download full version

+LJK7HPSHUDWXUH5HJLRQ

910RLVH\HQNR_{03'HUJDFKRY<D9%XUDN}

_{3K\VLFV'HSDUWPHQW'QLHSURSHWURYVN1DWLRQDO8QLYHUVLW\1DXNRYD6W'QLH} SURSHWURYVN8NUDLQHHPDLORSWLF#IIGVXGSXD

_{,QVWLWXWHRI3K\VLFDO2SWLFV'UDJRPDQRY6W/YLY8NUDLQH} HPDLOEXUDN#LIROYLYXD

5HFHLYHG

$EVWUDFW

,VRIUHTXHQF\ WHPSHUDWXUH GHSHQGHQFHV RI 5D\OHLJK DQG K\SHU5D\OHLJK VFDWWHULQJ LQWHQVLWLHV KDYH EHHQ PHDVXUHG LQLVRWRSLFDOO\ VXEVWLWXWHG /L%2 FU\VWDOVZLWKLQ D ZLGH WHPSHUDWXUHUDQJH±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

.H\ZRUGVOLJKWVFDWWHULQJLRQLFFRQGXFWLYLW\SKDVHWUDQVLWLRQ

3$&6F

,QWURGXFWLRQ

/LWKLXP WHWUDERUDWH FU\VWDOV /L%2 /% DUH

YHU\ SURPLVLQJ IRU DSSOLFDWLRQV LQ DFRXVWRHOHFWURQLFGHYLFHVRZLQJWRKLJKYDOXHV RI WKHLU S\UR DQG SLH]RHOHFWULF FRHIILFLHQWV > @7KHVHPDWHULDOVDUHDOVRXVHGIRUWKHKLJKHU RUGHU RSWLFDO KDUPRQLFV JHQHUDWLRQ LQ WKH XOWUDYLROHWUHJLRQ>@'XHWRVRPHIHDWXUHVRI FU\VWDO ODWWLFH VWUXFWXUH /% FU\VWDOV GHPRQVWUDWH D KLJK FRQGXFWLYLW\ DORQJ WKH FU\VWDOORJUDSKLFD[LV>@s~2KPµP

DW . DQG PD\ EH UHIHUUHG WR D JURXS RI KLJKWHPSHUDWXUH RQHGLPHQVLRQDO LRQLF FRQGXFWRUV >@ $V D FRQVHTXHQFH RI SRVVLEOH SUDFWLFDO DSSOLFDWLRQV RI WKLV PDWHULDO WKH TXHVWLRQRIWHPSHUDWXUHVWDELOLW\RI LWV SK\VLFDO SURSHUWLHVKDVEHHQVWXGLHGLQGHWDLOIRUDZLGH WHPSHUDWXUH UDQJH > @ %HORZ WKH URRP WHPSHUDWXUH WKH DQRPDOLHV RI SK\VLFDO

SDUDPHWHUVREVHUYHGLQWKHYLFLQLW\RI.> @ KDYH EHHQ GHVFULEHG LQ WHUPV RI D SKDVH WUDQVLWLRQFDXVHGE\FKDQJLQJODWWLFHWUDQVODWLRQ V\PPHWU\ >@ 7KUHH LQWHUYDOV FRQWDLQLQJ WKH DQRPDOLHV PD\ EH GLVWLQJXLVKHG LQ WKH KLJK WHPSHUDWXUHUDQJH±.LDGHFUHDVH RIWKHFRQGXFWLYLW\DFWLYDWLRQHQHUJ\IURP

H97.WR±H97!.LV

SHFXOLDU IRU WKH YLFLQLW\ RI . > @ LL DQRPDOLHV RI WKHUPRHOHFWULF FRHIILFLHQWq >@ DQGWKHUHDOSDUWRIGLHOHFWULF FRQVWDQWe>@

DV ZHOO DV D IUDFWXUH LQ WKH WHPSHUDWXUH GHSHQGHQFH RI FRQGXFWLYLW\ s >@ DOO

RFFXUULQJ DW ± . DUH FRQQHFWHG ZLWK VWDUWLQJ /L_{LRQ WUDQVIHU SHUSHQGLFXODU WR >@}

D[LVLLLIUHTXHQF\LQGHSHQGHQWPD[LPDRIe

DQGe>@DSHDNRIWKHVRXQGDEVRUSWLRQIRU

WHPSHUDWXUHV KLJKHU WKDQ . 7KH UHVXOWV PHQWLRQHG DERYH WRJHWKHU ZLWK WKH 5DPDQ VSHFWURVFRS\ GDWD >@ VKRXOG WHVWLI\ D SRVVLELOLW\ RI RUGHUGLVRUGHU SKDVH WUDQVLWLRQ LQ WKLVWHPSHUDWXUHLQWHUYDO

7KHSUHVHQWZRUNLVGHYRWHGWRVWXGLHVIRU WKH WHPSHUDWXUH GHSHQGHQFHV RI WKH HODVWLF DQG TXDVLHODVWLFOLJKWVFDWWHULQJ4(/6SDUDPHWHUV LQ WKH LRQLF FRQGXFWLQJ FU\VWDOV RI /L%2

ZKLFKKDYHEHHQXQGHUWDNHQZLWKWKHSXUSRVHRI UHYHDOLQJ VWUXFWXUDO FKDQJHV LQ WKH OLWKLXP VXEODWWLFH

([SHULPHQWDO

7KH PHDVXUHPHQWV KDYH EHHQ SHUIRUPHG IRU VLQJOH/%FU\VWDOV ZLWK YDULRXV FRQWHQW RI WKH OLWKLXP LVRWRSHV /% _{/L ± % ±}

DQG/%_/L±%±

7HPSHUDWXUH GHSHQGHQFHV RI WKH 5D\OHLJK VFDWWHULQJ56LQWHQVLW\-56KDYHEHHQREWDLQHG

LQ <==; =<=; =<<; JHRPHWULHV ZLWK WKH H[FLWDWLRQ E\ +H1H ODVHU QP WKH PHDQ SRZHU P: 7HPSHUDWXUH GHSHQGHQFHV RIWKHK\SHU5D\OHLJKVFDWWHULQJ+56LQWHQVLW\ -+56KDYHEHHQPHDVXUHGXVLQJWKHH[FLWDWLRQE\

WKH UDGLDWLRQ RI 4VZLWFKHG 1G_{<$* ODVHU DW}

QP ZLWK WKH PHDQ SRZHU RI : 1RQ SRODUL]HG H[FLWLQJ UDGLDWLRQ KDV SURSDJDWHG DORQJ>@D[LVDQGWKHVFDWWHUHGOLJKWGHWHFWHG

DORQJ>@D[LVDWWKHGRXEOHGIUHTXHQF\ 7KH VSHFWUD RI 4(/6 LQ WKH UDQJH RI ± FP

KDYHEHHQH[FLWHGZLWKWKHVHFRQGKDUPRQLFVRI 1G_{<$* ODVHU DW QP 7KRVH}

PHDVXUHPHQWVKDYHEHHQSHUIRUPHGLQ<==; JHRPHWU\DWDQG. 7KH VFDWWHUHG OLJKW KDV EHHQ DQDO\VHG XVLQJ D VSHFWURPHWHU EDVHG RQ GRXEOH PRQRFKURPDWRU ')6 7KH VSHFWUDO VOLW ZLGWKV LQ FDVH RI WKH 56 4(/6 DQG +56 H[SHULPHQWV KDYH EHHQ HTXDO WR DQG FP _{UHVSHFWLYHO\ 7KH}

UDWHV RI KHDWLQJ DQG FRROLQJ RI VDPSOHV KDYH EHHQYDULHGZLWKLQDUDQJHRI±.PLQZLWK WKHWHPSHUDWXUHPHDVXUHPHQWDFFXUDF\RI.

5HVXOWVDQGGLVFXVVLRQ

7HPSHUDWXUH GHSHQGHQFHV RI WKH 56 LQWHQVLW\ WRJHWKHU ZLWK WKH +56 LQWHQVLW\ GHSHQGHQFH REWDLQHG IRU /%±± XQGHU KHDWLQJ DUH SUHVHQWHGLQ)LJ$VVHHQIURP)LJDDQGE WKH 56 LQWHQVLW\ GHSHQGHQFHV IRU WKH <==; DQG =<=; JHRPHWULHV FRQWDLQ WZR DQRPDOLHV LQ WKH YLFLQLWLHV RI DQG . ZKLFK DUH DOVRREVHUYHGLQWKH+56LQWHQVLW\VHH)LJG %RWK PD[LPD DUH FKDUDFWHUL]HG E\ D PDUNHG GLIIHUHQFH LQ WKH LQWHQVLW\ OHYHOV ³EHIRUH´ DQG ³DIWHU´WKHPDQGWKHWHPSHUDWXUHZLGWKRIDERXW .7KHWHPSHUDWXUHGHSHQGHQFHVRIWKH56 DQG+56LQWHQVLWLHVGXULQJVDPSOHFRROLQJKDYH

)LJ7HPSHUDWXUHGHSHQGHQFHVRIWKHLQWHQVLWLHVRI5D\OHLJKVFDWWHULQJLQWKHJHRPHWULHV<==;

ORZHU LQWHQVLW\ OHYHO DQG ORZHU PD[LPD WHPSHUDWXUHV ZKHQ FRPSDUH ZLWK WKRVH XQGHU KHDWLQJ $IWHU HDFK WKHUPDO F\FOH WKH 56 DQG +56LQWHQVLWLHVUHWXUQWRWKHLULQLWLDOOHYHOVLQD IHZ KRXUV 7KH WHPSHUDWXUH GHSHQGHQFHV IRU /%±± FU\VWDOV GR QRW KDYH SULQFLSDO GLIIHUHQFHV DQG UHPDLQ VLPLODU WR WKRVH SUHVHQWHGLQ)LJ

3K\VLFDO SURSHUWLHV RI /% FU\VWDOV DUH NQRZQ WR EH HVVHQWLDOO\ GHSHQGHQW RQ WKH SUHFHGLQJ WKHUPDO FRQGLWLRQV >@ ,Q FDVH RI VHYHUDO VXFFHVVLYH WKHUPRF\FOHV WKH KLJK WHPSHUDWXUH ³ZLQJ´ RI WKH KHDWLQJ FXUYH -567

LQ WKH YLFLQLW\ RI . EHFRPHV PRUH VWUXFWXUHG DQG WLJKWHQV WRZDUGV WKH KLJK WHPSHUDWXUHUHJLRQ7KHVKRXOGHUDW±. DSSHDUVLQWKH56LQWHQVLW\GHSHQGHQFH DOUHDG\ GXULQJWKHVHFRQGWKHUPRF\FOH7KHWHPSHUDWXUH RI WKLV DQRPDO\ LV FORVH WR WKDW RI WKH RWKHU PD[LPXP LQ WKH -+567 GHSHQGHQFH RFFXUULQJ

DW . )LJ G ZKRVH SRVLWLRQ GXULQJ WKHUPRF\FOLQJ LV TXLWH VWDEOH 'LIIHUHQW EHKDYLRXUVRIWKH56DQG+56LQWHQVLWLHVLQWKH UHJLRQRI±.VKRXOGEHSUREDEO\GXH WR KLJKHU VHQVLWLYLW\ RI WKH +56 WR WKH ORFDO V\PPHWU\ FKDQJHV LQGXFHG E\ GHIHFWV 7KH SRVLWLRQ RI WKH PD[LPXP DW . RVFLOODWHV ZLWKLQ.GXULQJVHYHUDOWKHUPRF\FOHV:KHQ WKHUPRF\FOLQJ WKH VDPSOH IRU KRXUV WKH PD[LPDDUHREVHUYHGDW±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

/LJKW VFDWWHULQJ DQRPDOLHV LQ VXSHULRQLF FRQGXFWRUV LQ WKH FRXUVH RI WHPSHUDWXUH

LQFUHDVLQJDUHXVXDOO\FRQQHFWHGZLWKDFWLYDWLRQ RIPRELOHLRQVDQGFKDQJHVLQWKHSDUDPHWHUVRI WKHLU PRYHPHQW WKURXJK WKH FU\VWDO YROXPH (VWLPDWLRQV RI WKH WLPH RI ³VWD\LQJ´ RI PRELOH LRQ LQ WKH ODWWLFH VLWH tG~µ V DQG WKH

WLPHRI³IOLJKWLQJ´EHWZHHQWKHVLWHVtI~µ

VPDGHIRU/%FU\VWDOVDOORZRQHWRDSSO\WKH LRQKRSSLQJ PRGHO ,Q WHUPV RI WKH PRGHO WKH KRSSLQJ UDWH RI WKH LRQV LV GHWHUPLQHG E\ WKH H[SUHVVLRQ>@

H[S

_G = -(_D N_%7

= t n

n

ZKHUHnLVWKH³DWWHPSWIUHTXHQF\´DQG DWKH

DFWLYDWLRQHQHUJ\7KHPD[LPXPDW.LVQRW VWURQJO\ VHQVLWLYH WR WKH HIIHFW RI LPSXULWLHV PHQWLRQHG DERYH DQG LV FDXVHG E\ WKH LRQ KRSSLQJV EHWZHHQ WKH UHJXODU ODWWLFH SRVLWLRQV $FFRUGLQJWR>@WKHVORSHVRIWKH56LQWHQVLW\ GHSHQGHQFH SORWWHG LQ WKH FRRUGLQDWHV OQ-56 YV

_{7ZRXOGGHWHUPLQHWKH DFWLYDWLRQHQHUJ\RI}

WKH PRELOH LRQV 7KH FDOFXODWLRQV IRU <==; DQG =<=; JHRPHWULHV FDUULHG RXW LQ VXFK D ZD\ JLYH WKH FRUUHVSRQGLQJ YDOXHV ± H9 7KLV UHVXOW LV VDWLVIDFWRULO\ FRUUHODWHG ZLWK WKHDFWLYDWLRQHQHUJ\HVWLPDWLRQVH9PDGH LQ IUDPH RI WKH PRGHO RI GRXEOHZHOO SRWHQWLDO >@ 7KH H[LVWHQFH RI WZR QRQHTXLYDOHQW SRVLWLRQV IRU WKH /L _{LRQV KDV EHHQ DOVR SURYHG}

E\WKH105VSHFWUDVWXGLHV>@

)XUWKHU WHPSHUDWXUH LQFUHDVH UHVXOWV LQ LQWHQVLILFDWLRQ RI WKH KRSSLQJ PRYHPHQW ZLWK VXEVHTXHQW PHOWLQJ RI WKH OLWKLXP VXEODWWLFH &KDUDFWHURIHYROXWLRQRIWKHPD[LPXPDW. LQWKH56LVW\SLFDOIRUWKHRUGHUGLVRUGHUSKDVH WUDQVLWLRQV RI D ILUVW RUGHU 7R REWDLQ PRUH GHWDLOHG LQIRUPDWLRQ DERXW WKH SKDVH WUDQVLWLRQ SDUDPHWHUVZHKDYHVWXGLHGWKH4(/6VSHFWUD 7KH LQVWUXPHQWDO SURILOH KDV EHHQ VXEWUDFWHG IURPWKHPHDVXUHGVSHFWUDDQGWKHILQDOVSHFWUD KDYHEHHQILWWHGE\WKHUHVSRQVHIXQFWLRQRIWKH UHOD[DWLRQW\SH

[

]

ZKHUH,5GHQRWHVDFRQVWDQW SURSRUWLRQDO WR WKH

DQG>QW7@WKH%RVH(LQVWHLQIDFWRU%RWK

,5DQGt5KDYHEHHQFKRVHQDVILWWLQJSDUDPHWHUV

7KH WHPSHUDWXUH GHSHQGHQFH RI WKH UHOD[DWLRQ WLPHLVVKRZQLQ)LJ)RUWKHDQDO\VLVRIWKH REWDLQHG UHVXOWV QHDU 7F D WKHRUHWLFDO

GHSHQGHQFHW\SLFDOIRUWKHRUGHUGLVRUGHUSKDVH WUDQVLWLRQKDVEHHQXVHG>@

D

-F F G 5 t 7₇ 7

t a

ZKHUHtG LV GHWHUPLQHG E\ (T DWn

FP_{WKHW\SLFDOIUHTXHQF\RI/L±2YLEUDWLRQVLQ}

/%FU\VWDOV>@DQG D H97KHPRVW

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

&RQFOXVLRQ

7KH VWXGLHV SHUIRUPHG E\ XV KDYH DOORZHG WR HVWDEOLVKDFKDQJHRIWKHDFWLYDWLRQHQHUJ\RI/L

LRQV LQ WKH YLFLQLW\ RI . DQG D IDFW RI H[LVWHQFH RI WKH ILUVWRUGHU SKDVH WUDQVLWLRQ RI RUGHUGLVRUGHU W\SH DW . ZKLFK LV FDXVHGE\PHOWLQJRIWKHOLWKLXPVXEODWWLFH7KH SKDVH WUDQVLWLRQ FKDUDFWHULVWLFV DUH GHILQHG E\ WKHHIIHFWVRIIOXFWXDWLRQVWDELOL]DWLRQGXHWRWKH GHIHFWV

5HIHUHQFHV

%KDOOD $6 &URVV /( :KDWPRUH 5: -DS - $SSO 3K\V 6XSSO

*ULQ\RY %9 'XERYLN 0) 7ROPDFKHY $96HPLFRQG3K\V4XDQWXP(OHFWURQLFV DQG2SWRHOHFWURQLFV

3HWURY 9 5RWHUPXQG $) 1RDFN ) .RPDWVX 5 HW DO - $SSO 3K\V

6XJDZDUD 7 .RPDWVX 5 8GD 6 6RO 6W

&RPPXQ

$OLHY $( %XUDN <D9 /\VHLNR ,7 ,]Y $1 6665 6HU 1HRUJ 0DWHU

LQ5XVVLDQ

%RUPDQ.<D%XUDN<D9,]Y$16665

)LJ7HPSHUDWXUHGHSHQGHQFHRIWKHUHOD[DWLRQWLPH

t

6HU 1HRUJ 0DWHU LQ 5XVVLDQ

$EGXOFKDOLNRYD15$OLHY$(.ULYRURWRY 9(.KDELEXODHY3.6ROLG6W,RQLFV

%XUDN <D9 *DED 90 /\VHLNR ,7 5RPDQ\XN1$6WDGQ\XO9,8NU-3K\V

LQ5XVVLDQ

0RLVH\HQNR 91 9GRYLQ $9 *RUHOLN 96 %XUDN <D9 6KRUW 1RWHV RQ 3K\VLFV

),$1LQ5XVVLDQ

$OLHY $( .KROPDQRY ,1 .KDELEXOODHY

3.6ROLG6W,RQLFV

0DHGD 0 7DFKL + +RQGD . 6X]XNL ,

-SQ-$SSO3K\V

)XUXVDZD 6 7DQJH 6 ,VKLEDVKL < 0LZD

.-3K\V6RF-DS

&KDUQD\D(9)HUURHO

)XUXVDZD 6 &KLNDJDZD 2 7DQJH 6 ,VKLGDWH 7 2ULKDUD + ,VKLEDVKL < 0LZD

.-3K\V6RF-DS

)XUXVDZD67DQJH6,VKLEDVKL<0LZD.

-3K\V6RF-DS

$OLHY$(9DOHWRY55)L]7YHUG7HOD

LQ5XVVLDQ

,VKLJDPH 0 6KLQ 6 6XHPRWR 7 6ROLG 6W

,RQLFV

1DN .6 6XQJ +& $H 5/ -XQJ 1. 1HZ3K\VLFV.RUHDQ3K\V6RF

/LQHV 0( DQG *ODVV $0 3ULQFLSOHV DQG $SSOLFDWLRQ RI )HUURHOHFWULFV DQG 5HODWHG 0DWHULDOV 0LU 0RVFRZ S LQ 5XVVLDQ

%XUDN <D9 7UDWVK ,% $GDPLY 97

7HVO\XN,08NU-3K\VLQ