-尊龙游戏旗舰厅官网

��ࡱ�>�� u �r��bjbj�n�n2��a��ay� ��""��8��,�6sl��r�r�r�r�r�r�r$�t�xw<�r9��r��4�r��r��r��ʺ?��(�}rs06s��w�f�w��40�w��n��r�r��6s��w��"qs: research policy volume 53, issue 2, march 2024 1. title: ecosystem disruption and regulatory positioning: entry strategies of digital health startup orchestrators and complementors authors: alessio cozzolino, susi geiger abstract: through a multiple case study of six digital startups in the healthcare ecosystem, we develop a framework of entry through innovation in a regulated ecosystem. the framework reveals the interplay of two dimensions that have not been examined in conjunction so far: 1) the degree of ecosystem disruption brought by the entrant's innovation; 2) the impact of regulation/policy on the entrant's innovation. based on these two dimensions, our data reveal four scenarios for entrants: dual constraint; regulatory-enabled orchestration; regulatory-constrained complementation; and dual enablement. the paper provides several contributions to ecosystem research, including a new definition of ecosystem disruption, the joint consideration of two key dimensions of ecosystem entry, and an emergent framework illustrating specific strategies, governance mechanisms, and the likelihood of success for each entry scenario. we show that start-up entrants can be successful orchestrators if they are enabled by regulation, that they can shift their positioning to seize enabling regulations, and that being an orchestrator or a complementor is a strategic choice related to an entrant's ecosystem disruption strategy. 2. title: from early curiosity to space wide web: the emergence of the small satellite innovation ecosystem authors: yue song, devi gnyawali, lihong qian abstract: innovation ecosystems have gained significant scholarly and managerial attention. much of the literature focuses on established ecosystems, and the limited research that examines ecosystem emergence does not dig deeper into the dynamics and challenges during the process of emergence. with a focus on the transition from birth to growth of an ecosystem, this paper fills this important gap by systematically examining how a nascent ecosystem develops into a thriving one. employing a conceptualized composition approach, we conduct an in-depth qualitative study on the emergence of the modern small satellite ecosystem from 1981 to 2017. our case analysis demonstrates a dynamic process through which a seed innovation gradually grows into a thriving ecosystem without a centralized sponsor. we explicate how tensions arise within an evolving ecosystem and how forces hindering specialization delay the emergence process. we then develop a process model of ecosystem emergence to conceptualize how actors gradually become specialized, how their specialization decisions coevolve with the ecosystem value proposition, and how tensions get resolved through a complex and iterative process. we contribute to the literature by advancing an evolutionary view of ecosystem emergence with an in-depth analysis of the transition from birth to growth of an ecosystem. 3. title: the value and structuring role of web apis in digital innovation ecosystems: the case of the online travel ecosystem authors: roser pujadas, erika valderrama, will venters abstract: interfaces play a key role in facilitating the integration of external sources of innovation and structuring ecosystems. they have been conceptualized as design rules that ensure the interoperability of independently produced modules, with important strategic value for lead firms to attract and control access to complementary assets in platform ecosystems. while meaningful, these theorizations do not fully capture the value and structuring role of web apis in digital innovation ecosystems. we show this with an empirical study of the online travel ecosystem in the 26 years (1995�2021) after the first online travel agencies (otas) were launched. our findings reveal that web apis foster a dynamic digital innovation ecosystem with a distributed networked structure in which multiple actors design and use them. we provide evidence of an ecosystem where decentralized interfaces enable decentralized governance and where interfaces establish not only cooperative relationships, but also competitive ones. instead of locking in complementors, web apis enable the integration of capabilities from multiple organizations for the co-production of services and products, by interfacing their information systems. web apis are important sources of value creation and capture, increasingly being used to offer or sell services, constituting important sources of revenue. 4. title: university patent litigation in the united states: do we have a problem? authors: grazia sveva ascione, laura ciucci, claudio detotto, valerio sterzi abstract: in an attempt to increase revenues from patenting activities, some universities have started in recent years to pursue �overzealous� strategies to monetize their existing patents, by selling them to the highest bidder and enforcing them in court. in this paper we find quantitative evidence that patent litigation has an adverse effect on university technology transfer activities, reinforcing prior findings by shane and somaya (2007). however, we empirically show that universities do not litigate aggressively over patent infringement: not only do they litigate much less than patent assertion entities (paes), but we also observe no increase in terms of their propensity to litigate over the last two decades. nor do we find any evidence of aggressive litigation strategies. 5. title: are intellectual property rights working for society? authors: carolina castaldi, elisa giuliani, margaret kyle, alessandro nuvolari abstract: intellectual property rights (iprs) play a key role in increasingly intangible economies. at the same time ipr systems are facing a profound legitimacy crisis, as scholars have unveiled perverse mechanisms and strategic practices that can severely hinder their expected societal returns. in this introduction to the special issue, we provide an overview of the key debates and the recent evidence on the societal role of iprs. after providing a brief introduction to iprs and their specific societal function, we integrate insights from different disciplinary discourses into several key emerging themes. we highlight the progress made in recent research, but also flag urgent research gaps and directions to further expand the frontiers of scholarly and policy debates. 6. title: public sector innovation in a city state: exploring innovation types and national context in singapore authors: emre cinar, mehmet akif demircioglu, ahmet coskun acik, chris simms abstract: the purpose of this study is to deepen our knowledge of the typology of public service innovation (psi) and the role of national context within the context of singapore, a less studied but highly pertinent context. to accomplish this, our study uses two different methodologies. first, we conduct a systematic review to understand the national context of singapore. we then utilise chen et al. (2020) �s recent typology to uncover the innovation configuration in the country. to achieve this, our second dataset consists of an analysis of 148 innovations from the united nations public service award (unpsa) between 2008 and 2017. the content analysis identifies that singaporean innovations prioritised consistently an operation focus during the period studied, while the locus shifted from internal to external after 2011 elections. we argue that the new typology is robust to classify innovation in the public services. we also formulate propositions how singaporean national context influences the innovation types and in which government functions innovations emerge. 7. title: technology, global value chains and functional specialisation in europe authors: filippo bontadini, rinaldo evangelista, valentina meliciani, maria savona abstract: this paper provides empirical evidence on the role of technology in affecting the relationship between the participation of eu countries and industries in global value chains (gvcs) and their employment structure over the period 2000�2014. the empirical analysis is based on country-sector level data for 21 eu countries on employment, trade in value added, patents and investments in intangible assets, and focusses on backward linkages within gvcs. the role of technology is analysed by taking into account both the technological intensity of country-sectors participating in gvc and that of their gvc partners. we study the employment structure by looking at the shares of managers and manual workers, which reflect the �functional specialisation� of the country-sector within gvcs. we find that participation in gvc per se is not related to the employment structure of a country-sector. we show that different patterns of gvc integration and functional specialisation emerge that depend on the initial patents/intangibles intensity of the country-sector integrating in gvc and those of the partners. 8. title: hybrid governance of platform entrepreneurs authors: wesley w. koo abstract: platform organizations have assumed an important role in the governance of millions of entrepreneurs. powerful platforms play an internal gatekeeping role in governing the platform-dependent entrepreneurs, but the success of platform governance also depends on how those entrepreneurs respond to external governance regimes (e.g., governments and public agencies). we conducted a vignette experiment involving 3000 e-commerce sellers to evaluate the effectiveness of hybrid governance (platform rules reminding entrepreneurs of the law and public enforcement) versus platform-led governance (platform rules without such reminders). the experiment varies on the governance structure (hybrid versus platform-led) and the level of ambiguity in a platform rule. it finds that, relative to platform-led governance, hybrid governance reduced entrepreneurs' misconduct intentions by 26 %. the effect is especially strong when rules are more ambiguous. mechanism tests show that a fear of government intervention likely led entrepreneurs to comply with hybrid governance out of expedience as ambiguity increases. meanwhile, some entrepreneurs still exhibited greater misconduct intentions because they may have perceived the platform to be opportunistic and willing to condone misconduct. overall, this study demonstrates the nested nature of platform governance and the multiplex influences of different governance regimes on entrepreneurs. 9. title: 尊龙游戏旗舰厅官网 copyright levies and cloud storage: ex-ante policy evaluation with a field experiment authors: christian peukert abstract: private copying exceptions in 尊龙游戏旗舰厅官网 copyright law allow individuals to make personal copies without infringing on rights. 尊龙游戏旗舰厅官网 copyright levies aim to compensate rightsholders for resulting harm by making devices that enable copying subject to a surcharge. notwithstanding that the welfare effects of levy schemes remain poorly understood, adaptations are frequently debated. this paper provides an ex-ante evaluation of a policy that would include cloud storage services in the 尊龙游戏旗舰厅官网 copyright levy system. i study whether the benefits for rightsholders of a levy in the cloud can outweigh its costs for consumers and cloud providers in a static setting. using a large-scale experiment, i estimate the demand function for cloud storage and quantify welfare changes of various counterfactual policies. i develop a method to determine the level of economic harm caused by private copies in cloud storage, which can be informative for practice. the results show that any realistic 尊龙游戏旗舰厅官网 copyright levy on cloud storage would be welfare-decreasing. i discuss potential dynamic effects and considerations of efficiency versus equity. 10. title: characterising innovation policy mixes in innovation systems authors: david howoldt abstract: along with the rising economic relevance, scope, and complexity of innovation policy, attention to the concept of the innovation policy mix has surged. yet, knowledge about how innovation policy mixes relate to innovation systems is limited. drawing on expert survey data on 4710 policies, this paper uses natural language processing to map innovation policy mixes and represent them as mixtures of 25 distinct topics whose proportions vary across countries. it identifies research, innovation in firms and supporting coordination in the innovation system as key focal areas in these mixes and analyses how these focal areas vary in relation to different performance aspects of innovation systems as well as structural and institutional country characteristics. the results indicate that policymakers design policy instruments supporting innovation in firms to mitigate comparative weaknesses of the innovation system, while they design policy instruments supporting research to complement comparative strengths of the innovation system. the results also indicate that the design of policy instruments strengthening coordination in the innovation system is partly shaped by factors unrelated to innovation. these findings illustrate the utility of a novel dataset and natural language processing methods for innovation policy studies and advance the debate about the determinants of innovation policy design. 11. title: epidemic effects in the diffusion of emerging digital technologies: evidence from artificial intelligence adoption authors: johannes dahlke, mathias beck, jan kinne, david lenz, ... bernd ebersberger abstract: the properties of emerging, digital, general-purpose technologies make it hard to observe their adoption by firms and identify the salient determinants of adoption. however, these aspects are critical since the patterns related to early-stage diffusion establish path-dependencies which have implications for the distribution of the technological opportunities and socio-economic returns linked to these technologies. we focus on the case of artificial intelligence (ai) and train a transformer language model to identify firm-level ai adoption using textual data from over 1.1 million websites and constructing a hyperlink network that includes >380,000 firms in germany, austria, and switzerland. we use these data to expand and test epidemic models of inter-firm technology diffusion by integrating the concepts of social capital and network embeddedness. we find that ai adoption is related to three epidemic effect mechanisms: 1) indirect co-location in industrial and regional hot-spots associated to production of ai knowledge; 2) direct exposure to sources transmitting deep ai knowledge; 3) relational embeddedness in the ai knowledge network. the pattern of adoption identified is highly clustered and features a rather closed system of ai adopters which is likely to hinder its broader diffusion. this has implications for policy which should facilitate diffusion beyond localized clusters of expertise. our findings also point to the need to employ a systemic perspective to investigate the relation between ai adoption and firm performance to identify whether appropriation of the benefits of ai depends on network position and social capital. 12. title: being together in place as a catalyst for scientific advance authors: eamon duede, misha teplitskiy, karim lakhani, james evans abstract: the covid-19 pandemic necessitated social distancing at every level of society, including universities and research institutes, raising essential questions concerning the continuing importance of physical proximity for scientific and scholarly advance. using customized author surveys about the intellectual influence of referenced work on scientists' own papers, combined with precise measures of geographical and semantic distance between focal and referenced works, we find that being at the same institution is strongly associated with intellectual influence on scientists' and scholars' published work. however, this influence increases with intellectual distance: the more different the referenced work done by colleagues at one's institution, the more influential it is on one's own. universities worldwide constitute places where people doing very different work engage in sustained interactions through departments, committees, seminars, and communities. these interactions come to uniquely influence their published research, suggesting the need to replace rather than displace diverse engagements for sustainable advance. 13. title: perceiving an entrepreneurial climate at universities: an inquiry into how academic entrepreneurs observe, use, and benefit from support mechanisms authors: andrea greven, thorsten beule, denise fischer-kreer, malte brettel abstract: this article condenses a variety of entrepreneurship support mechanisms�formal and informal ones�and, more importantly, assesses touch points of university members who actually became entrepreneurs (i.e., academic entrepreneurs) with such support mechanisms. specifically, we apply an individual-centric perspective and scrutinize to what extent academic entrepreneurs (i) observe, (ii) use, and (iii) benefit from entrepreneurship support mechanisms. mapping survey data from 229 academic entrepreneurs with archival data covering 107 universities in austria and germany enables us to test a unique dataset through hierarchical linear regressions. our results reveal that academic entrepreneurs' observation of support mechanisms is a strong predictor of their entrepreneurial climate perception. this effect is weakened by high shares of formal support mechanisms, emphasizing the important role of informal entrepreneurship support mechanisms. surprisingly, the actual usage of observed support mechanisms does not have a significant effect on entrepreneurial climate perceptions at universities. instead, the usage of support mechanisms only strengthens or weakens entrepreneurial climate perceptions depending on how beneficial the used support mechanisms have been to the academic entrepreneurs. our findings illuminate that how academic entrepreneurs perceive the entrepreneurial climate at their alma mater hinges on their different levels of prior contact with support mechanisms. 14. title: does the complexity and embeddedness of knowledge recombination contribute to economic development? �� observations from prefecture cities in china authors: xielin liu, xiaohui ji, shuang ge abstract: knowledge is created by recombinant process and can be transformed into actual productivity and economic performance. in this paper, we conduct research on the impact of regional knowledge recombination on economic development from two dimensions of complexity and embeddedness, in which complexity represents the intensity and diversity of collaborative relationships between different organizations in a given region, and embeddedness refers to the close, yet long-distance knowledge collaborations with an external high-value knowledge pool. we empirically test the validity of our economic development framework using panel data from 275 prefecture-level regions in china between 2005 and 2019. the results demonstrate that both the complexity of knowledge recombination and the external embeddedness can stimulate regional economic development, and the positive relationship of complexity is stronger for regions with a higher level of external embeddedness. there also exists significant heterogeneity impacts in different regions and time periods. the complexity of knowledge recombination plays an essential role in the economic development of the eastern region, but it is relatively less important for the central and western regions. the external embeddedness is essential for the economic development of the central and western regions, but not for eastern china. in addition, the complexity of knowledge recombination and embeddedness made a major contribution to the development of chinese economy between 2005 and 2014. lastly, it is worth emphasizing that the effects of the two dimensions of knowledge recombination on regional economic development vary depending on the collaboration types among coauthors. this research serves as a valuable theoretical resource for guiding the design of regional innovation and economic policies. 15. title: the impact of early debut on scientists: evidence from the young scientists fund of the nsfc authors: wanshu zhang, xuefeng wang, hongshu chen, jia liu abstract: early career funding is usually the first prestigious funding young scientists receive, allowing them to make their debut on a nationally recognised foundation. in this study, we examined the impact of an early debut on young scientists' research productivity. first-movers and late-comers are distinguished based on the years between the first application to the final award of early career funding. we then explored the variations between 3353 first-movers and 4650 late-comers of the young scientists fund sponsored by the national natural science foundation of china. we find that an early debut has a strong positive short-term effect on research productivity in terms of both quantity and quality, and the positive effect amplifies with the increasing time span of the final award between first-movers and late-comers. however, the strong positive effect on long-term productivity presents only in the three- and four-year early debuts. these results suggest that the productivity gains of young scientists with an early debut tend to decrease over time. the significant gap between first-movers and three-, and four-year late-comers in the long term demonstrates a time threshold which distinguishes scientists' long-term research productivity. in addition, we find that the research productivity gap can be explained by the expanding research network and increasing funding opportunities. 16. title: wolves at the door to the unknown: innovation search and hedge fund activism authors: fenglong xiao, yinjie shen abstract: in this paper, we develop and test a theory of how a firm's tradeoff between exploitation and exploration as alternative knowledge search strategies in innovation activities shapes the incidence of hedge fund activism as a consequential organizational phenomenon. in an analysis of u.s.-listed chemical companies between 2001 and 2018, we find that firms with a stronger commitment to exploration relative to exploitation are more likely to be targeted by activist hedge funds. moreover, the positive relationship between knowledge exploration and targeting by activist hedge funds is more pronounced for firms with stronger exploitation capability and less pronounced for firms with stronger exploration capability. the implications of our findings for the theoretical development and practices of managing knowledge search in innovation activities are discussed. 17. title: geography of authorship: how geography shapes authorship attribution in big team science authors: jarno hoekman, bastian rake abstract: the steady growth of large geographically dispersed research projects challenges existing norms for authorship attribution and has raised concerns over global inequalities in authorship opportunities. this paper therefore examines how geography plays a role in authorship attribution to local researchers that contribute to large scientific teams from various cities across the globe. we develop theory that considers how authorship opportunities for local researchers may vary depending on how they are spatially embedded in projects and the local resources they draw upon. we empirically apply this framework to the context of multi-city clinical trials where a common authorship challenge concerns the attribution of site investigators on publications. to account for selection effects in our empirical set-up, we estimate authorship likelihood conditional on data collection contributions. our results show that authorship likelihoods differ considerably across research projects and cities. we observe that, after controlling for project characteristics, authorship likelihoods are higher when local site investigators are located in cities that are geographically proximate to coordinating sponsors and when they face less national competition. we also find that local scientific reputation and the extent to which project contributions are directed to local problems are positively related to authorship likelihood. observed findings are markedly more pronounced for industry-sponsored versus publicly-sponsored trials and when attributing authorship to a lead author compared to any author. based on these findings, we discuss various ways through which authorship policies and initiatives could foster equitable authorship opportunities in large teams independent of location and as a fundamental principle for the conduct of science. 18. title: skill mismatch and the costs of job displacement authors: frank neffke, ljubica nedelkoska, simon wiederhold abstract: establishment closures have lasting negative consequences for the workers displaced from their jobs. we study how these consequences vary with the amount of skill mismatch that workers experience after job displacement. developing new measures of occupational skill redundancy and skill shortage, we analyze the work histories of individuals in germany between 1975 and 2010. we estimate difference-in-differences models, using a sample of displaced workers who are matched to statistically similar non-displaced workers. we find that displacements increase the probability of occupation change eleven-fold. moreover, the magnitude of post-displacement earnings losses strongly depends on the type of skill mismatch that workers experience in such job switches. whereas skill shortages are associated with relatively quick returns to the earnings trajectories that displaced workers would have experienced absent displacement, skill redundancy sets displaced workers on paths with permanently lower earnings. we show that these differences can be attributed to differences in mismatch after displacement, and not to intrinsic differences between workers making different post-displacement career choices. 19. title: external review letters in academic promotion and tenure decisions are reflective of reviewer characteristics authors: juan m. madera, christiane spitzmueller, heyao yu, ebenezer edema-sillo, mark s.f. clarke abstract: we examine validity and bias in external review letters (erls) in academic settings. erls play a critical role in promotion and tenure (p&t) decisions across the globe, ending careers in some cases while allowing other scientists' careers to flourish. we coded and analyzed 995 erls submitted by letter writers at various institutions as part of the p&t portfolios of 195 candidates at an r1 university. we examined their relationship with p&t committees' percent of positive votes by department, college, and university committees. we investigated how erl linguistic features, letter writer characteristics, and candidate characteristics (productivity and gender) relate to p&t decision-making. results show writer characteristics are more strongly related than candidate characteristics to erl linguistic features associated with p&t decisions at the department and university levels. we develop recommendations for policymakers, including changes in the use of erls for the p&t process. 20. title: the interdependent influence of lobbying and intellectual capital on new drug development authors: vareska van de vrande, annapoornima m. subramanian, moren l�vesque, patricia klopf abstract: pharmaceutical firms are top lobbying spenders in the united states (us). while the potential benefits of lobbying are recognized in the literature, the criticism against unethical aspects of lobbying warrants pharmaceutical firms to strategize their lobbying activities. our study addresses the question �how does a pharmaceutical firm's resource allocation decision toward lobbying activities (and other non-market activities) influence that firm's new drug launches and do these non-market activities interact with market activities?� specifically, we investigate the interaction between lobbying and the intellectual capital (human, structural, and social capital) of firms. we use a formal model to develop our hypotheses, which we test on a sample of the largest us-listed pharmaceutical firms between 1999 and 2021. our analyses suggest that human and structural capital weaken the effect of lobbying on the firm's rate of new drug launches, whereas a firm's social capital strengthens the relationship between lobbying and the rate of new drug launches. 21. title: regulating entrepreneurship quality and quantity authors: david b. audretsch, maksim belitski, farzana chowdhury, sameeksha desai abstract: how does regulation affect entrepreneurship outcomes? we examine the effect of two regulatory policy mechanisms�costs and procedures�on entrepreneurship quality and quantity. based on the national systems of entrepreneurship perspective, we apply public interest and public choice theories to hypothesize how regulatory costs and regulatory procedures can affect entrepreneurship quality and quantity differently. using a multi-level approach, we test the direction, size, and shape of these effects with data on 51,330 innovation-oriented entrepreneurs (reflecting quality) and 871,241 entrepreneurs who started new ventures (reflecting quantity) across 76 countries during 2008�2017. we find that regulatory procedures in a country often have an inverted u-shaped relationship with entrepreneurship quality, suggesting that both too few and too many procedures might be detrimental when policymakers target innovation. we find that regulatory costs tend to have negative or inverted u-shaped effects on entrepreneurship quality and quantity. our findings show that the way regulations are administered�by imposing financial costs or administrative requirements�is a boundary condition for entrepreneurship that affects the overall quantity of entrepreneurship and the innovation-centered quality of entrepreneurship. 22. title: toward scientific collaboration: a cost-benefit perspective authors: leyan wu, fan yi, yi bu, wei lu, yong huang abstract: this paper explores the factors influencing scientists' persistent collaboration. more specifically, we employ social exchange theory to examine the relationship between scholars' prior collaborative experiences and their subsequent collaborative behavior. integrated with cost-benefit theory, this study utilizes a comprehensive cost-benefit framework to deconstruct the elements affecting collaboration into two main dimensions: costs and benefits. leveraging a large-scale dataset of scientific papers, we empirically test our framework, revealing the significant impact of previous collaboration's benefits and costs on the persistence of scientists' collaboration. our findings indicate that production, economic, and informational factors play a substantial role in promoting persistent collaboration. conversely, social factors exhibit a notable negative influence on persistent collaboration. within the dimensions of time and effort, besides a roughly inverse u-shaped relationship between research topic proximity and persistent collaboration, geographical distance, gender, and age all exert adverse effects on enduring collaboration. opportunity costs also pose a disadvantage to persistent collaboration. furthermore, we discover that these influencing factors demonstrate heterogeneity in their impact on scholars' persistent collaborative behavior at various stages of their academic careers. our results provide valuable insights into understanding the dynamics and complexities of collaborative behavior. 23. title: how do new university presidents affect research performance? measuring the impact of pervious career paths in china authors: nannan yu, yueyan dong, martin de jong, jinxing yue abstract: who will be more beneficial to the research performance of public universities, an externally recruited president or one promoted from the inside? data on 392 president successions appointed at chinese public universities during the timeframe 2000�2019 show that outsider presidents on average make a more positive contribution than ones hailing from within. more particularly, this outsider premium is amplified for younger presidents or for those with advanced work experience, whereas this premium appears to be reduced for presidents transferred from university located far away or for those lacking social ties with the recruiting university. in this study, theories of organizational adaptation and disruption in public universities were leveraged to generate findings which can assist chinese universities in selecting the most suitable president to maximize research performance. additionally, this study offers insights into the global implications of these findings. 24. title: beyond the good and the right: rethinking the ethics of academic entrepreneurship from a relational perspective authors: nuria toledano, juan d. gonzalez-sanz abstract: this paper critically reviews the ethical resonance of the academic entrepreneurship (ae) phenomenon in light of contemporary concerns about ethics and responsibility in public engagements with science, technology and the commercialisation of technological discoveries through the creation of university spin-offs. in this context, we address the question of how we can know when we may consider ae as being ethical. we draw on the works on ethics of the french philosopher paul ricoeur 6 one of the most influential thinkers of the twentieth century 6 to provide an answer which encompasses but also goes beyond the association of ethics solely with good purposes or right norms to value it in each situation by paying special attention to how academic entrepreneurs behave in their relationships with others. we conclude that it is the manner and quality of open, generous, meaningful and appropriate �self-regulation� that defines academic entrepreneurs as ethical individuals. the paper helps to improve the understanding of ethics in this field and may also illuminate academic entrepreneurs and university policymakers seeking to improve qualitative outcomes in university spin-offs. 25. title: the technological imprinting of educational experiences on student startups authors: margaret dalziel, nada basir abstract: the literature suggests that the startups of de novo entrepreneurs are disadvantaged, but many of the world's leading firms have been founded by students and recent graduates. we hypothesize that academic and industry-based educational experiences shape the innovative activity of student startups and use patent data to measure technological proximity between the patent portfolios of influencers and startups. we find that indirect exposure to the research and development activities of the students' university departments and work term employers results in technological imprinting. influencer and entrepreneur capabilities affect the magnitude of the imprinting effect: student ventures are technologically more proximate to highly ranked university departments and to more innovative work term employers, and the students' software skills impact their ability to invent in proximity to their work term employer. we also find that multiple layers of imprints are complements, not substitutes. exposure to inventive activities, even when indirect and brief, results in multiple capabilities-moderated layers of imprints. 26. title: trademarks and firm market value: evidence from new trademark-firm linked data in china authors: yangao xiao, nianchen han, rui li, huaqing ran, ... tony w. tong abstract: a growing stream of research conducted in developed economies has shown that trademarks are positively related to firms' market value. however, we have limited understanding of whether this finding might apply to emerging economies, many of which have developed their own unique trademark regimes and are currently experiencing exponential growth in trademark registrations. in this study, we address this gap by constructing a new dataset that links trademark registrations with listed firms in china�the first of its kind for chinese trademarks. using this dataset, we find that in-use trademarks (trademarks being used by firms), as well as unused trademarks registered for a firm's current businesses, are positively related to firm value; further, the strength of ipr protection in subnational regions (provinces in china) amplifies these relationships. by contrast, unused trademarks that are not registered for a firm's current businesses have no impact on firm value. we also find that trademarks and patents compl!"$),./02;��ʸʦʸ��tl_qc6qhj�5�ojqj^jo(hh�hh�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#hh�hh�5�cjojqj^jaj#h��h��5�cjojqj^jaj#h�"�h�"�5�cjojqj^jaj h$-�5�cjojqj^jajo(#hh�hh�5�cjojqj^jaj/01�� 9��i��mbc��gd33�gd�psgd)w�gd$?�gdto�gd�l$gd%j,gdu<�gd�"�$a$gdt4�� 89bc��˽��|��l|��l|^�peh%j,5�ojqjo(hihu<�ojqj^jo(hih�l$ojqj^jo(hvi�h�l$5�ojqj^jo(h�l$h�l$5�ojqj^jh�l$5�ojqj^jo(hj�5�ojqjo(hiht4ojqj^jo(hh�hh�ojqj^jhihj�ojqj^jo(h�"�hu<�5�ojqj^jht45�ojqj^jo(hh�hh�5�ojqj^jhicy5�ojqj^j��hirs��²��²ф��rdvi;h33�h33�5�ojqj^jh$?�5�ojqj^jo(h$?�h$?�5�ojqj^jh�"�h%j,5�ojqj^jhs/�5�ojqj^jo(h%j,5�ojqjo(hihanojqj^jh3"h3"ojqj^jh�)hto�ojqj^jo(hvi�hto�5�ojqj^jo(h3"h3"5�ojqj^jhto�hto�5�ojqj^jhto�hto�h�"�h�`�5�ojqj^jhto�5�ojqj^jo(� lmvwabcdflm��⹬��xj��\j��l>h$?�h)w�5�ojqj^jhvi�h)w�5�ojqj^jo(hvi�h�ps5�ojqj^jh�psh�ps5�ojqj^jh�"�h)w�5�ojqj^jh�ps5�ojqj^jo(h)w�5�ojqjo(hvi�h%j,ojqj^jo(h33�h33�ojqj^jh�)h$?�ojqj^jo(h33�h33�5�ojqj^jh$?�5�ojqj^jo(h$?�h$?�5�ojqj^jhvi�h$?�5�ojqj^jo(�� !!! ! !p!q!y!z!�!�!�!�!�%�%�%�%�%��ƚ��x�j�zl��ƚ?�h|�5�ojqj^jo(h$?�h)w�5�ojqj^jhvi�h)w�5�ojqj^jo(hvi�hvi�5�ojqj^jhvi�hr7a5�ojqj^jh33�h33�5�ojqj^jhr7ahr7a5�ojqj^jh�"�h)w�5�ojqj^jhr7a5�ojqj^jo(h)w�5�ojqjo(hvi�h)w�ojqj^jo(h33�h33�ojqj^jo(h33�h33�ojqj^jh}onh)w�ojqj^jo(� !q!�!�%�%l&�&�*�*0 g �0�0l1g1�5�5 6$6�;�;.<�<c��gd�s�gd�_gdlz�gd�)ggd|�gdr7agd)w�gd33��%&&k&l&u&�&�&�&�&�*�*�*�*�* / 0 ��ָ��vi[mi?1hvi�h�)g5�ojqj^jh��h��5�ojqj^jh�)gh�)g5�ojqj^jh�"�h)w�5�ojqj^jh�)g5�ojqj^jo(h)w�5�ojqjo(hvi�h)w�ojqj^jo(hp/�hp/�ojqj^jh}onh)w�ojqj^jo(h$?�h)w�5�ojqj^jhvi�h)w�5�ojqj^jo(hvi�h|�5�ojqj^jhp/�hp/�5�ojqj^jh|�5�ojqj^jo(h|�h|�5�ojqj^j0 8 9 f g p q �0�0�0�0�0�0�0k1l1u1f1g1p1��ƹ��wi[n@2[@ƹhvi�hlz�5�ojqj^jh?,h?,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�)g5�ojqj^jo(h�)gh�)g5�ojqj^jp1q1�5�5�5�5�5�5�56 66#6$6-6.6�;�;�;�;��˾��y��i[�n@�3h�s�5�ojqj^jo(h}onh)w�ojqj^jo(h]m�h]m�ojqj^jh$?�h)w�5�ojqj^jhvi�h)w�5�ojqj^jo(hvi�h�_5�ojqj^jh]m�h]m�5�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(h?,h?,ojqj^jhih)w�ojqj^jo(�;�;�;�;-<.<6<7<�<�<�<�<ccc ccccncocwcxc�c�c��ⱥ�ȝ��sez��l��>l�h�9�h[5�ojqj^jh�dh�d5�ojqj^jh)w�5�ojqjo(h[h)w�ojqj^jo(h�a/h�a/ojqj^jh}onh)w�ojqj^jo(h$?�h)w�5�ojqj^jh[h)w�5�ojqj^jo(h[h[5�ojqj^jh[h�s�5�ojqj^jh�a/h�a/5�ojqj^jh�s�5�ojqj^jo(h�s�h�s�5�ojqj^jh�"�h)w�5�ojqj^jccoc�c h h�h�h�n�nqo�o�v�viw�w]]\]�]�`�`paua�h�h�h��gd �gdmw�gd�s�gd)w��c�c�ch h hhhhh�h�h�h�h�h�h�h�n�n�n�n�n�n��ƚ��x��h��[�p�c�h)w�5�ojqj^jo(h)w�5�ojqjo(hx6$hx6$ojqj^jh[h)w�5�ojqj^jo(h[h�s�5�ojqj^jhx6$hx6$5�ojqj^jh�s�h�s�5�ojqj^jh�"�h)w�5�ojqj^jh�s�5�ojqj^jo(h�~�5�ojqjo(h[h)w�ojqj^jo(h�dh�dojqj^jhih)w�ojqj^jo(h$?�h)w�5�ojqj^j�n�n�npoqozo�o�o�o�o�v�v�v�v�v�v�v�v��ָ��vi[tf9h �5�ojqj^jo(h �h �5�ojqj^jh �h �h�"�h)w�5�ojqj^jh�s�5�ojqj^jo(h)w�5�ojqjo(h[h)w�ojqj^jo(h�$h�$ojqj^jhih)w�ojqj^jo(h$?�h)w�5�ojqj^jh[h)w�5�ojqj^jo(h[hmw�5�ojqj^jh�$h�$5�ojqj^jhmw�5�ojqj^jo(hmw�hmw�5�ojqj^j�vhwiwrw�w�w�w�w]]]]]]][]\]e]]��ŷ��vhzm?/�?h[h)w�5�ojqj^jo(h0�h0�5�ojqj^jh �5�ojqj^jo(h �h �5�ojqj^jh�"�h)w�5�ojqj^jh�s�5�ojqj^jo(h)w�5�ojqjo(h[h)w�ojqj^jo(h��h��ojqj^jhih)w�ojqj^jo(h$?�h)w�5�ojqj^jh$?�h �5�ojqj^jo(hmw�h �5�ojqj^jh[h �5�ojqj^jh��h��5�ojqj^j]�]�]�]�`�`�`�`�`�`�`oapayataua~aa�h�h�h�h�h�h�h��ǹ��xhzx��m��h�h�ojqj^jhmw�hjmi5�ojqj^jh[h)w�5�ojqj^jo(h�h�5�ojqj^jh)w�5�ojqj^jo(h�"�h)w�5�ojqj^jh�s�5�ojqj^jo(h)w�5�ojqjo(h[h)w�ojqj^jo(h0�h0�ojqj^jh}onh)w�ojqj^jo(h$?�h)w�5�ojqj^jh$?�h)w�5�ojqj^jo(�h�h�h�h i,i5i6i�m�m�m�m�m�m�mdnennn�n��õ��tfxk=/x=h�r�h�z25�ojqj^jh�h�h�h�5�ojqj^jh�z25�ojqj^jo(h�z2h�z25�ojqj^jh�"�h)w�5�ojqj^jh�s�5�ojqj^jo(h)w�5�ojqjo(h�r�h)w�ojqj^jo(h�h�ojqj^jhih)w�ojqj^jo(h$?�h)w�5�ojqj^jh$?�h�7a5�ojqj^jo(hmw�h�7a5�ojqj^jh�r�h)w�5�ojqj^jo(h�h�5�ojqj^j�h,i�m�men�n�r�rsrs�w�w�w0xa}b}�}�}ڃۃ[��s�t��ҏ��gd�^�gd�e=gd�z2gd)w�gd�7a�n�n�n�n�r�r�r�r�r�r�rssssqsrs{s|s�w�w�w�w��ǹ��xf�x��xkx�>h�5�ojqj^jo(h��h��ojqj^jhmkxh)w�ojqj^jo("h�r�h)w�5�ojqj\�^jajh��h��5�ojqj^jh)w�5�ojqj^jo(h�"�h)w�5�ojqj^jh�s�5�ojqj^jo(h)w�5�ojqjo(h�r�h)w�ojqj^jo(h�h�h�h�ojqj^jh}onh)w�ojqj^jo(h$?�h)w�5�ojqj^jh$?�h)w�5�ojqj^jo(�w�w�w�w�w�w�w/x0x9x:x`}a}b}d}f}l}m}�}��ȸ�ț�qfy�k�=h�snh�sn5�ojqj^jh�z2h�e=5�ojqj^jh�5�ojqj^jo(h�e=5�ojqjo(h�r�h�e=ojqj^jo(h�r�h�r�ojqj^jh}onh�e=ojqj^jo(h$?�h�e=5�ojqj^jo(hmw�h�e=5�ojqj^jh�r�h�e=5�ojqj^jo(h�r�h�r�5�ojqj^jh�e=5�ojqj^jo(h$?�h�e=5�ojqj^jh�"�h�e=5�ojqj^j�}�}�}�}�}�}�}كڃۃ݃߃��z�[�c�d��r��ŷ��wi��[i��[ŷ�<h�{[h�{[ojqj^j"h�r�h�e=5�ojqj\�^jajh�{[h�{[5�ojqj^jh�"�h�e=5�ojqj^jh�5�ojqj^jo(h�e=5�ojqjo(h�snh�e=ojqj^jo(h�snh�snojqj^jh�e=5�ojqj^jo(h$?�h�e=5�ojqj^jh$?�h�e=5�ojqj^jo(h�snh�sn5�ojqj^jh�z2h�e=5�ojqj^jh�r�h�e=5�ojqj^jr�s�t�v�x�~��'�(�яҏӏտ׏ݏޏ)��˽��t��gy��k�=h�sdh�sd5�ojqj^jh�z2h�e=5�ojqj^jh�vh�^�ojqj^jo(h�vh�vojqj^jh$?�h�e=5�ojqj^jo(hmw�h�e=5�ojqj^jh�r�h�e=5�ojqj^jo(h�vh�v5�ojqj^jh�e=5�ojqj^jo(h$?�h�e=5�ojqj^jh�"�h�e=5�ojqj^jh�5�ojqj^jo(h�e=5�ojqjo(h�{[h�^�ojqj^jo(ҏӏ*�p��#�m�� gd�gd)w�gd�^�gd�e=)�*�3�o�p�y�z��ĕʔ˔"�#� �,�l�m�v�w�u��ŷ��tf��xf��xŷ�9h�=h�=ojqj^j"h�r�h�e=5�ojqj\�^jajh�=h�=5�ojqj^jh�"�h�e=5�ojqj^jh�5�ojqj^jo(h�^�h�e=ojqj^jo(h�^�h�^�ojqj^jo(h�sdh�sdojqj^jh�e=5�ojqj^jo(h$?�h�e=5�ojqj^jh$?�h�e=5�ojqj^jo(h�sdh�sd5�ojqj^jh�z2h�e=5�ojqj^jh�r�h�e=5�ojqj^jement each other in enhancing firm value. we call for more future research attention to trademarks in emerging economies to improve existing understanding of the important role trademarks play in these fast-growing markets often featuring unique ipr regimes. u�� h�5cjh�5cuhauhauojqj^jo(hj<ojqj^jh�=h�=ojqj^ju 01�82p��. ��a!�"�#��$��%��s��s2�� 0@p`p��2(�� 0@p`p�� 0@p`p�� 0@p`p�� 0@p`p�� 0@p`p�� 0@p`p��8x�v~�� 0@�� 0@�� 0@�� 0@�� 0@�� 0@�� 0@�� 0@�� 0@�� 0@�� 0@�� 0@�� 0@�� 0@pj_hmh nhsh thj`��jck�e$1$a$ cjkh_hajmh nhsh th$a ��$؞��k=�w[sobi��bnf�h�&��ŝ�]�6��ҩ��n=��in��a7��qb&>!"�h [�� lx�z)��w�v�og�%�ţ|8mă#�/��8��'��=��q�u*��c�`c�w{�d6��/�[��yl��%�� n� {�\�o�sm�/�~��i�bcax��/=xe��'5��&\�h�4da��,ye\}�)�l�a��r�^��*�z��y�v-wowz�n�]��:m�v�=t�c��w��r�b��*i�v�u�r��u��|�nc`�|��*^��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-!�֧��60_rels/.relspk-!ky��theme/theme/thememanager.xmlpk-!��f��theme/theme/theme1.xmlpk-! ѐ��'� theme/theme/_rels/thememanager.xml.relspk]� �� %0 p1�;�c�n�v]�h�n�w�}r�)�u��mopqrtuvwyz[\]_`abdgc�hҏ�nsx^c�@� @��h ��0�( � ��0�( � ��b �s�� ?��dp# -3 0:[h % 5<fl��z~��>e|�3a]fho�� !�!f"t"_)f)**} � �-�-.#.@4f4z4_4w4�4x;];^;c;e;j;k;u;�@�@�@�@�@�@�@�@�@�@qbrbzg�g�g�g�g�groxo`ogonouo|oop"peumutuzuyy^y_yfy�`aaaaa!a a�f�f�f�f�f�fk&k.k4k6kbkskxklkqk�o�opp pp p)p�u�ud|j|o|u|��j�o�,�2�9�a�g�j�o�v�y�{�|�~��uk{ky��331y�{�|�~��$)�3�3y�`�`�`�` a6a�e�edfnf�f�f�j�jkkqk|k�o�o�o�o/p:p`umu�u�u�u�u�u�u�{�{�{�{z|d|�|�|r��(�хޅ)�3�o�z��ˊ"�,�l�w�x��q04e��n[g],-�o��`<|��o";0ri1�%�rrsui��w�i�={u�,� uz*�m� �r=��-9h�s��eme�.~�� {r�v�4�1l2q �"�iaha��og>�u��`�1_%v��nh{��q��u�3�d]-�z:kkkkn;�q0�<�?*�7��:a��^b� �l{��2h�(�#!�q��m4-cqrrs�4>�p]�sao-�?��yn�b~i�(��)ib��>!]�.�` rv:g&>!��}n!�l��2�"�0r��\�|�md-%;�blrbr]�a 6ji� ��vj�`�[jo 5j90�ry �:[� k 3q-r�jx 8i� tp� k�|�2~� ��y��k� ?i�� *�?=��#??*�@�4le�dw" ��z�g�kd�2�^e�-h�x�w��t�bs &�x�-z�y��w�i�>�:-��u kkkkdw" q�x�-h� k^r� �^�vxb� �=#�/y�pur �� 'ff�x-z�d�y�(��)fk{z��fv��-�p�'�e��4�!~q�2h`�?i��be��@��fk-<"��l�q�u��y/�x{��]^p �~76=&��` [� ��rh&<�^��oc!��d{�/�"��[��h�2��d��t��w�8i� (f�tl(��}�t�a9�~�8��7l��4�";�g)n��p7v}g�xd|��&�h�w�a�g�b�u�d\*�)#jb�l�d� )r�}��w�gl$l��r�qh� v��/xcz.�^m~;�|p%�fzps7l�ps�#��<>)��s��vj��h5h 5� a�i�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;cq�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�(�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�$�}�;1�0��efw2 �z��>2"o�m�29!"e�w�2�f\�h�2n�~�w�3ui�� 3dj�u�3��x@�4�;�4�d5��p�4@l�5h 5�^b^� -a5�pv5�d5tw�'��5��5md-�b�5i�d��v�5 -a5�a 6�`d�#6ghch�81�6�&7��6�a�r!�6q1��@�6�_�6xx�6)1:t�&7�x�\�~74\�7bd9t)�7=r�7��gr f8c�]��jo8�~�8��8��b�n9?oi�q�9�a:�kx_�s�:kkkk�3�:�!�q�o";�4mjjo;�i\;�%�|c;�q��viu;�ru�;�~7�[u�u�`fr>�>�'i�>r]��v�>lrb�mt?<#iq!{�?p[5=�tf�?�t�&�?�*��o-�?�mt?�s�? u|3e�?�-x{�8�?�@}��9j@*.}@��)��-�@�t�`�r�@g��z�@z]%hag;��:a�s6ay8��doahu�(�a�le*�&e�ana��.�an��a�$,&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�zy��t��`-y<myv��q�yv^mc��y<z�&xfk{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�$03cd.�b�ggcg-�!�va�c�^��c(�a�u�c�0hr��#�c�j$wvd0q|�`d�d&d�@�m�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/d7h�-9h�k?oi�u�<mebi�rdi�b*&��b~i�y{r4�i�`-y�^�ix�u�nf�i�~7djtj�/�}ijv,�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� �<#iq�!�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�$at�6�x� 0w?0w?0w?0w?�.�t�/e��t(ap�}�t�o�t�u2�&xph$^�enx[�x,mnf�x&xn �x�0�<�=.y6�f�� oyrgox*�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��[�=^w�3`�v2 rg4 � �p vcj^13�;�n�_ati�3"wb��d�.h j<sh�to>s�r#x6$�l$�$�}&�m'�m(�)�g)?,%j,�p.�a/�i/�2�z2'4t4u5.6�6*8;i8cj8�9�i;�e=k&>e!@jj@r7a�ec�sd�nd�udvf0i4tj�kul%man�%smkxgy�py�{[�]�^@^ro_5a�7ahc�5c 2e�lf�qf�)gjmi�ckalthllmnnm}on�snr[r�ps>rsau0@ui1vywicy�x}� �/�wt�mw��=��=�33��`�j�5e�nj��9�l��.~�v�=h��j��~�du�� =i�fj�to�4��m��2�)w��l�xp�lz��c�`.��7�u<�[��t��r��w9��cb��^�v��\�a�vi�|w�r��/��$?��n��r�� !�s/��u��p/��8��h�*��-��_��d�$-��f�><�]m�>w��r�h�0��c��7"��s�?5��"�gl�je�bj�h��-�� "�l%��m�2��x�w�p�!@��2��y��e�`-��|�y�{��@��3�3�3�34��u��@��@��@��unknown��g��.�[x� �times new roman5��symbol3.��.�[x� �arial7.��[ @�verdana;��(�[sosimsuna��$b�cambria math 1��h;"�f��g�k��zi��ziq-!),.:;?]}�� & 6"0000 00 00000�� =�@�\�]�^��([{� 0 000000��;�[��0�0� 2�q��hp��?��"�2!xx� og��userlib-x�� oh�� '��0t�� (4<dl�usernormallib-x203microsoft office word@b�2@�y��\�@�m$��z�� ՜.�� ,��0� x`t|��microsofti0� !"#$%&'()* ,-./0123456789:;<=>?@abcdefghijklmnopqrstuvwxyz[\]^_`abcdefgh��jklmnop��rstuvwxyz{|}~��root entry�� f��?��data ��i1table��q�wworddocument��2�summaryinformation(��documentsummaryinformation8��compobj��n�� fmicrosoft word 97-2003 �ĵ� msworddocword.document.8�9�q