-凯发k8游戏
��ࡱ�>�� qs����p��������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������� �r�a<bjbj��2\�}�}s4
���������������������8/d��hml���������l�l�l�l�l�l�l$�n�vq8
m������
m����4"m����r�����l���l�����������* ��ur��l8m0hm��q�v�q���0�q�{ix��������
m
m����hm�������������������������������������������������������������������������q�����������: strategic management journal
volume 44, issue 1, january 2023
1. title: empirical inquiry without hypotheses: a question-driven, phenomenon-based approach to strategic management research
authors: melissa e. graebner, anne marie knott, marvin b. lieberman, will mitchell
abstract: many advances in strategic management have resulted from the application of formal deductive methods, based on tests of specific hypotheses derived from theory. nonetheless, numerous important research topics involve phenomena that are novel and/or causally complex and so resist basic hypothetico-deductive logic. as a result, many of the most important findings in strategy research have come from open-ended studies of relevant phenomena. the special issue of the smj on �question-driven and phenomenon-based empirical strategy research� presents innovative ideas for question-driven research and expands the toolkit of research approaches. in this introduction we describe the twelve articles in the special issue, focusing on how they contribute to continued development of the question-driven approach to research in strategic management.
2. title: entry diversion: deterrence by diverting submarket entry
authors: bilgehan uzunca, bruno cassiman
abstract: going back to bain (1956), strategy scholars have long recognized the importance of deterring entry for sustaining incumbents' profits in an industry. we introduce a new mechanism, entry diversion, to better understand the empirical phenomenon of persistent firm entry in spite of investments in entry deterrence by incumbents in some industries. entry diversion happens when preemptive strategic investments by incumbents decrease the expected future profits from a target submarket such that entrants choose to enter another submarket within the same industry. empirical evidence from the global semiconductor manufacturing industry suggests that incumbents expand their capacities beyond demand growth, and that these investments effectively divert entry into other submarkets. greenfield entrants are more responsive to entry diversion than incumbents.
3. title: the firm as an architect of polycentric governance: building open institutional infrastructure in emerging markets
authors: aline gatignon, laurence capron
abstract: we apply pattern-matching techniques to contrast qualitative case study data with perspectives from strategic management and institutional economics about how a firm can address voids in market-based institutions. we identify a novel approach whereby the firm builds an open institutional infrastructure (oii) by investing in a pool of resources widely accessible beyond its exchange partners. to collectively govern oii, the firm must empower other actors within multilateral cross-sector partnerships, and it must enforce the resulting rules through relational norms based on alignment between public and private value creation. these findings, achieved by adapting elinor ostrom's principles of polycentric governance to corporate actors who take the lead in building oii, advance our understanding of new organizational forms that transcend the traditional boundaries of firms and markets.
4. title: the entrepreneurial process: evidence from a nationally representative survey
authors: victor m. bennett, aaron k. chatterji
abstract: scholars have traditionally characterized the variation in firm performance as determined by conditions after entry, where the entry decision is a one-shot binary choice determined by cost�benefit analysis. however, recent theoretical work has posited that the entry decision is an outcome of a learning process and that the information acquired during the pre-entry period shapes subsequent performance dynamics. we provide the first systematic data on the pre-entry period using a nationally representative survey. we document the activities that prospective entrants undertake, finding variation according to opportunity costs, prior experience, and confidence levels. our results suggest the pre-entry period is shaped by a series of choices by prospective entrants as they contemplate entry, further exploration, or ending the entrepreneurial process.
5. title: the risk of being ranked: investor response to marginal inclusion on the 100 best corporate citizens list
authors: ben w. lewis, w. chad carlos
abstract: despite the proliferation of lists and rankings that recognize firms for superior performance, empirical studies have been limited in their ability to causally evaluate how inclusion for the marginal firm influences shareholder value. we address this limitation by examining how investors responded to firms that were barely included or excluded from the 100 best corporate citizens list. contrary to prevailing theoretical expectations, our findings indicate that marginal firms that were included in the ranking experienced negative abnormal returns compared to marginal firms that were excluded. we discuss the theoretical implications of these findings and how they inspire future research questions for scholarship on rankings and status. we also discuss implications for managers that question whether and when being ranked results in financial benefits or liabilities.
6. title: entrepreneurial teams' acquisition of talent: evidence from technology manufacturing industries using a two-sided approach
authors: florence honor�, martin ganco
abstract: one of the established findings in the spinout literature is that founders with prior industry experience assemble larger entrepreneurial teams and create better-performing startups. we examine the role of prior industry experience in the startups' next stage�its hiring of new employees. we tackle two empirical challenges�the mutual aspect of hiring and the effect of unobserved variables on employees' earnings using a two-sided matching model. our results reveal that even firms founded by entrepreneurs without industry experience can attract new employees with such experience if the founders start with a large entrepreneurial team. further, startups provide new hires with an earnings premium for their industry experience. our approach illustrates the benefits of matching models over traditional regressions.
7. title: the performance effects of creative imitation on original products: evidence from lab and field experiments
authors: liangyan wang, brian wu, cornelia pechmann, yitong wang
abstract: a market entrant often challenges the incumbent using creative imitation: the entrant creatively combines imitated aspects of the original with its own innovative characteristics to create a distinct offering. using lab and field experiments to examine creative imitation in china, we find the effects of creative imitations on the originals depend on the creative imitation's quality. we explore the underlying mechanisms, and show that including a low-quality creative imitation in the retail choice set increases satisfaction with and choice of the original, while a moderate-quality creative imitation does the opposite. moreover, creative imitation affects consumers' satisfaction with the original by influencing whether their experience with the original verifies their expectations. our paper reveals creative imitation effects to help incumbent firms effectively address them.
8. title: what is a pivot? explaining when and how entrepreneurial firms decide to make strategic change and pivot
authors: jacqueline kirtley, siobhan o'mahony
abstract: most theories of strategic change focus on how large, established firms recognize or fail to recognize the need for strategic change. little research examines how early-stage entrepreneurs decide when and how to change their strategies. with a longitudinal field study of seven entrepreneurial firms developing innovations in energy and cleantech, we examined 93 strategic decisions at risk for change. we found that decision-makers chose to change their strategies only after new information conflicted with or expanded their beliefs. furthermore, a pivot, or strategic reorientation, was not achieved with a single decision, but by incrementally exiting or adding strategy elements over time, accumulating into a pivot. we contribute a grounded definition of what constitutes a pivot and explain when and how entrepreneurial firms pivot.
9. title: are u.s. firms becoming more short-term oriented? evidence of shifting firm time horizons from implied discount rates, 1980�2013
authors: rachelle c. sampson, yuan shi
abstract: we provide evidence that investors in u.s. public markets are increasingly discounting firms' expected future cash flows during 1980�2013. this trend is shown not only on average across firms, but also within firms over time after alternative explanations are accounted for. to corroborate a link with firm time horizons, we estimate the relationship between an implied discount rate (�idr�) and factors relevant to firm long-term strategy. we find that idr is correlated in expected ways with firm investments, management incentives, financial health, ownership, and external pressures�measures that have been argued to correlate with firm time horizons. this article represents one of the first attempts to document market-wide evidence of shortening firm time horizons. these changing horizons bear important implications for firm strategy.
10. title: changing the channel: digitization and the rise of �middle tail� strategies
authors: mary j. benner, joel waldfogel
abstract: prior research has studied whether digitization shifts demand away from mass-appeal blockbusters toward a �long tail� of existing products. we extend this work by studying whether digitization influences the products created. using unique data on movies, we examine whether the reduced costs of production and new digital distribution channels spur producers to create products aimed at smaller audiences. we employ a flexible, transparent, and largely graphical empirical approach to document changes unfolding with digitization. we find growth in both intended blockbuster and long tail products, but also, the rise of a �middle tail,� movies distributed via digital channels, with budgets suggesting commercial intent but well below the averages for theatrical distribution. the new middle tail is largely due to newcomers rather than major incumbents.
11. title: bad bets: nonlinear incentives, risk, and performance
authors: rui j. p. de figueiredo jr., evan rawley, orie shelef
abstract: this article examines the consequences of incentive slope and shape on performance and risk-taking. it focuses on how slope�incentive intensity�influences risk-taking, and how shape�nonlinearity�influences performance. we use quasi-random variation in the context of the hedge-fund industry to separate slope and shape effects. our results demonstrate that shape has large and important effects on performance, and that slope affects risk-taking. the evidence suggests that poor performance in the industry is often due to bad bets�excessive risk-taking that reduces performance�taken in response to nonlinear incentives. the findings suggest that, although nonlinear incentives are widely used, they can, under certain circumstances, predictably produce pernicious effects on organizational performance.
12. title: whom should a leader imitate? using rivalry-based imitation to manage strategic risk in changing environments
authors: dmitry sharapov, jan-michael ross
abstract: we study the performance implications of dynamic environments for a leader's rivalry-based imitation efforts in a setting with multiple rivals. we disentangle competitive interactions from environmental changes to show that a leader's simple rules to either imitate the closest rival in terms of attributes (her neighbor) or the closest rival in terms of rank (her challenger) can help to maintain the performance gap to her competitors. using a computational model and an empirical test, we find that environmental changes alter the trade-offs between imitation accuracy and the responsiveness to threats from distant rivals. consequently, when environmental changes are infrequent and minor, neighbor imitation is more effective in maintaining the lead, whereas challenger imitation prevails as environmental changes become more frequent and substantial.
13. title: the effects of strategy and institutions on value creation and appropriation in firms: a longitudinal study of three telecom companies
authors: philipp kern, howard gospel
abstract: strategic management has come to pay more attention to value creation and appropriation (vca) among the firm's stakeholders, including customers, capital owners, and employees. existing research has conceptualized this as a strategic choice bounded by the bargaining power of each stakeholder group, which, we argue, risks misattributing outcomes by neglecting structural constraints. instead, these dynamics need to be understood within the wider institutional context shaping the behavior of managers and stakeholders. using a question-driven mixed-methods approach, we investigate the evolution of vca in three telecom companies located in different institutional systems�british telecom, deutsche telekom, and telecom italia. our findings suggest that national institutional and firm strategic effects must be considered together to understand patterns of vca among stakeholders.
$&./19;<=>?aj���ʹʨʖ�x�d\oa3h�u�h�u�5�ojqj^jh�"�hu<�5�ojqj^jh�ud5�ojqj^jo(h�"�h�"�o(&h�"�h�"�5�cjojqj^jajo(h
�5�cjojqj^jajh
2e5�cjojqj^jaj#h
�h
�5�cjojqj^jaj h�u�5�cjojqj^jajo( h
�5�cjojqj^jajo(#h�"�h�"�5�cjojqj^jaj h$-�5�cjojqj^jajo(#h
�h
�5�cjojqj^jaj>?@� hi��89��gh��rs��cd������������������������gd�psgd)w�gd$?�gdto�gd�l$gd%j,gdu<�gd�"�$a$gdt4����� ghijlrs�����������ķ�囎�uh�zhl:5�ojqj^jhicy5�ojqj^jh�"�hu<�5�ojqj^jhj�5�ojqj^jo(���789:;<bc���������fgh���ƚ�����o��do�vi<�hihanojqj^jh4ch4cojqj^jh�)hto�ojqj^jo(h�>:5�ojqj^jhvi�hto�5�ojqj^jo(h4ch4c5�ojqj^jhto�hto�5�ojqj^jhto�hto�h�"�h�`�5�ojqj^jhto�5�ojqj^jo(h%j,5�ojqjo(hihu<�ojqj^jo(h�)uh�)uojqj^jhih�l$ojqj^jo(h�l$h�l$5�ojqj^jhikqr���������qrstv\]���ʼ��ʡ��ד�xm`rd`h�psh�ps5�ojqj^jh�"�h)w�5�ojqj^jh�ps5�ojqj^jo(h)w�5�ojqjo(hvi�h%j,ojqj^jo(h�0�h�0�ojqj^jh�)h$?�ojqj^jo(h�>:5�ojqj^jhvi�h$?�5�ojqj^jo(h�0�h�0�5�ojqj^jh$?�5�ojqj^jo(h$?�h$?�5�ojqj^jh�"�h%j,5�ojqj^jhs/�5�ojqj^jo(]���������bcdegmn����ƚ�vk^pb^4h�w0h�w05�ojqj^jhr7ahr7a5�ojqj^jh�"�h)w�5�ojqj^jhr7a5�ojqj^jo(h)w�5�ojqjo(hvi�h)w�ojqj^jo(h{h�h{h�ojqj^jh}onh)w�ojqj^jo(h$?�h)w�5�ojqj^jhvi�h)w�5�ojqj^jo(h�>:5�ojqj^jh�ps5�ojqj^jo(h�psh�ps5�ojqj^jhvi�h�ps5�ojqj^jh� gh� g5�ojqj^jd�m n � !�$�$�$'%y(z(),)�,�,�,-d0e0�0�044�4�������������������������gd�s�gd�_gdlz�gd�)ggd|�gd)w�gdr7a����l m n o q w x � ���ʼ����uj]oa]3hz#phz#p5�ojqj^jh|�h|�5�ojqj^jh�"�h)w�5�ojqj^jh|�5�ojqj^jo(h)w�5�ojqjo(hvi�h)w�ojqj^jo(h�w0h�w0ojqj^jh}onh)w�ojqj^jo(h$?�h)w�5�ojqj^jhvi�h)w�5�ojqj^jo(h�w0h�w05�ojqj^jh�>:5�ojqj^jhvi�hvi�5�ojqj^jhr7ahr7a5�ojqj^jhvi�hr7a5�ojqj^j� � � � � !!!!�$�$�$�$�$�$�$�$�$%%
%���Ϳ����xm`rd`�6d`�hvi�h�)g5�ojqj^jh�)gh�)g5�ojqj^jh�"�h)w�5�ojqj^jh�)g5�ojqj^jo(h)w�5�ojqjo(hvi�h)w�ojqj^jo(h v�h v�ojqj^jh}onh)w�ojqj^jo(h$?�h)w�5�ojqj^jhvi�h)w�5�ojqj^jo(h��h��5�ojqj^jh�>:5�ojqj^jh/j�5�ojqj^jh|�h|�5�ojqj^jhvi�h|�5�ojqj^j
%%&%'%0%1%x(y(z({(}(�(�()))#) ),)5)6)���ⱥ����yk^pbk�p�ⱥhvi�hlz�5�ojqj^jhm�hm�5�ojqj^jhlz�5�ojqj^jo(hlz�hlz�5�ojqj^jh�"�h)w�5�ojqj^jhr5�ojqj^jo(h)w�5�ojqjo(hvi�h)w�ojqj^jo(h��h��ojqj^jhih)w�ojqj^jo(h$?�h)w�5�ojqj^jhvi�h)w�5�ojqj^jo(h��h��5�ojqj^jh/j�5�ojqj^j6)�,�,�,�,�,�,�,�,�,�,�,----c0d0e0���Ϳ�����}�m_qd6�h}onh)w�ojqj^jo(hgrhgrojqj^jhih)w�ojqj^jo(h$?�h)w�5�ojqj^jhvi�h)w�5�ojqj^jo(h/j�5�ojqj^jhvi�h�_5�ojqj^jhgrhgr5�ojqj^jh�_5�ojqj^jo(h�_h�_5�ojqj^jh�"�h)w�5�ojqj^jhr5�ojqj^jo(h)w�5�ojqjo(hvi�h)w�ojqj^jo(hm�hm�ojqj^je0g0i0o0p0�0�0�0�0�0�0�0�0�0444444 4�4�4�4����ɻ�ɒ�vi[p����b��h{�h{�5�ojqj^jh)w�5�ojqjo(h[h)w�ojqj^jo(hvrhvrojqj^jh}onh)w�ojqj^jo(h$?�h)w�5�ojqj^jh[h)w�5�ojqj^jo(h�y�5�ojqj^jh[h[5�ojqj^jh[h�s�5�ojqj^jhvrhvr5�ojqj^jh�s�h�s�5�ojqj^jh�"�h)w�5�ojqj^jh�s�5�ojqj^jo(�4�4�4�4�4�4�48888!8'8(8�8�8�8�8�8�8�8�8���ⱥ����yk]yoa]�oⱥ�h[h�s�5�ojqj^jh]`h]`5�ojqj^jh�s�h�s�5�ojqj^jh�"�h)w�5�ojqj^jh�s�5�ojqj^jo(h�~�5�ojqjo(h[h)w�ojqj^jo(h{�h{�ojqj^jhih)w�ojqj^jo(h$?�h)w�5�ojqj^jh[h)w�5�ojqj^jo(h{�h{�5�ojqj^jh�y�5�ojqj^jh�9�h[5�ojqj^j�4�488�8�8r<s<u<v<x<y<[<\<^<_<`<a<�����������������gd�gd)w�gd�s��8q<r<s<t<v<w<y<z<\<]<`<a<������������h�sfjh�sfuhj<hj<5�ojqjo(h[h)w�ojqj^jo(h]`h]`ojqj^j01�82p��. ��a!�"�#��$��%��s����b2���� 0@p`p������2(�� 0@p`p������ 0@p`p������ 0@p`p������ 0@p`p������ 0@p`p������ 0@p`p��8x�v~pj_hmh nhsh thj`��jck�e$1$a$ cjkh_hajmh nhsh th$a ���$؞���k=�w[sobi���bnf�h����3�\`�?�/�[���g��\�!�-�rk.�s�ի�..���a濭?��pk!�֧��6_rels/.rels���j�0���}q��%v/��c/�}�(h"���o�
������=������ ����c?�h�v=��ʌ��%[xp��{۵_�pѣ<�1�h�0���o�r�bd���je�4b$��q_����6l��r�7`�������0̞o��,�en7�li�b��/�s���e��е������pk!ky���theme/theme/thememanager.xml�m
� @�}�w��7c�(eb�ˮ��c�aǡҟ����7��՛k
y,�
�e�.���|,���h�,l����xɴ��i�sq}#ր���� ֵ �!�,�^�$j=�gw���)�e� &
8���pk!�m�qtheme/theme/theme1.xml�ymoe�#�f{oc'vgu�رh�f�[��x=ޝzvg53n�j�hh��z����z $ʯi)*e�_�����n�&ia�!��>��ǽ3�x�n��>���u�wl0�č߫�߿z��}rx���{���h9t�8�t/���χ�?����xy����'�~���3s����~����o_|w��)��ӈht��=�a� ��d ng�1-rlɓ�1�rj�wt蠯m1k����"�o
he�˓ێ½pl-�|%����e��hy7�'qp.\l��=���d�q�ķ3i�ofi�����.ñ���b�rb�-j��p_p�g
ݢ��i�k�t�dӌh�f�i��o�7;7q��2��ⱦ�����d�>a�/��q�>�x��w�
˔�m�_�u��h�q�)�h���� :vi�w�4r�b�qϫ��"r���!��2l��a��c�b��u|����!8^8�>�ܠ���,a���б�v�t����~ls���14��_=,ɬ��otv �g��"�ѧ��bh�����'�.�4��x�w-��ϸ�e�|�f;��v��`�b3"g'�e����\�fh��o�������'�$��i_wp��� �>�*�8���i&�ly%\���,���xҕ=������������r6f� ��3���t�ʅ�)��:ªz�k��l�s��&c�m��ܛ0� [�˫p@ע�`�j�۽7���y�h�xh�i��ct5a�r��@��h��zazc�}i' rq\m��,zo�,�gq�u{�y\,n���ר/�=����l_��.�̇y7c�6�-fs�h62��"��5�����nh�t[x�65̫4x�%y����ֳ2�f�kh����i~tckf#�b� �w�1m�|����4`��!�:u��!�p5a:�~�{4�m��m�i�o�ήc��8m��d�j�psǹ橠�v��1�����?#s�i�?3e�'ps�2���w`���q�b]( ��08���w���
n��a��[s��)k8�= aa?r� dڒɾc�uӽ˲d)#�queb��}������c!���&i0����>�4��s�7���{���z��f�}�4��skvukoȳ��h�~1�jyu���v�h��5u8�vk;֜���l9��ű�d �� ��?*|fl�
�����"��a3����>g��]��dm2ivֵ�褽�m�g<��r�8[kv�x����p�sj�,��z��][�j�����qv�1�1�iu���-�ߟ0%m2�oj���3u�o%ҍ���pk!
ѐ��'theme/theme/_rels/thememanager.xml.rels��m
�0���wooӻ�&݈э���5
6?$q��
�,.�a��i����c2�1h�:�q��m��@rn��;d�`��o7�g�k(m&$r(.1�r'j��њt���8��v�"��aȼ�h�u}��|�$�b{��p����8�g/]�qasم(����#��l�[������pk-!����[content_types].xmlpk-!�֧��6 _rels/.relspk-!ky���theme/theme/thememanager.xmlpk-!�m�q�theme/theme/theme1.xmlpk-!
ѐ��'� theme/theme/_rels/thememanager.xml.relspk]�
a4\���� ��h]��
%6)e0�4�8a<!"#$&'()* -d�4a< %,�@� @���������h ��0�( �
����0�( �
��b
�s���� ?���9d�����������������
������
&���$%�(�(�(�(�(�(�(�(�(�(�,�,s4u4v4x4y4[4\4^4b4�!s4u4v4x4y4[4\4^4b43������'�0�0s4u4v4x4y4[4\4^4b4����������#!#!�$�$r4b4��q04e��n[g],-�o�����`<|��o";0ri1�%�rrsui��w�i�={u�,� uz*�m� �r=��-9h�s��eme�.~��
{r�v�4�1l2q �"�iaha��og>�u��`�1_%v��nh{��q��u�3�d]-�z:kkkkn;�q0�<�?*�7��:a��^b� �l{��2h�(�#!�q��m4-cqrrs�4>�p]�sao-�?��yn�b~i�(��)ib��>!]�.�`
rv:g&>!��}n!�l��2�"�0r��\�|�md-%;�blrbr]�a
6ji� ��vj�`�[jo 5j90�ry �:[�
k 3q-r�jx 8i� tp� k�|�l�
2~�
��y��k�
?i��� *�?=��#??*�@�4le�dw"
���z�g�kd�2�^e�-h�x�w��t�bs &�x�-z�y��w�i�>�:-��u
kkkkdw"
q�x�-h�
k^r�
�^�vxb�
�=#�/y�pur ����
��'ff�x-z�d�y�(��)fk{z��fv��-�p�'�e��4�!~q�2h`�?i��be��%��@��fk-<"��l�q�u��y/�x{��]^�~76=&����`
[� ��rh&<�^��oc!��d{�/�"���[��h�2��d���t��w�8i� (f�tl(����}�t�a9�~�8��7l��4�";�g)n��p7v}g�xd|��&�h�w�a�g�b�u�d\*�)#jb�l�d�
)r�}��w�gl$l��r�qh� v���/xcz.�^m~;�|p%�fzps7l�ps�#���<>)��s��vj��h5h 5� a�l[�x� xcz�be�yfdxl�y��raj>�n�cr%v��h�a9�� !`��}<�q�}q =�7y]��r�-��.��zf�7��
�e�o[kh,~�hmpm~�mg�=�j��>m�?[%��'w�jo8�l�y2\gqwez ��p]74�`a��m�!�|z��z:�*��b!�g;cqpb�qq�h�nk^r a�x�t
an�gap�y8��x���s��d���z��j�vzq��t\
~��av'po�_m4�i�w��tkpb�`
rq1��yn�pur �p}��� urep�&>!�z[fxx)!�b!x{�ec!�t�k��oc!�v�>b(p!� ]!�3�l��!nr�q�m�!�j#�g-�!�f�d�[z"�u&z�6'�"�zy�q �"ji�_��m�"� ]!�&�"�)��/�"|z�s\�"=v�g��~#�)9~��k#�� �i3#�#?�=#�i\;�j#p%�sh�#���2k�#�|�#ry �ps�#pb��9�#�sa�d $��yj!4$�`�%�qg$�ep$�"e<@v�$:*�$�[��p�$�]'��?[>�?z]%�`�%vd�i1�%�lyk-,�%�,�=��l�%�z�@�x�%�!0��e&poq�bs &�b*&t�(6=&�'w�rh&2\�qp&nyvc��t�&��&�&�&�]'�ep$�tw�'~d:(�r�'�kl��>�'��5�l�'�taz��w(r�@�~d:(�_(it~tl(�x�,�dm�(��l�(��(t�(�pi�(��]�a#�(�j�`�<>)^e��w)!,�f���)�l�%��)mq{�"*�^�i��le*^l�x�ne*n9��^�*�:8t��[? �v ��o�(s� qh� �`� q�f�� {p���c,@�i��#,�dq[mk, @p�qb,�d&d��,�>m��x�,�{u�,�@�q>,-�m4-rt�h�fk-�r�-�j�n�2@�-�ggc���-x*�y���->o.-dt��t�.��z]�.�x��<}7/d|���y/ds}���/: o=tj�/0�u0{z�o�!0�ran 0gy|�5j90�$�}�;1�0��efw2
�z��>2"o�m�29!"e�w�2�f\�h�2n�~�w�3ui�� �3dj�u�3��x@�4�;�4�d5��p�4@l�5h 5�^b^�
-a5�pv5�d5tw�'��5��5md-�b�5i�d��v�5
-a5�a
6�`d�#6ghch�81�6�&7��6�a�r!�6q1���@�6xx�6)1:t�&7�x�\�~74\�7bd9t=r�7��gr
f8c�]��jo8�<|8�~�8���8��b�n9?oi�q�9�a:�kx_�s�:kkkk�3�:�!�q�o";�4mjjo;�i\;�%�|c;�q��viu;�ru�;�~7�[u�u�`fr>�>�'i�>r]��v�>lrb�mt?<#iq!{�?p[5=�tf�?�t�&�?�*��o-�?�mt?�s�?
u|3e�?�-x{�8�?�@}��(z@*.}@��)��-�@�t�`�r�@g��z�@z]%hag;��:a�s6ay8���doahu�(�a�le*�&e�ana��.�an���a�$,&d]�l�d|1�q�i�dbl#g�>e�\���ez�v�n�e�v ��'�e�#�c�hfs�]�=bdf�^^n��z[f�y���f�"�o w~g� l`�#�g�{9=��g=v�g�o�t�{s
h�-h�pv5p@h�og�ghch'\l��&�h�t�e�hoaq�!~q��y#%�q@gku�nr�q�q��qqg$�r)b;r�,�q��0hr�l��zwr�
{r;1�0��y{r�i�r�� �(u�r�$atxcs�#sw/�=fzps8ts)b;r��ts�#�g3%�s�{�s�;�4��g/t�4>�:8t�gn�bd9t]z[t� �m��td $�`�t�s��,!u�rdi�@gku�u0
g�u���uxcs>�uc;�rxyyv�d�^�v4�o�v�j$w�w�w�6�x�m�2:3�x�q�y���x�3�:��o�x�#s^l�x\<�jg�xq>,- q�x�}<��x_/,j�8�x�zy��t��`-y<myv��q�yv^mc���y<z�&xazgzfk{z�kd
�zhp��[�enx�:[�=�^�`
[�0�[(>y��f\�?\i�(��\�m��x�\~�f<1/�\�s���7y]�>aqs�]���c�]hv�i���]viu;�]^ph$^�;>^�^b^�`.�^�=�^�1_�kx_�a9�ji�_l{�� !`�qb,�� l`�y`� ��t�`�=�}�j�`�qq��u�`�>�`_m�t
a��&na[mk,�9a��q���a��5��>�asq�y�3j�a�zwr�a�t�3b@�z��)ib�u~b1�h��u�b�~#�%;�b@v�$03cd.�bd/c�ggcg-�!�va�c�^����c(�a�u�c�0hr��#�c�j$wvd0q|�`d�d&d�@�m�sd�f�d,-�zn�d�|�#�9!"e2k�#�g e�/e� *^ee����l\e�>e��eme�hgqwe�u
�t�edu�efd��&fji�,\f<}7/��zfs{tq�f3%�s!,�fqx{~�fxx�6�a�f6�f<z�bl#g�^blkqg�j9r��g8|k=�z�g�-9h�k?oi�u�<mebi�rdi�b*&��b~i�y{r4�i�`-y�^�ix�u�nf�i�~7djtj�/v,�j�8�?w�j�`�t�=�j�4�q\<�j�dk�g�tkzl!{�?�klv:g��3�l<|�<ie�lj l�^(m��k��.�mz*�ma�� �m�hn�y`�gn��!�g)nfr>��^^nv��,mn�kj>�nh#�n�gv'po�
���"�o�"�o6gp�e�oh��.�o�r��v�omg���o]z[thptf�?(ap(s� @p�[? bep=r�7�c�p�qp&��dq�vzq� �<#iqa�q�!�q� ���qq =��,�q�w�#!�q{s
h�4�q�a�f�l�q|1�q6s�~r�q3q-rie�l��j9r �3�c;�rn[g� �r�-�@�y0�sb(p!��s{fm-dt�y�)1:to
�v�@t�$at�6�x� 0w?0w?0w?0w?�.�t�/e��t(ap�}�t�o�t�u2�&xph$^�enx[�x,mnf�x&xn
�x�0�<�=.y6�f�� oyrgo�r_yx*�y�x�u��yd]-sq�y7���yxl�y�t�.��y];yw��y�w��u&z�*n{��tazr=��whkzjx �.tzji��z@�z�.�o���z�`�o��%�z�q�wv{�nh{$,&d�*n{�s�?mq{
hr{��6�jbs{�-x{qx{�@�6m�{�d��0q|�~�vgy|��s�
u|�[|�w)�\�| w~g;�|�g ek�|�.�t�y>�|b�5�ds}xyyv�p}�r>�$�}dm�(�m�}j<�v��=�}jbs{�q�}\
~�=�h,~03c��)9~whkzit~�;�~j{�~0�n�n�~l�s{t�<(>y\*�4e�z �j�{p�4\�7��(k�i����x��m�j�����[�z`w�3`gr2 r� �p
j^�j�n#�_ati�wb��.h j<sh�to>s�m#�r#�l$�}&�m'�m(�)%j,�5-�p.�i/�w0�2�z2'4t4.6�6*8;i8cj8�9�>:�e=k&>e!@jj@r7a�ec�fd�nd�udvf� g0i4tj�kul%man�!oz#p�&pvr�%s�)umkxgy�py�^ro_]`5a�7ahc4c
2e�\e�lf�qf�sf�)gjmi�ckalthllmnnm}on[r�ps0@ui1vywm8xicy�x}�/�wt�/j�pa�mw��=��=�{h��`�j�'?�nj��9�l�.~�v� v��k�=h��j��~�du�� �=i�fj�to�4��m��2�)w���lz���c�7�u<�[��t��r��������^�v�a ��\�a�vi���|w�r����
��y���$?��
��!�s/�
����8�*��-��_�$-��f�><����r��z��c��u�7"����s�?5�����"�gl�bj�g,�{�h��-���
��"�w��p�2����y����0�m��e�`-�|�s4u4�@��b
a4`@��unknown������������g��*�ax� �times new roman5��symbol3.��*�cx� �arial7.���[ @�verdana;���(�[sosimsuna����$b�cambria math q��h�y�g�$�g^���,^��,^!-!),.:;?]}���� & 6"0000 00
00000��� ������=�@�\�]�^���([{� 0
000000��;�[����������29494 3�q��hx��?�����������������������"�2!xx���userxmr�������oh�� '��0t������� ��
(4<dl�usernormal.dotmxmr94microsoft office word@��@@��d�@�v�* ���,����՜.�� ,��0�
x`t|�������microsoft^94
!"#$%&'()* ,-.����0123456����89:;<=>?@abcdefghijklmnopqrstuvwxyz[\]^_����abcdefg����ijklmno��������r��������������������������������������������������������root entry�������� �f0w�* �t�data
������������/1table����7�qworddocument����2\summaryinformation(������������`documentsummaryinformation8��������hcompobj������������u������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������
���� �f#microsoft office word 97-2003 �ĵ�
msworddocword.document.8�9�q