(XURVSHHFK¶YROSS 8QLYHUVLW\RI3DWUDV:LUH&RPPXQLFDWLRQV/DERUDWRU\ 5KRGHV*UHHFH
5LPHDQGV\OODELFHIIHFWVLQSKRQRORJLFDOSULPLQJ EHWZHHQ)UHQFKVSRNHQZRUGV 1LFRODV'XPD\ 0RQLTXH5DGHDX
/DERUDWRLUHGH3V\FKROLQJXLVWLTXH([SpULPHQWDOH )$36( 8QLYHUVLWpGH*HQqYH URXWHGH 'UL]H &+&DURXJH 68,66( WpO HPDLOQGXPD\#XOEDFEH /DERUDWRLUHGH3V\FKRORJLH([SpULPHQWDOH 8QLYHUVLWp/LEUHGH%UX[HOOHV DYHQXH)'5RRVHYHOW &3 %UX[HOOHV %(/*,48( WpO HPDLOPRUDGHDX#XOEDFEH %HOJLDQ1DWLRQDO)XQGIRU6FLHQWLILF5HVHDUFK
$%675$&7
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
,1752'8&7,21
7KH LQYROYHPHQW RI WKH V\OODEOH LQ WKH SURFHVVLQJ RI VSHHFK LQ )UHQFK KDV DOUHDG\ EHHQ GHPRQVWUDWHG LQ VHYHUDOV SDUDGLJPV LQ VHTXHQFH GHWHFWLRQ DQG SKRQHPH PRQLWRULQJ >@ >@ >@ DQG LQ SKRQRORJLFDO PLJUDWLRQV >@ )RURXUSDUWZHDGGUHVVHGWKHTXHVWLRQRI WKH V\OODELF LQYROYHPHQW LQ )UHQFK VSHHFK SURFHVVLQJ XVLQJ SKRQRORJLFDO SULPLQJ 7KLV SDUDGLJPLVEDVHGRQWKHLGHDWKDWSURFHVVLQJD VWLPXOXV ± FDOOHG SULPH ± VKRXOG DIIHFW WKH SURFHVVLQJ RI D VXEVHTXHQW VWLPXOXV ± FDOOHG WDUJHW ± LI SULPH DQG WDUJHW VKDUH VRPH IRUPDO SKRQRORJLFDOLQIRUPDWLRQZKLFKFRLQFLGHVZLWK DXQLWLQYROYHGLQWKHDFFHVVWRWKHOH[LFRQ 'XHWRWKHRULJLQDOYHUVLRQRIWKH&RKRUWWKHRU\ >@ ZKLFK JDYH D VSHFLDO VWDWXV WR ZRUG
RQVHWV PRVW RI WKH IRUPDO DXGLWRU\ SULPLQJ VWXGLHV ZHUH FRQFHUQHG ZLWK WKH UROH RI LQLWLDO SKRQRORJLFDO RYHUODS VDG VDFN IRU H[DPSOHV $OWKRXJK HIIHFWV JRLQJ LQ UDGLFDOO\ GLIIHUHQW GLUHFWLRQV ± IURP IDFLOLWDWLRQ WR LQKLELWLRQ± RUPRUH RIWHQQRHIIHFWDWDOOZHUH UHSRUWHG >@ IRU D UHYLHZ VHYHUDO VWXGLHV LQ ZKLFK WKH SUREDELOLW\ RI VWUDWHJLF HIIHFWV ZDV ORZ FRQYHUJHG WR VKRZ LQKLELWRU\ SULPLQJ HIIHFWV EHWZHHQ PRQRV\OODELF LWHPV VKDULQJ DW OHDVWWKHWKUHHLQLWLDOSKRQHPHV>@>@>@ ,QFRQWUDVWILQDORYHUODSEDFN ODFNIRUH[ KDVFRQVLVWHQWO\ SURGXFHGIDFLOLWDWLRQLQOH[LFDO GHFLVLRQDVZHOODVLQVKDGRZLQJ>@>@LQ (QJOLVK >@ >@ LQ 'XWFK >@ >@ LQ )UHQFK 7KLV HIIHFW ZDV VKRZQ WR GLVDSSHDU XQGHUDXGLWRU\ SULPH YLVXDO WDUJHW FURVVPRGDO VWLPXODWLRQDQGZDVIRXQGLQVHQVLWLYHWRSULPH OH[LFDOLW\ >@ 0RUHRYHU 5DGHDX >@ VXJJHVWHG WKDW LW PLJKW LQYROYH ULPH XQLWV EHFDXVH XVLQJ &&9& PRQRV\OODELF LWHPV VKH REVHUYHG IDFLOLWDWLRQ RQO\ ZKHQ SULPH DQG WDUJHW VKDUHG DW OHDVW WKH ODVW WZR SKRQHPHV >9&@ DQG QR LQFUHDVH RI WKLV IDFLOLWDWLRQ IRU RQH DGGLWLRQDO SKRQHPH RYHUODS >&9&@ +RZHYHU WKH ULPH QDWXUH RI WKH XQGHUO\LQJ XQLWVKDVEHHQLQIHUHGIURP PRQRV\OODELFLWHPV RQO\ ,W ZDV WKHUHIRUH LPSRVVLEOH WR NQRZ LI D ODUJHU XQLW OLNH WKH V\OODEOH PLJKW EH LQYROYHG LQWKHILQDOSKRQRORJLFDORYHUODSHIIHFW 6R RXU LQYHVWLJDWLRQ DLPHG ILUVW DW VSHFLI\LQJ WKH XQLWV XQGHUO\LQJ WKH ILQDO RYHUODS HIIHFW EHWZHHQ SOXULV\OODELF LWHPV LQ )UHQFK DQG PRUH SDUWLFXODUO\ WR DVVHVV WKH UROH RI WKH V\OODEOH V\OODELF HIIHFWV KDYH DOUHDG\ EHHQ GHPRQVWUDWHGLQWKLV ODQJXDJH
(XURVSHHFK¶YROSS 8QLYHUVLW\RI3DWUDV:LUH&RPPXQLFDWLRQV/DERUDWRU\ 5KRGHV*UHHFH
6HFRQGO\ZHZDQWHGWRFRQILUPWKHDEVHQFHRI SULPLQJ HIIHFW XQGHU FURVVPRGDO YLVXDO DXGLWRU\VWLPXODWLRQLHLQFRQGLWLRQVRSSRVLWH WRWKRVH XVHGE\5DGHDXHWDO>@ )LQDOO\ ZH WULHG WR GHWHUPLQH KRZ WKH ILQDO RYHUODS HIIHFW RFFXUUHG $FFRUGLQJ WR 5DGHDX HW DO >@ WKH IXQFWLRQ RI WKH XQLWV DFWLYDWHG E\ WKH ILQDO LQIRUPDWLRQ LQ WKH SULPH PLJKW EH WRWDNHSDUWLQWKHOH[LFDOVHOHFWLRQRIWKHWDUJHW ZKHQ WKH WDUJHW FRKRUW LV DFWLYDWHG ,I LW LV WKH FDVH QR HIIHFW VKRXOG EH H[SHFWHG RQ SVHXGRZRUGWDUJHWV
ERWK VLWXDWLRQV RI VWLPXODWLRQ FRPSDUDEOH D PV ,6, ZDV XVHG LQ WKH XQLPRGDO FRQGLWLRQ ZKLOH D PV 62$ FRUUHVSRQGLQJ WR WKH PHDQDXGLWRU\OHQJWKRIWKHSULPHVZDVXVHGLQ WKH FURVVPRGDO RQH WKH YLVXDO SULPH EHLQJ SUHVHQWHGGXULQJ PVIROORZHGE\D PV EODQN 5HDFWLRQ WLPH IURP WDUJHW RQVHW DQG HUURU UDWH ZHUH PHDVXUHG DV GHSHQGHQW YDULDEOHV 5(68/76
$ $8QLPRGDO6WLPXODWLRQ
(;3(5,0(17
7R DFKLHYH WKH ILUVW JRDO ZH H[DPLQHG WKH LQIOXHQFH RI SULPHV RI &9&9& SKRQRORJLFDO VWUXFWXUH VKDULQJ WKH FRGD IXFqGH IRU H[ WKH ULPH IXSLGH >VRXQG $6ZDY@ WKH V\OODEH IXOLGH >VRXQG $6ZDY@ >VRXQG $6ZDY@ RU QR SKRQHPH IXFqUH >VRXQG $6ZDY@ ZLWK WKHLU WDUJHW EROLGH ,I WKH ILQDO RYHUODS HIIHFW GHSHQGV RQ SKRQHPLF XQLWV ZH VKRXOG H[SHFW D UHODWLYHO\ OLQHDU LQFUHDVHLQWKHHIIHFWVZLWKWKHJURZLQJQXPEHU RIVKDUHGSKRQHPHVV\OO ! ULPH ! FRGD ! FRQWU{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¶V DWWHQWLRQ WR WKH YLVXDO SULPHV ZDV FRQWUROOHG E\ DQ XQUHDGDEOH SULPH GHWHFWLRQ VHFRQGDU\WDVNEWJHIRUH[ 6RDVWRPDNH
:RUGWDUJHWV
&RQWUROYV
3ULPH
FWUO
FRGD
ULPH
V\OO
FRGD
ULPH
(UURU
57PV
3VHXGRZRUGWDUJHWV
FWUO
FRGD
ULPH
V\OO
FRGD
ULPH
(UURU
&RQWUROYV
3ULPH
57PV
V\OO
9 $&URVVPRGDO6WLPXODWLRQ :RUGWDUJHWV
V\OO
&RQWUROYV
3ULPH
FWUO
FRGD
ULPH
V\OO
FRGD
ULPH
V\OO
(UURU
57PV
3VHXGRZRUGWDUJHWV
&RQWUROYV
3ULPH
FWUO
FRGD
ULPH
V\OO
FRGD
ULPH
V\OO
(UURU
57PV
7DEOHVDQG 0HDQ 57V HUURU UDWHV DQG SULPLQJ HIIHFWV LQ HDFK FRQGLWLRQ DFFRUGLQJ WR WKH PRGDOLW\ RI VWLPXODWLRQ
LQGLFDWHV HIIHFWV VWDWLVWLFDOO\ VLJQLILFDQW E\ VXEMHFW LWHP LQGLFDWHV HIIHFWV VWDWLVWLFDOO\VLJQLILFDQWE\VXEMHFW
7KH 57 DQDO\VHV $129$6 E\ VXEMHFW DQG LWHP UHYHDOHG D FOHDU LQWHUDFWLRQ EHWZHHQ WKH RYHUODSHIIHFWVDQGWKHPRGDOLW\RIVWLPXODWLRQ
(XURVSHHFK¶YROSS 8QLYHUVLW\RI3DWUDV:LUH&RPPXQLFDWLRQV/DERUDWRU\ 5KRGHV*UHHFH
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
7KH DXWKRUV WKDQN $ODLQ &RQWHQW DQG 8OL )UDXHQIHOGHUIRUWKHLUIUXLWIXOFRPPHQWVRQWKH PDQXVFULSW 5()(5(1&(6
>@ &87/(5 $ 0(+/(5 - 1255,6 ' 6(*8, - 3KRQHPH LGHQWLILFDWLRQ DQG WKH OH[LFRQ&RJQLWLYH3V\FKRORJ\
>@ 0(+/(5 - '200(5*8(6 -< )5$8(1)(/'(58+ 6(*8,- 7KH V\OODEOH V UROH LQ VSHHFK VHJPHQWDWLRQ -RXUQDO RI 9HUEDO /HDUQLQJ DQG 9HUEDO %HKDYLRU >@ 6(*8, - '8328; ( 0(+/(5 - 7KH UROH RI WKH V\OODEOH LQ VSHHFK VHJPHQWDWLRQ SKRQHPH LGHQWLILFDWLRQ DQG OH[LFDO DFFHVV,Q*70$OWPDQQ(G &RJQLWLYHPRGHOV
(XURVSHHFK¶YROSS 8QLYHUVLW\RI3DWUDV:LUH&RPPXQLFDWLRQV/DERUDWRU\ 5KRGHV*UHHFH
RI VSHHFK SURFHVVLQJ SS &DPEULGJH 0$0,73UHVV
>@.2/,16.<5025$,6- &/8<7(16 0 ,QWHUPHGLDWH UHSUHVHQWDWLRQV LQ VSRN HQ ZRUG UHFRJQLWLRQ HYLGHQFH I URP ZRUG LOOXVLRQ -RXUQDORI0HPRU\DQG/DQJXDJH >@ 0$56/(1:,/621 :' :(/6+ $ 3URFHVVLQJ LQWHUDFWLRQV DQG OH[LFDO DFFHVV GXULQJ ZRUG UHFRJQLWLRQ LQ FRQWLQXRXV VSHHFK &RJQLWLYHSV\FKRORJ\
>@ 5$'($8 0 025$,6 - 6(*8, - 3KRQRORJLFDO SULPLQJ EHWZHHQ PRQRV\OODELF VSRNHQ ZRUGV -RXUQDO RI ([SHULPHQWDO 3V\FKRORJ\ +XPDQ 3HUFHSWLRQ DQG 3HUIRUPDQFH
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
> @%857210: 6\OODEOHSULPLQJLQ DXGLWRU\ZRUGUHFRJQLWLRQ 3RVWHUSUHVHQWHGDWWKH UG$QQXDO0HHWLQJRIWKH3V\FKRQRPLF6RFLHW\
>@ (0025(< .' $XGLWRU\ PRUSKRORJLFDO SULPLQJ LQ WKH OH[LFRQ /DQJXDJH DQGFRJQLWLYHSURFHVVHV >@ 35$$0675$ 3 0(<(5 $6 /(9(/7 :-0 1HXURSK\VLRORJLFDO PDQLIHVWDWLRQV RI SKRQRORJLFDO SURFHVVLQJ ODWHQF\ YDULDWLRQRIDQHJDWLYH(53FRPSRQHQWWLPHORFNHG WR SKRQRORJLFDO PLVPDWFK -RXUQDO RI &RJQLWLYH 1HXURVFLHQFH
>@ 35$$0675$ 3 67(*(0$1 ') 3KRQRORJLFDO HIIHFWV RQ WKHDXGLWRU\1 HYHQWUHODWHG EUDLQ SRWHQWLDO &RJQLWLYH %UDLQ 5HVHDUFK >@ 6(521 ; -($11(52' 0 1HXURSV\FKRORJLH+XPDLQH 0DUGDJD/LqJH
>@3(7(56(16()2;373261(50, 0,1780 0 5$,&+/( 0( 3RVLWURQ HPLVVLRQ WRPRJUDSK\ VWXGLHV RI WKH FRUWLFDO DQDWRP\ RI VLQJOH ZRUG SURFHVVLQJ 1DWXUH >@3(7(56(16()2;3761<'(5$= 5$,&+/( 0( $FWLYDWLRQ RI H[WUDVWULDWH DQG IURQWDO FRUWLFDO DUHDV E\ YLVXDO ZRUGV DQG ZRUGOLNH VWLPXOL 6FLHQFH