ࡱ> y fbjbj 3{{^% 22222FFF8~tlFGe^*"> ddddddd$fid2`"`"`"d22e$$$`"^22d$`"d$$j"YZ^9"Z2de0Ge[JUj#RUjdZ^Z^Uj2"_$ %!;dd#@Ge`"`"`"`"Uj : FNCE 4070-100 FINANCIAL MARKETS AND INSTITUTIONS SUMMER A-TERM 2012 LEEDS SCHOOL OF BUSINESS M-F 9:15 10:50 KOBL S127 Professor Michael Palmer Office: KOBL S419 Office Phone: (303) 492-4241 E-Mail: HYPERLINK "mailto:Michael.Palmer@Colorado.EDU"Michael.Palmer@Colorado.EDU Home Page: HYPERLINK "http://leeds-faculty.colorado.edu/palmerm/"http://leeds-faculty.colorado.edu/palmerm/ COURSE DESCRIPTION: FNCE 4070 (Financial Markets and Institutions) examines the economics of financial markets and the management of financial institutions. The course will focus on both U.S. financial markets and international financial markets. Topics include the functions and structure of financial markets, interest rate fundamentals including the term structure of interest rates, central banking including the conduct and impact of monetary policy, the money and capital markets, equity and debt markets, foreign exchange markets, major financial institutions, and the management issues of these institutions. Throughout this course the globalization of todays financial markets will be emphasized. The course will also monitor current events in the area of finance, financial markets, and business during the semester through links to various web sites and to the financial press. Prerequisite, BCOR 2200 (Introduction to Finance). This course is restricted to students with 52 hours completed. COURSE TOPICS: 1) AN OVERVIEW OF FINANCIAL MARKETS Functions of a financial market including financial market signals. How can we assess conditions in financial markets? Important financial market spreads (TED spread); government bond rates and bond spreads; CDS market. The increasing globalization of financial markets (reasons and consequences) Overview of worlds major financial markets: October 2009 global financial market freeze to the present. 2) THE ROLE OF EXPECTATIONS IN FINANCIAL MARKETS What do we mean by an efficient financial market (or an inefficient financial market); including a review of Eugene Famas work (Efficient Market Hypothesis). How do asset prices respond if markets are efficient (or inefficient). What are the implications of an efficient market for financial asset returns? 3) INTEREST RATE FUNDAMENTALS AND THE RISKS ASSOCIATED WITH FIXED INCOME SECURITIES Interest rate measures (coupon rates, current yields, yields to maturity, duration) Interest rate risk (price risk); relationship of bond prices to interest rate changes Impact of maturity on interest rate risk Reinvestment risk and default risk The behavior of interest rates Cyclical movements of interest rates (i.e., business cycle effects) Safe haven effects Bond market models (demand and supply models) Irving Fishers model of interest rates. Output gap models Impact of central bank policies on interest rates Role of inflationary expectations on interest rates 4) THE TERM STRUCTURE OF INTEREST RATES (YIELD CURVES) Understanding, observing and explaining yield curves (including the major theories of yield curves) Forecasting interest rates (i.e., forward rates) with observed yield curves Forecasting inflation rates with real yield curves (using TIPs interest rates). Forecasting future business cycle turning points with yield curves (i.e., through inverted yield curves) 5) CENTRAL BANKING AND MONETARY POLICY IMPACTS The U.S. Federal Reserve System Structure and policy implementation of the Fed Monitoring the Federal Reserves operational target: Fed funds target versus effective Fed funds rate Major foreign central banks The Bank of England The ECB (European Central Bank) The Bank of Japan Recent monetary policy actions of central banks (i.e., QE). Central bank targeting: Inflation target versus multiple targets Impacts of monetary policy actions on financial markets 6) GLOBAL FINANCIAL MARKETS The relative position of the U.S. in global financial markets Debt, equity markets, banking and foreign exchange markets Primary (IPO) and secondary (seasoned or outstanding) markets Money and capital markets Underlying and derivatives markets (including CDS market). Traditional and offshore financial markets 7) MAJOR FINANCIAL INSTITUTIONS Commercial banks Investment banks Traditional Investment firms: Mutual funds, pension funds. Other Investment firms: Hedge funds, private equity firms REQUIRED TEXT BOOK: Financial Markets and Institutions, Jeff Madura, Abridged 9th Edition (2011). Note some chapters will be accessed online at www:cengage/com/finance/Madura. To do so: Link to this text book Link to Students: Access Free Companion Content Link to Related Products & Free Materials (Access) Select a Chapter Link to Abridged Chapter (Under Book Resources) Note: This site also provides you with Key Terms and Key Terms Flashcards for each chapter (which could prove useful in testing your knowledge of text material). Note: This is an expensive book, so wait until the first day of class to see if there is someone in class you can share a book with. You might also consider looking on EBay, etc. KEEPING UP WITH LATEST NEWS: ON-LINE SITES, ETC: It is strongly recommended that you link to Bloombergs web site ( HYPERLINK "http://www.bloomberg.com" http://www.bloomberg.com) on a daily basis to keep current with the latest breaking business/financial news. Bloomberg TV is another good source of market data (Comcast channel 128). OFFICE INFORMATION: Office: S419 (Fourth floor, south side of building) Phone:303-492-4241 (please leave voice message if Im not there) E-Mail: michael.palmer@colorado.edu Office Hours: By appointment every day immediately after class and by appointment for other times. WEEKLY TEXT BOOK ASSIGNMENTS: Week Chapter Assignments Lecture Topic 1 1, 4, 5, 17 and 21 Overview of financial markets including Efficient Market Hypothesis 2 2, 3, 8 and 23 Bond Markets and Yield Curves including forecasting with yield curves 3 6, 7, 9, 11 and 12 TBA 4 10, 13, 23 and 24 Worlds Capital Markets 5 16 and 18 TBA Note: Chapters underlined will be accessed online. EXAM SCHEDULE: (1) 3 Short Exams (On Monday: June 11, 18, and 25): Short answer questions (definitions, fill in the blanks) and multiple choice questions from the lectures, book chapters and posted articles (see assigned readings on course web site, page 4). These short exams will be cumulative with respect to lecture material, but not with respect to book chapters and posted articles. June 11: Week 1 chapters, June 18: Week 2 chapters, June 25: Week 3 chapters. (2) 2 Major Exams (On June 21st and July 3rd): Essay questions and working with financial data. June 21st exam will consist of lecture questions only. July 3rd exam will consist of lecture questions and week 4 and 5 text book chapters. TAKE HOME ASSIGNMENTS Two take home assignments will be assigned. These will be designed to test your understanding of major concepts (e.g., working with data). They will be graded and count towards your final grade. (1) Assignment 1: Efficient market. Research through economic calendar sites and Bloomberg news the impact of an announcement involving economic data on the U.S. stock market. Select an announcement which was not anticipated (in terms of the markets consensus expectation) and discuss the observed reaction of that announcement to the movement of the U.S. stock market. Use an example since the beginning of the A term. Does the observed reaction suggest the U.S. equity markets are efficient? Explain. Use charts and illustrations to support your essay. Type your report and reference all information. No page limit. Due date: Friday, June 15 (2) Assignment 2: Using the Yield Curve. In this assignment you will be asked to use given yield curve data to forecast forward interest rates. Details and due date to be announced during the course. COURSE GRADE Course grade will be based on your percentage of all work (i.e., as a percent of the total possible points for all exams and take home assignments). Initial letter grades are based on straight percentages, e.g., 90% and above for an A, 80% to 89% for a B, 70% to 79% for a C, 60% to 69% for a D, and below 60% an F. However, I reserve to right to curve the class depending upon circumstances. Note, I will not raise these percentages, but I reserve the right to lower them, again based on circumstances. OTHER IMPORTANT DATES: No classes on: Wednesday, July 4th Friday, July 6th ASSIGNED READINGS ON COURSE WEB SITE: Throughout the semester, articles and readings will be posted on my University of Colorado home page under this course (FNCE 4070). I will usually email my CU class distribution list just after posting so please be looking for these announcements. For articles, please refer to: HYPERLINK "http://leeds-faculty.colorado.edu/palmerm/"http://leeds-faculty.colorado.edu/palmerm/ POWER POINT LECTURES: In addition to assigned readings (see above), my power point lecture slides will also be available on my CU home page. For lecture slides, please refer to: HYPERLINK "http://leeds-faculty.colorado.edu/palmerm/"http://leeds-faculty.colorado.edu/palmerm/ Link to Current Courses, and then to Power Point Lecture Slides under FNCE 4070. It is ok to bring your lap tops to class but only for the purpose of following along with my posted slides or web sites we might visit during my lectures. ATTENDANCE EXPECTATION FOR THIS CLASS: I do not take attendance in this class. My expectation is that you do not leave the classroom once the class has begun. Please prepare yourself for this expectation. I also ask that you refrain from engaging in activities (e.g., using cell phones) which may prove disruptive to your fellow students or to me. I will also give you a short break in the middle of each class. I will provide you with name cards for the purpose of calling on you and encouraging your participation in this class. COURSE LEARNING OBJECTIVES: To develop an understanding and appreciation of the role of financial markets within in the context of business activities. To develop an understanding of the domestic and global forces affecting financial markets and financial asset prices. To develop a practical framework for the analysis of interest rates including an understanding of forces affecting interest rates and possible models and approaches for forecasting interest rates. To introduce you to useful web sites for monitoring financial markets. USEFUL WEB SITES FOR THIS COURSE: 1. Real Time Financial/Business News and Financial Data (a daily must read site)  HYPERLINK "http://www.bloomberg.com" http://www.bloomberg.com 2. TED Spread (3-month dollar LIBOR minus 3 month T-Bills rate); a measure of credit risk over default free rate in U.S credit market. Over the period 1990-2007 this spread has averaged about 40 basis points.  HYPERLINK "http://www.bloomberg.com/apps/quote?ticker=.TEDSP:IND" http://www.bloomberg.com/apps/quote?ticker=.TEDSP:IND 3. LIBOR OIS Spread (3-month dollar LIBOR minus overnight interbank index fixed/floating interest swap rate where the floating rate is the effective federal funds rate). Overnight indexed swaps are derivatives in which one institution agrees to pay a fixed rate in exchange for receiving the average of a floating central bank rate over the life of the swap. The LIBOR OIS Spread is a measure of interbank credit risk and lending activity in global credit market. Higher spreads suggest greater risk and market uncertainty. Typically, LIBOR is higher than the overnight index swap rate. When the LIBOR-OIS Spread is increasing, it tells us that banks believe the other banks they are lending to have a higher risk of defaulting on the loans so they are charging a higher interest rate to offset this risk. The spread has averaged about 11 basis points over the period 1997 2007.  HYPERLINK "http://www.bloomberg.com/apps/quote?ticker=.LOIS3%3AINDnk" http://www.bloomberg.com/apps/quote?ticker=.LOIS3%3AINDnk 4. Central Bank Benchmark Interest Rates (current and previous short term interest rate targets of many of the worlds central banks)  HYPERLINK "http://www.fxstreet.com/fundamental/interest-rates-table/" http://www.fxstreet.com/fundamental/interest-rates-table/ 5. Market Calendar (Economic and financial data to be released during the most recent week along with the markets consensus expectation). The following Bloomberg site also provides a good description of the data and its importance) but is just for U.S. data  HYPERLINK "http://www.bloomberg.com/markets/ecalendar/index.html" http://www.bloomberg.com/markets/ecalendar/index.html For foreign countries (including the U.S.) refer to:  HYPERLINK "http://www.fxstreet.com/fundamental/economic-calendar/" http://www.fxstreet.com/fundamental/economic-calendar/ 6. Government Bond Yields and Spreads  HYPERLINK "http://markets.ft.com/research/Markets/Bonds" http://markets.ft.com/research/Markets/Bonds 7. Links to Business News HYPERLINK "http://news.bbc.co.uk/1/hi/business/"http://news.bbc.co.uk/1/hi/business/ HYPERLINK "http://www.reuters.com/business"http://www.reuters.com/business  HYPERLINK "http://www.bloomberg.com" http://www.bloomberg.com 8. On Line Business/Finance Commentary HYPERLINK "http://w3.cantos.com/cantos/dyn/main.php?t=a"http://w3.cantos.com/cantos/dyn/main.php?t=a 9. US Historical Financial Data (including most recent data) HYPERLINK "http://www.federalreserve.gov/releases/"http://www.federalreserve.gov/releases/ HYPERLINK "http://research.stlouisfed.org/fred2/"http://research.stlouisfed.org/fred2/ 10. United States and Foreign Stock Markets HYPERLINK "http://finance.yahoo.com/intlindices?u"http://finance.yahoo.com/intlindices?u HYPERLINK "http://www.wallstreetsoftware.com/stocks.html"http://www.wallstreetsoftware.com/stocks.html 11. Charts of US Stock Market Indexes (e.g., DJIA) HYPERLINK "http://moneycentral.msn.com/investor/charts/chartdl.aspx?Symbol=%24INDU&CP=0&PT=5"http://moneycentral.msn.com/investor/charts/chartdl.aspx?Symbol=%24INDU&CP=0&PT=5 HYPERLINK "http://stockcharts.com/charts/historical/djia1900.html"http://stockcharts.com/charts/historical/djia1900.html 12. American Depository Receipts (foreign stocks trading in the United States) (1) JP Morgan:  HYPERLINK "http://www.adr.com/" http://www.adr.com/ (2) Bank of New York:  HYPERLINK "http://www.adrbnymellon.com/" http://www.adrbnymellon.com/ (3) Citibank:  HYPERLINK "http://www.citiadr.idmanagedsolutions.com/www/front_page.idms" http://www.citiadr.idmanagedsolutions.com/www/front_page.idms 13. Interest Rate Charts HYPERLINK "http://www.moneycafe.com/library/compare.htm"http://www.moneycafe.com/library/compare.htm 14. US Treasury Interest Rate Auction Results HYPERLINK "http://www.treasurydirect.gov/RT/RTGateway?page=institAnnceRes"http://www.treasurydirect.gov/RT/RTGateway?page=institAnnceRes 15. Federal Funds Interest Rate and Federal Reserve Discount Rate (Historical Table back to 1971, with explanations for changes) HYPERLINK "http://www.newyorkfed.org/markets/statistics/dlyrates/fedrate.html"http://www.newyorkfed.org/markets/statistics/dlyrates/fedrate.html 16. Interactive Yield Curve for U.S. (2004 to the present)  HYPERLINK "http://stockcharts.com/freecharts/yieldcurve.html" http://stockcharts.com/freecharts/yieldcurve.html 17. Yield Curves: US (Illustrations of current and past yield curves):  HYPERLINK "http://stockcharts.com/charts/YieldCurve.html" http://stockcharts.com/charts/YieldCurve.html  HYPERLINK "http://www.smartmoney.com/onebond/index.cfm?story=yieldcurve" http://www.smartmoney.com/onebond/index.cfm?story=yieldcurve  HYPERLINK "http://www.smartmoney.com/investing/bonds/the-living-yield-curve-7923/" http://www.smartmoney.com/investing/bonds/the-living-yield-curve-7923/ 18. Nominal and Real Yield Curves (U.S.)  HYPERLINK "http://www.treasury.gov/resource-center/data-chart-center/interest-rates/Pages/TextView.aspx?data=realyield" http://www.treasury.gov/resource-center/data-chart-center/interest-rates/Pages/TextView.aspx?data=realyield  HYPERLINK "http://www.treasury.gov/offices/domestic-finance/debt-management/interest-rate/yield.shtml" http://www.treasury.gov/http://stockcharts.com/charts/yieldcurve.htmloffices/domestic-finance/debt-management/interest-rate/yield.shtml 19. Nominal and Real Yield Curves for the Euro-Zone (Including implied forward interest rates)  HYPERLINK "http://www.ecb.eu/stats/money/yc/html/index.en.html" http://www.ecb.eu/stats/money/yc/html/index.en.html 20. Nominal Yield Curve for the U.K. (with comparisons to the U.S.):  HYPERLINK "http://www.yieldcurve.com/marketyieldcurve.asp" http://www.yieldcurve.com/marketyieldcurve.asp 21. Real Time Foreign Exchange Quotes (spot exchange rates; data and charts) HYPERLINK "http://www.fxstreet.com/rates-charts/forex-charts/"http://www.fxstreet.com/rates-charts/forex-charts/ 22. Foreign News (including business news) Japan: HYPERLINK "http://www.japantimes.co.jp/"http://www.japantimes.co.jp/ China: HYPERLINK "http://www.chinadaily.com.cn/"http://www.chinadaily.com.cn/ 23. Links to all the Central Banks (including up to date financial and economic information and statements of Central Bank officials) HYPERLINK "http://www.bis.org/cbanks.htm"http://www.bis.org/cbanks.htm 24. Links to Worlds Major Central Banks United States:  HYPERLINK "http://www.federalreserve.gov/" http://www.federalreserve.gov/ United Kingdom:  HYPERLINK "http://www.bankofengland.co.uk/" http://www.bankofengland.co.uk/ European Central Bank:  HYPERLINK "http://www.ecb.int/home/html/index.en.html" http://www.ecb.int/home/html/index.en.html Japan:  HYPERLINK "http://www.boj.or.jp/en/index.htm" http://www.boj.or.jp/en/index.htm China:  HYPERLINK "http://www.pbc.gov.cn/english/" http://www.pbc.gov.cn/english/ 25. IMF Global Finance Reports (comprehensive site for global financial market information) HYPERLINK "http://www.imf.org/external/pubs/ft/gfsr/index.htm"http://www.imf.org/external/pubs/ft/gfsr/index.htm 26. Sovereign Credit Default Swaps.  HYPERLINK "http://www.cnbc.com/id/38451750/" http://www.cnbc.com/id/38451750/ 27. On- line IIR (Internal Rate of Return) Calculator  HYPERLINK "http://www.datadynamica.com/IRR.asp" http://www.datadynamica.com/IRR.asp 28. Daily 10-year Government Bond Rates (with historical charts)  HYPERLINK "http://www.tradingeconomics.com/bonds-list-by-country" http://www.tradingeconomics.com/bonds-list-by-country 29. Daily stock market indexes (with historical charts)  HYPERLINK "http://www.tradingeconomics.com/stock-markets-list-by-country" http://www.tradingeconomics.com/stock-markets-list-by-country STATEMENTS REQUIRED OR RECOMMENDED BY THE OFFICE OF UNDERGRADUATE EDUCATION: (1) If you qualify for accommodations because of a disability, please submit to me a letter from Disability Services in a timely manner so that your needs may be addressed. Disability Services determines accommodations based on documented disabilities. Contact: 303-492-8671, Willard 322, and HYPERLINK "http://www.Colorado.EDU/disabilityservices" www.Colorado.EDU/disabilityservices. Disability Services' letters for students with disabilities indicate legally mandated reasonable accommodations. The syllabus statements and answers to Frequently Asked Questions can be found at  HYPERLINK "http://www.colorado.edu/disabilityservices" www.colorado.edu/disabilityservices. (2) Campus policy regarding religious observances requires that faculty make every effort to reasonably and fairly deal with all students who, because of religious obligations, have conflicts with scheduled exams, assignments or required attendance. Please call to my attention any religious observances which will conflict with assigned work, including, but not limited to, scheduled exams. (3) Students and faculty each have responsibility for maintaining an appropriate learning environment. Students who fail to adhere to such behavioral standards may be subject to discipline. Faculty has the professional responsibility to treat all students with understanding, dignity and respect, to guide classroom discussion and to set reasonable limits on the manner in which they and their students express opinions. Professional courtesy and sensitivity are especially important with respect to individuals and topics dealing with differences of race, culture, religion, politics, sexual orientation, gender variance, and nationalities. Class rosters are provided to the instructor with the student's legal name. I will gladly honor your request to address you by an alternate name or gender pronoun. Please advise me of this preference early in the semester so that I may make appropriate changes to my records. See polices at:  HYPERLINK "https://webmail.colorado.edu/horde/util/go.php?url=http%3A%2F%2Fwww.colorado.edu%2Fpolicies%2Fclassbehavior.html&Horde=9f6fff7f684f9a73a9fb62e5e40348ca" \t "_blank" http://www.colorado.edu/policies/classbehavior.html and at  HYPERLINK "https://webmail.colorado.edu/horde/util/go.php?url=http%3A%2F%2Fwww.colorado.edu%2Fstudentaffairs%2Fjudicialaffairs%2Fcode.html%23student_code&Horde=9f6fff7f684f9a73a9fb62e5e40348ca" \t "_blank" http://www.colorado.edu/studentaffairs/judicialaffairs/code.html#student_code Campus "Classroom Behavior" policy describes examples of unacceptable classroom behavior. Please see  HYPERLINK "https://webmail.colorado.edu/horde/util/go.php?url=http%3A%2F%2Fwww.colorado.edu%2Fpolicies%2Fclassbehavior.html&Horde=9f6fff7f684f9a73a9fb62e5e40348ca" \t "_blank" http://www.colorado.edu/policies/classbehavior.html (4) The University of Colorado at Boulder policy on Discrimination and Harassment ( HYPERLINK "https://webmail.colorado.edu/horde/util/go.php?url=http%3A%2F%2Fwww.colorado.edu%2Fpolicies%2Fdiscrimination.html&Horde=9f6fff7f684f9a73a9fb62e5e40348ca" \t "_blank" http://www.colorado.edu/policies/discrimination.html, the University of Colorado policy on Sexual Harassment and the University of Colorado policy on Amorous Relationships applies to all students, staff and faculty. Any student, staff or faculty member who believes s/he has been the subject of discrimination or harassment based upon race, color, national origin, sex, age, disability, religion, sexual orientation, or veteran status should contact the Office of Discrimination and Harassment (ODH) at 303-492-2127 or the Office of Judicial Affairs at 303-492-5550. Information about the ODH and the campus resources available to assist individuals regarding discrimination or harassment can be obtained at  HYPERLINK "https://webmail.colorado.edu/horde/util/go.php?url=http%3A%2F%2Fwww.colorado.edu%2Fodh&Horde=9f6fff7f684f9a73a9fb62e5e40348ca" \t "_blank" http://www.colorado.edu/odh (5) All students of the University of Colorado at Boulder are responsible for knowing and adhering to the academic integrity policy of this institution. Violations of this policy may include: cheating, plagiarism, aid of academic dishonesty, fabrication, lying, bribery, and threatening behavior. All incidents of academic misconduct shall be reported to the Honor Code Council (honor@colorado.edu; 303-725-2273). Students who are found to be in violation of the academic integrity policy will be subject to both academic sanctions from the faculty member and non-academic sanctions (including but not limited to university probation, suspension, or expulsion). Other information on the Honor Code can be found at  HYPERLINK "https://webmail.colorado.edu/horde/util/go.php?url=http%3A%2F%2Fwww.colorado.edu%2Fpolicies%2Fhonor.html&Horde=9f6fff7f684f9a73a9fb62e5e40348ca" \t "_blank" http://www.colorado.edu/policies/honor.html and at  HYPERLINK "https://webmail.colorado.edu/horde/util/go.php?url=http%3A%2F%2Fwww.colorado.edu%2Facademics%2Fhonorcode%2F&Horde=9f6fff7f684f9a73a9fb62e5e40348ca" \t "_blank" http://www.colorado.edu/academics/honorcode/     PAGE  PAGE 2  23@AEabilʵpXC+/h+^hWC56B*CJOJQJ^JaJph)hZi|56B*CJOJQJ^JaJph/h+^h256B*CJOJQJ^JaJph/h+^hP56B*CJOJQJ^JaJph/h+^hb56B*CJOJQJ^JaJph)hO56B*CJOJQJ^JaJph)h _56B*CJOJQJ^JaJph$h+^hP6B*CJ^JaJph$h+^h?'6B*CJ^JaJphhZi|6B*CJ^JaJph 3a|} } ~ +I & FgdX & Fgdz & FgdR; & Fgd&gdPgd `gd% gdEgdP$a$gdPgdPlmnqr{|}Ϸr_G3/jh+^hE .56CJOJQJU^JaJ&h+^hE56CJOJQJ^JaJ/h+^hE56B*CJOJQJ^JaJph%h+^hPB* CJOJQJ^Jphp/h+^hP56B*CJOJQJ^JaJph)hO56B*CJOJQJ^JaJph/h+^h^Yx56B*CJOJQJ^JaJph/h+^hKk56B*CJOJQJ^JaJph/h+^h256B*CJOJQJ^JaJph/h+^hkk56B*CJOJQJ^JaJph    $ % & \ ] ԾԪzzdz`K8%hhPB* CJOJQJaJph(hhP5B* CJOJQJaJphhE*h+^h% 0J56CJOJQJ^JaJ/jh+^h% 56CJOJQJU^JaJ/h+^h% 56B*CJOJQJ^JaJph&h+^h% 56CJOJQJ^JaJ*h+^hE0J56CJOJQJ^JaJ/jh+^hE .56CJOJQJU^JaJ&h+^hE .56CJOJQJ^JaJ 1 H      : < L | ɼq_J_J8J#h=0B*CJOJQJ^JaJph)hthSB*CJOJQJ^JaJph#hTB*CJOJQJ^JaJph#h-B*CJOJQJ^JaJph)hth-B*CJOJQJ^JaJphhSCJOJQJaJh=0CJOJQJaJh `CJOJQJaJh `5CJOJQJaJh `h `CJOJQJaJh(3hP5CJOJQJaJh2CJOJQJaJh?'CJOJQJaJ| } ~ )+5FOt}̿ymamUIU=U=1h=PkCJOJQJaJh7>CJOJQJaJhtCJOJQJaJhR;CJOJQJaJhXCJOJQJaJhzCJOJQJaJhLfhP6CJOJQJaJ"hLfhEz56CJOJQJaJ"hLfhsYb56CJOJQJaJ"hLfhP56CJOJQJaJh5CJOJQJaJ'hHhP56B*OJQJaJphhPCJOJQJaJ%hjh `B* CJOJQJaJph} FGIJN|abcĵĵĦym]]m]Nyh(3hPCJOJQJaJhzhz5CJOJQJaJhZk=CJOJQJaJhz56CJOJQJaJ"hzhz56CJOJQJaJhzCJOJQJaJhXhzCJOJQJaJhXhXCJOJQJaJhXCJOJQJaJhtCJOJQJaJhsYbCJOJQJaJhR;CJOJQJaJh7>CJOJQJaJIJ|c\atC & FgdX & FgdZk= & FgdP & Fgd%  & Fgdt & FgdPgdP & Fgdzgdz^gdz%*+-=BCOYZ\npz}ͻuiiiZNiNuiNhZk=CJOJQJaJh(3hPCJOJQJaJhtCJOJQJaJh `CJOJQJaJhsYbCJOJQJaJh(CJOJQJaJhLfhP6CJOJQJaJ"hLfh56CJOJQJaJ"hLfht56CJOJQJaJ"hLfhsYb56CJOJQJaJhX56CJOJQJaJ"hLfhP56CJOJQJaJ/0BCI`aCDJ{|К|m^Rh7>CJOJQJaJh(3hPCJOJQJaJhZk=56CJOJQJaJ"hZk=hZk=56CJOJQJaJhZk=CJOJQJaJhZk=hZk=CJOJQJaJh(CJOJQJaJhsYbCJOJQJaJh% htCJOJQJaJh=PkCJOJQJaJh% CJOJQJaJhtCJOJQJaJhPCJOJQJaJ CD|,|<k!3o & Fgd & Fgdz% & Fgdz% & Fgd  & Fgd  & FgdP]gdEz^gdR; 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