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¿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¿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¿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―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¿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³WKHPDLQUHDVRQZK\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$ULVWRWHOLDQWKHRU\WKDWWKHHDUWKLVWKH FHQWHURIWKHXQLYHUVH*DOLOHR*DOLOHLZKRZDVDGHIHQGHURI&RSHUQLFDQWKHRU\ZDVHYHQJLYHQDGHDWKVHQWHQFH 7KHWKHVLVVWDWHPHQWUHFLSHLVWRRORQJWREHSUHVHQWHGKHUH3OHDVHFRQWDFWPHWRREWDLQDFRS\RILW ―5― SUHPLVHDQGFRQFOXVLRQDUHUHODWHGLQIHUHQWLDOO\WKH\WHQGWRORRNDWWKHUHODWLRQIURPWKHSHUVSHFWLYHRID³ZKROHDUJXPHQW´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¿QGLQJWKHSUHPLVHVWKDWFDQFRQWULEXWHWRIRUPLQJWKHSURRIRIWKHVWDWHPHQW /:3&WDNHVDFRQVWUXFWLRQDSSURDFKWRZDUGVEXLOGLQJDORJLFDODUJXPHQW7KHPDMRUDGYDQWDJHRIWKLVDSSURDFKLVHIIHFWLYHQHVV ,QWKHFRQYHQWLRQDODQDO\VLVDSSURDFKHVDQLQIHUHQFHLVPDGHIURPSUHPLVHWRFRQFOXVLRQ%XWPDNLQJLQIHUHQFHLQWKLVZD\LV ERXQGOHVVVLPSO\EHFDXVHRQHFDQGUDZDQLQ¿QLWHOLVWRILQIHUHQFHVEDVHGRQDVLQJOHSUHPLVH,WLVMXVWOLNHERDUGLQJDYHKLFOH ZLWKRXWNQRZLQJWKHGHVWLQDWLRQ*RLQJIURPDFRQFOXVLRQWRSUHPLVHRQWKHRWKHUKDQGKHOSVWRGUDZDERXQGDU\LQZKLFKWKH LQIHUHQFHVKRXOGEHPDGH7KLVLVVLPLODUWRKRZDFULPHLQYHVWLJDWLRQLVFRQGXFWHG9HU\EULHÀ\LQDW\SLFDOFULPHLQYHVWLJDWLRQ WKHLQYHVWLJDWLRQZLOOEHJLQDWWKHSRLQWWKDWDFULPHKDVEHHQFRPPLWWHG±HJVRPHRQHKDVEHHQNLOOHGRUVRPHEDQNKDVEHHQ UREEHG$FDUHIXOVWXG\RIWKHFULPHVFHQHLVYHU\FUXFLDODQGLWGHWHUPLQHVWKHUHVWRIWKHLQYHVWLJDWLRQ7KHLQMXULHVIRXQGRQWKH ERG\LQGLFDWHWKHZHDSRQXVHGWRFDXVHWKHLQMXULHVWKHKDLUIRXQGRQWKHÀRRULGHQWL¿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¿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¶VDEVWUDFW 6LQFHDQDEVWUDFWIXQFWLRQVWRDGYHUWLVHDUHVHDUFKSDSHULWLVFRPPRQWRUHJDUGDQDEVWUDFWDVDFRQFLVHVXPPDU\RIWKHSDSHU %XWLWUHPDLQVXQFOHDUZKDWFRQVWLWXWHWKHVXPPDU\$QDEVWUDFWLVQRUPDOO\YHU\VKRUW$VIDUDVDQDEVWUDFWLQ(QJOLVKLVFRQFHUQHG WKHQXPEHURIZRUGVQRUPDOO\UDQJHVIURPWRLQDW\SLFDOVFLHQFHSDSHUDQGIURPWRLQDW\SLFDOKXPDQLWLHVSDSHU %HFDXVHRIWKHVKRUWOHQJWKDQDEVWUDFWFDQQRWVXPPDUL]HDOOWKHHOHPHQWVRIDUHVHDUFKSDSHU 7RPDNHWKHDGYHUWLVHPHQWPRUHHIIHFWLYHDQDEVWUDFWLVJLYHQDVSHFL¿FSXUSRVHLQ/:3&7KDWLVDQDEVWUDFWIXQFWLRQVWR OHWWKHUHDGHUVRIDUHVHDUFKSDSHUJUDVSWKHFHQWUDOLGHDRIWKHSDSHUDQGKRZWKHLGHDLVVXSSRUWHG7KXVWKHPRVWLPSRUWDQW SDSHUHOHPHQWVWREHLQFOXGHGLQDQDEVWUDFWDUHWKHSDSHU¶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¿QLWLRQRIDQDEVWUDFWJLYHQE\WKHZULWLQJVXSSRUWRIWKHXQLYHUVLW\RI0HOERXUQHKWWSVHUYLFHVXQLPHOEHGXDXBB GDWDDVVHWVSGIB¿OH:ULWLQJBDQB$EVWUDFWB8SGDWHBSGI ―6―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`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¿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¿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´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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―
© Copyright 2026 Paperzz