%PDF-1.6 % 2 0 obj <>/Metadata 269 0 R/Names 232 0 R/Outlines 230 0 R/Pages 3 0 R/StructTreeRoot 270 0 R/Type/Catalog/ViewerPreferences<>>> endobj 269 0 obj <>stream 2004-04-26T07:52:45-05:00 TeX output 2004.04.26:0752 2021-07-15T10:53:11-04:00 2021-07-15T10:53:11-04:00 dvipdfm 0.13.2c, Copyright © 1998, by Mark A. Wicks application/pdf Loan-Portfolio Quality and the Diffusion of Technological Innovation Working Paper Series ౦Ϸ uuid:c7631c5a-15a9-455e-9557-2dd231b901ea uuid:c620738a-43f8-48e8-9cad-001cddc115e1 endstream endobj 232 0 obj <<>> endobj 230 0 obj <> endobj 3 0 obj <> endobj 270 0 obj <> endobj 231 0 obj null endobj 272 0 obj <>/CM10<>/CM11<>/CM12<>/CM13<>/CM14<>/CM15<>/CM16<>/CM17<>/CM18<>/CM19<>/CM2<>/CM20<>/CM21<>/CM22<>/CM23<>/CM24<>/CM25<>/CM26<>/CM27<>/CM28<>/CM29<>/CM3<>/CM30<>/CM31<>/CM32<>/CM33<>/CM34<>/CM35<>/CM36<>/CM37<>/CM38<>/CM39<>/CM4<>/CM40<>/CM41<>/CM42<>/CM43<>/CM44<>/CM45<>/CM46<>/CM47<>/CM48<>/CM5<>/CM50<>/CM51<>/CM52<>/CM53<>/CM54<>/CM55<>/CM56<>/CM57<>/CM58<>/CM6<>/CM7<>/CM8<>/CM9<>>> endobj 273 0 obj <> endobj 276 0 obj <> endobj 277 0 obj <> endobj 313 0 obj [368 0 R 369 0 R 370 0 R 371 0 R 372 0 R 373 0 R 374 0 R 375 0 R 357 0 R 375 0 R 358 0 R 375 0 R] endobj 314 0 obj <>8]/P 376 0 R/Pg 5 0 R/S/Link>> endobj 315 0 obj <>10]/P 376 0 R/Pg 5 0 R/S/Link>> endobj 316 0 obj [377 0 R 378 0 R 379 0 R 380 0 R 379 0 R 381 0 R 379 0 R] endobj 317 0 obj [382 0 R 383 0 R 384 0 R 383 0 R 385 0 R 383 0 R 386 0 R 383 0 R 387 0 R 388 0 R 387 0 R 389 0 R 387 0 R 390 0 R 387 0 R 391 0 R 392 0 R 393 0 R 394 0 R 395 0 R 396 0 R 395 0 R 397 0 R 398 0 R 399 0 R 400 0 R 401 0 R 402 0 R] endobj 318 0 obj [403 0 R 404 0 R 405 0 R 404 0 R 406 0 R 404 0 R 407 0 R 408 0 R 409 0 R 408 0 R 410 0 R 411 0 R 410 0 R null] endobj 319 0 obj [412 0 R 413 0 R 414 0 R 415 0 R 416 0 R 415 0 R 417 0 R 415 0 R 418 0 R 419 0 R null] endobj 320 0 obj [420 0 R 421 0 R 422 0 R 421 0 R 423 0 R 421 0 R 424 0 R 425 0 R 424 0 R 426 0 R null] endobj 321 0 obj [427 0 R 428 0 R 429 0 R 430 0 R 431 0 R 432 0 R 433 0 R 434 0 R null] endobj 322 0 obj [435 0 R 436 0 R 437 0 R 438 0 R 437 0 R 439 0 R 437 0 R 440 0 R 441 0 R 440 0 R 442 0 R 440 0 R 443 0 R 444 0 R 445 0 R 444 0 R 446 0 R 444 0 R 447 0 R 448 0 R 449 0 R 450 0 R 451 0 R 452 0 R 451 0 R 453 0 R 454 0 R null] endobj 323 0 obj [455 0 R 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726 0 R 727 0 R 726 0 R 360 0 R 728 0 R 726 0 R 729 0 R 730 0 R 731 0 R 732 0 R 733 0 R null] endobj 335 0 obj <>3]/P 734 0 R/Pg 147 0 R/S/Link>> endobj 336 0 obj <>13]/P 735 0 R/Pg 147 0 R/S/Link>> endobj 337 0 obj [736 0 R 737 0 R 738 0 R 739 0 R 740 0 R 739 0 R 741 0 R 742 0 R 743 0 R 744 0 R 745 0 R 746 0 R 747 0 R 748 0 R 749 0 R 750 0 R 749 0 R 751 0 R 752 0 R 753 0 R 752 0 R 754 0 R 755 0 R 756 0 R 757 0 R 758 0 R 759 0 R 760 0 R 761 0 R 760 0 R 762 0 R 763 0 R 762 0 R 764 0 R 762 0 R 765 0 R 766 0 R null] endobj 338 0 obj [767 0 R 768 0 R 769 0 R 768 0 R 770 0 R 771 0 R 772 0 R 773 0 R 774 0 R 774 0 R 775 0 R 361 0 R 776 0 R 775 0 R 777 0 R 778 0 R 779 0 R 780 0 R 779 0 R null] endobj 339 0 obj <>11]/P 781 0 R/Pg 155 0 R/S/Link>> endobj 340 0 obj [782 0 R 783 0 R 784 0 R 785 0 R 784 0 R 786 0 R 787 0 R 786 0 R 788 0 R 788 0 R 789 0 R 790 0 R 791 0 R 790 0 R 792 0 R 793 0 R 794 0 R 795 0 R 796 0 R 795 0 R 797 0 R 798 0 R 799 0 R 800 0 R 801 0 R 800 0 R 802 0 R 803 0 R 804 0 R 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(References)Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_2 1 Tf 10.9131 0 0 10.9131 77.4515 734.5101 Tm ([1])Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_2 1 Tf 1.555 0 Td (Allen,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.016 0 Td (F.,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.642 0 Td (J.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.206 0 Td (McAndrews)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.588 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.025 0 Td [(P)82 (.)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.29 0 Td (Strahan)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.86 0 Td (\(2002\),)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.49 0 Td (\\E-Finance:)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.827 0 Td (An)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.72 0 Td [(In)27 (tro)-27 (duction,")]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 6.653 0 Td (Journal)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 3.709 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf -40.026 -1.242 Td (Financial)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 4.375 0 Td (Services)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 3.813 0 Td [(Researc)27 (h)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.213 0 Td (22:)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.722 0 Td (5-27.)Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_2 1 Tf -15.678 -2.063 Td ([2])Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_2 1 Tf 1.555 0 Td (Allen,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.956 0 Td (L.,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.555 0 Td (G.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.429 0 Td (DeLong)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.755 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.977 0 Td (A.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.394 0 Td (Saunders)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.319 0 Td (\(2004\),)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.43 0 Td (\\Issues)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.41 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.198 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.755 0 Td (Credit)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.147 0 Td (Risk)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.302 0 Td [(Mo)-28 (deling)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.422 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.172 0 Td (Retail)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf -38.221 -1.241 Td [(Mark)27 (ets,")]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 4.645 0 Td (Journal)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 3.628 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.139 0 Td (Banking)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 3.959 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.944 0 Td (Finance)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.814 0 Td (28:)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.722 0 Td (727-752)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.667 0 Td (.)Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_2 1 Tf -26.074 -2.063 Td ([3])Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_2 1 Tf 1.555 0 Td [(Akha)27 (v)28 (ein,)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.626 0 Td (J.,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.335 0 Td (W.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.553 0 Td [(F)82 (rame,)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.282 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.859 0 Td (L.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.151 0 Td (White)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.941 0 Td (\(2001\),)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.321 0 Td (\\The)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.47 0 Td (Di\256usion)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.156 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.054 0 Td (Financial)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.29 0 Td [(Inno)27 (v)56 (ations:)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.712 0 Td (An)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.554 0 Td (Ex)Tj EMC /HyphenSpan <>BDC (-)Tj EMC /Span <>BDC -39.304 -1.242 Td (amination)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.656 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.074 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.657 0 Td (Adoption)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.352 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.073 0 Td (Small)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.713 0 Td (Business)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.993 0 Td (Credit)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.049 0 Td (Scoring)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.493 0 Td [(b)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.324 0 Td (Large)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.729 0 Td (Banking)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.892 0 Td (Organizations,")Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf -34.005 -1.241 Td (forthcoming,)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 5.862 0 Td (Journal)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 3.628 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.139 0 Td (Business)Tj /T1_2 1 Tf 3.722 0 Td (.)Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_2 1 Tf -15.906 -2.063 Td ([4])Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_2 1 Tf 1.555 0 Td (Anand,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.663 0 Td (B.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.428 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.053 0 Td (A.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.47 0 Td [(Galeto)27 (vic)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.56 0 Td (\(2000\),)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.525 0 Td (\\Information,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 6.415 0 Td [(Nonexcludabilit)26 (y)84 (,)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 8.053 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.053 0 Td (Financial)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.484 0 Td [(Mark)27 (et)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf -37.704 -1.242 Td (Structure,")Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 5.225 0 Td (Journal)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 3.628 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.139 0 Td (Business,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.333 0 Td (73:)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.722 0 Td (357-402.)Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_2 1 Tf -17.603 -2.063 Td ([5])Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_2 1 Tf 1.555 0 Td [(An)27 (ton,)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.255 0 Td (J.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.028 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.848 0 Td (D.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.278 0 Td [(Y)82 (ao)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.903 0 Td (\(2002\),)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.311 0 Td (\\Little)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.14 0 Td [(P)27 (aten)28 (ts)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.533 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.847 0 Td (Big)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.723 0 Td (Secrets:)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.738 0 Td (Managing)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.542 0 Td [(In)27 (tellectual)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.125 0 Td [(Prop)-28 (ert)27 (y)83 (,")]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf -36.271 -1.241 Td (forthcoming,)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 5.862 0 Td (RAND)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 3.333 0 Td (Journal)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 3.628 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.14 0 Td (Economics)Tj /T1_2 1 Tf 4.625 0 Td (.)Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_2 1 Tf -20.143 -2.063 Td ([6])Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_2 1 Tf 1.555 0 Td (Bank)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.751 0 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.656 0 Td [(In)26 (ternational)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 6.13 0 Td [(Settlemen)27 (ts)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.548 0 Td (\(BIS,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.751 0 Td (2003a\),)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.658 0 Td (\\The)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.682 0 Td (New)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.376 0 Td (Basel)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.785 0 Td (Capital)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.681 0 Td (Accord,")Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 4.31 0 Td (Third)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf -38.328 -1.242 Td [(Consultativ)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 6.096 0 Td [(P)27 (ap)-27 (er)]TJ /T1_2 1 Tf 2.57 0 Td (,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 0.934 0 Td (Basel)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.916 0 Td (Committee)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.425 0 Td (on)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.648 0 Td (Banking)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.217 0 Td [(Sup)-27 (ervision,)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.998 0 Td (April)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.844 0 Td (2003,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.935 0 Td [(a)27 (v)56 (ailable)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.369 0 Td (at)Tj /T1_1 1 Tf ( )Tj EMC /Link <>BDC /T1_2 1 Tf -39.952 -1.241 Td [(h)27 (ttp://www.bis.org/b)-26 (cbs/b)-28 (cbscp3.h)27 (tm)]TJ EMC /Span <>BDC (.)Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_2 1 Tf -1.555 -2.063 Td ([7])Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_2 1 Tf 1.555 0 Td (Bank)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.638 0 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.543 0 Td [(In)27 (ternational)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 7.017 0 Td [(Settlemen)27 (ts)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 6.435 0 Td (\(BIS,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.638 0 Td (2003b\),)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.822 0 Td (\\Third)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.349 0 Td [(Quan)27 (titativ)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 6.874 0 Td (Im)Tj EMC /HyphenSpan <>BDC (-)Tj EMC /Span <>BDC -39.316 -1.242 Td (pact)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.822 0 Td [(Study)82 (,")]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.212 0 Td (Basel)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.259 0 Td (Committee)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.766 0 Td (on)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.99 0 Td (Banking)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.559 0 Td [(Sup)-27 (ervision,)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 6.425 0 Td [(Ma)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.851 0 Td (2003,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.361 0 Td [(a)26 (v)56 (ailable)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.712 0 Td (at)Tj /T1_1 1 Tf ( )Tj EMC /Link <>BDC /T1_2 1 Tf -39.957 -1.241 Td [(h)27 (ttp://www.bis.org/b)-26 (cbs/qis/qis3.h)26 (tm)]TJ EMC /Span <>BDC (.)Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_2 1 Tf -1.555 -2.063 Td ([8])Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_2 1 Tf 1.555 0 Td [(Beno)111 (^)389 (\263t,)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.497 0 Td (J.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.136 0 Td (\(1985\):)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.521 0 Td [(\\Inno)27 (v)56 (ation)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.482 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.954 0 Td (Imitation)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.427 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.176 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 0.844 0 Td [(Duop)-28 (oly)83 (,")]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 4.738 0 Td (Review)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 3.496 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.149 0 Td (Economic)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 4.58 0 Td (Studies)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.552 0 Td (52:)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf -39.553 -1.242 Td (99-106.)Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_2 1 Tf -1.555 -2.063 Td ([9])Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_2 1 Tf 1.555 0 Td [(Bhattac)27 (haryy)28 (a,)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 7.111 0 Td (S.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.22 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.998 0 Td (V.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.414 0 Td (Nanda)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.248 0 Td (\(2000\),)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.456 0 Td [(\\Clien)26 (t)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.526 0 Td (Discretion,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.118 0 Td [(Switc)27 (hing)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.637 0 Td (Costs,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.078 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.997 0 Td (Financial)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf -36.803 -1.241 Td [(Inno)27 (v)56 (ation,")]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 5.748 0 Td (Review)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 3.486 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.139 0 Td (Financial)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 4.375 0 Td (Studies)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.542 0 Td (13:)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.722 0 Td (1101-1127.)Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_2 1 Tf -22.067 -2.063 Td ([10])Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_2 1 Tf 2.055 0 Td [(Bro)-27 (ec)27 (k)27 (er,)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.426 0 Td (T.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.32 0 Td (\(1990\),)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.379 0 Td [(\\Credit-W)82 (orthiness)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 8.782 0 Td [(T)82 (ests)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.581 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.931 0 Td [(In)26 (terbank)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.574 0 Td [(Comp)-28 (etition,")]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 6.558 0 Td (Econometrica)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 6.279 0 Td (58)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf -39.83 -1.242 Td (\(2\):)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2 0 Td (429-452.)Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_2 1 Tf -4.055 -2.063 Td ([11])Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_2 1 Tf 2.055 0 Td [(D)27 (\266)473 (ecamps,)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.508 0 Td [(J.-P)82 (.,)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.573 0 Td (J.-C.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.41 0 Td [(Ro)-28 (c)27 (het,)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.642 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.896 0 Td (B.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.271 0 Td (Roger)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.857 0 Td (\(2003\),)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.35 0 Td (\\The)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.507 0 Td (Three)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.843 0 Td (Pillars)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.085 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.091 0 Td (Basel)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.61 0 Td [(I)-28 (I:)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.313 0 Td (Optimizing)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf -35.956 -1.241 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.722 0 Td (Mix,")Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.833 0 Td (forthcoming)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 5.582 0 Td (Journal)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 3.628 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.14 0 Td (Financial)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 4.375 0 Td [(In)27 (termediation.)]TJ /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_2 1 Tf -21.335 -2.063 Td ([12])Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_2 1 Tf 2.055 0 Td [(Engelbrec)27 (h)28 (t-Wiggans,)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 9.873 0 Td (R.,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.614 0 Td [(P)83 (.)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.195 0 Td (Milgrom,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.297 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.93 0 Td (R.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.333 0 Td [(W)82 (eb)-26 (er)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.128 0 Td (\(1983\),)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.378 0 Td [(\\Comp)-27 (etitiv)26 (e)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 6.18 0 Td (Bidding)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.75 0 Td (with)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.264 0 Td (Pro)Tj EMC /HyphenSpan <>BDC (-)Tj EMC /Span <>BDC -38.942 -1.242 Td (prietary)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.811 0 Td (Information,")Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 6.277 0 Td (Journal)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 3.628 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.139 0 Td (Mathematical)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 6.361 0 Td (Economics)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.999 0 Td (11:)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.722 0 Td (161-169.)Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_2 1 Tf -29.992 -2.062 Td ([13])Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_2 1 Tf 2.055 0 Td [(Hausw)27 (ald,)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.82 0 Td (R.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.326 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.923 0 Td (R.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.325 0 Td (Marquez)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.093 0 Td (\(2001\),)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.372 0 Td [(\\Comp)-27 (etition)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 6.283 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.923 0 Td (Strategic)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.203 0 Td (Information)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.482 0 Td (Acquisition)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.261 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf -40.011 -1.242 Td (Credit)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.114 0 Td [(Mark)27 (ets,")]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.647 0 Td (mimeo,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.501 0 Td [(Univ)27 (ersit)28 (y)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.813 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.14 0 Td (Maryland.)Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_2 1 Tf -19.27 -2.063 Td ([14])Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_2 1 Tf 2.055 0 Td [(Hausw)27 (ald,)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.848 0 Td (R.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.355 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.952 0 Td (R.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.355 0 Td (Marquez)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.122 0 Td (\(2003\),)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.399 0 Td (\\Information)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 6.011 0 Td [(T)83 (ec)27 (hnology)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.258 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.952 0 Td (Financial)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.383 0 Td (Services)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.821 0 Td (Com)Tj EMC /HyphenSpan <>BDC (-)Tj EMC /Span <>BDC -38.456 -1.242 Td [(p)-27 (etition,")]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 4.526 0 Td (Review)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 3.486 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.139 0 Td (Financial)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 4.375 0 Td (Studies)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.542 0 Td (16:)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.722 0 Td (921-948.)Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_2 1 Tf -20.845 -2.062 Td ([15])Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_2 1 Tf 2.055 0 Td (Herrera,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.996 0 Td (Helios)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.034 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.001 0 Td (Enrique)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.824 0 Td [(Sc)26 (hroth)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.755 0 Td (\(2003\),)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.46 0 Td (\\Pro\257table)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.185 0 Td [(Inno)26 (v)56 (ation)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.029 0 Td (Without)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.086 0 Td [(P)27 (aten)28 (t)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.293 0 Td (Protec)Tj EMC /HyphenSpan <>BDC (-)Tj EMC /Span <>BDC -37.663 -1.242 Td (tion:)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.444 0 Td (The)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.055 0 Td (Case)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.394 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.14 0 Td [(Deriv)55 (ativ)28 (es,")]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.968 0 Td (mimeo,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.5 0 Td [(IT)82 (AM)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.944 0 Td (HEC)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.487 0 Td (Lausanne.)Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_2 1 Tf -26.987 -2.063 Td ([16])Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_2 1 Tf 2.055 0 Td (Hirtle,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.33 0 Td (B.,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.787 0 Td (M.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.68 0 Td [(Lev)26 (onian,)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.76 0 Td (M.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.68 0 Td [(Saiden)27 (b)-27 (erg,)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.582 0 Td (S.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.318 0 Td [(W)83 (alter,)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.748 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.096 0 Td (D.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.527 0 Td [(W)82 (righ)28 (t)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.516 0 Td (\(2001\),)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.579 0 Td (\\Using)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.463 0 Td (Credit)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf -38.066 -1.241 Td (Risk)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.253 0 Td [(Mo)-28 (dels)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.435 0 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.514 0 Td (Regulatory)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.14 0 Td (Capital:)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.937 0 Td (Issues)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.862 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.928 0 Td (Options,")Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 4.539 0 Td [(F)83 (ederal)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 3.501 0 Td [(Reserv)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 3.673 0 Td 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216.1604 696.5195 Tm (R)Tj /T1_4 1 Tf 0.806 0 Td (\241)Tj /T1_3 1 Tf 0.827 0 Td (2)Tj /T1_0 1 Tf 10.9131 0 0 10.9131 233.4052 695.7793 Tm (\))Tj EMC /P <>BDC /T1_6 1 Tf 0.499 0.85 Td (\276)Tj EMC /StyleSpan <>BDC /T1_8 1 Tf 5.9817 0 0 5.9817 202.2065 693.3886 Tm (2)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_7 1 Tf 7.9722 0 0 7.9722 394.4803 694.6089 Tm [(@)-59 (\301)]TJ /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_10 1 Tf 5.9817 0 0 5.9817 404.4531 697.6798 Tm (\244)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf 10.9131 0 0 10.9131 72 689.6776 Tm (Since)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.615 0 Td (\301)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_4 1 Tf 7.9722 0 0 7.9722 107.0398 694.0988 Tm (\244)Tj EMC /P <>BDC /T1_0 1 Tf 10.9131 0 0 10.9131 111.7711 689.6776 Tm (\()Tj /T1_2 1 Tf (\270)Tj /T1_0 1 Tf [(\))-285 (=)-286 (min)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.291 0 Td (1)Tj /T1_2 1 Tf 0.5 0 Td (;)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.603 0 Td (,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.616 0 Td [(w)26 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.477 0 Td [(ha)27 (v)28 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.31 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.17 0 Td (\301)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_4 1 Tf 7.9722 0 0 7.9722 325.2609 694.0988 Tm (\244)Tj EMC /P <>BDC /T1_0 1 Tf 10.9131 0 0 10.9131 329.9922 689.6776 Tm (\(0\))Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.563 0 Td (=)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.063 0 Td (1,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.118 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.692 0 Td (=)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.063 0 Td (0,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.117 0 Td (so)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.232 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.171 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.727 0 Td [(ab)-28 (o)27 (v)27 (e)]TJ /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_3 1 Tf 7.9722 0 0 7.9722 184.9816 685.7665 Tm (2+)Tj /T1_7 1 Tf (\270)Tj /T1_3 1 Tf (\()Tj /T1_7 1 Tf (p)Tj /T1_9 1 Tf 5.9817 0 0 5.9817 208.2982 684.3661 Tm (h)Tj /T1_7 1 Tf 7.9722 0 0 7.9722 213.1395 685.7665 Tm (R)Tj /T1_4 1 Tf 0.806 0 Td (\241)Tj /T1_3 1 Tf 0.827 0 Td (2\))Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_7 1 Tf 21.391 0.019 Td [(@)-58 (\270)]TJ /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_6 1 Tf 10.9131 0 0 10.9131 409.9646 702.2211 Tm (\257)Tj EMC /StyleSpan <>BDC T* (\257)Tj EMC /StyleSpan <>BDC 0 -0.599 TD (\257)Tj EMC /P <>BDC /T1_7 1 Tf 7.9722 0 0 7.9722 413.5956 682.0854 Tm (\270)Tj /T1_3 1 Tf (=0)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf 10.9131 0 0 10.9131 72 670.7423 Tm (condition)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.389 0 Td [(b)-28 (ecomes)]TJ /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_2 1 Tf 11.605 -0.925 Td (dP)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_3 1 Tf 7.9722 0 0 7.9722 260.7428 664.6005 Tm (2)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_2 1 Tf 10.9131 0 0 10.9131 289.6009 653.2674 Tm (>)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.055 0 Td (0)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 0.777 0 Td (,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.278 0 Td (p)Tj /T1_0 1 Tf 0.084 0 Td (~)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 0.641 0 Td (\241)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 0.999 0 Td (p)Tj EMC /StyleSpan <>BDC /T1_6 1 Tf 0.057 0 Td (b)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_2 1 Tf 0.723 0 Td (>)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.056 0 Td (0)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_2 1 Tf -10.3 -0.686 Td (d\270)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_6 1 Tf 1.529 2.135 Td (\257)Tj EMC /StyleSpan <>BDC T* (\257)Tj EMC /StyleSpan <>BDC T* (\257)Tj EMC /StyleSpan <>BDC 0 -0.6 TD (\257)Tj EMC /P <>BDC /T1_7 1 Tf 7.9722 0 0 7.9722 270.3055 642.4043 Tm (\270)Tj /T1_3 1 Tf (=0)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_7 1 Tf -7.76 -1.871 Td (\301)Tj /T1_0 1 Tf 10.9131 0 0 10.9131 213.4696 626.75 Tm (\()Tj EMC /StyleSpan <>BDC /T1_8 1 Tf 5.9817 0 0 5.9817 218.9111 630.7411 Tm (1)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_7 1 Tf 7.9722 0 0 7.9722 223.7625 627.4902 Tm (p)Tj /T1_9 1 Tf 5.9817 0 0 5.9817 228.0237 626.0798 Tm (h)Tj /T1_7 1 Tf 7.9722 0 0 7.9722 232.855 627.4902 Tm (R)Tj /T1_4 1 Tf 0.807 0 Td (\241)Tj /T1_3 1 Tf (1)Tj /T1_0 1 Tf 10.9131 0 0 10.9131 250.1099 626.75 Tm (\))Tj EMC /P <>BDC 13.369 0 Td (\()Tj /T1_7 1 Tf 7.9722 0 0 7.9722 400.2519 627.4902 Tm (\301)Tj EMC /StyleSpan <>BDC /T1_8 1 Tf 5.9817 0 0 5.9817 405.2833 630.561 Tm (2)Tj EMC /P <>BDC /T1_4 1 Tf 7.9722 0 0 7.9722 409.4344 627.4902 Tm (\241)Tj /T1_7 1 Tf (\301)Tj /T1_0 1 Tf 10.9131 0 0 10.9131 421.0577 626.75 Tm (\))Tj /T1_3 1 Tf 7.9722 0 0 7.9722 425.2989 627.4902 Tm (\(1)Tj /T1_4 1 Tf 0.944 0 Td (\241)Tj /T1_7 1 Tf 0.827 0 Td (\257)Tj /T1_3 1 Tf 0.647 0 Td (\)+)Tj /T1_7 1 Tf (\257)Tj EMC /StyleSpan <>BDC /T1_8 1 Tf 5.9817 0 0 5.9817 218.9111 624.3593 Tm (2)Tj EMC /P <>BDC /T1_0 1 Tf 10.9131 0 0 10.9131 72 620.6382 Tm (Using)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.856 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.767 0 Td (de\257nition)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.489 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.18 0 Td (\257)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.971 0 Td (=)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_8 1 Tf 5.9817 0 0 5.9817 210.5788 618.8577 Tm (1)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_3 1 Tf 7.9722 0 0 7.9722 215.4301 615.6068 Tm (\()Tj /T1_7 1 Tf (\301p)Tj EMC /StyleSpan <>BDC /T1_9 1 Tf 5.9817 0 0 5.9817 228.0237 614.1964 Tm (h)Tj EMC /StyleSpan <>BDC /T1_7 1 Tf 7.9722 0 0 7.9722 232.855 615.6068 Tm (R)Tj /T1_4 1 Tf 0.807 0 Td (\241)Tj /T1_3 1 Tf (1\))Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf 10.9131 0 0 10.9131 259.6725 620.6382 Tm (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.988 0 Td (since)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.494 0 Td (p)Tj /T1_0 1 Tf 0.087 0 Td (~)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 0.668 0 Td (\241)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.029 0 Td (p)Tj EMC /StyleSpan <>BDC /T1_6 1 Tf 0.057 0 Td (b)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf 0.798 0 Td (=)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.13 0 Td (\(2)Tj /T1_2 1 Tf 0.888 0 Td (\301)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 0.819 0 Td (\241)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.999 0 Td (1\))Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_3 1 Tf 7.9722 0 0 7.9722 391.9696 616.7372 Tm (\(2)Tj /T1_7 1 Tf 0.944 0 Td (\301)Tj /T1_3 1 Tf (\(1)Tj /T1_4 1 Tf 1.576 0 Td (\241)Tj /T1_7 1 Tf 0.827 0 Td (\301)Tj /T1_3 1 Tf 0.631 0 Td (\)+1\)\(1+)Tj /T1_7 1 Tf 3.954 0 Td (\257)Tj /T1_3 1 Tf 0.647 0 Td (\))Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_2 1 Tf 10.9131 0 0 10.9131 464.85 620.6382 Tm (p)Tj /T1_7 1 Tf 7.9722 0 0 7.9722 470.3415 618.8678 Tm (h)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 10.9131 0 0 10.9131 479.8442 620.6382 Tm (\(see)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.049 0 Td [(pro)-28 (of)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.659 0 Td (of)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_8 1 Tf 5.9817 0 0 5.9817 210.5788 612.476 Tm (2)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_7 1 Tf 7.9722 0 0 7.9722 254.4611 606.0341 Tm (p)Tj /T1_9 1 Tf 5.9817 0 0 5.9817 258.7223 604.6338 Tm (h)Tj /T1_7 1 Tf 7.9722 0 0 7.9722 263.5536 606.0341 Tm (R)Tj /T1_4 1 Tf 0.807 0 Td (\241)Tj /T1_3 1 Tf 0.827 0 Td (2)Tj EMC /P <>BDC /T1_0 1 Tf 10.9131 0 0 10.9131 72 601.1028 Tm (Lemma)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.596 0 Td (3\),)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.535 0 Td (this)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.978 0 Td (simpli\257es)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.372 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.246 0 Td (p)Tj /T1_0 1 Tf 0.089 0 Td (~)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 0.654 0 Td (\241)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.017 0 Td (p)Tj EMC /StyleSpan <>BDC /T1_6 1 Tf 0.058 0 Td (b)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf 0.769 0 Td (=)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_3 1 Tf 7.9722 0 0 7.9722 252.3405 597.3417 Tm (2)Tj EMC /StyleSpan <>BDC /T1_7 1 Tf 0.532 0 Td (p)Tj EMC /StyleSpan <>BDC /T1_9 1 Tf 5.9817 0 0 5.9817 260.8429 595.9413 Tm (h)Tj EMC /StyleSpan <>BDC /T1_7 1 Tf 7.9722 0 0 7.9722 265.6742 597.3417 Tm (R)Tj /T1_4 1 Tf 0.807 0 Td (\241)Tj /T1_3 1 Tf (3)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_2 1 Tf 10.9131 0 0 10.9131 284.1194 601.1028 Tm (p)Tj /T1_7 1 Tf 7.9722 0 0 7.9722 289.6109 599.3223 Tm (h)Tj /T1_0 1 Tf 10.9131 0 0 10.9131 294.9824 601.1028 Tm (,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.646 0 Td [(whic)27 (h,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.173 0 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.557 0 Td (p)Tj /T1_7 1 Tf 7.9722 0 0 7.9722 359.1404 599.3223 Tm (h)Tj /T1_2 1 Tf 10.9131 0 0 10.9131 364.5119 601.1028 Tm [(R)-331 (>)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.192 0 Td (2)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 0.824 0 Td (,)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_2 1 Tf 1.323 0 Td (p)Tj EMC /P <>BDC (R)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.593 0 Td (>)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.102 0 Td (1,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.145 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.033 0 Td [(alw)26 (a)28 (ys)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.228 0 Td [(p)-28 (ositiv)27 (e.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -39.243 -1.728 Td (Hence,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.25 0 Td [(w)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.471 0 Td (establish)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.123 0 Td (that)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_7 1 Tf 7.9722 0 0 7.9722 194.5143 586.5487 Tm (dP)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_8 1 Tf 5.9817 0 0 5.9817 205.4173 589.3595 Tm (2)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_2 1 Tf 10.9131 0 0 10.9131 233.6853 582.2475 Tm (>)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.055 0 Td (0)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.833 0 Td (and,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.223 0 Td (therefore,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.475 0 Td (\270)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_4 1 Tf 7.9722 0 0 7.9722 333.7433 586.6687 Tm (\244)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_2 1 Tf 10.9131 0 0 10.9131 341.5154 582.2475 Tm (>)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.055 0 Td (0,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.111 0 Td (as)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.227 0 Td (desired.)Tj EMC /StyleSpan <>BDC /T1_7 1 Tf 7.9722 0 0 7.9722 197.3951 578.4864 Tm (d\270)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_6 1 Tf 10.9131 0 0 10.9131 210.7588 594.801 Tm (\257)Tj EMC /StyleSpan <>BDC T* (\257)Tj EMC /StyleSpan <>BDC 0 -0.599 TD (\257)Tj EMC /P <>BDC /T1_7 1 Tf 7.9722 0 0 7.9722 214.3999 574.6654 Tm (\270)Tj /T1_3 1 Tf (=0)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf 10.9131 0 0 10.9131 88.9347 566.093 Tm (In)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.25 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.722 0 Td (case)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.117 0 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.528 0 Td (\270)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.862 0 Td (=)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.055 0 Td (1)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.833 0 Td [(w)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.472 0 Td (require)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.366 0 Td (that)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_2 1 Tf -1.929 -2.124 Td (dP)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_3 1 Tf 7.9722 0 0 7.9722 237.0862 546.8776 Tm (2)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_2 1 Tf 10.9131 0 0 10.9131 317.9989 542.9165 Tm [(@)-54.7 (p)]TJ /T1_0 1 Tf 0.671 0 Td (~)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 0.684 0 Td [(@)-55 (\301)]TJ /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_4 1 Tf 7.9722 0 0 7.9722 345.6766 547.3377 Tm (\244)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf 10.9131 0 0 10.9131 265.9443 535.5344 Tm (=)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.055 0 Td (p)Tj /T1_0 1 Tf 0.085 0 Td (~)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 0.64 0 Td (\241)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1 0 Td (p)Tj EMC /StyleSpan <>BDC /T1_6 1 Tf 0.057 0 Td (b)Tj EMC /P <>BDC /T1_0 1 Tf 0.668 0 Td (+)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 6.445 0 Td (<)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.055 0 Td (0)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_2 1 Tf -14.635 -0.686 Td (d\270)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 8.353 0 Td [(@)-55 (\301)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.624 0 Td [(@)-55 (\270)]TJ /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_6 1 Tf -8.448 2.136 Td (\257)Tj EMC /StyleSpan <>BDC 0 -0.6 TD (\257)Tj EMC /StyleSpan <>BDC 0 -0.599 TD (\257)Tj EMC /StyleSpan <>BDC T* (\257)Tj EMC /P <>BDC /T1_7 1 Tf 7.9722 0 0 7.9722 246.6489 524.6714 Tm (\270)Tj /T1_3 1 Tf (=1)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_6 1 Tf 10.9131 0 0 10.9131 351.6083 551.3588 Tm (\257)Tj EMC /StyleSpan <>BDC 0 -0.6 TD (\257)Tj EMC /StyleSpan <>BDC 0 -0.599 TD (\257)Tj EMC /StyleSpan <>BDC T* (\257)Tj EMC /P <>BDC /T1_7 1 Tf 7.9722 0 0 7.9722 355.2393 524.6714 Tm (\270)Tj /T1_3 1 Tf (=1)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_8 1 Tf 5.9817 0 0 5.9817 314.768 508.867 Tm (1)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_8 1 Tf 0 -1.067 TD (2)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_7 1 Tf 7.9722 0 0 7.9722 319.6093 505.606 Tm (p)Tj /T1_9 1 Tf 5.9817 0 0 5.9817 323.8805 504.2056 Tm (h)Tj /T1_7 1 Tf 7.9722 0 0 7.9722 328.7119 505.606 Tm (R)Tj /T1_3 1 Tf 0.807 0 Td (+1)Tj EMC /P <>BDC /T1_0 1 Tf 10.9131 0 0 10.9131 72 499.1042 Tm (Again,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.275 0 Td [(w)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.537 0 Td (compute)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.118 0 Td (p)Tj /T1_0 1 Tf 0.087 0 Td (~)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 0.682 0 Td (\241)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.043 0 Td (p)Tj EMC /StyleSpan <>BDC /T1_6 1 Tf 0.057 0 Td (b)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf 0.844 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.009 0 Td (note)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.287 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.23 0 Td (\301)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_4 1 Tf 7.9722 0 0 7.9722 276.7873 503.5255 Tm (\244)Tj EMC /P <>BDC /T1_0 1 Tf 10.9131 0 0 10.9131 281.5186 499.1042 Tm (\(1\))Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.664 0 Td (=)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.351 0 Td (.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.917 0 Td (It)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.149 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.07 0 Td (useful)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.932 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.287 0 Td (de\257ne)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.954 0 Td (at)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.288 0 Td (this)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.015 0 Td [(p)-28 (oin)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.677 0 Td (the)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_7 1 Tf 7.9722 0 0 7.9722 322 495.3432 Tm (p)Tj /T1_9 1 Tf 5.9817 0 0 5.9817 326.2612 493.9328 Tm (h)Tj /T1_7 1 Tf 7.9722 0 0 7.9722 331.1025 495.3432 Tm (R)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_8 1 Tf 5.9817 0 0 5.9817 289.991 482.5596 Tm (2)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_7 1 Tf 7.9722 0 0 7.9722 294.8424 485.6805 Tm (g)Tj /T1_3 1 Tf 0.542 0 Td (+1)Tj EMC /P <>BDC /T1_0 1 Tf 10.9131 0 0 10.9131 72 479.1786 Tm [(v)55 (ariable)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.764 0 Td (g)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.81 0 Td (=)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.076 0 Td (p)Tj /T1_7 1 Tf 7.9722 0 0 7.9722 139.1388 477.3981 Tm (h)Tj /T1_2 1 Tf 10.9131 0 0 10.9131 144.5203 479.1786 Tm (R)Tj /T1_0 1 Tf 0.767 0 Td (,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.626 0 Td (so)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.239 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.179 0 Td [(w)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.483 0 Td (can)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.846 0 Td (write)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.568 0 Td (\301)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_4 1 Tf 7.9722 0 0 7.9722 267.8848 483.5999 Tm (\244)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf 10.9131 0 0 10.9131 275.8671 479.1786 Tm (=)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_8 1 Tf 5.9817 0 0 5.9817 289.991 488.9414 Tm (1)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf 10.9131 0 0 10.9131 311.177 479.1786 Tm (,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.626 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.956 0 Td [(observ)26 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.576 0 Td (that)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_7 1 Tf 7.9722 0 0 7.9722 403.3327 484.11 Tm [(@)-58 (\301)]TJ /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_10 1 Tf 5.9817 0 0 5.9817 413.2955 487.1809 Tm (\244)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf 10.9131 0 0 10.9131 422.058 479.1786 Tm (=)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 1.075 0 Td (\241)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_3 1 Tf 7.9722 0 0 7.9722 445.5946 483.4698 Tm (1)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_8 1 Tf 5.9817 0 0 5.9817 447.7952 477.3981 Tm (2)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_2 1 Tf 10.9131 0 0 10.9131 456.3876 479.1786 Tm (<)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.076 0 Td (0.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.258 0 Td [(W)82 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.734 0 Td (can)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.846 0 Td [(no)27 (w)]TJ /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_7 1 Tf 7.9722 0 0 7.9722 297.233 475.4176 Tm (g)Tj /T1_1 1 Tf ( )Tj /T1_7 1 Tf 13.624 0 Td [(@)-59 (g)]TJ /T1_1 1 Tf ( )Tj /T1_7 1 Tf 4.72 -0.036 Td (g)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 10.9131 0 0 10.9131 72 460.0333 Tm (express)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.486 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.722 0 Td (condition)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.389 0 Td (that)Tj /T1_1 1 Tf ( )Tj EMC ET BT /StyleSpan <>BDC /T1_7 1 Tf 7.9722 0 0 7.9722 202.7266 464.3345 Tm (dP)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_8 1 Tf 5.9817 0 0 5.9817 213.6296 467.1453 Tm (2)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_2 1 Tf 10.9131 0 0 10.9131 241.8976 460.0333 Tm (<)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.055 0 Td (0)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.833 0 Td (as)Tj EMC /StyleSpan <>BDC /T1_7 1 Tf 7.9722 0 0 7.9722 205.6074 456.2722 Tm (d\270)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_6 1 Tf 10.9131 0 0 10.9131 218.9711 472.5868 Tm (\257)Tj EMC /StyleSpan <>BDC 0 -0.6 TD (\257)Tj EMC /StyleSpan <>BDC 0 -0.599 TD (\257)Tj EMC /P <>BDC /T1_7 1 Tf 7.9722 0 0 7.9722 222.6122 452.4512 Tm (\270)Tj /T1_3 1 Tf (=1)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 10.9131 0 0 10.9131 189.923 430.525 Tm (1)Tj 0.942 0.063 Td (\()Tj /T1_2 1 Tf (g)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 1.123 0 Td (\241)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1 0 Td (1\))Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 1.055 0.81 Td (\241)Tj /T1_0 1 Tf 0.458 -0.81 Td (3)Tj /T1_2 1 Tf 0.5 0 Td (g)Tj EMC /StyleSpan <>BDC /T1_3 1 Tf 7.9722 0 0 7.9722 250.9401 435.1763 Tm (5)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_5 1 Tf 10.9131 0 0 10.9131 258.0921 431.2152 Tm (\241)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1 0 Td (3)Tj /T1_2 1 Tf 0.5 0 Td (g)Tj EMC /StyleSpan <>BDC /T1_3 1 Tf 7.9722 0 0 7.9722 280.0482 435.1763 Tm (4)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf 10.9131 0 0 10.9131 287.2102 431.2152 Tm (+)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1 0 Td (12)Tj /T1_2 1 Tf 0.999 0 Td (g)Tj EMC /StyleSpan <>BDC /T1_3 1 Tf 7.9722 0 0 7.9722 314.6179 435.1763 Tm (3)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf 10.9131 0 0 10.9131 321.7799 431.2152 Tm (+)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1 0 Td (16)Tj /T1_2 1 Tf 0.999 0 Td (g)Tj EMC /StyleSpan <>BDC /T1_3 1 Tf 7.9722 0 0 7.9722 349.1876 435.1763 Tm (2)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_5 1 Tf 10.9131 0 0 10.9131 356.3496 431.2152 Tm (\241)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.999 0 Td (32)Tj /T1_2 1 Tf (g)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 1.735 0 Td (\241)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.999 0 Td (16)Tj /T1_6 1 Tf 1 0.81 Td (\242)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_5 1 Tf -21.094 -1.55 Td (\241)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 21.939 0 Td (<)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.055 0 Td (0)Tj EMC /P <>BDC /T1_3 1 Tf 7.9722 0 0 7.9722 193.0739 418.8118 Tm (3)Tj EMC /P <>BDC /T1_2 1 Tf 10.9131 0 0 10.9131 187.4823 415.6609 Tm (g)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 7.137 0 Td (\()Tj /T1_2 1 Tf (g)Tj EMC /StyleSpan <>BDC /T1_3 1 Tf 7.9722 0 0 7.9722 275.2069 418.8118 Tm (2)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_5 1 Tf 10.9131 0 0 10.9131 282.3589 415.6609 Tm (\241)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1 0 Td (2\))Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.055 0 Td (\(3)Tj /T1_2 1 Tf 0.888 0 Td (g)Tj EMC /StyleSpan <>BDC /T1_3 1 Tf 7.9722 0 0 7.9722 320.0794 418.8118 Tm (2)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_5 1 Tf 10.9131 0 0 10.9131 327.2314 415.6609 Tm (\241)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1 0 Td (4\))Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf -24.388 -2.039 Td [(whic)27 (h)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.903 0 Td (holds)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.658 0 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.57 0 Td [(g)-382 (>)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.984 0 Td (2.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.347 0 Td (But)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.028 0 Td (note)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.264 0 Td (that,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.496 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.208 0 Td (order)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.658 0 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.572 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.764 0 Td [(mark)27 (et)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.433 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.264 0 Td [(supp)-28 (ort)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.745 0 Td (lending)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.542 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.208 0 Td (equilibrium,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -37.644 -1.435 Td [(w)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.471 0 Td (require)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.366 0 Td (that)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_2 1 Tf 2.166 0 Td (p)Tj EMC /P <>BDC (R)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.547 0 Td (>)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.056 0 Td (1)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 0.777 0 Td (,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.277 0 Td [(g)-314 (>)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.846 0 Td (2.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.222 0 Td [(Consequen)27 (tly)83 (,)]TJ /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_7 1 Tf 7.9722 0 0 7.9722 304.8752 382.0415 Tm (dP)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_8 1 Tf 5.9817 0 0 5.9817 315.7782 384.8522 Tm (2)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_2 1 Tf 10.9131 0 0 10.9131 344.0462 377.7402 Tm (<)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.055 0 Td (0,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.111 0 Td (implying)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.139 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.164 0 Td (\270)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_4 1 Tf 7.9722 0 0 7.9722 442.8338 382.1615 Tm (\244)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_2 1 Tf 10.9131 0 0 10.9131 450.596 377.7402 Tm (<)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.055 0 Td (1,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.111 0 Td (as)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.228 0 Td (desired.)Tj /T1_1 1 Tf ( )Tj /T1_11 1 Tf 3.784 0 Td (2)Tj EMC /StyleSpan <>BDC /T1_7 1 Tf 7.9722 0 0 7.9722 307.746 373.9792 Tm (d\270)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_6 1 Tf 10.9131 0 0 10.9131 321.1197 390.2838 Tm (\257)Tj EMC /StyleSpan <>BDC T* (\257)Tj EMC /StyleSpan <>BDC T* (\257)Tj EMC /P <>BDC /T1_7 1 Tf 7.9722 0 0 7.9722 324.7608 370.1481 Tm (\270)Tj /T1_3 1 Tf (=1)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_12 1 Tf 10.9131 0 0 10.9131 88.9347 349.6224 Tm [(Pro)-32 (of)]TJ /T1_1 1 Tf ( )Tj /T1_12 1 Tf 3.222 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_12 1 Tf 1.355 0 Td [(Prop)-32 (osition)]TJ /T1_1 1 Tf ( )Tj /T1_12 1 Tf 6.264 0 Td (5.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.455 0 Td [(F)83 (rom)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.667 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.763 0 Td [(exp)-27 (ected)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.207 0 Td (pro\257t)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.765 0 Td (expression)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.859 0 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.57 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.763 0 Td [(tec)27 (hnology)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.04 0 Td (leader,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.276 0 Td [(w)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -41.758 -1.241 Td (obtain)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.111 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.722 0 Td [(follo)27 (wing)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.223 0 Td (\257rst-order)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.68 0 Td (conditions:)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_2 1 Tf -5.49 -2.039 Td [(@)-55 (E)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.548 0 Td ([\246)Tj EMC /StyleSpan <>BDC /T1_3 1 Tf 7.9722 0 0 7.9722 190.0931 312.1819 Tm (1)Tj EMC /P <>BDC /T1_0 1 Tf 10.9131 0 0 10.9131 194.8244 313.8224 Tm (])Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf 0.665 -0.676 Td [(=)-278 (3)]TJ /T1_1 1 Tf ( )Tj /T1_5 1 Tf 1.777 0 Td (\241)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1 0 Td (t)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.527 0 Td (\(1)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 1.111 0 Td (\241)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1 0 Td (e)Tj /T1_0 1 Tf [(\))-221 (+)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.076 0 Td (t)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.527 0 Td (\(1)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 1.111 0 Td (\241)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1 0 Td (e)Tj /T1_0 1 Tf 0.465 0 Td (\))Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.556 0 Td (\(1)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 1.11 0 Td (\241)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1 0 Td (2)Tj /T1_2 1 Tf 0.5 0 Td (\301)Tj /T1_0 1 Tf [(\))-166 (\()-85 (\271)]TJ /T1_2 1 Tf 1.54 0 Td (pR)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 1.491 0 Td (\241)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1 0 Td (1\))Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 1.111 0 Td (\241)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.999 0 Td (2)Tj /T1_2 1 Tf (\301)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.373 0 Td [(=)-278 (0)]TJ /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_2 1 Tf -23.896 -0.686 Td [(@)-55 (\301)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf -1.052 -1.333 Td [(@)-55 (E)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.548 0 Td ([\246)Tj EMC /StyleSpan <>BDC /T1_3 1 Tf 7.9722 0 0 7.9722 190.0931 282.7737 Tm (1)Tj EMC /P <>BDC /T1_0 1 Tf 10.9131 0 0 10.9131 194.8244 284.4141 Tm (])Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 2.247 0.733 Td (\265)Tj /T1_0 1 Tf 0.845 -0.733 Td (1)Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 13.218 0.733 Td (\266)Tj EMC /P <>BDC /T1_0 1 Tf -15.646 -1.41 Td (=)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.055 0 Td (t)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.149 0 Td (\(2)Tj /T1_2 1 Tf 0.888 0 Td (\301)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 0.819 0 Td (\241)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.999 0 Td (1\))Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 1.111 0 Td (\241)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1 0 Td (\301)Tj /T1_0 1 Tf 0.595 0 Td (\(1)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 1.111 0 Td (\241)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1 0 Td (\301)Tj /T1_0 1 Tf [(\))-166 (\()]TJ EMC /StyleSpan <>BDC /T1_2 1 Tf (p)Tj EMC /P <>BDC (R)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 3.031 0 Td (\241)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1 0 Td (1\))Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 1.846 0 Td (\241)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1 0 Td (2)Tj /T1_2 1 Tf 0.5 0 Td [(k)-31 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.295 0 Td [(=)-277 (0)]TJ /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_2 1 Tf -21.955 -0.686 Td [(@)-55 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.984 0 Td (2)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_3 1 Tf 7.9722 0 0 7.9722 471.7819 248.7341 Tm (3+)Tj /T1_7 1 Tf (\270)Tj /T1_3 1 Tf [(\()-90 (\271)]TJ /T1_7 1 Tf 2.39 0 Td (pR)Tj /T1_4 1 Tf 1.341 0 Td (\241)Tj /T1_3 1 Tf (2\))Tj EMC /P <>BDC /T1_0 1 Tf 10.9131 0 0 10.9131 72 243.3626 Tm (Using)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.733 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.644 0 Td (de\257nition)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.366 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.057 0 Td (\270)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.861 0 Td (=)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.055 0 Td (t)Tj /T1_0 1 Tf (\(1)Tj /T1_5 1 Tf 1.315 0 Td (\241)Tj /T1_2 1 Tf 0.842 0 Td (e)Tj /T1_0 1 Tf (\),)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.403 0 Td [(w)26 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.394 0 Td (can)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.755 0 Td [(no)27 (w)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.005 0 Td [(solv)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.371 0 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.452 0 Td (optimal)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.588 0 Td [(in)27 (v)27 (estmen)28 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.983 0 Td (as)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf (\301)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_4 1 Tf 7.9722 0 0 7.9722 449.1956 247.7839 Tm (\244)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf 10.9131 0 0 10.9131 456.9578 243.3626 Tm (=)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.959 0 Td [(>)-277 (\301)]TJ EMC /P <>BDC /T1_3 1 Tf 7.9722 0 0 7.9722 469.6713 239.4515 Tm (2+2)Tj /T1_7 1 Tf 1.888 0 Td (\270)Tj /T1_3 1 Tf [(\()-89 (\271)]TJ /T1_7 1 Tf 1.033 0 Td (pR)Tj /T1_4 1 Tf 1.341 0 Td (\241)Tj /T1_3 1 Tf (1\))Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 10.9131 0 0 10.9131 72 225.1175 Tm (for)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.483 0 Td (0)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 0.777 0 Td [(<)-278 (\270)-277 (<)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.972 0 Td (1)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.786 0 Td (\(see)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.959 0 Td [(Prop)-27 (osition)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.337 0 Td (3\).)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.596 0 Td [(T)82 (o)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.425 0 Td [(sho)27 (w)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.431 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.119 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.67 0 Td (e)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.753 0 Td [(m)27 (ust)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.43 0 Td [(b)-28 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.315 0 Td [(p)-27 (ositiv)26 (e,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.94 0 Td [(w)26 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.425 0 Td [(ev)54 (aluate)]TJ /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_7 1 Tf 7.9722 0 0 7.9722 469.1612 230.489 Tm [(@)-58 (E)]TJ /T1_3 1 Tf 1.453 0 Td ([)Tj /T1_7 1 Tf (\274)Tj EMC /StyleSpan <>BDC /T1_8 1 Tf 5.9817 0 0 5.9817 488.2465 229.3787 Tm (1)Tj EMC /StyleSpan <>BDC /T1_3 1 Tf 7.9722 0 0 7.9722 492.3977 230.489 Tm (])Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf 10.9131 0 0 10.9131 499.0695 225.1175 Tm (at)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.175 0 Td (e)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.743 0 Td (=)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.055 0 Td (0:)Tj EMC /P <>BDC /T1_7 1 Tf 7.9722 0 0 7.9722 477.5235 221.3565 Tm [(@)-58 (e)]TJ /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_7 1 Tf -50.567 -1.025 Td [(@)-59 (E)]TJ /T1_3 1 Tf 1.453 0 Td ([)Tj /T1_7 1 Tf (\274)Tj EMC /StyleSpan <>BDC /T1_8 1 Tf 5.9817 0 0 5.9817 93.476 212.0739 Tm (1)Tj EMC /StyleSpan <>BDC /T1_3 1 Tf 7.9722 0 0 7.9722 97.6272 213.1842 Tm (])Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_6 1 Tf 10.9131 0 0 10.9131 101.1782 220.3562 Tm (\257)Tj EMC /StyleSpan <>BDC T* (\257)Tj EMC /StyleSpan <>BDC 0 -0.6 TD (\257)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_7 1 Tf 7.9722 0 0 7.9722 104.8092 200.2206 Tm (e)Tj /T1_3 1 Tf (=0)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf 10.9131 0 0 10.9131 123.0943 207.8127 Tm (=)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.055 0 Td (t)Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 0.527 0.809 Td (\241)Tj EMC /StyleSpan <>BDC /T1_3 1 Tf 7.9722 0 0 7.9722 146.5609 212.1039 Tm (1)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf 10.9131 0 0 10.9131 153.8029 207.8127 Tm (\(2)Tj /T1_2 1 Tf (\301)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 1.707 0 Td (\241)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.999 0 Td (1\))Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 1.111 0 Td (\241)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1 0 Td (\301)Tj /T1_0 1 Tf (\(1)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 1.706 0 Td (\241)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1 0 Td (\301)Tj /T1_0 1 Tf [(\))-166 (\()]TJ EMC /StyleSpan <>BDC /T1_2 1 Tf (p)Tj EMC /P <>BDC (R)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 3.031 0 Td (\241)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1 0 Td (1\))Tj /T1_6 1 Tf 0.889 0.809 Td (\242)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 0.735 -0.809 Td (>)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.056 0 Td (0)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.74 0 Td (since)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.357 0 Td (bank)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.38 0 Td (1)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.741 0 Td [(mak)27 (es)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.912 0 Td (greater)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.302 0 Td (pro\257ts)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.027 0 Td (when)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.518 0 Td (it)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.908 0 Td (alone)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_7 1 Tf 7.9722 0 0 7.9722 82.753 204.0516 Tm [(@)-59 (e)]TJ /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_3 1 Tf 8.004 0 Td (2)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf 10.9131 0 0 10.9131 72 191.6482 Tm (has)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.851 0 Td (access)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.024 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.291 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.791 0 Td [(tec)27 (hnology)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.069 0 Td (than)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.402 0 Td (when)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.679 0 Td (it)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.069 0 Td [(m)26 (ust)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.546 0 Td (share)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.688 0 Td (it)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.069 0 Td (with)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.347 0 Td (bank)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.541 0 Td (2.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.428 0 Td (Therefore,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.897 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.234 0 Td (equilibrium)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_4 1 Tf 7.9722 0 0 7.9722 77.0814 182.0555 Tm (\244)Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_2 1 Tf 10.9131 0 0 10.9131 72 178.1044 Tm [(e)-710.9 (>)]TJ /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_0 1 Tf 2.232 0 Td (0,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.111 0 Td (as)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.227 0 Td (desired.)Tj /T1_1 1 Tf ( )Tj /T1_11 1 Tf 3.785 0 Td (2)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_12 1 Tf -8.355 -2.337 Td [(Pro)-31 (of)]TJ /T1_1 1 Tf ( )Tj /T1_12 1 Tf 3.176 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_12 1 Tf 1.309 0 Td [(Prop)-32 (osition)]TJ /T1_1 1 Tf ( )Tj /T1_12 1 Tf 6.218 0 Td (6.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.335 0 Td (Recall)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.013 0 Td (our)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.781 0 Td (de\257nition)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.444 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.136 0 Td (\270)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.916 0 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.53 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.723 0 Td [(lac)27 (k-of-commitmen)28 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 8.999 0 Td (case:)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_2 1 Tf -20.351 -2.246 Td (\270)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.75 0 Td (\()Tj /T1_2 1 Tf (e;)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.298 0 Td (t)Tj /T1_0 1 Tf [(\))-277 (=)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.083 0 Td (t)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.528 0 Td (\(1)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 1.111 0 Td (\241)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 0.999 0 Td (e)Tj /T1_0 1 Tf (\))Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.021 0 Td [(;)-500 (t)]TJ /T1_1 1 Tf ( )Tj /T1_5 1 Tf 1.416 0 Td (2)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.944 0 Td ([0)Tj /T1_2 1 Tf 0.777 0 Td (;)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.445 0 Td (1])Tj /T1_2 1 Tf 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115.55 -13.55 l -107.14 -13.55 m -102.91 -13.55 l 98.14 -96.68 m 111.04 -96.68 l 76.11 -96.68 m 95.75 -96.68 l -20.4 -129.95 m -4.77 -129.95 l 34.09 -163.68 m 46.98 -163.68 l 98.15 -163.68 m 111.04 -163.68 l 123.28 -163.68 m 140.9 -163.68 l 11.39 -211.35 m 26.44 -211.35 l 116.81 -211.35 m 131.86 -211.35 l S Q Q EMC BT /P <>BDC 0 g /T1_0 1 Tf 0 Tc 0 Tw 0 Ts 100 Tz 0 Tr 10.9131 0 0 10.9131 72 758.8569 Tm [(Pro)-31 (of)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.155 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.289 0 Td [(Prop)-32 (osition)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.197 0 Td (3.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.395 0 Td (Maximization)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 6.315 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.121 0 Td (bank)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.455 0 Td (1's)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.483 0 Td (ex)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.265 0 Td (ante)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.256 0 Td [(exp)-27 (ected)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.148 0 Td (net)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.705 0 Td (pro\257ts)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.101 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.149 0 Td (Equation)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.301 0 Td (\(4\),)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_4 1 Tf -25.816 -0.577 Td (\242)Tj EMC /StyleSpan <>BDC /T1_5 1 Tf 7.9722 0 0 7.9722 246.3588 750.0045 Tm (2)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_5 1 Tf 30.916 -0.114 Td (3+)Tj /T1_6 1 Tf (\270)Tj /T1_5 1 Tf [(\()-90 (\271)]TJ /T1_6 1 Tf 2.39 0 Td (pR)Tj /T1_7 1 Tf 1.341 0 Td (\241)Tj /T1_5 1 Tf (2\))Tj EMC /P <>BDC /T1_8 1 Tf 10.9131 0 0 10.9131 72 743.7227 Tm (E)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 0.962 0 Td ([\246)Tj EMC /StyleSpan <>BDC /T1_5 1 Tf 7.9722 0 0 7.9722 93.7161 742.0922 Tm (1)Tj EMC /P <>BDC /T1_2 1 Tf 10.9131 0 0 10.9131 98.4474 743.7227 Tm (])Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 0.555 0 Td (=)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.056 0 Td (\(2)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 1.11 0 Td (\241)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 0.999 0 Td (\270)Tj /T1_2 1 Tf (\))Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_5 1 Tf 7.9722 0 0 7.9722 152.6726 748.0239 Tm (1)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_2 1 Tf 10.9131 0 0 10.9131 159.9146 743.7227 Tm (\(2)Tj /T1_8 1 Tf (\301)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 1.707 0 Td (\241)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1 0 Td (1\))Tj /T1_9 1 Tf 0.993 0 Td (\241)Tj /T1_4 1 Tf 0.881 0.81 Td (\241)Tj /T1_8 1 Tf 0.458 -0.81 Td (\301)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 0.818 0 Td (\241)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_5 1 Tf 7.9722 0 0 7.9722 235.9359 748.0239 Tm (1)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_2 1 Tf 10.9131 0 0 10.9131 252.2305 743.7227 Tm (+)Tj /T1_8 1 Tf 0.882 0 Td (\270\301)Tj /T1_2 1 Tf (\(1)Tj /T1_9 1 Tf 2.171 0 Td (\241)Tj /T1_8 1 Tf 0.881 0 Td (\301)Tj /T1_2 1 Tf [(\)\()-85 (\271)]TJ /T1_8 1 Tf 1.373 0 Td (pR)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 1.374 0 Td (\241)Tj /T1_2 1 Tf 0.882 0 Td (1\),)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.453 0 Td (with)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.219 0 Td [(resp)-28 (ect)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.366 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 1.16 0 Td (\301)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 0.87 0 Td (yields)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 2.751 0 Td (\301)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_7 1 Tf 7.9722 0 0 7.9722 470.2415 748.1439 Tm (\244)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_2 1 Tf 10.9131 0 0 10.9131 478.0036 743.7227 Tm (=)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_5 1 Tf 7.9722 0 0 7.9722 152.6726 739.9616 Tm (2)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_5 1 Tf 10.444 0 Td (2)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_5 1 Tf 31.959 -0.018 Td (2+2)Tj /T1_6 1 Tf 1.888 0 Td (\270)Tj /T1_5 1 Tf [(\()-89 (\271)]TJ /T1_6 1 Tf 1.033 0 Td (pR)Tj /T1_7 1 Tf 1.341 0 Td (\241)Tj /T1_5 1 Tf (1\))Tj EMC /P <>BDC /T1_2 1 Tf 10.9131 0 0 10.9131 72 730.1789 Tm (from)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.364 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.722 0 Td [(F)27 (OC)]TJ /T1_1 1 Tf ( )Tj /T1_8 1 Tf 7.068 -0.841 Td [(@)-55 (E)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.549 0 Td ([\246)Tj EMC /StyleSpan <>BDC /T1_5 1 Tf 7.9722 0 0 7.9722 221.8419 719.3559 Tm (1)Tj EMC /P <>BDC /T1_2 1 Tf 10.9131 0 0 10.9131 226.5733 720.9963 Tm (])Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_2 1 Tf 0.665 -0.676 Td [(=)-277 (3)]TJ /T1_1 1 Tf ( )Tj /T1_9 1 Tf 1.777 0 Td (\241)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 0.999 0 Td (\270)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 0.806 0 Td (+)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 1 0 Td (\270)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 0.75 0 Td (\(1)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 1.11 0 Td (\241)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1 0 Td (2)Tj /T1_8 1 Tf 0.5 0 Td (\301)Tj /T1_2 1 Tf [(\))-166 (\()-85 (\271)]TJ /T1_8 1 Tf 1.54 0 Td (pR)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 1.492 0 Td (\241)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 0.999 0 Td (1\))Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 1.111 0 Td (\241)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1 0 Td (2)Tj /T1_8 1 Tf 0.5 0 Td (\301)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 0.874 0 Td [(=)-277 (0)]TJ /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_8 1 Tf -18.078 -0.686 Td [(@)-55 (\301)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf -12.207 -1.629 Td (Since)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 2.684 0 Td (\270)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 0.983 0 Td (2)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.067 0 Td ([0)Tj /T1_8 1 Tf (;)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.222 0 Td (1],)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.481 0 Td [(w)26 (e)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.546 0 Td (can)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.907 0 Td [(alw)27 (a)28 (ys)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.273 0 Td [(c)26 (ho)-26 (ose)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.331 0 Td (\271)Tj EMC /Span <>BDC /T1_8 1 Tf -0.088 0 Td (pR)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 1.67 0 Td (<)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 1.179 0 Td (M)Tj /T1_2 1 Tf 1.079 0 Td (,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 0.703 0 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.604 0 Td [(su\261cien)27 (tly)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.08 0 Td (small)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 2.686 0 Td (M)Tj /T1_2 1 Tf 1.079 0 Td (,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 0.703 0 Td [(suc)27 (h)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.329 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.241 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.796 0 Td (optimal)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_6 1 Tf 7.9722 0 0 7.9722 343.2259 679.7448 Tm (p)Tj /T1_10 1 Tf 5.9817 0 0 5.9817 347.4971 678.3344 Tm (h)Tj /T1_6 1 Tf 7.9722 0 0 7.9722 352.3285 679.7448 Tm (R)Tj /T1_7 1 Tf 0.807 0 Td (\241)Tj /T1_5 1 Tf (1)Tj 3.794 -0.08 Td (1)Tj EMC /P <>BDC /T1_2 1 Tf 10.9131 0 0 10.9131 72 674.8134 Tm [(in)27 (v)28 (estmen)28 (t)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.129 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.074 0 Td [(w)27 (ell)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.096 0 Td (de\257ned,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.809 0 Td (i.e.,)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 1.97 0 Td (\301)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_7 1 Tf 7.9722 0 0 7.9722 232.1348 679.2346 Tm (\244)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_9 1 Tf 10.9131 0 0 10.9131 241.1474 674.8134 Tm (2)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1.059 0.809 Td (\243)Tj /T1_8 1 Tf 0.416 -0.809 Td (\301;)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.04 0 Td (1)Tj /T1_4 1 Tf 0.5 0.809 Td (\244)Tj /T1_2 1 Tf 0.417 -0.809 Td (,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 0.696 0 Td (where)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 2.959 0 Td (\301)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 0.988 0 Td (=)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 4.195 0 Td (>)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.776 0 Td (.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 0.928 0 Td (The)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.124 0 Td (restriction)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.858 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 2.232 0 Td (\301)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_7 1 Tf 7.9722 0 0 7.9722 511.6231 679.2346 Tm (\244)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_9 1 Tf 10.9131 0 0 10.9131 520.6356 674.8134 Tm (\270)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 1.179 0 Td (\301)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_6 1 Tf 7.9722 0 0 7.9722 348.6374 671.0524 Tm (p)Tj /T1_10 1 Tf 5.9817 0 0 5.9817 352.9086 669.642 Tm (h)Tj /T1_6 1 Tf 7.9722 0 0 7.9722 357.74 671.0524 Tm (R)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 3.922 0 Td (2)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_2 1 Tf 10.9131 0 0 10.9131 72 661.2596 Tm (ensures)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.598 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.252 0 Td (an)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.474 0 Td (informed)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.283 0 Td (bank)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.557 0 Td [(do)-28 (es)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.341 0 Td (p)Tj EMC /StyleSpan <>BDC (r)Tj EMC /P <>BDC 0.947 0 Td (o\257t)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.864 0 Td (from)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.449 0 Td (le)Tj EMC /StyleSpan <>BDC (n)Tj EMC /P <>BDC (ding)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.586 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.307 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 0.919 0 Td [(b)-28 (orro)27 (w)28 (er)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.288 0 Td (with)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.363 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 0.919 0 Td [(lo)27 (w)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.89 0 Td (credit-qualit)Tj EMC /StyleSpan <>BDC 5.338 0 Td (y)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_2 1 Tf -42.375 -1.241 Td [(assessmen)27 (t,)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.428 0 Td (or)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.306 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.247 0 Td (other)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.695 0 Td [(w)27 (ords,)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.248 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 2.242 0 Td (p)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 0.669 0 Td (\()Tj /T1_8 1 Tf (l)Tj /T1_2 1 Tf 0.707 0 Td (\))Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 0.555 0 Td (R)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 1.043 0 Td (\241)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.053 0 Td (1)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 0.912 0 Td (<)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.19 0 Td (0.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.464 0 Td (One)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.192 0 Td [(v)55 (alue)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.664 0 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 1.609 0 Td (M)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.492 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.247 0 Td [(guaran)27 (tees)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.061 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.247 0 Td (this)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf -41.271 -1.242 Td (restriction)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.79 0 Td (will)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.891 0 Td [(b)-27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.362 0 Td (satis\257ed,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.124 0 Td (so)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.228 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.168 0 Td [(b)-28 (orro)27 (w)28 (er)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.204 0 Td (screening)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.342 0 Td [(pla)26 (ys)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.562 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 0.835 0 Td (role,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.227 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 0.997 0 Td (M)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.358 0 Td (=)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.057 0 Td (2,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.113 0 Td [(whic)27 (h)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.863 0 Td [(represen)27 (ts)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.712 0 Td (an)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf -41.833 -1.242 Td [(upp)-27 (er)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.864 0 Td [(b)-27 (ound)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.084 0 Td (on)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.386 0 Td [(aver)51 (age)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.64 0 Td (returns)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.455 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.139 0 Td (100%.)Tj /T1_1 1 Tf ( )Tj /T1_11 1 Tf 3.053 0 Td (2)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf -18.621 -2.336 Td [(Pro)-31 (of)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.174 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.308 0 Td (Lemma)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.076 0 Td (1.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.336 0 Td (By)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.567 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.721 0 Td [(La)26 (w)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.152 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.137 0 Td (Large)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.793 0 Td [(Num)26 (b)-26 (ers,)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.536 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.72 0 Td [(p)-28 (ost-screening)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 6.541 0 Td [(repa)27 (ymen)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.918 0 Td [(probabilit)26 (y)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.114 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf -42.093 -1.242 Td (bank)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.472 0 Td (1's)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.505 0 Td (loan)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.166 0 Td [(p)-28 (ortfolio)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.06 0 Td [(con)27 (v)28 (erges)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.48 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.223 0 Td (its)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.394 0 Td (mean)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 2.66 0 Td (a:s:)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.885 0 Td (By)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.569 0 Td [(Ba)27 (y)28 (es')]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.131 0 Td (rule,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.28 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.722 0 Td (latter)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.726 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.005 0 Td [(giv)27 (en)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.611 0 Td [(b)26 (y)]TJ /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_8 1 Tf -22.651 -2.246 Td (p)Tj /T1_2 1 Tf (\()Tj /T1_8 1 Tf (h)Tj /T1_2 1 Tf (\))Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 2.134 0 Td (\264)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.055 0 Td (Pr)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.238 0 Td (\()Tj /T1_8 1 Tf 0.39 0 Td (X)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.184 0 Td (=)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 1.055 0 Td (R)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 0.933 0 Td (j)Tj /T1_8 1 Tf (\264)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.088 0 Td (=)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 1.055 0 Td (h)Tj /T1_2 1 Tf 0.686 0 Td [(\))-277 (=)]TJ /T1_1 1 Tf ( )Tj /T1_8 1 Tf 1.721 0 Td (\301p)Tj /T1_6 1 Tf 7.9722 0 0 7.9722 376.2151 555.2699 Tm (h)Tj /T1_8 1 Tf 10.9131 0 0 10.9131 381.5867 557.0504 Tm (;)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 12.739 0 Td (\(12\))Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_2 1 Tf -41.107 -2.386 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.556 0 Td (terminal)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.03 0 Td (cash)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.253 0 Td [(\260o)26 (ws)]TJ /T1_1 1 Tf ( )Tj /T1_8 1 Tf 2.501 0 Td [(X)-23 (:)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.489 0 Td (Therefore,)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_6 1 Tf 7.9722 0 0 7.9722 255.1313 536.3947 Tm [(@)-58 (p)]TJ /T1_5 1 Tf (\()Tj /T1_6 1 Tf (h)Tj /T1_5 1 Tf (\))Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_2 1 Tf 10.9131 0 0 10.9131 280.4884 531.0132 Tm (=)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 1.099 0 Td (p)Tj /T1_6 1 Tf 7.9722 0 0 7.9722 297.9733 529.2427 Tm (h)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 10.9131 0 0 10.9131 306.8557 531.0132 Tm (>)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.099 0 Td (0.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.301 0 Td (By)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.596 0 Td (Corollary)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.449 0 Td (1,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.144 0 Td [(w)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.498 0 Td (also)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.031 0 Td [(ha)27 (v)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.332 0 Td (that)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_6 1 Tf 7.9722 0 0 7.9722 500.54 535.9445 Tm [(@)-58 (\301)]TJ /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_12 1 Tf 5.9817 0 0 5.9817 510.5027 539.0154 Tm (\244)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_8 1 Tf 10.9131 0 0 10.9131 519.5253 531.0132 Tm (<)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.099 0 Td (0,)Tj EMC /P <>BDC /T1_6 1 Tf 7.9722 0 0 7.9722 260.4728 527.2521 Tm [(@)-59 (\301)]TJ /T1_1 1 Tf ( )Tj /T1_6 1 Tf 30.389 0 Td [(@)-59 (\270)]TJ /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_6 1 Tf -44.519 -1.069 Td [(@)-59 (p)]TJ /T1_5 1 Tf 1.153 0 Td (\()Tj /T1_6 1 Tf 0.414 0 Td (h)Tj /T1_5 1 Tf 0.611 0 Td (\))Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_6 1 Tf 0.714 -0.055 Td [(@)-58 (\301)]TJ /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_12 1 Tf 5.9817 0 0 5.9817 180.8405 521.3605 Tm (\244)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_2 1 Tf 10.9131 0 0 10.9131 72 513.3582 Tm (so)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.227 0 Td (that)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_6 1 Tf 7.9722 0 0 7.9722 110.2307 518.7297 Tm [(@)-58 (p)]TJ /T1_5 1 Tf (\()Tj /T1_6 1 Tf (h)Tj /T1_5 1 Tf (\))Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_2 1 Tf 10.9131 0 0 10.9131 135.1077 513.3582 Tm (=)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 4.973 0 Td (<)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.055 0 Td (0,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.111 0 Td (as)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.227 0 Td (claimed.)Tj /T1_1 1 Tf ( )Tj /T1_11 1 Tf 4.054 0 Td (2)Tj EMC /P <>BDC /T1_6 1 Tf 7.9722 0 0 7.9722 115.6222 509.5972 Tm [(@)-58 (\270)]TJ /T1_1 1 Tf ( )Tj /T1_6 1 Tf 4.71 0 Td [(@)-58 (\301)]TJ /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_6 1 Tf 2.497 0 Td [(@)-59 (\270)]TJ /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf 10.9131 0 0 10.9131 72 487.8511 Tm [(Pro)-31 (of)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.093 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.226 0 Td (Lemma)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.994 0 Td (2.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.312 0 Td (By)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.497 0 Td [(Prop)-28 (osition)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.311 0 Td (1,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.054 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.65 0 Td [(probabilit)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.042 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.094 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.65 0 Td (uninformed)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.236 0 Td (bank)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.4 0 Td (\(bank)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.789 0 Td (2\))Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.15 0 Td (submits)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_6 1 Tf 7.9722 0 0 7.9722 276.8373 479.2387 Tm (pR)Tj /T1_7 1 Tf 1.341 0 Td (\241)Tj /T1_5 1 Tf (1)Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 21.177 0 Td (pR)Tj /T1_7 1 Tf 1.34 0 Td (\241)Tj /T1_5 1 Tf 0.827 0 Td (1)Tj EMC /P <>BDC /T1_2 1 Tf 10.9131 0 0 10.9131 72 474.3073 Tm (a)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 0.835 0 Td [(comp)-27 (eting)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.862 0 Td (loan)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.168 0 Td (o\256er)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.254 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 1.005 0 Td (\257)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 0.899 0 Td (=)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 1.058 0 Td (F)Tj EMC /StyleSpan <>BDC /T1_5 1 Tf 7.9722 0 0 7.9722 221.7619 472.6668 Tm (2)Tj EMC /P <>BDC /T1_2 1 Tf 10.9131 0 0 10.9131 226.4932 474.3073 Tm (\()Tj /T1_8 1 Tf (R)Tj /T1_2 1 Tf 1.156 0 Td [(\))-280 (=)-281 (2)]TJ /T1_8 1 Tf 2.227 0 Td (\301)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.836 0 Td (.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 0.727 0 Td [(W)82 (e)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.724 0 Td (therefore)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.202 0 Td [(ha)27 (v)27 (e)]TJ /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_6 1 Tf 7.9722 0 0 7.9722 404.223 479.2387 Tm [(@)-59 (\257)]TJ /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_2 1 Tf 10.9131 0 0 10.9131 418.577 474.3073 Tm (=)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 1.058 0 Td (\241)Tj /T1_2 1 Tf 0.777 0 Td (2)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 5.005 0 Td (<)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.058 0 Td (0)Tj /T1_8 1 Tf 0.5 0 Td (;)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 0.613 0 Td (since)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_6 1 Tf 7.9722 0 0 7.9722 271.1057 470.3962 Tm (p)Tj /T1_5 1 Tf 0.535 0 Td (\()Tj /T1_6 1 Tf (h)Tj /T1_5 1 Tf (\))Tj /T1_6 1 Tf 1.439 0 Td (R)Tj /T1_7 1 Tf 0.806 0 Td (\241)Tj /T1_5 1 Tf 0.827 0 Td (1)Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 13.099 0.018 Td [(@)-59 (\301)]TJ /T1_1 1 Tf ( )Tj /T1_5 1 Tf 5.139 -0.192 Td (\()Tj /T1_6 1 Tf (p)Tj /T1_5 1 Tf 0.947 0 Td (\()Tj /T1_6 1 Tf 0.414 0 Td (h)Tj /T1_5 1 Tf 0.611 0 Td (\))Tj /T1_6 1 Tf 0.414 0 Td (R)Tj /T1_7 1 Tf 0.806 0 Td (\241)Tj /T1_5 1 Tf 0.827 0 Td (1\))Tj EMC /StyleSpan <>BDC /T1_13 1 Tf 5.9817 0 0 5.9817 484.8156 472.5268 Tm (2)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_6 1 Tf 7.9722 0 0 7.9722 278.8979 460.1633 Tm [(@)-59 (\257)]TJ /T1_1 1 Tf ( )Tj /T1_6 1 Tf 1.566 0 Td [(@)-59 (\301)]TJ /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_12 1 Tf 5.9817 0 0 5.9817 301.3442 463.2342 Tm (\244)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_6 1 Tf 7.9722 0 0 7.9722 345.0864 460.1633 Tm [(@)-59 (\301)]TJ /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_12 1 Tf 5.9817 0 0 5.9817 355.0492 463.2342 Tm (\244)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_2 1 Tf 10.9131 0 0 10.9131 72 455.2319 Tm [(b)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.389 0 Td (assumption)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_8 1 Tf 5.287 0 Td (p)Tj EMC /P <>BDC (R)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 1.491 0 Td (\241)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1 0 Td (1)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 0.777 0 Td (>)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.055 0 Td (0)Tj /T1_8 1 Tf (:)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.111 0 Td (But)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.986 0 Td (then)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_6 1 Tf 7.9722 0 0 7.9722 251.8703 460.1633 Tm [(@)-59 (\257)]TJ /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_2 1 Tf 10.9131 0 0 10.9131 266.1844 455.2319 Tm (=)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 4.005 0 Td (>)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.055 0 Td (0)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 0.833 0 Td (as)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 3.032 0 Td (<)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.056 0 Td (0)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 0.833 0 Td [(b)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.389 0 Td (Corollary)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.422 0 Td (1.)Tj /T1_1 1 Tf ( )Tj /T1_11 1 Tf 1.219 0 Td (2)Tj EMC /P <>BDC /T1_6 1 Tf 7.9722 0 0 7.9722 251.9804 451.4709 Tm [(@)-59 (\270)]TJ /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_6 1 Tf 3.385 0 Td [(@)-58 (\301)]TJ /T1_1 1 Tf ( )Tj /T1_6 1 Tf 1.834 0 Td [(@)-58 (\270)]TJ /T1_1 1 Tf ( )Tj /T1_6 1 Tf 6.737 0 Td [(@)-58 (\270)]TJ /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf 10.9131 0 0 10.9131 72 424.4233 Tm [(Pro)-31 (of)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.259 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.392 0 Td (Lemma)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.161 0 Td (3.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.553 0 Td [(F)83 (rom)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.7 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.794 0 Td (expressions)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.286 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.238 0 Td (Equations)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.787 0 Td (\(6\))Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.683 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.295 0 Td (\(8\),)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.979 0 Td [(w)26 (e)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.544 0 Td (\257nd)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_6 1 Tf 7.9722 0 0 7.9722 453.4568 428.7245 Tm [(@)-58 (P)]TJ /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_13 1 Tf 5.9817 0 0 5.9817 464.93 431.5353 Tm (2)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_2 1 Tf 10.9131 0 0 10.9131 510.2527 424.4233 Tm (=)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 1.175 0 Td (p)Tj /T1_2 1 Tf 0.085 0 Td (~)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 0.689 0 Td (\241)Tj EMC /StyleSpan <>BDC /T1_6 1 Tf 7.9722 0 0 7.9722 456.3376 420.6623 Tm [(@)-58 (\270)]TJ /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_4 1 Tf 10.9131 0 0 10.9131 470.2815 436.9768 Tm (\257)Tj EMC /StyleSpan <>BDC 0 -0.6 TD (\257)Tj EMC /StyleSpan <>BDC 0 -0.599 TD (\257)Tj EMC /P <>BDC /T1_6 1 Tf 7.9722 0 0 7.9722 473.9125 416.8412 Tm (\301)Tj /T1_5 1 Tf (=)Tj /T1_6 1 Tf (const)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 10.9131 0 0 10.9131 141.9796 406.1082 Tm (\()Tj /T1_6 1 Tf 7.9722 0 0 7.9722 146.2208 406.8484 Tm (\301)Tj EMC /StyleSpan <>BDC /T1_13 1 Tf 5.9817 0 0 5.9817 151.2522 409.9193 Tm (2)Tj EMC /P <>BDC /T1_7 1 Tf 7.9722 0 0 7.9722 155.4034 406.8484 Tm (\241)Tj /T1_6 1 Tf 0.827 0 Td (\301)Tj /T1_2 1 Tf 10.9131 0 0 10.9131 167.0266 406.1082 Tm (\))Tj /T1_5 1 Tf 7.9722 0 0 7.9722 171.2678 406.8484 Tm (\(1)Tj /T1_7 1 Tf 0.944 0 Td (\241)Tj /T1_6 1 Tf 0.827 0 Td (\257)Tj /T1_5 1 Tf 0.647 0 Td (\)+)Tj /T1_6 1 Tf (\257)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_6 1 Tf 27.873 -0.32 Td [(@)-59 (P)]TJ /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_13 1 Tf 5.9817 0 0 5.9817 424.2386 407.1085 Tm (2)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_8 1 Tf 10.9131 0 0 10.9131 72 399.9965 Tm (p)Tj EMC /StyleSpan <>BDC /T1_4 1 Tf 0.057 0 Td (b)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_2 1 Tf 0.892 0 Td (=)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.223 0 Td (\(2)Tj /T1_8 1 Tf 0.888 0 Td (\301)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 0.819 0 Td (\241)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 0.999 0 Td (1\))Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 7.843 0 Td (p)Tj /T1_6 1 Tf 7.9722 0 0 7.9722 216.3104 398.226 Tm (h)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 10.9131 0 0 10.9131 226.4232 399.9965 Tm (so)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.327 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 2.267 0 Td [(\257)-498 (>)]TJ /T1_1 1 Tf ( )Tj /T1_4 1 Tf 2.287 0.81 Td (\241)Tj /T1_8 1 Tf 0.458 -0.81 Td (\301)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 0.818 0 Td (\241)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 1 0 Td (\301)Tj EMC /StyleSpan <>BDC /T1_5 1 Tf 7.9722 0 0 7.9722 321.93 404.4177 Tm (2)Tj EMC /P <>BDC /T1_4 1 Tf 10.9131 0 0 10.9131 326.6713 408.839 Tm (\242)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 0.624 -0.81 Td (\(1)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 1.111 0 Td (\241)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 1 0 Td (\257)Tj /T1_2 1 Tf 0.618 0 Td (\))Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 0.823 0 Td (implies)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_4 1 Tf 5.254 1.15 Td (\257)Tj EMC /StyleSpan <>BDC 0 -0.6 TD (\257)Tj EMC /StyleSpan <>BDC 0 -0.599 TD (\257)Tj EMC /StyleSpan <>BDC /T1_6 1 Tf 7.9722 0 0 7.9722 433.2211 392.4144 Tm (\301)Tj /T1_5 1 Tf 0.631 0 Td (=)Tj /T1_6 1 Tf (const)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_8 1 Tf 10.9131 0 0 10.9131 470.0714 399.9965 Tm (>)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.223 0 Td (0)Tj /T1_8 1 Tf (:)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.212 0 Td [(Ho)27 (w)28 (ev)28 (er,)]TJ /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_5 1 Tf 7.9722 0 0 7.9722 137.9385 396.0954 Tm (\(2)Tj /T1_6 1 Tf 0.944 0 Td (\301)Tj /T1_5 1 Tf (\(1)Tj /T1_7 1 Tf 1.576 0 Td (\241)Tj /T1_6 1 Tf 0.827 0 Td (\301)Tj /T1_5 1 Tf 0.631 0 Td (\)+1\)\(1+)Tj /T1_6 1 Tf 3.954 0 Td (\257)Tj /T1_5 1 Tf 0.647 0 Td (\))Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 26.255 0.018 Td [(@)-59 (\270)]TJ /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_6 1 Tf -36.493 -1.733 Td (\301)Tj /T1_2 1 Tf 10.9131 0 0 10.9131 129.7362 381.6814 Tm (\()Tj EMC /StyleSpan <>BDC /T1_13 1 Tf 5.9817 0 0 5.9817 135.1777 385.6725 Tm (1)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_6 1 Tf 7.9722 0 0 7.9722 140.019 382.4216 Tm (p)Tj EMC /StyleSpan <>BDC /T1_10 1 Tf 5.9817 0 0 5.9817 144.2802 381.0112 Tm (h)Tj EMC /P <>BDC /T1_6 1 Tf 7.9722 0 0 7.9722 149.1216 382.4216 Tm (R)Tj /T1_7 1 Tf 0.806 0 Td (\241)Tj /T1_5 1 Tf 0.827 0 Td (1)Tj /T1_2 1 Tf 10.9131 0 0 10.9131 166.3664 381.6814 Tm (\))Tj EMC /StyleSpan <>BDC /T1_13 1 Tf 5.9817 0 0 5.9817 135.1777 379.2907 Tm (2)Tj EMC /P <>BDC /T1_2 1 Tf 10.9131 0 0 10.9131 72 375.5696 Tm (since)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 2.522 0 Td (\257)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.019 0 Td (=)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 5.604 0 Td (;)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 0.685 0 Td (this)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.023 0 Td (condition)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.463 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.08 0 Td [(equiv)55 (alen)28 (t)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.823 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.296 0 Td (2)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 0.661 0.81 Td (\241)Tj EMC /StyleSpan <>BDC /T1_5 1 Tf 7.9722 0 0 7.9722 342.0456 379.8708 Tm (1)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_8 1 Tf 10.9131 0 0 10.9131 347.4771 375.5696 Tm (p)Tj /T1_6 1 Tf 7.9722 0 0 7.9722 352.9586 373.7991 Tm (h)Tj /T1_8 1 Tf 10.9131 0 0 10.9131 358.3401 375.5696 Tm (R)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 0.989 0 Td (\241)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 0.999 0 Td (1)Tj /T1_4 1 Tf 0.5 0.81 Td (\242)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 0.859 -0.81 Td (>)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.178 0 Td (\(1)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 1.111 0 Td (\241)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 0.999 0 Td (\301)Tj /T1_2 1 Tf (\))Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.151 0 Td (\(2)Tj /T1_8 1 Tf (\301)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 1.707 0 Td (\241)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 0.999 0 Td (1\).)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.832 0 Td (Note)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.49 0 Td (that)Tj EMC /StyleSpan <>BDC /T1_13 1 Tf 5.9817 0 0 5.9817 126.8454 373.7991 Tm (1)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_5 1 Tf 7.9722 0 0 7.9722 131.6967 370.5382 Tm (\()Tj /T1_6 1 Tf (\301p)Tj /T1_10 1 Tf 5.9817 0 0 5.9817 144.2802 369.1278 Tm (h)Tj /T1_6 1 Tf 7.9722 0 0 7.9722 149.1216 370.5382 Tm (R)Tj /T1_7 1 Tf 0.806 0 Td (\241)Tj /T1_5 1 Tf 0.827 0 Td (1\))Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_5 1 Tf 22.567 0.159 Td (2)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_13 1 Tf 5.9817 0 0 5.9817 126.8454 367.4073 Tm (2)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_5 1 Tf 7.9722 0 0 7.9722 252.4305 361.2756 Tm (3)Tj EMC /P <>BDC /T1_2 1 Tf 10.9131 0 0 10.9131 72 356.9844 Tm (\(1)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 1.111 0 Td (\241)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 0.999 0 Td (\301)Tj /T1_2 1 Tf (\))Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.151 0 Td (\(2)Tj /T1_8 1 Tf (\301)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 1.707 0 Td (\241)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 0.999 0 Td (1\))Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.229 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.013 0 Td (maximized)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.035 0 Td (at)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 1.227 0 Td (\301)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 0.885 0 Td (=)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.016 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.951 0 Td (obtains)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.513 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 0.84 0 Td [(v)54 (alue)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.592 0 Td (of)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_5 1 Tf 7.9722 0 0 7.9722 372.3341 361.2756 Tm (1)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_2 1 Tf 10.9131 0 0 10.9131 381.4766 356.9844 Tm (for)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.537 0 Td (this)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.958 0 Td [(v)55 (alue)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.591 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 1.143 0 Td (\301)Tj /T1_2 1 Tf (.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.34 0 Td (Therefore,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.821 0 Td [(w)27 (e)]TJ /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_5 1 Tf 7.9722 0 0 7.9722 252.4305 353.2234 Tm (4)Tj 15.04 0 Td (8)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_5 1 Tf -20.432 -0.689 Td (1)Tj 8.956 0 Td (1)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 9.872 0 Td (17)Tj EMC /P <>BDC /T1_2 1 Tf 10.9131 0 0 10.9131 72 343.4306 Tm (require)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.34 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.14 0 Td (2)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 0.665 0.81 Td (\241)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_5 1 Tf 7.9722 0 0 7.9722 145.2605 347.7318 Tm (1)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_8 1 Tf 10.9131 0 0 10.9131 150.692 343.4306 Tm (p)Tj /T1_6 1 Tf 7.9722 0 0 7.9722 156.1736 341.6602 Tm (h)Tj /T1_8 1 Tf 10.9131 0 0 10.9131 161.5551 343.4306 Tm (R)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 0.989 0 Td (\241)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 0.999 0 Td (1)Tj /T1_4 1 Tf 0.5 0.81 Td (\242)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 0.736 -0.81 Td (>)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 1.94 0 Td (,)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 1.278 0 Td (pR)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 1.547 0 Td (>)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.055 0 Td (1+)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.579 0 Td (.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 0.713 0 Td (Letting)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 3.487 0 Td (m)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.155 0 Td (=)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.357 0 Td (satis\257es)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.656 0 Td (this)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.924 0 Td (condition,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.647 0 Td (establishing)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_5 1 Tf 7.9722 0 0 7.9722 145.2605 339.6696 Tm (2)Tj EMC /P <>BDC 8.051 0 Td (8)Tj 8.691 0 Td (16)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 10.137 0 Td (16)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_2 1 Tf 10.9131 0 0 10.9131 72 329.8869 Tm (the)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.722 0 Td (result.)Tj /T1_1 1 Tf ( )Tj /T1_11 1 Tf 3.174 0 Td (2)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf -4.896 -2.337 Td [(Pro)-31 (of)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.197 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.33 0 Td [(Prop)-32 (osition)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.239 0 Td (4.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.389 0 Td [(T)83 (o)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.49 0 Td (establish)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.14 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.741 0 Td (result)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.804 0 Td [(w)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.49 0 Td [(di\256eren)27 (tiate)]TJ /T1_1 1 Tf ( )Tj /T1_8 1 Tf 5.571 0 Td (P)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_5 1 Tf 7.9722 0 0 7.9722 401.2622 308.3408 Tm (2)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_2 1 Tf 10.9131 0 0 10.9131 409.8346 304.3797 Tm (with)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.296 0 Td [(resp)-27 (ect)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.443 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 1.237 0 Td (\270)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 0.935 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.24 0 Td (obtain)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf -40.108 -1.241 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.722 0 Td (\257rst-order)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.68 0 Td (condition.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.779 0 Td (Applying)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.333 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.722 0 Td [(c)27 (hain)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.639 0 Td (rule,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.28 0 Td (this)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.95 0 Td (yields)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_8 1 Tf -12.501 -2.124 Td (dP)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_5 1 Tf 7.9722 0 0 7.9722 212.8294 271.6205 Tm (2)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_8 1 Tf 10.9131 0 0 10.9131 234.4955 267.6594 Tm [(@)-55 (P)]TJ /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_5 1 Tf 7.9722 0 0 7.9722 249.4097 271.6205 Tm (2)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_4 1 Tf 10.9131 0 0 10.9131 268.675 275.6617 Tm (\265)Tj /T1_8 1 Tf 0.845 -0.733 Td [(@)-55 (P)]TJ /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_5 1 Tf 7.9722 0 0 7.9722 292.8218 271.6205 Tm (2)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_8 1 Tf 10.9131 0 0 10.9131 300.4439 267.6594 Tm [(@)-55.6 (p)]TJ /T1_2 1 Tf 0.671 0 Td (~)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 1.906 0 Td [(@)-55 (P)]TJ /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_5 1 Tf 7.9722 0 0 7.9722 343.476 271.6205 Tm (2)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_8 1 Tf 10.9131 0 0 10.9131 357.5099 267.6594 Tm (p)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 0.658 0.733 Td (\266)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 1.013 -0.733 Td [(@)-55 (\301)]TJ /T1_1 1 Tf ( )Tj EMC ET BT /StyleSpan <>BDC /T1_7 1 Tf 7.9722 0 0 7.9722 388.6386 272.0807 Tm (\244)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_2 1 Tf 10.9131 0 0 10.9131 221.7819 260.2774 Tm [(=)-2519 (+)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 8.676 0 Td (+)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_8 1 Tf 3.175 0.676 Td (@)Tj EMC /StyleSpan <>BDC /T1_4 1 Tf 0.643 0 Td (b)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_2 1 Tf 3.616 -0.676 Td [(=)-278 (0)]TJ /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_8 1 Tf -17.916 -0.686 Td [(d\270)-2182 (@)-55 (\270)]TJ /T1_1 1 Tf ( )Tj /T1_8 1 Tf 7.303 0 Td [(@)-55.6 (p)]TJ /T1_2 1 Tf 0.672 0 Td (~)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 0.993 0 Td [(@)-55 (\301)]TJ /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_8 1 Tf 3.565 0 Td (p)Tj EMC /P <>BDC 1.077 0 Td [(@)-55 (\301)]TJ /T1_1 1 Tf ( )Tj /T1_8 1 Tf 2.527 0 Td [(@)-55 (\270)]TJ /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_8 1 Tf -4.191 0 Td (@)Tj EMC /StyleSpan <>BDC /T1_4 1 Tf 0.643 0 Td (b)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_6 1 Tf 7.9722 0 0 7.9722 165.2261 231.2993 Tm [(@)-58 (P)]TJ /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_13 1 Tf 5.9817 0 0 5.9817 176.6993 234.11 Tm (2)Tj EMC /P <>BDC /T1_2 1 Tf 10.9131 0 0 10.9131 72 226.998 Tm (Since)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_6 1 Tf 7.9722 0 0 7.9722 101.6783 231.2993 Tm [(@)-59 (P)]TJ /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_6 1 Tf 0.361 -1.011 Td [(@)-58 (\270)]TJ /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_13 1 Tf 5.9817 0 0 5.9817 113.1615 234.11 Tm (2)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_2 1 Tf 10.9131 0 0 10.9131 121.5339 226.998 Tm (=)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 1.055 0 Td (p)Tj /T1_2 1 Tf 0.085 0 Td (~)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 0.64 0 Td (\241)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 1 0 Td (p)Tj EMC /StyleSpan <>BDC /T1_4 1 Tf 0.057 0 Td (b)Tj EMC /P <>BDC /T1_2 1 Tf 0.446 0 Td (,)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_6 1 Tf 7.9722 0 0 7.9722 168.437 223.237 Tm [(@)-58.6 (p)]TJ /T1_5 1 Tf 0.709 0 Td (~)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_2 1 Tf 10.9131 0 0 10.9131 185.0717 226.998 Tm (=)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 1.056 0 Td (\270)Tj /T1_2 1 Tf (,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.194 0 Td (and)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_6 1 Tf 7.9722 0 0 7.9722 232.0248 231.2993 Tm [(@)-59 (P)]TJ /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_6 1 Tf 0.404 -1.011 Td [(@)-58.6 (p)]TJ EMC /StyleSpan <>BDC /T1_14 1 Tf 0.679 0 Td (b)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_13 1 Tf 5.9817 0 0 5.9817 243.508 234.11 Tm (2)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_2 1 Tf 10.9131 0 0 10.9131 251.8804 226.998 Tm [(=)-277 (1)]TJ /T1_1 1 Tf ( )Tj /T1_9 1 Tf 1.777 0 Td (\241)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 1 0 Td (\270)Tj /T1_2 1 Tf (,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.194 0 Td (this)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.95 0 Td (reduces)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.563 0 Td (to)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_8 1 Tf -14.364 -2.415 Td (dP)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_5 1 Tf 7.9722 0 0 7.9722 212.8194 204.6018 Tm (2)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_2 1 Tf 10.9131 0 0 10.9131 221.7819 193.2586 Tm (=)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 1.055 0 Td (p)Tj /T1_2 1 Tf 0.085 0 Td (~)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 0.64 0 Td (\241)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 1 0 Td (p)Tj EMC /StyleSpan <>BDC /T1_4 1 Tf 0.057 0 Td (b)Tj EMC /P <>BDC /T1_2 1 Tf 0.668 0 Td (+)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_4 1 Tf 1 1.41 Td (\265)Tj EMC /P <>BDC /T1_8 1 Tf 0.735 -1.41 Td (\270)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_8 1 Tf 0.74 0.676 Td [(@)-54.7 (p)]TJ /T1_2 1 Tf 0.671 0 Td (~)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_2 1 Tf 0.796 -0.676 Td [(+)-222 (\(1)]TJ /T1_1 1 Tf ( )Tj /T1_9 1 Tf 2.111 0 Td (\241)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 0.999 0 Td (\270)Tj /T1_2 1 Tf 0.584 0 Td (\))Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_8 1 Tf 0.71 0.676 Td [(@)-55.6 (p)]TJ EMC /StyleSpan <>BDC /T1_4 1 Tf 0.643 0 Td (b)Tj EMC /StyleSpan <>BDC 0.602 0.733 Td (\266)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_8 1 Tf 1.012 -0.733 Td [(@)-55 (\301)]TJ /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_7 1 Tf 7.9722 0 0 7.9722 388.6386 205.0619 Tm (\244)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_2 1 Tf 10.9131 0 0 10.9131 397.6011 193.2586 Tm [(=)-277 (0)]TJ /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_8 1 Tf -17.918 -0.686 Td (d\270)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 7.74 0 Td [(@)-55 (\301)]TJ /T1_1 1 Tf ( )Tj /T1_8 1 Tf 5.872 0 Td [(@)-55 (\301)]TJ /T1_1 1 Tf ( )Tj /T1_8 1 Tf 2.526 0 Td [(@)-55 (\270)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf -26.504 -2.193 Td (Since)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 2.678 0 Td (P)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_5 1 Tf 7.9722 0 0 7.9722 126.6853 165.8009 Tm (2)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_2 1 Tf 10.9131 0 0 10.9131 135.7879 161.8398 Tm (is)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.073 0 Td [(con)27 (tin)27 (uously)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.879 0 Td [(di\256eren)27 (tiable)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 6.071 0 Td (with)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.346 0 Td [(resp)-28 (ect)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.493 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 1.284 0 Td (\270)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 0.984 0 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 1.598 0 Td (\270)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 0.974 0 Td (2)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.057 0 Td ([0)Tj /T1_8 1 Tf (;)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.222 0 Td (1],)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.474 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.234 0 Td (order)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.685 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.29 0 Td [(sho)27 (w)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.546 0 Td (that)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_6 1 Tf 7.9722 0 0 7.9722 369.2732 149.8665 Tm (dP)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_13 1 Tf 5.9817 0 0 5.9817 380.1763 152.6873 Tm (2)Tj EMC /P <>BDC /T1_2 1 Tf 10.9131 0 0 10.9131 72 145.5753 Tm (0)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 0.797 0 Td [(<)-296 (\270)]TJ /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_7 1 Tf 7.9722 0 0 7.9722 98.7775 149.9965 Tm (\244)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_8 1 Tf 10.9131 0 0 10.9131 106.7497 145.5753 Tm (<)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.074 0 Td (1,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.125 0 Td [(w)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.483 0 Td (need)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.345 0 Td [(t)27 (w)28 (o)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.9 0 Td (conditions:)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.195 0 Td (\(i\))Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_6 1 Tf 7.9722 0 0 7.9722 263.8237 149.8665 Tm (dP)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_13 1 Tf 5.9817 0 0 5.9817 274.7267 152.6873 Tm (2)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_8 1 Tf 10.9131 0 0 10.9131 303.2047 145.5753 Tm (>)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.074 0 Td (0;)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.128 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.956 0 Td (\(ii\))Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 5.504 0 Td (<)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.074 0 Td (1.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.256 0 Td (Starting)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.904 0 Td (with)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.289 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.734 0 Td (case)Tj EMC /P <>BDC /T1_6 1 Tf 7.9722 0 0 7.9722 266.7045 141.8142 Tm (d\270)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_6 1 Tf 13.226 0 Td (d\270)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_4 1 Tf 10.9131 0 0 10.9131 280.0682 158.1188 Tm (\257)Tj EMC /StyleSpan <>BDC T* (\257)Tj EMC /StyleSpan <>BDC 0 -0.6 TD (\257)Tj EMC /P <>BDC /T1_6 1 Tf 7.9722 0 0 7.9722 283.7093 137.9831 Tm (\270)Tj /T1_5 1 Tf (=0)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_4 1 Tf 10.9131 0 0 10.9131 385.5178 158.1188 Tm (\257)Tj EMC /StyleSpan <>BDC 0 -0.599 TD (\257)Tj EMC /StyleSpan <>BDC 0 -0.6 TD 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VٱP9=.&Wu~ ^ kە=KP}thbt;YmϽSyb+9Fu:5~N2=wSF!2uatn%ћZMfhP/Q2>"rH{CM^]Vb{ΡGYjpw>G6 }4,qxjHR=%1 gϪ(ʣbhow}޻Qe4c yW$v\N;nބbN}ױ yJx3yuQ0ۆn譍\t|;j˨e'\QYIZ/w h{!If5wakqpm43^nLEE~.ƈVw/.ٮ&5ܨ45ݶG/?\'\= ),_"e1P \~HeˢjF|sby-U>"5|%鏆(>ꗁ95d?<2^wrz˰<7CB(EyA (3SîֳC y5b5VdiJrOtY;_%GCd/քiUg˒8W¯wl;K2C;ёÈCG<d^~LRG~/?zW(pCT65݇,1&g;h[JSe΋Sڕ& HSG@ũZ1Kfy,PٛrU78ҹGILt¯O]ԛ/9$ryOk@UrYndhQ'寤b+& 3%zݕX !ouFpbpB10 υ ;v!2C[ K$5fzħsy@&] !O3Ԕ$_ y(pkI,b+ǼLKv4 Mb-]1\ F^ H̓Լ󞝗Ԉ⡜ fϒlsI~TO%)PO[e-IJ+GQӡT\, s3/ԊBWs=Q$/!W{Hxe*;I4ݤ:e&Ft%J 죅hU:, UD* CSUQ1Ažr}WaF%wczJXDs )U $H\D\UT>_U)'Il28qm Zm0qhaee><8P$=!K2d+{Tȩ@=,BA(`l 4tp:X!"c endstream endobj 1452 0 obj <>stream H\k@cͼ3QC˺8v5hw^h|e2!Ϭݭw^~np]^빟Nx1rYܿeןrO˷^=%|~0a{|^x|o6uZݿ ÿp ժ:Sax>\B5yƅ߇P-ʉEyz ЅпdY׫jٮm61y]cw~/1&), f0 1xaͰa"45= = = = = = =M,sqe@OӖ=ͦz=AG#쏠G?z#Hz$=IG#Hz$=IG#Q(zTĒ=EGѣQ(z=EGѣhGӣhz4=MGӣhz4=CߛG. TC!ՐjH5R TC!ՒjIZcXz,=KcXz=xbIx\i%%z=Gq8z=x\wxdz?/XR(XRxz<=x| |ĒS^|ѥ%aR6qZDtD7\/`<3 endstream endobj 175 0 obj <>/ProcSet[/PDF/Text]>>/StructParents 36/Tabs/S/Type/Page>> endobj 182 0 obj <>/ProcSet[/PDF/Text]>>/StructParents 38/Tabs/S/Type/Page>> endobj 1456 0 obj <>stream /Artifact <>BDC q 1.00028 0 0 1.00028 72 769.82 cm 0 G 0.44 w q 1 0 0 1 114.6 -232.82 cm 0 0 m 5.22 0 l 345.02 228.09 m 350.24 228.09 l 334.95 220.34 m 340.17 220.34 l 25.81 214.54 m 31.03 214.54 l -98.37 206.79 m -93.15 206.79 l 336.76 -7.75 m 341.98 -7.75 l 172.59 -21.3 m 177.81 -21.3 l 116.79 -34.84 m 122.01 -34.84 l 170.75 -138.03 m 175.98 -138.03 l -91.29 -151.57 m -86.07 -151.57 l 36.18 -241.48 m 249.79 -241.48 l 74.59 -315.26 m 183.84 -315.26 l 254.39 -276.34 m 259.61 -276.34 l 53.63 -319.52 m 58.86 -319.52 l 115.91 -364.31 m 122.4 -364.31 l -0.34 -385.03 m 26 -385.03 l -22.57 -391.4 m -16.07 -391.4 l S Q Q EMC BT /P <>BDC 0 g /T1_0 1 Tf 0 Tc 0 Tw 0 Ts 100 Tz 0 Tr 10.9131 0 0 10.9131 72 758.8569 Tm (the)Tj 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[(p)-28 (oten)27 (tial)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.187 0 Td (customers)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.644 0 Td (with)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.242 0 Td [(lo)27 (w)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.769 0 Td [(credit-qualit)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.161 0 Td [(assessmen)27 (ts)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.397 0 Td (\264)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.809 0 Td (=)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.055 0 Td (l)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.615 0 Td (will)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.852 0 Td [(b)-28 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.325 0 Td (denied)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.13 0 Td (credit,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.085 0 Td [(w)26 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.435 0 Td (can)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -41.388 -1.241 Td (again)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.619 0 Td (restrict)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.409 0 Td (our)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.733 0 Td [(atten)26 (tion)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.259 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.176 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.676 0 Td (case)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.069 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.087 0 Td (\264)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.81 0 Td (=)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.055 0 Td (h)Tj /T1_0 1 Tf (.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.283 0 Td [(F)83 (or)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.748 0 Td (credit)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.79 0 Td (screens)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.355 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.093 0 Td [(informativ)27 (eness)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 7.044 0 Td (\301)Tj EMC /StyleSpan <>BDC /T1_3 1 Tf 7.9722 0 0 7.9722 484.5355 715.5948 Tm (i)Tj EMC /P <>BDC /T1_2 1 Tf 10.9131 0 0 10.9131 487.9164 718.2156 Tm [(;)-166 (\301)]TJ EMC /StyleSpan <>BDC /T1_3 1 Tf 7.9722 0 0 7.9722 499.2596 715.5948 Tm (j)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf 10.9131 0 0 10.9131 503.6408 718.2156 Tm (,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.574 0 Td [(w)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.425 0 Td (get)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -41.552 -1.242 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.167 0 Td (bank)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.473 0 Td (i)Tj /T1_0 1 Tf ('s)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.351 0 Td (pro\257ts)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.121 0 Td (from)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.366 0 Td (o\256ering)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.588 0 Td (credit)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.838 0 Td (at)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.224 0 Td [(in)27 (terest)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.593 0 Td (rate)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.052 0 Td (r)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.813 0 Td (after)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.366 0 Td (observing)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.482 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.834 0 Td (high)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.224 0 Td (signal)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.841 0 Td (realization)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -38.333 -1.241 Td (are)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_2 1 Tf 0 -2.246 TD (\274)Tj /T1_3 1 Tf 7.9722 0 0 7.9722 78.6118 664.9707 Tm (i)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 10.9131 0 0 10.9131 83.8133 666.6111 Tm (\()Tj /T1_2 1 Tf (r)Tj /T1_0 1 Tf 0.867 0 Td (;)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 0.445 0 Td (h)Tj /T1_0 1 Tf (\))Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.242 0 Td (=)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.056 0 Td (Pr)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 1.239 0.809 Td (\241)Tj /T1_2 1 Tf 0.457 -0.809 Td (\264)Tj EMC /StyleSpan <>BDC /T1_3 1 Tf 7.9722 0 0 7.9722 147.5211 663.9904 Tm (j)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf 10.9131 0 0 10.9131 154.9332 666.6111 Tm (=)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.055 0 Td (h)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 0.742 0 Td (j)Tj /T1_2 1 Tf (\264)Tj EMC /StyleSpan <>BDC /T1_3 1 Tf 7.9722 0 0 7.9722 183.3912 663.9904 Tm (i)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf 10.9131 0 0 10.9131 189.803 666.6111 Tm (=)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.055 0 Td (h)Tj /T1_5 1 Tf 0.686 0.809 Td [(\242)-166 (\241)]TJ /T1_0 1 Tf 1.083 -0.809 Td (1)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 0.721 0 Td (\241)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1 0 Td (F)Tj /T1_3 1 Tf 7.9722 0 0 7.9722 246.4188 664.9707 Tm (j)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 10.9131 0 0 10.9131 250.8 666.6111 Tm (\()Tj /T1_2 1 Tf (r)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_6 1 Tf 7.9722 0 0 7.9722 260.2727 671.1124 Tm (\241)Tj EMC /P <>BDC /T1_2 1 Tf 10.9131 0 0 10.9131 267.3547 666.6111 Tm [(;)-166 (h)]TJ /T1_0 1 Tf (\))Tj /T1_5 1 Tf 1.409 0.809 Td (\242)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.625 -0.809 Td (\()Tj /T1_2 1 Tf (p)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.058 0 Td (\()Tj /T1_2 1 Tf (h)Tj /T1_3 1 Tf 7.9722 0 0 7.9722 311.6271 664.9707 Tm (i)Tj /T1_2 1 Tf 10.9131 0 0 10.9131 315.008 666.6111 Tm [(;)-166 (h)]TJ /T1_3 1 Tf 7.9722 0 0 7.9722 326.1411 664.9707 Tm (j)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 10.9131 0 0 10.9131 330.5224 666.6111 Tm (\))Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 0.555 0 Td (r)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf (\241)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.7 0 Td (1\))Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.111 0 Td (+)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1 0 Td (Pr)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 1.238 0.809 Td (\241)Tj /T1_2 1 Tf 0.458 -0.809 Td (\264)Tj EMC /StyleSpan <>BDC /T1_3 1 Tf 7.9722 0 0 7.9722 402.4925 663.9904 Tm (j)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf 10.9131 0 0 10.9131 409.9046 666.6111 Tm (=)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.055 0 Td (l)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 0.485 0 Td (j)Tj /T1_2 1 Tf (\264)Tj EMC /StyleSpan <>BDC /T1_3 1 Tf 7.9722 0 0 7.9722 435.5518 663.9904 Tm (i)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf 10.9131 0 0 10.9131 441.9636 666.6111 Tm (=)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.055 0 Td (h)Tj /T1_5 1 Tf 0.686 0.809 Td (\242)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.624 -0.809 Td (\()Tj /T1_2 1 Tf (p)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.059 0 Td (\()Tj /T1_2 1 Tf (h)Tj /T1_3 1 Tf 7.9722 0 0 7.9722 489.847 664.9707 Tm (i)Tj /T1_2 1 Tf 10.9131 0 0 10.9131 493.2379 666.6111 Tm [(;)-166 (l)]TJ /T1_3 1 Tf 7.9722 0 0 7.9722 501.3402 664.9707 Tm (j)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 10.9131 0 0 10.9131 505.7214 666.6111 Tm (\))Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 0.555 0 Td (r)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 0.7 0 Td (\241)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1 0 Td (1\))Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -38.363 -1.617 Td (=)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 1.055 0.81 Td (\241)Tj /T1_0 1 Tf 0.458 -0.81 Td (1)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 0.722 0 Td (\241)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1 0 Td (F)Tj /T1_3 1 Tf 7.9722 0 0 7.9722 154.003 647.3357 Tm (j)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 10.9131 0 0 10.9131 158.3842 648.9662 Tm (\()Tj /T1_2 1 Tf (r)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_6 1 Tf 7.9722 0 0 7.9722 167.8468 653.4774 Tm (\241)Tj EMC /P <>BDC /T1_2 1 Tf 10.9131 0 0 10.9131 174.9388 648.9662 Tm [(;)-166 (h)]TJ /T1_0 1 Tf (\))Tj /T1_5 1 Tf 1.409 0.81 Td [(\242)-166 (\241)]TJ /T1_2 1 Tf 1.082 -0.81 Td (\301)Tj EMC /StyleSpan <>BDC /T1_3 1 Tf 7.9722 0 0 7.9722 208.6283 646.3454 Tm (i)Tj EMC /P <>BDC /T1_2 1 Tf 10.9131 0 0 10.9131 212.0092 648.9662 Tm (\301)Tj EMC /StyleSpan <>BDC /T1_3 1 Tf 7.9722 0 0 7.9722 218.511 646.3454 Tm (j)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf 10.9131 0 0 10.9131 224.7128 648.9662 Tm (\()Tj /T1_2 1 Tf (p)Tj /T1_3 1 Tf 7.9722 0 0 7.9722 234.4455 647.1957 Tm (h)Tj /T1_2 1 Tf 10.9131 0 0 10.9131 239.817 648.9662 Tm (r)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf (\241)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.701 0 Td (1\))Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1.11 0 Td (\241)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1 0 Td (\(1)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1.111 0 Td (\241)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 0.999 0 Td (\301)Tj EMC /StyleSpan <>BDC /T1_3 1 Tf 7.9722 0 0 7.9722 310.9369 646.3454 Tm (i)Tj EMC /P <>BDC /T1_0 1 Tf 10.9131 0 0 10.9131 314.3178 648.9662 Tm (\))Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 0.555 0.81 Td (\241)Tj /T1_0 1 Tf 0.458 -0.81 Td (1)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 0.722 0 Td (\241)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 0.999 0 Td (\301)Tj EMC /StyleSpan <>BDC /T1_3 1 Tf 7.9722 0 0 7.9722 350.668 646.3454 Tm (j)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_5 1 Tf 10.9131 0 0 10.9131 355.0492 657.8086 Tm (\242\242)Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_0 1 Tf -22.356 -2.426 Td (+)Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_2 1 Tf 0.999 0 Td (\301)Tj EMC /StyleSpan <>BDC /T1_3 1 Tf 7.9722 0 0 7.9722 128.4858 628.7105 Tm (i)Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_5 1 Tf 10.9131 0 0 10.9131 133.6873 640.1637 Tm (\241)Tj /T1_0 1 Tf 0.458 -0.809 Td (1)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 0.721 0 Td (\241)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1 0 Td (\301)Tj EMC /StyleSpan <>BDC /T1_3 1 Tf 7.9722 0 0 7.9722 163.9757 628.7105 Tm (j)Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_5 1 Tf 10.9131 0 0 10.9131 168.357 640.1637 Tm (\242)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.625 -0.809 Td (\()Tj /T1_2 1 Tf (p)Tj /T1_3 1 Tf 7.9722 0 0 7.9722 184.9016 629.5507 Tm (h)Tj /T1_2 1 Tf 10.9131 0 0 10.9131 190.2831 631.3312 Tm (r)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf (\241)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.7 0 Td (1\))Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1.111 0 Td (\241)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1 0 Td (\(1)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1.11 0 Td (\241)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1 0 Td (\301)Tj EMC /StyleSpan <>BDC /T1_3 1 Tf 7.9722 0 0 7.9722 261.403 628.7105 Tm (i)Tj EMC /Span <>BDC /T1_0 1 Tf 10.9131 0 0 10.9131 264.784 631.3312 Tm (\))Tj /T1_2 1 Tf (\301)Tj EMC /StyleSpan <>BDC /T1_3 1 Tf 7.9722 0 0 7.9722 275.527 628.7105 Tm (j)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf 10.9131 0 0 10.9131 72 606.8244 Tm (Since)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.629 0 Td [(w)26 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.49 0 Td (are)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.688 0 Td [(lo)-28 (oking)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.519 0 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.549 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.852 0 Td (symmetric)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.887 0 Td (equilibrium,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.61 0 Td [(w)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.49 0 Td [(ha)27 (v)28 (e)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.316 0 Td (\301)Tj EMC /StyleSpan <>BDC /T1_3 1 Tf 7.9722 0 0 7.9722 362.5713 604.2036 Tm (i)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf 10.9131 0 0 10.9131 369.3232 606.8244 Tm (=)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.086 0 Td (\301)Tj EMC /StyleSpan <>BDC /T1_3 1 Tf 7.9722 0 0 7.9722 387.6684 604.2036 Tm (j)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf 10.9131 0 0 10.9131 395.4205 606.8244 Tm (=)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.086 0 Td (\301)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.948 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.962 0 Td (F)Tj /T1_3 1 Tf 7.9722 0 0 7.9722 446.0447 605.1839 Tm (i)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 10.9131 0 0 10.9131 451.2362 606.8244 Tm (\()Tj /T1_2 1 Tf [(r)28 (;)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.257 0 Td (h)Tj /T1_0 1 Tf [(\))-308 (=)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.359 0 Td (F)Tj /T1_3 1 Tf 7.9722 0 0 7.9722 497.7092 605.1839 Tm (j)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 10.9131 0 0 10.9131 503.9109 606.8244 Tm (\()Tj /T1_2 1 Tf [(r)27 (;)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.257 0 Td (h)Tj /T1_0 1 Tf [(\))-308 (=)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf -40.834 -1.242 Td (F)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.949 0 Td (\()Tj /T1_2 1 Tf [(r)28 (;)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.256 0 Td (h)Tj /T1_0 1 Tf 0.577 0 Td (\),)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.999 0 Td (so)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.228 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.166 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.722 0 Td (preceding)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.504 0 Td (expression)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.819 0 Td (simpli\257es)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.344 0 Td (to)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_2 1 Tf -16.754 -2.246 Td (\274)Tj /T1_3 1 Tf 7.9722 0 0 7.9722 142.0096 567.1233 Tm (i)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 10.9131 0 0 10.9131 147.2111 568.7637 Tm (\()Tj /T1_2 1 Tf (r)Tj /T1_0 1 Tf 0.867 0 Td (;)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 0.445 0 Td (h)Tj /T1_0 1 Tf [(\))-278 (=)]TJ /T1_1 1 Tf ( )Tj /T1_5 1 Tf 2.298 0.809 Td (\241)Tj /T1_0 1 Tf 0.458 -0.809 Td (1)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 0.721 0 Td (\241)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1 0 Td (F)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.782 0 Td (\()Tj /T1_2 1 Tf (r)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_6 1 Tf 7.9722 0 0 7.9722 228.3838 573.265 Tm (\241)Tj EMC /P <>BDC /T1_2 1 Tf 10.9131 0 0 10.9131 235.4658 568.7637 Tm [(;)-166 (h)]TJ /T1_0 1 Tf (\))Tj /T1_5 1 Tf 1.41 0.809 Td [(\242)-166 (\241)]TJ /T1_2 1 Tf 1.082 -0.809 Td (\301)Tj EMC /StyleSpan <>BDC /T1_7 1 Tf 7.9722 0 0 7.9722 269.1652 573.265 Tm (2)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf 10.9131 0 0 10.9131 275.717 568.7637 Tm (\()Tj /T1_2 1 Tf (p)Tj /T1_3 1 Tf 7.9722 0 0 7.9722 285.4498 566.9832 Tm (h)Tj /T1_2 1 Tf 10.9131 0 0 10.9131 290.8213 568.7637 Tm (r)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf (\241)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.701 0 Td (1\))Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1.11 0 Td (\241)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1 0 Td (\(1)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1.111 0 Td (\241)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 0.999 0 Td (\301)Tj /T1_0 1 Tf (\))Tj EMC /StyleSpan <>BDC /T1_7 1 Tf 7.9722 0 0 7.9722 366.1823 573.265 Tm (2)Tj EMC /P <>BDC /T1_5 1 Tf 10.9131 0 0 10.9131 370.9137 577.5962 Tm (\242)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.681 -0.809 Td [(+)-221 (2)]TJ /T1_2 1 Tf (\301)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.261 0 Td (\(1)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1.111 0 Td (\241)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 0.999 0 Td (\301)Tj /T1_0 1 Tf [(\))-166 (\()-85 (\271)]TJ /T1_2 1 Tf 1.54 0 Td (pr)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf (\241)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.203 0 Td (1\))Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.923 0 Td (\(10\))Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf -39.557 -2.246 Td [(Clearly)83 (,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.812 0 Td (neither)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.504 0 Td (bank)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.586 0 Td (will)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.003 0 Td [(ev)27 (er)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.227 0 Td (o\256er)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.366 0 Td (\(gross\))Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.405 0 Td (rates)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.565 0 Td (higher)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.172 0 Td (than)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.438 0 Td [(R)-8 (;)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.491 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.835 0 Td [(pro)-56 (ject's)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.206 0 Td [(pa)27 (y)28 (o\256)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.058 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.28 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -41.5 -1.242 Td (successful)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.574 0 Td (state)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.48 0 Td (so)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.257 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.193 0 Td (r)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.806 0 Td (=)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.104 0 Td (R)Tj /T1_0 1 Tf 0.767 0 Td (.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.811 0 Td [(Similarly)82 (,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.485 0 Td (it)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.03 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.035 0 Td [(straigh)26 (tforw)28 (ard)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 7.071 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.252 0 Td [(v)27 (erify)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.81 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.196 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.752 0 Td [(lo)26 (w)28 (er)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.644 0 Td [(b)-28 (ound)]TJ /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_2 1 Tf 3.104 0 Td (r)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf 0.841 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -42.213 -1.241 Td (common)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.928 0 Td (so)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.155 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.095 0 Td [(b)-27 (oth)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.29 0 Td (banks)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.794 0 Td (randomize)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.764 0 Td [(o)26 (v)28 (er)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.07 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.65 0 Td (full)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.679 0 Td [(supp)-28 (ort)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.631 0 Td ([)Tj EMC /StyleSpan <>BDC /T1_2 1 Tf 0.268 0 Td (r)Tj EMC /P <>BDC 0.478 0 Td (;)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 0.444 0 Td (R)Tj /T1_0 1 Tf 0.767 0 Td (\))Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 0.555 0 Td (:)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.539 0 Td [(F)83 (urthermore,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.02 0 Td (one)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.762 0 Td (can)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.761 0 Td [(sho)27 (w)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.405 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf -41.055 -1.242 Td (F)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.949 0 Td (\()Tj /T1_2 1 Tf [(r)28 (;)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.256 0 Td (h)Tj /T1_0 1 Tf 0.577 0 Td (\))Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.72 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.004 0 Td [(con)27 (tin)28 (uous)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.004 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.943 0 Td (strictly)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.424 0 Td (increasing)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.674 0 Td (on)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.388 0 Td ([)Tj EMC /StyleSpan <>BDC /T1_2 1 Tf 0.271 0 Td (r)Tj EMC /P <>BDC 0.478 0 Td (;)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 0.444 0 Td (R)Tj /T1_0 1 Tf 0.767 0 Td (\))Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.721 0 Td (\(see)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.004 0 Td [(Hausw)27 (ald)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.559 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.943 0 Td (Marquez,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.39 0 Td (2001\).)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.111 0 Td [(Finally)82 (,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -39.626 -1.241 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.252 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.919 0 Td (symmetric)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.956 0 Td (equilibrium)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.394 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.253 0 Td [(whic)27 (h)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.948 0 Td (only)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.28 0 Td [(b)-28 (orro)27 (w)28 (ers)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.684 0 Td (with)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.364 0 Td (high)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.309 0 Td (credit)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.922 0 Td [(qualit)26 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.448 0 Td (obtain)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.198 0 Td (loans,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.947 0 Td [(b)-27 (oth)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -40.874 -1.242 Td (banks)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.892 0 Td (will)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.916 0 Td [(alw)27 (a)28 (ys)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.226 0 Td [(mak)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.637 0 Td (an)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.416 0 Td [(in)27 (terest-rate)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.676 0 Td (o\256er)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.279 0 Td (if)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 0.937 0 Td (\264)Tj EMC /StyleSpan <>BDC /T1_3 1 Tf 7.9722 0 0 7.9722 306.7457 473.8872 Tm (i)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf 10.9131 0 0 10.9131 313.6376 476.5079 Tm (=)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.1 0 Td (h)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.935 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.971 0 Td (neither)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.417 0 Td (bank)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.499 0 Td (can)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.86 0 Td [(ha)27 (v)28 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.332 0 Td (an)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.416 0 Td (atom)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.581 0 Td (at)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.249 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -41.502 -1.241 Td [(upp)-27 (er)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.859 0 Td [(b)-28 (ound)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.077 0 Td (R)Tj /T1_0 1 Tf 0.767 0 Td (.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.72 0 Td [(Ev)54 (aluating)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.035 0 Td (\274)Tj /T1_3 1 Tf 7.9722 0 0 7.9722 214.5699 461.3236 Tm (i)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 10.9131 0 0 10.9131 219.7714 462.9641 Tm (\()Tj /T1_2 1 Tf (r)Tj /T1_0 1 Tf 0.867 0 Td (;)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 0.445 0 Td (h)Tj /T1_0 1 Tf (\))Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.294 0 Td (at)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.217 0 Td (R)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.095 0 Td [(no)27 (w)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.079 0 Td (yields)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.806 0 Td [(exp)-28 (ected)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.163 0 Td (pro\257ts)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.115 0 Td (conditional)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.163 0 Td (on)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.384 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.718 0 Td (screening)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -38.886 -1.242 Td (outcome)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4 0 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.529 0 Td (p)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.669 0 Td (\()Tj /T1_2 1 Tf (h)Tj /T1_3 1 Tf 7.9722 0 0 7.9722 150.1719 447.7699 Tm (i)Tj /T1_2 1 Tf 10.9131 0 0 10.9131 153.5528 449.4103 Tm [(;)-166 (l)]TJ /T1_3 1 Tf 7.9722 0 0 7.9722 161.6551 447.7699 Tm (j)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 10.9131 0 0 10.9131 166.0363 449.4103 Tm [(\))-277 (=)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.721 0 Td (E)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 0.962 0.809 Td (\243)Tj /T1_2 1 Tf 0.416 -0.809 Td (p)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 0.67 0.85 Td (\257)Tj EMC /StyleSpan <>BDC 0 -0.599 TD (\257)Tj EMC /P <>BDC /T1_2 1 Tf 0.333 -0.25 Td (\264)Tj EMC /StyleSpan <>BDC /T1_3 1 Tf 7.9722 0 0 7.9722 216.6205 446.7896 Tm (i)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf 10.9131 0 0 10.9131 223.0323 449.4103 Tm (=)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.055 0 Td (h;)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.02 0 Td (\264)Tj EMC /StyleSpan <>BDC /T1_3 1 Tf 7.9722 0 0 7.9722 251.4902 446.7896 Tm (j)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf 10.9131 0 0 10.9131 258.9023 449.4103 Tm (=)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.055 0 Td (l)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 0.427 0.809 Td (\244)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.75 -0.809 Td (as)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_2 1 Tf -13.748 -2.246 Td (\274)Tj /T1_3 1 Tf 7.9722 0 0 7.9722 139.839 423.263 Tm (i)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 10.9131 0 0 10.9131 145.0405 424.9035 Tm (\()Tj /T1_2 1 Tf (R)Tj /T1_0 1 Tf 1.156 0 Td (;)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 0.444 0 Td (h)Tj /T1_0 1 Tf (\))Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.243 0 Td (=)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.056 0 Td (Pr)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 1.238 0.809 Td (\241)Tj /T1_2 1 Tf 0.458 -0.809 Td (\264)Tj EMC /StyleSpan <>BDC /T1_3 1 Tf 7.9722 0 0 7.9722 211.8992 422.2827 Tm (j)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf 10.9131 0 0 10.9131 219.3112 424.9035 Tm (=)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.055 0 Td (l)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 0.484 0 Td (j)Tj /T1_2 1 Tf (\264)Tj EMC /StyleSpan <>BDC /T1_3 1 Tf 7.9722 0 0 7.9722 244.9484 422.2827 Tm (i)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf 10.9131 0 0 10.9131 251.3602 424.9035 Tm (=)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.055 0 Td (h)Tj /T1_5 1 Tf 0.686 0.809 Td (\242)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.625 -0.809 Td (\()Tj /T1_2 1 Tf (p)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.058 0 Td (\()Tj /T1_2 1 Tf (h)Tj /T1_3 1 Tf 7.9722 0 0 7.9722 299.2536 423.263 Tm (i)Tj /T1_2 1 Tf 10.9131 0 0 10.9131 302.6346 424.9035 Tm [(;)-166 (l)]TJ /T1_3 1 Tf 7.9722 0 0 7.9722 310.7368 423.263 Tm (j)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 10.9131 0 0 10.9131 315.1181 424.9035 Tm (\))Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 0.555 0 Td (R)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 0.989 0 Td (\241)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.999 0 Td (1\))Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.167 0 Td (=)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.055 0 Td (2)Tj /T1_2 1 Tf 0.499 0 Td (\301)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.763 0 Td (\(1)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1.111 0 Td (\241)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 0.999 0 Td (\301)Tj /T1_0 1 Tf [(\))-166 (\()-85 (\271)]TJ /T1_2 1 Tf 1.54 0 Td (pR)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1.492 0 Td (\241)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.999 0 Td (1\))Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1.167 0 Td (\264)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.055 0 Td (\274)Tj /T1_0 1 Tf 0.053 0 Td (\271)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.386 0 Td (\(11\))Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf -39.555 -2.246 Td (Since)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.628 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.74 0 Td (distribution)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.47 0 Td (function)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.935 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.022 0 Td (strictly)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.442 0 Td (increasing)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.693 0 Td (on)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.406 0 Td ([)Tj EMC /StyleSpan <>BDC /T1_2 1 Tf 0.267 0 Td (r)Tj EMC /P <>BDC 0.479 0 Td (;)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 0.444 0 Td (R)Tj /T1_0 1 Tf 0.767 0 Td (\))Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.739 0 Td [(w)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.488 0 Td [(ha)26 (v)28 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.323 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.182 0 Td (\274)Tj /T1_3 1 Tf 7.9722 0 0 7.9722 455.9575 398.7561 Tm (i)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 10.9131 0 0 10.9131 461.1589 400.3966 Tm (\()Tj /T1_2 1 Tf (r)Tj /T1_0 1 Tf 0.867 0 Td (;)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 0.445 0 Td (h)Tj /T1_0 1 Tf [(\))-306 (=)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.355 0 Td (\274)Tj /T1_0 1 Tf 0.053 0 Td (\271)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.903 0 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.547 0 Td (all)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf -41.829 -1.242 Td (r)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 0.836 0 Td (2)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.023 0 Td ([)Tj EMC /StyleSpan <>BDC /T1_2 1 Tf (r)Tj EMC /P <>BDC 0.756 0 Td (;)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 0.444 0 Td (R)Tj /T1_0 1 Tf 0.767 0 Td (\).)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.254 0 Td (Hence,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.309 0 Td [(w)26 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.52 0 Td (can)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.88 0 Td [(reco)26 (v)28 (er)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.471 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.769 0 Td (mixing)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.353 0 Td (distribution)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.493 0 Td (F)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.782 0 Td (\()Tj /T1_2 1 Tf [(r)27 (;)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.256 0 Td (h)Tj /T1_0 1 Tf 0.577 0 Td (\))Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.769 0 Td (using)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.664 0 Td (Equations)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.762 0 Td (\(10\))Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.159 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.991 0 Td (\(11\),)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -40.834 -1.241 Td (since)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.449 0 Td (\274)Tj /T1_3 1 Tf 7.9722 0 0 7.9722 105.3393 371.6585 Tm (i)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 10.9131 0 0 10.9131 110.5408 373.299 Tm (\()Tj /T1_2 1 Tf (r)Tj /T1_0 1 Tf 0.867 0 Td (;)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 0.445 0 Td (h)Tj /T1_0 1 Tf [(\))-277 (=)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.297 0 Td (\274)Tj /T1_0 1 Tf 0.054 0 Td (\271)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 0.83 0 Td (,)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf -4.259 -2.246 Td (\(1)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1.111 0 Td (\241)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1 0 Td (F)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.781 0 Td (\()Tj /T1_2 1 Tf [(r)28 (;)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.257 0 Td (h)Tj /T1_0 1 Tf (\)\))Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 1.52 0.809 Td (\241)Tj /T1_2 1 Tf 0.458 -0.809 Td (\301)Tj EMC /StyleSpan <>BDC /T1_7 1 Tf 7.9722 0 0 7.9722 186.442 353.2934 Tm (2)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf 10.9131 0 0 10.9131 192.9939 348.7921 Tm (\()Tj /T1_2 1 Tf (p)Tj /T1_3 1 Tf 7.9722 0 0 7.9722 202.7266 347.0116 Tm (h)Tj /T1_2 1 Tf 10.9131 0 0 10.9131 208.0981 348.7921 Tm (r)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf (\241)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.701 0 Td (1\))Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1.111 0 Td (\241)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.999 0 Td (\(1)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1.111 0 Td (\241)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1 0 Td (\301)Tj /T1_0 1 Tf 0.595 0 Td (\))Tj EMC /StyleSpan <>BDC /T1_7 1 Tf 7.9722 0 0 7.9722 283.4592 353.2934 Tm (2)Tj EMC /P <>BDC /T1_5 1 Tf 10.9131 0 0 10.9131 288.2005 357.6246 Tm (\242)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.68 -0.809 Td [(+)-222 (2)]TJ /T1_2 1 Tf 1.5 0 Td (\301)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.762 0 Td (\(1)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1.111 0 Td (\241)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1 0 Td (\301)Tj /T1_0 1 Tf 0.595 0 Td [(\))-167 (\()-84 (\271)]TJ /T1_2 1 Tf 0.944 0 Td (pr)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf (\241)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.203 0 Td (1\))Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.167 0 Td (=)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.055 0 Td (2)Tj /T1_2 1 Tf 0.499 0 Td (\301)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.763 0 Td (\(1)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1.111 0 Td (\241)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 0.999 0 Td (\301)Tj /T1_0 1 Tf [(\))-166 (\()-85 (\271)]TJ /T1_2 1 Tf 1.54 0 Td (pR)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1.492 0 Td (\241)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.999 0 Td (1\))Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf -38.231 -2.247 Td (Solving)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.528 0 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.529 0 Td (F)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.781 0 Td (\()Tj /T1_2 1 Tf [(r)28 (;)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.257 0 Td (h)Tj /T1_0 1 Tf (\),)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.576 0 Td (this)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.951 0 Td (yields)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_2 1 Tf 3.199 -2.221 Td (\301)Tj EMC /StyleSpan <>BDC /T1_7 1 Tf 7.9722 0 0 7.9722 229.324 304.4597 Tm (2)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf 10.9131 0 0 10.9131 235.8759 300.0385 Tm (\()Tj /T1_2 1 Tf (p)Tj /T1_3 1 Tf 7.9722 0 0 7.9722 245.6086 298.268 Tm (h)Tj /T1_2 1 Tf 10.9131 0 0 10.9131 250.9801 300.0385 Tm (r)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf (\241)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.701 0 Td (1\))Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1.11 0 Td (\241)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1 0 Td (\(1)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1.111 0 Td (\241)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 0.999 0 Td (\301)Tj /T1_0 1 Tf (\))Tj EMC /StyleSpan <>BDC /T1_7 1 Tf 7.9722 0 0 7.9722 326.3412 303.9996 Tm (2)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_4 1 Tf 10.9131 0 0 10.9131 333.5032 300.0385 Tm (\241)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.999 0 Td (2)Tj /T1_2 1 Tf (\301)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.262 0 Td (\(1)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1.111 0 Td (\241)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1 0 Td (\301)Tj /T1_0 1 Tf 0.595 0 Td (\))Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 0.555 0 Td (p)Tj /T1_0 1 Tf 0.086 0 Td [(\271)-84.5 (\()]TJ /T1_2 1 Tf (R)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1.962 0 Td (\241)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 0.999 0 Td (r)Tj /T1_0 1 Tf 0.479 0 Td (\))Tj EMC /P <>BDC /T1_2 1 Tf -23.635 -0.676 Td (F)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.781 0 Td (\()Tj /T1_2 1 Tf [(r)28 (;)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.257 0 Td (h)Tj /T1_0 1 Tf [(\))-278 (=)]TJ /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_2 1 Tf 7.237 -0.765 Td (\301)Tj EMC /StyleSpan <>BDC /T1_7 1 Tf 7.9722 0 0 7.9722 282.0288 288.7253 Tm (2)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf 10.9131 0 0 10.9131 288.5806 284.3041 Tm (\()Tj /T1_2 1 Tf (p)Tj /T1_3 1 Tf 7.9722 0 0 7.9722 298.3134 282.5236 Tm (h)Tj /T1_2 1 Tf 10.9131 0 0 10.9131 303.6949 284.3041 Tm (r)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 0.7 0 Td (\241)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1 0 Td (1\))Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1.111 0 Td (\241)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.999 0 Td (\(1)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1.111 0 Td (\241)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1 0 Td (\301)Tj /T1_0 1 Tf 0.595 0 Td (\))Tj EMC /StyleSpan <>BDC /T1_7 1 Tf 7.9722 0 0 7.9722 379.056 287.455 Tm (2)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf 10.9131 0 0 10.9131 72 262.0479 Tm [(T)83 (o)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.45 0 Td (\257nd)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.978 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.701 0 Td [(lo)27 (w)28 (er)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.592 0 Td [(b)-28 (ound)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.062 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.118 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.7 0 Td [(supp)-28 (ort,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.963 0 Td [(w)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.45 0 Td (simply)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.178 0 Td [(ev)54 (aluate)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.896 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.7 0 Td [(n)27 (umerator)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.846 0 Td (at)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_2 1 Tf 1.187 0 Td (r)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf 0.79 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.922 0 Td [(observ)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.542 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.144 0 Td (it)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -42.219 -1.242 Td (has)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.783 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.222 0 Td [(b)-28 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.361 0 Td (equal)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.64 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.222 0 Td (0.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.222 0 Td [(Up)-28 (on)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.724 0 Td (rearranging,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.619 0 Td [(w)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.471 0 Td (get)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf -1.923 -2.039 Td (2)Tj /T1_2 1 Tf (\301)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.262 0 Td (\(1)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1.111 0 Td (\241)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1 0 Td (\301)Tj /T1_0 1 Tf 0.595 0 Td [(\))-166 (\()-85 (\271)]TJ /T1_2 1 Tf 0.944 0 Td (pR)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1.492 0 Td (\241)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1 0 Td (1\))Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.11 0 Td (+)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.001 0 Td (1)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_2 1 Tf -11.436 -0.676 Td (r)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf 0.757 0 Td (=)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_2 1 Tf 5.376 -0.686 Td (\301p)Tj /T1_3 1 Tf 7.9722 0 0 7.9722 319.1892 209.5932 Tm (h)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf 10.9131 0 0 10.9131 72 189.7176 Tm (completing)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.111 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.722 0 Td [(c)27 (haracterization)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 7.311 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.139 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.722 0 Td (equilibrium.)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf -15.453 -1.241 Td [(T)83 (o)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.473 0 Td (\257nd)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.003 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.724 0 Td [(relev)55 (an)28 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.782 0 Td [(signal-qualit)26 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.203 0 Td (threshold)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_2 1 Tf 4.392 0 Td (\301)Tj EMC /P <>BDC /T1_0 1 Tf 0.595 0 Td (,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.613 0 Td (note)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.225 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.168 0 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.53 0 Td (p)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.669 0 Td (\()Tj /T1_2 1 Tf (l)Tj /T1_0 1 Tf 0.707 0 Td (\))Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 0.555 0 Td (R)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 0.99 0 Td (\241)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.001 0 Td (1)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.781 0 Td (=)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.058 0 Td (\(1)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1.111 0 Td (\241)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1 0 Td (\301)Tj /T1_0 1 Tf (\))Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.15 0 Td (p)Tj /T1_3 1 Tf 7.9722 0 0 7.9722 484.3454 174.3933 Tm (h)Tj /T1_2 1 Tf 10.9131 0 0 10.9131 489.7269 176.1738 Tm (R)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 0.99 0 Td (\241)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.001 0 Td (1)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 0.78 0 Td (<)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.059 0 Td (0,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -42.107 -1.242 Td (no)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.417 0 Td (bank)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.5 0 Td (will)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.917 0 Td (o\256er)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.281 0 Td (credit)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.864 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.25 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.861 0 Td [(b)-28 (orro)27 (w)27 (er)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.231 0 Td (deemed)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.639 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.167 0 Td [(lo)26 (w)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.834 0 Td (credit)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.864 0 Td [(qualit)27 (y)83 (.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.751 0 Td (Solving)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.556 0 Td (this)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.979 0 Td (expression)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.847 0 Td (with)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_3 1 Tf 7.9722 0 0 7.9722 186.292 154.0076 Tm (p)Tj /T1_8 1 Tf 5.9817 0 0 5.9817 190.5632 152.5972 Tm (h)Tj /T1_3 1 Tf 7.9722 0 0 7.9722 195.3945 154.0076 Tm (R)Tj /T1_6 1 Tf 0.807 0 Td (\241)Tj /T1_7 1 Tf (1)Tj EMC /P <>BDC /T1_0 1 Tf 10.9131 0 0 10.9131 72 149.0762 Tm [(equalit)27 (y)84 (,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.958 0 Td [(w)26 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.42 0 Td (obtain)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_2 1 Tf 3.057 0 Td (\301)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf 0.874 0 Td (=)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_3 1 Tf 7.9722 0 0 7.9722 191.7035 145.3152 Tm (p)Tj EMC /StyleSpan <>BDC /T1_8 1 Tf 5.9817 0 0 5.9817 195.9647 143.9048 Tm (h)Tj EMC /StyleSpan <>BDC /T1_3 1 Tf 7.9722 0 0 7.9722 200.8061 145.3152 Tm (R)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf 10.9131 0 0 10.9131 213.8397 149.0762 Tm (.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.705 0 Td (The)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 2.003 0 Td (ex)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 1.234 0 Td (ante)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.222 0 Td (pro\257t)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.673 0 Td (expression)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.767 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.115 0 Td (Equation)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.267 0 Td (\(3\))Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.56 0 Td [(no)27 (w)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.032 0 Td [(follo)27 (ws)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.232 0 Td [(b)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.337 0 Td (taking)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -40.143 -1.242 Td [(exp)-27 (ectations)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.783 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.166 0 Td (Equation)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.319 0 Td (\(10\),)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.39 0 Td (as)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.227 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.166 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.723 0 Td [(pro)-27 (of)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.614 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.139 0 Td [(Prop)-28 (osition)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.384 0 Td (1,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.112 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.944 0 Td [(ev)55 (aluating)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.806 0 Td (at)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.209 0 Td (r)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.756 0 Td (=)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.055 0 Td (R)Tj /T1_0 1 Tf 0.767 0 Td (.)Tj /T1_1 1 Tf ( )Tj /T1_10 1 Tf 0.722 0 Td (2)Tj /T1_1 1 Tf ( )Tj EMC /Artifact <>BDC /T1_0 1 Tf -18.34 -3.995 Td (26)Tj /T1_1 1 Tf ( )Tj EMC ET endstream endobj 1454 0 obj [265 0 R] endobj 1455 0 obj <>stream /Artifact <>BDC q 1.00028 0 0 1.00028 72 769.82 cm 0 G 0.38 w q 1 0 0 1 170.54 -642.82 cm 0 0 m 5.48 0 l S Q Q q 1.00028 0 0 1.00028 72 769.82 cm 0 G 0.44 w q 1 0 0 1 244.35 -338.55 cm 0 0 m 5.48 0 l 85.33 243.55 m 90.56 243.55 l -222.44 67.46 m -217.21 67.46 l 121.92 58.16 m 126.18 58.16 l 27.67 61.66 m 33.16 61.66 l -31.07 53.91 m -25.85 53.91 l 22.45 53.91 m 27.67 53.91 l 97.42 53.91 m 102.64 53.91 l S Q Q q 1.00028 0 0 1.00028 72 769.82 cm 0 G 0.36 w q 1 0 0 1 366.27 -282.19 cm 0 0 m 4.26 0 l S Q Q q 1.00028 0 0 1.00028 72 769.82 cm 0 G 0.44 w q 1 0 0 1 304.61 -335.05 cm 0 0 m 6.6 0 l -155.4 -7.75 m -150.17 -7.75 l -120.26 -7.75 m -115.04 -7.75 l -60.26 -7.48 m -54.78 -7.48 l 4.51 -82.93 m 8.74 -82.93 l -153.99 -131.02 m -147.38 -131.02 l -132.8 -156.97 m -127.35 -156.97 l 6.17 -156.97 m 11.63 -156.97 l -211.86 -180.48 m -205.25 -180.48 l S Q Q q 1.00028 0 0 1.00028 72 769.82 cm 0 G 0.36 w q 1 0 0 1 418.75 -525.69 cm 0 0 m 4.27 0 l S Q Q q 1.00028 0 0 1.00028 72 769.82 cm 0 G 0.44 w q 1 0 0 1 413.02 -532.58 cm 0 0 m 30.6 0 l S Q Q q 1.00028 0 0 1.00028 72 769.82 cm 0 G 0.36 w q 1 0 0 1 60.69 -542.73 cm 0 0 m 4.26 0 l S Q Q q 1.00028 0 0 1.00028 72 769.82 cm 0 G 0.44 w q 1 0 0 1 54.96 -549.62 cm 0 0 m 30.59 0 l 144.32 0 m 148.58 0 l S Q Q q 1.00028 0 0 1.00028 72 769.82 cm 0 G 0.36 w q 1 0 0 1 113.46 -549.3 cm 0 0 m 4.76 0 l 65.32 0 m 70.08 0 l 85.82 -2.12 m 90.08 -2.12 l S Q Q q 1.00028 0 0 1.00028 72 769.82 cm 0 G 0.4 w q 1 0 0 1 0 -629.3 cm 0 0 m 187.15 0 l S Q Q EMC BT /P <>BDC 0 g /T1_0 1 Tf 0 Tc 0 Tw 0 Ts 100 Tz 0 Tr 14.344 0 0 14.344 72 758.8569 Tm [(App)-31 (endix)]TJ /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_2 1 Tf 10.9131 0 0 10.9131 72 716.9652 Tm [(Pro)-31 (of)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.217 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.351 0 Td [(Prop)-32 (osition)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 6.26 0 Td (1.)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.442 0 Td [(V)82 (on)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 2.092 0 Td (Thadden)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 4.258 0 Td (\(2001\))Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 3.148 0 Td (or)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.261 0 Td [(Hausw)27 (ald)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 4.597 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.98 0 Td (Marquez)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 4.151 0 Td (\(2001\))Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 3.147 0 Td (establish)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 4.159 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf -41.063 -1.242 Td (pure-strategy)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 6.117 0 Td (equilibria)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 4.386 0 Td (do)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.356 0 Td (not)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.746 0 Td (exist)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 2.333 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.133 0 Td [(mo)-28 (dels)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 3.333 0 Td [(suc)26 (h)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 2.223 0 Td (as)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.194 0 Td (ours.)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 2.554 0 Td [(Ho)27 (w)28 (ev)28 (er,)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 4.281 0 Td (there)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 2.526 0 Td (exists)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 2.728 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 0.8 0 Td (unique)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 3.218 0 Td (mixed-)Tj -39.928 -1.241 Td (strategy)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 3.903 0 Td (equilibrium)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 5.343 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.201 0 Td [(in)27 (terest-rate)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 5.684 0 Td (o\256ers)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 2.682 0 Td [(c)27 (haracterized)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 6.123 0 Td [(b)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.424 0 Td (equilibrium)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 5.343 0 Td (distribution)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 5.488 0 Td (functions,)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 4.617 0 Td (F)Tj EMC /StyleSpan <>BDC /T1_5 1 Tf 7.9722 0 0 7.9722 535.2697 688.2272 Tm (1)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_3 1 Tf 10.9131 0 0 10.9131 72 676.3138 Tm (and)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1.97 0 Td (F)Tj EMC /StyleSpan <>BDC /T1_5 1 Tf 7.9722 0 0 7.9722 100.508 674.6834 Tm (2)Tj EMC /P <>BDC /T1_3 1 Tf 10.9131 0 0 10.9131 105.2393 676.3138 Tm (,)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 0.643 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 2.192 0 Td (are)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.695 0 Td [(con)27 (tin)28 (uous)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 5.031 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.97 0 Td (strictly)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 3.451 0 Td (increasing)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 4.701 0 Td [(o)27 (v)27 (er)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 2.168 0 Td (an)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.415 0 Td [(in)27 (terv)56 (al)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 3.639 0 Td ([)Tj EMC /StyleSpan <>BDC /T1_4 1 Tf 0.267 0 Td (r)Tj EMC /P <>BDC 0.479 0 Td (;)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 0.444 0 Td (R)Tj /T1_3 1 Tf 0.767 0 Td (\).)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.188 0 Td [(Moreo)27 (v)28 (er,)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 4.705 0 Td (it)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.026 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.03 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 0.859 0 Td (stan)Tj EMC /HyphenSpan <>BDC (-)Tj EMC /P <>BDC -40.716 -1.241 Td (dard)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 2.435 0 Td (result)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 2.886 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.266 0 Td [(mo)-28 (dels)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 3.465 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.239 0 Td [(comp)-28 (etition)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 5.627 0 Td (under)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 2.935 0 Td (asymmetric)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 5.469 0 Td (information)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 5.519 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 2.266 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 0.932 0 Td (bidder,)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 3.517 0 Td (all)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.489 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.238 0 Td (whose)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf -40.283 -1.242 Td (information)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 5.456 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.042 0 Td [(kno)27 (wn)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 3.204 0 Td [(b)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.426 0 Td (some)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 2.543 0 Td (other)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 2.651 0 Td [(comp)-28 (etitor,)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 5.411 0 Td (cannot)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 3.315 0 Td [(mak)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 2.648 0 Td [(p)-27 (ositiv)26 (e)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 3.737 0 Td [(exp)-28 (ected)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 4.204 0 Td (pro\257ts)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 3.156 0 Td (\(see,)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 2.33 0 Td (e.g.,)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf -41.123 -1.241 Td [(Engelbrec)27 (h)28 (t-Wiggans)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 9.641 0 Td (et)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.2 0 Td (al.,)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.709 0 Td (1983\).)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 3.215 0 Td (Therefore,)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 4.854 0 Td [(w)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.506 0 Td (can)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.867 0 Td (conclude)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 4.146 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 2.2 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.757 0 Td (uninformed)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 5.343 0 Td (lender,)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 3.323 0 Td (bank)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf -40.761 -1.242 Td (2,)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.111 0 Td [(m)27 (ust)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 2.477 0 Td [(mak)26 (e)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 2.611 0 Td (zero)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 2.114 0 Td [(exp)-28 (ected)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 4.167 0 Td (pro\257ts)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 3.12 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.166 0 Td (equilibrium.)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_3 1 Tf -15.214 -1.241 Td [(W)83 (e)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.819 0 Td (will)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.987 0 Td (later)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 2.434 0 Td [(v)27 (erify)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 2.878 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 2.264 0 Td (loan)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 2.264 0 Td [(applican)27 (ts)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 4.853 0 Td (with)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 2.376 0 Td [(lo)26 (w)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.903 0 Td [(credit-qualit)26 (y)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 6.296 0 Td [(assessmen)27 (ts)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 5.541 0 Td (\()Tj /T1_4 1 Tf 0.377 0 Td (\264)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 0.973 0 Td (=)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1.218 0 Td (l)Tj /T1_3 1 Tf 0.318 0 Td (\))Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 0.819 0 Td (will)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.987 0 Td [(b)-28 (e)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf -41.858 -1.242 Td (denied)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 3.211 0 Td (credit,)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 3.171 0 Td (so)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.273 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 2.209 0 Td (p)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 0.67 0 Td (\()Tj /T1_4 1 Tf (l)Tj /T1_3 1 Tf 0.707 0 Td (\))Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 0.555 0 Td (R)Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 1.018 0 Td (\241)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.03 0 Td (1)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 0.853 0 Td (<)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.131 0 Td (0,)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.167 0 Td (where)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 2.937 0 Td (p)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 0.669 0 Td (\()Tj /T1_4 1 Tf (l)Tj /T1_3 1 Tf 0.707 0 Td (\))Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 0.742 0 Td (=)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.132 0 Td (\(1)Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 1.109 0 Td (\241)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1 0 Td (\301)Tj /T1_3 1 Tf (\))Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1.151 0 Td (p)Tj /T1_7 1 Tf 7.9722 0 0 7.9722 366.0623 593.2406 Tm (h)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 10.9131 0 0 10.9131 375.575 595.0211 Tm [(represen)27 (ts)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 4.755 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.768 0 Td [(up)-28 (dated)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 3.963 0 Td [(repa)27 (ymen)28 (t)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf -38.304 -1.241 Td [(probabilit)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 5.075 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.101 0 Td (customers)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 4.641 0 Td (with)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 2.24 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 0.795 0 Td [(lo)27 (w-qualit)28 (y)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 5.128 0 Td (signal.)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 3.214 0 Td (This)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 2.245 0 Td (setting)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 3.244 0 Td [(corresp)-28 (onds)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 5.451 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.183 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 0.795 0 Td (situation)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 4.133 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.128 0 Td [(whic)27 (h)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf -40.373 -1.242 Td (credit)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 2.929 0 Td (screens)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 3.495 0 Td (are)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.763 0 Td [(su\261cien)27 (tly)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 5.099 0 Td [(informativ)26 (e)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 5.402 0 Td [(b)-28 (ecause)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 3.793 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.233 0 Td (high-enough)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 5.76 0 Td [(tec)27 (hnology)]TJ /T1_1 1 Tf ( )Tj EMC /Link <>BDC /T1_3 1 Tf 5.094 0 Td [(in)27 (v)28 (estmen)28 (ts.)]TJ EMC /StyleSpan <>BDC /T1_5 1 Tf 7.9722 0 0 7.9722 507.9921 571.8846 Tm (19)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_3 1 Tf 10.9131 0 0 10.9131 524.8468 567.9235 Tm [(W)83 (e)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf -41.496 -1.242 Td (can)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.833 0 Td (therefore)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 4.2 0 Td (restrict)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 3.455 0 Td (our)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.781 0 Td [(atten)27 (tion)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 4.305 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.223 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.722 0 Td (case)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 2.116 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.14 0 Td [(high-qualit)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 5.583 0 Td (signals,)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 3.501 0 Td (\264)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 0.809 0 Td (=)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1.055 0 Td (h)Tj /T1_3 1 Tf (.)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_3 1 Tf -31.171 -1.241 Td [(T)83 (o)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.473 0 Td (calculate)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 4.167 0 Td (pro\257ts)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 3.121 0 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.531 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.723 0 Td (informed)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 4.199 0 Td (bank,)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 2.752 0 Td [(w)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.472 0 Td [(pro)-28 (ceed)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 3.698 0 Td (as)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.229 0 Td [(follo)27 (ws:)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 3.674 0 Td (de\257ne)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 2.881 0 Td (\274)Tj EMC /StyleSpan <>BDC /T1_5 1 Tf 7.9722 0 0 7.9722 443.8841 539.1854 Tm (2)Tj EMC /P <>BDC /T1_3 1 Tf 10.9131 0 0 10.9131 448.6154 540.8259 Tm (\()Tj /T1_4 1 Tf (r)Tj /T1_3 1 Tf 0.868 0 Td (\))Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 0.723 0 Td (as)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.228 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.724 0 Td [(exp)-27 (ected)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf -39.054 -1.242 Td (pro\257t)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 2.7 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.197 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.697 0 Td (uninformed)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 5.284 0 Td (bank)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 2.447 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.114 0 Td (o\256ering)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 3.561 0 Td (an)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.365 0 Td [(in)27 (terest)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 3.566 0 Td (rate)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 2.023 0 Td (r)Tj /T1_3 1 Tf 0.478 0 Td (.)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 0.714 0 Td (Since)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 2.586 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.697 0 Td (uninformed)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 5.284 0 Td (bank)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 2.447 0 Td [(m)27 (ust)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 2.452 0 Td [(mak)26 (e)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf -40.613 -1.241 Td (zero)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 2.15 0 Td (pro\257t)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 2.762 0 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.566 0 Td [(ev)27 (ery)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 2.678 0 Td (one)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.87 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.175 0 Td (its)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.431 0 Td [(p)-27 (ossible)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 3.797 0 Td (bids,)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 2.44 0 Td (it)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.036 0 Td [(m)27 (ust)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 2.514 0 Td [(mak)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 2.647 0 Td (zero)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 2.15 0 Td (pro\257ts)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 3.156 0 Td (also)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 2.041 0 Td (at)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.259 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.758 0 Td [(lo)26 (w)28 (est)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 3.042 0 Td [(p)-28 (ossible)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf -39.472 -1.242 Td (bid,)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_4 1 Tf 2.008 0 Td (r)Tj EMC /P <>BDC /T1_3 1 Tf 0.479 0 Td (.)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 0.744 0 Td (O\256ering)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 3.872 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 2.174 0 Td (rate,)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 2.346 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.729 0 Td (uninformed)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 5.316 0 Td (bank)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 2.48 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.013 0 Td [(guaran)27 (teed)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 5.149 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.23 0 Td [(ha)27 (v)28 (e)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 2.313 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.73 0 Td [(lo)27 (w)28 (est)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 3.013 0 Td (rate)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 2.066 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.952 0 Td (win)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.896 0 Td (the)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_5 1 Tf 7.9722 0 0 7.9722 438.3926 490.9219 Tm (1)Tj EMC /P <>BDC /T1_3 1 Tf 10.9131 0 0 10.9131 72 486.6307 Tm (bidding)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 3.708 0 Td [(con)26 (test)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 3.521 0 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.627 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 0.931 0 Td (customer.)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 4.969 0 Td (Hence,)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 3.365 0 Td (\274)Tj EMC /StyleSpan <>BDC /T1_5 1 Tf 7.9722 0 0 7.9722 276.3672 484.9903 Tm (2)Tj EMC /P <>BDC /T1_3 1 Tf 10.9131 0 0 10.9131 281.0985 486.6307 Tm (\()Tj EMC /StyleSpan <>BDC /T1_4 1 Tf (r)Tj EMC /P <>BDC /T1_3 1 Tf 0.867 0 Td [(\))-440 (=)-441 (0)]TJ /T1_1 1 Tf ( )Tj /T1_6 1 Tf 2.987 0 Td (,)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_4 1 Tf 1.44 0 Td (r)Tj EMC /StyleSpan <>BDC 0.478 0 Td (p)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_6 1 Tf 0.79 0 Td (\241)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.065 0 Td [(1)-440 (=)-440 (0)]TJ /T1_1 1 Tf ( )Tj /T1_6 1 Tf 3.098 0 Td (\))Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_4 1 Tf 1.44 0 Td (r)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_3 1 Tf 0.918 0 Td (=)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.828 0 Td (.)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.015 0 Td [(Up)-27 (on)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 2.82 0 Td [(observ)54 (ation)]TJ /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_7 1 Tf 7.9722 0 0 7.9722 438.3726 482.8697 Tm (p)Tj EMC /P <>BDC /T1_3 1 Tf 10.9131 0 0 10.9131 72 473.0769 Tm (of)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.197 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 0.891 0 Td [(lo)27 (w)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.863 0 Td (signal)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 2.897 0 Td (\()Tj /T1_4 1 Tf 0.386 0 Td (\264)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 0.907 0 Td (=)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1.151 0 Td (l)Tj /T1_3 1 Tf 0.318 0 Td (\),)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.072 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.78 0 Td (informed)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 4.255 0 Td (bank)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 2.53 0 Td (abstains)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 3.958 0 Td (from)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 2.422 0 Td (making)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 3.586 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 0.891 0 Td (loan)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 2.224 0 Td (o\256er,)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 2.602 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 2.002 0 Td (its)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.452 0 Td (pro\257ts)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 3.177 0 Td (are)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf -41.561 -1.241 Td (\274)Tj EMC /StyleSpan <>BDC /T1_5 1 Tf 7.9722 0 0 7.9722 78.6118 457.8927 Tm (1)Tj EMC /P <>BDC /T1_3 1 Tf 10.9131 0 0 10.9131 83.3432 459.5331 Tm (\()Tj /T1_4 1 Tf (l)Tj /T1_3 1 Tf 0.707 0 Td (\))Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 0.782 0 Td (=)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.172 0 Td (0.)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.431 0 Td [(Ho)27 (w)28 (ev)27 (er,)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 4.395 0 Td [(up)-28 (on)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 2.598 0 Td (observing)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 4.549 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 0.903 0 Td (high)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 2.292 0 Td (signal)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 2.909 0 Td (\()Tj /T1_4 1 Tf 0.381 0 Td (\264)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 0.926 0 Td (=)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1.17 0 Td (h)Tj /T1_3 1 Tf (\),)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.663 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.792 0 Td (informed)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 4.267 0 Td (bank)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 2.542 0 Td (bids)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 2.186 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 2.014 0 Td (obtains)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf -39.718 -1.242 Td [(exp)-27 (ected)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 4.167 0 Td (pro\257ts)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_3 1 Tf 18.231 -0.929 Td (1)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_4 1 Tf -10.149 -0.676 Td (\274)Tj EMC /StyleSpan <>BDC /T1_5 1 Tf 7.9722 0 0 7.9722 212.2793 426.814 Tm (1)Tj EMC /P <>BDC /T1_3 1 Tf 10.9131 0 0 10.9131 217.0106 428.4544 Tm (\()Tj EMC /StyleSpan <>BDC /T1_4 1 Tf (r)Tj EMC /P <>BDC 0.868 0 Td (;)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 0.444 0 Td (h)Tj /T1_3 1 Tf [(\))-277 (=)]TJ /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_4 1 Tf 2.298 0 Td (r)Tj EMC /P <>BDC 0.478 0 Td (p)Tj /T1_3 1 Tf (\()Tj /T1_4 1 Tf (h)Tj /T1_3 1 Tf 1.468 0 Td (\))Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 0.61 0 Td (\241)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1 0 Td [(1)-277 (=)]TJ /T1_1 1 Tf ( )Tj /T1_4 1 Tf 2.555 0 Td (p)Tj /T1_3 1 Tf (\()Tj /T1_4 1 Tf (h)Tj /T1_3 1 Tf (\))Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 2.078 0 Td (\241)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1 0 Td (1)Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 0.777 0 Td (\264)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_4 1 Tf 1.056 0 Td (\274)Tj EMC /P <>BDC 0.883 0 Td (>)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.055 0 Td (0)Tj /T1_4 1 Tf (;)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_4 1 Tf -7.461 -0.686 Td (p)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_3 1 Tf -22.397 -1.629 Td (where,)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 3.305 0 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.639 0 Td (terminal)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 4.113 0 Td (cash)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 2.336 0 Td [(\260o)27 (ws)]TJ /T1_1 1 Tf ( )Tj /T1_4 1 Tf 2.582 0 Td [(X)-22 (;)]TJ /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1.572 0 Td (p)Tj /T1_3 1 Tf 0.502 0 Td (\()Tj /T1_4 1 Tf (h)Tj /T1_3 1 Tf (\))Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 1.812 0 Td (\264)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.236 0 Td (Pr)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.239 0 Td (\()Tj /T1_4 1 Tf (X)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.573 0 Td (=)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1.055 0 Td (R)Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 0.933 0 Td (j)Tj /T1_4 1 Tf (\264)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.088 0 Td (=)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1.055 0 Td (h)Tj /T1_3 1 Tf 0.686 0 Td [(\))-459 (=)]TJ /T1_1 1 Tf ( )Tj /T1_4 1 Tf 2.084 0 Td (\301p)Tj /T1_7 1 Tf 7.9722 0 0 7.9722 398.4114 401.4169 Tm (h)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 10.9131 0 0 10.9131 408.6142 403.1974 Tm (is)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.113 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.832 0 Td [(up)-28 (dated)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 4.026 0 Td (success)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 3.514 0 Td (\(re)Tj EMC /HyphenSpan <>BDC (-)Tj EMC /P <>BDC -41.33 -1.242 Td [(pa)27 (ymen)28 (t\))]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 4.537 0 Td [(probabilit)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 5.179 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.204 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 0.898 0 Td [(b)-28 (orro)27 (w)28 (er)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 4.267 0 Td (with)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 2.343 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 0.898 0 Td (high)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 2.287 0 Td (signal,)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 3.197 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1.998 0 Td (\274)Tj EMC /StyleSpan <>BDC /T1_5 1 Tf 7.9722 0 0 7.9722 371.1738 388.0131 Tm (1)Tj EMC /P <>BDC /T1_3 1 Tf 10.9131 0 0 10.9131 375.9051 389.6436 Tm (\()Tj /T1_4 1 Tf [(r)27 (;)]TJ /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1.256 0 Td (h)Tj /T1_3 1 Tf 0.577 0 Td (\))Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 0.786 0 Td [(represen)26 (ts)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 4.776 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.787 0 Td (pro\257ts)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 3.184 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.286 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf -41.499 -1.241 Td (informed)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 4.308 0 Td (bank)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 2.583 0 Td (from)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 2.475 0 Td (o\256ering)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 3.698 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 0.944 0 Td (loan)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 2.277 0 Td (rate)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 2.17 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1.243 0 Td (r)Tj /T1_3 1 Tf 0.478 0 Td (.)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 1.055 0 Td (Ex)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 1.601 0 Td (ante)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 2.384 0 Td [(exp)-27 (ected)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 4.278 0 Td (pro\257ts,)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 3.536 0 Td [(whic)27 (h)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 2.972 0 Td (are)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1.776 0 Td (E)Tj /T1_3 1 Tf 0.796 0 Td ([)Tj /T1_4 1 Tf (\274)Tj EMC /StyleSpan <>BDC /T1_5 1 Tf 7.9722 0 0 7.9722 502.5905 374.4593 Tm (1)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_3 1 Tf 10.9131 0 0 10.9131 509.1424 376.0998 Tm (\()Tj /T1_4 1 Tf (\264)Tj /T1_3 1 Tf 0.921 0 Td (\)])Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.129 0 Td (=)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf -42.107 -1.242 Td (Pr)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.238 0 Td (\()Tj /T1_4 1 Tf (\264)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.199 0 Td (=)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1.055 0 Td (h)Tj /T1_3 1 Tf (\))Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1.131 0 Td (\274)Tj EMC /StyleSpan <>BDC /T1_5 1 Tf 7.9722 0 0 7.9722 129.066 360.9055 Tm (1)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_3 1 Tf 10.9131 0 0 10.9131 135.6178 362.546 Tm (\()Tj /T1_4 1 Tf (h)Tj /T1_3 1 Tf (\))Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.649 0 Td (+)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.075 0 Td (\(1)Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 1.11 0 Td (\241)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1 0 Td (Pr)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.238 0 Td (\()Tj /T1_4 1 Tf (\264)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.199 0 Td (=)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1.055 0 Td (h)Tj /T1_3 1 Tf (\)\))Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1.521 0 Td (\274)Tj EMC /StyleSpan <>BDC /T1_5 1 Tf 7.9722 0 0 7.9722 249.6797 360.9055 Tm (1)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_3 1 Tf 10.9131 0 0 10.9131 256.2316 362.546 Tm (\()Tj /T1_4 1 Tf (l)Tj /T1_3 1 Tf 0.707 0 Td (\),)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.139 0 Td [(no)26 (w)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 2.195 0 Td [(follo)26 (w)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 3.001 0 Td (directly)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 3.752 0 Td [(b)26 (y)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.501 0 Td (substituting)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 5.678 0 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1.636 0 Td (\274)Tj EMC /StyleSpan <>BDC /T1_5 1 Tf 7.9722 0 0 7.9722 476.8333 360.9055 Tm (1)Tj EMC /P <>BDC /T1_3 1 Tf 10.9131 0 0 10.9131 481.5647 362.546 Tm (\()Tj /T1_4 1 Tf (l)Tj /T1_3 1 Tf 0.707 0 Td (\))Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 0.852 0 Td (=)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.242 0 Td (0)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 0.944 0 Td (and)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_5 1 Tf 7.9722 0 0 7.9722 381.2066 353.2934 Tm (1)Tj EMC /P <>BDC /T1_4 1 Tf 10.9131 0 0 10.9131 72 349.0022 Tm (\274)Tj EMC /StyleSpan <>BDC /T1_5 1 Tf 7.9722 0 0 7.9722 78.6118 347.3617 Tm (1)Tj EMC /P <>BDC /T1_3 1 Tf 10.9131 0 0 10.9131 83.3432 349.0022 Tm (\()Tj /T1_4 1 Tf (h)Tj /T1_3 1 Tf (\))Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.686 0 Td (from)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 2.365 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.722 0 Td [(ab)-28 (o)27 (v)28 (e)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 2.833 0 Td (expression,)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 5.098 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.944 0 Td (simplifying)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 5.117 0 Td (as)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1.219 0 Td (E)Tj /T1_3 1 Tf 0.796 0 Td ([)Tj /T1_4 1 Tf (\274)Tj EMC /StyleSpan <>BDC /T1_5 1 Tf 7.9722 0 0 7.9722 341.5855 347.3617 Tm (1)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_3 1 Tf 10.9131 0 0 10.9131 348.1373 349.0022 Tm (\()Tj /T1_4 1 Tf (\264)Tj /T1_3 1 Tf 0.921 0 Td [(\)])-277 (=)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 2.773 0 Td (\(2)Tj /T1_4 1 Tf (\301)Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 1.707 0 Td (\241)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 0.999 0 Td (1\).)Tj EMC /P <>BDC /T1_5 1 Tf 7.9722 0 0 7.9722 381.2066 345.2312 Tm (2)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_3 1 Tf 10.9131 0 0 10.9131 88.9347 335.4484 Tm [(Finally)83 (,)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 3.655 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.767 0 Td (distribution)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 5.499 0 Td (functions)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 4.357 0 Td (can)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.879 0 Td [(b)-28 (e)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.407 0 Td (obtained)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 4.156 0 Td [(b)26 (y)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.435 0 Td (solving)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 3.412 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.768 0 Td [(follo)27 (wing)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 4.268 0 Td (expression)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 4.865 0 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.576 0 Td (ex)Tj EMC /HyphenSpan <>BDC (-)Tj EMC /P <>BDC -41.596 -1.242 Td [(p)-27 (ected)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 3.195 0 Td (pro\257t:)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_4 1 Tf 6.018 -2.246 Td (\274)Tj EMC /StyleSpan <>BDC /T1_5 1 Tf 7.9722 0 0 7.9722 179.15 295.7573 Tm (1)Tj EMC /P <>BDC /T1_3 1 Tf 10.9131 0 0 10.9131 183.8813 297.3878 Tm (\()Tj /T1_4 1 Tf [(r)27 (;)]TJ /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1.257 0 Td (h)Tj /T1_3 1 Tf [(\))-277 (=)]TJ /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_4 1 Tf 2.297 0 Td (\274)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_3 1 Tf 0.884 0 Td (=)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.055 0 Td (\(1)Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 1.111 0 Td (\241)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1 0 Td (F)Tj EMC /StyleSpan <>BDC /T1_5 1 Tf 7.9722 0 0 7.9722 273.8665 295.7573 Tm (2)Tj EMC /P <>BDC /T1_3 1 Tf 10.9131 0 0 10.9131 278.5978 297.3878 Tm (\()Tj /T1_4 1 Tf (r)Tj /T1_3 1 Tf 0.867 0 Td (\)\)\()Tj /T1_4 1 Tf [(r)-27 (p)]TJ /T1_3 1 Tf 2.148 0 Td (\()Tj /T1_4 1 Tf (h)Tj /T1_3 1 Tf (\))Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 1.576 0 Td (\241)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 0.999 0 Td (1\))Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf -8.774 -1.381 Td (1)Tj 12.738 0 Td (1)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_4 1 Tf -18.308 -0.676 Td (\274)Tj EMC /StyleSpan <>BDC /T1_5 1 Tf 7.9722 0 0 7.9722 189.6729 273.291 Tm (2)Tj EMC /P <>BDC /T1_3 1 Tf 10.9131 0 0 10.9131 194.4143 274.9315 Tm (\()Tj /T1_4 1 Tf (r)Tj /T1_3 1 Tf 0.867 0 Td [(\))-277 (=)-278 (0)-278 (=)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 4.273 0 Td (\(1)Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 1.111 0 Td (\241)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 0.999 0 Td (F)Tj EMC /StyleSpan <>BDC /T1_5 1 Tf 7.9722 0 0 7.9722 280.5584 273.291 Tm (1)Tj EMC /P <>BDC /T1_3 1 Tf 10.9131 0 0 10.9131 285.2897 274.9315 Tm (\()Tj /T1_4 1 Tf [(r)27 (;)]TJ /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1.256 0 Td (h)Tj /T1_3 1 Tf 0.577 0 Td (\)\)\()Tj /T1_4 1 Tf 1.166 0 Td [(r)-27 (p)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.148 0 Td (\()Tj /T1_4 1 Tf (h)Tj /T1_3 1 Tf (\))Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 1.576 0 Td (\241)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1 0 Td [(1\))-221 (+)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 2.829 0 Td (\()Tj /T1_4 1 Tf [(r)-28 (p)]TJ /T1_3 1 Tf (\()Tj /T1_4 1 Tf (l)Tj /T1_3 1 Tf 2.077 0 Td (\))Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 0.611 0 Td (\241)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1 0 Td (1\))Tj EMC /StyleSpan <>BDC -17.036 -0.686 Td (2)Tj 12.738 0 Td (2)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_3 1 Tf -28.486 -1.79 Td (Substituting)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 5.754 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.193 0 Td (for)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_4 1 Tf 1.554 0 Td (\274)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_3 1 Tf 0.965 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.97 0 Td (taking)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 3.11 0 Td [(exp)-28 (ectations)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 5.809 0 Td (yields)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 2.838 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.749 0 Td (pro\257t)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 2.752 0 Td (expression)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 4.845 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.193 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.749 0 Td [(prop)-28 (osition;)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 5.576 0 Td (sim)Tj EMC /HyphenSpan <>BDC (-)Tj EMC /P <>BDC -41.058 -1.241 Td [(ilarly)83 (,)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 2.992 0 Td (solving)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 3.536 0 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1.697 0 Td (F)Tj EMC /StyleSpan <>BDC /T1_5 1 Tf 7.9722 0 0 7.9722 168.7871 232.7297 Tm (1)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_3 1 Tf 10.9131 0 0 10.9131 179 234.3701 Tm (and)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 2.114 0 Td (F)Tj EMC /StyleSpan <>BDC /T1_5 1 Tf 7.9722 0 0 7.9722 209.0784 232.7297 Tm (2)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_3 1 Tf 10.9131 0 0 10.9131 219.3012 234.3701 Tm (yields)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 2.98 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.892 0 Td (\(unique\))Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 4.198 0 Td (mixing)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 3.475 0 Td (distributions)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 6.01 0 Td (F)Tj EMC /StyleSpan <>BDC /T1_5 1 Tf 7.9722 0 0 7.9722 428.8099 232.7297 Tm (1)Tj EMC /P <>BDC /T1_3 1 Tf 10.9131 0 0 10.9131 433.5412 234.3701 Tm (\()Tj /T1_4 1 Tf [(r)27 (;)]TJ /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1.256 0 Td (h)Tj /T1_3 1 Tf 0.577 0 Td [(\))-560 (=)-560 (2)]TJ /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_7 1 Tf 7.9722 0 0 7.9722 490.8672 239.3015 Tm (pr)Tj /T1_9 1 Tf 1.044 0 Td (\241)Tj /T1_5 1 Tf 0.827 0 Td (1)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_3 1 Tf 10.9131 0 0 10.9131 522.4261 234.3701 Tm (and)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_7 1 Tf 7.9722 0 0 7.9722 485.1357 230.459 Tm (p)Tj /T1_5 1 Tf 0.534 0 Td (\()Tj /T1_7 1 Tf 0.414 0 Td (h)Tj /T1_5 1 Tf 0.611 0 Td (\))Tj /T1_7 1 Tf 0.414 0 Td (r)Tj /T1_9 1 Tf 0.508 0 Td (\241)Tj /T1_5 1 Tf 0.827 0 Td (1)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_7 1 Tf -47.516 -1.03 Td (pr)Tj /T1_9 1 Tf 1.043 0 Td (\241)Tj /T1_5 1 Tf 0.827 0 Td (1)Tj 15.521 -0.079 Td (1)Tj EMC /P <>BDC /T1_4 1 Tf 10.9131 0 0 10.9131 72 217.3153 Tm (F)Tj EMC /StyleSpan <>BDC /T1_5 1 Tf 7.9722 0 0 7.9722 79.012 215.6849 Tm (2)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_3 1 Tf 10.9131 0 0 10.9131 85.5638 217.3153 Tm (\()Tj /T1_4 1 Tf (r)Tj /T1_3 1 Tf 0.868 0 Td [(\))-277 (=)-278 (2)]TJ /T1_4 1 Tf 2.221 0 Td (\301)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 3.951 0 Td (on)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.388 0 Td ([)Tj /T1_4 1 Tf 0.277 0 Td (r)Tj EMC /StyleSpan <>BDC /T1_7 1 Tf 7.9722 0 0 7.9722 185.4918 215.6849 Tm (p)Tj EMC /P <>BDC /T1_4 1 Tf 10.9131 0 0 10.9131 190.2531 217.3153 Tm [(;)-166 (R)]TJ /T1_3 1 Tf 1.211 0 Td (\),)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1 0 Td (where)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 2.889 0 Td (r)Tj EMC /StyleSpan <>BDC /T1_7 1 Tf 7.9722 0 0 7.9722 250.8301 215.6849 Tm (p)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_3 1 Tf 10.9131 0 0 10.9131 258.6222 217.3153 Tm (=)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.997 0 Td (\(for)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.918 0 Td (details,)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 3.45 0 Td (see)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.615 0 Td [(Hausw)27 (ald)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 4.56 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.943 0 Td (Marquez,)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 4.391 0 Td (2001\).)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 3.111 0 Td (Notice)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_7 1 Tf 7.9722 0 0 7.9722 126.9754 213.4142 Tm (p)Tj /T1_5 1 Tf 0.535 0 Td (\()Tj /T1_7 1 Tf (h)Tj /T1_5 1 Tf (\))Tj /T1_7 1 Tf (r)Tj /T1_9 1 Tf 1.947 0 Td (\241)Tj /T1_5 1 Tf (1)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_7 1 Tf 15.626 0.018 Td (p)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_3 1 Tf 10.9131 0 0 10.9131 72 202.2411 Tm (that)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 2.214 0 Td (F)Tj EMC /StyleSpan <>BDC /T1_5 1 Tf 7.9722 0 0 7.9722 103.1787 200.6007 Tm (1)Tj EMC /P <>BDC /T1_3 1 Tf 10.9131 0 0 10.9131 107.91 202.2411 Tm (\()Tj /T1_4 1 Tf [(R)-7 (;)]TJ /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1.6 0 Td (h)Tj /T1_3 1 Tf (\))Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1.323 0 Td (<)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.136 0 Td (1)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 0.881 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1.992 0 Td (\257)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 0.977 0 Td (=)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1.136 0 Td (F)Tj EMC /StyleSpan <>BDC /T1_5 1 Tf 7.9722 0 0 7.9722 213.6196 200.6007 Tm (2)Tj EMC /P <>BDC /T1_3 1 Tf 10.9131 0 0 10.9131 218.351 202.2411 Tm (\()Tj /T1_4 1 Tf (R)Tj /T1_3 1 Tf 1.156 0 Td (\))Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 0.746 0 Td (<)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.136 0 Td (1)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 0.881 0 Td (so)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.276 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 2.215 0 Td (bank)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 2.52 0 Td (1)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 0.882 0 Td (bids)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 2.165 0 Td (with)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 2.326 0 Td (an)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.438 0 Td (atom)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 2.603 0 Td (at)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.271 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.771 0 Td [(upp)-27 (er)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 2.912 0 Td (end)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.938 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.187 0 Td (its)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf -41.833 -1.241 Td [(supp)-27 (ort)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 3.703 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.944 0 Td [(consequen)27 (tly)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 5.922 0 Td (bank)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 2.473 0 Td (2)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 0.833 0 Td (refrains)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 3.595 0 Td (from)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 2.364 0 Td (bidding)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 3.611 0 Td (with)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 2.279 0 Td [(probabilit)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 5.114 0 Td (1)Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 0.708 0 Td (\241)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1 0 Td (\257)Tj /T1_3 1 Tf 0.618 0 Td (.)Tj /T1_1 1 Tf ( )Tj /T1_10 1 Tf 0.722 0 Td (2)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_2 1 Tf -34.886 -2.337 Td [(Pro)-31 (of)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.143 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.277 0 Td [(Prop)-32 (osition)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 6.186 0 Td (2.)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.325 0 Td [(Bro)-27 (ec)27 (k)28 (er)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 4.129 0 Td (\(1990\))Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 3.083 0 Td (establishes)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 4.933 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.694 0 Td (nonexistence)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 5.838 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.111 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 0.805 0 Td (pure-strategy)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 6.122 0 Td (equilib)Tj EMC /HyphenSpan <>BDC (-)Tj EMC /P <>BDC -39.646 -1.242 Td (rium)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 2.372 0 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.511 0 Td (banks)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 2.847 0 Td [(comp)-28 (eting)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 4.842 0 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.512 0 Td [(b)-27 (orro)26 (w)28 (ers)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 4.578 0 Td (on)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.37 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.704 0 Td (basis)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 2.436 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.12 0 Td (conditionally)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 5.954 0 Td [(indep)-27 (enden)26 (t)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 5.648 0 Td (credit)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 2.817 0 Td (screens)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 3.383 0 Td (of)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_11 1 Tf 5.9817 0 0 5.9817 80.7825 133.6919 Tm (19)Tj EMC /StyleSpan <>BDC /T1_12 1 Tf 8.9625 0 0 8.9625 88.5846 129.8809 Tm (This)Tj /T1_1 1 Tf ( )Tj /T1_12 1 Tf 2.346 0 Td [(represen)27 (ts)]TJ /T1_1 1 Tf ( )Tj /T1_12 1 Tf 4.842 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_12 1 Tf 0.857 0 Td (restriction)Tj /T1_1 1 Tf ( )Tj /T1_12 1 Tf 4.922 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_13 1 Tf 2.233 0 Td [(\301)-285 (>)-286 (\301)]TJ /T1_12 1 Tf 2.595 0 Td (,)Tj /T1_1 1 Tf ( )Tj /T1_12 1 Tf 0.629 0 Td (w)Tj EMC /P <>BDC [(hic)27 (h)]TJ /T1_1 1 Tf ( )Tj /T1_12 1 Tf 2.941 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_12 1 Tf 1.033 0 Td [(v)27 (eri\257ed)]TJ /T1_1 1 Tf ( )Tj /T1_12 1 Tf 3.6 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_12 1 Tf 1.2 0 Td (equilibrium.)Tj /T1_1 1 Tf ( )Tj /T1_12 1 Tf 5.856 0 Td (See)Tj /T1_1 1 Tf ( )Tj /T1_12 1 Tf 1.827 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_12 1 Tf 1.771 0 Td [(pro)-28 (of)]TJ /T1_1 1 Tf ( )Tj /T1_12 1 Tf 2.686 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_12 1 Tf 1.171 0 Td [(Prop)-28 (osition)]TJ /T1_1 1 Tf ( )Tj /T1_12 1 Tf 5.532 0 Td (3.)Tj /T1_1 1 Tf ( )Tj EMC /Artifact <>BDC /T1_3 1 Tf 10.9131 0 0 10.9131 300.544 91.9302 Tm (25)Tj /T1_1 1 Tf ( )Tj EMC ET endstream endobj 239 0 obj <> endobj 252 0 obj <> endobj 93 0 obj <> endobj 1458 0 obj <>stream H\݊0s{,`|I/6 k-94a?IWûhv]U[u<k|;ӲN3=l?xKZ[m|wy_ҭcSV=w?7>ճ囗߇֘cղXl/]6-g^W:}9lӕbOu]vy=43_>POLa $b 28 3A z=AG#zD$G@(4LIG#Hz$=IG#Y$YIGѣ' SGѣQ(z=EGѣXEGӣѬGӣhz4=M.4L]<:Gӣ1cJc1z =CcXCa} =Xz,=tn~ZTK%ՒjIZR-TK%ՒHu:RKq8z=Gq8z=Oxz<=Oxz<=@O' z=!{Dg@' z=&{Ds.oM}KnwJ86*j/:Sse?Nc? endstream endobj 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/T1_0 1 Tf 1.803 0 Td [(allo)26 (w)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.554 0 Td (banks)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.836 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.193 0 Td [(carv)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.583 0 Td (up)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.415 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.692 0 Td [(mark)27 (et)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.362 0 Td (so)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -42.007 -2.009 Td (as)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.197 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.193 0 Td (retain)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.862 0 Td [(monop)-28 (oly)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.583 0 Td [(p)-28 (o)27 (w)28 (er)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.89 0 Td [(o)27 (v)28 (er)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.112 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.804 0 Td (certain)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.307 0 Td (subset)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.037 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.11 0 Td [(b)-28 (orro)27 (w)28 (ers.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.976 0 Td [(Suc)27 (h)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.388 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.804 0 Td [(p)-28 (olicy)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.916 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.11 0 Td [(allo)27 (wing)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.888 0 Td (banks)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.837 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -42.014 -2.008 Td (pro\257t)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.686 0 Td (from)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.325 0 Td (their)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.352 0 Td [(inno)27 (v)56 (ations)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.244 0 Td [(ma)26 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.128 0 Td [(ha)27 (v)28 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.266 0 Td (e\256ects)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.994 0 Td (similar)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.247 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.183 0 Td (regulatory)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.772 0 Td [(commitmen)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.767 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.183 0 Td (limit)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.35 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.683 0 Td [(exten)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -40.18 -2.009 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.139 0 Td [(tec)27 (hnological)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.973 0 Td (di\256usion.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.423 0 Td [(Ho)27 (w)28 (ev)28 (er,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.308 0 Td [(w)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.472 0 Td [(lea)27 (v)28 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.472 0 Td (questions)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.372 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.14 0 Td (industrial)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.508 0 Td (organization)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.726 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.944 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.723 0 Td (di\256usion)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -39.2 -2.009 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.139 0 Td (\257nancial)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4 0 Td [(inno)27 (v)55 (ation)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.889 0 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.53 0 Td (future)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.976 0 Td [(researc)27 (h.)]TJ /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf -12.982 -2.008 Td [(Finally)83 (,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.553 0 Td [(w)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.415 0 Td (note)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.166 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.11 0 Td [(inno)27 (v)56 (ations)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.227 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.888 0 Td (their)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.335 0 Td (di\256usion)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.977 0 Td [(t)26 (ypically)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.028 0 Td [(o)-27 (ccur)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.64 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.11 0 Td [(incremen)26 (ts)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.98 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.888 0 Td [(o)27 (v)28 (er)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.085 0 Td (time)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -40.954 -2.009 Td (so)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.287 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.227 0 Td (this)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.011 0 Td [(pro)-28 (cess)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.547 0 Td (has)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.844 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.893 0 Td (clear)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.452 0 Td (dynamic)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.089 0 Td (dimension.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.298 0 Td (Although)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.478 0 Td (our)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.841 0 Td [(fo)-28 (cus)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.622 0 Td (has)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.843 0 Td [(b)-28 (een)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.422 0 Td (on)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.45 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.783 0 Td (role)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.008 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -42.095 -2.009 Td (regulatory)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.701 0 Td (di\256usion)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.924 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.029 0 Td (\257nancial)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.891 0 Td [(inno)27 (v)56 (ation)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.779 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.056 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.724 0 Td (static)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.617 0 Td (setting,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.474 0 Td (extending)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.473 0 Td (our)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.671 0 Td [(mo)-28 (del)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.862 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.113 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.723 0 Td (fully)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.169 0 Td (dynamic)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -39.206 -2.008 Td (setting)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.262 0 Td [(w)27 (ould)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.896 0 Td (yield)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.396 0 Td [(in)27 (teresting)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.904 0 Td (new)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.034 0 Td [(insigh)26 (ts)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.629 0 Td (on)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.369 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.702 0 Td (pace)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.257 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.923 0 Td (sequencing)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.013 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.119 0 Td (\257nancial)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.979 0 Td [(inno)26 (v)56 (ations.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.666 0 Td (A)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -42.149 -2.009 Td (dynamic)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.054 0 Td (setting)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.31 0 Td [(migh)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.888 0 Td (also)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.031 0 Td (admit)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.916 0 Td (other)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.641 0 Td [(mec)27 (hanisms)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.564 0 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.557 0 Td [(commitmen)27 (t,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.116 0 Td [(suc)26 (h)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.282 0 Td (as)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.254 0 Td [(allo)27 (wing)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.944 0 Td (regulators)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -38.557 -2.009 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.178 0 Td (establish)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.079 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.79 0 Td (reputation)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.849 0 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.487 0 Td (adhering)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.071 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.179 0 Td (announced)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.957 0 Td (dissemination)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.246 0 Td [(p)-28 (olicies.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.907 0 Td [(Suc)26 (h)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.375 0 Td (analysis,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.004 0 Td [(ho)27 (w)27 (ev)28 (er,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -39.122 -2.008 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.005 0 Td [(b)-28 (ey)27 (ond)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.472 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.722 0 Td [(scop)-28 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.7 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.139 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.722 0 Td [(presen)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.481 0 Td [(pap)-28 (er.)]TJ /T1_1 1 Tf ( )Tj EMC /Artifact <>BDC /T1_0 1 Tf 5.701 -30.981 Td (24)Tj /T1_1 1 Tf ( )Tj EMC ET endstream endobj 1460 0 obj [264 0 R] endobj 1461 0 obj <>stream /Artifact <>BDC q 1.00028 0 0 1.00028 72 769.82 cm 0 G 0.4 w q 1 0 0 1 0 -602.48 cm 0 0 m 187.15 0 l S Q Q EMC BT /P <>BDC 0 g /T1_0 1 Tf 0 Tc 0 Tw 0 Ts 100 Tz 0 Tr 10.9131 0 0 10.9131 72 758.8569 Tm (regulators)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.599 0 Td [(migh)26 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.783 0 Td (let)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.366 0 Td (banks)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.788 0 Td [(paten)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.061 0 Td (their)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.313 0 Td [(inno)27 (v)56 (ations)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.205 0 Td (but)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.755 0 Td [(migh)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.783 0 Td (then)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.2 0 Td (exert)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.452 0 Td (pressure)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.827 0 Td (on)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.31 0 Td (them)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.477 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.144 0 Td (license)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf -40.063 -2.008 Td [(adv)55 (ances)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.284 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.252 0 Td (risk)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.01 0 Td [(managemen)27 (t.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.506 0 Td [(Inno)27 (v)55 (ators)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.01 0 Td [(w)27 (ould)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.001 0 Td [(no)26 (w)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.169 0 Td [(receiv)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.366 0 Td [(comp)-27 (ensation)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.396 0 Td (from)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.449 0 Td [(comp)-28 (etitors)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.565 0 Td (or)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -42.008 -2.009 Td [(sup)-27 (ervisory)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.323 0 Td [(b)-27 (o)-28 (dies)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.117 0 Td (through)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.78 0 Td [(ro)27 (y)28 (alt)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.365 0 Td [(pa)27 (ymen)28 (ts)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.478 0 Td (or)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.225 0 Td (licensing)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.061 0 Td (fees.)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_2 1 Tf 14.344 0 0 14.344 72 669.5619 Tm (7)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.687 0 Td (Discussion)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.506 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.172 0 Td (Conclusion)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf 10.9131 0 0 10.9131 72 636.8328 Tm (In)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.35 0 Td (this)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.05 0 Td [(pap)-28 (er,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.211 0 Td [(w)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.571 0 Td (analyze)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.683 0 Td (some)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.605 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.24 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.822 0 Td (forces)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.914 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.266 0 Td [(shap)-28 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.911 0 Td (\257nancial)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.1 0 Td [(inno)27 (v)55 (ation)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.989 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.266 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.822 0 Td (area)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.27 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.239 0 Td (risk)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -41.309 -2.008 Td [(assessmen)27 (t,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.338 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.953 0 Td [(w)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.48 0 Td [(highligh)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.203 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.731 0 Td (con\260icting)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.842 0 Td [(resp)-28 (onsibilities)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.778 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.148 0 Td (regulators)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.687 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.175 0 Td (fostering)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.1 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.952 0 Td (dissemi)Tj EMC /HyphenSpan <>BDC (-)Tj EMC /P <>BDC -39.387 -2.009 Td (nating)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.076 0 Td [(tec)26 (hnological)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.938 0 Td [(adv)54 (ances)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.166 0 Td (under)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.802 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.688 0 Td (Basel)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.623 0 Td [(I)-28 (I)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.049 0 Td [(prop)-28 (osal.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.414 0 Td (Although)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.383 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.688 0 Td (new)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.02 0 Td [(framew)26 (ork)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.888 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.971 0 Td (explicit)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -39.706 -2.009 Td [(ab)-27 (out)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.855 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.715 0 Td (dissemination)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.282 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.132 0 Td [(b)-28 (est)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.139 0 Td (practices,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.446 0 Td (it)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.994 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.998 0 Td [(silen)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.637 0 Td (on)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.383 0 Td [(ho)27 (w)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.076 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.215 0 Td (encourage)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.663 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.715 0 Td [(dev)27 (elopmen)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.799 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.132 0 Td (new)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -41.181 -2.008 Td [(tec)27 (hnology)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.042 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.209 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.765 0 Td (\257rst)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.106 0 Td (place.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.072 0 Td (In)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.292 0 Td (particular,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.948 0 Td (it)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.042 0 Td [(do)-28 (es)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.299 0 Td [(v)27 (ery)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.239 0 Td (little)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.432 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.265 0 Td (address)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.611 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.765 0 Td [(inheren)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.962 0 Td (tension)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.493 0 Td [(b)-27 (e)]TJ EMC /HyphenSpan <>BDC (-)Tj EMC /P <>BDC -41.542 -2.009 Td [(t)27 (w)28 (een)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.846 0 Td (Pillars)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.147 0 Td (1)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.848 0 Td (\(risk-based)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.111 0 Td (capital-adequacy)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 7.68 0 Td (standards\))Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.972 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.958 0 Td (3)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.848 0 Td (\(public)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.403 0 Td (disclosure)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.583 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.153 0 Td (risks)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.334 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.958 0 Td (their)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -40.841 -2.009 Td [(managemen)27 (t\))]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.275 0 Td [(b)-28 (ecause)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.725 0 Td (enhanced)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.414 0 Td (transparency)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.009 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.969 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.747 0 Td (di\256usion)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.059 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.164 0 Td [(tec)27 (hnological)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.998 0 Td (progress)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.93 0 Td [(h)27 (urt)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.223 0 Td (the)Tj /T1_1 1 Tf ( )Tj EMC /Link <>BDC /T1_0 1 Tf -41.513 -2.008 Td [(pro\257tabilit)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.503 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.139 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.723 0 Td [(inno)27 (v)56 (ator.)]TJ EMC /StyleSpan <>BDC /T1_3 1 Tf 7.9722 0 0 7.9722 211.149 487.3409 Tm (18)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf 10.9131 0 0 10.9131 88.9347 461.4537 Tm (This)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.225 0 Td (tension)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.392 0 Td [(b)-28 (et)27 (w)27 (een)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.803 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1.661 0 Td (ex)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1.228 0 Td (ante)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.216 0 Td [(incen)28 (tiv)27 (es)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.531 0 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.472 0 Td [(inno)27 (v)55 (ation)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.831 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.887 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1.658 0 Td (ex)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1.228 0 Td [(p)50 (ost)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.082 0 Td (dissemination)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.23 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.082 0 Td [(b)-28 (est)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -41.077 -2.009 Td (practices)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.126 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.174 0 Td (reduce)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.12 0 Td (bank)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.424 0 Td (risk)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.876 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.957 0 Td (at)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.173 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.674 0 Td (heart)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.565 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.091 0 Td (our)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.731 0 Td (analysis.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.134 0 Td [(W)82 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.674 0 Td [(sho)27 (w)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.428 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.118 0 Td (regulators)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.629 0 Td (who)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.063 0 Td (minimize)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -38.957 -2.008 Td (aggregate)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.435 0 Td (credit)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.77 0 Td (risk)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.859 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.1 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.656 0 Td (banking)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.739 0 Td (system)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.249 0 Td (will)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.823 0 Td [(c)26 (ho)-26 (ose)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.106 0 Td (dissemination)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.223 0 Td [(p)-28 (olicies)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.468 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.099 0 Td (leads)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.439 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.156 0 Td (less)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.778 0 Td (than)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -40.9 -2.009 Td [(p)-27 (erfect)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.371 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.98 0 Td (less)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.88 0 Td (than)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.369 0 Td [(instan)26 (taneous)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.353 0 Td (access)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.991 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.258 0 Td [(inno)27 (v)56 (ations)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.319 0 Td [(b)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.425 0 Td [(comp)-28 (etitors.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.977 0 Td [(Ho)27 (w)28 (ev)28 (er,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.352 0 Td [(suc)27 (h)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.291 0 Td (optimal)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -39.566 -2.008 Td (di\256usion)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.082 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.188 0 Td [(tec)27 (hnological)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.021 0 Td (progress)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.954 0 Td [(presupp)-28 (oses)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.596 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.215 0 Td (regulators)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.727 0 Td (can)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.882 0 Td (credibly)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.857 0 Td (commit)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.66 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.271 0 Td (protecting)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -38.453 -2.009 Td [(in)27 (tellectual)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.197 0 Td [(prop)-27 (ert)26 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.147 0 Td [(righ)26 (ts)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.873 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.197 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.781 0 Td [(inno)27 (v)55 (ating)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.948 0 Td (bank.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.037 0 Td (If)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.059 0 Td (adequate)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.309 0 Td [(commitmen)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.864 0 Td [(mec)27 (hanisms)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.597 0 Td (do)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.448 0 Td (not)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -41.457 -2.009 Td (exist)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.345 0 Td (or)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.204 0 Td (are)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.649 0 Td (not)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.757 0 Td (feasible,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.795 0 Td (less)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.824 0 Td [(inno)27 (v)56 (ation)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.868 0 Td [(tak)27 (es)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.541 0 Td (place,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.816 0 Td [(whic)27 (h)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.841 0 Td (increases)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.159 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.702 0 Td [(o)27 (v)28 (erall)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.177 0 Td (risk)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.904 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.146 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.701 0 Td (banking)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -39.429 -2.008 Td (system.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.695 0 Td (Regulators)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.993 0 Td [(migh)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.832 0 Td (then)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.249 0 Td [(ha)27 (v)28 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.276 0 Td (an)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.359 0 Td [(incen)26 (tiv)28 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.166 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.192 0 Td (encourage)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.64 0 Td (banks)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.837 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.193 0 Td (assert)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.817 0 Td [(prop)-28 (ert)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.06 0 Td [(righ)27 (ts)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.784 0 Td [(o)27 (v)27 (er)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -41.093 -2.009 Td (\257nancial)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4 0 Td [(inno)27 (v)56 (ations)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.284 0 Td (through)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.78 0 Td (other)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.614 0 Td (means,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.339 0 Td [(suc)27 (h)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.255 0 Td (as)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.228 0 Td (\257nancial)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4 0 Td [(paten)27 (ts.)]TJ /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf -24.948 -2.009 Td [(Sev)27 (eral)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.523 0 Td (empirical)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.412 0 Td [(observ)54 (ations)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.785 0 Td (emerge)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.467 0 Td (from)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.44 0 Td (our)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.856 0 Td (analysis.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.378 0 Td (In)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.327 0 Td (particular,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.989 0 Td [(w)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.547 0 Td [(w)27 (ould)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.992 0 Td [(exp)-28 (ect)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.243 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -41.511 -2.008 Td [(gro)27 (wing)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.79 0 Td (trend)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.705 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.259 0 Td [(paten)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.176 0 Td (\257nancial)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.037 0 Td [(pro)-28 (cesses)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.361 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.981 0 Td [(metho)-27 (dologies)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.569 0 Td (\(see,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.329 0 Td (e.g.,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.157 0 Td (Lerner,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.51 0 Td (2002,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.657 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.981 0 Td (2004\))Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -40.512 -2.009 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.198 0 Td (accelerate)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.59 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.143 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.699 0 Td (area)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.146 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.116 0 Td (risk)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.902 0 Td [(assessmen)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.026 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.921 0 Td [(managemen)26 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.839 0 Td (under)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.813 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.699 0 Td (Basel)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.634 0 Td [(I)-28 (I)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.06 0 Td [(framew)27 (ork.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.303 0 Td [(A)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.421 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -41.51 -2.009 Td (same)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.574 0 Td (time,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.641 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.791 0 Td (returns)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.524 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.292 0 Td [(suc)27 (h)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.324 0 Td [(inno)27 (v)55 (ations)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.353 0 Td (should)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.241 0 Td (fall)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.763 0 Td (as)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.296 0 Td (they)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.32 0 Td [(b)-27 (ecome)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.653 0 Td (more)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.571 0 Td (rapidly)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.488 0 Td [(a)27 (v)55 (ailable)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.18 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -42.011 -2.008 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.765 0 Td [(industry)82 (.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.418 0 Td [(W)83 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.765 0 Td [(ma)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.21 0 Td (also)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.049 0 Td (see)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.66 0 Td [(inno)26 (v)56 (ating)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.933 0 Td (banks)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.91 0 Td (receiving)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.241 0 Td [(more-lenien)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.796 0 Td (regulatory)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.855 0 Td [(treatmen)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.685 0 Td (and)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_5 1 Tf 8.9625 0 0 8.9625 72 156.7084 Tm [(mo)-28 (del.)]TJ /T1_1 1 Tf ( )Tj /T1_5 1 Tf 3.454 0 Td (See)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 1.827 0 Td [(Hun)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_5 1 Tf 2.627 0 Td (\(2003\))Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 3.198 0 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 1.573 0 Td (an)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 1.427 0 Td (analysis)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 3.866 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 1.17 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 1.771 0 Td (e\256ect)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 2.713 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 1.17 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 0.857 0 Td [(paten)28 (tabilit)28 (y)]TJ /T1_1 1 Tf ( )Tj /T1_5 1 Tf 6.081 0 Td (standard)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 4.291 0 Td (on)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 1.427 0 Td [(inno)27 (v)57 (ation.)]TJ /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_6 1 Tf 5.9817 0 0 5.9817 80.7825 149.5564 Tm (18)Tj EMC /P <>BDC /T1_5 1 Tf 8.9625 0 0 8.9625 88.5846 145.7453 Tm (In)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 1.313 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 1.799 0 Td [(con)28 (text)]TJ /T1_1 1 Tf ( )Tj /T1_5 1 Tf 3.683 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 1.199 0 Td (moral)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 2.943 0 Td (hazard)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 3.4 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 1.228 0 Td [(in)28 (termediation,)]TJ /T1_1 1 Tf ( )Tj /T1_5 1 Tf 7.205 0 Td [(D)27 (\266)486 (ecamps,)]TJ /T1_1 1 Tf ( )Tj /T1_5 1 Tf 4.709 0 Td [(Ro)-29 (c)28 (het,)]TJ /T1_1 1 Tf ( )Tj /T1_5 1 Tf 3.818 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 2.027 0 Td (Roger)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 3.015 0 Td (\(2003\))Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 3.226 0 Td [(iden)27 (tify)]TJ /T1_1 1 Tf ( )Tj /T1_5 1 Tf 3.77 0 Td (similar)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 3.405 0 Td (tensions)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf -48.59 -1.222 Td (among)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 3.311 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 1.771 0 Td (three)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 2.629 0 Td (pillars)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 3.092 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 1.17 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 1.771 0 Td (Basel)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 2.733 0 Td [(I)-28 (I.)]TJ /T1_1 1 Tf ( )Tj EMC /Artifact <>BDC /T1_0 1 Tf 10.9131 0 0 10.9131 300.544 91.9302 Tm (23)Tj /T1_1 1 Tf ( )Tj EMC ET endstream endobj 264 0 obj <>/Border[0 0 0]/C[0.0 1.0 0.0]/P 167 0 R/Rect[163.313 483.455 219.591 492.094]/StructParent 53/Subtype/Link/Type/Annot>> endobj 1463 0 obj <> endobj 195 0 obj <>/ProcSet[/PDF/Text]>>/StructParents 41/Tabs/S/Type/Page>> endobj 206 0 obj <>/ProcSet[/PDF/Text]>>/StructParents 45/Tabs/S/Type/Page>> endobj 1465 0 obj <>stream BT /Span <>BDC /T1_0 1 Tf 10.9131 0 0 10.9131 72 758.8569 Tm ([17])Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_0 1 Tf 2.055 0 Td [(Hun)27 (t,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.772 0 Td (R.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.271 0 Td (\(2003\),)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.328 0 Td [(\\P)27 (aten)28 (tabilit)27 (y)84 (,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.648 0 Td (Industry)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.988 0 Td (Structure,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.668 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.868 0 Td [(Inno)27 (v)56 (ation,")]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.673 0 Td [(W)82 (orking)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.955 0 Td [(P)27 (ap)-27 (er)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.83 0 Td (01-13/R,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -37.001 -1.241 Td [(F)83 (ederal)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.516 0 Td [(Reserv)26 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.689 0 Td (Bank)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.625 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.14 0 Td (Philadelphia.)Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_0 1 Tf -13.025 -2.063 Td ([18])Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_0 1 Tf 2.055 0 Td (Lerner,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.526 0 Td (J.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.176 0 Td (\(2002\),)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.452 0 Td (\\Where)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.748 0 Td [(Do)-28 (es)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.514 0 Td (State)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.662 0 Td (Street)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.997 0 Td (Lead?)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.192 0 Td (A)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.134 0 Td (First)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.49 0 Td [(Lo)-27 (ok)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.564 0 Td (at)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.273 0 Td (Finance)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.814 0 Td [(P)27 (aten)27 (ts,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.972 0 Td (1971)Tj EMC /HyphenSpan <>BDC (-)Tj EMC /Span <>BDC -38.514 -1.242 Td (2000,")Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.11 0 Td (Journal)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.628 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.139 0 Td (Finance)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.816 0 Td (57:)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.722 0 Td (901-930.)Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_0 1 Tf -15.47 -2.063 Td ([19])Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_0 1 Tf 2.055 0 Td (Lerner,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.6 0 Td (J.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.234 0 Td (\(2004\),)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.525 0 Td (\\The)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.664 0 Td (New)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.359 0 Td (New)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.36 0 Td (Financial)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.484 0 Td (Thing:)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.551 0 Td (The)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.164 0 Td (Sources)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.728 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.248 0 Td [(Inno)27 (v)55 (ation)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.081 0 Td (Before)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.236 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -39.234 -1.241 Td (After)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.614 0 Td (State)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.611 0 Td (Street,")Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.725 0 Td (NBER)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.209 0 Td [(W)83 (orking)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.031 0 Td [(P)27 (ap)-27 (er)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.906 0 Td (10223.)Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_0 1 Tf -21.151 -2.063 Td ([20])Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_0 1 Tf 2.055 0 Td (Merton,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.878 0 Td (R.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.404 0 Td (\(1995\),)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.459 0 Td (\\Financial)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.932 0 Td [(Inno)27 (v)55 (ation)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.028 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.001 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.778 0 Td [(Managemen)26 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.001 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.001 0 Td (Regulation)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.125 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.196 0 Td (Financial)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -36.803 -1.242 Td (Institutions,")Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 6.148 0 Td (Journal)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.628 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.139 0 Td (Banking)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.959 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.944 0 Td (Finance)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.814 0 Td (19:)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.722 0 Td (461-481.)Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_0 1 Tf -24.409 -2.062 Td ([21])Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_0 1 Tf 2.055 0 Td (Mishkin,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.083 0 Td (F.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.222 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.903 0 Td [(P)83 (.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.166 0 Td (Strahan)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.739 0 Td (\(1999\),)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.355 0 Td (\\What)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.264 0 Td (Will)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.152 0 Td [(T)82 (ec)28 (hnology)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.208 0 Td (do)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.347 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.181 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.68 0 Td (Financial)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.333 0 Td (Structure?")Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.38 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -40.013 -1.242 Td [(Rob)-27 (ert)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.329 0 Td (Litan)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.631 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.896 0 Td [(An)27 (thon)28 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.063 0 Td [(San)27 (tomero,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.214 0 Td (eds.,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.237 0 Td (The)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.006 0 Td (E\256ect)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.826 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.091 0 Td [(T)82 (ec)28 (hnology)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.202 0 Td (on)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.34 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.674 0 Td (Financial)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.326 0 Td (Sector)Tj /T1_0 1 Tf 2.716 0 Td (,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -40.552 -1.242 Td [(Bro)-27 (okings-Wharton)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 8.969 0 Td [(P)26 (ap)-26 (ers)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.302 0 Td (on)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.389 0 Td (Financial)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.375 0 Td (Services:)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.203 0 Td (249-287.)Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_0 1 Tf -24.293 -2.063 Td ([22])Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_0 1 Tf 2.055 0 Td [(Reingan)27 (um,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.627 0 Td (J.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.193 0 Td (\(1989\),)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.475 0 Td (\\The)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.623 0 Td (Timing)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.568 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.208 0 Td [(Inno)27 (v)55 (ation:)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.497 0 Td [(Researc)27 (h,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.579 0 Td [(Dev)27 (elopmen)28 (t,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.377 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.012 0 Td (Di\256usion,")Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -36.159 -1.241 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.187 0 Td (R.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.369 0 Td [(Sc)27 (hmalensee)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.777 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.966 0 Td (R.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.368 0 Td (Willig,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.277 0 Td (eds.,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.304 0 Td [(Handb)-28 (o)-27 (ok)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.855 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.161 0 Td (Industrial)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.613 0 Td (Organization)Tj /T1_0 1 Tf 5.663 0 Td (,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.637 0 Td [(V)82 (ol.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.078 0 Td (1,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.138 0 Td (Elsevier)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -37.394 -1.242 Td (Science)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.5 0 Td (Publishers.)Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_0 1 Tf -5.555 -2.063 Td ([23])Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_0 1 Tf 2.055 0 Td (Tirole,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.225 0 Td (J.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.125 0 Td (\(1988\),)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.386 0 Td (The)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.055 0 Td (Theory)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.475 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.139 0 Td (Industrial)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.592 0 Td (Organization)Tj /T1_0 1 Tf 5.664 0 Td (,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.61 0 Td (MIT)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.334 0 Td (Press.)Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_0 1 Tf -29.66 -2.062 Td ([24])Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_0 1 Tf 2.055 0 Td [(T)83 (ufano,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.692 0 Td [(P)83 (.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.229 0 Td (\(1989\):)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.541 0 Td (\\Financial)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.895 0 Td [(Inno)26 (v)56 (ation)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.993 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.964 0 Td [(First-Mo)27 (v)27 (er)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.518 0 Td [(Adv)54 (an)28 (tages,")]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 6.151 0 Td (Journal)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.649 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.159 0 Td (Financial)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf -36.792 -1.242 Td (Economics)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.003 0 Td (25:)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.722 0 Td (213-240.)Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_0 1 Tf -8.78 -2.063 Td ([25])Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_0 1 Tf 2.055 0 Td [(T)83 (ufano,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.625 0 Td [(P)82 (.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.157 0 Td (\(2002\),)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.348 0 Td (\\Financial)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.824 0 Td [(Inno)27 (v)56 (ation,")]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.698 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.115 0 Td (G.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.344 0 Td [(Constan)27 (tinides,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 7.053 0 Td (M.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.477 0 Td (Harris,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.275 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.892 0 Td (R.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.296 0 Td (Stulz,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.792 0 Td (eds.,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf -38.896 -1.241 Td [(Handb)-27 (o)-28 (ok)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.833 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.14 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.722 0 Td (Economics)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.964 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.14 0 Td (Finance)Tj /T1_0 1 Tf 3.423 0 Td (,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.61 0 Td (North)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.92 0 Td (Holland.)Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_0 1 Tf -22.807 -2.063 Td ([26])Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_0 1 Tf 2.055 0 Td [(V)83 (an)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.086 0 Td (Horne,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.29 0 Td (J.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.156 0 Td (\(1985\),)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.427 0 Td (\\Of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.947 0 Td (Financial)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.406 0 Td [(Inno)27 (v)56 (ations)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.397 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.975 0 Td (Excesses,")Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.856 0 Td (Journal)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.658 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.17 0 Td (Finance)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.847 0 Td (40:)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.783 0 Td (621)Tj EMC /HyphenSpan <>BDC (-)Tj EMC /Span <>BDC -38.997 -1.242 Td (636.)Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_0 1 Tf -2.055 -2.063 Td ([27])Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_0 1 Tf 2.055 0 Td [(v)27 (on)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.882 0 Td (Thadden,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.495 0 Td (E.-L.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.521 0 Td (\(2001\),)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.384 0 Td (\\Asymmetric)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.113 0 Td (Information,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.775 0 Td (Bank)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.618 0 Td (Lending)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.841 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.937 0 Td (Implicit)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.744 0 Td [(Con)27 (tracts:)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -36.31 -1.241 Td (The)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.055 0 Td (Winner's)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.258 0 Td (Curse,")Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.619 0 Td (mimeo,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.501 0 Td [(Univ)27 (ersit)28 (\266)472 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.757 0 Td (de)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.334 0 Td (Lausanne.)Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_0 1 Tf -21.579 -2.063 Td ([28])Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_0 1 Tf 2.055 0 Td (White,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.473 0 Td (L.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.37 0 Td (\(1997\),)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.558 0 Td [(\\T)82 (ec)28 (hnological)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.857 0 Td (Change,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.057 0 Td (Financial)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.51 0 Td [(Inno)27 (v)56 (ation,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.418 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.079 0 Td (Financial)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.509 0 Td (Regulation:)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -35.831 -1.242 Td (The)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.995 0 Td (Challenges)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.945 0 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.471 0 Td (Public)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.065 0 Td [(P)26 (olicy)84 (,")]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.65 0 Td [(W)82 (orking)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.971 0 Td [(P)27 (ap)-27 (er)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.847 0 Td (97-33,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.896 0 Td (Wharton)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.194 0 Td [(Sc)27 (ho)-27 (ol)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.107 0 Td [(Cen)27 (ter)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.193 0 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.471 0 Td (Financial)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -36.805 -1.241 Td (Institutions,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.65 0 Td [(Univ)27 (ersit)28 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.813 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.14 0 Td [(P)27 (ennsylv)56 (ania.)]TJ /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_0 1 Tf -13.658 -2.063 Td ([29])Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_0 1 Tf 2.055 0 Td (Wilhelm,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.317 0 Td (W.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.649 0 Td (\(2001\),)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.402 0 Td (\\The)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.565 0 Td [(In)27 (ternet)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.846 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.954 0 Td (Financial)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.385 0 Td [(Mark)27 (et)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.485 0 Td (Structure,")Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.226 0 Td (Oxford)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.402 0 Td (Review)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.496 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.149 0 Td (Eco)Tj EMC /HyphenSpan <>BDC (-)Tj EMC /Span <>BDC -38.876 -1.242 Td (nomic)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.944 0 Td [(P)27 (olicy)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.097 0 Td (17:)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.722 0 Td (235-247.)Tj /T1_1 1 Tf ( )Tj EMC /Artifact <>BDC /T1_0 1 Tf 11.124 -17.731 Td (31)Tj /T1_1 1 Tf ( )Tj EMC ET endstream endobj 1464 0 obj <>stream /Artifact <>BDC q 1.00028 0 0 1.00028 72 769.82 cm 0 G 0.44 w q 1 0 0 1 273.37 -271.7 cm 0 0 m 12.9 0 l -129.44 0 m -110.52 0 l -154.89 60.43 m -135.96 60.43 l -148.14 120.86 m -129.22 120.86 l -68.78 200.64 m -56.02 200.64 l -90.81 200.64 m -71.17 200.64 l -126.18 200.64 m -106.53 200.64 l -162.03 200.64 m -143.11 200.64 l -36.98 247.81 m -21.94 247.81 l 40.41 200.64 m 53.3 200.64 l 18.37 200.64 m 38.02 200.64 l -32.27 200.64 m -12.63 200.64 l -10.24 200.64 m 2.65 200.64 l 65.54 200.64 m 83.16 200.64 l 17.1 171.86 m 32.73 171.86 l 130.71 171.86 m 146.33 171.86 l -37.54 120.86 m -24.65 120.86 l 51.65 120.86 m 69.27 120.86 l -20.43 60.43 m -7.53 60.43 l 38.4 60.43 m 56.02 60.43 l -18.29 0 m -5.4 0 l -191.12 -50.57 m -181.16 -50.57 l 82.99 171.86 m 92.86 171.86 l -123.33 171.86 m -107.71 171.86 l -272.17 154.59 m -256.55 154.59 l 26.52 120.86 m 39.41 120.86 l 13.27 60.43 m 26.16 60.43 l 9.13 -33.27 m 19 -33.27 l 44.41 -33.27 m 54.37 -33.27 l -153.75 -33.27 m -143.89 -33.27 l -30.12 -33.27 m -20.16 -33.27 l -3.22 -33.27 m 6.74 -33.27 l -206.49 -50.57 m -196.53 -50.57 l 147.87 -50.57 m 162.92 -50.57 l S Q Q EMC BT /P <>BDC 0 g /T1_0 1 Tf 0 Tc 0 Tw 0 Ts 100 Tz 0 Tr 10.9131 0 0 10.9131 72 758.8569 Tm (where)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.004 0 Td [(lac)27 (k)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.168 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.253 0 Td [(commitmen)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.918 0 Td (means)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.174 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.274 0 Td (t)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.827 0 Td (=)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.243 0 Td (1.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.561 0 Td [(W)82 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.835 0 Td [(w)26 (an)28 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.558 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.335 0 Td [(sho)26 (w)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.591 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.279 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.946 0 Td (marginal)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.283 0 Td (increase)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.899 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.271 0 Td (e)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -42.419 -1.434 Td (reduces)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.533 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.693 0 Td (banking)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.775 0 Td (system's)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.959 0 Td [(loan-p)-27 (ortfolio)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.195 0 Td (risk:)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_3 1 Tf 7.9722 0 0 7.9722 308.4562 747.4937 Tm (dP)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_4 1 Tf 5.9817 0 0 5.9817 319.3492 750.3045 Tm (2)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_2 1 Tf 10.9131 0 0 10.9131 346.6169 743.2025 Tm (>)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.055 0 Td (0.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.212 0 Td (Start)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.528 0 Td [(b)26 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.36 0 Td (writing)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.418 0 Td (out)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.748 0 Td (this)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.921 0 Td (expression)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_3 1 Tf 7.9722 0 0 7.9722 311.8371 739.4315 Tm (de)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_5 1 Tf 10.9131 0 0 10.9131 324.7007 755.7461 Tm (\257)Tj EMC /StyleSpan <>BDC 0 -0.6 TD (\257)Tj EMC /StyleSpan <>BDC 0 -0.599 TD (\257)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_3 1 Tf 7.9722 0 0 7.9722 328.3418 735.6104 Tm (e)Tj /T1_6 1 Tf 0.492 0 Td (=0)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf 10.9131 0 0 10.9131 72 727.038 Tm (explicitly:)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_2 1 Tf 10.205 -2.167 Td (dP)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_6 1 Tf 7.9722 0 0 7.9722 197.5652 707.3525 Tm (2)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_2 1 Tf 10.9131 0 0 10.9131 219.2312 703.3914 Tm [(@)-55 (P)]TJ /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_6 1 Tf 7.9722 0 0 7.9722 234.1554 707.3525 Tm (2)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_2 1 Tf 10.9131 0 0 10.9131 254.6111 703.3914 Tm [(@)-55 (P)]TJ /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_6 1 Tf 7.9722 0 0 7.9722 269.5253 707.3525 Tm (2)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_2 1 Tf 10.9131 0 0 10.9131 276.6473 703.3914 Tm [(@)-55 (\270)]TJ /T1_1 1 Tf ( )Tj /T1_5 1 Tf 2.5 0.733 Td (\265)Tj /T1_2 1 Tf 0.846 -0.733 Td [(@)-55 (P)]TJ /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_6 1 Tf 7.9722 0 0 7.9722 328.0817 707.3525 Tm (2)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_2 1 Tf 10.9131 0 0 10.9131 335.7138 703.3914 Tm [(@)-54.7 (p)]TJ /T1_0 1 Tf 0.671 0 Td (~)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.905 0 Td [(@)-55 (P)]TJ /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_6 1 Tf 7.9722 0 0 7.9722 378.7459 707.3525 Tm (2)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_2 1 Tf 10.9131 0 0 10.9131 392.7698 703.3914 Tm (p)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 0.659 0.733 Td (\266)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.012 -0.733 Td [(@)-55 (\301)]TJ /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_7 1 Tf 7.9722 0 0 7.9722 423.8985 707.8126 Tm (\244)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_2 1 Tf 10.9131 0 0 10.9131 386.368 703.3914 Tm (@)Tj EMC /StyleSpan <>BDC /T1_5 1 Tf 0.643 0 Td (b)Tj EMC /P <>BDC /T1_0 1 Tf -17.123 -0.676 Td [(=)-2519 (+)-3851.7 (+)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 13.304 0 Td (+)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_2 1 Tf -15.111 -0.686 Td (d\270)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.346 0 Td [(@)-55 (e)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.182 0 Td [(@)-55 (\270)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.763 0 Td [(@)-55 (e)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.643 0 Td [(@)-54.7 (p)]TJ /T1_0 1 Tf 0.671 0 Td (~)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 0.993 0 Td [(@)-55 (\301)]TJ /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_2 1 Tf 3.565 0 Td (p)Tj EMC /P <>BDC 1.078 0 Td [(@)-55 (\301)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.585 0 Td [(@)-55 (e)]TJ /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_2 1 Tf -4.249 0 Td (@)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_5 1 Tf 0.643 0 Td (b)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_3 1 Tf 7.9722 0 0 7.9722 362.5513 671.5125 Tm [(@)-59 (P)]TJ /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_4 1 Tf 5.9817 0 0 5.9817 374.0345 674.3233 Tm (2)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_3 1 Tf 7.9722 0 0 7.9722 428.4598 671.5125 Tm [(@)-59 (\270)]TJ /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_3 1 Tf 5.987 0 Td [(@)-59 (P)]TJ /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_4 1 Tf 5.9817 0 0 5.9817 487.6664 674.3233 Tm (2)Tj EMC /P <>BDC /T1_0 1 Tf 10.9131 0 0 10.9131 72 667.2213 Tm (Since)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.647 0 Td (there)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.595 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.042 0 Td (no)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.426 0 Td (direct)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.873 0 Td (e\256ect)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.675 0 Td (\()Tj EMC /StyleSpan <>BDC /T1_3 1 Tf 7.9722 0 0 7.9722 222.082 671.5125 Tm [(@)-58 (P)]TJ /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_3 1 Tf 0.424 -1.01 Td [(@)-59 (e)]TJ /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_4 1 Tf 5.9817 0 0 5.9817 233.5552 674.3233 Tm (2)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf 10.9131 0 0 10.9131 242.5977 667.2213 Tm (=)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.117 0 Td (0\),)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.546 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.981 0 Td (recalling)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.04 0 Td (that)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_3 1 Tf 7.9722 0 0 7.9722 365.4321 663.4602 Tm [(@)-59 (\270)]TJ /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf 10.9131 0 0 10.9131 383.0771 667.2213 Tm (=)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.116 0 Td (p)Tj /T1_0 1 Tf 0.085 0 Td (~)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 0.664 0 Td (\241)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.025 0 Td (p)Tj EMC /StyleSpan <>BDC /T1_5 1 Tf 0.057 0 Td (b)Tj EMC /P <>BDC /T1_0 1 Tf 0.445 0 Td (,)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_3 1 Tf 7.9722 0 0 7.9722 428.9699 663.4602 Tm [(@)-58 (e)]TJ /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf 10.9131 0 0 10.9131 443.2239 667.2213 Tm (=)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 1.116 0 Td (\241)Tj /T1_2 1 Tf 0.777 0 Td (t)Tj /T1_0 1 Tf (,)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_3 1 Tf 7.9722 0 0 7.9722 479.414 663.4602 Tm [(@)-58.6 (p)]TJ /T1_6 1 Tf 0.709 0 Td (~)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf 10.9131 0 0 10.9131 496.7189 667.2213 Tm (=)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.115 0 Td (\270)Tj /T1_0 1 Tf 0.584 0 Td (,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.656 0 Td (and)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_3 1 Tf 7.9722 0 0 7.9722 73.2003 654.2477 Tm [(@)-58 (P)]TJ /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_4 1 Tf 5.9817 0 0 5.9817 84.6736 657.0584 Tm (2)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf 10.9131 0 0 10.9131 93.0459 649.9565 Tm [(=)-278 (1)]TJ /T1_1 1 Tf ( )Tj /T1_8 1 Tf 1.777 0 Td (\241)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1 0 Td (\270)Tj /T1_0 1 Tf (,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.194 0 Td (this)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.95 0 Td (reduces)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.563 0 Td (to)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_3 1 Tf 7.9722 0 0 7.9722 81.3426 646.1854 Tm (p)Tj EMC /StyleSpan <>BDC -0.619 0 Td (@)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_9 1 Tf 0.68 0 Td (b)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_2 1 Tf 10.9131 0 0 10.9131 197.2651 623.5891 Tm (dP)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_6 1 Tf 7.9722 0 0 7.9722 211.459 627.5502 Tm (2)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_5 1 Tf 10.9131 0 0 10.9131 292.3017 631.5913 Tm (\265)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.475 -0.733 Td [(@)-55.6 (p)]TJ /T1_0 1 Tf 0.672 0 Td (~)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.786 0 Td (p)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 0.659 0.733 Td (\266)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.012 -0.733 Td [(@)-55 (\301)]TJ /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_7 1 Tf 7.9722 0 0 7.9722 410.0046 628.0103 Tm (\244)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf 10.9131 0 0 10.9131 220.4215 616.207 Tm (=)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 1.055 0 Td (\241)Tj /T1_2 1 Tf 0.777 0 Td (t)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.528 0 Td [(\()-84 (~)]TJ /T1_2 1 Tf 0.389 0 Td (p)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 0.725 0 Td (\241)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 0.999 0 Td (p)Tj EMC /StyleSpan <>BDC /T1_5 1 Tf 0.058 0 Td (b)Tj EMC /P <>BDC /T1_0 1 Tf 0.445 0 Td [(\))-222 (+)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.346 0 Td (\270)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.206 0 Td (+)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1 0 Td (\(1)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 1.11 0 Td (\241)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1 0 Td (\270)Tj /T1_0 1 Tf (\))Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_2 1 Tf 1.294 0.676 Td (@)Tj EMC /StyleSpan <>BDC /T1_5 1 Tf 0.643 0 Td (b)Tj EMC /P <>BDC /T1_2 1 Tf -16.324 -1.362 Td (de)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 9.764 0 Td [(@)-55 (\301)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.872 0 Td [(@)-55 (\301)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.585 0 Td [(@)-55 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -30.072 -2.053 Td [(Ev)55 (aluated)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.707 0 Td (at)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.221 0 Td (t)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.639 0 Td (=)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.055 0 Td (1,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.111 0 Td [(w)26 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.472 0 Td [(w)27 (an)28 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.445 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.222 0 Td [(sho)27 (w)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.478 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf -5.491 -2.124 Td (dP)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_6 1 Tf 7.9722 0 0 7.9722 204.7171 567.1033 Tm (2)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_5 1 Tf 10.9131 0 0 10.9131 281.6187 571.1444 Tm (\265)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.023 -0.733 Td [(@)-55.6 (p)]TJ /T1_0 1 Tf 0.671 0 Td (~)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.004 0 Td (p)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 0.659 0.733 Td (\266)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.012 -0.733 Td [(@)-55 (\301)]TJ /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_7 1 Tf 7.9722 0 0 7.9722 396.7509 567.5634 Tm (\244)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf 10.9131 0 0 10.9131 213.6697 555.7601 Tm (=)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 1.055 0 Td (\241)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.944 0 Td [(\()-85 (~)]TJ /T1_2 1 Tf 0.39 0 Td (p)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 0.725 0 Td (\241)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 0.999 0 Td (p)Tj EMC /StyleSpan <>BDC /T1_5 1 Tf 0.058 0 Td (b)Tj EMC /P <>BDC /T1_0 1 Tf 0.445 0 Td [(\))-222 (+)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.346 0 Td (\(1)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 1.111 0 Td (\241)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 0.999 0 Td (e)Tj /T1_0 1 Tf [(\))-1789.8 (+)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.643 0 Td (e)Tj EMC /StyleSpan <>BDC 0.621 0.676 Td (@)Tj EMC /StyleSpan <>BDC /T1_5 1 Tf 0.643 0 Td (b)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_2 1 Tf 3.617 -0.676 Td (>)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.055 0 Td (0)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_2 1 Tf -20.4 -0.686 Td (de)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 11.95 0 Td [(@)-55 (\301)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.089 0 Td [(@)-55 (\301)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.585 0 Td [(@)-55 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -28.858 -2.053 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.53 0 Td (e)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.743 0 Td (=)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.055 0 Td (0.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.223 0 Td (Substituting,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.005 0 Td (this)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.95 0 Td (reduces)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.564 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf -2.878 -2.124 Td (dP)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_6 1 Tf 7.9722 0 0 7.9722 230.1643 506.6563 Tm (2)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_2 1 Tf 10.9131 0 0 10.9131 327.6516 502.6952 Tm [(@)-55.6 (p)]TJ /T1_0 1 Tf 0.671 0 Td (~)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 0.96 0 Td [(@)-55 (\301)]TJ /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf -8.013 -0.676 Td (=)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 1.055 0 Td (\241)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.944 0 Td [(\()-85 (~)]TJ /T1_2 1 Tf 0.39 0 Td (p)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 0.725 0 Td (\241)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 0.999 0 Td (p)Tj EMC /StyleSpan <>BDC /T1_5 1 Tf 0.058 0 Td (b)Tj EMC /P <>BDC /T1_0 1 Tf 0.445 0 Td [(\))-222 (+)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 6.697 0 Td (>)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.055 0 Td (0)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_2 1 Tf -15.845 -0.686 Td (de)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 9.814 0 Td [(@)-55 (\301)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.742 0 Td [(@)-55 (e)]TJ /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_5 1 Tf -10.086 2.136 Td (\257)Tj EMC /StyleSpan <>BDC 0 -0.6 TD (\257)Tj EMC /StyleSpan <>BDC 0 -0.599 TD (\257)Tj EMC /StyleSpan <>BDC T* (\257)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_3 1 Tf 7.9722 0 0 7.9722 239.7269 484.4501 Tm (e)Tj /T1_6 1 Tf (=0)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_5 1 Tf 10.9131 0 0 10.9131 359.5405 511.1376 Tm (\257)Tj EMC /StyleSpan <>BDC 0 -0.6 TD (\257)Tj EMC /StyleSpan <>BDC 0 -0.599 TD (\257)Tj EMC /StyleSpan <>BDC T* (\257)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_3 1 Tf 7.9722 0 0 7.9722 363.1815 484.4501 Tm (e)Tj /T1_6 1 Tf (=0)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf -2.629 -2.193 Td [(@)-58 (\301)]TJ /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_3 1 Tf 1.55 -0.08 Td [(@)-58 (\270)]TJ /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_0 1 Tf 10.9131 0 0 10.9131 368.673 462.0338 Tm (=)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 1.055 0 Td (\241)Tj EMC /StyleSpan <>BDC /T1_3 1 Tf 7.9722 0 0 7.9722 389.869 466.9652 Tm [(@)-59 (\301)]TJ /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf 10.9131 0 0 10.9131 88.9347 462.0338 Tm (Note)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.393 0 Td [(no)27 (w)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.06 0 Td (that,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.425 0 Td (since)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_3 1 Tf 7.9722 0 0 7.9722 191.6535 466.325 Tm [(@)-58 (\270)]TJ /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf 10.9131 0 0 10.9131 205.7474 462.0338 Tm (=)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 1.055 0 Td (\241)Tj /T1_2 1 Tf 0.777 0 Td (t)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.639 0 Td (=)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 1.055 0 Td (\241)Tj /T1_0 1 Tf (1,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.87 0 Td [(w)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.448 0 Td (obtain)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_3 1 Tf 7.9722 0 0 7.9722 315.3181 466.9652 Tm [(@)-59 (\301)]TJ /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf 10.9131 0 0 10.9131 329.5121 462.0338 Tm (=)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.554 0 Td (.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.714 0 Td (This)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.26 0 Td (condition)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.366 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.982 0 Td [(equiv)54 (alen)28 (t)]TJ /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_3 1 Tf 7.9722 0 0 7.9722 192.1536 458.2728 Tm [(@)-59 (e)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 15.518 0 Td [(@)-59 (e)]TJ /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_3 1 Tf 3.311 0 Td [(@)-59 (\270)]TJ /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_3 1 Tf 1.607 0 Td [(@)-59 (e)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 4.37 0 Td [(@)-58 (\270)]TJ /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_3 1 Tf -30.819 -1.08 Td (p)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.261 0 Td [(@)-58 (\301)]TJ /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf 10.9131 0 0 10.9131 72 444.729 Tm (to)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 1.148 0 Td (\241)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.944 0 Td [(\()-84 (~)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.114 0 Td (p)Tj /T1_0 1 Tf 0.502 0 Td (\))Tj /T1_8 1 Tf 0.462 0 Td (\241)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_3 1 Tf 7.9722 0 0 7.9722 139.2888 449.6604 Tm (@)Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 0.709 0 Td (~)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_2 1 Tf 10.9131 0 0 10.9131 188.3526 444.729 Tm (>)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.055 0 Td (0,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.052 0 Td [(whic)27 (h)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.787 0 Td [(w)27 (as)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.847 0 Td (established)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.048 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.092 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.647 0 Td [(pro)-28 (of)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.54 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.065 0 Td [(Prop)-28 (osition)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.31 0 Td (4,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.051 0 Td (so)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.153 0 Td (that)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_3 1 Tf 7.9722 0 0 7.9722 493.3579 449.0202 Tm (dP)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_4 1 Tf 5.9817 0 0 5.9817 504.261 451.841 Tm (2)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_2 1 Tf 10.9131 0 0 10.9131 531.5186 444.729 Tm (>)Tj EMC /StyleSpan <>BDC -39.627 0 Td (p)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 0.725 0 Td (\241)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_5 1 Tf 1.057 0 Td (b)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_3 1 Tf 7.9722 0 0 7.9722 138.8987 440.9679 Tm [(@)-59 (\301)]TJ /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_3 1 Tf 1.933 0 Td [(@)-59 (\270)]TJ /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_5 1 Tf 10.9131 0 0 10.9131 165.4261 457.2725 Tm (\257)Tj EMC /P <>BDC T* (\257)Tj EMC /StyleSpan <>BDC T* (\257)Tj EMC /StyleSpan <>BDC /T1_3 1 Tf 7.9722 0 0 7.9722 169.0672 437.1369 Tm (\270)Tj /T1_6 1 Tf (=1)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_3 1 Tf 41.102 0.481 Td (de)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_5 1 Tf 10.9131 0 0 10.9131 509.6025 457.2725 Tm (\257)Tj EMC /P <>BDC T* (\257)Tj EMC /StyleSpan <>BDC T* (\257)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_3 1 Tf 7.9722 0 0 7.9722 513.2435 437.1369 Tm (e)Tj /T1_6 1 Tf 0.492 0 Td (=0)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf 10.9131 0 0 10.9131 72 428.5645 Tm (0,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.111 0 Td (as)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.227 0 Td (desired.)Tj /T1_1 1 Tf ( )Tj /T1_10 1 Tf 3.785 0 Td (2)Tj /T1_1 1 Tf ( )Tj EMC /Artifact <>BDC /T1_0 1 Tf 14.819 -30.847 Td (29)Tj /T1_1 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517.7094 Tm (It)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.059 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.982 0 Td (clear)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.368 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.143 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.698 0 Td [(o)26 (v)28 (erall)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.175 0 Td (e\256ect)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.614 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.116 0 Td (protecting)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.757 0 Td [(in)27 (tellectual)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.115 0 Td [(prop)-27 (ert)26 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.065 0 Td [(righ)26 (ts)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.79 0 Td (on)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.366 0 Td [(bank-p)-28 (ortfolio)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.508 0 Td (risk)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -41.308 -2.008 Td [(dep)-27 (ends)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.921 0 Td (on)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.444 0 Td [(ho)27 (w)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.138 0 Td (easy)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.254 0 Td (it)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.055 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.06 0 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.584 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.777 0 Td [(tec)27 (hnology)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.055 0 Td (leader)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.001 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.277 0 Td [(prev)27 (en)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.641 0 Td [(tec)27 (hnological)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.027 0 Td (di\256usion.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.586 0 Td (Although)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -38.82 -2.009 Td [(allo)27 (wing)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.874 0 Td (banks)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.824 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.179 0 Td (exert)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.488 0 Td (some)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.462 0 Td (e\256ort)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.598 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.124 0 Td (protecting)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.737 0 Td (their)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.349 0 Td [(prop)-28 (ert)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.046 0 Td [(righ)27 (ts)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.771 0 Td [(ma)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.124 0 Td [(b)-27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.318 0 Td [(b)-28 (ene\257cial,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.661 0 Td (regulators)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -38.555 -2.009 Td [(ma)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.135 0 Td [(nev)27 (ertheless)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.538 0 Td (prefer)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.835 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.191 0 Td (strictly)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.394 0 Td (enforce)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.388 0 Td (their)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.36 0 Td (di\256usion)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.002 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.108 0 Td [(b)-28 (est)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.114 0 Td (practices)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.144 0 Td (if)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.885 0 Td [(prev)27 (en)27 (tiv)28 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.778 0 Td (e\256ort)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.61 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.974 0 Td (not)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -41.456 -2.008 Td (costly)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.835 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.192 0 Td (bank)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.442 0 Td (1)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.803 0 Td (\(small)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.972 0 Td (k)Tj /T1_0 1 Tf 0.553 0 Td (\).)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.1 0 Td [(F)82 (or)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.765 0 Td (instance,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.148 0 Td (if)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.886 0 Td [(prev)27 (en)28 (tiv)28 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.778 0 Td (e\256ort)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.611 0 Td (has)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.753 0 Td (no)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.359 0 Td (cost)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.031 0 Td (\()Tj /T1_2 1 Tf 0.38 0 Td (k)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.83 0 Td (=)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.055 0 Td (0\),)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.476 0 Td (its)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.364 0 Td (optimal)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.636 0 Td [(lev)27 (el)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.247 0 Td (is)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_5 1 Tf 7.9722 0 0 7.9722 77.0814 412.0599 Tm (\244)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_2 1 Tf 10.9131 0 0 10.9131 72 408.0987 Tm (e)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.177 0 Td (=)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.055 0 Td (1)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.806 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.917 0 Td (no)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.363 0 Td [(inno)27 (v)56 (ations)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.256 0 Td (are)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.642 0 Td [(ev)26 (er)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.087 0 Td (disseminated)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.928 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.195 0 Td [(comp)-28 (etitor)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.059 0 Td (banks.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.246 0 Td (Despite)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.575 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.696 0 Td (strong)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.037 0 Td [(incen)27 (tiv)28 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -39.039 -2.009 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.62 0 Td [(inno)26 (v)56 (ation)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.98 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.257 0 Td (this)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.04 0 Td (case,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.508 0 Td [(o)27 (v)28 (erall)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.288 0 Td [(loan-p)-28 (ortfolio)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.315 0 Td [(qualit)26 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.452 0 Td (will)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.98 0 Td [(b)-28 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.452 0 Td [(lo)27 (w)28 (er)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.704 0 Td (since)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.541 0 Td (only)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.285 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.812 0 Td [(tec)26 (hnology)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -38.234 -2.008 Td (leader)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.947 0 Td (will)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.889 0 Td [(b)-28 (ene\257t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.306 0 Td (from)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.365 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.722 0 Td [(inno)27 (v)55 (ations.)]TJ /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf -10.677 -2.009 Td (The)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.981 0 Td (preceding)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.43 0 Td (discussion)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.61 0 Td [(p)-28 (oin)27 (ts)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.932 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.148 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.649 0 Td (fact)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.899 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.093 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.648 0 Td [(exten)26 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.982 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.149 0 Td [(whic)27 (h)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.788 0 Td (regulators)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.605 0 Td (should)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.098 0 Td (encourage)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -38.564 -2.009 Td [(protectiv)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.651 0 Td (activities)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.238 0 Td [(represen)27 (ts)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.692 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.816 0 Td (trade-o\256)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.012 0 Td [(b)-28 (et)27 (w)28 (een)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.843 0 Td [(pro)27 (viding)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.429 0 Td (indirect)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.652 0 Td [(incen)27 (tiv)28 (es)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.571 0 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.513 0 Td [(inno)27 (v)56 (ation)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.871 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -41.288 -2.008 Td (reducing)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.993 0 Td (aggregate)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.438 0 Td (\(system\))Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.029 0 Td (risk.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.293 0 Td (It)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.019 0 Td (also)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.94 0 Td (suggests)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.841 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.101 0 Td (although)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.103 0 Td (regulators)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.613 0 Td [(ma)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.102 0 Td (wish)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.218 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.158 0 Td [(allo)27 (w)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.519 0 Td (banks)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -40.367 -2.009 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.297 0 Td (protect)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.522 0 Td [(in)27 (tellectual)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.213 0 Td [(prop)-28 (ert)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.164 0 Td [(righ)27 (ts,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.185 0 Td (they)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.325 0 Td [(ma)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.241 0 Td (also)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.08 0 Td [(w)27 (an)28 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.519 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.297 0 Td [(imp)-28 (ose)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.442 0 Td (limits)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.858 0 Td (on)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.464 0 Td (banks')Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.219 0 Td [(abilit)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.186 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -42.012 -2.008 Td [(prev)27 (en)28 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.56 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.696 0 Td (di\256usion)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.007 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.113 0 Td [(inno)27 (v)55 (ations.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.663 0 Td (While)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.89 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.14 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.696 0 Td [(con)27 (text)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.529 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.113 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.696 0 Td [(mo)-28 (del)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.946 0 Td [(suc)27 (h)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.229 0 Td (limits)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.757 0 Td [(w)27 (ould)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.89 0 Td (naturally)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -38.925 -2.009 Td [(b)-27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.347 0 Td [(in)27 (terpreted)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.131 0 Td (as)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.213 0 Td (increases)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.167 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.153 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.708 0 Td (marginal)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.156 0 Td (cost)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.042 0 Td (k)Tj /T1_0 1 Tf 0.552 0 Td (,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.6 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.153 0 Td (practice)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.766 0 Td (they)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.237 0 Td [(ma)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.153 0 Td [(represen)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.303 0 Td (costs)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.441 0 Td (incurred)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.937 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -42.058 -2.009 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.762 0 Td [(pro)-28 (cess)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.527 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.179 0 Td [(paten)26 (ting,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.802 0 Td (limits)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.823 0 Td (on)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.43 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.763 0 Td (life)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.679 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.18 0 Td (\257nancial)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.041 0 Td [(paten)27 (ts,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.862 0 Td (or)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.266 0 Td [(commitmen)27 (ts)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.24 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.262 0 Td (audit)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.652 0 Td (more)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.543 0 Td (or)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -42.011 -2.008 Td (less)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.866 0 Td [(frequen)27 (tly)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.747 0 Td (so)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.25 0 Td (as)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.249 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.245 0 Td [(disco)27 (v)28 (er)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.835 0 Td (\(and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.356 0 Td (disseminate\))Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.81 0 Td (banks')Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.166 0 Td [(risk-managemen)26 (t)]TJ /T1_1 1 Tf ( )Tj EMC /Link <>BDC /T1_0 1 Tf 7.809 0 Td (practices.)Tj EMC /StyleSpan <>BDC /T1_4 1 Tf 7.9722 0 0 7.9722 480.5844 192.8285 Tm (17)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf 10.9131 0 0 10.9131 495.1184 188.8774 Tm [(Similarly)82 (,)]TJ /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_6 1 Tf 5.9817 0 0 5.9817 80.7825 172.3228 Tm (16)Tj EMC /StyleSpan <>BDC /T1_7 1 Tf 8.9625 0 0 8.9625 88.5846 168.5117 Tm (The)Tj /T1_1 1 Tf ( )Tj /T1_7 1 Tf 2.111 0 Td (data)Tj /T1_1 1 Tf ( )Tj /T1_7 1 Tf 2.34 0 Td (used)Tj /T1_1 1 Tf ( )Tj /T1_7 1 Tf 2.345 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_7 1 Tf 1.197 0 Td (Lerner)Tj /T1_1 1 Tf ( )Tj /T1_7 1 Tf 3.273 0 Td (\(2002\))Tj /T1_1 1 Tf ( )Tj /T1_7 1 Tf 3.195 0 Td (list)Tj /T1_1 1 Tf ( )Tj /T1_7 1 Tf 1.717 0 Td (15)Tj /T1_1 1 Tf ( )Tj /T1_7 1 Tf 1.368 0 Td (pat)Tj EMC /P <>BDC [(en)27 (ts)]TJ /T1_1 1 Tf ( )Tj /T1_7 1 Tf 3.63 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_7 1 Tf 1.197 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_7 1 Tf 1.769 0 Td (general)Tj /T1_1 1 Tf ( )Tj /T1_7 1 Tf 3.541 0 Td (area)Tj /T1_1 1 Tf ( )Tj /T1_7 1 Tf 2.228 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_7 1 Tf 1.168 0 Td (credit-risk)Tj /T1_1 1 Tf ( )Tj /T1_7 1 Tf 4.89 0 Td [(assessmen)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_7 1 Tf 5.189 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_7 1 Tf 1.997 0 Td (loan-application)Tj /T1_1 1 Tf ( )Tj /T1_7 1 Tf -45.005 -1.223 Td (analysis)Tj /T1_1 1 Tf ( )Tj /T1_7 1 Tf 3.85 0 Td [(gran)28 (ted)]TJ /T1_1 1 Tf ( )Tj /T1_7 1 Tf 3.728 0 Td [(b)-28 (et)27 (w)29 (een)]TJ /T1_1 1 Tf ( )Tj /T1_7 1 Tf 3.954 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_7 1 Tf 1.755 0 Td [(y)27 (ears)]TJ /T1_1 1 Tf ( )Tj /T1_7 1 Tf 2.62 0 Td (1993)Tj /T1_1 1 Tf ( )Tj /T1_7 1 Tf 2.383 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_7 1 Tf 1.984 0 Td (2000)Tj /T1_1 1 Tf ( )Tj /T1_7 1 Tf 2.383 0 Td (alone)Tj /T1_1 1 Tf ( )Tj /T1_7 1 Tf 2.67 0 Td (\(out)Tj /T1_1 1 Tf ( )Tj /T1_7 1 Tf 2.211 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_7 1 Tf 1.156 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_7 1 Tf 0.841 0 Td (total)Tj /T1_1 1 Tf ( )Tj /T1_7 1 Tf 2.44 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_7 1 Tf 1.156 0 Td (360)Tj /T1_1 1 Tf ( )Tj /T1_7 1 Tf 1.869 0 Td [(paten)27 (ts)]TJ /T1_1 1 Tf ( )Tj /T1_7 1 Tf 3.617 0 Td [(a)27 (w)29 (arded)]TJ /T1_1 1 Tf ( )Tj /T1_7 1 Tf 4.041 0 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_7 1 Tf 1.558 0 Td (\257nancial)Tj /T1_1 1 Tf ( )Tj /T1_7 1 Tf 4.096 0 Td [(form)27 (ulae)]TJ /T1_1 1 Tf ( )Tj /T1_7 1 Tf -48.312 -1.222 Td (or)Tj /T1_1 1 Tf ( )Tj /T1_7 1 Tf 1.258 0 Td [(metho)-29 (ds)]TJ /T1_1 1 Tf ( )Tj /T1_7 1 Tf 4.145 0 Td [(o)27 (v)29 (er)]TJ /T1_1 1 Tf ( )Tj /T1_7 1 Tf 2.201 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_7 1 Tf 1.77 0 Td (same)Tj /T1_1 1 Tf ( )Tj /T1_7 1 Tf 2.576 0 Td [(p)-28 (erio)-29 (d\).)]TJ /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_6 1 Tf 5.9817 0 0 5.9817 80.7825 139.4435 Tm (17)Tj EMC /P <>BDC /T1_7 1 Tf 8.9625 0 0 8.9625 88.5846 135.6325 Tm (A)Tj /T1_1 1 Tf ( )Tj /T1_7 1 Tf 1.17 0 Td (related)Tj /T1_1 1 Tf ( )Tj /T1_7 1 Tf 3.486 0 Td [(approac)28 (h)]TJ /T1_1 1 Tf ( )Tj /T1_7 1 Tf 4.484 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_7 1 Tf 1.09 0 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_7 1 Tf 1.629 0 Td (regulators)Tj /T1_1 1 Tf ( )Tj /T1_7 1 Tf 4.864 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_7 1 Tf 1.313 0 Td [(adv)28 (o)-28 (cate)]TJ /T1_1 1 Tf ( )Tj /T1_7 1 Tf 4.368 0 Td (\\standards)Tj /T1_1 1 Tf ( )Tj /T1_7 1 Tf 5.266 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_7 1 Tf 1.227 0 Td [(paten)27 (tabilit)29 (y")]TJ /T1_1 1 Tf ( )Tj /T1_7 1 Tf 6.652 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_7 1 Tf 2.283 0 Td [(w)27 (ould)]TJ /T1_1 1 Tf ( )Tj /T1_7 1 Tf 3.054 0 Td (establish)Tj /T1_1 1 Tf ( )Tj /T1_7 1 Tf 4.294 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_7 1 Tf 0.913 0 Td [(minim)28 (um)]TJ /T1_1 1 Tf ( )Tj /T1_7 1 Tf -47.943 -1.222 Td (threshold)Tj /T1_1 1 Tf ( )Tj /T1_7 1 Tf 4.522 0 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_7 1 Tf 1.575 0 Td (\257nancial)Tj /T1_1 1 Tf ( )Tj /T1_7 1 Tf 4.114 0 Td [(inno)27 (v)57 (ations)]TJ /T1_1 1 Tf ( )Tj /T1_7 1 Tf 5.432 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_7 1 Tf 1.259 0 Td [(b)-29 (e)]TJ /T1_1 1 Tf ( )Tj /T1_7 1 Tf 1.402 0 Td [(paten)27 (table.)]TJ /T1_1 1 Tf ( )Tj /T1_7 1 Tf 5.463 0 Td (Setting)Tj /T1_1 1 Tf ( )Tj /T1_7 1 Tf 3.543 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_7 1 Tf 0.859 0 Td (high)Tj /T1_1 1 Tf ( )Tj /T1_7 1 Tf 2.286 0 Td (standard)Tj /T1_1 1 Tf ( )Tj /T1_7 1 Tf 4.294 0 Td [(w)28 (ould)]TJ /T1_1 1 Tf ( )Tj /T1_7 1 Tf 2.999 0 Td [(b)-29 (e)]TJ /T1_1 1 Tf ( )Tj /T1_7 1 Tf 1.402 0 Td (similar)Tj /T1_1 1 Tf ( )Tj /T1_7 1 Tf 3.38 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_7 1 Tf 1.259 0 Td (increasing)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 4.829 0 Td (k)Tj /T1_1 1 Tf ( )Tj /T1_7 1 Tf 0.91 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_7 1 Tf 1.202 0 Td (our)Tj /T1_1 1 Tf ( )Tj EMC /Artifact <>BDC /T1_0 1 Tf 10.9131 0 0 10.9131 300.544 91.9302 Tm (22)Tj /T1_1 1 Tf ( )Tj EMC ET endstream endobj 224 0 obj <> endobj 220 0 obj <> endobj 221 0 obj <> endobj 222 0 obj <> endobj 223 0 obj <> endobj 151 0 obj <>/ProcSet[/PDF/Text]>>/StructParents 26/Tabs/S/Type/Page>> endobj 155 0 obj <>/ProcSet[/PDF/Text]>>/StructParents 27/Tabs/S/Type/Page>> endobj 1979 0 obj [259 0 R] endobj 1980 0 obj <>stream /Artifact <>BDC q 1.00028 0 0 1.00028 72 769.82 cm 0 G 0.4 w q 1 0 0 1 0 -591.11 cm 0 0 m 187.15 0 l S Q Q EMC BT /P <>BDC 0 g /T1_0 1 Tf 0 Tc 0 Tw 0 Ts 100 Tz 0 Tr 10.9131 0 0 10.9131 72 758.8569 Tm [(tec)27 (hnology)84 (.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.634 0 Td (In)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.359 0 Td [(eac)27 (h)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.36 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.249 0 Td (these)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.67 0 Td [(mark)27 (ets,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.201 0 Td (bank)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.582 0 Td (1)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.942 0 Td [(w)26 (ould)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.026 0 Td [(b)-28 (ene\257t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.416 0 Td (from)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.473 0 Td (reducing)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.168 0 Td (its)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.503 0 Td [(in)26 (v)28 (estmen)28 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.171 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.257 0 Td (\301)Tj /T1_0 1 Tf (.)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf -42.011 -2.008 Td [(Moreo)27 (v)28 (er,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.795 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.82 0 Td (pro\257ts)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.218 0 Td (earned)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.323 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.264 0 Td (these)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.66 0 Td [(mark)27 (ets)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.884 0 Td [(no)26 (w)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.182 0 Td [(represen)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.415 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.931 0 Td (larger)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.937 0 Td [(p)-28 (ortion)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.629 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.238 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.82 0 Td [(inno)27 (v)55 (ator's)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -38.116 -2.009 Td (total)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.352 0 Td (pro\257ts.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.497 0 Td (Therefore,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.782 0 Td (as)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.191 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.686 0 Td [(n)27 (um)28 (b)-27 (er)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.606 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.103 0 Td (additional)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.686 0 Td [(mark)27 (ets)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.75 0 Td (increases,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.429 0 Td (optimal)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.63 0 Td [(in)27 (v)28 (estmen)28 (t)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.008 0 Td (\301)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_3 1 Tf 7.9722 0 0 7.9722 511.9732 719.4359 Tm (\244)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf 10.9131 0 0 10.9131 520.8456 715.0147 Tm (falls)Tj EMC /P <>BDC /T1_4 1 Tf 7.9722 0 0 7.9722 511.9732 712.3239 Tm (n)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf 10.9131 0 0 10.9131 72 693.0885 Tm (as)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.227 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.833 0 Td [(w)27 (a)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.028 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.139 0 Td (softening)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.256 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.722 0 Td [(o)27 (v)28 (erall)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.198 0 Td [(comp)-27 (etition)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.527 0 Td (faced)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.583 0 Td [(b)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.39 0 Td (bank)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.472 0 Td (1.)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf -24.823 -2.008 Td (This)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.236 0 Td (result)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.74 0 Td (suggests)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.859 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.12 0 Td (simply)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.153 0 Td [(allo)27 (wing)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.871 0 Td (banks)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.82 0 Td (more)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.456 0 Td [(scop)-27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.652 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.176 0 Td (expand)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.426 0 Td (their)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.344 0 Td (lending)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.454 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.898 0 Td (explore)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -39.757 -2.009 Td (new)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.143 0 Td [(mark)27 (ets)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.875 0 Td [(ma)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.254 0 Td (not)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.867 0 Td (lead)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.199 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.311 0 Td [(lo)27 (w)28 (er)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.702 0 Td [(p)-28 (ortfolio)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.147 0 Td (risk)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.013 0 Td [(b)-28 (ecause)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.789 0 Td (it)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.088 0 Td (increases)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.269 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.81 0 Td [(relativ)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.646 0 Td [(w)27 (eigh)28 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.255 0 Td (banks)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -40.368 -2.008 Td (put)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.987 0 Td (on)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.543 0 Td (limiting)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.877 0 Td [(comp)-28 (etition.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.379 0 Td (Since)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.765 0 Td [(tec)27 (hnology)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.155 0 Td (leaders)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.495 0 Td [(ac)26 (hiev)28 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.626 0 Td (this)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.105 0 Td (outcome)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.154 0 Td [(b)26 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.544 0 Td (reducing)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.213 0 Td (their)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -40.843 -2.009 Td [(in)27 (v)28 (estmen)28 (ts)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.517 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.229 0 Td [(tec)27 (hnology)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.06 0 Td (\301)Tj /T1_0 1 Tf (,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.285 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.785 0 Td (net)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.785 0 Td (e\256ect)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.701 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.201 0 Td [(en)26 (try)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.677 0 Td [(in)27 (to)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.09 0 Td (new)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.118 0 Td [(mark)27 (ets)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.849 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.068 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.284 0 Td (reduce)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.232 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.785 0 Td [(qualit)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.424 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -42.089 -2.009 Td (loans)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.561 0 Td [(gran)27 (ted)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.641 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.945 0 Td (increase)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.786 0 Td [(o)27 (v)28 (erall)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.198 0 Td (banking-system)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 7.122 0 Td (risk.)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf -20.701 -2.008 Td [(In)27 (terestingly)83 (,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.139 0 Td (pro\257ts)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.224 0 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.635 0 Td (bank)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.576 0 Td (1)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.938 0 Td (do)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.494 0 Td (rise)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.945 0 Td (when)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.716 0 Td (it)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.104 0 Td [(en)26 (ters)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.029 0 Td (new)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.16 0 Td [(mark)27 (ets,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.195 0 Td (thanks)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.36 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.326 0 Td (its)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.499 0 Td (increased)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -38.892 -2.009 Td (scale.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.905 0 Td (This)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.324 0 Td (outcome)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.041 0 Td (suggests)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.946 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.207 0 Td (banks')Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.185 0 Td [(ob)-56 (jectiv)27 (es)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.686 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.207 0 Td (terms)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.827 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.18 0 Td (maximizing)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.402 0 Td [(pro\257tabilit)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.544 0 Td (through)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -39.454 -2.009 Td [(en)27 (try)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.595 0 Td [(in)27 (to)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.01 0 Td (new)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.037 0 Td [(mark)26 (ets)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.769 0 Td [(ma)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.149 0 Td (also)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.987 0 Td [(b)-28 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.344 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.148 0 Td [(opp)-28 (osition)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.849 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.205 0 Td (regulatory)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.793 0 Td [(ob)-56 (jectiv)27 (es)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.628 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.121 0 Td (reducing)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.041 0 Td (risk.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.308 0 Td (Hence,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -39.984 -2.008 Td (other)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.724 0 Td [(mec)27 (hanisms,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.954 0 Td [(suc)27 (h)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.365 0 Td (as)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.337 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.832 0 Td (protection)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.891 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.249 0 Td [(in)27 (tellectual)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.248 0 Td [(prop)-28 (ert)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.199 0 Td [(righ)26 (ts,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.229 0 Td [(migh)26 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.972 0 Td [(b)-28 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.471 0 Td (necessary)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.54 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -42.011 -2.009 Td [(comp)-27 (ensate)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.422 0 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.53 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.722 0 Td (absence)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.673 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.139 0 Td (clear)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.391 0 Td [(commitmen)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.806 0 Td (devices.)Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_5 1 Tf 11.9533 0 0 11.9533 72 436.0366 Tm (6.3)Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_5 1 Tf 2.563 0 Td [(Prev)31 (en)31 (ting)]TJ /T1_1 1 Tf ( )Tj /T1_5 1 Tf 5.723 0 Td (Di\256usion)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf 10.9131 0 0 10.9131 72 407.0685 Tm (If)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.091 0 Td (regulators)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.769 0 Td (cannot)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.369 0 Td (credibly)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.9 0 Td (commit)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.702 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.313 0 Td [(allo)26 (wing)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.009 0 Td (banks)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.957 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.313 0 Td (retain)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.983 0 Td (their)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.482 0 Td [(tec)27 (hnological)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.064 0 Td [(inno)27 (v)56 (ations)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -37.952 -2.009 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.253 0 Td (risk)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.012 0 Td [(managemen)27 (t,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.248 0 Td [(tec)27 (hnology)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.087 0 Td (leaders)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.428 0 Td (face)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.114 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.809 0 Td (threat)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.09 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.226 0 Td [(b)-28 (eing)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.782 0 Td (unable)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.309 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.309 0 Td (fully)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.365 0 Td (appropriate)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.481 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -41.513 -2.008 Td (gains)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.663 0 Td (from)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.467 0 Td (informational)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.299 0 Td [(in)27 (v)28 (estmen)27 (ts.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.151 0 Td (In)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.352 0 Td (practice,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.186 0 Td [(w)26 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.574 0 Td [(w)27 (ould)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.019 0 Td [(exp)-28 (ect)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.269 0 Td (banks)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.969 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.324 0 Td (react)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.605 0 Td [(b)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.491 0 Td (exerting)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -39.369 -2.009 Td (e\256ort)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.726 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.308 0 Td (protect)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.533 0 Td (their)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.477 0 Td [(prop)-27 (ert)26 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.174 0 Td [(righ)26 (ts)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.899 0 Td [(o)27 (v)27 (er)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.227 0 Td [(inno)26 (v)56 (ations.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.929 0 Td (Hence,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.357 0 Td [(w)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.557 0 Td (next)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.336 0 Td [(in)27 (v)28 (estigate)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.063 0 Td (actions)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.48 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -41.066 -2.009 Td [(in)27 (termediaries)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.421 0 Td (can)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.771 0 Td [(tak)26 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.106 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.16 0 Td (directly)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.58 0 Td (protect)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.386 0 Td (their)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.33 0 Td [(tec)27 (hnology)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.939 0 Td [(in)27 (v)27 (estmen)28 (ts,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.684 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.883 0 Td [(prop)-28 (ose)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.642 0 Td (an)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.328 0 Td [(alternativ)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -38.23 -2.008 Td [(c)27 (hannel)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.707 0 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.599 0 Td [(in)27 (termediaries)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.551 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.291 0 Td (assert)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.916 0 Td [(prop)-28 (ert)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.158 0 Td [(righ)27 (ts)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.882 0 Td [(o)27 (v)27 (er)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.211 0 Td (their)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.46 0 Td (proprietary)Tj /T1_1 1 Tf ( )Tj EMC /Link <>BDC /T1_0 1 Tf 5.327 0 Td [(tec)27 (hnology)83 (.)]TJ EMC /StyleSpan <>BDC /T1_6 1 Tf 7.9722 0 0 7.9722 486.1559 301.4089 Tm (15)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf 10.9131 0 0 10.9131 502.2204 297.4578 Tm [(W)83 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.79 0 Td (also)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -41.213 -2.009 Td (discuss)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.35 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.722 0 Td (role)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.947 0 Td (regulators)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.679 0 Td [(ma)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.166 0 Td [(pla)26 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.167 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.166 0 Td (fostering)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.092 0 Td (or)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.225 0 Td (hindering)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.447 0 Td (these)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.562 0 Td (activities.)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf -27.971 -2.009 Td [(Supp)-27 (ose)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.066 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.31 0 Td (bank)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.617 0 Td (1)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.977 0 Td (can)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.978 0 Td (exert)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.674 0 Td (costly)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.011 0 Td (e\256ort)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.779 0 Td (e)Tj /T1_1 1 Tf ( )Tj /T1_7 1 Tf 0.983 0 Td (2)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.184 0 Td ([0)Tj /T1_2 1 Tf 0.777 0 Td (;)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.445 0 Td (1])Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.255 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.366 0 Td [(prev)27 (en)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.731 0 Td [(tec)27 (hnological)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.117 0 Td (di\256usion)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.177 0 Td (or)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -42 -2.008 Td (expropriation.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.995 0 Td [(Suc)27 (h)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.553 0 Td (e\256ort)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.777 0 Td [(migh)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.997 0 Td (include)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.58 0 Td (signing)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.529 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.08 0 Td (enforcing)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.444 0 Td [(con\257den)27 (tialit)28 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.663 0 Td [(agreemen)27 (ts)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.338 0 Td (with)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -40.956 -2.009 Td [(clien)27 (ts)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.188 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.045 0 Td [(emplo)27 (y)28 (ees,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.103 0 Td (disguising)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.722 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.823 0 Td (true)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.215 0 Td [(exten)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.155 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.24 0 Td [(inno)27 (v)55 (ation)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.989 0 Td (from)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.465 0 Td [(sup)-27 (ervisors)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.289 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.045 0 Td (regulators,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -38.279 -2.009 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.1 0 Td (taking)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.24 0 Td (legal)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.49 0 Td (action)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.157 0 Td (against)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.607 0 Td [(comp)-28 (etitors)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.637 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.378 0 Td (protect)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.604 0 Td [(in)26 (tellectual)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.295 0 Td [(prop)-28 (ert)27 (y)83 (.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.865 0 Td (Let)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.948 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.879 0 Td (di\256usion)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_8 1 Tf 5.9817 0 0 5.9817 80.7825 171.8926 Tm (15)Tj EMC /P <>BDC /T1_9 1 Tf 8.9625 0 0 8.9625 88.5846 168.0816 Tm (As)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 1.564 0 Td (Wilhelm)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 4.186 0 Td (\(2001\))Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 3.243 0 Td [(observ)27 (es,)]TJ /T1_1 1 Tf ( )Tj /T1_9 1 Tf 4.411 0 Td [(adv)56 (ances)]TJ /T1_1 1 Tf ( )Tj /T1_9 1 Tf 4.363 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 1.245 0 Td (information)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 5.616 0 Td [(tec)28 (hnology)]TJ /T1_1 1 Tf ( )Tj /T1_9 1 Tf 5.186 0 Td [(ha)28 (v)29 (e)]TJ /T1_1 1 Tf ( )Tj /T1_9 1 Tf 2.415 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 1.816 0 Td [(p)-29 (oten)28 (tial)]TJ /T1_1 1 Tf ( )Tj /T1_9 1 Tf 4.387 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 1.302 0 Td (disrupt)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 3.595 0 Td (existing)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 3.849 0 Td [(mec)27 (ha)]TJ EMC /HyphenSpan <>BDC (-)Tj EMC /P <>BDC -49.028 -1.222 Td (nisms)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 2.902 0 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 1.609 0 Td (protecting)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 4.95 0 Td [(in)28 (termediaries')]TJ /T1_1 1 Tf ( )Tj /T1_9 1 Tf 6.986 0 Td [(prop)-28 (ert)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_9 1 Tf 4.238 0 Td [(righ)28 (ts)]TJ /T1_1 1 Tf ( )Tj /T1_9 1 Tf 2.927 0 Td [(o)28 (v)28 (er)]TJ /T1_1 1 Tf ( )Tj /T1_9 1 Tf 2.237 0 Td (information.)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 6.077 0 Td [(In)28 (termediaries)]TJ /T1_1 1 Tf ( )Tj /T1_9 1 Tf 6.785 0 Td (therefore)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 4.353 0 Td [(ha)28 (v)28 (e)]TJ /T1_1 1 Tf ( )Tj /T1_9 1 Tf 2.405 0 Td (an)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 1.464 0 Td [(incen)27 (tiv)29 (e)]TJ /T1_1 1 Tf ( )Tj /T1_9 1 Tf 4.349 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf -51.282 -1.223 Td (pursue)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 3.357 0 Td [(alternativ)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_9 1 Tf 5.18 0 Td (strategies)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 4.62 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 2.264 0 Td (enforce)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 3.552 0 Td (their)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 2.495 0 Td [(prop)-28 (ert)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_9 1 Tf 4.239 0 Td [(righ)28 (ts)]TJ /T1_1 1 Tf ( )Tj /T1_9 1 Tf 2.928 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 2.036 0 Td (ensure)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 3.244 0 Td (an)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 1.465 0 Td (adequate)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 4.406 0 Td (return)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 3.183 0 Td (on)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 1.465 0 Td (their)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 2.495 0 Td [(in)27 (v)29 (estmen)29 (ts)]TJ /T1_1 1 Tf ( )Tj /T1_9 1 Tf -46.929 -1.222 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 1.199 0 Td [(inno)27 (v)58 (ation)]TJ /T1_1 1 Tf ( )Tj /T1_9 1 Tf 5.024 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 1.999 0 Td (information)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 5.569 0 Td (gathering.)Tj /T1_1 1 Tf ( )Tj EMC /Artifact <>BDC /T1_0 1 Tf 10.9131 0 0 10.9131 300.544 91.9302 Tm (20)Tj /T1_1 1 Tf ( )Tj EMC ET endstream endobj 259 0 obj <>/Border[0 0 0]/C[0.0 1.0 0.0]/P 155 0 R/Rect[433.182 294.822 494.62 306.102]/StructParent 50/Subtype/Link/Type/Annot>> endobj 1981 0 obj <> endobj 1978 0 obj <>stream /Artifact <>BDC q 1.00028 0 0 1.00028 72 769.82 cm 0 G 0.44 w q 1 0 0 1 189.11 -206.44 cm 0 0 m 113.59 0 l -43.94 0 m -25.41 0 l -44.05 158.57 m -38.6 158.57 l 46.01 158.57 m 51.46 158.57 l 6.76 79.28 m 109.56 79.28 l 176.3 -265.19 m 182.79 -265.19 l 78.54 -396.68 m 85.04 -396.68 l S Q Q EMC BT /P <>BDC 0 g /T1_0 1 Tf 0 Tc 0 Tw 0 Ts 100 Tz 0 Tr 10.9131 0 0 10.9131 72 758.8569 Tm (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.139 0 Td (notation,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.278 0 Td (its)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.391 0 Td (ex)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.282 0 Td (ante)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.273 0 Td [(exp)-27 (ected)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.167 0 Td (net)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.722 0 Td (pro\257ts)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.119 0 Td (are)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.67 0 Td [(no)27 (w)]TJ /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf -7.745 -2.957 Td (1)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 5.592 0.733 Td (\265)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.663 -0.733 Td (1)Tj /T1_3 1 Tf 0.61 0.733 Td (\266)Tj EMC /StyleSpan <>BDC /T1_4 1 Tf 7.9722 0 0 7.9722 321.8699 731.8694 Tm (2)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_5 1 Tf 10.9131 0 0 10.9131 155.0332 719.2058 Tm (E)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.961 0 Td ([\246)Tj EMC /StyleSpan <>BDC /T1_4 1 Tf 7.9722 0 0 7.9722 176.7393 717.5754 Tm (1)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf 10.9131 0 0 10.9131 183.2912 719.2058 Tm (\()Tj /T1_5 1 Tf (n)Tj /T1_0 1 Tf [(\)])-277 (=)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.874 0 Td (\(2)Tj /T1_5 1 Tf (\301)Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 1.707 0 Td (\241)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.999 0 Td (1\))Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 1.111 0 Td (\241)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 1.736 0 Td (\301)Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 0.818 0 Td (\241)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.11 0 Td [(+)-222 (\()]TJ /T1_5 1 Tf (n)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.211 0 Td (+)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.999 0 Td (1\))Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 1.055 0 Td (\301)Tj /T1_0 1 Tf (\(1)Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 1.707 0 Td (\241)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 1 0 Td (\301)Tj /T1_0 1 Tf [(\)\()-84 (\271)]TJ /T1_5 1 Tf 1.373 0 Td (pR)Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 1.491 0 Td (\241)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1 0 Td (1\))Tj EMC /StyleSpan <>BDC -21.092 -0.686 Td (2)Tj 8.255 0 Td (2)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf -21.551 -2.948 Td (Maximization)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.333 0 Td (with)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.278 0 Td [(resp)-28 (ect)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.425 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 1.218 0 Td (\301)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.929 0 Td (yields)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf 4.104 -2.958 Td (\()Tj /T1_5 1 Tf (n)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.211 0 Td (+)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1 0 Td [(1\))-166 (\()-85 (\271)]TJ /T1_5 1 Tf 1.444 0 Td (pR)Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 1.491 0 Td (\241)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1 0 Td (1\))Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.111 0 Td (+)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1 0 Td (2)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_5 1 Tf -11.145 -0.676 Td (\301)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_7 1 Tf 7.9722 0 0 7.9722 246.5489 644.4049 Tm (\244)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf 10.9131 0 0 10.9131 255.2213 639.9036 Tm (=)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_8 1 Tf 7.9722 0 0 7.9722 246.5489 637.2029 Tm (n)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf 10.9131 0 0 10.9131 267.9249 632.4115 Tm [(2)-222 (+)-222 (2)-167 (\()]TJ /T1_5 1 Tf 2.777 0 Td (n)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.822 0 Td (+)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.999 0 Td [(1\))-167 (\()-85 (\271)]TJ /T1_5 1 Tf 1.445 0 Td (pR)Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 1.491 0 Td (\241)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1 0 Td (1\))Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf -26.488 -2.948 Td (Simple)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.277 0 Td [(di\256eren)27 (tiation)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.447 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 1.136 0 Td (\301)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_7 1 Tf 7.9722 0 0 7.9722 197.015 604.6638 Tm (\244)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf 10.9131 0 0 10.9131 206.2876 600.2425 Tm (with)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.278 0 Td [(resp)-28 (ect)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.425 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.222 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.723 0 Td [(n)27 (um)28 (b)-27 (er)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.642 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.14 0 Td (additional)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.722 0 Td [(mark)27 (et)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.391 0 Td [(no)26 (w)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.084 0 Td (yields)Tj EMC /P <>BDC /T1_8 1 Tf 7.9722 0 0 7.9722 197.015 597.5518 Tm (n)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_5 1 Tf 10.9131 0 0 10.9131 217.2106 567.9735 Tm [(@)-55 (\301)]TJ /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_7 1 Tf 7.9722 0 0 7.9722 230.1143 572.3947 Tm (\244)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf 10.9131 0 0 10.9131 302.5845 567.9735 Tm (\271)Tj EMC /P <>BDC /T1_5 1 Tf -0.085 0 Td (pR)Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 1.492 0 Td (\241)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.999 0 Td (1)Tj EMC /P <>BDC /T1_8 1 Tf 7.9722 0 0 7.9722 230.1143 565.2727 Tm (n)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf 10.9131 0 0 10.9131 239.977 560.5914 Tm (=)Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 1.055 0 Td (\241)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 11.686 0 Td (<)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.055 0 Td (0)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_5 1 Tf -15.626 -0.686 Td [(@)-56 (n)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.772 -0.136 Td [(2)-167 ([1)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.667 0 Td (+)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1 0 Td (\()Tj /T1_5 1 Tf 0.388 0 Td (n)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.822 0 Td (+)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1 0 Td [(1\))-166 (\()-85 (\271)]TJ /T1_5 1 Tf 1.444 0 Td (pR)Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 1.491 0 Td (\241)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1 0 Td (1\)])Tj EMC /StyleSpan <>BDC /T1_4 1 Tf 7.9722 0 0 7.9722 370.0534 556.6503 Tm (2)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf 10.9131 0 0 10.9131 72 520.9403 Tm (Hence,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.204 0 Td [(allo)27 (wing)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.86 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.666 0 Td [(tec)27 (hnology)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.943 0 Td (leader)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.89 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.165 0 Td [(en)26 (ter)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.474 0 Td (new)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.998 0 Td [(mark)27 (ets)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.729 0 Td (reduces)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.506 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.666 0 Td [(lev)27 (el)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.22 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.082 0 Td (\257nancial)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.943 0 Td [(inno)26 (v)56 (ation)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -38.346 -2.009 Td (if)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.916 0 Td (regulators)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.678 0 Td (cannot)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.278 0 Td (commit)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.612 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.222 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.833 0 Td [(su\261cien)26 (tly)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.007 0 Td [(lo)27 (w)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.806 0 Td (rate)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.058 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.139 0 Td [(tec)27 (hnological)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.973 0 Td (di\256usion.)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf -28.97 -2.009 Td (This)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.314 0 Td (somewhat)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.703 0 Td (surprising)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.659 0 Td (result)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.817 0 Td (again)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.697 0 Td [(highligh)26 (ts)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.62 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.753 0 Td (trade-o\256)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.061 0 Td [(asso)-28 (ciated)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.792 0 Td (with)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.309 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.753 0 Td (di\256usion)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.064 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -42.094 -2.008 Td [(tec)27 (hnological)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.938 0 Td (progress.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.283 0 Td (When)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.882 0 Td [(tec)27 (hnology)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.967 0 Td [(dev)27 (elop)-27 (ed)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.605 0 Td [(b)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.355 0 Td (one)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.799 0 Td (bank)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.439 0 Td [(b)-27 (ecomes)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.944 0 Td [(a)27 (v)56 (ailable)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.076 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.189 0 Td [(comp)-27 (etitors,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -37.477 -2.009 Td [(t)27 (w)28 (o)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.779 0 Td (e\256ects)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.924 0 Td [(op)-28 (erate.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.939 0 Td (First,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.629 0 Td (an)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.28 0 Td (increase)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.677 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.057 0 Td (precision)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 4.059 0 Td (\301)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.819 0 Td (leads)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.396 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.113 0 Td [(more-e\261cien)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.088 0 Td (screening,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.532 0 Td [(whic)26 (h)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.753 0 Td (increases)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -39.045 -2.009 Td (banks')Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.184 0 Td (pro\257ts.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.627 0 Td (Second,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.717 0 Td (with)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.318 0 Td (greater)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 3.428 0 Td (\301)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.969 0 Td (banks)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.906 0 Td (are)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.709 0 Td [(sub)-55 (ject)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.518 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.262 0 Td [(lo)27 (w)28 (er)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.653 0 Td [(adv)27 (erse-selection)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 7.665 0 Td (problems)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.326 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -41.282 -2.008 Td (therefore)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.239 0 Td [(comp)-28 (ete)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.012 0 Td (more)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.541 0 Td [(aggressiv)26 (ely)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.525 0 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.57 0 Td [(b)-28 (orro)27 (w)28 (ers,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.924 0 Td [(th)27 (us)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.24 0 Td (reducing)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.097 0 Td (all)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.429 0 Td (banks')Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.184 0 Td (pro\257ts.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.626 0 Td [(Whic)26 (h)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.207 0 Td (e\256ect)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -40.594 -2.009 Td (dominates)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.703 0 Td (then)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.199 0 Td [(dep)-28 (ends)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.788 0 Td (on)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.31 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.642 0 Td (strategic)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.984 0 Td [(b)-28 (ene\257ts)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.621 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.06 0 Td (screening)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.261 0 Td [(p)-28 (oten)27 (tial)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.144 0 Td [(b)-28 (orro)27 (w)27 (ers.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.959 0 Td (If)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.921 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.643 0 Td [(tec)27 (hnology)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -38.235 -2.009 Td (leader)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.978 0 Td (has)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.815 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.865 0 Td [(monop)-27 (oly)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.643 0 Td (on)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.421 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.753 0 Td (use)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.759 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.171 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.754 0 Td [(tec)27 (hnological)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.003 0 Td [(impro)26 (v)28 (emen)28 (t,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.321 0 Td (increases)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.211 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 1.184 0 Td (\301)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.96 0 Td (raise)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.372 0 Td (bank)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.504 0 Td (1's)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -41.714 -2.008 Td (pro\257ts)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.011 0 Td (\(gross)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.795 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.032 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.615 0 Td (cost)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.954 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.032 0 Td [(dev)27 (eloping)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.837 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.615 0 Td [(tec)27 (hnology\).)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.743 0 Td [(Ho)27 (w)28 (ev)28 (er,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.222 0 Td (if)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.809 0 Td (bank)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.365 0 Td (1)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.725 0 Td (has)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.676 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.115 0 Td (share)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.512 0 Td (its)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.287 0 Td [(inno)27 (v)55 (ation)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -38.345 -2.009 Td (with)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.341 0 Td (another)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.732 0 Td (lender,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.358 0 Td (increases)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.244 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.229 0 Td (screening)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.404 0 Td [(qualit)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_5 1 Tf 3.417 0 Td (\301)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.991 0 Td [(b)-28 (ey)27 (ond)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.535 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.785 0 Td (threshold)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_5 1 Tf 4.457 0 Td (\301)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf 0.991 0 Td (\(see)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.068 0 Td [(Prop)-28 (osition)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.447 0 Td (3\))Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -41.999 -2.008 Td (reduce)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.256 0 Td [(pro\257tabilit)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.591 0 Td [(b)-28 (ecause)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.787 0 Td (they)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.338 0 Td (engender)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.312 0 Td [(to)-28 (o)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.837 0 Td [(m)26 (uc)28 (h)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.754 0 Td [(comp)-28 (etition.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.178 0 Td (The)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.143 0 Td [(tec)27 (hnology)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.087 0 Td (leader)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.035 0 Td [(w)27 (ould)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -40.318 -2.009 Td [(no)27 (w)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.083 0 Td [(b)-28 (ene\257t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.306 0 Td (from)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.364 0 Td (reducing)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 4.054 0 Td (\301)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.929 0 Td (so)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.227 0 Td (as)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.227 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.222 0 Td (limit)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.39 0 Td [(comp)-27 (etition.)]TJ /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf -17.25 -2.009 Td (It)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.06 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.981 0 Td (precisely)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.068 0 Td (this)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.927 0 Td (latter)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.702 0 Td (e\256ect)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.615 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.143 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.981 0 Td (at)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.199 0 Td [(w)27 (ork)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.424 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.143 0 Td (this)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.927 0 Td (instance.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.276 0 Td (In)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.226 0 Td (our)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.757 0 Td [(mo)-28 (del,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.232 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.698 0 Td (pro\257ts)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.096 0 Td (earned)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -40.007 -2.008 Td [(b)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.366 0 Td (bank)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.449 0 Td (1)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.81 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.143 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.7 0 Td (\257rst)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.041 0 Td [(p)-28 (erio)-27 (d)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.092 0 Td (alone)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.588 0 Td [(w)27 (ould)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.893 0 Td (induce)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.143 0 Td (this)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.928 0 Td [(in)27 (termediary)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.871 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.199 0 Td [(c)27 (ho)-27 (ose)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.149 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.81 0 Td [(lev)26 (el)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.255 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.116 0 Td (precision)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.152 0 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -41.705 -2.009 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.719 0 Td [(tec)27 (hnology)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.997 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.164 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.002 0 Td (optimal)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.664 0 Td (when)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.608 0 Td (it)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.997 0 Td (retains)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.284 0 Td (its)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.391 0 Td [(monop)-28 (oly)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.609 0 Td [(o)27 (v)27 (er)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.139 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.719 0 Td [(tec)26 (hnology)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.998 0 Td (but)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.83 0 Td [(sub)-28 (optimal)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.197 0 Td (if)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -42.318 -2.009 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.737 0 Td [(tec)27 (hnology)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.015 0 Td (disseminates)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.81 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.237 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.849 0 Td [(comp)-27 (etitor)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.101 0 Td (\(i.e.,)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 2.289 0 Td (\301)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_7 1 Tf 7.9722 0 0 7.9722 318.9891 174.5934 Tm (\244)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_5 1 Tf 10.9131 0 0 10.9131 327.9316 170.1721 Tm (>)Tj EMC /StyleSpan <>BDC 1.08 0 Td (\301)Tj EMC /P <>BDC /T1_0 1 Tf (\).)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.752 0 Td [(No)27 (w)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.292 0 Td (consider)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.913 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.737 0 Td (e\256ect)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.653 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.155 0 Td (an)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.404 0 Td (increase)Tj EMC /P <>BDC /T1_8 1 Tf 7.9722 0 0 7.9722 318.9891 167.4814 Tm (n)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf 10.9131 0 0 10.9131 72 148.256 Tm (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.193 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.749 0 Td [(n)27 (um)28 (b)-27 (er)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.67 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.166 0 Td [(mark)27 (ets)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.813 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.194 0 Td [(whic)27 (h)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.888 0 Td (bank)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.499 0 Td (1)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.861 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.032 0 Td [(activ)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.915 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.194 0 Td [(p)-27 (erio)-28 (d)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.142 0 Td (2.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.303 0 Td (The)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.082 0 Td [(tec)27 (hnology)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.028 0 Td (leader)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.974 0 Td [(no)27 (w)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.11 0 Td (faces)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -40.813 -2.009 Td [(comp)-27 (etition)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.608 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 1.247 0 Td (n)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.015 0 Td (additional)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.803 0 Td [(mark)26 (ets)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.868 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.248 0 Td [(whic)27 (h)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.943 0 Td (its)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.476 0 Td [(comp)-28 (etitors)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.562 0 Td [(ha)27 (v)28 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.387 0 Td (access)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.037 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.304 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.804 0 Td (same)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.587 0 Td (screening)Tj /T1_1 1 Tf ( )Tj EMC /Artifact <>BDC /T1_0 1 Tf -17.947 -3.152 Td (19)Tj /T1_1 1 Tf ( )Tj EMC ET endstream endobj 143 0 obj <>/ProcSet[/PDF/Text]>>/StructParents 22/Tabs/S/Type/Page>> endobj 147 0 obj <>/ProcSet[/PDF/Text]>>/StructParents 23/Tabs/S/Type/Page>> endobj 1983 0 obj [257 0 R 258 0 R] endobj 1984 0 obj <>stream /Artifact <>BDC q 1.00028 0 0 1.00028 72 769.82 cm 0 G 0.4 w q 1 0 0 1 0 -590.08 cm 0 0 m 187.15 0 l S Q Q EMC BT /P <>BDC 0 g /T1_0 1 Tf 0 Tc 0 Tw 0 Ts 100 Tz 0 Tr 10.9131 0 0 10.9131 72 758.8569 Tm (less)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.893 0 Td [(in)27 (terference)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.443 0 Td (or)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.275 0 Td (more)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.552 0 Td (leniency)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.911 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.215 0 Td (terms)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.836 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.189 0 Td [(allo)27 (wing)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.967 0 Td (banks)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.916 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.271 0 Td [(en)26 (ter)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.58 0 Td (new)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.105 0 Td (geographic)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.053 0 Td (or)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.275 0 Td [(pro)-28 (duct)]TJ /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf -39.481 -2.008 Td [(mark)27 (ets.)]TJ /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf 1.552 -2.009 Td (In)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.139 0 Td (our)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.669 0 Td [(mo)-28 (del,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.161 0 Td (\257nancial)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.89 0 Td [(inno)27 (v)56 (ation)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.777 0 Td [(impro)26 (v)28 (es)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.092 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.611 0 Td [(tec)26 (hnology)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.89 0 Td (leader's)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.508 0 Td [(loan-p)-28 (ortfolio)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.114 0 Td [(qualit)27 (y)83 (.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.63 0 Td (Hence,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -40.033 -2.009 Td (one)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.804 0 Td [(p)-27 (ossible)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.732 0 Td [(commitmen)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.776 0 Td [(mec)27 (hanism)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.115 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.977 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.193 0 Td (tie)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.415 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.693 0 Td (frequency)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.501 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.11 0 Td (bank)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.444 0 Td (audits)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.976 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.193 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.693 0 Td [(qualit)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.332 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.111 0 Td (credit-)Tj -40.065 -2.008 Td [(assessmen)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.031 0 Td (systems,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.974 0 Td (with)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.26 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.705 0 Td [(less-frequen)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.745 0 Td [(sup)-28 (ervisory)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.306 0 Td (review)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.123 0 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.512 0 Td (banks)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.849 0 Td (with)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.26 0 Td [(b)-28 (etter)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.957 0 Td (systems.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.094 0 Td [(Suc)27 (h)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -40.816 -2.009 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.946 0 Td [(p)-28 (olicy)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.059 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.119 0 Td (not)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.892 0 Td (only)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.308 0 Td (justi\257ed)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.924 0 Td [(b)26 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.503 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.836 0 Td (higher)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.172 0 Td [(loan-p)-28 (ortfolio)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.339 0 Td [(qualit)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.475 0 Td (but)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.947 0 Td (also)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.119 0 Td (o\256ers)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.76 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.836 0 Td [(tec)27 (hnology)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -38.235 -2.008 Td (leader)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.022 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.909 0 Td (grace)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.69 0 Td [(p)-27 (erio)-28 (d)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.19 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.298 0 Td [(b)-27 (ene\257t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.381 0 Td (from)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.44 0 Td [(an)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.965 0 Td [(inno)27 (v)56 (ations.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.898 0 Td (In)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.326 0 Td (addition,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.316 0 Td (it)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.076 0 Td (reduces)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.639 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.797 0 Td (dissemination)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -36.947 -2.009 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.157 0 Td [(kno)26 (wledge)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.851 0 Td (throughout)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.244 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.741 0 Td (regulatory)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.83 0 Td [(comm)27 (unit)28 (y)83 (,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.413 0 Td [(thereb)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.633 0 Td (decreasing)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.859 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.741 0 Td [(lik)26 (eliho)-26 (o)-28 (d)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.575 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.158 0 Td (di\256usion)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -39.202 -2.009 Td [(ev)27 (en)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.332 0 Td (further.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.919 0 Td (Indeed,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.595 0 Td (this)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.005 0 Td (logic)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.388 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.06 0 Td (re\260ected)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.057 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.221 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.777 0 Td [(curren)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.532 0 Td (practice)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.835 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.194 0 Td (auditing)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.999 0 Td (banks)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.921 0 Td (with)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.333 0 Td (strong)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -40.168 -2.008 Td (CAMEL)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.971 0 Td (ratings)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.284 0 Td (less)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.787 0 Td [(frequen)27 (tly)83 (,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.874 0 Td [(whic)26 (h)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.805 0 Td [(rev)27 (eals)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.229 0 Td (an)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.332 0 Td (explicit)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.47 0 Td (link)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.915 0 Td [(b)-28 (et)27 (w)27 (een)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.804 0 Td (established)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.065 0 Td (regulatory)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.754 0 Td [(p)-28 (olicy)]TJ /T1_1 1 Tf ( )Tj EMC /Link <>BDC /T1_0 1 Tf -40.29 -2.009 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.944 0 Td [(loan-p)-28 (ortfolio)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.225 0 Td [(qualit)27 (y)83 (.)]TJ EMC /StyleSpan <>BDC /T1_2 1 Tf 7.9722 0 0 7.9722 196.2748 543.5967 Tm (13)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf 10.9131 0 0 10.9131 88.9347 517.7094 Tm [(Ho)27 (w)28 (ev)28 (er,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.274 0 Td (one)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.792 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.097 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.681 0 Td [(dra)27 (wbac)28 (ks)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.826 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.098 0 Td [(rew)27 (arding)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.603 0 Td [(inno)27 (v)56 (ation)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.847 0 Td (through)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.738 0 Td (more)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.461 0 Td [(lenien)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.208 0 Td [(sup)-28 (ervision)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.195 0 Td [(migh)26 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -40.372 -2.008 Td [(b)-27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.41 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.272 0 Td (increase)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.835 0 Td (risk)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.975 0 Td (taking)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.133 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.216 0 Td (other)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.663 0 Td (areas)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.614 0 Td (and,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.284 0 Td [(ultimately)82 (,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.062 0 Td (moral)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.886 0 Td (hazard)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.329 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.216 0 Td [(in)27 (termediation.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 7.234 0 Td (If)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.05 0 Td (it)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.049 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -42.228 -2.009 Td [(imp)-27 (ossible)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.833 0 Td (or)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.187 0 Td (impractical)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.186 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.184 0 Td (separate)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.913 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.684 0 Td (auditing)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.906 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.1 0 Td (systems)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.673 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.906 0 Td (risk)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.886 0 Td [(managemen)26 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.823 0 Td (from)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.326 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.683 0 Td (audit)Tj EMC /HyphenSpan <>BDC (-)Tj EMC /P <>BDC -40.29 -2.009 Td (ing)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.651 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.125 0 Td (other)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.6 0 Td (activities,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.522 0 Td (this)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.936 0 Td [(approac)27 (h)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.294 0 Td [(ma)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.152 0 Td (face)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.013 0 Td (di\261culties.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.168 0 Td (Letting)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.5 0 Td [(tec)27 (hnology)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.986 0 Td (leaders)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.327 0 Td (expand)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.458 0 Td (more)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -40.732 -2.008 Td (rapidly)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.417 0 Td [(in)27 (to)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.026 0 Td (new)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.053 0 Td [(pro)-28 (ducts)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.145 0 Td (or)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.224 0 Td (geographic)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.001 0 Td [(mark)27 (ets)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.785 0 Td [(ma)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.164 0 Td [(pro)27 (vide)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.557 0 Td (an)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.387 0 Td [(alternativ)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.001 0 Td [(w)27 (a)28 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.026 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.137 0 Td [(comp)-28 (ensating)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -36.923 -2.009 Td (them)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.529 0 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.504 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.696 0 Td (expropriation)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.175 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.113 0 Td (their)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.365 0 Td [(tec)27 (hnological)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.947 0 Td [(impro)27 (v)28 (emen)28 (ts.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.777 0 Td (An)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.613 0 Td (example)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.891 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.113 0 Td (this)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.924 0 Td [(t)26 (yp)-26 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.224 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.113 0 Td (expan)Tj EMC /HyphenSpan <>BDC (-)Tj EMC /P <>BDC -39.984 -2.009 Td (sion)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.119 0 Td (can)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.892 0 Td [(b)-28 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.42 0 Td (found)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.864 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.225 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.781 0 Td (case)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.175 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.198 0 Td [(J.P)83 (.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.058 0 Td (Morgan,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.049 0 Td [(whic)27 (h)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.92 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.225 0 Td (1989)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.392 0 Td [(b)-28 (ecame)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.643 0 Td (one)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.892 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.197 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.781 0 Td (\257rst)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.123 0 Td (commercial)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -37.954 -2.008 Td (banks)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.806 0 Td [(allo)27 (w)28 (ed)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.496 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.162 0 Td (o\256er)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.192 0 Td (underwriting)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.891 0 Td (services.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.021 0 Td [(A)26 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.385 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.662 0 Td (same)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.446 0 Td (time,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.507 0 Td (Morgan)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.637 0 Td [(w)26 (as)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.862 0 Td (recognized)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.831 0 Td (as)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.168 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.773 0 Td [(mark)27 (et)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -39.839 -2.009 Td (leader)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.977 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.197 0 Td (credit-risk)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.792 0 Td [(assessmen)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.08 0 Td (through)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.811 0 Td (systems)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.742 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.197 0 Td (later)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.367 0 Td [(ga)27 (v)28 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.28 0 Td (rise)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.872 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.253 0 Td (CreditMetrics)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.403 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.975 0 Td (similar)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -39.946 -2.009 Td [(risk-managemen)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 7.786 0 Td [(to)-28 (ols.)]TJ /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf -6.234 -2.008 Td [(T)83 (o)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.469 0 Td (study)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.753 0 Td (this)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.947 0 Td (issue)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.398 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.164 0 Td (more)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.5 0 Td (detail,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.053 0 Td [(supp)-28 (ose)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.758 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.164 0 Td (regulators)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.676 0 Td (are)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.666 0 Td (unable)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.22 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.22 0 Td (commit)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.609 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.219 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.831 0 Td (di\256usion)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -39.199 -2.009 Td (rate)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 2.009 0 Td [(\270)-277 (<)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.916 0 Td (1)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.785 0 Td (so)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.179 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.118 0 Td (all)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.341 0 Td [(inno)27 (v)56 (ation)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.84 0 Td [(b)-28 (ecomes)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.93 0 Td [(a)27 (v)55 (ailable)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.063 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.174 0 Td [(comp)-28 (etitors.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.853 0 Td [(Ho)27 (w)28 (ev)27 (er,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.269 0 Td (they)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.202 0 Td (can)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.785 0 Td [(gran)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.593 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.674 0 Td (in)Tj EMC /HyphenSpan <>BDC (-)Tj EMC /P <>BDC -41.731 -2.008 Td [(no)27 (v)56 (ating)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.003 0 Td (bank)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.419 0 Td [(p)-28 (ermission)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.934 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.169 0 Td [(en)27 (ter)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.478 0 Td (new)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.003 0 Td [(mark)27 (ets)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.733 0 Td [(in)26 (to)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.975 0 Td [(whic)27 (h)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.809 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.67 0 Td [(tec)27 (hnology)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.947 0 Td (has)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.731 0 Td [(b)-28 (een)]TJ /T1_1 1 Tf ( )Tj EMC /Link <>BDC /T1_0 1 Tf 2.308 0 Td (disseminated.)Tj EMC /StyleSpan <>BDC /T1_2 1 Tf 7.9722 0 0 7.9722 531.0385 258.5969 Tm (14)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf 10.9131 0 0 10.9131 72 232.7197 Tm [(F)83 (or)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.867 0 Td [(simplicit)27 (y)83 (,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.846 0 Td (assume)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.528 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.239 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.794 0 Td [(tec)26 (hnology)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.073 0 Td (leader)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.02 0 Td (faces)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.495 0 Td (only)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.266 0 Td (one)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.906 0 Td (other)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.686 0 Td (bank)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.545 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.239 0 Td [(eac)27 (h)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.323 0 Td [(mark)27 (et)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.463 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -41.29 -2.009 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.234 0 Td (all)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.458 0 Td [(comp)-27 (etitors)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.548 0 Td (acquire)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.544 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.79 0 Td (screening)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.41 0 Td [(tec)27 (hnology)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.069 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.234 0 Td [(p)-28 (erio)-28 (d)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.184 0 Td (2.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.427 0 Td [(A)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.513 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.234 0 Td (time,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.641 0 Td (bank)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.541 0 Td (1)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.901 0 Td (obtains)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -39.728 -2.008 Td [(p)-27 (ermission)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.007 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.244 0 Td [(en)27 (ter)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 2.549 0 Td (n)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 0.914 0 Td (\270)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.092 0 Td (0)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.854 0 Td (new)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.077 0 Td [(mark)27 (ets)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.808 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.188 0 Td (addition)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.966 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.244 0 Td (its)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.416 0 Td (original)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.636 0 Td (one)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.854 0 Td (so)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.249 0 Td (that,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.472 0 Td (with)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.3 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.855 0 Td [(sligh)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.722 0 Td (abuse)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_5 1 Tf 5.9817 0 0 5.9817 80.7825 172.9229 Tm (13)Tj EMC /StyleSpan <>BDC /T1_6 1 Tf 8.9625 0 0 8.9625 88.5846 169.1219 Tm [(W)85 (e)]TJ /T1_1 1 Tf ( )Tj /T1_6 1 Tf 1.77 0 Td (thank)Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 2.94 0 Td (seminar)Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 3.835 0 Td [(participan)28 (ts)]TJ /T1_1 1 Tf ( )Tj /T1_6 1 Tf 5.689 0 Td (at)Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 1.257 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 1.77 0 Td (FDI)Tj EMC /P <>BDC (C)Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 2.912 0 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 1.572 0 Td [(p)-29 (oin)28 (ting)]TJ /T1_1 1 Tf ( )Tj /T1_6 1 Tf 4.054 0 Td (out)Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 1.828 0 Td (this)Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 2.004 0 Td (fact.)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_5 1 Tf 5.9817 0 0 5.9817 80.7825 161.9698 Tm (14)Tj EMC /P <>BDC /T1_6 1 Tf 8.9625 0 0 8.9625 88.5846 158.1588 Tm (In)Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 1.242 0 Td (principle,)Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 4.48 0 Td (regulators)Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 4.765 0 Td (could)Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 2.699 0 Td (also)Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 2.019 0 Td [(allo)28 (w)]TJ /T1_1 1 Tf ( )Tj /T1_6 1 Tf 2.613 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 1.728 0 Td [(inno)28 (v)57 (ating)]TJ /T1_1 1 Tf ( )Tj /T1_6 1 Tf 4.982 0 Td (bank)Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 2.498 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 1.214 0 Td [(en)27 (ter)]TJ /T1_1 1 Tf ( )Tj /T1_6 1 Tf 2.559 0 Td [(mark)27 (ets)]TJ /T1_1 1 Tf ( )Tj /T1_6 1 Tf 3.849 0 Td [(in)28 (to)]TJ /T1_1 1 Tf ( )Tj /T1_6 1 Tf 2.043 0 Td [(whic)28 (h)]TJ /T1_1 1 Tf ( )Tj /T1_6 1 Tf 2.898 0 Td [(tec)27 (hnology)]TJ /T1_1 1 Tf ( )Tj /T1_6 1 Tf 5.098 0 Td (has)Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 1.791 0 Td (not)Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 1.785 0 Td [(b)-28 (een)]TJ /T1_1 1 Tf ( )Tj /T1_6 1 Tf -50.113 -1.223 Td (disseminated,)Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 6.525 0 Td (on)Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 1.522 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 1.865 0 Td (premise)Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 3.872 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 2.32 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 1.865 0 Td (bank)Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 2.635 0 Td (will)Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 2.036 0 Td [(ev)27 (en)29 (tually)]TJ /T1_1 1 Tf ( )Tj /T1_6 1 Tf 5.006 0 Td [(in)28 (tro)-28 (duce)]TJ /T1_1 1 Tf ( )Tj /T1_6 1 Tf 4.666 0 Td (an)Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 1.522 0 Td [(inno)28 (v)57 (ation)]TJ /T1_1 1 Tf ( )Tj /T1_6 1 Tf 5.118 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 1.294 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 2.321 0 Td [(mark)28 (et.)]TJ /T1_1 1 Tf ( )Tj /T1_6 1 Tf 4.168 0 Td [(Suc)28 (h)]TJ /T1_1 1 Tf ( )Tj /T1_6 1 Tf 2.578 0 Td [(p)-29 (olicy)85 (,)]TJ /T1_1 1 Tf ( )Tj /T1_6 1 Tf -49.313 -1.222 Td [(ho)28 (w)29 (ev)28 (er,)]TJ /T1_1 1 Tf ( )Tj /T1_6 1 Tf 4.28 0 Td (runs)Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 2.332 0 Td [(coun)27 (ter)]TJ /T1_1 1 Tf ( )Tj /T1_6 1 Tf 3.727 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 1.298 0 Td (regulatory)Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 4.985 0 Td (concern)Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 3.813 0 Td [(o)28 (v)29 (er)]TJ /T1_1 1 Tf ( )Tj /T1_6 1 Tf 2.241 0 Td (credit)Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 2.955 0 Td (risk)Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 2.019 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 2.039 0 Td [(do)-29 (es)]TJ /T1_1 1 Tf ( )Tj /T1_6 1 Tf 2.36 0 Td (not)Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 1.869 0 Td (seem)Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 2.559 0 Td (appropriate,)Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 5.881 0 Td [(giv)27 (en)]TJ /T1_1 1 Tf ( )Tj /T1_6 1 Tf 2.725 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 2.268 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 1.811 0 Td (precise)Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf -49.162 -1.223 Td (terms)Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 2.863 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 1.171 0 Td [(inno)28 (v)57 (ativ)29 (e)]TJ /T1_1 1 Tf ( )Tj /T1_6 1 Tf 4.91 0 Td [(activit)27 (y)86 (,)]TJ /T1_1 1 Tf ( )Tj /T1_6 1 Tf 3.94 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 1.999 0 Td [(consequen)27 (tly)]TJ /T1_1 1 Tf ( )Tj /T1_6 1 Tf 6.088 0 Td (its)Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 1.434 0 Td (results,)Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 3.554 0 Td (are)Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 1.716 0 Td (di\261cult)Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 3.768 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 1.257 0 Td (de\257ne.)Tj /T1_1 1 Tf ( )Tj EMC /Artifact <>BDC /T1_0 1 Tf 10.9131 0 0 10.9131 300.544 91.9302 Tm (18)Tj /T1_1 1 Tf ( )Tj EMC ET endstream endobj 257 0 obj <>/Border[0 0 0]/C[0.0 1.0 0.0]/P 147 0 R/Rect[466.781 254.624 539.498 263.264]/StructParent 49/Subtype/Link/Type/Annot>> endobj 258 0 obj <>/Border[0 0 0]/C[0.0 1.0 0.0]/P 147 0 R/Rect[161.153 536.972 204.712 548.252]/StructParent 48/Subtype/Link/Type/Annot>> endobj 1986 0 obj <> endobj 1985 0 obj <> endobj 1982 0 obj <>stream /Artifact <>BDC q 1.00028 0 0 1.00028 72 769.82 cm 0 G 0.44 w q 1 0 0 1 154.57 -326.89 cm 0 0 m 21.51 0 l S Q Q EMC BT /Artifact <>BDC 0 g /T1_0 1 Tf 0 Tc 0 Tw 0 Ts 100 Tz 0 Tr 14.344 0 0 14.344 72 758.8569 Tm (6)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf 1.687 0 Td (The)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.296 0 Td (Role)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.602 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.281 0 Td [(Commitmen)30 (t)]TJ /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_2 1 Tf 10.9131 0 0 10.9131 72 726.1378 Tm [(Implemen)27 (ting)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 6.271 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.659 0 Td (optimal)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.604 0 Td (rate)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.996 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.077 0 Td [(tec)27 (hnological)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.91 0 Td (di\256usion)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.971 0 Td [(presupp)-28 (oses)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.484 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.104 0 Td (regulators)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.616 0 Td (can)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.771 0 Td (commit)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.549 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf -42.012 -2.009 Td [(sp)-27 (eci\257c)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.429 0 Td [(p)-28 (olicies)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.485 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.118 0 Td (this)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.901 0 Td (regard.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.49 0 Td (Otherwise,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.969 0 Td [(inno)27 (v)56 (ating)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.84 0 Td (banks)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.818 0 Td (will)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.84 0 Td [(an)27 (ticipate)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.591 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.674 0 Td (full)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.701 0 Td (dissemination)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 6.241 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf -42.097 -2.009 Td (their)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.41 0 Td [(tec)26 (hnological)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.993 0 Td [(adv)55 (ances)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.219 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.964 0 Td [(c)27 (ho)-27 (ose)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.192 0 Td (their)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.411 0 Td [(in)27 (v)27 (estmen)28 (t)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.081 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.186 0 Td (screening)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.361 0 Td [(tec)27 (hnology)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.02 0 Td [(accordingly)82 (.)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.673 0 Td [(W)82 (e)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf -41.51 -2.008 Td (analyze)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.575 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.159 0 Td (this)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.943 0 Td (section)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.332 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.714 0 Td (e\256ect)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.631 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.132 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.715 0 Td (absence)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.665 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.131 0 Td (regulatory)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.804 0 Td [(commitmen)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.798 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.937 0 Td [(prop)-28 (ose)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.696 0 Td [(alternativ)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf -38.232 -2.009 Td [(mec)27 (hanisms)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.538 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.222 0 Td (protect)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.448 0 Td (banks')Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.144 0 Td [(in)27 (tellectual)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.139 0 Td [(prop)-27 (ert)26 (y)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.089 0 Td [(righ)27 (ts.)]TJ /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_0 1 Tf 11.9533 0 0 11.9533 72 600.6126 Tm (6.1)Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_0 1 Tf 2.563 0 Td [(F)93 (ull)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.238 0 Td (Dissemination)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_2 1 Tf 10.9131 0 0 10.9131 72 571.6445 Tm (Lemma)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.615 0 Td (3)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 0.879 0 Td [(highligh)27 (ts)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.634 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.769 0 Td (problem)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.937 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.212 0 Td (regulators)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.725 0 Td (face)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.073 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.212 0 Td (setting)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.329 0 Td (regulatory)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.858 0 Td [(p)-27 (olicy)82 (.)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.388 0 Td (Once)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.601 0 Td (\257nancial)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf -39.232 -2.009 Td [(inno)27 (v)56 (ations)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.357 0 Td [(ha)27 (v)28 (e)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.378 0 Td [(tak)26 (en)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.796 0 Td (place,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.925 0 Td [(o)27 (v)28 (erall)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.271 0 Td [(p)-27 (ortfolio)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.132 0 Td [(qualit)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.435 0 Td (will)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.962 0 Td [(impro)27 (v)28 (e)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.881 0 Td (if)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 0.989 0 Td (all)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.463 0 Td (banks)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.939 0 Td (adopt)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.907 0 Td [(suc)27 (h)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.328 0 Td [(tec)27 (h)]TJ EMC /HyphenSpan <>BDC (-)Tj EMC /P <>BDC -40.763 -2.008 Td (nological)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.192 0 Td [(adv)55 (ances.)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 4.665 0 Td (Ex)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.524 0 Td [(p)51 (ost)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.165 0 Td (\(in)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.581 0 Td [(p)-28 (erio)-28 (d)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.141 0 Td (2\),)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.534 0 Td (regulators)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.704 0 Td [(alw)27 (a)27 (ys)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.226 0 Td [(ha)27 (v)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.332 0 Td (an)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.416 0 Td [(incen)27 (tiv)28 (e)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.221 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.248 0 Td [(c)27 (ho)-27 (ose)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.199 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 0.859 0 Td (rate)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.085 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf -42.092 -2.009 Td (di\256usion)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.033 0 Td (as)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.227 0 Td (high)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.222 0 Td (as)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.228 0 Td [(p)-28 (ossible)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.761 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.222 0 Td (minimize)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.278 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.722 0 Td (banking)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.805 0 Td (sector's)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.57 0 Td (aggregate)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.502 0 Td (credit-risk)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.761 0 Td [(exp)-28 (osure.)]TJ /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_2 1 Tf -34.779 -2.009 Td (In)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.257 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.729 0 Td (absence)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.679 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.146 0 Td (some)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.512 0 Td [(commitmen)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.812 0 Td (device,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.313 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.729 0 Td [(tec)26 (hnology)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.008 0 Td (leader)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.954 0 Td (will)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.896 0 Td [(exp)-27 (ect)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.173 0 Td (regulators)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.685 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.229 0 Td (set)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf -41.674 -2.008 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.714 0 Td (di\256usion)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.025 0 Td (rate)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 2.047 0 Td (\270)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 0.908 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.214 0 Td (its)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.386 0 Td [(maxim)26 (um)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.659 0 Td [(v)55 (alue)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.576 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.158 0 Td [(p)-28 (erio)-27 (d)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.107 0 Td (2.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.219 0 Td [(Ho)26 (w)28 (ev)28 (er,)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.302 0 Td (from)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.356 0 Td [(Prop)-28 (osition)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.376 0 Td (3)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 0.825 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.937 0 Td (Corollary)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_5 1 Tf 7.9722 0 0 7.9722 227.3335 445.0391 Tm (\271)Tj EMC /StyleSpan <>BDC /T1_6 1 Tf -0.09 0 Td (pR)Tj /T1_5 1 Tf 1.341 0 Td (+1)Tj EMC /P <>BDC /T1_2 1 Tf 10.9131 0 0 10.9131 72 440.1077 Tm (1,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.164 0 Td [(w)26 (e)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.515 0 Td [(ha)27 (v)28 (e,)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.637 0 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1.571 0 Td (\270)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 0.932 0 Td (=)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.126 0 Td (1,)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1.165 0 Td (\301)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_7 1 Tf 7.9722 0 0 7.9722 188.8327 444.5289 Tm (\244)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_2 1 Tf 10.9131 0 0 10.9131 195.3845 440.1077 Tm (\(1\))Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.626 0 Td (=)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_5 1 Tf 7.9722 0 0 7.9722 229.9042 436.3466 Tm [(2)-90 (\271)]TJ /T1_6 1 Tf 0.532 0 Td (pR)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_4 1 Tf 10.9131 0 0 10.9131 253.1307 440.1077 Tm [(<)-348 (\301)]TJ /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_7 1 Tf 7.9722 0 0 7.9722 271.926 444.5289 Tm (\244)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_2 1 Tf 10.9131 0 0 10.9131 278.4778 440.1077 Tm (\()Tj /T1_4 1 Tf (\270)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_7 1 Tf 7.9722 0 0 7.9722 289.0808 444.5289 Tm (\244)Tj EMC /P <>BDC /T1_2 1 Tf 10.9131 0 0 10.9131 293.8121 440.1077 Tm (\),)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.053 0 Td (whereas)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.829 0 Td [(Prop)-28 (osition)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.427 0 Td (4)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 0.876 0 Td (establishes)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.004 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.21 0 Td (aggregate)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf -38.724 -2.009 Td [(loan-p)-27 (ortfolio)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 6.317 0 Td [(qualit)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.454 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.098 0 Td (maximized)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.12 0 Td [(b)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.482 0 Td (some)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.598 0 Td (rate)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.151 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.232 0 Td (di\256usion)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 4.115 0 Td (\270)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_7 1 Tf 7.9722 0 0 7.9722 379.206 422.6028 Tm (\244)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_4 1 Tf 10.9131 0 0 10.9131 388.6586 418.1816 Tm (<)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.209 0 Td (1.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.5 0 Td (Hence,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.366 0 Td (full)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.842 0 Td (dissemination)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf -36.933 -2.008 Td [(h)27 (urts)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 2.59 0 Td (ex)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.282 0 Td (ante)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.273 0 Td [(incen)27 (tiv)28 (es)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.59 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.222 0 Td [(inno)27 (v)55 (ate)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4 0 Td (more)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.502 0 Td (than)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.334 0 Td (it)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1 0 Td [(impro)27 (v)28 (es)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 4.195 0 Td (ex)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.281 0 Td [(p)50 (ost)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.14 0 Td [(loan-p)-27 (ortfolio)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 6.225 0 Td [(qualit)27 (y)83 (.)]TJ /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_2 1 Tf -34.082 -2.009 Td (The)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.945 0 Td (fact)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.862 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.056 0 Td (complete)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.113 0 Td (di\256usion)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.923 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.029 0 Td [(tec)27 (hnological)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.863 0 Td [(adv)55 (ances)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.089 0 Td (decreases)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.238 0 Td [(o)27 (v)28 (erall)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.087 0 Td [(loan-p)-28 (ortfolio)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 6.115 0 Td [(qualit)26 (y)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf -39.872 -2.008 Td [(p)-27 (oin)27 (ts)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.973 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.19 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.69 0 Td (balance)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.579 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.134 0 Td (regulators)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.646 0 Td [(m)27 (ust)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.445 0 Td [(strik)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.698 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.134 0 Td [(ligh)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.273 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.107 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.69 0 Td (Basel)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.627 0 Td [(I)-27 (I)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.05 0 Td [(Agreemen)26 (t.)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.437 0 Td [(Ho)27 (w)27 (ev)28 (er,)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.282 0 Td (once)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf -40.955 -2.009 Td [(suc)27 (h)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.283 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 0.862 0 Td (balance)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.639 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.034 0 Td (found,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.118 0 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.558 0 Td (instance,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.208 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.194 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.751 0 Td (form)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.392 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.168 0 Td (an)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.417 0 Td (optimal)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.695 0 Td (disclosure)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.597 0 Td (rate)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 2.074 0 Td (\270)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_7 1 Tf 7.9722 0 0 7.9722 460.2087 334.9183 Tm (\244)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_2 1 Tf 10.9131 0 0 10.9131 464.94 330.497 Tm (,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 0.646 0 Td (one)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.862 0 Td (still)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.978 0 Td (needs)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf -40.492 -2.009 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.201 0 Td (translate)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.155 0 Td (this)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.93 0 Td [(ob)-55 (jectiv)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.229 0 Td [(in)27 (to)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.007 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 0.813 0 Td [(w)27 (ork)56 (able)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.149 0 Td (regulatory)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.791 0 Td [(p)-28 (olicy)83 (.)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.244 0 Td [(W)83 (e)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.701 0 Td [(no)27 (w)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.063 0 Td (turn)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.205 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.202 0 Td [(p)-27 (ossible)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.74 0 Td [(commitmen)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf -37.43 -2.008 Td [(mec)27 (hanisms)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.636 0 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.629 0 Td (regulators)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.777 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.043 0 Td [(alternativ)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.1 0 Td [(arrangemen)26 (ts)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 6.304 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.265 0 Td [(w)27 (ould)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.015 0 Td [(allo)27 (w)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.682 0 Td (banks)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.965 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.32 0 Td (retain)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.99 0 Td (some)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf -40.726 -2.009 Td (measure)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.897 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.139 0 Td [(con)27 (trol)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.364 0 Td [(o)27 (v)28 (er)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.141 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.723 0 Td [(tec)27 (hnology)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5 0 Td (they)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.251 0 Td [(dev)27 (elop)-27 (ed.)]TJ /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_0 1 Tf 11.9533 0 0 11.9533 72 226.898 Tm (6.2)Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_0 1 Tf 2.563 0 Td [(Rew)31 (arding)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.639 0 Td [(Inno)30 (v)62 (ators)]TJ /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_2 1 Tf 10.9131 0 0 10.9131 72 197.9299 Tm (In)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.235 0 Td (practice,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.047 0 Td [(t)27 (ypical)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.263 0 Td [(commitmen)26 (t)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.792 0 Td (devices)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.407 0 Td [(suc)26 (h)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.242 0 Td (as)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.213 0 Td (dissemination)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 6.274 0 Td (standards)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.555 0 Td (or)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.211 0 Td (mandatory)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.072 0 Td [(comp)-28 (ensa)]TJ EMC /HyphenSpan <>BDC (-)Tj EMC /P <>BDC -38.311 -2.009 Td (tion)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.021 0 Td [(ma)26 (y)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.134 0 Td (not)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.745 0 Td [(b)-27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.327 0 Td [(w)26 (ork)56 (able)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.137 0 Td [(b)-28 (ecause)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.667 0 Td (they)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.217 0 Td (are)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.636 0 Td [(sub)-55 (ject)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.444 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.189 0 Td (unilateral)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.47 0 Td (rede\257nition)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.247 0 Td (or)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.192 0 Td [(imp)-28 (ossible)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.839 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.189 0 Td [(v)27 (erify)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf -40.454 -2.009 Td [(b)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.332 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 0.776 0 Td (third)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.446 0 Td [(part)27 (y)83 (,)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.818 0 Td [(suc)26 (h)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.199 0 Td (as)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.17 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 0.776 0 Td (court)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.557 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.082 0 Td [(la)27 (w.)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.176 0 Td (In)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.193 0 Td [(suc)27 (h)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.198 0 Td (situations,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.799 0 Td (regulators)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.621 0 Td [(ma)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.109 0 Td (instead)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.393 0 Td [(c)27 (ho)-27 (ose)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.115 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.165 0 Td [(rew)27 (ard)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf -39.925 -2.008 Td [(inno)27 (v)56 (ating)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.913 0 Td (banks)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.892 0 Td (through)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.805 0 Td (regulatory)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.836 0 Td (or)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.251 0 Td [(sup)-28 (ervisory)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.348 0 Td (actions.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.858 0 Td [(Suc)26 (h)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.443 0 Td [(rew)27 (ards)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.73 0 Td (could)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.692 0 Td [(tak)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.191 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.748 0 Td (form)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.389 0 Td (of)Tj /T1_1 1 Tf ( )Tj EMC /Artifact <>BDC /T1_2 1 Tf -21.154 -3.687 Td (17)Tj /T1_1 1 Tf ( )Tj EMC ET endstream endobj 135 0 obj <>/ProcSet[/PDF/Text]>>/StructParents 20/Tabs/S/Type/Page>> endobj 139 0 obj <>/ProcSet[/PDF/Text]>>/StructParents 21/Tabs/S/Type/Page>> endobj 1988 0 obj <>stream /Artifact <>BDC q 1.00028 0 0 1.00028 72 769.82 cm 0 G 0.4 w q 1 0 0 1 0 -546.24 cm 0 0 m 187.15 0 l S Q Q EMC BT /P <>BDC 0 g /T1_0 1 Tf 0 Tc 0 Tw 0 Ts 100 Tz 0 Tr 10.9131 0 0 10.9131 72 758.8569 Tm (for)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.534 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.726 0 Td [(tec)26 (hnology)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.005 0 Td (leader)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.951 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.171 0 Td [(p)-28 (erio)-27 (d)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.119 0 Td (2)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.837 0 Td (decreases)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.352 0 Td (its)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.398 0 Td [(incen)27 (tiv)28 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.199 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.226 0 Td [(in)27 (v)27 (est)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.871 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.17 0 Td [(dev)26 (eloping)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.949 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.726 0 Td [(tec)26 (hnology)]TJ /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf -38.234 -2.008 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.216 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.773 0 Td (\257rst)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.114 0 Td [(p)-28 (erio)-28 (d,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.455 0 Td (leading)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.495 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.272 0 Td [(less-informativ)26 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 7.203 0 Td (credit)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.887 0 Td [(assessmen)27 (ts)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.494 0 Td [(\(lo)27 (w)28 (er)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.042 0 Td (\301)Tj /T1_0 1 Tf (\).)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.857 0 Td [(Moreo)26 (v)28 (er,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.736 0 Td (regulators)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -38.544 -2.009 Td (cannot)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.388 0 Td (easily)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.865 0 Td (substitute)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.787 0 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.64 0 Td (banks)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.976 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.276 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.832 0 Td [(dev)27 (elopmen)28 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.916 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.249 0 Td (new)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.165 0 Td [(tec)27 (hnology)83 (,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.332 0 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.64 0 Td (they)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.36 0 Td [(ha)27 (v)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.416 0 Td (neither)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -39.842 -2.009 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.732 0 Td (pro\257t)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.736 0 Td [(incen)27 (tiv)28 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.205 0 Td (nor)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.791 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.732 0 Td [(exp)-28 (ertise)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.242 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.232 0 Td [(pro)-28 (duce)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.819 0 Td (\257nancial)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.01 0 Td [(inno)26 (v)56 (ations.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.703 0 Td (The)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.066 0 Td (optimal)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.677 0 Td (dissemination)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -36.945 -2.008 Td [(p)-27 (olicy)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.931 0 Td (trades)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.994 0 Td (o\256)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.403 0 Td (these)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.547 0 Td [(t)27 (w)28 (o)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.875 0 Td (forces)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.8 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.931 0 Td (sets)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.941 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.82 0 Td (rate)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.044 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.126 0 Td (di\256usion)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.019 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.152 0 Td (still)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.937 0 Td [(pro)27 (vides)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.939 0 Td [(su\261cien)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.186 0 Td [(incen)27 (tiv)27 (es)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -38.645 -2.009 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.53 0 Td (bank)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.472 0 Td (1)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.833 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.223 0 Td [(inno)27 (v)56 (ate.)]TJ /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf -4.506 -2.008 Td (It)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.159 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.082 0 Td [(w)27 (orth)28 (while)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.189 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.299 0 Td [(p)-28 (oin)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.687 0 Td (out)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.855 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.242 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.799 0 Td [(in)27 (terior)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.609 0 Td (solution)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.86 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.081 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.91 0 Td (consequence)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.72 0 Td (purely)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.163 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.215 0 Td (regulatory)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -38.422 -2.009 Td (concerns)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.881 0 Td (not)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.714 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.659 0 Td (result)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.723 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.075 0 Td [(an)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.826 0 Td (direct)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.773 0 Td (costs)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.391 0 Td (stemming)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.498 0 Td (from)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.301 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.658 0 Td (dissemination)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.226 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.075 0 Td (\257nancial)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.937 0 Td [(inno)27 (v)55 (a)]TJ EMC /HyphenSpan <>BDC (-)Tj EMC /P <>BDC -39.737 -2.009 Td (tions.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.834 0 Td [(T)82 (o)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.457 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.708 0 Td [(exten)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.04 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.152 0 Td [(suc)27 (h)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.24 0 Td (additional)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.708 0 Td (costs)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.44 0 Td [(en)27 (ter)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.516 0 Td [(in)27 (to)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.013 0 Td (regulatory)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.796 0 Td (considerations,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.779 0 Td (their)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.377 0 Td (inclusion)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -39.06 -2.008 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.102 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.659 0 Td [(ob)-56 (jectiv)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.187 0 Td (function)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.854 0 Td [(w)27 (ould)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.853 0 Td (further)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.303 0 Td (restrict)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.392 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.659 0 Td (dissemination)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.226 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.076 0 Td [(tec)27 (hnology)83 (.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.285 0 Td [(F)82 (urthermore,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.028 0 Td (while)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf -40.624 -2.009 Td (\270)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.998 0 Td (formally)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.028 0 Td [(represen)27 (ts)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.792 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.804 0 Td [(probabilit)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.196 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.221 0 Td [(tec)27 (hnological)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.054 0 Td (di\256usion,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.413 0 Td [(w)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.553 0 Td (could)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.748 0 Td (also)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.086 0 Td [(in)26 (terpret)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.227 0 Td (it)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.081 0 Td (as)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.309 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -41.51 -2.009 Td [(exten)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.172 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.34 0 Td [(whic)27 (h)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.979 0 Td (regulators)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.796 0 Td (disseminate)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.517 0 Td [(an)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.007 0 Td [(giv)27 (en)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.729 0 Td [(inno)27 (v)55 (ation.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.63 0 Td (A)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.2 0 Td (dissemination)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.407 0 Td [(p)-28 (olicy)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.063 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.238 0 Td [(\270)-473 (<)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.307 0 Td (1)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -42.385 -2.008 Td [(w)27 (ould)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.924 0 Td (then)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.286 0 Td [(corresp)-28 (ond)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.102 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.23 0 Td (partial)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.233 0 Td (dissemination,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.576 0 Td [(suc)27 (h)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.263 0 Td (as)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.235 0 Td (only)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.202 0 Td (describing)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.739 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.73 0 Td [(metho)-27 (dology)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.951 0 Td (or)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.234 0 Td (mak)Tj EMC /HyphenSpan <>BDC (-)Tj EMC /P <>BDC -40.705 -2.009 Td (ing)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.693 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.861 0 Td (fraction)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.725 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.167 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.749 0 Td [(risk-assessmen)26 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 7.002 0 Td (system)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.344 0 Td (publicly)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.833 0 Td [(a)27 (v)56 (ailable.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.582 0 Td (Our)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.086 0 Td (results)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.208 0 Td (go)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.36 0 Td (through)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.808 0 Td (under)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.864 0 Td (this)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -41.282 -2.009 Td [(alternativ)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.002 0 Td [(in)27 (terpretation.)]TJ /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf -3.45 -2.008 Td (While)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.956 0 Td [(w)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.511 0 Td [(ha)27 (v)28 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.346 0 Td [(fo)-27 (cused)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.6 0 Td (on)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.429 0 Td [(inno)26 (v)56 (ations)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.324 0 Td [(in)27 (tro)-27 (duced)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.043 0 Td [(b)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.429 0 Td (banks,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.194 0 Td [(third-part)26 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.213 0 Td [(v)27 (endors,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.003 0 Td [(suc)27 (h)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.295 0 Td (as)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.267 0 Td [(F)82 (air)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -41.162 -2.009 Td (Isaac,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.966 0 Td (KMV,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.179 0 Td (or)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.349 0 Td (Murex)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.294 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.346 0 Td (name)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.79 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.957 0 Td (few,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.239 0 Td (also)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.129 0 Td (supply)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.324 0 Td (sophisticated)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.136 0 Td [(risk-managemen)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 7.91 0 Td [(to)-28 (ols)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.546 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.346 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -41.511 -2.009 Td [(industry)83 (.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.369 0 Td (These)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.922 0 Td [(v)26 (endors)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.704 0 Td (do)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.417 0 Td (not)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.806 0 Td (directly)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.669 0 Td [(comp)-28 (ete)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4 0 Td (with)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.307 0 Td (banks,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.179 0 Td (nor)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.808 0 Td (are)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.697 0 Td (they)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.278 0 Td [(sub)-56 (ject)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.506 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.25 0 Td [(sup)-28 (ervisory)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -37.912 -2.008 Td (action)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.983 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.928 0 Td (are)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.652 0 Td (therefore)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.184 0 Td (not)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.762 0 Td [(sub)-55 (ject)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.461 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.206 0 Td (regulatory)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.794 0 Td (expropriation)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.184 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.123 0 Td (their)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.374 0 Td [(tec)26 (hnology)84 (.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.301 0 Td [(Incorp)-28 (orating)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -36.952 -2.009 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.805 0 Td [(p)-28 (ossibilit)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.845 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.222 0 Td (\257nancial)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.084 0 Td [(inno)27 (v)56 (ation)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.971 0 Td [(b)26 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.473 0 Td (third)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.586 0 Td (parties,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.668 0 Td [(ho)27 (w)27 (ev)28 (er,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.218 0 Td [(do)-28 (es)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.339 0 Td (not)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.861 0 Td [(c)27 (hange)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.389 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.805 0 Td [(qualitativ)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -38.266 -2.009 Td (conclusions)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.125 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.032 0 Td (our)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.673 0 Td (analysis.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.114 0 Td [(Ev)27 (en)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.406 0 Td (with)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.171 0 Td (o\256-the-shelf)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.343 0 Td [(risk-assessmen)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.867 0 Td (solutions)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.07 0 Td (banks)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.759 0 Td [(ha)27 (v)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.198 0 Td (an)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.282 0 Td [(incen)27 (tiv)28 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -39.04 -2.008 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.283 0 Td [(in)27 (v)28 (est)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.927 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.227 0 Td [(di\256eren)27 (tiating)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.509 0 Td (these)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.622 0 Td (basic)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.566 0 Td [(to)-28 (ols)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.483 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.005 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.227 0 Td [(dev)27 (eloping)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.005 0 Td (their)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.452 0 Td [(o)27 (wn)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.145 0 Td [(mo)-27 (dels)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.426 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.228 0 Td (order)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.677 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.283 0 Td (gain)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -41.065 -2.009 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.864 0 Td [(comp)-28 (etitiv)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.448 0 Td (edge)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.309 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.197 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.754 0 Td (pricing)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.368 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.171 0 Td (loans)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.592 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.976 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.198 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.754 0 Td (managing)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.586 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.171 0 Td (credit)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.868 0 Td (risk,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.242 0 Td [(th)26 (us)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.232 0 Td [(allo)26 (wing)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.949 0 Td (them)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -40.679 -2.008 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.229 0 Td (realize)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.12 0 Td (higher)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.066 0 Td (pro\257ts.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.529 0 Td (Hence,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.26 0 Td (banks)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.873 0 Td [(inno)27 (v)55 (ate)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.007 0 Td (precisely)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.098 0 Td (so)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.235 0 Td (as)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.234 0 Td (not)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.786 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.229 0 Td (rely)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.982 0 Td (on)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.397 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.729 0 Td (same)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.513 0 Td (systems)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.718 0 Td (as)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -42.005 -2.009 Td [(ev)27 (ery)28 (one)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.113 0 Td (else.)Tj EMC /StyleSpan <>BDC /T1_3 1 Tf 7.9722 0 0 7.9722 136.9382 236.6808 Tm (12)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_4 1 Tf 5.9817 0 0 5.9817 80.7825 216.7752 Tm (12)Tj EMC /P <>BDC /T1_5 1 Tf 8.9625 0 0 8.9625 88.5846 212.9641 Tm (The)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 2.173 0 Td (Basel)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 2.791 0 Td [(I)-29 (I)]TJ /T1_1 1 Tf ( )Tj /T1_5 1 Tf 1.172 0 Td [(prop)-29 (osal)]TJ /T1_1 1 Tf ( )Tj /T1_5 1 Tf 4.208 0 Td (actually)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 3.97 0 Td [(en)27 (visions)]TJ /T1_1 1 Tf ( )Tj /T1_5 1 Tf 4.411 0 Td (three)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 2.688 0 Td (categories)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 4.808 0 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 1.632 0 Td (credit-risk)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 4.951 0 Td (systems)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 3.874 0 Td (with)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 2.401 0 Td [(v)56 (arying)]TJ /T1_1 1 Tf ( )Tj /T1_5 1 Tf 3.715 0 Td (degrees)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 3.666 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 1.23 0 Td (di\256er)Tj EMC /HyphenSpan <>BDC (-)Tj EMC /P <>BDC -49.54 -1.223 Td [(en)28 (tiation)]TJ /T1_1 1 Tf ( )Tj /T1_5 1 Tf 4.403 0 Td (\(see)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 2.154 0 Td (BIS,)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 2.39 0 Td (2003a\):)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 3.896 0 Td (\(1\))Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 1.747 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 1.871 0 Td [(Standar)52 (dise)53 (d)]TJ /T1_1 1 Tf ( )Tj /T1_6 1 Tf 6.105 0 Td [(Appr)52 (o)52 (ach)]TJ /T1_1 1 Tf ( )Tj /T1_5 1 Tf 4.705 0 Td (\(uniform)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 4.348 0 Td (systems)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 3.907 0 Td (supplied)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 4.152 0 Td [(b)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_5 1 Tf 1.519 0 Td (national)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 4.089 0 Td (regulators\),)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 5.608 0 Td (\(2\))Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf -50.894 -1.222 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 1.744 0 Td [(F)78 (oundation)]TJ /T1_1 1 Tf ( )Tj /T1_6 1 Tf 5.394 0 Td [(Internal-R)25 (isk)]TJ /T1_1 1 Tf ( )Tj /T1_6 1 Tf 6.223 0 Td [(Base)52 (d)]TJ /T1_1 1 Tf ( )Tj /T1_6 1 Tf 2.954 0 Td [(Appr)51 (o)53 (ach)]TJ /T1_1 1 Tf ( )Tj /T1_5 1 Tf 4.591 0 Td (\(semi-proprietary)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 8.124 0 Td (systems\),)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 4.478 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 1.972 0 Td (\(3\))Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 1.629 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 1.752 0 Td [(A)52 (dvanc)53 (e)52 (d)]TJ /T1_1 1 Tf ( )Tj /T1_6 1 Tf 4.516 0 Td [(Internal-R)26 (isk)]TJ /T1_1 1 Tf ( )Tj /T1_6 1 Tf 6.222 0 Td [(Base)51 (d)]TJ /T1_1 1 Tf ( )Tj /T1_6 1 Tf -49.6 -1.223 Td [(Appr)52 (o)52 (ach)]TJ /T1_1 1 Tf ( )Tj /T1_5 1 Tf 4.61 0 Td (\(fully)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 2.74 0 Td (proprietary)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 5.404 0 Td (systems\).)Tj /T1_1 1 Tf ( )Tj EMC /Artifact <>BDC /T1_0 1 Tf 10.9131 0 0 10.9131 300.544 91.9302 Tm (16)Tj /T1_1 1 Tf ( )Tj EMC ET endstream endobj 240 0 obj <> endobj 29 0 obj <> endobj 1989 0 obj <>stream H\ߊ0{w,`6@*x1:/8+Us1oI|/oa:ŷS:=->ʰpҥ!᭳meo<^rY1؟c5+<~X㾗kra._vqoq:YZ7sSIpzS],~_>stream xUX\۶q ^ C!ݡ  $ Np O߳K_z1לs1>Զ8۴'(Ѱ³bs0'<dm<^Q(P  CXX8B]a`8@ :>6;taP7 k@uBxx5`rR8;W`ydI=tMWM<Ǧ? 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Zf[uVZR~ 6 2F$@Js􌜲sf ̅/Qhu7`KkVDoP!V!sU> T$A!(- O:/0&n0T{F3qޗ9J85`k.24E"ƄU\Sd"* h5rbbmKZ=7WR,i5_l$mSol=Vq_0ޛpyŶi`8!$o@MmSsCٷw=ٰ4xd.8"[(l_V,i6ߠzҶbI[u9OV.rtpB"y'7D y0 !aFsI"RXBIVpga?-M5iN&C%Z^`~Y~ΝR˯pHk3_ %:@WbJ0ҍc8#15ZUX WN*kF^(rN|kX'׍3Lw9Cֲhe0Y,Y DJFEN_t}8dU OfJ?Ek::GO"DeZ]`JgJcgV a_*g{ 'Z[Y~]pd8UXZq:'TZx՗'EwрӼB aAvhUM76˲ )Hح_Qe`_]!A15-O}B 2"[d|T1&k. #!B۹L] >‘ qamZ sg,H+E>ܡGBSct&BE0=} tO dz<>BS"Jh O֢q2鱦q~-R$PT7ӗ,.+\LܙqQ8Q7ٍ!JqNhT ]u+}럷9I)tnmzVGiYHBe}2%RO5yl2hP,8p$sd:j|&@# Ū%X51Cd?ζX3owd`AX[ScPr[)Yc% f#v:-;3Y)87]ճM# ۤ3I Zëiܮ9X>M%Hfʫ(jgP 2w]xx~k(s>Yj\er`8>ԃBP3tR(!aa3n:[nuW/pYTt9 9"j3e$C?#4-G3ZftY =W44V>vCr=[\"=:vQ& ;2%\GG7X$i9.f@Y)k,E@W_oj:L9yȗy;(*~ѹ_π-?alwf͑a֥ItN Þ&*8r.0OyTUV퇑.߳3Q ^'|f&SYW>q g6%_ \-G%'K#RWۑNIc -Ӭ<\U$g|*LTѼm3Wu/'/G]H}bi^-`ý+uBP0"[ZoQQ:I˓Qpk}._?k}Xy(˲A{>IJNہ2*o&oҿ.&9ɕۃtƓ8K"`=F/e"$qcW 15\Ŧ*_pr'" vȊ3-۴6Yޥ6fx~w".Qgsx~;uMT(_6w%^zl)FfI{<$oq+\m+ǀD3αϪhrPjG3\wkj-޴۾hp%\~.!;e,%bR}280[曎0ʌW /b TPRR1l01&kQ wkii_k&wJa [{W>; (g9NYwߺz\6~1j{}t7wS/͙7h@$Ŭ,2ϻ9RʼD+g7$$&nG }ϐ>P+'ܽu:!;1+, <Tof5ֺ#.l#DQu愴V<Eg~ 'St/!Fy h)}H 6}sʁ|DVێo*PqӤ#k(hzUOThdUt`b$y|T/?L҂y‘ `ԧk^>bMjX*zVOl$"qjvZ6+|705kȯZ^4ǚښ#| ) ׹: "7f`?jޱp?:rnOWV1пg nQ:*QN/&+i7R|So+ b3RR[^c8{;E c~X h$"NXS0:iˮzk,crC7tiz4(v]PFPrqb-r[[;$`=Lfi?k&H~X_]6לlJ.+ժIl~#ޖLavd$ <1@N{s]~h*UdޭAČqƽ% eYT`eH"o)wUSc~N3XEM?czL)YٮF]}ĸsI?4Ɍr}V^@j@i,r #~/֙5$R"cW_?J2<\E֖vۅG?#Jxn\0+MyUFQ+ՑiLx *?7c Z'FذV?ظ!N&t |[?ƪ]eh.7K>,M#dzcrf^ )Zv uQ-}mlDeQH4\ѦOmG3dM\PyKr,V"{9S_y.%|pk%~UK;{.rb2n<DQ %|pD-ଡ଼4|' h`"XX8d endstream endobj 1987 0 obj <>stream /Artifact <>BDC q 1.00028 0 0 1.00028 72 769.82 cm 0 G 7.2 w q 1 0 0 1 120.37 -418.66 cm 0 0 m 0 7.2 l S Q Q EMC BT /P <>BDC 0 g /T1_0 1 Tf 0 Tc 0 Tw 0 Ts 100 Tz 0 Tr 10.9131 0 0 10.9131 72 758.8569 Tm (lending.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.88 0 Td [(T)82 (o)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.445 0 Td (see)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.589 0 Td (this,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.207 0 Td (note)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.195 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.14 0 Td (since)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.418 0 Td (R)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.072 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.978 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.696 0 Td [(pa)27 (y)28 (o\256)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.917 0 Td (from)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.338 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.806 0 Td (successful)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.517 0 Td [(pro)-56 (ject)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.392 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.911 0 Td (P)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_3 1 Tf 7.9722 0 0 7.9722 467.9508 762.818 Tm (2)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf 10.9131 0 0 10.9131 476.0231 758.8569 Tm (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.695 0 Td (aggregate)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -38.717 -2.008 Td (success)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.463 0 Td [(probabilit)26 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.173 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.198 0 Td (funded)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.364 0 Td [(pro)-56 (jects,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.165 0 Td (aggregate)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.561 0 Td (surplus)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.517 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.064 0 Td [(giv)27 (en)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.67 0 Td [(b)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.436 0 Td (P)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_3 1 Tf 7.9722 0 0 7.9722 414.5759 740.9019 Tm (2)Tj EMC /P <>BDC /T1_2 1 Tf 10.9131 0 0 10.9131 419.3072 736.9408 Tm (R)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1.028 0 Td (\241)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.038 0 Td (1.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.398 0 Td [(F)83 (urthermore,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.151 0 Td (our)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -41.441 -2.009 Td [(sp)-27 (eci\257cation)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.606 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.912 0 Td (also)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.912 0 Td [(consisten)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.556 0 Td (with)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.185 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.74 0 Td [(mo)-28 (del)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.878 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.073 0 Td [(whic)26 (h)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.768 0 Td (regulators)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.585 0 Td (minimize)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.184 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.629 0 Td [(probabilit)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.021 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.046 0 Td (banking-)Tj -39.095 -2.009 Td (system)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.22 0 Td (failure)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.991 0 Td (when)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.515 0 Td (there)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.463 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.91 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.737 0 Td (\257nite)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.46 0 Td [(n)27 (um)28 (b)-27 (er)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.547 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.043 0 Td [(b)-28 (orro)27 (w)28 (ers.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.954 0 Td (In)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.154 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.071 0 Td (setting,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.485 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.626 0 Td [(probabilit)26 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.019 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.044 0 Td (failure)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.99 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -42.229 -2.008 Td (monotonically)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.411 0 Td (decreasing)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.781 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.105 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.662 0 Td (aggregate)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.442 0 Td [(p)-28 (ortfolio)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.998 0 Td [(qualit)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.292 0 Td (P)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_3 1 Tf 7.9722 0 0 7.9722 360.8909 675.1335 Tm (2)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf 10.9131 0 0 10.9131 365.6222 671.1724 Tm (,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.562 0 Td (so)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.167 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.105 0 Td (maximizing)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.299 0 Td (P)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_3 1 Tf 7.9722 0 0 7.9722 473.8025 675.1335 Tm (2)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf 10.9131 0 0 10.9131 481.5146 671.1724 Tm (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.944 0 Td [(equiv)55 (alen)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -38.469 -2.009 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.222 0 Td (minimizing)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.166 0 Td (failure)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.086 0 Td [(probabilit)26 (y)84 (.)]TJ /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_5 1 Tf 11.9533 0 0 11.9533 72 611.8758 Tm (5.2)Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_5 1 Tf 2.563 0 Td (Optimal)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 4.392 0 Td (Dissemination)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 7.31 0 Td [(P)31 (olicy)]TJ /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf 10.9131 0 0 10.9131 72 582.9077 Tm (In)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.4 0 Td (setting)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.434 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.983 0 Td [(p)-28 (olicy)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.096 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.289 0 Td (propagating)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.709 0 Td [(b)-27 (est)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.295 0 Td (practices)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.326 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.316 0 Td (credit-risk)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.912 0 Td [(measuremen)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.241 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.095 0 Td [(managemen)27 (t,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -37.096 -2.009 Td (regulators)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.777 0 Td [(c)27 (ho)-27 (ose)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.269 0.001 Td (\270)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.016 -0.001 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.321 0 Td (maximize)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.57 0.001 Td (P)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_3 1 Tf 7.9722 0 0 7.9722 243.6881 564.9427 Tm (2)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf 10.9131 0 0 10.9131 248.4194 560.9815 Tm (,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.735 0 Td (aggregate)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.602 0 Td [(loan-p)-28 (ortfolio)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.324 0 Td [(qualit)26 (y)84 (,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.681 0 Td [(sub)-55 (ject)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.577 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.321 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.822 0 Td [(tec)27 (hnology)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -38.228 -2.008 Td (leader's)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.619 0 Td (optimal)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.666 0 Td [(in)27 (v)27 (estmen)28 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.061 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.166 0 Td [(inno)26 (v)56 (ation:)]TJ /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf 2.105 -3.633 Td (max)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 2.293 0 Td (f)Tj /T1_2 1 Tf 0.5 0 Td (\270p)Tj /T1_0 1 Tf 0.668 0 Td [(~)-139.8 (+)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.64 0 Td (\(1)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1.11 0 Td (\241)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1 0 Td (\270)Tj /T1_0 1 Tf (\))Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.138 0 Td (p)Tj EMC /StyleSpan <>BDC /T1_6 1 Tf 0.057 0 Td (b)Tj EMC /P <>BDC /T1_4 1 Tf 0.446 0 Td (g)Tj EMC /P <>BDC /T1_7 1 Tf 7.9722 0 0 7.9722 239.5169 491.6121 Tm (\270)Tj /T1_8 1 Tf (2)Tj /T1_3 1 Tf 1.329 0 Td ([0)Tj /T1_7 1 Tf (;)Tj /T1_3 1 Tf (1])Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf 10.9131 0 0 10.9131 239.5169 474.4973 Tm [(sub)-55 (ject)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.478 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.22 0 Td (\301)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.763 0 Td (\()Tj /T1_2 1 Tf (\270)Tj /T1_0 1 Tf (\))Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1.638 0 Td (2)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.944 0 Td (arg)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.572 0 Td (max)Tj /T1_2 1 Tf (E)Tj /T1_0 1 Tf 2.656 0 Td ([\246)Tj EMC /StyleSpan <>BDC /T1_3 1 Tf 7.9722 0 0 7.9722 384.6475 472.8669 Tm (1)Tj EMC /P <>BDC /T1_0 1 Tf 10.9131 0 0 10.9131 389.3788 474.4973 Tm (])Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_7 1 Tf 7.9722 0 0 7.9722 343.506 465.0247 Tm (\301)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf 10.9131 0 0 10.9131 72 434.8462 Tm (where)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.891 0 Td (E)Tj /T1_0 1 Tf 0.796 0 Td ([\246)Tj EMC /StyleSpan <>BDC /T1_3 1 Tf 7.9722 0 0 7.9722 123.4444 433.2058 Tm (1)Tj EMC /P <>BDC /T1_0 1 Tf 10.9131 0 0 10.9131 128.1757 434.8462 Tm (])Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.61 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.006 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 1.721 0 Td (ex-ante)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.555 0 Td [(exp)-27 (ected)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.167 0 Td (net)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.722 0 Td (pro\257t)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.725 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.14 0 Td (bank)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.472 0 Td (1)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.833 0 Td [(giv)27 (en)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.612 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.166 0 Td (Equation)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.319 0 Td (\(4\).)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_10 1 Tf -33.195 -2.835 Td [(Prop)-31 (osition)]TJ /T1_1 1 Tf ( )Tj /T1_10 1 Tf 6.218 0 Td (4)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 1.072 0 Td (The)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 2.131 0 Td [(b)50 (anking)]TJ /T1_1 1 Tf ( )Tj /T1_9 1 Tf 3.716 0 Td [(se)50 (ctor's)]TJ /T1_1 1 Tf ( )Tj /T1_9 1 Tf 3.704 0 Td [(exp)51 (e)51 (cte)51 (d)]TJ /T1_1 1 Tf ( )Tj /T1_9 1 Tf 3.949 0 Td [(lo)50 (an-p)51 (ortfolio)]TJ /T1_1 1 Tf ( )Tj /T1_9 1 Tf 6.207 0 Td (quality)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 3.333 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 1.161 0 Td [(maximize)50 (d)]TJ /T1_1 1 Tf ( )Tj /T1_9 1 Tf 4.997 0 Td (by)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 1.391 0 Td (setting)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.294 0 Td (0)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 0.935 0 Td (<)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf -42.107 -2.009 Td (\270)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_8 1 Tf 7.9722 0 0 7.9722 78.3618 386.4027 Tm (\244)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_2 1 Tf 10.9131 0 0 10.9131 86.1239 381.9814 Tm (<)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.055 0 Td (1)Tj /T1_9 1 Tf (,)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 1.164 0 Td (i.e.,)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 2.101 0 Td (by)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 1.304 0 Td [(cho)50 (osing)]TJ /T1_1 1 Tf ( )Tj /T1_9 1 Tf 4.038 0 Td [(less-than-p)50 (erfe)51 (ct)]TJ /T1_1 1 Tf ( )Tj /T1_9 1 Tf 7.372 0 Td (di\256usion)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 4.115 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 1.176 0 Td (innovation.)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_10 1 Tf -23.62 -2.835 Td [(Pro)-31 (of.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.622 0 Td (See)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.777 0 Td [(App)-28 (endix.)]TJ /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf -3.848 -2.925 Td (The)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.012 0 Td (result)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.742 0 Td (states)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.801 0 Td (that,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.41 0 Td (if)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.873 0 Td (regulators)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.635 0 Td (can)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.789 0 Td [(c)26 (ho)-26 (ose)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.129 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.679 0 Td [(amoun)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.596 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.096 0 Td (di\256usion)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.99 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.096 0 Td [(tec)27 (hnological)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.929 0 Td (progress)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -39.329 -2.009 Td (so)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.375 0 Td (as)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.375 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.37 0 Td (maximize)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.621 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.87 0 Td [(qualit)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.509 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.288 0 Td (banks')Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.292 0 Td [(p)-28 (ortfolios,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.916 0 Td (they)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.398 0 Td (will)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.038 0 Td (not)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.926 0 Td (fully)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.426 0 Td (disseminate)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.548 0 Td [(inno)26 (v)56 (ations)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -37.952 -2.009 Td [(b)-27 (ecause)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.739 0 Td (they)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.291 0 Td [(m)27 (ust)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.517 0 Td (trade)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.654 0 Td (o\256)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.457 0 Td [(t)27 (w)28 (o)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.928 0 Td [(di\256eren)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.988 0 Td (e\256ects.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.542 0 Td (First,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.766 0 Td (they)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.29 0 Td [(m)27 (ust)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.518 0 Td [(c)27 (ho)-27 (ose)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.212 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.873 0 Td [(lev)27 (el)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.317 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.166 0 Td (\270)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.957 0 Td [(su\261cien)28 (tly)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -38.214 -2.008 Td (high)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.217 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.162 0 Td (bank)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.468 0 Td (2)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.829 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.001 0 Td (sometimes)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.84 0 Td (able)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.107 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.218 0 Td (acquire)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.471 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.718 0 Td [(tec)27 (hnology)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.996 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.94 0 Td (can)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.829 0 Td [(a)27 (v)28 (oid)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.634 0 Td (making)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.524 0 Td (loans)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.557 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.218 0 Td (some)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -40.729 -2.009 Td [(lo)27 (w-qualit)28 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.167 0 Td [(b)-27 (orro)26 (w)28 (ers.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.986 0 Td (By)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.57 0 Td [(ha)27 (ving)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.223 0 Td [(b)-28 (oth)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.362 0 Td (banks)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.867 0 Td (screen)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.009 0 Td (more)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.503 0 Td [(e\261cien)27 (tly)84 (,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.695 0 Td (regulators)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.679 0 Td (are)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.67 0 Td (able)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.111 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.223 0 Td (reduce)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -40.065 -2.008 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.786 0 Td [(o)26 (v)28 (erall)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.263 0 Td [(p)-28 (ortfolio)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.123 0 Td (credit)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.901 0 Td (risk.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.508 0 Td [(Ho)26 (w)28 (ev)28 (er,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.389 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.898 0 Td (consequence)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.709 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.204 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.787 0 Td (di\256usion)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.098 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.204 0 Td [(tec)27 (hnology)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.065 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.07 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.231 0 Td (it)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -42.236 -2.009 Td (also)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.054 0 Td [(lev)26 (els)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.723 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.771 0 Td [(pla)26 (ying)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.55 0 Td (\257eld,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.506 0 Td (leading)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.494 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.772 0 Td [(t)27 (w)28 (o)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.938 0 Td [(in)27 (termediaries)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.532 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.272 0 Td [(comp)-28 (ete)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.022 0 Td (on)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.439 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.883 0 Td (more)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.551 0 Td (equal)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.689 0 Td (basis)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.505 0 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -41.701 -2.009 Td [(b)-27 (orro)27 (w)27 (ers)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.597 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.166 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.723 0 Td (second)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.227 0 Td [(p)-28 (erio)-28 (d.)]TJ /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf -9.161 -2.008 Td (In)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.361 0 Td (particular,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.034 0 Td (if)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.026 0 Td (\270)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.028 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.116 0 Td [(to)-28 (o)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.861 0 Td (high,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.64 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.833 0 Td (ensuing)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.728 0 Td [(comp)-28 (etition)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.638 0 Td (will)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.001 0 Td (reduce)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.281 0 Td (bank)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.583 0 Td (1's)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.617 0 Td (pro\257ts)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.23 0 Td (as)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.339 0 Td [(b)-28 (oth)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -40.867 -2.009 Td [(in)27 (termediaries)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.548 0 Td (use)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.793 0 Td [(tec)27 (hnology)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.066 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.205 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.788 0 Td (same)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.571 0 Td [(qualit)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.427 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.288 0 Td (assess)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.921 0 Td (credit)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.902 0 Td (risk.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.511 0 Td (This)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.349 0 Td (reduction)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.513 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.232 0 Td (pro\257ts)Tj /T1_1 1 Tf ( )Tj EMC /Artifact <>BDC /T1_0 1 Tf -19.172 -2.739 Td (15)Tj /T1_1 1 Tf ( )Tj EMC ET endstream endobj 159 0 obj <>/ProcSet[/PDF/Text]>>/StructParents 29/Tabs/S/Type/Page>> endobj 1990 0 obj <>stream /Artifact <>BDC q 1.00028 0 0 1.00028 72 769.82 cm 0 G 7.2 w q 1 0 0 1 120.37 -642.64 cm 0 0 m 0 7.2 l 0 255.02 m 0 262.22 l S Q Q q 1.00028 0 0 1.00028 72 769.82 cm 0 G 0.44 w q 1 0 0 1 162.41 -233.68 cm 0 0 m 5.46 0 l 195.89 -372.36 m 210.94 -372.36 l S Q Q EMC BT /P <>BDC 0 g /T1_0 1 Tf 0 Tc 0 Tw 0 Ts 100 Tz 0 Tr 10.9131 0 0 10.9131 72 758.8569 Tm [(probabilit)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.112 0 Td (\270)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.917 0 Td [(b)-27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.361 0 Td [(giv)27 (en)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.611 0 Td [(b)27 (y)]TJ /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_2 1 Tf 5.229 -2.008 Td (\270)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.75 0 Td (\()Tj /T1_2 1 Tf (e;)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.298 0 Td (t)Tj /T1_0 1 Tf [(\))-277 (=)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.083 0 Td (t)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.528 0 Td (\(1)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.111 0 Td (\241)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 0.999 0 Td (e)Tj /T1_0 1 Tf (\))Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.021 0 Td [(;)-500 (t)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.416 0 Td (2)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.944 0 Td ([0)Tj /T1_2 1 Tf 0.777 0 Td (;)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.445 0 Td (1])Tj /T1_2 1 Tf 0.777 0 Td (;)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf -27.378 -2.969 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.054 0 Td (assume)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.566 0 Td [(no)27 (w)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.194 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.277 0 Td (regulators)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.788 0 Td (are)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.78 0 Td (able)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.222 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.332 0 Td [(c)26 (ho)-26 (ose)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.275 0 Td (t)Tj /T1_0 1 Tf (,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.11 0 Td [(whic)27 (h)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.972 0 Td [(represen)27 (ts)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.821 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.832 0 Td [(probabilit)26 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.225 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.277 0 Td (in)Tj EMC /HyphenSpan <>BDC (-)Tj EMC /P <>BDC -41.725 -2.009 Td (formation)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.63 0 Td [(tec)27 (hnology)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.044 0 Td (disseminates)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.838 0 Td (across)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.002 0 Td (banks.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.386 0 Td (In)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.294 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.766 0 Td (absence)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.717 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.183 0 Td [(an)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.933 0 Td [(prev)27 (en)28 (tiv)28 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.852 0 Td (e\256ort)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.686 0 Td [(b)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.433 0 Td (bank)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -40.764 -2.009 Td [(1)-425 (\()]TJ /T1_2 1 Tf (e)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.211 0 Td (=)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.209 0 Td (0\),)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.616 0 Td (this)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.042 0 Td [(sp)-28 (eci\257cation)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.793 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.098 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.814 0 Td (same)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.598 0 Td (as)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.319 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.259 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.815 0 Td (preceding)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.595 0 Td (section:)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.912 0 Td (as)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.309 0 Td (t)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.786 0 Td (increases)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.272 0 Td [(to)26 (w)28 (ard)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.428 0 Td (1,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.225 0 Td (\270)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -42.302 -2.008 Td [(approac)27 (hes)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.172 0 Td (complete)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.248 0 Td (dissemination.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.756 0 Td [(F)83 (or)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.815 0 Td (e)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.786 0 Td (=)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.099 0 Td (1,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.143 0 Td (no)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.416 0 Td [(tec)27 (hnological)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.998 0 Td (di\256usion)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.059 0 Td [(o)-28 (ccurs)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.117 0 Td (\()Tj /T1_2 1 Tf 0.383 0 Td (\270)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.904 0 Td (=)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.098 0 Td (0\),)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.533 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.97 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -41.497 -2.009 Td (bank)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.472 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.005 0 Td (able)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.111 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.223 0 Td (retain)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.891 0 Td (proprietary)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.258 0 Td (use)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.728 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.139 0 Td [(an)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.89 0 Td [(tec)27 (hnology)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5 0 Td (it)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.001 0 Td [(dev)27 (elops.)]TJ /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf -24.166 -2.009 Td (As)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.454 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.144 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.7 0 Td (case)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.094 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.117 0 Td [(tec)27 (hnological)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.95 0 Td [(in)27 (v)28 (estmen)27 (ts,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.715 0 Td [(w)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.449 0 Td [(tak)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.144 0 Td (e\256ort)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.619 0 Td (costs)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.433 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.199 0 Td [(b)-28 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.339 0 Td (quadratic:)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.842 0 Td (c)Tj /T1_0 1 Tf 0.033 0 Td [(~)-66.3 (\()]TJ /T1_2 1 Tf (e)Tj /T1_0 1 Tf [(\))-277 (=)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.142 0 Td [(k)-31 (e)]TJ EMC /StyleSpan <>BDC /T1_4 1 Tf 7.9722 0 0 7.9722 518.8151 598.8822 Tm (2)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf 10.9131 0 0 10.9131 526.9373 594.921 Tm (for)Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_2 1 Tf -41.687 -2.008 Td [(k)-309 (>)]TJ /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_0 1 Tf 1.885 0 Td (0)Tj /T1_2 1 Tf (:)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 1.111 0 Td (Ex)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 1.499 0 Td (ante)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.274 0 Td [(exp)-27 (ected)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.167 0 Td (net)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.722 0 Td (pro\257ts)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.119 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.14 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.722 0 Td [(tec)27 (hnology)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5 0 Td (leader)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.948 0 Td (are)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.669 0 Td [(no)27 (w)]TJ /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf -13.369 -2.958 Td (1)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_2 1 Tf -9.607 -0.676 Td (E)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.962 0 Td ([\246)Tj EMC /StyleSpan <>BDC /T1_4 1 Tf 7.9722 0 0 7.9722 151.3322 531.7133 Tm (1)Tj EMC /P <>BDC /T1_0 1 Tf 10.9131 0 0 10.9131 156.0635 533.3438 Tm (])Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.555 0 Td (=)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.056 0 Td (\(2)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.11 0 Td (\241)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 0.999 0 Td (\270)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.75 0 Td (\()Tj /T1_2 1 Tf (e;)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.299 0 Td (t)Tj /T1_0 1 Tf (\)\))Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.191 0 Td (\(2)Tj /T1_2 1 Tf 0.888 0 Td (\301)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 0.818 0 Td (\241)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1 0 Td (1\))Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.111 0 Td (+)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 0.999 0 Td (\270)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.75 0 Td (\()Tj /T1_2 1 Tf 0.39 0 Td (e;)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 0.909 0 Td (t)Tj /T1_0 1 Tf (\))Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 0.917 0 Td (\301)Tj /T1_0 1 Tf (\(1)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.706 0 Td (\241)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1 0 Td (\301)Tj /T1_0 1 Tf [(\)\()-84 (\271)]TJ /T1_2 1 Tf 1.373 0 Td (pR)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.492 0 Td (\241)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.999 0 Td (1\))Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.111 0 Td (\241)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1 0 Td (c)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.599 0 Td (\()Tj /T1_2 1 Tf (\301)Tj /T1_0 1 Tf (\))Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.596 0 Td (\241)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 0.999 0 Td (c)Tj /T1_0 1 Tf 0.022 0 Td [(~)-77.5 (\()]TJ /T1_2 1 Tf (e)Tj /T1_0 1 Tf (\))Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.987 0 Td (:)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.28 0 Td (\(9\))Tj EMC /StyleSpan <>BDC -26.72 -0.686 Td (2)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf -14.886 -2.948 Td (Bank)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.625 0 Td (1)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.833 0 Td [(c)27 (ho)-27 (oses)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.566 0 Td [(in)26 (v)28 (estmen)28 (t)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.058 0 Td (\301)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.929 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.943 0 Td (e\256ort)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.641 0 Td (e)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.799 0 Td (so)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.226 0 Td (as)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.228 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.222 0 Td (maximize)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.472 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.723 0 Td (preceding)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.503 0 Td (expression.)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_6 1 Tf 7.9722 0 0 7.9722 296.5729 463.7743 Tm (\244)Tj EMC /P <>BDC /T1_7 1 Tf 10.9131 0 0 10.9131 72 459.8132 Tm [(Prop)-31 (osition)]TJ /T1_1 1 Tf ( )Tj /T1_7 1 Tf 6.218 0 Td (5)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 1.072 0 Td (In)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 1.418 0 Td [(e)50 (quilibrium,)]TJ /T1_1 1 Tf ( )Tj /T1_5 1 Tf 5.622 0 Td [(b)50 (oth)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.23 0 Td (\301)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_6 1 Tf 7.9722 0 0 7.9722 259.2224 464.2345 Tm (\244)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_5 1 Tf 10.9131 0 0 10.9131 269.0752 459.8132 Tm (and)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.054 0 Td (e)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 1.369 0 Td [(ar)51 (e)]TJ /T1_1 1 Tf ( )Tj /T1_5 1 Tf 1.811 0 Td (strictly)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 3.473 0 Td [(p)50 (ositive)]TJ /T1_1 1 Tf ( )Tj /T1_5 1 Tf 3.716 0 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 1.71 0 Td [(al)-51 (l)]TJ /T1_1 1 Tf ( )Tj /T1_5 1 Tf 1.545 0 Td (values)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 3.102 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.75 0 Td (t)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 0.841 0 Td (2)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.148 0 Td ([0)Tj /T1_2 1 Tf (;)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.222 0 Td (1])Tj /T1_5 1 Tf (.)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf -41.8 -2.008 Td [(Henc)51 (e,)]TJ /T1_1 1 Tf ( )Tj /T1_5 1 Tf 3.403 0 Td (even)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 2.383 0 Td (with)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 2.255 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 0.952 0 Td [(p)50 (olicy)]TJ /T1_1 1 Tf ( )Tj /T1_5 1 Tf 2.92 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 1.259 0 Td [(c)50 (omplete)]TJ /T1_1 1 Tf ( )Tj /T1_5 1 Tf 4.198 0 Td (dissemination)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 6.447 0 Td (\()Tj /T1_2 1 Tf 0.399 0 Td (t)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.789 0 Td [(=)-428 (1)]TJ /T1_5 1 Tf (\),)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 2.883 0 Td [(over)50 (al)-50 (l)]TJ /T1_1 1 Tf ( )Tj /T1_5 1 Tf 3.317 0 Td (di\256usion)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 4.198 0 Td [(r)50 (ates)]TJ /T1_1 1 Tf ( )Tj /T1_5 1 Tf 2.524 0 Td [(ar)50 (e)]TJ /T1_1 1 Tf ( )Tj /T1_5 1 Tf 1.783 0 Td [(smal)-51 (ler)]TJ /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_6 1 Tf 7.9722 0 0 7.9722 128.2558 419.9321 Tm (\244)Tj EMC /P <>BDC /T1_5 1 Tf 10.9131 0 0 10.9131 72 415.9709 Tm (than)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 2.274 0 Td (1:)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.277 0 Td (\270)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.75 0 Td (\()Tj /T1_2 1 Tf [(e)-433.2 (;)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.732 0 Td (1\))Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.166 0 Td (<)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.055 0 Td (1)Tj /T1_2 1 Tf (:)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_7 1 Tf -8.254 -3.104 Td [(Pro)-31 (of.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.622 0 Td (See)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.777 0 Td [(App)-28 (endix.)]TJ /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf -3.848 -3.104 Td (The)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.997 0 Td [(prop)-28 (osition)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.202 0 Td [(sho)27 (ws)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.814 0 Td (that,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.398 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.109 0 Td (equilibrium,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.54 0 Td [(tec)27 (hnology)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.943 0 Td (leaders)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.283 0 Td (will)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.832 0 Td (wish)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.225 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.165 0 Td [(tak)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.109 0 Td (steps)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.453 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.165 0 Td (protect)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -39.787 -2.008 Td (their)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.435 0 Td [(in)27 (tellectual)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.182 0 Td [(prop)-28 (ert)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.133 0 Td [(righ)26 (ts.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.335 0 Td (If)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.044 0 Td [(sup)-28 (ervisory)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.367 0 Td (practices)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.219 0 Td [(suc)26 (h)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.3 0 Td (as)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.271 0 Td (those)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.66 0 Td [(prop)-28 (osed)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.302 0 Td [(b)26 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.434 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.766 0 Td (Basel)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.702 0 Td [(I)-28 (I)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -42.15 -2.009 Td (standards)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.62 0 Td [(w)26 (eak)28 (en)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.524 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.774 0 Td (hold)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.274 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.191 0 Td [(inno)27 (v)56 (ators)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.893 0 Td [(o)27 (v)27 (er)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.194 0 Td (proprietary)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.31 0 Td [(risk-assessmen)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 7.026 0 Td [(inno)27 (v)56 (ations,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.625 0 Td (one)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.885 0 Td [(w)27 (ould)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -40.316 -2.009 Td [(exp)-27 (ect)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.205 0 Td [(tec)27 (hnology)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.038 0 Td (leaders)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.38 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.26 0 Td [(allo)-28 (cate)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.734 0 Td (more)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.54 0 Td (resources)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.333 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.26 0 Td (protecting)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.818 0 Td (their)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.43 0 Td (informational)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.235 0 Td [(adv)54 (an)28 (tage.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -38.233 -2.008 Td [(Moreo)27 (v)28 (er,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.742 0 Td (regulators)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.735 0 Td [(themselv)27 (es)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.067 0 Td [(migh)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.918 0 Td [(w)27 (elcome)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.027 0 Td [(suc)26 (h)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.312 0 Td (e\256orts)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.092 0 Td (as)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.284 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.778 0 Td [(paten)27 (ting)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.528 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.196 0 Td (\257nancial)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.056 0 Td [(inno)27 (v)55 (a)]TJ EMC /HyphenSpan <>BDC (-)Tj EMC /P <>BDC -39.735 -2.009 Td (tions,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.78 0 Td [(whic)27 (h)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.902 0 Td (can)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.875 0 Td [(b)-28 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.403 0 Td [(in)27 (terpreted)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.186 0 Td (as)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.268 0 Td [(allo)27 (wing)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.959 0 Td [(p)-28 (ositiv)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.742 0 Td [(prev)27 (en)28 (tiv)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.85 0 Td (e\256ort)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.683 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.208 0 Td (our)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.821 0 Td [(mo)-28 (del.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.486 0 Td [(W)83 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.763 0 Td (formalize)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -38.926 -2.008 Td (this)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.95 0 Td [(argumen)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.475 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.167 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.722 0 Td [(follo)27 (wing)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.223 0 Td (result:)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_7 1 Tf -13.537 -3.104 Td [(Prop)-31 (osition)]TJ /T1_1 1 Tf ( )Tj /T1_7 1 Tf 6.218 0 Td (6)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 1.072 0 Td [(F)76 (or)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.886 0 Td (t)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.676 0 Td [(=)-314 (1)]TJ /T1_5 1 Tf (,)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 2.282 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 0.889 0 Td [(mar)50 (ginal)]TJ /T1_1 1 Tf ( )Tj /T1_5 1 Tf 4.174 0 Td [(incr)50 (e)51 (ase)]TJ /T1_1 1 Tf ( )Tj /T1_5 1 Tf 3.867 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 1.247 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 1.682 0 Td [(te)50 (chnolo)52 (gy)]TJ /T1_1 1 Tf ( )Tj /T1_5 1 Tf 4.825 0 Td [(le)50 (ader's)]TJ /T1_1 1 Tf ( )Tj /T1_5 1 Tf 3.662 0 Td (e\256ort)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 2.716 0 Td [(towar)50 (d)]TJ /T1_1 1 Tf ( )Tj /T1_5 1 Tf 3.279 0 Td [(pr)50 (eserving)]TJ /T1_1 1 Tf ( )Tj /T1_5 1 Tf -38.476 -2.009 Td (its)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 1.405 0 Td [(pr)50 (oprietary)]TJ /T1_1 1 Tf ( )Tj /T1_5 1 Tf 5.201 0 Td [(te)50 (chnolo)51 (gy)]TJ /T1_1 1 Tf ( )Tj /T1_5 1 Tf 4.804 0 Td [(r)50 (e)51 (duc)51 (es)]TJ /T1_1 1 Tf ( )Tj /T1_5 1 Tf 3.464 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 1.661 0 Td [(b)50 (anking)]TJ /T1_1 1 Tf ( )Tj /T1_5 1 Tf 3.628 0 Td (system's)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 3.987 0 Td [(lo)50 (an-p)51 (ortfolio)]TJ /T1_1 1 Tf ( )Tj /T1_5 1 Tf 6.121 0 Td (risk:)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_8 1 Tf 7.9722 0 0 7.9722 430.4003 165.1707 Tm (dP)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_9 1 Tf 5.9817 0 0 5.9817 441.3034 167.9915 Tm (2)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_2 1 Tf 10.9131 0 0 10.9131 468.561 160.8795 Tm (>)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.056 0 Td (0)Tj /T1_5 1 Tf 0.5 0 Td (.)Tj EMC /StyleSpan <>BDC /T1_8 1 Tf 7.9722 0 0 7.9722 433.7813 157.1185 Tm (de)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_10 1 Tf 10.9131 0 0 10.9131 446.6549 173.423 Tm (\257)Tj EMC /StyleSpan <>BDC 0 -0.599 TD (\257)Tj EMC /StyleSpan <>BDC 0 -0.6 TD (\257)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_8 1 Tf 7.9722 0 0 7.9722 450.2859 153.2874 Tm (e)Tj /T1_4 1 Tf (=0)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_7 1 Tf 10.9131 0 0 10.9131 72 127.0001 Tm [(Pro)-31 (of.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.622 0 Td (See)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.777 0 Td [(App)-28 (endix.)]TJ /T1_1 1 Tf ( )Tj EMC /Artifact <>BDC /T1_0 1 Tf 15.543 -3.214 Td (21)Tj /T1_1 1 Tf ( )Tj EMC ET endstream endobj 261 0 obj <>/Border[0 0 0]/C[0.0 1.0 0.0]/P 163 0 R/Rect[435.702 186.227 488.98 197.506]/StructParent 52/Subtype/Link/Type/Annot>> endobj 262 0 obj <>/Border[0 0 0]/C[0.0 1.0 0.0]/P 163 0 R/Rect[71.9971 536.972 143.754 548.252]/StructParent 51/Subtype/Link/Type/Annot>> endobj 1992 0 obj <> endobj 1991 0 obj <> endobj 822 0 obj <> endobj 1993 0 obj <> endobj 819 0 obj <> endobj 820 0 obj <> endobj 1995 0 obj <> endobj 1994 0 obj <> endobj 818 0 obj <> endobj 1996 0 obj <> endobj 1975 0 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0 0 1 0 -577.6 cm 0 0 m 187.15 0 l S Q Q EMC BT /P <>BDC 0 g /T1_0 1 Tf 0 Tc 0 Tw 0 Ts 100 Tz 0 Tr 10.9131 0 0 10.9131 72 758.8569 Tm (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.722 0 Td (screening)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.341 0 Td [(tec)27 (hnology)83 (.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.306 0 Td (These)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.895 0 Td (success)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.405 0 Td [(\(repa)27 (ymen)27 (t\))]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.698 0 Td (probabilities)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.73 0 Td (are)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.67 0 Td [(giv)27 (en,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.889 0 Td [(resp)-28 (ectiv)27 (ely)83 (,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.647 0 Td [(b)27 (y)]TJ /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf -22.865 -2.957 Td (2)Tj /T1_2 1 Tf (\301)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.318 0 Td (\241)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1 0 Td (\301)Tj EMC /StyleSpan <>BDC /T1_4 1 Tf 7.9722 0 0 7.9722 283.1791 731.0091 Tm (2)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_2 1 Tf 10.9131 0 0 10.9131 115.5722 719.2058 Tm (p)Tj /T1_0 1 Tf 0.085 0 Td [(~)-195.7 (=)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.751 0 Td [(Pr)-167 (\()]TJ /T1_2 1 Tf 1.627 0 Td (\265)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.775 0 Td (=)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.055 0 Td (h)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 0.742 0 Td (j)Tj /T1_0 1 Tf [(o\256er)-109 (\))]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.862 0 Td (p)Tj /T1_5 1 Tf 7.9722 0 0 7.9722 218.1509 717.4253 Tm (h)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 10.9131 0 0 10.9131 226.5633 719.2058 Tm (=)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 6.842 0 Td (p)Tj /T1_5 1 Tf 7.9722 0 0 7.9722 306.7257 717.4253 Tm (h)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 10.9131 0 0 10.9131 526.0571 719.2058 Tm (\(7\))Tj EMC /StyleSpan <>BDC -26.279 -0.765 Td (2)Tj /T1_2 1 Tf 0.5 0 Td (\301)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.818 0 Td [(+)-222 (1)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.721 0 Td (\241)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1 0 Td (2)Tj /T1_2 1 Tf 0.5 0 Td (\301)Tj EMC /StyleSpan <>BDC /T1_4 1 Tf 7.9722 0 0 7.9722 295.3025 715.2747 Tm (2)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf 10.9131 0 0 10.9131 136.8081 696.5595 Tm (Pr\(bank)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.933 0 Td (2)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.833 0 Td (bids\))Tj EMC /StyleSpan <>BDC /T1_2 1 Tf 2.17 0 Td (p)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf 0.725 0 Td (+)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1 0 Td (\(1)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.111 0 Td (\241)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.999 0 Td (Pr\(bank)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.933 0 Td (2)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.833 0 Td (bids\)\))Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.728 0 Td (Pr\()Tj /T1_2 1 Tf 1.458 0 Td (\264)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.81 0 Td (=)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.055 0 Td (h)Tj /T1_0 1 Tf (\))Tj /T1_2 1 Tf (p)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.634 0 Td (\()Tj /T1_2 1 Tf (h)Tj /T1_0 1 Tf 0.965 0 Td (\))Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.94 0 Td (\257)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.841 0 Td (+)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.999 0 Td (\(1)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.111 0 Td (\241)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1 0 Td (\257)Tj /T1_0 1 Tf 0.618 0 Td (\))Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 0.555 0 Td (\301)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_2 1 Tf -33.198 -0.676 Td (p)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.781 0 Td (=)Tj 26.128 0 Td (=)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 6.994 0 Td (p)Tj /T1_5 1 Tf 7.9722 0 0 7.9722 491.0473 687.4069 Tm (h)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 10.9131 0 0 10.9131 526.0571 689.1774 Tm (\(8\))Tj EMC /P <>BDC /T1_6 1 Tf -37.556 0 Td (b)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 12.292 -0.686 Td (Pr\(o\256er\))Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 17.414 0 Td (1)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.721 0 Td (+)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1 0 Td (\257)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf -35.478 -2.948 Td (where)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.861 0 Td (Pr)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.239 0 Td (\()Tj /T1_2 1 Tf 0.389 0 Td (\265)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.775 0 Td (=)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.055 0 Td (h)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 0.742 0 Td (j)Tj /T1_0 1 Tf [(o\256er)-109 (\))]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.999 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.976 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.693 0 Td [(probabilit)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.085 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.137 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.804 0 Td (loan)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.137 0 Td [(applican)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.332 0 Td (who)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.082 0 Td (has)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.754 0 Td [(receiv)27 (ed)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.807 0 Td (an)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.36 0 Td (o\256er)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.223 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.976 0 Td (actually)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -39.425 -2.009 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.139 0 Td (high)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.222 0 Td [(qualit)27 (y)83 (.)]TJ /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf -1.809 -2.008 Td (Regulators)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.007 0 Td (maximize)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.457 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.708 0 Td (banking)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.79 0 Td (system's)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.973 0 Td (aggregate)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.488 0 Td [(loan-repa)27 (ymen)28 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 7.071 0 Td [(probabilit)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.099 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.152 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.707 0 Td (second)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -40.004 -2.009 Td [(p)-27 (erio)-28 (d)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.192 0 Td [(giv)27 (en)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.689 0 Td [(b)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.467 0 Td (Equation)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.397 0 Td (\(6\))Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.689 0 Td (or,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.6 0 Td [(equiv)54 (alen)28 (tly)83 (,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.848 0 Td (they)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.328 0 Td (minimize)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.355 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.799 0 Td (aggregate)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.58 0 Td (credit-risk)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.839 0 Td [(exp)-28 (osure.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -38.783 -2.008 Td (This)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.301 0 Td [(ob)-55 (jectiv)26 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.268 0 Td (function)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.935 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.024 0 Td [(motiv)55 (ated)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.713 0 Td [(b)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.407 0 Td (our)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.799 0 Td [(in)27 (terest)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.609 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.185 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.74 0 Td (long-term)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.576 0 Td (e\256ect)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.657 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.157 0 Td (regulatory)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.83 0 Td (di\256usion)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -39.201 -2.009 Td (on)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.366 0 Td [(o)27 (v)28 (erall)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.174 0 Td (credit)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.813 0 Td (risk,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.185 0 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.507 0 Td [(whic)27 (h)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.838 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.699 0 Td (\257rst)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.041 0 Td [(p)-28 (erio)-27 (d)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.091 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.982 0 Td (simply)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.177 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.81 0 Td (transitional)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.318 0 Td (phase,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.043 0 Td (as)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.204 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.699 0 Td (dissemination)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -36.947 -2.009 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.106 0 Td (new)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.022 0 Td [(tec)26 (hnology)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.968 0 Td (can)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.8 0 Td (only)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.162 0 Td [(o)-28 (ccur)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.664 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.133 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.69 0 Td (second)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.194 0 Td [(p)-28 (erio)-28 (d.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.492 0 Td (The)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.023 0 Td [(ob)-55 (jectiv)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.217 0 Td (function)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.884 0 Td (therefore)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.168 0 Td [(represen)27 (ts)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -38.523 -2.008 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.761 0 Td [(w)27 (eigh)28 (ted)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.095 0 Td [(a)27 (v)28 (erage)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.515 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.068 0 Td [(t)27 (w)28 (o)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.817 0 Td [(mark)27 (et)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.319 0 Td (structures,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.904 0 Td (one)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.762 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.094 0 Td [(whic)26 (h)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.79 0 Td (bank)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.401 0 Td (1)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.761 0 Td (has)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.712 0 Td (sole)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.878 0 Td (use)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.656 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.067 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.651 0 Td (new)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.983 0 Td [(tec)26 (hnology)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -38.234 -2.009 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.944 0 Td (one)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.833 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.166 0 Td [(whic)26 (h)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.862 0 Td [(b)-28 (oth)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.362 0 Td (banks)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.866 0 Td (can)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.834 0 Td [(mak)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.61 0 Td (use)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.728 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.139 0 Td (it.)Tj EMC /StyleSpan <>BDC /T1_4 1 Tf 7.9722 0 0 7.9722 304.245 478.1083 Tm (11)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf 10.9131 0 0 10.9131 88.9347 452.2211 Tm (Before)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.087 0 Td [(in)26 (v)28 (estigating)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.828 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.683 0 Td (optimal)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.626 0 Td [(amoun)26 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.6 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.1 0 Td [(tec)27 (hnological)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.933 0 Td (di\256usion,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.28 0 Td [(w)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.432 0 Td (note)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.183 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.683 0 Td [(follo)27 (wing)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.183 0 Td (result:)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_7 1 Tf -40.17 -2.975 Td (Lemma)Tj /T1_1 1 Tf ( )Tj /T1_7 1 Tf 4.077 0 Td (3)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 1.074 0 Td [(F)77 (or)]TJ /T1_1 1 Tf ( )Tj /T1_8 1 Tf 1.993 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 0.995 0 Td (given)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.731 0 Td (\301)Tj /T1_8 1 Tf (,)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 1.418 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 1.788 0 Td [(exp)50 (e)52 (cte)51 (d)]TJ /T1_1 1 Tf ( )Tj /T1_8 1 Tf 3.988 0 Td [(aggr)50 (e)51 (gate)]TJ /T1_1 1 Tf ( )Tj /T1_8 1 Tf 4.458 0 Td [(lo)50 (an-p)51 (ortfolio)]TJ /T1_1 1 Tf ( )Tj /T1_8 1 Tf 6.247 0 Td (quality)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 3.373 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 1.353 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 1.787 0 Td [(se)50 (c)51 (ond)]TJ /T1_1 1 Tf ( )Tj /T1_8 1 Tf 3.295 0 Td [(p)50 (erio)51 (d)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.093 0 Td (P)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_4 1 Tf 7.9722 0 0 7.9722 535.2697 423.7131 Tm (2)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_8 1 Tf 10.9131 0 0 10.9131 72 397.8259 Tm [(incr)51 (e)51 (ases)]TJ /T1_1 1 Tf ( )Tj /T1_8 1 Tf 4.255 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.224 0 Td (\270)Tj /T1_8 1 Tf (,)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 1.248 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 1.661 0 Td [(r)51 (ate)]TJ /T1_1 1 Tf ( )Tj /T1_8 1 Tf 2.031 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 1.176 0 Td (di\256usion.)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_7 1 Tf -11.595 -2.975 Td [(Pro)-31 (of.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.622 0 Td (See)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.777 0 Td [(App)-28 (endix.)]TJ /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf -3.848 -3.018 Td (The)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.02 0 Td [(in)27 (tuition)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.048 0 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.496 0 Td (this)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.915 0 Td (result)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.751 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.97 0 Td (fairly)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.58 0 Td [(straigh)27 (tforw)28 (ard.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 7.418 0 Td (Once)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.52 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.687 0 Td (screening)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.307 0 Td [(tec)27 (hnology)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.953 0 Td (\301)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.894 0 Td (has)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.748 0 Td [(b)-27 (een)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -40.858 -2.009 Td [(dev)27 (elop)-26 (ed,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.992 0 Td [(sup)-28 (ervisors)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.249 0 Td (can)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.893 0 Td [(impro)27 (v)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.868 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.782 0 Td (banking)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.866 0 Td (system's)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.048 0 Td [(o)27 (v)28 (erall)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.258 0 Td [(p)-28 (ortfolio)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.119 0 Td [(qualit)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.421 0 Td [(b)26 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.45 0 Td (disseminat)Tj EMC /HyphenSpan <>BDC (-)Tj EMC /P <>BDC -37.946 -2.008 Td (ing)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.788 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.844 0 Td [(inno)27 (v)55 (ation)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.011 0 Td (as)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.35 0 Td (widely)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.261 0 Td (as)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.349 0 Td [(p)-28 (ossible,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.192 0 Td (so)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.349 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.289 0 Td [(b)-28 (oth)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.484 0 Td (banks)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.988 0 Td (reduce)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.292 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.844 0 Td [(n)27 (um)27 (b)-26 (er)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.765 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.261 0 Td [(lo)27 (w-qualit)28 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -38.067 -2.009 Td (loans)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.58 0 Td [(gran)27 (ted.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.087 0 Td (In)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.27 0 Td (other)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.633 0 Td [(w)27 (ords,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.171 0 Td (wider)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.744 0 Td [(a)26 (v)56 (ailabilit)28 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.131 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.964 0 Td (adoption)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.186 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.158 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.742 0 Td [(impro)27 (v)28 (ed)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.382 0 Td [(tec)26 (hnology)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.02 0 Td (reduce)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -40.068 -2.009 Td (aggregate)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.502 0 Td [(p)-28 (ortfolio)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.059 0 Td (risk)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.925 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.167 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.722 0 Td (banking)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.805 0 Td (system.)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf -15.628 -2.008 Td (It)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.082 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.004 0 Td [(w)26 (orth)28 (while)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.113 0 Td (noting)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.11 0 Td (that,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.444 0 Td (although)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.166 0 Td [(w)26 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.471 0 Td (cast)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.06 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.722 0 Td (regulatory)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.81 0 Td [(ob)-56 (jectiv)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.249 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.165 0 Td (terms)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.786 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.138 0 Td (maximizing)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -37.872 -2.009 Td [(loan-p)-27 (ortfolio)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.199 0 Td [(qualit)27 (y)83 (,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.536 0 Td (this)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.924 0 Td [(form)26 (ulation)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.367 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.98 0 Td [(equiv)55 (alen)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.724 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.197 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.697 0 Td (maximization)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.224 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.114 0 Td (aggregate)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.477 0 Td (surplus)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.432 0 Td (from)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_9 1 Tf 5.9817 0 0 5.9817 80.7825 185.4064 Tm (11)Tj EMC /StyleSpan <>BDC /T1_10 1 Tf 8.9625 0 0 8.9625 88.5846 181.5953 Tm [(Incorp)-28 (orating)]TJ /T1_1 1 Tf ( )Tj /T1_10 1 Tf 6.411 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_10 1 Tf 0.811 0 Td (regulatory)Tj /T1_1 1 Tf ( )Tj /T1_10 1 Tf 4.899 0 Td (concern)Tj /T1_1 1 Tf ( )Tj /T1_10 1 Tf 3.726 0 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_10 1 Tf 1.526 0 Td (loan)Tj EMC /P <>BDC [(-p)-29 (ortfolio)]TJ /T1_1 1 Tf ( )Tj /T1_10 1 Tf 6.352 0 Td [(qualit)28 (y)]TJ /T1_1 1 Tf ( )Tj /T1_10 1 Tf 3.408 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_10 1 Tf 1.154 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_10 1 Tf 1.725 0 Td (\257rst)Tj /T1_1 1 Tf ( )Tj /T1_10 1 Tf 2.074 0 Td [(p)-29 (erio)-29 (d)]TJ /T1_1 1 Tf ( )Tj /T1_10 1 Tf 3.155 0 Td [(do)-29 (es)]TJ /T1_1 1 Tf ( )Tj /T1_10 1 Tf 2.274 0 Td (not)Tj /T1_1 1 Tf ( )Tj /T1_10 1 Tf 1.781 0 Td [(c)27 (hange)]TJ /T1_1 1 Tf ( )Tj /T1_10 1 Tf 3.353 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_10 1 Tf 1.725 0 Td (results)Tj /T1_1 1 Tf ( )Tj /T1_10 1 Tf 3.222 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_10 1 Tf 1.154 0 Td [(an)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_10 1 Tf -50.6 -1.223 Td [(qualitativ)28 (e)]TJ /T1_1 1 Tf ( )Tj /T1_10 1 Tf 5.151 0 Td [(w)27 (a)29 (y)86 (.)]TJ /T1_1 1 Tf ( )Tj /T1_10 1 Tf 2.52 0 Td (Since)Tj /T1_1 1 Tf ( )Tj /T1_10 1 Tf 2.726 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_10 1 Tf 1.811 0 Td [(a)28 (v)28 (erage)]TJ /T1_1 1 Tf ( )Tj /T1_10 1 Tf 3.726 0 Td (success)Tj /T1_1 1 Tf ( )Tj /T1_10 1 Tf 3.541 0 Td [(probabilit)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_10 1 Tf 5.296 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_10 1 Tf 1.212 0 Td [(b)-28 (orro)27 (w)29 (ers)]TJ /T1_1 1 Tf ( )Tj /T1_10 1 Tf 4.764 0 Td (obtaining)Tj /T1_1 1 Tf ( )Tj /T1_10 1 Tf 4.609 0 Td (\257nancing)Tj /T1_1 1 Tf ( )Tj /T1_10 1 Tf 4.437 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_10 1 Tf 1.24 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_10 1 Tf 1.811 0 Td (\257rst)Tj /T1_1 1 Tf ( )Tj /T1_10 1 Tf 2.162 0 Td [(p)-28 (erio)-29 (d)]TJ /T1_1 1 Tf ( )Tj /T1_10 1 Tf 3.241 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_10 1 Tf 1.074 0 Td (just)Tj /T1_1 1 Tf ( )Tj /T1_11 1 Tf 2.095 0 Td (p)Tj EMC /StyleSpan <>BDC /T1_12 1 Tf 0.058 0 Td (b)Tj EMC /P <>BDC /T1_10 1 Tf 0.458 0 Td (,)Tj /T1_1 1 Tf ( )Tj /T1_10 1 Tf -51.932 -1.222 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_10 1 Tf 1.77 0 Td (regulator's)Tj /T1_1 1 Tf ( )Tj /T1_10 1 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/T1_2 1 Tf 3.856 0 Td [(qualitativ)26 (ely)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.912 0 Td [(c)27 (hanging)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.328 0 Td (our)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.915 0 Td (results)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.314 0 Td [(b)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.523 0 Td (assuming,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.79 0 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf -41.701 -2.009 Td (instance,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.278 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.252 0 Td (banks)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.952 0 Td [(en)27 (ter)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.616 0 Td [(in)27 (to)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.112 0 Td (an)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.475 0 Td (R&D)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.697 0 Td (race)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.199 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.308 0 Td (determine)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.755 0 Td [(whic)27 (h)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.946 0 Td (one)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.919 0 Td (successfully)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.436 0 Td [(inno)27 (v)56 (ates.)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.04 0 Td (In)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf -41.985 -2.009 Td (practice,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.206 0 Td (\257nancial)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.119 0 Td [(mark)27 (ets)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.905 0 Td (tend)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.395 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.341 0 Td [(ha)27 (v)28 (e)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.424 0 Td (natural)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.622 0 Td (leaders)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.46 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.284 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.841 0 Td [(dev)27 (elopmen)28 (t)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.924 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.258 0 Td [(tec)27 (hnology)83 (.)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.661 0 Td [(F)82 (or)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf -41.44 -2.008 Td (example,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.226 0 Td (empirical)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.363 0 Td (evidence)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.053 0 Td [(b)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.416 0 Td [(Akha)27 (v)28 (ein,)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.727 0 Td [(F)83 (rame,)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.382 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.971 0 Td (White)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.053 0 Td (\(2003\))Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.137 0 Td (suggests)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.932 0 Td (that,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.476 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.193 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.748 0 Td [(con)27 (text)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf -39.677 -2.009 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.042 0 Td (credit-risk)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.665 0 Td [(assessmen)27 (t,)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.25 0 Td (it)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 0.904 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 0.909 0 Td (primarily)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.27 0 Td (large)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.351 0 Td (banks)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.77 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.069 0 Td (lead)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.015 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.626 0 Td (industry)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.884 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.069 0 Td [(dev)26 (eloping)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.848 0 Td [(inno)27 (v)55 (ations.)]TJ /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf 14.344 0 0 14.344 96.1983 603.7935 Tm [(P)30 (ortfolio)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.666 0 Td (Risk)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.564 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.172 0 Td [(T)93 (ec)31 (hnological)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.967 0 Td (Di\256usion)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_2 1 Tf 10.9131 0 0 10.9131 72 571.0644 Tm [(W)83 (e)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.614 0 Td (\257rst)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.956 0 Td (analyze)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.475 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.615 0 Td (e\256ect)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.53 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.031 0 Td [(tec)26 (hnological)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.865 0 Td (di\256usion)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.925 0 Td (on)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.282 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.614 0 Td [(a)27 (v)27 (erage)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.479 0 Td [(p)-28 (ortfolio)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.951 0 Td [(qualit)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.254 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.031 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.614 0 Td [(tec)26 (hnology)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf -38.236 -2.008 Td (leader.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.46 0 Td [(T)82 (o)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.514 0 Td (this)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.991 0 Td (end,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.219 0 Td (de\257ne)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 2.926 0 Td (p)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 0.669 0 Td (\()Tj /T1_3 1 Tf (h)Tj /T1_2 1 Tf (\))Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.728 0 Td (as)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.269 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.764 0 Td [(p)-27 (ost-screening)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 6.583 0 Td (success)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.447 0 Td (\(and)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.375 0 Td (hence)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.819 0 Td [(repa)27 (ymen)28 (t\))]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.35 0 Td [(probabilit)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf -38.114 -2.009 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.135 0 Td [(b)-28 (orro)27 (w)28 (ers)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.594 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.163 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.719 0 Td (case)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.112 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.136 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 0.83 0 Td [(high-qualit)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.58 0 Td (credit)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.833 0 Td [(assessmen)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 5.036 0 Td (\264)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 0.809 0 Td (=)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.055 0 Td (h)Tj /T1_2 1 Tf (,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.185 0 Td [(whic)27 (h)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.858 0 Td (also)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.002 0 Td [(corresp)-27 (onds)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.485 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.219 0 Td (bank)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf -40.751 -2.009 Td (1's)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.505 0 Td [(loan-p)-28 (ortfolio)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 6.225 0 Td [(qualit)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.361 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.167 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.722 0 Td (\257rst)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.064 0 Td [(p)-28 (erio)-28 (d.)]TJ /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_4 1 Tf -16.044 -3.104 Td (Lemma)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 4.077 0 Td (1)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 1.074 0 Td (In)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 1.215 0 Td [(e)50 (quilibrium,)]TJ /T1_1 1 Tf ( )Tj /T1_5 1 Tf 5.41 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 1.571 0 Td [(aver)51 (age)]TJ /T1_1 1 Tf ( )Tj /T1_5 1 Tf 3.5 0 Td [(r)50 (ep)51 (ayment)]TJ /T1_1 1 Tf ( )Tj /T1_5 1 Tf 4.728 0 Td [(pr)50 (ob)51 (ability)]TJ /T1_1 1 Tf ( )Tj /T1_5 1 Tf 4.727 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 1.086 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 1.571 0 Td [(te)50 (chnolo)51 (gy)]TJ /T1_1 1 Tf ( )Tj /T1_5 1 Tf 4.715 0 Td [(le)50 (ader's)]TJ /T1_1 1 Tf ( )Tj /T1_5 1 Tf 3.552 0 Td [(lo)51 (an)]TJ /T1_1 1 Tf ( )Tj /T1_5 1 Tf 2.056 0 Td [(p)50 (ortfolio)]TJ /T1_1 1 Tf ( )Tj /T1_5 1 Tf -39.282 -2.009 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 1.309 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 1.743 0 Td (\257rst)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 2.166 0 Td [(p)51 (erio)51 (d)]TJ /T1_1 1 Tf ( )Tj /T1_5 1 Tf 3.06 0 Td [(de)50 (cr)51 (e)52 (ases)]TJ /T1_1 1 Tf ( )Tj /T1_5 1 Tf 4.389 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 1.309 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 1.743 0 Td [(likeliho)50 (o)51 (d)]TJ /T1_1 1 Tf ( )Tj /T1_5 1 Tf 4.428 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 1.258 0 Td (di\256usion)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 4.197 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 1.259 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 1.743 0 Td (innovation)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 5.066 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 1.31 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 1.743 0 Td [(se)50 (c)51 (ond)]TJ /T1_1 1 Tf ( )Tj /T1_5 1 Tf 3.251 0 Td [(p)50 (erio)51 (d:)]TJ /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_6 1 Tf 7.9722 0 0 7.9722 73.2003 432.9557 Tm [(@)-58 (p)]TJ /T1_7 1 Tf (\()Tj /T1_6 1 Tf (h)Tj /T1_7 1 Tf (\))Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_6 1 Tf 0.676 -1.147 Td [(@)-58 (\270)]TJ /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_3 1 Tf 10.9131 0 0 10.9131 98.0773 427.5742 Tm (<)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.056 0 Td (0)Tj /T1_5 1 Tf 0.5 0 Td (.)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_4 1 Tf -3.945 -3.104 Td [(Pro)-31 (of.)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.622 0 Td (See)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.777 0 Td [(App)-28 (endix.)]TJ /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_2 1 Tf -3.848 -3.104 Td (A)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.03 0 Td (higher)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.006 0 Td [(probabilit)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.062 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.087 0 Td [(tec)27 (hnological)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.92 0 Td (di\256usion)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.981 0 Td (means)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.008 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.114 0 Td (bank)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.42 0 Td (1)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 0.781 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 0.952 0 Td (more)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.45 0 Td [(lik)27 (ely)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.586 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.17 0 Td (face)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.975 0 Td [(comp)-27 (eti)]TJ EMC /HyphenSpan <>BDC (-)Tj EMC /P <>BDC -39.094 -2.009 Td (tion)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.009 0 Td (from)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.319 0 Td (an)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.344 0 Td (informed)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.152 0 Td [(in)27 (termediary)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.849 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.121 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.677 0 Td (second)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.182 0 Td [(p)-28 (erio)-27 (d.)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.488 0 Td (As)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.431 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 0.788 0 Td (result,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.028 0 Td (it)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 0.955 0 Td (cuts)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.071 0 Td [(bac)27 (k)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.288 0 Td (its)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.349 0 Td [(in)27 (v)28 (estmen)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.016 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf -42.067 -2.009 Td [(tec)27 (hnology)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.942 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.885 0 Td (\257nancial)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.942 0 Td [(inno)27 (v)55 (ation.)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.259 0 Td (This)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.225 0 Td (reduction)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.388 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.1 0 Td (\301)Tj /T1_2 1 Tf 0.595 0 Td (,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 0.564 0 Td [(ho)26 (w)28 (ev)28 (er,)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.068 0 Td [(h)27 (urts)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.534 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.663 0 Td [(qualit)26 (y)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.303 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.081 0 Td (its)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.336 0 Td (screening)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf -38.884 -2.008 Td [(pro)-27 (cess)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.538 0 Td (and,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.288 0 Td (hence,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.12 0 Td [(w)27 (orsens)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.761 0 Td (its)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.447 0 Td [(a)27 (v)28 (erage)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.639 0 Td [(loan-p)-28 (ortfolio)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 6.277 0 Td [(qualit)27 (y)83 (,)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.622 0 Td (as)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.279 0 Td (measured)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.505 0 Td [(b)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.442 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.774 0 Td [(p)-28 (ost-screening)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf -36.692 -2.009 Td [(repa)27 (ymen)28 (t)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.931 0 Td [(probabilit)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.127 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.151 0 Td [(b)-27 (orro)26 (w)28 (ers)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.609 0 Td (with)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.29 0 Td [(high-qualit)26 (y)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.596 0 Td (signals.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.658 0 Td (Despite)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.614 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.734 0 Td (fact)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.984 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.178 0 Td (bank)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.485 0 Td (1)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 0.845 0 Td [(enjo)27 (ys)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf -40.202 -2.009 Td (an)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.355 0 Td (informational)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 6.163 0 Td [(monop)-28 (oly)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.578 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.132 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.688 0 Td (\257rst)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.03 0 Td [(p)-28 (erio)-28 (d,)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.364 0 Td (its)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.361 0 Td (reduced)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.691 0 Td [(abilit)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.077 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.188 0 Td [(reco)27 (v)27 (er)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.389 0 Td (high)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.188 0 Td (R&D)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.577 0 Td [(in)27 (v)28 (estmen)27 (ts)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf -37.781 -2.008 Td [(o)27 (v)28 (er)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.141 0 Td [(t)27 (w)27 (o)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.889 0 Td [(p)-28 (erio)-28 (ds)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.509 0 Td [(h)27 (urts)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.592 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.723 0 Td (initial)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.889 0 Td [(dev)27 (elopmen)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.806 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.139 0 Td [(credit-assessmen)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 7.886 0 Td (systems.)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_2 1 Tf -28.022 -2.009 Td (The)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.946 0 Td (di\256usion)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.924 0 Td [(probabilit)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 5.001 0 Td (\270)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 0.808 0 Td (also)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.895 0 Td (a\256ects)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.979 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.613 0 Td [(comp)-28 (etitiv)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.308 0 Td [(in)27 (tensit)28 (y)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.979 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.03 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.613 0 Td (credit)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.727 0 Td [(mark)27 (et)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.282 0 Td (as)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.118 0 Td (measured)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf -38.774 -2.009 Td [(b)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.389 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.722 0 Td [(probabilit)26 (y)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 5.111 0 Td (\257)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 0.785 0 Td (\()Tj /T1_3 1 Tf 0.39 0 Td (\301)Tj /T1_2 1 Tf 0.595 0 Td (\))Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 0.722 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.167 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.722 0 Td (uninformed)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.308 0 Td (bank)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.473 0 Td (bids)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.116 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.166 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.723 0 Td (\257rst)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.064 0 Td [(p)-28 (erio)-27 (d.)]TJ /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_8 1 Tf 8.9625 0 0 8.9625 72 164.0804 Tm [(ev)28 (en)]TJ /T1_1 1 Tf ( )Tj /T1_8 1 Tf 2.385 0 Td [(in)28 (terest)]TJ /T1_1 1 Tf ( )Tj /T1_8 1 Tf 3.735 0 Td (rate)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 2.159 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 1.3 0 Td [(b)-28 (orro)27 (w)29 (ers)]TJ /T1_1 1 Tf ( )Tj /T1_8 1 Tf 4.767 0 Td (deemed)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 3.756 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 1.214 0 Td [(lo)28 (w-qualit)28 (y)]TJ /T1_1 1 Tf ( )Tj /T1_8 1 Tf 5.352 0 Td (and,)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 2.338 0 Td (as)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 1.305 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 1.243 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 1.814 0 Td (preceding)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 4.671 0 Td (analysis,)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 4.206 0 Td (an)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 1.471 0 Td (uninformed)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 5.499 0 Td (bank)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 2.583 0 Td (could)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf -49.798 -1.223 Td [(nev)28 (er)]TJ /T1_1 1 Tf ( )Tj /T1_8 1 Tf 2.71 0 Td (earn)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 2.254 0 Td [(p)-28 (ositiv)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_8 1 Tf 3.769 0 Td (pro\257ts.)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 3.594 0 Td [(Incorp)-28 (orating)]TJ /T1_1 1 Tf ( )Tj /T1_8 1 Tf 6.424 0 Td (this)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 1.971 0 Td [(alternativ)28 (e)]TJ /T1_1 1 Tf ( )Tj /T1_8 1 Tf 5.109 0 Td [(sp)-28 (eci\257cation)]TJ /T1_1 1 Tf ( )Tj /T1_8 1 Tf 5.825 0 Td (complicates)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 5.511 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 1.737 0 Td (notation)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 4.079 0 Td (without)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 3.792 0 Td (yielding)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 3.821 0 Td [(an)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_8 1 Tf -50.596 -1.222 Td (additional)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 4.853 0 Td [(insigh)27 (ts.)]TJ /T1_1 1 Tf ( )Tj EMC /Artifact <>BDC /T1_2 1 Tf 10.9131 0 0 10.9131 300.544 91.9302 Tm (12)Tj /T1_1 1 Tf ( )Tj EMC ET endstream endobj 2067 0 obj <>stream /Artifact <>BDC q 1.00028 0 0 1.00028 72 769.82 cm 0 G 0.4 w q 1 0 0 1 0 -626.41 cm 0 0 m 187.15 0 l S Q Q q 1.00028 0 0 1.00028 72 769.82 cm 0 G 7.2 w q 1 0 0 1 438.01 -476.95 cm 0 0 m 0 7.2 l S Q Q q 1.00028 0 0 1.00028 72 769.82 cm 0 G 0.44 w q 1 0 0 1 258.16 -474.22 cm 0 0 m 56.93 0 l 96.73 52.5 m 111.01 52.5 l S Q Q q 1.00028 0 0 1.00028 72 769.82 cm 0 G 7.2 w q 1 0 0 1 120.37 -252.61 cm 0 0 m 0 7.2 l S Q Q q 1.00028 0 0 1.00028 72 769.82 cm 0 G 0.44 w q 1 0 0 1 117.05 -225.67 cm 0 0 m 6.5 0 l 51.94 177.8 m 57.39 177.8 l 243.07 177.8 m 248.53 177.8 l 97.85 67.93 m 171.38 67.93 l 22.23 6.37 m 26.47 6.37 l 176.1 -196.05 m 190.38 -196.05 l -76.59 -226.64 m -62.31 -226.64 l 101.42 -248.55 m 115.7 -248.55 l S Q Q EMC BT /P <>BDC 0 g /T1_0 1 Tf 0 Tc 0 Tw 0 Ts 100 Tz 0 Tr 10.9131 0 0 10.9131 72 758.8569 Tm (Letting)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.514 0 Td (\246)Tj EMC /StyleSpan <>BDC /T1_2 1 Tf 7.9722 0 0 7.9722 118.513 757.2265 Tm (1)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf 10.9131 0 0 10.9131 126.8854 758.8569 Tm [(represen)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.316 0 Td (pro\257ts)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.119 0 Td (net)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.723 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.139 0 Td [(inno)27 (v)55 (ation)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.889 0 Td (costs,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.733 0 Td (bank)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.473 0 Td (1's)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.497 0 Td (ex-ante)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.555 0 Td [(exp)-27 (ected)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.167 0 Td (net)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.722 0 Td (pro\257ts)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.119 0 Td (are)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf -23.991 -2.957 Td (1)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 14.856 0.733 Td (\265)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.663 -0.733 Td (1)Tj /T1_4 1 Tf 0.61 0.733 Td (\266)Tj EMC /StyleSpan <>BDC /T1_2 1 Tf 7.9722 0 0 7.9722 446.9049 731.8694 Tm (2)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_5 1 Tf 10.9131 0 0 10.9131 160.3647 719.2058 Tm (E)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.962 0 Td ([\246)Tj EMC /StyleSpan <>BDC /T1_2 1 Tf 7.9722 0 0 7.9722 182.0808 717.5754 Tm (1)Tj EMC /P <>BDC /T1_0 1 Tf 10.9131 0 0 10.9131 186.8121 719.2058 Tm (])Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.555 0 Td (=)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.056 0 Td (\(2)Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 1.11 0 Td (\241)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 0.999 0 Td (\270)Tj /T1_0 1 Tf (\))Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.024 0 Td (\(2)Tj /T1_5 1 Tf (\301)Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 1.707 0 Td (\241)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1 0 Td (1\))Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.11 0 Td (+)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 1 0 Td (\270\301)Tj /T1_0 1 Tf (\(1)Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 2.29 0 Td (\241)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 0.999 0 Td (\301)Tj /T1_0 1 Tf [(\)\()-85 (\271)]TJ /T1_5 1 Tf 1.374 0 Td (pR)Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 1.491 0 Td (\241)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1 0 Td (1\))Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 1.11 0 Td (\241)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 1.736 0 Td (\301)Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 0.818 0 Td (\241)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 9.708 0 Td (\(4\))Tj EMC /StyleSpan <>BDC -26.117 -0.686 Td (2)Tj 17.519 0 Td (2)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf -33.008 -2.948 Td [(F)83 (rom)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.627 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.723 0 Td (preceding)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.503 0 Td (expression,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.097 0 Td [(w)26 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.472 0 Td (can)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.833 0 Td [(no)26 (w)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.084 0 Td (establish)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.122 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.723 0 Td [(follo)27 (wing)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.222 0 Td (result:)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_7 1 Tf -29.406 -2.803 Td [(Prop)-31 (osition)]TJ /T1_1 1 Tf ( )Tj /T1_7 1 Tf 6.218 0 Td (3)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.072 0 Td (The)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 2.044 0 Td [(te)50 (chnolo)51 (gy)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 4.805 0 Td [(le)50 (ader's)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 3.642 0 Td (optimal)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 3.603 0 Td (investment)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 5.06 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.227 0 Td [(scr)50 (e)51 (ening)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 4.358 0 Td [(te)51 (chnolo)51 (gy)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 4.804 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.074 0 Td (given)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 2.607 0 Td (by)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_4 1 Tf -21.675 -2.225 Td (\275)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.109 -0.733 Td [(3)-222 (+)]TJ /T1_1 1 Tf ( )Tj /T1_5 1 Tf 1.721 0 Td (\270)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.75 0 Td [(\()-84 (\271)]TJ /T1_5 1 Tf 0.389 0 Td (pR)Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 1.492 0 Td (\241)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.999 0 Td (2\))Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 2.192 0.733 Td (\276)Tj EMC /P <>BDC /T1_5 1 Tf -12.848 -1.41 Td (\301)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_8 1 Tf 7.9722 0 0 7.9722 238.3065 613.8163 Tm (\244)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf 10.9131 0 0 10.9131 246.0687 609.3051 Tm (=)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.055 0 Td (min)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 9.542 0 Td (;)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.445 0 Td (1)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 14.615 0 Td (\(5\))Tj EMC /P <>BDC -21.909 -0.686 Td [(2)-222 (+)-222 (2)]TJ /T1_5 1 Tf (\270)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.972 0 Td [(\()-84 (\271)]TJ /T1_5 1 Tf 0.389 0 Td (pR)Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 1.491 0 Td (\241)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1 0 Td (1\))Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_3 1 Tf -25.549 -2.948 Td [(Cr)51 (e)51 (dit)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 2.96 0 Td [(scr)50 (e)51 (ens)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 3.395 0 Td [(ar)50 (e)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.658 0 Td (su\261ciently)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 5.005 0 Td (informative)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 5.312 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 2.003 0 Td [(b)50 (orr)52 (owers)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 4.494 0 Td (with)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 2.13 0 Td (low)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.746 0 Td [(cr)50 (e)51 (dit-quality)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 5.952 0 Td (assessments)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 5.503 0 Td (do)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.338 0 Td (not)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_2 1 Tf 7.9722 0 0 7.9722 211.319 552.029 Tm (1)Tj EMC /P <>BDC /T1_3 1 Tf 10.9131 0 0 10.9131 72 547.7278 Tm (obtain)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 3.04 0 Td [(lo)50 (an)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 2.147 0 Td (o\256ers:)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 3.18 0 Td (\301)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_8 1 Tf 7.9722 0 0 7.9722 169.8074 552.1491 Tm (\244)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_6 1 Tf 10.9131 0 0 10.9131 177.5695 547.7278 Tm (\270)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 1.055 0 Td [(\301)-277.5 (>)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 2.535 0 Td (.)Tj EMC /P <>BDC /T1_2 1 Tf 7.9722 0 0 7.9722 211.319 543.9668 Tm (2)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_7 1 Tf 10.9131 0 0 10.9131 72 517.1393 Tm [(Pro)-31 (of.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.622 0 Td (See)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.777 0 Td [(App)-28 (endix.)]TJ /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf -3.848 -2.904 Td [(Prop)-27 (osition)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.273 0 Td (3)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.722 0 Td [(deriv)27 (es)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.23 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.612 0 Td (optimal)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.555 0 Td (\(pro\257t-maximizing\))Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 8.753 0 Td [(in)27 (v)28 (estmen)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.95 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.055 0 Td [(dev)27 (eloping)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.834 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.611 0 Td [(risk-assessmen)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -37.147 -2.008 Td [(tec)27 (hnology)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.957 0 Td [(giv)27 (en)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.568 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.79 0 Td (particular)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.574 0 Td (dissemination)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.246 0 Td [(p)-27 (olicy)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.901 0 Td (\()Tj /T1_5 1 Tf 0.379 0 Td (\270)Tj /T1_0 1 Tf (\))Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.261 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.096 0 Td (\257nancial)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.957 0 Td [(inno)26 (v)56 (ations.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.658 0 Td (The)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.012 0 Td [(constrain)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.659 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf -41.058 -2.009 Td (\301)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_8 1 Tf 7.9722 0 0 7.9722 78.5018 446.0294 Tm (\244)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_6 1 Tf 10.9131 0 0 10.9131 86.274 441.6081 Tm (\267)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.057 0 Td (1)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.833 0 Td (re\260ects)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.398 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.723 0 Td (fact)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.973 0 Td (that,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.445 0 Td (since)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 2.447 0 Td (\301)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.929 0 Td [(represen)27 (ts)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.711 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.723 0 Td [(probabilit)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.115 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.167 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.723 0 Td (result)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.787 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.14 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.723 0 Td (credit)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.837 0 Td (assess)Tj EMC /HyphenSpan <>BDC (-)Tj EMC /P <>BDC -40.039 -2.009 Td [(men)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.527 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.005 0 Td (correct,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.617 0 Td (it)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1 0 Td (cannot)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.278 0 Td [(b)-28 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.361 0 Td (greater)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.395 0 Td (than)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.333 0 Td (one.)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf -16.964 -2.008 Td (The)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.055 0 Td (optimal)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.666 0 Td [(lev)26 (el)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.278 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.139 0 Td [(inno)27 (v)55 (ation)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.889 0 Td (exhibits)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.756 0 Td [(in)27 (tuitiv)28 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.971 0 Td [(comparativ)26 (e-statics)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 8.791 0 Td [(prop)-28 (erties:)]TJ /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_7 1 Tf -32.097 -2.803 Td (Corollary)Tj /T1_1 1 Tf ( )Tj /T1_7 1 Tf 5.115 0 Td (1)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.074 0 Td [(F)76 (or)]TJ /T1_1 1 Tf ( )Tj /T1_5 1 Tf 1.921 0 Td (\301)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_8 1 Tf 7.9722 0 0 7.9722 167.0066 371.5885 Tm (\244)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_5 1 Tf 10.9131 0 0 10.9131 175.8491 367.1773 Tm (<)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.155 0 Td (1)Tj /T1_3 1 Tf (,)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.233 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.715 0 Td (optimal)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 3.659 0 Td (innovation)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 5.039 0 Td (investment)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 5.115 0 Td [(de)50 (cr)51 (e)51 (ases)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 4.361 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.282 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.716 0 Td [(aver)50 (age)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 3.646 0 Td [(r)50 (ep)51 (ayment)]TJ /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_9 1 Tf 7.9722 0 0 7.9722 365.2321 350.1825 Tm [(@)-58 (\301)]TJ /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_10 1 Tf 5.9817 0 0 5.9817 375.1949 353.2534 Tm (\244)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_3 1 Tf 10.9131 0 0 10.9131 72 345.2512 Tm [(pr)51 (ob)51 (ability)]TJ /T1_1 1 Tf ( )Tj /T1_5 1 Tf 4.816 0 Td (p)Tj /T1_0 1 Tf 0.084 0 Td (\271)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 0.776 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.941 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.227 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.66 0 Td [(pr)50 (ob)51 (ability)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 4.818 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.176 0 Td [(te)50 (chnolo)51 (gy)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 4.804 0 Td (di\256usion)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 4.108 0 Td (\270)Tj /T1_3 1 Tf (:)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 3.155 0 Td (<)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.055 0 Td (0)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 0.858 0 Td (and)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_9 1 Tf 7.9722 0 0 7.9722 426.9894 350.1825 Tm [(@)-59 (\301)]TJ /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_10 1 Tf 5.9817 0 0 5.9817 436.9622 353.2534 Tm (\244)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_5 1 Tf 10.9131 0 0 10.9131 445.5045 345.2512 Tm (<)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.055 0 Td (0)Tj /T1_5 1 Tf 0.5 0 Td (:)Tj EMC /StyleSpan <>BDC /T1_9 1 Tf 7.9722 0 0 7.9722 367.7728 341.4901 Tm [(@)-58.6 (p)]TJ /T1_2 1 Tf 0.709 0 Td (\271)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_9 1 Tf 6.996 0 Td [(@)-58 (\270)]TJ /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_7 1 Tf 10.9131 0 0 10.9131 72 314.6626 Tm [(Pro)-31 (of.)]TJ /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_9 1 Tf 7.9722 0 0 7.9722 112.4713 319.594 Tm [(@)-59 (\301)]TJ /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_10 1 Tf 5.9817 0 0 5.9817 122.4441 322.6648 Tm (\244)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_5 1 Tf 10.9131 0 0 10.9131 130.9865 314.6626 Tm (<)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.055 0 Td (0)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.772 0 Td [(follo)26 (ws)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.224 0 Td [(b)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.329 0 Td [(di\256eren)27 (tiating)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.387 0 Td (Equation)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.259 0 Td (\(5\))Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.552 0 Td (with)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.218 0 Td [(resp)-27 (ect)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.365 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 1.152 0 Td (p)Tj /T1_0 1 Tf 0.095 0 Td [(\271)93.2 (,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.97 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.884 0 Td (observing)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.42 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 2.105 0 Td (\270)Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 0.861 0 Td (\267)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.055 0 Td (1.)Tj EMC /StyleSpan <>BDC /T1_9 1 Tf 7.9722 0 0 7.9722 115.022 310.9015 Tm [(@)-58.6 (p)]TJ /T1_2 1 Tf 0.709 0 Td (\271)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_2 1 Tf 28.243 -1.66 Td [(2)-90 (\271)]TJ /T1_9 1 Tf 0.531 0 Td (pR)Tj /T1_8 1 Tf 1.341 0 Td (\241)Tj /T1_2 1 Tf (1)Tj EMC /P <>BDC /T1_0 1 Tf 10.9131 0 0 10.9131 72 292.7365 Tm (The)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.055 0 Td (second)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.227 0 Td (result)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.786 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.006 0 Td (obtained)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.111 0 Td [(similarly)82 (,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.286 0 Td (since)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_9 1 Tf 7.9722 0 0 7.9722 290.5312 297.6678 Tm [(@)-58 (\301)]TJ /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_10 1 Tf 5.9817 0 0 5.9817 300.494 300.7387 Tm (\244)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf 10.9131 0 0 10.9131 309.0363 292.7365 Tm (=)Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 1.055 0 Td (\241)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 12.885 0 Td (pR)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 1.547 0 Td (>)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.055 0 Td (1.)Tj EMC /P <>BDC -8.94 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.005 0 Td [(negativ)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.945 0 Td [(b)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.474 0 Td (\271)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_9 1 Tf 7.9722 0 0 7.9722 292.7318 288.9754 Tm [(@)-59 (\270)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.704 -0.192 Td (2[1+)Tj /T1_9 1 Tf 2.183 0 Td (\270)Tj /T1_2 1 Tf [(\()-90 (\271)]TJ /T1_9 1 Tf 1.033 0 Td (pR)Tj /T1_8 1 Tf 1.341 0 Td (\241)Tj /T1_2 1 Tf 0.827 0 Td (1\)])Tj EMC /StyleSpan <>BDC /T1_11 1 Tf 5.9817 0 0 5.9817 383.0271 290.956 Tm (2)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf 10.9131 0 0 10.9131 88.9347 261.0476 Tm (As)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.437 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.682 0 Td [(a)27 (v)28 (erage)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.547 0 Td [(repa)27 (ymen)28 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.879 0 Td [(probabilit)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_5 1 Tf 5.068 0 Td (p)Tj /T1_0 1 Tf 0.092 0 Td (\271)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.704 0 Td (increases,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.426 0 Td (it)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.96 0 Td [(b)-28 (ecomes)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.938 0 Td (less)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.804 0 Td (necessary)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.39 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.182 0 Td (screen)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.969 0 Td [(b)-27 (orro)26 (w)28 (ers)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -38.63 -2.008 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.223 0 Td (order)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.674 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.28 0 Td [(a)27 (v)28 (oid)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.696 0 Td [(adv)27 (erse-selection)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 7.682 0 Td (problems.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.848 0 Td [(A)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.502 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.78 0 Td (same)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.563 0 Td (time,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.627 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.891 0 Td (rise)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.899 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.223 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.78 0 Td [(a)26 (v)28 (erage)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.645 0 Td [(repa)27 (ymen)28 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -38.313 -2.009 Td [(probabilit)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.103 0 Td (increases)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.169 0 Td [(comp)-28 (etition)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.516 0 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.52 0 Td [(b)-27 (orro)26 (w)28 (ers,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.865 0 Td (further)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.356 0 Td (reducing)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.047 0 Td (banks')Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.133 0 Td [(incen)27 (tiv)27 (es)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.579 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.211 0 Td [(in)27 (v)28 (est)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.856 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.155 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -41.51 -2.009 Td (screening)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.327 0 Td [(tec)26 (hnology)84 (.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.302 0 Td [(Similarly)82 (,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.438 0 Td (if)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.902 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.709 0 Td [(probabilit)26 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.101 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.126 0 Td [(tec)26 (hnological)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.959 0 Td (di\256usion)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 4.007 0 Td (\270)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.903 0 Td (increases,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.447 0 Td [(tec)27 (hnology)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -38.221 -2.008 Td (leaders)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.408 0 Td (are)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.737 0 Td (less)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.912 0 Td [(lik)27 (ely)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.706 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.29 0 Td (fully)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.346 0 Td (appropriate)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.462 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.79 0 Td (gains)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.629 0 Td (from)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.432 0 Td (their)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.459 0 Td [(inno)27 (v)55 (ations)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.351 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.234 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.79 0 Td (second)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.295 0 Td [(p)-28 (erio)-28 (d,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -39.841 -2.009 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.944 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.722 0 Td [(o)27 (v)27 (erall)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.198 0 Td [(exp)-28 (ected)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.167 0 Td (return)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.061 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.945 0 Td [(in)27 (v)28 (estmen)28 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.061 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.166 0 Td (screening)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.341 0 Td (decrease.)Tj EMC /StyleSpan <>BDC /T1_2 1 Tf 7.9722 0 0 7.9722 404.7632 155.398 Tm (9)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_11 1 Tf 5.9817 0 0 5.9817 84.4335 136.5827 Tm (9)Tj EMC /P <>BDC /T1_12 1 Tf 8.9625 0 0 8.9625 88.5846 132.7817 Tm (All)Tj /T1_1 1 Tf ( )Tj /T1_12 1 Tf 1.685 0 Td (results)Tj /T1_1 1 Tf ( )Tj /T1_12 1 Tf 3.268 0 Td [(ab)-29 (o)28 (v)28 (e)]TJ /T1_1 1 Tf ( )Tj /T1_12 1 Tf 2.912 0 Td [(con)27 (tin)29 (ue)]TJ /T1_1 1 Tf ( )Tj /T1_12 1 Tf 4.112 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_12 1 Tf 1.257 0 Td (hold)Tj /T1_1 1 Tf ( )Tj /T1_12 1 Tf 2.283 0 Td (if)Tj /T1_1 1 Tf ( )Tj /T1_12 1 Tf 0.943 0 Td [(w)28 (e)]TJ /T1_1 1 Tf ( )Tj /T1_12 1 Tf 1.513 0 Td (assume)Tj /T1_1 1 Tf ( )Tj /T1_12 1 Tf 3.552 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_12 1 Tf 2.226 0 Td [(lo)27 (w-qualit)29 (y)]TJ /T1_1 1 Tf ( )Tj /T1_12 1 Tf 5.31 0 Td [(b)-28 (orro)27 (w)29 (ers)]TJ /T1_1 1 Tf ( )Tj /T1_12 1 Tf 4.724 0 Td [(ha)28 (v)28 (e)]TJ /T1_1 1 Tf ( )Tj /T1_12 1 Tf 2.369 0 Td [(p)-29 (ositiv)28 (e)]TJ /T1_1 1 Tf ( )Tj /T1_12 1 Tf 3.803 0 Td (NPV)Tj /T1_1 1 Tf ( )Tj /T1_12 1 Tf 2.584 0 Td [(pro)-57 (jects)]TJ /T1_1 1 Tf ( )Tj /T1_12 1 Tf 3.92 0 Td (but)Tj /T1_1 1 Tf ( )Tj /T1_12 1 Tf 1.884 0 Td (with)Tj /T1_1 1 Tf ( )Tj /T1_12 1 Tf -50.195 -1.223 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_12 1 Tf 0.949 0 Td [(lo)28 (w)28 (er)]TJ /T1_1 1 Tf ( )Tj /T1_12 1 Tf 2.778 0 Td (success)Tj /T1_1 1 Tf ( )Tj /T1_12 1 Tf 3.594 0 Td [(probabilit)28 (y)]TJ /T1_1 1 Tf ( )Tj /T1_12 1 Tf 5.348 0 Td (than)Tj /T1_1 1 Tf ( )Tj /T1_12 1 Tf 2.492 0 Td [(high-qualit)28 (y)]TJ /T1_1 1 Tf ( )Tj /T1_12 1 Tf 5.831 0 Td [(b)-28 (orro)27 (w)29 (ers.)]TJ /T1_1 1 Tf ( )Tj /T1_12 1 Tf 5.402 0 Td (An)Tj /T1_1 1 Tf ( )Tj /T1_12 1 Tf 1.777 0 Td (informed)Tj /T1_1 1 Tf ( )Tj /T1_12 1 Tf 4.407 0 Td (bank)Tj /T1_1 1 Tf ( )Tj /T1_12 1 Tf 2.633 0 Td [(w)27 (ould)]TJ /T1_1 1 Tf ( )Tj /T1_12 1 Tf 3.09 0 Td (then)Tj /T1_1 1 Tf ( )Tj /T1_12 1 Tf 2.435 0 Td (o\256er)Tj /T1_1 1 Tf ( )Tj /T1_12 1 Tf 2.408 0 Td (credit)Tj /T1_1 1 Tf ( )Tj /T1_12 1 Tf 3.008 0 Td (at)Tj /T1_1 1 Tf ( )Tj /T1_12 1 Tf 1.349 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_12 1 Tf 1.864 0 Td (break)Tj EMC /HyphenSpan <>BDC (-)Tj EMC /Artifact <>BDC /T1_0 1 Tf 10.9131 0 0 10.9131 300.544 91.9302 Tm (11)Tj /T1_1 1 Tf ( )Tj EMC ET endstream endobj 101 0 obj <>/ProcSet[/PDF/Text]>>/StructParents 14/Tabs/S/Type/Page>> endobj 105 0 obj <>/ProcSet[/PDF/Text]>>/StructParents 15/Tabs/S/Type/Page>> endobj 2070 0 obj <>stream /Artifact <>BDC q 1.00028 0 0 1.00028 72 769.82 cm 0 G 7.2 w q 1 0 0 1 120.37 -88.66 cm 0 0 m 0 7.2 l S Q Q q 1.00028 0 0 1.00028 72 769.82 cm 0 G 0.44 w q 1 0 0 1 67.09 -8.23 cm 0 0 m 26.34 0 l -23.75 -6.37 m -17.26 -6.37 l 310.6 -308.82 m 314.83 -308.82 l 80.41 -610.02 m 84.65 -610.02 l -45.85 -337.11 m -39.35 -337.11 l S Q Q EMC BT /P <>BDC 0 g /T1_0 1 Tf 0 Tc 0 Tw 0 Ts 100 Tz 0 Tr 10.9131 0 0 10.9131 72 758.8569 Tm [(F)76 (or)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.905 0 Td (\301)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 0.942 0 Td (\270)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_2 1 Tf 1.126 0 Td (\301)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_3 1 Tf 0.942 0 Td (\264)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_4 1 Tf 7.9722 0 0 7.9722 139.1088 763.7883 Tm (p)Tj EMC /StyleSpan <>BDC /T1_5 1 Tf 5.9817 0 0 5.9817 143.37 762.3879 Tm (h)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_4 1 Tf 7.9722 0 0 7.9722 144.5203 755.0959 Tm (p)Tj EMC /StyleSpan <>BDC 0.463 1.09 Td (R)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_5 1 Tf 5.9817 0 0 5.9817 148.7815 753.6955 Tm (h)Tj EMC /StyleSpan <>BDC /T1_4 1 Tf 7.9722 0 0 7.9722 153.6128 755.0959 Tm (R)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_6 1 Tf 0.128 1.09 Td (\241)Tj /T1_7 1 Tf 0.827 0 Td (1)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf 10.9131 0 0 10.9131 166.6465 758.8569 Tm (,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.713 0 Td [(e)50 (quilibrium)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.214 0 Td [(exp)50 (e)51 (cte)52 (d)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.901 0 Td [(pr)50 (o\257ts)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.092 0 Td [(b)50 (efor)51 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.914 0 Td (observation)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.341 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.214 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.699 0 Td (signal)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.902 0 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.636 0 Td [(b)50 (ank)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.325 0 Td (i)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 0.692 0 Td [(=)-347 (1)]TJ /T1_2 1 Tf 1.624 0 Td (;)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 0.445 0 Td (2)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -42.385 -2.008 Td [(ar)51 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.699 0 Td (given)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.607 0 Td (by)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_2 1 Tf 10.714 -2.009 Td (E)Tj /T1_8 1 Tf 0.796 0 Td ([)Tj /T1_2 1 Tf (\274)Tj /T1_4 1 Tf 7.9722 0 0 7.9722 254.241 713.3842 Tm (i)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 10.9131 0 0 10.9131 259.4325 715.0147 Tm (\()Tj /T1_2 1 Tf (\264)Tj EMC /StyleSpan <>BDC /T1_4 1 Tf 7.9722 0 0 7.9722 269.4853 712.3939 Tm (i)Tj EMC /P <>BDC /T1_8 1 Tf 10.9131 0 0 10.9131 272.8662 715.0147 Tm (\)])Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 0.944 0 Td (=)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.055 0 Td (\301)Tj /T1_8 1 Tf (\(1)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.707 0 Td (\241)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1 0 Td (\301)Tj /T1_8 1 Tf 0.595 0 Td [(\)\()-85 (\271)]TJ /T1_2 1 Tf 0.778 0 Td (pR)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.491 0 Td (\241)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 1 0 Td (1\))Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 14.636 0 Td (\(3\))Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_9 1 Tf -41.612 -3.104 Td [(Pro)-31 (of.)]TJ /T1_1 1 Tf ( )Tj /T1_8 1 Tf 3.622 0 Td (See)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 1.777 0 Td [(App)-28 (endix.)]TJ /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_8 1 Tf -3.848 -3.104 Td (The)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 2.002 0 Td (pro\257t)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 2.672 0 Td (function)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 3.865 0 Td [(highligh)27 (ts)]TJ /T1_1 1 Tf ( )Tj /T1_8 1 Tf 4.535 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 1.67 0 Td (particular)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 4.564 0 Td (nature)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 3.116 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 1.087 0 Td [(comp)-27 (etition)]TJ /T1_1 1 Tf ( )Tj /T1_8 1 Tf 5.474 0 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 1.477 0 Td [(b)-28 (orro)27 (w)28 (ers)]TJ /T1_1 1 Tf ( )Tj /T1_8 1 Tf 4.545 0 Td [(b)-27 (et)26 (w)28 (een)]TJ /T1_1 1 Tf ( )Tj /T1_8 1 Tf 3.807 0 Td (banks)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf -40.366 -2.008 Td (whose)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 2.924 0 Td (information)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 5.394 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 0.98 0 Td [(priv)55 (ate)]TJ /T1_1 1 Tf ( )Tj /T1_8 1 Tf 3.338 0 Td (but)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 1.807 0 Td (symmetric)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 4.844 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 1.141 0 Td (its)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 1.369 0 Td [(qualit)27 (y)84 (.)]TJ /T1_1 1 Tf ( )Tj /T1_8 1 Tf 3.658 0 Td (Although)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 4.392 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 1.697 0 Td (threat)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 2.977 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 1.114 0 Td [(adv)27 (erse)]TJ /T1_1 1 Tf ( )Tj /T1_8 1 Tf 3.538 0 Td (selection)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf -39.173 -2.009 Td (after)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 2.342 0 Td [(observ)54 (ation)]TJ /T1_1 1 Tf ( )Tj /T1_8 1 Tf 5.293 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 1.118 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 1.701 0 Td (signals)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 3.212 0 Td (still)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 1.929 0 Td [(allo)27 (ws)]TJ /T1_1 1 Tf ( )Tj /T1_8 1 Tf 2.957 0 Td (banks)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 2.845 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 1.201 0 Td (extract)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 3.398 0 Td (information)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 5.398 0 Td [(ren)27 (ts,)]TJ /T1_1 1 Tf ( )Tj /T1_8 1 Tf 2.742 0 Td (they)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 2.229 0 Td (cannot)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 3.257 0 Td (capture)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf -39.622 -2.008 Td (more)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 2.526 0 Td (than)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 2.357 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 1.746 0 Td [(exp)-28 (ected)]TJ /T1_1 1 Tf ( )Tj /T1_8 1 Tf 4.191 0 Td [(a)27 (v)28 (erage)]TJ /T1_1 1 Tf ( )Tj /T1_8 1 Tf 3.611 0 Td (net)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 1.746 0 Td (return)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 3.085 0 Td (on)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 1.413 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 0.857 0 Td (loan)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 2.191 0 Td [(w)27 (eigh)28 (ted)]TJ /T1_1 1 Tf ( )Tj /T1_8 1 Tf 4.19 0 Td [(b)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_8 1 Tf 1.414 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 1.746 0 Td [(v)55 (ariance)]TJ /T1_1 1 Tf ( )Tj /T1_8 1 Tf 3.943 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 1.164 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 0.857 0 Td (correct)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 3.362 0 Td (credit)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf -40.399 -2.009 Td [(assessmen)27 (t.)]TJ /T1_1 1 Tf ( )Tj /T1_8 1 Tf 5.675 0 Td (Pro\257ts)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 3.323 0 Td (are)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 1.748 0 Td [(no)27 (w)]TJ /T1_1 1 Tf ( )Tj /T1_8 1 Tf 2.162 0 Td (decreasing)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 4.921 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 1.245 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 1.801 0 Td (signal)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 2.918 0 Td [(qualit)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.432 0 Td (\301)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 1.007 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 2.023 0 Td (increasing)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 4.754 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 1.245 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 1.801 0 Td [(a)27 (v)28 (erage)]TJ /T1_1 1 Tf ( )Tj /T1_8 1 Tf 3.666 0 Td (re)Tj EMC /HyphenSpan <>BDC (-)Tj EMC /P <>BDC -41.721 -2.009 Td [(pa)27 (ymen)28 (t)]TJ /T1_1 1 Tf ( )Tj /T1_8 1 Tf 4.139 0 Td [(probabilit)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_8 1 Tf 5.171 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 1.195 0 Td [(b)-28 (orro)27 (w)28 (ers)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.646 0 Td (p)Tj /T1_8 1 Tf 0.092 0 Td [(\271)88.6 (.)]TJ /T1_1 1 Tf ( )Tj /T1_8 1 Tf 1.301 0 Td (The)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 2.111 0 Td (\257rst)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 2.12 0 Td [(comparativ)26 (e-statics)]TJ /T1_1 1 Tf ( )Tj /T1_8 1 Tf 8.847 0 Td [(prop)-28 (ert)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_8 1 Tf 4.145 0 Td (re\260ects)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 3.453 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 1.779 0 Td (e\256ects)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 3.089 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf -42.088 -2.008 Td (Bertrand)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 4.353 0 Td [(comp)-28 (etition,)]TJ /T1_1 1 Tf ( )Tj /T1_8 1 Tf 5.91 0 Td (as)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 1.311 0 Td [(more-informativ)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_8 1 Tf 7.895 0 Td (credit)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 2.92 0 Td (screens)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 3.486 0 Td (reduce)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 3.253 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 1.807 0 Td (threat)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 3.087 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 1.223 0 Td [(adv)26 (erse)]TJ /T1_1 1 Tf ( )Tj /T1_8 1 Tf 3.648 0 Td (selection,)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf -38.893 -2.009 Td [(allo)27 (wing)]TJ /T1_1 1 Tf ( )Tj /T1_8 1 Tf 3.92 0 Td (banks)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 2.869 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 1.226 0 Td (bid)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 1.725 0 Td (more)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 2.505 0 Td [(aggressiv)27 (ely)]TJ /T1_1 1 Tf ( )Tj /T1_8 1 Tf 5.489 0 Td (but)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 1.836 0 Td [(ero)-28 (ding)]TJ /T1_1 1 Tf ( )Tj /T1_8 1 Tf 3.589 0 Td (their)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 2.394 0 Td (information)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 5.423 0 Td [(ren)27 (ts.)]TJ /T1_1 1 Tf ( )Tj /T1_8 1 Tf 2.878 0 Td (The)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 2.059 0 Td (second)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 3.23 0 Td [(prop)-28 (ert)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_8 1 Tf -39.143 -2.009 Td [(corresp)-27 (onds)]TJ /T1_1 1 Tf ( )Tj /T1_8 1 Tf 5.465 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 1.199 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 1.699 0 Td (informational)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 6.174 0 Td (capture)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 3.591 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 1.115 0 Td [(high-qualit)26 (y)]TJ /T1_1 1 Tf ( )Tj /T1_8 1 Tf 5.56 0 Td [(b)-28 (orro)27 (w)27 (ers)]TJ /T1_1 1 Tf ( )Tj /T1_8 1 Tf 4.574 0 Td [(b)-28 (ecause)]TJ /T1_1 1 Tf ( )Tj /T1_8 1 Tf 3.677 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 1.699 0 Td [(a)27 (v)28 (erage)]TJ /T1_1 1 Tf ( )Tj /T1_8 1 Tf 3.563 0 Td [(repa)27 (ymen)27 (t)]TJ /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_8 1 Tf -38.316 -2.008 Td [(probabilit)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_8 1 Tf 5.071 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 0.962 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 0.789 0 Td (function)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 3.874 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 1.096 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 1.679 0 Td [(high-qualit)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_8 1 Tf 5.54 0 Td [(b)-28 (orro)27 (w)27 (er's)]TJ /T1_1 1 Tf ( )Tj /T1_8 1 Tf 4.831 0 Td (success)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 3.362 0 Td [(probabilit)26 (y:)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.469 0 Td (p)Tj /T1_8 1 Tf 0.098 0 Td [(\271)-182.7 (=)]TJ EMC /P <>BDC /T1_7 1 Tf 7.9722 0 0 7.9722 449.7957 454.2517 Tm (1)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_7 1 Tf 0 -1.01 TD (2)Tj EMC /P <>BDC /T1_2 1 Tf 10.9131 0 0 10.9131 455.2173 449.9605 Tm (p)Tj /T1_4 1 Tf 7.9722 0 0 7.9722 460.7088 448.18 Tm (h)Tj /T1_8 1 Tf 10.9131 0 0 10.9131 466.0903 449.9605 Tm (.)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_8 1 Tf 0.707 0 Td (The)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 2.012 0 Td (condition)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_2 1 Tf -38.831 -2.009 Td (\301)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 0.883 0 Td (\270)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_2 1 Tf 1.064 0 Td (\301)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_8 1 Tf 0.935 0 Td [(guaran)27 (tees)]TJ /T1_1 1 Tf ( )Tj /T1_8 1 Tf 4.985 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 2.172 0 Td (credit)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 2.842 0 Td [(assessmen)26 (ts)]TJ /T1_1 1 Tf ( )Tj /T1_8 1 Tf 5.45 0 Td (are)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 1.674 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 1.145 0 Td [(su\261cien)26 (t)]TJ /T1_1 1 Tf ( )Tj /T1_8 1 Tf 4.207 0 Td [(qualit)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_8 1 Tf 3.367 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 1.228 0 Td (rule)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 2.009 0 Td (out)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 1.784 0 Td (lending)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 3.506 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 1.227 0 Td [(applican)26 (ts)]TJ /T1_1 1 Tf ( )Tj /T1_8 1 Tf -38.478 -2.009 Td (with)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 2.293 0 Td [(lo)27 (w)]TJ /T1_1 1 Tf ( )Tj /T1_8 1 Tf 1.82 0 Td (credit)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 2.852 0 Td [(assessmen)27 (ts.)]TJ /T1_1 1 Tf ( )Tj /T1_8 1 Tf 5.877 0 Td [(Belo)27 (w)]TJ /T1_1 1 Tf ( )Tj /T1_8 1 Tf 2.973 0 Td [(w)26 (e)]TJ /T1_1 1 Tf ( )Tj /T1_8 1 Tf 1.487 0 Td [(v)27 (erify)]TJ /T1_1 1 Tf ( )Tj /T1_8 1 Tf 2.795 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 2.182 0 Td (this)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 1.965 0 Td (condition)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 4.404 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 1.02 0 Td [(alw)26 (a)28 (ys)]TJ /T1_1 1 Tf ( )Tj /T1_8 1 Tf 3.215 0 Td (satis\257ed)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 3.859 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 1.182 0 Td (equilibrium)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf -37.924 -2.008 Td (so)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 1.227 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 2.166 0 Td (Equation)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 4.319 0 Td (\(3\))Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 1.612 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 1.005 0 Td [(w)27 (ell)]TJ /T1_1 1 Tf ( )Tj /T1_8 1 Tf 2.028 0 Td [(sp)-27 (eci\257ed.)]TJ /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_10 1 Tf 11.9533 0 0 11.9533 72 346.3615 Tm (4.2)Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_10 1 Tf 2.563 0 Td [(T)93 (ec)31 (hnological)]TJ /T1_1 1 Tf ( )Tj /T1_10 1 Tf 6.967 0 Td [(Inno)31 (v)62 (ation)]TJ /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_8 1 Tf 10.9131 0 0 10.9131 72 317.3934 Tm [(W)83 (e)]TJ /T1_1 1 Tf ( )Tj /T1_8 1 Tf 1.767 0 Td (next)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 2.295 0 Td (consider)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 3.943 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 1.768 0 Td [(tec)27 (hnology)]TJ /T1_1 1 Tf ( )Tj /T1_8 1 Tf 5.046 0 Td (leader's)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 3.664 0 Td (decision)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 3.829 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 1.267 0 Td [(in)26 (v)28 (est)]TJ /T1_1 1 Tf ( )Tj /T1_8 1 Tf 2.913 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 1.211 0 Td [(dev)27 (eloping)]TJ /T1_1 1 Tf ( )Tj /T1_8 1 Tf 4.99 0 Td (\257nancial)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 4.046 0 Td [(inno)27 (v)56 (ations)]TJ /T1_1 1 Tf ( )Tj /T1_8 1 Tf 5.329 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf -42.068 -2.009 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 1.812 0 Td (form)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 2.454 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 1.229 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 1.813 0 Td (screening)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 4.431 0 Td [(tec)27 (hnology)83 (.)]TJ /T1_1 1 Tf ( )Tj /T1_8 1 Tf 5.576 0 Td (Let)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 1.882 0 Td [(sup)-27 (erscripts)]TJ /T1_1 1 Tf ( )Tj /T1_8 1 Tf 5.64 0 Td (index)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 2.784 0 Td (time)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 2.367 0 Td [(p)-28 (erio)-28 (ds)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.587 0 Td (t)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 0.788 0 Td [(=)-427 (1)]TJ /T1_2 1 Tf (;)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 2.149 0 Td (2.)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 1.491 0 Td (In)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 1.341 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 1.812 0 Td (\257rst)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf -41.156 -2.009 Td [(p)-27 (erio)-28 (d,)]TJ /T1_1 1 Tf ( )Tj /T1_8 1 Tf 3.406 0 Td (since)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 2.462 0 Td (bank)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 2.484 0 Td (1)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 0.845 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 1.018 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 1.734 0 Td (only)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 2.206 0 Td (one)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 1.845 0 Td [(p)-28 (ossessing)]TJ /T1_1 1 Tf ( )Tj /T1_8 1 Tf 4.784 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 1.734 0 Td (screening)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 4.353 0 Td [(tec)27 (hnology)83 (,)]TJ /T1_1 1 Tf ( )Tj /T1_8 1 Tf 5.21 0 Td (its)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 1.406 0 Td (net)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 1.734 0 Td (pro\257ts)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 3.131 0 Td (are)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 1.681 0 Td (simply)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf -40.033 -2.008 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 1.767 0 Td (expression)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 4.864 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 1.212 0 Td (Equation)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 4.364 0 Td (\(2\))Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 1.657 0 Td [(min)27 (us)]TJ /T1_1 1 Tf ( )Tj /T1_8 1 Tf 2.967 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 1.768 0 Td (cost)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 2.106 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 1.185 0 Td (acquiring)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 4.409 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 1.767 0 Td [(tec)26 (hnology)84 (.)]TJ /T1_1 1 Tf ( )Tj /T1_8 1 Tf 5.442 0 Td (In)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 1.295 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 1.768 0 Td (second)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 3.272 0 Td [(p)-28 (erio)-28 (d,)]TJ /T1_1 1 Tf ( )Tj /T1_8 1 Tf -39.843 -2.009 Td (bank)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 2.478 0 Td (2)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 0.839 0 Td (acquires)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 3.876 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 1.728 0 Td (credit)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 2.843 0 Td [(assessmen)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_8 1 Tf 5.055 0 Td [(tec)26 (hnology)]TJ /T1_1 1 Tf ( )Tj /T1_8 1 Tf 5.007 0 Td (with)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 2.284 0 Td [(probabilit)26 (y)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.109 0 Td (\270)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 0.923 0 Td (so)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 1.233 0 Td (that,)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 2.452 0 Td (letting)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.171 0 Td (\274)Tj EMC /StyleSpan <>BDC /T1_4 1 Tf 7.9722 0 0 7.9722 482.3749 233.6599 Tm (t)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_8 1 Tf 10.9131 0 0 10.9131 489.6369 229.6988 Tm (denote)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 3.227 0 Td (the)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_4 1 Tf 7.9722 0 0 7.9722 482.3749 226.638 Tm (i)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_8 1 Tf 10.9131 0 0 10.9131 72 207.7727 Tm (pro\257t)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 2.725 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 1.139 0 Td (bank)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.47 0 Td (i)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 0.677 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 1.166 0 Td [(p)-28 (erio)-28 (d)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.114 0 Td (t)Tj /T1_8 1 Tf (,)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 0.972 0 Td (bank)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 2.472 0 Td (1's)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 1.505 0 Td (pro\257ts)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 3.12 0 Td (are)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_2 1 Tf -11.553 -4.259 Td (E)Tj /T1_1 1 Tf ( )Tj /T1_11 1 Tf 0.962 0.809 Td (\243)Tj /T1_2 1 Tf 0.416 -0.809 Td (\274)Tj EMC /P <>BDC /T1_7 1 Tf 7.9722 0 0 7.9722 178.8499 165.7909 Tm (2)Tj 0 -0.903 TD (1)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_11 1 Tf 10.9131 0 0 10.9131 183.5812 170.1221 Tm (\244)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 0.695 -0.809 Td (=)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_11 1 Tf 1.055 2.349 Td (8)Tj 0 -0.9 TD (>)Tj 0 -0.3 TD (<)Tj /T1_1 1 Tf ( )Tj /T1_11 1 Tf 0 -1.799 TD (>)Tj 0 -0.3 TD (:)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_2 1 Tf 1.436 1.802 Td (\301)Tj /T1_8 1 Tf (\(1)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.706 0 Td (\241)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1 0 Td (\301)Tj /T1_8 1 Tf [(\)\()-84 (\271)]TJ /T1_2 1 Tf 1.373 0 Td (pR)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.492 0 Td (\241)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 0.999 0 Td (1\))Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 3.081 0 Td (with)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 2.278 0 Td [(probabilit)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.11 0 Td (\270)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_7 1 Tf 7.9722 0 0 7.9722 219.5413 152.9673 Tm (1)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_7 1 Tf 0 -1.011 TD (2)Tj EMC /P <>BDC /T1_8 1 Tf 10.9131 0 0 10.9131 226.7933 148.6761 Tm (\(2)Tj /T1_2 1 Tf 0.888 0 Td (\301)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 0.819 0 Td (\241)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 0.999 0 Td (1\))Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 6.172 0 Td (with)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 2.279 0 Td [(probabilit)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_8 1 Tf 5.114 0 Td (1)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 0.716 0 Td (\241)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1 0 Td (\270)Tj /T1_1 1 Tf ( )Tj EMC /Artifact <>BDC /T1_8 1 Tf -11.229 -5.2 Td (10)Tj /T1_1 1 Tf ( )Tj EMC ET endstream endobj 2069 0 obj <>stream /Artifact <>BDC q 1.00028 0 0 1.00028 72 769.82 cm 0 G 7.2 w q 1 0 0 1 120.37 -257.06 cm 0 0 m 0 7.2 l S Q Q q 1.00028 0 0 1.00028 72 769.82 cm 0 G 0.44 w q 1 0 0 1 239.05 -187.89 cm 0 0 m 5.46 0 l S Q Q EMC BT /Span <>BDC 0 g /T1_0 1 Tf 0 Tc 0 Tw 0 Ts 100 Tz 0 Tr 10.9131 0 0 10.9131 72 758.8569 Tm (1)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.801 0 Td (after)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.332 0 Td (observing)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.448 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.801 0 Td [(credit)27 (w)28 (orthiness)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 7.419 0 Td (signal)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.799 0 Td (\264)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 0.81 0 Td [(2)-277 (f)]TJ /T1_2 1 Tf (h;)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.464 0 Td (l)Tj /T1_3 1 Tf 0.318 0 Td (g)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.801 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.912 0 Td (\274)Tj EMC /StyleSpan <>BDC /T1_4 1 Tf 7.9722 0 0 7.9722 350.3979 757.2265 Tm (2)Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_0 1 Tf 10.9131 0 0 10.9131 358.4202 758.8569 Tm (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.689 0 Td (pro\257t)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.694 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.107 0 Td (bank)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.44 0 Td (2)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.801 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.134 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.69 0 Td (\257rst)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.032 0 Td [(p)-28 (erio)-28 (d.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -39.833 -2.008 Td [(W)83 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.756 0 Td (next)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.284 0 Td [(c)27 (haracterize)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.567 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.757 0 Td (equilibrium)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.342 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.201 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.756 0 Td (lending)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.535 0 Td (subgame)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.15 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.201 0 Td [(whic)27 (h)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.895 0 Td (banks)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.901 0 Td (1)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.868 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.978 0 Td (2)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.868 0 Td [(comp)-27 (ete)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.006 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -42.065 -2.009 Td (loan-rate)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.225 0 Td (o\256ers,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.925 0 Td (after)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.364 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.723 0 Td (former)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.2 0 Td (has)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.783 0 Td (made)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.667 0 Td (its)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.394 0 Td [(in)27 (v)27 (estmen)28 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.061 0 Td (decision.)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_5 1 Tf -25.342 -2.789 Td [(Prop)-31 (osition)]TJ /T1_1 1 Tf ( )Tj /T1_5 1 Tf 6.218 0 Td (1)Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 1.072 0 Td [(Ther)50 (e)]TJ /T1_1 1 Tf ( )Tj /T1_6 1 Tf 2.926 0 Td (exists)Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 2.79 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 0.92 0 Td (unique)Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 3.271 0 Td [(e)51 (quilibrium)]TJ /T1_1 1 Tf ( )Tj /T1_6 1 Tf 5.226 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 1.278 0 Td [(mixe)50 (d)]TJ /T1_1 1 Tf ( )Tj /T1_6 1 Tf 2.917 0 Td [(str)50 (ate)51 (gies)]TJ /T1_1 1 Tf ( )Tj /T1_6 1 Tf 4.409 0 Td [(b)50 (etwe)51 (en)]TJ /T1_1 1 Tf ( )Tj /T1_6 1 Tf 3.706 0 Td [(asymmetric)50 (al)-50 (ly)]TJ /T1_1 1 Tf ( )Tj /T1_6 1 Tf 6.939 0 Td (in)Tj EMC /HyphenSpan <>BDC (-)Tj EMC /P <>BDC -41.672 -2.009 Td [(forme)51 (d)]TJ /T1_1 1 Tf ( )Tj /T1_6 1 Tf 3.334 0 Td [(b)50 (anks)]TJ /T1_1 1 Tf ( )Tj /T1_6 1 Tf 2.709 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 1.227 0 Td (which)Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 2.81 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 1.661 0 Td [(uninforme)50 (d)]TJ /T1_1 1 Tf ( )Tj /T1_6 1 Tf 5.303 0 Td (lender)Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 3.029 0 Td [(\(b)51 (ank)]TJ /T1_1 1 Tf ( )Tj /T1_6 1 Tf 2.708 0 Td (2\))Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 1.278 0 Td (bids)Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 2.045 0 Td (with)Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 2.172 0 Td [(pr)51 (ob)51 (ability)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.806 0 Td (\257)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.785 0 Td (\()Tj /T1_2 1 Tf (\301)Tj /T1_0 1 Tf (\))Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.651 0 Td (<)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.055 0 Td (1)Tj /T1_6 1 Tf (.)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_6 1 Tf -35.021 -2.008 Td (The)Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 2.068 0 Td [(e)50 (quilibrium)]TJ /T1_1 1 Tf ( )Tj /T1_6 1 Tf 5.199 0 Td [(exp)50 (e)52 (cte)51 (d)]TJ /T1_1 1 Tf ( )Tj /T1_6 1 Tf 3.885 0 Td [(pr)50 (o\257ts)]TJ /T1_1 1 Tf ( )Tj /T1_6 1 Tf 3.077 0 Td (prior)Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 2.553 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 1.224 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 1.685 0 Td (observation)Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 5.326 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 1.199 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 1.684 0 Td (signal,)Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 3.198 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 1.965 0 Td [(gr)50 (oss)]TJ /T1_1 1 Tf ( )Tj /T1_6 1 Tf 2.541 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 1.199 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 1.684 0 Td [(c)50 (ost)]TJ /T1_1 1 Tf ( )Tj /T1_6 1 Tf 2.042 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf -42.081 -2.009 Td (investment,)Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 5.366 0 Td [(ar)50 (e)]TJ /T1_1 1 Tf ( )Tj /T1_6 1 Tf 1.7 0 Td [(p)50 (ositive)]TJ /T1_1 1 Tf ( )Tj /T1_6 1 Tf 3.604 0 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 1.597 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 1.661 0 Td [(te)50 (chnolo)51 (gy)]TJ /T1_1 1 Tf ( )Tj /T1_6 1 Tf 4.805 0 Td [(le)50 (ader)]TJ /T1_1 1 Tf ( )Tj /T1_6 1 Tf 2.926 0 Td [(\(b)50 (ank)]TJ /T1_1 1 Tf ( )Tj /T1_6 1 Tf 2.709 0 Td (1\))Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 1.278 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 1.942 0 Td [(zer)51 (o)]TJ /T1_1 1 Tf ( )Tj /T1_6 1 Tf 2.108 0 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 1.598 0 Td [(b)50 (ank)]TJ /T1_1 1 Tf ( )Tj /T1_6 1 Tf 2.3 0 Td (2:)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf -11.683 -2.958 Td (1)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_2 1 Tf -5.309 -0.676 Td (E)Tj /T1_0 1 Tf 0.796 0 Td ([)Tj /T1_2 1 Tf (\274)Tj EMC /StyleSpan <>BDC /T1_4 1 Tf 7.9722 0 0 7.9722 271.5058 577.5162 Tm (1)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf 10.9131 0 0 10.9131 278.0577 579.1566 Tm (\()Tj /T1_2 1 Tf (\264)Tj /T1_0 1 Tf 0.921 0 Td [(\)])-277 (=)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.885 0 Td (\(2)Tj /T1_2 1 Tf 0.888 0 Td (\301)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 0.819 0 Td (\241)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.999 0 Td (1\))Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 16.219 0 Td (\(2\))Tj EMC /StyleSpan <>BDC -19.701 -0.686 Td (2)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_2 1 Tf -3.832 -1.772 Td (E)Tj /T1_0 1 Tf 0.796 0 Td ([)Tj /T1_2 1 Tf (\274)Tj EMC /StyleSpan <>BDC /T1_4 1 Tf 7.9722 0 0 7.9722 287.6204 550.6987 Tm (2)Tj EMC /P <>BDC /T1_0 1 Tf 10.9131 0 0 10.9131 292.3517 552.3391 Tm [(])-277 (=)-278 (0)]TJ /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_5 1 Tf -20.192 -3.633 Td [(Pro)-31 (of.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.622 0 Td (See)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.777 0 Td [(App)-28 (endix.)]TJ /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf -3.848 -2.895 Td (The)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.11 0 Td (fact)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.028 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.222 0 Td (no)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.444 0 Td (pure)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.336 0 Td (strategy)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.925 0 Td (equilibrium)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.363 0 Td (exists)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.817 0 Td (when)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.667 0 Td (bidders)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.563 0 Td [(ha)26 (v)28 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.362 0 Td (asymmetric)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.424 0 Td (information)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -37.813 -2.009 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.006 0 Td [(w)27 (ell-kno)27 (wn)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.196 0 Td (\(see)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.007 0 Td [(v)27 (on)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.891 0 Td (Thadden,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.502 0 Td (2001,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.614 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.945 0 Td [(Engelbrec)26 (h)28 (t-Wiggans)]TJ /T1_1 1 Tf ( )Tj /T1_6 1 Tf 9.596 0 Td (et)Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 1.151 0 Td (al.)Tj /T1_0 1 Tf 1.074 0 Td (,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.612 0 Td (1983\))Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.724 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.946 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.835 0 Td (simple)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.117 0 Td (conse)Tj EMC /HyphenSpan <>BDC (-)Tj EMC /P <>BDC -40.216 -2.008 Td (quence)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.36 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.195 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.778 0 Td (winner's)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.008 0 Td (curse.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.119 0 Td [(An)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.195 0 Td (predictable)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.225 0 Td (strategy)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.925 0 Td [(b)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.445 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.778 0 Td (uninformed)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.364 0 Td (bank)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.528 0 Td [(w)27 (ould)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.972 0 Td (surely)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.981 0 Td [(b)-28 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -41.873 -2.009 Td (undercut)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.201 0 Td [(b)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.365 0 Td (bank)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.448 0 Td (1,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.092 0 Td [(whic)27 (h)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.837 0 Td [(w)26 (ould)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.893 0 Td (simply)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.176 0 Td [(mak)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.586 0 Td [(b)-28 (etter)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.951 0 Td (o\256ers)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.623 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.198 0 Td [(b)-28 (orro)27 (w)27 (ers)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.574 0 Td (deemed)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.587 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.115 0 Td (higher)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.034 0 Td [(qualit)27 (y)83 (,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -39.68 -2.009 Td [(lea)27 (ving)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.388 0 Td (bank)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.472 0 Td (2)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.834 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.222 0 Td (\257nance)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.389 0 Td (all)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.39 0 Td (bad)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.944 0 Td (risk.)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf -13.087 -2.008 Td (The)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.115 0 Td [(prop)-28 (osition)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.319 0 Td (also)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.065 0 Td [(sho)26 (ws)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.933 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.226 0 Td [(w)26 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.532 0 Td (obtain)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.171 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.894 0 Td [(v)27 (ery)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.257 0 Td (simple)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.177 0 Td (expression)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.879 0 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.59 0 Td [(exp)-28 (ected)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.227 0 Td (pro\257ts)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.18 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.282 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -42.399 -2.009 Td [(tec)27 (hnology)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.067 0 Td (leader)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.014 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.232 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.072 0 Td (linear)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.847 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.011 0 Td (increasing)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.742 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.233 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.789 0 Td [(qualit)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.428 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.206 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.789 0 Td (screening)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.408 0 Td [(tec)27 (hnology)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.052 0 Td (\301:)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.273 0 Td (The)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -41.163 -2.009 Td [(comparativ)27 (e-statics)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 8.709 0 Td [(prop)-28 (erties)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.626 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.058 0 Td [(exp)-28 (ected)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.087 0 Td (pro\257ts)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.038 0 Td (are)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.589 0 Td [(v)27 (ery)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.117 0 Td [(in)27 (tuitiv)28 (e:)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.321 0 Td (since)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.369 0 Td (an)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.309 0 Td (informed)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.116 0 Td [(in)26 (termediary)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -37.339 -2.008 Td [(enjo)27 (ys)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.045 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.846 0 Td (greater)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.406 0 Td (informational)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.21 0 Td [(adv)55 (an)28 (tage)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.734 0 Td [(o)27 (v)28 (er)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.154 0 Td (its)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.406 0 Td [(comp)-28 (etitors,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.774 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.734 0 Td (uninformed)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.321 0 Td (bank)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.484 0 Td (faces)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.435 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.845 0 Td (larger)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -40.394 -2.009 Td [(adv)27 (erse-selection)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 7.733 0 Td (problem)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.001 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.053 0 Td (bids)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.225 0 Td (less)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.954 0 Td [(aggressiv)27 (ely)83 (.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.118 0 Td [(Consequen)27 (tly)83 (,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.532 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.831 0 Td [(tec)27 (hnology)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.11 0 Td (leader)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.056 0 Td (earns)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -40.613 -2.009 Td (higher)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.058 0 Td (pro\257ts)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.119 0 Td (on)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.389 0 Td (those)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.617 0 Td [(b)-28 (orro)27 (w)28 (ers)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.597 0 Td (with)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.279 0 Td [(go)-27 (o)-28 (d)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.445 0 Td (signals.)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf -17.952 -2.008 Td [(W)83 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.757 0 Td (next)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.286 0 Td (consider)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.933 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.758 0 Td (second)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.262 0 Td (case,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.439 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.202 0 Td [(whic)27 (h)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.897 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.758 0 Td [(tec)27 (hnology)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.036 0 Td (has)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.819 0 Td (indeed)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.202 0 Td [(b)-27 (een)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.396 0 Td (disseminated)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.991 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -41.288 -2.009 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.059 0 Td [(a)27 (v)55 (ailable)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.165 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.277 0 Td [(b)-27 (oth)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.416 0 Td [(in)27 (termediaries.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 7.034 0 Td [(Tw)27 (o)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.304 0 Td (informed)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.251 0 Td (banks)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.921 0 Td [(no)27 (w)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.138 0 Td [(comp)-27 (ete)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.026 0 Td (against)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.504 0 Td [(eac)26 (h)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.305 0 Td (other)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.669 0 Td (on)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.443 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -41.512 -2.008 Td (basis)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.432 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.116 0 Td (conditionally)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.949 0 Td [(indep)-28 (enden)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.644 0 Td (credit)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.814 0 Td (screens)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.371 0 Td (\264)Tj EMC /StyleSpan <>BDC /T1_7 1 Tf 7.9722 0 0 7.9722 310.5368 193.4887 Tm (i)Tj EMC /P <>BDC /T1_0 1 Tf 10.9131 0 0 10.9131 313.9177 196.1094 Tm (,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 0.593 0 Td (i)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.621 0 Td [(=)-278 (1)]TJ /T1_2 1 Tf 1.555 0 Td (;)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.445 0 Td (2,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.092 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.116 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.699 0 Td (same)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.483 0 Td [(informativ)27 (eness)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 7.069 0 Td (\301:)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.183 0 Td (Again,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -40.025 -2.009 Td (there)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.558 0 Td (only)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.194 0 Td (exists)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.761 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.834 0 Td (unique)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.25 0 Td (equilibrium)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.308 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.167 0 Td (mixed)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.972 0 Td (strategies.)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_5 1 Tf -21.044 -2.789 Td [(Prop)-31 (osition)]TJ /T1_1 1 Tf ( )Tj /T1_5 1 Tf 6.218 0 Td (2)Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 1.072 0 Td (In)Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 1.371 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 1.727 0 Td (lending)Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 3.542 0 Td (game)Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 2.672 0 Td [(b)50 (etwe)51 (en)]TJ /T1_1 1 Tf ( )Tj /T1_6 1 Tf 3.721 0 Td [(b)51 (anks)]TJ /T1_1 1 Tf ( )Tj /T1_6 1 Tf 2.774 0 Td [(c)50 (arrying)]TJ /T1_1 1 Tf ( )Tj /T1_6 1 Tf 4.002 0 Td (out)Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 1.803 0 Td [(c)50 (onditional)-50 (ly)]TJ /T1_1 1 Tf ( )Tj /T1_6 1 Tf 5.995 0 Td [(indep)50 (endent)]TJ /T1_1 1 Tf ( )Tj /T1_6 1 Tf 5.611 0 Td [(cr)50 (e)51 (dit)]TJ /T1_1 1 Tf ( )Tj /T1_6 1 Tf -40.508 -2.009 Td [(scr)51 (e)51 (ens)]TJ /T1_1 1 Tf ( )Tj /T1_6 1 Tf 3.42 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 1.16 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 1.644 0 Td (same)Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 2.539 0 Td (informativeness)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 7.172 0 Td (\301;)Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 1.214 0 Td [(ther)51 (e)]TJ /T1_1 1 Tf ( )Tj /T1_6 1 Tf 2.474 0 Td (exists)Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 2.722 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 0.853 0 Td (unique)Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 3.203 0 Td (symmetric)Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 4.852 0 Td [(mixe)50 (d-str)51 (ate)51 (gy)]TJ /T1_1 1 Tf ( )Tj /T1_6 1 Tf 6.517 0 Td [(e)50 (quilibrium.)]TJ /T1_1 1 Tf ( )Tj EMC /Artifact <>BDC /T1_0 1 Tf -16.578 -2.739 Td (9)Tj /T1_1 1 Tf ( )Tj EMC ET endstream endobj 87 0 obj <>/ProcSet[/PDF/Text]>>/StructParents 10/Tabs/S/Type/Page>> endobj 97 0 obj <>/ProcSet[/PDF/Text]>>/StructParents 11/Tabs/S/Type/Page>> endobj 2073 0 obj <>stream BT /P <>BDC 0 g /T1_0 1 Tf 0 Tc 0 Tw 0 Ts 100 Tz 0 Tr 10.9131 0 0 10.9131 155.8035 760.3373 Tm (t)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 0.639 0 Td [(=)-277 (1)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 22.682 0 Td (t)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 0.638 0 Td [(=)-278 (2)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf -31.07 -1.242 Td [(Start)-333 (of)-333 (1)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 10.295 0 Td [(End)-333 (of)-334 (1)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 13.034 0 Td [(Start)-333 (of)-334 (2)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 13.467 0 Td [(End)-334 (of)-333 (2)]TJ /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_3 1 Tf -35.135 -1.241 Td [(\241)367 (\241)222 (\241)222 (\241)222 (\241)223 (\241)222 (\241)222 (\241)222 (\241)223 (\241)222 (\241)222 (\241)222 (\241)222 (\241)223 (\241)222 (\241)222 (\241)222 (\241)223 (\241)222 (\241)222 (\241)222 (\241)222 (\241)223 (\241)222 (\241)222 (\241)222 (\241)222 (\241)223 (\241)222 (\241)222 (\241)222 (\241)223 (\241)222 (\241)222 (\241)222 (\241)222 (\241)223 (\241)222 (\241)222 (\241)222 (\241)223 (\241)222 (\241)222 (\241)222 (\241)222 (\241)223 (\241)222 (\241)222 (\241)222 (\241)222 (\241)223 (\241)222 (\241)222 (\241)222 (\241)223 (\241)222 (\241)222 (\241)222 (\241)222 (\241)223 (\241)222 (\241)222 (\241)222 (\241)223 (\241)222 (\241)222 (\241)222 (\241)222 (\241)223 (\241)367 (!)]TJ /T1_1 1 Tf ( )Tj EMC /TD <>BDC /T1_2 1 Tf -2.433 -1.242 Td [(In)27 (v)28 (estmen)28 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.143 0 Td (\301)Tj /T1_1 1 Tf ( )Tj EMC /TD <>BDC /T1_2 1 Tf 4.359 0 Td (Loan-rate)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.572 0 Td (o\256ers)Tj /T1_1 1 Tf ( )Tj EMC /TD <>BDC /T1_2 1 Tf 6.076 0 Td (Dissemination)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 6.497 0 Td (with)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.278 0 Td (prob.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.721 0 Td (\270)Tj /T1_1 1 Tf ( )Tj EMC /TD <>BDC /T1_2 1 Tf 4.347 0 Td (Loan-rate)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.571 0 Td (o\256ers)Tj /T1_1 1 Tf ( )Tj EMC /TD <>BDC /T1_2 1 Tf -40.406 -1.241 Td (Screening:)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.89 0 Td (\264)Tj /T1_1 1 Tf ( )Tj EMC /TD <>BDC /T1_2 1 Tf 2.881 0 Td [(Borro)27 (w)28 (ers)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.722 0 Td [(c)26 (ho)-26 (ose)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.173 0 Td (bank)Tj /T1_1 1 Tf ( )Tj EMC /TD <>BDC /T1_2 1 Tf 5.298 0 Td (Screening:)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.89 0 Td (\264)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 0.865 0 Td (or)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.225 0 Td (\()Tj /T1_0 1 Tf 0.388 0 Td (\264)Tj /T1_4 1 Tf 7.9722 0 0 7.9722 386.518 703.5214 Tm (1)Tj /T1_0 1 Tf 10.9131 0 0 10.9131 391.2494 706.1422 Tm (;)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.444 0 Td (\264)Tj /T1_4 1 Tf 7.9722 0 0 7.9722 401.9023 703.5214 Tm (2)Tj /T1_2 1 Tf 10.9131 0 0 10.9131 406.6437 706.1422 Tm (\))Tj /T1_1 1 Tf ( )Tj EMC /TD <>BDC /T1_2 1 Tf 3.552 0 Td [(Borro)27 (w)28 (ers)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.723 0 Td [(c)27 (ho)-27 (ose)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.172 0 Td (bank)Tj /T1_1 1 Tf ( )Tj EMC /TD <>BDC /T1_2 1 Tf -29.344 -2.071 Td (Figure)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.155 0 Td (1:)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.223 0 Td (Time)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.611 0 Td (Structure)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.45 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.14 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.722 0 Td [(Mo)-28 (del)]TJ /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_2 1 Tf -27.068 -3.024 Td [(b)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.379 0 Td (bank)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.463 0 Td (1.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.219 0 Td (Both)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.476 0 Td (banks)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.857 0 Td (then)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.268 0 Td [(comp)-28 (ete)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.962 0 Td [(b)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.38 0 Td [(sim)27 (ultaneously)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 6.779 0 Td (making)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.519 0 Td [(in)27 (terest)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.581 0 Td (rate)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.049 0 Td (o\256ers,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.917 0 Td (bank)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.463 0 Td (1)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 0.823 0 Td (on)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.38 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf -41.515 -2.009 Td (basis)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.409 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.093 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.676 0 Td (outcome)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.954 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.093 0 Td (its)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.348 0 Td (credit)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.791 0 Td (screen,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.242 0 Td (\264)Tj /T1_2 1 Tf 0.532 0 Td (,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 0.574 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.898 0 Td (bank)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.427 0 Td (2)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 0.787 0 Td (without)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.676 0 Td (proprietary)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.212 0 Td (information.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.793 0 Td [(Borro)27 (w)28 (ers)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf -38.505 -2.009 Td [(c)27 (ho)-26 (ose)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.172 0 Td (last)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.894 0 Td [(b)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.39 0 Td (accepting)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.444 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 0.833 0 Td (loan)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.167 0 Td (from)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.364 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.722 0 Td (bank)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.473 0 Td (quoting)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.639 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.722 0 Td [(lo)26 (w)28 (est)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.006 0 Td (rate.)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_2 1 Tf -27.274 -2.008 Td [(A)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.483 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.76 0 Td [(b)-28 (eginning)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.623 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.178 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.761 0 Td (second)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.265 0 Td [(p)-28 (erio)-28 (d,)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.44 0 Td [(b)-28 (orro)27 (w)27 (ers)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.636 0 Td (apply)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.789 0 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.569 0 Td (loans)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.6 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.26 0 Td (\257nance)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.428 0 Td (new)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.094 0 Td [(pro)-56 (jects)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.852 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf -41.29 -2.009 Td (regulators)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.642 0 Td (disseminate)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.364 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.687 0 Td (screening)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.305 0 Td [(tec)27 (hnology)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.965 0 Td (with)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.242 0 Td [(probabilit)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.066 0 Td (\270)Tj /T1_2 1 Tf (.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.293 0 Td (In)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.215 0 Td (this)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.914 0 Td (case,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.366 0 Td [(b)-28 (oth)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.326 0 Td (banks)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.83 0 Td (screen)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf -40.215 -2.009 Td (loan)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.107 0 Td [(applican)27 (ts)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.697 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.886 0 Td (obtain)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.053 0 Td (conditionally)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.913 0 Td [(indep)-28 (enden)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.609 0 Td [(credit)27 (w)27 (orthiness)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 7.347 0 Td [(assessmen)27 (ts.)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.813 0 Td (On)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.608 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.664 0 Td (basis)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.397 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf -42.094 -2.008 Td (these)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.481 0 Td [(assessmen)27 (ts)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.363 0 Td (\()Tj /T1_0 1 Tf 0.388 0 Td (\264)Tj EMC /StyleSpan <>BDC /T1_4 1 Tf 7.9722 0 0 7.9722 167.6368 516.3791 Tm (1)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_2 1 Tf 10.9131 0 0 10.9131 175.1389 518.9998 Tm (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.863 0 Td (\264)Tj EMC /StyleSpan <>BDC /T1_4 1 Tf 7.9722 0 0 7.9722 201.2862 516.3791 Tm (2)Tj EMC /P <>BDC /T1_2 1 Tf 10.9131 0 0 10.9131 206.0175 518.9998 Tm (\),)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 0.936 0 Td [(b)-27 (oth)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.282 0 Td (banks)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.786 0 Td [(mak)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.531 0 Td [(sim)27 (ultaneous)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.903 0 Td (loan)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.087 0 Td (o\256ers.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.01 0 Td (If)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 0.92 0 Td (bank)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.392 0 Td (2)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 0.754 0 Td [(do)-27 (es)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.176 0 Td (not)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.698 0 Td (acquire)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf -39.755 -2.009 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.719 0 Td (screening)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.339 0 Td [(tec)27 (hnology)83 (,)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.193 0 Td [(whic)26 (h)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.859 0 Td [(o)-28 (ccurs)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.089 0 Td (with)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.276 0 Td [(probabilit)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.112 0 Td (1)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 0.707 0 Td (\241)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.994 0 Td (\270)Tj /T1_2 1 Tf (,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.192 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.72 0 Td (banks)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.863 0 Td [(comp)-28 (ete)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.97 0 Td [(b)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.387 0 Td (quoting)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.637 0 Td (loan)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf -41.058 -2.008 Td (rate)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.123 0 Td (o\256ers)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.713 0 Td (as)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.293 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.232 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.788 0 Td (\257rst)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.129 0 Td [(p)-28 (erio)-28 (d.)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.7 0 Td [(Borro)27 (w)28 (ers)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.788 0 Td (again)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.732 0 Td (act)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.732 0 Td (last)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.96 0 Td [(b)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.455 0 Td [(c)27 (ho)-27 (osing)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.127 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.787 0 Td (bank)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.538 0 Td (with)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.344 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.788 0 Td [(lo)27 (w)28 (est)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf -40.229 -2.009 Td (rate.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.447 0 Td [(F)82 (or)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.795 0 Td [(simplicit)27 (y)83 (,)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.756 0 Td [(w)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.472 0 Td (normalize)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.558 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.722 0 Td (banks')Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.145 0 Td (cost)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.061 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.139 0 Td (funds)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.701 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.944 0 Td [(discoun)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.978 0 Td (rates)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.452 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.222 0 Td (0.)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_5 1 Tf 14.344 0 0 14.344 72 407.7787 Tm (4)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 1.687 0 Td (Lending)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 4.314 0 Td [(Comp)-32 (etition)]TJ /T1_1 1 Tf ( )Tj /T1_5 1 Tf 6.546 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 2.172 0 Td (Financial)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 4.864 0 Td [(Inno)31 (v)62 (ation)]TJ /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_2 1 Tf 10.9131 0 0 10.9131 72 375.0495 Tm (In)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.263 0 Td (this)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.963 0 Td (section,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.633 0 Td [(w)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.485 0 Td [(c)27 (haracterize)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.546 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.735 0 Td [(comp)-28 (etition)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.54 0 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.544 0 Td [(b)-28 (orro)27 (w)28 (ers)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.611 0 Td [(b)-27 (et)26 (w)28 (een)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.873 0 Td [(in)27 (termediaries)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 6.496 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.957 0 Td (analyze)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf -39.646 -2.009 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.722 0 Td [(tec)27 (hnology)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5 0 Td (leader's)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.62 0 Td (optimal)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.666 0 Td [(in)27 (v)28 (estmen)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.061 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.166 0 Td [(tec)26 (hnological)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.973 0 Td [(inno)27 (v)55 (ation.)]TJ /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_5 1 Tf 11.9533 0 0 11.9533 72 315.2928 Tm (4.1)Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_5 1 Tf 2.563 0 Td [(Credit-Mark)31 (et)]TJ /T1_1 1 Tf ( )Tj /T1_5 1 Tf 7.497 0 Td [(Comp)-32 (etition)]TJ /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_2 1 Tf 10.9131 0 0 10.9131 72 286.3247 Tm [(W)83 (e)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.764 0 Td (\257rst)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.106 0 Td [(deriv)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.989 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.765 0 Td (equilibria)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.461 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.209 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.764 0 Td [(t)27 (w)27 (o)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.931 0 Td [(p)-28 (ossible)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.804 0 Td (lending)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.542 0 Td (subgames)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.554 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.208 0 Td [(p)-28 (erio)-28 (d)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.157 0 Td (2,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.164 0 Td (starting)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.773 0 Td (with)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.321 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf -41.512 -2.008 Td (case)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.127 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.178 0 Td [(whic)27 (h)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.873 0 Td (bank)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.484 0 Td (1,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.126 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.734 0 Td [(tec)27 (hnology)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.012 0 Td (leader,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.239 0 Td [(comp)-28 (etes)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.378 0 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.542 0 Td [(b)-27 (orro)26 (w)28 (ers)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.609 0 Td (against)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.462 0 Td (an)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.4 0 Td (uninformed)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.32 0 Td (bank.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf -40.484 -2.009 Td (The)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.093 0 Td [(tec)27 (hnology)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.038 0 Td (leader's)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.657 0 Td (strategy)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.907 0 Td (has)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.821 0 Td [(t)26 (w)28 (o)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.927 0 Td [(comp)-28 (onen)27 (ts:)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.97 0 Td (its)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.432 0 Td [(in)26 (v)28 (estmen)28 (t)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.099 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.204 0 Td [(dev)27 (eloping)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.983 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.76 0 Td (screening)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf -38.891 -2.009 Td [(tec)27 (hnology)84 (,)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.145 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.883 0 Td (its)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.332 0 Td (loan)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.104 0 Td (o\256er,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.481 0 Td [(whic)27 (h)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.8 0 Td (can)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.771 0 Td [(b)-28 (e)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.299 0 Td (conditioned)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.328 0 Td (on)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.327 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.66 0 Td (results)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.119 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.077 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.661 0 Td (credit)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.774 0 Td [(assessmen)27 (t.)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.418 0 Td (The)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf -41.179 -2.008 Td (uninformed)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.339 0 Td (bank,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.789 0 Td [(b)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.42 0 Td [(con)27 (trast,)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.186 0 Td (has)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.814 0 Td (no)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.42 0 Td (information)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.45 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.976 0 Td (can)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.864 0 Td (decide)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.086 0 Td (on)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.42 0 Td (its)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.425 0 Td (loan)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.197 0 Td (o\256ers)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.679 0 Td [(kno)27 (wing)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.975 0 Td (only)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf -41.04 -2.009 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.193 0 Td (bank)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.5 0 Td (1's)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.533 0 Td (credit)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.863 0 Td (screen)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.036 0 Td [(pro)27 (vides)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.98 0 Td (it)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.028 0 Td (with)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.305 0 Td (information)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.447 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.167 0 Td [(qualit)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.445 0 Td (\301)Tj /T1_6 1 Tf (,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.282 0 Td (but)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.861 0 Td (not)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.805 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.75 0 Td (actual)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.028 0 Td (outcome)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf -39.223 -2.009 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.139 0 Td [(suc)27 (h)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.255 0 Td (screening.)Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_2 1 Tf -1.842 -2.008 Td (Let)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.774 0 Td (\274)Tj EMC /StyleSpan <>BDC /T1_4 1 Tf 7.9722 0 0 7.9722 114.892 131.2312 Tm (1)Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_2 1 Tf 10.9131 0 0 10.9131 121.4438 132.8717 Tm (\()Tj /T1_0 1 Tf (\264)Tj /T1_2 1 Tf 0.921 0 Td (\))Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 0.704 0 Td [(represen)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.298 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.705 0 Td [(exp)-27 (ected)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.149 0 Td (pro\257ts)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.101 0 Td (from)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.346 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 0.816 0 Td (loan,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.43 0 Td (gross)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.496 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.121 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.705 0 Td [(inno)27 (v)56 (ation)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.871 0 Td (cost)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.03 0 Td (c)Tj /T1_2 1 Tf (\()Tj /T1_0 1 Tf (\301)Tj /T1_2 1 Tf (\),)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.402 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.122 0 Td (bank)Tj /T1_1 1 Tf ( )Tj EMC /Artifact <>BDC /T1_2 1 Tf -19.555 -3.752 Td (8)Tj /T1_1 1 Tf ( )Tj EMC ET endstream endobj 2071 0 obj [2074 0 R] endobj 2072 0 obj <>stream /Artifact <>BDC q 1.00028 0 0 1.00028 72 769.82 cm 0 G 0.4 w q 1 0 0 1 0 -549.55 cm 0 0 m 187.15 0 l S Q Q q 1.00028 0 0 1.00028 72 769.82 cm 0 G 0.44 w q 1 0 0 1 189 -449.86 cm 0 0 m 4.24 0 l S Q Q EMC BT /P <>BDC 0 g /T1_0 1 Tf 0 Tc 0 Tw 0 Ts 100 Tz 0 Tr 10.9131 0 0 10.9131 72 758.8569 Tm (is)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 0.986 0 Td (ex)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.264 0 Td (ante)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.254 0 Td [(e\261cien)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.676 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.203 0 Td [(gran)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.623 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.814 0 Td (loan.)Tj EMC /StyleSpan <>BDC /T1_3 1 Tf 7.9722 0 0 7.9722 234.9156 762.818 Tm (7)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf 10.9131 0 0 10.9131 244.4283 758.8569 Tm (Final)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.578 0 Td (cash)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.208 0 Td [(\260o)27 (ws)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.46 0 Td (are)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.65 0 Td [(observ)54 (able)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.851 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.926 0 Td [(con)27 (tractible,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.737 0 Td (but)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.815 0 Td [(b)-27 (orro)26 (w)28 (er)]TJ /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf -39.025 -2.008 Td [(t)27 (yp)-26 (e)]TJ /T1_1 1 Tf ( )Tj /T1_4 1 Tf 2.249 0 Td (\265)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.83 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.005 0 Td [(unkno)27 (wn)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.278 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.222 0 Td (either)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.837 0 Td [(b)-28 (orro)27 (w)28 (er)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.202 0 Td (or)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.226 0 Td (lender.)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf -16.298 -2.009 Td [(Tw)27 (o)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.21 0 Td (banks)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.827 0 Td [(comp)-28 (ete)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.933 0 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.491 0 Td [(b)-28 (orro)27 (w)28 (ers)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.558 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.127 0 Td (this)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.911 0 Td [(mark)26 (et)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.353 0 Td [(o)27 (v)28 (er)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.102 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.683 0 Td [(t)27 (w)27 (o)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.85 0 Td [(p)-28 (erio)-27 (ds.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.885 0 Td (In)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.211 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.683 0 Td (\257rst)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.025 0 Td [(p)-28 (erio)-27 (d,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.36 0 Td (bank)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -40.761 -2.009 Td (1,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.114 0 Td [(whic)27 (h)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.864 0 Td [(w)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.474 0 Td (will)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.891 0 Td (call)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.836 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.721 0 Td [(te)51 (chnolo)51 (gy)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.806 0 Td [(le)50 (ader)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.01 0 Td (\(or)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.616 0 Td (informed)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.2 0 Td (bank\),)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.142 0 Td [(m)27 (ust)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.48 0 Td (decide)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.058 0 Td [(ho)27 (w)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.086 0 Td [(m)27 (uc)28 (h)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.669 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.224 0 Td [(in)26 (v)28 (est)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.87 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -42.061 -2.008 Td [(dev)27 (eloping)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.866 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.755 0 Td (screening)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.263 0 Td [(tec)26 (hnology)]TJ /T1_1 1 Tf ( )Tj /T1_4 1 Tf 4.918 0 Td (\301)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.851 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.087 0 Td (generates)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.32 0 Td [(b)-27 (orro)26 (w)28 (er-sp)-27 (eci\257c)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 7.602 0 Td (information.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.782 0 Td (The)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.977 0 Td [(dev)26 (elopmen)28 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -37.421 -2.009 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.076 0 Td (this)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.887 0 Td [(tec)27 (hnology)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.938 0 Td [(represen)27 (ts)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.647 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.659 0 Td (\257nancial)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.938 0 Td [(inno)27 (v)56 (ation)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.826 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.103 0 Td (our)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.717 0 Td [(mo)-28 (del.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.341 0 Td (The)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.992 0 Td (other)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.551 0 Td [(in)27 (termediary)83 (,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.039 0 Td (bank)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.409 0 Td (2,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -42.123 -2.008 Td [(do)-27 (es)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.222 0 Td (not)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.745 0 Td [(y)27 (et)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.633 0 Td [(ha)26 (v)28 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.273 0 Td (access)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.922 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.189 0 Td [(suc)27 (h)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.222 0 Td [(tec)27 (hnology)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.967 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.911 0 Td (therefore)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.167 0 Td (remains)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.697 0 Td (uninformed.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.687 0 Td (Regulators)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.989 0 Td (commit)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -39.624 -2.009 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.223 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.835 0 Td (dissemination)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.291 0 Td [(p)-28 (olicy)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.947 0 Td [(b)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.391 0 Td (setting)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.285 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.835 0 Td [(probabilit)26 (y)]TJ /T1_1 1 Tf ( )Tj /T1_4 1 Tf 5.107 0 Td (\270)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.917 0 Td (with)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.28 0 Td [(whic)27 (h)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.863 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.724 0 Td (screening)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.343 0 Td [(tec)27 (hnology)]TJ /T1_1 1 Tf ( )Tj /T1_4 1 Tf 4.995 0 Td (\301)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.93 0 Td (will)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.891 0 Td [(b)-28 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -41.858 -2.009 Td (made)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.666 0 Td [(a)27 (v)56 (ailable)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.11 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.223 0 Td (bank)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.472 0 Td (2)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.833 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.166 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.722 0 Td (second)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.227 0 Td [(p)-28 (erio)-28 (d.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.503 0 Td [(W)82 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.722 0 Td (later)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.336 0 Td (relax)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.476 0 Td (this)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.95 0 Td (assumption)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.289 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.944 0 Td (study)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.755 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.722 0 Td (case)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -41.116 -2.008 Td (when)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.611 0 Td [(suc)27 (h)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.255 0 Td [(commitmen)26 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.806 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.005 0 Td (not)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.779 0 Td [(p)-27 (ossible.)]TJ /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf -11.904 -2.009 Td (Screening)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.619 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.255 0 Td [(b)-27 (orro)26 (w)28 (ers)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.713 0 Td (leads)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.621 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.338 0 Td [(b)-27 (etter)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.09 0 Td (credit)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.952 0 Td [(assessmen)26 (ts)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.559 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.282 0 Td [(pro)26 (vide)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.675 0 Td (banks)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.982 0 Td (with)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.394 0 Td (an)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.504 0 Td (infor)Tj EMC /HyphenSpan <>BDC (-)Tj EMC /P <>BDC -40.536 -2.009 Td [(mativ)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.312 0 Td (signal)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.874 0 Td [(ab)-28 (out)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.897 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.869 0 Td (loan)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.201 0 Td [(applican)27 (t's)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.068 0 Td [(t)26 (yp)-26 (e.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.744 0 Td (In)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.285 0 Td (particular,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.938 0 Td (credit)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.871 0 Td (screens)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.438 0 Td (yield)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.451 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.868 0 Td (signal)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 2.86 0 Td (\264)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 0.868 0 Td [(2)-336 (f)]TJ /T1_4 1 Tf 1.502 0 Td [(l)-19 (;)]TJ /T1_1 1 Tf ( )Tj /T1_4 1 Tf 0.762 0 Td (h)Tj /T1_5 1 Tf (g)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -41.809 -2.008 Td [(ab)-27 (out)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.779 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.64 0 Td [(b)-27 (orro)26 (w)28 (er's)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.791 0 Td [(repa)26 (ymen)28 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf [(probabilit)27 (y)84 (,)]TJ EMC /StyleSpan <>BDC /T1_3 1 Tf 7.9722 0 0 7.9722 279.5181 499.7444 Tm (8)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf 10.9131 0 0 10.9131 287.1602 495.7933 Tm (with)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.835 0 Td [(probabilit)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.089 0 Td (successful)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.323 0 Td (erroneous)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.429 0 Td (credit)Tj /T1_1 1 Tf ( )Tj EMC /TH <>BDC /T1_0 1 Tf -40.392 -2.009 Td [(assessmen)27 (ts)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.443 0 Td [(giv)27 (en)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.612 0 Td [(b)27 (y)84 (,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.584 0 Td [(resp)-28 (ectiv)27 (ely)84 (,)]TJ /T1_1 1 Tf ( )Tj EMC /TH <>BDC /T1_0 1 Tf 1.154 -3.316 Td (Pr)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.238 0 Td (\()Tj /T1_4 1 Tf (\264)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.199 0 Td (=)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1.055 0 Td (h)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 0.742 0 Td (j)Tj /T1_4 1 Tf (\265)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.052 0 Td (=)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1.055 0 Td (h)Tj /T1_0 1 Tf 0.686 0 Td (\))Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.666 0 Td (=)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1.055 0 Td (\301)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.874 0 Td (=)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.055 0 Td (Pr)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.239 0 Td (\()Tj /T1_4 1 Tf (\264)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.198 0 Td (=)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1.055 0 Td (l)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 0.485 0 Td (j)Tj /T1_4 1 Tf (\265)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.052 0 Td (=)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1.055 0 Td (l)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.428 0 Td (\))Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -17.19 -2.009 Td (Pr)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.238 0 Td (\()Tj /T1_4 1 Tf (\264)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.199 0 Td (=)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1.055 0 Td (h)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 0.742 0 Td (j)Tj /T1_4 1 Tf (\265)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.052 0 Td (=)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1.055 0 Td (l)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.428 0 Td (\))Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.666 0 Td (=)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.056 0 Td (1)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 0.722 0 Td (\241)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 0.999 0 Td (\301)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.874 0 Td (=)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.055 0 Td (Pr)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.239 0 Td (\()Tj /T1_4 1 Tf 0.388 0 Td (\264)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.81 0 Td (=)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1.055 0 Td (l)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 0.485 0 Td (j)Tj /T1_4 1 Tf (\265)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.052 0 Td (=)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1.055 0 Td (h)Tj /T1_0 1 Tf 0.686 0 Td (\))Tj /T1_1 1 Tf ( )Tj EMC /TD <>BDC /T1_0 1 Tf 11.903 1.156 Td (\(1\))Tj /T1_1 1 Tf ( )Tj EMC /TH <>BDC /T1_0 1 Tf -41.607 -4.169 Td (The)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.089 0 Td [(qualit)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.395 0 Td (or)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.259 0 Td [(informativ)27 (eness)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 7.131 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.173 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.756 0 Td (credit)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.87 0 Td (screen)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.042 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.039 0 Td (therefore)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.234 0 Td [(giv)26 (en)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.646 0 Td [(b)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1.409 0 Td (\301)Tj /T1_0 1 Tf (.)Tj /T1_1 1 Tf ( )Tj EMC /TD <>BDC /T1_0 1 Tf 1.419 0 Td (Credit)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.148 0 Td (analysis)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.795 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.039 0 Td (not)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf -41.444 -2.009 Td [(p)-27 (erfect)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.411 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.019 0 Td [(dep)-28 (ends)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.943 0 Td (on)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.464 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.798 0 Td (costly)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.941 0 Td [(tec)26 (hnology)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.076 0 Td [(in)27 (v)27 (estmen)28 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.136 0 Td [(b)26 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.465 0 Td (bank)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.548 0 Td (1,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.205 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.798 0 Td [(tec)27 (hnology)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.075 0 Td (leader.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.562 0 Td [(F)82 (or)]TJ /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf -41.441 -2.008 Td (concreteness,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.121 0 Td [(w)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.558 0 Td (assume)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.542 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.253 0 Td (this)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.036 0 Td (cost)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.148 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.092 0 Td (quadratic)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.562 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.253 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.809 0 Td [(qualit)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.448 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.225 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.809 0 Td [(tec)26 (hnology)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.087 0 Td (so)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.314 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.253 0 Td (the)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_6 1 Tf -23.689 -1.2 Td (\242)Tj EMC /StyleSpan <>BDC /T1_3 1 Tf 7.9722 0 0 7.9722 271.4858 323.375 Tm (2)Tj EMC /P <>BDC /T1_0 1 Tf 10.9131 0 0 10.9131 72 317.1033 Tm [(tec)27 (hnology)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.068 0 Td (leader)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.015 0 Td [(sp)-28 (ends)]TJ /T1_1 1 Tf ( )Tj /T1_4 1 Tf 3.325 0 Td (c)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.599 0 Td (\()Tj /T1_4 1 Tf (\301)Tj /T1_0 1 Tf 0.984 0 Td [(\))-391 (=)]TJ /T1_1 1 Tf ( )Tj /T1_6 1 Tf 1.948 0.809 Td (\241)Tj /T1_4 1 Tf 0.458 -0.809 Td (\301)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 0.818 0 Td (\241)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_3 1 Tf 7.9722 0 0 7.9722 261.0529 321.3945 Tm (1)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf 10.9131 0 0 10.9131 280.5984 317.1033 Tm (on)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.456 0 Td (acquiring)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.432 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.012 0 Td [(dev)26 (eloping)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.013 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.79 0 Td (screening)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.409 0 Td [(tec)27 (hnology)]TJ /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_3 1 Tf 7.9722 0 0 7.9722 261.0529 313.3422 Tm (2)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf 10.9131 0 0 10.9131 72 295.1771 Tm (with)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.278 0 Td (precision)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 4.172 0 Td (\301)Tj /T1_0 1 Tf (.)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf -4.898 -2.008 Td (Figure)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.278 0 Td (1)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.956 0 Td (summarizes)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.524 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.845 0 Td [(mo)-28 (del's)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.767 0 Td (time)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.4 0 Td (structure.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.045 0 Td (In)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.373 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.845 0 Td (\257rst)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.187 0 Td [(p)-28 (erio)-28 (d,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.545 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.845 0 Td [(tec)27 (hnology)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.123 0 Td (leader)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf -40.285 -2.009 Td (decides)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.481 0 Td [(ho)27 (w)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.114 0 Td [(m)27 (uc)28 (h)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.698 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.253 0 Td [(in)27 (v)28 (est)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.897 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.197 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.754 0 Td (screening)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.372 0 Td [(tec)27 (hnology)83 (.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.28 0 Td (This)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.314 0 Td [(in)26 (v)28 (estmen)28 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.092 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.036 0 Td [(observ)54 (able)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.901 0 Td (so)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.258 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.197 0 Td (all)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf -41.844 -2.009 Td (parties)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.326 0 Td [(kno)27 (w)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.65 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.763 0 Td [(qualit)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_4 1 Tf 3.398 0 Td (\301)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.969 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.179 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.762 0 Td [(tec)27 (hnology)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.041 0 Td (but)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.873 0 Td (not)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.819 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.762 0 Td (outcome)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.04 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.18 0 Td [(an)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.929 0 Td (particular)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.657 0 Td (credit)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.877 0 Td (screen)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_7 1 Tf 5.9817 0 0 5.9817 84.4335 213.4643 Tm (7)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_8 1 Tf 8.9625 0 0 8.9625 151.2522 209.6532 Tm (pR)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 1.586 0 Td (<)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 1.085 0 Td (M)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 1.423 0 Td (ensures)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 3.589 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 2.204 0 Td (banks)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 2.924 0 Td (do)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 1.405 0 Td (not)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 1.805 0 Td (wish)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 2.324 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 1.235 0 Td (lend)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 2.205 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 1.234 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 0.834 0 Td [(b)-28 (orro)27 (w)29 (er)]TJ /T1_1 1 Tf ( )Tj /T1_9 1 Tf 4.295 0 Td (with)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 2.319 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 0.835 0 Td [(negativ)28 (e)]TJ /T1_1 1 Tf ( )Tj /T1_9 1 Tf 4.032 0 Td (credit)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 2.892 0 Td [(assessmen)27 (t.)]TJ /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_9 1 Tf -45.218 0 Td (The)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 2.091 0 Td (restriction)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 4.986 0 Td (\271)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf -8.927 -1.222 Td (If)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 1.101 0 Td (\271)Tj EMC /P <>BDC /T1_8 1 Tf -0.085 0 Td (pR)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 1.631 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 1.021 0 Td [(v)28 (ery)]TJ /T1_1 1 Tf ( )Tj /T1_9 1 Tf 2.245 0 Td (high)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 2.271 0 Td (so)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 1.249 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 2.214 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 1.757 0 Td [(a)27 (v)29 (erage)]TJ /T1_1 1 Tf ( )Tj /T1_9 1 Tf 3.673 0 Td (return)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 3.133 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 1.244 0 Td (lending)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 3.585 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 1.021 0 Td (large,)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 2.79 0 Td (lenders)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 3.479 0 Td [(ma)28 (y)]TJ /T1_1 1 Tf ( )Tj /T1_9 1 Tf 2.213 0 Td [(c)27 (ho)-27 (ose)]TJ /T1_1 1 Tf ( )Tj /T1_9 1 Tf 3.249 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 1.244 0 Td (ignore)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 3.074 0 Td (information)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 5.557 0 Td (from)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 2.415 0 Td (their)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf -50.08 -1.223 Td (credit)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 2.918 0 Td (screens)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 3.502 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 2.002 0 Td (just)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 2.037 0 Td (lend)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 2.231 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 1.261 0 Td (all)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 1.431 0 Td [(b)-29 (orro)28 (w)28 (ers.)]TJ /T1_1 1 Tf ( )Tj /T1_9 1 Tf 5.135 0 Td [(W)85 (e)]TJ /T1_1 1 Tf ( )Tj /T1_9 1 Tf 1.774 0 Td [(deriv)28 (e)]TJ /T1_1 1 Tf ( )Tj /T1_9 1 Tf 3.033 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 0.86 0 Td [(sp)-29 (eci\257c)]TJ /T1_1 1 Tf ( )Tj /T1_9 1 Tf 3.578 0 Td [(n)27 (umerical)]TJ /T1_1 1 Tf ( )Tj /T1_9 1 Tf 4.717 0 Td [(v)56 (alue)]TJ /T1_1 1 Tf ( )Tj /T1_9 1 Tf 2.66 0 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 1.594 0 Td (M)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 1.448 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 1.203 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 1.775 0 Td [(pro)-28 (of)]TJ /T1_1 1 Tf ( )Tj /T1_9 1 Tf 2.69 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 1.175 0 Td [(Prop)-28 (osition)]TJ /T1_1 1 Tf ( )Tj /T1_9 1 Tf -47.024 -1.222 Td (3)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 0.918 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 1.262 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 1.833 0 Td [(App)-28 (endix.)]TJ /T1_1 1 Tf ( )Tj /T1_9 1 Tf 5.297 0 Td (The)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 2.176 0 Td (assumption)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 5.504 0 Td (pR)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 1.689 0 Td (>)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 1.189 0 Td (m)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 1.312 0 Td [(guaran)28 (tees)]TJ /T1_1 1 Tf ( )Tj /T1_9 1 Tf 5.182 0 Td [(su\261cien)28 (t)]TJ /T1_1 1 Tf ( )Tj /T1_9 1 Tf 4.379 0 Td [(in)27 (v)29 (estmen)29 (t)]TJ /T1_1 1 Tf ( )Tj /T1_9 1 Tf 5.265 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 1.262 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 1.833 0 Td (screening)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 4.524 0 Td [(tec)27 (hnology)]TJ /T1_1 1 Tf ( )Tj /T1_9 1 Tf 5.203 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 2.288 0 Td (its)Tj EMC /P <>BDC -34.045 0 Td (\271)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf -17.071 -1.223 Td (dissemination)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 6.464 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 1.034 0 Td [(b)-28 (ene\257cial)]TJ /T1_1 1 Tf ( )Tj /T1_10 1 Tf 4.544 0 Td (ex)Tj /T1_1 1 Tf ( )Tj /T1_10 1 Tf 1.313 0 Td [(p)51 (ost)]TJ /T1_1 1 Tf ( )Tj /T1_9 1 Tf 2.197 0 Td (\(see)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 2.062 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 1.771 0 Td [(pro)-28 (of)]TJ /T1_1 1 Tf ( )Tj /T1_9 1 Tf 2.686 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 1.17 0 Td (Lemma)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 3.669 0 Td (3)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 0.857 0 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 1.572 0 Td (details\).)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_7 1 Tf 5.9817 0 0 5.9817 84.4335 158.6689 Tm (8)Tj EMC /P <>BDC /T1_9 1 Tf 8.9625 0 0 8.9625 88.5846 154.8579 Tm (An)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 1.663 0 Td [(alternativ)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_9 1 Tf 5.121 0 Td [(sp)-29 (eci\257cation)]TJ /T1_1 1 Tf ( )Tj /T1_9 1 Tf 5.838 0 Td (yielding)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 3.833 0 Td (similar)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 3.356 0 Td (results)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 3.247 0 Td [(w)27 (ould)]TJ /T1_1 1 Tf ( )Tj /T1_9 1 Tf 2.976 0 Td [(b)-29 (e)]TJ /T1_1 1 Tf ( )Tj /T1_9 1 Tf 1.379 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 1.235 0 Td (assume)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 3.531 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 2.205 0 Td [(b)-29 (orro)28 (w)28 (ers)]TJ /T1_1 1 Tf ( )Tj /T1_9 1 Tf 4.703 0 Td [(p)-29 (ost)]TJ /T1_1 1 Tf ( )Tj /T1_9 1 Tf 2.24 0 Td (collateral)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 4.436 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 1.978 0 Td (banks)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf -49.591 -1.222 Td [(dev)28 (elop)]TJ /T1_1 1 Tf ( )Tj /T1_9 1 Tf 3.879 0 Td (costly)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 3.113 0 Td [(exp)-28 (ertise)]TJ /T1_1 1 Tf ( )Tj /T1_9 1 Tf 4.515 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 1.366 0 Td (assessing)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 4.472 0 Td (its)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 1.6 0 Td [(v)56 (alue.)]TJ /T1_1 1 Tf ( )Tj /T1_9 1 Tf 3.554 0 Td (According)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 5.051 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 1.423 0 Td (Allen,)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 3.206 0 Td (DeLong)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 3.992 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 2.165 0 Td (Saunders)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 4.571 0 Td (\(2004\),)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 3.691 0 Td (most)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 2.685 0 Td (credit-)Tj -49.283 -1.223 Td (scoring)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 3.484 0 Td [(mo)-29 (dels)]TJ /T1_1 1 Tf ( )Tj /T1_9 1 Tf 3.454 0 Td (sort)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 2.057 0 Td [(b)-28 (orro)27 (w)29 (ers)]TJ /T1_1 1 Tf ( )Tj /T1_9 1 Tf 4.717 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 1.992 0 Td (their)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 2.45 0 Td (collateral)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 4.45 0 Td [(in)27 (to)]TJ /T1_1 1 Tf ( )Tj /T1_9 1 Tf 2.079 0 Td [(\\go)-28 (o)-29 (d")]TJ /T1_1 1 Tf ( )Tj /T1_9 1 Tf 3.534 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 1.991 0 Td (\\bad")Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 3.02 0 Td (risks.)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 2.781 0 Td (This)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 2.34 0 Td (binary)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 3.221 0 Td (classi\257cation)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 6 0 Td (guides)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 3.14 0 Td (our)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf -50.71 -1.222 Td [(sp)-28 (eci\257cation)]TJ /T1_1 1 Tf ( )Tj /T1_9 1 Tf 5.858 0 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 1.572 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 1.771 0 Td (screening)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 4.462 0 Td [(tec)27 (hnology)86 (.)]TJ /T1_1 1 Tf ( )Tj EMC /Artifact <>BDC /T1_0 1 Tf 10.9131 0 0 10.9131 303.2747 91.9302 Tm (7)Tj /T1_1 1 Tf ( )Tj EMC ET endstream endobj 2074 0 obj <>/Border[0 0 0]/C[0.0 1.0 0.0]/P 87 0 R/Rect[211.911 758.843 239.15 767.483]/Subtype/Link/Type/Annot>> endobj 2075 0 obj <> endobj 123 0 obj <>/ProcSet[/PDF/Text]>>/StructParents 18/Tabs/S/Type/Page>> endobj 2076 0 obj <>stream /Artifact <>BDC q 1.00028 0 0 1.00028 72 769.82 cm 0 G 7.2 w q 1 0 0 1 120.37 -66.74 cm 0 0 m 0 7.2 l S Q Q q 1.00028 0 0 1.00028 72 769.82 cm 0 G 0.44 w q 1 0 0 1 124.25 -30.15 cm 0 0 m 10.09 0 l S Q Q q 1.00028 0 0 1.00028 72 769.82 cm 0 G 0.4 w q 1 0 0 1 0 -559.74 cm 0 0 m 187.15 0 l S Q Q EMC BT /P <>BDC 0 g /T1_0 1 Tf 0 Tc 0 Tw 0 Ts 100 Tz 0 Tr 10.9131 0 0 10.9131 72 758.8569 Tm (Lemma)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.077 0 Td (2)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.074 0 Td (The)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.072 0 Td [(pr)50 (ob)51 (ability)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.846 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.203 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 0.897 0 Td [(c)50 (omp)51 (eting)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.705 0 Td [(lo)50 (an)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.175 0 Td (o\256er)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.392 0 Td (by)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.331 0 Td [(b)50 (ank)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.328 0 Td (2)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 0.897 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.255 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.689 0 Td (\257rst)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.111 0 Td [(p)51 (erio)51 (d)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.005 0 Td [(incr)50 (e)51 (ases)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.284 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.255 0 Td (the)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_2 1 Tf -41.596 -2.008 Td (di\256usion)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.114 0 Td [(pr)50 (ob)51 (ability,)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.125 0 Td (i.e.,)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_3 1 Tf 7.9722 0 0 7.9722 196.2848 741.8722 Tm [(@)-58 (\257)]TJ /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_4 1 Tf 10.9131 0 0 10.9131 210.5988 736.9408 Tm (>)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 1.055 0 Td (0)Tj /T1_4 1 Tf 0.5 0 Td (:)Tj EMC /P <>BDC /T1_3 1 Tf 7.9722 0 0 7.9722 196.3948 733.1797 Tm [(@)-58 (\270)]TJ /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf 10.9131 0 0 10.9131 72 703.0613 Tm [(Pro)-31 (of.)]TJ /T1_1 1 Tf ( )Tj /T1_5 1 Tf 3.622 0 Td (See)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 1.777 0 Td [(App)-28 (endix.)]TJ /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_5 1 Tf -3.848 -3.104 Td (The)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 2.033 0 Td (higher)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 3.036 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 1.7 0 Td [(probabilit)26 (y)]TJ /T1_1 1 Tf ( )Tj /T1_5 1 Tf 5.093 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 1.117 0 Td (disseminating)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 6.267 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 1.7 0 Td [(credit-assessmen)26 (t)]TJ /T1_1 1 Tf ( )Tj /T1_5 1 Tf 7.864 0 Td [(tec)27 (hnology)83 (,)]TJ /T1_1 1 Tf ( )Tj /T1_5 1 Tf 5.177 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 1.701 0 Td (less)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 1.822 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 1.7 0 Td [(tec)27 (h)]TJ EMC /HyphenSpan <>BDC (-)Tj EMC /P <>BDC -40.762 -2.009 Td (nology)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 3.295 0 Td (leader)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 3.049 0 Td [(in)27 (v)28 (ests)]TJ /T1_1 1 Tf ( )Tj /T1_5 1 Tf 3.362 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 1.267 0 Td (its)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 1.496 0 Td [(dev)27 (elopmen)28 (t)]TJ /T1_1 1 Tf ( )Tj /T1_5 1 Tf 5.907 0 Td (\(Corollary)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 4.913 0 Td (1\),)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 1.626 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 2.046 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 1.824 0 Td (less)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 1.945 0 Td [(sev)27 (ere)]TJ /T1_1 1 Tf ( )Tj /T1_5 1 Tf 3.055 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 1.824 0 Td [(adv)27 (erse-selection)]TJ /T1_1 1 Tf ( )Tj /T1_5 1 Tf -35.609 -2.008 Td (problem)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 3.903 0 Td [(b)-28 (ecomes)]TJ /T1_1 1 Tf ( )Tj /T1_5 1 Tf 3.991 0 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 1.542 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 1.735 0 Td (uninformed)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 5.32 0 Td (bank.)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 2.899 0 Td (As)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 1.489 0 Td (bank)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 2.485 0 Td (1's)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 1.518 0 Td [(tec)27 (hnological)]TJ /T1_1 1 Tf ( )Tj /T1_5 1 Tf 5.985 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 1.956 0 Td (therefore)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 4.213 0 Td (informational)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf -37.036 -2.009 Td [(adv)55 (an)28 (tage)]TJ /T1_1 1 Tf ( )Tj /T1_5 1 Tf 4.721 0 Td (decreases,)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 4.625 0 Td (bank)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 2.472 0 Td (2)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 0.834 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 1.005 0 Td (able)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 2.111 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 1.223 0 Td (bid)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 1.722 0 Td (more)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 2.502 0 Td [(aggressiv)27 (ely)]TJ /T1_1 1 Tf ( )Tj /T1_5 1 Tf 5.486 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 1.944 0 Td (more)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 2.502 0 Td [(frequen)26 (tly)]TJ /T1_1 1 Tf ( )Tj /T1_5 1 Tf 4.726 0 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 1.53 0 Td [(b)-28 (orro)27 (w)28 (ers.)]TJ /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_6 1 Tf 11.9533 0 0 11.9533 72 565.5828 Tm (5.1)Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_6 1 Tf 2.563 0 Td (Regulatory)Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 5.828 0 Td [(Ob)-62 (jectiv)30 (e)]TJ /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_5 1 Tf 10.9131 0 0 10.9131 72 536.6147 Tm (In)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 1.271 0 Td (our)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 1.801 0 Td [(mo)-27 (del,)]TJ /T1_1 1 Tf ( )Tj /T1_5 1 Tf 3.275 0 Td (\257nancial)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 4.022 0 Td (regulators)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 4.699 0 Td [(ha)27 (v)28 (e)]TJ /T1_1 1 Tf ( )Tj /T1_5 1 Tf 2.326 0 Td (as)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 1.248 0 Td (their)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 2.412 0 Td [(ob)-56 (jectiv)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_5 1 Tf 4.271 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 1.743 0 Td (reduction)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 4.468 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 1.16 0 Td (credit)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 2.857 0 Td (risk)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 1.946 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 1.187 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 1.743 0 Td (bank)Tj EMC /HyphenSpan <>BDC (-)Tj EMC /P <>BDC -40.429 -2.009 Td (ing)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 1.707 0 Td (system,)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 3.645 0 Td (or,)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 1.555 0 Td [(equiv)55 (alen)27 (tly)84 (,)]TJ /T1_1 1 Tf ( )Tj /T1_5 1 Tf 5.802 0 Td (they)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 2.291 0 Td (seek)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 2.186 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 1.263 0 Td (maximize)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 4.513 0 Td [(loan-p)-28 (ortfolio)]TJ /T1_1 1 Tf ( )Tj /T1_5 1 Tf 6.266 0 Td [(qualit)26 (y)]TJ /T1_1 1 Tf ( )Tj /T1_5 1 Tf 3.473 0 Td [(b)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_5 1 Tf 1.431 0 Td [(c)27 (ho)-27 (osing)]TJ /T1_1 1 Tf ( )Tj /T1_5 1 Tf 4.102 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 1.763 0 Td (rate)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 2.1 0 Td (of)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_7 1 Tf 7.9722 0 0 7.9722 189.1428 496.7236 Tm (10)Tj EMC /P <>BDC /T1_5 1 Tf 10.9131 0 0 10.9131 72 492.7724 Tm [(tec)27 (hnological)]TJ /T1_1 1 Tf ( )Tj /T1_5 1 Tf 5.889 0 Td (di\256usion)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 3.985 0 Td (\270)Tj /T1_5 1 Tf (.)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 2.099 0 Td (In)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf (deciding)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf (on)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 6.335 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf (optimal)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf (propagation)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 10.698 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf [(tec)27 (hnological)]TJ /T1_1 1 Tf ( )Tj /T1_5 1 Tf (and)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf (\257nancial)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf (in)Tj EMC /HyphenSpan <>BDC (-)Tj EMC /P <>BDC -29.006 -2.009 Td [(no)27 (v)56 (ation,)]TJ /T1_1 1 Tf ( )Tj /T1_5 1 Tf 4.281 0 Td (regulators)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 4.613 0 Td (face)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 1.962 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 1.656 0 Td [(follo)26 (wing)]TJ /T1_1 1 Tf ( )Tj /T1_5 1 Tf 4.157 0 Td (trade-o\256:)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 4.387 0 Td (once)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 2.212 0 Td [(su\261cien)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_5 1 Tf 4.135 0 Td [(tec)27 (hnological)]TJ /T1_1 1 Tf ( )Tj /T1_5 1 Tf 5.907 0 Td (progress)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 3.84 0 Td (has)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 1.718 0 Td [(o)-27 (ccurred,)]TJ /T1_1 1 Tf ( )Tj /T1_5 1 Tf -38.868 -2.009 Td (adopting)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 4.23 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 0.896 0 Td [(p)-28 (olicy)]TJ /T1_1 1 Tf ( )Tj /T1_5 1 Tf 3.008 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 1.203 0 Td (widely)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 3.202 0 Td (di\256using)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 4.096 0 Td [(b)-28 (est)]TJ /T1_1 1 Tf ( )Tj /T1_5 1 Tf 2.209 0 Td (practices)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 4.238 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 1.229 0 Td (credit)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 2.9 0 Td [(assessmen)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_5 1 Tf 5.112 0 Td (\(and)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 2.397 0 Td (risk)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 1.988 0 Td [(managemen)27 (t\),)]TJ /T1_1 1 Tf ( )Tj /T1_5 1 Tf -36.708 -2.008 Td [(corresp)-27 (onding)]TJ /T1_1 1 Tf ( )Tj /T1_5 1 Tf 6.421 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 1.216 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 0.827 0 Td (high)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 2.216 0 Td [(v)55 (alue)]TJ /T1_1 1 Tf ( )Tj /T1_5 1 Tf 2.577 0 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1.518 0 Td (\270)Tj /T1_5 1 Tf (,)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 1.189 0 Td (clearly)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 3.191 0 Td [(b)-28 (ene\257ts)]TJ /T1_1 1 Tf ( )Tj /T1_5 1 Tf 3.694 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 1.716 0 Td (banking)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 3.798 0 Td (system)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 3.31 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 1.938 0 Td (its)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 1.388 0 Td (customers.)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 5.067 0 Td [(A)26 (t)]TJ /T1_1 1 Tf ( )Tj /T1_5 1 Tf 1.439 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf -41.505 -2.009 Td (same)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 2.563 0 Td (time,)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 2.628 0 Td [(suc)27 (h)]TJ /T1_1 1 Tf ( )Tj /T1_5 1 Tf 2.313 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 0.892 0 Td [(p)-28 (olicy)]TJ /T1_1 1 Tf ( )Tj /T1_5 1 Tf 3.003 0 Td [(destro)27 (ys)]TJ /T1_1 1 Tf ( )Tj /T1_5 1 Tf 3.961 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.774 0 Td (ex)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.335 0 Td (ante)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 2.331 0 Td [(incen)27 (tiv)28 (es)]TJ /T1_1 1 Tf ( )Tj /T1_5 1 Tf 4.647 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 1.198 0 Td [(tec)27 (hnological)]TJ /T1_1 1 Tf ( )Tj /T1_5 1 Tf 6.03 0 Td (leaders)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 3.4 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 1.28 0 Td [(in)27 (v)28 (est)]TJ /T1_1 1 Tf ( )Tj /T1_5 1 Tf 2.925 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 1.224 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf -41.504 -2.009 Td (screening)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 4.341 0 Td [(tec)27 (hnology)]TJ /T1_1 1 Tf ( )Tj /T1_5 1 Tf 5 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 1.945 0 Td (\257nancial)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 4 0 Td [(inno)27 (v)55 (ation)]TJ /T1_1 1 Tf ( )Tj /T1_5 1 Tf 4.889 0 Td (\(Corollary)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 4.811 0 Td (1\).)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_5 1 Tf -23.434 -2.008 Td [(W)83 (e)]TJ /T1_1 1 Tf ( )Tj /T1_5 1 Tf 1.845 0 Td (are)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 1.793 0 Td [(no)27 (w)]TJ /T1_1 1 Tf ( )Tj /T1_5 1 Tf 2.207 0 Td (ready)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 2.877 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 1.346 0 Td (state)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 2.574 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 1.846 0 Td [(o)27 (v)28 (erall)]TJ /T1_1 1 Tf ( )Tj /T1_5 1 Tf 3.321 0 Td (banking)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 3.929 0 Td (system's)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 4.112 0 Td [(p)-27 (ortfolio)]TJ /T1_1 1 Tf ( )Tj /T1_5 1 Tf 4.182 0 Td (risk)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 2.049 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 1.29 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 1.846 0 Td (second)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 3.351 0 Td [(p)-28 (erio)-27 (d)]TJ /T1_1 1 Tf ( )Tj /T1_5 1 Tf -40.12 -2.009 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 1.964 0 Td (study)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 2.776 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 1.743 0 Td (regulator's)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 4.976 0 Td (di\256usion)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 4.054 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 1.16 0 Td [(tec)27 (hnological)]TJ /T1_1 1 Tf ( )Tj /T1_5 1 Tf 5.993 0 Td [(inno)27 (v)55 (ation.)]TJ /T1_1 1 Tf ( )Tj /T1_5 1 Tf 5.34 0 Td (In)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 1.271 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 1.743 0 Td (second)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 3.248 0 Td [(p)-27 (erio)-28 (d,)]TJ /T1_1 1 Tf ( )Tj /T1_5 1 Tf 3.417 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 1.743 0 Td (banking)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf -39.428 -2.008 Td (sector's)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 3.572 0 Td [(exp)-27 (ected)]TJ /T1_1 1 Tf ( )Tj /T1_5 1 Tf 4.169 0 Td [(loan-p)-28 (ortfolio)]TJ /T1_1 1 Tf ( )Tj /T1_5 1 Tf 6.228 0 Td [(qualit)27 (y)83 (,)]TJ /T1_1 1 Tf ( )Tj /T1_5 1 Tf 3.56 0 Td (as)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 1.23 0 Td (measured)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 4.455 0 Td [(b)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_5 1 Tf 1.392 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 1.725 0 Td (aggregate)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 4.505 0 Td [(loan-repa)27 (ymen)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_5 1 Tf 7.089 0 Td [(probabilit)27 (y)83 (,)]TJ /T1_1 1 Tf ( )Tj /T1_5 1 Tf -37.925 -2.009 Td (is)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_4 1 Tf 17.139 -2.009 Td (P)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_7 1 Tf 7.9722 0 0 7.9722 267.5547 278.0523 Tm (2)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_5 1 Tf 10.9131 0 0 10.9131 275.3169 273.5411 Tm (=)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1.055 0 Td [(\270)-0.9 (p)]TJ /T1_5 1 Tf 0.668 0 Td [(~)-140.7 (+)]TJ /T1_1 1 Tf ( )Tj /T1_5 1 Tf 1.64 0 Td (\(1)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 1.111 0 Td (\241)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1 0 Td (\270)Tj /T1_5 1 Tf (\))Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1.138 0 Td (p)Tj EMC /StyleSpan <>BDC /T1_9 1 Tf 0.057 0 Td (b)Tj /T1_1 1 Tf 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(e)]TJ /T1_1 1 Tf ( )Tj /T1_11 1 Tf 1.51 0 Td (isolate)Tj /T1_1 1 Tf ( )Tj /T1_11 1 Tf 3.201 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_11 1 Tf 1.768 0 Td (implications)Tj /T1_1 1 Tf ( )Tj /T1_11 1 Tf 5.769 0 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_11 1 Tf 1.57 0 Td [(tec)28 (hnological)]TJ /T1_1 1 Tf ( )Tj /T1_11 1 Tf 6.136 0 Td (di\256usion)Tj /T1_1 1 Tf ( )Tj /T1_11 1 Tf 4.143 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_11 1 Tf 2.223 0 Td (arise)Tj /T1_1 1 Tf ( )Tj /T1_11 1 Tf 2.404 0 Td (purely)Tj /T1_1 1 Tf ( )Tj /T1_11 1 Tf 3.168 0 Td (as)Tj /T1_1 1 Tf ( )Tj /T1_11 1 Tf 1.259 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_11 1 Tf 0.854 0 Td (consequence)Tj /T1_1 1 Tf ( )Tj /T1_11 1 Tf 5.799 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_11 1 Tf 1.168 0 Td (concerns)Tj /T1_1 1 Tf ( )Tj /T1_11 1 Tf 4.174 0 Td (along)Tj /T1_1 1 Tf ( )Tj /T1_11 1 Tf -49.798 -1.222 Td (this)Tj /T1_1 1 Tf ( )Tj /T1_11 1 Tf 2.004 0 Td (dimension.)Tj /T1_1 1 Tf ( )Tj EMC /Artifact <>BDC /T1_5 1 Tf 10.9131 0 0 10.9131 300.544 91.9302 Tm (13)Tj /T1_1 1 Tf ( 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endobj 473 0 obj <> endobj 2187 0 obj <> endobj 472 0 obj <> endobj 2188 0 obj <> endobj 469 0 obj <> endobj 470 0 obj <> endobj 2190 0 obj <> endobj 2189 0 obj <> endobj 2158 0 obj <> endobj 2159 0 obj <> endobj 2160 0 obj <> endobj 2161 0 obj <> endobj 465 0 obj <> endobj 466 0 obj <> endobj 2192 0 obj <> endobj 2191 0 obj <> endobj 463 0 obj <> endobj 464 0 obj <> endobj 2194 0 obj <> endobj 2193 0 obj <> endobj 462 0 obj <> endobj 2195 0 obj <> endobj 2196 0 obj <> endobj 460 0 obj <> endobj 461 0 obj <> endobj 2197 0 obj <> endobj 456 0 obj <> endobj 2198 0 obj <> endobj 77 0 obj <>/ProcSet[/PDF/Text]>>/StructParents 9/Tabs/S/Type/Page>> endobj 2199 0 obj <>stream /Artifact <>BDC q 1.00028 0 0 1.00028 72 769.82 cm 0 G 0.4 w q 1 0 0 1 0 -504.85 cm 0 0 m 187.15 0 l S Q Q q 1.00028 0 0 1.00028 72 769.82 cm 0 G 0.44 w q 1 0 0 1 416.25 -470.92 cm 0 0 m 4.23 0 l S Q Q EMC BT /P <>BDC 0 g /T1_0 1 Tf 0 Tc 0 Tw 0 Ts 100 Tz 0 Tr 10.9131 0 0 10.9131 99.2776 758.8569 Tm (\\Proprietary)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.009 0 Td (information)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.545 0 Td (encompasses)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.921 0 Td (information)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.545 0 Td (\(for)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.046 0 Td (example)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.042 0 Td (on)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.516 0 Td [(pro)-28 (ducts)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.273 0 Td (or)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.352 0 Td (sys)Tj EMC /HyphenSpan <>BDC (-)Tj EMC /P <>BDC -36.249 -2.008 Td (tems\),)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.039 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.14 0 Td (if)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.889 0 Td (shared)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.149 0 Td (with)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.252 0 Td [(comp)-27 (etitors)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.453 0 Td [(w)27 (ould)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.89 0 Td (render)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.089 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.807 0 Td (bank's)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.118 0 Td [(in)27 (v)28 (estmen)28 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.034 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.14 0 Td (these)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.534 0 Td [(pro)-28 (d)]TJ EMC /HyphenSpan <>BDC (-)Tj EMC /P <>BDC -35.534 -2.009 Td (ucts/systems)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.111 0 Td (less)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.961 0 Td [(v)54 (aluable,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.342 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.061 0 Td (hence)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.895 0 Td [(w)27 (ould)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.033 0 Td (undermine)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.065 0 Td (its)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.512 0 Td [(comp)-27 (etitiv)26 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.533 0 Td [(p)-28 (osition.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.552 0 Td (...)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -37.065 -2.009 Td (This)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.316 0 Td (has)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.817 0 Td (an)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.423 0 Td (impact)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.367 0 Td (on)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.423 0 Td (what)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.534 0 Td (banks)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.9 0 Td (should)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.206 0 Td [(rev)27 (eal)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.925 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.2 0 Td (terms)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.82 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.173 0 Td (...)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.378 0 Td (details)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.206 0 Td (on)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.423 0 Td (their)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.425 0 Td [(in)27 (ter)]TJ EMC /HyphenSpan <>BDC (-)Tj EMC /P <>BDC -35.536 -2.008 Td (nal)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.717 0 Td [(arrangemen)27 (ts,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.548 0 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.582 0 Td (instance)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.946 0 Td [(metho)-28 (dologies)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.585 0 Td (used,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.626 0 Td (parameter)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.835 0 Td (estimates,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.741 0 Td (data)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.33 0 Td (etc.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.156 0 Td (...)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -37.066 -2.009 Td (In)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.26 0 Td (exceptional)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.26 0 Td (cases,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.802 0 Td (disclosure)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.579 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.15 0 Td ([proprietary)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.546 0 Td (or)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.236 0 Td [(con\257den)27 (tial])]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.649 0 Td (information)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.429 0 Td (required)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.933 0 Td [(b)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -36.844 -2.008 Td (Pillar)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.738 0 Td (3)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.834 0 Td [(ma)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.166 0 Td (prejudice)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.309 0 Td (seriously)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.097 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.722 0 Td [(p)-28 (osition)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.812 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.14 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.722 0 Td (bank.")Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf -23.488 -3.104 Td (Hence,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.322 0 Td (it)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.058 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.063 0 Td (unclear)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.561 0 Td [(ho)27 (w)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.141 0 Td (regulators)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.736 0 Td (should)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.23 0 Td (act)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.724 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.224 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.781 0 Td (face)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.085 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.197 0 Td (public)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.058 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.002 0 Td [(p)-28 (olitical)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.92 0 Td (pressures)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.358 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -42.012 -2.009 Td (render)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.132 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.739 0 Td (banking)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.821 0 Td (system)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.333 0 Td (safer)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.385 0 Td (through)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.797 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.739 0 Td (wide)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.349 0 Td (dissemination)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.306 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.155 0 Td [(b)-28 (est)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.162 0 Td (practices)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.191 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.183 0 Td (risk)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.942 0 Td (manage)Tj EMC /HyphenSpan <>BDC (-)Tj EMC /P <>BDC -39.234 -2.009 Td [(men)27 (t.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.974 0 Td (As)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.497 0 Td (Hirtle)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.881 0 Td (et)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.167 0 Td (al.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.576 0 Td (\(2001\))Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.13 0 Td [(observ)27 (e,)]TJ EMC /StyleSpan <>BDC /T1_3 1 Tf 7.9722 0 0 7.9722 254.5911 553.5595 Tm (5)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf 10.9131 0 0 10.9131 263.2235 549.5984 Tm (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.741 0 Td [(b)-28 (ene\257ts)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.72 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.158 0 Td [(suc)27 (h)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.275 0 Td (disclosure)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.589 0 Td [(ha)27 (v)28 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.325 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.242 0 Td [(b)-27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.38 0 Td [(w)27 (eighed)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.825 0 Td (against)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -39.777 -2.008 Td (its)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.442 0 Td (cost)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.109 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.214 0 Td (terms)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.835 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.187 0 Td (foregone)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.023 0 Td [(incen)27 (tiv)27 (es)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.638 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.27 0 Td [(inno)27 (v)55 (ate.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.533 0 Td (In)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.298 0 Td (essence,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.794 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.77 0 Td (question)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.026 0 Td (reduces)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.611 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.271 0 Td (\257nding)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.381 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -42.402 -2.009 Td (balance)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.611 0 Td [(b)-28 (et)27 (w)28 (een)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.86 0 Td (disclosure,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.848 0 Td (dissemination,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.566 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.944 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.723 0 Td (protection)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.78 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.139 0 Td [(in)26 (tellectual)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.139 0 Td [(prop)-28 (ert)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.089 0 Td [(righ)27 (ts.)]TJ /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_4 1 Tf 14.344 0 0 14.344 72 460.3034 Tm (3)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1.687 0 Td [(Mo)-32 (del)]TJ /T1_1 1 Tf ( )Tj /T1_4 1 Tf 3.488 0 Td (Description)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf 10.9131 0 0 10.9131 72 427.5742 Tm (Let)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.865 0 Td (there)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.632 0 Td [(b)-27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.435 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.907 0 Td [(con)27 (tin)28 (uum)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.018 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.213 0 Td [(p)-28 (oten)27 (tial)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.297 0 Td [(b)-28 (orro)27 (w)27 (ers)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.672 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.213 0 Td (measure)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.971 0 Td (1)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.907 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.24 0 Td (can)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.907 0 Td [(b)-28 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.435 0 Td (either)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.91 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.213 0 Td (high)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.296 0 Td (or)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.299 0 Td [(lo)26 (w)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -41.43 -2.008 Td (credit)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.766 0 Td [(qualit)26 (y)]TJ /T1_1 1 Tf ( )Tj /T1_5 1 Tf 3.29 0 Td (\265)Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 0.775 0 Td [(2)-277 (f)]TJ /T1_5 1 Tf [(l)-19 (;)]TJ /T1_1 1 Tf ( )Tj /T1_5 1 Tf 2.206 0 Td (h)Tj /T1_6 1 Tf (g)Tj /T1_0 1 Tf (,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.632 0 Td (with)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.209 0 Td [(eac)27 (h)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.181 0 Td [(t)27 (yp)-27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.18 0 Td [(b)-27 (eing)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.625 0 Td (equally)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.375 0 Td [(lik)26 (ely)84 (.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.922 0 Td (In)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.181 0 Td [(eac)27 (h)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.181 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.07 0 Td [(t)27 (w)28 (o)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.819 0 Td [(p)-28 (erio)-28 (ds,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.732 0 Td (these)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.492 0 Td [(b)-27 (orro)26 (w)28 (ers)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -38.636 -2.009 Td [(ha)27 (v)28 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.388 0 Td (an)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.472 0 Td [(in)27 (v)27 (estmen)28 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.144 0 Td [(pro)-55 (ject)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.501 0 Td (lasting)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.311 0 Td (one)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.917 0 Td [(p)-27 (erio)-28 (d)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.197 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.249 0 Td (requires)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.844 0 Td (an)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.472 0 Td (initial)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.972 0 Td [(outla)26 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.139 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.222 0 Td ($1,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.715 0 Td (but)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.916 0 Td [(ha)27 (v)28 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.388 0 Td (no)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -41.847 -2.009 Td [(priv)55 (ate)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.464 0 Td (resources.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.984 0 Td (The)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.156 0 Td [(pro)-56 (ject)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.519 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.24 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.934 0 Td [(high-qualit)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.684 0 Td [(b)-28 (orro)27 (w)28 (er)]TJ /T1_1 1 Tf ( )Tj /T1_5 1 Tf 4.294 0 Td (h)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.01 0 Td (yields)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.911 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.934 0 Td (terminal)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.103 0 Td (cash)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.328 0 Td [(\260o)27 (w)]TJ /T1_1 1 Tf ( )Tj /T1_5 1 Tf 2.18 0 Td (R)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.2 0 Td (with)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -40.94 -2.008 Td [(probabilit)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_5 1 Tf 5.177 0 Td (p)Tj /T1_7 1 Tf 7.9722 0 0 7.9722 133.9874 338.1092 Tm (h)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 10.9131 0 0 10.9131 143.58 339.8896 Tm (>)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.163 0 Td (0)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.898 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.01 0 Td (0)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.898 0 Td (with)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.344 0 Td [(probabilit)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.179 0 Td (1)Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 0.761 0 Td (\241)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 1.043 0 Td (p)Tj /T1_7 1 Tf 7.9722 0 0 7.9722 305.0853 338.1092 Tm (h)Tj /T1_0 1 Tf 10.9131 0 0 10.9131 310.4568 339.8896 Tm (,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.693 0 Td (while)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.676 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.231 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.205 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.898 0 Td [(lo)27 (w-qualit)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.232 0 Td [(b)-28 (orro)27 (w)28 (er)]TJ /T1_1 1 Tf ( )Tj /T1_5 1 Tf 4.262 0 Td (l)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.716 0 Td (returns)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -39.764 -2.009 Td (0)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.924 0 Td (with)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.37 0 Td [(certain)27 (t)28 (y)83 (.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.777 0 Td (The)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.147 0 Td (success)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.496 0 Td [(probabilit)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.206 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.231 0 Td [(pro)-55 (jects)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.905 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.096 0 Td [(indep)-28 (enden)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.759 0 Td (across)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.049 0 Td [(b)-28 (orro)27 (w)27 (ers,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.989 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.036 0 Td [(eac)27 (h)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -40.985 -2.009 Td [(pro)-55 (ject)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.435 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.023 0 Td [(indep)-28 (enden)27 (tly)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.49 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.962 0 Td [(iden)27 (tically)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.85 0 Td (distributed)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.137 0 Td (across)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.975 0 Td [(b)-28 (oth)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.379 0 Td [(p)-28 (erio)-28 (ds.)]TJ EMC /StyleSpan <>BDC /T1_3 1 Tf 7.9722 0 0 7.9722 417.8568 299.9985 Tm (6)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf 10.9131 0 0 10.9131 427.9996 296.0374 Tm (Letting)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 3.53 0 Td (p)Tj /T1_0 1 Tf 0.086 0 Td (\271)Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 0.722 0 Td (\264)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_3 1 Tf 7.9722 0 0 7.9722 488.3665 300.3386 Tm (1)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_5 1 Tf 10.9131 0 0 10.9131 493.7981 296.0374 Tm (p)Tj /T1_7 1 Tf 7.9722 0 0 7.9722 499.2896 294.2669 Tm (h)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 10.9131 0 0 10.9131 508.4822 296.0374 Tm (denote)Tj EMC /P <>BDC /T1_3 1 Tf 7.9722 0 0 7.9722 488.3665 292.2763 Tm (2)Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_0 1 Tf 10.9131 0 0 10.9131 72 274.1212 Tm (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.734 0 Td [(a)27 (v)28 (erage)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.598 0 Td [(repa)26 (ymen)28 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.932 0 Td [(probabilit)27 (y)83 (,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.324 0 Td [(w)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.484 0 Td (also)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.017 0 Td (assume)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 3.458 0 Td [(m)-298 (<)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.335 0 Td (\271)Tj EMC /Span <>BDC /T1_5 1 Tf -0.085 0 Td (pR)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 1.567 0 Td (<)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 1.076 0 Td (M)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.423 0 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.542 0 Td (some)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 2.569 0 Td (M)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 1.376 0 Td [(>)-297 (m)-298 (>)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.325 0 Td (1,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.126 0 Td (so)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.239 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.178 0 Td (it)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_8 1 Tf 5.9817 0 0 5.9817 84.4335 258.1768 Tm (5)Tj EMC /P <>BDC /T1_9 1 Tf 8.9625 0 0 8.9625 88.5846 254.3657 Tm (\\Another)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 4.618 0 Td [(approac)28 (h)]TJ /T1_1 1 Tf ( )Tj /T1_9 1 Tf 4.503 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 1.333 0 Td [(mo)-28 (del)]TJ /T1_1 1 Tf ( )Tj /T1_9 1 Tf 3.131 0 Td [(v)56 (alidation)]TJ /T1_1 1 Tf ( )Tj /T1_9 1 Tf 4.844 0 Td (...)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 1.543 0 Td [(w)28 (ould)]TJ /T1_1 1 Tf ( )Tj /T1_9 1 Tf 3.073 0 Td [(b)-29 (e)]TJ /T1_1 1 Tf ( )Tj /T1_9 1 Tf 1.476 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 1.332 0 Td (require)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 3.536 0 Td (all)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 1.504 0 Td (banks)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 3.023 0 Td (using)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 2.766 0 Td [(in)28 (ternal)]TJ /T1_1 1 Tf ( )Tj /T1_9 1 Tf 3.876 0 Td [(mo)-29 (dels)]TJ /T1_1 1 Tf ( )Tj /T1_9 1 Tf 3.537 0 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 1.649 0 Td (regulatory)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf -47.594 -1.223 Td (capital)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 3.322 0 Td [(purp)-29 (oses)]TJ /T1_1 1 Tf ( )Tj /T1_9 1 Tf 4.222 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 1.211 0 Td (disclose)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 3.677 0 Td (publicly)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 3.866 0 Td (full)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 1.753 0 Td [(do)-28 (cumen)27 (tation)]TJ /T1_1 1 Tf ( )Tj /T1_9 1 Tf 6.978 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 1.125 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 1.725 0 Td [(mo)-28 (del's)]TJ /T1_1 1 Tf ( )Tj /T1_9 1 Tf 3.7 0 Td (mathematical)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 6.406 0 Td (structure,)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 4.656 0 Td [(k)27 (ey)]TJ /T1_1 1 Tf ( )Tj /T1_9 1 Tf 1.81 0 Td (assumptions,)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 6.09 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf -50.541 -1.222 Td (parameter)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 4.881 0 Td (estimates.)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 4.912 0 Td (.)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 0.457 0 Td (.)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 0.457 0 Td (.)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 0.766 0 Td (This)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 2.313 0 Td [(scrutin)28 (y)]TJ /T1_1 1 Tf ( )Tj /T1_9 1 Tf 3.913 0 Td (could)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 2.706 0 Td (aid)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 1.679 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 1.737 0 Td [(sup)-28 (ervisory)]TJ /T1_1 1 Tf ( )Tj /T1_9 1 Tf 5.435 0 Td [(v)56 (alidation)]TJ /T1_1 1 Tf ( )Tj /T1_9 1 Tf 4.733 0 Td [(pro)-29 (cess)]TJ /T1_1 1 Tf ( )Tj /T1_9 1 Tf 3.549 0 Td [(b)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_9 1 Tf 1.394 0 Td [(pro)28 (viding)]TJ /T1_1 1 Tf ( )Tj /T1_9 1 Tf 4.536 0 Td [(indep)-28 (enden)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_9 1 Tf 5.791 0 Td (assess)Tj EMC /HyphenSpan <>BDC (-)Tj EMC /P <>BDC -49.259 -1.223 Td [(men)28 (ts)]TJ /T1_1 1 Tf ( )Tj /T1_9 1 Tf 3.036 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 1.203 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 0.889 0 Td (bank's)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 3.264 0 Td [(mo)-28 (del)]TJ /T1_1 1 Tf ( )Tj /T1_9 1 Tf 3.087 0 Td [(b)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_9 1 Tf 1.46 0 Td [(mark)28 (et)]TJ /T1_1 1 Tf ( )Tj /T1_9 1 Tf 3.518 0 Td (practitioners)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 6.039 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 2.031 0 Td [(in)27 (terested)]TJ /T1_1 1 Tf ( )Tj /T1_9 1 Tf 4.753 0 Td (academics.)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 5.357 0 Td (In)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 1.317 0 Td (addition,)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 4.38 0 Td (it)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 1.06 0 Td (could)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 2.773 0 Td [(impro)28 (v)28 (e)]TJ /T1_1 1 Tf ( )Tj /T1_9 1 Tf 3.946 0 Td [(mo)-28 (deling)]TJ /T1_1 1 Tf ( )Tj /T1_9 1 Tf -48.113 -1.223 Td (practices)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 4.387 0 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 1.669 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 1.867 0 Td (industry)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 4.187 0 Td (as)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 1.358 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 0.953 0 Td (whole)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 3.009 0 Td [(b)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_9 1 Tf 1.524 0 Td (ensuring)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 4.216 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 2.323 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 1.867 0 Td (latest)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 2.9 0 Td [(mo)-29 (deling)]TJ /T1_1 1 Tf ( )Tj /T1_9 1 Tf 4.522 0 Td [(inno)28 (v)57 (ations)]TJ /T1_1 1 Tf ( )Tj /T1_9 1 Tf 5.525 0 Td [(w)27 (ere)]TJ /T1_1 1 Tf ( )Tj /T1_9 1 Tf 2.469 0 Td [(quic)28 (kly)]TJ /T1_1 1 Tf ( )Tj /T1_9 1 Tf 3.637 0 Td (disseminated)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf -46.413 -1.222 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 1.289 0 Td (all)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 1.46 0 Td (practitioners..)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 6.406 0 Td (.)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 0.457 0 Td (.)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 0.457 0 Td (The)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 2.146 0 Td [(b)-29 (ene\257ts)]TJ /T1_1 1 Tf ( )Tj /T1_9 1 Tf 3.836 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 1.203 0 Td (public)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 3.116 0 Td (disclosure)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 4.729 0 Td [(w)27 (ould)]TJ /T1_1 1 Tf ( )Tj /T1_9 1 Tf 3.03 0 Td (also)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 2.094 0 Td [(ha)28 (v)29 (e)]TJ /T1_1 1 Tf ( )Tj /T1_9 1 Tf 2.402 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 1.289 0 Td [(b)-28 (e)]TJ /T1_1 1 Tf ( )Tj /T1_9 1 Tf 1.431 0 Td [(w)27 (eighed)]TJ /T1_1 1 Tf ( )Tj /T1_9 1 Tf 3.945 0 Td (against)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 3.578 0 Td (their)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 2.49 0 Td [(p)-28 (oten)27 (tial)]TJ /T1_1 1 Tf ( )Tj /T1_9 1 Tf 4.373 0 Td (costs,)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf -49.731 -1.223 Td (including)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 4.452 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 1.77 0 Td [(p)-29 (ossibilit)28 (y)]TJ /T1_1 1 Tf ( )Tj /T1_9 1 Tf 4.892 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 2.226 0 Td (mandatory)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 5.226 0 Td (disclosure)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 4.696 0 Td [(w)27 (ould)]TJ /T1_1 1 Tf ( )Tj /T1_9 1 Tf 2.997 0 Td (undercut)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 4.342 0 Td (banks')Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 3.23 0 Td [(incen)27 (tiv)29 (es)]TJ /T1_1 1 Tf ( )Tj /T1_9 1 Tf 4.718 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 1.256 0 Td [(dev)27 (elop)]TJ /T1_1 1 Tf ( )Tj /T1_9 1 Tf 3.713 0 Td (new)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 2.113 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 1.998 0 Td [(inno)28 (v)57 (ativ)29 (e)]TJ /T1_1 1 Tf ( )Tj /T1_9 1 Tf -47.629 -1.222 Td [(mo)-28 (deling)]TJ /T1_1 1 Tf ( )Tj /T1_9 1 Tf 4.425 0 Td (practices,)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 4.576 0 Td (since)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 2.519 0 Td (they)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 2.312 0 Td [(w)27 (ould)]TJ /T1_1 1 Tf ( )Tj /T1_9 1 Tf 2.997 0 Td [(ha)27 (v)29 (e)]TJ /T1_1 1 Tf ( )Tj /T1_9 1 Tf 2.37 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 1.257 0 Td (share)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 2.692 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 1.771 0 Td [(b)-28 (ene\257ts)]TJ /T1_1 1 Tf ( )Tj /T1_9 1 Tf 3.803 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 1.17 0 Td [(an)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_9 1 Tf 1.942 0 Td [(inno)28 (v)57 (ations)]TJ /T1_1 1 Tf ( )Tj /T1_9 1 Tf 5.428 0 Td (with)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 2.342 0 Td (their)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 2.458 0 Td [(comp)-28 (etitors")]TJ /T1_1 1 Tf ( )Tj /T1_9 1 Tf 6.146 0 Td (\(p.)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 1.713 0 Td (31\).)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_8 1 Tf 5.9817 0 0 5.9817 84.4335 170.5022 Tm (6)Tj EMC /P <>BDC /T1_9 1 Tf 8.9625 0 0 8.9625 88.5846 166.6912 Tm [(Alternativ)28 (ely)85 (,)]TJ /T1_1 1 Tf ( )Tj /T1_9 1 Tf 6.348 0 Td [(w)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_9 1 Tf 1.415 0 Td (could)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 2.642 0 Td (assume)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 3.453 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 2.128 0 Td (there)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 2.531 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 0.935 0 Td [(su\261cien)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_9 1 Tf 4.219 0 Td [(turno)28 (v)28 (er)]TJ /T1_1 1 Tf ( )Tj /T1_9 1 Tf 4.046 0 Td (among)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 3.213 0 Td [(b)-29 (orro)28 (w)28 (ers)]TJ /T1_1 1 Tf ( )Tj /T1_9 1 Tf 4.626 0 Td (so)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 1.163 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 2.128 0 Td [(credit-qualit)28 (y)]TJ /T1_1 1 Tf ( )Tj /T1_9 1 Tf 6.27 0 Td (information)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf -46.967 -1.222 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 0.926 0 Td (not)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 1.721 0 Td (reusable)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 3.899 0 Td (across)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 2.933 0 Td (time.)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 2.705 0 Td (The)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 2.006 0 Td (assumption)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 5.329 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 2.12 0 Td [(pro)-57 (jects)]TJ /T1_1 1 Tf ( )Tj /T1_9 1 Tf 3.813 0 Td (are)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 1.609 0 Td [(indep)-28 (enden)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_9 1 Tf 5.718 0 Td [(allo)27 (ws)]TJ /T1_1 1 Tf ( )Tj /T1_9 1 Tf 2.955 0 Td (us)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 1.211 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 1.15 0 Td [(fo)-29 (cus)]TJ /T1_1 1 Tf ( )Tj /T1_9 1 Tf 2.525 0 Td (solely)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 2.726 0 Td (on)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 1.321 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 1.664 0 Td (consequences)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf -46.331 -1.223 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 1.17 0 Td [(tec)27 (hnological)]TJ /T1_1 1 Tf ( )Tj /T1_9 1 Tf 6.139 0 Td (di\256usion)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 4.146 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 1.998 0 Td (ignore)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 3.087 0 Td [(an)28 (y)]TJ /T1_1 1 Tf ( )Tj /T1_9 1 Tf 1.941 0 Td (issues)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 2.873 0 Td (arising)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 3.319 0 Td (from)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 2.429 0 Td [(p)-28 (ortfolio)]TJ /T1_1 1 Tf ( )Tj /T1_9 1 Tf 4.17 0 Td [(div)28 (ersi\257cation.)]TJ /T1_1 1 Tf ( )Tj EMC /Artifact <>BDC /T1_0 1 Tf 10.9131 0 0 10.9131 303.2747 91.9302 Tm (6)Tj /T1_1 1 Tf ( )Tj EMC ET endstream endobj 214 0 obj <> endobj 210 0 obj <> endobj 211 0 obj <> endobj 212 0 obj <> endobj 213 0 obj <> endobj 65 0 obj <>/ProcSet[/PDF/Text]>>/StructParents 6/Tabs/S/Type/Page>> endobj 69 0 obj <>/ProcSet[/PDF/Text]>>/StructParents 7/Tabs/S/Type/Page>> endobj 2201 0 obj <>stream BT /P <>BDC 0 g /T1_0 1 Tf 0 Tc 0 Tw 0 Ts 100 Tz 0 Tr 10.9131 0 0 10.9131 72 758.8569 Tm (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.039 0 Td [(Galeto)27 (vic)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.546 0 Td (\(2000\),)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.508 0 Td (who)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.206 0 Td [(in)26 (v)28 (estigate)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.073 0 Td (banks')Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.239 0 Td [(incen)27 (tiv)27 (es)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.685 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.317 0 Td [(preserv)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.995 0 Td (their)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.486 0 Td [(priv)55 (ate)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.459 0 Td (information)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.514 0 Td (in)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf -42.067 -2.008 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.698 0 Td (presence)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.985 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.116 0 Td [(w)26 (eak)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.477 0 Td [(prop)-27 (ert)26 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.065 0 Td [(righ)26 (ts.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.069 0 Td (Concerning)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.257 0 Td [(in)27 (tellectual)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.115 0 Td [(prop)-28 (ert)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.066 0 Td [(righ)27 (ts)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.79 0 Td [(o)27 (v)28 (er)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.118 0 Td (\257nancial)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.977 0 Td [(inno)27 (v)55 (a)]TJ EMC /HyphenSpan <>BDC (-)Tj EMC /P <>BDC -39.733 -2.009 Td (tions,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.683 0 Td (Lerner)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.129 0 Td (\(2002\))Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.055 0 Td (studies)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.288 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.665 0 Td [(gro)27 (wing)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.697 0 Td [(imp)-28 (ortance)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.197 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.082 0 Td (\257nancial)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.944 0 Td [(paten)27 (ts,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.766 0 Td (while)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.555 0 Td (Herrera)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.59 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.888 0 Td [(Sc)27 (hroth)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -39.539 -2.009 Td (\(2003\))Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.103 0 Td (analyze)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.576 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.714 0 Td [(incen)26 (tiv)28 (es)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.582 0 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.523 0 Td [(dev)27 (eloping)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.937 0 Td (\257nancial)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.993 0 Td [(instrumen)27 (ts)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.477 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.159 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.715 0 Td (absence)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.664 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.132 0 Td (explicit)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.52 0 Td [(paten)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -40.095 -2.008 Td (protection)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.731 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.118 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.784 0 Td (setting)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.235 0 Td (similar)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.237 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.174 0 Td (ours,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.414 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.118 0 Td [(whic)27 (h)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.812 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.674 0 Td [(inno)27 (v)55 (ating)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.84 0 Td [(part)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.621 0 Td [(tak)27 (es)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.513 0 Td (steps)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.462 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.174 0 Td (protect)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.398 0 Td (its)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.346 0 Td [(in)27 (tel)]TJ EMC /HyphenSpan <>BDC (-)Tj EMC /P <>BDC -40.651 -2.009 Td (lectual)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.229 0 Td [(prop)-28 (ert)27 (y)83 (.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.418 0 Td (In)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.257 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.841 0 Td (similar)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.294 0 Td [(v)27 (ein,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.399 0 Td [(An)27 (ton)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.064 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.951 0 Td [(Y)82 (ao)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.008 0 Td (\(2002\))Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.118 0 Td (analyze)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.591 0 Td [(ho)27 (w)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.091 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.73 0 Td (strength)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.961 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.146 0 Td [(in)26 (tellectual)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -38.098 -2.008 Td [(prop)-27 (ert)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.072 0 Td [(righ)26 (ts)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.797 0 Td (a\256ects)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.072 0 Td (\257rms')Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.77 0 Td [(incen)27 (tiv)27 (es)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.573 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.206 0 Td [(paten)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.123 0 Td [(inno)26 (v)56 (ations)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.268 0 Td (or)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.209 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.206 0 Td (rely)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.958 0 Td (instead)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.434 0 Td (on)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.373 0 Td (secrecy)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.408 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.15 0 Td (order)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -40.619 -2.009 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.198 0 Td [(k)27 (eep)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.254 0 Td (these)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.537 0 Td [(inno)26 (v)56 (ations)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.261 0 Td [(priv)55 (ate.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.745 0 Td (Our)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.034 0 Td (analysis)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.738 0 Td [(fo)-28 (cuses)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.376 0 Td (on)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.366 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.698 0 Td [(incen)26 (tiv)28 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.171 0 Td (e\256ects)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.01 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.116 0 Td (regulatory)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.787 0 Td [(p)-28 (olicy)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -40.291 -2.009 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.166 0 Td [(w)27 (ould)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.916 0 Td (force)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.42 0 Td (proprietary)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.258 0 Td [(tec)27 (hnology)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.001 0 Td [(in)27 (to)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.027 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.722 0 Td (public)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.001 0 Td (domain.)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf -22.959 -2.008 Td [(F)83 (urthermore,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.018 0 Td (this)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.876 0 Td [(pap)-28 (er)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.734 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.931 0 Td (clearly)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.123 0 Td (related)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.262 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.148 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.648 0 Td (broader)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.598 0 Td (question)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.904 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.065 0 Td (R&D)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.537 0 Td [(incen)27 (tiv)27 (es)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.516 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.87 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.648 0 Td (dif)Tj EMC /HyphenSpan <>BDC (-)Tj EMC /P <>BDC -41.43 -2.009 Td (fusion)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.897 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.115 0 Td [(inno)26 (v)56 (ations)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.26 0 Td (\(see)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.981 0 Td [(Reingan)27 (um,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.523 0 Td (1989)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.309 0 Td (or)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.201 0 Td (Tirole,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.205 0 Td (1988)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.309 0 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.506 0 Td [(surv)27 (eys\).)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.312 0 Td (In)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.226 0 Td (particular,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.874 0 Td (our)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.756 0 Td (analysis)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -39.474 -2.009 Td [(iden)27 (ti\257es)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.152 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.787 0 Td (trade-o\256)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.984 0 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.483 0 Td [(p)-28 (olicy)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.899 0 Td [(mak)27 (ers)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.35 0 Td (similar)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.24 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.176 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.119 0 Td [(kno)26 (wn)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.12 0 Td (from)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.318 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.675 0 Td (literature)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.348 0 Td (on)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.343 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.675 0 Td [(paten)26 (ting)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.426 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -42.095 -2.008 Td [(inno)27 (v)56 (ations)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.252 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.135 0 Td (studies)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.312 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.691 0 Td (con\260ict)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.469 0 Td [(b)-28 (et)27 (w)28 (een)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.829 0 Td (promoting)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.805 0 Td [(comp)-28 (etition)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.495 0 Td [(b)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.358 0 Td (making)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.497 0 Td [(inno)27 (v)55 (ations)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.252 0 Td (widely)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -40.095 -2.009 Td [(a)27 (v)56 (ailable,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.393 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.948 0 Td (fostering)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.096 0 Td [(tec)27 (hnological)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.976 0 Td (progress)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.909 0 Td [(b)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.393 0 Td [(allo)26 (wing)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.922 0 Td (\257rms)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.512 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.226 0 Td (retain)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.883 0 Td (ex)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.285 0 Td [(p)50 (ost)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.144 0 Td [(monop)-27 (oly)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.615 0 Td [(p)-28 (o)27 (w)28 (er)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -40.302 -2.009 Td [(o)27 (v)28 (er)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.189 0 Td (their)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.439 0 Td [(disco)27 (v)28 (eries.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.463 0 Td [(F)82 (or)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.843 0 Td (example,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.254 0 Td [(Beno)110 (^)389 (\263t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.256 0 Td (\(1985\))Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.159 0 Td (studies)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.392 0 Td [(inno)27 (v)55 (ation)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.937 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.992 0 Td (imitation)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.381 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.214 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.881 0 Td [(duop)-28 (oly)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -39.4 -2.008 Td (when)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.533 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.756 0 Td [(tec)27 (hnology)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.923 0 Td (leader)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.869 0 Td [(enjo)27 (ys)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.956 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.756 0 Td (timing)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.088 0 Td [(adv)54 (an)28 (tage)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.645 0 Td (as)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.149 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.089 0 Td (our)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.702 0 Td [(mo)-28 (del,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.188 0 Td (but)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.756 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.645 0 Td [(pap)-27 (er)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.73 0 Td [(do)-28 (es)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.178 0 Td (not)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.701 0 Td (address)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -39.664 -2.009 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.704 0 Td (public)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.983 0 Td [(p)-28 (olicy)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.928 0 Td (issues)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.777 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.149 0 Td (are)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.652 0 Td (our)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.763 0 Td [(fo)-27 (cus.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.944 0 Td (A)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.066 0 Td (distinguishing)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.383 0 Td (feature)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.347 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.122 0 Td (our)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.762 0 Td [(approac)26 (h)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.292 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.987 0 Td (that,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.431 0 Td [(unlik)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -40.29 -2.009 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.235 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.792 0 Td (R&D)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.681 0 Td (literature,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.759 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.791 0 Td (regulators')Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.025 0 Td [(ob)-56 (jectiv)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.32 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.235 0 Td (our)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.85 0 Td [(mo)-28 (del)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.042 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.074 0 Td (not)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.848 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.292 0 Td (promote)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.017 0 Td [(comp)-27 (etition)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.583 0 Td [(p)51 (er)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf -41.544 -2.008 Td (se)Tj /T1_0 1 Tf (,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.544 0 Td (but)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.885 0 Td (rather)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.057 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.274 0 Td (reduce)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.221 0 Td (credit)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.888 0 Td (risk)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.977 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.218 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.774 0 Td (banking)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.857 0 Td (system.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.86 0 Td [(Ho)27 (w)28 (ev)27 (er,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.372 0 Td (regulatory)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.863 0 Td (actions)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.446 0 Td [(tak)27 (en)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.774 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -42.01 -2.009 Td (reduce)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.175 0 Td (risk)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.932 0 Td [(ha)27 (v)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.312 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.729 0 Td (side)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.012 0 Td (e\256ect)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.645 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.146 0 Td (enabling)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.006 0 Td (banks)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.873 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.229 0 Td [(comp)-28 (ete)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.979 0 Td (more)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.508 0 Td [(e\256ectiv)26 (ely)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.674 0 Td (with)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.284 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.729 0 Td [(tec)27 (hnology)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -38.233 -2.009 Td (leader)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.957 0 Td (through)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.79 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.732 0 Td (wider)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.736 0 Td (adoption)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.177 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.149 0 Td [(inno)27 (v)55 (ations.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.702 0 Td (Although)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.427 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.732 0 Td (resulting)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.13 0 Td (trade-o\256)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.04 0 Td [(resem)27 (bles)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.495 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -41.067 -2.008 Td (found)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.774 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.136 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.691 0 Td (R&D)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.581 0 Td (literature,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.647 0 Td (it)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.97 0 Td (stems)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.757 0 Td (purely)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.056 0 Td (from)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.334 0 Td (regulatory)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.78 0 Td (concerns)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.034 0 Td [(ab)-27 (out)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.831 0 Td (bank)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.442 0 Td (risk)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.894 0 Td (rather)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.975 0 Td (than)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -40.902 -2.009 Td (from)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.364 0 Td [(loan-mark)27 (et)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.558 0 Td [(comp)-28 (etition.)]TJ /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf -6.37 -2.008 Td (The)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.089 0 Td [(pap)-28 (er)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.842 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.039 0 Td (organized)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.536 0 Td (as)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.262 0 Td [(follo)27 (ws.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.773 0 Td (In)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.284 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.757 0 Td (next)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.284 0 Td (section,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.659 0 Td [(w)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.505 0 Td (discusses)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.222 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.201 0 Td (more)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.536 0 Td (detail)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.812 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.756 0 Td (role)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.982 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -42.091 -2.009 Td [(sup)-27 (ervisors)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.169 0 Td (under)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.816 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.703 0 Td (Basel)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.639 0 Td [(I)-27 (I)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.063 0 Td [(prop)-28 (osal)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.016 0 Td [(b)-28 (efore)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.984 0 Td (describing)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.71 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.703 0 Td [(mo)-27 (del)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.952 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.147 0 Td (Section)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.48 0 Td (3.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.216 0 Td (Section)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.481 0 Td (4)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.813 0 Td [(deriv)27 (es)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -39.892 -2.009 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.678 0 Td (lending)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.456 0 Td (equilibria)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.375 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.9 0 Td (examines)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.267 0 Td (banks')Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.101 0 Td [(tec)27 (hnological)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.928 0 Td [(in)27 (v)28 (estmen)27 (ts.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.829 0 Td (In)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.206 0 Td (Section)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.457 0 Td (5,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.076 0 Td [(w)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.427 0 Td [(c)27 (haracterize)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -37.7 -2.008 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.787 0 Td (aggregate)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.567 0 Td [(loan-p)-28 (ortfolio)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.291 0 Td (risk)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.99 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.009 0 Td (analyze)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.649 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.787 0 Td (regulators')Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.021 0 Td (decision)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.848 0 Td (problem.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.476 0 Td (Section)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.565 0 Td (6)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.898 0 Td (studies)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -39.888 -2.009 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.797 0 Td (incidence)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.409 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.215 0 Td (protecting)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.856 0 Td [(in)27 (tellectual)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.214 0 Td [(prop)-27 (ert)26 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.164 0 Td [(righ)27 (ts)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.889 0 Td (when)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.687 0 Td (regulators)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.754 0 Td (are)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.745 0 Td (unable)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.297 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.298 0 Td (commit)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.687 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -42.012 -2.009 Td (not)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.842 0 Td (expropriate)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.376 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.787 0 Td [(inno)27 (v)55 (ation.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.472 0 Td (Section)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.565 0 Td (7)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.897 0 Td (discusses)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.253 0 Td (further)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.431 0 Td (implications)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.681 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.009 0 Td [(p)-28 (ossible)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.826 0 Td (extensions.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -38.139 -2.008 Td [(Pro)-27 (ofs)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.133 0 Td (are)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.669 0 Td (mostly)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.255 0 Td (relegated)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.281 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.222 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.722 0 Td [(App)-28 (endix.)]TJ /T1_1 1 Tf ( )Tj EMC /Artifact <>BDC /T1_0 1 Tf 5.91 -2.857 Td (4)Tj /T1_1 1 Tf ( )Tj EMC ET endstream endobj 2200 0 obj <>stream BT /P <>BDC 0 g /T1_0 1 Tf 0 Tc 0 Tw 0 Ts 100 Tz 0 Tr 10.9131 0 0 10.9131 72 758.8569 Tm [(framew)27 (ork)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.841 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.863 0 Td [(p)-27 (olitical)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.78 0 Td (pressures)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.219 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.085 0 Td (mandate)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.03 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.641 0 Td [(establishmen)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.235 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.058 0 Td [(b)-28 (est)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.064 0 Td (practices)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.094 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.085 0 Td (credit-risk)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.679 0 Td (as)Tj EMC /HyphenSpan <>BDC (-)Tj EMC /P <>BDC -41.674 -2.008 Td [(sessmen)27 (ts.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.917 0 Td (Also,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.481 0 Td (regulators)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.614 0 Td [(themselv)27 (es)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.946 0 Td [(ma)26 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.102 0 Td (wish)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.219 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.157 0 Td (standardize)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.277 0 Td [(risk-assessmen)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.91 0 Td [(tec)27 (hniques)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.829 0 Td (through)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -39.452 -2.009 Td (dissemination)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.386 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.263 0 Td (order)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.713 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.319 0 Td (facilitate)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.236 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.82 0 Td [(sup)-27 (ervisory)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.419 0 Td (function.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.596 0 Td (Since)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.709 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.806 0 Td [(ex-p)50 (ost)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.518 0 Td (expropriation)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.297 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -42.082 -2.009 Td (proprietary)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.309 0 Td [(tec)27 (hnology)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.051 0 Td (leads)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.556 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.273 0 Td [(sub)-28 (optimal)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.251 0 Td [(lev)27 (els)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.723 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.19 0 Td (\257nancial)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.051 0 Td [(inno)26 (v)56 (ation)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.94 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.995 0 Td (increased)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.392 0 Td (aggregate)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -38.731 -2.008 Td [(loan-p)-27 (ortfolio)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.292 0 Td (risk,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.288 0 Td (it)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.067 0 Td [(migh)26 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.929 0 Td [(b)-28 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.429 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.234 0 Td [(b)-28 (oth)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.429 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.79 0 Td (regulators')Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.023 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.012 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.789 0 Td [(tec)26 (hnology)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.068 0 Td (leader's)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.687 0 Td [(b)-28 (est)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.213 0 Td [(in)27 (terests)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -39.25 -2.009 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.13 0 Td (banks)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.831 0 Td [(tak)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.131 0 Td (steps)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.475 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.187 0 Td (assert)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.812 0 Td (their)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.355 0 Td [(in)27 (tellectual)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.103 0 Td [(prop)-28 (ert)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.054 0 Td [(righ)27 (ts)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.778 0 Td [(o)27 (v)28 (er)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.106 0 Td (\257nancial)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.964 0 Td [(inno)26 (v)56 (ations)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.249 0 Td (through,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -39.175 -2.008 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.6 0 Td (instance,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.26 0 Td [(paten)27 (ting)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.542 0 Td (\(see)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.076 0 Td (Lerner,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.551 0 Td (2002\).)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.322 0 Td [(W)82 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.792 0 Td (\257nd)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.07 0 Td (that,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.532 0 Td (despite)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.465 0 Td (limiting)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.792 0 Td [(comp)-28 (etitors')]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.828 0 Td [(abilit)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.182 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -42.012 -2.009 Td [(mak)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.577 0 Td (use)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.695 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.107 0 Td [(inno)27 (v)56 (ations,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.534 0 Td (some)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.473 0 Td [(activit)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.607 0 Td (on)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.357 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.689 0 Td (part)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.137 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.106 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.69 0 Td [(inno)27 (v)55 (ating)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.856 0 Td (bank)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.44 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.19 0 Td (protect)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.414 0 Td (its)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.362 0 Td [(tec)27 (hnology)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -38.234 -2.009 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.983 0 Td [(alw)27 (a)28 (ys)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.178 0 Td [(b)-27 (ene\257cial)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.395 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.144 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.7 0 Td (sense)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.544 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.118 0 Td [(b)-28 (oth)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.34 0 Td (increasing)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.653 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.7 0 Td [(exten)26 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.034 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.117 0 Td [(inno)27 (v)55 (ation)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.867 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.923 0 Td (reducing)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.036 0 Td (aggregate)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -38.732 -2.008 Td [(p)-27 (ortfolio)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.002 0 Td (risk.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.295 0 Td [(Moreo)27 (v)28 (er,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.627 0 Td (regulators)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.622 0 Td [(ma)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.109 0 Td (wish)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.226 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.166 0 Td (resort)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.787 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.165 0 Td (other)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.558 0 Td (devices,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.654 0 Td [(suc)26 (h)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.199 0 Td (as)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.17 0 Td (less)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.787 0 Td [(frequen)26 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.863 0 Td (audits)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -40.23 -2.009 Td (or)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.225 0 Td (greater)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.394 0 Td (regulatory)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.811 0 Td [(leniency)82 (,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.056 0 Td (as)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.228 0 Td (additional)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.722 0 Td [(w)27 (a)27 (ys)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.422 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.139 0 Td [(rew)27 (arding)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.645 0 Td [(inno)27 (v)56 (ators.)]TJ /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf -26.09 -2.009 Td (Our)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.033 0 Td (main)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.475 0 Td [(con)27 (tribution)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.672 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.98 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.198 0 Td (establish)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.097 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.697 0 Td (existence)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.23 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.114 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.808 0 Td (trade-o\256)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.006 0 Td [(b)-27 (et)26 (w)28 (een)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.835 0 Td (individual)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.669 0 Td (bank)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.447 0 Td (prof)Tj EMC /HyphenSpan <>BDC (-)Tj EMC /P <>BDC -40.813 -2.008 Td [(itabilit)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.786 0 Td [(driv)26 (en)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.067 0 Td [(b)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.398 0 Td (\257nancial)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.009 0 Td [(inno)27 (v)56 (ation)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.897 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.953 0 Td [(o)27 (v)28 (erall)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.206 0 Td (banking-system)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 7.131 0 Td (risk.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.339 0 Td (When)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.925 0 Td (one)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.841 0 Td (bank)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.481 0 Td [(impro)27 (v)28 (es)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -39.033 -2.009 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.65 0 Td [(qualit)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.29 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.068 0 Td (its)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.322 0 Td (credit)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.765 0 Td (screen,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.229 0 Td (it)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.929 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.933 0 Td (able)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.04 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.151 0 Td (reduce)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.097 0 Td (its)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.323 0 Td [(o)27 (wn)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.012 0 Td [(p)-28 (ortfolio)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.987 0 Td (risk)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.854 0 Td [(b)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.318 0 Td [(a)27 (v)28 (oiding)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.901 0 Td (loans)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.49 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.15 0 Td [(b)-28 (orro)27 (w)]TJ EMC /HyphenSpan <>BDC (-)Tj EMC /P <>BDC -39.509 -2.009 Td (ers)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.477 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.079 0 Td (are)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.582 0 Td (not)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.692 0 Td [(credit)27 (w)28 (orth)28 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.752 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.857 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.135 0 Td (raise)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.255 0 Td (its)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.307 0 Td (pro\257ts)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.032 0 Td [(b)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.303 0 Td (increasing)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.588 0 Td (its)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.307 0 Td (information)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.332 0 Td [(adv)54 (an)28 (tage)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.635 0 Td [(vis-\265)499 (a-vis)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -39.333 -2.008 Td (other)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.613 0 Td (lenders.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.786 0 Td [(Similarly)82 (,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.448 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.721 0 Td (dissemination)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.289 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.138 0 Td [(impro)26 (v)28 (emen)28 (ts)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.397 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.165 0 Td (credit)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.836 0 Td (screening)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.34 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.944 0 Td (their)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.391 0 Td (adoption)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -39.068 -2.009 Td [(b)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.379 0 Td [(comp)-28 (etitors)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.47 0 Td [(lo)27 (w)28 (ers)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.998 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.712 0 Td [(o)27 (v)28 (erall)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.188 0 Td (credit-risk)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.751 0 Td [(exp)-27 (osure)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.164 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.129 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.712 0 Td (banking)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.795 0 Td (system.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.702 0 Td [(Ho)26 (w)28 (ev)28 (er,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.3 0 Td (putting)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.545 0 Td (all)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -41.845 -2.009 Td (banks)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.862 0 Td (on)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.386 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.829 0 Td [(more-lev)26 (el)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.777 0 Td [(pla)26 (ying)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.496 0 Td (\257eld)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.163 0 Td (increases)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.176 0 Td [(comp)-28 (etition,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.803 0 Td [(thereb)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.61 0 Td (reducing)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.055 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.719 0 Td [(pro\257tabilit)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.5 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.135 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -41.511 -2.008 Td [(inno)27 (v)56 (ating)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.873 0 Td (bank)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.456 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.929 0 Td [(h)27 (urting)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.516 0 Td (its)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.378 0 Td [(incen)27 (tiv)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.179 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.207 0 Td [(inno)27 (v)56 (ate)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.984 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.151 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.706 0 Td (\257rst)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.049 0 Td (place.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.939 0 Td (It)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.068 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.989 0 Td (this)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.935 0 Td (trade-o\256)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.014 0 Td [(b)-28 (et)27 (w)28 (een)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -39.373 -2.009 Td (risk-reducing)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.019 0 Td (di\256usion)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.069 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.176 0 Td [(tec)27 (hnology)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.036 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.981 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.758 0 Td [(pro\257tabilit)26 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.54 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.175 0 Td [(in)26 (v)28 (estmen)28 (ts)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.492 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.202 0 Td [(inno)27 (v)55 (ations)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.32 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.203 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.041 0 Td (at)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -42.012 -2.009 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.722 0 Td (heart)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.614 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.139 0 Td (our)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.781 0 Td (analysis.)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf -5.704 -2.008 Td [(T)83 (o)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.379 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.63 0 Td [(b)-27 (est)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.052 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.047 0 Td (our)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.688 0 Td [(kno)27 (wledge,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.036 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.63 0 Td (role)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.854 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.047 0 Td (regulation)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.633 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.073 0 Td (fostering)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.999 0 Td (\257nancial)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.908 0 Td [(inno)27 (v)55 (ation,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.093 0 Td (its)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.301 0 Td (di\256usion,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -38.922 -2.009 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.929 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.707 0 Td (protection)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.765 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.124 0 Td [(in)27 (tellectual)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.123 0 Td [(prop)-28 (ert)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.074 0 Td [(righ)27 (ts)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.798 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.151 0 Td (this)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.935 0 Td (area)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.154 0 Td (has)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.768 0 Td [(b)-28 (een)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.346 0 Td (little)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.374 0 Td (studied.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.889 0 Td (An)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.624 0 Td (exception)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -38.761 -2.008 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.074 0 Td (White)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.096 0 Td (\(1997\),)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.476 0 Td (who)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.181 0 Td [(surv)27 (eys)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.611 0 Td [(public-p)-28 (olicy)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.015 0 Td (issues)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.863 0 Td (arising)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.3 0 Td (from)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.433 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.792 0 Td [(in)27 (terdep)-27 (endence)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 7.46 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.209 0 Td (regulation)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -38.51 -2.009 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.958 0 Td (\257nancial)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.015 0 Td [(inno)27 (v)56 (ation.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.32 0 Td (Instead,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.83 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.736 0 Td (analysis)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.776 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.153 0 Td (\257nancial)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.015 0 Td [(inno)27 (v)56 (ation)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.903 0 Td (has)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.798 0 Td (traditionally)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.767 0 Td [(fo)-28 (cused)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.575 0 Td (on)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -41.846 -2.009 Td (new)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.048 0 Td [(pro)-28 (ducts)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.14 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.937 0 Td (\257nancial)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.993 0 Td [(instrumen)26 (ts)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.479 0 Td (\(see,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.278 0 Td (e.g.,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.105 0 Td [(T)82 (ufano,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.662 0 Td (1989)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.326 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.937 0 Td (2002\))Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.716 0 Td (rather)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.998 0 Td (than)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.326 0 Td (on)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.382 0 Td (business)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -39.327 -2.008 Td [(pro)-27 (cesses)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.231 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.851 0 Td [(metho)-28 (dology)82 (,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.065 0 Td [(whic)27 (h)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.768 0 Td (are)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.577 0 Td [(cen)27 (tral)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.214 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.13 0 Td (our)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.687 0 Td (analysis.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.12 0 Td [(F)82 (or)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.702 0 Td (example,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.12 0 Td (Merton)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.437 0 Td (\(1995\))Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.019 0 Td (examines)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -38.921 -2.009 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.722 0 Td (regulatory)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.811 0 Td [(c)27 (hallenges)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.7 0 Td [(p)-27 (osed)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.811 0 Td [(b)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.389 0 Td [(pro)-28 (duct)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.753 0 Td [(inno)26 (v)56 (ation.)]TJ /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf -17.634 -2.009 Td (Closer)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.061 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.22 0 Td (our)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.777 0 Td [(w)27 (ork)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.445 0 Td (are)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.667 0 Td [(Bhattac)27 (haryy)28 (a)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.764 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.941 0 Td (Nanda)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.192 0 Td (\(2000\),)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.387 0 Td (who)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.108 0 Td (study)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.753 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.719 0 Td [(incen)27 (tiv)27 (es)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.587 0 Td [(in)27 (v)27 (estmen)28 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -38.173 -2.008 Td (banks)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.963 0 Td [(ha)27 (v)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.403 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.32 0 Td [(inno)27 (v)56 (ate)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.097 0 Td (as)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.325 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.93 0 Td (function)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.015 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.236 0 Td [(clien)26 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.792 0 Td [(c)27 (haracteristics)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.641 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.042 0 Td [(mark)27 (et)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.488 0 Td (structure,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.688 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.042 0 Td (Anand)Tj /T1_1 1 Tf ( )Tj EMC /Artifact <>BDC /T1_0 1 Tf -18.79 -2.857 Td (3)Tj /T1_1 1 Tf ( )Tj EMC ET endstream endobj 45 0 obj <>/ProcSet[/PDF/Text]>>/StructParents 4/Tabs/S/Type/Page>> endobj 61 0 obj <>/ProcSet[/PDF/Text]>>/StructParents 5/Tabs/S/Type/Page>> endobj 2203 0 obj <>stream BT /P <>BDC 0 g /T1_0 1 Tf 0 Tc 0 Tw 0 Ts 100 Tz 0 Tr 10.9131 0 0 10.9131 72 758.8569 Tm (so)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.227 0 Td (as)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.227 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.222 0 Td [(preserv)26 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.9 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.722 0 Td [(incen)26 (tiv)28 (es)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.59 0 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.53 0 Td [(inno)26 (v)56 (ation.)]TJ /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf -13.866 -2.008 Td [(T)83 (o)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.437 0 Td (study)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.72 0 Td (these)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.526 0 Td (issues,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.045 0 Td [(w)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.436 0 Td [(presen)26 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.446 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.798 0 Td [(mo)-28 (del)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.937 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.132 0 Td [(whic)27 (h)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.826 0 Td [(t)26 (w)28 (o)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.854 0 Td (banks)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.832 0 Td [(comp)-27 (ete)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.937 0 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.495 0 Td [(b)-28 (orro)27 (w)28 (ers)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.563 0 Td [(b)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.354 0 Td (screen)Tj EMC /HyphenSpan <>BDC (-)Tj EMC /P <>BDC -39.89 -2.009 Td (ing)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.601 0 Td (loan)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.101 0 Td [(applican)27 (ts)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.69 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.879 0 Td (making)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.463 0 Td (loan-rate)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.16 0 Td (o\256ers)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.582 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.101 0 Td [(eac)26 (h)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.186 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.074 0 Td [(t)27 (w)28 (o)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.823 0 Td [(p)-28 (erio)-28 (ds.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.876 0 Td (In)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.186 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.657 0 Td (\257rst)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.999 0 Td [(p)-27 (erio)-28 (d,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.339 0 Td (one)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.768 0 Td (bank,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -40.485 -2.009 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.907 0 Td [(\\tec)27 (hnology)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.574 0 Td (leader,")Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.8 0 Td [(in)27 (v)28 (ests)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.334 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.24 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.797 0 Td [(dev)27 (elopmen)28 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.879 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.214 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.907 0 Td [(tec)27 (hnology)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.074 0 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.605 0 Td (credit-risk)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.835 0 Td [(assessmen)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.123 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -41.289 -2.008 Td (uses)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.074 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.675 0 Td (results)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.133 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.092 0 Td (its)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.347 0 Td (credit)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.788 0 Td (screens)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.355 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.175 0 Td [(comp)-28 (ete)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.925 0 Td (against)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.402 0 Td (an)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.342 0 Td (uninformed)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.261 0 Td [(in)27 (termediary)83 (.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.184 0 Td [(Impro)26 (v)28 (emen)28 (ts)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -36.753 -2.009 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.158 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.715 0 Td [(tec)27 (hnology)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.992 0 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.523 0 Td (assessing)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.18 0 Td (credit)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.829 0 Td (risk)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.918 0 Td [(allo)27 (w)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.575 0 Td (lenders)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.39 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.214 0 Td [(b)-28 (etter)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.968 0 Td (sort)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2 0 Td [(b)-28 (orro)27 (w)27 (ers)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.59 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.937 0 Td [(thereb)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.606 0 Td [(a)26 (v)28 (oid)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -40.595 -2.008 Td (extending)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.526 0 Td (loans)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.505 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.166 0 Td [(applican)27 (ts)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.699 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.11 0 Td (are)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.613 0 Td (not)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.722 0 Td [(credit)27 (w)28 (orth)28 (y)83 (.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.126 0 Td (In)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.194 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.665 0 Td (second)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.171 0 Td [(p)-28 (erio)-28 (d,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.347 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.666 0 Td (uninformed)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.252 0 Td (bank)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -40.762 -2.009 Td (acquires)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.842 0 Td (this)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.924 0 Td [(tec)27 (hnology)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.974 0 Td (with)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.252 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.807 0 Td (certain)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.31 0 Td [(probabilit)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.088 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.14 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.979 0 Td (set)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.534 0 Td [(b)26 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.363 0 Td (bank)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.446 0 Td (regulators)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.652 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.918 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.14 0 Td [(dep)-28 (ends)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -39.369 -2.009 Td (on)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.441 0 Td (stated)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.058 0 Td (dissemination)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.342 0 Td [(p)-28 (olicy)83 (.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.408 0 Td (If)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.053 0 Td [(suc)27 (h)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.308 0 Td (di\256usion)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.086 0 Td [(tak)27 (es)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.614 0 Td (place,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.899 0 Td [(b)-27 (oth)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.414 0 Td (banks)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.919 0 Td (acquire)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.528 0 Td (information)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.472 0 Td [(b)-27 (e)]TJ EMC /HyphenSpan <>BDC (-)Tj EMC /P <>BDC -41.542 -2.008 Td (fore)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.067 0 Td [(comp)-27 (eting)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.952 0 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.622 0 Td [(b)-28 (orro)27 (w)27 (ers;)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.013 0 Td (otherwise,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.845 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.814 0 Td [(tec)27 (hnology)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.092 0 Td (leader)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.039 0 Td [(comp)-28 (etes)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.458 0 Td (against)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.542 0 Td (an)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.481 0 Td (uninformed)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -37.925 -2.009 Td [(in)27 (termediary)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.894 0 Td (as)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.227 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.167 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.722 0 Td (\257rst)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.064 0 Td [(p)-28 (erio)-28 (d.)]TJ /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf -10.522 -2.009 Td [(W)83 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.781 0 Td (\257nd)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.059 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.225 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.781 0 Td [(tec)27 (hnology)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.06 0 Td (leader's)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.678 0 Td [(in)27 (v)28 (estmen)28 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.12 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.225 0 Td [(dev)27 (eloping)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.003 0 Td (\257nancial)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.059 0 Td [(inno)26 (v)56 (ations)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.343 0 Td (decreases)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -38.886 -2.008 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.271 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.827 0 Td [(probabilit)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.219 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.244 0 Td (di\256usion)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.138 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.245 0 Td (these)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.666 0 Td [(inno)27 (v)56 (ations)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.389 0 Td (as)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.332 0 Td [(w)27 (ell)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.132 0 Td (as)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.332 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.271 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.828 0 Td [(a)27 (v)28 (erage)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.691 0 Td [(credit)27 (w)27 (orthiness)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 7.511 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -42.096 -2.009 Td [(b)-27 (orro)27 (w)27 (ers.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.206 0 Td (Since)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.685 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.795 0 Td (price)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.521 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.213 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.907 0 Td (loan)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.24 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.079 0 Td [(comp)-27 (etitiv)26 (ely)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.295 0 Td (set,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.932 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.795 0 Td (di\256usion)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.107 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.213 0 Td [(tec)27 (hnological)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.046 0 Td [(adv)54 (ances)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -39.034 -2.009 Td (puts)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.199 0 Td [(b)-28 (oth)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.334 0 Td (banks)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.837 0 Td (on)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.361 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.805 0 Td (more-equal)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.112 0 Td [(fo)-28 (oting)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.361 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.916 0 Td (leads)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.476 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.194 0 Td (more)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.474 0 Td [(aggressiv)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.651 0 Td (bidding)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.582 0 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.502 0 Td [(b)-28 (orro)27 (w)28 (ers)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.569 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.137 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -41.51 -2.008 Td (second)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.292 0 Td [(p)-28 (erio)-27 (d.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.698 0 Td (This)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.348 0 Td (increase)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.852 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.231 0 Td [(comp)-28 (etition)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.592 0 Td [(lo)27 (w)27 (ers)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.074 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.787 0 Td (price)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.513 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.204 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.787 0 Td (loan)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.232 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.009 0 Td (reduces)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.629 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.787 0 Td [(o)27 (v)28 (erall)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -40.035 -2.009 Td (returns)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.426 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.194 0 Td [(in)27 (v)28 (estmen)28 (ts)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.426 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.138 0 Td [(tec)27 (hnology)84 (,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.172 0 Td [(th)27 (us)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.172 0 Td (decreasing)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.812 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.694 0 Td [(tec)27 (hnology)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.972 0 Td (leader's)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.59 0 Td [(incen)26 (tiv)28 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.166 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.194 0 Td [(inno)27 (v)55 (ate.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -38.956 -2.009 Td [(Similarly)83 (,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.643 0 Td (increases)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.337 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.323 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.878 0 Td [(a)26 (v)28 (erage)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.744 0 Td [(credit)27 (w)28 (orthiness)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 7.562 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.296 0 Td [(b)-28 (orro)27 (w)28 (ers)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.754 0 Td (reduce)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.326 0 Td [(o)27 (v)28 (erall)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.354 0 Td (credit)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.993 0 Td (risk)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.081 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -41.291 -2.008 Td (therefore)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.174 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.696 0 Td [(necessit)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.151 0 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.505 0 Td (screening,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.598 0 Td (again)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.64 0 Td (making)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.502 0 Td (lending)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.475 0 Td [(mark)27 (ets)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.76 0 Td (more)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.476 0 Td [(comp)-28 (etitiv)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.39 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.919 0 Td [(lo)27 (w)28 (ering)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -39.286 -2.009 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.722 0 Td [(inno)27 (v)56 (ating)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.889 0 Td (bank's)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.144 0 Td [(in)27 (v)27 (estmen)28 (t.)]TJ /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf -8.203 -2.009 Td (Although)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.448 0 Td (\257nancial)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.032 0 Td (regulators)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.709 0 Td [(t)26 (ypically)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.115 0 Td [(ha)27 (v)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.337 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.865 0 Td (wide)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.364 0 Td [(arra)26 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.648 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.171 0 Td [(resp)-28 (onsibilities,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 7.086 0 Td [(w)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.503 0 Td [(fo)-28 (cus)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.592 0 Td (on)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.421 0 Td (their)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -40.843 -2.008 Td (role)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.913 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.132 0 Td (minimizing)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.132 0 Td (credit)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.802 0 Td (risk)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.891 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.132 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.688 0 Td (banking)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.772 0 Td (system.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.694 0 Td [(T)83 (o)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.437 0 Td (this)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.917 0 Td (end,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.138 0 Td (regulators)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.645 0 Td [(c)27 (ho)-27 (ose)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.138 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.688 0 Td [(probabilit)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -38.119 -2.009 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.212 0 Td [(tec)27 (hnological)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.045 0 Td (di\256usion)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.107 0 Td (after)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.437 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.795 0 Td [(tec)26 (hnology)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.074 0 Td (leader)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.02 0 Td (has)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.857 0 Td [(inno)27 (v)56 (ated.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.164 0 Td (Our)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.131 0 Td (main)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.574 0 Td (result)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.859 0 Td (establishes)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -38.275 -2.008 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.087 0 Td (regulators)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.6 0 Td (should)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.093 0 Td (restrict)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.377 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.644 0 Td [(exten)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.976 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.144 0 Td [(whic)27 (h)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.783 0 Td (they)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.172 0 Td (disseminate)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.321 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.644 0 Td [(tec)27 (hnology)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.922 0 Td (so)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.148 0 Td (as)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.149 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.144 0 Td (partially)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -39.204 -2.009 Td (protect)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.455 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.73 0 Td (informational)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.205 0 Td [(monop)-27 (oly)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.62 0 Td (created)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.51 0 Td [(b)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.397 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.73 0 Td (leader)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.955 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.952 0 Td (encourage)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.677 0 Td (\257nancial)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.008 0 Td [(inno)27 (v)55 (ation.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.302 0 Td (Al)Tj EMC /HyphenSpan <>BDC (-)Tj EMC /P <>BDC -41.541 -2.009 Td (though)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.335 0 Td (ex)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.232 0 Td [(p)50 (ost)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.086 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.668 0 Td (aggregate)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.449 0 Td [(loan-p)-28 (ortfolio)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.171 0 Td [(qualit)26 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.308 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.086 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.669 0 Td (banking)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.752 0 Td (system)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.263 0 Td (increases)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.126 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.113 0 Td [(tec)27 (hnological)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -37.258 -2.008 Td (di\256usion,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.329 0 Td (regulators)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.693 0 Td [(ma)26 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.182 0 Td (wish)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.298 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.237 0 Td [(resp)-27 (ect)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.44 0 Td [(in)27 (tellectual)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.153 0 Td [(prop)-28 (ert)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.104 0 Td [(righ)27 (ts)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.828 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.237 0 Td [(pro)27 (vide)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.56 0 Td (ex-ante)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.569 0 Td [(incen)27 (tiv)28 (es)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -38.631 -2.009 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.53 0 Td (\257nancial)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4 0 Td [(inno)27 (v)55 (ation.)]TJ /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf -3.978 -2.009 Td [(Ho)27 (w)28 (ev)28 (er,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.366 0 Td [(suc)26 (h)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.303 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.88 0 Td (regulatory)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.858 0 Td [(approac)26 (h)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.356 0 Td [(presupp)-28 (oses)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.594 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.213 0 Td (regulators)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.726 0 Td (can)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.88 0 Td (credibly)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.855 0 Td (commit)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.658 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.27 0 Td (an)Tj EMC /HyphenSpan <>BDC (-)Tj EMC /P <>BDC -41.511 -2.008 Td (nounced)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.009 0 Td (di\256usion)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.099 0 Td [(p)-28 (olicies.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.119 0 Td [(Suc)27 (h)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.483 0 Td [(commitmen)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.871 0 Td [(ma)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.232 0 Td (not)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.844 0 Td [(b)-28 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.426 0 Td (feasible,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.894 0 Td [(giv)27 (en)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.677 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.788 0 Td [(ev)27 (olving)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.982 0 Td (regulatory)Tj /T1_1 1 Tf ( )Tj EMC /Artifact <>BDC /T1_0 1 Tf -17.232 -2.857 Td (2)Tj /T1_1 1 Tf ( )Tj EMC ET endstream endobj 2202 0 obj <>stream /Artifact <>BDC q 1.00028 0 0 1.00028 72 769.82 cm 0 G 0.4 w q 1 0 0 1 0 -580.95 cm 0 0 m 187.15 0 l S Q Q EMC BT /P <>BDC 0 g /T1_0 1 Tf 0 Tc 0 Tw 0 Ts 100 Tz 0 Tr 14.344 0 0 14.344 72 758.8569 Tm (1)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.687 0 Td [(In)30 (tro)-30 (duction)]TJ /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_2 1 Tf 10.9131 0 0 10.9131 72 726.1378 Tm (Financial)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.375 0 Td [(inno)27 (v)56 (ation)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.888 0 Td (has)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.784 0 Td [(pla)27 (y)28 (ed)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.138 0 Td (an)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.389 0 Td [(imp)-28 (ortan)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.725 0 Td (role)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.947 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.167 0 Td (shaping)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.672 0 Td (\257nancial)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4 0 Td [(mark)27 (ets)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.786 0 Td [(b)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.389 0 Td (extending)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.584 0 Td (their)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf -40.844 -2.009 Td [(scop)-27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.733 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.978 0 Td (increasing)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.709 0 Td (their)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.426 0 Td (e\261ciency)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.339 0 Td [(\(V)82 (an)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.479 0 Td (Horne,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.295 0 Td (1985\).)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.213 0 Td (This)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.318 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.039 0 Td (particularly)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.456 0 Td (true)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.149 0 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.564 0 Td (\257nancial)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.034 0 Td (in)Tj EMC /HyphenSpan <>BDC (-)Tj EMC /P <>BDC -41.732 -2.009 Td (termediaries)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.641 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.131 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.687 0 Td (\257elds)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.526 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.104 0 Td (risk)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.89 0 Td [(measuremen)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 6.056 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.909 0 Td (risk)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.89 0 Td [(managemen)27 (t,)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 6.111 0 Td (where)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.856 0 Td (new)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.02 0 Td (analytic)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.77 0 Td [(to)-28 (ols)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.386 0 Td [(suc)26 (h)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf -40.977 -2.008 Td (as)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.255 0 Td (credit-scoring)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 6.262 0 Td [(metho)-28 (dology)82 (,)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 6.175 0 Td (wider)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.754 0 Td [(a)27 (v)56 (ailabilit)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.14 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.168 0 Td (data,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.591 0 Td [(b)-28 (etter)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.004 0 Td (information)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.448 0 Td [(pro)-28 (cessing)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.848 0 Td [(\(adv)55 (ances)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf -38.645 -2.009 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.204 0 Td (IT\),)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.121 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.982 0 Td (new)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.093 0 Td (\257nancial)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.038 0 Td [(instrumen)27 (ts)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.523 0 Td [(suc)27 (h)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.293 0 Td (as)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.265 0 Td (credit)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.874 0 Td [(deriv)54 (ativ)28 (es)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.019 0 Td [(ha)27 (v)28 (e)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.343 0 Td (profoundly)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.096 0 Td [(c)26 (hanged)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.899 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.76 0 Td (na)Tj EMC /HyphenSpan <>BDC (-)Tj EMC /P <>BDC -41.51 -2.008 Td (ture)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.175 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.2 0 Td (\257nancial)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.061 0 Td [(in)27 (termediation.)]TJ EMC /StyleSpan <>BDC /T1_3 1 Tf 7.9722 0 0 7.9722 225.573 620.4782 Tm (1)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_2 1 Tf 10.9131 0 0 10.9131 237.1462 616.5271 Tm (The)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.115 0 Td (new)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.117 0 Td (regulatory)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.872 0 Td (standards)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.63 0 Td (commonly)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.866 0 Td (referred)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.764 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.284 0 Td (as)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.288 0 Td (\\Basel)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf -40.069 -2.009 Td [(I)-27 (I")]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.649 0 Td (explicitly)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.399 0 Td (recognize)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.403 0 Td (this)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.017 0 Td (transformation)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 6.882 0 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.597 0 Td (they)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.316 0 Td (base)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.294 0 Td [(eac)27 (h)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.317 0 Td (bank's)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.21 0 Td (capital)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.345 0 Td [(requiremen)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.628 0 Td (on)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.455 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf -41.512 -2.009 Td (riskiness)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.942 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.091 0 Td (its)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.346 0 Td [(p)-28 (ortfolio)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.011 0 Td (as)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.179 0 Td (assessed)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.807 0 Td [(b)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.341 0 Td (its)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.346 0 Td [(o)27 (wn,)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.323 0 Td (often)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.48 0 Td [(proprietary)82 (,)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.414 0 Td (systems.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.084 0 Td (In)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.202 0 Td (this)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.902 0 Td [(pap)-27 (er)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.759 0 Td [(w)26 (e)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.424 0 Td (analyze)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf -39.651 -2.008 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.721 0 Td (economic)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.332 0 Td (forces)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.813 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.166 0 Td [(driv)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.501 0 Td (\257nancial)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4 0 Td [(inno)27 (v)56 (ation)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.888 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.165 0 Td (credit)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.835 0 Td (risk)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.925 0 Td [(managemen)27 (t,)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 6.138 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.944 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.721 0 Td (role)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.946 0 Td [(pla)26 (y)28 (ed)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf -40.095 -2.009 Td [(b)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.389 0 Td (regulators)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.678 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.167 0 Td (fostering)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.091 0 Td [(suc)27 (h)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.256 0 Td [(adv)55 (ances.)]TJ /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_2 1 Tf -12.029 -2.009 Td [(Suc)27 (h)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.337 0 Td (an)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.31 0 Td (analysis)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.681 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 0.925 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.06 0 Td (primary)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.731 0 Td [(imp)-28 (ortance)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.173 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.086 0 Td [(ligh)26 (t)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.226 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.059 0 Td [(recen)26 (tly)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.702 0 Td [(prop)-28 (osed)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.178 0 Td [(c)27 (hanges)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.62 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.142 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.642 0 Td (regulatory)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf -38.424 -2.008 Td [(framew)27 (ork)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.971 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.214 0 Td [(giv)26 (e)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.104 0 Td [(sup)-28 (ervisors)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.238 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.993 0 Td (regulators)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.727 0 Td (direct)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.884 0 Td [(resp)-28 (onsibilit)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 6.202 0 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.579 0 Td (encouraging)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.607 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.771 0 Td [(dev)27 (elop)]TJ EMC /HyphenSpan <>BDC (-)Tj EMC /P <>BDC -39.29 -2.009 Td [(men)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.45 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.061 0 Td [(risk-managemen)26 (t)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 7.709 0 Td (systems)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.634 0 Td (through)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.703 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.645 0 Td [(sup)-28 (ervisory)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.245 0 Td (review)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.064 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.062 0 Td (banks')Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.067 0 Td [(in)27 (ternal)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.619 0 Td [(risk-assessmen)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf -36.259 -2.009 Td [(mo)-27 (dels.)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.737 0 Td [(Moreo)27 (v)28 (er,)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.63 0 Td (as)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.173 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 0.78 0 Td [(w)27 (a)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.974 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.086 0 Td (reducing)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.005 0 Td (risk)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.871 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.113 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.669 0 Td (banking)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.751 0 Td (system,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.552 0 Td (these)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.508 0 Td [(prop)-27 (osals)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.377 0 Td (mandate)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.058 0 Td (estab)Tj EMC /HyphenSpan <>BDC (-)Tj EMC /P <>BDC -40.284 -2.008 Td (lishing)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.225 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 0.886 0 Td (set)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.614 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.192 0 Td (industry)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.033 0 Td [(\\b)-28 (est)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.698 0 Td (practices")Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.728 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.997 0 Td (distributing)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.506 0 Td [(an)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.943 0 Td (newly)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.914 0 Td [(dev)27 (elop)-27 (ed)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.692 0 Td [(metho)-28 (dologies)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 6.586 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf -42.014 -2.009 Td (all)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.411 0 Td (banks.)Tj EMC /StyleSpan <>BDC /T1_3 1 Tf 7.9722 0 0 7.9722 118.0629 401.2568 Tm (2)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_2 1 Tf 10.9131 0 0 10.9131 128.3858 397.2957 Tm [(Recen)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.342 0 Td [(commen)27 (ts)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.722 0 Td (on)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.412 0 Td (Basel)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.681 0 Td [(I)-28 (I)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.106 0 Td [(b)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.412 0 Td [(F)83 (ederal)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.539 0 Td [(Reserv)26 (e)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.712 0 Td (Board)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.012 0 Td [(Go)27 (v)28 (ernor)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.396 0 Td (Laurence)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.317 0 Td (H.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.384 0 Td [(Mey)27 (er)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf -40.202 -2.009 Td (summarize)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.008 0 Td (this)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.95 0 Td (role)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.947 0 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.531 0 Td [(sup)-28 (ervisors:)]TJ EMC /StyleSpan <>BDC /T1_3 1 Tf 7.9722 0 0 7.9722 241.8475 379.3307 Tm (3)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_2 1 Tf 10.9131 0 0 10.9131 99.2776 341.5001 Tm [(\\W)83 (e're)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.381 0 Td (not)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.824 0 Td (smart)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.887 0 Td (enough)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.49 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.212 0 Td [(W)83 (ashington)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.551 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.268 0 Td (\257gure)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.826 0 Td (out)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.824 0 Td (what)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.546 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.768 0 Td [(b)-28 (est)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.191 0 Td (practices)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.221 0 Td (are)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.715 0 Td (for)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_2 1 Tf -36.704 -2.009 Td (banks,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.151 0 Td (but)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.839 0 Td [(w)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.478 0 Td (are)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.675 0 Td (smart)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.847 0 Td (enough)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.451 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.228 0 Td (ask)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.762 0 Td (banks)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.872 0 Td (what)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.506 0 Td (they're)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.371 0 Td (doing)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.728 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.95 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.229 0 Td [(iden)27 (tify)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.644 0 Td (what)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_2 1 Tf -35.731 -2.009 Td [(b)-27 (est)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.144 0 Td (practice)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.781 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.005 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.944 0 Td (then)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.279 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.222 0 Td (spread)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.175 0 Td (it)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.001 0 Td (around.")Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_2 1 Tf -17.499 -3.104 Td [(W)83 (e)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.895 0 Td [(p)-28 (oin)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.786 0 Td (out)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.952 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.34 0 Td (there)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.732 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.179 0 Td (an)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.563 0 Td [(inheren)26 (t)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.094 0 Td (tension)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.624 0 Td [(b)-28 (et)27 (w)28 (een)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.034 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.897 0 Td [(dev)27 (elopmen)28 (t)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.979 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.313 0 Td [(e\256ectiv)26 (e)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.035 0 Td (risk-)Tj -40.975 -2.008 Td [(assessmen)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.037 0 Td [(to)-28 (ols)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.41 0 Td [(b)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.377 0 Td (banks)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.855 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.932 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.71 0 Td (di\256usion)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.021 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.128 0 Td [(suc)27 (h)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.243 0 Td [(tec)27 (hnology)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.989 0 Td [(b)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.377 0 Td (regulators.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.063 0 Td [(An)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.127 0 Td (di\256usion)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.021 0 Td [(p)-28 (olicy)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf -40.29 -2.009 Td (aimed)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.9 0 Td (at)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.178 0 Td (reducing)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.014 0 Td (banking-system)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 7.078 0 Td (risk)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.881 0 Td [(m)27 (ust)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.433 0 Td (therefore)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.156 0 Td (balance)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.567 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1.667 0 Td (ex)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1.24 0 Td [(p)50 (ost)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.095 0 Td [(b)-28 (ene\257ts)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.656 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.095 0 Td (widely)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.095 0 Td (adopt)Tj EMC /HyphenSpan <>BDC (-)Tj EMC /P <>BDC -40.056 -2.008 Td (ing)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.66 0 Td (\257nancial)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.995 0 Td [(inno)27 (v)56 (ations)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.278 0 Td (with)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.272 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1.711 0 Td (ex)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1.276 0 Td (ante)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.268 0 Td (protection)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.774 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.133 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.717 0 Td [(inno)27 (v)56 (ator's)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.114 0 Td [(in)27 (tellectual)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.133 0 Td [(prop)-27 (ert)26 (y)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.083 0 Td [(righ)27 (ts)]TJ /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_5 1 Tf 5.9817 0 0 5.9817 84.4335 182.0555 Tm (1)Tj EMC /P <>BDC /T1_6 1 Tf 8.9625 0 0 8.9625 88.5846 178.2544 Tm (See)Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 1.822 0 Td (Mishkin)Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 3.94 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 1.993 0 Td (Strahan)Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 3.88 0 Td (\(1999\))Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 3.192 0 Td (or)Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 1.253 0 Td (Allen,)Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 2.993 0 Td (McAndrews)Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 5.656 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 1.993 0 Td (Strahan)Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 3.88 0 Td (\(2002\))Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 3.192 0 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 1.567 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 0.851 0 Td (description)Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 5.256 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 1.165 0 Td (these)Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 2.628 0 Td (trends,)Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 3.43 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf -50.541 -1.223 Td [(Hausw)28 (ald)]TJ /T1_1 1 Tf ( )Tj /T1_6 1 Tf 4.687 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 1.998 0 Td (Marquez)Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 4.228 0 Td (\(2003\))Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 3.197 0 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 1.573 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 0.857 0 Td (formal)Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 3.228 0 Td (analysis.)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_5 1 Tf 5.9817 0 0 5.9817 84.4335 160.1393 Tm (2)Tj EMC /P <>BDC /T1_6 1 Tf 8.9625 0 0 8.9625 88.5846 156.3283 Tm (The)Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 2.059 0 Td (new)Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 2.059 0 Td [(\\in)28 (ternal-risk)]TJ /T1_1 1 Tf ( )Tj /T1_6 1 Tf 6.236 0 Td (based")Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 3.32 0 Td (capital)Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 3.314 0 Td (standards)Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 4.641 0 Td (place)Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 2.572 0 Td [(hea)27 (vy)]TJ /T1_1 1 Tf ( )Tj /T1_6 1 Tf 2.887 0 Td (emphasis)Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 4.354 0 Td (on)Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 1.373 0 Td (proprietary)Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 5.349 0 Td [(risk-managemen)28 (t)]TJ /T1_1 1 Tf ( )Tj /T1_6 1 Tf 7.948 0 Td (practices,)Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf -47.962 -1.222 Td [(esp)-28 (ecially)]TJ /T1_1 1 Tf ( )Tj /T1_6 1 Tf 4.66 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 1.227 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 1.799 0 Td (area)Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 2.258 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 1.199 0 Td (credit)Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 2.942 0 Td (risk.)Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 2.462 0 Td [(F)84 (or)]TJ /T1_1 1 Tf ( )Tj /T1_6 1 Tf 1.873 0 Td (details,)Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 3.581 0 Td (see)Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 1.691 0 Td (BIS)Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 2.041 0 Td (\(2003a\))Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 3.739 0 Td (and,)Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 2.319 0 Td [(esp)-29 (ecially)85 (,)]TJ /T1_1 1 Tf ( )Tj /T1_6 1 Tf 4.868 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 1.798 0 Td (discussion)Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 4.842 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 1.199 0 Td (\\Pillars)Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 3.762 0 Td (1)Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 0.884 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 2.027 0 Td (2")Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf -51.171 -1.223 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 1.17 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 1.771 0 Td (Basel)Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 2.732 0 Td [(I)-29 (I)]TJ /T1_1 1 Tf ( )Tj /T1_6 1 Tf 1.113 0 Td [(Prop)-29 (osal.)]TJ /T1_1 1 Tf ( )Tj /T1_6 1 Tf 4.676 0 Td (Hirtle)Tj /T1_1 1 Tf ( )Tj /T1_7 1 Tf 2.95 0 Td (et)Tj /T1_1 1 Tf ( )Tj /T1_7 1 Tf 1.18 0 Td (al.)Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 1.56 0 Td (\(2001\))Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 3.197 0 Td (discuss)Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 3.443 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 1.771 0 Td (regulatory)Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 4.944 0 Td [(c)27 (hallenges)]TJ /T1_1 1 Tf ( )Tj /T1_6 1 Tf 4.832 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 1.171 0 Td (this)Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 2.004 0 Td [(approac)27 (h.)]TJ /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_5 1 Tf 5.9817 0 0 5.9817 84.4335 127.2601 Tm (3)Tj EMC /P <>BDC /T1_6 1 Tf 8.9625 0 0 8.9625 88.5846 123.4591 Tm [(In)28 (terview)]TJ /T1_1 1 Tf ( )Tj /T1_6 1 Tf 4.542 0 Td (published)Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 4.631 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 1.204 0 Td (ABA)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 2.611 0 Td (Banking)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 4.069 0 Td (Journal)Tj /T1_6 1 Tf 3.389 0 Td (,)Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 0.629 0 Td [(Septem)28 (b)-28 (er)]TJ /T1_1 1 Tf ( )Tj /T1_6 1 Tf 5.085 0 Td (2001,)Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 2.684 0 Td (p.)Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 1.314 0 Td (43.)Tj /T1_1 1 Tf ( )Tj EMC ET endstream endobj 246 0 obj <> endobj 57 0 obj <> endobj 2204 0 obj <>stream H\j0@čCHn36@j+]`q^'Y|/r-'1glZ-~vwc6V/g˪;׏8EZ{\ijNN/%~I~]kuk|:6ϻ._ܽ ÿx!~OZL߬qߟ!VrbY=w288z]6uSOacPeCw?~N?ˇIK f0 1x0<2<1lD@G#z=AG#z=Y>stream xy84֬᡻ly6f(2 0dMeR!Rw=e !1$!RT<=~ﾏ>y~^y)95x2 !1A4! JJ&TG#PȦ8h40 >h F Є@J@(p—3QBF$JȀ XE8"H@Z( D  t 7O2CP? 5 \zSPm)@?8/i@ oL )uz f47"  &B@CqO#7quuU9֟C8?7ZD%d YGO&YC[QP놰HG7!,pBc-X|(Thp"X#"$BYu K p߈Dp/_-d eccJH8T @5YF>(mD: F (1GT*H۬ >A0Cnܔ WSbkMLthvS"YɏbK覐OZZ_;ŋ*U++,RWe~=|R#Lsg@+Q V_m]6^yW;Gd|giH8?IVN¹3/ezaP2OV^}LsdV-JE].״b{=ڼb_%3l{dvMXJtV.ݺ|b2Sh.hKʎav]7&G? ~bݫW*diR3w 'LK,R^n?[\t}n5C/6/u앲Psig#ۺcM{}Ē>Ndfm_rwtZc7lgLHp=f wa# }G8(f930dz3LM2*E%~Pd20Ͽb>$+7$?$״:?P(((Ծ6x04:=5g':)ل970Gl֖lGC3"6EPL ^٤k? DiFM%>;4ixˏ,۪{l6^5$t)$&M잺xs~vaA>fDWc2.m;ށ0v1FctѝmߦHOt'{nxv ]deMh:o=moMX<ZIV.D:1x3^elv'?N3b ^.-\%boB7lTxgz: Y.6Oj;NVִoX)z0dž #4qXTp}9mA8gܭ aۯm.)?h3`JC򀦷WB\KsOLocE^ b#-277Sqc>㍤cYsK߲krE=E\:W$$} Θwȶ$;OuMCZwO}ʻt8`Gn|&(>93l: x*&no!f <ӥH3rx0Wxj-2,lن-Y,&1'Wpu[l7[G_$("֩ts)Ҕu~*ZN ^fh|cў"} Q[fgTKv/:rX;m$Br;w{ f.5jA} PcBdl mZPx"7 W5~Wóό"0b2B_R K(^,]TV~#&eV30'rf\oB.KZ J<#9",ð|q|z_o\챜τ*V OS M=kqKTI_{SAGaq`(a=}Mg~tE`X.yi)^g53tfaF!A6X=rn/NE$"FZEӑR>v%#*&La+;ZZ.>*ԑ諔3M릹<慱G|V`3|=^ٓ?rǒ+,IY/b9Ma/UMD;倾muC%bt.vo/ N}"Ȑ LԽ0gu i0X1)@Sߢ4 G@ ؏K endstream endobj 5 0 obj <>/ProcSet[/PDF/Text]>>/StructParents 0/Tabs/S/Type/Page>> endobj 35 0 obj <>/ProcSet[/PDF/Text]>>/StructParents 3/Tabs/S/Type/Page>> endobj 2207 0 obj <>stream BT /P <>BDC 0 g /T1_0 1 Tf 0 Tc 0 Tw 0 Ts 100 Tz 0 Tr 17.2148 0 0 17.2148 165.7062 757.8667 Tm [(Loan-P)26 (ortfolio)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.068 0 Td [(Qualit)25 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.304 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.782 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.573 0 Td (Di\256usion)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -10.063 -1.968 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.035 0 Td [(T)77 (ec)26 (hnological)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.69 0 Td [(Inno)25 (v)53 (ation)]TJ /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_2 1 Tf 9.9628 0 0 9.9628 284.0794 572.7348 Tm (Abstract)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_3 1 Tf -18.549 -2.567 Td [(W)83 (e)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.667 0 Td (study)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 2.702 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.669 0 Td (economic)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 4.279 0 Td (forces)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 2.761 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 2.113 0 Td [(driv)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 2.449 0 Td [(inno)27 (v)56 (ation)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 4.835 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.112 0 Td (credit-risk)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 4.708 0 Td [(assessmen)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 4.996 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.891 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.668 0 Td (role)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.894 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.086 0 Td (reg)Tj EMC /HyphenSpan <>BDC (-)Tj EMC /P <>BDC -39.83 -1.941 Td (ulators)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 3.387 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.213 0 Td (fostering)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 4.138 0 Td [(tec)27 (hnological)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 6.019 0 Td (progress.)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 4.434 0 Td [(Recen)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 3.366 0 Td (regulatory)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 4.857 0 Td [(prop)-28 (osals)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 4.478 0 Td (base)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 2.274 0 Td (capital-adequacy)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf -34.166 -1.942 Td (standards)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 4.684 0 Td (on)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.504 0 Td (banks')Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 3.26 0 Td [(o)27 (wn)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 2.199 0 Td [(in)27 (ternal)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 3.812 0 Td (systems)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 3.827 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 2.06 0 Td (call)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.948 0 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.646 0 Td (regulators)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 4.794 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.338 0 Td (establish)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 4.237 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 0.949 0 Td (set)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.677 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.254 0 Td [(\\b)-28 (est)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf -39.189 -1.942 Td (practices")Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 4.76 0 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.617 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.808 0 Td [(industry)82 (.)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 4.545 0 Td [(W)82 (e)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.808 0 Td (\257nd)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 2.087 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 2.252 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.809 0 Td (dissemination)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 6.375 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.225 0 Td [(inno)26 (v)56 (ations)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 5.371 0 Td (mandated)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 4.752 0 Td [(b)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.476 0 Td (this)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf -39.885 -1.942 Td [(approac)28 (h)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 4.308 0 Td (generates)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 4.398 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 0.834 0 Td (tension)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 3.451 0 Td [(b)-27 (et)26 (w)28 (een)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 3.861 0 Td [(lo)27 (w)28 (ering)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 3.948 0 Td (aggregate)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 4.503 0 Td (banking-system)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 7.123 0 Td (risk)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1.925 0 Td (ex)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1.281 0 Td [(p)50 (ost)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 2.142 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.944 0 Td (pro)Tj EMC /HyphenSpan <>BDC (-)Tj EMC /P <>BDC -39.718 -1.942 Td (viding)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 3.141 0 Td (banks)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 2.98 0 Td (with)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 2.392 0 Td [(incen)27 (tiv)28 (es)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 4.703 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.336 0 Td [(inno)27 (v)55 (ate)]TJ /T1_1 1 Tf ( )Tj /T1_4 1 Tf 4.112 0 Td (ex)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1.386 0 Td (ante)Tj /T1_3 1 Tf (.)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 2.929 0 Td [(Moreo)27 (v)28 (er,)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 4.814 0 Td (this)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 2.064 0 Td (tension)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 3.564 0 Td (arises)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 2.85 0 Td (purely)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 3.2 0 Td (from)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf -39.471 -1.941 Td (regulatory)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 4.895 0 Td (concern)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 3.755 0 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.615 0 Td (bank)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 2.557 0 Td [(safet)26 (y)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 2.952 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 2.029 0 Td (not)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.864 0 Td (from)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 2.449 0 Td [(an)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.975 0 Td [(in)27 (terest)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 3.676 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.252 0 Td (promoting)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 4.921 0 Td [(comp)-28 (etition.)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 6.171 0 Td [(W)82 (e)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf -40.111 -1.942 Td [(sho)28 (w)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 2.422 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 2.112 0 Td [(ac)27 (hieving)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 4.333 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.668 0 Td (optimal)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 3.612 0 Td [(lev)27 (el)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 2.223 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.084 0 Td [(inno)26 (v)56 (ation)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 4.835 0 Td (requires)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 3.706 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 2.112 0 Td (regulators)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 4.624 0 Td (restrict)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 3.4 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.668 0 Td (di\256usion)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf -37.799 -1.942 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.179 0 Td [(tec)27 (hnology)83 (.)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 5.428 0 Td (If)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.041 0 Td (regulators)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 4.719 0 Td (are)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.709 0 Td (unable)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 3.263 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.263 0 Td (commit)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 3.652 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.263 0 Td [(sp)-28 (eci\257c)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 3.519 0 Td (dissemination)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 6.329 0 Td [(p)-28 (olicies,)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 3.862 0 Td (it)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.041 0 Td [(ma)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 2.207 0 Td [(b)-28 (e)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf -40.475 -1.942 Td [(b)-27 (ene\257cial)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 4.408 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.215 0 Td (let)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.436 0 Td (banks)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 2.859 0 Td (assert)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 2.839 0 Td [(in)27 (tellectual)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 5.131 0 Td [(prop)-27 (ert)26 (y)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 4.081 0 Td [(righ)27 (ts)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 2.806 0 Td (through,)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 4.052 0 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.522 0 Td (instance,)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 4.166 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.715 0 Td [(paten)27 (ting)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 4.464 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf -40.694 -1.942 Td (their)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 2.39 0 Td [(inno)26 (v)56 (ations.)]TJ /T1_1 1 Tf ( )Tj EMC ET endstream endobj 233 0 obj <> endobj 8 0 obj <> endobj 2208 0 obj <>stream H\݊@s{ᖲ0WmY{nB!{nc|}Lȏw2̬ݮV~nnp]^۩Npn1Yy/rOQ=5|~0a}}~tq> 9NVY~B('5!\}}e]fn61u]z~uP` dP 0XZuOA5=AG#z=AG44444K 4444K 44K 44%O,)##G#Hz$#HG#(GE*XR(=xbIxbIxbIxbIxTGѣG(zTĒB񨼄hz4.XR(=xt٣Ggf4GgGӣMf4c1`usyTn4\* T4R !ՐjH5R TK%ӲXz,=KcXz,=Gq8z=Gq8z\l@xz<=Oxz<=w]ڷMR>qjy_vD> !?6 endstream endobj 7 0 obj <>stream xy<dz3d YM)+[ٷ#0a1vf2%[F-Nd%2RH8tu}}\u UXGu,ToH AAub4H@R^^Pv$I4$c=qhg< .G,ġ0NqrpLNh$_T܀ln 8$Bh'H D) \"7D XR5$׽ m Xwo<cH柩?#hojNg7$ guDN. + itn,@5 5E?_dbɿt<8`-!.!!IJ$Gk',! LpA  @C1Xq+kF }Wcn+kٳ}]6!kPaC"mx~MS2hSO Ư>Ͷ{FTG?b v96V}Ѽ-KooY"b7e(ǾGMdI?XD桇E؝=zf03]LIpa,kTթ{G敐Pnzh7aRFR&="T:O 1b(yZMQKM꽕 /KsYIO6W_OD%U= Ϋjs,m(K2 {Wł_洭+Ӓ{-M6-vB+"=EyO\u5z^٫me:"&iݡ?cpⱴJ|]9 tpUk-i n%+Oomx.fv2|s(:zE7$v3]2ɧ, ޹g(&˚!=|cRG4]=PKC{Ե¦;~l)]P.Kc&A*):ۙ0R~t7yx{;ʅM4ϬV;pgogg/nZc(͛#gY3qj^ljKѓ i<܆ZKhJa(JRpʶj6jv7 $]2ul>ŷ3$ϴC+ʍ:X08Դ+ʕNΊ'6,H8&}m4 <)6n[I暖B[EbUla{Ch9HMyHGx樺uDz}y;UWg ɈqS͌.6|31ٱ5eTpa;XIO`T1NN{IF0եbb=={~m]-k/< E->HiHC_^3 uk[^LBns")mQ"TΚ37%{Y@gZN"z$<(Iz?V=sz}:Keg6'LMFÖܯ̜&])) ;$94NA0MJ~Ygr f C7#kD"Q_U]~h#Iszܗ\3)l)aRj/yeguWf&&8lz6V-0uZ-Z1_ .66-:3KE䉶fOUf!?`R])F@;rO[TUq قȈUr)'c&HU}s(clPgPt;㋌k%QvA+7jXC>${3mn .Yju˔G1g+ѻFR -7jl?,Ъ*rk("X|{`\JXǞBV/ijPn,ݘ&w XId6loEy3b=qD Y=DGGFN0spCCꝔv,#Ci)b8|ts9)mp˚9 z,Kޗ Ise+ ͔CB0wxOVwFk7ǜ? 8_? 1z&[8o2kKntbSSD?Ƀ ӟȩ/p6Wˎ#[qVƷ+tibQϽ&M/᯾q0aےX-ˆ #za[ߦKt O>AAL,`F']yϊ8lIdnaEOweVu0 4|c ({HoD3~@2YP\ d:&r2oxo!9k [ 1#\lm=B+/@ݍk|}ˏzm&]g'EC>7F_,s:T(z5f^'ԉo.]-`_oHޑժgdrqv쨽;g:~ {ߘR{O=𡷰bkH(@UKJm/$WRHWh+'A(3&6m}7F~:7'=c370@)9iFz;xj(f32^A,J"4on`sK&~WJQ50GbTJ'  C@~\KҳMq8:b{ˎ9݄d{ʫC2,5Ht3_D?P Nnڹ33Fgs1^6涵yn3&{MKx~JDzMLB~{`l }fizu)swRV[nE9m)B 4W$**9Ө\.H3[Q =lQ-pkLyb 4nzdY(.<PVk|/(N7N?ie< (|(AMXU>}y@ tP S**^ zHh>RQf [˔{?^>V!F \=ٵ0̌=b1ggxi!O+d/XZD#vĻؘ:W5TmRʃ—yӫ ^ȑ9pMWlR+/wULa;5 'Z,ͣ1PziΖګV<*_/jvaOMcsϋ1{ E|0G3M6jDM '7uw@ endstream endobj 2205 0 obj [247 0 R 248 0 R] endobj 2206 0 obj <>stream /Artifact <>BDC q 1.00028 0 0 1.00028 72 769.82 cm 0 G 0.4 w q 1 0 0 1 0 -560.65 cm 0 0 m 187.15 0 l S Q Q EMC BT /P <>BDC 0 g /T1_0 1 Tf 0 Tc 0 Tw 0 Ts 100 Tz 0 Tr 17.2148 0 0 17.2148 107.81 715.1247 Tm [(Loan-P)25 (ortfolio)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.068 0 Td [(Qualit)25 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.304 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.782 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.573 0 Td (Di\256usion)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.873 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.036 0 Td [(T)78 (ec)26 (hnological)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -8.397 -1.273 Td [(Inno)26 (v)52 (ation)]TJ /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_2 1 Tf 11.9533 0 0 11.9533 345.1465 699.4503 Tm (\244)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_3 1 Tf -13.649 -5.429 Td [(Rob)-26 (ert)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 3.304 0 Td [(Hausw)26 (ald)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 9.647 0 Td [(Rob)-27 (ert)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 3.304 0 Td (Marquez)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf -16.942 -1.167 Td (American)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 4.433 0 Td [(Univ)26 (ersit)28 (y)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 7.728 0 Td [(Univ)27 (ersit)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 4.71 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.116 0 Td (Maryland)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_4 1 Tf -13.1 -3.226 Td [(Curr)49 (ent)]TJ /T1_1 1 Tf ( )Tj /T1_4 1 Tf 3.675 0 Td [(V)74 (ersion)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 3.667 0 Td [(Marc)27 (h)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 3.045 0 Td (2004)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_5 1 Tf 10.9131 0 0 10.9131 249.9898 556.5603 Tm [(W)83 (orking)]TJ /T1_1 1 Tf ( )Tj /T1_5 1 Tf 4.03 0 Td [(P)27 (ap)-27 (er)]TJ /T1_1 1 Tf ( )Tj /T1_5 1 Tf 2.906 0 Td (2004-02)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_5 1 Tf -21.694 -16.774 Td (JEL)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 2.153 0 Td (Classi\257cation:)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 6.511 0 Td (G21,)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 2.397 0 Td (L51,)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 2.236 0 Td (O31)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_6 1 Tf 5.9817 0 0 5.9817 84.2734 202.3612 Tm (\244)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_7 1 Tf 8.9625 0 0 8.9625 88.5846 198.5501 Tm [(W)85 (e)]TJ /T1_1 1 Tf ( )Tj /T1_7 1 Tf 1.873 0 Td [(w)28 (ould)]TJ /T1_1 1 Tf ( )Tj /T1_7 1 Tf 3.1 0 Td [(lik)28 (e)]TJ /T1_1 1 Tf ( )Tj /T1_7 1 Tf 1.987 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_7 1 Tf 1.36 0 Td (thank)Tj /T1_1 1 Tf ( )Tj /T1_7 1 Tf 3.043 0 Td (Haluk)Tj /T1_1 1 Tf ( )Tj /T1_7 1 Tf 3.13 0 Td (Unal)Tj /T1_1 1 Tf ( )Tj /T1_7 1 Tf 2.587 0 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_7 1 Tf 1.675 0 Td [(stim)27 (ulating)]TJ /T1_1 1 Tf ( )Tj /T1_7 1 Tf 5.505 0 Td (our)Tj /T1_1 1 Tf ( )Tj /T1_7 1 Tf 1.933 0 Td [(in)28 (terest)]TJ /T1_1 1 Tf ( )Tj /T1_7 1 Tf 3.795 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_7 1 Tf 1.303 0 Td (this)Tj /T1_1 1 Tf ( )Tj /T1_7 1 Tf 2.107 0 Td (area,)Tj /T1_1 1 Tf ( )Tj /T1_7 1 Tf 2.645 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_7 1 Tf 2.101 0 Td (Rosalind)Tj /T1_1 1 Tf ( )Tj /T1_7 1 Tf 4.349 0 Td (Bennett,)Tj /T1_1 1 Tf ( )Tj /T1_7 1 Tf 4.34 0 Td (Andrew)Tj /T1_1 1 Tf ( )Tj /T1_7 1 Tf -48.683 -1.223 Td [(Da)28 (v)29 (enp)-28 (ort,)]TJ /T1_1 1 Tf ( )Tj /T1_7 1 Tf 5.365 0 Td [(Ulric)28 (h)]TJ /T1_1 1 Tf ( )Tj /T1_7 1 Tf 3.094 0 Td (Hege,)Tj /T1_1 1 Tf ( )Tj /T1_7 1 Tf 2.838 0 Td (Dan)Tj /T1_1 1 Tf ( )Tj /T1_7 1 Tf 2.221 0 Td (Nuxoll,)Tj /T1_1 1 Tf ( )Tj /T1_7 1 Tf 3.607 0 Td [(Mic)27 (hel)]TJ /T1_1 1 Tf ( )Tj /T1_7 1 Tf 3.321 0 Td [(Rob)-28 (e,)]TJ /T1_1 1 Tf ( )Tj /T1_7 1 Tf 2.965 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_7 1 Tf 2.007 0 Td (seminar)Tj /T1_1 1 Tf ( )Tj /T1_7 1 Tf 3.843 0 Td [(participan)28 (ts)]TJ /T1_1 1 Tf ( )Tj /T1_7 1 Tf 5.697 0 Td (at)Tj /T1_1 1 Tf ( )Tj /T1_7 1 Tf 1.265 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_7 1 Tf 1.778 0 Td (౦Ϸ)Tj /T1_1 1 Tf ( )Tj /T1_7 1 Tf 2.92 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_7 1 Tf 2.007 0 Td (American)Tj /T1_1 1 Tf ( )Tj /T1_7 1 Tf 4.665 0 Td [(Univ)28 (ersit)28 (y)]TJ /T1_1 1 Tf ( )Tj /T1_7 1 Tf -47.593 -1.222 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_7 1 Tf 1.56 0 Td (suggestions)Tj /T1_1 1 Tf ( )Tj /T1_7 1 Tf 5.372 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_7 1 Tf 2.215 0 Td [(help)-28 (ed)]TJ /T1_1 1 Tf ( )Tj /T1_7 1 Tf 3.271 0 Td [(impro)27 (v)29 (e)]TJ /T1_1 1 Tf ( )Tj /T1_7 1 Tf 3.902 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_7 1 Tf 1.758 0 Td [(pap)-29 (er.)]TJ /T1_1 1 Tf ( )Tj /T1_7 1 Tf 3.282 0 Td (The)Tj /T1_1 1 Tf ( )Tj /T1_7 1 Tf 2.102 0 Td [(researc)28 (h)]TJ /T1_1 1 Tf ( )Tj /T1_7 1 Tf 3.967 0 Td (leading)Tj /T1_1 1 Tf ( )Tj /T1_7 1 Tf 3.529 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_7 1 Tf 1.244 0 Td (this)Tj /T1_1 1 Tf ( )Tj /T1_7 1 Tf 1.993 0 Td [(pap)-28 (er)]TJ /T1_1 1 Tf ( )Tj /T1_7 1 Tf 2.873 0 Td [(w)27 (as)]TJ /T1_1 1 Tf ( )Tj /T1_7 1 Tf 1.963 0 Td [(undertak)27 (en)]TJ /T1_1 1 Tf ( )Tj /T1_7 1 Tf 5.358 0 Td (while)Tj /T1_1 1 Tf ( )Tj /T1_7 1 Tf 2.672 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_7 1 Tf 1.759 0 Td (authors)Tj /T1_1 1 Tf ( )Tj /T1_7 1 Tf -48.82 -1.223 Td [(w)28 (ere)]TJ /T1_1 1 Tf ( )Tj /T1_7 1 Tf 2.427 0 Td (visiting)Tj /T1_1 1 Tf ( )Tj /T1_7 1 Tf 3.687 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_7 1 Tf 1.826 0 Td (౦Ϸ,)Tj /T1_1 1 Tf ( )Tj /T1_7 1 Tf 3.252 0 Td (whose)Tj /T1_1 1 Tf ( )Tj /T1_7 1 Tf 3.088 0 Td [(hospitalit)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_7 1 Tf 5.143 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_7 1 Tf 2.054 0 Td (\257nancial)Tj /T1_1 1 Tf ( )Tj /T1_7 1 Tf 4.166 0 Td [(supp)-29 (ort)]TJ /T1_1 1 Tf ( )Tj /T1_7 1 Tf 3.861 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_7 1 Tf 1.089 0 Td (gratefully)Tj /T1_1 1 Tf ( )Tj /T1_7 1 Tf 4.683 0 Td [(ac)28 (kno)28 (wledged.)]TJ /T1_1 1 Tf ( )Tj /T1_7 1 Tf 7.047 0 Td [(P)27 (art)]TJ /T1_1 1 Tf ( )Tj /T1_7 1 Tf 2.385 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_7 1 Tf 1.225 0 Td (this)Tj /T1_1 1 Tf ( )Tj /T1_7 1 Tf 2.06 0 Td [(w)27 (ork)]TJ /T1_1 1 Tf ( )Tj /T1_7 1 Tf 2.57 0 Td [(w)28 (as)]TJ /T1_1 1 Tf ( )Tj /T1_7 1 Tf -50.563 -1.223 Td (completed)Tj /T1_1 1 Tf ( )Tj /T1_7 1 Tf 5.069 0 Td (while)Tj /T1_1 1 Tf ( )Tj /T1_7 1 Tf 2.843 0 Td (Marquez)Tj /T1_1 1 Tf ( )Tj /T1_7 1 Tf 4.386 0 Td [(w)27 (as)]TJ /T1_1 1 Tf ( )Tj /T1_7 1 Tf 2.134 0 Td (visiting)Tj /T1_1 1 Tf ( )Tj /T1_7 1 Tf 3.789 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_7 1 Tf 1.929 0 Td (Wharton)Tj /T1_1 1 Tf ( )Tj /T1_7 1 Tf 4.529 0 Td [(Sc)27 (ho)-27 (ol)]TJ /T1_1 1 Tf ( )Tj /T1_7 1 Tf 3.413 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_7 1 Tf 1.329 0 Td (Business.)Tj /T1_1 1 Tf ( )Tj /T1_7 1 Tf 5.046 0 Td (The)Tj /T1_1 1 Tf ( )Tj /T1_7 1 Tf 2.272 0 Td (usual)Tj /T1_1 1 Tf ( )Tj /T1_7 1 Tf 2.848 0 Td (disclaimers)Tj /T1_1 1 Tf ( )Tj /T1_7 1 Tf 5.425 0 Td [(apply)84 (.)]TJ /T1_1 1 Tf ( )Tj /T1_7 1 Tf 3.616 0 Td [(Con)27 (tact)]TJ /T1_1 1 Tf ( )Tj /T1_7 1 Tf -48.628 -1.222 Td (information:)Tj /T1_1 1 Tf ( )Tj /T1_7 1 Tf 6.107 0 Td [(Rob)-29 (ert)]TJ /T1_1 1 Tf ( )Tj /T1_7 1 Tf 3.541 0 Td (Marquez,)Tj /T1_1 1 Tf ( )Tj /T1_7 1 Tf 4.601 0 Td (R.)Tj /T1_1 1 Tf ( )Tj /T1_7 1 Tf 1.454 0 Td (H.)Tj /T1_1 1 Tf ( )Tj /T1_7 1 Tf 1.468 0 Td (Smith)Tj /T1_1 1 Tf ( )Tj /T1_7 1 Tf 3.096 0 Td [(Sc)27 (ho)-27 (ol)]TJ /T1_1 1 Tf ( )Tj /T1_7 1 Tf 3.324 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_7 1 Tf 1.24 0 Td (Business,)Tj /T1_1 1 Tf ( )Tj /T1_7 1 Tf 4.544 0 Td [(Univ)28 (ersit)28 (y)]TJ /T1_1 1 Tf ( )Tj /T1_7 1 Tf 5.017 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_7 1 Tf 1.24 0 Td (Maryland,)Tj /T1_1 1 Tf ( )Tj /T1_7 1 Tf 5.057 0 Td (College)Tj /T1_1 1 Tf ( )Tj /T1_7 1 Tf 3.667 0 Td [(P)28 (ark,)]TJ /T1_1 1 Tf ( )Tj /T1_7 1 Tf 2.844 0 Td (MD)Tj /T1_1 1 Tf ( )Tj /T1_7 1 Tf 2.139 0 Td (20742,)Tj /T1_1 1 Tf ( )Tj EMC /Link <>BDC /T1_8 1 Tf -49.339 -1.223 Td [(rmar)52 (quez@rhsmith.umd.e)52 (du)]TJ EMC /P <>BDC /T1_7 1 Tf 12.323 0 Td (,)Tj /T1_1 1 Tf ( )Tj /T1_7 1 Tf 0.578 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_7 1 Tf 1.935 0 Td [(Rob)-28 (ert)]TJ /T1_1 1 Tf ( )Tj /T1_7 1 Tf 3.408 0 Td [(Hausw)28 (ald,)]TJ /T1_1 1 Tf ( )Tj /T1_7 1 Tf 4.922 0 Td [(Kogo)-29 (d)]TJ /T1_1 1 Tf ( )Tj /T1_7 1 Tf 3.22 0 Td [(Sc)27 (ho)-27 (ol)]TJ /T1_1 1 Tf ( )Tj /T1_7 1 Tf 3.192 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_7 1 Tf 1.107 0 Td (Business,)Tj /T1_1 1 Tf ( )Tj /T1_7 1 Tf 4.406 0 Td (American)Tj /T1_1 1 Tf ( )Tj /T1_7 1 Tf 4.593 0 Td [(Univ)27 (ersit)29 (y)86 (,)]TJ /T1_1 1 Tf ( )Tj /T1_7 1 Tf 5.097 0 Td [(W)84 (ashington,)]TJ /T1_1 1 Tf ( )Tj /T1_7 1 Tf 5.894 0 Td (DC)Tj /T1_1 1 Tf ( )Tj /T1_7 1 Tf -50.675 -1.222 Td (20016,)Tj /T1_1 1 Tf ( )Tj EMC /Link <>BDC /T1_8 1 Tf 3.199 0 Td [(hauswald@americ)52 (an.e)52 (du)]TJ EMC /P <>BDC (.)Tj /T1_1 1 Tf ( )Tj EMC ET endstream endobj 235 0 obj <> endobj 236 0 obj <> endobj 17 0 obj <> endobj 2210 0 obj <>stream H\j@{we LZ.k_&cWXco3| $,Ӯ?ݪů:n-lS{Siχa>ڤ-wtz?]tԿWu\ϱU|ٰձ<[s}>ָsժXm/]6=gT&SئO/^u۱sV2:$` A3>stream xy< Ǐmdc2b *c'B}0 c&Zl҂؊ȾoE(D$B(ZKN缧<=[W*7hL2TPp03C(8*'g@q jcD0H4FC  h!tї((~SiN㨀% RM82p'8ɀ  'A E A" E|3eF ̀R'Az]hTr@}+{/\ܘI&[(_?q9 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Swd0_?fb'%H}2|iW2;H]iACSP!xyDdFx!.~r|^W:oh1AWe lX|\d1;Ҥskyt `:7$g"AL $8wNtOջ\ aŹ4U.9'"˝y5޳e3^@O!sBy;}Д-{H~ix誼7|wߺ'0??Y-a1ϗlխ'J`ʩeTu!|y[ߓ:_~|fXx=UTbYvߴ%ACas x(mߘ ,bҽg~pKr(A.|WuIy!]eyq)v^~_<~TneN1t TmØלx h,GIգ?3537ҍ+ݮm]Щ)>?͔Y^%-jaŖiv8MwR>b}Օ~Lin4_|NAXd%TJ1Qu0U/g[A\wӘYHHQ+{MU=Ga10ÿ:]'cbY`JWtj4͋(ɺ1D l~E `9:#?À~3[w߇׭E>eng5dh?ޔB#1Pײ[YZ7=9KX}gU(-^ci9bfv򇚿2J cq:/rɞuOp,vGx5~qj &i+/[Na:n=閤B~$2yhtIl'ݯ1ع4b)'n@@A쳂<_ `|=$]usHg赺dE 7#=p4&>j]i,Ɂac C?o+MzDy6J6 mpg\M'_5"͉h- Ĵ*s_q٦ /݄m丵>Z9Y1pQ9~QAj 4SM)H/$(5LӲ@,DM$ؐA]zY BFq~dG3]N ߌ|Dc{~u+p'ofr>E,) qV4kO\- tAcS҈|CJn]ڏYc4m>9+?޷ 1 Wӎa[xAd݇T3s0f-3˞C/jmU g#O>+FWS[IwӬ3O.2hɉ֜?pwE֐v;+ƥw|D:$My R#c0s>brw" 4{S ftˇ-=zěx)r JZkl7b|ANd?A _>o;鍀! c endstream endobj 247 0 obj <>/Border[0 0 0]/C[0.0 1.0 0.0]/P 5 0 R/Rect[100.676 120.469 196.672 127.069]/StructParent 47/Subtype/Link/Type/Annot>> endobj 248 0 obj <>/Border[0 0 0]/C[0.0 1.0 0.0]/P 5 0 R/Rect[71.9971 130.669 182.393 137.989]/StructParent 46/Subtype/Link/Type/Annot>> endobj 2212 0 obj <> endobj 2211 0 obj <> 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1 Tf ( )Tj /T1_2 1 Tf 5.911 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.993 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.214 0 Td (disseminating)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 6.338 0 Td (them)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.604 0 Td (with)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.327 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 0.882 0 Td (view)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.354 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.271 0 Td (creating)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf -39.397 -2.008 Td (industry-wide)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 6.314 0 Td (standards.)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_2 1 Tf -4.762 -2.009 Td (The)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.007 0 Td [(recen)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.928 0 Td (Third)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.788 0 Td [(Quan)27 (titativ)28 (e)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.813 0 Td (Impact)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.368 0 Td (Study)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.87 0 Td (\(BIS,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.577 0 Td (2003b\))Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.23 0 Td [(rev)26 (eals)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.239 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.118 0 Td (capitalization)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 6.175 0 Td (standards)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf -38.665 -2.009 Td (under)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.763 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.65 0 Td (most)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.378 0 Td [(adv)55 (anced)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.288 0 Td [(in)27 (ternal)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.624 0 Td (risk-based)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.635 0 Td (systems)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.639 0 Td [(pro)27 (vide)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.486 0 Td [(p)-28 (o)27 (w)28 (erful)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.986 0 Td [(incen)27 (tiv)28 (es)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.517 0 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.458 0 Td (banks)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.793 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.15 0 Td [(in)27 (v)28 (est)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf -40.367 -2.008 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.107 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.663 0 Td [(dev)26 (elopmen)28 (t)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.747 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.081 0 Td [(suc)27 (h)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.196 0 Td (proprietary)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.2 0 Td [(tec)27 (hnology)83 (.)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.286 0 Td (Under)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.972 0 Td (Pillar)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.68 0 Td (1)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 0.775 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.08 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.663 0 Td [(prop)-28 (osed)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.2 0 Td (Basel)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.599 0 Td [(I)-28 (I)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.024 0 Td (rules,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.628 0 Td (65)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf -41.901 -2.009 Td (large,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.69 0 Td (global)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.901 0 Td (banks)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.823 0 Td (\(\\G10)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.964 0 Td (banks")Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.323 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.096 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.679 0 Td (standard-setting)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 7.415 0 Td [(coun)27 (tries\))]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.604 0 Td [(w)27 (ould)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.873 0 Td [(b)-28 (e)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.318 0 Td (able)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.068 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.179 0 Td (decrease)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.909 0 Td (their)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf -40.842 -2.009 Td (capitalization)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 6.124 0 Td [(b)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.292 0 Td (2%)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.569 0 Td (under)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.738 0 Td [(adv)54 (anced)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.264 0 Td (systems,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.91 0 Td (whereas)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.688 0 Td (their)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.294 0 Td (capitalization)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 6.125 0 Td [(w)27 (ould)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.819 0 Td [(ha)27 (v)28 (e)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.208 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.124 0 Td (increase)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.689 0 Td [(b)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf -41.844 -2.008 Td (11%)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.138 0 Td (if)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 0.889 0 Td (they)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.223 0 Td (used)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.256 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.695 0 Td (standardized)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.87 0 Td (\(nonproprietary\))Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 7.619 0 Td (default)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.334 0 Td (risk-rating)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.845 0 Td (system.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.696 0 Td [(F)82 (or)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.768 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 0.806 0 Td (similar)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.259 0 Td (group)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf -40.398 -2.009 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.207 0 Td (large)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.515 0 Td (EU)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.832 0 Td (banks,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.229 0 Td (capitalization)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 6.29 0 Td [(requiremen)27 (ts)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 6.023 0 Td [(w)26 (ould)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.985 0 Td (decrease)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.02 0 Td [(b)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.457 0 Td (6%)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.734 0 Td (under)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.905 0 Td (proprietary)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.326 0 Td (systems)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf -39.523 -2.009 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.564 0 Td (\(credit\))Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.648 0 Td (risk)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.959 0 Td [(assessmen)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.084 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.2 0 Td (conform)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.898 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.256 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.757 0 Td [(\\Adv)55 (anced")]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.644 0 Td (standard,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.496 0 Td (but)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.867 0 Td [(w)26 (ould)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.951 0 Td (increase)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.82 0 Td [(b)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.424 0 Td (6%)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf -41.568 -2.008 Td (under)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.838 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.724 0 Td (standardized)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.899 0 Td [(approac)26 (h.)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.703 0 Td [(F)82 (urthermore,)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 6.08 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.725 0 Td [(prop)-27 (osed)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.26 0 Td (rules)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.399 0 Td [(giv)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.057 0 Td (regulators)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.681 0 Td (an)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.391 0 Td (explicit)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.529 0 Td (role)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf -41.286 -2.009 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.216 0 Td [(v)55 (alidating)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.689 0 Td (proprietary)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.308 0 Td (systems)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.761 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.994 0 Td (disseminating)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 6.34 0 Td [(b)-27 (est)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.194 0 Td (practices)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.226 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.216 0 Td (risk)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.975 0 Td [(managemen)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.911 0 Td (\(Pillars)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.572 0 Td (2)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf -42.402 -2.009 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.944 0 Td (3\).)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_2 1 Tf -0.392 -2.008 Td (The)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.967 0 Td (Basel)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.571 0 Td [(I)-28 (I)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 0.995 0 Td [(Agreemen)26 (t)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.971 0 Td [(p)-28 (oses)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.563 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.634 0 Td [(follo)27 (wing)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.135 0 Td (quandary)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.36 0 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.442 0 Td (regulators)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.591 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.857 0 Td [(sup)-27 (ervisors.)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.549 0 Td (On)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.578 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.635 0 Td (one)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf -41.4 -2.009 Td (hand,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.744 0 Td (Pillar)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.698 0 Td (1)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 0.791 0 Td (\(risk-based)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.056 0 Td (capital-adequacy)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 7.624 0 Td (standards\))Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.916 0 Td [(presupp)-28 (oses)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.506 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.124 0 Td (banks)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.824 0 Td [(in)26 (v)28 (est)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.825 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.125 0 Td [(tec)27 (hnology)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf -38.233 -2.009 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.547 0 Td (credit-risk)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.779 0 Td [(assessmen)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.067 0 Td (and,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.244 0 Td (indeed,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.466 0 Td [(pro)27 (vides)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.969 0 Td (strong)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.082 0 Td [(incen)27 (tiv)28 (es)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.607 0 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.548 0 Td (them)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.572 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.24 0 Td (do)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.407 0 Td (so.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.668 0 Td (On)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.684 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.739 0 Td (other)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf -40.619 -2.008 Td (hand,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.75 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.687 0 Td (wide)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.298 0 Td (dissemination)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 6.254 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.104 0 Td (credit-risk)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.727 0 Td [(assessmen)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.014 0 Td [(mo)-28 (dels)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.331 0 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.495 0 Td [(v)54 (alidation)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.605 0 Td [(purp)-27 (oses)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.118 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.909 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.187 0 Td [(sp)-28 (eed)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf -40.479 -2.009 Td (up)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.465 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.744 0 Td (adoption)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.189 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.16 0 Td [(b)-28 (est)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.167 0 Td (practices)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.196 0 Td [(w)26 (ould)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.938 0 Td [(mak)26 (e)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.632 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.744 0 Td (new)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.077 0 Td (rules)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.418 0 Td (more)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.524 0 Td [(e\256ectiv)27 (e,)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.165 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.188 0 Td (particular)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.639 0 Td (Pillars)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.154 0 Td (2)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf -42.4 -2.008 Td [(\(sup)-27 (ervisory)]TJ /T1_1 1 Tf ( 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> endobj 3008 0 obj <> endobj 3009 0 obj <> endobj 3007 0 obj <> endobj 3001 0 obj <> endobj 3002 0 obj <> endobj 3003 0 obj <> endobj 3004 0 obj <> endobj 3005 0 obj <> endobj 3006 0 obj <> endobj 2998 0 obj <> endobj 2999 0 obj <> endobj 3000 0 obj <> endobj 2995 0 obj <> endobj 2996 0 obj <> endobj 2997 0 obj <> endobj 2994 0 obj <> endobj 2993 0 obj <> endobj 2992 0 obj <> endobj 2991 0 obj <> endobj 2990 0 obj <> endobj 2987 0 obj <> endobj 2988 0 obj <> endobj 2989 0 obj <> endobj 2986 0 obj <> endobj 2982 0 obj <> endobj 2983 0 obj <> endobj 2984 0 obj <> endobj 2985 0 obj <> endobj 2980 0 obj <> endobj 2981 0 obj <> endobj 2973 0 obj <> endobj 2974 0 obj <> endobj 2975 0 obj <> endobj 2976 0 obj <> endobj 2977 0 obj <> endobj 2978 0 obj <> endobj 2979 0 obj <> endobj 2972 0 obj <> endobj 2970 0 obj <> endobj 2971 0 obj <> endobj 2964 0 obj <> endobj 2965 0 obj <> endobj 2966 0 obj <> endobj 2967 0 obj <> endobj 2968 0 obj <> endobj 2969 0 obj <> endobj 2962 0 obj <> endobj 2963 0 obj <> endobj 2960 0 obj <> endobj 2961 0 obj <> endobj 2958 0 obj <> endobj 2959 0 obj <> endobj 2950 0 obj <> endobj 2951 0 obj <> endobj 2952 0 obj <> endobj 2953 0 obj <> endobj 2954 0 obj <> endobj 2955 0 obj <> endobj 2956 0 obj <> endobj 2957 0 obj <> endobj 2949 0 obj <> endobj 2947 0 obj <> endobj 2948 0 obj <> endobj 2944 0 obj <> endobj 2945 0 obj <> endobj 2946 0 obj <> endobj 2943 0 obj <> endobj 2934 0 obj <> endobj 2935 0 obj <> endobj 2936 0 obj <> endobj 2937 0 obj <> endobj 2938 0 obj <> endobj 2939 0 obj <> endobj 2940 0 obj <> endobj 2941 0 obj <> endobj 2942 0 obj <> endobj 2933 0 obj <> endobj 2927 0 obj <> endobj 2928 0 obj <> endobj 2929 0 obj <> endobj 2930 0 obj <> endobj 2931 0 obj <> endobj 2932 0 obj <> endobj 2926 0 obj <> endobj 2918 0 obj <> endobj 2919 0 obj <> endobj 2920 0 obj <> endobj 2921 0 obj <> endobj 2922 0 obj <> endobj 2923 0 obj <> endobj 2924 0 obj <> endobj 2925 0 obj <> endobj 2917 0 obj <> endobj 2916 0 obj <> endobj 2913 0 obj <> endobj 2914 0 obj <> endobj 2915 0 obj <> endobj 2912 0 obj <> endobj 2910 0 obj <> endobj 2911 0 obj <> endobj 2908 0 obj <> endobj 2909 0 obj <> endobj 2905 0 obj <> endobj 2906 0 obj <> endobj 2907 0 obj <> endobj 2897 0 obj <> endobj 2898 0 obj <> endobj 2899 0 obj <> endobj 2900 0 obj <> endobj 2901 0 obj <> endobj 2902 0 obj <> endobj 2903 0 obj <> endobj 2904 0 obj <> endobj 2894 0 obj <> endobj 2895 0 obj <> endobj 2896 0 obj <> endobj 2892 0 obj <> endobj 2893 0 obj <> endobj 2637 0 obj <> endobj 2638 0 obj <> endobj 2639 0 obj <> endobj 2640 0 obj <> endobj 2641 0 obj <> endobj 2642 0 obj <> endobj 2643 0 obj <> endobj 2644 0 obj <> endobj 2645 0 obj <> endobj 2646 0 obj <> endobj 2647 0 obj <> endobj 2648 0 obj <> endobj 2649 0 obj <> endobj 2650 0 obj <> endobj 2651 0 obj <> endobj 2652 0 obj <> endobj 2653 0 obj <> endobj 2654 0 obj <> endobj 2655 0 obj <> endobj 2656 0 obj <> endobj 2657 0 obj <> endobj 2658 0 obj <> endobj 2659 0 obj <> endobj 2660 0 obj <> endobj 2661 0 obj <> endobj 2662 0 obj <> endobj 2663 0 obj <> endobj 2664 0 obj <> endobj 2665 0 obj <> endobj 2666 0 obj <> endobj 2667 0 obj <> endobj 2668 0 obj <> endobj 2669 0 obj <> endobj 2670 0 obj <> endobj 2671 0 obj <> endobj 2672 0 obj <> endobj 2673 0 obj <> endobj 2674 0 obj <> endobj 2675 0 obj <> endobj 2676 0 obj <> endobj 2677 0 obj <> endobj 2678 0 obj <> endobj 2679 0 obj <> endobj 2680 0 obj <> endobj 2681 0 obj <> endobj 2682 0 obj <> endobj 2683 0 obj <> endobj 2684 0 obj <> endobj 2685 0 obj <> endobj 2686 0 obj <> endobj 2687 0 obj <> endobj 2688 0 obj <> endobj 2689 0 obj <> endobj 2690 0 obj <

> endobj 3106 0 obj <> endobj 3107 0 obj <> endobj 3108 0 obj <> endobj 3109 0 obj <> endobj 3110 0 obj <> endobj 3111 0 obj <> endobj 3105 0 obj <> endobj 3102 0 obj <> endobj 3103 0 obj <> endobj 3104 0 obj <> endobj 3101 0 obj <> endobj 3100 0 obj <> endobj 3090 0 obj <> endobj 3091 0 obj <> endobj 3092 0 obj <> endobj 3093 0 obj <> endobj 3094 0 obj <> endobj 3095 0 obj <> endobj 3096 0 obj <> endobj 3097 0 obj <> endobj 3098 0 obj <> endobj 3099 0 obj <> endobj 3081 0 obj <> endobj 3082 0 obj <> endobj 3083 0 obj <> endobj 3084 0 obj <> endobj 3085 0 obj <> endobj 3086 0 obj <> endobj 3087 0 obj <> endobj 3088 0 obj <> endobj 3089 0 obj <> endobj 3080 0 obj <> endobj 3078 0 obj <> endobj 3079 0 obj <> endobj 3077 0 obj <> endobj 3075 0 obj <> endobj 3076 0 obj <> endobj 3070 0 obj <> endobj 3071 0 obj <> endobj 3072 0 obj <> endobj 3073 0 obj <> endobj 3074 0 obj <> endobj 3069 0 obj <> endobj 3068 0 obj <> endobj 3067 0 obj <> endobj 3066 0 obj <> endobj 3065 0 obj <> endobj 3064 0 obj <> endobj 3062 0 obj <> endobj 3063 0 obj <> endobj 3061 0 obj <> endobj 3060 0 obj <> endobj 3057 0 obj <> endobj 3058 0 obj <> endobj 3059 0 obj <> endobj 3051 0 obj <> endobj 3052 0 obj <> endobj 3053 0 obj <> endobj 3054 0 obj <> endobj 3055 0 obj <> endobj 3056 0 obj <> endobj 3045 0 obj <> endobj 3046 0 obj <> endobj 3047 0 obj <> endobj 3048 0 obj <> endobj 3049 0 obj <> endobj 3050 0 obj <> endobj 3044 0 obj <> endobj 3042 0 obj <> endobj 3043 0 obj <> endobj 3041 0 obj <> endobj 3039 0 obj <> endobj 3040 0 obj <> endobj 3036 0 obj <> endobj 3037 0 obj <> endobj 3038 0 obj <> endobj 3034 0 obj <> endobj 3035 0 obj <> endobj 3033 0 obj <> endobj 3032 0 obj <> endobj 3031 0 obj <> endobj 3029 0 obj <> endobj 3030 0 obj <> endobj 3026 0 obj <> endobj 3027 0 obj <> endobj 3028 0 obj <> endobj 3023 0 obj <> endobj 3024 0 obj <> endobj 3025 0 obj <> endobj 3021 0 obj <> endobj 3022 0 obj <> endobj 3020 0 obj <> endobj 3019 0 obj <> endobj 3018 0 obj <> endobj 3017 0 obj <> endobj 3013 0 obj <> endobj 3014 0 obj <> endobj 3015 0 obj <> endobj 3016 0 obj <> endobj 3010 0 obj <> endobj 3011 0 obj <> endobj 3012 0 obj <> endobj 2615 0 obj <> endobj 2616 0 obj <> endobj 2617 0 obj <> endobj 2618 0 obj <> endobj 2619 0 obj <> endobj 2620 0 obj <> endobj 2621 0 obj <> endobj 2622 0 obj <> endobj 2623 0 obj <> endobj 2624 0 obj <> endobj 2625 0 obj <> endobj 2626 0 obj <> endobj 2627 0 obj <> endobj 2628 0 obj <> endobj 2629 0 obj <> endobj 2630 0 obj <> endobj 2631 0 obj <> endobj 2632 0 obj <> endobj 2633 0 obj <> endobj 2634 0 obj <> endobj 2635 0 obj <> endobj 2636 0 obj <

> endobj 3156 0 obj <> endobj 3157 0 obj <> endobj 3158 0 obj <> endobj 3159 0 obj <> endobj 3155 0 obj <> endobj 3154 0 obj <> endobj 3153 0 obj <> endobj 3152 0 obj <> endobj 3150 0 obj <> endobj 3151 0 obj <> endobj 3148 0 obj <> endobj 3149 0 obj <> endobj 3146 0 obj <> endobj 3147 0 obj <> endobj 3144 0 obj <> endobj 3145 0 obj <> endobj 3142 0 obj <> endobj 3143 0 obj <> endobj 3135 0 obj <> endobj 3136 0 obj <> endobj 3137 0 obj <> endobj 3138 0 obj <> endobj 3139 0 obj <> endobj 3140 0 obj <> endobj 3141 0 obj <> endobj 3132 0 obj <> endobj 3133 0 obj <> endobj 3134 0 obj <> endobj 3130 0 obj <> endobj 3131 0 obj <> endobj 3128 0 obj <> endobj 3129 0 obj <> endobj 3160 0 obj <> endobj 3161 0 obj <> endobj 3162 0 obj <> endobj 3163 0 obj <> endobj 3118 0 obj <> endobj 3119 0 obj <> endobj 3120 0 obj <> endobj 3121 0 obj <> endobj 3122 0 obj <> endobj 3123 0 obj <> endobj 3124 0 obj <> endobj 3125 0 obj <> endobj 3126 0 obj <> endobj 3127 0 obj <> endobj 3112 0 obj <> endobj 3113 0 obj <> endobj 3114 0 obj <> endobj 3115 0 obj <> endobj 3116 0 obj <> endobj 3117 0 obj <> endobj 2590 0 obj <> endobj 2591 0 obj <> endobj 914 0 obj <> endobj 2592 0 obj <> endobj 2593 0 obj <> endobj 2594 0 obj <> endobj 2595 0 obj <> endobj 2596 0 obj <> endobj 2597 0 obj <> endobj 2598 0 obj <> endobj 2599 0 obj <> endobj 2600 0 obj <> endobj 2601 0 obj <> endobj 2602 0 obj <> endobj 2603 0 obj <> endobj 2604 0 obj <> endobj 2605 0 obj <> endobj 2606 0 obj <> endobj 2607 0 obj <> endobj 2608 0 obj <> endobj 2609 0 obj <> endobj 2610 0 obj <> endobj 2611 0 obj <> endobj 2612 0 obj <> endobj 2613 0 obj <> endobj 2614 0 obj <

> endobj 3214 0 obj <> endobj 3215 0 obj <> endobj 3213 0 obj <> endobj 3210 0 obj <> endobj 3211 0 obj <> endobj 3212 0 obj <> endobj 3207 0 obj <> endobj 3208 0 obj <> endobj 3209 0 obj <> endobj 3206 0 obj <> endobj 3200 0 obj <> endobj 3201 0 obj <> endobj 3202 0 obj <> endobj 3203 0 obj <> endobj 3204 0 obj <> endobj 3205 0 obj <> endobj 3199 0 obj <> endobj 3197 0 obj <> endobj 3198 0 obj <> endobj 3194 0 obj <> endobj 3195 0 obj <> endobj 3196 0 obj <> endobj 3193 0 obj <> endobj 3191 0 obj <> endobj 3192 0 obj <> endobj 3190 0 obj <> endobj 3183 0 obj <> endobj 3184 0 obj <> endobj 3185 0 obj <> endobj 3186 0 obj <> endobj 3187 0 obj <> endobj 3188 0 obj <> endobj 3189 0 obj <> endobj 3179 0 obj <> endobj 3180 0 obj <> endobj 3181 0 obj <> endobj 3182 0 obj <> endobj 3178 0 obj <> endobj 3177 0 obj <> endobj 3172 0 obj <> endobj 3173 0 obj <> endobj 3174 0 obj <> endobj 3175 0 obj <> endobj 3176 0 obj <> endobj 3171 0 obj <> endobj 3169 0 obj <> endobj 3170 0 obj <> endobj 3168 0 obj <> endobj 3164 0 obj <> endobj 3165 0 obj <> endobj 3166 0 obj <> endobj 3167 0 obj <> endobj 2586 0 obj <> endobj 2587 0 obj <> endobj 2588 0 obj <> endobj 2589 0 obj <

> endobj 2578 0 obj <> endobj 2579 0 obj <> endobj 2580 0 obj <> endobj 838 0 obj <> endobj 2581 0 obj <> endobj 2582 0 obj <> endobj 2583 0 obj <> endobj 2584 0 obj <> endobj 2585 0 obj <

> endobj 3219 0 obj <> endobj 3216 0 obj <> endobj 3217 0 obj <> endobj 3218 0 obj <> endobj 2571 0 obj <> endobj 824 0 obj <> endobj 2572 0 obj <> endobj 2573 0 obj <> endobj 2574 0 obj <> endobj 825 0 obj <> endobj 2575 0 obj <> endobj 2576 0 obj <> endobj 2577 0 obj <

> endobj 3224 0 obj <> endobj 3222 0 obj <> endobj 3223 0 obj <> endobj 3221 0 obj <> endobj 3220 0 obj <> endobj 2551 0 obj <> endobj 2552 0 obj <> endobj 2553 0 obj <> endobj 2554 0 obj <> endobj 2555 0 obj <> endobj 2556 0 obj <> endobj 2557 0 obj <> endobj 2558 0 obj <> endobj 2559 0 obj <> endobj 2560 0 obj <> endobj 2561 0 obj <> endobj 2562 0 obj <> endobj 2563 0 obj <> endobj 2564 0 obj <> endobj 2565 0 obj <> endobj 2566 0 obj <> endobj 2567 0 obj <> endobj 2568 0 obj <> endobj 2569 0 obj <> endobj 2570 0 obj <

> endobj 3236 0 obj <> endobj 3237 0 obj <> endobj 3238 0 obj <> endobj 3235 0 obj <> endobj 3233 0 obj <> endobj 3234 0 obj <> endobj 3232 0 obj <> endobj 3231 0 obj <> endobj 3230 0 obj <> endobj 3229 0 obj <> endobj 3227 0 obj <> endobj 3228 0 obj <> endobj 3226 0 obj <> endobj 3225 0 obj <> endobj 2541 0 obj <> endobj 2542 0 obj <> endobj 2543 0 obj <> endobj 2544 0 obj <> endobj 2545 0 obj <> endobj 2546 0 obj <> endobj 2547 0 obj <> endobj 781 0 obj <> endobj 2548 0 obj <> endobj 2549 0 obj <> endobj 2550 0 obj <

> endobj 3243 0 obj <> endobj 3244 0 obj <> endobj 3242 0 obj <> endobj 3240 0 obj <> endobj 3241 0 obj <> endobj 3239 0 obj <> endobj 2518 0 obj <> endobj 2519 0 obj <> endobj 2520 0 obj <> endobj 2521 0 obj <> endobj 2522 0 obj <> endobj 2523 0 obj <> endobj 2524 0 obj <> endobj 2525 0 obj <> endobj 2526 0 obj <> endobj 2527 0 obj <> endobj 2528 0 obj <> endobj 2529 0 obj <> endobj 2530 0 obj <> endobj 2531 0 obj <> endobj 2532 0 obj <> endobj 2533 0 obj <> endobj 2534 0 obj <> endobj 2535 0 obj <> endobj 2536 0 obj <> endobj 2537 0 obj <> endobj 2538 0 obj <> endobj 2539 0 obj <> endobj 2540 0 obj <

> endobj 3254 0 obj <> endobj 3255 0 obj <> endobj 3253 0 obj <> endobj 3252 0 obj <> endobj 3251 0 obj <> endobj 3250 0 obj <> endobj 3248 0 obj <> endobj 3249 0 obj <> endobj 3247 0 obj <> endobj 3246 0 obj <> endobj 3245 0 obj <> endobj 2512 0 obj <> endobj 2513 0 obj <> endobj 734 0 obj <> endobj 2514 0 obj <> endobj 735 0 obj <> endobj 2515 0 obj <> endobj 2516 0 obj <> endobj 2517 0 obj <

> endobj 3263 0 obj <> endobj 3261 0 obj <> endobj 3262 0 obj <> endobj 3259 0 obj <> endobj 3260 0 obj <> endobj 3257 0 obj <> endobj 3258 0 obj <> endobj 3256 0 obj <> endobj 2500 0 obj <> endobj 2501 0 obj <> endobj 2502 0 obj <> endobj 2503 0 obj <> endobj 2504 0 obj <> endobj 2505 0 obj <> endobj 2506 0 obj <> endobj 2507 0 obj <> endobj 2508 0 obj <> endobj 2509 0 obj <> endobj 2510 0 obj <> endobj 2511 0 obj <

> endobj 3277 0 obj <> endobj 3275 0 obj <> endobj 3276 0 obj <> endobj 3274 0 obj <> endobj 3269 0 obj <> endobj 3270 0 obj <> endobj 3271 0 obj <> endobj 3272 0 obj <> endobj 3273 0 obj <> endobj 3268 0 obj <> endobj 3267 0 obj <> endobj 3266 0 obj <> endobj 3264 0 obj <> endobj 3265 0 obj <> endobj 2494 0 obj <> endobj 2495 0 obj <> endobj 2496 0 obj <> endobj 2497 0 obj <> endobj 2498 0 obj <> endobj 2499 0 obj <

> endobj 3281 0 obj <> endobj 3282 0 obj <> endobj 3280 0 obj <> endobj 3278 0 obj <> endobj 3279 0 obj <> endobj 2481 0 obj <> endobj 2482 0 obj <> endobj 2483 0 obj <> endobj 2484 0 obj <> endobj 2485 0 obj <> endobj 2486 0 obj <> endobj 2487 0 obj <> endobj 2488 0 obj <> endobj 2489 0 obj <> endobj 2490 0 obj <> endobj 2491 0 obj <> endobj 2492 0 obj <> endobj 2493 0 obj <

> endobj 3293 0 obj <> endobj 3292 0 obj <> endobj 3291 0 obj <> endobj 3290 0 obj <> endobj 3289 0 obj <> endobj 3287 0 obj <> endobj 3288 0 obj <> endobj 3283 0 obj <> endobj 3284 0 obj <> endobj 3285 0 obj <> endobj 3286 0 obj <> endobj 2464 0 obj <> endobj 2465 0 obj <> endobj 2466 0 obj <> endobj 2467 0 obj <> endobj 2468 0 obj <> endobj 2469 0 obj <> endobj 2470 0 obj <> endobj 2471 0 obj <> endobj 2472 0 obj <> endobj 2473 0 obj <> endobj 2474 0 obj <> endobj 2475 0 obj <> endobj 2476 0 obj <> endobj 2477 0 obj <> endobj 2478 0 obj <> endobj 2479 0 obj <> endobj 2480 0 obj <

> endobj 3304 0 obj <> endobj 3305 0 obj <> endobj 3301 0 obj <> endobj 3302 0 obj <> endobj 3303 0 obj <> endobj 3300 0 obj <> endobj 3299 0 obj <> endobj 3298 0 obj <> endobj 3295 0 obj <> endobj 3296 0 obj <> endobj 3297 0 obj <> endobj 3294 0 obj <> endobj 2450 0 obj <> endobj 2451 0 obj <> endobj 2452 0 obj <> endobj 2453 0 obj <> endobj 2454 0 obj <> endobj 2455 0 obj <> endobj 2456 0 obj <> endobj 2457 0 obj <> endobj 2458 0 obj <> endobj 2459 0 obj <> endobj 2460 0 obj <> endobj 2461 0 obj <> endobj 2462 0 obj <> endobj 2463 0 obj <

> endobj 3315 0 obj <> endobj 3316 0 obj <> endobj 3314 0 obj <> endobj 3312 0 obj <> endobj 3313 0 obj <> endobj 3311 0 obj <> endobj 3310 0 obj <> endobj 3308 0 obj <> endobj 3309 0 obj <> endobj 3307 0 obj <> endobj 3306 0 obj <> endobj 2438 0 obj <> endobj 2439 0 obj <> endobj 2440 0 obj <> endobj 2441 0 obj <> endobj 2442 0 obj <> endobj 2443 0 obj <> endobj 2444 0 obj <> endobj 2445 0 obj <> endobj 2446 0 obj <> endobj 2447 0 obj <> endobj 2448 0 obj <> endobj 2449 0 obj <

> endobj 3319 0 obj <> endobj 3318 0 obj <> endobj 3317 0 obj <> endobj 2410 0 obj <> endobj 2411 0 obj <> endobj 2412 0 obj <> endobj 2413 0 obj <> endobj 2414 0 obj <> endobj 2415 0 obj <> endobj 2416 0 obj <> endobj 2417 0 obj <> endobj 2418 0 obj <> endobj 2419 0 obj <> endobj 2420 0 obj <> endobj 2421 0 obj <> endobj 2422 0 obj <> endobj 2423 0 obj <> endobj 2424 0 obj <> endobj 2425 0 obj <> endobj 2426 0 obj <> endobj 2427 0 obj <> endobj 2428 0 obj <> endobj 2429 0 obj <> endobj 2430 0 obj <> endobj 2431 0 obj <> endobj 2432 0 obj <> endobj 2433 0 obj <> endobj 2434 0 obj <> endobj 2435 0 obj <> endobj 2436 0 obj <> endobj 2437 0 obj <

> endobj 3341 0 obj <> endobj 3342 0 obj <> endobj 3340 0 obj <> endobj 3339 0 obj <> endobj 3337 0 obj <> endobj 3338 0 obj <> endobj 3336 0 obj <> endobj 3334 0 obj <> endobj 3335 0 obj <> endobj 3333 0 obj <> endobj 3331 0 obj <> endobj 3332 0 obj <> endobj 3330 0 obj <> endobj 3329 0 obj <> endobj 3327 0 obj <> endobj 3328 0 obj <> endobj 3326 0 obj <> endobj 3325 0 obj <> endobj 3324 0 obj <> endobj 3323 0 obj <> endobj 3322 0 obj <> endobj 3321 0 obj <> endobj 3320 0 obj <> endobj 2387 0 obj <> endobj 2388 0 obj <> endobj 2389 0 obj <> endobj 2390 0 obj <> endobj 2391 0 obj <> endobj 2392 0 obj <> endobj 2393 0 obj <> endobj 2394 0 obj <> endobj 2395 0 obj <> endobj 2396 0 obj <> endobj 2397 0 obj <> endobj 2398 0 obj <> endobj 2399 0 obj <> endobj 2400 0 obj <> endobj 2401 0 obj <> endobj 2402 0 obj <> endobj 2403 0 obj <> endobj 2404 0 obj <> endobj 2405 0 obj <> endobj 2406 0 obj <> endobj 2407 0 obj <> endobj 2408 0 obj <> endobj 2409 0 obj <

> endobj 3356 0 obj <> endobj 3354 0 obj <> endobj 3355 0 obj <> endobj 3353 0 obj <> endobj 3352 0 obj <> endobj 3351 0 obj <> endobj 3343 0 obj <> endobj 3344 0 obj <> endobj 3345 0 obj <> endobj 3346 0 obj <> endobj 3347 0 obj <> endobj 3348 0 obj <> endobj 3349 0 obj <> endobj 3350 0 obj <> endobj 2375 0 obj <> endobj 2376 0 obj <> endobj 2377 0 obj <> endobj 2378 0 obj <> endobj 2379 0 obj <> endobj 2380 0 obj <> endobj 2381 0 obj <> endobj 2382 0 obj <> endobj 2383 0 obj <> endobj 2384 0 obj <> endobj 2385 0 obj <> endobj 2386 0 obj <

> endobj 3364 0 obj <> endobj 3363 0 obj <> endobj 3361 0 obj <> endobj 3362 0 obj <> endobj 3360 0 obj <> endobj 3359 0 obj <> endobj 3357 0 obj <> endobj 3358 0 obj <> endobj 2364 0 obj <> endobj 2365 0 obj <> endobj 2366 0 obj <> endobj 2367 0 obj <> endobj 2368 0 obj <> endobj 2369 0 obj <> endobj 2370 0 obj <> endobj 2371 0 obj <> endobj 2372 0 obj <> endobj 2373 0 obj <> endobj 2374 0 obj <

> endobj 3372 0 obj <> endobj 3370 0 obj <> endobj 3371 0 obj <> endobj 3368 0 obj <> endobj 3369 0 obj <> endobj 3365 0 obj <> endobj 3366 0 obj <> endobj 3367 0 obj <> endobj 3381 0 obj <

> endobj 3382 0 obj <> endobj 3383 0 obj <

> endobj 3377 0 obj <> endobj 3378 0 obj <> endobj 3379 0 obj <> endobj 3380 0 obj <> endobj 3373 0 obj <> endobj 3374 0 obj <> endobj 3375 0 obj <> endobj 3376 0 obj <> endobj 2344 0 obj <> endobj 2345 0 obj <> endobj 2346 0 obj <> endobj 2347 0 obj <> endobj 2348 0 obj <> endobj 2349 0 obj <> endobj 2350 0 obj <> endobj 2351 0 obj <> endobj 2352 0 obj <> endobj 2353 0 obj <> endobj 2354 0 obj <> endobj 2355 0 obj <> endobj 2356 0 obj <> endobj 2357 0 obj <> endobj 2358 0 obj <> endobj 2359 0 obj <> endobj 2360 0 obj <> endobj 2361 0 obj <> endobj 2362 0 obj <> endobj 2363 0 obj <

> endobj 3395 0 obj <> endobj 3394 0 obj <> endobj 3393 0 obj <> endobj 3392 0 obj <> endobj 3390 0 obj <> endobj 3391 0 obj <> endobj 3387 0 obj <> endobj 3388 0 obj <> endobj 3389 0 obj <> endobj 3399 0 obj <> endobj 3400 0 obj <> endobj 3397 0 obj <> endobj 3398 0 obj <> endobj 3396 0 obj <> endobj 3385 0 obj <> endobj 3386 0 obj <> endobj 3384 0 obj <> endobj 2333 0 obj <> endobj 2334 0 obj <> endobj 2335 0 obj <> endobj 2336 0 obj <> endobj 2337 0 obj <> endobj 2338 0 obj <> endobj 2339 0 obj <> endobj 2340 0 obj <> endobj 2341 0 obj <> endobj 2342 0 obj <> endobj 2343 0 obj <

> endobj 3411 0 obj <> endobj 3409 0 obj <> endobj 3410 0 obj <> endobj 3408 0 obj <> endobj 3406 0 obj <> endobj 3407 0 obj <> endobj 3404 0 obj <> endobj 3405 0 obj <> endobj 3402 0 obj <> endobj 3403 0 obj <> endobj 3401 0 obj <> endobj 2326 0 obj <> endobj 2327 0 obj <> endobj 2328 0 obj <> endobj 2329 0 obj <> endobj 2330 0 obj <> endobj 2331 0 obj <> endobj 2332 0 obj <

> endobj 3413 0 obj <> endobj 3412 0 obj <> endobj 2321 0 obj <> endobj 2322 0 obj <> endobj 2323 0 obj <> endobj 2324 0 obj <> endobj 2325 0 obj <

> endobj 3416 0 obj <> endobj 3414 0 obj <> endobj 3415 0 obj <> endobj 2315 0 obj <> endobj 2316 0 obj <> endobj 2317 0 obj <> endobj 2318 0 obj <> endobj 2319 0 obj <> endobj 2320 0 obj <

> endobj 3418 0 obj <> endobj 3419 0 obj <> endobj 3417 0 obj <> endobj 2309 0 obj <> endobj 2310 0 obj <> endobj 2311 0 obj <> endobj 2312 0 obj <> endobj 2313 0 obj <> endobj 2314 0 obj <

> endobj 3423 0 obj <> endobj 3422 0 obj <> endobj 3420 0 obj <> endobj 3421 0 obj <> endobj 2299 0 obj <> endobj 2300 0 obj <> endobj 2301 0 obj <> endobj 2302 0 obj <> endobj 2303 0 obj <> endobj 2304 0 obj <> endobj 2305 0 obj <> endobj 2306 0 obj <> endobj 2307 0 obj <> endobj 2308 0 obj <> endobj 3434 0 obj <> endobj 3433 0 obj <> endobj 3432 0 obj <> endobj 3431 0 obj <> endobj 3427 0 obj <> endobj 3428 0 obj <> endobj 3429 0 obj <> endobj 3430 0 obj <> endobj 3424 0 obj <> endobj 3425 0 obj <> endobj 3426 0 obj <> endobj 2296 0 obj <> endobj 2297 0 obj <> endobj 2298 0 obj <> endobj 3435 0 obj <> endobj 3436 0 obj <> endobj 2290 0 obj <> endobj 2291 0 obj <> endobj 2292 0 obj <> endobj 2293 0 obj <> endobj 2294 0 obj <> endobj 2295 0 obj <> endobj 376 0 obj <> endobj 3437 0 obj <> endobj 2239 0 obj <> endobj 2240 0 obj <> endobj 2241 0 obj <> endobj 2242 0 obj <> endobj 2243 0 obj <> endobj 2244 0 obj <> endobj 2245 0 obj <> endobj 2246 0 obj <> endobj 2247 0 obj <> endobj 2248 0 obj <> endobj 2249 0 obj <> endobj 2250 0 obj <> endobj 2251 0 obj <> endobj 2252 0 obj <> endobj 2253 0 obj <> endobj 2254 0 obj <> endobj 2255 0 obj <

> endobj 3465 0 obj <> endobj 3466 0 obj <> endobj 3463 0 obj <> endobj 3464 0 obj <> endobj 3467 0 obj <> endobj 3461 0 obj <> endobj 3462 0 obj <> endobj 3468 0 obj <> endobj 3459 0 obj <> endobj 3460 0 obj <> endobj 3457 0 obj <> endobj 3458 0 obj <> endobj 3469 0 obj <> endobj 3455 0 obj <> endobj 3456 0 obj <> endobj 3453 0 obj <> endobj 3454 0 obj <> endobj 3451 0 obj <> endobj 3452 0 obj <> endobj 3449 0 obj <> endobj 3450 0 obj <> endobj 3448 0 obj <> endobj 1413 0 obj <> endobj 3446 0 obj <> endobj 3447 0 obj <> endobj 3444 0 obj <> endobj 3445 0 obj <> endobj 3442 0 obj <> endobj 3443 0 obj <> endobj 3470 0 obj <> endobj 3440 0 obj <> endobj 3441 0 obj <> endobj 3438 0 obj <> endobj 3439 0 obj <> endobj 2237 0 obj <> endobj 2235 0 obj <> endobj 278 0 obj <> endobj 279 0 obj <> endobj 280 0 obj <> endobj 281 0 obj <> endobj 282 0 obj <> endobj 283 0 obj <> endobj 284 0 obj <> endobj 285 0 obj <> endobj 286 0 obj <> endobj 287 0 obj <> endobj 288 0 obj <> endobj 289 0 obj <> endobj 290 0 obj <> endobj 291 0 obj <> endobj 292 0 obj <> endobj 293 0 obj <> endobj 294 0 obj <> endobj 295 0 obj <> endobj 296 0 obj <> endobj 297 0 obj <> endobj 298 0 obj <> endobj 299 0 obj <> endobj 300 0 obj <> endobj 301 0 obj <> endobj 302 0 obj <> endobj 303 0 obj <> endobj 304 0 obj <> endobj 305 0 obj <> endobj 306 0 obj <> endobj 307 0 obj <> endobj 308 0 obj <> endobj 309 0 obj <> endobj 310 0 obj <> endobj 311 0 obj <> endobj 312 0 obj <> endobj 271 0 obj <> endobj 3471 0 obj < m guarantees sucient investment in the screening technology that its)>> endobj 3472 0 obj <> endobj 3473 0 obj <> endobj 3474 0 obj <> endobj xref 0 3475 0000000000 65535 f 0000000000 00000 f 0000000016 00000 n 0000004078 00000 n 0000000000 00000 f 0001107086 00000 n 0000000000 00000 f 0001117782 00000 n 0001116851 00000 n 0000000000 00000 f 0000161041 00000 n 0000160127 00000 n 0000000000 00000 f 0001138983 00000 n 0001138038 00000 n 0000000000 00000 f 0001134629 00000 n 0001133730 00000 n 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