Munich Personal RePEc Archive
Corporate governance, affirmative action and firm value: evidence from
post-apartheid South African firms
Ntim, collins g and Opong, kwaku k and Danbolt, jo
University of Glasgow
11 July 2010
Online at https://mpra.ub.uni-muenchen.de/32297/
MPRA Paper No. 32297, posted 18 Jul 2011 12:38 UTC
!
" # $%
! "
# # " $%&' (
! " !
(
" & $% & ) *+, -..-
-../ " " !
! 0 1( 2 "
" "
(
# (
$ %
" "
" ( 2 "
" " #
(
$ ! %
( " " "
# #
( "
" #
( ' !(
& !
*
%) "*+, %*)
"
3 4 5 # *,/+
# " ! "
# 6 # 4 -.*. ( $ "
" " " # "
( ! " #
" ( 7
" # "
-..,8 9 # 4 6 -.*. "
" " 4 : *,,+8 ;
2 < 4 = -..+ (
; 5 % 4 7 -..>
? 0
9 9 : 4 9 -..>8 2 4 : -..@ ( 6 (
-.*. " ? 0
" " (
" # " "
4 6 -..+8 ; 4 ; -..A (
4
<< -.., ( $ "
-
? 0 "
!
5 ; # 4 -..,8 6 ( -.*.
) "
% 4 5 # -..B8 ; 4
C -..>8 4 D -..@8 ; ( -..+8 ; # 4 7 -..,8
$ 4 E -.*. ( $ "
" ( # "
! " (
" ! (
$ 0
" ! ( $ "
-..- : 6 : %%
! " #
" " " (
" # "
$%&' ( #
#
! # "
" -.*. (
B
! "
" # ?
!
# : # 4 : : # -..- ( C
# "
! " 9
-../8 D -.., ( C
5 4 -..B8 -.*. " #
# (
6 "
#
# " 5 4 -..B ( $ " ! # "
" "
: 5 -../8 5 4 -..A (
% " !
"
# # " $%&' (
% " !
(
3 # ! 3 9 "
( E
! "
>
" ! "
< # " ( % " # ?
! ( 7 "
! *+, -..-
-../ @. -..- : 6 : %% (
" "
! ! (
" " " !
# # (
7 " !
" "
" (
C " "
! ! 0 "
" # ( C "
" ! 0 1
"
( 2 "
"
" " !
# 0 1( C
" "
# ! (
@
" ( ! !
! ( "
" # (
- *) . %" % %*) )+ - "%*" /% " ,"
( 7 #
" 0 "
5 4 -..B ( #
(
" ; 4 : *,,@
! " $ -..A (
" #
$ 4 $ -..+ ( E
" " # 5 4 -..B "
% *,,A8 3 9
6 -../ " # : 6 -..-8 D -.., ( %
! "
! " (
C " (
" *,,> : % -..- : %% 4
< -.., " D
+
5 " D
D ( E
* B !
F 0 -.*. (
F 0 #
?
! "
# # " D #
" $%&' >
! ( !
( 7 ! -..B
; # " "
" (
"
" ( %
"
! "
(
" !
) ( 7 ! ( -..B
D -..@ ; # ( -.., ! " !
) " "
( % ( -..+ ;
/
; -..A " )
"
( G
( E ; ( -..> "
2 < ( -..> ; ( -..+
" (
6 ( -.*.
"
"
( 9
# ( ; # -..* ; # ( -..+ ; # : -../ $ -..A
<H < -..A " !
6 : % & <
( " # : 4 9
-..>8 2 4 : -..@8 5 ( -..,
" ( C
( -.*.8
6 ( -.*. ? #
!
: 4 9 -..>8 5 ( -.., ( 7 ! 9 -... ? 0
: 9 -..> 2
A
: -..@ *
(
!
" # " ( 7 " *+,
# :
4 9 -..>8 2 4 : -..@ "
" (
" !
: %% " # ? 0 # 2 4 : -..@8 5 ( -..,
! #
" $%&' (
" " " !
# 0 # ( 7
" !
"
(
+ )+ " " - -*+*/* 0
+ +
C -,* - 3 B*'*-'-../
* ( G * "
" 3
" (
,
% *
E "
( " !
( " "
" (
" I 0 -..- -..+
0 -..B -../
(B " ( 7 "
$ -..A
? -..B (
" #
( $ " * <
" : 4 9 -..>8 5 ( -..,
( !
: 4 9 -..>8 2 4 : -..@
" "
" ( )
* *+,
-,*> A>@
(
*.
" &! +
C ! "
@. : %%
I * " - B #
> @
( !(
3 "
(
C ( 7 #
( -..B < -.., (
" ; ( -..+ !
" 5 ( -..,
! # ( !
>
! # " $%&' (
" F*0 @. : %%
F.0 " ( E 0
" < .J *..J " !
( "
( -..B " (
7 # " "
; # ( -..+
**
" "
( " !
; ( -..+ ( "
" ; ( -..> ( 7 "
"
( -..B8 $ -..A8 5 ( -..,
" " ( !
3 4 5 # *,/+ "
" (
# " 0
1 @( 7 " 4 G *,,> # #
# # ( %
# 0 0 (
0 "
0 # $ 4 $ -..+ (
" " ! (
- !
< #
" "
" (
% -
7 " " "
" " 2 4 :
*-
-..@ ( "
( -.*. ( ;
$ -..A (
3 *,A+
" F " 0 ( %
"
! " 3 *,A+ (
# ; ( -..+ ( ;
" : 4 9 -..>
( ! " !
< ! " (
# # ?
; # ( -..+8 6 ( -.*. ( $ "
# " (
7 "
< 2 *,A*
( $ " " < ( 7
" 0
" 0 " " $ 4
$ -..+8 6 ( -.*. ( E
"# " " ( 7 " $
-..A8 -.., " " (
" -..B -../
*B
(+ C9
I
∑
=
−
−
− + +
+
= !
*
*
*
*
*
. β β ε
α *
" I
0 1 ! (
α. (
% !(
! "
! < !
< $
"# (
ε (
1 / %
" : *,,+ !
( C9
* ( E
"
! ( < %
& # ' ! ! ! " ( E !
# " (
" ( % " - + "
( ( ( %
" /
*>
" "
(
( E " !
"(
% 2 3 %45 7
&
' ! ! ! % ! "
! < ! < $
( ! )
* ( 9 ! ! )
I
! )
%
! !
' !
&
ε β
β β
β β
β α
+ +
+ +
+ +
+
=
∑
=*
@
>
B -
* .
-
/ & 3/ 45 F " 0
3 *,A+ ( & (
; 2 -..> & " <
" ( $ " ! & " < !
( # # 3
*,A+ " ! " " !
" " &(
& ! ! ) * ( D
! ! )
I
*@
! )
%
! !
' !
&
ε β
β β
β β
β α
+ +
+ +
+ +
+
=
∑
=*
@
>
B -
* .
B
6 7 *( 36/'*8)45 " #
" 3 4 5 # *,/+ ( %
# " " !
" $ 4 $ -..+ ( $
# " ' ! ( % ;
( -..+ ' ! ! < ! ( "
: *,,+ " "
" "
" ' !( !
" ' ! " ' ! ;
( *,,@8 D -.., ( ' ! ! ! )
* ( ! ! ! )
I
! )
%
! !
&
' !
ε β
β β
β β
β α
+ +
+ +
+ +
+
=
∑
=*
@
>
B -
* .
>
% *( 3%) *8)45 2
; ( *,,@ ( $
" ! ! ( %
" " " 4 :
*,,+ " ! " ! <
! ( " ! !(
*+
! ! ! ! ) * ( $
! ! ! )
I
! )
%
' !
&
! !
ε β
β β
β β
β α
+ +
+ +
+ +
+
=
∑
=*
@
>
B -
* .
@
6 9 36 %: 45 9 "
$ 4 $
-..+ ( ; -.., "
" ( <
% ( " ( -.*. " !
! " % (
! < ! < $
( " % ( ; <
! ! ) * ( !
! ) I
! )
! !
' !
&
%
ε β
β β
β β
β α
+ +
+ +
+ +
+
=
∑
=*
@
>
B -
* .
+
3#45 7 ! # "
(
* ! (
I
*/
*
*
*
*
@
*
>
* B
* -
*
* .
−
−
=
−
−
−
−
−
+ +
+
+ +
+ +
=
∑
!%
! !
' !
&
ε β
β
β β
β β
α
/
%"% / " ,/
" + , " & !
B ( % "
0 .(/- ! B(+./" *(@+
" # ( C
! " " "
( 7 ! +J B
@. ! ,AJ >, @. " " +*J @.
! "
(
% B
B "
" ( 7 ! " /AJ
" +>J "
! (
& % ' ! ! ! " !
" (
2 4 : -..@8 6 ( -.*. (
*A
C9 C9
( >
!
# " G 0
0 ( ;
(
% >
! "
!
" ? ! ( E
" "
#0 2 E (
C9
( C " : 4 9 -..>8
5 ( -..,
" # (
" ( 7 ! # "
"
( % < " "
(
" */ 3 4 " & !
*,
@ C9 ( B @
" > ,
A
@ ( B @
" .(..B K(..* ( $ "
B @
(
> , @ (
% @
"
( "
" # (
0
+*J A.J ! "
# +J *, ! .(..B *(@+ *(+@ + , ( C
; # ( -..+8 6 ( -.*.
"
: 4 9 -..>8 2 4 : -..@8 5 ( -.., (
" > , @
" ( 7 ! <
" "# " "
< (
% " $ -..A
-.
! ; ( -..+ $
4 $ -..+ (
!
! #
! ( " !
" "
" 5 4 -..B ( $ "
! " #
" ( # : # 4 : : # -..-
" # (
% -.*.
" #
# !
( "
# "
( E " "
! " (
+ C9 ( B +
"
> ,
@ ( B
+ " .(..-
-*
K(..* ( B + "
" (
" "
> , +(
% +
" .(..* .(..A(
" "
" # (
( E ! : %%
3 0 # #
" # (
# " "
( %
" " < B (
" #
# " 5 4 -..B (
" " ? " "
" # (
? "
" ! # " " (
--
"*6, ) ) /0 %
C # !
! "
( " !
( % " ! "
! " ! (
" 1 / ; 314 3<4
C " ( 7 " C9 / "
! " (
" (
C
+K(..* (
< " +K(.@
" " # "
( D " < ;
( -..+ ? -.., ( " " : *,,+
" / " - +
,( " - +
" ( (
( % "
*. / "
( !
-B
" "
"
(
/ - / ( 5
A / +K(.*
"
' ( %
; ( -..+8 5 (
-.., " # ( C
A / <
" " #
" ( " <
; ( -..+ -.., (
% /
/
( 7 B "
+K(..* "
( ( "
( "
B < "
" # "
" ( "
# " " "
->
# ( % "
"
(
> / # "
? "
# " # ( # "
3 0 *,A+ F "0
" # (
@ / " #
" " ( %
" < " #
" " # " " #
( 7 " +
" "
" # " (
" " (
7 / / " "
" "
(
2 8 & / 2
% "
! " ( 7 "
-@
" " ! I L
# L ! (
" " (
-..B8 6 ( -.*. ( " ! "
6C 6( A
! " ( B > C9
" " " @
+ ( C " B
+ @J (
" #
0 (
% A
; ( -..+ " ! "
" ( @.
" (
" "
I " @>J 8 *-J #
*.J 8 *AJ 8
+J ( "
" " -. /"
" " " -.J( C
/ A A -. /"
-+
+K(*.
" (
7
" ?
$ -..A8 -.., "
C9 (
" $ -..A -.., " !
( * "
*+A *+, ( C !
, A "
+K(*. (
C #
# "
(
, "0 )+ *) /, %*)
" !
*+, -..-
-../ @. -..- : 6 : %% (
( $
" ! ( $ "
# " "
-/
" # " $%&'
! " ( #
F 0 F # -0 (
! "
" " #
(
7 " "
0
" # ( 2
" #
! ( " #
" " "
# " # ( C
" " #
" # (
( E ! " #
? " "
#
" (
< #
" " (
" !
-A
" ( 5
"
( $ "
" ! ( (
" " (
E
" # "
" " #
" " # (
# (
7 (
" #
# " " " # (
#
"
" ( % %
2 2 % : 3
( # " "
" #
(
-,
7 " ( E
" ( E
" " !
" "
( " - 9
(
# (
)*
*( I 2 ; 2 2 7 6 5 D 2 C6
C 5 ; " ; # % 9 -...I +B (
! < 9 M,(> 9 -...I ,
6+(- MA-* I C 5 7 6 D 2 C6
; # % 9 -...I *B ( "
! (
-( 7 " " $ -..A8 (
-.*. " *** " ! "
-,* (
B( % # 6 ( -.*. ( $
" " "
0 0
"# $ $ -..+ 6 ( -.*. ( -..-
0
-..- : %% -..-(
>( G * " *-- " 0
" 0 ( 7 -A
" (
@( 7 6C # 6
" ( !
" "
6C " ! # 6 ( " "
! 6C 6( G
; # ( -..+8 $ 4 $ -..+ (
6C # 6 ! "
( "
"
: 4 9 -..>8 -.., (
+( 7 # 4
"
" " ? ( G
* . . " , 1 2 - "
B.
" , "
. -3 (
/( " 6 ( -.*. " "
*J ,,J ( $ " " " "
" ( "
C9 (
A(
" ? -..B
" G -.., " , / / /
( 7 "
! (
,( " ; ( -..+ "
, " ," , ; ( -..+I -+/
( / , " ," ,
! ? @J ( "
C9 ( ( (
*.( ! !
? -..B8 ; ( -..+ ( C ! !
( $ ! !
( $ " " ; ( -..+8 9 # 4 6
-.*. - / "
! ( ?
? -..B8 ; ( -..+ ! ( "
! ? *.J ! ( E
! (
B*
)+%.
/ % 2 6 ' & %%
%CD *I ;C 62 2%6 C6 D2 CED 6 $%G
*( E C'52 (
-( E ! (
B( E ? ! D 2 (
>( E (
@( E 0 (
+( E ! D 2 (
/( E 0 (
A( E C'520 (
,( E 0 (
*.( E 0 (
**( E 0 ! (
*-( E
(
*B( ! (
*>( E (
*@( E ? D 2 (
*+( E D 2(
*/( E (
*A( E 0 0 (
*,( E (
-.( E D 2 (
-*( E D 2(
--( E (
-B( E 0 0
(
->( E 0 (
-@( E (
-+( E 0 (
-/( E "
0 @.J (
%CD -I C)D %D D2 )2% %D
-A( E (
-,( E - D 2 "
! (
B.( E D 2(
B*( E (
B-( E 0 0 (
BB( E (
B-
%CD BI 6% : 5 D 5 D %D 6D 9 )2% D2 CD 6C9
B>( E # (
B@( E # 0 0 (
B+( E
# (
B/( E !
(
BA( E " # "
(
%CD >I %D 6 2 ) %D ;%9% N 6 GC6 %D DCD 7%D D % 9
B,( E " "
# " " " "
# " !
(
>.( E " "
" (
>*( E " $%&'
(
>-( E #
(
>B( E " "
(
>>( E ! (
>@( E 0 * " * "
(
>+( E 0 * *
(
>/( E
(
%CD @I D C)6 %D &C9)D 6N C5G9% D D2 D7C6 5 D
>A( E "
: %% (
>,( E " "
? (
@.( E " #
! (
BB
" " )
" ( 4 : ( 6( *,,+( 7
" (
B*I B// BA,(
6( &( 4 < ( -..,( (
*/I B/+ BA/(
( -.*.( ) I
: < ( (
; ( 3( 4 : ;( *,,@( I
0 ( AI *A B*(
; 6( D( 4 C 6( -..>( I
# ( ! @I
,* *.>(
; &( 5 % ;( 4 7 ( -..>(
I
( ! -AI -.@ -B+(
; # 9( ( 4 7 ( -..,( E O
--I /AB A-/(
; ( 2 < E( 5( 5( 4 = $( -..+( " #
(" ! *-I ->, -AB(
; ( ( 4 2 3( -..>( ):
( " ! *>I @@ ++(
; ( 4 ; ;( -..A( (
*>I -@/ -/B(
; # ;( ( -..*( # 6 (
"! # -I A, *.A(
; # ;( ( 4 : &( ( -../( 0 #
O % ( "! $ >I />, /,+(
; # ;( ( 3 $( 4 : E( -..+( 2 0
# O : ( $ % " ! & '
--I B++ >*B(
E( G( $( $ ( 9( 4 E ( -.*.( !
( *AI -B> ->,(
:( $( 4 G ( E( *,,>( ! 0 1(
! -BI /. />(
9 9 -...(() ( * & +) * !! , # 4
9 $ : (
3( ( E( 6( 4 6 ( C( -..+( 2 " # " # #
O ! 0 ! (
+*I +@@ +A/(
:( 3( 5( 4 D &( ;( -..@( (
+.I -A@, -A,>(
2 9( ( *,A*( < (5 , , - /
BI *A* *,,(
2 < E( ( 4 = $( -..>( !
# I 0 " ! *.I -+/ -,B(
B>
2 ( 4 : ( $( -..@( I
( +.I *>+* *>,B(
)( 4 <H < 5( -..A( I & < (
*+I *,> -.,(
G( % 63( 4 5 # ( -..B( (
" ! 6**AI *./ *@@(
G( 5( -..,( < I ):(
" *@I BA@ >.>(
? 2( D( -..B( ! 5D " N #I 5 " $ (
$ 6( 4 $ 5( -..+( 5
0 % BBI *.B> *.+-(
$ 2( -..A( I
# ! ( B@I ,*- ,>-(
: 5 %( -../(
( *@I *>-, *>>*(
: ( *,,> 4 -..-(- ) 5
3 I % 2 (
3 5( ( *,A+( " # ( !
" ! /+I B-B B-,(
3 5( ( 4 5 # E( $( *,/+( I
" ( " ! BI B.@ B+.(
: # ( 4 : : # D( -..-( I
: %% ( ) ! -I B.@ B*/(
: 9( 7( 4 9 %( -..>(
# ( *.I /.B /-A(
9 # 2( 7( 4 6 ( C( -.*.( C
( " ! >,I *A+ -.@(
9 # ! 9 -../( L 6
P ! Q( *@I ,+ *..(
5 ( 4 D( -..B( I ( % ( G( C (
! % ) . ' % ) % % ) ->/
-@*( E C 2(
5 5( 4 ( -..A(
3 ! I (
>BI -A >>(
5 5( ( ; # ( 4 ;( -..,( 2
# O ! " (
# BB -@> -+-(
D ( ( -..,( ! !
! ) ! 5) "I )
"(
G 5( ( -..,( I
( --I >B@ >A.(
6 ( # ( 4 G( -.*.(
I ( *AI
A/ *.+(
B@
6/ =
G
7 /, + / . ! 8 . -
5 1 + / 9#0# 0 ::; /, 3 +
% A* -/(A
; +/ -B(.
+- -*(B
B+ *-(>
B* *.(/
$ / -(>
> *(>
C B *(.
1 + / <# #::8:
9 I 7 " 0 -A
7 " 0 ,> *-- >*(,
+ / = . , / #>< ?@8#
7 /, + ! 8 . -
+ / = . , / /, 3 +
% @* B.(-
B@ -.(/
; BB *,(@
-> *>(-
*, **(-
$ B *(A
B *(A
C * .(+
+ / = . , / #>< #::8:
I 3 9 (
B+
6/ 1
&
7 & ' &
1 6 " .-,,, # " .B@.* R" .B>@*
# " .-,,, (
6C J 6 " .*-@. " .-,,, (
6 J (
% ! @. : %%
# * @. . " 8
" .J *..J(
% 2 ( % ! , !
# (
; %= D (
;9:CED G " @J
(
%D CED G (
9 & J 6 " .B-@@ " .-,,, (
! &
C5 * . "
;% > * G " 2
4 4 N :G5 . " (
G S J 6 ! " .>+.* " .-,,, (
6C 9% * # # . " (
6 J 6 " .B-@@ # (
6CE J 0 " .*..* 0 0 (
%D2) 6N 2 I R 8
R 8 8 R
(
9D D " .-,,, (
N 6 2 -..B -../ (
! I 2 #
(
B/
6/ >
2 & A>@ 7 N
& 5 5 ( 2 ( 5 ! 5
0 1 *(@+ *(B> .(+/ B(+. .(/-
6 .(** .(*- .(*> .(BA .(*,
.(-A .(-@ .(A, -(B+ .(>A
.(+* .(+> .(*, .(,A .(.+
" .(+, .(/A .(-/ *(.. .(..
; < ,(/@ *.(.. B(+/ *A(.. >(..
; # " .(+- .(+@ .(*A .(,- .(*.
% " .(/> .(A- .(-B .(,A .(.,
9 .(*A .(*+ .(*> .(@+ .(.@
" .(*- .(*> .(-+ .(A, .(>>
! .(*B .(.A .(*@ .(++ .(./
.(B- .(*, .(B* .(/A .(.*
7 < @(A+ +(.- .(>A /(AB >(->
.(B- .(.. .(>/ *(.. .(..
< .(/B *(.. .(>> *(.. .(..
.(-- .(.. .(>* *(.. .(..
! 7 - (
BA
6/ ?
5 ! & A>@ 7 N
& 1 % % ; %= ;9:CED %D CED 9 & 6CE $ G S 9D 6 ;% > 6C 9% C5
1 (BATTT (-+TTT (*/TTT (.B (-.TTT (*BTTT (.,T (B,TTT (*-TTT (>.TTT (*BTTT (*/TTT (*ATTT
% (B>TTT (/@TTT (@+TTT (*+TTT (B.TTT (.> (.* (*-TT (@,TTT (.AU (>.TTT (>*TTT (>>TTT
% (->TTT (/BTTT (@@TTT (.AU (B.TTT (.> (*.T (.> (@-TTT (.AU (B*TTT (B,TTT (>/TTT
; %= (*-TTT (@ATTT (@*TTT (*.T (B*TTT (*/TTT (*.T (./ (@BTTT (.AU (B,TTT (BATTT (B*TTT
;9:CED (.> (*ATTT (.AU (./ (>*TTT (.> (.- (.+ (*>TTT (.- (.- (.B (*>TT
%D CED (*@TTT (B*TTT (B-TTT (-ATTT (B/TTT (.@ (./ (./ (-ATTT (.@ (*.T (-+TTT (->TTT
9 & (*-TTT (.. (.B (*BTTT (*.T (*.T (./ (BBTTT (*,TTT (@,TTT (.* (.,T (*+TTT
6CE $ (.AU (.> (.,T (.,T (.B (.@ (.,T (.> (*BTTT (*.T (.* (.- (.B
G S (B*TTT (-.TTT (*-TTT (.AU (.@ (.AU (B-TTT (.+ (.,T (>*TTT (.AU (.@ (.*
9D (.AU (@BTTT (@*TTT (@.TTT (*ATTT (-+TTT (*BTTT (*-TTT (.> (*.T (>BTTT (>>TTT (>.TTT
6 (B.TTT (-BTTT (*ATTT (.AU (.@ (.AU (@/TTT (./ (B,TTT (.> (.- (.@ (.+
;% > (*>TTT (>*TTT (B*TTT (B/TTT (.+ (*BTT (.B (.- (.* (>-TTT (.AU (-@TTT (-ATTT
6C 9% (*/TTT (>.TTT (BATTT (B/TTT (.> (*ATTT (.> (.* (*.T (>-TTT (*.T (-+TTT (>>TTT
C5 (*,TTT (>-TTT (>/TTT (B*TTT (*BTT (->TTT (*BTTT (.> (.,T (B/TTT (*>TTT (-ATTT (>@TTT
! 7 G 0 " 0
( TTT TT T U (*J *J @J *.J " ( & " I 0 1
% ! " " < % # " ' ! " ! !
& " ! < ! < $
(( - (
B,
6/ @
C9 6 6 0 % ! % &
! ( -..B -..> -..@ -..+ -../
?
2 E
7
< !
(.>
(++
*(,A ,(*@TTT
A>@
(BA (>/
-(>@
*-(BATTT A>@
(*A (@>
-(.+
@(,/TTT
*+,
(-@
(>, -(-.
/(>BTTT
*+,
(*, (@- -(*B +(/>TTT
*+,
(*+
(@A -(.*
>(,@TTT
*+,
(-*
(@*
-(*+
+(ABTTT
*+,
%
<
! 7 <
"
"#
;
%
N -..>
N -..@
N -..+
N -../
R R 'R R 'R 'R R R
(A+ (.. TTT (..B (.. TTT
(+/ (..TTT (..> (..TTT
(** (.,U (.A (+>
(** (.*TT (*A (.. TTT (.> (+A (.@ (..TTT (-, (..TTT (.@ (>B (>, (..TTT (.> (@*
(*> (BA (-. (.@T (*A (.*TT (-. (.BT (-B (..TTT
(>B (.. TTT (..B (.* TT (*. (*. U
(./ (@, (*, (.* TT
(*- (.*TT (.* (>>
(., (.A U (BA (.. TTT (., (>- (>B (.@ T (.> (+B (*@ (>-
(>> (..TTT (..> (.-T
(-> (.>T (.B (>.
(-B (..TTT (*A (..TTT (.@ (B+
(.+ (.>T (-+ (..TTT (.* (@A (>+ (.*TT (.@ (+>
(*A (-/
(+- (..TTT (..- (.*TT (BA (.*TT (.A (+@
(-. (.@T (*B (.*TT (.> (B/
(*- (.*TT (B* (..TTT (*, (-B (@B (.*TT (.B (>>
(-* (>A
(@+ (..TTT (..* (.,U (*- (.+U (./ (>A (*A (.@T (*> (.BT (.- (B, (.B (.AU (-- (..TTT (., (B.
(-@ (.+U (.A (>@
(-. (-.
(@A (.. TTT (..@ (.* TT
(*> (*B (*- (*. U (-+ (.. TTT (.+ (.A U (.@ (>@
(.* (*.U (B> (.. TTT (./ (B- (@> (.* TT (., (BA (-- (-.
! I ( TTT TT T U (*J *J @J *.J " (
-..B ( -
(
>.
6/ A
C9 6 6 0 % &
! ( -..B -..> -..@ -..+ -../
?
2 E
7
< !
(.>
(+A
*(,.
A(A.TTT A>@
(B+
(@B -(-B
**(>-TTT A>@
(*/
(++
-(.A
>(,ATTT
*+,
(-- (@A -(*@
+(>/TTT
*+,
(*A (+>
-(.-
>(,*TTT
*+,
(*@
(+A -(*.
>(A.TTT
*+,
(-.
(@@
-(*>
+(*-TTT
*+,
%
<
! 7 <
"
"#
;
(
%
N -..>
N -..@
N -..+
N -../
'R R 'R R 'R 'R R R
(+. (..TTT (..- (..TTT
(@+ (..TTT (..A (..TTT (** (*.U (.> (+@
(*- (.*TT (-B (.* TT (.A (@>
(-. (.*TT (-A (..TTT (./ (>B (B+ (..TTT (.+ (>>
(./ (BA (*A (.@T (*/ (.*TT (*, (.*TT (-B (.*TT
(-A (.* TT (..B (.@ T
(*B (.@T (.B (+B (*. (.AU (*A (./ U (.- (+, (-- (.*TT (BB (..TTT (.> (>/
(*, (.,U (.A (BA (*@ (>*
(>/ (..TTT (..B (.* TT (*+ (.BT (./ (@>
(-- (..TTT (*> (., U (.+ (@A
(-> (.* TT (B, (.. TTT (.+ (>/
(-B (.* TT (., (-, (*@ (>-
(>A (..TTT (..* (.+U
(*> (./U (.A (>B (*- (./U (-. (.AU
(., (>, (*, (.*TT (-. (..TTT (., (BB (*A (*.U (.@ (+.
(** (BA
(-@ (.*TT (..* (.,U (*- (.+U (.+ (BA (-. (.*TT (*A (*.U (*. (>B (*A (.*TT
(B+ (..TTT (.> (++
(-> (.BT (.B (>, (.A (>*
(B, (..TTT (..> (.* TT (*/ (.*TT (*> (.,U
(*+ (.*TT (*B (.,U (., (>@
(-+ (.*TT (-> (..TTT (.+ (>A (*, (*.U (./ (B*
(*, (B-
! I ( TTT TT T U (*J *J @J *.J " (
-..B ( -
(
>*
<
6 6 " 9 - /
2 A,
! ( % 9
9
; #( "
$
% ( "
?
; <
>
0
;
?
2 E
7
< !
(>- (>B -(BA
*-(+,TTT A>@
(*- (/*
*(,A
>(A>TTT A>@
(-.
(+B -(*A /(@.TTT
A>@
(-+
(@.
-(-*
A(+*TTT A>@
(>.
(>/
-(-B ,(,.TTT
A>@
(>@
(>.
-(>.
**(++TTT A>@
% 9
; # "
% "
; <
B#
"#
<
! 7 <
"
;
%
N -..>
N -..@
N -..+
N -../
R 'R 'R R 'R R R R R 'R R 'R 'R R
(-. (.. TTT (.> (.@T (.A (.+U (.+ (.*TT (** (..TTT (*B (..TTT (*> (.*TT (*/ (.*TT (.+ (@>
(*B (.*TT (*/ (..TTT (.* (>/
(.+ (-A (.A (BB (-, (.@T (-. (*.U (-B (.,U (BA (..TTT (>/ (..TTT (*- (.@T (>A (..TTT
(.A (-.
(.* (*A (*. (./U (.@ (>B (.- (*/
(.B (@.
(*- (.@ T (.A (.@ T (*A (.* TT (-- (.. TTT (./ (+/
(-A (.. TTT (.@ (/+
(*> (.,U (./ (/*
(.A (+@
(*. (>B
(@> (..TTT (.+ (..TTT (.A (.*TT (*- (.*TT (*. (.*TT (.* (-A
(*. (.*TT (-- (..TTT (*B (..TTT (.- (-/
(.A (B.
(.> (>.
(.* (@.
(.B (>A (-. (.@T (., (>B (./ (BA (*. (*,
(+. (.. TTT (.A (.. TTT (.B (+B (., (.. TTT (./ (@A (.> (+- (.+ (+@
(.@ (*>
(*A (.. TTT (.* (A*
(.+ (>B (** (.* TT (.> (>- (., (@, (** (.AU (.> (>.
(.+ (-A (.A (B.
(,A (.. TTT (., (.*TT (.* (+, (.@ (B*
(., (.@T (*. (*A (*, (./U (*. (.,U (.A (.. TTT (*. (.,U (,+ (..TTT (.A (B.
(.* (+@
(,> (.. TTT (B. (.* TT (+@ (..TTT (*- (*A (-- (.*TT (*> (>, (-. (>.
(-> (B,
(>> (.. TTT (..+ (.* TT
(.> (>A (.* (BB (.A (.* TT (-B (.* TT (B@ (.. TTT (., (*A (.A (-.
(-+ (.* TT (BB( .. TTT (.- (>+
(*A (.* TT (*B (B.
(-- (.* TT (.+ (>/
(*A (B.
(B> (.* TT (*+ (.AU (-> (.. TTT (B* (.. TTT
! I ( TTT TT T B (*J *J @J *.J " (
-..B ( -
(
>-
6/ C
6 6 ; 7 & G ! E % !
! " 7 !
! ( 6 0 1 0 1
?
2 E
7
< !
(.@
(++
*(,B A(>.TTT
A>@
(-/
(@- -(-.
+(@.TTT A>@
(.B (+@
*(,@
/(A.TTT A>@
(B*
(>- -(>.
/(>+TTT A>@
(.- (+,
*(A+
-(,ATTT A>@
(->
(@+
-(*B
>(/ATTT A>@
(>, (>B -(@-
*+(>*TTT A>@
%
E %
<
! (
7 <
"
"#
"#
"#
;
%
N -..>
N -..@
N -..+
N -../
R R R 'R R 'R 'R R R R R
(,A (..
(*. (.. TTT
(A/ (.. TTT (.B (.*TT (.- (>B (.A (., U (.> (+*
(*B (.@ T (.* (+A (-+ (..TTT
(-/ (..TTT (.- (@>
(./ (B*
(>* (.*TT (*> (.,U (B@ (.*TT (B. (.*TT (-A (.*TT (B/ (.*TT
(,+ (*@
(BB (.. TTT
(,> (*B (B@ (..TTT
(.>(B+
(.- (+>
(*+ (..TTT (-. (.. TTT (B* (.. TTT (*. (.>T (B+ (..TTT (B> (.@ T (*A (.,U (.B (+*
(.> (@.
(-A (.AU (** (*B (*. (*/
(>. (..TT
(.A (-, (..B (.> T
(*, (>A (..B (./ U
(*+ (.@ T (.* (@B (*B (.* TT (B> (.. TTT (.@ (B+
(.- (-@
(-> (.. TTT
(.> (B*
(-@ (.@ T (./ (BA (., (-, (*. (*>
(-B (.@ T (>@ (.. TTT (@+ (.. TTT
(-> (*+
(..* (., U (./ (B+
(.> (-*
(*> (.@ T (-@ (.. TTT (.+ (>>
(*- (.@ T (B* (.. TTT
(./ (*@
(*> (.AU (.@ (B@
(., (-, (B- (.. TTT (>B (.. TTT (>. (.. TTT (@B (.. TTT
! I ( TTT TT T U (*J *J @J *.J " (
-..B ( - (