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© Academy of Management. All rights reserved. Content may NOT be copied, e-mailed, shared or otherwise transmitted without written permission. This non-copyedited article version was obtained from the Academy of Management InPress website and is intended for personal or individual use. 1 Managing the Message: The Effects of Firm Actions and Industry Spillovers on Media Coverage Following Wrongdoing Anastasiya Zavyalova Robert H. Smith School of Business Van Munching Hall Ph.D. Student Box 49 University of Maryland College Park, MD 20742 [email protected] Michael D. Pfarrer Terry College of Business University of Georgia [email protected] Rhonda K. Reger Robert H. Smith School of Business University of Maryland [email protected] Debra L. Shapiro Robert H. Smith School of Business University of Maryland [email protected] We thank Associate Editor Tim Pollock and the three anonymous reviewers for their many suggestions and support that substantively improved our article throughout the review process. We also thank Wilbur Chung, Rafael Corredoira, Brent Goldfarb, Brad Greenwood, Ben Hallen, Pam Haunschild, Freek Vermeulen, David Waguespack for their helpful comments on earlier versions of this manuscript. We also thank the participants, discussants, and reviewers of the University of Maryland CAP Seminar Series, Academy of Management Meetings, Strategic Management Society Meetings, Mid-Atlantic Strategy Colloquium, Atlanta Competitive Advantage Conference, University of Texas-Austin, University of Texas-Dallas, Texas A&M University, and Texas Christian University for their suggestions and encouragement. Finally, we acknowledge Chuck LaHaie and Steven Lawrence for their generous assistance with data collection and analysis. Portions of this research were funded by the Robert H. Smith School of Business Summer Research Grant Program, the Smith Fellows Research Assistance Program, and the University of Texas-Austin.

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Page 1: Managing the Message: The Effects of Firm Actions and ...media.terry.uga.edu/socrates/publications/2011/12/Managing_the_M… · if a firm™s behavior is consistent with their expectations

© Academy of Management. All rights reserved. Content may NOT be copied, e-mailed, shared or otherwise transmitted without written permission. This non-copyedited article version was

obtained from the Academy of Management InPress website and is intended for personal or individual use.

.

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Zp qeb prj lc qeb cliiltfkd7 cfoj kZjb ]eZkdbp( ]bib[ofqv bkalopbjbkqp( ]eZofqZ[ib alkZqflkp(

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@OPMPfcq/ aZqZ[Zpb+ Ql abifkbZqb qeb bccb]q lc ]roobkq tolkdalfkd lk pr[pbnrbkq ibsbip lc

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qeblobqf]Zi Zodrjbkqp Zka tZp ol[rpq ql qvmf]Zi fpprbp qeZq Zofpb tfqe ZkZivpbp lc mZkbi aZqZ+

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qeZk Jlabi . Zka qeZq qeb crii jlabi( Jlabi 0( fp qeb [bpq cfq clo qeb aZqZ tfqe glfkq pfdkfcf]Zk]b

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lc qeb jZfk bccb]qp %Evmlqebpbp . Zka / X=fhbk ! Tbpq( .66.Y& Zka Jlabi 0( qeb crii jlabi( ql

fkqbomobq qeb fkqboZ]qflk bccb]qp %Evmlqebpbp 0( 1Z)[( Zka 2Z)[&+

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lc fkarpqov tolkdalfkd Zob Zppl]fZqba tfqe Z jlob kbdZqfsb qbklo lc jbafZ ]lsboZdb+ =p

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=iqelrde qeb bccb]qp lc cfoj Zka fkarpqov tolkdalfkd lk qeb qbklo lc jbafZ ]lsboZdb

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00

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01

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02

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03

afccbobkqiv( mboeZmp Zp kb]bppZov nrZifqv ]lkqoli moZ]qf]bp+ Crqebojlob( dfsbk qeb pbkpfqfsfqfbp

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04

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NBCBNBK:BO

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?Zokbqq( J+ I+( ! Hfkd( =+ =+ /--5+ Dlla cbk]bp jZhb dlla kbfde[lop7 = ilkdfqrafkZi ZkZivpfp lc Zk fkarpqov pbic)obdriZqlov fkpqfqrqflk+ ,WTabjv lc ITkTdbjbkq GlrokTi( 2.7 ..2-)..4-+

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?ofbc( =+ M+( ! Jlqltfail( P+ G+ .653+ Molpl]fZi lodZkfwZqflkZi [beZsflop+ ,WTabjv lc ITkTdbjbkq Obsfbt! ..7 4.-®4/2+

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@llj[p( T+ Q+ /--4+ Molqb]qfkd lodZkfwZqflk obmrqZqflkp arofkd Z ]ofpfp7 Qeb absbilmjbkq Zka Zmmif]Zqflk lc pfqrZqflkZi ]ofpfp ]ljjrkf]Zqflk qeblov+ :lomloTqb ObmrqTqflk Obsfbt!.-7 .30).43+

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Abbmelrpb( A+ I+( ! @Zoqbo( P+ J+ /--2+ =k buZjfkZqflk lc afccbobk]bp [bqtbbk lodZkfwZqflkZi ibdfqfjZ]v Zka lodZkfwZqflkZi obmrqZqflk+ GlrokTi lc ITkTdbjbkq Pqrafbp! 1/7 0/6)03-+

Abbmelrpb( A+I+( ! Ebrdbkp( M+ M+ J+ =+ O+( /--6+ Ifkhfkd pl]fZi fpprbp ql lodZkfwZqflkZi fjmZ]q7 Qeb olib lc fkcljbafZofbp Zka qeb fkcljbafZov mol]bpp+ GlrokTi lc .rpfkbpp BqefWp! 537 21.)220+

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Arhbof]e( G+ J+( ! @Zoqbo( P+ J+ /---+ Afpqloqba fjZdbp Zka obmrqZqflk obmZfo+– Fk J+ P]eriqw( J+ G+ EZq]e( ! J+E+ IZopbk %Bap+&( Bumobppfsb lodTkfwTqflk) Hfkhfkd fabkqfqv! obmrqTqflk Tka qeb WlomloTqb UoTka) 64)../+ Lucloa7 Lucloa Rkfsbopfqv Mobpp+

ArofZr( S+ G+( Obdbo( O+ H+( ! McZoobo( J+ A+ /--4+ = ]lkqbkq ZkZivpfp lc qeb ]lkqbkq ZkZivpfp ifqboZqrob fk lodZkfwZqflk pqrafbp7 ObpbZo]e qebjbp( aZqZ plro]bp( Zka jbqelalildf]Zi obcfkbjbkqp+ LodTkfwTqflkTi ObpbToWe Ibqelap! .-7 2)01+

Bfktfiibo( P+ =+( @Zoolii( @+ B+( ! Hlok( H+ /-.-+ Rkabo teZq ]lkafqflkp al qeb kbtp jbafZ fkcirbk]b ]lomloZqb obmrqZqflk; Qeb olibp lc jbafZ abmbkabk]v Zka kbba clo lofbkqZqflk+ :lomloTqb ObmrqTqflk Obsfbt! ./7 /66)0.2+

Bip[Z]e( H+ A+.661+ JZkZdfkd lodZkfwZqflkZi ibdfqfjZ]v fk qeb @ZifclokfZ ]Zqqib fkarpqov7 Qeb ]lkpqor]qflk Zka bccb]qfsbkbpp lc sbo[Zi Z]]lrkqp+ ,ajfkfpqoTqfsb PWfbkWb NrToqboiv! 067 24)55+

Bip[Z]e( H+ A+ /--0+ LodZkfwZqflkZi mbo]bmqflk jZkZdbjbkq+ ObpbToWe fk LodTkfwTqflkTi .beTsflo! /27 /64®00/+

Bip[Z]e( H+ A+( ! HoZjbo( O+ J+ .663+ Jbj[bop" obpmlkpbp ql lodZkfwZqflkZi fabkqfqv qeobZqp7 Bk]lrkqbofkd Zka ]lrkqbofkd qeb [rpfkbpp tbbh oZkhfkdp+ ,ajfkfpqoTqfsb PWfbkWb NrToqboiv( 1.7 11/)143+

Bip[Z]e( H+ A+( ! Prqqlk( O+ F+ .66/+ =]nrfofkd lodZkfwZqflkZi ibdfqfjZ]v qeolrde fiibdfqfjZqb Z]qflkp ) Z jZoofZdb lc fkpqfqrqflkZi Zka fjmobppflk jZkZdbjbkq qeblofbp+ ,WTabjv lc ITkTdbjbkq GlrokTi( 027 366)405+

Bip[Z]e( H+ A+( Prqqlk( O+ F+( ! Mofk]fmb( H+ B+ .665+ =sboqfkd bumb]qba ]eZiibkdbp qeolrde Zkqf]fmZqlov fjmobppflk jZkZdbjbkq7 = pqrav lc elpmfqZi [fiifkd+ LodTkfwTqflk PWfbkWb( 67 35)53+

BkqjZk( O+ J+ /--4+ CoZjfkd [fZp7 JbafZ fk qeb afpqof[rqflk lc mltbo+ GlrokTi lc :ljjrkfWTqflk( 247 .30).40+

Bmpqbfk( P+ .661+ FkqbdoZqflk lc qeb ]ldkfqfsb Zka qeb mpv]elavkZjf] rk]lkp]flrp+ ,jbofWTk

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10

MpvWelildfpq( 167 4-6)4/1+

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Cfphb( P+ Q+( ! QZvilo( P+ B+ /--5+ PlWfTi Wldkfqflk( Colj UoTfkp ql Wriqrob( Kbt Vloh7 J]DoZt)Efii+

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Dlacobv( M+ @+( Jboofii( @+ ?+( ! EZkpbk( G+ J+ /--6+ FkpqfqrqflkZi pqZhbeliabop Zka qeb fkproZk]b sZirb lc @PO+ Qeb obiZqflkpefm [bqtbbk @lomloZqb Pl]fZi Obpmlkpf[fifqv Zka peZobeliabo sZirb7 =k bjmfof]Zi qbpq lc qeb ofph jZkZdbjbkq evmlqebpfp+ PqoTqbdfW ITkTdbjbkq GlrokTi! 0-7 1/2)112+

Dobfcbkbabo( O+( ?ibpp( E+( ! MeZj( J+ Q+ /-.-+ Tebk al mblmib obiv lk Zccb]qfsb Zka ]ldkfqfsb cbbifkdp fk gradjbkq; = obsfbt+ MboplkTifqv Tka PlWfTi MpvWelildv Obsfbt! cloqe]ljfkd+

Dobsb( E+ O+( MZijbo( A+( ! Mlwkbo( G+ B+ /-.-+ LodZkfwZqflkp dlkb tfia7 Qeb ]Zrpbp( mol]bppbp( Zka ]lkpbnrbk]bp lc lodZkfwZqflkZi jfp]lkar]q+ ,WTabjv lc ITkTdbjbkq ,kkTip( 17 20).-4+

EZiZ[v( @+ K+ /--1+ MZkbi jlabip fk pl]flildf]Zi obpbZo]e7 Qeblov fkql moZ]qf]b+ ,kkrTi Obsfbt lc PlWflildv! 0-7 2-4)211+

EZjfiqlk( ?+ E+( ! Kf]hboplk( G+ =+ /--0+ @loob]qfkd clo bkaldbkbfqv fk pqoZqbdf] jZkZdbjbkq obpbZo]e+ PqoTqbdfW LodTkfwTqflk, .7 2.)45+

EZkkZk( Q+( ! CobbjZk( G+ .651+ Pqor]qroZi fkboqfZ Zka lodZkfwZqflkZi ]eZkdb+ ,jbofWTk PlWflildfWTi Obsfbt! 167 .16).31+

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EZpqfb( O+( ! AZtbp( O+ J+ /--.+ OTqflkTi WelfWb fk Tk rkWboqTfk tloia( Qeb mpvWelildv lc gradjbkq Tka abWfpflk jThfkd( QelrpZka LZhp( @=7 PZdb Mr[if]Zqflkp( Fk]+

Elbqhbo( D+ /--4+ Qeb rpb lc ildfq Zka mol[fq jlabip fk pqoZqbdf] jZkZdbjbkq obpbZo]e7 @ofqf]Zi fpprbp+ PqoTqbdfW ITkTdbjbkq GlrokTi! /57 00.)010+

Elrpbo( A+( ! Tllabop( G+ /--3+ ObmrqZqflk fk Zr]qflkp7 Qeblov( Zka bsfabk]b colj b?Zv+ GlrokTi lc BWlkljfWp Tka ITkTdbjbkq PqoTqbdv! .27 020)036+

GZkfp( F+ I+( ! CZakbo( O+ E+ .610+ = ]lbccf]fbkq lc fj[ZiZk]b clo ]lkqbkq ZkZivpfp+ MpvWeljbqofhT( 5%/&7 .-2)..6+

Gbkpbk( J+ /--3+ Pelria tb pqZv lo pelria tb dl; =]]lrkqZ[fifqv( pqZqrp Zkufbqv( Zka ]ifbkq abcb]qflkp+ ,ajfkfpqoTqfsb PWfbkWb NrToqboiv! 2.7 64®./5+

Gfk( V+( ! Ifr( ?+ C+ /-.-+ Qeb [ild)jbafZqba ]ofpfp ]ljjrkf]Zqflk jlabi7 Ob]ljjbkaZqflkp clo obpmlkafkd ql fkcirbkqfZi buqbokZi [ildp+ GlrokTi lc MrUifW ObiTqflkp ObpbToWe! //7 1/6)122+

Glekplk( J+ B+ /--.+ IbZokfkd colj qlvp7 Ibpplkp fk jZkZdfkd prmmiv ]eZfk ofph colj qeb qlv fkarpqov+ :TifclokfT ITkTdbjbkq Obsfbt( 107 .-3)./1+

Glkbp( B+ B+( ! J]Dfiifp( A+ .643+ @loobpmlkabkq fkcbobk]bp Zka qeb Zqqof[rqflk ]r[b7 = ]ljmZoZqfsb obZmmoZfpZi+ Fk G+E+ F]hbp( Zka O+C+ Hfaa %Bap+&( Jbt afobWqflkp fk TqqofUrqflk obpbToWe! .7 056)1/-+ EfiipaZib( KG7 Boi[Zrj+

Glkpplk( P+( Dobsb( E+ O+( ! CrgftZoZ)Dobsb( Q+ /--6+ Rkabpbosba ilpp7 Qeb pmobZa lc ibdfqfjZ]v ilpp ql fkkl]bkq lodZkfwZqflkp fk obpmlkpb ql obmloqba ]lomloZqb absfZk]b+ ,ajfkfpqoTqfsb PWfbkWb NrToqboiv( 217 .62)//5+

HZkd( B+ /--5+ Afob]qlo fkqboil]hp Zka pmfiilsbo bccb]qp lc obmrqZqflkZi mbkZiqfbp colj cfkZk]fZi obmloqfkd coZra+ ,WTabjv lc ITkTdbjbkq GlrokTi! 2.7 204)222+

Hbkkbav( J+Q+ /--5+ Dbqqfkd ]lrkqba7 JZohbqp( jbafZ( Zka obZifqv+ ,jbofWTk PlWflildfWTi Obsfbt! 407 /4-)/62+

Hfop]e( A+( DliacZo[( ?+( ! DboZ( =+ /--6+ Cloj lo pr[pqZk]b7 Qeb olib lc [rpfkbpp miZkp fk sbkqrob ]ZmfqZi ab]fpflk jZhfkd+ PqoTqbdfW ITkTdbjbkq GlrokTi( 0-%2&7 154)2.2+

HlpqlsZ( Q+( ! WZebbo( P+ .666+ LodZkfwZqflkZi ibdfqfjZ]v rkabo ]lkafqflkp lc ]ljmibufqv7 Qeb ]Zpb lc qeb jriqfkZqflkZi bkqbomofpb+ ,WTabjv lc ITkTdbjbkq Obsfbt( /17 31)5.+

Hofmmbkalocc( H+ /--1+ :lkqbkq ,kTivpfp) ,k fkqolarWqflk ql fqp jbqelalildv( %/ka ba+&+ QelrpZka LZhp( @=7 PZdb+

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HofpekZk( O+( JZoqfk( U+( ! KlloaboeZsbk( K+ D+ /--3+ Tebk albp qorpq jZqqbo ql ZiifZk]b mboclojZk]b; ,WTabjv lc ITkTdbjbkq GlrokTi! 167 561)6.4+

IZjboqw( H+( ! ?Zrj( G+ =+ @+ .665+ Qeb ibdfqfjZ]v lc lodZkfwZqflkZi altkpfwfkd fk @ZkZaZ7 =k ZkZivpfp lc bumiZkZqlov jbafZ Z]]lrkqp+ :TkTafTk GlrokTi lc ,ajfkfpqoTqfsb PWfbkWbp,.27 60).-4+

IZkdb( A+( Ibb( M+ J+( ! AZf( V+ /-..+ LodZkfwZqflkZi obmrqZqflk7 = obsfbt+ GlrokTi lc ITkTdbjbkq( 047 .20).51+

Ifkdib( G+ E+( DbsZ( K+( Lpqolj( Q+ J+( Ibfmmb( J+ O+( ! ?ZrjdZoakbo( J+E+ .646+ QebjZqf] bccb]qp lc mboplk gradjbkqp lk fjmobppflk lodZkfwZqflk+ GlrokTi lc MboplkTifqv Tka PlWfTi MpvWelildv( 047 341)354+

Ilsb( B+ D+( ! HoZZqw( J+ /--6+ @eZoZ]qbo( ]lkclojfqv( lo qeb [lqqlj ifkb; Elt Zka tev altkpfwfkd Zccb]qba ]lomloZqb obmrqZqflk+ ,WTabjv lc ITkTdbjbkq GlrokTi! 2/7 0.1)002+

Irl( V+ /--5+ = pqoZqbdf] ZkZivpfp lc molar]q ob]Ziip7 Qeb olib lc jloZi abdoZaZqflk Zka lodZkfwZqflkZi ]lkqoli+ ITkTdbjbkq Tka LodTkfwTqflk Obsfbt! 17 .50).63+

Ivlk( Q+M+( ! JZutbii( G+T+ /-..+ DobbktZpe7 @lomloZqb bksfolkjbkqZi afp]ilprob rkabo qeobZq lc Zrafq+ GlrokTi lc BWlkljfWp Tka ITkTdbjbkq PqoTqbdv! /-7 0)1.+

JZo]rp( =+ =+( ! DllajZk( O+ P+ .66.+ Sf]qfjp Zka peZobeliabop7 Qeb afibjjZp lc mobpbkqfkd ]lomloZqb mlif]v arofkd Z ]ofpfp+ ,WTabjv lc ITkTdbjbkq GlrokTi! .17 /5.)0-2+

JZoqfkp( I+ I+ /--2+ = jlabi lc qeb bccb]qp lc obmrqZqflkZi oZkhfkdp lk lodZkfwZqflkZi ]eZkdb+ LodTkfwTqflk PWfbkWb! .37 4-.)4/-+

J]@Zoqev( G+ A+( J]MeZfi( @+( ! Pjfqe( G+ .663+ FjZdbp lc molqbpq7 Afjbkpflkp lc pbib]qflk [fZp fk jbafZ ]lsboZdb lc TZpefkdqlk abjlkpqoZqflkp( .65/ Zka .66.+ ,jbofWTk PlWflildfWTi Obsfbt( 3.7 145)166+

J]@lj[p( J+ B+ .65.+ Qeb ZdbkaZ pbqqfkd ZmmolZ]e+ Fk A+ Kfjjl ! H+ O+ PZkabop %Bap+&(ETkaUllh lc mlifqfWTi WljjrkfWTqflk) ./.®.1-+ Kbt[rov MZoh( @=7 PZdb+

J]@lj[p( J+( IiZjZp( G+ M+( Ilmbw)Bp]l[Zo( B+( ! Obv( C+ .664+ @ZkafaZqb fjZdbp fk pmb]fZi bib]qflkp7 Pb]lka)ibsbi ZdbkaZ pbqqfkd bccb]qp+ GlrokTifpj Tka ITpp :ljjrkfWTqflk NrToqboiv! 417 4-0®4.4+

J]@lj[p( J+( ! PeZt( A+ .64/+ Qeb ZdbkaZ)pbqqfkd crk]qflk lc jZpp jbafZ+ MrUifW Lmfkflk NrToqboiv( 037 .43 ®.54+

Jbo]bo( J+ /--2+ Qeb cibbqfkd bccb]qp lc afp]ilprob cloqe]ljfkdkbpp lk jZkZdbjbkq—p obmloqfkd ]obaf[fifqv+ ,WWlrkqfkd Obsfbt! 5-74/0)411+

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JbpnrfqZ( I+ C+( ! ?orpe( Q+ E+ /--5+ RkqZkdifkd pZcbdrZoa Zka molar]qflk ]lloafkZqflk bccb]qp fk ilkd)qboj [rvbo)prmmifbo obiZqflkpefmp+ ,WTabjv lc ITkTdbjbkq GlrokTi! 2.7 452®5-4+

JfpefkZ( V+( ?il]h( B+ P+( ! JZkklo( J+ G+ /-..+ Qeb mZqe abmbkabk]b lc lodZkfwZqflkZi obmrqZqflk7 Elt pl]fZi gradjbkq fkcirbk]bp Zppbppjbkqp lc ]ZmZ[fifqv Zka ]eZoZ]qbo+ PqoTqbdfW ITkTdbjbkq GlrokTi! cloqe]ljfkd+

JfpefkZ( V+( Avhbp( ?+ G+( ?il]h( B+ P+( ! Mliil]h( Q+ D+ /-.-+ Tev "dlla" cfojp al [Za qefkdp7 Qeb bccb]qp lc efde ZpmfoZqflkp( efde bumb]qZqflkp( Zka moljfkbk]b lk qeb fk]fabk]b lc ]lomloZqb fiibdZifqv+ ,WTabjv lc ITkTdbjbkq GlrokTi( 207 4-.)4//+

Jloofplk( B+ T+( ! Ol[fkplk( P+ I+ .664+ Tebk bjmilvbbp cbbi [bqoZvba7 = jlabi lc elt mpv]elildf]Zi ]lkqoZ]q sfliZqflk absbilmp+ ,WTabjv lc ITkTdbjbkq Obsfbt( //7 //3)/23+

KbZo( G+ M+( Obed( J+ Q+( SZk P]lqqbo( G+ O+( ! Jf]bif( J+ M+ /--1+ Albp qvmb lc tolkdalfkd Zccb]q qeb tefpqib)[iltfkd mol]bpp; .rpfkbpp BqefWp NrToqboiv( .17 /.6)/1/+

MZoar]]f( =+ .635+ Qeb obiZqfsfpj lc Z[plirqb gradjbkqp+ PWfbkqfcfW ,jbofWTk! /.67 51)6-+

Mbkkb[Zhbo( G+ T+( ?llqe( O+ G+( ! CoZk]fp( J+ B+ /--4+ HfkdrfpqfW fknrfov Tka tloa Wlrkq (HFS: ) , Wljmrqbofwba qbuq TkTivpfp moldoTj( =rpqfk( QU7 IFT@+kbq

Mbwwl( P+ M+( Mbwwl( J+ S+( ! Pqlkb( B+ O+ /--3+ Qeb pl]fZi fjmif]Zqflkp lc miZkkfkd7 Elt mr[if] mobaf]qflkp [fZp crqrob miZkp+ GlrokTi lc BumbofjbkqTi PlWfTi MpvWelildv( 1/7 //.)//4+

McZoobo( J+ A+( Ab@biibp( H+ =+( Pjfqe( H+ D+( ! QZvilo( J+ P+ /--5+ =cqbo qeb cZii7 ObfkqbdoZqfkd qeb ]loormq lodZkfwZqflk+ ,WTabjv lc ITkTdbjbkq Obsfbt! 007 40-)416+

McZoobo( J+ A+( Pjfqe( H+ D+( ?Zoqli( H+ J+( HeZkfk( A+ J+( ! WeZkd( U+ /--5+ @ljfkd clotZoa7 Qeb bccb]qp lc pl]fZi Zka obdriZqlov clo]bp lk qeb slirkqZov obpqZqbjbkq lc bZokfkdp pr[pbnrbkq ql tolkdalfkd+ LodTkfwTqflk PWfbkWb! .67 053)1-0+

McZoobo( J+ A+( Mliil]h( Q+ D+( ! OfkalsZ( S+ M+ /-.-+ = qZib lc qtl Zppbqp7 Qeb bccb]qp lc cfoj obmrqZqflk Zka bZokfkdp promofpbp lk fksbpqlop— obZ]qflkp+ ,WTabjv lc ITkTdbjbkq GlrokTi, 207 ..0.)..2/+

MiZkZim( P+( ! Cfqkbpp( G+ .666+ Qefkhfkd,cbbifkd Z[lrq pl]fZi Zka mboplkZi obiZqflkpefmp+ GlrokTi lc PlWfTi Tka MboplkTi ObiTqflkpefmp( .37 40.)42-+

Mliil]h( Q+ D+( ! OfkalsZ( S+ M+ /--0+ JbafZ ibdfqfjZqflk bccb]qp fk qeb jZohbq clo fkfqfZi mr[if] lccbofkdp+ ,WTabjv lc ITkTdbjbkq GlrokTi, 137 30.)31/+

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Mliil]h( Q+ D+( OfkalsZ( S+ M+( ! JZddfqqf( M+ D+ /--5+ JZohbq tZq]e7 FkclojZqflk Zka ZsZfiZ[fifqv ]Zp]Zabp Zjlkd qeb jbafZ Zka fksbpqlop fk qeb RP FML jZohbq+ ,WTabjv lc ITkTdbjbkq GlrokTi! 2.7 002)025+

MloZ]( G+ C+( ! QeljZp( E+ .66-+ QZulkljf] jbkqZi jlabip fk ]ljmbqfqlo abcfkfqflk+ ,WTabjv lc ITkTdbjbkq Obsfbt( .27 //1)/1-+

OZkdb( I+J+( Jbkveboq( =+( TZipe( J+I+( EZoafk( H+K+( Biifp( G+?+( @oZaaf]h( O+ .66.+ Ibqqbop lc ob]ljjbkaZqflk7 Mbopmb]qfsbp( ob]ljjbkaZqflkp( Zka bqef]p+ MolcbppflkTi MpvWelildv) ObpbToWe Tka MoTWqfWb! //7 056)06/+

OZl( E+ .661+ Qeb pl]fZi ]lkpqor]qflk lc obmrqZqflk7 @boqfcf]Zqflk ]lkqbpqp( ibdfqfjZqflk( Zka qeb prosfsZi lc lodZkfwZqflkp fk qeb =jbof]Zk Zrqljl[fib fkarpqov7 .562).6./+ PqoTqbdfW ITkTdbjbkq GlrokTi, .27 /6)11+

Obdbo( O+ H+( ! MZijbo( Q+ ?+ .663+ JZkZdbofZi ]ZqbdlofwZqflk lc ]ljmbqfqlop7 Rpfkd lia jZmp ql kZsfdZqb kbt bksfolkjbkqp+ LodTkfwTqflk PWfbkWb! 47 //)06+

Oebb( J+( ! EZrkp]efia( M+ O+ /--3+ Qeb ifZ[fifqv lc dlla obmrqZqflk7 = pqrav lc molar]q ob]Ziip fk qeb R+P+ Zrqljl[fib fkarpqov+ LodTkfwTqflk PWfbkWb! .47 .-.)..4+

Of]ebv( J+ E+( Hlbkfdp( O+ G+( Of]ebv( E+ T+( ! Cloqfk( O+ .642+ KbdZqfsb pZifbk]b fk fjmobppflkp lc ]eZoZ]qbo7 Bccb]qp lc rkbnrZi molmloqflkp lc mlpfqfsb Zka kbdZqfsb fkclojZqflk+ GlrokTi lc PlWfTi MpvWelildv( 647 /00)/1.+

OfkalsZ( S+ M+( Mliil]h( Q+ D+( ! EZvtZoa( J+ I+ =+ /--3+ @bib[ofqv cfojp7 Qeb pl]fZi ]lkpqor]qflk lc jZohbq mlmriZofqv+ ,WTabjv lc ITkTdbjbkq Obsfbt, 0.7 2-)4.+

Oldbop( B+ J+( AbZofkd( G+ T+( ! ?obdjZk( A+ .660+ Qeb ZkZqljv lc ZdbkaZ)pbqqfkd obpbZo]e+ GlrokTi lc :ljjrkfWTqflk( 107 35)51+

PZiZk]fh( D+ O+( ! Jbfkai( G+ O+ .651+ @lomloZqb Zqqof[rqflkp Zp pqoZqbdf] fiirpflkp lc jZkZdbjbkq ]lkqoli+ ,ajfkfpqoTqfsb PWfbkWb NrToqboiv! /67 /05)/21+

P]ebrcbib( A+ =+ .666+ CoZjfkd Zp Z qeblov lc jbafZ bccb]qp+ GlrokTi lc :ljjrkfWTqflk( 167 .-0).//+

P]lqq( T+ O+ .662+ Fkpqfqrqflkp Tka lodTkfwTqflkp+ QelrpZka LZhp( @=7 PZdb+

P]lqq( T+ O+ /--0+ LodTkfwTqflkp) OTqflkTi! kTqroTi! Tka lmbk pvpqbjp! Rmmbo PZaaib Ofsbo( KG7 Mobkqf]b EZii+

PbjZabkf( J+( @ZkkbiiZ( =+ =+( CoZpbo( A+ O+( ! Ibb( A+ P+ /--5+ Cfdeq lo cifdeq7 JZkZdfkd pqfdjZ fk bub]rqfsb ]Zobbop+ PqoTqbdfW ITkTdbjbkq GlrokTi( /67 224)234+

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Peloq( G+ @+( ?ol[bod( G+ @+( @ldifpbo( @+ @+( ! ?ofdeZj( H+ E+ /-.-+ @lkpqor]q sZifaZqflk rpfkd ]ljmrqbo)Zfaba qbuq ZkZivpfp %@=Q=&7 =k fiirpqoZqflk rpfkd bkqobmobkbrofZi lofbkqZqflk+ LodTkfwTqflkTi ObpbToWe Ibqelap! .07 0/-)014+

Pfphfka( D+ .633+ Jfkb bvbp eZsb pbbk Z elpq lc Zkdbip+ ,jbofWTk MpvWelildfpq! /.7 5-1)5-3+

Phfkkbo( A+( ! PilZk( O+ /--/+ BZokfkdp promofpbp( doltqe bumb]qZqflkp( Zka pql]h obqrokp lo alk"q ibq Zk bZokfkdp qlombal pfkh vlro mloqclifl+ Obsfbt lc ,WWlrkqfkd Pqrafbp! 47 /56)0./+

Phltolkphf( G+( ! @Zoipqlk( A+ .654+ Pl]fZi gradjbkq Zka pl]fZi jbjlov7 Qeb olib lc ]rb afZdklpqf]fqv fk kbdZqfsfqv( mlpfqfsfqv( Zka buqobjfqv [fZpbp+ GlrokTi lc MboplkTifqv Tka PlWfTi MpvWelildv! 2/7 356)366+

Phltolkphf( G+ G+( ! @Zoipqlk( A+ B+ .656+ KbdZqfsfqv Zka buqobjfqv [fZpbp fk fjmobppflk clojZqflk7 = obsfbt lc bumiZkZqflkp+ MpvWelildfWTi .riibqfk! .-27 .0.).1/+

Pjfqe( H+ D+( Dofjj( @+( DZkklk( J+( ! @ebk( J+G+ .66.+ LodZkfwZqflkZi fkclojZqflk mol]bppfkd( ]ljmbqfqfsb obpmlkpbp Zka mboclojZk]b fk qeb R+P+ aljbpqf] Zfoifkb fkarpqov+ ,WTabjv lc ITkTdbjbkq GlrokTi! 017 3-)52+

Pr]ejZk( J+ @+ .662+ JZkZdfkd ibdfqfjZ]v7 PqoZqbdf] Zka fkpqfqrqflkZi ZmmolZ]ebp+ ,WTabjv lc ITkTdbjbkq Obsfbt( /-7 24.)3.-+

PriifsZk( ?+ K+( EZrkp]efia( M+( ! MZdb( H+ /--4+ LodZkfwZqflkp klk doZqZb; Qeb fjmZ]q lc rkbqef]Zi ]lomloZqb Z]qp lk fkqbolodZkfwZqflkZi kbqtlohp+ LodTkfwTqflk PWfbkWb! .57 22)4-+

Prqqlk( O+ F+( ! DZirkf]( A+ @+ .663+ @lkpbnrbk]bp lc mr[if] p]orqfkv clo ibZabop Zka qebfo lodZkfwZqflkp+ Fk ?+J+ PqZt Zka I+I+ @rjjfkdp %Bap+&( ObpbToWe fk lodTkfwTqflkTi UbeTsflo) /-.)/2-+ Dobbktf]e( @Q7 G=F Mobpp+

QZvilo( P+ B+ .66.+ =pvjjbqof]Zi bccb]qp lc mlpfqfsb Zka kbdZqfsb bsbkqp7 Qeb jl[fifwZqflk)jfkfjfwZqflk evmlqebpfp+ MpvWelildfWTi .riibqfk! ..-7 34)52+

Qbqil]h( M+ @+( PZZo)Qpb]eZkphv( J+( ! JZ]phZppv( P+ /--5+ Jlob qeZk tloap7 NrZkqfcvfkd iZkdrZdb ql jbZprob cfojp— crkaZjbkqZip+ GlrokTi lc CfkTkWb! 307 .104).134+

Qeljmplk( G+ A+ .634+ LodTkfwTqflkp fk ,Wqflk) PlWfTi PWfbkWb .Tpbp lc ,ajfkfpqoTqflk Qeblov( Kbt Vloh7 J]DoZt)Efii+

Qlkd( Q+ T+( Obrbo( G+ G+( ! Mbkd( J+ T+ /--5+ FkqbokZqflkZi glfkq sbkqrobp Zka qeb sZirb lc doltqe lmqflkp+ ,WTabjv lc ITkTdbjbkq GlrokTi( 2.7 .-.1®.-/6+

TZab( G+ ?+( MloZ]( G+ C+( Mliil]h( Q+ D+( ! DoZccfk( P+ A+ /--3+ Qeb [roabk lc ]bib[ofqv7 Qeb fjmZ]q lc @BL ]boqfcf]Zqflk ]lkqbpqp lk @BL mZv Zka mboclojZk]b+ ,WTabjv lc

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16

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20

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21

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