UJPO - 1(7)-Publications

(1)

(IIHFWRI1RQOLQHDU([FLWRQ3KRQRQ,QWHUDFWLRQRQWKH

,QWULQVLF2SWLFDO%LVWDELOLW\LQ/D\HUHG6HPLFRQGXFWRUV

2'HUHY\DQFKXN =HQNRYD9.UDPDUDQG1.UDPDU

2SWLFVDQG6SHFWURVFRS\'HSDUWPHQW&KHUQLYWVL1DWLRQDO8QLYHUVLW\&KHUQLYWVL8NUDLQH HPDLO]HQNRYD#LWIFYXNUWHOQHW

5HFHLYHG $IWHUUHYLVLRQ

$EVWUDFW

7KHRUHWLFDO LQYHVWLJDWLRQ RI WKH UROH RI EHQGLQJ ZDYHV LQ WKH FRQGLWLRQV IRU REVHUYLQJ RSWLFDOELVWDELOLW\LQOD\HUHGVHPLFRQGXFWRUVLVSHUIRUPHGXVLQJWKH*UHHQIXQFWLRQPHWKRG %\WKHH[DPSOHRI+SRO\W\SHRI3E,ZHVKRZWKDW HIILFLHQW H[FLWRQ VFDWWHULQJ E\ WKH

RVFLOODWLRQV RI WKLV W\SH OHDGV WR D VKRUWZDYH VKLIW RI WKH IUHTXHQF\ UHJLRQ RI RSWLFDO ELVWDELOLW\ GHFUHDVH LQ WKH VL]H RI WKLV UHJLRQ ZLGHQLQJ RI WHPSHUDWXUH LQWHUYDO RI LWV REVHUYDWLRQDVKLIWRIWKHK\VWHUHVLVORRSWRZDUGVKLJKHULQWHQVLWLHVDQGDGHFUHDVHLQLWV KHLJKWDQGZLGWK

.H\ZRUGVRSWLFDOELVWDELOLW\OD\HUHGFU\VWDOEHQGLQJZDYHH[FLWRQSKRQRQLQWHUDFWLRQ

3$&66\

,QWURGXFWLRQ

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

LQWHQVLW\RIWKHLQFLGHQWZDYH2%UHSUHVHQWVD FRPPRQ SURSHUW\ RI QRQOLQHDU RSWLFDO V\VWHPV ZLWKWKHIHHGEDFN'LIIHUHQWSURFHVVHV>±@FDQ EH UHVSRQVLEOH IRU LWV UHDOL]DWLRQ LQ VHPL FRQGXFWRUVLQFOXGLQJDG\QDPLFQRQOLQHDULW\RI RSWLFDO DEVRUSWLRQ LQ WKH H[FLWRQ IUHTXHQF\ UHJLRQWKHVRFDOOHGLQWULQVLF2%>±@

(2)

SHFXOLDUWROD\HUHGFU\VWDOV/&FRXOGSURPRWH LQGLUHFW YHUWLFDO SKRWRWUDQVLWLRQ UHVSRQVLEOH IRU DULVLQJRIPXOWLVWDEOHVWDWHV>@

,QWKLVSDSHUZHVWXG\WKHUROHRIQRQOLQHDU H[FLWRQSKRQRQ LQWHUDFWLRQ LQ WKH SURFHVVHV RI 2%UHDOL]DWLRQLQ/&WKHSRLQWWKDWKDVQRWEHHQ VXIILFLHQWO\ FODULILHG LQ WKH ZRUNV PHQWLRQHG DERYH:HUHYHDOWKDWWKHH[FLWRQVFDWWHULQJRQ WKH %: PD\ KDYH GLIIHUHQW HIILFLHQF\ DQG LV HVVHQWLDOO\ DQLVRWURSLF ,W LQIOXHQFHV JUHDWO\ WKH SRVLWLRQ DQG VL]H RI WKH IUHTXHQF\ DQG WHPSHUDWXUH UHJLRQV ZKHUH WKH 2% DQG WKH K\VWHUHVLVORRSDSSHDU

7KHPRGHO

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

WKH ORQJZDYH UHJLRQ >@ 7KH DQRPDORXV VKRUWZDYHH[FLWRQEDQGVKLIWKDVEHHQREVHUYHG DW ORZ WHPSHUDWXUHV IRU GLIIHUHQW GLUHFWLRQV RI OLJKWSURSDJDWLRQLQ+SRO\W\SH3E,>@,WLV FRQGLWLRQHGE\WKHIDFWWKDWWKHVLJQRIQRQOLQHDU H[FLWRQSKRQRQ FRXSOLQJ IXQFWLRQ IRU WKH %: KDVDQH[WUDGHSHQGHQFHRQWKHUHODWLRQEHWZHHQ WKHHIIHFWLYHHOHFWURQDQGKROHPDVVHV>@7KH OHDGLRGLGHGLIIHUVIURPWKHRWKHU/&E\DVWURQJ DQLVRWURS\ RI WKHVH SDUDPHWHUV

^ ^ _< > K H K H P P P

P

__ __ _{VR WKDW WKH VLJQ RI WKH} FRXSOLQJ IXQFWLRQ LV WKH VDPH IRU ERWK OLJKW SURSDJDWLRQGLUHFWLRQV>±@

7KH GLVWLQFWLYH IHDWXUHV RI WKH H[FLWRQ VSHFWUXP G\QDPLFV LQ /& FDXVHG E\ WKH SHFXOLDULWLHVRIWKHLUH[FLWRQSKRQRQLQWHUDFWLRQV FRXOG PDQLIHVW WKHPVHOYHV LQ WKH 2% WDNLQJ SODFH LQ WKRVH FU\VWDOV ,Q RUGHU WR VWXG\ WKLV SUREOHPZHLQYHVWLJDWHWKHPRGHOIRUH[FLWDWLRQ RIWKUHHGLPHQVLRQDOH[FLWRQZLWKWKHTXDGUDWLF GLVSHUVLRQODZ

H[ N _PN

h

hwr = w +

LQWKH/&XQGHULWVLOOXPLQDWLRQZKHUHNr_h_w_Nr

DQG P_H[ GHQRWH UHVSHFWLYHO\ WKH ZDYH YHFWRU WKHHQHUJ\DQGWKHHIIHFWLYHPDVVRIWKHH[FLWRQ :H DFFRXQW IRU WKH WZR SRVVLEOH UHOD[DWLRQ PHFKDQLVPV IRU WKH H[FLWRQ H[FLWDWLRQ HQHUJ\ UHODWHG WR WKH LQWHUDFWLRQV ZLWK WKH %:

T T =W

Wr DQG GLVSHUVLRQOHVV RSWLFDO

SKRQRQVWTs =W+HUHWTrDQGTrPHDQWKH SKRQRQ IUHTXHQF\ DQG ZDYH YHFWRU UHVSHFW LYHO\7KHILUVWLQWHUDFWLRQLVQRQOLQHDUZLWKWKH FRXSOLQJIXQFWLRQ>@

K K H H

9 T T

I P T

P T P T

I ) T T

a a

- =

= W - á

+ +

á W

7KHVHFRQGRQHLVOLQHDUDQGZHKDYH>@

Ø

Ù × È

É Ç

+ -+

-W =

T T T

T )

T 9

K K H

H

a a a

(3)

) T )W +HUH K H L H[ L = _µa_P P₊_P

a L HKDQGDH[ LVWKHH[FLWRQUDGLXVDQGIDQG)UHSUHVHQWWKH FRQVWDQWVRIWKHLQWHUDFWLRQV7KHVLJQVSOXVDQG PLQXV LQ (T FRUUHVSRQG UHVSHFWLYHO\ WR WKH FDVHVRIOLJKWSURSDJDWLRQZLWKLQWKHOD\HUSODQH DQGSHUSHQGLFXODUWRLWVHH>@

$VVXPLQJDZHDNH[FLWRQSKRQRQFRXSOLQJ DQG H[FLWDWLRQ RI WKH ORZHVW H[FLWRQ VWDWH RQO\ ZHPD\H[SUHVVWKHOLJKWDEVRUSWLRQFRHIILFLHQW DWWKHIUHTXHQF\wDV

_ _ _ _ ' ' 6

a w p

w w

p w

G = µ

- - D + G =

+HUH' LV WKH H[FLWRQSKRWRQ LQWHUDFWLRQ SDUDPHWHUDQGDDQGGWKHUHDODQGLPDJLQDU\ SDUWVRIWKH*UHHQ¶VIXQFWLRQPDVVRSHUDWRU>@

7 0 7 0 7

0 w = w +

ZKHUH T T

T T T

T T

0 7

Q 1

9 T

1 0 7 L

Q 1

0 7 L

w

w w h

=

+ +

= +

- - - W +

-+

- - + W +

Ã

r r r r r

r r

r

h

Ã

- +

=

T 9 T T QT

1 7

0 _r r r r

h DQG @ >H[S W - -= 7 N Q % T T r r h @ >H[S - - -= 7 N 1 % N N m wr r h

DUH UHVSHFWLYHO\ WKH RFFXSDWLRQ QXPEHUV RI WKH SKRQRQ DQG H[FLWRQ VWDWHV 7KH FKHPLFDO SRWHQWLDO RI WKH H[FLWRQV GHILQHV WKHLU FRQ FHQWUDWLRQ LQ WKH FU\VWDO WKH YROXPH9 DQG WKH WHPSHUDWXUH7

Ã

= N N 1 9 1 r r (TVDQGUHSUHVHQWWKHFRQWULEXWLRQV RIWKHOLQHDULQWHUDFWLRQVRIH[FLWRQVZLWKRSWLFDO SKRQRQVDQGDFRXVWLFW\SH%:>@5HSODFLQJ WKH VXP RYHU Tr E\ WKH LQWHJUDO RYHU GLPHQVLRQOHVV YDULDEOH\ DT D EHLQJ WKH ODWWLFH FRQVWDQW ZH REWDLQ WKH UHDO DQG LPDJLQDU\ SDUWV RI IUHTXHQF\WHPSHUDWXUH GHSHQGHQFHVIRUWKHPDVVRSHUDWRU

7 =D 7 +D 7

Dw w

>

=G+ W - ₊

Gw 7 p ) ) T₊ Q 7 1_T

@ + +

-+) T- Q 7 1T

+HUH LVWKHUDGLDWLRQZLGWKRIWKHH[FLWRQ OHYHO >

= W - +W

D w 7 ) Q 7 1T₊ , w @

+ + -W

+ Q 7 1T_- , w

Ð

+ W = D

7 I > Q \7@) \\ G\

- W

-á

0 7

T w w

Ð

_- _-_D -á /\ ] \G\ \ ) ] , w

/ _D_P

H[LVWKHH[FLWRQEDQGZLGWK

QDQG1TWKHSKRQRQRSWLFDORU%:DQGWKH H[FLWRQN TRFFXSDWLRQQXPEHUV

7KXVDVVLJQLQJGHILQLWHYDOXHVWRWKHDERYH SDUDPHWHUV RQH FDQ FDOFXODWH WKH DEVRUSWLRQ FRHIILFLHQWVSHFWUXPDWDUELWUDU\WHPSHUDWXUHVRI FU\VWDO,QRXUFDVHWKHSDUDPHWHUV DQGWKH DEVRUSWLRQFRHIILFLHQW DUHGHWHUPLQHGQRWRQO\ E\WKHIUHTXHQF\wDQGWKHWHPSHUDWXUH7EXW DOVR WKH DEVRUSWLRQ LQWHQVLW\ RI FU\VWDO DW WKH JLYHQ IUHTXHQF\ 7KH FRUUHODWLRQ EHWZHHQ WKH FKHPLFDO SRWHQWLDO RI WKH H[FLWRQ DQG WKH H[FLWRQ FRQFHQWUDWLRQ 1 LQ FU\VWDO FDXVHV1 GHSHQGHQFH RI WKH RFFXSDWLRQ QXPEHUV 1T

(4)

:KHQWKHH[FLWRQSKRQRQDQGWKHUDGLDWLRQ V\VWHPV DUH LQ WKHUPRG\QDPLFDOO\ HTXLOLEULXP VWDWH WKH EDODQFH HTXDWLRQ IRU WKH H[FLWRQ FRQFHQWUDWLRQPD\EHXVHG>@

7 1 -1=

, a w

%\DSSO\LQJ%XJXHU/DPEHUWODZRQHFDQ HQFORVH WKH V\VWHP RI (TV± DQG GHILQH WKH,,GHSHQGHQFH

$VVXPLQJ WKH H[FLWRQ FRQFHQWUDWLRQ WR EH YDULDEOHZKLFKLVDFKLHYHGE\FKDQJLQJ,ZH FDQ GHULYH WKH DEVRUSWLRQ FRHIILFLHQW IRU WKH IL[HGIUHTXHQF\DQGWHPSHUDWXUHRQWKHEDVLVRI HTXDWLRQV\VWHPDQG±8VLQJWKHQWKH %XJXHU/DPEHUW ODZ ZH ILQG WKH RXWSXW UDGLDWLRQLQWHQVLW\RUWKHWUDQVPLVVLRQ ,, IRUWKHFU\VWDORIWKLFNQHVVGDVDIXQFWLRQRI, 7KHQRQOLQHDUDEVRUSWLRQPD\FDXVHDSSHDUDQFH RI, UHJLRQ DW WKH IL[HGw DQG7 LQ ZKLFK WKHVH SDUDPHWHUV DFTXLUH WZR YDOXHV >@ 7KH VL]HV RI WKRVH 2% UHJLRQV PD\ FKDQJH ZLWK FKDQJLQJ IUHTXHQF\ WHPSHUDWXUH DQG H[FLWRQ SKRQRQLQWHUDFWLRQSDUDPHWHUV

5HVXOWVRIFDOFXODWLRQDQGGLVFXVVLRQ

,Q RUGHU WR VWXG\ WKH LQIOXHQFH RI QRQOLQHDU H[FLWRQSKRQRQLQWHUDFWLRQZLWKWKH%:RQWKH SRVLWLRQ DQG VL]H RI IUHTXHQF\ DQG WHPSHUDWXUH 2%UHJLRQVDULVLQJLQ/&ZHQRZSHUIRUPWKH FDOFXODWLRQV DFFRUGLQJ WR WKH PRGHO PHQWLRQHG DERYH

$V DQ H[DPSOH ZH FRQVLGHU WKH PRVW FRPPRQO\VWXGLHG+SRO\W\SHRI3E,>@LQ ZKLFKQRQOLQHDUH[FLWRQSKRQRQLQWHUDFWLRQZLWK WKH%:KDVEHHQGHWHFWHG>@7KHWHPSHUDWXUH GHSHQGHQFH RI WKH DEVRUSWLRQ EDQG IRUP IXQFWLRQ LV SUHVHQWHG LQ )LJ ,W KDV EHHQ FDOFXODWHG ZKHQ WDNLQJ WKH YDOXHVD c

=

W FP

=

W FP _>@_P__ H

PDQGP__K P>@W\SLFDOIRUWKLV FU\VWDOLQWKHFDVHRIOLJKWSURSDJDWLRQDORQJWKH OD\HU SODQH DQG SXWWLQJ WKH SDUDPHWHUV RI WKH PRGHOWREHHTXDOWR/=FP

FP

) DQG I $Q DQRPDORXV DEVRUSWLRQEDQGVKLIWWRZDUGVKLJKHUHQHUJLHVLV

FOHDUO\VHHQLQWKHORZWHPSHUDWXUHUHJLRQXSWR .,WWDNHVSODFHIRUWKHUHDVRQRIQRQOLQHDU H[FLWRQSKRQRQ LQWHUDFWLRQ ZLWK WKH %: $FFRUGLQJWR(TWKHVKLIWLQWKLVUHJLRQLV SURSRUWLRQDOWRWKHLQWHUDFWLRQFRQVWDQWI

)LJ 'HSHQGHQFHV RI WKH IXQFWLRQ RI H[FLWRQ DEVRUSWLRQ EDQG IRUP6 RQ WKH IUHTXHQF\ UHSUHVHQWHGLQGLPHQVLRQOHVVXQLWV ± /

IRUGLIIHUHQWWHPSHUDWXUHV±.±.± .±.±.DQG±.

:H KDYH DOVR DQDO\]HG WKH UHVXOWV RI FDOFXODWLRQV SHUIRUPHG DW GLIIHUHQWI YDOXHV LQ WKH UHJLRQ RI IUHTXHQF\ FKDQJHV LH DW IL[HG WHPSHUDWXUHV DQG WKH WHPSHUDWXUHV IRU ZKLFK WKH2%WDNHVSODFHLHDWVRPHIL[HGUHIHUHQFH IUHTXHQF\ V FKRVHQ LQ WKH PLGGOH RI WKH 2% UHJLRQZKRVHYDOXHGHSHQGVRQI,WKDVEHHQ IRXQG WKDW WKH LQFUHDVH LQ WKH %: FRXSOLQJ IXQFWLRQOHDGVWR

DVKRUWZDYHVKLIWRIWKHIUHTXHQF\2%UHJLRQ

w

w w=

-D DQG D GHFUHDVH RI LWV VL]H VHH 7DEOH

DQLQFUHDVHLQWKHWHPSHUDWXUH2%UHJLRQ

7

7 7 =

-D VHH7DEOH

DVKLIWRIWKHK\VWHUHVLVORRSWRZDUGVWKH UHJLRQRIKLJKHULQWHQVLWLHVDVZHOODVDGHFUHDVH LQLWVKHLJKWDQGZLGWKVHH)LJ

(5)

H[FLWRQ%:LQWHUDFWLRQ,QDVLPLODUPDQQHUWKH VKRUWZDYHVKLIWRIWKHIUHTXHQF\2%UHJLRQDQG WKHGHFUHDVHRILWVVL]HLQLVRWURSLFFU\VWDOVFDXVH D GHFUHDVH LQ WKH OLQHDU H[FLWRQSKRQRQ LQWHUDFWLRQ FRQVWDQW ) >@ )URP WKLV VWDQGSRLQW ZH FDQ DVVHUW WKDW WKH LQIOXHQFH RI %:RQWKHFRQGLWLRQVIRUREVHUYDWLRQRI2%LV RSSRVLWHWRWKHLQIOXHQFHRIRSWLFDOSKRQRQV

,QWHUDFWLRQV ZLWK WKH %: DUH DOVR UHVSRQVLEOH IRU GHFUHDVH LQ WKH PLQLPXP WHPSHUDWXUH IRU ZKLFK WKH 2% DSSHDUV /LQHDU PHFKDQLVP RI H[FLWRQSKRQRQ LQWHUDFWLRQ DV D FKDQQHOIRUGLVVLSDWLRQRIH[FLWRQHQHUJ\LQ+ 3E, WKDW SURPRWHV WKH DSSHDUDQFH RI 2% EHFRPHV DFWXDO DW7.>@%XWWKHORZ HQHUJ\RVFLOODWLRQVRIWKH%:W\SHJHWH[FLWHGDW

ORZHU WHPSHUDWXUHV 7KHUHIRUH WKH VWURQJHUWKH LQWHUDFWLRQ RI H[FLWRQV ZLWK WKHVH RVFLOODWLRQV WKHORZHUWKHWHPSHUDWXUHRI2%DSSHDUDQFHLV :HQRWLFHWKDWWKH IUHTXHQF\ UHJLRQ ZKHUH 2% LV SRVVLEOH LQ +3E, FU\VWDO LV UDWKHU QDUURZ ±FP_{OLNH LQ WKH FDVH RI +J,}

FU\VWDO 7KH OLQHDU H[FLWRQSKRQRQ LQWHUDFWLRQ LQ WKHVH FU\VWDOVLVFKDUDFWHUL]HGE\DVLPLODUYDOXHRI) FRQVWDQW >@ WKRXJK WKH 2% LQ +J, KDV EHHQ REVHUYHG DW ORZHU WHPSHUDWXUH . LWV GHFUHDVH SURGXFHV GHFUHDVLQJ _{>@ 1RQH} WKHOHVV WKLV WHPSHUDWXUH LV VWLOO KLJKHU WKDQ WKH H[FLWDWLRQSRLQWRIRSWLFDOSKRQRQVLQWKLVFU\VWDO .7KLVLQGLFDWHVWKDWWKHQRQOLQHDUH[FLWRQ SKRQRQLQWHUDFWLRQLQ+J,LVZHDNHUWKDQWKDWLQ 3E,ZKRVHVWUXFWXUHLV³PRUHOD\HUHG´>@

)LJ'HSHQGHQFHRIRSWLFDOWUDQVPLVVLRQDWWKHFRUUHVSRQGLQJUHIHUHQFHIUHTXHQF\VHH 7DEOHRQWKHLQSXWOLJKWLQWHQVLW\IRUGLIIHUHQWYDOXHVRIQRQOLQHDUH[FLWRQSKRQRQLQWHU DFWLRQSDUDPHWHUIDEDQGF

7DEOH7KHOLPLWVIRUWKHIUHTXHQF\DQGWHPSHUDWXUH2%UHJLRQVLQ3E,7 .

I Z Z ZV 7 7

&RQFOXVLRQV

7KHWHPSHUDWXUHUHJLRQZKHUHWKH2%DSSHDUVLQ WKH /& ZLWK HIILFLHQW H[FLWRQ VFDWWHULQJ E\ WKH %: LV QRWDEO\ ZLGHU ZKHQ FRPSDUH ZLWK WKH

(6)

5HIHUHQFHV

*LEEV +0 2SWLFDO ELVWDELOLW\ FRQWUROOLQJ OLJKW ZLWK OLJKW $FDGHPLF 3UHVV S

5\YNLQ%6)L]L7HNKQ3ROXSU

LQ5XVVLDQ

5RWDUX $+ DQG 7URQFKX 9= )L] 7YHUG 7HODLQ5XVVLDQ

%RQGDUHQNR 26 /\VDN 70 DQG 7URSKLPRY 9$ )L] L 7HNKQ 3ROXSU LQ5XVVLDQ

7URSKLPRY 9$ 2SW 6SHNWURVN LQ5XVVLDQ

6HPHQRY $/ DQG 6KDUDSRY 06K 2SW 6SHNWURVNLQ5XVVLDQ

0LOOHU'$%-2SW6RF$PHU%

+HQQHEHUJHU ) 3K\V VWDW VRO E

%URGLQ06%ORQVNLL,9%OD]K\MY96HW

DO 8NU )L] =KXUQ LQ

5XVVLDQ

1LWVRYLFK %0 .UHFKLYVNLL 29 DQG 3HVWU\DNRY *0 3K\V VWDW VRO E

1LWVRYLFK %0 .UHKLYVNLL 29 DQG

9LYFKDU\XN918NU)L]=KXUQ LQ5XVVLDQ

1LWVRYLFK %0 DQG =HQNRYD &<X 6RY

3K\V 6ROLG 6WDWH LQ

5XVVLDQ

=HQNRYD &<X =LQFKHQNR $$ DQG 1LWVRYLFK%03K\V6ROLG6WDWH LQ5XVVLDQ

1LWVRYLFK %0 DQG .UHKLYVNLL 29 3K\V 6ROLG6WDWHLQ5XVVLDQ %URGLQ 06 DQG %ORQVNLL ,9 ([FLWRQLF

SURFHVVHV LQ OD\HUHG FU\VWDOV .\LY 1DXNRYDGXPNDSLQ5XVVLDQ 1LWVRYLFK %0 6RY 3K\V 6ROLG 6WDWH

LQ5XVVLDQ

%URGLQ06%ORQVNLL,9+U\KRUFKXN1, HW DO 8NU )L] =KXUQ LQ 5XVVLDQ

.UDPDU 90 .UDPDU 1. DQG 1LWVRYLFK %08NU-3K\V2SW

/XEFKHQNR$)1LWVRYLFK90DQG7NDFK 193K\VVWDWVROE 1LWVRYLFK %0 =HQNRYD & <X DQG

'HUHY\DQFKXN293URF63,(

7NDFK198NU)L]=KXUQ