HAL Id: halshs-00525377
https://halshs.archives-ouvertes.fr/halshs-00525377
Submitted on 11 Oct 2010
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L’influence des auditeurs externes et des comités d’audit sur le contenu informatif des manipulations comptables
Rémi Janin, Charles Piot
To cite this version:
Rémi Janin, Charles Piot. L’influence des auditeurs externes et des comités d’audit sur le contenu informatif des manipulations comptables. LA COMPTABILITE, LE CONTRÔLE ET L’AUDIT ENTRE CHANGEMENT ET STABILITE, May 2008, France. pp.CD Rom. �halshs-00525377�
L’influence des auditeurs externes et des comités d’audit sur le contenu informatif des manipulations comptables The Effects of External Auditors and Audit Commitees on the Informativeness of Earnings
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Introduction
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)
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2 2 = 2 *" 2 #=9 5 " 9
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2 " 9*" 5" ? < " 5 5 ( ( 5
5 5 " 6 < ( 5" * 5 ! "#55" 5 5
5 + @ " " < " " * # 2 = =
" " 6 5 " 5" ? < " 5 ( *
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B .C 5 < # 1 ( " ! # 5 # "
5 * = " 5 5 5 ! 5 " " " + > 2
55 ' B 00 000C5 55 7 B C( " #
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= " ( " * " ?" (
+ # < %6 E7 ( (
5 5 5 " "# 6 ( * < "
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A = " 55 " # " 5 * = = ! # *
"# " * " * = " * 6
5 " + & B .C = < # 5 # # ( "
5 ! " * " = " 2+ @
2 ( " # " = " " 6 5 " 5" ?
< " 5 ( " " = + D 6 5 < = "
! "# 5 = < " 5 # ( " = "#
2 " # ( "
1 + 8 "# " = " 55 " 6E5 69 6 6 + 8 5
" 5 6 " *< + 8 ) " " 5 < + " (
" 5 5 2 55 = "+
-
1. Cadre d’analyse et hypothèses de recherche
8 " 5 " * " E
5 2 " 2 < ! " = " 5 +$" 5
# * 5 " ( 5" 5
"#2 ( < ( < #E 5 "# 3 #
( 5 3!! = " +@
5 < #55 E " 6 " * # "
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( "" "" @ 6 F B00-C5 " O B C5 "
1 + 5 ( " 5 2 * #2 " 5
5 " 2* ( "
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< #"" 5 " 5 " = BH "E P 6" ( 000 @ (
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< 2 2* "" ( *" ( 5 " < ( * "
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5 " BP Q ( 0 /( 00 C+ @# 6 6 ( 5" (
9 < " 5 " 5 " 5 " 2
= " "" 5 5 = #= ( "# 5 " 5 5 !
"" " # 3 ! " * 5 5 < * =
" B> E ( 00/ E "+( 00/ K 6 ( )C+@
5 5 = ( 2 " E "" "
5 2 ( " 9 " 6 5 " = " 5 " 5
# 55 5 5 "9 5 " 5 <
5 " " "# 9 + # ( " < " "
= 5 ! = ( " = 5 " +
8 < " 9< = " # # 5 = " 5
"# " "# 9 + = " = "
< " 55 ( 5 A ( 5 # " +
% "" ( 5 5 #55 " * " "# 2 (
" * = " 5 "" 5 @ * " B0 C," < " "#
" " 5 " < "# 2 " 5
" B 5 C( " =9" 6 B 5 C+% (
1 5 " 5 55 ' B00 C(" < " 5 #
9* 5" 5" " ?" = "" # (
"# # + < ( * " *
5 < " "# = " 55 6E5 69 = "# 2
# ( # +
8 2 = = "" 5 2 < "
"" "# " 5" 5 5 " (! = "
5 +> "# *" " " ( # ! "# # * " * = (
"# "! < 5 "#55 * "+> "# *" "
5 ( # ! "# " 5 " 5 < ("#
< "< * < 5 #5 " * " = 6 " 5 " 5
" 5 " + " " (" < " "# 2 =
5 2 " "# 5 " * 2
" = +8 5 # ! * 2 5 * "
55 5 "" B@ * " ( 0 C 5 5 BK" 8 " ( 0 C+
" " (" * # B" 7 *DC " 5 =
# < " " * = = " "
" " 5 6 5 " +
D ( "# 9 " = 6 5 " B"
= " M5 NC( " " 5 < " 5 2
" + @ 2 "# "
5 " +8 5 9 ( " 0 5 % 6 P *
B00)C( < " 5 B ( C
< 5 " 5 " 7 *D+ 8 (
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< " 5" " 5 " 5 " 7 * D+ K 6
B )C #55 9" # " 9 5
5 "( 5 9 "2 5 "(
2 2+ > ( " 5 0 0 00 ( < "
/
2 ( < " #; 5 7 *D
+
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= " < ( " " #; E < + ( " 2 5
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< # 6 6 " "
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9*" + $" " ( 5 < ( "" 3*
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8 5 " A L 2 " 5 L * "
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# = " 5; 5 2 B < ( 9 C( =
5 ! "#55" 5 5 5 + 8# 3 " *
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5 " **9 " < # 55" 2 = 5 5 5 5 ;
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8 " " 6 = < # 5" *
"# " ! " "* ( ! "# 5
5 + 8# 25 " K 55 B00 C( #
( =9" < " 5 ! " # 5 9
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59 "" + (" 5 " "*
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5 " ! " # 6 "#55 # 5 ( * " 5"
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5 "" < # * " +
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" " = (5 "#6 ( 55 5 < ""
; ! ; + * " (" = 2 5 " ""
= < 6 "" + & 2(8 "+ B /C = < "
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" 2 = " " ( < #
5 " < *9 " " ! " + @ 9 " ( E
"+ B )C < "# "# 5
2! " 5 * + 8 = 25" P "" B -C(
E " "+ B -C "# * = " " "
( " 2 = " " +
6 "+ B C * " " "
B ) C( E B- C( " * B0 5" C+ " 5
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)( = 59 " "" # + $" < " "
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" 00 +
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" < " "# = " 5 + 7 # "" ; "
( ** < "# 2 * * 5 "
5 # "" 25 " + 5
#; 5 < + &" * " ( "5 ;
= < " 5 " 6 < 5 < =
# 5 RR"(" < " " ""
" 5 < " "# ( " " * +
0
$ % & #
( = " 5"2 56 9 ( "# * T < #" " 6 (
5 6E5 69 6 6 "" ,
&
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= 5 (" 5 5 * = *" 2 = !
"# 5" " # " = "" * " 5
"" 1 5 55 ' B00 C+ #
< * = " "E " 5"
# ( 6 * = " " 5 5 " 5 5 " 5 " * (
5 = " B 2 C 2 " 5 "
= " # * " ( "# 5 "# 2 =
" 56 " = "" * # (
* 6 + @ 5 < = "" = 6 2
5 " ("# # 55 (! " ( *
# 5 5 55 2 * +
8 = 2 5 < < 9 "# " 5 # # (
5 ( " 6 5 " "!
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& +U = " V
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& +U V ""
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" 5 0// 0 + $" = < * = "
" " "# < " 5" + $"
" "# = 5 = = J 59 # 2 , "
5 !"# " B C( " = "
3 " " # + # 5 # ("
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5 "# B - = C " 9" < " 5 5
# 5 " # # " 5 "
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" 5 00/ B ) = C( < " 5 #
# X 5 ! " * = 5 (
" "# " 5 " "+ " "
# 5 5 & B .C = " " (
< = 5 5 " " = " ! "" 7 E "+ B./
= " = 2 >W& " 5 00/ 000C+
" " ( " " (= ( 5 "
" ! * 6 < 5"9 < ! "# # = ""
5 # " 6 5 " + D
* " < " < "< = 2 5 < 5 " # " 5 " 5
" 5 "( 9 " 5 5
" 6 + (!"# = "55 5 5 5" 6 5 " *
# (" 5 < # 3 !" "2 " 5 "(" #
5 5 M N "# * " 5 " * " (
" 5 +
1 (" 5 5 = " # 5 "
; # # ( 2 2* 9 +
D (" " # 5 ( 55 ' $(
5 " * 5 = " < + (" " 5
B " YC # 5 " 55 ' $$B000C(!
2 " 55 7 B C+ @9 " ( " 56 9 #
< (5 " ( 5 < *" 2 ("
= "" B C " "" 5 = " "
* " * = + I (& B -C ( 2 59
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"# 5" " * ( 5 " 5 5 2
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(& B .C = < " A # #
"= < " + " **9 < " 5
# # (< 5" 5 ( ! ! " < "
# " 5 # A " ( " M * N
5 " < 5 " + & < ( "* = " 5 9 6E5 69 " 5
"# 2 BH C( 2 6E5 69 ( " = ! " 5 #
# # (5 ! 5 + " " ( 2 6E5 69
**9 < " 5 # # ( "# 5 (
! " "2 " 5 "( " +
#
#
2. Aspects méthodologiques
)
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+ & !"# "E " * " = " " 6 ""
# 5" 5 = " ( = "" = + D
2 " 5 = " 5 5
" 5 " 55 ' B3 "" 000C "" 55 7 B 5
C+ 5 < 5 9 56 "
# A B& ( -C+ ( "" !
2 # " = ( " = 5 " "
" +
8# 6 "" = " 5 + $" 5 *" " 2
< "# >71 " 5 00 (
< # 2 5 = 9 " + 8 " 5
" 5 " 5 # "# 6 "" + 8 = " 5 "
! " @ (" 9 3 "
@ ( " # 55 " + 8 <
" ( < " " = ! "#
B= 5 9 C( ! 55 ) 5 5 000( .
5 5 5 5 + @ 5" ( = " "
= " " 9 " " "
(X( 5 " 0.(X=+ 8# 6 "" " " < " "
9" 5 5 ( 5 /. 5 +
Z$ " [
8 * * B ( % C " < " " " 5 (
" 5 " " ( ! " " " "# 5
B DC " "2 5 "B ( 1:C ,
% \ D L 1: ⇔ D \ 1: ]%
D = " " " 2B% C 5 6 < " "
" = ,
% \∆71 ]∆ L∆& = W L @ L @ & =@ 5 (
= \ ! ( \ 000( ( ( ,
• ∆71 \= " " " = " = " #
" + 71 \B> G] " ] ] 6+ #= C L B1 ]@
" W " ] ]& #= C
• ∆ \= 6 * ! 5 ! "# "
• ∆& = W \= & = 5 < 6 * 5 "
• @ \@ 2 #25" 5 "
• @ & =@ 5 \ @ 2 & = 5 @ 5 " (
5 = " B " 7 L " D C+
@ 29 5 ( " ( # !
5 " " 5 " 5 " + I "#
< ( " 5 ! "# " =
B@ 6 F "+( 00 C 9" = " " B 00 C "
# = " D 1 ! 6 # 2
5 =+
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# = 3 ,
% 3\^ ]_ +$ :>3]` +∆B L 8$ D%>C3]a3(
)
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• % \% "
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• \ 6 #
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5 5 !/ =
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8 β1, β2 β3 5 + 5 # 5 5
5 " β5+ 8 β2 "# "
" " 9 5 " = " # + 8
β2 β4 "# ; ( " < 5
5 " = " # + & " = " 7$ ( " S" " 5"
5 = = ! "# * " !" 5
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5 5 = !" ( A ( ; #" 2
= * * * #25 BH C( #= 5
5 #6E5 69 " * " = " % + 8 # ( < 5"
" < #" 5 ( E 5 ?" " 5 " < 5 "
5 ( " 5 = "# * " 2
+β4 * 5 " = " $D@ BH H C+
3. Résultats empiriques
' # *
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" " 2( " " < 5 # 2 +
Z$ " )[
8 5 5 B7 * DC 5 E
" * = " 5 " 5 "
5 7 *D+ & ( " "2 5 "B 1:C( < 5 5
! " 5 5 " " " ( # 5 * =
" 2 6 "" + 8# 5 5 " " 2
6 "" #25"< 5 5 " 5 " ,
" 2 5 7 *D * B )(
5 "#6E5 69 "" ( 5 " 5 5 C * = 2
2 5 7 *D+ 6 = " "
1 "+ B000C( < < " < 5 " "=
5" 5 " * B7 * / " C( "
" " 6 5 " "= 2 = + $" 5 5 <
5 " 5 7 *D( " 2 * = (
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< "< 5 " M 2 = 5 N+
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B@ C "*9 5 ( * = 2
B] ( ] ( . E C+ (
5 5 < * + " * "
B!" 6 !" C( " 55 < " 5 7 *D 5
= " " B 7>@ C * = 5" "= <
" 5 7 *D+ < **9 < "
5 M* N *" " 5" 5 < " " 5 "
# + 8 " 1 "+ B000C K 6 B )C(
" 2 ( **9 * " < " * 5" =
" 6 2 5 " < " 5 + : ( " (
5 5 ! " 5 5 " 5 * " "
#= "" 5 " 55 5 ( "" 5 = ( !"#55 (
!" < " * " * < " + 5 !
"# 6 2 5 " 5 5 # = E * 2 25" 5
< #" 5 * 5 ( 5 "! ; ( !"# ""* " * 2+
8 "# 2 " 5 " * = "
5 5 5 !* " " 5 " + E ( 5 "
= " 5 " ( " " "2 5 "( <
"# " " 3 = ( * = " 2
6 "" + < 5 < "
" " 5 = " < " "# "#
5 "+ $" " # " 5 # 5 < 5
5" * " "" "# " ( 5 " 6 < " 5"
" " ( " * 5 ! " " <
= " 5"5 = 2 5 < B + * C+
/
8 " - 5 " < 5 = " 5
" " 2( " " 5 " < # 5
# +
Z$ " -[
D = # 5 " = # B 6 "" C
!"# " B 6 "" @C+ 8 E #
5 " 5 " E "= < " ( " ;
< " "2 5 " 5 < " 2
5 5 " + 8 5" " 5 5 " = #
#25"< ( 5 " 5 7 *D( 5 " < #"" 5
2 * # 5" 5" 5 < " + 8
= # 5 " * B@ C "*9
* * = ! 2 B ( ] ( /
E C+ : = ; * " < * 5
" = " " B 7> @ C+ 6 = "
" & B .C < < " 5 # # "
5 = " 5 5 5" 5 "9 " *
= ! * " " +
D = 5 " E # 5 B
6 "" 7C 5 = 2 # B 6 "" @C( 2
= # 5 B 6 "" C !"# "
B@ ] C+ : = " * < 5 "
5 = " # + &" 5 ( " 55 < "
# 5 " " 5" "= < 2 5 " 5 "
= # 5 B] ( .- ] ( - 5 " E C(
# 9 " * 5 * =
5 2 ! # 5 B] ( /
] ( C+ $ 5 " * " " B6 9
9 C( " # 5 * "
* = 5" "= < 2 ! # 5 B(
( / C+ # ( " 5" # # " 5 =
" " 5 < 5 " 5 ( 5 55 ( (
+ &" 5 ( " 5 " #
5 *" " 5" 5 < " 5 #
.
" 5 " # " + 8 < " ( " ( < #! 5
5 ="* " " 6 5 " ( " # ( " "*
# " 5" 5 ( " * 2 ! * <
+ '
@ " " ( 5 " " * " "
= " < " "# < = , = " 5
# B7$ C( " # B% C( " 5 #
# B C "# 5 # B $D@C+
Z$ " [
$ 5 5 # ( " = " 5 " "
5 " " * + &" 5 " 9 ( β 5 * "
X( < < " = 6 " 5 <
" 6 5 = " " + 8 5 B * C
5 A 5 " 6 B = C = "" " 5 "
; < " Bβ) * " 5
* " XC+
& < < "# 2 ( β- *
< 5 " = " 7$ B " XC * * ( !
6E5 69 + 8 β β- " "#
5 " 5 7 * ( " 55 < "
5 " 5 9 5 9 5" "
5 " 6 + : ( ; 5 " E
" = ( = " "* < " ( < " 5 7 *
B= " " )C+ " **9 5 9 < ( 2 = 2
5 > E B00/C( " 5 2 5 5 "
= 5 " = " # + @ 29 ( !
6E5 69 ( " < " < # 5 ( "
* " < #"" 5 5 " 55 5 " 6 < #
; * " 5 5 = * +
5 2 " K 6 B )C < ( 2O ( = <
"# = " " 9 5" 5
" 5 * + $" " < " ! 5"
5 5 " " " 5 " " < "
5 = + $" 5 " < " * #
5 9 "#25 " 5 = 5 2 = "" = ""
" " 5 ! 5 " 5 " 55 + 5
* " < #!; 5 = ( " 5 = " 5 5 " !
6 2( ! 25 5 " " 9 " +
@ 5 < ( " 5 " A = " " M "E N
5 * "+
8 < " "# " 5 "
* = " ( " 5
* " = 6 " 2 = 5 ( " 6 = "
< 5 " 6E5 69 6 < " 5 5 2
" 5 < B + * C+ " 5 " < ( 6 "" ( "
5 " 5 # 5 2 5 "#25
2 " 25" < ( 5 " ( " " * = " = "
% +
& < ?" 2 5 " " 6 5 " (
" 5" 5 # # " = " < #!" * "
" + 8 = " b@ * = (
* ( " β- # 5 * ! " <
B" 5 " < " " ( 5 " " (
)( XC+ $" 55 5 < " < " # 5 ( " 5
" = " 5 5" ! " "
+ 8 β- * ( * (
* " X 5 " = " $D@b@ + : ( = * "
< " # ( !"# # " 5" 5 ( ! "
5 5 ( 5 " 9 9 * !"
6 " + # 5 < * ! = < # 2 9
5 " " < " 6 5 " # 5 !" 5 6
5 " + ( !"#2 9 " 5" " 5
"#55" 9*" 5 " ( " # " 5 !
= 6 " 2 = ( 5 * < ( "# "
" = " +
0
D 5 "" < 0X 6 "" E #
* " 5 7 * B < 5 " " 2C+ &
"# " 5 = 2 "
( = " 9" * " = S" = " 7$
" B" " " * 5 " " /C ,
% \β ]β 1: ]β @ ]β)D@ ]β-7$ b@ ]β 7$
]β/ $D@ b@ ]β. $D@ ]β d 000 ]β0 d ]ε (2)
Z$ " /[
8 β- * * " X( * ! =
"# " * # " " +
= 6 ( " β/ * ( * ( " #
5 < * + ( " < # 5 "" 5
5 ( " # 5 # " 5 5 < "
" +# ( " 5 #
" "" " " 5 " < 5 " "# " = "
5 " 5 ( "# # (
" # ( #55 5 5 + " 9 !
* "# "" ( " 5 (
* = +
Conclusion
@ ( " < 6
5 " 5 " 5 " * A ( 5" 5 " 9 "# 5
= < " 5 # , 5
"# 2 ( ?" 2 5 # 5 + 8
5 5 " = "# = *" 2 5 "
= " 5 ( = = ! = " " "= " "
5" ? < 5 + @9 " ( " * " " 5 ( 5
" 2 ( 5 =" * = " 3 < 5" ? <
" < + $" < " < " " * # ( "
( = 5" ? " " < " 5 6 5 " + (
5 < " " 5 " 5 "
( *" " ( " < " 5 * # B7 *DC(
" < " # # # ( < # 5
3 # 5 + = 6 ( = # "
< " "# # B 5eC " * "" "# " (
6E5 69 "" < ! "# 5 " " "
" 6 5 " +
D " 5 < ( " 6 " * # (
< ( *" " ( " * " 5 " B C
5 # 55 2
7 *D( 5 # # 3 5 " " +
8 5" 5 # # ( 5 5 * # 5 ( #" 9 5
* = " 5
" < " < # 5 # 5 5 = 5 !
M N " " 2 " 5 " * ( 5 = < "
= 6 5 " + ( M " * N "" (
" 5 " 5 " 2 ( * "
* "# " 9 5
" 5 5 " +
D " L 5 " A L ! " "
"( " "# 5 $ >J$1 >( "
55 " " " 5 6 5 " + & " ( "
" < # 55" Z 2 = e[ 5 5 5 " !"# "
= 6 5 " + @ " " ( " "
= " $1 >( " 5 "( 5 5 5" ? <
9*" 5 "" ( = 5 2 2 * = ""
2 2 " 3* 5 " " " 5
+ M 5 N 2 = 5 5 = ""
2 " e
! )
K+ 8+( @ " @+ D+( "" >+ 8+ B )C M 7 @ ( 6 $
* N( P G *5 5 D + ) -( P * 5 = ( = E
@ " F ( 6 5,JJ + J \--- - +
7 G +( @ 1 +( "= +( > E K+ + B 00 C M %6 f " E *
* N( 5 E * 6 , -+
7 @+ B C M & "" * = 5 L 55 * 5 = " 5
5 @ " 7 N( @ = 5 1 B @ 1C W 1 A
5 & = B 1 & 1C( & +
7 F P + @+( H H+( % " K+ B /C M " = 6 ' " " = *
* , $ " > EN( 5 * = F ,/ / /+
7 E @+( 8 + H+ +( % >+ 8+ B -C M %6 $ " $ 5 =
* f " EN( P G *5 5 ( 6 5,JJ + J \- +
7 " +( 8 + +( P "" * + B -C M 5 " "E 5 *
F 6 " " N( " * )., )0 / +
6 + B 0 .C M : > " "E * 6 N( " *
0, ) +
@ * " 8+ + B 0 C M > R f " EN( " * )B C , )
00+
@ 6 F &+ + B 00-C M * * 61" F 1 & ,%6 "
* " N( " * ,) - +
@ 6 F + +( >" + +( >F E + &+ B 00 C M @ * * * N( %6 *
= F . B C , 0) +
@ 1 + 8+( "= + B 00)C M 1 " " @ * = $ $ *
* 6 N( 5 E * 60,- -) +
@ &+ B )C M 8 5 " 5 " " < " "# < 2
= N( = )0B1 = C ,/ .)+
1 ( + +( K 6 ( + B 000C M * " 5 * = N( 5 E
* 6 / , ) //+
1 ( + +( E F + 8+( >5 G H+ + B 000C M %6 " 7 */ 6 " 5 *
" N( *, " & %6 E , .)-+
1 G " + +( 6 + 1+( D " K+ K+ B C M %6 " F #1 D
> = * * N( %6 * = F ..B> 55" C ,. +
E P + &+( K 6 >+ &+( P + 8+ B 00/C M G 7 = " @ E "
" N( " * 6)-B> 55" C , ) +
E P +( ' 6 + B /C M @ 1 F G = = *
7 6 & G N( " * - , -0 / +
6 6 +( @+ B C M % & 5 f " EN( %6 * = F
B C , / +
H "E&+ +( P 6" + + B 000C M = F 6 * * 8 $ 5"
> > *N( *H R )B-C ,)/ ) )+
H "E &+( & " 5 K+ + B 00)C M %6 1 # 1 " @ " & " > G 5 N(
*H R ., +
H " 6 + P + B 00 C M * 6 6 ,:55 7 6 = ( *
$ & 5 = N( " * , . +
+ B C M 8 " 5 " " 2
" 2 A N( 5 " L ?" L B C ,/0 +
6 '+ +( K6 $+ K+( E " + K+ B C M 1 % 6 f " E 1 "
5 N( 5 E * 6 0B-C ,/).// +
+ B 00 C M * * @ * $ 5 " $ = * N( " *
6 0B C , 0) +
K + 7+( 6 * +( 1 6 + B )C M = ( E * *
* N( 5 E * 6 B C ,) ) ) 0+
K" ( 7+ +( 8 " ( K+ B 0 C M %6 " G 1 * " & N( "
& " " E 0B-C,/ /- +
K 55 + + B 00 C M 1 6 > * f " EN( *,
" & %6 E B C ,) +
K 6 >+ &+ B 00 C M & * * 6 & & 8 * * , * 8 = "
' 6 * >5 " = @ " N( " * , .) +
K 6 + &+ B )C M f " E 6 & * @ E " N( *, "
& %6 E B C , 0 /+
8 + P +( 8 + 1+( d * + >+ B /C M %6 & * f " EN(
* " * " B0C ,0 0))+
K+( P "" @+ @+ B -C M 1 & " " N( %6 *
= F .0, 0 +
E + D+( E 8+ +( : %+ + B )C M 25" * 6 % 6 " " 65 6
f " E * , E eN( %6 * = F . B)C ,..0.00+
D *E + 8+ B C M E 1 % = ( 1 " 5 * f " E( " 7 * *
& F ,%6 6 N( *H R 0B C , / +
: + B /C+ & < $1 > , 5 = " 9*" A " > &( @ +
& >+ %+ B .C M %6 5 = 6 $ = * N(
= ( 6 *+
& + B -C M %6 2 $ 5 1 N( * 7
6 )-B)C , ) -/+
& +( + B .C M 2 " ( * * 1 N(
5 * = F /B C ,- 0- -+
E " + K+( @ @+ +( 1 + + B -C M & " > = 1 : 3 = EN(
*, " & %6 E )B C , 0 +
> E K+ + B 00/C M %6 & * @ E " N( " *
, -0 +
% 6 >+ H+( P * %+ + B 00)C M & = f " E 6 * 5 N( %6
* = F / B C ,)-/ )//+
' + B 00 C( M 8 " # N( @ 1 A
5 & = B 1 &C W " D " & 1 A B D&1C( 3 "" ( & +
' + B 000C( M 55 " * = # 5 5 5 + ' N(
@ 1 A 5 & = B 1 &C W = 5 1
B @ 1C( 3 "" ( & +
P + 8+( Q + 8+ B 0 /C+ & = *%6 E( *" F " ( D+ + ,& H ""+
P + 8+( Q + 8+ B 00 C M & = *%6 E, % d & 5 = N( %6 *
= F / , ) /+
P +( %6 @+ 7+ B -C M * f " E " = + & 5" 7 *> ,
% 6 >G HE5 6 N( P G *5 5 f # = E+
P " + + B 00-C M * " " E >6 6 " , 6 25" E& F
* N( 7 6 * = F / ,) ) ).-+
P " + + B 00/C M %6 * f " EN( " *( * 1
B C , -. ./+
)
+ ( )
O 5 " 5 # "# 6 "" = " D
8 >71 #5 9 FFF+ + . /
, , 9 ( # ( # = )
, , 9 " 9
( , B6 C "# 00
5 " 5 )
, , " 5 5 B ( C
9 5 " ! 55 " 5 " 2 000
, , 5 " 5 5 "
@$ D /
, , 6 " ! # = -
+ , . / # * 0111& -- 2
# D E O
E5 2 D ""
B C
@ +
""
B C
% 0) ( ()) ( - () (. (. bb (.
@g% / ( ( ()/ ()) ( (/ 0bb (/0.
@g% / ( / (- ( ( ( (
% * " 2 B C+8 5 2 @g < " 5
* +8 5 2 @g * " = " " +
b(bb( bbb * 5 " < " " ! ( ( ( ( 5 = +
-
+ ' / # * #
3 4
E E $
D ( (-) (.- (.- (.0 (-0
bbb bbb
% () ()/ ( ) ( (/ (/
bb
7>% (.) ( ) (0- (/ (.. ( )
1: ( ) ( - (. ( - ( (
@ ( ( . ( . ( / (.0 (0/)
b
D@ (- () ( ) () (0-/ (-
7>@ (/0 (- ( (/. (0.) (-)
bb bb
% 0+2 4
E E $
D (-/ (- ( ( ) (0 / (-0-
b
% ( ( - (- (- (0 (
7>% (./ ( (. (- () ()))
1: (// (/) (0. ( (/ (0.0
b bb
@ ( ( ( / ( - (.0 (- .
D@ ()0 () ( (-) () ( -
b
7>@ (.. (- (./ (- ( . (
7 *D B \ C B \) C
% h/ B \ .C % i/ B \-.C
D * " " (% " 2( 7>% " 2 = " " ( 1: " "2
5 "( @ " ( D@ " ( 7> @ "
= " " +
, 5 " 5 E 2 6 "" 5 B * 5 "#6 * "
= " 6 C+
$ ," 5 < % 5 "#6E5 69 "" #6 * +
b(bb bbb * 5 " < " " ! X( X X 5 = +
+ 5 / # * #
E E E E E $ $ $ $
D (-. (- (- (-- (/) ( ) (.- (/ (-0 () )( )( ( - () )( (.0. (). (..
bbb bbb bbb b bbb bbb
% (- (- () ()- ( ( ( ( - (/ ( (. 0 (/ ()- ( ) ( (-) (- (0-
bbb bb bb b b b
% 7> (.. ( . (.) ( ) ( ( (.. (- ( ) (/ ( (. (-0 (). (. ()) (/- (-/0
1: (0 ( / (. ( ( / ( . (// ( - ( ( ) ( (- (- ( ()0 (-. ()00 (0/
b b
@ ( ( ( ( ) ( - ( . (/ ( ) ( ( ( (0. (.. (0 ( (- - (0 (///
bbb bbb bbb bbb b
D@ () () (- () (-/ ()/ ( - ()/ ()/ ()0 (-)- (-) ( 0 (. (0 (-/ ()./ (-)
b b b
7>g@ (/. (- (/ () ( 0 (-- ( ( ) (.) (- (. ()- (0 (--/ (- (/)) (. 0 (.-
bbb b bb b bbb b
7+= @+ 7+= +
+ j
5
+= @+ 7+= + +& j
j
7+ j
5
+&
j 5
@+&
j
B \)0C B \ /C
B \ C B \ 0C B \ C
D * " " (% " 2( 7>% " 2 = " " ( 1: " "2 5 "(@ " (D@ "
( 7>@ " = " " +
, 5 " 5 E 2 6 "" 5 B * 5 "#6 * " = " 6 C+
$ ," 5 < % 5 "#6E5 69 "" #6 * + b(bb bbb * 5 " < " " ! X( X X 5 = +
/
+ 6 3
# 0" 7 6
& 2
% \β ] β 1: ]β @ ]β)D@ ]β-c b@ ]β c ]β/d 000]β.d ]ε
c \ 7 * c \ % c \ c \ $D@
+ + + +
( -(--. bbb (. )()00 bbb (- -(. ) bbb () () bbb 1: B]C (.. -(0)0 bbb (0)- -(0 bbb ( -(0 bbb (- -( 0 bbb
@ B]C )(0- ())/ bbb )(00 -(/. bbb )( ) -( bbb ( -(- bbb D@ B]C (0/. -(- . bbb )() . -() bbb (. )( - bbb (/ )(/ - bbb
cb@ BC (00 (- . bb (. () ( ) ( (/)) (/ b
c e () ( ) (-0 (0 ) (-. (0/ (/ ()
d 000 e (0 )( bbb ( )( / bbb ( / )(). bbb ( ) )(- . bbb
d e ( 0 ( - (-0 (. ( . ( / ( (0-
1: * " "2 5 "(@ " (D@ "
(7$ ,= " 2 5 "
5 ! " ( (% ,= " " #
5 !/ ( ,= " " 5" #
( $D@ ,= " " # 5 # X
5 +
b(bb bbb * 5 " < " " ! X( X X 5 =
B " " 5 cb@ C+
+ 8 3
0" 7 56 & 2
1: @ D@ 7$ b@ 7$ $D@b@ $D@ d 000 d
B]C B]C B]C BC e BC e e e
+ (- ( 0 )(. . (./ (. ( ()/ ( . ( (
-( ) -(- 0 -()) )(0 - (./ (). (. () )(. (0 .
bbb bbb bbb bbb bb bbb
1: * " " 2 5 "(@ " (D@ "
(7$ ,= " 2 5 "
5 ! " ( ( $D@ ,= " " # 5 # X
5 +
b(bb bbb * 5 " < " " ! X( X X 5 = +
.
" " * : B -C(M ; "#$ >7 9 < " 5 "
5 = ; " ! " 5 " = "# 5 (" " < #
5 = " = 5 = " * N+ & " (" < "
5 " "#$ >7 " " = 5 " " " " 5 " #
5 +
' 7 G "+ B00 C(7 " "+ B -C( P "" B -C+
8 9 *" 5 < 5 (
* = # + I #2 5" (" # < ! " " = ( "
2 = ; * 5 " 7 +
=I #2 5" (@ 6 F B00-C 2 " 6 "" (" 5 " " 2 5 " " " "! 009 " +
= #55 " " " 25 "9 (
= * " 55" < 2 55 6 9" ,"#55 6 "" " =
! 6 " 9" 5 "# " 2 5 "( * = "
= "# ; 5 9 +
= 8 = " 5 " B 1:(@ (D@ C 5 " 5 +
6 B0 .C K 6 B00 C < " " = " 5 " 5 " 5 2
5 " " 5 9" "# 5 "#6
+
= = 2 5 < *" 2 B 6 "+( D *E( C< " M" * N
"" 5 !6 + @ " A ( S"
5 2 2 ( = " " " ( 5 " M" * N
"" 5 ! 2 + ( " 5 = "" < (
"# M N+
