download full version

_{$NVLPHQW\HYD2,.RQRSHOQ\N2,6WDNKLUD3<DQG7VL]K%5}

_{,YDQ)UDQNR/YLY1DWLRQDO8QLYHUVLW\.\U\ORDQG0HIRGL\6W/YLY8NUDLQH} HPDLODNVLPHQ#RUJOYLYQHW

_{1DWLRQDO8QLYHUVLW\³/YLY3RO\WHFKQLF´6W<XUL\6T/YLY8NUDLQH} HPDLO6WDNKLUD#SRO\QHWXD

_{%\GJRV]F]$FDGHP\RI.D]LPHU:LHONL&KRGNLHZLF]D3RODQG}

5HFHLYHG

$EVWUDFW

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

.H\ZRUGVSRO\SKHQ\ODFHW\OHQHHOHFWURFKHPLFDOSUHSDUDWLRQRSWLFDOVSHFWUDGRQRUDQG DFFHSWRUGRSLQJDEVRUSWLRQEDQGV

3$&6'T'Y5Y

,QWURGXFWLRQ

3RO\SKHQ\ODFHW\OHQH 33$ LV D NQRZQ RUJDQLF PROHFXODU VHPLFRQGXFWRU ZLWK D VLJQLILFDQW SKRWRFRQGXFWLYLW\ >@ ,W EHORQJV WR D IDPLO\ RI FRQMXJDWHG SRO\PHUV DQG KDV DWWUDFWHG D FORVH DWWHQWLRQ RI UHVHDUFKHUV EHFDXVH RI LWV LQWHUHVWLQJ HOHFWULF DQG RSWLFDO SURSHUWLHV HJ SKRWRFRQGXFWLYLW\ WKLUGRUGHU QRQOLQHDU RSWLFDO UHVSRQVH DQG KLJK VHQVLWLYLW\ WR UHODWLYH KXPLGLW\ YDULDWLRQV >@ 7KH HQHUJ\ RI WUDQVLWLRQIRUWKH33$JHWVLQWRWKHUDQJHRI± 9>@WKXVSURYLGLQJDSRVVLELOLW\RIXVHLQ YDULRXV RSWLFDO GHYLFHV RSHUDWLQJ LQ WKH YLVLEOH VSHFWUDO UDQJH HJ HOHFWURSKRWRJUDSKLF SKRWR UHFHSWRU GHYLFHV >@ DQG VRODU FHOOV EDVHG RQ SKRWRVHQVLWLYH RUJDQLFLQRUJDQLF KHWHURVWUXFWXUHV>@

0RVW RI VWXGLHV IRU WKH HOHFWURQLF SURSHUWLHV RI WKH 33$ ILOPV KDYH EHHQ VR IDU FRQFHUQHG ZLWK WKH SRO\PHU REWDLQHG E\ FKH

ILOPV DUH FKDUDFWHULVHG E\ SRO\FU\VWDOOLQH JOREXODURUILEURXVVWUXFWXUHVGHSHQGLQJRQWKH FXUUHQW GHQVLW\ DQG WKH HOHFWURGH PDWHULDO XVHG LQWKHSURFHVV7KHORFDWLRQRIDEVRUSWLRQEDQGV LQWKHRSWLFDOVSHFWUDRIWKH33$ILOPVGHSHQGV RQWKHFRQGLWLRQVRISRO\PHUSUHSDUDWLRQ>±@ )RUPRUHZLGHDSSOLFDWLRQVRIHOHFWURFKHPLFDOO\ REWDLQHG 33$ ILOPV LW ZRXOG EH QHFHVVDU\ WR LQYHVWLJDWH WKH RSWLFDO SURSHUWLHV RI WKHVH ILOPV DQG LQ SDUWLFXODU WKH HIIHFW RI GRSLQJ RQ WKH RSWLFDOVSHFWUDRIWKH33$

,Q WKH SUHVHQW ZRUN WKH SURFHVVHV RI GRSLQJLQGXFHGDEVRUSWLRQLQWKHRSWLFDOVSHFWUD RI HOHFWURFKHPLFDOO\ REWDLQHG 33$ ILOPV KDYH EHHQVWXGLHGXQGHUERWKWKHGRQRUDQGDFFHSWRU GRSLQJ

([SHULPHQWDO

7KH 33$ ILOPV ZHUH REWDLQHG E\ WKH HOHFWURFKHPLFDO SRO\PHULVDWLRQ RI WKH 3$ LQ DFHWRQLWULOH VROXWLRQ DQG LQ WKH SUHVHQFH RI OLWKLXP VDOWV DV D VXSSRUWLQJ HOHFWURO\WH >@ 7KHILOPVREWDLQHGRQ WKH ,72 HOHFWURGHV ZHUH ZDVKHG ZLWK PHWKDQRO DQG GULHG LQ YDFXXP DW 7 .7KHILOPVZHUHGRSHGHOHFWURFKHPL FDOO\LQ0/L&O2DFHWRQLWULOHVROXWLRQDWWKH FXUUHQW GHQVLW\L P$FP _{LQ DUJRQ DWPR} VSKHUH 7KH DFFHSWRU GRSLQJ ZDV SURYLGHG E\ WKH LRGLQH YDSRXU DQG LRGLQH VROXWLRQ LQ WKH FKORURIRUP 7KH ,5 VSHFWUD RI WKH 33$ ILOP ZHUH REWDLQHG ZLWK ³6SHFRUG 0´ VSHFWUR SKRWRPHWHU LQ WKH UDQJH RI ±FP

7KHRSWLFDODEVRUSWLRQVSHFWUDZHUHUHFRUGHGIRU WKH 33$ ILOPV GHSRVLWHG RQ WKH ,72 HOHFWURGHV E\ PHDQV RI 63 VSHFWURSKRWRPHWHU LQ WKH UDQJH RI «QP 7KH HOHPHQWDO DQDO\VLVRIWKHOLWKLXPFRQWHQWLQWKH33$ILOPV ZDV SHUIRUPHG ZLWK WKH DWRPLF DEVRUSWLRQ PHWKRGRQWKHEDVLVRIIODPHSKRWRPHWHU3)0 0= 7KH VSHFLILF FRQGXFWLYLW\ RI WKH 33$ ZDV PHDVXUHG RQ WKH VDQGZLFKOLNH ,7233$ $X VWUXFWXUH DW WKH URRP WHPSHUDWXUH )LQDOO\ WKH 33$ ILOP VWUXFWXUH ZDV VWXGLHG ZLWK VFDQQLQJHOHFWURQPLFURVFRSH,6,'6

5HVXOWVDQGGLVFXVVLRQ

6\QWKHVLVDQGFKDUDFWHULVDWLRQRIWKH33$ 'XULQJ WKH SURFHVV RI FDWKRGH HOHFWURFKHPLFDO SRO\PHULVDWLRQRIWKH3$DFRQGXFWLQJSRO\PHU OD\HUZLWKWKHVSHFLILFFRQGXFWLYLW\LQWKHUHJLRQ RI ±_{±6FP LV IRUPHG RQ WKH VXUIDFH RI} WKH,72FDWKRGH>@7KHSURFHVVLVUXQQLQJDV DQDQLRQUDGLFDOSRO\PHULVDWLRQ>@DQGLW\LHOGV LQ IRUPLQJ D FRPSDFW XQLIRUP ILOP ZLWK D PHWDOOLF JORVV 7KH DEVRUSWLRQ EDQGV ORFDWHG DW DQG P_{DUHREVHUYHGLQWKH,5VSHFWUXPRIWKH} REWDLQHG SRO\PHU VHH )LJ 7KLV FRQILUPV WKDW WKH V\QWKHVLVHG 33$ LV D SRO\PHU FKDUDFWHULVHGZLWKWKHHOHPHQWDU\OLQN>&+ &+ &+@QDQGWKHVSDFHVWUXFWXUHRIWUDQV33$ >@VHH6FKHPH

$FFRUGLQJ WR WKH VFDQQLQJ HOHFWURQ PLFURVFRS\ 6(0 GDWD WKH REWDLQHG SRO\PHU

)LJ,5VSHFWUXPRIWKH33$ILOP

ILOPV FKDUDFWHULVHG ZLWK D SRO\FU\VWDOOLQH VWUXFWXUH WKH VL]H RI FU\VWDOOLWHV EHLQJ ± PP±VHH)LJ DUH VWDEOH LQ WKH RUJDQLF VROYHQWV>@

(OHFWURFKHPLFDOGRQRUGRSLQJRIWKH33$ ,Q WKH 33$ REWDLQHG E\ WKH FKHPLFDO V\QWKHVLV XQGHU FRPSOH[ FDWDO\VWV GLVVROYHG LQ &+&ODQGIRXQGHGRQWKHTXDUW]WKHDEVRUSWLRQ EDQGVDUHREVHUYHGRQO\LQWKH89UHJLRQ>@ 7KH WZR PDLQ EDQGV DUH REVHUYHG LQ WKH DEVRUSWLRQVSHFWUDRIHOHFWURFKHPLFDOO\REWDLQHG 33$LQWKHQHDU89DQGYLVLEOHVSHFWUDOUDQJHV )LJ)LUVWRIWKHPLVORFDWHGDW±QP ,WFRUUHVSRQGVWRWKH WUDQVLWLRQLQWKHEDQG JDSZKLOHWKHVHFRQGSRVLWLRQHGLQWKHYLVLEOH UHJLRQ ±QP LV FDXVHG E\ IUHH FDUULHU DEVRUSWLRQ >@ 3URORQJDWLRQ RI WKH HOHFWURO\VLV WLPH OHDGV WR LQFUHDVLQJ RSWLFDO DEVRUSWLRQLQDZLGHVSHFWUDOUDQJHSHUKDSVGXH WR JURZLQJ ILOP WKLFNQHVV DQG FKDQJLQJ VWUXFWXUHRIWKHSRO\PHUVHH)LJ

,WLVIRXQGIURPWKHHOHPHQWDODQDO\VLVWKDW

WKH33$ILOPIRUPHGRQWKH,72FDWKRGHGXULQJ HOHFWURFKHPLFDO SRO\PHULVDWLRQ XQGHUJRHV GRSLQJ E\ OLWKLXP 7KH GRSLQJ OHYHO \ RI WKH 33$/L ILOPV LV LQ WKH UDQJH RI ±DW/L GHSHQGLQJ RQ WKH HOHFWURO\VLV WLPH DQG WKH FXUUHQWGHQVLW\

(OHFWURFKHPLFDOQGRSLQJ RI WKH 33$ E\ OLWKLXP XQGHU WKH HOHFWURFKHPLFDO FDWKRGH SURFHVV\LHOGVLQWKHLQFUHDVLQJLQWHQVLW\RIWKH DEVRUSWLRQ EDQG ORFDWHG QHDU ±QP DQG UHGLVWULEXWLQJ WKH LQWHQVLW\ RI WKH VKRUWZDYH EDQG DW ±QP VHH )LJ 7KLV EDQG GHPRQVWUDWHV D VPDOO EDWKRFKURPLF VKLIW ZLWK WKHLQFUHDVLQJTXDQWLW\RIFKDUJHFDUULHUVSDVVHG GXULQJ WKH HOHFWURO\VLV SRVVLEO\ RZLQJ WR LQFUHDVLQJ FRQMXJDWLRQ OHQJWK >@ 7KH DSSHDUDQFH RI WKH DGGLWLRQDO EDQG DW QP PLJKW EH DVVRFLDWHG ZLWK IRUPDWLRQ RI DQLRQ UDGLFDO SRODURQ SDUWLFOHV LQ WKH FRQMXJDWHG FKDLQ RI WKH 33$ >@ $ QHJDWLYH FKDUJH JHQHUDWHG XQGHU WKH HOHFWURQ WUDQVIHU LV GHORFDOLVHGDORQJWKHFRQMXJDWHGSRO\PHUFKDLQ

DQG FRPSHQVDWHG E\ WKH OLWKLXP FDWLRQV LQ DFFRUGDQFHZLWK6FKHPH

>&+&+ &+@Q\H\/L >&+&+ &+@Q\/L

6FKHPH 3URFHVV RI HOHFWURFKHPLFDOQ GRSLQJRIWKH33$ILOP

6XFKWKHPHFKDQLVPPD\EHDVVLJQHGWRWKH GRQRURUQW\SHGRSLQJRIWKH33$$VDUHVXOW RI HOHFWURQ LQMHFWLRQ IURP WKH HOHFWURGH WR WKH SRO\PHU FKDLQ QHJDWLYH SRODURQV DQLRQ UDGLFDOV DUH IRUPHG >@ $W KLJKHU GRSLQJ OHYHOV SRODURQV DVVRFLDWHG ZLWK ELSRODURQV DSSHDU 7KH\ FDXVH D GRSLQJLQGXFHG DEVRUSWLRQZKLFKLVHVSHFLDOO\H[SUHVVHGLQWKH ORQJZDYHUHJLRQVHH)LJ7KHSURFHVVRIQ

GRSLQJ RI WKH 33$ LQGXFHV LQFUHDVLQJ HOHFWULF FRQGXFWLYLW\XSWR_{6FPEXWWKHSRO\PHU} WHQGV WR WKH QDWLYH IRUP WKURXJK UHR[LGDWLRQ 1RWLFH DOVR WKDW WKHSGRSHG 33$ H[KLELWV D KLJKHUVWDELOLW\WRWKHHQYLURQPHQW>@

$FFHSWRUSGRSLQJRIWKH33$

7KH 33$ UHDFWV UHDGLO\ ZLWK RUJDQLF DQG LQRUJDQLF HOHFWURQDFFHSWLQJ FRPSRXQGV VXFK DV-%UDQG$V)JLYLQJULVHWRDPRUHKLJKO\ FRQGXFWLQJ PDWHULDO >@ 6HYHUDO IRUPV RI WKH DFFHSWRUGRSHG 33$ KDYH EHHQ VKRZQ WR UHSUHVHQW FKDUJHWUDQVIHU &7 FRPSOH[HV ZKRVHVROXWLRQVVKRZDEURDG&7EDQGH[WHQGHG WRWKHQHDU,5UDQJH>@7KHQDWXUHRIWKH33$ - FRPSOH[ KDV EHHQ H[DPLQHG LQ WKH VWXGLHV >@+RZHYHUWKHHIIHFWRIDFFHSWRUGRSLQJRQ WKHRSWLFDOVSHFWUDRIHOHFWURFKHPLFDOO\REWDLQHG 33$ ILOPV VWLOO UHPDLQV XQNQRZQ :H KDYH

'

DX

lQP

)LJ (IIHFW RI HOHFWURSRO\PHULVDWLRQ WLPHRQWKHRSWLFDOVSHFWUDRIWKH33$ ILOPVGHSRVLWHG RQWR WKH ,72 FDWKRGH 7KHWLPHVRIHOHFWURO\VLVDUH DQG PLQ DQG WKH FXUUHQW GHQVLW\ LV HTXDO WR L P$FP

'

DX

l

QP

HVWDEOLVKHGWKDWDGLIIHUHQWEHKDYLRXURIWKHDE VRUSWLRQEDQGVLVREVHUYHGXQGHUWKHGRSLQJRI HOHFWURFKHPLFDOO\SUHSDUHG33$ILOPVE\LRGLQH 1DPHO\ WKLV UHGXFHV WR D ODUJH JURZWK RI WKH ILUVWPD[LPXPDW±QPZKLOHWKHEDQGDW ±QPDOPRVWGLVDSSHDUVVHH)LJ

7KH RSWLFDO VSHFWUD SUHVHQWHG LQ )LJ DOORZ RQH WR VXJJHVW WKDW WKH SURFHVV RI GHGRSLQJGRSLQJRFFXUVLQWKH33$ILOPVZKLFK LVFDXVHGE\LRGLQH7KHSURFHVVRIGHGRSLQJLQ HOHFWURFKHPLFDOO\ REWDLQHG 33$ ILOPV PD\ SURFHHGLQWKHZD\LOOXVWUDWHGE\6FKHPH

>&+&+ &+@Q\/L \->&+&+ &+@Q\/L-«

6FKHPH3URFHVVRIGHGRSLQJRIWKH33$ /LILOPE\LRGLQH

7KH XQGRSHG 33$ ILOP H[KLELWV RQH DEVRUSWLRQEDQGDW±QPWKDWFRUUHVSRQGV

WRHOHFWURQWUDQVLWLRQLQWKHEDQGJDSRIRUJDQLF VHPLFRQGXFWRU >@ 7KH SURFHVV RI DFFHSWRU SGRSLQJ RI WKH 33$ FDXVHV VLJQLILFDQWO\ LQFUHDVHG RSWLFDO DEVRUSWLRQ DQG EURDGHQLQJ RI WKHEDQG

7KH VLPLODU FKDQJHV RFFXU LQ WKH FDVH RI LRGLQH GRSLQJ RI WKH 33$ ILOP NHSW LQ WKH VROXWLRQV ZLWK GLIIHUHQW LRGLQH FRQFHQWUDWLRQV VHH)LJ7KHSURFHVVRISGRSLQJRIWKH33$ ILOPPD\EHSUHVHQWHGE\6FKHPH

>&+&+ &+@Q [->&+&+ &+@[

-6FKHPH3URFHVVRIGRSLQJRIWKH33$ ILOPE\LRGLQH

7KH GHWDLOHG VSHFWUD IRU WKH VROXWLRQ RI WUDQV33$ ZLWK D YDULHW\ RI HOHFWURQ DFFHSWRUV KDYH EHHQ UHSRUWHG LQ WKH OLWHUDWXUH LQFOXGLQJ

'

DX

l

QP

)LJ(IIHFWRIDFFHSWRUGRSLQJ RQ WKH HOHFWURQ VSHFWUD RI WKH 33$ ILOP DW GLIIHUHQW WLPHV RI H[SRVLWLRQLQLRGLQHYDSRXUV ±DQG±V

'DX

l,QP

WKH HQWLUH VSUHDG RI WKH &7 EDQG >@ 7KH DEVRUSWLRQ HGJH RI WKH WUDQVLWLRQ FKDUDFWHULVWLFRIWKHSRO\PHUKDVEHHQORFDWHGDW QP 7KH FKDQJHV LQ WKH RSWLFDO VSHFWUD RI WKH 33$ ILOPV GHSLFWHG LQ )LJ DQG DUH VLPLODUWRWKRVHREVHUYHGIRUWKH33$-VROXWLRQ >@ZKHUHWKHH[LVWHQFHRIFRPSOH[HVDWORZ GRSLQJOHYHOVKDVEHHQGHPRQVWUDWHG>@7KLV VXJJHVWV WKDW D SURFHVV RI IRUPDWLRQ RI WKH &7 FRPSOH[HV EHWZHHQ WKH 33$ DQG LRGLQH WDNHV SODFH 7KH GHWDLOHG QDWXUH RI WKH FRPSOH[ GHSHQGVXSRQPLFURVWUXFWXUHRIWKHSRO\PHU>@

&RQFOXVLRQ

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

5HIHUHQFHV

6LPRQ - DQG $QGUH -- 0ROHFXODU VHPLFRQGXFWRUV6SULQJHU

<DQJ0;X-DQG+X4--3KRWRFKHP 3KRWRELRO$&KHP

(KUOLFK 3 DQG $QGHUVRQ : +DQGERRN RI FRQGXFWLQJ SRO\PHUV 9RO 1HZ <RUN

&DPHWWL&&RGDVWHIDQR3$PDWR5' HW DO6\QWK0HW

6WDNKLUD 3< $NVLPHQW\HYD 2, 'RURVK 2% 6DYFK\Q 93 &KHUSDN 99 DQG .RQRSHOQ\N2, 8NU - 3K\V

.DQJ (1 %KDWW $) 9LOODURHO ( $QGHUVRQ :$ DQG (KUOLFK 3 0RO &U\VW /LT&U\VW

7DQJ %= 3RRQ :+ DQG /HXQJ 60 0DFURPROHFXOHV

$NVLPHQW\HYD 2, /XSVDN 12 DQG .RYDOVNL\ <D3 8NU - &KHP

$NVLPHQW\HYD 2 /XSVDN 1 .RQRSHOQLN 2 DQG *U\WVLY 0 0RO &U\VW /LT &U\VW

+HHJHU$-6\QWK0HWDOV

6YHUGORYD 29 (OHFWURQ VSHFWUD LQ RUJDQLF FKHPLVWU\.KLPLDLQ5XVVLDQ 3HORXV<)UR\HU*+HUROG&DQG/HIUDQW