GHO DOXPQDGR HVWiQ GHWHUPLQDGDV SRU VXV DFWLWXGHV 0,1('8&

/DV DFWLWXGHV VH GHILQHQ FRPR OD GLVSRVLFLyQ SDUD UHVSRQGHU GH XQ PRGR SRVLWLYR R QHJDWLYR IUHQWH D RWURV LQGLYLGXRV 0,1('8& $UQDX \ 0RQWDQp

VHxDODQ TXH ODV DFWLWXGHV SRVHHQ WUHV FRPSRQHQWHV TXH H[SOLFDQ HO FRPSRUWDPLHQWR FRJQLWLYR SHQVDU DIHFWLYR VHQWLU \ FRQGXFWXDO DFWXDU (V HQ HVWH SURFHVR GH HQVHxDQ]D DSUHQGL]DMH VH YDORUD OD FRQVWDQWH LQWHUDFFLyQ HQWUH HO DOXPQR \ HO SURIHVRU &HD 9HOL] $UDYHQD \ 0DXUHLUD D WUDYpV GH ODV SHUFHSFLRQHV GHO HVWXGLDQWH EDVDGR HQ VXV H[SHULHQFLDV HQ ODV FODVHV &iUFDPR

(Q 9DUJDV VHxDOR TXH OD SHUFHSFLyQ HV HO SURFHVR FXDQGR XQ LQGLYLGXR UHFRQRFH LQWHUSUHWD \ GD VLJQLILFDGR D GLYHUVRV HVWtPXORV ItVLFRV \ VRFLDOHV VLHQGR FDSD] GH FUHDU RSLQLRQHV R MXLFLRV HQ UHODFLyQ D HVWRV (V SRU OR DQWHULRU TXH HO FRPSRUWDPLHQWR GH XQ SURIHVRU SXHGH GHVHQFDGHQDU DFWLWXGHV SRVLWLYDV R QHJDWLYDV D WUDYpV GH OD SHUFHSFLyQ GH ORV DOXPQRV 0RUHQR \ &HUYHOOy

DXQTXH HVWD IRUPD GH SHUFLELU HVWi OD PD\RUtD GH ODV YHFHV LQIOXHQFLDGD SRU OD SHUVRQDOLGDG GH FDGD LQGLYLGXR &iUFDPR

(Q HO FDPSR GH OD HGXFDFLyQ ItVLFD HV LPSRUWDQWH GHVDUUROODU ODV DFWLWXGHV SRVLWLYDV 9DUJDV \D TXH HVWDV HVWLPXODQ D TXH ORV DOXPQRV VH GHVDUUROOHQ GH PDQHUD LQWHJUDO \ SXHGDQ FRPSUHQGHU HO PXQGR TXH ORV URGHD LQWHUDFWXDU FRQ pO \ GHVHQYROYHUVH GH PDQHUD LQIRUPDGD UHVSRQVDEOH \ DXWyQRPD 0,1('8&

0RUHQR \ &HUYHOOy LQGLFDQ TXH ODV DFWLWXGHV SRVLWLYDV SXHGHQ JHQHUDU LQWHUpV SRU DSUHQGHU \ ODV DFWLWXGHV QHJDWLYDV SXHGHQ PDUFDU ODV FODVHV GH HGXFDFLyQ ItVLFD FRPR XQD H[SHULHQFLD QR VLJQLILFDWLYD 3DUD 0DXUHLUD OD DFWLYLGDG ItVLFD DGHPiV GH SURYRFDU PHMRUDV ILVLROyJLFDV PHWDEyOLFDV SXHGH PHMRUDU OD DWHQFLyQ SHUFHSFLyQ \ HO DSUHQGL]DMH GH DKt OD LPSRUWDQFLD TXH WLHQH XQD DFWLWXG SRVLWLYD TXH OOHYH OD SUiFWLFD GH OD DFWLYLGDG PRWUL]

6RQ YDULRV ORV HVWXGLRV TXH KDEODQ VREUH ODV DFWLWXGHV \ SHUFHSFLRQHV GH ORV DOXPQRV UHODFLRQiQGRODV FRQ HO SURIHVRU \ R OD FODVH GH HGXFDFLyQ ItVLFD (QWUH HVWRV VH SXHGH HQFRQWUDU D *XWLpUUH] \ 3LOVD TXH VHxDODQ TXH ORV DOXPQRV YDORUDQ GH PDQHUD SRVLWLYD D ORV SURIHVRUHV TXH WLHQHQ DPSOLRV FRQRFLPLHQWRV GH VX PDWHULD TXH H[SOLFDQ ELHQ D\XGDQ DQWH XQD GLILFXOWDG SUHVHQWDQ DFWLYLGDGHV R HMHUFLFLRV YDULDGRV TXH LQFOX\HQ HQ VXV HYDOXDFLRQHV OD DFWLWXG \ HVIXHU]R /D YDORUDFLyQ HV QHJDWLYD HQ ORV SURIHVRUHV TXH QR SUHVWDQ DWHQFLyQ D OR TXH VXV DOXPQRV VLHQWHQ \ QR OHV SHUPLWHQ PD\RU OLEHUWDG GH HOHJLU ODV DFWLYLGDGHV

3RU RWUR ODGR 0RUHQR =RPHxR 0DUtQ 5XL] \ &HUYHOOy LQGLFDQ TXH FXDQGR XQ SURIHVRU SURPXHYH XQ EXHQ FOLPD PRWLYDFLRQDO HO DOXPQR RWRUJD XQD PD\RU LPSRUWDQFLD D OD FODVH GH HGXFDFLyQ ItVLFD \ EHQHILFLD OD DGTXLVLFLyQ GH ORV (PiV) 5HYLVWD 'LJLWDO GH (GXFDFLyQ )tVLFD $xR 1XP MXOLR DJRVWR GH

KWWS HPDVI ZHEFLQGDULR FRP

REMHWLYRV FXUULFXODUHV FRQ p[LWR OR TXH D\XGD D TXH ORV DOXPQRV DGTXLHUDQ FRPSURPLVRV FRPR FRQRFHU \ YDORUDU OD SUiFWLFD GH DFWLYLGDG ItVLFD HQ HO ODGR RSXHVWR FXDQGR XQ SURIHVRU QR SURPXHYH HO HVIXHU]R SHUVRQDO HO DOXPQR QR VDWLVIDFH VX DXWRQRPtD \ UHODFLyQ FRQ ORV GHPiV +XpVFDU \ 0RUHQR VHxDODQ TXH XQ SURIHVRU TXH IRPHQWD XQ DPELHQWH SRVLWLYR \ UHDOL]D XQ UHIXHU]R HQ OD UHDOL]DFLyQ GH XQD WDUHD FRQ p[LWR DIHFWD SRVLWLYDPHQWH OD SHUFHSFLyQ GHO DOXPQR HQ FXDQWR GH VXV H[SHULHQFLDV \ TXH VL HO DOXPQR VH VLHQWH OLEUH \ D JXVWR SHUFLELUi DSR\R GH VX DXWRQRPtD DO LJXDO TXH VL VH OH LQIRUPD OR TXH KDFH ELHQ OR TXH SXHGH D\XGDU D TXH PDQWHQJD HVWD VHQVDFLyQ SRVLWLYD GH OR HQVHxDGR HQ VX WLHPSR GH RFLR

&RQ UHVSHFWR D ODV SHUFHSFLRQHV GH ORV HVWXGLDQWHV *XWLpUUH] \ /ySH]

VHxDODQ TXH FXDQGR XQ SURIHVRU HV LQGLIHUHQWH D OD FODVH HVWR VH UHODFLRQD FRQ OD LQGLVFLSOLQD GH ORV DOXPQRV SRU HO FRQWUDULR XQ GRFHQWH TXH PRWLYD D VXV DOXPQRV ORJUD PD\RU GLVFLSOLQD SDUWLFLSDFLyQ UHVSRQVDELOLGDG \ SUHRFXSDFLyQ SRU ORV GHPiV HQ VXV SXSLORV 0DUWtQH] &HUYHOOy \ 0RUHQR SODQWHDQ TXH VL XQ SURIHVRU JHQHUD FRPSHWHQFLD HQWUH SDUHV UHFRQRFLPLHQWR GHVLJXDO R FRPSRUWDPLHQWRV DQWLGHSRUWLYRV HO DOXPQR WHQGUi PHQRV PRWLYRV LQWHUQRV SDUD VHU GLVFLSOLQDGR \D TXH SHUFLELUi VXV HVWUDWHJLDV FRPR LQWUR\HFWDGDV OR TXH VH UHODFLRQD FRQ XQ FOLPD QHJDWLYR GH OD FODVH SRU HO FRQWUDULR VL HVWH HV XQ PRWLYDGRU SUHRFXSDGR GH PDQWHQHU OD GLVFLSOLQD HVWLPXOD OD FRRSHUDFLyQ PHMRUD SHUVRQDO DSUHQGL]DMH \ HO MXHJR OLPSLR HO HVWXGLDQWH GHVDUUROODUD PRWLYRV LQWHUQRV SDUD VHU GLVFLSOLQDGR

(Q &iUFDPR WUDGXMR \ DGDSWy HO &XHVWLRQDULR GH $FWLWXGHV GH ORV (VFRODUHV KDFLD OD (GXFDFLyQ )tVLFD FX\RV UHVXOWDGRV VHxDODQ TXH ORV tWHPV SRVLWLYRV GHVWDFDGRV IXHURQ GH OD SHUFHSFLyQ GH ORV SURIHVRUHV FRPR FRPSHWHQWHV DOHJUHV \ FRPSUHQVLYRV OR TXH SXHGH JHQHUDU XQ KiELWR SRU SUDFWLFDU DFWLYLGDG ItVLFD 3RU HO FRQWUDULR ORV tWHPV QHJDWLYRV GHVWDFDGRV IXHURQ GH OD SHUFHSFLyQ GH ORV GRFHQWHV FRPR HVWULFWRV \ TXH OHYDQWDQ OD YR] FRQ IUHFXHQFLD OR TXH SXHGH GHVHQFDGHQDU XQD EDMD YDORUDFLyQ GHO SURIHVRU &HD HW DO DSOLFDURQ HVWH FXHVWLRQDULR HQ HVWXGLDQWHV XQLYHUVLWDULRV LQGLFDQGR TXH OD SHUFHSFLyQ SRVLWLYD GH ORV DOXPQRV D VXV SURIHVRUHV HQ HO ~OWLPR DxR GH FDUUHUD GLVPLQX\H DWULEX\HQGR OD FDXVD DO DXPHQWR GHO QLYHO GH FRQRFLPLHQWR SUiFWLFR WHyULFR (Q FXDQWR D OD SHUFHSFLyQ QHJDWLYD HVWD DUURMD DOWRV YDORUHV HQ ORV SULPHURV DxRV OR TXH VH DVRFLD DO FDPELR GH HVWUXFWXUD GH ODV FODVHV GH FROHJLR D ODV FODVHV XQLYHUVLWDULDV

(O REMHWLYR GH OD SUHVHQWH LQYHVWLJDFLyQ IXH GHWHUPLQDU OD SHUFHSFLyQ GH ORV DOXPQRV KDFLD VXV SURIHVRUHV GH HGXFDFLyQ ItVLFD UHDOL]DQGR FRPSDUDFLRQHV HQWUH FXUVR VH[R \ FHQWUR HGXFDWLYR HQ DOXPQRV GH HQVHxDQ]D EiVLFD GH 6DQWLDJR GH &KLOH

0$7(5,$/ < 0(72'2

08(675$

(VWXYR FRQVWLWXLGD SRU HVWXGLDQWHV HQWUH Â&#x192; \ Â&#x192; GH SULPDULD GH 6DQWLDJR GH &KLOH 'HO WRWDO FRUUHVSRQGHQ D GDPDV \ D YDURQHV /D HGDG PtQLPD IXH \ OD Pi[LPD DxRV FRQ XQD PHGLD GH G H

HVWXGLDQWHV FXUVDEDQ Â&#x192; EiVLFR Â&#x192; EiVLFR Â&#x192; EiVLFR (PiV) 5HYLVWD 'LJLWDO GH (GXFDFLyQ )tVLFD $xR 1XP MXOLR DJRVWR GH

KWWS HPDVI ZHEFLQGDULR FRP

\ Â&#x192; %iVLFR 'HO WRWDO HVWXGLDQWHV HVWXGLDEDQ HQ XQ FHQWUR HGXFDWLYR GH WLSR 0XQLFLSDO 0DWLOGH +XLFL 1DYDV GH 3HxDOROpQ \ 0LJXHO GH &HUYDQWHV GH 6DQWLDJR \ HQ XQ FHQWUR HGXFDWLYR VXEYHQFLRQDGR 6DQ %HUQDUGR GH $EDG GH 6DQ %HUQDUGR VDQ -RUJH GH 3XGDKXHO \ &ROHJLR (O 6HPEUDGRU GH &RQFKDOt

,167580(172

6H XWLOL]y HO &XHVWLRQDULR GH DFWLWXGHV GH ORV HVFRODUHV KDFLD OD HGXFDFLyQ ItVLFD &iUFDPR TXH FRQVWD GH VXE HVFDODV XQD GH DFWLWXGHV SRVLWLYDV GHO SURIHVRU FRPSXHVWD SRU tWHPV \ XQD GH DFWLWXGHV QHJDWLYDV GHO SURIHVRU FRPSXHVWD SRU tWHPV /D SUXHED HV XQD HVFDOD WLSR /LNHUW GH FLQFR RSFLRQHV TXD YDUtD GH PX\ HQ GHVDFXHUGR KDVWD PX\ GH DFXHUGR /D HVFDOD RULJLQDO SUHVHQWD XQ DOID GH &URQEDFK GH

352&(',0,(172

/DV HQFXHVWDV IXHURQ DSOLFDGDV GXUDQWH ODV KRUDV GH FODVHV HQ IRUPD FROHFWLYD /D DSOLFDFLyQ GHO LQVWUXPHQWR WDUGy HQWUH \ PLQXWRV /RV FHQWURV HGXFDFLRQDOHV GLHURQ VX DXWRUL]DFLyQ SDUD OD DSOLFDFLyQ GHO FXHVWLRQDULR D ORV HVWXGLDQWHV DGHPiV TXH WRGRV ORV DSRGHUDGRV ILUPDURQ XQ FRQVHQWLPLHQWR LQIRUPDGR DXWRUL]DQGR D VXV KLMRV D SDUWLFLSDU HQ HO HVWXGLR

$1$/,6,6 '( '$726

3DUD OD SUHVHQWH LQYHVWLJDFLyQ VH XWLOL]y HO SURJUDPD HVWDGtVWLFR 6366 SDUD :LQGRZV 6H DSOLFy HVWDGtVWLFD GHVFULSWLYD FRPR WDEODV GH IUHFXHQFLD PHGLDV \ GHVYLDFLRQHV HVWiQGDU $GHPiV VH DSOLFDURQ SUXHEDV 7 SDUD PXHVWUDV LQGHSHQGLHQWHV SDUD FRPSDUDU SRU VH[R \ WLSR GH FHQWUR HGXFDWLYR \ $129$ SDUD FRPSDUDU ORV SXQWDMHV SRU FXUVRV

5(68/7$'26

(Q OD WDEOD VH REVHUYDQ ODV RSLQLRQHV GHO WRWDO GH OD PXHVWUD HQ UHODFLyQ D OD VXE HVFDOD SRVLWLYD GHO FXHVWLRQDULR GH DFWLWXGHV GH ORV HVFRODUHV KDFLD OD HGXFDFLyQ ItVLFD GRQGH VH DSUHFLD TXH HO tWHP 0L SURIHVRU D GH HGXFDFLyQ ItVLFD VDEH PXFKR SUHVHQWD HO SRUFHQWDMH PiV DOWR GH DSUREDFLyQ 0X\ GH DFXHUGR FRQ XQ HQ WDQWR HO tWHP 0L SURIHVRU D GH HGXFDFLyQ ItVLFD HV PL SURIHVRU GH FRQILDQ]D SUHVHQWD HO SRUFHQWDMH PiV DOWR GH GHVDSUREDFLyQ 0X\ HQ GHVDFXHUGR

FRQ XQ

(Q OD WDEOD VH REVHUYDQ ODV RSLQLRQHV GHO WRWDO GH OD PXHVWUD HQ UHODFLyQ D OD VXE HVFDOD QHJDWLYD GHO FXHVWLRQDULR GH DFWLWXGHV GH ORV HVFRODUHV KDFLD OD HGXFDFLyQ ItVLFD GRQGH VH DSUHFLD TXH HO tWHP 0L SURIHVRU D GH HGXFDFLyQ ItVLFD OHYDQWD OD YR] IUHFXHQWHPHQWH SUHVHQWD HO SRUFHQWDMH PiV DOWR GH DSUREDFLyQ 0X\ GH DFXHUGR FRQ XQ HQ WDQWR HO tWHP 0L SURIHVRU D D YHFHV VH UtH GH Pt SUHVHQWD HO SRUFHQWDMH PiV DOWR GH GHVDSUREDFLyQ 0X\ HQ GHVDFXHUGR FRQ XQ

(PiV) 5HYLVWD 'LJLWDO GH (GXFDFLyQ )tVLFD $xR 1XP MXOLR DJRVWR GH

KWWS HPDVI ZHEFLQGDULR FRP

7DEOD 2SLQLyQ GHO WRWDO GH ORV HVFRODUHV VREUH VX SURIHVRU GH HGXFDFLyQ ItVLFD HQ OD VXE HVFDOD SRVLWLYD

0L SURIHVRU D GH HGXFDFLyQ

0 ItVLFD« 6DEH PXFKR

7UDQVPLWH DOHJUtD DO KDFHU

GHSRUWH (V FRPSUHQVLYR D

7RPD HQ FXDQWD PLV RSLQLRQHV

+DFH FDVR D PLV SUHJXQWDV

6H PDQWLHQH MRYHQ \

GLQiPLFR D 6DEH UHDOPHQWH OR TXH SXHGR

KDFHU +DFH VXV FODVHV PX\ YDULDGDV

1RV FXHQWD VREUH HYHQWRV

GHSRUWLYRV DFWXDOHV (V PL SURIHVRU D GH FRQILDQ]D

0X\ HQ GHVFXHUGR (Q GHVDFXHUGR 1L GH DFXHUGR QL HQ GHVDFXHUGR 'H DFXHUGR 0X\ GH DFXHUGR 0 0HGLD G H GHVYLDFLyQ HVWiQGDU

G H

7DEOD 2SLQLyQ GHO WRWDO GH ORV HVFRODUHV VREUH VX SURIHVRU GH HGXFDFLyQ ItVLFD HQ OD VXE HVFDOD QHJDWLYD

0L SURIHVRU D GH HGXFDFLyQ

ItVLFD« /HYDQWD OD YR] IUHFXHQWHPHQWH (V PX\ HVWULFWR D

6LHPSUH UHSLWH ODV PLVPDV

DFWLYLGDGHV 1R WRPD HQ FXHQWD PLV

SRVLELOLGDGHV ItVLFDV ([SOLFD PX\ SRFR

1R HQWUHJD PXFKD D\XGD

1R HV PX\ TXHULGR D SRU ORV

DOXPQRV 1R HV PX\ GHSRUWLYR D

/H JXVWD SUHVXPLU GH VXV

FDSDFLGDGHV ItVLFDV 1R HV MXVWR D FRQ ODV QRWDV

$ YHFHV VH UtH GH Pt

1R H[SOLFD ELHQ

0X\ HQ GHVFXHUGR (Q GHVDFXHUGR 1L GH DFXHUGR QL HQ GHVDFXHUGR 'H DFXHUGR 0X\ GH DFXHUGR 0 0HGLD G H GHVYLDFLyQ HVWiQGDU

Â&#x192;

0

G H

&RPSDUDFLyQ SRU VH[R

(Q UHODFLyQ D ODV GLIHUHQFLDV HQWUH GDPDV \ YDURQHV HQ HO SXQWDMH GH OD HVFDOD SRVLWLYD GH DFWLWXGHV GH ORV HVFRODUHV KDFLD OD HGXFDFLyQ ItVLFD VH REVHUYD TXH HQ HO tWHP 0L SURIHVRU D GH HGXFDFLyQ ItVLFD WRPD HQ FXHQWD PLV RSLQLRQHV ORV YDURQHV SRVHHQ XQ SXQWDMH PD\RU W JO S PLVPD VLWXDFLyQ TXH RFXUUH HQ HO tWHP 0L SURIHVRU D GH HGXFDFLyQ ItVLFD VDEH UHDOPHQWH OR TXH SXHGR KDFHU (PiV) 5HYLVWD 'LJLWDO GH (GXFDFLyQ )tVLFD $xR 1XP MXOLR DJRVWR GH

KWWS HPDVI ZHEFLQGDULR FRP

W JO S \ HQ HO tWHP 0L SURIHVRU D GH HGXFDFLyQ ItVLFD HV PL SURIHVRU D GH FRQILDQ]D W JO S

$O FRPSDUDU ORV SXQWDMHV GH OD HVFDOD QHJDWLYD GH DFWLWXGHV GH ORV HVFRODUHV KDFLD OD HGXFDFLyQ ItVLFD HQWUH GDPDV \ YDURQHV QR VH HQFRQWUDURQ GLIHUHQFLDV VLJQLILFDWLYDV HQ QLQJ~Q tWHP

Â&#x192; &RPSDUDFLyQ SRU WLSR GH FHQWUR HGXFDWLYR

(Q UHODFLyQ D ODV GLIHUHQFLDV HQWUH HVWXGLDQWHV GH FROHJLR 0XQLFLSDO \ FROHJLR 6XEYHQFLRQDGR HQ HO SXQWDMH GH OD HVFDOD SRVLWLYD GH DFWLWXGHV GH ORV HVFRODUHV KDFLD OD HGXFDFLyQ ItVLFD VH REVHUYD TXH HQ HO tWHP 0L SURIHVRU D GH HGXFDFLyQ ItVLFD WUDQVPLWH DOHJUtD DO KDFHU GHSRUWH ORV HVWXGLDQWHV PXQLFLSDOL]DGRV SRVHHQ XQ SXQWDMH PD\RU W JO S PLVPD VLWXDFLyQ TXH RFXUUH HQ HO tWHP 0L SURIHVRU D GH HGXFDFLyQ ItVLFD HV FRPSUHQVLYR W JO S \ HQ HO tWHP 0L SURIHVRU D GH HGXFDFLyQ ItVLFD KDFH FDVR D PLV SUHJXQWDV W JO S 3RU HO FRQWUDULR HQ HO tWHP 0L SURIHVRU D GH HGXFDFLyQ ItVLFD QRV FXHQWD VREUH HYHQWRV GHSRUWLYRV DFWXDOHV VRQ ORV HVWXGLDQWHV GH FROHJLRV VXEYHQFLRQDGRV OR TXH FDOLILFDQ FRQ PD\RU SXQWDMH W JO S

$O FRPSDUDU ORV SXQWDMHV GH OD HVFDOD QHJDWLYD GH DFWLWXGHV GH ORV HVFRODUHV KDFLD OD HGXFDFLyQ ItVLFD HQWUH FHQWURV HGXFDWLYRV 0XQLFLSDOHV \ 6XEYHQFLRQDGRV VH REVHUYDQ GLIHUHQFLDV HQ HO tWHP 0L SURIHVRU D GH HGXFDFLyQ ItVLFD QR WRPD HQ FXHQWD PLV SRVLELOLGDGHV ItVLFDV GRQGH ORV HVWXGLDQWHV GH ORV FHQWURV VXEYHQFLRQDGRV HYDOXDURQ HQ IRUPD PiV QHJDWLYD D VXV GRFHQWHV W JO S PLVPD VLWXDFLyQ TXH RFXUUH HQ HO tWHP 0L SURIHVRU D GH HGXFDFLyQ ItVLFD QR HV PX\ TXHULGR SRU ORV DOXPQRV W JO S HQ HO tWHP 0L SURIHVRU D GH HGXFDFLyQ ItVLFD QR HV MXVWR FRQ ODV QRWDV W JO S HQ HO tWHP 0L SURIHVRU D GH HGXFDFLyQ ItVLFD D YHFHV VH UtH GH Pt W JO S \ HQ HO tWHP 0L SURIHVRU D GH HGXFDFLyQ ItVLFD QR H[SOLFD ELHQ W JO S

Â&#x192; &RPSDUDFLyQ SRU FXUVR

(Q OD WDEOD VH REVHUYDQ ORV SXQWDMHV GH FDGD tWHP GH OD VXE HVFDOD SRVLWLYD GHO FXHVWLRQDULR GH DFWLWXGHV GH ORV HVFRODUHV KDFLD OD HGXFDFLyQ ItVLFD GRQGH VH DSUHFLDQ GLIHUHQFLDV VLJQLILFDWLYDV HQWUH ORV FXDWUR FXUVRV HYDOXDGRV /DV SUXHEDV GH 7XNH\ PXHVWUDQ TXH HQ HO tWHP 0L SURIHVRU D GH HGXFDFLyQ ItVLFD VDEH PXFKR H[LVWHQ GLIHUHQFLDV VLJQLILFDWLYDV HQWUH Â&#x192; \ Â&#x192; FRQ ORV SXQWDMHV PiV EDMRV \ Â&#x192; FRQ HO PiV DOWR (Q HO tWHP 0L SURIHVRU D GH HGXFDFLyQ ItVLFD WUDQVPLWH DOHJUtD DO KDFHU GHSRUWH H[LVWH GLIHUHQFLD HQWUH Â&#x192; FRQ HO PHQRU SXQWDMH \ Â&#x192; FRQ OD PD\RU (Q HO tWHP 0L SURIHVRU D GH HGXFDFLyQ ItVLFD HV FRPSUHQVLYR D H[LVWHQ GLIHUHQFLDV HQWUH Â&#x192; FRQ HO SXQWDMH PHQRU \ Â&#x192; Â&#x192; \ Â&#x192; FRQ HO PD\RU 0LVPD VLWXDFLyQ RFXUUH HQ HO tWHP 0L SURIHVRU D GH HGXFDFLyQ ItVLFD WRPD HQ FXHQWD PL RSLQLyQ GRQGH Â&#x192; SUHVHQWD XQ SXQWDMH PHQRU D Â&#x192; Â&#x192; \ Â&#x192; (Q HO tWHP 0L SURIHVRU D GH HGXFDFLyQ ItVLFD KDFH FDVR D PLV SUHJXQWDV Â&#x192; SRVHH SXQWDMHV PiV EDMRV TXH Â&#x192; (Q HO tWHP 0L SURIHVRU D GH HGXFDFLyQ ItVLFD VH PDQWLHQH MRYHQ \ GLQiPLFR D H[LVWHQ GLIHUHQFLDV HQWUH Â&#x192; FRQ HO SXQWDMH PHQRU \ Â&#x192; FRQ HO PD\RU (Q HO tWHP 0L SURIHVRU D GH HGXFDFLyQ ItVLFD VDEH UHDOPHQWH OR TXH SXHGR KDFHU Â&#x192; SUHVHQWD XQD PHGLD PHQRU TXH Â&#x192; \ Â&#x192; (Q HO tWHP 0L SURIHVRU D GH HGXFDFLyQ ItVLFD HV PL SURIHVRU D GH FRQILDQ]D H[LVWHQ GLIHUHQFLDV HQWUH Â&#x192; FRQ HO SXQWDMH PHQRU \ Â&#x192; Â&#x192; \ Â&#x192; FRQ ORV PD\RUHV 7DEOD &RPSDUDFLyQ GH ODV SXQWXDFLRQHV PHGLDV GH FDGD tWHP GH OD VXE HVFDOD SRVLWLYD SRU FXUVR

(PiV) 5HYLVWD 'LJLWDO GH (GXFDFLyQ )tVLFD $xR 1XP MXOLR DJRVWR GH

KWWS HPDVI ZHEFLQGDULR FRP

0L SURIHVRU D GH Â&#x192; HGXFDFLyQ ItVLFD« 6DEH PXFKR Â&#x201C; 7UDQVPLWH DOHJUtD DO Â&#x201C; KDFHU GHSRUWH (V FRPSUHQVLYR D Â&#x201C; 7RPD HQ FXDQWD PLV Â&#x201C; RSLQLRQHV +DFH FDVR D PLV Â&#x201C; SUHJXQWDV 6H PDQWLHQH MRYHQ \ Â&#x201C; GLQiPLFR D 6DEH UHDOPHQWH OR Â&#x201C; TXH SXHGR KDFHU +DFH VXV FODVHV PX\ Â&#x201C; YDULDGDV 1RV FXHQWD VREUH Â&#x201C; HYHQWRV GHSRUWLYRV DFWXDOHV (V PL SURIHVRU D GH Â&#x201C; FRQILDQ]D 'LIHUHQFLD VLJQLILFDWLYD OD QLYHO 'LIHUHQFLD VLJQLILFDWLYD OD QLYHO

Â&#x192;

Â&#x192;

Â&#x192;

S

Â&#x201C; Â&#x201C;

Â&#x201C; Â&#x201C;

Â&#x201C; Â&#x201C;

Â&#x201C; Â&#x201C;

Â&#x201C; Â&#x201C;

Â&#x201C; Â&#x201C;

Â&#x201C;

Â&#x201C;

Â&#x201C;

Â&#x201C;

Â&#x201C;

Â&#x201C;

Â&#x201C;

Â&#x201C;

Â&#x201C;

Â&#x201C;

Â&#x201C;

Â&#x201C;

Â&#x201C;

Â&#x201C;

Â&#x201C;

Â&#x201C;

Â&#x201C;

Â&#x201C;

(Q OD WDEOD VH REVHUYDQ ORV SXQWDMHV GH FDGD tWHP GH OD VXE HVFDOD QHJDWLYD GHO FXHVWLRQDULR GH DFWLWXGHV GH ORV HVFRODUHV KDFLD OD HGXFDFLyQ ItVLFD GRQGH VH DSUHFLDQ GLIHUHQFLDV VLJQLILFDWLYDV HQWUH ORV FXDWUR FXUVRV HYDOXDGRV /DV SUXHEDV GH 7XNH\ PXHVWUDQ TXH HQ HO tWHP 0L SURIHVRU D GH HGXFDFLyQ ItVLFD OHYDQWD OD YR] IUHFXHQWHPHQWH H[LVWHQ GLIHUHQFLDV VLJQLILFDWLYDV HQWUH Â&#x192; FRQ XQD RSLQLyQ PiV QHJDWLYD \ Â&#x192; FRQ XQD RSLQLyQ PHQRV QHJDWLYD (Q HO tWHP 0L SURIHVRU D GH HGXFDFLyQ ItVLFD HV PX\ HVWULFWR H[LVWH GLIHUHQFLD HQWUH Â&#x192; FRQ HO SXQWDMH QHJDWLYR PD\RU \ Â&#x192; FRQ OD PHQRU (Q HO tWHP 0L SURIHVRU D GH HGXFDFLyQ ItVLFD VLHPSUH UHSLWH ODV PLVPDV DFWLYLGDGHV H[LVWHQ GLIHUHQFLDV HQWUH Â&#x192; FRQ HO SXQWDMH QHJDWLYR PD\RU \ Â&#x192; FRQ HO PHQRU (O tWHP 0L SURIHVRU D GH HGXFDFLyQ ItVLFD QR HV PX\ TXHULGR SRU ORV DOXPQRV H[LVWHQ GLIHUHQFLDV HQWUH Â&#x192; TXH SUHVHQWD HO SXQWDMH QHJDWLYR PD\RU \ Â&#x192; \ Â&#x192; FRQ HO SXQWDMH PHQRU (Q HO tWHP 0L SURIHVRU D GH HGXFDFLyQ ItVLFD JXVWD SUHVXPLU GH VXV FDSDFLGDGHV ItVLFDV Â&#x192; SRVHH SXQWDMHV QHJDWLYRV PiV DOWRV TXH Â&#x192; \ Â&#x192; (Q HO tWHP 0L SURIHVRU D GH HGXFDFLyQ ItVLFD D YHFHV VH UtH GH Pt H[LVWHQ GLIHUHQFLDV HQWUH Â&#x192; FRQ HO SXQWDMH QHJDWLYR PD\RU \ Â&#x192; FRQ HO PHQRU

7DEOD &RPSDUDFLyQ GH ODV SXQWXDFLRQHV PHGLDV GH FDGD tWHP GH OD VXE HVFDOD QHJDWLYD SRU FXUVR

0L SURIHVRU D GH HGXFDFLyQ ItVLFD« /HYDQWD OD YR] IUHFXHQWHPHQWH (V PX\ HVWULFWR D 6LHPSUH UHSLWH ODV PLVPDV DFWLYLGDGHV 1R WRPD HQ FXHQWD PLV SRVLELOLGDGHV ItVLFDV ([SOLFD PX\ SRFR 1R HQWUHJD PXFKD

Â&#x192;

Â&#x192;

Â&#x192;

Â&#x192;

S

Â&#x201C;

Â&#x201C;

Â&#x201C;

Â&#x201C;

Â&#x201C; Â&#x201C;

Â&#x201C; Â&#x201C;

Â&#x201C; Â&#x201C;

Â&#x201C; Â&#x201C;

Â&#x201C;

Â&#x201C;

Â&#x201C;

Â&#x201C;

Â&#x201C; Â&#x201C;

Â&#x201C; Â&#x201C;

Â&#x201C; Â&#x201C;

Â&#x201C; Â&#x201C;

(PiV) 5HYLVWD 'LJLWDO GH (GXFDFLyQ )tVLFD $xR 1XP MXOLR DJRVWR GH

KWWS HPDVI ZHEFLQGDULR FRP

D\XGD Â&#x201C; 1R HV PX\ TXHULGR D SRU ORV DOXPQRV 1R HV PX\ Â&#x201C; GHSRUWLYR D /H JXVWD SUHVXPLU GH Â&#x201C; VXV FDSDFLGDGHV ItVLFDV 1R HV MXVWR D FRQ Â&#x201C; ODV QRWDV $ YHFHV VH UtH GH Pt Â&#x201C; 1R H[SOLFD ELHQ Â&#x201C; 'LIHUHQFLD VLJQLILFDWLYD OD QLYHO 'LIHUHQFLD VLJQLILFDWLYD OD QLYHO

Â&#x201C;

Â&#x201C;

Â&#x201C;

Â&#x201C;

Â&#x201C;

Â&#x201C;

Â&#x201C;

Â&#x201C;

Â&#x201C;

Â&#x201C;

Â&#x201C;

Â&#x201C;

Â&#x201C; Â&#x201C;

Â&#x201C; Â&#x201C;

Â&#x201C; Â&#x201C;

&21&/86,21 < ',6&86,21

(Q WpUPLQRV JHQHUDOHV ORV HVWXGLDQWHV HYDOXDGRV WLHQH XQD EXHQD SHUFHSFLyQ GH VXV SURIHVRUHV GH HGXFDFLyQ ItVLFD \D TXH HQWUH HO \ HVWi GH DFXHUGR R PX\ GH DFXHUGR FRQ ODV DFWLWXGHV SRVLWLYDV TXH WLHQH HO GRFHQWH HQ FODVH HQ WDQWR PHQRV GHO HVWi GH DFXHUGR R PX\ GH DFXHUGR FRQ TXH VX SURIHVRU PDQWLHQH DFWLWXGHV QHJDWLYDV GXUDQWH VX FODVH FRQ OD H[FHSFLyQ GH TXH OHYDQWD OD YR] R HV PX\ HVWULFWR VLWXDFLRQHV TXH SXHGHQ H[SOLFDUVH SRU ODV FRQGLFLRQHV HQ TXH VH UHDOL]D ODV FODVHV GH HGXFDFLyQ ItVLFD JLPQDVLR R DO DLUH OLEUH OR TXH UHTXLHUH XQ PD\RU WRQR GH YR] TXH HQ HO DXOD \ PD\RU FRQWURO VREUH ODV DFWLYLGDGHV GH ORV DOXPQRV SDUD HYLWDU DFFLGHQWHV 7DPELpQ VH SXGR REVHUYDU TXH ORV YDURQHV FRQVLGHUDQ TXH VX SURIHVRU D WRPD HQ FXHQWD VXV RSLQLRQHV VDEH OR TXH SXHGH KDFHU \ HV VX SURIHVRU GH FRQILDQ]D HQ PD\RU PHGLGD TXH ODV GDPDV 3DUD /ySH]

ODV GLIHUHQFLDV HQ OD SHUFHSFLyQ \ SUHIHUHQFLD GH OD FODVH GH HGXFDFLyQ ItVLFD HQWUH GDPDV \ YDURQHV VH GHEH D XQ SUREOHPD HQ OD FRHGXFDFLyQ \D TXH ODV DFWLYLGDGHV ItVLFD GHSRUWLYDV WLHQHQ D UHDOL]DU FRQ XQD RULHQWDFLyQ PDVFXOLQD UHOHJDQGR D ODV PXMHUHV D XQ VHJXQGR SODQR SRU OR TXH WHUPLQDQ YDORUDQGR QHJDWLYDPHQWH ODV FODVHV (VWD VLWXDFLyQ VH REVHUYD VREUH WRGR D PHGLGD TXH DXPHQWD OD HGDG GH ORV HVWXGLDQWHV

(Q UHODFLyQ DO WLSR GH FHQWUR HGXFDWLYR PXQLFLSDO R VXEYHQFLRQDGR ORV HVWXGLDQWHV GH ORV FROHJLRV PXQLFLSDOHV WLHQHQ XQD SHUFHSFLyQ PiV SRVLWLYD GH VXV SURIHVRUHV GH HGXFDFLyQ ItVLFD VLHQGR HVWRV UHVXOWDGRV FRQWUDULRV D ORV HQFRQWUDGRV SRU &iUFDPR HQ HVWXGLDQWHV GH Â&#x192; \ Â&#x192; GH SULPDULD \ GH Â&#x192; \ Â&#x192; GH VHFXQGDULD HQ OD 5HJLyQ GH OD $UDXFDQtD GH &KLOH (VWR SXHGH GDUVH SRUTXH ORV HVWXGLDQWHV GH FROHJLRV PXQLFLSDOL]DGRV WLHQGHQ D XQD VLWXDFLyQ VRFLRHFRQyPLFD PiV EDMD SRU OR TXH OD SUiFWLFD GH DFWLYLGDG ItVLFD SRGUtD VHU PiV IUHFXHQWH IXHUD GHO FROHJLR OR TXH FRQOOHYDUtD D XQD PHMRU SHUFHSFLyQ GH OD FODVH GH HGXFDFLyQ ItVLFD HQ HO FHQWUR HGXFDFWLYR $GHPiV ORV SDGUHV GH FROHJLRV PXQLFLSDOHV SUHVHQWDQ SRFR DSR\R \ PRWLYDFLyQ SRU OD SUiFWLFD GHSRUWLYD GH VXV KLMRV OR TXH FRQYLHUWH DO SURIHVRU HQ HO ~QLFR DSR\R HQ OD UHDOL]DFLyQ GH HMHUFLFLR ItVLFR UD]yQ SRU OD FXDO ORV HVWXGLDQWHV SRVHHQ XQD YLVLyQ SRVLWLYD GHO GRFHQWH

(PiV) 5HYLVWD 'LJLWDO GH (GXFDFLyQ )tVLFD $xR 1XP MXOLR DJRVWR GH

KWWS HPDVI ZHEFLQGDULR FRP

(Q YDULDV DFWLWXGHV SRVLWLYDV OD SHUFHSFLyQ IDYRUDEOH GH ORV HVWXGLDQWHV WLHQH D GLVPLQXLU FRQ HO SDVR GH ORV DxRV PLVPD VLWXDFLyQ TXH PXHVWUDQ 0RUHQR \ &HUYHOOy

HQ HGXFDFLyQ ItVLFD HVFRODU \ &HD HW DO HQ HVWXGLDQWHV GH HGXFDFLyQ ItVLFD KDFLD VX SURIHVRUHV XQLYHUVLWDULRV (VWR HV GHELGR D TXH ORV HVWXGLDQWHV VH YXHOYHQ PiV FUtWLFRV FRQ HO DXPHQWR GH HGDG R FRQ OD DGTXLVLFLyQ GH QXHYR FRQRFLPLHQWRV OR TXH SXHGH LQIOXLU HQ OD YLVLyQ PiV QHJDWLYD TXH VH WLHQH KDFLD XQ GRFHQWH FRQ HO SDVR GH ORV DxRV

)LQDOPHQWH VHUtD QHFHVDULR UHDOL]DU HVWXGLRV VREUH OD SHUFHSFLyQ GH ORV HVWXGLDQWHV KDFLD OD FODVH GH HGXFDFLyQ ItVLFD HQ RWURV FXUVRV FRPR HQVHxDQ]D VHFXQGDULD \ HQ RWUDV FLXGDGHV GH &KLOH SDUD HVWXGLDU OD SRVLEOH LQIOXHQFLD JHRJUiILFD VREUH OD SHUFHSFLyQ GH ODV DFWLWXGHV GHO SURIHVRU 7DPELpQ VHUtD QHFHVDULR XQ HVWXGLR ORQJLWXGLQDO SDUD GDU FXHQWD GH OD HYROXFLyQ GH OD SHUFHSFLyQ GH ORV PLVPRV HVWXGLDQWHV D PHGLGD TXH SDVDQ ORV DxRV \ DVt FRQILUPDU TXH OH SHUFHSFLyQ QHJDWLYD KDFLD ORV SURIHVRUHV DXPHQWD FRQ ORV DxRV \ QR HV XQD FDUDFWHUtVWLFD SDUWLFXODU GH ORV HVWXGLDQWHV TXH KDQ VLGR HYDOXDGRV

7DPELpQ VHUtD LQWHUHVDQWH HVWDEOHFHU XQD UHODFLyQ HQWUH OD SUiFWLFD R DEDQGRQR GH OD DFWLYLGDG ItVLFD XQD YH] WHUPLQDGD OD HGXFDFLyQ REOLJDWRULD \ OD SHUFHSFLyQ TXH WHQtD HO DOXPQR VREUH VX SURIHVRU GH HGXFDFLyQ ItVLFD FRPR IRUPD GH HVWXGLDU OD LQIOXHQFLD TXH WLHQH HO GRFHQWH VREUH HO HVWLOR GH YLGD GH VXV HVWXGLDQWHV

5()(5(1&,$6 %,%/,2*5Ã&#x2030;),&$6

$UQDX / 0RQWDQp - $SRUWDFLRQHV VREUH OD UHODFLyQ FRQFHSWXDO HQWUH DFWLWXG \ FRPSHWHQFLD GHVGH OD WHRUtD GHO FDPELR GH DFWLWXGHV (OHFWURQLF -RXUQDO RI 5HVHDUFK LQ (GXFDWLRQDO 3V\FKRORJ\

&iUFDPR - (O SURIHVRU GH (GXFDFLyQ )tVLFD GHVGH OD SHUVSHFWLYD GH ORV HVFRODUHV (VWXGLRV 3HGDJyJLFRV

&HD 6 9pOL] & $UDYHQD & 0DXUHLUD ) 3HUFHSFLyQ GH ORV HVWXGLDQWHV GH HGXFDFLyQ ItVLFD GH OD 8,6(. GH &KLOH KDFLD VXV SURIHVRUHV &XDGHUQRV GH 3VLFRORJtD GHO 'HSRUWH

*XWLpUUH] 0 /ySH] ( 3HUFHSFLyQ GH ODV HVWUDWHJLDV TXH HPSOHDQ ORV SURIHVRUHV SDUD PDQWHQHU OD GLVFLSOLQD UD]RQHV GH ORV DOXPQRV SDUD VHU GLVFLSOLQDGRV \ FRPSRUWDPLHQWR HQ HGXFDFLyQ ItVLFD 5HYLVWD ,QWHUQDFLRQDO GH &LHQFLDV GHO 'HSRUWH

*XWLpUUH] 0 3LOVD & $FWLWXGHV GH ORV DOXPQRV KDFLD OD (GXFDFLyQ )tVLFD \ VXV SURIHVRUHV 5HYLVWD ,QWHUQDFLRQDO GH 0HGLFLQD \ &LHQFLDV GH OD $FWLYLGDG )tVLFD \ HO 'HSRUWH

*XWLpUUH] 0 3LOVD & 7RUUHV ( 3HUILO GH OD HGXFDFLyQ ItVLFD \ VXV SURIHVRUHV GHVGH HO SXQWR GH YLVWD GH ORV DOXPQRV 5HYLVWD ,QWHUQDFLRQDO GH &LHQFLDV GHO 'HSRUWH

(PiV) 5HYLVWD 'LJLWDO GH (GXFDFLyQ )tVLFD $xR 1XP MXOLR DJRVWR GH

KWWS HPDVI ZHEFLQGDULR FRP

+XpVFDU ( 0RUHQR - 5HODFLyQ GHO WLSR GH IHHG EDFN GHO GRFHQWH FRQ OD SHUFHSFLyQ GH DXWRQRPtD GHO DOXPQDGR HQ FODVHV GH HGXFDFLyQ ItVLFD ,QIDQFLD \ $SUHQGL]DMH

/ySH] ( 3URSXHVWD SDUD XQD HGXFDFLyQ QR VH[LVWD &RHGXFDFLyQ H LJXDOGDG GH VH[RV HQ HO iUHD GH (GXFDFLyQ )tVLFD 'LVSRQLEOH HQ KWWS ZZZ HIGHSRUWHV FRP HIG FRHG KWP >9LVLWDGR HO GH PDU]R GH @

0DUWtQH] & &HUYHOOy ( 0RUHQR - 3UHGLFFLyQ GH ODV UD]RQHV GHO DOXPQDGR SDUD VHU GLVFLSOLQDGR HQ HGXFDFLyQ ItVLFD 5HYLVWD /DWLQRDPHULFDQD GH 3VLFRORJtD

0DV 7RUHOOy Ð /DV FRPSHWHQFLDV GHO GRFHQWH XQLYHUVLWDULR OD SHUFHSFLyQ GHO DOXPQR GH ORV H[SHUWRV \ GHO SURSLR SURWDJRQLVWD 5('8 5HYLVWD GH 'RFHQFLD 8QLYHUVLWDULD

0DXUHLUD ) 3ULQFLSLRV GH 1HXURHGXFDFLyQ )tVLFD 0DGULG (GLWRULDO $FDGpPLFD (VSDxROD

0,1('8& (GXFDFLyQ ItVLFD \ VDOXG SURJUDPD GH HVWXGLR RFWDYR DxR EiVLFR 6DQWLDJR *RELHUQR GH &KLOH

0RUHQR - &HUYHOOy 3HQVDPLHQWR GHO DOXPQR KDFLD OD (GXFDFLyQ )tVLFD VX UHODFLyQ FRQ OD SUiFWLFD GHSRUWLYD \ HO FDUiFWHU GHO HGXFDGRU (QVHxDQ]D

0RUHQR - &HUYHOOy ( ,QIOXHQFLD GH OD DFWLWXG GHO SURIHVRU HQ HO SHQVDPLHQWR GHO DOXPQR KDFLD OD HGXFDFLyQ ItVLFD 5HYLVWD ,QWHUQDFLRQDO GH &LHQFLDV 6RFLDOHV \ +XPDQLGDGHV 62&,27$0

0RUHQR - =RPHxR 7 0DUtQ / 5XL] / &HUYHOOy ( 3HUFHSFLyQ GH OD XWLOLGDG H LPSRUWDQFLD GH OD HGXFDFLyQ ItVLFD VHJ~Q OD PRWLYDFLyQ JHQHUDGD SRU HO GRFHQWH 5HYLVWD GH (GXFDFLyQ

5\DQ 5 'HFL ( 6HOI GHWHUPLQDWLRQ WKHRU\ DQG WKH IDFLOLWDWLRQ RI LQWULQVLF PRWLYDWLRQ VRFLDO GHYHORSPHQW DQG ZHOO EHLQJ $PHULFDQ 3V\FKRORJLVW

7DSLD - 0RWLYDU SDUD HO DSUHQGL]DMH (VSDxD (GHEp

9DUJDV / 6REUH HO FRQFHSWR GH SHUFHSFLyQ $OWHULGDGHV

)HFKD GH UHFHSFLyQ )HFKD GH DFHSWDFLyQ

(PiV) 5HYLVWD 'LJLWDO GH (GXFDFLyQ )tVLFD $xR 1XP MXOLR DJRVWR GH

KWWS HPDVI ZHEFLQGDULR FRP

(9$/8$5 3$5$ $35(1'(5 < &$/,),&$5 (;3(5,(1&,$ (1 ('8&$&,Ð1 )Ì6,&$ &21 (/ ,167580(172 '( (9$/8$&,Ð1 3$5$ (/ $35(1',=$-( '( 6,78$&,21(6 '( ,19$6,Ð1

)HUQDQGR 0DQXHO 2WHUR 6DERULGR 8QLYHUVLGDG 3DEOR GH 2ODYLGH 6HYLOOD (VSDxD

(PDLO IPRWHUR#XSR HV

-RVp $QWRQLR *RQ]iOH] -XUDGR 8QLYHUVLGDG 3DEOR GH 2ODYLGH 6HYLOOD (VSDxD

(PDLO MDJRQMXU#XSR HV

5(680(1

/D HYDOXDFLyQ HV XQR GH ORV DVSHFWRV PiV FRQWURYHUWLGRV HQ HO SURFHVR GH HQVHxDQ]D DSUHQGL]DMH HQ HO iUHD GH (GXFDFLyQ )tVLFD 3RU RWUD SDUWH HO JUXSR GH PRGDOLGDGHV GHSRUWLYDV GH LQYDVLyQ VRQ ODV TXH DJOXWLQDQ ODV SUHIHUHQFLDV GHO SURIHVRUDGR GH (GXFDFLyQ )tVLFD (O REMHWR GH HVWH WUDEDMR HV DSOLFDU HQ HO FRQWH[WR HVFRODU HO ,QVWUXPHQWR GH (YDOXDFLyQ SDUD HO $SUHQGL]DMH GH 6LWXDFLRQHV GH ,QYDVLyQ ,($6, YDOLGDGR SRU 2WHUR 6DERULGR \ *RQ]iOH] -XUDGR (QWUH ODV DSRUWDFLRQHV GH HVWD H[SHULHQFLD GHVWDFDQ HO XVR GH ,($6, FRPR LQVWUXPHQWR GH HYDOXDFLyQ IRUPDWLYD HQ HO DXOD \ FRPR KHUUDPLHQWD GH FDOLILFDFLyQ GLDORJDGD 3DUD HOOR VH XWLOL]DURQ GRV DOJRULWPRV HO ÌQGLFH GH &DOLGDG $EVROXWD \ ,&$ HO ÌQGLFH GH &DOLGDG 5HODWLYD ,&5 /DV FRQFOXVLRQHV H[WUDtGDV GH OD DSOLFDFLyQ GH ,($6, HQ FRQWH[WR HVFRODU VRQ DGDSWDFLyQ D XQ PRGHOR KRUL]RQWDO GH HQVHxDQ]D UHSOLFDELOLGDG ULJXURVD HQ FXDOTXLHU FRQWH[WR GH () OD SHUWLQHQFLD HGXFDWLYD GHO URO GH MXHJR VHOHFFLRQDGR \ OD FODUD LQWHQFLyQ IRUPDWLYD GH OD KHUUDPLHQWD

3$/$%5$6 &/$9(

7RPD GH GHFLVLyQ HYDOXDFLyQ IRUPDWLYD GHSRUWHV GH FRRSHUDFLyQ RSRVLFLyQ FRHYDOXDFLyQ FDOLILFDFLyQ GLDORJDGD

(PiV) 5HYLVWD 'LJLWDO GH (GXFDFLyQ )tVLFD $xR 1XP MXOLR DJRVWR GH

KWWS HPDVI ZHEFLQGDULR FRP

,1752'8&&,Ð1

([LVWHQ DVSHFWRV PX\ FRPSOHMRV SDUD DQDOL]DU GHQWUR GH HVWD DSOLFDFLyQ SUiFWLFD GH XQ LQVWUXPHQWR YDOLGDGR FLHQWtILFDPHQWH SDUD HYDOXDU VLWXDFLRQHV GH LQYDVLyQ 6XUJHQ DOJXQDV FXHVWLRQHV TXH VRQ QHFHVDULDV UHVSRQGHU DQWHV GH DWHQGHU ODV FRQFOXVLRQHV GH VX FRQWH[WXDOL]DFLyQ HQ ODV FODVHV GH (GXFDFLyQ )tVLFD ()

¢4Xp LPSRUWDQFLD WLHQHQ ORV GHSRUWHV GH LQYDVLyQ HQ OD HVFXHOD" ¢4Xp HQIRTXH XWLOL]DU SDUD HYDOXDU HQ (GXFDFLyQ )tVLFD" ¢&yPR DERUGDU OD FDOLILFDFLyQ VLQ SHUGHU YDORU HGXFDWLYR"

¢3RU TXp ORV GHSRUWHV LQYDVLyQ"

/RV GHSRUWHV GH LQYDVLyQ REMHWR GH HVWH WUDEDMR FHQWUDQ ODV SUHIHUHQFLDV HQ () 7DQWR SURIHVRUDGR GH () FRPR GLVFHQWHV GH GLIHUHQWHV SDtVHV FRLQFLGHQ HQ VHxDODUORV FRPR ORV PiV LPSDUWLGRV HQ HO FDVR GH ORV GRFHQWHV \ ORV SUHIHULGRV HQ HO FDVR GHO DOXPQDGR 6KURSVKLUH &DUUROO +LOO &OHYHQ *XWLpUUH] 3LOVD 7RUUHV 3RU HOOR ,($6, VH FHQWUD HQ OD HYDOXDFLyQ GH XQD VLWXDFLyQ GH FRRSHUDFLyQ RSRVLFLyQ \ HVSDFLR FRPSDUWLGR SURSLR GH ORV GHSRUWHV GH LQYDVLyQ 'HQWUR GH HVWDV PRGDOLGDGHV GHSRUWLYDV HO URO TXH FXDOLWDWLYDPHQWH WLHQH XQD SUHVHQFLD PiV HGXFDWLYD HQ HO FRQWH[WR HVFRODU HV HO GH ¶MXJDGRU VLQ EDOyQ GHO HTXLSR FRQ EDOyQ· -6%(&% +HUQiQGH] R ¶DWDFDQWH VLQ EDOyQ· :HLQ

¢4Xp HQIRTXH GHEHPRV XWLOL]DU SDUD HYDOXDU HQ (GXFDFLyQ )tVLFD"

/D HYDOXDFLyQ KD VLGR FDOLILFDGD FRPR XQR GH ORV DVSHFWRV PiV FRQWURYHUWLGRV GHO SURFHVR GH HQVHxDQ]D DSUHQGL]DMH HQ HVWD iUHD -DPHV *ULIILQ )UDQFH 2WHUR &DOYR *RQ]iOH] -XUDGR 7HMDGD /D IRWRJUDItD VREUH ORV PRGHORV GH HYDOXDFLyQ HQ () HQ (VSDxD WLHQH XQD GHVFULSFLyQ KRPRJpQHD 8Q SULPHU PRGHOR RULHQWDGR KDFLD HO UHQGLPLHQWR ItVLFR TXH WLHQH FRPR REMHWLYR PHGLU OD HILFDFLD GHO UHQGLPLHQWR ItVLFR GHO DOXPQR D WUDYpV GH WHVW \ SUXHEDV HVWDQGDUL]DGDV (VWD FRQFHSFLyQ QR FRQWHPSOD HO YDORU IRUPDWLYR GH OD HYDOXDFLyQ 6X LQWHQFLyQ OD UHVXPH OD SUHJXQWD GH /ySH] ´¢3RU TXp GHFLPRV HYDOXDFLyQ FXiQGR HQ UHDOLGDG TXHUHPRV GHFLU FDOLILFDFLyQ"µ S (Q RSRVLFLyQ HO PRGHOR RULHQWDGR KDFLD OD SDUWLFLSDFLyQ GHO DOXPQR Vt WLHQH XQ DOWR YDORU IRUPDWLYR 1R YDORUD WDQ VyOR HO DVSHFWR PRWUL] VLQR TXH FRQWHPSOD ODV GLPHQVLRQHV DIHFWLYD VRFLDO \ FRJQLWLYD D WUDYpV GH OD LPSOLFDFLyQ GHO DOXPQDGR HQ OD HYDOXDFLyQ /ySH] 'LIHUHQWHV LQYHVWLJDFLRQHV KDQ GHPRVWUDGR ORV EHQHILFLRV GH LPSOLFDU DO DOXPQDGR DO XWLOL]DQGR VLWXDFLRQHV GH DXWRHYDOXDFLyQ \ GH HYDOXDFLyQ SRU SDUHV R FRHYDOXDFLyQ /DPE /DQH $OGRXV /ySH] HW DO 3pUH] +HUDV +HUQiQ 9HUD *RQ]iOH] 0RUHQR 1t &KUyLQtQ &RVJUDYH

/DV UHYLVLRQHV GH GLIHUHQWHV WUDEDMRV VREUH SUiFWLFDV GH HYDOXDFLyQ HQ GLIHUHQWHV FRQWH[WRV \ PRPHQWRV UHYHODQ TXH VL ELHQ HO SDUDGLJPD WHyULFR LQGLFD OD SUHYDOHQFLD GH XQD HYDOXDFLyQ IRUPDWLYD HQ ODV SUiFWLFDV HYDOXDWLYDV GH ORV GRFHQWHV GH () VLJXHQ SUHGRPLQDQGR ORV PRGHORV GH FDOLILFDFLyQ \ FRQ HVFDVD SDUWLFLSDFLyQ GHO DOXPQDGR /RUHQWH &DWDOiQ .LUN 2WHUR

$XQTXH KD KDELGR XQ DXPHQWR GH ODV LQYHVWLJDFLRQHV VREUH HYDOXDFLyQ IRUPDWLYD HQ () D~Q VRQ HVFDVRV ORV WUDEDMRV TXH LQYHVWLJXHQ KHUUDPLHQWDV FRPR OD HYDOXDFLyQ SRU SDUHV \ OD DXWRHYDOXDFLyQ (Q OD PLVPD OtQHD GH PRGHUDFLyQ (PiV) 5HYLVWD 'LJLWDO GH (GXFDFLyQ )tVLFD $xR 1XP MXOLR DJRVWR GH

KWWS HPDVI ZHEFLQGDULR FRP

GLVFXUUHQ ODV SUiFWLFDV GH HYDOXDFLyQ IRUPDWLYD HQ ODV FODVHV GH () D SHVDU GH DSRUWDFLRQHV FRPR OD 5HG GH (YDOXDFLyQ )RUPDWLYD \ &RPSDUWLGD HQ (GXFDFLyQ 6XSHULRU /ySH] HW DO (Q HVWD OtQHD GH SDUWLFLSDFLyQ GHO DOXPQDGR ,($6, QDFLy FRQ OD LGHD GH SRQHU HO IRFR HQ OD SDUWLFLSDFLyQ GHO DOXPQDGR (V GHFLU VXUJH FRPR LQVWUXPHQWR TXH VHD XWLOL]DGR \ REVHUYDGR SRU HO DOXPQDGR SDUD DSUHQGHU GH VX SURSLD SUiFWLFD

¢3RU TXp \ FyPR FDOLILFDU"

$XQTXH HO IRFR HYDOXDWLYR QR GHED SRQHUVH H[FOXVLYDPHQWH HQ OD FDOLILFDFLyQ DVLJQDU YDORUHV QXPpULFRV D ORV FRPSRUWDPLHQWRV GHO DOXPQDGR HV XQD GH ODV IXQFLRQHV OHJDOHV GH OD HYDOXDFLyQ GH ORV GRFHQWHV 3RU HOOR ,($6, D~Q VLHQGR XQ LQVWUXPHQWR TXH IRPHQWD HO DSUHQGL]DMH HQWUH HO DOXPQDGR IXH YDOLGDGR DGYLUWLHQGR OD SRVLELOLGDG GH TXH ODV REVHUYDFLRQHV GHO SURSLR DOXPQDGR SXGLHUDQ VHU XWLOL]DGDV FRPR HYLGHQFLDV GH OD FDOLILFDFLyQ /DV DOWDV SUHVWDFLRQHV GH FRQILDELOLGDG REWHQLGDV VLQ TXH H[LVWLHUD XQ HQWUHQDPLHQWR HVSHFtILFR HQ HO DOXPQDGR DSXQWDQ HQ HVWH VHQWLGR 2WHUR 6DERULGR \ *RQ]iOH] -XUDGR

3RU WDQWR XQD YH] WUDWDGDV ODV FXHVWLRQHV LQWURGXFWRULDV HVWH WUDEDMR SUHWHQGH DQDOL]DU ODV FRQFOXVLRQHV SHGDJyJLFDV GH VX XWLOL]DFLyQ HQ XQ FRQWH[WR HGXFDWLYR WUDV XQ UHSDVR SUHYLR SRU HO LQVWUXPHQWR

(/ ,167580(172

6,78$&,Ð1 0275,= 2%-(72 '( (9$/8$&,Ð1

,($6, VH FHQWUD HQ OD HYDOXDFLyQ GH XQD VLWXDFLyQ FRQFUHWD GH ORV GHSRUWHV GH LQYDVLyQ (Q HVWH FDVR YDORUD OD FDSDFLGDG GH RFXSDU XQ HVSDFLR OLEUH \ FRORFDUVH HQ OtQHD GH SDVH GHO -XJDGRU 6LQ %DOyQ GHO (TXLSR &RQ %DOyQ -6%(&% 3DUD HYDOXDU HVWH URO XWLOL]D VLWXDFLRQHV GH VXSHULRULGDG QXPpULFD 9V 9V 9V

FRPR ODV PiV SHUWLQHQWHV SHGDJyJLFDPHQWH SDUD XQD SURJUHVLyQ GH HQVHxDQ]D 9HJDV 3LQWRU &iUGHQDV )UDGXD 0RUHQR 3URSRQH FRPR VLWXDFLyQ XQ -XHJR GH 3DVHV FRQ ODV PDQRV SDUD DLVODU OD GLILFXOWDG GHO PHFDQLVPR GH HMHFXFLyQ HQ HO FDVR GH ORV SLHV %HQJXp (O MXHJR VH GHVDUUROOD FRQ ODV VLJXLHQWHV UHJODV

*DQD HO HTXLSR TXH FRPSOHWH HTXLV Q~PHUR GH SDVHV

1R VH FRQWDELOL]DQ ORV SDVHV TXH VDOYHQ D XQ DGYHUVDULR ODQ]DQGR HO EDOyQ SRU HQFLPD GH pO (V GHFLU DTXHOORV HQ ORV TXH HO DGYHUVDULR WDSH OD OtQHD GH SDVH (O REMHWR HV IRPHQWDU OD RFXSDFLyQ GH HVSDFLRV OLEUHV SRU SDUWH GHO -6(&%

6H SDVD FRQ ODV PDQRV

1R VH SXHGH FRUUHU FRQ HO EDOyQ

/RV DGYHUVDULRV SXHGHQ UHFXSHUDU OD SRVHVLyQ LQWHUFHSWDQGR HO PyYLO HQ HO DLUH QXQFD UREDQGR HO PyYLO GH ODV PDQRV GHO SRVHHGRU

(PiV) 5HYLVWD 'LJLWDO GH (GXFDFLyQ )tVLFD $xR 1XP MXOLR DJRVWR GH

KWWS HPDVI ZHEFLQGDULR FRP

'(6&5,3&,Ð1 '( /$6 &$7(*25Ì$6 '(/ ,167580(172

(O LQVWUXPHQWR FRQWHPSOD WUHV YDULDEOHV GH HYDOXDFLyQ GHO -6%(&% 7UD\HFWRULD GH 'HVSOD]DPLHQWR UHVSHFWR GHO 3RVHHGRU GHO PyYLO 7'3 9HORFLGDG GHO 'HVSOD]DPLHQWR 9 'HQVLGDG GH $GYHUVDULRV \ &RPSDxHURV '$& 6ROR VH FRGLILFDQ ODV DFFLRQHV GH GHVPDUTXH HQ ODV TXH HO SDVH VH KDFH HIHFWLYR

7UD\HFWRULD GH 'HVSOD]DPLHQWR UHVSHFWR GHO 3RVHHGRU GHO PyYLO 7'3

$QDOL]D HO VHQWLGR GHO GHVSOD]DPLHQWR GHO -6%(&% HQ VX GHVPDUTXH UHVSHFWR GHO FRPSDxHUR TXH WLHQH OD SRVHVLyQ GHO PyYLO

D $&(5&$0,(172 $& $SUR[LPDFLyQ DO SRVHHGRU SRU SDUWH GHO -6%(&% TXH YD UHFLELU HO PyYLO

E $/(-$0,(172 $/ 'LVWDQFLDPLHQWR GHO SRVHHGRU SRU SDUWH GHO -6(&% TXH YD D UHFLELU HO PyYLO

9HORFLGDG GHO 'HVSOD]DPLHQWR 9

D /(17$ 6H FRGLILFD FRPR WDO VL HO -6(&% DQGD R VDOWD SDUD GHVSOD]DUVH

E 5É3,'2 6H FRGLILFD FRPR UiSLGR VL HO -6(&% WURWD FRUUH R HVSULQWD 3DUD OD FRGLILFDFLyQ GH HVWD FDWHJRUtD ORV DXWRUHV FRQWHPSODQ WRGD OD GXUDFLyQ GH OD FDUUHUD (V GHFLU VL HO GLVFHQWH HQ OD SULPHUD IDVH GHO GHVSOD]DPLHQWR KD FRUULGR \ DO ILQDO VyOR KD VDOWDGR SDUD RULHQWDUVH KDFLD OD UHFHSFLyQ VH HQWLHQGH TXH VH FRGLILFDUtD FRPR UiSLGD

'HQVLGDG GH $GYHUVDULRV \ &RPSDxHURV '$&

/D WHUFHUD YDULDEOH GH ,($6, VH HQFDUJD GH DQDOL]DU OD FDOLGDG GHO HVSDFLR TXH RFXSD HO -6%(&% 'LFKD FDOLGDG OD FDWHJRUL]D HQ FXDWUR FDWHJRUtDV HQ IXQFLyQ GH OD SUHVHQFLD R DXVHQFLD GH FRPSDxHURV \ DGYHUVDULRV

D (63$&,2 2&83$'2 325 &203$f(52 < $'9(56$5,2 (2&$ (/ -6%(&% UHFLEH HQ XQ HVSDFLR TXH FRPSDUWH FRQ DGYHUVDULR \ FRPSDxHUR $XPHQWD OD SUREDELOLGDG GH LQWHUFHSWDFLyQ \ VH UHGXFH HO HVSDFLR GH DFFLyQ DWDFDQWH

E (63$&,2 2&83$'2 325 $'9(56$5,2 (2$ (O -6%(&% UHFLEH HQ XQ HVSDFLR TXH FRPSDUWH FRQ DGYHUVDULR $XPHQWD OD SUREDELOLGDG GH LQWHUFHSWDFLyQ

F (63$&,2 2&83$'2 325 &203$f(52 (2& (O -6%(&% UHFLEH HQ XQ HVSDFLR TXH FRPSDUWH FRQ XQ FRPSDxHUR FRPR SRWHQFLDO UHFHSWRU /D FHUFDQtD GH DPERV UHGXFH HO HVSDFLR GH DFFLyQ RIHQVLYR

G (63$&,2 /,%5( (/ (O -6%(&% UHFLEH HQ XQ HVSDFLR OLEUH QR RFXSDGR SRU FRPSDxHURV QL DGYHUVDULRV

(PiV) 5HYLVWD 'LJLWDO GH (GXFDFLyQ )tVLFD $xR 1XP MXOLR DJRVWR GH

KWWS HPDVI ZHEFLQGDULR FRP

7DEOD ,QVWUXPHQWR GH (YDOXDFLyQ SDUD HO $SUHQGL]DMH GH 6LWXDFLRQHV GH ,QYDVLyQ ,($6,

9$5,$%/(

75$<(&725,$ '(/ '(63/$=$0,(172 UHVSHFWR D 326(('25 7'3

9(/2&,'$' 9

'(16,'$' '( &203$f(526 < $'9(56$5,26 '$&

&$7(*25Ì$

'(6&5,3&,Ð1

38178$&,Ð1

$&(5&$0,(172 $&

6H DFHUFD DO SRVHHGRU 6H UHGXFH HO HVSDFLR GH DFFLyQ RIHQVLYD

6H DOHMD GHO SRVHHGRU $XPHQWD HO HVSDFLR GH DFFLyQ RIHQVLYD

/(17$ /

$QGD R VDOWD UHFRUULHQGR SRFR HVSDFLR

5É3,'2 5

7URWD FRUUH R HVSULQWD

(O UHFHSWRU UHFLEH HQ XQ HVSDFLR TXH FRPSDUWH FRQ DGYHUVDULR \ FRPSDxHUR $XPHQWD OD SUREDELOLGDG GH LQWHUFHSWDFLyQ \ VH UHGXFH HO HVSDFLR GH DFFLyQ DWDFDQWH

(O UHFHSWRU UHFLEH HQ XQ HVSDFLR TXH FRPSDUWH FRQ DGYHUVDULR $XPHQWD OD SUREDELOLGDG GH LQWHUFHSWDFLyQ

(O UHFHSWRU UHFLEH HQ XQ HVSDFLR TXH FRPSDUWH FRQ XQ FRPSDxHUR XQ SRWHQFLDO UHFHSWRU /D FHUFDQtD GH DPERV UHGXFH HO HVSDFLR GH DFFLyQ RIHQVLYR

(O UHFHSWRU UHFLEH HQ XQ HVSDFLR OLEUH 1R OR RFXSDQ QL FRPSDxHURV QL DGYHUVDULRV

$/(-$0,(172 $/

(63$&,2 2&83$'2 325 &203$f(52 < $'9(56$5,2 (2&$

(63$&,2 2&83$'2 325 $'9(56$5,2 (2$

(63$&,2 2&83$'2 325 &203$f(52 (2&

(63$&,2 /,%5( (/

6L OD 7'3 GHO -6%(&% HV GH DFHUFDPLHQWR DO SRVHHGRU GHO EDOyQ SHUR OD '$& HV XQ (VSDFLR /LEUH 7'3 SXQW~D FRPR

862 '( ,($6, (1 &217(;72 (6&2/$5

,($6, &202 +(55$0,(17$ '( (9$/8$&,Ð1 )250$7,9$ &2(9$/8$&,Ð1

'LIHUHQWHV LQYHVWLJDFLRQHV DFUHGLWDQ PD\RU DSUHQGL]DMH HQ XQD HYDOXDFLyQ IRUPDWLYD TXH XWLOL]D LQVWUXPHQWRV GH FRHYDOXDFLyQ HQWUH SDUHV VLPLODUHV D ,($6, 6DQWRV 3pUH] +HUDV +HUQiQ )LJXHLUHGR /DJR )HUQiQGH] 3RU WDQWR HQ OD UHDOLGDG GHO DXOD ,($6, VH SRVWXOD FRPR XQ LQVWUXPHQWR PX\ IDFWLEOH HQ OD HQVHxDQ]D \ DSUHQGL]DMH GH ORV GHSRUWHV GH LQYDVLyQ HQ () (PiV) 5HYLVWD 'LJLWDO GH (GXFDFLyQ )tVLFD $xR 1XP MXOLR DJRVWR GH

KWWS HPDVI ZHEFLQGDULR FRP

(Q HVWH VHQWLGR ODV KHUUDPLHQWDV GH HYDOXDFLyQ OOHJDQ D VHU IRUPDWLYDV HV GHFLU FRQWULEX\HQ VREUH WRGR DO DSUHQGL]DMH GHO DOXPQDGR GHSHQGLHQGR GHO XVR TXH VH KDJD GH HOODV (Q HO FDVR GH ORV GHSRUWHV GH LQYDVLyQ H[LVWHQ LQVWUXPHQWRV YDOLGDGRV TXH LPSOLFDQ DO DOXPQDGR HQ VX SURFHVR GH HYDOXDFLyQ 76$3 *UpKDLJQH %RXWLKHU *RGERXW *3$, 2VOLQ 0LWFKHOO *ULIILQ %2*3, &KHQ +HQGULFNV =KX \ +(5- *DUFtD HW DO 1R REVWDQWH TXH H[LVWDQ KHUUDPLHQWDV YDOLGDGDV QR JDUDQWL]D TXH VH SUDFWLTXH XQD HYDOXDFLyQ IRUPDWLYD $OJXQDV GH HOODV VRQ H[FHVLYDV FXDQWLWDWLYDV SRQHQ pQIDVLV HQ OD FDQWLGDG GH ODV DFFLRQHV PRWULFHV QR HQ OD FDOLGDG GH ODV PLVPDV 2WUDV VRQ H[FHVLYDPHQWH FRPSOHMDV SRVHHQ GHPDVLDGDV GLPHQVLRQHV SDUD VHU REVHUYDGDV LQ YLYR SRU ORV SURSLRV DOXPQRV FX\D FDSDFLGDG GH GLVFULPLQDFLyQ HV OLPLWDGD 2WHUR \ SRU WDQWR VH GLILFXOWD VX XWLOL]DFLyQ HQ SURFHVRV GH HYDOXDFLyQ IRUPDWLYD

(Q GHILQLWLYD HO YDORU IRUPDWLYR GH FXDOTXLHU LQVWUXPHQWR GH HYDOXDFLyQ SDVD SRU OD SDUWLFLSDFLyQ UHDO \ IDFWLEOH GHO DOXPQDGR (Q HVWH VHQWLGR /ySH] 3DVWRU *RQ]iOH] %DUED FODULILFDQ OD SDUWLFLSDFLyQ GHO DOXPQDGR HQ OD HYDOXDFLyQ HGXFDWLYD HQ FLQFR SURFHGLPLHQWRV DXWRHYDOXDFLyQ FRHYDOXDFLyQ HYDOXDFLyQ FRPSDUWLGD FDOLILFDFLyQ GLDORJDGD \ HYDOXDFLyQ GHPRFUiWLFD (Q OD SUHVHQWH H[SHULHQFLD IXH XWLOL]DGD OD FRHYDOXDFLyQ FRPR HVWUDWHJLD GH HYDOXDFLyQ HQWUH LJXDOHV 'H WDO IRUPD TXH XQ DOXPQR D SDUWLFLSDED GHO MXHJR \ RWUR D REVHUYDED D WUDYpV GH ,($6, OD SHUIRUPDQFH GH VX FRPSDxHUR D 7DEOD

(Q HVWH VHQWLGR ,($6, FRPR RFXUUH HQ HO UHVWR GH KHUUDPLHQWDV HQXPHUDGDV DQWHULRUPHQWH QR SXHGH VHU XQ LQVWUXPHQWR IRUPDWLYR SRU Vt VyOR VLQR TXH HO FDUiFWHU HGXFDWLYR GH OD HYDOXDFLyQ DSDUHFH HQ VX XVR SRVWHULRU (Q OD H[SHULHQFLD UHDOL]DGD FRQ ,($6, VH WRPy FRPR HVWUDWHJLD OD FRHYDOXDFLyQ (Q HVWH FDVR HO YDORU IRUPDWLYR VH FRPSOHWDED DO LQLFLDUVH XQ SURFHVR GH GLiORJR HQWUH REVHUYDGRU \ HMHFXWDQWH TXH FRPSDUWtDQ LPSUHVLRQHV VREUH OD SHUIRUPDQFH 7DEOD

3RVWHULRUPHQWH DOXPQR D MXJDGRU D LQWHULRUL]DED ODV FRQFOXVLRQHV UHIOH[LRQDQGR VREUH VX HMHFXFLyQ ,PDJHQ

7DEOD +RMD UH UHJLVWUR FXDOLWDWLYR VREUH OD RFXSDFLyQ GH HVSDFLR OLEUH \ FRORFDFLyQ HQ OtQHD GH SDVH GHO -6%(&% HQ ,($6,

5(*,6752 '( &21'8&7$6

+2-$ '( 5(*,6752 &8$/,7$7,9$ 62%5( ,($6, 2EVHUYDGRU $OXPQD $ 1RPEUH GHO -6&(% $OXPQR % '(60$548(

7'3 9 '$& (2&$ (2$ (2& $& $/ / 5 &2',),&$&,Ð1

[

38178$&,Ð1

(9$/8$&,Ð11 )250$7,9$

&20(17$5,2 '(/ 2%6(59$'25

[

´7H DFHUFDV GHPDVLDGR \ ORV DGYHUVDULRV HVWDEDQ FHUFD GHO SRVHHGRUµ

6LQ FRPHQWDULR

[

(/

´(VWDEDV HQ XQ HVSDFLR FHUFDQR DO DGYHUVDULR /D SRVLELOLGDG GH LQWHUFHSWDFLyQ HUD JUDQGH

(PiV) 5HYLVWD 'LJLWDO GH (GXFDFLyQ )tVLFD $xR 1XP MXOLR DJRVWR GH

KWWS HPDVI ZHEFLQGDULR FRP

$3257$&,Ð1 '(/ -6%(&% 75$6 ',É/2*2 &21 2%6(59$'25

´3RGtD KDEHUPH DOHMDGR DPSOLDQGR HO HVSDFLR GH MXHJRµ

7'3 $&

5(*,6752 '( &21'8&7$6

&2',),&$&,Ð1

38178$&,Ð1

(9$/8$&,Ð11 )250$7,9$

&20(17$5,2 '(/ 2%6(59$'25

$3257$&,Ð1 '(/ -6%(&% 75$6 ',É/2*2 &21 2%6(59$'25

6LQ UHVSXHVWD

'(60$548( 9 $/ / 5

´+DEtD XQ HVSDFLR OLEUH D OD GHUHFKD TXH KXELHUD HYLWDGR HVH ULHVJRµ

(2&$

(2$

'$& (2&

(/

[

[

[

´$XQTXH WH KDV DFHUFDGR DO -&% QR KDEtD DGYHUVDULRVµ

6LQ FRPHQWDULR

´1R KDEtD DGYHUVDULRV \ FRPSDxHURV HQ HO HVSDFLR TXH RFXSDVWH &UHR TXH HUD OD PHMRU OtQHD GH SDVH SRVLEOHµ

´(UD OD PHMRU RSFLyQ (Q OD ~OWLPD FODVH DQDOL]DPRV XQD VLWXDFLyQ SDUHFLGDµ

6LQ UHVSXHVWD

´$ PL HVSDOGD WHQtD GHIHQVRUHV DO DFHUFDUPH DO GHO EDOyQ PH DOHMDED GH ORV DGYHUVDULRV /RV RWURV FRPSDxHURV HVWDEDQ PX\ DOHMDGRVµ

(VWH HV XQ FDVR UHDO H[SOLFDGR HQ OD WDEOD HQ HO TXH D~Q OD 7'3 GHO -6%(&% HV GH DFHUFDPLHQWR DO SRVHHGRU SHUR OD '$& HV XQ (VSDFLR /LEUH \ SRU WDQWR 7'3 SXQW~D FRPR

,PDJHQ ,QVWUXPHQWR GH (YDOXDFLyQ SDUD HO $SUHQGL]DMH GH 6LWXDFLRQHV GH ,QYDVLyQ ,($6,

,($6, &202 +(55$0,(17$ '( &$/,),&$&,Ð1

/DV SUHVWDFLRQHV HVWDGtVWLFDV REWHQLGDV HQ OD YDOLGDFLyQ RULJLQDO FRQWULEX\HQ D TXH ODV REVHUYDFLRQHV GHO DOXPQDGR SXHGDQ VHU XWLOL]DGDV FRPR PHGLR GH FDOLILFDFLyQ 2WHUR 6DERULGR \ *RQ]iOH] -XUDGR (Q HVWH VHQWLGR WDQWR OD FRQFRUGDQFLD LQWHU H LQWUDREVHUYDGRUHV GHO JUXSR GH H[SHUWRV FRPR OD REWHQLGD SRU HO DOXPQDGR TXH QR KDEtD UHFLELGR HQWUHQDPLHQWR HVSHFtILFR LQYLWDQ D HOOR

(PiV) 5HYLVWD 'LJLWDO GH (GXFDFLyQ )tVLFD $xR 1XP MXOLR DJRVWR GH

KWWS HPDVI ZHEFLQGDULR FRP

(Q OD SUHVHQWH H[SHULHQFLD HGXFDWLYD HO DOXPQDGR Vt UHFLELy GRV VHVLRQHV GH DSUHQGL]DMH FRQ ,($6, /D SULPHUD VHVLyQ LQ YLWUR D WUDYpV GH XQ YLGHR (Q HO DXOD HO DOXPQDGR YLVXDOL]y VHFXHQFLDV HGLWDGDV GHO MXHJR GH SDVHV \ IXH FRGLILFDQGR FDGD XQR GH HOODV FRQ OD KHUUDPLHQWD 6H DWHQGLHURQ ODV GXGDV GH FRGLILFDFLyQ FRPR HO FDVR HQ HO TXH '$& HV (/ \ KD\ XQ DFHUFDPLHQWR HQ 7'3 TXH VH SXQWXDUtD FRPR H[SOLFDGR HQ WDEOD /D VHJXQGD VHVLyQ GH DSUHQGL]DMH VH UHDOL]y LQ YLYR HQ OD SLVWD SROLGHSRUWLYD $OOt D FDGD GLVFHQWH VH OH DVLJQy XQ MXJDGRU R MXJDGRUD D REVHUYDU /DV SDUHMDV REVHUYDEDQ HQ WXUQRV GH PLQXWRV

3DUD OD FDOLILFDFLyQ VH XWLOL]DURQ GRV tQGLFHV QDFLGRV GH ,($6, 8QR GH &DOLGDG $EVROXWD \ RWUR GH &DOLGDG 5HODWLYD (O ÌQGLFH GH &DOLGDG $EVROXWD ,&$ YDORUD OD SUHVWDFLyQ GH WRGDV ODV OtQHDV GH SDVH RIUHFLGDV SRU HO -6%(&% 6X FyPSXWR VH REWLHQH GH OD VXPD GH SXQWXDFLRQHV GH ODV WUHV YDULDEOHV

Ì1',&( '( &$/,'$' $%62/87$ 7'3 9 '$&

3RU RWUD SDUWH VDEHPRV TXH HQ HO FRQWH[WR HVFRODU XQD GH ODV FDUDFWHUtVWLFDV TXH GLIHUHQFLD D ORV GLVFHQWHV GH ORV SUDFWLFDQWHV MyYHQHV GHO FRQWH[WR GHSRUWLYR HV OD KHWHURJHQHLGDG FRJQLWLYR PRWUL] 2WHUR 3RU HOOR ODV VLWXDFLRQHV UHDOHV GH LQYDVLyQ HQ OD HVFXHOD QRV UHYHODQ TXH QR WRGR HO DOXPQDGR SDUWLFLSD \ RIUHFH ODV PLVPDV OtQHDV GH SDVH HQ XQD VLWXDFLyQ MXJDGD 3DUD GDU UHVSXHVWD D HVD UHDOLGDG GLYHUVD HO ÌQGLFH GH &DOLGDG 5HODWLYD ,&5 GH ,($6, YDORUD OD SUHVWDFLyQ GH ODV OtQHDV GH SDVH GHO DOXPQDGR HQ IXQFLyQ GH OD GHVPDUTXHV UHDOL]DGRV SRU HO SDUWLFLSDQWH

Ì1',&( '( &$/,'$' 5(/$7,9$ 7'3 9 '$& 1 '( /Ì1($6 '( 3$6(6 ()(&7,9$6

&RQ HVWRV tQGLFHV ,($6, DGHPiV GH LPSOLFDU DO DOXPQDGR HQ VX SHUIRUPDQFH D WUDYpV XQD UHIOH[LyQ LQGXFLGD 7DEOD RIUHFH HYLGHQFLDV QXPpULFDV TXH VLUYHQ FRPR GDWRV GH FDOLILFDFLyQ D ORV GRFHQWHV \ TXH DEUHQ HO FDPLQR D OR TXH /ySH] 3DVWRU HW DO GHILQLy FRPR FDOLILFDFLyQ GLDORJDGD 7DEOD

7DEOD (MHPSOR GH FDOLILFDFLyQ D WUDYpV GH ,($6, GH OD HMHFXFLyQ GH XQ SDUWLFLSDQWH HQ OD RFXSDFLyQ GH HVSDFLR OLEUH \ FRORFDFLyQ HQ OtQHD GH SDVH FRQ OD LQFOXVLyQ GH ,&$ H ,&5

7'3 1 /Ì1($ '( 3$6(

727$/

$&

9 $/

/

(2&$

(/

5

'$& (2$ (2&

Ì1',&( '( &$/,'$' $%62/87$ ,($6, Ì1',&( '( &$/,'$' 5(/$7,9$ ,($6,

(PiV) 5HYLVWD 'LJLWDO GH (GXFDFLyQ )tVLFD $xR 1XP MXOLR DJRVWR GH

KWWS HPDVI ZHEFLQGDULR FRP

&21&/86,21(6

9DULDV FRQFOXVLRQHV SXHGHQ H[WUDHUVH VREUH ODV YHQWDMDV HGXFDWLYDV GH OD DSOLFDFLyQ GH ,($6, HQ ODV FODVHV GH ()

D 6X DGHFXDFLyQ FRQ XQ PRGHOR KRUL]RQWDO SDUD OD HQVHxDQ]D GHSRUWLYD HQ ()

/D VLWXDFLyQ GH MXHJR XWLOL]DGD HQ ,($6, XQ MXHJR GH SDVHV FRQ ODV PDQRV LQFOX\H FRPSRUWDPLHQWRV WiFWLFRV FRPXQHV D WRGRV ORV GHSRUWHV GH LQYDVLyQ (VWRV SDWURQHV SXHGHQ VHU WUDQVIHULGRV HQWUH GHSRUWHV VL VH RSWD SRU XQ PRGHOR GH HQVHxDQ]D KRUL]RQWDO TXH DJOXWLQH GLIHUHQWHV PRGDOLGDGHV GH LQYDVLyQ %HQJXp +HUQiQGH] HW DO (Q HVWH VHQWLGR VL ELHQ OD OLWHUDWXUD KDEtD WHRUL]DGR VREUH OD FRQYHQLHQFLD GH XQD HQVHxDQ]D FRQMXQWD GH ORV GHSRUWHV LQYDVLyQ HQ OD HVFXHOD H[LVWHQ HVWXGLRV H[SHULPHQWDOHV TXH KDQ UHIRU]DGR HQ GLIHUHQWHV VHQWLGRV HO PRGHOR KRUL]RQWDO HQ EDVH D ORV UHVXOWDGRV REWHQLGRV 0HPPHUW +DUYH\ 5DPtUH] <ixH] &DVWHMyQ (VWRV UHVXOWDGRV FRQILUPDQ HPStULFDPHQWH OD SRVLELOLGDG GH WUDQVIHULU DSUHQGL]DMHV HQWUH ODV GLVFLSOLQDV GHSRUWLYDV LQFOXLGDV HQ HVWH JUXSR GH GHSRUWHV 3RU WDQWR ,($6, \ OD VLWXDFLyQ GH HYDOXDFLyQ SURSXHVWD VH HULJHQ FRPR PX\ SROLYDOHQWHV HQ HO FXUUtFXOR HVFRODU DO VHU IDFWLEOH GH DSOLFDU HQ ORV QXPHURVRV GHSRUWHV GH LQYDVLyQ EDVNHWEDOO KDQGEDOO IRRWEDOO ODFURVVH UXJE\ XOWLPDWH KRFNH\«

E 6X UHSOLFDELOLGDG ILDEOH HQ FXDOTXLHU FRQWH[WR GH OD ()

(O GLVHxR GH LQVWUXPHQWRV GH REVHUYDFLyQ SDUD OD SDUWLFLSDFLyQ GHO DOXPQDGR HQ ORV GHSRUWHV GH LQYDVLyQ WLHQH YDULRV DQWHFHGHQWHV &KHQ +HQGULFNV =KX *UpKDLJQH *RGERXW %RXWKLHU 2VOLQ 0LWFKHOO *ULIILQ $OJXQR GH HVWRV LQVWUXPHQWRV HVWDEOHFH YDULDEOHV JHQHUDOHV SDUD FRQFUHWDU HQ FXDOTXLHU GHSRUWH GH LQYDVLyQ WRPD GH GHFLVLRQHV HMHFXFLyQ WpFQLFD« (O SXQWR GpELO HV TXH GHMD DO DUELWULR GHO GRFHQWH R DSOLFDGRU GHO LQVWUXPHQWR OD FRQFUHFLyQ GH ODV YDULDEOHV SDUD FDGD FDVR VLQ TXH VH SXHGD VDEHU VL OD IRUPXODFLyQ GH XQD FDWHJRUtD KD VLGR SHUWLQHQWH (M GHILQLFLyQ VREUH FXiQGR XQD WRPD GH GHFLVLyQ R HMHFXFLyQ WpFQLFD VH FRQVLGHUD FRUUHFWD R LQFRUUHFWD

(Q HVWH VHQWLGR ,($6, GHILQH GH IRUPD SUHFLVD WUHV GLPHQVLRQHV FRQ VXV UHVSHFWLYDV FDWHJRUtDV GHO MXHJR VLQ EDOyQ GHO HTXLSR HQ SRVHVLyQ GHO PLVPR SDUD FXDOTXLHUD GH ORV GHSRUWHV GH LQYDVLyQ 1R H[LVWH SRU WDQWR OXJDU D HTXtYRFRV QL DPELJ HGDGHV HQ VX DSOLFDFLyQ (O GRFHQWH SUHFLVD GH ORV SDUiPHWURV H[DFWRV SDUD VX FRGLILFDFLyQ 2WUDV GH ODV DSRUWDFLRQHV GH ,($6, HV TXH WLHQH XQD FODUD LQWHQFLyQ GH HYDOXDFLyQ IRUPDWLYD HV GHFLU FRPR LQVWUXPHQWR GH UHIOH[LyQ \ PHMRUD GHO GLVFHQWH 0LHQWUDV RWUDV KHUUDPLHQWDV YDOLGDGDV RIUHFHQ DO DOXPQDGR GDWRV H[FOXVLYDPHQWH FXDQWLWDWLYRV GH VX SUiFWLFD Q~PHUR GH WLURV D PHWD Q~PHUR GH EDORQHV SHUGLGRV« TXH QR UHGXQGDQ HQ XQ SURFHVR GH PHMRUD ODV GLPHQVLRQHV GH ,($6, SHUPLWHQ UHIOH[LRQDU DO DOXPQDGR VREUH OD FDOLGDG GH ODV DFFLRQHV GHO MXHJR VLQ EDOyQ 7'3 9' \ '$& VLQ SULRUL]DU H[FOXVLYDPHQWH VREUH HO DVSHFWR FXDQWLWDWLYR

F /D SHUWLQHQFLD GHO URO -6%(&% GH HYDOXDFLyQ HOHJLGR FRQ OD GLYHUVLGDG GH FDSDFLGDGHV GHO DOXPQDGR GH ()

(O MXHJR VLQ SRVHVLyQ GH EDOyQ DJOXWLQD OD PD\RU FDQWLGDG GH WLHPSR \ GLVWDQFLD UHFRUULGD GHO YROXPHQ WRWDO GHO MXHJR HQ ORV GHSRUWHV GH LQYDVLyQ (QWUH HO (PiV) 5HYLVWD 'LJLWDO GH (GXFDFLyQ )tVLFD $xR 1XP MXOLR DJRVWR GH

KWWS HPDVI ZHEFLQGDULR FRP

\ HO GHO WLHPSR GH MXHJR ORV MXJDGRUHV GH FXDOTXLHUD GH HVWDV PRGDOLGDGHV QR HVWiQ HQ SRVHVLyQ GHO PyYLO GH DKt VX LPSRUWDQFLD \ VX SHUWLQHQFLD HQ HO LQVWUXPHQWR REMHWR GH WUDEDMR Ã&#x2030;YLOD 'HOODO HW DO &iUGHQDV &ROOHW 'L 6DOYR HW DO 3pUH] +HUDV +HUQiQ Ã&#x2030;ODPR :HLQ

'HQWUR GH OD IDVH GH DWDTXH HO MXHJR VLQ EDOyQ OR SURWDJRQL]D HO ¶MXJDGRU VLQ EDOyQ GHO HTXLSR FRQ EDOyQ· +HUQiQGH] R ¶DWDFDQWH VLQ EDOyQ· :HLQ < GHQWUR GH HVH URO HO GHVPDUTXH \D VHD DFHUFiQGRVH R DOHMiQGRVH GHO SRVHHGRU GHO EDOyQ HV OD KDELOLGDG WpFQLFR WiFWLFD PiV UHSUHVHQWDWLYD 9HJDV 5HLQD 6HUUD *RQ]iOH] *DUFtD 3RU WDQWR FRPR DSRUWDFLyQ GHVWDFDGD OD KHUUDPLHQWD ,($6, VH KD FHQWUDGR HQ OD KDELOLGDG GHO URO HQ HO TXH ORV MXJDGRUHV DWDFDQWHV SDVDQ HO PD\RU WLHPSR GHO MXHJR \ UHFRUUHQ PD\RU GLVWDQFLD

(Q HVD OtQHD ORV WUDEDMRV VREUH HQVHxDQ]D GH ORV GHSRUWHV GH LQYDVLyQ LQVLVWHQ HQ OD LPSRUWDQFLD GH HQVHxDU D DWDFDU DQWHV TXH D GHIHQGHU HQ ODV SULPHUDV HWDSDV IRUPDWLYDV \ SRU WDQWR HQ HO FRQWH[WR HVFRODU REMHWR GH HVWH WUDEDMR \ VREUH WRGR HQ OD LPSRUWDQFLD GH ORV FRQWHQLGRV WpFQLFRV WiFWLFRV GHO MXHJR VLQ EDOyQ GHO HTXLSR HQ SRVHVLyQ GHO PLVPR GHVPDUTXHV ILQWDV« 9HJDV 3LQWRU &iUGHQDV )UDGXD 0RUHQR (Q HVWH VHQWLGR ,($6, QR HV VyOR XQD KHUUDPLHQWD SDUD XQD IDVH PX\ LPSRUWDQWH GHO MXHJR VLQR TXH OR KDFH VREUH OD KDELOLGDG VLQ EDOyQ PX\ SHUWLQHQWH HQ HGDGHV IRUPDWLYDV HQ FRQWH[WR HVFRODU

G 6X LQWHQFLyQ IRUPDWLYD

7UDV FRPSUREDU OD HVFDVH] GH SUiFWLFDV GH HYDOXDFLyQ IRUPDWLYD HQ OD HQVHxDQ]D GH ORV GHSRUWHV GH LQYDVLyQ HQ OD HVFXHOD /ySH] /RUHQWH &DWDOiQ .LUN 2WHUR ,($6, DSDUHFH FRPR XQD DSRUWDFLyQ TXH SXHGH VHU LQFRUSRUDGD HQ HO FRQWH[WR HVFRODU DO VHU XQ LQVWUXPHQWR VLPSOH HQ VX DSOLFDFLyQ \ FRQ XQD QRWDEOH ILDELOLGDG

3RU ~OWLPR FRPR SURSXHVWD TXH PHMRUH OD IDFWLELOLGDG GH ,($6, OD DXWRPDWL]DFLyQ GH OD KHUUDPLHQWD HQ IRUPDWR GLJLWDO D\XGDUtD D SRWHQFLDU VX XVR \ IDFLOLWDUtD VX LQFRUSRUDFLyQ D ODV FODVHV GH () 0iV FRQFUHWDPHQWH TXH HO DOXPQDGR HQ XQ SURJUDPD LQIRUPiWLFR FRGLILFDUD FOLFDQGR VREUH ODV FDWHJRUtDV DO WLHPSR TXH YH VHFXHQFLDV GH MXHJR LQFUHPHQWDUtD ODV YHQWDMDV HGXFDWLYDV GH OD KHUUDPLHQWD

5()(5(1&,$6 %,%/,2*5Ã&#x2030;),&$6 Ã&#x2030;ODPR - 0 /DV &RQGXFWDV 0RWULFHV (Q %DORQPDQR (VWXGLR &RPSDUDWLYR (QWUH 3XHVWRV (VSHFtILFRV 5HG 5HYLVWD 'H (QWUHQDPLHQWR 'HSRUWLYR

Ã&#x2030;YLOD ) 0 /RV 'HVSOD]DPLHQWRV 6LQ %DOyQ )DFWRUHV 3HUFHSWLYRV < 'HFLVLRQDOHV (Q /RV 'HSRUWHV &ROHFWLYRV +DELOLGDG 0RWUL]

%HQJXp / )XQGDPHQWRV 7UDQVYHUVDOHV 3DUD /RV 'HSRUWHV 'H (TXLSR VW HG ,1'( 3XEOLFDFLRQHV &iUGHQDV ' $QiOLVLV 'H /DV 'HPDQGDV )tVLFDV 'HO -XHJR 'HO %DORQFHVWR 0DODJD , $ '

(PiV) 5HYLVWD 'LJLWDO GH (GXFDFLyQ )tVLFD $xR 1XP MXOLR DJRVWR GH

KWWS HPDVI ZHEFLQGDULR FRP

&KHQ : +HQGULFNV . =KX : 'HYHORSPHQW DQG 9DOLGDWLRQ RI WKH %DVNHWEDOO 2IIHQVLYH *DPH 3HUIRUPDQFH ,QVWUXPHQW -RXUQDO RI 7HDFKLQJ LQ 3K\VLFDO (GXFDWLRQ

&ROOHW & 7KH 3RVVHVVLRQ *DPH" $ &RPSDUDWLYH $QDO\VLV RI %DOO 5HWHQWLRQ 7HDP 6XFFHVV LQ (XURSHDQ DQG ,QWHUQDWLRQDO )RRWEDOO -RXUQDO RI 6SRUWV 6FLHQFHV

'HOODO $ &KDPDUL . :RQJ ' 3 $KPDLGL 6 .HOOHU ' %DUURV 5 %LVFLRWWL * 1 &DUOLQJ & &RPSDULVRQ RI 3K\VLFDO DQG 7HFKQLFDO 3HUIRUPDQFH LQ (XURSHDQ 6RFFHU 0DWFK 3OD\ )D 3UHPLHU /HDJXH /D /LJD (XURSHDQ -RXUQDO RI 6SRUW 6FLHQFH

'L 6DOYR 9 *UHJVRQ : $WNLQVRQ * 7RUGRII 3 'UXVW % $QDO\VLV RI +LJK ,QWHQVLW\ $FWLYLW\ LQ 3UHPLHU /HDJXH 6RFFHU ,QWHUQDWLRQDO -RXUQDO RI 6SRUWV 0HGLFLQH

)LJXHLUHGR / 0 /DJR & )HUQiQGH] 0 $QiOLVLV 'HO (IHFWR 'H 8Q 0RGHOR 'H (YDOXDFLyQ 5HFtSURFD 6REUH (O $SUHQGL]DMH 'H /RV 'HSRUWHV 'H (TXLSR (Q (O &RQWH[WR (VFRODU 0RWULFLGDG 5HYLVWD 'H &LHQFLDV 'H /D $FWLYLGDG )tVLFD < 'HO 'HSRUWH

)UDGXD - / 0RUHQR 5 /D ,QLFLDFLyQ $O )~WERO (Q (O 0HGLR (VFRODU ,Q HGLWHG E\ ) 5XL] $ *DUFtD $ - &DVLPLUR 0DGULG *\PQRV *DUFtD / 0 *RQ]iOH] 6 *XWLpUUH] ' 6HUUD ' 'HYHORSPHQW 9DOLGDWLRQ RI WKH *DPH 3HUIRUPDQFH (YDOXDWLRQ 7RRO *3(7 LQ 6RFFHU 5HYLVWD (XURDPHULFDQD 'H &LHQFLDV 'HO 'HSRUWH

*UpKDLJQH - %RXWLKHU ' *RGERXW 3 3HUIRUPDQFH $VVHVVPHQW LQ 7HDP 6SRUWV (YDOXDWLRQ 'H /D 3HUIRUPDQFH (Q 6SRUWV &ROOHFWLIV -RXUQDO RI 7HDFKLQJ LQ 3K\VLFDO (GXFDWLRQ

*XWLpUUH] 0 3LOVD & 7RUUHV ( 3HUILO 'H /D (GXFDFLyQ )tVLFD < 6XV 3URIHVRUHV 'HVGH (O (O 3XQWR 'H 9LVWD 'H /RV $OXPQRV 5HYLVWD ,QWHUQDFLRQDO 'H &LHQFLDV 'HO 'HSRUWH

+HUQiQGH] - 8OLVHV 6 &DVWUR + &UX] * *LO *XHUUD * 4XLURJD 0 5RGULJXH] - 3 /D ,QLFLDFLyQ D /RV 'HSRUWHV 'HVGH 6X (VWUXFWXUD < 'LQiPLFD $SOLFDFLyQ D /D (GXFDFLyQ )tVLFD (VFRODU < $O (QWUHQDPLHQWR VW HG %DUFHORQD ,QGH +LOO * 0 &OHYHQ % $ &RPSDULVRQ RI 6WXGHQWV &KRLFHV RI WK *UDGH 3K\VLFDO (GXFDWLRQ $FWLYLWLHV E\ (WKQLFLW\ 7KH +LJK 6FKRRO -RXUQDO

-DPHV $ 5 *ULIILQ / / )UDQFH 7 3HUFHSWLRQV RI $VVHVVPHQW LQ (OHPHQWDU\ 3K\VLFDO (GXFDWLRQ $ &DVH 6WXG\ 3K\VLFDO (GXFDWRU

/DPE 3 /DQH / $OGRXV ' (QKDQFLQJ WKH 6SDFHV RI 5HIOHFWLRQ $ %XGG\ 3HHU 5HYLHZ 3URFHVV ZLWKLQ 3K\VLFDO (GXFDWLRQ ,QLWLDO 7HDFKHU (GXFDWLRQ (XURSHDQ 3K\VLFDO (GXFDWLRQ 5HYLHZ

/ySH] 3DVWRU 9 0 3UiFWLFDV 'H (YDOXDFLyQ (Q (GXFDFLyQ )tVLFD (VWXGLR 'H &DVRV (Q 3ULPDULD 6HFXQGDULD < )RUPDFLyQ 'HO 3URIHVRUDGR 7HVLV 'RFWRUDO 3XEOLFDGD 9DOODGROLG 6HFUHWDULDGR GH 3XEOLFDFLRQHV GH OD 8QLYHUVLGDG GH 9DOODGROLG

(PiV) 5HYLVWD 'LJLWDO GH (GXFDFLyQ )tVLFD $xR 1XP MXOLR DJRVWR GH

KWWS HPDVI ZHEFLQGDULR FRP

/ySH] 3DVWRU 9 0 (YDOXDFLyQ &DOLILFDFLyQ &UHGHQFLDOLVPR < )RUPDFLyQ ,QLFLDO 'HO 3URIHVRUDGR (IHFWRV < 3DWRORJtDV *HQHUDGDV (Q /D (QVHxDQ]D 8QLYHUVLWDULD 5HYLVWD ,QWHUXQLYHUVLWDULD 'H )RUPDFLyQ 'HO 3URIHVRUDGR

/ySH] 3DVWRU 9 0 *RQ]iOH] 0 %DUED - - /D SDUWLFLSDFLyQ GHO DOXPQDGR HQ OD HYDOXDFLyQ OD DXWRHYDOXDFLyQ OD FRHYDOXDFLyQ \ OD HYDOXDFLyQ FRPSDUWLGD 7iQGHP /ySH] 3DVWRU 9 0 - - %DUED 5 0RQMDV - & 0DQULTXH & +HUDV 0 *RQ]iOH] - 0 *yPH] 7UHFH $xRV 'H (YDOXDFLyQ &RPSDUWLGD (Q (GXFDFLyQ )tVLFD 5HYLVWD ,QWHUQDFLRQDO 'H &LHQFLDV 'H /D $FWLYLGDG )tVLFD < (O 'HSRUWH

/RUHQWH &DWDOiQ ( .LUN ' 0DNLQJ WKH &DVH IRU 'HPRFUDWLF $VVHVVPHQW 3UDFWLFHV ZLWKLQ D &ULWLFDO 3HGDJRJ\ RI 3K\VLFDO (GXFDWLRQ 7HDFKHU (GXFDWLRQ (XURSHDQ 3K\VLFDO (GXFDWLRQ 5HYLHZ

0HPPHUW ' +DUYH\ 6 ,GHQWLILFDWLRQ RI 1RQ 6SHFLILF 7DFWLFDO 7DVNV LQ ,QYDVLRQ *DPHV 3K\VLFDO (GXFDWLRQ 6SRUW 3HGDJRJ\

1t &KUyLQtQ ' &RVJUDYH & ,PSOHPHQWLQJ )RUPDWLYH $VVHVVPHQW LQ 3ULPDU\ 3K\VLFDO (GXFDWLRQ 7HDFKHU 3HUVSHFWLYHV ([SHULHQFHV 3K\VLFDO (GXFDWLRQ 6SRUW 3HGDJRJ\

2VOLQ - / 0LWFKHOO 6 $ *ULIILQ / / 7KH *DPH 3HUIRUPDQFH $VVHVVPHQW ,QVWUXPHQW *3$, 'HYHORSPHQW DQG 3UHOLPLQDU\ 9DOLGDWLRQ -RXUQDO RI 7HDFKLQJ LQ 3K\VLFDO (GXFDWLRQ

2WHUR ) 0 $QiOLVLV 'H /RV (OHPHQWRV 'HWHUPLQDQWHV (Q /D $SOLFDFLyQ 'H 8QD 7DUHD (YDOXDWLYD (Q (GXFDFLyQ )tVLFD 3URSXHVWD 3DUD 8Q 'HSRUWH 'H &RRSHUDFLyQ 2SRVLFLyQ < 3DUWLFLSDFLyQ 6LPXOWiQHD 7iQGHP

2WHUR ) 0 3DXWDV 0HWRGROyJLFDV 3DUD (O 'LVHxR 'H 8Q ,QWUXPHQWR 'H (YDOXDFLyQ D 3DUWLU 'H 8Q 1RUPRWLSR &ULWHULDO /D /LVWD 'H &RQWURO 5HYLVWD 'H (GXFDFLyQ )tVLFD

2WHUR ) 0 ,QIRUPDFLyQ < &HVLyQ 'H /D 5HVSRQVDELOLGDG (Q /D (YDOXDFLyQ 'H /RV 'HSRUWHV 'H ,QYDVLyQ (Q 3ULPDULD (PiV) 5HYLVWD 'LJLWDO 'H (GXFDFLyQ )tVLFD

2WHUR ) 0 Ã&#x2030; &DOYR *RQ]iOH] -XUDGR - $ $QDO\VLV RI WKH $VVHVVPHQW RI ,QYDVLRQ 6SRUWV LQ (OHPHQWDU\ 6FKRRO &XOWXUD &LHQFLD < 'HSRUWH

2WHUR 6DERULGR ) 0 *RQ]iOH] -XUDGR - $ 'HVLJQ DQG YDOLGDWLRQ RI D WRRO IRU WKH IRUPDWLYH DVVHVVPHQW RI LQYDVLRQ JDPHV -RXUQDO RI 3K\VLFDO (GXFDWLRQ 6SRUW 3pUH] Ã&#x2030; +HUDV & +HUQiQ , (YDOXDFLyQ )RUPDWLYD (Q /D (GXFDFLyQ 6HFXQGDULD 2EOLJDWRULD 6X $SOLFDFLyQ D 8QD 8QLGDG 'LGiFWLFD 'H 'HSRUWHV &ROHFWLYRV (Q (O 0DUFR 'HO (VWLOR $FWLWXGLQDO 5HYLVWD (VSDxROD 'H (GXFDFLyQ )tVLFD < 'HSRUWHV -XOLR 'LFLHPEUH

3LQWRU ' &iUGHQDV ' /D ,QLFLDFLyQ $O %DORQFHVWR (Q (O 0HGLR (VFRODU ,Q HGLWHG E\ ) 5XL] $ *DUFtD $ - &DVLPLUR 0DGULG *\PQRV 5DPtUH] $ $ (O (IHFWR 3RVLWLYR 'H /D 7UDQVIHUHQFLD (Q (O $SUHQGL]DMH 'H +DELOLGDGHV (VSHFtILFDV 'HO %DORQPDQR 6REUH /DV +DELOLGDGHV 'HO %DORQFHVWR (PiV) 5HYLVWD 'LJLWDO GH (GXFDFLyQ )tVLFD $xR 1XP MXOLR DJRVWR GH

KWWS HPDVI ZHEFLQGDULR FRP

'XUDQWH /D &ODVH 'H (GXFDFLyQ )tVLFD 7HVLV 'RFWRUDO QR SXEOLFDGD 'HSDUWDPHQWR GH (GXFDFLyQ )tVLFR \ 'HSRUWLYD 8QLYHUVLGDG GH *UDQDGD 5HLQD É (YDOXDFLyQ 'H )DFWRUHV ,PSOLFDGRV (Q (O 5HQGLPLHQWR 'HO )~WERO 3URIHVLRQDO 7HVLV 'RFWRUDO QR 3XEOLFDGD 8QLYHUVLGDG GH 0iODJD 5LFKDUG - ) *RGERXW 3 *UpKDLJQH - ) 6WXGHQWV 3UHFLVLRQDQG 5HOLDELOLW\ RI 7HDP 6SRUW 3HUIRUPDQFH 5HVHDUFK 4XDUWHUO\ IRU ([HUFLVH 6SRUW

5LYDGHQH\UD 0 / 6LFLOLD 6 /D 3HUFHSFLyQ (VSDFLR 7HPSRUDO < /D ,QLFLDFLyQ D /RV 'HSRUWHV 'H (TXLSR (Q 3ULPDULD 8QLGDGHV 'LGiFWLFDV 3DUD 3ULPDULD VW HG ,1'( 3XEOLFDFLRQHV 6DQWRV 6 /D 8WLOL]DFLyQ 'H +RMDV 'H 5HJLVWUR (Q /D (QVHxDQ]D 'H /RV 'HSRUWHV &ROHFWLYRV 7iQGHP 'LGiFWLFD 'H /D (GXFDFLyQ )tVLFD

6HUUD - *RQ]iOH] 6 *DUFtD / 0 &RPSDUDFLyQ 'HO 5HQGLPLHQWR 'H -XHJR 'H -XJDGRUHV 'H )~WERO 'H $xRV (Q 'RV -XHJRV 0RGLILFDGRV &RQWUD &XDGHUQRV 'H 3VLFRORJtD 'HO 'HSRUWH

6KURSVKLUH - &DUUROO % )LQDO <HDU 3ULPDU\ 6FKRRO &KLOGUHQ V 3K\VLFDO $FWLYLW\ /HYHOV &KRLFHV (XURSHDQ -RXUQDO RI 3K\VLFDO (GXFDWLRQ

7HMDGD - /D (YDOXDFLyQ (Q (GXFDFLyQ )tVLFD (Q +XHOYD < 6X 3URYLQFLD 7HVLV 'RFWRUDO QR 3XEOLFDGD 8QLYHUVLGDG GH +XHOYD 'HSDUWDPHQWR GH ([SUHVLyQ &RUSRUDO 9HJDV * 0HWRGRORJtD 'H (QVHxDQ]D %DVDGD (Q /D ,PSOLFDFLyQ &RJQLWLYD 'HO -XJDGRU 'H )~WERO %DVH 7HVLV 'RFWRUDO QR 3XEOLFDGD 'HSDUWDPHQWR GH (GXFDFLyQ )LVLFR 'HSRUWLYD 8QLYHUVLGDG GH *UDQDGD 9HUD - $ *RQ]iOH] 0 0RUHQR - $ 5HODFLRQHV (QWUH /D &HVLyQ 'H 5HVSRQVDELOLGDG (Q /D (YDOXDFLyQ < /D 3HUFHSFLRQ 'H ,JXDOGDG (Q /D (QVHxDQ]D 'H /D (GXFDFLyQ )tVLFD (VFRODU &XOWXUD &LHQFLD < 'HSRUWH

:HLQ + )~WERO D /D 0HGLGD 'HO 1LxR 8Q ÐSWLPR 0RGHOR 'H )RUPDFLyQ &RPR &ODYH 'H )XWXURV e[LWRV &(',) 5)() 0DGULG <ixH] - &DVWHMyQ ) - /D 8WLOL]DFLyQ 'H /D 7UDQVIHUHQFLD 3DUD (O $SUHQGL]DMH 'H /D 7iFWLFD &ROHFWLYD 'HSRUWLYD (Q (GXFDFLyQ 6HFXQGDULD ,QIDQFLD < $SUHQGL]DMH

)HFKD GH UHFHSFLyQ )HFKD GH DFHSWDFLyQ

(PiV) 5HYLVWD 'LJLWDO GH (GXFDFLyQ )tVLFD $xR 1XP MXOLR DJRVWR GH

KWWS HPDVI ZHEFLQGDULR FRP

(PiV) 5HYLVWD 'LJLWDO GH (GXFDFLyQ )tVLFD $xR 1XP MXOLR DJRVWR GH

KWWS HPDVI ZHEFLQGDULR FRP