,UUDGLDWLRQZLWK+H1HODVHULQFUHDVHV$73OHYHOLQFHOOV
FXOWLYDWHGLQYLWUR
7.DUXD/3\DWLEUDWD*.DOHQGRE
ƒ/DVHU7HFKQRORJ\&HQWUHRIWKH$FDGHP\RI6FLHQFH7URLWVN0RVFRZ5HJLRQ5XVVLDE 1DWLRQDO&DQFHU
5HVHDUFK&HQWUHRIWKH$FDGHP\RI0HGLFLQHDQG6FLHQFH0RVFRZ5XVVLD
5HFHLYHG0DUFKDFFHSWHG6HSWHPEHU
$EVWUDFW
$PRQROD\HURI+H/DFHOOVZDVLUUDGLDWHGZLWKDQ+H1HODVHUQP-P VDQGWKHDPRXQWRIDGHQRVLQH
WULSKRVSKDWH$73ZDVPHDVXUHGE\WKH OXFHIHULQOXFLIHUDVHELROXPLQHVFHQWDVVD\WHFKQLTXHDWGLIIHUHQWWLPHVPLQ
DIWHULUUDGLDWLRQ7KHDPRXQWRI$73LQWKHORJSKDVHRIFXOWXUHGFHOOVUHPDLQHGDWWKHFRQWUROOHYHO[ PROSHUFHOOGXULQJWKHILUVWPLQDIWHULUUDGLDWLRQLWWKHQLQFUHDVHGVKDUSO\DQGDIWHUUHDFKLQJDPD[LPXP
PLQDIWHULUUDGLDWLRQGHFUHDVHGVORZO\WRWKHFRQWUROOHYHO7KHDELOLW\RIPRQRFKURPDWLFUHGOLJKWWRLQGXFHDQLQFUHDVHLQ
WKHFHOOXODU$73OHYHOZDVIRXQGWRGHSHQGRQWKHJURZWKSKDVHRIWKHFXOWXUHEHLQJLQVLJQLILFDQWLQWKHODJSKDVH
RIFXOWXUHGFHOOVLQFUHDVLQJLQWKHORJSKDVHRIFXOWXUHGFHOOVDQGUHDFKLQJDPD[LPXPDERXWLQF
HOOVDWWKHODWHORJDULWKPLFDQGHDUO\SODWHDXSKDVH
.H\ZRUGV $73+H/DFHOOV/RZSRZHUODVHUWKHUDS\ 0LWRFKRQGULD
,QWURGXFWLRQ
6HYHUDOOLQHVRIHYLGHQFHVKRZWKDWPLWRFKRQGULDDUHVHQVLWLYHWR
LUUDGLDWLRQ ZLWK PRQRFKURPDWLF YLVLEOH OLJKW 7KH LOOXPLQDWLRQ RI
LVRODWHG UDW OLYHU PLWRFKRQGULD LQFUHDVHV DGHQRVLQH WULSKRVSKDWH
$73 V\QWKHVLV DQGWKH FRQVXPSWLRQRI2 >@,UUDGLDWLRQ ZLWK
OLJKWDWZDYHOHQJWKVRIQP>,@QP>@QP>@QP
>@DQGQP>@HQKDQFHV$73V\QWKHVLV/LJKW DWZDYHOHQJWKV
RI DQG QP >@ GRHV QRW LQIOXHQFH WKH UDWH RI WKLV
SURFHVV 2[\JHQ FRQVXPSWLRQ LV DFWLYDWHG RQ LOOXPLQDWLRQ ZLWK
OLJKW DW DQG QP EXW QRW DW DQG QP >@
,UUDGLDWLRQ ZLWK OLJKW DW QP LQFUHDVHV WKH PLWRFKRQGULDO
PHPEUDQH SRWHQWLDO '\ DQG SURWRQ JUDGLHQW 'jG >@ FDXVHV
FKDQJHVLQPLWRFKRQGULDORSWLFDOSURSHUWLHVPRGLILHVVRPH1$'+
OLQNHG1$'+UHGXFHGIRUPRIQLFRWLQDPLGHDGHQLQHGLQXFOHRWLGH
GHK\GURJHQDVH UHDFWLRQV >@ DQG LQFUHDVHV WKH UDWH RI $'3$73
H[FKDQJH$'3DGHQRVLQHGLSKRVSKDWH>@
,QYHVWLJDWLRQV LQWR WKH H^ FRQVXPSWLRQ DQG $73 FRQWHQW RI
ZKROH FHOOV QRW LVRODWHG PLWRFKRQGULD KDYH UHFHLYHG PXFK OHVV
DWWHQWLRQ ,UUDGLDWLRQ RI \HDVW FHOOV DW O
QP DFWLYDWHV 2]
FRQVXPSWLRQ DQG LQFUHDVHV WKH DFWLYLW\ RI 1$'+ GHK\GURJHQDVH
DQGF\WRFKURPHk R[LGDVH>@$QLQFUHDVHLQ$73V\QWKHVLVRI
‹ (OVHYLHU 6FLHQFH 6$ $OO ULJKWV UHVHUYHG
66' 5$& PDPPDU\ DGHQRFDUFLQRPD FHOOV DIWHU LUUDGLDWLRQ DW O
QPZDVREVHUYHGLQOLJKWRQO\FRQWUROH[SHULPHQWVGXULQJ
DQ LQYHVWLJDWLRQ RI WKH PHFKDQLVP RI SKRWRG\QDPLF DFWLRQ RI
FHUWDLQ FKHPLFDOV >@ ,UUDGLDWLRQ RI KXPDQ SHULSKHUDO
O\PSKRF\WHVZLWKOLJKWDWQPLQFUHDVHVWKHDPRXQWRI$73LQ
WKHVHFHOOV>@
7KH DLP RI WKH H[SHULPHQWV UHSRUWHG LQ WKLV SDSHU ZDV WR
PHDVXUHWKH$73OHYHOLQSUHOLIHUDWLQJDQGQRQSUROLIHUDWLQJ+H/D
FHOOV ,QLWLDOO\ WKH $73 OHYHOV ZHUH PHDVXUHG LQ FXOWXUH DW
GLIIHUHQW WLPHV IROORZLQJ H[SRVXUH WR QP OLJKW 7KH
DPRXQWV RI $73 V\QWKHVL]HG E\ FHOOV LQ GLIIHUHQW FHOO FXOWXUH
JURZWKSKDVHV ZHUH FRPSDUHG 7KH H[SHULPHQWV ZHUH SHUIRUPHG
ZLWK+H/DFHOOVLHRQWKHVDPHPRGHODVXVHGSUHYLRXVO\IRUWKH
LQYHVWLJDWLRQRIWKHDFWLYDWLRQRIOLJKWLQGXFHGSUROLIHUDWLRQ>,,@
0DWHULDOVDQGPHWKRGV
&HOOV
+H/D FHOOV LQLWLDOO\ REWDLQHG IURP WKH ,QVWLWXWH RI 9LURORJ\
0RVFRZ5XVVLDZHUHJURZQDV PRQROD\HUVLQVFLQWLOODWLRQYLDOV
LQPHGLXPZLWKWKHDGGLWLRQ
L .DUX HWDO,-3KRWRFKHP3KRWRELRO%%LRO
RI ERYLQH VHUXP DQG XQLWV PO SHQLFLOOLQ DQG
VWUHSWRP\FLQ 7KH FXOWLYDWLRQ GHWDLOV DQG JURZWK FKDUDFWHULVWLFV RI
WKHFXOWXUHDUHGHVFULEHGHOVHZKHUH>,,@
,UUDGLDWLRQ
)RU LUUDGLDWLRQ DQ +H1H ODVHU O QP 6SHFWUD 3K\VLFV
PRGHO$ZDVXVHG7KHEHDPZDVH[SDQGHGZLWKDVKRUWIRFXV
SRVLWLYH OHQV WR D GLDPHWHU RI PP ZKLFK FRUUHVSRQGHG WR WKH
GLDPHWHURIWKHERWWRPRIWKHYLDOFRYHUHGZLWKWKHPRQROD\HU)LJ
1HXWUDOILOWHUVZHUHXVHGWRUHGXFHWKHLQWHQVLW\RIOLJKWWR :
P7KH LUUDGLDWLRQWLPHZDVVDQGWKH IOXHQFH ZDV - P
7KHVH SDUDPHWHUV KDYHEHHQIRXQGWREHRSWLPDO IRU WKHDFWLYDWLRQ
RISUROLIHUDWLRQRI+H/DFHOOVJURZQLQDPRQROD\HU>,,@$6SHFWUD
3K\VLFV0SRZHU PHWHU ZDV XVHGIRU PHDVXUHPHQW RIWKH OLJKW
LQWHQVLW\ 7KH YLDO ZDV SODFHG LQWR D VSHFLDO KROGHU DQG UHPDLQHG
FORVHGGXULQJLUUDGLDWLRQ7KH PRQROD\HUZDV QRWFRYHUHGZLWK WKH
PHGLXP GXH WR WKH SRVLWLRQ RI WKH YLDO )LJ ,UUDGLDWLRQ ZDV
SHUIRUPHG LQ WKH GDUN WKURXJK WKH ERWWRP RI WKH YLDO 7KH FRQWURO
VDPSOHV ZHUH WUHDWHG LQ H[DFWO\ WKH VDPH ZD\ EXW ZHUH QRW
LUUDGLDWHG
0HDVXUHPHQWRI$73OHYHOLQFHOOV
7KH DPRXQW RI $73 ZDV GHWHUPLQHG E\ ELROXPLQHVFHQW DVVD\
EDVHG RQ WKH PHDVXUHPHQW RIWKH OLJKW RXWSXW RI WKH OXFLIHULQ
OXFLIHUDVHUHDFWLRQ>@7KHOXFLIHULQOXFLIHUDVHZDVSXUFKDVHGDVD
NLWIURP/.%:DOODF7XUNX)LQODQG7KH$73PRXQWLQJNLWDOVR
FRQWDLQHG 1K\GUR[\HWK\OSLSHUD]LQH1¶ HWKDQHVXOSKRQLF DFLG
+(3(6 EXIIHU WULFKORURDFHWLF DFLG DQG $73 VWDQGDUGV 7KH
OXPLQHVFHQFH RI WKH VDPSOHV ZDV PHDVXUHG ZLWK D %LROXPDW /%
%HUWKROG*HUPDQ\7KHDPRXQWRI$73ZDVGHWHUPLQHGE\
FDOLEUDWLRQXVLQJWKH$73VWDQGDUGV
$W GHILQLWH WLPHV DIWHU LUUDGLDWLRQ PLQ WKH QXWULHQW
PHGLXP ZDV UHPRYHG WKH PRQROD\HU ZDV ULQVHG ZLWK LFHFROG
+DQNV
EDODQFHGVDOWVROXWLRQDQGNHSW IRU PLQ RQ LFH ZLWK P0 RI WULFKORURDFHWLF DFLG FRQWDLQLQJ P0
HWK\OHQHGLDPLQHWHWUDDFHWLF DFLG ('7$ ZLWKRXW VKDNLQJ 7KH
VDPSOH ZDV GLOXWHG ZLWK +(3(6 EXIIHU S+ D P
VDPSOHVROXWLRQZDVWUDQVIHUUHGWRD%LROXPDWWHVWYLDOFRQWDLQLQJ
PO OXFLIHULQOXFLIHUDVH DQG WKH OXPLQHVFHQFH ZDV PHDVXUHG
GXULQJ V $OO SURFHGXUHV ZHUH SHUIRUPHG LQ WKH GDUN 7KH
QXPEHU RI FHOOV ZDV FRXQWHG E\ D KDHPRF\WRPHWHU DQG WKH GDWD
ZHUHH[SUHVVHGDVWKHQXPEHURIPROHVRI$73SHUFHOOPHDQ“
VWDQGDUGHUURURIWKHPHDQ6(0IRUDWOHDVWWKUHHVHSDUDWHYLDOV
SHUSRLQWSHUH[SHULPHQW
5HVXOWV
,Q WKH ILUVW VHULHV RI H[SHULPHQWV WKH DPRXQW RI $73 ZDV
PHDVXUHGLQWKHORJSKDVHRIFXOWXUHGFHOOVKDIWHUSODWLQJDVD
IXQFWLRQ RI WKH WLPH HODSVHG DIWHU LUUDGLDWLRQ RI WKH FHOOXODU
PRQROD\HUZLWKDQ+H1HODVHU-PV7KHDPRXQWRI
$73SHULQGLYLGXDOFHOOLQWKHFRQWUROVZDV “ [ PRO SHU FHOO $V FDQ EH VHHQ IURP )LJ WKH DPRXQW RI $73
H[SUHVVHG DV D SHUFHQWDJH RI WKH DERYH FRQWURO YDOXH UHPDLQV
SUDFWLFDOO\DWWKHFRQWUROOHYHOIRUVHYHUDOPLQXWHVDIWHULUUDGLDWLRQ
$Q LQVLJQLILFDQW LQFUHDVH LV REVHUYHG IRU WKH ILUVW PLQ DIWHU
LUUDGLDWLRQ IROORZHG E\ D VWURQJ LQFUHDVH RYHU WKH QH[W IHZ
PLQXWHV $IWHU D PD[LPXP LV UHDFKHG PLQ DIWHU
LUUDGLDWLRQWKH$73OHYHOGHFUHDVHVVORZO\WRWKHFRQWUROOHYHO
,Q WKH QH[W VHULHV RI H[SHULPHQWV ZH LQYHVWLJDWHG WKH
GHSHQGHQFHRIWKHLQFUHDVHLQWKH$73OHYHORQWKHJURZWKSKDVH
RIWKHFXOWXUH7RWKLVHQGWKHVDPHH[SHULPHQWZDVSHUIRUPHGRQ
GLIIHUHQWGD\VDIWHUSODWLQJWKHPRQROD\HUZDVLUUDGLDWHGIRUV
-P
= .DUXHWDO,-3KRWRFKHP3KRWRELRO%%LRO
WKH DPRXQW RI $73 ZDV PHDVXUHG PLQ DIWHU H[SRVXUH DQG WKLV
YDOXH ZDV FRPSDUHG ZLWK WKH DPRXQW RI $73 LQ WKH QRQLUUDGLDWHG
FHOOV 7KH UHVXOWV RI WKHVH PHDVXUHPHQWV DUH SUHVHQWHG LQ )LJ ,W
FDQ EH VHHQ IURP )LJ FXUYH WKDW WKH DPRXQW RI $73 LQ QRQ
LUUDGLDWHG FHOOV UHPDLQV ORZ GXULQJ WKH ODJ SKDVH K DIWHU
SODWLQJ VHH WKH JURZWK FXUYH LQ WKH LQVHW RI )LJ DQG DW WKH
EHJLQQLQJRIWKH ORJSKDVH K SRVWSODWLQJ ,Q WKH PLGGOHRI
WKH ORJ SKDVH K SRVWSODWLQJ WKH DPRXQW RI $73 UHDFKHV D
PD[LPXP “ [ PRO SHU FHOO DQG GHFUHDVHV DW WKH
RQVHWRIWKHSODWHDXSKDVHGD\VDIWHUSODWLQJ7KLVFKDQJHLQWKH
$73FRQWHQWRIWKHFHOOVLVFRQVLVWHQWZLWKOLWHUDWXUHGDWD>@
&XUYH LQ )LJ SUHVHQWV WKH $73 GDWD LQ LUUDGLDWHG FHOOV $
FRPSDULVRQEHWZHHQFXUYHVDQGRI)LJHQDEOHVWKH IROORZLQJ
FRQFOXVLRQV WR EH GUDZQ ,Q WKH FHOOV LQ WKH ODJ SKDVH DQG DW WKH
EHJLQQLQJRIWKHORJSKDVHGD\VDIWHUSODWLQJWKHSKRWRLQGXFHG
LQFUHDVHLQWKHDPRXQWRI$73SHUFHOOLVLQVLJQLILFDQW $73 OHYHOV
DUH HQKDQFHG LQ LUUDGLDWHG FHOOV LQ WKH ORJ SKDVH GD\V DQG
SODWHDX SKDVH WK GD\ DIWHU SODWLQJ RI JURZWK 7KXV WKH PD[LPDO
$73OHYHOLQGXFHGLQFHOOVE\LUUDGLDWLRQLVGHSHQGHQWRQWKHJURZWK
SKDVHRIWKHFXOWXUH
'LVFXVVLRQ
7KH GDWD REWDLQHG VKRZ WKDW WKH LUUDGLDWLRQ E QP RI
FHOOVFXOWLYDWHGLQYLWURLQFUHDVHVWKHDPRXQWRI$737KLVUHVXOWLV
QRW VXUSULVLQJ JLYHQ WKH UHVXOWV RQ OLJKWLQGXFHG $73
H[WUDV\QWKHVLV LQ LVRODWHG PLWRFKRQGULD >@ 0RUH XQH[SHFWHG LV
WKHVKDSHRIWKH
FRUUHVSRQGLQJ FXUYH )LJ WKH FHOOXODU $73 FRQWHQW GRHV QRW
FKDQJH GXULQJ WKH ILUVW PLQ DIWHU LUUDGLDWLRQ DQG LQFUHDVHV
VLJQLILFDQWO\ RQO\ PLQ DIWHU LUUDGLDWLRQ 7KH UHVXOWV RI
H[SHULPHQWVRQLVRODWHGOLYHUPLWRFKRQGULDFOHDUO\VKRZWKDWERWK
2 FRQVXPSWLRQ DQG $73 H[WUDV\QWKHVLV VWDUW DV VRRQ DV WKH
LOOXPLQDWLRQLVVZLWFKHGRQDQGVWRSZKHQWKHOLJKWLVVZLWFKHGRII
>@6RPHH[SHULPHQWDOUHVXOWVVKRZWKDW$73V\QWKHVLV
LQ LUUDGLDWHG FHOOV PD\ FRQWLQXH DW HQKDQFHG UDWHV DIWHU WKH
LOOXPLQDWLRQ LV VZLWFKHG RII 7KLV VXJJHVWLRQ LV EDVHG RQ WKH
IROORZLQJ H[SHULPHQWDO GDWD $IWHU D SHULRG RI K DIWHU WKH
LUUDGLDWLRQ RI \HDVW FHOOV DW QP IRU D VKRUW WLPH D IHZ
PLQXWHV WKH DFWLYLWLHV RI WKH PLWRFKRQGULDO HQ]\PHV 1$'+
GHK\GURJHQDVH DQG F\WRFKURPH k R[LGDVH ZHUH DQG FRPSDUHG ZLWK WKDW LQ FRQWURO FHOOV >@ (OHFWURQ
PLFURVFRS\LQYHVWLJDWLRQVGHPRQVWUDWHWKDWVLPLODUFKDQJHVRFFXU
LQLVRODWHGPLWRFKRQGULD>@KXPDQO\PSKRF\WHV>@DQG
SUHV\QDSWLF WHUPLQDOV RI WKH GRUVDO KRUQ RI FDWV >@ DIWHU
LUUDGLDWLRQ ZLWK UHG OLJKW DW QP 7KH UHFRQVWUXFWLRQ RI
PLWRFKRQGULDIURPXOWUDWKLQVHFWLRQVWKURXJKDZKROHO\PSKRF\WH
KDVVKRZQWKDWK DIWHULUUDGLDWLRQZLWKDQ+H1HODVHUIRUV
WKHQXPEHURIPLWRFKRQGULDLVUHGXFHGWRFRPSDUHGZLWK
LQ FRQWURO FHOOV EUDQFKLQJ JLDQW PLWRFKRQGULD ZHUH DOVR
REWDLQHG>@(OHFWURQPLFURVFRS\GLGQRWUHYHDODQ\FKDQJHVLQ
WKH PLWRFKRQGULD RI LUUDGLDWHG FHOOV ZKLFK PLJKW EH FRQVLGHUHG
GHJHQHUDWLYH ,Q FRQWUDVW ZLWKLQ WKH IUDPHZRUN RI 6NXODFKHY
V
WKHRU\RIDSRZHUWUDQVPLWWLQJSURWRQFDEOHWKHIRUPDWLRQRIJLDQW
PLWRFKRQGULD SURYLGHV D KLJKHU OHYHO RI UHVSLUDWLRQ DQG HQHUJ\
WXUQRYHU >@ ,UUDGLDWLRQ ZLWK DQ +H1H ODVHU UHVXOWV LQ DQ
LQFUHDVHLQERWKPLWRFKRQGULDO51$DQGSURWHLQV\QWKHVLV>@,W
ZDVFRQFOXGHGLQ5HI>@WKDWWKHVHILQGLQJVDUHFRQVLVWHQWZLWK
DVLJQLILFDQWPRGLILFDWLRQRIWKHPLWRFKRQGULDOV\QWKHWLFDSSDUDWXV
UDWKHU WKDQ PLQRU FKDQJHV LQ HQ]\PDWLF DFWLYLW\ 7KH GDWD
SUHVHQWHG LQ 5HIV >@ VXJJHVW WKDW $73 V\QWKHVLV LQ ZKROH
FHOOVGRHVQRWVWRSZKHQWKHLOOXPLQDWLRQLVVZLWFKHGRII
8VXDOO\ WKH HQHUJ\ FKDUJH RI FHOOV LQ FXOWXUH LV DSSUR[LPDWHO\
RU PRUH >@ LQGLFDWLQJ WKDW PRUH WKDQ RI WKH DGHQLQH
QXFOHRWLGHV ZLOO EH $73 ,I WKLV LV WKH FDVH XQGHU WKH SUHVHQW
FRQGLWLRQVWKHLQFUHDVHLQWKHFHOOXODU$73OHYHOLQGXFHGE\
QPOLJKWPXVWEHGXHWRWKHV\QWKHVLVRIQHZDGHQLQHQXFOHRWLGHV
DQG WKH SKRVSKRU\ODWLRQ RI $'3 DQG DGHQRVLQH PRQRSKRVSKDWH
$03 7KH V\QWKHVLV RI QHZ DGHQLQH QXFOHRWLGH PROHFXOHV PD\
H[SODLQ WKH GHOD\HG LQFUHDVH LQ FHOOXODU $73 7KHVH SRVVLELOLWLHV
PD\EHGLVWLQJXLVKHGE\PHDVXULQJ$'3DQG$03ZKLFKZDVQRW
FDUULHGRXWLQWKLVZRUN
7KHPHFKDQLVPLQYROYHGLQWKHLQFUHDVHLQWKHDPRXQWRI$73
LQ FHOOV LUUDGLDWHG ZLWK YLVLEOH OLJKW LV XQNQRZQ $W OHDVW IRXU
SRVVLELOLWLHVKDYHEHHQGLVFXVVHGLQUHFHQW
L .DUX HWDO,-3KRWRFKHP3KRWRELRO%%LRO \HDUV )LJ VXPPDUL]HV WKHVH PHFKDQLVPV 7KLV LV PHUHO\ DQ
LOOXVWUDWLYH VFKHPH LQGLFDWLQJ WKH UHOHYDQW UHDFWLRQV WKDW RFFXU
DIWHUHOHFWURQLFH[FLWDWLRQRISKRWRDFFHSWRUPROHFXOHVF\W ZDa DQG
1$'+ K\GURJHQDVH >@ ,W GRHV QRW PHDQ WKDW DOO RI WKHVH
UHDFWLRQVRFFXUIURPWKHILUVW VLQJOHW VWDWHDQGWKDWWULSOHWVDUHQRW
LQYROYHG([SHULPHQWDOVWXGLHVRQWKHSULPDU\PHFKDQLVPDUHIHZ
>@ ,Q 5HI >@ LW ZDV VKRZQ WKDW RQ LOOXPLQDWLRQ LQ WKH
SUHVHQFH RI ULERIODYLQ $73 V\QWKHVLV RFFXUV IURP $'3 DQG 3
7KLV FRQILUPV WKH GXDO UROH RI $'3 ERWK HOHFWURQ GRQRU DQG
DFFHSWRULQWKHSKRWRUHDFWLRQZLWKULERIODYLQ
)LJ SUHVHQWV VHYHUDO SRVVLEOH UHDFWLRQV )LUVWO\ RQ WKH EDVLV
RI WKH PRQRFKURPDWLF YLVLEOH OLJKW DFWLRQ VSHFWUD IRU '1$ DQG
51$ V\QWKHVLV LQ +H/D FHOOV DQG WKH VSHFWURVFRSLF GDWD IRU
SRUSK\ULQV DQG IODYLQV HQGRJHQRXV SKRWRVHQVLWL]HUV D
K\SRWKHVLV ZDV DGYDQFHG WKDW WKH DEVRUSWLRQ RI OLJKW TXDQWD E\
WKHVHPROHFXOHVLVUHVSRQVLEOHIRUWKHJHQHUDWLRQRIVLQJOHW R[\JHQ
2 >DE@ 3KRWRG\QDPLF UHDFWLRQV KDYH EHHQ FRQVLGHUHG IRU
VRPH WLPH DV WKH SUHGRPLQDQW UHDFWLRQV GXULQJ WKH LUUDGLDWLRQ RI
FHOOVDWKLJKGRVHV DQGLQWHQVLWLHVRIOLJKW>@ 7KH SRVVLEOHUROH
RI VLQJOHW R[\JHQ LQ ORZSRZHU ODVHU H[SHULPHQWV KDV EHHQ
GLVFXVVHG E\ VHYHUDO JURXSV >@ +RZHYHU QR H[SHULPHQWV
GHPRQVWUDWLQJ WKH JHQHUDWLRQ RI 2 LQ FHOOV RU WLVVXHV DIWHU
LUUDGLDWLRQZLWKORZSRZHUODVHUOLJKWKDYHEHHQREVHUYHG
$QRWKHUSURFHVVLQYROYHVWKHDFFHOHUDWLRQRIHOHFWURQWUDQVIHULQ
WKHUHVSLUDWRU\FKDLQGXHWRDFKDQJHLQWKHUHGR[SURSHUWLHVRIWKH
FDUULHUVIROORZLQJSKRWRH[FLWDWLRQRIWKHLUHOHFWURQLFVWDWHV>@$
VLPLODU SULQFLSOH JRYHUQV WKH IXQFWLRQLQJ RI SKRWRV\QWKHWLF
UHDFWLRQFHQWUHV
'XULQJOLJKWH[FLWDWLRQRIHOHFWURQLFVWDWHVDQRWDEOHIUDFWLRQRI
WKH H[FLWDWLRQ HQHUJ\ LV FRQYHUWHG WR KHDW ZKLFK FDXVHV D ORFDO
LQFUHDVH LQ WKH WHPSHUDWXUH RI WKH DEVRUELQJ FKURPRSKRUHV >@
7KHORFDOWUDQVLHQW
ULVHLQWKH WHPSHUDWXUH RI SKRWRDFFHSWRUPROHFXOHVDVDSRVVLEOH
PHFKDQLVP RI WKH ORZSRZHU ODVHU HIIHFW LV FRQVLGHUHG LQ 5HI
>@ ,W VKRXOG EH QRWHG WKDW WKH ORFDO WUDQVLHQW KHDWLQJ RI
DEVRUELQJPROHFXOHVLVYHU\GLIIHUHQWIURPDYHUDJHKHDWLQJRIWKH
ZKROH FHOO ZKLFK LV FHUWDLQO\ QRW REVHUYHG DW WKH GRVHV DQG
LQWHQVLWLHVXVHGLQH[SHULPHQWVZLWKFHOOV>@
,W LV ZHOO NQRZQ WKDW LQ PLWRFKRQGULDO HOHFWURQ WUDQVSRUW WKH
VXSHUR[LGH UDGLFDO 2x  LV SURGXFHG DQG LWV UDWH RI SURGXFWLRQ
SULPDULO\GHSHQGVRQWKHPHWDEROLFVWDWHRIWKHPLWRFKRQGULD>@
%\ DFWLYDWLRQ RI WKH HOHFWURQ IORZ LQ WKH UHVSLUDWRU\ FKDLQ RI
LUUDGLDWHGFHOOVZHFDQH[SHFWDQLQFUHDVHLQ 2x  SURGXFWLRQ,W
KDVEHHQGHPRQVWUDWHGH[SHULPHQWDOO\WKDWPLWRFKRQGULDSRVVHVVD
PHFKDQLVP IRU WKH UHDEVRUSWLRQ RI 2x  DQG 2x  PD\ EH D
VRXUFH RI HOHFWURQV IRU WKH R[LGDWLYH SKRVSKRU\ODWLRQ RI $'3
XQGHUSK\VLRORJLFDOFRQGLWLRQV>@([SHULPHQWDOGDWDVKRZWKDW
OLYHUPLWRFKRQGULDO$73V\QWKHVLVFDQEHLQKLELWHGDQGSURPRWHG
E\WKH89JHQHUDWLRQRI 2x  >@
7KHUH LV QR UHDVRQ WR EHOLHYH WKDW RQO\ RQH RI WKH SURFHVVHV
GLVFXVVHG DERYH )LJ RFFXUV ZKHQ D FHOO LV LUUDGLDWHG
5HFHQWO\WKHH[LVWHQFHRIPRUHWKDQRQHUHDFWLRQFKDQQHOIRUWKH
VDPH ILQDO SKRWRELRORJLFDO HIIHFW JURZWK VWLPXODWLRQ RI
(VFKHULFKLDFROL KDVEHHQVKRZQ>@7KHTXHVWLRQVHHPVWREH
ZKLFK FKDQQHO LV UHVSRQVLEOH IRU WKH SKRWRELRORJLFDO HIIHFW
REVHUYHGLQWKLVVWXG\
$FNQRZOHGJHPHQWV
:H WKDQN 'U & 6DOHW IRU VWLPXODWLQJ GLVFXVVLRQV DQG IRU
GLUHFWLQJXVWRFHUWDLQUHIHUHQFHV7KLVZRUNZDVVXSSRUWHGLQSDUW
E\ JUDQW D IURP 5XVVLDQ )XQG RI )XQGDPHQWDO
,QYHVWLJDWLRQV
5HIHUHQFHV
>@0 .DWR . 6KLQ]DZDDQG 6 <RVKLNDZD &\WRFKURPH R[LGDVH LVD
SRVVLEOH SKRWRUHFHSWRU LQ PLWRFKRQGULD 3KRWRELRFKHP
3KRWRELRSK\V >@ 6 3DVVDUHOOD ) &DVDPDVVLPD 6 0ROLQDUL ' 3DVWRUH (
4XDJOLDULHOOR ,0 &DWDODQR DQG $ &LQJRODQL ,QFUHDVH RI SURWRQ
HOHFWURFKHPLFDO SRWHQWLDO DQG $73 V\QWKHVLV LQ UDW OLYHU
PLWRFKRQGULD LUUDGLDWHG LQ YLWUR E\ +H1H ODVHU )(%6 /HWW >@6$*RUGRQDQG D 6XUUH\5HGDQGIDUUHGOLJKWDFWLRQRQR[LGDWLYH
SKRVSKRU\ODWLRQ5DGLDO5HV >@1/9HNVKLQDQG *30LURQRY)ODYLQGHSHQGHQWR[\JHQXSWDNHLQ
PLWRFKRQGULDXQGHULOOXPLQDWLRQ %LRIL]LND >@ 6 3DVVDUHOOD ( 3HUOLQR ( 4XDJOLDULHOOR / %DOGDVVDUUH ,0
&DWDODQRDQG$ &LQJRODQL(YLGHQFHRIFKDQJHVLQGXFHGE\+H1H
ODVHU LUUDGLDWLRQ LQ WKH ELRFKHPLFDO SURSHUWLHV RI UDW OLYHU
PLWRFKRQGULD%LRHOHFWURFKHP%ORHQHUJ >@6 3DVVDUHOOD$ 2VWXQL $ $WODQWH DQG( 4XDJOLDULHOOR ,QFUHDVH LQ
WKH$'3$73H[FKDQJHLQUDWHOLYHUPLWRFKRQGULDLUUDGLDWHGLQYLWUR
E\+H1H ODVHU %LRFKHP%LRSK\V5HV&RPPXQ >@ *6 )HGRVH\HYD 7, .DUX 76 /\DSXQRYD 1$ 3RPRVKQLNRYD
DQG010HLVVHO7KHDFWLYDWLRQRI\HDVW PHWDEROLVPZLWK +H1H
ODVHU ,, $FWLYLW\ RI HQ]\PHV RI R[LGDWLYH DQG SKRVSKRUXV
PHWDEROLVP/DVHUV/LIH6FL >@7,.DUX(9
.XWRPNLQD 76 /\DSXQRYD DQG 9$ 3RPRVKQLNRYD 7KH
DFWLYDWLRQ RI \HDVW PHWDEROLVP ZLWK +H1H ODVHU UDGLDWLRQ ,,,
3URWHLQ V\QWKHVLV LQ 6DFFKDURP\FRGHV OXGZLJLL JURZQ LQ DHURELF
DQGDQDHURELFFRQGLWLRQV /DVHUV/LIH6FL
>@5+LOI560XUDQW81DUDQ\DQDQDQG 6/*LEVRQ5HODWLRQVKLSRI
PLWRFKRQGULDO IXQFWLRQDQG FHOOXODU DGHQRVLQH WULSKRVSKDWH OHYHOV WR
KHPDWRSRUSK\ULQGHULYDWLYHLQGXFHG SKRWRVHQVLWL]DWLRQLQ5$&
PDPPDU\WXPRUV&DQFHU5HV
>@ D? +HUEHUW // %KXVDWH'/6FRWW & 'LDPDQWRSRXORV DQG '
3HUUHWW (IIHFW RI ODVHU OLJKW DW QP RQ DGHQRVLQH QXFOHRWLGH
OHYHOVLQKXPDQO\PSKRF\WHV /DVHUV/LIH6FL
>@7,.DUX(IIHFWVRIYLVLEOHODVHUUDGLDWLRQRQFXOWXUHGFHOOVLQ6
0DUWHOOXFFL DQG $1 &KHVWHU HGV /DVHU 6\VWHPV IRU
3KRWRELRORJ\ DQG 3KRWRPHGLFLQH 3OHQXP 1HZ <RUN SS
>@*.LPPLFK-5DQGHV DQG-6%UDQG$VVD\RI SLFRPROH DPRXQWV
RI $73 $'3 DQG $03 XVLQJ D OXFLIHUDVH HQ]\PH V\VWHP $QDO
%LRFKHP >@) .UDPL' .XPPHU DQG.6FKPLGW6HSDUDWLRQDQGTXDQ WLWDWLYH
GHWHUPLQDWLRQ RI ULERQXFOHRVLGH DQG GHR[\ULERQXFOHRVLGH
WULSKRVSKDWHV LQ KXPDQ PDOLJQDQW WXPRUV $QDO %LRFKHP >@ 6 3DVVDUHOOD / 5RQFDOL 5 &LFHUR DQG ( 4XDJOLDULHOOR 1HZ
XOWUDVWUXFWXUDO FRQIRUPDWLRQV RI PLWRFKRQGULD LUUDGLDWHG LQ YLWUR
ZLWKD+H1HODVHU/DVHUV/LIH6FL >@ 0 *UHFR ( 3HUOLQR ' 3DVWRUH * *XLGD ( 0DUUD DQG (
4XDJOLDULHOOR+H1HODVHULUUDGLDWLRQRIUDWOLYHUPLWRFKRQGULDJLYHV
ULVHWRDQHZVXESRSXODWLRQRIUDWOLYHUPLWRFKRQGULD
LVRODWLRQ DQG ILUVW ELRFKHPLFDO FKDUDFWHUL]DWLRQ 3KRWRFKHP
3KRWRELRO%%LRO >@ 90 0DQWHLIHO DQG 7, .DUX 8OWUDVWUXFWXUDO FKDQJHV LQ KXPDQ
O\PSKRF\WHVXQGHU+H1HODVHUUDGLDWLRQ /DVHUV/LIH6FL
>@ /( %DNHHYD 90 0DQWHLIHO (% 5RGLFKHY DQG 7, .DUX
)RUPDWLRQRIJLDQWPLWRFKRQGULDLQKXPDQEORRGO\PSKRF\WHVDIWHU
+H1HODVHULUUDGLDWLRQ0RO%LRO0RVFRZ L .DUXHWDO,-3KRWRFKHP3KRWRELRO%%LRO
>@'$5XVDNRY 7ULGLPHQVLRQDO VWUXFWXUH RI SUHV\QDSVHPLWRFKRQGULD
LQIDFWRULFH[SHULPHQWVZLWKFDWEUDLQH[SRVHGWRORZLQWHQVLW\ODVHU
UDGLDWLRQ5DGLRELRORJL\D LQ5XVVLDQ
>@ 0 *UHFR * *XLGD ( 3HUOLQR ( 0DUUD DQG ( 4XDJOLDULHOOR
,QFUHDVH LQ 51$ DQG SURWHLQ V\QWKHVLV E\ PLWRFKRQGULD LU UDGLDWHG
ZLWK +H1H ODVHU %LRFKHP %LRSK\V 5HV &RPPXQ >@*&%URZQ&RQWURORIUHVSLUDWLRQDQG$73V\QWKHVLVLQPDPPDOLDQ
PLWRFKRQGULDDQGFHOOV %LRFKHP@ >@ 7, .DUX 3KRWRELRORJ\ RI /RZ3RZHU /DVHU 7KHUDS\ +DUZRRG
$FDGHPLF/RQGRQ
>@ 7$ /R]LQRYD 21 %U]KHYVND\D DQG 26 1HGHOLQD 2QHHOHFWURQ
R[LGDWLRQ RI DGHQLQH QXFOHRWLGHV SKRWRVHQVLELOL]HG E\ IHUULF\DQLQH
DQGULERIODYLQ%LRIL]LND ²
>@ D 7, .DUX *6 .DOHQGR 96 /HWRNKRY DQG 99 /RENR
%LRORJLFDO DFWLRQ RI ORZLQWHQVLW\ YLVLEOH OLJKW RQ +H/D FHOOV DV D
IXQFWLRQRIWKHFRKHUHQFHGRVHZDYHOHQJWKDQGUDGLDWLRQUHJLPH ,,
6RY-4XDQWXP(OHFWURQ E 7, .DUX
*6 .DOHQGR 96 /HWRNKRY DQG 99 /RENR %LRVWLPXODWLRQ RI
+H/DFHOOVE\ORZLQWHQVLW\YLVLEOHOLJKW,,6WLPXODWLRQRI'1$DQG
51$V\QWKHVLVLQZLGHVSHFWUDOUDQJH ,,1XRYR&LPHQWR' >@6' =DNKDURY %9 (UHPHHY DQG 61 3HURY &RPSDULVRQ RI ODVHU
DFWLRQ DW DQG AP RQ WKH HU\WKURF\WHV 6KRUW
&RPPXQLFDWLRQV LQ 3K\VLFV 1R /HEHGHY 3K\VLFDO ,QVWLWXWH
0RVFRZSS
>@ + )ULHGPDQ 5 /XEDUW , /DXOLFKW DQG 6 5RFKNLQG $ SRVVLEOH
H[SODQDWLRQ RI ODVHULQGXFHG VWLPXODWLRQ DQG GDPDJH RI FHOO
FXOWXUHV-3KRWRFKHP3KRWRELRO%%LRO >@ 7, .DUX 0ROHFXODU PHFKDQLVP RI WKH WKHUDSHXWLF HIIHFW RI ORZ
LQWHQVLW\ODVHUUDGLDWLRQ /DVHUV/LIH6FL >@ 96 /HWRNKRY (IIHFWV RI WUDQVLHQW ORFDO KHDWLQJ RI VSDWLDOO\ DQG
VSHFWUDOO\ KHWHURJHQHRXV ELRWLVVXH E\ VKRUW ODVHU SXOVHV 1XRYR
&LPHQWR' >@ L .DUX H 7LSKORYD5(VHQDOLHY DQG9 /HWRNKRY 7ZRGLIIHUHQW
PHFKDQLVPV RI ORZLQWHQVLW\ ODVHU SKRWRELRORJLFDO HI IHFWV -
3KRWRFKHP3KRWRELRO%%LRO >@ +- )RUPDQ DQG $ %RYHULV 6XSHUR[LGH UDGLFDO DQG K\GURJHQ
SHUR[LGH LQ PLWRFKRQGULD LQ $ 3ULRU HG )UHH 5DGLFDOV LQ
%LRORJ\ 9RO$FDGHPLF3UHVV1HZ<RUN/RQGRQSS
>@ D 0DLOHU 6XSHUR[LGH UDGLFDO DV HOHFWURQ GRQRU IRU R[LGDWLYH
SKRVSKRU\ODWLRQ RI $'3 %LRFKHP %LRSK\V 5HV &RPPXQ >@ /) 'PLWULHY 09 ,YDQRYD DQG ,, ,YDQRY /LYHU PLWRFKRQGULDO
$73V\QWKHVLVFDQEHLQKLELWHGDQG SURPRWHGE\89JHQHUDWLRQRI
6XSHUR[LGH%LRO0HPEU