• Nenhum resultado encontrado

QGUp 'HOO\ 9HLJD DQG XL] +LOGHEUDQGR GH DVWUR H 6LOYD

N/A
N/A
Protected

Academic year: 2018

Share "QGUp 'HOO\ 9HLJD DQG XL] +LOGHEUDQGR GH DVWUR H 6LOYD"

Copied!
7
0
0

Texto

(1)

(IIHFWVRIGLIIHUHQWGU\LQJUDWHVRQWKHSK\VLRORJLFDOTXDOLW\

RI

&RIIHDFDQHSKRUD

3LHUUHVHHGV

6WWHOD'HOO\]HWH9HLJD)UDQFRGD5RVD'HODF\UGD6LOYD%UDQGmR-~QLRUeGLOD9LOHODGH5HVHQGH9RQ3LQKR$QGUp 'HOO\9HLJDDQG/XL]+LOGHEUDQGRGH&DVWURH6LOYD

(PEUDSD&DIp&(3(&DIp'$*8)/$&3/DYUDV0*%UDVLO8QLYHUVLGDGH)HGHUDOGH'LDPDQWLQD'LDPDQWLQD0*

%UDVLO6HWRUGH6HPHQWHV'$*8)/$&3/DYUDV0*%UDVLO6HWRUGH6HPHQWHV'$*8)/$/DYUDV0*%UDVLO&RUUHVSRQGLQJ

DXWKRUVWWHODYHLJD#XÀDEU

5HFHLYHG$FFHSWHG

'HVLFFDWLRQWROHUDQFHLQVHHGVGHSHQGVRQWKHVSHFLHVGHYHORSPHQWVWDJHDQGGU\LQJFRQGLWLRQVHVSHFLDOO\WKHZDWHUUHPRYDO UDWH&RIIHDVHHGVDUHFRQVLGHUHGRILQWHUPHGLDWHSHUIRUPDQFHEHFDXVHWKH\WROHUDWHUHODWLYHGHK\GUDWLRQFRPSDUHGWRRUWKRGR[ VHHGVDQGDUHVHQVLWLYHWRORZWHPSHUDWXUHV7KHREMHFWLYHRIWKLVVWXG\ZDVWRYHULI\WKHHIIHFWRIGLIIHUHQWGU\LQJUDWHVRQWKH YLDELOLW\DQGVWRUDELOLW\RI&RIIHDFDQHSKRUDVHHGV$FRPSOHWHUDQGRPL]HGH[SHULPHQWDOGHVLJQZDVXVHGLQDIDFWRULDO[ [GHVLJQZLWKWKUHHGU\LQJUDWHVIDVWLQWHUPHGLDWHDQGVORZ¿YH¿QDOPHDQZDWHUFRQWHQWVDIWHUGU\LQJ DQGDQGWZRVWRUDJHWHPSHUDWXUHVDQGƒ&7KHJHUPLQDWLRQDQGVHHGYLJRUDVVHVVPHQWVXVLQJUDGLFOHSURWUXVLRQ FRW\OHGRQOHDIRSHQLQJVHHGOLQJHPHUJHQFHDQGHPHUJHQFHVSHHGLQGH[ZHUHSHUIRUPHGVKRUWO\DIWHUGU\LQJDQGDIWHUWZRDQG IRXUPRQWKVVWRUDJH,WZDVREVHUYHGWKDWZLWKUHGXFWLRQLQWKHZDWHUFRQWHQWWKHUHZDVUHGXFWLRQLQWKHJHUPLQDWLRQYDOXHVDQG VHHGYLJRUIRUDOOWKHGU\LQJUDWHV7KHJUHDWHVWUHGXFWLRQVLQSK\VLRORJLFDOTXDOLW\RFFXUUHGZKHQWKHVHHGVZHUHGULHGTXLFNO\ DQGWKHEHVWUHVXOWVZHUHREWDLQHGDWWKHLQWHUPHGLDWHGU\LQJUDWH7KHUHZDVDQHIIHFWRIGU\LQJUDWHDQGVWRUDJHWHPSHUDWXUHRQ WKHSK\VLRORJLFDOTXDOLW\RIWKHVHHGVDQGORZHUJHUPLQDWLRQDQGYLJRUYDOXHVZHUHREVHUYHGLQVHHGVZLWKORZHUZDWHUFRQWHQW VWRUHGDWƒ&&FDQHSKRUDVHHGVZHUHWROHUDQWWRGHVLFFDWLRQGRZQWRZDWHUFRQWHQWDQGFDQEHVWRUHGIRUIRXUPRQWKV DWƒ&$WHPSHUDWXUHRIR&FDQEHXVHGWRVWRUH&FDQHSKRUDVHHGVDVORQJDVWKHZDWHUFRQWHQWLVQRWUHGXFHGWRYDOXHV EHORZZDWHUFRQWHQW

.H\ZRUGVFRIIHHWUHHGHVLFFDWLRQWROHUDQFHVHHGVVHHGVWRUDJH

(IHLWRVGHGLIHUHQWHVYHORFLGDGHVGHVHFDJHPVREUHDTXDOLGDGH¿VLROyJLFDGHVHPHQWHVGH&RIIHDFDQHSKRUD3LHUUH$WR OHUkQFLDjGHVVHFDomRGHVHPHQWHVGHSHQGHGDHVSpFLHGRHVWiGLRGHGHVHQYROYLPHQWRHGDVFRQGLo}HVGHVHFDJHPSDUWLFXODU PHQWHGDYHORFLGDGHGHUHWLUDGDGDiJXD6HPHQWHVGH&RIIHDVmRFRQVLGHUDGDVGHFRPSRUWDPHQWRLQWHUPHGLiULRSRLVWROHUDP XPDUHODWLYDGHVLGUDWDomRFRPSDUDGDjVRUWRGR[DVHVmRVHQVtYHLVDEDL[DVWHPSHUDWXUDV2EMHWLYRXVHQHVWHWUDEDOKRYHUL¿ FDURHIHLWRGHGLIHUHQWHVYHORFLGDGHVGHVHFDJHPVREUHDYLDELOLGDGHHDDUPD]HQDELOLGDGHGHVHPHQWHVGH&RIIHDFDQHSKRUD 2GHOLQHDPHQWRH[SHULPHQWDOIRLLQWHLUDPHQWHFDVXDOL]DGRHPHVTXHPDIDWRULDO[[FRPWUrVYHORFLGDGHVGHVHFDJHP UiSLGDLQWHUPHGLiULDHOHQWDFLQFRWHRUHVPpGLRV¿QDLVGHiJXDDSyVVHFDJHPHHGXDVWHPSHUDWXUDV GHDUPD]HQDPHQWRHž&$VDYDOLDo}HVGHJHUPLQDomRHGHYLJRUGDVVHPHQWHVSHORVWHVWHVGHSURWUXVmRUDGLFXODU GHIROKDVFRWLOHGRQDUHVGHHPHUJrQFLDHGHtQGLFHGHYHORFLGDGHGHHPHUJrQFLDIRUDPUHDOL]DGDVORJRDSyVDVHFDJHPDRV GRLVHDRVTXDWURPHVHVGHDUPD]HQDPHQWR2EVHUYRXVHTXHFRPDUHGXomRGRWHRUGHiJXDRFRUUHXDUHGXomRGRVYDORUHV GHJHUPLQDomRHGRYLJRUGDVVHPHQWHVSDUDWRGDVDVYHORFLGDGHVGHVHFDJHPVHQGRTXHDVPDLRUHVUHGXo}HVHPTXDOLGDGH ¿VLROyJLFDRFRUUHUDPTXDQGRDVVHPHQWHVIRUDPVHFDGDVUDSLGDPHQWHHRVPHOKRUHVUHVXOWDGRVQDYHORFLGDGHLQWHUPHGLiULD GHVHFDJHP+RXYHHIHLWRGDYHORFLGDGHGHVHFDJHPHGDWHPSHUDWXUDGHDUPD]HQDPHQWRVREUHDTXDOLGDGH¿VLROyJLFDGDV VHPHQWHVREVHUYDQGRVHPHQRUHVYDORUHVGHJHUPLQDomRHGHYLJRUHPVHPHQWHVFRPPHQRUHVWHRUHVGHiJXDHDUPD]HQDGDV Dž&6HPHQWHVGH&FDQHSKRUDVmRWROHUDQWHVjGHVVHFDomRDWpGHWHRUGHiJXDHSRGHPVHUDUPD]HQDGDVSRUTXDWUR PHVHVDž&7HPSHUDWXUDGHž&SRGHVHUXWLOL]DGDSDUDRDUPD]HQDPHQWRGHVHPHQWHVGH&FDQHSKRUDGHVGHTXHRWHRU GHiJXDQmRVHMDUHGX]LGRSDUDYDORUHVDEDL[RGHGRFRQWH~GRGHiJXD

(2)

,1752'8&7,21

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¿FDQWHIIHFWVRIGU\LQJUDWHV RQ VHQVLWLYLW\ WR GHVLFFDWLRQ LVRODWHG HPEU\RV UHFDOFLWUDQW DQG LQWHUPHGLDWH VHHGV QRUPDOO\ H[SUHVVHG LQ WHUPV RI FULWLFDOZDWHUFRQWHQWRUFULWLFDOZDWHUSRWHQWLDOEHORZZKLFK VLJQL¿FDQWGDPDJHLVREVHUYHG

6ORZ GU\LQJ FDQ LQGXFH WROHUDQFH WR GHVLFFDWLRQ LQ LPPDWXUH RUWKRGR[ VHHGV RU VRPDWLF HPEU\RV %RFKLFFKLR HW DO 6DQKHZH DQG (OOLV %ODFN HW DO RULQGXFHWROHUDQFHDWKLJKGU\LQJWHPSHUDWXUHLQRUWKRGR[ VHHGV5RVDHWDO6ORZGHVLFFDWLRQLQRUWKRGR[VHHGV LVDQHYHQWWKDWRFFXUVQDWXUDOO\DWWKHHQGRIWKHPDWXUDWLRQ VWDJHDQGLQVRPHFDVHVLVDSUHUHTXLVLWHIRUJHUPLQDWLRQDV REVHUYHG LQ SHD 5RJHUVRQ DQG 0DWWKHZV DQG FRUQ VHHGV+HUWHUDQG%XUULV

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¿FLHQW3DPPHQWHUHWDO

7KHORZHVWVDIH¿QDOZDWHUFRQWHQWDIWHUGU\LQJVHQVLWLYH VHHGVWKDWLVEHORZZKLFKWKHVHHGVFDQQRWEHGULHGZLWKRXW ORVLQJYLDELOLW\GHSHQGVRQVHYHUDOIDFWRUVVXFKDVWKHGU\LQJ PHWKRG VHHGV VL]H GHYHORSPHQW VWDJH RU PDWXULW\ DQG WKH

FKHPLFDO QDWXUH RI WKH PDLQ UHVHUYH PDWHULDO 3ULWFKDUG )LQFK6DYDJH )DUUDQW HW DO 7RPSVHWW TXRWHGE\.XQGXDQG.DFKDUL

&RIIHH VHHGV KDYH EHHQ FRQVLGHUHG LQWHUPHGLDWH LQ WHUPVRISHUIRUPDQFHGXULQJVWRUDJH(OOLVHWDODQG +RQJDQG(OOLV(LUDHWDOEEHFDXVHWKH\ WROHUDWHVRPHGHK\GUDWLRQFRPSDUHGWRUHFDOFLWUDQWVHHGVDQG FDQSUHVHQWORZWHPSHUDWXUHVHQVLWLYLW\

'DWDDUHVFDUFHRQWKHHIIHFWVRIGLIIHUHQWGU\LQJPHWKRGV ZLWKGLIIHUHQWZDWHUUHPRYDOUDWHVRQWKH¿QDOFULWLFDOZDWHU FRQWHQW RI FRIIHH VHHGV 7KXV LQ WKLV LQYHVWLJDWLRQ WKH HIIHFWV RI WKUHH GLIIHUHQW GU\LQJ UDWHV ZHUH VWXGLHG RQ WKH PRLVWXUH OHYHOV WKDW FDQ EH UHDFKHG E\&RIIHD FDQHSKRUD

3LHUUH VHHGV ZLWKRXW ORVV RI YLDELOLW\ DQG WKDW SHUPLW WKHLU VDIHFRQVHUYDWLRQ

0$7(5,$/$1'0(7+2'6

7KHVWXG\ZDVFDUULHGRXWDWWKH6HHG$QDO\VLV/DERUDWRU\ DW 8QLYHUVLGDGH )HGHUDO GH /DYUDV& FDQHSKRUD 3LHUUH $SRDWmFXOWLYDU,$&VHHGVZHUHFROOHFWHGDWWKHFKHUU\ VWDJHDQGWKHSXOSUHPRYHGLQDPDQXDOGHSXOSHU0XFLODJH ZDV UHPRYHG E\ QDWXUDO IHUPHQWDWLRQ LQ ZDWHU DW ƒ& IRU K DQG WKH VHHGV ZHUH WKHQ ZDVKHG DQG OHIW RQ SDSHU WR UHPRYHWKHH[FHVVVXSHU¿FLDOZDWHUEHIRUHEHLQJVXEPLWWHG WRWKHGLIIHUHQWGU\LQJPHWKRGV7KHVHHGVSUHVHQWHG ZDWHUFRQWHQWEXDWWKHVWDUWRIGU\LQJ

7KUHH GU\LQJ PHWKRGV ZHUH XVHG WR REWDLQ WKUHH GLIIHUHQW GU\LQJ UDWHV GU\LQJ LQ D WKLQ OD\HU LQ D VPDOO VFDOH VWDWLRQDU\ GU\HU ZLWK PPLQWRQ DLU ÀRZ DQG ƒ& DYHUDJH WHPSHUDWXUH IDVW GU\LQJ UDWH GU\LQJ LQ KHUPHWLFDOO\ VHDOHG SODVWLF ER[HV ZLWK “ UHODWLYH DLU KXPLGLW\REWDLQHGE\IRUFHGDLUFLUFXODWLRQDWR&RYHUD K\JURVFRSLF VDOLQH 0J&O VROXWLRQ DFFRUGLQJ WR 9HUWXFFL DQG 5RRV LQWHUPHGLDWH GU\LQJ UDWH DQG GU\LQJ LQ WKH VKDGH DW ž& DYHUDJH WHPSHUDWXUH VORZ GU\LQJ UDWH7KXVWKHPHDQGU\LQJUDWHVREWDLQHGZHUH DQG K LQ WKH IDVW LQWHUPHGLDWH DQG VORZ GU\LQJV UHVSHFWLYHO\ FDOFXODWHG E\ WKH TXRWLHQW EHWZHHQ WKH WRWDO PRLVWXUHUHPRYHGDQGWKHWLPHWDNHQWRGU\

7KHGU\LQJSURFHVVZDVPRQLWRUHGE\ZHLJKLQJWKHVHHGV RQDJSUHFLVLRQEDODQFHDQGVDPSOHVZHUHUHPRYHGDV WKH GU\LQJ SURJUHVVHG WR REWDLQ VHHGV ZLWK DYHUDJH ZDWHU FRQWHQWVRI“““DQG “EXLQHDFKGU\LQJPHWKRG$VDPSOHRIVHHGVQRW VXEPLWWHGWRGU\LQJZDVXVHGZLWKZDWHUFRQWHQW

(3)

DWƒ&DQGƒ&WKHVHHGVZHUHVXEPLWWHGWRSK\VLRORJLFDO TXDOLW\DVVHVVPHQWVE\WKHIROORZLQJWHVWV

*HUPLQDWLRQ WHVW SHUIRUPHG ZLWK IRXU VXEVDPSOHV RI

VHHGVSHUEDWFKGLVWULEXWHGRQSDSHUWRZHOVPRLVWHQHGZLWK DTXDQWLW\RIZDWHUHTXLYDOHQWWRWLPHVWKHZHLJKWRIWKH GU\ VXEVWUDWH DQG SODFHG WR JHUPLQDWH DW ƒ& DVVHVVPHQW ZDVSHUIRUPHGGD\VDIWHUVRZLQJDFFRUGLQJWRWKH5XOHV IRU6HHG$QDO\VLV±5$6%UDVLODQGWKHUHVXOWVZHUH H[SUHVVHGLQSHUFHQWDJH

5DGLFOH SURWUXVLRQ SHUIRUPHG DW GD\V DIWHU WKH VWDUW RI WKHJHUPLQDWLRQWHVWVZKHQWKHVHHGVWKDWSUHVHQWHGUDGLFOH HPLVVLRQRIDWOHDVWPPZHUHFRXQWHGDQGWKHUHVXOWVZHUH H[SUHVVHGLQSHUFHQWDJH

2SHQ FRW\OHGRQ OHDYHV SHUIRUPHG DERXW GD\V DIWHU WKH VWDUW RI WKH JHUPLQDWLRQ WHVW 7KH VHHGOLQJV WKDW SUHVHQWHG RSHQFRW\OHGRQOHDYHVZHUHFRXQWHGDQGWKHUHVXOWVH[SUHVVHG LQSHUFHQWDJH

(PHUJHQFHWHVWSHUIRUPHGZLWKIRXUVXEVDPSOHVRIVHHGV

GLVWULEXWHGLQSODVWLFER[HVFRQWDLQLQJDPL[WXUHRIVRLODQG VDQGDWWKHUDWLRRIPDLQWDLQHGLQDJURZWKFKDPEHUDW ƒ&WKHQRUPDOHPHUJHGVHHGOLQJVZHUHFRXQWHGDWGD\V DQGUHVXOWVH[SUHVVHGLQSHUFHQWDJH

(PHUJHQFHVSHHGLQGH[FDOFXODWHGDFFRUGLQJWRWKHIRUPXOD

SURSRVHGE\(GPRQGDQG'UDSDODXVLQJWKHUHVXOWV IURPWKHGDLO\DVVHVVPHQWVRIWKHHPHUJHQFHWHVW

$FRPSOHWHUDQGRPL]HGEORFNGHVLJQZDVXVHGZLWKIRXU UHSOLFDWLRQVLQDGU\LQJUDWHV[¿QDOVHHGZDWHUFRQWHQW [VWRUDJHWHPSHUDWXUHV7KHPHDQVZHUHFRPSDUHGE\WKH 6FRWW.QRWW WHVW DW SUREDELOLW\ DIWHU WUDQVIRUPLQJ WKH SHUFHQWDJH YDOXHV WR >DUF VHQ ; @ 7KH GDWD DQDO\VLVZDVFDUULHGRXWE\WKH6LVYDUSURJUDP

5(68/76

7KHDQDO\VLVRIYDULDQFHRIWKHGDWDIURPWKHJHUPLQDWLRQ DQG VHHG YLJRU WHVWV RI WKH& FDQHSKRUD VHHGV FDUULHG RXW LPPHGLDWHO\ DIWHU WKH GU\LQJ WUHDWPHQWV VKRZHG WKDW WKH HIIHFWV RI WKH GU\LQJ UDWH RQ WKH VHHG SK\VLFDO TXDOLW\ ZDV VLJQL¿FDQW RQO\ IRU UDGLFOH SURWUXVLRQ 7KH HIIHFWV RI WKH ¿QDOZDWHUFRQWHQWRQWKHVHHGVZHUHVLJQL¿FDQWIRUDOOWKH YDULDEOHVWHVWHGH[FHSWIRUWKHSHUFHQWDJHRIRSHQFRW\OHGRQ OHDYHV 7KH LQWHUDFWLRQ DPRQJ WKH IDFWRUV GU\LQJ UDWHV DQG

¿QDO VHHG ZDWHU FRQWHQW ZDV VLJQL¿FDQW RQO\ IRU UDGLFOH SURWUXVLRQ ,Q WKH VHHG SK\VLRORJLFDO TXDOLW\ DVVHVVPHQWV PDGH LPPHGLDWHO\ DIWHU GU\LQJ TXDOLW\ GHFUHDVHG DV WKH ZDWHUFRQWHQWYDOXHVGHFUHDVHGDQGWKHJUHDWHVWUHGXFWLRQV RFFXUUHGZKHQWKHVHHGVZHUHGULHGDWWKHKLJKHVWUDWHDQG WKH EHVW UHVXOWV RFFXUUHG ZLWK WKH LQWHUPHGLDWH GU\LQJ UDWH GDWDQRWVKRZQ

$IWHU WZR PRQWKV VWRUDJH WKH HIIHFWV RI GU\LQJ UDWH ZHUH JHQHUDOO\ OHVV GUDVWLF WKDQ WKH HIIHFWV RI ¿QDO VHHG ZDWHUFRQWHQWDQGVWRUDJHWHPSHUDWXUH7KHUHZDVVWDWLVWLFDO VLJQL¿FDQFH IRU WKH LQWHUDFWLRQ EHWZHHQ WKH ¿QDO VHHG ZDWHU FRQWHQW DQG VWRUDJH WHPSHUDWXUH IRU DOO WKH VHHG TXDOLW\ YDULDEOHV DQDO\]HG DQG WKH HIIHFWV RI GU\LQJ UDWH ZHUH VLJQL¿FDQW RQO\ IRU WKH JHUPLQDWLRQ YDOXHV DQG WKH HPHUJHQFH VSHHG LQGH[ 7KH LQWHUDFWLRQ EHWZHHQ VWRUDJH WHPSHUDWXUH DQG GU\LQJ UDWH DOVR GLG QRW FDXVH VLJQL¿FDQW HIIHFWV RQ WKH SK\VLRORJLFDO TXDOLW\ RI WKH VHHGV DIWHU WZR PRQWKVRIVWRUDJH

7KH UHVXOWV RI WKH& FDQHSKRUD VHHG SK\VLRORJLFDO TXDOLW\ DVVHVVPHQW DIWHU WZR PRQWKV VWRUDJH VKRZHG D EHWWHUSHUIRUPDQFHRIWKHVHHGVGULHGDWWKHLQWHUPHGLDWHUDWH DQGVWRUHGLQKHUPHWLFDOO\VHDOHGSDFNDJHVDWƒ&GDWDQRW VKRZQ7KHWULSOHLQWHUDFWLRQDPRQJWKHIDFWRUVGU\LQJUDWH ¿QDO ZDWHU FRQWHQW DQG VWRUDJH WHPSHUDWXUH GLG QRW KDYH D VLJQL¿FDQWHIIHFWRQDQ\RIWKHYDULDEOHVDQDO\]HG+RZHYHU WKLV IDFW ZDV QRW GHWHFWHG DIWHU IRXU PRQWKV RI VWRUDJH ZKHQ VLJQL¿FDQW WULSOH LQWHUDFWLRQ HIIHFW ZDV REVHUYHG IRU UDGLFOHSURWUXVLRQJHUPLQDWLRQFRW\OHGRQOHDIRSHQLQJDQG HPHUJHQFH

$IWHU IRXU PRQWKV RI VWRUDJH DOO WKH IDFWRUV SUHVHQWHG KLJKO\VLJQL¿FDQWHIIHFWVIRUDOPRVWDOOWKHYDULDEOHVWHVWHG DQG RQO\ VHHGOLQJ HPHUJHQFH DQG HPHUJHQFH VSHHG LQGH[ ZHUH QRW DIIHFWHG E\ DOO WKH IDFWRUV DQG WKHLU LQWHUDFWLRQV $JDLQLWZDVGHWHFWHGWKDWWKHGU\LQJUDWHZDVWKHIDFWRUWKDW OHDVWLQÀXHQFHGWKHVHHGSK\VLRORJLFDOTXDOLW\DOWKRXJKDIWHU IRXU PRQWKV RI VWRUDJH LW KDG D JUHDWHU HIIHFW WKDQ LQ WKH SUHYLRXVDVVHVVPHQWSHULRGVRIWKHVHHGTXDOLW\7DEOHV DQGVKRZWKHUHVXOWVRIWKHSDUWLWLRQLQJRIWKHVLJQL¿FDQW LQWHUDFWLRQVDPRQJWKHIDFWRUVGU\LQJUDWH¿QDOZDWHUFRQWHQW DQGVWRUDJHWHPSHUDWXUH7KHVHHGVGULHGDWWKHLQWHUPHGLDWH UDWHDQGVWRUHGDWƒ&SUHVHQWHGWKHEHVWSHUIRUPDQFHDIWHU IRXUPRQWKVRIVWRUDJH

(4)

7DEOH $VVHVVPHQW UHVXOWV DIWHU IRXU PRQWKV RI VWRUDJH RI WKH VHHG SK\VLRORJLFDO TXDOLW\ RI&RIIHD FDQHSKRUD FXOWLYDU $SRDWm,$&VXEPLWWHGWRGU\LQJDWGLIIHUHQWUDWHVIRUGLIIHUHQW¿QDOZDWHUFRQWHQWVLQIXQFWLRQRIWKHGU\LQJUDWHVDQG VWRUDJHWHPSHUDWXUHV

'U\LQJUDWH 5DGLFOH3URWUXVLRQ *HUPLQDWLRQ (PHUJHQF\ (PHUJHQF\9HORFLW\,QGH[

ž& ž& ž& ž& ž& ž& ž& ž&

)DVW D% E% D$ E% D$ E$ D% D$

,QWHUPHGLDWH D$ E$ D$ E$ D$ E$ D$ E$

6ORZ D% E& D$ E& D$ E$ D% D$

/RZHUFDVHVDUHXVHGIRUFRPSDULVRQVZLWKLQOLQHVDQGFDSLWDOOHWWHUVZLWKLQFROXPQV

7DEOH $VVHVVPHQW UHVXOWV DIWHU IRXU PRQWKV RI VWRUDJH RI WKH VHHG SK\VLRORJLFDO TXDOLW\ RI&RIIHD FDQHSKRUD FXOWLYDU $SRDWm,$&VXEPLWWHGWRGU\LQJDWGLIIHUHQWUDWHVIRUGLIIHUHQW¿QDOZDWHUFRQWHQWVLQIXQFWLRQRIWKH¿QDOGU\LQJ PRLVWXUHDQGVWRUDJHWHPSHUDWXUH

:DWHU

FRQWHQW 5DGLFOH3URWUXVLRQ *HUPLQDWLRQ (PHUJHQF\ (PHUJHQF\9HORFLW\,QGH[

ž& ž& ž& ž& ž& ž& ž& ž&

D$ D$ D$ D$ D$ D$ D$ D$

D$ D$ D$ D$ D$ D$ D% E%

E% D% E% D$ D% D% D% D&

D% E& D% E% D& E& D% D'

D% E' D% E& D& E' D& D(

/RZHUFDVHVDUHXVHGIRUFRPSDULVRQVZLWKLQOLQHVDQGFDSLWDOOHWWHUVZLWKLQFROXPQV

7DEOH $VVHVVPHQW UHVXOWV DIWHU IRXU PRQWKV RI VWRUDJH RI WKH VHHG SK\VLRORJLFDO TXDOLW\ RI&RIIHD FDQHSKRUD FXOWLYDU $SRDWm,$&VXEPLWWHGWRGU\LQJDWGLIIHUHQWUDWHVIRUGLIIHUHQW¿QDOZDWHUFRQWHQWVLQIXQFWLRQRIWKH¿QDOGU\LQJ PRLVWXUHDQGGU\LQJUDWHV

:DWHUFRQWHQW 5DGLFOH3URWUXVLRQ *HUPLQDWLRQ

)DVW ,QWHUPHGLDWH 6ORZ )DVW ,QWHUPHGLDWH 6ORZ

D$ D$ D$ D$ D$ D$

D$ D$ D$ D$ D$ D$

D% D% E% D$ D% D%

E& D% F& E% D$ F&

E' D& E& E& D& E&

:DWHUFRQWHQW (PHUJHQF\ (PHUJHQF\9HORFLW\,QGH[

)DVW ,QWHUPHGLDWH 6ORZ )DVW ,QWHUPHGLDWH 6ORZ

D$ D$ D$ D$ D$ D$

D$ D$ D$ D% D% D%

D% D% D% D% D% D&

D% D& D& D% D% D&

E& D' D' D& D& E&

(5)

*HQHUDOO\WKHEXWREXPRLVWXUHUDQJHDQG ERWK WHPSHUDWXUHV DQG ƒ& ZHUH IDYRUDEOH IRU VHHG VWRUDJH +RZHYHU EHORZ PRLVWXUH FRQWHQW JUHDWHU JHUPLQDWLRQDQGYLJRUYDOXHVZHUHREVHUYHGLQ&FDQHSKRUD

VHHGV ZKHQ VWRUHG DW ƒ& DQG WKH HIIHFW RI ƒ& VWRUDJH WHPSHUDWXUH LQ WKLV PRLVWXUH UDQJH ZDV GHWULPHQWDO WR WKH VHHGVVWRUHGIRUIRXUPRQWKV

5HJDUGLQJ WKH SDUWLWLRQLQJ RI WKH HIIHFW RI VHHG ZDWHU FRQWHQWZLWKLQHDFKGU\LQJUDWHLWZDVREVHUYHGWKDWDVWKH VHHGZDWHUFRQWHQWGHFUHDVHGWKHSK\VLRORJLFDOTXDOLW\RIWKH VHHGVGHFUHDVHGIRUDOOWKHGU\LQJUDWHVWHVWHG+RZHYHULQ VSLWH RI WKLV UHGXFWLRQ LQ WKH VHHG TXDOLW\ GXH WR UHGXFWLRQ LQ ZDWHU FRQWHQW D EHWWHU SK\VLRORJLFDO SHUIRUPDQFH ZDV REVHUYHGLQWKHVHHGVDWWKHLQWHUPHGLDWHGU\LQJUDWH2QWKH RWKHUKDQGLWZDVREVHUYHGWKDWDWWKHVORZGU\LQJUDWHWKH VHHGV SUHVHQWHG SRRU SK\VLRORJLFDO SHUIRUPDQFH EHORZ WKH DQG¿QDOPRLVWXUHFRQWHQW

)LJXUHV DQG VKRZ WKH VXUIDFH UHVSRQVH RI WKH JHUPLQDWLRQ DQG UDGLFOH SURWUXVLRQ YDULDEOHV RI WKH & FDQHSKRUD VHHGV DIWHU IRXU PRQWKV RI VWRUDJH GULHG DW WKH LQWHUPHGLDWHUDWHLQIXQFWLRQRIWKHVWRUDJHWHPSHUDWXUHDQG D¿QDOVHHGZDWHUFRQWHQW7KHUHZDVDVLJQL¿FDQWHIIHFWRI WKH LQWHUDFWLRQ DPRQJ WKH IDFWRUV VHHG ZDWHU FRQWHQW DQG VWRUDJHWHPSHUDWXUHKLJKOLJKWLQJWKHPRUHIDYRUDEOHHIIHFW DW ƒ& ERWK IRU UDGLFOH SURWUXVLRQ DQG JHUPLQDWLRQ 7KH VXUIDFH UHVSRQVH FOHDUO\ VKRZV WKH ZRUVH SK\VLRORJLFDO SHUIRUPDQFH RI WKH VHHGV ZLWK ORZHU ZDWHU FRQWHQW ZKHQ VWRUHGDWƒ&WKXVVKRZLQJWKDWƒ&LVWKHPRVWIDYRUDEOH WHPSHUDWXUH IRU& FDQHSKRUD VHHG VWRUHG LQ DOO WKH ZDWHU FRQWHQWUDQJHVVWXGLHG

',6&866,21

$FFRUGLQJWRWKHSURSRVDOE\5REHUWVVHHGVFDQ EH FODVVL¿HG DV RUWKRGR[ DQG UHFDOFLWUDQW 2UWKRGR[ VHHGV FDQEHGULHGWRORZZDWHUFRQWHQWZLWKRXWVXIIHULQJGDPDJH WR PRLVWXUH FRUUHVSRQGLQJ WR ZDWHU SRWHQWLDO EHORZ 0SD5REHUWVDQG(OOLVDQGZLWKLQDZLGHUDQJHRI HQYLURQPHQWDOFRQGLWLRQVWKHLUORQJHYLW\LQFUHDVHVZLWKWKH GHFUHDVHLQWKHUHODWLYHKXPLGLW\DQGVWRUDJHWHPSHUDWXUHLQ DTXDQWL¿DEOHDQGSUHGLFWDEOHZD\GH¿QHGE\WKHYLDELOLW\ HTXDWLRQ (OOLV DQG 5REHUWV $FFRUGLQJ WR (OOLV HW DOWKHZDWHUSRWHQWLDORI0SDLVWKHOLPLWIRU WKHQHJDWLYHORJDULWKPUHODWLRQVKLSVEHWZHHQORQJHYLW\DQG ZDWHUFRQWHQW5HFDOFLWUDQWVHHGVRQWKHRWKHUKDQGFDQQRW VXUYLYH EHORZ D UHODWLYHO\ KLJK ZDWHU FRQWHQW DQG HYHQ DW WKLV KLJK ZDWHU FRQWHQW OHYHO WKH\ SUHVHQW FRPSDUDWLYHO\ VKRUWORQJHYLW\IXUWKHUPRUHPDQ\VSHFLHVZLWKUHFDOFLWUDQW

SHUIRUPDQFH DUH VHQVLWLYH WR FROG WR WHPSHUDWXUHV EHORZ ƒ& .LQJ DQG 5REHUWV %XW LQ RXU VWXGLHV WKH&

FDQHSKRUDVHHGVSUHVHQWHGWROHUDQFHWRGHVLFFDWLRQGRZQWR

ZDWHUFRQWHQWDQGZLWKVWRRGVWRUDJHDWƒ&

,W LV ZHOO GRFXPHQWHG LQ WKH OLWHUDWXUH WKDW&RIIHD

VHHGV FOHDUO\ GR QRW ¿W LQ WKH VHHG FODVVL¿FDWLRQ SURSRVHG E\ 5REHUWV DV RUWKRGR[ DQG UHFDOFLWUDQW UHJDUGLQJ WKHLU SHUIRUPDQFH GXULQJ VWRUDJH (OOLV HW DO FODVVL¿HG&RIIHDDUDELFDVHHGVDVLQWHUPHGLDWHEHFDXVHWKH\ VXUYLYHGGHVLFFDWLRQDWDSSUR[LPDWHO\EXZDWHUFRQWHQW DQGPRQWKVRIVWRUDJHXQGHUKHUPHWLFVWRUDJHFRQGLWLRQV

)LJXUH6XUIDFHUHVSRQVHRIWKHYDULDEOHUDGLFOHSURWUXVLRQ DIWHUIRXUPRQWKVRIVWRUDJHIRUWKHLQWHUPHGLDWHGU\LQJ UDWHLQIXQFWLRQRIWKH¿QDOPRLVWXUHFRQWHQWDQGVWRUDJH WHPSHUDWXUHLQVHHGVRI&RIIHDFDQHSKRUDFXOWLYDU$SRDWm ,$&

)LJXUH 6XUIDFH UHVSRQVH RI WKH JHUPLQDWLRQ YDULDEOH DIWHU IRXUPRQWKVRIVWRUDJHIRUWKHLQWHUPHGLDWHGU\LQJUDWHLQ IXQFWLRQRI¿QDOZDWHUFRQWHQWVVWRUDJHWHPSHUDWXUHLQVHHGV RI&RIIHDFDQHSKRUDFXOWLYDU$SRDWm,$&

3URWUXVLRQ

7HPSHUDWXUH ž&

0RLVWXUH

*HUPLQDWLRQ

7HPSHUDWXUH ž&

(6)

EXW GHWHULRUDWHG PRUH TXLFNO\ DW ORZ WHPSHUDWXUHV RU ZLWK D ORZ ZDWHU FRQWHQW$FFRUGLQJ WR WKH DXWKRUV& DUDELFD VHHGV VXUYLYH GHVLFFDWLRQ WR EHWZHHQ WR EX WKDW FRUUHVSRQGV WR ZDWHU SRWHQWLDOV EHWZHHQ 0SD DQG 0SD6XQDQG/LDQJGHPRQVWUDWHGWKDWDPRQJ VHYHUDOVSHFLHVVHQVLWLYHWRGHVLFFDWLRQWKH&DUDELFDVHHGV ZHUHFODVVL¿HGDVWKHPRVWWROHUDQWDQGFRXOGUHDFKZDWHU SRWHQWLDOOHYHOVRIDSSUR[LPDWHO\0SDUHODWLYHKXPLGLW\ FORVHWR7KHDXWKRUVGLGQRWPHQWLRQWKHZDWHUFRQWHQW YDOXHVFRUUHVSRQGLQJWRWKLVZDWHUSRWHQWLDOEXWDFFRUGLQJWR (LUDHWDO&DUDELFDVHHGVLQWKLVUHODWLYHPRLVWXUH UDQJHUHJLVWHUZDWHUFRQWHQWVFORVHWREX

,Q VWXGLHV FDUULHG RXW E\ (LUD HW DO E WKH LQWHUPHGLDWHSHUIRUPDQFHEHWZHHQRUWKRGR[DQGUHFDOFLWUDQW

&RIIHDVHHGVVXJJHVWHGE\VHYHUDODXWKRUVZDVFRQ¿UPHG

$FFRUGLQJWRWKHVHDXWKRUV&DUDELFDDQG&FDQHSKRUDVHHGV SUHVHQWWKHVDPHFULWLFDOOHYHOIRUZDWHUFRQWHQWNJNJ DQGKLJKJHUPLQDWLRQSHUFHQWDJHZKHQVWRUHGDWƒ&+RQJ DQG (OOLV KDYH DOUHDG\ FRQ¿UPHG WKH LQWHUPHGLDWH SHUIRUPDQFHRI&FDQHSKRUDVHHGV7KHVHDXWKRUVZRUNHG ZLWK WKH& FDQHSKRUD VSHFLHV FXOWLYDU 5REXVWD DQG&

OLEHULFDFY/LEpULFDDQGFRQFOXGHGWKDW/LEpULFDVHHGVKDYH

UHFDOFLWUDQW SHUIRUPDQFH EXW WKH 5REXVWD VHHGV SHUIRUPHG LQ WKH VDPH ZD\ DV& DUDELFDVHHGV UHSRUWHG LQ SUHYLRXV VWXGLHV(OOLVHWDO7KH&FDQHSKRUDVHHGVLQ VWXGLHVE\+RQJDQG(OOLVDOWKRXJKWKH\VXUYLYHGD FHUWDLQPLQLPXPZDWHUFRQWHQWGLGQRWWROHUDWHGHVLFFDWLRQ WRPRLVWXUHOHYHOVZLWKVWRRGE\RUWKRGR[VHHGVDQGDOVRGLG QRWVKRZDQHJDWLYHUHODWLRQVKLSEHWZHHQWKHVXUYLYDOSHULRGV DQG HQYLURQPHQWDO WHPSHUDWXUH 7KH DXWKRUV VXJJHVWHG WKDW

&FDQHSKRUDVHHGVVKRXOGEHVWRUHGZLWKWRZDWHU

FRQWHQWDWWRƒ&IRUPHGLXPWHUPVWRUDJHDIDFWDOVR FRQ¿UPHGLQWKHSUHVHQWVWXG\

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

WKHVHHGVORVHYLDELOLW\ZKHQWKH\DUHNHSWDWDZDWHU FRQWHQWZKHUHUHVSLUDWLRQLVSRVVLEOHWR0SDEXW WKHUHSDLUSURFHVVHVDUHQRWHI¿FLHQW9HUWXFFLDQG)DUUDQW $FFRUGLQJ WR :DOWHUV HW DO WKLV PHWDEROLF GLVRUGHUFDQFRQWULEXWHWRGDPDJHLQVHHGVWKDWDUHVWRUHG ZHW RU VHQVLWLYH VHHGV WKDW DUH GULHG VORZO\ EHFDXVH WKH\ DUH PDLQWDLQHG DW D FULWLFDO OHYHO RI PRLVWXUH IRU D ORQJ SHULRGRIWLPH

*HQHUDOO\ DFFRUGLQJ WR WKH UHVXOWV SUHVHQWHG KHUH VORZGU\LQJRI&FDQHSKRUDVHHGVZDVQRWWKHPHWKRGWKDW UHVXOWHG LQ WKH JUHDWHVW VHHG JHUPLQDWLRQ DQG YLJRU YDOXHV DIWHUIRXUPRQWKVRIVWRUDJH6ORZGU\LQJRIRUWKRGR[VHHGV DOORZVWKHPWRJRWRDPRUHDGYDQFHGVWDJHLQWKHPDWXUDWLRQ SURFHVV ZKHUH WKH VHHGV DUH PRUH WROHUDQW WR GHVLFFDWLRQ +RQJ DQG (OOLV EXW VORZ GU\LQJ RI VHQVLWLYH VHHGV FDQ SHUPLW JHUPLQDWLRQ DQG WKHUHIRUH DOORZV WKH VHHGV WR SDVVWRVWDJHVPRUHVHQVLWLYHWRGHVLFFDWLRQ6HUDQDWQDDQG 0F.HUVLH

,Q WKH SUHVHQW VWXG\ WKH& FDQHSKRUD VHHGV FXOWLYDU $SRDWm GULHG DW DQ LQWHUPHGLDWH UDWH WR PRLVWXUH FRQWHQWSUHVHQWHGJRRGSK\VLRORJLFDOSHUIRUPDQFHDIWHUIRXU PRQWKV RI VWRUDJH LQ KHUPHWLFDOO\ VHDOHG SDFNHWV DW ƒ& FRQ¿UPLQJ UHVXOWV REWDLQHG IRU WKH VDPH VSHFLHV E\ +RQJ DQG(OOLV7KHUHLVDQLPSRUWDQWLQWHUDFWLRQEHWZHHQ WKH¿QDOVHHGZDWHUFRQWHQWDQGWKHVWRUDJHWHPSHUDWXUHDQG LQWKHWRZDWHUFRQWHQWUDQJHWKHVHHGVFDQEHVWRUHG DWƒ&ZLWKOLWWOHUHGXFWLRQLQWKHLUTXDOLW\+RZHYHUWKH WHPSHUDWXUHƒ&FDQEHXVHGWRVWRUH&FDQHSKRUDVHHGV DVORQJDVWKHVHHGZDWHUFRQWHQWLVQRWUHGXFHGEHORZ

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

5()(5(1&(6

(7)

%HUMDN 39HUWXFFL &: 3DPPHQWHU 1: (IIHFWV RI GHYHORSPHQWDOVWDWXVDQGGHK\GUDWLRQUDWHRQFKDUDFWHULVWLFV RIZDWHUDQGGHVLFFDWLRQVHQVLWLYLW\LQUHFDOFLWUDQWVHHGVRI

&DPHOOLDVLQHQVLV6HHG6FL5HV

%ODFN0&RUELQHDX)*HH+&{PH':DWHUFRQWHQW UDI¿QRVH DQG GHK\GULQV LQ WKH LQGXFWLRQ RI GHVLFFDWLRQ WROHUDQFHLQLPPDWXUHZKHDWHPEU\RV3ODQW3K\VLRO

%ODFNPDQ6$2EHQGRUI5//HRSROG$&0DWXUDWLRQ SURWHLQVDQGVXJDUVLQGHVLFFDWLRQWROHUDQFHRIGHYHORSLQJ VR\EHDQVHHGV3ODQW3K\VLRO

%RFKLFFKLR$9HUQLHUL 3 3XOLJD 6 0XUHOOL &9D]]DQD & 'HVLFFDWLRQ WROHUDQFH LQ LPPDWXUH HPEU\RV RI PDL]H VXFURVH UDI¿QRVH DQG WKH DEDVXFURVH UHODWLRQ 3URFHHGLQJVRIWKH)LIWK,QWHUQDWLRQDO:RUNVKRSRQ6HHGV EDVLFDQGDSSOLHGDVSHFWVRIVHHGELRORJ\8QLYHUVLW\RI 5HDGLQJ8.6HSWHPEHUSS %UDVLO0LQLVWpULRGD$JULFXOWXUDH5HIRUPD$JUiULD 5HJUDVSDUDDQiOLVHGHVHPHQWHV%UDVtOLD61'$'1'9 &/$9S 'HORXFKH-&%DVNLQ&&$FFHOHUDWHGDJLQJWHFKQLTXHV IRUSUHGLFWLQJWKHUHODWLYHVWRUDELOLW\RIVHHGORWV6HHG6FL 7HFKQRO (GPRQG-%'UDSDOD:67KHHIIHFWVRIWHPSHUDWXUH VDQGDQGDFHURQHRQJHUPLQDWLRQRIRNUDVHHG3URF$P 6RF+RUWLF6FL

(LUD 076 :DOWHUV & &DOGDV /6 :DWHU VRUSWLRQ SURSHUWLHV LQ&RIIHD VSSVHHGV DQG HPEU\RV 6HHG 6FL 5HV

(LUD076:DOWHUV&&DOGDV/6)D]XROL/&6DPSDLR-%'LDV 0&//E7ROHUDQFHRIFRIIHDVSSVHHGVWRGHVLFFDWLRQ DQGORZWHPSHUDWXUH5HY%UDV)LVLRO9HJ (OOLV 5+ 5REHUWV (+ ,PSURYHG HTXDWLRQV IRU WKH

SUHGLFWLRQRIVHHGORQJHYLW\$QQ%RW

(OOLV5++RQJ7'5REHUWV(+7DR.//RZPRLVWXUH FRQWHQW OLPLWV WR UHODWLRQV EHWZHHQ VHHG ORQJHYLW\ DQG PRLVWXUH$QQ%RW

(OOLV 5+ +RQJ 7' 5REHUWV (+ $Q LQWHUPHGLDWH FDWHJRU\RIVHHGVWRUDJHEHKDYLRU",&RIIHH-([S%RW

(OOLV 5+ +RQJ 7' 5REHUWV (+ $Q LQWHUPHGLDWH FDWHJRU\RIVHHGVWRUDJHEHKDYLRU",,(IIHFWVRISURYHQDQFH LPPDWXULW\ DQG LPELELWLRQ RQ GHVLFFDWLRQWROHUDQFH LQ FRIIHH-([S%RW

)DUUDQW-0%HUMDN33DPPHQWHU1:7KHHIIHFWRV GU\LQJUDWHRQYLDELOLW\UHWHQWLRQRIUHFDOFLWUDQWSURSDJXOHV

RI$YLFHQQLDPDULQD6RXWK$IU-%RW

)DUUDQW-03DPPHQWHU1:%HUMDN36HHGGHYHORSPHQW LQUHODWLRQWRGHVLFFDWLRQWROHUDQFHDFRPSDULVLRQEHWZHHQ GHVLFFDWLRQVHQVLWLYHUHFDOFLWUDQWVHHGVRI$YLFHQQLDPDULQD DQGGHVLFFDWLRQWROHUDQWW\SHV6HHG6FL5HV )LQFK6DYDJH:(6HHGGHYHORSPHQWLQWKHUHFDOFLWUDQW

VSHFLHV4XHUFXVUREXU/JHUPLQDELOLW\DQGGHVLFFDWLRQ WROHUDQFH6HHG6FL5HV

+HUWHU 8 %XUULV -6 3UHFRQGLWLRQLQJ UHGXFHV WKH VXVFHSWLELOLW\WRGU\LQJLQMXU\LQFRUQVHHG&DQ-3ODQW 6FL

+RQJ7' (OOLV 5+ 7KH HIIHFW RI WKH LQLWLDO UDWH RI GU\LQJ RQ WKH VXEVHTXHQW DELOLW\ RI LPPDWXUH VHHGV RI

1RUZD\ PDSOH $FHU SODWDQRLGHV/ WR VXUYLYH UDSLG GHVLFFDWLRQ6HHG6FL5HV

+RQJ 7' (OOLV 5+ ,QWHUVSHFL¿F YDULDWLRQ LQ VHHG VWRUDJH EHKDYLRXU ZLWKLQ WZR JHQHUD ±&RIIHD H&LWUXV 6HHG6FL7HFKQRO

.LQJ 0: 5REHUWV (+ 7KH VWRUDJH RI UHFDOFLWUDQW VHHGV DFKLHYHPHQWV DQG SRVVLEOH DSSURDFKHV 5RPH ,%3*5

.XQGX 0 .DFKDUL - 'HVLFFDWLRQ VHQVLWLYLW\ DQG UHFDOFLWUDQWEHKDYLRURIVHHGVRI$TXLODULDDJDOORFKD5R[E 6HHG6FL7HFKQRO

3DPPHQWHU1:%HUMDN3$UHYLHZRIUHFDOFLWUDQWVHHG SK\VLRORJ\LQUHODWLRQWRGHVLFFDWLRQWROHUDQFHPHFKDQLVPV 6HHG6FL5HV

3DPPHQWHU 1: %HUMDN 3:DOWHUV & 7KH HIIHFW RI GU\LQJ UDWH DQG SURFHVVHV OHDGLQJ WR YLDELOLW\ ORVV LQ UHFDOFLWUDQWVHHGV,Q0DU]DOLQD0.KRR.&-D\DQWKL1 7VDQ)<.ULVKQDSLOOD\%HGV,8)526HHG6\PSRVLXP 5HFDOFLWUDQW6HHGVSS.XDOD/DPSXU)RUHVW 5HVHDUFK,QVWLWXWH0DOD\VLD

3DPPHQWHU 1: *UHJJDLQV 9 .LRNR , :HVOH\6PLWK -%HUMDN3)LQFK6DYDJH:((IIHFWVRIGLIIHUHQWLDO GU\LQJUDWHVRQYLDELOLW\UHWHQWLRQRIUHFDOFLWUDQWVHHGVRI

(NHUEHUJLDFDSHQVLV6HHG6FL5HV

3ULWFKDUG +: :DWHU SRWHQWLDO DQG HPEU\RQLF D[LV YLDELOLW\LQUHFDOFLWUDQWVHHGVRI4XHUFXVUXEUD$QQ%RW

5REHUWV(+3UHGLFWLQJWKHVWRUDJHOLIHRIVHHGV6HHG 6FL7HFKQRO

5REHUWV(+(OOLV5+:DWHUDQGVHHGVXUYLYDO$QQ %RW

5RJHUVRQ 1( 0DWWKHZV 6 5HVSLUDWRU\ DQG FDUERK\GUDWHFKDQJHVLQGHYHORSLQJSHD3LVXPVDWLYXP

/VHHGVLQUHODWLRQWRWKHLUDELOLW\WRZLWKVWDQGGHVLFFDWLRQ -([S%RW

5RVD6'9)9RQ3LQKR(959LHLUD0**9HLJD5'

,QGXomRGHWROHUkQFLDjDOWDWHPSHUDWXUDGHVHFDJHPHP VHPHQWHV GH PLOKR SRU PHLR GH SUpFRQGLFLRQDPHQWR j EDL[DWHPSHUDWXUD5HY%UDV0LOKR6RUJR 6DQKHZH $- (OOLV 5+ 6HHG GHYHORSPHQW DQG

PDWXUDWLRQLQ3KDVHROXVYXOJDULV,$ELOLW\WRJHUPLQDWH DQGWRWROHUDWHGHVLFFDWLRQ-([S%RW 6HQDUDWQD 7 0FNHUVLH %' 'HK\GUDWLRQ LQMXU\ LQ

JHUPLQDWLQJVR\EHDQ*O\FLQHPD[/0HUUVHHGV3ODQW 3K\VLRO

6XQ :4 /LDQJ< 'LVFUHWH OHYHOV RI GHVLFFDWLRQ VHQVLWLYLW\LQYDULRXVVHHGVDVGHWHUPLQHGE\WKHHTXLOLEULXP GHK\GUDWLRQPHWKRG6HHG6FL5HV

9HUWXFFL &: )DUUDQW -0 $FTXLVLWLRQ DQG ORVV RI GHVLFFDWLRQ WROHUDQFH ,Q .LJHO - *DOLOL * HGV 6HHG 'HYHORSPHQWDQG*HUPLQDWLRQSS0DUFHO'HNNHU ,QF1HZ<RUN

9HUWXFFL&:5RRV((7KHRUHWLFDOEDVLVRISURWRFROV IRUVHHGVWRUDJH,,7KHLQÀXHQFHRIWHPSHUDWXUHRQRSWLPDO PRLVWXUHOHYHOV6HHG6FL5HV

Referências

Documentos relacionados

'HVSLWH WKH SURPLQHQFH RI VXLFLGH DV D OHDGLQJ FDXVH RI GHDWK WKURXJKRXW PRVW FRXQWULHV RI WKH ZRUOG DQG WKH VXEVWDQWLDO HYLGHQFH VXSSRUWLQJ WKH UROH RI ELRORJLFDO IDFWRUV LQ

2EMHFWLYH 2EMHFWLYH 7R FRPSDUH WKH UDWH RI GUXJ XVH SUHYDOHQFH DQG WR LQYHVWLJDWH RSLQLRQV UHJDUGLQJ VXFK XVH DPRQJ XQGHUJUDGXDWH VWXGHQWV DW WKH 8QLYHUVLW\ RI 6mR 3DXOR ² 6mR

(IIHFW RI WHPSHUDWXUH RQ SRO\XQVDWXUDWHG IDWW\ DFLG DFFXPXODWLRQ DQG RQ WKH DFWLYLW\ RI WKH HQ]\PHV &amp;'3 FKROLQH±GLDF\OJO\FHUROFKROLQHSKRVSKRWUDQVIHUDVHDQG

7KH UHVXOWV RI WKLV VWXG\ VKRZ WKDW WHPSHUDWXUH EXW QRW WKH DYDLODELOLW\ RI ZDWHU PD\ EH DQ LPSRUWDQW IDFWRU UHVSRQVLEOH IRU WKH GLIIHUHQFHV LQ WKH TXDOLW\ DQG

Objetivos: Analisar como se processa a entrada de uma empresa no UPTEC; identificar quais os serviços oferecidos pelo Parque; compreender como se caracteriza a relação entre UPTEC

,Q WKLV VHFWLRQ WKH VWUHVV GLVWULEXWLRQ ZDV DQDO\]HG LQ WKH LQWHUIDFH UHJLRQ RI WKH EODGH DQG GLVF LQ D GRYHWDLO

Analysing the results robustness by stock exchange, we observed that for rms quoted in the NASDAQ stock exchange, which represent nearly 23% of our sample, there were

Etnobiologia como Ferramenta para Gestão dos Recursos Naturais em Reserva de Desenvolvimento Sustentável Esta tese foi desenvolvida em três comunidades litorâneas de