-RXUQDORI0HGLFDODQG%LRORJLFDO(QJLQHHULQJ
/LSRVRPHV,QFRUSRUDWHGZLWK&KROHVWHUROIRU'UXJ5HOHDVH
7ULJJHUHGE\0DJQHWLF)LHOG
/L3LQJ7VHQJ +RQJ-HQ/LDQJ 7]H:HQ&KXQJ <L<RX+XDQJ 'HU=HQ/LX
*UDGXDWH,QVWLWXWHRI%LRPHGLFDO(QJLQHHULQJ1DWLRQDO7DLZDQ8QLYHUVLW\7DLSHL7DLZDQ52&
'HSDUWPHQWRI)RRG6FLHQFH<DXQSHL8QLYHUVLW\+VLQFKX7DLZDQ52&
'HSDUWPHQWRI&KHPLFDO(QJLQHHULQJ1DWLRQDO<XQOLQ8QLYHUVLW\RI6FLHQFHDQG7HFKQRORJ\<XQOLQ7DLZDQ52&
*UDGXDWH,QVWLWXWHRI%LRPHGLFDO0DWHULDOVDQG(QJLQHHULQJ7DLSHL0HGLFDO8QLYHUVLW\7DLSHL7DLZDQ52&
5HFHLYHG'HF$FFHSWHG0DU
$EVWUDFW
/LSRVRPHIRUPXODWHGZLWKFKROHVWHURODWGLIIHUHQWUDWLRVZDVXVHGWRLQYHVWLJDWHWKHH[WHQWRIGUXJUHOHDVHWULJJHUHG
E\PDJQHWLFIRUFHV/LSRVRPHVZHUHSUHSDUHGDWYDULRXVUDWLRVRI'33&FKROHVWHURODWP0OLSLG
FRQFHQWUDWLRQDQGHQFDSVXODWHG&DUER[\OIOXRUHVFHLQ>&)@E\WKHPHWKRGRIWKLQILOPK\GUDWLRQ7KH\ZHUH
WKHQ FKDUDFWHUL]HG E\ GLIIHUHQWLDO VFDQQLQJ FDORULPHWU\ '6& DQG GHIRUPDELOLW\ H[SHULPHQWV WR LQYHVWLJDWH WKH
UHODWLRQVKLSEHWZHHQSK\VLFDOVWDELOLW\DQGWKHDGGLWLRQRIFKROHVWHURO7KHLQIOXHQFHRIPDJQHWLFILHOGRQWKHUHOHDVHRI
HQFDSVXODWHGGUXJZDVDOVRLQYHVWLJDWHG7KHUHVXOWVVKRZHGWKDWGHIRUPDELOLW\RIOLSRVRPHVGHFUHDVHGLQWHUPVRIDQ
LQFUHDVH LQ OLSRVRPDO VWDELOLW\ ZLWK LQFUHDVLQJ FKROHVWHURO LQFRUSRUDWLRQ 7KH ]HWD SRWHQWLDO DQG SDUWLFOH VL]HV IRU
OLSRVRPHVXQGHUGLIIHUHQWVWUHQJWKVPDJQHWLFILHOGFKDQJHGGUDPDWLFDOO\VXJJHVWLQJWKDWWKHPDJQHWLFRULHQWDWLRQRIWKH
OLSLG PROHFXOHV FDXVHG FKDQJHV LQ ]HWD SRWHQWLDO DQG SDUWLFOH VL]H /LSRVRPH RI '33&FKROHVWHURO H[KLELWHG WKH
KLJKHVWSK\VLFDOVWDELOLW\DQGVKRZHGDGLIIHUHQFHLQGUXJUHOHDVHRYHUWKHDEVHQFHRIDPDJQHWLFILHOG/LSRVRPH
RI'33&FKROHVWHURO VHHPVWREHWKHRSWLPDOOLSRVRPHIRUPXODWLRQIRUGUXJUHOHDVHXQGHUDPDJQHWLFILHOG
.H\ZRUGV/LSRVRPH7ULJJHUUHOHDVH0DJQHWLFILHOG
,QWURGXFWLRQ
/LSRVRPHV DUH VPDOO VSKHULFDO YHVLFOHV ZKLFK FRQVLVW RI
DPSKLSKLOLFOLSLGVHQFORVLQJDQDTXHRXVFRUH/LSRVRPHVYDU\
LQFKDUJHDQGLQVL]HGHSHQGLQJRQWKHLUPDQXIDFWXULQJPHWKRG
DQG W\SH RI SKRVSKROLSLG ELOD\HU XVHG 7KH VPDOO XQLODPHOODU
YHVLFOH>689@VL]HUDQJHLV PWKHODUJHXQLODPHOODU
YHVLFOHV >/89@ VL]H UDQJH LV JUHDWHU WKDQ P DQG WKH
PXOWLODPHOODUYHVLFOH>0/9@VL]HUDQJHLV±—P/LSRVRPHV
KDYH JDLQHG DWWHQWLRQ LQ WKH ILHOG RI GUXJ GHOLYHU\ DV
ELRFRPSDWLEOHFDUULHUV>@RIGUXJVSHSWLGHVSURWHLQVSODVPLF
'1$ DQWLVHQVH ROLJRQXFOHRWLGHV RU ULER]\PHV DQG IRU
SKDUPDFHXWLFDO FRVPHWLF DQG ELRFKHPLFDO SXUSRVHV 7KH
PDMRU IXQFWLRQDO FKDUDFWHULVWLF RI OLSRVRPHV WKDW PDNHV WKHP
XVHIXO IRU WKLV SXUSRVH LV WKHLU DELOLW\ WR SURWHFW DQG GHOLYHU
UHDJHQWV HQWUDSSHG ZLWKLQ WKH HQFORVHG YROXPH RI WKH YHVLFOH
>@
7KRXJK OLSRVRPHV KDYH VKRZQ SURPLVLQJ UHVXOWV LQ GUXJ
GHOLYHU\WKHLUDSSOLFDELOLW\LVOLPLWHGE\WKHLUVKRUWKDOIOLIHLQ
EORRG FLUFXODWLRQ 6\VWHPLFDOO\DGPLQLVWHUHG OLSRVRPHV DUH
GHVWDELOL]HG E\ LQWHUDFWLRQV ZLWK SKRVSKROLSDVHV DQG
&RUUHVSRQGLQJDXWKRU'HU=HQ/LX
7HOH[W)D[
(PDLOWRQ\OLX#WPXHGXWZ
OLSRSURWHLQV,QDGGLWLRQOLSRVRPHVDUHUDSLGO\FOHDUHGIURPWKH
FLUFXODWLRQ E\ D SURFHVV RI RSVRQL]DWLRQ ZKLFK LV LQLWLDWHG E\
FRPSOHPHQW DFWLYDWLRQ DQG SUHIHUHQWLDO XSWDNH RI WKH
QDQRSDUWLFOHV E\ WKH RUJDQV RI WKH UHWLFXORHQGRWKHOLDO V\VWHP
5(6 >@ 7KHUHIRUH GHVLJQLQJ OLSRVRPHV ZLWK SURORQJHG
FLUFXODWLRQ WLPH ZRXOG UHTXLUH D UHGXFWLRQ RI WKH UDWH RI WKHLU
FOHDUDQFHE\WKH5(6DQGRIWKHOHDNDJHRIWKHLUFRQWHQWVLQWR
WKH EORRGVWUHDP &RQWURO RYHU WKHLU SK\VLFDO VWDELOLW\ EHFRPHV
DQLPSRUWDQWSUHUHTXLVLWHIRUWKHHIIHFWLYHXVHRIOLSRVRPHVDVD
GUXJFDUULHU &KROHVWHUROLVRIWHQLQFOXGHGLQWKHOLSRVRPHIRUPXODWLRQ
WRJLYHIXUWKHUULJLGLW\WRWKHELOD\HUWKDWPD\LPSURYHLQYLYR
DQG LQ YLWUR VWDELOLW\ RI WKH OLSRVRPHV 2XU SUHYLRXV VWXG\ >@
FRPSDUHGWKHVWUXFWXUHRIWKHELOD\HUDQGWKHLQWHUDFWLRQIRUFH
EHWZHHQ WKH OLSRVRPHV DQG GHPRQVWUDWHG WKDW WKH SK\VLFDO
VWDELOLW\ RI WKH OLSRVRPH FRXOG EH HQKDQFHG E\ FKROHVWHURO
1RPHQFODWXUHDQG$EEUHYLDWLRQV
'33&
SDOPLWR\OVQJO\FHURSKRVSKDWLG\OFKROLQH
689
VPDOOXQLODPHOODUYHVLFOHV
/89
ODUJHXQLODPHOODUYHVLFOHV
0/9
PXOWLODPHOODUYHVLFOHV
&)
FDUER[\OIOXRUHVFHLQ
'6&
GLIIHUHQWLDOVFDQQLQJFDORULPHWU\
7P
WUDQVLWLRQWHPSHUDWXUH
-0HG%LRO(QJ9RO1R
DGGLWLRQ &KROHVWHURO VKRZHG DQ LQFUHDVHG LQ WKH DEVROXWH
]HWDSRWHQWLDODQGHOHFWURVWDWLFUHSXOVLRQEHWZHHQ3&OLSRVRPHV
7KHIOXLGLW\RULQWUDYHVLFOHLQWHUDFWLRQVRIOLSRVRPHVZHUHDOVR
FKDQJHG E\ FKROHVWHURO DGGLWLRQ 2XU UHVXOWV >@ DOVR VKRZHG
WKDW SKRVSKDWLG\OFKROLQH 3& YHVLFOHV ZHUH PRUH ULJLG DQG
VXVWDLQHG PRUH VHYHUH VKHDU VWUHVV DIWHU LQWURGXFWLRQ RI
FKROHVWHURO ,Q DGGLWLRQ LQFRUSRUDWLRQ RI FKROHVWHURO LQ
OLSRVRPH IRUPXODWLRQ ZDV DOVR VKRZQ WR HQKDQFH UHWHQWLRQ RI
HQWUDSSHG VROXWHV DQG UHGXFH WKH VHUXPLQGXFHG LQVWDELOLW\
FDXVHGE\ELQGLQJRIVHUXPSURWHLQVWROLSRVRPHPHPEUDQH,Q
RWKHUZRUGVDQLQFUHDVHRIWKHFKROHVWHUROFRQWHQWLQOLSRVRPHV
UHVXOWV LQ D GUDPDWLF GHFUHDVH LQ PHPEUDQH SHUPHDELOLW\ IRU
QRQHOHFWURO\WH DQG HOHFWURO\WH VROXWHV >@ D GLVDGYDQWDJH IRU
GUXJWDUJHWLQJ $Q RSWLPL]HG GUXJ GHOLYHU\ YLD OLSRVRPHV UHTXLUHV WKH
OLSRVRPH FDUULHU WR XOWLPDWHO\ EHFRPH SHUPHDEOH DQG UHOHDVH
WKHHQFDSVXODWHGGUXJRQWKHWDUJHWHGDUHDEXWLWDOVRUHTXLUHV
KLJK VWDELOLW\ LQ WKH EORRGVWUHDP 1XPHURXV PHWKRGV HLWKHU
XVLQJ SK\VLFDO RU FKHPLFDO SURFHVVHV KDYH EHHQ GHYHORSHG WR
DFKLHYHDFWLYHGUXJGHOLYHU\2QHRIWKHFXUUHQWPHWKRGVXVHV
PDJQHWLF IRUFH WR WULJJHU WKH UHOHDVH RI HQFDSVXODWHG GUXJ LQ
OLSRVRPHV)RUH[DPSOH.RED\DVKLHWDO>@XVHGOLSRVRPHV
HQFDSVXODWHG ZLWK WKH PDJQHWLF VXEVWDQFH )H2 LQ OLSLG
ELOD\HUV VR WKDW WKH GUXJ UHOHDVH RQ WKH WDUJHW VLWH FRXOG EH
WULJJHUHG E\ PDJQHWLF IRUFH +RZHYHU ZLWKRXW HQFDSVXODWHG
PDJQHWLF PDWHULDOV WKH UHVXOWV RI /LEXUG\ HW DO >@ LQGLFDWHG
WKDWDVWDWLFPDJQHWLFILHOGFRXOGLQFUHDVHSDVVLYHWUDQVSRUWLQ
SKRVSKROLSLGPHPEUDQHELOD\HUV/LSLGIXVLRQPD\SUHGLVSRVH
SKRVSKROLSLGGRPDLQVWRGLDPDJQHWLFRULHQWDWLRQLQDPDJQHWLF
ILHOG.XUDVKLPDHWDO>@DOVRUHSRUWHGWKDWWKHPDJQHWLFILHOG
FRXOG LQGXFH IXVLRQ DQG GLYLVLRQ RI '33& OLSRVRPHV GXH WR
WKHPDJQHWLFRULHQWDWLRQRIWKHOLSLGPROHFXOHVDQGDVVRFLDWHG
XQGXODWLRQRIWKHPHPEUDQHV7KHUHIRUHZLWKRXWLQFRUSRUDWLRQ
RIDPDJQHWLFVXEVWDQFHLQWROLSRVRPHPHPEUDQHDPDJQHWLF
ILHOG FDQ VWLOO LQGXFH WKH HQFDSVXODWHG GUXJ UHOHDVH LQ
OLSRVRPHVYLDWKHPDJQHWLFRULHQWDWLRQRIWKHOLSLGPROHFXOHV
7KHUHIRUH WKH FXUUHQW VWXG\ ZDV GHVLJQHG WR GHWHUPLQH
ZKHWKHU WKHVH OLSRVRPHV LQFRUSRUDWHG ZLWK GLIIHUHQWDGGLWLRQV
RIFKROHVWHUROFRXOGEHPDGHWRUHOHDVHWKHHQFDSVXODWHGGUXJ
XQGHU D JLYHQ PDJQHWLF ILHOG /LSRVRPHV ZLWK PDJQHWLF
WUHDWPHQW ZHUH FKDUDFWHUL]HG XVLQJ '6& ]HWD SRWHQWLDO DQG
GHIRUPDELOLW\ H[SHULPHQWV 7KH H[WHQW RI PDJQHWLF
ILHOGLQGXFHG GUXJ UHOHDVH ZDV DOVR LQYHVWLJDWHG WR RSWLPL]H
WKHOLSRVRPDOIRUPXODWLRQIRUGUXJUHOHDVH 0DWHULDOVDQG0HWKRGV
0DWHULDOV 7KH V\QWKHWLF OLSLG SDOPLWR\OVQJO\FHUR
SKRVSKDWLG\OFKROLQH
'33&
FKROHVWHURO
FDUER[\OIOXRUHVFHLQ DQG FKORURIRUP ZHUH SXUFKDVHG IURP
6LJPD 86$ 6HSKDGH[Š * ZDV SXUFKDVHG IURP
3KDUPDFLD )LQH &KHPLFDOV 8SVDOD 6ZHGHQ $OO PDWHULDOV
ZHUHXVHGDV SXUFKDVHG ZLWK QR IXUWKHU SXULILFDWLRQ 'LVWLOOHG
ZDWHUZDVXVHGWKURXJKRXW
/LSRVRPHSUHSDUDWLRQ /LSRVRPHV ZHUH SUHSDUHG E\ D FRQYHQWLRQDO URWDU\
HYDSRUDWLRQPHWKRG%ULHIO\GLYLGHGLQWRIRXUJURXSVJURXS
'33&FKROHVWHURO '33& PJ JURXS '33&
FKROHVWHURO '33& PJ DQG FKROHVWHURO PJ JURXS '33& FKROHVWHURO '33& PJ DQG
FKROHVWHUROPJJURXS'33&FKROHVWHURO '33&
PJ DQG FKROHVWHURO PJ ZHUH GLVVROYHG LQ DQ
DSSURSULDWH YROXPH RI FKORURIRUP 7KH PL[WXUH ZDV GULHG XS
WR D WKLQ OLSLG ILOP XQGHU YDFXXP XVLQJ D URWDU\ HYDSRUDWRU
%XFKL )ODZLO 6ZLW]HUODQG 7KLV ILOP ZDV NHSW XQGHU KLJK
YDFXXPIRUDWOHDVWKWRUHPRYHWKHWUDFHVRIFKORURIRUP7KH
GU\ OLSLG ILOP ZDV K\GUDWHG ZLWK PO RI P0 &) WR
REWDLQDOLSLGVXVSHQVLRQDQGWKHSDUWLFOHVZHUHGRZQVL]HGE\
H[WUXGLQJ WKHP WKURXJK QP SRUH VL]H SRO\FDUERQDWH
PHPEUDQHV DW ƒ& 1RUWKHUQ /LSLGV ,QF &DQDGD 7KH
XQHQFDSVXODWHG&)ZDVVHSDUDWHGE\6HSKDGH[*PLQL
FROXPQV
/LSRVRPDOVL]H]HWDSRWHQWLDO
7KHSDUWLFOHVL]HDQG]HWDSRWHQWLDORIWKHOLSRVRPHVZHUH
PHDVXUHG E\ WKH PHWKRG RI G\QDPLF OLJKW VFDWWHULQJ LQ D
SDUWLFOH VL]H DQDO\]HU %,& 3OXV %URRNKDYHQ ,QVWUXPHQWV
&RUS86$
'LIIHUHQWLDOVFDQQLQJFDORULPHWU\RIOLSRVRPHV
7KHWUDQVLWLRQWHPSHUDWXUHRIOLSRVRPHVLQFRUSRUDWHGZLWK
FKROHVWHURO DW GLIIHUHQW UDWLRV ZDV GHWHFWHG E\ FDORULPHWHU
3HUNLQ(OPHU6SHFWUXP*;)7,50LFUR'6&86$ZLWK
D VFDQ UDWH RI ƒ&PLQ DQG WHPSHUDWXUH UDQJH IURP ƒ& WR
ƒ&
/LSRVRPHGHIRUPDELOLW\
/LSRVRPH GHIRUPDELOLW\ XVLQJ 0/9 OLSRVRPHV ZDV
PHDVXUHG E\ ODVHU GLIIUDFWRPHWHU DW VKHDU UDWHV UDQJLQJ IURP
aVHF7KHPHDVXUHPHQWRIOLSRVRPHGHIRUPDELOLW\ZDV
EDVHG RQ D ODVHU GLIIUDFWLRQ PHWKRG LQ ZKLFK WKH ODVHU EHDP
WUDYHUVHG WKH GLOXWHG EORRG VXVSHQVLRQ PO DQG ZDV
GLIIUDFWHGE\OLSRVRPHV7KHGLIIUDFWLRQSDWWHUQZDVSURMHFWHG
RQ D VFUHHQ PRQLWRUHG E\ SKRWRHOHFWULF VHQVRUV OLQNHG WR D
IUDPH JUDEEHU LQWHJUDWHG LQ WKH FRPSXWHU 7KH EHVWILWWLQJ
HOOLSVH UHSUHVHQWHG WKH GHIRUPHG HU\WKURF\WH 7KH ORQJ DQG
VKRUWD[HV$DQG%UHVSHFWLYHO\RIWKLVHOOLSVHZHUHXVHGWR
FDOFXODWHWKHGHIRUPDWLRQLQGH[', $%$% 0DJQHWLFILHOGWUHDWPHQW
/LSRVRPHV689HQFDSVXODWHG&)DWGLIIHUHQWUDWLRV
RIFKROHVWHUROZHUHH[SRVHGWRIRXUVWUHQJWKVRIPDJQHWLFILHOG
77HVOD7DQG7$IWHUPDJQHWLFWUHDWPHQWWKH
SDUWLFOHVL]HDQG]HWDSRWHQWLDORIOLSRVRPHVZHUHPHDVXUHGE\
WKH SUHYLRXVO\ GHVFULEHG SDUWLFOH VL]H DQDO\]HU 7KH
FRQFHQWUDWLRQRIGUXJUHOHDVHZDVPHDVXUHGE\DIOXRUHVFHQFH
VSHFWURSKRWRPHWHU+LWDFKL)2VDND-DSDQDWGLIIHUHQW
WLPHLQWHUYDOVKKKDQGK
5HVXOWVDQGGLVFXVVLRQ
3DUWLFOHVL]HPHDVXUHPHQW
7KH SDUWLFOH VL]HV RI WKH 689 OLSRVRPHV GHWHUPLQHG E\
WKHSDUWLFOHVL]HDQDO\]HUDUHVKRZQLQ7DEOHZKLFKFOHDUO\
VKRZV SDUWLFOH VL]H LQFUHDVLQJ ZLWK LQFUHDVLQJ DGGLWLRQ RI
FKROHVWHURO7KHUHVXOWVDUHFRQVLVWHQWZLWKWKRVHRI)ULVNHQHW
0DJQHWLF)LHOG7ULJJHU/LSRVRPDO'UXJ5HOHDVH
7DEOH,QLWLDOSDUWLFOHVL]HRIOLSRVRPHVLQFRUSRUDWHGZLWKFKROHVWHURODWGLIIHUHQWUDWLRV1 &RPSRQHQW
'33&FKROHVWHURO
'33&FKROHVWHURO
'33&FKROHVWHURO
'33&FKROHVWHURO
'33&FKROHVWHURO
3DUWLFOHVL]H
QP
QP
QP
QP
7DEOH 7UDQVLWLRQ WHPSHUDWXUH 7P IRU OLSRVRPHV LQFRUSRUDWHG
ZLWKFKROHVWHURODWGLIIHUHQWUDWLRVIURP'6&PHDVXUHPHQW
&RPSRVLWLRQ
'33&FKROHVWHURO
7Pƒ&
'33&FKROHVWHURO ƒ&
'33&FKROHVWHURO ƒ&
'33&FKROHVWHURO ƒ&
'33&FKROHVWHURO 7DEOH 0$;', YDOXHV LQ WHUPV RI OLSRVRPH GHIRUPDELOLW\ DW
VKHDUUDWHRIV
&RPSRVLWLRQ
'33&&KROHVWHURO
0$;',
'33&&KROHVWHURO '33&&KROHVWHURO '33&&KROHVWHURO 0$;',PD[LPXPGHIRUPDELOLW\LQGH[1 DO >@ ZKR XVHG WKH VDPH PHWKRG RI H[WUXVLRQ IRU OLSRVRPH
SUHSDUDWLRQ 7KHVH UHVXOWV LQGLFDWH WKDW LQFRUSRUDWLRQ RI
FKROHVWHUROPD\PDNH'33&ELOD\HUVPRUHULJLGDVUHVXOWRIDQ
LQFUHDVH LQ SDUWLFOH VL]H GXULQJ H[WUXVLRQ DOWKRXJK WKH
SRO\GVLSHUVLW\ RI OLSRVRPHV DW DOO UDWLRV RI '33&FKROHVWHURO
UHPDLQHGVLJQLILFDQWO\XQFKDQJHG
7UDQVLWLRQWHPSHUDWXUHDQGGHIRUPDELOLW\ $ OLSRVRPH PHPEUDQH FDQ H[LVW LQ HLWKHU DQ RUGHUHG
FU\VWDOOLQHOLNH VWDWH RU LQ D GLVRUGHUHG OLTXLGOLNH VWDWH
GHSHQGLQJ RQ WHPSHUDWXUH 1HDU WKH WUDQVLWLRQ WHPSHUDWXUH
7PWKHH[WHQWWRZKLFKWKLVWUDQVIRUPDWLRQRIOLSRVRPHVKDV
RFFXUUHGFDQEHUHYHDOHGE\'6&ZKLFKPHDVXUHVWKHFKDQJHV
LQWKHKHDWFDSDFLW\H[KLELWHGE\DWKHUPDOWUDQVLWLRQ7DEOH
SUHVHQWV WKH UHVXOWV RI 7P PHDVXUHG E\ '6& IRU OLSRVRPHV
LQFRUSRUDWHG ZLWK GLIIHUHQW UDWLRV RI FKROHVWHURO $V VKRZQ LQ
7DEOH WKH 7P RI OLSRVRPHV LQFUHDVHG DV WKH DGGLWLRQ RI
FKROHVWHURO LQFUHDVHG $Q LQFUHDVH LQ 7P LQGLFDWHV WKDW
LQFRUSRUDWLRQ RI FKROHVWHURO OHDGV WR DQ LQFUHDVH LQ WKHUPDO
HQHUJ\ ZKLFK LV UHVSRQVLEOH IRU UDSLG WXPEOLQJ DQG
UHRULHQWDWLRQ RI WKH OLSLG LQ ELOD\HUV IURP VROLGJHO WR OLTXLG
FU\VWDO SKDVH >@ 7KLV VXJJHVWV WKDW WKH ULJLGLW\ RI WKH
PHPEUDQHLQFUHDVHG DV WKH SURSRUDWLRQ RI FKROHVWHURO LQ OLSLG
ELOD\HUV LQFUHDVHG ,Q IDFW QXPHURXV VWXGLHV KDYH VKRZQ WKDW
WKHHQKDQFHGULJLGLW\RIOLSRVRPHVPD\EHDQLPSRUWDQWIDFWRU
LQ WKHLU JUHDWHU FROORLGDO VWDELOLW\ $V DQ LQFUHDVLQJ
LQFRUSRUDWLRQ RI FKROHVWHURO LQ OLSRVRPHV LQFUHDVHV WKHLU
VWDELOLW\ WKH\ FDQ HQFDSVXODWH PRUH GUXJV DQG VXUYLYH ORQJHU
LQ EORRG YHVVHOV DIWHU LQWURGXFWLRQ 2XU SUHYLRXV VWXG\ >@
VKRZHG WKDW LQFRUSRUDWLRQ RI FKROHVWHURO OHVV WKDQ LQ
OLSRVRPHVUHVXOWHGLQKLJKSK\VLFDOVWDELOLW\XQGHUYDULRXVKLJK
V
)LJXUH 0$;', YDOXH LQ WHUPV RI OLSRVRPH GHIRUPDELOLW\ IURP
aV VKHDU UDWH IRU OLSRVRPHV LQFRUSRUDWHG ZLWK
FKROHVWHURO DW WZR UDWLRV '33&FKROHVWHURO )!!'33&FKROHVWHURO 1 VKHDU VWUHVVHV +RZHYHU WKH UHOHDVH RI GUXJ HQFDSVXODWHG LQ
OLSRVRPHV ZDV WKHUHIRUH JUHDWO\ UHGXFHG LQ FRPSDULVRQ ZLWK
OLSRVRPHVZLWKRXWFKROHVWHURODGGLWLRQ
6LQFH WKH PHPEUDQH VWUXFWXUH RI OLSRVRPHV LV VLPLODU WR
WKDW RI WKH HU\WKURF\WH PHPEUDQH WKH GHIRUPDELOLW\
PHDVXUHPHQW XVHG WR LQYHVWLJDWH WKH SK\VLFDO SURSHUW\ RI
HU\WKURF\WH PHPEUDQH ZDV DSSOLHG LQ DQ HIIRUW WR XQGHUVWDQG
WKHPHPEUDQHGHIRUPDELOLW\RIOLSRVRPHVZLWKWKHDGGLWLRQRI
FKROHVWHURO XQGHU D FHUWDLQ VKHDU VWUHVV :H XVHG 0/9
OLSRVRPHV SUHSDUHG ZLWK WKH VDPH '33&FKROHVWHURO UDWLRV DV
IRU 689 OLSRVRPHV LQ RXU GHIRUPDELOLW\ PHDVXUHPHQW GXH WR
WKHOLPLWDWLRQVRIWKHDSSDUDWXVLQGHWHFWLQJWKHSDUWLFOHVL]HRI
689 OLSRVRPHV 7KH OLSRVRPH GHIRUPDELOLW\ H[SUHVVHG DV
0$;',YDOXHVDWDVKHDUUDWHRIVLVVKRZQLQ7DEOH
7KH0$;',YDOXHGHFUHDVHGZLWKLQFUHDVLQJFKROHVWHUROUDWLR
LQ OLSRVRPH IRUPXODWLRQ $ GHFUHDVHG GHIRUPDELOLW\ RI WKH
HU\WKURF\WHV FDQ EH REWDLQHG LQ YLYR DV ZHOO DV LQ YLWUR E\
LQFUHDVLQJWKHFKROHVWHUROWRSKRVSKROLSLGUDWLRVRIHU\WKURF\WH
PHPEUDQHV >@ 0RGLILFDWLRQ RI OLSLG SURSHUWLHV PD\
VLJQLILFDQWO\ DIIHFW HU\WKURF\WH GHIRUPDELOLW\ VLQFH WKH
HU\WKURF\WH PHPEUDQH LQFOXGHV D OLSLG ELOD\HU $V ZLWK WKH
HU\WKURF\WHPHPEUDQHWKH OLSRVRPH PHPEUDQHFRQVLVWLQJRI
D OLSLG ELOD\HU DOVR VKRZHG WKDW DOWHUDWLRQV LQ OLSRVRPH
PHPEUDQH ZLWK DGGLWLRQ RI FKROHVWHURO UHVXOWHG LQ GHFUHDVHG GHIRUPDELOLW\>@$VWKHVKHDUUDWHLQFUHDVHGWKHVKDSHRI
WKH OLSRVRPH ZLWKRXW FKROHVWHURO LQFRUSRUDWLRQ EHFDPH
HOOLSWLFDO$V VKRZQ LQ )LJXUH WKH 0$;', YDOXH LQFUHDVHG
IURPWRZLWKLQFUHDVLQJVKHDUUDWHIURPVWR
V +RZHYHU RQFH WKH VKHDU UDWH UHDFKHG V WKH
0$;',YDOXHSOXQJHGWR:HDVVXPHWKDWWKHKLJKVKHDU
IRUFH PD\ KDYH GLVUXSWHG WKH PHPEUDQH OHDGLQJ WR D ELOD\HU
-0HG%LRO(QJ9RO1R
'33&&KROHVWHURO 3DUWLFOHVL]HQP
+
+
+
+
7LPHKRXU
)LJXUH7KHSDUWLFOHVL]HIRUOLSRVRPHVIRUPXODWHGZLWKWKHUDWLR
RI '33&FKROHVWHURO DW GLIIHUHQW H[SRVXUH WLPH
LQWHUYDOV WR IRXU PDJQHWLF ILHOGV DW WHPSHUDWXUH ƒ&
7
7
7
7
1 '33&&KROHVWHURO =HWDSRWHQWLDOP9
+
+
+
+
7LPHKRXU
)LJXUH7KH]HWDSRWHQWLDOIRUOLSRVRPHVIRUPXODWHGZLWKWKHUDWLR RI '33&FKROHVWHURO DW GLIIHUHQW H[SRVXUH WLPH
LQWHUYDOV WR IRXU PDJQHWLF ILHOGV DW WHPSHUDWXUH ƒ&
7
7
7
7
1 '33&&KROHVWHURO '33&&KROHVWHURO &)UHOHDVHX0
+
+
+
+
7LPHKRXU
)LJXUH 7KH FRQFHQWUDWLRQ RI &) DV &) UHOHDVH IRU
OLSRVRPHVIRUPXODWHGZLWKWKHUDWLRRI'33&FKROHVWHURO
DWGLIIHUHQWH[SRVXUHWLPHLQWHUYDOVWRIRXUPDJQHWLF
ILHOGVDWWHPSHUDWXUHƒ&
7
7
7
71 UHDUUDQJHPHQW DV D UHVXOW RI D GHFUHDVH LQ OLSRVRPH SDUWLFOH
VL]H WKDW UHGXFHG WKH H[WHQW RI GHIRUPDELOLW\ XQGHU WKH KLJK
VKHDU VWUHVV %\ FRQWUDVW ZKHQ OLSRVRPHV KDG D KLJK UDWLR RI
FKROHVWHURO'33&FKROHVWHURO WKHFKDQJHVLQ0$;',
YDOXHV IURP ORZ VKHDU WR KLJK VKHDU UDWHV VHHPHG WR VKRZ
PRUHVWDEOLOLW\IRUOLSRVRPHVVLQFHWKHYDOXHVLQFUHDVHGVORZO\
DV WKH VKHDU UDWH LQFUHDVHG 7KLV LQGLFDWHG WKDW WKH
LQFRUSRUDWLRQ RI FKROHVWHURO LQWR OLSRVRPHV UHPDUNDEO\
LQFUHDVHG OLSRVRPH ULJLGLW\ DQG LPSURYHG WKH UHVLVWDQFH RI
OLSRVRPHVWRVHYHUHVKHDUVWUHVV
$Q\GHFUHDVHLQHU\WKURF\WHGHIRUPDELOLW\DIIHFWVWKHUHG
FHOO¶V DELOLW\ WR PLJUDWH WR WKH WXEHD[LV UHJLRQ WKURXJK WKH
PLFURFLUFXODWLRQ7KHUHIRUHKLJKGHIRUPDELOLW\LVUHTXLUHGIRU
HU\WKURF\WHV WR UHPDLQ LQWHJUDO PHPEUDQHV ZKHQ SDVVLQJ
WKURXJK WKH EORRG YHVVHOV RI KLJK VKHDU IORZ >@ +RZHYHU
FRPSDUHG ZLWK WKH KLJK YLVFRHODVWLFLW\ RI WKH HU\WKURF\WH
PHPEUDQHEHFDXVHRILWVFRPSRVLWLRQOLSRVRPHPD\EHPRUH
VHQVLWLYHWRDOLJQGHIRUPHORQJDWHDQGHYHQGLVUXSWOHDGLQJ
WROHDNDJHRIGUXJVLQWKHYLVFRXVGUDJLQGXFHGE\IOXLGVKHDU
VWUHVVRQWKHOLSRVRPHVXUIDFH7KHUHIRUHDVH[SODLQHGDERYH
LQFUHDVLQJ WKH SK\VLFDO VWDELOLW\ RI OLSRVRPHV WKURXJK D KLJK
FKROHVWHURO FRQFHQWUDWLRQ ZLWK D KLJK SKDVH WUDQVLWLRQ
WHPSHUDWXUH PD\ SURORQJ FLUFXODWLRQ WLPH LQ WKH EORRGVWUHDP
GHVSLWH WKH IOXLG VKHDU VWUHVV WKHUH >@ ,Q DGGLWLRQ WKLV
VWDELOLW\LVDOVRFRQGXFLYHWRGUXJUHWHQWLRQE\WKHOLSRVRPHVLQ
WKHV\VWHPLFFLUFXODWLRQ
,QIOXHQFHRIPDJQHWLFILHOGRQGUXJUHOHDVH .XUDVKLPD HW DO >@ UHSRUWHG WKDW PDJQHWLF RULHQWDWLRQ
RI WKH OLSLG PROHFXOHV DQG DVVRFLDWHG XQGXODWLRQ RI WKH
PHPEUDQHVZDVEHKLQGWKHPDJQHWLFILHOGLQGXFHGIXVLRQDQG
GLYLVLRQRI'33&OLSRVRPHV7KHUHIRUHZLWKRXWLQFRUSRUDWLRQ
RI PDJQHWLF VXEVWDQFHV LQWR OLSRVRPH PHPEUDQH D PDJQHWLF
ILHOG VWLOO FDQ LQGXFH DQ HQFDSVXODWHG GUXJ UHOHDVH IURP
OLSRVRPHVYLDWKHPDJQHWLFRULHQWDWLRQRIWKHOLSLGPROHFXOHV
(YLGHQFH LV SURYLGHG LQ )LJXUH WKDW WKH SDUWLFOH VL]H IRU
OLSRVRPHV SUHSDUHG DW WKH UDWLR RI '33&FKROHVWHURO LQFUHDVHG DV WKH H[SRVXUH WLPH LQFUHDVHG XQGHU GLIIHUHQW
PDJQHWLF ILHOGV 7KH WHPSHUDWXUH ƒ& ZDV FKRVHQ WR
DSSUR[LPDWHKXPDQERG\WHPSHUDWXUH7KHUHVXOWVLQGLFDWHWKDW
WKHSDUWLFOHVL]HVRIOLSRVRPHVZHUHVWURQJO\GHSHQGHQWRQWKH
VWUHQJWKRIWKHPDJQHWLFILHOGHVSHFLDOO\DWKRIH[SRVXUH
7KHLQFUHDVHLQSDUWLFOHVL]HPD\EHGXHWRWKHGLVUXSWLRQDQG
IXVLRQ RI WKH OLSRVRPHV WULJJHUHG E\ WKH PDJQHWLF ILHOG >@
7KH ILQGLQJ LV IXUWKHU VXSSRUWHG E\ WKH ]HWD SRWHQWLDO
PHDVXUHPHQWVKRZQLQ)LJXUH'LIIHUHQWPDJQHWLFILHOGVPD\
KDYH FKDQJHG WKH ]HWD SRWHQWLDO IRU OLSRVRPHV IRUPXODWHG DW
WKHUDWLRRI'33&FKROHVWHURO DWGLIIHUHQWH[SRVXUHWLPH
LQWHUYDOV 7KH UHVXOWV VKRZ WKDW WKH ]HWD SRWHQWLDO VWDUWHG WR
LQFUHDVHDIWHUKRIH[SRVXUHDVWKHVWUHQJWKRIWKHPDJQHWLF
ILHOGLQFUHDVHGIURPWR7$VFRPSDUHGZLWKFKDQJHVLQ
SDUWLFOH VL]H WKH ]HWD SRWHQWLDO GHFUHDVHG DV WKH SDUWLFOH VL]H
LQFUHDVHGIURPKRIH[SRVXUH7KHSUHVHQFHRIPDJQHWLF
ILHOG ZDV IRXQG WR KDYH D VLJQLILFDQW HIIHFW RQ WKH PHWDVWDEOH
]RQHZLGWKDQGLQGXFWLRQSHULRGRIFKROHVWHURO>@6LQFH]HWD
SRWHQWLDOLVUHODWHGWRWKHFKDUJHRQWKHVXUIDFHRIWKHSDUWLFOHV
WKDWLVWKHHOHFWULFGRXEOHOD\HUDWWKHSDUWLFOHOLTXLGLQWHUIDFH
WKHORZHU]HWDSRWHQWLDORIOLSRVRPHVXQGHUWKH7PDJQHWLF
0DJQHWLF)LHOG7ULJJHU/LSRVRPDO'UXJ5HOHDVH
7HVOD
7HVOD
7HVOD
&)UHOHDVHX0
3DUWLFOHVL]HQP
+
+
+
)LJXUH7KHSDUWLFOHVL]H IRUOLSRVRPHVIRUPXODWHGZLWKGLIIHUHQW
UDWLRV RI '33&FKROHVWHURO DW GLIIHUHQW H[SRVXUH WLPH
LQWHUYDOVWRDPDJQHWLFILHOGRI7DWWHPSHUDWXUHRI
ƒ&
'33&FKROHVWHURO '33&
FKROHVWHURO '33&FKROHVWHURO '33&FKROHVWHURO 1 7HVOD
7HVOD
=HWDSRWHQWLDOP9
+
7LPHKRXU
+
+
+
+
7LPHKRXU
+
)LJXUH 7KH ]HWD SRWHQWLDO IRU OLSRVRPHV IRUPXODWHG ZLWK
GLIIHUHQW UDWLRV RI '33&FKROHVWHURO DW GLIIHUHQW
H[SRVXUH WLPH LQWHUYDOV WR D PDJQHWLF ILHOG RI 7 DW
WHPSHUDWXUH RI '33&FKROHVWHURO '33&FKROHVWHURO '33&FKROHVWHURO '33&FKROHVWHURO 1 ILHOGFDQEHH[SODLQHGE\DGHFUHDVHLQWKHWRWDOVXUIDFHDUHDRI
OLSRVRPHV GXH WR OLSLG IXVLRQ LQGXFHG E\ WKH PDJQHWLF ILHOG
7KHKLJKHVWVWUHQJWKRIWKH7PDJQHWLFILHOGIDFLOLWDWHGWKH
SURFHVV RI OLSLG IXVLRQ OHDGLQJ WR D VKDUS LQFUHDVH LQ SDUWLFOH
VL]H DIWHU K RI H[SRVXUH $V D UHVXOW WKH WRWDO VXUIDFH RI
OLSRVRPHSDUWLFOHVDVZHOODV]HWDSRWHQWLDOZHUHGHFUHDVHGWR
WKH ORZHVW OHYHO DV VKRZQ LQ )LJXUH )LJXUH VKRZV WKH
H[WHQW RI GUXJ &) UHOHDVH LQ OLSRVRPHV XQGHU GLIIHUHQW
PDJQHWLF ILHOG VWUHQJWKV DQG H[SRVXUH WLPHV 'UXJ UHOHDVH
LQFUHDVHG ZLWK H[SRVXUH WLPH D IDFW ZKLFK FDQ SUREDEO\ EH
DWWULEXWHGWRWKHIXVLRQSURFHVVLQGXFHGE\WKHPDJQHWLFILHOG
7KH KLJKHVW PDJQHWLF ILHOG VWUHQJWK RI 7 PDJQHWLF ILHOG
VHHPHGWRSURYRNHWKHKLJKHVWDPRXQWRIGUXJUHOHDVH
!
+
+
+
7LPHKRXU
)LJXUH 7KH FRQFHQWUDWLRQ RI &) DV &) UHOHDVH IRU
OLSRVRPHV IRUPXODWHG ZLWK GLIIHUHQW UDWLRV RI
'33&FKROHVWHURODWGLIIHUHQWH[SRVXUHWLPHLQWHUYDOVWR
DPDJQHWLFILHOGRI7DWWHPSHUDWXUHRI '33&FKROHVWHURO '33&FKROHVWHURO '33&FKROHVWHURO '33&FKROHVWHURO 1 )LJXUH VKRZV FKDQJHV LQ OLSRVRPH SDUWLFOH VL]H
IRUPXODWHG DW YDULRXV UDWLRV RI '33&FKROHVWHURO XQGHU D
PDJQHWLF ILHOG RI 7 $V H[SHFWHG WKH SDUWLFOH VL]H RI
OLSRVRPHV IRUPXODWHG DW WKH UDWLR RI '33&FKROHVWHURO XQGHUZHQWQRVLJQLILFDQWFKDQJHHYHQDIWHUKRIH[SRVXUHWR
WKHPDJQHWLFILHOGDQGWKHUDWLRRIMXVWJDYHULVHWRDVOLJKW
SDUWLFOHVL]HLQFUHDVHVLQFHWKHSUHYLRXVGDWDRI0$;',YDOXHV
KDG VKRZQ WKDW WKH SK\VLFDO VWDELOLW\ LQFUHDVHG DV FKROHVWHURO
ZDVDGGHG+RZHYHUWKHJURZWKLQSDUWLFOHVL]HRIOLSRVRPHV
DW WKH UDWLR RI '33&FKROHVWHURO UHPDLQHG WKH KLJKHVW
DWDQGKRIH[SRVXUHWRWKHPDJQHWLFILHOG$JDLQWKHGDWD
RI]HWDSRWHQWLDOVKRZQLQ)LJXUHGHPRQVWUDWHDWUHQGVLPLODU
ZLWK WKDW LQ )LJXUH WKDW OLSRVRPHV ZLWK WKH KLJKHVWSDUWLFOH
VL]H DW KRXUV RI H[SRVXUH WR WKH PDJQHWLF ILHOG PD\ KDYH
KDG WKH ORZHVW ]HWD SRWHQWLDO GXH WR D UHGXFWLRQ RI WRWDO
OLSRVRPDO VXUIDFH /LSRVRPHV ZLWK KLJK VWDELOLW\ H[SUHVVHG
WKURXJK ODFN RI FKDQJHV LQ SDUWLFOH VL]H VKRZHG D VKDUS
LQFUHDVHLQ]HWDSRWHQWLDODWKRIH[SRVXUH)LJXUHVKRZV
WKH H[WHQW RI GUXJ &) UHOHDVH LQ OLSRVRPHV IRUPXODWHG
ZLWKGLIIHUHQWDGGLWLRQVRIFKROHVWHUROXQGHUWKHPDJQHWLFILHOG
RI7ZLWKGLIIHUHQWH[SRVXUHWLPHV'UXJUHOHDVHLQFUHDVHG
ZLWK H[SRVXUH WLPH ZKLFK LV SUREDEO\ DWWULEXWDEOH WR WKH
IXVLRQSURFHVVLQGXFHGE\WKHPDJQHWLFILHOG>@7KHUDWLR
RI '33&FKROHVWHURO VHHPHG WR EH WKH PRVW HIILFLHQW
IRU GUXJ UHOHDVH DW HLWKHU K RU K RI H[SRVXUH WR WKH
PDJQHWLFILHOG,WLVSODXVLEOHWKDWOLSRVRPHVZLWKDKLJKUDWLR
RI FKROHVWHURO DGGLWLRQ DQG LWV FRQFRPLWDQW KLJK SK\VLFDO
VWDELOLW\ PLJKW KDYH PRUH GLIILFXOW\ UHOHDVLQJ HQFDSVXODWHG
GUXJVHYHQWKRXJKWKHPDJQHWLFILHOGZLWKLQFUHDVLQJH[SRVXUH
WLPHKDVDOUHDG\LQFUHDVHGWKHGUXJUHOHDVH>@7KHUHIRUH
EDODQFLQJ WKH SK\VLFDO VWDELOLW\ DQG WKH H[WHQW RI OLSLG IXVLRQ
XQGHUWKHPDJQHWLFILHOGEHFRPHVLPSRUWDQWZKHQFRQVLGHULQJ
DQ RSWLPL]HG IRUPXODWLRQ IRU GUXJ UHOHDVH LQ OLSRVRPHV
&RPSDULQJ WKHLU VWDELOLW\ DQG WKH H[WHQW RI GUXJ UHOHDVH
WULJJHUHGE\WKHPDJQHWLFILHOGOLSRVRPHRI'33&FKROHVWHURO
-0HG%LRO(QJ9RO1R
H[KLELWHG WKH KLJKHVW SK\VLFDO VWDELOLW\ DQG VKRZHG D
GLIIHUHQFHLQGUXJUHOHDVHRYHUWKHDEVHQFHRIDPDJQHWLF
ILHOG /LSRVRPH RI '33&FKROHVWHURO VHHPHG WR EH WKH
RSWLPDO OLSRVRPH IRUPXODWLRQ IRU GUXJ UHOHDVH XQGHU D
PDJQHWLFILHOG
&RQFOXVLRQ
/LSRVRPH IRUPXODWHG ZLWK GLIIHUHQW UDWLRV RI FKROHVWHURO
ZDVXVHGWRLQYHVWLJDWHWKHFRQGLWLRQVRIGUXJUHOHDVHWULJJHUHG
E\DPDJQHWLFILHOG/LSRVRPHVZHUHSUHSDUHGDWYDULRXVUDWLRV
RI '33&FKROHVWHURO DW P0 OLSLG
FRQFHQWUDWLRQ DQG WKHQ ZHUH PDGH WR HQFDSVXODWH &)
7KHUHVXOWVVKRZHGWKDWGHIRUPDELOLW\RIOLSRVRPHVGHFUHDVHG
DV OLSRVRPDO VWDELOLW\ LQFUHDVHG $V WKH VWUHQJWK RI PDJQHWLF
ILHOG LQFUHDVHG WKH H[WHQW RI WKH GLVUXSWLRQ DQG IXVLRQ RI WKH
OLSRVRPHVDOVRLQFUHDVHG7KH]HWDSRWHQWLDODQGSDUWLFOHVL]HV
RI OLSRVRPHV XQGHU GLIIHUHQW PDJQHWLF ILHOGV FKDQJHG
GUDPDWLFDOO\ ZKLFK ZDV UHODWHG WR FKDQJHV LQ VXUIDFH DUHD
XQGHUWKHPDJQHWLFILHOG/LSRVRPHRI'33&FKROHVWHURO VHHPHG WR EH WKH RSWLPDO OLSRVRPH IRUPXODWLRQ IRU GUXJ
UHOHDVHXQGHUDPDJQHWLFILHOG
$FNQRZOHGJHPHQW
:HDFNQRZOHGJHGWKDW16&RI7DLZDQ52&VXSSRUWHG
WKHIXQGRIWKLVZRUNZLWKSURMHFW16&(
5HIHUHQFH
>@
>@
>@
>@
>@
>@
>@
$' %DQJKDP 00 6WDQGLVK -& :DWNLQV ³'LIIXVLRQ RI
XQLYDOHQWLRQVDFURVVWKHODPHOODHRIVZROOHQSKRVSKROLSLGV´-
0RO%LRO
3*R\DO.*R\DO9LMD\D6*.XPDU$6LQJK23.DWDUH
'1 0LVKUD ³/LSRVRPDO GUXJ GHOLYHU\ V\VWHPVFOLQLFDO
DSSOLFDWLRQV´$FWD3KDUP
-$ .DPSV */ 6FKHUSKRI ³%LRGLVWULEXWLRQ DQG XSWDNH RI
OLSRVRPHVLQYLYR´0HWKRGV(Q]\PRO
'=/LX:<&KHQ/07DVLDQG63<DQJ³7KH(IIHFWVRI
&KROHVWHURO RQ WKH 5HOHDVH RI )UHH /LSLGV DQG 3K\VLFDO
6WDELOLW\ RI /HFLWKLQ /LSRVRPHV´ - &KLQ ,QVW &KHP (QJ
(&< <DQ DQG % .HQQHWK ³(LVHQWKDO (IIHFW RI &KROHVWHURO
RQ 0ROHFXODU 7UDQVSRUW RI 2UJDQLF &DWLRQV DFURVV /LSRVRPH
%LOD\HUV3UREHGE\6HFRQG+DUPRQLF*HQHUDWLRQ´%LRSK\V-
±
0<DQDVH06KLQNDL++RQGD7:DNDED\DVKL-<RVKLGD
7 .RED\DVKL ³,QWUDFHOOXODU +\SHUWKHUPLD IRU &DQFHU 8VLQJ
0DJQHWLWH &DWLRQLF /LSRVRPHV $Q LQ YLYR 6WXG\´ -SQ -
&DQFHU5HV±
53 /LEXUG\ 76 7HQIRUGH 5/ 0DJLQ ³0DJQHWLF
ILHOGLQGXFHG GUXJ SHUPHDELOLW\ LQ OLSRVRPH YHVLFOHV´ 5DGLDW
5HV
>@ + .XUDVKLPD + $EH 6 2]HNL ³0DJQHWLFILHOGLQGXFHG
'HIRUPDWLRQ RI /LSLG 0HPEUDQHV´ 0RO 3K\V >@ %- )ULVNHQ & $VPDQ DQG 3- 3DWW\ ³6WXGLHV RI 9HVLFOH
([WUXVLRQ´/DQJPXLU
>@ 6 5DII\ DQG - 7HLVVLp ³&RQWURO RI /LSLG 0HPEUDQH 6WDELOLW\
E\&KROHVWHURO&RQWHQW´%LRSK\V-
>@ .0* 7D\ORU DQG 50 0RUULV ³7KHUPDO $QDO\VLV RI 3KDVH
WUDQVLWLRQ %HKDYLRXU LQ OLSRVRPH´ 7KHUPRFKLP $FWD >@ - (JEHUWV 05 +DUGHPDQ DQG /0 /X\N[ ³'HFUHDVHG
GHIRUPDELOLW\ RI GRQRU UHG EORRG FHOOV DIWHU LQWUDXWHULQH
WUDQVIXVLRQ LQ WKH KXPDQ IHWXV SRVVLEOH UHDVRQ IRU WKHLU
UHGXFHGOLIHVSDQ´7UDQVIXVLRQ
>@ ' &KDSPDQ 5HFHQW SK\VLFDO VWXGLHV RI SKRVSKROLSLGV DQG
QDWXUDO PHPEUDQHV ,Q %LRORJLFDO 0HPEUDQHV 3K\VLFDO )DFW
DQG)XQFWLRQ$FDGHPLF3UHVV
>@ 6-6LQJHUDQG*/1LFROVRQ³7KHIOXLGPRVDLFPRGHORIWKH
VWUXFWXUHRIFHOOPHPEUDQHV´6FLHQFH
\26^ 6 &KLHQ %LRSK\VLFDO EHKDYLRU RI UHG FHOOV LQ VXVSHQVLRQV ,Q
7KH5HG%ORRG&HOO$FDGHPLF3UHVV!
>@ & .LUE\ - &ODUNH DQG * *UHJRULDGLV ³(IIHFW RI WKH
FKROHVWHURO FRQWHQW RI VPDOO XQLODPHOODU OLSRVRPHV RQ WKHLU
VWDELOLW\ LQ YLYR DQG LQ YLWUR´ %LRFKHP - ±
>@ + .XUDVKLPD + $EH DQG 6 2]HNL ³0DJQHWLFILHOGLQGXFHG
'HIRUPDWLRQ RI /LSLG 0HPEUDQHV´ 0RO 3K\V >@ 6 2]HNL + .XUDVKLPD DQG + $EH ³+LJK0DJQHWLF)LHOG
(IIHFWV RQ /LSRVRPHV DQG %ODFN 0HPEUDQHV RI
'LSDOPLWR\OSKRVSKDWLG\OFKROLQ
0DJQHWRUHVSRQVH
LQ
0HPEUDQH 3RWHQWLDO DQG 0DJQHWRIXVLRQ´ - SK\V FKHP %
&RQGHQVPDWHUVXUILQWHUIDFHVELRSK\V
>@ 10 6DQGDUDF 0 $VKRN 61 .DONXUD ³2EVHUYDWLRQ RI
FKROHVWHUROQXFOHDWLRQLQDPDJQHWLFILHOG´$FWD&U\VWDOORJU'
%LRO&U\VWDOORJU
>@ 53 /LEXUG\ DQG 76 7HQIRUGH ³0DJQHWLF )LHOG,QGXFHG
'UXJ 3HUPHDELOLW\ LQ /LSRVRPH 9HVLFOHV´ 5DGLDW UHV >@ 7 +LJDVKL $ <DPDJLVKL 7 7DNHXFKL DQG 0 'DWH ³(IIHFWV
RI 6WDWLF 0DJQHWLF )LHOGV RQ (U\WKURF\WH 5HKRORJ\´
%LRHOHFWURFKHPLVWU\DQG%LRHQHUJHWLFV
>@ ( %RURVNH DQG : +HOIULFK ³0DJQHWLF $QLVWURS\ RI (JJ
/HFLWKLQ0HPEUDQHV´ %LRSK\V-
>@ & 5RVHQEDODWW 3 <DJHU DQG 3( 6FKRHQ ³2ULHQWDWLRQ RI
/LSLG7XEXOHVE\D0DJQHWLF)LHOG´%LRSK\V-
>@ +5 .KDQ DQG 6 2]HNL ³(VLPDWLRQ RI (IIHFWLYH )L[HG
&KDUJHG 'HQVLW\ RI D %ODFN /LSLG 0HPEUDQH RI 'LGRGHF\O
3KRVSKLWH IURP 0HPEUDQH 3RWHQWLDO DQG ,WV $SSOLFDWLRQ WR
6WDWLF 0DJQHWLF )LHOG (IIHFW RQ ,RQ 7UDQVSRUW´ - &ROORLG
,QWHUIDFH6FL