$QJXODU0RPHQWXPRI(OHFWURPDJQHWLF)LHOGLQ$UHDVRI
3RODUL]DWLRQ6LQJXODULWLHV
0RNKXQ,%UDQGHO5DQG9LNWRURYVND\D-X
&KHUQLYWV\8QLYHUVLW\.RWV\XELQVN\6W&KHUQLYWV\8NUDLQH PRNKXQ#LWIFYXNUWHOQHW
5HFHLYHG
$EVWUDFW
,W LV VKRZQ WKDW SK\VLFDO PDQLIHVWDWLRQV RI DQ\ RSWLFDO VLQJXODULW\ DUH LQ RQH ZD\ RU DQRWKHU UHODWHG WR D VSHFLILF WHPSRUDO EHKDYLRXU RI WKH ILHOG QR PDWWHU VFDODU RU YHFWRU FDVHV DUH UHDOL]HG 3RODUL]DWLRQ VLQJXODULWLHV RI WKH YHFWRU ILHOG DUH DVVRFLDWHG ZLWK D SUHVHQFHRUDEVHQFHRIDQJXODUPRPHQWXPRIHOHFWURPDJQHWLFILHOG,QWKHYLFLQLW\RI& SRLQWWKHRUELWDODQJXODUPRPHQWXPLVREVHUYHGLIWKHVLQJVRIWRSRORJLFDO FKDUJH RIWKH YLEUDWLRQSKDVHDQGWKHKDQGHGQHVVIDFWRUDUHGLIIHUHQW
.H\ZRUGVSRODUL]DWLRQVLQJXODULWLHV3R\QWLQJYHFWRUDQJXODUPRPHQWXP
3$&6&W
,QWURGXFWLRQ
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
,QWKHSDUD[LDODSSUR[LPDWLRQVSDWLDOGLVWUL EXWLRQRISRODUL]DWLRQHOOLSVHV PDLQWDLQVSRODUL ]DWLRQ VLQJXODULWLHV RI WZR NLQGV 6VXUIDFHV DQG&OLQHV>@LQWKHREVHUYDWLRQSODQH ZHKDYHVFRQWRXUVDQG&SRLQWVUHVSHFWLYHO\ ±VHH)LJ7KHILHOGLVOLQHDUO\SRODUL]HGRQ WKHVFRQWRXUVDQGWKHGLUHFWLRQRIHOHFWULFYHF WRU URWDWLRQ LV LQGHWHUPLQDWH 7KH&SRLQWV DUH
SRLQWVZKHUHWKHILHOGLVFLUFXODUO\SRODUL]HGDV DFRQVHTXHQFHWKHSRODUL]DWLRQD]LPXWKDQGWKH YLEUDWLRQSKDVHDUHWKHQLQGHILQLWH>@ 7KH &SRLQWV DUH FKDUDFWHUL]HG ZLWK WKH 3RLQFDUH+RSI LQGH[
,
& WKDW GHVFULEHV RUL HQWDWLRQVRIWKHHOOLSVLVD[HVLQWKHVXUURXQGLQJ SODQDUYHFWRUILHOGDQGWKHWRSRORJLFDOFKDUJHRI WKHYLEUDWLRQSKDVH6
&>@YHU\ VPDOO GLVWLQFWLRQV DW WKH&SRLQW DQG WKH SRLQWV RI WKH
$
UHJLRQ 7KH SRODUL]DWLRQ LV SUDFWLFDOO\OLQHDULQVLGHWKH%
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
,W LV REYLRXV WKDW VLPLODU PRWLYDWLRQ FRQFHUQLQJ WKH SK\VLFDO PDQLIHVWDWLRQ RI VFDODU YRUWLFHV PD\ EH DGGXFHG %XW WKH TXHVWLRQ DQVZHUHGDERYHGRHVQRWDSSHDUEHFDXVHDVLW LVNQRZQRUELWDODQJXODUPRPHQWXPRIWKHILHOG DULVHVLQWKHYRUWH[YLFLQLW\>@DQGWKLVIDFW FOHDUO\ HYLGHQFHV SK\VLFDO ³H[FOXVLYHQHVV´ RI ILHOG VWUXFWXUH ZLWK WKH YRUWH[ 2UELWDO DQJXODU PRPHQWXPDSSHDUVGXHWRD VSHFLILF KHOLFRLGDO VKDSHRISKDVHVXUIDFHLQWKHYRUWH[DUHDDQGVR LWLVDUHVXOWRIDVSHFLILFWHPSRUDOEHKDYLRXURI WKLV ILHOG ,Q WKLV VHQVH YRUWH[ DV D SK\VLFDO VWUXFWXUH PXVW EH FRQVLGHUHG DV D WHPSRUDO VLQJXODULW\$VWRSRODUL]DWLRQVLQJXODULWLHVWKH\ DOVRPXVWEHFRQVLGHUHGDVWHPSRUDORQHVLQWKH
HQG EHFDXVH WKH VLQJXODU SDUDPHWHUV WKH D]LPXWKDQGWKHYLEUDWLRQSKDVHGHILQHWKHVWDWH RIILHOGYHFWRUQRWRQO\LQVSDFHEXWLQWLPHWRR
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
$QJXODUPRPHQWXPLQWKHYLFLQLW\RI
RSWLFDOVLQJXODULWLHV
/HWXVFRQVLGHUWKH3R\QWLQJYHFWRU39LQWKH SDUD[LDO DSSUR[LPDWLRQ ,Q WKLV FRQQHFWLRQ ZH ZLOO QRW DYHUDJH WKH FRUUHVSRQGLQJ PDJQLWXGHV RYHUWKHVSDFHFRRUGLQDWHVDQGWLPHLQFRQWUDVW WR WKH FRQYHQWLRQDO DSSURDFK >@ /HW XV UDWKHU WU\ WR NHHS WKH VSDFH DQG WHPSRUDO
D E
)LJ4XDOLWDWLYHEHKDYLRXURIYHFWRUILHOGLQWKHYLFLQLWLHVRI&SRLQWDQGVFRQWRXU
$
DUHDLVDYLFLQLW\RIWKH&SRLQWZLWKSUDFWLFDOO\WKHVDPHEHKDYLRXURIWKHILHOGDQGGHSHQGHQFHV SUDFWLFDOO\ WR WKH YHU\ HQG RI WKH DQDO\VLV
)LUVW RI DOO ZH GHILQH WKH VWUHQJWKV RI HOHFWULFDQGPDJQHWLFILHOGVDV Ì Ë Ê -F +
= +F
-= a FRV FRV NU NU [ [ [ [ [ [ W K
+( H wwW
DQG VLPLODUO\ IRU WKH
\
DQG]
FRPSRQHQWV +HUHH
[K
[ DQGF[Fa[DUHUHVSHFWLYHO\ WKH DPSOLWXGH PRGXOHV DQG WKH SKDVHV RI WKH FRUUHVSRQGLQJILHOGFRPSRQHQWV([FHSWIRUWKHDUHDVORFDOL]HGLQLPPHGLDWH SUR[LPLW\ WR VRPH VSHFLILF ILHOG SRLQWV IRU H[DPSOH WKH FHQWUHV RI YRUWLFHV NU PD\ EH UHSODFHG ZLWK N]
F
N=w EHLQJ WKH ZDYH QXPEHU7KHQ(TWUDQVIRUPVWRWKHIRUP Ì Ë Ê -F +
= +F
-= a FRV FRV N] W K
+([[ H[[ wwW [[ N] HWF $V LW LV NQRZQ >@ WKH IROORZLQJ HTXDWLRQV DUH YDOLG IRU WKH SDUD[LDO DSSUR[LPDWLRQ DQG WKH ZDYH SURSDJDWLQJ LQ YDFXXP 9 8= - URW N M ] ] ] MN8
8 -
ZKHUH8DQG9PHDQUHVSHFWLYHO\WKHFRPSOH[ ZDYH IXQFWLRQV RI WKH HOHFWULF DQG PDJQHWLF ILHOGVDQG
8
]]LVGHULYDWLYHRI8
],WFDQEHVKRZQWKDWWKHUHODWLRQVIRUWKH39 FRPSRQHQWVZKLFKFRQWDLQFKDUDFWHULVWLFVRIWKH HOHFWULF ILHOG DORQH PD\ EH REWDLQHG E\ XVLQJ (TVDQGDQGWKH39GHILQLWLRQ1RWHDOVR WKDW([ PD\ EH GHWHUPLQHG E\ WKH([ DQG(\ FRPSRQHQWV >@ GXH WR (T $V D FRQVHTXHQFHWKHIROORZLQJV\VWHPGHILQHGRQO\ E\FKDUDFWHULVWLFVRIWKH[DQG\FRPSRQHQWVRI WKHHOHFWULFILHOGLVYDOLGDWOHDVWIRUWKHIDUILHOG Í Í Í Ì ÍÍ Í Ë Ê + + - - ` ^ ` ^ ` ^ \ [ ] [ \ \ \ [ [ ( ( F 3 7 ( 7 ( N F 3 7 ( 7 ( N F 3 p p p ZKHUH Í Í Ì Í Í Ë Ê + + F + F = -+ F -F = p p p p \ \ \ \ [ [ [ [ \ \ \ [ [ [ \ \ [ \ [ [ \ [ [ \ \ \ [ [ ( H H ( H H ( ( 7 ( H H ( H H ( ( 7 DQG ÍÌ Í Ë Ê -F +
= +F
-=
VLQ
FRV
H W N]
(( H L W L N]
L L L L w w p
+HUH
H
LDQGFLGHQRWHWKHPRGXOHVRIWKH DPSOLWXGH DQG WKH SKDVHV RI WKH FRPSRQHQWV UHVSHFWLYHO\ OL O L
H F DUH WKHLU GHULYDWLYHV DQG
\
[
O
L
=
$FFRUGLQJO\ZHJHW ` ^F 3 7 7
N ]
W = p +
3
ZKHUH 3W LV WKH WUDQVYHUVDO FRPSRQHQW RI WKH 39
/HWXVPDUNWKDWLQHTXDOLW\RI
]
FRPSRQHQW RIWKH ILHOGWR]HURLV D PDQGDWRU\UHTXLUHPHQW IRU LQHTXDOLW\ RI WKH WUDQVYHUVDO 39 FRPSRQHQW WR]HUR$VVXPHQRZWKDWWKHZDYHRIDJHQHUDO NLQG KDV D QRQ]HUR]
FRPSRQHQW HJ GXH WR VRPH FXUYDWXUH RI WKH ZDYH IURQW DQG WKDW WKH ILHOGURWDWHVLQWKHSODQHSHUSHQGLFXODUWRWKH]
/HW XV QRZ UHWXUQ WR (T ,W FDQ EH HDVLO\VHHQWKDWWKHPRGXOHRIWKHWUDQVYHUVDO39 FRPSRQHQW LV GHILQHG E\ WKH ORQJLWXGLQDO RQH $VDUHVXOWWKHWUDQVYHUVDOFRPSRQHQWRIWKH39 URWDWHVLIWKHORQJLWXGLQDORQHFKDQJHVF\FOLFDOO\ RZLQJ WR VSHFLILF WHPSRUDO EHKDYLRXU RI WKH [ DQG
\
ILHOG FRPSRQHQWV /HW XV WHVW WKLV VWDWHPHQWRQWKHH[DPSOHRI VFDODUYRUWH[ 7KH LQWHQVLW\ GLVWULEXWLRQ LQ WKH YRUWH[ YLFLQLW\ LV SUHVHQWHG LQ )LJD 7KH UHODWLRQV IRU WKH &DUWHVLDQ 39 FRPSRQHQWV LQ FDVH RI WKH LVRWURSLF YRUWH[ >@ SRODUL]HG HJ LQ WKH [ GLUHFWLRQPD\EHZULWWHQLQWKHSRODUFRRUGLQDWHVf
r
DVÌ Ë Ê -+ -+ FRV a FRV a
W 6 N] H 3 N] 6 W H 3 [ ] [ W f w f w
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³OHQJWK\´ 1\H¶V GLVFOLQDWLRQ VHHHJ>@
$QJXODUPRPHQWXPLQWKHDUHD
RI
&SRLQW
/HWXVPHQWLRQWKDWWKH&SRLQWDSSHDUVLQWKH SRVLWLRQ ZKHUH RQH RI RUWKRJRQDO FLUFXODUO\
SRODUL]HGFRPSRQHQWVRIWKHYHFWRUILHOGKDVLWV H[DFW VWDWLRQDU\ LQWHQVLW\ ]HUR >@ &LUFXODUO\SRODUL]HGFRPSRQHQWYRUWH[LVIRUPHG LQ WKH &SRLQW SRVLWLRQ 7KH VLPSOHVW SRODUL]DWLRQFHOOZLWKWKH
V
FRQWRXUDQGWKH& SRLQWPD\EHEURXJKWDERXWDVDVXSHUSRVLWLRQRI WZRFRD[LDOO\SURSDJDWLQJRUWKRJRQDOFLUFXODUO\ SRODUL]HG EHDPV 2QH RI WKHP UHSUHVHQWV D FLUFXODUO\ SRODUL]HG LVRWURSLF YRUWH[ DQG WKH VHFRQG RQH LV RUWKRJRQDOO\ SRODUL]HG SODQH ZDYH /HW XV SXW WKH RULJLQ RI WKH SRODU FRRUGLQDWH V\VWHP WR FRLQFLGH ZLWK WKH YRUWH[ FHQWUH 7KH FRPSOH[ DPSOLWXGHV RI WKHVH VXSHUSRVLQJ EHDPV LQ WHUPV RI RUWKRJRQDO OLQHDUO\ SRODUL]HG FRPSRQHQWV PD\ EH ZULWWHQ LQWKHIROORZLQJIRUP ÍÌ Í Ë Ê + == = @ H[S> H[S p j r j r K 6 M 8 M6 8 9\ 9[ ÍÌ Í Ë Ê -== = H[S p MK 8 8 5\ 5[ZKHUH
j
DQG r= [ +\ DUH WKH SRODU FRRUGLQDWHV 6 WKH WRSRORJLFDO FKDUJH RI WKH YRUWH[ DQG K WKH KDQGHGQHVV IDFWRU ZKLFK LV HTXDOWR + RU - UHVSHFWLYHO\IRUWKHULJKWRU OHIW SRODUL]DWLRQV 7KHQ WKH [ DQG\
FRPSRQHQWVRIWKHUHVXOWLQJILHOGDUHDVIROORZV Í Í Ì Í Í Ë Ê + + + + + -= + + = VLQ FRV VLQ FRV p j r p j r j r j r K 6 M K 6 MK 8 M6 8 \ [ $IWHUDOLWWOHDOJHEUDLQYROYLQJ(TV± D E
RQHFDQSURYHWKDWWKHLQVWDQWDQHRXVWUDQVYHUVDO FRPSRQHQWVRIWKH39DUHJLYHQE\ Í Í Í Ì Í Í Í Ë Ê -+ -í í -= -í í -= ` @ ^FRV> ` @ VLQ> ^ K 6 [ N] W N F 3 K 6 \ N] W K 6 6K N F 3 \ [ w p w p
,WLVVHHQWKDW3[ 3[ ZKHQ6 K 7KXV WKHDYHUDJHGDQJXODUPRPHQWXPLVHTXDOWR]HUR LQWKHYLFLQLW\RIWKH&SRLQWZKHQWKHYRUWH[ WRSRORJLFDO FKDUJH DQG WKH KDQGHGQHVV IDFWRU KDYH WKH VDPH VLJQV ,Q WKH RSSRVLWH FDVH 6 =-KRQHKDV
Í Ì Í Ë Ê + -= -= ` @ ^FRV> ` @ VLQ> ^ [ N] W 6 N F 3 \ N] W 6 6 N F 3 \ [ w p w p
$FFRUGLQJO\ WKH PRGXOHV RI WKH ORQJLWXGLQDO DQG WUDQVYHUVDO FRPSRQHQWV RI WKH 39ZULWWHQLQWKHFRRUGLQDWHV
r
j
UHGXFHWRÍ Í Í Í Ì ÍÍ Í Í Ë Ê + -+ + í í = + -+ + í í = @` FRV> ^ @` FRV> ^ j w r r p j w r r p & ] & W 6 N] W F 3 6 N] W N F 3
ZKHUH
6
&LVWRSRORJLFDOFKDUJHRIWKHYLEUDWLRQ SKDVHDWWKH&SRLQW6& =6,Q WKLV FDVH WKH WUDQVYHUVDO FRPSRQHQW PRGXOH EHKDYHV VLPLODUO\ WR WKH ORQJLWXGLQDO RQH ,W URWDWHV ZLWK WLPH DURXQG WKH
&
SRLQW ZLWK WKH GRXEOHG RVFLOODWLRQ IUHTXHQF\ 7KH URWDWLRQ GLUHFWLRQ RI WKH PLQLPXP RU WKH PD[LPXP LV GHWHUPLQHG E\ WKH VLJQ RI WRSRORJLFDO FKDUJH RI WKH YLEUDWLRQ SKDVH 7KH PLQLPXP 3] = LV UHDFKHG RQ WKHV
FRQWRXU DQG LW FRUUHVSRQGV WR WKH SRVLWLRQ RI WKH 1\H¶V GLVFOLQDWLRQ >@ )RU WKH VSHFLILHG GLVWULEXWLRQ RI FRPSOH[ DPSOLWXGHV WKHV
FRQWRXU UHSUHVHQWV D FLUFOH FHQWUHG DW WKH&
SRLQW )LJ LOOXVWUDWHV WKH WHPSRUDO EHKDYLRXU RI WKH WUDQVYHUVDO FRPSRQHQW PRGXOH 2QH FDQWKHUHIRUH H[SHFW WKDWWKH DQJXODU PRPHQWXP VLPLODUWRWKDWREVHUYHGLQWKHYRUWH[YLFLQLW\LV REVHUYHGLQWKH&SRLQWDUHD
$FFRUGLQJ WR >@
]
FRPSRQHQW RI WKH DQJXODU PRPHQWXP GHQVLW\ LV JLYHQ E\ WKH UHODWLRQ[ \ ] [3 \3
M = -
2Q WKH EDVLV RI (TV DQG WKH DYHUDJHGDQJXODUPRPHQWXPEHFRPHV -F 6 0 & w -=
ZKHUH r r
r G - =
Ð
LVGHILQHGE\WKH³SRZHU´RI
WKH YRUWH[ EHDP LQ WKH DFWXDO DUHD RI FHOO ZLWK WKHGLDPHWHU
r
+HQFHWKHDYHUDJHGDQJXODU PRPHQWXP DSSHDUV LQ WKH &SRLQW YLFLQLW\ ZKHQWKHVLJQVRIWKHWRSRORJLFDOFKDUJHRIWKH YRUWH[ DQG WKH KDQGHGQHVV IDFWRU DUH RSSRVLWH DQG LW HTXDOV WR ]HUR ZKHQ WKRVH VLJQV DUH WKH VDPH([SHULPHQWDOLQYHVWLJDWLRQRIWKH
RUELWDODQJXODUPRPHQWXPRI
&SRLQW
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
,WLVQHFHVVDU\WRKDYHDQ ³LQGLFDWRU´RI SUHVHQFH RI RUELWDO DQJXODU PRPHQWXP LQ WKH ILHOG
UHDOL]HG DV ZH KDYH DOUHDG\ PHQWLRQHG DERYH DVDVXSHUSRVLWLRQRIWZRFRD[LDOO\SURSDJDWLQJ RUWKRJRQDO FLUFXODUO\ SRODUL]HG EHDPV 2QH RI WKHP LV D FLUFXODUO\ SRODUL]HG LVRWURSLF YRUWH[ DQGWKHVHFRQGRQHLVDQRUWKRJRQDOO\SRODUL]HG *DXVVLDQEHDP7KH&SRLQWLVORFDOL]HGLQWKH YRUWH[FHQWUHDQGWKHVFRQWRXULVIRUPHGDORQJ WKH OLQH ZKHUH WKH LQWHQVLWLHV RI VXSHUSRVLQJ EHDPV DUH WKH VDPH 4XDOLWDWLYH EHKDYLRXU RI SRODUL]DWLRQ FKDUDFWHULVWLFV RI VXFK WKH ILHOG REWDLQHGE\FRPSXWHUVLPXODWLRQLVSUHVHQWHGLQ )LJ7KHURWDWLRQGLUHFWLRQRIWKHILHOGYHFWRU WKH OHIW RU ULJKWKDQGHG SRODUL]DWLRQ LQ WKH DUHD ERXQGHG E\ WKH VFRQWRXU FRLQFLGHV ZLWK WKH FRUUHVSRQGLQJ GLUHFWLRQ LQ WKH *DXVVLDQ EHDP 6XFK WKH KDQGHGQHVV IDFWRU LV EHLQJ FKDQJHGWRWKHRSSRVLWHRQH ZKLOH FURVVLQJ WKH
VFRQWRXU
7KHVLJQRIWKHRUELWDODQJXODU PRPHQWXP DULVLQJLQWKH&SRLQWDUHDZKLFKLVGHWHUPLQHG E\WKHVLJQRIWRSRORJLFDOFKDUJHRIWKHYLEUDWLRQ SKDVH VHH (T FRLQFLGHV ZLWK WKH ³VLJQ´ RI FLUFXODUO\ SRODUL]HG YRUWH[ 1RWLFH WKDW IRUPLQJ RI WKH YRUWH[ ZLWK D QHFHVVDU\ W\SH RI WRSRORJLFDOFKDUJHLVQRWVRDFRPSOH[WDVN7KLV PD\ EH SHUIRUPHG HDVLO\ HQRXJK ZLWK WKH YRUWH[JHQHUDWLQJ KRORJUDP >@ 6R LW LV
NQRZQ WKDW WZR VLQJOH YRUWLFHV ZLWK GLIIHUHQW VLJQV DUH REVHUYHG DIWHU WKH KRORJUDP ZKLFK FRUUHVSRQGWRGLIIUDFWLRQRUGHUV
+
DQG-
7KH UHVXOWLQJ ILHOG PD\ EH REWDLQHG XVLQJ LQWHUIHURPHWULFWHFKQLTXHVIRUH[DPSOHZLWKWKH DLG RI 0DFK=HKQGHU LQWHUIHURPHWHU 7KHQ WKH DSSOLFDWLRQ RI SURSHUO\ RULHQWHGl SODWHV LQ GLIIHUHQW DUPV RI WKH LQWHUIHURPHWHU SURYLGHV RUWKRJRQDOLW\ RI WKH VXSHUSRVLQJ FLUFXODUO\ SRODUL]HG EHDPV 7KHUHIRUH WKH ILUVW FRQGLWLRQ PD\EHVXUHO\PHW
$V IRU WKH VHFRQG RQH XQIRUWXQDWHO\ WKH OLVW RI LGHQWLILFDWLRQ PHWKRGV RI WKH DQJXODU PRPHQWXPLVQRWVRORQJ >@ ,Q RXU RSLQLRQ LQ RXU H[SHULPHQWDO VLWXDWLRQ WKH PRVW FRQYHQLHQW LV WKH PHWKRG EDVHG RQ WUDQVIHUULQJ DQJXODUPRPHQWXPWRVRPHPHFKDQLFDOV\VWHP 7KLVWHFKQLTXHIRUVSHFLI\LQJRUELWDOPRPHQWXP LVIRXQGHGRQWKHIROORZLQJSRLQWV
$VLWLVNQRZQVHHHJ>@DQRSWLFDO WUDS LV EHLQJ IRUPHG XQGHU IRFXVLQJ RI ODVHU EHDP6XFKDWUDSFDQFDSWXUHDQGKROG PLFUR REMHFWV
$URWDWLRQRIPLFURREMHFWVLVREVHUYHGLI WKHILHOGKDVDVSLQRURUELWDODQJXODUPRPHQWXP VHH >@ 7KH URWDWLRQ IUHTXHQF\ LV JRYHUQHG E\ WKH PDJQLWXGH RI WKH PRPHQWXP )LJ7HPSRUDOEHKDYLRXURIWKHPRGXOHRIWUDQVYHUVDOFRPSRQHQWDURXQGWKH&SRLQW
:KLWHSRLQWFRUUHVSRQGVWRWKHHQHUJ\GHQVLW\PLQLPXP,WLVSRVLWLRQHGRQWKHVFRQWRXU DQGFRLQFLGHVZLWKWKH1\H¶VGLVFOLQDWLRQ
)LJ3RODUL]DWLRQFHOOREWDLQHGE\VXSHUSRVLWLRQRI FLUFXODUO\SRODUL]HGYRUWH[DQGRUWKRJRQDOO\SRODUL]HG *DXVVLDQEHDP*UH\DUHDFRUUHVSRQGVWRWKHILHOG UHJLRQ ZLWK OHIWKDQGHG SRODUL]DWLRQ 7RSRORJLFDO FKDUJH6&RIWKH&SRLQWLVHTXDOWRDQGLWVVLJQ
ZKLOH WKH URWDWLRQ GLUHFWLRQ LV VSHFLILHG E\ LWV VLJQ
,QJHQHUDOWKHIRFXVHGEHDPKDVERWKWKH VSLQDQGRUELWDODQJXODUPRPHQWD7KHURWDWLRQ IUHTXHQF\ LV PD[LPXP ZKHQ WKH VLJQV RI WKH PRPHQWDDUHWKHVDPHDQGLWEHFRPHVPLQLPXP RU HYHQ WKH URWDWLRQ FDQ FKDQJH LWV GLUHFWLRQ ZKHQWKRVHVLJQVDUHRSSRVLWH
7KXV IRFXVLQJ RI VXSHUSRVLWLRQ RI FLUFXODUO\ SRODUL]HG EHDPV IRUPV WKH RSWLFDO WUDS ZKLFK LV LQKRPRJHQHRXV LQ SRODUL]DWLRQ 7KH PLFURREMHFW FDSWXUHG E\ WKLV WUDS URWDWHV GXHWRWKHDQJXODUPRPHQWXPRIWKHILHOG7KH URWDWLRQFKDUDFWHULVWLFVFKDQJHZLWKDOWHULQJVLJQ RIWRSRORJLFDOFKDUJHRIWKHFLUFXODUO\SRODUL]HG YRUWH[ EHFDXVH WKH VLJQ RI WKH RUELWDO PRPHQWXPDOVRFKDQJHV
7KHH[SHULPHQWDODUUDQJHPHQWLVSUHVHQWHG LQ)LJ/LQHDUO\SRODUL]HGEHDPRI+H1HODVHU LV GLUHFWHG LQWR 0DFK=HKQGHU LQWHUIHURPHWHU VHH HOHPHQWV WR ,W WUDQVIRUPV LQWR RUWKRJRQDO FLUFXODUO\ SRODUL]HG EHDPV GXH WR
l SODWHV DQG 7KHQ RQH RI WKH EHDPV SDVVHV WKURXJK YRUWH[JHQHUDWLQJ KRORJUDP 7KH KRORJUDP UHFRQVWUXFWV FLUFXODUO\ SRODUL]HG YRUWH[ 7KH ILHOG VWUXFWXUH ZLWK WKH VFRQWRXU DQG &SRLQW LV IRUPHG DW WKH RXWSXW RI LQWHUIHURPHWHU
)XUWKHUWKHUHVXOWLQJEHDPLVIRFXVHGZLWK PLFURREMHFWLYH DQG WKHQ LW LV GLUHFWHG LQWR WKHSODQHRIVDPSOHZLWKPLFURSDUWLFOHV7KH UHVXOWRIHIIHFWRIWKHEHDPRQPLFURSDUWLFOHVLV GHWHFWHG XVLQJ WKH RSWLFDO V\VWHP DQG DORQJ ZLWK &&' FDPHUD :H KDYH XVHG D [
PLFURREMHFWLYH ZLWK XQLW DSHUWXUH ZLWK WKH SXUSRVH RI IRUPLQJ WKH RSWLFDO WUDS 7KH WUDQVYHUVDOVL]HRIWKHWUDSZDVWR P
,Q RUGHU WR GHWHUPLQH SRODUL]DWLRQ FKDUDFWHULVWLFV RI WKH UHVXOWLQJ ILHOG ZH KDYH FKRVHQKRUL]RQWDOH[SHULPHQWDODUUDQJHPHQW,Q WKLV FDVH WKH DFWLQJ EHDP SDVVHV WKURXJK WKH RSWLFDO VXUIDFHV ZLWKRXW UHIOHFWLRQ 6R WKH SRODUL]DWLRQVWUXFWXUHRIWKHEHDPDWWKHVDPSOH SODQH LV WKH VDPH DV DW WKH RXWSXW RI WKH LQWHUIHURPHWHU 2QH FDQ HDVLO\ FKRRVH WKH VLJQ LH WKH GLUHFWLRQ RI LQIOXHQFH RI WKH RUELWDO DQJXODUPRPHQWXPZKLOHVHOHFWLQJWKHRSHUDWLQJ GLIIUDFWLRQ RUGHU RI WKH YRUWH[JHQHUDWLQJ KRORJUDP
)LJ LOOXVWUDWHV WKH LQWHQVLW\ GLVWULEXWLRQV IRU WKH FLUFXODUO\ SRODUL]HG FRPSRQHQWV RI WKH UHVXOWLQJ YHFWRU ILHOG $QDO\]HU PD\ EH LQWURGXFHG LQWR WKH EHDP IRU YLVXDOL]LQJ SRODUL]DWLRQPRGXODWLRQRIWKHRSWLFDOWUDS7KH LQWHQVLW\ GLVWULEXWLRQV DVVRFLDWHG ZLWK GLIIHUHQW OLQHDU SRODUL]DWLRQ SURMHFWLRQV FRUUHVSRQGLQJ WR GLIIHUHQWRULHQWDWLRQVRIDQDO\]HUDUHSUHVHQWHG LQ)LJ
)LJ ([SHULPHQWDO VHWXS IRU REVHUYLQJ DQJXODU RUELWDO PRPHQWXP RI SRODUL]DWLRQ WUDS ± +H1H ODVHU DQG ± EHDP VSOLWWHUV DQG ±l SODWHV DQG ± PLUURUV ±YRUWH[JHQHUDWLQJKRORJUDP±DQDO\]HUDQG±PLFURREMHFWLYHV±VDPSOHZLWK SDUWLFOHV±JUHHQILOWHU±&&'FDPHUDDQG±EDFNOLJKWLQJV\VWHP
D E
7KHDQJXODUVWHSOLQNHGWRWKHWUDQVPLVVLRQ D[LVRIDQDO\]HUHTXDOVDSSUR[LPDWHO\WRGHJ 7KH GDUN VSRW DW WKH YHUJH RI WKH WUDS FRUUHVSRQGVWRWKHYRUWH[FRPSRQHQWORFDWHGRQ WKH VFRQWRXU 7KHVH SRLQWV DOVR LQGLFDWH WKH SRVLWLRQV RI WKH PLQLPXP HQHUJ\ GHQVLW\ LH WKH 1\H¶V GLVFOLQDWLRQ >@ ZKLFK JRHV DORQJ WKH VFRQWRXU ZLWK WHPSRUDO FKDQJHV RI WKH YHFWRUILHOG$VVHHQIURP)LJWKHLQWHQVLWLHV RI WKH YRUWH[ EHDP DQG WKH ³VPRRWK´ RQH DUH FKRVHQ LQ VXFK D PDQQHU WKDW WKH VFRQWRXU LV ORFDWHGSUDFWLFDOO\QHDUE\WKHERUGHURIWKHWUDS 'XH WR WKLV IDFW WKH ILHOG KDV SUDFWLFDOO\ WKH VDPH VSLQ DQJXODU PRPHQWXP VLJQ WKURXJKRXW WKHWUDS7KHFRRUGLQDWHVRIWKH&SRLQWFDQEH GHWHUPLQHGDVWKRVHRIWKHSRLQWLQVLGHWKHWUDS ZKLFK LV FKDUDFWHUL]HG ZLWK WKH VDPH LQWHQVLW\
IRUDOOWKHSRODUL]DWLRQSURMHFWLRQV
7KXVWKHILHOGZLWKWKHRUELWDOPRPHQWXP VSHFLILHGE\WKHYRUWH[DQGVSLQ VLJQV ZLWKRXW DQ\FKDQJHVLQVLJQLVUHDOL]HGLQWKHDUHDRIWKH WUDS ZLWK VLJQLILFDQW ³DFWXDO´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
D E F G
)LJ ,QWHQVLW\ GLVWULEXWLRQV RI GLIIHUHQW OLQHDU SRODUL]DWLRQ SURMHFWLRQV RI WKH WUDS ILHOG 7KH WUDQVPLVVLRQD[LVRIDQDO\]HUURWDWHVLQWKHFRXQWHUFORFNZLVHGLUHFWLRQ*UD\FXUYHLVH[SHULPHQWDOO\ VSHFLILHGVFRQWRXU:KLWHSRLQWRQWKHVFRQWRXUFRUUHVSRQGVWRWKHYRUWH[SURMHFWLRQSRVLWLRQ7KH DQJXODUVWHSIRUWKHDQDO\]HUD[LVRULHQWDWLRQLVDSSUR[LPDWHO\GHJ
D E F G
)LJ 5RWDWLRQ RI UHODWLYHO\ ODUJH WUDQVSDUHQW SDUWLFOH GXH WR WKH DQJXODU PRPHQWXP FORFNZLVHGLUHFWLRQ
D E F G
WKRVHRIWKHWUDSLWVHOI'XHWRWKHVHUHDVRQVWKH GLPHQVLRQRIPLFURSDUWLFOHVHJ$O2LQRLO KDVEHHQFKRVHQWREHFRPSDUDEOHZLWKWKHWUDS VSDFH 7KH EHKDYLRXU RI WKHVH UHODWLYHO\ ODUJH FDSWXUHGSDUWLFOHLVLOOXVWUDWHGE\)LJDQG
,W FDQ EH VHHQ IURP )LJ WKDW WKH ORFNHG SDUWLFOH URWDWHV LQ WKH FORFNZLVH GLUHFWLRQ 7KH URWDWLRQ SHULRG LV DERXW ±V )LJ FRUUHVSRQGV WR VLWXDWLRQ ZKHQ WKH VLJQ RI WKH YRUWH[ EHDP LV DOWHUHG WR WKH RSSRVLWH LH WKH RUELWDODQJXODUPRPHQWXPFKDQJHVLWVVLJQ7KH SDUWLFOH URWDWHV LQ WKH RSSRVLWH GLUHFWLRQ DIWHU VXFK WKH RSHUDWLRQ DQG WKH URWDWLRQ SHULRG LV DERXW ±V 7KH GLIIHUHQFH LQ WKH URWDWLRQ SHULRGVWKDWWDNHVSODFHIRUWKHWZRDERYHFDVHV PD\ EH H[SODLQHG LQ WKH IROORZLQJ ZD\ ,Q WKH IRUPHU FDVH WKH VSLQ PRPHQWXP DIIHFWV WKH SDUWLFOHLQWKHVDPHGLUHFWLRQDVWKHRUELWDOPR PHQWXPZKLOHFKDQJLQJWKHWRSRORJLFDOFKDUJH RI WKH&SRLQW UHVXOWV LQ FRPSHQVDWLRQ RI WKH RUELWDODQJXODUPRPHQWXPE\WKHVSLQRQH
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
RUELWDO DQJXODU PRPHQWXP WKH SDUWLFOH URWDWHV DORQJWKHERUGHURIWKH³PDLQ´DUHDRIWKHWUDSLQ WKH FORFNZLVH GLUHFWLRQ 7KH GLPHQVLRQ RI WKH SDUWLFOHLVDERXW±
P
7KHUHYROXWLRQSHULRG LVDERXWV'LVFXVVLRQ
$VDUHVXOWRIRXUWKHRUHWLFDO FRQVLGHUDWLRQDQG WKH H[SHULPHQWDO LQYHVWLJDWLRQV WKH DSSHDUDQFH RI RUELWDO DQJXODU PRPHQWXP LQ WKH YLFLQLW\ RI &SRLQWLVFRPSOHWHO\SURYHGIRUWKHFDVHZKHQ WKH WRSRORJLFDO YRUWH[ FKDUJH DQG WKH KDQGHGQHVVIDFWRUKDYHWKHRSSRVLWHVLJQV
:H KDYH DOUHDG\ QRWLFHG WKDW WKH ³LPSRUWDQFH´ RI RSWLFDO VLQJXODULWLHV LQFOXGLQJ WKH SRODUL]DWLRQ RQHV DV VRPH MXQFWLRQV WKDW ³IRUP´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
,Q WKLV VHQVH DULVLQJ RI WKH RUELWDO DQJXODU PRPHQWXP LQ VRPH DUHD ZLWK WKH RSWLFDO VLQJXODULW\ FRQIRUPV HYLGHQWO\ WR ³SK\VLFDO´ H[FOXVLYHQHVV RI WKH ODWWHU VWUXFWXUHV ,QGHHG
D E F G
GXHWRWKDWSURSHUW\RIWKHILHOGVRPHSK\VLFDO REMHFWSODFHGLQWKHILHOGVXIIHUVVSHFLILFGLUHFW LQIOXHQFH
,Q FRQFOXVLRQ ZH VWUHVV WKDW WKH UHVXOWV RI WKLV SDSHU FRQFHUQHG ZLWK WKH RUELWDO DQJXODU PRPHQWXP LQ WKH &SRLQW YLFLQLW\ KDYH QRW RQO\ IXQGDPHQWDO LPSRUWDQFH ,Q RXU RSLQLRQ WKH\ GUDZ VRPH DSSOLHG LQWHUHVW 1DPHO\ WKH SULQFLSOHV RI IRUPLQJ SRODUL]DWLRQ LQKRPRJHQHRXVRSWLFDOWUDS PD\EH XVHG ZKLOH HODERUDWLQJOLJKW RSWLFDO WUDSV ZLWK FRQWUROOHG RUELWDODQJXODUPRPHQWXP
&RQFOXVLRQV
6XPPLQJ XS WKH UHVXOWV RI WKH SUHVHQW VWXGLHV ZHFDQVWDWHWKHIROORZLQJ
3K\VLFDO PDQLIHVWDWLRQ RI DQ\ RSWLFDO VLQJXODULW\LVLQRQHZD\RUDQRWKHUFRQQHFWHG ZLWKDVSHFLILFWHPSRUDOEHKDYLRXURIWKH ILHOG QR PDWWHUVFDODURUYHFWRUFDVHV DUH UHDOL]HG ,W EHFRPHVDSSDUHQWZKHQWKHDQJXODUPRPHQWXP RIWKHILHOGRIFHUWDLQNLQGDULVHVRUGLVDSSHDUV
7KH RUELWDO DQJXODU PRPHQWXP LV REVHUYHG LQ WKH DUHD RI WKH&SRLQW ZKHQ WKH WRSRORJLFDO YRUWH[ FKDUJH DQG WKH KDQGHGQHVV IDFWRUKDYHWKHRSSRVLWHVLJQV7KHGLUHFWLRQRI LQIOXHQFH RI WKLV RUELWDO DQJXODU PRPHQWXP LV GHILQHGE\WKHVLJQRIWRSRORJLFDOFKDUJHRIWKH YLEUDWLRQSKDVHLQWKLVDUHD
5HIHUHQFHV
1\H-)DQG%HUU\03URF56RF/RQG$
%DUDQRYD 1% 0DPD\HY $9 3LOLSHWVN\ 1) 6KNXQRY 99 =HOGRYLFK %<D
-2SW6RF$P$
1\H-)1DWXUDO IRFXVLQJDQGILQH VWUXFWXUH RI OLJKW ,QVWLWXWH RI 3K\VLFV 3XEOLVKLQJ %ULVWRODQG3KLODGHOSKLD
1\H-)+DMQDO-9DQG+DQQD\-+3URF
56RF/RQG$
)UHXQG,DQG6KYDUWVPDQ13K\V5HY$
)UHXQG , 6KYDUWVPDQ 1 DQG )UHLOLNKHU 9
2SW&RPPXQ
)UHXQG,3URF63,(
0RNKXQ,3URF63,(
1\H -) 3URF 5 6RF /RQG $
1\H -) 3URF 5 6RF /RQG$
1\H-)DQG+DMQDO-93URF56RF/RQG
$
+DMQDO-93URF56RF/RQG$
$QJHOVN\ 2 %HVDKD 5 0RNKXQ $ 0RNKXQ,6RSLQ06RVNLQ09DVQHWVRY
03URF63,(
$QJHOVN\ 2 0RNKXQ $ 0RNKXQ , DQG 6RVNLQ02SW&RPPXQ $QJHOVN\ 2 %HVDKD 5 0RNKXQ , 6RSLQ
06RVNLQ03URF&KHUQLYWV\8QLYHUVLW\ 6HU3K\VLFV(G2$QJHOVN\ )UHXQG , 6RVNLQ 0 DQG 0RNKXQ $ 2SW
&RPPXQ
$QJHOVN\ 2 0RNKXQ $ 0RNKXQ , DQG
6RVNLQ03K\V5HY(
)UHXQG,2SW&RPPXQ
)UHXQG,2SW&RPPXQ
%HUU\0DQG'HQQLV03URF56RF/RQG
$
$OOHQ/3DGJHWW0-DQG%DELNHU 0 7KH RUELWDO DQJXODU PRPHQWXP RI OLJKW ( :ROI 3URJUHVVLQRSWLFV;;;,;(OVHYLHU6FLHQFH %9
%HUU\03URF63,(
$OOHQ / %HLMHVEHUJHQ 0: 6SUHHXZ 5-&DQG:RHUGPDQ-33K\V5HY$
+H + )ULHVH 0(- +HFNHQEHUJ 15 DQG 5XELQV]WHLQ 'XQORS + 3K\V 5HY /HWW
)ULHVH 0(- 1LHPHQHQ 7$ +HFNHQEHUJ 15 DQG 5XELQV]WHLQ'XQORS + 1DWXUH
/RQGRQ
6LPSVRQ 1% 'KRODNLD . $OOHQ /DQG
3DGJHWW02SW/HWW
2¶1HLO$7DQG3DGJHWW0-2SW&RPPXQ
2¶1HLO $7 0F9LFDU , $OOHQ / DQG 3DGJHWW 0- 3K\V 5HY /HWW
$OOHQ / DQG 3DGJHWW 0- 2SW &RPPXQ
$UOW - DQG 'KRODNLD . 2SW &RPPXQ
*DUFHV&KDYH] 9 9RONH6HSXOYHGD . &KiYH]&HUGD 6 6LEEHWW : DQG 'KRODNLD
.3K\V5HY$
*DUFHV&KDYH]90F*ORLQ'3DGJHWW0 -'XOW]:6FKPLW]HU+DQG'KRODNLD.
3K\V5HY/HWW
0RNKXQ , $UNKHO\XN$ %UDQGHO 5 DQG 9LNWRURYVND\D-X3URF63,(
0RNKXQ , 0RNKXQ $ 9LNWRURYVND\D -X &RMRF ' $QJHOVN\ 2 DQG 'L )DEUL]LR (
3URF63,(
%HUU\09-HIIHU\05DQG0DQVXULSRU0
-2SW$3XUH$SSO2SW
:KLWH $* 6PLWK &3 +HFNHQEHUJ 15 5XELQV]WHLQ'XQORS + 0F'XII 5 :HLVV &2DQG7DPP&KU-0RG2SW
%D]KHQRY 9<X 9DVQHWVRY 09 DQG 6RVNLQ 0 6 6RY 3K\V -(73 /HWW
/HDFK-3DGJHWW0-%DUQHWW60)UDQNH $UQROG6DQG&RXUWLDO-3K\V5HY/HWW