7KHUDS\&RQWUROLQ2QFRORJ\E\ &LUFXODWLQJ1XFOHRVRPHV 6+2/'(15,('(5$1'367,(%(5 ,QVWLWXWHRI&OLQLFDO&KHPLVWU\8QLYHUVLW\RI0XQLFK'0XQLFK*HUPDQ\

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± ‹1HZ


$11$/61(:<25.$&$'(0<2)6&,(1&(6

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±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

),*85(  .LQHWLFVRIWKHEDVHOLQHYDOXHVRIQXFOHRVRPHVLQVHUXPRISDWLHQWVZLWK YDULRXVPDOLJQDQWGLVHDVHVGXULQJFKHPRWKHUDS\$ 0DQ\SDWLHQWVZLWKSURJUHVVLYHGLV HDVH VKRZ FRQVWDQWO\ KLJK RU LQFUHDVLQJ YDOXHV %  0RVW RI WKH SDWLHQWV ZLWK UHPLVVLRQ H[KLELWGHFUHDVLQJFRXUVHVRIQXFOHRVRPHVDWWKHWLPHRIWKHVWDJLQJLQYHVWLJDWLRQ

+2/'(15,('(5 67,(%(5&,5&8/$7,1*18&/(2620(6



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± DQGIURPF\FOH WR%9± DQGDGGLWLRQDOO\WKHDUHDXQGHUWKHFXUYHRIGD\VWR$8&± ZHUHLQYHVWLJDWHGRQWKHLUGLVFULPLQDWLQJSRZHUEHWZHHQWKHJURXSVRIUHVSRQGHUV UHPLVVLRQQ= DQGQRQUHVSRQGHUVVWDEOHDQGSURJUHVVLYHGLVHDVHQ= 7KH DUHDXQGHUWKHFXUYHRIGD\VWR$8&±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±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



$11$/61(:<25.$&$'(0<2)6&,(1&(6

),*85(  &RXUVHRIQXFOHRVRPHVLQDSDWLHQWZLWKUHVSRQVHWRWKHUDS\7KHYDOXHV LQFUHDVHGRQO\VOLJKWO\IROORZHGE\DQDOPRVWFRPSOHWHGHFUHDVHGXULQJWKHILUVWWKHUDSHXWLF ZHHN7KHSUHF\FOLFEDVHOLQHYDOXHVGHWHUPLQHGEHIRUHWKHVXEVHTXHQWF\FOHVGHFUHDVHGFRQ VWDQWO\GHWDLOVLQWH[W 

HOLPLQDWLRQRIQXFOHRVRPHVIURPWKHFLUFXODWLRQE\UHQDOKHSDWLFRULQWUDSODVPDWLF SURFHVVHVVHHPVWRFRQWULEXWHWRWKHKLJKDUHDXQGHUWKHFXUYHLQWKRVHSDWLHQWVWRR )LQDOO\WKHJHQHUDODFFHVVRIQXFOHRVRPHVWREORRGFLUFXODWLRQPLJKWSOD\DQLPSRU WDQWUROHDVDSRRUUHVSRQVHZDVREVHUYHGLQSDWLHQWVZLWKPHWDVWDVL]HGGLVHDVHDV ZHOODVLQWKRVHZLWKDKLJKDUHDXQGHUWKHFXUYH 7\SLFDOFRXUVHVRIQXFOHRVRPHVRIUHVSRQGHUVDQGQRQUHVSRQGHUVDUHLOOXVWUDWHG LQ),*85(6 DQG),*85( VKRZVWKHNLQHWLFVRIQXFOHRVRPHVLQWKHVHUXPRID \HDUROGSDWLHQWZLWKVTXDPRXVFHOOFDUFLQRPDVWDJH,,,$UHFHLYLQJDUHJLPHQ FRQVLVWLQJRIFLVSODWLQPLWRP\FLQ&DQGYLQEODVWLQ'XULQJWKHILUVWZHHNRIWKHUD S\WKHYDOXHVLQFUHDVHGRQO\VOLJKWO\IROORZHGE\DQDOPRVWFRPSOHWHGHFUHDVH7KH UHVXOWLQJDUHDXQGHUWKHFXUYHRIGD\VWR$8&± ZDV$8 G7KHEDVH OLQHYDOXHVGHWHUPLQHGEHIRUHWKHQH[WF\FOHVGHFUHDVHGFRQVWDQWO\6WDJLQJLQYHVWL JDWLRQVEHIRUHWKHVWDUWRIWKHWKLUGF\FOHUHYHDOHGSDUWLDOUHPLVVLRQRIWKHWXPRU ,Q ),*85(   WKH FRXUVH RI FLUFXODWLQJ QXFOHRVRPHV LV VKRZQ LQ D \HDUROG SDWLHQWZLWKVTXDPRXVFHOOFDUFLQRPDVWDJH,9UHFHLYLQJDUHJLPHQFRQVLVWLQJRI PLWRP\FLQ&DQGYLQRUHOELQ'XULQJWKHILUVWZHHNRIWKHUDS\WKHYDOXHVLQFUHDVHG UDSLGO\WRKLJKOHYHOVIROORZHGE\DQLQFRPSOHWHGHFUHDVH7KHUHVXOWLQJDUHDXQGHU WKHFXUYHRIGD\VWR$8&±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

+2/'(15,('(5 67,(%(5&,5&8/$7,1*18&/(2620(6



),*85(  &RXUVHRIQXFOHRVRPHVLQDSDWLHQWZLWKSURJUHVVLYHGLVHDVH7KHYDOXHV LQFUHDVHGUDSLGO\WRKLJKOHYHOVIROORZHGE\DQLQFRPSOHWHGHFUHDVH7KHSUHF\FOLFEDVHOLQH YDOXHVGHWHUPLQHGEHIRUHWKHVXEVHTXHQWF\FOHVLQFUHDVHGFRQVWDQWO\GHWDLOVLQWH[W 

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±   /8*(5.HWDO&U\VWDOVWUXFWXUHRIWKHQXFOHRVRPHFRUHSDUWLFOHDWcUHVR OXWLRQ1DWXUH±  .251%(5*5 </25&+7ZHQW\ILYH\HDUVRIWKHQXFOHRVRPHIXQGDPHQWDO SDUWLFOHRIWKHHXNDU\RWHFKURPRVRPH&HOO±  :


$11$/61(:<25.$&$'(0<2)6&,(1&(6

 58025( 3 HW DO  +HPRGLDO\VLV DV D PRGHO IRU VWXG\LQJ HQGRJHQRXV SODVPD '1$ROLJRQXFOHRVRPHOLNHVWUXFWXUHDQGFOHDUDQFH&OLQ([S,PPXQRO±  *$87+,(5 9 HW DO  %ORRG FOHDUDQFH NLQHWLFV DQG OLYHU XSWDNH RI PRQRQXFOHR VRPHVLQPLFH-,PPXQRO±  /2<0'HWDO.LQHWLFVRISODVPD(SVWHLQ%DUUYLUXV'1$GXULQJUDGLDWLRQ WKHUDS\IRUQDVRSKDU\QJHDOFDUFLQRPD&DQFHU5HV±  .852, . HW DO  &OLQLFDO VLJQLILFDQFH RI SODVPD QXFOHRVRPH OHYHOV LQ FDQFHU SDWLHQWV,QW-2QFRO±  75(-2%(&(55,/&HWDO&LUFXODWLQJQXFOHRVRPHVDQGUHVSRQVHWRFKHPRWKHU DS\DQLQYLWURLQYLYRDQGFOLQLFDOVWXG\RQFHUYLFDOFDQFHUSDWLHQWV,QW-&DQFHU ±