1DWXUDO3URGXFWVIURPWKH*RUJRQLDQ
/RSKRJRUJLDSXQLFHD
,VRODWLRQDQG6WUXWXUH(OXFLGDWLRQRIDQ8QXVXDO+\GUR[\6WHURO
5RVkQJHODGH$(SLIDQLRD/HQL]H)0DLDE$QJHOR&3LQWRE,QJR+DUGWG
DQG:LOOLDP)HQLFDOG
D
,QVWLWXWRGH4XtPLFD8QLYHUVLGDGH)HGHUDO)OXPLQHQVH 1LWHUyL5-%UDVLOHPDLOJTRURVH#YPXIIEU
E
1~FOHRGH3HVTXLVDVGH3URGXWRV1DWXUDLV8QLYHUVLGDGH)HGHUDOGR5LRGH-DQHLUR 5LRGH-DQHLUR5-%UD]LO
F
,QVWLWXWRGH4XtPLFD8QLYHUVLGDGH)HGHUDOGR5LRGH-DQHLUR 5LRGH-DQHLUR5-%UD]LO
G
6FULSSV,QVWLWXWLRQRI2FHDQRJUDSK\8&6'/D-ROOD&$86$
5HFHLYHG)HEUXDU\
(VWHWUDEDOKRUHODWDRSULPHLURHVWXGRVREUHDFRPSRVLomRTXtPLFDGDJRUJ{QLD/RSKRJRUJLD SXQLFHDFROHWDGDQROLWRUDOVXGHVWHGR%UDVLO$DQiOLVHGDPLVWXUDGHHVWHUyLGHVPRQRKLGUR[LODGRV IHLWDDWUDYpVGH&*$5(0UHYHORXDSUHVHQoDGHGHULYDGRVGRHVTXHOHWRFROHVWDQRFRQWHQGRGH DFDUERQRVEDVWDQWHFRPXQVHPLQYHUWHEUDGRVPDULQKRV2HVWXGRPDLVGHWDOKDGRGRVH[WUDWRV EUXWRVGHVWDJRUJ{QLDSURSRUFLRQRXRLVRODPHQWRHDLGHQWLILFDomRSRUPpWRGRVHVSHFWURVFySLFRV GHKLGURTXLQRQDHGHXPHVWHUyLGHSROLLGUR[LODGRGHQRPLQDGRSXQLFLQD3XQLFLQDpXPHVWHUyLGH LQpGLWRFRPXPSDGUmRGHR[LJHQDomRQRFDUERQR&UDURHPRUJDQLPRVPDULQKRV
7KH QDWXUDO SURGXFWV FKHPLVWU\ RI WKH JRUJRQLDQ/RSKRJRUJLD SXQLFHDFROOHFWHG RQ WKH 6RXWKHDVW%UD]LOLDQFRDVWZHUHLQYHVWLJDWHGIRUWKHILUVWWLPH*DVFKURPDWRJUDSK\PDVVVSHFWUDO DQDO\VLVRIWKHPRQRK\GUR[\ODWHGVWHUROPL[WXUHUHYHDOHGWKHSUHVHQFHRIQLQHFRPPRQ&WR&
FKROHVWDQHGHULYDWLYHV$GHWDLOHGVWXG\RIWKHFUXGHH[WUDFWRI/RSKRJRUJLDSXQLFHDOHGWRWKH LVRODWLRQRIK\GURTXLQRQHDQGDQHZSRO\K\GUR[\ODWHGVWHUROQDPHGSXQLFLQ7KHVWUXFWXUHRI SXQLFLQ ZDV GHWHUPLQHG E\ LQWHUSUHWDWLRQ RI VSHFWUDO GDWD LQFOXGLQJ ' 105 DQG +5)$%06 3XQLFLQLVDQXQSUHFHGHQWHGVWHUROSRVVHVVLQJD&K\GUR[\OJURXSDIHDWXUHXQFRPPRQLQPDULQH RUJDQLVPV
.H\ZRUGV*RUJRQDFHD2FWRFRUDOOLD/RSKRJRUJLDSXQLFHDK\GUR[\VWHURO
,QWURGXFWLRQ
*RUJRQLDQFRUDOV2FWRFRUDOOLD*RUJRQDFHDDUHPD ULQH LQYHUWHEUDWHV IRXQG LQ DOO WURSLFDO DQG VXEWURSLFDO VHDV 7KH\ DUH NQRZQ WR EH D ULFK VRXUFH RI VHFRQGDU\
PHWDEROLWHVZKLFKFDQSOD\DQLPSRUWDQWUROHLQFKHPLFDO GHIHQVH LQWHUDFWLRQV DQG DOVR SRVVHVV XQLTXH SKDUPD
FRORJLFDODFWLYLWLHV&RPSRXQGVVXFKDVWHUSHQHVDFH
WRJHQLQV PRQR DQG SRO\K\GUR[\ODWHG VWHURLGV DUH FRPPRQO\IRXQGLQPDQ\JRUJRQLDQRFWRFRUDOV0RVWRI
WKHJRUJRQLDQVWKDWLQKDELWVKDOORZZDWHUVLQWKHWURSLFDO $WODQWLF 2FHDQ FRQWDLQ GLQRIODJHOODWH HQGRV\PELRQWV NQRZQDV]RR[DQWKHOODHZKLFKFRQWULEXWHWRWKHQXWULWLRQ RIWKHKRVWDQGDOVRSURGXFHVWHUROVVXFKDVJRUJRUVWHURO PHWK\OVWHUROV DQG GHULYDWLYHV 7KHVH VWHUROV DUH ELR
V\QWKHVL]HGE\WKHGLQRIODJHOODWHEXWWKHPLFURDOJDHGRQRW DSSHDUWREHLQYROYHGLQWKHSURGXFWLRQRIRWKHUVHFRQGDU\ FRPSRXQGV 6SHFLHV RI WKH JHQXV/RSKRJRUJLD *RU
PRQRK\GUR[\VWHUROV D SRO\R[\JHQDWHG VWHURO
HSR[\VWHURO IXUDQRFHPEUDQROLGH GLWHUSHQHV DQG
RQH ELF\FORJHUPDFUDQH VHVTXLWHUSHQH 7KH JRUJRQLDQ /RSKRJRUJLDSXQLFHD0LOQH(GZDUGV +DLPHD
FRPPRQVSHFLHVLQ%UD]LOLDQDQG)ORULGD.H\VZDWHUVKDV
QRW EHHQ H[DPLQHG SUHYLRXVO\ ,Q WKLV ZRUN ZH ZLVK WR UHSRUW WKH LGHQWLILFDWLRQ RI QLQH NQRZQ PRQRK\GUR[\V WHUROV EHQ]RK\GURTXLQRQH DQG D QHZ SRO\R[\JHQDWHG FKROHVWDQHGHULYDWLYHZLWKDQXQSUHFHGHQWHGVWHURLGDO
VWUXFWXUH
5HVXOWVDQG'LVFXVVLRQ
&RORQLHV RI/RSKRJRUJLD SXQLFHD ZHUH FROOHFWHG DW
0DQJDUDWLEDDQG$QJUDGRV5HLV%D\5LRGH-DQHLUR6WDWH GXULQJ-XO\DQG0DUFKUHVSHFWLYHO\
7KH FUXGH DFHWRQH H[WUDFW RI/RSKRJRUJLD SXQLFHD
REWDLQHGLQWKHILUVWFROOHFWLRQZDVFKURPDWRJUDSKHGRQ VLOLFD JHO WR IXUQLVK D IUDFWLRQ HOXWHG ZLWK KH[DQHHWK\O DFHWDWHFRQWDLQLQJDPL[WXUHRIVWHUROVRIGU\ ZHLJKWJRUJRQLDQ*DVFKURPDWRJUDSKLFDQDO\VLVRIWKLV PL[WXUHLQGLFDWHGWKHSUHVHQFHRIQLQHPRQRK\GUR[\VWHUROV 7DEOHFRPSULVHGRI&WR&FKROHVWDQHGHULYDWLYHV
7KH PRQRK\GUR[\VWHUROV LGHQWLILHG LQ WKH H[WUDFW RI
/RSKRJRUJLDSXQLFHDZHUHSUHYLRXVO\IRXQGLQWKHVSHFLHV /SODW\FDGRV&/FXVSLGDWD/DOED&WR&
DQG/VXEFRPSUHVVD&WR&ZKLFKDOVRFRQWDLQHG
WKH&VWHUROJRUJRVWHURO7KHVWHUROFRPSRVLWLRQRI / SXQLFHDZDVIRXQGWREHDOPRVWLGHQWLFDOLQFOXGLQJWKH
UHODWLYHFRQFHQWUDWLRQVWRWKH3DFLILFVSHFLHV/FXVSL GDWDDQG/DOEDZKLFKODFN]RR[DQWKHOODHDVZHOODV
JRUJRVWHURODQGPHWK\OVWHUROV7KHDEVHQFHRIVXFK
VWHUROV LQ/ SXQLFHD H[WUDFW PLJKW VXJJHVW WKDW WKLV
JRUJRQLDQGRHVQRWFRQWDLQWKH]RR[DQWKHOODHUHVSRQVL EOH IRU WKHLU ELRV\QWKHVLV )URP WKH VDPH H[WUDFW ZH LVRODWHGDQGLGHQWLILHGK\GURTXLQRQH[RIGU\
ZHLJKWJRUJRQLDQDQDWXUDODQWLR[LGDQWDOUHDG\UHSRUWHG DVDQDWXUDOSURGXFWIURPVHYHUDORUJDQLVPV
7KHFUXGHH[WUDFWRIWKHVHFRQGFROOHFWLRQRI/SXQLFHD
ZDVFKURPDWRJUDSKHGRQVLOLFDJHO\LHOGLQJDIUDFWLRQULFK LQ D QHZ FRPSRXQG 7KH QHZ FRPSRXQG QDPHG
SXQLFLQZDVIXUWKHUSXULILHGE\UHYHUVHGSKDVH+3/&WR \LHOGPJ[RIGU\ZHLJKWRIDQDPRUSKRXV
RSWLFDOO\DFWLYHSRZGHUZKLFKVKRZHG>D@' F
&+&ODQGPS&3XQLFLQVKRZHGDQ
>01D@LRQ DWP] FDOFG '
PPXLQWKH+5)$%06PDWFKLQJWKHPROHFXODUIRUPXOD &+27KHPDVVVSHFWUDDOVRH[KLELWHGGLDJQRVWLFIUDJ
PHQWVDWP]DQGVXJJHVWLQJVXFFHVVLYH
ORVVHVRI2++2$F2+DQG+2IURPWKHPROHFXODULRQ
>0@UHVSHFWLYHO\7KHSUHVHQFHRIK\GUR[\ODQGHVWHU
IXQWLRQDOLWLHVZDVDOVRVXJJHVWHGE\,5DEVRUWLRQEDQGVDW DQGFP2QWKHEDVLVRI&DQG'(37105
H[SHULPHQWVLWZDVGHGXFHGWKDWRQHFDUERQ\OIRXUTXD WHUQDU\FDUERQVVHYHQPHWKLQHVHOHYHQPHWK\OHQHVDQGVL[ PHWK\OJURXSVZHUHSUHVHQWLQWKHPROHFXOHVHH7DEOH 7KH+DQG&105VSHFWUDLQGLFDWHGWKDWSXQLFLQFRQ
2$F
2+
+2 +2
7DEOH+LJK5HVROXWLRQ*&06DQDO\VLVRIWKHPRQRK\GUR[\VWHUROVIURPWKH%UD]LOLDQJRUJRQLDQ/RSKRJRUJLDSXQLFHD
6WHUROVDE &KDUDFWHULVWLFPDVVIUDJPHQWV 55W 5F
QRUFKROHVWDGLHQERO >0@
QRUPHWK\OFKROHVWDGLHQERO >0@
FKROHVWDGLHQERO >0@
FKROHVWHQEROF >0@
HUJRVWDGLHQEROF >0@
HUJRVWDGLHQEROG >0@
PHWK\OFKROHVWHQEROFG >0@ G
VWLJPDVWDGLHQEROF >0@
VWLJPDVWDGLHQERO >0@
WDLQVRQHVHFRQGDU\DQGWZRWHUWLDU\K\GUR[\JURXSV>VLJ
QDOVDWG&+DQG+PG&DQG
&@7KHSUHVHQFHRIDQDFHW\OJURXSVXJJHVWHGE\06DQG ,5GDWDZDVFRQILUPHGE\105VLJQDOVDWG&DQG &+DQGG+V7KHUHPDLQLQJILYHPHWK\O
JURXSVDQGIRXUXQVDWXUDWLRQVVXJJHVWHGDFKROHVWDQHVNHOH WRQZKLFKZDVFRQILUPHGE\FRPSDULVRQZLWKOLWHUDWXUH GDWDDQGE\GLPHQVLRQDO105H[SHULPHQWV+04&
+0%&DQG++&26<
$OOWKH+105UHVRQDQFHVFRXOGEHFRUUHODWHGWRWKHLU
FRUUHVSRQGLQJFDUERQVE\GLUHFW'+&KHWHURFRUUHOD
WLRQPHWKRGV+04&7DEOH7KHSRVLWLRQVRIWKHK\ GUR[\ODQGDFHWR[\OPRLHWLHVRQWKHFKROHVWDQHULQJZHUH GHGXFHGE\++&26<DQGORQJUDQJH+&KHWHURFRU
UHODWLRQ+0%&105H[SHULPHQWV7KH+105VLJQDO
DWG+EV+H[KLELWHGLQDGGLWLRQWR-FRUUHOD
WLRQZLWKWKHFDUERQDWG&ORQJUDQJH-FURVV
SHDNVZLWKWKHFDUERQVDWG&&DQG &FRQILGHQWO\SODFLQJWKHDFHWR[\OJURXSDW& 7KHDHTXDWRULDOSRVLWLRQRI+ZDVGHILQHGE\LWVW\SLFDO FRXSOLQJFRQVWDQWVDQGFRPSDULVRQZLWKOLWHUDWXUHGDWD
7KH W\SLFDO VWHURO K\GUR[\O JURXS ZDV SODFHG DW & G E\DQDO\VLVRIWKH++FRXSOLQJVZLWKWKHPXOWLSOHWV
DWGDQG+DQGGDQG+7KLV
DVVLJQPHQWZDVFRQILUPHGE\+0%&FRUUHODWLRQVRIWKH &FDUERQGZLWKWKH&DQG&SURWRQVDVZHOO DVWKRVHDWGDQG+7KHVDPHH[SHULPHQWV UHYHDOHGWKDWRQHRIWKHWHUWLDU\K\GUR[\OJURXSVZDVDW& GE\WKHFRQHFWLYLWLHVZLWKWKHPXOWLSOHWVDWG DQG + DQG WKH VLQJOHW DWG + 7KH K\GUR[\ODWLRQSDWWHUQLQULQJV$DQG%ZDVFRQILUPHGE\ WKHORZILHOGVKLIWRIWKH+SURWRQVPXOWLSOHWDWG GXHWRWKHGLD[LDOLQWHUDFWLRQEHWZHHQD+DQGE 2+ LQGLFDWLYH RI EK\GUR[\VWHUROV EHDULQJ D DK\ GUR[\OJURXS
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
K\GUR[\OJURXSLQDQGLQDDQGURVWDQROJDYHULVHWRD
ODUJHUVKLHOGLQJHIIHFWDW&DQGSSPUHVSHF WLYHO\WKDQWKDWREVHUYHGIRUEDQGURVWDQROSSP ,QDGGLWLRQWKH&PHWK\OJURXSZDVDOVRDIIHFWHGE\WKH RULHQWDWLRQRIWKHK\GUR[\OJURXSDW&,QWKH&
FDUERQZDVVKLIWHGGRZQILHOGSSPLQFRPSDULVRQ ZLWKWKHXQVXEVWLWXWHGVNHOHWRQZKHUHDVEHWZHHQWKHHSL PHULF SDLU DDQGURVWDQROEDQGURVWDQRO DQG DQGUR VWDQH WKH UHVRQDQFH GLIIHUHQFHV DUH DQG SSP UHVSHFWLYHO\
7KHVH FRPSUHKHQVLYH 105 PHDVXUHPHQWV SURYLGHG WKHGDWDQHHGHGWRPDNHDOOFDUERQDQGSURWRQDVVLJQPHQWV ZKLFKIXOO\GHILQHGWKHVWUXFWXUHRISXQLFLQDVODFNLQJ
DEVROXWHVWHUHRFKHPLVWU\
)URPWKHVHYHQ/RSKRJRUJLDVSHFLHVFKHPLFDOO\LQYHV
WLJDWHG RQO\/ SODW\FDGRV LV NQRZQ WR SRVVHVV D
SRO\R[\JHQDWHG VWHURO FOLRQDVWHURO HQGRSHUR[LGH HSR[LVWHURO
3XQLFLQ LV DQ XQSUHFHGHQWHG VWHURO SRVVHVVLQJ D
K\GUR[\OJURXSDW&$VWHURORIWKLVW\SHLVXQNQRZQ IURPRUJDQLVPVRIWKH3K\OXP&QLGDULDDQGQRWHVSHFLDOO\ FRPPRQLQPDULQHRUJDQLVPVRYHUDOO&KROHVWDQHGHULYHG
VWHUROVR[\JHQDWHGDW&KDYHSUHYLRXVO\EHHQIRXQGLQ
GLPHULFVWHURLGDODONDORLGVIURPWKHPDULQHZRUP&HSKD ORGLVFXVJLOFKULVWLQPHWDEROLWHVIURPWKHWXQLFDWH5LW WHUHOODWRNLRNDDQGLQDVWHURLGVXOIDWHIURPWKHPDULQH
VSRQJH(FKLQRFODWKULDVXEKLVSLGD
([SHULPHQWDO
*HQHUDOSURFHGXUHV
7KHPRQRK\GUR[\ODWHGVWHUROIUDFWLRQZDVDQDO\VHGE\ +5*&RQD6(JODVVFDSLODU\FROXPQP[PP GI PP XVLQJ + DV FDUULHU JDV DQG WHPSHUDWXUH
SURJUDPPLQJIURPWR&DW&PLQ7KHVDPH FKURPDWRJUDSKLF FRQGLWLRQV ZHUH XVHG IRU +5*&06 DQDO\VLVRQD+3$XVLQJDOLQHDUVFDQQLQJ '$VGHFDQG(,H9LRQL]DWLRQ&RLQMHFWLRQ
RIWKHDXWKHQWLFVDPSOHVZLWKWKHVWHUROIUDFWLRQZDVSHU IRUPHGLQVXULQJWKDWWKHDGGLWLRQRIVWDQGDUGVHQKDQFHGWKH KHLJKW RI WKH WDUJHW SHDNV E\ 5HYHUVHGSKDVH &
+3/&ZDVFDUULHGRXWRQDVHPLSUHSDUDWLYHFROXPQLG PPXVLQJD:DWHUVSXPSDQGDUHIUDFWRPHWHU ,5VSHFWUDILOP&+&OZHUHPHDVXUHGRQD3HUNLQ(OPHU
0RGHO)7,5VSHFWURPHWHU)$%06DQG+5)$%06 PHDVXUHPHQWV ZHUH REWDLQHG ZLWK D 9*=$%( PDVV VSHFWURPHWHU2SWLFDOURWDWLRQZDVPHDVXUHGRQD5XGROI $XWRSRO,,,F &+&O&RUUHFWHGPHOWLQJSRLQWVZHUH
REVHUYHGZLWKD7KRPDV+RRYHUFDSLOODU\DSSDUDWXV105 VSHFWUD ZHUH UHFRUGHG XVLQJ D 9DULDQ 8QLW\105VSHF WURPHWHU DW 0+] IRU+ &'&O
DQG &' DQG '
H[SHULPHQWV ++&26< &
' +04& &'&O DQG
&'DQG+0%&&'&ODQGDW0+]IRU&105
&ROOHFWLRQ
*RUJRQLDQV/RSKRJRUJLD SXQLFHDZHUH FROOHFWHG LQ
WKHVRXWKHUQSDUWRIWKHVWDWHRI5LRGH-DQHLUR%UD]LOE\
6&8%$LQ0DQJDUDWLEDDQG$QJUDGRV5HLV ED\DWDGHSWKRIP$QLPDOVZHUHLGHQWLILHGE\3URI )UHGHULFN %D\HU 1DWLRQDO 0XVHXP RI 1DWXUDO +LVWRU\ 6PLWKVRQLDQ,QVWLWXWLRQ:DVKLQJWRQ'&86$
7DEOH105'DWD0+]IRU3XQLFLQ
&+ G&PDF G+PDG +0%&DH+ G+PE ++&26<E+
D
E W PP PP EDD
D
E W PP DE PP DEDD
G P DEDEDE P DEDE
D
E W PP PP
V DE
G EV EV DE
D
E W PP PP ED
G P P D
G P P D
V ED
D
E W PP PP EDEDDE
D
E W PP PP DEEDED
V EDE
G P E P
D
E W PP PP
D
E W PP D PP
V DE
T V V
T V V
G P E P
T G- +] G- +]
D
E W P PP DEE
D
E W PP PP EDE
D
E W PP PP EEED
T P P DE
T G- +] G- +]
T G- +] G- +]
V
T V V
0RQRK\GUR[\VWHUROVDQDO\VLV
)UHVK VSHFLPHQV J GU\ ZHLJKW RI/ SXQLFHD
FROOHFWHG DW 0DQJDUDWLED LQ ZHUH H[WUDFWHG ZLWK &+&O[DFHWRQH[DQG0H2+[$QDOLTXRW
PJRIWKHDFHWRQHH[WUDFWJZDVILOWHUHGWKURXJKD VLOLFDJHO6HS3DNZLWKKH[DQHKH[DQH(W2$FDQG (W2$F$OOIUDFWLRQVZHUHVXEPLWHGWR+5*&DQG+5*& 06DQDO\VLVUHYHDOLQJWKHSUHVHQFHRIWKHFKROHVWDQHGH ULYDWLYHV LQ WKH IUDFWLRQ HOXWHG ZLWK KH[DQH(W2$F RIGU\ZHLJKWJRUJRQLDQ7DEOH$XWKHQWLFVDP SOHV RI FKROHVWHQERO HUJRVWDGLHQERO PHWK\OFKROHVWHQERO DQG VWLJPDVWDGLHQERO ZHUHXVHGWRSHUIRUPWKHFRLQMHFWLRQV
+\GURTXLQRQH
3DUWRIWKHDERYHDFHWRQHFUXGHH[WUDFWPJZDV FKURPDWRJUDSKHG RYHU VLOLFD JHO FROXPQ XVLQJ D VROYHQW JUDGLHQW RI LQFUHDVLQJ SRODULW\ SXUH KH[DQH KH[DQH (W2$FDQGSXUH(W2$FIXUQLVKLQJDVROLGIXUWKHUSXULILHG E\UHFU\VWDOL]DWLRQIURPKH[DQH(W2$FWRJLYHPJ RIZKLWHQHHGOHV[RIJRUJRQLDQGU\ZHLJKW,5
ILOP&'&ODQG+105&'&OVSHFWUDOGDWDRIWKH
LVRODWHGFRPSRXQGZHUHVKRZQWREHLGHQWLFDOWRK\GURTXL QRQH
3XQLFLQ
7KHDQLPDOVFROOHFWHGLQ$QJUDGRV5HLVED\5-ZHUH VWRUHG IUR]HQ XQWLO H[WUDFWLRQ $IWHU IUHH]HGU\LQJ JRUJRQLDQV J ZHUH H[WUDFWHG ZLWK 0H2+&+&O[DQGSXUH&+&O[6LOLFDJHO
YDFXXPOLTXLGFKURPDWRJUDSK\RIWKHFRPELQHGFUXGHH[ WUDFWVJHPSOR\LQJDJUDGLHQWRI(W2$FLQ LVRRFWDQHIXUQLVKHGQLQHIUDFWLRQV7KHIUDFWLRQHOXWHGZLWK LVRRFWDQH(W2$F PJ ZDV SXULILHG E\ UHYHUVHG SKDVH+3/&0H2++2P/PLQIORZ\LHOGLQJ
PJSXQLFLQ[RIJRUJRQLDQGU\ZHLJKW
DVDQDPRUSKRXVZKLWHVROLGPS&3XQLFLQ
EDFHWR[\FKROHVWDQEDDWULRO VKRZHG >D@'
F &+&O)$%06P]UHOLQW>0@
+5)$%06>01D@FDOFG
IRU&+21D,5QPi[ILOP&+&O
DQG FP+ DQG
&1057DEOH
$FNQRZOHGJPHQWV
:HWKDQN/LDQH)3LWRPER-RVp5REHUWR0GH)DULDV .HOO\ -HQNLQV 3DXO -HQVHQ DQG %HUQDUGR 3 *DPD IRU DVVLVWDQFH LQ JRUJRQLDQ FROOHFWLRQV DQG 'U )UHGHULFN %D\HU1DWLRQDO0XVHXPRI1DWXUDO+LVWRU\6PLWKVRQLDQ ,QVWLWXWLRQ IRU LGHQWLILFDWLRQ RI WKH JRUJRQLDQ :H DOVR WKDQN/$'(7(&IRUXVHRIIDFLOLWLHVIRU+5*&06DQDO\ VLV/)0JUDWHIXOO\DFNQRZOHGJHV&13TIRUSURYLGLQJD
'6F IHOORZVKLS 7KLV FROODERUDWLYH UHVHDUFK SURMHFW ZDV VXSSRUWHG E\ &RQVHOKR 1DFLRQDO GH 3HVTXLVDV %UD]LO ,QWHUQDWLRQDO )RXQGDWLRQ IRU 6FLHQFH 6ZHGHQ DQG WKH 1DWLRQDO6FLHQFH)RXQGDWLRQ86$XQGHUJUDQW&+(
5HIHUHQFHV
%D\HU)0,Q6WXGLHVRQWKH)DXQDRI&XUDFDRDQG RWKHU &DULEEHDQ ,VODQGV +XPPHOLQN : (G YRO
;,,7KH+DJXH0DUWLQXV1LMKRIIS 3DZOLN-5&KHP5HY
.UHEV+&,Q3URJ&KHP2UJ1DW3URG+HU]:
*ULVHEDFK + .LUNE\ *: 7DPP &K (G 6SULQJ9HUODJ:LHQ1HZ<RUNS 5RGUtJXH]$'7HWUDKHGURQ
)DXONQHU '- 1DW 3URG 5HS DQG
HDUOLHUUHYLHZVLQWKHVHULHV
'©·XULD 09 0LQDOH / 5LFFLR 5&KHP 5HY
.RNNH:&0&(SVWHLQ6/RRN65DX*+ )HQLFDO : 'MHUDVVL &- %LRO &KHP
.RNNH:&0&)HQLFDO:%RKOLQ/'MHUDVVL &&RPS%LRFKHP3K\VLRO%
:LWKHUV 1: .RNNH :&0& )HQLFDO : 'MHUDVVL&3URF1DWO$FDG6FL86$
5RYLURVD - 0XxR] 2 6DQ 0DUWtQ $ 6HOGHV
$0*URV(*/LSLGV
3DQWRMD6+RHQHLVHQ0%HFHUUD-6LOYD0 -1DW3URG
)HQLFDO:2NXGD5.%DQGXUUDJD00&XOYHU
3-DFREV566FLHQFH
%DQGXUUDJD000F.LWWULFN%)HQLFDO:$U QROG(&ODUG\-7HWUDKHGURQ $EUDPVRQ 61 7ULVFKPDQ -$ 7DSLRODV '0
+DUROG(()HQLFDO:7D\ORU3-0HG&KHP
1RUWH0)HUQiQGH]--*RQ]iOH]55RGUtJXH] 0/5XL]3pUH]&5RGUtJXH]5RPHUR97HWUD KHGURQ
(JJHUW + 9DQ$QWZHUS &/ %KDFFD 16 'MHUDVVL&-2UJ&KHP
<DPDGD < 6X]XNL 6 ,JXFKL . .LUXFKL + 7VXNLWDQL<+RULDL+1DNDQLVKL+&KHP3KDUP %XOO
.LWDJDZD,.RED\DVKL0&XL=.LRWD<2K QLVKL0&KHP3DUP%XOO
6X-<X;=HQGJ/-1DW3URG
3HWWLW *5 ,QRXH 0 .DPDQR < +HUDOG '/ $UP&'XIUHVQH&&KULVWLH1'6FKPLGW-0 'RXEHN'O.UXSD76- $P &KHP 6RF
3HWWLW *5 .DPDQR < ,QRXH 0 'XIUHVQH & &KULVWLH1'1LYHQ/+HUDOG'/-&KHP6RF &KHP&RPPXQ
3HWWLW *5 .DPDQR < 'XIUHVQH & ,QRXH 0 &KULVWLH1'6FKPLGW-0'RXEHN'/ &DQ-&KHP
3HWWLW *5 .DPDQR < ,QRXH 0 'XIUHVQH & %R\G 05 +HUDOG '/ 6FKPLGW -0 'RXEHN '/&KULVWLH1'-2UJ&KHP
3HWWLW*5;X-3:LOOLDPV0'&KULVWLH1' -0'RXEHN'/6FKPLGW-0-1DW3URG
)XNX]DZD 6 0DWVXQDJD 6 )XVHWDQL 1- 2UJ &KHP
)XNX]DZD 6 0DWVXQDJD 6 )XVHWDQL 1- 2UJ &KHP
)XNX]DZD60DWVXQDJD6)XVHWDQL17HWUDKH GURQ
/L+0DWVXQDJD6)XVHWDQL1)XMLNL+0XU SK\37:LOOLV5+%DNHU-77HWUDKHGURQ/HWW
*RDG/-,Q0DULQH1DWXUDO3URGXFWV
6FKHXHU3-(G$FDGHPLF3UHVV1HZ<RUN
7KH$OGULFK/LEUDU\RI,QIUDUHG6SHFWUDUGHG&-3RXUFKHW $OGULFK &KHPLFDO 0LOZDXNHH :,
( 7KH $OGULFK /LEUDU\ RI 105 6SHFWUD QGHG&-3RXUFKHW$OGULFK&KHPLFDO0LOZDX