Munich Personal RePEc Archive
The benefits of leadership in the banking deposit market: A comparison between Cournot and Stackelberg
Ruiz-Porras, Antonio
Universidad de Guadalajara, CUCEA
6 October 2008
Online at https://mpra.ub.uni-muenchen.de/11351/
MPRA Paper No. 11351, posted 03 Nov 2008 08:26 UTC
! " #$ " %
& " " " ' " ( ) %&%
!
( ! ( * " ( ( " + ( " , ! ( + (
( ! " " " - * ( ( ! ! " ( " ! . "
! / ( " * $+ - 0* !
! ! ( ( " " + " % 1 2 3 ( +
+ " ! !$ 1 (0" + " - 4 ( 5 (( +
+ / 5 1 * " 1 ( " ( ( " + - 6 ( "
+ / " ( ( " " " 1 " ! (
" " ( + ( - #7 ( ( " + * ! ( ( " " * 1
* ( -
8 (1 5 ** * ( " 5 3 + 95 ( + ( ! ,
5 ! 3 * " - 8 5 ** 1 ! + 5 * ! * 3 +
1 ! 5 (1 " ** 5 + - 2 * ((1 9 ! 5
! " + * 5 % " 2 3 ( + 1 1!!
! " ( " * (( 9 + - ! * " + ++ 5 5
" ( * " ( " 5 - :5 ( ++ 5 "
5 +5 ( ( * " * " * ! * ( + ! " -
# ( " 5 5 * ( ( 1 " ** 1 3 +-
6 ; 2 %6 < ; ( " + " * ( " "= 3
( " 5 " * ( 1
%6 2>?>% %> 4 @ 6 ' A BC D
( + " ( ( + * " " ! " " -
! ( E1 5 - ! ! " #$ " % - & " " "
' " ( ) %&% - * 4 FDD 4G ( & 6 ; ( BHA I @ (
#$, - : ( JJ H CC CFF CC , - H DA- ? ,- JJ H CC CFF CC , - H F-
A
!""#$
( ( " + " ( ! / 5 " " ! 1 $ " " ( +K " "- (
" ! . 1 " (( " ( * ! " " 1 + " , (
* ( ! ! " ! - ( 7! * !G (
$, 1 * " ( ! " ( , " ( " + ! (
" " - " ) ! ( ( " + L " ( * ! !7 "
( : 1 " ( ! ! " " M N; 1 4 AD H B O- 5 5 (
" * ! ( ( ( " + ( * ! + ( +( PP-
( ( " + " * ! ( " *( 0 " " /
( (0" 1 + " ! " ( ( ( " " (( +
( " / *( ) ( / ! N * H O- ( 0
! ! ( ( " + ( ! " ( " $+ " "
5 1 ! 0 ( ! " " - 6 * ! (0" / ! !
" ! , ! + - 6 * ! + " / (( /
( " " ( (0" ! " + ( ! ! ) -
0 ( + ! ( * " ( ( " + ( " ,
! ( + ( ( ! " " " - (( " (( ! 7(
! ! ) " + ( + + Q% !
" ! " ( ( ( " + ( ! " " " R Q% 7( (
* " ( ( " + ( " 1 ( " ! . " ( R Q% !
! ( ( " " 1 * " ( ! ( 1
" ( " + R Q2 " * ! ( ( " + R
7( ( " ! " $ " " ( " " !
( ( " + ( -A S " " ! 5 1 )
( " ( ! - ! 0 ! ( " ( ! 1
+ ! ( ( " + " " ( 0 G " (
- ( 1 ( ( + ( 1 ! !
* ( " ( " 1 ( ( *
* ! " (0/ " 1 (0/ " NS ** H O-
( 7( " ( ( " + ( ! $ ( " "
" " / , ! " ( ! ! " ( ! " "
! - ( ( * ! " ( ! " " ! ! ( "
" " $ " " / ( " 5 1
( " " * " ( !0 - 2 ! + 1 " ) ! (
A . ( / ( , " ( " + ( ! " ! (
, (7 " ( !0 - 5 5 ( , " S ** H # 53 F 1
? , 1 5 ! ( ! + ( ! -
& " ! ( ( $+ ( ! " * ( " T ((
ADD - " ( ( " + ( ( " ! " ) "
: ( ! 1 2 5 3 ADDD 1 3 H -
C
" ( 7( " ! " -C #7 ( ! " ( " ( (
( " + * ! * / ! ! " " " -
# " ( + ! ( " " (( " ! " ( "
( * / " ( + " (- ( ! , !
+ , " ! ( + ( ( ! " " !
( " " " $+ - 6 ! ! " " 1
( ( " " ( " - ( ! ! " (
) + " " ! ( 7 "$ " % - ( + "
) + ( ( (0" + " " 2 3 ( +-
4 ! " ( ! / ( ! " " " 5 1 ( + ( "
" " / ! ! - ! ! " (
" " * " ( " - " $ / * ! " ! , ! +
" * " ( ! ( " ( ! " ( " ( " % 1 2 3 ( +-
G( ! ( * ! ! , ! + * ) " ( * " ( ! " "
" " " " ! " " ( ! " -
6 ! " ( ! ( ) " ! " 1 1 + AD C -
G( ! ! " ( , ( ( / ( " " ( " " "
C ( 7( ! ! !7 " * " ( ! " " ! ( ( " (
! ( ( - " 5 1 " ! ( " " ( ! "
" ! 1 " - ( 7( ! / ! ( L + " M / ( 1 !
! ( !7 ( / " ! ( " " - <$ < C ,
(( " 7( -
B
* $ ! " ( " " " , 5 /
" 7 " ( / " - " " " (! " ( " (
" " ( + ( - 2 ! + " 5 1 ( * ! " ! / (
" ! ( ! " ( - ( / (
, ( ( " " ( -
4 ! " ( ! ! ( " ! " ( " !
" 5 1 ! G( ! *( 1 ( / ( 1 ( " ! . +( (
" ( ! - ( 7( ( ( 1 ! " "
" " " " ! . ! ! " ( - , 1
! ( " " ! ! " ( ! ! / ( ! 5 1 ( "
/ ! " - " !7 1 ! ( ! " " " ! (
" ! " 1 1 + ( " " ( " -
(0 ! ! " ( ! 5 (( , (( (
1 ! ( * " ( " " ( - % ! ,
! ! ( " 1 + ( ! (
( " " ( + ( 1 ( " / " ! ( / (
- ! ! , ! ( ( * " (
$ ! " ( + ( ( * " " " ( " 1 ( * "
" ( " ! -
H
6 ( " " ( 7( ! ! + / 5 1 * !
" ( ( " + ( - 0* ! ( " + /
6 ( " ! $ ! / ! ( " ( $ !
( * " " 1 ( " " " ( + ( +
* ! " 1 ( " , ! " " -
" !7 ( ( " ! / ( L " " " ( " " M ! ( -B
: ! ( " ( 7( ( ( (
7( ! " ( ( " + 1 ( ( ( + " ( " (
1 ( * + ( " " * - 6 ! * ( " "
-H 6
+ " * (
- 6 " ( + " (
( " -
B6 L " " " ( " " M " ( ( " !7 " " " ( ! !0
N? , 1 5 O- (! ( " / / ( " ! (
! " " $ ! 1 " ( -
H6 " ! " ( ( " + ( * ) * ( 7 "
"! 1 + ( " + -
6 7( ! ! / ( ( " " ( 1 + " !
+ (! " ( ! " ( * + ( " " * " " ( " ( + ( -
" + (! 5 1 7( ! " * ! " $+ 1
! ! " " - <$ % ( "
( -
& ( ! ( ! " ( " / " (
" " ( " , " * + ( " " * - ( !
( " " 1 : ! ( " ADD - (( ( (
" / 5 / ( + " / * " *
! ! ( ( " ! " 1 1 +- ! ! ! $ !
( " * ( " ! ( ! * ( " -
( 0 ( + - 6 ( ( * "
, ( ( 7( - 6 C " ( ! " ! " 1 1 + AD C -
6 B " + % !$ 1 ( ( ! " ( -
6 H ( ( ! " ( " 5 1 + 2 3 ( + 1 ( (0"
+ " - 6 ( 1 ( 7( " 7 ! 1 ! (
" ! . " ! ! " ( - 6 G( ! 1 " ( ( " - (
$ " ( 1 ( 7( ( ! !7 / ( 7( -
% & ' (&#)#) *" $+#" *& &# * ',- * &' .' "'
( 7( " ( $+ " ( * ! " ( ( " (
+ " ( " (- " ) ! ! 0
( ! !0 " " ( ( " " / (
! " * - 5 5 ( ! 1 0 " ( " (
$+ " ( ! " ! ! " ; "
F
% , " / ( + ( 9 ( -F
7( ( ! ( ! " ( ( ( " + ( -
: ! ( 7( " ( ( " + " " ( " / (G (
* " ( " $+ " ( * ! ! " ( + ( N< C O-
" (! ( " $+ " 1
" " ( ! " " " - 6 / ( " " "
( " + ( " 1 ( , ! / " !
! $ ( ( - 0 ( , " ( ( " + ( . ( ! "
* ! / ( ( " + " " ( ( " " "-
( ( ( " + (! ! " " " (
! " ( # U( " ( * ! - ( ( " + " " "
, * ! " ! 5 ! " " 5 1 ! 0 (
! " " " 5 1 " 5 ! +$ " * " 1 " ,
( " ( " N $ ; 1 C O- " (
! ( ( ! " " ! 1 " - 5 5 (
7( " ( ( " + ( ( ( ! " -
6 " ( ( " + ! / ( (( ! " L " " "
( " " M ! " ( ( " " ( ! " - " "
F<$ T (( ADD ; " F 1 ? , 1 5 -
( ! " ( # U( " * ! ! ( / ! " ! (
! " " ! 1 " - <$ ? , 1 5 7( " ! " ( 1
+ ( " ( + ( 1 " ! * -
* ! / ( " ! ( ! " " " !
" " " ( - & ! ( " ( ! ! / ( ! 1 0
" ( 7 " "! 1 + ( " + -
( " / ! / , ( " + (
) * " 5 7 N $ : ( ! 1 2 5 3 ADDD 1 3 H O-
6 " ! 0 / , ( ( " + ( ! " ( + 1
+ ( - 0 2 (( 1 ? AD B ! / ( !
+ 1 5 1 ( " + " " 1 * ( * " "
( ( " " 5 ! " -D ) ( " # ( 3 251 1
2 3 H / " (( ! " " " ( " + ( ! "
" + ( - % ! / ! " (
! " " $ ! -
6 " * ( 7( " ( ! " "
! ! ( " " - ! " * (( / ) * (
$ G ( 1 " - * (( ( 1 ( " " ! " (
, ( " " * 1 ( * ! !$ - ( ! ( " " "
+ ( ( " " ( " ! ( , "
, ( " " - ( " (7 ( * + ( " "
* ( 7( " ( ! " " " N $ ! " 1 1 + AD C O
D ( ) " 2 (( 1 ? AD B ( " ! (! / ( ! !
" (( ! " ( +0 ( ( " * " ( + ( / , " 1 (
* " + ( ( " " ( * ! - ( / (G " 5 "
* " ( " " ! " ( + ( " ( + 1 " ( "
ADFF AD -
D
6 7( ( ( " + " " ( , " * (( (
! " " " - ( ( * ! " ! "
( / ( ! ! ( " 5 1 ( " "
* " ( !0 - " ( / ( ! 1 (
( ! " ( + / " (( ( + - #7
G , ( ( ! ! " " ( ( ! ! " ( ( " +
( 1 ( " * ( " , -
/ & +' " * #'+ 0 0.1#- 0 &' " !" ' * & ) .' " )
2 + ! / ( !0 5 1 " " A 1 5 ! +$ /
" ! - " 5 !0 , " + " "
" " " " " 5 ( " " - 5 " ! (
" " A 1 " - S 1 " " + 6 " ( L ! M /
! " A 1 ( " ( + ( L! " M / ! " - ( !
" ( " " " / ! " ( / " " ( + / "
" " - 0 , ( + "$ -
( ! " ( + " ! ( " "- 6 + !
* " ( " " A 1 ( + ! " * " " A
* " " - * ! 1 " ( !
" * ( - 2 ! + " " / " ( + + (( !
" ( ( " " " ! " ( " " / 7
A
! 1 ( " " A / 7 ! " - 0 ( ( " " " "
+ # A A -A
6 * ! " " ( ( ! " ! ( ! " (
+ / ( " - ! ! / , "
* ! " - 6 ! " ( / ! * (
" " +G - 6 + " " "
( + ( + / * " $ A " " :V 1
" ! ( ( / " :VA- 6 " " ( + (
* ! " 1 ! ! ( " :V -
6 " " ( + ( ! ( + $ ! *
" " ( + ( / (( + - $ ! + (
* ) % $- 2 ( 0 / ! ( !
(0/ " ( ( - 0 ( ( + ( " ( +
(0/ " 1 (0/ " - " ( * " (
, ( ( * + ( " " * " ( ! ! 1 (! ( " " " 7
" "! " + -
! " 1 1 + 5 (( ( ( ! ( " " ( + ! "
" " ( " * " ! + ! "
" " " " ( " :V ( " " " A (
A " $ / ( * + ( " ( + " " (
( 1 / $ ) ( ( " 4 ! # + -
AA
" :VA ( " :V - " " * ! ( + !
( + ( ! " !
A A
A #
& A
-
A
A A
$
" " ( + " , ( ( " " ( + -
! ! ( ( ! " ! ! / ( (
+ " + 5 / " 7 " ( / " / *
" " " ! - # !7 ! ( ( ! " " 5 ( !
A * ( " " ! "
$ A AA
" " !
$ A
'
" ( " ( " ! ! ! (
-
5 ( ( ! ( + ! 1 ( " " / (
0* 2 + ! / ( * " ( " " " ( + ( + 0 !
( - 0 ( * " " ( " " # ( A A ( - "
AA " ( * ( + + " ( ( ! " !
( ( " ! + ( ( " " ( ( - 6 "
" ) ( ! ( ( " " 6 + + " ! " " -
A
* ( ( ! * ( " " ! " $ A- 2
! ( ( " " ( + /
A A
A - 2 5 ! A ( " " ! " /
A
$ - 0 ( " " / ( / " !
A
$
' -
+ ( ( " " / ( ! " ! (
" ! ( ( + ( - , ( " (
" ( * ( " " " ( ! - ) ! (
+ ! " " / ( ! ( 7 ( + $( " ( +
:V A :VA 1 (! ( 5 :V - ; )
$( ! ( + 7 :V " ' A-A " $ /
( ! ( ( + " ( " -
6 " " / ( ( " " " ( " " " (
! ( ( + - : ! $ " " ( + ! "
( " ! " ( ( + ( - " $ / (
" + ( ( " ( " " ! + ( " ( ! " ( + - ( /
/ ' A " / ( ! " ( + ! " 7 ! 1 / ( " (
! - ! ( " " * ( +
! " " 7 ! :V -
A 2 ( + ! " *0 ( ( + ( 5 ( " /
" 0 " " " ( " ! ! 1 ( " + ! - " $ / (
" " ! " ! ( / A $ A-
AC
6 ( " " ( " " " ( ! " " " ( " " (
" " ( + ( + ! " - 2 (( *0 1 ' A 5 1
/ ( * - 2 ! + *0
/ ' A ( ( " -
" " ( + ! 1 ! " ! ( 7 !
" / " (( ( -AC " ! " !
" / ( * -
6 " " ( + ! " 1 ( " " ( " " " ! ( "
/ ( + ( ( - 6 " " ( "
" " " ( + " " / ( ! ! + ( " "
! ( ( + ( - 6 " " / ( " " "
( * " ( " " ( + ( - " " " (
" ( ! " ( ( - 0 ( / ( " " " (
+ ! " ( -
! " 1 1 + AD C ! / ( " ( + " ( " " ( +
( $ ( , + - ! ( / ( "
- & !7 ( / ( ! !
! ( - 0* ! / 0 ! / ,
! ( + ( " " ( ! " -
AC / / ( " 5 (0/ " -
AB
! 7 ( ( " " " 1 *
( ! " " " ( 1 ( / ( -
( * / " ( + " ( ! ( ( * " " *
" " ( ! " ( + ( - " !
/ " * ( + " ! ( ! " 1 (! (
" * " ( ! - " 5 " * (
" ( " 1 ( " " / ( $ ! " ( " " ( "
" - 0 / $ $ ( 1 ' ' ( - , ( " " (
1 ! " ! ( / ( -
6 " * " * ( " " " " ! . " ( !
( " " ( + ( ( " " / ( 1 (
+ - * (( ( ! " "
" " $+ ( - 6 ! " ( " ( " % 1
2 3 ( + ! " ( " * ! " " " ( ! " "
" - ( + ! ! " " " 5 ! " (
( ( * " ( ( " + ( -
2 +3* * "#' ! " .' " ) )#+4 #" )
2 + ! / ( !0 " ! ( ! , !
+ " ( + ( - % ! ( " " " ( + 1 +
( " " " " / ( 7 * " - 0 ( " " ( "
AH
" " ! " " ( " " ! (
! " - " !7 " " ( ( + * "
( " " ( + 0 ! 1 ( ( " 7 (! A" (
" " " + 1 ( ( * " -AB
( ! " ( " % ! " * " " ( + ( " " " " / (
! ! , ! + " " " ( " " (
- ! ( " " ( ! ( " " ( , " 1 -
, ( + ! " ! , ! " ( + ( " (
%
( ( (
& A A A
" " %A A ( ( + " ( $ ! + " ( "
" AH1 A ( ( " ( + ( -A
( ( ! " ! ! ( * " ( (
( " " " ( + - " $ / ( ( ( + 7 ( +
! 1 ! " ( + ! A " / (
* - 2 " ! / ( + * " ( " " ( + 0 ! 1
AB + + ( ! ( ! " ( ( + ( " ( " 5 1
/ ( ( " " * - ! ! / ( " + " "
" ! ( ( " ( ( " " -
AH ( + 1 " ( + ( A(- 6 + " " ( "
(! " ( " " * ( " ! " " " ( / " " A-
! ( / ( ( " ( * A A" " " -
A 6 " ( + ( A ( - " $ / " ( ( " " (
( ( + ! " , + 7 A -
A
/ ( ! ! " , * " ( 7! " ! " 1
1 + / " ! ( ( ! " ! , ! !
%
( ( $ ( (
&
A A A
A C
6 " " ! " " ( ( ! " ! ! ( * " !
" ! ( * " ! " ( 1 ( " " ! "
" - 2 ! * " * " " ( ( $ ( ( (
" " 1 = / ( * " (
(
( % -
! " ! 0 ( " " " " ! " " ( %
C - 0
( ( " " " , ! % () ( (
() %
C B
: ! ! 5 / ( , B ! / ( "
! ( - " " / ( " ( ! " "
" " " " ( ( ( ! " " $ ! -
( ! " ( ! " % ( " " " (
" " ! ( - ( " ( 5 (( + " : ( !
1 2 5 3 ADDD 1 3 H - ( ! " ( ( !
/ 1 ( " 7 " "! 1 + ( " + -
AF
" (! ( ( " " ( ! ! " ! (
" ( " " ( + ( 1 ( ( " ( " " / ( - (
1 " B ( * " * - 6 " " / (
B ( ! + ( " " ! - 0 ( "
" " , ! % 1 !$ ( * "
( + ! " 1 ( " " / (
( C
$ ) % H
( C
' ) %
6 * " " ( " " " ! " " (
" ( ( " ( 1 ( " ( " - (G
1 " B 1 H ( * " * C - / ( ! (
+ " ( !$ - 0 / ( ( " + ( !
" , ! %
A A
() D % F
? (! ( ( ( ( ! ! " ( + * " (
" " ! ( + ( % ( ! " " " - 2
1 H ( + ! " ! A " " ( (
( " " ( + 0 ! " ( + /
A
A A
A ()
A
() C % D
5 +3* * "#' '"6&.* - " ! .' " &7 * 0 )*-!#
! " * ( $+ ( ! * "
( ( * " ( ( " + - 2 + ! 5 / ( ! 5 1
L(0" M * / ( ! " " " " ( ! "
" " / , L + " M +- G( ! ! "
! , ! + ( " " ( (0" - , ( (0"
" / " 1 ( " ( + " " " - (
" " ( (0" " , ( ! " ( + " -
( ! " " " ! " * ( * ! " ! , ! ( + -
4 ! ( ! ( " " ( , " * " *
" " ( ( 1 + * " ( " " ( + 0 ! - , (
(0" " / ( + " " ! , ! + " ( +
( ( " " - 0 ( ( ! " ! " ( + " " * !
+ +
% +
( ( $ ( (
&
+ A
A A
A A
" " $ ( (* (+ -
AD
6 ! , ! " ( + " ( + ( " ( + " ( ) (
/ ( " ! " ( (0" (* 7 " " -
*( ) ( * " ! " ( +- 5 * / ( (
" ! " ( + " ( " " ( L(0" M
! " ( " " ! " - 0 ( * / " !
( (
(+ * % * AA
(0 ! * * ! ( ( " " ! ( "
" ( (0" 1 ( + " -
6 " " " ( ( (0" + " ! " * ( ( ! "
! , ! " ( (0" - % ! + / ( * " " ( + "
AA G ! " ( ( (0" - ( ( ! "
! , ! " + " ( (0" ( " " A AF/ " !
*
*
* +
*
%
*
( ( $ ( ( ( (
&
* A
A A
A A
-
* + ( (
6 " " ! " " ( ( ! " ! " ( (0" !
" ! ( " " ! " " ( - % ! ( " "
AF ( ! " ( " ( " 2 3 ( + / ( " " ( (0" 1 ( + " ( "
! - " ( + ! ( ( ! ( " ( ! " (
! " A A - 0 ( " " A 1 " ! ( " " ( (0" 1 (
+ " - " (! " " ! ( " " ! " " 1 (
" - 0 ( ! ( 1 ! ( " " " ( ! " ( ! -
" " ! " ( (0" (* % - 2 1 " " 5 " " AA
/ ( " " ! " " " ( + " (+ %
B - 0 ( ( "
" " , ! 2 3 ( + (, (+ (*
(, %
B
C AC
6 " " ( " " ( ! * ! / ( " " " (
" " ! ( 1 ! ( ( ( " ( " " ( +
( 1 ( ( " ( " " / ( - ( ( " ! ! (
! 5 ( - 0 ( " " ( (
+ ! " 1 ( ( " ( " " / ( " , ! "
2 3 ( + ( +
B ( C
$ , % AB
B ( C
' , % AH
4 ! ( * " " ( " " " ! " " (
(G ! 5 ! - 0 / ( ( " + (
! " , ! 2 3 ( +
A A A
(, C % A
A
? (! 1 " ! 7( + ! 5 ( (
( ( ( ! ! " ( + * " ( " "
! ( + ( 2 3 ( + ( ! " " " - 0 1
AB ( + ! " ! A /
A A
A (, AF
A C
(, B % A
8 ) ( #"' " +3' ' #1' 0 ' (&#)#) " +3' ' #1 * * + *& )
! ! ( 7 ! 1 ( 7( ! " !
! " ( - 6 7 ! ! ! ( * "
( 7! ( " ! 1 ( / ( - (
7( ! ! ( ( * " ( ( " + ( ! " "
" - * ! ! " , (0 / ( " (
" * 1 " ( ( " " " ! " ( - * " ! ( (( "
, ! " " 5 * " ! ( 1 -
( 7( " 7 ! ! / ( * " (
7! ! ( ! " ( <$ ( $ " 1 ; - 0
! ( " ( $ ! ! ( ( " " 1
+ ( " ( " " ( + ( ( " " " (
" " / ( 1 ( ! " ( + ! " - & ! ( *
" " ! $ ! ( " G( ! ( 1 " ( ! " (
+ ! - & ! ( 7! " ( * " " " (
( " ( ! ! 0 ! ( + -
6 ! " ( ( " + / ( ! (
" ( $ ! % (( * ! " 1
( - 6 * " 7 " ( ! " ( + " (
" ( " " " " 1 ( ! 1 1 ! ( "
" ( + ( - * " " " ( /
(
%
(
%
(
$
%
1
%
- 6 * ( 7
" ( ! 1 ( " " * " ( ! - " (
/ ' (
%
-
( 7( ! $ ! / ( " " ( 7! " ( * "
" " ( + ! 1 ( ! " ( * " " ((
* ! ( ! - 6 * " 7 " (
! " ( + 1 " ( " " ( - /
( ( ( ( 1 ( - 6 *
( 7 " ( ! 1 ( " " " ( ! " ( * "
" ! - " $ / ' ( -
C
( ! ! " ( + ! $ * " ( " (
7! ! ! " ( - % ! ( 7( ! / (
! " ( + ! " ! 1 " ! ( " (
! ! 1 ( * " " - " $ / A 1 A - ( /
" ( + ! " ! ! " " ! 1 (
" + ! " ! ( * " " - " "
/ 1 -
( 7( ! + / ( ! " "
" ! " " 2 3 ( +
/ (( " " " ! ( " % - 6 " " " " ! . !
/ (, () $(, $ () (, () ' (, ' () 1 (, () -A 0
" , (0" ( ! " ( " 1 " ( + (
0 ! ( " " " ( " " 1 ( ! " ( + ! " ! 1 -AD
#7 ( + ( ! - G( ! ( " (!
! 1 * ! -
A " + (" " ! " ( " * ( " " " " ! . " (
! " ( % 1 2 3 ( + N<$ ( $ " %O- " $ / 5 ! ( "
" + (" " ! ( ! " ( + ! - " " / !
! " ( ( ! " ( ! ! "$ -
AD ( " ! - % ( ! 1 6 " ! / 5 1 " /
+ ( " " ( " " / ( ( ! " ( " ( " % 1
2 3 ( +- " 7 " " ( ( " " 1 ( " ( * "
" ! " ( 0 " " 6 " " " ! " 1 ( ( " * ! ( " -
B
( " ! / 5 1 * ! " ( ( " + 1 (
! " " - " $ / ( ! " ( " ( " ( * ! 1
( ! " ( / 0 , " , ( (0" + " (
" " ! 1 1 ( + ( ! / " , !
!$ - ( ! " ( " ( / ( " ( "
! - ( ! " ( " " / ( " (
! ( " ( " " ( + ( ! 1 -
? ( ! " " / 5 (( + + / -
( ! " " " - 6 ( " + /
- " !7 ( ( " ! $ ! / ! ( " (
$ ! ( * " " 1 ( " + ! " +
* ! " , ! " " - ? (!
( " " ( 7( / ( " " " ( " " ! ( -
9 "&!)# *) 0 #)"!)#$
0 ( 5 ! ( " ( * " ( ( " + " , !
( + ( ( - ( 7( " (( ! " ( " " ((
! " ( " ( * / " ( + " (- ! " (
" ! " $+ * ( ( " 1 (
; 1 C ! / ( " ! $ 7( " ( ! " ( % 1 2 3 ( +
" ( -
H
" ! . " ( G ! L* " " ( / " M (
" - ( * ( " " " + " " ! " ( " "
" ! -
( 7( * " ! ( " / 5 1 ( + ( "
" " / ! ! - ) (
" " " " " ( + ! ( (
! " " " - 6 + " " " % 1 2 3 ( +- (
" " (( ( " 1 ! " ( " ! . " ! /
( " * * ! " $+ - ( 1 ( 7( " 7
! 1 ( 7( ! " ( ! " ( -
: ! ( " ( 7( ! ! 5 * "
7 6 ! * ( " " ( * " ( ( " + ( ! " "
" 1 ( ! ( ! " ( 7( / ) * ( 7 "
"! 1 + ( " + - 6 + " * ( "
! " ( $+ 1 ( " ! " ( * + ( " "
- & 7 ( ! ( ! " ( " / "
( " " ( " , " * + ( " " * -
6 ( " ( " + / -
- 6 " " " " ! . + / ( ( " + " ( (
" " " 1 ! ( " " ( + ( 0 !
! 1 ( " " * 1 * ( - 6 ( " ! $ !
/ ! ( " ( $ ! ( * " " 1 (
" " " ( + ( + ! " + *
! " 1 ( " , ! " " - " !7 (
( " ! / ( " " " ( " " ! ( -
( 7( " (( " ! ( 1 " (0 ! 1 *
& ! ! ( / ( * ! * " ! ( ( ! -
*
* " " + 1 + " - 20 0 (
(0 " * ! ( ! * " 0 ! (
( ! " - 2 " " (+ ( " ! 0 " * ! ! /
( * " ( ( " + ( 7 " -
& + " ! ( *
- (( " " / ! ! " ( ! !
( ! ( ! " ( " " " ( " " ( , " +
" 7 " ( / " " ( " - 0 ( "
" (+ " / / ( + " ( / " 1 (
( " + " ) * " 5 7 N $ ! (
" " ! AD 1 " : ( ! 1 2 5 3 ADDD 1 3 H O-
& ! ( " ( 7( *
- 6 ) * "
F
5 ( 0 " " $ ! " ( * ! ( ( " " 1 * * -
" $ / ( ! ( " ! . " ( ( * ( "
1 = ! $ * ! * 1
* 1 ( ! " + " ( !0 - ! /
" 5 ! ( " + ( " * " / ( " 5 ) -
? (! ! / ( 7( " , " " -
6 ! " ( ! ! " ( ( ! ( 7( " ( ( " +
" " - < " ( ! " ( " (( " / 0 " 0
" ( * " ( ( " + " , " !
" * " ( * " + ( ( " " ( ! " -
7( " " (+ 7 * ( ( " ! " (
" ! " 1 + ( * ( !0 -
:
) ( #"' " +3' ' #1' * *& + *& .' "' # " " +3* * "#' !
$ " ( ! ( " " / ! ( * 1
( " ( 7! ( " ! 1 ( " "
" " ! . " ( ! " ( ! % - ! !
( ! -
-A % " " ( " "
C C C
( ( (
% )
) )
%
( ( " " ! " ! ( " ( $ ! "
" ! 1 ( 7! " ( * " " -
- " ( " " ( + (
) C
%
(
$
( + " ( " " ( + ( ! " ! (
" ( $ ! -
D
-C % " " ( " "
C C ( '
( '
% )
)
%
6 ( " " ! " ! ( " ( $ ! (
* " " " ( " -
-B ' ! ( !
A A D
D A
A A D
A A D
B
A A D
B
( ( ( ( (
% )
% )
% )
% )
% )
%
6 + ( ! ! " ! ( " (
$ ! ( " + ! " ( * " " - " !7 (
+ ! " " ! 1 ( 7! " ( * " " -
C
-H % ! ! " ( +
A C
C A
A A C
A A
A A
A A
)
%
% )
% )
) )
( ( ( (
(
( ! " ( + ! " ! 1 " ! ( "
+ ! ( * " " - ( ! " ( + ! "
! " ! ( " + ! " ( * " " (
" ( $ ! -
CA
) ( #"' " +3' ' #1' * *& + *& .' "' # " " +3* * "#' '"6*&.* -
$ " ( ! ( " " / ! ( * " (
7! ( " ! 1 ( " " " " ! . " (
! " ( ! 2 3 ( +- * ( !
! ( ( + " ( ! " ( ! % -
( ! -
;-A % " " ( " "
B C B C B
C
( ( (
% ,
, ,
%
;- " ( " " ( + (
B C
,
%
(
$
;-C % " " ( " "
B C
B C
( '
( '
% ,
,
%
C
;-B ' ! ( !
A A A
C A A
C
A A A
C
A A C
A A C
( ( ( ( (
% ,
% ,
% ,
% ,
% ,
%
;-H % ! ! " ( +
A B
C B A C
A A B
C A A
A A
A A
,
%
% ,
% ,
, ,
( ( ( (
(
CC
(&#)#) " +3' ' #1 * & ) + *& ) .' "' # ) ! 0 '"6*&.* -
$ " ! ( " " " ( ! " ( "
2 3 ( + 1 % - ! ( ! " ( " * "
( " " - ! ! ( ! ( " -
A A
A A
A A ABB
H A
A
A A
( (
( (
( ' ( '
(
$ (
$
( (
( (
% ) ,
) ,
% )
,
% ) ,
% )
,
% )
,
6 ! ! " ( ! / ( ( " " ( !
( + " ( " " ( + ( ( ( " " " ( 1 (
! " ( + ! " ! 1 " 5 1 + " 2 3 ( +
/ " 5 1 + " % - ( ( " +
- G( ! ( ! ! ! " 5 1 + "
2 3 ( +- ( ! " ( + ! ! ( ! + -
CB
" ; " 1 : " : ! ( " ADD L2 / ( / ( ! " !
! " 1 + 3 + ! " (M $ . ( A B HD FF
; 1 # 5 ( - C & / , % "
4 T 3 " & " # ' 9 S ((
; 8 1 ; 4 AD H * 0 "- , " 1 )-
4 T 3 " & " S W 9
; " ? " / F L ( ; " ! ! + ! " 95
! " * ( M / B F A A
% ( ( L% ! " + ( 3 +M - ; 1 - <-
:5 3 " - 2 1 + 3 / 1 4 5
S (( " 6 " BBD B
% ( ! 6 1 ( 6 L85 2 3 ( + " % / (
" M "- / 4 "- 0 " A 0 ( A-
* 5 " 6- H "- * - : " 5 "
& " 2 5 8 % (( + ( 5
! @ AD L " " 3 ( :5 U( #
! " ( "M 4 / 1 + A A DD AAB
! " +( 8- 1 5 ( S- 1 + AD C L; 3 " "
( / " 1M 4 % DA C B A BAD
3 ( H L 5 3 + 5 # U( ! " ( * 3 + " 1 4 9
+5 5 ( 1 * ( " " " M + %5 (
CH
& 1 % * ! 5 " ' " " ) $5 6 3
( % 78896:;<
? , P 1 @ %5 ( 5 & / 1 2 + "
" % ! "+ " & " :5 #>:
S ** 25 ( + H & / 1 4 * (3 > +( @ 5 8 ( 1 W 2
# ( 3 6- 251 1 2 3 H L ( ! 3 5 ( " 5
" ! " 3 + ! 3 M : 0 > ( % *
! 5 3) $ ' 1 % :=67889
# 53 ? " 3 2- F "- & / 1 + & 1
" ; " & " "" 8 ( 1
: ( ! 6 " - 1 6 ! 2 5 3 ADDD L; 3 5 " 5 3
( + ( ! 3 M ' + & 1 * ' + %%2
% * ! 5 )),> ' 1 % :???8?
2 (( ( :- 1 "+ " ? AD B L:5 ** * 1 + (
( + ( :5 & + 1 3 + M "- $@A( 4
AH BB HB
< S ( - C 3 & @ & @ - 2 ,
" 4 T 3 " & " 8-8- 4 W % ! 1
T (( # - AD D L:5 + (1 * ! " M
$ . BF B DB C A