logical Thinking Skills In Academic Writing: An introduction to a

研 究
/RJLFDO7KLQNLQJ6NLOOV,Q$FDGHPLF:ULWLQJ
$QLQWURGXFWLRQWRDUHVHDUFKZULWLQJFRXUVHDW1DJR\D8QLYHUVLW\
アカデミック・ライティングにおける論理的思考能力
名古屋大学研究論文執筆コース入門編
教養教育院教養教育推進室
,QVWLWXWHRI/LEHUDO$UWVDQG6FLHQFHV
賴 偉 寧
:DL/LQJ/DL
$EVWUDFW
$PDMRUSUREOHPIDFLQJJUDGXDWHVWXGHQWVLQ-DSDQLVSXEOLFDWLRQDQGWKHURRWFDXVHRIWKH
SUREOHPLVWKHODFNRIDSURSHUWUDLQLQJLQKRZWRZULWHFOHDUO\DQGFRQYLQFLQJO\³/RJLFDO
7KLQNLQJ6NLOOV,Q$FDGHPLF:ULWLQJ´LVDJUDGXDWHFRXUVHWDLORUPDGHWRVROYHWKLVSUREOHP
2IIHUHG DW 0HL:ULWLQJ 1DJR\D 8QLYHUVLW\ WKH FRXUVH LV VSHFLILFDOO\ GHVLJQHG WR WUDLQ
JUDGXDWH VWXGHQWV WKURXJK D ZULWLQJ SHGDJRJ\ FDOOHG WKH /RJLFDO :ULWLQJ 3URFHVV &\FOH
/:3&KRZWRZULWHDFOHDUDQGFRQYLQFLQJUHVHDUFKSDSHUIRUSXEOLFDWLRQ7KLVSDSHULVWR
SURYLGHDEULHILQWURGXFWLRQWRWKHFRXUVH7KHSDSHUEHJLQVZLWKDEULHIKLVWRU\RIWKHFRXUVH
VKRZLQJWKHGHPDQGDQGDFKLHYHPHQWRIWKHFRXUVH6HFWLRQLVDERXWWKHFRXUVH¶VSULPDU\
REMHFWLYHZKLFKLVDFFRPSDQLHGE\DQH[SODQDWLRQDERXWZK\OHDUQLQJWRZULWHFOHDUO\DQG
FRQYLQFLQJO\ LV LPSRUWDQW IRU SXEOLFDWLRQ 6HFWLRQ SUHVHQWV WKH ZULWLQJ SHGDJRJ\
KLJKOLJKWLQJKRZWKHIRXUF\FOLFDOVWDJHVRIWKH/:3&DUHLPSOHPHQWHGWRGHOLYHUFODULW\DQG
FRQYLQFLQJQHVV)URPWKH/:3&ZHVKDOOVHHWKDWWKHEDVLVRIFODULW\DQGFRQYLQFLQJQHVVOLHV
LQWKHSUHVHQFHRIDWKHVLVVWDWHPHQWDQGDQLQIHUHQWLDOUHODWLRQWKDWFRQQHFWVWKHVWDWHPHQW
ZLWKLWVVXSSRUWLQJSUHPLVHV6HFWLRQHQGVWKHSDSHUE\VXJJHVWLQJDQHZGLUHFWLRQRI
DFDGHPLFZULWLQJHGXFDWLRQ
.H\ZRUGV
ORJLFDOWKLQNLQJHGXFDWLRQ(論理的思考教育),
DFDGHPLFZULWLQJ(アカデミックライティング)
³0HL:ULWLQJ´LVDQLFNQDPHIRUWKH'HSDUWPHQWRI$FDGHPLF:ULWLQJ(GXFDWLRQアカデミック・ライティング教育部門
―1―
+LVWRU\DQG%DFNJURXQGRIWKH&RXUVH
³/RJLFDO7KLQNLQJ6NLOOV,Q$FDGHPLF:ULWLQJ´ZDV¿UVWODXQFKHGLQ$SULODW+RNNDLGR8QLYHUVLW\DVDJUDGXDWHVFKRRO
FRPPRQFRXUVH(大学院共通科目,WZDVGHVLJQHGE\WKHDXWKRUDQGWKUHHRWKHUSKLORVRSKHUVWRWHDFKJUDGXDWHVWXGHQWVKRZWR
ZULWHFOHDUO\DQGFRQYLQFLQJO\ZLWKDQXOWLPDWHREMHFWLYHWRLQFUHDVHWKHQXPEHURIDFDGHPLFSXEOLFDWLRQVSURGXFHGE\WKHVWXGHQWV
3XEOLFDWLRQZDVLQGHHGDVHULRXVSUREOHPIDFLQJJUDGXDWHVWXGHQWVDW+RNNDLGR8QLYHUVLW\7KHVWXGHQWVZHUHUHTXLUHGWRSXEOLVK
RQHRUWZRSDSHUVLQRUGHUWREHHOLJLEOHIRUJUDGXDWLRQEXWPRVWRIWKHPKDGSUREOHPVIXO¿OOLQJWKHUHTXLUHPHQW7KHUHDVRQZDV
IXQGDPHQWDOO\WRGRZLWKWKHODFNRIDSURSHUHGXFDWLRQLQDFDGHPLFZULWLQJ
%HIRUHWKHODXQFKRIRXUFRXUVHWKHUHZDVQRWDQ\DFDGHPLFZULWLQJFRXUVHIRUJUDGXDWHVWXGHQWVDW+RNNDLGR8QLYHUVLW\
$OWKRXJKVRPHZRUNVKRSVRQDFDGHPLFZULWLQJZHUHKHOGUHJXODUO\WKH\SURYLGHRQO\VXSHU¿FLDOLQIRUPDWLRQRQWKHVW\OHVDQG
IRUPVRIDFDGHPLFZULWLQJ0DQ\JUDGXDWHVWXGHQWVIRXQGWKHZRUNVKRSV³ERULQJ´DQG³IUXVWUDWLQJ´DQGZHRIWHQKHDUGWKHP
YRLFLQJEDVLFDOO\WKHVDPHFRPSODLQW³,I,ZDQWWRNQRZWKHIRUPDWRIZULWLQJDFRYHUOHWWHU,FDQVHDUFKWKH,QWHUQHWDQGOHDUQLWE\
P\VHOI:K\VKRXOG,ZDVWHP\YDOXDEOHUHVHDUFKWLPHFRPLQJKHUHIRUVRPHWKLQJWKDW,FDQOHDUQE\P\VHOIDWKRPH"´
,QGHHGDFDGHPLFZULWLQJHGXFDWLRQLQ-DSDQHVHXQLYHUVLWLHVLVLPSOHPHQWHGPDLQO\DVDSDUWRIIRUHLJQODQJXDJHHGXFDWLRQ
SURJUDP/DLWDUJHWLQJDWVWXGHQWVZKRDUHQRWZULWLQJLQWKHLU¿UVWODQJXDJH7KHODQJXDJHSURJUDPLVKHOSIXOIRUWKHVHFRQG
ODQJXDJHZULWHUVWRJDLQDEDVLFXQGHUVWDQGLQJDERXWKRZWRZULWHWKHLUSDSHUVXVLQJDQHZODQJXDJH,WPD\EHHYHQKHOSIXOIRU
WKRVHZULWHUVWROHDUQKRZWRPDNHWKHLUZULWLQJVORRNHGPRUHSURIHVVLRQDOO\KHQFHFUHDWLQJ³DFUHGLEOHLPDJHDVDFRPSHWHQW
PHPEHURI>D@FKRVHQGLVFLSOLQH´6ZDOHV)HDNS%XWVXFKDSURJUDPLVQRWYHU\KHOSIXOIRUJUDGXDWHVWXGHQWVZKR
DUHZULWLQJIRUSXEOLFDWLRQ)RUSXEOLFDWLRQZKDWWKHVWXGHQWVQHHGLVQRWDZULWLQJFRXUVHWKDWFRYHUVRQO\VW\OHVDQGIRUPV
QRUDODQJXDJHFRXUVHWKDWLVSULPDULO\GHVLJQHGIRUVHFRQGODQJXDJHZULWHUV:KDWWKH\QHHGLVDVSHFLDOL]HGWUDLQLQJLQKRZWR
FRPPXQLFDWHWKHLUUHVHDUFKLGHDVLQDFOHDUDQGFRQYLQFLQJPDQQHU0HHWLQJWKLVGHPDQGZDVWKHPRWLYDWLRQRIRXUFRXUVH
2QWKH¿UVWGD\ZKHQWKHFRXUVHFRPPHQFHGWKH¿IW\VHDWFODVVURRPZDVIXOO\SDFNHGDQGPDQ\ODWHFRPHUVKDGWREHWXUQHG
DZD\%XWHYHQ¿IW\VWXGHQWVZHUHWRRPDQ\IRUXV(YHQWXDOO\ZHKDGWRVHOHFWMXVWWKLUW\VWXGHQWVEDVHGRQWKHLUUHDVRQIRUWDNLQJ
WKHFRXUVH0RVWRIWKHPVWD\HGZLWKXVIRUWKHZKROH\HDUDQGDWWKHHQGRIWKH¿UVW\HDURIWKHVHVWXGHQWVVXFFHHGHGLQ
KDYLQJWKHLUSDSHUDFFHSWHGIRUSXEOLFDWLRQ/DL
,QWKHFRXUVHZDVPRYHGDQGODXQFKHGDW1DJR\D8QLYHUVLW\EDVHGRQWKHVDPHREMHFWLYHDQGSHGDJRJ\2QFHDJDLQWKH
FODVVURRPZDVIXOO\SDFNHGRQWKH¿UVWGD\RIWKHFRXUVH2QFHDJDLQRQO\WKLUW\VWXGHQWVZHUHVHOHFWHGWRWDNHWKHFRXUVH$WWKH
HQGRIWKHRQH\HDUFRXUVHWZHOYHRIWKHWKLUW\VWXGHQWVVXFFHHGHGLQKDYLQJWKHLUSDSHUVDFFHSWHGIRUSXEOLFDWLRQDWDQLQWHUQDWLRQDO
OHYHO$PRQJWKHSXEOLVKDEOHSDSHUVRQHZDVDZDUGHGWKH%HVW3DSHU3UL]HDWDQLQWHUQDWLRQDOFRQIHUHQFHDQGDQRWKHUZDVD
MRXUQDOSDSHUSXEOLVKHGDWWKHVFLHQFHMRXUQDO1DWXUH
7KH&RXUVH¶V3ULPDU\2EMHFWLYH$FDGHPLF3XEOLFDWLRQV
7KHSULPDU\REMHFWLYHRIWKHFRXUVHLVWRKHOSJUDGXDWHVWXGHQWVSXEOLVKWKHLUUHVHDUFK7KHSXEOLFDWLRQLQTXHVWLRQVSHFL¿FDOO\
PHDQVDFDGHPLFSXEOLFDWLRQDQGLWFRYHUVDZLGHUDQJHRIFDWHJRULHV,WFHUWDLQO\LQFOXGHVSURIHVVLRQDOSXEOLFDWLRQVVXFKDVERRNV
ERRNFKDSWHUVMRXUQDOSDSHUVFRQIHUHQFHSURFHHGLQJVHWF,WDOVRLQFOXGHVZULWWHQZRUNVSURGXFHGZLWKLQDQDFDGHPLFLQVWLWXWLRQ
VXFKDVJUDGXDWHGLVVHUWDWLRQVWKHVHVDQG\HDUHQGWHUPSDSHUV,QVRPHFDVHVVXFKDVSUHVHQWDWLRQVDQGRWKHUVLPLODUVLWXDWLRQVLW
DOVRFRYHUVWKHVKDULQJRIDZULWWHQUHVHDUFKLGHDZLWKPRUHWKDQRQHUHDGHU
7KHUHLVDYHU\FORVHFRQQHFWLRQEHWZHHQSXEOLFDWLRQDQGZULWLQJDQDFDGHPLFSDSHUHVSHFLDOO\DUHVHDUFKSDSHU)RUDOPRVW
HYHU\DFDGHPLFWKHXOWLPDWHJRDOLVWRVKDUHKLVRUKHUUHVHDUFKZLWKRWKHUIHOORZDFDGHPLFVDQGHYHQWXDOO\WKHJHQHUDOSXEOLF1R
GRXEWQRWHYHU\UHVHDUFKSDSHUVXFFHHGVLQJHWWLQJSXEOLVKHG%XWLIRQHGLGQRWVWDUWZULWLQJDQDFDGHPLFSDSHUZLWKDQXOWLPDWH
JRDOWRSXEOLVKLWWKHQZULWLQJWKHSDSHUZRXOGEHMXVWOLNHZULWLQJDSHUVRQDOGLDU\WKHSXUSRVHRIZKLFKLVWRNHHSDSULYDWHUHFRUG
RIGDLO\HYHQWVDQGH[SHULHQFHV
7KH\DUH3URI7RPR\XNL<DPDGDDQG3URI1REXR.XUDGDRIWKH*UDGXDWH6FKRRORI/HWWHUVDQG3URI0DVDKLUR0DWVXRRIWKH*UDGXDWH
6FKRRORI6FLHQFH+RNNDLGR8QLYHUVLW\
7KHDFKLHYHPHQWVRIWKHFRXUVHDW1DJR\D8QLYHUVLW\KDYHEHHQRI¿FLDOO\UHSRUWHGWRPDQ\VHQLRUIDFXOW\PHPEHUVRIWKHXQLYHUVLW\LQFOXGLQJ
WKHSUHVLGHQWDQGWKHYLFHSUHVLGHQW7KRVHVWXGHQWVZKRSXEOLVKHGSDSHUVZHUHLQWHUYLHZHGDQGWKHLQWHUYLHZVZHUHLQFRUSRUDWHGLQWRD'9'
YLGHRDERXWWKHFRXUVH³/RJLFDO7KLQNLQJ6NLOOVLQ$FDGHPLF:ULWLQJ´7KH'9'ZDVPDGHDQGSURGXFHGE\WKH,QVWLWXWHRI/LEHUDO$UWVDQG
6FLHQFHV1DJR\D8QLYHUVLW\
7KLVVHQVHRISXEOLFDWLRQLVUHODWHGWR'RQDOG0XUUD\¶V³DOO>SXEOLFDWLRQ@PHDQVLVWKDWWKHZULWHUKDVWKHRSSRUWXQLW\WRVKDUHDGUDIWZLWK
PRUHWKDQRQHUHDGHU´'RQDOG00XUUD\$:ULWHU7HDFKHV:ULWLQJ+HLQOH7KRPVRQ3
―2―
%HVLGHVWKHFORVHFRQQHFWLRQXVLQJSXEOLFDWLRQDVWKHSULPDU\REMHFWLYHKDVVHYHUDODGYDQWDJHV)LUVWLWVHUYHVDVDYLVLEOHDQG
REMHFWLYHFULWHULRQIRUHYDOXDWLQJWKHHIIHFWLYHQHVVRIWKHFRXUVH6HFRQGLWFDQEHXVHGDVDEDVLVRIVHOHFWLQJVWXGHQWVZKRDSSO\
IRUWKHFRXUVH%XWPRVWLPSRUWDQWO\LWSURYLGHVDVROLGMXVWL¿FDWLRQIRUZK\ORJLFDOWKLQNLQJHGXFDWLRQVKRXOGEHLQFRUSRUDWHGLQWR
DFDGHPLFZULWLQJHGXFDWLRQ
7REHJLQZLWKDFDGHPLFSXEOLFDWLRQLVYHU\GLIIHUHQWIURPRWKHUNLQGVRISXEOLFDWLRQ)RUH[DPSOHQHZVDUWLFOHVQRYHOVSOD\V
HWFDUHDOVRZULWLQJVWKDWDUHSULPDULO\DLPLQJIRUSXEOLFDWLRQ%XWWKH\DUHVLJQL¿FDQWO\GLIIHUHQWIURPDFDGHPLFZULWLQJVDVIDUDV
SXEOLFDWLRQLVFRQFHUQHG)RUSXEOLFDWLRQQHZVDUWLFOHVDUHEDVLFDOO\UHTXLUHGWRGHOLYHUDIDFWXDOUHSRUWDERXWUHFHQWDQGQRWHZRUWK\
HYHQWVWKDWKDSSHQHGORFDOO\RUJOREDOO\1HZVDUWLFOHVDUHQRWEDVLFDOO\UHTXLUHGWRFRQYLQFHWKHUHDGHUVWRDFFHSWZKDWLVUHSRUWHG
LQWKHDUWLFOHV)RUH[DPSOHLQZULWLQJDERXWWKH:0'LQYHVWLJDWLRQWKDWHYHQWXDOO\OHGWRWKH,UDTLQYDVLRQLQDJRRGQHZV
DUWLFOHRQO\KDGWRGHOLYHUDIDFWXDODQGXQELDVHGUHSRUWDERXWZKDWLQYHVWLJDWRUVFODLPHGUHJDUGOHVVRIZKHWKHUWKHUHDGHUVZHUH
FRQYLQFHGE\WKRVHFODLPV6LPLODUO\JRRGQRYHOVDQGSOD\VDUHEDVLFDOO\UHTXLUHGWRSURYLGHHQWHUWDLQPHQWDQGHQMR\PHQWWRWKHLU
UHDGHUV$VORQJDVWKHORYHVWRU\SRUWUD\HGLQDURPDQFHQRYHOLVDWWUDFWLYHDQGHQWHUWDLQLQJLWGRHVQRWUHDOO\PDWWHUZKHWKHURUQRW
WKHUHDGHUV¿QGWKHVWRU\FRQYLQFLQJ
8QOLNHQHZVDUWLFOHVDQGURPDQFHQRYHOVWKHEDVLFUHTXLUHPHQWIRUDQDFDGHPLFSDSHULQSXEOLFDWLRQLVQHLWKHUWRHQWHUWDLQLWV
UHDGHUVQRUWRPHUHO\GHOLYHUDQXQRSLQLRQDWHGUHSRUW$JRRGDFDGHPLFSDSHULVEDVLFDOO\UHTXLUHGWRGHPRQVWUDWHDFRQYLQFLQJ
SRZHULQSXEOLFDWLRQ
%\GH¿QLWLRQDFDGHPLFUHVHDUFKLVIXQGDPHQWDOO\DERXWGRLQJVRPHWKLQJQHZ%HFDXVHRIWKHQRYHOW\LQRUGHUIRUUHVHDUFK
¿QGLQJVWREHDFFHSWHGE\WKHUHDGHUVRUOLVWHQHUVWKHSURFHVVE\ZKLFKWKH¿QGLQJVZHUHUHDFKHGPXVWEHFRQYLQFLQJ$QGLQRUGHU
IRUWKHSDSHUWREHFRQYLQFLQJ±KHQFHSXEOLVKDEOHLWPXVWGHPRQVWUDWHDFOHDUUHVHDUFKFRQFOXVLRQDQGDORJLFDODUJXPHQWIRUWKH
FRQFOXVLRQ7KLVUHTXLUHPHQWIRUJHWWLQJDQDFDGHPLFSDSHUSXEOLVKHGFDQEHHDVLO\IRXQGLQWKHVXEPLVVLRQJXLGHOLQHVIRUDXWKRUV
RIDOPRVWDQ\WRSFODVVDFDGHPLFMRXUQDO)RUH[DPSOHKHUHLVWKHJXLGHOLQHIRUKRZWRJHWSXEOLVKHGLQWKHVFLHQFHMRXUQDO1DWXUH
6XEPLVVLRQVVKRXOGEHDFFRPSDQLHGE\DFRYHUOHWWHUVWDWLQJEULHÀ\ZK\WKHFRQFOXVLRQLVDQLPSRUWDQWVFLHQWL¿FDGYDQFH
$XWKRUVDUHVWURQJO\HQFRXUDJHGWRDWWHPSWWZRZRUGVXPPDULHVRQHWRHQFDSVXODWHWKHVLJQL¿FDQFHRIWKHZRUNIRU
UHDGHUVRI1DWXUH«DQGWKHRWKHUWRH[SODLQWKHFRQFOXVLRQVDWDQXQGHUVWDQGDEOHOHYHOIRUWKHJHQHUDOSXEOLF
,WLVQRWGLI¿FXOWWRVHHZKDWWKHDXWKRUVDUHUHTXLUHGWRGRLQRUGHUIRUWKHLUSDSHUWREHFRQVLGHUHGIRUSXEOLFDWLRQLQ1DWXUH%\
³VWDWLQJ«ZK\WKHFRQFOXVLRQLVDQLPSRUWDQWVFLHQWL¿FDGYDQFH´WKHDXWKRUVQHHGWREHDEOHWRFRQYLQFHWKHHGLWRURI1DWXUHWKDW
WKHFRQFOXVLRQSUHVHQWHGE\WKHSDSHULVZRUWKSXEOLVKLQJ7RGRWKDWWKH\QHHGDERYHDOOWREHDEOHWRH[SODLQFOHDUO\ZKDWWKH
UHVHDUFKFRQFOXVLRQLV$VLQVWUXFWHGE\WKHJXLGHOLQHDXWKRUVDUHUHTXLUHGWRVXPPDUL]HWKHVLJQL¿FDQFHRIWKHLUUHVHDUFKLQMXVW
ZRUGV7KLVPHDQVWKDWWKH\KDYHWREHYHU\FOHDUDERXWWKHFRQFOXVLRQRIWKHLUUHVHDUFKLQRUGHUWRKLJKOLJKWLWVVLJQL¿FDQFH
)XUWKHUPRUHWKH\QHHGWREHDEOHWRPDNHWKHUHVHDUFKFRQFOXVLRQXQGHUVWDQGDEOHE\DZLGH
UDQJHRIUHDGHUV7KLVPHDQVWKDWWKH\PXVWPDNHWKHVWHSVOHDGLQJWRWKHUHVHDUFKFRQFOXVLRQ
QRWRQO\HDV\WRXQGHUVWDQGEXWDOVRORJLFDOO\FRQYLQFLQJVRWKDWHYHQQRQVSHFLDOLVWVFRXOGEH
SHUVXDGHG$FFRUGLQJO\KDYLQJDFOHDUUHVHDUFKFRQFOXVLRQDQGDFRQYLQFLQJORJLFDODUJXPHQW
IRUWKHFRQFOXVLRQDUHQHFHVVDU\IRUDQDFDGHPLFSDSHUWRJHWSXEOLVKHGLQ1DWXUH
3HGDJRJ\7KH/RJLFDO:ULWLQJ3URFHVV&\FOH/:3&
7RKHOSVWXGHQWVOHDUQKRZWRZULWHFOHDUO\DQGFRQYLQFLQJO\DVSHFL¿FZULWLQJSHGDJRJ\
ZDVGHVLJQHGDQGGHYHORSHG,WLVFDOOHGWKH/RJLFDO:ULWLQJ3URFHVV&\FOHRU/:3&IRU
VKRUW
%ULHIO\ XQGHU /:3& WKH HQWLUH ZULWLQJ SURFHVV LV WKH GHYHORSPHQW EDVHG RQ D WKHVLV
VWDWHPHQW6XFKDGHYHORSPHQWLVFRPSRVHGRIIRXUF\FOLFDOVWDJHV6WDJHLVWRGHYHORS
$V,UHSRUWHGHDUOLHUHDFK\HDUWKHUHZHUHPRUHWKDQWKLUW\VWXGHQWVDSSO\LQJWRWDNHWKHFRXUVH)RUWKLVUHDVRQ,KDGWRPDNHDVHOHFWLRQEDVHG
RQWKHLUUHDVRQVIRUWDNLQJWKLVFRXUVH$VIDUDVWKHSDVWVHOHFWLRQVDUHFRQFHUQHGSUHIHUHQFHZDVJLYHQWRWKRVHDSSOLFDQWVZKRKDYHDQLQWHQWLRQ
WRSXEOLVKWKHLUUHVHDUFK
*HWWLQJ3XEOLVKHG,Q1DWXUH7KH(GLWRULDO3URFHVVKWWSZZZQDWXUHFRPQDWXUHDXWKRUVJHWBSXEOLVKHG
―3―
DWKHVLVVWDWHPHQWWKDWFDQEHFOHDUO\H[SUHVVHGLQMXVWRQHVHQWHQFH6WDJHLVWRGHYHORSDORJLFDODUJXPHQWEDVHGRQWKHWKHVLV
VWDWHPHQWE\¿QGLQJWKHSUHPLVHRUSUHPLVHVWKDWFDQSURYLGHDFRQYLQFLQJVXSSRUWIRUWKHVWDWHPHQW6WDJHLVWRFRPSLOHDQ
DEVWUDFWE\LQWHJUDWLQJWKHRXWFRPHVRIVWDJHDQGLQWRDVXFFLQFWORJLFDOVWUXFWXUHRIWKHSDSHUWKDWVSHFLILHVWKHUHVHDUFK¶V
PRWLYDWLRQPDLQWDVNPHWKRGDQGUHVXOWV6WDJHLVDGHWDLOHGHODERUDWLRQRIVWDJHZKLFKFRYHUVDGHWDLOHGH[SODQDWLRQDERXWL
ZK\WKHUHVHDUFKZDVFDUULHGRXW,QWURGXFWLRQVHFWLRQLLKRZWKHUHVHDUFKZDVFDUULHGRXW0HWKRGVHFWLRQVZKDWZDVIRXQGLQ
WKHUHVHDUFK5HVXOWVDQG'LVFXVVLRQVHFWLRQVLLLKRZWKHIXWXUHUHVHDUFKPLJKWSURFHHGIURPKHUH&RQFOXVLRQVHFWLRQ
6WDJH%XLOGD7KHVLV6WDWHPHQW
$FURVVWKHZULWLQJFRPPXQLW\LQJHQHUDODWKHVLVVWDWHPHQWKDVEHHQJLYHQPDQ\GLIIHUHQWUROHVLQZULWLQJ6RPHUHJDUGDWKHVLV
VWDWHPHQWDVWKH³URDGPDS´RIDQDFDGHPLFSDSHUDQGVRPHUHJDUGLWDVZKDW³DUWLFXODWHVWKHSXUSRVHRI\RXUSDSHU´,Q/:3&
WKHVLVVWDWHPHQWLVJLYHQDUDWKHUVSHFL¿FUROH,WHQFDSVXODWHVWKHFHQWUDOLGHDSXWIRUZDUGE\DUHVHDUFKSDSHU7KHLGHDWDNHVWKH
VKDSHRIDK\SRWKHVLVRUPHUHO\LQWXLWLRQLQWKHHDUO\VWDJHRIZULWLQJDQGJUDGXDOO\WUDQVIRUPVLQWRDUHVHDUFKFRQFOXVLRQDIWHUDOO
WKHSUHPLVHVIRUWKHLGHDDUHSURSHUO\HVWDEOLVKHGDQGFRQ¿UPHG
5HSUHVHQWLQJWKHFHQWUDOLGHDRIDUHVHDUFKSDSHUDWKHVLVVWDWHPHQWLVXOWLPDWHO\UHVSRQVLEOHIRUWKHFODULW\RIWKHSDSHU/LNHWKH
SUHVHQFHRIDSURSHUO\IXQFWLRQLQJKHDUWLVYLWDOWRWKHVXUYLYDORIDOLYLQJERG\WKHSUHVHQFHRIDFOHDUWKHVLVVWDWHPHQWLVYLWDOWRWKH
VXFFHVVRIDUHVHDUFKSDSHU8QOHVVWKHDXWKRURIDUHVHDUFKSDSHUFDQFOHDUO\SUHVHQWDWKHVLVVWDWHPHQWLQWKHSDSHUWKHWKRXJKWVKH
RUVKHH[SUHVVHVLQWKHSDSHUFDQQRWEHSURSHUO\FRQYH\HGWRLWVUHDGHUV
,Q/:3&DWKHVLVVWDWHPHQWQRWRQO\LVWKHFHQWUDOLGHDRIDUHVHDUFKSDSHUEXWDOVRWKHFHQWHURIWKHSDSHU¶VGHYHORSPHQW7KH
¿UVWWKLQJRXUVWXGHQWVDUHDVNHGWRGRLQ/:3&LVWREXLOGDSUHOLPLQDU\WKHVLVVWDWHPHQW1RGRXEWLWLVDOPRVWLPSRVVLEOHWR
KDYHWKHSUHFLVHNQRZOHGJHDERXWWKHSDSHU¶VFRQFOXVLRQLQWKHHDUO\VWDJHRIZULWLQJEXWLWLVQRWLPSRVVLEOHWREHJLQWKLQNLQJDQG
K\SRWKHVL]LQJDERXWLW,QIDFWLWLVKLJKO\EHQH¿FLDOIRUWKHHQWLUHZULWLQJSURFHVVWRKDYHDSUHOLPLQDU\WKHVLVVWDWHPHQWEXLOWLQWKH
EHJLQQLQJ7KDWZD\WKHDXWKRUZLOOKDYHDIRFXVSRLQWDQGGLUHFWLRQLQWKHZULWLQJ7KHWKHVLVVWDWHPHQWZLOOEHFRPHWKHEDVLVRI
WKHZULWLQJGHYHORSPHQW7KHVXEVHTXHQWZULWLQJVWDJHVZLOOEHSUHGRPLQDWHO\DERXWWKHVXSSRUWHODERUDWLRQDQGFRQ¿UPDWLRQRI
WKHWKHVLVVWDWHPHQW$VDUHVXOWWKHVWDWHPHQWZLOOHYROYHWKURXJKGLIIHUHQWVWDJHVRIZULWLQJ,WZLOOEHPRGL¿HGZKHQHYHUVRPH
QHZLQIRUPDWLRQLVGLVFRYHUHGLQWKHSURFHVVRIZULWLQJ2QFHDOOWKHSUHPLVHVIRUWKHVWDWHPHQWDUHSURSHUO\HVWDEOLVKHGHODERUDWHG
DQGFRQ¿UPHGWKHQWKHVWDWHPHQWLVGRQHDQGWKHZULWLQJSURFHVVLVFRPSOHWH
$VIDUDVOHDUQLQJKRZWREXLOGDSUHOLPLQDU\WKHVLVVWDWHPHQWLQ/:3&LVFRQFHUQHGWKHSULPDU\REMHFWLYHWREHDFFRPSOLVKHGLV
WRKDYHWKHHQWLUHVWDWHPHQWFRQVWUXFWHGLQMXVWRQHVHQWHQFHZLWKDQRQFRPSRXQGVHQWHQFHVWUXFWXUH
%HLQJDEOHWRZULWHDWKHVLVVWDWHPHQWLQMXVWRQHVLPSOHVWUXFWXUHGVHQWHQFHLVFUXFLDOWRWKHFODULW\RIWKHVWDWHPHQWDVZHOODV
WKHZULWHU¶VPLQGDERXWWKHUHVHDUFK,WLVSRVVLEOHWKDWWKHUHDUHVRPHUDUHFDVHVLQZKLFKWKHFHQWUDOLGHDRIDSDSHUFDQQRWEH
VXPPDUL]HGLQWRMXVWRQHVHQWHQFH%XWQRUPDOO\LIWKHZULWHULVYHU\FOHDUDERXWKLVRUKHUUHVHDUFKKHRUVKHVKRXOGEHDEOHWR
LGHQWLI\WKHNH\FRPSRQHQWVDQGVXPPDUL]HWKHPLQWRMXVWRQHVHQWHQFH6XFKSURFHVVRIVXPPDUL]DWLRQE\HOLPLQDWLQJDODUJH
FKXQNRILQIRUPDWLRQWKDWLVQRWFRQVLGHUHGDVYLWDOZRXOGHQDEOHWKHZULWHUWRIRFXVRQWKHFRPSRQHQWVWKDWDUHYLWDOWRIRUPLQJWKH
SDSHU¶VFHQWUDOLGHD
+RZHYHUPHUHO\VXPPDUL]LQJWKHLGHDLQWRRQHVHQWHQFHLVQRWHQRXJKIRUWKHFODULW\7KHVHQWHQFHPXVWEHVLPSOHLQWHUPVRI
LWVVHQWHQWLDOVWUXFWXUHVRWKDWWKHUHODWLRQEHWZHHQWKHVHQWHQFHFRPSRQHQWVFDQEHFOHDUO\XQGHUVWRRG7KLVSDUWRIWKHFODUL¿FDWLRQ
SURFHVVLVYHU\LPSRUWDQWEHFDXVHWKHUHODWLRQEHLQJGHSLFWHGLQWKHVWDWHPHQWLVWKHFRUHRIWKHVWDWHPHQW%HVLGHVNQRZLQJWKHNH\
FRPSRQHQWVRIWKHFHQWUDOLGHDXOWLPDWHO\SHRSOHZDQWWRNQRZKRZWKHFRPSRQHQWVDUHUHODWHGWRJHWKHU
,QDGGLWLRQWREHLQJFOHDUWKHUHDUHRWKHUFRQGLWLRQVIRUWKHVHQWHQFHWRPHHWLQRUGHUWREHDVDWLVIDFWRU\WKHVLVVWDWHPHQW
(VVHQWLDOO\ZKDWWKHVWDWHPHQWH[SUHVVHVPXVWEHREMHFWLYHO\YHUL¿DEOH7KHREMHFWLYHYHUL¿DELOLW\KHUHPHDQVYHUL¿DELOLW\IURPD
WKLUGSHUVRQSRLQWRIYLHZLQGHSHQGHQWIURPWKHSRLQWRIYLHZRIDZULWHU0DNLQJWKHVWDWHPHQWREMHFWLYHO\YHUL¿DEOHLVYLWDOIRU
DQHIIHFWLYHFRPPXQLFDWLRQZLWKWKHUHDGHUV,IDWKHVLVVWDWHPHQWH[SUHVVHGVRPHWKLQJWKDWFRXOGKDUGO\EHYHUL¿HGLQGHSHQGHQWO\
IURPDWKLUGSHUVRQSRLQWRIYLHZWKHQWKHH[SUHVVHGZRXOGQRWEHHIIHFWLYHO\FRPPXQLFDWHGWRLWVUHDGHU
7KH:ULWLQJ&HQWHURIWKH8QLYHUVLW\RI1RUWK&DUROLQDDW&KDSHO+LOO
KWWSZULWLQJFHQWHUXQFHGXUHVRXUFHVKDQGRXWVGHPRVZULWLQJWKHSDSHUWKHVLVVWDWHPHQWV
&RQQRUV:ULWLQJ&HQWHU8QLYHUVLW\RI1HZ+DPSVKLUH
KWWSZZZXQKHGXZULWLQJFZFKDQGRXWVFRQWHQWFRQWHQWWKHVLVVWDWHPHQWVSGI
―4―
)RUH[DPSOHLWZRXOGQRWEHYHU\HIIHFWLYHWRFRPPXQLFDWHWKHPHDQLQJRIWKHVHQWHQFH³WKLVSDLQWLQJLVEHDXWLIXO´DVWKHWHUP
³EHDXWLIXO´H[SUHVVHVVRPHVHQWLPHQWDOYDOXHWKDWLVVXEMHFWLYHWRWKHZULWHUDQGWKHUHIRUHFRXOGKDUGO\EHYHUL¿HGIURPDWKLUG
SHUVRQSRLQWRIYLHZ,QRUGHUIRUWKHLGHDH[SUHVVHGWREHHIIHFWLYHO\FRPPXQLFDWHGWRWKHUHDGHULWZRXOGEHEHWWHUWRFKDQJHWKH
VHQWHQFHLQWRIRUH[DPSOH³7KHSDLQWLQJLVFRPSRVHGRIVXFKDQGVXFKFRORUVDQGLWKDVVXFKDQGVXFKVKDSHVHWF´
,QRUGHUWREHREMHFWLYHO\YHUL¿DEOHZKDWDWKHVLVVWDWHPHQWH[SUHVVHVVKRXOGEHHLWKHUWUXHRUIDOVH,QRWKHUZRUGVWKHUHPXVWEH
FRQGLWLRQVIRUWKHVWDWHPHQWWREHWUXHRUIDOVH,IDWKHVLVVWDWHPHQWLVWUXHWKHQZKDWLWH[SUHVVHVFRUUHVSRQGVWRVRPHIDFWXDOHYHQW
LQDQREMHFWLYHZRUOGWKDWFRXOGEHDFFHVVLEOHWRHYHU\RQH
$OWKRXJKDWKHVLVVWDWHPHQWLVREMHFWLYHO\YHUL¿DEOHE\KDYLQJWUXWKFRQGLWLRQVWKHSURRIIRUWKHVWDWHPHQWVKRXOGEHLQIHUDEOH
IURPWKHSUHPLVHRUSUHPLVHVWKDWVXSSRUWWKHVWDWHPHQW,QRWKHUZRUGVWKHWUXWKIXOQHVVRIDWKHVLVVWDWHPHQWUHTXLUHVMXVWL¿FDWLRQ
WKURXJKEXLOGLQJDORJLFDODUJXPHQW$OWKRXJKDWUXHWKHVLVVWDWHPHQWLVEDVLFDOO\DUHSUHVHQWDWLRQRIVRPHIDFWXDOHYHQWLQWKH
ZRUOGLWVKRXOGQRWUHSUHVHQWDWULYLDOIDFWZKRVHWUXWKIXOQHVVGRHVQRWUHTXLUHMXVWL¿FDWLRQ)RUH[DPSOHWKHVHQWHQFH³WKHHDUWK
RUELWVDURXQGWKHVXQ´UHSUHVHQWVDIDFWXDOHYHQWLQWKHZRUOG%XWWKHUHSUHVHQWHGLVDFRPPRQO\DFFHSWHGIDFWZKLFKQRORQJHU
UHTXLUHVMXVWL¿FDWLRQ,IWKHVHQWHQFHZHUHWREHXVHGDVDWKHVLVVWDWHPHQWLWZRXOGEHUDWKHUWULYLDO
7RKHOSEXLOGDVDWLVIDFWRU\WKHVLVVWDWHPHQWDVWHSE\VWHSJXLGDQFHLVSURYLGHGIRUWKHVWXGHQWVZKRDUHWDNLQJWKHFRXUVH
6WDJH%XLOGD/RJLFDO$UJXPHQW
+DYLQJEXLOWDSUHOLPLQDU\WKHVLVVWDWHPHQWWKHQH[WVWDJHLQ/:3&LVWRSURYLGHDFRQYLQFLQJVXSSRUWIRUWKHWKHVLVVWDWHPHQWE\
PHDQVRIEXLOGLQJDORJLFDODUJXPHQW
0DQ\ERRNVDQGMRXUQDOVRQDFDGHPLFZULWLQJKDYHDOUHDG\KLJKOLJKWHGWKHLPSRUWDQFHRIEXLOGLQJDORJLFDODUJXPHQWLQZULWLQJ
DFDGHPLFSDSHUV)RUH[DPSOH:HQG\/DXUD%HOFKHUEHOLHYHVWKDW³WKHPDLQUHDVRQZK\HGLWRUVDQGUHYLHZHUVUHMHFWDUWLFOHVLV
EHFDXVHDXWKRUVGRQRWKDYHDQDUJXPHQW«´%HOFKHUS+RZHYHUDOPRVWQRQHRIWKRVHPDWHULDOVRIIHUHGDSUDFWLFDO
DQGFRQVWUXFWLYHPHWKRGRQKRZWREXLOGDORJLFDODUJXPHQWLQDFDGHPLFZULWLQJ6RPHRIWKHPDWHULDOVGRFLWHH[DPSOHVRIORJLFDO
DUJXPHQWVDQGIDOODFLHVGHPRQVWUDWHGLQVWDQGDUGWH[WERRNVRIORJLF%XWQRVSHFL¿FH[SODQDWLRQLVJLYHQRQKRZWKHFRQFHSWVRI
ORJLFEHKLQGWKHH[DPSOHVFDQEHDFWXDOO\DSSOLHGWRWKHFRQVWUXFWLRQRIDORJLFDODUJXPHQWIRURQH¶VRZQUHVHDUFK
7RHQDEOHDSUDFWLFDODSSOLFDWLRQRIORJLFWRZULWLQJDUHVHDUFKSDSHUEXLOGLQJDORJLFDODUJXPHQWLQ/:3&LVJLYHQDIXQFWLRQDO
SXUSRVHQDPHO\SURYLGLQJDFRQYLQFLQJVXSSRUWIRUDWKHVLVVWDWHPHQWLQWKHSDSHU
2[IRUG'LFWLRQDU\RI(QJOLVKGH¿QHVWKHDGMHFWLYH³FRQYLQFLQJ´DV³FDSDEOHRIFDXVLQJVRPHRQHWREHOLHYHWKDWVRPHWKLQJLV
WUXH´$FFRUGLQJO\WRPDNHDWKHVLVVWDWHPHQWFRQYLQFLQJLVWREHFDSDEOHRIFDXVLQJVRPHRQHWREHOLHYHWKDWWKHVWDWHPHQWLVWUXH
%XLOGLQJDORJLFDODUJXPHQWIRUDWKHVLVVWDWHPHQWJHQHUDWHVFRQYLQFLQJSRZHUIRUWKHVWDWHPHQWEHFDXVHWKHEXLOGLQJSURFHVVLVD
SURFHVVRISURYLQJWKDWWKHVWDWHPHQWLVWUXH)RUH[DPSOHFRQVLGHUDFODVVLFDOGHGXFWLYHDUJXPHQW
3
3HWHULVLQHLWKHU7RN\RRU1DJR\D
3
3HWHULVQRWLQ7RN\R
&
3HWHULVLQ1DJR\D
7KHDUJXPHQWSUHVHQWHGLVDFRPELQDWLRQRIWKUHHVWDWHPHQWV33DQG&3DQG3DUHWKHDUJXPHQW¶VSUHPLVHVRUVXSSRUWLQJ
UHDVRQVDQG&LVWKHFRQFOXVLRQ7KHLPSRUWDQWWKLQJWRVHHKHUHLVWKDWWKHWKUHHVWDWHPHQWVDUHFRQQHFWHGYLDDQLQIHUHQWLDOUHODWLRQ
LI3DQG3DUHSURYHQWREHWUXHWKHQ&ZLOOEHWUXHE\LQIHUHQFH7KHLQIHUHQWLDOUHODWLRQLPSOLHVDGHSHQGHQFHRIDFRQFOXVLRQ
XSRQLWVSUHPLVHV$FRQFOXVLRQLVDQLQIHUHQWLDOSURGXFWSURGXFHGE\LWVSUHPLVHV2ULQRWKHUZRUGVDFRQFOXVLRQLVSURYHQE\
LWVSUHPLVHV1RWHWKDWDGLIIHUHQWNLQGRIDUJXPHQWV±LHLQGXFWLYHDUJXPHQWV±FDQDOVREHXVHGWRLOOXVWUDWHEDVLFDOO\WKHVDPH
SRLQWDERXWWKHLQIHUHQWLDOUHODWLRQ
,Q/:3&WROHDUQKRZWREXLOGDORJLFDODUJXPHQWLVWROHDUQKRZWREXLOGDQLQIHUHQWLDOUHODWLRQOLQNLQJDWKHVLVVWDWHPHQWDQGLWV
SUHPLVHV6LQFH/:3&VWDUWVZLWKEXLOGLQJDWKHVLVVWDWHPHQWEXLOGLQJWKHLQIHUHQWLDOUHODWLRQLV¿QGLQJWKHSUHPLVHRUSUHPLVHV
WKDWFRQWULEXWHWRIRUPLQJWKHSURRIRIWKHWKHVLVVWDWHPHQW7KLVSUDFWLFHLVVLJQL¿FDQWO\GLIIHUHQWIURPWKHFRQYHQWLRQDOVWXGLHVRI
ORJLFLQFOXGLQJERWKIRUPDODQGLQIRUPDOORJLF$OWKRXJKWKHFRQYHQWLRQDOORJLFVWXGLHVDUHDOVRLQWHUHVWHGLQXQGHUVWDQGLQJKRZD
1RWHWKDWWKHVLWXDWLRQZDVFRPSOHWHO\GLIIHUHQWEDFNLQWKHIRXUWHHQFHQWXU\ZKHQSHRSOHXVHGWRDFFHSWWKH$ULVWRWHOLDQWKHRU\WKDWHDUWK
ZDVWKHFHQWHURIWKHXQLYHUVH7KHVWDWHPHQWZDVQRWWULYLDOEDFNLQWKH\HDUZKHQ1LFRODXV&RSHUQLFXV¿UVWSXEOLVKHGWKHLGHDLQ
KLVERRN³2QWKH5HYROXWLRQVRIWKH&HOHVWLDO6SKHUHV´,QRUGHUWRGHIHQGWKHVWDWHPHQWDJDLQVWWKH$ULVWRWHOLDQWKHRU\WKDWWKHHDUWKLVWKH
FHQWHURIWKHXQLYHUVH*DOLOHR*DOLOHLZKRZDVDGHIHQGHURI&RSHUQLFDQWKHRU\ZDVHYHQJLYHQDGHDWKVHQWHQFH
7KHWKHVLVVWDWHPHQWUHFLSHLVWRRORQJWREHSUHVHQWHGKHUH3OHDVHFRQWDFWPHWRREWDLQDFRS\RILW
―5―
SUHPLVHDQGFRQFOXVLRQDUHUHODWHGLQIHUHQWLDOO\WKH\WHQGWRORRNDWWKHUHODWLRQIURPWKHSHUVSHFWLYHRID³ZKROHDUJXPHQW´ZKLFK
FRYHUVWKHWRWDOLW\RISUHPLVHDQGFRQFOXVLRQLQWKHDUJXPHQW,QWKDWSHUVSHFWLYHWKHLULQWHUHVWOLHVSULPDULO\LQWKHDQDO\VLVRIWKH
SULQFLSOHVRUUXOHVWKDWFRQVWLWXWHWKHYDOLGLW\RIWKHUHODWLRQUDWKHUWKDQKRZWKHUHODWLRQFDQEHFRQVWUXFWHGIURPVFUDWFK
1RGRXEWWKHFRQYHQWLRQDODSSURDFKHVDUHXVHIXOIRUGHYHORSLQJDQDO\WLFDOWRROVDQGWHFKQLTXHVWKDWFRXOGKHOSWRGLVWLQJXLVK
FRUUHFWIURPLQFRUUHFWUHDVRQLQJ&RSLDQG&RKHQSEXWEDVHGRQP\\HDUVRIREVHUYDWLRQVWXGHQWVFDQQRWOHDUQKRZWR
FRQVWUXFWORJLFDODUJXPHQWVIRUWKHLURZQUHVHDUFKVLPSO\E\OHDUQLQJKRZWRDQDO\]HVRPHJLYHQH[DPSOHVRIORJLFDODUJXPHQWV
DQGIDOODFLHV7KHUHLVDJDSEHWZHHQDUJXPHQWDQDO\VLVDQGDUJXPHQWFRQVWUXFWLRQ
%\VWDUWLQJIURPDWKHVLVVWDWHPHQWDQGWKHQ¿QGLQJWKHSUHPLVHVWKDWFDQFRQWULEXWHWRIRUPLQJWKHSURRIRIWKHVWDWHPHQW
/:3&WDNHVDFRQVWUXFWLRQDSSURDFKWRZDUGVEXLOGLQJDORJLFDODUJXPHQW7KHPDMRUDGYDQWDJHRIWKLVDSSURDFKLVHIIHFWLYHQHVV
,QWKHFRQYHQWLRQDODQDO\VLVDSSURDFKHVDQLQIHUHQFHLVPDGHIURPSUHPLVHWRFRQFOXVLRQ%XWPDNLQJLQIHUHQFHLQWKLVZD\LV
ERXQGOHVVVLPSO\EHFDXVHRQHFDQGUDZDQLQ¿QLWHOLVWRILQIHUHQFHVEDVHGRQDVLQJOHSUHPLVH,WLVMXVWOLNHERDUGLQJDYHKLFOH
ZLWKRXWNQRZLQJWKHGHVWLQDWLRQ*RLQJIURPDFRQFOXVLRQWRSUHPLVHRQWKHRWKHUKDQGKHOSVWRGUDZDERXQGDU\LQZKLFKWKH
LQIHUHQFHVKRXOGEHPDGH7KLVLVVLPLODUWRKRZDFULPHLQYHVWLJDWLRQLVFRQGXFWHG9HU\EULHÀ\LQDW\SLFDOFULPHLQYHVWLJDWLRQ
WKHLQYHVWLJDWLRQZLOOEHJLQDWWKHSRLQWWKDWDFULPHKDVEHHQFRPPLWWHG±HJVRPHRQHKDVEHHQNLOOHGRUVRPHEDQNKDVEHHQ
UREEHG$FDUHIXOVWXG\RIWKHFULPHVFHQHLVYHU\FUXFLDODQGLWGHWHUPLQHVWKHUHVWRIWKHLQYHVWLJDWLRQ7KHLQMXULHVIRXQGRQWKH
ERG\LQGLFDWHWKHZHDSRQXVHGWRFDXVHWKHLQMXULHVWKHKDLUIRXQGRQWKHÀRRULGHQWL¿HVWKHSHUVRQZKRZDVDWWKHFULPHVFHQHHWF
,QWKHVDPHYHLQEXLOGLQJDORJLFDOUHODWLRQIURPDFRQFOXVLRQHQDEOHVRQHWRNQRZZKDWQHHGVWREHSURYHQDQGWKXVZKDWQHHGVWR
EHGRQHWRGHOLYHUWKHSURRI
%HVLGHVFUHDWLQJDEDVHIRUDQHIIHFWLYHLQIHUHQFHVWDUWLQJIURPDFRQFOXVLRQDOVRFUHDWHVDEDVHIRUDQHIIHFWLYHGLVWLQFWLRQ
EHWZHHQHYLGHQFHDQGGDWD6LQFHWKHWUXWKRIDFRQFOXVLRQLVWREHSURYHQE\VRPHSUHPLVHRUSUHPLVHVDQGVLQFHWKHFRQFOXVLRQ
LVDQLQIHUHQWLDOSURGXFWRIWKHSUHPLVHVWKHNH\WRLGHQWLI\LQJZKHWKHURUQRWDSUHPLVHLVUHOHYDQWWRWKHSURRILVWRVHHZKHWKHU
RUQRWLWVKDUHVEDVLFDOO\WKHVDPHVHWRIWUXWKFRQGLWLRQVDVWKHFRQFOXVLRQ7KXVWKHWUXWKFRQGLWLRQVVKDUHGE\WKHSUHPLVHVDQG
FRQFOXVLRQIRUPWKHEDVLVRIWKHUHOHYDQF\$QGWKHWULFNWREXLOGLQJDFRQYLQFLQJDUJXPHQWLVWKHHVWDEOLVKPHQWRIDVDPHVHWRI
WUXWKFRQGLWLRQVDFURVVWKHSUHPLVHDQGFRQFOXVLRQLQWKHDUJXPHQW7KHGHWDLOVDERXWKRZWR¿QGWKHSUHPLVHWKDWVKDUHVWKHVDPH
WUXWKFRQGLWLRQVDUHWRRORQJWREHSUHVHQWHGLQWKLVSDSHU$VWHSE\VWHSJXLGDQFHRQKRZWRGRLWLVSURYLGHGIRUWKHVWXGHQWVZKR
WDNHWKHFRXUVH
6WDJH&RPSLOHDQ$EVWUDFW
+DYLQJGHYHORSHGDWKHVLVVWDWHPHQWDQGDORJLFDODUJXPHQWWKHWKLUGVWDJHRI/:3&LVWRFRPSLOHWKHVHGHYHORSPHQWVLQWRDQ
DEVWUDFW
$QDEVWUDFWLVWKHPRVWLPSRUWDQWSDUWRIDUHVHDUFKSDSHU,WLVUHDGLQGHSHQGHQWO\IURPWKHSDSHUDQGLWIXQFWLRQVWRDGYHUWLVH
WKHSDSHUWRDVPDQ\UHDGHUVDVSRVVLEOHLQWKHELJZLOGZRUOG:KHWKHURUQRWWKHUHDGHUVDUHLQWHUHVWHGLQUHDGLQJWKHGHWDLOVRIWKH
SDSHUSXUHO\GHSHQGVRQWKHTXDOLW\RIWKHSDSHU¶VDEVWUDFW
6LQFHDQDEVWUDFWIXQFWLRQVWRDGYHUWLVHDUHVHDUFKSDSHULWLVFRPPRQWRUHJDUGDQDEVWUDFWDVDFRQFLVHVXPPDU\RIWKHSDSHU
%XWLWUHPDLQVXQFOHDUZKDWFRQVWLWXWHWKHVXPPDU\$QDEVWUDFWLVQRUPDOO\YHU\VKRUW$VIDUDVDQDEVWUDFWLQ(QJOLVKLVFRQFHUQHG
WKHQXPEHURIZRUGVQRUPDOO\UDQJHVIURPWRLQDW\SLFDOVFLHQFHSDSHUDQGIURPWRLQDW\SLFDOKXPDQLWLHVSDSHU
%HFDXVHRIWKHVKRUWOHQJWKDQDEVWUDFWFDQQRWVXPPDUL]HDOOWKHHOHPHQWVRIDUHVHDUFKSDSHU
7RPDNHWKHDGYHUWLVHPHQWPRUHHIIHFWLYHDQDEVWUDFWLVJLYHQDVSHFL¿FSXUSRVHLQ/:3&7KDWLVDQDEVWUDFWIXQFWLRQVWR
OHWWKHUHDGHUVRIDUHVHDUFKSDSHUJUDVSWKHFHQWUDOLGHDRIWKHSDSHUDQGKRZWKHLGHDLVVXSSRUWHG7KXVWKHPRVWLPSRUWDQW
SDSHUHOHPHQWVWREHLQFOXGHGLQDQDEVWUDFWDUHWKHSDSHU¶VWKHVLVVWDWHPHQWDQGWKHPDMRUVXSSRUWVIRUWKHWKHVLVVWDWHPHQW
HJH[SHULPHQWDOUHVXOWVVXSSRUWLQJFODLPVHWF7KHWKHVLVVWDWHPHQWVKRXOGEHPDGHDVFOHDUDQGVSHFLILFDVSRVVLEOHDQG
LWVFRQQHFWLRQZLWKLWVPDMRUVXSSRUWVVKRXOGEHPDGHDVFRQYLQFLQJDVSRVVLEOH$FFRUGLQJO\DQDEVWUDFWLQLWVLGHDOIRUPLVWKH
FRQFLVHVXPPDU\RIWKHPDLQDUJXPHQWPDGHLQDUHVHDUFKSDSHU
,QRUGHUWRPDNHDEHWWHUVHQVHRIWKHPDLQDUJXPHQWEHLQJVXPPDUL]HGDKLJKTXDOLW\DEVWUDFWUHJDUGOHVVRIZKHWKHULWLVZULWWHQ
IRUDVFLHQFHRUKXPDQLWLHVSDSHUVKRXOGFRYHUWKHIROORZLQJEDVLFHOHPHQWV
6HHIRUH[DPSOHWKHGH¿QLWLRQRIDQDEVWUDFWJLYHQE\WKHZULWLQJVXSSRUWRIWKHXQLYHUVLW\RI0HOERXUQHKWWSVHUYLFHVXQLPHOEHGXDXBB
GDWDDVVHWVSGIB¿OH:ULWLQJBDQB$EVWUDFWB8SGDWHBSGI
―6―
L7KHPDLQWDVNRUREMHFWLYHRI\RXUUHVHDUFKWKLVLVWROHWWKHUHDGHUVNQRZ:+$7\RXUUHVHDUFKLVDERXW
LL5HDVRQRUPRWLYDWLRQIRUFDUU\LQJRXWWKHUHVHDUFKWKLVLVWROHWWKHUHDGHUVNQRZ:+<\RXUUHVHDUFKLVFDUULHGRXW
LLL6WHSVRUSURFHGXUHVWDNHQWRLPSOHPHQWWKHPDLQUHVHDUFKWDVNRUREMHFWLYHWKLVLVWROHWWKHUHDGHUVNQRZ+2:
H[DFWO\WKHUHVHDUFKLVFDUULHGRXW
LY7KHFRQFOXVLRQRUWKHVLVVWDWHPHQWUHDFKHGEDVHGRQWKHVWHSV\RXWRRNWRLPSOHPHQWWKHPDLQUHVHDUFKWDVNRU
REMHFWLYHWKLVLVWROHWWKHUHDGHUVNQRZ:+$7,6)281'LQ\RXUUHVHDUFK
7RKHOSWKHVWXGHQWVSXWWKHIRXUHOHPHQWVWRJHWKHUVHYHUDOWHPSODWHVZHUHGHVLJQHGDVSUHVHQWDWLRQRSWLRQVGHPRQVWUDWLQJKRZ
WKHHOHPHQWVFRXOGEHDUUDQJHG)RUH[DPSOHKHUHLVDWHPSODWHIRUZULWLQJDQDEVWUDFWRIDVFLHQFHSDSHU
7HPSODWHIRUZULWLQJDVFLHQFHSDSHUDEVWUDFW
^0RWLYDWLRQ`0DQ\VWXGLHVRQ«KDYHGHPRQVWUDWHG«%XWWKHUHLVDSUREOHP«^0DLQWDVN`,QWKLVVWXG\UHVHDUFK
ZHLQYHVWLJDWHG«^3URFHGXUHV5HVXOWV`,QSDUWLFXODU¿UVWO\ZHFRQGXFWHGDQH[SHULPHQWRQ«7KHQZHFRPSDUHGWKH
UHVXOWVIURPWKHH[SHULPHQWZLWK«)LQDOO\ZHFRQGXFWHGDQRWKHUH[SHULPHQWRQ«^&RQFOXVLRQ`%DVHGRQWKHUHVXOWVZH
IRXQGLQ«ZHFDQFRQFOXGHWKDW«^,PSOLFDWLRQ`>RSWLRQDO@2QHLPSRUWDQWLPSOLFDWLRQRIRXUFRQFOXVLRQLVWKDW«
8VLQJWKHWHPSODWHWKHWHFKQLFDOLW\RIFRPSLOLQJDQDEVWUDFWEHFRPHVUDWKHUVWUDLJKWIRUZDUG$OODVWXGHQWQHHGVWRGRLVWR¿OOLQ
WKHEODQNVDQGUHSODFHWKHVXJJHVWHGVHQWHQFHRUYRFDEXODULHVZLWKWKHLURZQ$QGRIFRXUVHWKHRUGHURIWKHHOHPHQWVFDQDOVREH
FKDQJHGLIDVWXGHQWVHHV¿W
:KHWKHUDQDEVWUDFWLVRIDKLJKTXDOLW\RUQRWLVQRWGHWHUPLQHGE\WKHZD\WKHHOHPHQWVDUHSXWWRJHWKHU$PRQJWKHDEVWUDFWV
VXEPLWWHGIRUUHYLHZVWKHFRPSHWLWLRQLVQRWIRXJKWDWWKHOHYHORIVW\OHVIRUPDWVRURWKHUOLQJXLVWLFSUHVHQWDWLRQV$Q\RQHZKR
IROORZVWKHWHPSODWHFDQHDVLO\FRPSLOHDQDEVWUDFW7KHFRPSHWLWLRQLVXOWLPDWHO\IRXJKWDWWKHOHYHORIFODULW\DQGFRQYLQFLQJQHVV
RIWKHUHVHDUFKDGYHUWLVHG
)RUWKHUHDVRQRIFODULW\PRVWRIWKHZULWLQJVSHFLDOLVWVHJ+DUWOH\-SZRXOGDGYLVHWKDWDQDEVWUDFWVKRXOGEHWKH
ODVWWKLQJWRZULWHLQDSDSHUDIWHUDOOWKHUHVHDUFKUHVXOWVKDYHEHHQFROOHFWHGDQGFRQ¿UPHG+RZHYHUDQDEVWUDFWVKRXOGQRWEH
MXVWDVXPPDU\RIWKHUHVXOWVDFKLHYHG6XFKNLQGRIDEVWUDFWVZRXOGEHZKDW%HOFKHUUHJDUGVDVWKH³GDWDGULYHQ´DEVWUDFWV7KH\
DUHXQLQWHOOLJLEOHDQGVKRXOGEHDYRLGHG%HOFKHUS7RPDNHDQDEVWUDFWLQWHOOLJLEOHWKHUHVXOWVSUHVHQWHGLQLWVKRXOG
IRUPDQDUJXPHQW'DWDPXVWEHVXERUGLQDWHGWRDQDUJXPHQW,ELGS
,IDQDUJXPHQWWDNHVSUHFHGHQFHRYHUGDWDLQDQDEVWUDFWWKHQWKHVXPPDU\LVPRUHDERXWWKHLGHDVWKDQUHVXOWV,QWKLVVHQVH
WKHUHLVQRUHDVRQZK\DQDEVWUDFWFDQQRWEHZULWWHQ¿UVW-XVWOLNHKDYLQJDWKHVLVVWDWHPHQWLQWKHHDUOLHVWVWDJHRIZULWLQJKDYLQJ
DQDEVWUDFWEHIRUHZULWLQJWKHSDSHUERG\FDQEULQJDERXWDPRUHHIIHFWLYHDQGHI¿FLHQWZULWLQJ:KDWRQHFDQGRLVWRKDYHD
SUHOLPLQDU\DEVWUDFWZLWKXQ¿[HGUHVHDUFKUHVXOWV
6WDJH(ODERUDWLRQLQWRD)XOO3DSHU
7KHIRXUWKVWDJHRI/:3&LVWRHODERUDWHWKHSDSHUHOHPHQWVVXPPDUL]HGDWWKHDEVWUDFWVWDJHLQWRDIXOOUHVHDUFKSDSHU(DFKRI
WKRVHHOHPHQWVZLOOEHHODERUDWHGLQWRDIXOOEORZQVHFWLRQ7KHUHDVRQRUPRWLYDWLRQIRUFDUU\LQJRXWWKHUHVHDUFKZLOOEHHODERUDWHG
LQWRWKHLQWURGXFWLRQVHFWLRQRIWKHSDSHU7KHPDLQWDVNRUUHVHDUFKREMHFWLYHZLOOEHHODERUDWHGLQWRWKHVHFWLRQWKDWGH¿QHVWKH
SUHVHQWUHVHDUFKDQGVSHFL¿HVLWVPDLQUHVHDUFKWDVN7KHVWHSVRUSURFHGXUHVWDNHQWRLPSOHPHQWWKHPDLQUHVHDUFKWDVNZLOOEH
HODERUDWHGLQWRWKHGHWDLOHGSUHPLVHVRIWKHSDSHU7KHFRQFOXVLRQRUWKHVLVVWDWHPHQWUHDFKHGEDVHGRQWKHUHVHDUFKVWHSVZLOOEH
HODERUDWHGLQWRWKHFRQFOXVLRQVHFWLRQRIWKHSDSHU
8QGHU/:3&WZRRIWKRVHPDMRUVHFWLRQVDUHHTXLSSHGZLWKDVWHSE\VWHSJXLGDQFHWRKHOSVWXGHQWVZULWHPRUHHIIHFWLYHO\
7KH\DUHWKHLQWURGXFWLRQVHFWLRQDQGWKHFRQFOXVLRQVHFWLRQ
:KHQZULWLQJWKHLQWURGXFWLRQVHFWLRQXQGHU/:3&DVSHFL¿FIRFXVLVJLYHQWRWKHKLVWRULFDOEDFNJURXQGWKDWOHGWRWKHFXUUHQW
UHVHDUFK7KHDXWKRUQHHGVWRH[SODLQZK\WKHSUHVHQWUHVHDUFKLVFDUULHGRXWEDVHGRQVRPHSUHYLRXVUHVHDUFKRUUHVHDUFKHV7KH
UHDVRQFRXOGEHGXHWRVRPHXQVROYHGSUREOHPIRXQGLQWKHSUHYLRXVUHVHDUFKRUDQLQDGHTXDF\IRUWKHSUHYLRXVUHVHDUFKWRDFFRXQW
IRUVRPHQHZO\GLVFRYHUHGSKHQRPHQRQ:KDWHYHUWKHUHDVRQLVWKHUHPXVWEHVRPHFRQWLQXLW\EHWZHHQWKHSUHVHQWUHVHDUFKDQG
WKHSDVW,QDGGLWLRQWKHDXWKRUPXVWVKRZWKDWWKHSUHVHQWUHVHDUFKLVVLJQL¿FDQWO\GLIIHUHQWIURPWKHSDVWWKXVGHPRQVWUDWLQJWKH
―7―
UHVHDUFKRULJLQDOLW\
,QFRQWUDVWWRWKHLQWURGXFWLRQVHFWLRQWKHVSHFL¿FIRFXVRIWKHFRQFOXVLRQVHFWLRQLVJLYHQWRWKHIXWXUHUHVHDUFKLPSOLHGE\WKH
FXUUHQWRQH7KHVHFWLRQLVRIFRXUVHWKHSODFHWRUHSRUWWKH¿QDOYHUVLRQRIWKHUHVHDUFKFRQFOXVLRQSXWIRUZDUGE\WKHSDSHUDIWHU
FROOHFWLQJDQGFRQ¿UPLQJDOOWKHUHVHDUFKUHVXOWV%XWLQDGGLWLRQWRWKDWWKHVHFWLRQFDQEHDOVRXVHGWRUHSRUWWKHOLPLWDWLRQVRIWKH
FXUUHQWUHVHDUFKRUVRPHRWKHULVVXHVLQWKHUHVHDUFK¿HOGWKDWQHHGWREHDGGUHVVHGLQRUGHUIRUWKHFXUUHQWUHVHDUFKWRPRYHRQ)RU
H[DPSOHGXHWRVRPHWHFKQRORJLFDOOLPLWDWLRQVXFKDQGVXFKH[SHULPHQWFRXOGQRWEHFRQGXFWHG2UGXHWRWKHWUDGLWLRQDOVHWWLQJ
RIVRPHHGXFDWLRQV\VWHPVXFKDQGVXFKSHGDJRJ\ZDVQRWLPSOHPHQWHG5HSRUWLQJWKHOLPLWDWLRQVRUXQDGGUHVVHGLVVXHVZLOOSDYH
WKHZD\IRUDIXUWKHUUHVHDUFKLQWKHIXWXUHKHQFHFORVLQJWKHSDSHUZLWKDQH[SHFWDWLRQ
$1HZ'LUHFWLRQRI$FDGHPLF:ULWLQJ(GXFDWLRQ
7KLVSDSHUKDVLQWURGXFHGDQDFDGHPLFZULWLQJFRXUVHWKDWLVVSHFL¿FDOO\GHVLJQHGWRKHOSJUDGXDWHVWXGHQWVOHDUQKRZWRZULWH
FOHDUO\DQGFRQYLQFLQJO\IRUSXEOLFDWLRQ$VZHKDYHVHHQWKHFODULW\DQGFRQYLQFLQJQHVVDUHHVVHQWLDOO\IRUPHGE\WKHSUHVHQFHRI
DWKHVLVVWDWHPHQWDQGDORJLFDOUHODWLRQOLQNLQJWKHVWDWHPHQWWRLWVVXSSRUWLQJSUHPLVHV$FFRUGLQJO\WROHDUQKRZWRZULWHFOHDUO\
DQGFRQYLQFLQJO\RQHPXVWOHDUQKRZWREXLOGDVDWLVIDFWRU\WKHVLVVWDWHPHQWDQGDVDWLVIDFWRU\DUJXPHQW
7KHDSSURDFKWRDFDGHPLFZULWLQJHGXFDWLRQLQWURGXFHGLQWKLVSDSHULVVLJQL¿FDQWO\GLIIHUHQWIURPWKHFRQYHQWLRQDODSSURDFKHV
:KHUHDVWKHODWWHUPDLQO\IRFXVRQWKHSURSHUZD\RIXVLQJDODQJXDJHLQWKHZULWLQJWKHIRUPHUIRFXVHVRQWKHSURSHUZD\RI
WKLQNLQJ
:LWKRXWDQ\GRXEWDSSURSULDWHXVHRIDODQJXDJHLQZULWLQJLVYHU\LPSRUWDQW-XVWOLNHZKDWWKH2QOLQH:ULWLQJ/DELQVWUXFWV
³,QDSSURSULDWHODQJXDJHXVHVFDQGDPDJH\RXUFUHGLELOLW\XQGHUPLQH\RXUDUJXPHQWRUDOLHQDWH\RXUDXGLHQFH´%XWRQO\IRFXVLQJ
RQWKHDSSURSULDWHXVHRIDODQJXDJHLVLQDGHTXDWHIRUUHVHDUFKZULWLQJHVSHFLDOO\LIWKHSXUSRVHRIWKHZULWLQJLVSXEOLFDWLRQ
,Q RUGHU WR IXOILOO WKH SXEOLFDWLRQ SXUSRVH ZKDW DQ DXWKRU QHHGV WR GR LV QRW MXVW WR ZULWH LQ D VW\OH DQG IORZ WKDW FDQ EH
DFNQRZOHGJHGE\WKHHGLWRUVDQGUHYLHZHUVEXWPRUHLPSRUWDQWO\WKHDXWKRUQHHGVWRFRQYLQFHWKHHGLWRUVDQGUHYLHZVWKDWWKH
SDSHULVZRUWKSXEOLVKLQJ:ULWLQJLQWKLVFDVHEHFRPHVDSURFHVVRIFRPPXQLFDWLQJDWKHVLVVWDWHPHQWE\GHPRQVWUDWLQJWKH
SUHPLVHVWKDWOHDGWRWKHVWDWHPHQW,QRWKHUZRUGVWKHZULWLQJLVDSURFHVVRIFRPPXQLFDWLQJWKRXJKWVWKDWDUHRUJDQL]HGLQD
SDUWLFXODUZD\
,IZULWLQJLVXOWLPDWHO\DSURFHVVRIWKLQNLQJWKHQZKDWLVQHHGHGLQWKHZULWLQJHGXFDWLRQLVSULPDULO\WKHWUDLQLQJLQWKLQNLQJ
5HIHUHQFH
%HOFKHU:/:ULWLQJ<RXU-RXUQDO$UWLFOHLQ:HHNV$JXLGHWRDFDGHPLFSXEOLVKLQJVXFFHVV6DJH3XEOLFDWLRQV
&RSL,0&RKHQ&,QWURGXFWLRQWR/RJLFWKHG3HDUVRQ3UHQWLFH+DOO
+DUWOH\-$FDGHPLF:ULWLQJDQG3XEOLVKLQJ$3UDFWLFDO+DQGERRN5RXWOHGJH
/DL:/³$1HZ$SSURDFKWR7HDFKLQJ$FDGHPLF:ULWLQJKRZSKLORVRSKHUVFDQFRQWULEXWHWRHGXFDWLQJ\RXQJVFLHQWLVWV´
-RXUQDORIWKH*UDGXDWH6FKRRORI/HWWHUV+RNNDLGR8QLYHUVLW\9ROSS
/DL:/³,QWURGXFLQJDORJLFDOWKLQNLQJDSSURDFKWRWHDFKLQJDFDGHPLFZULWLQJZK\DFDGHPLFZULWLQJHGXFDWLRQQHHGVORJLFDO
WKLQNLQJHGXFDWLRQ´LQ18,GHDV1DJR\D8QLYHUVLW\0XOWLGLVFLSOLQDU\-RXUQDO9RO1RSS
0XUUD\'0$:ULWHU7HDFKHV:ULWLQJ+HLQOH7KRPVRQ
6ZDOHV-RKQDQG&KULVWLQH)HDN$FDGHPLF:ULWLQJIRU*UDGXDWH6WXGHQWV(VVHQWLDO7DVNVDQG6NLOOVUGHG7KH8QLYHUVLW\RI
0LFKLJDQ3UHVV
:HE5HVRXUFHV
7KH8QLYHUVLW\RI0HOERXUQH6WXGHQW6HUYLFHV±:ULWLQJDQ$EVWUDFW
KWWSVHUYLFHVXQLPHOEHGXDXBBGDWDDVVHWVSGIB¿OH:ULWLQJBDQB$EVWUDFWB8SGDWHBSGI
7KH3XUGXH2QOLQH:ULWLQJ/DE
KWWSVRZOHQJOLVKSXUGXHHGXRZOUHVRXUFH
KWWSVRZOHQJOLVKSXUGXHHGXRZOUHVRXUFH
―8―