/H]LRQHQ  &2',0$&&+,1(,

&26758=,21(',0$&&+,1(
RUH
/DIDWLFDFULWHULGLUHVLVWHQ]D

&ULWHULGLUHVLVWHQ]DDIDWLFD

*OL HOHPHQWL GHOOH PDFFKLQH VRQR VSHVVR VRJJHWWL FRQWHPSRUDQHDPHQWH D FLFOL GL IOHVVLRQH H
WRUVLRQH R FRPXQTXH D VWDWL GL VIRU]R SOXULDVVLDOL H FRQ L PHWRGL FRQVLGHUDWL ILQR DG RUD QRQ q
SRVVLELOHYDOXWDUHODUHVLVWHQ]DDIDWLFDLQTXHVWLFDVL
6LLQWURGXFRQRSHUFLzLGXHFULWHULSHUODYHULILFDGLUHVLVWHQ]DDIDWLFDLQVWDWRFRPSRVWRGLVIRU]R
TXHOOR GL *RXJK3ROODUG XWLOL]]DELOH LQ FDVR GL SUHVHQ]D FRQWHPSRUDQHD GL D]LRQL GL WRUVLRQH H
IOHVVLRQHYDULDELOLQHOWHPSR

&ULWHULRGL*RXJK3ROODUG

6LFRQVLGHULGLHVHJXLUHGHOOHSURYHDSSOLFDQGRDGHLSURYLQLVWDQGDUGXQDVROOHFLWD]LRQHGLIOHVVLRQHDOWHUQDWD
HXQDGLWRUVLRQHDOWHUQDWDIDFHQGRLQROWUHLQPRGRFKHLOPRPHQWRIOHWWHQWH0IHLOPRPHQWRWRUFHQWH0W
VLDQR VLQFURQL RYYHUR DEELDQR OR VWHVVR SHULRGR  H LQ IDVH WUD ORUR YL VLD FRUULVSRQGHQ]D GL PDVVLPL H
PLQLPL FRPHLOOXVWUDWRLQILJXUD
0

0W W

0I

$QGDPHQWRQHOWHPSRGHLPRPHQWLWRUFHQWHHIOHWWHQWH
/D FRLQFLGHQ]D GHL PDVVLPL H GHL PLQLPL GHL FLFOL GL YDULD]LRQH GHOOH D]LRQL LQWHUQH QHO WHPSR
FRPSRUWDXQPDJJLRUHFLPHQWRSHULOPDWHULDOHFRVWLWXHQWHLSURYLQL
/HSURYHYHQJRQRFRQGRWWHYDULDQGROHDPSLH]]HGHOOHVROOHFLWD]LRQLWDQJHQ]LDOLHGLTXHOOHDVVLDOLVLSXzDGHVHPSLR
ILVVDUHXQYDORUHSHUt HFRQGXUUHSURYHFRQGLYHUVLYDORUL GL s
 SHU ULFDYDUH LO YDORUH s  FKHqLOOLPLWHGLIDWLFD
LQGHILQLWDFRQTXHOYDORUHGLt 
5LSHWHQGROHSURYHFRQGLYHUVLYDORULGLt VLRWWHQJRQRDOWUHFRSSLH s t FKHSRVVRQRHVVHUHVHJQDWHVX
XQ GLDJUDPPD /H FRSSLH GL SXQWL LQGLYLGXDWH VRQR LQWHUSRODELOL FRQ XQ TXDUWR G¶HOOLVVH L FXL VHPLDVVL
JLDFFLRQR VXJOL DVVL s t  H L FXL  HVWUHPL FRUULVSRQGRQR ULVSHWWLYDPHQWH DO OLPLWH GL IDWLFD D IOHVVLRQH
DOWHUQDWDs HDTXHOORGLWRUVLRQHDOWHUQDWDt 
/¶HTXD]LRQHGHOODFXUYDLQWHUSRODQWHqTXLQGL

+ =
s t

s  t
GRYH
 0

0
 s  =  t  = 
: :


(¶SRVVLELOHDQFKHHVSULPHUHLOFULWHULRLQIXQ]LRQHGLXQDVROOHFLWD]LRQHHTXLYDOHQWH

 s ˆ s  



'DOO¶HTXD]LRQHGHOO¶HOOLVVHVLULFDYD

 s  + t  = s   

 s     

t 

Ës # ! Û
$

 s # + ÌÌ ÜÜ ¼ t # ˆ s "!
$ $

Í t  Ý


GRYHODVROOHFLWD]LRQHGLFRQIURQWRqGDWDGD

Ës( ' * Û
%

= s ' + ÌÌ ÜÜ ¼ t '
& % %
 s +-,
Í t () Ý

3HUSDVVDUHDOODYHULILFDGLHOHPHQWLGLPDFFKLQDRYYHURSHUSDVVDUHGDFRQGL]LRQLGLSURYDGLODERUDWRULRD
FRPSRQHQWL UHDOL FRQ LQWDJOL UXJRVLWj GLPHQVLRQL JHRPHWULFKH GLYHUVL GD TXHOOL VWDQGDUG  q QHFHVVDULR
LQWURGXUUHLVROLWLFRHIILFLHQWL. E. E/ RWWHQHQGRFRVu
E02¼: E1 E ¼E
 t 35‡ 476 = t 38496 ¼  s =5‡ >? = s =8>-? ¼ ;2 < 
. 6 .? ?

GRYH .IW H .II UDSSUHVHQWDQR ULVSHWWLYDPHQWH LO FRHIILFLHQWH G¶LQWDJOLR D IDWLFD WRUVLRQDOH H LO FRHIILFLHQWH
G¶LQWDJOLR D IDWLFD IOHVVLRQDOH O¶LQWURGX]LRQH GL WDOL FRHIILFLHQWL VL ULIOHWWH LQ XQD FRQWUD]LRQH GHO TXDUWR
G¶HOOLVVHXVDWRSHUODYHULILFDGLUHVLVWHQ]DFRPHVLYHGHLQILJXUD
@

@ BD

@ BD

A
A BDFE ACBDFE

&XUYDOLPLWHSHUHOHPHQWLLQWDJOLDWLDYHQWLGLPHQVLRQLHUXJRVLWjVXSHUILFLDOLSUHILVVDWH
6HXQRGHJOLVIRU]LQRQqDOWHUQDWRVLPPHWULFRVLIDUjULIHULPHQWRDOODVROOHFLWD]LRQHOLPLWH FRUULVSRQGHQWH
DOO HIIHWWLYRDQGDPHQWRGHJOLVIRU]L$GHVHPSLRVHODVROOHFLWD]LRQHqSXOVDQWHFRQYDORUHPHGLRGLYHUVRGD
]HURVLGHYHXWLOL]]DUHLOGLDJUDPPDGL+DLJKSHUULFDYDUQHLOYDORUHOLPLWHFKHYLHQHFKLDPDWRsG H I RtG H I 6H
XQDGHOOHGXHVROOHFLWD]LRQLqFRVWDQWLDGHVHPSLRLOPRPHQWRWRUFHQWHDOORUDODtG H I VDUjSDULDOODt J K  /D
UHOD]LRQHGLYHULILFDSLJHQHUDOHGLYHQWDFRVu
 L L

 L + L =  
sP tP
sMNO tMNO

Ës QRS Û
T

 s U + ÌÌ ÜÜ ¼ t U ˆ s Q R S 
T T

Í tQRS Ý

6LSRQH + =
sV WX
t V W X HODUHOD]LRQHGLYHQWD

 s ] + + ¼ t ] ˆ s Y Z [ 
\ \ \

= s] + + ¼t ] 
a \ \ \
 s ` _
^ ^