where there is, and why - Canadian Linguistic Association

:+(5( 7+(5( ,6 $1' :+<
%URQZ\Q %MRUNPDQ DQG (OL]DEHWK &RZSHU
4XHHQ¶V 8QLYHUVLW\ DQG 8QLYHUVLW\ RI 7RURQWR
,QWURGXFWLRQ
*HQHUDWLYH OLQJXLVWV KDYH ORQJ EHHQ LQWHUHVWHG LQ VRFDOOHG H[LVWHQWLDO WKHUH DOVR VRPHWLPHV
FDOOHG H[SOHWLYH RU SUHVHQWDWLRQDO WKHUH $OODQ -HQNLQV 0LOVDUN DR $ FDQRQLFDO H[LVWHQWLDO FRQWH[W IRU WKHUH DSSHDUV LQ D ZKLOH D LOOXVWUDWHV
D ³SUHVHQWDWLRQDO´ XVH ZLWK WKH XQDFFXVDWLYH YHUE DSSHDU
D
E
7KHUH DUH XQLFRUQV LQ WKH JDUGHQ
8QLFRUQV DUH LQ WKH JDUGHQ
D
E
7KHUH DSSHDUHG D OLJKW RQ WKH KRUL]RQ
$ OLJKW DSSHDUHG RQ WKH KRUL]RQ
6HYHUDO TXHVWLRQV DULVH IURP WKH GLVWULEXWLRQ RI WKHUH DQG LWV UROH LQ H[LVWHQWLDO FRQ
VWUXFWLRQV )URP WKH SHUVSHFWLYH RI 0LQLPDOLVW V\QWDFWLF WKHRU\ LQ ZKLFK RSHUDWLRQV WDNH
SODFH RQO\ ZKHQ QHFHVVDU\ LW KDV EHHQ D SX]]OH ZK\ WKHUH RFFXUV LQ VHQWHQFHV OLNH D
DQG D JLYHQ WKDW WKHLU FRXQWHUSDUWV LQ E DQG E DUH DOVR ZHOOIRUPHG 6\QWDFWLFLDQV
KDYH DOVR DVNHG ZKHUH WKH '3 DVVRFLDWH RI WKHUH RFFXUV WKRXJK LW LV WKH VHPDQWLF VXE
MHFW RI WKH FODXVDO SUHGLFDWH LW DSSDUHQWO\ GRHV QRW VXUIDFH LQ WKH FDQRQLFDO FODXVDO VXEMHFW
SRVLWLRQ )URP D FRPSDUDWLYH SHUVSHFWLYH PRUHRYHU WKHUH VHQWHQFHV H[KLELW VWULNLQJ GLI
IHUHQFHV IURP H[LVWHQWLDO FRQVWUXFWLRQV LQ RWKHU ODQJXDJHV )UHH]H JLYLQJ ULVH WR WKH
VHPDQWLF TXHVWLRQ RI KRZ WKHUH FRQWULEXWHV WR H[LVWHQWLDO LQWHUSUHWDWLRQV DQG ZKHWKHU LWV
VHPDQWLF FRQWULEXWLRQ LI DQ\ LV FRQVLVWHQW DFURVV WKH IXOO UDQJH RI WKHUHFRQVWUXFWLRQV
'LIIHUHQW DSSURDFKHV WR WKHVH TXHVWLRQV KDYH UHVXOWHG LQ WZR PDLQ W\SHV RI DQDO\VHV
7KH ILUVW LV WKH H[SOHWLYH DQDO\VLV EURDGO\ DGRSWHG LQ FXUUHQW 0LQLPDOLVW V\QWDFWLF ZRUN
&KRPVN\ DR 7KH VHFRQG LV WKH LQYHUWHGSUHGLFDWH DQDO\VLV PRUH JHQHUDOO\ DF
FHSWHG LQ ZRUN IRFXVLQJ VSHFLILFDOO\ RQ H[LVWHQWLDO FRQVWUXFWLRQV +RHNVWUD DQG 0XOGHU
)UHH]H 0RUR %HOYLQ DQG 'LNNHQ DR
%RWK RI WKHVH DSSURDFKHV IDFH DQ HPSLULFDO SUREOHP KRZHYHU ([LVWLQJ DQDO\VHV KDYH
PRVWO\ IRFXVHG QDUURZO\ RQ WKHUH LQ H[LVWHQWLDO DQG XQDFFXVDWLYH FODXVHV RIWHQ RYHUORRNLQJ
WKH IDFW WKDW ZKLOH WKHUH FDQQRW RFFXU ZLWK VLPSOH WUDQVLWLYHV DQG XQHUJDWLYHV DV LQ LW
LV ZHOOIRUPHG LQ DOO NLQGV RI SURJUHVVLYH FODXVHV LQFOXGLQJ WUDQVLWLYH DQG XQHUJDWLYH RQHV
)RU KHOSIXO GLVFXVVLRQ DQG FRPPHQWV ZH ZRXOG OLNH WR WKDQN WKH RWKHU PHPEHUV RI WKH &RUSXV 0LQHUV SURMHFW
DW WKH 8QLYHUVLW\ RI 7RURQWR 5HEHFFD 7ROODQ 1HLO %DQHUMHH DQG 'DQLHO &XUULH +DOO 7KH FRQWULEXWLRQV RI WKH
ILUVW DXWKRU ZHUH VXSSRUWHG E\ WKH %DQWLQJ IHOORZVKLS SURJUDP DGPLQLVWHUHG E\ WKH *RYHUQPHQW RI &DQDGD
$FWHV GX FRQJUqV DQQXHO GH O¶$VVRFLDWLRQ FDQDGLHQQH GH OLQJXLVWLTXH 3URFHHGLQJV RI WKH DQQXDO FRQIHUHQFH RI WKH &DQDGLDQ /LQJXLVWLF $VVRFLDWLRQ
‹ %URQZ\Q %MRUNPDQ DQG (OL]DEHWK &RZSHU
DV LQ 5HFHQW V\QWDFWLF ZRUN RQ WKHUH KDV DOVR VRPHWLPHV JORVVHG RYHU WKH IDFW WKDW LW LV
SRVVLEOH ZLWK VWDJHOHYHO²EXW QRW LQGLYLGXDOOHYHO²DGMHFWLYHV DV LQ D
E
7KHUH ODXJKHG FKLOGUHQ 7KHUH FKLOGUHQ ODXJKHG
7KHUH UHDG SHRSOH WKH KDQGRXW 7KHUH SHRSOH UHDG WKH KDQGRXW
7KHUH DUH SHRSOH ODXJKLQJ UHDGLQJ WKH KDQGRXW
7KHUH DUH WD[LV DYDLODEOH \HOORZ
1HLWKHU PDLQVWUHDP DQDO\VLV RI WKHUH FDQ DFFRXQW IRU WKHVH GDWD DQG ZRUN WKDW KDV
DGGUHVVHG GDWD OLNH HJ 'HDO GRHV QRW GLVFXVV 'HDO¶V DFFRXQW DOVR UHTXLUHV
XQWHQDEOH UHSUHVHQWDWLRQV IRU (QJOLVK DX[LOLDULHV ZLWK HDFK DX[LOLDU\ SURMHFWLQJ LWV RZQ Y3
:H WKHUHIRUH SURSRVH D QHZ DSSURDFK WR WKHUH IUDPHG LQ ERWK V\QWDFWLF DQG VHPDQWLF
WHUPV 2XU PDLQ FODLPV DUH WKDW WKHUH LV QRW D VHPDQWLFDOO\ YDFXRXV H[SOHWLYH DQG WKDW LW LV
VHQVLWLYH WR ERWK WKH DUJXPHQW VWUXFWXUH DQG WKH WHPSRUDOHYHQW VWUXFWXUH RI LWV FRPSOHPHQW
7KH 3UREOHP
0LQLPDOLVW V\QWDFWLF WKHRU\ KDV IRFXVHG RQ WKHUH LQ H[LVWHQWLDO FRSXODU VHQWHQFHV DQG LQ
FODXVHV ZLWK XQDFFXVDWLYH YHUEV EXW KDV RIWHQ RYHUORRNHG WKH IDFW WKDW WKHUH LV ZHOOIRUPHG
ZLWK WUDQVLWLYH DQG XQHUJDWLYH YHUEV DOEHLW RQO\ LQ SURJUHVVLYH RU SDVVLYH FODXVHV
7KHUH LQ SURJUHVVLYH WUDQVLWLYH FODXVHV
D
7KHUH ZHUH FKLOGUHQ HDWLQJ FDNH
E
7KHUH DUH WKRXVDQGV RI VDWHOOLWHV RUELWLQJ WKH HDUWK
7KHUH LQ SDVVLYH WUDQVLWLYH FODXVHV
D
7KHUH ZDV D FDNH WDNHQ IURP WKH IUHH]HU E\ WKH FKHI
E
7KHUH ZHUH VWRULHV EHLQJ WROG RXWVLGH
7KHUH LQ SURJUHVVLYH XQHUJDWLYH FODXVHV
D
7KHUH DUH FKLOGUHQ SOD\LQJ RXWVLGH
E
7KHUH ZHUH GRJV UXQQLQJ DURXQG
7KHUH LQ SURJUHVVLYH XQDFFXVDWLYH FODXVHV
D
7KHUH ZDV D VWUDQJH FDU DUULYLQJ
E
7KHUH ZDV D WUHH JURZLQJ LQ WKH \DUG
6HQWHQFHV RI WKHVH W\SHV KDYH QRW DOZD\V EHHQ RYHUORRNHG EXW RIWHQ SRVWDVVRFLDWH
SURJUHVVLYH DQG SDVVLYH SDUWLFLSLDO SKUDVHV KDYH EHHQ DQDO\]HG DV UHGXFHG UHODWLYH FODXVHV
ZLWKLQ WKH DVVRFLDWH '3 RQ DQDORJ\ ZLWK VHQWHQFHV OLNH 0RUR /DZ 2Q
WKLV DFFRXQW WKH VHQWHQFHV LQ WKURXJK GR QRW LQYROYH SURJUHVVLYH RU SDVVLYH PDLQ
YHUEV EXW DUH LQVWHDG VLPSOH FRSXODU H[LVWHQWLDO FODXVHV
7KHUH LV D SHUVRQ ZKR LV VWDQGLQJ RQ D WDEOH
7KH H[LVWHQFH RI WUXO\ SURJUHVVLYH WKHUHVHQWHQFHV LV FHQWUDO WR WKH FODLPV PDGH LQ
WKLV SDSHU DQG VR LW LV LPSRUWDQW WR FRQVLGHU WKLV DOWHUQDWLYH DFFRXQW 'HDO FLWLQJ
5DMHVK %KDWW SF DUJXHV FRPSHOOLQJO\ DJDLQVW WKH UHGXFHGUHODWLYH DQDO\VLV RI SURJUHVVLYH
DQG SDVVLYH WKHUH VHQWHQFHV 7KLV DUJXPHQW LV EDVHG RQ WKH SRVLWLRQV LQ ZKLFK IXOO UHODWLYH
FODXVHV FDQ RFFXU LQ SURJUHVVLYH WKHUH VHQWHQFHV 'HDO REVHUYHV WKDW DQ XQDPELJXRXV UH
GXFHG UHODWLYH FODXVH PRGLI\LQJ DQ RUGLQDU\ DUJXPHQW '3 PXVW SUHFHGH DQ\ IXOO UHODWLYH
FODXVH PRGLI\LQJ WKH VDPH '3 DV LQ D
E
7KH SHUVRQ >VWDQGLQJ RQ WKH WDEOH@ >ZKR , PHW \HVWHUGD\@ LV WDOO
7KH SHUVRQ >ZKR , PHW \HVWHUGD\@ >VWDQGLQJ RQ WKH WDEOH@ LV WDOO
7KLV SDWWHUQ KROGV DFURVV WKH ERDUG IRU WUXH UHGXFHG UHODWLYHV EXW GRHV QRW KROG LQ
WKHUH VHQWHQFHV $V VKRZQ LQ SURJUHVVLYH DQG SDVVLYH SDUWLFLSLDO SKUDVHV FDQ IROORZ D
IXOO UHODWLYH FODXVH WKDW PRGLILHV WKH DVVRFLDWH '3
D
E
7KHUH LV >D SHUVRQ >ZKR , PHW \HVWHUGD\@@ >VWDQGLQJ RQ WKH WDEOH@
7KHUH ZDV >D VWXGHQW >ZKR ZH NQRZ@@ DGPLWWHG WR WKH 3K' SURJUDP WRGD\
*LYHQ WKH XQJUDPPDWLFDOLW\ RI E WKH ZRUG RUGHUV LQ FDQQRW EH H[SODLQHG LI
WKH SDUWLFLSLDO SKUDVHV DUH '3LQWHUQDO PRGLILHUV ,I WKH\ ZHUH ZH ZRXOG H[SHFW WKHP WR
REOLJDWRULO\ SUHFHGH WKH DVVRFLDWHLQWHUQDO IXOO UHODWLYH FODXVHV )URP WKLV ZH FRQFOXGH WKDW
WKHUH LV LQGHHG JHQHUDOO\ DYDLODEOH LQ SDVVLYH DQG SURJUHVVLYH FODXVHV DQG WKDW WKLV IDFW PXVW
EH H[SODLQHG E\ DQ\ JHQHUDO DFFRXQW RI WKH V\QWD[ RI WKHUH
7KH WKHRUHWLFDO SUREOHP RI SURJUHVVLYH WKHUH
$Q DGHTXDWH WKHRU\ RI WKHUH FRQVWUXFWLRQV PXVW DFFRXQW IRU WKH DYDLODELOLW\ RI WKHUH LQ SUR
JUHVVLYH DQG SDVVLYH FODXVHV DQG VKRXOG XQLI\ WKHVH ZLWK WKH RWKHU FRQWH[WV ZKHUH WKHUH
RFFXUV 7KLV VHFWLRQ GLVFXVVHV LQ PRUH GHWDLO KRZ WKH PRVW SUHYDOHQW YLHZV RI WKHUH IDOO
VKRUW LQ WKLV UHJDUG 7KH H[SOHWLYH DQDO\VLV RI WKHUH &KRPVN\ RYHUJHQHUDWHV ZKLOH
WKH LQYHUWHG SUHGLFDWH DQDO\VLV RI WKHUH DUJXHG IRU E\ +RHNVWUD DQG 0XOGHU )UHH]H
0RUR DQG %HOYLQ DQG 'LNNHQ DPRQJ RWKHUV XQGHUJHQHUDWHV
7KH H[SOHWLYH DQDO\VLV ZKLFK WUHDWV WKHUH DV D SXUH H[SOHWLYH LV SHUKDSV WKH PRVW
ZLGHO\ DGRSWHG &KRPVN\ IRU H[DPSOH SURSRVHV WKDW WKHUH PHUJHV LQ >6SHF73@ WR
VDWLVI\ D FODXVDO ζϿϿ UHTXLUHPHQW DV LQ 7KLV DQDO\VLV RI WKHUH KDV EHHQ FHQWUDO WR 0LQLPDOLVW DUJXPHQWV IRU SULQFLSOHV VXFK DV
0HUJH RYHU 0RYH XVHG WR DFFRXQW IRU WKH XQJUDPPDWLFDOLW\ RI VHQWHQFHV OLNH D $QG
JLYHQ 0HUJH RYHU 0RYH WKH JUDPPDWLFDOLW\ RI E KDV EHHQ XVHG WR DUJXH IRU WKH SKDVH
EDVHG GLYLVLRQ RI WKH QXPHUDWLRQ LQWR VHSDUDWH OH[LFDO DUUD\V
7KLV
VWULQJ LV JUDPPDWLFDO EXW ZLWK D GLIIHUHQW VWUXFWXUH LQ ZKLFK >VWDQGLQJ RQ D WDEOH@ LV D PRGLILHU LQVLGH
WKH IXOO UHODWLYH FODXVH UDWKHU WKDQ DV D VHSDUDWH PRGLILHU RI WKH QRXQ >SHUVRQ@
73
↑
WKHUH
7
ζϿϿ
Y3
'3
Y
93
9
D
E
'3
7KHUH VHHPV D PDQ WR EH W[D PDQ] LQ WKH URRP
FI 7KHUH VHHPV WWKHUH WR EH D PDQ LQ WKH URRP
7KHUH ZDV D SURSRVDO PDGH WKDW D PDQ VKRXOG EH W[D PDQ] LQ WKH URRP
FI $ SURSRVDO ZDV W[D SURSRVDO] PDGH WKDW WKHUH VKRXOG EH D PDQ LQ WKH URRP
+RZHYHU WKH H[SOHWLYH DQDO\VLV ZDV GHVLJQHG WR DFFRXQW IRU WKHUH ZLWK XQDFFXVDWLYH
YHUEV DQG SHUKDSV ZLWK SDVVLYHV 6LQFH DOO WKDW LV IRUPDOO\ UHTXLUHG LV D FODXVHOHYHO ζϿϿ
IHDWXUH DQG WKH SUHVHQFH RI WKHUH LQ WKH QXPHUDWLRQ RU OH[LFDO DUUD\ WKH DFFRXQW PDNHV
LQFRUUHFW SUHGLFWLRQV DERXW WKH SRVVLELOLW\ RI WKHUH LQ QRQSURJUHVVLYH FODXVHV 6SHFLILFDOO\
LW ZURQJO\ SHUPLWV WKHUH LQ DFWLYH WUDQVLWLYH DQG XQHUJDWLYH FODXVHV HYHQ LI PRGLILHG WR
SHUPLW WKHUH LQ SURJUHVVLYH FRQWH[WV 7KH H[SOHWLYH DQDO\VLV WKXV RYHUJHQHUDWHV
7KH LQYHUWHGSUHGLFDWH DQDO\VLV RI WKHUH E\ FRQWUDVW XQGHUJHQHUDWHV 7KH FRUH LGHD
EHKLQG VXFK DFFRXQWV LV WKDW WKHUH RULJLQDWHV DV D SRVVLEO\ H[SOHWLYH FODXVDO SUHGLFDWH DQG
PRYHV WR VXEMHFW SRVLWLRQ 7KH V\QWD[ RI H[LVWHQWLDO VHQWHQFHV WKXV SDUDOOHOV WKDW RI LQYHUWHG
ORFDWLYH FODXVHV OLNH D DV DUJXHG E\ )UHH]H 7KH SUHVHQFH RI WKHUH LQ WKH VWUXFWXUH
SHUPLWV ERWK WKH 33 SUHGLFDWH DQG D ZHDN LQGHILQLWH VXEMHFW WR UHPDLQ ORZ LQ WKH FODXVH
D
E
2Q WKH WDEOH ZDV D EHDXWLIXO ERXTXHW RI IORZHUV
7KHUH ZDV D EHDXWLIXO ERXTXHW RI IORZHUV RQ WKH WDEOH
(VVHQWLDOO\ WKHQ XQGHU DQ LQYHUWHGSUHGLFDWH DQDO\VLV WKHUH HVWDEOLVKHV DQ DEVWUDFW UH
ODWLRQ ZLWK D FRYHUW RU RYHUW SUHGLFDWH DV LQ D RU WKHUH LV LWVHOI DQ H[SOHWLYH SUHGLFDWH
ZKLFK WKHQ LQYHUWV WR VXEMHFW SRVLWLRQ DV LQ E
D
73
WKHUH
7
E
3UHG3
'3
3UHGLFDWH
73
WKHUH
7
3UHG3
'3
< WKHUH >
7KLV DSSURDFK WR WKHUH LV OHVV ZLGHO\ DGRSWHG WKDQ WKH H[SOHWLYH DQDO\VLV LQ V\QWDFWLF
ZRUN JHQHUDOO\ EXW LW LV PRUH SUHYDOHQW LQ ZRUN WKDW IRFXVHV VSHFLILFDOO\ RQ H[LVWHQWLDOV
LQFOXGLQJ )UHH]H 0RUR +RHNVWUD DQG 0XOGHU DQG %HOYLQ DQG 'LNNHQ
7KLV LV LQ ODUJH SDUW EHFDXVH WKH LQYHUWHG SUHGLFDWH DQDO\VLV LV SULPDULO\ GHVLJQHG
WR DFFRXQW IRU WKH DSSHDUDQFH RI WKHUH LQ H[LVWHQWLDO FODXVHV LQ WKH FRQWH[W RI D EURDGHU
FURVVOLQJXLVWLF XQGHUVWDQGLQJ RI H[LVWHQWLDO FRQVWUXFWLRQV
7KLV DQDO\VLV XQGHUJHQHUDWHV KRZHYHU LQ WKDW LW FDQQRW HDVLO\ DFFRXQW IRU WKH RFFXU
UHQFH RI WKHUH ZLWK YHUEDO SUHGLFDWHV LQ QRQFRSXODU FODXVHV LQFOXGLQJ QRW RQO\ VLPSOH XQ
DFFXVDWLYHV EXW DOVR SDVVLYH DQG SURJUHVVLYH FRQVWUXFWLRQV ,Q SDUWLFXODU LQYHUWHGSUHGLFDWH
DFFRXQWV RI WKHUH DUH IRUFHG WR WUHDW SDVVLYH DQG SURJUHVVLYH SDUWLFLSLDO FRQVWLWXHQWV DV UH
GXFHG UHODWLYH FODXVHV ZKLFK DV VKRZQ HDUOLHU LV QRW D WHQDEOH YLHZ
7RZDUGV D EHWWHU DFFRXQW
2XU JRDO KHUH LV WR XQLI\ WKH FRQWH[WV LQ ZKLFK WKHUH LV SRVVLEOH VR DV WR SURYLGH D IRUPDO
H[SODQDWLRQ IRU ZK\ WKHUH LV SRVVLEOH LQ WKHVH FRQWH[WV EXW QRW LQ RWKHUV 7R WKLV HQG WKH QH[W
VHFWLRQ GHVFULEHV LQ PRUH GHWDLO WKH SUREOHPDWLF SURJUHVVLYH FRQWH[WV DQG DOVR WDNHV D PRUH
ILQHJUDLQHG ORRN DW WKH FRSXODU DQG XQDFFXVDWLYH FODXVHV ZKHUH WKHUH LV XVXDOO\ GLVFXVVHG
7KH IXOO GLVWULEXWLRQ RI WKHUH
'HVFULSWLYHO\ ZH GLYLGH WKH FRQWH[WV LQ ZKLFK WKHUH RFFXUV LQWR ILYH W\SHV OLVWHG LQ D
E
F
G
H
([LVWHQWLDOV ORFDWLYHV 7KHUH LV DQ DSSOH RQ WKH WDEOH
6WDJHOHYHO DGMHFWLYHV 7KHUH LV DQ DSSOH DYDLODEOHUHG
6LPSOH XQDFFXVDWLYHV 7KHUH IHOO VHYHUDO DSSOHV IURP WKH WUHH
3DVVLYHV 7KHUH ZHUH WZR DSSOHV IRXQG LQ WKH JUDVV
3URJUHVVLYHV LQFO XQHUJDWLYHV DQG WUDQVLWLYHV 7KHUH DUH FKLOGUHQ SOD\LQJ
,Q DOO RI WKHVH FRQWH[WV WKHUH RFFXSLHV WKH FDQRQLFDO VXEMHFW SRVLWLRQ RI WKH FODXVH
)LQLWH YHUE DJUHHPHQW LV ZLWK D ORZHU DVVRFLDWH '3 DQG WKH DVVRFLDWH REH\V WKH IDPLOLDU
GHILQLWHQHVV HIIHFW LH LW PXVW EH D ZHDN LQGHILQLWH 0LOVDUN :H QRZ FRQVLGHU HDFK RI WKHVH FRQWH[WV LQ WXUQ IRFXVLQJ RQ WKH GLIIHUHQFHV EHWZHHQ
WKHP 7KH JHQHUDOL]DWLRQV JLYHQ KHUH ZHUH IRU WKH PRVW SDUW RULJLQDOO\ UHSRUWHG LQ 0LOVDUN
ZLWK VRPH DGGLWLRQV IURP WKH FRUSXVEDVHG VWXG\ E\ %UHLYLN ([LVWHQWLDOV /RFDWLYHV DQG 6WDJHOHYHO $GMHFWLYHV
([LVWHQWLDO FODXVHV LOOXVWUDWHG LQ DUH RIWHQ UHJDUGHG DV WKH FRUH FRQWH[W IRU WKHUH 7KH\
RIWHQ LQFOXGH D SRVWDVVRFLDWH ORFDWLYH SKUDVH ZKLFK LV VRPHWLPHV UHJDUGHG DV WKH PDLQ
6XFK
DQDO\VHV EXLOG RQ WKH REVHUYDWLRQ WKDW LQ PDQ\ ODQJXDJHV H[LVWHQWLDO FRQVWUXFWLRQV KDYH WKH VDPH
V\QWD[ DV LQYHUWHG ORFDWLYH FRQVWUXFWLRQV )URP WKLV SHUVSHFWLYH (QJOLVK H[LVWHQWLDOV DUH XQXVXDO LQ KDYLQJ DQ
H[SOHWLYH VXEMHFW DQG QR LQYHUVLRQ 7KH LQYHUWHG SUHGLFDWH DQDO\VLV DLPV WR HOLPLQDWH WKLV RGGLW\ E\ WDNLQJ
WKHUH LWVHOI WR EH D SUHGLFDWH²SRVVLEO\ D ORFDWLYH SUHGLFDWH²WKDW LQYHUWV
)RU
PDQ\ VSHDNHUV DJUHHPHQW LQ WKHUHVHQWHQFHV LV RSWLRQDO DOWHUQDWLQJ ZLWK GHIDXOW VJ LQIOHFWLRQ
7KHUH DUH ZHOONQRZQ H[FHSWLRQV WR WKH GHILQLWHQHVV HIIHFW ZKLFK ZH VHW DVLGH KHUH DORQJ ZLWK ZKDW 0LOVDUN
FDOOV ³RXWVLGH YHUEDOV´ ,Q WKHVH FRQVWUXFWLRQV WKH DVVRFLDWH LV OLQHDUO\ ULJKWSHULSKHUDO DQG WKHUH LV
SRVVLEOH HYHQ ZLWK VLPSOH XQHUJDWLYHV DQG WUDQVLWLYHV 0LOVDUN 6HH DOVR 'HDO SUHGLFDWH RI WKH FODXVH 7KLV ORFDWLYH HOHPHQW PD\ EH DEVHQW LQ (QJOLVK WKHUHH[LVWHQWLDOV
DV LQ F LQ FRQWUDVW WR PDQ\ RWKHU ODQJXDJHV ZKHUH H[LVWHQWLDOV DUH SRVVLEOH RQO\ ZLWK
DQ RYHUW DQG LQYHUWHG ORFDWLYH SUHGLFDWH )UHH]H DR
D
E
F
7KHUH DUH SDSHUV RQ P\ GHVN
7KHUH LV D SUREOHP ZLWK \RXU DQDO\VLV
7KHUH DUH VROXWLRQV
6RPH RWKHU FRSXODU FODXVHV ZLWK DGMHFWLYDO SUHGLFDWHV DOVR DOORZ WKHUH *HQHUDOO\
RQO\ VWDJHOHYHO SUHGLFDWHV DUH SRVVLEOH DV LQ $V VKRZQ LQ DQG QHLWKHU
LQGLYLGXDOOHYHO DGMHFWLYHV QRU DQ\ QRPLQDO SUHGLFDWHV DUH JUDPPDWLFDO ZLWK WKHUH
D
E
7KHUH DUH ILUHPHQ DYDLODEOH
7KHUH DUH FKLOGUHQ DVOHHS
D
E
7KHUH DUH ILUHPHQ WDOO
7KHUH DUH FKLOGUHQ KDSS\
D
E
7KHUH LV QR RQH DQ LVODQG
7KHUH FDQ EH PHQ QXUVHV
,W LV GLIILFXOW WR HVWDEOLVK WKH SUHFLVH SRVLWLRQ RI HLWKHU WKHUH RU WKH DVVRFLDWH LQ FRSXODU
FRQVWUXFWLRQV VXFK DV WKHVH GXH WR WKH OLPLWHG LQIOHFWLRQDO VWUXFWXUH DYDLODEOH LQ FRSXODU
FODXVHV JHQHUDOO\ :H WKXV SRVWSRQH GLVFXVVLRQ RI WKLV TXHVWLRQ XQWLO VHFWLRQ 8QDFFXVDWLYHV EXW QRW DOO XQDFFXVDWLYHV
$V QRWHG E\ %UHLYLN¶V WKHUH LQ SODLQ XQDFFXVDWLYH FODXVHV LV HVVHQWLDOO\ XQDWWHVWHG
LQ PRGHUQ FROORTXLDO (QJOLVK DQG PRVW VSHDNHUV MXGJH VXFK H[DPSOHV DV VRPHZKDW DUFKDLF
RU VWLOWHG 1RQHWKHOHVV PRVW VSHDNHUV GR ILQG VHQWHQFHV OLNH WKRVH LQ DFFHSWDEOH 1RWH
WKDW WKH DVVRFLDWH LQ WKHVH H[DPSOHV VXUIDFHV SRVWYHUEDOO\ LQ ZKDW LV ZLGHO\ DVVXPHG WR EH
LWV EDVH SRVLWLRQ
D
E
7KHUH DUULYHG D VWUDQJH FDU
7KHUH JUHZ DQ XQXVXDO WUHH LQ WKDW IRUHVW
+RZHYHU QRW DOO XQDFFXVDWLYH YHUEV DUH FRPSDWLEOH ZLWK WKHUH ,Q SDUWLFXODU XQDF
FXVDWLYHV GHQRWLQJ D FKDQJH RI VWDWH OLNH WKRVH LQ FDQQRW RFFXU ZLWK WKHUH /HYLQ
'HDO 1RU FDQ WUDQVLWLYH DQG XQHUJDWLYH YHUEV DV LOOXVWUDWHG LQ D
E
7KHUH IHOO D WUHH LQ WKDW IRUHVW
7KHUH PHOWHG DQ LFH FXEH
7R
WKH H[WHQW WKDW WKH H[DPSOHV LQ DUH DFFHSWDEOH WKH DVVRFLDWH DQG WKH QRPLQDO SUHGLFDWH VHHP WR EH
LQWHUSUHWHG WRJHWKHU DV D QRXQQRXQ FRPSRXQG LQ DQ H[LVWHQWLDO FODXVH ZLWKRXW DQ RYHUW SUHGLFDWH 7KXV E
FDQ EH LQWHUSUHWHG DV PHDQLQJ WKDW PDOH QXUVHV H[LVW
7KLV
KDV EHHQ XVHG DV HYLGHQFH IRU WKH XQDFFXVDWLYH K\SRWKHVLV DV DUJXHG E\ 3HUOPXWWHU D
E
F
7KHUH DWH FKLOGUHQ FDNH
7KHUH KDV VRPHRQH WROG D VWRU\
7KHUH ZLOO GDQFH D SHUIRUPHU7KHUH ZLOO D SHUIRUPHU GDQFH
7KH XQDFFXVDWLYH FRQWH[WV LQ ZKLFK WKHUH RFFXUV DUH VSHFLDO LQ WZR ZD\V 7KH DVVR
FLDWH '3 LV ORZ DIWHU WKH PDLQ YHUE DQG WKH FRQVWUXFWLRQ LV VHQVLWLYH WR WKH FRQWUDVW EHWZHHQ
FKDQJHRIVWDWH DQG QRQFKDQJH RI VWDWH YHUEV 7KH VHFRQG SURSHUW\ LQ SDUWLFXODU VXJJHVWV
WKDW WKHUH LV PRUH WR WKH OLFHQVLQJ RI WKHUH WKDQ WKH DEVHQFH RI DQ H[WHUQDO '3 DUJXPHQW
3DVVLYHV
$OO SDVVLYH FODXVHV LQ (QJOLVK DOORZ WKHUH DV LOOXVWUDWHG LQ D
E
F
7KHUH ZHUH FDNHV HDWHQ
7KHUH ZDV D VKLS VXQN
7KHUH ZHUH HQRUPRXV WUHHV IHOOHG
*LYHQ WKH DUJXPHQWVWUXFWXUH SDUDOOHOV EHWZHHQ SDVVLYHV DQG XQDFFXVDWLYHV WKLV PLJKW
VHHP XQVXUSULVLQJ %XW LQ FRQWUDVW WR WKH XQDFFXVDWLYH H[DPSOHV LQ QRWH WKDW WKH DVVR
FLDWHV LQ DUH SUHYHUEDO DQG WKXV KDYH FOHDUO\ PRYHG IURP WKHLU ILUVWPHUJH SRVLWLRQV
3URJUHVVLYHV
3URJUHVVLYH FODXVHV DUH SHUKDSV WKH OHDVW IUHTXHQWO\ GLVFXVVHG FRQWH[W LQ ZKLFK WKHUH RFFXUV
7KH\ DOORZ WKHUH UHJDUGOHVV RI WKH WUDQVLWLYLW\ RI WKH YHUE DV DQG GHPRQVWUDWH
WUDQVLWLYH DQG XQHUJDWLYH YHUEV DUH IXOO\ JUDPPDWLFDO ZLWK WKHUH LQ WKH SURJUHVVLYH
D 7KHUH ZHUH FKLOGUHQ HDWLQJ FDNH
E 7KHUH ZHUH FDWV FKDVLQJ HDFK RWKHU
F 7KHUH DUH WKRXVDQGV RI VDWHOOLWHV RUELWLQJ WKH HDUWK
D 7KHUH DUH FKLOGUHQ SOD\LQJ RXWVLGH
E 7KHUH DUH DWKOHWHV WUDLQLQJ LQ HYHU\ DYDLODEOH VSDFH
F 7KHUH ZHUH GRJV UXQQLQJ DURXQG
8QDFFXVDWLYHV DOVR DOORZ WKHUH LQ SURJUHVVLYH FODXVHV WKRXJK WKLV LV XQVXUSULVLQJ
JLYHQ WKDW WKHUH LV DOVR SRVVLEOH ZLWK VLPSOH XQDFFXVDWLYHV
D 7KHUH ZDV D WUHH JURZLQJ LQ WKH \DUG FI 7KHUH JUHZ D WUHH
E 7KHUH ZDV D FDU DUULYLQJ DW WKH VWDWLRQ FI 7KHUH DUULYHG D FDU
F 7KHUH LV D VROXWLRQ HPHUJLQJ IURP RXU WDONV FI 7KHUH HPHUJHG D VROXWLRQ
([DPSOHV OLNH WKRVH LQ DUH LQWHUHVWLQJ LQ WZR UHVSHFWV KRZHYHU )LUVW WKHVH VHQ
WHQFHV ODFN WKH IRUPDO RU DUFKDLF IODYRXU RIWHQ REVHUYHG IRU XQDFFXVDWLYH WKHUH VHQWHQFHV
WRJHWKHU ZLWK WKH JUDPPDWLFDOLW\ RI DQG WKLV IXUWKHU FRQILUPV WKDW LW LV WKH V\QWD[
RI SURJUHVVLYH DVSHFW WKDW DOORZV WKHUH LQ WKLV FRQWH[W UDWKHU WKDQ WKH DUJXPHQW VWUXFWXUH RI
WKH PDLQ YHUE 6HFRQG LQ XQDFFXVDWLYH SURJUHVVLYH WKHUH FODXVHV WKH DVVRFLDWH LV QR ORQJHU
SRVWYHUEDO DV LW ZDV LQ EXW LQVWHDG DSSHDUV LQ D GHULYHG SUHYHUEDO SRVLWLRQ EHWZHHQ WKH
DX[LOLDU\ DQG WKH SURJUHVVLYH SDUWLFLSOH²WKH VDPH SRVLWLRQ RFFXSLHG E\ WKH DVVRFLDWH LQ WKH
XQHUJDWLYH DQG WUDQVLWLYH SURJUHVVLYH FODXVHV DERYH
8QLI\LQJ WKH GLVWULEXWLRQ RI WKHUH
$V GLVFXVVHG DERYH WKH PRVW SUHYDOHQW DFFRXQWV RI WKHUHFRQVWUXFWLRQV KDYH IRFXVHG RQ
RQO\ D VXEVHW RI WKH UHOHYDQW GDWD ZLWK WKH UHVXOW WKDW WKH H[SOHWLYH DQDO\VLV RYHUJHQHUDWHV
IDLOLQJ WR EORFN FDVHV ZKHUH WKHUH LV LPSRVVLEOH DQG LQYHUWHG SUHGLFDWH DQDO\VHV XQGHUJHQ
HUDWH IDLOLQJ WR UHFRJQL]H SDVVLYH DQG SURJUHVVLYH FODXVHV DV SRVVLEOH FRQWH[WV IRU WKHUH
,Q WKLV VHFWLRQ ZH GHYHORS D XQLILHG DQDO\VLV RI WKHUH EXLOGLQJ RQ 'HDO¶V DF
FRXQW )RFXVLQJ RQ WKH IDFW WKDW WKHUH LV SRVVLEOH ZLWK RQO\ D VXEVHW RI XQDFFXVDWLYHV 'HDO
SURSRVHV WKDW WKHUH PHUJHV WR DQ HPSW\ VSHFLILHU SRVLWLRQ DV LQ WKH VWDQGDUG YLHZ EXW
WKDW WKLV VSHFLILHU LV JHQHUDOO\ LQ Y3 7KH ODFN RI DQ HPSW\ Y3 VSHFLILHU SUHYHQWV WKHUH IURP
PHUJLQJ ZLWK VLPSOH XQHUJDWLYHV DQG WUDQVLWLYHV 'HDO DUJXHV IXUWKHU WKDW FKDQJHRIVWDWH
XQDFFXVDWLYHV EXW QRW VLPSOH XQDFFXVDWLYHV KDYH DQ HYHQW DUJXPHQW D FDXVLQJ HYHQW WKDW
RFFXSLHV >6SHFY3@ DQG SUHYHQWV WKHUH IURP PHUJLQJ LQ WKDW SRVLWLRQ
:H DGRSW WKH FRUH RI WKLV DQDO\VLV WKDW WKHUH RULJLQDWHV LQ WKH ORZHU SKDVH RI WKH
FODXVH DQG FDQQRW PHUJH LQ >6SHFY3@ LI DQ H[WHUQDO DUJXPHQW DOUHDG\ RFFXUV WKHUH :H
GHSDUW IURP 'HDO KRZHYHU LQ RXU DFFRXQW RI SURJUHVVLYH DQG SDVVLYH WKHUH FODXVHV 'HDO
GLVFXVVHV WKHVH EULHIO\ FUXFLDOO\ DVVXPLQJ WKDW DX[LOLDU\ EH RFFXSLHV D Y3 VKHOO DERYH ERWK
SDVVLYH 9RLFH DQG SURJUHVVLYH $VS 7KLV Y3 VKHOO SURYLGHV D PHUJH SRVLWLRQ IRU WKHUH VHH
DOVR +DUZRRG 7KLV DQDO\VLV UHTXLUHV WKDW DX[LOLDULHV LQ JHQHUDO EH SURMHFWHG DV Y3V D
SRVLWLRQ WR ZKLFK ZH GR QRW DVFULEH &RZSHU %MRUNPDQ DR
'HDO¶V SURSRVDO DOVR GRHV QRW REYLRXVO\ GLVWLQJXLVK EHWZHHQ WKH JUDPPDWLFDO DQG XQ
JUDPPDWLFDO FRQWH[WV IRU WKHUH LQ DGMHFWLYDO FRSXODU FODXVHV VLQFH DOO WKDW LV UHTXLUHG LV
DQ HPSW\ >6SHFY3@ :H DUJXH WKDW WKHUH LV VHQVLWLYH QRW RQO\ WR WKH DUJXPHQW VWUXFWXUH RI
LWV FRPSOHPHQW EXW DOVR WR LWV WHPSRUDO RU HYHQW VWUXFWXUH WKH LPSRVVLELOLW\ RI WKHUH ZLWK
QRPLQDO DQG LQGLYLGXDOOHYHO DGMHFWLYDO SUHGLFDWHV IROORZV LI WKHUH UHTXLUHV LWV FRPSOHPHQW
WR FRQWDLQ D WLPH RU HYHQW YDULDEOH 7KH IHOLFLW\ RI WKHUH LQ SURJUHVVLYH FODXVHV LOOXVWUDWHV
DQ LQWHUHVWLQJ LQWHUDFWLRQ EHWZHHQ WKH WHPSRUDOHYHQW DQG DUJXPHQW VWUXFWXUH UHTXLUHPHQWV
LPSRVHG E\ WKHUH (VVHQWLDOO\ WKH SURJUHVVLYH FUHDWHV D SUHGLFDWH RI WLPHV DERYH 9RLFH3
JLYLQJ D QHZ FRQWH[W LQ ZKLFK WKHUH FDQ PHUJH
([LVWHQWLDOV DQG VWDJHOHYHO DGMHFWLYHV WKH UROH RI WHPSRUDO VWUXFWXUH
7KLV VHFWLRQ EHJLQV ZLWK WKH FRQWUDVW EHWZHHQ ZKHUH WKHUH LV SRVVLEOH DQG ZKHUH
LW LV XQJUDPPDWLFDO 7KH JHQHUDOL]DWLRQ RIWHQ QRWHG LV WKDW WKHUH LV SRVVLEOH ZLWK VWDJHOHYHO
FRSXODU SUHGLFDWHV EXW QRW ZLWK LQGLYLGXDOOHYHO SUHGLFDWHV
7KHUH LV D XQLFRUQ LQ WKH JDUGHQ 7KHUH DUH ILUHPHQ DYDLODEOHDVOHHSLQ WKH KDOO
7KHUH DUH ILUHPHQ WDOOIULHQGO\IDPRXVHPHUJHQF\ SHUVRQQHO
:H SURSRVH WKDW WKH VHQWHQFHV LQ DUH UXOHG RXW EHFDXVH LQGLYLGXDOOHYHO SUHGL
FDWHV ODFN WHPSRUDOHYHQW VWUXFWXUH WKDW LV SUHVHQW ZLWK VWDJHOHYHO SUHGLFDWHV 7KLV VWUXFWXUH
LV ODFNLQJ ERWK V\QWDFWLFDOO\ DQG VHPDQWLFDOO\ ZH DVVXPH WKDW LQGLYLGXDOOHYHO SUHGLFDWHV
FRPSRVH GLUHFWO\ ZLWK D '3 DUJXPHQW ZKLOH VWDJHOHYHO SUHGLFDWLRQ LV PHGLDWHG E\ DGGL
WLRQDO VWUXFWXUH VHH :HOFK IRU D SURSRVDO DORQJ VLPLODU OLQHV IRU 7OƳFK۠ <DWÕu 7KLV
PHGLDWLQJ KHDG ZKLFK ZH ODEHO 3UHG V\QWDFWLFDOO\ LQWURGXFHV WKH VXEMHFW RI SUHGLFDWLRQ LQ
LWV VSHFLILHU DQG VHPDQWLFDOO\ LQWURGXFHV DQ HYHQWXDOLW\
D ,QGLYLGXDOOHYHO
13$3
'3
1 $
E
6WDJHOHYHO
3UHG3
'3
3UHG
33$3
3 $
'3
:H VXJJHVW WKDW WKH VHPDQWLFV RI WKHUH UHTXLUHV WKDW LWV FRPSOHPHQW FRQWDLQ D WHPSRUDO
RU HYHQW YDULDEOH WKDW FDQ EH ERXQG E\ WKHUH DQG WKH IDFW WKDW 3UHG LQWURGXFHV VXFK DQ
HYHQWXDOLW\ LV ZKDW DOORZV WKHUH WR VXEVHTXHQWO\ PHUJH ,W LV WKH DEVHQFH RI DQ HYHQWXDOLW\
DUJXPHQW LQ LQGLYLGXDOOHYHO SUHGLFDWLRQ WKDW SUHYHQWV WKHUH IURP PHUJLQJ YLD D EDQ RQ
YDFXRXV TXDQWLILFDWLRQ
3DVVLYHV DQG XQDFFXVDWLYHV WKH UROH RI DUJXPHQW VWUXFWXUH
/RRNLQJ EH\RQG FRSXODU FODXVHV RXU QH[W WDVN LV WR DFFRXQW IRU WKH SUHVHQFH RI WKHUH LQ
XQDFFXVDWLYH DQG SDVVLYH FODXVHV VXFK DV WKRVH LQ ZKLOH H[FOXGLQJ LW IURP VLPSOH
WUDQVLWLYH DQG XQHUJDWLYH FODXVHV
D
E
7KHUH KDV EHHQ D FDNH HDWHQ
7KHUH ZLOO DUULYH D VWUDQJH FDU
+HUH ZH HVVHQWLDOO\ DGRSW WKH SURSRVDO LQ 'HDO WKRXJK ZH DVVXPH D GLVWLQFWLRQ
EHWZHHQ D YHUEDOL]LQJ KHDG Y ZKLFK LV OLNH 3UHG LQ WKDW LW LQWURGXFHV DQ HYHQWXDOLW\
YDULDEOH DQG D 9RLFH KHDG DERYH Y WKDW LQWURGXFHV H[WHUQDO DUJXPHQWV
7KH SUHVHQFH RI Y PHDQV WKDW DOO YHUEDO FODXVHV KDYH WKH PLQLPDO HYHQW VWUXFWXUH
UHTXLUHG E\ WKHUH 6RPH RWKHU IDFWRU PXVW WKHUHIRUH EH LQYROYHG LQ UXOLQJ RXW WKHUH LQ WUDQ
VLWLYH DQG XQHUJDWLYH FRQWH[WV /LNH 'HDO DQG PDQ\ RWKHUV ZH DVVXPH WKDW WKH UHOHYDQW
IDFWRU LV WKH SUHVHQFH RI DQ H[WHUQDO DUJXPHQW
7KH NH\ SURSHUW\ RI SDVVLYH DQG XQDFFXVDWLYH 9RLFH ZKLFK GLVWLQJXLVKHV LW IURP WKH
DFWLYH 9RLFH RI XQHUJDWLYHV DQG WUDQVLWLYHV LV WKDW QR '3 DUJXPHQWV UHPDLQ XQVDWXUDWHG
$OWHUQDWLYHO\
3UHG FRXOG VLPSO\ LQWURGXFH D WHPSRUDO LQWHUYDO
%HFDXVH WKH VSHFLILHU RI 3UHG
LV RFFXSLHG E\ WKH ORJLFDO VXEMHFW RI SUHGLFDWLRQ ZH DVVXPH WKDW WKHUH PHUJHV
VOLJKWO\ KLJKHU LQ WKH VSHFLILHU RI LQQHU LH VLWXDWLRQ DVSHFW ZKLFK ZH WDNH WR EH HQFRGHG E\ D KHDG LPPH
GLDWHO\ DERYH 3UHG DIWHU 9RLFH KDV PHUJHG 7KLV LV VKRZQ IRU SDVVLYH 9RLFH LQ 7KH DFWLYH 9RLFH KHDG
VKRZQ LQ E E\ FRQWUDVW UHTXLUHV D WKHPDWLF '3 H[WHUQDO DUJXPHQW WR EH PHUJHG LQ LWV
VSHFLILHU %HFDXVH WKH H[WHUQDO DUJXPHQW RFFXSLHV WKLV SRVLWLRQ WKHUH LV XQDEOH WR PHUJH
DQG VR FDQQRW RFFXU
D 3DVVLYH
9RLFH3
E $FWLYH
9RLFH3
WKHUH
9RLFH SDVV
Y3
Y
¥3
¥
'3
'3ș
9RLFH
↑
WKHUH
⟨ș⟩
Y3
Y
¥3
¥
'3
,Q ERWK SDVVLYH DQG XQDFFXVDWLYH FODXVHV DOO '3 DUJXPHQWV DUH VDWXUDWHG QR KLJKHU
WKDQ WKH KHDG LQ ZKRVH VSHFLILHU WKHUH PHUJHV
3URJUHVVLYHV WKH LQWHUDFWLRQ RI DUJXPHQW DQG WHPSRUDO VWUXFWXUH
1RZ ZH WXUQ WR SURJUHVVLYHV ZKHUH WKHUH LV SRVVLEOH HYHQ LQ WUDQVLWLYHV DQG XQHUJDWLYHV
OLNH WKRVH LQ D
E
7KHUH DUH UDFFRRQV HDWLQJ JDUEDJH RQ WKH SDWLR
7KHUH LV D URELQ VLQJLQJ LQ WKH FKHUU\ WUHH
:H DVVXPH WKDW WKH SURJUHVVLYH LV DVVRFLDWHG ZLWK D KHDG $VS DERYH 9RLFH EXW
EHORZ 7 :KDW QHHGV WR EH H[SODLQHG LV ZK\ $VS LV DEOH WR KRVW WKHUH ZKLOH QHLWKHU 7
QRU ZKDWHYHU KHDG LV DVVRFLDWHG ZLWK WKH SHUIHFW LV DEOH WR GR VLPLODUO\
7KH FRUH RI RXU SURSRVDO LV WKDW SURJUHVVLYH $VS SURYLGHV D QHZ SRVLWLRQ ZKHUH WKHUH
FDQ PHUJH DIWHU DOO DUJXPHQWV DUH VDWXUDWHG EXW VWLOO ZLWKLQ WKH ORZHU SKDVH RI WKH FODXVH
+RZHYHU WKH VWRU\ FDQQRW EH TXLWH DV VLPSOH DV VD\LQJ WKDW WKHUH RFFXUV LQ >6SHF$VS3@
,Q H[DPSOHV OLNH WKRVH LQ LW LV SRVVLEOH WR VHH WKDW WKH DVVRFLDWH RFFXUV LQ D GHULYHG
SRVLWLRQ WKH DVVRFLDWH RFFXUV WR WKH OHIW RI WKH SDVVLYH DX[LOLDU\ EHLQJ LQ D DQG WR WKH
OHIW RI WKH XQDFFXVDWLYH PDLQ YHUE LQ E LQ ERWK FDVHV KDYLQJ RULJLQDWHG WR WKH ULJKW RI
WKH PDLQ YHUE
:H
D
E
F
7KHUH ZLOO KDYH EHHQ FDNH EHLQJ HDWHQ
7KHUH PD\ KDYH EHHQ FDUV DUULYLQJ
7KHUH PLJKW EH ELUGV QHVWLQJ LQ WKH FKHUU\ WUHH
IROORZ WKH VWDQGDUG YLHZ WKDW SDVVLYH 9RLFH LWVHOI VDWXUDWHV WKH H[WHUQDO DUJXPHQW SRVLWLRQ JLYLQJ WKH
IDPLOLDU LPSOLFLW DJHQW LQWHUSUHWDWLRQ )RU XQDFFXVDWLYHV ZH DVVXPH IRU FRQFUHWHQHVV WKDW WKH\ LQYROYH D QRQ
SDVVLYH EXW QRQDUJXPHQWLQWURGXFLQJ IODYRXU RI 9RLFH DOWHUQDWLYHO\ LW FRXOG EH WKDW XQDFFXVDWLYH FODXVHV
ODFN D YRLFH SURMHFWLRQ HQWLUHO\
)ROORZLQJ &RZSHU DQG +DUZRRG DR ZH DVVXPH WKDW WKH SRVLWLRQ RI
EHLQJ LQ D LV WKH SURJUHVVLYH KHDG $VS ZKLOH EHHQ RFFXSLHV WKH SHUIHFW KHDG 3HUI $OO WKH YHUEDO HOHPHQWV WKDW SUHFHGH WKH DVVRFLDWH RFFXS\ SRVLWLRQV DERYH $VS3 DQG WKH
SDUWLFLSLDO PDLQ YHUE ZH DVVXPH DSSHDUV QR KLJKHU WKDQ 9RLFH *LYHQ LWV OLQHDU SRVLWLRQ
WKH DVVRFLDWH FDQ WKHUHIRUH EH QR ORZHU DQG QR KLJKHU WKDQ >6SHF$VS3@ DV VKRZQ LQ 0RG3
0RG
ZLOO
73
7
KDYH
3HUI3
3HUI
EHHQ
$VS3
'3
FDNH
$VS
EHLQJ
9RLFH3
9RLFHSVY
Y3
Y
'3
HDWHQ ⟨FDNH⟩
+DYLQJ HVWDEOLVKHG ZKHUH WKH DVVRFLDWH DSSHDUV LQ WKH VWUXFWXUH ZH DUH UHDG\ WR DG
GUHVV WKH TXHVWLRQ RI ZKHUH WKHUH PHUJHV 6LQFH WKHUH LV VHQVLWLYH WR WKH SUHVHQFH RU
DEVHQFH RI SURJUHVVLYH DVSHFW DQG LQ IDFW FDQQRW DSSHDU LQ DQ DFWLYH XQHUJDWLYH RU WUDQ
VLWLYH FODXVH WKDW ODFNV SURJUHVVLYH $VSHFW ZH FODLP WKDW WKHUH PHUJHV QR KLJKHU WKDQ
>6SHF$VS3@ 7KH DUJXPHQWVWUXFWXUH UHTXLUHPHQWV RI WKHUH SUHYHQW LW IURP PHUJLQJ LQ RU
ORZHU WKDQ >6SHF9RLFH3@ 7KLV PHDQV WKDW ERWK WKHUH DQG WKH DVVRFLDWH²KHUH FDNH²PXVW
DSSHDU LQ >6SHF$VS3@ DV VKRZQ LQ DQG WKDW D VWUXFWXUH ZLWK PXOWLSOH VSHFLILHUV PXVW
WKHUHIRUH EH SHUPLWWHG
+RZHYHU LI WKHUH FDQ PHUJH DV WKH VHFRQG VSHFLILHU RI D KHDG ZKRVH ILUVW VSHFLILHU LV
WKH DVVRFLDWH ZH DJDLQ IDFH WKH TXHVWLRQ RI ZK\ WKHUH FDQQRW RFFXU LQ VLPSOH WUDQVLWLYHV
DQG XQHUJDWLYHV ,I LV SRVVLEOH ZK\ VKRXOG WKHUH QRW PHUJH DV D VHFRQG >6SHF9RLFH3@
MXVW DV LW LV WKH VHFRQG >6SHF$VS3@ LQ " ,Q RWKHU ZRUGV ZKDW UXOHV RXW WKH VHQWHQFHV LQ
ZLWK WKH VWUXFWXUH LQ UHJDUGOHVV RI WKH RUGHU RI WKH YHUE DQG WKH DVVRFLDWH"
$V QRWHG DERYH IRU ERWK 'HDO DQG +DUZRRG WKHUH PHUJHV LQ WKH VSHFLILHU RI D Y3 VKHOO DERYH
$VS ,Q D WKLV Y3 VKHOO LV KHDGHG E\ WKH DX[LOLDU\ WKDW HQGV XS SURQRXQFHG DV EHHQ IRU XV WKLV LV WKH KHDG
ODEHOOHG 3HUI 6LQFH ZH KDYH DOUHDG\ UHMHFWHG D Y3VKHOO DQDO\VLV RI DX[LOLDU\ Ϊζ WKLV DVSHFW RI WKHLU DQDO\VLV
FDQQRW EH GLUHFWO\ LQFRUSRUDWHG LQWR RXU DFFRXQW $Q REYLRXV SUREOHP ZLWK WKH Y3VKHOO DFFRXQW LV WKDW 3HUI LV
DEVHQW IURP WKH VWUXFWXUH LQ F EXW WKHUH FDQ QRQHWKHOHVV RFFXU 6HH &RZSHU DQG %MRUNPDQ IRU EURDGHU DUJXPHQWV DJDLQVW WKH V\QWDFWLF SURMHFWLRQ RI DX[LOLDULHV LQ 93 RU Y3 VKHOOV
0RG3
WKHUH
0RG
ZLOO
73
7
KDYH
3HUI3
3HUI
EHHQ
$VS3
⟨WKHUH⟩
'3
FDNH
$VS
EHLQJ
9RLFH3
9RLFHSVY
Y3
Y
HDWHQ
'3
⟨FDNH⟩
D 7KHUH GHVWUR\HG D UDFFRRQ P\ IORZHUEHG
E 7KHUH D UDFFRRQ GHVWUR\HG P\ IORZHUEHG
73
WKHUH
7
9RLFH3
⟨WKHUH⟩
'3
D UDFFRRQ
9RLFH
Y3
Y
GHVWUR\HG
'3
P\ IORZHUEHG
7KHUH DUH WZR SRVVLEOH DQVZHUV WR WKLV TXHVWLRQ )LUVW VXSSRVH WKDW LQ JHQHUDO D KHDG
FDQ KRVW RQO\ RQH H[WHUQDOO\ PHUJHG VSHFLILHU 5H]DF QG 6KHHKDQ 7KHUH FDQ WKXV
PHUJH HLWKHU ZLWK D KHDG WKDW KDV QR RWKHU VSHFLILHU RU ZLWK D KHDG ZKRVH ILUVW VSHFLILHU
PRYHG WR WKDW SRVLWLRQ IURP ORZHU LQ WKH VWUXFWXUH $ VHFRQG RSWLRQ ZRXOG LQYROYH UHILQLQJ
WKH DUJXPHQWVWUXFWXUH UHTXLUHPHQW RI WKHUH VR WKDW DOO '3 DUJXPHQWV PXVW EH VDWXUDWHG LQ
WKH FRPSOHPHQW RI WKH KHDG ZLWK ZKLFK WKHUH PHUJHV $Q\ '3 LQ WKH VSHFLILHU RI WKDW KHDG
PXVW WKXV KDYH VDWXUDWHG DQ DUJXPHQW SRVLWLRQ ORZHU LQ WKH WUHH (LWKHU RI WKHVH DSSURDFKHV
ZRXOG DOORZ WKHUH WR RFFXS\ D VHFRQG VSHFLILHU RI $VS ZKLOH VWLOO UXOLQJ RXW WKHUH DV D
VHFRQG VSHFLILHU RI WUDQVLWLYHXQHUJDWLYH 9RLFH &KDQJHRIVWDWH XQDFFXVDWLYHV D ILQDO FRPSOH[LW\
7KH ODVW FRQWUDVW WR DFFRXQW IRU LV WKH RQH EHWZHHQ DQG 7KHUH DUULYHGDSSHDUHGORRPHG D VWUDQJH FDU
7KHUH PHOWHGIHOOYDSRUL]HG D FDU
7KH JHQHUDOL]DWLRQ DSSHDUV WR EH WKDW FDXVDWLYH DND FKDQJHRIVWDWH XQDFFXVDWLYHV
GR QRW DOORZ WKHUH /HYLQ )ROORZLQJ 'HDO ZH DVVXPH WKDW WKLV VXEFODVV RI
XQDFFXVDWLYHV KDYH DQ H[WUD HYHQW DUJXPHQW²D FDXVLQJ HYHQW²ZKLFK VRPHKRZ SUHYHQWV
WKHUH IURP PHUJLQJ LQ WKH UHOHYDQW VSHFLILHU SRVLWLRQ )RU 'HDO WKLV KLJKHU HYHQW DUJXPHQW
RFFXSLHV WKH VSHFLILHU ZKHUH WKHUH ZRXOG QRUPDOO\ PHUJH EORFNLQJ LQVHUWLRQ RI WKHUH
,I ZH DGRSW WKH YLHZ WKDW D VLQJOH KHDG FDQQRW KDYH PRUH WKDQ RQH H[WHUQDOO\ PHUJHG
VSHFLILHU WKHQ 'HDO¶V SURSRVDO FDQ EH DGRSWHG HVVHQWLDOO\ DV LW VWDQGV WKH H[WUD HYHQW DU
JXPHQW LV H[WHUQDOO\ PHUJHG DV D VSHFLILHU LQ WKH KLJKHVW SKUDVH LQ WKH YHUEDO GRPDLQ DQG
EORFNV WKH LQVHUWLRQ RI WKHUH DV D VHFRQG VSHFLILHU RI WKH VDPH KHDG
$Q DOWHUQDWLYH VHPDQWLF H[SODQDWLRQ PLJKW GHULYH IURP WKH UHODWLRQ EHWZHHQ WKHUH DQG
WKH YDULDEOHV LW PXVW ELQG ,I WKH KLJKHVW KHDG LQ WKH YHUEDO GRPDLQ KDV DQ HYHQW YDULDEOH DV
D VSHFLILHU WKHQ WZR HYHQW YDULDEOHV ZRXOG LQWHUYHQH LQ WKH VWUXFWXUH EHWZHHQ WKHUH DQG WKH
LQGLYLGXDO YDULDEOH LQ WKH ZHDN LQGHILQLWH LQWHUQDO DUJXPHQW 3HUKDSV WKHUH FDQQRW ELQG
WKH LQGLYLGXDO YDULDEOH DFURVV WZR LQWHUYHQLQJ HYHQW YDULDEOHV
6XPPDU\ ZKHUH LV WKHUH"
,Q DQ LPSURYHPHQW IURP ERWK WKH H[SOHWLYH DQG LQYHUWHG SUHGLFDWH DQDO\VHV ZH KDYH QRW
LGHQWLILHG D VLQJOH EDVH SRVLWLRQ IRU WKHUH LQ DOO FODXVHV ,QVWHDG ZH KDYH SURSRVHG WKDW WKHUH
FDQ PHUJH WR DQ\ FRQVWLWXHQW ZKRVH LQGLYLGXDO DUJXPHQWV KDYH DOO EHHQ VDWLVILHG VXEMHFW WR
D JHQHUDO V\QWDFWLF FRQVWUDLQW LH D EDQ RQ PXOWLSOH H[WHUQDOO\PHUJHG VSHFLILHUV ZLWKLQ D
VLQJOH SKUDVH
7KH DVVRFLDWH PHDQZKLOH VXUIDFHV HLWKHU LQ VLWX RU LQ WKH VDPH SKUDVH ZKHUH WKHUH
PHUJHG DW WKH HGJH RI WKH ORZHU SKDVH RI WKH FODXVH :LWK VWDJHOHYHO SUHGLFDWHV DQG XQDF
FXVDWLYHV WKH DVVRFLDWH VXUIDFHV LQ VLWX ZKLOH LQ ERWK SDVVLYHV DQG SURJUHVVLYHV LW PRYHV
WR WKH VSHFLILHU RI HLWKHU 9RLFH RU $VS WKH VDPH SURMHFWLRQ LQ ZKLFK WKHUH PHUJHV
3XWWLQJ WKLV DOO WRJHWKHU ZH FDQ VD\ GHVFULSWLYHO\ WKDW WKHUH PHUJHV DV D VSHFLILHU RI
WKH KLJKHVW KHDG LQ WKH ORZHU SKDVH RI WKH FODXVH DVVXPLQJ D G\QDPLF DSSURDFK WR SKDVHV
:H
DVVXPH ZLWKRXW GLVFXVVLRQ WKDW WKH GHILQLWHQHVV HIIHFW LV GXH WR D VHPDQWLF UHTXLUHPHQW RI WKHUH WKDW LW
ELQG DQ LQGLYLGXDO YDULDEOH
LQ ZKLFK WKH SKDVH KHDG LV QRW QHFHVVDULO\ D SDUWLFXODU SURMHFWLRQ LH Y EXW VLPSO\ WKH
KLJKHVW KHDG SUHVHQW LQ D SDUWLFXODU GHULYDWLRQ ZLWKLQ D JLYHQ GRPDLQ %REDOMLN DQG :XUP
EUDQG :XUPEUDQG :XUPEUDQG DR 7KH XSSHU ERXQG RI WKH ORZHU
SKDVH ZH DVVXPH LV $VS ZKLFK LV WKHUHIRUH WKH KLJKHVW FDWHJRU\ ZKHUH WKHUH FDQ PHUJH
2QFH WKHUH KDV PHUJHG QR IXUWKHU DVSHFWXDO RU DUJXPHQWVWUXFWXUDO KHDGV FDQ RFFXU WKH
SKDVH KDV HQGHG
&RQFOXVLRQ
([LVWHQWLDO WKHUH KDV DW OHDVW WKH IROORZLQJ SURSHUWLHV D LW FDQ PHUJH RQO\ ZLWK D FRQ
VWLWXHQW FRQWDLQLQJ DQ HYHQWXDOLW\ YDULDEOH UHVXOWLQJ LQ DQ ³HYHQWXDOLW\´ HIIHFW E LW FDQ
PHUJH RQO\ ZLWK D FRQVWLWXHQW DOO RI ZKRVH SKUDVDO DUJXPHQWV DUH VDWXUDWHG DQG F LW FDQ
PHUJH RQO\ ZLWK D FRQVWLWXHQW FRQWDLQLQJ DQ LQGLYLGXDO YDULDEOH LH D ZHDN LQGHILQLWH
UHVXOWLQJ LQ WKH GHILQLWHQHVV HIIHFW
7KHUH DUH WZR PDLQ SRLQWV WKDW IROORZ IURP RXU DQDO\VLV RI WKHUH¶V GLVWULEXWLRQ 7KH
ILUVW LV WKDW WKHUH LV QRW DQ H[SOHWLYH LQ WKH VHQVH DVVXPHG LQ VWDQGDUG JHQHUDWLYH DFFRXQWV
7KH VHFRQG LV WKDW LQ DGGLWLRQ WR WKH ZHOOVWXGLHG GHILQLWHQHVV HIIHFW WKHUH H[KLELWV DQ HYHQ
WXDOLW\ HIIHFW LW UHTXLUHV H[DFWO\ RQH RSHQ WHPSRUDO RU HYHQWXDOLW\ DUJXPHQW
6HYHUDO LVVXHV UHPDLQ RSHQ IRU IXWXUH LQYHVWLJDWLRQ :H KDYH QRW SURYLGHG D IRUPDO
VHPDQWLF DQDO\VLV RI WKHUH WKLV UHPDLQV RSHQ IRU IXWXUH ZRUN 7KHUH LV DOVR DQ LPSRUWDQW
SURMHFW LQYHVWLJDWLQJ WKH UHODWLRQ EHWZHHQ WKHUH DQG WKH LQQHU SKDVH HGJH :H KDYH QRW
SURYLGHG DQ H[SOLFLW IRUPDO DFFRXQW RI ZK\ DVVRFLDWH PRYHPHQW RFFXUV LQ SDVVLYHV DQG
SURJUHVVLYHV $QG ILQDOO\ WKLV DQDO\VLV GRHV QRW FOHDUO\ GLVWLQJXLVK XQDFFXVDWLYHV IURP
RWKHU FDVHV GHVSLWH WKHLU GLIIHUHQW IUHTXHQF\ DQG DFFHSWDELOLW\ LQ FRQWHPSRUDU\ (QJOLVK
5HIHUHQFHV
$OODQ .HLWK $ QRWH RQ WKH VRXUFH RI WKHUH LQ H[LVWHQWLDO VHQWHQFHV )RXQGDWLRQV RI /DQJXDJH
±
%HOYLQ 5REHUW DQG 0DUFHO GHQ 'LNNHQ 7KHUH KDSSHQV WR EH KDYH /LQJXD ±
%MRUNPDQ %URQZ\Q 0 ΪζLQJ 'HIDXOW WKH 0RUSKRV\QWD[ RI $X[LOLDULHV 'RFWRUDO GLVVHUWD
WLRQ 0,7 &DPEULGJH 0$
%MRUNPDQ %URQZ\Q 0 9HUEDO LQIOHFWLRQ DQG RYHUIORZ DX[LOLDULHV 0V 8QLYHUVLW\ RI 7RURQWR
%REDOMLN -RQDWKDQ 'DYLG DQG 6XVL :XUPEUDQG 7KH GRPDLQ RI DJUHHPHQW 1DWXUDO /DQJXDJH
/LQJXLVWLF 7KHRU\ ±
%UHLYLN /HLY (JLO ([LVWHQWLDO WKHUH $ V\QFKURQLF DQG GLDFKURQLF VWXG\ YROXPH 1RYXV
&DUOVRQ *UHJ $ XQLILHG DQDO\VLV RI WKH (QJOLVK EDUH SOXUDO /LQJXLVWLFV 3KLORVRSK\ ±
&KRPVN\ 1RDP 7KH PLQLPDOLVW SURJUDP &DPEULGJH 0$ 0,7 3UHVV
&RZSHU (OL]DEHWK $ :KHUH DX[LOLDU\ YHUEV FRPH IURP ,Q &/$ FRQIHUHQFH SURFHHGLQJV
HG 0HOLQGD +HLMO
'HDO $P\ 5RVH 7KH RULJLQ DQG FRQWHQW RI H[SOHWLYHV (YLGHQFH IURP ³VHOHFWLRQ´ 6\QWD[
²
'LHVLQJ 0ROO\ ,QGHILQLWHV &DPEULGJH 0$ 0,7 3UHVV
)UHH]H 5D\ ([LVWHQWLDOV DQG RWKHU ORFDWLYHV /DQJXDJH ±
+DUZRRG :LOOLDP %HLQJ SURJUHVVLYH LV MXVW D SKDVH 'LYLGLQJ WKH IXQFWLRQDO KLHUDUFK\
'RFWRUDO GLVVHUWDWLRQ 8QLYHUVLWHLW *HQW *KHQW
+DUZRRG :LOOLDP 5LVH RI WKH DX[LOLDULHV D FDVH IRU DX[LOLDU\ UDLVLQJ YV DIIL[ ORZHULQJ 7KH
/LQJXLVWLF 5HYLHZ ±
+RHNVWUD 7 DQG 5 0XOGHU 8QHUJDWLYHV DV FRSXODU YHUEV /RFDWLRQDO DQG H[LVWHQWLDO SUHGL
FDWLRQ 7KH /LQJXLVWLF 5HYLHZ -HQNLQV /\OH 0RGDOLW\ LQ (QJOLVK V\QWD[ 'RFWRUDO GLVVHUWDWLRQ 0,7 &DPEULGJH 0$
-HQNLQV /\OH 7KH (QJOLVK H[LVWHQWLDO 7ELQJHQ 0D[ 1LHPH\HU 9HUODJ
.UDW]HU $QJHOLND 6WDJHOHYHO DQG LQGLYLGXDOOHYHO SUHGLFDWHV ,Q 7KH JHQHULF ERRN ±
&KLFDJR ,OOLQRLV 8QLYHUVLW\ RI &KLFDJR 3UHVV
/DZ 3DXO 2Q WKH SDVVLYH H[LVWHQWLDO FRQVWUXFWLRQ 6WXGLD /LQJXLVWLFD ±
/HYLQ %HWK (QJOLVK YHUE FODVVHV DQG DOWHUQDWLRQV $ SUHOLPLQDU\ LQYHVWLJDWLRQ &KLFDJR
,OOLQRLV 8QLYHUVLW\ RI &KLFDJR 3UHVV
0LOVDUN *DU\ ([LVWHQWLDO VHQWHQFHV LQ (QJOLVK 'RFWRUDO GLVVHUWDWLRQ 0,7 &DPEULGJH 0$
0LOVDUN *DU\ 7RZDUG DQ H[SODQDWLRQ RI FHUWDLQ SHFXOLDULWLHV RI WKH H[LVWHQWLDO FRQVWUXFWLRQ
LQ (QJOLVK /LQJXLVWLF $QDO\VLV ±
0RUR $ 7KH UDLVLQJ RI SUHGLFDWHV 1HZ <RUN &DPEULGJH 8QLYHUVLW\ 3UHVV
3HUOPXWWHU 'DYLG 0 ,PSHUVRQDO SDVVLYHV DQG WKH XQDFFXVDWLYH K\SRWKHVLV ,Q 3URFHHGLQJV
RI WKH IRXUWK DQQXDO PHHWLQJ RI WKH %HUNHOH\ /LQJXLVWLFV 6RFLHW\ YROXPH ± %HUNHOH\
8QLYHUVLW\ RI &DOLIRUQLD
5H]DF 0LODQ QG 13PRYHPHQW LQ ,FHODQGLF DQG PXOWLSOH VSHFLILHU FRQVWUXFWLRQV 0V
8QLYHUVLW\ RI 7RURQWR $YDLODEOH IURP WKH $UL]RQD 0LQLPDOLVW 6\QWD[ $UFKLYHV DW
?iiT,ffKBMBKHBbKXHBM;mBbiB+bX`BxQMX2/mfJafS.6fJa@kyy@yeykXT/7
6KHHKDQ 0LFKHOOH / 6RPH LPSOLFDWLRQV RI D FRS\ WKHRU\ RI ODEHOLQJ 6\QWD[ ±
:HOFK 1LFKRODV 7KH EHDUDEOH OLJKWQHVV RI EHLQJ WKH HQFRGLQJ RI FRLQFLGHQFH LQ WZRFRSXOD
ODQJXDJHV 'RFWRUDO GLVVHUWDWLRQ 8QLYHUVLW\ RI &DOJDU\
:XUPEUDQG 6XVL 45 DQG VHOHFWLRQ &RYHUW HYLGHQFH IRU SKDVHKRRG ,Q 3URFHHGLQJV RI 1(/6
HGV 6WHIDQ .HLQH DQG 6KD\QH 6ORJJHWW ± */6$
:XUPEUDQG 6XVL 7HQVH DQG DVSHFW LQ (QJOLVK LQILQLWLYHV /LQJXLVWLF ,QTXLU\ ±