%93DGO\DN2*9ORNK005RPDQ\XNDQG*05RPDQ\XN
,QVWLWXWHRI3K\VLFDO2SWLFV'UDJRPDQRY6W/YLY8NUDLQH HPDLOYORNK#LIROYLYXD
'HSDUWPHQWRI3K\VLFV.D]LPLHU]:LHONL8QLYHUVLW\RI%\GJRV]F]
:H\VVHQKRII6T%\GJRV]F]3RODQGHPDLOIL]ES#XNZHGXSO 'HSDUWPHQWRI3K\VLFV1DWLRQDO8QLYHUVLW\³/YLY3RO\WHFKQLF´
%DQGHUD6W/YLY8NUDLQH
5HFHLYHG $IWHUUHYLVLRQ
$EVWUDFW
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
.H\ZRUGVJHUPDQDWHJODVVHVRSWLFDOSURSHUWLHVUHIUDFWLYHLQGH[GLVSHUVLRQ
3$&6&H*\&L
,QWURGXFWLRQ
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
&D2*D2*H2V\VWHPDUHLQWHUHVWLQJREMHFWV IRU VWXGLHV RI ORFDO HQYLURQPHQWV IRU WKH LPSXULW\ OXPLQHVFHQFH FHQWUHV LQ WKH JODVV QHWZRUNVLQFHWKHVHFRPSRXQGVFDQEHREWDLQHG LQERWKFU\VWDOOLQHDQGJODVV\RUYLWUHRXVVWDWHV 7KUHH VWDEOH FU\VWDOOLQH IRUPV H[LVW LQ WKH R[LGH WHUQDU\ &D2*D2*H2 V\VWHP &D*D*H2 RUGHUHG JDUQHW VWUXFWXUH WKH VSDFH JURXS ,DG &D*D*H2 FRPSRVLWLRQDOO\ GLVRUGHUHG &DJDOORJHUPDQDWH VWUXFWXUH WKH VSDFH JURXS 3 DQG &D*D*H2JHOHQLWHVWUXFWXUHWKHVSDFHJURXS
P
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
7KLV SDSHU LV DLPHG DW PHDVXUHPHQWV DQG DQDO\VLV RI WKH UHIUDFWLYH LQGLFHV DQG WKHLU GLV SHUVLRQLQWKHXQGRSHGJODVVHVZLWKWKHJDUQHW DQG &DJDOORJHUPDQDWH FRPSRVLWLRQV DQG 1G DQG &HGRSHG JODVVHV ZLWK WKH JDUQHW FRPSRVLWLRQ:HZLOODOVR GLVFXVV WKH REWDLQHG UHVXOWV DQG FRPSDUH WKHP WR WKH FRUUHVSRQGLQJ GDWDNQRZQIRUWKHFU\VWDOOLQHDQDORJXHVRIWKH PHQWLRQHGJODVVHV
([SHULPHQWDOGHWDLOV
8QGRSHG JODVVHV RI KLJK FKHPLFDO SXULW\ DQG RSWLFDOTXDOLW\ZLWKWKHJDUQHW&D*D*H2RU
&D2*D2*H2 DQG &DJDOORJHUPDQDWH &D*D*H2 RU &D2*D2*H2 FRPSRVLWLRQV ZHUH REWDLQHG LQ FRUXQGXP FUXFLEOHV E\ FRQYHQWLRQDO KLJKWHPSHUDWXUH V\QWKHVLVWHFKQLTXHSHUIRUPHGDFFRUGLQJWR>@ 7KXV V\QWKHVL]HG JODVV VDPSOHV ZHUH DQQHDOHG LQ ± WHPSHUDWXUH UHJLRQ IRU K LQ RUGHU WR HOLPLQDWH LQWHUQDO VWUHVVHV 1G DQG &HGRSHG JODVVHV ZLWK WKH JDUQHW FRPSRVLWLRQ ZHUH REWDLQHG XVLQJ WKH VDPH WHFKQRORJ\ 7KH 1G DQG &H LPSXULWLHV ZHUH DGGHG WR WKH JODVV FRQVWLWXHQWV DV SRZGHUHG 1G2 DQG &H2 FRPSRXQGV UHVSHFWLYHO\ LQ WKH DPRXQWV RI DQG ZW 2XU XQGRSHG JODVVHV ZLWK WKH JDUQHW DQG &DJDOORJHUPDQDWH FRPSRVLWLRQV ZHUHXQFRORXUHGZKHUHDVWKH1GDQG&HGRSHG JODVVHV ZHUH FKDUDFWHUL]HG E\ OLJKWO\ EOXH DQG LQWHQVH\HOORZFRORXUVUHVSHFWLYHO\
7KH FKHPLFDO FRPSRVLWLRQ RI WKH REWDLQHG JODVVHVZDVFRQWUROOHGZLWK;UD\PLFURDQDO\VLV XVLQJ&DPHED[DSSDUDWXV7KHVDPSOHVIRUWKH UHIUDFWLYH LQGH[ PHDVXUHPHQWV RI D UHFWDQJXODU SULVP VKDSH ZLWK WKH DSSUR[LPDWH VL]H RI íí PP ZHUH FXW DQG WKHQ SROLVKHG 7KH UHIUDFWLYHLQGH[GLVSHUVLRQZDVPHDVXUHGLQWKH VSHFWUDO UDQJH RI ± QP DW WKH URRP WHPSHUDWXUH XVLQJ WKH LPPHUVLRQ PHWKRG >@ EDVHG RQ FRPPHUFLDO UHIUDFWRPHWHU RI ,5) W\SH 0L[WXUHV RI aEURPRQDSKWKDOHQH &+%U ZLWK NHURVHQH DQG PHWK\OHQH LRGLGH &+- ZHUH XVHG DV UHIHUHQFH LPPHUVLRQ OLTXLGV UHVSHFWLYHO\ IRU WKH UHJLRQV RI <QDQG<Q7KHDFFXUDF\ RIWKHPHDVXUHPHQWVZDVDQ
([SHULPHQWDOUHVXOWVDQGGLVFXVVLRQ
LGHQWLFDO WHFKQRORJLFDO FRQGLWLRQV RI WKH V\QWKHVLV DQG SRVWV\QWKHVLV WKHUPDO DQQHDOLQJ RI WKH VDPSOHV 7KH GHYLDWLRQ RI WKH UHIUDFWLYH LQGLFHV IURP WKHLU DYHUDJH YDOXHV RFFXUULQJ LQ GLIIHUHQW VDPSOHV ZLWK WKH &D*D*H2 DQ G &D*D*H2 FRPSRVLWLRQV GRHV QRW H[FHHG LQ WKH VSHFWUDO UHJLRQ ±QP &D*D*H2FRPSRVLWLRQ )LJ FXUYH LV FKDUDFWHUL]HG E\ FRQVLGHUDEO\ ODUJHU YDOXHV RI UHIUDFWLYH LQGH[ ZKHQ FRPSDUH WR &D*D*H2FRPSRVLWLRQVHH)LJFXUYH 6LQFH WKH JODVV RI &DJDOORJHUPDQDWH FRPSRVLWLRQ&D2*D2*H2FRQWDLQVRQH DGGLWLRQDOXQLWRI*H2R[LGHLQFRPSDULVRQWR WKH JODVV RI WKH JDUQHW FRPSRVLWLRQ &D2 *D2*H2RQHFDQVWDWHWKDWWKHLQFUHDVHLQ JHUPDQLXP FRQWHQW LQ WKH EDVLF JODVV OHDGV WR
LQFUHDVLQJ UHIUDFWLYH LQGH[ RI WKH JODVV 2Q WKH EDVLVRIWKLVUHVXOWORZHUUHIUDFWLYHLQGH[YDOXHV IRU WKH JODVVHV RI WKH VDPH FRPSRVLWLRQ FDQ EH UHODWHGWRGHILFLHQF\RIJHUPDQLXPEHFDXVHWKH *H2 R[LGH LV WKH PRVW YRODWLOH FRPSRQHQW RI WKHPHOWGXULQJWKHJODVVV\QWKHVLV>@
7KH LQIOXHQFH RI &H DQG 1G LPSXULWLHV RQ WKHUHIUDFWLYHLQGH[GLVSHUVLRQRIWKHJODVVZLWK WKH JDUQHW &D*D*H2 FRPSRVLWLRQ LV VKRZQ LQ )LJ &H DQG 1G LPSXULWLHV JLYH ULVH WR HVVHQWLDOLQFUHDVHLQWKHUHIUDFWLYHLQGLFHVRIWKH GRSHG JODVVHV )LJ FXUYHV DQG LI FRPSDUHZLWKWKHUHVXOWVIRUWKHXQGRSHGJODVVHV RIWKHVDPHFRPSRVLWLRQVHH)LJFXUYH,Q VSLWH RI ORZHU FRQWHQW RI 1G ZW RI 1G2LQFRPSDULVRQZLWKWKDWRI&HZW RI &H2 WKH UHIUDFWLYH LQGH[ RI 1GGRSHG
5HIUDFWLYH
LQG
H[Q
:DYHOHQJWKl>QP@
)LJ 5HIUDFWLYH LQGH[
GLVSHUVLRQ IRU WKH XQGRSHG JODVVHV ZLWK &D*D*H2
DQG &D*D*H2
FRPSRVLWLRQV 7KH GDWD UHIHU WR WKHURRPWHPSHUDWXUH
5
HIUD
FWL
YH
LQ
GH
[Q
:DYHOHQJWKl>QP@
)LJ 5HIUDFWLYH LQGH[
GLVSHUVLRQ IRU WKH XQGRSHG
JODVV ZLWK &D*D*H2
JODVV LV SUDFWLFDOO\ WKH VDPH DV WKH FRUUHVSRQGLQJ SDUDPHWHU RI &HGRSHG RQH )LJ FXUYHV DQG 7KHVH UHVXOWV GHPRQ VWUDWH WKDW WKH UHIUDFWLYH LQGH[ RI UDUHHDUWK GRSHGJODVVHVLQFUHDVHVZLWKLQFUHDVLQJFRQWHQW DQGDWRPLFQXPEHURIWKHGRSDQWLPSXULWLHV7KH ODWWHUIDFWVKRXOGEHSURSHUO\WDNHQLQWRDFFRXQW ZKHQXVLQJWKHGLVSHUVLRQGDWDLQWKH-XGG2IHOW DQDO\VLVRIUDUHHDUWKOXPLQHVFHQFHFHQWUHV
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±QP 7KH PHQWLRQHG GLIIHUHQFHV REVHUYHG IRU GLIIHUHQW SDUWVRIWKHVDPHJDUQHWVDPSOHDQDUH ODUJHUWKDQWKRVHFKDUDFWHULVWLFRIGLIIHUHQWJODVV VDPSOHV ZLWK WKH &D*D*H2 JDUQHW FRPSRVLWLRQDQ6LJQLILFDQWYDULDWLRQV RI WKH UHIUDFWLYH LQGLFHV REVHUYHG IRU GLIIHUHQW SDUWVRIWKHVDPHJDUQHWFU\VWDOFDQEHDVVRFLDWHG ZLWKLQKRPRJHQHRXVGLVWULEXWLRQ RI JHUPDQLXP LQWKHJDUQHW&D*D*H2ODWWLFH7KDWOHDGVWR IRUPDWLRQ RI *H
>D@ *H FDWLRQV LQ WKH RFWDKHGUDO>D@VLWHVDQG*D
G*DFDWLRQVLQ WKHWHWUDKHGUDOGVLWHVDQWLVWUXFWXUDORUDQWL VLWHGHIHFWV>@
7KH DYHUDJH YDOXH RI WKH UHIUDFWLYH LQGH[ IRU XQGRSHG JDUQHW FU\VWDO &D*D*H2
Q DWl QP DQG 7 . LV
QRWDEO\ OHVV WKDQ WKH UHIUDFWLYH LQGLFHV RI FRPSRVLWLRQDOO\ GLVRUGHUHG &DJDOORJHUPDQDWH VLQJOH FU\VWDOV VWXGLHG LQ >@ $QLVRWURSLF WULJRQDO &DJDOORJHUPDQDWH FU\VWDOV DUH FKDUDFWHUL]HG E\ KLJKHU UHIUDFWLYH LQGLFHV QR DQG QH DWl QP DQG
7 .>@WKDQWKHJODVVHVRIWKHVDPH &D*D*H2FRPSRVLWLRQ
&RQFOXVLRQV
2Q WKH EDVLV RI UHVXOWV SUHVHQWHG LQ WKLV SDSHU DQG WKH DQDO\VLV RI WKH UHIHUHQFH GDWD ZH FRQFOXGHWKHIROORZLQJ
L7KHUHIUDFWLYHLQGLFHVRIWKHJODVVHVDQG FU\VWDOV RI &D2*D2*H2V\VWHP GHSHQG RQ WKHEDVLFFRPSRVLWLRQ7KHLQFUHDVLQJFRQWHQWRI *HLQWKHJODVVDQGFU\VWDOFRPSRVLWLRQVOHDGVWR VLJQLILFDQWLQFUHDVHLQWKHLUUHIUDFWLYHLQGLFHV
LL 7KH SUHVHQFH RI 1G DQG &H LPSXULWLHV LQ WKH DPRXQWV ODUJHU WKDQ ZW OHDGV WR HVVHQWLDO LQFUHDVH LQ WKH UHIUDFWLYH LQGH[ RI WKH &D*D*H2 FRPSRVLWLRQ JODVVHV ,Q JHQHUDO WKH UHIUDFWLYH LQGH[ RI WKH UDUHHDUWK GRSHG JODVVHV LQFUHDVHV ZLWK LQFUHDVLQJ FRQWHQW DQG DWRPLFQXPEHURIWKHGRSLQJLPSXULWLHV
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
$FNQRZOHGJHPHQWV
5HIHUHQFHV
'DPHQ-303LVWRULXV-$DQG5REHUWVRQ -00DWHU5HV%XOO
0LOO %9 %XWDVKLQ $9 (OOHUQ $0 DQG 0DMHU $$ ,]Y $NDG 1DXN 6665 6HU
1HRUJDQ 0DWHU LQ
5XVVLDQ
.DPLQVNLL $$ %HORNRQHYD (/ 0LOO %9 3LVDUHYVNLL <X9 6DUNLVRY 6( 6LOYHVWURYD ,0 %XWDVKLQ $9 DQG .KRG]KDEDJ\DQ ** 3K\V 6WDW 6RO D
3DGO\DN%9DQG%XFK\QVNLL333DWHQWRI 8NUDLQH1R8$$2FWREHU 3DGO\DN % 0XGU\ 6 +DOFKDN 9 .RURO\VK\Q $ 5\ELFNL - DQG :LWNRZVND $2SW$SSO
&KHáVWRZVNL ' :LWNRZVND $ 5\ELFNL -3DGO\DN %7UDSDQDQWL $ DQG 3ULQFLSL ( 2SW$SSO
3DGO\DN%9.XNOL VNL%DQG*ULQEHUJ0 3K\V&KHP*ODVVHV& 3DGO\DN%9.XNOL VNL%DQG%XFK\QVNLL
332SW$SSO
3DGO\DN%9ORNK2DQG6DJRR.8NU-3K\V2SW
3DGO\DN%9ORNK2)DELVLDN.6DJRR. DQG.XNOL VNL%2SW0DWHU 3DGO\DN % 9ORNK 2 5\ED5RPDQRZVNL : DQG /LVLHFNL 5 8NU - 3K\V 2SW LQ SUHVV
.DOLWLHYVNL\ 1, :DYH RSWLFV 0RVFRZ 1DXNDLQ5XVVLDQ
1RVHQNR$(2WNR$,.UDYFKLVKLQ99 DQG .RVW\N /9 3K\V 6WDW 6ROD
3DGO\DN%9DQG1RVHQNR$()L]7YHUG
7HOD LQ 5XVVLDQ >6RY
3K\V6ROLG6WDWH@
3DGO\DN %9 1RVHQNR $( 0DNVLPHQNR 90 DQG .UDYFKLVKLQ 99 )L] 7YHUG
7HOD LQ 5XVVLDQ >3K\V
6ROLG6WDWH@
9ORNK2*1RVHQNR$(*DPHUQ\N59 DQG%LO\M$,.ULVWDOORJUDILD LQ5XVVLDQ