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. % . % . %
. % . % . %
. . .
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{ ( ), = , ..., }
= = ( ) ( ) +
= =
( )( )
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= =
( )( )
+ + (( ) , ) +
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==
( )( )( )
+
N
, ( )
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= ( , , )= ( , , )
R R
:
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F
( )
F = =
( ) ( )
+
( )( )
= ( )
] , [ ( )( )
= ( , , )= +
=
( )
, . . . , ( )
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= +
( )|
( )
|
( )|
= ( )|
( )|
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US EU = US
N ( , )
=
US,
EU
= N ( , )
( )
( )
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HF = =
( ) ( )
+
= +
( ) ( )
= = +( ) ( )
= + HF = +
?
=
E [ ] =[ ]
HF
=
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N ( , )
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( )|
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HF( )
= = ( )
( )
( )
+ =
( )
| ( )
( )
( )
+
HF
= ( )
|
( )
+ = ( )
|
( )
( ) ( ) = =
( )|
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%
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=
1Y AB TE
+++++++
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AB TE
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http://find/
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HF = + = + H
H
H S
, , ,
H
+
.
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1Y 1Y
AB TE
TE
http://goforward/http://find/
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HF = =
( ) ( )+
( + ) ( + )( ) +
= +
( + )( )
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1Y 1Y
AB TE
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1Y 1Y
AB TE
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HF = =
( ) ( )
+ ( + ) ( + )
( ) + =
+
N
,
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http://find/
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HF1Y
Clone1Y
AB TE
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http://find/
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http://find/
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1Y
AB
TE
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http://find/
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http://ssrn.com/abstract=1358086http://find/
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http://find/
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http://ssrn.com/abstract=1325190http://ssrn.com/abstract=1035521http://find/
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= + + = + +
N ( , ) N ( , ) ( ) =
, ,
( | : ) = , | , | ( | : ) =
, | , |
| = + |
| = | +
| = + | = |
= | +
| = | + |
| = | |
|
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,
=
, = , . . . ,
, = , . . . ,
( | : )
( | ) =
( ) ( ) ( ) ()
|
|
| ,
http://find/http://goback/
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http://find/http://goback/
