Chanting, Singing and Reading

RAIJA HARRI
Chanting, Singing and Reading
Cultural contexts of Tibetan literacy
ACADEMIC DISSERTATION
To be presented, with the permission of
the Board of the School of Education of the University of Tampere,
for public discussion in the Lecture Room Linna K 103,
Kalevantie 5, Tampere, on June 28th, 2013, at 12 o’clock.
UNIVERSITY OF TAMPERE
ACADEMIC DISSERTATION
University of Tampere, School of Education
Finland
Copyright ©2013 Tampere University Press and the author
Cover design by
Mikko Reinikka
Acta Universitatis Tamperensis 1837
ISBN 978-951-44-9167-2 (print)
ISSN-L 1455-1616
ISSN 1455-1616
Acta Electronica Universitatis Tamperensis 1315
ISBN 978-951-44-9168-9 (pdf )
ISSN 1456-954X
http://tampub.uta.fi
Suomen Yliopistopaino Oy – Juvenes Print
Tampere 2013
7DEOHRI&RQWHQWV
$FNQRZOHGJHPHQWV $EVWUDFW $EVWUDNWL /LVWRI)LJXUHV /LVWRI$SSHQGLFHV 5HVHDUFK,QWURGXFWLRQ /LWHUDF\LQ&RQWH[W 5DWLRQDOHWRWKH5HVHDUFK 5HVHDUFK4XHVWLRQ 5HVHDUFK/RFDWLRQ /LQNLQJXSZLWK3UHYLRXV5HVHDUFK 5HVHDUFK6XPPDU\ 5HVHDUFK2YHUYLHZ±&RQWHQWRIWKH7KHVLV 6HWWLQJWKH6FHQH $PGR7LEHWDQV:KR$UH7KH\" 7KH7LEHWDQ5HJLRQDQGWKH$PGRV /DQJXDJHDQG/LWHUDF\0DWHULDOV 6RFLRHFRQRPLFVRI$PGRV 5HOLJLRQ 7LEHWDQ(GXFDWLRQ 0RQDVWHULHV2ULJLQRIWKH7LEHWDQHGXFDWLRQ &XUUHQW7LEHWDQ(GXFDWLRQ ³:LSH$ZD\,OOLWHUDF\´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
*XLGHOLQHV 'RLQJ(WKQRJUDSK\±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
7HDFKHUV /LWHUDF\IRU'HYHORSPHQWDQG(PSRZHUPHQW )URP%DFNZDUGQHVVWR'HYHORSPHQW $PGR¶V)XQFWLRQDO/LWHUDF\ /LWHUDF\IRU(PSRZHUPHQW )LQDOO\±&XOWXUDO&RQWH[WRI/LWHUDF\(GXFDWLRQ &XOWXUDO9DOXHV%HOLHIVDQG,GHRORJLHVLQ/LWHUDFLHV /LWHUDF\DQG'LIIHUHQW3RZHU5HODWLRQV &RQFOXVLRQ 2YHUDOO2XWFRPH 0RQDVWLF,QIOXHQFH 7KH/DQJXDJHRI/LWHUDF\ /LWHUDF\DQG'HYHORSPHQW 7LEHWDQ/LWHUDF\IRU7UDQVIRUPDWLRQDQG(PSRZHUPHQW :RPHQDQG/LWHUDF\ $GXOW/LWHUDF\(GXFDWLRQ /LWHUDF\DQG3RZHU 6XJJHVWLRQVIRU)XUWKHU5HVHDUFK %LEOLRJUDSK\ $SSHQGLFHV $FNQRZOHGJHPHQWV
,WZRXOGKDYHEHHQLPSRVVLEOHWRFDUU\RXWWKLVUHVHDUFKDOODORQH,DPWKDQNIXOWR
PDQ\SHRSOHZKRKDYH ZDONHGZLWKPHWKURXJKWKLVSDUWLFXODUSDVVDJHRIP\OLIH
,WLVLPSRVVLEOHWRWKDQNDOOWKRVH IULHQGVDQGFROOHDJXHVZKRKDYHDVVLVWHGPHDOO
WKHVH\HDUV+RZHYHU,ZRXOGOLNHWRDFNQRZOHGJHDIHZSHRSOHDWWKLVSRLQW
7KLV UHVHDUFK LV DERXW SHRSOH ,W LV DERXW WKH $PGR 7LEHWDQV LQ 4LQJKDL 3URYLQFH
ZKR VKDUHG WKHLU OLYHV ZLWK PH 7KH\ WDXJKW WKHLU ZD\ RI OLIH WR PH DQG , IHHO
KRQRXUHG E\ WKDW &DLOXR 7VHUDQJMHL DQG DOO WKH VWDII LQ WKH RIILFH RI +DLQDQ
0LQ]XEDQDQGDOOWKHWUDLQHUVRIWKH7LEHWDQ/LWHUDF\3URJUDPPHWKDQN\RXIRUDOO
\RXU DVVLVWDQFHGLVFXVVLRQVDQGHQFRXUDJHPHQW ,WZDVDJUHDWH[SHULHQFHWRZRUN
ZLWK\RXDQGWRVSHQGWLPHZLWK\RX,KDYHJUHDWPHPRULHVRIRXUWUDYHOVWRJHWKHU
, KDYH WKH PHPRULHV RI D OLIHWLPH RI RXU VKDUHG PHDOV ZLWK VSRQWDQHRXV 7LEHWDQ
PXVLFDQGGDQFHV<RXPDGHP\UHVHDUFKZLWKRXW\RX,ZRXOGQRWKDYHEHHQDEOH
WRFDUU\LWRXW
, JUDWHIXOO\ DFNQRZOHGJH WKH DGYLFH DQG WKH VXSSRUW , KDYH UHFHLYHG IURP P\
VXSHUYLVRUV 3URIHVVRU 3HNND 5XRKRWLH , ZDV SULYLOHJHG WR KDYH \RX DV P\
VXSHUYLVRU<RXJDYHPHFRQVWUXFWLYHDGYLFHDQG\RXWUXVWHGPH,IHOWHPSRZHUHG
E\ \RXU WUXVW DQG \RXU HQFRXUDJLQJ DWWLWXGH WRZDUGV P\ ZRUN <RX KDG WKH ULJKW
ZRUGVDWWKHULJKWWLPHZKHQ,QHHGHGWKHPPRVW3URIHVVRU3HWUL1RNHODLQHQWKDQN
\RXIRUJXLGLQJPHWKURXJKWKHODVWOHJRIWKHSURMHFW<RXUFRPPHQWVDQGDGYLFH
ZHUH KHOSIXO DQG \RXU VXSHUYLVLRQ DQG PDQDJHPHQW RI WKH ILQDO VWDJH RI WKH
UHVHDUFKSURMHFWHQDEOHGPHWRFRPSOHWHP\ZRUNZHOO
7KHH[WHUQDOH[DPLQHUVRIWKHZRUNZHUH3URIHVVRU3LUNNR/LQQDN\OlDQG3URIHVVRU
$QQD 5RELQVRQ3DQW , DSSUHFLDWH \RXU FULWLFDO FRPPHQWV DQG \RXU YDOXDEOH
FRQVWUXFWLYHFRPPHQWV<RXKHOSHGPHWRLPSURYHWKHTXDOLW\RIWKHILQDOYHUVLRQRI
WKHZRUN<RXUSRVLWLYHDWWLWXGHWRZDUGVWKLVUHVHDUFKDQGSRVLWLYHFRPPHQWVRQWKH
RXWFRPHRIWKHVWXG\ZHUHHQFRXUDJLQJ7KDQN\RXIRUJLYLQJ\RXUYDOXDEOHWLPHWR
PHDQGWRP\SURMHFW
, DP JUDWHIXO WR WKH OHDGHUVKLS RI 'HYHORSPHQW &RRSHUDWLRQ RI )LGD ,QWHUQDWLRQDO
ZKRPDGHLWSRVVLEOHIRUPHWRGRWKLVUHVHDUFK<RXUSRVLWLYHDWWLWXGHKDVEHHQYHU\
HQFRXUDJLQJDORQJWKH\HDUV<RXWUXVWHGPHDQG,IHHOKRQRXUHGWRZRUNZLWK\RX
,WZDVDJUHDWSULYLOHJHWRKDYH\RXUSHUPLVVLRQWRXVHDOOWKHGDWDIURPWKH7LEHWDQ
/LWHUDF\3URJUDPPHIRUP\UHVHDUFK7KLVZDVRQHRIWKHNH\VWRWKLVSURMHFW
/DVWEXWQRWOHDVW,DPWKDQNIXOWRP\ELJH[WHQGHGIDPLO\DQGFORVHIULHQGV<RX
NQRZWKHXSVDQGGRZQVRIWKLVUHVHDUFKIURPWKHYHU\EHJLQQLQJWRWKHFRPSOHWLRQ
RILW7KDQN\RXIRU\RXUVXSSRUWDQG\RXUHQFRXUDJHPHQW,WKDVPHDQWDORWWRPH
6SHFLDO WKDQNV WR &ODLUH +DUUL 'HVSLWH \RXU EXV\ VFKHGXOH \RX WRRN WLPH WR SURRI
UHDGWKHILQDOGUDIWRIWKHWKHVLV,WZDVDKXJHWDVNWRGRZKLOHWKHUHVWRIWKHIDPLO\
ZDVHQMR\LQJDEHDFKKROLGD\DWWKH$UDELDQ6HH
(VSHFLDOO\ , ZDQWWR H[SUHVVP\HQGOHVV JUDWLWXGHWRP\KXVEDQG.DUL7KDQN \RX
IRU DOO \RXU VXSSRUW HQFRXUDJHPHQW DQG FDUH GXULQJ WKH SDVW \HDUV $IWHU ZH JRW
PDUULHG \RX FDPH DORQJ WR WKH 7LEHWDQ 3ODWHDX ZKHUH , KDG VWDUWHG WR GR P\ ILHOG
UHVHDUFK<RXJRWWRNQRZWKH$PGRVDQGWKHLUOLYHV\RXVWD\HGLQEODFNZRROOHQ
WHQWV\RXDWHWVDPSDDQG\DNPHDWDQGGUDQNPLONWHD<RXGURYHWKHROGMHHSIRU
WKRXVDQGVRINLORPHWUHVRQWKH3ODWHDXRQRXUYLVLWVWRVFKRROVOLWHUDF\FODVVHVDQG
WR PHHW RIILFLDOV )XUWKHUPRUH \RX RYHUFDPH WKH ODQJXDJH EDUULHUV E\ EHLQJ
\RXUVHOI ³P\ SHRSOH´ EHFDPH ³\RXU SHRSOH´ DV ZHOO 0DQ\ GLVFXVVLRQV ZLWK \RX
DQG \RXU FRPPHQWV FODULILHG P\ WKRXJKWV DQG LVVXHV 7KDQN \RX IRU VKDULQJ WKLV
UHVHDUFKMRXUQH\ZLWKPH
$EVWUDFW
7KHSXUSRVHRIWKLVVWXG\ZDVWRILQGRXWWKHZD\VFXOWXUHLPSDFWVRQDGXOWOLWHUDF\
HGXFDWLRQ,QWKLVUHVHDUFK,DWWHPSWWRFUHDWHDSLFWXUHRI7LEHWDQFXOWXUDOOLWHUDF\
,QRWKHUZRUGV,DWWHPSWWRGHILQHWKHFXOWXUDOFRPSRQHQWVWKDWHVVHQWLDOO\LQIOXHQFH
DGXOW OLWHUDF\ HGXFDWLRQ 7KH UHVHDUFK LQWHUHVW URVH IURP WKH SUDFWLFDO GLOHPPDV
ZKLFK VXUIDFHG LQ LPSOHPHQWLQJ DQ DGXOW OLWHUDF\ SURJUDPPH LQ $PGR 7LEHWDQ
FRPPXQLWLHV LQ 4LQJKDL 3URYLQFH LQ WKH 3HRSOH¶V 5HSXEOLF RI &KLQD 35& ,
QHHGHGWRXQGHUVWDQGWKHIRXQGDWLRQRQZKLFK7LEHWDQOLWHUDF\WHDFKLQJZDVEDVHG
LQ RUGHU WR JURZ SURIHVVLRQDOO\ DQG FDUU\ RQ ZLWK WKH SURMHFW 1R VWXGLHV RQ WKLV
VXEMHFWZHUHDYDLODEOH7KRXJKPDQ\VWXGLHVKDYHEHHQFDUULHGRXWRQVRFLRFXOWXUDO
OLWHUDF\QRQHKDYHEHHQGRQHLQD7LEHWDQFRQWH[W
'UDZLQJ RQ WKHRU\ IURP VRFLROLQJXLVWLFV 1HZ /LWHUDF\ 6WXGLHV DQG WKHRULVWV ZKR
YLHZ OLWHUDF\ DV VLWXDWHG DFWLYLW\ , KDYH H[SORUHG $PGR 7LEHWDQ OLWHUDFLHV ERWK LQ
GDLO\ OLIH DQG LQ DGXOW OLWHUDF\ FODVVHV IRU WZHOYH PRQWKV LQ DQG 8VLQJ DQ HWKQRJUDSKLF SHUVSHFWLYH ZLWK TXDOLWDWLYH UHVHDUFK PHWKRGV VXFK DV
REVHUYDWLRQLQWHUYLHZVDQGSKRWRJUDSK\LWZDVSRVVLEOHWRH[SORUHOLWHUDF\SUDFWLFHV
DQG WR DQDO\VH WKH ZD\V LQ ZKLFK WKH $PGR 7LEHWDQV DUH GHDOLQJ ZLWK OLWHUDF\ LQ
GDLO\OLIH)XUWKHUPRUH,KDYHEHHQDEOHWRILQGRXWWKHZD\V7LEHWDQVYLHZOLWHUDF\
DQG KRZ FXOWXUDO YDOXHV DQG WUDGLWLRQV DUH HPEHGGHG ERWK LQ HYHU\GD\ OLWHUDF\
SUDFWLFHV DQG LQ FODVVURRP VLWXDWLRQV 7KLV VWXG\ GLVFXVVHV KRZ WKH PHDQLQJ DQG
XVHVRI7LEHWDQODQJXDJHOLWHUDFLHVWDNHVKDSHLQFXOWXUDODQGVRFLDOFLUFXPVWDQFHV
ZKLFKKDYHLQWXUQVKDSHGOLWHUDF\SUDFWLFHVDQGOLWHUDF\WHDFKLQJLQWRWKHIRUPWKDW
WKH\DUHWRGD\
7KLV VWXG\ VKRZV KRZ DWWLWXGHV DQG ZD\V RI WKLQNLQJ RI D SDWULDUFKDO VRFLHW\
FXOWXUDO YDOXHV DQG WUDGLWLRQV LQIOXHQFH WKH PHWKRGV RI DGXOW OLWHUDF\ WHDFKLQJ
WHDFKLQJ G\QDPLFV DQG FODVVURRP DFWLYLWLHV DORQJ ZLWK FXUULFXOXP DQG LWV JRDOV ,W
DOVRUHYHDOVKRZGLIIHUHQWGLVFRXUVHVRIOLWHUDF\SOD\GLIIHUHQWUROHVLQLQGLYLGXDO¶V
OLIHDQGRIVRFLHW\7KLVVWXG\DOVRWRXFKHVRQWKHLVVXHRIPRWKHUWRQJXHOLWHUDF\
HGXFDWLRQ E\ GLVFXVVLQJ WKH UROH RI FXOWXUDO DFWLYLWLHV LQ SURPRWLQJ PRWKHU WRQJXH
OLWHUDF\SUDFWLFHVDPRQJPLQRULW\ODQJXDJHSHRSOH7KLVVWXG\FDQEHDOVRVHHQIURP
WKHSHUVSHFWLYHRIPXOWLFXOWXUDOWHDFKLQJVLWXDWLRQVDVLWGHDOVZLWKFURVVFXOWXUDODQG
PXOWLFXOWXUDOHOHPHQWVLQWHDFKLQJ
(YHQWKRXJKWKLVVWXG\FRQFHUQVYDULRXVFXOWXUDOLVVXHVLQ7LEHWDQOLWHUDFLHVVLPLODU
FXOWXUDO SKHQRPHQD LQ OLWHUDFLHV FDQ EH IRXQG DURXQG WKH ZRUOG 7KHUHIRUH WKLV
VWXG\ SUHVHQWV RQH VSHFLILF NLQG RI FXOWXUDO OLWHUDF\ ZKLOH DFNQRZOHGJLQJ WKDW
OLWHUDFLHVGRYDU\IURPRQHFXOWXUHWRDQRWKHU
.H\ZRUGV OLWHUDF\ DGXOW HGXFDWLRQ FXOWXUH 7LEHWDQV HWKQRJUDSKLF UHVHDUFK
PLQRULW\SHRSOH
$EVWUDNWL
7lPlQ WXWNLPXNVHQ WDUNRLWXNVHQD ROL O|\Wll WLLEHWLOlLVHQ NXOWWXXULQ YDLNXWXV
DLNXLVWHQ OXNXWDLGRQ RSSLPLVHHQ 7XWNLPXNVHVVDQL S\ULQ OXRPDDQ NXYDQ
WLLEHWLOlLVHVWl NXOWWXXULVHVWD OXNXWDLGRVWD HOL PllULWWHOHPllQ QH NXOWWXXULVHW
NRPSRQHQWLW MRWND ROHQQDLVHVWL YDLNXWWDYDW DLNXLVWHQ OXNXWDLGRQ RSSLPLVHHQ WDL
MRWNDROHQQDLVHVWLRYDWRVDOXNXWDLWRDMDVHQRSSLPLVWD
7XWNLPXVLQWUHVVLQL YLULVL Nl\WlQQ|Q SXOPDWLODQWHLVWD MRLWD NRKWDVLQ W\|VVlQL DPGR
WLLEHWLOlLVWHQ DLNXLVWHQ OXNXWDLWRSURMHNWLQ NRXOXWWDMDQD MD MRKWDMDQD .LLQDQ 4LQJKDL
SURYLQVVLVVD.\V\P\NVHWDLNXLVNRXOXWXNVHQRSHWXVPHQHWHOPLHQMDRSHWXVRKMHOPDQ
UHOHYDQWWLXGHVWD OXNXWDLGRQ Nl\W|VVl DUNLSlLYlVVl VHNl QDLVWHQ YlKlLQHQ RVXXV
OXNXWDLWRRSHWWDMLQD DQWRLYDW V\Vl\NVHQ WXWNLPXNVHHQ ,WVHOOHQL WXWNLPXNVHQ
WDUSHHOOLVXXWWD OLVlVL DLKHHVWD VDDWDYLOOD ROHYDQ WXWNLPXNVHQ SXXWH 9DLNND VRVLDDOL
NXOWWXXULVWD OXNXWDLWRD RQ \OHLVHVWL SDOMRQ WXWNLWWX QLLQ NXOWWXXULVLGRQQDLVHQ
OXNXWDLGRQWXWNLPXVWDWLLEHWLOlLVHVVlNRQWHNVWLVVDRQYDLNHDO|\Wll
7XUYDXWXHQVRVLROLQJYLVWLLNDQVRVLRNXOWWXXULVHQMD1HZ/LWHUDF\6WXGLHVWHRULRLKLQ
VHNl
QLLGHQ
WHRUHHWLNNRMHQ
WXWNLPXNVLLQ
MRWND
NlVLWWlYlW
OXNXWDLGRQ
WLODQQHVLGRQQDLVHQD WDSDKWXPDQD ROHQ WXWNLQXW DPGRWLLEHWLOlLVWHQ OXNXWDLWRD VHNl
DUNLSlLYlQ WLODQWHLVVD HWWl OXNXWDLWROXRNLVVD \KWHHQVl NXXNDXGHQ DLNDQD
SllDVLDVVD YXRVLQD ± VHNl (WQRJUDILQHQ OlKHVW\PLVWDSD
NYDOLWDWLLYLVWHQ WXWNLPXVPHQHWHOPLHQ P\|Wl PDKGROOLVWL OXNXWDLGRQ PHUNLW\NVHQ MD
OXNXWDLGRQNl\W|QWDUNDVWHOXQWLLEHWLOlLVHVWlSHUVSHNWLLYLVWlNlVLQ
7XWNLPXVVHOYLWWllWLLEHWLOlLVHQSDWULDUNDDOLVHQ \KWHLV|QDVHQWHLGHQMDDMDWXVPDOOLHQ
NXOWWXXULQ DUYRMHQ MD WUDGLWLRLGHQ YDLNXWXVWD DLNXLVWHQ OXNXWDLWRRSHWXNVHQ
RSHWXVPHWRGHLKLQRSHWXNVHQG\QDPLLNNDDQMDDNWLYLWHHWWHLKLQVHNlRSHWXVRKMHOPDDQ
MDRSHWXNVHQWDYRLWWHLVLLQ7XWNLPXNVHVVDWXOHHP\|VLOPLOXNXWDLGRQHULGLVNXUVVLHQ
HULODLVHW URROLW QLLQ \NVLWWlLVWHQ LKPLVWHQ NXLQ \KWHLV|Q HOlPlVVl VHNl NXOWWXXULVWHQ
DNWLYLWHHWWLHQ YDLNXWXV YlKHPPLVW|NDQVRMHQ lLGLQNLHOLVHHQ OXNXWDLWRRSHWXNVHHQ MD
VHQVRYHOWDPLVHHQMRNDSlLYlLVHVVlHOlPlVVl
7lPlQ WXWNLPXNVHQ WXORNVHW HGXVWDYDW \KWl NXOWWXXULOXNXWDLWRD MRND PXXWWXX
NXOWWXXULVWD WRLVHHQ /XNXWDLGRQ NXOWWXXULVWHQ RPLQDLVXXNVLHQ MD VLGRQQDLVXXNVLHQ
WXQQLVWDPLQHQ HGHVDXWWDYDW NXOWWXXULVHVWL UHOHYDQWLQ MD DVLDQPXNDLVHQ DLNXLVWHQ
OXNXWDLWRRSHWXNVHQ NHKLWWlPLVHQ .XOWWXXULVHW VLGRQQDLVXXGHW RSSLPLVHHQ MD
RSHWWDPLVHHQ WXOHYDW LOPL P\|V PXLVVD RSHWXVWLODQWHLVVD MRLVVD RQ PXNDQD HUL
NXOWWXXULHQ HGXVWDMLD MRWHQ WlPlQ WXWNLPXNVHQ WXORNVLD YRLGDDQ WDUNDVWHOOD P\|V
PRQLNXOWWXXULVWHQRSHWXVWLODQWHLGHQSHUVSHNWLLYLVWl7lOO|LQWXWNLPXVWXRHVLLQP\|V
RSHWWDMDQNXOWWXXULNRPSHWHQVVLQPHUNLW\NVHQDLNXLVNRXOXWXNVHVVD
$VLDVDQDW OXNXWDLWR NXOWWXXULOXNXWDLWR DLNXLVWHQ OXNXWDLWRRSHWXV NXOWWXXUL
WLLEHWLOlLVHWHWQRJUDILQHQWXWNLPXVYlKHPPLVW|NDQVD
/LVWRI)LJXUHV
)LJXUH $QRPDGLFYLOODJHLQ7RQJGH
)LJXUH
ERUGHUVRIWKH3HRSOH¶V5HSXEOLFRI&KLQD35& $PDUNHWVWUHHWLQ&KDSFKD )LJXUH 7KH7LEHWDQUHJLRQDQGWKHWHUULWRULDO
)LJXUH
7LEHWDQGDQFLQJLQDQ$PGRYLOODJH )LJXUH
7KH7LEHWDQODQJXDJHDQGLWVPDLQGLDOHFWV )LJXUH /LWHUDU\7LEHWDQDQG5HJLVWHURI/LWHUDU\
7LEHWDQ7H[W )LJXUH $QH[DPSOHRID7LEHWDQVHQWHQFH
)LJXUH 7KH7LEHWDQDOSKDEHW )LJXUH
7RSDKDQGZULWWHQVW\OHXPH
ERWWRPDSULQWHGVW\OHXFKHQ
)LJXUH 4LQJKDL3URYLQFHDQGLWVQHLJKERXULQJWHUULWRULHV )LJXUH 2QLRQGLDJUDPRIFXOWXUH
)LJXUH 0HWDSKRUVIRUOLWHUDF\
)LJXUH $PDQLVWRQH )LJXUH 5HOLJLRQDVDFXOWXUDOHOHPHQWLQ$PGRVRFLHW\
)LJXUH 0RQNVDUHUHDGLQJLQDKDOORIDPRQDVWHU\
)LJXUH $KRPHDOWDU
)LJXUH 7HQWVRQDXWXPQSDVWXUHV
)LJXUH 3UD\HUIODJVSXWXSRQDEULGJH
)LJXUH 7KH7LEHWDQODQJXDJHXVHLQGLIIHUHQWFRQWH[WVLQ
*RQJKHWRZQ
)LJXUH 7ZRDSSURDFKHVWRWHDFKLQJOLWHUDF\
)LJXUH $VHFWLRQRIOHVVRQQXPEHULQWKH7/3SULPH
)LJXUH $GXOWOLWHUDF\WHDFKLQJRQDXWXPQSDVWXUH )LJXUH 5HODWLRQVKLSVRI7LEHWDQOLWHUDF\DQGFXOWXUDOHOHPHQWV
)LJXUH 3RZHUUHODWLRQVLQDOLWHUDF\HYHQW /LVWRI$SSHQGLFHV
/LVWRIFROOHFWHGGDWD
$FRQVHQWIRUP7LEHWDQ ,QWHUYLHZIUDPH/KDEL ,QWHUYHLZDQDO\VLV/KDEL
,QWHUYLHZIUDPH7VHUDQJ ,QWHUYLHZIUDPH7VRNVXP
,QWHUYLHZDQDO\VLV7VRNVXP
/DQJXDJHVXUYH\VXPPDU\
,QWHUYLHZDQDO\VLV7VRPR
$PLQGPDS
5HVHDUFK,QWURGXFWLRQ
/LWHUDF\LQ&RQWH[W
/LWHUDF\LVDIXQGDPHQWDOSDUWRIRXUHGXFDWLRQDQGZRUNLQJOLIH7KHDELOLW\WRUHDG
DQGZULWHLVWKHILUVWVNLOOWREHOHDUQHGLQRXUORQJSDWKRIIRUPDOHGXFDWLRQ)XUWKHU
HGXFDWLRQ LV DOVR EDVHG RQ HDUO\ OLWHUDF\ DFTXLVLWLRQ 7KHUHIRUH LW LV QRWVXUSULVLQJ
WKDWDORQJZLWK81(6&2HJDQGWKH:RUOG%DQNPDQ\ HGXFDWRUV
DQGSURIHVVLRQDOVRILQWHUQDWLRQDOGHYHORSPHQWLPSOHPHQWDWLRQUHJDUGOLWHUDF\ DVD
KXPDQ ULJKW DQG D SUHUHTXLVLWH IRU HGXFDWLRQDO RSSRUWXQLWLHV 7HDFKLQJ OLWHUDF\ LV
RIWHQ RQH SURMHFW ZLWKLQ D ZLGHU GHYHORSPHQW SURJUDPPH EHLQJ LPSOHPHQWHG LQ
GHYHORSLQJ FRXQWULHV ZKHUH WKH DGXOW SRSXODWLRQ KDV QRW KDG DFFHVV WR OLWHUDF\
HGXFDWLRQIRURQHUHDVRQRUDQRWKHU,WLVDVVXPHGWKDWRQFHSHRSOHOHDUQWRUHDGDQG
ZULWH WKH\ FDQ OHDUQ RWKHU VNLOOV ZKLFK DVVLVW LQ HUDGLFDWLQJ SRYHUW\ HQVXULQJ
GHYHORSPHQWDQGGHPRFUDF\LQWKHLUVRFLHWLHV
/LWHUDF\ LV DOVR D IRXQGDWLRQ IRU SURIHVVLRQDO GHYHORSPHQW DQG JURZWK :KHQ
HPSOR\HHVKDYHGLIILFXOWLHVLQUHDGLQJDQGQXPHUDF\VNLOOVWKH\KDYHGLIILFXOWLHVLQ
NHHSLQJ XS ZLWK WKHLU SURIHVVLRQV ZKLFK FOHDUO\ ZDV SRLQWHG RXW LQ DQ $XVWUDOLDQ
VWXG\,QGXVWU\6NLOOV&RXQFLOVUHSRUWV³/LWHUDOO\PLOOLRQVRI$XVWUDOLDQV
KDYH LQVXIILFLHQW ODQJXDJH OLWHUDF\ DQG QXPHUDF\ VNLOOV WR EHQHILW IXOO\ IURP
WUDLQLQJRUWRSDUWLFLSDWHHIIHFWLYHO\DWZRUN´6LPLODUUHSRUWVFRQFHUQLQJZRUNIRUFH
OLWHUDF\ VNLOOV KDYH EHHQ SXEOLVKHG LQ (XURSH ZKLFK VKRZ WKDW DGXOW OLWHUDF\
HGXFDWLRQ LV QHHGHG QRW RQO\ LQ GHYHORSLQJ FRXQWULHV EXW DOVR LQ GHYHORSHG
FRXQWULHV7KH(XURSHDQ&HQWUHIRUWKH'HYHORSPHQWRI9RFDWLRQDO7UDLQLQJKDVVHW
DKLJKSULRULW\IRUOLWHUDF\E\VWDWLQJ³DJRRGOLWHUDF\OHYHOVKRXOGEHDWWKHWRSRI
WKH(XURSHDQDJHQGD´
6LQFH OLWHUDF\ LV UHJDUGHG LPSRUWDQW E\ SROLF\ PDNHUV DQG HGXFDWRUV LW KDV EHHQ
ZLGHO\UHVHDUFKHG/LWHUDF\HGXFDWLRQDQGUHVHDUFKRQOLWHUDF\ZRUOGZLGHKDYHKDG
PDQ\SKDVHVDQGIRUPVLQWKHODVWGHFDGHV'LVFXVVLRQVRQOLWHUDF\KDYHYDULHGIURP
OLWHUDF\VNLOOVWRVRFLDOOLWHUDFLHVIURPHPRWLRQDOOLWHUDF\WRGLJLWDOOLWHUDF\DQGVR
IRUWK ,Q DOO WKHVH FRQWH[WV OLWHUDF\ KDV D VSHFLDO FRQQRWDWLRQ GHSHQGLQJ RQ WKH
FRQWH[WRIOLWHUDF\<HWLQDOORIWKHPOLWHUDF\LQFOXGHVVNLOOVIRUFUHDWLQJPHDQLQJ
DQG WKH DELOLW\ WR DSSO\ WKDW XQGHUVWDQGLQJ WR D SDUWLFXODU VLWXDWLRQ OLIH VLWXDWLRQV
FRPSXWLQJ HWF )XUWKHUPRUH , EHOLHYH LW LV WKH FXOWXUDO FRQWH[W RI OLWHUDF\ ZKLFK
FRQYH\V WKH PHDQLQJ WR SHRSOH 3HRSOH FUHDWH PHDQLQJ DQG XQGHUVWDQG OLWHUDF\
EDVHG RQ WKHLU RZQ FXOWXUDO H[SHULHQFH DQG SUDFWLFHV /LWHUDF\ SUDFWLFHV WKDW DUH
PHDQLQJIXOLQRQHVRFLHW\PD\QRWEHWKHVDPHLQDQRWKHUVRFLHW\EHFDXVHVRFLHWLHV
GLIIHU E\ WKHLU FXOWXUH GLIIHUHQW EHOLHIV VRFLDO KLHUDUFK\ VKDUHG YDOXHV HWF *HH
6WUHHW
7KHFXOWXUDODVSHFWRIFUHDWLQJPHDQLQJDQGXQGHUVWDQGLQJOLWHUDF\WULJJHUHGRIIWKLV
UHVHDUFKZKLFKLVDVWXG\RI7LEHWDQDGXOWOLWHUDF\SUDFWLFHVDQGOLWHUDF\HGXFDWLRQ
LQ WKH $PGR 7LEHWDQ UHJLRQ LQ WKH 3HRSOH¶V 5HSXEOLF RI &KLQD 35& 7KH PDLQ
IRFXV RI WKH UHVHDUFK LV RQ WKH LQIOXHQFH RI FXOWXUH RQ DGXOW OLWHUDF\ WHDFKLQJ
+RZHYHU EHFDXVH HYHU\GD\ OLWHUDF\ SUDFWLFHV VKRXOG EH WKH EDVLV IRU WHDFKLQJ DQG
OHDUQLQJ OLWHUDF\ LQ DGXOW OLWHUDF\ FODVVHV DUH DOVR ORRNHG LQWR , ZLOO H[SORUH
GLIIHUHQWYLHZVRIOLWHUDF\XVHVRIOLWHUDF\SXUSRVHVIRUOLWHUDF\LQWKHHYHU\GD\OLIH
RIWKH$PGRVLQRUGHUWRILQGRXWWKHZD\V7LEHWDQFXOWXUDOHOHPHQWVLQIOXHQFHRQ
DQGFRQVWUXFWDGXOWOLWHUDF\HGXFDWLRQ
7KH UHVHDUFK LV D FRQWLQXDWLRQ RI WKH 0DVWHU RI 3KLORVRSK\ UHVHDUFK ZKLFK ZDV
GRQHLQ.LQJ¶V&ROOHJH/RQGRQ7KHWKHVLV³/LWHUDF\LQ(GXFDWLRQDQGLQ(YHU\GD\
/LIH7HQVLRQVLQ7LEHWDQOLWHUDF\SUDFWLFHV´ZDVDSSURYHGE\/RQGRQ8QLYHUVLW\LQ
7KDWWKHVLVFRQFHUQV7LEHWDQHYHU\GD\OLWHUDF\SUDFWLFHVLQPXOWLOLQJXDODQG
LQPXOWLFXOWXUDOHQYLURQPHQWVDQGLWLVWKHEDVLVIRUWKLVUHVHDUFK
5DWLRQDOHWRWKH5HVHDUFK
,Q RUGHU WR XQGHUVWDQG WKH UHVHDUFK TXHVWLRQV ZKLFK DUH H[SODLQHG ODWHU RQ LQ WKLV
FKDSWHU LW LV LPSRUWDQW WR ORRN EULHIO\ DW WKH WZR PDLQ LVVXHV WKDW IRUP WKH
EDFNJURXQG WR WKLV UHVHDUFK WKH RULJLQ RI WKH 7LEHWDQ OLWHUDF\ HGXFDWLRQ DQG WKH
UHDVRQVIRUWKHFRQWLQXRXVQHHGIRUDGXOWOLWHUDF\HGXFDWLRQ
)LUVWRQHRIWKHPDLQFKDUDFWHULVWLFVRIWKH7LEHWDQOLWHUDF\SUDFWLFHVLVWKHRULJLQRI
7LEHWDQ OLWHUDF\ HGXFDWLRQ 7KH IRXQGDWLRQ RI 7LEHWDQ OLWHUDF\ HGXFDWLRQ LV LQ WKH
7LEHWDQ PRQDVWLF HGXFDWLRQ ,Q PRQDVWHULHV OLWHUDF\ WHDFKLQJ KDV IRFXVHV RQ
UHOLJLRXVOLWHUDF\WHDFKLQJZKLFKLVFRQGXFWHGE\PRQNVZKRKDYHOHDUQHGOLWHUDF\
LQ PRQDVWHULHV (YHQ WKRXJK WKH FXUULFXOXP RI PRQDVWLF HGXFDWLRQ FRYHUV VXEMHFWV
VXFK DV DVWURORJ\ PHGLFLQH DQG UHOLJLRXV GLDOHFWLFV QRW DOO PRQNV VWXG\ WKHVH
VXEMHFWV0RQNVKDYHGLIIHUHQWFDUHHUVDQGGXWLHVLQWKHPRQDVWLFVRFLHW\DQGWKRVH
GXWLHV VXFK DV FOHULFDO ZRUN DFDGHPLF UHVHDUFK DQG ODERXU LQIOXHQFH WKH QHHG IRU
GLIIHUHQWOLWHUDFLHV+RZHYHU DOOPRQNVDUHUHTXLUHGWRDFTXLUHOLWHUDF\LQRUGHUWR
EHDEOHWRUHFLWHGDLO\SUD\HUV$VDZKROHWKHUHOLJLRXVXVHRIOLWHUDF\LVGRPLQDQW
LQPRQDVWHULHV0\K\SRWKHVLVLVWKDWDVPRQDVWLFOLWHUDF\WHDFKLQJLVWKHIRXQGDWLRQ
RI PRGHUQ 7LEHWDQ OLWHUDF\ HGXFDWLRQ LW KDV D VLJQLILFDQW DIIHFW RQ FXUUHQW OLWHUDF\
WHDFKLQJ
6HFRQGWKHUHDUHDURXQGPLOOLRQ7LEHWDQVRXWRI&KLQD¶VILYHPLOOLRQ7LEHWDQV
OLYLQJ LQ 4LQJKDL 3URYLQFH &KLQD 6WDWLVWLFDO %XUHDX RI WKH 3HRSOH¶V 5HSXEOLF RI
&KLQD $FFRUGLQJ WR DYDLODEOH VWDWLVWLFV DW WKH WLPH ZKHQ WKLV UHVHDUFK ZDV
VWDUWHG PRVW 7LEHWDQV LQ 4LQJKDL 3URYLQFH DUH VHPLOLWHUDWH RU LOOLWHUDWH &KLQD
6WDWLVWLF3UHVV7KH\FDQUHDGQHLWKHUWKHLUPRWKHUWRQJXH7LEHWDQQRU&KLQHVH
0DQGDULQYDULHW\7KLVLVGXHWRWZRPDLQUHDVRQV)LUVWWKHLUQRPDGLFOLIHVW\OH
FRPELQHG ZLWK WKH UHPRWHQHVV RI WKHLU GZHOOLQJV KDV FRPSOLFDWHG WKH RUJDQLVDWLRQ
RI OLWHUDF\ WHDFKLQJ IRU WKHP 6HFRQG PRWLYDWLRQ IRU DFTXLULQJ OLWHUDF\ PD\ KDYH
QRW EHHQ YHU\ VWURQJ ZKLFK LV D FRPPRQ LVVXH LQ DGXOW OLWHUDF\ HGXFDWLRQ FI
5RJHUV
0RVW7LEHWDQVLQWKHUHVHDUFKDUHDOLYHQRPDGLFOLIHLQVPDOOWRZQVDQGYLOODJHVLQ
PRXQWDLQRXV UXUDO DUHDV ,Q WKHVH DUHDV OLYLQJ FRQGLWLRQV DUH YHU\ KDUVK DQG WKH
DQQXDOSHUFDSLWDLQFRPHLVORZ%DVHGXSRQSHUFDSLWDLQFRPH4LQJKDLLVRQHRI
WKH SRRUHVW SURYLQFHV LQ &KLQD $FFRUGLQJ WR WKH &KLQD 6WDWLVWLFDO <HDUERRN &KLQD6WDWLVWLFDO%XUHDXRIWKH35&UXUDOSHUFDSLWDLQFRPHLQ4LQJKDLZDV
50%ZKHUHDVLQ7LEHW$XWRQRPRXV5HJLRQSHUFDSLWDGLVSRVDEOHLQFRPH
ZDV 50% DQG LQ 6KDQJKDL SHU FDSLWD GLVSRVDEOH LQFRPH ZDV 50% 7KH GLIIHUHQFH EHWZHHQ UXUDO DQG XUEDQ SHU FDSLWD LQFRPH LV VLJQLILFDQW LQ
4LQJKDL 3URYLQFH $FFRUGLQJ WR WKH 4LQJKDL 6WDWLVWLFDO <HDUERRN &KLQD
6WDWLVWLFDO %XUHDX RI WKH 35& WKH SURYLQFLDO XUEDQ SRSXODWLRQ ZDV PLOOLRQDQGPLOOLRQLQUXUDODFFRXQWLQJIRUDQGRIWKHWRWDO
UHVSHFWLYHO\:KLOHWKHXUEDQSHUFDSLWDGLVSRVDEOHLQFRPHLQ4LQJKDLLQZDV
50% WKH UXUDO SHU FDSLWD QHW LQFRPH ZDV RQO\ 50% +RUVWLD ( 0XUUD\07KHUHIRUHDERXWWZRWKLUGVRIWKHSRSXODWLRQRI4LQJKDLOLYHDWD
VLJQLILFDQWO\ORZHUHFRQRPLFVWDQGDUGWKDQWKHLUXUEDQFRXQWHUSDUWV
+DUVK OLYLQJ FRQGLWLRQV DQG ORZ LQFRPH FUHDWH REVWDFOHV IRU WKH SURYLVLRQ RI
HGXFDWLRQ (YHQ WKRXJK WKH JRYHUQPHQW KDV HVWDEOLVKHG ERDUGLQJ VFKRROV LQ
WRZQVKLSVDQGFRXQW\FHQWUHV7LEHWDQFKLOGUHQGRQRWDOZD\VJRWRVFKRRO(YHQLI
WKH\ JRWRVFKRROWKHGURSRXWUDWHLVKLJK7KLVLVGXHWRWKUHHPDLQZRUOGZLGH
NQRZQ FRPPRQ UHDVRQV IDPLOLHV FDQQRW ILQDQFLDOO\ DIIRUG LW WKH GLVWDQFH WR D
VFKRROLVWRRIDUDQGRUFKLOGUHQDUHQHHGHGWRKHOSLQGRPHVWLFZRUN
7KHLVVXHRIJHQGHULVLQYROYHGLQD7LEHWDQHGXFDWLRQWUDGLWLRQ7UDGLWLRQDOO\ER\V
KDYH KDG EHWWHU RSSRUWXQLWLHV IRU HGXFDWLRQ WKDQ JLUOV 7KHUH KDYH DOZD\V EHHQ
VLJQLILFDQWO\ PRUH PRQDVWHULHV IRU ER\V WR HQWHU WKDQ QXQQHULHV IRU JLUOV DQG DIWHU
JRYHUQPHQW VFKRROV ZHUH HVWDEOLVKHG LQ ¶V ER\V FRQWLQXHG WR KDYH WKH VDPH
SULYLOHJHV UHJDUGLQJ HGXFDWLRQ RSSRUWXQLWLHV ,W KDV EHHQ UHJDUGHG DV PRUH
LPSRUWDQW WR SURYLGH IRUPDO HGXFDWLRQ IRU ER\V WKDQ IRU JLUOV $GGLWLRQDOO\ JLUOV
KDYHPRUHGRPHVWLFUHVSRQVLELOLWLHVWKDQER\VGR
)LQDOO\HYHQWKRXJKWKHOLWHUDF\VLWXDWLRQDPRQJ\RXQJ7LEHWDQVLVLPSURYLQJWKHUH
LVDKXJHQHHGIRUOLWHUDF\WHDFKLQJLQWKHDJHJURXSRI\HDUV7KHOLWHUDF\UDWH
DPRQJ 7LEHWDQV LQ 4LQJKDL 3URYLQFH YDULHV IURP RQH SHU FHQW WR RYHU HLJKW\ SHU
FHQWLQWKHDJHJURXSRI\HDUV&KLQD6WDWLVWLF3UHVV3HRSOHIURPWKDW
DJHJURXSVXIIHUIURPWKHHGXFDWLRQDORSSRUWXQLWLHVRUWKH\DUHVFKRROGURSRXWVZKR
KDYHQHYHUSXWLQSUDFWLFHZKDWWKH\OHDUQHGLQOLWHUDF\FODVVHV
'LVSRVDEOHLQFRPHHTXDOVZLWKLQFRPHWRWDOLQFRPHPLQXVLQFRPHWD[RQWKDWLQFRPH
0HDVXUHGLQWHUPVRIWKHSHUFHQWDJHRILOOLWHUDWHVDQGVHPLOLWHUDWHVLQWKDWDJHJURXSRIWKH
SRSXODWLRQ
2QH RI WKH GHYHORSPHQWDO DQG HGXFDWLRQDO JRDOV RI WKH &KLQHVH JRYHUQPHQW LV WR
SURPRWHOLWHUDF\WKURXJKRXWWKHZKROHFRXQWU\0LQLVWU\RI(GXFDWLRQ7KLVLV
DKXJHWDVNEXWWKH&KLQHVHJRYHUQPHQWKDVEHHQVXFFHVVIXOLQLWVPLVVLRQLQVRPH
UHJLRQVRIWKHFRXQWU\+RZHYHUWKHWDVNKDVQRWEHHQFRPSOHWHGLQVRPHPLQRULW\
SHRSOH
VDUHDVVXFKDVLQ7LEHWDQDUHDV7KH0LQLVWU\RI(GXFDWLRQRIWKH35&KDV
WKH DLP WKDW WKH 7LEHW $XWRQRPRXV 5HJLRQ ZLOO EH OLWHUDWH E\ 0LQLVWU\ RI
(GXFDWLRQ
$PGR 7LEHWDQ VRFLHW\ LQ 4LQJKDL LV DOVR FKDQJLQJ DQG WKH\ DUH IDFLQJ QHZ VRFLDO
FKDOOHQJHV$FFRUGLQJWRWKHUHFHQWUHJXODWLRQVRIGHSRSXODWLQJWKH7LEHWDQ3ODWHDX
7LEHWDQVZLOOEHPRYLQJWRWRZQVDQGWRZQVKLSV&KLQD%ULHI)RJJLQ
,Q WKHVH QHZ FKDOOHQJHV WKH DFTXLVLWLRQ RI OLWHUDF\ LV JHQHUDOO\ UHFRJQLVHG DV
LQFUHDVLQJO\ LPSRUWDQW 7LEHWDQV OLNH PRVW SHRSOHDURXQG WKH ZRUOG UHFRJQLVH WKH
LPSRUWDQFH RI OLWHUDF\ IRU VHOIFRQILGHQFH DQG IXUWKHU HGXFDWLRQ 9HU\ RIWHQ
7LEHWDQV VHH OLWHUDF\ DV D VHW RI VNLOOV ZKLFK DUH WKH VDPH IRU DOO SHRSOH ZKHWKHU
WKH\DUHIDUPHUVIDFWRU\ZRUNHUVHWF$VIDUDV,NQRZWKDWKDVFDXVHGPRVWRIWKH
7LEHWDQOLWHUDF\SURJUDPPHVWRXVHWKHVDPHPHWKRGVIRUDOOVWXGHQWVZLWKRXWWDNLQJ
LQWRDFFRXQWGLIIHUHQWQHHGVDQGXVHVRIOLWHUDF\LQGDLO\OLIH
$W SUHVHQW QDWLRQDO DQG LQWHUQDWLRQDO RUJDQLVDWLRQV SURYLGH 7LEHWDQ DGXOW OLWHUDF\
HGXFDWLRQ LQ 4LQJKDL 3URYLQFH /LWHUDF\ WHDFKLQJ WHQGV WR DGRSW DQ DOSKDEHWLFDO
PHWKRG ZKLFK HPSKDVLVHV OHDUQLQJ VRXQGV FI 0LOODUG DQG LQ D 7LEHWDQ
FRQWH[W DQ HPSKDVLV RQ UHFLWLQJ WH[WV 6WXGHQWV DUH H[SHFWHG WR OHDUQ WR UHDG DQG
ZULWH SUHVFULEHG WH[WV 7KLV DSSURDFK WR OLWHUDF\ UDLVHV TXHVWLRQV RI UHOHYDQFH DQG
DSSURSULDWHQHVV IRU WKH W\SHV RI OHDUQHUV LQ TXHVWLRQ 7KLV LVVXH SURPSWHG PH DV
6FULEQHU DQG &ROH VXJJHVW WR WU\ WR JDLQ XQGHUVWDQGLQJ RI 7LEHWDQ VRFLDO
V\VWHPVWKDWJHQHUDWHV7LEHWDQOLWHUDF\SUDFWLFHVLQ$PGR7LEHWDQFRPPXQLWLHV
$PGR7LEHWDQVZKRVSHDNWKH$PGRGLDOHFWRI7LEHWDQDQGDUHIURPWKH$PGRUHJLRQDUHFDOOHG
$PGRVRU$PGR7LEHWDQV6HH&KDSWHU
5HVHDUFK4XHVWLRQ
7KLV UHVHDUFK VWDUWHG DV D UHVXOW RI P\ SHUVRQDO QHHG IRU XQGHUVWDQGLQJ 7LEHWDQ
OLWHUDF\ $W WKDW WLPH , OLYHG LQ WKH UHVHDUFK DUHD DQG , ZRUNHG DV WKH 3URMHFW
0DQDJHU RI WKH 7LEHWDQ /LWHUDF\ 3URJUDPPH ZKLFK ZDV LPSOHPHQWHG LQ FR
RSHUDWLRQ ZLWK 7LEHWDQ PLQ]XEDQ RI +DLQDQ 7LEHWDQ $XWRQRPRXV 3UHIHFWXUH
+DLQDQ 7$3 -LDQ +XD )RXQGDWLRQ +RQJ .RQJ DQG )LGD ,QWHUQDWLRQDO IURP
)LQODQG
7KH7LEHWDQ/LWHUDF\3URJUDPPHZDVDEOHWRDVVLVWDURXQG7LEHWDQVOHDUQWR
UHDGDQGZULWHWKHLUPRWKHUWRQJXH7KHSURMHFWWUDLQHGPRUHWKDQDGXOWOLWHUDF\
WHDFKHUVLQYLOODJHV7RP\NQRZOHGJHWKLVSURMHFWKDVEHHQWKHRQO\SURMHFWZKLFK
KDVWUDLQHG7LEHWDQDGXOWOLWHUDF\WHDFKHUVLQ+DLQDQ7$3DQGSRVVLEO\LQWKHZKROH
SURYLQFH ,W ZDV D SLRQHHULQJ H[SHULHQFH WR WUDLQ FURVVFXOWXUDOO\ DQG WR REVHUYH
OLWHUDF\WHDFKLQJDQGOHDUQLQJ
$V,WDXJKWWUDLQHUVREVHUYHGWHDFKLQJVLWXDWLRQVDQGREVHUYHG7LEHWDQGDLO\OLIH,
EHFDPH FRQIXVHG ZKHQ , FRXOG QRW PDNH VHQVH RI WKH FRQWH[W RI WHDFKLQJ DQG LWV
UHOHYDQFHWRGDLO\OLIH,WULHGWRILJXUHRXWZK\OLWHUDF\ZDVWDXJKWDVLWZDVLQDGXOW
OLWHUDF\ FODVVHV $V D ZHVWHUQ OLWHUDF\ SUDFWLWLRQHU DQG D WUDLQHU , XQGHUVWRRG WKDW
OLWHUDF\ WHDFKLQJ ZDV QRW RQO\ DERXW GHYHORSPHQW JRDOV DQG GLIIHUHQW OLWHUDF\
WHDFKLQJ PHWKRGV ZKLFK DUH RIWHQ UHODWHG WR D ODQJXDJH VWUXFWXUH EXW , KDG WR JR
EH\RQG WKHVH LVVXHV , OHDUQHG WKDW JHWWLQJ WR NQRZ WKH FXOWXUDO FRQWH[W RI OLWHUDF\
WHDFKLQJZDVSURIHVVLRQDOO\LPSRUWDQWWRPH
$V , ZDV SRQGHULQJ RYHU WKH ZKROH VLWXDWLRQ , ZRQGHUHG KRZ VWURQJ WKH 7LEHWDQ
FXOWXUDOLQIOXHQFHRQHGXFDWLRQZDV,NQHZWKDW7LEHWDQOLIHKDVFKDQJHGIURPWKH
WLPHVOLWHUDF\WHDFKLQJZDVHVWDEOLVKHGLQPRQDVWHULHV,ZRQGHUHGZKHWKHURUQRWLW
ZRXOGEHDSSURSULDWHDQGEHQHILFLDOIRUOLWHUDF\OHDUQHUVLIWHDFKLQJPHWKRGVDQGWKH
FRQWHQWRIWHDFKLQJZHUHPRGLILHGLQRUGHUWRPHHWWKHQHHGVRIOLWHUDF\LQFXUUHQW
7LEHWDQFRPPXQLWLHV:RXOGWKH7LEHWDQFRPPXQLW\EHUHDG\IRUSRVVLEOHFKDQJHV
7KH'HSDUWPHQWRI0LQRULW\3HRSOH
LQDGXOWOLWHUDF\WHDFKLQJRUZDVLWRQO\PHZKRZDVH[SHFWHGWRDGMXVWLQWRWKHORFDO
V\VWHP"
+RZWKHQFRXOG,ILQGDQVZHUVWRP\TXHVWLRQV"7KHRQO\ZD\,FRXOGVHHZDVWR
GLYHLQWR$PGR7LEHWDQ FXOWXUHDQGH[SORUHWKH UHODWLRQVKLSVEHWZHHQOLWHUDF\ DQG
FXOWXUDOSUDFWLFHV,IROORZHG6FULEQHUDQG&ROH¶VIROORZLQJVXJJHVWLRQV
³,Q RUGHU WR LGHQWLI\ WKH FRQVHTXHQFHV RI OLWHUDF\ ZH QHHG WR FRQVLGHU WKH
VSHFLILFFKDUDFWHULVWLFVRIVSHFLILFSUDFWLFHV´«,QRUGHUWRGRVR³ZHQHHG
WR XQGHUVWDQG WKH ODUJHU VRFLDO V\VWHP WKDW JHQHUDWHV FHUWDLQ NLQGV RI
SUDFWLFHVDQGQRWRWKHUVDQGSRVHVSDUWLFXODUWDVNVIRUWKHVHSUDFWLFHVDQG
QRWRWKHUV´6FULEQHU&ROH
$FFRUGLQJO\,DLPHGWRJDLQDEHWWHUXQGHUVWDQGLQJRIKRZFXOWXUDOYDOXHVEHOLHIV
DQGSUDFWLFHVLQIOXHQFHDGXOWOLWHUDF\HGXFDWLRQLQ$PGR7LEHWDQFRPPXQLWLHV2QH
FRXOG VD\ WKDW WKURXJK WKLV UHVHDUFK , DWWHPSWHG WR EHFRPH OLWHUDWH LQ 7LEHWDQ
FXOWXUDO OLWHUDF\ E\ LGHQWLI\LQJ FXOWXUDO FKDUDFWHULVWLFV LQ $PGR 7LEHWDQ OLWHUDF\
SUDFWLFHV HJ UROH RI ZRPHQ DQG PHQ LQ OLWHUDF\ SUDFWLFHV SRZHU UHODWLRQV LQ
OLWHUDF\SUDFWLFHVUROHVRIGLIIHUHQWNLQGVWH[WVLQFRPPXQLWLHVHWF
)LQDOO\ WKH PDLQ UHVHDUFK TXHVWLRQ FRQFHUQV WKH ZD\V 7LEHWDQ GDLO\ OLWHUDFLHV DUH
FXOWXUDOO\ FRQVWUXFWHG DQG WKH LQIOXHQFH RI WKH 7LEHWDQ FXOWXUH RQ DGXOW OLWHUDF\
HGXFDWLRQ , DWWHPSWWRILQGDQDQVZHUE\GLYLGLQJWKHPDLQ UHVHDUFKTXHVWLRQLQWR
VXEUHVHDUFKTXHVWLRQVVXFKDV
x :KDWLVOLWHUDF\IRULQ7LEHWDQFRPPXQLWLHV"
x :KDWDUHJHQGHUUROHVLQOLWHUDF\SUDFWLFHV"
x :KDWLVWKHUROHRIUHOLJLRQLQOLWHUDF\SUDFWLFHV"
x :KDWPRWLYDWHVSHRSOHWRDFTXLUHOLWHUDF\"
x :KDWLVWKHUROHRIWKH7LEHWDQODQJXDJHLQOLWHUDF\SUDFWLFHV"
x +RZ LV SRZHU GHPRQVWUDWHG ERWK LQ VRFLHW\ DQG SDUWLFXODUO\ LQ OLWHUDF\
SUDFWLFHV"
$OO WKHVH TXHVWLRQV DUH IROORZHG E\ D TXHVWLRQ ³ZK\´ WR ILQG UHDVRQV IRU GLIIHUHQW
SUDFWLFHV $ IXUWKHU TXHVWLRQ ³KRZ´ LV D PHDQV WR ILQG WKH ZD\V WKHVH GLIIHUHQW
LVVXHVDUHLQYROYHGLQ7LEHWDQOLWHUDFLHVDQGLQDGXOWOLWHUDF\HGXFDWLRQ
5HVHDUFK/RFDWLRQ
7KLV HWKQRJUDSKLF UHVHDUFK LV ORFDWHG LQ 4LQJKDL 3URYLQFH ZKLFK LV VLWXDWHG LQ
:HVWHUQ&KLQD%HFDXVH4LQJKDL3URYLQFHZDVSDUWRIWKHDQFLHQW7LEHWDQ.LQJGRP
LWKDVDVLJQLILFDQW7LEHWDQSRSXODWLRQOLYLQJRQWKH7LEHWDQ3ODWHDX:LWKLQ4LQJKDL
3URYLQFH P\ UHVHDUFK LQYHVWLJDWHV OLWHUDF\ WHDFKLQJ LQ DGXOW OLWHUDF\ FODVVHV LQ
+DLQDQ7LEHWDQ$XWRQRPRXV3UHIHFWXUH+DLQDQ7$3+DLQDQ7$3LVRQHRIVHYHQ
SUHIHFWXUHVRI4LQJKDL3URYLQFHDQGWKHPDMRULW\RILWVSRSXODWLRQLV7LEHWDQ
&KLQD6WDWLVWLFDO%XUHDXRIWKH3HRSOH¶V5HSXEOLFRI&KLQD
0RVW7LEHWDQVOLYHLQUXUDOWRZQVWRZQVKLSVDQGYLOODJHV:LWKLQWKHVHORFDWLRQVP\
UHVHDUFKVLWHVFDQEHFDWHJRULVHGDV7LEHWDQQRPDGLFDQGVHWWOHGFRPPXQLWLHVWKDW
7LEHWDQVFDOOIDUPHUV7KHVHWZRGLIIHUHQWNLQGVRIFRPPXQLWLHVGLIIHUIURPHDFK
RWKHUQRWRQO\E\WKHLUOLYHOLKRRGDQGHFRQRPLFVLWXDWLRQEXWDOVRE\WKHLUODQJXDJH
XVH 1RPDGLF 7LEHWDQ YLOODJHV DUH PRQROLQJXDO FRPPXQLWLHV LQ $PGR 7LEHWDQ
ZKHUHDVSHRSOHLQVHWWOHGFRPPXQLWLHVDUHPRUHH[SRVHGWR&KLQHVHVHH)LJXUHV
DQG7KHUHIRUHLWLVLPSRUWDQWWRH[SORUHOLWHUDF\SUDFWLFHVLQWKHVHGLIIHUHQWNLQGV
RI FRPPXQLWLHV LQ RUGHU WR JHW DQ DFFXUDWH SLFWXUH RI $PGR 7LEHWDQ HYHU\GD\
OLWHUDF\SUDFWLFHVLQFOXGLQJDGXOWOLWHUDF\WHDFKLQJ
7LEHWDQ FRPPXQLWLHV GHSOR\ GLIIHUHQW NLQGV RI OLWHUDFLHV 7KH TXDQWLW\ RI ZULWWHQ
WH[WV YDULHV LQ GLIIHUHQW ORFDWLRQV RI 7LEHWDQ VRFLHW\ 6WUHHW VLJQV VKRS
DGYHUWLVHPHQWV DQG QHZVSDSHUV DUH YHU\ FRPPRQ LQ VHWWOHG FRPPXQLWLHV EXW LQ
QRPDGLFYLOODJHVWKRVHVLJQVDQGWH[WVDUHUDUH7KHUHVLPSO\DUHQRVWUHHWVVRWKHUH
LVQRQHHGIRUVWUHHWVLJQVDVVHHQLQWKHSKRWREHORZ7KHUHDUHYHU\IHZVKRSVLI
DQ\ VR WKHUH LV QR QHHG WR DGYHUWLVH 1HZVSDSHUV H[LVW EXW GXH WR ORQJ GHOLYHU\
GLVWDQFHVWKH\DUULYHVORZO\RUQRWDWDOOWRUHPRWHYLOODJHV<HWWKHUHDUHVWLOOVRPH
OLWHUDF\ SUDFWLFHV JRLQJ RQ LQ QRPDGLF YLOODJHV DQG WKHUH LV D QHHG IRU OLWHUDF\
HGXFDWLRQ
)LJXUH $QRPDGLFYLOODJHLQ7RQJGH
7KLV UHVHDUFK WRXFKHV PXOWLFXOWXUDO OLWHUDFLHV ,Q +DLQDQ 7$3 WKH DYDLODEOH ZULWWHQ
WH[WVH[LVWQRWRQO\LQWKH7LEHWDQODQJXDJHEXWDOVRLQ&KLQHVH0DQGDULQYDULHW\RI
&KLQHVH7LEHWDQVDUHLQFUHDVLQJO\H[SRVHGWR&KLQHVHLQRQHZD\RUDQRWKHU$OO
RIILFLDO GRFXPHQWV DUH LQ &KLQHVH VWUHHW DQG VKRS VLJQV DGYHUWLVHPHQWV HWF KDYH
&KLQHVHWH[WVRQWKHPDVVHHQLQWKHSKRWRRQWKHQH[WSDJH(YHQWKRXJKPLQRULW\
VFKRROVIRU7LEHWDQVDUH HVWDEOLVKHGVRPHRIWKHPWHDFK7LEHWDQRQO\DVDVXEMHFW
WKDWLVVLPLODUWRWKHSUDFWLFHLQ&KLQHVHVFKRROV/DUJHQXPEHUVRI7LEHWDQFKLOGUHQ
DWWHQG&KLQHVHPHGLXPVFKRROVZKHUH7LEHWDQLVWDXJKWDVRQO\RQHRIDQXPEHURI
VXEMHFWV7LEHWDQOLWHUDWXUHKDV DORQJKLVWRU\EXWLWLVGZDUIHGE\WKHYROXPHDQG
WKHZLGHUDQJHRI&KLQHVHOLWHUDWXUH
,QPDQ\FRQWH[WVRIGDLO\ OLIHOLWHUDF\LV OLQNHGZLWKVRFLDODQGFXOWXUDOLGHQWLWLHV
ZKLFKLVHVSHFLDOO\FRPSOH[LQDPXOWLFXOWXUDODQGPXOWLOLQJXDOHQYLURQPHQWZKHUH
RQO\RQHFXOWXUHDQGODQJXDJHKDVSUHVWLJH+HOOHU0D\7LEHWDQFXOWXUH
KDVDORQJKLVWRU\DQGDZULWWHQODQJXDJHWKDWKDVH[LVWHGIRUKXQGUHGVRI\HDUV0\
K\SRWKHVLV LV WKDW XQGHUVWDQGLQJ 7LEHWDQ FXOWXUH HQDEOHV XV WR XQGHUVWDQG 7LEHWDQ
OLWHUDF\ SUDFWLFHV ,Q RWKHU ZRUGV 7LEHWDQ FXOWXUDO LQIOXHQFH LV VWURQJ RQ 7LEHWDQ
OLWHUDFLHVGHVSLWHWKHVXUURXQGLQJ&KLQHVHFXOWXUH
)LJXUH $PDUNHWVWUHHWLQ&KDSFKD
/LQNLQJXSZLWK3UHYLRXV5HVHDUFK
6WXGLHV LQ WKH 7LEHWDQ ODQJXDJH DQG LWV GLDOHFWV GR H[LVW DQG UHVHDUFK LQ 7LEHWDQ
HGXFDWLRQLQ7LEHWDQ$XWRQRPRXV5HJLRQKDVEHHQWKRURXJKO\GRFXPHQWHG<HWWR
P\NQRZOHGJHQRUHVHDUFKKDVWDNHQSODFHLQ7LEHWDQHYHU\GD\OLWHUDF\SUDFWLFHVLQ
WKH7LEHWDQUHJLRQ
,QUHFHQW\HDUVPRUHUHVHDUFKKDVEHHQFDUULHGRXWRQ&KLQD
VPLQRULW\QDWLRQDOLWLHV
3RVWLJOLRQHDWDODQG+DQVHQ-XQDQG+DQVHQDPRQJRWKHU
VFKRODUV KDYH ORRNHG LQWR YDULRXV HGXFDWLRQDO LVVXHV DPRQJ PLQRULW\ QDWLRQDOLWLHV
LQ &KLQD 7KHLU VWXGLHV KDYH EURXJKW LQWR GLVFXVVLRQ VXFK LVVXHV DV ODQJXDJH RI
HGXFDWLRQ VWDWXV RI PLQRULW\ SHRSOH ELOLQJXDO HGXFDWLRQ OLWHUDF\ HGXFDWLRQ HWF
6WLWHVORRNHGDWWKUHHFDVHVWXGLHVLQKLVUHVHDUFKRQOLWHUDF\HGXFDWLRQ+LV
UHVHDUFK FRQFHQWUDWHG RQ SROLF\ LVVXHV DQG ELOLQJXDO HGXFDWLRQ SROLF\ DPRQJ
PLQRULWLHV=KRX¶VVWXG\RQOLWHUDF\HGXFDWLRQDPRQJPLQRULW\QDWLRQDOLWLHV
LQ&KLQDZDVEDVHGRQQDWLRQDOVWDWLVWLFVZKLFKSURYLGHVQHZNQRZOHGJHRIOLWHUDF\
VLWXDWLRQ DPRQJ PLQRULW\ QDWLRQDOLWLHV =KRX KDV DOVR VWXGLHG ELOLQJXDO HGXFDWLRQ
DPRQJQDWLRQDOLWLHVDQGODQJXDJHSROLF\LVVXHVLQPLQRULW\HGXFDWLRQ=KRXD
E F $OO WKHVH VWXGLHV SURYLGH YDOXDEOH EDFNJURXQG LQIRUPDWLRQ RI
HGXFDWLRQDO GHEDWHV DQG FRQFHUQV WR WKH FXUUHQW VWXG\ DQG DUH UHIHUUHG WR LQ WKH
FXUUHQW VWXG\ ODWHU RQ +RZHYHU LW LV PDLQO\ 6WLWHV ZKR JLYHV VRPH
LQVLJKWRIOLWHUDF\SUDFWLFHVRIPLQRULW\SHRSOHDWWKHJUDVVURRWOHYHOLQWKH35&
%HVLGHV UHVHDUFK LQ ELOLQJXDO HGXFDWLRQ LQ &KLQD RWKHU DVSHFWV RI WKH 7LEHWDQ
ODQJXDJHDQGFXOWXUHKDYHEHHQZLGHO\UHVHDUFKHG+RZHYHUWRP\NQRZOHGJHQR
UHVHDUFKKDVEHHQFDUULHGRXWLQ7LEHWDQGDLO\OLWHUDF\SUDFWLFHVRXWVLGHVFKRRO0RVW
UHVHDUFK RQ 7LEHWDQ OLWHUDF\ KDV WDNHQ SODFH LQ D VFKRRO FRQWH[W HJ /LQ 3RVWLJOLRQH-LDR*\DWVRDQG6HHEHUJ$GGLWLRQDOO\VRPHUHVHDUFK
RQ DGXOW 7LEHWDQ OLWHUDF\ WHDFKLQJ KDV EHHQ FDUULHG RXW LQ DQ H[LOHG FRPPXQLW\ LQ
,QGLD +RZHYHU , KDYH QRW FRPH DFURVV DQ\ VLPLODU UHVHDUFK ZKLFK KDV VWXGLHG
7LEHWDQV¶HYHU\GD\OLWHUDFLHVLQRXWVFKRROFRQWH[WVLQWKH35&6WXGLHVLQ7LEHWDQ
ODQJXDJH DQG LWV GLDOHFWV GR H[LVW DQG UHVHDUFK LQ 7LEHWDQ HGXFDWLRQ LQ 7LEHWDQ
$XWRQRPRXV 5HJLRQ 7$5 KDV EHHQ WKRURXJKO\ GRFXPHQWHG EXW WR P\
NQRZOHGJHQRUHVHDUFKKDVWDNHQSODFHLQ7LEHWDQHYHU\GD\OLWHUDF\SUDFWLFHVLQWKH
7LEHWDQUHJLRQ
5HVHDUFK6XPPDU\
$VDZKROHWKLVUHVHDUFKLVDERXWJHWWLQJWRNQRZDQGWRXQGHUVWDQGWKHUHODWLRQVKLS
EHWZHHQ DGXOW OLWHUDF\ HGXFDWLRQ DQG WKH XVH RI UHDGLQJ DQG ZULWLQJ LQ $PGR
7LEHWDQV¶GDLO\OLIH)XUWKHUPRUHWKLVFXUUHQWUHVHDUFKDLPVWRVKHGOLJKWRQWKHOLQN
EHWZHHQFXOWXUDOSUDFWLFHVDQGOLWHUDF\SUDFWLFHVDQGKRZDQGLQZKDWZD\FXOWXUDO
SUDFWLFHV LQIOXHQFH OLWHUDF\ SUDFWLFHV LQFOXGLQJ DGXOW OLWHUDF\ HGXFDWLRQ 7KURXJK
LQTXLULHV DERXW FXOWXUH DQG OLWHUDF\ , ZLOO EH LQ D SRVLWLRQ WR ILQG DQVZHUV WR WKH
QDJJLQJTXHVWLRQVLQP\PLQG³:K\GRWKH\WHDFKOLWHUDF\DVWKH\GR",VWKLVNLQG
RI OLWHUDF\ WHDFKLQJ UHOHYDQW WR HYHU\GD\ OLIH"´ ³:KDW GR $PGRV XVH OLWHUDF\ IRU"
³,QZKDWZD\OLWHUDF\LVSUDFWLVHG"´
$V PHQWLRQHG WKH UHVHDUFK ILHOG LV ZLGH DQG RQH SLHFH RI UHVHDUFK LV RQO\ DEOH WR
H[SORUHWKHVHLVVXHVZLWKLQOLPLWV%HFDXVHWKH7LEHWDQUHJLRQLVODUJHDQGWKHUHDUH
YDULRXV7LEHWDQGLDOHFWVLWZRXOGEHYLUWXDOO\LPSRVVLEOHWRFRYHU7LEHWDQV
OLWHUDF\
SUDFWLFHVLQWKHZKROHUHJLRQZLWKLQRQHSLHFHRIUHVHDUFK7KHUHIRUH,KDYHFKRVHQ
WR FRQFHQWUDWH P\ UHVHDUFK RQ $PGR 7LEHWDQV
OLWHUDF\ SUDFWLFHV LQ 4LQJKDL
3URYLQFH 7KLV UHVHDUFK LV UHVWULFWHG WR D VSHFLILF DUHD DQG GLDOHFW DQG WKXV LW LV D
FDVH VWXG\ RI FHUWDLQ 7LEHWDQ SHRSOH DQG WKHLU OLWHUDF\ SUDFWLFHV +RZHYHU P\
K\SRWKHVLV LV WKDW WKH RXWFRPH RI WKH UHVHDUFK ZLOO KDYH LPSOLFDWLRQV IRU WKH
XQGHUVWDQGLQJ RI WKH RWKHU DUHDV ZLWKLQ WKH 7LEHWDQ UHJLRQ HVSHFLDOO\ LQ $PGR
7LEHWDQDUHDVLQ4LQJKDL3URYLQFH
5HVHDUFK2YHUYLHZ±&RQWHQWRIWKH7KHVLV
7KLVWKHVLVFRQVLVWVRIVL[FKDSWHUV&KDSWHUVRQHWRIRXUSUHVHQWWKHUHVHDUFKLQWHUHVW
DQGUHVHDUFKHQYLURQPHQWDORQJZLWKWKHRUHWLFDODQGPHWKRGRORJLFDOEDFNJURXQGRI
WKH WKHVLV &KDSWHUV ILYH DQG VL[ SUHVHQW WKH RXWFRPH RI WKH ILHOG UHVHDUFK DQG
GLVFXVVLRQVRQYDULRXVLVVXHVRI$PGR7LEHWDQDGXOWOLWHUDF\HGXFDWLRQ
&KDSWHUSUHVHQWVWKHRXWOLQHRIWKLVWKHVLVLQFOXGLQJWKHUDWLRQDOHIRUWKLVUHVHDUFK
WKH UHVHDUFK TXHVWLRQ DQG WKH UHVHDUFK VWUXFWXUH ,Q WKLV FKDSWHU , SURYLGH DQ
RYHUYLHZRIP\UHVHDUFKLQWHUHVW
&KDSWHU SURYLGHV D GHVFULSWLRQ RI WKH UHVHDUFK HQYLURQPHQW , LQWURGXFH $PGR
7LEHWDQVZKRDUHWKHPDLQSDUWLFLSDQWVRIWKLVUHVHDUFK,JLYHDEULHILQWURGXFWLRQWR
WKHLUKLVWRU\FXOWXUHDQGODQJXDJH,QWKLVFKDSWHU,DOVRIDPLOLDULVHWKHUHDGHUZLWK
WKHUHJLRQDODGPLQLVWUDWLYHKLHUDUFK\RIWKHUHVHDUFKDUHD
&KDSWHUFULWLFDOO\UHYLHZVWKHRUHWLFDOLVVXHVLQUHVHDUFKLQJ$PGR7LEHWDQOLWHUDF\
,WSURYLGHVWKHWKHRUHWLFDOEDFNJURXQGIRUP\UHVHDUFKZKLFKGUDZVXSRQWKHRULHVRI
VRFLROLQJXLVWLFVDQGWKHRULVWVZKRYLHZOLWHUDF\DVVLWXDWHGDFWLYLW\,QWKLVFKDSWHU,
DOVRGLVFXVVGLIIHUHQWYLHZVRIFXOWXUHLQWKHFRQWH[WRIWKHUHVHDUFKWRSLF
,Q &KDSWHU WKH IRFXV LV RQ WKH YDOLGLW\ DQG UHOLDELOLW\ RI WKH PHWKRGRORJLFDO
DSSURDFKZKLFK,KDYHXVHGLQWKLVUHVHDUFK,H[SODLQUHVHDUFKPHWKRGVXVHGLQWKLV
UHVHDUFK DQG WKHLU DSSURSULDWHQHVV WR WKH UHVHDUFK , DOVR SUHVHQW DQ DFFRXQW RI
HWKLFDOLVVXHVZKLFKFRQFHUQP\UHVHDUFKPHWKRGVDQGP\ZD\VRIGRLQJUHVHDUFK
&KDSWHU SUHVHQWV DQG DQDO\VHV WKH GDWD RQ OLWHUDFLHV LQ WKH FRQWH[W RI 7LEHWDQ
FXOWXUDO SUDFWLFHV ,Q WKLV FKDSWHU , GLVFXVV KRZ 7LEHWDQ OLWHUDF\ SUDFWLFHV DUH
FRQVWUXFWHGE\PRQDVWLFOLWHUDFLHVDQGRWKHUFXOWXUDOYLHZVWUDGLWLRQVDQGEHOLHIV
&KDSWHU SUHVHQWV DQG DQDO\VHV WKH GDWD LQ WKH FRQWH[W RI 7LEHWDQ DGXOW OLWHUDF\
DFTXLVLWLRQ ,Q WKLV FKDSWHU , GLVFXVV 7LEHWDQ ODQJXDJH OLWHUDFLHV DORQJ ZLWK DGXOW
OLWHUDF\ WHDFKLQJ DQG KRZ WKH\ DUH ERWK JURXQGHG RQ DQG HPEHGGHG LQ 7LEHWDQ
FXOWXUH
&KDSWHU SUHVHQWV D FRQFOXVLRQ RI P\ UHVHDUFK ILQGLQJV ZKLFK HPHUJHG IURP
TXDOLWDWLYH GDWD DQDO\VLV ,PSOLFDWLRQV RI WKLV VWXG\ IRU IXUWKHU UHVHDUFK ZLOO EH
FRQVLGHUHG7KLVFKDSWHUGHPRQVWUDWHVWKHSRWHQWLDOFRQWULEXWLRQRIWKLVVWXG\RQWKH
ILHOGRIDGXOWOLWHUDF\HGXFDWLRQDQGHVSHFLDOO\LQWKH7LEHWDQUHJLRQ
6HWWLQJWKH6FHQH
7KHPDLQFRPSRQHQWVRIWKLVVWXG\DUHFXOWXUHDQGOLWHUDF\DFTXLVLWLRQUHVHDUFKHGLQ
WKH FRQWH[W RI 7LEHWDQ FXOWXUH 7LEHWDQ HGXFDWLRQ DQG WKH 7LEHWDQ /LWHUDF\
3URJUDPPH 7KH 7LEHWDQ /LWHUDF\ 3URJUDPPH ZDV LPSOHPHQWHG LQ WKH $PGR
7LEHWDQ UHJLRQ ZKLFK SURYLGHV WKH FXOWXUDO VFHQH IRU WKLV UHVHDUFK , ZLOO VWDUW E\
LQWURGXFLQJ WKH $PGR 7LEHWDQV WKH PDLQ SDUWLFLSDQWV LQ WKLV VWXG\ , ZLOO ORRN DW
WKHLUOLIHWKHLUFXOWXUHDQGDOVRWKHRULJLQRIWKHLUHGXFDWLRQDVZHOODVDQRYHUYLHZ
RI FXUUHQW HGXFDWLRQ LQ WKH DUHD , ZLOO DOVR LQWURGXFH WKH 7LEHWDQ /LWHUDF\
3URJUDPPHZKLFKSURYLGHVWKHHPSLULFDOGDWDIRUWKLVUHVHDUFK
$PGR7LEHWDQV:KR$UH7KH\"
³$OO RYHU &KLQD &KLQHVH SHRSOH GRQ¶W NQRZ WKHVH GLDOHFWV ,PPHGLDWHO\
ZKHQ WKH\ KHDU \RX DUH D 7LEHWDQ WKH\ WKLQN \RX DUH IURP ;L]KDQJ 7LEHW
$XWRQRPRXV 5HJLRQ 3HRSOH GRQ¶W NQRZ ZKHUH 4LQJKDL LV WKH\ GRQ¶W
NQRZ$PGR3HRSOHGRQ¶WNQRZWKHGLIIHUHQFHEHWZHHQ$PGRDQG7LEHWDQV
IURP;L]KDQJ´
$*XRPDQJYLOODJHPHHWLQJ
7KH TXRWH DERYH LV DQ H[FHUSW IURP D JURXS PHHWLQJ RI YLOODJH SHRSOH LQ 7RQJGH
&RXQW\LQ+DLQDQ7$3(YHQWKRXJKWKHDUJXPHQWPD\QRWEHHQWLUHO\WUXH,WKLQN
LW KDV D JUDLQ RI WUXWK LQ LW 7LEHWDQV LQ JHQHUDO DUH NQRZQ WR SHRSOH DOO RYHU WKH
ZRUOG 7KH FXUUHQW 'DODL /DPD DQG 7LEHWDQV LQ H[LOH KDYH PDGH JUHDW HIIRUWV WR
PDNH WKH 7LEHWDQV¶ SROLWLFDO VLWXDWLRQ DQG 7LEHWDQ %XGGKLVP NQRZQ +RZHYHU
$PGR7LEHWDQVDUHOHVVNQRZQ
7KH7LEHWDQ5HJLRQDQGWKH$PGRV
7LEHW¶VKLVWRU\LVGRFXPHQWHGIURPWKHHDUO\WKFHQWXU\.DSVWHLQ'XULQJWKH
IROORZLQJ FHQWXU\ WKH 7LEHWDQ HPSLUH H[WHQGHG IURP WKH FXUUHQW QRUWKZHVW ERUGHU
RI,QGLDWR;LDQLQ&KLQDDQGIURP6RXWK1HSDOWRWKHVRXWKHUQERUGHURI0RQJROLD
7KHHDVWHUQDUHDRI*UHDWHU7LEHWZDVGLYLGHGLQWRWZRSURYLQFHV$PGRDQG.KDP
$PGR ZDV WKH QRUWKHDVWHUQPRVW SURYLQFH RI 7LEHW ZKLOH .KDP ZDV WKH HDVWHUQ
SURYLQFHRI7LEHW&HQWUDO7LEHW87VDQJZDVDWWKHFHQWUHRIWKHVWDWH87VDQJ
KDGDQLPSRUWDQWSROLWLFDODQGUHOLJLRXVUROHEHFDXVHWKHJRYHUQPHQWDQGUHOLJLRXV
FHQWUHVZHUHORFDWHGLQ/KDVDWKHFDSLWDORI7LEHW
)LJXUH 7KH7LEHWDQUHJLRQDQGWKHWHUULWRULDOERUGHUVRIWKH3HRSOH¶V5HSXEOLFRI&KLQD
,W VHHPV WKDW WKH $PGR UHJLRQ GLG QRW KDYH DQ\ SDUWLFXODU VLJQLILFDQFH XQWLO LW
VWDUWHG WR JDLQ UHOLJLRXV LPSRUWDQFH .DSVWHLQ *HOXNSD RQH RI WKH 7LEHWDQ
%XGGKLVWVHFWVPRQDVWHULHVZHUHIRXQGHGLQ$PGR(VSHFLDOO\.XPEXPZKLFKLV
ORFDWHGQHDU;LQLQJWKHFDSLWDORI4LQJKDL3URYLQFHVWLOOKDVLPSRUWDQFHDQGDKLJK
VWDWXV LQ WKH 7LEHWDQ %XGGKLVW ZRUOG 'DODL /DPDV ERUQ LQ WKH $PGR UHJLRQ KDYH
LQFUHDVHG WKH VLJQLILFDQFH RI WKH $PGR UHJLRQ 7KH WK 'DODL /DPD WKH FXUUHQW
VSLULWXDOOHDGHURIWKH7LEHWDQVLVWKHODWHVW$PGRERUQ'DODL/DPD+HZDVDOVRWKH
SROLWLFDOOHDGHURI7LEHWDQVLQH[LOHXQWLO$XJXVWZKHQKLVSROLWLFDOVXFFHVVRU
ZDVLQDXJXUDWHGLQ'KDUDPVDODLQWKH+LPDOD\DVLQ,QGLD
%HIRUHWKHKLVWRULFDOVWDJHRIWKHHVWDEOLVKPHQWRIWKH7LEHWDQ$XWRQRPRXV5HJLRQV
7$5 WKH SROLWLFDO DQG VRFLDO KLVWRU\ RI WKH $PGR UHJLRQ GLIIHUV IURP 7$5
$FFRUGLQJ WR +XEHU D WKH HDVWHUQ DUHDV RI WKH 7LEHWDQ 3ODWHDX ZHUH QRW
LQFRUSRUDWHG ZLWKLQ WKH VLQJOH SROLWLFDO HQWLW\ RI *UHDWHU 7LEHW GXULQJ WKH UXOH RI
'DODL/DPDVLQWKHSUHPRGHUQ/KDVDEDVHGVWDWH7KHHDVWHUQDUHDVZHUHJRYHUQHG
E\VPDOOHUWUDGLWLRQDOSROLWLHV$IWHUWKHUHYROXWLRQRILQ&KLQDWKHIDPLO\RI
ZDUORUG 0D JDLQHG SRZHU LQ 4LQJKDL 7KH IDPLO\ UXOHG 4LQJKDL IRU \HDUV XQWLO
WKH5HSXEOLFDQJRYHUQPHQWWRRNRYHUDQGFUHDWHGDFRXQW\EDVHGUXOLQJV\VWHPZLWK
+XL DQG +DQ PDJLVWUDWHV +XEHU 7KH &KLQHVH FRPPXQLVWV FRXOG FRQWLQXH
ZLWKWKHH[LVWLQJFRXQW\V\VWHPDIWHU7KXVWKH$PGRUHJLRQKDVEHHQXQGHU
&KLQHVHDGPLQLVWUDWLRQDQGLQIOXHQFHIRUDORQJHUSHULRGRIWLPHWKDQ7$5DQGLWLV
QRWDVZHOONQRZQD7LEHWDQUHJLRQDV7$5LV
1RZDGD\V PRVW $PGRV OLYH LQ 4LQJKDL 3URYLQFH 4LQJKDL 3URYLQFH LV ORFDWHG LQ
QRUWKZHVW&KLQDQRUWKRIWKH7$57KHWRWDOSRSXODWLRQRIWKLVSURYLQFHLVRYHU
PLOOLRQ SHRSOH RI ZKLFK DSSUR[LPDWHO\ ILIW\HLJKW SHU FHQW DUH +DQ QDWLRQDOLW\
4LQJKDL 6WDWLVWLFDO <HDUERRN 7KH UHPDLQLQJ IRUW\WZR SHUFHQW FRQVLVW RI
PDLQO\ ILYH QDWLRQDO PLQRULW\ JURXSV 7LEHWDQ +XL 7X 6DODU
DQG0RQJROLDQ*HQHUDOO\VSHDNLQJ$PGRVVSHDN$PGR7LEHWDQD
7LEHWDQ GLDOHFW DV WKHLU PRWKHU WRQJXH +XEHU LELG FODLPV WKDW &KLQHVH LV WKH
OLQJXDIUDQFDLQPDQ\FRPPXQLWLHVLQWKH$PGRUHJLRQUHJDUGOHVVRIWKHHWKQLFLW\RI
WKHVH FRPPXQLWLHV :KHUHDV -DQKXQHQ FODLPV WKDW $PGR 7LEHWDQ LV WKH
OLQJXDIUDQFDLQWKH$PGR7LEHWDQUHJLRQ6HHEHUJKDVWKHVDPHYLHZRIWKH
VWDWXVRI$PGR7LEHWDQDV-DQKXQHQLQWKH$PGRFRPPXQLWLHVLQKHUUHVHDUFKDUHDV
LQ *DQVX DQG 4LQJKDL 3URYLQFHV %DVHG RQ P\ RZQ H[SHULHQFH DQG REVHUYDWLRQ ,
VHH $PGR 7LEHWDQ DV WKH OLQJXD IUDQFD DPRQJ $PGRV EXW , FRQVLGHU &KLQHVH
0DQGDULQ DV WKH OLQJXD IUDQFD LQ FURVVFXOWXUDO FRPPXQLFDWLRQ EHWZHHQ GLIIHUHQW
QDWLRQDO PLQRULW\ JURXSV DQG EHWZHHQ PDMRULW\ SHRSOH DQG $PGRV LQ 4LQJKDL
3URYLQFH
7KHUHDUHDVPDOOQXPEHURIRWKHUQDWLRQDOPLQRULWLHVDVZHOOHJ.D]DN%RQDQDQG8\JXU
:H KDYH VHHQ DERYH WKDW WKH ZRUG ³$PGR´ FDQ UHIHU WR D JHRJUDSKLFDO DUHD D
SHRSOH JURXS RU WR WKH ODQJXDJH RI WKLV UHJLRQDO SHRSOH JURXS 7LEHWDQV IURP WKH
$PGRUHJLRQDUH$PGRV&XUUHQWO\WKHPDMRULW\RI$PGRVOLYHLQWKHODUJHUSDUWRI
WKH 4LQJKDL 3URYLQFH DV ZHOO DV LQ VRXWKZHVW *DQVX DQG QRUWKZHVW 6LFKXDQ
SURYLQFH7KHWRWDOQXPEHURI$PGRVLVVDLGWREHDURXQGWZRPLOOLRQDQGKDOIRI
WKHP OLYH LQ 4LQJKDL 3URYLQFH 1RUEX 3HHW G3DO /GDQ E.UD VKLV 6WXDUW $OVRWKHGLDOHFWRI7LEHWDQZKLFKWKH$PGRSHRSOHVSHDNLVFDOOHG$PGR7KXVWKH
XVDJH RI ³$PGR´ FDQ EH FRQIXVLQJ )RU WKDW UHDVRQ , KDYH FKRVHQ WR HPSOR\ WKH
ZRUG ³$PGR´ IRU WKH 7LEHWDQ SHRSOH RI WKH ³$PGR UHJLRQ´ DQG ³$PGR 7LEHWDQ
ODQJXDJH´IRUWKHLUODQJXDJH
)LJXUH 7LEHWDQGDQFLQJLQDQ$PGRYLOODJHYLVLWRUV¶MHHSLQEDFNJURXQG
7LEHWDQVIURPRWKHU7LEHWDQDUHDVVSHDNGLIIHUHQWGLDOHFWVRIWKH7LEHWDQODQJXDJH
WKH\ GUHVV GLIIHUHQWO\ DQG WKHLU ZD\ RI OLYLQJ PD\ EH GLIIHUHQW WR WKH $PGRV
+RZHYHU DOO 7LEHWDQ JURXSV KDYH WKH VDPH FXOWXUDO FRUH YDOXHV DQG SUDFWLFHV FI
+RIVWHGH 7KHUHIRUH LW LV DSSURSULDWH WR XVH ³7LEHWDQ FXOWXUH´ DV D JHQHUDO
FRQFHSWWRUHIHUWRWKHFXOWXUHRIDOORIWKHVH7LEHWDQJURXSV
/DQJXDJHDQG/LWHUDF\0DWHULDOV
6LQFH WKHUH LV QR OLWHUDF\ ZLWKRXW ODQJXDJH D EULHI LQWURGXFWLRQ WR WKH 7LEHWDQ
ODQJXDJHLVQHFHVVDU\7KHDLPLVQRWWRJLYHDWKRURXJKOLQJXLVWLFGHVFULSWLRQRIWKH
ODQJXDJH EXW PHUHO\ WR JLYH VRPH EDFNJURXQG LQIRUPDWLRQ UHJDUGLQJ WKH ODQJXDJH
ZKHUH$PGR7LEHWDQOLWHUDF\LVLPSOHPHQWHG
7KH7LEHWDQODQJXDJH
$PGR7LEHWDQLVRQHRIWKHWKUHHPDLQGLDOHFWVRIWKH7LEHWDQODQJXDJH7KHRWKHU
WZR GLDOHFWV DUH .KDP DQG h 7VDQJ DOVR NQRZQ DV WKH &HQWUDO GLDOHFW 'HQZRRG
%D\HU,QWKLVFRQWH[W,GHILQHDGLDOHFWDV³WKHIRUPRIDODQJXDJHWKDW
LVVSRNHQLQRQHDUHDZLWKJUDPPDUZRUGVDQGSURQXQFLDWLRQWKDWPD\EHGLIIHUHQW
IURPRWKHUIRUPVRIWKHVDPHODQJXDJH´2[IRUG$GYDQFHG*HQLH$OOWKUHH
RI WKH PDLQ 7LEHWDQ GLDOHFWV KDYH VHYHUDO VXEGLDOHFWV DQG WKH GLYLVLRQ RI WKH
GLDOHFWVLVJHRJUDSKLFDO
$PGR 7LEHWDQ LV PDLQO\ VSRNHQ LQ 4LQJKDLEXW DOVR LQ *DQVX 3URYLQFH DQG LQ WKH
QRUWKZHVWHUQ SDUW RI 6LFKXDQ SURYLQFH LQ WKH 3HRSOHV¶ 5HSXEOLF RI &KLQD 35&
.KDP LV VSRNHQ LQ 6LFKXDQ SURYLQFH WKH QRUWKZHVWHUQ DUHD RI <XQQDQ 3URYLQFH
WKH QRUWKHDVW RI WKH 7LEHWDQ $XWRQRPRXV 5HJLRQ 7$5 DQG VRXWKHUQ 4LQJKDL
3URYLQFHh7VDQJLVVSRNHQLQ7$5
7KH h 7VDQJ GLDOHFW LV UHJDUGHG DV WKH VWDQGDUG 7LEHWDQ ODQJXDJH %D\HU 'HQZRRG .DSVWHLQ 7KHUHIRUH ZKHQ DQ\ IHDWXUHV RI WKH ODQJXDJH DUH
GLVFXVVHG DW D JHQHUDO OHYHO WKH FRUH RI WKH GLVFXVVLRQ LV LQ WKH h 7VDQJ GLDOHFW
:KHUHDVZKHQ$PGRDQG.KDPGLDOHFWVDUHXQGHUGLVFXVVLRQWKH\DUHVSHFLILFDOO\
PHQWLRQHG7KHUHIRUHZKHQOLQJXLVWVLQFOXGLQJ&RXOPDVFDWHJRULVH7LEHWDQ
DVDWRQDOODQJXDJHWKH\UHIHUWRWKHh7VDQJGLDOHFWZKLFKKDVWZRWRQHV:KHUHDV
DFFRUGLQJ WR 6,/ ,QWHUQDWLRQDO WKH .KDP GLDOHFW KDV IRXU WRQHV *RUGRQ FDOOHG .KDPV 7KH $PGR GLDOHFW GLIIHUV IURP WKHVH WZR E\ QRW EHLQJ D WRQDO
ODQJXDJH
7KH7LEHWDQ
/DQJXDJH
7RQDO
$PGRGLDOHFW
87VDQJGLDOHFW
1RQ7RQDO
WRQHV
.KDPGLDOHFW
WRQHV
)LJXUH 7KH7LEHWDQODQJXDJHDQGLWVPDLQGLDOHFWV
7KH GLVWLQFWLRQ EHWZHHQ WKHVH WKUHH GLDOHFWV LV QRW RQO\ WRQDO EXW DOVR OH[LFDO
SKRQHWLFDQGJUDPPDWLFDO7KHWUDGLWLRQDOZULWLQJV\VWHPWKDWZDVGHYHORSHGLQWKH
VHYHQWK FHQWXU\ FDQ UHSUHVHQW HDFK RI WKHVH PDLQ GLDOHFWV EXW WKH VSHOOLQJ V\VWHP
YDULHV IURP RQH GLDOHFW WR DQRWKHU $OVR WKH SKRQRORJLFDO GLIIHUHQFHV EHWZHHQ WKH
GLDOHFWV DUH JUHDW HQRXJK WR PDNH WKHP PXWXDOO\ XQLQWHOOLJLEOH 'HQZRRG 6RPHWLPHVNQRZOHGJHRIWKHQDWLRQDO&KLQHVHODQJXDJHVROYHVWKHFRPPXQLFDWLRQ
SUREOHPV EHWZHHQ GLIIHUHQW 7LEHWDQ GLDOHFW JURXSV)RU H[DPSOH 7LEHWDQ VWXGHQWV
ZKR FRPH IURP GLIIHUHQW 7LEHWDQ UHJLRQV WR VWXG\ DW WKH &HQWUDO ,QVWLWXWH IRU
1DWLRQDOLWLHV LQ %HLMLQJ FRPPXQLFDWH ZLWK HDFK RWKHU LQ &KLQHVH :KLOH VSRNHQ
GLDOHFWVDUHYHU\GLYHUVHZLWKLQWKH7LEHWDQDUHDZULWWHQYDULHWLHVDUHVWDQGDUGLVHGWR
D UHPDUNDEOH GHJUHH FRQVLGHULQJ WKHLU KXJH JHRJUDSKLFDO H[WHQW DQG WKH KLVWRULFDO
UDQJHRIWKHODQJXDJH&RXOPDV'HQZRRG
7KHVH WKUHH PDLQ GLIIHUHQW GLDOHFWV KDYH GLIIHUHQW SRVLWLRQV ZLWKLQ WKH 7LEHWDQ
ODQJXDJH$FFRUGLQJWR3ULQVIURPDOLQJXLVWLFSRLQWRIYLHZD.KDPGLDOHFW
KROGVDPLGZD\SRVLWLRQEHWZHHQWKHh7VDQJDQGWKH$PGRGLDOHFWV$ORQJZLWK
EHLQJWKHVWDQGDUGGLDOHFWRI7LEHWDQh7VDQJKDVSUHVWLJHEHFDXVHRILWVUHOLJLRXV
FXOWXUDODQGKLVWRULFDOLPSRUWDQFH /KDVDWKHFDSLWDORI7LEHWDQ(PSLUHDQGRIWKH
FXUUHQW7LEHW$XWRQRPRXV5HJLRQKDVEHHQDQGSDUWLDOO\VWLOOLVWKHDGPLQLVWUDWLYH
DQG UHOLJLRXV FHQWUH RI WKH ZKROH 7LEHWDQ UHJLRQ )URP WKDW SHUVSHFWLYH WKH $PGR
7KH&HQWUDO,QVWLWXWHIRU1DWLRQDOLWLHVLQ%HLMLQJLVDQLQVWLWXWHHVWDEOLVKHGIRUVWXGHQWVIURP
PLQRULW\SHRSOHJURXSVLQWKH35&%XW+DQ&KLQHVHVWXGHQWVZKRSODQWRZRUNLQPLQRULW\SHRSOH¶V
DUHDVFDQVWXG\WKHUHDVZHOO
DQG.KDPGLDOHFWVKDYHDGLIIHUHQWVWDWXVZLWKLQWKH7LEHWDQODQJXDJHZKLFKFDQEH
VHHQLQWKHTXRWHDWWKHEHJLQQLQJRIWKLVFKDSWHU7LEHWDQVLQ7$5WKHLUGLDOHFWDQG
WKHLUFDSLWDO/KDVDDUHNQRZQDURXQGWKHJOREH7KLVGRHVQRWDSSO\WRWKH$PGRV
7KH$PGR7LEHWDQGLDOHFW
$URXQGWZRPLOOLRQ7LEHWDQVZLWKLQWKH35&VSHDN$PGR7LEHWDQDVWKHLUPRWKHU
WRQJXHEXW³WKHUHLVQR XQLYHUVDOO\ DFFHSWHG ³VWDQGDUG´$PGR7LEHWDQ´1RUEXHW
DO $PGRV ZKR DUH OLWHUDWH KDYH GLIILFXOW\ XQGHUVWDQGLQJ XQIDPLOLDU ZRUGV
ZKLFK GR QRW H[LVW LQ WKH VSRNHQ IRUP EXW H[LVWLQWKH OLWHUDU\ IRUP )RU H[DPSOH
79QHZVLQWKH4LQJKDL3URYLQFHLVEURDGFDVWHGLQWKHOLWHUDU\³$PGRGLDOHFW´7KDW
PHDQVWKDWWKHQHZVPDQXVFULSWVDUHZULWWHQLQWKHVWDQGDUG7LEHWDQIRUPEXWWKH\
DUH UHDG XVLQJ $PGR 7LEHWDQ SURQXQFLDWLRQ (YHQ WKRXJK WKH SURQXQFLDWLRQ LV
DFFRUGLQJ WR WKH $PGR GLDOHFW QRW DOO $PGR VSHDNHUV XQGHUVWDQG WKH EURDGFDVWHG
QHZVEHFDXVHRIWKHOH[LFDOGLIIHUHQFHV
%HFDXVH WKHUH LV QR RIILFLDOO\ VWDQGDUGLVHG OLWHUDU\ IRUP RI $PGR 7LEHWDQ OH[LFDO
LWHPV DUH QRW ZULWWHQ FRQVLVWHQWO\ WKURXJKRXW WKH $PGR UHJLRQ 1RUEX HW DO 3ULQV 7KXV WHDFKLQJ OLWHUDF\ LQ $PGR 7LEHWDQ LV QRW D VWUDLJKWIRUZDUG
PDWWHU,WLVQRWXQFRPPRQWKDWZHOOHGXFDWHG$PGRVZULWHWKHVDPHOH[LFDOLWHPV
GLIIHUHQWO\)RUH[DPSOH,REVHUYHG$PGR7LEHWDQODQJXDJHWUDQVODWRUV¶GLVFXVVLRQV
RQ WKH FRUUHFW ZULWLQJ IRUPV RI YDULRXV OH[LFDO LWHPV LQ WKHLU ZULWWHQ WDVNV 4XLWH
RIWHQ WKHUH ZHUH D FRXSOH RI GLIIHUHQW RSLQLRQV UHJDUGLQJ WKH FRUUHFW ZULWWHQ IRUP
7KH XVH RI YDULRXV VXIIL[HV IRU H[DPSOH ZDV QRW DOZD\V FOHDU ,Q WKH HQG LQ WKLV
FDVHWKHWUDQVODWRUVDJUHHGXSRQXVLQJRQHSDUWLFXODUOLWHUDU\IRUP
%DVLFDOO\ $PGR VSHDNHUV OHDUQ D ORFDO GLDOHFW RI $PGR 7LEHWDQ DV WKHLU PRWKHU
WRQJXH7KDWGLDOHFWLVVSRNHQLQWKHLUVSHFLILFDUHDFI³'LJORVVLD´DVLQ)HUJXVRQ
6FKLIIPDQ7KH$PGRGLDOHFWLQ+DLQDQ7$3WKHORFDOHRIWKLV
UHVHDUFKGLIIHUVIURPWKHGLDOHFWRIWKH+XDQJQDQ3UHIHFWXUHZKLFKLVDOVRORFDWHG
LQ 4LQJKDL 3URYLQFH )XUWKHUPRUH WKHUH DUH DOVR ORFDO GLDOHFW YDULDWLRQV ZLWKLQ
+DLQDQ 7$3 +RZHYHU ORRNLQJ LQWR VXEGLDOHFWV RI VWDQGDUG $PGR 7LEHWDQ LV
EH\RQGWKHSXUSRVHRIWKLVVWXG\
'HVSLWHLQWHUUHJLRQDOODQJXDJHGLIIHUHQFHV $PGRVSHDNHUVKDYHDVWURQJ UHJLRQDO
LGHQWLW\DV$PGRZKLFKERWKUHIHUVWRWKHGLDOHFWDQGWRWKHUHJLRQZLWKLQWKHODUJHU
7LEHWDQUHJLRQ(YHQWKRXJK$PGR7LEHWDQYDULHV³DORQJWKHYDOOH\V´VRWRVSHDN
VRPHUHVHDUFKHUVDVPHQWLRQHGHDUOLHUVWLOOFRQVLGHU$PGR7LEHWDQWREHWKHOLQJXD
IUDQFD LQ 4LQJKDL 3URYLQFH RU DW OHDVW LQ WKH 7LEHWDQ DXWRQRPRXV SUHIHFWXUHV LQ
4LQJKDL3URYLQFH-DQKXQHQ6HHEHUJ
,W FDQ EH VWDWHG WKDW $PGR 7LEHWDQ LV D OLYLQJ GLDOHFW RI WKH 7LEHWDQ ODQJXDJH ,W
GLIIHUV IURP VWDQGDUG 7LEHWDQ DQG WKH .KDP 7LEHWDQ GLDOHFW $FFRUGLQJ WR WKH
(WKQRORJXHRI6,/,QWHUQDWLRQDO*RUGRQ$PGRVSHDNHUVGRQRWILQG&HQWUDO
7LEHWDQDQG.KDPGLDOHFWVRI7LEHWDQLQWHOOLJLEOH7KH$PGRGLDOHFWGRHVQRWKDYH
DQ RIILFLDO VWDQGDUGLVHG OLWHUDU\ IRUP ZKLFK OLPLWV LWV XVH LQ SXEOLFDWLRQ )RU
H[DPSOH 1RUEX HW DO FOHDUO\ GHILQH WKH GLDOHFW FKRLFH WKH\ XVH LQ WKH
³0RGHUQ2UDO$PGR7LEHWDQ´ODQJXDJHSULPHU,QDZD\$PGRFDQEHVHHQDVDQ
RUDO GLDOHFW ZLWK WKH PHDQV RI XWLOLVLQJ 7LEHWDQ VFULSW WR SURGXFH YDULHG IRUPV RI
$PGRWH[WV7KLVWKHQKDVDQLQIOXHQFHRQWKHDFTXLVLWLRQRIOLWHUDF\LQ7LEHWDQLQ
WKH $PGR UHJLRQ DV WKH VWDQGDUG 7LEHWDQ h 7VDQJ LV WKH OLWHUDU\ IRUP RI WKH
ODQJXDJH /LWHUDWH 7LEHWDQV IURP GLIIHUHQW SDUWV RI WKH 7LEHWDQ UHJLRQ FDQ
FRPPXQLFDWHE\XVLQJWKHVDPHOLWHUDU\IRUPRIWKHODQJXDJH
'LJORVVLD
2QH VLJQLILFDQW IHDWXUH RI WKH 7LEHWDQ ODQJXDJH LV WKH GLVWLQFWLRQ EHWZHHQ VSRNHQ
DQG ZULWWHQ IRUPV RI GLDOHFWV 7KH $UDELF ODQJXDJH LV RIWHQ JLYHQ DV D FODVVLFDO
H[DPSOH RI WKLV SKHQRPHQRQ FDOOHG µGLJORVVLD¶ HJ 6DLHJK+DGGDG ( (YLDWDU,EUDKLP/LQJXLVWLFDOO\WKHVSRNHQIRUPLVFDOOHG/RZODQJXDJHDQG
WKH OLWHUDU\ IRUP +LJK ODQJXDJH )HUJXVRQ )LVKPDQ 7KH GLIIHUHQFH
EHWZHHQ /RZ DQG +LJK ODQJXDJHV LV QRW RQO\ SKRQRORJLFDO EXW WKHUH LV DOVR
VLJQLILFDQWGLYHUVLW\LQWKHYRFDEXODU\DQGXVHRIJUDPPDWLFDOSDUWLFOHV&RQFHUQLQJ
WKH7LEHWDQODQJXDJH'HQZRRGFODLPV
)URPWKHVRFLROLQJXLVWLFDQJOH7LEHWDQVKRZVZKDWLVSUREDEO\DQH[WUHPH
GHJUHH RI VRFLDO VHSDUDWLRQ EHWZHHQ VSRNHQ DQG ZULWWHQ IRUPV ZLWKLQ WKH
VDPH ODQJXDJH PDQLIHVWHG E\ DQ H[WUHPH UHOXFWDQFH RI 7LEHWDQV WR ZULWH
ZKDWWKH\VSHDN
:ULWWHQ 7LEHWDQ LV WKH VWDQGDUG IRUP RI WKH ODQJXDJH DQG LW LV WKH ODQJXDJH RI
FRPPXQLFDWLRQ EHWZHHQ SHRSOH ZKR DUH OLWHUDWH LQ 7LEHWDQ :ULWWHQ 7LEHWDQ
SXEOLFDWLRQV LQFOXGH DFDGHPLD PHGLD UHOLJLRXV SXEOLFDWLRQ MRXUQDOV FRPLFV
SHUVRQDOFRUUHVSRQGHQFHHWF:ULWWHQ7LEHWDQLVDOVRUHIHUUHGWRDVDOLWHUDU\IRUPRI
WKHODQJXDJH%DVLFDOO\DOOZULWWHQWH[WLVLQWKHOLWHUDU\IRUP7KHOLWHUDU\7LEHWDQ
ODQJXDJHFDQEHFDWHJRULVHGLQWRGLIIHUHQWOHYHOVKLJKPHGLXPDQGORZ6HH)LJXUH
6LQFH7LEHWDQ79DQGUDGLRXVHOLWHUDU\IRUPDVZHOOQRWDOO7LEHWDQVXQGHUVWDQGDOO
WKDWLVEURDGFDVWHG$FFRUGLQJWRP\LQIRUPDQWOLWHUDWH7LEHWDQVFDQXQGHUVWDQG
SHU FHQW RI WKH VSHHFK LQ WKH SURJUDPPHV DQG QRQOLWHUDWH 7LEHWDQV SHU FHQW RI
WKHVSHHFK,IWKH\DUHDEOHWRZDWFKWKHSURJUDPPHDIHZWLPHVWKHLUXQGHUVWDQGLQJ
RIWKHVSHHFKLQFUHDVHV1RPDGVFDQXQGHUVWDQGWKHRIILFLDOQHZVDQGSURJUDPPHV
EHWWHU EHFDXVH WKHLU YHUQDFXODU 'URNSD LV FORVHU WR WKH OLWHUDU\ IRUP RI WKH
ODQJXDJH )DUPHUV LQ VHWWOHG FRPPXQLWLHV KDYH PRUH GLIILFXOWLHV LQ XQGHUVWDQGLQJ
OLWHUDU\7LEHWDQWKDQSHRSOHLQQRPDGLFDUHDV+DUUL
$ VSRNHQ ODQJXDJH KDV PDQ\ YDULHWLHV $ FRPPRQ 7LEHWDQ VD\LQJ JRHV ³(YHU\
PRQN KDV KLV RZQ VHFW (YHU\ YDOOH\ KDV LWV RZQ GLDOHFW´ :LOOLV .DSVWHLQ
6SRNHQ YDULHWLHV RI WKH ODQJXDJH GR QRW KDYH VWDQGDUGLVHG JUDPPDU
WKHUHIRUH'HQZRRGLELGZULWHVWKDW7LEHWDQVDUHKHVLWDQWWRZULWHWKHVSRNHQIRUP
RIWKHODQJXDJH+RZHYHUVRPHVRQJVDQGSURYHUEVDUHZULWWHQE\XVLQJDOH[LFRQ
RI D VSRNHQ IRUP 7KLV NLQG RI SUDFWLFH LV SDUWLDOO\ GXH WR WKH ODFN RI DGHTXDWH
NQRZOHGJH RI WKH OLWHUDU\ IRUP RI WKH ODQJXDJH 2VZDOG LH WKH DXWKRUV RI
VRQJV DQG SRHPV PD\ QRW NQRZ OLWHUDU\ 7LEHWDQ ZHOO HQRXJK LQ RUGHU WR ZULWH LW
FRUUHFWO\(YHQWKRXJKWKHOLWHUDU\IRUPLVPRUHDSSUHFLDWHGWKDQWKHVSRNHQIRUP
7LEHWDQV OLNH VXFK VRQJV RI ZKLFK WKH OH[LFRQ LV RI WKH VSRNHQ IRUP EHFDXVH WKH\
FDQXQGHUVWDQGWKHPHDQLQJRIWKRVHVRQJV+DUUL
7KH LVVXH RI GLJORVVLD LV D VLJQLILFDQW SDUW RI WKH 7LEHWDQV¶ ODQJXDJH OHDUQLQJ DQG
HVSHFLDOO\ RI OLWHUDF\ DFTXLVLWLRQ 6FKLIIPDQ DUJXHV WKDW GXH WR GLJORVVLD D
VSRNHQYDULHW\RIWKHODQJXDJHLVWKHPRWKHUWRQJXHRIVSHDNHUV7KHUHIRUH$PGRV
OHDUQDVSRNHQIRUPDVWKHLUPRWKHUWRQJXHDQGWKHOLWHUDU\IRUPRIWKHODQJXDJHLV
OHDUQHG DV D VHFRQG ODQJXDJH WKURXJK HGXFDWLRQ 6RPH VFKRODUV DUH RI WKH RSLQLRQ
WKDWOLWHUDU\DQGVSRNHQIRUPVRIWKH7LEHWDQODQJXDJHDUHVRGLYHUVHWKDWWKH\FDQ
EHFRQVLGHUHGWZRGLIIHUHQWODQJXDJHV:LOOLV
)LJXUH /LWHUDU\7LEHWDQDQG5HJLVWHURI/LWHUDU\7LEHWDQ7H[W$VLQ:LOOLV
(YHQWKRXJKWKHOLVWDERYHFRYHUVWKHZKROHUDQJHRIGLIIHUHQWNLQGVRI7LEHWDQWH[WV
LW GRHV QRW PHQWLRQ 7LEHWDQ VRQJV ZKLFK DUH LPSRUWDQW SDUW RI 7LEHWDQ OLIH 2QH
FRXOG FDWHJRULVH WKHP XQGHU SRHWU\ EXW EDVHG RQ P\ H[SHULHQFH , EHOLHYH DQ
DGGLWLRQDOFDWHJRU\IRUVRQJVVKRXOGEHDGGHGWRWKHUHJLVWHURIOLWHUDU\7LEHWDQWH[W
(VSHFLDOO\VRQJVWKDWDUHZULWWHQE\XVLQJDOH[LFRQRIDVSRNHQIRUPSUHVHQWORZ
UHJLVWHURIWKHODQJXDJH
7KHZULWLQJDQGVSHOOLQJV\VWHP
$FFRUGLQJWR'HQZRRGWKH7LEHWDQZULWLQJV\VWHPZDVEDVHGSUHVXPDEO\RQ
WKHVSRNHQ%|QGLDOHFWRUGLDOHFWVRIWKHWKFHQWXU\%D\HUDVVXPHVWKDWLQ
WKHEHJLQQLQJWKHZULWLQJV\VWHPZDVDSSDUHQWO\GHYHORSHGPRUHIRUDGPLQLVWUDWLRQ
SXUSRVHVWKDQIRUUHOLJLRXVSXUSRVHV:KHUHDV*ROGVWHLQ.\DJDVD\VWKDWLW
LVWKHJHQHUDORSLQLRQWKDWWKHZULWLQJV\VWHPZDVGHYHORSHGIRUUHOLJLRXVSXUSRVHV
DVWKH%XGGKLVWWH[WVQHHGHGWREHWUDQVODWHGLQWR7LEHWDQ
&RXOPDV GHILQHV WKH 7LEHWDQ ZULWLQJ V\VWHP DV ³D V\OODELF DOSKDEHW RI WKH
,QGLDQW\SH´S7KH7LEHWDQODQJXDJHZKLFKXVHV,QGLFVFULSWVGHULYHGIURP
%UƗKPƯKDVEDVLFV\PEROVUHSUHVHQWLQJFRQVRQDQWYRZHOVHTXHQFH&RPULHHWDO
7KH 7LEHWDQ DOSKDEHW RU V\PEROV FRQVLVW RI EDVLF OHWWHUV FRQVRQDQW
VLJQVDQGRQHLQGHSHQGHQWYRZHOVLJQ ,QDGGLWLRQWKHUHDUHYRZHOVLJQVZKLFK
FDQEHFRPELQHGZLWKDQ\EDVLFOHWWHUVLJQ$V\OODEOHFOXVWHULVLQGLFDWHGE\DGRWDW
WKHXSSHUULJKWFRUQHURIDFRQVRQDQWDQGWKHHQGRIWKHVHQWHQFHLVLQGLFDWHGE\D
YHUWLFDOVWURNH
)LJXUH $QH[DPSOHRID7LEHWDQVHQWHQFH
$FFRUGLQJ WR &RXOPDV HW DO &RXOPDV &RPULH HW DO WKH GLIILFXOW\ RI
UHDGLQJ WKH VFULSW LV GXH WR FKDQJHV LQ WKH VRXQGVRI WKH ODQJXDJH ZKLOH WKH VFULSW
LWVHOIKDVQRWFKDQJHGVLQFHLWZDVLQFHSWHG7KHUHKDYHEHHQIHZPRGLILFDWLRQVLQ
WKHZULWLQJV\VWHPEXWLWKDVDOZD\VUHWDLQHGWKHVDPHVSHOOLQJV\VWHP7KHVSHOOLQJ
V\VWHP YDULHV EHWZHHQ WKH GLDOHFWV ZKLFK LV RQH RI WKH GLVWLQFWLRQV EHWZHHQ WKH
PDLQWKUHHGLDOHFWV
)LJXUH 7KH7LEHWDQDOSKDEHW
7KHZULWLQJVW\OHV
$QRWKHUDVSHFWRI7LEHWDQOLWHUDF\DFTXLVLWLRQLVWKHZULWLQJVW\OHV:ULWWHQ7LEHWDQ
WH[WV DUH KDQGZULWWHQ FDUYHG RU SULQWHG LQ GLIIHUHQW VW\OHV 7KH KDQGZULWWHQ VW\OH
XPH LV HTXLYDOHQW WR ZHVWHUQ FXUVLYH VW\OH ,W LV PDLQO\ XVHG IRU SHUVRQDO
FRUUHVSRQGHQFH DQG GHILQLWHO\ QRW IRU RIILFLDO SXUSRVHV 7KH SULQWHG DQG FDUYHG
VW\OHV XFKHQ DUH HTXLYDOHQW WR ZHVWHUQ SULQW VW\OH 7KH\ DUH XVHG IRU RIILFLDO DQG
UHOLJLRXV SXUSRVHV 3DSHUV DQG PDJD]LQHV DUH SULQWHG XVLQJ XFKHQ VW\OH 7KH
DSSHDUDQFH RI SULQW DQG FXUVLYH VW\OHV GLIIHUV UHPDUNDEO\ 6HH WKH H[DPSOHV RI
VW\OHV)LJXUH7KHSULQWHGVW\OHLVHDVLHUWRUHDGWKDQWKHFXUVLYHVW\OH7KHUHIRUH
LQ JHQHUDO 7LEHWDQV OHDUQ ILUVW WKH SULQWHG VW\OH ZKLFK LV PRVW FRPPRQO\ XVHG $W
OHDVWWKDWLVWKHSUDFWLFHDPRQJ$PGRVLQ4LQJKDL3URYLQFH/LWHUDF\VWXGHQWVERWK
LQVFKRRODQGLQDGXOWOLWHUDF\FODVVHVOHDUQWKHSULQWHGVW\OH
)LJXUH 7RSDKDQGZULWWHQVW\OHXPHERWWRPDSULQWHGVW\OHXFKHQ )LQDOO\ DOO WKHVH GLIIHUHQW IHDWXUHV RI WKH 7LEHWDQ ODQJXDJH DQG LWV $PGR GLDOHFW
LQIOXHQFH7LEHWDQOLWHUDF\DFTXLVLWLRQDQGWKHZD\VWKH$PGR7LEHWDQLVOHDUQHGLQ
OLWHUDF\FODVVHV6HH&KDSWHU
7LEHWDQODQJXDJHOLWHUDWXUHDQGRWKHUOLWHUDF\PDWHULDOV
(YHQWKRXJK7LEHWDQLVDPLQRULW\ODQJXDJHLQWKH35&WKHOLWHUDWXUHLQWKH7LEHWDQ
ODQJXDJH KDV D ORQJ KLVWRU\ DQG KDV EHHQ SXEOLVKHG LQ PXOWLSOH YROXPHV ZKLFK
VKRZV WKH LPSRUWDQFH RI ZULWWHQ PDWHULDO LQ 7LEHWDQ FXOWXUH DQG VRFLHW\ 7LEHWDQ
0LQ]XEDQ RI +DLQDQ 7$3 LQ *RQJKH PDGH DQ LQYHQWRU\ RI DOO 7LEHWDQ ERRNV DQG
PDJD]LQHVZLWKLQ+DLQDQ7$37KHSURMHFWZDVSDUWRIDQDWLRQZLGHVXUYH\ZKLFK
ZDV FRRUGLQDWHG LQ %HLMLQJ 7KH RYHUDOO DLP RI WKH SURMHFW ZDV WR FROOHFW DOO WKH
7LEHWDQOLWHUDWXUHZKLFKKDVHYHUEHHQSXEOLVKHGRUSULQWHGLQWKH35&7KHVXUYH\
HQFRPSDVVHG FROOHFWLRQV LQ SULYDWH KRPHV DQG LQ SXEOLF LQVWLWXWHV %\ 0LQ]XEDQ LQ *RQJKH KDG OLVWHG DURXQG GLIIHUHQW WLWOHV LQ +DLQDQ 7$3 +DUUL
7KHFROOHFWLRQFRQVLVWHGRI7LEHWDQODQJXDJHPDJD]LQHVERRNVQHZVSDSHUV
VRQJV DQG SRHPV 7KH PDLQ WLWOHV DPRQJVW HYHU\WKLQJ SXEOLVKHG WKURXJK WKH \HDUV
DQGQRZFROODWHGFRQFHUQV7LEHWDQ%XGGKLVP7LEHWDQKLVWRU\DQGHGXFDWLRQ+DUUL
$VLQ/KDGDU
7KH WUDGLWLRQ RI SXEOLVKLQJ OLWHUDF\ PDWHULDOV FRQWLQXHV &XUUHQWO\ WKHUH DUH HLJKW
SXEOLVKLQJ KRXVHV DQG D JURZLQJ QXPEHU RI SULQWLQJ KRXVHV FDSDEOH RI SULQWLQJ
7LEHWDQWH[W&RVWHOOR4LQJKDL3XEOLVKLQJ+RXVHLQ;LQLQJLVDZHOONQRZQ
SXEOLVKLQJ KRXVH IRU 7LEHWDQ OLWHUDWXUH WKURXJKRXW WKH ZKROH 7LEHWDQ UHJLRQ (YHQ
WKRXJKWKH*RYHUQPHQWKDVUHVWULFWHGUHOLJLRXVHGXFDWLRQLQPRQDVWHULHVLWVXSSRUWV
SXEOLVKLQJ 7LEHWDQ ODQJXDJH OLWHUDWXUH GHVSLWH WKH IDFW WKDW PRVW OLWHUDWXUH LV DERXW
UHOLJLRQ$FFRUGLQJWR&RVWHOORLELGPDQ\SXEOLVKLQJKRXVHVUHFHLYHIXQGLQJDQG
VXEVLGLHV IURP YDULRXV JRYHUQPHQW RUJDQLVDWLRQV LQFUHDVLQJ WKH QXPEHU RI ERRNV
SXEOLVKHGLQ7LEHWDQWKURXJKRXWWKH35&
$QRWKHU YHQXH IRU SURPRWLQJ WKH XVH RI WKH 7LEHWDQ ODQJXDJH LV WKURXJK WKH
SXEOLFDWLRQRI7LEHWDQODQJXDJHQHZVSDSHUVDQGPDJD]LQHV)RXUPDJD]LQHVLQWKH
7LEHWDQODQJXDJH³6EUQJ&KDU´5WVHU6Q\HJ0WVRVQJRQ0DQJWVRJ6J\XUWVDODQG
*DQJUJ\Q 0HGRN DUH SXEOLVKHG IRXU WLPHV D \HDU DQG FDQ DOVR EH VXEVFULEHG WR
7KHUHDUHDOVRWZRRWKHUPDJD]LQHV5LER1\LGDDQG7VRVQJRQ6OREJVRZKLFKDUH
SXEOLVKHG LQ 4LQJKDL 3URYLQFH 5LER 1\LGD LV LVVXHG RQFH D \HDU DQG 7VRVQJRQ
6OREJVR VL[ WLPHV D \HDU 7KHVH PDJD]LQHV FRQVLVW RI DUWLFOHV RQ JHQHUDO LVVXHV LQ
7LEHWDQ OLIH 7ZR QHZVSDSHUV 7VRVQJRQ 1\LUH 7VJSDU 7LEHW 'DLO\ DQG *DQJU\Q
*]RQQX 7VJVSDU 4LQJKDL 7LEHWDQ 1HZV KDYH EHHQ SXEOLVKHG VLQFH WKH V
4LQJKDL 7LEHWDQ 1HZV LV D ORFDOO\ SXEOLVKHG QHZVSDSHU ZKLFK LV SURPRWHG
HVSHFLDOO\LQZRUNXQLWV7KH4LQJKDL6FLHQFHDQG7HFKQRORJ\:RUN8QLWDQGWKH
4LQJKDL 3URYLQFLDO -XGLFLDO 'HSDUWPHQW SXEOLVK WKHLU RZQ ZHHNO\ QHZVSDSHUV
ZKLFK DUH %RGN\L 7VQUWVDO 7VJVSDU DQG 7VRVQJRQ .ULPVOXJV 7VJVSDU UHVSHFWLYHO\
'HVSLWH DQ LQHIILFLHQW GLVWULEXWLRQ V\VWHP 4LQJKDL 7LEHWDQ 1HZV DQG RWKHU
QHZVSDSHUV FDQ EH VHHQ LQ 3DUW\ 2IILFHVLQ UHPRWH WRZQVKLSV LQ 4LQJKDL3URYLQFH
+DUUL7KHQHZVSDSHULVRIWHQGHOD\HGWKRXJKEHFDXVHLWLVDWUDQVODWHGFRS\
RIQHZVZULWWHQLQ&KLQHVHQHZVSDSHUVDQGWKHDUWLFOHVLQWKHSDSHUGRQRWIRFXVRQ
7LEHWDQLVVXHVEXWRQJHQHUDOLVVXHVLQWKHFRXQWU\
3DUW\ DQG RWKHU JRYHUQPHQW ZRUNHUV IRUP WKH PDLQ UHDGHUVKLS RI 7LEHWDQ
QHZVSDSHUV3ULYDWHLQGLYLGXDOVGRQRWKDYHDJUHDWLQWHUHVWLQQHZVSDSHUVDQGWKH\
VHOGRPPDNHDQHIIRUWWRVXEVFULEHWRWKHP+DUUL(VSHFLDOO\LQUHPRWHDUHDV
LQGLYLGXDOSHRSOHGRQRWVXEVFULEHWRWKHQHZVSDSHUVEXWWKH\FDQUHDGWKHSDSHUVDW
3DUW\RIILFHVDQG0LQ]XEDQRIILFHVLQFRXQW\FHQWUHV3HRSOHZKRDUHLQWHUHVWHGLQ
UHDGLQJQHZVSDSHUVDQGPDJD]LQHVXVXDOO\KDYHDFFHVVWRWKHP
7LEHWDQODQJXDJHOLWHUDWXUHSURYLGHVPDWHULDOIRUSHRSOHWRSUDFWLVHOLWHUDF\(YHQLI
WKH OLVW RI VXEMHFWV DQG WRSLFV LV QRW DV H[WHQVLYH DV LQ &KLQHVH OLWHUDWXUH
QHYHUWKHOHVVWKHUHLVSOHQW\RIPDWHULDOIRUSHRSOHWRUHDG
6RFLRHFRQRPLFVRI$PGRV
7LEHWDQ VRFLHW\ KDG D UDWKHU FOHDU GLVWLQFWLRQ EHWZHHQ VRFLDO FODVVHV FDVWV LQ ROG
7LEHW 7KH PDMRU GLIIHUHQFH ZDV PDGH EHWZHHQ ODQGRZQHUV DQG µFRPPRQHUV¶
ZKLFK DOVR GHVFULEHV WKH HFRQRPLF VLWXDWLRQ RI 7LEHWDQV WKDW WLPH 8VXDOO\ ODQG
RZQHUV ZHUH WKH ZHDOWK\ RQHV ZKR DW OHDVW SDUWLDOO\ EXLOW XS WKHLU HFRQRPLF
VXSHULRULW\ E\ WKH ODERXU RI SHDVDQWV $OVR PDULWDO DUUDQJHPHQWV KDYH EHHQ VHHQ
PRUHRUOHVVDVEXVLQHVVDUUDQJHPHQWV.DSVWHLQZULWHV³,Q7LEHWRQH
PLJKWVD\HFRQRP\WUXPSHGELRORJ\ZKHQLWFDPHWRWKHFRQYHQWLRQVRIPDUULDJH´
7KHUHIRUH PDULWDO UHODWLRQV KDYH YDULHG DFFRUGLQJ WR WKH VRFLDO FODVV RI EULGH DQG
JURRP
7KHUH KDYH EHHQ IRXU NLQGV RI 7LEHWDQ PDULWDO UHODWLRQV PRQRJDP\ SRO\J\Q\
SRO\DQGU\ DQG SRO\DQGU\J\Q\ DUH DOO NQRZQ LQ D 7LEHWDQ UHJLRQ $FFRUGLQJ WR
'XQFDQ DQG&KRGJDPRQRJDP\KDVEHHQWKHPRVWFRPPRQPDULWDO
UHODWLRQ HVSHFLDOO\ DPRQJ FRPPRQHUV ZKR GR QRW RZQ ODQG RU SURSHUWLHV 7KH
SUHIHUHQFH IRU PRQRJDP\ KDV \LHOGHG WR HFRQRPLFDO FRQFHUQV 0DUULDJH KDV EHHQ
WKH ZD\ WR NHHS SURSHUW\ LQ IDPLO\ ZKLFK KDV OHG WR D SUDFWLFH RI SRO\J\Q\ DQG
SRO\DQGU\DQGHYHQSRO\DQGU\J\Q\LQROG7LEHW3RO\J\Q\DQGSRO\DQGU\KDYHEHHQ
PDLQO\ SUDFWLVHG DPRQJ WKH QRELOLW\ DQG WKH ZHDOWK\ IDPLOLHV LQ RUGHU WR NHHS WKH
IDPLO\ SURSHUW\ DQGIDPLO\WRJHWKHU7ZRRUWKUHHEURWKHUVKDYHKDGRQH FRPPRQ
ZLIHWKDWVKDUHGWKHORDGRIODERXURQWKHILHOGDQGDOVRNHSWVRQVWRJHWKHULQRUGHU
WR DYRLG DQ\ GHYLVLRQ RI LQKHULWDQFH 6LPLODUO\ LQ ZHDOWK\ KRXVHKROGV ZLWK
GDXJKWHUVEXWQRVRQSRO\DQGU\ZDVWRUHWDLQSURSHUW\ZLWKLQIDPLO\
$VPHQWLRQHGDERYHWUDGLWLRQDOO\PDUULDJHKDVEHHQODUJHO\DEXVLQHVVWUDQVDFWLRQ
LQRQHZD\RUDQRWKHU3DUHQWVSRVVLEOHODQGRZQHUVDQGPRQNVDOOKDYHKDGDVD\
DERXWPDUULDJH7KH\DOOKDGWRDJUHHRQPDUULDJHEHIRUHLWFRXOGWDNHSODFHSDUHQWV
FKRRVH D VSRXVH IRU WKHLU FKLOG IRUWXQH WHOOHU PRQNV FRQVXOW WKH VWDUV IRU D
IDYRXUDEOHGD\DQGKRXUDQGODQGRZQHUVKDYHWRJLYHWKHLUEOHVVLQJWRWKHPDWWHULI
PDUULDJH LV RUJDQLVHG XQGHU ODQGRZQHUV 3DUHQWV KDYH KDG UHVSRQVLELOLW\ WR JLYH
GRZU\ IRU WKH EULGH DQG DUUDQJH ILQDO VHYHUDQFH IRU WKH EULGH IURP KHU SDUHQWV WR
EHFRPH SDUW RI WKH KXVEDQG¶V IDPLO\ ,Q ROG 7LEHW \RXQJ EULGHV EHFDPH PRUH OLNH
VODYHV LQ WKHLU LQODZV¶ IDPLOLHV EXW WUDGLWLRQV KDYH FKDQJHG DQG JLUOV KDYH PRUH
IUHHGRP&KRGJDLELG0RUHDQGPRUHORYHPDUULDJHVWDNHSODFHZKHQJLUOVDQG
ER\VFKRRVHWKHLURZQVSRXVHV<HWLWLVDFRPPRQSUDFWLFHWKDW\RXQJFRXSOHVDVN
WKHLUSDUHQWV¶EOHVVLQJWRORYHPDUULDJHV
8VXDOO\ $PGRV GR QRW SUDFWLVH FURVVFXOWXUDO PDUULDJHV HVSHFLDOO\ QRW ZLWK +XL
0XVOLPV6RPH$PGRVPDUU\+DQ&KLQHVHEXWWKDWLVQRWHQFRXUDJHGE\IDPLOLHV
2QH$PGRJLUOZLWKLQWKHUHVHDUFKDUHDZDVGDWLQJD+DQ&KLQHVHPDQZKRPVKH
KDG NQRZ VLQFH KHU FROOHJH WLPHV ,W WRRN D FRXSOH RI \HDUV IRU KHU SDUHQWV WR
EHFRPH DFFXVWRPHG WR WKH LGHD RI D +DQ &KLQHVH VRQLQODZ DQG WR DJUHH WR WKH
PDUULDJH
$PGR 7LEHWDQ VRFLHW\ LV SDWULDUFKDO 7UDGLWLRQDOO\ JLUOV KDYH QRW EHHQ UHJDUGHG DV
FDSDEOHDVPHQDQGD7LEHWDQSKUDVH³VN\HGPDQ´GHVFULEHVWKLVNLQGRIWKLQNLQJ,Q
GDLO\OLIHJLUOVDUHRIWHQFDOOHGVN\HGPDQZKLFKPHDQVORZERUQ$]L]7KLV
NLQGRIYLHZRIJLUOVKDVFUHDWHGREVWDFOHVIRUJLUOV¶RSSRUWXQLWLHVIRUHGXFDWLRQDQG
GHYHORSLQJDFDUHHUDVZHZLOOVHHODWHURQLQWKLVFKDSWHU7KHVLWXDWLRQRIJLUOVLV
FKDQJLQJZLWKWLPHDQGLQPRGHUQ7LEHWJLUOVKDYHDEHWWHUVWDQGLQJLQVRFLHW\WKDQ
EHIRUH<HWROGSUDFWLFHVDQGYLHZVFDQVWLOOEHVWURQJWRGD\,GLVFXVVHGZLWKVRPH
YLOODJHSHRSOHLQDQRPDGLFDUHDRI7RQJGH&RXQW\0HQGHVFULEHGZRPHQKDYLQJ
GLIILFXOWLHV ILQGLQJ WLPH IRU OHDUQLQJ OLWHUDF\ EHFDXVH ZRPHQ DUH EXV\ ZLWK WDNLQJ
FDUHRIJUDQGSDUHQWVDQGDQLPDOV$WWKHVDPHWLPHPHQH[SODLQHGWKHLUIUHHGRPWR
JHW RQ WKH ELNH DQG ULGH WR D WRZQVKLS FHQWUH DQG IRU ER\V JRLQJ WR VFKRRO ,
REVHUYHGDVLPLODUVLWXDWLRQLQDQRPDG¶VWHQWDV ,VWD\HGRYHUQLJKWLQRXUIULHQG¶V
WHQW ZRPHQ DQG PHQ KDG GLIIHUHQW WDVNV :KLOH WKH PHQ ZHUH FKDWWLQJ ZLWK WKH
JXHVWV WKH ZRPHQ SUHSDUHG D PHDO E\ VWDUWLQJ IURP VFUDWFK NQHDGLQJ QRRGOH
GRXJK UROOLQJ LW FXWWLQJ WKH QRRGOHV FKRSSLQJ RQLRQV DQG PDNLQJ VRXS RQ D FOD\
VWRYHXVLQJGULHGVKHHSDQG\DNGXQJDVIXHO
'HVSLWH LQHTXDOLW\ LQ VRFLHW\ $PGR ZRPHQ KDYH DOZD\V KDG PRUH IUHHGRP WKDQ
VRPH RWKHU SDWULDUFKDO VRFLHWLHV LQ $VLD %XWOHU PHQWLRQV KRZ HDUO\
WUDYHOOHUV ZHUH VWUXFN E\ WKH SK\VLFDO IUHHGRP RI 7LEHWDQ ZRPHQ DQG KRZ WKH\
RSHQO\ PL[HG ZLWK PHQ 3RVVLEO\ IRU WKLV UHDVRQ 7LEHWDQ ZRPHQ KDYH EHHQ
LQYROYHGLQWUDGLQJ DORQJZLWKPHQLQVRPHSDUWVRIWKH7LEHWDQ UHJLRQ +RZHYHU
WUDGLWLRQDOO\PHQKDYHEHHQLQFKDUJHRISROLWLFVKRXVHKROGPDQDJHPHQWDQGOHJDO
PDWWHUV DQG ZRPHQ KDYH WDNHQ FDUH RI GRPHVWLF GXWLHV &RQWUDU\ WR %XWOHU¶V
REVHUYDWLRQLQWKHUHVHDUFKDUHDZRPHQZHUHXVXDOO\WRRVK\WRMRLQRXUGLVFXVVLRQV
ZKHQPHQZHUHDURXQG
6WLOOWRGD\7LEHWDQZRPHQDQGPHQKDYHGLIIHUHQWUROHVLQKRXVHKROGVLQQRPDGLF
IDPLOLHVDQGZLWKLQVRFLHW\:RPHQDUHXVXDOO\EXV\ZLWKGRPHVWLFGXWLHVPLONLQJ
\DNVWZLFHDGD\SUHSDULQJIRRGFKXUQLQJEXWWHUVSLQQLQJ\DNZRROZHDYLQJORQJ
WHQWIDEULFHWF&KLOGUHQDQGPHQDUHLQFKDUJHRIKHUGLQJFDWWOHDQGPHQWDNHFDUH
RIEXVLQHVVRXWVLGHWKHKRPHVXFKDVWUDGLQJYDULRXVGDLU\SURGXFWVPLON\RJKXUW
DQG EXWWHU DQG DOVR PHDW VKHHS DQG \DN KDLU %HFDXVH RI WKH GLIIHUHQW UROHV RI
ZRPHQDQGPHQWKH\KDYHKDGWUDGLWLRQDOO\GLIIHUHQWXVHVIRUOLWHUDF\LQHYHU\GD\
OLIHDQGWKDWZLOOEHGLVFXVVHGODWHURQLQWKLVVWXG\
7KH $PGRV¶ PDLQ PRGH RI OLYHOLKRRG LV DQLPDO KXVEDQGU\ DQG PRVW $PGRV LQ
+DLQDQ7$3OLYHDQRPDGLFOLIH7KH\JUD]HVKHHSDQG\DNVRQZLGHDQGRSHQILHOGV
RQWKH7LEHWDQ3ODWHDX7KHLUOLIHLVGLYLGHGEHWZHHQWKUHHVHDVRQVZLQWHUVXPPHU
DQG DXWXPQ SDVWXUHV 'XH WR WKHLU QRPDGLF ZD\ RI OLYLQJ $PGR 7LEHWDQV XVHG WR
OLYHDOO\HDUURXQGLQEODFNWHQWVPDGHRI\DNZRROZKLFKZHUHHDV\WRWUDQVIHUIURP
RQHORFDWLRQWRDQRWKHU7LPHKDVFKDQJHGDQGVRKDV&KLQHVHODZ7KHODZOLPLWV
WKHKHUGLQJODQGERWKLQVXPPHUDQGZLQWHUDQGQRZDGD\VPRVW$PGRVLQ+DLQDQ
7$3OLYHLQPXGEULFNKRXVHVGXULQJWKHFROGZLQWHUVHDVRQ:KHQVXPPHUDUULYHV
LQ0D\-XQHWKH\ORDGWKHLU \DNVZLWKWHQWVDQGRWKHUHVVHQWLDOKRXVHKROGLWHPV
DQGPRYHWKHLUVKHHSDQG\DNVXSWRWKHPRXQWDLQV7KHUHWKH\VHWXSWKHLUWHQWVDQG
EXLOG PXG FOD\ VWRYHV LQVLGH WKH WHQWV IRU WKH VXPPHU PRQWKV -XQH -XO\ DQG
EHJLQQLQJRI$XJXVW,Q$XJXVWLWLVDJDLQWLPHWRORDGWKH\DNVDQGPRYHFORVHUWR
WKH ZLQWHU SDVWXUHV DQG LQ ODWH 6HSWHPEHU WKH\ ILQDOO\ PRYH EDFN WR WKH ZLQWHU
SDVWXUHVDQGZLQWHUKRXVHV7KHKHUGLQJF\FOHRIWKH\HDULVFRPSOHWHG
0RVW$PGRVHDUQWKHLULQFRPHIURPVHOOLQJDQLPDOKXVEDQGU\SURGXFWV6LPLODUWR
WKHKHUGLQJVHDVRQVGLIIHUHQWDFWLYLWLHVDURXQGVHOOLQJSURGXFWVWDNHWXUQVDFFRUGLQJ
WRWKHVHDVRQVRIWKH\HDU$QLPDOVDUHVODXJKWHUHGDQGPHDWVROGXVXDOO\LQZLQWHU
ZKHQ WKH ZHDWKHU LV FROG 0HDW KDV WR EH VWRUHG LQ WKH FRUQHU RI D WHQW RU LQ D
VHSDUDWHWHQW7KHUHDUHEDVLFLWHPVLQ7LEHWDQWHQWVVXFKDVPDWWUHVVHVRUFDUSHWVWR
VOHHSRQSRWVIRUFRRNLQJDFOD\VWRYHWRFRRNRQDQGVLPSOHZRRGHQFXSERDUGVWR
VWRUH NLWFKHQZDUH 0RGHUQ HOHFWULF KRXVHKROG HTXLSPHQW LV PLVVLQJ IRU RQH PDLQ
UHDVRQWKHUHLVQRHOHFWULFLW\5DGLRVDQGWDSHUHFRUGHUVFDQEHUXQRQEDWWHULHVRU
RQVRODUSRZHU$QRWKHUVRXUFHRILQFRPHLV \DNDQGVKHHSKDLUZKLFKLVFXWDQG
VROGLQWKHVXPPHUZKHQDQLPDOVFDQVXUYLYHZLWKRXWWKHLUWKLFNKDLU
6RPH$PGRVOLYHSHUPDQHQWO\LQVHWWOHGFRPPXQLWLHVLQWRZQVDQGFORVHWRFRXQW\
FHQWUHV %HFDXVH WKH ODQG LV PRXQWDLQRXV DQG ODUJHO\ LQIHUWLOH RQO\ D IHZ IDUPHUV
FDQJHWWKHLULQFRPHIURPDJULFXOWXUH,WLVHVWLPDWHGWKDWRQO\SHUFHQWRI$PGRV
HDUQWKHLUOLYHOLKRRGIURPFURSFXOWLYDWLRQVXFKDVKLJKODQGEDUOH\FRUQZKHDWDQG
SRWDWRHV+RUOHPDQ
$PGRV LQ 4LQJKDL 3URYLQFH KDYH RQH PRUH VHDVRQDO VRXUFH RI LQFRPH 7KDW LV
SLFNLQJFDWHUSLOODUIXQJXVZKLFKLVDZLOGSODQWWKDWJURZVRQWKH7LEHWDQ3ODWHDX
7KHKDUYHVWLQJVHDVRQLVYHU\VKRUWLQVSULQJDQGSLFNLQJFDWHUSLOODUIXQJXVRQWKH
KLJKPRXQWDLQVLVKDUGZRUNDOVRWKHGDLO\KDUYHVWYDULHVIURP]HURWRDFRXSOHRI
KXQGUHGJUDPV<HWSHRSOHDUHHDJHUWRSLFNWKHVHSODQWVEHFDXVHLWSURYLGHVDJRRG
DGGLWLRQDOLQFRPHIRUWKHP&DWHUSLOODUIXQJXVLVDZHOONQRZQKHUEDOPHGLFLQHDQG
LWLVVROGIRUDKLJKSULFHLQ$VLD7KH(FRQRPLVWFDOOHGLWWKHQHZJROGDVWKH
SULFHRIFDWHUSLOODUIXQJXVZDVDOPRVWWKHVDPHDVRIJROGSHUJUDP
)LJXUH
7HQWVRQDXWXPQSDVWXUHV
(YHQ WKRXJK WKH SURYLQFLDO JRYHUQPHQW DORQJ ZLWK WKH DVVLVWDQFH RI WKH &HQWUDO
*RYHUQPHQWKDVPDGHHIIRUWVWRLPSURYHWKHVRFLRHFRQRPLFVLWXDWLRQLQWKHDUHD
KDOI RI WKH FRXQWLHV DUH GHVLJQDWHG DV SRYHUW\ DUHDV ,Q WKRVH FRXQWLHV WKH DQQXDO
LQFRPH SHU FDSLWD ZDV OHVV WKDQ &1< DSSUR[ 86' )LGD ,QWHUQDWLRQDO
$FFRUGLQJWRWKH&KLQD+XPDQ'HYHORSPHQW5HSRUWWKHDYHUDJHUXUDO
SHUFDSLWDLQFRPH*'3LQ4LQJKDLZDV&1<81'3
7LEHWDQVRFLHWLHVLQ 4LQJKDL3URYLQFH DUH FKDQJLQJDQGWKH\ DUHIDFLQJQHZVRFLDO
FKDOOHQJHV 7KH &HQWUDO *RYHUQPHQW RI &KLQD SDVVHG QHZ UHJXODWLRQV OHVV WKDQ D
GHFDGHDJRDQGQRPDGLF7LEHWDQVDUHREOLJHGWRPRYHIURPWKHUHPRWHDUHDVRIWKH
SODWHDXWRWRZQVDQGWRZQVKLSV&KLQD3UHVV&+,1$%5,()*RRGPDQ
)RJJLQ 7KH *RYHUQPHQW LV PRYLQJ QRPDGLF 7LEHWDQV DZD\ IURP WKH
JUDVVODQG IRU HQYLURQPHQWDO UHDVRQV WR SURWHFW RYHUJUD]HG SODWHDX ODQG DQG WKH
HFRORJ\ DQG KHDGZDWHUV RI WKUHH ULYHUV <HOORZ <DQJW]H DQG 0HNRQJ 1RPDGLF
7LEHWDQV DUH UHTXLUHG WR PRYH HLWKHU WR QHZ UHVHWWOHPHQW YLOODJHV RQ WKH 7LEHWDQ
3ODWHDX )RJJLQ RU WR VRPH RWKHU DUHDV RI 4LQJKDL SURYLQFH 7KH ODQG IRU
DQLPDOKHUGLQJLVOLPLWHGWRVXPPHUSDVWXUHVDQGWKHUHVWRIWKH\HDUDQLPDOVDUHLQ
VKHGV
,Q WKHVH FKDQJHV LQ VRFLHW\ 7LEHWDQV DUH FRPSHOOHG WR OHDUQ WR D QRQ7LEHWDQ D
QHZFXOWXUHDVRQHQRPDGLF7LEHWDQVD\VDERXWWKHFKDOOHQJHWRPRYHWRWRZQV+H
UHIHUUHG WR WKH FRQVHTXHQFHV RI WKH QHZ VHWWOHPHQWV QRPDGLF 7LEHWDQV ZLOO EH
H[SRVHG WR +DQ FXOWXUH PRUH WKDQ EHIRUH DQG WKDW ZRXOG KDYH VRPH LQIOXHQFH RQ
WKHLUFXOWXUH7KH7LEHWDQODQJXDJHDVDQHVVHQWLDOFRPSRQHQWRIWKHFXOWXUDOLGHQWLW\
'RUMHH *LOHV LV XQGHU SUHVVXUH RI FKDQJH DV D PHDQV RI FRPPXQLFDWLRQ
DQG PHGLXP RI HGXFDWLRQ &KLQHVH ODQJXDJH ZLOO EH WKH ODQJXDJH RI HGXFDWLRQ
$OVR 7LEHWDQV IDFH QHZ OLYHOLKRRG FKDOOHQJHV DV WKH\ KDYH WR ILQG D QHZ ZD\ RI
OLYLQJ7KH\FDQQRWHDUQWKHLUOLYHOLKRRGVIURPDQLPDOKXVEDQGU\LQWKHWUDGLWLRQDO
ZD\EXWWKH\KDYHWROHDUQQHZVNLOOVWRHDUQDOLYLQJ7KLVFKDQJHLVQRWRQO\DERXW
DQHZHQYLURQPHQWDQGDQHZVNLOOEXWDOVRDERXWDQHZZD\RIWKLQNLQJ
5HOLJLRQ
,W LV DOPRVW LPSRVVLEOH WR IRUP D SLFWXUH RI 7LEHWDQ FXOWXUH ZLWKRXW SUHVHQWLQJ WKH
EDVLFIHDWXUHVRIWKHLU UHOLJLRQ7LEHWDQ %XGGKLVP5HOLJLRXVOLIHKDVDOZD\VKDG D
FORVHFRQQHFWLRQWRSROLWLFVDQGVRFLHWDOOLIH,QWKHWLPHRIWKH7LEHWDQNLQJGRPWKH
PRQDVWLF HVWDEOLVKPHQW EHFDPH VWURQJ DQG LW VKDUHG SRZHU ZLWK WKH 7LEHWDQ
DULVWRFUDF\ DQGWKURXJKLWVKLHUDUFKVLWEHFDPHSURPLQHQWLQSROLWLFDOOLIHDQGZLWK
WKHOHDGHUVRIWKH7LEHWDQVWDWHV$UDQ(YHQWRGD\7LEHWDQ%XGGKLVPLVDQ
HVVHQWLDOSDUWRI7LEHWDQFXOWXUHDQGLWSOD\VDQLPSRUWDQWUROHLQ7LEHWDQV¶OLIHDQG
KDVDQLPSDFWRQWKHLUOLWHUDFLHVDQGOLWHUDF\SUDFWLFHV
2ULJLQDOO\ WKH 7LEHWDQV¶ UHOLJLRQ ZDV %|Q UHOLJLRQ ZKLFK LV IXOO RI P\WKRORJ\
:KHQ %XGGKLVP IURP ,QGLD UHDFKHG WKH 7LEHWDQ UHJLRQ LQ WKH VHYHQWK FHQWXU\ LW
PHUJHG ZLWK %|Q UHOLJLRQ $FFRUGLQJ WR &DEHĨRQ -DFNVRQ WKH PDJLFDO
FKDUDFWHU RI 7LEHWDQ %XGGKLVP RULJLQDWHV IURP %|Q UHOLJLRQ 7LEHWDQ %XGGKLVP
ZLWK LWV XQLTXH FKDUDFWHULVWLFV RI WKH V\VWHP RI UHLQFDUQDWLQJ ODPDV DQG WKH YDVW
QXPEHURIGHLWLHVFRQTXHUHG7LEHWWKRURXJKO\%HOOGHVFULEHGWKHVWDWXVRI7LEHWDQ
%XGGKLVPDVIROORZLQJ³,WVSRZHULVSODQWHGZLGHDQGGHHS´,QRWKHU
ZRUGV7LEHWDQ%XGGKLVPKDGILOWUDWHGDOODVSHFWVRI7LEHWDQOLIHLQFOXGLQJSROLWLFV
HFRQRPLFVDQGFXOWXUH
7LEHWDQVLQWKHROGVRFLHW\EHIRUHWKH3HRSOH¶V5HSXEOLFRI&KLQDZDVHVWDEOLVKHG
UHJDUGHGUHOLJLRQDV³DV\PERORIWKHLUFRXQWU\¶VLGHQWLW\DQGWKHVXSHULRULW\RIWKHLU
FLYLOL]DWLRQ´ *ROGVWHLQ D 0RQDVWHULHV DQG WKH LQVWLWXWLRQ RI WKH PRQN
KDYH EHHQ DW WKH FHQWUH RI 7LEHWDQ %XGGKLVP 0RQDVWHULHV UHFHLYH RIIHULQJV DV
UHOLJLRXV SUDFWLFH IURP LQGLYLGXDO 7LEHWDQV .RKQ ZKLFK VXSSRUW WKH
PRQDVWLF V\VWHP LQ WKH 7LEHWDQ UHJLRQ 3HRSOH RIWHQ JLYH \DNV VKHHS EDUOH\ DQG
EXWWHUDVRIIHULQJVDQGPRQH\LVXVXDOO\RIIHUHGWRPRQNVRQWKHLUYLVLWVWRIDPLOLHV
)DPLOLHV KDG D FXVWRP WR VHQG ER\V DQG DOVR VRPH JLUOV WR PRQDVWHULHV DQG
QXQQHULHV ,W LV EHOLHYHG WKDW GHGLFDWLQJ D FKLOG HVSHFLDOO\ D VRQ WR D PRQDVWHU\
ZRXOGEULQJJUHDWSULYLOHJHWRWKHFKLOGDQGDWWKHVDPHWLPHWKHSDUHQWVZRXOGJDLQ
PHULW 7KHVH WZR UHDVRQV PD\ EH WKH PRVW FRPPRQ PRWLYDWLRQ WR VHQG D VRQ WR D
PRQDVWHU\ *ROGVWHLQ E 7KLV SUDFWLFH LV VWLOO PHDQLQJIXO GHVSLWH WKH &KLQHVH
LQIOXHQFH ,Q ROG 7LEHW WKH QXPEHU RI PRQNV DQG QXQV HTXDOOHG WHQ WR WZHQW\ SHU
FHQW RI WKH SRSXODWLRQ %DVV *ROGVWHLQ.\DJD %HIRUH ZKHQ
&KLQDLQYDGHG7LEHWDURXQGPRQNVDQGQXQVOLYHGLQPRQDVWHULHV
DQG QXQQHULHV :LWKLQ \HDUV LQ WKH RIILFLDO QXPEHU RI PRQNV DQG QXQV
KDG GHFUHDVHG UHPDUNDEO\ 7KH WRWDO QXPEHU RI PRQNV DQG QXQV ZDV RI
ZKLFK ZHUH ODPDV DQG QXQV DQG DURXQG ZHUH µ/LYLQJ %XGGKDV¶
(PEDVV\RI&KLQD
/LYLQJ %XGGKDV DUH UHLQFDUQDWHG VXFFHVVRUV RI GHFHDVHG OHDGHUV RI PRQDVWHULHV
0RQNV ZKR DUH JLYHQ WKH VSHFLDO WLWOH RI /LYLQJ %XGGKD DUH PRUH UHVSHFWHG WKDQ
RWKHUV 7KH\ KDYH PRUH SULYLOHJHV DV \RXQJ PRQNV WKDQ RWKHU \RXQJ PRQNV HJ
WKH\ UHFHLYHSULYDWHWXLWLRQLQDODPDVHU\DQGUHFHLYHH[SHQVLYH JLIWVIURPYLVLWRUV
ZKR FRPH WR PHHW WKHP 7KLV UHLQFDUQDWLRQ V\VWHP IRU WKH /LYLQJ %XGGKDV LV
XQLTXHO\ SUDFWLVHG LQ 7LEHWDQ %XGGKLVP DQG LW LV QRW IRXQG LQ RWKHU IRUPV RI
%XGGKLVP/RSH]
(YHQWKRXJKWKHQXPEHURIPRQNV DQGQXQVKDV GLPLQLVKHG7LEHWDQ%XGGKLVPLV
DQHVVHQWLDOSDUWRI7LEHWDQOLIH(SVWHLQ:HQELQDQGWKHUHOLJLRQLVRQHRI
WKH IXQGDPHQWDO GLPHQVLRQV RI PRVW 7LEHWDQV¶ FXOWXUDO LGHQWLW\ 'RUMHH *LOHV
5HOLJLRXV SUDFWLFHV DUH OLQNHG ZLWK WKH 7LEHWDQ %XGGKLVW QRWLRQV RI NDUPD
UHELUWK DQG HQOLJKWHQPHQW *ROGVWHLQ D ZKLFK IRUP WKH XQGHUVWDQGLQJ RI
PRUDOLW\DQGWKHH[LVWHQFHRIOLIH3LOJULPVSURVWUDWLQJWKHPVHOYHVRQWKHJURXQGDUH
D FRPPRQ VFHQH DW PRQDVWHULHV RU RQ KLJK PRXQWDLQ URDGV 3HRSOH PDNH ORQJ
SLOJULPDJHV LQ WKH KRSH RI JDLQLQJ PHULW 7KH\ KRSH WKDW VXIIHULQJ RQ SLOJULPDJHV
ZLOO ZLQ D EHWWHU UHELUWK RU FXUH DQ LOOQHVV 7LEHWDQV HQJDJH 7LEHWDQ %XGGKLVW
SUDFWLFHVLQWKHLUGDLO\OLIHUHJXODUYLVLWVWRWHPSOHVRIIHULQJVDQGSUD\HUVWRYDULRXV
GHLWLHVDFFRPSDQLHGE\EXUQLQJVRIMXQLSHUERXJKVSUD\HUIODJVSURPRWLQJIRUWXQH
DQG EOHVVLQJ RQ KLJK KLOOV DQG QH[W WR GZHOOLQJ SODFHV SUD\HU ZKHHOV DUH VSXQ
EHDGVRIURVDULHVDUHZRUQLQWKHKDQGVRIWKHXVHUVHWF2QWKHSURMHFWPRQLWRULQJ
WULSVLWZDVDWUDGLWLRQWRVWRSRQPRXQWDLQSDVVHVWRWKURZDSLOHRI³OXQJWD´LQWKH
DLU³/XQJWD´PHDQLQJ:LQG+RUVHLVDVPDOOSLHFHRISDSHUZLWKUHOLJLRXVWH[WV
DQGV\PEROVWKDWLVEHOLHYHGWREULQJJRRGOXFNZKHQLWLVWKURZQ
)LJXUH
3UD\HUIODJVSXWXSRQDEULGJH
7KH ZKHHO RI OLIH SUHVHQWV WKH %XGGKLVW LGHRORJ\ RI WKH FRQWLQXRXV F\FOH RI ELUWK
OLIH DQG GHDWK IURP ZKLFK D SHUVRQ ILQGV OLEHUDWLRQ WKURXJK HQOLJKWHQPHQW
3HUIRUPLQJULWXDOVVXFK DVWKRVHPHQWLRQHGDERYHDUH ZD\VRI JDLQLQJ PHULWDQG
DUH LPSRUWDQW LQ VKDSLQJ WKH IXWXUH *DLQLQJ PHULW E\ GRLQJ JRRG GHHGV DQG
SHUIRUPLQJULWXDOVFDQUHVXOWLQDEHWWHUOLIHDIWHUUHELUWK3RVVLEO\DWRQHSRLQWLQWKH
3UD\HUIODJVDUHPDGHRISLFHRIFORWKLQILYHGLIIHUHQWFRORXUV\HOORZZKLWHEOXHJUHHQDQGUHDG
DQGLPSULQWHGZLWKDSUD\HURUPDQWUD
FKDLQRIUHELUWKVDIROORZHURI7LEHWDQ%XGGKLVPFDQGLVHPEDUNIURPWKHZKHHORI
OLIHDQGUHDFKWKHXOWLPDWHJRDORI%XGGKLVPEXGGKDKRRGFI.RKQ
7LEHWDQ(GXFDWLRQ
0RQDVWHULHV2ULJLQRIWKH7LEHWDQHGXFDWLRQ
7KH WUDGLWLRQDO 7LEHWDQ HGXFDWLRQ V\VWHP RULJLQDWHV LQ 7LEHWDQ %XGGKLVW
PRQDVWHULHV ZKLFK DUH DOVR FDOOHG ODPDVHULHV ,Q ROG 7LEHW PRQDVWHULHV ZHUH
HGXFDWLRQ FHQWUHV ZKHUH WKH HGXFDWLRQ ZDV EDVHG RQ 7LEHWDQ %XGGKLVP DQG
FRQFHQWUDWHGRQUHOLJLRXVLVVXHV7KHLGHDRIHGXFDWLRQZDV³WRZDUGVWKHZRUNLQJRI
WKHPLQGUDWKHUWKDQWRZDUGVWKHH[WHUQDOZRUOG´*ROGVWHLQ±.\DJD7KH
PDLQJRDORIWKHWHDFKLQJZDVDUHOLJLRXVRQHDQGWKHPDLQSXUSRVHZDVWROHDUQWKH
LQQHU YDOXHV RI WKH KXPDQ PLQG 6DPGKRQJ 5LQERFKH VWDWHV WKDW WKH
7LEHWDQ WUDGLWLRQDO HGXFDWLRQ V\VWHP DLPHG DW ³JXLGLQJ LQGLYLGXDOV IRU DWWDLQLQJ
HOHYDWLRQDQGSHUIHFWLRQ´ZKLFKGHVFULEHVWKHSXUSRVHRIWKHPRQDVWLFHGXFDWLRQ
0RGHUQW\SHVFKRROVGLGQRWH[LVWLQROG7LEHW$OOWHDFKLQJZDVGRQHSULYDWHO\RULQ
PRQDVWHULHVXQWLOWKHHVWDEOLVKPHQWRIWKH3HRSOH¶V5HSXEOLFRI&KLQD35&3RRU
SHRSOHFRXOGQRWDIIRUGHGXFDWLRQ$ULVWRFUDWVDQGJRYHUQPHQWRIILFLDOVZRXOGWHDFK
WKHLUER\VEXWDJDLQRQO\DYHU\IHZJLUOVKDGWKHRSSRUWXQLW\IRUIRUPDOHGXFDWLRQ
2QO\LIWKHUHZDVDVSHFLILFQHHGIRUDJLUO¶VHGXFDWLRQDWHDFKHUZDVSURYLGHG%DVV
$ORQJZLWKWKH HVWDEOLVKPHQWRIWKH35&VFKRROVZHUH IRXQGHGLQ7LEHW ,QWKRVH
VFKRROV WHDFKLQJ FRQFHQWUDWHG RQ ZULWLQJ DQG PHPRULVLQJ WH[WV ZKLFK ZDV D
IDPLOLDUOHDUQLQJPHWKRGIURPWKHPRQDVWLFVFKRROV1RUEXUHFDOOV³3XSLOV
OHIW VFKRRO ZLWK D SURGLJLRXV PHPRU\ EXW OLWWOH HOVH´ 7KHUH ZHUH QR FODVVHV LQ D
ZHVWHUQVHQVH7KHWHDFKLQJZDVGLYLGHGLQWRIRXUJUDGHVDFFRUGLQJWRWKHOHYHORI
ZULWLQJDELOLW\7KHVWXGHQWVOHDUQHGILUVWWRZULWHWKHSULQWVW\OHXFKHQZKLFKZDV
PHQWLRQHG HDUOLHU LQ WKLV FKDSWHU 7KH QH[W VWHS ZDV WR OHDUQ KRZ WR ZULWH WKH
2OG7LEHWUHIHUVWRWKHSHULRGRIWLPHEHIRUH
KDQGZULWLQJVW\OHXPHRQZRRGHQERDUGV)LQDOO\LQWKHIRXUWKJUDGHVWXGHQWVZHUH
DEOH WR ZULWH XVLQJ WKH KDQGZULWWHQ VW\OH RI WKH 7LEHWDQ ODQJXDJH RQ SDSHU
$FFRUGLQJWR1RUEXVFKRROH[DPVFRQFHQWUDWHGRQWKHEHDXW\RIWKHZULWLQJ
7UDGLWLRQDOO\7LEHWDQIDPLOLHVVHQWDWOHDVWRQHVRQWRDPRQDVWHU\7KLVSUDFWLFHKDG
WZRIXQFWLRQVLWSURYLGHGHGXFDWLRQDQGHQDEOHGDEHWWHUVRFLDOVWDWXV%R\VOHDUQHG
UHDGLQJDQGZULWLQJDORQJZLWK%XGGKLVWSKLORVRSK\,QWKHHDUO\\HDUVRIDPRQN¶V
PRQDVWLF OLIH WKH PDLQ HPSKDVHV LQ OHDUQLQJ ZHUH RQ PHPRULVLQJ DQG UHFLWLQJ
%XGGKLVWWH[WVDQGRUDOWHDFKLQJ/DWHURQWKHFXUULFXOXPFRQVLVWHGRIRWKHUVXEMHFWV
VXFKDV6DQVNULWPHGLFLQHDUWGDQFHDQGSKLORVRSKLFDOGLDOHFWLFV*ROGVWHLQ.\DJD
,QDGGLWLRQDPRQDVWLFHGXFDWLRQZDVDFKDQQHOWRJDLQEHWWHUVRFLDOVWDWXVLQ
ROG7LEHW*ROGVWHLQ.\DJD*ROGVWHLQE$PRQDVWLFFDUHHUZDVKLJKO\
UHVSHFWHGE\7LEHWDQVRFLHW\6WLOOWRGD\PRQNV¶GXWLHVLQFOXGH UHOLJLRXV DFWLYLWLHV
ERWK LQ DQG RXWVLGH PRQDVWHULHV 7KH\ YLVLW IDPLOLHV LQ FRPPXQLWLHV WR SHUIRUP
UHOLJLRXVULWXDOVHVSHFLDOO\LQWLPHVRIELUWKLOOQHVVDQGGHDWK7KHVHUHOLJLRXVYLVLWV
DUH DQ HVVHQWLDO SDUW RI 7LEHWDQ OLIH DQG WKH\ SURYLGH LQFRPH IRU WKH PRQNV DV
IDPLOLHVSD\WKHPRQNVIRUWKHLUVHUYLFHV
$V PHQWLRQHG HDUOLHU LQ WKLV FKDSWHU WUDGLWLRQDO 7LEHWDQ VRFLHW\ UHJDUGHG JLUOV DV
LQIHULRU WR ER\V ZKLFK WKHQ KDV DIIHFWHG JLUOV¶ HGXFDWLRQ 7LEHWDQ VRFLHW\ GLG QRW
JLYH PDQ\ RSSRUWXQLWLHV IRU JLUOV¶ HGXFDWLRQ %DVV *ROGVWHLQ.\DJD :KDWHYHURSSRUWXQLWLHVWKHUHZHUHWKH\ZHUHXQHTXDOO\GLVWULEXWHGLQVRFLHW\RQO\
ZRPHQIURPDULVWRFUDWLFIDPLOLHVKDGWKHDGYDQWDJHWRKDYHDFFHVVWRHGXFDWLRQDQG
UHOLJLRXVVRXUFHV
(YHQWKRXJKLQWKHRU\ZRPHQDQGPHQDUHHTXDOLQUHOLJLRXVSUDFWLFHVDZRPDQ
ZKR HQWHUHG D QXQQHU\ KDG DQG VWLOO KDV IHZHU RSSRUWXQLWLHV WR PDNH D VLPLODU
FDUHHUWRDPRQN$]L]DUJXHVWKDWWKURXJKRXWWKHLUPRQDVWLFOLIHER\VKDYH
IDUEHWWHUFKDQFHVRIEHLQJSURPRWHGWRKLJKPRQDVWLFUDQNVWKDQJLUOVGR6LPLODUO\
%XUWRQ PHQWLRQV WKDW QRUPDOO\ ZRPHQ FRXOG QRW UHFHLYH WKH KLJK UHOLJLRXV
HGXFDWLRQ WKDW LV DYDLODEOH WR PRQNV DQG WKHUHIRUH RQO\ D IHZ ZRPHQ EHFDPH
DEEHVVHV WR JRYHUQ QXQQHULHV $FFRUGLQJO\ D QXQ FRXOG JDLQ VRPH VRFLDO SUHVWLJH
E\WKHVHSRVLWLRQV%XWOHU
2QWKHRWKHUKDQGZRPHQDUHUHVSHFWHG+RZHYHULWZDVQRWFRQVLGHUHGLPSRUWDQW
WRHGXFDWHJLUOV³WRKDYHERRNOHDUQLQJ´0DMXSXULD*LUOVKDGUHVSRQVLELOLWLHV
LQGRPHVWLFGXWLHVZKLFKDOVRRFFXSLHGWKHLUWLPH:KLOHJLUOVZHUHZRUNLQJER\V
ZHQWWRVFKRRO$GGLWLRQDOO\HGXFDWLRQZDVVHHQDVDFROOHFWLYHLQWHUHVWDVRSSRVHG
WR DQ LQGLYLGXDO¶V LQWHUHVW FI 5RELQVRQ3DQW E )DPLOLHV FRQVLGHUHG
HGXFDWLRQ IURP D IDPLO\¶V SRLQW RI IHZ DQG DFFRUGLQJO\ D IDPLO\ VKRXOG EHQHILW
IURPHGXFDWLRQQRWRQO\DVLQJOHPHPEHURIDIDPLO\7KHUHIRUHDJLUO¶VHGXFDWLRQ
ZDV QRW YLHZHG DV XVHIXO 6KH DFFRUGLQJ WR WUDGLWLRQ ZRXOG PRYH WR KHU LQODZV¶
KRXVHDIWHUJHWWLQJPDUULHGDQGEULQJDOOWKHEHQHILWVIURPKHUHGXFDWLRQWRKHUQHZ
IDPLO\ $V D UHVXOW WKH JLUO¶V SDUHQWV ZKR ZRXOG KDYH ILQDQFHG KHU HGXFDWLRQ
ZRXOGQRWEHQHILWIURPLW0XGXR
$PGRVRFLHWLHVKDYHFKDQJHGDQGSHRSOH¶VDWWLWXGHVWRZDUGVJLUOV¶HGXFDWLRQKDYH
FKDQJHG 7KHVH FKDQJHV DUH ELJJHU LQ WRZQV WKDQ LQ YLOODJHV &KRGJD LELG OLVWV
YDULRXV DFKLHYHPHQWV RI PRGHUQ 7LEHWDQ ZRPHQ ZKR DUH LQYROYHG LQ VFLHQFH
UHVHDUFK HOHPHQWDU\ HGXFDWLRQ VSRUWV DQG KHDOWK ZRUN HWF +RZHYHU LQ YLOODJHV
SHRSOH WHQG WR IROORZ WKH ROG FXOWXUDO SUDFWLFHV PRUH FORVHO\ WKDQ SHRSOH LQ WRZQV
DQGFLWLHV+DUUL
&XUUHQW7LEHWDQ(GXFDWLRQ
&XUUHQW 7LEHWDQ HGXFDWLRQ IROORZV WKH UXOHV RI WKH HGXFDWLRQ V\VWHP RI WKH 35&
ZKLFKRIILFLDOO\KDVPLQRULWLHVDQGWKH+DQPDMRULW\$FFRUGLQJWR=KRX
WKH PLQRULW\ SRSXODWLRQ FRQVLVWHG RI PLOOLRQ SHRSOH LQ 7KHVH PLQRULWLHV
VSHDNRYHUODQJXDJHVRIZKLFKKDYHZULWWHQIRUPV7KH+DQPDMRULW\VSHDNV
&KLQHVH&KLQHVH0DQGDULQYDULHW\ZKLFKLVWKHOLQJXDIUDQFDRIWKHFRXQWU\
7KH GHYHORSPHQW RI ELOLQJXDO HGXFDWLRQ LV OHJLWLPLVHG LQ WKH 35& &RQVWLWXWLRQ
ZKLFK VXSSRUWV WKH VWXG\ RI PLQRULW\ ODQJXDJHV LQ DXWRQRPRXV UHJLRQV 7KH )LIWK
1DWLRQDO3HRSOH
V&RQJUHVVZKLFKLVWKHRUHWLFDOO\WKHKLJKHVWDXWKRULW\LQWKH35&
DGRSWHG WKH )LIWK &RQVWLWXWLRQ RI WKH 35& 7KDW FRQVWLWXWLRQ LQ JXDUDQWHHG
,XVHWKHZRUG&KLQHVHIRUERWKWKHVWDQGDUGZULWWHQODQJXDJHDQGWKHVWDQGDUGVSRNHQODQJXDJHRI
&KLQHVH7KHVSRNHQYDULHW\LVDOVRNQRZQDV3XWRQJKXD
HGXFDWLRQ IRU QRQ+DQ QDWLRQDOLWLHV LQ WKH DXWRQRPRXV UHJLRQV RI WKH FRXQWU\
7KLUWHHQ \HDUVODWHULQWKH(GXFDWLRQ /DZ ZDVDPHQGHG JLYLQJDQ RSWLRQIRU
QRQ+DQ QDWLRQDOLWLHV WR SURYLGH WHDFKLQJ LQ PLQRULW\ ODQJXDJHV 7KH SULQFLSOHV RI
ELOLQJXDO HGXFDWLRQ IRU PLQRULWLHV JLYH PLQRULW\ SHRSOH WKH ULJKW WR GHYHORS WKHLU
RZQ ODQJXDJH 7KH (GXFDWLRQ /DZ $UWLFOH VWDWHV WKDW VFKRROV DQG RWKHU
HGXFDWLRQDOLQVWLWXWLRQVSULPDULO\IRUPLQRULW\QDWLRQDOLWLHVPD\XVHWKHVSRNHQRU
ZULWWHQ ODQJXDJH LQ FRPPRQ XVH DPRQJ WKH HWKQLF JURXS RU LQ WKH ORFDOLW\ DV WKH
ODQJXDJHRILQVWUXFWLRQ0LQLVWU\RI(GXFDWLRQ
$FFRUGLQJ WR :DQJ WKH OHJLVODWLRQ RI HWKQLF PLQRULW\ HGXFDWLRQ LV QRW
JRYHUQHG E\ RQH VLQJOH UHJXODWLRQ RQO\ 7KH WZR HVVHQWLDO GRFXPHQWV DUH
6XJJHVWLRQV &RQFHUQLQJ (QKDQFHPHQW RI 8QGHUWDNLQJV RI (WKQLF 0LQRULW\
(GXFDWLRQDQG&LUFXODU5HJDUGLQJ3ULQWDQG'LVWULEXWLRQRIWKH1DWLRQDO3URJUDP
IRU WKH 'HYHORSPHQW DQG 5HIRUP RI (WKQLF 0LQRULW\ (GXFDWLRQ ,Q WKHVH
GRFXPHQWV WKH VWDWH HQFRXUDJHV WKH XVH RI &KLQHVH DQG WKH PLQRULW\ ODQJXDJH
VLPXOWDQHRXVO\ERWKLQWHDFKLQJDQGLQWKHWUDLQLQJRIHWKQLFPLQRULW\WHDFKHUV
7KH&KLQHVHJRYHUQPHQWKDVVHWORZHUDGPLVVLRQVWDQGDUGVDWKLJKHUHGXFDWLRQIRU
HWKQLFPLQRULW\SHRSOHWRSURPRWHDQGUHFUXLWHWKQLFPLQRULW\VWXGHQWV8QLYHUVLWLHV
DUH HQFRXUDJHG WR RUJDQLVH HWKQLF PLQRULW\ FODVVHV PLQ]X EDQ $OVR WKHUH DUH
VHYHUDO ,QVWLWXWHV IRU 1DWLRQDOLWLHV PLQ]X [XH\XDQ LQ WKH FRXQWU\ WKDW SURYLGH
KLJKHU HGXFDWLRQ IRU HWKQLF PLQRULW\ SHRSOH 7KHVH LQVWLWXWHV ZHUH RULJLQDOO\
HVWDEOLVKHGWRWUDLQPLQRULW\SHRSOHLQRUGHUWRLQWHJUDWHWKHPLQWRWKHFXOWXUDODQG
SROLWLFDO PDLQVWUHDP RI &KLQHVH VRFLHW\ 7KH PHGLXP RI LQVWUXFWLRQ YDULHV EXW LQ
JHQHUDOERWK&KLQHVHDQGPLQRULW\ODQJXDJHVDUHXVHGLQ,QVWLWXWHVIRU1DWLRQDOLWLHV
%LOLQJXDO HGXFDWLRQ LV JRYHUQHG E\ &KLQD
V OHJLVODWLRQ EXW DFFRUGLQJ WR =KRX
DGXHWRWKHQDUURZLQWHUSUHWDWLRQRIHTXDOLW\RIOHJDOVWDWXVIRUWKHODQJXDJH
RIWKHPLQRULW\JURXSVPLQRULW\ODQJXDJHVGRQRWKDYHHTXDOVWDWXVLQSUDFWLFH
)LUVW RI DOO LW LV ZRUWK PHQWLRQLQJ WKDW QRW DOO PLQRULW\ SHRSOH RI WKH 35& KDYH
PRWKHU WRQJXH HGXFDWLRQ $FFRUGLQJ WR =KRX E WKDW LV EDVLFDOO\ IRU WZR
UHDVRQV HLWKHU WKH PLQRULW\ ODQJXDJH GRHV QRW KDYH D ZULWWHQ IRUP DQGRU WKH
QXPEHURIVSHDNHUVLVUDWKHUVPDOO6HFRQGO\WKHSUDFWLFHRIELOLQJXDOHGXFDWLRQLQ
&KLQD LV QRW VWDQGDUGLVHG WKURXJKRXW WKH FRXQWU\ 7KDW LV GXH WR WKH IDFW WKDW WKH
SROLFLHVRIFHQWUDOJRYHUQPHQWDUHQRWDOZD\VFRQVLVWHQWZLWKWKHQHHGVRIWKRVHZKR
OLYH LQ WKH SHULSKHU\ 5HVHDUFK LQWR ELOLQJXDO HGXFDWLRQ LQ &KLQD VXJJHVWV WKDW
VHYHUDO FRQFOXVLRQV FDQ EH GUDZQ 3RVWLJOLRQH DUJXHV WKH JUHDW
GLYHUVLW\ WKDW H[LVWV EHWZHHQ QDWLRQDO PLQRULW\ VLWXDWLRQV PDNHV JHQHUDOLVDWLRQ
YLUWXDOO\LPSRVVLEOH
,WLVQRWRQO\WKDWWKHVLWXDWLRQVEHWZHHQGLIIHUHQWQDWLRQDOPLQRULWLHVYDU\EXWDOVR
WKHVLWXDWLRQZLWKLQRQHHWKQLFPLQRULW\JURXSYDULHV7KHGLIIHUHQWVLWXDWLRQVRIWZR
GLIIHUHQWPLQRULW\SHRSOHVFDQEHVHHQLQ+DQVHQ
VUHVHDUFK6KHUHVHDUFKHG
ELOLQJXDOHGXFDWLRQDPRQJ1D[LDQG7DLSHRSOHZKROLYHLQWZRGLIIHUHQWORFDWLRQV
LQ <XQQDQ 3URYLQFH +HU UHVHDUFK FOHDUO\ VKRZV KRZ WKH GLIIHUHQW SUDFWLFHV RI
LPSOHPHQWLQJ ELOLQJXDO HGXFDWLRQ KDYH GLIIHUHQW UHVXOWV $PRQJ 7DL SHRSOH VWDWH
HGXFDWLRQ FODVKHV ZLWK WKH WUDGLWLRQDO %XGGKLVW HGXFDWLRQ DQG WKH YDOXHV RI WKH
FXOWXUH7KXVVWDWHHGXFDWLRQKDVQRWVXFFHHGHG1D[LSHRSOHGLGQRWSHUFHLYHVWDWH
HGXFDWLRQDVIRUHLJQDQGVWDWHHGXFDWLRQZDVVXFFHVVIXODQGSURYLGHGWKHPHDQVWR
H[SUHVVWKHPVHOYHVDVDQHWKQLFPLQRULW\
&KLQHVHVWDWHHGXFDWLRQVHHPVWRKDYHIRXUPDLQJRDOV)LUVWLWDWWHPSWVWRDFKLHYHD
KLJK GHJUHH RI FXOWXUDO DQG SROLWLFDO KRPRJHQLVDWLRQ LQ RUGHU WR PDNH
FRPPXQLFDWLRQ SRVVLEOH DPRQJ GLIIHUHQW SHRSOHV LQ GLIIHUHQW SDUWV RI WKLV KXJH
FRXQWU\6HFRQGLWWULHVWRHQVXUHWKHLQWHJUDWLRQRISHULSKHUDODUHDVLQWRWKH&KLQHVH
VWDWH7KHWKLUGHVVHQWLDOJRDORIWKHHGXFDWLRQV\VWHPLVWRSURPRWHSDWULRWLVPDQG
OR\DOW\ WR WKH &KLQHVH &RPPXQLVW 3DUW\ &&3 7KH IRXUWK JRDO LV WR LPSURYH
TXDOLW\DQGFLYLOLVHWKHEDFNZDUGSDUWVRIWKHFRXQWU\+DQVHQ0RVWRI
WKH EDFNZDUG UHJLRQV DUH LQKDELWHG E\ HWKQLF PLQRULW\ SHRSOH ZKR GR QRW VSHDN
&KLQHVHDVWKHLUILUVWODQJXDJH,QRUGHUWRLQWHJUDWHWKHHWKQLFPLQRULW\SHRSOHRIWKH
35& LQWR WKH PDLQVWUHDP WKH VWDWH HGXFDWLRQ V\VWHP SURYLGHV ELOLQJXDO HGXFDWLRQ
IRUPLQRULW\SHRSOH
7LEHWDQ ODQJXDJH HGXFDWLRQ KDV DOZD\V KDG LWV RZQ UHFRJQLVHG VWDWXV LQ WKH
HGXFDWLRQV\VWHPRIWKH 35&7KHUHPRWHQHVVDQGHFRQRPLFXQGHUGHYHORSPHQWRI
WKH YDVW &KLQHVH SHULSKHU\ KDV PDGH LW SRVVLEOH WR SUHVHUYH WKH FXOWXUH DQG WKH
ODQJXDJHRI7LEHWDQV7KHPDMRULW\RI7LEHWDQVVSHDNDWOHDVWRQHRIWKHWKUHHPDLQ
7LEHWDQ GLDOHFWV WKDW DUH $PGR .KDP DQG WKH &HQWUDO GLDOHFW 7KH &KLQHVH
JRYHUQPHQWKDVPDGHOLPLWHGHIIRUWVWRLQWHJUDWH7LEHWDQVLQWRWKHFXOWXUDOSROLWLFDO
DQG HFRQRPLF PDLQVWUHDP RI &KLQHVH VRFLHW\ +RZHYHU WKH FHQWUDO JRYHUQPHQW
ODXQFKHG LWV GHYHORSPHQWDO SURJUDPPH ³2SHQ 8S WKH :HVW´ ;LEX GD NDLID LQ
2FWREHU7KHPDLQDLPRIWKHSURJUDPPHLVWREULQJWKHZHVWHUQSDUWVRI35&
WRWKHVDPHGHYHORSPHQWDOOHYHOZLWKWKHUHVWRIWKHFRXQWU\7KHIRFXVKDVEHHQRQ
HFRQRPLFGHYHORSPHQWDQGLQIUDVWUXFWXUH UDWKHUWKDQRQHGXFDWLRQLQWKHUHJLRQRI
4LQJKDL 3URYLQFH 7LEHW $XWRQRPRXV 5HJLRQ 7$5 DQG ;LQJMLDQ &RQQHFWLQJ
/KDVD WR WKH QDWLRQDO UDLOZD\ QHWZRUN LQ ZDV SDUW RI WKLV GHYHORSPHQWDO
SURJUDPPHDVZHOODVEXLOGLQJKLJKZD\VEHWZHHQSUHIHFWXUHFDSLWDOVDQG;LQLQJLQ
4LQJKDL3URYLQFH
%LOLQJXDO HGXFDWLRQ KDV QRW UHDFKHG 7LEHWDQ DUHDV LQ WKH VDPH ZD\ LW KDV UHDFKHG
VRPH RWKHU OHVV UHPRWH HWKQLF PLQRULW\ SHRSOH DUHDV LQ WKH 35& 7LEHWDQV LQKDELW
7$54LQJKDL6LFKXDQ*DQVXDQG<XQQDQ3URYLQFHV0RVW7LEHWDQVLQWKLVUHJLRQ
DUH VHPL QRPDGLF SDVWRUDOLVWV DQG WKH\ LQKDELW WKH SRRUHVW DQG PRVW LQDFFHVVLEOH
UHJLRQVRIWKHFRXQWU\7UDGLWLRQDOO\WKHLUHGXFDWLRQOHYHOLVRQHRIWKHORZHVWLQWKH
ZKROHFRXQWU\$PRQJWKHVHYHQOHDVWOLWHUDWHSURYLQFHOHYHOWHUULWRULHVLQWKH35&
DUH7$54LQJKDL*DQVXDQG<XQQDQ3URYLQFHV/DPRQWDJQH$FFRUGLQJWR
/DPRQWDJQHLOOLWHUDF\LVDGLVFULPLQDWLQJFKDUDFWHULVWLFEHWZHHQWKHHWKQLFPLQRULW\
JURXSVDQGWKH+DQLQWKHSURYLQFLDOOHYHOWHUULWRULHVZKLFKKDYHDODUJHSUHVHQFHRI
PLQRULW\SHRSOH7KDWLVWKHLVVXHLQPDQ\ZHVWHUQWHUULWRULHVRIWKH35&7LEHWDQV
LELGDUHRQHRIWKHWHQOHDVWOLWHUDWHPLQRULWLHVLQWKH35&7KDWLVDOLWHUDF\OHYHO
RI OHVV WKDQ IRUW\ SHU FHQW LQ WKH DJH JURXS RI \HDUV &KLQD 6WDWLVWLF 3UHVV
,Q 4LQJKDL 3URYLQFH WKH HGXFDWLRQDO OHYHO LV ORZHU WKDQ WKDW RI WKH QDWLRQDO OHYHO
7KHQDWLRQDOOHYHORIHGXFDWLRQDOGHYHORSPHQWLVDURXQGVHYHQW\SHUFHQWZKHUHDVLQ
4LQJKDL 3URYLQFH LW LV ILIW\IRXU SHU FHQW /DPRQWDJQH 7KH OHDVW HGXFDWHG
QDWLRQDOLWLHV LQ 4LQJKDL 3URYLQFH DUH WKH 6DODU DQG 7LEHWDQV 2Q WKH RWKHU KDQG
VRPH RWKHU HWKQLF PLQRULWLHV LQ 4LQJKDL 3URYLQFH KDYH YHU\ D KLJK HGXFDWLRQDO
GHYHORSPHQWOHYHO6XFKPLQRULWLHVDUHWKH<L.RUHDQVHWFWKDWDUHQRWWKHRULJLQDO
SHRSOHRIWKHSURYLQFH
7KHUHLVQRRIILFLDOGHILQLWLRQRIDOLWHUDWH7LEHWDQDYDLODEOH2IILFLDOVLQ+DLQDQ7$3GHILQHGD
OLWHUDWHSHUVRQDVDRQHZKRKDVILQLVKHGVL[\HDUVLQSULPDU\VFKRRO
$ ORZ OLWHUDF\ UDWH LV XVXDOO\ UHODWHG WR GHYHORSLQJ FRXQWULHV ZKHUH WKH VRFLR
HFRQRPLFDO RU HYHQ JHRJUDSKLFDO HQYLURQPHQW KLQGHUV DFFHVV WR OLWHUDF\ WHDFKLQJ
7KHUH DUH PDLQO\ IRXU XQLYHUVDO UHDVRQV IRU WKH ORZ OLWHUDF\ UDWH RI 7LEHWDQV LQ
4LQJKDL 3URYLQFH DQG HVSHFLDOO\ LQ +DLQDQ 7$3 WKH UHPRWHQHVV RI GZHOOLQJV
WUDQVKXPDQFH SUDFWLFHV WKH ORZ VWDQGDUG RI OLYLQJ DQG ODQJXDJH RI HGXFDWLRQ $V
PRVW7LEHWDQVLQ+DLQDQ7$3OLYHLQUHPRWHYLOODJHVLWKDVEHHQGLIILFXOWWRRUJDQLVH
HGXFDWLRQ IRU FKLOGUHQ 7KH ORZ GHQVLW\ RI SRSXODWLRQ PDNHV LW HYHQ PRUH
FRPSOLFDWHG 9LOODJHV DUH VFDWWHUHG ³DOO RYHU´ WKH SODWHDX DQG VRFDOOHG QDWXUDO
YLOODJHVPD\FRQVLVWRI RQO\DFRXSOHRIIDPLOLHV)DPLOLHVWKHQKDYHWR VHQGWKHLU
FKLOGUHQ WR WKH FORVHVW ELJJHU SODFH ZKLFK FDQ EH DQ DGPLQLVWUDWLYH YLOODJH RU
WRZQVKLSRUDFRXQW\FHQWUH2IWHQWKHVHVFKRROVDUHERDUGLQJVFKRROVZKHUHYLOODJH
FKLOGUHQFDQKDYHERDUGDQGORGJLQJ(YHQWKRXJKLQUHFHQW\HDUVWKHJRYHUQPHQW
KDVDVVLVWHGIDPLOLHVE\UHGXFLQJVFKRROIHHVORGJLQJH[SHQVHVFDQEHDKLQGUDQFH
WRVHQGLQJFKLOGUHQWRVFKRRO)DPLOLHVFDQQRWDIIRUGORGJLQJIHHVDWDOORUWKH\FDQ
DIIRUGLWRQO\IRUDFRXSOHRI\HDUV'XULQJWKRVH\HDUVFKLOGUHQDFTXLUHOLWHUDF\DQG
QXPHUDF\7KHQRPDGLFZD\RIOLYLQJDGGVWRWKHSUREOHPVRIRUJDQLVLQJHGXFDWLRQ
7KH JRYHUQPHQW KDV SURYLGHG WHQW VFKRROV ZKLFK KDYH EHHQ XVHG RQ WKH VXPPHU
SDVWXUHVEXWWHQWVFKRROVKDYHQRWVROYHGWKHSUREOHP/DVWO\ODQJXDJHFDQFDXVHD
EDUULHU IRU FKLOGUHQ¶V HGXFDWLRQ 7KHUH DUH WZR NLQGV RI 7LEHWDQ VFKRROV 7LEHWDQ
ODQJXDJH PHGLXP VFKRROV DQG &KLQHVH ODQJXDJH PHGLXP VFKRROV 7KH ILUVW RQH
WHDFKHV&KLQHVHDVDVXEMHFWDQGWKHRWKHUVXEMHFWVDUHWDXJKWLQ7LEHWDQ7KHODWWHU
RQH WHDFKHV 7LEHWDQ DV D VXEMHFW DQG DOO RWKHU VXEMHFW DUH WDXJKW LQ &KLQHVH
7KHUHIRUH ZKHQ D 7LEHWDQ YLOODJH FKLOG JRHV WR D &KLQHVH PHGLXP VFKRRO KH KDV
GLIILFXOWLHVLQXQGHUVWDQGLQJWKHWHDFKLQJ
7KHJRYHUQPHQWRIWKH35&KDVFODLPHGWKDW³7KH<HDU&RPSXOVRU\(GXFDWLRQ
SODQRIWKH JRYHUQPHQW KDVEHHQLPSOHPHQWHGLQGLIIHUHQWSKDVHVWKURXJKWKHYDVW
FRXQWU\,WVKRXOGEHEDVLFDOO\XQLYHUVDOLVHGDQGLOOLWHUDF\DPRQJ\RXQJDQGPLGGOH
DJHG JURXSV VKRXOG EH EDVLFDOO\ HUDGLFDWHG´ 7KH 0LQLVWU\ RI (GXFDWLRQ 7KLV PD\ EH DQ DFFXUDWH VWDWHPHQW RI PDQ\ SODFHV LQ WKH 35& EXW LW FDQQRW EH
YHULILHG\HWLQ+DLQDQ7$3LQ4LQJKDL3URYLQFH
$QDGPLQLVWUDWLYHYLOODJHFRQVLVWVRIDQXPEHURIQDWXUDOYLOODJHV
³:LSH$ZD\,OOLWHUDF\´
7KHGULYLQJIRUFHEHKLQGDGXOWOLWHUDF\SURJUDPPHVLQWKH35&KDVEHHQWKHFHQWUDO
JRYHUQPHQW¶V REMHFWLYH WR ³ZLSH DZD\ LOOLWHUDF\´ LQ D ZKROH FRXQWU\ :DQJ /L
6LQFH WKH JRYHUQPHQW RI WKH 35& KDV ZRUNHG WRZDUGV PDNLQJ
XQLYHUVDOOLWHUDF\DUHDOLW\6WLWHV6HPDOL3HWHUVRQ$FFRUGLQJWRWKH
0LQLVWU\RI(GXFDWLRQRIWKH35&WKHWK1DWLRQZLGH&HQVXVLQVKRZHGWKDW
WKHDGXOWLOOLWHUDF\UDWHLQWKHDJHJURXS\HDUVZDVVL[W\WZRSHUFHQW7KH
0LQLVWU\RI(GXFDWLRQZKLFKZDVD FDWDO\VWIRU DQDWLRQZLGHFDPSDLJQIRU
OLWHUDF\ WHDFKLQJ HVSHFLDOO\ DPRQJ DGXOWV LQ DQ DJH JURXS RI \HDUV 7KH
XOWLPDWHJRDOLVWRKDYHOLWHUDF\UDWHRIRYHUSHUFHQW7KH0LQLVWU\RI(GXFDWLRQ
7KHJRYHUQPHQWKDVLPSOHPHQWHGWZRNLQGVRIOLWHUDF\FRXUVHVIRUWKHDGXOW7LEHWDQ
SRSXODWLRQ &KLQHVH DQG WKH 7LEHWDQ ODQJXDJH FRXUVHV $FFRUGLQJ WR RIILFLDOV LQ
+DLQDQ7$3WKH&KLQHVHODQJXDJHOLWHUDF\WHDFKLQJGLGQRWPHHWWKHSXUSRVHRIWKH
FRXUVH$GXOWOHDUQHUVZKRGLGQRWVSHDN&KLQHVHIRXQGDFTXLULQJ&KLQHVHOLWHUDF\
GLIILFXOWDQGFODVVDWWHQGDQFHZDVORZ,QWKHHQGRIILFLDOVGHFLGHGQRWWRFRQWLQXH
WKH &KLQHVH ODQJXDJH FRXUVHV IRU 7LEHWDQV 7KH 7LEHWDQ ODQJXDJH OLWHUDF\ FRXUVHV
KDYH UHDFKHG PRUH 7LEHWDQV 7KLV FRXUVH LV GHVLJQHG WR PHHW WKH EDVLF QHHGV RI
OLWHUDF\7KDWLVSHRSOH OHDUQWR UHDGDQGZULWH 7LEHWDQ$IWHU ILQLVKLQJ WKHFRXUVH
WKH\ VKRXOG EH DEOH WR ZULWH VLPSOH OHWWHUV DQG UHDG VLPSOH WH[WV LQ HYHU\GD\
FRQWH[WV$ILQDOH[DPLQDWLRQFRPSOHWHVWKHFRXUVHDQGDVVHVVHVWKHOLWHUDF\VNLOOVRI
VWXGHQWV ,Q VRPH FRXQWLHV RIILFLDOV NHHS UHFRUGV RI VWXGHQWV ZKR KDYH SDVVHG WKH
ILQDOH[DPLQDWLRQVDQGWKURXJKWKHLUUHFRUGVWKH\PD\REWDLQWKHVWDWXVRIEHLQJD
OLWHUDWH WRZQ RU WRZQVKLS 7KLV VWDWXV LV DQ LPSRUWDQW LQGLFDWRU WR VKRZ WKDW DQ
DGPLQLVWUDWLYHDUHDKDVUHDFKHGWKHJRYHUQPHQWREMHFWLYHVLQOLWHUDF\HGXFDWLRQ
'LIIHUHQW SURYLQFHV DQG DXWRQRPRXV UHJLRQV ZHUH DOORFDWHG GLIIHUHQW REMHFWLYHV
FRQFHUQLQJWKHWLPHWDEOHDQGJRDORIOLWHUDF\SURJUDPPHVZLWKLQWKHZKROHFRXQWU\
7KH PRUH GHYHORSHG SURYLQFHV ZLWK EHWWHU HFRQRPLF VWDWXV DQG HGXFDWLRQDO
GHYHORSPHQW DORQJ ZLWK KLJKHU SRSXODWLRQ GHQVLW\ ZHUH DOORFDWHG D VKRUWHU WLPH
VFKHGXOH WKDQ DUHDV ZLWK ORZ SRSXODWLRQ GHQVLW\ DQG ORZHU HFRQRPLF VWDWXV DQG
ORZHU HGXFDWLRQDO GHYHORSPHQW 7KH PRVW GHYHORSHG SURYLQFHV ZHUH JLYHQ WLPH
XQWLOWKHHQGRIWRUHDFKWKHJRDORIOHVVWKDQILYHSHUFHQWRILOOLWHUDF\4LQJKDL
3URYLQFHLQZKHUHWKLVUHVHDUFKDUHDLVORFDWHG ZDVVXSSRVHGWRUHDFKLWVJRDOE\
WKH\HDUZLWKWKHUHVXOWRIKDYLQJOHVVWKDQILIWHHQSHUFHQWLOOLWHUDF\DPRQJWKH
DJHJURXSEXWWKHJRDOZDVQRWUHDFKHGLQDOORFDWHGWLPH
7KH7LEHWDQ/LWHUDF\3URJUDPPH
3DUWQHUVRIWKH3URMHFW,PSOHPHQWDWLRQ
,Q WKH V WKH &HQWUDO *RYHUQPHQW RI WKH 35& KDG DVVLJQHG WKH GHDG OLQH IRU
³ZLSLQJDZD\LOOLWHUDF\´WREHFRPSOHWHGE\WKHPLOOHQQLXP7LEHWDQRIILFLDOVRIWKH
+DLQDQ7LEHWDQ/DQJXDJH&RPPLWWHH+7/&LQ+DLQDQ7$3ZHUHXQGHUSUHVVXUH
WRPDQDJHWKHWDVNLQWKHDOORFDWHGWLPH7KH\VHDUFKHGGLIIHUHQWRSSRUWXQLWLHVIRU
SURJUDPPHLPSOHPHQWDWLRQDQGLQWKHHQGWKH\HVWDEOLVKHGFRRSHUDWLRQZLWK-LDQ
+XD )RXQGDWLRQ DQG )LGD ,QWHUQDWLRQDO 7KHVH WKUHH FRXQWHUSDUWV FDUULHG RXW WKH
7LEHWDQ/LWHUDF\3URJUDPPH7/3LQZKLFKSURYLGHGWKHPDLQOLWHUDF\
HGXFDWLRQDOVFHQHIRUWKHFXUUHQWUHVHDUFK
)LGD ,QWHUQDWLRQDO LV D )LQQLVK 1*2 ZLWK &KULVWLDQ SULQFLSOHV )LGD ,QWHUQDWLRQDO
ZRUNV FORVHO\ ZLWK WKH 0LQLVWU\ RI )RUHLJQ $IIDLUV RI )LQODQG 0)$ DQG LW LV
FXUUHQWO\ RQH RI WKH PDLQ UHFLSLHQWV RI JRYHUQPHQW IXQGLQJ IRU GHYHORSPHQW DQG
KXPDQLWDULDQ DVVLVWDQFH LQ GHYHORSLQJ FRXQWULHV 4XDOLILFDWLRQV IRU D SDUWQHUVKLS
RUJDQL]DWLRQ ZLWK 0)$ UHTXLUH WKH RUJDQL]DWLRQ WR ZRUN DFFRUGLQJ WR WKH JHQHUDO
SULQFLSOHV DQG SROLFLHV VHW E\ WKH 0)$ $FFRUGLQJO\ WKH GHYHORSPHQWDO JRDOV RI
LPSOHPHQWHG GHYHORSPHQW SURJUDPPHV DJUHH ZLWK WKH HPSKDVLV DQG JRDOV RI WKH
0)$ &XUUHQWO\ VSHFLDO HPSKDVLV LV RQ HGXFDWLRQ UHGXFLQJ XQHPSOR\PHQW DQG
LPSURYLQJ VWDWXV RI ZRPHQ DQG FKLOGUHQ 0LQLVWU\ RI )RUHLJQ $IIDLUV RI )LQODQG
7KH VFRSH RI WKH 7/3 LQFOXGHG SURYLGLQJ DVVLVWDQFH IRU HWKQLF PLQRULW\
SHRSOH¶V HGXFDWLRQ ZKLFK PHW WKH FULWHULD RI WKH 0)$ 5HJDUGLQJ )LGD
,QWHUQDWLRQDOLWSURYLGHGWKHNQRZKRZIRUVXVWDLQDEOHGHYHORSPHQWLQWKHILHOGRI
$WWKDWWLPH'HSDUWPHQWRI'HYHORSPHQW&RRSHUDWLRQVRI)LQQLVK)UHH)RUHLJQ0LVVLRQ
DGXOWOLWHUDF\HGXFDWLRQDORQJZLWKWKHDGPLQLVWUDWLRQRIILQDQFLDOUHVRXUFHVIRUWKH
7LEHWDQ/LWHUDF\3URJUDPPH
7KH -LDQ +XDQ )RXQGDWLRQ LV D +RQJ .RQJ EDVHG RUJDQL]DWLRQ ZKLFK ZDV
HVWDEOLVKHG E\ EXVLQHVVPHQ IURP +RQJ.RQJ ,QLWLDOO\ WKH PDLQ VFRSH RI WKH
RUJDQL]DWLRQZDVWRFRRUGLQDWH(QJOLVKODQJXDJHWHDFKHUVWRPHHWWKHKXJHGHPDQG
RIQDWLYHODQJXDJHWHDFKHUVLQPDLQODQG&KLQD6LQFHWKHODWHVWKHRUJDQL]DWLRQ
KDVEURXJKWLQSURIHVVLRQDOVIRUYDULRXVGHYHORSPHQWSURJUDPPHVVXFKDVPHGLFDO
DQG FRPPXQLW\ GHYHORSPHQW SURJUDPPHV 7KH 7LEHWDQ /LWHUDF\ 3URJUDPPH ZDV
DPRQJWKHILUVWGHYHORSPHQWSURJUDPPHVRIWKH-XDQ+XD)RXQGDWLRQZKRVHPDLQ
UHVSRQVLELOLW\ ZDV WR EH D OLQN EHWZHHQ )LGD ,QWHUQDWLRQDO DQG WKH +DLQDQ 7LEHWDQ
/DQJXDJH&RPPLWWHH+7/&+DLQDQ0LQ]X%DQLQ&KLQHVHDWWKHEHJLQQLQJRIWKH
SURMHFW LPSOHPHQWDWLRQ /DWHU RQ WKH -LDQ +XD )RXQGDWLRQ SURYLGHG SURJUDPPH
SHUVRQQHODVZHOO
7KH +DLQDQ 7LEHWDQ /DQJXDJH &RPPLWWHH LV D JRYHUQPHQW GHSDUWPHQW RI +DLQDQ
7$37KHGHSDUWPHQWLVLQFKDUJHRIDOO7LEHWDQFXOWXUDOLVVXHVZLWKLQWKHSUHIHFWXUH
WKDW LQFOXGHV ODQJXDJH DQG UHOLJLRXV LVVXHV RI ORFDO 7LEHWDQV )RU H[DPSOH DOO
JRYHUQPHQW ELOLQJXDO GRFXPHQWV DUH SURFHVVHG LQ WKH GHSDUWPHQW WKH RIILFLDO
UHODWLRQVKLS EHWZHHQ WKH JRYHUQPHQW DQG 7LEHWDQ %XGGKLVW PRQDVWHULHV LV WKURXJK
WKH +7/& %HFDXVH WKH GHSDUWPHQW KDV WKH H[SHUWLVH LQ WKH 7LEHWDQ ODQJXDJH WKH
*RYHUQPHQW RI +DLQDQ 7LEHWDQ $XWRQRPRXV 3UHIHFWXUH GHOHJDWHG WKH WDVN RI
RUJDQL]LQJWKHDGXOWOLWHUDF\WHDFKLQJWRWKH+7/&%HVLGHVWKHODQJXDJHH[SHUWLVH
WKH GHSDUWPHQW ZDV LQ FKDUJH RI WKH ORJLVWLFV RI WKH SURJUDPPH ZKLFK LQFOXGHG
FRPPXQLFDWLQJZLWKWKHFRXQW\OHYHOGHSDUWPHQWVRIWKHJRYHUQPHQWDQGDUUDQJLQJ
WUDLQLQJFRXUVHVIRUWUDLQHUVDQGYLOODJHWHDFKHUV
7KH LPSOHPHQWDWLRQ DQG WKH FRQWHQW RI WKH SURJUDPPH ZHUH H[HFXWHG LQ FR
RSHUDWLRQZLWK)LGD,QWHUQDWLRQDOWKH-LDQ+XD)RXQGDWLRQDQGWKH+7/&
7KH&RQWHQWRIWKH7/3
7KH 7LEHWDQ /LWHUDF\ 3URJUDPPH ZDV LPSOHPHQWHG LQ $FFRUGLQJ WR
WKH ILUVW SURMHFW SURSRVDO WKH FRQWHQW RI WKH SURJUDPPH ZDV WKH IROORZLQJ ³7KLV
SURJUDPLQFOXGHVOLWHUDF\FRXUVHPDWHULDOSUHSDUDWLRQWHDFKHUWUDLQLQJDQGOLWHUDF\
FRXUVHV IRU QRQOLWHUDWH DGXOWV &RXUVH PDWHULDOV LQFOXGLQJ D OLWHUDF\ SULPHU PXVW
EH SUHSDUHG LQ WKH ORFDO 7LEHWDQ $PGR GLDOHFW 7UDLQLQJ LV DLPHG DW SURIHVVLRQDO
SULPDU\VFKRROWHDFKHUVDQGOLWHUDWH7LEHWDQZRPHQZLWKQRIRUPDOWUDLQLQJ´/.$
$OO WKHVH FRPSRQHQWV ZHUH LQFOXGHG LQ WKH SURJUDPPH DQG GXULQJ WKH
LPSOHPHQWDWLRQ WLPH IRXU YROXPHV RI OLWHUDF\ SULPHUV ZHUH ZULWWHQ DQG SXEOLVKHG
OLWHUDF\ WUDLQHUV DQG YLOODJH OLWHUDF\ WHDFKHUV ZHUH WUDLQHG 7KH SURJUDPPH
UHDFKHG VWXGHQWV ZKR DWWHQGHG WKH FODVVHV LQ YLOODJHV DQG WRZQVKLSV
ZLWKLQIRXUFRXQWLHVRI+DLQDQ7$3
7KHXOWLPDWHGHYHORSPHQWJRDOZDVWR´LPSURYHOLYLQJFRQGLWLRQVWKURXJKLPSURYHG
OLWHUDF\´ZKLFKZDVSODQQHGWREHDFKLHYHGE\LPSURYLQJWKHTXDOLW\RIWKHWHDFKLQJ
PDWHULDOV DQG PHWKRGV DQG WKHUHIRUH WR LPSURYH WKH OLWHUDF\ UDWH LQ $PGR
FRPPXQLWLHV/.$
2QHHVVHQWLDOIHDWXUHRIWKHSURJUDPPHZDVWKHODQJXDJHRIOLWHUDF\,WZDVEHOLHYHG
WKDW PRWKHU WRQJXH OLWHUDF\ HGXFDWLRQ ZRXOG EH WKH EHVW FKRLFH IRU $PGRV IRU D
QXPEHU RI UHDVRQV :RUOGZLGH PRWKHUWRQJXH OLWHUDF\ HGXFDWLRQ LV SURPRWHG E\
HGXFDWRUVEHFDXVH
ā /HDUQLQJWRUHDGLVHDVLHUDQGIDVWHUZKHQVWXGHQWVXQGHUVWDQGWKHPHDQLQJ
RIZKDWWKH\DUHUHDGLQJ
ā ,W LV HDVLHU WR XQGHUVWDQG WKH EDVLF SURFHVVHV LQYROYHG LQ UHDGLQJ ± VXFK DV
VRXQGV\PERORUPHDQLQJV\PEROFRUUHVSRQGHQFHLQWKHPRWKHUWRQJXH
ā /HDUQHUV DOVR FDQ ZULWH IDVWHU LQ WKHLU PRWKHU WRQJXH DV VRRQ DV WKH\ DUH
WDXJKWKRZWKHUHVSHFWLYHZULWLQJV\VWHPZRUNV
$GGLWLRQDOO\PRVW$PGRVLQYLOODJHVDUHPRQROLQJXDO$PGRVSHDNHUVDQGWKHUHDUH
KDUGO\DQ\RSSRUWXQLWLHVWRVSHDN&KLQHVHLQWKHLUGDLO\HQYLURQPHQW+DUUL
&XUULFXOXPDQGSULPHUV
7KH FXUULFXOXP RI WHDFKLQJ FRQVLVWHG RI WZR PDLQ WHDFKLQJ SHULRGV LQ WZR
FRQVHFXWLYH\HDUVZKLFKZHUHFKRVHQWRFRUUHVSRQGWRWKHF\FOHRIQRPDGLFOLIHRI
WKH$PGRV(DFK\HDUWHDFKLQJZDVRUJDQL]HGDURXQG$XJXVW'HFHPEHUDIWHUWKH
VXPPHU KHUGLQJ VHDVRQ RQ WKH KLJK PRXQWDLQV ZDV RYHU DQG EHIRUH WKH 7LEHWDQ
DQGRU &KLQHVH 1HZ <HDU WLPH VWDUWHG 7KH UHVW RI WKH \HDU SHRSOH ZHUH RFFXSLHG
ZLWKKHUGLQJDQGIDUPLQJRUSLFNLQJFDWHUSLOODUIXQJXV
/LWHUDF\ SULPHUV ZHUH ZULWWHQ SDUWLFXODUO\ IRU WKLV SURJUDPPH +7/& KLUHG DQ
H[SHULHQFHGWHDFKHUWRZULWHSULPHUVDQGWRGHYHORSWKHFXUULFXOXPWRJHWKHUZLWKWKH
UHVHDUFKHUZKRUHSUHVHQWHGDGXOWOLWHUDF\HGXFDWLRQH[SHUWLFH7KLVORFDOWHDFKHUKDV
WDXJKWWKH7LEHWDQODQJXDJHERWKLQSULPDU\VFKRROVDQGLQPRQDVWHULHVLQ4LQJKDL
3URYLQFH +LV DSSURDFK WR WHDFKLQJ WKH ODQJXDJH ZDV WUDGLWLRQDO 7KH UHVHDUFKHU¶V
DSSURDFK WR WHDFKLQJ ZDV WR PRGLI\ WKH WUDGLWLRQDO PHWKRGV WR DGMXVW OLWHUDF\
WHDFKLQJWRWKHQHHGVRIFXUUHQW7LEHWDQFRPPXQLWLHV$IHZDGMXVWPHQWVZHUHPDGH
EXW LQ WKH HQG WKH SULPHUV IROORZHG WKH WUDGLWLRQDO ZD\ RI WHDFKLQJ WKH ODQJXDJH
)ROORZLQJWKHSULQFLSDOVRILQWHUQDWLRQDOGHYHORSPHQWFRRSHUDWLRQLWZDVEHOLHYHG
WKDWORFDOSDUWQHUVVKRXOGKDYHWKHRZQHUVKLSRIWKHSURJUDPPH+7/&REWDLQHGWKH
FRS\ULJKWRIWKHSULPHUVDQGDFFRUGLQJO\WKH\KDGWRPDNHWKHILQDOGHFLVLRQRIWKH
FXUULFXOXPDQGWKHFRQWHQWRISULPHUV
7KH ILUVW YROXPH RI SULPHUV LQWURGXFHG WKH DOSKDEHW DQG DFFRUGLQJ WR OLWHUDF\
WUDGLWLRQ WKH SULPHU FRQVLVWV RI ODQJXDJH GULOOV IRU OHDUQLQJ YDULRXV JUDPPDWLFDO
LVVXHVRIWKHV\OODELFODQJXDJH7KHVHFRQGYROXPHIRFXVHGRQWHDFKLQJZRUGVDQG
VKRUW VHQWHQFHV $V D UHVXOW GXULQJ WKH ILUVW WHDFKLQJ SHULRG VWXGHQWV OHDUQHG WKH
DOSKDEHWV EXLOGLQJ XS VLPSOH ZRUGV DQG XQGHUVWDQGLQJ EDVLF JUDPPDU LQFOXGLQJ
FRPSUHKHQGLQJVKRUWVHQWHQFHV
7KH WKLUG YROXPH WDXJKW VLPSOH JUDPPDU DQG WKH IRXUWK YROXPH LQFOXGHG PRUH
FRPSOLFDWHG JUDPPDWLFDO LVVXHV PRUH FRPSOH[ ZRUGV DQG VHQWHQFHV LQ VKRUW
VWRULHV ZKLFK ZHUH EDVHG RQ WKH GDLO\ OLIH RI 7LEHWDQV $FFRUGLQJO\ WKH VHFRQG
WHDFKLQJ SHULRG FRQVLVWHG RI EXLOGLQJ XS FRPSOLFDWHG ZRUGV DQG WHDFKLQJ PRUH
FRPSOLFDWHG JUDPPDU RI WKH ODQJXDJH 6WXGHQWV ZKR ILQLVKHG WKH ZKROH FRXUVH
DFTXLUHG WKH OHYHO RI OLWHUDF\ ZKLFK LV HTXDO WR WKH OHYHO RI FODVV VL[ LQ SULPDU\
VFKRRO$VWXGHQWVKRXOGKDYHEHHQDEOHWRUHDGDQGXQGHUVWDQGUDWKHUFRPSOLFDWHG
WH[WLQUHODWLRQWRKLVKHURZQOLYLQJHQYLURQPHQW
7HDFKHUV¶WUDLQLQJ
$ FRPPRQ SUREOHP LQ PLQRULW\ ODQJXDJH DGXOW OLWHUDF\ HGXFDWLRQ LV WKH ODFN RI
WHDFKHUV 5RELQVRQ ZKLFK ZDV UHFRJQLVHG E\ WKH SURJUDPPH LPSOHPHQWHUV
RI WKH 7/3 7KHUHIRUH WUDLQLQJ WUDLQHUV DQG WHDFKHUV ZDV RQH HVVHQWLDO SDUW RI WKH
SURJUDPPH 7KH WUDLQLQJ KDG WKUHH LPPHGLDWH JRDOV WR WUDLQ WHDFKHUV WR WHDFK
DGXOWV WR LQWURGXFH QHZ WHDFKLQJ PHWKRGV DQG WR EULQJ VRPH FRPPXQLW\
GHYHORSPHQWLVVXHVWRGLVFXVVLRQLQFRPPXQLWLHV
(YHQWKRXJKWKHJRYHUQPHQWKDGRUJDQL]HGDGXOWOLWHUDF\FODVVHVWUDLQLQJWHDFKHUV
WR WHDFK DGXOWV KDG QRW EHHQ D SDUW RI WKHLU SURJUDPPH 0RVW WHDFKHUV LQ WKH
JRYHUQPHQW SURJUDPPH ZHUH VFKRROWHDFKHUV ZKR WDXJKW DGXOW OLWHUDF\ FODVVHV LQ
WKHLU YDFDWLRQ WLPH 6LQFH WKH\ ZHUH VFKRROWHDFKHUV JRYHUQPHQW RIILFLDOV UHJDUGHG
WKHPDVDSSURSULDWHSURIHVVLRQDOVIRUOLWHUDF\WHDFKLQJHYHQIRUDGXOWV6HH&KDSWHU
,QWKH7/3WHDFKHUVDQGWUDLQHUVZHUHFKRVHQE\ORFDOWRZQVKLSDQGYLOODJHHOGHUV
DQGZKRZHUHLQIOXHQWLDOLQWKHLUORFDOLWLHV7KHWHDFKHUVZHUHPDLQO\PLGGOHVFKRRO
JUDGXDWHV 7KH WUDLQHUV ZHUH SULPDU\ VFKRRO WHDFKHUV DQG JRYHUQPHQW HPSOR\HHV
IURP WKH 7LEHWDQ /DQJXDJH :RUNLQJ &RPPLWWHHV RI GLIIHUHQW FRXQWLHV 7KH
FRPPRQSHUFHSWLRQZDVWKDWWHDFKLQJDGXOWVIROORZVWKHVDPHPRGHODQGSULQFLSOHV
DV WHDFKLQJ FKLOGUHQ +RUVWLD 0XUUD\ 7KHUHIRUH LW ZDV LPSRUWDQW WR
LPSURYH WKH SURIHVVLRQDO VNLOOV RI WKH WHDFKHUV 7KH WUDLQLQJ FRXUVHV LQFOXGHG
7LEHWDQODQJXDJHLVVXHVVRPHSULQFLSOHVLQDGXOWHGXFDWLRQDQGLQWHUDFWLYHWHDFKLQJ
PHWKRGV WR H[SDQG D YDULHW\ RI WKHLU WHDFKLQJ PHWKRGV DQG WKHUHIRUH KRSHIXOO\ WR
LPSURYHWKHTXDOLW\RIWHDFKLQJ7LEHWDQ/LWHUDF\3URJUDPPH6LQFHWKHQHHG
IRUOLWHUDF\WHDFKHUVZDVXUJHQWDQGLPPHQVHLWZDVFUXFLDOWRWUDLQWUDLQHUVILUVWDQG
WKH\WDXJKWYLOODJHOLWHUDF\WHDFKHUVLQFRXQW\FHQWUHVFORVHWRWKHLUYLOODJHV
$QRWKHU DVSHFW RI WUDLQLQJ WUDLQHUV DQG WHDFKHUV ZDV WR LQWURGXFH VRPH LVVXHV RI
FRPPXQLW\ GHYHORSPHQW DW OLWHUDF\ FODVVHV 'XULQJ WKH WUDLQLQJ VWXGHQW WHDFKHUV
DQG WUDLQHUV ZHUH LQWURGXFHG WR SDUWLFLSDWLYH PHWKRGV VXFK DV SDUWLFLSDWLYH DFWLRQ
UHVHDUFK PHWKRGV WR VWLPXODWH GHYHORSPHQW LGHDV LQ $PGR FRPPXQLWLHV $V
WHDFKHUV DQG WUDLQHUV ZHUH UHVSHFWHG LQ WKHLU FRPPXQLWLHV WKH LGHD ZDV WR WHVW
GHYHORSPHQWDOLVVXHVDQGLGHDVZLWKWKHP3RVVLEO\WKH\FRXOGFRQYH\WKHLGHDVWR
WKHLUFRPPXQLWLHVIRUWKHEHQHILWRIFRPPXQLWLHVLQUXUDODUHDV
7UDLQHUV¶ WUDLQLQJ FRXUVHV ZHUH GHVLJQHG IRU RQH ZHHN DW D WLPH DQG WKH\ ZHUH
QHFHVVDU\ WR WKH SURJUDPPH :LWKRXW WUDLQHUV ZKR ZHUH SULPDU\ VFKRRO WHDFKHUV
PLGGOHVFKRROJUDGXDWHVDQGODQJXDJH7LEHWDQ&KLQHVHWUDQVODWRUVLWZRXOGKDYH
EHHQ LPSRVVLEOH IRU WKH SURJUDPPH PDQDJHUV WR WUDLQ YLOODJH WHDFKHUV 7KDW
WDVNZDV JLYHQWRWUDLQHUVRIZKRPVRPHSHUIRUPHGDVYLOODJHWHDFKHUV DVZHOO$
WUDLQLQJ FRXUVH IRU WUDLQHUV ZDV D YDOLG WHVWLQJ JURXQG IRU LGHDV DQG WHDFKLQJ
PHWKRGV ZKLFK ZHUH QRW \HW FRPPRQO\ XVHG LQ 7LEHWDQ YLOODJHV )RU H[DPSOH
QXPHUDF\ZDVQRWLQFOXGHGLQWRDFXUULFXOXPRI7LEHWDQDGXOWOLWHUDF\FRXUVHV2Q
WKH ILUVW WUDLQLQJ FRXUVH RI WKH 7/3 QXPHUDF\ WHDFKLQJ ZDV LQWURGXFHG E\ GRLQJ
VRPHVLPSOHGDLO\OLIHQXPHUDF\SUDFWLFHVVXFKDVWHDFKLQJKRZWRWHOOWKHWLPHDQG
WHDFKLQJ FDOFXODWLRQ E\ XVLQJ PRQH\ 1XPHUDF\ WHDFKLQJ ZDV QRW DFFHSWHG E\
WUDLQHUVDQGQXPHUDF\KDGWREHH[FOXGHGIURPWKHFXUULFXOXP
6WXGHQWV
0RVW VWXGHQWV RI WKH 7/3 ZHUH IURP WKH DJHJURXS \HDUV ,Q JHQHUDO \HDU ROG VWXGHQWV ZRXOG QRW EH FRQVLGHUHG DGXOW OLWHUDF\ VWXGHQWV EXW GXH WR WKH
&KLQHVH JRYHUQPHQW SROLF\ WKHVH DGROHVFHQW VWXGHQWV DWWHQG DGXOW OLWHUDF\ FODVVHV
$FFRUGLQJ WR WKH &KLQHVH SROLF\ SHRSOH ZKR DUH QRW ZLWKLQ WKH FRPSXOVRU\
HGXFDWLRQ DJH JURXS DUH UHTXLUHG WR DWWHQG DGXOW OLWHUDF\ FODVVHV 0LQLVWU\ RI
(GXFDWLRQ
/LWHUDF\VWXGHQWVZHUHHLWKHULOOLWHUDWHRUVHPLOLWHUDWH0RVWRIWKHPKDGQHYHUJRQH
WRVFKRRODQGKDGQHYHUOHDUQHGWRUHDGDQGZULWH6RPHVWXGHQWVKDGJRQHWRVFKRRO
IRU D \HDU RU WZR DV GHVFULEHG HDUOLHU LQ WKLV FKDSWHU EXW GXH WR D ODFN RI SRVW
OLWHUDF\ DFWLYLWLHV LQ WKHLU GDLO\ OLIH WKH\ KDG IRUJRWWHQ ZKDW WKH\ KDG OHDUQHG LQ
VFKRRO(YHQWKRXJK7LEHWDQOLWHUDWXUHLVSOHQWLIXOSRHPVQHZVSDSHUVVRQJERRNV
UHOLJLRXV PDWHULDOV HWF WKH\ FDQ EH KDUG WR JHW KROG RI LQ UHPRWH YLOODJHV DQG VR
SHRSOHGRQRWKDYHPDQ\RSSRUWXQLWLHVIRUUHDGLQJSUDFWLFH
7KHGLVSDULW\EHWZHHQJHQGHUVLVDXQLYHUVDOSKHQRPHQRQLQHGXFDWLRQHVSHFLDOO\LQ
GHYHORSLQJ FRXQWULHV ZKLFK FDXVHV PRUH QHHG IRU DGXOW OLWHUDF\ HGXFDWLRQ IRU
ZRPHQWKDQIRUPHQ,Q4LQJKDL3URYLQFHWKHUDWLRZDVILIW\WZRSHUFHQWRI7LEHWDQ
PHQDQGHLJKW\IRXUSHUFHQWRI7LEHWDQZRPHQZHUHVHPLOLWHUDWHRUQRQOLWHUDWHDW
WKHSODQQLQJVWDJHRIWKH7/3&KLQD6WDWLVWLF3UHVV7KH7/3LPSOHPHQWHUV
UHFRJQL]HG WKH OLWHUDF\ JDS EHWZHHQ JHQGHUV LQ WKH ILUVW SURMHFW SURSRVDO /.$
'HVSLWH WKH FRQFHUQ RI D JUHDWHU QHHG IRU OLWHUDF\ WHDFKLQJ IRU ZRPHQ WKDQ
IRU PHQ JHQGHU VHQVLWLYH OLWHUDF\ WHDFKLQJ ZDV GLIILFXOW WR FDUU\ WKURXJK 7KH
SDUWLFLSDWLRQRIZRPHQERWKDVWHDFKHUVDQGDVVWXGHQWVZDVOHVVWKDQRIPHQ7KH
PDLQREVWDFOHVKDGFXOWXUDOJURXQGVWKDWZLOOEHGLVFXVVHGLQGHWDLOLQ&KDSWHU
/RFDWLRQ
7KHYDVWJUDVVODQGDUHDVRI4LQJKDL3URYLQFHDUHLQKDELWHGPDLQO\E\7LEHWDQVZKR
DUH HQJDJHGLQ DJULFXOWXUDORFFXSDWLRQVVXFKDV FXOWLYDWLRQDQLPDOKXVEDQGU\DQG
IRUHVWU\4LQJKDL3URYLQFHLVORFDWHGDWDKLJKDOWLWXGH)RUW\SHUFHQWRIWKHDUHDLV
DERYHPDQGVL[W\SHUFHQWRIWKHDUHDLVDERYHP$URXQGWKLUW\SHU
FHQWRIWKHODQGDUHDLQ4LQJKDL3URYLQFHLVXQLQKDELWDEOHGXHWRLWVKLJKDOWLWXGH
4LQJKDL3URYLQFHLVDGPLQLVWUDWLYHO\GLYLGHGLQWRRQHSUHIHFWXUHOHYHOFLW\;LQLQJ
RQH SUHIHFWXUH DQG VL[ DXWRQRPRXV SUHIHFWXUHV RI ZKLFK +DLQDQ 7LEHWDQ
$XWRQRPRXV 3UHIHFWXUH +DLQDQ 7$3 LV RQH 7KH QH[W OHYHO ORZHU LQ D UHJLRQDO
SROLWLFDO KLHUDUFK\ LV WKH FRXQW\ OHYHO &RXQWLHV FRQVLVW RI YDULRXV QXPEHUV RI
WRZQVKLSV )XUWKHU GRZQ WKH WRZQVKLSV UXOH WZR NLQGV RI YLOODJHV DGPLQLVWUDWLYH
YLOODJHV DQG µQDWXUDO¶ YLOODJHV $Q DGPLQLVWUDWLYH YLOODJH FRQVLVWV RI D GLIIHUHQW
QXPEHURIµQDWXUDO¶YLOODJHV7KXVDQDGPLQLVWUDWLYHYLOODJHLVVFDWWHUHGRYHUDYDVW
DUHD,QD7LEHWDQDUHDRQHµQDWXUDO¶YLOODJHPD\EHFRPSULVHGRIRQO\RQHH[WHQGHG
IDPLO\ ZKLFK OLYHV LQ D FRXSOH RI EODFN WHQWV RU PXG EULFN KRXVHV ZLWKLQ VLJKW RI
HDFK RWKHU DV VHHQ LQ WKH SLFWXUH RQ WKH QH[W SDJH 7KXV D µQDWXUDO¶ YLOODJH LV
VRPHZKDWOLNHDKDPOHWHVSHFLDOO\LQDQRPDGLFDUHD
7KH7/3ZDVLPSOHPHQWHGLQ+DLQDQ7$3ZKLFKLVVLWXDWHGLQWKHDOSLQHJUDVVODQG
UHJLRQRI4LQJKDL3URYLQFH7KH&KLQHVHQDPHRIWKHSUHIHFWXUH+DLQDQGHVFULEHV
LWV ORFDWLRQ VRXWK RI WKH ODNH ZKLFK UHIHUV WR WKH ELJJHVW VDOW\ LQODQG ODNH LQ
&KLQD4LQJKDL/DNHZKLFKLVDURXQGNPORQJLVDQLPSRUWDQWODQGPDUNIRU
7LEHWDQVZKRFDOOLW.RNRQRU
)LJXUH
4LQJKDL3URYLQFHDQGLWVQHLJKERXULQJWHUULWRULHV +DLQDQ7$3LVDWWKHFURVVURDGVRI/KDVD;LQLQJDQG<XVKX/KDVDLVWKHKRO\FLW\
RI WKH 7LEHWDQV 3HRSOH JDLQ UHOLJLRXV PHULW E\ PDNLQJ D SLOJULPDJH WR /KDVD
;LQLQJ LV WKH FDSLWDO RI 4LQJKDL 3URYLQFH ,W LV WKH DGPLQLVWUDWLYH FLW\ RI WKH
SURYLQFH DOO SURYLQFLDO JRYHUQPHQW RIILFHV DUH VLWXDWHG LQ ;LQLQJ ,W LV DOVR WKH
FRPPHUFLDO KXE RI WKH SURYLQFH <XVKX LV WKH VRXWKHUQ SUHIHFWXUH DQG DQ
DGPLQLVWUDWLRQFHQWUHRI4LQJKDL3URYLQFHDQGWKHPDLQURDGIURP;LQLQJWR<XVKX
JRHV WKURXJK +DLQDQ 7$3 $V D UHVXOW RI EHLQJ ORFDWHG DW WKH FURVVURDGV RI WKHVH
WKUHH FLWLHV VRPH SDUWV RI +DLQDQ 7$3 DUHLQ FRQWLQXRXV FRQWDFW ZLWK WKH ³RXWVLGH
ZRUOG´ WKURXJK WUDYHOOLQJ 79 UDGLR DQG WKH ,QWHUQHW <HW VRPH 7LEHWDQV LQ WKH
SUHIHFWXUHGRQRWWUDYHORXWVLGHWKHLUKRPHHQYLURQPHQWWKH\GRQRWKDYHDFFHVVWR
UDGLR 79 RU WR WKH ,QWHUQHW ,I WKH\ KDYH ZDWFKHG 79 VRPHZKHUH WKH\ PDNH
FRPPHQWVWRWUDYHOOHUVOLNHXV³<RXDUHDIRUHLJQHU,KDYHVHHQIRUHLJQHUVRQ79´
$VLQ3\\NN|QHQ+DUUL)RJJLQ
5HOHYDQFHWRWKH5HVHDUFK
, KDYH DWWHPSWHG WR VHW WKH VFHQH IRU ZKHUH WKLV UHVHDUFK ZDV FDUULHG RXW $PGR
7LEHWDQOLWHUDFLHVWDNHSODFHLQDQHQYLURQPHQWWKDWLVLQIOXHQFHGE\$PGRV¶KLVWRU\
ODQJXDJHVQRPDGLFOLYHOLKRRGSUDFWLFHVFXOWXUDOSUDFWLFHVUHOLJLRQDQGHGXFDWLRQ
&RQWLQXLQJ &KLQHVH LQIOXHQFH VWDUWHG HDUOLHU LQ WKH $PGR¶V KLVWRU\ WKDQ DQ\ZKHUH
HOVHLQWKH7LEHWDQUHJLRQ7KHIHDWXUHVRIWKH7LEHWDQODQJXDJHLQIOXHQFHWKHXVHVRI
ODQJXDJH LQ GDLO\ OLIH RQH IRUP RI WKH ODQJXDJH LV IRU VSRNHQ FRPPXQLFDWLRQ DQG
DQRWKHURQHLVIRUZULWWHQDQGRIILFLDOFRPPXQLFDWLRQ1RPDGLFOLIHKLQGHUVDFFHVV
WRHGXFDWLRQDQGOLWHUDF\PDWHULDOV&XOWXUDOSUDFWLFHVLQFOXGLQJUHOLJLRXVSUDFWLFHV
KDYHEHHQVLJQLILFDQWLQEULQJLQJLQWKHRUWKRJUDSK\RIWKH7LEHWDQODQJXDJHVHWWLQJ
XS HGXFDWLRQ SURYLGLQJ DUHQDV IRU OLWHUDF\ SUDFWLFHV DQG IRUPLQJ WKH UROHV RI
JHQGHUV7UDGLWLRQDO7LEHWDQHGXFDWLRQKDVEXLOWWKHIRXQGDWLRQIRUFXUUHQWHGXFDWLRQ
DQGWKHHGXFDWLRQRIWKH35&IRUPVLWDVLWLVDWWKHPRPHQW
7KHQWKH7LEHWDQ/LWHUDF\3URJUDPPHLVDWWKHIRFXVSRLQWRIWKHFXUUHQWUHVHDUFK
:LWKDOOLWVDFWLYLWLHVLWSURYLGHVWKHIRUXPIRUDKHXULVWLFSURFHVVRIWKHVWXG\
5HVHDUFKLQJ&XOWXUDO,QIOXHQFHRQ
/LWHUDF\(GXFDWLRQ
5HVHDUFKLQJ FXOWXUDO LQIOXHQFH RQ OLWHUDF\ SUDFWLFHV UHTXLUHV ERWK FXOWXUDO DQG
OLWHUDF\ WKHRULHV WR GUDZQ RQ , ZLOO RSHQ VRPH ZLQGRZV RQ FXOWXUH WR OD\ D
IRXQGDWLRQIRUWKHFRQFHSWRIFXOWXUDOLQIOXHQFH7KHQ,ZLOOH[SORUHVRPHYLHZVDQG
WKHRULHV RI OLWHUDF\ ZKLFK OHDG WR GLVFXVVLRQV RQ WKH LVVXHV WKDW DSSHDU ERWK LQ
FXOWXUHDQGOLWHUDF\SUDFWLFHV /DVWO\ ,ZLOOGLVFXVVWKHUHOHYDQFHRIWKHWKHRUHWLFDO
FKRLFHVIRUWKLVFXUUHQWUHVHDUFK
&XOWXUDO&RQWH[W
7KH FXOWXUDO FRQWH[WV RI WKH FXUUHQW UHVHDUFK DUH IRXQG DW WKH FRUH RI WKLV UHVHDUFK
DQG DW WKH UHVHDUFK VHWWLQJ 7KH DLP RI WKH VWXG\ LV WR ILQG KRZ 7LEHWDQ FXOWXUH
LQIOXHQFHV DGXOW OLWHUDF\ HGXFDWLRQ &XOWXUDO VWXGLHV DUH ZLGH DQG GHHS ZKLFK FDQ
OHDGUHVHDUFKLQJFXOWXUHEH\RQGWKHVFRSHRIWKHUHVHDUFKLQKDQG,DWWHPSWWRPDUN
ERXQGDULHV RI FXOWXUH E\ NHHSLQJ LQ PLQG D TXHVWLRQ ³:KDW DVSHFWV RI FXOWXUH DUH
UHOHYDQWWRUHVHDUFKLQJOLWHUDF\"´%\GRLQJVR,KRSHWRILQGWKHFRUHFRPSRQHQWVRI
FXOWXUH LQ ZKLFK OLWHUDF\ LV HPEHGGHG LQ DQG LQ ZKDW ZD\V DQG WR ZKDW H[WHQW
FXOWXUHGHWHUPLQHVOLWHUDF\SUDFWLFHVDQGOLWHUDF\HGXFDWLRQ
$QRWKHU FRQWH[W RI FXOWXUH LQ WKLV UHVHDUFK LV WKURXJK WKH UHVHDUFK VHWWLQJ 7KH
UHVHDUFKLVFDUULHGRXWLQDPXOWLFXOWXUDOVHWWLQJLQZKLFKWKHVHGLIIHUHQWFXOWXUHVDQG
WKHLU FRRSHUDWLRQ DGG GLIIHUHQW IODYRXUV WR WKH VWXG\ 7KHUH DUH D IHZ GLIIHUHQW
HWKQLF FXOWXUHV DW WKH PHHWLQJ SRLQW 7LEHWDQ &KLQHVH DQG )LQQLVK ,W LV REYLRXV ,
JXHVVWKDWWKHVHFXOWXUHVGLIIHUIURPHDFKRWKHU)URPWKHUHVHDUFKHU¶VSRLQWRIYLHZ
LWLVDOHDUQLQJSURFHVVWREHFRPHIDPLOLDUZLWKWKHXQNQRZQFXOWXUDOSUDFWLFHVWR
XQGHUVWDQG³ZKDWLVJRLQJRQ"´DQGWREHDEOHWRDFWDVDPHGLDWRUEHWZHHQWKH:HVW
DQGWKH(DVW$JDU$OUHG%\UDPDQG)OHPLQJ.DLNNRQHQ
'HILQLQJ&XOWXUH
7KHUH LV QR VLQJOH GHILQLWLRQ RI FXOWXUH 7KH GHILQLWLRQ RI FXOWXUH FDQ EH RYHU
VLPSOLILHG DV UHIHUULQJ WR VRPH HYHU\GD\ FRQQRWDWLRQV RU LW FDQ EH XQGHUVWRRG WR
PHDQDZLGHUDQJHRIKXPDQSKHQRPHQD/DQNVKHDUD,QDQHYHU\GD\FRQWH[W
FXOWXUHLVRIWHQUHIHUUHGWRDVILQHDUW³/HW¶VJRWRZDWFK0DGDPH%XWWHUIO\´,WFDQ
DOVREHGHILQHGDVDZD\RIOLYLQJHJZKDWZHHDWDQGKRZZHHDW&XOWXUHFDQEH
YLHZHG DV DUWHIDFWV HJ D GLVSOD\ RI 7LEHWDQ FXOWXUH 7KHVH DUH MXVW VLPSOH
H[DPSOHVRIPHDQLQJVRIFXOWXUH
,Q VRFLDO VFLHQFH FXOWXUH LV YLHZHG LQ D EURDGHU DQG GHHSHU VHQVH WKDQ D GDLO\
SKHQRPHQRQ,WLVXQGHUVWRRGDVDQLQWHJUDWHGSDWWHUQRIKXPDQNQRZOHGJHEHOLHIV
DQG EHKDYLRXU DQG VKDUHG YDOXHV JRDOV DQG SUDFWLFHV WKDW FKDUDFWHULVHV D SHRSOH
JURXSHJDQHWKQLFJURXSDQLQVWLWXWLRQDQRUJDQLVDWLRQ7KLVYLHZRIFXOWXUHLV
VWDWHGLQWKH'HFODUDWLRQRI7KH:RUOG&RQIHUHQFHRQ&XOWXUDO3ROLFLHVLQ0H[LFR
&LW\LQ
³,Q LWV ZLGHVW VHQVH FXOWXUH PD\ QRZ EH VDLG WR EH WKH ZKROH FRPSOH[ RI
GLVWLQFWLYH VSLULWXDO PDWHULDO LQWHOOHFWXDO DQG HPRWLRQDO IHDWXUHV WKDW
FKDUDFWHUL]HDVRFLHW\RUVRFLDOJURXS,WLQFOXGHVQRWRQO\WKHDUWVEXWDOVR
PRGHV RI OLIH WKH IXQGDPHQWDO ULJKWV RI WKH KXPDQ EHLQJ YDOXH V\VWHPV
WUDGLWLRQVDQGEHOLHIV´81(6&2
7KHUH DUH GLIIHUHQW SHUVSHFWLYHV RI FXOWXUH ZLWKLQ WKH ILHOG RI DQWKURSRORJ\ )RU
H[DPSOH 5REHUWV GLIIHUHQWLDWH IRFXV SRLQWV RI FXOWXUDO DQWKURSRORJ\ DQG
VRFLDODQWKURSRORJ\$FFRUGLQJWR5REHUWVFXOWXUDODQWKURSRORJ\WHQGVWR
IRFXV RQ EHOLHIV DQG YDOXHV DV FXOWXUDO V\VWHPV LQ WKHLU RZQ ULJKW VRFLDO
DQWKURSRORJ\ WLHV WKLV µFXOWXUDO¶ GLPHQVLRQ WR WKH LQVWLWXWLRQDO VWUXFWXUH RI VRFLDO
UHODWLRQVKLSV )XUWKHUPRUH WKHUH DUH WZR VLJQLILFDQW YLHZV RI FXOWXUH ZLWKLQ VRFLDO
VFLHQFHDQHVVHQWLDOLVWDQGDQRQHVVHQWLDOLVWYLHZ$QHVVHQWLDOLVWYLHZVHHVFXOWXUH
DV D PRUH FRQFUHWH UHDOLW\ QDWLRQ FXOWXUH ZLWK FOHDU ERXQGDULHV EHWZHHQ GLIIHUHQW
VRFLDOJURXSVDORQJZLWKWKHLURZQEHKDYLRXUDOSDWWHUQV$QRQHVVHQWLDOLVWYLHZLV
LQWHUSUHWLYH E\ LWV FKDUDFWHU DQG VRFLDOO\ FRQVWUXFWHG +ROOLGD\ 2QH
FRXOG VD\ WKDW HVVHQWLDOLVWV EXLOG XS VWHUHRW\SHV RI HWKQLF JURXSV DQG FXOWXUHV DV
SK\VLFDOHQWLWLHVZKHUHDVQRQHVVHQWLDOLVWVXQGHUVWDQGFXOWXUHDVDPRYDEOHFRQFHSW
ZLWKRXW WLPH ERXQGDULHV DQG VWHUHRW\SHV $FFRUGLQJ WR +ROOLGD\ LELG WKH
HVVHQWLDOLVW YLHZ RI FXOWXUH LV GRPLQDQW , ZLOO ORRN DW ILUVW VRPH GHILQLWLRQV RI
FXOWXUH WKDW IROORZ WKH HVVHQWLDOLVW YLHZ RI FXOWXUH /DWHU RQ DV , ZLOO GLVFXVV
FKDUDFWHULVWLFV RI FXOWXUH DQG , ZLOO H[SORUH PRUH RI WKH QRQHVVHQWLDOLVW YLHZ RI
FXOWXUH
$Q HVVHQWLDOLVW YLHZ RI FXOWXUH VHHV FXOWXUH DV D FRQFUHWH VRFLDO SKHQRPHQRQ DV
PHQWLRQHGDERYH$FFRUGLQJWRWKLVYLHZFXOWXUHUHIHUVWRSUHVFULEHGHWKQLFQDWLRQDO
DQG LQWHUQDWLRQDO HQWLWLHV ZKLFK LV FOHDUO\ SUHVHQWHG E\ +RIVWHGH HJ $QRWKHU YLHZ RI FXOWXUH LV D QRQHVVHQWLDOLVW RQH 7KH QRQHVVHQWLDOLVW YLHZ RI
FXOWXUH VHHV FXOWXUH DV ³D PRYDEOH FRQFHSW XVHG E\ GLIIHUHQW SHRSOH DW GLIIHUHQW
WLPHV WR VXLW SXUSRVHV RI LGHQWLW\ SROLWLFV DQG VFLHQFH´ +ROOLGD\ 7KLV
YLHZ RI FXOWXUH LV QRW SUHIL[HG LQWR FHUWDLQ QDWLRQ FXOWXUH RU WR D FHUWDLQ JURXS RI
SHRSOH 4XLWH D FRQWUDU\ WKLV QRWLRQ RI FXOWXUH UHIHUV WR FRKHVLYH VRFLDO JURXSLQJV
DQG LW ³DOORZV´ SHRSOH WR EHORQJ WR PDQ\ FXOWXUHV )RU H[DPSOH %DXPDQQ UHSRUWVLQKLVUHVHDUFKWKDWSHRSOHLQ6RXWKDOOEHORQJHGWRGLIIHUHQWFRPPXQLWLHVDQG
GLIIHUHQWFXOWXUHVVRWKDWWKHUHZHUHFXOWXUHVDFURVVFRPPXQLWLHV
+RIVWHGHDZHOONQRZQVSHFLDOLVWRQRUJDQLVDWLRQDODQWKURSRORJ\DQGLQWHUQDWLRQDO
PDQDJHPHQW SUHVHQWV WKH HVVHQWLDOLVW YLHZ RI FXOWXUH +H KDV WDNHQ D FXOWXUDO
DQWKURSRORJLFDO VWDUWLQJ SRLQW IRU D GHILQLWLRQ RI FXOWXUH +H GHILQHV FXOWXUH ³DV
FROOHFWLYHSURJUDPPLQJRIWKHPLQGLWPDQLIHVWLWVHOIQRWRQO\LQYDOXHVEXWPRUH
LQ VXSHUILFLDO ZD\V LQ V\PEROV KHURHV DQG ULWXDOV´ +RIVWHGH +H DOVR
LQFOXGHV WR KLV GHILQLWLRQ WKDW PHPEHUV RI GLIIHUHQW JURXSV RU FDWHJRULHV RI SHRSOH
DUH GLVWLQJXLVKHG E\ WKHLU GLIIHUHQW FROOHFWLYH SURJUDPPLQJ RI WKH PLQG +RIVWHGH
+RIVWHGH UHJDUGV YDOXHV WKH FRUH RI FXOWXUH WKDW LV ZKHUH SHRSOH¶V IHHOLQJV
FRPHDORQJ7KHUHIRUH SHRSOH¶VEHKDYLRXUFDQEHSUHGLFWDEOHWRFHUWDLQ H[WHQG,Q
RXU DFWLRQV ZH FKRRVH VRPHWKLQJ RYHU RWKHUV EDVHG RQ RXU YDOXHV 7KHQ +RIVWHGH
PRYHVRQWRZDUGVVRFLDODQWKURSRORJLFDOYLHZRIFXOWXUHE\VWDWLQJWKDWEHOLHIVDQG
YDOXHV DUH OHDUQHG DQG XVHG ZLWKLQ RUJDQLVDWLRQDOVRFLHWDO UHODWLRQVKLSV +RIVWHGH
+RZHYHUKHDOVRDUJXHVWKDWDSHUVRQGHWHUPLQHVKLVEHKDYLRXULQDFHUWDLQ
VLWXDWLRQ LH LW LV QRW WKH UHODWLRQVKLSV WKDW GHWHUPLQH EHOLHIV DQG YDOXHV EXW D
GHFLVLRQLVPDGHDWWKHLQGLYLGXDO¶VOHYHO$VLQGLYLGXDOVZHDUHLQIOXHQFHGE\RXU
FXOWXUH EXW DW WKH VDPH WLPH ZH PDNH RXU RZQ FKRLFHV EDVHG RXU SHUVRQDO YDOXHV
DQG EHOLHIV )RU H[DPSOH WKLV EHFRPHV DSSDUHQW LQ UROHV RI PHQ DQG ZRPHQ LQ
VRFLHW\:RPHQFKRRVHDSURIHVVLRQWKDWLVXVXDOO\FKRVHQE\PHQLQWKHLUVRFLHW\
RUPHQDWWHQGLQJGRPHVWLFGXWLHVWKDWDUHGRQHE\ZRPHQRQO\LQWKHLUVRFLHW\
+RIVWHGH¶V DUJXPHQW DJUHHV ZLWK +DQQHU]¶V ZKR DUJXHV WKDW EHOLHIV DQG
YDOXHVDUHQRWQHFHVVDULO\GHWHUPLQHGE\VRFLDOUHODWLRQVKLSV0HPEHUVRIWKHVDPH
FXOWXUDOJURXSPDNHLQGLYLGXDOFKRLFHVFRQFHUQLQJYDOXHVDQGEHOLHIVDQGWKDWWKH\
FDQ EH DJDLQVW WKH YDOXHV DQG EHOLHIV RI WKDW SDUWLFXODU VRFLDO JURXS DV PHQWLRQHG
DERYH
$QRWKHUYLHZRIFXOWXUHZKLFKLVFORVHWRWKHVRFLDODQWKURSRORJLFDOYLHZRIFXOWXUH
LV RI )UHLUH +H DUJXHV WKDW SHRSOH FUHDWH D FXOWXUH E\ EHLQJ HQJDJHG LQ
UHODWLRQVKLSVZLWKRWKHUVDQGZLWKWKHZRUOG+HPHQWLRQVFXOWXUDOSURFHVVDQGKRZ
ZHSHUFHLYHRXUVHOYHVDVVRFLDOKLVWRULFDODQGFXOWXUDOEHLQJVDVKHZULWHV
³%HFDXVH WKH\ DUH QRW OLPLWHG WR WKH QDWXUDO ELRORJLFDO VSKHUH EXW
SDUWLFLSDWH LQ WKH FUHDWLYH GLPHQVLRQ DV ZHOO >KXPDQV@ FDQ LQWHUYHQH LQ
UHDOLW\LQRUGHUWRFKDQJHLW,QKHULWLQJDFTXLUHGH[SHULHQFHFUHDWLQJDQGUH
FUHDWLQJ LQWHJUDWLQJ WKHPVHOYHV LQWR WKHLU FRQWH[W UHVSRQGLQJ WR LWV
FKDOOHQJHV REMHFWLI\LQJ WKHPVHOYHV >KXPDQV@ HQWHU WKH GRPDLQ RI
+LVWRU\ DQGRI&XOWXUH $V>KXPDQV@UHODWHWRWKHLUZRUOGE\UHVSRQGLQJ WR
WKH FKDOOHQJHV RI WKH HQYLURQPHQW WKH\ EHJLQ WR G\QDPL]H « DQG WR
KXPDQL]HUHDOLW\7KH\DGGWRLWVRPHWKLQJRIWKHLURZQPDNLQJE\ JLYLQJ
WHPSRUDOPHDQLQJWRJHRJUDSKLFVSDFHE\FUHDWLQJFXOWXUH´
/pYL6WUDXVV D )UHQFK DQWKURSRORJLVW GHILQHV FXOWXUH DV V\VWHPV RI VKDUHG
PHDQLQJDQGXQGHUVWDQGLQJ3HRSOHRIWKHVDPHFXOWXUHFDQXQGHUVWDQGWKHFXOWXUDO
PHDQLQJV RI YDULRXV V\PEROV ZKLFK FDQ EH EHKDYLRXUDO ZRUGV DQG REMHFWV
6SUDGOH\ :KHUHDV IRU ³RXWVLGHUV´ PHDQLQJ PDNLQJ RI WKH VDPH FXOWXUDO
V\PEROVLVDOHDUQLQJSURFHVV)RUH[DPSOHUHVSRQGLQJWRDWHDFKHU¶VVWDWHPHQW³,W
LV VR KRW LQ WKLV FODVVURRP´ GHSHQGV RQ RXU FXOWXUDO XQGHUVWDQGLQJ 6RPH SHRSOH
ZRXOGWDNHLWDVDVWDWHPHQWDQGRWKHUVZRXOGWDNHLWDVDUHTXHVWWRRSHQDZLQGRZ
GHSHQGLQJRQWKHLUH[SHULHQFHRUWKHLUFXOWXUDONQRZOHGJHLQDSDUWLFXODUFXOWXUH$V
6SUDGOH\ GHILQHV ³FXOWXUH DV WKH DFTXLUHG NQRZOHGJH SHRSOH XVH WR
LQWHUSUHW H[SHULHQFH DQG JHQHUDWH EHKDYLRXU´ &XOWXUDO EDFNJURXQG LV D EDVH IRU
XQGHUVWDQGLQJ VRFLDO EHKDYLRXU H[SHULHQFH DQG IRU WKH ZD\V SHRSOH SHUFHLYH
PHDQLQJV IRU GLIIHUHQW SKHQRPHQRQ DQG LVVXHV DURXQG WKHP ,W LV FXOWXUH WKDW
SURYLGHV XV ZLWK WRROV WR FRQVWUXFW RXU ZRUOGV FRQFHSWLRQV RI RXU VHOYHV DQG RXU
SRZHUV%UXQHU
/DVWO\ LW LV TXLWH REYLRXV WKDW FXOWXUH LV DQ DPELJXRXV FRQFHSW (YHQ WKH
LQWHUSUHWDWLRQ RI ³FXOWXUH´ LV ODUJHO\ FXOWXUDOO\ ERXQG .RLYXQHQ 0DUVLR :HLQWHUSUHWWKHFRQFHSWRIFXOWXUHEDVHGRQRXURZQHGXFDWLRQDQGXSEULQJLQJLQ
RXUSHUVRQDODQGFXOWXUDOHQYLURQPHQW0\DSSURDFKWRFXOWXUHLQWKLVVWXG\LVVRFLR
FXOWXUDOEHOLHIVYDOXHVUHODWLRQVKLSVDQGVRFLDOSRZHUZLWKLQDQHWKQLFJURXS,ZLOO
ORRN DW WKHVH FRPSRQHQWV RI FXOWXUH KRZ WKH\ DUH HPEHGGHG LQ FXOWXUDO SUDFWLFHV
DQG WKH ZD\V WKH\ KDYH DQ LPSDFW RQ OLWHUDF\ SUDFWLFHV DQG OLWHUDF\ HGXFDWLRQ LQ
$PGRFRPPXQLWLHV
(OHPHQWVDQG&KDUDFWHULVWLFVRI&XOWXUH
$V ZH KDYH VHHQ DERYH GHSHQGLQJ RQ RXU GHILQLWLRQ RI FXOWXUH ZH ILQG GLIIHUHQW
HOHPHQWV DQG FDWHJRULHV ZLWKLQ LW FXOWXUDO SHUIRUPDQFHV YDOXHV UHODWLRQVKLSV
EHOLHIVHWF+l\U\QHQKDVFDWHJRULVHGFXOWXUDOHOHPHQWVDVIROORZLQJ
ā &XOWXUHDVWKHKLJKHVWIRUPRIKXPDQNQRZOHGJHDQGVNLOOHJSURJUHVVLRQ
RIWKHFLYLOLVDWLRQSURFHVVDUWDVKLJKFXOWXUHPDVVFXOWXUHHWF
ā &XOWXUH DV D ZD\ RI OLIH HJ D JURXS¶V ZD\ RI OLIH DQG LGHQWLW\ ODQJXDJH
HWKQLFLW\UHOLJLRQJHQGHUHWF
ā &XOWXUHDVDPHQWDONQRZOHGJHDQGYDOXHV\VWHPHJYDOXHEHOLHIDQGVHQVH
V\VWHPFROOHFWLYHDQGFRJQLWLYHFRQVFLRXVQHVV
7KHVH FXOWXUDO HOHPHQWV FDQ EH SHUFHLYHG DV GLIIHUHQW OHYHOV RI FXOWXUH +RIVWHGH
RUJDQLVHV FXOWXUDO HOHPHQWV DERYH WR GHVFULEH WKH GHSWK RI FXOWXUH E\
JURXSLQJWKHPGLIIHUHQWO\+HFDWHJRULVHVWKHPLQWRIRXUGLIIHUHQWJURXSVV\PEROV
KHURHV ULWXDOV DQG YDOXHV 6\PEROV UHSUHVHQW VLJQV SLFWXUHV ZD\ RI GUHVVLQJ HWF
WKDWDUHUHFRJQLVHGE\PHPEHUVRIWKDWFXOWXUH+HURHVDUHKLJKO\UHVSHFWHGSHUVRQV
UHDO RU LPDJLQDU\ LQ D FXOWXUH 5LWXDOV DUH FXOWXUDOO\ FROOHFWLYH DFWLYLWLHV VXFK DV
ZD\V RI JUHHWLQJ DQG VRFLDO FHUHPRQLHV 9DOXHV DUH EURDG WHQGHQFLHV WR SUHIHU
FHUWDLQVWDWHVRIDIIDLUVRYHUWRRWKHUV+HLOOXVWUDWHVWKHIRXUFDWHJRULHVDVWKHVNLQRI
DQRQLRQV\PEROVUHSUHVHQWWKHPRVWVXSHUILFLDOPDQLIHVWDWLRQVRIFXOWXUHDQGWKH
YDOXHV WKH PRVW GHHSHVW PDQLIHVWDWLRQV RI FXOWXUH +RIVWHGH +HURHV DQG
ULWXDOVDUHLQEHWZHHQWKHVHWZRDVLOOXVWUDWHGLQIROORZLQJ
)LJXUH
2QLRQGLDJUDPRIFXOWXUH$GRSWHGIURP+RIVWHGH
&XOWXUDO SHFXOLDULWLHV DUH PDQLIHVWHG LQ WKHVH HOHPHQWV DQG DV VXFK WKH\ SURYLGH D
ZLQGRZWRJUDVSGLIIHUHQFHVEHWZHHQFXOWXUHV7KHVHHOHPHQWVDUHWKHRQHVWKDWJLYH
DQH[SHULHQFHRI³HPLF´DQG³HWLF´WRGHVFULEHRQH¶VSRVLWLRQLQDFXOWXUHRXWVLGHU
RU LQVLGHU FI +HDGODQG :H DUH RXWVLGHUV RU LQVLGHUV GHSHQGLQJ RQ RXU
FXOWXUDOEHORQJLQJWRWKHFXOWXUDOHOHPHQWVDQGFXOWXUDOPDQLIHVWDWLRQVLQWKHP(PLF
SURYLGHVDQLQVLGHU¶VSHUVSHFWLYHDQGH[SODQDWLRQVWRFXOWXUDOSHFXOLDULWLHVDQGHWLF
SUHVHQWVDQRXWVLGHU¶VSHUVSHFWLYHWRFXOWXUDOPDQLIHVWDWLRQV%RWKSHUVSHFWLYHVFDQ
EH XVHG WR GLIIHUHQWLDWH FXOWXUHV IURP HDFK RWKHU E\ DFFRXQWV RI JHQGHU UHJLRQ
UHOLJLRQJHQHUDWLRQDQGVRFLDOFODVV
&XOWXUHLVQRWVWDWLFEXWLWFKDQJHVDORQJWKH\HDUV+DQQHU]LOOXVWUDWHVLWDVD
IORZRIDULYHU2QHFDQQHYHUVWHSLQWRWKHVDPHULYHUWZLFHEHFDXVHRILWVFRQVWDQW
IORZ $FFRUGLQJ WR +DQQHU] FXOWXUH DFWV VLPLODUO\ \RX FDQ SHUFHLYH LWV
VWUXFWXUHEXWLWLVHQWLUHO\GHSHQGHQWRQRQJRLQJSURFHVVHV7KHUHIRUHFXOWXUHKDVD
SDVWSUHVHQWDQGIXWXUH.UDPVFKYLHZVLWOLQHDUO\RQDWLPHOLQHVHJPHQW
DV IROORZLQJ ³7KH FXOWXUH RI HYHU\GD\ SUDFWLFHV GUDZV RQ WKH FXOWXUH RI VKDUHG
KLVWRU\DQGWUDGLWLRQSHRSOHFDQLGHQWLI\ZLWKWKHZD\LW>DVRFLHW\@UHPHPEHUVLWV
SDVWWXUQVLWVDWWHQWLRQWRWKHSUHVHQWDQGDQWLFLSDWHVLWVIXWXUH´,IZHWKLQNRIIRU
H[DPSOH VKDUHG YDOXHV ZKLFK IRUP WKH FRUH RI FXOWXUH DFFRUGLQJ WR +RIVWHGH
(YHQ WKRXJK WKHVH YDOXHV DUH KDUG WR XQOHDUQ WKH\ PD\ FKDQJH DORQJ WKH
\HDUVZKDWKDGEHHQUHJDUGHGXJO\KDVWXUQHGWREHSUDLVHGDVEHDXWLIXOZKDWKDG
EHHQUHJDUGHGUHVSHFWDEOHKDVEHFRPHOHVVUHVSHFWDEOHDQGVRIRUWK$OVRUHIHUULQJ
WR6WUHHWDQG.UDPVFKDERYHWKHZD\VRIGRLQJFXOWXUHFKDQJH:HVSHDN(QJOLVK
GLIIHUHQWO\IURPWKH9LFWRULDQWLPHVRI(QJOLVKWKHZD\RIJUHHWLQJFKDQJHVDQGVR
IRUWK&XOWXUHLVDQRQJRLQJSURFHVV
$QRWKHUIHDWXUHRIFXOWXUHLVWKDWLWLVPXOWLOD\HUHG$FFRUGLQJWR+RIVWHGH
³SHRSOH XQDYRLGDEO\ FDUU\ ZLWKLQ WKHPVHOYHV GLIIHUHQW FXOWXUDO SDWWHUQV RI
WKLQNLQJ DQG IHHOLQJV WKDW FRUUHVSRQG WR GLIIHUHQW OD\HUV RI FXOWXUH´ )RU H[DPSOH
6ZHGLVKVSHDNLQJ JUDQGSDUHQWVZKRSUDFWLVHGHQWLVWU\LQ+HOVLQNLFRUUHVSRQGWRDW
OHDVWIRXUGLIIHUHQWOD\HUVRIFXOWXUHJUDQGSDUHQWLQJJHQHUDWLRQDOJURXS6ZHGLVK
VSHDNLQJ SRSXODWLRQ LQ )LQODQG PLQRULW\ JURXS SURIHVVLRQDO FXOWXUH RI GHQWLVWV
YRFDWLRQDO JURXS DQG )LQQLVK FXOWXUH QDWLRQDO OHYHO FXOWXUH 3RVVLEO\ IRU WKLV
UHDVRQ 1XUPL .RQWLDLQHQ DUJXH ³&XOWXUH LV QRW D SUHFLVH ZRUG WR
FRYHU D SUHFLVH VRFLDO SKHQRPHQRQ´ 7KH\ SRLQW RXW WKDW HYHU\ FXOWXUH KDV
VXEFXOWXUHV ZKLFK YDU\ IURP UHJLRQDO WR LGHRORJLFDO VXEFXOWXUHV ,W VHHPV
LPSRVVLEOH IRU RQH SHUVRQ WR EH DEOH WR VRFLDOLVH LQ DOO VXEFXOWXUHV ZLWKLQ KLVKHU
RZQ HQYLURQPHQWDO FXOWXUH <HW DV +RIVWHGH LELG VWUHVVHV HYHU\ERG\ EHORQJV WR
YDULRXVVXEFXOWXUHV
2QH RI WKH EDVLF IHDWXUHV RI FXOWXUH LV WKDW LW LV OHDUQHG &XOWXUH LV QRW LQKHULWHG
WKURXJKRXUJHQHV:HOHDUQLWLQRXUHQYLURQPHQWDQGLWLVFRQVWLWXWHGLQRXUGDLO\
SUDFWLFHV ,IZHWKLQNRI DYDOXHV\VWHP+RIVWHGHH[SODLQVKRZFKLOGUHQ
OHDUQ WKH EDVLF YDOXH V\VWHP RI WKHLU FXOWXUH E\ WKH DJH RI DQG WKH\ OHDUQ LW
ILUPO\ 7KLV YDOXH V\VWHP EHFRPHV D QDWXUDO SDUW RI WKHLU OLIH DQG WKH\
XQFRQVFLRXVO\ KROG WR LW $FFRUGLQJ WR +RIVWHGH WKLV FXOWXUDO SDWWHUQ LV KDUG WR
XQOHDUQ DQG XQOHDUQLQJ LV PRUH GLIILFXOW WKDQ OHDUQLQJ LW WKH ILUVW WLPH %HFDXVH
FXOWXUHLVOHDUQHGZHFDQOHDUQRWKHUFXOWXUHVEHVLGHVWKHRQHZHZHUHERUQLQWR:H
FDQ EHFRPH ELFXOWXUDO DQG PXOWLFXOWXUDO E\ OLYLQJ ELFXOWXUDO RU PXOWLFXOWXUDO
HQYLURQPHQW)RUH[DPSOH6SUDGOH\PHQWLRQVFKLOGUHQEHFRPLQJELFXOWXUDO
E\OLYLQJFRQVWDQWO\LQWZRGLIIHUHQWFXOWXUHVHJVFKRRODQGKRPH
%DXPDQQV¶ UHVHDUFK LQ 6RXWKDOO D ODUJH VXEXUEDQ GLVWULFW RI /RQGRQ
UHPLQGVRI6SUDGOH\¶VELFXOWXUDOWKHRU\3HRSOHLQ6RXWKDOOEHORQJHGWRQXPEHURI
GLIIHUHQW FRPPXQLWLHV DQG FXOWXUHV ,W ZDV QRW E\ WKHLU HWKQLF EDFNJURXQG RUDQG
WKHLU SODFH RI ELUWK WKDW 6RXWKDOOLDQV GHILQHG WKHLU FRPPXQLWLHV DQG FXOWXUHV 2QH
SHUVRQ FRXOG EHORQJ WR YDULRXV FRPPXQLWLHV ZLWK WKHLU YDULRXV FXOWXUHV DQG WKRVH
FXOWXUH FRXOG FRQWUDGLFW HDFK RWKHU )RU H[DPSOH %DXPDQQ PHQWLRQV D
SHUVRQ ZKR FDQ VSHDN DV D PHPEHU RI WKH 0XVOLP FRPPXQLW\ 7KHQ WKH VDPH
SHUVRQ WDNHV VLGHV DJDLQVW 0XVOLPV DV D PHPEHU RI WKH 3DNLVWDQL FRPPXQLW\ ,Q D
WKLUGFRPPXQLW\WKHVDPHSHUVRQWDNHVVLGHVIRU+LQGXVDQG&KULVWLDQV7KHUHDUH
QR VWHUHRW\SHV RI QDWLRQ FXOWXUHV EXW D FXOWXUDO EHORQJLQJ LV IRUPHG E\ GLIIHUHQW
HOHPHQWVRIFXOWXUHWKDWFKDQJHVDORQJZLWKD³FRPPXQLW\VKLIW´
%DXPDQQ¶V UHVHDUFK LV D JRRG H[DPSOH RI WKH WKHRU\ ZKLFK VHHV FXOWXUH EHLQJ
VRFLDOO\ FRQVWUXFWHG DV GLVFXVVHG HDUOLHU LQ WKLV FKDSWHU +ROOLGD\ DPRQJ
RWKHUV KDV EHHQ GHYHORSLQJ WKLV FRQFHSWXDO GHEDWH DURXQG FXOWXUH DV D VRFLDO
FRQVWUXFWLRQ+HKDVEURXJKWLQWRGLVFXVVLRQWZRSDUDGLJPVRIFXOWXUHODUJHFXOWXUH
DQGVPDOOFXOWXUH/DUJHFXOWXUHUHIHUVWRWKHHVVHQWLDOLVWYLHZRIFXOWXUHDV+RIVWHGH
DQG RWKHUV XQGHUVWDQG LW 6RFLDO JURXSV ³QDWLRQDO´ ³LQWHUQDWLRQDO´ SUHVHQWV ODUJH
FXOWXUHV$FFRUGLQJWR+ROOLGD\PRVWUHVHDUFKLQDSSOLHGOLQJXLVWLFVLVSODFHGDURXQG
ODUJHHWKQLFQDWLRQDODQGLQWHUQDWLRQDOFXOWXUDOGLIIHUHQFHV$VDFRQVHTXHQFH³WKLV
ODUJHFXOWXUHDSSURDFKUHVXOWVLQUHGXFWLRQLVWRYHUJHQHUDOL]DWLRQDQGRWKHUL]DWLRQRI
IRUHLJQ HGXFDWRUV VWXGHQWV DQG VRFLHWLHV S ´ 7KHUHIRUH KH DUJXHV IRU
GLVWLQJXLVKLQJ VPDOO FXOWXUHV IURP ODUJH FXOWXUHV LV FUXFLDO 7KH FRQFHSW RI VPDOO
FXOWXUHLVQRWWKHVDPHDVVXEFXOWXUH6PDOOFXOWXUHVGRQRWQHFHVVDULO\KDYHRQLRQ
VNLQ UHODWLRQVKLS WR ODUJH FXOWXUH FI +RVWHGH LELG 7KH\ FDQ EH LQGHSHQGHQW
JURXSV WKDW PDNH WKHLU RZQ FXOWXUH E\ FRKHVLYH DFWLYLWLHV )RU H[DPSOH
PXOWLQDWLRQDO FRPSDQLHV PDNH WKHLU RZQ QHZ FXOWXUHV ZRUOGZLGH RU VPDOO
HGXFDWLRQDO LQVWLWXWLRQV KDYH VLPLODU FODVVURRP SUDFWLFHV WR LQWHUQDWLRQDO SUDFWLFHV
EH\RQGWKHERUGHUVRIWKHQDWLRQ7KHFRQFHSWRIVPDOOFXOWXUHGRHVQRWFRQFHUQWKH
VL]H RI D VRFLDO JURXSLQJ EXW LW FRQFHUQV WKH SDUDGLJP WKURXJK ZKLFK WR ORRN DW
VRFLDOJURXSLQJV,WDOVRH[SODLQVDFWLYLWLHVWKDWDUHGLIILFXOWWRH[SODLQRUSLQSRLQWE\
XVLQJWKHSDUDGLJPRIQDWLRQFXOWXUH
6WUHHWDUJXHVWKDWFXOWXUHLVDYHUELWLVVRPHWKLQJZKDWSHRSOHGR:HFRXOG
FRQQHFW WKLV WR ERWK WKHRULHV RI FXOWXUH WKDW KDV EHHQ GLVFXVVHG DERYH 2Q WKH RQH
KDQGDFFRUGLQJWRWKHHVVHQWLDOLVWYLHZLWFDQEHXVHGWRVWHUHRW\SHDPHPEHUVKLS
RID JURXS DQGLWVEHKDYLRXULQ&KULVWLDQFXOWXUHSHRSOH*2WRFKXUFKLQ)LQQLVK
FXOWXUH ZH +$9( D VDXQD EDWK HWF 7R EH PRUH H[SOLFLW ZLWK WKHVH WZR H[DPSOHV
ZHKDYHWRRSHQPRUHOD\HUVWRILQGZKDWNLQGRIDFWLYLWLHVJRLQJWRFKXUFKLQFOXGHV
RUKDYLQJDVDXQDEDWKPHDQV<HWDFWLYLWLHVLQERWKRIWKHVHFXOWXUDOFXVWRPVYDU\
DFFRUGLQJ WR WKH HQYLURQPHQW DQG PHJDFXOWXUH HJ VLQJLQJ DQG SUHDFKLQJ LQ
FKXUFKHV DUH GRQH GLIIHUHQWO\ LQ GLIIHUHQW SDUWV RI WKH ZRUOG 2Q WKH RWKHU KDQG
PHPEHUVRIWKHVHSHRSOHJURXSFDQUHIHUWRWKHLUFXOWXUHDFFRUGLQJWRWKHDFWLYLWLHV
WKH\ GR LQ WKHLU YDULRXV VRFLDO JURXSV 7KHLU FXOWXUDO EHORQJLQJ LV FRQVWUXFWHG E\
VRFLDO DFWLYLWLHV DV +ROOLGD\ DQG RWKHUV YLHZ FXOWXUH $FFRUGLQJO\ LW FDQ EH
FRQVLGHUHGDFFXUDWHWRFODLPSHRSOHDUH³GRLQJFXOWXUH´LQVWHDGRI³VRPHWKLQJEHLQJ
FXOWXUH´
/DVWO\ RQH PRUH FKDUDFWHU RI FXOWXUDO SKHQRPHQRQ SRZHU $V PHQWLRQHG DERYH
FXOWXUDO DQWKURSRORJLVWV YLHZ FXOWXUH DV VRFLDO V\VWHPV RI UHODWLRQVKLSV $V VXFK
FXOWXUDOSKHQRPHQDLQFOXGHSRZHUUHODWLRQVWKDWRSHUDWHEHWZHHQDQGZLWKLQKXPDQ
JURXSV/DQNVKHDUHWDO7KHVHSRZHUUHODWLRQVDUHFOHDUO\YLVLEOHHJLQ
WKHVWDWXVRIPHQDQGZRPHQDQGEHWZHHQJHQHUDWLRQVLQVRFLHWLHV2OGPHQWHQGWR
KDYHDPRUHSRZHUIXOVWDWXVWKDQ\RXQJZRPHQLQPDQ\VRFLHWLHV7KHVHDVVRFLDWHG
SRZHU UHODWLRQV RI GLIIHUHQW JURXSV FDXVH VRFLHWDO VWUXFWXUHV DQG KLHUDUFK\ DQG
FXOWXUDO SURWRFROV :H KDYH KHDGV RI VWDWHV PDQDJHUV RI FRPSDQLHV SROLWLFLDQV
ZRUNHUV HWF $OO RI WKHVH SHRSOH UHODWH WR HDFK RWKHU DFFRUGLQJ WR VRFLDO RU
KLHUDUFKDOSRZHUWKH\SRVVHVV7KHKLHUDUFKDOVWUXFWXUHDQGWKHYROXPHRISRZHUDW
GLIIHUHQWOHYHOVRILWFDQEHPHDVXUHGDFFRUGLQJWRWKHVL]HRIQHWZRUNFRQQHFWLRQVD
SHUVRQFDQDFWLYHO\PRELOLVH%RXUGLHX
,QVWLWXWLRQDODQGDQLQGLYLGXDO¶VVRFLDOLQIOXHQFHGHSHQGRQWKHLUSRVLWLRQLQVRFLHW\
DQG WKDW SRZHU LQIOXHQFHV FXOWXUDO SUDFWLFHV LQ VRFLHW\ 7KLV FDQ EH FOHDUO\ VHHQ LQ
VRFLHWLHVLQZKLFKDSDUWLFXODULGHRORJ\KDVDVWURQJLPSDFWRQ FXOWXUH7KHZKROH
VRFLDOVWUXFWXUHDQGYDOXHV\VWHPLVEDVHGRQWKHLGHRORJ\RIWKDWVRFLHW\:KHQWKH
SURPLQHQFH RI WKH LGHRORJ\ GHFUHDVHV IRU RQH UHDVRQ RU DQRWKHU V\PEROV RI WKH
LGHRORJ\EHFRPHOHVVYLVLEOHRUOHVVSURPLQHQW2QWKHRWKHUKDQGZKHQWKHSRZHUV
RILGHRORJ\EHFRPHPRUHSURPLQHQWFXOWXUDOV\PEROVUHIOHFWWKDWDFFRUGLQJO\
0XOWLFXOWXUDOLVP
0XOWLFXOWXUDOLVPLVDSROLWLFDOWHUPWRGHVFULEHWKHH[LVWHQFHRISHRSOHIURPGLIIHUHQW
FXOWXUHV LQ D VRFLHW\ +RZHYHU WKH FRQFHSW RI PXOWLFXOWXUDOLVP LV LQ WUDQVLWLRQ
7UDGLWLRQDOO\ PXOWLFXOWXUDOLVP LV XQGHUVWRRG DV WKH FRH[LVWHQFH RI GLIIHUHQW HWKQLF
PLQRULW\ JURXSV LQ D VRFLHW\ LQ FRPSDULVRQ ZLWK PRQRFXOWXUDO QDWLRQVWDWHV
.\POLFND 7KHVH PLQRULW\ JURXSV KDYH WKHLU SDUWLFXODU VRFLDO GLPHQVLRQ RI
OLIHDQGPRVWOLNHO\WKHLURZQODQJXDJHVDQGRIWHQWKH\KDYHWULHGWRDPDOJDPDWHWR
WKHPDLQVWUHDPDQGWRDQDWLRQVWDWH
(WKQLF SOXUDOLVP KDV FDXVHG GHEDWHV DQG FKDOOHQJHV LQ PXOWLFXOWXUDO VRFLHWLHV DQG
SRVVLEO\ WKH PDLQ FKDOOHQJHV DUH HTXDOLW\ EHWZHHQ UDFHV ODQJXDJH JURXSV HWKQLF
JURXSV FDVWV DQG VRFLDO JURXSV LQ VRFLHW\ 2QH RI WKH FKDOOHQJHV FRQFHUQV
HGXFDWLRQ KRZ WR RUJDQLVH HTXDO HGXFDWLRQ IRU VWXGHQWV IURP GLYHUVH FXOWXUDO
EDFNJURXQGV"$PHULFDQHGXFDWRU%DQNVZDVFKDOOHQJHGE\WKHHWKQLFSOXUDOLVPRI
WKH 86 DQG WKH ODFN RI SOXUDOLVP LQ HGXFDWLRQ V\VWHP +H VHW D PDMRU JRDO IRU
PXOWLFXOWXUDOHGXFDWLRQLQWKH86³WRUHIRUPWKHVFKRRODQGHGXFDWLRQDOLQVWLWXWLRQV
VRWKDWVWXGHQWVIURPGLYHUVHUDFLDOHWKQLFDQGVRFLDOFODVVJURXSVZLOOH[SHULHQFH
HGXFDWLRQDOHTXDOLW\´%DQNV7KH JRYHUQPHQWRIWKH35&KDVRUJDQLVHG
ELOLQJXDO HGXFDWLRQ IRU HWKQLF PLQRULW\ SHRSOH EXW LW LV QRW ELFXOWXUDO HGXFDWLRQ
7H[WERRNVIRUHWKQLFPLQRULW\FKLOGUHQ¶VHGXFDWLRQRULJLQDWHLQ+DQFXOWXUH6WLWHV
7KHUHIRUH 7LEHWDQ DQG RWKHU PLQRULW\ FKLOGUHQ OHDUQ PDMRULW\ +DQ FXOWXUH
WKURXJKPLQRULW\ODQJXDJHHGXFDWLRQ
&DVWOHVDUJXHVWKDWPXOWLFXOWXUDOLVPLVQRWUHJDUGHGDQ\PRUHDPDQRHXYULQJ
V\VWHP EHWZHHQ GLIIHUHQW HWKQLF JURXSV EXW PXOWLFXOWXUDOLVP LV DQ HVVHQWLDO
FRPSRQHQW RI PRGHUQ VRFLHW\ DQG LW LV SULPDULO\ D :HVWHUQ VRFLHW\ SKHQRPHQRQ
$V VXFK PXOWLFXOWXUDOLVP DEDQGRQV WKH P\WK RI KRPRJHQRXV DQG PRQRFXOWXUDO
QDWLRQVWDWHV$WWKHVDPHWLPHLWPHDQV³UHFRJQL]LQJULJKWVWRFXOWXUDOPDLQWHQDQFH
DQGFRPPXQLW\IRUPDWLRQDQGOLQNLQJWKHVHWRVRFLDOHTXDOLW\DQGSURWHFWLRQIURP
GLVFULPLQDWLRQ´&DVWOHVVLPLODUWR%DQNV¶HIIRUWVLQHGXFDWLRQ
, DFNQRZOHGJH &DVWOH¶V DUJXPHQW ZLWK D QRWH WKDW WKH WUDQVLWLRQ RI WKH FRQFHSW RI
PXOWLFXOWXUDOLVP KDV QRW WDNHQ SODFH LQ WKH 35& QHLWKHU LQ ,QGLD %RWK FRXQWULHV
KDYH D ELJ QXPEHU RI GLIIHUHQW HWKQLF JURXSV ZLWK WKHLU RZQ ODQJXDJHV DQG RWKHU
FXOWXUDO HOHPHQWV )URP P\ SRLQW RI YLHZ DV D UHVHDUFKHU LQ WKH 35&
PXOWLFXOWXUDOLVPLQWKHFRXQWU\GRHVQRWDEDQGRQWKHLGHDRIWKHQDWLRQVWDWHVLQFH
HWKQLFPLQRULW\SHRSOHVWUXJJOHIRUPLQRULW\ODQJXDJHHGXFDWLRQZKLFKVWUHQJWKHQV
WKHLU FXOWXUDO KHULWDJH DQG IRU HPSOR\PHQW RSSRUWXQLWLHV LQ WKHLU PRWKHU WRQJXH
6HH=KRXE5HXWHUV
,QWHUFXOWXUDOLVP
,QWHUFXOWXUDOLVP LV DQRWKHU SKHQRPHQRQ ZLWKLQ FXOWXUDO VWXGLHV WKDW LV LQYROYHG LQ
WKLVVWXG\6RFLROLQJXLVWUHVHDUFKHUVEURXJKWXSWKHWHUPRIDQLQWHUFXOWXUDOVSHDNHU
LQ V HJ %\UDP .UDPVFK $OUHG %\UDP DQG )OHPLQJ GHILQH DQ LQWHUFXOWXUDO VSHDNHU DV D SHUVRQ ZKR LQ LQWHUDFWLRQ ZLWK RWKHUQHVV DW D
VSHFLILF FRQWH[WDQGWLPHFDQEULQJWKHWZRFXOWXUHVLQWRUHODWLRQVKLSDQGPHGLDWH
EHWZHHQGLIIHUHQWYDOXHVEHOLHIVDQGEHKDYLRXUV$QLQWHUFXOWXUDOVSHDNHUFDQEHD
ODQJXDJHOHDUQHUZKRGRHVQRWDFTXLUHODQJXDJHFRPSHWHQFHRIDQDWLYHVSHDNHUEXW
KHOHDUQVWRXQGHUVWDQGWKH³RWKHUQHVV´RIDQHZFXOWXUH+HFDQEHFRPHDPHGLDWRU
EHWZHHQKLVRZQFXOWXUHDQGDQRWKHU5REHUWVPHQWLRQVWKDWDQLQWHUFXOWXUDOVSHDNHU
KDV D FDSDFLW\ WR XQGHUVWDQG WKH G\QDPLF RI ³RWKHUQHVV´ DQG WR PHGLDWH EHWZHHQ
RQH¶V RZQ FXOWXUH SUDFWLFHV DQG WKRVH RI RWKHUV +H FDQ UHIOHFW ERWK
FXOWXUHVKLVRZQDQGWKHRWKHU7KDWLVWKHVWUHQJWKRI DQLQWHUFXOWXUDOVSHDNHUKH
FDQ XQGHUVWDQG WKDW PHDQLQJ LV UHODWLRQDO +H FDQ EHFRPH DQ LQWHUPHGLDU\ LQ
SRWHQWLDOFRQIOLFWVRIEHKDYLRXUVDQGEHOLHIVRIKLVRZQFXOWXUHDQGWKHRWKHU¶V
$FDSDELOLW\WRDFWDVDQLQWHUFXOWXUDOVSHDNHULVJDLQHGE\OLYLQJLQWKHVRFLHWLHVRI
RWKHU FXOWXUHV 8QGHUVWDQGLQJ GLIIHUHQFHV EHWZHHQ FXOWXUHV DUH OHDUQHG WKURXJK
DQDO\VLQJ EHKDYLRXU DQG PHDQLQJV LQ WKH SDUWLFXODU FXOWXUH DQG E\ GHYHORSLQJ
SDUWLFXODUFXOWXUDONQRZOHGJHDVZHOODVJHQHUDOFXOWXUDONQRZOHGJHWKURXJKDORQJ
WHUPLQWHUDFWLRQ
$OUHGHWDOLELGDPRQJRWKHUUHVHDUFKHUVDQGHGXFDWRUVKDYHH[SDQGHGWKHXVHRI
WKH ZRUG LQWHUFXOWXUDO DQG WKH FRQFHSW RI LQWHUFXOWXUDOLW\ WR RWKHU GRPDLQV RI
H[SHULHQFHVZKLFKFDQEHGHVFULEHGDVEHLQJEHWZHHQFXOWXUHV$OUHGHWDOPDNHD
GLIIHUHQFHEHWZHHQLQWHUFXOWXUDOH[SHULHQFHDQGEHFRPLQJLQWHUFXOWXUDO,QWHUFXOWXUDO
H[SHULHQFH RFFXUV EHWZHHQ SDUWLFXODU JURXSV ZKHUHDV EHFRPLQJ LQWHUFXOWXUDO
UHTXLUHV D ORQJ WHUP LQYROYHPHQW LQ RWKHUFXOWXUHVRWKHU WKDQ RXU RZQ $ FRQVWDQW
WUDYHOOHUVHDUFKLQJIRUQHZH[SHULHQFHVGRHVQRWKDYHPRVWSUREDEO\LQWHUHVWWLPH
RU FDSDELOLW\ WR GZHOO LQ QHZ FXOWXUDO H[SHULHQFHV WR GHHSHQ WKH PLQG :KHQ
LQWHUFXOWXUDOH[SHULHQFHFKDOOHQJHVRXUFXVWRPDU\PRGHVRISHUFHSWLRQWKRXJKWDQG
IHHOLQJ DERXW RXU RZQ FXOWXUH DQG KRZ ZH UHVSRQG WR QHZ FXOWXUHV DQG ZH DUH
DZDUH RI RXU FXOWXUH ZH FDQ EHFRPH LQWHUFXOWXUDO +HQFH $OUHG DW DO DUJXH ³ ZKHQ LQWHUFXOWXUDO H[SHULHQFH OHDGV WR FUHDWLYH UDWKHU WKDQ GHIHQVLYH
OHDUQLQJ D FRQFRPLWDQW LV VHULRXV VHOIUHIOHFWLRQ DQG H[DPLQDWLRQ EULQJLQJ ZLWK LW
FRQVHTXHQFHVIRUVHOIXQGHUVWDQGLQJDQGVHOINQRZOHGJH³
,QWHUFXOWXUDOH[SHULHQFHLVDOHDUQLQJSURFHVVLQZKLFKVHOIUHIOHFWLYHOHDUQLQJOHDGV
WR PHDQLQJ PDNLQJ WKURXJK FXHV V\PEROLF PRGHOV DQG WKURXJK ODQJXDJH ,Q WKDW
SURFHVV D OHDUQHU FURVVHV KLV FRPIRUW ]RQHV DQG EHFRPHV PRUH IDPLOLDU ZLWK KLV
RZQFXOWXUH2IWHQZHGRQRWREVHUYHRXURZQFXOWXUHDQGZHGRQRWFKDOOHQJHRXU
ZD\V RI DFWLRQ LQ EULHI ZH ODFN DQ DZDUHQHVV RI RXU RZQ FXOWXUDO HQYLURQPHQW
,QWHUFXOWXUDO H[SHULHQFH LV QRW HQRXJK WR DFW LQWHU FXOWXUDOO\ :H QHHG WR EHFRPH
LQWHUFXOWXUDO%HLQJLQWHUFXOWXUDOLVWKHFDSDFLW\WRSURFHVVRXUH[SHULHQFHVWRUHIOHFW
DQG DQDO\VH H[SHULHQFHV EHWZHHQ SDUWLFXODU JURXSV DQG WR DFW XSRQ WKH LQVLJKWV
ZKLFKWKHDQDO\VLVEULQJV$QLQWHUFXOWXUDOSHUVRQKDVJDLQHGFRPSHWHQFHLQEHLQJ
LQEHWZHHQ VRFLDOO\ FXOWXUDOO\ DQG LQWHUQDWLRQDOO\ /XVWLJ DQG .RHVWHU PHQWLRQ WKDW LQWHUFXOWXUDO FRPSHWHQFH LV WKH LQGLYLGXDO¶V DELOLW\ WR XQIUHH]H WKHLU
RZQDZDUHQHVVRIWKHLURZQFXOWXUDOOLPLWDWLRQV,QWKHHQGDQLQWHUFXOWXUDOSHUVRQ
KDVDPRUHSURIRXQGWROHUDQWDQGLQWHJUDWHGVHQVHRIVHOI$OUHGHWDODQGKH
FDQDFWDVDPHGLDWRUEHWZHHQKLVRZQFXOWXUHDQGWKHRWKHU
+ROOLGD\¶VQRWLRQRIVPDOODQGODUJHFXOWXUHVEULQJVLQWKHQRWLRQRIPLGGOH
FXOWXUHV0LGGOHFXOWXUHVDUHIRUPHGDWWKHLQWHUIDFHRIODUJHFXOWXUHVDQGDFFRUGLQJ
WR +ROOLGD\ WKH\ DUH IRUPHG DFURVV QDWLRQV HJ EHWZHHQ H[SDWULDWHV DQG ORFDO
SHRSOH7KHUHIRUHWKHQRWLRQRIPLGGOHFXOWXUHVKDVVLPLODULWLHVZLWKLQWHUFXOWXUDOLW\
3HRSOH ZKR SDUWLFLSDWH LQ PLGGOH FXOWXUHV DUH WKH RQHV ZLWK WKH LQWHUFXOWXUDO
FRPSHWHQFH7KH\SURYLGHWKHJURXQGRQZKLFKGHDOLQJVZLWKWZRGLIIHUHQWSDUWLHV
FXOWXUHVWDNHSODFH
,PSOLFDWLRQVRI&XOWXUDO6WXGLHVRQWKLV5HVHDUFK
$V PHQWLRQHG LQ WKH EHJLQQLQJ RI WKLV FKDSWHU FXOWXUDO VWXGLHV DUH LQYROYHG LQ WKH
FXUUHQW UHVHDUFK LQ WZR ZD\V LQ WKH UHVHDUFK VHWWLQJ DQG DV D FRPSRQHQW RI WKH
UHVHDUFKLQWHUHVW
,QWHUFXOWXUDO DQG PXOWLFXOWXUDO LVVXHV DULVH IURP WKH UHVHDUFK VHWWLQJ ZLWK WKUHH
GLPHQVLRQVEHWZHHQ$PGRFXOWXUH+DQ&KLQHVHFXOWXUHDQGDUHVHDUFKHU¶V:HVWHUQ
FXOWXUH 7KHUH DUH FOHDUO\ VLJQLILFDQW GLIIHUHQFHV EHWZHHQ WKH WZR $VLDQ FXOWXUHV
DQG )LQQLVK FXOWXUH $OVR $PGR FXOWXUH GLIIHUV VLJQLILFDQWO\ IURP +DQ &KLQHVH
FXOWXUH 7KHUHIRUH UHVHDUFK LQWHUYHQWLRQV DQG FRQWH[WV RI WKLV FXUUHQW UHVHDUFK
LQYROYH FXOWXUDO SUDFWLFHV IURP WKUHH GLIIHUHQW QDWLRQ FXOWXUHV WKDW OHDG LQWR FURVV
FXOWXUDOHQFRXQWHUVEHWZHHQWKHVHFXOWXUHV
$FFRUGLQJWR.DLNNRQHQXQIDPLOLDULW\FDXVHVUDFLVP[HQRSKRELDSUHMXGLFH
HWKQRFHQWULVPVWHUHRW\S\WROHUDQFHLQWROHUDQFHLQFURVVFXOWXUDOHQFRXQWHUV7KHVH
PDWWHUV PDNH FURVVFXOWXUDO FRPPXQLFDWLRQ DQG HQFRXQWHUV FKDOOHQJLQJ DQG
VRPHWLPHV HYHQ SUREOHPDWLF /DFN RI WUXVW PLVXQGHUVWDQGLQJV UHOXFWDQFH IRU
OHDUQLQJQHZZD\VRIGRLQJDQGWKLQNLQJHWFDUHFDXVHGE\XQIDPLOLDULW\:HIHHO
PRUHFRPIRUWDEOHZLWKRXURZQIDPLOLDUZD\VRIIXQFWLRQLQJRXUEHOLHIV\VWHPDQG
YDOXHV :H NQRZ KRZ WR FRPPXQLFDWH DQG EHKDYH DFFRUGLQJ WR RXU RZQ FXOWXUDO
QRUPVZKHUHDVZHQHHGWROHDUQWKHQRUPVRIFRPPXQLFDWLRQDQGEHKDYLRXURIWKH
FXOWXUHZHZRUNLQ
7R ZRUN LQ D FURVVFXOWXUDO VHWWLQJ LV LQ WKH EHJLQQLQJ D OHDS WR DQ XQIDPLOLDU
WHUULWRU\/LYLQJLQDPXOWLFXOWXUDOHQYLURQPHQWKDVGLIIHUHQWSKDVHV'XULQJWKHILUVW
SKDVH WKH ZHOO NQRZQ ³KRQH\PRRQ´ ZLWK D IRUHLJQ FXOWXUH HYHU\WKLQJ LV H[LWLQJ
DQGPD\EHHYHQH[RWLF:KHQWKLVSKDVHHQGVDQHZIRUHLJQFXOWXUHEHFRPHVPRUH
IRH WKDQ D IULHQG 7KH LVVXHV WKDW KDYH EHHQ H[FLWLQJ EHFRPH GHPDQGLQJ DQG HYHQ
IUXVWUDWLQJ,QWKDWSURFHVVLWLVKHOSIXOWRUHPLQGRXUVHOYHVWREHDZDUHRIRXURZQ
FXOWXUH DQG KRZ LW LQIOXHQFHV WKH ZD\ ZH EHKDYH DQG KRZ RWKHUV SHUFHLYH DQG
UHVSRQGWRXV6FKQHLGHUDQG%DUVRX[&URVVFXOWXUDOZRUNLQJDQGOLYLQJLVD
OHDUQLQJSURFHVVIRUERWKDOOSDUWLHVLQYROYHGLQWKHVLWXDWLRQ
,Q WKLV NLQG RI UHVHDUFK ZLWK DQ HWKQRJUDSKLF DSSURDFK FXOWXUDO DZDUHQHVV DQG
FXOWXUDONQRZOHGJHFDQQRWEHVHSDUDWHGFI5REHUWV$VDIRUHLJQUHVHDUFKHU
DQ RXWVLGHU LQ DQ $PGR FRPPXQLW\ , SURFHVVHG FXOWXUDO DZDUHQHVV DQG FXOWXUDO
JURZWK LQ RUGHU WR EHFRPH DQ LQWHUFXOWXUDO SHUVRQ , UHJDUG LW DV SDUW RI P\
SURIHVVLRQDOJURZWK,OHDUQHG,WKLQNDJUHDWGHDORI$PGRFXOWXUHZKLOHZRUNLQJ
DPRQJ$PGRV,DOVRDVVXPHWKDWP\FORVHVW$PGRFROOHDJXHVOHDUQHGVRPHWKLQJRI
)LQQLVKFXOWXUDOZD\VRIZRUNLQJDQGWKLQNLQJSURFHVVHV,QWKLVWKHVLV,DWWHPSWWR
LQWHUSUHW$PGR¶VFXOWXUDOZD\VRIOHDUQLQJOLWHUDF\WR:HVWHUQUHDGHUV
7KH RWKHU FRQWH[W RI FXOWXUH OD\V LQ WKH UHVHDUFK IRFXV RI WKLV VWXG\ WKH ZD\V
7LEHWDQFXOWXUHLQIOXHQFHVDGXOWOLWHUDF\HGXFDWLRQ5HVHDUFKLQJFXOWXUDOLQIOXHQFHLV
DGLIILFXOWWDVN7RDQDO\VHDQGHVWLPDWHFXOWXUDOLQIOXHQFHLVEDVHGRQWKHGHILQLWLRQ
RIFXOWXUH+l\U\QHQ$VZHKDYHVHHQHDUOLHULQWKLVFKDSWHUWKHFRQFHSWRI
FXOWXUH LV DPELJXRXV ZLWK PDQ\ OD\HUV DQG OHYHOV WKDW PDNH HVWLPDWLQJ FXOWXUDO
LQIOXHQFH D FKDOOHQJLQJ WDVN 7KHUHIRUH , KDYH GHFLGHG WR QDUURZ WKH VFRSH RI
FXOWXUH LQ WKH FXUUHQW UHVHDUFK , ZLOO DSSO\ ERWK WKH +RIWHGH¶V ³RQLRQ
GLDJUDP´RIPDQLIHVWDWLRQVRIFXOWXUHDQG+l\U\QHQ¶VLELGFDWHJRULHVRIFXOWXUHDV
WKH\ERWKFRYHUWKHDVSHFWVRIFXOWXUHWKDWDUHUHOHYDQWWRWKLVUHVHDUFK7KH\SURYLGH
D VWUXFWXUH WR ORRN LQWR $PGR¶V ZD\ RI OLYLQJ WKHLU EHOLHIV YDOXHV DQG VRFLDO
KLHUDUFK\
, DFNQRZOHGJH WKDW P\ DSSURDFK QDUURZV GRZQ WKH VFRSH RI YDOXH EHOLHI DQG
FRPPXQLFDWLRQ V\VWHPV WKDW XVXDOO\ LQFOXGHV UHOLJLRQ DUW KLVWRU\ VFLHQFH DQG
ODQJXDJH +l\U\QHQ +RZHYHU FXOWXUH LV D EURDG ILHOG DQG DOO WKHVH LVVXHV
FDQQRWEHUHVHDUFKHGIXOO\LQRQHGRFWRUDOWKHVLV$OVRDWWKHFRUHRIWKLVUHVHDUFKLV
WKH LQIOXHQFH RI FXOWXUH RQ DGXOW OLWHUDF\ HGXFDWLRQ 2IWHQ OLQNDJH EHWZHHQ FXOWXUH
DQGOLWHUDF\LVUHVHDUFKHGWKURXJKWKHODQJXDJHDQGODQJXDJHRQO\HJ*HH
/DQNVKHDUE6HQIW*gVWPDQ-29HUVKXUHQ-/DQJXDJHLVSDUW
RI FXOWXUH ZKLFK WKHQ FRXOG EH H[SORUHG IXUWKHU DV LQWHUIXQFWLRQDO UHODWLRQVKLS RI
ODQJXDJH DQG WKRXJKW FI 9\JRWVN\ %UXQHU ZKR LV IDVFLQDWHG E\
9\JRUWVN\¶V ZRUN KDV GHYHORSHG IXUWKHU WKH FRQQHFWLRQ EHWZHHQ ODQJXDJH DQG
WKRXJKW +H KDV UHVHDUFKHG KRZ OHDUQLQJ DQG WKLQNLQJ DUH VLWXDWHG LQ D FXOWXUDO
VHWWLQJ%UXQHU+RZHYHUODQJXDJHLVQRWWKHRQO\FRPSRQHQWRIFXOWXUHDV
ZHZLOOVHHODWHURQ,DWWHPSWWRILQGRXWKRZWKHRWKHUFRPSRQHQWVRIFXOWXUHDUH
LQYROYHG LQ OLWHUDF\ DFTXLVLWLRQ LQ D 7LEHWDQ FRQWH[W <HW , DFNQRZOHGJH WKDW
ODQJXDJH LV LPPLQHQW ERWK LQ FXOWXUH DQG LQ OLWHUDF\ WKDW LW LV LPSRVVLEOH WR LJQRUH
WKHLQYROYHPHQWRIODQJXDJHLQUHVHDUFKLQJOLWHUDF\/DQJXDJHLVVXHVZLOOLQHYLWDEO\
VXUIDFHWKURXJKRXWWKLVFXUUHQWVWXG\
$V PHQWLRQHG DERYH +ROOLGD\ KDV EURXJKW FRQWUDVWLQJ QRWLRQV WR WKH
GLVFXVVLRQ RI FXOWXUH HVSHFLDOO\ LQ WKH ILHOG RI DSSOLHG OLQJXLVWLFV +H DUJXHV WKDW
FXOWXUHLVQRWDVWDWLFFRQGLWLRQEXWLWLVPRYLQJZKLFKUHPLQGVRI6WUHHW¶VLGHDRI
FXOWXUH EHLQJ D YHUE 7KLV SDUWLFXODU FKDUDFWHU RI FXOWXUH DJUHHV ZLWK WKH LGHD RI
+DQQHU]ZKRYLHZVFXOWXUHEHLQJLQDFRQVWDQWFKDQJH<HW+ROOLGD\YLHZV
FXOWXUHDVVRFLDOO\FRQVWUXFWHGDQGWKLVYLHZRIFXOWXUHLVVKDUHGE\6WUHHWEXWQRW
ZLWK+RIVWHGHDQGRWKHUV
+ROOLGD\¶V VPDOO FXOWXUH WKHRU\ FDQ H[SODLQ VLPLODULWLHV RI EHKDYLRXU VRFLDO
VWUXFWXUH HWF LQ VPDOO JURXSV LQ GLIIHUHQW SDUWV RI WKH ZRUOG 7KH QRWLRQ RI VPDOO
FXOWXUHSURYLGHVDSDUDGLJPWKURXJKZKLFKWRORRNDWVRFLDOJURXSLQJV7KHUHIRUHD
VPDOOFXOWXUHSDUDGLJPLVDXVHIXOWRROIRUUHVHDUFKLQJFXOWXUDOLVVXHVLQHGXFDWLRQ
DQGLWILWVZHOOZLWKWKHQRWLRQRIFXOWXUHEHLQJDYHUE(YHQWKRXJKDVPDOOFXOWXUH
SDUDGLJP FRQWUDVWV ZLWK RWKHU FXOWXUDO WKHRULHV WKDW DUH GLVFXVVHG DERYH , ZLOO QRW
LJQRUH LW WRWDOO\ LQ P\ UHVHDUFK , EHOLHYH D VPDOO FXOWXUH SDUDGLJP DVVLVWV WR GLYH
LQWRGLIIHUHQWOD\HUVRI³RQLRQVNLQ±FXOWXUH´
, XQGHUVWDQGWKDW+ROOLGD\¶VVPDOOFXOWXUHWKHRU\SURYLGHVDKHXULVWLFPHDQVLQWKH
SURFHVVRILQWHUSUHWLQJJURXSEHKDYLRXU ,WDVVLVWVLQILQGLQJDQVZHUVWR³ZK\´DQG
³KRZ´TXHVWLRQVLQP\UHVHDUFK6HH&KDSWHU(YHQWKRXJK+RIVWHGH¶VWKHRU\RI
FXOWXUHDQG+ROOLGD\¶VWKHRU\RIVPDOOFXOWXUHVFRQWUDGLFWHDFKRWKHUE\WKHYLHZRI
FXOWXUH , EHOLHYH , FDQ XVH WKHP ERWK LQ UHVHDUFKLQJ FXOWXUDO SKHQRPHQD LQ $PGR
FRPPXQLWLHV+RIVWHGH¶VWKHRU\SURYLGHVDPHDQVWRWKHDQDO\VLVRIVRFLDOHYHQWVDW
WKH PDFUR OHYHO ZKHUHDV +ROOLGD\¶V WKHRU\ RI VPDOO FXOWXUHV SURYLGHV D PHDQV WR
ORRN DW PLFUR OHYHOV RI FXOWXUH DQG KRZ 7LEHWDQ FXOWXUH LV VRFLDOO\ FRQVWUXFWHG LQ
FODVVURRPVHWWLQJV
5HVHDUFKLQJ/LWHUDF\
'LVFXVVLQJOLWHUDF\LVQRWDVWUDLJKWIRUZDUGPDWWHU:HLQWHUSUHWWKHZRUG³OLWHUDF\´
LQ PDQ\ ZD\V DQG DFFRUGLQJO\ LW KDV PDQ\ PHDQLQJV )LUVW RI DOO YLHZV DQG
PHWDSKRUV RI OLWHUDF\ YDU\ DFFRUGLQJ WR DSSURDFKHV WR OLWHUDF\ DQG ZKDW OLWHUDF\
VWDQGV IRU LQ LQGLYLGXDO SHRSOH¶V WKRXJKWV DQG LQ WKH GLVFRXUVHV RI VRFLHWLHV DQG
LQVWLWXWLRQV6HFRQGGLIIHUHQWPRGHOVRIOLWHUDF\FDXVHXVWRORRNDWGLIIHUHQWNLQGV
RISURFHVVHVRIOLWHUDF\DFTXLVLWLRQHJSV\FKRORJLFDOPRGHOYVLGHRORJLFDOPRGHO
7KLUGVLPLODUO\WRGHILQLQJFXOWXUHGHILQLQJOLWHUDF\LVDFRPSOH[LVVXH7KHUH DUH
PDQ\GHILQLWLRQVRIOLWHUDF\ZKLFKRIWHQDUHUHODWHGWRWKHFRQWH[WRIOLWHUDF\DVZH
ZLOO VHH LQ WKLV FKDSWHU $OO RI WKHVH PDWWHUV DUH HPEHGGHG LQ D ZLGH UDQJH RI
GLVFRXUVHVRIOLWHUDF\
/LWHUDF\5HVHDUFK$SSURDFK6RFLDO7KHRU\RI/LWHUDF\
/LWHUDF\WKHRULHVKDYHHYROYHGDORQJWKH\HDUV2QFHDQDFWRIUHDGLQJZDVUHJDUGHG
DVOLWHUDF\7KHQLWZDVH[SDQGHGWRLQFOXGHZULWLQJWKHQQXPHUDF\1RZDGD\VZH
GR QRW GLVFXVV RQO\ RQH NLQG RI OLWHUDF\ SUDFWLFH EXW PDQ\ NLQGV RI OLWHUDF\
SUDFWLFHV 6LQFH WKH ODWH V D VRFLDO WKHRU\ RI OLWHUDF\ ZKLFK LV DOVR NQRZQ DV
1HZ/LWHUDF\6WXGLHVKDVJUDGXDOO\EHFRPHWKHEDVHIRUGLVFXVVLRQVRQOLWHUDF\DQG
OLWHUDF\UHVHDUFK
$VRFLDOWKHRU\RIOLWHUDF\ZDVWULJJHUHGRIIE\GLVVDWLVIDFWLRQRIWKHFRQFHSWLRQVRI
UHDGLQJDQGZULWLQJEHLQJEDVHGRQRYHUVLPSOLVWLFSV\FKRORJLFDOPRGHOVRIOLWHUDF\
%DUWRQ6WUHHWLQWURGXFHGWZRWHUPVLQOLWHUDF\VWXGLHV³DXWRQRPRXV
PRGHO RI OLWHUDF\´ DQG ³LGHRORJLFDO PRGHO RI OLWHUDF\´ 7KH DXWRQRPRXV PRGHO RI
OLWHUDF\UHIHUVWRWHFKQLFDOVNLOOVRIOLWHUDF\ZKLFKDUHIOXHQWDQGYHUVDWLOHXQLYHUVDO
DQG LQVWUXPHQWDO DQG OLWHUDF\ LV H[WUDFWHG IURP KLVWRULFDO VRFLDO DQG FXOWXUDO
FRQWH[WV 7KH LGHRORJLFDO PRGHO RI UHIHUV WR VRFLDO FRQWH[WV OLWHUDF\ $FFRUGLQJ WR
6WUHHWOLWHUDF\LVQRWDQHXWUDODFWDVLWLVRIWHQSURPRWHGWREHEXWOLWHUDF\LQYROYHV
WKH YDOXHV LGHRORJLHV DQG EHOLHIV RI WKH VRFLHW\ 6WUHHW DORQJ ZLWK +HDWK *HH %ORRPH DQG *UHHQH 6FULEQHU DQG
&ROH DQG %DUWRQ MXVW WR PHQWLRQHG D IHZ KDYH EHHQ GLVFXVVLQJ
GHYHORSLQJDQGSURPRWLQJDVRFLDOWKHRU\RIOLWHUDF\$VRFLDOWKHRU\RIOLWHUDF\KDV
ZLGHQHG WKH LGHD RI OLWHUDF\ LQ WKH FRQWH[W RI HYHU\ GD\ OLIH +DPLOWRQ %DUWRQ ,YDQLþ UHOLJLRQ 0DGGR[ PXOWLOLQJXDO VLWXDWLRQV 0DUWLQ-RQHV -RQHVFURVVFXOWXUDOVLWXDWLRQV6WUHHWYLVXDOXVH.UHVVDQGVR
IRUWK
7KH EDVLF XQLW RI D VRFLDO WKHRU\ RI OLWHUDF\ LV WKDW RI OLWHUDF\ SUDFWLFHV %DUWRQ
+DPLOWRQ ,YDQLF /LWHUDF\ SUDFWLFHV DUH WKH JHQHUDO FXOWXUDO ZD\V RI
XWLOLVLQJZULWWHQODQJXDJHLQSHRSOH¶VOLIHLHOLWHUDF\SUDFWLFHVDUHWKHZD\VSHRSOH
XVH OLWHUDF\ LQ WKHLU GDLO\ OLIH %HFDXVH OLWHUDF\ SUDFWLFHV DUH HPEHGGHG LQ VRFLDO
SUDFWLFHVWKH\ DUHQRWREVHUYDEOHXQLWVZHFDQQRWREVHUYHYDOXHVEHOLHIVIHHOLQJV
DQGVRFLDOUHODWLRQVKLSV/LWHUDF\DZDUHQHVVGLVFRXUVHVRIOLWHUDF\DQGZKDWSHRSOH
PDNHRIOLWHUDF\DUHLQFOXGHGLQWRWKHVHFXOWXUDOZD\VRIOLWHUDF\SUDFWLFHVERWKDWDQ
LQGLYLGXDOOHYHODQGDWDVRFLHW\OHYHO2QWKHRQHKDQGSHRSOHKDYHWKHLURZQLGHDV
RI ZKDW OLWHUDF\ LV IRU DQG KRZ WKH\ XVH OLWHUDF\ LQ WKHLU GDLO\ OLIH 2Q WKH RWKHU
KDQG WKH\ SURFHVV OLWHUDF\ ZLWK D FRQQHFWLRQ WR HDFK RWKHU WKH\ VKDUH FRPPRQ
LGHRORJLHVDQGVRFLDOLGHQWLWLHV
7KHUH DUH PDQ\ NLQGV RI OLWHUDF\ SUDFWLFHV GHSHQGLQJ RQ WKH GRPDLQ RI OLWHUDF\ DV
LQGLFDWHG DERYH 5HOLJLRXV SUDFWLFHV UHSUHVHQW RQH GRPDLQ 2WKHU GRPDLQV DUH
VFKRROZRUNSODFHJRYHUQPHQWRIILFHVKRPHHWF$OOWKHVHGRPDLQVKDYHGLIIHUHQW
FRQWH[WV RI OLWHUDF\ DQG WKH PHDQLQJ RI OLWHUDF\ LV FRQYH\HG DFFRUGLQJO\ 6WUHHW
DUJXHVWKDWOLWHUDF\FDQEHXQGHUVWRRGRQO\LQLWVVRFLDOFRQWH[WVLQZKHUHLWLV
HPEHGGHG
$QRWKHUFRUHHOHPHQWLQDVRFLDOWKHRU\RIOLWHUDF\LVDOLWHUDF\HYHQW7KHFRQFHSW
ZDV GHYHORSHG E\ $% $QGHUVRQ DQG 6WRNHV DQG E\ +HDWK (YHQWV
DUH REVHUYDEOH HSLVRGHV ZKLFK HPHUJH IURP OLWHUDF\ SUDFWLFHV DQG DUH VKDSHG E\
WKHP DV VHHQ LQ WKH +HDWK¶V GHILQLWLRQ RI OLWHUDF\ HYHQWV /LWHUDF\ HYHQWV DUH
RFFDVLRQV LQ ZKLFK ZULWWHQ ODQJXDJH LV LQWHJUDO WR WKH QDWXUH RI SDUWLFLSDQWV
LQWHUDFWLRQVDQGWKHLULQWHUSUHWLYHSURFHVVHVDQGVWUDWHJLHV
/LWHUDF\HYHQWVDUHGDLO\OLIHDFWLYLWLHVZKLFKSHRSOHDUHLQYROYHGLQUHJXODUO\DQG
LQZKLFKWH[WVDUHLQYROYHG6RPHHYHQWVDUHOLQNHGLQWRPRUHIRUPDORFFDVLRQVWKDQ
RWKHUV ,QVRPHRFFDVLRQVWKHQXPEHURISDUWLFLSDQWVLVJUHDWHUWKDQLQRWKHUV7KH
FRPPRQ IHDWXUH LQ DOO HYHQWV LV D WH[W 7H[WV DUH FUXFLDO SDUWV RI OLWHUDF\ HYHQWV
ZKLFKFDQEHVXFKDFWLYLWLHVDVDPRWKHUUHDGLQJDERRNWRKHUFKLOGDVKRSNHHSHU
FKHFNLQJKLVRUGHUVKHHWDVKRSSHUUHDGLQJKLVVKRSSLQJOLVWDSULHVWSUHDFKLQJKLV
VHUPRQRUDWHDFKHUWHDFKLQJLQFODVVURRP
%DUWRQDQG+DPLOWRQKDYHVWDWHGWKHPDLQSURSRVLWLRQRIDVRFLDOWKHRU\RI
OLWHUDF\ DV EHLQJ WKH FXOPLQDWLRQ RI SUDFWLFHV HYHQWV DQG WH[WV 7KH\ DUJXH WKDW
³OLWHUDF\ LV EHVW XQGHUVWRRG DV D VHW RI VRFLDO SUDFWLFHV WKHVH DUH REVHUYDEOH LQ
HYHQWVZKLFKDUHPHGLDWHGE\WH[WV´$VDZKROHOLWHUDF\FRPSHWHQFLHV
DUH VLWXDWHG DQG FRQVWUXFWHG LQ VRFLDO DQG FXOWXUDO FRQWH[WV DQG GXH WR WKLV VRPH
OLWHUDFLHVDUHPRUHGRPLQDQWYLVLEOHDQGLQIOXHQWLDOWKDQRWKHUV2IILFLDOOLWHUDFLHVLQ
JRYHUQPHQWEXUHDXFUDF\RULQEDQNVDUHPRUHGRPLQDQWWKDQSULYDWHQRWHVRQQRWLFH
ERDUGVFRORXUIXODGYHUWLVHPHQWVRQ79VGUDZPRUHDWWHQWLRQWKDQVPDOOSDFNHWVRI
PHGLFLQHLQDSKDUPDFLVWVKRSUHOLJLRXVUHDGLQJVLQDUHOLJLRXVFRPPXQLW\DUHPRUH
LQIOXHQWLDOWKDQSRHPVLQDVHFRQGODQJXDJH:HFDQQRWDUUDQJHOLWHUDFLHVE\RUGHU
RILPSRUWDQFHRUKRZJRRGWKH\DUHRUDQ\VLPLODUIDFWRUEHFDXVHOLWHUDFLHVFDQEH
XQGHUVWRRGRQO\E\WKHLUFRQWH[W
0XOWLOLWHUDFLHV
/LWHUDF\SUDFWLFHVFKDQJHDQGQHZRQHVDUHIUHTXHQWO\DFTXLUHGWKURXJKSURFHVVRI
LQIRUPDOOHDUQLQJDQGPDNLQJVHQVH7KLVKDVOHDGWRWKHFRQFHSWRIPXOWLOLWHUDFLHV
ZKLFK KDV HYROYHG ZLWKLQ 1HZ /LWHUDF\ 6WXGLHV 7KH 1HZ /RQGRQ *URXS GHYLVHG WKLV FRQFHSW WR GHVFULEH GLIIHUHQW NLQGV RI OLWHUDFLHV ZKHQ PXOWLSOH
FRPPXQLFDWLRQ FKDQQHOV DORQJ ZLWK WKH GLYHUVLW\ RI ODQJXDJHV DQG FXOWXUHV DUH
LQYROYHG LQ OLWHUDF\ SUDFWLFHV 3HGDJRJ\ RI PXOWLOLWHUDFLHV EURDGHQV WKH YLHZ RI
OLWHUDF\WRLQFRUSRUDWHRWKHUPRGHVWKDQODQJXDJHRQO\$FFRUGLQJWRDPXOWLOLWHUDF\
WKHRU\ WKH WH[WXDO LV DOVR UHODWHG WR WKH YLVXDO DQG PHDQLQJ LV PDGH LQ PXOWLPRGDO
ZD\V&RSH.DODQW]LV2QHH[DPSOHRIWKLVLVWKH:RUOG:LGH:HEZZZ
DQG LWV PXOWLSOH ZD\V RI FRPELQLQJ WH[WV DQG SLFWXUHV IRU GLIIHUHQW PHDQLQJV
$QRWKHUH[DPSOHLVKRZSHRSOHILQGWKHLUZD\VLQVKRSSLQJPDOOVE\WRXFKLQJWKH
VFUHHQRIWKHLQWHUDFWLYHIDFLOLW\PDS
0XOWLOLWHUDFLHV SUHVHQW RQH IHDWXUH RI D VRFLDO WKHRU\ RI OLWHUDF\ WKDW RI OLWHUDF\ DV
KLVWRULFDOO\ VLWXDWHG 6LPLODU WR FXOWXUH OLWHUDF\ KDV SDVW SUHVHQW DQG IXWXUH DQG LW
FKDQJHV DORQJ WKH \HDUV 7R XQGHUVWDQG FXUUHQW OLWHUDF\ SUDFWLFHV ZH QHHG WR WDNH
LQWR DFFRXQW LWV KLVWRU\ )RU H[DPSOH , EHOLHYH LW LV QHFHVVDU\ WR UHIOHFW FXUUHQW
7LEHWDQ OLWHUDF\ SUDFWLFHV RQ WKHLU KLVWRU\ WR ILQG RXW DQVZHUV WR P\ UHVHDUFK
TXHVWLRQV,WLVQRWRQO\ WKHFXUUHQWSUDFWLFHVWKDWSURYLGHDQVZHUVWRP\ TXHVWLRQV
EXW DOVR WKH KLVWRULFDO FRQWH[W WKH URRWV RI 7LEHWDQ OLWHUDF\ SUDFWLFHV $OVR
PXOWLOLWHUDFLHVDUHHPEHGGHGLQ7LEHWDQUHOLJLRXVOLWHUDFLHV)RUH[DPSOHWKDQJNDV
DQG RWKHU UHOLJLRXV YLVXDOV DUH HYHU\ GD\ OLWHUDFLHV LQ $PGR FRPPXQLWLHV 7KHQ
PRELOH SKRQHV SUHVHQW DQRWKHU NLQG RI PXOWLOLWHUDFLHV LQ HYHU\ GD\ OLIH 0RELOH
SKRQHVSUHVHQWERWKDGLIIHUHQWODQJXDJH&KLQHVHDQGDGLIIHUHQWPRGHRIOLWHUDF\
+DUUL
&XOWXUDOOLWHUDF\
7KH FRQQHFWLRQ EHWZHHQ FXOWXUH DQG OLWHUDF\ LV LPPLQHQW DV D VRFLDO WKHRU\ RI
OLWHUDF\ LPSOLHV 2IWHQ WKH UHODWLRQ EHWZHHQ FXOWXUH DQG OLWHUDF\ LV GLVFXVVHG IURP
WKHODQJXDJHSRLQWRIYLHZDVFXOWXUHDQGOLWHUDF\LVVHHQWRFXOPLQDWHLQODQJXDJH
HJ *HH /DQJXDJH LV DQ HVVHQWLDO SDUW RI ERWK RI WKHP ZLWKRXW ODQJXDJH
WKHUHLVQROLWHUDF\DQGODQJXDJHLVVHHQDVRQHFRUHHOHPHQWRIFXOWXUH
+RZHYHU LQ WKLV VWXG\ , H[SORUH DOVR KRZ WKH RWKHU DVSHFWV RI FXOWXUH EHVLGHV
ODQJXDJH DUH FRQQHFWHG WR OLWHUDF\ , XQGHUVWDQG OLWHUDF\ DV D VRFLDO DFW ,W LV
VRPHWKLQJSHRSOHGRZLWKUHDGLQJDQGZULWLQJLQFRQQHFWLRQWRDQ\HYHU\GD\HYHQW
6WUHHW DQG RWKHUV KDYH VKRZQ WKDW FXOWXUDO EHOLHIV YDOXHV DQG FXVWRPV DUH
HPEHGGHG LQ OLWHUDF\ SUDFWLFHV , ZRXOG OLNH WR ORRN DW OLWHUDF\ DV LW HPHUJHV IURP
FXOWXUH DQG KRZ OLWHUDF\ LV VKDSHG WKURXJK FXOWXUDO EHOLHIV YDOXHV VRFLDO UHODWLRQV
DQG FXVWRPV DQG ZKLFK FDQ EH XQGHUVWRRG LQ WKDW SDUWLFXODU FXOWXUDO FRQWH[W ,
ZRXOG OLNH WR FDOO WKLV NLQG RI OLWHUDF\ WKDW LV VKDSHG E\ FXOWXUDO SUDFWLFHV FXOWXUDO
OLWHUDF\EXWWKDWWHUPKDVEHHQDOUHDG\GHSOR\HGE\+LUVFK
+LUVFKLELGLQYHQWHGDWHUP³FXOWXUDOOLWHUDF\´+HUHIHUVWRWKHFRUHRINQRZOHGJH
WKDWLVSUHVXPDEO\VKDUHGE\WKHPHPEHUVRIDJLYHQFXOWXUH+LVQRWLRQHPHUJHGLQ
DQ $PHULFDQ FXOWXUDO FRQWH[W DQG LW KDV EHHQ FULWLFLVHG WR EH PRQRFXOWXUDO HJ
6FKROHV6FRWW:DOWHUV/DWHURQ+LUVFKDORQJZLWKKLVFROOHDJXHV
SXEOLVKHGDFXOWXUDOGLFWLRQDU\RI³:KDWDOO$PHULFDQV6KRXOG.QRZ´+LUVFK.HWW
7UHILO+LUVFK¶VGHILQLWLRQRIFXOWXUDOOLWHUDF\FRQFHUQVODQJXDJHXVH
DQGWHUPVLQDQ$PHULFDQFRQWH[W:HNQRZLQVWLQFWLYHO\WKDWWRXQGHUVWDQGZKDW
VRPHERG\ LV VD\LQJ ZH PXVW XQGHUVWDQG PRUH WKDQ MXVW WKH VXUIDFH PHDQLQJV RI
ZRUGV ZH KDYH WR XQGHUVWDQG WKH FRQWH[W DV ZHOO +LUVFK JRHV RQ DQG
GLVFXVVHV WKH LPSRUWDQFH RI FRQWH[W RI OLWHUDF\ $FFRUGLQJ WR +LUVFK HW DO FXOWXUDOOLWHUDF\LVWKHFRQWH[WRIZKDW$PHULFDQSHRSOHVD\DQGUHDGDQGDVVXFKLW
LVSDUWRIPDNLQJDQ$PHULFDQ$PHULFDQ[
,QWKHFXUUHQWUHVHDUFK,DSSO\DEURDGHUPHDQLQJWRWKHWHUPRIFXOWXUDOOLWHUDF\WKDQ
WKDWRI+LUVFK,WDNHWKHFRQFHSWRIFXOWXUDOOLWHUDF\RXWIURPWKH$PHULFDQFRQWH[W
DQG JLYH LW D FXOWXUDOO\ QHXWUDO FRQWH[W LH QRQ$PHULFDQ QRQ)LQQLVK QRQ
7LEHWDQHWF ,QWKLVVHQVHFXOWXUDOOLWHUDF\FDQDSSHDUXQLYHUVDOO\ ZLWKWKHERXQGV
RIDFRPPXQLW\DVGHILQHGE\SDUWLFXODUFXOWXUH,XQGHUVWDQGFXOWXUDOOLWHUDF\DVWKH
ZD\VOLWHUDF\LVWDXJKWDFTXLUHGDQGDSSOLHGLQDJLYHQSHRSOHJURXSLQWKHFRQWH[W
RI VKDUHG YDOXHV EHOLHIV DQG UHODWLRQV ,Q WKLV VHQVH FXOWXUDO OLWHUDF\ WDNHV LQWR
DFFRXQWYDOXHVEHOLHIVDQGSRZHUUHODWLRQVRIDFRPPXQLW\DORQJZLWKLWVWUDGLWLRQ
DFFRUGLQJ WR D VRFLDO WKHRU\ RI OLWHUDF\ 7KHUHIRUH P\ XQGHUVWDQGLQJ RI FXOWXUDO
OLWHUDF\IROORZVPRUHRIWKHFRQFHSWRIVLWXDWHGOLWHUDF\%DUWRQ+DPLOWRQ,YDQLF
$FFRUGLQJWRWKDWFRQFHSWOLWHUDF\LVVLWXDWHGLQGLIIHUHQWJHRJUDSKLFDOSODFHV
GRPDLQV DQG FXOWXUDO FRQWH[WV DQG WKDW LVVXHV RI SRZHU DUH LPSRUWDQW %DUWRQ +DPLOWRQ
'LIIHUHQWXVHVDQGSXUSRVHVIRUOLWHUDF\LVDFXOWXUDOSKHQRPHQRQ,QVRPHFXOWXUHV
UHFLWLQJ DQG PHPRULVLQJ WH[WV DUH FXOWXUDOO\ DSSURSULDWH ZD\V RI HQJDJLQJ OLWHUDF\
%R\DULQ ,Q VRPH FXOWXUHV OLWHUDF\ LV DERXW FULWLFDO WKLQNLQJ SURPRWLQJ
DEVWUDFWWKRXJKWVDQGUDWLRQDOLW\,QVRPHFXOWXUHVOLWHUDF\LVJHQGHUERXQGFHUWDLQ
OLWHUDFLHVDUHIRUZRPHQDQGVRPHRWKHUVDUHIRUPHQ7KXVDPHDQLQJRIOLWHUDF\LV
FRQWH[WXDOLVHGLQFXOWXUHDQGWKHUHDUHGLIIHUHQWOLWHUDFLHVZLWKLQRQHFXOWXUH
+HDWK SXW IRUZDUG VHYHQ FRQWH[WXDOLVHG XVHV RI OLWHUDF\ EDVHG RQ KHU
UHVHDUFK LQ D ZRUNLQJ FODVV FRPPXQLW\ LQ WKH VRXWKHUQ 8QLWHG 6WDWHV %DVHG RQ
+HDWK¶VUHVHDUFK%DNHUGHYHORSHGWKHLGHDRIXVHVRIOLWHUDF\WRQHHGV
RIOLWHUDF\DWVRFLHWDOOHYHO
‡ /LWHUDF\LVQHHGHGIRUVXUYLYDOHJWUDIILFVLJQVIRRGSDFNHWODEHOV
‡ /LWHUDF\ LV QHHGHG IRU FLWL]HQVKLS HJ EXUHDXFUDWLF IRUPV
QHZVSDSHU
‡ /LWHUDF\LVQHHGHGIRUOHDUQLQJHJWH[WERRNVH[DPLQDWLRQVVKHHWV
‡ /LWHUDF\LVQHHGHGIRUSHUVRQDOUHODWLRQVKLSVHJSHUVRQDOOHWWHUV
‡ /LWHUDF\ LV QHHGHG IRU SHUVRQDO SOHDVXUH DQG FUHDWLYLW\ HJ UHDGLQJ
IRUIXQ
‡ /LWHUDF\ LV QHHGHG IRU HPSOR\PHQW HJ ZRUN UHODWHG UHDGLQJ DQG
ZULWLQJVNLOOV
‡ /LWHUDF\ LV QHHGHG IRU FRPPXQLW\ GHYHORSPHQW DQG SROLWLFDO
HPSRZHUPHQW
HJ
/LWHUDF\
FDQ
HPSRZHU
PDUJLQDOLVHG
FRPPXQLWLHV
‡ /LWHUDF\ LV QHHGHG WR HPSRZHU WKH PLQG /LWHUDF\ LV VHHQ DV PHDQV
RIUHDVRQLQJDQGUHIOHFWLQJ
7KHVH QHHGV RI OLWHUDF\ KDYH GLIIHUHQW HPSKDVHV LQ GLIIHUHQW FXOWXUHV DQG
FRPPXQLWLHV,QPXOWLOLQJXDOVRFLHWLHVVRPHRIWKHVHQHHGVDUHPHWRQO\LQPDMRULW\
ODQJXDJH HJOLWHUDF\ IRUFLWL]HQVKLSHPSOR\PHQWDQGVXUYLYDO)RUFXOWXUHVZKR
SHUFHLYH OLWHUDF\ DV PHPRULVDWLRQ DQG WUDQVPLVVLRQ RI VWRULHV UHYHDOLQJ FXOWXUDO
KHULWDJHHPSKDVLVIRUOLWHUDF\LVOHVVRQFRPPXQLW\GHYHORSPHQWDQGHPSRZHULQJ
PLQG WKDQ LQ VRPH RWKHU FXOWXUHV 7KH QHHGV IRU OLWHUDF\ YDU\ DFFRUGLQJ WR WKH
FXOWXUHDQGHQYLURQPHQWRIWKHLQGLYLGXDOV,QVRPHFXOWXUHVUHOLJLRQZLWKUHOLJLRXV
UHDGLQJV DQG RWKHU NLQGV RI UHOLJLRXV OLWHUDF\ SUDFWLFHV DUH HVVHQWLDO 7KHUHIRUH ,
KDYH H[WHQGHG WKH OLVW DERYH E\ DGGLQJ LQWR LW ³OLWHUDF\ LV QHHGHG IRU UHOLJLRXV
SXUSRVHV´,KDYHOHDUQHGWKDWOLWHUDF\IRUUHOLJLRXVSXUSRVHVFDQQRWEHFDWHJRULVHG
LQWR DQ\ RI WKH RWKHU FDWHJRULHV RI OLWHUDF\ QHHGV LQ VRFLHW\ 7KLV NLQG RI ULWXDO
UHDGLQJ GRHV QRW QHFHVVDULO\ LQWHUSUHW WKH WH[W EXW LW LV VDWLVI\LQJ WR D UHDGHU
/LQQDN\Ol
$V,UHVHDUFK$PGROLWHUDFLHV,DWWHPSWWRILQGRXWZK\OLWHUDF\LVWDXJKWWKHZD\DV
LW LV ZK\ OLWHUDF\ LV DSSOLHG DV LW LV %DNHU DUJXHV ³/LWHUDF\ LV QRW D
VHSDUDWH FXOWXUDO HYHQW EXW PLUURUV LQ LWV IRUP DQG IXQFWLRQ JHQHUDO VRFLDOL]DWLRQ
SUDFWLFHV´ )ROORZLQJ %DNHU¶V DUJXPHQW P\ K\SRWKHVLV LV WKDW WKH DQVZHUV WR P\
TXHVWLRQVDUHIRXQGDWOHDVWWRVRPHH[WHQWLQ$PGRFXOWXUDOSUDFWLFHV
/LWHUDF\0HWDSKRUV
7KHUH DUH VHYHUDO PHWDSKRUV DVVRFLDWHG ZLWK OLWHUDF\ 7KH\ XVXDOO\ GHVFULEH KRZ
SHRSOHDSSURDFKOLWHUDF\HVSHFLDOO\KRZJRYHUQPHQWVDQGGHYHORSPHQWDJHQWVYLHZ
OLWHUDF\LQWKHLUSROLFLHV
2QHRIWKHFRPPRQPHWDSKRUVIRUOLWHUDF\DSSHDUVLQJRYHUQPHQWSROLFLHVDVWKH\
VHWWKHLUJRDOVWR³HUDGLFDWHLOOLWHUDF\´RU³VZLSHDZD\LOOLWHUDF\´DVLILOOLWHUDF\LVD
GLVHDVHWKDWKDVWREHFXUHG$VGLVFXVVHGLQWKHSUHYLRXVFKDSWHUWKHJRYHUQPHQWRI
WKH35&KDVDQDSSURDFKRILOOLWHUDF\EHLQJDVLFNQHVVZKLFKQHHGVWREHFXUHGE\
SURYLGLQJ OLWHUDF\ HGXFDWLRQ IRU LOOLWHUDWH SHRSOH 6WUHHW FULWLFLVHV WKH
FRPPRQSUDFWLFHWRFDOOSHRSOH³LOOLWHUDWH´LIWKH\FDQQRWUHDGDQGZULWH$FFRUGLQJ
WR 6WUHHW D ZRUG ³LOOLWHUDWH´ FDQ EH WZLVWHG LQWR ³LOOOLWHUDWH´ ZKLFK WKHQ FDXVH DQ
DVVRFLDWLRQ RI VRPHRQH EHLQJ LOO 7KXV DJDLQ WKHUH LV D PHWDSKRU IRU LOOLWHUDF\
FDXVLQJLOOQHVV
)UHLUH LOOXVWUDWHV WUDGLWLRQDO OLWHUDF\ HGXFDWLRQ DV EHLQJ EDQNLQJ DQG
NQRZOHGJH LV GHSRVLWHG LQ D SHUVRQ 7KH EDODQFH LQ D EDQN LQFUHDVHV DORQJ WKH
OHDUQLQJSURFHVVZKLFKLVDZD\)UHLUHVHHVOLWHUDF\7KLVPHWDSKRUFDQEHFULWLFLVHG
DV YLHZLQJ LOOLWHUDWH SHRSOH DV GXPE SHRSOH ZKR SDVVLYHO\ UHFHLYH WKH ³JROG RI
OLWHUDF\ HGXFDWLRQ´ DQG LW LJQRUHV WDFLW NQRZOHGJH WKDW SHRSOH KDYH DFTXLUHG
DOUHDG\
$QRWKHUPHWDSKRUZKLFKLVGHHSO\URRWHGLQWKHFRQWH[WRIOLWHUDF\DQGHGXFDWLRQDO
SUDFWLFH LV WKH FRQFHSW RI OLWHUDF\ DV D VHW RI VNLOOV 7KLV KDV EHHQ D YHU\ XVHIXO
VWUDWHJ\ LQ UHDGLQJ SURJUDPPHV DW DOO OHYHOV RI HGXFDWLRQ 7KHVH VNLOOV RI UHDGLQJ
DQGZULWLQJDUHWDXJKWLQWKHZD\RIVFDIIROGLQJZKHQQHZNQRZOHGJHLVEDVHGRQ
SULRU OHDUQLQJ /HDUQLQJ VNLOOV VWDUWV ZLWK SUHUHDGLQJ VNLOOV DQG LW SURFHHGV ZLWK
VWHSVRIOHDUQLQJQHZVNLOOVRQWKHODGGHURIUHDGLQJ7KLVZD\OLWHUDF\LVVHHQDVD
SV\FKRORJLFDOYDULDEOHWKDWFDQEHPHDVXUHGDQGDVVHVVHG%DUWRQ%DUWRQ
LELGDUJXHVWKDWWKHLGHDRIVNLOOVLVDSDUWLFXODUZD\RIWKLQNLQJDERXWOLWHUDF\DQG
LWLVDPHWDSKRUWKHVDPHZD\DVWKHRWKHUV
7KHVH DUH MXVW D IHZ H[DPSOHV RI H[LVWLQJ PHWDSKRUV IRU OLWHUDF\ DQG YLHZV IRU
DSSURDFKLQJ OLWHUDF\ SROLFLHV 2QH FRPPRQ IDFWRU IRU DOO RI WKHP LV WKDW DFWLRQ LV
UHTXLUHG HLWKHU FXUH RU FRQWURO RU DQ\WKLQJ EHWZHHQ WKHVH WZR 3RVVLEO\ IRU WKLV
UHDVRQ WKHVH PHWDSKRUV KDYH EHHQ XVHG IRU SURPRWLQJ OLWHUDF\ HGXFDWLRQ LQ
GHYHORSLQJ FRXQWULHV7KHVHPHWDSKRUVSURYLGHDVLPSOHSDWKIRUWKHMRXUQH\ IURP
³LOOQHVVWRKHDOWK´ZKLFKLVHDV\WRH[SODLQWRSHRSOHDQGLWJLYHVDXVHIXOIUDPHZRUN
IRU D SURJUDPPH LPSOHPHQWDWLRQ %DUWRQ LELG KDV SUHVHQWHG VRPH PHWDSKRUV
UHVSRQVHVDQGDSSOLFDWLRQVDVSUHVHQWHGLQ)LJXUHQH[WSDJH
*RYHUQPHQWV DQG LQWHUQDWLRQDO DJHQFLHV KDYH DGRSWHG WKHVH GLIIHUHQW PHWDSKRUV WR
OLWHUDF\ HGXFDWLRQLQYDULRXVZD\V7KHJRYHUQPHQWRIWKH35&YLHZVLOOLWHUDF\DV
LJQRUDQFH ZKLFK E\ WUDLQLQJ FDQ OHDG WR PDVWHU\ RI WKH ODQJXDJH +DLQDQ 7$3
)LGD ,QWHUQDWLRQDO DV D GHYHORSPHQW DJHQW KDV FKRVHQ DQ DSSURDFK RI
RSSUHVVLRQ DQG GHSULYDWLRQ DV VWDUWLQJ SRLQWV DQG EHWWHU OLYLQJ VWDQGDUGV DQG
HPSRZHUPHQWRISDUWLFLSDQWVDVUHVSRQVHVE\OLWHUDF\HGXFDWLRQ+RUVWLD0XUUD\
81(6&2DSURPRWHVOLWHUDF\IRUHPSRZHUPHQWWUDLQLQJZHOIDUHDQG
WKHUDS\ VR WKDW SHRSOH FDQ SUDFWLVH OLWHUDF\ DV D OLIHORQJ OHDUQLQJ WRZDUGV DFWLYH
SDUWLFLSDWLRQLQVRFLHW\7KHLUFRUHLGHDLV³QRWZKDWOLWHUDF\FDQGRIRUSHRSOHEXW
UDWKHU ZKDW SHRSOH FDQ GR ZLWK OLWHUDF\´ DV 81(6&2 E KDV VWDWHG LQ LWV
OLWHUDF\VWUDWHJ\
&RQGLWLRQ
5HVSRQVH
0HDQV
*RDO
$SSOLFDWLRQ
6LFNQHVV
7UHDWPHQW
&OLQLFDO
5HPLWWDQFH
LQWHUYHQWLRQ
+DQGLFDS
5HKDELOLWDWLRQ &RPSHQVDWRU\ $OOHYLDWLRQ
'\VOH[LD
DLGV
,JQRUDQFH
7UDLQLQJ
,QVWUXFWLRQ
0DVWHU\
2UWKRGR[
OLWHUDF\WXWLRQ
,QFDSDFLW\
7KHUDS\
&RXQVHOOLQJ
$GMXVWPHQW
$VVLPLODWLRQ
$XWRQRP\
2SSUHVVLRQ (PSRZHUPHQW
3ROLWLFDO
5LJKWV
&RQVFLHQWL]DWLRQ
RUJDQL]DWLRQ
OHJLVODWLRQ
'HSULYDWLRQ
:HOIDUH
5HFDOORFDWLRQ
%HQHILW
3RVLWLYH
RI
GLVFULPLQDWLRQ
PDWHULDO
UHVRXUFHV
'HYLDQFH
&RQWURO
,VRODWLRQ
&RUUHFWLRQ
1HJDWLYH
FRQWDLQPHQW
FRQIRUPLW\
GLVFULPLQDWLRQ
3K\VLFDO
FRHUFLRQ
)LJXUH
6RPHPHWDSKRUVIRUOLWHUDF\$GDSWHG%DUWRQ
/LWHUDF\3ROLF\$SSURDFKHV
7KHUH DUH GLIIHUHQW DSSURDFKHV WR OLWHUDF\ GHSHQGLQJ RQ WKH YLHZ RI OLWHUDF\ DQG
SROLFLHVDURXQGOLWHUDF\,ZLOOORRNDWDIHZFRPPRQO\XVHGDSSURDFKHVDQGYLHZV
RIOLWHUDF\DQDXWRQRPRXVDSSURDFKOLWHUDF\DVDVHWRIVNLOOVIXQFWLRQDOOLWHUDF\
81(6&2¶VYLHZRIOLWHUDF\DQGDFULWLFDODSSURDFKWROLWHUDF\
$Q DXWRQRPRXV DSSURDFK WR OLWHUDF\ LV EDVHG RQ 6WUHHW¶V LGHD RI WKH
DXWRQRPRXVPRGHORIOLWHUDF\ ,QWKHDXWRQRPRXVDSSURDFKOLWHUDF\LVYLHZHGDVD
VHW RI VNLOOV WKDW DUH QHXWUDO LQ LWV DLPV DQG XQLYHUVDO LQ LWV XVHV $Q DXWRQRPRXV
DSSURDFK WR OLWHUDF\ PDNHV XVH RI DOSKDEHWLF OLWHUDF\ SHRSOH OHDUQ WR FRGH DQG
HQFRGH DOSKDEHW DV WKH\ DFTXLUH UHDGLQJ DQG ZULWLQJ VNLOOV )RU WKLV UHDVRQ DQ
DXWRQRPRXVDSSURDFKGRHVQRWVSHFLI\DQ\SDUWLFXODUODQJXDJHEXWLWFDQEHXWLOLVHG
ZLWKPRVWODQJXDJHVDOODURXQGWKHZRUOG$OVRLWLVEHOLHYHGWKDWWKLVDSSURDFKLV
QHXWUDOLQLWVDLPVVLQFHWKHVNLOOVRIUHDGLQJDQGZULWLQJGRQRWLQYROYHYDOXHVDQG
EHOLHIV6WUHHW+RZHYHUOLWHUDF\DVDVHWRIVNLOOVDSSHDUVWREHQHXWUDOEXWLQ
SUDFWLFH LW LV QRW 5HDGLQJ DQG ZULWLQJ VNLOOV FDQ EH SURPRWHG DQG HPSOR\HG E\
SROLWLFVUHOLJLRQRUDQ\RWKHUQRQQHXWUDODJHQWIRULWVRZQSXUSRVHV
0DQ\ LQWHUQDWLRQDO DJHQFLHV DGRSW DQ DXWRQRPRXV DSSURDFK WR OLWHUDF\ LQ WKHLU
LPSOHPHQWDWLRQ RI OLWHUDF\ SURJUDPPHV RU IRU HYDOXDWLQJ WKH LPSDFW RI WKHLU
SURJUDPPHV5RELQVRQ3DQW$QDXWRQRPRXVDSSURDFKSURYLGHVDIUDPHZRUN
IRU D SURJUDPPH LPSOHPHQWDWLRQ WKDW LV QRQSUREOHPDWLF RU OHVV SUREOHPDWLF LQ
WHUPVRIVHWWLQJGHYHORSPHQWLQGLFDWRUVDQG JRDOVIRUWKHSURJUDPPHFI0LQLVWU\
RI )RUHLJQ $IIDLUV RI )LQODQG 6WDWLVWLFV RI OLWHUDF\ LQ D FRPPXQLW\ FDQ EH
SURYLGHG DW WKH EHJLQQLQJ DQG DW WKH HQG RI WKH SURJUDPPH LPSOHPHQWDWLRQ 7KXV
GHYHORSPHQWDO LQGLFDWRUV DQG UHVXOWV RI WKH SURJUDPPH FDQ EH HDVLO\ SURGXFHG
$OVRDQDXWRQRPRXVDSSURDFKWROLWHUDF\LVDWUDGLWLRQDORQHDQGLWLVDZHOONQRZQ
DQGDIDPLOLDUDSSURDFKWROLWHUDF\LQGHYHORSLQJFRXQWULHV7KDWIDFLOLWDWHVDOLWHUDF\
SURJUDPPHLPSOHPHQWDWLRQLQFRPPXQLWLHV
$QRWKHU DSSURDFK WR OLWHUDF\ LV IXQFWLRQDO OLWHUDF\ )XQFWLRQDO OLWHUDF\ ZDV ILUVW
PHQWLRQHG E\ 81(6&2 LQ WKH ¶V E\ VWDWLQJ WKDW WKH FRQWHQW DQG OHDUQLQJ RI
UHDGLQJDQGZULWLQJVKRXOGEHLQWKHFRQWH[WRISUHSDUDWLRQIRUZRUNDQGYRFDWLRQDO
WUDLQLQJ 9HUKRHYHQ <DPEL )XQFWLRQDO OLWHUDF\ KDV D SUDFWLFDO VWDQFH
DV LW DLPV WR HQDEOH SHRSOH WR EH IXQFWLRQDO DQG VWUDWHJLF LQ WKHLU XVH RI OLWHUDF\
)XQFWLRQDO OLWHUDF\ FRQFHUQV WKH SXUSRVH WH[W W\SH PHGLXP VLWXDWLRQ DQG WKH
FRQWH[W RI OLWHUDF\ ,Q RWKHU ZRUGV D IXQFWLRQDOO\ OLWHUDWH SHUVRQ FDQ HQJDJH LQ DOO
WKHDFWLYLWLHVLQZKLFKOLWHUDF\LVUHTXLUHGIRUHIIHFWLYHIXQFWLRQLQJRIKLVJURXSDQG
FRPPXQLW\ DQG DOVR IRU HQDEOLQJ KLPKHU WR FRQWLQXH WR XVH UHDGLQJ ZULWLQJ DQG
FDOFXODWLRQIRUKLVKHURZQDQGWKHFRPPXQLW\GHYHORSPHQW
6RPH HGXFDWRUV HJ %DNHU UHJDUG IXQFWLRQDO OLWHUDF\ DV DW D ORZHU OHYHO
IXQFWLRQDOO\ OLWHUDWH SHRSOH DUH DEOH WR UHDG URDG VLJQV UHFRJQLVH EXVHV RQ FHUWDLQ
EXVOLQHVHWF7KLVYLHZRIIXQFWLRQDOOLWHUDF\LVDERXWUHDGLQJDQGZULWLQJVNLOOVWKDW
FDQEHSXWLQXVHIRUEDVLFUHDGLQJ6RPHRWKHUVHJ /LQQDN\OlUHJDUG IXQFWLRQDO
OLWHUDF\DWDKLJKHUOHYHODIXQFWLRQDOO\OLWHUDWHSHUVRQLVDEOHWRILOOIRUPVH[SORUH
GHHSHU OD\HUV RI WKH WH[W DQG LWV PHDQLQJ FRPSDULQJ DQG FRQWUDVWLQJ DQG SXWWLQJ
IRUZDUGDUJXPHQWVDQGGLIIHUHQWYLHZSRLQWV/LQQDN\Ol7KLVNLQGRIYLHZRI
IXQFWLRQDOOLWHUDF\VHHVLWFRQWH[WXDOKLVWRULFDODQGVRFLRFXOWXUDOE\LWVQDWXUH
)XQFWLRQDO OLWHUDF\ ZDV UHJDUGHG DV ³WKH DSSURDFK´ WR OLWHUDF\ (GXFDWRUV KDYH
KDLOHGLWDVDPDMRUDGYDQFHRYHUPRUHWUDGLWLRQDOFRQFHSWVRI UHDGLQJDQGZULWLQJ
EHFDXVH LW WDNHV LQWR DFFRXQW WKH JRDOV DQG VHWWLQJV RI SHRSOH¶V DFWLYLWLHV ZLWK
ZULWWHQODQJXDJH6FULEQHU6LQFHIXQFWLRQDOOLWHUDF\ZDV³FRYHUHG´LWEHFDPH
SRSXODU LQ LQWHUQDWLRQDO GHYHORSPHQW SURJUDPPHV +RZHYHU /DYLQ DQG
6UFLEQHU LELG DPRQJ RWKHUV FULWLFLVH WKH IXQFWLRQDO OLWHUDF\ DSSURDFK IRU IDOVH
SURPLVHV 7KH\ DUJXH WKDW HYHQ WHQGHU SURELQJ UHYHDOV WKH PDQ\ TXHVWLRQV RI IDFW
YDOXH DQG SXUSRVH WKDW FRPSOLFDWH WKH DSSOLFDWLRQ RI IXQFWLRQDO OLWHUDF\ WR
HGXFDWLRQDOFXUULFXOD
)XQFWLRQDOOLWHUDF\SUDFWLFHVUHTXLUHXQGHUVWDQGLQJWKHWH[WLQLWVJLYHQFRQWH[WDQG
DV QHFHVVDU\ WR EHLQJ DEOH WR DSSO\ LW WR HYHU\GD\ OLIH $ FRPPRQ GHILQLWLRQ IRU
IXQFWLRQDO OLWHUDF\ LV WKH DELOLW\ WR XVH LQIRUPDWLRQ LQ YDULRXV IRUPDWV WR IXQFWLRQ
HIIHFWLYHO\ LQ PRGHUQ VRFLHW\ 7KH JRYHUQPHQW RI WKH 35& DORQJ ZLWK RWKHU
JRYHUQPHQWV RI GHYHORSLQJ FRXQWULHV FI 81(6&2 WKH :RUOG %DQN KDV H[SDQGHG WKH FRQFHSW RI IXQFWLRQDOOLWHUDF\ WRLQFOXGH HFRQRPLF GHYHORSPHQW
7KH0LQLVWU\RI(GXFDWLRQRIWKH35&VWDWHV
7KHROGHYDOXDWLRQVWDQGDUGLVEDVHGRQWKH&KLQHVHFKDUDFWHUVUHFRJQL]HG
E\LOOLWHUDWHVZKLOHLQWKHQHZVWDQGDUGVPRUHDWWHQWLRQZLOOEHJLYHQWRWKH
UHDOFDSDFLW\RIOHDUQHUV9DULRXVZD\VDQGPHDVXUHVIRUIXQFWLRQDOLOOLWHUDF\
HUDGLFDWLRQZLOOEHH[SORUHGVRDVWRPHHWWKHQHHGVRIHFRQRPLFDQGVRFLDO
GHYHORSPHQWDQGWKHZKROHSXEOLF7KH0LQLVWU\RI(GXFDWLRQ
7KH 6WDWH (GXFDWLRQ &RPPLVVLRQ RI &KLQD DGYRFDWHV IXQFWLRQDO OLWHUDF\ LQ DGXOW
OLWHUDF\ HGXFDWLRQ ,W DGYRFDWHV IXQFWLRQDO OLWHUDF\ SURJUDPPHV WR LPSURYH WKH
VWDQGDUG RI OLYLQJ LQ XQGHUGHYHORSHG DUHDV RI WKH 35& :DQJ /L ZKLFK
NHHSV ZLWK WKH GHILQLWLRQ RI 81(6&2¶V WKDW OHDGV WR GHYHORSPHQW RI LQGLYLGXDOV
DQGFRPPXQLWLHV:DQJDQG/LFODLPWKDWWKHIXQFWLRQDOOLWHUDF\SURJUDPPHVKDYH
EHHQ D EUHDNWKURXJK LQ SURPRWLQJ OLWHUDF\ HGXFDWLRQ DPRQJ &KLQHVH IDUPHUV ,Q
WKHVHIXQFWLRQDOOLWHUDF\FRXUVHVVWXGHQWVKDYHOHDUQHGRWKHUSUDFWLFDOVNLOOVVXFKDV
VHZLQJ DQG FKLFNHQUDLVLQJ DORQJ ZLWK RWKHU LQIRUPDWLRQ ZKLFK LV UHOHYDQW WR
IDUPLQJ6LPLODUO\81(6&2UHSRUWVDERXWDOLWHUDF\SURJUDPPHLQ4LQJKDL
3URYLQFHWKDWZDVGHVLJQHGWRUHVSRQGWRWKHQHHGVRIIDUPHUVDQGKHUGVPHQLQGDLO\
OLIH
81(6&2¶V SROLF\ RQ OLWHUDF\ KDV FKDQJHG DORQJ WKH \HDUV (DUOLHU 81(6&2
YLHZHG OLWHUDF\ LV D VHW RI VNLOOV IRU UHDGLQJ ZULWLQJ DQG FDOFXODWLQJ 81(6&2
7KHQ DV PHQWLRQHG DERYH IXQFWLRQDO OLWHUDF\ ZDV WKH DSSURDFK WR OLWHUDF\
,Q UHFHQW \HDUV 81(6&2 KDV PRYHG EH\RQG WKH QRWLRQ RI D VHW RI VNLOOV *OREDO
0RQLWRULQJ 5HSRUW KDV D SUDJPDWLF YLHZ RI OLWHUDF\ ³OLWHUDF\´ UHIHUV WR ³D
FRQWH[WERXQG FRQWLQXXP RI UHDGLQJ ZULWLQJ DQG QXPHUDF\ VNLOOV DFTXLUHG DQG
GHYHORSHG WKURXJK SURFHVVHV RI OHDUQLQJ DQG DSSOLFDWLRQ LQ VFKRROV DQG LQ RWKHU
VHWWLQJVDSSURSULDWHWR\RXWKDQGDGXOWV´81(6&281(6&2¶VFXUUHQW
YLHZRIOLWHUDF\LVWKDWOLWHUDF\LVQRWRQO\DERXWUHDGLQJQRURQO\DERXWZULWLQJEXW
LV DERXW DSSO\LQJ WKHP ERWK ZLWK FRPSUHKHQVLRQ LQ GDLO\ OLIH FRQWH[WV 81(6&2
KDVPRYHGIURPDVHWRIVNLOOVDSSURDFKWRZDUGVDIXQFWLRQDODSSURDFKWROLWHUDF\
ZLWK UHFRJQLWLRQ RI OLWHUDF\ DV HPEHGGHG LQ GLIIHUHQW FXOWXUDO SURFHVVHV LQ DQ
LQGLYLGXDO¶VOLIH
$ %UD]LOLDQ HGXFDWRU 3DROR )UHLUH KDV IRXJKW DJDLQVW VRFLDO GLVSDULW\ WKURXJK
OLWHUDF\+HDUJXHVWKDWOLWHUDF\FDQOHDGWRVRFLDOHPDQFLSDWLRQEXWRQO\LIOHDUQHUV
DUH FKDOOHQJHG IRU FULWLFDO WKLQNLQJ LQVWHDG RI WKH FRPPRQ SUDFWLFH RI PHPRULVLQJ
WH[WV
³,IOHDUQLQJWRUHDGDQGZULWHLVWRFRQVWLWXWHDQDFWRINQRZLQJWKHOHDUQHUV
PXVW DVVXPH IURP WKH EHJLQQLQJ WKH UROH RI FUHDWLYH VXEMHFWV ,W LV QRW D
PDWWHU RI PHPRULVLQJ DQG UHSHDWLQJ JLYHQ V\OODEOHV ZRUGV DQG SKUDVHV EXW
UDWKHUUHIOHFWLQJFULWLFDOO\RQSURFHVVRIUHDGLQJDQGZULWLQJLWVHOIDQGRQWKH
SURIRXQGVLJQLILFDQFHRIODQJXDJH´
)UDLUH¶VYLHZRIOLWHUDF\LVRIWHQFDOOHGFULWLFDOOLWHUDF\VLQFHKHFKDOOHQJHVSHRSOHWR
³UHDGWKHZRUOG´DQGDVFULWLFDOO\OLWHUDWHWKH\ZLOOQRWEHPDQLSXODWHGE\DQ\RQH
&ULWLFDOOLWHUDF\DWLWVEHVWKHOSVSHRSOHWRH[SDQGWKHLUUHDVRQLQJVHHNRXWPXOWLSOH
SHUVSHFWLYHV DQG WKLQN FULWLFDOO\ $V D UHVXOW SHRSOH GR QRW EHOLHYH ZULWWHQ WH[WV DW
IDFH YDOXH DGYHUWLVHPHQWV DUH XQFRQYLQFLQJ SROLWLFDO WH[WV DUH UHDG FULWLFDOO\ HWF
)UHLUH¶VLGHDZDVWRWHDFKOLWHUDF\WRDGXOWOHDUQHUVVRWKDWWKH\FRXOGEHHPSRZHUHG
WKURXJKOLWHUDF\DQGEHFRPHVRFLDOO\DFWLYHWKURXJKFULWLFDOWKLQNLQJDQGUHDVRQLQJ
7KLVHPDQFLSDWRU\YLHZ RIOLWHUDF\VHHVOLWHUDF\ DFWLYHDXWRQRPRXVDXWKHQWLFDQG
HWKLFDOLQLWVXVHVDQGSXUSRVHV/XXNND/HLZR%HFDXVHRILWVQDWXUHWKH
WKHRU\RIFULWLFDOOLWHUDF\KDVVSUHDGIURPLQIRUPDODGXOWOLWHUDF\HGXFDWLRQWRIRUPDO
HGXFDWLRQ LQ ZLGHU FRQWH[W HJ PDWKHPDWLFV VRFLDO VWXGLHV DQG VFLHQFH (J
/DQNVKHDU/XNH)UHHERG\
'HILQLWLRQVRI/LWHUDF\
/RRNLQJ DW GHILQLWLRQV RI OLWHUDF\ LV DQ RYHUZKHOPLQJ WDVN WKHUH LV QRW RQO\ RQH
GHILQLWLRQ RI OLWHUDF\ EXW PDQ\ 2QH UHDVRQ IRU VXFK GLYHUVLW\ RI GHILQLWLRQ LV
FXOWXUH GLIIHUHQW FXOWXUHV KDYH GLIIHUHQW XVHV DQG SXUSRVHV IRU OLWHUDF\ ,Q VRPH
FXOWXUHVDQDFWRIUHDGLQJDQGZULWLQJLVUHJDUGHGOLWHUDF\,QDQRWKHUFXOWXUHOLWHUDF\
FRQFHUQV DQ DELOLW\ WR FRQVWUXFW PHDQLQJ ZKLOH UHDGLQJ 7KHQ LQ VRPH FXOWXUHV
OLWHUDF\ LV XQGHUVWRRG LQ D VRFLRFXOWXUDO FRQWH[W OLWHUDF\ LV PRUH WKDQ VNLOOV RI
UHDGLQJDQGZULWLQJLWLVDVRXUFHIRUHPSRZHUPHQWRIDFWLRQWKLQNLQJDQGIHHOLQJ
WKURXJK XQGHUVWDQGLQJ GLIIHUHQW NLQGV RI WH[WV :HOOV &KDQJ:HOOV 7KXV
ZH FDQ GLVWLQJXLVK WKUHH FXOWXUDOO\ ERXQG GHILQLWLRQV RI OLWHUDF\ IXQFWLRQDO VNLOOV
FRQVWUXFWLRQ RI PHDQLQJ DQG WKH VRFLRFXOWXUDO GHILQLWLRQ RI OLWHUDF\ %DNHU ZKLFK,ORRNDWPRUHFORVHO\
/LWHUDF\ DV IXQFWLRQDO VNLOOV LV D WUDGLWLRQDO ZD\ RI GHILQLQJ OLWHUDF\ DQ DELOLW\ WR
UHDG DQG ZULWH 3HRSOH DURXQG WKH ZRUOG FDQ OHDUQ WKH VNLOOV UHJDUGOHVV RI WKHLU
ODQJXDJH DQG HQYLURQPHQW 2QFH OLWHUDF\ VNLOOV DUH DFTXLUHG WKH\ FDQ EH XVHG IRU
OHDUQLQJ IXUWKHU NQRZOHGJH EXW DV VXFK WKH\ DUH RQO\ D VHW RI QHXWUDO VNLOOV <HW
WKHVH VNLOOV DUH HDVLO\ HPSOR\HG E\ GLIIHUHQW DJHQFLHV DQG WKH\ ORVH WKHLU QHXWUDO
QDWXUHDVZHZLOOVHHODWHURQ
7KLV GHILQLWLRQ LV VXLWDEOH IRU HGXFDWLRQDO SXUSRVHV EHFDXVH RI LWV SV\FKRORJLFDO RU
FRJQLWLYH QDWXUH 7KLV GHILQLWLRQ KDV D FRJQLWLYH SV\FKRORJ\ YLHZSRLQW RQ UHDGLQJ
DQGZULWLQJ%KRODFDOOVLW³OLWHUDF\RIPDUNV´,QWKDWOLWHUDF\LVGHILQHGDVD
FRGLQJ V\VWHP ZKLFK LV EXLOW XS E\ PDUNV ³WKH DELOLW\ RI D SHUVRQ WR FRGH DQG
GHFRGH WKDW LV UHDG DQG ZULWH D OLYLQJ DQG JURZLQJ V\VWHP RI PDUNV ± ZRUGV
QXPEHUVQRWDWLRQVVFKHPDWDDQGGLDJUDPPDWLFUHSUHVHQWDWLRQVDOORIZKLFKKDYH
EHFRPHSDUWRIWKHYLVXDOODQJXDJHRIWKHSHRSOHERWKWKHVSHFLDOLVWDQGWKHQRQ
VSHFLDOLVW´ %KROD 7KLV NLQG RI GHILQLWLRQ UHIHUV WR WKH SV\FKRORJLFDO
SURFHVV RI DFTXLULQJ OLWHUDF\ LH SHRSOH FDQ PDNH VHQVH RI ZRUGV E\ OHDUQLQJ WR
FRGHDQGGHFRGHWKHPPDUNE\PDUNOHWWHUE\OHWWHU$GGLWLRQDOO\WKHFRPSHWHQFH
RIOLWHUDF\DVWKHVHWRIVNLOOVRIUHDGLQJDQGZULWLQJFDQEHPHDVXUHGDQGDVVHVVHG
ZKLFKLVUHTXLUHGLQDQHGXFDWLRQDOFRQWH[W7KHUHIRUHOLWHUDF\DVDVHWRIVNLOOVKDV
EHFRPHWKHGHILQLWLRQRIVFKRROEDVHGOLWHUDF\
,Q WKH µV 81(6&2 GHYHORSHG WKH LGHD RI OLWHUDF\ DV VNLOOV D ELW IXUWKHU E\
GHILQLQJ OLWHUDF\ DV ³7KH DELOLW\ WR UHDG DQG ZULWH LQ WKH PRWKHU WRQJXH´ 7KLV
GHILQLWLRQ RI OLWHUDF\ ZKLFK LQFOXGHV PRWKHU WRQJXH ZDV DFFRPSDQLHG ODWHU RQ E\
*XGVFKLQVN\ ZKR UHJDUGV OLWHUDF\ DV DQ DELOLW\ WR UHDG DQG XQGHUVWDQG
ZULWWHQ WH[W DV LI LW ZHUH LQ DQ RUDO IRUP DQG WR ZULWH RUDOO\ H[SUHVVHG WH[W
DSSURSULDWHO\+HUGHILQLWLRQLVUDWKHUFRPSUHKHQVLYHDVVKHGUDZVWRJHWKHUZULWLQJ
UHDGLQJVSHDNLQJDQGXQGHUVWDQGLQJDQGWKHLUUHODWLRQVKLSLQOLWHUDF\
*XGVFKLQVN\¶V GHILQLWLRQ RI OLWHUDF\ PRYHV WRZDUGV WKH FRQVWUXFWLRQ RI PHDQLQJ
7KHFRQVWUXFWLRQRIPHDQLQJLVSURFHVVHGEDVHGRQWKHUHDGHU¶VSDVWH[SHULHQFHDQG
XQGHUVWDQGLQJ RI WKH WH[W LQ LWV VRFLDO FRQWH[W $FFRUGLQJ WR WKH FRQVWUXFWLRQ RI
PHDQLQJ D UHDGHU EULQJV PHDQLQJ ZLWK KLPVHOI WR WH[WV 7KDW LV WKH PHDQLQJ RI D
WH[W GHSHQGV RQ WKH UHDGHU¶V FXOWXUDO DQG SHUVRQDO H[SHULHQFH DORQJ ZLWK KLV
SHUVRQDO XQGHUVWDQGLQJ RI WKH WH[W LQ WKH SDUWLFXODU VRFLDO FRQWH[W LQ ZKLFK WKH
UHDGLQJ RFFXUV %DNHU 7KHUHIRUH GLIIHUHQW VWXGHQWV ZLWK GLIIHUHQW
H[SHULHQFHVDQGFXOWXUHVIRUPGLIIHUHQWPHDQLQJVIRUWKHVDPHWH[W
$ VRFLRFXOWXUDO GHILQLWLRQ RI OLWHUDF\ RYHUODSV ZLWK WKH FRQVWUXFWLRQ IRU PHDQLQJ
GHILQLWLRQ$VRFLRFXOWXUDOGHILQLWLRQRIOLWHUDF\WDNHVDFFRXQWRIFXOWXUDOEHOLHIVDQG
YDOXHVDQGWKHPHDQLQJRIWH[WLVQRWFUHDWHGRQO\E\SHUVRQDOH[SHULHQFHEXWDOVR
E\ FXOWXUDO PHDQLQJV DQG KHULWDJH D SHUVRQ FDQ EH IXQFWLRQDOO\ OLWHUDWH EXW
FXOWXUDOO\ LOOLWHUDWH $ SHUVRQ FDQ UHDG D ZRUG ZLWKRXW IXOO\ XQGHUVWDQGLQJ LWV
PHDQLQJXQOHVVKHNQRZVWKHFXOWXUDOFRQWH[W
7KHGHILQLWLRQRIOLWHUDF\YDULHVDFFRUGLQJWRFXOWXUHVDQGGLVFRXUVHVDQGKDVOHDGWR
HYROYLQJOLWHUDF\WKHRULHVDVVHHQHDUOLHULQWKLVFKDSWHU
&XOWXUDO3KHQRPHQDDQG/LWHUDF\
:KHWKHUOLWHUDF\ LVSHUFHLYHGDVDVRFLDOSUDFWLFHRU DVDWHFKQLFDOVNLOO OLWHUDF\LV
QHYHUDQHXWUDOYDULDEOH,WDOZD\VKDVFRQVHTXHQFHVERWKLQWKHLQGLYLGXDO
VOLIHDQG
LQ WKDW RI D FRPPXQLW\ /LWHUDF\ WKURXJK LWV FRQWHQW DQG FRQWH[W KDV DQ LPSDFW RQ
SHRSOH¶V ZD\ RI WKLQNLQJ DQG SHUFHLYLQJ WKHLU VRFLDO VXUURXQGLQJV ,W FDQ DOVR EH
VHHQ WKH RWKHU ZD\ URXQG SHRSOH¶V VRFLDO VXUURXQGLQJV DQG FXOWXUDO EHKDYLRXU
LQIOXHQFHV OLWHUDF\ DQG KRZ WKH\ OHDUQ OLWHUDF\ 6RFLRFXOWXUDO LVVXHV VXFK DV
SRZHU JHQGHU EHOLHIV DQG YDOXHV DQG GHYHORSPHQW DUH WLJKWO\ LQWHUZRYHQ ZLWKLQ
OLWHUDF\SUDFWLFHV7KHUHIRUHWKH\ FDQQRWEHLJQRUHGLQDGLVFRXUVHRIOLWHUDF\ DVD
VRFLDODFW
&XOWXUDO&RQWH[WRI$GXOW/LWHUDF\/HDUQLQJ
:KHQGLVFXVVLQJWKHFXOWXUDOFRQWH[WRIDGXOWOHDUQLQJ,XQGHUVWDQG³FXOWXUH´DVDQ
RYHUDUFKLQJ FRQFHSW WKDW VLJQDOV WKH VRFLDO FRQWH[W RI OHDUQLQJ DQG WKH SRZHU RI
OHDUQLQJLQDSDUWLFXODUFXOWXUH7KRUSH(GZDUGV+DQVRQ7KHFXOWXUDODQG
FRQFHSWXDOQDWXUHRIOLWHUDF\IRUPWKHFRQWH[WRIDGXOWOLWHUDF\OHDUQLQJWKDWLQYROYHV
LVVXHV VXFK DV JHQGHU DJH DQG YDOXHV 7KH QRUPV RI FXOWXUH SURYLGH D IDPLOLDU
OHDUQLQJ HQYLURQPHQW $FFRUGLQJ WR 0H]LURZ OHDUQLQJ SURYLGHG E\ RXU
SDUHQWV ZLWK WKHLU LGLRV\QFUDWLF UHTXLUHPHQWV LV H[SHULHQFHG DV UHZDUGLQJ DV ZH
JURZ ROGHU ,Q RWKHU ZRUGV D FXOWXUDOO\ IDPLOLDU ZD\ RI OHDUQLQJ LV VHHQ ERWK
DSSHDOLQJDQGHGLI\LQJIRUDGXOWOHDUQHUV
7KH FRQWH[W RI OHDUQLQJ LV FXOWXUDOO\ VHQVLWLYH 0HDQLQJ PDNLQJ LV FHQWUDO LQ WKH
OHDUQLQJSURFHVV:HPDNHPHDQLQJE\FOXHVDQGV\PEROVZKLFKDUHUHVSRQVLYHWR
FXOWXUH *HH ,QGLYLGXDO PHPEHUV RI D SDUWLFXODU FXOWXUH OHDUQ WKHLU FXOWXUDO
SHFXOLDULWLHV DQG EHKDYLRXUDO QRUPV IURP WKH ³HPLF´ SHUVSHFWLYH $FFRUGLQJ WR
+ROOLGD\WKH\DOVRXQGHUVWDQGKRZWKHLUFXOWXUHLVFRQVWUXFWHGDQGKRZWKH
QDWXUHRIWKHNQRZOHGJHLVEURXJKWDERXWLQWKLVFXOWXUH7KHUHIRUHPHDQLQJPDNLQJ
LV D FXOWXUDOO\ HPEHGGHG SURFHVV ZKDW LV LQWHOOLJLEOH LQ RQH FXOWXUH PD\ EH
LGLRV\QFUDWLFLQDQRWKHU:HPDNHVHQVHRILVVXHVEDVHGRQRXUFXOWXUDONQRZOHGJH
ZKLFK FRQFHUQV QRW RQO\ WKH FRQWHQW RI OHDUQLQJ DQG OHDUQLQJ PHWKRGV EXW DOVR
SHRSOHZKRDUHLQYROYHGLQDOHDUQLQJSURFHVV7KHUROHRIPHQDQGZRPHQERWKDV
VWXGHQWV DQG WHDFKHUV YDU\ LQ GLIIHUHQW FXOWXUHV 7KH DJH RI WHDFKHUV FDQ UDLVH
FRQFHUQRUUHFHLYHDSSUHFLDWLRQWKHPDULWDOVWDWXVKDVDQLPSDFWRQDSSURSULDWHQHVV
RIEHLQJDWHDFKHUPRWLYDWLRQIRUOHDUQLQJLVFXOWXUHERXQG
%UXQHU GLVFXVVHV WKH UHODWLRQVKLS RI FXOWXUH PLQG DQG HGXFDWLRQ +H DUJXHV WKDW
HGXFDWLRQLV³DPDMRUHPERGLPHQWRIDFXOWXUH¶VZD\RIOLIHQRWMXVWDSUHSDUDWLRQ
IRULW´7KHUHIRUHDFFRUGLQJWR%UXQHULWLVWKHFXOWXUHWKDWVHWWKHQRUPV
DQG HVVHQWLDOV IRU D JRRG ZD\ RI OLIH WR WKH PHPEHUV RI DQ\ SDUWLFXODU JURXS RI
SHRSOH DQG HGXFDWLRQ LV DW WKH FRUH RI LW &XOWXUH FRQVLVWV RI LQWHUDFWLRQ EHWZHHQ
SRZHUVRILQGLYLGXDOPLQGVDQGWKHPHDQVE\ZKLFKWKHFXOWXUHDLGVRUWKZDUWVWKHLU
UHDOL]DWLRQ)XUWKHUPRUH%UXQHUGLVFXVVHVYDULRXVPDWWHUVWKDWUHODWHGLUHFWO\WRWKH
HGXFDWLRQV\VWHPRIDQ\SHRSOHJURXSRUFXOWXUH6XFKFXOWXUDOO\IRUPHGLVVXHVDUH
LQWHUSUHWDWLRQ RI PHDQLQJ FRQVWUDLQV LQ IRUPLQJ RI PHDQLQJ FRQVWUXFWLQJ UHDOLW\
SDVVLQJ RQ NQRZOHGJH LQWHUDFWLRQDO NQRZOHGJH H[WHUQDOL]DWLRQ RI FROOHFWLYH
³ZRUNV´WKHLQVWUXPHQWDOQDWXUHRIHGXFDWLRQLQVWLWXWLRQDOLVHGHGXFDWLRQIRUPDWLRQ
RILGHQWLW\DQGVHOIHVWHHPDQGPRGHVRIWKLQNLQJDQGIHHOLQJ%UXQHUDUJXHVDQG
ULJKWO\ VR WKDW HGXFDWLRQ LV QRW D WHFKQLFDOO\ PDQDJHG LQIRUPDWLRQ SURFHVV EXW ³D
FRPSOH[ SXUVXLW RI ILWWLQJ D FXOWXUH WR WKH QHHGV RI LWV PHPEHUV DQG RI ILWWLQJ LWV
PHPEHUVDQGWKHLUZD\VRINQRZOHGJHWRWKHQHHGVRIFXOWXUH´%UXQHU¶V
LGHDRIFRQVWUXFWLQJFXOWXUDOUHDOLW\DQGIRUPDWLRQRIPHDQLQJUHPLQGVRI+ROOLGD\¶V
SHUVSHFWLYHRIFXOWXUH
6LWXDWLRQDO OHDUQLQJ WKHRU\ %URZQ HW DO FRQVLGHUV NQRZOHGJH DQG OHDUQLQJ
SURFHVVHVWREHVLWXDWHG LQFXOWXUHDQGEHLQJDFXOWXUDOSURGXFWZLWKLQWKDWFXOWXUH
ZKHUH NQRZOHGJH DQG OHDUQLQJ WDNH SODFH $V GLVFXVVHG HDUOLHU LQ WKLV FKDSWHU
YDOXHV DUH DW WKH FHQWUH RI FXOWXUH 7KH\ LPSDFW OHDUQLQJ EHFDXVH GHHSO\ URRWHG
FXOWXUDO YDOXHV DQG PRGHV RI WKLQNLQJ DUH GLIILFXOW WR VHSDUDWH IURP OHDUQLQJ
SURFHVVHV 1LVEHWW ,I ZH WKLQN RI DGXOW OLWHUDF\ OHDUQLQJ LQ VRPH FXOWXUHV
OLWHUDF\OHDUQLQJLVDERXWPHPRUL]LQJWH[WZKHUHDVLQVRPHRWKHUFXOWXUHVLWLVDERXW
OHDUQLQJ ZLWK FULWLFDO WKLQNLQJ /LWHUDF\ OHDUQLQJ DV PHPRUL]LQJ WH[W GRHV QRW
VXSSRUW IRU H[DPSOH UHIOHFWLYH OHDUQLQJ EXW D FULWLFDO DSSURDFK WR OLWHUDF\ GRHV
6LPLODUO\ GHSHQGLQJ RQ WKH FXOWXUH LW FDQ HQFRXUDJH RU GLVFRXUDJH WUDQVIRUPDWLYH
OHDUQLQJ ZKLFK LV DERXW LQWHUSUHWLQJ DQ ROG H[SHULHQFH IURP D QHZ VHW RI
H[SHFWDWLRQV$WUDQVIRUPDWLYHWKRXJKWJLYHVDQHZPHDQLQJDQGSHUVSHFWLYHWRWKH
ROG H[SHULHQFH 0H]LURZ EXW WKLV NLQG RI OHDUQLQJ LV GHSHQGHQW RQ FXOWXUDO
YDOXHVDQGPRGHVRIWKLQNLQJ
0RWLYDWLRQ IRU OHDUQLQJ LV D SHUVRQDO LVVXH EXW LW LV DOVR LQIOXHQFHG E\ FXOWXUH
/HDUQHUVKDYHWKHLURZQSHUVRQDOPRGHOVRIWKLQNLQJLPDJHVWKDWDUHEDVHGRQWKHLU
H[SHULHQFHV DQG WKHLU DWWLWXGHV WRZDUGV OHDUQLQJ 5XRKRWLH :KHQ D OHDUQHU
FRQVLGHUVWKDWOHDUQLQJOLWHUDF\LVLQWHUHVWLQJLWSURYLGHVDSRVLWLYHDWWLWXGHWRZDUGV
OHDUQLQJ +RZHYHU D SRVLWLYH DWWLWXGH PD\ QRW EH VDWLVI\LQJ HQRXJK IRU DFTXLULQJ
OLWHUDF\ LI WKH OHDUQHU¶V HQYLURQPHQW GRHV QRW HQFRXUDJH OHDUQLQJ 5XRKRWLH LELG
ZULWHVDERXWLQWHUQDODQGH[WHUQDOUHZDUG$QDGXOWOLWHUDF\OHDUQHUKDVKLVKHURZQ
H[SHFWDWLRQV IRU DFTXLULQJ OLWHUDF\ ZKLFK PRWLYDWHV KLVKHU OHDUQLQJ 7KH
VXUURXQGLQJVRFLDOV\VWHPPD\QRWVXSSRUWKLVKHULPDJHDERXWIXWXUHRUWKHXVHRI
OLWHUDF\DVLVWKHFDVHLQDFTXLULQJOLWHUDF\LQDPLQRULW\ODQJXDJHLQDPXOWLOLQJXDO
DQG PXOWLFXOWXUDO FRQWH[W 0LQRULW\ PRWKHU WRQJXH HGXFDWLRQ GRHV QRW RSHQ WKH
GRRUVIRUKLJKHUHGXFDWLRQLQWKHPDMRULW\ODQJXDJHRUWRHPSOR\PHQW+RZHYHU,
EHOLHYH FXOWXUDO SUDFWLFHV HQFRXUDJH PLQRULW\ SHRSOH WR DFTXLUH OLWHUDF\ LQ WKHLU
PRWKHU WRQJXH ,W SURYLGHV WKH PHDQV WR DWWHQG WKH FXOWXUDO SUDFWLFHV ZKLFK DUH
IDPLOLDUWRWKHPDQGZKLFKRIWHQPHHWWKHH[SHFWDWLRQVRIDOHDUQHU7KXVWKH\DUH
UHZDUGLQJ
/HDUQLQJ LV D SURFHVV WKDW FDXVHV D FKDQJH RU LW FDQ SURYLGH DQ RSSRUWXQLW\ IRU D
FKDQJH7KHUHDUHGLIIHUHQWDSSURDFKHVWROHDUQLQJEXWDOORIWKHPGLIIHUHQWLDWHDGXOW
OHDUQLQJSURFHVVHVIURPWKRVHRIFKLOGUHQ$GXOWOHDUQLQJLVVHHQPRUHDXWRQRPRXV
WKDQ FKLOGUHQ DGXOWV DUH PRUH FDSDEOH IRU UHIOHFWLRQ DQG WKH\ KDYH PRUH OLIH
H[SHULHQFHWRGUDZQRQ%DUWRQHWDO$GXOWOHDUQHUVFDQUHIOHFWWKHLUOHDUQLQJ
RQ WKHLU SHUVRQDO OLIH H[SHULHQFH ZKLFK LV WKH EDVH IRU D KROLVWLF OHDUQLQJ SURFHVV
5XRKRWLH 7KHUHIRUH DGXOW OHDUQLQJ SURJUDPPHV VKRXOG FRQILUP DQG QRW
GHQ\WKHDGXOWKRRGRIVWXGHQWV5RJHUVHWDO VXJJHVWWKDWDGXOWOHDUQLQJ
SURJUDPPHV VKRXOG ³SURPRWH SHUVRQDO JURZWK WKH LGHQWLILFDWLRQ DQG IXOO
H[SORLWDWLRQRIWKHWDOHQWVRIWKHLQGLYLGXDOWRHQFRXUDJHWKHGHYHORSPHQWRIDVHQVH
RI SHUVSHFWLYH WR IRVWHU FRQILGHQFH WKH SRZHU RI FKRLFH DQG DFWLRQ WR LQFUHDVH
DXWRQRP\ UDWKHU WKDQ WR GHQ\ LW´ <HW , DUJXH DGXOW OLWHUDF\ HGXFDWLRQ LV DOVR
FXOWXUH VHQVLWLYH QRW DOO FXOWXUHV GLIIHUHQWLDWH DGXOW OLWHUDF\ WHDFKLQJ IURP OLWHUDF\
WHDFKLQJ WR FKLOGUHQ (YHQ WKRXJK GLIIHUHQW VRFLHWLHV DQG VRFLDO JURXSV KDYH
GLIIHUHQW W\SHV RI OLWHUDF\ DQG OLWHUDF\ KDV GLIIHUHQW VRFLDO DQG PHQWDO HIIHFWV LQ
GLIIHUHQW VRFLDO DQG FXOWXUDO FRQWH[WV EDVLF OLWHUDF\ WHDFKLQJ LQ FODVVURRPV LV WKH
VDPHIRUFKLOGUHQDQGDGXOWVLQVRPHVRFLHWLHV
5HOLJLRQDQG/LWHUDF\
:HFDQDSSURDFKUHOLJLRQDVDFXOWXUDOSKHQRPHQRQIURPYDULRXVDQJOHV%RXUGLHX
DSSURDFKHVUHOLJLRQIURPWKHSRLQWRIYLHZRIVRFLRORJ\RIFXOWXUH)URPKLVSRLQWRI
YLHZUHOLJLRQLV DQDQDORJLFDOGRPDLQRIFXOWXUH VLPLODUWRDUWSKLORVRSK\RUDQ\
RWKHU GRPDLQ RI FXOWXUH $FFRUGLQJ WR %RXUGLHX¶V WKHRU\ RI VRFLRORJ\ RI FXOWXUH
FXOWXUH LQYROYHV V\PEROLF SRZHU DQG FXOWXUDO FDSLWDO DQG DFFRUGLQJO\ UHOLJLRQ FDQ
EHDQDO\VHGDVDV\VWHPRIV\PEROLFSRZHU6ZDUW]
)URP WKH LQGLYLGXDO¶V SRLQW RI YLHZ UHOLJLRQ LV DERXW VKDUHG NQRZOHGJH DPRQJ
SHHUVLQDVRFLHW\,WJLYHVJXLGHOLQHVIRUFRPPXQDOO\DFFHSWHGZD\VRIEHKDYLRXU
ZKDW WR VD\ KRZ WR EHKDYH ZKDW WR ZHDU HWF ,Q RWKHU ZRUGV SHRSOH FRQVWUXFW
WKHLU VRFLDO LGHQWLWLHV E\ PHPEHUVKLS RI D UHOLJLRXV JURXS (YHQ WKRXJK VRPH
UHVHDUFKHUVVXFK DV&HUXORGRQRWLQFOXGHUHOLJLRQ DVDQLGHQWLW\FDWHJRU\ ,
EHOLHYH DPRQJ RWKHUV HJ +RZDUG WKDW UHOLJLRQ SOD\V DQ LPSRUWDQW UROH LQ
PDLQWDLQLQJJURXSLGHQWLW\DQGVROLGDULW\
5HOLJLRXVSUDFWLFHVDUHWKHPHDQVWREXLOGXSERWKDQLQGLYLGXDO¶VUHOLJLRXVLGHQWLW\
DQGJURXSLGHQWLW\DQGVROLGDULW\3HRSOHDFWDFFRUGLQJWRWKHLUUHOLJLRXVEHOLHIVDQG
UHOLJLRXVSUDFWLFHVDUHDQDVSHFWRIEHKDYLRXUPRWLYDWHGE\SHRSOH¶VEHOLHI:HFDQ
VHHWKHPDQLIHVWDWLRQRIUHOLJLRXVSUDFWLFHVDSSHDULQJLQSUD\HUVUHDGLQJKRO\ERRNV
IDVWLQJYLVLWLQJWHPSOHVPDNLQJSLOJULPVNHHSLQJFRXQWRIURVDU\EHDGVHWF
5HOLJLRXV SUDFWLFHV DUH EDVHG RQ VKDUHG NQRZOHGJH ZKLFK LV WUDQVIHUUHG RUDOO\ DQG
WKURXJKOLWHUDWXUH3HRSOHOHDUQUHOLJLRXVSUDFWLFHVIURPGLIIHUHQWVRXUFHVUHOLJLRXV
OHDGHUV SDUHQWV PHPEHUV RI VRFLHW\ DQG UHOLJLRXV OLWHUDWXUH ,Q YHU\ UHOLJLRXV
VRFLHWLHV SHRSOH OHDUQ WKHVH SUDFWLFHV IURP HDUO\ RQ LQ WKHLU OLYHV ZKHUHDV LQ PRUH
VHFXODUVRFLHWLHV UHOLJLRXVSUDFWLFHVDUHOHVVLPSRUWDQWIRULQGLYLGXDOV+RZHYHULQ
HYHU\FDVHUHOLJLRXVSUDFWLFHVIRUPOLQNVEHWZHHQPHPEHUVRIVRFLHW\
7KLV ³UHOLJLRXV OLQN´ LV DOVR VHHQ LQ VRFLDO KLHUDUFK\ ,Q PDQ\ VRFLHWLHV UHOLJLRXV
OHDGHUV DUH UHVSHFWHG DQG WKH\ KROG KLJK SRVLWLRQV LQ FRPPXQLWLHV PXOODKV LQ
0XVOLP VRFLHWLHV ODPDV LQ 7LEHWDQ %XGGKLVW VRFLHWLHV DQG SULHVWV LQ &KULVWLDQ
VRFLHWLHV 7KLV KLJK VRFLDO SRVLWLRQ SURYLGHV WKHP ZLWK SRZHU 7KH\ FDQ GLUHFW
SHRSOHZKDWWRGRZKHQWRGRLWZKDWWRUHDGHWF(VSHFLDOO\WKLVODVWRQHZKDWWR
UHDG LQWHUHVWV WKLV UHVHDUFK 5HOLJLRXV SRZHUV RIWHQ SURYLGH SHRSOH OLWHUDF\
WHDFKLQJUHDGLQJPDWHULDOVDQGLQVWUXFWLRQVKRZWRUHDGWKHP5HOLJLRXVKHULWDJHLV
VHHQ LQ OLWHUDF\ SUDFWLFHV LQ FRPPXQLWLHV %RD\ULQ HW DO ,Q VRPH FXOWXUHV
UHDGLQJDORXGZLWKDQDXGLHQFHLVWKHZD\RIGRLQJOLWHUDF\,QVRPHRWKHUFXOWXUHV
UHDGLQJTXLHWO\LVWKHFXOWXUDOZD\RISUDFWLVLQJOLWHUDF\
5HOLJLRXV SUDFWLFHV LQFOXGH UHOLJLRXV OLWHUDFLHV ZKLFK KRQRXU DQG DWWHQG WR
LQGLYLGXDOV¶ NQRZOHGJH DQG ZD\V RI NQRZLQJ DQG GRLQJ 7KHUHIRUH UHOLJLRXV
OLWHUDFLHV DUH QRW RQO\ DERXW UHDGLQJ KRO\ ERRNV EXW WKH\ DUH DOVR DERXW UHOLJLRXV
DFWLYLWLHVLQZKLFKWH[WVRUYLVXDOLPDJHVDUHHPEHGGHGFI.UHVV9DQ/HHXZHQ
,QWKH7LEHWDQZRUOGVXFKDFWLYLWLHVDUHUHFLWLQJKRO\WH[WVRI%XGGKDUHDGLQJ
WKHWHDFKLQJVRI'DODL/DPDSXWWLQJXSSUD\HUIODJVHWF
,QEULHIUHOLJLRXVSUDFWLFHVIRUPRQHPRGXOHRIFXOWXUH7KH\DUHRIWHQLQWHUZRYHQ
WLJKWO\ LQWR FXOWXUDO SUDFWLFHV DV GDLO\ URXWLQHV DQG ZD\V RI GRLQJ WKLQJV $OVR
UHOLJLRXV SUDFWLFHV LQYROYH QRW RQO\ LVVXHV RI EHOLHI EXW DOVR RI SRZHU 5HOLJLRXV
SUDFWLFHVWKDWFRPSULVHWH[WRUYLVXDOLPDJHVLQDZD\RURWKHUDUHFXOWXUDOOLWHUDF\
SUDFWLFHV 5HOLJLRXV SUDFWLFHV IRUP D IDPLOLDU FRQWDFW SRLQW IRU PDQ\ OLWHUDF\
OHDUQHUVDVWKH\SURYLGHFXOWXUDOO\IDPLOLDUZD\RIOHDUQLQJZKLFKLVUHZDUGLQJFI
0H]LURZ 0HPEHUV RI WKH FRPPXQLW\ VKDUH NQRZOHGJH WKURXJK WKHVH
SUDFWLFHVWKH\IHHODFFHSWHGE\WKHLUFRPPXQLW\DQGWKH\DUHRQHZD\RIIRUPLQJ
WKHLUFXOWXUDOLGHQWLW\
<HW WKHUH PD\ EH RQH KXUGOH SHRSOH KDYH WR RYHUFRPH WKH ODQJXDJH RI UHOLJLRXV
OLWHUDFLHV8VXDOO\LQUHOLJLRXVVRFLHWLHVSHRSOHQHHGWRDFTXLUHOLWHUDF\LQPRUHWKDQ
RQHODQJXDJHLIWKHODQJXDJHRIUHOLJLRXVSUDFWLFHVLVQRWWKHVDPHDVWKHODQJXDJHRI
WKHVRFLHW\7KHUHOLJLRXVODQJXDJHPD\QRWHYHQEHWKHODQJXDJHRIWKHVRFLHW\DV
RIWHQLVDQLVVXHLQ0XVOLPVRFLHWLHVZKHQ$UDELFLVWKHODQJXDJHRIWKH.RUDQDQG
ULWXDO SUD\HU EXW QRW RI WKH VRFLHW\ HJ 0DGGR[ RU GLJORVVLD GLYLGHV
WKHODQJXDJHIRUKLJKDQGORZIRUPVRIWKHODQJXDJH$ORZIRUPRIWKHODQJXDJHLV
IRUDGDLO\XVHDQGDKLJKIRUPIRUDUHOLJLRXVSXUSRVH
/LWHUDF\DQG3RZHU
:H FDQQRW GLVFXVV OLWHUDF\ DV D VRFLDO DFW ZLWKRXW GUDZLQJ SRZHU DQG VRFLDO
KLHUDUFK\LQWRWKHGLVFXVVLRQFI/XNH&DUULQJWRQ/XNH/LWHUDF\RU
VKRXOG , VD\ OLWHUDF\ SUDFWLFHV DQG SRZHU UHODWLRQV DUH OLQNHG WRJHWKHU /LWHUDF\
SUDFWLFHV LQ VRFLHW\ KDYH GLIIHUHQW GLPHQVLRQV DQG OHYHOV 3RZHU UHODWLRQV DQG
OLWHUDF\ SUDFWLFHV DUH LQWHUZRYHQ LQ D QXPEHU RI GLIIHUHQW ZD\V LQ VRFLHW\ ERWK LQ
WKH OLIH RI LQGLYLGXDOV DQG LQ WKH RSHUDWLRQV RI LQVWLWXWLRQV $V %RXUGLHX DUJXHV OLWHUDF\ LV D SRZHUIXO HOHPHQW ZKLFK LV XWLOLVHG LQ PDQ\ GLIIHUHQW ZD\V LQ
VRFLHW\ ERWK RQ DQ LQGLYLGXDO OHYHO DQG RQ DQ LQVWLWXWLRQDO OHYHO $OVR OLWHUDF\
SUDFWLFHV DUH SDWWHUQHG E\ VRFLDO LQVWLWXWLRQV DQG SRZHU UHODWLRQVKLSV 7KH
UHODWLRQVKLSZLWKOLWHUDF\SUDFWLFHVDQGVRFLDOSRZHUUHODWLRQVLVWRRLQWULFDWHWRSXW
LQWR D IRUPXOD ,W LQWHUDFWV LQ GLIIHUHQW GLUHFWLRQV DW GLIIHUHQW OHYHOV LQ WKH VDPH
PDQQHUDVWKHZRUOGZLGHZHE
3ROLWLFDOO\ SRZHU LV DOZD\V XVHG WR UXOH RWKHUV DQG SROLWLFDO SRZHU SOD\ LV DOZD\V
SDUW RI OLWHUDF\ HGXFDWLRQ HJ %RXUGLHX 3HWHUVRQ *XUQDK 7KH
TXHVWLRQ LV ZKR UHFHLYHV OLWHUDF\ WHDFKLQJ DQG E\ ZKRP DQG ZKDW WKH XOWLPDWH
SXUSRVHWRWHDFKOLWHUDF\LV7KHOHDUQHUVDUHGHSHQGHQWRQWHDFKHUVWKHVHWHDFKHUV
DUH XQGHU WKH UXOH RI WKHLU VXSHULRUV DQG VR IRUWK 7KH FRUH RI WHDFKLQJ FDQ YDU\
IURP D FHUWDLQ LGHRORJ\ WR D UHOLJLRQ MXVW WR PHQWLRQ WZR H[DPSOHV RXW RI PDQ\
/LWHUDF\ KDVRIWHQKDG DFRYHUWSXUSRVHLQLWVSUDFWLFHVDQGWKDWSXUSRVH LVDOZD\V
GHFLGHGE\SHRSOHZLWKSRZHUPDUJLQDOLVHGJURXSVFDQEHWUDQVIRUPHGE\OLWHUDF\
HGXFDWLRQDQGWKHHOLWHRIWKHVRFLHW\FDQXVHOLWHUDF\WRJDLQPRUHSRZHU%RXUGLHX
3DVVHURQ
3HRSOH¶VDFFHVVWROLWHUDF\GHSHQGVRQSRZHUUHODWLRQVDQGKRZWKH\DUHFRQVWUXFWHG
LQ VRFLHW\ 7KH IDPLOLDU VD\LQJ NQRZOHGJH LV SRZHU LV YHU\ UHOHYDQW WR OLWHUDF\
HGXFDWLRQ/LWHUDF\LVDPHDQVWRDFTXLUHPRUHNQRZOHGJHDQGIRUWKDWUHDVRQLWLVD
ZD\ WR JDLQ PRUH SRZHU $V 6WUHHW DUJXHV /LWHUDF\ LV WKXV PRUH D PDWWHU RI
SHUVRQDO LGHQWLW\ NQRZOHGJH DQG SRZHU WKDQ RI IXQFWLRQDO VNLOOV6WUHHW 1RW DOO NQRZOHGJH LV REWDLQHG E\ OLWHUDF\ EXW DQ LPPHQVH TXDQWLW\ RI NQRZOHGJH
UHVXOWV IURP KRZ OLWHUDF\ LV XWLOLVHG 1HYHUWKHOHVV WKH RQH ZKR KDV SRZHU FDQ
GHFLGH ZKDW NLQG RI OLWHUDF\ LV SUDFWLVHG 3ROLWLFDO DQG UHOLJLRXV LQVWLWXWLRQV KDYH
XVHG WKHLU SRZHU IRU FKRRVLQJ WKH WKHRULHV DQG VFRSHV RI OLWHUDF\ 0DR JDYH KLV
VSHHFKHV +LV SROLWLFDO SURFODPDWLRQV ZHUH ZULWWHQ RQ QRWLFH ERDUGV LQ 7LEHWDQ
YLOODJHV 0LVVLRQDULHV KDYH RIWHQ FDUULHG RXW OLWHUDF\ SURJUDPPHV ZKHUH WKH
WUDQVPLVVLRQ RI UHOLJLRXV WH[WV KDV EHHQ DQ HVVHQWLDO SDUW RI WKH SURJUDPPH DORQJ
ZLWKRWKHUUHDGLQJV6RFLDOSRZHUFKDQJHVDIIHFWOLWHUDF\HGXFDWLRQDVFDQEHFOHDUO\
VHHQLQ7LEHWDQOLWHUDF\SUDFWLFHV7LEHWDQOLWHUDF\HGXFDWLRQKDVEHHQUHPRYHGIURP
WKH FRQWURO RI UHOLJLRXV DXWKRULWLHV WR EH FRQWUROOHG E\ WKH SROLWLFDO SRZHUV RI WKH
35& 7KDW FKDQJH DORQJ ZLWK WKH RWKHU FKDQJHV ZLWKLQ D 7LEHWDQ VRFLHW\ KDV
LQIOXHQFHG 7LEHWDQ OLWHUDF\ SUDFWLFHV HQRUPRXVO\ WKH JRYHUQPHQW KDV HVWDEOLVKHG
ELOLQJXDO PLQRULW\ HGXFDWLRQ ,QWHUQHW FDIHV DUH IRXQG LQ UHPRWH DUHDV PRELOH
SKRQHVDUHFRPPRQO\XVHGHWF7LEHWDQSHRSOHKDYHEHHQJLYHQQHZDUHQDVWRXVH
OLWHUDF\EXWDTXHVWLRQUHPDLQV³'RHVWKLVJLYHLQGLYLGXDO7LEHWDQVPRUHSRZHULQD
VRFLHW\"´
/LWHUDF\SUDFWLFHVDUHVKDSHGE\VRFLDOUXOHVZKLFKUHJXODWHWKHXVHDQGGLVWULEXWLRQ
RI WH[W DQG ZKR PD\ KDYH DFFHVV WR WKHP :KDWHYHU LQVWLWXWLRQ LV LQ FKDUJH RI
OLWHUDF\ HGXFDWLRQ RUJDQLVHV LW LQ RUGHU WR PDNH OLWHUDF\ VHUYH WKH SXUSRVHV RI WKDW
LQVWLWXWLRQ LQ D JLYHQ FRQWH[W DQG FLUFXPVWDQFHV /XNH DUJXHV WKDW
OLWHUDF\LVLQVWLWXWLRQDOLVHGWKHVHVHOHFWLRQVDQGFRQVWUXFWLRQVVHUYHSDUWLFXODUFODVV
FXOWXUDO DQG JHQGHUHG IRUPDWLRQV 7KHUHIRUH OLWHUDF\ HGXFDWLRQ KDV GLIIHUHQW
SXUSRVHV GHSHQGLQJ RQ WKH VRFLDO VWUXFWXUH RI WKH VRFLHW\ DQG LQ ZKDW FODVV RI WKH
VRFLHW\WKRVHZKRUHFHLYHWKHHGXFDWLRQDUH
$FFRUGLQJWR%RXUGLHXWKHGLVWULEXWLRQRIHFRQRPLFZHDOWKLQFRPHDQGSURSHUW\
DQGFXOWXUDOFDSLWDONQRZOHGJHFXOWXUHDQGHGXFDWLRQDOFUHGHQWLDOVDUHQRWHTXDOO\
GLVWULEXWHG LQ VRFLHWLHV %RXUGLHX 6ZDUW] %DVHG RQ WKH %RXUGLHX¶V
WKHRU\ $PGRV DV DQ HWKQLF DQG OLQJXLVWLF PLQRULW\ JURXS DUH VRFLDOO\ LQ D
GLVDGYDQWDJHGSRVLWLRQGXHWRWKHLUFXOWXUDOFDSLWDO7LEHWDQVDUHDQHWKQLFPLQRULW\
JURXSZKLFKLVJHQHUDOO\VHHQLQDGLVDGYDQWDJHGSRVLWLRQ7KHLUFXOWXUHLVORRNHG
GRZQRQE\PDMRULW\SHRSOHDQGWKH\DUHVDLGWREH³EDFNZDUG´RU³EHKLQG´7KHLU
LQFRPH LV EHORZ WKH DYHUDJH LQFRPH LQ 4LQJKDL 3URYLQFH DV VHHQ LQ &KDSWHU 7UDGLWLRQDOO\ 7LEHWDQV KDYH OLYHG LQ EODFN ZRROOHQ WHQWV ZKLFK GR QRW SUHVHQW DQ
HOLWLVW ZD\ RI OLYLQJ 7LEHWDQ ODQJXDJH HGXFDWLRQ KDV ORZHU VWDWXV LQ VRFLHW\ DQG
WKHUH DUH IHZHU RSSRUWXQLWLHV LQ KLJKHU HGXFDWLRQ LQ WKH 7LEHWDQ ODQJXDJH 6WLWHV
=KRX E /LQ ZKR KDV GRQH UHVHDUFK RQ 7LEHWDQV LQ 4LQJKDL 3URYLQFH
ZULWHV WKDW +DQ RIILFLDOV GHVFULEH HWKQLF PLQRULW\ SHRSOH LQFOXGLQJ 7LEHWDQV DV
³WKUHH EDFNZDUGQHVV´ ZKLFK UHIHU WR ORZ OHYHO RI HFRQRPLF SURGXFWLYLW\ FXOWXUDO
DQGHGXFDWLRQVWDQGDUGDQGOLYLQJVWDQGDUGV/LQ
/LWHUDF\ DURXQG WKH ZRUOG LV VHHQ DV D PHDQV RI SHUVRQDO DQG FRPPXQDO
GHYHORSPHQW WR HPSRZHU SHRSOH E\ GHYHORSLQJ SRZHUV RI WKLQNLQJ DQG UHDVRQLQJ
)UHLUH 7KH )UHLUHDQ WKHRU\ RI IUHHGRP LQ HGXFDWLRQ LV WR D FRQVLGHUDEOH
H[WHQW DERXW LQGLYLGXDO WKLQNLQJ DQG SRZHU UHODWLRQV LQ VRFLHWLHV )UHLUH $FFRUGLQJWR)UHLUHOHDUQLQJDQGDFWLYLVPIRUPWKHFRUHRIKXPDQOLIH)UHLUH
7KXVOLWHUDF\LVDJDWHIRUOHDUQLQJDQGDFWLYLVPWKDWLVUHODWHGWRSROLWLFDOSRZHULQ
VRFLHW\,QD7LEHWDQFRQWH[WWZRLQIOXHQWLDOSROLWLFDOSRZHUVDUHPRQDVWHULHVDORQJ
ZLWKUHOLJLRXVOHDGHUVDQGWKHJRYHUQPHQWRIWKH35&
3RZHU LV PXOWLOD\HUHG LQ VRFLHW\ ,W DSSHDUV QRW RQO\ EHWZHHQ LQVWLWXWLRQV DQG
JURXSV EXW DOVR EHWZHHQ JHQGHUV 7KHUH LV IHPDOHPDOH SRZHU G\QDPLF LQ OLWHUDF\
SUDFWLFHVDQGOLWHUDF\HGXFDWLRQ/LWHUDF\LVDVLWHIRUSRZHUVWUXJJOHDQGUHVLVWDQFH
=XEDLU 5RELQVRQ3DQW F $LNPDQ 8QWHUKDOWHU 8QWHUKDOWHU
/LWHUDF\ DQG JHQGHU DUH NH\ LVVXHV LQ JOREDO OLWHUDF\ HGXFDWLRQ 7KHUH DUH PDQ\
VLPLODULWLHV LQ GLIIHUHQW FXOWXUHV DURXQG WKH ZRUOG IRU RQH UHDVRQ RU DQRWKHU JLUOV¶
HGXFDWLRQKDVEHHQPDUJLQDOLVHG:RPHQDUHRIWHQOHIWRXWRIIRUPDOVFKRROLQJDQG
WKH\DUHWKHPDMRULW\SDUWLFLSDQWVLQDGXOWOLWHUDF\SURJUDPPHV8VXDOO\IRUZRPHQ
OLWHUDF\LVDPHDQVRIVHOILPSURYHPHQW81(6&2HVWLPDWHVWKDWLQWKHUHZHUH
PLOOLRQ LOOLWHUDWH DGXOWV LQ WKH ZRUOG DQG SHU FHQW RI WKHP ZHUH ZRPHQ
81(6&2 D $FFRUGLQJ WR WKH &KLQD +XPDQ 'HYHORSPHQW 5HSRUW 81'3WKHIHPDOHLOOLWHUDF\UDWHZDVSHUFHQWDQGPDOHLOOLWHUDF\UDWHZDV
SHUFHQWLQ4LQJKDL3URYLQFH
7KH UHDVRQV ZK\ JLUOV GR QRW DWWHQG OLWHUDF\ HGXFDWLRQ RU HGXFDWLRQ LQ JHQHUDO DUH
GLYHUVH &RPPRQ REVWDFOHV DUH GXH WR SRYHUW\ DFFHVV WR HGXFDWLRQ DQG FXOWXUH
$FFRUGLQJ WR 8QWHUKDOWHU ³7KH SRRUHVW SDUHQWV ZLVK WR HGXFDWH WKHLU
GDXJKWHUV EXW FDQQRW EHFDXVH RI ZDQW DQG RWKHU GLPHQVLRQV RI GLVFULPLQDWLRQ´
2IWHQ FXOWXUDO V\VWHPV DQG KLHUDUFKDO VWUXFWXUHV RI VRFLHW\ DUH DW D FRUH RI JHQGHU
UHODWHG GLVFULPLQDWLRQ 0HQ DQG ZRPHQ KDYH GLIIHUHQW UROHV LQ VRFLDO LQWHUDFWLRQV
WKDW LQIOXHQFH WKH XVHV RI OLWHUDF\ LQ VRFLHW\ 7UDGLWLRQDOO\ LQ PDQ\ FXOWXUHV PHQ
KDYH LQWHUDFWHG EHWZHHQ KRPH DQG VRFLHW\ WKH\ DUH LQYROYHG LQ EXVLQHVV HWF
7KHUHIRUH LW KDV EHHQ VHHQ LPSRUWDQW DQG DSSURSULDWH IRU WKHP WR DFTXLUH UHDGLQJ
DQGZULWLQJVNLOOVDQGER\VKDYHEHHQJLYHQRSSRUWXQLWLHVIRUHGXFDWLRQWRIROORZLQ
WKHLU IDWKHUV¶ VWHSV $W WKH VDPH WLPH ZRPHQ KDYH WDNHQ FDUH RI GRPHVWLF GXWLHV
ZKLFK KDYH QRW LQYROYHG DQ\ UHDGLQJ DQG ZULWLQJ DFWLYLWLHV $V D UHVXOW OLWHUDF\
HGXFDWLRQKDVQRWEHHQUHJDUGHGDVFUXFLDOIRUWKHPDVIRUER\V
7KHQ ZKR GHFLGHV DERXW JLUOV¶ DQG ZRPHQ¶V HGXFDWLRQ" *HQHUDOO\ GHFLVLRQV
UHJDUGLQJZRPHQDQGOLWHUDF\HGXFDWLRQDQGWKHH[WHQWWRZKLFKWKH\FDQSUDFWLVH
LWDUHGHWHUPLQHGE\PHQQRWWKHZRPHQWKHPVHOYHV5RFNKLOODUJXHV
³2QFHOLWHUDF\FDUULHVZLWKLWWKHV\PEROLFSRZHURIHGXFDWLRQLWSRVHVD WKUHDWWR
WKH SRZHU UHODWLRQV LQ WKH IDPLO\ 0HQ QHHG WR IHHO LQ FRQWURO QRW RQO\ GRHV WKLV
PHDQKDYLQJPRUHSRZHUWKDQWKHLUZLYHVEXWFRQWUROOLQJZKDWWKH\WKLQNDQGGR´
:KHQ PHQ KDYH WKH SRZHU WR FRQWURO HGXFDWLRQ RSSRUWXQLWLHV RI ZRPHQ WKH\ PD\
FRQVLGHU ZRPHQ¶V OLWHUDF\ HGXFDWLRQ WR EH XVHIXO QRW LQ WHUPV RI DQ LQGLYLGXDO
ZRPDQ EXW EHFDXVH LW LV EHQHILFLDO IRU IDPLO\ DQG VRFLHW\ :RPHQ OHDUQ WR UHDG
EHFDXVH WKH\ RXJKW WR KHOS ZLWK WKHLU FKLOGUHQ¶V KRPHZRUN RU ZRPHQ DFTXLUH
OLWHUDF\ WR UHFHLYH D PLFURFUHGLW ORDQ IRU D VPDOO IDPLO\ EXVLQHVV 5RELQVRQ3DQW
DDUJXHVWKDWDZRPDQVKRXOGKDYHWKHRSSRUWXQLW\WRDFTXLUHOLWHUDF\IRU
KHU RZQ VDNH DV D KXPDQ IRU KHU RZQ SHUVRQDO GHYHORSPHQW QRW RQO\ IRU WKH
EHQHILWRIKHUVRFLHW\
/LWHUDF\LVDOVRJHQGHUHG0HQDQGZRPHQKDYHGLIIHUHQWNLQGRIOLWHUDF\SUDFWLFHV
LQGLIIHUHQWFXOWXUHV,QVRPHFXOWXUHVZRPHQDUHHQFRXUDJHGWRKHOSWKHLUFKLOGUHQ
ZLWK WKHLU VFKRRO ZRUN DQG WR UHDG VWRULHV WR WKHP EXW LW LV QRW DSSURSULDWH IRU
ZRPHQWRUHDGQHZVSDSHUVIRUH[DPSOH0HQDUHWKHRQHVZKRVHWDVNLVWRNHHSXS
ZLWKWKHQHZVDQGSROLWLFVE\UHDGLQJWKHQHZV(YHQWKRXJKLWLVLPSRUWDQWWRKHOS
FKLOGUHQZLWKWKHLUUHDGLQJSUDFWLFHVUHDGLQJWKHQHZVSDSHUKDVDKLJKHUVWDWXV
/LWHUDF\LVRIWHQVHHQDVDIRXQGDWLRQDOHOHPHQWLQDSURFHVVWRHPSRZHUZRPHQLQ
GHYHORSLQJ FRXQWULHV:HVWHQ7RHPSRZHUSHRSOHWKURXJKOLWHUDF\OLWHUDF\
SUDFWLFHV QHHG WR EH FRQGXFWHG ZLWKLQ D FXOWXUDO DQG VRFLDO FRQWH[W ZKLFK LV D
FKDOOHQJH WR D OLWHUDF\ FDPSDLJQ 7R SODQ DQG WR LPSOHPHQW D OLWHUDF\ SURJUDPPH
IRUZRPHQXVXDOO\FKDOOHQJHVKLHUDUFKDOVWUXFWXUHVRIVRFLHW\DQGSRZHUVWUXFWXUHV
ZLWKLQ IDPLOLHV )RU H[DPSOH LQ RUGHU WR DYRLG FRQIURQWDWLRQ ZLWK WKHLU KXVEDQGV
LQGLJHQRXV$\PDUDZRPHQLQ%ROLYLDFRQFHDOHGWKHLUDWWHQGDQFHDWOLWHUDF\FODVVHV
IURPWKHLUVSRXVHV$FFRUGLQJWRWKHZRPHQPHQEHOLHYHGWKDWWKHSRZHUVWUXFWXUH
LQ WKHLU IDPLOLHV ZRXOG FKDQJH UDGLFDOO\ LI ZRPHQ OHDUQHG WR UHDG DQG ZULWH
3\\NN|QHQ
6WUHHWVXJJHVWVWKDWPDQ\IDLOXUHVLQOLWHUDF\FDPSDLJQVDUHGXHWRDODFNRI
XQGHUVWDQGLQJ RI WKH FXOWXUDO DQG FRQFHSWXDO QDWXUH RI OLWHUDF\ ,Q
PDQ\VRFLHWLHVOLWHUDF\WHDFKLQJIRUZRPHQVKRXOGWDNHLQWRDFFRXQWERWKLQGLYLGXDO
DQG FRPPXQLW\ QHHGV WR EH FXOWXUDOO\ DSSURSULDWH DQG WR PHHW WKH QHHGV RI
LQGLYLGXDOV &XOWXUDO NQRZOHGJH LV D EDVH IRU VXFFHVVIXO OLWHUDF\ WHDFKLQJ IRU
ZRPHQDQGIRUWKHZKROHRIVRFLHW\
/LWHUDF\±IURPEDFNZDUGQHVVWRHPSRZHUPHQW
³7REHOLWHUDWHLVWRKDYHWKHGLVSRVLWLRQWRHQJDJHDSSURSULDWHO\ZLWKWH[WVRI
GLIIHUHQW W\SHV WR HPSRZHU DFWLRQ WKLQNLQJ DQG IHHOLQJ WKH FRQWH[W RI
SXUSRVHIXOVRFLDODFWLYLW\´:HOOVDQG&KDQJ:HOOV
7KHFRQFHSWRIHPSRZHUPHQWFDQEHLQWHUSUHWHGLQDQXPEHURIZD\V$FRPPRQ
RFFXUUHQFH RI HPSRZHUPHQW DSSHDUV ZLWK D QRWLRQ WKDW LQFOXGHV GHPRFUDF\ DQG
JOREDOL]DWLRQ,QWKHFRQWH[WRIDGXOWOLWHUDF\HPSRZHUPHQWPHDQVHTXLSSLQJQRQ
OLWHUDWHDGXOWVZLWKWKHNQRZOHGJHDQGVNLOOVWKDWHQDEOHWKHPWRSDUWLFLSDWHLQWKHLU
VRFLDO HQYLURQPHQW DQG WR DIIHFW WKH SROLWLFDO V\VWHP LQ WKHLU HQYLURQPHQW 1RQ
OLWHUDWHDGXOWVWXGHQWVDUHXVXDOO\PDUJLQDOLVHGE\WKHLUJHQGHUVRFLDOFODVVHWKQLFLW\
DQGKDELWDWWKDWDOVRDIIHFWIHHOLQJV7KHUHIRUHHPSRZHUPHQWLQWKHFRQWH[WRIDGXOW
OLWHUDF\FRQFHUQVDOVRDGXOWOHDUQHUV¶IHHOLQJV6WURPTXLVWZKLFK,LQWHUSUHWDV
VWUHQJWKHQLQJ VWXGHQWV¶ VHOIHVWHHP 6WUHQJWKHQLQJ DGXOW OLWHUDF\ OHDUQHUV¶ VHOI
HVWHHPHQDEOHVWUDQVIRUPDWLYHOHDUQLQJZKLFKOHDGVWRHPSRZHUPHQW$V5XRKRWLH
DUJXHVHPSRZHUPHQWDORQJZLWKWKHXVHRIOHDUQHU¶VUHVRXUFHVLVERWKWKH
REMHFWLYHDQGSUHUHTXLVLWHRIWUDQVIRUPDWLYHOHDUQLQJ
,Q WKH GDLO\ OLIH RI DGXOW OLWHUDF\ VWXGHQWV HPSRZHUPHQW FRPSULVHV RI FRJQLWLYH
HFRQRPLFSROLWLFDODQGSV\FKRORJLFDOGLPHQVLRQV$VOLWHUDWHSHRSOHWKH\DUHDEOHWR
DFNQRZOHGJH WKH UHDOLWLHV LQ WKHLU VRFLHWLHV DQG KRZ WKH\ IXQFWLRQ )UHLUH WKH\ FDQ KDYH DFFHVV WR LQGHSHQGHQW PHDQV RI VXSSRUW ZKLFK KHOS WKHP WR PDNH
PRUH DXWRQRPRXV GHFLVLRQV WKH\ FDQ SDUWLFLSDWH LQ SROLFLHV RI WKHLU VRFLHW\ WKH\
IHHOPRUHFRPSHWHQWDQGFDSDEOHIRUDFWLRQVRQWKHLURZQEHKDOI6WURPTXLVW
2IWHQ WKH SV\FKRORJLFDO GLPHQVLRQ LV D SUHUHTXLVLWH IRU RWKHU GLPHQVLRQV ZKLFK
EHFRPH DSSDUHQW LQ WKH DFKLHYHPHQWV RI LQGLYLGXDO VWXGHQWV RI DGXOW OLWHUDF\
HGXFDWLRQ /LWHUDWH SHRSOH DUH PRUH FRQILGHQW LQ SDUWLFLSDWLQJ LQ VRFLDO DFWLYLWLHV
DQG WKH\ IHHO PRUH DXWRQRPRXV LQ WKHLU GHFLVLRQ PDNLQJ DQG DWWHQGLQJ WR WKHLU
EXVLQHVVHVRXWVLGHKRPH3\\NN|QHQ
+RZWKHQLVHPSRZHUPHQWWUDQVPLWWHGLQVRFLHWLHV"(PSRZHULQJSHRSOHLPSOLHV
WKDW WR EH DEOH WR HPSRZHU VRPHRQH RQH KDV WR KDYH WKH SRZHU WR GR VR ZKLFK
PHDQV WKDW SRZHU LV QRW HTXDOO\ GLVWULEXWHG FI %RXUGLHX &DPHURQ DUJXHV ,W >HPSRZHUPHQW@ HQWDLOV WKDW SHRSOH FDQ DFTXLUH RU EH JLYHQ PRUH SRZHU
WKDQWKH\FXUUHQWO\KDYHMXVWDVWKH\FRXOGDFTXLUHRUEHJLYHQPRUHPRQH\RUPRUH
JRRGV +RZHYHU WKRVH ZKR SRVVHVV SRZHU LQ VRFLHW\ FDQ XVH LW
DFFRUGLQJ WR WKHLU SROLFLHV DQG SXUSRVHV 2Q WKH RWKHU KDQG WKRVH ZKR KDYH
REWDLQHG OHVV SRZHU DUH LQ RQH ZD\ RU DQRWKHU GHSHQGHQW RQ WKRVH ZKR SRVVHV
PRUHSRZHU$FFRUGLQJWR%RXUGLHXSRZHULVDOZD\VXQHTXDOO\GLVWULEXWHGLQ
VRFLHW\ DQG SHRSOH IURP GLVDGYDQWDJHG JURXSV KDYH XQHTXDO VWDUWLQJ SRLQWV IRU
UHFRQVWUXFWLQJ WKHLU KDELWXV WKURXJK OLWHUDF\ HGXFDWLRQ :LWK UHJDUG WR %RXUGLHX¶V
WKHRU\$PGRVDVDPLQRULW\SHRSOHZLWKWKHLURZQODQJXDJHDUHLQDGLVDGYDQWDJHG
SRVLWLRQFI%RXUGLHX&DUULQJWRQ/XNH$GGLWLRQDOO\WUDQVIRUPDWLYH
OHDUQLQJZKLFKLVLQYROYHGLQWKHHPSRZHUPHQWSURFHVVLVFORVHO\FRQQHFWHGWRWKH
QRUPV RI WKH GRPLQDQW FXOWXUH 5XRKRWLH 7KHQ WKH TXHVWLRQ DULVHV ³,V LW
SRVVLEOH IRU 7LEHWDQ ODQJXDJH OLWHUDF\ HGXFDWLRQ WR IDFLOLWDWH WKH HPSRZHUPHQW RU
WUDQVIRUPDWLRQ RI 7LEHWDQV LQ WKHLU FXOWXUDO FRQWH[W"´ 7KLV TXHVWLRQ FDQ EH
DSSURDFKHGIURPWKHDQJOHRIPRWLYDWLRQDVDGHYLFHIRUHPSRZHUPHQW$FFRUGLQJ
WR1RNHODLQHQDPRWLYDWLRQDODSSURDFKWRHPSRZHUPHQWHPSKDVL]HVWKH
LQGLYLGXDO¶V FRJQLWLRQ SHUFHSWLRQ DQG VXEVHTXHQW HPRWLRQV ,Q UXUDO DUHDV PRVW
$PGR 7LEHWDQV OLYH LQ PRQRFXOWXUDO DQG PRQROLQJXDO 7LEHWDQ FRPPXQLWLHV DQG
FXOWXUDO SUDFWLFHV DUH LPSRUWDQW WR WKHP 7KHUHIRUH LW LV DSSURSULDWH WR DSSURDFK
7LEHWDQFXOWXUHDVDPRWLYDWLRQDOFRQVWUXFWIRUHPSRZHUPHQW
/DQJXDJHRI/LWHUDF\D6LWHRI3RZHU
$VOLWHUDF\LVLQIOXHQFHGE\SRZHUUHODWLRQVLQVRFLHW\VRLVWKHODQJXDJHRIOLWHUDF\
1RUWRQ DUJXHV WKDW ODQJXDJH LV QRW FRQFHLYHG RI DV D QHXWUDO PHGLXP RI
FRPPXQLFDWLRQ EXW LV XQGHUVWRRG ZLWK UHIHUHQFH WR LWV VRFLDO PHDQLQJ 1RUWRQ
'LIIHUHQW ODQJXDJHV LQ PXOWLOLQJXDO VRFLHWLHV KDYH GLIIHUHQW VRFLDO
PHDQLQJV GHSHQGLQJ RQ WKH FRQWH[WV LQ ZKLFK WKH\ DUH XVHG )XUWKHUPRUH SHRSOH
UHODWH WR ODQJXDJHV LQ GLIIHUHQW ZD\V DQG ODQJXDJHV FDQ EH XVHG LQFOXVLYHO\ RU
H[FOXVLYHO\LHWKH\FDQLQGLFDWHJURXSLGHQWLW\RUODFNRILW+HOOHU$WWKH
VDPHWLPHGLIIHUHQWODQJXDJHVDUHUHODWHGWRGLIIHUHQWVRFLDOVWUXFWXUHVDQGLQWKHVH
VRFLDO VWUXFWXUHV SRZHU LV GLVWULEXWHG GLIIHUHQWO\ FI %RXUGLHX 7KHUHIRUH
ODQJXDJHVKDYHGLIIHUHQWVRFLDOVWDWXVHVSHFLDOO\LQPXOWLOLQJXDOVRFLHWLHVVXFKDVLQ
WKH35&
$V GLIIHUHQW ODQJXDJHV KDYH GLIIHUHQW VRFLDO VWDWXV LQ DQ\ VRFLHW\ WKH KLJKHVW
SRVLWLRQ XVXDOO\ VWDUWV IURP WKH WRS ZLWK WKH PDMRULW\ ODQJXDJH $FFRUGLQJ WR
6NXWWQDE .DQJDV PLQRULW\ ODQJXDJHV VHOGRP KDYH KLJK VWDWXV LQ D VRFLHW\
DQG GLIIHUHQW PLQRULW\ ODQJXDJHV RI D VRFLHW\ PD\ QRW KDYH WKH VDPH VWDWXV :LWK
UHJDUGWRWKHODQJXDJHVLQWKH35&&KLQHVHKDVWKHKLJKHVWVWDWXVDQGSRZHULQWKH
FRXQWU\ ,W LV WKH RIILFLDO ODQJXDJH DQG WKH OLQJXD IUDQFD RI WKH FRXQWU\ DQG LW KDV
SROLWLFDO SRZHU 2Q WKH RWKHU KDQG WKH 7LEHWDQ ODQJXDJH KDV ORZHU VWDWXV WKDQ
&KLQHVH %HFDXVH WKH VRFLDO VWDWXV RI ODQJXDJHV YDULHV SHRSOH¶V DWWLWXGHV WRZDUG
WKHPYDU\DVZHOOQRWRQO\LQWHUQDOO\EXWDOVRH[WHUQDOO\$FFRUGLQJWR%DNHU
ZKHQ D PLQRULW\ ODQJXDJH LV SHUFHLYHG WR FRH[LVW ZLWK SRYHUW\ XQHPSOR\PHQW
DQG ORZHU VRFLDO VWDWXV LW KDV D QHJDWLYH HIIHFW RQ WKH ODQJXDJH ZKLFK WKHQ PD\
LQIOXHQFH SHRSOH DWWLWXGHV WRZDUGV WKH ODQJXDJH :KHUHDV D PDMRULW\ ODQJXDJH
ZKLFK LV DVVRFLDWHG ZLWK KLJKHU SUHVWLJH LQ VRFLHW\ ZLWK EHWWHU HGXFDWLRQ EHWWHU
HPSOR\PHQWHWFKDVDQRSSRVLWHHIIHFW(YHQWKRXJK7LEHWDQODQJXDJHOLWHUDFLHVDUH
PDQLIROG 6HH &KDSWHU WKH XVHV RI 7LEHWDQ OLWHUDF\ DUH PXFK PRUH OLPLWHG
FRPSDUHGWRWKHPDMRULW\ODQJXDJH&KLQHVH7KHUHLVWKHSURVSHFWWKDWWKHXVHRIWKH
&KLQHVHODQJXDJHZLWKLWVKLJKHUVRFLDOVWDWXVFDQSURYLGHEHWWHUHPSOR\PHQWDQG
HGXFDWLRQRSSRUWXQLWLHVWKDWPD\FDXVHDODQJXDJHVKLIWIURP7LEHWDQWR&KLQHVH
6LQFH WKH ODQJXDJH RI OLWHUDF\ LV VLJQLILFDQW FKRRVLQJ WKH ODQJXDJH IRU OLWHUDF\
FDXVHV GHEDWHV 7KH SRZHU UHODWLRQV RI D ODQJXDJH RI OLWHUDF\ KDYH WZR GLIIHUHQW
GLPHQVLRQVODQJXDJHLVXVHGIRUSRZHUDQGODQJXDJHLVHPEHGGHGLQSRZHU&ROOLQV
DQG%ORWDUJXH3RZHULVSHUYDVLYHLQWKHRIILFLDOOLWHUDFLHVRIQDWLRQVWDWHV
DQGFRORQLDOUHJLPHVEXWLWLVDPXOWLIDFHWHGSRZHU,WLVDSRZHURILPSRVLWLRQRI
FRQTXHVW RI ODQJXDJH DQG E\ ODQJXDJH EXW DOVR RI VHOIIDVKLRQLQJ LQ ODQJXDJH
7KHSRZHURILWVKROGHULVXVHGWRFKRRVHDFHUWDLQODQJXDJHRIOLWHUDF\
DQG DW WKH VDPH WLPH ODQJXDJH LV XVHG WR VHOHFW FHUWDLQ OLWHUDFLHV 7KH SRZHU RI
ODQJXDJH LV EDVHG RQ WKH VWDWXV RI WKH ODQJXDJH LQ LWV HQYLURQPHQW DV KDV EHHQ
FOHDUO\ VHHQ GXULQJ SHULRGV RI FRORQLDOLVP DQG LQ ODQJXDJHV ZLWK GLJORVVLD :KHQ
9LHWQDP ZDV JRYHUQHG E\ )UDQFH WKH ODQJXDJH RI HGXFDWLRQ ZDV )UHQFK QRW
9LHWQDPHVH RU ZKHQ 6ZHGHQ UXOHG )LQODQG WKH ODQJXDJH RI HGXFDWLRQ DQG
JRYHUQPHQWZDV6ZHGLVKDQGWKH)LQQLVKODQJXDJHZDVRQO\XVHGE\WKHSXEOLFDQG
FOHUJ\6LPLODUO\GXHWRGLJORVVLDDKLJKHUIRUPRI7LEHWDQKDVSUHVWLJHDQGSHRSOH
ZKRNQRZWKDWIRUPRIWKHODQJXDJHFDQREWDLQPRUHSRZHULQVRFLHW\
(YHQ WRGD\ WKH LVVXH RI WKH ODQJXDJH RI OLWHUDF\ LV UHODWHG WR VRFLDO DQG SROLWLFDO
SRZHU 6RFLHWLHV WKDW KDYH VHYHUDO ODQJXDJHV KDYH FKDOOHQJHV LQ WKLV PDWWHU DQG LQ
ODQJXDJH SROLFLHV LQ WKH FRXQWU\ 0DMRULW\ ODQJXDJH OLWHUDF\ LV RIWHQ VHHQ DV D
PHDQV RI EXLOGLQJ XS QDWLRQDO LGHQWLW\ DQG KRPRJHQHLW\ %DNHU ZKLFK LV DQ
LVVXHLQWKH35&HJ0LQLVWU\RI(GXFDWLRQ+DQVHQ3RVWLJOLRQH
6WLWHV7K¡JHUVHQ8VLQJDQGWHDFKLQJ&KLQHVHLVSURPRWHGLQWKH
ZKROHFRXQWU\ERWKLQVFKRROVDQGHOVHZKHUHLQVRFLHW\'RPLQDQWOLWHUDFLHVZKLFK
DUH UHODWHG WR WKH RIILFLDO LQVWLWXWLRQV RI WKH FRXQWU\ +DPLOWRQ DUH LQ WKH
PDMRULW\ ODQJXDJH JRYHUQPHQW GRFXPHQWV EDQN VWDWHPHQWV SRVWDJH VWDPSV HWF
7KHUHIRUHSHRSOHZLWKRXWPDMRULW\ODQJXDJHOLWHUDF\DUHQRWSHUFHLYHGDVSURGXFWLYH
RUDFWLYHFLWL]HQVFRPSDUHGWRWKRVHZKRDUHOLWHUDWHLQWKHPDMRULW\ODQJXDJH7KH\
DOVR WHQG WR KDYH SUREOHPV ZLWK HGXFDWLRQ DQG HPSOR\PHQW %DNHU ,URQLFDOO\SHRSOHZLWKRXWPDMRULW\ODQJXDJHOLWHUDF\FDQEHHYHQEODPHGIRUKDYLQJ
DORZHUVRFLDOVWDWXVDQGIRUFDXVLQJVRFLDOSUREOHPVIRUWKHPVHOYHVRQDFFRXQWRI
WKHLU ORZ VWDQGDUGV RI OLWHUDF\ LQ WKH PDMRULW\ ODQJXDJH %DNHU FI +DQVHQ
0DUJLQDOLVLQJSHRSOHLQWHUPVRIWKHLUFRPSHWHQFHLQWKHPDMRULW\ODQJXDJH
RI D FRXQWU\ GRHV QRW RFFXU RQO\ LQ PXOWLOLQJXDO GHYHORSLQJ FRXQWULHV EXW DOVR
DPRQJ LPPLJUDQWV LQ ZHVWHUQ VRFLHWLHV ,PPLJUDQWV ZKR DUH QRW OLWHUDWH LQ WKH
ODQJXDJHRIWKHLUQHZFRXQWU\RIUHVLGHQFHDUHVHHQDVPDUJLQDOJURXSVLQDVRFLHW\
%DNHU
0LQRULW\ ODQJXDJH HGXFDWLRQ LV XQGHU FRQVWDQW GLVFXVVLRQ DURXQG WKH ZRUOG HJ
%DNHU 6NXWWQDE.DQJDV +RUQEHUJHU 7KH FKRLFH RI WKH
ODQJXDJH RI OLWHUDF\ LV QRW RQO\ D SRZHU LVVXH RU D SROLWLFDO SUREOHP ,W FDQ EH WKH
UHVXOWRIERWKRIWKHP7KHPDMRULW\ODQJXDJHKDVJDLQHGSUHVWLJHVXFKDV&KLQHVHLQ
4LQJKDL3URYLQFHZKLFKWKHQPD\FDXVHDGHFOLQHLQWKHPLQRULW\ODQJXDJHVOHDGLQJ
WRSUREOHPVLQOLWHUDF\HGXFDWLRQLQWKHVHPLQRULW\ODQJXDJHV(YHQWKRXJK)LVKPDQ
DUJXHV IRU PRWKHU WRQJXH HGXFDWLRQ KH VHHV WKDW WKH PRWKHU WRQJXH LV QRW
QHFHVVDULO\ DOZD\V WKH EHVW PHGLXP RI LQVWUXFWLRQ )LVKPDQ 7KLV LV
WUXH HVSHFLDOO\ ZKHQ WKH ODQJXDJH HQYLURQPHQW LV KRVWLOH DQG WKH YHU\ ODQJXDJH LV
EUXWDOLVHGFDXVLQJUHMHFWLRQRIWKRVHZKRVSHDNWKHPH[FOXVLYHO\DQGDOVRFDXVLQJ
QHJDWLYH DWWLWXGHV WRZDUGV WKH PLQRULW\ ODQJXDJHV 7KXV LQ WHUPV RI SV\FKR
HGXFDWLRQDO UHDVRQV PRWKHU WRQJXH HGXFDWLRQ PD\ QRW EH SURGXFWLYH LQ D PLQRULW\
ODQJXDJH $OVR D OLWHUDWH HQYLURQPHQW LV FUXFLDO IRU NHHSLQJ XS OLWHUDWH DFWLYLWLHV
81(6&27KHUHIRUHZKHQWKHOLWHUDWXUHLQDPLQRULW\ODQJXDJHLVPLQLPDO
LPSOHPHQWLQJPRWKHUWRQJXHHGXFDWLRQLVGHEDWDEOH%DVHGRQP\RZQ H[SHULHQFH
LQOLWHUDF\WHDFKLQJ,DUJXHWKDWSHRSOHQHHGRSSRUWXQLWLHVDQGDFFHVVWRSRVWOLWHUDF\
DFWLYLWLHVLQRUGHUWRVXVWDLQOLWHUDF\)RUH[DPSOHVRPH\RXQJVWXGHQWVRIWKH7/3
ZHUHGURSRXWVIURPVFKRRO7KH\KDGOHDUQHGWRUHDGDQGZULWH7LEHWDQEXWIRUJRW
WKHVNLOOVEHFDXVHWKH\QHYHUXVHGWKHPDIWHUVWXG\LQJLQVFKRROIRUD \HDURUWZR
+RZHYHU ZKHQ WKH ODQJXDJH HQYLURQPHQW LV IDYRXUDEOH PRWKHU WRQJXH OLWHUDF\
HGXFDWLRQ LV SUHIHUDEOH 81(6&2 DQG RWKHU LQWHUQDWLRQDO RUJDQLVDWLRQV DQG HYHQ
QDWLRQDO RUJDQLVDWLRQV VHH LW DV PRUH DQG PRUH LPSRUWDQW WR LQVWUXFW OLWHUDF\
HGXFDWLRQLQWKHPRWKHUWRQJXHHJ+RUQEHUJHU
0RWKHUWRQJXHHGXFDWLRQKDVEHHQUHVHDUFKHGHQRUPRXVO\ERWKLQWKHKRPHFRXQWU\
FRQWH[W DQG DOVR ZLWK LPPLJUDQWV LQ WKHLU QHZ KRPH FRXQWULHV DQG LW DOZD\V
FRQFHUQVODQJXDJHPDLQWHQDQFHDWKRPHLQVRFLHW\DQGDWVFKRRO)LVKPDQ
DUJXHV WKDW D SRVLWLYH DWWLWXGH WRZDUGV PRWKHU WRQJXH / HGXFDWLRQ LV LQKHULWHG
IURPSDUHQWVDQGVRFLHW\QRWIURPVFKRRO+RZHYHUPRUHUHFHQWUHVHDUFKHVSRLQWWR
DGLIIHUHQWSLFWXUHE\DUJXLQJWKDWGRPDLQVRIFHQWUDODQGFRQWLQXLQJVDOLHQFHVXFK
DV ZRUNSODFH KRPH DQG VFKRRO DUH DOO LPSRUWDQW IRU ODQJXDJH PDLQWHQDQFH
(GZDUGV 6FKRRO DQG HGXFDWLRQ KDV LWV VLJQLILFDQW UROH LQ ODQJXDJH
PDLQWHQDQFHDQGIRUWKDWUHDVRQ4XHFKXDODQJXDJHZDVFKRVHQWREHWDXJKWERWKWR
LQGLJHQRXV4XHFKXDVSHDNHUVDQGPDMRULW\6SDQLVKVSHDNHUVLQ%ROLYLD+RUQEHUJHU
7KLV WKHQ VWUHQJWKHQV WKH VWDWXV DQG WKH XVH RI WKH PLQRULW\ ODQJXDJH LQ
VRFLHW\7KLVLVDOVRDQLVVXHDPRQJ7LEHWDQVLQWKH35&
7KH7LEHWDQODQJXDJHLQOLWHUDF\HGXFDWLRQLVERWKDSROLWLFDODQGSRZHULVVXH(YHQ
WKRXJKWKH35&KDVDELOLQJXDOHGXFDWLRQSROLF\DQGPLQRULW\UHJLRQVDUHVWURQJO\
HQFRXUDJHG WR XVH PLQRULW\ ODQJXDJHV ERWK DV D PHGLXP RI LQVWUXFWLRQ DQG LQ
WH[WERRNV0LQLVWU\RI(GXFDWLRQLQSUDFWLFHLQWKHQDWLRQDOPLQRULW\UHJLRQV
&KLQHVH KDV SRZHU RYHU WKH PLQRULW\ ODQJXDJHV FI 'HSDUWPHQW RI ,QWHUQDWLRQDO
&RRSHUDWLRQ ([FKDQJHV =KRX 6FKRROERRNV DUH WUDQVODWHG IURP
&KLQHVHWRWKH7LEHWDQODQJXDJHDQGWKHFXUULFXOXPRIPLQRULW\HGXFDWLRQLVEDVHG
RQWKHFXUULFXOXPRI&KLQHVHPHGLXPHGXFDWLRQ,QDGGLWLRQKLJKHUHGXFDWLRQLVLQ
&KLQHVHDQGSHRSOHKDYHEHWWHUHPSOR\PHQWRSSRUWXQLWLHVLIWKH\DUHFRPSHWHQWLQ
&KLQHVH$OOWKHVHVRFLRHFRQRPLFLVVXHVRULJLQDWHIURPWKHQRWLRQRIVWUHQJWKHQLQJ
D QDWLRQDO LGHQWLW\ WKURXJK WKH XVH RI &KLQHVH FI +DQVHQ (YHQ WKRXJK WKH
7LEHWDQ ODQJXDJH LV QRW HQGDQJHUHG DW WKH PRPHQW WKHUH KDYH EHHQ GLVFXVVLRQV
DERXW WKH IXWXUH RI WKH ODQJXDJH UHJDUGLQJ WKH XVHRI WKH 7LEHWDQ ODQJXDJH YV WKH
&KLQHVHODQJXDJHLQWKH7LEHWDQUHJLRQ5DJEH\6WLWHV7RXUQDGH
8SWRQ0XGXR
0LQRULW\ ODQJXDJH HGXFDWLRQ LV D ZLGHU LVVXH /DFNRI DGHTXDWH WHDFKLQJ PDWHULDOV
DQG FRPSHWHQW WHDFKHUV LQ PLQRULW\ ODQJXDJHV RIWHQ KLQGHU PLQRULW\ ODQJXDJH
OLWHUDF\HGXFDWLRQ%DNHU5RELQVRQ(VSHFLDOO\LQGHYHORSLQJFRXQWULHV
LW LV HDVLHU WR XVH WKH H[LVWLQJ OLWHUDF\ PDWHULDO LQ WKH PDMRULW\ ODQJXDJH WKDQ WR
GHYHORS JRRG PDWHULDOV LQ PLQRULW\ ODQJXDJHV 7KLVLV QRW RQO\ D TXHVWLRQ RI ZLOOV
EXWDOVRRIDGHTXDWHUHVRXUFHV5RELQVRQHVWLPDWHVWKDWWKHHVWDEOLVKPHQWRI
D VXVWDLQDEOH OLWHUDF\ SURJUDP LQ D PLQRULW\ ODQJXDJH PD\ WDNH XS WR WHQ \HDUV ,W
DSSHDUV WR PH WKDW 7LEHWDQ DGXOW OLWHUDF\ HGXFDWLRQ KDV KDG WZR PDLQ REVWDFOHV
VLPLODU WR HOVHZKHUH LQ WKH 35& +DQVHQ 6WLWHV 71: 8SWRQ
0XRGXR ODFN RI UHVRXUFHV DQG ZLOO 7KHUH KDYH EHHQ WHDFKLQJ
PDWHULDOV EXW QRW HQRXJK WHDFKHUV QRW VXIILFLHQW IXQGLQJ DQG D ODFN RI ZLOO WR
RUJDQLVHOLWHUDF\WHDFKLQJLQ7LEHWDQ
&KRRVLQJWKHODQJXDJHRIOLWHUDF\FDQEHVHHQIURPDQRWKHUSHUVSHFWLYHWKDWLVLQ
WKH XVH RI OLWHUDF\ +HDWK LQ KHU UHVHDUFK IRXQG RXW KRZ JURXSV IURP
GLIIHUHQW VRFLDO EDFNJURXQGV XVHG OLWHUDF\ LQ GLIIHUHQW ZD\V DQG LQ GLIIHUHQW
FRQWH[WV%DNHUKDVGHILQHGGLIIHUHQWXVHVRIOLWHUDF\LQVRFLHW\GHSHQGLQJRQ
WKH FRQWH[W RI OLWHUDF\ 7KHVH XVHV DUH EDVHG RQ WKH QHHGV RI WKH XVHU ZLWKLQ WKH
VRFLHW\ 7KH\ DUH OLVWHG DV QHHG IRU VXUYLYDO IRU OHDUQLQJ IRU FLWL]HQVKLS IRU
SHUVRQDO UHODWLRQVKLSV IRU SOHDVXUH DQG FUHDWLYH LQVWLQFWV IRU HPSOR\PHQW IRU
FRPPXQLW\ GHYHORSPHQW DQG IRU WKH HPSRZHUPHQW RI WKH PLQG 7KHVH GLIIHUHQW
QHHGVDUHOLQNHGWRWKHGLIIHUHQWFXOWXUDODQGVRFLDOSUDFWLFHVLQDFRPPXQLW\ZKLFK
OHDGWRWKHGHFLVLRQRIZKLFKDSSURDFKWROLWHUDF\WRXVH$FFRUGLQJWR%DNHU
GLIIHUHQWOLWHUDF\DSSURDFKHVDUHOLQNHGWRDODQJXDJHRIOLWHUDF\LQGLIIHUHQWZD\V$
VRFLRFXOWXUDODSSURDFKWROLWHUDF\UDLVHVWKHLPSRUWDQFHRIPRWKHUWRQJXHOLWHUDF\
3HRSOH EHFRPH FXOWXUDOO\ OLWHUDWH FXOWXUDOO\ HPEHGGHG YDOXHV DQG EHOLHIV HQDEOH
WKHPWRFUHDWHPHDQLQJIURPZKDWWKH\UHDG:KHUHDVIXQFWLRQDOOLWHUDF\FRQFHUQV
VNLOOVDQGWKDWLVOLQNHGZLWKHFRQRPLFGHYHORSPHQWDQGHPSOR\PHQW$FFRUGLQJWR
%DNHUIXQFWLRQDOOLWHUDF\LVSHUFHLYHGDVSHRSOHXQGHUVWDQGLQJWKHLUSODFHLQ
VRFLHW\ 7KHUHIRUH LW LV QRW VXUSULVLQJ WKDW LPPLJUDQW IDPLOLHV LQ WKH :HVW YDOXH
VFKRROLQJ LQ WKH PDMRULW\ ODQJXDJH EXW DW WKH VDPH WLPH VHQG WKHLU FKLOGUHQ WR
FRPPXQLW\VFKRROVWROHDUQWKHLUPRWKHUWRQJXH&KLOGUHQDFTXLUHVNLOOVWRLQWHJUDWH
ZLWK WKHLU QHZ VRFLHW\ DQG WKH\ OHDUQ OLWHUDF\ ZKLFK LV FRQQHFWHG WR WKHLU FXOWXUDO
KHULWDJHDQGFRQYH\VWKHYDOXHVRIWKHLURULJLQ
7KHVDPHSKHQRPHQRQRFFXUVDPRQJ7LEHWDQVDQGRWKHUQDWLRQDOPLQRULWLHVLQWKH
35& 3DUHQWV DUH ZLOOLQJ WR VHQG WKHLU FKLOGUHQ WR &KLQHVH PHGLXP VFKRROV IRU
VRFLRHFRQRPLFUHDVRQV5RVV6WLWHV0D/RX7KH7LEHWDQ
ODQJXDJH LV XVXDOO\ WKH KRPH ODQJXDJH EXW FKLOGUHQ DUH IRUPDOO\ HGXFDWHG LQ
&KLQHVH LQ VRPH SDUWV RI WKH 7LEHWDQ UHJLRQ =KRX F $V D UHVXOW QRW DOO
7LEHWDQFKLOGUHQKDYHDQRSSRUWXQLW\WRDFTXLUHOLWHUDF\LQWKHLUPRWKHUWRQJXHEXW
WKH\OHDUQQHZFXOWXUHWKURXJK&KLQHVHOLWHUDF\ HGXFDWLRQDQGOLWHUDFLHV 7KLVPD\
KDYH FRQVHTXHQFHV RQ WKHLU OLIH WKH\ GR QRW EHFRPH IXOO\ OLWHUDWH LQ 7LEHWDQ DQG
QHLWKHULQ&KLQHVHEHFDXVHWKH\GRQRWXQGHUVWDQGWKHFRQFHSWVRI+DQFXOWXUH
7KLV WKHQ OHDGV XV WR WKH GLVFXVVLRQ RI ODQJXDJH DQG HWKQLF LGHQWLW\ , XQGHUVWDQG
LGHQWLW\ LQ D EURDG VHQVH DV WKH VKDUHG FKDUDFWHULVWLFV RI PHPEHUV RI D JURXS
FRPPXQLW\ DQG UHJLRQ &U\VWDO (YHQ WKRXJK LGHQWLW\ LV QRW WKH VDPH DV
FXOWXUHLWLVHPEHGGHGLQFXOWXUHWKURXJKODQJXDJHDQGFXOWXUDOULWXDOVDQGV\PEROV
3HRSOHIHHOEHORQJLQJZLWKWKHVHHOHPHQWVRIWKHLUJURXS
/DQJXDJHDQGHWKQLFLGHQWLW\DUHOLQNHGWRJHWKHULQDFRPSOH[ZD\LQSRVWPRGHUQ
VRFLHWLHV DQG WKH ODQJXDJHHWKQLFLW\ OLQN KDV EHHQ VXEMHFW WR FRQVLGHUDEOH GHEDWH
HJ +HOOHU %ODFNOHGJH 0D\ 3DYOHQNR %ODFNOHGJH
6RPHVFKRODUVDUJXHWKDWODQJXDJHLVQRWDQHVVHQWLDOFRPSRQHQWRILGHQWLW\
DQG LW KDV RQO\ V\PEROLF DQG HPRWLRQDO YDOXH /LHENLQG %XW PRVW VFKRODUV
DJUHH WKDW ODQJXDJH FDQ EH DQ LPSRUWDQW FKDUDFWHULVWLF RI HWKQLF LGHQWLW\ -RVHSK
, WHQG WR DJUHH ZLWK WKDW +RZHYHU , DFNQRZOHGJH WKDW WKH ODQJXDJH DQG
LGHQWLW\LVVXHLVPXOWLOD\HUHGDQGODQJXDJHVPD\QRWEHRQO\PDUNHUVRILGHQWLW\EXW
DOVR ³VLWHV RI UHVLVWDQFH HPSRZHUPHQW VROLGDULW\ RU GLVFULPLQDWLRQ´ 3DYOHQNR %ODFNOHGJH
$FFRUGLQJWR+HOOHUHWKQLFLGHQWLW\GRHVQRWUHPDLQXQFKDQJHGDQGHWKQLFLW\
EHFRPHV LPSRUWDQW RQO\ ZKHQ GLIIHUHQW VRFLDO JURXSV FRPH LQWR FRQWDFW ZLWK HDFK
RWKHU ,Q LVRODWLRQ LW GRHV QRW PDWWHU LI \RX DUH 7LEHWDQ (QJOLVK 0H[LFDQ RU D
*XMDUDWL VLQFH WKHUH LV QR QHHG IRU QHJRWLDWLQJ HWKQLF LGHQWLWLHV ZLWKLQ WKH VDPH
SHRSOH JURXS 1\PDQ.XUNLDOD H[SODLQV WKH SURFHVV RI 6ZHGLVK VSHDNLQJ
\RXQJ VWXGHQWV ZKR EHFDPH DZDUH RI EHLQJ PLQRULW\ SHRSOH LQ )LQODQG DIWHU
WUDYHOOLQJ WR DUHDV LQ )LQODQG ZKHUH RQO\ )LQQLVK ZDV VSRNHQ 2Q WKH RWKHU KDQG
PDMRULWLHV DUH XVXDOO\ OHVV FRQVFLRXV RI HWKQLF LGHQWLW\ WKDQ PLQRULWLHV )LVKPDQ
%XWLQPXOWLOLQJXDOFRQWH[WVVXFKDVLQVRPH$PGRFRPPXQLWLHVQHJRWLDWLQJ
LGHQWLWLHV WDNHV SODFH HYHU\ GD\ EHFDXVH ³GLIIHUHQW LGHRORJLHV RI ODQJXDJH DQG
LGHQWLW\FRPHLQWRFRQIOLFWZLWKHDFKRWKHUZLWKUHJDUGWRZKDWODQJXDJHRUYDULHWLHV
RI ODQJXDJHV VKRXOG EH VSRNHQ E\ SDUWLFXODU NLQGV RI SHRSOH DQG LQ ZKDW FRQWH[W´
3DYOHQNR%ODFNOHGJH(J$PGRVDUHFRQVWDQWO\LQWHUDFWLQJZLWKRWKHU
HWKQLF JURXSV DQG WKH ERXQGDULHV RI WKHLU OLYLQJ HQYLURQPHQW DUH LQ D SURFHVV RI
FKDQJH DVZHKDYHVHHQ &KDSWHU7KHUHIRUH DFFRUGLQJWR+HOOHU¶VYLHZ
7LEHWDQVDUHLQWKHVLWXDWLRQZKHUHWKH\DUHH[SRVHGWRSRVVLEOHFKDQJHVLQLGHQWLW\
DQGLQWKDWVLWXDWLRQRIQHJRWLDWLQJLGHQWLW\ODQJXDJHLVXOWLPDWHO\LQVHSDUDEOHIURP
FXOWXUH-RVHSK7KHQGR$PGRVFUHDWHQHZPXOWLSOHLGHQWLWLHVLQWKHLUQHZ
ODQJXDJHDQGFXOWXUDOVXUURXQGLQJVFI*URVVEHUJRUGRWKH\MXVWDGMXVWWRD
QHZFXOWXUHZLWKRXWORVLQJWKHLUROGHWKQLFLGHQWLW\RIZKLFKODQJXDJHLVSUHIL[HG"
/LWHUDF\SUDFWLFHVLQDPRWKHUWRQJXHDUHOLQNHGZLWKSHRSOH¶VFXOWXUDOSUDFWLFHVDQG
KHULWDJH DQG DFFRUGLQJ WR ,UHGDOH SHRSOH¶V LGHQWLW\ ³LV IRUPHG DQG
WUDQVIRUPHG DFFRUGLQJ WR WKH FXOWXUDO V\VWHPV VXUURXQGLQJ WKH SHUVRQ S 7KHUHIRUH , FDQ H[SHFW WKDW $PGRV LQ UXUDO YLOODJHV RQ WKH 7LEHWDQ 3ODWHDX PD\
KDYHGLIIHUHQWSRVLWLRQV LQWKHLUVXUURXQGLQJVGHSHQGLQJWR ZKDWH[WHQWWKH\ DUHLQ
FRQWDFWZLWKQRQ7LEHWDQSHRSOH2QWKHRWKHUKDQGLQWKHFRQWH[WRIP\UHVHDUFK,
XQGHUVWDQG HWKQLFLW\ DV DQ LQGLYLGXDO
V PHPEHUVKLS LQ D VRFLDO JURXS WKDW VKDUHV D
FRPPRQ FXOWXUDO DQG DQFHVWUDO KHULWDJH RI ZKLFK ODQJXDJH LV RQH FRPSRQHQW
(GZDUGV )LVKPDQ 0D\ /DQJXDJH DV D V\PERO RI HWKQLFLW\
FDUULHVYDOXHVEH\RQGLWVIXQFWLRQDOYDOXH%ODFNOHGJH7KHUHIRUHDODQJXDJH
LVPRUHWKDQDFRPPXQLFDWLRQWRROZLWKLQWKHVDPHHWKQLFJURXSLWLVDSDUWRIWKH
HWKQLFLGHQWLW\DV,EHOLHYHLVDQLVVXHFRQFHUQLQJ7LEHWDQVLQWKH7LEHWDQUHJLRQ
/LWHUDF\DQG'HYHORSPHQW
'HYHORSPHQW GLVFRXUVH LQFOXGHV YDULRXV DSSURDFKHV ERWK DW VRFLHWDO LQFOXGLQJ
JOREDO JRYHUQDQFHV DQG LQGLYLGXDO¶V OHYHO $W WKH LQGLYLGXDO OHYHO GHYHORSPHQW LV
SHUVRQDOJURZWKWKDWLQFOXGHVLPSURYHGDZDUHQHVVDQGLGHQWLW\GHYHORSLQJWDOHQWV
DQGSRWHQWLDOEXLOGLQJKXPDQFDSLWDO$WWKHVRFLHWDOOHYHOGHYHORSPHQWFRQFHUQVD
SODQQHG FKDQJH RI SROLWLFDO DQG HFRQRPLF VWUXFWXUHV 'HYHORSPHQW DW WKH VRFLHWDO
OHYHOLVSRVVLEOHWKURXJKJURZWKRILQGLYLGXDOVZKLFKLVFOHDUO\SRLQWHGE\3UHVLGHQW
-XOLXV 1\HUHUH RI 7DQ]DQLD +H KDV VDLG ³)RU UHDO GHYHORSPHQW PHDQV JURZWK RI
SHRSOH«,IUHDOGHYHORSPHQWLVWRWDNHSODFHWKHSHRSOHKDYHWREHLQYROYHG´DVLQ
6ZDQ] 5RELQVRQ3DQW GLVFXVVHV WKH VDPH LVVXH E\ VD\LQJ WKDW WKHUH LV
PRUHWKDQRQHNLQGRIGHYHORSPHQWWKDWFDQEHPHDVXUHGLQWHUPVRIVRFLHWDOFKDQJH
EXW KRZ LQGLYLGXDOV DUH LQYROYHG LQ GHYHORSPHQW DQG WKHLU SHUFHSWLRQ 5RELQVRQ
3DQW
2QHWKHRU\RIGHYHORSPHQWLVWKH³VRFLDOGHYHORSPHQW´DSSURDFKZKLFKIRFXVHVRQ
LQVWLWXWLRQV VWUXFWXUHV SURFHVVHV DQG SROLFLHV WKDW HIIHFW WKH OLYLQJ HQYLURQPHQW
$FFRUGLQJWR+DOO0LGJOH\VRFLDOGHYHORSPHQWDSSURDFKHQDEOHVWRWDFNOH
LVVXHV RI SRYHUW\ DQG LQHTXDOLW\ 2WKHU WKHRULHV RI GHYHORSPHQW VXFK DV
PRGHUQL]DWLRQGHYHORSPHQWDOLVPZRUOGV\VWHPHWFKDYHGLIIHUHQWLGHRORJLHV)RU
H[DPSOH WKH WKHRU\ RI PRGHUQL]DWLRQ FDUULHV WKH LGHD RI VRFLDO LPSURYHPHQW
PRGHUQ VRFLHWLHV DUH PRUH SURGXFWLYH FKLOGUHQ DUH EHWWHU HGXFDWHG DQG WKH QHHG\
UHFHLYHPRUHZHOIDUH
7KH GRPLQDQW GLVFRXUVHV RQ GHYHORSPHQW LQ WKH 35& KDYH EHHQ LQIOXHQFHG E\
PRGHUQL]DWLRQWKHRU\+DQSHRSOHDUHDWWKHVXSHULRUOHYHORIFLYLOL]DWLRQDQGQRQ
+DQSHRSOHLQSHULIHULDODUHDVDUHWKHEHQHILFLDULHVLQWKH&KLQD¶VFLYLOL]LQJSURMHFWV
+DQVHQ 'HYHORSPHQW PHDQV EULQJLQJ EDFNZDUG SHULIHULDO SHRSOH XVXDOO\
HWKQLF PLQRULW\ SHRSOH LQWR WKH FLYLOL]DWLRQ RI PDLQVWUHDP +DQ SHRSOH LQFOXGLQJ
+DQFXOWXUHHGXFDWLRQHWF
³&LYLOL]LQJSURMHFWV´IRUPRQO\RQHVHFWLRQRIGHYHORSPHQWHIIRUWVLQWKH35&7KH
JRYHUQPHQWRIWKH35&KDVPDGHVWURQJHIIRUWVIRUQDWLRQDOGHYHORSPHQWRIZKLFK
HFRQRPLF GHYHORSPHQW KDV EHFRPH D SKHQRPHQRQ $ORQJ ZLWK HFRQRPLF
GHYHORSPHQW SHRSOH RI WKH 35& KDYH VHHQ LPSURYHG LQIUDVWUXFWXUH LQ WKH UXUDO
UHJLRQV RI WKH YDVW FRXQWU\ ,QWHUQDWLRQDO GHYHORSPHQW RUJDQL]DWLRQV VXFK DV 81'
DVVLVWGHYHORSPHQWERWKDWVRFLHWDODQGLQGLYLGXDO¶VOHYHOE\SURPRWLQJVXVWDLQDEOH
KXPDQ GHYHORSPHQW WR KHOS EXLOG UHVLOLHQW QDWLRQV DQG WR HPSRZHU SHRSOH WR
LPSURYH WKHLU OLYHV 81'3¶V PDLQ IRFXV DUHDV LQ WKH 35& DUH SRYHUW\ UHGXFWLRQ
JRYHUQDQFH DQG LVVXHV RI HQHUJ\ HQYLURQPHQW DQG FOLPDWH FKDQJH DQG JOREDO
LVVXHV81'3
,W LV JHQHUDOO\ EHOLHYHG WKDW OLWHUDF\ LV UHODWHG WR VRFLHWDO GHYHORSPHQW DQG WKDW
OLWHUDF\ OHDGV WR EHWWHU HFRQRPLF RXWFRPHV 'LIIHUHQW LQWHUQDWLRQDO GHYHORSPHQW
RUJDQLVDWLRQV DQG DJHQFLHV KDYH OLWHUDF\ SURJUDPPHV DV D SDUW RI WKHLU VFRSH RI
GHYHORSPHQWDFWLYLWLHV7KH(GXFDWLRQ)RU$OOPRYHPHQWGHILQHVOLWHUDF\DVDFRUH
HOHPHQW RI EDVLF HGXFDWLRQ DQG LW LV RQH RI WKH VL[ JRDOV VHW LQ 'DNDU DW :RUOG
(GXFDWLRQ )RUXP 81(6&2 6LPLODUO\ 7KH :RUOG %DQN FRQVLGHUV
HGXFDWLRQ LQFOXGLQJ DGXOW OLWHUDF\ DV ³RQH RI WKH PRVW SRZHUIXO LQVWUXPHQWV IRU
UHGXFLQJ SRYHUW\ DQG LQHTXDOLW\ DQG OD\V D IRXQGDWLRQ IRU VXVWDLQHG HFRQRPLF
JURZWK´ 7KH :RUOG %DQN 7KH ODWHVW *OREDO 0RQLWRULQJ 5HSRUW 81(6&2
XUJHV GHYHORSPHQW DJHQFLHV ZRUOGZLGH WR VHW LPSURYLQJ DGXOW OLWHUDF\
HGXFDWLRQWREHDOHDGLQJSULRULW\LQWKHLQWHUQDWLRQDODJHQGD*RYHUQPHQWVDURXQG
WKH ZRUOG OLQN OLWHUDF\ WR HFRQRPLF DQG VRFLDO GHYHORSPHQW DQG WKHUHIRUH OLWHUDF\
FDPSDLJQVDUHRIWHQVHHQDVWKHEHVWUHPHG\WRWUHDWLOOLWHUDF\9HUKRHYHQ
7UDGLWLRQDOO\OLWHUDF\ DQGGHYHORSPHQW DUHOLQNHGWRJHWKHU $FFRUGLQJWR%DNHULQ
GHYHORSHG DQG GHYHORSLQJ FRXQWULHV ³OLWHUDF\ LV RIWHQ DVVRFLDWHG ZLWK SURJUHVV
FLYLOLVDWLRQVRFLDOPRELOLW\DQGHFRQRPLFDGYDQFHPHQW,WLVVDLGWKDW
OLWHUDF\ SURPRWHV GHYHORSPHQW DQG WKDW LPSURYHG OLWHUDF\ LPSURYHV KHDOWK DQG
HFRQRP\DVLQ5RELQVRQ3DQW¶VUHVHDUFKLQ1HSDO2(&'FRQGXFWHG
UHVHDUFK DERXW WKH FRQQHFWLRQ EHWZHHQ OLWHUDF\ DQG HFRQRP\ LQ YDULRXV FRXQWULHV
7KHFRQFOXVLRQZDVWKDWEHWWHUOLWHUDF\VNLOOVLPSURYHHPSOR\PHQWSURVSHFWVZKLFK
FRUUHVSRQGLQJO\ LPSURYHV WKH HFRQRP\ 7KLV WKHRU\ XQGHUOLHV PDQ\ DGXOW OLWHUDF\
SURJUDPPHVHJWKHXOWLPDWHJRDORIWKH7LEHWDQ/LWHUDF\3URJUDPPH7/3LVWR
LPSURYHSHRSOH
VOLYHV,QWKLVFRQWH[WOLWHUDF\FDQEHVHHQRQO\DVDPHDQVWRUHDFK
WKHJRDORIVRFLDODQGHFRQRPLFLPSURYHPHQW
6RPHWLPHVOLWHUDF\SHUVHKDVEHHQFUHGLWHGDELJJHUYDOXHWKDQVLPSO\DVDPHDQV
WRDQLPSURYHGOLIHDV&DUULQJWRQDQG/XNHDUJXH³,WZRXOGDSSHDUWKHQ
WKDW OLWHUDF\ SHU VH KDV EHFRPH HTXDWHG ZLWK WKH DGYDQFHPHQW DQG RYHUDOO ZHOO
EHLQJRILQGLYLGXDOVFRPPXQLWLHVDQGHQWLUHVRFLHWLHV´,IWKLVLVWKHVLWXDWLRQWKHQ
DSSDUHQWO\WKHYLHZLVEDVHGRQWKHDXWRQRPRXVYLHZRIOLWHUDF\WKDWKDYLQJUHDGLQJ
DQG ZULWLQJ VNLOOV ZRXOG HTXDWH ZLWK WKH ZHOOEHLQJ RI D IDPLO\ +RZ WKHQ FDQ
OLWHUDF\SURJUDPPHVHVSHFLDOO\PRWKHUWRQJXHOLWHUDF\SURJUDPPHVJXDUDQWHHWKDW
OLWHUDF\ ZRXOG EH VXVWDLQHG LQ VRFLHW\ LI OLWHUDF\ LWVHOI LV D PDUN RI VRFLHWDO ZHOO
EHLQJ" 7KH TXHVWLRQ FRQFHUQV WKH IXQFWLRQDO OHYHO RI OLWHUDF\ VLQFH LW FDQ EH
SUREOHPDWLFDPRQJHWKQLFPLQRULWLHVWRSUHYHQWDUHODSVHLQOLWHUDF\VNLOOVDIWHUEDVLF
OLWHUDF\ HGXFDWLRQ LI WKHUH DUH QR SRVWOLWHUDF\ DFWLYLWLHV FI 9HUKRHYHQ 9DULRXVSRVWOLWHUDF\DFWLYLWLHVVXFKDVNHHSLQJDFFRXQWVUHDGLQJD79PDQXDOHWF
ZRXOG VXVWDLQ SHRSOH¶V VNLOOV RI UHDGLQJ DQG ZULWLQJ LQ VRFLHW\ :LWKRXW DFFHVV WR
DQ\ OLWHUDWH DFWLYLWLHV SHRSOH DUH OLNHO\ WR ORVH WKHLU QHZO\ DFTXLUHG UHDGLQJ DQG
ZULWLQJVNLOOVDQGEHFRPHVHPLOLWHUDWH
7KHUHDUHWDONVDERXWP\WKVDQGIDFWVDURXQGOLWHUDF\*UDIIGLVFXVVHV
WKHOLWHUDF\P\WK3HRSOHKDYHGLIIHUHQWEHOLHIVDQGLGHDVZKDWOLWHUDF\LVDERXWVXFK
DV OLWHUDF\ LV VXSSRVHG WR EH D FXUH IRU SHUVRQDO DQG VRFLDO XQGHYHORSPHQW DV
PHQWLRQHG HDUOLHU LQ WKLV FKDSWHU *UDII DUJXHV WKDW OLWHUDF\ LV PHUHO\ DQ
HQDEOLQJ IDFWRU WKDQ D FDXVDWLYH IDFWRU $V VXFK OLWHUDF\ FDQ HQDEOH SHRSOH WR
GHYHORS EXW LW GRHV QRW FDXVH GHYHORSPHQW /LWHUDWH SHRSOH FDQ OHDUQ E\ UHDGLQJ
DERXW YDULRXV LVVXHV RI HYHU\GD\ OLIH VXFK DV K\JLHQH KHDOWK FDUH DQLPDO
KXVEDQGU\ DQG VR RQ WKDW DUH EH\RQG WKH UHDFK RI LOOLWHUDWH SHRSOH +RZHYHU WKH
DELOLW\WRUHDGDQGZULWHSHUVHGRHVQRWFDXVHDQ\GHYHORSPHQWLQSHRSOH¶VOLYHV
,W LV VSHFLILFDOO\ IXQFWLRQDO OLWHUDF\ WKDW LV VHHQ WR EH D NH\ HOHPHQW LQ OLWHUDF\
WRZDUGV HFRQRPLF GHYHORSPHQW DQG EHWWHU HPSOR\PHQW LQ VRFLHW\ 7KH LVVXH RI
IXQFWLRQDO OLWHUDF\ DQG LWV LQIOXHQFH RQ HFRQRPLF JURZWK DQG VRFLDO GHYHORSPHQW
ZDV VHW IRUZDUG LQ WKH :RUOG &RQIHUHQFH RI 0LQLVWHUV RI (GXFDWLRQ ZKLFK WRRN
SODFH LQ 7HKHUDQ LQ 81(6&2 6LQFH ¶V IXQFWLRQDO OLWHUDF\
SURJUDPPHVKDYHEHHQDFRQVLGHUHGFKRLFHIRUDGXOWOLWHUDF\SURJUDPPHSODQQHUVLQ
GHYHORSLQJ FRXQWULHV ZRUOGZLGH ,W LV H[SHFWHG WKDW IXQFWLRQDOO\ OLWHUDWH SHRSOH
FRQWLQXHWRXVHWKHDFTXLUHGVNLOOVWRGHYHORSYDULRXVVNLOOVDQGJDLQEHWWHUJHQHUDO
NQRZOHGJH LQ WKHLU GDLO\ OLIH FRQWH[W 7KH IROORZLQJ VWDWHPHQW LV DQ H[DPSOH RI
UHDVRQVIRUSURPRWLQJIXQFWLRQDOOLWHUDF\³$IXQFWLRQDOO\OLWHUDWHSHUVRQLVH[SHFWHG
WR KDYH WKH DELOLW\ WR FRQWLQXRXVO\ XVH WKH DFTXLUHG VNLOOV E\ UHDGLQJ QHZVSDSHUV
ERRNV RQ EHWWHU IDUPLQJ VDQLWDWLRQ DQG QXWULWLRQ DV ZHOO DV WR NHHS UHFRUGV DQG
VLPSOHDFFRXQWV´7KH0LQLVWHURI(GXFDWLRQRI7DQ]DQLDDVFLWHGLQ<DPEL
7KH0LQLVWU\RI(GXFDWLRQRIWKH35&PDGHDGLUHFWOLQNEHWZHHQIXQFWLRQDOOLWHUDF\
LPSURYHPHQWDQGSRYHUW\DOOHYLDWLRQ$VHFRQRPLFGHYHORSPHQWLVRQHRIWKHJRDOV
RI OLWHUDF\ HGXFDWLRQ LQ WKH 35& LW LV LPSRUWDQW WR LPSOHPHQW OLWHUDF\ SURJUDPPHV
IRU$PGRVLQ4LQJKDL3URYLQFHZKRKDYHQRWUHDFKHGWKHVDPHHFRQRPLFVWDQGDUGV
DV IRU H[DPSOH WKH HDVWHUQ SURYLQFHV RI WKH FRXQWU\ (DVWHUQ SURYLQFHV KDYH
H[SHULHQFHG HFRQRPLFDO JURZWK LQ &KLQD ZKLFK KDV QRW WRXFKHG WKH 7LEHWDQ
UHJLRQV $FFRUGLQJ WR WKH &KLQD 6WDWLVWLFDO <HDUERRN 4LQJKDL 3URYLQFH ZDV
RQHRIWKHSRRUHVWSURYLQFHVLQWKH35&
2Q WKH RWKHU KDQG LOOLWHUDF\ LQ WKH 35& LV DVVRFLDWHG ZLWK WKH FRQFHSW RI ³EHLQJ
EHKLQG´ ³%HLQJ EHKLQG´ VHHPV WR KDYH D VRFLDO FRQWH[W EXW QRW VR PXFK LQ WKH
FRQWH[W RI SULYDWH LQGLYLGXDOV ³%DFNZDUGQHVV´ ZKLFK LV RIWHQ UHODWHG WR WKH
PLQRULW\ SHRSOH RI WKH 35& +DQVHQ LV VHHQ DV D SUREOHP RI WKH 7LEHWDQ
FRPPXQLW\$FFRUGLQJWR%KDOODDQG4LXWKHDXWKRULWLHVRIWKH35&H[SODLQ
WKDWWKHEDFNZDUGQHVVRIWKHPLQRULW\SHRSOHLVGXHWRODFNRIFXOWXUHDQGLWVDGYHUVH
HIIHFW RQ HFRQRPLF GHYHORSPHQW 6LPLODU VLWXDWLRQ RFFXUV LQ ,QGLD ZKHUH ³OHIW
EHKLQG´ ZDV EURXJKW XS DPRQJ WUDQVKXPDQW SDVWRUDOLVWV ZKR ZDQWHG WR DFTXLUH
OLWHUDF\LQRUGHUWRJDLQVRFLDOGHYHORSPHQW'\HU&KRNVL'\HU
)XQFWLRQDO OLWHUDF\ SURJUDPPHV KDYH EHHQ FRQVLGHUHG HIIHFWLYH LQ WHUPV RI
HFRQRPLFDQGVRFLDOGHYHORSPHQW+RZHYHUVRPHUHVHDUFKHUV5RJHUVHWDO
DQG %DUWRQ DPRQJ RWKHUV KDYH YRLFHG D FULWLFDO RSLQLRQ FRQFHUQLQJ
IXQFWLRQDOOLWHUDF\SURJUDPPHV7KH\DUJXHWKDWLWLVDQDVVXPSWLRQWKDWIXQFWLRQDO
OLWHUDF\ OHDGV WR GHYHORSPHQW DQG IXQFWLRQDO OLWHUDF\ WHDFKLQJ LQ FRPPRQ OLWHUDF\
SURJUDPPHVGRHVQRWPHHWWKHQHHGVRIDGXOWOHDUQHUV)XQFWLRQDOOLWHUDF\WHDFKLQJ
VKRXOG EH PRGLILHG DFFRUGLQJ WR WKH FKDQJLQJ QHHGV RI DGXOW OHDUQHUV /LWHUDF\
SURJUDPPHV VKRXOG RIIHU SRWHQWLDO OHDUQHUV PHDQLQJIXO DQG UHOHYDQW VNLOOV ZKLFK
WKH\FDQXVHLQWKHLUGDLO\OLIHDQGOLYHOLKRRGV
7KH ³/LWHUDF\ IRU OLYHOLKRRGV´ DSSURDFK LV RQH PRGLILFDWLRQ RI IXQFWLRQDO OLWHUDF\
SURJUDPPHV7KLVNLQGRIOLWHUDF\SURJUDPPHLQFRUSRUDWHVOLWHUDF\WHDFKLQJDPRQJ
WKH YDULRXV VNLOOV ZKLFK DUH EHLQJ OHDUQHG WR HQKDQFH OLYHOLKRRGV +RZHYHU
DFFRUGLQJ WR 5RJHUV HW DO DGXOW OHDUQHUV PD\ QRW EH PRWLYDWHG WR OHDUQ
OLWHUDF\VLQFHRQWKHLUSULRULW\OLVWOHDUQLQJOLYHOLKRRGVNLOOVLVKLJKHUWKDQDFTXLULQJ
OLWHUDF\IRUWKHLUGDLO\QHHGV
,W VHHPV WKDW WKH &KLQHVH &RPPXQLVW 3DUW\ IROORZV WKH %DNHU
V ,ELG LGHD DV WKH
IROORZLQJ VWDWHPHQW LQGLFDWHV 7KH )LIWHHQWK PHHWLQJ RI WKH &RPPXQLVW 3DUW\
5HSRUW VD\V « WKLV LV D KLVWRULFDO SHULRG ZKHUH PDQ\ SHRSOH ZLOO WUDYHO IURP
LOOLWHUDF\WRGHYHORSHGHGXFDWLRQ«
+DLQDQ7$3
:LSLQJDZD\LOOLWHUDF\
LV
D YHU\ HVVHQWLDO SDUW RI OLWHUDF\ GLVFRXUVH DPRQJ WKH &KLQHVH JRYHUQPHQW DQG WKH
&RPPXQLVW 3DUW\ RIILFLDOV 7KH 35& WKURXJK WKH JRYHUQPHQW DQG GLIIHUHQW
LQVWDQFHV KDV EHHQ ZRUNLQJ RQ ZLSLQJ DZD\ OLWHUDF\
IRU WKH ODVW ILYH GHFDGHV
0LQLVWU\ RI (GXFDWLRQ 7KHUH KDYH EHHQ PDVV FDPSDLJQV DOO RYHU WKH
FRXQWU\ 7KH JRYHUQPHQW KDV UHSRUWHG WKDW WKH 35& KDG EHHQ DEOH WR HUDGLFDWH
LOOLWHUDF\ DPRQJ \RXQJ DQG PLGGOHDJHG SHRSOH E\ 81(6&2 +RZHYHU ,DVVXPHWKDWUHSRUWVIURPUXUDODUHDVHVSHFLDOO\LQWKHZHVWHUQUHJLRQV
PD\ QRW DJUHH ZLWK WKLV UHSRUW EHFDXVH RUJDQLVLQJ HGXFDWLRQ LQ UXUDO DUHDV RI WKH
35& LV PRUH SUREOHPDWLF WKDQ LQ XUEDQ DUHDV $GGLWLRQDOO\ WKH 0LQLVWU\ RI
(GXFDWLRQKDVVHWLWVQHZUHJLRQDOJRDOVIRUOLWHUDF\HGXFDWLRQIRU\RQJDQGPLGGOH
DJHGSHRSOH&RPSXOVRU\HGXFDWLRQKDVEHHQLQFUHDVHGIURPVL[\HDUVWRQLQH\HDUV
RI HGXFDWLRQ 7KH DJH JURXS RI \HDUV LV XQGHU VSHFLDO DWWHQWLRQ FRQFHUQLQJ
OLWHUDF\HGXFDWLRQ%\WKHHQGRIDOOSURYLQFHVVKRXOGKDYHUHDFKHGWKHLUJRDOV
RILOOLWHUDF\UDWHVRI+RZHYHUWKH0LQLVWU\RI(GXFDWLRQLVFRQFHUQHGWKDW³)RU
7LEHW LW ZLOO WDNH PRUH WKDQ \HDUV WR IXOILO WKH VDPH REMHFWLYH³ 0LQLVWU\ RI
(GXFDWLRQ
/LWHUDF\ LV DQ HVVHQWLDO FRQGLWLRQ IRU HDFK SHRSOH¶V FXOWXUDO GHYHORSPHQW EXW
ZKHWKHU RU QRW FXOWXUH VXSSRUWV GHYHORSPHQW LV D GHEDWDEOH LVVXH $FFRUGLQJ WR
81(6&2 LW GRHV EXW -lUYLQHQ DUJXHV WKDW FXOWXUH GRHV QRW
DOZD\VVXSSRUWGHYHORSPHQW+RZHYHUWKH&KLQHVHJRYHUQPHQWKDVVHWLWVJRDOVIRU
VRFLDO SROLWLFDO DQG HFRQRPLF GHYHORSPHQW DQG OLWHUDF\ FDPSDLJQV DUH WKH PDMRU
ZD\WRUHDFKWKRVHJRDOV0LQLVWU\RI(GXFDWLRQ$OVR)LGD,QWHUQDWLRQDOWKH
SDUWQHURI7KH7LEHWDQ/LWHUDF\3URJUDPPHUHJDUGVOLWHUDF\DPHDQVWRVRFLHWDODQG
LQGLYLGXDO¶VGHYHORSPHQW/.$
:KDWDERXWHYHU\GD\IXQFWLRQDOOLWHUDF\"
)XQFWLRQDOOLWHUDF\LVDJOREDOLVVXHLQOLWHUDF\HGXFDWLRQ7KHDUWLFOH³7KH&KDOOHQJH
RI )XQFWLRQDO /LWHUDF\´ LQ WKH 7LPHV RI ,QGLD GLVFXVVHV KRZ IXQFWLRQDO
OLWHUDF\ LV QRW DFKLHYHG LQ PDQ\ FRXQWULHV 7KH FROXPQLVW $L\DU FODLPV EDVHG RQ
JOREDO UHVHDUFK WKDW KDOI RI FKLOGUHQ ZKR FRPSOHWH SULPDU\ HGXFDWLRQ DUH
IXQFWLRQDOO\LOOLWHUDWH³7KH\FDQQRWUHDGVLPSOHWH[WVRUGRVLPSOHVXPV´S
,IZHPRYHIURPWKHGHILQLWLRQRIIXQFWLRQDOOLWHUDF\WRHYHU\GD\IXQFWLRQDOOLWHUDF\
ZH PD\ VHH GLIIHUHQW UHVXOWV LQ WHUPV RI WHDFKLQJ OLWHUDF\ 7R P\ XQGHUVWDQGLQJ
SHRSOH PD\ QRW DFTXLUH IXQFWLRQDO OLWHUDF\ VNLOOV DFFRUGLQJ WR WKH GHILQLWLRQ RI
81(6&2DQGZKLFKLVGHVFULEHGE\$L\DUDERYHRUKRZ<XVVHQ6PLWK
GHILQH HYHU\GD\ IXQFWLRQDO OLWHUDF\ WDVNV 7KH\ UHJDUG HYHU\GD\ IXQFWLRQDO OLWHUDF\
WDVNV VXFK DV ILOOLQJ RXW DQ DSSOLFDWLRQ XQGHUVWDQGLQJ D QHZVSDSHU DUWLFOH RU
XQGHUVWDQGLQJ TXDQWLWDWLYH LQIRUPDWLRQ IURP D JUDSK , GHILQH HYHU\GD\ IXQFWLRQDO
OLWHUDF\ DV JHQHUDO ZRUGV DQG SKUDVHV ZKLFK SHRSOHXVH LQ HYHU\ GD\ OLIH DQG WKH\
FDQ UHFRJQLVH WKHP LQ D ZULWWHQ WH[W 7KHUHIRUH DFTXLULQJ HYHU\GD\ IXQFWLRQDO
OLWHUDF\ZRXOGHQDEOHSHRSOHWRUHFRJQLVHVLQJOH ZRUGVDQGSRVVLEO\ZULWHWKHPDV
ZHOOZKLFKWKHQPD\KHOSWKHPWRXVHWKHLUVNLOOVWRVRPHH[WHQWLQWKHLUHYHU\GD\
IXQFWLRQVLQDVRFLHW\
, EHOLHYH WKDW HYHU\GD\ IXQFWLRQDO OLWHUDF\ WDVNV VXVWDLQ DGXOW OHDUQHUV¶ VNLOOV DQG
HYHU\GD\ IXQFWLRQDO OLWHUDF\ DVVLVWV SHRSOH LQ SHUVRQDO GHYHORSPHQW DQG
HPSRZHUPHQW , DOVR DUJXH WKDW FRPPRQ VORJDQV WR HQFRXUDJH DGXOW OHDUQHUV WR
DFTXLUHOLWHUDF\VXFKDV³,WLVHDVLHUWRILQGDVKRSZKHQ\RXOLWHUDWH´DQG³<RXDUH
QRWFKHDWHGDWWKHED]DDU´GHULYHIURPHYHU\GD\IXQFWLRQDOOLWHUDF\3HRSOHOHDUQWR
UHFRJQLVH VLQJOH ZRUGV ZKLFK LV D ERRVWHU IRU IXUWKHU SHUVRQDO HPSRZHUPHQW DQG
GHYHORSPHQW
$QRWKHUDSSURDFKWROLWHUDF\DQGGHYHORSPHQW
5RJHUV VXJJHVWV WKDW WKHUH DUH WZR NH\ DSSURDFKHV WR OLWHUDF\ ZKLFK DUH
JDWHZD\V WR GHYHORSPHQW 7KH ILUVW RQH LV WKH OLWHUDF\OHDGVWRGHYHORSPHQW
HTXDWLRQ5RJHUVZKLFKLVDOVRDGRSWHGE\WKHJRYHUQPHQWRIWKH35&
DVGLVFXVVHGDERYH7KHVHFRQGDSSURDFKLVWKDWLOOLWHUDWHSHRSOHDUHVXUURXQGHGE\
DQ DQWLGHYHORSPHQW V\VWHP ZKLFK GRHV QRW HQFRXUDJH LOOLWHUDWH SHRSOH WRZDUGV
EHWWHUHFRQRPLFGHYHORSPHQW
'HVSLWHWKHHIIRUWVRIWKH35&DXWKRULWLHVWRWDNHLQWRFRQVLGHUDWLRQPLQRULW\SHRSOH
JURXSVDVWKH\SODQOLWHUDF\FDPSDLJQVSULYDWHLQGLYLGXDOVPD\QRWSHUFHLYHOLWHUDF\
WHDFKLQJ IRU PLQRULW\ SHRSOH DV EHLQJ LPSRUWDQW 0\ &KLQHVH ODQJXDJH WHDFKHU
FRXOGQRWXQGHUVWDQGZK\ 7LEHWDQKHUGHUVPLJKW QHHGOLWHUDF\VNLOOV+HFRXOGQRW
IRUHVHH DQ\ HYHQW ZKHUH OLWHUDF\ ZRXOG EH QHHGHG LQ WKH OLYHV RI QRPDGLF SHRSOH
+HFRQVLGHUHG7LEHWDQVPRUHRUOHVVDVQRQOLWHUDWHSHRSOHOLYLQJLQWKHLUEODFN\DN
KDLU WHQWV KHUGLQJ WKHLU \DNV DQG VKHHS 7KHUHIRUH DFFRUGLQJ WR KLP 7LEHWDQ
KHUGHUV QRPDGV FDQQRW LQWHJUDWH SURSHUO\ ZLWK WKH FLYLOLVHG &KLQHVH FXOWXUH DQG
VRFLHW\ $OWKRXJK LW LV SRVVLEOH WKDW 7LEHWDQ OLWHUDF\ VNLOOV ZRXOG KHOS 7LEHWDQV WR
LQWHJUDWHZLWK&KLQHVHVRFLHW\EHWWHUDQGHDUOLHULQWKHLUKLVWRU\WKLVGRHVQRWDOZD\V
FRUUHVSRQG ZLWK WKH DWWLWXGHV RI LQGLYLGXDO +DQ &KLQHVH SHRSOH ,Q D GHYHORSPHQW
VHQVHWKHVXUURXQGLQJVRFLHW\PD\EHDEDUULHUIRUFKDQJHLQ7LEHWDQVRFLHW\RULQ
DQ\RWKHUPLQRULW\SHRSOHVRFLHW\LQWKH35&RUHOVHZKHUHLQWKHZRUOG7KLVLVQRW
EHFDXVHRIWKH35&JRYHUQPHQWSROLF\EXWGXHWRWKHLQGLYLGXDOV
DWWLWXGHVWRZDUGV
PLQRULW\SHRSOHJURXSV
,W LV DOVR SRVVLEOH WKDW WKH LPPHGLDWH HQYLURQPHQW RI OHDUQHUV GRHV QRW HQFRXUDJH
GHYHORSPHQW WKURXJK OLWHUDF\ , EHOLHYH WKDW VRPH LVVXHV DQG FXOWXUDO SUDFWLFHV
KLQGHUGHYHORSPHQWHLWKHULWLVWKHFRQWH[WRIOLWHUDF\RUWKHZD\VOLWHUDF\LVWDXJKW
5HVHDUFKLQJ$PGR/LWHUDFLHV&KRRVLQJ7KHRUHWLFDO
*XLGHOLQHV
$VPHQWLRQHGLQ&KDSWHU2QH,KDGOLYHGDQGZRUNHGLQWKH$PGRDUHDIRUDFRXSOH
RI \HDUV EHIRUH VWDUWLQJ WKH FXUUHQW UHVHDUFK , UHFDOO RQH RFFDVLRQ LQ WKDW SUH
UHVHDUFK WLPH ZKHQ , KDG D GLVFXVVLRQ ZLWK RQH +DQ RIILFLDO IURP WKH (GXFDWLRQ
%XUHDX RI 4LQJKDL 3URYLQFH :KLOH GLVFXVVLQJ 7LEHWDQ OLWHUDF\ HGXFDWLRQ KH ZDV
VWUDLJKW DERXW KLV RSLQLRQ WHDFKLQJ $PGR OLWHUDF\ ZRXOG EH D ZDVWH RI WLPH +H
SLFWXUHG$PGRVDVQRPDGVZKROLYHLQEODFNZRROOHQWHQWVDQGKHUGWKHLU\DNVDQG
VKHHS ZLWKRXW DQ\ WRXFK DQG FRQQHFWLRQ WR OLWHUDWH DFWLYLWLHV LQ WKHLU OLYHV
7KHUHIRUHWKH\ZRXOGQRWUHTXLUHDQ\OLWHUDF\WHDFKLQJ
:KHQ , VWDUWHG UHVHDUFKLQJ $PGR OLWHUDFLHV DQG OLWHUDF\ SUDFWLFHV , KDG D GLIIHUHQW
NLQGRISLFWXUHRI$PGRVLQP\PLQGDQGDOVRDGLIIHUHQWDSSURDFKWR$PGROLWHUDF\
WHDFKLQJ WR WKDW +DQ HGXFDWLRQDO RIILFLDO 0\ DSSURDFK WR UHVHDUFKLQJ $PGR
OLWHUDFLHV ZDV QRW ZKHWKHU RU QRW $PGRV UHTXLUH OLWHUDF\ HGXFDWLRQ EXW UDWKHU LQ
ZKDW ZD\ DQG LQ ZKDW FRQWH[WV WKH\ XVH OLWHUDF\ LQ GDLO\ OLIH , NQHZ WKDW WKH
SURWRW\SH SLFWXUH RI $PGRV OLYLQJ LQ EODFN \DN ZRROOHQ WHQWV GLG QRW SUHVHQW WKH
ZKROH SLFWXUH RI $PGR OLIH $OVR , KDG QRWLFHG VRPH RI WKH FRPSOH[LW\ RI $PGR
OLWHUDF\SUDFWLFHVWKURXJKP\ZRUNDQGLQP\PLQG ,KDGTXHVWLRQVVXFKDV³:K\
OLWHUDF\LVWDXJKWDVLWLVLQDGXOWOLWHUDF\FODVVHV"´³,V7LEHWDQDGXOWOLWHUDF\WHDFKLQJ
UHOHYDQWWRHYHU\GD\XVHVRIOLWHUDF\"´7KHVHDUHVRPHRIWKHTXHVWLRQV,KDYHDVNHG
P\VHOI DQG P\ $PGR IULHQGV DQG SDUWLFLSDQWV LQ WKLV UHVHDUFK 7KHVH NLQGV RI
TXHVWLRQV FRQFHUQLQJ WKH VRFLDO XVH RI OLWHUDF\ ZHUH WULJJHUHG E\ WKH WKHRUHWLFDO
IUDPHZRUNZKLFK,KDYHFKRVHQIRUP\UHVHDUFK
0\ UHVHDUFK RQ $PGR OLWHUDF\ SUDFWLFHV LV JURXQGHGRQ D VRFLDO WKHRU\ RI OLWHUDF\
HJ %DUWRQ D +DPLOWRQ %DUWRQ ,YDQLü +HDWK 6WUHHW 7KH
1HZ /RQGRQ *URXS ,Q WKLV SHUVSHFWLYH , GR QRW VHH OLWHUDF\ RQ LWV RZQ LQ
LVRODWLRQIURPDVRFLDOFRQWH[WEXWOLWHUDF\LVLQRQHZD\RUDQRWKHUHPEHGGHGLQD
VRFLDOFRQWH[WLHDOHDUQLQJSURFHVVLQDVFKRRORUUHOLJLRXVDFWLYLWLHVLQDSODFHRI
ZRUVKLS 6LQFH D VRFLDO WKHRU\ RI OLWHUDF\ SHUFHLYHV OLWHUDF\ LQ D VRFLDO FRQWH[W D
JLYHQ FXOWXUDO HQYLURQPHQW JLYHV PHDQLQJ WR OLWHUDF\ SUDFWLFHV ,Q RWKHU ZRUGV
OLWHUDF\ SUDFWLFHV DUH HPEHGGHG LQ FXOWXUDO SUDFWLFHV WKDW FRQYH\ WKH PHDQLQJ IRU
OLWHUDF\ SUDFWLFHV 3HRSOH XQGHUVWDQG DQG YLHZ OLWHUDF\ EDVHG RQ WKHLU FXOWXUDO
YDOXHV EHOLHIV DQG FXVWRPV 7KHUHIRUH OLWHUDF\ LV DOVR OLQNHG WR VRFLDO KLHUDUFK\
DQGSRZHUUHODWLRQV
$V PHQWLRQHG LQ &KDSWHU WKH VWDUWLQJ SRLQW IRU P\ UHVHDUFK ZDV D QHHG WR
XQGHUVWDQG7LEHWDQOLWHUDF\SUDFWLFHV$FFRUGLQJWR6WUHHWXQGHUVWDQGLQJWKH
FRQFHSWRIOLWHUDF\LVEDVHGRQXQGHUVWDQGLQJWKHFRQFHSWVRINQRZOHGJHDQGWUXWK
ZLWKLQ D VRFLHW\ ZKLFK YDULHV IURP RQH VRFLDO JURXS WR DQRWKHU 7KH QRWLRQ RI
OLWHUDF\DVDVRFLDODFWLYLW\LVEDVHGWKHUHIRUHRQWKHXQGHUVWDQGLQJWKDWWKHYDOXHRI
OLWHUDF\ GHSHQGV RQ WKH ZKROH VRFLRFXOWXUDO FRQWH[W ZKHUH UHDGLQJ DQG ZULWLQJ LV
WDNLQJSODFH6WUHHW:KHQ,WKLQNRIP\UHVHDUFKDPRQJWKH$PGRVLWLVQRW
RQO\ WKH 7LEHWDQ FXOWXUH WKDW VKDSHV WKH 7LEHWDQ OLWHUDF\ SUDFWLFHV EXW DOVR +DQ
&KLQHVH FXOWXUH LQIOXHQFHV 7LEHWDQ OLWHUDF\ SUDFWLFHV 7KHUHIRUH LQ RUGHU WR
XQGHUVWDQG$PGROLWHUDF\ SUDFWLFHVZKLFKIRUP WKHHQYLURQPHQWIRUDGXOWOLWHUDF\
HGXFDWLRQ,KDYHWRWDNHLQWRDFFRXQWWKHVRFLRFXOWXUDOFRQWH[WRI$PGRVLQFOXGLQJ
WKHODQJXDJHVZKLFKDUHLQYROYHGLQWKHLUOLWHUDF\SUDFWLFHVLQGLIIHUHQWFRQWH[WVRI
OLIH +RZHYHU LQ WKH FXUUHQW UHVHDUFK +DQ FXOWXUHLV SUHVHQWHG RQO\ DV D UHIHUHQFH
SRLQWFRQFHUQLQJPDLQO\WKHODQJXDJHXVHLQFRPPXQLWLHV
7KH IROORZLQJ TXRWDWLRQ IURP %DUWRQ D GHVFULEHV SDUWLDOO\ WKH WKHRUHWLFDO
JXLGHOLQHVIRUP\UHVHDUFKRQOLWHUDFLHVDQGOLWHUDF\SUDFWLFHVDPRQJ$PGRV
³/LWHUDF\ KDV D VRFLDO PHDQLQJ SHRSOH PDNH VHQVH RI OLWHUDF\ DV D VRFLDO
SKHQRPHQRQDQGWKHLUVRFLDOFRQVWUXFWLRQRIOLWHUDF\OLHVDWWKHURRWRIWKHLU
DWWLWXGHVWKHLUDFWLRQVDQGWKHLUOHDUQLQJ´%DUWRQD
6LQFHP\UHVHDUFKLQWHUHVWLVWRILQGRXWLQZKDWZD\VFXOWXUDOSUDFWLFHVDUHSDUWRI
DGXOW OLWHUDF\ WHDFKLQJ DQG DFTXLVLWLRQ RI $PGRV 1HZ /LWHUDF\ 6WXGLHV 1/6
SURYLGHV D SHUVSHFWLYH WR H[DPLQH LVVXHV VXFK DV SRZHU JHQGHU DQG UHOLJLRXV
V\VWHPV WKDW LPSDFW RQ WKH FRQFHSWXDOLVDWLRQ RI OLWHUDF\ LQ VRFLHW\ %DUWRQ E
+DPLOWRQ%DUWRQ,YDQLF6WUHHW0\SULPDU\DSSURDFKLVWKDW
OLWHUDF\ KDV WR EH XQGHUVWRRG ERWK DV D VRFLDO DFWLYLW\ DQG D GLVFRXUVH LQ D JLYHQ
FXOWXUDOFRQWH[W
%DUWRQ DQG +DPLOWRQ KDYH VHW RXW D QXPEHU RI SURSRVLWLRQV DERXW WKH
QDWXUHRIOLWHUDF\DVVRFLDOSUDFWLFHWKDW,KDYHWDNHQDVDJXLGHOLQHIRUWKLVUHVHDUFK
x /LWHUDF\LVEHVWXQGHUVWRRGDVDVHWRIVRFLDOSUDFWLFHVWKHVHFDQEHLQIHUUHG
IURPHYHQWVZKLFKDUHPHGLDWHGE\ZULWWHQWH[WV
x 7KHUHDUHGLIIHUHQWOLWHUDFLHVDVVRFLDWHGZLWKGLIIHUHQWGRPDLQVRIOLIH
x /LWHUDF\ SUDFWLFHV DUH SDWWHUQHG E\ VRFLDO LQVWLWXWLRQV DQG SRZHU
UHODWLRQVKLSVDQGVRPHOLWHUDFLHVDUHPRUHGRPLQDQWYLVLEOHDQGLQIOXHQWLDO
WKDQRWKHUV
x /LWHUDF\LVKLVWRULFDOO\VLWXDWHG
x /LWHUDF\ SUDFWLFHV FKDQJH DQG QHZ RQHV DUH IUHTXHQWO\ DFTXLUHG WKURXJK
SURFHVVHVRILQIRUPDOOHDUQLQJDQGVHQVHPDNLQJ
$GGLWLRQDOO\ , KDYH H[WHQGHG WKH OLVW E\ DGGLQJ WZR QRWLRQV RI %DUWRQ 7KH ILUVW
QRWLRQLVWKDWOLWHUDF\LVDV\PEROLFV\VWHPZKLFKKDVERWKDFRJQLWLYHDQGFXOWXUDO
EDVLV %DUWRQ /DQJXDJH D V\PEROLF V\VWHP PHGLDWHV EHWZHHQ XV DQG
VRFLHW\ ,W LV LPSRUWDQW WR UHFRJQL]H WKDW RXU WKLQNLQJ LV FRQVWUXFWHG DQG VXSSRUWHG
E\VRFLDOSUDFWLVHVDURXQGXV7KHUHIRUHOLWHUDF\SUDFWLFHVDUHLQIOXHQFHGE\VRFLHW\
LWV YDOXHV DQG DWWLWXGHV WRZDUGV OLWHUDF\ 7KH VHFRQG QRWLRQ FRQFHUQV OLIH ORQJ
OHDUQLQJZKLFKVXSSRUWWKHLGHDRIDGXOWOLWHUDF\OHDUQLQJ
, KDYH IXUWKHUPRUH LQFRUSRUDWHG 6WUHHW¶V LGHRORJLFDO PRGHO RI OLWHUDF\ 6WUHHW
SRUWUD\VOLWHUDF\DVEHLQJWLJKWO\ERXQGWRQRWLRQVRILGHQWLW\HFRQRPLFVRFLDODQG
SROLWLFDO SRZHU 6WUHHW 7KHVH IRXU LVVXHV DFW DV SRLQWHUV IRU WKLV UHVHDUFK LQ
WKHYDVWILHOGRIFXOWXUHDQGOLWHUDF\
'RLQJ(WKQRJUDSK\±0HWKRGRORJLFDO
&KRLFHVDQG$QDO\VHV
7KHFXUUHQWUHVHDUFKLVEDVHGRQDQRULHQWDWLRQWRZDUGVTXDOLWDWLYHUHVHDUFK0\DLP
LVWRILQGDQVZHUVWRWKHTXHVWLRQV³ZKDW´DQG³ZK\´LQYDULRXVFRQWH[WVLQ$PGR
OLIH DQG WR ILQG WKHLU SHUVSHFWLYHV WR GLIIHUHQW LVVXHV DURXQG OLWHUDF\ 7KHUHIRUH ,
EHOLHYH D TXDOLWDWLYH UHVHDUFK DSSURDFK LV WKH EHVW PHWKRGRORJLFDO ILW WR WKLV
SDUWLFXODUUHVHDUFKSUREOHPDNH\IRUJXLGLQJWKHUHVHDUFKGHVLJQSURFHVV
,W LV D ZLGHO\ KHOG EHOLHI WKDW WKHUH DUH WZR PHWKRGRORJLFDO SDUDGLJPV WR FKRRVH
IURPWKHTXDQWLWDWLYHDQGWKHTXDOLWDWLYH+DPPHUVOH\,FRXOGKDYHFKRVHQ
WKH RWKHU RSWLRQ IRU D PHWKRGRORJLFDO SDUDGLJP D TXDQWLWDWLYH RQH +RZHYHU
EHFDXVH RI WKH QDWXUH RI TXDQWLWDWLYH UHVHDUFK , GLG QRW UHJDUG DV D UHDO RSWLRQ D
PHWKRGRORJLFDO SDUDGLJP IRU WKLV UHVHDUFK 4XDQWLWDWLYH UHVHDUFK DLPV WR ILQG
SDWWHUQV UHJXODULWLHV FDXVHV DQG FRQVHTXHQFHV DQG IRU WKDW UHDVRQ RQH RI WKH
FKDUDFWHULVWLF RI TXDQWLWDWLYH UHVHDUFK LV VDLG EH WR DQ DSSOLFDWLRQ RI SULQFLSOHV RI
SRVLWLYLVP $ODVXXWDUL 6FRWW 0RUULVRQ %U\PDQ DVVHUWV WKDW
UHVHDUFKHUVRITXDQWLWDWLYHUHVHDUFKIRUPDVWUXFWXUHLQZKLFKWKHRULHVGHWHUPLQHWKH
SUREOHPV 5HVHDUFKHUV DGGUHVV WKHPVHOYHV WR WKHVH SUREOHPV LQ WKH IRUP RI
K\SRWKHVHVGHULYHGIURPJHQHUDOWKHRULHV
4XDOLWDWLYH UHVHDUFK KDV DSSURDFKHV WKDW DUH XQGHUSLQQHG E\ D VHW RI DVVXPSWLRQV
DERXW WKH ZD\ WKH VRFLDO ZRUOG RSHUDWHV 6LOYHUPDQ 7KH PRVW IXQGDPHQWDO
FKDUDFWHULVWLF RI TXDOLWDWLYH UHVHDUFK LV WKH DFFXUDF\ RI ³YLHZLQJ HYHQWV QRUPV
YDOXHV HWF IURP WKH SHUVSHFWLYH RI WKH SHRSOH ZKR DUH EHLQJ VWXGLHG´ %U\PDQ
4XDOLWDWLYHUHVHDUFKLVGHWHUPLQHGE\DGDWDSURFHVV$UHVHDUFKHUKDVWR
SURFHHGZLWKWKHUHVHDUFKLQGXFWLYHO\IURPHPSLULFDOGDWDWRZDUGVGHYHORSLQJPRUH
JHQHUDO LGHDV UHJDUGLQJ WKHRU\ RU PHWKRGRORJ\ $ODVXXWDUL ,W KDV
KHUPHQHXWLFFKDUDFWHULVWLFVDVLWVHHNVWRXQGHUVWDQGWKHSHUVSHFWLYHVRIWKHSHRSOH
VWXGLHG DQG LW IRFXVHV RQ ILQGLQJ DQVZHUV WKURXJK WKHP +DPPHUVOH\ 1RUPDQ /LQFROQ 7KHUHIRUH TXDOLWDWLYH UHVHDUFK LV FKDUDFWHUL]HG E\
XQGHUVWDQGLQJ LQWHUSUHWDWLRQ DQG FRQWH[WXDOLW\ LQ D SDUWLFXODU FDVH 7KHVH
FKDUDFWHULVWLFV ZHUH WKH UHDVRQV WR FKRRVH D TXDOLWDWLYH RULHQWDWLRQ WR WKH FXUUHQW
UHVHDUFK 0RUH VSHFLILFDOO\ , GHFLGHG WR XVH DQ HWKQRJUDSKLF UHVHDUFK RULHQWDWLRQ
ZKLFKLVRQHIRUPRITXDOLWDWLYHUHVHDUFKDQGZKLFKIRFXVHVRQFXOWXUDOVWXGLHV
(WKQRJUDSK\LVDFRPPRQO\XVHGUHVHDUFKVWUDWHJ\LQVRFLDOUHVHDUFK$FFRUGLQJWR
6LOHYHUPDQ DQ DQWKURSRORJLVW 0DOLQRZVNL¶V UHVHDUFK LQ 3DSXD 1HZ
*XLQHD EHFDPH WKH KDOOPDUN RI HWKQRJUDSKLF UHVHDUFK RI WRGD\ 6LQFH WKH ¶V
HWKQRJUDSK\ KDV EHFRPH PRUH ZLGHO\ DGYRFDWHG DQG SUDFWLVHG HYHQ LQ RWKHU
DFDGHPLFILHOGVVXFKDVHGXFDWLRQKHDOWKVRFLDOZRUNDQGEXVLQHVVMXVWWRPHQWLRQ
D IHZ <HW DORQJ WKH \HDUV WKHUH KDV EHHQ FULWLFLVP RI HWKQRJUDSK\ QRW PHHWLQJ
TXDOLILFDWLRQVRIVFLHQWLILFUHVHDUFKDQGQRWGLVWDQFLQJLWVHOIFOHDUO\IURPWKHPRGHO
RI QDWXUDO UHVHDUFK +DPPHUVOH\ 'LVFXVVLRQ DURXQG HWKQRJUDSKLF UHVHDUFK
KDV DOVR FRQFHUQHG WKH UROH RI UHDVHDFKHU DQG GHYHORSPHQWV RI HWKQRJUDSKLF WH[WV
7KHHDUO\HWKQRJUDSKHUVKDYHEHHQFULWLFL]HGRIODFNLQJUHIOH[LYLW\DQGSRVLWLRQDOLW\
LQ WKHLU UHVHDUFK 2Q WKH RWKHU KDQG HWKQRJUDSK\ KDV FRQWULEXWHG WR UHVHDUFKLQJ
FRPSOH[VRFLDOVWXGLHVLQIRUPLQJFXOWXUHERXQGUHVHDUFKWKHRULHVDQGLIQHHGHGLW
SURYLGHVDJRRGVWUDWHJ\IRUGLVFRYHULQJJURXQGHGWKHRU\6SUDGOH\
(WKQRJUDSK\
(WKQRJUDSK\ DLPV WR SUHVHQW WKH YLHZV RI SHRSOH ZKR DUH UHVHDUFKHG DQG
HWKQRJUDSKLF UHVHDUFK LV EDVHG RQ KRZ WKHVH SHRSOH VHH WKH ZRUOG DURXQG WKHP
6SUDGOH\+DPPHUVOH\$WNLQVRQ
6RPHSHRSOHDUJXHWKDWWKHUHLVQRRQHVLQJOHGHILQLWLRQZKDWFRXQWVDVHWKQRJUDSK\
FI%ORRPH*UHHQ5)(OOHQFDSWXUHGWKHYDULDWLRQRIPHDQLQJVIRU
WKHWHUPRIHWKQRJUDSK\LQWKHDFDGHPLFILHOGV)RUH[DPSOHHWKQRJUDSK\FDQUHIHU
WRHPSLULFDODFFRXQWVRIDFXOWXUHRIDVRFLDOJURXSRULWPD\UHIHUWRDQ DFDGHPLF
VXEMHFWDVLQ%ORRPHDQG*UHHQ(OOHQVXJJHVWVWKDWLWLVQRWZLVHWRHPSOR\
WKH ZRUG ³HWKQRJUDSK\´ LQ RQH VHQVH RQO\ EXW LW LV LPSRUWDQW WR DFNQRZOHGJH WKDW
WKHUHDUHGLIIHUHQFHVLQGHILQLWLRQVDQGLWLVLPSRUWDQWWRNQRZWKHGLIIHUHQFHV
%HFDXVHRIDODFNRIFRPPRQGHILQLWLRQVRIHWKQRJUDSK\DZLGHUDQJHRIXVHVIRU
WKHWHUPRIHWKQRJUDSK\H[LVWVLQVRFLDODQGHGXFDWLRQDOUHVHDUFK6RPHUHVHDUFKHUV
FODLP WR GR HWKQRJUDSKLF UHVHDUFK ZKHQ WKH\ GHVFULEH WKHLU VWXGLHV XVLQJ PHWKRGV
ZKLFK DUH FKDUDFWHULVWLFV LQ HWKQRJUDSKLF UHVHDUFK VXFK DV SDUWLFLSDQW REVHUYDWLRQ
RSHQHQGHG LQWHUYLHZ TXHVWLRQV HWF +HDWK <HW WKH FRUH RI HWKQRJUDSKLF
UHVHDUFK LV QRW RQO\ WKH SDUWLFXODU UHVHDUFK PHWKRGV EXW DOVR HWKQRJUDSKLF WKHRU\
6LPLODUO\ 6SUDGOH\ GHILQHV ³(WKQRJUDSK\ LV D FXOWXUHVWXG\LQJ FXOWXUH´
+LVGHILQLWLRQLQFOXGHVERWKUHVHDUFKPHWKRGVDQGHWKQRJUDSKLFWKHRU\DQGWKLVFDQ
EHFRQVLGHUHGDV³DIXOOVFDOH´HWKQRJUDSK\FI+HDWK6SUDGOH\¶VGHILQLWLRQ
DOVRGHULYHVIURPDQWKURSRORJ\WKHRULJLQRIHWKQRJUDSK\DQGLWFRQVLVWVRIDIXOO
OHQJWKRIILHOGZRUNDORQJZLWKLQWHUSUHWLQJDQGEXLOGLQJXSDWKHRU\DQGSURGXFLQJ
DIXOOZULWWHQWH[WWRUHSRUWHWKQRJUDSKLFUHVHDUFKUHVXOWV
:LWKLQDOOWKHVHGLIIHUHQWLQWHUSUHWDWLRQVRIZKDWFRXQWVDVHWKQRJUDSK\%ORRPHDQG
*UHHQ GUHZ GLVWLQFWLRQ DPRQJ WKUHH GLIIHUHQW DSSURDFKHV WR HWKQRJUDSK\
GRLQJHWKQRJUDSK\DGRSWLQJHWKQRJUDSKLFSHUVSHFWLYHDQGXVLQJHWKQRJUDSKLFWRROV
$FFRUGLQJ WR WKHP GRLQJ HWKQRJUDSK\ FRQVLVWV RI ³WKH IUDPLQJ FRQFHSWXDOLVLQJ
FRQGXFWLQJ LQWHUSUHWLQJ ZULWLQJ DQG UHSRUWLQJ DVVRFLDWHG ZLWK D EURDG LQGHSWK
DQGORQJWHUPVWXG\RIDVRFLDORUFXOWXUDOJURXS´S'RLQJHWKQRJUDSK\WDNHV
DFFRXQWVDQGPHHWVWKHFULWHULDRIWKHVHOHFWHGILHOGRUGLVFLSOLQH,ZRXOGLQWHUSUHW
GRLQJ HWKQRJUDSK\ DV GRLQJ HWKQRJUDSKLF UHVHDUFK LQ LWV IXOO VFDOH ZKLFK +HDWK
LELGUHIHUUHGWR$QRWKHUDSSURDFKDGRSWLQJDQHWKQRJUDSKLFSHUVSHFWLYHKDVLWV
UHVHDUFK JXLGH OLQHV DQG IRXQGDWLRQ LQ WKHRULHV RI DQWKURSRORJ\ DQG VRFLRORJ\ ,W
DOORZV D UHVHDUFKHU WR KDYH D PRUH IRFXVHG DSSURDFK WR HYHU\GD\ OLIH LQ D FKRVHQ
FXOWXUHRUVRFLDOJURXS7KHWKLUGRQHXVLQJHWKQRJUDSKLFWRROVUHIHUVVSHFLILFDOO\WR
PHWKRGV DQG WHFKQLTXHV XVHG GXULQJ WKH ILHOG ZRUN 7KHVH WRROV VXFK DV
SDUWLFLSDWLYH REVHUYDWLRQ DQG RSHQHQGHG LQWHUYLHZV DUH W\SLFDO PHWKRGV LQ
HWKQRJUDSKLFUHVHDUFK
'RLQJ(WKQRJUDSKLF5HVHDUFK
:KDWGRHVLWPHDQWRGRHWKQRJUDSKLFUHVHDUFKLQSUDFWLFH"$FFRUGLQJWR$WNLQVRQ
DQG +DPPHUVOH\ HWKQRJUDSKLF UHVHDUFK XVXDOO\ LQYROYHV WKH IRXU
IROORZLQJIHDWXUHV
$ VWURQJ HPSKDVLV RQ H[SORULQJ WKH QDWXUH RI D SDUWLFXODU VRFLDO
JURXSUDWKHUWKDQVHWWLQJRXWWRWHVWUHVHDUFKHU¶VRZQK\SRWKHVLV
$SUHIHUHQFHRIZRUNLQJZLWKXQVWUXFWXUHGGDWDRQWKHILHOG
)RFXVLQJ RQ D VPDOO JURXS RI SHRSOH RU GRLQJ UHVHDUFK RQ D VPDOO
VFDOH
$QDO\VLVRIGDWDWKDWLQYROYHVH[SOLFLWLQWHUSUHWDWLRQRIWKHPHDQLQJV
DQGDFWLRQVRIKXPDQEHLQJV
$V D UHVXOW PDQ\ HWKQRJUDSKLF VWXGLHV DUH FDVH VWXGLHV RI D SHRSOH JURXS LQ D
FHUWDLQ ORFDWLRQ DQG LQ D FHUWDLQ HQYLURQPHQW +RZHYHU WKHVH HWKQRJUDSKLF FDVH
VWXGLHVFDQSUHVHQWRWKHUVRFLDORUSHRSOHJURXSVLQVLPLODUVLWXDWLRQV
'RLQJHWKQRJUDSKLFUHVHDUFKLVDOHQJWK\SURFHVV'DYLHV ZKLFKVWDUWVZLWK
IUDPLQJ UHVHDUFK TXHVWLRQV DQG UHVXOWV ZLWK D WKHRU\ WKURXJK RQJRLQJ DQDO\VLV RI
GDWD'XULQJWKDWSURFHVVDQHWKQRJUDSKHUDLPVWRILQGRXWWKHFXOWXUDONQRZOHGJHRI
WKDW SDUWLFXODU JURXS E\ PLQJOLQJ ZLWK LQWHUYLHZLQJ DQG REVHUYLQJ SHRSOH $V
5REHUWVHWDOSXWLW³7KHHWKQRJUDSKHUJRHVRXWLQWRµWKHILHOG¶±DFOXVWHU
RIKXWVRQDVPDOODWROORUWKHNLWFKHQVRIDQHLJKERXULQJKRXVLQJHVWDWH±LQRUGHUWR
SDUWLFLSDWHLQWKHOLYHVRIDVSHFLILFJURXSDQGOHDUQDERXWWKHLUHYHU\GD\DIIDLUVDQG
ZKDWJLYHVPHDQLQJWRWKHP´
7R SDUWLFLSDWH LQ SHRSOH¶V OLYHV DQG WR ILQG RXW WKH FXOWXUDO NQRZOHGJH UHTXLUHV
ODQJXDJH&XOWXUDONQRZOHGJHLVWUDQVPLWWHGWKURXJKWKHODQJXDJHZKDWSHRSOHVD\
DQG KRZ WKH\ VD\ LW 7KHUHIRUH LW LV EHQHILFLDO XVXDOO\ HYHQ QHFHVVDU\ IRU DQ
HWKQRJUDSKHUWROHDUQWKHODQJXDJHRIWKHUHVHDUFKHGSHRSOHJURXSLQRUGHUWRDYRLG
PLVXQGHUVWDQGLQJRUPLVLQWHUSUHWDWLRQGXULQJWKHSURFHVV6SUDGOH\,WLVQRW
RQO\ LQ D FURVVFXOWXUDO VHWWLQJ ZKHQ ODQJXDJH FDQ FDXVH PLVXQGHUVWDQGLQJ RU
PLVLQWHUSUHWDWLRQEXWDOVRLQDVXEFXOWXUDOVHWWLQJZLWKLQWKHVDPHPDLQFXOWXUH)RU
H[DPSOH 7LEHWDQV RIWHQ WDON DERXW PLQRULW\ SHRSOH DQG E\ PLQRULW\ SHRSOH WKH\
PHDQ 7LEHWDQV :KHQ WKH\ WDON DERXW RWKHU HWKQLF PLQRULWLHV LQ &KLQD WKH\
VSHFLILFDOO\ PHQWLRQ WKHP E\ WKHLU QDPH HJ +XL SHRSOH ,W LV FUXFLDO IRU D
UHVHDUFKHUWROHDUQWKHVHPLRWLFVDQGVHPDQWLFVRIWKHSHRSOHVKHLVUHVHDUFKLQJ
7KH ILHOG ZRUN LV D SURFHVV RI EHFRPLQJ IDPLOLDU ZLWK XQIDPLOLDU 'DYLHV 'XULQJKLVILHOGZRUNDQHWKQRJUDSKHUEHFRPHVIDPLOLDUZLWKWKHOLIHRISHRSOHKHLV
UHVHDUFKLQJ +DPPHUVOH\ DQG $WNLQVRQ GHVFULEH WKLV SKDVH WKDW DQ
HWKQRJUDSKHU SDUWLFLSDWHV ³RYHUWO\ RU FRYHUWO\´ LQ SHRSOH¶V GDLO\ OLYHV IRU DQ
H[WHQVLYH SHULRG RI WLPH E\ REVHUYLQJ WKHLU OLYHV DQG DVNLQJ WKHP TXHVWLRQV 7KLV
FRXOGPHDQREVHUYLQJWKHUROHVRIPHQDQGZRPHQLQDKRXVHKROGDQGILQGLQJWKH
UHDVRQV ZK\ GLIIHUHQW WDVNV DUH GLYLGHG EHWZHHQ PHQ DQG ZRPHQ $JDU VXJJHVWV ³:KDW LV JRLQJ RQ KHUH"´ DV D YHU\ XVHIXO SKUDVH IRU DQ HWKQRJUDSKHU
GXULQJWKHILHOGZRUN:LWKRXWILQGLQJDQVZHUVWRWKDWTXHVWLRQLWLVGLIILFXOWWRJUDVS
FXOWXUDO PHDQLQJV LQ WKDW SHRSOH JURXS 7KHUHIRUH LW LV LPSRUWDQW WKDW WKHVH ERWK
SDUWLFLSDQW REVHUYDWLRQ DQG DVNLQJ TXHVWLRQVLQWHUYLHZLQJ SHRSOH JR WRJHWKHU $
UHVHDUFKHUGRHVQRWILQGWKHFXOWXUDOPHDQLQJVIRUGLIIHUHQWGDLO\SUDFWLFHVE\RQO\
REVHUYLQJSHRSOHDVNLQJTXHVWLRQVLVFUXFLDOLQILQGLQJFXOWXUDOPHDQLQJV6SUDGOH\
(YHQWKRXJKDILHOGSHULRGRIDQHWKQRJUDSKLFUHVHDUFKLVXVXDOO\FRQVLGHUHGDVRQH
SKDVHRIWKHUHVHDUFKWKHUHLVQRGLYLGLQJSRLQWEHWZHHQILHOGZRUNDQGDQDO\VLV7KH
QDWXUH RI HWKQRJUDSKLF UHVHDUFK LV WKDW REVHUYDWLRQDO UHVHDUFK GDWD FROOHFWLRQ
K\SRWKHVLV FRQVWUXFWLRQ DQG WKHRU\ EXLOGLQJ DUH LQWHUZRYHQ RQH FDQQRW VHSDUDWH
WKHPLQWRGLIIHUHQWSKDVHVRIUHVHDUFK
$Q(WKQRJUDSKLF3HUVSHFWLYH
,GHFLGHGWRXVHDQHWKQRJUDSKLFSHUVSHFWLYHIRUWKLVUHVHDUFKVLQFHLWLVKROLVWLFLQ
QDWXUH DLPLQJ WR XQGHUVWDQG WKH FXOWXUH VWXGLHG DQG EHLQJ ERWK WKRURXJK DQG
H[WHQVLYH +RZHYHU , KDYH ZRQGHUHG P\VHOI ZKHWKHU RU QRW , KDYH EHHQ GRLQJ
HWKQRJUDSKLF UHVHDUFK %ORRPH *UHHQ LQVWHDG RI KDYLQJ DQ HWKQRJUDSKLF
SHUVSHFWLYH )RU WKH VDNH RI FODULW\ DQG WUDQVSDUHQF\ , WKLQN LW LV LPSRUWDQW WR
PDLQWDLQ WKH GLVWLQFWLRQ (YHQ WKRXJK , KDYH FORVHO\ REVHUYHG ORFDO OLIH IRU D ORQJ
SHULRG RI WLPH , GR QRW FRQVLGHU P\VHOI GRLQJ HWKQRJUDSK\ LQ WKH VHQVH LQ ZKLFK
%ORRPH DQG *UHHQ GHILQH LW DV ³WKH IUDPLQJ FRQFHSWXDOLVLQJ FRQGXFWLQJ
LQWHUSUHWLQJZULWLQJDQGUHSRUWLQJDVVRFLDWHGZLWKDEURDGLQGHSWKDQGORQJWHUP
VWXG\RIDVRFLDORUFXOWXUDOJURXS´S,QDGGLWLRQ+DPPHUVOH\UHJDUGV
HWKQRJUDSKLFUHVHDUFKDVIRFXVLQJRQDVPDOOJURXSRISHRSOHRUGRLQJUHVHDUFKRQD
VPDOOVFDOH )XUWKHUPRUH +DPPHUVOH\ DQG $WNLQVRQ LQGLFDWH WKDW DQ
HWKQRJUDSKHU SDUWLFLSDWHV ³RYHUWO\ RU FRYHUWO\´ LQ SHRSOH¶V GDLO\ OLYHV IRU DQ
H[WHQVLYHSHULRGRIWLPHE\REVHUYLQJWKHLUOLYHVDQGDVNLQJWKHPTXHVWLRQV
+RZHYHU,KDYHEHHQVWXG\LQJWKHOLIHRI$PGRVLQGLIIHUHQWUHVHDUFKVLWHVZKLFK
DUHVFDWWHUHGDURXQGZLWKLQRQHSUHIHFWXUH,ZDVDEOHWRVWD\ZLWKWKHPLQWKHVDPH
YLOODJHV IRU D OLPLWHG SHULRG RI WLPH DOWKRXJK , PLQJOHG ZLWK VRPH SHRSOH PRUH
RIWHQ DQG IRU ORQJHU SHULRGV RI WLPH WKDQ ZLWK WKH RWKHUV , ZDV QRW ZLWK SHRSOH
ZKHQ WKH\ JRW XS DWH WKHLU WVDPSD , GLG QRW DFFRPSDQ\ FKLOGUHQ WR VFKRRO RU
ODGLHVWRWKHLUGDLO\GXWLHVHWF+RZHYHUVLQFH'DYLHVYLHZVHWKQRJUDSK\DV
DUHVHDUFKSURFHVV,IHHO,FDUULHGRXWHWKQRJUDSKLFVW\OHUHVHDUFKGHVSLWHQRWIXOO\
PHHWLQJ %ORRPH DQG *UHHQ RU +DPPHUVOH\ DQG $WNLQVRQ¶ GHILQLWLRQV ,Q WKH
UHVHDUFK SURFHVV , FROOHFWHG GDWD E\ PLQJOLQJ ZLWK LQWHUYLHZLQJ DQG REVHUYLQJ
SHRSOHDQGWKHUHIRUH,WKLQNDQHWKQRJUDSKLFSHUVSHFWLYHLVDQDSSURSULDWHGHILQLWLRQ
IRUP\UHVHDUFKPHWKRGRORJ\
7KH5ROHRID5HVHDUFKHU
$ UHVHDUFKHU KDV D VLJQLILFDQW UROH LQ HWKQRJUDSK\ DV LQ TXDOLWDWLYH UHVHDUFK LQ
JHQHUDO%HLQJDQHWKQRJUDSKHULVQRWRQO\DERXWREVHUYLQJDQGLQWHUYLHZLQJSHRSOH
LW LV DQ DELOLW\ WR HQJDJH KLP RU KHUVHOI LQ UHVHDUFK DQG WR EH SDUW RI SHRSOH¶V
HYHU\GD\OLIH$V%DOODUJXHVDQHWKQRJUDSKHUKLPVHOILVWKHSULPDU\UHVHDUFK
WRROZLWKZKLFKKHKDVWRILQGLGHQWLI\DQGFROOHFWWKHGDWDS$GGLWLRQDOO\%DOO
LELG VHHV WZR HVVHQWLDO IXQFWLRQV IRU WKH UROH RI WKH UHVHDUFKHU LQ TXDOLWDWLYH
UHVHDUFK
7LEHWDQIRRGRIURDVWHGEDUOH\IORXUPL[HGZLWKVXJDUWHD\DNEXWWHUDQG³7LEHWDQFKHHVH
)LUVW WKH HQJDJHPHQW RI WKH VHOI LV EDVLF WR WKH FRQGXFW RI ILHOGZRUN DQG
VHFRQGO\VHOIDZDUHQHVVSURYLGHVWKHPHFKDQLVPIRUDQDO\VLVRIGDWDZLWKLQ
WKHILHOGZRUNSURFHVVDQGWKHHYDOXDWLRQRIWKHDGHTXDF\RIGDWDRXWVLGHRI
WKHLPPHGLDFLHVRIILHOGZRUN%DOO
7KH ILQDO SURGXFW RI WKH UHVHDUFK XOWLPDWHO\ UHIOHFWV D UHVHDUFKHU¶V SHUVRQDOLW\ DQG
KLV FRPPLWPHQW WR WKH UHVHDUFK 7KH ZD\ D UHVHDUFKHU LV HQJDJHG LQ KLV RU KHU
HWKQRJUDSKLFILHOGZRUNZLOOEHVHHQLQWKHRXWFRPHRIWKHUHVHDUFK)LUVWO\EHFDXVH
DQ HWKQRJUDSKHU LV LQYROYHG LQ WKH UHVHDUFK E\ KLV RU KHU SHUVRQDOLW\ LW LV
DFNQRZOHGJHG WKDW HWKQRJUDSKLF UHVHDUFK LV QRW YDOXH IUHH GXH WR WKH UHVHDUFKHU¶V
RZQYDOXHVEHOLHIVDQGLGHRORJLHV6FRWW6HFRQGLWFDQEHTXLWHWHPSWLQJIRU
D UHVHDUFKHU WR WDNH VLGHV RQ GLIIHUHQW LVVXHV RQ WKH ILHOG 5HVHDUFK LV LQHYLWDEO\
DIIHFWHGE\WKHZD\DQHWKQRJUDSKHUUHODWHVWRSHRSOHLQWKHILHOGDQGKLVRUKHUZD\
RI GRLQJ REVHUYDWLRQ DQG LQWHUYLHZV %XW LW LV LPSRUWDQW IRU WKH RXWFRPH RI WKH
UHVHDUFK WKDW WKH HWKQRJUDSKHU DLPV WR EH DV LPSDUWLDO DV SRVVLEOH +HDWK 6WUHHW
VXJJHVW NHHSLQJ D QRQLQWUXVLYH VWDQFH ZKLOH OLVWHQLQJ DVNLQJ TXHVWLRQV
ORRNLQJ DURXQG ZKDW LV JRLQJ RQ RQ WKH ILHOG 7KLUG DW WKH VDPH WLPH ZKLOH DQ
HWKQRJUDSKHU LV EHLQJ DQ REVHUYHU KH LV EHLQJ REVHUYHG $ FODVVLFDO H[DPSOH LV
$JDU¶VH[SHULHQFHLQ,QGLDZKHQKHZDVREVHUYHGE\WKHYLOODJHSHRSOHDQG
KH IHOW OLNH D VWUDQJHU $ UHVHDUFKHU KDV WR ILQG D ZD\ RI KDQGOLQJ WKLV VLWXDWLRQ
8OWLPDWHO\HYHQWKRXJKDQHWKQRJUDSKHULVDSDUWLFLSDQWREVHUYHUVKHLVDQRXWVLGHU
LQ FURVVFXOWXUDO VLWXDWLRQV /DVWO\ XVXDOO\ DQ HWKQRJUDSKHU LV DQ RXWVLGHU RQ WKH
ILHOG +RZHYHU GXULQJ WKH UHVHDUFK SURFHVV KH LV VXEMHFW WR WKH VDPH VRFLDO
FRQVWUXFWLRQVDVWKHSHRSOHKHRUVKHLVUHVHDUFKLQJ+DPPHUVOH\$WNLQVRQ
,QZKDWHYHUZD\VWKHVRFLDOV\VWHPZRUNVDQHWKQRJUDSKHULVXQGHUWKHVDPHUXOHV
7KLV FDQ FUHDWH REVWDFOHV RU LW FDQ EH EHQHILFLDO IRU D UHVHDUFKHU )RU H[DPSOH LQ
PDQ\$VLDQFXOWXUHVUHODWLRQVKLSVDUHLPSRUWDQWLQVRFLDOOLIHDQGLWLVYDOXDEOHIRU
DQHWKQRJUDSKHUWRNQRZ³WKHULJKWSHRSOH´WRFDUU\RXWKLVRUKHUUHVHDUFKZLWKRXW
KLFFXSV
'XULQJP\UHVHDUFK,ZDVDQRXWVLGHUWRWKH$PGRFRPPXQLWLHV1RWRQO\ZDV,QRW
DORFDO$PGRQRUD+DQUHVHDUFKHUEXWVSHFLILFDOO\,ZDVDELJQRVHDORFDOWHUP
SHRSOHHPSOR\IRUD&DXFDVLDQ%HFDXVHRISROLWLFDOKLVWRU\DQGWHQVLRQVEHWZHHQ
$PGRVDQG+DQLWZDVDQDGYDQWDJHWKDW,ZDVD&DXFDVLDQUHVHDUFKHUVLQFH,ZDV
SROLWLFDOO\LPSDUWLDOLQDUHVHDUFKVLWXDWLRQ<HW DWWKHVDPHWLPH ,ZDVQRWDWRWDO
RXWVLGHUVLQFH ,ZDVZRUNLQJ DVDGLUHFWRURIWKH7LEHWDQ /LWHUDF\3URJUDPPH2Q
WKH RQH KDQG WKDW SRVLWLRQ SURYLGHG PH ZLWK D JRRG QHWZRUN DPRQJ OHDGHUV DQG
OLWHUDF\ WHDFKHUV ZLWKLQ WKH SUHIHFWXUH ,W DOVR DOORZHG PH HDV\ DFFHVV DQG
DXWKRULVDWLRQWRYLVLWFRPPXQLWLHV2QWKHRWKHUKDQGP\SRVLWLRQPD\KDYHEHHQD
GLVDGYDQWDJH EHFDXVH SHRSOH LQ YLOODJHV PD\ KDYH SHUFHLYHG PH DV EHLQJ DERYH
WKHP LQ D VRFLDO KLHUDUFK\ 7KLV SHUFHSWLRQ PD\ KDYH DIIHFWHG WKHLU UHVSRQVHV LQ
VRPHLQWHUYLHZVLWXDWLRQV
%HIRUHFDUU\LQJRXWWKHILHOGZRUN,DVVXPHGWKDWSHRSOHZHUHPRUHOLNHO\WRJLYHPH
RIILFLDO DQG SROLWLFDOO\ FRUUHFW DQVZHUV LQVWHDG RI H[SUHVVLQJ WKHLU RZQ KRQHVW
RSLQLRQV 7KH SKHQRPHQRQ RI JLYLQJ RIILFLDO DQVZHUV GRHV QRW RFFXU RQO\ DPRQJ
SULYDWH LQGLYLGXDOV LQ YLOODJHV ZKR UHDGLO\ JLYH FRUUHFW DQVZHUV EXW DOVR DPRQJ
WHDFKHUV DQG JRYHUQPHQW RIILFLDOV ZKR WHQG WR GR WKH VDPH FI 6WLWHV VRPHWKLQJ,HQFRXQWHUHGRQP\SUHUHVHDUFKWULS$V,KHOGDGLVFXVVLRQZLWKVRPH
PLGGOH VFKRRO WHDFKHUV WKH\ EURXJKW XS WKH LVVXH RI PRWKHU WRQJXH HGXFDWLRQ DQG
DUJXHG IRU 7LEHWDQ ODQJXDJH HGXFDWLRQ 7KHLU H[SUHVVLRQV LQ RUGHU WR PHHW P\
H[SHFWDWLRQVEHFDPHZKDWWKH\SHUFHLYHGWKDW,ZDVORRNLQJIRU,WEHFDPHFOHDUWR
PHWKDW,QHHGHGWRILQGDZD\WRJRGHHSHUEHORZWKHVXUIDFHLQP\LQWHUYLHZVDQG
LQWHUDFWLRQV ZLWK SHRSOH LQ P\ UHVHDUFK +RZHYHU DOO GLVFRXUVHV WKH RIILFLDO
GLVFRXUVHVDQGWKHUHDOGLVFRXUVHVQHHGHGWREHIROORZHGXSDQGDQDO\VHGLQP\
UHVHDUFK ,QWKH HQG ,EHOLHYHWKDWP\IHDURIUHFHLYLQJSROLWLFDOO\ FRUUHFWDQVZHUV
ZDVXQIRXQGHGDWOHDVWWRWKHH[WHQWWKDWLWZRXOGDIIHFWWKHUHVXOWRIWKHVWXG\
3RVLWLRQLQJ
,VRPHWLPHVIHOWOLNHDQRXWVLGHUEHFDXVHRIWKHODFNRIODQJXDJHSURILFLHQF\DVZLOO
EHGLVFXVVHGLQWKHQH[WVHFWLRQ$OVR ,KDYHWRDGPLWWKDW,HYHQORRNHGGLIIHUHQW
IURP WKH SHRSOH ZKRP , UHVHDUFKHG , ZDV D VWUDQJHU VLPLODU WR 6FKXW]¶V VWUDQJHU
6FKXW] DV PHQWLRQHG LQ +DPPHUVOH\ $WNLQVRQ RU $JDU¶V H[SHULHQFHRI³EHLQJDVWUDQJHU´LQ,QGLDZKHUHSHRSOHREVHUYHGFORVHO\KLVOLIH,Q
UHPRWHYLOODJHV,ZDVPRUHXQGHUREVHUYDWLRQE\WKHYLOODJHSHRSOHWKDQWKH\ZHUH
XQGHUPLQH3HRSOHZHUHFXULRXVWRIHHOZKLWHVNLQDQG\HOORZKDLU7KH\KDGRQO\
VHHQIRUHLJQHUVRQ79DQGQRZWKH\KDGWKHILUVWRSSRUWXQLW\LQWKHLUOLIHWRKDYHD
FORVHORRNDWDIRUHLJQHULQWKHLURZQYLOODJH7KHUHIRUHHYHQWKRXJKP\SRVLWLRQDV
D SURJUDPPH GLUHFWRU PD\ KDYH KDG VRPH QHJDWLYH HIIHFWV RQ P\ UROH DV D
UHVHDUFKHULWGHILQLWHO\SURYLGHGPHQDWXUDODFFHVVWRYLVLWRIILFLDOVDQGYLOODJHV
,QDGGLWLRQWKH7LEHWDQ0LQ]XEDQRI+DLQDQ7$3ZDVWKHORFDOFRXQWHUSDUWRIWKH
7LEHWDQ /LWHUDF\ 3URJUDPPH 7/3 6HH &KDSWHU 7KH OHDGHUV DQG RWKHU VWDII
ZHUHYHU\IDYRXUDEOHWRPHDQGWKURXJKWKHPDQGZLWKWKHLUEOHVVLQJ,ZDVDEOHWR
SURFHHGZLWKP\UHVHDUFK7KLVZDVDFUXFLDOIDFWRULQP\UHVHDUFKDQGZLWKRXWLW,
ZRXOGQRWKDYHEHHQDEOHWRVWDUWDQGFDUU\RXWP\UHVHDUFKLQWKLVSDUWRIWKH35&
6RDV+DPPHUVOH\DQG$WNLQVRQQRWH
³,WLVVDOXWDU\WRUHPLQGRXUVHOYHVWKDWWKHHWKQRJUDSKHULVYHU\PXFKSDUWRI
WKHVRFLDOZRUOGKHRUVKHLVVWXG\LQJDQGLVVXEMHFWWRGLVWLQFWLYHSXUSRVHV
FRQVWUDLQWVOLPLWDWLRQVDQGZHDNQHVVHVOLNHHYHU\RQHHOVH´+DPPHUVOH\
$WNLQVRQ
7KHUHIRUHHYHQDVDQRXWVLGHU,ZDVSDUWLDOO\DQLQVLGHUEHFDXVHRIP\FRQQHFWLRQV
JXDQ[L LQ ZLGHU VRFLHW\ ZKLOH DOVR EHLQJ XQGHU WKH VDPH FRQVWUDLQWV DV RWKHUV LQ
P\ UHVHDUFK DUHD 0\ SRVLWLRQ FDQ WKHUHIRUH EH VHHQ DV D PLGGOHPDQ RU DQ
LQWHUFXOWXUDO SHUVRQ DV GLVFXVVHG LQ &KDSWHU %HLQJ QHLWKHU D ORFDO SHUVRQ QRU D
WRWDOO\ XQNQRZQ SHUVRQ LQ VRFLHW\ , ZDV D FRQGXLW IRU LQIRUPDWLRQ IURP WZR
GLUHFWLRQV IURP :HVW WR (DVW DQG WKH RWKHU ZD\ URXQG 1HZ DQG ROG LQIRUPDWLRQ
NQRZOHGJHZRXOGIORZEHWZHHQWKHVHWZRHQWLWLHVDQG,ZDVVRPHZKHUHEHWZHHQ
WKHP0\UHVHDUFKZDVLQIOXHQFHGE\ERWKOLWHUDF\SROLF\DQGOLWHUDF\SUDFWLFHDQG
,KRSHWRFRQWULEXWHVRPHWKLQJQHZDQGXVHIXOWRERWKWKHVHDUHDV
$VDQRXWVLGHUHVHDUFKHU,ZDVERWKDSDUWLFLSDQWDQGDQREVHUYHU,ZDQWHGWRNHHS
D QRQLQWUXVLYH VWDQFH +HDWK 6WUHHW DQG \HW , ZDV OLVWHQLQJ DVNLQJ
TXHVWLRQV ORRNLQJ DURXQG ZKDW ZDV JRLQJ RQ 0\ UROH DV D SURMHFW GLUHFWRU OHG WR
P\SDUWLFLSDWLRQLQVRPHOLWHUDF\HYHQWVDQGSUDFWLFHVLQFRPPXQLWLHV+RZHYHULQ
7KH'HSDUWPHQWRI0LQRULW\3HRSOH
JHQHUDO,ZDVDFWLQJPRUHLQWKHUROHRIDQREVHUYHUWKDQWKDWRIDSDUWLFLSDQW(YHQ
ZKHQ,ZDVWHDFKLQJDQGWUDLQLQJWHDFKHUV,FRQWLQXHGWRREVHUYH
,WLVDFNQRZOHGJHGWKDWP\UHVHDUFKLVQRWYDOXHIUHHGXHWRP\RZQYDOXHVEHOLHIV
DQGLGHRORJLHVFI6FRWW+RZHYHUDVDUHVHDUFKHUP\JRDOKDVEHHQWREHDV
LPSDUWLDO DV SRVVLEOH $W WKH VDPH WLPH P\ UHVHDUFK LQHYLWDEO\ LPSDFWV WKH ZD\ ,
UHODWH WR SHRSOH LQ WKH ILHOG DQG P\ ZD\ RI GRLQJ REVHUYDWLRQ DQG LQWHUYLHZV KDV
LPSDFWHG WKH RXWFRPH RI WKH UHVHDUFK ,Q RWKHU ZRUGV WKH ILQDO SURGXFW RI WKH
UHVHDUFK LV XOWLPDWHO\ DIIHFWHG E\ P\ SHUVRQDOLW\ DQG WKH ZD\ , FRQGXFWHG WKH
UHVHDUFK
,Q DOO P\ UHVHDUFK ZRUN , ZDQWHG WR EH UHIOHFWLYH FI 'DYLHV 5HIOH[LYLW\ LV
VHHQ LQ KRZ , FRQGXFWHG P\ ILHOGZRUN DQG P\ GDWD DQDO\VLV 0\ UROH DV D
UHVHDUFKHU DQG KRZ , KDYH EHHQ HQJDJHG LQ WKH UHVHDUFK SURFHVV LV VLJQLILFDQW
0RUHRYHU P\ UROH DV D UHVHDUFKHU QRW RQO\ HQFRPSDVVHV GRLQJ ILHOGZRUN EXW DOVR
WKHHYDOXDWLRQDQGSURFHVVLQJRIGDWDRXWVLGHILHOGZRUN$WWKHVDPHWLPHDV&RIIH\
VXJJHVWVLWLVUHFRJQLVHGWKDW ,DPP\VHOIDUHVHDUFKWRRODQGWKHUHIRUHWKH
UHVHDUFK LV SDUWO\ DERXW WKH HWKQRJUDSK\ RI P\VHOI 7KLV SLHFH RI UHVHDUFK LV
WKHUHIRUH QRW RQO\ DERXW $PGRV DV WKH SDUWLFLSDQWV RI WKH UHVHDUFK EXW DOVR DERXW
WKHLQWHUDFWLRQVDQGUHIOH[LYLW\RIP\VHOIDVDUHVHDUFKHU
/DQJXDJH5HVRXUFHV
/DQJXDJHOHDUQLQJLVDIXQGDPHQWDOSDUWRIHWKQRJUDSKLFUHVHDUFKLQDFURVVFXOWXUDO
VLWXDWLRQ DQG , WKHUHIRUH KDG FRQFHUQV DERXW P\ 7LEHWDQ DQG &KLQHVH ODQJXDJH
DELOLWLHVLQGRLQJUHVHDUFKLQ+DLQDQ7$3$V , ZURWHLQ&KDSWHU , OLYHGLQWKH
DUHDIRUVL[\HDUVSULRUWRWKHVWDUWRIP\UHVHDUFKSURMHFW'XULQJWKDWWLPH,OHDUQHG
VRPH&KLQHVHDQGDOWKRXJK,PDQDJHGZHOOLQGDLO\FRPPXQLFDWLRQVLWXDWLRQVDQG
KDG D ZRUNLQJ NQRZOHGJH RI &KLQHVH UHDGLQJ ZDV GLIILFXOW , DOVR VWXGLHG $PGR
7LEHWDQIRUMXVWRYHUD\HDUEHIRUHVWDUWLQJP\UHVHDUFK0\NQRZOHGJHRI7LEHWDQ
ZDVOLPLWHGDQG,QHHGHGWRUHO\RQDQLQWHUSUHWHULQLQWHUYLHZV+RZHYHU,FRXOG
XQGHUVWDQGPRUHWKDQ,FRXOGVSHDNZKLFKEHFDPHREYLRXVGXULQJLQWHUYLHZVZKLFK
ZHUH FRQGXFWHG LQ 7LEHWDQ $V , IROORZHG WKH LQWHUDFWLRQV EHWZHHQ DQ LQWHUYLHZHH
DQGWKHLQWHUSUHWHU,FRXOGSRLQWRXWVRPHPLVXQGHUVWDQGLQJVRULQDFFXUDFLHVZKLFK
ZHUH GHDOW ZLWK LPPHGLDWHO\ 2FFDVLRQDOO\ , XVHG &KLQHVH LQ LQWHUDFWLRQ ZLWK
RIILFLDOVDQGIRUPDOO\HGXFDWHG$PGRVEXWZLWKLQGLYLGXDOYLOODJHSHRSOH&KLQHVH
ZDVLQDGHTXDWHDVWKH\ PRVWO\VSRNH 7LEHWDQ ,QLQWHUDFWLRQV ZLWKYLOODJHSHRSOH ,
KDGWRXVHP\EHVWNQRZOHGJHRI7LEHWDQDQGZKHQLWZDVLQVXIILFLHQW,KDGWRUHO\
RQDQLQWHUSUHWHU
8VLQJDORFDOLQWHUSUHWHUZDVWKHEHVWVROXWLRQIRUP\ODQJXDJHSUREOHP)LUVWRIDOO
VKHKHOSHGPHZLWKPRUHFRPSOLFDWHGLVVXHVVXFKDVWUDQVODWLQJGRFXPHQWVZKLFK
ZDV QHHGHG D FRXSOH RI WLPHV DQG VKH DVVLVWHG PH LQ GLVFXVVLQJ SROLWLFDO LVVXHV
$QRWKHU YLWDO IXQFWLRQ IRU KHU ZDV EXLOGLQJ D EULGJH EHWZHHQ FRPPXQLWLHV DQG
P\VHOIDVDUHVHDUFKHU7KHORFDOFXVWRPUHTXLUHVWKDWDQRXWVLGHULVLQWURGXFHGWRD
FRPPXQLW\ E\ DQ LQVLGHU 0\ LQWHUSUHWHU PRVW RI WKH WLPH ZDV D ORFDO $PGR
ZRPDQ 6KH KDG EHHQ ZRUNLQJ DV DQ DVVLVWDQW RI WKH 7LEHWDQ /LWHUDF\ 3URJUDP
7/3'XHWRKHUMREDQGFRQQHFWLRQVLQWKHDUHDVKHZDVDQDSSURSULDWHSHUVRQWR
LQWURGXFHPHWRYDULRXVFRPPXQLWLHVLQWKHUHVHDUFKDUHD6LQFHWKLVLQWHUSUHWHUZDV
TXLWH FRQWHQW VSHDNLQJ (QJOLVK ZH FRXOG FRPPXQLFDWH ZLWK HDFK RWKHU LQ (QJOLVK
&KLQHVHDQG$PGR2FFDVLRQDOO\WZLFH,KDGWRUHO\RQVRPHRQHHOVH7KRVHWLPHV
,FRPPXQLFDWHGZLWKDQLQWHUSUHWHULQ(QJOLVKDQG&KLQHVH$OOH[FHSWRQHIRUPDO
LQWHUYLHZ ZHUH FRQGXFWHG LQ 7LEHWDQ DQG WUDQVODWHG LQWR (QJOLVK 2QH IRUPDO
LQWHUYLHZZDVFRQGXFWHGLQ(QJOLVK
9DOLGLW\DQG5HOLDELOLW\
9DOLGLW\ LQ DFDGHPLF UHVHDUFK ORRNV DW WKH WUXWKIXOQHVV RI WKH UHVHDUFK FODLPV
(VSHFLDOO\ LQ HWKQRJUDSK\ YDOLGLW\ FRQFHUQV WKH FRUUHVSRQGHQFH EHWZHHQ UHVHDUFK
DQGWKHUHDOZRUOGLQVWHDGORRNLQJDWRQO\PHDVXUHPHQWDVLQTXDQWLWDWLYHUHVHDUFK
%HFDXVH RI WKH QDWXUH RI HWKQRJUDSKLF UHVHDUFK YDOLGLW\ KDV OHVV LPSRUWDQFH WKDQ
XQGHUVWDQGLQJWKHZRUOGRIUHVHDUFKHGSHRSOH0D[ZHOO,QRWKHUZRUGVLID
UHVHDUFKHUGRHVQRWJUDVSWKHFXOWXUDOPHDQLQJVKHRUVKHFDQQRWPDNHYDOLGFODLPV
9DOLGLW\ ERWK HPSLULFDO DQG WKHRUHWLFDO LQ HWKQRJUDSKLF UHVHDUFK LV HQVXUHG E\ D
UHIOHFWLYH ZRUNLQJ SDWWHUQ WKURXJKRXW WKH ZKROH UHVHDUFK SURFHVV (LVHQKDUW +RZH
5HJDUGLQJFDUU\LQJRXWWKHUHVHDUFKWKHLGHDOVLWXDWLRQZRXOGKDYHEHHQIRUPHWR
KDYH KDG JRRG SURILFLHQF\ LQ $PGR 7LEHWDQ VLQFH WKH XVH RI LQWHUSUHWDWLRQ PD\
UHVXOW LQ PLVXQGHUVWDQGLQJ RU PLVLQWHUSUHWDWLRQ 6SUDGOH\ (YHQ WKRXJK ,
FRXOG IROORZ EDVLF FRQYHUVDWLRQV , ZDV DZDUH RI EHLQJ DQ RXWVLGHU DQG ZLVKHG ,
FRXOGKDYHFRPPXQLFDWHGEHWWHUZLWKSHRSOH+RZHYHUHYHQWKRXJKDQLQVXIILFLHQW
NQRZOHGJHRI7LEHWDQPDGHP\UHVHDUFKPRUHFRPSOLFDWHGLQWHUPVRIUHODWLRQVKLSV
ZLWKSHRSOH,GRQRWVHHWKHODQJXDJHSUREOHPDIIHFWLQJWKHUHVXOWRIWKHUHVHDUFKLQ
WHUPV RI UHOLDELOLW\ DQG YDOLGLW\ , WKLQN , KDYH EHHQ DEOH WR HQVXUH ERWK HPSLULFDO
DQG WKHRUHWLFDO YDOLGLW\ FI (LVHQKDUW +RZH DQG UHOLDELOLW\ E\ KDYLQJ D
JRRG ZRUNLQJ UHODWLRQVKLS ZLWK P\ DVVLVWDQW DQG EHLQJ DEOH WR FKHFN P\ GDWD
FRQVWDQWO\ 7KDW WKHQ HQDEOHG PH WR FRUUHFW PLVXQGHUVWDQGLQJV DQG
PLVLQWHUSUHWDWLRQV
5HOLDELOLW\ LQ DFDGHPLF UHVHDUFK LV DERXW UHSOLFDELOLW\ RU FRQVLVWHQF\ ,Q RUGHU WR
DFKLHYHUHOLDELOLW\LQWKDWWHFKQLFDOVHQVHDUHVHDUFKHUKDVWRPDQLSXODWHFRQGLWLRQV
VR WKDW UHSOLFDELOLW\ FDQ EH DVVHVVHG :ROFRW 'XH WR WKH QDWXUH RI
HWKQRJUDSKLF UHVHDUFK WKLV LV DQ LPSRVVLEOH WDVN , WKH UHVHDUFKHU FRXOG QRW WU\ WR
PDNHVRPHWKLQJKDSSHQRQWKHILHOGQRUFRXOG,PDNHLWKDSSHQWZRRUWKUHHWLPHV
<HW , REVHUYHG VLPLODU GDLO\ OLIH VLWXDWLRQV RQ VWUHHWV OLWHUDF\ FODVVHV HWF
5HOLDELOLW\LQWKDWWHFKQLFDOVHQVHVKRXOGQRWEHUHJDUGHGDVDFULWLFDOFRPSRQHQWRI
WKLV UHVHDUFK LQGLFDWLQJ UHVHDUFK REMHFWLYLW\ +RZHYHU WKH FLUFXPVWDQFHV DQG WKH
VRFLDOVWUXFWXUHRIRWKHU7LEHWDQJURXSVLQ4LQJKDL3URYLQFHDQGHYHQLQWKHZLGHU
7LEHWDQ UHJLRQ DUH VLPLODU WR $PGRV¶ 7KHUHIRUH , EHOLHYH WKH RXWFRPH RI WKLV
UHVHDUFKFDQUHSUHVHQWRWKHU7LEHWDQJURXSVDVZHOO
(WKLFV
7KH UROH RI WKH UHVHDUFKHU LV HVVHQWLDO LQ HWKQRJUDSKLF UHVHDUFK ZKLFK HPSKDVLVHV
WKH LPSRUWDQFH RI WKH HWKLFV RI WKH UHVHDUFKHU (WKQRJUDSKLF UHVHDUFK GHDOV ZLWK
SHRSOH DQG WKHUHIRUH LW LV D UHVHDUFKHU¶V UHVSRQVLELOLW\ WR JXDUDQWHH FRQILGHQWLDOO\
DQG SURYLGH DQRQ\PLW\ FI 'HQVFRPEH WR LQWHUYLHZHHV E\ REWDLQLQJ
SHUPLVVLRQ WR FROOHFW GDWD :LQWHU DQG E\ XVLQJ SVHXGRQ\PV *XEULXP +ROVWHLQ
$OVRDUHVHDUFKHUKDVWREHKRQHVWDERXWKLVUROHLQWKHVRFLHW\ZKHUHWKHUHVHDUFKLV
FDUULHG RXW 'HQVFRPEH )ROORZLQJ D FRGH RI HWKLFV PHDQV KRQHVW\ DQG
LQWHJULW\ ,QWHJULW\ ZKLFK LV D NH\ LVVXH LQ GRLQJ UHVHDUFK DSSOLHV QRW RQO\ WR
LQWHUDFWLRQV ZLWK SDUWLFLSDQWV RI WKH UHVHDUFK EXW DOVR WR WKH ZD\V LQ ZKLFK GDWD LV
LQWHUSUHWHG XVHG DQG SUHVHQWHG ,Q HWKQRJUDSKLF UHVHDUFK LQWHJULW\ LV HQVXUHG E\ D
UHVHDUFKHU IROORZLQJ D FRGH RI HWKLFV E\ NHHSLQJ FORVH WR WKH GDWD DQG E\ EHLQJ
WUXWKIXOWRLW$UHVHDUFKHUKDVWRFKHFNSRVVLEOHDPELJXLWLHVDQGLQDFFXUDFLHVLQWKH
GDWDWRHQVXUHLQWHJULW\DQGUHOLDELOLW\LQKLVKHUVWXG\
:KHQ , VWDUWHG P\ UHVHDUFK 03KLO XQGHU .LQJ¶V &ROOHJH /RQGRQ , ZDV QRW
UHTXLUHGWRVXEPLWDVHSDUDWHHWKLFDODSSURYDOIRUP\VWXG\+RZHYHU,KDYHEHHQ
DZDUHRIVHYHUDOVHQVLWLYHLVVXHVLQP\UHVHDUFKVXFKDVSRVVLEOHVRFLDOLPSOLFDWLRQV
FRQFHUQLQJ HWKQLF PLQRULW\ LVVXHV RU LGHQWLI\LQJ WKH SDUWLFLSDQWV RI WKH UHVHDUFK ,
KDYH WKHUHIRUH JLYHQ VSHFLDO FRQVLGHUDWLRQ WR WKHVH HWKLFDO LVVXHV WKURXJK RXW WKH
ZKROH UHVHDUFK SURFHVV XS WR GDWH FI %ULWLVK (GXFDWLRQDO 5HVHDUFK $VVRFLDWLRQ
7KH1DWLRQDO$GYLVRU\%RDUGRQ5HVHDUFK(WKLFV
,KDGZRUNHGLQWKHUHVHDUFKDUHDSULRUWRP\UHVHDUFKSURMHFWZKLFKJDYHPHWLPH
DQG RSSRUWXQLW\ WR JDLQ WUXVW DPRQJ FRXQW\ RIILFLDOV DQG SULYDWH LQGLYLGXDOV ZKR
NQHZPH7KHVHSHRSOHZHUHWKHNH\SHRSOHLQP\UHVHDUFKDQG,GLGQRWZDQWWR
ORVHWKHLUWUXVWLQPH7KURXJKWKHP,ZDVDEOHWRJDLQWKHWUXVWRIRWKHUVZKRWKHQ
SDUWLFLSDWHG LQ WKLV UHVHDUFK ,W ZDV P\ UHVSRQVLELOLW\ WR JXDUDQWHH FRQILGHQWLDOLW\
DQGSURYLGHDQRQ\PLW\WRP\LQWHUYLHZHHVE\REWDLQLQJSHUPLVVLRQWRFROOHFWGDWD
DQG E\ XVLQJ SVHXGRQ\PV DV PHQWLRQHG DERYH %HIRUH LQWHUYLHZLQJ SDUWLFLSDQWV ,
DVNHG SHUPLVVLRQ WR XVH D 'LFWDSKRQH GXULQJ WKH LQWHUYLHZ DQG WR XVH WKH
LQIRUPDWLRQJLYHQLQWKLVUHVHDUFK,H[SODLQHGWRWKHLQWHUYLHZHHVWKURXJKP\$PGR
DVVLVWDQWWKDWWKHLQIRUPDWLRQJLYHQZRXOGEHUHSRUWHGDQRQ\PRXVO\LQWKHUHVHDUFK
DQGWKH\ZHUHDVNHGWRVLJQDVLPSOHFRQVHQWIRUP$SSHQGL[1R7KHIRUPZDV
ZULWWHQLQ7LEHWDQ,IWKHLQWHUYLHZHHVZHUHLOOLWHUDWHDWKXPESULQWZDVDFFHSWHGDV
FRQVHQWDIWHUDQRUDOH[SODQDWLRQRIWKHVWXG\KDGEHHQJLYHQE\P\DVVLVWDQW7KH
DVVLVWDQW DOVR KHOSHG WKH QRQOLWHUDWH SHRSOH WR VLJQ WKH IRUP LI WKH\ GLG QRW NQRZ
KRZWRGRLWE\WKHPVHOYHVRULIWKH\ZHUHWRRDVKDPHGWRSXWDWKXPESULQW
$QRWKHU LVVXH ZDV JURXS PHHWLQJV ZKLFK , DWWHQGHG DQG KRQHVW\ DERXW P\ UROH LQ
WKHP'HQVFRPEH ,QWKHVHPHHWLQJV ZLWKRIILFLDOVWHDFKHUVYLOODJHOHDGHUV
HWF , ZDV RIILFLDOO\ LQWURGXFHG E\ D UHSUHVHQWDWLYH RI WKH 7LEHWDQ PLQ]XEDQ RI
+DLQDQ 7$3 DQG HDFK WLPH LW ZDV H[SODLQHG WR WKH RWKHU DWWHQGDQWV WKDW , ZDV
FROOHFWLQJGDWDIRUP\UHVHDUFKGXULQJRXUYLVLW
,QWHJULW\ ZKLFK LV WKH NH\ LVVXH LQ GRLQJ UHVHDUFK GRHV QRW DSSO\ RQO\ WR
LQWHUDFWLRQV ZLWK SDUWLFLSDQWV RI WKH UHVHDUFK EXW DOVR WKH ZD\V LQ ZKLFK GDWD LV
LQWHUSUHWHG XVHG DQG SUHVHQWHG ,Q DOO WKLV , KDYH DWWHPSWHG WR IROORZ D FRGH RI
HWKLFVE\NHHSLQJFORVHWRWKHGDWDDQGEHWUXWKIXOWRLW)RUH[DPSOH,HQFRXQWHUHG
VRPH WUDQVODWLRQ SUREOHPV LQ RQH LQWHUYLHZ DQG ERWK WKH LQWHUSUHWHU DQG , UHDOLVHG
WKDW $IWHU WUDQVFULELQJ WKH LQWHUYLHZ DQRWKHU SHUVRQ FKHFNHG WKH WUDQVFULSWLRQ DQG
FRUUHFWHG WKH WUDQVODWLRQ PLVWDNHV WKDW FRQFHUQHG WKH LQWHUYLHZHH¶V LQIRUPDWLRQ
6LPLODUO\,KDYHFKHFNHGRWKHUSRVVLEOHDPELJXLWLHVDQGLQDFFXUDFLHVLQWKHGDWDLQ
RUGHUWRHQVXUHLQWHJULW\DQGUHOLDELOLW\LQWKHVWXG\
7KURXJKRXWP\UHVHDUFK,DWWHPSWHGWRIROORZUHTXLUHPHQWVWKDWUHVHDUFKVKRXOGEH
FRQGXFWHG ZLWK LQWHJULW\ DQG LQ OLQH ZLWK JHQHUDOO\ DFFHSWHG HWKLFDO SULQFLSOHV
3ULQFLSOHV LQ VFLHQWLILF UHVHDUFK LQFOXGH KRQHVW\ LQ FRPPXQLFDWLRQ UHOLDELOLW\ LQ
SHUIRUPLQJ UHVHDUFK REMHFWLYLW\ LPSDUWLDOLW\ DQG LQGHSHQGHQFH RSHQQHVV DQG
DFFHVVLELOLW\ GXW\ RI FDUH IDLUQHVV LQ SURYLGLQJ UHIHUHQFHV DQG JLYLQJ FUHGLW DQG
UHVSRQVLELOLW\IRUWKHVFLHQWLVWVDQGUHVHDFKHUVRIWKHIXWXUH7KH(XURSHDQ6FLHQFH
)RXQGDWLRQ)RUH[DPSOH,SDLGDWWHQWLRQQRWWREUHDFKFRQILGHQWLDOLW\DQG
WR DYRLG YLRODWLRQ RI SURWRFROV DPRQJ SDUWLFLSDQWV DQG LQ WKH ZLGHU UHVHDUFK
FRPPXQLW\ ,W ZDV P\ GXW\ WR EH FDUHIXOO ZLWK WKH FROOHFHWHG LQIRUPDWLRQ DQG WKH
ZD\V LW ZDV FROOHFWHG DORQJ ZLWK LWV LQWHUSUHWDWLRQ LQ RUGHU QRW WR OHDG LQWR
LPSURSULHWLHV RI SXEOLFDWLRQ WKDW ZRXOG FDXVH DQ\ FRQIOLFW RI LQWHUHVW RU
DSSURSULDWLDWLRQRILGHDV
&ROOHFWLQJ'DWDDQG5HVHDUFK0HWKRGV
%ORRPH DQG *UHHQ LELG LQGLFDWH WKDW DQ HWKQRJUDSKLF UHVHDUFK FRQVLVWV RI WZR
PDLQ SDUWV VWXG\LQJ D VRFLDO RU FXOWXUDO JURXS LQ RWKHU ZRUGV GRLQJ D ILHOG ZRUN
DQGZULWLQJXSDUHSRUWWKURXJKLQWHUSUHWLQJDQGFRQFHSWXDOLVLQJFROOHFWHGGDWD7KH
ILHOG ZRUN ZKLFK XVXDOO\ UHTXLUHV D ORQJ SHULRG RI WLPH LQFOXGHV PDNLQJ FXOWXUDO
LQIHUHQFHVIURPWKUHHVRXUFHVZKDWSHRSOHVD\KRZWKH\DFWDQGZKDWDUWHIDFWVWKH\
XVH6SUDGOH\(DFKRIWKHVHWKUHHGLIIHUHQWVRXUFHVKDYHWREHWHVWHGRYHUDQG
RYHU DJDLQ LQ RUGHU WR JDLQ D JRRG XQGHUVWDQGLQJ RI WKH FXOWXUDO PHDQLQJV RI D
UHVHDUFKHG JURXS ,Q WKDW SURFHVV HWKQRJUDSKLF ILHOG ZRUN XVXDOO\ FRQVLVWV RI
REVHUYDWLRQ LQWHUYLHZV FROOHFWLQJ LQIRUPDWLRQ IURP ORFDO VRXUFHV ILHOG QRWHV DQG
SKRWRJUDSK\
$Q2YHUYLHZDQG5DWLRQDOHIRUWKH5HVHDUFK'HVLJQ
7KLVSDUWLFXODUVWXG\LQFOXGHVDQH[WHQVLYHSHULRGRIILHOGUHVHDUFKGXULQJZKLFK,
OLYHGLQWKHUHVHDUFKDUHDIRURYHUPRQWKV$IWHUWKHSUHUHVHDUFKHGWULSZKHQ ,
FROOHFWHG GDWD IRU D SLORW VWXG\ WKH ILHOGZRUN FRQVLVWHG RI DQRWKHU WKUHH GLIIHUHQW
WULSV7KHILUVWILHOGWULSWRRNSODFHGXULQJ$XJXVW$SULOWKHVHFRQGWULS
GXULQJ-XO\6HSWHPEHUWKHWKLUGWULSGXULQJ1RYHPEHU'HFHPEHUDQG
WKHIRXUWKWULS-XO\WK'XULQJWKHILUVWWULSWR+DLQDQ7$3,GLGUHVHDUFK
LQ WKUHH FRXQWLHV *RQJKH *XLGH DQG 7RQJGH 6RPH RI WKH GDWD ZDV FROOHFWHG LQ
UHPRWHYLOODJHVVRPHLQFRXQW\FHQWUHV,YLVLWHGVRPHUHVHDUFKYLOODJHVWZLFHDQG
VRPHRIWKHP,YLVLWHGRQO\RQFHGXULQJP\ILUVWILHOGZRUNSHULRG7KHODWWHURQHV,
DOVRYLVLWHGRQP\VHFRQGDQGWKLUGWULSV2QWKHODVWYLVLWLQ,YLVLWHG*RQJKH
ZKHUH , FRQFHQWUDWHG RQ LQWHUYLHZLQJ SHRSOH DQG FKHFNLQJ VRPH SUHYLRXVO\
FROOHFWHGGDWD
5DWLRQDOH IRU WKH UHVHDUFK GHVLJQ ZDV EDVHG RQ WKHGHFLVLRQ RI XVLQJ HWKQRJUDSKLF
SHUVSHFWLYHDVWKHUHVHDUFKPHWKRGRORJ\DVWKHEHVWILWIRUWKLVNLQGRIUHVHDUFKDQG
P\ZRUNLQWKH7/3$WWLPHVWKHVHWZRPDLQIDFWRUVGLGQRWILWZHOOEHFDXVH,ZDV
DIRUHLJQHULQWKH7LEHWDQUHJLRQ)RURIILFLDOUHDVRQV,KDGQRFKRLFHWROLYHRUVWD\
E\P\VHOILQUXUDOYLOODJHVRUWRZQVKLSVEXWWREHEDVHGLQ&KDSFKD*RQJKH&RXQW\
&HQWUH DQG PDNH UHVHDUFK WULSV IURP WKHUH $OVR EHFDXVH , ZDV ZRUNLQJ LQ WKH
SURMHFW ZKLOH FDUU\LQJ RXW WKH UHVHDUFK , KDG WR ILW WKH UHVHDUFK SODQ LQWR WKH ZRUN
VFKHGXOH,QHYHUYLVLWHGOLWHUDF\FODVVHVDORQHZLWKP\DVVLVWDQWEXWZLWKDJURXSRI
FROOHDJXHV IURP WKH RIILFH RI WKH +7:& RU RWKHU SHUVRQQHO RI WKH 7/3 7KH
UHVHDUFKWDVNVKDGWREH DGMXVWHGZLWKP\WDVNVDVWKH7/3SHUVRQQHO:HXVXDOO\
VWD\HG D FRXSOH RI GD\V LQ RQH FRXQW\ DW WKH WLPH ZKLFK DOORZHG XV WR YLVLW D
QXPEHURIYLOODJHOLWHUDF\FODVVHVGXULQJRQHGD\DQGWRGLVFXVZLWKORFDORIILFLDOVDW
WKHVDPHWLPH7KLVNLQGRIEXV\VFKHGXOHGLGQRWVWUHWFKIRUYHU\ORQJREVHUYDWLRQ
VHVVLRQV EXW WKHVH RIILFLDO YLVLWV HQDEOHG PH WR YLVLW FRPPXQLWLHV DQG WDON ZLWK
LQGLYLGXDOV WKDW FRXOG KDYH EHHQ EH\RQG DFFHVV ZLWKRXW WKH 7/3 7KHVH WULSV
SURYLGHG PH JRRG RSSRUWXQLWLHV WR VSHQG KRXUV DQG KRXUV ZLWK RXU WHDFKHUV DQG
WUDLQHUV ZKLOH ZH WUDYHOOHG RQ PRXQWDLQ URDGV VWD\HG RYHUQLJKW LQ JXHVWKRXVHV RU
WHQWVDQGDWHQRRGOHVRXSIRUEUHDNIDVW:HWDONHG,LQWHUYLHZHGVRPHRIWKHPZH
VKDUHG RXU OLIH VWRULHV ZH WROG MRNHV DQG ODXJKHG DW WKHP 7KHVH SHRSOH WRRN PH
XQGHUWKHLUZLQJV7KH\PDGHP\UHVHDUFKKDSSHQGHVSLWHJRYHUQPHQWUHVWULFWLRQV,
GRQRWEHOLHYHWKDWSROLWLFDOFRQVWUDLQWVKDYHDIIHFWHGWKHDPRXQWDQGWKHTXDOLW\RI
WKHFROOHFWHGGDWDDVFDQEHVHHQLQWKHOLVWRIFROOHFWHGGDWD$SSHQGL[1RDQG
WKHILQDORXWFRPHRIWKHUHVHDUFK<HW,DFNQRZOHGJHWKDWLI,KDGEHHQDEOHWRVWD\
ORQJHUSHULRGVRIWLPHLQVRPHORFDWLRQVHJREVHUYLQJWKHVDPHOLWHUDF\FODVVHVRQ
FRQVHFXWLYHGD\V,FRXOGKDYHSRVVLEO\FROOHFWHGDELWGLIIHUHQWNLQGRIGDWD
'DWD FROOHFWLRQ PHWKRGV LQ WKH ILHOG FRQVLVWHG RI REVHUYDWLRQ IRUPDO DQG LQIRUPDO
LQWHUYLHZVSKRWRJUDSKLQJDVXUYH\DQGFROOHFWLQJORFDOGRFXPHQWV:LWKDOOWKHVH
PHWKRGV,DWWHPSWHGWRFROOHFWLQIRUPDWLRQZKLFKZRXOGJLYHPHDQDQVZHUWRP\
UHVHDUFK TXHVWLRQV ZKLFK SULPDULO\ IRFXV RQ WKH UHODWLRQVKLS EHWZHHQ HYHU\GD\
OLWHUDF\SUDFWLFHVDQGFXOWXUDOSUDFWLFHVLQDGXOWOLWHUDF\WHDFKLQJLQ7LEHWDQVRFLHW\
LQ WKH 35& ,Q EULHI ZKDW FXOWXUDO HOHPHQWV DQG SUDFWLFHV LQIOXHQFH DGXOW OLWHUDF\
WHDFKLQJDQGKRZ"
,EHOLHYHWKDWWKHIRXQGDWLRQRIWKHUHVHDUFKZDVODLGEHIRUHWKHDFWXDOUHVHDUFKZDV
VWDUWHG , ZDV IDPLOLDU ZLWK YDULRXV LVVXHV EHIRUH , ³RIILFLDOO\´ VWDUWHG WR UHVHDUFK
WKHP 7KHUHIRUH ZKHQ WKH DFWXDO ILHOG ZRUN VWDUWHG , NQHZ DERXW VRPH RI WKH
FRQWHQWLRXV LVVXHV UHJDUGLQJ OLWHUDF\ SROLFLHV DQG WKH SROLWLFV RI ODQJXDJH , KDG
OHDUQHGVRPHFXOWXUDOO\DQGSROLWLFDOO\DSSURSULDWHZD\VWRFDUU\RXWP\UHVHDUFK,
DOVRNQHZP\RZQOLPLWDWLRQVLQVRPHSUDFWLFDOLVVXHV)RUH[DPSOH,NQHZWKDWLW
ZRXOG EH HDVLHU DQG IDVWHU IRU PH WR UHFRUG LQWHUYLHZV RQ WDSH WKDQ WR ZULWH WKHP
GRZQ RQ SDSHU 7DSH UHFRUGLQJ DOORZHG PH WR FRQFHQWUDWH RQ OLVWHQLQJ WR P\
LQWHUYLHZHHV LQVWHDG RI ILJXULQJ RXW LQ ZKDW ODQJXDJH , VKRXOG ZULWH GRZQ P\
LQWHUYLHZQRWHV/DWHURQ,FRXOGUHSOD\WKHDFWXDOSUHFLVHLQWHUYLHZVDVPDQ\WLPHV
DVQHHGHGZKLFKZDVRQHRIWKHRWKHUDGYDQWDJHVRIWDSHUHFRUGLQJ
'LIIHUHQWUHVHDUFKDFWLYLWLHVGLGQRWKDYHWKHLURZQVSHFLDOVORWVLQWKHVFKHGXOHRQ
WKHILUVWWZRILHOGWULSV7KHUHZHUHWKUHHPDLQEUDQFKHVRILVVXHVWKDW,IRFXVHGRQ
OLWHUDF\LQVRFLHW\OLWHUDF\LQWKH7/3OLWHUDF\LQPRQDVWHULHV7KHQWKHVHEUDQFKHV
KDG RWKHU EUDQFKHV VXFK DV ODQJXDJH JHQGHU HWF 7KH PDLQ HIIRUW ZDV PDGH WR
UHDFK WKH JRDO GDWD ZKLFK ZDV FROOHFWHG E\ GLIIHUHQW PHWKRGV VKRXOG EXLOG XS WKH
ELJ SLFWXUH )RU H[DPSOH LQWHUYLHZV ILOOHG VORWV ZKLFK KDG UHPDLQHG REVFXUH DIWHU
WDNLQJ REVHUYDWLRQ QRWHV 7KHQ WKH SXUSRVH IRU WKH WKLUG ILHOG WULS LQ ZDV WR
FKHFN DJDLQ VRPH LVVXHV ZKLFK QHHGHG WR EH FODULILHG ZKLOH DQDO\VLQJ GDWD DQG
ZULWLQJ XS WKH WKHVLV RXWVLGH WKH UHVHDUFK ILHOG 7KURXJKRXW WKH ZKROH UHVHDUFK
SURMHFWDVLQDQ\ HWKQRJUDSKLFUHVHDUFKSURMHFW GDWDSURFHVVLQJDQG DQDO\VHVWRRN
SODFHVLPXOWDQHRXVO\ZLWKGDWDFROOHFWLQJ
2EVHUYDWLRQDQG)LHOG1RWHV
2QH RI WKH PDLQ GDWD FROOHFWLRQ PHWKRGV LQ HWKQRJUDSK\ LV SDUWLFLSDQW REVHUYDWLRQ
HJ+DPPHUVOH\2EVHUYDWLRQXVXDOO\UHVXOWVLQDQLPPHQVHTXDQWLW\RIILHOG
QRWHV )LHOG QRWHV DUH D YHU\ LPSRUWDQW SDUW RI DQ\ HWKQRJUDSKLF VWXG\ DQG FRYHU
PDQ\GLIIHUHQWHYHU\GD\REVHUYDWLRQVLWXDWLRQVRQWKHFKRVHQILHOGHJVKRSSLQJDW
WKHPDUNHWFODVVURRPVLWXDWLRQVHWF)LHOGQRWHVJLYHPXFKIRRGIRUWKRXJKWDQG
KHOSDUHVHDUFKHUWRGHYHORSDFRQFUHWHSLFWXUHRIWKHRYHUDOOVLWXDWLRQRQWKHILHOG
)LHOG QRWHV DUH RQH RI WKH PDLQ ZD\V RI UHFRUGLQJ GDWD RQ WKH ILHOG (YHQ D VPDOO
VFDOHRIHWKQRJUDSKLFUHVHDUFKUHVXOWVLQUHODWLYHO\ELJDPRXQWRIILHOGQRWHVDERXW
DOO NLQGV RI DFWLYLWLHV RQ WKH ILHOG HJ ODQJXDJH XVHV LQ D FRPPXQLW\ $ORQJ ZLWK
RWKHU QRWHV UHVHDUFKHUV NHHS WKHLU RZQ SHUVRQDO MRXUQDOV WR UHFRUG WKHLU SHUVRQDO
IHHOLQJV HPRWLRQV DQG SHUVRQDO LGHQWLW\ ZRUN WKDWVXUIDFH ZLWK HQJDJHPHQW RI WKH
UHVHDUFK&RIIH\
6RPHRIWKHILHOGQRWHVDUHQRWZULWWHQGRZQRQWKHILHOG)RURQHUHDVRQRUDQRWKHU
VRPH LVVXHV RU GHWDLOV RI SKHQRPHQD RFFXU WR D UHVHDUFKHU¶V PLQG DIWHU WKH ILHOG
ZRUN LV ILQLVKHG 7KHVH KHDG QRWHV DV 6DQMHN FDOOV WKHP DUH RI WKH ILHOG
H[SHULHQFH HYHQ WKRXJK WKH\ DUH ZULWWHQ GRZQ DIWHUZDUGV 7KH\ GR QRW KDYH OHVV
YDOXH WKDQ WKRVH ILHOG QRWHV WKDW DUH ZULWWHQ GRZQRQ WKH ILHOG 0D\EH KHDG QRWHV
VKHG OLJKW RQ WKH QDWXUH RI HWKQRJUDSKLF UHVHDUFKZKLFK LV DQ RQJRLQJ UHIOHFWLYH
SURFHVVXQWLOWKHYHU\HQG
6LQFH,KDGOLYHGLQWKHUHVHDUFKDUHDSUHYLRXVO\P\DFTXDLQWDQFHZLWKORFDOSHRSOH
SURYLGHGPHZLWKRSSRUWXQLWLHVWRYLVLWKRPHVDVZHOO%HFDXVHOLWHUDF\LVHPEHGGHG
LQVRPDQ\DFWLYLWLHVRISHRSOH
VOLYHVREVHUYDWLRQFRYHUHGDZLGHUDQJHRIDVSHFWV
RI SHRSOH
V OLYHV $OWKRXJK P\ UHVHDUFK IRFXVHV RQ RQH DVSHFW RI OLIH QDPHO\ LQ
ZKDW ZD\ $PGRV XWLOLVH OLWHUDF\ LQ GDLO\ OLIH REVHUYDWLRQ FRYHUHG D PXFK ZLGHU
UDQJHRIHYHU\GD\DFWLYLWLHVLQWKHGDLO\OLIHRI$PGRVLQWKHLUQDWXUDOHQYLURQPHQW,
PLQJOHGZLWKSHRSOHLQSXEOLFSODFHVDQGREVHUYHGWKH7LEHWDQZD\RIOLIHLQVWUHHWV
PDUNHWVVKRSVEDQNVRIILFHV,QWHUQHWFDIHVVFKRROVDGXOW7LEHWDQOLWHUDF\FODVVHV
DQG WHDFKHUV¶ WUDLQLQJ FRXUVHV , REVHUYHG ZKDW ODQJXDJHV SHRSOH VSRNH LQ WKH
PDUNHWDQGRWKHUSXEOLFSODFHV,SDLGDWWHQWLRQWRZKDWNLQGVRIWH[WZHUHGLVSOD\HG
LQVKRSVVWUHHWVDQGHYHQLQSHRSOH¶VKRPHV,WULHGWRILQGRXWE\REVHUYDWLRQWZR
SUDFWLFDOLVVXHV)LUVWO\ZKDWODQJXDJHV$PGRVQHHGHGWRNQRZVRWKDWWKH\FRXOG
DWWHQGWRWKHLUGDLO\EXVLQHVV6HFRQGO\,ZDVNHHQWRILQGRXWWKHW\SHDQGODQJXDJH
RI YDULRXV ZULWWHQ WH[WV ZKLFK DUH FRPPRQO\ VHHQ LQ D VRFLHW\ ,Q KRPHV , DOVR
REVHUYHG ZKDW NLQG RI WH[WV ZHUH DURXQG QRW RQO\ LQ WHUPV RI ERRNV DQG RWKHU
SULQWHGPDWHULDOEXWDOVRWH[WVDQGSLFWXUHVZKLFKZHUHXVHGDVLQWHULRUGHFRUDWLRQV
DQGODEHOVRQGD\WRGD\FRPPRGLWLHVVXFKDVVRIWGULQNERWWOHVFKLOOLSDVWHMDUVDQG
FDQGLHV
,YLVLWHGWZR7LEHWDQSULPDU\VFKRROV2QHRIWKHPDYLOODJHVFKRROKDG7LEHWDQDV
WKHPHGLXPRIWHDFKLQJDQGWKHRWKHULQ7RQJGH&RXQW\&HQWUHKDG&KLQHVHDVWKH
PHGLXPRIWHDFKLQJ,QWKHVHVFKRROV,DWWHQGHGWKUHHFODVVURRPWHDFKLQJVLWXDWLRQV
IRFXVLQJ P\ PDLQ REVHUYDWLRQ RQ PDNLQJ QRWHV DERXW KRZ 7LEHWDQ ODQJXDJH ZDV
WDXJKW EXW DOVR REVHUYLQJ KRZ PDWKHPDWLFV ZDV WDXJKW LQ WKH 7LEHWDQ ODQJXDJH ,
XVHG DQ REVHUYDWLRQ FKDUW LQ WKHVH FODVVURRP REVHUYDWLRQ VLWXDWLRQV , QRWHG GRZQ
GLIIHUHQWDFWLYLWLHVWKDWWRRNSODFHGXULQJDWHDFKLQJSHULRGDQGWKHDPRXQWRIWLPH
VSHQW RQ HDFK DFWLYLW\ )RU H[DPSOH , ZURWH GRZQ RQ D FKDUW WKH PDLQ FDWHJRULHV
DQG GHWDLOHG DFWLYLWLHV DV D OHVVRQ SURFHHGHG VXFK DV ³<HVWHUGD\¶V ZRUN UHYLHZ´
³&RUUHFWLQJ KRPHZRUN´ ³5HDGLQJ DORXG´ ³&RQWLQXH WHDFKLQJ \HVWHUGD\¶V
JUDPPDU´$FWLYLWLHVXQGHUWKHVHPDLQFDWHJRULHVZHUHIRUH[DPSOH³2QHVWXGHQW
DQVZHUVZHOO2WKHUVWXGHQWVFODSWKHLUKDQGVUK\WKPLFDOO\IRUKLVJRRGZRUN´DQG
³$ WHDFKHU DVNV WKH PHDQLQJ RI D ZRUG DQG DOO SXSLOV JLYH DQ DQVZHU WRJHWKHU´
7KHVHLVVXHV ,KDYHXVHGDVEDFNJURXQGLQIRUPDWLRQIRUP\DGXOWOLWHUDF\WHDFKLQJ
UHVHDUFK
,QDGGLWLRQWRFODVVURRPREVHUYDWLRQ,H[DPLQHGWKHVWXG\ERRNVZKLFKZHUHXVHG
LQGLIIHUHQWOHYHOVRIWKHFXOWXUDODQG7LEHWDQODQJXDJHFODVVHV
,Q DGXOW OLWHUDF\ FODVVHV DQG OLWHUDF\ WHDFKHUV¶ WUDLQLQJ FODVVHV , IRFXVHG P\
REVHUYDWLRQ RQ WHDFKLQJ PHWKRGV FODVVURRP LQWHUDFWLRQV DQG VWXG\ ERRNV , ZURWH
QRWHVDQGWRRNSKRWRJUDSKVRIZKDWZDVWDXJKWDQGKRZLWZDVWDXJKW,YLVLWHG
DGXOWOLWHUDF\FODVVHVRQWKHILUVWWULSDQGWHQPRUHFODVVHVRQWKHVHFRQGWULS2QP\
ILQDOWULSWRDGXOWOLWHUDF\FODVVHVZKLFKZDVFRQQHFWHGWRWKHILQDOHYDOXDWLRQRIWKH
7LEHWDQ/LWHUDF\3URJUDPPH,YLVLWHGDGXOWOLWHUDF\FODVVHVEXWWKRVHYLVLWVZHUH
YHU\EULHI+RZHYHUWKH\ZHUHVWLOOEHQHILFLDOVKRZLQJZKDWKDGEHHQOHDUQWLQWKH
OLWHUDF\FODVVHV6HH&KDSWHU
,DOVRYLVLWHGRQHODPDVHU\EXWXQIRUWXQDWHO\ZDVQRWDEOHWRDWWHQGDOLWHUDF\FODVV
WKHUH , KDG DQ H[WHQVLYH LQWHUYLHZ ZLWK WKH +HDG /DPD EXW , ZDV QRW JLYHQ DQ
RSSRUWXQLW\ WR REVHUYH ODQJXDJH WHDFKLQJ ,W WXUQHG RXW WKDW LI WKH +HDG /DPD KDG
UHDOLVHG WKDW , ZDV WKH RQH ZKR KDG EHHQ KHOSLQJ KLV SHRSOH OHDUQ WKHLU PRWKHU
WRQJXHKH ZRXOGKDYHSHUPLWWHGPHWRREVHUYHWKHWHDFKLQJ+HZDVYHU\ JUDWHIXO
IRUWKH7/3ZKLFKJDYHPHLPSRUWDQWJXDQ[LLQGRLQJP\UHVHDUFK
)LQDOO\,KDYHWRDGPLWWKDWEHLQJIDPLOLDUZLWKWKHUHVHDUFKDUHDDQGWKHSHRSOHKDV
ZRUNHG DJDLQVW PH LQ VRPH VLWXDWLRQV $Q XQIDPLOLDU VLWXDWLRQ DQG FXOWXUDO VFHQH
NHHSV WKH HWKQRJUDSKHU IURP WDNLQJ WRR PDQ\ WKLQJV IRU JUDQWHG $JDU ,W
PDNHVWKHREVHUYHUVHQVLWLYHWRWKHUHVHDUFKVLWXDWLRQ,IHHO,ZRXOGKDYHEHHQPRUH
DOHUWLQPDQ\GDLO\OLIHVLWXDWLRQVLI,KDGEHHQQHZWRWKHDUHDDQGDVVXPH,ZRXOG
KDYH EHHQ DEOH WR REVHUYH LQIRUPDWLRQ PRUH FDUHIXOO\ DQG QRW XQFRQVFLRXVO\ PLVV
VRPH VPDOO GHWDLOV ,W LV SRVVLEOH WKDW , GLG QRW ZULWH GRZQ VRPH GDWD ZKLFK ZDV
REYLRXVWRPHDV,NQHZWKHFXOWXUH)RUWKLVUHDVRQ,WKLQN,VWLOOKDYHDORWRIKHDG
QRWHV FI 6DQMHN ZKLFK KDYH QRW EHHQ ZULWWHQ GRZQ EXW ZKLFK KDYH
XQFRQVFLRXVO\JXLGHGP\WKRXJKWVDQGDSSHDUHGLQP\ZULWLQJ
,QWHUYLHZV
:KHQ VXUYH\ W\SH RI UHVHDUFK IRFXVHV RQ PXOWLSOH FKRLFH TXHVWLRQV DQG IXOO\
VWUXFWXUHGLQWHUYLHZVZLWKSDUWLFLSDQWVHWKQRJUDSKLFLQWHUYLHZVDUHFRQGXFWHGZLWK
RSHQ HQGHG TXHVWLRQV 4XLWH RIWHQ HWKQRJUDSKLF LQWHUYLHZV DUH VHPLVWUXFWXUHG
ZKLFK JLYHV DQ LQWHUYLHZHH DQ RSSRUWXQLW\ WR YRLFH KLV WKRXJKWV DQG LGHDV PRUH
IUHHO\WKDQLQIXOO\VWUXFWXUHGLQWHUYLHZV6RPHRIWKHLQWHUYLHZVDUHEULHIFKDWVRQ
WKH VWUHHW WKDW FDQ HQOLJKWHQ D UHVHDUFKHU WR ZKDW LV JRLQJ RQ DW WKDW SDUWLFXODU
PRPHQW%XWIRUORQJVHPLVWUXFWXUHGLQWHUYLHZVLWLVLPSRUWDQWIRUDUHVHDUFKHUWR
HVWDEOLVK JRRG UHODWLRQV ZLWK WKH LQWHUYLHZHHV )RU H[DPSOH RQ P\ UHVHDUFK RQ
7LEHWDQ OLWHUDF\ SUDFWLFHV LW ZDV FUXFLDO IRU PH WR KDYH D JRRG UHODWLRQVKLS ZLWK
SHRSOH RQ WKH ILHOG 2WKHUZLVH , ZRXOG KDYH UHFHLYHG VR FDOOHG RIILFLDO RSLQLRQV
IURPWKHLQWHUYLHZHHVDQGQRWWKHLURZQRSLQLRQVDV,GLGFI6WLWHV
$OWKRXJKH[WHQVLYHXVHRIREVHUYDWLRQZDVP\PDLQUHVHDUFKWRROLQJDWKHULQJGDWD
RQ SHRSOH
V OLYHV , DOVR FROOHFWHG GDWD E\ LQWHUYLHZLQJ SHRSOH LQ GLIIHUHQW VRFLDO
VHWWLQJVDQGFRQWH[WV'XULQJP\ILHOGUHVHDUFKLQ+DLQDQ7$3,WDONHGDJUHDWGHDO
ZLWK $PGRV IURP GLIIHUHQW EDFNJURXQGV DQG ZLWK VRPH IRUHLJQ 7LEHWDQ ODQJXDJH
H[SHUWVDVZHOO,FKDWWHGZLWKSHRSOHDV,YLVLWHGWKHLUKRPHVRUWKH\YLVLWHGPHPHW
WKHP RQ WKH VWUHHW DW VFKRROV DQG LQ RIILFHV 7KH PDLQ IRFXV RI WKHVH GLVFXVVLRQV
ZDVRQOLWHUDF\LQHYHU\GD\OLIHLQZKDWVLWXDWLRQVDQGLQZKLFKODQJXDJHSHRSOH
SUDFWLVH OLWHUDF\ 7KXV RXU GLVFXVVLRQV YDULHG IURP WKH 7LEHWDQ ODQJXDJH DQG
&KLQHVHXVHLQ7LEHWDQDUHDVWR7LEHWDQOLWHUDF\HGXFDWLRQDQGVRFLDOFKDQJHVLQWKH
DUHD
7KHLQWHUYLHZVDUHRIWKUHHGLIIHUHQWNLQGV,FRQGXFWHGILIWHHQIRUPDOLQWHUYLHZVRI
ZKLFKIRXUWHHQZHUHUHFRUGHGE\DWDSHUHFRUGHUDQGRQHZDVUHFRUGHGE\ZULWLQJ
$OO IRUPDO LQWHUYLHZV ZHUH VHPLVWUXFWXUHG DQG , XVHG RSHQHQGHG TXHVWLRQV ,
UHFRUGHG KRXUV RI LQWHUYLHZ GDWD HJ $SSHQGLFHV 1R 6HFRQGO\ ,
FRQGXFWHGWZHQW\LQIRUPDOLQWHUYLHZVZLWKYDULRXVSHRSOHIURPZKLFK,JDWKHUHG
KRXUV DQG PLQXWHV RI LQWHUYLHZ GDWD 7KLUGO\ , DWWHQGHG WKUHH JURXS PHHWLQJV
ZKHUH,FRXOGFROOHFWERWKREVHUYDWLRQGDWDDQGSDUWLDOO\SDUWLFLSDWHLQWKHPHHWLQJV
$GGLWLRQDOO\DV ,ZDVYLVLWLQJFODVVHVRIWKH7/3,KDGRSSRUWXQLWLHVWRPHHWZLWK
ORFDO FDGUHV WHDFKHUV DQG VWXGHQWV 'DWD IURP WKHVH VLWXDWLRQV ZHUH D PL[WXUH RI
REVHUYDWLRQQRWHVDQGEULHIFKDWVDQGRIILFLDOVSURYLGHGLQIRUPDWLRQDERXWGLIIHUHQW
LVVXHVFRQFHUQLQJWKHLPSOHPHQWDWLRQRIWKHSURJUDPPH,QIRUPDOLQWHUYLHZVFKDWV
DQGGDWDIURPPHHWLQJVZHUHUHFRUGHGLQZULWLQJ
$FFRUGLQJWR5\HQLWLVLPSRUWDQWIRUDUHVHDUFKHUWRHVWDEOLVKJRRGUHODWLRQV
ZLWKWKHLQWHUYLHZHHVEHFDXVHLWIDFLOLWDWHVYDOLGGDWDFROOHFWLRQ$FFRUGLQJO\LQWKLV
UHVHDUFKDOOIRUPDOLQWHUYLHZVZHUHRUJDQL]HGWKURXJKWKHSHRSOHZKRZHUHZRUNLQJ
LQ WKH 7/3 ZKLFK ZDV FXOWXUDOO\ DSSURSULDWH DQG JDYH UDSSRUW WR WKH LQWHUYLHZ
VLWXDWLRQ6RPHLQWHUYLHZHHVKDGVRPHFRQQHFWLRQWRWKH7/3ZKHUHDVRWKHUVZHUH
SULYDWHLQGLYLGXDOVZLWKQRFRQQHFWLRQWRWKHSURMHFW
2QH VHW RI LQWHUYLHZV ZDV PRUH IRUPDO ZLWK RIILFLDOV LQ GLIIHUHQW FRXQWLHV 7KH
IRUPDO LQWHUYLHZV ZHUH FRQGXFWHG ERWK DV JURXS PHHWLQJV DQG DV LQGLYLGXDO
LQWHUYLHZV %HVLGHV WKH IRUPDO LQWHUYLHZV , LQWHUYLHZHG WHDFKHUV LQ WZR 7LEHWDQ
SULPDU\VFKRROVDQGRQH7LEHWDQPLGGOHVFKRROXVLQJDJURXSPHHWLQJIRUPDW,Q
WKHVH PHHWLQJV , IRXQG RXW DERXW WKH XVH RI WKH 7LEHWDQ ODQJXDJH LQ VFKRROV DQG
VFKRROERRNVDQGZHGLVFXVVHGWKHSURVDQGFRQVRIXVLQJWKH7LEHWDQODQJXDJHDVD
PHGLXPRIWHDFKLQJ
,DOVRLQWHUYLHZHGDJURXSRIYLOODJHSHRSOH:HWDONHGDERXWOLWHUDF\XVHLQYLOODJH
KRPHV DQG OLWHUDF\ HGXFDWLRQ ,W VHHPV WKDW RQH FDQQRW WDON DERXW 7LEHWDQ OLWHUDF\
HGXFDWLRQ ZLWKRXW WRXFKLQJ RQ WKH VWDWXV RI WKH 7LEHWDQ ODQJXDJH LQ HGXFDWLRQ 6R
ZH WDONHG DERXW WKDW DV ZHOO 7KHUH ZHUH VHYHUDO SRWHQWLDO SUREOHPV ZLWK JURXS
GLVFXVVLRQVSHRSOHPLJKWEHVK\WRVSHDNWKH\PLJKWRQO\YRLFHDQRIILFLDORSLQLRQ
RI GLVFXVVHG PDWWHUV RU VRPH PHPEHUV RI JURXS PHHWLQJV PLJKW EH WRR GRPLQDQW
7KHODWWHUZDVH[SHULHQFHGLQDJURXSGLVFXVVLRQLQ7RQJGHZKHUHVRPHPHQZHUH
PRUH GRPLQDQW WKDQ RWKHUV DQG ZRPHQ GLG QRW FRQWULEXWH WR WKH GLVFXVVLRQ XQOHVV
VSHFLILFDOO\SHUVXDGHG
7KHVDPHLVVXHVZHUHFRYHUHGLQLQWHUYLHZVZLWKIRXULQGLYLGXDOWHDFKHUV0U+XL
2OG 7HDFKHU 0U 0U 'RUMH DQG 0U 0HUDQJG]RO 0U +XL DQG 2OG 7HDFKHU DUH
WHDFKHUVE\WKHLUSURIHVVLRQDQGWKH\ZHUH DOVRWHDFKHUVDWWKH7/30U'RUMHLVD
PLGGOH VFKRRO SULQFLSDO 0U 0HUDQG]RO LV D JRYHUQPHQW RIILFLDO ZKRVH
UHVSRQVLELOLWLHVLQFOXGHGDGXOWHGXFDWLRQ ,QWHUYLHZVZLWK0U1RUEX0V'URNPR
0V 7VRPR 0V 1\LPD DQG 0U 7HQ]LQ FRYHUHG LVVXHV DERXW ZRPHQ DQG OLWHUDF\
HGXFDWLRQDORQJZLWKYDULRXVLVVXHVZLWKLQOLWHUDF\WHDFKLQJVLQFHWKH\DUHFXUUHQWO\
RU KDYH EHHQ HDUOLHU LQYROYHG LQ HGXFDWLRQ :H DOVR GLVFXVVHG ZRPHQ¶V FDUHHUV
RXWVLGH WKH KRPH:LWKWKUHH RWKHU LQWHUYLHZHHV 7VRNVXP /KDEL DQG /KDPR ZH
DOVR GLVFXVVHG WKH LVVXH RI EHLQJ D OLWHUDWH YV D QRQOLWHUDWH 7LEHWDQ DQG ZKDW WKLV
PHDQV LQ WKH FRQWH[W RI WKH 35& 0U 7VRNVXP LV D FROOHJH VWXGHQW DQG /KDEL DQG
/KDPRDUHQRQOLWHUDWHKRXVHZLYHV,DOVRKDGDQRSSRUWXQLW\WRPHHWDKLJKVWDWXV
/DPD ZKR OLYHV DQG WHDFKHV LQ RQH IDLUO\ ODUJH ODPDVHU\ LQ +DLQDQ 7$3 +H LV D
ZHOO NQRZQ VFKRODU RI 7LEHWDQ %XGGKLVP DQG WKH 7LEHWDQ ODQJXDJH LQ 4LQJKDL
3URYLQFH :H WDONHG H[WHQVLYHO\ DERXW YDULRXV LVVXHV RI OLWHUDF\ HGXFDWLRQ LQ
ODPDVHULHV RXU FRQYHUVDWLRQ FRYHULQJ JHQHUDO LVVXHV RI WHDFKLQJ OLWHUDF\ LQ
ODPDVHULHVLQWKHSDVWDQGSUHVHQWDQGWKHFXUUHQWHPSKDVLVRIOLWHUDF\WHDFKLQJLQ
ODPDVHULHV$QLQWHUYLHZZLWKDQRWKHUPRQN7VHUDQJJDYHVWUHQJWKWRWKHGDWDRQ
PRQDVWLF OLWHUDFLHV DQG , ZDV DEOH WR GLVFRYHU GDWD FRQYHUJHQFH EHWZHHQ WZR
GLIIHUHQW LQIRUPDQWV FI 'HQVFRPEH DV WKHVH WZR LQWHUYLHZV FRPSOLPHQWHG
HDFKRWKHULQWHUPVRIWKHFRQWHQWDQGYDOLGLW\RIWKHGDWD
$QRWKHUVHWRILQWHUYLHZVZDVPRUHVSRQWDQHRXVDQGWRRNSODFHLQYDULRXVORFDWLRQV
LQFOXGLQJ WULSV WR WKH UHVHDUFK VLWHV PDUNHW SODFHV EXV VWDWLRQV DQG KRPHV
%HIRUHKDQG , DVVXPHG WKDW WKH PDLQ GLIILFXOWLHV WKHVH LQWHUYLHZV ZHUH OLNHO\ WR
HQFRXQWHU ZRXOG VWHP IURP WKH IDFW WKDW DOWKRXJK 7LEHWDQV DUH JHQHUDOO\ IULHQGO\
DQGFXULRXVWRZDUGVIRUHLJQHUVWKH\PLJKWIHHOXQFRPIRUWDEOHWRVSHDNFDQGLGO\WR
PH %XW , GLG QRW HQFRXQWHU SUREOHPV ZLWK SHRSOH DQG ZDV DEOH WR FROOHFW D
UHDVRQDEOH DPRXQW RI GDWD RXW RI WKHVH VSRQWDQHRXV LQWHUYLHZV RU FKDWV )RU
H[DPSOHDQLQWHUYLHZZLWK0U1RUEXZDVQRWSODQQHGEHIRUHKDQGEXWDVZHZHUH
WUDYHOOLQJ RXW WR UHPRWH YLOODJHV ZH VWDUWHG WR FKDW DERXW 7LEHWDQ DGXOW OLWHUDF\
HGXFDWLRQ
%HFDXVH$PGR7LEHWDQVRFLHW\LVUDWKHUVPDOODQG³HYHU\ERG\NQRZVHYHU\ERG\´,
GRQRWIHHOIUHHWRJLYHPRUHGHWDLOHGGHVFULSWLRQVRIP\LQWHUYLHZHHVLQWKHLQWHUHVWV
RISURWHFWLQJDQRQ\PLW\
$/DQJXDJH6XUYH\
, FRQGXFWHG D ODQJXDJH VXUYH\ LQ &KDSFKD ZKLFK LV WKH FRXQW\ FHQWUH RI *RQJKH
&RXQW\ :LWKLQ WKUHH GD\V ZH ZHUH DEOH WR GR EULHI LQWHUYLHZV ZLWK 7LEHWDQ
SHRSOHDWWKH7LEHWDQPDUNHWZKHUHPRVWRIWKH7LEHWDQVGRWKHLUVKRSSLQJ%HFDXVH
WKHLQWHUYLHZWLPHZDVMXVWEHIRUHWKH7LEHWDQ1HZ<HDUIHVWLYDOVWKHUHZHUHDORWRI
SHRSOHIURPWKHFRXQWU\VLGHGRLQJWKHLU1HZ<HDUVKRSSLQJ6LQFH,DP³DELJQRVH
IRUHLJQHU´ , DQWLFLSDWHG , ZRXOG VWDQG RXW HDVLO\ DQG SHRSOH ZRXOG HLWKHU JDWKHU
DURXQGRXWRIFXULRVLW\RUQRWWDONWRPHDWDOO,WKHUHIRUHDVNHGD7LEHWDQXQLYHUVLW\
VWXGHQW WR KHOS PH RXW LQ WKH VLWXDWLRQ +H FRQGXFWHG WKH YHU\ VLPSOH VXUYH\
LQWHUYLHZVIRUPHZLWKRXWFDXVLQJDQ\WURXEOHLQWKHSURFHVV7KHRQO\SUREOHPZDV
WKDW7LEHWDQZRPHQZHUHQRWZLOOLQJWREHLQWHUYLHZHGRQWKHILUVWGD\2QWKHRWKHU
GD\VPRUH7LEHWDQZRPHQZHUHZLOOLQJWREHLQYROYHGLQWKHVXUYH\$SSHQGL[1R
7KH VXUYH\ FRQFHQWUDWHG RQ 7LEHWDQV¶ ODQJXDJH XVH RXWVLGH WKH KRPH , ZDQWHG WR
ILQG RXW ZKDW ODQJXDJHV 7LEHWDQV XVH ZKLOH WKH\ GR WKHLU VKRSSLQJ EDQNLQJ DQG
YLVLW JRYHUQPHQW RIILFHV LQ WKH FRXQW\ FHQWUH 7KLV ZDV GRQH DV D PHDQV RI
WULDQJXODWLRQ WR WHVW WKH YDOLGLW\ RI GDWD DOUHDG\ REWDLQHG E\ REVHUYDWLRQ DQG
LQWHUYLHZV
3KRWRJUDSKV
3KRWRJUDSKV DUH XVXDOO\ SDUW RI HWKQRJUDSKLF UHVHDUFK DQG WKH\ KDYH GLIIHUHQW
IXQFWLRQVLQUHVHDUFK3KRWRJUDSK\ ZDVRQHRIP\ GDWDFROOHFWLRQWRROV6LPLODUWR
%DUWRQ+DPLOWRQ¶VUHVHDUFKLQFRPPXQLWLHV,WRRNSKRWRJUDSKVLQYDULRXV
VLWXDWLRQV DQG UHFRUGHG VRPH ILHOG QRWHV E\ SKRWRJUDSKLQJ WKH NLQGV RI VLWXDWLRQV
ZKHUH D ZULWWHQ WH[W ZDV SDUW RI 7LEHWDQ GDLO\ OLIH VXFK DV VWUHHW VLJQV QRWLFH
:HIRUHLJQHUVZHUHRIWHQFDOOHGDV³ELJQRVH´E\ORFDO&KLQHVHSHRSOH
ERDUGVQRWLFHVRQSROHVDQGZDOOVDGYHUWLVHPHQWVUHOLJLRXVVLJQVDQGV\PEROVDQG
ODEHOVRQGDLO\SURGXFWV7KLVDPRXQWHGWRKXQGUHGVRISKRWRJUDSKVRIZKLFK,XVHG
RQO\DIUDFWLRQIRUDQDO\VLV,DOVRUHFRUGHGVRPHYLGHRVRIODQJXDJHDQGOLWHUDF\LQ
VFKRROVDQGFXOWXUDOVLWXDWLRQVVXFKDVSHRSOHVLQJLQJDZHOFRPHVRQJWRJXHVWV
&ROOHFWLQJGDWDXVLQJSKRWRJUDSK\KDGWZRPDLQIXQFWLRQV)LUVWO\WKHDLPRIXVLQJ
SKRWRJUDSKVZDVQRWWRLOOXVWUDWHP\WKHVLVZLWKEULJKWSLFWXUHVRIH[RWLF7LEHWDQV
EXWWRHPSKDVLVHDQGFODULI\YDULRXVLVVXHVXQGHUGLVFXVVLRQ'DYLHVDUJXHV
WKDWWKHXVHRISKRWRJUDSKVLQHWKQRJUDSKLFUHVHDUFKFDQEHVHHQDVKDYLQJJUHDWHU
SRZHU WR FRQYLQFH WKDQ WKH XVH RI ZULWWHQ WH[W +RZHYHU , GLG QRW FKRRVH WR XVH
SKRWRJUDSKV RQ DFFRXQW RI WKHLU SRVVLEOH FRQYLQFLQJ SRZHU EXW UDWKHU WR EDFN XS
WKH DUJXPHQWV LQ P\ WKHVLV %HFDXVH SKRWRJUDSKV PD\ SRWHQWLDOO\ FDXVH SUREOHPV
VLQFH ZKDW , VHH LQ D SLFWXUH PD\ QRW EH ZKDW UHDGHUV VHH LQ D SLFWXUH , KDYH
DWWHPSWHG WR XVH SKRWRJUDSKV VHOHFWLYHO\ DQG VWUDWHJLFDOO\ 6HFRQGO\ SKRWRJUDSKV
KDYHEHHQDVVHWVLQDQDO\VLQJGDWDZKLFKKDYHEHHQFROOHFWHGE\RWKHUPHWKRGV%DOO
6PLWK6RPHSKRWRVLQWKLVUHVHDUFKKDYHEHHQWDNHQWRFDSWXUHDQDFWLRQ
ZKHUH D WH[W ZDV LQYROYHG VR WKDW LW ZRXOG KHOS LQ WKH GDWD DQDO\VLV $ SLFWXUH
FDSWXUHV WKH VLWXDWLRQ DV LW LV ZKHUHDV ZULWWHQ QRWHV DERXW WKH LVVXH PD\ EH
LQVXIILFLHQW7KHODWWHUXVHRISKRWRJUDSKVZDVPHDQWWREHPHUHO\DVXSSRUWLYHIRUP
RIFROOHFWLQJGDWD3KRWRJUDSK\ZDVWRFRPSOHPHQWWKHZD\WKHRWKHUUHVHDUFKWRROV
LQWKLVUHVHDUFKGRFXPHQWOLWHUDF\SUDFWLFHVDQGWH[WV+RGJH-RQHV
:KLOHSURFHVVLQJDQGDQDO\VLQJP\GDWDWKHVXSSRUWLYHUROHRISKRWRJUDSKVEHFDPH
HVVHQWLDO LQ WKDW SURFHVV , ZDV DEOH WR UHIHU WR FHUWDLQ VLWXDWLRQV E\ ORRNLQJ DW
SKRWRJUDSKVDQG,FRXOGFKHFNP\ZULWWHQGDWDFRPSDULQJLWZLWKWKHSKRWRJUDSKV
7KHFRPPRQVD\LQJ³RQHSLFWXUHWHOOVPRUHWKDQWKRXVDQGVZRUGV´EHFDPHREYLRXV
3KRWRJUDSKVKDYHEHHQDJRRGEDFNXSIRUP\REVHUYDWLRQQRWHVLQPDQ\VLWXDWLRQV
DJRRGWRROIRUDQDO\VLVDQGDFRQVWUXFWLYHZD\RISUHVHQWLQJP\GDWDWRUHDGHUV
/RFDO'RFXPHQWV
7KH ILIWK PHWKRG RI FROOHFWLQJ GDWD ZDV ORFDO GRFXPHQWV WH[WV DQG DUWLFOHV 7KHVH
GRFXPHQWV UDQJH IURP LQIRUPDO WH[WV WR RIILFLDO GRFXPHQWV 2IILFLDO GRFXPHQWV
QHZVSDSHUVWKHGRFXPHQWVRIWKH7LEHWDQ/LWHUDF\SURJUDPPHUHOLJLRXVWH[WVDQG
SLFWXUHV RWKHU ORFDO OLWHUDWXUH VKRSV VLJQV DQG DGYHUWLVHPHQWV DUH DOO H[DPSOHV RI
ORFDOGDWDVRXUFHV
6LQFH,ZDVZRUNLQJZLWKWKH7/3,KDGEXLOWDUDSSRUWZLWKWKHPLQ]XEDQRI+DLQDQ
7$37KLVUHODWLRQVKLS±JXDQ[LZDVDQDVVHWDQGPDGHLWSRVVLEOHIRUPHWRFROOHFW
VRPH ORFDO GDWD , ZDV DEOH WR JDWKHU VRPH ORFDO GRFXPHQWV FRQFHUQLQJ JHQHUDO
LVVXHV RI HGXFDWLRQ LQ WKH 35& VXFK DV ODQJXDJH XVH UHJXODWLRQV LQ HGXFDWLRQ LQ
4LQJKDL3URYLQFH7LEHWDQVVFKRRODWWHQGDQFHVWDWLVWLFVLQ+DLQDQ7$3DQG4LQJ.H
3D ZKLFK FRQFHUQV VRFLDO FKDQJH DQG YRFDWLRQDO WUDLQLQJ IRU 7LEHWDQV LQ 4LQJKDL
3URYLQFH $V , ZRUNHG ZLWK WKH 7/3 , ZDV JUDQWHG SHUPLVVLRQ WR XVH WKH HQWLUH
FROOHFWLRQRIWKH7LEHWDQ/LWHUDF\3URJUDPPH7/3GRFXPHQWVIRUP\UHVHDUFK
$OOWKHVHGRFXPHQWVJDYHDQLGHDRIKRZ7LEHWDQOLWHUDF\HGXFDWLRQLVRUJDQLVHGDQG
LPSOHPHQWHGE\GLIIHUHQWLQVWLWXWLRQVLQ+DLQDQ7$3)RUH[DPSOHDPRQJWKH7/3
GRFXPHQWV DUH ILYH VDPSOHV RI H[DPV ZKLFK WKH VWXGHQWV RI WKH 7/3 WRRN 7KHVH
VDPSOHVVKRZHGPHZKDWLVVXHVDUHVHHQDVLPSRUWDQWLQWKHSURFHVVRIOHDUQLQJWR
UHDG DQG ZULWH 7LEHWDQ /RFDO 7LEHWDQ ODQJXDJH VFKRRO ERRNV DQG DGXOW OLWHUDF\
SURJUDPPHPDWHULDOVUHYHDOWKHJRDORIORFDO7LEHWDQOLWHUDF\HGXFDWLRQ
5HVHDUFK6LWH
7KHUHVHDUFKVLWHLVZLGHDQGIXOORIYDULHW\DV,H[SODLQHGLQ&KDSWHU,QRUGHUWR
FROOHFW FRPSUHKHQVLYH DQG WKRURXJK GDWD RI OLWHUDF\ SUDFWLFHV , QHHGHG WR DGGUHVV
WKHGLIIHUHQWJURXSVDQGVHWWLQJVRI$PGRV7KHGLIIHUHQWVLWHVRIWKHUHVHDUFKDUHD
DUHVRPHGLVWDQFHDSDUWIURPHDFKRWKHU6RPHVLWHVDUHQRPDGLFYLOODJHVDQGVRPH
DUH WRZQV ZLWK VHWWOHG FRPPXQLWLHV 6HH &KDSWHU 7KXV VRFLDO VHWWLQJV DQG
FRQWH[WVDUHQRWWKHVDPH$OOWKHVHVHWWLQJVKDYHWKHLURZQVRFLDODFWLYLWLHVZKHUH
OLWHUDF\LVVLWXDWHG%HFDXVHVRFLDOFRQWH[WVDQGLQVWLWXWLRQVYDU\ZLWKLQP\UHVHDUFK
DUHD OLWHUDF\ SUDFWLFHV YDU\ DV ZHOO FI 0DUWLQ-RQHV HW DO 7KH PDLQ
YDULDWLRQV DUH FDXVHG E\ JHRJUDSKLFDO ORFDWLRQ DQG OLYHOLKRRG )RU H[DPSOH VRFLDO
FRQWH[WV DQG OLWHUDF\ W\SHV DUH QRW WKH VDPH LQ ODPDVHULHV DV WKH\ DUH LQ QRPDGLF
YLOODJHV 7LEHWDQ %XGGKLVW PRQNV DQG QXQV IRFXV RQ UHOLJLRXV OLWHUDF\ HYHQWV DQG
SUDFWLFHV ZKHUHDV QRPDGLF KHUGHUV PD\ UHDG WH[WV RQ IRRG SDFNDJHV 7KHUHIRUH ,
FROOHFWHGGDWDXVLQJWKHPHWKRGVPHQWLRQHGDERYHLQDQXPEHURIGLIIHUHQWW\SHVRI
VHWWLQJV ODPDVHULHV QRPDGLF DQG VHWWOHG FRPPXQLWLHV VFKRROV DQG DGXOW OLWHUDF\
FODVVHV
$QDO\VLV
0\ DQDO\VLV RI HWKQRJUDSKLF GDWD VWDUWHG DOUHDG\ GXULQJ WKH ILHOG SHULRG $V
PHQWLRQHGDERYHLWLVFUXFLDOWKDWWKHFROOHFWHGGDWDUHSUHVHQWVWKHPHDQLQJVRIWKH
UHVHDUFKHGSHRSOHQRWRIWKHUHVHDUFKHU6SUDGOH\ZDUQVDUHVHDUFKHUQRWWR
LPSRVHKLVRUKHURZQWKHRU\RQWKHSHRSOHXQGHUUHVHDUFKEHIRUHWKHLURZQYLHZRI
WKHZRUOGLVIRXQGRXW
2QHRIWKHGDQJHUVLQGRLQJHWKQRJUDSKLFUHVHDUFKLVDUHVHDUFKHUQRWGLVWDQFLQJKLP
RU KHUVHOI IURP WKH GDWD ZKLFK FDXVHV ZULWLQJ XS WR EHFRPH GHVFULSWLYH LQVWHDG RI
EHLQJDQDO\WLFDO7KHUHIRUHLWLVLPSRUWDQWWRILQGDV\VWHPDWLFPHWKRGIRUDQDO\VLV
7KHUHLVQRRQHSDUWLFXODUPHWKRG IRU DQDO\VLVLQHWKQRJUDSKLFUHVHDUFK+RZHYHU
HWKQRJUDSKLFGDWDLVRIWHQDQDO\VHGE\XVLQJJURXQGHGWKHRU\GHYHORSHGE\*ODVHU
DQG 6WUDXVV RU GHYHORSLQJ V\VWHPDWLF W\SRORJLHV +DPPHUVOH\ $WNLQVRQ
RUDQ\VLPLODUSURFHVVZKLFKXWLOLVHVGLIIHUHQWFDWHJRULHVWRHPHUJHIURPWKH
GDWD6LOYHUPDQ
*URXQGHGWKHRU\SURYLGHVDWRROIRUV\VWHPDWLFGDWDDQDO\VLV,QLWVVLPSOHVWPRGHO
LW KDV WKUHH VWDJHV 'XULQJ WKH ILUVW VWDJH D UHVHDUFKHU DWWHPSWV WR IRUP FDWHJRULHV
ZKLFKJLYHLQVLJKWLQWRWKHGDWD7KHQH[WVWHSLVWRILWWKHVHFDWHJRULHVZLWKPDQ\
DSSURSULDWH FDVHV WR WHVW WKHLU UHOHYDQFH 2Q WKH WKLUG VWDJH WKHVH FDWHJRULHV DUH
GHYHORSHG LQWR PRUH JHQHUDO DQDO\WLFDO IUDPHZRUNV +DPPHUVOH\ $WNLQVRQ
6RPH RWKHU ZD\V RI DQDO\VLQJ HWKQRJUDSKLF GDWD DUH IRU H[DPSOH WR XVH WKLQNLQJ
XQLWVNH\ZRUGVDQGPLQGPDSSLQJDVH[SODLQHGEHORZ
$QDO\VLQJ,QWHUYLHZV
7KH ILUVW VWHS WRZDUGV DQDO\VLQJ WKH GDWD RI WKLV UHVHDUFK ZDV WUDQVFULELQJ DQG
UHFRUGLQJ LQWHUYLHZV $OO IRUPDO LQWHUYLHZV ZKLFK ZHUH WDSHUHFRUGHG ZHUH IXOO\
WUDQVFULEHG DQG RWKHU VSRQWDQHRXV LQWHUYLHZV ZHUH UHFRUGHG E\ ZULWLQJ 7KHQ
DQDO\VLQJGDWDRIWKLVUHVHDUFKGLGQRWIROORZWKHJURXQGHGWKHRU\<HWWKHUHZHUH
VRPHVLPLODULWLHVVXFKDVFDWHJRULVLQJWH[WDQGXVLQJNH\ZRUGVFI&RUELQ6WUDXVV
7KH ILUVW VWHS ZDV WR UHDG WKH LQWHUYLHZV DQG SURFHVV WKH LVVXHV WKDW DURVH
IURPWKHGDWD,FDOOHGLWWKHSUHOLPLQDU\DQDO\VLV,VLPSO\ZURWHGRZQWKRXJKWVWKDW
DURVH IURP WKH GDWD DV VHHQ LQ WKH SUHOLPLQDU\ LQWHUYLHZ DQDO\VLV RI 7VRNVXP
$SSHQGL[1R,QWKHEHJLQQLQJRIWKHGDWDDQDO\VLVSURFHVV,DSSOLHGWKHFRQFHSW
RI µWKLQNLQJ XQLWV¶ DV LQ (O\ 7KLQNLQJ XQLWV HQDEOHG PH WR FDWHJRULVH NH\
FRQFHSWV RI WKH GDWD VLPLODU WR JURXQGHG WKHRU\ 7KHVH HOHPHQWV EHFDPH WKH NH\
HOHPHQWVIRUPLQGPDSSLQJZKLFK,XVHGLQWKHGDWDDQDO\VLVSURFHVV
,QDFRGLQJSURFHVV,XVHGNH\FRQFHSWVDQGNH\ZRUGVDVPHQWLRQHGDERYH$IWHU
KDYLQJDVXPPDUL]HGYHUVLRQLQP\PLQG ,ZHQWWKURXJKWKHGDWDDQGHOLFLWHGNH\
FRQFHSWVDQGZRUGV$SSHQGLFHV1R7KLVVWHSZDVWKHPDLQSKDVHLQILQGLQJ
NH\LVVXHVLQWKHGDWDDQGDWWKHVDPHWLPH,ORRNHGDWSRVVLEOHLQDFFXUDFLHVLQWKH
GDWD 0\ DLP ZDV WR ILQG ZKDW NLQG RI OLWHUDFLHV $PGRV DUH LQYROYHG LQ DQG KRZ
WKH\ OHDUQ OLWHUDF\ $FFRUGLQJO\ NH\ FRQFHSWV DQG NH\ZRUGV HYROYHG VXFK DV
OLWHUDF\ OLWHUDF\ HGXFDWLRQ HGXFDWLRQ ODQJXDJH RI OLWHUDF\ VRFLDO FRQWH[W RI
OLWHUDF\ LQVWLWXWLRQDO FRQWH[W RI OLWHUDF\ LOOLWHUDF\ PRWLYDWLRQ IRU OLWHUDF\
DFTXLVLWLRQUHOLJLRXVOLWHUDF\HWF
&RGLQJ PLQGPDSSLQJ EHFDPH DQ LPSRUWDQW WRRO WR FUHDWH OLQNV EHWZHHQ GLIIHUHQW
FDWHJRULHVWKLQNLQJXQLWVDQGWRRUJDQL]HP\WKRXJKWVDQGWKHSURFHVVRIDQDO\VLQJ
WKHGDWD0LQGPDSVWRRNQHZDQJOHVDQGVKDSHVDVDQDO\VLQJSURFHHGHGIXUWKHU,Q
WKH SURFHVV RI DQDO\VLQJ GDWD , KDG YDULRXV YHUVLRQV RI PLQGPDSV EXW DOO WKURXJK
WKHSURFHVVWKHNH\FRQFHSWVDQGWKHLUVXEFDWHJRULHVVXFKDVWKH7LEHWDQODQJXDJH
PRQDVWHULHVVFKRROVDQGDGXOWOLWHUDF\FODVVHVKDYHHVVHQWLDOUROHV)RUH[DPSOHWKH
7LEHWDQODQJXDJHKDVGLIIHUHQWNLQGVRIUROHVLQWKHVRFLHW\DQGLQLQGLYLGXDOV¶OLYHV
7KHUHIRUH LW KDV GLIIHUHQW NLQGV RI FRQQHFWLRQV VFKRROV PRQDVWHULHV KRPHV
FXOWXUHHWFRQPLQGPDSV$SSHQGL[1R
%HFDXVH WKH GDWD ZDV VXEVWDQWLDO DQG NH\ FRQFHSWV HYROYHG DFFRUGLQJO\ , ZDV QRW
DEOHWRIXOO\XWLOLVHDOOWKHGDWDNH\FRQFHSWVRULVVXHVZKLFKHYROYHG'DWDZKLFK
FRQFHUQHG &KLQHVH ODQJXDJH OLWHUDFLHV LQ $PGR FRPPXQLWLHV ZDV XVHG DV D
UHIHUHQFH SRLQW IRU WKLV FXUUHQW UHVHDUFK ZKLFK LV EXLOW RQ WKH SUHYLRXV ZRUN RI
03KLO WKDW FRQFHUQV PXOWLOLQJXDO OLWHUDF\ SUDFWLFHV LQ $PGR FRPPXQLWLHV
0XOWLOLQJXDODQGPXOWLPRGDOOLWHUDFLHVFDQQRWEHWRWDOO\LJQRUHGVLQFHWKH\KDYHWR
EH LQYROYHG LQ GHYHORSLQJ DQDO\VLV 2WKHU LVVXHV VXFK DV 7LEHWDQ QRPDGLF DQG
IDUPHUV¶ GLDOHFWV HPHUJHG IURP GDWD EXW WKH\ DUH IDU WRR ELJ LVVXHV WR GLVFXVV
SURSHUO\ LQ DGGLWLRQ WR VRPH RWKHU 7LEHWDQ ODQJXDJH LVVXHV LQ WKLV RQH SLHFH RI
GRFWRUDOWKHVLV
)URP/LWHUDF\(YHQWVWR/LWHUDF\3UDFWLFHV
)RUWH[WDQDO\VLVSXUSRVHV,KDYHPDGHXVHRIDGLVWLQFWLRQEHWZHHQOLWHUDF\HYHQWV
DQGOLWHUDF\SUDFWLFHV%DUWRQD+HDWK6WUHHW,QWKLVFRQWH[WWH[W
SUHVHQWV ERWK ZULWWHQ WH[WV DQG RUDO XWWHUDQFHV VXFK DV LQWHUYLHZV +DOOLGD\ ZKLFKDUHWUDQVFULEHG
,KDYHXVHGWKHFRQFHSWRIOLWHUDF\HYHQWVIRUDQDO\VLV7KHFRQFHSWZDVGHYHORSHG
E\ $% $QGHUVRQ DQG 6WRNHV DQG E\ +HDWK V +HDWK +HDWK
V
GHILQLWLRQRIOLWHUDF\HYHQWVLVRFFDVLRQVLQZKLFKZULWWHQODQJXDJHLVLQWHJUDOWRWKH
QDWXUH RI SDUWLFLSDQWV
LQWHUDFWLRQV DQG WKHLU LQWHUSUHWLYH SURFHVVHV DQG VWUDWHJLHV
7KHFRQFHSWRIOLWHUDF\HYHQWVKDVEHHQXVHIXOWRLGHQWLI\ZKDWNLQGRI
OLWHUDFLHV $PGRV DUH LQYROYHG LQ LQ WKHLU GDLO\ OLIH )RU H[DPSOH $PGR 7LEHWDQ
OLWHUDF\ HYHQWV YDU\ IURP OHDUQLQJ WR ZULWH WKH DOSKDEHW LQ VFKRRO WR UHDGLQJ
QHZVSDSHUV IURP EURZVLQJ RQ WKH LQWHUQHW WR PHGLWDWLQJ RQ UHOLJLRXV GUDZLQJV
FDOOHG WKDQJNDV 7KXV$PGR 7LEHWDQ OLWHUDF\ HYHQWV LQFOXGH GLIIHUHQW PRGHV VXFK
DVYLVXDODQGFRPSXWHUOLWHUDFLHVDORQJZLWKSULQWHGWH[WV
0XOWLPRGDOLW\ LV DQ HVVHQWLDO FKDUDFWHULVWLF RI $PGR OLWHUDFLHV FI .UHVV %HVLGHV PXOWLPRGDOLW\ PXOWLOLWHUDF\ FKDUDFWHUL]HV $PGR 7LEHWDQ OLWHUDF\
HYHQWV7KH1HZ/RQGRQ*URXS1HZ/RQGRQ*URXSUHIHUVWRPXOWLOLWHUDF\
DV PRGHV RU FKDQQHOV RI FRPPXQLFDWLRQ ZKLFK LQYROYHV OLWHUDF\ (OHFWURQLF
GHYLFHV SULQWHG WH[WV DQG LQIRUPDWLRQ WHFKQRORJ\ DUH FXUUHQW ZD\V RI
FRPPXQLFDWLRQ DQG OLWHUDF\ DPRQJ $PGRV +RZHYHU PRVW RI WKHVH ³HOHFWURQLF
OLWHUDFLHV´ DUH LQ &KLQHVH DQG WKH\ ZHUH GLVFXVVHG LQ P\ SUHYLRXV ZRUN +DUUL
7LEHWDQPXOWLOLWHUDF\ HYHQWVDUHQRWRQO\DERXWWH[WEXWDOVRDERXWVHPLRWLFIRUPV
RIFRPPXQLFDWLRQ%HVLGHVZULWWHQWH[WV$PGROLWHUDF\HYHQWVFRQVLVWRIVLJQVDQG
V\PEROV LQ VHYHUDO ODQJXDJHV ZKLFK DUH XVHG LQ FHUWDLQ VRFLDO FRQWH[WV )RU
H[DPSOH ILQJHU VLJQV IRU QXPEHUV DUH XVHG DW PDUNHW SODFHV HVSHFLDOO\ ZKHQ
FRPPXQLFDWLQJZLWKSHRSOHRWKHUWKDQ$PGRV7LEHWDQ%XGGKLVWSUDFWLFHVFRQVLVWRI
QXPHURXV UHOLJLRXV VLJQV DQG SLFWXUHV ZKLFK DUH FRPPXQLFDWHG LQ 7LEHWDQ 0DQL
VWRQHV DV LQ WKH SLFWXUH EHORZ )LJXUH DUH RQH H[DPSOH RI VXFK UHOLJLRXV
DUWHIDFWV 7KLV SDUWLFXODU VDPSOH LQFOXGHV ERWK 7LEHWDQ WH[W DQG ILYH RI HLJKW
DXVSLFLRXV UHOLJLRXV VLJQV ZKLFK DUH RQO\ XQGHUVWRRG WKURXJK 7LEHWDQ UHOLJLRXV
SUDFWLFHV
)LJXUH
$PDQLVWRQH
7KHQRWLRQRIOLWHUDF\HYHQWVKHOSVPHWRXQGHUVWDQGDQGWRLGHQWLI\GLIIHUHQWZD\V
RI XVLQJ UHDGLQJ DQG ZULWLQJ LQ 7LEHWDQ FRPPXQLWLHV 7KH FRQFHSW RI OLWHUDF\
SUDFWLFHVQHHGVGHHSHUDQDO\VLV$FFRUGLQJWR6WUHHWOLWHUDF\SUDFWLFHVDWWHPSW³ERWK
WRKDQGOHWKHHYHQWVDQGSDWWHUQVDURXQGOLWHUDF\DQGOLQNWKHPWRVRPHWKLQJEURDGHU
RI D FXOWXUDO DQG VRFLDO NLQG´ 7KURXJK VRFLDO DQG FXOWXUDO FRQWH[WV
OLWHUDF\ HYHQWV JHWWKHLU VRFLDOPRGHOVZKLFK JLYHHYHQWVWKHLUPHDQLQJV7KHQLQ
RUGHU WR ILQG RXW PHDQLQJV RI $PGR OLWHUDF\ HYHQWV LW ZDV QHFHVVDU\ WR WDON ZLWK
SHRSOHWRILQGRXWKRZWKHLUOLWHUDF\HYHQWVZHUHFRQQHFWHGWRWKHLUHYHU\GD\OLIH
6XPPDU\
,Q WKLV FKDSWHU , KDYH HQGHDYRXUHG WR SXOO WRJHWKHU HDFK VHFWLRQ RI P\ UHVHDUFK LQ
DGKHUHQFH WR WKH IUDPHZRUN RI HWKQRJUDSKLF UHVHDUFK GHILQHG IRU WKH SXUSRVH RI
WKLVVWXG\DV³DQHWKQRJUDSKLFSHUVSHFWLYH´$FFRUGLQJWR0D[ZHOO³XQGHUVWDQGLQJ
LV D PRUH IXQGDPHQWDO FRQFHSW IRU TXDOLWDWLYH UHVHDUFK WKDQ YDOLGLW\´ 0D[ZHOO
,QP\UHVHDUFK,KDYHDWWHPSWHGWRJDWKHUDUHDOXQGHUVWDQGLQJRIWKH$PGRV¶
H[SHULHQFHVFI6LOYHUPDQDQGWKHLUZD\VRIEHLQJLQYROYHGLQOLWHUDF\,KDYH
XVHGWKHPHWKRGRORJ\DQGPHWKRGVZKLFK,IRXQGPRVWDSSURSULDWHWRWKHUHVHDUFK
WRSLF0\DLPZDVWRILQGZD\VLQZKLFKWKH$PGRVDUHLQYROYHGLQOLWHUDF\LQGDLO\
OLIHDQGWRH[SORUHZKDWWKH\OHDUQDQGKRZWKH\OHDUQLQOLWHUDF\FODVVHV
(WKQRJUDSK\LVDKROLVWLFUHVHDUFKVWUDWHJ\LQZKLFKDUHVHDUFKHUKDVDFUXFLDOUROH,
ZRXOG VD\ WKDW WKH UROH RI D UHVHDUFKHU LV ERWK WKH ZHDNQHVV DQG WKH VWUHQJWK LQ
HWKQRJUDSK\,QRUGHUWRFDUU\RXWHWKQRJUDSKLFUHVHDUFKDUHVHDUFKHUKDVWREHUHDG\
WR FRPPLW KLPVHOI WR D VHDUFK IRU PHDQLQJ DQG WKDW PHDQV EHLQJ UHDG\ IRU WDNLQJ
ULVNV IDFLQJ XQFHUWDLQW\ DQG GLVFRPIRUW %DOO /LYLQJ ZLWK WKH SHRSOH
EHLQJ UHVHDUFKHG LV QRW DOZD\V HDV\ FROOHFWLQJ YDOLG GDWD LV WURXEOHVRPH DQG
DQDO\VLQJ GDWD LV WLPH FRQVXPLQJ ,I D UHVHDUFKHU IDFHV PDMRU SUREOHPV GXULQJ WKH
UHVHDUFK LW ZLOO PRVW OLNHO\ UHVXOW LQ ZRUN ZKLFK PD\ EH GHVFULSWLYH RU PD\ QRW
SUHVHQWWKHZRUOGYLHZRIDUHVHDUFKHGJURXS
+DYLQJ DQ HWKQRJUDSKLF DSSURDFK WR P\ UHVHDUFK HQDEOHG PH WR EXLOG DQ LQGHSWK
SLFWXUHRI$PGROLWHUDF\SUDFWLFHV0\UHVHDUFKSURFHVVKDVEHHQORQJDQGZLGHDQG
\HWDWVRPHSRLQWVRIDQDO\VLQJGDWD,ZLVK,KDGVSHQWHYHQORQJHUSHULRGVRIWLPH
ZLWK WKH SHRSOH , ZDV UHVHDUFKLQJ DVNLQJ WKHP PRUH TXHVWLRQV RU REVHUYLQJ PRUH
DWWHQWLYHO\VRPHGDLO\VLWXDWLRQV,QRWKHUZRUGV,GLGQRWPDQDJHWRGRP\UHVHDUFK
ZLWKRXW SLWIDOOV +RZHYHU WKH GDWD , ZDV DEOH WR FROOHFW KDV SURYLGHG PH ZLWK D
GHHSHU XQGHUVWDQGLQJ RI WKH $PGR XVHV RI OLWHUDF\ 7KLV UHVHDUFK SURMHFW KDV DOVR
JLYHQPHIXUWKHULQVLJKWVLQWRP\VHOI
'XULQJ WKH UHVHDUFK SURFHVV LW KDV EHFRPH FOHDU WR PH WKDW , DV D UHVHDUFKHU DP
VXEMHFW WR VDPH VRFLDO FRQVWUXFWLRQV DV WKH SHRSOH , KDYH UHVHDUFKHG FI
+DPPHUVOH\ $WNLQVRQ , ZDV DV GHSHQGHQW RQ WKH VDPH ³JXDQ[L´
UHODWLRQVKLSVV\VWHPDVDQ\RWKHUPHPEHURIWKHVRFLHW\0\SUHYLRXVZRUNLQJDQG
OLYLQJ H[SHULHQFH KDG KHOSHG PH WR EXLOG ³JXDQ[L´ ZKLFK SURYHG WR EH PDLQO\
EHQHILFLDO IRU PH 3HRSOH ZKRP , NQHZ LQWURGXFHG PH WR WKH SHRSOH , QHHGHG WR
PHHW IRU P\ UHVHDUFK :LWKRXW ³JXDQ[L´ , ZRXOG QRW EH ZULWLQJ WKHVH ZRUGV KHUH
QRZ$OWKRXJK ,ZDVFRQQHFWHGWRµLQVLGHUV¶ , ZRXOGQHYHUP\VHOIEHUHJDUGHG DV
DQLQVLGHUDQGKDYHDWWHPSWHGWRNHHSP\VWDWXVDQGSRVLWLRQLQWKHUROHRIREMHFWLYH
UHVHDUFKHUDQGDQDO\VW
7LEHWDQ&XOWXUDO3KHQRPHQDLQ
(YHU\GD\/LWHUDFLHV
7KH FRPPRQ GLVFRXUVH RI OLWHUDF\ WHDFKLQJ LQFOXGHV WHDFKLQJ UHDGLQJ ZULWLQJ DQG
QXPHUDF\ 0RQDVWLF OLWHUDF\ WHDFKLQJ DLPV WR UHOHDVH VWXGHQWV IURP LJQRUDQFH WR
PDVWHUWKHODQJXDJHFI%DUWRQVHH&KDSWHUGRQHWKURXJKWHDFKLQJUHDGLQJ
DQG SRVVLEO\ ZULWLQJ DQG QXPHUDF\ 5HVHDUFKLQJ $PGR OLWHUDF\ LQ LWV FXOWXUDO
FRQWH[W LV D FRPSOH[ WDVN IRU RQH PDLQ UHDVRQ ERWK FXOWXUH DQG OLWHUDF\ DUH ZLGH
DQGFRPSOH[ILHOGVWRVWXG\%RWKRIWKHPKDYHWLHVWRPDQ\OD\HUVDQGFRPSRQHQWV
RIVRFLHW\
&XOWXUHV GLIIHU DV GR FRQQHFWLRQV EHWZHHQ OLWHUDF\ DQG FXOWXUH ,Q UHVHDUFKLQJ
FXOWXUDO LQIOXHQFHV RQ $PGR OLWHUDF\ HGXFDWLRQ DQG OLWHUDF\ SUDFWLFHV VRPH RI WKH
FXOWXUDO FRQQHFWLRQV DQG YDOXHV EHFRPH QRWLFHDEOH HDUOLHU WKDQ RWKHUV ,Q WKH HQG
FXOWXUDO YDOXHV DQG EHOLHIV HPHUJHG IURP GDWD LQ FRQQHFWLRQ WR JHQGHU SRZHU
ODQJXDJH UHOLJLRQ DQG YLHZV RI OLWHUDF\ 7KHVH FRPSRQHQWV DUH QRW LQGHSHQGHQW
XQLWV EXW VSUHDG RYHU VRFLHW\ OLNH D ZHE 7KH\ FRUUHVSRQG WR HDFK RWKHU LQ VRPH
ZD\ DV 6SUDGOH\ H[SODLQV 6SUDGOH\ 7KHUHIRUH WR XQSDFN $PGR FXOWXUDO
HOHPHQWVDQGWKHLULQIOXHQFHRQ$PGROLWHUDF\LVDGHPDQGLQJWDVN
$QDO\VLV DQG HVWLPDWLRQ RI FXOWXUDO LQIOXHQFH LV EDVHG RQ WKH GHILQLWLRQ RI FXOWXUH
+l\U\QHQ,KDYHDGRSWHGDVRFLRDQWKURSRORJLFDOYLHZRIFXOWXUHDVVKDUHG
PHDQLQJV DQG XQGHUVWDQGLQJ LQFOXGLQJ VRFLDO EHKDYLRXU ZLWKLQ D JURXS , KDYH
ORRNHGDWWKHLQIOXHQFHRIFXOWXUHRQOLWHUDF\LQWKHFRQWH[WRIWKHSDWULDUFKDOFXOWXUH
RI7LEHWDQV
,IZHORRNDWRQHHOHPHQWRIFXOWXUH±UHOLJLRQZHFDQSUHVHQW$PGRFXOWXUHXVLQJ
+RIVWHGH¶VRQLRQGLDJUDPVHH)LJXUH5HOLJLRQFDQEHIRXQGLQWKUHHGLIIHUHQW
³VNLQV´V\PEROVULWXDOVDQGYDOXHVWKHFHQWUH
)LJXUH
5HOLJLRQDVDFXOWXUDOHOHPHQWLQ$PGRVRFLHW\
, VWDUW WR XQSDFN WKH FXOWXUDO LQIOXHQFH IURP WKH FRUH RI WKH FXOWXUH YDOXHV FI
+RIVWHGH $PGR¶V ZRUOGYLHZ LV EDVHG RQ 7LEHWDQ %XGGKLVP ZKLFK IRUPV
WKHLU YDOXH V\VWHP DQG LV DQ HVVHQWLDO SDUW RI WKHLU FXOWXUDO LGHQWLW\ $PGRV¶ VRFLDO
FRQWH[WDQGH[SHULHQFHVDUHZLWKLQWKDWYDOXHV\VWHPDQGIRUPWKHOHDUQLQJFRQWH[W
IRU DGXOW OHDUQHUV 0H]LURZ DQG RWKHUV UHPLQG XV WKDW ZLWKRXW WDNLQJ LQWR
FRQVLGHUDWLRQ WKH VRFLDO FRQWH[W DQG H[SHULHQFHV RI DGXOW OHDUQHUV LW LV GLIILFXOW WR
XQGHUVWDQG WKH FRQWH[W RI OHDUQLQJ 0H]LURZ -DUYLV 1XUPL .RQWLDLQHQ7KHUHIRUHLWLVLPSRUWDQWWRORRNLQWRWKHFXOWXUDOHQYLURQPHQWRI
DGXOW OLWHUDFLHV ILUVW EHIRUH ZH FDQ GLVFXVV WKH IHDWXUHV RI $PGR DGXOW OLWHUDF\
HGXFDWLRQDQGKRZWKH\DUHLQIOXHQFHGE\FXOWXUHDQGHYHU\GD\OLWHUDF\SUDFWLFHV
5HOLJLRQDQG/LWHUDF\3UDFWLFHV
7LEHWDQ%XGGKLVPD6RXUFHRI/LWHUDF\
%DVHG RQ P\ GDWD 7LEHWDQ OLWHUDF\ SUDFWLFHV DUH YHU\ PXFK OLQNHG WRJHWKHU ZLWK
UHOLJLRXV SUDFWLFHV WKH 7LEHWDQ ODQJXDJH DQG HWKQLF LGHQWLW\ /LNH LQ PDQ\ RWKHU
FXOWXUHV WKH VRXUFH RI 7LEHWDQV¶ OLWHUDF\ SUDFWLFHV LV LQ UHOLJLRXV SUDFWLFHV FI
0DGGR[ =XEDLU (YHQ WKRXJK 7LEHWDQ FXOWXUH KDV FKDQJHG RYHU WKH
\HDUV DQG VHFXODULVP FRQWLQXHV WR JDLQ JURXQG WKHUH LV VWLOO D YHU\ VWURQJ ERQG
EHWZHHQ UHOLJLRXV SUDFWLFHV DQG OLWHUDF\ SUDFWLFHV ZKLFK LQIOXHQFHV WKH ZKROH RI
VRFLHW\.DSVWHLQ¶VQRWHZKLFKKHZURWHPRUHWKDQDGHFDGHDJRLVVWLOOYDOLG³7KH
7LEHWDQ DVVLPLODWLRQ LQ %XGGKLVP LV LQ HYLGHQFH WKURXJKRXW WKH HQWLUH UDQJH RI
7LEHWDQ ZULWLQJ GXULQJ WKH SDVW PLOOHQQLXP :KHWKHU ZH WXUQ WR PHGLFDO WUHDWLHV
PDQXDOV RI GLYLQDWLRQ ODZ FRGHV RU SRHWU\ QRW WR VSHDN RI SURSHUO\ UHOLJLRXV
ZRUNV ZH DUH OLNHO\ WR HQFRXQWHU DW OHDVW VRPH WRNHQ RI %XGGKLVP¶V SUHVHQFH´
2QHHVVHQWLDOFRPSRQHQWLQERWKRIWKHVHSUDFWLFHVLVWKHODQJXDJH:ULWWHQ7LEHWDQ
ODQJXDJH ZDV RULJLQDOO\ GHYHORSHG IRU UHOLJLRXV SXUSRVHV DQG IURP WKHUH LW KDV
VSUHDGWRHYHU\GD\XVH*ROGVWHLQ.\DJD.DSVWHLQ$WWKHPRPHQWLW
LVDULFKODQJXDJHZKLFKFDQEHXVHGIRUHYHU\DVSHFWRIOLIH(YHQWKRXJK&KLQHVH
ODQJXDJHQRZKDVDELJLQIOXHQFHRQ7LEHWDQV¶OLYHVWKH7LEHWDQODQJXDJHLVVWLOOD
VWURQJSDUWRI7LEHWDQLGHQWLW\$OVR7LEHWDQHWKQLFLGHQWLW\KDVDVWURQJIRXQGDWLRQ
LQ 7LEHWDQ %XGGKLVP *ROGVWHLQ .DSVWHLQ /DQJXDJH LV QRW WKH RQO\
FRPSRQHQW QRWLFHDEOH LQ $PGR OLWHUDFLHV 7KHUH DUH RWKHU FRPSRQHQWV RI FXOWXUH
WKDWDUHHPEHGGHGLQOLWHUDF\SUDFWLFHVDV6WUHHWVXJJHVWVFI5HOLJLRQLVRQH
RIWKHPDVZHFDQVHHLQWKHIROORZLQJGLVFXVVLRQEDVHGRQWKHFROOHFWHGGDWD
7LEHWDQ%XGGKLVPKDVDKLJKLPSRUWDQFHLQ7LEHWDQOLIHDQGOLWHUDF\SUDFWLFHVKDYH
SHUKDSV EHHQ PRUH UHODWHG WR UHOLJLRXV SUDFWLFHV WKDQ WR DQ\WKLQJ HOVH 7KH\ DUH
LQWHUZRYHQZLWKHDFKRWKHUDV0U+XLH[SODLQV
7LEHWDQ FXOWXUH DQG UHOLJLRQ LV UHODWHG 7KH FXOWXUH DQG UHOLJLRQ DQG
HGXFDWLRQ LQ 7LEHWDQ DUH VRPHKRZ FRQQHFWHG 9HU\ PXFK \RX FDQQRW
VHSDUDWHWKHP0U+XL,171R
0U+XL¶VVWDWHPHQWLPSOLHVWKDWLWLVLPSRVVLEOHWRVHSDUDWH7LEHWDQFXOWXUHUHOLJLRQ
DQGHGXFDWLRQIURPHDFKRWKHU,KDYHEHHQDEOHWRLGHQWLI\DQXPEHURIVLPLODULWLHV
EHWZHHQPRQDVWLFOLWHUDFLHVDQGVHFXODUOLWHUDFLHVLQHYHU\GD\OLIHDQGDGXOWOLWHUDF\
HGXFDWLRQ)LUVWRIDOOWRXQGHUVWDQG7LEHWDQOLWHUDF\HGXFDWLRQDQGSUDFWLFHVLQWKH
VWFHQWXU\ZHPXVWORRNEDFNWRWKHWKFHQWXU\7KDWLV7LEHWDQ%XGGKLVWPRQNV
GHYHORSHG WKH RUWKRJUDSK\ DQG ZULWLQJ V\VWHP RI WKH 7LEHWDQ ODQJXDJH DV
PHQWLRQHG DERYH 6HFRQGO\ WKH JRDOV RI OLWHUDF\ WHDFKLQJ DUH VLPLODU WR PRQDVWLF
OLWHUDF\ WHDFKLQJ 7KLUGO\ WHDFKLQJ PHWKRGV RI DGXOW OLWHUDF\ HGXFDWLRQ UHVHPEOH
PRQDVWLF WHDFKLQJ PHWKRGV )RXUWKO\ ZD\V RI SUDFWLVLQJ FRQWHPSRUDU\ OLWHUDF\
IROORZWKHVDPHSDWWHUQDVLQUHOLJLRXVOLWHUDFLHV)LIWKO\UHOLJLRQLVWKHPDLQVRXUFH
IRU WKH 7LEHWDQ ODQJXDJH OLWHUDWXUH DQG LWV SUDFWLFHV SURYLGH D IRUXP IRU OLWHUDF\
SUDFWLFHV )LQDOO\ WKH UHOLJLRQ PRWLYDWHV SHRSOH WR DFTXLUH OLWHUDF\ )RU DOO WKHVH
UHDVRQVLWLVLPSRUWDQWWRORRNDWUHOLJLRXVOLWHUDFLHVLQPRQDVWHULHVDQGLQHYHU\GD\
OLIH
7KH&RQWH[WRI/LWHUDF\LQ0RQDVWHULHV
7KHVRFLDOFRQWH[WRIOLWHUDF\SUDFWLFHVLQPRQDVWHULHVLVJURXQGHGLQWKHOLYHOLKRRG
RI EHLQJ D PRQN :LWKLQ D PRQDVWLF FRPPXQLW\ PRQNV DUH LQYROYHG LQ GLIIHUHQW
NLQGV RI OLWHUDF\ SUDFWLFHV (YHQ WKRXJK PRQDVWLF OLIH FRQFHQWUDWHV RQ %XGGKLVW
WHDFKLQJDPRQDVWHU\UHTXLUHVSHRSOHZLWKGLIIHUHQWVNLOOVDVGRHVDQ\FRPPXQLW\
$ PRQDVWLF FRPPXQLW\ GHOHJDWHV ZRUN IRU PRQNV LQ PRQDVWLF HGXFDWLRQ
DGPLQLVWUDWLRQFOHULFDOGXWLHVFRQVWUXFWLRQFDQWHHQHWF7KHUHIRUHWKHXVHDQGWKH
QHHGIRUOLWHUDF\YDU\DFFRUGLQJWRWKHGXWLHVDQGVWDWXVRIPRQNVLQDPRQDVWHU\
7KHPRVWFRPPRQPRQDVWLFOLWHUDF\SUDFWLFHVDUHHPEHGGHGLQUHOLJLRXVSUDFWLFHV
5HDGLQJ DORXG DQG UHFLWLQJ WH[WV DUH WKH PDLQ ZD\V LQ ZKLFK UHOLJLRXV OLWHUDF\ LV
SUDFWLVHG LQ PRQDVWHULHV 7KDW LV DQ DFWLYLW\ LQ ZKLFK DOO PRQNV DUH LQYROYHG
UHJDUGOHVVRIWKHLUSRVLWLRQDQGYDULRXVUHVSRQVLELOLWLHVLQDPRQDVWHU\7KDWLVDOVR
DSRSXODUSHUFHSWLRQRIOLWHUDF\LQPRQDVWHULHV
5HOLJLRXVUHDGLQJSUDFWLFHVDUHDQLPSRUWDQWSDUWRIEHLQJDPRQN7KHILUVWJRDORI
³EHLQJ OLWHUDWH´ DV D PRQN LV WR EH DEOH WR UHFLWH %XGGKLVW VFULSWXUHV $V VXFK
UHDGLQJSUDFWLFHVWDNHWKHIRUPRIUHFLWDWLRQ$IWHUPHPRULVLQJDWH[WPRQNVGRQRW
UHDGWKHWH[WDQ\PRUHEXWUDWKHUUHFLWHLWE\KHDUW7KLVLVH[SODLQHGE\7VHUDQJD
PRQNIRURYHU\HDUVZKRGHVFULEHVKLVHDUO\PRQWKVLQDPRQDVWHU\
,Q WKH PRUQLQJ , JRW XS DW R¶FORFN DQG PHPRULVHG WKH WH[W IURP DIWHU
EUHDNIDVWXQWLO$0$WQRRQ,KDGDEUHDNDQGWKHQ,PHPRULVHG%XGGKLVW
VFULSWXUHV IURP WR 30 $IWHU GLQQHU , KDG WR UHYLHZ ZKDW , KDYH
PHPRULVHG GXULQJ WKH GD\ 1H[W PRUQLQJ P\ WHDFKHU FKHFNHG ZKDW , KDG
OHDUQHGDQG ,KDGWRUHFLWHDWH[WE\KHDUW ,I ,UHFLWHGWKHWH[WZHOOWKHQKH
JDYHPHDQRWKHUSLHFHRIWH[W)LUVWKHWDXJKWPHWKHWH[WDQGWKHQ,KDGWR
OHDUQDQGPHPRULVHLW´7VHUDQJ,171R
5HOLJLRXV UHDGLQJ SUDFWLFH UHVHPEOHV D WXUQLQJ ZKHHO ZLWK WKUHH SKDVHV WKDW WDNH
WXUQV WLPH DIWHU WLPH UHDGLQJ ± PHPRUL]LQJ ± UHFLWLQJ $Q DELOLW\ WR UHDG HQDEOHV
PRQNV WR GR WKHLU UHOLJLRXV SUDFWLFH ZKLFK LV WR UHFLWH %XGGKLVW 6FULSWXUHV
7KHUHIRUH7LEHWDQUHOLJLRXVUHDGLQJSUDFWLFHVLQPRQDVWHULHVDUHRQO\SDUWLDOO\DERXW
UHDGLQJWH[W7KH\DUHPDLQO\DERXWEHLQJDEOHWRPHPRULVHDQGUHFLWHWH[WV
$FFRUGLQJWR%R\DULQ UHDGLQJSUDFWLFHV JHWWKHLUPHDQLQJVWKURXJKFXOWXUDO
FRQWH[W DQG WKH ZD\V WKH\ DUH SUDFWLVHG LQ D SDUWLFXODU FXOWXUH 7LEHWDQ UHOLJLRXV
UHDGLQJ SUDFWLFHV PHPRUL]LQJ DQG UHFLWLQJ WH[WV DFTXLUH WKHLU PHDQLQJ WKURXJK
%XGGKLVWSKLORVRSK\<HWIURPVRPHSHUVSHFWLYHVFKDQWLQJDQGPHPRUL]LQJWH[WV
DUH QRW UHJDUGHG DV OLWHUDF\ SUDFWLFHV DV VXFK VLQFH WKH\ GR QRW LQYROYH DFWLYH
UHDGLQJ*RYHUQPHQWV¶GHILQLWLRQVRIOLWHUDF\KDYHDWHQGHQF\WRUXOHRXW WKLVNLQG
RI OLWHUDF\ ,Q %DQJODGHVK .RUDQLF OLWHUDFLHV DQG 0DGUDVD VFKRROLQJ ZHUH
VSHFLILFDOO\ GLVUHJDUGHG DV OLWHUDF\ IRU FHQVXV SXUSRVHV EHFDXVH WKH XWLOLW\ DQG
PHDQLQJRIVXFKOLWHUDF\SUDFWLFHVZHUHVHHQDVKHDYLO\GHSHQGHQWRQWKHUHOLJLRXV
FRQWH[W0DGGR[6LPLODUO\7LEHWDQUHOLJLRXVOLWHUDF\SUDFWLFHVDUHGHSHQGHQW
RQWKHFRQWH[WRI7LEHWDQ%XGGKLVP+RZHYHUEHIRUHFKDQWLQJSHRSOHPD\QHHGWR
OHDUQWRGHFRGHWH[WV7KHUHIRUHWKHVHNLQGVRIUHDGLQJSUDFWLFHVFDQEHFRQVLGHUHG
DVRQHW\SHRIOLWHUDF\SUDFWLFH%XWWKH\FDQRQO\EHXQGHUVWRRGWKURXJKWKHFXOWXUDO
DQGUHOLJLRXVFRQWHQWVLQZKLFKWKH\DUHLPEHGGHGMXVWDV0DUWLQ-RQHVHWDO
DQG6WUHHWDUJXHZLWKUHJDUGWRWKHFRQWH[WXDOLVDWLRQRIOLWHUDF\SUDFWLFHVLQ
VRFLHWLHV
/LWHUDF\7HDFKLQJDQG/HDUQLQJLQ0RQDVWHULHV
0DLQIHDWXUHVRIPRQDVWLFOLWHUDF\HGXFDWLRQ
-XVW DV OLWHUDF\ SUDFWLFHV DUH FRQWH[WXDOLVHG 0DUWLQ-RQHV VR LV OLWHUDF\
WHDFKLQJ 'XH WR UHOLJLRXV XVHV RI OLWHUDF\ LQ PRQDVWHULHV OLWHUDF\ HGXFDWLRQ KDV
IRXU PDLQ IHDWXUHV OHDUQLQJ FRUUHFW SURQXQFLDWLRQ EHFRPLQJ D IOXHQW UHDGHU
PHPRUL]LQJDQGUHFLWLQJWH[WVZLWKOHVVHPSKDVLVRQFRPSUHKHQVLRQRIWH[W6LQFH
UHDGLQJWH[WVLVWKHPDLQUHOLJLRXVOLWHUDF\DFWLYLW\LWLVORJLFDOWKDWWKHHPSKDVLVRI
OLWHUDF\HGXFDWLRQLQPRQDVWHULHVLVRQSUDFWLVLQJWRUHDGWH[WVZKLFKFRPSULVHVWKH
PDMRU SRUWLRQ RI FODVVURRP SUDFWLFHV LQ PRQDVWLF OLWHUDF\ HGXFDWLRQ ,17 1R 7KHXOWLPDWHJRDORIPRQDVWLFOLWHUDF\HGXFDWLRQLVPHPRUL]LQJ%XGGKLVW6FULSWXUHV
ZKLFK LV DFKLHYHG E\ OHDUQLQJ WR UHDG IOXHQWHO\ 6LQFH PRQNV UHDG WH[WV DORXG LQ
PRQDVWHULHV LQ WKH SURFHVV RI EHFRPLQJ D IOXHQW UHDGHU D VWXGHQW QHHGV WR OHDUQ
FRUUHFWSURQXQFLDWLRQRIWKHODQJXDJH
$FFRUGLQJ WR P\ LQWHUYLHZHHV FRUUHFW SURQXQFLDWLRQ LV IRXQGDWLRQDO IRU IOXHQW
UHDGLQJDQGZULWLQJ,171R+RZHYHUHYHQWKRXJKSUDFWLVLQJFRUUHFW
SURQXQFLDWLRQ LV LPSRUWDQW LQ PRQDVWLF OLWHUDF\ SUDFWLFHV SURQXQFLDWLRQ LV QRW
VWDQGDUGL]HGLQSUDFWLFHFI:LOOLV,171RDQGHYHU\PRQDVWHU\KDVLWV
RZQ VWDQGDUGV RI FRUUHFW SURQXQFLDWLRQ 7KRVH VWDQGDUGV DUH EDVHG RQ WKH ORFDO
GLDOHFW RI WKH $PGR 7LEHWDQ 6HH &KDSWHU $FFRUGLQJ WR D FRPPRQ 7LEHWDQ
VD\LQJ ³(YHU\ 7LEHWDQ YDOOH\ KDV LWV RZQ GLDOHFW´ :LOOLV .DSVWHLQ 7KHUHIRUHWKHORFDWLRQRIWKHPRQDVWHU\GLFWDWHVWKHVWDQGDUGIRUPRISURQXQFLDWLRQ
ZKLFK FDQ WKHQ GLIIHU IURP WKH VWDQGDUG RI D PRQDVWHU\ ORFDWHG LQ QHLJKERXULQJ
UHJLRQV$VDUHVXOWGHVSLWHWKHIDFWWKDWQRZDGD\VPRVWPRQNVDQGQXQVKDYHJRQH
WRVFKRRODQGFDQUHDGDQGZULWHDWWKHWLPHWKH\MRLQDPRQDVWHU\QXQQHU\WKH\
DUH UHTXLUHG WR DWWHQG OLWHUDF\ FODVVHV LQ WKH PRQDVWHU\ WR EXLOG D IRXQGDWLRQ IRU
UHDGLQJSUDFWLFHVDFFRUGLQJWRWKHSUDFWLFHRIWKDWORFDOPRQDVWHU\
³:KHQDQHZFRPHUFRPHVWRWKLVPRQDVWHU\KHGRHVQRWQHHGWROHDUQKRZ
WRUHDGDQGZULWHEXWKHKDVWROHDUQVRPHSURQXQFLDWLRQ$IWHUPRQNVFDQ
UHDGIOXHQWO\WKH\FDQMRLQWKHJDWKHULQJLQWKHPRQDVWHU\
7KH+HDG/DPD,171R
7KH+HDG/DPDDOVRSRLQWVRXWWKDWGLIIHUHQWUHDGLQJSUDFWLFHVDUHFRQQHFWHGWRWKH
KLHUDUFK\RIDPRQDVWHU\2QHPRWLYDWLRQIRUOHDUQLQJWRUHDGIOXHQWO\LVWRUHDFKD
KLJKHUVWDWXVLQDQRYLWLDWHLQDPRQDVWHU\,QWKHEHJLQQLQJRIWKHLUQRYLWLDWHPRQNV
SUDFWLVH UHDGLQJ RXWVLGH WKH ELJ KDOO ZKHUH PRQNV UHDG VFULSWXUHV WRJHWKHU \HW
LQGHSHQGHQWO\$IWHUDFKLHYLQJUHTXLUHGUHDGLQJIOXHQF\QRYLFHVDUHDOORZHGWRMRLQ
WKH JDWKHULQJ LQ D PRQDVWHU\ 7KLV VRFLDO UHDVRQ LQFUHDVHV WKH LPSRUWDQFH RI
EHFRPLQJDIOXHQWUHDGHULQDKLHUDUFKLFDOPRQDVWLFFRPPXQLW\
)LJXUH
0RQNVDUHUHDGLQJLQDKDOORIDPRQDVWHU\
0RQNV ZKR DUH LQYROYHG LQ PDQXDO ODERXU DUH DEOH WR UHDG PRUQLQJ SUD\HUV EXW
WKHLU RWKHU GXWLHV ZLWKLQ D PRQDVWHU\ GR QRW LQYROYH OLWHUDF\ %DVV 7KHLU
OLWHUDF\ SUDFWLFHV DUH PLQLPDO PDLQO\ UHDGLQJ WKHLU GDLO\ SUD\HUV ,Q FRQWUDVW
FOHULFDO VFKRODUV SUHVHQW DQRWKHU H[WUHPH LQ WKH PRQDVWLF KLHUDUFK\ DQG WKH XVH RI
OLWHUDF\)RUH[DPSOHRQHRIP\LQWHUYLHZHHVLVDZHOONQRZQ/DPDDQGDVFKRODU
WKH DXWKRU RI PDQ\ UHOLJLRXV ERRNV DQG DUWLFOHV ,17 1R +LV LQYROYHPHQW LQ
OLWHUDF\LVFRPSUHKHQVLYHFKDQWLQJPRUQLQJSUD\HUVLQYROYHPHQWLQGLVFXVVLRQVRI
SURIRXQG %XGGKLVW 6FULSWXUHV ZULWLQJ ERRNV WHDFKLQJ OLWHUDF\ DQG %XGGKLVW
SKLORVRSK\WR/LYLQJ%XGGKDVHWF
,Q WKH HQG EHLQJ D PRQN LV WKH EDVLV RI PRQDVWLF OLWHUDF\ SUDFWLFHV EXW LQWHUQDO
GXWLHVIRUPDQLQGLYLGXDO¶VOLWHUDF\SUDFWLFHVDFFRUGLQJWRKLVQHHGVRIOLWHUDF\LQWKH
PRQDVWHU\ FI %DNHU +RZHYHU HYHU\ VWXGHQW PXVW SURFHVV WKURXJK WKH
PRQDVWLFZD\RIOHDUQLQJOLWHUDF\
/HDUQLQJDQGWHDFKLQJPHWKRGV
,Q PRQDVWLF OLWHUDF\ WHDFKLQJ WKH PDLQ HPSKDVLV LV RQ WHDFKLQJ UHDGLQJ ,17 1R
VR UHDGLQJ SUDFWLFHV WDNH D PDMRU SRUWLRQ RI WLPH RXW RI D QRYLFH¶V GDLO\ OLIH
$FFRUGLQJ WR WKH +HDG /DPD WKH PDLQ TXDOLILFDWLRQ RI D WHDFKHU LV WKH VNLOO RI
SURQXQFLDWLRQ+HVD\V
³$ WHDFKHU ZLOO EH D SHUVRQ ZKR KDV WKH EHVW SURQXQFLDWLRQ LQ WKH
PRQDVWHU\´7KH+HDG/DPD,171R
7KLV FDQ EH XQGHUVWRRG LQ WKH OLJKW RI LPSRUWDQFH RI FRUUHFW SURQXQFLDWLRQ ZKLFK
VHWV WKH TXDOLILFDWLRQV IRU D WHDFKHU 7KLV VWDWHPHQW HPSKDVL]HV ZKDW LV HDUOLHU
GLVFXVVHGDERXWSURQXQFLDWLRQ
7KHWHDFKHU¶VUROHLVWRWHDFKDOSKDEHWVVRWKDWDVWXGHQWOHDUQVWKHPFRUUHFWO\7KH
PHWKRGVRIWHDFKLQJXVHGDUHYHU\OLPLWHG7KHWHDFKHU¶V UROHLVPDLQO\WRJXLGHD
OHDUQHUWRUHDGIOXHQWO\E\JLYLQJKLPUHDGLQJWDVNVDQGWRPDNHVXUHKHDFTXLUHVWKH
VNLOOVRIUHDGLQJQHHGHGLQDPRQDVWLFFRPPXQLW\7VHUDQJH[SODLQVKLVH[SHULHQFH
DVDQRYLFH
$ WHDFKHU FRUUHFWV WKH UHDGLQJ RI D VWXGHQW RQ WKH ILUVW GD\ EXW RQ WKH
IROORZLQJGD\WKHUHDGLQJVKRXOGEHIOXHQW,IWKHUHDGLQJSDVVDJHLVORQJLW
PD\WDNHORQJSHULRGRIWLPHWRSUDFWLVHUHDGLQJDQGPHPRUL]HWKHJLYHQWH[W
IXOO\,XVXDOO\PHPRULVHWKH%XGGKLVW6FULSWXUHVIRXUKRXUVLQWKHPRUQLQJ
DQGILYHKRXUVLQWKHDIWHUQRRQ7VHUDQJ,171R
7KH PDLQ OHDUQLQJ PHWKRG LQ PRQDVWLF OLWHUDFLHV LV UHSHWLWLRQ 5HTXLUHG IOXHQW
UHDGLQJVNLOOVDUHDWWDLQHGE\PXFKUHSHWLWLRQRIDWH[WDQGWKHIRFXVRIOHDUQLQJLV
RQPHPRUL]LQJ)RFXVRQPHPRUL]LQJDWH[WFDQVKLIWWKHJRDOIURPOHDUQLQJWRUHDG
LQWR PHPRUL]DWLRQ DQG UHOLJLRXV UHDGLQJ SUDFWLFHV 7KLV LQ WXUQ PD\ OHDG WR WKH
LVVXHRIZKDWDFWXDOO\³FRXQWV´DVOLWHUDF\DVPHQWLRQHGHDUOLHULQWKLVFKDSWHUFI
0DGGR[ 7KH OLQH EHWZHHQ UHDGLQJ SUDFWLFHV DQG FKDQWLQJ SUDFWLFHV LQ
PRQDVWLFOHDUQLQJSURFHVVVHHPVWREHILQH
%DUWRQ DUJXHV WKDW SHRSOH VKRXOG OHDUQ OLWHUDF\ LQ WKH FRQWH[W RI WKHLU GDLO\
OLWHUDF\ SUDFWLFHV DQG FRPPXQLFDWLRQ &RQFHUQLQJ WKH PRQDVWLF FRPPXQLWLHV WKH
SURFHVV RI OHDUQLQJ OLWHUDF\ PHHWV WKH QHHGV RI UHOLJLRXV XVHV RI OLWHUDF\ ZKHUHDV
UHDGLQJWH[WVLVDSSDUHQWO\PRUHXVHIXOIRUPRVWSHRSOHLQPRQDVWHULHVWKDQZULWLQJ
WH[WV $V D UHOLJLRXV SUDFWLFH WKH DFW RI UHDGLQJ LV LPSRUWDQW IRU JDLQLQJ PHULW DV
PHQWLRQHGLQ&KDSWHU0RQNVGRQRWQHFHVVDULO\UHIOHFWRQWKHLGHDVEHKLQGWKH
WH[WZKLFKFRQWUDVWVZLWK)UHLUH¶VWHDFKLQJFI)UHLUH7KHIRFXVRIWHDFKLQJ
LVQRWRQFRPSUHKHQGLQJWKHWH[WZKLFKEHFRPHVDSSDUHQWLQ7VHUDQJ¶VH[SHULHQFH
RIUHDGLQJSUDFWLFHVLQPRQDVWHULHV
³:KHQ ,ZDVOHDUQLQJWRUHDGIOXHQWO\P\WHDFKHUGLGQRW FKHFNZKHWKHU ,
XQGHUVWRRGDWH[WRUQRW7HDFKLQJIRFXVHGRQPHPRUL]LQJDWH[WVRWKDWZDV
ZKDW,GLG6RPHWLPHV,ZDQWHGWRNQRZWKHPHDQLQJRIDWH[W,ZDVUHDGLQJ
EXW,FRXOGQRWDVNP\WHDFKHU$WWKDWWLPHQRWDOOPRQNVFRXOGH[SODLQWKH
PHDQLQJ RI %XGGKLVW 6FULSWXUHV DQG WHDFKHUV HPSKDVLVH RQ KRZ ZHOO D
VWXGHQWFDQUHDGQRWRQDPHDQLQJ´7VHUDQJ,171R
,QDSRSXODUSHUFHSWLRQRIPRQDVWLFOLWHUDF\LVWKHSUHGRPLQDQWYLHZWKDWOLWHUDF\LV
WR PHPRUL]H WH[WV DQG FKDQW WKHP +RZHYHU WKDW LV QRW WKH ZKROH WUXWK 0RQNV
ZKRDFTXLUHOLWHUDF\EH\RQGIOXHQWUHDGLQJVNLOOVOHDUQWR UHDGIRUPHDQLQJ0RUH
DGYDQFHG OLWHUDF\ OHDUQHUV DUH XVXDOO\ PRQNV ZKR GHGLFDWH WKHLU OLYHV WR
SKLORVRSKLFDOGLDOHFWLFVVXFKDV7KH+HDG/DPDZKRZDVPHQWLRQHGHDUOLHULQWKLV
FKDSWHU 7UDGLWLRQDOO\ PRQNV KDYH DOVR VWXGLHG 7LEHWDQ PHGLFLQH DQG DVWURORJ\ LQ
PRQDVWHULHV *ROGVWHLQ.\DJD DQG IRU WKHVH VWXGLHV PRQNV DUH ERXQG WR
OHDUQPRUHWKDQWKHEDVLFVNLOOVRIUHDGLQJ
, VXJJHVW WKDW WKH FDUHHU RI D PRQN DQG W\SHV RI OLWHUDF\ SUDFWLFHV DUH OLQNHG
WRJHWKHU0\VXJJHVWLRQLVEDVHGRQWKHUHDGLQJSUDFWLFHVRIPRQNVEXWDOVRRQWKH
SUDFWLFH WKDW OHDUQLQJ WR ZULWH LV QRW FRPSXOVRU\ LQ PRQDVWLF OLWHUDF\ FODVVHV ,17
1R 7KH LQWHUYLHZ VLWXDWLRQ ZLWK 2OG 7HDFKHU ,17 1R UHYHDOHG WKDW
PRQNVDUH³NQRZQWREHJRRGUHDGHUVEXWSRRULQZULWLQJVNLOOV´EHFDXVHLWLVQRW
FRPSXOVRU\ WR OHDUQ WR ZULWH ,W LV PRUH RU OHVV D VWXGHQW¶V FKRLFH KRZ PXFK KH
ZDQWVWROHDUQZULWLQJ7VHUDQJ,171R7KHUHIRUHPDVWHULQJWKHODQJXDJHGRHV
QRW QHFHVVDULO\ LQFOXGH PDVWHULQJ ZULWLQJ EXW PHUHO\ PHDQV PDVWHULQJ UHDGLQJ LQ
WKHFRQWH[WRIGDLO\XVHVRIOLWHUDF\LQDPRQDVWLFFRPPXQLW\
)XQFWLRQDOOLWHUDF\LQPRQDVWHULHV
:LWKUHJDUGWRIXQFWLRQDOOLWHUDF\81(6&2GHILQHVDIXQFWLRQDOO\OLWHUDWHSHUVRQDV
IROORZV³$SHUVRQLVIXQFWLRQDOO\OLWHUDWHZKRFDQHQJDJHLQDOOWKRVHDFWLYLWLHVLQ
ZKLFKOLWHUDF\LVUHTXLUHGIRUHIIHFWLYHIXQFWLRQRIKLVRUKHUJURXSDQGFRPPXQLW\
DQGDOVRIRUHQDEOLQJKLPRUKHUWRFRQWLQXHWRXVHUHDGLQJZULWLQJDQGFDOFXODWLRQ
IRU KLV RU KHU RZQ DQG WKH FRPPXQLW\
V GHYHORSPHQW´ 81(6&2 D )XQFWLRQDO OLWHUDF\ LV RIWHQ OLQNHG ZLWK ERWK VRFLDO DQG HFRQRPLF GHYHORSPHQW DV
GLVFXVVHG LQ &KDSWHU 7KH IRFXV RI PRQDVWLF OLWHUDF\ LV QRW VSHFLILFDOO\ RQ
HFRQRPLF JRDOV EXW UDWKHU LW DLPV SULPDULO\ WR SUHSDUH RQH IRU IXUWKHU UHOLJLRXV
HGXFDWLRQ LQ PRQDVWHULHV 7KHUHIRUH SULPDU\ IXQFWLRQDO OLWHUDF\ DFWLYLWLHV LQ
PRQDVWHULHVGLIIHUIURPWKRVHLQVHFXODUVRFLHW\VXFKDVGRLQJDFFRXQWVRUUHDGLQJ
IHUWLOL]HULQVWUXFWLRQV/LWHUDF\VNLOOVDFTXLUHGE\PRQNVFDQEHDEDVHIRUSHUVRQDO
GHYHORSPHQWIRUH[DPSOHLQUHOLJLRXVHGXFDWLRQDQGQXPHUDF\IRUDVWURORJ\6LQFH
PRQDVWLF OLWHUDF\ LV DFTXLUHG LQ D UHOLJLRXV FRQWH[W LW LV SULPDULO\ IXQFWLRQDO ZLWK
UHVSHFWWRIXUWKHUVWXGLHVLQWKHVDPHILHOGLHYRFDEXODU\JUDPPDUHWF7KHUHIRUH
HDUO\OLWHUDF\VWXGLHVDUHWKHEDVLVIRUIXUWKHUUHOLJLRXVVWXGLHV
$VDFRPPXQLW\DPRQDVWHU\GHOHJDWHVGLIIHUHQWGXWLHVWRGLIIHUHQWPRQNV0RQNV
ZKRDUHLQYROYHGLQSUDFWLFDOGXWLHVVXFKDVGULYHUVRUWKRVHZKRDUHLQFKDUJHRI
VXSSO\LQJ GDLO\ JRRGV QHHG HYHU\GD\ IXQFWLRQDO OLWHUDF\ IRU WKHLU GXWLHV DV WKH\
LQWHUDFW ZLWK ZLGHU VRFLHW\ RXWVLGH WKH PRQDVWHU\ <HW PRVW WH[WV LQ VRFLHW\ DUH LQ
&KLQHVH DQG DOO GRPLQDQW OLWHUDFLHV DUH DOVR E\ DQG ODUJH &KLQHVH +DUUL 7KHUHIRUH DFTXLULQJ OLWHUDF\ LQ 7LEHWDQ LV QRW VXIILFLHQW IRU DQ\ GXWLHV UHTXLULQJ
FURVVFXOWXUDOFRPPXQLFDWLRQLQWKHZLGHUVRFLHW\
&ROOHJHVWXGHQWVZKRDWWHQGWHDFKLQJLQPRQDVWHULHVKDYHDFTXLUHGWKHLUIXQFWLRQDOOLWHUDF\VNLOOV
LQVFKRRO7KHUHIRUHLQWKLVFRQWH[WIXQFWLRQDOOLWHUDF\WHDFKLQJLQPRQDVWHULHVFRQFHUQRQO\PRQNV
DQGWKHPRQDVWLFVRFLHW\
,Q WKH HQG PRQDVWLF OLWHUDF\ WHDFKLQJ DQG XVHV RI OLWHUDF\ DUH FRQWH[WXDOLVHG E\
EHLQJ D PRQN RU D QXQ LQ D PRQDVWLF FRPPXQLW\ 1HHG IRU OLWHUDF\ YDULHV
DFFRUGLQJ WR WKH GXWLHV RI HDFK PRQN RU QXQ %XW WKH PDLQ QHHG IRU OLWHUDF\ LV WR
HQDEOHSDUWLFLSDWLRQLQUHOLJLRXVSUDFWLFHVLHIRUUHDGLQJDQGFKDQWLQJSXUSRVHV
5HOLJLRQDQG$PGR/LWHUDFLHVLQ&RPPXQLWLHV
0RVW 7LEHWDQV DUH 7LEHWDQ %XGGKLVWV DQG 7LEHWDQ %XGGKLVP KDV KDG D SURIRXQG
LQIOXHQFH RQ 7LEHWDQ WKRXJKW DQG FXOWXUH WKURXJKRXW WKHLU KLVWRU\ DV GHVFULEHG LQ
&KDSWHU$FFRUGLQJWR.DSVWHLQ5HOLJLRQSHUYDGHVPRVWDVSHFWVRIWUDGLWLRQDO
7LEHWDQ OLIH DQG FXOWXUH DQG WKH GRPLQDQW LQVWLWXWLRQDO UHOLJLRXV V\VWHP LV
%XGGKLVP.DSVWHLQ7LEHWDQ%XGGKLVPLVDQHVVHQWLDOSDUWRI7LEHWDQ
FXOWXUDOLGHQWLW\ZKLFKLVDSSDUHQWLQGDLO\OLIHVHH&KDSWHU
)URP WKH SHUVSHFWLYH RI ODQJXDJH DQG OLWHUDF\ 7LEHWDQ %XGGKLVP DQG HWKQLF
LGHQWLW\ DUH FXOWXUDO HOHPHQWV ZKLFK DVVLVW 7LEHWDQV LQ PDLQWDLQLQJ ERWK WKHLU
ODQJXDJH DQG PRWKHU WRQJXH OLWHUDF\ SUDFWLFHV DORQJ ZLWK IRUPLQJ GLVFRXUVHV RI
OLWHUDF\
5HOLJLRQDVDQ,QVSLUDWLRQIRU/LWHUDF\3UDFWLFHV
2QHRIWKHNH\LVVXHVLQDGXOWOLWHUDF\OHDUQLQJRULQDGXOWHGXFDWLRQLQJHQHUDOLV
PRWLYDWLRQ 5XRKRWLH 5RJHUV :LWKRXW PRWLYDWLRQ ZH FDQQRW H[SHFW
VXFFHVVLQOHDUQLQJ5HOLJLRXVOLWHUDFLHVDUHFRPPRQO\NQRZQWRPRWLYDWHSHRSOHWR
DFTXLUHOLWHUDF\7LEHWDQ%XGGKLVPLVRQHRIWKHPDLQFXOWXUDOHOHPHQWVPRWLYDWLQJ
$PGRVWRDFTXLUHOLWHUDF\LQ7LEHWDQGHVSLWHWKHSUHVVXUHRIWKHPDMRULW\ODQJXDJH
&KLQHVHDQGLWVGRPLQDQWOLWHUDF\SUDFWLFHV+DUUL
$V7LEHWDQ%XGGKLVPLVDQLPSRUWDQWFRPSRQHQWRI7LEHWDQFXOWXUHDQGDVOLWHUDF\
LVFRQWH[WXDOLVHGLQFXOWXUHFI6WUHHW0DUWLQ-RQHV7LEHWDQ%XGGKLVP
KDV WZR PDLQ LPSDFWV RQ 7LEHWDQ OLWHUDF\ SUDFWLFHV :KHQ UHOLJLRQ LV LPSRUWDQW WR
7LEHWDQ%XGGKLVPKDVDGRSWHGPDJLFDOIHDWXUHVIURP%|QUHOLJLRQWKDWDUHGLIIHUHQWIURPRWKHU
NLQGVRI%XGGKLVP
SHRSOHWKH\ZLOOPDNHDQHIIRUWWROHDUQWKHODQJXDJHLQRUGHUWROHDUQWKHUHOLJLRQ
7KURXJK UHDGLQJ DQG ZULWLQJ SUDFWLFHV $PGRV LPSURYH WKHLU NQRZOHGJH RI
7LEHWDQ %XGGKLVP WKHLU FXOWXUH 5HOLJLRXV UHDGLQJSUDFWLFHV DUH D GULYLQJ IRUFH WR
DFTXLUHOLWHUDF\LQWZRZD\V$PGRVDUHPRWLYDWHGWRDFTXLUHOLWHUDF\E\WKHGHVLUH
WRDFFHVVUHOLJLRXVWH[WVDQGWKDWPRWLYDWLRQLVVWUHQJWKHQHGE\WKHLUVRFLHW\+HUH
DUHWZRH[DPSOHVRIPDQ\VLPLODUO\H[SUHVVHGYLHZV
,Q:KLWH+HOPHWYLOODJHLQ7RQJGHDGXOWOLWHUDF\VWXGHQWVZHUHPRWLYDWHG
E\%XGGKLVW6FULSWXUHVVWRULHVDQGVRQJVWRDFTXLUHOLWHUDF\
2%61R
6RLWLVYHU\JRRGWRNQRZKRZWRUHDGDQGZULWHVRWKH\FDQUHDG%XGGKLVW
6FULSWXUHV 0U+XL,171R
2QH FRPPRQ 7LEHWDQ VD\LQJ JRHV ³.KD ND LV WKH VRXUFH RI UHOLJLRQ´ ³.KD´ DQG
³ND´ DUH WKH ILUVW WZR FRQVRQDQWV RI WKH 7LEHWDQ DOSKDEHW 5HOLJLRQ LQ WKLV FRQWH[W
PHDQV VFULSWXUHV DQG SHRSOH WHQG WR XQGHUVWDQG WKDW D UHOLJLRQ PHDQV D ERRN 0V
'DNR ,17 1R 7KDW LV WR VD\ UHOLJLRQ LV UHYHDOHG LQ UHOLJLRXV VFULSWXUHV
7KURXJK UHDGLQJ %XGGKLVW 6FULSWXUHV 7LEHWDQV KDYH DQ RSSRUWXQLW\ WR JDLQ
XQGHUVWDQGLQJ RI WKHLU UHOLJLRQ 2Q WKH RWKHU KDQG ZLWKRXW NQRZLQJ WKH DOSKDEHW
RQHFDQQRWUHDGERRNV$VWKHVD\LQJJRHVµ7KHDOSKDEHWLVWKHVRXUFHRIUHOLJLRQ¶
,Q WKH 7LEHWDQ FRQWH[W WKH UHYHUVH LV DOVR WUXH µ5HOLJLRQ LV WKH VRXUFH RI WKH
DOSKDEHW¶VLQFHWKHZULWLQJV\VWHPZDVGHYHORSHGE\PRQNV
$PGR VRFLHW\ HQFRXUDJHV LQGLYLGXDO 7LEHWDQV WR SUDFWLVH WKHLU UHOLJLRQ ZKLFK
LQYROYHV XVHV RI OLWHUDF\ LQ 7LEHWDQ WKH UHOLJLRQ SURYLGHV DQ DUHQD IRU OLWHUDF\
SUDFWLFHV )URP HDUO\ RQ PRVW 7LEHWDQ OLWHUDWXUH KDV GHDOW ZLWK UHOLJLRQ DQG LWV
SKLORVRSK\ZKLFKDUHVWLOOWKHPRVWSRSXODUWRSLFVHJ&DEH]yQ-DFNVRQ
'DQZRRG.DSVWHLQ)11R7KHPDLQVXEMHFWRISULQWHGERRNV
DQG RWKHU UHODWHG PDWHULDOV LQ WKH 7LEHWDQ ODQJXDJH LV 7LEHWDQ %XGGKLVP 7KH
VKRSNHHSHU RI WKH ELJJHVW 7LEHWDQ ERRNVWRUH ORFDWHG QHDU 7LEHWDQ VKRSV DW RQH RI
WKHPDLQEXVVWDWLRQVLQ;LQLQJVD\V
³RIDOO7LEHWDQSXEOLFDWLRQVERRNVDQGPDJD]LQHVZKLFKDUHVROGLQ
WKLVERRNVWRUHDUHUHOLJLRXVERRNV´)11R
$V7LEHWDQUHDGLQJPDWHULDOVDUHSULPDULO\%XGGKLVWDQGDV7LEHWDQVDUHLQVSLUHGE\
WKHLUFXOWXUDOUHOLJLRXVUHDGLQJSUDFWLFHV7LEHWDQ%XGGKLVPKDVDFUXFLDOUROHDQG
LQIOXHQFH LQ 7LEHWDQ OLWHUDF\ SUDFWLFHV LQ JHQHUDO EXW DOVR LQ OLWHUDF\ WHDFKLQJ
7LEHWDQ%XGGKLVPSURYLGHVPRWLYDWLRQERWKWRDFTXLUHOLWHUDF\ DQGWRDFFHVVSRVW
OLWHUDF\PDWHULDOVDQGLWIRUPVWKHZD\V$PGRVXQGHUVWDQGOLWHUDF\
0RQDVWLFHGXFDWLRQKDVEHHQDSLOODURIOLWHUDF\HGXFDWLRQVLQFHWKHDQFLHQWWLPHVRI
7LEHWDQ VRFLHW\ VHH &KDSWHU +RZHYHU VLQFH WKH JRYHUQPHQW RI WKH 35&
KDV WDNHQ UHVSRQVLELOLW\ IRU OLWHUDF\ HGXFDWLRQ DQG PRQDVWHULHV DUH QR ORQJHU WKH
PDLQSURYLGHURI7LEHWDQOLWHUDF\HGXFDWLRQ$FFRUGLQJWRWKH(GXFDWLRQ /DZDQG
$UWLFOH 7KH VWDWH VKDOO VHSDUDWH HGXFDWLRQ IURP UHOLJLRQ $Q\ RUJDQL]DWLRQ RU
LQGLYLGXDO PD\ QRW HPSOR\ UHOLJLRQ WR REVWUXFW DFWLYLWLHV RI WKH VWDWH HGXFDWLRQ
V\VWHP 0LQLVWU\ RI (GXFDWLRQ 7KHUHIRUH IDPLOLHV QR ORQJHU VHQG WKHLU
\RXQJFKLOGUHQWRPRQDVWHULHVWRWKHVDPHH[WHQWDVLQWKHSDVWVHH&KDSWHUDQG
1HYHUWKHOHVV PRQDVWLF HGXFDWLRQ VWLOO KDV LWV SODFH DPRQJ RUGLQDU\ 7LEHWDQV
0RQDVWLF OLWHUDF\ HGXFDWLRQ KDV D JRRG UHSXWDWLRQ DPRQJ SULPDU\ VFKRRO WHDFKHUV
DQGFROOHJHVWXGHQWV)RUWKDWUHDVRQPRQDVWHULHVKDYHEHFRPHDSSHDOLQJWR\RXQJ
FROOHJH VWXGHQWV ZKR UHJDUG PRQDVWLF ODQJXDJH WHDFKLQJ DV D JRRG EDVLV IRU
ODQJXDJHVWXGLHV7VRNVXPZKRVWXGLHVLQ%HLMLQJVD\V
³,QWKHPRQDVWHU\ZHFDQOHDUQZHOOQRWRQO\WKHJUDPPDUEXWWKHODQJXDJH
DV D ZKROH WKURXJK &ODVVLFDO 7LEHWDQ 6FULSWXUHV ,I \RX KDYH OHDUQHG EDVLF
7LEHWDQZHOOWKHQ\RXJRWRDPRQDVWHU\DQGOHDUQPRUH,ZLOOLPSURYHP\
7LEHWDQEHFDXVHWHDFKHUVWKHUH>LQWKHPRQDVWHU\@DUHEHWWHUWKDQLQVFKRRO´
0U7VRNVXP,171R
$FFRUGLQJ WR 7VRNVXP DQG DQRWKHU FROOHJH VWXGHQW /KXQGUXE ,17 1R PRQDVWHULHV KDYH EHFRPH ODQJXDJH VFKRROV IRU 7LEHWDQ FROOHJH VWXGHQWV HJ ,17
1R)11R7KH+HDG/DPDIURPWKH*XLQDQ0RQDVWHU\VD\V
³6RPH\HDUVEDFNRQO\VRPHFROOHJHVWXGHQWVFDPHWRWKHPRQDVWHU\WROHDUQ
7LEHWDQOLNHWKRVHZKRDUHJRLQJWRWDNHDQH[DPLQWKHLUVFKRROVHWF%XW
QRZZHDUHJHWWLQJPRUHOLNHVWXGHQWVRQKROLGD\V0RUHDQGPRUH
FROOHJHVWXGHQWVDUHLQWHUHVWHGLQOHDUQLQJWKHODQJXDJHLQDPRQDVWHU\´
7KH+HDG/DPD,171R
7KHUHDUHWZRNH\HOHPHQWVLQPRQDVWLFHGXFDWLRQWKDWDSSHDOWROD\SHRSOH)LUVWO\
LWLVFXOWXUDOO\DSSURSULDWHHYHQGHVLUDEOHWRVWXG\LQDPRQDVWHU\DVUHOLJLRQLV
VWLOO RQH RI WKH NH\ HOHPHQWV LQ 7LEHWDQ OLIH DV GLVFXVVHG LQ &KDSWHU (YHQ LI
SHRSOHFDQQRWFRPPLWWKHLUZKROHOLIHWRDPRQDVWHU\DWOHDVWWKH\FDQVSHQGVRPH
SHULRGRIWLPHWKHUH6HFRQGO\WKHORQJWUDGLWLRQRIWHDFKLQJWKH7LEHWDQODQJXDJH
KDVJLYHQPRQDVWLFWHDFKLQJDKLJKVWDWXVHVSHFLDOO\LQHDUO\OLWHUDF\WHDFKLQJ7KH
PRQDVWLFZD\RIWHDFKLQJOLWHUDF\DSSHDOVWRSHRSOHZKRSUHIHUWKHWUDGLWLRQDOZD\
RIWHDFKLQJOLWHUDF\WKDWHPSKDVLVHVUHDGLQJVNLOOV
,Q 7LEHWDQ FRPPXQLWLHV WKH WUDGLWLRQDO ZD\ RI WHDFKLQJ OLWHUDF\ LV EDVHG RQ WKH
FXOWXUDO YLHZ RI OLWHUDF\ $FFRUGLQJ WR %DNHU RQH RI WKH FXOWXUDO ZD\V RI
XQGHUVWDQGLQJOLWHUDF\LVOLWHUDF\EHLQJWKHUHFLWLQJDQGPHPRULVLQJRIWH[W7KLVLV
DOVRD7LEHWDQFXOWXUDOYLHZRIOLWHUDF\DVGLVFXVVHGHDUOLHULQWKLVFKDSWHU)RUWKDW
UHDVRQ,EHOLHYHSHRSOHIHHOFRPIRUWDEOHZLWKWKHPRQDVWLFZD\RIWHDFKLQJOLWHUDF\
$WHDFKHUIURP7RQJGH&RXQW\H[SODLQV
³,I WKH\ XVH WUDGLWLRQDO WHDFKLQJ PHWKRGV LQ VFKRROV WKHQ WKH UHVXOWV DUH
JRRG 7HDFKLQJ LQ PRQDVWHULHV JLYHV JRRG UHVXOWV LQ OLWHUDF\ DFTXLVLWLRQ
1HZ WHDFKLQJ PHWKRGV KDYH FRPH XS ZLWK QHZ VFKRRO ERRNV EXW WKH
WUDGLWLRQDO PHWKRGV DUH PXFK EHWWHU ,I WHDFKLQJ LV WHDFKHUFHQWUHG DV LQ
PRQDVWHULHV WKHQ VWXGHQWV OHDUQ EHWWHU WKDQ ZLWK WKH QHZ PHWKRGV ZKHQ
VWXGHQWVKDYHDELJJHUUROHWKDQEHIRUH´$7RQJGH7HDFKHU,171R
7KHIHDWXUHVRIEHLQJFXOWXUDOO\UHOHYDQWDQGKDYLQJDJRRGJHQHUDOUHSXWDWLRQKDYH
NHSWPRQDVWLFOLWHUDF\WHDFKLQJZLGHO\GHVLUHGDQGDOLYHLQ7LEHWDQVRFLHW\GHVSLWH
FKDQJHVLQVRFLHW\
/DVWO\WKHUHDUHGLIIHUHQWQHHGVIRUOLWHUDF\LQFRPPXQLWLHV%DNHUKDVOLVWHG
WKHVH LQ VHYHQ FDWHJRULHV OHDUQLQJ FLWL]HQVKLS VXUYLYDO SHUVRQDO UHODWLRQVKLSV
HPSOR\PHQW SHUVRQDO SOHDVXUH DQG FUHDWLYLW\ HPSRZHULQJ WKH PLQG FRPPXQLW\
GHYHORSPHQW DQG SROLWLFDO HPSRZHUPHQW 2QH QHHG IRU OLWHUDF\ LQ $PGR
FRPPXQLWLHV GHDOV ZLWK SHUVRQDO SOHDVXUH OLWHUDF\ LV QHHGHG IRU JDLQLQJ UHOLJLRXV
PHULW 2WKHUV KDYH FDWHJRULVHG WKLV NLQG RI OLWHUDF\ DV ULWXDO UHDGLQJ SUDFWLFHV
/LQQDN\OlZKLFKLVDSUHFLVHGHVFULSWLRQRIWKLVNLQGRIUHOLJLRXVDFWLYLW\
$V PHQWLRQHG HDUOLHU LQ WKLV FKDSWHU UHOLJLRXV OLWHUDF\ SUDFWLFHV DUH HVVHQWLDO LQ
7LEHWDQOLIHDQGUHOLJLRXVSUDFWLFHVDUHRQHRIWKHPRWLYDWLRQVIRU$PGRVWROHDUQWR
UHDG 5HOLJLRXV UHDGLQJ LV PHUHO\ UHFLWLQJ D WH[W UDWKHU WKDQ XQGHUVWDQGLQJ LWV
FRQWHQW 7KHUHIRUH UHOLJLRXV OLWHUDF\ SUDFWLFHV GR QRW DOZD\V FRQFHUQ FRJQLWLYH
LVVXHV LQ UHDGLQJ SUDFWLFHV EXW UDWKHU UHOLJLRXV XQGHUVWDQGLQJ RI WKH SUDFWLFHV $V
0U+XLVVD\VSHRSOHGRQRWQHFHVVDULO\FRPSUHKHQGWKHWH[WWKDWWKH\UHDG
,W LV JRRG WKDW SHRSOH OHDUQ WR UHDG VR WKDW WKH\ FDQ UHDG %XGGKLVW
VFULSWXUHV %XW DW WKH VDPH WLPH KH VD\V ³7KH\ FDQQRW XQGHUVWDQG
>%XGGKLVWVFULSWXUHV@2XUOHYHORINQRZOHGJHLVVROLPLWHGDQGRQHFDQQRW
UHDGLW,W¶VOLNHDQDLUSODQHIO\LQJLQWKHVN\,WLVVRIDUDZD\7KHUHOLJLRQLV
VRGHHSDQG\RXUNQRZOHGJHLVVROLPLWHG´0U+XL,171R
'HVSLWHWKHIDFWWKDW%XGGKLVW6FULSWXUHVDUHZULWWHQLQDKLJKOLWHUDU\IRUPZKLFKLV
UDWKHU GLIILFXOW WR XQGHUVWDQG SHRSOH OLNH WR UHDG WKHP 6HH D ODQJXDJH LVVXH LQ
&KDSWHU3HRSOHLQ*RPDYLOODJHSRLQWRXWWKHLPSRUWDQFHRIUHOLJLRXVUHDGLQJE\
VD\LQJ
³%XGGKLVWVFULSWXUHVDUHUHDGHYHU\GD\5HOLJLRXVERRNVDUHSRSXODU´
$JURXSLQWHUYLHZ,171R
+RO\ERRNVUHOLJLRXVERRNVDQGWKDQJNDVUHOLJLRXVGUDZLQJVDUHYHU\FRPPRQLQ
7LEHWDQ KRPHV 7KH\ DUH JLYHQ D VSHFLDO SODFH LQ KRPHV DV VHHQ LQ WKH IROORZLQJ
SLFWXUH
)LJXUH$KRPHDOWDUKRO\ERRNVDQGSLFWXUHVDUHVXSSRUWHGE\VHFXODUERRNV$
WKDQJNDFDQEHVHHQRQWKHZDOORQWKHOHIW
,WLVWKHDFWRIUHDGLQJZKLFKLVLPSRUWDQWLQWKLVFRQWH[W7KHUHIRUHWKHVHNLQGVRI
UHDGLQJ SUDFWLFHV E\ SULYDWH LQGLYLGXDOV DQG QRQFOHUJ\ DSSHDU WR KDYH
FRQWUDGLFWLRQVZKLFKFDQRQO\EHXQGHUVWRRGLQWKHLUFXOWXUDOFRQWH[WDQGWKHZD\
RIXQGHUVWDQGLQJOLWHUDF\
%HVLGHV UHDGLQJ KRO\ ERRNV DQG SUD\HUV UHOLJLRXV OLWHUDF\ SUDFWLFHV FRQVLVW RI
QXPHURXVYLVXDOVLJQVLQGDLO\OLIHVXFKDVSUD\HUIODJVDXVSLFLRXVVLJQVDQGZLQG
KRUVHV7KHVHH[DPSOHVRIUHOLJLRXVOLWHUDF\SUDFWLFHVUHSUHVHQWDKLJKSHUFHQWDJHRI
7LEHWDQ GDLO\ OLWHUDF\ SUDFWLFHV ZKLFK DOO KDYH WKHLU RULJLQ LQ 7LEHWDQ %XGGKLVP
2UGLQDU\SHRSOHGRQRWXQGHUVWDQGWKHWH[WVDQGYLVXDOVLJQVRIUHOLJLRXVOLWHUDFLHV
%XW WKLV IDFW GRHV QRW VHHP WR OHVVHQ WKH LPSRUWDQFH RI VXFK OLWHUDF\ SUDFWLFHV WR
WKHVH SHRSOH $FFRUGLQJ WR 3LQWFKPDQ ULWXDO SUDFWLFHV SURGXFH ³VSHFLILF
W\SHV RI PHDQLQJ DQG YDOXHV WKURXJK SDUWLFXODU VWUDWHJLHV´ 7KHVH DUH WKH FXOWXUDO
ULWXDOV+RIVWHGH PHQWLRQVWKDWIRUP FXOWXUDOSUDFWLFHVDQGDVVXFKWKH\DUH
LPSRUWDQWLQ7LEHWDQFXOWXUH
7KLVGLVFRXUVHRIOLWHUDF\SUDFWLFHVKDVDOVRLQIOXHQFHGVHFXODUUHDGLQJSUDFWLFHV,W
LV D FRPPRQ SKHQRPHQRQ WKDW D 7LEHWDQ FDQ UHDG D SLHFH RI WH[W ZLWKRXW
XQGHUVWDQGLQJWKHFRQWHQWRIZKLFKWKHIROORZLQJLVDQH[DPSOH
³7KH ER\ DURXQG \HDUV ROG UHDG WKH WH[W YHU\ IOXHQWO\ $IWHUZDUGV ,
DVNHGKLPVRPHTXHVWLRQVDERXWWKHWH[WEXWKHFRXOGQRWWHOOZKDWWKHWH[W
ZDVDERXW´ 0D[)11R
, DUJXH WKDW UHOLJLRXV UHDGLQJ SUDFWLFHV KDYH LPSLQJHG RQ 7LEHWDQ VHFXODU UHDGLQJ
SUDFWLFHVDQGSHRSOHGRQRWDOZD\VPDNHDGLVWLQFWLRQEHWZHHQWKHWZR$VDUHVXOW
UHDGLQJLVSULPDULO\SUDFWLVHGDVDUHOLJLRXVDFWLQRUGHUWRJDLQPHULW
)URPD:HVWHUQSRLQWRIYLHZWKHUHDSSHDUVWREHDFRQWUDGLFWLRQEHWZHHQUHDGLQJ
SUDFWLFHDQGLWVSXUSRVH,WVHHPVWKDW$PGRVOLNHWRUHDGWKHWH[WHYHQWKRXJKWKH\
GRQRWXQGHUVWDQGLW7KHUHIRUHWKHLUPRWLYDWLRQIRUUHDGLQJLVSXUHO\DVDUHOLJLRXV
DFW WR JDLQ PHULW )URP WKHLU SRLQW RI YLHZ UHDGLQJ UHOLJLRXV ERRNV DQG %XGGKLVW
6FULSWXUHV HYHQ ZLWKRXW XQGHUVWDQGLQJ WKHP LV EHQHILFLDO EHFDXVH WKH UHOLJLRXV
FRQWHQW RI WKH DFW RI UHDGLQJ PDNHV WKH UHDGLQJ SUDFWLFH PHDQLQJIXO QRW WKH
FRPSUHKHQVLRQRIWKHFRQWHQW7KLVLVVLPLODUWRUHOLJLRXVUHDGLQJSUDFWLFHVLQUXUDO
3DNLVWDQLQZKLFK³ULWXDOLVWLFUHDGLQJVKDYHDV\PEROLFVLJQLILFDQFHDQGPHDQDORW
WR WKH YLOODJH SHRSOH´ =XEDLU HYHQ WKRXJK WKH WH[W LWVHOI LV QRW
XQGHUVWRRG7KH+HDG/DPDVD\V
³0RVW YLOODJHUV NQRZ WKH EHQHILWV RI WKH 7DQJND RU /RQJWD EXW WKH\ GRQ¶W
NQRZZK\WKHUHDUHDQLPDOVRQLWDQGZKDWLWPHDQV%XWWKH\NQRZWKDWLI
WKH\XVH/RQJWDWKH\NQRZWKDW/RQJWDZLOOEULQJWKHPJRRGOXFN³
,171R
7LEHWDQIRONULWXDOVLQYLOODJHVIRUPDQLQWHJUDOSDUWRIUHOLJLRXVOLIHDQGDWWKHVDPH
WLPH VWUHQJWKHQ YLOODJH VROLGDULW\ DQG LGHQWLW\ (SVWHLQ :HQELQ %XGGKLVW
WH[WVLQRQHIRUPRUDQRWKHUDUHSDUWRIDQLQGLYLGXDO7LEHWDQ¶VULWXDOV7UDYHOOHUV
SXWXSFRORXUIXOSUD\HUIODJVRQKLJKPRXQWDLQSDVVHVZKHUHRQHFDQVHHPDVVHVRI
WKHVH IOLFNHULQJ SLHFHV RI SULQWHG FORWK VHQGLQJ SUD\HUV WR WKH JRGV 3UD\HU IODJV
³GHFRUDWH´EULGJHVRYHUULYHUVDQGZDOOVRXWVLGHKRXVHV2QWKHVDPHKLJKPRXQWDLQ
SDVVHVRQHFDQILQGKXQGUHGVRIVPDOOSLHFHVRISDSHURQWKHJURXQG7KH\DUHZLQG
KRUVHVWKDW7LEHWDQVWKURZLQWKHDLUEHOLHYLQJWKLVZLOODGGEOHVVLQJRQWKHLUOLYHV
7KH ZDOOV RI UHVWDXUDQWV DUH GHFRUDWHG ZLWK DXVSLFLRXV V\PEROV 2OG ZRPHQ VSLQ
WKHLU SUD\HU ZKHHOV DQG FRXQW WKHLU URVDU\ EHDGV 2Q WKHLU DQQXDO YLVLWV WR KRPHV
PRQNVUHDG%XGGKLVW6FULSWXUHVDQGFDUU\RXWRWKHUUHOLJLRXVFHUHPRQLHV+DYLQJD
KRPH DOWDU ZLWK D SLFWXUH RI WKH 'DODL /DPD DQG RWKHU UHOLJLRXV OHDGHUV¶ LV DOVR
FRPPRQO\ VHHQ $OO WKHVH UHOLJLRXV ULWXDOV DUH PHDQV RI JDLQLQJ PHULW RU DVNLQJ
EOHVVLQJVIURPWKHGHLWLHVRUVSLULWVRIWKHPRXQWDLQVDQGDVVXFKWKH\DUHLPSRUWDQW
WRSHRSOH%HFDXVHWKH\DUHUHJDUGHGDVEHLQJLPSRUWDQWSHRSOHNHHSRQSUDFWLVLQJ
WKHP7KHVHDUH DFWLYLWLHVLQZKLFK 7LEHWDQV DUH FRPPRQO\LQYROYHGDQGLQZKLFK
7LEHWDQODQJXDJHOLWHUDF\SUDFWLFHVDUHHPEHGGHG7KHUHIRUHWKHVHOLWHUDF\SUDFWLFHV
PHHWERWKFRPPXQLW\JRDOVDQGLQGLYLGXDODVSLUDWLRQV
2WKHU&XOWXUDO'LVFRXUVHVRI/LWHUDF\
'LIIHUHQW GLVFRXUVHV RI OLWHUDF\ DUH FXOWXUDOO\ ERXQG %DNHU 3HRSOH YLHZ
OLWHUDF\ LQ WKHLU RZQ FXOWXUDO FRQWH[W ZKLFK YDULHV IURP UHDGLQJ DORXG WR
HPSRZHULQJ WKLQNLQJ DQG IHHOLQJ LQ WKHLU VRFLDO FRQWH[W %R\DULQ :HOOV &KDQJ:HOOV /LWHUDF\ LV QRW RQO\ DERXW FRJQLWLYH VNLOOV EXW DOVR DERXW
IHHOLQJVDERXWEHLQJOLWHUDWHLQDVRFLDOFRQWH[WHJSHRSOHIHHOHPSRZHUHGE\EHLQJ
DEOHWRZULWHWKHLUQDPHVRQRIILFLDOGRFXPHQWV
7KHUH DUH DOVR GLIIHUHQW QHHGV IRU OLWHUDF\ LQ DQ\ JLYHQ VRFLHW\ IRU VXUYLYDO
FLWL]HQVKLS OHDUQLQJ SHUVRQDO UHODWLRQVKLSV SOHDVXUH DQG FUHDWLYLW\ SHUVRQDO
GHYHORSPHQW HPSOR\PHQW FRPPXQLW\ GHYHORSPHQW SROLWLFDO HPSRZHUPHQW DQG
HPSRZHULQJ WKH PLQG %DNHU 7KH QHHGV IRU OLWHUDF\ YDU\ DFFRUGLQJ WR WKH
VRFLHW\DQGWKHZD\WRPHHWWKHVHQHHGVYDULHVDFFRUGLQJWRWKHODQJXDJHVWKDWDUH
XVHGZLWKLQWKHVRFLHW\0LQRULW\ODQJXDJHVGRQRWRIWHQPHHWWKHQHHGVIRUOLWHUDF\
LQDZLGHUVRFLHW\6NXWWQDE.DQJDV
'LVFRXUVHV RI OLWHUDF\ LQ $PGR FRPPXQLWLHV DUH IRUPHG E\ FXOWXUDO SUDFWLFHV DV
VHHQ DERYH DV DUH YLHZV RI OLWHUDF\ DQG RI XQGHUVWDQGLQJ ZKDW OLWHUDF\ LV IRU
$ZLQGKRUVHLVDSLHFHRISDSHUDURXQGFP[FPDQGLWKDVDUHOLJLRXVSLFWXUHDQGVRPHWH[W
RQLW3HRSOHXVXDOO\WKURZSLHFHVRIZLQGKRUVHVDWDWLPH
'LIIHUHQWHOHPHPHQWVRI7LEHWDQFXOWXUHFDQEHSUHVHQWHGZLWKWKH+RIVWHGH¶VRQLRQ
GLDJUDPPH (DUOLHU LQ WKLV FKDSWHU ZH IRFXVHG RQ UHOLJLRXV LQIOXHQFH RQ $PGR
OLWHUDF\ SUDFWLFHV 1RZ ZH FDQ ORRN DW LW EDVHG RQYDOXHV RI D SDWULDUKFLDO VRFLHW\
9DOXHV RI SDWULDUFKLDO VRFLHW\ DUH DW WKH FHQWUH ULWXDOV RI VRFLHW\ LQFOXGH ERWK
UHOLJLRXV ULWXDOV DQG QRQUHOLJLRXV RQHV FXOWXUDO KHURHV VXFK DV *HVDU DORQJ ZLWK
UHOLJLRXV OHDGHUV YLOODJH OHDGHUV DQG WHDFKHUV SUHVHQW 7LEHWDQ KHURHV V\PEROV
LQFOXGHWKH7LEHWDQODQJXDJHDQGRWKHUVLJQV7KHVHFXOWXUDOHOHPHQWVIRUP7LEHWDQ
OLWHUDF\SUDFWLFHV
/LWHUDF\IRU*DLQLQJ.QRZOHGJH
2QHRIWKHQHHGVIRUOLWHUDF\LQFRPPXQLWLHVLVIRUOHDUQLQJ%DNHU7KLVFDQ
OHDGWRDQDVVXPSWLRQWKDWOLWHUDF\LVWKHRQO\ZD\IRUOHDUQLQJ/LWHUDF\DFTXLVLWLRQ
LVRIWHQOLQNHGZLWKOHDUQLQJDQGJDLQLQJPRUHNQRZOHGJHLQOLIHDVLIOHDUQLQJWDNHV
SODFH RQO\ WKURXJK WKH ZULWWHQ WH[W %DUWRQ 7KDW WKHQ VXEFRQVFLRXVO\ RU
FRQVFLRXVO\ LJQRUHV DOO WKH RWKHU ZD\V RI OHDUQLQJ WKURXJK RUDO LQIRUPDWLRQ HWF
(YHQ WKRXJK 7LEHWDQ OLWHUDWH PDWHULDOV DUH PDQLIROG DQG OLWHUDF\ SUDFWLFHV DUH
GLYHUVH WKH $PGRV¶ LGHD RI OLWHUDF\ DFTXLVLWLRQ DQG OLWHUDF\ SUDFWLFHV IROORZV WKH
SKLORVRSK\WKDWWKURXJKOLWHUDF\SHRSOHFDQJDLQPRUHNQRZOHGJH7KLVGLVFRXUVHRI
OLWHUDF\LVVKDUHGERWKE\OLWHUDWHDQGQRQOLWHUDWH$PGRV0\LQIRUPDQW/KDELZKR
LVDQRQOLWHUDWHZRPDQUXQQLQJKHURZQ\RJKXUWEXVLQHVVVKDUHVKHUWKRXJKWV
,I ,NQHZKRZWRUHDGDQGZULWHWKHQ,FRXOGOHDUQPRUH7KHQNQRZOHGJH
ZLOODOVRLQFUHDVH/KDEL,171R
(YHQWKRXJK/KDELLVFRQWHQWPDQDJLQJKHUVPDOOEXVLQHVVVKHIHHOVWKDWVKHZRXOG
GREHWWHULIVKHFRXOGOHDUQIURPERRNVLQVWHDGRIKDYLQJVRPHRQHH[SODLQZKDWWR
GRDQGKRZWRGRLW/HDUQLQJE\UHDGLQJLVUHJDUGHGDVDEHWWHUZD\RIOHDUQLQJWKDQ
OHDUQLQJRQO\E\RUDOPHDQV3RVVLEO\,ZRXOGDGGSULQWHGWH[WLVPRUHSRZHUIXOLQ
SHRSOH¶V PLQGV WKDQ RUDO NQRZOHGJH .UDXV UHIHUV WR WKH VDPH LVVXH RI
SULQWHGWH[WDQGSRZHULQD&KLQHVHFRQWH[WE\ H[SORULQJGLIIHUHQWSRZHUUHODWLRQV
RI&KLQHVHFDOOLJUDSK\
7KH LGHD RI JDLQLQJ NQRZOHGJH E\ UHDGLQJ OHDGV WR UHDGLQJ SUDFWLFHV LQ $PGR
FRPPXQLWLHV ZKHUH UHDGLQJ LV RIWHQ DVVRFLDWHG ZLWK ZRUN DQG VWXG\ DQG DV VXFK
UHDGLQJ SUDFWLFHV DUH OLQNHG ZLWK VLWXDWHG ZRUNSODFH DQG VFKRRO OLWHUDFLHV FI
+DPLOWRQ%DUWRQ&DUHHUSHRSOHVXFKDVGRFWRUVDQGWHDFKHUVIRFXVWKHLU
UHDGLQJ SUDFWLFHV RQ SURIHVVLRQDO OLWHUDWXUH DQG UHDGLQJ RIWHQ WDNHV SODFH DW ZRUN
7VRNVXPP\LQWHUYLHZHHVD\VWKDWKLVSDUHQWVDJRYHUQPHQWZRUNHUDQGDSULPDU\
VFKRROWHDFKHUGRQRWKDYHDQ\ERRNVDWKRPHEHFDXVH
³7KH\RQO\UHDGDWZRUN´0U7VRNVXP,171R
0V /KDEL ZKR LV PHQWLRQHG DERYH DQG ZKR LV PDUULHG WR DQ H[WHDFKHU H[SODLQV
KHUKXVEDQG
VUHDGLQJSUDFWLFHV
:KHQ P\ KXVEDQG ZDV WHDFKLQJ HYHU\GD\ KH KDG PDQ\ ERRNV HQRXJK
ERRNVIRUDFRXSOHRIPRQWKV+HZDVUHDGLQJDOOWKHWLPH+HUHDG7LEHWDQ
PDJD]LQHVEHFDXVHKHZDVD7LEHWDQWHDFKHU$IWHUKHILQLVKHGKLVZRUNDVD
WHDFKHUKHKDVQRWEHHQUHDGLQJWKDWPXFK0V/KDEL,171R
7HDFKHUVLQWKH*XLGHIROORZWKHVDPHSDWWHUQWKDWUHDGLQJLVZRUNUHODWHG
:H KDYH ORQJ ZRUNLQJ GD\V VR ZH GRQ¶W UHDG DQ\WKLQJ LQ WKH HYHQLQJV
(YHU\WKLQJZHUHDGLVUHODWHGWRRXUZRUNDVWHDFKHUV´,171R
7LEHWDQGRFWRUVWHQGWRUHDGRQO\SURIHVVLRQDOOLWHUDWXUHDQG UHDGLQJWDNHVSODFH DW
WKHLUFOLQLFVDVDGRFWRULQ7RQJUHQVDLG
,GRQ
WUHDGDQ\WKLQJDWKRPHEXWDWZRUN*RPDYLOODJH,171R
6LPLODUKDELWVDUHPHWHOVHZKHUHHJDYLOODJHGRFWRULQ*XLQDQVD\VWKDWKHNHHSV
DOOWKHERRNVDWWKHRIILFHDQGKHGRHVQRWUHDGDQ\WKLQJDWKRPH)11R
$QRWLRQRI³VWXG\´LVQRWRQO\UHODWHGWRUHDGLQJERRNVEXWDOVRWRUHDGLQJ7LEHWDQ
PDJD]LQHV7VRNVRPVKHGOLJKWRQWRWKDWLVVXH
,IVRPHRQHEX\VD7LEHWDQPDJD]LQHVKHPXVWEHDVWXGHQW
0U7VRNVXP,171R
6LPLODUO\ /KDEL VHHPV WR WKLQN WKDW KHU KXVEDQG UHDG 7LEHWDQ PDJD]LQHV EHFDXVH
WKH\ ZHUH UHODWHG WR KLV ZRUN DV D WHDFKHU DV FLWHG DERYH $FFRUGLQJ WR 7VRNVXP
DQG /KDEL HYHQ PDJD]LQHV DUH DVVRFLDWHG ZLWK JDLQLQJ NQRZOHGJH QRW IRU
SOHDVXUH0D\EHIRUWKLVUHDVRQFRPLFERRNVDQGVWRU\ERRNVDUHOHVVFRPPRQWKDQ
UHOLJLRXVDQGRWKHUERRNVLQERRNVKRSVSHRSOHUHDGPDLQO\IRUVWXG\SXUSRVHV)1
1R+RZHYHULWFRXOGDOVREHWKHRWKHUZD\URXQGWKDWEHFDXVHRIWKHODFN
RIVRFDOOHGSOHDVXUHUHDGLQJPDWHULDOV7LEHWDQSHRSOHDVVRFLDWHUHDGLQJZLWKVWXG\
DQGJDLQLQJNQRZOHGJH
/LWHUDF\IRU3OHDVXUH
$QRWKHUQHHGIRUOLWHUDF\LVSHUVRQDOFUHDWLYLW\DQGSOHDVXUH%DNHU7LEHWDQ
OLWHUDF\IRUSOHDVXUHGHDOVZLWKFXOWXUDODQGSUDFWLFDOLVVXHV(DUOLHULQWKLVFKDSWHU,
PHQWLRQHGUHOLJLRXVSUDFWLFHVLQWKHFDWHJRU\RISHUVRQDOSOHDVXUH0XVLFLVDQRWKHU
LPSRUWDQW FRPSRQHQW RI 7LEHWDQ OLIH ZKLFK LV FRQQHFWHG ZLWK OLWHUDF\ 0XVLFDO
UHFRUGLQJVERWKDXGLRYLVXDODQGDXGLRUHFRUGLQJVDUHSRSXODUDPRQJ7LEHWDQV)1
1R7LEHWDQVOLNHVLQJLQJZKHQHYHUWKH\ JHWWRJHWKHUDQH[DPSOHRIZKLFKLV
UHFRUGHGLQWKHIROORZLQJH[FHUSWRIWKHILHOGQRWHV
³:H DUH KDYLQJ D IDUHZHOO SDUW\ ZLWK RXU OLWHUDF\ WUDLQHUV RI WKH 7/3 LQ
7RQJGH&RXQW\FHQWUH7KHWUDLQHUVKDYHERRNHGDFDEDUHWIRUXV7KHUHDUH
HLJKW RI XV VL[ 7LEHWDQV DQG WZR IRUHLJQHUV 'XULQJ WKH PHDO RXU 7LEHWDQ
WUDLQHUV JHW LQWR 7LEHWDQ GDQFLQJ DQG VLQJLQJ 2QH RI WKHP KDV WDXJKW
7LEHWDQ GDQFLQJ LQ VFKRROV VR KH LV JRRG DW LW $OO WKH WUDLQHUV DUH JRRG
VLQJHUV7KH\ VLQJ VRQJV IURP WKHLU FKLOGKRRG VRQJV WKH\ KDYH OHDUQHG DW
VFKRRODQGVRPHSRSXODUVRQJV6RPHWUDLQHUVXVHGFKRSVWLFNVDVGUXPVWLFNV
DQG VRPH SUHWHQGHG WR SOD\ WKH PDGULQ (YHU\ERG\ KDG IXQ DQG LW ZDV
REYLRXVWKDWHYHU\ERG\HQMR\HGVLQJLQJDQGGDQFLQJ´
)11R
$FFRUGLQJ WR 6WHZDUW 7LEHWDQ VRQJV KDYH KDG DQ HVVHQWLDO UROH LQ 7LEHWDQ
OLWHUDWXUHWKURXJKRXWWKH\HDUVDQGVRQJVKDYHEHHQDQHQFRXUDJHPHQWLQWKHWLPHV
RI VWUXJJOH ,Q $PGR YLOODJHV 7LEHWDQ VRQJERRNV DUH YHU\ SRSXODU )1 1R :RPHQ LQ OLWHUDF\ FODVVHV HVSHFLDOO\ ZHUH HDJHU WR DFTXLUH OLWHUDF\ VR WKDW WKH\
FRXOGUHDGVRQJERRNVDQGZULWHVRQJV
³7KH\ZDQWWRZULWHVRQJV´2%1R
7LEHWDQVWUHDVXUHWKHLURZQPXVLFDOKHULWDJH2QHSRSXODUWKHPHLQ7LEHWDQPXVLFLV
WKH ZLOG QDWXUDO HQYLURQPHQW DURXQG WKHP WKH PRXQWDLQV DQG WKH VN\ ERWK
LPSRUWDQW WR QRPDGLF SHRSOH %RWK WKH SK\VLFDO QDWXUH DQG WKH VSLULWXDO QDWXUH RI
PRXQWDLQVDUHVLJQLILFDQW7LEHWDQVZRUVKLSPRXQWDLQJRGVDQGWKH\DGPLUHWKHKLJK
PRXQWDLQV RI WKH 7LEHWDQ 3ODWHDX 7LEHWDQ PXVLF KDV VRPH RI LWV URRWV LQ WKHVH
IHHOLQJVLQVSLULQJSHRSOHWRVLQJVRQJVMXVWIRUSOHDVXUH
)URP D OLWHUDF\ SRLQW RI YLHZ RQH IHDWXUH RI WKH ODQJXDJH LQ PXVLF LV UHPDUNDEOH
0XVLFDO WH[W FDQ EH ZULWWHQ LQ D VSRNHQ IRUP RI WKH ODQJXDJH ZKLFK SHRSOH FDQ
XQGHUVWDQG PRUH HDVLO\ WKDQ WKH KLJKHU OLWHUDU\ IRUP $V GLVFXVVHG LQ &KDSWHU 7LEHWDQWH[WLVXVXDOO\ZULWWHQLQOLWHUDU\IRUPZKLFKFDXVHVGLIILFXOWLHVIRU7LEHWDQV
LQ XQGHUVWDQGLQJ (VSHFLDOO\ VRQJV DERXW VXUURXQGLQJ QDWXUH FDQ EH ZULWWHQ LQ D
VSRNHQ IRUP RI WKH ODQJXDJH ORZ IRUP $FFRUGLQJ WR 7LEHWDQ PXVLFLDQV DQG
WHDFKHUVVRPHVRQJVFRQWDLQVRPHZRUGVIURPWKHOH[LFRQRIWKHVSRNHQIRUPRIWKH
ODQJXDJH0U+XLDWHDFKHUZULWHVVRQJVDQGH[SODLQVWKHLVVXHRIXVLQJWKHOH[LFRQ
RIDVSRNHQIRUPRI7LEHWDQLQVRQJV
³)RULQVWDQFHLI\RXVLQJ7LEHWDQVRQJV7LEHWDQWUDGLWLRQDOVRQJVDUHSOD\HG
>FRPSRVHG@ZLWKPDGULQDQGVXQJ,QWKRVHVRQJVLIWKHUHDUHDORWRIZRUGV
LQ WKH VSRNHQ IRUP RI 7LEHWDQ WKHQ OLVWHQHUV OLNH WR OLVWHQ DQG VLQJHUV DOVR
OLNHLW´
0U+XL,171R
$VLPLODULVVXHRFFXUVLQSRHPVVRPHFRPLFVDQGLQHDV\UHDGLQJERRNVZKLFKFDQ
EHZULWWHQLQDORZHUIRUPRIWKHODQJXDJH7KHVHNLQGVRIOLWHUDWXUHZHUHIDYRXULWH
UHDGLQJ PDWHULDOV LQ YLOODJHV 2% 1R 7KH 7LEHWDQ /LWHUDF\ 3URJUDPPH
SURYLGHG³OLEUDU\ER[HV´IRUYLOODJHVGXULQJWKHSURJUDPPHLPSOHPHQWDWLRQ7KRVH
ER[HVLQFOXGHGDURXQGGLIIHUHQWNLQGVRIUHDGLQJPDWHULDOVIURPFRPLFERRNVWR
PDUULDJHODZERRNV&RPLFVDQGVWRU\ERRNVZHUHSRSXODUDPRQJOLWHUDF\VWXGHQWV
+RZHYHUDVPHQWLRQHGDERYHVWRU\ERRNVFRPLFVDQGJHQHUDOPDJD]LQHVKDYHWKH
IHZHVW WLWOHV DQG OHDVW YROXPH LQ WKH PDUNHW 7KH\ DUH QRW HDV\ WR JHW KROG RI E\
RUGLQDU\YLOODJHSHRSOH
, FDQ WKLQN RI WZR UHDVRQV ZK\ UHDGLQJ IRU SOHDVXUH LV QRW RQH RI WKH GRPLQDQW
GLVFRXUVHV RI 7LEHWDQ OLWHUDF\ SUDFWLFH 2QH UHDVRQ KDV LWV URRWV LQ WKH ODQJXDJH
SHRSOH GR QRW HQMR\ UHDGLQJ ³WKH VHFRQG ODQJXDJH´ WKDW LV WKH ZULWWHQ ODQJXDJH RI
7LEHWDQ0RVWOLWHUDWXUHLVZULWWHQLQDKLJKHUIRUPRIWKHODQJXDJHDQG$PGRVGR
QRWUHDGLQWKHODQJXDJHWKH\VSHDN7KHRWKHURQHLVDOVRURRWHGLQFXOWXUHLWLVQRW
LQWKH7LEHWDQFXOWXUHWRUHDGIRUSOHDVXUH)RUH[DPSOHRQHROGODG\WHOOVKHUVWRU\
³7DLORU ODG\ VD\V WKDW VKH KDV QHYHU UHDG DQ\WKLQJ DIWHU ILQLVKLQJ VFKRRO
7KH\ GLGQ¶W KDYH PDQ\ ERRNV DW KRPH DQG IXUWKHUPRUH WKH\ ZHUH QRW
DOORZHG WR UHDG DW KRPH EHFDXVH WKHUH ZDV QR WLPH IRU UHDGLQJ +HU
JUDQGPD ZKR WRRN FDUH RI KHU DQG KHU DXQW ZHUH ZRUNLQJ LQ WKH IDPLO\
(YHU\ERG\ZDVEXV\ZLWKZRUN6KHVD\V³LI,KDGDERRN,DPQRWVXUHLI,
ZDQWHGWRUHDG´6KHVD\VWKDWLWLVHDV\WROHDUQHDV\WRIRUJHW/DWHURQVKH
VDLG ³, GRQ¶W NQRZ ZKDW NLQG RI ERRNV , ZRXOG OLNH WR UHDG PD\EH VRQJV
DQGVWRULHV0\PHPRU\LVQRWJRRG,FDQ¶WFRQFHQWUDWH´ 7DLORU/DG\,171R
,W DSSHDUV WKDW 7DLORU /DG\ H[SODLQV ODFN RI SOHDVXUH UHDGLQJ LQ DQ $PGR FXOWXUH
SHRSOHLQIDUPLQJDQGQRPDGLFIDPLOLHVGLGQRWKDYHWLPHIRUUHDGLQJDFWLYLWLHV<HW
VKH KHUVHOI SUHIHUV VRQJV DQG VWRULHV ZKLFK DUH QRW WKDW GHPDQGLQJ IRU D UHDGHU
7KH\DUHUHODWLYHO\VKRUWDQGODQJXDJHLVHDVLHUIRUDEHJLQQHUWRKDQGOH
+RZHYHU $PGRV ZKR DUH OLWHUDWH LQ &KLQHVH KDYH DGRSWHG D KDELW IRU D SOHDVXUH
UHDGLQJ7KXVDVVXPLQJO\WKHGLJORVVLDRIWKHODQJXDJHPD\KDYHDELJJHULQIOXHQFH
RQUHDGLQJSUDFWLFHVWKDQRWKHUFXOWXUDOZD\RIGRLQJOLWHUDF\
/DQJXDJHDVRQHRIWKHFXOWXUDOHOHPHQWVDPRQJWKHRWKHU7LEHWDQFXOWXUDOZD\VRI
YLHZLQJ OLWHUDF\ IRUPV $PGR OLWHUDF\ SUDFWLFHV DQG GLVFRXUVHV RI OLWHUDF\ LQ GDLO\
OLIH
*HQGHUEDVHG/LWHUDFLHV
5HDGLQJ KDELWV DQG QHHGV IRU OLWHUDF\ DUH JHQGHUEDVHG 0HQ DQG ZRPHQ KDYH
GLIIHUHQW QHHGV IRU OLWHUDF\ DQG WKHUHIRUH WKH\ KDYH GLIIHUHQW NLQGV RI OLWHUDF\
SUDFWLFHV DFFRUGLQJ WR WKH VRFLHW\ LQ ZKLFK WKH\ OLYH )RU H[DPSOH PHQ UHDG
QHZVSDSHUV DQG ZRPHQ UHDG PDJD]LQHV RU PHQ UHDG ODZ ERRNV DQG ZRPHQ UHDG
SRHPVHWF
,QQRPDGLF$PGRFRPPXQLWLHVZRPHQ¶VOLWHUDF\SUDFWLFHVGLIIHUTXLWHFOHDUO\IURP
WKDW RI PHQ 7KLV FDQ EH SUHGLFWHG LQ D SDWULDUFKDO VRFLHW\ VLQFH ZRPHQ DQG PHQ
KDYH GLIIHUHQW UROHV LQ GDLO\ OLIH 9LOODJH OHDGHUV LQ *XLQDQ &RXQW\ H[SODLQHG WKH
QHHGIRUUHDGLQJPDWHULDOVDVIROORZV
³7KHUHDUHDFRXSOHRIERRNVIRUVWXGHQWVDQGSDUW\PHPEHUVLQWKHYLOODJH
:RPHQZRXOGOLNHWRUHDGSRHPVVRQJVDQGQRYHOV9LOODJHOHDGHUVPHQ
ZRXOGOLNHWRKDYH*HVDUHSLFVVFLHQWLILFERRNVVXFKDVDQLPDOKXVEDQGU\
DQGDJULFXOWXUDOERRNVUHOLJLRXVERRNVIRRGUHODWHGERRNVIRUZRPHQDQG
ERRNVDERXW³QHZWKLQJV´IRUYLOODJHUVWRUHDG´)11R
,WVHHPVWKDWZRPHQDUHFRQVLGHUHGWREHPRVWLQWHUHVWHGLQUHDGLQJSRHPVVRQJV
DQGQRYHOV3RHPVDQGVRQJVDUHXVXDOO\UDWKHUVKRUWDQGQRWZULWWHQLQDKLJKIRUP
RIWKHODQJXDJHDVZLOOEHGLVFXVVHGODWHURQ7KHUHIRUHWKH\DUHHDVLHUWRUHDGDQG
GRQRWUHTXLUHPXFKWLPHRUHIIRUWWRUHDGZKLFKILWVZHOOZLWKWKHGDLO\GHPDQGV
UHTXLUHGRIZRPHQ1RYHOVDUHFRQVLGHUHGDOVRHDVLHUWRUHDGVLQFHWKH\DUHVLWXDWHG
LQ 7LEHWDQ OLIH )RRG UHODWHG ERRNV UHODWH WR ZRPHQ¶V WDVNV DW KRPH DV WKH\ DUH LQ
FKDUJHRIFRRNLQJ
,WDSSHDUVWKDWPHQDUHFRQVLGHUHGWRKDYHPRUHGHPDQGLQJOLWHUDF\SUDFWLFHVVLQFH
WKH\ DUH UHVSRQVLEOH IRU KRXVHKROG PDQDJHPHQW DQG EXVLQHVV $OVR UHDGLQJ *HVDU
UHTXLUHV EHWWHU ODQJXDJH VNLOOV WKDQ UHDGLQJ SRHPV HWF 7KLV PHVVDJH IURP YLOODJH
OHDGHUV LV QRW RQO\ DERXW QHHGV IRU OLWHUDF\ EXW DOVR DERXW FXOWXUDO WUDGLWLRQ DQG
SRZHUUHODWLRQVGLVFXVVHGODWHURQLQWKLVFKDSWHU,QWHUHVWLQSRHPVDQGVRQJVLV,
EHOLHYH D VWURQJ FXOWXUDO WUDGLWLRQ DPRQJ OLWHUDWH $PGR ZRPHQ $W WKH VDPH WLPH
PHQ DUH FRQVLGHUHG WR EH PRUH VNLOIXO UHDGHUV LQ 7LEHWDQ WKDQ ZRPHQ 0HQ FDQ
PDQDJH PRUH GLIILFXOW WH[WV :KHWKHU WKLV VWDWHPHQW LV WUXH RU IDOVH WKLV LV WKH
JHQHUDOYLHZRQGLIIHUHQWNLQGVRIUHDGLQJKDELWVDQGQHHGVRIOLWHUDF\EHWZHHQPHQ
DQGZRPHQ
7LEHWDQ$GXOW/LWHUDF\(GXFDWLRQ
/HDUQLQJDQG7HDFKLQJ
8QWLO QRZ , KDYH EHHQ GLVFXVVLQJ IHDWXUHV RI UHOLJLRXV OLWHUDF\ SUDFWLFHV HYHU\GD\
OLWHUDFLHVDQGVRPHFXOWXUDOGLVFRXUVHVRIOLWHUDF\DORQJZLWKODQJXDJHLVVXHV7KH\
SURYLGHWKHFXOWXUDOFRQWH[WDQGHQYLURQPHQWIRUDGXOWOLWHUDF\WHDFKLQJDQGOHDUQLQJ
LQ $PGR VRFLHWLHV 7KH\ DOVR DW OHDVW SDUWLDOO\ DQVZHU WKH TXHVWLRQ ³:KDW LV
OLWHUDF\IRU"´ZKLFKWKHQJXLGHVWKHZD\VRIWHDFKLQJDQGOHDUQLQJLQDGXOWOLWHUDF\
FODVVHV
/LWHUDF\D6HWRI6NLOOV
2QHIXQGDPHQWDOHOHPHQWLQ7LEHWDQOLWHUDF\LVWKH7LEHWDQV¶YLHZRIOLWHUDF\7KH
SUHGRPLQDQW7LEHWDQYLHZRIOLWHUDF\LVWKDWOLWHUDF\LVDVHWRIVNLOOVRIUHDGLQJDQG
ZULWLQJZKLFKLVDFRPPRQLGHDJOREDOO\HJ%DUWRQ6WUHHW/LWHUDF\
DVDVNLOODSSURDFKLVFORVHWRWKHWUDGLWLRQDO7LEHWDQZD\RIOHDUQLQJOLWHUDF\ZKLFK
HPSKDVLVHVWKHVNLOOVRIUHDGLQJDVZHKDYHGLVFXVVHGDERYHLQWKHPRQDVWLFFRQWH[W
7KDW OLWHUDF\ DV D WHFKQLFDO VNLOO LV QHXWUDO LQ LWV DLPV %DNHU LV RQO\ DQ
DVVXPSWLRQ $PGRV GR QRW QHFHVVDULO\ QRWLFH WKH YDOXHV DQG LGHRORJLHV ZKLFK
XQGHUOLH WKHLU OLWHUDF\ SUDFWLFHV DV GHVFULEHG DERYH 7KH VNLOOV RI UHDGLQJ DQG
ZULWLQJKDYHWKHLUUHODWLYHYDOXHDVWRROVIRUIXUWKHUHGXFDWLRQIRUUHOLJLRXVSXUSRVHV
DQGIRUPDNLQJLWHDVLHUWRFDUU\RXWGDLO\GXWLHVLQDOLWHUDWHZRUOG
7KH $PGR XQGHUVWDQGLQJ RI OLWHUDF\ KDV WZR SDUDOOHO IXQFWLRQV 2Q RQH KDQG
OLWHUDF\ LV D IXQFWLRQDO WRRO IRU JHWWLQJ RWKHU WKLQJV GRQH LQ OLIH DV %DUWRQ DQG
+DPLOWRQ KDYH GHVFULEHG VLWXDWHG OLWHUDFLHV LQ WKHLU UHVHDUFK LQ WKH 8. FI %DUWRQ
DQG +DPLOWRQ $W WKH VDPH WLPH OLWHUDF\ DFTXLVLWLRQ LV D EDVH IRU IXUWKHU
OHDUQLQJDQGJDLQLQJNQRZOHGJHDVH[SODLQHGHDUOLHULQWKLVFKDSWHU
7KHXOWLPDWHJRDOIRUOLWHUDF\VWXGHQWVLQDFTXLULQJUHDGLQJDQGZULWLQJVNLOOVLVWREH
DEOHWR³OHDUQPRUH´ ³OHDUQQHZVNLOOV´RU³OHDUQDQHZMRE´,177KLVLV
GHVFULEHGE\VRPHSHRSOHRI*RPDYLOODJH
³$IWHUOHDUQLQJWRUHDGDQGZULWH,FDQWKLQN)LUVW\RXKDYHWROHDUQWRUHDG
DQG ZULWH WKHQ \RX PD\ WKLQN PRUH DERXW RWKHU VNLOOV LQ OLIH 7KHQ DIWHU
KDYLQJWKHVHVNLOOVPD\EHSHRSOHZRXOGOLNHWRUHDGDOLWWOHPRUHWKLQNDERXW
ZKDWLVJRRGIRUGDLO\OLIHIRUH[DPSOHKRZWRUDLVHDQLPDOV%XWILUVW \RX
KDYHWRKDYHWKLVVNLOOWRUHDGDQGZULWH*RPDYLOODJH,171R
7KHVWDWHPHQW³DIWHUOHDUQLQJWRUHDGDQGZULWH,FDQWKLQN´FDQEHVHHQHFKRLQJWKH
SROLF\PDNHUV¶GLVFRXUVH*RPDYLOODJHVWXGHQWVZHUHQRWDORQHZLWKWKLVVWDWHPHQW
6LPLODU VWDWHPHQWV ZHUH YRLFHG HOVHZKHUH LQ WKH UHVHDUFK DUHD )RU H[DPSOH LQ
0DUNKDQYLOODJHVWXGHQWVVDLG
³,I\RXGRQ¶WNQRZKRZWRUHDG\RXFDQQRWGRDQ\WKLQJ´DQG³0\WKLQNLQJ
KDVFKDQJHG´ )11R
$V ZH FDQ VHH OLWHUDF\ IRU $PGRV LV WR EH OHDUQHG QRW WR EH GRQH FI 5RJHUV
YL3HRSOHDFTXLUHOLWHUDF\EXWWKH\GRQRWµGR¶OLWHUDF\$VVXFKWKH\LJQRUH
WKH VRFLDO DVSHFW RI OLWHUDF\ FI 1/* 5DWKHU OLWHUDF\ LV XQGHUVWRRG DV D
VHSDUDWH IXQFWLRQ DQG KDV LWV YDOXH LQ LVRODWLRQ 7KH FRQWH[W RI DGXOW OLWHUDF\
DFTXLVLWLRQ LV QRW VHHQ DV LPSRUWDQW EXW RQFH WKH VNLOOV DUH OHDUQHG WKH\ DUH XVHG
DFFRUGLQJWRGDLO\QHHGDVRQHLQWHUYLHZHHVD\V
³%RWK IDUPHUV DQG KHUGHUV KDYH WKH VDPH OLWHUDF\ FRXUVH EXW WKHLU GDLO\
QHHGV DUH GLIIHUHQW %HFDXVH WKLV LV RQO\ DERXW OLWHUDF\ LW GRHV QRW PDWWHU
/LWHUDF\LVDERXWOHDUQLQJWRUHDGDQGZULWHDQGWKHUHIRUHLWGRHVQRWPDWWHU
LQZKDWFRQWH[WWKH\OHDUQWKHVHVNLOOVLQWHUSUHWHGE\5+´
0HUDQJG]RO,171R
7KHXQGHUO\LQJLGHDLVWKDWOLWHUDF\DFTXLVLWLRQLVDERXWOHDUQLQJWKHDOSKDEHW6LQFH
WKH ¶V WKH SURYLQFLDO JRYHUQPHQW RI 4LQJKDL 3URYLQFH KDV LPSOHPHQWHG DQ
DGXOW OLWHUDF\ FRXUVH ³/LDQJ 4L´ LQ +DLQDQ 7$3 7KLV OLWHUDF\ SURJUDPPH KDV
DGDSWHG D VNLOOV DSSURDFK WR OLWHUDF\ WHDFKLQJ ZKLFK TXRWLQJ %DNHU IRFXVHV RQ
OHDUQLQJWKDW³WKHVNLOOVRIUHDGLQJDQGZULWLQJFDQEHGHFRPSRVHGLQWRYRFDEXODU\
JUDPPDU DQG FRPSRVLWLRQ´ %DNHU 7KHUHIRUH $PGR OLWHUDF\ VWXGHQWV
OHDUQ EDVLF UHDGLQJ DQG ZULWLQJ VNLOOV ,W LV KRSHG KRZHYHU WKDW HYHQ WKRXJK
IXQFWLRQDOOLWHUDF\VNLOOVDUHQRWSUDFWLFHGLQWKHFRXUVHVWXGHQWVZRXOGODWHURQEH
DEOHWRXVHWKHLUVNLOOVDVIXQFWLRQDOWRROVLQGDLO\OLIH)RUH[DPSOHVWXGHQWVGRQRW
SUDFWLFHILOOLQJLQIRUPVRUUHDGLQJPDQXDOVEXWWKH\DUHH[SHFWHGWREHDEOHWRILOOLQ
IRUPV HWF 7KH XOWLPDWH JRDO RI WKH /LDQJ 4L SURJUDPPH DFFRUGLQJ WR RQH
HGXFDWLRQRIILFLDOLV
³7KHPDLQJRDOLVWKDWVWXGHQWVFDQOHDUQPRUHVNLOOVDIWHUOHDUQLQJKRZWR
UHDGDQGZULWH,PPHGLDWHO\DIWHUWKHFRXUVHDVWXGHQWVKRXOGEHDEOHWRZULWH
DVLPSOHOHWWHUDQGFDQILOOVLPSOHIRUPV´
0HUDQJG]RO,171R
%DUWRQDUJXHVWKDWWKLVYLHZRIOLWHUDF\DVDVHWRIVNLOOVOHDGVWRWKHQRWLRQ
RI GLVFUHWH VWDJHV LQ OHDUQLQJ LH OLWHUDF\ VWXGHQWV OHDUQ VHSDUDWH VNLOOV LQ D OLQHDU
RUGHU 1HZ VNLOOV DUH EXLOW RQ SUHYLRXVO\ OHDUQHG VNLOOV DV 0HUDQJG]RO H[SODLQV
DERYH 7KLV YLHZ RI OLWHUDF\ DOVR LQIOXHQFHV WKH DSSURDFK WR DGXOW OLWHUDF\
DFTXLVLWLRQ7REHOLWHUDWHLVWRKDYHDFFHVVWRNQRZOHGJHWKURXJKZULWWHQPDWHULDO
7KLVDSSURDFKWROLWHUDF\FDQPDNHWKHZRUGµOLWHUDF\¶ DPHWDSKRUVLPLODUWRRWKHU
PHWDSKRUVVXFKDVµVLFNQHVV¶µLJQRUDQFH¶HWFFI%DUWRQ
/DQJXDJHRI/LWHUDF\
7KH ODQJXDJH RI OLWHUDF\ LV DQ LPSRUWDQW LVVXH DQG ODQJXDJH FKRLFH IRU OLWHUDF\
SURJUDPPHV LQIOXHQFHV WKH HIIHFWLYHQHVV RI OLWHUDF\ OHDUQLQJ 5RELQVRQ /DQJXDJH LV DOVR D FXOWXUDO FRPSRQHQW ZKLFK LQ DQ\ VRFLHW\ LQIOXHQFHV OLWHUDF\
DFTXLVLWLRQLQRQHZD\RUDQRWKHU
7KH 7/3 RSWHG IRU D PRWKHU WRQJXH OLWHUDF\ DSSURDFK VLQFH PRVW $PGRV VSHDN
$PGR 7LEHWDQ DV WKHLU PRWKHU WRQJXH /DQJXDJH VXUYH\ LQ *RQJKH WRZQ VKRZV
$PGR 7LEHWDQ DV WKH KRPH ODQJXDJH ZLWK RYHU SHU FHQW RI $PGRV VSHDNLQJ
$PGR7LEHWDQLVRQHRIWKHWKUHH7LEHWDQPDLQGLDOHFWV6HH&KDSWHU
$PGR7LEHWDQDWKRPH$PGR7LEHWDQLVVSRNHQOHVVRXWVLGHWKHKRPH)LJXUH
%HFDXVHWKHSRSXODWLRQRI*RQJKHWRZQLVGLYHUVHLQFOXGLQJDJUHDWQXPEHURI+DQ
SHRSOH$PGRVDUHIRUFHGWRXVH&KLQHVHZKLOHDWWHQGLQJWRWKHLUEXVLQHVVPDWWHUV
7KH VLWXDWLRQ LV PRUH IDYRXUDEOH IRU 7LEHWDQ ODQJXDJH XVH LQ VPDOOHU WRZQV DQG
YLOODJHVZLWKLQ+DLQDQ7$3
7LEHWDQDWKRPH
7LEHWDQDWJRYHUQPHQW
RIILFHV
7LEHWDQDWKRVSLWDO
7LEHWDQDWEDQNLQJ
7LEHWDQDWVKRSSLQJ
)LJXUH
7KH7LEHWDQODQJXDJHXVHLQGLIIHUHQWFRQWH[WVLQ*RQJKHWRZQ
'LJORVVLD
)RU 7LEHWDQ ODQJXDJH OHDUQHUV PRWKHU WRQJXH OLWHUDF\ DFTXLVLWLRQ LV QRW DV
VWUDLJKWIRUZDUGDSURFHVVDVLWPD\EHIRUVRPHRWKHUPRWKHUWRQJXHOHDUQHUV6RPH
RIWKHKXUGOHVIDFHGE\7LEHWDQODQJXDJHOHDUQHUVDUHGXHWRGLJORVVLDLQWKH7LEHWDQ
ODQJXDJH VHH &KDSWHU 7KHUHIRUH WKH EHQHILWV RI OHDUQLQJ RQH¶V PRWKHU WRQJXH
OLWHUDF\LVGLVSXWHG$GLJORVVLFODQJXDJHGRHVQRWHQDEOHOLWHUDF\OHDUQHUVWREHQHILW
DV PXFK DV OHDUQHUV RI D QRQGLJORVVLF ODQJXDJH 'XH WR GLJORVVLD WKH YHKLFOH IRU
7LEHWDQ OLWHUDF\ HGXFDWLRQ LV WKH OLWHUDU\ IRUP UDWKHU WKDQ WKH VSRNHQ IRUP RI WKH
7LEHWDQODQJXDJH7LEHWDQVGRQRWOHDUQWRUHDGDQGZULWHWKHODQJXDJHWKH\VSHDNLQ
HYHU\GD\OLIHUDWKHUWKH\OHDUQDKLJKHUIRUPRIWKHODQJXDJHZKLFKWKH\RIWHQFDOO
³ZULWWHQ IRUP´ $FFRUGLQJ WR 7RXUQDGUH GLJORVVLD FRQVWLWXWHV DQ HQRUPRXV
REVWDFOH IRU OHDUQLQJ 7LEHWDQ ZKLFK DOVR EHFDPH REYLRXV WR PH GXULQJ WKLV
UHVHDUFK
'LJORVVLDLPSDFWVOLWHUDF\SUDFWLFHVLQWKHFODVVURRPHJVWXGHQWVKDYHWROHDUQQHZ
YRFDEXODU\DVWKHOH[LFRQRIWKHVSRNHQIRUPGLIIHUVIURPWKDWRIWKHOLWHUDU\IRUP
$V D UHVXOW LW LV D FRPPRQ SUDFWLFH LQ OLWHUDF\ FODVVHV RI WKH 7/3 WKDW WHDFKHUV
H[SODLQWKHPHDQLQJVRIZRUGVLQWH[WERRNVWRVWXGHQWVZKRNQRZRQO\WKHVSRNHQ
IRUPRIWKHODQJXDJH,171R
³,W LV OLNH ZH KDYH LQ WKH VHFRQG ERRN WKH QXPEHU SULPHU RI WKH 7/3
WKH\ KDYH D ORW RI ZRUGV DQG D WHDFKHU KDV WR WHOO WKHP ZKDW WKH\ PHDQ
:KHQWKH\UHDGWKH\OHDUQWRNQRZWKHPHDQLQJ´2OG7HDFKHU,17
7RDFTXLUHOLWHUDF\LQ7LEHWDQLVWROHDUQDQRWKHUODQJXDJH6WXGHQWVGRQRWOHDUQWR
UHDGDQGZULWHWKHODQJXDJHWKH\VSHDNLQHYHU\GD\FRPPXQLFDWLRQEXWUDWKHUOHDUQ
WKH OLWHUDU\ IRUP WKDW LV XVHG LQ SULQWHG PDWHULDOV DQG LQ PHGLD 7KXV WKH OHDUQLQJ
SURFHVV FDQ EH FRQIXVLQJ DQG VWXGHQWV VWUXJJOH +HUH DUH WZR FRPPHQWV DERXW
OHDUQLQJ 7LEHWDQ RQH E\ D PDOH VWXGHQW RI WKH 7/3 DQG WKH VHFRQG E\ WKH
UHVHDUFKHU
³7KHUH LV D GLIIHUHQFH EHWZHHQ VSRNHQ DQG ZULWWHQ OLWHUDU\ ODQJXDJH VR
VRPHWLPHV , IHHO WKDW PD\EH , DP QRW VSHDNLQJ UHDO 7LEHWDQ 7KH ZULWWHQ
OLWHUDU\IRUPLVYHU\LPSRUWDQW´
7KHKRVWLQDJURXSPHHWLQJ,171R
³6KHUHDGVDORXGDELWIURPWKHHDV\ERRNZKLFKKDGDQLFHLOOXVWUDWLRQ6KH
XQGHUVWRRGWKHILUVWSDJHEXWVWUDLJKWDIWHUWKDWVKHFRXOGQ¶WXQGHUVWDQGWKH
FRQWHQWRIWKHVHFRQGSDJH7KHQDJDLQVKHFRXOGXQGHUVWDQGWKHFRQWHQWRI
WKH WKLUG SDJH ,W EHFDPH REYLRXV WKDW VKH KDG VRPH GLIILFXOWLHV ZLWK WKH
OLWHUDU\IRUP´
)11R
6FKLIIPDQZKRKDVUHVHDUFKHGGLJORVVLDUHIHUVWROHDUQLQJWKHOLWHUDU\IRUP
RIODQJXDJHDVµVHFRQGODQJXDJHOHDUQLQJ¶ZKLFKGHVFULEHVZHOOZKDWDGXOW7LEHWDQV
DUH GRLQJ LQ 7LEHWDQ OLWHUDF\ FODVVHV 'LJORVVLD KDV D VLJQLILFDQW LPSDFW RQ WKHLU
OHDUQLQJSURFHVVE\PDNLQJLWPRUHGLIILFXOW
0RWKHUWRQJXHOLWHUDF\OHDUQLQJDQGLGHQWLW\
'HVSLWH WKH GLIILFXOWLHV WKDW GLJORVVLD FDXVHV IRUOHDUQLQJ $PGRV DUH PRWLYDWHG E\
OHDUQLQJ WKHLU PRWKHU WRQJXH /DQJXDJH LV RQH VWURQJ HOHPHQW RI 7LEHWDQ HWKQLF
LGHQWLW\ DQG DV VXFK LW PRWLYDWHV SHRSOH WR OHDUQ /KDEL DQ LOOLWHUDWH KRXVHZLIH
VD\V
³%HFDXVHZHDUH7LEHWDQVZHVKRXOGNQRZZKDWZHKDYHRXURZQODQJXDJH
%HFDXVH,DPD7LEHWDQ,ZDQWWRNQRZ7LEHWDQ´ 0V/KDEL,171R
2QH\HDUROGER\ZKRZDVDVWXGHQWRIWKH7/3VD\V
³, ZDQW WR NQRZ KRZ WR UHDG ZULWWHQ ODQJXDJH , DOVR ZDQW WR NQRZ WKH
ODQJXDJHEHWWHUDQGXQGHUVWDQGWKLQJV´
)11R
7LEHWDQODQJXDJHLV³RXUODQJXDJH´ZKLFKLVVRPHWKLQJ$PGRVRZQDVWKHLU7LEHWDQ
KHULWDJH ³2XU ODQJXDJH´ LV DQ LQGLFDWLRQ RI D ERXQGDU\ PDUNHU 7DERXUHW.HOOHU
DV LQ 0D\ IRU EHLQJ D 7LEHWDQ $W WKH VDPH WLPH VKH DOVR VKRZV WKH
LPSRUWDQFHRIODQJXDJH
0U 'RUMH D PLGGOHVFKRRO SULQFLSDO FRQWLQXHV GLVFXVVLRQ RI PRWKHU WRQJXH
HGXFDWLRQ IURP DQRWKHU DQJOH +H VHHV WKH 7LEHWDQ ODQJXDJH EHLQJ D EDVH IRU
OHDUQLQJWKHVHFRQGODQJXDJH
5+RZLPSRUWDQWWKH7LEHWDQODQJXDJHLVIRU\RX"
' )RU D 7LEHWDQ WR NQRZ 7LEHWDQ ODQJXDJH LV OLNH D SHUVRQ ZKR FDQ
VWDQG(YHU\ZKHUHLQD7LEHWDQDUHD\RXFDQVWDQGXSMXVWOLNHDEDE\7KHQWR
NQRZ &KLQHVH WKHQ \RX FDQ JR WR WKH JDWH 7KHQ LQ &KLQD \RX FDQ JR RXW
7KHQLI\RXNQRZ(QJOLVK\RXFDQJRRXWIURPWKHFRXQWU\
',I\RXDUHD7LEHWDQDQG\RXGRQ¶WNQRZKRZWRVSHDN7LEHWDQRUXVH
7LEHWDQ(YHQLI\RXJRRXWKRZWRJRRXWLI\RXFDQQRWVWDQGXS/LNHWKDW
',I \RXGRQ¶WNQRZ&KLQHVHWKHQLWGRHVQRWPDNHVHQVHIRU \RXWRJR
RXWWRWKHGLIIHUHQW7KHQLI\RXNQRZ(QJOLVKWKHQ\RXFDQJRWRHYHU\ZKHUH
',QP\KHDUWWKHILUVWWKLQJLVWROHDUQ7LEHWDQWKHQ(QJOLVK&KLQHVH
ZKDWHYHU
57LEHWDQLVQXPEHURQH"
7<HV)RU7LEHWDQV7LEHWDQLVDOZD\VILUVWWKHQ&KLQHVHWKHQ(QJOLVK
5%RWKDGXOWVDQGFKLOGUHQ"
'<HV$JHGRHVQRWPDWWHU0U'RUMH,171R
'RUMH¶V VWDWHPHQW DQG KLV LOOXVWUDWLRQ RI PRWKHU WRQJXH HGXFDWLRQ ILWV ZLWK WKH
UHVHDUFK RQ WKH VXEMHFW HJ 6NXWWQDE.DQJDV :KHQ $PGRV OHDUQ ILUVW
OLWHUDF\ LQ WKHLU PRWKHU WRQJXH ILUVW LW HQDEOHV WKHP WR VWDQG LQ VRFLHW\ 3HRSOH
DURXQG WKH OHDUQHU KHOS KLP WR XVH WKH QHZO\ DFTXLUHG VNLOOV LQ WKH ODQJXDJH
HQYLURQPHQW 'RUMH VD\V WKDW RQH FDQQRW VXUYLYH RQ WKH 7LEHWDQ 3ODWHDX ZLWKRXW
NQRZLQJ 7LEHWDQ +RZHYHU KH GRHV QRW OLWWOH WKH YDOXH RI NQRZLQJ &KLQHVH DQG
(QJOLVK 0RWKHU WRQJXH OLWHUDF\ DFTXLVLWLRQ DVVLVWV LQ OHDUQLQJ &KLQHVH DQG RWKHU
ODQJXDJHV
7KHYDOXHRI7LEHWDQODQJXDJHOLWHUDF\HGXFDWLRQLVVHHQQRWRQO\DVNHHSLQJXSZLWK
WKHFXOWXUDOKHULWDJHRUDVDEDVLVIRUVHFRQGODQJXDJHOHDUQLQJ0GVHV6HDSULPDU\
VFKRRO WHDFKHU SUDLVHV KLV PRWKHU WRQJXH DQG WKH LPSRUWDQFH RI PDLQWDLQLQJ LW DV
H[HPSOLILHGLQWKHIROORZLQJSRHP
³7KH ZRUOG LV JHWWLQJ VPDOOHU EXW WKH 7LEHWDQ DUHDV DUH EHFRPLQJ
ELJJHU 1RZ LV WKH WLPH WKDW WKH ZKROH ZRUOG LV EHFRPLQJ RQH 7KH
SHRSOH LQ D EOHVVHG 7LEHWDQ DUHD DUH VSUHDGLQJ HYHU\ZKHUH 7KH\ OHIW
WKHLU PRWKHU WRQJXH DQG VSUHDG DOO RYHU WKH ZRUOG ,Q WKH ZKLWH ULYHU
DUHDWKHPRWKHUWRQJXHLVOLNHDQROGPDQORRNLQJDIWHUWKHERDW
,QWKHFRUQHURIDFLW\RXUPRWKHUWRQJXHLVOLNHDZRPDQZKRKDVDQ
LQIHFWLRXV GLVHDVH 1RERG\ OLNHV LW DQG WKH\ ZDQW WR DYRLG LW OLNH
WDERRVRVKHFRXOGQRWHYHQILQGDSODFHWRVWD\7KHPHDQLQJLVWKDW
LQDFLW\QRERG\XVHVWKH7LEHWDQODQJXDJH0DMRULW\SHRSOHWKLQNWKDW
VSHDNLQJ &KLQHVH LV KLJK VWDQGDUG DQG LW LV SRSXODU $ WUDQVODWRU¶V
FRPPHQW
,Q 7LEHWDQ ZH VD\ WKDW HYHQ LI \RX IRUJHW \RXU IDWKHUODQG \RX VKRXOG
QHYHUIRUJHW\RXUPRWKHUWRQJXH
:H DUH WKH FKLOGUHQ RI RXU PRWKHU WRQJXH 2XU SDUHQWV DUH 7LEHWDQ
ODQJXDJH DQG LW¶V ZULWLQJ :KHQ ZH JR WR RWKHU DUHDV RXU PRWKHU
WRQJXHLVWKHZDUPSODFHIRUXVWRVWD\$QGZKHQZHDUHLQGDUNQHVV
RXUPRWKHUWRQJXHLVDODPSWRVKRZXVWKH JRRGZD\:KHQ ZH DUH
FROG WKH PRWKHU WRQJXH LV D ILUH DQG ZKHQ ZH DUH KRW WKH PRWKHU
WRQJXHLVDUDLQ:KHQZHDUHKXQJU\WKHPRWKHUWRQJXHLVEXWWHUDQG
WVDPSD:KHQZHDUHWKLUVW\WKHPRWKHUWRQJXHLVPLONDQG\RJKXUW
0RWKHUWRQJXHRXUIULHQGZKHQZHVXIIHU
0RWKHUWRQJXHLVDVWLFNWRKHOSWRFOLPEWKHPRXQWDLQ´
³7LEHWDQV FDQ ORVH FORWKHV DQG HYHQ D QDPH EXW FRXOG ZH ORVH WKH
ODQJXDJHDQGWKHZULWLQJWKDWRXUIRUHIDWKHUVJDYHWRXV"
7KH GD\ ZH GRQ¶W KDYH RXU PRWKHU WRQJXH ZH VWDQG DW RXU RZQ JDWH
DQGZHZLOOEHJIRUIRRGDQG FORWKHV:KDWZH UHFHLYHLVVKDPH DQG
PRFNLQJ:KDWZHKDYHORVWLVDZKROHZRUOG´
0GVHV6H
7KLVSRHPLVIXOORIFXOWXUDOHOHPHQWVRI7LEHWDQOLWHUDF\7KHFRQWHQWRIWKHSRHP
DERYH UHPLQGV XV RI WKH GLVFXVVLRQ RI +LUVFK¶V QRWLRQ RI FXOWXUDO OLWHUDF\
)LJXUHV RI VSHHFK DQG FRQFHSWV LQ WKH SRHP DUH FOHDUO\ HPEHGGHG LQ WKH 7LEHWDQ
FXOWXUH DQG WKH ODQJXDJH WR XQGHUVWDQG WKH SRHP UHTXLUHV NQRZOHGJH RI 7LEHWDQ
FXOWXUH7KHUHDUHDFRXSOHRILVVXHV,ZDQWWRSD\DWWHQWLRQWR
)LUVW RI DOO WKH DXWKRU VKRZV KLV FRQFHUQ DERXW WKH 7LEHWDQ ODQJXDJH EHLQJ
HQGDQJHUHG ,W LV QRW RQO\ WKH JRYHUQPHQW RI WKH 35& ZKR SURPRWHV &KLQHVH
ODQJXDJH HGXFDWLRQ EXW PDQ\ $PGRV VHH WKDW WKHLU FKLOGUHQ ZRXOG KDYH EHWWHU
RSSRUWXQLWLHV IRU OLIH LI WKH\ NQHZ &KLQHVH EXW WKH\ GR QRW IRUHVHH WKH SRVVLEOH
FRQVHTXHQFHVDVWKHDXWKRUGRHV+HIHHOVVLPLODUWRWKH4XHFKXDV.LQJDQG
RWKHU PLQRULW\ SHRSOH ZKR IHDU WKDW ORVLQJ WKHLU ODQJXDJH ZRXOG FKDQJH WKHLU
LGHQWLW\DVDQLQGLJHQRXVSHRSOH0GVHV6HVD\VWKDWWKHZKROHRI7LEHWDQOLYLQJLV
ZUDSSHG XS LQ WKH 7LEHWDQ ODQJXDJH ,I WKH 7LEHWDQ ODQJXDJH ZDV QRW LPSRUWDQW
WKHUHZRXOGEHQRQHHGWRZRUU\DERXWORVLQJLW+LVIHDULVQRWJURXQGOHVVLQOLJKWRI
VRFLDO FKDQJHV ZLWKLQ HYHU\GD\ $PGR OLIH DQG WKH LPSOHPHQWDWLRQ RI ELOLQJXDO
HGXFDWLRQLQ7LEHWDQUHJLRQVVHH&KDSWHU
6HFRQGDIDPLO\DQGDKRPHYLOODJHRUWRZQDUHLPSRUWDQWWR$PGRV:KHQ$PGRV
DUH DVNHGDERXWWKHLUKRPHWKH\ DOZD\VWHOOWKHLUSODFHRIRULJLQHYHQLIWKH\KDYH
QRW OLYHG WKHUH 3DUHQWV DUH LPSRUWDQW DQG VR LV WKHLU IDWKHUODQG /DQG LV QRW
LPSRUWDQW DV D KHULWDJH EXW DOVR DV D QDWXUDO OLYLQJ HQYLURQPHQW $PGRV ZKR DUH
XVHGWROLYHRQWKH7LEHWDQ3ODWHDXDGPLUHWKHQDWXUDOEHDXW\RILW
7KLUGWKHDXWKRUZULWHVDERXWGDLO\PDWWHUVDQG KRZ$PGRVH[SHULHQFHWKHP)RU
H[DPSOH WKH\ NQRZ ZKDW H[WUHPH FROG LV DQG KRZ LPSRUWDQW UDLQ LV 7KH\ KDYH
JRQH KXQJU\ PDQ\ WLPHV EHFDXVH RI FROG ZLQWHUV ZLWK KHDY\ VQRZIDOOV DQG
VXPPHUV ZLWK ODFN RI UDLQ $PGRV NQRZ WKH PHDQLQJ RI EXWWHU WVDPSD PLON DQG
\RJKXUWLQWKHLUGDLO\OLIH7KH\DUHWKHVWDSOHIRRGIRU$PGRV6LPLODUO\WKHDXWKRU
XVHV WKH LPDJHV RI QDWXUH ZKLFK LV YHU\ FORVH WR $PGRV¶ KHDUW 7KHVH LPDJHV DUH
YLYLGLQWKHPLQGVRI$PGRV¶ZKROLYHLQKDUVKFRQGLWLRQVRQWKH7LEHWDQ3ODWHDX
)RXUWK7LEHWDQFXOWXUHDVPDQ\RWKHUFXOWXUHVLQ$VLDLQFOXGHVWKHQRWLRQRIVKDPH
DQG GLVJUDFH 7KH HWKLFDO VWDQGDUGV JXLGLQJ SHRSOH¶V EHKDYLRXU DQG VRFLDO
LQWHUDFWLRQVLVGHULYHGIURPWKLVQRWLRQZKLFKLVFRPELQHGZLWKWKHUHOLJLRXVQRWLRQ
RIJDLQLQJPHULWWKH/DZRI.DUPDFI&KDSWHU7KHDXWKRUWULHVWRJHWSHRSOH
WREHFRPHDZDUHRIWKHLUDWWLWXGHWRZDUGVWKHLUPRWKHUWRQJXHE\XVLQJWKHQRWLRQRI
VKDPH
$OOWKHVHLVVXHVDUHYHU\VWURQJLQ$PGRV¶GDLO\ OLIHDQGWKHDXWKRUNQRZVKRZWR
XVH WKHVH FXOWXUDO HOHPHQWV IRU UDLVLQJ DZDUHQHVV RI WKH VWDWXV RI WKH 7LEHWDQ
ODQJXDJHLQ$PGRFRPPXQLWLHVLQWKH35&
7LEHWDQDVDPLQRULW\ODQJXDJHGRHVQRWKDYHHTXDOVWDWXVZLWK&KLQHVHODQJXDJHLQ
WKH35&)RUH[DPSOHRIILFLDOGRFXPHQWVLQEDQNVSRVWRIILFHHWFDUHLQ&KLQHVH
+DUUL ,W LV HDVLHU WR JHW &KLQHVH ODQJXDJHWH[WERRNV WKDQ 7LEHWDQODQJXDJH
WH[WERRNVLQVFKRROV'RUMHSULQFLSDORID7LEHWDQPLGGOHVFKRROWHOOVDVWRU\DERXW
7LEHWDQWH[WERRNVLQKLVVFKRRO
'7KHGLIILFXOWWKLQJZDVWKDWZHGLGQ¶WKDYHERRNV\HW%RRNVZHUHDOOLQ
&KLQHVH(YHQZHZHUHWHDFKLQJLQ7LEHWDQVWLOODOOWKHERRNVZHUHLQ
&KLQHVH7KHQWHDFKHUVWKHPVHOYHVKDGWRWUDQVODWHWKH&KLQHVHERRNV1RZ
ZHDFRPPLWWHHLVWUDQVODWLQJWKHERRNV
',QSDVWPRUHVWXGHQWVNQHZEHWWHU&KLQHVHWKH\ZHUHWDXJKW&KLQHVHDQG
DOOWKHVXEMHFWVZHUHWDXJKWLQ&KLQHVH7KHQWKH\WKRXJKWWKH\ZLOOJHW
EHWWHUMREV
52QO\WKH7LEHWDQODQJXDJHZDVLQWDXJKWLQ7LEHWDQ"
7/2OHK2QO\7LEHWDQZDVWDXJKWLQ7LEHWDQ
'7KHJRDOZDVWKDW7LEHWDQVZRXOGOHDUQPXFKEHWWHU&KLQHVH
'%XWWKHUHVXOWLVWKHLU&KLQHVHGLGQRWJHWPXFKEHWWHU
5:DVWKDWEHFDXVHWKH\XVHG7LEHWDQDWKRPH"
7/ 7KH\ XVH 7LEHWDQ LQ OLIH DQG WKH\ UHDOO\ GLGQ¶W XQGHUVWDQG ZKDW WKH\
ZHUHOHDUQLQJ6RWKH\GLGQ¶WUHDFKWKHJRDO´,171R
7LEHWDQ PRWKHU WRQJXH OLWHUDF\ HGXFDWLRQ KDV D VLJQLILFDQW UROH LQ WKH 7LEHWDQ
ODQJXDJH PDLQWHQDQFH DQG NHHSLQJ XS ZLWK WKH FXOWXUH DQG FXOWXUDO OLWHUDFLHV
+RZHYHU7LEHWDQODQJXDJHHGXFDWLRQLQVFKRROVLV³HDVLHUVDLGWKDQGRQH´4LQJKDL
3URYLQFH KDV DGRSWHG D IRUP RI OHJLVODWLRQ WKDW JLYHV SULRULW\ IRU &KLQHVH LQ
HGXFDWLRQ +DUUL $V D UHVXOW QHZ VHWV RI WH[WERRNV DUH ILUVW SXEOLVKHG LQ
&KLQHVH 7LEHWDQ WH[WERRNV ZKLFK DUH WUDQVODWHG IURP &KLQHVH IDFH GHOD\V LQ
SXEOLVKLQJ $FFRUGLQJ WR WKH RIILFLDOV RI WKH 7LEHWDQ 0LGGOH 6FKRRO LQ *XLGH
7LEHWDQWH[WERRNVDUHSXEOLVKHGDFRXSOHRI\HDUVODWHUWKDQ&KLQHVHYHUVLRQVRIWKH
VDPH ERRNV ZKLFK WKHQ JLYHV WZR RSWLRQV IRU 7LEHWDQ PHGLXP VFKRROV 7KH\ FDQ
HLWKHU FKRRVH WR XVH DQ ROG VHW RI 7LEHWDQ WH[WERRNV RU WHDFK XVLQJ D QHZ VHW RI
&KLQHVHWH[WERRNV
&KRRVLQJ &KLQHVH FXUULFXOXP WH[WERRNV VHWV D ELOLQJXDO WRQH LQ FODVVURRP OLWHUDF\
SUDFWLFHV ZKLFK H[SODLQV WKH RXWFRPH RI QRW OHDUQLQJ ZHOO &KLQHVH WKDW 'RUMH
PHQWLRQV&KLOGUHQZKRFRPHIURPQRPDGLFPRQROLQJXDODUHDVDUHQRWH[SRVHGWR
XVH&KLQHVHLQWKHLUOLYLQJVXUURXQGLQJVZKLFKFDXVHVWHDFKHUVWRWUDQVODWHEHWZHHQ
*XLGH;LDQ0LQ]X=KRQJ[XH
7LEHWDQ DQG &KLQHVH LQ FODVVURRP 7KLV NLQG RI WHDFKLQJ SUDFWLFH KDV VRPH
SUREOHPV)LUVWWUDQVODWLQJWKHWH[WVGXULQJWHDFKLQJKRXUVGHPDQGVDJRRGGHDORI
WLPHIURPDFWXDOWHDFKLQJDQGDOORZVOHVVWLPHIRURWKHUDFWLYLWLHV6HFRQGLWLVDOVR
VWUHVVIXO IRU D OHDUQHU WR OHDUQ WKURXJK DQ XQGHYHORSHG ODQJXDJH ZKHQ KH KDV WR
FRQFHQWUDWH RQ XQGHUVWDQGLQJ WKH ODQJXDJH DQG QRW WKH FRQWHQW RI WHDFKLQJ
6NXWWQDE.DQJDV 7KLUG &KLQHVH WH[WERRNV DUH QRW RULHQWHG WR 7LEHWDQ
FXOWXUH 7KH WH[WERRNV PHUHO\ LQWURGXFH +DQ FXOWXUH DQG EHFDXVH RI WKDW FKLOGUHQ
QRW RQO\ IDFH GLIILFXOWLHV LQ XQGHUVWDQGLQJ WKH ODQJXDJH RI WHDFKLQJ EXW DOVR WKH\
QHHGWROHDUQWKHPHDQLQJVDQGFRQFHSWVRIWKHVHFRQGFXOWXUH7KLVNLQGRIWHDFKLQJ
UHPLQGV DQ DVVLPLODWLRQ W\SH RI ELOLQJXDO HGXFDWLRQ LQ ZKLFK ODQJXDJH PLQRULW\
FKLOGUHQ DUH WHPSRUDULO\ DOORZHG WR XVH WKHLU PRWKHU WRQJXH LQ FODVVURRP HJ
FKLOGUHQ¶V DQVZHUV DUH DFFHSWHG ERWK LQ WKHLU PRWKHU WRQJXH DQG LQ PDMRULW\
ODQJXDJH%DNHU
(YHQWKRXJKWKLVODVWH[DPSOHLVEURXJKWXSLQDVFKRROFRQWH[WLWSURYLGHVHVVHQWLDO
LQIRUPDWLRQDERXWWKHODQJXDJHLVVXHLQHGXFDWLRQLQWKHUHVHDUFK DUHD7KHGHEDWH
RQWKHODQJXDJHRIHGXFDWLRQLVDQRQJRLQJLVVXHLQWKH35&DQGDURXQGWKHZRUOG
/DQJXDJH RI OLWHUDF\ KDV SRZHU DV GLVFXVVHG LQ &KDSWHU /DQJXDJH RI OLWHUDF\
HGXFDWLRQ LV QRW RQO\ D PHDQV WR OHDUQ EXW LW DOVR FRQYH\V FXOWXUDO PHDQLQJV DQG
DVVLVWVPDLQWHQDQFHRIFXOWXUHDQGODQJXDJH7KHUHIRUHLWLVQRWVXUSULVLQJWKDWWKH
UROHRI7LEHWDQODQJXDJHLQHGXFDWLRQDQGLQGDLO\OLIHNHHSVWKHGHEDWHDOLYHDVWKH
JRYHUQPHQW RI WKH 35& LV DLPLQJ IRU LQWHJUDWLQJ 7LEHWDQV LQWR WKH FXOWXUDO DQG
SROLWLFDOPDLQVWUHDPRI&KLQHVHVRFLHW\FI&KDSWHU
6WHSVRI7HDFKLQJDQG/HDUQLQJ/LWHUDF\
$FFRUGLQJWR)RUGKDPHWDOSHRSOH
VH[SHFWDWLRQVIRUOHDUQLQJDQGWHDFKLQJ
DUHFXOWXUDOO\GHWHUPLQHGDQGDIIHFWHGE\WKHZD\VWKH\KDYHH[SHULHQFHGOHDUQLQJ
DQGWKHWHDFKLQJRIOLWHUDF\$FXOWXUDOO\IDPLOLDUZD\RIOHDUQLQJLVUHZDUGLQJDQG
DSSHDOLQJWRDGXOWOHDUQHUV0H]LURZ,Q7LEHWDQFXOWXUHWKHIDPLOLDUZD\RI
OHDUQLQJDQGWHDFKLQJOLWHUDF\ RULJLQDWHVLQPRQDVWHULHV7KHWHDFKLQJ DQGOHDUQLQJ
PHWKRGV XVHG LQ PRQDVWHULHV KDYH EHHQ DGRSWHG E\ ERWK VHFXODU VFKRROV DQG DGXOW
OLWHUDF\FODVVHV7KLVLVSDUWLDOO\GXHWRPRQNVZKRKDYHEHHQWHDFKLQJ7LEHWDQLQ
VFKRROV,WLVGLIILFXOWWRILQGWUDLQHGWHDFKHUVLQUHPRWHYLOODJHV)RUH[DPSOHPDQ\
FODVVHV RI WKH 7/3 LQ ;LQJKDL &RXQW\ DUH RUJDQLVHG LQ YLOODJHV ZKLFK DUH PDLQO\
SRSXODWHG E\ LWLQHUDQW $PGRV ,W ZDV GLIILFXOW WR ILQG WUDLQHG WHDFKHUV WR WHDFK LQ
WKHVH YLOODJHV WKHUHIRUH VRPH RI WKH 7/3 WHDFKHUV ZHUH PRQNV 9LOODJH OHDGHUV LQ
;LQJKDLH[SODLQHG
³/LWHUDF\WHDFKHUVDUHJRRG\HWWKH\QRWKLJKO\HGXFDWHG6RPHWHDFKHUVDUH
PRQNVDQGVRPHDUHKLJKVFKRROJUDGXDWHV´2%1R
7KHVH PRQNV GR QRW KDYH DQ\ VSHFLDO WHDFKHU WUDLQLQJ DV VHHQ LQ WKH SUHYLRXV
FKDSWHUEXWWKH\DUHUHJDUGHGDVKDYLQJDJRRGFRPPDQGRIWKHODQJXDJHDQGWKH\
KDYHSHRSOH¶VUHVSHFWDVODQJXDJHWHDFKHUV7KHVHPRQNVKDYHOHDUQHGWKHODQJXDJH
LQ PRQDVWHULHV :H FDQ VD\ WKDW WKH\ DUH ³SURGXFWV RI PRQDVWHULHV´ DORQJ WKH
ODQJXDJHWKH\KDYHDOVROHDUQHGWKHWHDFKLQJPHWKRGVWKDWDUHXVHGLQPRQDVWHULHV
$V D UHVXOW WKH FXOWXUDO WUDGLWLRQ DORQJ ZLWK ODFN RI WUDLQHG DQG VXLWDEOH WHDFKHUV
KDV KDG D PDMRU UROH LQ SHUSHWXDWLQJ WKH VDPH WHDFKLQJ DQG OHDUQLQJ PHWKRGV LQ
VHFXODUOLWHUDF\HGXFDWLRQDVLQPRQDVWHULHV,VXJJHVWWKDWWKHVHWHDFKLQJPHWKRGV
ZKLFK DUH QRW IUHH RI UHOLJLRXV YDOXHV DQG LGHRORJLHV KDYH FRQYH\HG WKHLU YDOXHV
DQGLGHRORJLHVWRVHFXODUWHDFKLQJDQGOHDUQLQJVLWXDWLRQVVHH&KDSWHU7KLVFDQ
EHVHHQ DVQDWXUDOEHFDXVHUHOLJLRQLVVXFKDQ HVVHQWLDOSDUWRI7LEHWDQFXOWXUHDQG
PRQDVWLFHGXFDWLRQLVDPRWKHUIRUFXUUHQWHGXFDWLRQ
7HDFKLQJPHWKRGVLQDGXOWOLWHUDF\WHDFKLQJYDU\DFFRUGLQJWRODQJXDJHDQGFXOWXUH
+RZHYHUWZREDVLFDSSURDFKHVWRWHDFKOLWHUDF\DUHµERWWRPXS¶DQGµWRSGRZQ¶$
WRSGRZQ DSSURDFK IRFXVHV RQ OHDUQLQJ WKH PHDQLQJ RI ODQJXDJH $ ERWWRPXS
DSSURDFKIRFXVHVRQUHFRJQLVLQJDQGGHFRGLQJOHWWHUV7KHVHWZRDSSURDFKHVFDQEH
LOOXVWUDWHGDVIROORZLQJ
$WRSGRZQDSSURDFK
&RPPXQLFDWLQJPHDQLQJ
8QGHUVWDQGLQJVHQWHQFHV
5HFRJQLVLQJZRUGV
5HFRJQLVLQJOHWWHUV
$ERWWRPXSDSSURDFK
)LJXUH7ZRDSSURDFKHVWRWHDFKLQJOLWHUDF\0RGLILHGIURP)RUGKDPHWDO
7KH 7LEHWDQ ZD\ RI WHDFKLQJ OLWHUDF\ LQ DGXOW OLWHUDF\ FODVVHV LV D ERWWRPXS
DSSURDFK %RWK OHDUQLQJ DQG WHDFKLQJ FRQFHQWUDWHV RQ FRGLQJ DQG GHFRGLQJ WH[WV
7KHLGHDOL]HGDLPRI7LEHWDQOLWHUDF\DFTXLVLWLRQKDVWZRSLOODUVJRRGSURQXQFLDWLRQ
DQG IOXHQW UHDGLQJ $Q H[SHULHQFHG WHDFKHU VWDWHG WKDW WKH JRDO RI 7LEHWDQ OLWHUDF\
DFTXLVLWLRQ LV ³WR KDYH D FRUUHFW SURQXQFLDWLRQ DQG UHDG ZHOO´ 2OG 7HDFKHU ,17
1R 6R WKH LPPHGLDWH JRDOV RI DGXOW OLWHUDF\ WHDFKLQJ RXWVLGH PRQDVWHULHV DUH
YHU\ VLPLODU WR WKH PRQDVWLF RQHV HPSKDVLV LV RQ FRUUHFW SURQXQFLDWLRQ DQG IOXHQW
UHDGLQJDELOLWLHVDQGFRUUHFWSURQXQFLDWLRQSUHFHGHVFRPSUHKHQVLRQ
2OG7HDFKHURQHRIWKHLQWHUYLHZHHVIXUWKHUH[SODLQHGWKHOHDUQLQJSURFHVV
³<RX FDQQRW OHDUQ WZR WKLQJV DW RQH WLPH VSHOOLQJ SURQXQFLDWLRQ DQG D
PHDQLQJ RI WKH ZRUG ,I \RX WHDFK SURQXQFLDWLRQ DQG PHDQLQJ DW WKH VDPH
WLPHWKDWFDXVHVSUREOHPVLQUHDFKLQJWKHFRUUHFWSURQXQFLDWLRQRIDVNLOOHG
UHDGHU´2OG7HDFKHU,171R
)LJXUH$VHFWLRQRIOHVVRQQXPEHULQWKH7/3SULPHU
7KH ILUVW SLOODU RI DGXOW OLWHUDF\ DFTXLVLWLRQ LV WR UHFRJQLVH WKH 7LEHWDQ DOSKDEHW
OHWWHUV DQG WR GHFRGH WH[W $W WKLV VWDJH WKH JRDO LV WR OHDUQ FRUUHFW DQG FOHDU
SURQXQFLDWLRQ 7KH SHUFHLYHG LPSRUWDQFH RI FRUUHFW SURQXQFLDWLRQ LV VHHQ LQ WKH
SURSRUWLRQRIWLPHDOORFDWHGIRUWKLVNLQGRIUHDGLQJSUDFWLFHLQWKHFODVVURRP7KH
ILUVW SULPHU RI WKH 7LEHWDQ /LWHUDF\ 3URJUDPPH ILUVW LQWURGXFHV WKH DOSKDEHW DQG
WKHQJLYHVLQVWUXFWLRQVIRUZULWLQJWKHDOSKDEHW7KHQH[WVHYHQOHVVRQVFRQFHQWUDWH
RQ GULOOV IRU SUDFWLFLQJ SURQXQFLDWLRQ 7KH HQWLUH ILUVW SULPHU LV DLPHG DW WHDFKLQJ
VSHOOLQJ7KHVHFRQGSULPHUIRFXVHVRQZRUGVWKHWKLUGSULPHUIRFXVHV RQPDNLQJ
VHQWHQFHVDQGWKHIRXUWKSULPHUWHDFKHVWRUHDGVKRUWVWRULHV
&RUUHFWSURQXQFLDWLRQLVSUDFWLVHGLQWKHFRQWH[WRILQGLYLGXDOOHWWHUVDQGV\OODEOHVLQ
GLIIHUHQWZD\V6WXGHQWVOHDUQWKHOHWWHUVILUVWDQGWKHQWKH\OHDUQZKLFKOHWWHUVFDQ
RFFXUWRJHWKHUDVV\OODEOHV$VWKH\VSHOORXWWKHV\OODEOHVWKH\OHDUQWRGLVWLQJXLVK
WKHSKRQHWLFVRIWKHODQJXDJH
7ZRSDJHVIURP/HVVRQLQWKH7/3SULPHUDUHVKRZQLQ)LJXUH7KDWOHVVRQLV
IRUSUDFWLVLQJVRXQGVRIFRPELQHGOHWWHUVWKDWIRUPV\OODEOHV&RUUHFWSURQXQFLDWLRQ
LVVWUHVVHGE\WKHWHDFKHU/HDUQLQJWRSURQRXQFHSURSHUO\LQWKHEHJLQQLQJLVPRUH
LPSRUWDQWWKDQOHDUQLQJWKHPHDQLQJRIZRUGV$WHDFKHUZKRKDVEHHQWHDFKLQJLQ
SULPDU\VFKRROVPRQDVWHULHVDQGDGXOWOLWHUDF\FODVVHVFULWLFL]HVDPRGHUQZD\RI
WHDFKLQJOLWHUDF\LQSULPDU\VFKRROV
³1RZLQWKHVFKRROVWKH\DUHWHOOLQJWKHPHDQLQJIURPWKHEHJLQQLQJ6RWKH
VWXGHQWVWKH\GRQ¶WNQRZKRZWRUHDG\HWEXWZKDWHYHUWKH\UHDGWKH\NQRZ
WKH PHDQLQJ %XW WKHLU SURQXQFLDWLRQ LV WHUULEOH HYHQ LI WKH\ DUH LQ PLGGOH
VFKRRODQGKLJKVFKRRODOUHDG\WKH\KDYHSUREOHPV´
2OG7HDFKHU,171R
7KLVFRPPHQWKLJKOLJKWVWKH JHQHUDO DWWLWXGHWRZDUGVZKDWLVLPSRUWDQWLQ7LEHWDQ
ODQJXDJHDFTXLVLWLRQ,WVKRZVDKLJKDSSUHFLDWLRQIRUFRUUHFWSURQXQFLDWLRQDVRQH
FKDUDFWHULVWLF RI 7LEHWDQ OLWHUDF\ SUDFWLFHV LQ JHQHUDO QRW RQO\ LQ WKH OHDUQLQJ
FRQWH[W EXW DOVR LQ HYHU\ GD\ OLIH 3HRSOH DUH FRQVFLRXV RI KRZ WKH\ SURQRXQFH
7LEHWDQDQGWKH\FRPPHQWRQRWKHUSHRSOH¶VUHDGLQJE\VD\LQJVXFKWKLQJVDV+HU
UHDGLQJ LV FOHDU RU +H FDQQRW SURQRXQFH ZHOO 2QH LQWHUYLHZHH D 7LEHWDQ
JRYHUQPHQW RIILFLDO ZDV YHU\ VHOIFRQVFLRXV DERXW KLV SURQXQFLDWLRQ ZKLFK
EHFRPHVFOHDULQDQH[FHUSWIURPP\QRWHV
³0HUDQJG]RO GLG QRW IHHO FRPIRUWDEOH WKDW WKH LQWHUYLHZ ZRXOG KDYH EHHQ
GRQH E\ 'LFWDSKRQH +H UHIXVHG OLYH UHFRUGLQJ EHFDXVH DFFRUGLQJ WR KLV
RZQHVWLPDWLRQKLVSURQXQFLDWLRQZDVQRWJRRG´
1RWHVRQLQWHUYLHZLQJ0HUDQJG]RO
7KH LQWHUYLHZ ZDV FRQGXFWHG LQ 7LEHWDQ DQG WUDQVODWHG LQWR (QJOLVK %XW WKH
µUHFRUGLQJ¶ZDVZULWWHQE\KDQGLQRUGHUWRHOLPLQDWHWKHSRVVLELOLW\RIDQ\RQHHOVH
OLVWHQLQJ WR KLV UHFRUGHG VSHHFK DV KH IHOW KLV ZD\ RI VSHDNLQJ GLG QRW PHHW
VWDQGDUGVRIFRUUHFWSURQXQFLDWLRQ
$ VHFRQG SLOODU RI 7LEHWDQ OLWHUDF\ DFTXLVLWLRQ LV DQ DELOLW\ WR UHDG IOXHQWO\
GLVFXVVHGLQWKHFRQWH[WRIPRQDVWLFOLWHUDFLHVHDUOLHULQWKLVFKDSWHU$GXOW7LEHWDQ
UHDGLQJSUDFWLFHVLQWKHFODVVURRPKDYHWKHVDPHHPSKDVLVRQIOXHQF\LQUHDGLQJDV
PRQDVWLF WHDFKLQJ DQG VFKRRO SUDFWLFHV KDV VWXGHQWV SUDFWLVH UHDGLQJ IRU WKH
PDMRULW\RIWKHLUFODVVWLPH'XULQJWKHZKROHFRXUVHRIWKH7/3DURXQGSHUFHQW
RIWHDFKLQJWLPHZDVVSHQWRQUHDGLQJSUDFWLFH2%1R5HSHWLWLRQLVWKHZD\
RI OHDUQLQJ WR UHDG DV VHHQ LQ WKH H[WUDFW EHORZ 7KH IROORZLQJ H[DPSOH IURP D
WHDFKLQJVLWXDWLRQIROORZVDW\SLFDOSDWWHUQRI7/3FODVVURRPDFWLYLWLHV
³$ WHDFKHU UHDGV WKH FKDSWHU IURP WKH SUHYLRXV OHVVRQ +H UHDGV LW DOO ZD\
WKURXJKDQGVWXGHQWVUHDGLWDIWHUKLP+HDVNVLIDOOZDVFOHDUWRWKHVWXGHQWV
DQG WKHQ KH PRYHV WR D QHZ FKDSWHU +H UHDGV WKH ZKROH FKDSWHU ILUVW DQG
WKHQ VHQWHQFH E\ VHQWHQFH $W WKDW SRLQWVWXGHQWV PHQ ZKR DUH VLWWLQJ
RQ WKH JURXQG D WLPH RI DXWXPQ SDVWXUHV WU\ WR IROORZ WKH WH[W IURP WKHLU
ERRNV $IWHU WKDW UHDGLQJ LV ILQLVKHG D WHDFKHU DVNV VWXGHQWV WR UHDG WKH
VHQWHQFHVDIWHUKLP
$IWHUWKLVUHDGLQJH[HUFLVHDWHDFKHUH[SODLQVWKHQHZZRUGVHLJKWRIWKHP
WRWKHVWXGHQWV%HFDXVHZULWWHQODQJXDJHLVGLIIHUHQWIURPVSRNHQODQJXDJH
VWXGHQWV GRQ¶W UHFRJQLVH WKH ZRUGV $ WHDFKHU ZULWHV WKH ZRUGV RQ D VPDOO
EODFNERDUGZKLFKLVOHDQLQJRQKLVPRWRUELNH
7KH WHDFKHU VWDUWV WR UHDG DJDLQ VHQWHQFH E\ VHQWHQFH DQG VWXGHQWV UHSHDW
DIWHUKLP7KLVWLPHWKHWHDFKHUWULHVWRIRFXVRQWKHVWXGHQWV¶UHDGLQJWKHLU
SURQXQFLDWLRQ+HFRUUHFWVIHZWLPHV$IWHUWKLVUHDGLQJSUDFWLFHLVRYHUWKH
VWXGHQWV ZHUH DVNHG WR UHDG VLOHQWO\ WKH ZKROH FKDSWHU DQG VWUDLJKW
DIWHUZDUGVWKH\UHDGLWDORXGDJDLQ
$URXQG WHQ PLQXWHV EHIRUH WKH FODVV ZDV RYHU D WHDFKHU JDYH D ZULWLQJ
H[HUFLVH IRU WKH VWXGHQWV 7KH\ ZHUH WR ZULWH WKH QHZ ZRUGV LQWR WKHLU
QRWHERRNVDQGWKH\ZHUHDVNHGWRFRS\WKHZKROHFKDSWHUDWKRPH
2%1R
7KLV NLQG RI WHDFKLQJ DQG OHDUQLQJ VLWXDWLRQ LV VWUXFWXUHG E\ GLIIHUHQW HOHPHQWV RI
FXOWXUH )LUVW D GLJORVVLF ODQJXDJH FDXVHV GLIILFXOWLHV IRU VWXGHQWV LQ UHFRJQLVLQJ
ZULWWHQ ZRUGV LQ WKHLU SULPHUV ZKLFK FDXVH WKH SUDFWLFH RI DOORFDWLQJ PRUH WLPH WR
UHDGLQJ SUDFWLFHV WKDQ WR ZULWLQJ SUDFWLFHV LQ D FODVV 7KLV LVVXH ZLOO EH GLVFXVVHG
ODWHURQLQWKLVFKDSWHU6HFRQGDV0H]LURZVWDWHVDFXOWXUDOO\IDPLOLDUZD\
RI OHDUQLQJ LV VHHQ ERWK DSSHDOLQJ DQG HGLI\LQJ IRU DGXOW OHDUQHUV 6WXGHQWV DQG
WHDFKHUV DUH IDPLOLDU ZLWK WKLV NLQG RI FODVVURRP DFWLYLWLHV OHDUQLQJ FRUUHFW
SURQXQFLDWLRQLVUHJDUGHGWREHDWWKHIRFXVSRLQWLQODQJXDJHOHDUQLQJ
2WKHU LVVXHV DUH DOVR WDNHQ SODFH KHUH $ WHDFKHU DQG VWXGHQWV KDYH WKHLU GLVWLQFW
UROHV(YHQWKRXJKDWHDFKHUJLYHVDQRSSRUWXQLW\WRVWXGHQWVWRDVNTXHVWLRQVLIWKH\
GLG QRW XQGHUVWDQG ZKDW WKH\ UHDG LW VHHPV WR EH MXVW D JHVWXUH %DVHG RQ P\
REVHUYDWLRQV7LEHWDQVWXGHQWVGRQRWXVXDOO\DVNTXHVWLRQVLQDFODVVEXWWKH\VKRZ
ZKDW WKH\ NQRZ LI DVNHG , EHOLHYH WKHUH DUH WZR UHDVRQV IRU WKLV SUDFWLFH 2QH
UHDVRQ LV WKH QRWLRQ RI VKDPH DQG GLVJUDFH LQ 7LEHWDQ FXOWXUH 0HQ VWXGHQWV DUH
DVKDPHGRIVKRZLQJSXEOLFO\WKHLUODFNRINQRZOHGJHRUWKDWWKH\KDYHGLIILFXOWLHV
LQ OHDUQLQJ DQG ZRPHQ DUH VK\ WR VSHDN SXEOLFO\ $QRWKHU UHDVRQ LV WKH UROH RI D
WHDFKHU 7HDFKHUV DUH UHVSHFWHG LQ VRFLHW\ DQG D WHDFKLQJ VLWXDWLRQ LV DXWKRULWDULDQ
ZKLFK GRHV QRW HQFRXUDJH VWXGHQWV LQWR DQ LQGHSHQGHQW GLDORJXH LQ D FODVV $V D
UHVXOW WHDFKLQJ FRQFHQWUDWHV RQ D ZKROH FODVV QRW VR PXFK RQ LQGLYLGXDO OHDUQHUV
7KHUHLVDOVRDSUDFWLFDOLVVXHKHUH$WHDFKHUZLWKOLPLWHGZRUNLQJH[SHULHQFHPD\
QRWIHHOFRPSHWHQWWHDFKLQJDELJQXPEHURIDGXOWOHDUQHUV6RPHFODVVHVRIWKH7/3
FRQVLVWHG RI VWXGHQWV +H PD\ IHHO HDVLHU WR FRQFHQWUDWH RQ WKH ZKROH FODVV
LQVWHDGRIVKDULQJKLVDWWHQWLRQWRLQGLYLGXDOV
&ODVVURRPUHDGLQJSUDFWLFHWHDFKHVVWXGHQWVJRRGUHDGLQJVNLOOVWKDWHQDEOH$PGRV
WR UHDG IOXHQWO\ ZKLFK , ZRXOG FDOO WKH ILUVW SKDVH RI 7LEHWDQ UHDGLQJ DFTXLVLWLRQ
7KDWSRLQWFDQGLYLGHLQWRWZRODQHV³DUHOLJLRXVSDWK´DQG³DNQRZOHGJHSDWK´,I
UHDGLQJ SUDFWLFH IRFXVHV RQ IOXHQF\ RI UHDGLQJ WKHUH LV D SRVVLELOLW\ WKDW VWXGHQWV
OHDUQUHDGLQJIRUFKDQWLQJSXUSRVHV$VVXFKOHDUQLQJWRUHDGKDVUHDFKHGLWVJRDOLI
SHRSOH¶VPRWLYDWLRQIRUOHDUQLQJWRUHDGLVIRUUHOLJLRXVUHDGLQJSUDFWLFHVRQO\7KH
RWKHU SDWK ZKLFK FDQ EH FDOOHG D NQRZOHGJH SDWK WDNHV OHDUQHUV EH\RQG WKH
FKDQWLQJSUDFWLFHV )RUWKHVHNLQGVRI UHDGHUVUHDGLQJLVPRUHWKDQOHDUQLQJDWH[W
E\KHDUW7KH\DFWXDOO\UHDGDWH[WDQGWKH\IROORZ)UHLUH¶VVXJJHVWLRQWKDWOLWHUDF\
VWXGHQWVVKRXOGUHIOHFWRQWKHSURFHVVRIUHDGLQJDQGZULWLQJLWVHOILQVWHDGRIRQO\
OHDUQLQJWRPHPRUL]HDWH[W)UHLUH7KHUHLVDVLJQLILFDQWGLIIHUHQFHEHWZHHQ
OHDUQLQJWRUHDGLQRUGHUWRPHPRUL]HDWH[WDQGOHDUQLQJWRUHDGZKLFKJRHVEH\RQG
FKDQWLQJWKHVRXQGV
)LJXUH
$GXOWOLWHUDF\WHDFKLQJLQDXWXPQSDVWXUH
7KHUHODWLRQVKLSEHWZHHQUHDGLQJDQGZULWLQJ
/HDUQLQJWRZULWHLVRQHFRPSRQHQWRIOLWHUDF\HGXFDWLRQ0RVWSHRSOHOHDUQWRUHDG
VRRQHUDQGIDVWHUWKDQWKH\OHDUQWRZULWHZKLFKLVDOVRWKHFDVHLQ7LEHWDQOLWHUDF\
DFTXLVLWLRQ 7LEHWDQ ODQJXDJH LV HDVLHU WR OHDUQ WR UHDG WKDQ WR ZULWH 2QH LGHD
EHKLQGVWUHVVLQJIOXHQF\LQUHDGLQJDFFRUGLQJWR7LEHWDQHGXFDWLRQDOSKLORVRSK\LV
WKHXQGHUVWDQGLQJWKDWIOXHQWUHDGLQJDVVLVWVRQHLQOHDUQLQJWRZULWH:KLOHUHDGLQJ
D WH[W EDVHG RQ V\OODEOHV VWXGHQWV SUDFWLVH WKH VRXQGV RI WKH ODQJXDJH WKDW DVVLVWV
WKHPWRZULWHFRUUHFWO\+RZHYHUZULWLQJSUDFWLFHLVDOORFDWHGRQO\DIUDFWLRQRIWKH
WLPH VSHQW RQ UHDGLQJ SUDFWLFH 7KHUHIRUH , WKLQN ZULWLQJ SUDFWLFH LV QRW VHHQ DV
LPSRUWDQW DV UHDGLQJ SUDFWLFH 7KLV KDV IXUWKHU FRQVHTXHQFHV RQ OLWHUDF\ SUDFWLFHV
/DFN RI ZULWLQJ SUDFWLFH OHDGV WR D GHWHULRUDWLRQ RI WKHLU ZULWLQJ VNLOOV DQG WKHQ
ZULWLQJ LV GLIILFXOW :KHQ SHRSOH ILQG ZULWLQJ GLIILFXOW WKH\ GR QRW QHFHVVDULO\
SUDFWLVHLWZKLFKLVH[SODLQHGE\0HUDQJG]RO
:ULWLQJLVGLIILFXOW3HRSOHGRQ¶WOLNHZULWLQJEHFDXVHWKH\GRQ¶WNQRZKRZ
WRGRLW7LEHWDQLVHDV\WRUHDGDQGSHRSOHOLNHWRUHDG%XWVRPHWLPHVWKH\
UHDGOLNHPRQNVFKDQWDORWEXWWKH\GRQ
WNQRZWKHPHDQLQJ$OVRWHDFKHUV
ILQGLWGLIILFXOWWRZULWHDQGIRUWKDWUHDVRQWKH\WHDFKDORWRIUHDGLQJDQGWHOO
WKHPHDQLQJRIWKHZRUGVWRWKHVWXGHQWV0HUDQJG]RO,171R
,WVHHPVWKDWEHFDXVHWHDFKHUVILQGZULWLQJGLIILFXOWWKH\DUHUHOXFWDQWWRWHDFKLW$V
D UHVXOW UHDGLQJ SUDFWLFHV DUH DOORFDWHG PRUH WLPH WKDQ ZULWLQJ SUDFWLFHV LQ WKH
FXUULFXOXP RI OLWHUDF\ WHDFKLQJ 7KLV LV REYLRXV LQ ILHOGQRWHV ZKLFK ZHUH ZULWWHQ
DIWHUYLVLWLQJHLJKWOLWHUF\FODVVHV
³,GLGQRWVHHDQ\ZULWLQJSUDFWLFHGXULQJWKHWHDFKLQJWLPHKRZHYHU,ZDV
WROG RQ RQH RU WZR RFFDVLRQV WKDW VWXGHQWV GR SUDFWLFH ZULWLQJ LQ WKH
FODVVURRP7HDFKLQJVHHPVWRFRQFHQWUDWHRQUHDGLQJSUDFWLFH´
)11R
,W LV SRVVLEOH WKDW SHRSOH XVH UHDGLQJ VNLOOV PRUH IUHTXHQWO\ WKDQ ZULWLQJ VNLOOV LQ
GDLO\OLIHDQGWKXVWHDFKLQJUHDGLQJLVVHHQDVPRUHLPSRUWDQWWKDQWHDFKLQJZULWLQJ
VNLOOV+RZHYHUZKHWKHULWLVLQWHQWLRQDORUXQLQWHQWLRQDOWKLVSUDFWLFHTXLWHFORVHO\
IROORZV WKH SDWWHUQ RI PRQDVWLF OLWHUDF\ HGXFDWLRQ ZKLFK HPSKDVL]HV UHDGLQJ
SUDFWLFHDQGGRHVQRWDOORFDWHPXFKWLPHRUDWWHQWLRQWRZULWLQJSUDFWLFH
7RSOHYHOOHDUQLQJFRPSUHKHQVLRQ
,QDERWWRPXS DSSURDFKPHDQLQJLQ FRPPXQLFDWLRQLVDWWKHWRSOHYHORIOLWHUDF\
DFTXLVLWLRQ 0HDQLQJ PDNLQJ RI WH[W LV WKH ILQDO IRFXV RI OLWHUDF\ WHDFKLQJ DV ZH
KDYHVHHQLQWKH7LEHWDQFRQWH[W:LWKUHJDUGWRFRPSUHKHQVLRQRIWH[W,UHFRJQLVH
WZR PDLQ SUDFWLFHV UHSUHVHQWLQJ WZR GLIIHUHQW XVHV RI 7LEHWDQ OLWHUDF\ 2QH LV WKH
HGXFDWLRQDOXVHRIOLWHUDF\DQGWKHRWKHULVUHOLJLRXVXVHRIOLWHUDF\'HSHQGLQJRQD
SHUVRQ¶V LGHRORJ\ RI OLWHUDF\ HVSHFLDOO\ UHJDUGLQJ UHDGLQJ SUDFWLFHV WKHVH WZR
GLIIHUHQW SUDFWLFHV SURPRWH YDU\LQJ SXUSRVHV DQG YDOXHV (GXFDWLRQDO XVHV RI
OLWHUDF\SURPRWHOHDUQLQJGLIIHUHQWVNLOOVDQGJDLQLQJLQIRUPDWLRQ5HOLJLRXVXVHVRI
OLWHUDF\ DLP IRU JDLQLQJ UHOLJLRXV PHULW $V D UHVXOW FRPSUHKHQVLRQ LQ 7LEHWDQ
OLWHUDF\SUDFWLFHVYDULHVDWDQLQGLYLGXDOOHYHODFFRUGLQJWRWKHXVHDQGLGHRORJ\RI
OLWHUDF\
7KH HGXFDWLRQDO JRDO RI WKH 7/3 ZDV WKDW VWXGHQWV ZRXOG UHDFK WKH *UDGH 6L[ LQ
SULPDU\ VFKRRO E\ WKH HQG RI WKH SURJUDPPH 7KH JRDO ZDV VHW DW WKH WLPH ZKHQ
FRPSXOVRU\ HGXFDWLRQ IRU 7LEHWDQV LQ +DLQDQ 7$3 ZDV VL[ FODVVHV RI VFKRROLQJ
'2&1R7KDWOHYHORIFRPSHWHQFHZRXOGEHVXIILFLHQWIRUVWXGHQWVWRPDQDJH
YDULRXVOLWHUDWHVLWXDWLRQV%\WKHHQGRIWKHZKROHFRXUVHVWXGHQWVZRXOGEHDEOHWR
UHDG DQG FRPSUHKHQG D UDWKHU KLJK OLWHUDU\ IRUP RI 7LEHWDQ HJ D PDUULDJH ODZ
ERRN 6WXGHQWV VKRXOG DOVR EH DEOH WR ZULWH OHWWHUV UHDG PDJD]LQHV IROORZ QHZV
HWF+RZHYHUUHDGLQJPDJD]LQHVDQGZULWLQJOHWWHUVZHUHQRWSUDFWLVHGLQFODVVURRP
VHWWLQJV DV WKH\ ZHUH QRW LQFOXGHG LQ WKH FXUULFXOXP '2& 1R 7HDFKLQJ
FRQFHQWUDWHG RQ LVVXHV LQ WKH WH[WERRNV EXW WKH FRQWHQW RI WKH WH[WERRNV SURYLGHG
OH[LFRQDQGJUDPPDUIRUVWXGHQWVWRIROORZQHZVUHDGPDJD]LQHVDQGZULWHOHWWHUV
,QWKHRU\LIQRWLQSUDFWLFHVWXGHQWVZRXOGEHDEOHWRDFTXLUHWKHOHYHO RIOLWHUDF\
UHTXLUHG WR SDUWLFLSDWH LQ KLJKHU OLWHUDU\ IRUPV RI OLWHUDF\ DFWLYLWLHV 7KH IROORZLQJ
VWRU\RIRQH7/3VWXGHQWSURYHVWKHFODLPVRIJRDOVRIWKHSURJUDPPH
³+HLVD\HDUROGPDQZLWKWKUHHFKLOGUHQZKRDOOJRWRVFKRRO%HIRUH
MRLQLQJWKH7/3KHVDLGWKDWKHZDV³RQO\DVKHSKHUG´$IWHUVWXG\LQJLQWKH
FODVVHVODVW \HDUDQGWKLV\HDUKHNQRZVEDVLFDOSKDEHWVDVKHKLPVHOIVD\V
2WKHUYLOODJHSHRSOHVD\WKDWKHOLNHVWRUHDGWRKLVFKLOGUHQDQGKHSUDFWLFHV
DORWZLWKKLVFKLOGUHQ+HUHKHUHDGVDVKRUWVHFWLRQRIOLWHUDF\ERRNQXPEHU
IRXU+HLVYHU\ IOXHQWKHNQRZVZKDWKHLVUHDGLQJDERXW+HFDQ H[SODLQ
WKHFRQWHQWLQKLVRZQZRUGV+HDOVRUHDGVDELWRI*HVDUDIDPRXV7LEHWDQ
HSLFZKLFKKHGRHVYHU\IOXHQWO\DQGZLWKRXWDQ\SUREOHPV+HLVDVXSHUE
UHDGHU$QHDV\ERRNGLGQ¶WJLYHKLPDQ\FKDOOHQJHDWDOO)LQDOO\KHLVJLYHQ
DPDUULDJHODZWH[WDQGKHUHDGVVRPHRILWDORXG$PD]LQJO\KHGLGQ¶WKDYH
DQ\SUREOHPLQUHDGLQJDQGXQGHUVWDQGLQJKLJKHUOLWHUDU\ODQJXDJH+HFRXOG
H[SODLQWKHFRQWHQWRIWKHVHFWLRQRIWKHODZKHZDVUHDGLQJ´)11R
:LWKUHJDUGWRUHOLJLRXVXVHRIOLWHUDF\DUHOLJLRXVWH[WLVDQREMHFWWRJDLQPHULWLQ
UHOLJLRXVSUDFWLFHV6LPLODUO\WRFRXQWLQJURVDU\EHDGV7LEHWDQ%XGGKLVWSHRSOHJDLQ
PHULW E\ UHFLWLQJ UHOLJLRXV WH[WV WLPH DIWHU WLPH ,Q WKDW NLQG RI SUDFWLFH
FRPSUHKHQVLRQ RI D WH[W LV QRW FUXFLDO 'HVSLWH WKH IDFW WKDW WKH FRQWH[WRI OLWHUDF\
SUDFWLFHVDQGWKHXVHVRIOLWHUDF\DUHGLIIHUHQWLQ7LEHWDQVHFXODUOLWHUDF\HGXFDWLRQ
WKDQLQPRQDVWHULHVWKHVDPHLGHRORJLFDOIHDWXUHVRIOLWHUDF\FDQEHIRXQGLQVHFXODU
OLWHUDF\HGXFDWLRQ
6HH´'LJORVVLD´LQ&KDSWHU
$Q H[WHUQDO HYDOXDWLRQ RI WKH 7/3 ZDV FDUULHG RXW LQ 'HFHPEHU 7ZR
HYDOXDWRUV+RUVWLDDQG0XUUD\REVHUYHGOLWHUDF\WHDFKLQJRIWKH7/3IRUVHYHQGD\V
7KH\DOVRGLVFXVVHGZLWKQXPEHURIWHDFKHUVDQGRIILFLDOV7KHH[WHUQDOHYDOXDWLRQ
UHSRUWRIWKH7/3VKRZV
³0DQ\ WHDFKHUV WHQG WR WKLQN WKDW UHPHPEHULQJ ZRUGV DQG VHQWHQFHV DUH
PRUH LPSRUWDQW WKDQ WKH SUDFWLFDO DSSOLFDWLRQ RI WKH OHDUQHG FRQWHQWV DQG
LQFUHDVHGNQRZOHGJHJDLQHGWKURXJKUHDGLQJGLIIHUHQWWH[WV³
+RUVWLDDQG0XUUD\
7KH HGXFDWLRQDO YLHZ DQG WKH UHOLJLRXV YLHZ RI OLWHUDF\ DUH LQWHUZRYHQ LQ 7LEHWDQ
OLWHUDF\SUDFWLFHV,VXJJHVWWKDWWKLVLVSRVVLEOHEHFDXVH7LEHWDQFXOWXUDOYDOXHVDUH
VR FORVHO\ UHODWHG WR UHOLJLRXV YDOXHV %HFDXVH RI WKLV 7LEHWDQ OLWHUDF\ SUDFWLFHV
LQFOXGLQJ DGXOW OLWHUDF\ WHDFKLQJ GR QRW IXOO\ VXSSRUW WKH QRWLRQ WKDW ³'LIIHUHQW
GRPDLQV RI OLWHUDF\ KDYH GLIIHUHQW OLWHUDF\ SUDFWLFHV´ FI HJ %DUWRQ +DPLOWRQ ,YDQLF,QVWHDGVHFXODUOLWHUDF\SUDFWLFHVERWKLQDGXOWOLWHUDF\FODVVHVDQGDW
KRPH KDYH VLPLODULWLHV ZLWK PRQDVWLF OLWHUDF\ SUDFWLFHV +RZHYHU GHVSLWH WKLV
UHOLJLRXVVHFXODU IHDWXUH RI 7LEHWDQ OLWHUDF\ SUDFWLFHV SHRSOH FDQ DFTXLUH OLWHUDF\
WKDWPHHWVKLJKHUOLWHUDU\IRUPVRI7LEHWDQOLWHUDF\DVVHHQDERYH
$PGR:RPHQLQ/LWHUDF\(GXFDWLRQ
*LUOVDQG(GXFDWLRQ
7LEHWDQJLUOVKDYHKDGPRUHIUHHGRPWKDQJLUOVLQPDQ\RWKHU$VLDQVRFLHWLHV<HW
VLPLODU WR PDQ\ VRFLHWLHV WKHUH DUH JUHDW HGXFDWLRQDO GLVSDULWLHV EHWZHHQ JHQGHUV
DPRQJ7LEHWDQV JLUOVKDYHOHVVRSSRUWXQLWLHVIRUHGXFDWLRQWKDQER\VKDYH/HZLV
/RFNKHHG3RVWLJOLRQH
,SHUFHLYHWKUHHPDLQVRXUFHVIRU HGXFDWLRQDOLQHTXDOLW\EHWZHHQ JHQGHUVLQ$PGR
FRPPXQLWLHVSRYHUW\DWWLWXGHDQGWUDGLWLRQ$VPHQWLRQHGLQ&KDSWHUJLUOVKDYH
KDG PRUH UHVSRQVLELOLWLHV LQ GRPHVWLF GXW\ WKDQ ER\V )DPLOLHV FDQQRW DIIRUG WR
HGXFDWHERWKER\VDQGJLUOVVRJLUOVDUHWKHRQHVOHIWRXWDXQLYHUVDOSKHQRPHQRQ
HVSHFLDOO\ LQ SDWULDUFKDO VRFLHWLHV $W WKH FRUH RI WKH LVVXH RI $PGR ZRPHQ LQ
HGXFDWLRQ DUH PRGHV RI WKLQNLQJ DQG FXOWXUDO WUDGLWLRQ GHHSO\ URRWHG LQ FXOWXUDO
YDOXHVDQGGLIILFXOWWRVHSDUDWHIURPWKHOHDUQLQJSURFHVV&I1LVEHWW$PGR
ZRPHQDUHQRWFRQVLGHUHGDVQHHGLQJOLWHUDF\VNLOOVVLQFHWKH\ZRUNDWKRPH0HQ
DFWDVZLQGRZVWRWKHRXWVLGHZRUOGZRPHQVWD\EHKLQGWKHZLQGRZV$OVRWKHUHLV
WKH QRWLRQ WKDW OLWHUDF\ WDNHV SODFH RXWVLGH WKH KRPH 2QH RI P\ LQWHUYLHZHHV LV
7VRPRDOLWHUDF\WHDFKHU6KHH[SODLQV
³:RPHQGRQRWKDYHWROHDUQDQGZULWHWKDWLVZKDWSHRSOHVD\HVSHFLDOO\DW
RXUDJHDURXQG3HRSOHDVNZRPHQ:KHUHDUH\RXJRLQJ"(YHQLI\RX
NQRZKRZWRZULWHDQGUHDG\RXDUHDWKRPH´7VRPR,171R
1HJDWLYH DWWLWXGHV WRZDUG JLUOV¶ HGXFDWLRQ DORQJ ZLWK FXOWXUDO WUDGLWLRQ KDV NHSW
PRVW7LEHWDQJLUOVLQWKH7LEHWDQUHJLRQRXWRIVFKRROZLWKRXWDQ\IRUPDOHGXFDWLRQ
RUHOVHWKH\DUHGURSRXWVSRVVLEO\KDYLQJGRQH RQHRUWZR \HDUVLQVFKRRO=KRX
F 3RVWLJOLRQH 6HHEHUJ 7KLV VKRXOG KDYH LQGLFDWHG D VLJQLILFDQW
QHHG IRU DGXOW ZRPHQV¶ OLWHUDF\ WHDFKLQJ GXULQJ WKH 7LEHWDQ /LWHUDF\ 3URJUDPPH
7/3 LPSOHPHQWDWLRQ +RZHYHU PRUH PHQ WKDQ ZRPHQ SDUWLFLSDWHG LQ OLWHUDF\
WHDFKLQJ DW WKH 7/3 7KH UDWLR EHWZHHQ PHQ DQG ZRPHQ ZDV WR 7/:&/RFDOVRXUFHVPDLQO\PHQSURYLGHGWZRPDLQUHDVRQVIRUZRPHQ¶V
DEVHQFH IURP OLWHUDF\ FODVVHV :RPHQ DUH WRR EXV\ ZLWK WKHLU GRPHVWLF GXWLHV DQG
WKH\GRQRWKDYHWLPHRUHQHUJ\WROHDUQOLWHUDF\,171R)11R<HW
³:KLOHPHQZHUHOHDUQLQJWRUHDGDQGZULWHPDQ\ZRPHQZHUHFKDWWLQJDQG
VWDQGLQJRXWVLGHWKHFODVVURRPV6RPHRIWKHVHZRPHQZHUHWRRVK\WRMRLQ
WKHPHQLQFODVVHVVRPHGLGQRWKDYHHQRXJKLQWHUHVWIRUOHDUQLQJDQGVRPH
GLGQRWKDYHWLPHDQGHQHUJ\IRUOHDUQLQJOLWHUDF\³)11R
0HQV¶UHDVRQVIRUZRPHQQRWDWWHQGLQJOLWHUDF\WHDFKLQJLVSDUWLDOO\GLIIHUHQWIURP
WKHUHDVRQVZRPHQSURYLGH6RPHZRPHQDUHLQWHUHVWHGLQOHDUQLQJOLWHUDF\EXWWKH\
GR QRW IHHO FRPIRUWDEOH MRLQLQJ PHQ LQ D OLWHUDF\ FODVV $QRWKHU UHDVRQ IRU QRW
MRLQLQJ WHDFKLQJ FRXOG KDYH EHHQ WKDW WKHVH ZRPHQ IROORZHG WKH WUDGLWLRQ $V
7VRPR VDLG HDUOLHU OLWHUDF\ LV WUDGLWLRQDOO\ OLQNHG ZLWK RXWVLGH ZRUOG QRW KRPH
3RVVLEO\VRPHRIWKHVHZRPHQZHUHQRWLQWHUHVWHGLQOHDUQLQJWKHVNLOOVRIUHDGLQJ
DQGZULWLQJEHFDXVHWKH\GLGQRWH[SHFWWRKDYHRSSRUWXQLWLHVWRXVHWKHPKRPH0\
DUJXPHQWKHUHDWWKLVSDUWLFXODUSRLQWLVWKDWZRPHQWDONGLIIHUHQWO\DERXWWKHLUUROH
DQGOLWHUDF\OHDUQLQJWKDQPHQGR
%DVHG RQ P\ REVHUYDWLRQ QRWHV ZRPHQ LQ WRZQV PRUH DFWLYHO\ SDUWLFLSDWH LQ
OHDUQLQJOLWHUDF\WKDQZRPHQLQYLOODJHV21(YHQWKRXJKWKHUDWLREHWZHHQ
PHQDQGZRPHQVWXGHQWVZDVKLJKWKHUHVHHPVWREHDVWURQJHUVRFLDOLQIOXHQFHLQ
VRPH SODFHV WR HQFRXUDJH ZRPHQ WRZDUG OLWHUDF\ HGXFDWLRQ WKDQ LQ RWKHUV 2QH
LQIOXHQWLDO IDFWRU ZDV D UROH PRGHO ZRPHQ QHHGHG DQRWKHU IHPDOH H[HPSODU WR
PRWLYDWH WKHP WR VWXG\ 7KLV SKHQRPHQRQ RFFXUV DOO DURXQG WKH ZRUOG (GXFDWHG
ZRPHQKDYHHGXFDWHGFKLOGUHQERWKGDXJKWHUVDQGVRQV81,&()<HWLWLV
GLIILFXOWWRILQGHGXFDWHGDQGOLWHUDWHZRPHQWRDFWDVDUROHPRGHOIRURWKHUZRPHQ
LQUHPRWHYLOODJHVRQWKH7LEHWDQ3ODWHDX,QFRXQW\FHQWUHVDQGWRZQVWKHQXPEHU
RI OLWHUDWH ZRPHQ LV KLJKHU WKDQ LQ YLOODJHV EHFDXVH WKH\ KDYH EHWWHU DFFHVV WR
HGXFDWLRQ DUH SRVVLEO\ LQ EHWWHU ILQDQFLDO VLWXDWLRQV WKDQ YLOODJH SHRSOH DQG KDYH
PRUHSRVLWLYHDWWLWXGHVWRZDUGZRPHQ¶VHGXFDWLRQ0U1RUEX,170V7VRPR
,17 1R :RUWK QRWLQJ JLUOV¶ DWWLWXGHV WRZDUG WKHLU HGXFDWLRQ LV FKDQJLQJ LQ
YLOODJHV1\LPDRQHRIWKHLQWHUYLHZHHVVD\V
³1RZDGD\VLQYLOODJHVJLUOVKDYHJRWDQLGHDWKH\UHFRJQLVHWKDWWKH\QHHG
WRNQRZKRZWRUHDGDQGZULWHWREHDEOHWRGRWKLQJVDQGPD\EHZRUN7KH\
KDYH UHDOLVHG WKDW WKH\ FDQ DOVR KDYH MREV 7KLV LV D FKDQJH RI PHQWDOLW\
(DUOLHUWKH\ZHUHGLVFRXUDJHG´0V1\LPD,171R
0\IHPDOHDVVLVWDQWLQWKH7/3SOD\HGDQLPSRUWDQWUROHDVDUROHPRGHOWRYLOODJH
ZRPHQLQGLIIHUHQWORFDWLRQV6KHJUHZXSLQDYLOODJHDQGKHUSDUHQWVHQFRXUDJHG
KHU WR JR WR VFKRRO HYHQ WKRXJK WKHUH ZDV RQO\ RQH RWKHU JLUO EHVLGHV KHU LQ WKH
FODVV $IWHU FRPSOHWLQJ SULPDU\ VFKRRO VKH FRQWLQXHG RQ WR PLGGOH VFKRRO LQ WKH
FRXQW\FHQWUHDQGWKHQPRYHGWR;LQLQJWRVWXG\LQDFROOHJH$IWHUJUDGXDWLQJVKH
UHWXUQHGWRWKHFRXQW\FHQWUHDQGZDVHPSOR\HGE\WKHJRYHUQPHQWRI+DLQDQ7$3
³:KHQ,UHVHDUFKHUILUVWWLPHYLVLWHGYLOODJHOLWHUDF\FODVVHVERWKPHQDQG
ZRPHQZHUHDPD]HGWRVHHP\7LEHWDQDVVLVWDQW7-6KHLVHTXDOO\ELOLQJXDO
DQGOLWHUDWHLQ7LEHWDQDQG3XWRQJKXDDQGLQDGGLWLRQVKHLVUDWKHUIOXHQWLQ
(QJOLVK´
)11R
,W LV QRW RQO\ WKH DWWLWXGH WKDW LQIOXHQFH JLUOV¶ DQG ZRPHQ¶V HGXFDWLRQ EXW DOVR
FXOWXUDO WUDGLWLRQ :RPHQ DQG PHQ KDYH GLIIHUHQW UROHV LQ IDPLOLHV DQG LQ 7LEHWDQ
SDWULDUFKDOVRFLHW\7KHUHLVDFOHDUGLVWLQFWLRQEHWZHHQZRPHQ¶VDQGPHQ¶VGXWLHV
$ 7LEHWDQ SDWULDUFKDO VRFLRFXOWXUDO HQYLURQPHQW LPSOLHV WKDW WKHUH DUH KHDYLHU
GRPHVWLF GXWLHV IRU JLUOV DQG ZRPHQ WKDQ IRU ER\V DQG PHQ :KLOH $PGR ZRPHQ
ZRUN KDUG DW GRPHVWLF GXWLHV PHQ KDYH PRUH IUHH WLPH ZKLFK WKH\ FDQ XVH IRU
VWXGLHVDQGRXWVLGHZRUN
7KLV FXOWXUDO WUDGLWLRQ LV VWURQJ HVSHFLDOO\ LQ YLOODJHV 1RUEX LV DQRWKHU RIILFLDO
ZLWKLQWKH7/3+HVD\V
³*LUOVJHWPDUULHGDQGWKH\KDYHWRGRWDVNVLQWKHIDPLO\7KH\GRQ
WKDYH
VR PXFK IUHH WLPH %R\V FDQ WHDFK DV WKHLU SDUW WLPH MRE VR WKH\ DUH
GLIIHUHQW (VSHFLDOO\ LQ QRPDG IDPLOLHV WKH ZRUN RI ER\V DQG JLUOV LV
GLIIHUHQW 7KH ZRUN RI ER\V LV RQO\ WR KHUG VKHHS EXW IRU JLUOV WKHUH DUH
PDQ\ WDVNV *LUOV KDYH YHU\ KHDY\ WDVNV WKH\ EULQJ ZDWHU SLFN ILUH ZRRG
DQGVRPDQ\WKLQJV´0U1RUEX,171R
7KHVH GLIIHULQJ UROHV EHWZHHQ ZRPHQ DQG PHQ KLQGHU ZRPHQ IURP DWWHQGLQJ
OLWHUDF\FODVVHV,WLVQRWRQO\WKDWWKH\ODFNWLPHIRUVWXGLHVEXWLWLVDOVRDFXOWXUDO
LVVXH ,W ZRXOG EH XQSUHFHGHQWHG IRU ZRPHQ DQG PHQ WR FKDQJH UROHV LQ RUGHU WR
DOORZZRPHQWRKDYHWLPHDQGHQHUJ\IRUOLWHUDF\DFTXLVLWLRQ<HW0V1\LPDDQG
0V7VRPRVDLGDERYHWKDW7LEHWDQJLUOVDUHPRUHZLOOLQJWRVWXG\DQGJHWDMRE,Q
PDQ\ ZD\V P\ DVVLVWDQW FRQWUDGLFWV ZLWK WKH ³FXOWXUDO´ UROH PRGHO RI D 7LEHWDQ
ZRPDQVKHLVVLQJOHVKHKDVJUDGXDWHGIURPFROOHJHVKHKDVJRWDJRYHUQPHQWMRE
VKHOLYHVLQKHURZQDSDUWPHQW6KHFDQEHDUROHPRGHOWRWKRVH\RXQJ$PGRJLUOV
ZKRDUHDOUHDG\NHHQRQ³EUHDNLQJWKHWUDGLWLRQ´DQGLQWHUHVWHGLQZRUNLQJRXWVLGH
KRPH <RXQJHU JHQHUDWLRQ RI JLUOV KDV GLIIHUHQW H[SHFWDWLRQV UHJDUGLQJ HGXFDWLRQ
DQGSRVVLEO\OLIHLQJHQHUDOIURPSUHYLRXVJHQHUDWLRQVWUDGLWLRQLVFKDQJLQJ
&XOWXUDO9DOXHV1RUPVDQG:RPHQDV$GXOW/LWHUDF\
7HDFKHUV
$PGR JLUOV¶ HGXFDWLRQ LV LQIOXHQFHG E\ WKH VKDUHG YDOXHV RI SDWULDUFKDO 7LEHWDQ
VRFLHW\ FI +RIVWHGH $ ZRPDQ¶V FDUHHU LV VLPLODUO\ LQIOXHQFHG QRW RQO\ E\
WKH YDOXHV RI 7LEHWDQ FXOWXUH EXW DOVR E\ WKH VKDUHG XQGHUVWDQGLQJ RI VRFLHWDO
EHKDYLRXU FI /HYL6WUDXVV 6SUDGOH\ &XOWXUDO YDOXHV DQG QRUPV RI
EHKDYLRXULPSDFWWKHZD\V$PGRZRPHQFDQSXUVXHWKHLUFDUHHURXWVLGHKRPH
2QH$PGRRIILFLDOZKRZDVPRQLWRULQJWKH7/3LQKHUDUHDVDLG
³%HFDXVH LQ 7LEHWDQ QRPDG YLOODJHV ZRPHQ KDYH D ORW RI ZRUN WR GR DQG
PHQ DUH GRLQJ QRWKLQJ 6R KH FDQ JR DQG WHDFK ,W LV SURSHU IRU KLP WR GR
WKDQ IRU D ZRPDQ ZKR KDV REYLRXVO\ ZRUN WR GR DW KRPH´ 0V 1\LPD
,171R
7KH7LEHWDQFXOWXUDOWUDGLWLRQRIQRWSD\LQJDWWHQWLRQWRJLUOV¶HGXFDWLRQUHVXOWVLQD
ODFNRIZRPHQWHDFKHUVLQDGXOWOLWHUDF\FODVVHV$FFRUGLQJWR7/3VWDWLVWLFVWKHUH
ZHUH WZR IHPDOH WUDLQHUV DPRQJ PHQ WUDLQHUV DQG IHPDOH WHDFKHUV WR PDOH WHDFKHUV +RZHYHU HYHQ WKRXJK WKHVH IHPDOH WHDFKHUV ZHUH VHOHFWHG IRU
WUDLQLQJRQO\DIHZRIWKHPSDUWLFLSDWHGLQWKHWUDLQLQJDQGFRQWLQXHGZLWKWHDFKLQJ
LQWKH7/3FODVVHV7KLVLVLQGLFDWHGLQP\ILHOGQRWHV
³'XULQJ WKH ILUVW \HDU RI WKH 7/3 LPSOHPHQWDWLRQ , PHW WKUHH ZRPHQ
WHDFKHUV LQ DGXOW OLWHUDF\ FODVVHV /RFDO YLOODJH SHRSOH VDLG WKDW WKH\ ZHUH
JRRGLQ7LEHWDQ$WOHDVWRQHRIWKHPZDVDPLGGOHVFKRROJUDGXDWH,QWKLV
ODVW SKDVH RI SURJUDPPH LPSOHPHQWDWLRQ WKHUH ZHUH RQO\ WKUHH ZRPHQ DV
WHDFKHUV,KDYHEHHQDVNLQJWRKDYHPRUHZRPHQWHDFKHUVEXWORFDORIILFLDOV
KDYHDOZD\VVDLGWKDWWKH\GLGQ¶WKDYHJRRGZRPHQWHDFKHUVDYDLODEOH7KLV
\HDUZKHQZHYLVLWHGOLWHUDF\FODVVHV,KDYHQ¶WPHWDVLQJOHZRPDQWHDFKHU,
WKLQN , KDYH YLVLWHG DQG REVHUYHG DURXQG FODVVHV ZLWKLQ D \HDU DQG QR
ZRPHQWHDFKHUVLQWKHP7KHUHLVRQHWUDLQHUZKRLVDOVRDSULPDU\VFKRRO
WHDFKHULQD7LEHWDQPHGLXPVFKRRO´)11R
2EYLRXVO\ WKHUH DUH RQO\ D IHZ OLWHUDWH ZRPHQ LQ YLOODJHV ZKR FDQ SHUIRUP DV
WHDFKHUVVLQFHYLOODJHOLIHDQGWUDGLWLRQGRQRWVXSSRUWJLUOV¶HGXFDWLRQWKHVDPHZD\
DQG WR WKH VDPH H[WHQW DV LW GRHV ER\V¶ HGXFDWLRQ $GGLWLRQDOO\ WKHUH DUH WKUHH
IXUWKHU FXOWXUDO UHDVRQV GHHSO\ URRWHG LQ WHDFKHU TXDOLILFDWLRQ WKDW KLQGHU $PGR
ZRPHQ IURP EHFRPLQJ WHDFKHUV LQ DGXOW OLWHUDF\ FODVVHV HVSHFLDOO\ LQ YLOODJHV
&XOWXUDOO\ GHILQHG TXDOLILFDWLRQV IRU D JRRG WHDFKHU LQ DGXOW HGXFDWLRQ UHTXLUH DQ
DELOLW\WRPDQDJHFRQWUROVWXGHQWVDQGDJRRGFRPPDQGRI7LEHWDQ$QDGGLWLRQDO
TXDOLILFDWLRQ IRU ZRPHQ FRQFHUQV DJH \RXQJ ZRPHQ GR QRW TXDOLI\ UHJDUGOHVV RI
WKHLUWUDLQLQJDQGHGXFDWLRQ,171R
, H[SORUH WKH LVVXH RI DQ DGXOW OLWHUDF\ WHDFKLQJ MRE D ELW IXUWKHU E\ WKH IROORZLQJ
H[DPSOH 7KHUH ZDV D VPDOO SRVWHU LQ D FODVVURRP LQ 1DUHQ YLOODJH LQ 7RQJGH
&RXQW\ 7KH SRVWHU D UDWKHU RUGLQDU\ SLHFH RI SDSHU VWDWHG WKH UXOHV IRU D WHDFKHU
DQGVWXGHQWVRIWKH7/3
5XOHVIRUDWHDFKHU
1HHGWRIROORZWKHUXOHVHVWDEOLVKHGE\DFRXQW\HGXFDWLRQ
EXUHDX
0XVWPDNHSODQVIRUWHDFKLQJVHVVLRQV
1RDOFRKROZKLOHWHDFKLQJ
1RWDOORZHGWRFRPHODWHIRUFODVVHVDQGOHWVWXGHQWVOHDYH
HDUO\IURPFODVV
0XVWJLYHKRPHZRUNIRUVWXGHQWVHYHU\GD\
0XVWNHHSWKHDWWHQGDQFHUHJLVWHUGDLO\
0XVWFRPSOHWHFXUULFXOXPRQWLPH
2%1R
7KHUHZDVDVLPLODUVHWRIUXOHVIRUVWXGHQWVLQ*XRPDQJ7RZQVKLS
0LVVLQJRQHGD\RIWHDFKLQJSHQDOW\LV&1<
$VNLQJPRUHWKDQGD\VRIDEVHQFHSHQDOW\LV&1<GD\
1RWILQLVKLQJKRPHZRUNSHQDOW\&1<
2%1R
7KHVH VHW RI UXOHV JLYH DQ LGHD ZKDW LV H[SHFWHG IURP DQ DGXOW OLWHUDF\ WHDFKHU
7HDFKLQJ $PGR DGXOWV LV QRW RQO\ DERXW NQRZLQJ WKH ODQJXDJH EXW DOVR DERXW
PDQDJHPHQW VNLOOV DQG SHUVRQDO TXDOLWLHV FXVWRPV RI D WHDFKHU $FFRUGLQJ WR WKH
OLVWV DERYH PRVW GXWLHV RI DQ DGXOW OLWHUDF\ WHDFKHU FRQFHUQ VRPHWKLQJ HOVH WKDQ
WHDFKLQJODQJXDJH7KHTXDOLWLHVRIDJRRGWHDFKHUFDQEHOLVWHGJRRGPDQDJHPHQW
VNLOOV VREULHW\ ZKLOH ZRUNLQJ DQ DELOLW\ WR SODQ WKH ZRUN DQG FRPSOLDQW ZLWK WKH
JRYHUQPHQW 7KHVH UXOHV FRXOG KDYH EHHQ VHW WR VXSSRUW D WHDFKHU LQ KLV MRE RU WR
DGPLQLVWHUDWHDFKHU¶VSHUIRUPDQFHLQKLVMRE
$ ZRPDQ WHDFKHU FDQ IROORZ WKH UXOHV WKDW DUH OLVWHG LQ WKH SRVWHUV +RZHYHU VKH
PD\QRWEHHOLJLEOHIRUWKHMREEHFDXVHRIWKHUHTXLUHPHQWVIRUPDQDJHPHQWVNLOOV
7KHVHUHTXLUHPHQWVDUHQRWSXWLQDZULWWHQIRUPEXWWKH\H[LVWLQSHRSOH¶VPLQGV,W
LVEHOLHYHGWKDWPHQFDQPDQDJHDGXOWVWXGHQWVEHWWHUWKDQZRPHQGRDQGIRUWKLV
UHDVRQRIILFLDOVDQGYLOODJHHOGHUV DSSRLQWPHQ DVDGXOWOLWHUDF\WHDFKHUV ,OHDUQHG
WKDWWKLVLVQRWRQO\DERXWWKHDELOLW\WRNHHSRUGHULQWKHFODVVURRPEXWLWLVUHODWHG
WR D ZLGHU EHOLHI WKDW 7LEHWDQ PHQ DUH PRUH FRPSHWHQW LQ GRLQJ WKHLU MRE WKDQ
ZRPHQLQWKHVDPHSRVLWLRQ
³, WKLQN LI ZRPHQ DUH YHU\ NQRZOHGJHDEOH WKH\ DUH JRRG EXW PRVWO\ PHQ
DUHEHWWHUWKDQZRPHQ,IWKHZRPHQWHDFKNLGVLQNLQGHUJDUWHQRULQSULPDU\
VFKRROWKDWLVJRRGIRUWKHVWXGHQWVZRPHQDUHYHU\JRRGLQWKDW%XWWKH\
DUHQRWDOZD\VYHU\NQRZOHGJHDEOHLQKRZWRWHDFKPHQLIWKHPHQDUHROG
WKH\ZLOOQRWVWXG\YHU\KDUG:RPHQDUHQRWDVNQRZOHGJHDEOHDVPHQDUH
LQWKDWVLWXDWLRQ³0U1RUEX,171R
³7R JHW DGXOW OHDUQHUV WR FRPH WR FODVVHV LW KDV WR EH VRPHRQH ZLWK PRUH
DXWKRULW\7KHQPHQDUHEHWWHUWRWHOOSHRSOHWKDW\RXPXVWFRPHDQGVWXG\
)RUZRPHQLWLVPRUHGLIILFXOWWRVD\WKDW´0V1\LPDDQG0U7HQ]LQ,17
1R
7KLVH[WUDFWIURPWKHLQWHUYLHZGLVFXVVHVWKHSRZHUVWUXFWXUHRISDWULDUFKDOVRFLHW\
:RPHQKDYHSRZHURYHUFKLOGUHQPHQKDYHSRZHURYHUZRPHQDQGHVSHFLDOO\ROG
PHQKDYHSRZHURYHU\RXQJZRPHQ
(YHQWKRXJKLWLVKDUGHUIRUZRPHQWRJHWDMREDVDWHDFKHULQDGXOWHGXFDWLRQLWLV
QRW LPSRVVLEOH EXW VKH PXVW EH RI JRRG FKDUDFWHU DQG NQRZ 7LEHWDQ ZHOO $OVR
NQRZLQJ QRPDGLF SURQXQFLDWLRQ LV DQ DGGLWLRQDO DVVHW IRU ZRPHQ LQ $PGR
HGXFDWLRQ 1RPDGLF SURQXQFLDWLRQ LV UHJDUGHG DV EHWWHU ODQJXDJH WKDQ IDUPHUV¶
SURQXQFLDWLRQ LQ WKH $PGR UHJLRQ +DUUL 7KH IROORZLQJ FRPPHQWV ZHUH
PDGHDERXWWKHRQO\ZRPDQWUDLQHULQWKH7/3
³:KHQPHQVHHDZRPDQWUDLQLQJPDQ\PHQVRPHHYHQROGHUWKDQKHUWKH\
WKLQN VKH PXVW EH YHU\ ³OLKDL EDPD´ KDUG ZRUNLQJ RWKHUZLVH D ZRPDQ
FDQQRW WHDFK $OVR VKH KDV D QRPDGLF SURQXQFLDWLRQ DQG SHRSOH KDYH KLJK
UHVSHFW WR KHU 7KHUH LV DOVR D JRRG WDON DERXW KHU 6KH PXVW EH YHU\ JUHDW
RWKHUZLVHVKHFDQQRWEHDWUDLQHUDVDZRPDQ´,171R
7KLVVWDWHPHQWFRQWUDGLFWVZLWKWKHVWDWHPHQWRI0U1\LPDDQG0U7HQ]LQ,WFDQEH
DVVXPHG WKDW ZRPHQ¶V ORZ VHOIHVWHHP FRQFHUQLQJ WKHLU FDUHHU RXWVLGH KRPH
HQYLURQPHQW LV URRWHG LQ WKH SDWULDUFKDO FXOWXUH EXW VRFLHW\ LV FKDQJLQJ DQG VR LV
SHRSOH¶V WKLQNLQJ , EHOLHYH LW LV ULJKW WR VD\ WKDW FXOWXUH LV QRW VWDWLF FI +ROOLGD\
7UDGLWLRQDOO\7LEHWDQZRPHQLQWKHROGVRFLHW\KDYHQRWEHHQHQFRXUDJHGWRVWXG\
$]L] EXW LQPRGHUQ WLPHV WKH\ KDYH KDG EHWWHU RSSRUWXQLWLHV IRU HGXFDWLRQ
DQG JDLQLQJ D SURIHVVLRQ <HW EHLQJ D FDUHHU ZRPDQ LQ YLOODJHV LV QRW FRPPRQ
9LOODJHZRPHQDUHQRWXVHGWRGUDZLQJDWWHQWLRQWRWKHPVHOYHVDQGYLOODJHZRPHQ
IHHOXQFRPIRUWDEOHWRVWHSRXWVLGHWKHLUFRPIRUW]RQHFI<DQJ=KDQJDVLQ
&DR/HLXQSXEOLVKHG2QDIHZRFFDVLRQVZRPHQ¶VUHOXFWDQFHWRFRPSHWHZLWK
PHQHPHUJHGIURPGDWDDVVKRZQLQWKHIROORZLQJH[FHUSWV
³:KHQSHRSOHDUHFDOOHGWRDWRZQRUWRDFLW\IRUDPHHWLQJZRPHQZRXOG
VD\WKDWZK\VKRXOG,JRWRWKHPHHWLQJ,KDYHQRWKLQJWRVD\7KLV,KDYH
WULHG ZLWK WKH WHDFKHUV LQ RXU VFKRRO ZKHQ , ZDV D KHDGPDVWHU ,Q WKH
PHHWLQJVDPDQZRXOGVD\VRPHWKLQJDQG,WULHGWRHQFRXUDJHDQGSXVKJLUO
WHDFKHUVWRVD\VRPHWKLQJ%HFDXVHJLUOWHDFKHUVZHUHKHDSVEHWWHUWKDQER\
WHDFKHUVEXWWKH\IHOWWKDWWKH\ZHUHJLUOVVRZHDUHQRWKLQJDQGZHGRQ
WVD\
DQ\WKLQJ´0U7HQ]LQ,171R
2OGVRFLHW\DWLPHEHIRUHWKH35&ZDVHVWDEOLVKHG
³,Q WRZQVKLS OHYHO WKH\ WU\ WR SURPRWH PRUH ZRPHQ WR JHW MREV DQG QRW WR
WDNHPHQ$OVRZRPHQLIWKH\DUHFDOOHGWKH\VD\WKDWWKH\FDQQRWGRWKLQJV
RUKDYHWKLQJVWRGRDWKRPHRUWKH\DUHEXV\ DQGWKH\GRQ
WZDQWWRGRLW
7KH\ GRQ
W ZDQW WR WDNH D MRE HYHQ LI WKDW LV D VFKRRO SROLF\ IURP WKH
DXWKRULWLHVIURPJRYHUQPHQW´0V1\LPD,171R
%HVLGHV ODFNLQJ DXWKRULW\ RYHU PDOH VWXGHQWV ZRPHQ WHDFKHUV DUH QRW UHJDUGHG DV
KDYLQJ WKH VDPH ODQJXDJH FRPSHWHQFH DV PHQ PHQ KDYH EHWWHU NQRZOHGJH RI
7LEHWDQ ODQJXDJH WKDQ ZRPHQ GR :H KDG D PHHWLQJ ZLWK VRPH YLOODJH SHRSOH LQ
7RQJGHWZRSDUWLFLSDQWVZHUHVWXGHQWVRIWKH7/3WZRZHUHWHDFKHUVRIWKH7/3
DQGRWKHUVZHUHRIILFLDOVRIWKHYLOODJH2QHSDUWRIWKHGLVFXVVLRQZHQWDVIROORZV
5,VLWRNLIDZRPDQLVD7LEHWDQODQJXDJHWHDFKHU"
0%HFDXVHZHVHQWER\VWRVFKRROWKH\OHDUQEHWWHU7LEHWDQ
5,IDJLUOJRHVWRVFKRRO«
7/,WZLOOEHWKHVDPHEXWLQP\RSLQLRQPHQDUHDOZD\VEHWWHU
0,Q7LEHWDQODQJXDJHZRPHQDUHORZHUWKDQPHQ
00HQDUHEHWWHUWKDQZRPHQLQVWXG\LQJ7LEHWDQLQVFKRRO
*RPDYLOODJH,171R
7KHVDPHVWDWHPHQWZDVPHQWLRQHGE\VRPHRWKHUSHRSOHDVZHOO)RURQHUHDVRQRU
DQRWKHU SHRSOH WKLQN WKDW PHQ DUH EHWWHU LQ OHDUQLQJ DQG WHDFKLQJ WKH 7LEHWDQ
ODQJXDJH WKDQ ZRPHQ 7KHUHIRUH WKHUH DUH QRW PDQ\ ZRPHQ WHDFKHUV LQ DGXOW
OLWHUDF\HGXFDWLRQ0DQ\7LEHWDQZRPHQWHDFKLQSULPDU\VFKRROVEXWHYHQWKHQLW
LV EHOLHYHG WKDW ZRPHQ FDQQRW NHHS XS LQ GHYHORSLQJ ODQJXDJH VNLOOV GXH WR WKHLU
UHVSRQVLELOLWLHV DW KRPH 0V /KDEL DQ LOOLWHUDWH LQWHUYLHZHH ZDV GHVFULEHG E\ D
OLWHUDWHUHODWLYH
³6KH LV YHU\ KDUG ZRUNLQJ DOZD\V ZRUNLQJ 6KH UHDOO\ ZDQWHG WR JR WR
VFKRRO ZKLFK ZDV EHKLQG WKH KRXVH EXW VKH ZDV YHU\ EXV\ 7KHQ VKH
ZDWFKHGWKHVFKRROHYHU\GD\´,QWHUYLHZQRWHVRI0V/KDEL,171R
$GXOW OLWHUDF\ WHDFKLQJ LV FRQVLGHUHG PRUH GHPDQGLQJ ODQJXDJHZLVH WKDQ SULPDU\
VFKRROOLWHUDF\WHDFKLQJDQGDFFRUGLQJWRFRPPRQEHOLHIZRPHQDUHQRWFDSDEOHRI
PHHWLQJWKLVFKDOOHQJHDVPHQWLRQHGSUHYLRXVO\
7HDFKLQJ LQ DGXOW OLWHUDF\ FODVVHV RI WKH 7/3 ZDV GHPDQGLQJ LQ RQH PRUH ZD\
WHDFKHUV QHHGHG WR FRPPXWH EHWZHHQ YLOODJHV /LWHUDF\ FODVVHV RI WKH 7/3 ZHUH
VFDWWHUHGDOORYHUWKH7LEHWDQ3ODWHDXDORQJZLWKWKHVWXGHQWV7KDWPHDQVWHDFKHUV
QHHGHGWRWUDYHODVZHOO2QHWHDFKHUKDGWRWHDFKLQPDQ\QDWXUDOYLOODJHV6HHWKH
GHILQLWLRQRIDQDWXUDOYLOODJHLQ&KDSWHUZKLFKZHUHDSDUWIURPHDFKRWKHU2QH
H[DPSOHIURP;LQJKDL
³2QHJURXSKDVWHDFKLQJIRUGD\VDQGWKHQDWHDFKHUPRYHVWRDQRWKHU
JURXS´2%11R
$ZRPDQWUDYHOOLQJDORQHEHWZHHQYLOODJHVLVQRWUHJDUGHGSURSHUIRUKHU,WLVQRW
RQO\DERXWKHUVDIHW\RUKDUGWUDYHOOLQJEXWLWLVVRPHWKLQJZKLFKZRPHQVKRXOGQRW
GRLQD7LEHWDQVRFLHW\
2QH PRUH FXOWXUDO LVVXH HPHUJHG IURP WKH GDWD D JHQHUDWLRQDO JDS DQG D JHQGHU
LVVXH$FFRUGLQJWRSDWULDUFKDO7LEHWDQFXOWXUH\RXQJ$PGRZRPHQDUHQRWVXLWDEOH
WR WHDFK LQ DGXOW OLWHUDF\ FODVVHV EHFDXVH \RXQJ ZRPHQ DUH QRW VXSSRVHG WR WHDFK
WKHLUKXVEDQGVRUHOGHUPDOHIDPLO\PHPEHUVRULQSXEOLF
³%XWLIDJLUOLVWHDFKLQJDQGKHUKXVEDQGLVLQWKHFODVVVKHGRHVQRWIHHOLQ
WKDW UHVSHFW )RU \RX 5DLMD \RX FDQ WHDFK \RXU KXVEDQG .DUL EXW 7LEHWDQ
JLUOVDUHQRWEROGOLNH\RX´0U1RUEX,171R
7KLV LVVXH EULQJV WR WKH VXUIDFH WKH QRWLRQ VKDPH DQG GLVJUDFH DQG KRZ SHRSOH¶V
EHKDYLRXU LV JXLGHG E\ LW LQ 7LEHWDQ FXOWXUH $FFRUGLQJ WR FXOWXUDO QRUPV LW LV
HPEDUUDVVLQJ IRU DQ $PGR ZRPDQ WR EH VXSHULRU WR KHU KXVEDQG LQ SXEOLF 0HQ
ZRXOG ORVH IDFH LQ IURQW RI WKH FRPPXQLW\ DQG WKDW VKRXOG QRW KDSSHQ LQ 7LEHWDQ
FXOWXUH7RDYRLGWKLVNLQGRIVLWXDWLRQ\RXQJZRPHQZHUHQRWVHOHFWHGDVWHDFKHUV
ZLWKLQ WKH 7/3 LPSOHPHQWDWLRQ VLQFH WHDFKHUV ZHUH VXSSRVHG WR EH PHPEHUV RI
ORFDO FRPPXQLWLHV ,I WHDFKHUV ZHUH RXWVLGHUV HJ ZRPHQ IURP WRZQV WKH\ FRXOG
KDYH EHHQ HOLJLEOH WR WHDFK LQ FODVVHV ZLWKRXW D IHDU RI DFWLQJ DJDLQVW FXOWXUDO
WUDGLWLRQV,QWKHHQG³WKHUHZHUHQRZRPHQWHDFKHUVLQYLOODJHV´,QWHUYLHZQRWHV
RI,171R
&XOWXUDO WUDGLWLRQV DQG DWWLWXGHV LPSDFW $PGR ZRPHQ¶V HGXFDWLRQ 7KH\ DOVR
LQIOXHQFH PRWLYDWLRQV RI DGXOW OLWHUDF\ VWXGHQWV 7VRPR D ZRPDQ RIILFLDO RI WKH
7/3 PHQWLRQHG DERYH WKDW WUDGLWLRQDOO\ ZRPHQ VWD\DW KRPH DQG PHQ WUDYHO 7KH
VDPHLVVXHZDVPHQWLRQHGIURPDGLIIHUHQWDQJOH,DVNHGHLJKWOLWHUDF\VWXGHQWVLQ
WKH7/3DERXWWKHLUPRWLYDWLRQVIRUDFTXLULQJOLWHUDF\$QVZHUVZHUHDVIROORZV
x 7KUHHPHQVWXGHQWVPHQWLRQHGWKDWWKH\QHHGHGOLWHUDF\IRUWUDYHOOLQJ
x 7ZRJLUOVPHQWLRQHGWKDWWKH\ZDQWHGWROHDUQPRUH
x 2QHJLUOGLGQRWJLYHDQ\UHDVRQIRUDWWHQGLQJFODVVHV
x 2QHJLUOZDVLQWHUHVWHGLQUHDGLQJVRQJV7ULDO,171R
1RQH RI WKH JLUOV PHQWLRQHG WKDW VKH ZDQWHG WR WUDYHO ,Q DQRWKHU WRZQVKLS WKHUH
ZDVRQHEXVLQHVVODG\ZKRWUDYHOOHGEHWZHHQKHUUHPRWHWRZQVKLSDQG;LQLQJTXLWH
RIWHQ $FFRUGLQJ WR KHU EHLQJ OLWHUDWH ZDV KHOSIXO EXW WUDYHOOLQJ ZDV QRW KHU
PRWLYDWLRQIRUDFTXLULQJOLWHUDF\6KHZDQWHGWROHDUQPRUHDVZDVGLVFXVVHGHDUOLHU
LQWKLVFKDSWHU,WVHHPVWKDWPRWLYDWLRQIRUDFTXLULQJOLWHUDF\LVDOVRJHQGHUEDVHG
6RPH OLWHUDF\ SUDFWLFHV DUH PRUH QDWXUDO ERWK IRU PHQ DQG ZRPHQ WKDQ RWKHUV LQ
$PGR FRPPXQLWLHV 7KRVH SUDFWLFHV VLWXDWHG LQ FHUWDLQ GDLO\ RFFDVLRQV PRWLYDWH
ZRPHQ DQG PHQ LQ GLIIHUHQW ZD\V DFFRUGLQJ WR FXOWXUDO QRUPV RI EHKDYLRXU DQG
FXOWXUDOYDOXHV
$PGR ZRPHQ LQ OLWHUDF\ DQG ODQJXDJH HGXFDWLRQ KDYH REVWDFOHV WR SXUVXH WKHLU
FDUHHUERWKDWKRPHDQGLQDZLGHUVRFLHW\%XWFXOWXUHLVQRWVWDWLFLWLVDQRQJRLQJ
SURFHVV +DQQHU] 7KH DWWLWXGHV DQG VLWXDWLRQ DUH JUDGXDOO\ FKDQJLQJ
FRQFHUQLQJ ZRPHQ LQ HGXFDWLRQ LQ $PGR FRPPXQLWLHV 1RZDGD\V SDUHQWV VHQG
JLUOV WR VFKRRO PRUH HDJHUO\ WKDQ LQ SDVW 6RPH ROGHU PHQ UHJUHW WKDW WKH\ GLG QRW
VHQGWKHLUGDXJKWHUVWRVFKRRO\HDUVDJRDVRQHROGPDQVDLG
,ZLVK,KDGVHQWP\GDXJKWHUVWRVFKRRO´
$SDUWLFLSDQWLQ*RPDYLOODJH,171R
³6LQFHZKHQVFKRROUHJXODWLRQVFKDQJHGWKHGURSRXWUDWHLVORZ$W
WKHPRPHQWRINLGVJRWRVFKRRO7KHOHDGHUVVDLGWKDWHYHU\ERG\PXVW
DWWHQGVFKRRO7KHUHLVQRFKDQFHWRDYRLGVFKRRO´
0LQVKXEDQSHRSOH,171R
7KHVHFKDQJHVWDNHSODFHPRUHHDVLO\LQWRZQVWKDQLQUHPRWHYLOODJHV+RZHYHUZH
FDQQRWDQWLFLSDWHFKDQJHVLQ$PGRFXOWXUH+RZORQJZLOOLWWDNHWRKDYHFKDQJHVLQ
DWWLWXGHV WRZDUGV ZRPHQ¶V FDUHHUV RXWVLGH WKH KRPH LQ $PGR YLOODJHV" :LOO WKH\
KDYH D IXWXUH LQ DGXOW HGXFDWLRQ LI WKH\ GHVLUH VR" 0V 1\LPD FRPPHQWV RQ WKRVH
TXHVWLRQV
³)LUVW WKLQJ LV WKDW JLUOV KDYH D ORW RI ZRUN WR GR DW KRPH 6HFRQGO\ WKH
FXOWXUHLVWKDWZRPHQVKRXOGQRWVWXG\DQGJRRXW7KLQJVOLNHWKDW:RPHQ
ZRUNKRPHDQGORRNDIWHUVKHHSDQGNLGV,WLVDFXOWXUDOWKLQJ7KLUGRQHLV
WKDWJLUOVKDYHWKLVIHHOLQJWKDWLIWKH\DUHQRWJRRGWHDFKHUVVWXGHQWVZRXOG
QRWOLVWHQWRWKHP7KH\GRQRWIHHOFRQILGHQWLQWHDFKLQJ7KLVLVVRUWRIQRW
HQFRXUDJLQJJLUOVWRWHDFK
,ZDVWKHRQO\JLUOLQP\YLOODJHWRJRWRPLGGOHVFKRRO2WKHUVZHUHER\V
(YHU\ERG\ZDVVD\LQJWKDWJLUOVDUHQRWVPDUWHQRXJKWRVWXG\7KH\VKRXOG
GRRWKHUWKLQJV
7KH\PLJKWKDYHEHHQRUPLJKWQRWKDYHEHHQJLUOVWHQ\HDUVDJRZKRKDYH
EHHQWRPLGGOHVFKRRO7KHUHZHUHQRJLUOVZKRZRXOGKDYHVWRRGXSDQGVD\
WKDWWKH\ZDQWHGWREHWHDFKHUVLQWKH7/3
7KHVH GD\V WKHUH LV WRWDO FKDQJH LQ PHQWDOLW\ %HIRUH WKH\ VDLG WKDW JLUOV
FDQQRW JHW XVHG WR VWXG\ 1RZ HYHU\ERG\ VD\V WKDW LI \RX KDYHQ
W EHHQ WR
VFKRRODQGOHDUQHGWRUHDGDQGZULWH\RXDUHVWXSLG
,QRXUSURMHFW7/3LIWKHUHKDGEHHQHTXDOO\TXDOLILHGPDQDQGZRPDQD
PDQ ZRXOG KDYH EHHQ FKRVHQ WR EH D OLWHUDF\ WHDFKHU %HFDXVH LQ 7LEHWDQ
QRPDGYLOODJHVZRPHQKDYHORWZRUNWRGRDQGPHQDUHGRLQJQRWKLQJ6R
KH FDQ JR DQG WHDFK ,W LV SURSHU IRU KLP WR GR WKDQ IRU D ZRPDQ ZKR KDV
REYLRXVO\ZRUNWRGR
,IWKHUHKDGEHHQDZRPDQDVDQDGXOWOLWHUDF\WHDFKHUYLOODJHOHDGHUVZRXOG
VD\ WKDW WKLV LV D FOHYHU JLUO 6KH FDQ WHDFK %XW DGXOW OLWHUDF\ WHDFKHUV DUH
PRVWO\PHQEHFDXVHWKH\KDYHWREHDZD\IURPKRPHDQGLWLVHDVLHUIRUPHQ
WR GR LW 7R JHW DGXOW OHDUQHUV WR FRPH LW KDV WR EH VRPHRQH ZLWK PRUH
DXWKRULW\7KHQPHQDUHEHWWHUWRWHOOSHRSOHWKDW\RXPXVWFRPHDQGVWXG\
)RUZRPHQLWLVPRUHGLIILFXOWWRGRVD\WKDW´,171R
,Q WKH HQG DWWLWXGHV WRZDUGV ZRPHQ LQ HGXFDWLRQ DUH FKDQJLQJ (DUOLHU JLUOV ZHUH
UHJDUGHGVWXSLGDQGQRWEHLQJDEOHWRVWXG\VHH&KDSWHU1RZWKH\DUHH[SHFWHG
WR VWXG\ DW OHDVW LQ WRZQVKLSV DQG FRXQW\ FHQWUHV LI QRW LQ YLOODJHV :RPHQ LQ
FRXQW\ FHQWUHV DUH ZRUNLQJ RXWVLGH KRPH 6RPH ZRPHQ DUH HPSOR\HG RXWVLGH
YLOODJHV DV PHQWLRQHG HDUOLHU +RZHYHU D MRE GHVFULSWLRQ RI DQ DGXOW OLWHUDF\
WHDFKHULQFOXGHVWDVNVWKDWZRPHQDUHQRWUHJDUGHGFDSDEOHIRURUDUHQRWVXSSRVHG
WR GR DFFRUGLQJ WR FRPPRQO\ DFFHSWHG EHKDYLRXUDO JXLGHOLQHV LQ 7LEHWDQ
FRPPXQLWLHV7KDWLVSDUWLDOO\GXHWRWKHSRZHUVWUXFWXUHRISDWULDUFKDOVRFLHW\ROG
PHQDUHUHVSHFWHGDQGLQVRFLDOKLHUDUFK\WKH\DUHDERYHZRPHQ:RPHQZKRKDYH
KDG RSSRUWXQLWLHV WR VWXG\ DQG ZKR DUH FDSDEOH IRU WHDFKLQJ DUH XVXDOO\ \RXQJ
'HVSLWHWKHVHDFTXLUHGTXDOLWLHVIRUDWHDFKHUWKHSRZHUKLHUDUFK\RI7LEHWDQVRFLHW\
PDOH PDQDJHPHQW VNLOOV DQG WKH DVVXPSWLRQ WKDW PHQ¶V EHWWHU NQRZOHGJH RI WKH
ODQJXDJH ILJKW DJDLQVW ZRPHQ¶V RSSRUWXQLWLHV LQ DGXOW HGXFDWLRQ (YHQ WKRXJK
VRFLHW\LVFKDQJLQJDQGZRPHQ¶VRSSRUWXQLWLHVIRUHGXFDWLRQDUHLPSURYLQJDFDUHHU
LQDGXOWOLWHUDF\HGXFDWLRQLVVWLOOGLIILFXOWIRUZRPHQWRUHDFK
/LWHUDF\IRU'HYHORSPHQWDQG(PSRZHUPHQW
)URP%DFNZDUGQHVVWR'HYHORSPHQW
/LWHUDF\LVRIWHQVHHQDVDWRROIRUSHUVRQDOHPSRZHUPHQWDVDPHDQVIRUVRFLDODQG
KXPDQGHYHORSPHQWHJ%DNHU)UHLUH5RJHUV81(6&2E
9HUKRHYHQ ,W LV VDLG WKDW DV OLWHUDF\ LPSURYHV KHDOWKFDUH LPSURYHV
HPSOR\PHQWLPSURYHVHWF/LWHUDF\LVVHHQDVDPDJLFWRROIRUSURJUHVVDQGVRFLDO
SURJUHVV*UDII6LPLODUO\WR+DQVHQ¶VUHVHDUFKDPRQJHWKQLFPLQRULW\
JURXSV LQ <XQQDQ 3URYLQFH $PGRV DV DQ HWKQLF PLQRULW\ JURXS LQ WKH 35& DUH
FRQVWDQWO\ FRPSDUHG WR RWKHU SHRSOH JURXSV ZKR DUH VDLG WR EH PRUH DGYDQFHG LQ
GHYHORSPHQW
7KH ZD\ RXW IURP ³EDFNZDUGQHVV´ WR GHYHORSPHQW LV WKURXJK OLWHUDF\ $PGRV VHH
WKDW DFTXLULQJ OLWHUDF\ LV D NH\ HOHPHQW LQ WKH SURFHVV WRZDUG SHUVRQDO DQG VRFLDO
GHYHORSPHQW $Q $PGR RIILFLDO H[SODLQHG D OLQN EHWZHHQ OLWHUDF\ DQG
³EDFNZDUGQHVV´E\VD\LQJ
³:H DUH DOO EHKLQG EHFDXVH ZH GRQ
W NQRZ RXU ODQJXDJH ZH GRQ¶W NQRZ
KRZWRUHDGDQGZULWHRXUODQJXDJH´2%1R
7KLV H[SUHVVLRQ JLYHV WKH LGHD WKDW EHLQJ DEOH WR UHDG DQG ZULWH SURPRWHV
GHYHORSPHQW DQG ODFN RI LW FDXVHV VRFLDO VWDJQDWLRQ 7KLV H[SUHVVLRQ LPSOLHV WKDW
RWKHUVDUHPRYLQJIRUZDUGEXWWKRVHOHIWEHKLQGVWD\VRFLDOO\LPPRELOH7KHUHIRUH
DFFRUGLQJ WR WKHLU XQGHUVWDQGLQJ WKH DELOLW\ WR UHDG LV QRW RQO\ IRU JDLQLQJ QHZ
LQIRUPDWLRQIRULWVRZQVDNHEXWDOVRIRUSURPRWLQJGHYHORSPHQW$VLPLODUVLWXDWLRQ
RFFXUVLQ,QGLDZKHUH³OHIWEHKLQG´ZDVEURXJKWXSDPRQJWUDQVKXPDQWSDVWRUDOLVWV
ZKRZDQWHGWRDFTXLUHOLWHUDF\LQRUGHUWRJDLQVRFLDOGHYHORSPHQW'\HU&KRNVL
'\HU
/RFDO 7LEHWDQ JRYHUQPHQW RIILFLDOV LQ +DLQDQ 7$3 KDYH WDNHQ XS WKH &KLQHVH
JRYHUQPHQWVORJDQV³ZHDUHEDFNZDUG´DQG³ZHDUHEHKLQG´EHFDXVHRILOOLWHUDF\LQ
WKH DUHD )1 1R ZKLFK LV LGHQWLFDO WR WKH UHSRUWV RQ HWKQLF PLQRULWLHV¶
HGXFDWLRQ RI +DQVHQ LQ <XQQDQ DQG /LQ LQ +XDQJQDQ LQ 4LQJKDL
3URYLQFH7KHVHVORJDQVVKRZWKHV\PEROLFSRZHU%RXUGLHXWKDWLVH[HUFLVHG
E\ RIILFLDOV 7KH SROLWLFDOO\ FRUUHFW VROXWLRQ WR EULQJ ³EDFNZDUG SHRSOH LQWR
FLYLOL]DWLRQ´ LV E\ HGXFDWLRQ 7KURXJK OLWHUDF\ DFTXLVLWLRQ $PGRV FDQ REWDLQ D
EHWWHUVWDWXVLQVRFLHW\ERWKQDWLRQZLGHDQGLQORFDOFRPPXQLWLHV7KHUHPD\QRWEH
DQ\RXWZDUGVLJQVEXWWKHLUVHOIHVWHHPKDVLPSURYHGZKLFKLVRQHRIWKHFRPPRQ
RXWFRPHVRIDGXOWOLWHUDF\SURJUDPPHVDURXQGWKHZRUOGFI6WURPTXLVW7KH
FKDQJHLQVHOIHVWHHPRUDGHVLUHIRUDFKDQJHZDVVHHQLQVRPHRIWKHVWXGHQWVLQ
WKH7LEHWDQ/LWHUDF\3URJUDPPH7LEHWDQVDUHSURXGRIEHLQJ7LEHWDQV)11R
EXW LW DSSHDUV WKH\ UHSUHVHQW ³OHIW EHKLQG´ EHFDXVH WKH\ ODFN UHDGLQJ DQG ZULWLQJ
VNLOOVRUWKH\WKLQNWKDWWKHLUODQJXDJHLVQRWJRRGHQRXJKIRUHGXFDWLRQ,171R
)11RFI/XNH
7KH QRWLRQ ³OHIW EHKLQG´ FDQ EH VHHQ DOVR IURP WKH &KLQHVH SHUVSHFWLYH ³/HIW
EHKLQG´LVHTXDOWRXQFLYLOL]HG7KHJRYHUQPHQWRIWKH35&KDVKDGLWVFLYLOL]DWLRQ
SURMHFWVZKLFKDLPHGDWHGXFDWLQJHWKQLFPLQRULW\SHRSOHJURXSVDQGEULQJLQJWKHP
LQWR WKH FLYLOL]DWLRQ RI +DQ &KLQHVH SHRSOH FI +DQVHQ ,I ZH ORRN DW WKH
QRWLRQ ³OHIW EHKLQG´ IURP WKLV SHUVSHFWLYH ZH FDQ DVVXPH , EHOLHYH WKDW $PGR
RIILFLDOVDQGYLOODJHSHRSOHFRXOGKDYHDGRSWHGWKLVQRWLRQIURPWKHPDMRULW\SHRSOH
7KLVQRWLRQUHIOHFWVWKHPHWDSKRUVIRUOLWHUDF\DVVLFNQHVVRULJQRUDQFHWKDWFDQEH
WUHDWHGE\WUHDWPHQWRUWUDLQLQJFI%DUWRQ
3HUVRQDO WUDQVIRUPDWLRQ WKURXJK DGXOW OLWHUDF\ HGXFDWLRQ DQG WUDLQLQJ OHDGV WR
GHYHORSPHQW0D]LURZ7UDQVIRUPDWLRQFRQFHUQVERWKSULYDWHLQGLYLGXDOVDQG
WKH ZKROH RI VRFLHW\ DQG KRZ SHRSOH SHUFHLYH WKHPVHOYHV WKH XVDJH RI WKHLU
ODQJXDJHDQGKRZWKH\GHYHORSWKHLUVNLOOV%RXUGLHX3DUUHVRQ7KLVZDV
VHHQ LQ WKH FKDQJH RI SHRSOH¶V DWWLWXGHV WRZDUGV WKHLU FKLOGUHQ¶V HGXFDWLRQ $IWHU
OHDUQLQJWRUHDGDQGZULWHSDUHQWVZHUHPRUHHDJHUWRVHQGWKHLUFKLOGUHQWRVFKRRO
WKDQEHIRUH
$FFRUGLQJWRWKHSURMHFWUHSRUWWRWKH0LQLVWU\RI)RUDLJQ$IIDLUVLQ)LQODQG
³'XULQJ WKH ILUVW WZR SKDVHV RI WKH SURMHFW WKH OLWHUDF\ UDWH LQ WKH WDUJHW
JURXS \HDUROGKDVLQFUHDVHGLQ*RQJKHDQG*XLQDQIURPWR
RYHU$QGLQ;LQJKDLDQG7RQJGHIURPWR7KHJRDORIWKH
SURMHFWLVWRLQFUHDVHWKHOLWHUDF\UDWHWREHRYHULQWKHVHIRXUFRXQWLHV´
7KLV FKDQJH LQ DGXOW OLWHUDF\ UDWH LQGLFDWHV OLWHUDF\ GHYHORSPHQW DPRQJ DGXOW
$PGRVZKLFKWKHQWUDQVIRUPHGWKHLUDWWLWXGHVWRZDUGFKLOGUHQ¶VHGXFDWLRQ3DUHQWV
ZHUH PRUH ZLOOLQJ WR VHQG WKHLU FKLOGUHQ WR VFKRRO DIWHU WKHPVHOYHV EHFRPLQJ
OLWHUDWH2QHOLWHUDF\VWXGHQWIURPDUHPRWHYLOODJHLQ7RQJGH&RXQW\VKDUHGDERXW
KLVH[SHULHQFH
,VHQGP\WKUHHFKLOGUHQWRVFKRROQRZEHFDXVH,IHHOWKDWOHDUQLQJLVJRRG
IRU PH ,W ZDV DV LI , IRXQG VRPHWKLQJ ZKLFK ZDV ORVW ZKHQ , FDPH WR WKH
FODVVHV
7RQJGH)11R
,QDQHDUE\YLOODJHRIILFLDOVUHSRUWHG
³/DVW ZLQWHU WKHUH ZHUH FKLOGUHQ LQ D SULPDU\ VFKRRO $IWHU WKH OLWHUDF\
FODVVHVVWDUWHGLQ-XO\WKHQXPEHURIFKLOGUHQLV´7RQJGH)11R
7KHFKDQJHRIDWWLWXGHWRZDUGVFKLOGUHQ¶VHGXFDWLRQEHFDPHFOHDUDOVRLQWKH)LQDO
(YDOXDWLRQ5HSRUWRIWKH7/3+RUVWLDDQG0XUUD\&KLOGUHQ¶VHQUROPHQWUDWH
DWVFKRROLPSURYHGIURPWZHQW\SHUFHQWWRRQHKXQGUHGSHUFHQWLQVRPHYLOODJHV
ZLWKLQ+DLQDQ7$3
6RPHSHRSOHVD\WKDWUHDOGHYHORSPHQWPHDQVJURZWKRISHRSOHHJ6ZDQW]
$V GLVFXVVHG DERYH $PGRV¶ DZDUHQHVV RI OLWHUDF\ DQG FKLOGUHQ¶V HGXFDWLRQ KDYH
LPSURYHG DQG WKH\ KDYH D GHVLUH WR GHYHORS WKHLU WDOHQWV HWF 7KLV LV RQO\ RQH
DVSHFW RI GHYHORSPHQW DPRQJ $PGRV 7KH RWKHU DVSHFWV DUH LPSURYHPHQW RI
HFRQRP\ DQG TXDOLW\ RI OLIH ,W LV EHOLHYHG WKDW WKHVH WZR LVVXHV RI VRFLDO
GHYHORSPHQWDUHEDVHGRQDELOLW\WRUHDGDQGZULWH6RPH$PGRFRXQW\RIILFLDOVLQ
;LQJKDLPHQWLRQHGWKHIROORZLQJ
³7KHJRDORIOLWHUDF\HGXFDWLRQLVWRLPSURYHHFRQRP\TXDOLW\RIOLIHWREH
LPSURYHGWKURXJKOLWHUDF\VNLOOVOLWHUDF\LVDIRXQGDWLRQIRULPSURYLQJ
SHRSOH
VOLYHV´)11R
$W WKH WLPH ZKHQ WKLV UHVHDUFK GDWD ZDV FROOHFWHG LW ZDV GLIILFXOW WR HVWLPDWH
ZKHWKHURUQRWWKH7/3KDVLPSURYHGWKH$PGRHFRQRP\7KDWNLQGRIUHVXOWFDQEH
VHHQDQGHYDOXDWHGRQO\LQ\HDUVWRFRPH7KXVWKHVHJRDOVRILPSURYHGOLIHWKURXJK
OLWHUDF\ DUH RQO\ K\SRWKHVHV EDVHG RQ SROLWLFDO YLHZV RI OLWHUDF\ +RZHYHU
HFRQRPLF GHYHORSPHQW DQG LPSURYHG TXDOLW\ RI OLIH DUH DQWLFLSDWHG UHVXOWV RI
OLWHUDF\HGXFDWLRQLQ$PGRVRFLHW\
$PGR¶V)XQFWLRQDO/LWHUDF\
)XQFWLRQDO OLWHUDF\ LV DOZD\V OLQNHG WR SHUVRQDO DQG VRFLDO GHYHORSPHQW DV
GLVFXVVHG LQ &KDSWHU 81(6&2¶V GHILQLWLRQ RI D IXQFWLRQDOO\ OLWHUDWH SHUVRQ
LQFOXGHVWZRFRPSRQHQWVEHLQJDFWLYHO\LQYROYHGLQOLWHUDWHDFWLYLWLHVDQGDQDELOLW\
WR IXQFWLRQ IRU KLV FRPPXQLW\¶V GHYHORSPHQW XVLQJ OLWHUDF\ VNLOOV 81(6&2
D )XQFWLRQDO DGXOW OLWHUDF\ SURJUDPPHV LQ GHYHORSLQJ FRXQWULHV DUH RIWHQ
GHVLJQHG WR WHDFK VXEMHFWV VXFK DV IDUPLQJ K\JLHQH ILOOLQJ LQ JRYHUQPHQW IRUPV
HWF DORQJ ZLWK EDVLF OLWHUDF\ VNLOOV 7KLV NLQG RI IXQFWLRQDO DSSURDFK GRHV QRW
FRUUHVSRQGZLWKWKH$PGRV¶XQGHUVWDQGLQJRIOLWHUDF\HGXFDWLRQ
(DUOLHULQWKLVFKDSWHUZHGLVFXVVHGOLWHUDF\DVDVHWRIVNLOOV$PGRVVHHOLWHUDF\DVD
IRXQGDWLRQ IRU IXUWKHU HGXFDWLRQ DQG OHDUQLQJ RWKHU VNLOOV /LWHUDOO\ $PGRV PHDQ
OLWHUDF\ LV IRU IXUWKHU OHDUQLQJ VLQFH OHDUQLQJ DQ\WKLQJ RWKHU WKDQ OLWHUDF\ FDQQRW
WDNHSODFHVLPXOWDQHRXVO\ ZLWKOLWHUDF\ DFTXLVLWLRQ0U+XLRQHRIWKHWHDFKHUVRI
WKH7/3H[SODLQVWKH$PGRYLHZRIOLWHUDF\OHDUQLQJ
´,Q WKH EHJLQQLQJ ZKHQ SHRSOH DUH OHDUQLQJ KRZ WR UHDG DQG ZULWH WKH
OHDUQLQJ SURFHVV KDV WR EH VLPSOH ,I \RX SXW WKH OHDUQLQJ RI RWKHU VNLOOV
WRJHWKHU ZLWK OHDUQLQJ DOSKDEHWV LW ZLOO PDNH WKLQJV WRR FRPSOLFDWHG IRU
7LEHWDQV7KDWZRXOGFRQIXVHWKHP´0U+XL,171R
6WXGHQWVLQ;LQJKDLVSHFXODWHGDERXWWKHLUIXWXUHDIWHUWKHFRXUVHRIWKH7/3
³1R RQH NQRZV ZKDW ZLOO KDSSHQ DIWHU WKH SURJUDPPH LV ILQLVKHG PD\EH
SHRSOH FRQWLQXH UHDGLQJ 0D\EH ZH ZLOO OHDUQ QHZ VNLOOV DIWHU WKH
SURJUDPPH 3HRSOH ZLOO OHDUQ KRZ WR SURWHFW ODQG DQG WDNH EHWWHU FDUH RI
KXVEDQGU\´ 2%1R
'HVLJQLQJ D FXUULFXOXP IRU WKH 7/3 ZDV EDVHG RQ WKH LGHD RI ³D FXOWXUDOO\
DSSURSULDWHDSSURDFK´WROLWHUDF\OHDUQLQJ/.$7KHSULQFLSDORIDGRSWLQJD
FXOWXUDOO\VHQVLWLYH DSSURDFK WR 7LEHWDQ OLWHUDF\ WHDFKLQJ UHVXOWHG LQ D VNLOOV
DSSURDFK LQVWHDG RI D SRVVLEOH IXQFWLRQDO DSSURDFK WR OLWHUDF\ LQ WKH SURJUDPPH
LPSOHPHQWDWLRQ '2& 1R 7KH ILQDO FXUULFXOXP FRQVLVWHG VROHO\ RI WHDFKLQJ
UHDGLQJ DQG ZULWLQJ 7LEHWDQ LQ D IDPLOLDU 7LEHWDQ FXOWXUDO FRQWH[W DQG XVLQJ WKH
PHWKRGV WKDW DUH NQRZQ IURP PRQDVWLF OLWHUDF\ HGXFDWLRQ 2WKHU WRSLFV VXFK DV
LVVXHV RI K\JLHQH RU FKLOGFDUH ZHUH QRW LQFOXGHG LQ WKH FXUULFXOXP 1RWDEO\
QXPHUDF\ ZDV DOVR DEVHQW IURP WKH FXUULFXOXP 6LPLODUO\ WR WKH 7/3 WKH
JRYHUQPHQW DGXOW OLWHUDF\ SURJUDPPH ³/LDQJ 4L´ FRQFHQWUDWHV RQO\ RQ WHDFKLQJ
UHDGLQJDQGWRVRPHH[WHQWZULWLQJVNLOOV
, EHOLHYH WKLV NLQG RI WKLQNLQJ ZKLFK LVRODWHV OHDUQLQJ UHDGLQJ DQG ZULWLQJ IURP
DFTXLVLWLRQRIRWKHUVNLOOVFDQEHWUDFHGWRWKHRULJLQRI7LEHWDQHGXFDWLRQPRQDVWLF
SXUSRVHVIRUOLWHUDF\DFTXLVLWLRQ,WKDVEHHQDFXOWXUDOWUDGLWLRQWROHDUQUHDGLQJDQG
ZULWLQJ IRU UHOLJLRXV SXUSRVHV DQG GLG QRW UHTXLUH VLPXOWDQHRXV OHDUQLQJ RI DQ\
RWKHU VNLOOV $W WKH VDPH WLPH ZH KDYH WR DFNQRZOHGJH WKDW WKLV NLQG RI OLWHUDF\
OHDUQLQJSUDFWLFHLVQRWDXQLTXHRQHLQWKHZRUOG7KHUHDUHRWKHU³FXOWXUHV´WKDWXVH
D VLPLODU DSSURDFK WR WHDFK OLWHUDF\ ZKLFK EULQJV LQ WKH VPDOO FXOWXUH WKHRU\ RI
+ROOLGD\ +ROOLGD\¶V WKHRU\ FDQ H[SODLQ WKLV NLQG RI ³FXOWXUDO´ SKHQRPHQRQ WKDW
RFFXUVXQLYHUVDOO\HVSHFLDOO\LQHGXFDWLRQ
+RZ WKHQ GRHV ³QRQIXQFWLRQDO´ OLWHUDF\ WHDFKLQJ IXQFWLRQ ZLWKLQ JRYHUQPHQW
SODQV" (YHQ WKRXJK WKH 7/3 ZDV QRW D IXQFWLRQDO SURJUDPPH DV VXFK VWXGHQWV
OHDUQHG OLWHUDF\ LQ WKHLU HYHU\GD\ FRQWH[W 7KH ODVW VHFWLRQ RI WKH SURJUDPPH
SURYLGHG WRSLFV IDPLOLDU WR OHDUQHUV DQG LVVXHV RI GDLO\ OLIH )RU H[DPSOH VWXGHQWV
UHDGVWRULHVDERXWIDPLO\FXVWRPVKRZWRWUHDWYLVLWRUVDJULFXOWXUHHWF'2&1R
6LQFH WKHVH WRSLFV ZHUH WDXJKW DV VWRULHV WKH\ ZHUH QRW UHJDUGHG DV WHDFKLQJ
VNLOOV RWKHU WKDQ UHDGLQJ DQG ZULWLQJ 6WXGHQWV IRXQG WKHP PHDQLQJIXO DV WKH
3$0(&PLGWHUPHYDOXDWLRQUHSRUWVKRZV
³7KH\VWXGHQWVSDUWLFXODUO\OLNHG%RRNV7KUHHDQG)RXUVLQFHWKH\FRQWDLQ
WRSLFV UHODWHG WR WKH YLOODJHUV¶ OLIH VXFK DV IDUPLQJ PHWKRGV HWF DQG ZHUH
WKHUHIRUHRIGLUHFWXVHWRWKHYLOODJHUV´%X\V=HQ]
/LWHUDF\ WHDFKLQJ RI LVVXHV FORVHO\ UHODWHG WR $PGRV¶ OLYHOLKRRG DQG FXOWXUDO
KHULWDJH LV IXQFWLRQDO LQ WKH 7LEHWDQ ODQJXDJH EXW WKHUH DUH SOHQW\ RI GDLO\ LVVXHV
WKDWUHTXLUHNQRZOHGJHRI&KLQHVH$PGRVQHHGWRDFTXLUHOLWHUDF\ERWKLQ7LEHWDQ
DQG &KLQHVH WR EHFRPH ³IXQFWLRQDO´ ERWK LQ $PGR FRPPXQLWLHV DQG LQ ZLGHU
VRFLHW\3HRSOHQHHGOLWHUDF\LQ&KLQHVHIRUILOOLQJLQRIILFLDOIRUPVLQEDQNVSRVW
RIILFHV HWF +DUUL 7KHUHIRUH FRPSHWHQFH LQ IXQFWLRQDO OLWHUDF\ YDULHV
DFFRUGLQJWRODQJXDJHDQGWKHQHHGVRIOLWHUDF\,DJUHHZLWK9HUKRHYHQZKR
VXJJHVWV WKDW FRPSHWHQFH LQ IXQFWLRQDO OLWHUDF\ IRU HWKQLF PLQRULWLHV VKRXOG EH
GHILQHGDVWDNLQJLQWRDFFRXQWWKHQHHGVRIOLWHUDF\LQWHUPVRIWKHPXOWLOLQJXDODQG
PXOWLFXOWXUDO EDFNJURXQG RI HWKQLF PLQRULW\ SHRSOH ,I ZH ORRN DW WKH VLWXDWLRQ LQ
7VRNVXP¶VIDPLO\KHWHOOVWKHIROORZLQJ
³0\ EURWKHU ZHQW WR D &KLQHVH PHGLXP VFKRRO DQG KH JRW RIIHQGHG ZKHQ
&KLQHVH SHRSOH VDLG WKDW KH FRXOGQ¶W VSHDN 7LEHWDQ SURSHUO\ 7KHQ KH VDLG
WKDWKHGLGQ¶WZDQWWREHD7LEHWDQDQGUHIXVHGWRVSHDN7LEHWDQIURPWKHQ
RQ +H XQGHUVWDQGV VRPH EXW FDQQRW VSHDN , ZHQW WR D 7LEHWDQ PHGLXP
VFKRRODQG,VWXGLHG&KLQHVHDVDVXEMHFW,SUHIHUVSHDNLQJLQ7LEHWDQEXW,
GRQ¶WKDYHDSUREOHPWRVSHDN&KLQHVH,XVH&KLQHVHLQRIILFHVLIQHHGHG,
FDQVSHDN(QJOLVK´,171R
7KLV H[FHUSW FRQVLVWV RI PDQ\ OD\HUV FRQFHUQLQJ PLQRULW\ ODQJXDJH LVVXHV LQ WKH
35& DQG VKRZV VRPH RI WKH FKDOOHQJHV $PGRV IDFH LQ PXOWLOLQJXDO DQG FXOWXUDO
FRPPXQLWLHV 7KHVH FKDOOHQJHV FRQFHUQ SUDFWLFDO LVVXHV VXFK DV KRZ WR PDQDJH
ODQJXDJH FKDOOHQJHV LQ GRPLQDQW OLWHUDFLHV LQ EDQNV SRVWRIILFHV DQG LQ RWKHU
JRYHUQPHQWRIILFHVDVPHQWLRQHGDERYHFI+DUUL6HH)LJXUHSWKH\
3$0(&LVD1*2ORFDWHGLQ7LDQMLQ,WZDVRQHRIWKHFRXQWHUSDUWVRIWKH7/3DQGLWUDQDQ
LQWHUQDOPLGWHUPHYDOXDWLRQRIWKHSURMHFWLQ
FRQFHUQFRPPXQLFDWLRQZLWKJUDQGSDUHQWVDQGRWKHU7LEHWDQUHODWLYHVWKH\FRQFHUQ
FRPPXQLFDWLRQ ZLWK D QRQ7LEHWDQ QHLJKERXUKRRG 6HH )LJXUH S WKH\
FRQFHUQHGXFDWLRQWKH\FRQFHUQ$PGRV¶HWKQLFDQGODQJXDJHLGHQWLW\:HFDQVHH
WKDWWKHQHHGVRIIXQFWLRQDOOLWHUDF\YDU\DFFRUGLQJWRWKHVRFLDOFRQWH[W)XQFWLRQDO
OLWHUDF\RI$PGRVGHDOVZLWKDZLGHVSHFWUXPRIOLWHUDWHDFWLYLWLHVERWKLQ&KLQHVH
DQGLQWKH7LEHWDQODQJXDJHDQGIXQFWLRQDOOLWHUDF\VKRXOGEHGHILQHGDFFRUGLQJO\
:KDWDERXWHYHU\GD\IXQFWLRQDOOLWHUDF\"
(YHU\GD\ IXQFWLRQDO OLWHUDF\ FRQFHUQLQJ SHRSOH¶V DELOLW\ WR UHFRJQLVH DQG
XQGHUVWDQG LQGLYLGXDO ZRUGV LQ DQ HYHU\GD\ OLIH FRQWH[W LV RIWHQ LJQRUHG LQ
GLVFXVVLRQV RI DGXOW OLWHUDF\ HGXFDWLRQ 7KLV DVSHFW RU W\SH RI OLWHUDF\ ZDV QRW
SODQQHG IRU DGXOW OLWHUDF\ VWXGHQWV RI WKH 7/3 +RZHYHU WKLV W\SH RI OLWHUDF\
DSSHDUHG RIWHQ LQ GLVFXVVLRQV ZLWK $PGR VWXGHQWV LQ WZR GLIIHUHQW FRQWH[WV 2QH
FRQWH[W FRQFHUQV WKH PXOWLFXOWXUDO OLYLQJ HQYLURQPHQW RI $PGRV DORQJVLGH WKH
PDMRULW\ODQJXDJH&KLQHVHZKLFKLVWKHGRPLQDQWODQJXDJHRIRIILFLDOLVVXHVDQGIRU
PDUNHWLQJ+DUUL7KHPLQRULW\ODQJXDJHVWDWXVRI7LEHWDQLPSHGHVHYHU\GD\
IXQFWLRQDO OLWHUDF\ RSSRUWXQLWLHV LQ $PGR VRFLHWLHV 7KH RWKHU FRQWH[W FRQFHUQV
7LEHWDQ ODQJXDJH HYHU\GD\ IXQFWLRQDO OLWHUDF\ SUDFWLFHV LQ FRPPXQLWLHV 7KH
IROORZLQJVWDWHPHQWJHWVWRWKHSRLQW
³,ZLVKHYHU\WKLQJWKDWZHXVHHYHU\GD\ZRXOGKDYH7LEHWDQRQLW7KHUHDUH
RQO\DIHZODEHOVLQ7LEHWDQRQGDLO\SURGXFWV$IWHUWKLVOLWHUDF\SURJUDPPH
ZHFDQUHDGVWUHHWVLJQVDQGVKRSVLJQVLQ7LEHWDQ´
$JURXSDWWHQGDQWLQ*RPD,171R
3HRSOHZKRDUHIXQFWLRQDOO\OLWHUDWHLQWKHLUHYHU\GD\OLIHFRQWH[WPD\QRWEHDEOHWR
ILOOLQIRUPVRUGRVLPSOHDFFRXQWVIRUWKHLUIDUPLQJRUPDQDJHRWKHUPRUHDGYDQFHG
OLWHUDU\VLWXDWLRQVEXWWKH\DUHDEOHWRUHFRJQLVHZRUGVWKH\DUHIDPLOLDUZLWKVXFK
DVPLONWHDHWF7KHVHSHRSOHFDQEX\GDLO\JRRGVE\UHDGLQJODEHOVWKH\FDQILQG
WKHLU ZD\ E\ UHDGLQJ VWUHHW VLJQV DQG WKH\ FDQ WDNH WKH ULJKW EXV E\ UHDGLQJ
GHVWLQDWLRQVRQEXVHV7KH\FDQPDQDJHDOOWKHVHVLWXDWLRQVE\EHLQJDEOHWRUHDGD
7KHUHDUHRQO\DIHZGDLO\SURGXFWVDQGFRQVXPHUPDQXDOVDYDLODEOHLQ7LEHWDQEXWPRVWVKRSDQG
VWUHHWVLJQVDUHELOLQJXDO7LEHWDQ&KLQHVHLQ+DLQDQ7$3+DUUL
IHZ ZRUGV UDWKHU E\ DVNLQJ RWKHUV :RPHQ VWXGHQWV RI WKH 7/3 LQ *RPDQJ
7RZQVKLSVDLG
³:HIRXQGLWHDVLHUWRGRVKRSSLQJDIWHUZHKDYHOHDUQHGWRUHDG´
)112
+HUH WKRXJK ZH KDYH WR UHPHPEHU WKDW VKRS QDPHV DQG RWKHU VLJQV LQ FRXQW\
FHQWUHV DUH ELOLQJXDO 7LEHWDQ&KLQHVH PDLQO\ LQ +DLQDQ 7$3 (OVHZKHUH WKH\ DUH
RQO\LQ&KLQHVH+DUUL7KHUHIRUHDQDELOLW\WRUHDG7LEHWDQPDNHVVKRSSLQJ
HDVLHU RQO\ LQ VRPH DUHDV HJ SXEOLF VLJQV DUH PDLQO\ LQ &KLQHVH DQG VRPH LQ
(QJOLVKLQ;LQLQJ$WWKHVDPHWLPHZHKDYHWRUHPHPEHUWKDWWUDGLWLRQDOO\ZRPHQ
GRQRWWUDYHOPHQWUDYHO:KHQZRPHQ JRVKRSSLQJWKH\ XVXDOO\WUDYHO WRQHDUE\
FRXQW\ FHQWUHV ZLWK IDPLO\ PHPEHUV RU IULHQGV DQG WKH\ GR QRW XVXDOO\ JR WR WKH
FDSLWDO RI WKH SURYLQFH 0HQ WKRXJK WUDYHO PRUH 7KH\ ILQG UHDGLQJ 7LEHWDQ
KHOSIXO
6RPHPDOHVWXGHQWVRIWKH7/3LQDQRPDGLFYLOODJHLQ;LQJKDLVDLG
³5HDGLQJKHOSVZKHQ\RXDUHWUDYHOOLQJ´,171R
(YHU\GD\ IXQFWLRQDOOLWHUDF\LVQRWFRQVLGHUHG³DGYDQFHG´OLWHUDF\EXWSHRSOHVWLOO
ILQGLWXVHIXODVVHHQ DERYH&RPPRQVORJDQVWKDWSURPRWHDGXOWOLWHUDF\ DURXQG
WKHZRUOGXVHHYHU\GD\FRQWH[WHJ³<RXFDQWUDYHOZKHQ \RXOHDUQOLWHUDF\´RU
³6KRSSLQJLVHDVLHULI\RXDUHOLWHUDWH´7KHVHVORJDQVZKLFKKDYHDOVREHHQXVHGLQ
UHPRWHYLOODJHVLQ+DLQDQ7$3GRQRWQHFHVVDULO\ UHIHUWREX\LQJSODQHWLFNHWVRU
UHDGLQJ'9'ERRNOHWVZKLFKUHTXLUHDPRUHDGYDQFHGOHYHORIIXQFWLRQDOOLWHUDF\
%XWWKH\UHIHUWRWKHVHHYHU\GD\FRQWH[WVRIOLWHUDF\DWOHDVWLQ+DLQDQ7$36RPH
SHRSOHGRQRWVHHPWRDLPIRUPRUHDGYDQFHGOLWHUDF\EXWIRUXVLQJOLWHUDF\LQWKHLU
HYHU\GD\ OLIH FRQWH[W +RZHYHU 7LEHWDQ WH[WV LQ HYHU\GD\ FRQWH[WV DUH YHU\ IHZ
+DUUL DQG IRU WKDW UHDVRQ $PGRV LQ +DLQDQ 7$3 KDYH YHU\ OLPLWHG
RSSRUWXQLWLHV WR XVH WKHLU HYHU\ GD\ IXQFWLRQDO OLWHUDF\ VNLOOV LQ 7LEHWDQ ,I WKH\
DFTXLUH OLWHUDF\ LQ &KLQHVH WKDW ZRXOG EURDGHQ WKHLU RSSRUWXQLWLHV IRU HYHU\GD\
IXQFWLRQDOOLWHUDF\SUDFWLFHV:HDOVRKDYHWRNHHSLQPLQGWKDWOLWHUDF\VWXGHQWVRI
WKH 7/3 PLJKW KDYH DGRSWHG WKH FRPPRQ VORJDQV VR ZHOO WKDW WKH\ FDQ SUREDEO\
YRLFHWKHVHXQLYHUVDOVORJDQVDVLIWKH\ZHUHEDVHGRQWKHLUSHUVRQDOH[SHULHQFHV
7KLVNLQGRIOLWHUDF\WHDFKLQJFDQEHUHJDUGHGSURYLGLQJ³MXVW´EDVLFOLWHUDF\VNLOOV
DVVRPHVRFDOOHGQRQIXQFWLRQDOOLWHUDF\SURJUDPPHVZHUHUHSRUWHGWREHLQ1LJHULD
81(6&2 E +RZHYHU HYHU\GD\ IXQFWLRQDO OLWHUDF\ FDQ VWLPXODWH SRVLWLYH
DWWLWXGHVWRZDUGVOHDUQLQJDQGIXWXUHSHUVSHFWLYHVDVVHHQDERYH2QHNH\IDFWRULV
WKDW$PGRVDFTXLUHHYHU\GD\IXQFWLRQDOOLWHUDF\LQWKHLUPRWKHUWRQJXHZKLFKLVD
NH\HOHPHQWRIWKHLUHWKQLFLGHQWLW\DVGLVFXVVHGLQ&KDSWHUVDQG(YHQWKRXJK
OHDUQHG VNLOOV DUH IXQFWLRQDO LQ FHUWDLQ DQG SRVVLEO\ LQ UDWKHU OLPLWHG FRQWH[WV LQ
VRFLHW\WKH\ DUHXVHIXO QHHGHG DQGGHVLUHG , ZRXOGVD\WKDWIXQFWLRQDOOLWHUDF\LV
XVXDOO\ OLQNHG ZLWK HFRQRPLF JURZWK DQG VRFLDO GHYHORSPHQW RI VRFLHWLHV ZKHUHDV
HYHU\GD\IXQFWLRQDOOLWHUDF\LVDIRXQGDWLRQIRUHPSRZHULQJLQGLYLGXDOV
/LWHUDF\IRU(PSRZHUPHQW
3HUVRQDO HPSRZHUPHQW LV RQH RI WKH JRDOV RI WKH OLWHUDF\ SURJUDPPHV WKDW DUH
LPSOHPHQWHG E\ GHYHORSPHQW DJHQFLHV HJ )UHLUH %DUWRQ 9HUKRHYHQ
3HUVRQDO HPSRZHUPHQW ZKLFK LV JDLQHG WKURXJK EHWWHU VHOIHVWHHP LV D
UHVXOW RI JDLQLQJ QHZ VNLOOV LQ OLWHUDF\ FODVVHV 7LEHWDQ DGXOW OLWHUDF\ VWXGHQWV
H[SHULHQFHLQHTXDOLW\EHWZHHQWKHPVHOYHVDQG+DQ&KLQHVHRURWKHUPLQRULWLHVRQH
UHDVRQEHLQJODFNRIIRUPDOHGXFDWLRQFI6ZDUW](YHQWKRXJKDFRPSXOVRU\
HGXFDWLRQODZLVEHLQJLPSOHPHQWHGWKHGURSRXWUDWHLQQRPDGLFUHJLRQVKDVEHHQ
KLJK)DPLOLHVKDYHVHQWFKLOGUHQWRVFKRROIRUWZRWRWKUHH\HDUVRQO\GXHWRODFN
RI HFRQRPLF UHVRXUFHV RU WKDW FKLOGUHQ ZHUH QHHGHG IRU GRPHVWLF GXWLHV RU
VRPHWLPHV GXH WR WKHLU DWWLWXGH WRZDUGV HGXFDWLRQ ,Q WKH HQG \RXQJ SHRSOH ZLWK
ODFN RI HGXFDWLRQ IHHO LQFRPSHWHQW LQ D OLWHUDWH VRFLHW\ DV RQH OLWHUDF\ VWXGHQW
H[SODLQV
³2QHOLWHUDF\VWXGHQWLQKLVWZHQWLHVVDLGWKDWSHRSOHLQWRZQVPDNHKLPIHHO
OLNHDFRXQWU\SXPSNLQEHFDXVHKHFRXOGQRWUHDGDQGZULWH´)11R
7KLV VWDWHPHQW FDUULHV JUHDW ZHLJKW LQ LWV FRQWH[W DQ LOOLWHUDWH PDQ IURP DQ HWKQLF
PLQRULW\ JURXS LQ WKH 35& DQG D +DQ &KLQHVH SHUVRQ DUH QRW HTXDO 4XLWH WKH
FRQWUDU\ ERWK IDFWV EHORQJLQJ WR D HWKQLF PLQRULW\ JURXS RI WKH 35& DQG EHLQJ
LOOLWHUDWHKLJKOLJKWµEDFNZDUGQHVV¶DVGLVFXVVHGHDUOLHULQWKLVFKDSWHU
/LWHUDF\ DFTXLVLWLRQ KDV YDOXH DV D PLQGRSHQHU DPRQJ DGXOW VWXGHQWV WR ZKLFK
)UHLUH UHIHUV 7HDFKLQJ PHQ WR UHDG DQG ZULWH LV QR ORQJHU DQ
LQFRQVHTXHQWLDOPDWWHURIEDEHELEREXRIPHPRUL]LQJDQDOLHQDWHGZRUGEXWD
GLIILFXOWDSSUHQWLFHVKLSLQQDPLQJWKHZRUOGS$FFRUGLQJO\VRPHVWXGHQWV
RI WKH 7/3 PDNH FRPPHQWV OLNH /LWHUDF\ RSHQHG IRU PH D QHZ ZRUOG DQG 0\
H\HV DUH RSHQHG QRZ 2% 1R )1 1R 7KHVH FRPPHQWV LQGLFDWH WKDW
OHDUQLQJ WR UHDG DQG ZULWH KDV EHFRPH D XVHIXO WRRO IRU SHUVRQDO GHYHORSPHQW
)XUWKHUPRUH LI ZH ORRN DW 0V 'URPD LQ WKH IROORZLQJ H[WUDFW DQRWKHU IDFHW RI
OLWHUDF\LVHYLGHQW
³'URPD D \HDU ROG VKRSNHHSHU ZDV H[FLWHG KRZ OLWHUDF\ KDG RSHQHG D
QHZZRUOGWRKHU6KHOLNHVWRUHDGVWRU\ERRNVDQGOHDUQPRUHE\UHDGLQJ´
211R
$QHZZRUOGLVQRWRQO\DQ³DELOLW\WRWKLQN´EXWDOVRDQDELOLW\WRGHOYHLQWRZULWWHQ
WH[WV ZKLFK ZHUH SUHYLRXVO\ DQ XQNQRZQ FORVHG ZRUOG WR KHU 1RZ VKH KDV WKH
VNLOOVWRJDLQPRUHNQRZOHGJHDQGPDNHVRPH SHUVRQDOSURJUHVVFI %DNHU
'URPDDQGRWKHUVOLNHKHUKDYHH[SHULHQFHGWKHWUDQVIRUPDWLRQRIWKHLUKDELWXVWR
VRPH H[WHQW WKURXJK OLWHUDF\ HGXFDWLRQ FI %RXUGLHX DQG OLWHUDF\ KDV
HPSRZHUHG WKHP ZLWK QHZ VNLOOV IRU OLIH FI %ODFNOHGJH /XNH +RZHYHU 9HUKRHYHQ DUJXHV WKDW GHVSLWH FRPSXOVRU\ SULPDU\ HGXFDWLRQ
³PDQ\SHRSOHGRQRWUHDFKDOHYHORIFRPSHWHQFHLQOLWHUDF\ZKLFKLVVXIILFLHQWWR
FRSH ZLWK HYHU\GD\ GHPDQGV´ 6LPLODUO\ QRW DOO DGXOW $PGR 7LEHWDQ
OLWHUDF\VWXGHQWVZRXOGUHDFKDIXQFWLRQDOOHYHORIOLWHUDF\HQDEOLQJWKHPWRSUDFWLVH
OLWHUDF\ LQ D ZD\ WKDW ZRXOG LQFUHDVH WKHLU NQRZOHGJH 7KH\ SUDFWLFH OLWHUDF\ IRU
UHOLJLRXVSXUSRVHV
5HOLJLRXV SUDFWLFH LV QRW WKH RQO\ FRQWH[W IRU QHZO\ OLWHUDWH $PGRV WR XVH WKHLU
VNLOOV6RPHVWXGHQWVRIWKH7/3IURPDYLOODJHLQ;LQJKDL&RXQW\H[SODLQHGKRZ
DFTXLULQJOLWHUDF\KDVKHOSHGWKHP7KHLUDQVZHUVLQFOXGHGWKHIROORZLQJ
&DQOHDUQRWKHUWKLQJVOLNHPDWKHPDWLFVDQGVFLHQFH
%HIRUHZHGLGQ¶WNQRZRXURZQODQJXDJH
:HNQRZRXURZQFXOWXUHEHWWHUQRZ
*DLQEHWWHUVHOIFRQILGHQFH
:HFDQOHDUQQHZWKLQJV
&DQXQGHUVWDQGZKHQJRWRPDUNHW)11R
7RµNQRZWKHLURZQFXOWXUH¶LVWKHRQO\VWDWHPHQWRQWKHOLVWWKDWUHIHUVWRUHOLJLRQ
$OO RWKHUV UHIHU WR HPSRZHUPHQW ZKLFK WKH\ IHHO LV QRZ ZLWKLQ UHDFK WKURXJK
OLWHUDF\
7KURXJK EHWWHU VHOIHVWHHP DFKLHYHG E\ OLWHUDF\ DFTXLVLWLRQ $PGRV SRVLWLRQ
WKHPVHOYHV GLIIHUHQWO\ LQ VRFLHW\ 7KH\ XVXDOO\ DGRSW GLIIHUHQW ZDONV RI OLIH DQG
KDYHDZLGHUVSHFWUXPRIDFWLYLWLHV2%1R'2&ZKLFKPD\EHGXHWRWKH
DELOLW\WRPDNHPRUHLQIRUPHGFKRLFHVLQOLIHDVOLWHUDWHDGXOWVFI81(6&2
:RPHQDWWKH7/3PHQWLRQHGEHLQJDEOHWRUHDGVRQJVDQGSRVVLEO\ZULWHWKHPWRR
/HDUQLQJWRUHDGHQDEOHGWKHPWRSUDFWLVHOLWHUDF\LQWKHZD\WKH\ZDQWHGDQGDWWKH
VDPHWLPHLWJDYHWKHPPRUHSHUVRQDODFWLYLWLHV7KDWDVDQDFKLHYHPHQWRIOLWHUDF\
DFTXLVLWLRQLVZKDW%DUWRQVXJJHVWVIRUOLWHUDF\ZRUN3HRSOHVKRXOGEHDEOH
WR OHDUQ OLWHUDF\ DFFRUGLQJ WR WKHLU QHHGV IRU OLWHUDF\ DQG FRPPXQLFDWLRQ SUDFWLFHV
WKDW DUH IDPLOLDU WR WKHP $V PHQWLRQHG HDUOLHU VRQJV DQG PXVLF DUH JHQHUDOO\ DQ
LPSRUWDQW SDUW RI 7LEHWDQ FXOWXUDO OLIH %HLQJ DEOH WR UHDG WKH ZRUGV DQG HYHQ WR
ZULWHWKHPLVWUDQVIRUPDWLRQDOLQDQ$PGR¶VOLIHFI0H]LURZ
$QRWKHU DVSHFW RI SHUVRQDO HPSRZHUPHQW LV JDLQLQJ LQGHSHQGHQFH DV DQ DGXOW
WKURXJK OLWHUDF\ DFTXLVLWLRQ DV GLVFXVVHG LQ &KDSWHU FI %ODFNOHGJH /\WOH
DQG/DQGDX81(6&2$PGRVDWWHQGOLWHUDF\WHDFKLQJLQRUGHUWRJDLQ
PRUH SHUVRQDO LQGHSHQGHQFH 7KH\ VHH OLWHUDF\ DV D WRRO IRU UHODWLQJ WR WKH ZRUOG
DURXQGWKHP5HDGLQJDQGZULWLQJVNLOOVDUHDERRVWIRULQGHSHQGHQFHLQDWWHQGLQJWR
GLIIHUHQW WDVNV LQ VRFLHW\ ZKLFK ZRXOG EH PRUH FRPSOLFDWHG ZLWKRXW OLWHUDF\
7UDYHOOLQJDQGVKRSSLQJDUHWZRH[DPSOHVRIVXFKDFWLYLWLHV
³2QH EXVLQHVV ZRPDQ LQ D UHPRWH YLOODJH RI 7RQJGH VD\V WKDW VKH IHOW
FRQILGHQW WR GR KHU EXVLQHVV LQ ;LQLQJ DIWHU VKH FRPSOHWHG WKH FRXUVH RI
7/3(YHQWKRXJKVKHGRHVQRWNQRZ&KLQHVHVKHVD\VWKDWVKHIHHOVPRUH
FRQILGHQW YLVLWLQJ ;LQLQJ WKDQ EHIRUH 6KH WKLQNV WKDW NQRZLQJ WR UHDG
7LEHWDQLVHQRXJKIRUKHUEXVLQHVVSXUSRVHV´211R
7KLV DVSHFW RI OLWHUDF\ LV DOVR VWUHVVHG E\ JRYHUQPHQW RIILFLDOV 7KH\ SURPRWH
OLWHUDF\DVDWUDQVIRUPDWLRQDOWRROIRUSHUVRQDOGHYHORSPHQWE\VD\LQJWKDWOLWHUDF\
HQDEOHV 7LEHWDQ SHRSOH WR EH PRUH LQGHSHQGHQW LQ GDLO\ OLIH FI 5RELQVRQ3DQW
E5RJHUV81(6&2DE5HDGLQJDQGZULWLQJVNLOOVDUH
VDLG WR PDNH WUDYHOOLQJ WR WKH SURYLQFLDO FDSLWDO RU D VKRSSLQJ WULS WR WKH FRXQW\
FHQWUHHDVLHUIRU$PGRVDVSHRSOHFDQUHDGVLJQV211R+RZHYHUWKHUHLVD
FRQWUDGLFWLRQ KHUH &KLQHVH VLJQV DUH GRPLQDQW LQ SXEOLF SODFHV DQG EXV VLJQV IRU
GHVWLQDWLRQDUHLQ&KLQHVH+DUUL7KHUHIRUHLQWKLVFRQWH[WOLWHUDF\LVPRUH
RI D ERRVWHU IRU VHOIHVWHHP DQG VHOIHPSRZHUPHQW WKDQ DQ DFWXDO VNLOO IRU GRLQJ
VRPHWKLQJVXFKDVUHDGLQJEXVVLJQVFI$LNPDQ=XEDLU
$FTXLULQJOLWHUDF\LQ7LEHWDQLVVHHQDVWKHVWDUWLQJSRLQWIRUHFRQRPLFGHYHORSPHQW
DQG IRU ³WUDQVIRUPDWLRQ´ 6WXGHQWV WHDFKHUV DQG 7LEHWDQ RIILFLDOV DJUHH WKDW
DFTXLULQJ OLWHUDF\ PDNHV D GLIIHUHQFH LQ OLIH 7UDLQHUV RI WKH 7/3 FDPH WR WKH
IROORZLQJFRQFOXVLRQVUHJDUGLQJWKHFRQQHFWLRQEHWZHHQOLWHUDF\DQGGHYHORSPHQW
/LWHUDF\LVDIRXQGDWLRQIRUGHYHORSPHQW
'HYHORSPHQWLVJRRGIRUOLWHUDF\
/LWHUDF\PDNHVVHQVHIRUGHYHORSPHQW
/LWHUDF\LVDUHDOOLEHUDWLRQIRUWKRXJKWZKLFKOHDGVWRGHYHORSPHQW
/LWHUDF\RSHQVH\HVWRNQRZPRUHZKLFKOHDGVWRGHYHORSPHQW
1RWHVRQ7UDLQLQJ)11R
+RZHYHU WUDLQHUV GLG QRW VSHFLI\ ZKDW NLQG RI GHYHORSPHQW VKRXOG UHVXOW GXH WR
DFTXLVLWLRQRIOLWHUDF\VNLOOV7KHODVWWZRUHPDUNVUHIHUPRUHWRSHUVRQDODQGVRFLDO
GHYHORSPHQW WKDQ WR HFRQRPLFDO GHYHORSPHQW 7KURXJK WUDQVIRUPDWLRQDO OHDUQLQJ
$PGRVFDQUHDFKGHYHORSPHQW
(FRQRPLFDO GHYHORSPHQW WKURXJK 7LEHWDQ ODQJXDJH OLWHUDF\ KDV REVWDFOHV WKH
7LEHWDQ ODQJXDJH LV QRW DV FRPPRQO\ XVHG LQ ZLGHU VRFLHW\ HPSOR\PHQW
RSSRUWXQLWLHV IRU PRQROLQJXDO 7LEHWDQ VSHDNHUV DUH DOVR OLPLWHG +DUUL .QRZLQJ 7LEHWDQ LV DQ DVVHW LQ WKH ODERXU PDUNHW LQ D 7LEHWDQ UHJLRQ EXW ODFN RI
DELOLW\WRXVHWKH&KLQHVHODQJXDJHLVDMREVHHNHU¶VGLVDGYDQWDJH,IZHORRNDJDLQ
DW WKH UHVXOWV RI WKH ODQJXDJH VXUYH\ )LJXUH RQ SDJH ZH VHH KRZ OLPLWHG
7LEHWDQ ODQJXDJH XVDJH ZDV LQ EDQNV JRYHUQPHQW RIILFHV DQG HYHQ LQ VKRSSLQJ
(PSOR\HUVZKRNQRZ7LEHWDQFDQDVVLVW7LEHWDQFXVWRPHUVEXWPDQ\MREVUHTXLUH
NQRZOHGJHRI&KLQHVHRUHYHQ(QJOLVK7KHUHDUHDORWRIIRUPVWRILOORXWLQEDQNV
DQGRIILFHV,QVKRSVRQHKDVWREHDEOHWRUHDGSURGXFWPDQXDOVDQGODEHOVRUZULWH
ELOOVZKLFKFXVWRPHUVSD\DWDVHSDUDWHFDVKFRXQWHUHWF$OOWKHVHIRUPVDQGELOOV
DUH LQ &KLQHVH +DUUL 7VRNVXP D 7LEHWDQ XQLYHUVLW\ VWXGHQW SRQGHUHG KLV
RSSRUWXQLWLHVIRUHPSOR\PHQWDQGVDLG
³,WLVHDVLHUWRJHWDMRELI\RXNQRZ&KLQHVH7LEHWDQDQG(QJOLVK´
,171R
$OVRWKHILQDO7/3UHSRUWIROORZVWKHVDPHOLQH
³7KH UHDO FKDQJH LQ WKH DUHD RI SRYHUW\ UHGXFWLRQ ZDV LQ JLYLQJ SHRSOH
DFFHVV WR RWKHU HPSOR\PHQW RSSRUWXQLWLHV 6LQFH WKH\ QRZ KDYH OLWHUDF\
VNLOOVVRPHLQGLYLGXDOVUDQIRUDQGVXFFHHGHGLQDWWDLQLQJPLQRUSRVLWLRQVRI
SXEOLF RIILFH VXFK DV D YLOODJH VHFUHWDU\ RU D YLOODJH SDUW\ VHFUHWDU\ 0DQ\
MRE RSSRUWXQLWLHV DUH RQO\ RSHQ WR SHRSOH ZLWK OLWHUDF\ VNLOOV LQ &KLQHVH
UDWKHUWKDQLQ7LEHWDQDQGWKHUHIRUHWKLVLPSDFWKDVEHHQOLPLWHGVRIDU ,Q
WKH DEVHQFH RI VXIILFLHQW DGXOW DQG YRFDWLRQDO HGXFDWLRQ DV ZHOO DV RI
DIILUPDWLYH HPSOR\PHQW SROLFLHV WR DVVLVW HPSOR\PHQW DQG WUDLQLQJ WKH
XQGHUVNLOOHG7LEHWDQVFDQHDVLO\ORVHRXWRQHFRQRPLFSURJUHVV´
7KHILQDOUHSRUWRIWKH7/3
6LQFH 7LEHWDQ VSHDNHUV KDYH IHZHU MRE RSSRUWXQLWLHV HVSHFLDOO\ DPRQJ QRPDGLF
SHRSOH HFRQRPLF GHYHORSPHQW LV QRW GLUHFWO\ SURSRUWLRQDO WR IXQFWLRQDO OLWHUDF\
DFKLHYHPHQW +RZHYHU EHWWHU VNLOOV LQ DQLPDO KXVEDQGU\ IRU LQVWDQFH ZRXOG
LPSURYHWKHLQFRPHRI7LEHWDQIDPLOLHV7KHVHVNLOOVDFFRUGLQJWR7LEHWDQFXOWXUH
KDYHWREHOHDUQHGVHSDUDWHO\
5RJHUV DUJXHV WKDW GLIIHUHQW GHYHORSPHQWV KDYH GLIIHUHQW VWDWXV VRPH DUH
GRPLQDQWZKLOHVRPHDUHGHPHDQHG/LWHUDF\DVDPHDQVRIGHYHORSPHQWLQ7LEHWDQ
OLIH FRQFHUQV ERWK WKH WUDQVIRUPDWLRQ RI LQGLYLGXDOV DQG WKH GHYHORSPHQW RI
FRPPXQLWLHV2QWKHRQHKDQGJOREDOVORJDQVRIDGXOWOLWHUDF\HGXFDWLRQVXFKDVD
PHDQV IRU EHWWHU HPSOR\PHQW DQG EHWWHU KHDOWK FDUH DUH QRW UHOHYDQW LQ $PGR
7LEHWDQFRPPXQLWLHV7KRVHWZRILHOGVKDYHOLPLWDWLRQVZLWKRXWOLWHUDF\LQ&KLQHVH
2Q WKH RWKHU KDQG EHWWHU VHOIHVWHHP DQG PRUH LQGHSHQGHQW GDLO\ OLIH WKURXJK
7LEHWDQ OLWHUDF\ DFTXLVLWLRQ DUH DFKLHYHPHQWV LQ SHUVRQDO GHYHORSPHQW WRZDUGV
IXUWKHU SURJUHVV VLQFH LQFUHDVHG FRQILGHQFH RIWHQ KDV VRFLDO DQG SROLWLFDO
VLJQLILFDQFH
)LQDOO\±&XOWXUDO&RQWH[WRI/LWHUDF\(GXFDWLRQ
&XOWXUDO9DOXHV%HOLHIVDQG,GHRORJLHVLQ/LWHUDFLHV
,Q LWV ZLGHVW VHQVH FXOWXUH LQFOXGHV WKH IXQGDPHQWDO ULJKWV RI WKH KXPDQ EHLQJ
YDOXHV\VWHPVWUDGLWLRQVDQGEHOLHIV81(6&2&XOWXUHLVXQGHUVWRRGDVDQ
LQWHJUDWHG SDWWHUQ RI KXPDQ NQRZOHGJH EHOLHIV DQG EHKDYLRXU DQG VKDUHG YDOXHV
JRDOVDQGSUDFWLFHVWKDWFKDUDFWHULVHDSHRSOHJURXS7LEHWDQFXOWXUHZLWKLWVXQLTXH
FRPSRQHQWVLVDOLYHDQGZHOO&XOWXUDOYDOXHVEHOLHIVDQGLGHRORJLHVDUHSRZHUIXOO\
HPEHGGHGLQ7LEHWDQDGXOWOLWHUDF\HGXFDWLRQ
,KDYHORRNHGDWFXOWXUDOSKHQRPHQDRI7LEHWDQOLWHUDFLHVLQ$PGRVRFLHW\ DVWKH\
HPHUJHLQFXOWXUDOHOHPHQWVVXFKDVJHQGHUUHOLJLRQJHQHUDWLRQDQGVRFLDOFODVV,
KDYH DWWHPSWHG WR IRUP D SLFWXUH RI 7LEHWDQ FXOWXUDO OLWHUDF\ E\ ORRNLQJ LQWR WKH
ZD\V $PGRV LQWHUSUHW WKHLU H[SHULHQFH DQG JHQHUDWHEHKDYLRXU FRQFHUQLQJ OLWHUDF\
DQGOLWHUDF\SUDFWLFHVLQVRFLHW\DQGLQDGXOWOLWHUDF\FODVVHVFI6SUDGOH\,W
KDV EHFRPH HYLGHQW WKDW SDWULDUFK\ UHOLJLRQ DQG WKH FXOWXUDO QRWLRQ RI VKDPH DQG
GLVJUDFHJHQHUDWHEHKDYLRXUDOQRUPVLQ$PGRVRFLHW\(YHQWKRXJK$PGRVRFLHW\LV
FKDQJLQJ DQG LW SURYLGHV EHWWHU RSSRUWXQLWLHV IRU ZRPHQ WR VWXG\ DQG WR ZRUN WKH
FXOWXUDOQRUPVOLPLWWKHMRERSSRUWXQLWLHVRIZRPHQLQDGXOWHGXFDWLRQ
, KDYH DOVR ORRNHG LQWR KRZ FXOWXUDO EHOLHIV DQG YDOXHV H[LVW DQG DUH SUDFWLVHG LQ
UHODWLRQVKLSVZLWKLQ$PGRVRFLHWLHVFI+RIVWHGH)RUH[DPSOHLWLVEHOLHYHG
WKDW PHQ KDYH EHWWHU 7LEHWDQ ODQJXDJH NQRZOHGJH DQG PDQDJHPHQW VNLOOV WKDQ
ZRPHQGR7KHUHIRUHWKH\DUHUHJDUGHGEHWWHUWHDFKHUVWKDQZRPHQLQDGXOWOLWHUDF\
FODVVHV7KHVHVRFLHWDOUHODWLRQVKLSVDUHVWUXFWXUHGE\SRZHUZKLFKDOVRLQIOXHQFHV
OLWHUDF\OHDUQLQJDQGOLWHUDF\SUDFWLFHV,VVXHVRISRZHUDUHQRWLFHDEOHLQOLWHUDFLHVLQ
$PGR VRFLHW\ :RPHQ KDYH OHVV SRZHU WKDQ PHQ GR WHDFKLQJ VLWXDWLRQ LV
DXWKRULWDULDQ UHOLJLRXV LQVWLWXWLRQV KDYH SRZHUIXO SRVLWLRQ LQ FRPPXQLWLHV WKH
JRYHUQPHQWRIWKH35&VKRZVLWVSRZHUE\LWVOHJLVODWLRQVDQGUXOHVLQWKH7LEHWDQ
UHJLRQHWF
$V GLVFXVVHG LQ WKLV FKDSWHU 7LEHWDQ DGXOW OLWHUDF\ HGXFDWLRQ LQ D VHFXODU FRQWH[W
FRUUHVSRQGVWRWKH ZD\VOLWHUDF\LVSUDFWLVHGLQHYHU\GD\OLIHDQGWRGLVFRXUVHVRI
OLWHUDF\ ,W LV LQIOXHQFHG E\ WKH ODQJXDJH RI OLWHUDF\ HWKQLF LGHQWLW\ FXOWXUDO
WUDGLWLRQV DQG UHOLJLRXV SUDFWLFHV 7KHVH UHODWLRQVKLSV DUH SUHVHQWHG LQ WKH GLDJUDP
RQSDJH)LJXUH
7KHVH GLIIHUHQW HOHPHQWV KDYH YDULRXV NLQGV RI SRZHU UHODWLRQV WR OLWHUDF\ FI
%RXUGLHX7KHODQJXDJHRIOLWHUDF\LVDVLWHRISRZHUUHOLJLRXVDQGSROLWLFDO
LQVWLWXWLRQV SUDFWLVH SRZHU LQ OLWHUDF\ SUDFWLFHV WKHUH DUH IHPDOHPDOH SRZHU
UHODWLRQV HWF 7LEHWDQ %XGGKLVP LV WKH VRXUFH RI WKH ODQJXDJH PRQDVWHULHV KDYH
PDLQWDLQHG WKH ODQJXDJH E\ SURYLGLQJ WH[WV WR UHDG DQG ODQJXDJH WHDFKHUV ERWK LQ
VFKRROVDQGLQDGXOWOLWHUDF\HGXFDWLRQ7KLVWKHQUDLVHVWKHTXHVWLRQRIWKHSXUSRVH
RI OLWHUDF\ $W WKH VDPH WLPH LW FRQILUPV 6WUHHW¶V VWDWHPHQW RI OLWHUDF\ EHLQJ
FXOWXUDOO\FRQVWUXFWHGDQGDVLWHRISRZHU7KHQ7LEHWDQOLWHUDFLHVDUHJHQGHUEDVHG
DVZRPHQSDUWLFLSDWHVRPHOLWHUDF\DFWLYLWLHVDQGQRWRWKHUV7KHJRYHUQPHQWRIWKH
35&DGGVLWVSRUWLRQWRWKHGLVFXVVLRQRISRZHULQOLWHUDF\GRPLQDQWOLWHUDFLHVDUH
LQ&KLQHVH$PGRVHLWKHUQHHGWRNQRZ&KLQHVHRUKDYHDVVLVWDQFHLQDWWHQGLQJWKHLU
EXVLQHVV LQ JRYHUQPHQW RIILFHV 6FKRRO ERRNV DUH ILUVW SULQWHG LQ &KLQHVH DQG D
FRXSOHRI\HDUVODWHULQ7LEHWDQDQGVRIRUWK
7KH FXOWXUDO LQIOXHQFH RQ $PGR OLWHUDF\ HGXFDWLRQ FDQ DOVR EH VHHQ DV DQ RQLRQ
GLDJUDP WKH ODQJXDJH RI OLWHUDF\ HWKQLF LGHQWLW\ FXOWXUDO WUDGLWLRQV SDWULDUFKDO
YDOXHV DQG UHOLJLRXV YDOXHV IRUP WKH FHQWUH RI WKH GLDJUDP DV FRUH YDOXHV RI WKH
FXOWXUH7LEHWDQGDLO\OLWHUDF\SUDFWLFHVDUHWKHQLQIOXHQFHGE\GDLO\SUDFWLFHVKHURLF
VWRULHVRIWKHVRFLHW\GLIIHUHQWODQJXDJHSUDFWLFHVHWF7KH\IRUPWKHRXWHUOD\HUVRI
WKH³7LEHWDQRQLRQRIOLWHUDF\SUDFWLFHV´
5HOLJLRXVSUDFWLFHV WHDFKLQJPHWKRG
XVHRIOLWHUDF\
(WKQLFLGHQWLW\
/DQJXDJH
UHOLJLRXVLGHQWLW\ GLJORVVLD
ODQJXDJHLGHQWLW\ PXOWLOLWHUDFLHV
JRDOVRIOLWHUDF\WHDFKLQJ
ODQJXDJHDQGSRZHU
3DWULDUFKDOVWUXFWXUHRIVRFLHW\
ZD\VRIOHDUQLQJ
DWWLWXGHV
SRZHU
JHQGHU
7LEHWDQGDLO\OLWHUDF\SUDFWLFHV
7LEHWDQOLWHUDF\HGXFDWLRQ
)LJXUH5HODWLRQVKLSVRI7LEHWDQOLWHUDF\DQGFXOWXUDOHOHPHQWV
:H FDQ DOVR ORRN DW WKH FXOWXUDO SKHQRPHQRQ XVLQJ +ROOLGD\¶V VPDOO FXOWXUH
SDUDGLJP,QWKLVFDVHZHVHHVLPLODUSUDFWLFHVZLWKVRPHRWKHU$VLDQQRQ
QDWLRQ FXOWXUHV )RU H[DPSOH QRPDGLF SHRSOH LQ 5DMDVWKDQ IHHO PDUJLQDOLVHG
EHFDXVHWKH\FDQQRWUHDGDQGZULWH'\HUDQGWKDWUHSHWLWLRQRIWH[WVLQFODVV
LV FRPPRQO\ XVHG LQ ,QGLD 7KHVH SKHQRPHQD FDQ EH H[SODLQHG WKURXJK D VPDOO
FXOWXUHSDUDGLJPUDWKHUWKDQWKURXJKWKHµRQLRQVNLQ¶DSSURDFK7KHUHIRUHZHFDQ
WDONDERXWVPDOOFXOWXUHVRIHGXFDWLRQWKDWH[LVWEH\RQGERUGHUVRIQDWLRQFXOWXUHV
$OVR+ROOLGD\¶VVPDOOFXOWXUHWKHRU\DVVLVWVLQDQDO\VLQJPRVWFODVVURRPDFWLYLWLHV
DQGILQGVWKHLUUHODWLRQVWRRWKHUOLWHUDF\HYHQWVDQGSUDFWLFHVLQ7LEHWDQVRFLHW\
/LWHUDF\DQG'LIIHUHQW3RZHU5HODWLRQV
/LWHUDF\ SUDFWLFHV DUH SDWWHUQHG E\ VRFLDO LQVWLWXWLRQV DQG SRZHU UHODWLRQV
)XUWKHUPRUH OLWHUDF\ LV XWLOLVHG LQ PDQ\ GLIIHUHQW ZD\V LQ VRFLHW\ ERWK RQ DQ
LQGLYLGXDO DQG DQ LQVWLWXWLRQDO OHYHO %RXUGLHX 7KH SKRWR RQ WKH QH[W SDJH
)LJXUH JLYHVDQH[DPSOHRISRZHUUHODWLRQVRIOLWHUDF\LQDPXOWLOD\HUHGZD\
7KH SKRWR ZDV WDNHQ LQ D FODVV RI WKH 7LEHWDQ /LWHUDF\ 3URJUDPPH 7/3 7KH
ORFDOGHSDUWPHQWRIWKH &RPPXQLVW3DUW\SURYLGHGLWVKDOOIRUWKH7/3WRXVHDVD
FODVVURRP7KHSLFWXUHVRIFRPPXQLVWOHDGHUVDQGWKHSUHYLRXVOHDGHUVRIWKH35&
DUH SODFHG LQ D KLJK SODFH LQ WKH ZDOOLQ IURQW RIWKH FODVVURRP 'LIIHUHQW NLQGV RI
WH[WV LQ &KLQHVH DUH SODFHG EHORZ WKHP 7KH PDLQ SXUSRVH IRU WKH JDWKHULQJ WKH
7LEHWDQ ODQJXDJH KDV EHHQ JLYHQ WKH ORZHVW SODFH LQ WKH URRP LQ IURQW RI WKH
VWXGHQWV7KHSLFWXUHVLQWKHURRPDUHUHPLQGHUVRIWKHSRZHUUHODWLRQVLQWKHVRFLHW\
DQGWKHSULQWHGWH[WVVWUHQJWKHQWKHPHVVDJHDVDFFRUGLQJWR.UDXVLQ&KLQD
SHRSOHKDYHDUHVSHFWIRUSULQWHGPDWHULDO
)LJXUH3RZHUUHODWLRQVLQDOLWHUDF\HYHQW
3HRSOHKDYHDFFHVVWROLWHUDF\GHSHQGLQJRQWKHLUSRVLWLRQVRFLDOFODVVLQVRFLHW\
JHQGHUDQGFXOWXUDOIRUPDWLRQV/XNH$VZHKDYHVHHQWUDGLWLRQDOO\LQ$PGR
VRFLHW\ PRQDVWHULHV KDYH SRVVHVVHG WKH KLJKHVW DXWKRULW\ QRW RQO\ RYHU UHOLJLRXV
LVVXHV EXW DOVR RYHU SROLWLFV OLWHUDF\ SUDFWLFHV DQG HGXFDWLRQ (YHQ WKRXJK WKH
0LQLVWU\RI(GXFDWLRQKDVWDNHQUHVSRQVLELOLW\IRURUJDQLVLQJHGXFDWLRQDOORYHUWKH
35&0LQLVWU\RI(GXFDWLRQPRQDVWLFLQIOXHQFHLVDSSDUHQWLQDGXOWOLWHUDF\
7KH7LEHWDQ/LWHUDF\3URJUDPPHZDVLPSOHPHQWHGLQ+DLQDQ7$3
HGXFDWLRQDQGGLVFRXUVHVRI7LEHWDQOLWHUDF\$PGRER\VKDYHKDGEHWWHUDQGPRUH
RSSRUWXQLWLHVIRUHGXFDWLRQLQPRQDVWHULHVWKDQJLUOVLQQXQQHULHV
$OVR WKH ZD\V RI WHDFKLQJ JRDOV RI WHDFKLQJ DQG GLVFRXUVH RI OLWHUDF\ IROORZ
PRQDVWLFSDWWHUQV5HOLJLRXVYDOXHVDUHREYLRXVERWKLQDGXOWOLWHUDF\HGXFDWLRQDQG
LQ OLWHUDF\ SUDFWLFHV DQG GLVFRXUVHV RI GDLO\ OLIH HJ OHDUQLQJ WR UHDG ZLWKRXW
FRPSUHKHQVLRQ RI D WH[W LV EDVHG RQ WKH UHOLJLRXV SUDFWLFHV DQG JHWV LWV PHDQLQJ
IURPWKHUHOLJLRQ$PGRVFDQILQGWKLVNLQGRIUHDGLQJSUDFWLFHHGLI\LQJ
.UDPVFKDUJXHVWKDWWKHFXOWXUHRIHYHU\GD\SUDFWLFHVGUDZVRQWKHFXOWXUHRIVKDUHG
KLVWRU\DQGWUDGLWLRQEXWDOVRDQWLFLSDWHVWKHIXWXUH.UDPVFK7KH7LEHWDQ
FXOWXUHRIHYHU\GD\SUDFWLFHVKDVFKDQJHG7KHQRPDGLFZD\RIOLIHLVFRQWUROOHGE\
QHZ VWULFW JRYHUQPHQW UXOHV 6HH &KDSWHU 7KH QXPEHU RI SHUPDQHQW KRXVHV LV
LQFUHDVLQJDQGVRPH$PGRVPXVWOLYHLQQHZJRYHUQPHQWVHWWOHPHQWV6LPLODUO\WKH
HQYLURQPHQW RI 7LEHWDQ OLWHUDF\ KDV FKDQJHG LW KDV HPHUJHG IURP WKH UHOLJLRXV
FRQWH[WLQWRVHFXODUVRFLHW\<HWWKHUROHRIUHOLJLRQLQ$PGRFRPPXQLWLHVKDVQRW
FKDQJHG UHPDUNDEO\ 7LEHWDQ %XGGKLVP LV D EDVWLRQ IRU NHHSLQJ WKH 7LEHWDQ
ODQJXDJHDOLYHDQGVXVWDLQLQJOLWHUDF\SUDFWLFHV5HOLJLRXVERRNVPRWLYDWHODQJXDJH
OHDUQHUV WRZDUGV OLWHUDF\ DFTXLVLWLRQ DQG OLWHUDF\ SUDFWLFH )RU H[DPSOH YLOODJH
SHRSOHDUHPRWLYDWHGWRDFTXLUHOLWHUDF\E\UHOLJLRXVERRNVHYHQWKRXJKWKH\FDQQRW
XQGHUVWDQGWKHKLJKSKLORVRSKLFDOWH[WLQWKRVHERRNV7LEHWDQ%XGGKLVPSURPRWHV
WKH 7LEHWDQ ODQJXDJH E\ SURYLGLQJ DQ DUHQD IRU OLWHUDF\ SUDFWLFH SXEOLVKLQJ
OLWHUDWXUH DQG RWKHU OLWHUDF\ PDWHULDOV 5HOLJLRXV ERRNV DUH WKH PDMRULW\ LQ
ERRNVWRUHV,QDGGLWLRQPDQ\OLWHUDF\SUDFWLFHVDUHHPEHGGHGLQUHOLJLRXVSUDFWLFHV
DQGVRPHRIWKHPFDQEHXQGHUVWRRGRQO\WKURXJKWKHYDOXHVDQGEHOLHIVRI7LEHWDQ
%XGGKLVPDVPHQWLRQHGDERYHWKHUHDGLQJSUDFWLFHV
$FFRUGLQJWR)RUGKDPHWDOSHRSOH
VH[SHFWDWLRQVRIOHDUQLQJDQGWHDFKLQJLV
RIWHQFXOWXUDOO\GHWHUPLQHGDQGDIIHFWHGE\WKHZD\VWKH\KDYHH[SHULHQFHGOHDUQLQJ
DQG WHDFKLQJ OLWHUDF\ ,Q $PGR VRFLHW\ WKH IDPLOLDU ZD\ RI OHDUQLQJ DQG WHDFKLQJ
OLWHUDF\RULJLQDWHGLQPRQDVWHULHV7HDFKLQJDQGOHDUQLQJPHWKRGVIURPPRQDVWHULHV
KDYHEHHQDGRSWHGIRUXVVHFXODUVFKRROVDQGDGXOWOLWHUDF\FODVVHV7KLVLVSDUWLDOO\
GXHWRPRQNVZKRKDYHEHHQWHDFKLQJ7LEHWDQLQVFKRROV7KLVFXOWXUDOWUDGLWLRQKDV
KDGDPDMRUUROHLQFDUU\LQJRQWKHVDPHWHDFKLQJDQGOHDUQLQJPHWKRGVLQVHFXODU
OLWHUDF\ HGXFDWLRQ DV LQ PRQDVWHULHV , VXJJHVW WKDW WKHVH WHDFKLQJ PHWKRGV ZKLFK
DUH QRW IUHH RI UHOLJLRXV YDOXHV DQG LGHRORJLHV KDYH FRQYH\HG WKHLU YDOXHV DQG
LGHRORJLHV WR VHFXODU WHDFKLQJ DQG OHDUQLQJ VLWXDWLRQV 7KLV FDQ EH VHHQ DV QDWXUDO
EHFDXVHUHOLJLRQLVDQHVVHQWLDOSDUWRIWKH7LEHWDQFXOWXUH0RQDVWLFHGXFDWLRQLVD
PRWKHU IRU FXUUHQW HGXFDWLRQ DQG 7LEHWDQ %XGGKLVP LV VWLOO DOLYH DQG ZHOO DQG
SRZHUIXOLQ7LEHWDQVRFLHWLHV
5HOLJLRXVLPSDFWDQGSRZHUUHODWLRQVFDQDOVREHVHHQLQYLHZLQJOLWHUDF\DVDVHWRI
VNLOOV FI 6WUHHW 7LEHWDQ OLWHUDF\ HGXFDWLRQ DLPV IRU VNLOOV RI UHDGLQJ DQG
ZULWLQJ ZKLFK DUHVHSDUDWHGIURPOHDUQLQJRWKHUVNLOOVIRUOLIH7KHUHIRUHWKHZD\
IXQFWLRQDO OLWHUDF\ WHDFKLQJ KDV EHHQ XVHG LQ PDQ\ DGXOW OLWHUDF\ SURJUDPPHV FI
81(6&2 7KH :RUOG %DQN 5RELQVRQ3DQW 5RJHUV FRQWUDGLFWV WKH WUDGLWLRQDO ZD\ RI WHDFKLQJ 7LEHWDQ OLWHUDF\ +RZHYHU HYHU\GD\
IXQFWLRQDO OLWHUDF\ WHDFKLQJ GRHV QRW FRQWUDGLFW LQ WKH VDPH ZD\ (YHU\GD\
IXQFWLRQDO OLWHUDF\ WHDFKLQJ KDV DOUHDG\ EHHQ LPSOHPHQWHG HJ LQ WKH 7/3
UHVXOWLQJ LQ HYHU\GD\ OLWHUDF\ VNLOOV EHLQJ DFTXLUHG E\ DOO DGXOW OLWHUDF\ VWXGHQWV
7KLV W\SH RI OLWHUDF\ PD\ QRW OHDG WR UHPDUNDEOH HFRQRPLF GHYHORSPHQW LQ $PGR
VRFLHW\ EXW DW DQ LQGLYLGXDO OHYHO LW LV D VXEVWDQWLDO DFKLHYHPHQW $GXOW OHDUQHUV
HVSHFLDOO\ZRPHQILQGHYHU\GD\IXQFWLRQDOOLWHUDF\DQLPSRUWDQWDFKLHYHPHQWVLQFH
WKH\IHHOPRUHFRQILGHQWDQGPRUHLQGHSHQGHQWLQWUDYHOOLQJDQGVKRSSLQJ
7KLVYLHZRIOLWHUDF\PDWFKHVWKHFXOWXUDOZD\RIOHDUQLQJOLWHUDF\RQHKDVWROHDUQ
WKH OHWWHUV DQG V\OODEOHV ILUVW EHIRUH RQH FDQ OHDUQ WR FRPSUHKHQG ZRUGV 0HDQLQJ
PDNLQJLQZULWWHQ7LEHWDQFDXVHVREVWDFOHVIRUOHDUQHUV7LEHWDQOLWHUDF\OHDUQHUVDUH
HIIHFWLYHO\ VHFRQG ODQJXDJH OHDUQHUV ZKHQ WKH\ DFTXLUH OLWHUDF\ LQ 7LEHWDQ 7KH\
EHFRPHOLWHUDWHLQWKHOLWHUDU\IRUPRIWKHODQJXDJHZKLFKLVQRWWKHODQJXDJHWKH\
VSHDNHYHU\GD\+RZHYHUOHDUQLQJWKHOLWHUDU\IRUPRIWKHODQJXDJHHQDEOHVWKHP
LQDGGLWLRQWRUHDGLQJ7LEHWDQWH[WWRXQGHUVWDQGWKHQHZVRQUDGLREURDGFDVWVDQG
RQ797KHODQJXDJHRIOLWHUDF\KDVSRZHUDQGWKURXJKLWSHRSOHPD\JDLQSRZHUE\
EHLQJDEOHWRREWDLQPRUHNQRZOHGJH
7KH7LEHWDQODQJXDJHLVDQHVVHQWLDOSDUWRI7LEHWDQFXOWXUDOLGHQWLW\,QDFKDQJLQJ
OLYLQJ ODQJXDJH HQYLURQPHQW WKH 7LEHWDQ ODQJXDJH KDV VXUYLYHG DV DQ HVVHQWLDO
FRPSRQHQW RI $PGR OLIH DQG LQ 7LEHWDQ VRFLHW\ 7LEHWDQ ODQJXDJH LV WKH PDLQ
FRPPXQLFDWLRQ WRRO -DQKXQHQ %DVLFDOO\ HYHQ WKRXJK 7LEHWDQ ODQJXDJH LV
WKHODQJXDJHRIHYHU\GD\OLIHLQ$PGRFRPPXQLWLHVLWLVDPLQRULW\ODQJXDJHZLWKLQ
ZLGHUVRFLHW\7KHUHIRUHLWLVFRPSHWLQJZLWKWKH&KLQHVHODQJXDJHRXWVLGH$PGR
YLOODJHV $V VXFK WKH 7LEHWDQ ODQJXDJH LV WKH VLWHRI GLVFULPLQDWLRQ 7H[WERRNV DUH
ILUVW SULQWHG LQ &KLQHVH DQG WKHQ SRVVLEO\ LQ 7LEHWDQ )XUWKHUPRUH WH[WERRNV DUH
WUDQVODWHGIURP&KLQHVHWH[WERRNVWKDWFDXVHV7LEHWDQVWREHFRPHFXOWXUDOO\OLWHUDWH
LQ&KLQHVHEHIRUHWKH\FDQXQGHUVWDQGWKHFRQFHSWVRIWHDFKLQJ0RQROLQJXDO$PGR
VSHDNHUVKDYHGLIILFXOW\JDLQLQJHPSOR\PHQWLQFRXQW\FHQWUHVHWFFI3DYOHQNR
%ODFNOHGJH
)HPDOHPDOHSRZHUUHODWLRQVLQOLWHUDFLHV
$PGRV OLYH LQ D SDWULDUFKDO VRFLHW\ ZKHUH PHQ DUH PRUH SRZHUIXO WKDQ ZRPHQ
ZKLFK KDV FDXVHG OLWHUDF\ DQG OLWHUDF\ HGXFDWLRQ WR EHFRPH D VLWH IRU SRZHU DQG
UHVLVWDQFH FI 5RELQVRQ3DQW F 8QWHUKDOWHU 7KHUH LV D IHPDOHPDOH
SRZHU G\QDPLF LQ 7LEHWDQ OLWHUDF\ SUDFWLFHV LQ $PGR VRFLHWLHV (YHQ LI ER\V KDYH
JRQH WR VFKRRO EXW WKH\ KDYH RQO\ EHFRPH VHPLOLWHUDWH GXH WR WKH ODFN RI SRVW
OLWHUDF\ DFWLYLWLHV WKH\ ZLOO VWLOO KDYH D VHFRQG FKDQFH WR DWWHQG DGXOW OLWHUDF\
FODVVHV7KHUHZHUHPRUHPHQWKDQZRPHQSDUWLFLSDWLQJLQWHDFKLQJLQWKH7/3DV
PHQWLRQHG HDUOLHU LQ WKLV FKDSWHU *LUOV KDYH QRW KDG HTXDO RSSRUWXQLWLHV IRU
HGXFDWLRQ 7KHUH KDYH EHHQ IHZHU QXQQHULHV WKDQ PRQDVWHULHV WR VWDUW ZLWK 7KHLU
HGXFDWLRQ KDV QRW EHHQ UHJDUGHG DV LPSRUWDQW DV WKDW RI ER\V VR IHZHU JLUOV KDYH
EHHQ VHQW WR VFKRRO $OVR DGXOW ZRPHQ KDYH QRW DWWHQGHG OLWHUDF\ FODVVHV WR WKH
VDPHH[WHQWDVPHQKDYHGRQH
7KHUH LV QRW RQO\ HGXFDWLRQDO GLVSDULW\ EHWZHHQ $PGR PHQ DQG ZRPHQ EXW DOVR
GLVSDULW\LQYRFDWLRQDORSSRUWXQLWLHVIRUZRPHQLQDGXOWOLWHUDF\HGXFDWLRQ&XOWXUDO
V\VWHPV DQG KLHUDUFKDO VWUXFWXUHV RI VRFLHW\ DUH DW WKH FRUH RI JHQGHUUHODWHG
GLVFULPLQDWLRQ DPRQJ $PGRV 0HQ DQG ZRPHQ KDYH GLIIHUHQW UROHV LQ VRFLDO
LQWHUDFWLRQ &XOWXUDO WUDGLWLRQV EHOLHIV DQG EHKDYLRXUDO SDWWHUQV IRUP SHRSOH¶V
XQGHUVWDQGLQJ RI ZKDW LV DSSURSULDWH IRU ZRPHQ WR GR LQ YLOODJHV 0HQ KDYH
GLIIHUHQWNLQGVRIOLWHUDF\HYHQWVDQGSUDFWLFHVIURPZRPHQ¶V7UDGLWLRQDOO\PHQDUH
WKRXJKWWREHPRUHFDSDEOHRIFRPSOH[UHDGLQJSUDFWLFHVWKDQZRPHQ
(YHQ WKRXJK OLWHUDF\ LV RIWHQ VHHQ DV D IRXQGDWLRQDO HOHPHQW LQ WKH SURFHVV WR
HPSRZHU ZRPHQ :HVWHQ LW LV D FKDOOHQJH WR LPSOHPHQW DQ DGXOW OLWHUDF\
FDPSDLJQ LQ D ZD\ WKDW GRHV QRW RIIHQG FXOWXUDO WUDGLWLRQ , GR QRW EHOLHYH WKDW
ZRPHQ FDQ EH HPSRZHUHG E\ OLWHUDF\ ERWK DV HGXFDWRUV DQG OHDUQHUV LI WKH\ DUH
PDUJLQDOLVHG E\ WKHLU DFWLRQV 7R HPSRZHU SHRSOH WKURXJK OLWHUDF\ OLWHUDF\
SUDFWLFHVQHHGWREHFRQGXFWHGZLWKLQDQDSSURSULDWHFXOWXUDODQGVRFLDOFRQWH[W
)LQDOO\FXOWXUDOFRQWH[WRIOLWHUDF\
7LEHWDQDGXOWOLWHUDF\HGXFDWLRQLVVLWXDWHGLQWKHFXOWXUDOFRQWH[WRIEHLQJDQ$PGR
D7LEHWDQ,WIROORZVWKHYDOXHVDQGLGHRORJLHVRI7LEHWDQFXOWXUHRIZKLFK7LEHWDQ
%XGGKLVPLVDQHVVHQWLDOHOHPHQW7KHJRYHUQPHQWRIWKH35&KDVEODPHGUHOLJLRQ
IRU WKH µEDFNZDUGQHVV¶ RI 7LEHWDQV $PGRV WKLQN WKDW ODFN RI OLWHUDF\ VNLOOV LQ
7LEHWDQLVWKHUHDVRQZK\WKH\DUH³EHKLQG´,WKLQNDFTXLULQJOLWHUDF\LQ7LEHWDQLQ
WKLV FRQWH[W PD\ QRW EH VR PXFK DERXW VRFLDO GHYHORSPHQW EXW DERXW WKH ULJKW WR
SHUVRQDO HPSRZHUPHQW WKH ULJKW RI SUDFWLVLQJ DQG PDLQWDLQLQJ RQH¶V RZQ FXOWXUH
RIZKLFKODQJXDJHLVDQLPSRUWDQWHOHPHQW,DJUHHZLWK6WUHHW¶VDUJXPHQW/LWHUDF\
LVWKXVPRUHDPDWWHURISHUVRQDOLGHQWLW\NQRZOHGJHDQGSRZHUWKDQRIIXQFWLRQDO
VNLOOV6WUHHW$QG,ZRXOGDGG³RIFXOWXUDOFRQWH[W´DVWKLVDOORFFXUVLQD
7LEHWDQFXOWXUDOFRQWH[WDQGQRWLQLVRODWLRQIURPWKHLUFXOWXUDOYDOXHV
&RQFOXVLRQ
%\ GUDZLQJ RQ WKHRULHV IURP VRFLROLQJXLVWLFV 1HZ /LWHUDF\ 6WXGLHV DQG WKHRULVWV
ZKRYLHZOLWHUDF\DVVLWXDWHGDFWLYLW\,KDYHH[SORUHG$PGROLWHUDFLHVLQWKHFRQWH[W
RI 7LEHWDQ FXOWXUH LQ WKH +DLQDQ 7LEHWDQ $XWRQRPRXV 3UHIHFWXUH +DLQDQ 7$3 ,
KDYHDWWHPSWHGWRILQGDQDQVZHUWRWKHTXHVWLRQ³+RZGRFXOWXUDOHOHPHQWVIRUP
7LEHWDQ OLWHUDF\ SUDFWLFHV DQG WKURXJK WKHP DGXOW OLWHUDF\ HGXFDWLRQ LQ $PGR
YLOODJHV"´ 7KLV VWXG\ RI $PGRV LQ +DLQDQ 7$3 VKHGV OLJKW RQ FXOWXUDO OLWHUDF\ LQ
WHUPV RI 7LEHWDQ OLWHUDF\ SUDFWLFHV DQG GLIIHUHQW GLVFRXUVHV RI LW 8VLQJ DQ
HWKQRJUDSKLFSHUVSHFWLYHLWKDVEHHQSRVVLEOHWRH[SORUHHYHU\GD\OLWHUDF\SUDFWLFHV
DQG WKHLU UHODWLRQVKLS WR DGXOW OLWHUDF\ WHDFKLQJ DQG OHDUQLQJ )XUWKHUPRUH DQ
HWKQRJUDSKLF SHUVSHFWLYH KDV SURYLGHG LQVLJKWV LQWR WKH $PGR SHUVSHFWLYH RQ
OLWHUDF\ DQG , KDYH DQDO\VHG WKH ZD\V LQ ZKLFK WKH $PGRV KDYH WDNHQ KROG RI
OLWHUDF\ LQ GDLO\ OLIH , EHOLHYH , KDYH EHHQ DEOHWR JUDVS $PGR FXOWXUDO OLWHUDF\ LQ
UHPRWHYLOODJHVDQGWRZQVKLSVLQ+DLQDQ7$3
,WKDVEHFRPHHYLGHQWWKDWOLWHUDF\SUDFWLFHVFDQQRWEHXQGHUVWRRGLQGHSHQGHQWO\RI
WKHLUKLVWRULFDOFXOWXUDOVRFLDODQGSROLWLFDOFRQWH[WVDQGWKH\FDQQRWEHDQDO\VHGLQ
LVRODWLRQIURPWKHVRFLDOSUDFWLFHVWKH\DUHHPEHGGHGLQFI%DUWRQ%DUWRQ
+DPLOWRQ0DUWLQ-RQHV-RQHV6WUHHW7KHPHDQLQJVDQG
XVHV RI $PGR OLWHUDFLHV WDNH YDULRXV IRUPV LQ ORFDO FXOWXUDO DQG VRFLDO
FLUFXPVWDQFHV ZKLFK KDYH VKDSHG OLWHUDF\ SUDFWLFHV LQWR ZKDW WKH\ DUH WRGD\ 7KH
KLVWRULFDO GHYHORSPHQW RI OLWHUDF\ IURP PRQDVWLF OLWHUDF\ HGXFDWLRQ LQ DQ ROG
7LEHWDQ VRFLHW\ WR WKH FXUUHQW PLQRULW\ HGXFDWLRQ LQ WKH 35& FDQQRW EH LJQRUHG
7KHUHIRUH DERYH DOO WKLV VWXG\ IRFXVHV RQ WKH FXUUHQW DGXOW OLWHUDF\ HGXFDWLRQ
WDNLQJ DFFRXQW RI WKH KLVWRULFDO EDFNJURXQG DQG FXOWXUDO HOHPHQWV &RPSDUHG WR
RWKHU $PGR FRPPXQLWLHV LQ 4LQJKDL 3URYLQFH WKHUH DUH PLQRU GLIIHUHQFHV LQ WKH
ODQJXDJH HQYLURQPHQW EXW PDMRU VLPLODULWLHV LQ VRFLDO FXOWXUDO DQG KLVWRULFDO
7KHUHDUH$PGR7LEHWDQFRPPXQLWLHVLQRWKHUSUHIHFWXUHVLQ4LQJKDL3URYLQFH
HQYLURQPHQWV 7KHUHIRUH , VXJJHVW WKDW GHVSLWH WKRVH PLQRU GLIIHUHQFHV WKLV FDVH
VWXG\FDQRIIHULQVLJKWVLQWRRWKHU$PGRFRPPXQLWLHVDQGWKHLUOLWHUDF\WHDFKLQJLQ
WKHUXUDODUHDVRI4LQJKDL3URYLQFH
2YHUDOO2XWFRPH
0\SHUVRQDOQHHGWRJDLQEHWWHUXQGHUVWDQGLQJRI7LEHWDQOLWHUDFLHVWULJJHUHGRIIWKLV
UHVHDUFK 0\ K\SRWKHVLV ZDV WKDW 7LEHWDQ FXOWXUH ZRXOG JLYH PH LQVLJKWV LQWR WKH
LVVXHV LQ WHDFKLQJ DGXOW 7LEHWDQV WKDW ERWKHUHG PH DV DQ DGXOW OLWHUDF\ HGXFDWRU ,
ZRQGHUHG ZK\ OLWHUDF\ ZDV WDXJKW LQ D FHUWDLQ ZD\ LQ $PGR OLWHUDF\ FODVVHV ZK\
WKHUHZHUHRQO\DIHZZRPHQWHDFKHUVLQWKH7/3DQGVRIRUWK7KHUHVXOWVRIWKLV
FXUUHQW UHVHDUFK DUH ³PRUH WKDQ , EDUJDLQHG IRU´ DV D UHVHDUFKHU DQG DV D OLWHUDF\
SUDFWLWLRQHULQDGXOWOLWHUDF\HGXFDWLRQ
7KH RYHUDOO FRQFOXVLRQ RI WKH FXUUHQW UHVHDUFK LV 7LEHWDQ FXOWXUDO HOHPHQWV KDYH
WKHLU GLVWLQFW LQIOXHQFHV RQ $PGRV¶ GDLO\ OLWHUDF\ SUDFWLFHV DQG DGXOW OLWHUDF\
HGXFDWLRQ $PGR OLWHUDFLHV DUH HPEHGGHG LQ 7LEHWDQ FXOWXUH DQG LWV FXOWXUDO
SUDFWLFHV LQ PDQ\ ZD\V &XOWXUDO HOHPHQWV LQIOXHQFH OLWHUDFLHV IURP GLIIHUHQW
DQJOHV WUDGLWLRQ VRFLDO SDWWHUQV DQG EHKDYLRXU JHQGHU DQG JHQHUDWLRQ VRFLDO
KLHUDUFK\UHOLJLRQDQGSRZHUUHODWLRQVKLSV7KHVHHOHPHQWVLPSDFWRUVKRXOG,VD\
IRUP 7LEHWDQ OLWHUDFLHV LQWR ZKDW WKH\ DUH WRGD\ ,Q SDUWLFXODU WKH\ IRUP WKH ZD\V
OLWHUDF\LVSUDFWLVHGDQGWDXJKWLQUHPRWH$PGRYLOODJHV
&XOWXUDO ZD\V RI OHDUQLQJ WHDFKLQJ DQG SUDFWLVLQJ 7LEHWDQ ODQJXDJH OLWHUDF\ LQ
$PGR YLOODJHV LV EDVHG RQ EHLQJ D 7LEHWDQ 7KH FXOWXUDO LGHQWLW\ RI D 7LEHWDQ LV
HPEHGGHG LQ WKH 7LEHWDQ ODQJXDJH DQG LQ 7LEHWDQ %XGGKLVP *ROGVWHLQ D
'RUMH*LOHV7KHVHWZRFXOWXUDOHOHPHQWVDUHLQIOXHQWLDOIDFWRUVLQ7LEHWDQ
OLWHUDFLHV ERWK LQ HYHU\ GD\ SUDFWLFHV DQG LQ DGXOW OLWHUDF\ HGXFDWLRQ $GGLWLRQDOO\
RWKHUVKDUHGYDOXHVDQGSDWWHUQVRIEHKDYLRXUVKDSHDGXOWOLWHUDF\WHDFKLQJJHQGHU
LVVXHVEHLQJDWWKHFRUHRIWKHFXOWXUDOYDOXHVDQGEHKDYLRXU
7LEHWDQ OLWHUDF\ GLVFRXUVHV KDYH WZR PDLQ OLQHV ZKLFK DUH IRUPHG E\ WKH VKDUHG
XQGHUVWDQGLQJ RI ZKDW OLWHUDF\ LV IRU LQ D 7LEHWDQ FRQWH[W 7KH UHOLJLRXV OLWHUDFLHV
ZKLFKE\DQGODUJHDUHSUDFWLVHGIRU JDLQLQJPHULWIRUPRQHGLVFRXUVHRI7LEHWDQ
OLWHUDFLHV7KLVGLVFRXUVHRIOLWHUDF\SUHVHQWVWKHUHOLJLRXVYDOXHVRI7LEHWDQFXOWXUH
LQOLWHUDF\DQGZKLFKDUHVLPLODUWRUHOLJLRXVOLWHUDFLHVLQVRFLHWLHVVXFKDV-HZLVKRU
0XVOLP VRFLHWLHV FI 6FULEQHU 7KH RWKHU GLVFRXUVH SUHVHQWV WKH PRUH
FRJQLWLYHDVSHFWRI7LEHWDQOLWHUDF\$FFRUGLQJWRWKLVGLVFRXUVHRIOLWHUDF\UHDGLQJ
DQGZULWLQJVNLOOVDUHDPHDQVWRDFTXLUHPRUHNQRZOHGJHLQYDULRXVILHOGVRIOLIH
0RQDVWLF,QIOXHQFH
7LEHWDQ%XGGKLVPLVDQHVVHQWLDOSDUWRI7LEHWDQFXOWXUHDQGDWRNHQRILWVSUHVHQFH
FDQEHVHHQLQDOONLQGVRI7LEHWDQOLWHUDWXUH.DSVWHLQ0RQDVWLFSRZHUKDV
EHHQ XVHIXO WR SURPRWH PRWKHU WRQJXH HGXFDWLRQ DQG WKH PDLQWHQDQFH RI 7LEHWDQ
ODQJXDJH LQ D VRFLHW\ FXUUHQWO\ GRPLQDWHG E\ &KLQHVH SROLWLFDO DQG OLQJXLVWLF
LQIOXHQFHV (VSHFLDOO\ IRU DGXOW OHDUQHUV UHOLJLRQ LV D VWURQJ PRWLYDWRU UHOLJLRXV
ERRNVPRWLYDWHSHRSOHWRZDUGVOLWHUDF\DFTXLVLWLRQDQGUHDGLQJSUDFWLFHV<RXQJHU
HQHUDWLRQ LV PRWLYDWHG WR LPSURYH WKHLU ODQJXDJH VNLOOV LQ PRQDVWHULHV 7LEHWDQ
%XGGKLVP SURPRWHV WKH XVH RI WKH 7LEHWDQ ODQJXDJH E\ SURYLGLQJ DQ DUHQD IRU
OLWHUDF\ SUDFWLFHV SXEOLVKLQJ UHOLJLRXV OLWHUDWXUH DQG RWKHU OLWHUDF\ PDWHULDOV
5HOLJLRXVERRNVDUHWKHPRVWVROGLWHPVLQ7LEHWDQERRNVWRUHVDQGWKH\DUHDYDLODEOH
LQ UHPRWH DUHDV DV ZHOO ,Q DGGLWLRQ PDQ\ OLWHUDF\ SUDFWLFHV DUH HPEHGGHG LQ
UHOLJLRXV SUDFWLFHV ZKLFK DV , KDYH VKRZQ LQ WKLV WKHVLV FDQ EH XQGHUVWRRG RQO\
WKURXJKWKHYDOXHVDQGEHOLHIVRI7LEHWDQ%XGGKLVP
0RQDVWLF OLWHUDFLHV SUHVHQW RQH GLVFRXUVH RI 7LEHWDQ FXOWXUDO OLWHUDF\ 0RQDVWLF
OLWHUDFLHV SULPDULO\ KDYH IRU WKHLU FRQWH[W PRQNV ZLWK UHOLJLRXV GXWLHV 7KHUHIRUH
WKH\ HPSKDVLVH UHDGLQJ VNLOOV LQVWHDG RI ZULWLQJ DQG QXPHUDF\ 5HOLJLRXV GXWLHV
VXFK DV UHDGLQJ SUD\HUV DQG FKDQWLQJ %XGGKLVW WH[WV GR QRW QHFHVVDULO\ UHTXLUH
FRPSUHKHQVLRQRIWKHWH[WEXWPHUHO\IOXHQWUHDGLQJVNLOOV7KDWLVRIWHQDQLVVXHLQ
UHOLJLRXV UHDGLQJ SUDFWLFHV LQ 0XVOLP VRFLHWLHV DQG LQ RWKHU UHOLJLRXV FRQWH[WV RI
UHDGLQJFI&ROOLQV0DGGR[
5HOLJLRXVOLWHUDFLHVKDYHDUROHLQWKHSURFHVVRIVRFLDOUHSURGXFWLRQ&ROOLQV
0RQDVWLFOLWHUDF\SUDFWLFHVLQWKH7LEHWDQODQJXDJHKDYHODLGWKHIRXQGDWLRQIRUWKH
FXUUHQW OLWHUDF\ SUDFWLFHV 0RQDVWLF WHDFKLQJ PHWKRGV KDYH WUDQVIHUUHG WKHLU YDOXHV
DQGLGHRORJLHVLQWRWKHFRQWHPSRUDU\OLWHUDF\HGXFDWLRQZLWKGHEDWDEOHUHVXOWV7KH
PRQDVWLF W\SH RI OLWHUDF\ SUDFWLFHV FDQ FDXVH REVWDFOHV IRU IXUWKHU OHDUQLQJ LI
UHOLJLRXV ZD\V RI OHDUQLQJ OLWHUDF\ DUH VHHQ DV PRUH YDOXDEOH WKDQ OLWHUDF\ IRU
HGXFDWLRQDO SXUSRVHV FI 6WLWHV 7KHUHIRUH $PGRV PD\ DGRSW WKH PRQDVWLF
ZD\ RI XVLQJ OLWHUDF\ DQG FRQFHQWUDWH HLWKHU FRQVFLRXVO\ RU XQFRQVFLRXVO\ RQ WKH
LGHRORJLFDO YDOXHV RI PRQDVWLF OLWHUDF\ UHVXOWLQJ LQ GHFRGLQJ WH[WV EXW QRW PDNLQJ
PHDQLQJ RI WH[WV 7KLV LV LQ VWDUN FRQWUDVW ZLWK )UHLUH¶V SXUSRVH RI OLWHUDF\
DFTXLVLWLRQZKLFKLVWRXQGHUVWDQGDQGUHIOHFWRQWH[WV+RZHYHUVRPH$PGRVDUH
SOHDVHGZKHQWKH\DWWDLQDOHYHORIOLWHUDF\VXIILFLHQWIRUUHOLJLRXVUHDGLQJSUDFWLFHV
EHFDXVHWKH\PD\VHHWKLVNLQGRIULWXDOUHDGLQJDVPHHWLQJWKHQHHGVRIWKHLUXVHRI
OLWHUDF\LQGDLO\OLIH
%DNHUDQG+HDWKKDYHFDWHJRULVHGGLIIHUHQWQHHGVIRUOLWHUDF\LQHYHU\
GD\OLIH/LWHUDF\IRUSHUVRQDOSOHDVXUHDQGFUHDWLYLW\LVRQHRIWKHQHHGV5HOLJLRXV
UHDGLQJ DV VRPH $PGRV SUDFWLVH LW FDQ EH VHHQ LQ WKDW FDWHJRU\ +RZHYHU WKH\
PD\SUDFWLVHLWEHFDXVHLWLVH[SHFWHGDVDFXOWXUDOGXW\7KHQWKHVHNLQGVRIOLWHUDF\
SUDFWLFHV GR QRW ILW LQWR DQ\ RI %DNHU¶V FDWHJRULHV QRW HYHQ LQWR WKH FDWHJRU\ RI
OLWHUDF\ IRU FLWL]HQVKLS 7KHUHIRUH , ZRXOG DGG RQH PRUH FDWHJRU\ ³FXOWXUDO
EHORQJLQJ´WKDWZRXOGGHVFULEHEHWWHUWKHUROHRIUHOLJLRXVOLWHUDFLHVLQ$PGRDQG
RWKHU 7LEHWDQ FRPPXQLWLHV 3HRSOH QHHG OLWHUDF\ IRU SDUWLFLSDWLQJ LQ UHOLJLRXV
DFWLYLWLHV HVSHFLDOO\ UHDGLQJ UHOLJLRXV WH[WV DORXG LQ D PDQQHU RI FKDQWLQJ 7KHVH
NLQGV RI OLWHUDF\ SUDFWLFHV ULWXDO UHDGLQJV SUHVHQW RQH W\SH RI 7LEHWDQ FXOWXUDO
OLWHUDF\5LWXDOUHDGLQJFDQEHIXOILOOLQJDSHUVRQLVVDWLVILHGE\WKHDWPRVSKHUHDQG
FHUHPRQLHV RI D OLWHUDF\ HYHQW FI /LQQDN\Ol ,Q 7LEHWDQ OLWHUDFLHV JDLQLQJ
PHULWLVDQHVVHQWLDOSDUWRIULWXDOUHDGLQJSUDFWLFHVDVLQDQ\RWKHUOLWHUDF\SUDFWLFHV
LQ GDLO\ OLIH 7KH YDOXH RI WKHVH ULWXDO UHDGLQJ SUDFWLFHV LV XQGHUVWRRG RQO\ LQ WKH
7LEHWDQFXOWXUDOFRQWH[W
7KH/DQJXDJHRI/LWHUDF\
/DQJXDJH LV WKH FRUH RI OLWHUDF\ DQG LW LV RQH RI WKH FXOWXUDO HOHPHQWV ,Q $PGR
VRFLHWLHV WKH 7LEHWDQ ODQJXDJH LV RQH HVVHQWLDO SDUW RI WKHLU GDLO\ OLIH 6LPLODU WR
7LEHWDQ%XGGKLVPODQJXDJHLVRQHFRUHFRPSRQHQWRI$PGRV¶HWKQLFLGHQWLW\7KH
7LEHWDQ ODQJXDJH LV WUHDVXUHG LQ PDQ\ ZD\V VRQJV SRHPV KLVWRU\ VWRULHV
QHZVSDSHUVHWFDUHZULWWHQLQWKH7LEHWDQODQJXDJH$PGRVPD\EHQRWDOOSUHIHU
DFTXLULQJOLWHUDF\LQWKHLUPRWKHUWRQJXHEHFDXVHWKDWLVWKHODQJXDJHPRVW$PGRV
VSHDN DW KRPH DQG LQ PRQROLQJXDO QRPDGLF FRPPXQLWLHV 7KHUHIRUH WKH 7LEHWDQ
ODQJXDJHLVDQDWXUDO FKRLFHIRUOLWHUDF\ DFTXLVLWLRQIRUDGXOWOHDUQHUVLQWKH$PGR
UHJLRQ
7KH7LEHWDQODQJXDJHLVDGLJORVVLFODQJXDJHZKLFKLQIOXHQFHVODQJXDJHOHDUQLQJ,Q
OLWHUDF\ FODVVHV VWXGHQWV OHDUQ WKH OLWHUDU\ IRUP RI WKH 7LEHWDQ ODQJXDJH ZKLFK
GLIIHUV HQRUPRXVO\ IURP WKH FROORTXLDO IRUP 7LEHWDQ WKDW WKH\ VSHDN LQ HYHU\GD\
FRPPXQLFDWLRQ 'HQZRRG $PGRV VSHDN $PGR 7LEHWDQ D GLDOHFW RI WKH
7LEHWDQ ODQJXDJH <HW WKH\ KDYH WR OHDUQ WR UHDG DQG ZULWH WKH VWDQGDUG 7LEHWDQ
ODQJXDJH ZKLFK LV WKH KLJKHU IRUP RI WKH 7LEHWDQ ODQJXDJH 7KLV IHDWXUH RI WKH
ODQJXDJHFDXVHVWHQVLRQVLQOLWHUDF\DFTXLVLWLRQDQGLQGDLO\OLIH7RXUQDGUH
7KHUHIRUH7LEHWDQOLWHUDF\OHDUQHUVDUHLQWKHSRVLWLRQRIVHFRQGODQJXDJHOHDUQHUV
FI 6FKLIIPDQ ZKHQ WKH\ DFTXLUH OLWHUDF\ LQ 7LEHWDQ 6RPH DGXOW OLWHUDF\
OHDUQHUVEHFRPHSHUSOH[HGLQWKHSURFHVVRIOHDUQLQJWKHVWDQGDUG7LEHWDQODQJXDJH
ZKLFK VRXQGV GLIIHUHQW IURP WKH FROORTXLDO $PGR 7LEHWDQ DQG KDV D SDUWLDOO\
GLIIHUHQW OH[LFRQ IURP WKH FROORTXLDO GLDOHFW 7KLV IHDWXUH RI WKH ODQJXDJH LV WKH
VRXUFH RI VRPH FODVVURRP DFWLYLWLHV DQG WKH ZD\V $PGRV OHDUQ WKH ODQJXDJH
7HDFKLQJIRFXVHVRQDUHSHWLWLRQRIVRXQGVDQGV\OODEOHV3HRSOHNQRZKRZWRVSHDN
$PGREXWWKH\KDYHWROHDUQWRSURQRXQFHZRUGVZKLFKDUHZULWWHQDFFRUGLQJWRWKH
VWDQGDUG7LEHWDQODQJXDJH
(YHQ WKRXJK DFTXLULQJ OLWHUDF\ LQ 7LEHWDQ FDQ EH D GLIILFXOW SURFHVV OHDUQLQJ WKH
OLWHUDU\IRUPRIWKHODQJXDJHHQDEOHV$PGRVLQDGGLWLRQWRUHDGLQJ7LEHWDQWH[WWR
XQGHUVWDQG WKH QHZV RQ UDGLR EURDGFDVWV DQG RQ 79 VLQFH WKH\ OHDUQ WKH OH[LFRQ
ZKLFKLVXVHGLQWKHPHGLD6HH&KDSWHU/LWHUDF\HGXFDWLRQFDQIRUFH$PGRVWR
GHYHORSWKHLUODQJXDJHVNLOOVEH\RQGWKHLUHYHU\GD\FRQYHUVDWLRQVWRUHDFKODQJXDJH
FRPSHWHQFHZKLFKHQDEOHVWKHPWRFRPPXQLFDWHZLWKDZLGHU7LEHWDQVRFLHW\DQG
JDLQIXUWKHUNQRZOHGJHLQWKHILHOGVRIHYHU\GD\XVHLQWKHLUFRPPXQLWLHV
$W WKH VDPH WLPH ZH FDQQRW LJQRUH WKH IDFW WKDW QRW DOO SHRSOH LQ UHPRWH YLOODJHV
IHHODQHHGIRUZLGHUFRPPXQLFDWLRQ7KHLUOLWHUDF\QHHGVDUHPHWZLWKDORZHUIRUP
RIWKH7LEHWDQODQJXDJH7KH\ DUHLQVSLUHGDQG PRWLYDWHGIRUDFTXLULQJ OLWHUDF\E\
VRQJV RU SRHPV WKDW FDQ EH ZULWWHQ LQ D ORZHU IRUP RI WKH ODQJXDJH $PGRV ZKR
KDYH QRW DFTXLUHG D KLJK SURILFLHQF\ RI WKH 7LEHWDQ ODQJXDJH KDYH WZR PDLQ
FXOWXUDOYHQXHVRIGRLQJOLWHUDF\PXVLFDQGUHOLJLRQ5HDGLQJDQGZULWLQJVRQJVFDQ
EH GRQH LQ D ORZ IRUP RI WKH ZULWWHQ ODQJXDJH DQG OLWHUDF\ IRU FKDQWLQJ UHTXLUHV
JRRG UHDGLQJ VNLOOV /DQJXDJHZLVH WKHVH WZR OLWHUDF\ PDWHULDOV SUHVHQW WZR
H[WUHPHVRIWKHUHJLVWHURIWKHODQJXDJHUHOLJLRXVWH[WVDUHIDUWRRFRPSOLFDWHGIRU
EHJLQQHUVWRFRPSUHKHQGDQGVWDQGDUGLVHGJUDPPDUIRUFROORTXLDO7LEHWDQGRHVQRW
H[LVW ,W LV DOVR GHEDWDEOH ZKHWKHU RU QRW UHOLJLRXV FKDQWLQJ LV UHJDUGHG DV OLWHUDF\
EHFDXVHLWPHUHO\UHTXLUHVJRRGPHPRU\UDWKHUWKDQUHDGLQJVNLOOV7KLVLVDGHEDWH
WKDW WDNHV SODFH LQ RWKHU UHOLJLRXV VRFLHWLHV WRR 0DGGR[ 6RQJV DQG SRHPV
DUHPRUH³XVHUIULHQGO\´VLQFHWKH\FDQEHZULWWHQLQDORZHUUHJLVWHURIWKHODQJXDJH
DQGWKHOHQJWKRIWKHWH[WLVVKRUWHUWKDQVRPHRWKHUZULWWHQPDWHULDOVVXFKDV*HVDU
DQGRWKHUVWRULHV,EHOLHYHWKLVIHDWXUHLVRQHRIWKHUHDVRQVZKLFKPRWLYDWHVZRPHQ
WRUHDGSRHPVDQGVRQJVEHFDXVHWKH\DUHHDVLHUIRUEHJLQQHUVWRUHDGDQGSRHPVDUH
QRWQHFHVVDULO\ORQJZKLFKILWLQWRWKHEXV\VFKHGXOHRIKRXVHZLYHV+RZHYHUWKH
ODFNRIVWDQGDUGLVHGJUDPPDUOLPLWVWKHDYDLODELOLW\RIWKLVNLQGRIUHDGLQJPDWHULDO
DQGRSSRUWXQLWLHVIRU³UHDO´PRWKHUWRQJXHOLWHUDF\ SUDFWLFHVRI7LEHWDQV DUH IHZHU
WKDQWKHOLWHUDF\SUDFWLFHVWKDWDUHOLQNHGWRWKHKLJKHUIRUPRIOLWHUDF\PDWHULDOV
(YHQ WKRXJK GLJORVVLD FRPSOLFDWHV WKH OLWHUDF\ DFTXLVLWLRQ SURFHVV WKH 7LEHWDQ
ODQJXDJH LV RQH RI WKH PRWLYDWLRQV IRU OHDUQLQJ WR UHDG DQG ZULWH 7KH 7LEHWDQ
ODQJXDJH FUHDWHV WKH IHHOLQJ RI ³EHORQJLQJ´ DV WKH SDUWLFLSDQWV LQ WKH FXUUHQW
UHVHDUFK H[SUHVVHG ³ZH 7LEHWDQV ZH $PGRV HWF´ LQ WKH FRQWH[W RI ODQJXDJH
OHDUQLQJ 7KXV WKH 7LEHWDQ ODQJXDJH DV DQ HOHPHQW RI 7LEHWDQ FXOWXUH DQG HWKQLF
LGHQWLW\ KDV D VWURQJ YDOXH LQ SURPRWLQJ PRWKHU WRQJXH OLWHUDF\ HGXFDWLRQ LQ WKH
WLPHVRISUHVVXUHIRUQRQPRWKHUWRQJXHOLWHUDF\DFTXLVLWLRQ
,Q PXOWLFXOWXUDO VRFLHW\ WKH VWDWXV DQG XVH RI PLQRULW\ ODQJXDJH FDXVHV REVWDFOHV
6LQFH &KLQHVH ODQJXDJH LV PRUH XVHIXO LQ ZLGHU VRFLHW\ LW FDXVHV SUHVVXUH IRU
PLQRULW\ ODQJXDJH VSHDNHUV VXFK DV $PGRV WR DFTXLUH OLWHUDF\ LQ &KLQHVH ,
XQGHUVWDQGWKDWWKLVNLQGRISUHVVXUHLVQRWDVVWURQJLQUHPRWHYLOODJHVDVLQFRXQW\
FHQWUHVVLQFH$PGRVGRQRWVSHDN&KLQHVHLQUHPRWHQRPDGLFYLOODJHV7KHUHIRUH,
EHOLHYH WKDW JHRJUDSKLFDO HQYLURQPHQW DORQJ ZLWK PRQDVWLF WUDGLWLRQ DQG HWKQLF
EHORQJLQJWRZDUGVWKH7LEHWDQODQJXDJHNHHSWKHODQJXDJHDOLYHDQGVWURQJDPRQJ
$PGRV2QHH[DPSOHRIWKDWLVWKHSRHPE\0GVHV6H&XOWXUDOZD\VRIXVLQJWKH
ODQJXDJHWRXFKHVWKHLQQHUPRVWRI$PGRVVLQFHWKH\NQRZWKHFXOWXUHDQGVSHDNWKH
ODQJXDJH &KLQHVH ODQJXDJH UHSUHVHQWV DQRWKHU ZD\ RI OLYLQJ GLIIHUHQW YDOXHV DQG
EHOLHIVLHDQRWKHUFXOWXUH&KLQHVHODQJXDJHUHSUHVHQWVDQRWKHUFXOWXUHWKDW$PGRV
PLJKWKDYHOHDUQHGDERXWRUREVHUYHG
/DVWO\ODQJXDJHRIOLWHUDF\LVDOVROLQNHGZLWKHYHU\GD\IXQFWLRQDOOLWHUDF\%DVHG
RQWKLVUHVHDUFK,XQGHUVWDQGWKDW$PGRV¶IXQFWLRQDOOLWHUDF\LVQRWWDXJKWSHUVHEXW
LW LV OHDUQW WKURXJK OLWHUDF\ WHDFKLQJ LQ WKH FRQWH[W RI HYHU\GD\ OLWHUDF\ HYHQWV DQG
FXOWXUDO NQRZOHGJH ,Q OLWHUDF\ FODVVHV $PGRV¶ HYHU\GD\ IXQFWLRQDO OLWHUDF\ LV
HPEHGGHGLQVWRULHVDERXWHYHU\GD\7LEHWDQOLIHZKLFKLVIDPLOLDUWRDOHDUQHU7KLV
HQDEOHV KLP WR XVH QHZO\ DFTXLUHG UHDGLQJ VNLOOV DQG WR IXQFWLRQ DSSURSULDWHO\ LQ
7LEHWDQ FRPPXQLWLHV $V $PGRV KDYH VKRZQ WKLV NLQG RI HYHU\GD\ IXQFWLRQDO
OLWHUDF\ LV HPSRZHULQJ WR D OHDUQHU WKDW WKHQ LV DQ REMHFWLYH DQG SUHUHTXLVLWH IRU
WUDQVIRUPDWLRQDOOHDUQLQJFI5XRKRWLH
5HJDUGLQJ IXQFWLRQDO OLWHUDF\ LQ &KLQHVH ODQJXDJH WKH VRFLDO FRQWH[W RI OLWHUDF\ LV
GLIIHUHQW IURP WKH 7LEHWDQ RQH $OVR WKH QHHG IRU IXQFWLRQDO OLWHUDF\ GLIIHUV IURP
7LEHWDQ IXQFWLRQDO OLWHUDF\ 7KHUHIRUH , ZRQGHU LI HYHU\GD\ IXQFWLRQDO OLWHUDF\ LQ
&KLQHVH FDQ EH OHDUQW WKH VDPH ZD\ DV LQ 7LEHWDQ EHFDXVH OLWHUDF\ SUDFWLFHV YDU\
DFFRUGLQJWRVRFLDOFRQWH[WYDOXHVDQGEHOLHIV
/LWHUDF\DQG'HYHORSPHQW
/LWHUDF\ LV RIWHQ OLQNHG WR GHYHORSPHQW ,W LV EHOLHYHG WKDW DFTXLULQJ OLWHUDF\
LPSURYHVSHRSOH¶VOLYHVDQGWKHUHIRUHWKHWHDFKLQJRIOLWHUDF\LVRIWHQXVHGDVDWRRO
IRUSRYHUW\DOOHYLDWLRQDQGLPSURYLQJWKHHFRQRP\HJ81(6&27KH:RUOG
%DQN :LWK UHJDUGV WR 7LEHWDQ OLWHUDF\ DQG GHYHORSPHQW LW LV D TXHVWLRQ RI
SRZHU DQG WKH ODQJXDJH RI OLWHUDF\ %HFDXVH &KLQHVH DQG 7LEHWDQ KDYH GLIIHUHQW
SRZHU UHODWLRQV LQ VRFLHW\ OLWHUDFLHV LQ WKHVH ODQJXDJHV GR QRW KDYH HTXDO
RSSRUWXQLWLHV WR SURPRWH GHYHORSPHQW 3URILFLHQF\ LQ &KLQHVH SURYLGHV EHWWHU
RSSRUWXQLWLHV IRU HFRQRPLF GHYHORSPHQW LQ ZLGHU VRFLHW\ WKDQ 7LEHWDQ GRHV )RU
H[DPSOHPRUHMREVDUHDYDLODEOHIRU&KLQHVHVSHDNHUVWKDQIRUPRQROLQJXDO7LEHWDQ
VSHDNHUV DQG &KLQHVH PHGLXP KLJKHU HGXFDWLRQ SURYLGHV D ZLGHU UDQJH RI FKRLFHV
WKDQ7LEHWDQPHGLXPKLJKHUHGXFDWLRQ
7KH LGHD WKDW OLWHUDF\ HGXFDWLRQ KDV WKH SRZHU WR WUDQVIRUP D QRQOLWHUDWH SHUVRQ¶V
OLIHIURPGDUNQHVVWROLJKWLVFRPPRQO\VSUHDGDPRQJWKH$PGREXWLWLVDP\WKDV
*UDIIKDVDUJXHGZLWKUHVSHFWWRFODLPVIRUOLWHUDF\DWRWKHUWLPHVDQG
SODFHV7KLVLGHDWKDW³OLWHUDF\OHDGVWRWKHWUDQVIRUPDWLRQRIVRFLHW\´LVEURXJKWWR
VRFLHW\E\ZHOOLQWHQWLRQHGHGXFDWRUVDQGRWKHURIILFLDOVZKRIROORZWKHVFKHPHRI
WKH&KLQHVH JRYHUQPHQWWKDWHGXFDWLRQOHDGVWR VRFLDODQGHFRQRPLFGHYHORSPHQW
7KLVPHVVDJHKDVEHHQVSUHDGVRHIIHFWLYHO\WKDW$PGRVWKLQNWKH\DUH³EDFNZDUG
SHRSOH´ XQWLO WKH\ FDQ UHDG DQG ZULWH 7KH\ EHOLHYH WKDW DFTXLULQJ UHDGLQJ DQG
ZULWLQJ VNLOOV LV WKH ZD\ IRUZDUG WRZDUGV VRFLDO DQG HFRQRPLF GHYHORSPHQW
+RZHYHU OLWHUDF\ LQ LWVHOI GRHV QRW SURPRWH VRFLDO SURJUHVV DV WKLV WKHVLV KDV
GHPRQVWUDWHG /LWHUDF\ LV DOZD\V OLQNHG WR ³WKH SROLWLFDO DQG LGHRORJLFDO FRQWH[WV
DQG WKHLU FRQVHTXHQFHV YDU\ VLWXDWLRQDOO\´ 6WUHHW , EHOLHYH DV *UDII
DUJXHV WKDW OLWHUDF\ LV PHUHO\ DQ HQDEOLQJ IDFWRU UDWKHU WKDQ D FDXVDWLYH
IDFWRU
7KHPRQDVWLFOLWHUDFLHVDVVXFKGRQRWQHFHVVDULO\SURPRWHVRFLDOSURJUHVVRXWVLGH
RI WKH UHOLJLRXV VSKHUH 7LEHWDQ OLWHUDF\ WHDFKLQJ HPSKDVLVHV UHDGLQJ SUDFWLFHV
ZKLFK LV UHPDUNDEO\ VLPLODU WR UHDGLQJ SUDFWLFHV LQ PRQDVWHULHV )RU H[DPSOH
UHDGLQJ SUDFWLFHV DUH PRUH LPSRUWDQW LQ WKH FXUULFXOXP RI DGXOW OLWHUDF\ WHDFKLQJ
WKDQZULWLQJDQGRWKHUVNLOOVWKDWDUHUHODWHGWR$PGRV¶OLYHOLKRRG/HDUQLQJIOXHQW
UHDGLQJZKLFKLVWKHPDLQDFWLYLW\LQDGXOWOLWHUDF\FODVVHVGRHVQRWQHFHVVDULO\OHDG
WRVXFFHVVLQVRFLDODQGRUHFRQRPLFGHYHORSPHQW$FTXLULQJOLWHUDF\LQ7LEHWDQFDQ
OHDG WR SHUVRQDO GHYHORSPHQW DQG HPSRZHUPHQW /LWHUDF\ LQ 7LEHWDQ HVSHFLDOO\
HYHU\GD\IXQFWLRQDOOLWHUDF\FRQFHUQVPRUHWKHGHYHORSPHQWRILQGLYLGXDOVWKDQWKH
VRFLDO DQG HFRQRPLF GHYHORSPHQW RI VRFLHW\ ,Q SDUWLFXODU ZRPHQ VHH HYHU\GD\
IXQFWLRQDO OLWHUDF\ DQ LPSRUWDQW DFKLHYHPHQW VLQFHWKH\ EHFRPH PRUH LQGHSHQGHQW
LQ WHUPV RI WUDYHOOLQJ DQG VKRSSLQJ +RZHYHU WKLV VWDWHPHQW KDV WR EH QRWHG
7UDGLWLRQDOO\ ZRPHQ GR QRW WUDYHO RXWVLGH WKHLU OLYLQJ HQYLURQPHQW HVSHFLDOO\ QRW
DORQH 7KHUHIRUH HLWKHU FXOWXUH LV FKDQJLQJ DQG ZRPHQ WUDYHO PRUH RU VRPH
SDUWLFLSDQWV RI WKH UHVHDUFK ZHUH UHSHDWLQJ SROLWLFDOO\ FRUUHFW VORJDQV IRU OLWHUDF\
DFTXLVLWLRQ
2QWKHRWKHUKDQGZKHQ$PGRVKDYHDFFHVVWRWKHNLQGVRIUHDGLQJPDWHULDOVWKDW
WKH\ DUH PRWLYDWHG WR UHDG WKH\ ZLOO SXW OLWHUDF\ LQWR SUDFWLFH IRU SHUVRQDO
GHYHORSPHQWDQGSOHDVXUH/LWHUDF\IRUSHUVRQDOGHYHORSPHQWLVRIWHQSURPRWHGDV
JDLQLQJNQRZOHGJHDQGUHDGLQJKDELWVFRQFHQWUDWHRQGHYHORSLQJSURIHVVLRQDOVNLOOV
RU SURIHVVLRQDO VWXGLHV ZKHUHDV OLWHUDF\ IRU SOHDVXUH FRQVLVWV RI PXVLF UHDGLQJ
VRQJVDQGZULWLQJVRQJVDQGPDNLQJPXVLF
7KLV DVSHFW RI OLWHUDF\ FDQ EH VHHQ DOVR IURP WKH SHUVSHFWLYH RI FXOWXUDO
PDLQWHQDQFH $PGRV ORYH VLQJLQJ GDQFLQJ DQG PDNLQJ PXVLF LW LV FORVH WR WKHLU
KHDUW7KHQ³PXVLFOLWHUDF\´LVDQDVVHWIRU7LEHWDQOLWHUDF\PDLQWHQDQFHQRWRQO\
WKHRWKHUZD\URXQG
$WWKHVDPHWLPHWKHVWDWXVRIWKHODQJXDJHFKRVHQIRUOLWHUDF\SOD\VDQLPSRUWDQW
UROH LQ DQ\ SRVVLEOH VRFLDO SURJUHVV DQG GHYHORSPHQW ,Q $PGR OLIH DFTXLULQJ
OLWHUDF\ LQ 7LEHWDQ FDQ KDYH D PDMRU LPSDFW RQ SHRSOH¶V OLYHV HJ OLWHUDWH SDUHQWV
DUH PRUH HDJHU WR VHQG WKHLU FKLOGUHQ WR VFKRRO RU SHRSOH DUH HPSOR\HG DV
&RPPXQLVW 3DUW\ VHFUHWDULHV LQ YLOODJHV DQG WRZQVKLSV +RZHYHU EHLQJ OLWHUDWH LQ
7LEHWDQGRHVQRWSURYLGHHTXDORSSRUWXQLWLHVZLWKEHLQJOLWHUDWHLQ&KLQHVHWRJDLQ
VRFLDO DQG HFRQRPLF GHYHORSPHQW LQ ZLGHU VRFLHW\ )RU H[DPSOH SURILFLHQF\ LQ
7LEHWDQ SURYLGHV OLPLWHG RSSRUWXQLWLHV IRU SDUWLFLSDWLRQ LQ WKH PDLQVWUHDP QRQ
7LEHWDQODERXUPDUNHWZKHUHDVSURILFLHQF\LQ&KLQHVHSURYLGHVEHWWHURSSRUWXQLWLHV
IRUHPSOR\PHQW7LEHWDQODQJXDJHOLWHUDFLHVDUHPDUJLQDOL]HGLQWKHZLGHUVRFLHW\
,Q WLPHV RI JOREDOLVDWLRQ LQWHUQDWLRQDO ODQJXDJHV DUH HQWHULQJ WKH 7LEHWDQ UHJLRQ
6RPH\RXQJXQLYHUVLW\VWXGHQWVPHHWWKHQHZSKDVHLQWKHLUOLYHV,IWKH\KDYHOHIW
WKHLU YLOODJHV WR JHW KLJKHU HGXFDWLRQ PRVW SUREDEO\ WKH\ ZLOO QRW UHWXUQ WR WKHLU
YLOODJHV7KH\DUHH[SRVHGWRGLIIHUHQWFXOWXUHVDQGOLIHVW\OHVLQWKHELJFLWLHVDQG
WKH\ EHOLHYH WKDW NQRZLQJ (QJOLVK LV D JUHDW DVVHW LQ WKH ODERXU PDUNHW +RZHYHU
WKLVNLQGRIODQJXDJHUHSHUWRLUHLVQRWUHTXLUHGLQUHPRWHYLOODJHVLQ+DLQDQ7$3DW
WKHPRPHQW
$V ZH KDYH VHHQ OLWHUDF\ LV HPEHGGHG LQ FXOWXUDO SUDFWLFHV 7KHQ 81(6&2
SURFODLPV WKDW ³&XOWXUH LQ DOO LWV GLPHQVLRQV LV D IXQGDPHQWDO FRPSRQHQW RI
VXVWDLQDEOH GHYHORSPHQW´ 81(6&2 &RQFHUQLQJ OLWHUDF\ DQG OLWHUDF\
HGXFDWLRQ,FDQLQWHUSUHWWKLVVWDWHPHQWLQWZRZD\V2QHEHLQJWKDWWKHVXSSRUWRI
DOO GLPHQVLRQV RI FXOWXUH LQ OLWHUDF\ HGXFDWLRQ OHDGV WR VXVWDLQDEOH GHYHORSPHQW
$FFRUGLQJO\ OLWHUDF\ FDPSDLJQV VKRXOG HQVXUH WKDW WKH\ LPSOHPHQW FXOWXUDOO\
UHOHYDQW WHDFKLQJ WKDW LQFOXGHV FXOWXUDO ZD\V RI WHDFKLQJ DQG OHDUQLQJ DQG DOVR
FXOWXUDOO\DSSURSULDWHFRQWHQWRISULPHUV7KHQWKHFRXQWHUSRLQWLVZLWKRXWFXOWXUDO
VXSSRUWWROLWHUDF\HGXFDWLRQQRQVXVWDLQDEOHGHYHORSPHQWFDQQRWKDSSHQ,IWKDWLV
WKH FDVH VXVWDLQDEOH GHYHORSPHQW DPRQJ $PGRV IDFHV GLIILFXOWLHV EHFDXVH QRW DOO
GLPHQVLRQVRIWKHFXOWXUHVXSSRUWGHYHORSPHQW7KDWKDVEHFRPHTXLWHFOHDUGXULQJ
WKLVUHVHDUFK)RUH[DPSOHOLWHUDF\IRUFKDQWLQJSXUSRVHVZLWKRXWXQGHUVWDQGLQJWKH
WH[W GRHV QRW VXSSRUW VRFLDO RU HFRQRPLFDO GHYHORSPHQW +RZHYHU LW FDQ EH DQ
HPSRZHULQJ VSLULWXDO H[SHULHQFH IRU DQ LQGLYLGXDO $QRWKHU LQWHUSUHWDWLRQ LV WKDW
XQDUJXDEO\ FXOWXUH ZLWK LWV DOO GLPHQVLRQV LV D FRUH HOHPHQW RI VXVWDLQDEOH
GHYHORSPHQW %DVHG RQ WKLV UHVHDUFK , DP KHVLWDQW WR DJUHH ZLWK WKLV VWDWHPHQW ,
KDYH XQGHUVWRRG WKDW VRPH HOHPHQWV RI FXOWXUH FDQ UHVLVW GHYHORSPHQW RU VORZ
GRZQ WKH GHYHORSPHQW SURFHVV 6XFK HOHPHQWV LQ 7LEHWDQ SDWULDUFKDO VRFLHW\ KDYH
EHHQ HGXFDWLRQDO WUDGLWLRQ DQG QRPDGLF ZD\ RI OLYLQJ QHJDWLYH DWWLWXGHV WRZDUGV
HGXFDWLRQ HVSHFLDOO\ JLUOV¶ HGXFDWLRQ UHDGLQJ KDV EHHQ UHJDUGHG ZDVWH RI WLPH LQ
DJULFXOWXUDOVRFLHW\/RQJGLVWDQFHVWRVFKRRODQGDQRPDGLFZD\RIOLYLQJWKDWKDV
FRQVLVWHG RI UHJXODU PRYHV RQ WKH 7LEHWDQ 3ODWHDX KDYH FDXVHG REVWDFOHV IRU
FKLOGUHQ¶VHGXFDWLRQ
,I ZH WKLQN WKDW FXOWXUH LV D YHUE ZH FDQ GUDZ WKH FRQFOXVLRQ WKDW SHRSOH PDNH
FXOWXUH FRUUHVSRQG WR WKHLU YDOXHV DQG EHOLHIV 6LPLODUO\ LI UHDO GHYHORSPHQW LV WR
WDNHSODFHSHRSOHKDYHWREHLQYROYHGLQLW7KHQLWPXVWEHXSWRWKHSHRSOHZLWKLQ
WKDWSDUWLFXODUFXOWXUHWKDWPDNHVRFLDOGHYHORSPHQWWRWDNHSODFHLQWKHLUVRFLHWLHV
0D\EHZHFDQTXRWHDFRPPRQO\XVHGVORJDQ³P\WKLQNLQJKDVFKDQJHG´IURPWKH
OLWHUDF\ VWXGHQWV RI WKH 7/3 DQG EHOLHYH WKDW WUDQVIRUPDWLRQ RI PLQGV OHDGV WR
GHYHORSPHQW LQ $PGR YLOODJHV 7KDW KDV WDNHQ SODFH VRPH SUDFWLFHV DQG FXOWXUDO
YDOXHV DUH FKDQJLQJ ZKLFK KDV IDFLOLWDWHG D GHYHORSPHQW SURFHVV LQ VRPH SDUWV RI
WKH 7LEHWDQ UHJLRQ ,Q WKH PLGVW RI FKDQJHV DGXOW OLWHUDF\ HGXFDWLRQ KDV EHHQ RQH
WULJJHU WRZDUGV VRFLDO GHYHORSPHQW $IWHU OHDUQLQJ WR UHDG DQG ZULWH SDUHQWV KDYH
DFNQRZOHGJHGWKHYDOXHRIHGXFDWLRQDQGVHQWWKHLUFKLOGUHQWRVFKRRO
,QWKH HQGDVGLVFXVVHG DERYHWKHUHLVDOLQNEHWZHHQGHYHORSPHQWDQGOLWHUDF\LQ
$PGR FRPPXQLWLHV 'HYHORSPHQW WKURXJK OLWHUDF\ KDV GLIIHUHQW OHYHOV VRPH
GHYHORSPHQWWDNHVSODFHDWVRFLHWDOOHYHODQGVRPHDWWKHOHYHORILQGLYLGXDO$PGRV
7LEHWDQ/LWHUDF\IRU7UDQVIRUPDWLRQDQG
(PSRZHUPHQW
/LWHUDF\LVRIWHQDWRROIRUWUDQVIRUPDWLRQDQGHPSRZHUPHQWZKLFKLVDOVRDJRDORI
DGXOW OLWHUDF\ SURJUDPPHV %DNHU H[SODLQV WKDW HPSRZHUPHQW WKURXJK
OLWHUDF\LVUHJDUGHGDVDUHVSRQVHDWUHDWPHQWWRWKHRSSUHVVLRQRILOOLWHUDWHSHRSOH
/LWHUDF\HPSRZHUVDGXOWVE\HTXLSSLQJWKHPZLWKNQRZOHGJHDQGVNLOOVWKDWHQDEOH
WKHPWRSDUWLFLSDWHLQWKHLUVRFLDOHQYLURQPHQWDQGDIIHFWWKHSROLWLFDOV\VWHPLQWKHLU
HQYLURQPHQW(PSRZHUPHQWLQWKHFRQWH[WRIDGXOWOLWHUDF\LQFOXGHVJDLQLQJEHWWHU
VHOIHVWHHP E\ EHFRPLQJ OLWHUDWH ZKLFK WKHQ DFFRUGLQJ WR 5XRKRWLH LV DQ
REMHFWLYHDQGSUHUHTXLVLWHIRUWUDQVIRUPDWLRQDOOHDUQLQJ
,Q WKH FRQWH[W RI WKH 7LEHWDQ ODQJXDJH DQG OLWHUDF\ WUDQVIRUPDWLRQDO OHDUQLQJ DQG
HPSRZHUPHQW FDQ EH VHHQ DV VWUHQJWKHQLQJ DGXOW OHDUQHUV¶ VHOIHVWHHP DQG DV D
FKDQJH RI PLQGVHW WRZDUGV HGXFDWLRQ DV PHQWLRQHG DERYH /LWHUDWH $PGR SDUHQWV
IHHOHPSRZHUHGWRVHQGWKHLUFKLOGUHQWRVFKRRO7KH\PDNHFKRLFHVWRHGXFDWHWKHLU
FKLOGUHQZKLFKKDVQRWEHHQDWUDGLWLRQLQQRPDGLFYLOODJHV,WKDVEHHQWKRXJKWWKDW
FKLOGUHQ EHFRPH KHUGHUV DQG OLWHUDF\ LV QRW UHTXLUHG IRU KHUGLQJ \DN DQG VKHHS
$OVR SDUHQWV DUH DEOH WR OHDUQ QHZ VNLOOV DQG WR JDLQ QHZ NQRZOHGJH FRQFHUQLQJ
WKHLU GDLO\ OLIH +RZHYHU ODFN RI DSSURSULDWH UHDGLQJ PDWHULDOV KLQGHUV RU PDNHV
FRQWLQXLW\ RI WUDQVIRUPDWLRQDO OHDUQLQJ DQG FRJQLWLYH HPSRZHUPHQW GLIILFXOW LQ
UHPRWHYLOODJHV6WURPTXLVWUHIHUVWRWKHVDPHLVVXHE\ZULWLQJWKDWFRJQLWLYH
HPSRZHUPHQWWKURXJKOLWHUDF\LVPRUHGHSHQGDQWRQERWKWKHFRQWHQWRIWKHOLWHUDF\
SURJUDPPH DQG WKH DELOLWLHV RI VWXGHQWV WR FRQWLQXH WKHLU OLWHUDF\ GHYHORSPHQW E\
PRYLQJ LQWR VRPH IRUP RI OLWHUDF\ KDELW 7KHUH LV D GLUHFW FRUUHODWLRQ EHWZHHQ
$PGR¶VWUDQVIRUPDWLRQDOOHDUQLQJDQGFRJQLWLYHHPSRZHUPHQWZLWKWKHLUDFFHVVWR
PHDQLQJIXO OLWHUDWXUH DQG WKHLU OHDUQLQJ RI VRPH NLQG RI OLWHUDF\ KDELWV 7KHUH DUH
EDVLFDOO\ WKUHH NLQGV RI XVH RI 7LEHWDQ ODQJXDJH OLWHUDF\ LQ $PGR FRPPXQLWLHV
OLWHUDF\ IRU UHOLJLRXV HPSRZHUPHQW OLWHUDF\ IRU SURIHVVLRQ DQG HGXFDWLRQ LH
JDLQLQJ NQRZOHGJH DQG OLWHUDF\ IRU SOHDVXUH 7KH ILUVW WZR XVDJHV DUH PRUH
FRPPRQWKDQWKHODVWRQH5HDGLQJSRHPVDQGPXVLFLVIRUSOHDVXUHEXWRWKHUNLQG
RI SOHDVXUH UHDGLQJ LV KDUG WR ILQG /LWHUDF\ LQ SHRSOH¶V PLQG LV DVVRFLDWHG ZLWK
UHOLJLRQDQGHGXFDWLRQDORQJZLWKZLWKFDUHHUEXWQRWVRPXFKZLWKSOHDVXUH
5HDGLQJ DQG ZULWLQJ PXVLF DQG UHDGLQJ SRHPV FDQ EHFRPH WKDW NLQG RI OLWHUDF\
KDELW WKDW HQDEOH $PGRV WR DFWLYHO\ XVH OLWHUDF\ IRU WKHLU RZQ SOHDVXUH LQ WKHLU
FXOWXUDO FRQWH[W 7KHVH NLQG RI OLWHUDF\ DFWLYLWLHV DFW DV D ERRVWHU IRU FRQWLQXLW\ RI
OLWHUDF\ SUDFWLFHV DQG WKURXJK WKHP IRU EHWWHU VHOIHVWHHP ZKLFK WKHQ OHDGV WR
WUDQVIRUPDWLRQDOOHDUQLQJDQGFRQWLQXLW\RIHPSRZHUPHQW
,QWKHFRQWH[WRIHPSRZHUPHQWDQGWUDQVIRUPDWLRQDOOHDUQLQJZHFDQQRWLJQRUHWKH
SUHVHQFH RI 7LEHWDQ %XGGKLVP ZKLFK LV GLVFXVVHG HDUOLHU LQ WKLV FKDSWHU 7KDW
HOHPHQWRIFXOWXUHDQGLWVUHDGLQJSUDFWLFHVFDQVORZGRZQDQHPSRZHUPHQWSURFHVV
LQSHRSOH¶VGDLO\OLIH6XUHO\RQHFDQDUJXHWKDWWKH7LEHWDQODQJXDJHOLWHUDFLHVFDQ
HPSRZHU WKH VSLULWXDO DVSHFW RI D SHUVRQ DV KH FDQ GZHOO RQ ULWXDOV WKDW LQYROYH
OLWHUDWH PDWHULDOV +RZHYHU , EHOLHYH LW LV QRW WKH VNLOO RI UHDGLQJ WKDW HPSRZHUV
SHRSOH EXW WKH ZD\ WKDW WKH\ XWLOLVH UHDGLQJ DQG ZULWLQJ /LWHUDF\ LV DQ HQDEOLQJ
HOHPHQWLQWKHHPSRZHUPHQWRILQGLYLGXDOVLQ$PGRVRFLHW\
:RPHQDQG/LWHUDF\
8QHTXDO RSSRUWXQLWLHV IRU HGXFDWLRQ EHWZHHQ JHQGHUV DUH RI XQLYHUVDO FRQFHUQ
HVSHFLDOO\ LQ GHYHORSLQJ FRXQWULHV ,Q DQ $PGR UHJLRQ JLUOV¶ RSSRUWXQLWLHV IRU
HGXFDWLRQ KDYH LPSURYHG EXW WKHUH LV VWLOO D GLVSDULW\ EHWZHHQ WKH JHQGHUV LQ
HGXFDWLRQ &XOWXUDO VRFLDO SDWWHUQV DQG WUDGLWLRQV KLQGHU ZRPHQ¶V DFFHVV WR DGXOW
OLWHUDF\ HGXFDWLRQ DQG WR MRE RSSRUWXQLWLHV DV DGXOW OLWHUDF\ WHDFKHUV LQ SDWULDUFKDO
7LEHWDQVRFLHW\7KHUHDUHIHZHUZRPHQVWXGHQWVWKDQPHQLQDGXOWOLWHUDF\FODVVHV
HYHQWKRXJKDFFRUGLQJWRWKHVWDWLVWLFVWKHOLWHUDF\UDWHRIZRPHQLVORZHUWKDQWKDW
RIPHQ$GGLWLRQDOO\KDUGO\DQ\ZRPHQWHDFKOLWHUDF\WRDGXOWVEHFDXVHRIFXOWXUDO
WUDGLWLRQV)RUH[DPSOH$PGRZRPHQZRUNDVSULPDU\VFKRROWHDFKHUVLQYLOODJHV
EXW QRW DV DGXOW OLWHUDF\ WHDFKHUV ZLWK RQO\ D IHZH[FHSWLRQV 7KXV , EHOLHYH LW LV
ULJKWWRVD\WKDW7LEHWDQFXOWXUHOLPLWVZRPHQ¶VRSSRUWXQLWLHVWRHGXFDWLRQLQ$PGR
YLOODJHV +RZHYHU ZH KDYH WR DFNQRZOHGJH WKDW KDUVK OLYLQJ HQYLURQPHQWV DQG
UHPRWHQHVVRIGZHOOLQJSODFHVRIQRPDGLFZRPHQFDXVHVREVWDFOHVIRUZRPHQWREH
DGXOWOLWHUDF\WHDFKHUV,WLVDSUDFWLFDOLVVXHQRWDFXOWXUDORQHLQWHUPVRIYDOXHDQG
EHKDYLRXU %XW LW LV D FXOWXUDO LVVXH LQ WHUPV RI ZD\ RI OLYLQJ WKDW FDXVHV GLIIHUHQW
RSSRUWXQLWLHVIRUZRPHQDQGPHQLQDGXOWHGXFDWLRQ
$PGROLIHDQGVRFLHW\LVFKDQJLQJWKHSURFHVVLVVORZHULQUHPRWHYLOODJHVWKDQLQ
WKH FDSLWDO RI WKH SURYLQFH DQG FRXQW\ FHQWUHV 7KH ZRPDQ¶V UROH LQ YLOODJHV LV WR
VWD\DWKRPHDQGWDNHFDUHRIWKHIDPLO\DQGGRPHVWLFGXWLHV/LWHUDF\PDWHULDOVDUH
VFDUFH LQ KRPHV DQG YLOODJHV DQG ZRPHQ GR QRW JHW RXW WR SDUWLFLSDWH LQ OLWHUDF\
HYHQWV7UDGLWLRQDOO\ZRPHQVKRXOGVWD\KRPHDQGPHQJRRXW7KHUHIRUHOLWHUDF\
DVDGLVFRXUVHIRUJDLQLQJPRUHNQRZOHGJHGRHVQRWQHFHVVDULO\HQFRXUDJHZRPHQ
WR DFTXLUH OLWHUDF\ EHFDXVH OLWHUDWH PDWHULDOV DUH VFDUFH LQ YLOODJHV :RPHQ GR QRW
KDYHPDQ\RSSRUWXQLWLHVWREHHQJDJHGLQOLWHUDF\SUDFWLFHVDWKRPH,IWKH\GRWKH\
DUH QRW FRQVLGHUHG WR EH HTXDO ZLWK PHQ E\ WKHLU VNLOOV 0HQ DUH UHJDUGHG EHWWHU
UHDGHUVLQ7LEHWDQDQGWKHLUHQJDJHPHQWLQOLWHUDF\SUDFWLFHVLVZLGHUDQGUHTXLUHVD
JRRGNQRZOHGJHRI7LEHWDQ
7KLV LV SDUW RI WKH DUJXPHQW RI 7LEHWDQ OLWHUDFLHVEHLQJ JHQGHUEDVHG WUDGLWLRQDOO\
ZRPHQ KDYH GLIIHUHQW NLQGV RI OLWHUDF\ SUDFWLFHV WKDQ PHQ GR 2Q WKH RQH KDQG
ZRPHQ¶VGHVLUHWRUHDGSRHPVVRQJVDQGUHOLJLRXVERRNVFDQEHVHHQDVD7LEHWDQ
WUDGLWLRQ \RXQJ $PGR ZRPHQ DW OLWHUDF\ FODVVHV IROORZ LQ WKH VWHSV RI ROG $PGR
ZRPHQZKRDUHHQJDJHGLQWKHVHNLQGVRIOLWHUDF\SUDFWLFHVRUWKH\ZRXOGOLNHWREH
LIWKH\ZHUHOLWHUDWH2QWKHRWKHUKDQGWKHVHDUHOLWHUDFLHVZRPHQZRXOGGRIRUWKHLU
RZQ EHQHILW QRW VR PXFK IRU WKHLU IDPLOLHV DQG WKH ZLGHU FRPPXQLW\ 3RVVLEO\
WKHVH ZRXOG EH WKH FXOWXUDO OLWHUDF\ SUDFWLFHV RI ZRPHQ WKDW FRXOG RSHQ XS PRUH
YDULHWLHVRIOLWHUDFLHVDQGOLWHUDF\KDELWVIRUYLOODJHZRPHQ
/DVWO\ $PGR FXOWXUH LV QRW VWDWLF $WWLWXGHV WRZDUGV ZRPHQ¶V HGXFDWLRQ DQG WKHLU
FDUHHURXWVLGHKRPH DUH FKDQJLQJ ,EHOLHYHDGROHVFHQW JLUOVZLWKLQVSLULQJZRPHQ
UROHPRGHOVZLOOFDUU\WKLVFKDQJHIXUWKHU
$GXOW/LWHUDF\(GXFDWLRQ
,WLVP\K\SRWKHVLVWKDW7LEHWDQFXOWXUHDQGLWVFXOWXUDOSUDFWLFHVIRUPWKHIRXQGDWLRQ
IRU ORFDO OLWHUDF\ WHDFKLQJ :KHQ , VWDUWHG WR XQSDFN P\ K\SRWKHVLV RI 7LEHWDQ
OLWHUDF\SUDFWLFHV,GLGQRWH[SHFWWRIDFHVRPDQ\FRQWUDGLFWLRQVLQ7LEHWDQOLWHUDF\
SUDFWLFHV DV , GLG , DVVXPHG IRU H[DPSOH WKDW LI WKH HPSKDVLV IURP UHDGLQJ
SUDFWLFHVFRXOGEHVKLIWHGWRIXQFWLRQDOOLWHUDF\SUDFWLFHVWKHQOHDUQLQJIRUPHDQLQJ
ZRXOG SRVVLEO\ KDYH D SRVLWLYH LPSDFW RQ 7LEHWDQ ODQJXDJH OLWHUDF\ WHDFKLQJ DQG
DVVLVWSHRSOHLQWKHLUXVHRIOLWHUDF\LQGDLO\OLIH$VD:HVWHUQUHVHDUFKHU,DVVXPHG
WKDW OHDUQLQJ ZKLFK VWUHVVHV WKH LPSRUWDQFH RI IOXHQW UHDGLQJ UDWKHU WKDQ
XQGHUVWDQGLQJ PHDQLQJ ZDV DQ RXWGDWHG ZD\ RI OHDUQLQJ +RZHYHU DV 6WUHHW
%DUWRQ+DPLOWRQ0DUWLQ-RQHV-RQHVVXJJHVWOLWHUDF\
JHWV LWV PHDQLQJ LQ LWV FXOWXUDO FRQWH[W 7KHUHIRUH DW WKH PRPHQW IRU H[DPSOH
IXQFWLRQDOOLWHUDF\WHDFKLQJLQWKHVHQVHLWLVPHDQWE\LQWHUQDWLRQDODJHQFLHVVXFKDV
81(6&2FDQQRWEHIRUFHGLQWR$PGR7LEHWDQDGXOWOLWHUDF\WHDFKLQJEHFDXVHVXFK
DFRQFHSWFDQQRWEHDGDSWHGWR7LEHWDQOLWHUDF\WHDFKLQJDVGLVFXVVHGLQWKHSUHYLRXV
FKDSWHU +RZHYHU LI ZH ORRN DW HYHU\GD\ IXQFWLRQDO OLWHUDF\ ZH FDQ VHH KRZ
OLWHUDF\WHDFKLQJFDQPHHWWKHQHHGVRI$PGRV¶XVHRIOLWHUDF\LQGDLO\OLIHWKRXJK
ZLWK FRQVLGHUDEOH OLPLWDWLRQV 7KLV W\SH RI HYHU\GD\ IXQFWLRQDO OLWHUDF\ FDQ EH
HPEHGGHG LQ 7LEHWDQ FXOWXUDO ZD\V RI WHDFKLQJ OLWHUDF\ DV WKH 7LEHWDQ /LWHUDF\
3URJUDPPHKDVVKRZQ(YHU\GD\IXQFWLRQDOOLWHUDF\HPSRZHUVOHDUQHUVWRXVHZKDW
WKH\OHDUQDQGWREXLOGRQWKHLUNQRZOHGJHEDVHGRQWKHHDUOLHUNQRZOHGJH
, VXJJHVW WKDW LW ZRXOG EH ZRUWK SD\LQJ PRUH DWWHQWLRQ WR HYHU\GD\ IXQFWLRQDO
OLWHUDF\WHDFKLQJLQRUGHUWRLPSURYHERWKOLWHUDF\WHDFKLQJDQGOHDUQLQJDVWKHQERWK
WHDFKLQJ DQG OHDUQLQJ ZRXOG UHPDLQ LQ D IDPLOLDU DQG FXOWXUDO ZD\ RI OHDUQLQJ
OLWHUDF\ ,WZRXOGDOVREHPHDQLQJIXOLQDGDLO\OLIHFRQWH[WERWKIRUWKRVHOHDUQHUV
ZKR DFTXLUH OLWHUDF\ IRU HGXFDWLRQ SXUSRVHV DQG WKRVH ZKR DFTXLUH OLWHUDF\ IRU
UHOLJLRXV UHDGLQJ SXUSRVHV LQ $PGR FRPPXQLWLHV +RZHYHU HYHQ WKLV NLQG RI
OLWHUDF\ DFTXLVLWLRQ KDV OLPLWDWLRQV LQ D VRFLHW\ DV SXEOLF WH[WV LQ WKH 7LEHWDQ
ODQJXDJH DUH OLPLWHG DQG SHRSOH PD\ KDYH GLIILFXOWLHV WR DFFHVV OLWHUDF\ PDWHULDOV
7KHUHIRUHLQFUHDVLQJWKHXVHRI7LEHWDQWH[WVLQVRFLHW\ ZRXOGLPSURYHWKHXVHRI
HYHU\GD\ IXQFWLRQDO OLWHUDF\ EXW WKDW LV VXFK D ODUJH LVVXH ZKLFK LV EH\RQG WKLV
WKHVLV
$GGLWLRQDOO\HYHQWKRXJK7LEHWDQDGXOWOLWHUDF\ HGXFDWLRQLQWKH7LEHWDQODQJXDJH
GRHVQRWPHHWDOOWKHQHHGVRI7LEHWDQV¶XVHRIOLWHUDF\LWLVGHILQLWHO\LPSRUWDQWLQ
WKH 7LEHWDQ FXOWXUDO FRQWH[W 7LEHWDQODQJXDJH OLWHUDF\ HGXFDWLRQ HQFRXUDJHV
PDLQWDLQLQJWKH7LEHWDQODQJXDJHZKLFKLVDQLPSRUWDQWHOHPHQWRI7LEHWDQFXOWXUH
DQGLGHQWLW\DVPHQWLRQHGHDUOLHULQWKLVFKDSWHU
6WURPTXLVW SRLQWV RXW WKDW LW LV D PDMRU FKDOOHQJH WR SURYLGH DQ DGHTXDWH
OLWHUDF\SURJUDPPHWKDWPHHWVWKHQHHGVERWKRILQGLYLGXDOVDQGFRPPXQLWLHV,WLV
QRW RQO\ WKDW OLWHUDF\ LV D VRFLDOO\ VLWXDWHG H[SHULHQFH EXW WKDW OLWHUDF\ VHWWLQJV
WKHPVHOYHVIXQFWLRQDVLPSRUWDQWVRFLDOHQYLURQPHQWV2IWHQOLWHUDF\FODVVHVDUHWKH
SODFHVZKHUHZRPHQKDYHYDOXDEOHRSSRUWXQLWLHVWROHDUQRIWKHLUKLVWRU\DQGULJKWV
VHOIHVWHHPDQGOHDGHUVKLS6WURPTXLVW:RPHQLQ$PGRFRPPXQLWLHVGRQRW
KDYH WKHVH NLQGV RI RSSRUWXQLWLHV VLQFH ZRPHQ OHDUQ WRJHWKHU ZLWK PHQ LQ OLWHUDF\
FODVVHV DQG WKH\ DUH QRW VXSSRVHG WR EH VXSHULRU WR PHQ LQ OHDUQLQJ DQG WHDFKLQJ
VLWXDWLRQV $GGLWLRQDOO\ OLWHUDF\ WHDFKLQJ FRQFHQWUDWHV RQ OHDUQLQJ DOSKDEHWV DQG
UHDGLQJ VNLOOV DQG WUDGLWLRQDO IXQFWLRQDOOHDUQLQJ DQG WHDFKLQJ OLWHUDF\ GRHV QRW ILW
LQWR D 7LEHWDQ YLHZ RI OLWHUDF\ DFTXLVLWLRQ 7KHUHIRUH 7LEHWDQ OLWHUDF\ FODVVHV DUH
QRW WKH DUHQD IRU OHDUQLQJ ZRPHQ¶V ULJKWV OHDGHUVKLS DQG VR IRUWK 6XFK VXEMHFWV
KDYH WR EH WDXJKW ODWHU RQ LQ VHSDUDWH FODVVHV IRU ZRPHQ 6LPLODUO\ PHQ DUH QRW
OHDUQLQJIXQFWLRQDOOLWHUDF\VNLOOVWRPHHWWKHQHHGVRIVXFKOLWHUDWHDFWLYLWLHVLQWKHLU
FRPPXQLWLHV 7KH $PGR YLHZ RI OLWHUDF\ OHDUQLQJ FRQVLVWV RQO\ RI OHDUQLQJ
DOSKDEHWV DQG VNLOOV RI UHDGLQJ DQG ZULWLQJ 2WKHU VNLOOV KDYH WR EH OHDUQHG
VHSDUDWHO\
7KLVEULQJVXSWKHTXHVWLRQRIPRGLI\LQJRUFKDQJLQJDGXOWOLWHUDF\SURJUDPPHVLQ
$PGR FRPPXQLWLHV 1DEL HW DO DUJXH WKDW WHDFKLQJ DQG OHDUQLQJ LQ DGXOW
OLWHUDF\ FODVVHV VKRXOG EH GUDZQ RQ WKH VWXGHQWV¶ IXQGV RI NQRZOHGJH DQG WKHLU
OLWHUDF\SUDFWLFHV$PGRFRPPXQLWLHVDUHXQGHUSUHVVXUHIRUFKDQJH7KH\DUHLQWKH
SURFHVV RI WUDQVLWLRQ DV PHQWLRQHG LQ &KDSWHU 7KH JRYHUQPHQW LV WUDQVIHUULQJ
QRPDGLF$PGRVIURPWKHRSHQDUHDVRIWKH7LEHWDQ3ODWHDXWRWRZQVDQGWRZQVKLSV
&KLQD3UHVV*RRGPDQ)RJJLQ7KLVVRFLDOFKDQJHEHLQJIRUFHG
WR OLYH LQ VHWWOHPHQWV RSHQV XS QHZ YHQXHV DQG XVHV IRU OLWHUDF\ LQ $PGR
FRPPXQLWLHV $PGRV¶ OLWHUDF\ SUDFWLFHV LQ WKH 7LEHWDQ ODQJXDJH IDFH QHZ SKDVHV
DQGFKDOOHQJHVZKLFKZLOORQO\EHVHHQLQWKH\HDUVWRFRPH+RZHYHU,SUHGLFWWKDW
DGXOWOLWHUDF\WHDFKLQJQHHGVVRPHPRGLILFDWLRQVWRPHHWWKHQHHGVRIQHZNLQGVRI
OLWHUDF\SUDFWLFHVDQGWKHQHZNQRZOHGJH$PGRVDFTXLUHLQWKHLUQHZVXUURXQGLQJV
<HW,ZRQGHUZKHWKHURUQRW7LEHWDQVIHHOFRPIRUWDEOHZLWKFKDQJHVLQWKHWHDFKLQJ
DSSURDFKDQGLQFODVVURRPDFWLYLWLHV8QWLOQRZWKH\SUHIHUWKHROGZD\VRIWHDFKLQJ
DQG OHDUQLQJ 7HDFKLQJ LQ OLWHUDF\ FODVVHV RI WKH 7/3 ZDV GHVLJQHG WR KDYH PRUH
LQWHUDFWLYH FODVVURRP DFWLYLWLHV EXW WKH WHDFKHUV FKRVH WKH ROG WUDGLWLRQDO ZD\ RI
WHDFKLQJ 7HDFKHUV ZHUH PRUH IDPLOLDU ZLWK WKH ROG WUDGLWLRQDO ZD\ RI WHDFKLQJ
ZKLFK WKH\ PRVW SUREDEO\ IHOW FRPIRUWDEOH ZLWK DQGGLG QRW UHTXLUH H[WUD HIIRUW LQ
WHDFKLQJ1HZLQWHUDFWLYHWHDFKLQJPHWKRGVFDQEHIHOWDVDWKUHDWWRDPDQWHDFKHU
ZKRLVXVHGWREHLQJDWWKHFHQWUDOSRLQWRIWKHFODVVURRPDFWLYLWLHVDQGWKHVRXUFHRI
WKHLQIRUPDWLRQ3RVVLEO\,ZRQGHUZRPHQWHDFKHUVZRXOGIHHODQGDFWGLIIHUHQWO\
VLQFHWKH\GRQRWZDQWWRGUDZDWWHQWLRQWRWKHPDVPHQWLRQHGHDUOLHU7KHUHIRUHZH
FDQ VSHFXODWH WKDW ZRPHQ WHDFKHUV ZRXOG DGRSW QHZ WHDFKLQJ PHWKRGV HDVLHU WKDQ
PHQ
,I ZRPHQ WHDFKHUV ZRXOG UHVSRQVH EHWWHU WR FKDQJHV LQ WHDFKLQJ PHWKRGV LW FRXOG
FDXVH QRWDEOH FKDQJHV LQ DGXOW OLWHUDF\ WHDFKLQJ :H FRXOG SUHGLFW WKDW FODVVURRP
G\QDPLFV ZRXOG FKDQJH IURP EHLQJ WHDFKHU FHQWUHG WR EH VWXGHQW FHQWUHG DQG
SRVVLEO\PRUHZRPHQZRXOGMRLQWHDFKLQJ$VVXFKWKLVZRXOGLQFUHDVHDQXPEHURI
OLWHUDWH ZRPHQ DQG LQGXFH VLJQLILFDQW FKDQJHV LQ WKH 7LEHWDQ FXOWXUH RI DGXOW
HGXFDWLRQ
/LWHUDF\DQG3RZHU
7KH7LEHWDQYLHZRIOLWHUDF\LVDVHWRIVNLOOVRIUHDGLQJDQGZULWLQJ6WUHHW
DUJXHV WKDW WKLV DXWRQRPRXV PRGHO RI OLWHUDF\ LV WKH FKRLFH RI WKRVH ZKR DUH LQ
SRZHUVLQFHLWSURYLGHVWKHPZLWKWKHRSSRUWXQLW\WRFRQWUROKRZOLWHUDF\LVXVHG,
EHOLHYH6WUHHW¶VDUJXPHQWLVUHOHYDQWLQ$PGR7LEHWDQVRFLHWLHV
,Q 7LEHWDQ VRFLHW\ PRQDVWHULHV KDYH WUDGLWLRQDOO\ EHHQ SRZHUIXO LQVWLWXWLRQV
.DSVWHLQWKH\KDYHSURYLGHGSHRSOHUHDGLQJPDWHULDOVWKDWDUHPRVWO\UHODWHG
WR %XGGKLVP &D]HERQ -DFNVRQ $FFHVV WR 7LEHWDQ ODQJXDJH OLWHUDF\ DQG
PRGHVRIOLWHUDF\KDVEHHQSURYLGHGE\PRQDVWHULHV2QWKHRWKHUKDQGLQWKHQHZ
VRFLHW\DQRWKHUSRZHUIXOLQIOXHQFHLVWKH&KLQHVH&RPPXQLVW3DUW\&&3ZKLFK
SURYLGHV LWV RZQ SROLWLFDOO\ FRUUHFW PDWHULDO IRU SHRSOH WR UHDG 7KH &&3 DV DQ
RIILFLDO LQVWLWXWLRQ RI WKH 35& KDV SRZHU RYHU WKH PRQDVWHULHV DQG WKLV SRZHU
UHODWLRQVKLS KDV DQ LPSDFW RQ WKH HYHU\GD\ OLIH RI$PGRV DQG WKHLU OLWHUDFLHV 7KH
ODQJXDJHRIWKHVHOLWHUDFLHVLVRIWHQ&KLQHVHDQGWKHFRQWH[WLVVHFXODU
$Q $PGR LQGLYLGXDO¶V OLWHUDF\ SUDFWLFHV DUH OLQNHG WR SRZHU LVVXHV LQ VRFLHW\ DQG
ODQJXDJHV LQ VRFLHW\ ZKLFK FDQQRW EH LJQRUHG %RXUGLHX FODLPV WKDW ³ODQJXDJH LV
QRW SRZHUIXO RQ LWV RZQ EXW JDLQV SRZHU E\ WKH XVH SRZHUIXO SHRSOH PDNH RI LW
³ ,Q WKH $PGR FRQWH[W WKLV FODLP KDV WZR GLIIHUHQW SRVLWLRQV &KLQHVH
OLWHUDF\ GRHV QRW KDYH HTXDO VWDWXV ZLWK 7LEHWDQ OLWHUDF\ LQ $PGR FRPPXQLWLHV
&KLQHVHOLWHUDF\REWDLQVLWVSRZHUDQGKLJKHUVWDWXVWKURXJKWKHFRQWH[WRILWVEHLQJ
WKH RIILFLDO ODQJXDJH RI WKH 35& 2Q WKH RWKHU KDQG 7LEHWDQ OLWHUDF\ KDV KLJKHU
SULRULW\DQGVWDWXVLQ$PGRFRPPXQLWLHVEXWLWLVOHVVSRZHUIXOLQWKHZLGHUVRFLHW\
RI WKH 35& 7KLV WKHQ LQIOXHQFHV ZKDW DQ LQGLYLGXDO FDQ GR ZLWK OLWHUDF\ 7KH
SXUSRVHDQGWKH FRQWH[WRIOLWHUDF\GLFWDWHWKHODQJXDJHRIOLWHUDF\7KH QHHGVDQG
XVHV RI 7LEHWDQODQJXDJH OLWHUDF\ GLIIHU IURP WKH &KLQHVH RQHV 7LEHWDQ ODQJXDJH
OLWHUDF\ FRQFHUQV FXOWXUDO YDOXHV DQG WKH VRFLDO FRQWH[W RI EHLQJ 7LEHWDQ &KLQHVH
OLWHUDF\FRQFHUQVYDULRXVJRYHUQPHQWDQGSXEOLFIXQFWLRQVRIWKH35&+DUUL
7LEHWDQ ODQJXDJH OLWHUDFLHV DUH DOVR VWUXFWXUHG E\ SRZHU LQVWLWXWLRQDO UHOLJLRXV
SRZHUVSDWULDUFKDOSRZHUVWKHSRZHURIODQJXDJHWKHSRZHURIFXOWXUDOWUDGLWLRQ
DQG JDLQLQJ NQRZOHGJH WKRXJK OLWHUDF\ 7KHVH SRZHU VRXUFHV LQIOXHQFH ILUVW GDLO\
OLWHUDF\SUDFWLFHVDQGWKURXJKWKHPDGXOWOLWHUDF\HGXFDWLRQ7KH\VHWWKHQRUPVLQ
WHDFKLQJVLWXDWLRQVDQGWKHJRDOVIRUODQJXDJHOHDUQLQJDVZHKDYHVHHQ7KH\IRUP
7KHQHZVRFLHW\UHIHUVWRWKH35&LQWKH7LEHWDQFRQWH[W7KHROGVRFLHW\LVWKHRQHWKDWZDV
EHIRUHWKH35&ZDVHVWDEOLVKHG
WKHLGHDVDQGGLVFRXUVHVRIOLWHUDF\)RUH[DPSOHZRPHQDQGOLWHUDF\DVDGLVFRXUVH
LV IRUPHG E\ WKHVH SRZHUV $PGR ZRPHQ DUH UHJDUGHG FDSDEOH RI OHDUQLQJ WKH
ODQJXDJHEXWWKHLUHQJDJHPHQWLQOLWHUDF\SUDFWLFHVHLWKHULQDSHUVRQDOOHYHORUDQG
DV D WHDFKHU LQ FODVV URRP LV GHILQHG E\ SRZHUV RI FXOWXUDO WUDGLWLRQ UHOLJLRQ DQG
SDWULDUFKDOV\VWHPV7KHFXOWXUDOQRWLRQRIVKDPHDQGGLVJUDFHWKH /DZ RI.DUPD
DQG WKH ORFDOH RI OLYLQJ VHW WKH QRUPV IRU ZRPHQ DV OHDUQHUV RI OLWHUDF\ XVHUV RI
OLWHUDF\DQGWHDFKHUVRIOLWHUDF\
)LQDOZRUGVWKHSRZHURIWKH7LEHWDQODQJXDJH OLWHUDFLHVLQ$PGRFRPPXQLWLHVLV
DOVR DERXW FXOWXUDO OLWHUDF\ &XOWXUDO HOHPHQWV RI WKH 7LEHWDQ ODQJXDJH DUH WKH
IRUFLQJSRZHUIRU7LEHWDQODQJXDJHOLWHUDFLHV0GVHV6HZULWHV
³:H DUH WKH FKLOGUHQ RI RXU PRWKHU WRQJXH 2XU SDUHQWV DUH 7LEHWDQ
ODQJXDJHDQGLWVZULWLQJ:KHQZHJRWRRWKHUDUHDVRXUPRWKHUWRQJXH
LV WKH ZDUP SODFH IRU XV WR VWD\ $QG ZKHQ ZH DUH LQ GDUNQHVV RXU
PRWKHUWRQJXHLVDODPSWRVKRZXVWKHJRRGZD\:KHQZHDUHFROG
WKHPRWKHUWRQJXHLVDILUHDQGZKHQZHDUHKRWWKHPRWKHUWRQJXHLVD
UDLQ :KHQ ZH DUH KXQJU\ WKH PRWKHU WRQJXH LV EXWWHU DQG WVDPSD
:KHQZHDUHWKLUVW\WKHPRWKHUWRQJXHLVPLONDQG\RJKXUW´
6XJJHVWLRQVIRU)XUWKHU5HVHDUFK
7KH UHVXOWV RI WKH FXUUHQW UHVHDUFK FRQILUPHG VRPH H[LVWLQJ WKHRULHV DQG YLHZV RI
OLWHUDF\ ,W EHFDPH DSSDUHQW WKDW OLWHUDF\ DQG FXOWXUH DUH OLQNHG WRJHWKHU /LWHUDF\
SUDFWLFHV DUH FXOWXUH ERXQG WKHLU PHDQLQJ DQG YDOXH DUH HPEHGGHG LQ FXOWXUH
+RZHYHUWKHUHDUHVRPHLVVXHVERWKRIOLWHUDF\DQGRIFXOWXUHWKDWQHHGWREHORRNHG
DWDIUHVKDQGIURPDGLIIHUHQWDQJOH
&KDQJHVLQFXOWXUHFKDQJHVLQOLWHUDF\SUDFWLFHV"
/LWHUDF\ LV D VLWXDWHG DFWLYLW\ WKDW FKDQJHV DORQJ ZLWK FXOWXUDO FKDQJHV $PGR
FRPPXQLWLHV DUH LQFUHDVLQJO\ H[SRVHG WR WKH ³RXWVLGH´ ZRUOG VRPH $PGRV KDYH
IDFHGFXOWXUDOFKDQJHVLQQHZVHWWOHPHQWVWKHLQSDVWIHZ\HDUVDQGVRPHRWKHUVLQ
WUDGLWLRQDO 7LEHWDQ YLOODJHV $VVXPHGO\ SHRSOH KDYH KDG WR DGMXVW WR FKDQJHV LQ
WKHLUOLYLQJHQYLURQPHQWZKLFKKDVSRVVLEO\FDXVHGVRPHFKDQJHVLQVRPHFXOWXUDO
HOHPHQWV$UHVHDUFKLQWHUHVWKHUHZRXOGIRFXVRQFXOWXUDOFKDQJHVFRQFHUQLQJDGXOW
OLWHUDF\HGXFDWLRQ'RWKHVHNLQGVRIFKDQJHVLQWKHHQYLURQPHQWRIHWKQLFPLQRULW\
SHRSOH IDFLOLWDWH FKDQJHV LQ DGXOW OLWHUDF\ HGXFDWLRQ" :RXOG LW EH SRVVLEOH WR
RUJDQLVH OLWHUDF\ SURJUDPPHV LQ RUGHU WR WHDFK $PGRV PHDQLQJIXO DQG UHOHYDQW
VNLOOV WKDW WKH\ FRXOG XVH LQ WKHLU GDLO\ OLYHV DQG LQ WKHLU OLYHOLKRRGV LQ WKH QHZ
VHWWOHPHQWV"
,QIOXHQFHRIOLWHUDWHQRPDGLFZRPHQ
7KURXJKGLVFXVVLRQVZLWKDQXPEHURISHRSOHDQGREVHUYLQJOLIHLQQRPDGLF$PGR
FRPPXQLWLHVLQYLOODJHVWRZQVDQGFRXQW\FHQWUHV,KDYHXQGHUVWRRGWKDWZRPHQ¶V
RSSRUWXQLWLHV ERWK IRU OLWHUDF\ HGXFDWLRQ DQG IRU WKHLU RZQ SURIHVVLRQDO FDUHHU DUH
EHWWHU LQ WRZQV DQG FRXQW\ FHQWUHV WKDQ LQ YLOODJHV 7KHQ ZKDW LV WKH LPSDFW RI
OLWHUDWH ZRPHQ RQ WKHLU IDPLOLHV LQ QRPDGLF FRPPXQLWLHV" ,V LW WUXH LQ QRPDGLF
FRPPXQLWLHVWKDWOLWHUDWHZRPHQKDYHHGXFDWHGFKLOGUHQ"
0XOWLFXOWXUDOLQWHUYHQWLRQVLQDGXOWOLWHUDF\HGXFDWLRQ
,QWHUQDWLRQDO GHYHORSPHQW DJHQFLHV HPSKDVLVH FXOWXUDOO\ DSSURSULDWH ZD\V RI
LPSOHPHQWLQJ LQWHUQDWLRQDO GHYHORSPHQW SURJUDPPHV7KLV EULQJV IRUWK WZR LVVXHV
IRUUHVHDUFKDQGIRUGLVFXVVLRQ
ā +RZ WR LPSOHPHQW QRW RQO\ D FXOWXUDOO\ DSSURSULDWH DGXOW OLWHUDF\
SURJUDPPH EXW DOVR D FXOWXUDOO\ UHOHYDQW SURJUDPPH ZKLFK FRXOG WDNH
LQWR DFFRXQW WKH FXOWXUDO HOHPHQWV WKDW FRXOG VXSSRUW OLWHUDF\ DFTXLVLWLRQ
DQGWKHXVHRIOLWHUDF\LQHYHU\GD\OLIH"
ā %DVHGRQWKLVUHVHDUFK,EHOLHYHWKDWFXOWXUHGRHVQRWQHFHVVDULO\VXSSRUW
VXVWDLQDEOH GHYHORSPHQW ZKLFK LV D JRDO IRU LQWHUQDWLRQDO GHYHORSPHQW
SURJUDPPHV :KDW HOHPHQWV RI FXOWXUH DUH PRUH OLNHO\ WR VXSSRUW
VXVWDLQDEOH GHYHORSPHQW DQG KRZ DUH WKH\ FRQQHFWHG WR OLWHUDF\
HGXFDWLRQ"
(YHU\GD\IXQFWLRQDOOLWHUDF\
)XQFWLRQDOOLWHUDF\SURJUDPPHVDORQJZLWKOLWHUDF\IRUOLYHOLKRRGSURJUDPPHVKDYH
EHHQ UHJDUGHG DV VXFFHVVIXO DSSURDFKHV WR WKH WHDFKLQJ RI DGXOW OLWHUDF\ , VXJJHVW
WKDWLWZRXOGEHZRUWKORRNLQJLQWRWKH³HYHU\GD\IXQFWLRQDOOLWHUDF\³DSSURDFKDVLW
KDV EHHQ SUHVHQWHG LQ WKLV UHVHDUFK :KDW ZRXOG EH WKH LQIOXHQFH RI WHDFKLQJ DQG
OHDUQLQJ ³HYHU\GD\ IXQFWLRQDO OLWHUDF\´ LQ DGXOW OLWHUDF\ FODVVHV LQ UHODWLRQ WR WKH
HYHU\GD\XVHVRIOLWHUDF\LQGHYHORSLQJFRXQWULHV"
%LEOLRJUDSK\
$JDU0+6SHDNLQJRIHWKQRJUDSK\/RQGRQ6$*(
$JDU0+7KHSURIHVVLRQDOVWUDQJHU$QLQIRUPDOLQWURGXFWLRQWR
HWKQRJUDSK\6DQ'LHJR/RQGRQ$FDGHPLF3UHVV
$LNPDQ68QWHUKDOWHU(%H\RQGDFFHVV7UDQVIRUPLQJSROLF\DQG
SUDFWLFHIRUJHQGHUHTXDOLW\LQHGXFDWLRQ2[IRUG2[IDP
$L\DU66$7KHFKDOOHQJHRIIXQFWLRQDOOLWHUDF\7LPHVRI,QGLD-XO\
WKS
$ODVXXWDUL3/DDGXOOLQHQWXWNLPXVXXGLVWHWWXSDLQRV7DPSHUH
9DVWDSDLQR
$ODVXXWDUL37KHJOREDOL]DWLRQRITXDOLWDWLYHUHVHDUFK,Q&6HDO*
*RER-)*XEULXP'6LOYHUPDQ(GV4XDOLWDWLYH5HVHDUFK3UDFWLFH
/RQGRQ6DJH
$OUHG*%\UDP0)OHPLQJ0,QWURGXFWLRQ,Q*$OIUHG0%\UDP
0)OHPLQJ(GV/DQJXDJHVIRULQWHUFXOWXUDOFRPPXQLFDWLRQDQG
HGXFDWLRQ,QWHUFXOWXUDOH[SHULHQFHDQGHGXFDWLRQ&OHYHGRQ0XOWLOLQJXDO
0DWWHUV/LPLWHG
$QGHUVRQ$%DQG6WRNHV6-µ6RFLDODQGLQVWLWXWLRQDOLQIOXHQFHVRQ
WKHGHYHORSPHQWDQGSUDFWLFHRIOLWHUDF\¶,Q+*RHOPDQ$2EHUJDQG
)6PLWK(GV$ZDNHQLQJWR/LWHUDF\/RQGRQ+HLQHPDQQ
$UDQ/,QYHQWLQJ7LEHW&RPPHQWDU\
$]L]%10RYLQJWRZDUGVDVRFLRORJ\RI7LEHW,Q-':LOOLV(G
)HPLQLQHJURXQGHVVD\VRQZRPHQDQG7LEHW,WKDFD6QRZ/LRQ
3XEOLFDWLRQ
%DNHU&)RXQGDWLRQVRIELOLQJXDOHGXFDWLRQDQGELOLQJXDOLVP&OHYHGRQ
0XOWLOLQJXDO0DWWHUV
%DNHU&)RXQGDWLRQVRIELOLQJXDOHGXFDWLRQDQGELOLQJXDOLVPWKHG
&OHYHGRQ%XIIDOR0XOWLOLQJXDO0DWWHUV
%DOO066PLWK*:+$QDO\VLQJYLVXDOGDWD/RQGRQ6$*(
%DOO6-6HOIGRXEWDQGVRIWGDWD6RFLDODQGWHFKQLFDOWUDMHFWRULHV
LQHWKQRJUDSKLFILHOGZRUN4XDOLWDWLYH6WXGLHVLQ(GXFDWLRQ
%DQNV-$0XOWLFXOWXUDOHGXFDWLRQ+LVWRULFDOGHYHORSPHQWGLYHUVLRQDQG
SUDFWLFH5HYLHZRI5HVHDUFKLQ(GXFDWLRQ
%DUWRQ'D/LWHUDF\$QLQWURGXFWLRQLQWRWKHHFRORJ\RIZULWWHQ
ODQJXDJH2[IRUG%ODFNZHOO
%DUWRQ'E7KHVRFLDOLPSDFWRIOLWHUDF\,Q/9HUKRHYHQ(G
)XQFWLRQDOOLWHUDF\$PVWHUGDP-RKQ%HQMDPLQ3XEOLVKLQJ
%DUWRQ''LUHFWLRQVIRUOLWHUDF\UHVHDUFKDQDO\VLQJODQJXDJHDQGVRFLDO
SUDFWLFHVLQDWH[WXDOO\PHGLDWHGZRUOG/DQJXDJHDQG(GXFDWLRQ
%DUWRQ'+DPLOWRQ0/RFDOOLWHUDFLHV5HDGLQJDQGZULWLQJLQRQH
FRPPXQLW\/RQGRQ5RXWOHGJH
%DUWRQ'+DPLOWRQ0,YDQLF56LWXDWHGOLWHUDFLHV5HDGLQJDQG
ZULWLQJLQFRQWH[W/RQGRQ1HZ<RUN5RXWOHGJH
%DUWRQ',YDQLF5$SSOHE\<+RGJH57XVWLQJ./LWHUDF\
OLYHVDQGOHDUQLQJ2[RQ1HZ<RUN5RXWOHGJH
%DUWRQ'7XVWLQJ.(GV/LWHUDF\UHLILFDWLRQDQGWKHG\QDPLFVRI
VRFLDOLQWHUDFWLRQEH\RQGFRPPXQLWLHVRISUDFWLFH/DQJXDJHSRZHUDQG
VRFLDOFRQWH[W&DPULGJH&DPEULGJH8QLYHUVLW\3UHVV
%DVV&(GXFDWLRQLQ7LEHWSROLF\DQGSUDFWLFHVLQFH/RQGRQ=HG
3XEOLVKHU
%DXPDQQ*&RQWHVWLQJFXOWXUH'LVFRXUVHVRILGHQWLW\LQPXOWLHWKQLF
/RQGRQ&DPEULGJH&DPEULGJH8QLYHUVLW\3UHVV
%D\HU697KHFODVVLFDO7LEHWDQODQJXDJHVWHG1HZ<RUN6WDWH
8QLYHUVLW\RI1HZ<RUN3UHVV
%HOO&$6LU7KHUHOLJLRQRI7LEHW2[IRUG&ODUHGRQ3UHVV
%KDOOD$64LX63RYHUW\DQGLQHTXDOLW\DPRQJ&KLQHVHPLQRULWLHV
/RQGRQ1HZ<RUN5RXWOHGJH
%KROD+6$VRXUFHERRNIRUOLWHUDF\ZRUN3HUVSHFWLYHIURPWKHJUDVVURRWV
3DULVDQG/RQGRQ81(6&2
%ODFNOHGJH$3RZHUUHODWLRQVDQGWKHVRFLDOFRQVWUXFWLRQRI
OLWHUDF\DQGLOOLWHUDF\,Q00DUWLQ-RQHV.-RQHV(GV
0XOWLOLQJXDOOLWHUDFLHV$PVWHUGDP-RKQ%HQMDPLQV3XEOLVKLQJ
%ODFNOHGJH$&RQVWUXFWLRQVRILGHQWLW\LQSROLWLFDOGLVFRXUVHLQ
PXOWLOLQJXDO%ULWDLQ,Q$3DYOHQNR$%ODFNOHGJH(GV1HJRWLDWLRQRI
LGHQWLWLHVRIPXOWLOLQJXDOFRQWH[W&OHYHGRQ0XOWLOLQJXDO0DWWHUV
%ORRPH'*UHHQ-(WKQRJUDSK\DQGHWKQRJUDSKHUV,Q-)ORRG6%
+HDWK'/DSS(GV+DQGERRNRIUHVHDUFKRQ WHDFKLQJOLWHUDF\
WKURXJKWKHFRPPXQLFDWLYHDQGYLVXDODUWV1HZ<RUN3UHQWLFH+DOO
,QWHUQDWLRQDO
%RXUGLHX37KHIRUPVRIFDSLWDO,Q-(5LFKDUGVRQ(G+DQGERRNRI
WKHRU\RIUHVHDUFKIRUWKHVRFLRORJ\RIHGXFDWLRQ:HVWSRUW*UHHQZRRG
3UHVV
%RXUGLHX3/DQJXDJHDQGV\PEROLFSRZHU&DPEULGJH0DVVDFKXVHWWV
+DUYDUG8QLYHUVLW\3UHVV
%RXUGLHX3)LHOGRISRZHUOLWHUDU\ILHOGDQGKDELWXV,Q6'XULQJ(G
7KHFXOWXUDOVWXGLHVUHDGHUUGHG/RQGRQ5RXWOHGJH
%RXUGLHX33DVVHURQ-5HSURGXFWLRQLQHGXFDWLRQVRFLHW\DQGFXOWXUH
51LFHWUDQV/RQGRQ6DJH
%R\DULQ-7KHHWKQRJUDSK\RIUHDGLQJ/RQGRQ8QLYHUVLW\RI
&DOLIRUQLD3UHVV
%ULWLVK(GXFDWLRQDO5HVHDUFK$VVRFLDWLRQ5HYLVHGHWKLFDOJXLGHOLQHV
IRUHGXFDWLRQDOUHVHDUFK/RQGRQ%ULWLVK(GXFDWLRQDO5HVHDUFK
$VVRFLDWLRQ
%URZQ'&ROOLQV$'XTXLG%6LWXDWHGFRJQLWLRQDQGWKHFXOWXUHRI
OHDUQLQJ%%16\VWHPVDQG7HFKQRORJLHV&RUSRUDWLRQ
KWWSZZZGWLFPLOFJLELQ*H75'RF"$' $'$/RFDWLRQ 8G
RF *H75'RFSGI!
%UXQHU-7KHFXOWXUHRIHGXFDWLRQ+DUYDUG+DUYDUG8QLYHUVLW\3UHVV
%U\PDQ$4XDQWLW\DQGTXDOLW\LQVRFLDOUHVHDUFK/RQGRQ8QZLQ
+\PDQ
%XWOHU$)HPLQLVPQDWLRDOLVPDQGH[LOHG7LEHWDQZRPHQ1HZ'HOKL
.DOLIRU:RPHQ
%X\V3=HQ]$3$0(&HYDOXDWLRQUHSRUW7LEHWDQ/LWHUDF\
3URJUDPPH*RQJKH3$0(&
%\UDP07HDFKLQJDQGDVVHVVLQJLQWHUFXOWXUDOFRPPXQLFDWLYH
FRPSHWHQFH&OHYHGRQ0XOWLOLQJXDO0DWWHUV
&DEH]yQ-,-DFNVRQ55(GV7LEHWDQOLWHUDWXUH6WXGLHVLQ
JHQUH,WKDFD1<6QRZ/LRQ
&DPHURQ'(G5HVHDUFKLQJODQJXDJH,VVXHVRISRZHUDQGPHWKRG
/RQGRQ5RXWOHGJH
&DPSEHOO*/+DQGERRNRIVFULSWVDQGDOSKDEHWV1HZ<RUN5RXWOHGJH
&DR+/HL)QRWNQRZQ*LUOV(GXFDWLRQLQ*DQVX&KLQD8QSXEOLVKHG
SDSHUKWWSZZZFKLQDHDPXRWWDZDFDLFDVERRNSGI!
&DUULQJWRQ9/XNH$/LWHUDF\DQG%RXUGLHX
VVRFLRORJLFDOWKHRU\
5HIUDPLQJ/DQJXDJHDQG(GXFDWLRQ
&DVWOHV60LJUDWLRQDQGFRPPXQLW\IRUPDWLRQXQGHUFRQGLWLRQVRI
JOREDOL]DWLRQ,QWHUQDWLRQDO0LJUDWLRQ5HYLHZ
&KDUPD].4XDOLWDWLYHLQWHUYLHZLQJDQGJURXQGHGWKHRU\DQDO\VLV,Q-)
*XEULXP-$+ROVWHLQ(GV+DQGERRNRILQWHUYLHZUHVHDUFK&RQWH[W
PHWKRG/RQGRQ6DJH
&KLQD%ULHI0RYLQJRXWRISRYHUW\
&KLQD(GXFDWLRQDQG5HVHDUFK1HWZRUND$GXOWHGXFDWLRQLQ&KLQD,
%HMLQJKWWSZZZHGXFQLQWURGXFWLRQBWB
VKWPO!
&KLQD6WDWLVWLF3UHVV4LQJKDL]KDQ]XUHQNRX7LEHWDQSRSXODWLRQLQ
4LQJKDL%HLMLQJ&KLQD6WDWLVWLF3UHVV
&KLQD6WDWLVWLF3UHVV4LQJKDLVWDWLVWLFDO\HDUERRN%HLMLQJ
&KLQD6WDWLVWLF3UHVV
&RIIH\$7KHHWKQRJUDSKLFVHOI)LHOGZRUNDQGWKHUHSUHVHQWDWLRQRI
LGHQWLW\/RQGRQ7KRXVDQG2DNV6$*(3XEOLFDWLRQV
&ROOLQV-/LWHUDF\DQGOLWHUDFLHV7KH$QQXDO5HYLHZRI$QWKURSRORJ\
&ROOLQV-%ORW5./LWHUDF\DQGOLWHUDFLHV7H[WVSRZHUDQGLGHQWLW\
1HZ<RUN&DPEULGJH8QLYHUVLW\3UHVV
&RUELQ-6WUDXVV$%DVLFVRITXDOLWDWLYHUHVHDUFKUGHG/RV$QJHOHV
/RQGRQ6DJH3XEOLFDWLRQV
&KLQD6WDWLVWLFDO%XUHDXRIWKH3HRSOH
V5HSXEOLFRI&KLQD&KLQDVWDWLVWLFDO
\HDUERRN%HLMLQJ&KLQD6WDWLVWLF3UHVV
&KLQD6WDWLVWLFDO%XUHDXRIWKH3HRSOH
V5HSXEOLFRI&KLQD&KLQDVWDWLVWLFDO
\HDUERRN%HLMLQJ&KLQD6WDWLVWLF3UHVV
&KRGDJ77LEHWWKHODQGDQGSHRSOH%HLMLQJ1HZ:RUOG3UHVV
&RPULH%6WHSKHQDQG03ROLQVN\07KHDWODVRIODQJXDJHV7KH
RULJLQDQGGHYHORSPHQWRIODQJXDJHVWKURXJKRXWWKHZRUOG/RQGRQ
%ORRPVEXU\
&RRN3*7KHUKHWRULFLW\RIFXOWXUDOOLWHUDF\3HGDJRJ\
&RSH%.DODQW]LV0'HVLJQVIRUVRFLDOIXWXUHV,Q%&RSH
0.DODQW]LV(GV0XOWLOLWHUDFLHVOLWHUDF\OHDUQLQJDQGWKHGHVLJQ
RIVRFLDOIXWXUHV2[RQ1HZ<RUN5RXWOHGJH
&RVWHOOR67KHHFRQRPLFVRIFXOWXUDOSURGXFWLRQ,Q7+XEHU(G
$PGR7LEHWDQVLQWUDQVLWLRQ/HLGHQ%RVWRQ.|OQ%ULOO
&RXOPDV)7KHZULWLQJV\VWHPVRIWKHZRUOG2[IRUG%ODFNZHOO
&U\VWDO'7KH&DPEULGJHHQF\FORSHGLDRIODQJXDJHQGHG
&DPEULGJH&DPEULGJH8QLYHUVLW\3UHVV
'DYFKHYD//HDUQLQJWREHLQWHUFXOWXUDO,Q*$OIUHG0%\UDP0
)OHPLQJ(GV/DQJXDJHVIRULQWHUFXOWXUDOFRPPXQLFDWLRQDQGHGXFDWLRQ
,QWHUFXOWXUDOH[SHULHQFHDQGHGXFDWLRQ&OHYHGRQ0XOWLOLQJXDO0DWWHUV
/LPLWHG
'DYLHV&$5HIOH[LYHHWKQRJUDSK\$JXLGHWRUHVHDUFKLQJVHOYHVDQG
RWKHUV/RQGRQ1HZ<RUN5RXWOHGJH
'HQVFRPEH0*URXQGUXOHVIRUJRRGUHVHDUFK$SRLQWJXLGH IRUVRFLDO
UHVHDUFK%XFNLQJKDP2SHQ8QLYHUVLW\3UHVV
'HQZRRG37LEHWDQ$PVWHUGDP3KLODGHOSKLD-RKQ%HQMDPLQV
3XEOLVKLQJ
'HSDUWPHQWRI,QWHUQDWLRQDO&RRSHUDWLRQ([FKDQJHV(GXFDWLRQIRUHWKQLF
PLQRULWLHVLQ&KLQD%HLMLQJ7KH0LQLVWU\RI(GXFDWLRQ
'RUMHH7*LOHV+&XOWXUDOLGHQWLWLHVLQ7LEHWDQGLDVSRUDV-RXUQDORI
0XOWLOLQJXDODQG0XOWLFXOWXUDO'HYHORSPHQW
'XQFDQ0+&XVWRPVDQGVXSHUVWLWLRQVRI7LEHWDQV/RQGRQ0LWUH3UHVV
'\HU&(G7KHHGXFDWLRQRIQRPDGLFSHRSOHV&XUUHQWLVVXHVDQG
IXWXUHSURVSHFWV1HZ<RUN2[IRUG%HUJKDKQ%RRNV
'\HU&&KRNVL$/LWHUDF\VFKRROLQJDQGGHYHORSPHQW,Q%
6WUHHW(G/LWHUDF\DQGGHYHORSPHQW(WKQRJUDSKLFSHUVSHFWLYHV
/RQGRQ5RXWOHGJH
(FRQRPLVW&KLQD¶VSULFHLQIODWLRQFRQWLQXHG&DWHUSLOODUIXQJXV
WKHQHZJROGKWWSZZZHFRQRPLVWFRPQRGH!
(GZDUGV-0XOWLOLQJXDOLVP/RQGRQ5RXWOHGJH
(GZDUGV-3OD\HUVDQGSRZHULQPLQRULW\JURXSVHWWLQJV-RXUQDORI
0XOWLOLQJXDODQG0XOWLFXOWXUDO'HYHORSPHQW
(LVHQKDUW0$+RZH.59DOLGLW\LQHGXFDWLRQDOUHVHDUFK,Q
0'/H&RPSWH:/0LOOUR\-3UHLVVOH(GV7KHKDQGERRNRI
TXDOLWDWLYHUHVHDUFKLQHGXFDWLRQ6DQGLHFR&$$FDGHPLF3UHVV
(O\0'RLQJTXDOLWDWLYHUHVHDUFK&LUFOHVZLWKLQFLUFOHV/RQGRQ
3KLODGHOSKLD5RXWOHGJH)DOPHU
(SVWHLQ/:HQELQ35LWXDOHWKQLFLW\DQGJHQHUDWLRQDOLGHQWLW\,Q0
&*ROGVWHLQ07.DSVWHLQ(GV%XGGKLVPLQFRQWHPSRUDU\7LEHW
5HOLJLRXVUHYLYDODQGFXOWXUDOLGHQWLW\%HUNHOH\/RQGRQ8QLYHUVLW\RI
&DOLIRUQLD3UHVV
(XURSHDQ6FLHQFH)RXQGDWLRQ7KH(XURSHDQ&RGHRI&RQGXFWIRU5HVHDUFK
,QWHJULW\KWWSZZZHVILUJDFWLYLWLHVPRIRUDUHVHDUFKLQWHJULW\KWPO!
(YLDWDU=,EUDKLP5%LOLQJXDOLVDVELOLQJXDOGRHV0HWDOLQJXLVWLF
DELOLWLHVRI$UDELFVSHDNLQJFKLOGUHQ$SSOLHG3V\FKROLQJXLVWLFV
(]HRPDK&81(6&2,QWHUQDWLRQDO%XUHDXRI(GXFDWLRQ
(GXFDWLQJQRPDGVIRUVHOIDFWXDOL]DWLRQDQGGHYHORSPHQW3DULV
81(6&2,QWHUQDWLRQDO%XUHDXRI(GXFDWLRQ
)HUJXVRQ&$'LJORVVLD,Q'+\PHV(G/DQJXDJHLQFXOWXUH
DQGVRFLHW\DUHDGHULQODQJXDJHDQGDQWKURSRORJ\1HZ<RUN+DUSHUDQG
5RZ
)HUJXVRQ&$/DQJXDJHVWUXFWXUHDQGODQJXDJHXVH6WDQIRUG6WDQIRUG
8QLYHUVLW\3UHVV
)LGD,QWHUQDWLRQDO4LQJKDL/LWHUDF\DQG+HDOWK3URJUDPPH±SURMHFW
SURSRVDO+HOVLQNL)LGD,QWHUQDWLRQDO
)LGD,QWHUQDWLRQDO7KHWHUPVRIUHIHUHQFHIRUWKHILQDOHYDOXDWLRQ7KH
7LEHWDQOLWHUDF\SURJUDPPHLQ4LQJKDLSURYLQFH&KLQD+HOVLQNL)LGD
,QWHUQDWLRQDO
)LVKPDQ-$0LQRULW\ODQJXDJHPDLQWHQDQFHDQGWKHHWKQLFPRWKHU
WRQJXHVFKRRO7KH0RGHUQ/DQJXDJH-RXUQDO
)LVKPDQ-$/DQJXDJHDQGHWKQLFLW\7KHYLHZIURPZLWKLQ,Q)
&RXOPDV(G7KHKDQGERRNRIVRFLROLQJXLVWLFV2[IRUG%ODFNZHOO
3XEOLVKHUV,QF
)LVKPDQ-$0LQRULW\PRWKHUWRQJXHHGXFDWLRQ/DQJXDJHDQGHWKQLFLW\LQ
PLQRULW\VRFLROLQJXLVWLFSHUVSHFWLYH&OHYHGRQ0XOWLOLQJXDO0DWWHUV
)LVKPDQ-$6RFLROLQJXLVWLFV,Q-$)LVKPDQ(G+DQGERRNRI
ODQJXDJHDQGHWKQLFLGHQWLW\1HZ<RUN2[IRUG2[IRUG8QLYHUVLW\
3UHVV
)RJJLQ0'HSRSXODWLQJWKH7LEHWDQJUDVVODQGVQDWLRQDOSROLFLHVDQG
SHUVSHFWLYHVIRUWKHIXWXUHRI7LEHWDQKHUGHUVLQ4LQJKDLSURYLQFH&KLQD
0RXQWDLQ5HVHDUFKDQG'HYHORSPHQW
)RUGKDP3+ROODQG'0LOOLFDQ-$GXOWOLWHUDF\$KDQGERRNIRU
GHYHORSPHQWZRUNHUV2[IRUG2[IDP9ROXQWDU\6HUYLFH2YHUVHDV
)UHLUH33HGDJRJ\RIRSSUHVVHG+DUPRQGVZRUWK3HQJXLQ
)UHLUH37KHSROLWLFVRIHGXFDWLRQFXOWXUHSRZHUDQGOLEHUDWLRQ1HZ
<RUN%HUJLQDQG*DUYH\
)UHLUH37KHDGXOWOLWHUDF\SURFHVVDVFXOWXUDODFWLRQIRUIUHHGRP,Q
%6WLHUHU-0D\EHQ(GV/DQJXDJHDQGOLWHUDF\LQVRFLDOSUDFWLFH
/RQGRQ2SHQ8QLYHUVLW\
)UHLUH33HGDJRJ\RIIUHHGRP2[IRUG5RZPDQ/LWWOHILHOG
3XEOLVKHU
*HH-36RFLDOLQJXLVWLFVDQGOLWHUDFLHVLGHRORJ\LQGLVFRXUVHV/RQGRQ
)DOPHU3UHVV
*HH-32UDOLW\DQGOLWHUDF\)URPWKHVDYDJHPLQGWRZD\VZLWK
ZRUGV,Q6WLHUHU-0D\ELQ(GV/DQJXDJHDQGOLWHUDF\LQVRFLDO
SUDFWLFH/RQGRQ7KH2SHQ8QLYHUVLW\
*LOHV+(G/DQJXDJHHWKQLFLW\DQGLQWHUJURXSUHODWLRQV/RQGRQ
$FDGHPLF3UHVV>IRUWKH@(XURSHDQ$VVRFLDWLRQRI ([SHULPHQWDO6RFLDO
3V\FKRORJ\
*ROGVWHLQ0&D,QWURGXFWLRQ,Q0&*ROGVWHLQ07.DSVWHLQ
(GV%XGGKLVPLQFRQWHPSRUDU\7LEHWUHOLJLRXVUHYLYDODQGFXOWXUDO
LGHQWLW\%HUNHOH\/RV$QJHOHV/RQGRQ8QLYHUVLW\RI&DOLIRUQLD3UHVV
*ROGVWHLQ0&E7KHUHYLYDORIPRQDVWLFOLIHLQ'UHSXQJPRQDVWHU\,Q
0&*ROGVWHLQ07.DSVWHLQ(GV%XGGKLVPLQFRQWHPSRUDU\7LEHW
UHOLJLRXVUHYLYDODQGFXOWXUDOLGHQWLW\%HUNHOH\/RV$QJHOHV/RQGRQ
8QLYHUVLW\RI&DOLIRUQLD3UHVV
*ROGVWHLQ.\DJD.7KH7LEHWDQV6FKRROIRUVXUYLYDORUVXEPLVVLRQ$Q
LQYHVWLJDWLRQRIHWKQLFLW\DQGHGXFDWLRQ6WRFNKROP+/6)|UODJ'HSWRI
(GXFDWLRQDO5HVHDUFK&HQWHUIRU3DFLILF$VLD6WXGLHVF
*RRGPDQ'6*7KHFDPSDLJQWR2SHQXSWKH:HVW1DWLRQDO
SURYLQFLDOOHYHODQGORFDOSHUVSHFWLYHV7KH&KLQD4XDUWHUO\
*RUGRQ5*-U(G(WKQRORJXH/DQJXDJHVRIWKHZRUOGILIWHHQWK
HGLWLRQ'DOODV7H[6,/,QWHUQDWLRQDO2QOLQHYHUVLRQ
KWWSZZZHWKQRORJXHFRP!
*UDII+-7KHOLWHUDF\P\WK/LWHUDF\DQGVRFLDOVWUXFWXUHLQWKHQLQHWHHQWK
FHQWXU\FLW\1HZ<RUN$FDGHPLF3UHVV
*UDII+-/LWHUDF\P\WKVDQGOHJDFLHV/HVVRQVIURPWKHKLVWRU\RI
OLWHUDF\,Q/9HUKRHYHQ(G)XQFWLRQDOOLWHUDF\$PVWHUGDP
3KLODGHOSKLD-RKQ%HQMDPLQV3XEOLVKLQJ
*URVVEHUJ/,GHQWLW\DQGFXOWXUDOVWXGLHV,VWKDWDOOWKHUHLV",Q6+DOO
3GX*D\(GV&XOWXUDOLGHQWLW\/RQGRQ7KRXVDQGV2DNV1HZ'HOKL
6$*(
*XEULXP-)+ROVWHLQ-$(GV+DQGERRNRILQWHUYLHZUHVHDUFK
&RQWH[WPHWKRG/RQGRQ6$*(
*XGVFKLQVN\6&/LWHUDF\7KHJURZLQJLQIOXHQFHRIOLQJXLVWLFV%HUOLQ
1HZ<RUN$PVWHUGDP0RXWRQ3XEOLVKHUV
*XUQDK$/DQJXDJHVDQGOLWHUDFLHVIRUDXWRQRP\,Q00DUWLQ-RQHV
.-RQHV(GV0XOWLOLQJXDOOLWHUDFLHV$PVWHUGDP3KLODGHOSKLD-RKQ
%HQMDPLQ3XEOLVKLQJ
+DLQDQ7LEHWDQ$XWRQRPRXV3UHIHFWXUH/DQJXDJH:RUNLQJ&RQJUHVV
&RQJUHVVUHSRUW+DLQDQ7LEHWDQ$XWRQRPRXV3UHIHFWXUH+DLQDQ
7LEHWDQ$XWRQRPRXV3UHIHFWXUH/DQJXDJH:RUNLQJ&RQJUHVV
+DLQDQ7$3$GXOWOLWHUDF\HGXFDWLRQ$SDSHUIRUWKH/DQJXDJH
:RUNLQJ&RQJUHVV8QSXEOLVKHG
+DOO$0LGJOH\-6RFLDOSROLF\IRUGHYHORSPHQW/RQGRQ6DJH
+DOOLGD\0$.$QLQWURGXFWLRQWRIXQFWLRQDOJUDPPDU/RQGRQ
(GZDUG$UQROGV
+DPLOWRQ0%HFRPLQJH[SHUW8VLQJHWKQRJUDSKLHVRIHYHU\GD\
OHDUQLQJWRLQIRUPWKHHGXFDWLRQRIDGXOWVWK6&875($&RQIHUHQFH1R
SODFHSULQWHG
+DPLOWRQ08QGHUVWDQGLQJWKHHYHU\GD\$GXOWOLYHVOLWHUDFLHVDQG
LQIRUPDOOHDUQLQJ,Q$0F.HRXJK(G8QGHUVWDQGLQJOLWHUDF\
GHYHORSPHQW$JOREDOYLHZ/RQGRQ/DZUHQFH(UOEDXP$VVRFLDWHV
+DPLOWRQ0%DUWRQ',YDQLþ5:RUOGVRIOLWHUDF\&OHYHGRQ
7RURQWR0XOWLQJXDO0DWWHUV2QWDULR,QVWLWXWHIRU6WXGLHVLQ(GXFDWLRQ
+DPPHUVOH\0:KDW
VZURQJZLWKHWKQRJUDSK\"0HWKRGRORJLFDO
H[SORUDWLRQV/RQGRQ1HZ<RUN5RXWOHGJH
+DPPHUVOH\05HDGLQJHWKQRJUDSKLFUHVHDUFK$FULWLFDOJXLGHQGHG
/RQGRQ1HZ<RUN/RQJPDQ
+DPPHUVOH\0$WNLQVRQ3(WKQRJUDSK\3ULQFLSOHVLQSUDFWLFHQG
HG/RQGRQ5RXWOHGJH
+DQQHU]8&XOWXUDOFRPSOH[LW\VWXGLHVLQWKHVRFLDORUJDQL]DWLRQRI
PHDQLQJ1HZ<RUN&ROXPELD8QLYHUVLW\3UHVV
+DQVHQ*--XQ/6RFLDOLGHQWLW\DQGODQJXDJH7KHRUHWLFDODQG
PHWKRGRORJLFDOLVVXHV7HVRO4XDWHUO\
+DQVHQ0+/HVVRQVLQEHLQJ&KLQHVHPLQRULW\HGXFDWLRQDQGHWKQLF
LGHQWLW\LQVRXWKZHVW&KLQD6HDWWOHDQG/RQGRQ8QLYHUVLW\RI:DVKLQJWRQ
3UHVV
+DUUL5/LWHUDF\LQHGXFDWLRQDQGLQHYHU\GD\OLIH7HQVLRQVLQ7LEHWDQ
OLWHUDF\SUDFWLFHV03KLO7KHVLV/RQGRQ.LQJ
V&ROOHJH/RQGRQ
'HSDUWPHQWRI(GXFDWLRQ3URIHVVLRQDO6WXGLHV
+HDGODQG71$GLDORJXHEHWZHHQ.HQQHWK3LNHDQG0DUYLQ+DUULV
RQHPLFVDQGHWLFV,Q71+HDGODQG./3LNHDQG0+DUULV(GV
(PLFVDQG(WLFV7KHLQVLGHURXWVLGHUGHEDWH6DJH3XEOLFDWLRQ
KWWSZZZVLORUJaKHDGODQGWHHLQWURKWP!
+HDWK6%7KHIXQFWLRQVDQGXVHVRIOLWHUDF\-RXUQDORI&RPPXQLFDWLRQ
+HDWK6%:D\VZLWKZRUGV/DQJXDJHDQGOLIHLQFRPPXQLWLHVDQG
FODVVURRPV&DPEULGJH&DPEULGJH8QLYHUVLW\3UHVV
+HDWK6%:KDWQREHGWLPHVWRU\PHDQV1DUUDWLYHVNLOOVDWKRPHDQG
VFKRRO,Q-0D\ELQ(G/DQJXDJHDQGOLWHUDF\LQVRFLDOSUDFWLFHD
UHDGHU&OHYHGRQ0XOWLOLQJXDO0DWWHUV
+HDWK6%6WUHHW%2QHWKQRJUDSK\$SSURDFKHVWRODQJXDJH
DQGOLWHUDF\UHVHDUFK1HZ<RUN7HDFKHUV&ROOHJH3UHVV
+HOOHU07KHUROHRIODQJXDJHLQWKHIRUPDWLRQRIHWKQLFLGHQWLW\
,Q-63KLQQH\0-5RWKHUDQ(GV&KLOGUHQ
VHWKQLFVRFLDOL]DWLRQ
3OXUDOLVPDQGGHYHORSPHQW1HZEXU\3DUN&DOLIRUQLD6$*(
+HUEHUW35RELQVRQ&':$QRWKHUODQJXDJHDQRWKHUOLWHUDF\"
3UDFWLFHVLQQRUWKHUQ*KDQD,Q%6WUHHW(G/LWHUDF\DQGGHYHORSPHQW
(WKQRJUDSKLFSHUVSHFWLYHV/RQGRQ1HZ<RUN5RXWOHGJH
+LUVFK('&XOWXUDOOLWHUDF\:DVKLQJWRQ'&1DWLRQDODGXOW
OLWHUDF\FRQIHUHQFH
+LUVFK('-U.HWW-)7UHILO-&XOWXUDOOLWHUDF\:KDWHYHU\
$PHULFDQQHHGVWRNQRZ1HZ<RUN9LQWDJH%RRNV
+LUVFK('-U.HWW-)7UHILO-7KHQHZGLFWLRQDU\RIFXOWXUDO
OLWHUDF\%RVWRQ+RXJKWRQ0LIIOLQ
+RGJH5-RQHV.3KRWRJUDSK\LQFROODERUDWLYHUHVHDUFKRQ
PXOWLOLQJXDOOLWHUDF\SUDFWLFHV,PDJHVDQGXQGHUVWDQGLQJVRIUHVHDUFKHUDQG
UHVHDUFKHG,Q00DUWLQ-RQHV.-RQHV(GV0XOWLOLQJXDO/LWHUDFLHV
$PVWHUGDP3KLODGHOSKLD-RKQ%HQMDPLQV3XEOLVKLQJ
+RIVWHGH*&XOWXUH¶VFRQVHTXHQFHVLQWHUQDWLRQDOGLIIHUHQFHVLQZRUN
UHODWHGYDOXHV1HZEXU\3DUN&$6$*(
+RIVWHGH*&XOWXUHVDQGRUJDQL]DWLRQVVRIWZDUHRIWKHPLQG/RQGRQ
0F*UDZ+LOO
+RIVWHGH*&XOWXUH
VFRQVHTXHQFHVFRPSDULQJYDOXHVEHKDYLRUVLQVWLWXWRQV
DQGRUJDQLVDWLRQVDFURVVQDWLRQV7KRXVDQG2DNV&$6$*(
+ROOLGD\$6PDOOFXOWXUHV$SSOLHG/LQJXLVWLFV
+ROOLGD\$&XOWXUHDVFRQVWUDLQWRUUHVRXUFHHVVHQWLDOLVWYHUVXVQRQ
HVVHQWLDOLVWYLHZV,DWHIOODQJXDJHDQGVWXGLHV6,*QHZVOHWWHU
+ROPHV-$QLQWURGXFWLRQWRVRFLROLQJXLVWLFV/RQGRQ/RQJPDQ
+RUOHPDQ%0RGHUQLVDWLRQHIIRUWVLQ0JRORJ$&KURQLFOH
,Q7+XEHU(G$PGR7LEHWDQVLQWUDQVLWLRQ/HLGHQ%RVWRQ.|OQ
%ULOO
+RUQEHUJHU10XOWLOLQJXDOOLWHUDFLHVOLWHUDF\SUDFWLFHVDQGWKHFRQWLQXDRI
ELOLWHUDF\,Q00DUWLQ-RQHV.-RQHV(GV0XOWLOLQJXDOOLWHUDFLHV
$PVWHUGDP-RKQ%HQMDPLQV3XEOLVKLQJ
+RUQE\$62[IRUGDGYDQFHGJHQLH2[IRUG2[IRUG8QLYHUVLW\3UHVV
+RUVWLD(0XUUD\07KH7LEHWDQOLWHUDF\SURJUDPPHILQDO
HYDOXDWLRQ+HOVLQNL&R3ODQ&RQVXOWLQJ
+RZDUG-$6RFLDOSV\FKRORJ\RILGHQWLWLHV$QQXDO5HYLHZRI6RFLRORJ\
+XEHU7D,QWURGXFWLRQ$PGRDQGLWVPRGHUQWUDQVLWLRQ,Q7+XEHU(G
$PGR7LEHWDQVLQWUDQVLWLRQ/HLGHQ.|OQ%ULOO[L[[LLL
+XEHU7E$PGR7LEHWDQVLQWUDQVLWLRQ/HLGHQ%RVWRQ.|OQ%ULOO
+l\U\QHQ66XRPDODLVHQ\KWHLVNXQQDQNXOWWXXULSROLWLLNND-\YlVN\Ol
6R3KL
,QGXVWU\VNLOOVFRXQFLOV1RPRUHH[FXVHV$QLQGXVWU\UHVSRQVHWR
ODQJXDJHOLWHUDF\DQGQXPHUDF\FKDOOHQJH$XVWUDOLD
KWWSZZZLVFRUJDXSGI1R0RUH([HFXVHV),1$/),1$/VLQJOH
SDJHSGI!0D\
,UHGDOH51DUDQ%:DQJ6(GV&RQWHPSRUDU\PLQRULW\
PLJUDWLRQHGXFDWLRQDQGHWKQLFLW\LQ&KLQD&KHOWHQKDP(GZDUG(OJDU
3XEOLVKLQJ,QF
-DQKXQHQ-3UHIDFH,Q.1RUEX.$3HHWG3DO/GDQE.UDVKLV.
6WXDUW(GV0RGHUQRUDO$PGR7LEHWDQ1HZ<RUN7KH(GZLQ0HOOHQ
3UHVV[Y[YLLL
-RVHSK-(/DQJXDJHDQGLGHQWLW\QDWLRQDOHWKQLFUHOLJLRXV
+DPSVKLUH1HZ<RUN3DOJUDYH0DFPLOODQ
-lUYLQHQ7(PSRZHUPHQW$FKDOOHQJHRIQRQJRYHUQPHQWDORUJDQL]DWLRQV
LQGHYHORSPHQWFRRSHUDWLRQSDUWQHUVKLSV8QLYHUVLW\RI7DPSHUH
'HSDUWPHQWRI(GXFDWLRQ$FWD8QLYHUVLWDWLV7DPSHUHQVLV
.DLNNRQHQ39LHUDXGHQNHVNHOOl-\YlVN\Ol-\YlVN\OlQ\OLRSLVWRSDLQR
.DSVWHLQ077KH7LEHWDQDVVLPLODWLRQRI%XGGKLVPFRQYHUVLRQ
FRQWHVWDWLRQDQGPHPRU\1HZ<RUN2[IRUG2[IRUG8QLYHUVLW\3UHVV
.DSVWHLQ077KH7LEHWDQV2[IRUG%ODFNZHOO
.LQJ.$/DQJXDJHUHYLWDOL]DWLRQSURFHVVDQGSURVSHFWV4XLFKXD
LQWKH(FXDGRULDQ$QGHV&OHYHGRQ0XOWLOLQJXDO0DWWHUV
.RKQ5-7KHULWHRIHPSRZHUPHQW,Q'6/RSH]-U(G5HOLJLRQVRI
7LEHWLQSUDFWLFH3ULQFHWRQ:RRGVWRFN3ULQFHWRQ8QLYHUVLW\3UHVV
.RLYXQHQ+0DUVLR/)DLU&XOWXUH"+HOVLQNL3XEOLFDWLRQRI
0LQLVWU\RI(GXFDWLRQ
.UDPVFK&/DQJXDJHDQGFXOWXUH2[IRUG2[IRUG8QLYHUVLW\3UHVV
.UDXV5&%UXVKHVZLWKSRZHU2[IRUG8QLYHUVLW\RI&DOLIRUQLD3UHVV
.UHVV*0XOWLPRGDOLW\,Q%&RSHDQG0.DODQW]LV(GV
0XOWLOLWHUDFLHVOLWHUDF\OHDUQLQJDQGWKHGHVLJQRIVRFLDOIXWXUHV
6RXWK<DUUD0DFPLOODQ3XEOLVKHUV$XVWUDOLD379/WG
.UHVV*/LWHUDF\LQWKHQHZPHGLDDJH/RQGRQ5RXWOHGJH
.UHVV*59DQ/HHXZHQ70XOWLPRGDOGLVFRXUVH7KHPRGHVDQG
PHGLDRIFRQWHPSRUDU\FRPPXQLFDWLRQ/RQGRQ$UQROG
.\POLFND:3ROLWLFVLQWKHYHUQDFXODUQDWLRQDOLVPPXOWLFXOWXUDOLVPDQG
FLWL]HQVKLS2[IRUG2[IRUG8QLYHUVLW\3UHVV
/DPRQWDJQH-1DWLRQDOPLQRULW\HGXFDWLRQLQ&KLQD,Q*$3RVWLJOLRQH
(G&KLQD
VQDWLRQDOPLQRULW\HGXFDWLRQ1HZ<RUN/RQGRQ)DOPHU
3UHVV
/DQNVKHDU&&ULWLFDO/LWHUDF\$XVWUDOLDQ&XUULFXOXP6WXGLHV$VVRFLDWLRQ
/DQNVKHDU&D&KDQJLQJ/LWHUDFLHV0LOWRQ.H\QHV2SHQ8QLYHUVLW\3UHVV
/DQNVKHDU&E/DQJXDJHDQGFXOWXUDOSURFHVV,Q&/DQNVKHDU(G
&KDQJLQJOLWHUDFLHV3KLODGHOSKLD2SHQ8QLYHUVLW\3UHVV
/HYLQH.)XQFWLRQDO/LWHUDF\)RQGLOOXVLRQVDQGIDOVHHFRQRPLHV
+DUYDUG(GXFDWLRQDO5HYLHZ
/HYL6WUDXVV&7KHVDYDJHPLQG&KLFDJR&KLFDJR8QLYHUVLW\3UHVV
/HZLV0/RFNKHHG06RFLDOH[FOXVLRQDQGWKHJHQGHUJDSLQ
HGXFDWLRQ3ROLF\5HVHDUFK:RUNLQJ3DSHU7KH:RUOG%DQN
/KDGDU/DSK\HGQDQJ\LJUPRQJVHOEDYLVOREGHE7KHERRNRIKRZWR
EHFRPHOLWHUDWHLQVL[PRQWKV%HLMLQJ7LEHWDQ6WXGLHV3XEOLVKLQJ+RXVH
/LHENLQG.6RFLDOSV\FKRORJ\,Q-$)LVKPDQ(G+DQGERRNRI
ODQJXDJHDQGHWKQLFLGHQWLW\1HZ<RUN2[IRUG2[IRUG8QLYHUVLW\3UHVV
/LQ<&KRRVLQJEHWZHHQHWKQLFDQG&KLQHVHFLWL]HQVKLSWKHHGXFDWLRQDO
WUDMHFWRULHVRI7LEHWDQPLQRULW\FKLOGUHQLQQRUWKZHVWHUQ&KLQD,Q5
0XUSK\9/)RQJ(GV&KLQHVHFLWL]HQVKLS2[IRUG1HZ<RUN
5RXWOHGJH
/LQQDN\Ol3/XNXWDLGROODPDDLOPDQNDUWDOOH.DQVDLQYlOLQHQ
OXNXWDLWRWXWNLPXV6XRPHVVD7KH,($VWXG\RIUHDGLQJOLWHUDF\LQ)LQODQG
-\YlVN\Ol-\YlVN\OlQ<OLRSLVWR
/LQQDN\Ol3)LQQLVKUHDGLQJOLWHUDF\FKDOOHQJHGE\FXOWXUDOFKDQJH,Q
3/LQQDN\Ol,$UIIPDQ(GV)LQQLVK5HDGLQJ/LWHUDF\:KHQTXDOLW\
DQGHTXLW\PHHW-\YlVN\Ol8QLYHUVLW\RI-\YlVN\Ol,QVWLWXWHRI
(GXFDWLRQDO5HVHDUFK
/RSH]'6-U5HOLJLRQVLQ7LEHW3ULQFHWRQ8QLYHUVLW\3UHVV
/RX&%LOLQJXDOHGXFDWLRQLQ4LQJKDL3URYLQFH&KLQD%HLMLQJ6DYH
WKH&KLOGUHQ8.KWWSZZZVHDPHRRUJBOG
GRXFPHQWV3UHVHQWDWLRQBGRFXPHQW%LOLQJXDOB(GXFDWLRQBLQB4LQJKDLB3URYLQ
FHBILQDOBHGLWVSGI!
/XNH$*HQUHVRISRZHU"/LWHUDF\HGXFDWLRQDQGWKHSURGXFWLRQRIFDSLWDO
,Q5+DVDQ*:LOOLDPV(GV/LWHUDF\LQVRFLHW\/RQGRQ$GGLVRQ
:HVOH\/RQJPDQ/LPLWHG
/XNH$)UHHERG\37KHVRFLDOSUDFWLFHVRIUHDGLQJ,Q60XVSUDWW
$/XNH3)UHHERG\(GV&RQVWUXFWLQJFULWLFDOOLWHUDFLHV&UHVNLOO
+DPSWRQ3UHVV
/XVWLJ0:DQG.RHVWHU-,QWHUFXOWXUDOFRPSHWHQFH,QWHUSHUVRQDO
FRPPXQLFDWLRQDFURVVFXOWXUHV6DQ)UDQFLVFR$OO\Q%DFRQ
/XXNND05/HLZR02SHWXVVXXQQLWHOPDlLGLQNLHOHQRSHWXNVHQ
VXXQQDQQl\WWlMlQl&XUULFXOXPDDVDWUHQGVHWWHU,Q.6DMDYDDUD6
7DNDOD(GV.LHOLNRXOXWXVWLHQKDDUDVVD/DQJXDJH(GXFDWLRQDW
FURVVURDGV-\YlVN\Ol8QLYHUVLW\RI-\YlVN\Ol&HQWUHIRU$SSOLHG
/DQJXDJH6WXGLHV
/\WOH6DQG/DQGDX-$GXOWOLWHUDF\LQFXOWXUDOFRQWH[W,Q
'$:DJQHU(G7KH)XWXUHRIOLWHUDF\LQDFKDQJLQJZRUOG
2[IRUG3HUJDPRQ
/lKHW\NVHQNHKLW\VDSXVW3URMHFW3ODQ4LQJKDLOLWHUDF\
DQGKHDOWKSURJUDPPH+HOVLQNL/lKHW\NVHQ.HKLW\VDSXFXUUHQWO\
)LGD,QWHUQDWLRQDO
0D5%LOLQJXDOHGXFDWLRQIRU&KLQD¶VHWKQLFPLQRULWLHV&KLQHVH
HGXFDWLRQDQGVRFLHW\0DUFK$SULO±
0DGGR[%7KHOLWHUDF\DQGWKHPDUNHW7KHHFRQRPLFXVHVRIOLWHUDF\
DPRQJWKHSHDVDQWU\LQ1RUWK:HVW%DQJODGHVK,Q%6WUHHW(G/LWHUDF\
DQGGHYHORSPHQW(WKQRJUDSKLFSHUVSHFWLYHV/RQGRQ5RXWOHGJH
0DGGR[%6HFXODUDQG.RUDQLFOLWHUDFLHVLQ6RXWK$VLD)URPFRORQLVDWLRQ
WRFRQWHPSRUDU\SUDFWLFH,QWHUQDWLRQDO-RXUQDORI(GXFDWLRQDO
'HYHORSPHQW
0DMXSXULD,7LEHWDQZRPHQWKHQDQGQRZDIDLWKIXODQGYLYLGDFFRXQWRI
WKHVWDWXVDQGUROHRI7LEHWDQZRPHQZKROLYHGLQDQFLHQW7LEHWDVZHOODV
WKRVHZKRDUHOLYLQJWRGD\LQDQGRXWVLGH7LEHW/DVKNDU0'HYL
0DUWLQ-RQHV0(QWHUSULVLQJZRPHQPXOWLOLQJXDOOLWHUDFLHVLQ
FRQVWUXFWLRQRIQHZLGHQWLWLHV,Q00DUWLQ-RQHV.-RQHV(GV
0XOWLOLQJXDOOLWHUDFLHV$PVWHUGDP3KLODGHOSKLD-RKQ%HQMDPLQV
3XEOLVKLQJ
0DUWLQ-RQHV0-RQHV.0XOWLOLQJXDOOLWHUDFLHV5HDGLQJDQG
ZULWLQJGLIIHUHQWZRUOGV$PVWHUGDP-RKQ%HQMDPLQV3XEOLVKLQJ
0D[ZHOO-$8QGHUVWDQGLQJDQGYDOLGLW\LQTXDOLWDWLYHUHVHDUFK,Q
$0+XEHUPDQ$%0LOHV(GV7KHTXDOLWDWLYHUHVHDUFKHU
V
FRPSDQLRQ/RQGRQ6$*(
0D\6/DQJXDJHDQGHGXFDWLRQULJKWVIRULQGLJHQRXVSHRSOH,Q6
0D\(G,QGLJHQRXVFRPPXQLW\EDVHGHGXFDWLRQ&OHYHGRQ0XOWLOLQJXDO
0DWWHUV
0D\6/DQJXDJHDQGPLQRULW\ULJKWVHWKQLFLW\QDWLRQDOLVPDQGWKHSROLWLFV
RIODQJXDJH+DUORZ3HDUVRQ(GXFDWLRQ/LPLWHG
0H]LURZ-7UDQVIRUPDWLYHGLPHQVLRQVRIDGXOWOHDUQLQJ6DQ
)UDQFLVFR-RVVH\%DVV
0G6HV6$PDN|NDNH0RWKHU7RQJXH8QSXEOLVKHGPDQXVFULSW
0LOODUG('LIIHUHQWO\OLWHUDWHER\VJLUOVDQGWKHVFKRROLQJRIOLWHUDF\
/RQGRQ:DVKLQJWRQ7KH)DOPHU3UHVV
0LQLVWU\RI(GXFDWLRQRIWKH3HRSOH¶V5HSXEOLFRI&KLQD7KH
(GXFDWLRQ/DZRIWKH3HRSOH¶V5HSXEOLFRI&KLQD
KWWSZZZPRHHGXFQHQJOLVKODZVBHKWPO!
0LQLVWU\RI(GXFDWLRQRIWKH3HRSOH
V5HSXEOLFRI&KLQD(GXFDWLRQ
IRUHWKQLFPLQRULWLHVLQ&KLQD9,
KWWSZZZHGXFQLQWURGXFWLRQBWBVKWPO!
0LQLVWU\IRU)RUHLJQ$IIDLUVRI)LQODQG)LQODQG¶V'HYHORSPHQW
3ROLF\
KWWSIRUPLQILQODQGILSXEOLFGHIDXOWDVS["FRQWHQWLG QRGHLG FRQWHQWODQ FXOWXUH HQ86!
0LQLVWU\IRU)RUHLJQ$IIDLUVRI)LQODQG)LQODQG¶V'HYHORSPHQW3ROLF\
3URJUDPPH+HOVLQNL
0XGXR0LQ]XMLDR\XVKLMLDQ\XWDQVXR3UDFWLFHDQGH[SORULQJPLQRULW\
HGXFDWLRQ;LQLQJ4LQJKDL0LQRULW\3XEOLVKLQJ+RXVH
1DEL55RJHUV$6WUHHW%(GV+LGGHQOLWHUDFLHV(WKQRJUDSKLF
VWXGLHVRIOLWHUDF\DQGQXPHUDF\SUDFWLFHV%XU\6W(GPXQGV8SSLQJKDP
3UHVV
1DWLRQDO$GYLVLRU\%RG\RQ5HVHDUFK(WKLFV+\YlWLHWHHOOLQHQNl\WlQW|MD
MDVHQORXNNDXVWHQNlVLWWHOHPLQHQ*RRGVFLHQWLILFSUDFWLFHDQGSURFHGXUHV
IRUKDQGOLQJPLVFRQGXFWDQGIUDXGLQUHVHDUFK
KWWSZZZWHQNILK\YDWLHWHHOOLQHQND\WDQWR+\YD7LHWHHOLLQHQ),1SGI!
1HZ/RQGRQ*URXS$SHGDJRJ\RIPXOWLOLWHUDFLHV'HVLJQLQJVRFLDO
IXWXUHV+DUYDUG(GXFDWLRQDO5HYLHZ
1HZ/RQGRQ*URXS$SHGDJRJ\RIPXOWLOLWHUDFLHV,Q%&RSH0
.DODQW]LV(GV0XOWLOLWHUDFLHV/RQGRQ5RXWOHGJH
1LVEHWW5(7KHJHRJUDSK\RIWKRXJKW+RZ$VLDQVDQGZHVWHUQHUV
WKLQNGLIIHUHQWO\DQGZK\1HZ<RUN)UHH3UHVV
1RNHODLQHQ35XRKRWLH30RGHOLQJWKHSUHUHTXLVLWLHVRIHPSRZHUPHQW
,Q%%HDLUVWR0.OHLQ35XRKRWLH(GV3URIHVVLRQDOOHDUQLQJDQG
OHDGHUVKLS+lPHHQOLQQD5&9(±
1RUEX.3HHW.$G3DO/GDQE.UDVKLV6WXDUW.0RGHUQRUDO$PGR
7LEHWDQ1HZ<RUN7KH(GZLQ0HOOHQ3UHVV
1RUEX'7LEHW7KHURDGDKHDG/RQGRQ5LGHU
1RUWRQ%,GHQWLW\DQGODQJXDJHOHDUQLQJ6RFLDOSURFHVVDQGHGXFDWLRQDO
SUDFWLFH(VVH[3HDUVRQ(GXFDWLRQ/LPLWHG
1XUPL.(.RQWLDLQHQ6$IUDPHZRUNIRUDGXOWOHDUQLQJDQGFXOWXUDO
FRQWH[WPHGLDWLQJFXOWXUDOHQFRXQWHUV,Q.(1XUPL(G$GXOWOHDUQLQJ
LQDFXOWXUDOFRQWH[W+HOVLQNL$GXOWHGXFDWLRQUHVHDUFKVRFLHW\LQ)LQODQG
1\PDQ.XUNLDOD35XRWVLQNLHOLQHQMDQXRUL6XRPHVVD%HLQJD6ZHGLVK
VSHDNHUDQG\RXQJLQ)LQODQG,Q6/DLKLDOD.DQNDLQHQ63LHWLNlLQHQ
+'XIYD(GV0RQLllQLQHQ6XRPLNLHOLNXOWWXXULMDLGHQWLWHHWWL0XOWLSOH
YRLFHVRI)LQODQGODQJXDJHFXOWXUHDQGLGHQWLW\
-\YlVN\Ol-\YlVN\OlQ<OLRSLVWR8QLYHUVLW\RI-\YlVN\Ol
2(&'3XEOLFDWLRQVDQG,QIRUPDWLRQ&HQWUH/LWHUDF\HFRQRP\DQG
VRFLHW\5HVXOWVRIWKHILUVWLQWHUQDWLRQDODGXOWOLWHUDF\VXUYH\3DULV
2WWDZD2QW:DVKLQJWRQ'&2(&'3XEOLFDWLRQVDQG,QIRUPDWLRQ&HQWUH
2VZDOG-7LEHWDQVRQJV8QSXEOLVKHG
3DYOHQNR$%ODFNOHGJH$,QWURGXFWLRQ1HZWKHRUHWLFDODSSURDFKHVWR
WKHVWXG\RIQHJRWLDWLRQRILGHQWLWLHVLQPXOWLOLQJXDOFRQWH[WV,Q$3DYOHQNR
$%ODFNOHGJH(GV1HJRWLDWLRQRILGHQWLWLHVLQPXOWLOLQJXDOFRQWH[W
&OHYHGRQ0XOWLOLQJXDO0DWWHUV
3HUNL|0,QWURGXFWLRQ&RQFHSWXDOLV]LQJVRFLDOGHYHORSPHQW,Q03HUNL|
(G3HUVSHFWLYHVWRJOREDOVRFLDOGHYHORSPHQW7DPSHUH7DPSHUHHQ
<OLRSLVWRSDLQR
3HWHUVRQ*3HDVDQWHGXFDWLRQDQGWKHUHFRQVWUXFWLRQRIYLOODJH
VRFLHW\,Q*3HWHUVRQ5+D\KRH</X(GV(GXFDWLRQ
FXOWXUHDQGLGHQWLW\LQWZHQWLHWKFHQWXU\&KLQD0LFKLJDQ7KH
8QLYHUVLW\RI0LFKLJDQ3UHVV
3LQWFKPDQ7:RPHQ
VOLYHVZRPHQ
VULWXDOVLQWKH+LQGXWUDGLWLRQ
2[IRUG1HZ<RUN2[IRUG8QLYHUVLW\3UHVV2QOLQH
KWWSZZZR[IRUGVFKRODUVKLSFRPRVRSXEOLFFRQWHQWUHOLJLRQ
WRFKWPO!
3RVWLJOLRQH*$7KHLPSOLFDWLRQVRIPRGHUQL]DWLRQIRUHGXFDWLRQ
RI&KLQD
VQDWLRQDOPLQRULWLHV,Q5+D\KRH(G(GXFDWLRQDQG
PRGHUQL]DWLRQWKH&KLQHVHH[SHULHQFH2[IRUG3HUJDPRQ3UHVV
3RVWLJOLRQH*$(G&KLQD
VQDWLRQDOPLQRULW\HGXFDWLRQ&XOWXUH
VFKRROLQJDQGGHYHORSPHQW1HZ<RUN)DOPHU3UHVV
3RVWLJOLRQH*$6FKRROLQJDQGLQHTXDOLW\LQ&KLQD,Q*$3RVWLJOLRQH
(G(GXFDWLRQDQGVRFLDOFKDQJHLQ&KLQD,QHTXDOLW\LQDPDUNHW
HFRQRP\1HZ<RUN$Q(DVW*DWH%RRN
3RVWLJOLRQH*$-LDR%*\DWVR6(GXFDWLRQLQUXUDO7LEHW
'HYHORSPHQWSUREOHPVDQGDGDSWDWLRQV,Q*$3RVWLJOLRQH(G
(GXFDWLRQDQGVRFLDOFKDQJHLQ&KLQD,QHTXDOLW\LQDPDUNHW
HFRQRP\1HZ<RUN$Q(DVW*DWH%RRN
3RVWLJOLRQH*7KHHGXFDWLRQRIHWKQLFJURXSVLQ&KLQD,Q-%DQNV
(G7KH5RXWOHGJHLQWHUQDWLRQDOFRPSDQLRQWRPXOWLFXOWXUDO
HGXFDWLRQ1HZ<RUNDQG/RQGRQ5RXWOHGJH
3ULQV07RZDUGD7LEHWDQFRPPRQODQJXDJH$PGRSHUVSHFWLYHVRQ
DWWHPSWVDWODQJXDJHVWDQGDUGLVDWLRQ,Q7+XEHU(G$PGR7LEHWDQVLQ
WUDQVLWLRQ/HLGHQ%RVWRQ.|OQ%ULOO
3\\NN|QHQ+DUUL5([WHUQDOHYDOXDWLRQRIWKH%ROLYLDOLWHUDF\
SURJUDPPH+HOVLQNL)LGD,QWHUQDWLRQDO
3\\NN|QHQ+DUUL5)RJJLQ04LQJKDLOLWHUDF\DQGKHDOWK
SURJUDPPHSURMHFWSURSRVDO+HOVLQNL)LGD,QWHUQDWLRQDO
4LDQ<=XZX=3UHVHQWFRQGLWLRQVDQGFRXQWHUPHDVXUHVWRJLUOV¶
HGXFDWLRQLQ<XQQDQ3URYLQFH<XQQDQ6KLIDQ'D[XH;XHEDR-RXUQDORI
<XQQDQ3URYLQFH1RUPDO8QLYHUVLW\LQ&KLQHVH6RFLDO6FLHQFH
5DJEH\/7HDFKLQJDQGOHDUQLQJ7LEHWDQWKHUROHRIWKH7LEHWDQ
ODQJXDJHLQ7LEHW
VIXWXUH7KH&RQJUHVVLRQDO([HFXWLYH&RPPLVVLRQRQ
&KLQD35&
5HXWHUV&KLQD¶VPLQRULW\ODQJXDJHVIDFHWKUHDWRIH[WLQFWLRQ
KWWSZZZUHXWHUVFRPDUWLFOHXVFKLQD
ODQJXDJHVLG8675(%(:!
5LQERFKH67LEHW$IXWXUHYLVLRQ1HZ'HOKL7LEHWDQ3DUODPHQWDU\DQG
3ROLF\5HVHDUFK&HQWUH
5REHUWV&/DQJXDJHOHDUQHUVDVHWKQRJUDSKHUV&OHYHGRQ0XOWLOLQJXDO
0DWWHUV
5RELQVRQ&':/LWHUDF\LQPLQRULW\ODQJXDJHV:KDWKRSH"3DULV
81(6&2,QWHUQDWLRQDO%XUHDXRI(GXFDWLRQ
5RELQVRQ&&RQWH[WRINH\"/DQJXDJHLQIRXUDGXOWOHDUQLQJ
SURJUDPPHV,QWHUQDWLRQDO-RXUQDORI(GXFDWLRQDO'HYHORSPHQW
±
5RELQVRQ3DQW$:RPHQDQGOLWHUDF\$1HSDOSHUVSHFWLYH,QWHUQDWLRQDO
-RXUQDORI(GXFDWLRQDO'HYHORSPHQW
5RELQVRQ3DQW$:K\HDWJUHHQFXFXPEHUVDWWKHWLPHRIG\LQJ"
([SORULQJWKHOLQNEHWZHHQZRPHQ
VOLWHUDF\DQGGHYHORSPHQW$1HSDO
SHUVSHFWLYHKWWSZZZXQHVFRRUJHGXFDWLRQXLHSGIURELQVRQSGI
5RELQVRQ3DQW$:RPHQ
VOLWHUDF\DQGKHDOWK&DQDQHWKQRJUDSKLF
UHVHDUFKHUILQGWKHOLQNV",Q%6WUHHW(G/LWHUDF\DQGGHYHORSPHQW
(WKQRJUDSKLFSHUVSHFWLYHV/RQGRQ5RXWOHGJH
5RELQVRQ3DQW$D7KHLOOLWHUDWHZRPDQ&KDQJLQJDSSURDFKHVWR
UHVHDUFKLQJZRPHQ
VOLWHUDF\,Q$5RELQVRQ3DQW(G:RPHQ
OLWHUDF\DQGGHYHORSPHQW$OWHUQDWLYHSHUVSHFWLYHV2[IRUG
5RXWOHGJH
5RELQVRQ3DQW$E(GXFDWLRQIRUZRPHQ:KRVHYDOXHVFRXQW"
*HQGHUDQG(GXFDWLRQ
5RELQVRQ3DQW$F:RPHQOLWHUDF\DQGGHYHORSPHQW$OWHUQDWLYH
SHUVSHFWLYHV/RQGRQ5RXWOHGJH
5RELQVRQ3DQW$:K\OLWHUDF\PDWWHUV([SORULQJDSROLF\
SHUVSHFWLYHRQOLWHUDFLHVLGHQWLW\DQGVRFLDOFKDQJH1RUZLFK
8QLYHUVLW\RI(DVW$QJOLD
5RFNKLOO.*HQGHUODQJXDJHDQGWKHSROLWLFVRIOLWHUDF\,Q%
6WLHUHU-0D\EHQ(GV/DQJXDJHDQGOLWHUDF\LQVRFLDOSUDFWLFH
/RQGRQ2SHQ8QLYHUVLW\
5RJHUV$)RUHZRUG$GXOWOLWHUDF\$KDQGERRNIRUGHYHORSPHQW
ZRUNHUV2[IRUG2[IDPLYL
5RJHUV$,PSURYLQJWKHTXDOLW\RIDGXOWOLWHUDF\SURJUDPPHVLQ
GHYHORSLQJFRXQWULHV7KHUHDOOLWHUDFLHV
DSSURDFK,QWHUQDWLRQDO
-RXUQDORI(GXFDWLRQDO'HYHORSPHQW
5RJHUV$3UREOHPDWLVLQJOLWHUDF\DQGGHYHORSPHQW,Q%6WUHHW
(G/LWHUDF\DQGGHYHORSPHQW/RQGRQ5RXWOHGJH
5RJHUV$/LWHUDF\DQGSURGXFWLYHVNLOOVWUDLQLQJ(PEHGGHG
OLWHUDFLHV$GXOW(GXFDWLRQDQG'HYHORSPHQW
5RJHUV$3DWNDU$6DUDVZDWL/6)XQFWLRQDOOLWHUDF\JHQGHU
DQGLGHQWLWLHVSROLF\DQGSUDFWLFHV,Q$5RELQVRQ3DQW(G
:RPHQOLWHUDF\DQGGHYHORSPHQW$OWHUQDWLYHSHUVSHFWLYHV/RQGRQ
5RXWOHGJH
5RJHUV$+XQWHU-8GGLQ0$$GXOWOHDUQLQJDQGOLWHUDF\
OHDUQLQJIRUOLYHOLKRRGV6RPHLQWHUQDWLRQDOSHUVSHFWLYHV'HYHORSPHQWLQ
3UDFWLFH
5RJHUV$+RUURFNV17HDFKLQJDGXOWVWKHG%HUNVKLUH2SHQ
8QLYHUVLW\3UHVV
KWWSVLWHHEUDU\FRPOLEWDPSHUH'RF"LG SSJ !
5RVV+$)RUHLJQODQJXDJHHGXFDWLRQDVDEDURPHWHURIPRGHUQL]DWLRQ
,Q5+D\KRH(G(GXFDWLRQDQGPRGHUQL]DWLRQ7KH&KLQHVHH[SHULHQFH
2[IRUG3HUJDPRQ
5XRKRWLH30RWLYDDWLRWDKWRMDRSSLPLQHQ+HOVLQNL(GLWD
5XRKRWLH32SSLPLQHQMDDPPDWLOOLQHQNDVYX3RUYRR+HOVLQNL-XYD
:HUQHU6|GHUVWU|P2<
5XRKRWLH36RPHLQVWUXFWLRQDOLVVXHVRIOLIHORQJOHDUQLQJ,Q3 5XRKRWLH%%HDLUVWR(GV3RZHULQJ7HDFKHUVDV/LIHORQJ
+lPHHQOLQQD5HVHDUFK&HQWUHIRU9RFDWLRQDO(GXFDWLRQOHDUQHUV
5\HQ$&URVVFXOWXUDOLQWHUYLHZLQJ,Q-)*XEULXP-$+ROVWHLQ
(GV+DQGERRNRILQWHUYLHZUHVHDUFK&RQWH[WPHWKRG/RQGRQ6$*(
6DLHJK+DGGDG(/LQJXLVWLFGLVWDQFHDQGLQLWLDOUHDGLQJDFTXLVLWLRQ7KH
FDVHRI$UDELFGLJORVVLD$SSOLHG3V\FKROLQJXLVWLFV
6DQMHN5(G)LHOGQRWHVWKHPDNLQJRIDQWKURSRORJ\1HZ<RUN
&RUQHOO8QLYHUVLW\3UHVV
6FKLIIPDQ+)(G'LJORVVLDDVDVRFLROLQJXLVWLFVLWXDWLRQ2[IRUG
%ODFNZHOO3XEOLVKHUV/WG
6FKQHLGHU6&%DUVRX[-/0DQDJLQJDFURVVFXOWXUHV+DUORZ
3UHQWLFH+DOO3HDUVRQ(GXFDWLRQ
6FKROHV5³5HYLHZ7KUHHYLHZVRIHGXFDWLRQ1RVWDOJLD+LVWRU\DQG
9RRGRR´&ROOHJH(QJOLVK±
6FKXW]$7KHVWUDQJHU$QHVVD\LQVRFLDOSV\FKRORJ\&ROOHFWHG3DSHUV
7KH+DJXH0DUWLQXV1LLMKRII
6FRWW'9DOXHVDQGHGXFDWLRQDOUHVHDUFK/RQGRQ,QVWLWXWHRI(GXFDWLRQ
8QLYHUVLW\RI/RQGRQ.LQJ¶V&ROOHJH
6FRWW3³5HYLHZ$IHZPRUHZRUGVDERXW('+LUVFKDQGFXOWXUDO
OLWHUDF\´&ROOHJH(QJOLVK±
6FRWW'0RUULVRQ0.H\LGHDVLQHGXFDWLRQDOUHVHDUFK/RQGRQ
*%5&RQWLQXXP,QWHUQDWLRQDO3XEOLVKLQJ
KWWSKHOLRVXWDILOLEWDPSHUHGRF'HWDLODFWLRQ"GRF,' !
6FULEQHU6&ROH07KHSV\FKRORJ\RIOLWHUDF\+DUYDUG+DUYDUG
8QLYHUVLW\3UHVV
6FULEQHU6/LWHUDF\LQWKUHHPHWDSKRU,Q7KH$PHULFDQ-RXUQDORI
(GXFDWLRQ
KWWSZZZHVHUYHURUJFRXUVHVVSULQJRUHDGLQJVVFULEQHUKW
PO!
6HHEHUJ97LEHWDQJLUOV
HGXFDWLRQ,Q*$3RVWLJOLRQH(G
(GXFDWLRQDQGVRFLDOFKDQJHLQ&KLQD,QHTXDOLW\LQDPDUNHW
HFRQRP\1HZ<RUN$Q(DVW*DWH%RRN
6HQIW*gVWPDQ-29HUVKXUHQ-(GV&XOWXUHDQGODQJXDJH
XVH$PVWHUGDP-RKQ%HQMDPLQV3XEOLVKLQJ&RPSDQ\
6LOYHUPDQ',QWHUSUHWLQJTXDOLWDWLYHGDWD0HWKRGVIRUDQDO\]LQJ
WDONWH[WDQGLQWHUDFWLRQ/RQGRQ6$*(
6NXWWQDEE.DQJDV7%LOLQJXDOLVPRUQRW7KHHGXFDWLRQRI
PLQRULWLHV&OHYHGRQ0XOWLOLQJXDO0DWWHUV
6NXWWQDEE.DQJDV70XOWLOLQJXDOLVPDQGWKHHGXFDWLRQRIPLQRULW\
FKLOGUHQ,Q2*DUFLD&%DNHU(GV3ROLF\DQGSUDFWLFHLQ
ELOLQJXDOHGXFDWLRQ$UHDGHUH[WHQGLQJWKHIRXQGDWLRQ&OHYHGRQ
0XOWLOLQJXDO0DWWHUV
6SUDGOH\-37KHHWKQRJUDSKLFLQWHUYLHZ%HOPRQW:DGVZRUWK
*URXS
6WHZDUW)(G6RQJRIWKHVQRZOLRQ+RQROXOX8QLYHUVLW\RI
+DZDLt3UHVV
6WLWHV5:ULWLQJFXOWXUDOERXQGDULHVQDWLRQDOPLQRULW\ODQJXDJH
SROLF\OLWHUDF\SODQQLQJDQGELOLQJXDOHGXFDWLRQ,Q*$3RVWLJOLRQH
(G&KLQD
VQDWLRQDOPLQRULW\HGXFDWLRQ1HZ<RUN)DOPHUV3UHVV
6WLWHV5+RXVHKROGOLWHUDF\HQYLURQPHQWVDVFRQWH[WVIRUGHYHORSPHQWLQ
UXUDO&KLQD,Q%6WUHHW(G/LWHUDF\DQGGHYHORSPHQW(WKQRJUDSKLF
SHUVSHFWLYHV/RQGRQ5RXWOHGJH
6WLWHV56HPDOL//$GXOWOLWHUDF\IRUVRFLDOHTXDOLW\IRUHFRQRPLF
JURZWK"&KDULQJDJHQGDVIRUPDVVOLWHUDF\LQ&KLQDDQG7DQ]DQLD
&RPSDUDWLYH(GXFDWLRQ5HYLHZ
6WURPTXLVW13/LWHUDF\IRUFLWL]HQVKLSJHQGHUDQGJUDVVURRWVG\QDPLFVLQ
%UD]LO$OEDQ\6WDWH8QLYHUVLW\RI1HZ<RUN3UHVV
6WURPTXLVW13/LWHUDF\DQG(PSRZHUPHQWDFRQWULEXWLRQWRWKHGHEDWH
81(6&2
6WUDXVV$/&RUELQ-0%DVLFVRITXDOLWDWLYHUHVHDUFK*URXQGHG
WKHRU\SURFHGXUHVDQGWHFKQLTXHV1HZEXU\3DUN&DOLI/RQGRQ6$*(
6WUHHW%/LWHUDF\LQWKHRU\DQGSUDFWLFH&DPEULGJH&DPEULGJH
8QLYHUVLW\3UHVV
6WUHHW%&XOWXUDOPHDQLQJVRIOLWHUDF\*HQHYD81(6&2
6WUHHW%&URVVFXOWXUDODSSURDFKHVWROLWHUDF\&DPEULGJH&DPEULGJH
8QLYHUVLW\3UHVV
6WUHHW%&URVVFXOWXUDOSHUVSHFWLYHVRQOLWHUDF\,Q%6WLHUHU-0D\ELQ
(GV/DQJXDJHDQGOLWHUDF\LQVRFLDOSUDFWLFH&OHYHGRQ0XOWLOLQJXDO
0DWWHUV2SHQ8QLYHUVLW\3UHVV
6WUHHW%D/LWHUDF\DQGSRZHU"$3DSHUIRU81(6&2(GXFDWLRQIRU
'HYHORSPHQW+DUDUH
6WUHHW%E6RFLDOOLWHUDFLHVFULWLFDODSSURDFKHVWROLWHUDF\LQGHYHORSPHQW
HWKRJUDSK\DQGHGXFDWLRQ1HZ<RUN/RQJPDQ*URXS/WG
6WUHHW%/LWHUDF\HYHQWVDQGOLWHUDF\SUDFWLFHV7KHRU\DQGSUDFWLFHLQWKH
QHZOLWHUDF\VWXGLHV,Q00DUWLQ-RQHV.-RQHV(GV0XOWLOLQJXDO
OLWHUDFLHV$PVWHUGDP-RKQ%HQMDPLQV3XEOLVKLQJ
6WUHHW%/LWHUDF\DQGGHYHORSPHQW(WKQRJUDSKLFSHUVSHFWLYHV/RQGRQ
5RXWOHGJH
6WUHHW%:KDW¶V³QHZ´LQQHZOLWHUDF\VWXGLHV"&ULWLFDODSSURDFKHVWR
OLWHUDF\LQWKHRU\DQGSUDFWLFH&XUUHQW,VVXHVLQ&RPSDUDWLYH(GXFDWLRQ
±
6WUHHW%8QGHUVWDQGLQJDQGGHILQLQJOLWHUDF\6FRSLQJSDSHUIRU()$
*OREDOPRQLWRULQJUHSRUW8QSXEOLVKHGPDQXVFULSW
6ZDQ]$0:KDWLVGHYHORSPHQW",Q03HUNL|(G3HUVSHFWLYHVWR
JOREDOVRFLDOGHYHORSPHQW7DPSHUH7DPSHUHHQ<OLRSLVWRSDLQR
6ZDUW]'%ULGJLQJWKHVWXG\RIFXOWXUHDQGUHOLJLRQ3LHUUH%RXUGLHX
V
SROLWLFDOHFRQRP\RIV\PEROLFSRZHU6RFLRORJ\RI5HOLJLRQ
6ZDUW]'&XOWXUHDQGSRZHU6RFLRORJ\RI3LHUUH%RXUGLHX&KLJDJR
8QLYHUVLW\RI&KLJDJR3UHVV
7DERXUHW.HOOHU$/H3DJH5%*DUGQHU&KORURV39DUUR%(GV
9HUQDFXODUOLWHUDF\$UHHYDOXDWLRQ2[IRUG&ODUHQGRQ3UHVV
7K¡JHUVHQ66WDWHDQGVRFLHW\LQ&KLQHVHHGXFDWLRQ,Q*3HWHUVRQ5
+D\KRH</X(GV(GXFDWLRQFXOWXUHDQGLGHQWLW\LQWZHQWLHWK
FHQWXU\&KLQD0LFKLJDQ7KH8QLYHUVLW\RI0LFKLJDQ3UHVV
7KRUSH0(GZDUGV5+DQVRQ$&XOWXUHDQGSURFHVVRIDGXOW
OHDUQLQJDUHDGHU/RQGRQ5RXWOHGJH
7LEHWDQ,QIRUPDWLRQ1HWZRUN7LEHWDXWRQRPRXVUHJLRQ
VUHJXODWLRQVRQ
WKH7LEHWDQODQJXDJHXQOLNHO\WRVWRSWKHJURZLQJLQIOXHQFHRI&KLQHVH
KWWSZZZWLEHWLQIRQHWQHZVXSGDWHVKWP!
7RXUQDGUH17KHG\QDPLFVRI7LEHWDQ&KLQHVHELOLQJXDOLVP7KH
FXUUHQWVLWXDWLRQDQGIXWXUHSURVSHFWV&KLQD3HUVSHFWLYHV
7XUQHU5+7KHUROHDQGWKHSHUVRQ$PHULFDQ-RXUQDORI6RFLRORJ\
81'37KHPLOOHQLXPGHYHORSPHQWJRDOVUHSRUW811HZ<RUN
81'3&KLQDKXPDQGHYHORSPHQWUHSRUW811HZ<RUN
81'3(PSRZHUHGOLYHVUHVLOLHQWQDWLRQVKWWSZZZXQGSRUJFQ!
81(6&2,QDXJUDOVSHHFKHVPHVVDJHVFORVLQJVSHHFKHV7KH:RUOG
&RQIHUHQFHRI0LQLVWHUVRI(GXFDWLRQ7HKHUDQ
81(6&20H[LFR&LW\'HFODUDWLRQRQ&XOWXUDO3ROLFLHV:RUOG&RQIHUHQFH
RQ&XOWXUDO3ROLFLHV0H[LFR&LW\-XO\$XJXVW
KWWSSRUWDOXQHVFRRUJFXOWXUHHQILOHVPH[LFRBHQSGI
PH[LFRBHQSGI!
81(6&2D*HQGHUDQGHGXFDWLRQIRUDOOWKHOHDSWRHTXDOLW\$
6XPPDU\UHSRUW81(6&23XEOLFDWLRQ
81(6&2E/LWHUDF\D81(6&2SHUVSHFWLYH
KWWSXQHVGRFXQHVFRRUJLPDJHVHRSGI!
81(6&27KHSOXUDOLW\RIOLWHUDF\DQGLWVLPSOLFDWLRQVIRUSROLFLHVDQG
SURJUDPPHV3DULV8QLWHG1DWLRQV(GXFDWLRQDO6FLHQWLILFDQG&XOWXUDO
6HFWLRQ
81(6&2()$JOREDOPRQLWRULQJUHSRUWOLWHUDF\IRUOLIH3DULV81(6&2
81(6&2D/LWHUDF\SRUWDO
KWWSSRUWDOXQHVFRRUJHGXFDWLRQHQHYSKS85/B,' 85/B'2
'2B723,&85/B6(&7,21 KWPO!
81(6&2E81,9$)XQFWLRQDO/LWHUDF\3URJUDPPH8)/3
KWWSZZZXQHVFRRUJXLOOLWEDVH"PHQX SURJUDPPH !
81(6&27KHSRZHURIFXOWXUHIRUGHYHORSPHQW
81(6&2D/LWHUDF\
KWWSZZZXQHVFRRUJQHZHQHGXFDWLRQWKHPHVHGXFDWLRQEXLOGLQJ
EORFNVOLWHUDF\!
81(6&2E/LWHUDF\VWUDWHJ\ZZZXQHVFRRUJQHZHQ
OLWHUDF\VWUDWHJ\!
81(6&2$NVRUQNRRO1/LWHUDF\DVIUHHGRP1HZ<RUN81(6&2
8QWHUKDOWHU(*OREDOLQHTXDOLW\FDSDELOLWLHVVRFLDOMXVWLFH7KH
PLOOHQQLXPGHYHORSPHQWJRDOIRUJHQGHUHTXDOLW\LQHGXFDWLRQ
,QWHUQDWLRQDO-RXUQDORI(GXFDWLRQDO'HYHORSPHQW
8QWHUKDOWHU(*HQGHUVFKRROLQJDQGJOREDOVRFLDOMXVWLFH2[IRUG
5RXWOHGJH
8SWRQ-/7KHGHYHORSPHQWRIPRGHUQVFKRROEDVHG7LEHWDQ
ODQJXDJHHGXFDWLRQLQWKH35&,Q*$3RVWLEOLRQH(G&KLQD
V
QDWLRQDOPLQRULW\HGXFDWLRQ±FXOWXUHVFKRROLQJDQGGHYHORSPHQW/RQGRQ
)DOPHU3UHVV
9HUKRHYHQ/0RGHOOLQJDQGSURPRWLQJIXQFWLRQDOOLWHUDF\,Q/
9HUKRHYHQ(G)XQFWLRQDOOLWHUDF\$PVWHUGDP3KLODGHOSKLD
-RKQ%HQMDPLQV3XEOLVKLQJ
9\JRWVN\/67KRXJKWDQGODQJXDJH&DPEULGJH0,73UHVV
:DOWHUV.:KRVHFXOWXUH":KRVHOLWHUDF\",Q'(0XUUD\(G'LYHUVLW\
DVUHVRXUFH5HGHILQLQJFXOWXUDOOLWHUDF\9LUJLQLD7(62/
:DQJ;(GXFDWLRQLQ&KLQDVLQFH1RUWK&DUROLQD
0F)DUODQG&RPSDQ\,QF3XEOLVKHU
:DQJ</L-5HIRUPLQOLWHUDF\HGXFDWLRQLQ&KLQD3DULV
81(6&2,QWHUQDWLRQDO%XUHDXRI(GXFDWLRQ
:HEHU0(FRQRP\DQGVRFLHW\%HUNHOH\8QLYHUVLW\RI&DOLIRUQLD
3UHVV
:HOOV*&KDQJ:HOOV*/&RQVWUXFWLQJNQRZOHGJHWRJHWKHU
&ODVVURRPVDVFHQWHUVRILQTXLU\DQGOLWHUDF\3RUWVPRXWK1+
+HLQHPDQQ
:HVWHQYG0/LWHUDF\HGXFDWLRQDQGJHQGHU7KHFDVHRI+RQGXUDV,Q
/9HUKRHYHQ(G)XQFWLRQDOOLWHUDF\$PVWHUGDP3KLODGHOSKLD-RKQ
%HQMDPLQV3XEOLVKLQJ
:LOOLV-/DQJXDJHLVVXHVLQWKH7LEHWDQ35&ZRUOG8QSXEOLVKHG
:LQWHU5,QWHUYLHZHUVLQWHUYLHZHHVDQGWKHH[HUFLVHRISRZHUILFWLRQDO
FULWLFDOZULWLQJDVDPHWKRGIRUHGXFDWLRQDOUHVHDUFK
%ULWLVK(GXFDWLRQDO5HVHDUFK-RXUQDO
:ROFRWW+)7KHDUWRIILHOGZRUN/DQKDP5RZPDQ/LWWOHILHOG
3XEOLVKHUV,QF
:RUOG%DQND$GXOWHGXFDWLRQDQGQRQIRUPDOHGXFDWLRQ
KWWSJRZRUOGEDQNRUJ180%9
:RUOG%DQNE/LIHORQJOHDUQLQJLQWKHJOREDONQRZOHGJHHFRQRP\
&KDOOHQJHVIRUGHYHORSLQJFRXQWULHV
:RUOG%DQN(GXFDWLRQDQGWKH:RUOG%DQN
KWWSZHEZRUOGEDQNRUJ:%6,7((;7(51$/723,&6(;7('8&$7,
21PHQX3.aSDJH3.aSL3.aWKH6LWH3.
KWPO!
<DPEL-/LWHUDF\DQGGHYHORSPHQWLQ$IULFD,Q/9HUKRHYHQ(G
)XQFWLRQDOOLWHUDF\$PVWHUGDP3KLODGHOSKLD-RKQ%HQMDPLQ
3XEOLVKLQJ
<XVVHQ6PLWK5HDGLQJDFURVVWKHOLIHVSDQ1HZ<RUN6SULQJHU
9HUODJ
=KRX-3URYLGLQJHGXFDWLRQIRURYHUDELOOLRQSHRSOH,Q(GXFDWLRQ
7RGD\±1HZVOHWWHU3DULV81(6&2
=KRX0/DQJXDJHSROLF\DQGLOOLWHUDF\LQHWKQLFPLQRULW\FRPPXQLWLHVLQ
&KLQD-RXUQDORI0XOWLOLQJXDODQG0XOWLFXOWXUDO'HYHORSPHQW
=KRX00LQRULW\ODQJXDJHSROLF\LQ&KLQDHTXDOLW\LQWKHRU\DQG
LQHTXDOLW\LQSUDFWLFH,Q0=KRX(G/DQJXDJHSROLF\LQWKH3HRSOH
V
5HSXEOLFRI&KLQDWKHRU\DQGSUDFWLFHVLQFH%RVWRQ'RUGUHFKW1HZ
<RUN/RQGRQ.OXZHU$FDGHPLF3XEOLVKHUV
=KRX0D7KHXVHDQGGHYHORSPHQWRI7LEHWDQLQ&KLQD,Q0=KRX(G
/DQJXDJHSROLFHLQWKH3HRSOH
V5HSXEOLFRI&KLQDWKHRU\DQGSUDFWLFH
VLQFH%RVWRQ'HUGUHFWK1HZ<RUN/RQGRQ.OXZHU$FDGHPLF
3XEOLVKHUV
=KRX0(GE/DQJXDJHSROLF\LQWKH3HRSOH
V5HSXEOLFRI&KLQD
WKHRU\DQGSUDFWLFHVLQFH%RVWRQ'HUGUHFKW1HZ<RUN/RQGRQ
.OXZHU$FDGHPLF3XEOLVKHUV
=KRX0F/HJLVODWLQJOLWHUDF\IRUOLQJXLVWLFDQGHWKQLFPLQRULWLHVLQ
FRQWHPSRUDU\&KLQD&XUUHQW,VVXHVLQ/DQJXDJH3ODQQLQJ
=KRX05RVV+$,QWURGXFWLRQ7KHFRQWH[WRIWKHWKHRU\DQGSUDFWLFH
RI&KLQD¶VODQJXDJHSROLF\,Q0=KRX(G/DQJXDJHSROLF\LQWKH
3HRSOH¶V5HSXEOLFRI&KLQD WKHRU\DQGSUDFWLFHVLQFH
%RVWRQ'RUGUHFKW1HZ<RUN/RQGRQ.OXYHU$FDGHPLF3XEOLVKHUV
=XEDLU6/LWHUDFLHVJHQGHUDQGSRZHULQUXUDO3DNLVWDQ,Q%6WUHHW(G
/LWHUDF\DQGGHYHORSPHQW(WKQRJUDSKLFSHUVSHFWLYHV/RQGRQ
5RXWOHGJH
=XEDLU6/LWHUDFLHVDFURVVJHQHUDWLRQV:RPHQ
VUHOLJLRXVDQGVHFXODU
LGHQWLWLHVLQ6LUDLNLYLOODJHV6RXWK$VLD5HVHDUFK
$SSHQGLFHV
$33(1',;12
/,672)&2//(&7(''$7$,1+$,1$17$3
,17(59,(:6,17
7DSHUHFRUGHGDQGWUDQVFULEHG
1R 'DWH
,QWHUYLHZHH
/HQJWK
7VRNVXP
0RQDVWHU\
PLQ
PLQ
/KDPR
/KDEL
PLQ
PLQ
*RPDYLOODJH
PLQ
/KDEL
7VHUDQJ
/KDPR
PLQ
PLQ
PLQ
$XJ
+XL
2OG7HDFKHU
PLQ
PLQ
'RUMH
1RUEX
PLQ
PLQ
7VRPR
1\LPDDQG7HQ]LQ
PLQ
PLQ
1RWWDSHUHFRUGHGRQO\ZULWWHQQRWHV
1R 'DWH
,QWHUYLHZHH
7D\ORU/DG\
/HQJWK
aPLQ
0HUDQJG]RO
PLQ
&KDWV
1R 'DWH
/RFDWLRQLQIRUPDQW
&KDSFKD0LQ]XEDQ
/HQJWK
PLQ
&KDSFKD7/37UDLQHHV
-DUDRQHIDUPLQJIDPLO\
PLQ
PLQ
*XLGH0LGGOHVFKRROWHDFKHUV
;LQJKDL0U1RUEX
PLQ
PLQ
7RQJGHUHVWDXUDQWQHLJKERXU
7RQJGH7LE3ULPDU\6FKRRO3ULQFLSDO
PLQ
PLQ
*RPDYLOODJHYLOODJHWHDFKHUV
*RPDYLOODJHWRZQVKLSWHDFKHU
*RPDYLOODJHIDPLO\
PLQ
PLQ
PLQ
+DLQDQ7$30U1RUEX
PLQ
7RQJGH(GXRWKHURIILFLDOV
7RQJGH0LQVKXEDQSHRSOH
PLQ
PLQ
7RQJGH0U0D
.KDUJHQYDOOH\1RPDGLFIDPLO\
PLQ
PLQ
&KDSFKD0V'DNR
;LQJKDLWRZQVKLSOHDGHUV
PLQ
PLQ
6HSW
6HSW
&KDSFKD0V'DNR
&KDSFKD0U1RUEX
PLQ
PLQ
'HF
7RQJGH&RXQW\OHDGHU
PLQ
;LQJKDLQRPDGLFYLOODJH
PLQ
7ULDOLQWHUYLHZV
$WWHQGDQFHLQPHHWLQJPLQXWHV
;LQJKDL&RXQW\OHDGHUVWHDFKHUV
PLQ
7VHODWRZQVKLSOHDGHUV
PLQ
2%6(59$7,21127(621
3ULPDU\VFKRROV
1R 'DWH
/RFDWLRQ
/HQJWK
7RQGJH&RXQW\7LEHWDQ3ULPDU\6FKRRO PLQ
*RPD7RZQVKLS3ULPDU\6FKRROFODVV PLQ
*RPD7RZQVKLS3ULPDU\6FKRROFODVV PLQ
7KH7LEHWDQ/LWHUDF\3URJUDPPH
1R 'DWH
/RFDWLRQ
/HQJWK
*XRPDQJFODVV
PLQ
*XRPDQJFODVV
*XRPDQJFODVV
*XRPDQJFODVV
PLQ
PLQ
PLQ
*XRPDQJFODVV
PLQ
7DQJQDJFODVV
7DQJQDJFODVV
7DQJQDJFODVV
PLQ
PLQ
PLQ
7KDUWRQJFODVV
7KDUWRQJFODVV
PLQ
PLQ
7KDUWRQJFODVV
PLQ
;LQJKDLFODVV
;LQJKDLFODVV
7RQJGHFODVV
PLQ
PLQ
PLQ
7RQJGHFODVV
PLQ
7RQJGHFODVV
7RQJGHFODVV
7RQJGHFODVV
PLQ
PLQ
PLQ
;LQJKDLFODVV
;LQJKDLFODVV
PLQ
PLQ
;LQJKDLFODVV
PLQ
7VHZDFODVV
7VHZDFODVV
7VHZDFODVV
PLQ
PLQ
PLQ
6XPD7RZQVKLSRQHELJFODVV
PLQ
1JHWHQJFODVV
PLQ
,QWKLVWDEOHGXUDWLRQLVHVWLPDWHGOHQJWKRIWLPH
/$1*8$*(6859(</6
1R 'DWH
/RFDWLRQ
&KDSFKD
9ROXPH
SHRSOH
),(/'127(6)1
1R 'DWH
5HVHDUFKORFDWLRQRUILOHQDPH
3UHUHVHDUFKWULS
'HF
&KDSFKDYRO
&KDSFKDEULHIQRWHV
7RQJGH;LQJKDLILHOGQRWHV
-DUDILHOGQRWHV
9LVLW;QQERRNVWRUH
1RWHVLQ*XLGH
1RWHVDQGWKRXJKWVIROGHU
7RQJGH,QWHUQHW&DIH
;LQJKDLLQWHUQHWFDIH
9LVLWDERRNVKRSLQ&KDSFKD
6HSW
;LQLQJ6HSW
(YDOXDWLRQWULS
+HDGQRWHV
)LHOGWULS
'2&80(176'2&
1R 'DWH
/RFDWLRQRUILOHQDPH
7/3SURJUDPPHILOHV
7/3WUDLQLQJPDWHULDOV
7/3VWXGHQWV¶ERRNVIRXUYROXPHV
7/3VDPSOHVRIH[DPV
6FKRRODWWHQGDQFHVWDWLVWLFLQ+DLQDQ7$3
&KLQD(GXFDWLRQ/DZ
(PDLOV
³0RWKHU7RQJXH´SRHP7LEHWDQ
0LONWHDER[
&DQG\SDSHU
1HZVSDSHUFOLSSLQJV
:LOOLV7LEHWDQ/DQJXDJH,VVXHV
&KDSFKD:ULWLQJ6W\OHV
$57()$&76$)7
1R 'DWH
9,'(2&/,36
1R 'DWH
,WHP
$SLFWXUHRIDPDQLVWRQH
6XEMHFW
&ODVVURRPDGXOWOLWWHDFKLQJ
&ODVVURRPDGXOWOLWWHDFKLQJ
'XUDWLRQ
VHF
VHF
3+272*5$3+6
1R 'DWH
,WHP
$OONLQGVRIGDLO\OLIHVLWXDWLRQVDQGFODVVURRP
DFWLYLWLHV
&ODVVURRPDFWLYLWLHVZHOFRPLQJVRQJVWHDFKHUV¶
WUDLQLQJ
$33(1',;12
$FRQVHQWIRUPLQ7LEHWDQ
$QRWH6LJQLQJWKLVFRQVHQWIRUPLQWHUYLHZHHVDJUHHGWKDWDOOWKHLQIRUPDWLRQZKDW
WKH\JLYHFDQEHXVHGIRUWKLVUHVHDUFKZKLFKLVFDUULHGRXWE\WKHUHVHDUFKHUXQGHU
WKHVXSHUYLVLRQRI.LQJ¶V&ROOHJH/RQGRQ8QLYHUVLW\$VLPLODUIRUPZDVXVHGIRU
LQWHUYLHZVZKLFKZHUHFDUULHGRXWLQ-XO\,QWHUYLHZHHVZHUHWRVLJQWKHSDSHU
ZULWHDGDWHRIWKHLULQWHUYLHZDQGWKHSODFHLWWRRNSODFH
$33(1',;12
,QWHUYLHZIUDPHIRUPRQN´7VHUDQJ´
,ZRXOGOLNHWRNQRZVRPHWKLQJDERXWOHDUQLQJOLWHUDF\LQPRQDVWHU\EXW
EHIRUHZHJRWRWKDWFRXOGWHOOPHVRPHWKLQJDERXW\RXUVHOI"+RZROGZHUH
\RXZKHQ\RXMRLQWKHPRQDVWHU\"
'LG\RXUSDUHQWVVHQG\RXWKHUHRUZDVLW\RXUGHFLVLRQWRJRWRPRQDVWHU\"
'RKDYHDQ\RWKHUEURWKHUVRUVLVWHUVZKRDUHLQDPRQDVWHU\RULQD
QXQQHU\"
:KDWNLQGRIPRQDVWHU\ZDV\RXUILUVWPRQDVWHU\":DVLWELJRUVPDOO"
:HUH\RXDEOHWRUHDGDQGZULWH7LEHWDQZKHQ\RXHQWHUHGDPRQDVWHU\"
'LG\RXKDYHDQ\OLWHUDF\WHDFKLQJLQDPRQDVWHU\"
&RXOG\RXWHOODERXW\RXUH[SHULHQFHDERXWWHDFKLQJRUOHDUQLQJOLWHUDF\LQD
PRQDVWHU\"
:KDWZHUH\RXUGD\VOLNHLQ\RXUHDUO\\HDUVLQPRQDVWHU\"
7HOOPHDERXW\RXUUHDGLQJSUDFWLFHVLQWKHPRQDVWHU\"
+RZPXFKDQGLQZKDWZD\GLG\RXSUDFWLFHZULWLQJLQWKHPRQDVWHU\"
:KDWLV\RXURSLQLRQRIOHDUQLQJOLWHUDF\LQPRQDVWHULHV"
:KDWGR\RXWKLQNZKDWDUHWKHPDLQHPSKDVLVRIWHDFKLQJOLWHUDF\LQ
PRQDVWHU\"¶
:KDWGR\RXWKLQNGRHVLWKHOSWRZULWH7LEHWDQLI\RXFDQUHDGIOXHQWO\RULV
LWWKHRWKHUZD\URXQG"
:KDWNLQGVRIERRNVGLG\RXUHDGILUVWLQDPRQDVWHU\"
:KDWNLQGRIERRNVGR\RXUHDGQRZDGD\V"
'R\RXNQRZ&KLQHVH"
3OHDVHWHOOPH\RXURSLQLRQRIODQJXDJHRIOLWHUDF\,QZKLFKODQJXDJH
7LEHWDQVVKRXOGEHFRPHOLWHUDWHILUVWDQGZK\"
:KDWGR\RXWKLQNDERXWOHDUQLQJRWKHUWKDQ7LEHWDQODQJXDJH"
$33(1',;12
,QWHUYLHZDQDO\VLVRI0U7VHUDQJ
/LQHV )XOOGHVFULSWLRQ
5+RZZHUHWKHGD\VDQGKRZPDQ\KRXUVGLG\RX
VWXG\"
0,QWKHPRUQLQJJHWXSDWR¶FORFN
0 WKHQ WR PHPRUL]H DIWHU EUHDNIDVW XQWLO R¶FORFNLQWKHPRUQLQJWKHQPHPRUL]H
5 7KHQ PHPRUL]H ZKDW" 6FULSWXUH RU VRPHWKLQJ
HOVH"
0\HDK%XGGKLVWVFULSWXUH
0 $IWHUQRRQ R¶FORFN WKHQ DIWHUQRRQ R¶FORFN
WRPHPRUL]H
5)LYHKRXUV
7/)LYHKRXUVDQGWKHQGLQQHU
0 7KHQ LQ WKH HYHQLQJV UHYLHZ ZKDW KDV EHHQ
PHPRUL]HGLQWKHGD\WLPH
5<RXKDGDORWRIUHDGLQJSUDFWLFH'LG\RXGRLW
DORQHRULQWKHKDOOZLWKWKHRWKHUPRQNV"
0 1RW ZLWK D ORW RI PRQNV EXW ZLWK OLNH RQH
WHDFKHU FDPH ZLWK WZR RU WKUHH VWXGHQWV 7KH\ ZHUH
WRJHWKHU
5 2N VR ZKHQ \RX UHDG DQG \RXU WHDFKHU ZDV
FRUUHFWLQJ\RXUUHDGLQJ"
07KHWHDFKHUZLOOWHDFK\RXWKHUHDGLQJDQGWKHQ
\RXKDYHWRPHPRUL]H7KHQWKHVHFRQGPRUQLQJ \RX
6XPPDU\
/($51,1*
/,7(5$&<,1
021$67(5<
/($51,1*
6&+('8/(DQG
67</(
/($51,1*
0$7(5,$/
/($51,1*
6&+('8/(
IXOOWLPHOHDUQLQJ
/($51,1*67</(
PHPRUL]LQJ
6PDOOJURXSV
7($&+,1*
0(7+2'6
/($51,1*
0(7+2'6
/($51,1*
6&+('8/(
7($&+(5¶6-2%
+RZFDQRQH
PHPRUL]HVRPXFK
LQRQHGD\"'LG
WKH\OHDUQKRZWR
PHPRUL]H"6RXQGV
OLNHWKH\ZHUHJLYHQ
DWDVNZLWKRXWDQ\
LQVWUXFWLRQKRZWR
GRLW"7DVN
RULHQWDWHGOHDUQLQJ
*2$/2)
KDYHWRJRWRWKHWHDFKHUDQGUHDGLWZLWKRXWORRNLQJ
52.
0 7KHQ WHDFKHU ZLOO WHDFK \RX 7KHQ WHDFKHU ZLOO
WHDFK\RXDQHZOHVVRQ
5 $UH WKH\ YHU\ ORQJ" +RZ PDQ\ SDJHV GR WKH\
KDYHWRVWXG\HYHU\GD\"
0$FFRUGLQJWRWKHPRQNV<RXNQRZSHRSOH DUH
GLIIHUHQW6RPHFDQPHPRUL]HRQO\DFRXSOHRISDJHV
VRPHFDQPHPRUL]HPDQ\SDJHVOLNHILYHRUWHQ
5 6R RQH GD\ \RX SUDFWLFH ZLWK WHDFKHU WKHQ \RX
PHPRUL]HG LW 7KH IROORZLQJ PRUQLQJ \RX UHSHDWHG
ZKDW \RX KDYH OHDUQHG ZLWKRXW XVLQJ WKH ERRN 7KDW
WLPH LW VRXQGV OLNH \RX KDYH WR NQRZ LW E\ KHDUW
0D\EH,VWKDWULJKW"
0<HV
7/+HNQRZVE\KHDUW
5 RNVR GLG WKH\ FKHFN WKDW \RX XQGHUVWDQG ZKDW
\RXZHUHUHDGLQJ"
0QR
5 RN MXVW SUDFWLFH WKDW \RX FDQ UHDG QLFHO\
IOXHQWO\"
/($51,1*
81'(567$1',1*
2)7+(7(;7
)/8(1&<2)
5($',1*
/($51(56¶
.12:/('*(2)
7(;7
$77,78'(6
72:$5'6
7($&+,1*
$77,78'(
72:$5'6
7($&+(5
7($&+(5¶6
326,7,21
7($&+(5
678'(17
5(/$7,216+,3
7($&+(56¶
.12:/('*(2)
7(;7
7($&+(56¶
.12:/('*(2)
7($&+,1*
:KDW¶VWKHSRLQWWR
OHDUQWRUHDGWKH
WH[WLI\RXGRQ¶W
XQGHUVWDQGLW"
5HOLJLRXVPHULW"
5 <RX ZHUH TXLWH VPDOO DQG \RX ZHUH SUDFWLFLQJ WKHVHGLG\RXHYHUWKLQN³'R,XQGHUVWDQGLW"´
0\HV
00DQ\WLPHV
5&RXOG\RXJREDFNWR\RXUWHDFKHURUZDVLWQRW
DULJKWWKLQJWRGR"
02QO\PHPRUL]H
5RQO\PHPRUL]H
7/&DQQRWDVNDWHDFKHU
5LVLWEHFDXVHWHDFKHULVVRUHVSHFWHGRUZK\"
07KHWHDFKHUVXVXDOO\GRQ¶WNQRZWKHPHDQLQJ
0:KHQ,ZDVDPRQNZHQWWRPRQDVWHU\ DQGLQ
WKH EHJLQQLQJ WKHUH ZHUH QRW PDQ\ PRQNV ZKR NQHZ
WKHPHDQLQJRIWKHVFULSWXUHV
5:KDWVFULSWXUHVQRPRQDVWHULHVRU"
0 %HFDXVH WKH\ DUH QRW JRRG WHDFKHUV WR H[SODLQ
WKHVFULSWXUH6RQRERG\UHDOO\NQRZVWKHVFULSWXUH
$33(1',;1R
,QWHUYLHZLQJ0U7VRNVXP
&KDSFKD
7VRNVXP\RXNQRZWKDW,DPVWXG\LQJDWWKH/RQGRQ8QLYHUVLW\DQGDWWKHPRPHQW
,DPGRLQJP\UHVHDUFKZKLFKFRQFHUQVKRZ7LEHWDQVOHDUQKRZWRUHDGDQGZULWH
WKHLURZQODQJXDJH,ORRNDWVXFKWKLQJVDVKRZZULWWHQWH[WLVSDUWRI7LEHWDQVGDLO\
OLIHLQ+DLQDQ3UHIHFWXUH3DUWRIP\UHVHDUFKGHDOVZLWKWKHODQJXDJHLVVXHDQGKRZ
3XWRQJKXDDQG7LEHWDQDUHLQYROYHGLQ7LEHWDQHGXFDWLRQ
,ZRXOGOLNHWRDVN\RXVRPHTXHVWLRQVDQGKHDUDERXW\RXUH[SHULHQFHLQDORFDO
HGXFDWLRQV\VWHP
3OHDVHWHOOPHDERXW\RXUIDPLO\"
'R\RXFRPHIURPDIDUPLQJIDPLO\RUIURPDQRPDGLFIDPLO\"
+RZPDQ\SHRSOHGR\RXKDYHLQ\RXUIDPLO\"
<RXUSDUHQWVKDYHWKH\JRQHWRVFKRRO"
:KDWDERXW\RXUVLEOLQJV"
$UH WKHUH DQ\ SHRSOH LQ \RXU IDPLO\ ZKR GR QRW NQRZ KRZ WR UHDG DQG ZULWH
7LEHWDQ"
$UHWKHUHDQ\IDPLO\PHPEHUVZKRNQRZRQO\3XWRQJKXD"
,V\RXUIDPLO\DPRQRRUELOLQJXDOIDPLO\"
7HOOPHDERXW\RXUVFKRROLQJ"
'LG\RXJRWRDNLQGHUJDUWHQEHIRUHSULPDU\VFKRRO"
+DYH\RXKDG\RXUHGXFDWLRQLQ7LEHWDQRULQ3XWRQJKXD"
:KDWKDYH\RXVWXGLHGVRIDU"
+RZ GLG \RX ILQG WKH WUDQVLWLRQ IURP 7LEHWDQ PHGLXP VFKRRO WR &KLQHVH
PHGLXPHGXFDWLRQ"
+RZGR\RXILQG\RXUELOLQJXDOHGXFDWLRQ"
,I\RXFRXOGFKRRVHQRZZRXOG\RXOLNHWRKDYH7LEHWDQPHGLXPRU3XWRQJKXD
PHGLXPHGXFDWLRQ"
<RXEHFDPHOLWHUDWHILUVWLQ7LEHWDQGLGWKDWKHOS\RXWROHDUQ3XWRQJKXD"
:KDW ODQJXDJH GR \RX XVH DW KRPH ZLWK \RXU SDUHQWV DQG VLEOLQJV" DW WKH
PDUNHW"
:LWK\RXUUHODWLYHV"
:LWK\RXUIULHQGV"
+RVSLWDO%DQNLQJHWF"
:KDWNLQGRIERRNVGR\RXUHDG"
'R\RXUHDGERRNVLQ7LEHWDQRULQ3XWRQJKXD"
'RHV LV PDNH DQ\ GLIIHUHQFH IRU \RX LI UHDG 7LEHWDQ OLWHUDWXUH RU 3XWRQJKXD
OLWHUDWXUH"
,I\RXUHDGMXVWIRUOHLVXUHZKDWODQJXDJHGR\RXFKRRVHIRUUHDGLQJ"
,KHDUGWKDW\RXSODQWRVWXG\WKH7LEHWDQODQJXDJHLQDODPDVHU\IRUDFRXSOHRI
ZHHNV&RXOG\RXWHOOPHPRUHDERXWLW":K\GR\RXZDQWWRGRVRDQGZKDWGR\RX
H[SHFWWRJDLQ"
,KDYHRQHPRUHTXHVWLRQ+RZZRXOG\RXGHVFULEHRUZKDWGRHVLWPHDQWR\RX
WREHOLWHUDWHLQD7LEHWDQFXOWXUHLQD&KLQHVHFRQWH[W"
$33(1',;1R
&KDSFKD
3UHOLPLQDU\DQDO\VLV
6RPHLVVXHVULVLQJIURPGDWD,QWHUYLHZ0U7VRNVXPSDUW
7KLV SLHFH RI LQWHUYLHZ KDV D ORW RI LQIRUPDWLRQ DERXW ODQJXDJH XVH LQ 7VRNVXP¶V
IDPLO\ )LUVW , ORRN DW WKH YDULRXV LVVXHV ZLWKLQ WKH LQWHUYLHZ DW WKH JHQHUDO OHYHO
EHIRUHJRLQJGHHSHULQWRWKHP)LUVWRIDOO$PGR7LEHWDQLVWKHPDLQODQJXDJHDW
KLV KRPH $PGR LV WKH ODQJXDJH ZKDW 7VRNVXP XVHV ZLWK KLV SDUHQWV EXW ZLWK KLV
RQO\VLEOLQJKLVHOGHUEURWKHUKHXVHV4LQJKDL+XD:KHUHDVKLVEURWKHUKDVGRQH
DOOKLVHGXFDWLRQLQ&KLQHVHPHGLXPVFKRROVDQGKHGRHVQRWNQRZHQRXJK7LEHWDQ
VR WKDW KH FRXOG FRPPXQLFDWH LQ 7LEHWDQ 7VRNVXP¶V PRWKHU VSHDNV 4LQJKDL +XD
ZLWKWKHHOGHUEURWKHUDQGWKHVDPHGRHV7VRNVXP$FWXDOO\DFFRUGLQJWR7VRNVXP
KLVEURWKHUUHIXVHVWRVSHDN$PGROLQH:KHQKHZDVDFKLOGKHGLGQRWHYHQ
ZDQWWREHD7LEHWDQ7KDWLVZKDWKHXVHGWRVD\ZKHQKHZDV\RXQJOLQH+H
GRHVXQGHUVWDQG7LEHWDQEXWKHFDQQRWVSHDNLWOLQH7VRNVXPKLPVHOIKDV
GRQH DOO KLV HGXFDWLRQ LQ 7LEHWDQ PHGLXP VFKRROV H[FHSW NLQGHUJDUWHQ 2WKHU
VRXUFHV RI LQIRUPDWLRQ WKHUH LV QR 7LEHWDQ PHGLXP NLQGHUJDUWHQ LQ 4LQJKDL
3URYLQFHPRVWSUREDEO\LQDZKROH7LEHWDQUHJLRQ
, GR ZRQGHU ZK\ 7VRNVXP¶V SDUHQWV GHFLGHG WR VHQG WKHVH EURWKHUV WR GLIIHUHQW
NLQGV RI VFKRRO V\VWHP ODQJXDJHZLVH (OGHU RQH ZDV VHQW WR D &KLQHVH PHGLXP
V\VWHP DQG WKH \RXQJHU RQH WR D 7LEHWDQ PHGLXP V\VWHP ,W VHHPV WKDW EHLQJ D
7LEHWDQVWXGHQWLQD&KLQHVHPHGLXPVFKRROZKRVHKRPHODQJXDJHLV7LEHWDQKDV
DIIHFWHG7VRNVXP¶VEURWKHU¶VHWKQLFDQGODQJXDJHLGHQWLW\DWOHDVWDWHDUO\VWDJHVRI
KLVHGXFDWLRQ+HKDVOHDUQHGJRRGFRPPDQGRI&KLQHVHEXWKHKDVQRWEHHQDEOHWR
OHDUQ KLV KRPH ODQJXDJH 7LEHWDQ $QG KH GLG QRW HYHQ ZDQW WR EH D 7LEHWDQ ,
ZRQGHU KRZ PDQ\ RI 7LEHWDQ FKLOGUHQ DUH LQ WKH VDPH VLWXDWLRQ WKDW WKH\ EHFRPH
OLWHUDWHLQ&KLQHVHRQO\DQGDUHQRWHYHQDEOHWRYHUEDOO\FRPPXQLFDWHLQ7LEHWDQ
:KDWLVJRLQJRQLQWKLVIDPLO\",VWKLVIDPLO\YHU\W\SLFDO7LEHWDQIDPLO\ODQJXDJH
ZLVH"
%RWK WKHVH ER\V KDYH JRW JRRG HGXFDWLRQ RSSRUWXQLWLHV , DVVXPH WKDW IRUPDO
HGXFDWLRQ LV KLJKO\ YDOXHG E\ SDUHQWV ,W LV QRW RQO\ WKDW WKH\ DUH OLWHUDWH EXW WKDW
WKH\KDYHJRWIXUWKHUHGXFDWLRQDVZHOO
7VRNVXP¶V PRWKHU FRPHV IURP WKH 4LQJKDL /DNH DUH ZKLFK PHDQV WKDW VKH
FRPHVIURPWKHQRPDGLFDUHD0\DVVXPSWLRQLVWKDWKHUSDUHQWVVSHDNRQO\$PGR
DQG 4LQJKDL +XD EXW , KDYH WR FKHFN WKLV IURP WKH RWKHU SLHFHV RI LQWHUYLHZ GDWD
IURP 7VRNVXP $Q\ZD\ VKH GRHV QRW NQRZ KRZ WR UHDG DQG ZULWH 3XWRQJKXD EXW
VKH FDQ VSHDN LW ZLWK D SRRU SURQXQFLDWLRQ 7VRNVXP¶V IDWKHU FRPHV IURP *XLQDQ
DUHD DQG KH FRPHV IURP D IDUPLQJ IDPLO\ DQG DUHD %HFDXVH KH FRPHV IURP WKH
IDUPLQJDUHDIURPDVHWWOHGFRPPXQLW\H[SODLQVWKHIDFWWKDWKHNQRZV3XWRQJKXD
EHWWHUWKDQ$PGROLQHV+HFDQQRWUHDGDQGZULWH7LEHWDQEXWKHVSHDNVLW
IOXHQWO\ +RZHYHU 7VRNVXP VD\V WKDW KH KLPVHOI VSHDNV 7LEHWDQ LQ KLV IDWKHU¶V
KRPHWRZQ DQG DW KLV PRWKHU¶V KRPH , GR ZRQGHU KRZ 7VRNVXP¶V EURWKHU
FRPPXQLFDWHV ZLWK KLV JUDQGSDUHQWV (YHQ WKRXJK 7VRNVXP¶V EURWKHU GRHV QRW
NQRZ7LEHWDQZHOOHQRXJKDQGKHLVQRWNHHQRQVSHDNLQJLWZLWKWKHRWKHUIDPLO\
PHPEHUVKDYHWKHUHLVDYHU\VWURQJVHQVHRIXVLQJ$PGRDWKRPH7KDWLVGHVSLWH
RI WKH IDFW WKDW WKH IDWKHU GRHV QRW UHDG DQG ZULWH 7LEHWDQ 0RWKHU NQRZV VRPH
3XWRQJKXD EXW PD\EH QRW HQRXJK VR WKDW LW ZRXOG EH FRQYHQLHQW WR XVH DW KRPH
0\ JRRG JXHVV KHUH LV WKDW $PGR LV XVHG DW KRPH EHFDXVH WKHVH SHRSOH LGHQWLI\
WKHPVHOYHVDV7LEHWDQVDQGZDQWWRNHHSXS7LEHWDQODQJXDJHXVHDWKRPH
,W VHHPV WR PH WKDW 7VRNVXP KDV JRW D VWURQJ 7LEHWDQ LGHQWLW\ ZKHUH $PGR
ODQJXDJH LV SOD\LQJ D ELJ UROH LQ LW $FFRUGLQJ WR KLPVHOI LI KH QHHGHG WR FKRRVH
DJDLQ ZKDW ODQJXDJH KH ZRXOG XVH LQ HGXFDWLRQ KH ZRXOG GR WKH VDPH GRLQJ KLV
HGXFDWLRQLQD7LEHWDQPHGLXPVFKRRO(YHQWKRXJKKHNQRZV3XWRQJKXD
DQG4LQJKDL+XDKHVSHDNV$PGRZKHQHYHUKHLVXQGHUVWRRGLQWKHODQJXDJH7KH
QH[W FKRLFH LV 4LQJKDL +XD HJ OLQHV 4LQJKDL +XD LV XVHG ZLWK KLV
ORFDOQRQ7LEHWDQIULHQGVDQGLQWKHPDUNHWVRPHWLPHV,I7LEHWDQRU4LQJKDL+XDLV
QRW DSSURSULDWH WKHQ KH XVHV 3XWRQJKXD ZKHQ FRPPXQLFDWLQJ ZLWK SHRSOH /LNHKHVD\VLQOLQHVWKDWLQWKHPLQRULW\LQVWLWXWHLQ%HLMLQJ
WKH\ WU\ WR VSHDN 7LEHWDQ DOO WKH WLPH EXW VRPHWLPHV WKHUH LV D SUREOHP ZLWK D
ODQJXDJH DQG WKH\ QHHG WR FRPPXQLFDWH LQ 3XWRQJKXD 7KDW GRHV QRW RFFXU RQO\
ZKHQ FRPPXQLFDWLQJ ZLWK KLV 7LEHWDQ VFKRROPDWHV EXW DOVR LQ D FODVV URRP
VLWXDWLRQZKHQDWHDFKHUGRHVQRWVSHDN$PGR
7KDWEULQJVXSDQRWKHULVVXHZKLFK,WKLQNGHDOVZLWKWKHLGHQWLW\2WKHUPLQRULW\
QDWLRQDO VWXGHQWV OLNH 0RQJROLDQV LQ WKH LQVWLWXWH FDQQRW XQGHUVWDQG ZK\ 7LEHWDQ
VWXGHQWVVSHDN3XWRQJKXDWRHDFKRWKHU0RQJROLDQVLQ&KLQDFDQVSHDNWKHLURZQ
ODQJXDJH GHVSLWH RI WKHLU UHJLRQDO EDFNJURXQG :KHUHDV 7LEHWDQ VWXGHQWV IURP
GLIIHUHQWDUHDVRIWKH7LEHWDQUHJLRQGRQRWKDYHRQHFRPPRQ7LEHWDQODQJXDJHIRU
FRPPXQLFDWLRQ7KH\KDYHWRXVH3XWRQJKXDLIWKH\FDQ7KLVSLHFHRIGDWDUHPLQGV
PHRIWKHLVVXHRIWKH7LEHWDQODQJXDJHVWDQGDUGL]DWLRQ7KHUHKDVEHHQDGLVFXVVLRQ
JRLQJ RQ IRU VRPH \HDUV DERXW VWDQGDUGLVLQJ WKH 7LEHWDQ ODQJXDJH LQ RUGHU WR
HQDEOLQJ 7LEHWDQV IURP GLIIHUHQW GLDOHFW EDFNJURXQGV WR FRPPXQLFDWH ZLWK HDFK
RWKHU $Q\ZD\ 7VRNVXP VD\V WKDW KH DQG KLV 7LEHWDQ VFKRROPDWHV IHHO VK\ ZKHQ
WKH\KDYHWRXVH3XWRQJKXDDPRQJWKHPVHOYHVZKLOHRWKHUQDWLRQDOPLQRULW\SHRSOH
FDQOLVWHQWRWKHP
2QHXQGHUOLQLQJLVVXHKHUHLVWKDWHYHQLI\RXDFTXLUHOLWHUDF\LQ$PGRLWLVQRW
VXIILFLHQW IRU HGXFDWLRQ LQ D ZKROH 7LEHWDQ UHJLRQ ,W LV VXIILFLHQW IRU WKH $PGR
UHJLRQ :KHUHDV 3XWRQJKXD KDV SUHVWLJH DQG LW FDQ EH XVHG PRUH EURDGO\ ZLWKLQ
KXJH35&+RZHYHU3XWXQJKXDLVQRWDPHGLXPRIWHDFKLQJLQVPDOOWRZQVKLSV
DQGYLOODJHVLQ+DLQDQ7$3
/LQNHGWRWKHLVVXHDERYHLVWKH7VRNVXP¶VFRPPHQWRQOLQHVZKHQKH
VD\V WKDW NQRZLQJ 7LEHWDQ LV VXIILFLHQW IRU HYHU\GD\ OLIH DQG 3XWRQJKXD LV QRW
QHFHVVDU\ , GR ZRQGHU LI KH UHDOO\ PHDQW WKDW DQG , KDYH WR FKHFN LW ZLWK KLP ,
DVVXPHWKDWEHFDXVHKH NQRZV3XWRQJKXDKHGRHVQRWUHDOLVHKRZPXFKLWLVXVHG
HYHQLQ&KDSFKD+DLQDQ7$3FHQWUH
$QRWKHU LVVXH ZKLFK ULVHV XS IURP WKH GDWD LV 7LEHWDQV DQG UHDGLQJ KDELWV
7VRNVXPVD\VWKDWKHSUHIHUVUHDGLQJLQ7LEHWDQ+HFDQUHDG3XWRQJKXD
DVZHOOEXWIRUKLPLWLVHDVLHUWRUHDGLQ7LEHWDQ+RZHYHUKHFRXOGQRWVD\
ZKHWKHU 7LEHWDQ RU 3XWRQJKXD ZDV HDVLHU IRU KLP WR UHDG EXW EHFDXVH RI 7LEHWDQ
EHLQJKLV³RZQODQJXDJH´DVKHVDLGKHVHHPWRSUHIHUUHDGLQJLQ7LEHWDQ,ZRQGHU
LIWKLVRQHLVWRGRZLWKWKHHWKQLFLGHQWLW\EHFDXVHKHFRXOGQRWVD\ZKLFKRIWKHVH
ODQJXDJHVZHUHHDVLHUIRUKLPWRUHDG
:KDW , ILQG LQWHUHVWLQJ LV WKDW 7VRNVXP VHHP WR VD\ FRQWUDGLFWRU\ VWDWHPHQWV
DERXW7LEHWDQV¶UHDGLQJKDELW(J7LEHWDQVVHHPWRDVVRFLDWHUHDGLQJWREHSDUWRI
VWXG\LQJ+LVSDUHQWVGRQRWKDYHDQ\ERRNVDWKRPH2QO\VWXGHQWVEX\PDJD]LQHV
+LVSDUHQWVGRQRWUHDGDWKRPH+LV7LEHWDQIULHQGVUHDGIRUIXQ,WVHHPVWKDWWKH
ZKROHSDUWRILQWHUYLHZLVQRWFOHDU,QWKHEHJLQQLQJRILW7VRNVXPVHHPWR
VD\ WKDW RQO\ 7LEHWDQ VWXGHQWV UHDG 7LEHWDQ PDJD]LQHV DQG QRYHOV DQG UHDGLQJ LV
FRQQHFWHGWRWKHLUVWXGLHV,GRXQGHUVWDQGWKDWEHFDXVHKHVWXGLHV7LEHWDQODQJXDJH
DQGFXOWXUHDQGWKRVHPDJD]LQHVDQGQRYHOVDUHJRRGZD\VRIOHDUQLQJDERXWWKHP
ERWK $FWXDOO\ , WKLQN WKDW WKH RQO\ FRQWUDGLFWRU\ FRPPHQWV DUH RQ OLQHV ZKHQKHVD\VWKDW7LEHWDQVUHDGIRUIXQ%HIRUHWKDWKHVHHPVWRVD\MXVWRSSRVLWH
7KH UHDVRQ IRU 7VRNVXP¶V SDUHQWV QRW KDYLQJ DQ\ ERRNV DW KRPH FDQ KDYH
GLIIHUHQWUHDVRQV7KH\PD\ILQGWKHPWRRH[SHQVLYHWREX\+RZHYHUWKH\ERWKDUH
ZHOO SDLG LQ WKHLU MREV D WHDFKHU DQG D JRYHUQPHQW RIILFLDO 2U WKH\ PD\ QRW EH
LQWHUHVWHG LQ EX\LQJ WKHP EHFDXVH WKH IDWKHU FDQQRW UHDG 7LEHWDQ 2U PD\EH WKH\
MXVWGRQRWOLNHUHDGLQJ
7VRNVXP GRHV QRW PHQWLRQ KRZ PDQ\ GLIIHUHQW NLQGV RI 7LEHWDQ PDJD]LQHV DUH
SXEOLVKHGDQGKRZPDQ\LVVXHVWKHUHDUHLQD\HDU
7KLV LVVXH RI UHDGLQJ ZLWK D GHHSHU SXUSRVH PDNHV PH WKLQN ZKDW LV WKH OLQN
EHWZHHQUHDGLQJIRUVWXG\SXUSRVHVJRDOVDQGPHDQVRIOLWHUDF\HGXFDWLRQDQGWKH
ZULWWHQIRUPRIWKHODQJXDJH,I$PGR7LEHWDQVUHDGRQO\IRUOHDUQLQJSXUSRVHVWKHQ
WKDWPD\EHRQHUHDVRQIRUWKHFXVWRPWKDWRI7LEHWDQOLWHUDWXUHLVZULWWHQLQD
KLJK VWDQGDUG ODQJXDJH 2U LW PD\EH WKH RWKHU ZD\ URXQG WKDW EHFDXVH DOO 7LEHWDQ
OLWHUDWXUH LV LQ D ZULWWHQ IRUP RI WKH ODQJXDJH SHRSOH IHHO DQG DVVRFLDWH LW ZLWK D
OHDUQLQJSURFHVVEHFDXVHLWLVQRWKRZWKH\ZRXOGVD\DQGVSHDNLQGDLO\OLIH7KHUH
LV QR OLWHUDWXUH ZKLFK XVHV VSRNHQ ODQJXDJH XWWHUDQFHV HWF 7KH JUDPPDU DQG
OH[LFRQ DUH RI WKH ZULWWHQ IRUP 7KLV ZULWWHQ IRUP RI WKH ODQJXDJH GLIIHUV
HQRUPRXVO\IURPVRFDOOHGVSRNHQIRUPRIWKHODQJXDJH
$OLQNZLWKP\UHVHDUFKTXHVWLRQ)URPWKHOLWHUDF\SRLQWRIYLHZ7LEHWDQSHRSOH
VKRXOG OHDUQ WR UHDG DQG ZULWH WKH ZULWWHQ IRUP ZKLFK LV WKH FXUUHQW SUDFWLFH LQ
OLWHUDF\HGXFDWLRQ
6RIDUWKLVDQDO\VLVRIWKHLQWHUYLHZKDVEHHQRQ DYHU\ JHQHUDOOHYHO , ZDQWWR
SLFN XS VRPH PRUH GHWDLOHG GDWD LQ UHODWLRQ WR OLWHUDF\ SUDFWLFHV $V VHHQ DERYH
7LEHWDQV¶OLWHUDF\SUDFWLFHVLVQRWRQO\DERXWOLWHUDF\SUDFWLFHVLQ7LEHWDQEXWDOVRLQ
3XWRQJKXD &KLOGUHQ IDFH WKLV LVVXH ZKHQ WKH\ DWWHQG NLQGHUJDUWHQ RU WR SULPDU\
VFKRRO7VRNVXPOHDUQHGILUVWWRZULWH3XWRQJKXDDVKHZHQWWRNLQGHUJDUWHQZKHUH
PHGLXPRIWHDFKLQJZDVRQO\LQ3XWRQJKXDZKLFKKHVWDUWHGWROHDUQRQO\
ZKHQ KH ZDV WKUHH \HDUV ROG 7VRNVXP KDG QRW VSRNHQ 3XWRQJKXD
EHIRUH KH HQWHUHG NLQGHUJDUWHQ %HFDXVH KH JUHZ XS LQ $PGR ODQJXDJH
HQYLURQPHQW KH IRXQG LW GLIILFXOW WR OHDUQ WR UHDG DQG ZULWH &KLQHVH FKDUDFWHUV
+HVWDUWHGWROHDUQWRUHDGDQGZULWH$PGRZKHQKHZHQWWRVFKRRODWWKH
DJH RI ILYH $IWHU WKDW DOO KLV HGXFDWLRQ KDV EHHQ LQ D 7LEHWDQ PHGLXP
HGXFDWLRQ V\VWHP <HW KH KDV VWXGLHG 3XWRQJKXD DV D VXEMHFW IRU WZHOYH \HDUV +H
VD\V WKDW KH KDV QRW KDG D ELOLQJXDO HGXFDWLRQ EXW KLV NQRZOHGJH RI 3XWRQJKXD LV
JRRG+HLVOLWHUDWHLQWKHVHWZRODQJXDJHVEXWKHSUHIHUVWRUHDG7LEHWDQZKHQHYHU
WKDWLVSRVVLEOH7KDWLVEHFDXVHKHLV7LEHWDQDVKHJLYHVWKHUHDVRQ
2Q OLQHV 7VRNVXP WHOOV DERXW KLV SODQV WR JR WR D ODPDVHU\ WR OHDUQ
7LEHWDQ +H WKLQNV WKDW ³LQ WKH PRQDVWHU\ ZH FDQ OHDUQ 7LEHWDQ ZHOO´ 7KHUH LV
VRPHWKLQJLQWKHODPDVHU\OLWHUDF\HGXFDWLRQZKLFKDSSHDOVWR7LEHWDQV$FFRUGLQJ
WR7VRNVXP\RXQJSHRSOHJRWROHDUQ7LEHWDQODQJXDJHDWPRQDVWHULHVDIWHUILQLVKHG
WKHLU PLGGOH VFKRRO 7HDFKHU DUH PRQNV LQ WKH PRQDVWHULHV VR WKH\ GR QRW
KDYHDQ\VSHFLDOWHDFKLQJTXDOLILFDWLRQV$OOWKHSHRSOHZLWKZKRP,KDYHGLVFXVVHG
DERXW WKH ODQJXDJH OHDUQLQJ DQG OLWHUDF\ HGXFDWLRQ LQ ODPDVHULHV KDYH KDG D YHU\
KLJKRSLQLRQRILW:K\VR"
&RQFHUQLQJKLVDELOLW\WRZULWH7LEHWDQ,ZRQGHUZKDWKHPHDQWZKHQKHVDLGWKDW
KHZDQWHGWRLPSURYHZULWLQJ7LEHWDQ
$33(1',;1R
,17(59,(:0V/KDEL
&KDSFKD
/DVWWLPH\RXPHQWLRQHGWKDW\RXRQFHOHDUQHGKRZWRZULWH\RXUQDPHEXWWKHQ
\RXIRUJRWLW+RZGLGWKDWKDSSHQ":KDWZHUHUHDVRQVIRUWKDW"
/DVWWLPH\RXDOVRWROGPHWKDW\RXKDGDFRZDQG\RXVHOO\RJKXUW,ZRXOGOLNH
KHDU PRUH DERXW \RXU OLIH &RXOG \RX WHOO PH DERXW WKH GD\ \RX ERXJKW \RXU ILUVW
FRZKRZGLGLWJR"
+RZGR\RXPDQDJH\RXUGD\VLQPDNLQJ\RJKXUWDQGVHOOLQJLW"&RXOG\RXWHOO
PHDERXW\RXURUGLQDU\GD\LQPDNLQJDQGVHOOLQJ\RJKXUW"
:KDWDERXW\RXUGD\RIGRLQJVKRSSLQJLQ&KDSFKD"+RZGR\RXFKRRVHZKDWWR
EX\"+RZGR\RXNQRZZKDWSURGXFWVWREX\"
7HOOPHZKDWKDSSHQVZKHQ\RXJRWRDEDQN"+RZGR\RXZLWKGUDZPRQH\"
+DYH\RXHYHUEHHQWRKRVSLWDO",IVRZKDWKDSSHQVZKHQ\RXJRWKHUH"
:KHQ\RXZDONDORQJWKHVWUHHWVGR\RXHYHUZRQGHUZKDWLVZULWWHQLQYDULRXV
VLQJVDERYHVKRSVRURQQRWLFHERDUGVHWF"
:KDWGR\RXWKLQNDERXWWKHVNLOOVRIUHDGLQJDQGZULWLQJ"
:KDWLV \RXURSLQLRQGRHVLWPDWWHULQZKDWODQJXDJHD7LEHWDQVKRXOGEHFRPH
OLWHUDWH"
$33(1',;1R
$&KDSFKDODQJXDJHVXUYH\
&KDSFKDODQJXDJHVXUYH\VXPPDU\
7RWDO
)
0
1XPEHURIDWWHQGDQWV
/LWHUDWHLQ7LEHWDQ
&DQUHDGDQGZULWH7LEHWDQ
FDQQRWUHDGDQGZULWH7LEHWDQ
.QRZOHGJHRI3XWRQJKXD
&DQVSHDN3XWRQJKXD
&DQQRWVSHDN3XWRQJKXDDWDOO
&DQUHDGDQGZULWH3XWRQJKXD
&DQQRWUHDGDQGZULWH3XWRQJKXD
6KRSSLQJLQ&KDSFKD
7LEHWDQRQO\
7LEHWDQDQG3XWRQJKXD
7LEHWDQDQG4LQJKDLKXD
7LEHWDQ3XWRQJKXDDQG4LQJKDLKXD
3XWRQJKXDRQO\
4LQJKDLKXDRQO\
%DQNLQJ
7LEHWDQRQO\
7LEHWDQDQG3XWRQJKXD
7LEHWDQDQG4LQJKDLKXD
7LEHWDQ3XWRQJKXDDQG4LQJKDLKXD
3XWRQJKXDRQO\
4LQJKDLKXDRQO\
/LWWOH3XWRQJKXDDQG4LQJKDLKXD
1RODQJXDJHFKRLFHPHQWLRQHG
7RWDO
)
0
+RVSLWDO
7LEHWDQRQO\
7LEHWDQ3XWRQJKXDDQG4LQJKDLKXD
3XWRQJKXDRQO\
4LQJKDLKXDRQO\
*RYHUQPHQW2IILFHV
7LEHWDQRQO\
7LEHWDQDQG3XWRQJKXD
7LEHWDQDQG4LQJKDLKXD
7LEHWDQ3XWRQJKXDDQG4LQJKDLKXD
3XWRQJKXDRQO\
4LQJKDLKXDRQO\
QHYHUYLVLWHG
1RODQJXDJHFKRLFHPHQWLRQHG
7KHPRVWXVHGODQJXDJHDWKRPH
7LEHWDQRQO\
7LEHWDQDQG3XWRQJKXD
7LEHWDQDQG4LQJKDLKXD
7RWDO
)
0
/DQJXDJHXVHGZLWKQHLJKERXUV
7LEHWDQRQO\
7LEHWDQDQG3XWRQJKXD
7LEHWDQDQG4LQJKDLKXD
7LEHWDQ3XWRQJKXDDQG4LQJKDLKXD
3XWRQJKXDRQO\
4LQJKDLKXDRQO\
$33(1',;1R
,QWHUYLHZDQDO\VLV7VRPR
/LQHV )XOOGHVFULSWLRQ
5DLMD&RXOG\RXWHOOPHDERXW\RXUH[SHULHQFHDVD
WUDLQHUDQGDVDWHDFKHULQWKH3URJUDPPH"<RXZHUH
WKHRQO\ODG\WHDFKHULQWKHSURJUDPPH
7V,OHDUQHGVRPDQ\WKLQJVKDSSLO\LQ\RXUWUDLQLQJ
DQG,ZDQWHGWRSDVVLWRQWRWKHWHDFKHUV,ZDVWUDLQLQJ
2IFRXUVHLWZDVQRWKHVDPHEHFDXVH,FDQQRWFRS\
\RXEXW,WULHGP\EHVW7KRVHWHDFKHUVPRVWRIWKHP
KDYHMXVWILQLVKHGPLGGOHVFKRRODQGVRPHHYHQRI
WKHPKDYHQRWEHHQDEOHWRILQLVKPLGGOHVFKRROEXW
WKH\ZHUHTXLWHJRRGLQUHDGLQJDQGZULWLQJ2IFRXUVH
,WZDVYHU\PHDQLQJIXOIRUPHDVDWUDLQHU
5DLMD%XWWKHQ\RXZHUHWKHRQO\ZRPDQDVDWUDLQHU
KRZGLGWKHRWKHUWUDLQHUVWUHDWHG\RX"
7V:KHQPHQVHHDZRPDQWUDLQLQJPDQ\PHQVRPH
HYHQROGHUWKDQKHUWKH\WKLQNVKHPXVWEHYHU\³OLKDL
EDPD´KDUGZRUNLQJRWKHUZLVHDZRPDQFDQQRW
WHDFK$OVRVKHKDVDQRPDGLFSURQXQFLDWLRQDQG
SHRSOHKDYHKLJKUHVSHFWWRKHU7KHUHLVDOVRJRRGWDON
DERXWKHU
5DLMD2KVRRWKHUSHRSOHZHUHWDONLQJJRRGDERXWKHU
7UDQVODWRU\D\D6RVKHPXVWEHYHU\JUHDW
RWKHUZLVHVKHFDQQRWWUDLQHUVDVDZRPDQ
6XPPDU\
7($&+(56¶
75$,1,1*
:20(1$6$
7($&+(5RQO\
ZRPDQ
/HDUQLQJQHZ
WHDFKLQJPHWKRGV
$77,78'(WRZDUGV
QHZWHDFKLQJ
PHWKRGV
$ZRPDQWHDFKLQJ
PHQ
0HQ¶V$77,78'(
WRZDUGV$:20$1
7($&+(56
/$1*8$*(
.12:/('*(
120$',&
352181&,$7,21
JLYHVPRUHFUHGLW
DVDWHDFKHU
,PSOLHVWKDWZLWKRXW
WKLVVNLOOVKHZRXOG
KDYHQRWEHHQVR
PXFKUHVSHFWHGDV
DZRPDQWHDFKHU
DQGDWUDLQHU
:20(1
7($&+(56QHHG
WRHDUQUHVSHFWDV
WHDFKHUV
:20(1
7($&+(56
81(48$/:,7+
0(1KDYHWRZRUN
KDUGHUWKDQPHQLQ
RUGHUWREH
UHVSHFWHG
7V,IDJURXSHQFRXUDJHVDZRPDQWROHDUQWKDWZRXOG
EHJRRGWKDWZRXOGEHEHWWHU,IPRUHZRPHQ
HQFRXUDJHZRPHQHDFKRWKHUDQGLIZRPHQWU\WKHLU
EHVWLQWKHLUVWXG\WKHQVLWXDWLRQZRXOGEHGLIIHUHQWLQ
YLOODJHV
5DLMD7KHUHDUHQRWPDQ\ZRPHQWHDFKHUVLQYLOODJHV
LQDGXOWOLWHUDF\WHDFKLQJDUHQ
WWKHUH"
7V1RWHYHQRQH$OOPHQ
$1(;$03/(2)
27+(5:20(1
:RPHQLQIOXHQFHV
HDFKRWKHULQ
YLOODJHVZRPHQ
VKRXOGEH
HQFRXUDJHGWR
VWXG\PRUHZRXOG
FKDQJHDYLOODJH
,QGLFDWLQJ
GHYHORSPHQWZRXOG
WDNHSODFHLQ
YLOODJHVWKURXJK
ZRPHQ"2UZRPHQ
ZRXOGEHWUHDWHG
EHWWHULIWKH\ZHUH
OLWHUDWHDQG
HGXFDWHG"$OVR
LQGLFDWLQJWKDW
ZRPHQDUHQRW
GRLQJWKHLUEHVWLQ
VWXGLHV:K\"
$QXPEHURI
:20(1
7($&+(56
$'8/7/,7(5$&<
7($&+,1*0(1¶6
-2%
$OODGXOWOLWHUDF\
WHDFKHUVH[FHSW
RQHZHUHPHQLQ
WKHZKROHFRXQW\
$33(1',;1R
$PLQGPDS
7KLV SDUWLFXODU PLQG PDS OD\V RXW WKH GLIIHUHQW FRQQHFWLRQV RI ODQJXDJH DQG
OLWHUDF\LQDFRPPXQLW\VXFKDV
UHODWLRQVKLSVEHWZHHQGLIIHUHQWODQJXDJHVDQGLQVWLWXWLRQV
UROHVRIGLIIHUHQWODQJXDJHVLQDFRPPXQLW\
HYHU\GD\OLWHUDF\SUDFWLFHVDQGOLWHUDF\WHDFKLQJ
FXOWXUDOHOHPHQWVDQGOLWHUDFLHV