21.03.2013 Views

Postgraduate Surgical Revision Notes - SASSiT

Postgraduate Surgical Revision Notes - SASSiT

Postgraduate Surgical Revision Notes - SASSiT

SHOW MORE
SHOW LESS

Create successful ePaper yourself

Turn your PDF publications into a flip-book with our unique Google optimized e-Paper software.

3RVWJUDGXDWH<br />

6XUJLFDO<br />

5HYLVLRQ 1RWHV<br />

&RUH PRGXOHV<br />

3UHSDUHG E\<br />

0U 6WHSKHQ 3DUNHU %6F 06 )5&6 *HQ 6XUJ<br />

)5&6 (G<br />

6XUJLFDO 6SHFLDOLVW 5HJLVWUDU<br />

8SGDWHG -DQXDU\


)RUZDUG<br />

7KHVH UHYLVLRQ QRWHV KDYH EHHQ SUHSDUHG WR FRPSOHPHQW VWDQGDUG VXUJLFDO WH[WERRNV DQG KDYH<br />

EHHQ HGLWHG WR WKH VDPH IRUPDW DV WKH 05&6 V\OODEXV (DFK VHFWLRQ KDV D ELEOLRJUDSK\ RI<br />

UHFHQWO\ SXEOLVKHG UHYLHZ DQG RULJLQDO DUWLFOHV ZKLFK KDYH EHHQ VHOHFWHG IRU WKHLU UHOHYDQFH DQG<br />

UHDGDELOLW\ 3UHVVXUH RI VSDFH KDV QHFHVVLWDWHG D VHOHFWLYH DSSURDFK WR WKH WRSLFV LQFOXGHG ,W<br />

LV KRZHYHU KRSHG WKDW DORQJ ZLWK WKH 5R\DO &ROOHJH RI 6XUJHRQV RI (QJODQG 67(3 &RXUVH WKH<br />

5R\DO &ROOHJH RI 6XUJHRQV RI (GLQEXUJK 6(/(&7 &RXUVH DQG VWDQGDUG VXUJLFDO WH[WV WKH\ ZLOO<br />

SURYH D XVHIXO UHYLVLRQ DLG IRU SRVWJUDGXDWH VXUJLFDO H[DPLQDWLRQV 9DULDWLRQV LQ VXUJLFDO<br />

SUDFWLFH ZLOO LQHYLWDEO\ PHDQ WKDW WKHUH ZLOO EH GLVDJUHHPHQW ZLWK VRPH RI WKH YLHZV DQG<br />

UHFRPPHQGDWLRQV SUHVHQWHG ,Q WKHVH FRQWLQXRXV DUHDV DQ DWWHPSW KDV EHHQ PDGH WR LQFOXGH<br />

RSLQLRQV WKDW DUH QRW WRR H[WUHPH DQG ZLOO KRSHIXOO\ VDWLVI\ PRVW H[DPLQHUV<br />

7R FRPSOHPHQW WKHVH QRWHV D ZHE VLWH KDV EHHQ HVWDEOLVKHG ZLWK FOLQLFDO LPDJHV [ UD\V<br />

SDWKRORJ\ VOLGHV D VHOHFWLRQ RI FOLQLFDO DQG EDVLF VFLHQFH PXOWLSOH FKRLFH TXHVWLRQV DQG UHYLHZV<br />

RI UHFHQW SDSHUV 7KH ZHE VLWH FDQ EH IRXQG DW<br />

ZZZ VXUJLFDO WXWRU RUJ XN<br />

%RWK WKH ZHE VLWH DQG WKHVH QRWHV ZLOO HYROYH ZLWK WLPH DQG LW LV KRSHG WKDW WKH\ ZLOO EH D XVH IXO<br />

VWXG\ DQG UHYLVLRQ DLG 3XEOLVKLQJ WKHVH QRWHV RQ WKH LQWHUQHW ZLOO DOORZ WKHP WR EH XSGDWHG RQ<br />

D UHJXODU EDVLV ,Q RUGHU IRU WKHP WR UHPDLQ UHOHYDQW WR WUDLQHHV QHHGV LW LV HVVHQWLDO WKDW<br />

IHHGEDFN LV UHFHLYHG IURP ERWK WUDLQHHV DQG WUDLQHUV UHJDUGLQ J WKHLU IRUPDW DQG FRQWHQW 7KH\<br />

DUH DW SUHVHQW LQFRPSOHWH ,I \RX KDYH VXJJHVWLRQV FRQWULEXWLRQV RU UHIHUHQFHV WKDW \RX WKLQN<br />

VKRXOG EH DGGHG , ZRXOG EH JODG WR UHFHLYH WKHP<br />

6 - 3$5.(5 %6F 06 )5&6 )5&6 (G<br />

6XUJLFDO 6SHFLDOLVW 5HJLVWUDU<br />

VWHYH#VXUJLFDO WXWRU RUJ XN


35( 23(5$7,9( 0$1$*(0(17 21(<br />

3UH RSHUDWLYH SUHSDUDWLRQ DQG SHULRSHUDWLYH PDQDJHPHQW<br />

'LDEHWHV PHOOLWXV<br />

2EVWUXFWLYH -DXQGLFH<br />

&DUGLRYDVFXODU GLVHDVH<br />

$QDHPLD<br />

6LFNOH FHOO DQDHPLD<br />

$6$ *UDGLQJ<br />

3UHRSHUDWLYH LQYHVWLJDWLRQV<br />

7HVWV RI UHVSLUDWRU\ FDUGLDF DQG UHQDO GLVHDVH<br />

,QIHFWLRQ<br />

6RXUFHV RI VXUJLFDO LQIHFWLRQ<br />

:RXQG LQIHFWLRQ<br />

$VHSVLV DQG DQWLVHSVLV<br />

6WHULOLVDWLRQ DQG GLVLQIHFWLRQ<br />

7HWDQXV<br />

*DV JDQJUHQH<br />

3VHXGRPHPEUDQRXV FROLWLV<br />

7XEHUFXORVLV<br />

,QYHVWLJDWLYH DQG RSHUDWLYH SURFHGXUHV<br />

'UDLQDJH RI VXSHUILFLDO DQG GHHS DEVFHVVHV<br />

,QWHVWLQDO DQG YDVFXODU DQDVWRPRVHV<br />

$QDHVWKHVLD<br />

/RFDO DQG UHJLRQDO DQDHVWKHVLD<br />

*HQHUDO DQDHVWKHVLD<br />

7KHDWUH SUREOHPV<br />

'LDWKHUP\<br />

/DVHUV<br />

7RXUQLTXHWV<br />

3UHYHQWLRQ RI LQMXULHV LQ WKH DQDHVWKHWLVHG SDWLHQW<br />

0LQLPDO DFFHVV WKHUDS\<br />

+HSDWLWLV %<br />

+,9 LQIHFWLRQ<br />

3KDUPDFRORJ\<br />

2UDO FRQWUDFHSWLYHV DQG +57<br />

/D[DWLYHV<br />

3(5, 23(5$7,9( 0$1$*(0(17 7:2<br />

6NLQ DQG ZRXQGV<br />

:RXQG KHDOLQJ<br />

,QFLVLRQV DQG ZRXQG FORVXUH<br />

6XWXUH PDWHULDOV QHHGOHV DQG GUHVVLQJV<br />

VXUJLFDO WXWRU RUJ XN $ IUHH RQ OLQH VXUJLFDO UHVRXUFH<br />

&RQWHQWV<br />

1


6FDUV DQG FRQWUDFWXUHV<br />

:RXQG GUHVVLQJV<br />

)OXLG EDODQFH<br />

)OXLG DQG HOHFWURO\WH EDODQFH<br />

7HFKQLTXHV RI YHQRXV DFFHVV<br />

6XUJLFDO QXWULWLRQ<br />

%ORRG<br />

+DHPRVWDVLV<br />

'LVRUGHUV RI FRDJXODWLRQ DQG KDHPRVWDVLV<br />

%ORRG JURXSV<br />

3RVWRSHUDWLYH SDLQ<br />

3RVW RSHUDWLYH FRPSOLFDWLRQV<br />

3RVWRSHUDWLYH S\UH[LD<br />

:RXQG GHKLVFHQFH<br />

3RVWRSHUDWLYH SXOPRQDU\ FRPSOLFDWLRQV<br />

3HULRSHUDWLYH FDUGLRYDVFXODU FRPSOLFDWLRQV<br />

2WKHU SRVWRSHUDWLYH FRPSOLFDWLRQV<br />

3K\VLRORJLFDO UHVSRQVH WR LQIHFWLRQ WUDXPD DQG VXUJHU\<br />

75$80$<br />

$VVHVVPHQW DQG UHVXVFLWDWLRQ<br />

$7/6 0HWKRGRORJ\<br />

$LUZD\ DQG YHQWLODWLRQ<br />

+\SRYRODHPLF VKRFN<br />

&KHVW DEGRPHQ DQG SHOYLV<br />

&KHVW WUDXPD<br />

3QHXPRWKRUD[<br />

&KHVW GUDLQV<br />

$EGRPLQDO WUDXPD<br />

5HQDO WUDXPD<br />

/RZHU XULQDU\ WUDFW WUDXPD<br />

6SOHQLF LQMXU\<br />

&HQWUDO QHUYRXV V\VWHP WUDXPD<br />

+HDG LQMXULHV<br />

%UDLQ 6WHP 'HDWK<br />

6SLQDO LQMXULHV<br />

&HQWUDO QHUYRXV V\VWHP LQIHFWLRQV<br />

*XQVKRW DQG EODVW ZRXQGV<br />

6NLQ ORVV IODSV DQG JUDIWV<br />

%XUQV<br />

)DFLDO DQG RUELWDO LQMXULHV<br />

3ULQFLSOHV RI OLPE LQMXU\<br />

&RPSDUWPHQW V\QGURPHV<br />

7UDXPD VFRULQJ V\VWHPV<br />

VXUJLFDO WXWRU RUJ XN $ IUHH RQ OLQH VXUJLFDO UHVRXUFH<br />

&RQWHQWV<br />

2


,17(16,9( &$5(<br />

3ULQFLSOH RI ,&8<br />

&DUGLRYDVFXODU<br />

&DUGLRYDVFXODU PRQLWRULQJ<br />

&DUGLDF DUUHVW DQG UHVXVFLWDWLRQ<br />

&DUGLRSXOPRQDU\ E\SDVV<br />

9DOYXODU KHDUW GLVHDVH<br />

5HVSLUDWRU\<br />

5HVSLUDWRU\ VXSSRUW<br />

5HVSLUDWRU\ IDLOXUH<br />

&RPSOLFDWLRQV RI WKRUDFLF RSHUDWLRQV<br />

$FXWH UHVSLUDWRU\ GLVWUHVV V\QGURPH<br />

0XOWLSOH RUJDQ IDLOXUH<br />

5HQDO IDLOXUH<br />

3QHXPRQLD OXQJ DEVFHVV DQG HPS\HPD<br />

3K\VLRORJLFDO 6FRULQJ V\VWHPV<br />

1(23/$6,$ 7(&+1,48(6 $1' 287&20( 2) 685*(5<<br />

3DWKRORJLFDO WHUPV<br />

&OLQLFRSDWKRORJLFDO VWDJLQJ RI FDQFHU<br />

3ULQFLSOHV RI RQFRORJ\<br />

5DGLRWKHUDS\<br />

&KHPRWKHUDS\<br />

&DQFHU JHQHWLFV<br />

$VVHVVPHQW RI EUHDVW GLVHDVH<br />

%UHDVW LPDJLQJ<br />

%HQLJQ EUHDVW GLVHDVH<br />

%UHDVW SDLQ<br />

)LEURDGHQRPDV<br />

%UHDVW F\VWV<br />

%UHDVW ,QIHFWLRQV<br />

*\QDHFRPDVWLD<br />

%UHDVW FDQFHU<br />

%UHDVW UHFRQVWUXFWLRQ<br />

%UHDVW FDQFHU VFUHHQLQJ<br />

0DOLJQDQW PHODQRPD<br />

6NLQ FDQFHUV<br />

%HQLJQ VNLQ OHVLRQV DQG PDQLIHVWDWLRQV RI V\VWHPLF GLVHDVH<br />

1DLO GLVRUGHUV<br />

3DOOLDWLYH FDUH<br />

(WKLFV DQG WKH ODZ<br />

,QIRUPHG FRQVHQW<br />

7KH &RURQHU<br />

VXUJLFDO WXWRU RUJ XN $ IUHH RQ OLQH VXUJLFDO UHVRXUFH<br />

&RQWHQWV<br />

3


&OLQLFDO DXGLW<br />

6WDWLVWLFV IRU VXUJHRQV<br />

'HVLJQ DQG DQDO\VLV RI FOLQLFDO WULDOV<br />

*/266$5< 2) '(5,9$7,21 2) $1$720,&$/ $1' 3$7+2/2*,&$/ 7(506<br />

,1'(;<br />

VXUJLFDO WXWRU RUJ XN $ IUHH RQ OLQH VXUJLFDO UHVRXUFH<br />

&RQWHQWV<br />

4


VXUJLFDO WXWRU RUJ XN $ IUHH RQ OLQH VXUJLFDO UHVRXUFH<br />

3UH RSHUDWLYH PDQDJHPHQW 2QH<br />

3UH RSHUDWLYH SUHSDUDWLRQ DQG SHULRSHUDWLYH PDQDJHPHQW<br />

'LDEHWHV PHOOLWXV<br />

3UH DQG SHULRSHUDWLYH PDQDJHPHQW GHSHQGV RQ VHYHULW\ RI GLVHDVH<br />

'LHW FRQWUROOHG GLDEHWHV<br />

3UH RSHUDWLYH PDQDJHPHQW<br />

1R VSHFLILF SUHFDXWLRQV<br />

&KHFN EORRG VXJDU DQG FRQVLGHU *OXFRVH 3RWDVVLXP ,QVXOLQ *., LQIXVLRQ LI ! PPRO O<br />

2UDO K\SRJO\FDHPLFV<br />

6WRS ORQJ DFWLQJ VXOSKRQ\OXUHDV H J FKORUSURSDPLGH KRXUV SULRU WR VXUJHU\<br />

6KRUW DFWLQJ DJHQWV RPLW RQ PRUQLQJ RI RSHUDWLRQ<br />

5HVWDUW ZKHQ HDWLQJ QRUPDOO\<br />

&RQVLGHU *., LQIXVLRQ IRU PDMRU VXUJHU\<br />

,QVXOLQ GHSHQGHQW GLDEHWHV<br />

&RQYHUW ORQJ DFWLQJ LQVXOLQV WR KRXUO\ $FWUDSLG<br />

3ODFH HDUO\ RQ RSHUDWLQJ OLVW<br />

*LYH *., LQIXVLRQ XQWLO HDWLQJ QRUPDOO\<br />

*., LQIXVLRQ<br />

0DGH XS DV<br />

X LQVXOLQ<br />

PPRO SRWDVVLXP FKORULGH<br />

PO GH[WURVH<br />

,QIXVHG DW D UDWH RI PO KU<br />

2EVWUXFWLYH -DXQGLFH<br />

2SHUDWLYH PRUELGLW\ DQG PRUWDOLW\ LV LQFUHDVHG LQ SDWLHQWV ZLWK MDXQGLFH GXH WR<br />

&RDJXODWLRQ GLVRUGHUV<br />

5HGXFHV WKH DEVRUSWLRQ RI IDW VROXEOH YLWDPLQV<br />

5HGXFHV SURGXFWLRQ RI IDFWRUV ,, 9,, ,; ;<br />

'LVRUGHUV FDQ EH UHYHUVHG ZLWK )UHVK )UR]HQ 3ODVPD RU 9LWDPLQ .<br />

5HGXFHG ZRXQG KHDOLQJ<br />

,QFUHDVHG ULVN RI LQIHFWLRQ<br />

+HSDWR UHQDO V\QGURPH<br />

$FXWH UHQDO IDLOXUH LQ SDWLHQW ZLWK MDXQGLFH<br />

3UREDEO\ GXH WR V\VWHPLF HQGRWR[DHPLD<br />

5HTXLUHV DGHTXDWH K\GUDWLRQ DQG GLXUHWLFV<br />

9DOXH RI PDQQLWRO XQSURYHQ<br />

$OWHUHG GUXJ PHWDEROLVP<br />

+DOI OLIH RI PDQ\ DQDOJHVLFV LV SURORQJHG H J PRUSKLQH<br />

5


&DUGLRYDVFXODU GLVHDVH<br />

(OHFWLYH VXUJHU\ VKRXOG EH GHIHUUHG IRU PRQWKV DIWHU D P\RFDUGLDO LQIDUFW<br />

5LVN IDFWRUV IRU SRVWRSHUDWLYH P\RFDUGLDO UH LQIDUFWLRQ<br />

6KRUW WLPH VLQFH SUHYLRXV LQIDUFW<br />

5HVLGXDO PDMRU FRURQDU\ YHVVHO GLVHDVH<br />

3URORQJHG RU PDMRU VXUJHU\<br />

,PSDLUHG P\RFDUGLDO IXQFWLRQ<br />

5LVN RU SRVWRSHUDWLYH UH LQIDUFWLRQ DIWHU D SUHYLRXV 0, LV<br />

PRQWKV<br />

PRQWKV<br />

PRQWKV<br />

RI SRVW RSHUDWLYH P\RFDUGLDO LQIDUFWV DUH VLOHQW<br />

7KH PRUWDOLW\ RI UH LQIDUFWLRQ LV DSSUR[LPDWHO\<br />

%LEOLRJUDSK\<br />

6DOHP 0 7DLQVK 5 %RPEHUJ - HW DO 3HULRSHUDWLYH JOXFRFRUWLFRLG FRYHUDJH $QQ 6XUJ<br />

VXUJLFDO WXWRU RUJ XN $ IUHH RQ OLQH VXUJLFDO UHVRXUFH<br />

3UH RSHUDWLYH PDQDJHPHQW<br />

7KRPDV 3 $ %DUWRQ , 'HFLVLRQ PDNLQJ LQ VXUJHU\ DFXWH SRVWRSHUDWLYH UHQDO IDLOXUH %U - +RVS 0HG<br />

6


$QDHPLD<br />

&DXVHV RI DQDHPLD<br />

'HFUHDVHG KDHPRJORELQ SURGXFWLRQ<br />

5HGXFHG KDHPRJORELQ V\QWKHVLV ± LURQ GHILFLHQF\ 7KDODVVDHPLD FKURQLF GLVHDVH<br />

5HGXFHG '1$ V\QWKHVLV ± PHJDOREODVWLF DQDHPLD<br />

5HGXFHG VWHP FHOO SURGXFWLRQ ± DSODVWLF DQDHPLD P\HORSUROLIHUDWLYH GLVRUGHUV<br />

%RQH PDUURZ LQILOWUDWLRQ ± FDUFLQRPD O\PSKRPD<br />

7R[LF LQMXU\ ± UDGLRWKHUDS\ FKHPRWKHUDS\ LQIHFWLRQ<br />

,QFUHDVHG UHG FHOO GHVWUXFWLRQ<br />

%ORRG ORVV ± DFXWH RU FKURQLF<br />

+DHPRO\VLV ± LQWULQVLF<br />

0HPEUDQH GLVRUGHUV ± KHUHGLWDU\ VSKHURF\WRVLV HOOLSWRF\WRVLV<br />

+DHPRJORELQRSDWKLHV ± VLFNOH FHOO GLVHDVH<br />

*O\FRJHQRO\VLV ± S\UXYDWH NLQDVH GHILFLHQF\<br />

2[LGDWLRQ ± * 3' GHILFLHQF\<br />

+DHPRO\VLV ± H[WULQVLF<br />

,PPXQH ± ZDUP RU FROG DQWLERGLHV<br />

0LFURDQJLRSDWKLF ± ',& 773<br />

+DHPRO\WLF XUDHPLF V\QGURPH<br />

,QIHFWLRQ ± H J FORVWULGLDO EDFWHUDHPLD<br />

+\SHUVSOHQLVP<br />

,URQ GHILFLHQF\ DQDHPLD<br />

,URQ GHILFLHQF\ LV FRPPRQHVW FDXVH RI DQDHPLD ZRUOGZLGH<br />

5HVXOWV LQ K\SRFKURPLF DQG PLFURF\WLF UHG EORRG FHOOV<br />

'LDJQRVLV RI LURQ GHILFLHQF\ LV XVXDOO\ VWUDLJKWIRUZDUG<br />

'HWHUPLQLQJ WKH FDXVH FDQ EH GLIILFXOW<br />

,URQ PHWDEROLVP<br />

VXUJLFDO WXWRU RUJ XN $ IUHH RQ OLQH VXUJLFDO UHVRXUFH<br />

3UH RSHUDWLYH PDQDJHPHQW<br />

7KH ERG\ FRQWDLQV DERXW J RI LURQ<br />

LV IRXQG LQ KDHPRJORELQ<br />

'DLO\ GLHWDU\ UHTXLUHPHQWV DUH DERXW PJ LQ D PDQ DQG PJ LQ D ZRPHQ<br />

$Q DYHUDJH ZHVWHUQ GLHW FRQWDLQV DERXW PJ RI LURQ GDLO\ RQO\ RI ZKLFK LV DEVRUEHG<br />

$EVRUSWLRQ RFFXUV LQ WKH IHUURXV IRUP LQ WKH XSSHU SDUW RI VPDOO LQWHVWLQH<br />

,URQ LV FDUULHG WR ERQH PDUURZ E\ SODVPD WUDQVIHUULQ<br />

,URQ LV VWRUHG ERXQG WR IHUULWLQ DQG DV KDHPRVLGHULQ<br />

$ERXW PJ RI LURQ LV ORVW SHU GD\ LQ XULQH IDHFHV DQG VKHG FHOOV<br />

0HQVWUXDO ORVVHV DFFRXQW IRU DQ H[WUD PJ SHU PRQWK<br />

&OLQLFDO IHDWXUHV<br />

'HSHQG RI UDWH RI RQVHW<br />

,I LQVLGLRXV WKHQ V\PSWRPV DUH RIWHQ IHZ<br />

&RPPRQHVW V\PSWRPV DUH RI OHWKDUJ\ DQG G\VSQRHD<br />

6NLQ DWURSK\ RFFXUV LQ DERXW RI SDWLHQWV<br />

1DLO FKDQJHV LQFOXGH NRLORQ\FKLD VSRRQ VKDSHG QDLOV<br />

3DWLHQWV PD\ DOVR GHYHORS DQJXODU VWRPDWLWLV DQG JORVVLWLV<br />

2HVRSKDJHDO DQG SKDU\QJHDO ZHEV PD\ EH VHHQ<br />

7


([DPLQDWLRQ VKRXOG EH GLUHFWHG WR SRVVLEOH XQGHUO\LQJ FDXVH<br />

&DXVHV RI LURQ GHILFLHQF\<br />

,QFUHDVHG EORRG ORVV XWHULQH *, WUDFW XULQH<br />

,QFUHDVHG GHPDQGV SUHPDWXULW\ JURZWK FKLOG EHDULQJ<br />

0DODEVRUSWLRQ SRVW JDVWUHFWRP\ FRHOLDF GLVHDVH<br />

3RRU GLHW<br />

,QYHVWLJDWLRQV<br />

7KH IROORZLQJ LQYHVWLJDWLRQV PD\ EH UHTXLUHG<br />

)XOO EORRG FRXQW DQG EORRG ILOP H[DPLQDWLRQ<br />

+DHPDWLQLF DVVD\V VHUXP IHUULWLQ YLWDPLQ % DQG IRODWH<br />

)DHFDO RFFXOW EORRGV<br />

0LG VWUHDP XULQH<br />

(QGRVFRSLF RU EDULXP VWXGLHV RI WKH *, WUDFW<br />

'LDJQRVLV RI LURQ GHILFLHQF\ ZLOO EH EDVHG RQ<br />

5HGXFHG KDHPRJORELQ PHQ J GO ZRPHQ J GO<br />

5HGXFHG PHDQ FHOO YROXPH IO<br />

5HGXFHG PHDQ FHOO KDHPRJORELQ SJ<br />

5HGXFHG PHDQ FHOO KDHPRJORELQ FRQFHQWUDWLRQ J O<br />

%ORRG ILOP PLFURF\WLF K\SRFKURPLF UHG FHOOV<br />

5HGXFHG VHUXP IHUULWLQ PJ O<br />

5HGXFHG VHUXP LURQ PHQ PPRO O ZRPHQ PPRO O<br />

,QFUHDVHG VHUXP LURQ ELQGLQJ FDSDFLW\ ! PPRO O<br />

'LDJQRVWLF ERQH PDUURZ H[DPLQDWLRQ LV UDUHO\ UHTXLUHG<br />

2WKHU FDXVHV RI D K\SRFKURPLF PLFURF\WLF DQDHPLD LQFOXGH<br />

$QDHPLD RI FKURQLF GLVHDVH<br />

7KDODVVDHPLD WUDLW<br />

6LGHUREODVWLF DQDHPLD<br />

0DQDJHPHQW<br />

0DQDJHPHQW RI LURQ GHILFLHQF\ DQDHPLD UHOLHV RQ<br />

,GHQWLILFDWLRQ DQG PDQDJHPHQW RI WKH XQGHUO\LQJ FDXVH<br />

,URQ UHSODFHPHQW WKHUDS\<br />

,URQ UHSODFHPHQW WKHUDS\<br />

2UDO UHSODFHPHQW ZLWK IHUURXV VDOWV DUH WKH SUHIHUUHG RSWLRQ<br />

3UHSDUDWLRQV LQFOXGH IHUURXV VXOSKDWH IXPDUDWH DQG JOXFRQDWH<br />

3URYLGH DSSUR[LPDWHO\ PJ RI LURQ SHU GD\<br />

6LGH HIIHFWV LQFOXGH HSLJDVWULF SDLQ FRQVWLSDWLRQ DQG GLDUUKRHD<br />

(IIHFWLYH WUHDWPHQW VKRXOG LQFUHDVH KDHPRJORELQ FRQFHQWUDWLRQ E\ J O GD\<br />

6KRXOG FRQWLQXH IRU WKUHH PRQWKV DIWHU QRUPDO KDHPRJORELQ DFKLHYHG<br />

,QWUDYHQRXV LURQ SUHSDUDWLRQV DUH DYDLODEOH RQ QDPHG SDWLHQW EDVLV<br />

6HYHUH VLGH HIIHFWV H J DQDSK\OD[LV PD\ RFFXU<br />

,QMHFWLRQV FDQ UHVXOW LQ VNLQ VWDLQLQJ DQG DUWKUDOJLD<br />

6KRXOG RQO\ EH XVHG ZKHQ SDWLHQWV FDQ QRW WROHUDWH RUDO SUHSDUDWLRQ<br />

3UHRSHUDWLYH DQDHPLD<br />

%RWK DQDHPLD DQG SRO\F\WKDHPLD LQFUHDVH SRVWRSHUDWLYH PRUWDOLW\<br />

3HULRSHUDWLYH KDHPRJORELQ FRQFHQWUDWLRQ RI DSSUR[LPDWHO\ J GO LV LGHDO<br />

VXUJLFDO WXWRU RUJ XN $ IUHH RQ OLQH VXUJLFDO UHVRXUFH<br />

3UH RSHUDWLYH PDQDJHPHQW<br />

8


3UHRSHUDWLYH WUDQVIXVLRQ PD\ LQGXFH LPPXQRVXSSUHVVLRQ<br />

0D\ LQFUHDVH ULVN RI LQIHFWLRQ DQG WXPRXU UHFXUUHQFH<br />

,I WUDQVIXVLRQ LV UHTXLUHG LW VKRXOG EH JLYHQ DW OHDVW GD\V SUHRSHUDWLYHO\<br />

%ORRG WUDQVIXVHG LPPHGLDWHO\ SULRU WR RSHUDWLRQ KDV UHGXFHG 2 FDUU\LQJ FDSDFLW\<br />

%LEOLRJUDSK\<br />

VXUJLFDO WXWRU RUJ XN $ IUHH RQ OLQH VXUJLFDO UHVRXUFH<br />

3UH RSHUDWLYH PDQDJHPHQW<br />

-ROREH 2 0 'RHV WKLV HOGHUO\ SDWLHQW KDYH LURQ GHILFLHQF\ DQDHPLD DQG ZKD W LV WKH XQGHUO\LQJ FDXVH"<br />

3RVWJUDG 0HG -<br />

0D\ 5 - (DUO\ $ 5 ,URQ GHILFLHQF\ LQ FKLOGKRRG - 5 6RF 0HG<br />

5RFNHU\ ' & 2FFXOW JDVWURLQWHVWLQDO EOHHGLQJ 1 (QJ - 0HG<br />

9


6LFNOH FHOO DQDHPLD<br />

3DWKRORJ\<br />

VXUJLFDO WXWRU RUJ XN $ IUHH RQ OLQH VXUJLFDO UHVRXUFH<br />

3UH RSHUDWLYH PDQDJHPHQW<br />

1RUPDO KDHPRJORELQ KDV [ . DQG [ FKDLQV<br />

,Q VLFNOH FHOO GLVHDVH VLQJOH DPLQR DFLG VXEVWLWXWLRQ RFFXUV RQ FKDLQ<br />

9DOLQH VXEVWLWXWHG IRU JOXWDPLF DFLG DW SRVLWLRQ<br />

7KH UHVXOWLQJ +E 6 LV OHVV VROXEOH WKDQ +E $<br />

6LFNOH KDHPRJORELQ JHQH LV LQKHULWHG DV DXWRVRPDO UHFHVVLYH<br />

&RPPRQO\ VHHQ LQ SDWLHQWV RI $IUR &DULEEHDQ GHVFHQW<br />

6LFNOH FHOO DQDHPLD RFFXUV LQ KRPR]\JRWHV<br />

6LFNOH FHOO WUDLW RFFXUV LQ KHWHUR]\JRWHV<br />

:KHQ GHR[\JHQDWHG KDHPRJORELQ XQGHUJRHV SRO\PHULVDWLRQ DQG IRUPV FKDUDFWHULVWLF VLFNOH<br />

FHOOV<br />

%ORFNDJH RI VPDOO YHVVHOV UHVXOWV LQ YDVR RFFOXVLYH HYHQWV<br />

6LFNOLQJ PD\ EH SUHFLSLWDWHG E\ LQIHFWLRQ IHYHU GHK\GUDWLRQ FROG K\SR[LD<br />

&OLQLFDO IHDWXUHV<br />

3DWLHQWV KDYH FKURQLF KDHPRO\WLF DQDHPLD ZLWK KLJK UHWLFXORF\WH FRXQWV<br />

$W LQFUHDVHG ULVN RI LQIHFWLRQ E\ HQFDSVXODWHG EDFWHULD<br />

$FXWH FRPSOLFDWLRQV LQFOXGH<br />

3DLQIXO FULVHV<br />

:RUVHQLQJ DQDHPLD<br />

$FXWH FKHVW V\PSWRPV<br />

6\PSWRPV DQG VLJQV RI QHXURORJLFDO RU RFXODU HYHQWV<br />

3ULDSLVP<br />

'LDJQRVLV FDQ EH FRQILUPHG E\<br />

6LFNOH VROXELOLW\ WHVW<br />

+LJK SHUIRUPDQFH OLTXLG FKURPDWRJUDSK\<br />

3UHYHQWLRQ RI FRPSOLFDWLRQV<br />

3DWHQW DQG SDUHQW HGXFDWLRQ LV LPSRUWDQW<br />

3DWLHQWV QHHG WR DYRLG WKH FROG GHK\GUDWLRQ HWF<br />

$QWLELRWLF SURSK\OD[LV VKRXOG EH FRQVLGHUHG LQ FKLOGUHQ OHVV WKDQ \HDUV<br />

8VXDOO\ SKHQR[\PHWK\OSHQLFLOOLQ LV WKH DQWLELRWLF RI FKRLFH<br />

&KLOGUHQ VKRXOG EH YDFFLQDWHG ZLWK WKH SQHXPRFRFFDO YDFFLQH<br />

3HUL RSHUDWLYH SUHFDXWLRQV<br />

3DWLHQWV DW KLJK ULVN RI DFXWH VLFNOLQJ FRPSOLFDWLRQV XQGHU JHQHUDO DQDHVWKHVLD<br />

5HTXLUH FDUHIXO SUH DQG SHUL RSHUDWLYH PDQDJHPHQW<br />

7UDQVIXVLRQ PD\ EH UHTXLUHG WR HQVXUH +E RI J G/<br />

3UHRSHUDWLYH H[FKDQJH WUDQVIXVLRQ LV UDUHO\ UHTXLUHG<br />

1HHG WR<br />

$YRLG GHK\GUDWLRQ<br />

$YRLG K\SR[LD<br />

&RQWURO LQWUD DQG SRVWRSHUDWLYH SDLQ<br />

0DQDJHPHQW RI FRPSOLFDWLRQV<br />

3DWLHQWV ZLWK VXVSHFWHG FRPSOLFDWLRQV UHTXLUH<br />

,QWUDYHQRXV IOXLGV<br />

$GHTXDWH SDLQ UHOLHI RIWHQ ZLWK RSLDWHV<br />

10


2[\JHQ<br />

(DUO\ DQWLELRWLF WKHUDS\ LI VXVSHFWHG LQIHFWLRQ<br />

3DLQIXO FULVHV<br />

RI SDWLHQWV ZLWK VLFNOH FHOO DQDHPLD ZLOO KDYH RQH HSLVRGH SHU \HDU<br />

%RQ\ FULVHV UHVXOW IURP ORFDOLVHG LVFKDHPLD<br />

$YDVFXODU QHFURVLV PD\ RFFXU<br />

7UHDWPHQW LQYROYHV UHVW DQG DQDOJHVLD<br />

$EGRPLQDO FULVHV SUHVHQW ZLWK SDLQ YRPLWLQJ GLVWHQVLRQ DQG IHDWXUHV RI SHULWRQLVP<br />

RI DGROHVFHQWV ZLWK VLFNOH FHOO DQDHPLD ZLOO KDYH JDOOVWRQHV<br />

$QDHPLD<br />

:RUVHQLQJ DQDHPLD RIWHQ SUHVHQWV ZLWK WLUHGQHVV DQG FDUGLDF IDLOXUH<br />

5HVXOWV IURP DFXWH VSOHQLF VHTXHVWUDWLRQ RI DSODVWLF FULVLV<br />

,Q ERWK VLWXDWLRQV XUJHQW WUDQVIXVLRQ PD\ EH UHTXLUHG<br />

$FXWH FKHVW V\QGURPH<br />

3UHVHQWV ZLWK FKHVW SDLQ FRXJK IHYHU DQG WDFK\SQRHD<br />

$FFRPSDQLHG E\ FOLQLFDO DQG UDGLRORJLFDO IHDWXUHV RI FRQVROLGDWLRQ<br />

&KODP\GLD DQG 0\FRSODVPD DUH LPSRUWDQW DHWLRORJLFDO DJHQWV<br />

5HTXLUH SDUHQWHUDO DQWLELRWLF WKHUDS\ XVXDOO\ HU\WKURP\FLQ<br />

$FXWH QHXURORJLFDO HYHQWV<br />

$ VWRNH RFFXUV LQ DSSUR[LPDWHO\ RI SDWLHQWV EHIRUH WKH DJH RI \HDUV<br />

$OO DFXWH QHXURORJLFDO V\PSWRPV UHTXLUH LQYHVWLJDWLRQ<br />

$FXWH VWURNH UHTXLUHV XUJHQW H[FKDQJH WUDQVIXVLRQ<br />

3ULDSLVP<br />

2FFXUV LQ DERXW RI PDOHV EHIRUH WKH DJH RI \HDUV<br />

,I ODVWV IRU PRUH WKDQ D IHZ KRXUV FDQ UHVXOW LQ HUHFWLOH LPSRWHQFH<br />

%ORRG VKRXOG EH DVSLUDWHG IURP FRUSRUD FDYHUQRVD<br />

,QWUD FDYHUQRVDO LQMHFWLRQ RI DOSKD EORFNHU PD\ EH RI EHQHILW<br />

%LEOLRJUDSK\<br />

'DYLHV 6 & 2QL / 0DQDJHPHQW RI SDWLHQWV ZLWK VLFNOH FHOO GLVHDVH %U 0HG -<br />

6HUMHDQW * 5 6LFNOH FHOO GLVHDVH /DQFHW<br />

6WHLQEHUJ 0 + 0DQDJHPHQW RI VLFNOH FHOO GLVHDVH 1 (QJO - 0HG<br />

VXUJLFDO WXWRU RUJ XN $ IUHH RQ OLQH VXUJLFDO UHVRXUFH<br />

3UH RSHUDWLYH PDQDJHPHQW<br />

11


$6$ *UDGLQJ<br />

VXUJLFDO WXWRU RUJ XN $ IUHH RQ OLQH VXUJLFDO UHVRXUFH<br />

3UH RSHUDWLYH PDQDJHPHQW<br />

7DEOH $PHULFDQ 6RFLHW\ RI $QHVWKHVLRORJLVWV $6$ JUDGH DQG SUHGLFDWHG PRUWDOLW\<br />

$6$ *UDGH 'HILQLWLRQ 0RUWDOLW\<br />

, 1RUPDO KHDOWK\ LQGLYLGXDO<br />

,, 0LOG V\VWHPLF GLVHDVH WKDW GRHV QRW OLPLW DFWLYLW\<br />

,,, 6HYHU V\VWHPLF GLVHDVH WKDW OLPLWV DFWLYLW\ EXW LV QRW<br />

LQFDSDFLWDWLQJ<br />

,9 ,QFDSDFLWDWLQJ V\VWHPLF GLVHDVH ZKLFK LV FRQVWDQWO\ OLIH<br />

WKUHDWHQLQJ<br />

9 0RULEXQG QRW H[SHFWHG WR VXUYLYH KRXUV ZLWK RU<br />

ZLWKRXW VXUJHU\<br />

RI SDWLHQWV SUHVHQWLQJ IRU HOHFWLYH VXUJHU\ DUH $6$ JUDGH<br />

2SHUDWLYH PRUWDOLW\ IRU WKHVH SDWLHQWV LV OHVV WKDQ LQ<br />

3UHRSHUDWLYH LQYHVWLJDWLRQV<br />

7KH UHTXHVW IRU SUH RSHUDWLYH LQYHVWLJDWLRQV VKRXOG EH EDVHG RQ<br />

)DFWRUV DSSDUHQW IURP WKH FOLQLFDO DVVHVVPHQW<br />

7KH OLNHOLKRRG RI DV\PSWRPDWLF DEQRUPDOLWLHV<br />

7KH VHYHULW\ RI WKH VXUJHU\ FRQWHPSODWHG<br />

7DEOH ,QGLFDWLRQV IRU SUHRSHUDWLYH LQYHVWLJDWLRQV<br />

,QYHVWLJDWLRQ ,QGLFDWLRQ<br />

)XOO EORRG FRXQW $OO DGXOW ZRPHQ<br />

0HQ RYHU WKH DJH RI \HDUV<br />

&DUGLRYDVFXODU RU KDHPDWRORJLFDO GLVHDVH<br />

8UHD HOHFWURO\WHV $OO SDWLHQWV RYHU \HDUV<br />

&DUGLRYDVFXODU DQG UHQDO GLVHDVH<br />

'LDEHWLFV<br />

3DWLHQWV RQ VWHURLGV GLXUHWLFV $&( LQKLELWRUV<br />

(&* 0HQ RYHU \HDUV<br />

:RPHQ RYHU \HDUV<br />

&DUGLRYDVFXODU GLVHDVH<br />

'LDEHWLFV<br />

&KHVW ; UD\ &DUGLRYDVFXODU DQG UHVSLUDWRU\ GLVHDVH<br />

0DOLJQDQF\<br />

0DMRU WKRUDFLF DQG XSSHU DEGRPLQDO VXUJHU\<br />

3UH RSHUDWLYH LQYHVWLJDWLRQV UDUHO\ XQFRYHU XQVXVSHFWHG PHGLFDO FRQGLWLRQV<br />

,QHIILFLHQW DV D PHDQV RI VFUHHQLQJ IRU DV\PSWRPDWLF GLVHDVH<br />

RI SDWLHQWV KDYH DEQRUPDOLWLHV RQ LQYHVWLJDWLRQV QRW SUHGLFWHG E\ D FOLQLFDO DVVHVVPHQW<br />

2QO\ RI WKHVH LQYHVWLJDWLRQV HYHU FKDQJH WKH SDWLHQWV PDQDJHPHQW<br />

2YHU RI SUH RSHUDWLYH LQYHVWLJDWLRQV FRXOG EH HOLPLQDWHG ZLWKRXW DGYHUVH HIIHFW<br />

3UH RSHUDWLYH IDVWLQJ<br />

*HQHUDO DQDHVWKHVLD LQFUHDVHV ULVN RI DVSLUDWLRQ RI JDVWULF FRQWHQWV<br />

7UDGLWLRQDOO\ SDWLHQWV KDYH EHHQ VWDUYHG VLQFH PLGQLJKW SULRU WR HOHFWLYH VXUJHU\<br />

1RZ NQRZQ WKDW FOHDU IOXLGV OHDYH VWRPDFK ZLWKLQ WZR KRXUV<br />

12


&OHDU IOXLGV GR QRW LQFUHDVH YROXPH RU DFLGLW\ RI JDVWULF FRQWHQWV<br />

)RU HPHUJHQF\ VXUJHU\ RUDO LQWDNH VKRXOG EH UHVWULFWHG<br />

0DQ\ VXUJLFDO HPHUJHQFLHV DUH DVVRFLDWHG ZLWK GHOD\HG JDVWULF HPSW\LQJ<br />

%LEOLRJUDSK\<br />

VXUJLFDO WXWRU RUJ XN $ IUHH RQ OLQH VXUJLFDO UHVRXUFH<br />

3UH RSHUDWLYH PDQDJHPHQW<br />

%DUQDUG 1 $ :LOOLDPV 5 : 6SHQFHU ( 0 3UHRSHUDWLYH SDWLHQW DVVHVVPHQW D UHYLHZ RI WKH OLWHUDWXUH<br />

DQG UHFRPPHQGDWLRQV $QQ 5 &ROO 6XUJ (QJ<br />

13


7HVWV RI UHVSLUDWRU\ FDUGLDF DQG UHQDO GLVHDVH<br />

5HVSLUDWRU\<br />

&KHVW [ UD\<br />

+LJK UHVROXWLRQ &7<br />

$UWHULDO EORRG JDVHV<br />

/XQJ IXQFWLRQ WHVWV<br />

$OORZV DVVHVVPHQW RI<br />

/XQJ YROXPHV<br />

$LUZD\ FDOLEUH<br />

*DV WUDQVIHU<br />

/XQJ YROXPHV DUH DVVHVVHG ZLWK VSLURPHWU\<br />

9ROXPHV PHDVXUHG LQFOXGH<br />

,& ,QVSLUDWRU\ FDSDFLW\<br />

,59 ,QVSLUDWRU\ UHVHUYH YROXPH<br />

79 7LGDO YROXPH<br />

9& 9LWDO FDSDFLW\<br />

)5& )XQFWLRQDO UHVLGXDO FDSDFLW\<br />

59 5HVLGXDO YROXPH<br />

(59 ([SLUDWRU\ UHVHUYH YROXPH<br />

7/& 7RWDO OXQJ FDSDFLW\<br />

)LJXUH 5HVSLUDWRU\ YROXPHV<br />

$LUZD\ FDOLEUH FDQ EH DVVHVVHG E\ SHDN IORZ PHDVXUHPHQWV<br />

)ORZ UDWHV PHDVXUHG LQFOXGH<br />

)9& )RUFHG YLWDO FDSDFLW\<br />

)(9 )RUFHG H[SLUDWRU\ YROXPH LQ RQH VHFRQG<br />

VXUJLFDO WXWRU RUJ XN $ IUHH RQ OLQH VXUJLFDO UHVRXUFH<br />

3UH RSHUDWLYH PDQDJHPHQW<br />

14


)(9 )9& UDWLR LV LPSRUWDQW<br />

)LJXUH )RUFHG YLWDO FDSDFLW\ DQG IRUFHG H[SLUDWRU\ YROXPH<br />

&DUGLDF<br />

1RQ LQYDVLYH<br />

&KHVW [ UD\<br />

(&*<br />

(FKRFDUGLRJUDSK\<br />

([HUFLVH WHVW<br />

,QYDVLYH<br />

&RURQDU\ DQJLRJUDSK\<br />

7KDOOLXP VFDQQLQJ<br />

VXUJLFDO WXWRU RUJ XN $ IUHH RQ OLQH VXUJLFDO UHVRXUFH<br />

3UH RSHUDWLYH PDQDJHPHQW<br />

15


,QIHFWLRQ<br />

6RXUFHV RI VXUJLFDO LQIHFWLRQ<br />

RI QRVRFRPLDO LQIHFWLRQV RFFXU LQ VXUJLFDO SDWLHQWV<br />

0RVW SRVWRSHUDWLYH LQIHFWLRQV DULVH IURP SDWLHQWV RZQ IORUD<br />

&RPPRQHVW VLWHV RI LQIHFWLRQ DUH<br />

8ULQDU\ WUDFW<br />

5HVSLUDWRU\ WUDFW<br />

%DFWHUDHPLD<br />

1RUPDO ERG\ IORUD<br />

6NLQ VWDSK\ORFRFFL VWUHSWRFRFFL<br />

2UDO FDYLW\ VWDSK\ORFRFFL VWUHSWRFRFFL DQG DQDHUREHV<br />

1DVRSKDU\Q[ VWDSK\ORFRFFL VWUHSWRFRFFL KDHPRSKLOXV DQG DQDHUREHV<br />

/DUJH ERZHO JUDP QHJDWLYH URGV HQWHURFRFFL DQG DQDHUREHV<br />

8ULQDU\ WUDFW QRUPDOO\ VWHULOH<br />

6RXUFHV RI ZRXQG FRQWDPLQDWLRQ<br />

'LUHFW LQRFXODWLRQ<br />

3DWLHQWV UHVLGXDO IORUD RU VNLQ FRQWDPLQDWLRQ<br />

6XUJHRQ V KDQGV<br />

&RQWDPLQDWHG LQVWUXPHQWV RU GUHVVLQJV<br />

&RQWDPLQDWHG SURFHGXUH<br />

'UDLQV FDWKHWHUV RU LQWUDYHQRXV OLQHV<br />

$LUERUQH FRQWDPLQDWLRQ<br />

6NLQ DQG FORWKLQJ RI VWDII DQG SDWLHQWV<br />

$LU IORZ LQ RSHUDWLQJ WKHDWUH RU ZDUG<br />

+DHPDWRJHQRXV VSUHDG<br />

,QWUDYHQRXV OLQHV<br />

6HSVLV DW RWKHU DQDWRPLFDO VLWHV<br />

VXUJLFDO WXWRU RUJ XN $ IUHH RQ OLQH VXUJLFDO UHVRXUFH<br />

3UH RSHUDWLYH PDQDJHPHQW<br />

16


:RXQG LQIHFWLRQ<br />

'HILQLWLRQ RI ZRXQG LQIHFWLRQ<br />

86 &HQWUH IRU 'LVHDVH &RQWURO<br />

'HILQHG WKH IROORZLQJ<br />

6XUJLFDO VLWH LQIHFWLRQV<br />

6XSHUILFLDO LQFLVLRQDO LQIHFWLRQ<br />

'HHS LQFLVLRQDO LQIHFWLRQV<br />

2UJDQ VSDFH LQIHFWLRQV<br />

6XUJLFDO VLWH LQIHFWLRQV PXVW IXOILO WKH IROORZLQJ FULWHULD<br />

,QIHFWLRQ PXVW RFFXU ZLWKLQ GD\V RI VXUJHU\<br />

,QIHFWLRQ PXVW LQYROYH RQO\ WKH VNLQ DQG VXEFXWDQHRXV WLVVXH<br />

7KHUH PXVW EH DW OHDVW RQH RI WKH IROORZLQJ<br />

3XUXOHQW GLVFKDUJH IURP D VXSHUILFLDO LQIHFWLRQ<br />

2UJDQLVPV LVRODWHG IURP DVHSWLFDOO\ REWDLQHG ZRXQG FXOWXUH<br />

0XVW EH DW OHDVW RQH RI WKH IROORZLQJ VLJQV RI LQIHFWLRQ<br />

3DLQ RU WHQGHUQHVV<br />

/RFDOLVHG VZHOOLQJ<br />

5HGQHVV RU KHDW<br />

$HURELF SDWKRJHQV LQ ZRXQG LQIHFWLRQV<br />

6WDSK\ORFRFFXV DXUHXV<br />

(QWHURFRFFL<br />

&RDJXODVH QHJDWLYH VWDSK\ORFRFFL<br />

(VFKHULFKLD FROL<br />

3VHXGRPRQDV DHUXJLQRVD<br />

(QWHUREDFWHU VSHFLHV<br />

3URWHXV PLUDELOLV<br />

.OHEVLHOOD SQHXPRQLDH<br />

&DQGLGD VSHFLHV<br />

3UHGLVSRVLQJ IDFWRUV<br />

*HQHUDO IDFWRUV<br />

$JH REHVLW\ PDOQXWULWLRQ<br />

(QGRFULQH DQG PHWDEROLF GLVRUGHUV<br />

+\SR[LD DQDHPLD<br />

0DOLJQDQW GLVHDVH<br />

,PPXQRVXSUHVVLRQ<br />

/RFDO IDFWRUV<br />

1HFURWLF WLVVXH<br />

)RUHLJQ ERGLHV<br />

7LVVXH LVFKDHPLD<br />

+DHPDWRPD IRUPDWLRQ<br />

3RRU VXUJLFDO WHFKQLTXH<br />

0LFURELRORJLFDO FRQWDPLQDWLRQ<br />

7\SH DQG YLUXOHQFH RI RUJDQLVP<br />

6L]H RI EDFWHULRORJLFDO GRVH<br />

$QWLELRWLF UHVLVWDQFH<br />

VXUJLFDO WXWRU RUJ XN $ IUHH RQ OLQH VXUJLFDO UHVRXUFH<br />

3UH RSHUDWLYH PDQDJHPHQW<br />

17


3UHYHQWLRQ RI ZRXQG LQIHFWLRQ<br />

([RJHQRXV<br />

6WHULOLVDWLRQ RI LQVWUXPHQWV VXWXUHV HWF<br />

3RVLWLYH SUHVVXUH YHQWLODWLRQ RI RSHUDWLQJ WKHDWUHV<br />

/DPLQDU DLU IORZ LQ KLJK ULVN DUHDV<br />

([FOXVLRQ RI VWDII ZLWK LQIHFWLRQV<br />

(QGRJHQRXV<br />

6NLQ SUHSDUDWLRQ<br />

0HFKDQLFDO ERZHO SUHSDUDWLRQ<br />

$QWLELRWLF SURSK\OD[LV<br />

*RRG VXUJLFDO WHFKQLTXH<br />

:RXQG LQIHFWLRQ UDWHV<br />

5LVN RI ZRXQG LQIHFWLRQ YDULHV ZLWK W\SH RI VXUJHU\<br />

,QIHFWLRQ UDWH FDQ EH UHGXFHG ZLWK DQWLELRWLF SURSK\OD[LV<br />

&OHDQ VXUJHU\<br />

1R YLVFXV RSHQHG H J KHUQLD UHSDLU<br />

,QIHFWLRQ UDWH W\SLFDOO\<br />

&OHDQ FRQWDPLQDWHG<br />

9LVFXV RSHQHG EXW QR VSLOODJH RI JXW FRQWHQWV H J ULJKW KHPLFROHFWRP\<br />

,QIHFWLRQ UDWH XVXDOO\<br />

&RQWDPLQDWHG<br />

VXUJLFDO WXWRU RUJ XN $ IUHH RQ OLQH VXUJLFDO UHVRXUFH<br />

3UH RSHUDWLYH PDQDJHPHQW<br />

9LVFXV RSHQHG ZLWK LQIODPPDWLRQ RU VSLOODJH RI FRQWHQWV H J FROHFWRP\ IRU REVWUXFWLRQ<br />

,QIHFWLRQ UDWH<br />

'LUW\<br />

,QWUDSHULWRQHDO DEVFHVV IRUPDWLRQ RU YLVFHUDO SHUIRUDWLRQ<br />

,QIHFWLRQ UDWH<br />

$QWLELRWLF SURSK\OD[LV<br />

3URSK\OD[LV LV WKH XVH RI DQWLELRWLFV WR SUHYHQW LQIHFWLRQ<br />

7UHDWPHQW LV WKHLU XVH WR HUDGLFDWH HVWDEOLVKHG VHSVLV<br />

3URSK\OD[LV LPSRUWDQW LQ<br />

6XUJHU\ ZLWK D KLJK LQFLGHQFH RI SRVW RSHUDWLYH LQIHFWLRQ H J FRORQLF VXUJHU\<br />

6XUJHU\ ZKHUH LQIHFWLRQ ZRXOG EH KD]DUGRXV H J SURVWKHWLF YDOYHV<br />

1HHG WR FRQVLGHU<br />

7KH XVH RI DQ DSSURSULDWH DQWLELRWLF EDVHG RQ OLNHO\ EDFWHULD DQG WLVVXH SHQHWUDWLRQ<br />

&HIXUR[LPH PHWURQLGD]ROH IRU FRORQLF VXUJHU\<br />

%HQ]\OSHQLFLOOLQ IRU SHULSKHUDO YDVFXODU VXUJHU\<br />

7LPLQJ DQG GXUDWLRQ RI DGPLQLVWUDWLRQ<br />

,QWUDYHQRXV DGPLQLVWUDWLRQ DW LQGXFWLRQ<br />

1XPEHU RI GRVHV XVXDOO\ QR PRUH WKDQ WKUHH GRVHV<br />

18


%LEOLRJUDSK\<br />

VXUJLFDO WXWRU RUJ XN $ IUHH RQ OLQH VXUJLFDO UHVRXUFH<br />

3UH RSHUDWLYH PDQDJHPHQW<br />

+RUDQ 7 & *D\QHV 5 3 0DUWRQH : - -DUYLV : 5 (PRQ 7 * &'& GHILQLWLRQV RI QRVRFRPLDO VXUJLFDO<br />

VLWH LQIHFWLRQV D PRGLILFDWLRQ RI &'& GHILQLWLRQV RI VXUJLFDO ZRXQG LQIHFWLRQV $P - ,QIHFW<br />

&RQWURO<br />

0F'RQDOG 0 *UDEVFK ( 0DUVKDOO & )RUEHV $ 6LQJOH YHUVXV PXOWLSOH GRVH DQWLPLFURELDO SURSK\OD[LV<br />

IRU PDMRU VXUJHU\ D V\VWHPDWLF UHYLHZ $XVW 1 = - 6XUJ<br />

19


$VHSVLV DQG DQWLVHSVLV<br />

+LVWRU\<br />

'HILQLWLRQV<br />

VXUJLFDO WXWRU RUJ XN $ IUHH RQ OLQH VXUJLFDO UHVRXUFH<br />

3UH RSHUDWLYH PDQDJHPHQW<br />

6HPPHOZHLV LGHQWLILHV VXUJHRQV KDQGV DV URXWH RI VSUHDG RI SXHUSHUDO LQIHFWLRQ<br />

/LVWHU LQWURGXFHV KDQG DQG ZRXQG DVHSVLV ZLWK WKH XVH RI FDUEROLF DF LG<br />

YRQ %HUJPDQQ LQYHQWV WKH DXWRFODYH<br />

$VHSVLV LV SURFHGXUH WR UHGXFH WKH ULVN RI EDFWHULDO FRQWDPLQDWLRQ<br />

8VXDOO\ LQYROYHV<br />

7KH XVH RI VWHULOH LQVWUXPHQWV<br />

7KH XVH RI D JORYHG QR WRXFK WHFKQLTXH<br />

$QWLVHSVLV LV WKH UHPRYDO RI WUDQVLHQW PLFURRUJDQLVPV IURP WKH VNLQ DQG D UHGXFWLRQ LQ WKH<br />

UHVLGHQW IORUD<br />

3UHRSHUDWLYH VNLQ SUHSDUDWLRQ<br />

6NLQ VKDYLQJ<br />

$HVWKHWLF DQG PDNHV VXUJHU\ VXWXUH DQG GUHVVLQJ UHPRYDO HDVLHU<br />

:RXQG LQIHFWLRQ UDWH ORZHVW ZKHQ SHUIRUPHG LPPHGLDWHO\ SULRU WR VXUJHU\<br />

,QIHFWLRQ UDWH LQFUHDVHG IURP WR LI SHUIRUPHG PRUH WKDQ KRXUV SULRU WR VXUJHU\<br />

$EUDVLRQV FDQ FDXVH FRORQLVDWLRQ ZKLFK FDQ OHDG WR ZRXQG LQIHFWLRQ<br />

&OLSSHUV RU GHSLODWRU\ FUHDPV UHGXFH LQIHFWLRQ UDWHV WR OHVV WKDQ<br />

6NLQ SUHSDUDWLRQ<br />

,VRSURS\O DOFRKRO<br />

$FWV E\ GHQDWXULQJ SURWHLQV<br />

,V EDFWHULFLGDO EXW VKRUW DFWLQJ<br />

(IIHFWLYH DJDLQVW JUDP SRVLWLYH DQG JUDP QHJDWLYH RUJDQLVPV<br />

$OVR IXQJLFLGDO DQG YLUXFLGDO<br />

&KORUKH[LGLQH<br />

4XDWHUQDU\ DPPRQLXP FRPSRXQG<br />

$FWV E\ GLVUXSWLQJ WKH EDFWHULDO FHOO ZDOO<br />

%DFWHULFLGDO EXW GRHV QRW NLOO VSRUH IRUPLQJ RUJDQLVPV<br />

,W LV SHUVLVWHQW DQG KDV D ORQJ GXUDWLRQ RI DFWLRQ XS WR KRXUV<br />

0RUH HIIHFWLYH DJDLQVW JUDP SRVLWLYH RUJDQLVPV<br />

3RYLGRQH LRGLQH<br />

$FWV E\ R[LGDWLRQ VXEVWLWXWLRQ RI IUHH LRGLQH<br />

%DFWHULFLGDO DQG DFWLYH DJDLQVW VSRUH IRUPLQJ RUJDQLVPV<br />

(IIHFWLYH DJDLQVW ERWK JUDP SRVLWLYH DQG JUDP QHJDWLYH RUJDQLVPV<br />

5DSLGO\ LQDFWLYDWHG E\ RUJDQLF PDWHULDO VXFK DV EORRG<br />

3DWLHQW VNLQ VHQVLWLYLW\ LV RFFDVLRQDOO\ D SUREOHP<br />

1R HYLGHQFH WKDW RQH LV VXSHULRU WR DQ\ RWKHU<br />

2FFOXVLYH DGKHVLYH GUDSHV<br />

1R HYLGHQFH WKDW WKH\ UHGXFH LQIHFWLRQ UDWH<br />

0D\ DFWXDOO\ LQFUHDVH VNLQ EDFWHULDO FRXQW GXULQJ VXUJHU\<br />

20


6WHULOLVDWLRQ DQG GLVLQIHFWLRQ<br />

6WHULOLVDWLRQ<br />

UHPRYDO RI YLDEOH PLFURRUJDQLVPV LQFOXGLQJ VSRUHV DQG YLUXVHV<br />

&DQ EH DFKLHYHG E\<br />

$XWRFODYHV<br />

+RW DLU RYHQV<br />

(WK\OHQH R[LGH<br />

/RZ WHPSHUDWXUH VWHDP DQG IRUPDOGHK\GH<br />

6SRULFLGDO FKHPLFDOV<br />

,UUDGLDWLRQ<br />

*DV SODVPD<br />

$XWRFODYHV<br />

6WHDP XQGHU SUHVVXUH KDV D KLJKHU WHPSHUDWXUH WKDQ q&<br />

7R EH HIIHFWLYH DJDLQVW YLUXVHV DQG VSRUH IRUPLQJ EDFWHULD QHHG WR<br />

+DYH VWHDP LQ GLUHFW FRQWDFW ZLWK PDWHULDO<br />

9DFXXP KDV WR EH FUHDWHG<br />

1HHG WR DXWRFODYH IRU PLQ DW q& RU PLQ DW q&<br />

&KHFN SHUIRUPDQFH E\ FRORXU FKDQJHV RQ LQGLFDWRU WDSH<br />

$XWRFODYHV DUH KLJKO\ HIIHFWLYH DQG LQH[SHQVLYH<br />

8QVXLWDEOH IRU KHDW VHQVLWLYH REMHFWV<br />

+RW RYHQV<br />

,QHIILFLHQW FRPSDUHG WR DXWRFODYHV<br />

5HTXLUH WHPSHUDWXUHV RI q& IRU KRXUV RU q& IRU PLQ<br />

(WK\OHQH R[LGH<br />

+LJKO\ SHQHWUDWLYH DQG DFWLYH DJDLQVW EDFWHULD VSRUHV DQG YLUXVHV<br />

$OVR IODPPDEOH WR[LF DQG H[SHQVLYH<br />

/HDYHV WR[LF UHVLGXH RQ VWHULOLVHG LWHPV<br />

,QVWUXPHQWV WKHUHIRUH QHHG WR EH VWRUHG IRU SURORQJHG SHULRG EHIRUH XVH<br />

6XLWDEOH IRU KHDW VHQVLWLYH LWHPV<br />

6SRULFLGDO FKHPLFDOV<br />

VXUJLFDO WXWRU RUJ XN $ IUHH RQ OLQH VXUJLFDO UHVRXUFH<br />

3UH RSHUDWLYH PDQDJHPHQW<br />

2IWHQ XVHG DV GLVLQIHFWDQWV EXW FDQ DOVR VWHULOLVH LQVWUXPHQWV LI XVHG IRU SURORQJHG SHULRG<br />

,QH[SHQVLYH DQG VXLWDEOH IRU KHDW VHQVLWLYH LWHPV<br />

7R[LF DQG LUULWDQWV<br />

*OXWHUDOGHK\GH LV PRVW ZLGHO\ XVHG OLTXLG VSRULFLGDO FKHPLFDO<br />

0RVW EDFWHULD DQG YLUXVHV NLOOHG ZLWKLQ PLQXWHV<br />

6SRUHV FDQ VXUYLYH VHYHUDO KRXUV<br />

,UUDGLDWLRQ<br />

*DPPD UD\V DQG DFFHOHUDWHG HOHFWURQV DUH H[FHOOHQW DW VWHULOLVDWLRQ<br />

8VHG DV DQ LQGXVWULDO UDWKHU WKDQ KRVSLWDO EDVHG PHWKRG<br />

'LVLQIHFWLRQ<br />

D UHGXFWLRQ LQ WKH QXPEHU RI YLDEOH RUJDQLVPV<br />

&DQ EH DFKLHYHG E\<br />

/RZ WHPSHUDWXUH VWHDP<br />

%RLOLQJ ZDWHU<br />

21


&KHPLFDO GLVLQIHFWDQWV<br />

/RZ WHPSHUDWXUH VWHDP<br />

0RVW EDFWHULD DQG YLUXVHV DUH NLOOHG E\ H[SRVXUH WR PRLVW KHDW<br />

8VXDOO\ DFKLHYHG ZLWK GU\ VDWXUDWHG VWHDP DW q& IRU JUHDWHU WKDQ PLQXWHV<br />

(IIHFWLYH DQG UHOLDEOH DQG VXLWDEOH IRU LQVWUXPHQW ZLWK D OXPHQ<br />

8QVXLWDEOH IRU KHDW VHQVLWLYH LWHPV<br />

&KHPLFDO GLVLQIHFWDQWV<br />

'HVWUR\V PLFURRUJDQLVPV E\ FKHPLFDO RU SK\VLFRFKHPLFDO PHDQV<br />

'LIIHUHQW RUJDQLVPV YDU\ LQ WKHLU VHQVLWLYLW\<br />

*UDP SRVLWLYH KLJKO\ VHQVLWLYH<br />

*UDP QHJDWLYH UHODWLYHO\ UHVLVWDQW<br />

&ORVWULGLDO P\FREDFWHULDO VSHFLHV YHU\ UHVLVWDQW<br />

6ORZ YLUXVHV KLJKO\ UHVLVWDQW<br />

'LVLQIHFWDQWV DUH VXLWDEOH IRU KHDW VHQVLWLYH LWHPV<br />

/HVV HIIHFWLYH WKDQ KHDW<br />

&KHPLFDOV XVHG LQFOXGH<br />

&OHDU VROXEOH SKHQROLFV<br />

+\SRFKORULWHV<br />

$OFRKROV<br />

4XDWHUQDU\ DPPRQLXP FRPSRXQGV<br />

VXUJLFDO WXWRU RUJ XN $ IUHH RQ OLQH VXUJLFDO UHVRXUFH<br />

3UH RSHUDWLYH PDQDJHPHQW<br />

22


7HWDQXV<br />

VXUJLFDO WXWRU RUJ XN $ IUHH RQ OLQH VXUJLFDO UHVRXUFH<br />

3UH RSHUDWLYH PDQDJHPHQW<br />

/HVV WKDQ FDVHV SHU \HDU UHSRUWHG HDFK \HDU LQ WKH 8.<br />

6HHQ IROORZLQJ GHHS RU SHQHWUDWLQJ ZRXQG LQ UHODWLYHO\ DYDVFXODU DUHDV<br />

0RUH SUHYDOHQW LQ GHYHORSLQJ FRXQWULHV<br />

6HHQ LQ QHRQDWH WHWDQXV QHRQDWXUXP IROORZLQJ WKH XVH RI FRZ GXQJ RQ WKH XPELOLFXV<br />

0LFURELRORJ\<br />

'XH WR &ORVWULGLXP WHWDQL<br />

*UDP SRVLWLYH VSRUH IRUPLQJ URG<br />

7\SLFDO GUXP VWLFN DSSHDUDQFH ZLWK WHUPLQDO VSRUH<br />

:LGHO\ IRXQG LQ WKH HQYLURQPHQW DQG VRLO<br />

$ VWULFW DQDHUREH WKDW SURGXFHV D SRZHUIXO H[RWR[LQV<br />

([RWR[LQ LV UHVLVWDQW WR DXWRFODYLQJ<br />

([RWR[LQ LV QRW DQWLJHQLF DQG UHSHDW LQIHFWLRQ FDQ RFFXU<br />

,QIHFWLRQ SURGXFHV IHZ VLJQV RI ORFDO LQIODPPDWLRQ<br />

3DWKRJHQHVLV<br />

*HUPLQDWLRQ RI VSRUHV UHOHDVHV WKH H[RWR[LQ<br />

7R[LQ DIIHFWV QHUYRXV V\VWHP DQG UHDFKHV &16 YLD WKH SHULSKHUDO QHUYHV<br />

$FWV RQ SUHV\QDSWLF WHUPLQDOV RI LQKLELWRU QHUYHV<br />

5HGXFHV WKH UHOHDVH RI LQKLELWRU\ QHXURWUDQVPLWWHUV H J JO\FLQH<br />

([FHVV DFWLYLW\ RI PRWRU QHXURQHV SURGXFHV PXVFOH VSDVP<br />

&OLQLFDO IHDWXUHV<br />

)DFLDO PXVFOH VSDVP SURGXFHV WULVPXV<br />

7\SLFDO IDFLDO DSSHDUDQFH ULVXV VDUGRQLFXV<br />

%DFN PXVFOH VSDVP SURGXFHV RSLVWKRWRPRXV<br />

(YHQWXDOO\ H[KDXVWLRQ DQG UHVSLUDWRU\ IDLOXUH OHDGV WR GHDWK<br />

7KH GLDJQRVLV LV HVVHQWLDOO\ FOLQLFDO<br />

'LIIHUHQWLDWLQJ EHWZHHQ FRQWDPLQDWLRQ DQG LQIHFWLRQ RQ ZRXQG VZDEV LV GLIILFXOW<br />

7UHDWPHQW<br />

3UHYHQWLRQ<br />

7HWDQXV FDQ EH SUHYHQWHG E\<br />

$FWLYH LPPXQLVDWLRQ ZLWK WHWDQXV WR[RLG ZLWK ERRVWHU HYHU\ \HDUV<br />

$GHTXDWH ZRXQG WRLOHW RI FRQWDPLQDWHG ZRXQGV<br />

&RQVLGHU SDVVLYH LPPXQLVDWLRQ ZLWK K\SHULPPXQH LPPXQRJOREXOLQ<br />

7UHDWPHQW<br />

,Q VXVSHFWHG FDVHV<br />

3DVVLYH LPPXQLVDWLRQ ZLWK DQWL WHWDQXV LPPXQRJOREXOLQ<br />

$GHTXDWH ZRXQG GHEULGHPHQW<br />

,QWUDYHQRXV EHQ]\OSHQLFLOOLQ<br />

,QWHQVLYH FDUH VXSSRUW<br />

'HVSLWH WKH XVH RI ,78 PRUWDOLW\ LV DERXW<br />

23


%LEOLRJUDSK\<br />

+ROODQGHU - ( 6LQJHU $ - /DFHUDWLRQ PDQDJHPHQW $QQ (PHUJ 0HG<br />

VXUJLFDO WXWRU RUJ XN $ IUHH RQ OLQH VXUJLFDO UHVRXUFH<br />

3UH RSHUDWLYH PDQDJHPHQW<br />

24


*DV JDQJUHQH<br />

&ORVWULGLDO VSRUHV DUH ZLGHO\ GLVWULEXWHG LQ WKH HQYLURQPHQW<br />

0D\ HQWHU WUDXPDWLF RU VXUJLFDO ZRXQGV<br />

&RQWDPLQDWLRQ PD\ DOVR RFFXU IURP SDWLHQWV RZQ IDHFDO IORUD<br />

0LFURELRORJ\<br />

*DV JDQJUHQH UHVXOWV IURP WKH IROORZLQJ FORVWULGLDO VSHFLHV<br />

&ORVWULGLXP ZHOFKLL<br />

&ORVWULGLXP RHGPDWLHQV<br />

&ORVWULGLXP VHSWLFXP<br />

0LFURVFRS\ RI ZRXQG H[XGDWH VKRZV JUDP SRVLWLYH EDFLOOL<br />

5HFWDQJXODU VKDSH ZLWKRXW VSRUH IRUPDWLRQ<br />

$QDHURELF FXOWXUH RQ EORRG DJDU VKRZ KDHPRO\WLF FRORQLHV &ORVWULGLXP ZHOFKLL<br />

6WRUP\ FORW UHDFWLRQ ZLWK OLWPXV PLON<br />

&ORVWULGLXP ZHOFKLL DOVR VKRZV SRVLWLYH 1DJOHU UHDFWLRQ<br />

'XH WR OHFLWKLQDVH UHDFWLRQ RI DOSKD H[RWR[LQ<br />

)LJXUH 7KH 1DJOHU UHDFWLRQ<br />

&OLQLFDO IHDWXUHV<br />

3DWLHQWV DUH JHQHUDOO\ WR[LF DQG XQZHOO<br />

2IWHQ KDYH IHDWXUHV RI VKRFN MDXQGLFH KDHPRO\VLV RU DFXWH UHQDO IDLOXUH<br />

/RFDO VLJQV RI JDV JDQJUHQH LQFOXGH<br />

0\RVLWLV RU P\RQHFURVLV<br />

*DV IRUPDWLRQ ZLWK SDOSDEOH FUHSLWXV<br />

0RWWOHG GLVFRORXUDWLRQ RI WKH RYHUO\LQJ VNLQ<br />

3ODLQ ; UD\ RIWHQ VKRZV JDV LQ WKH VXEFXWDQHRXV WLVVXH DQG IDVFLDO SODLQV<br />

7UHDWPHQW<br />

)DLOXUH RI UHFRJQLWLRQ RIWHQ UHVXOWV LQ UDSLG GHWHULRUDWLRQ<br />

3DWLHQWV UHTXLUH DGHTXDWH UHVXVFLWDWLRQ<br />

'HEULGHPHQW RU DPSXWDWLRQ VKRXOG EH FRQVLGHUHG WR UHPRYH DIIHFWHG WLVVXH RU OLPE<br />

2UJDQLVPV DUH XVXDOO\ VHQVLWLYH WR SHQLFLOOLQ<br />

+\SHUEDULF R[\JHQ PD\ EH KHOSIXO<br />

VXUJLFDO WXWRU RUJ XN $ IUHH RQ OLQH VXUJLFDO UHVRXUFH<br />

3UH RSHUDWLYH PDQDJHPHQW<br />

25


3UHYHQWLRQ<br />

%HQ]\OSHQLFLOOLQ DQWLELRWLF SURSK\OD[LV LQ WKRVH ZLWK<br />

&RQWDPLQDWHG ZRXQGV<br />

'LDEHWLF XQGHUJRLQJ HOHFWLYH SHULSKHUDO YDVFXODU VXUJHU\<br />

%LEOLRJUDSK\<br />

&KDSQLFN ( / $EWDU ( / 1HFURWLVLQJ VRIW WLVVXH LQIHFWLRQ ,QIHFW 'LV &OLQ 1RUWK $P<br />

VXUJLFDO WXWRU RUJ XN $ IUHH RQ OLQH VXUJLFDO UHVRXUFH<br />

3UH RSHUDWLYH PDQDJHPHQW<br />

1LFROOV 5 / 6PLWK - : $QDHUREHV IURP D VXUJLFDO SHUVSHFWLYH &OLQ ,QIHFW 'LV 6XSSO<br />

6 6<br />

8UVFKHO - ' 1HFURWLVLQJ VRIW WLVVXH LQIHFWLRQV 3RVWJUDG 0HG -<br />

26


3VHXGRPHPEUDQRXV FROLWLV<br />

3VHXGRPHPEUDQRXV FROLWLV LV GXH LQIHFWLRQ E\ &ORVWULGLXP GLIILFOH<br />

$ JUDP SRVLWLYH DQDHURELF EDFLOOXV<br />

1RW LGHQWLILHG XQWLO EHFDXVH LW ZDV GLIILFXOW WR FXOWXUH<br />

6SRUHV DUH FRPPRQO\ IRXQG LQ WKH KRVSLWDO HQYLURQPHQW<br />

3DWKRSK\VLRORJ\<br />

1RUPDO VWRRO FRQWDLQV ! GLIIHUHQW EDFWHULD DW D FRQFHQWUDWLRQ RI SHU JUDP<br />

$QWLELRWLF WKHUDS\ FDQ FKDQJH WKH IDHFDO IORUD<br />

%URDG VSHFWUXP DQWLELRWLFV DUH PDLQ FXOSULWV<br />

3DUWLFXODU SUREOHP ZLWK OLQFRP\FLQ DQG FOLQGRP\FLQ EXW UDUHO\ XVHG<br />

$OORZV FRORQLVDWLRQ E\ & GLIILFOH WUDQVPLWWHG E\ WKH IDHFDO RUDO URXWH<br />

([RWR[LQV 7R[LQ $ % SURGXFHG E\ EDFWHULD DUH F\WRWR[LF<br />

$FW YLD FHOO PHPEUDQH UHFHSWRUV<br />

3URGXFHV PXFRVDO LQIODPPDWLRQ DQG FHOO GDPDJH<br />

,I VHYHUH HSLWKHOLDO QHFURVLV D SVHXGR PHPEUDQH LV IRUPHG<br />

&RQVLVWV RI PXFLQ ILEULQ OHXFRF\WHV DQG FHOOXODU GHEULV<br />

&OLQLFDO IHDWXUHV<br />

RI QHRQDWHV DUH WUDQVLHQW KHDOWK\ FDUULHUV RI & GLIILFOH<br />

2QO\ RI DGXOWV DUH DOVR DV\PSWRPDWLF FDUULHUV<br />

SDWLHQWV RQ DQWLELRWLFV GHYHORS GLDUUKRHD<br />

2QO\ GHYHORS SVHXGRPHPEUDQRXV FROLWLV<br />

7KH VSHFWUXP RI V\PSWRPDWLF GLVHDVH LQFOXGHV<br />

0LOG GLDUUKRHD<br />

&ROLWLV ZLWKRXW SVHXGR PHPEUDQH IRUPDWLRQ<br />

3VHXGRPHPEUDQRXV FROLWLV<br />

)XOPLQDQW FROLWLV<br />

'LDJQRVLV LV FRQILUPHG E\ WKH GHWHFWLRQ RI WR[LQ LQ WKH VWRRO E\ (/,6$<br />

7UHDWPHQW<br />

$V\PSWRPDWLF FDUULHUV UHTXLUH QR DFWLYH WUHDWPHQW<br />

7KRVH ZLWK PLOG GLDUUKRHD VKRXOG KDYH WKHLU DQWLELRWLFV VWRSSHG<br />

,I FROLWLV SUHVHQW QHHG DFWLYH WUHDWPHQW ZLWK RUDO DQWLELRWLFV<br />

0HWURQLGD]ROH ILUVW OLQH WKHUDS\<br />

9DQFRP\FLQ VHFRQG OLQH WKHUDS\<br />

6\PSWRPV XVXDOO\ LPSURYH ZLWKLQ KRXUV<br />

0D\ WDNH GD\V IRU GLDUUKRHD WR VWRS<br />

3VHXGRPHPEUDQRXV FROLWLV UHTXLUHV DJJUHVVLYH UHVXVFLWDWLRQ DQG WUHDWPHQW<br />

,I IXOPLQDQW FROLWLV ZLWK WR[LF PHJDFRORQ RU SHUIRUDWLRQ VXUJHU\ PD\ EH QHFHVVDU\<br />

SDWLHQWV UHODSVH DIWHU LQLWLDO WUHDWPHQW<br />

'XH WR HLWKHU IDLOXUH RI HUDGLFDWLRQ RU UH LQIHFWLRQ<br />

%LEOLRJUDSK\<br />

.HOO\ & 3 3RWKRXODNLV & /DPRQW - 7 &ORVWULGLXP GLIILFOH FROLWLV 1 (QJO - 0HG<br />

&OHDU\ 5 . &ORVWULGLXP GLIILFOH DVVRFLDWHG GLDUUKHD DQG FROLWLV 'LV &RORQ 5HFWXP<br />

VXUJLFDO WXWRU RUJ XN $ IUHH RQ OLQH VXUJLFDO UHVRXUFH<br />

3UH RSHUDWLYH PDQDJHPHQW<br />

27


7XEHUFXORVLV<br />

7XEHUFXORVLV LV FRPPRQ WKURXJKRXW WKH ZRUOG<br />

&DXVHV VLJQLILFDQW PRUELGLW\ DQG PRUWDOLW\ SDUWLFXODUO\ LQ $IULFD DQG $VLD<br />

2YHU FDVHV SHU \HDU RFFXU LQ 8QLWHG .LQJGRP<br />

$FFRXQWV IRU GHDWKV PDLQO\ LQ LPPLJUDQW $VLDQ SRSXODWLRQ<br />

8VXDOO\ GXH WR 0\FREDFWHULXP WXEHUFXORVLV RU 0\FREDFWHULXP ERYLV LQIHFWLRQ<br />

3ULPDU\ WXEHUFXORVLV<br />

VXUJLFDO WXWRU RUJ XN $ IUHH RQ OLQH VXUJLFDO UHVRXUFH<br />

3UH RSHUDWLYH PDQDJHPHQW<br />

8VXDOO\ D UHVSLUDWRU\ LQIHFWLRQ WKDW RFFXUV LQ FKLOGKRRG<br />

,QIHFWLRQ UHVXOWV LQ VXE SOHXUDO *KRQ IRFXV DQG PHGLDVWLQDO O\PSKDGHQRSDWK\<br />

5HJDUGHG DV WKH SULPDU\ FRPSOH[<br />

6\PSWRPV DUH RIWHQ IHZ<br />

5HVROXWLRQ RI LQIHFWLRQ XVXDOO\ RFFXUV<br />

&RPSOLFDWLRQV LQFOXGH<br />

+DHPDWRJHQRXV VSUHDG FDXVLQJ PLOLDU\ 7% DIIHFWLQJ OXQJV ERQHV MRLQWV PHQLQJHV<br />

'LUHFW SXOPRQDU\ VSUHDG UHVXOWLQJ LQ 7% EURQFKRSQHXPRQLD<br />

3RVW SULPDU\ WXEHUFXORVLV<br />

2FFXUV LQ DGROHVFHQFH RU DGXOW OLIH<br />

'XH WR UHDFWLYDWLRQ RI LQIHFWLRQ RU UHSHDW H[SRVXUH<br />

5HVXOWV LQ PRUH VLJQLILFDQW V\PSWRPV<br />

5HDFWLYDWLRQ PD\ EH DVVRFLDWHG ZLWK LPPXQRVXSSUHVVLRQ H J GUXJV RU +,9 LQIHFWLRQ<br />

3XOPRQDU\ LQIHFWLRQ DFFRXQWV IRU RI FDVHV RI SRVW SULPDU\ 7%<br />

8VXDOO\ DIIHFWV DSLFHV RI XSSHU RU ORZHU OREHV<br />

&DYLWDWLRQ RI LQIHFWLRQ LQWR WKH EURQFKLDO WUHH UHVXOWV LQ RSHQ 7%<br />

&OLQLFDO IHDWXUHV LQFOXGH FRXJK KDHPRSW\VLV PDODLVH ZHLJKW ORVV DQG QLJKW VZHDWV<br />

,QIHFWLRQ RI O\PSK JODQGV UHVXOWV LQ GLVFUHWH ILUP DQG SDLQOHVV O\PSKDGHQRSDWK\<br />

&RQIOXHQFH RI LQIHFWHG JODQGV FDQ UHVXOW LQ D FROG DEVFHVV<br />

,QIHFWLRQ RI WKH XULQDU\ WUDFW FDQ FDXVH KDHPDWXULD DQG VWHULOH S\XULD<br />

,QYHVWLJDWLRQV<br />

/DUJH YROXPH VSHFLPHQV VKRXOG EH FROOHFWHG SUHIHUDEO\ LQ WKH HDUO\ PRUQLQJ<br />

5HSHDWHG VDPSOHV PD\ EH UHTXLUHG<br />

0LFURVFRS\<br />

,I 0\FREDFWHULD LQIHFWLRQ VXVSHFWHG VDPSOHV VKRXOG EH VXEPLWWHG WR D =LHKO 1HHOVHQ VWDLQ<br />

0\FREDFWHULD DSSHDU DV UHG DFLG DOFRKRO IDVW RUJDQLVPV<br />

2UJDQLVPV DOVR IOXRUHVFH ZLWK DXUDPLQH VWDLQLQJ<br />

1HJDWLYH PLFURVFRS\ GRHV QRW H[FOXGH WXEHUFXORVLV<br />

1HHG VXSSRUWLQJ KLVWRORJLFDO H[DPLQDWLRQ DQG PLFURELRORJLFDO FXOWXUH<br />

&XOWXUH<br />

0\FREDFWHULD FDQ EH GLIILFXOW WR FXOWXUH<br />

1HHG WR<br />

&ROOHFW DGHTXDWH DQG UHOHYDQW VSHFLPHQV H J HDUO\ PRUQLQJ XULQH [<br />

&RQFHQWUDWLRQ RI VSHFLPHQ H J FHQWULIXJDWLRQ<br />

'HFRQWDPLQDWLRQ WR UHPRYH RWKHU RUJDQLVPV H J 3HWURII PHWKRG<br />

&XOWXUH RQ /RZHQVWHLQ -HQVHQ PHWKRG DW q IRU DW OHDVW ZHHNV<br />

&RQILUP WKDW DQ\ 0\FREDFWHULD FXOWXUHV DUH SDWKRORJLFDO<br />

+LVWRORJ\<br />

28


+LVWRORJLFDO H[DPLQDWLRQ VKRZV HYLGHQFH RI D GHOD\HG K\SHUVHQVLWLYLW\ UHDFWLRQ<br />

&ODVVLFDO DSSHDUDQFH LV RI FDHVHDWLQJ QHFURVLV<br />

7XEHUFXORXV IROOLFOH FRQVLVWV RI FHQWUDO FDVHDRXV QHFURVLV<br />

6XUURXQGHG E\ O\PSKRF\WHV PXOWL QXFOHDWH JLDQW FHOOV DQG HSLWKHORLG PDFURSKDJHV<br />

2UJDQLVPV PD\ EH LGHQWLILHG ZLWKLQ WKH PDFURSKDJHV<br />

6NLQ WHVWV<br />

'HOD\HG K\SHUVHQVLWLYLW\ UHDFWLRQ XVHG WR GLDJQRVH WXEHUFXORVLV<br />

7KH WZR FRPPRQHVW WHVWV DUH WKH 0DQWRX[ DQG +HDI WHVW<br />

,Q WKH 0DQWRX[ WHVW PO RI SXULILHG SURWHLQ GHULYDWLYH LV LQMHFWHG LQWUDGHUPDOO\<br />

3RVLWLYH UHDFWLRQ LV D SDSXOH RI ! PP GLDPHWHU DW KRXUV<br />

,Q WKH +HDI WHVW SXULILHG SURWHLQ GHULYDWLYH LV SODFHG RQ WKH VNLQ<br />

$ JXQ LV XVHG WR SURGXFH PXOWLSOH SXQFWXUHV<br />

3RVLWLYH UHDFWLRQ LV PRUH WKDQ SDSXOHV DW SXQFWXUH VLWHV DW KRXUV<br />

3RVLWLYH VNLQ WHVW DUH LQGLFDWLYH RI DFWLYH LQIHFWLRQ RU SUHYLRXV %&* YDFFLQDWLRQ<br />

7UHDWPHQW<br />

)LUVW OLQH FKHPRWKHUDSHXWLF DJHQWV DUH ULIDPSLFLQ LVRQLD]LG DQG HWKDPEXWRO<br />

*LYHQ DV WULSOH WKHUDS\ IRU ILUVW PRQWKV XQWLO VHQVLWLYLWLHV DYDLODEOH<br />

5LIDPSLFLQ DQG LVRQLD]LG DUH WKH XVXDOO\ FRQWLQXHG IRU IXUWKHU PRQWKV<br />

/HVV WKDQ RI RUJDQLVPV DUH UHVLVWDQW WR ILUVW OLQH DJHQWV<br />

6HFRQG OLQH WUHDWPHQW LQFOXGHV S\UD]LQDPLGH<br />

%LEOLRJUDSK\<br />

$VWRQ 1 2 $EGRPLQDO WXEHUFXORVLV :RUOG - 6XUJ<br />

VXUJLFDO WXWRU RUJ XN $ IUHH RQ OLQH VXUJLFDO UHVRXUFH<br />

3UH RSHUDWLYH PDQDJHPHQW<br />

&DUO 3 6WDUN / ,QGLFDWLRQV IRU WKH VXUJLFDO PDQDJHPHQW RI JHQLWRXULQDU\ WXEHUFXORVLV :RUOG - 6XUJ<br />

.DSRRU 9 . $EGRPLQDO WXEHUFXORVLV 3RVWJUDG 0HG -<br />

29


,QYHVWLJDWLYH DQG RSHUDWLYH SURFHGXUHV<br />

'UDLQDJH RI VXSHUILFLDO DQG GHHS DEVFHVVHV<br />

VXUJLFDO WXWRU RUJ XN $ IUHH RQ OLQH VXUJLFDO UHVRXUFH<br />

3UH RSHUDWLYH PDQDJHPHQW<br />

$Q DEVFHVV LV FROOHFWLRQ RI SXV ZLWKLQ VRIW WLVVXHV<br />

2FFXUV ZKHQ KRVWV UHVSRQVH WR LQIHFWLRQ LV LQDGHTXDWH<br />

3UHGLVSRVLQJ IDFWRUV LQFOXGH IRUHLJQ ERGLHV KDHPDWRPD IRUPDWLRQ DQG SRRU EORRG VXSSO\<br />

3DWKRORJ\<br />

$Q DEVFHVV FRQWDLQV EDFWHULD DFXWH LQIODPPDWRU\ FHOOV SURWHLQ H[XGDWH DQG QHFURWLF WLVVXH<br />

,W LV VXUURXQGHG E\ JUDQXODWLRQ WLVVXH WKH S\RJHQLF PHPEUDQH<br />

7KH RUJDQLVPV XVXDOO\ LQYROYHG DUH<br />

,Q VXSHUILFLDO DEVFHVVHV 6WDSK DXUHXV 6WUHS S\RJHQHV<br />

,Q GHHS DEVFHVVHV *UDP QHJDWLYH VSHFLHV H J ( FROL DQG DQDHUREHV H J %DFWHURLGHV<br />

&OLQLFDO IHDWXUHV<br />

6XSHUILFLDO DEVFHVVHV LQFOXGH LQIHFWHG VHEDFHRXV F\VWV EUHDVW DQG SLORQLGDO DEVFHVVHV<br />

6KRZ FDUGLQDO IHDWXUHV RI LQIODPPDWLRQ FDORU UXERU GRORU WXPRU<br />

+HDW UHGQHVV SDLQ DQG VZHOOLQJ<br />

$IWHU D IHZ GD\V VXSHUILFLDO DEVFHVV XVXDOO\ SRLQW DQG DUH IOXFWXDQW<br />

'HHS DEVFHVVHV LQFOXGH GLYHUWLFXODU VXESKUHQLF DQG DQDVWRPRWLF OHDNV<br />

3DWLHQWV VKRZV VLJQV RI LQIODPPDWLRQ VZLQJLQJ S\UH[LD WDFK\FDUGLD WDFK\SQRHD<br />

3K\VLFDO VLJQV DUH RWKHUZLVH GLIILFXOW WR GHPRQVWUDWH<br />

6LWH RI DEVFHVV PD\ QRW EH FOLQLFDOO\ DSSDUHQW<br />

5DGLRORJLFDO LPDJLQJ RIWHQ UHTXLUHG WR PDNH WKH GLDJQRVLV<br />

7UHDWPHQW<br />

$OO DEVFHVVHV UHTXLUH DGHTXDWH GUDLQDJH<br />

6KRXOG EH SHUIRUPHG XQGHU JHQHUDO DQDHVWKHVLD<br />

$QWLELRWLFV KDYH OLWWOH WR RIIHU DV WLVVXH SHQHWUDWLRQ LV XVXDOO\ SRRU<br />

3URORQJHG DQWLELRWLF WUHDWPHQW FDQ UHVXOW LQ D FKURQLF LQIODPPDWRU\ PDVV DQ DQWLELRPD<br />

6XSHUILFLDO DEVFHVVHV DUH XVXDOO\ VXLWDEOH IRU RSHQ GUDLQDJH<br />

)RU GHHS DEVFHVVHV FORVHG GUDLQDJH PD\ EH DWWHPSWHG<br />

2SHQ WHFKQLTXH<br />

6XSHUILFLDO DEVFHVVHV FDQ XVXDOO\ EH GUDLQHG WKURXJK D FUXFLDWH LQFLVLRQ<br />

3RVLWLRQ RI LQFLVLRQ PD\ DOORZ GHSHQGHG GUDLQDJH<br />

3XV VKRXOG EH VHQW IRU PLFURELRORJ\<br />

/RFXOL VKRXOG EH EURNHQ GRZQ DQG QHFURWLF WLVVXH H[FLVHG<br />

$ GUHVVLQJ VKRXOG EH LQVHUWHG LQWR WKH ZRXQG<br />

3DFNLQJ LV QRW UHTXLUHG LW LV SDLQIXO<br />

&ORVHG WHFKQLTXHV<br />

'HHS DEVFHVV FDQ EH WUHDWHG E\ XOWUDVRXQG RU &7 JXLGHG DVSLUDWLRQ<br />

6XFFHVV FDQ QRW DOZD\V EH JXDUDQWHHG<br />

0XOWLORFXODWHG DEVFHVVHV PD\ QRW GUDLQ DGHTXDWHO\<br />

3HUFXWDQHRXV DFFHVV P\ EH GLIILFXOW EHFDXVH RI WKH SRVLWLRQ RI DGMDFHQW RUJDQV<br />

%LEOLRJUDSK\<br />

$EUDKDP 1 'RXGOH 0 &DUVRQ 3 2SHQ YHUVXV FORVHG WUHDWPHQW RI DEVFHVVHV D FRQWUROOHG FOLQLFDO WULDO<br />

$XVW 1= - 6XUJ<br />

30


&HOOXOLWLV DQG QHFURWLVLQJ VRIW WLVVXH LQIHFWLRQV<br />

&HOOXOLWLV<br />

&HOOXOLWLV LV D VSUHDGLQJ LQIHFWLRQ LQ WKH VXEFXWDQHRXV WLVVXH<br />

2IWHQ RFFXUV DIWHU VNLQ DEUDVLRQ RU RWKHU VLPLODU WUDXPD<br />

8VXDOO\ GXH WR LQIHFWLRQ ZLWK ‰ KDHPRO\WLF VWUHSWRFRFFXV RU 6WDSK DXUHXV<br />

%RWK SURGXFH HQ]\PHV WKDW GHJUDGH WLVVXH DQG DOORZ VSUHDG RI LQIHFWLRQ<br />

&OLQLFDO IHDWXUHV<br />

&HOOXOLWLV XVXDOO\ SUHVHQWV ZLWK D ZHOO GHPDUFDWHG DUHD RI LQIODPPDWLRQ<br />

UHGQHVV KHDW VZHOOLQJ DQG SDLQ<br />

8VXDOO\ DVVRFLDWHG ZLWK PDODLVH IHYHU DQG D UDLVHG ZKLWH FHOO FRXQW<br />

,I QRW UDSLGO\ WUHDWHG LW FDQ SURJUHVV WR O\PSKDQJLWLV DQG O\PSKDGHQLWLV<br />

/RFDOLVHG DUHDV RI VNLQ QHFURVLV PD\ RFFXU<br />

3UHGLVSRVLQJ IDFWRUV LQFOXGH<br />

/\PSKRHGHPD<br />

9HQRXV VWDVLV<br />

'LDEHWHV PHOOLWXV<br />

6XUJLFDO ZRXQGV<br />

0DQDJHPHQW<br />

5HVW DQG HOHYDWLRQ RI WKH DIIHFWHG OLPE<br />

$QWLELRWLFV<br />

0D\ LQLWLDOO\ EH JLYHQ RUDOO\<br />

,QWUDYHQRXV DGPLQLVWUDWLRQ LI QR UDSLG LPSURYHPHQW<br />

%HQ]\OSHQLFLOOLQ DQG IOXFOR[DFLOOLQ DUH XVXDOO\ DQWLELRWLFV RI FKRLFH<br />

1HFURWLVLQJ VRIW WLVVXH LQIHFWLRQV<br />

$UH WKH UHVXOW RI VNLQ DQG VXEFXWDQHRXV LQIHFWLRQV ZLWK YLUXOHQW EDFWHULD<br />

7R[LQV FDQ FDXVH ZLGHVSUHDG VNLQ DQG IDVFLDO QHFURVLV<br />

0HODQH\ V V\QHUJLVWLF JDQJUHQH<br />

7KLV UHVXOWV IURP V\QHUJLVWLF LQIHFWLRQ DIIHFWLQJ SULQFLSDOO\ WKH VNLQ<br />

8VXDOO\ RFFXUV DURXQG VXUJLFDO ZRXQGV VWRPDV DQG FXWDQHRXV ILVWXODH<br />

'XH WR LQIHFWLRQ ZLWK ERWK 6WDSK DXUHXV DQG DQDHURELF VWUHSWRFRFFL<br />

2IWHQ LQLWLDOO\ LQGLVWLQJXLVKDEOH IURP FHOOXOLWLV<br />

6SUHDGV VORZO\ DQG RIWHQ UHVXOWV LQ VNLQ XOFHUDWLRQ<br />

/DFNV WKH VHYHUH V\VWHPLF WR[LFLW\ VHHQ ZLWK QHFURWLVLQJ IDVFLWLV<br />

0DQDJHPHQW<br />

$QWLELRWLFV LQFOXGLQJ EHQ]\OSHQLFLOOLQ<br />

6XUJLFDO GHEULGHPHQW RI WKH DIIHFWHG DUHD<br />

1HFURWLVLQJ IDVFLWLV<br />

2FFXUV LQ LPPXQRFRPSURPLVHG SDWLHQWV<br />

2IWHQ GLDEHWLF DOFRKROLFV RU LQWUDYHQRXV GUXJ DEXVHUV<br />

2FFXUV DW VHYHUDO FKDUDFWHULVWLF VLWHV<br />

/LPEV DIWHU FXWV DEUDVLRQV RU ELWHV<br />

$URXQG SRVWRSHUDWLYH DEGRPLQDO VXUJLFDO ZRXQGV<br />

,Q WKH SHULQHXP VHFRQGDU\ WR DQRUHFWDO VHSVLV<br />

,Q WKH PDOH JHQLWDOLD )RXUQLHU V JDQJUHQH<br />

VXUJLFDO WXWRU RUJ XN $ IUHH RQ OLQH VXUJLFDO UHVRXUFH<br />

3UH RSHUDWLYH PDQDJHPHQW<br />

31


3RO\PLFURELDO LQIHFWLRQ LQYROYLQJ WKH IROORZLQJ<br />

)DFXOWDWLYH DHUREHV<br />

6WUHSWRFRFFDO VSHFLHV RU ( FROL<br />

$QDHUREHV<br />

([RWR[LQV SURGXFH VHYHUH V\VWHPLF WR[LFLW\<br />

&OLQLFDO IHDWXUHV<br />

2IWHQ SUHVHQWV VLPLODU WR FHOOXOLWLV<br />

:DUQLQJ IHDWXUHV LQFOXGH<br />

6HYHUH SDLQ RXW RI SURSRUWLRQ WR WKH FOLQLFDO VLJQV<br />

6HYHUH V\VWHPLF WR[LFLW\<br />

&XWDQHRXV JDQJUHQH<br />

+DHPRUUKDJLF IOXLG OHDNLQJ IURP D ZRXQG<br />

8QWUHDWHG LW SURJUHVVHV WR PXOWLSOH RUJDQ IDLOXUH<br />

2YHUDOO KDV DERXW D PRUWDOLW\<br />

; UD\ PD\ VKRZ JDV LQ WKH VXEFXWDQHRXV WLVVXH<br />

0DQDJHPHQW<br />

5HTXLUHV KLJK FOLQLFDO VXVSLFLRQ DQG HDUO\ GLDJQRVLV<br />

3DWLHQWV VKRXOG EH PDQDJHG LQ KLJK GHSHQGHQF\ XQLW<br />

1HHG IOXLG UHVXVFLWDWLRQ DQG RUJDQ VXSSRUW<br />

(DUO\ VXUJLFDO GHEULGHPHQW LV HVVHQWLDO<br />

5HTXLUHV H[FLVLRQ ZHOO LQWR DSSDUHQWO\ QRUPDO WLVVXH<br />

$PSXWDWLRQ RU IDVFLRWRPLHV PD\ EH UHTXLUHG<br />

'HIXQFWLRQLQJ FRORVWRP\ PD\ EH UHTXLUHG IRU SHULQHDO VHSVLV<br />

$QWLELRWLF FRYHU VKRXOG LQFOXGH EHQ]\OSHQLFLOOLQ PHWURQLGD]ROH DQG JHQWDP\FLQ<br />

+\SHUEDULF R[\JHQ WKHUDS\ PD\ EH RI EHQHILW<br />

%LEOLRJUDSK\<br />

%LVQR $ / 6WHYHQV ' / 6WUHSWRFRFFDO LQIHFWLRQV RI VNLQ DQG VRIW WLVVXHV 1 (QJO - 0HG<br />

%XUJH 7 6 :DWVRQ - ' 1HFURWLVLQJ IDVFLWLV EH EORRG\ EROG DQG UHVROXWH %U 0HG -<br />

*UHHQ 5 - 'DIRH ' & 5DIILQ 7 $ 1HFURWLVLQJ IDVFLWLV &KHVW<br />

/HZLV 5 7 6RIW WLVVXH LQIHFWLRQV :RUOG - 6XUJ<br />

VXUJLFDO WXWRU RUJ XN $ IUHH RQ OLQH VXUJLFDO UHVRXUFH<br />

3UH RSHUDWLYH PDQDJHPHQW<br />

32


,QWHVWLQDO DQG YDVFXODU DQDVWRPRVHV<br />

*DVWURLQWHVWLQDO DQDVWRPRVHV<br />

$QDVWRPRVHV VKRZ VHURVDO KHDOLQJ DQG UHTXLUH<br />

0DLQWHQDQFH RI DSSRVLWLRQ<br />

*RRG EORRG VXSSO\<br />

7HQVLRQ IUHH<br />

7ZR OD\HUHG WHFKQLTXH<br />

&ODVVLF WHDFKLQJ RI *, DQDVWRPRVHV<br />

,QQHU FRQWLQXRXV DOO OD\HU FDWJXW VXWXUH<br />

2XWHU VHURPXVFXODU LQWHUUXSWHG VLON<br />

3URGXFHG VHURVDO DSSRVLWLRQ DQG PXFRVDO LQYHUVLRQ<br />

,QQHU OD\HU EHOLHYHG WR EH KDHPRVWDWLF EXW DOVR VWUDQJXODWHV PXFRVD<br />

6LQJOH OD\HUHG WHFKQLTXH<br />

0RGHUQ WHDFKLQJ RI *, DQDVWRPRVHV<br />

,QWHUUXSWHG VHURPXVFXODU DEVRUEDEOH H J 9LFU\O RQ URXQG ERGLHG QHHGOH<br />

,QFRUSRUDWHV VWURQJ VXEPXFRVDO OD\HU<br />

0LQLPDO GDPDJH WR VXEPXFRVDO YDVFXODU SOH[XV<br />

VXUJLFDO WXWRU RUJ XN $ IUHH RQ OLQH VXUJLFDO UHVRXUFH<br />

3UH RSHUDWLYH PDQDJHPHQW<br />

'UDLQDJH RI DQDVWRPRVHV LV FRQWURYHUVLDO<br />

1R HYLGHQFH WKDW WKH XVH RI D GUDLQ UHGXFHG OHDN UDWH IRU DQDVWRPRVHV DERY H SHOYLF EULP<br />

6WDSOHG DQDVWRPRVHV<br />

6LGH WR VLGH DQDVWRPRVLV ZLWK OLQHDU VWDSOHUV H J *,$<br />

(QG WR HQG DQDVWRPRVLV ZLWK FLUFXODU GHYLFHV H J &(($<br />

6WDSOHG DQDVWRPRVHV UHGXFHG UDGLRORJLFDOO\ GHWHFWHG DQDVWRPRWLF OHDNV<br />

$VVRFLDWHG ZLWK LQFUHDVHG UDWH RI DQDVWRPRWLF VWULFWXUHV<br />

%LOLDU\ DQG XURORJLFDO DQDVWRPRVHV<br />

$OZD\V XVH DEVRUEDEOH VXWXUHV<br />

1RQDEVRUEDEOH VXWXUHV ULVN VWRQH IRUPDWLRQ<br />

9DVFXODU DQDVWRPRVHV<br />

$OZD\V XVH QRQDEVRUEDEOH<br />

3UROHQH PRVW RIWHQ XVHG<br />

RQ DRUWD DQG RQ IHPRUDO DUWHU\<br />

%LEOLRJUDSK\<br />

&DUW\ 1 - .HDWLQJ - &DPSEHOO - .DUDQMLD 1 +HDOG 5 - 3URVSHFWLYH DXGLW RI DQ H[WUDPXFRVDO<br />

WHFKQLTXH IRU LQWHVWLQDO DQDVWRPRVLV %U - 6XUJ<br />

)UDVHU , ,QWHVWLQDO DQDVWRPRVLV ZLWK D VNLQ VWDSOHU D VDIH DQG HIILFLHQW PHWKRG LQ K XPDQV %U - 6XUJ<br />

,UZLQ 6 7 .UXNRZVNL = + 0DWKHVRQ 1 $ 6LQJOH OD\HU DQDVWRPRVLV LQ WKH XSSHU JDVWURLQWHVWLQDO WUDFW %U<br />

- 6XUJ<br />

33


3UH RSHUDWLYH PDQDJHPHQW<br />

6DULQ 6 /LJKWZRRG 5 * &RQWLQXRXV VLQJOH OD\HU JDVWURLQWHVWLQDO DQDVWRPRVLV D SURVSHFWLYH DXGLW %U -<br />

6XUJ<br />

6WHHOH 5 - & &RQWLQXRXV VLQJOH OD\HU VHURVXEPXFRVDO DQDVWRPRVLV LQ WKH XSSHU JDVWURLQWHVWLQDO WUDFW %U<br />

- 6XUJ<br />

7KRPSVRQ : + ) 5RELQVRQ 0 + ( 2QH OD\HU FRQWLQXRXVO\ VXWXUHG FRORQLF DQDVWRPRVLV %U - 6XUJ<br />

VXUJLFDO WXWRU RUJ XN $ IUHH RQ OLQH VXUJLFDO UHVRXUFH<br />

34


$QDHVWKHVLD<br />

/RFDO DQG UHJLRQDO DQDHVWKHVLD<br />

/RFDO DQDHVWKHWLF DJHQWV DFW E\ UHGXFLQJ PHPEUDQH SHUPHDELOLW\ WR VRGLXP<br />

$FW RQ VPDOO XQP\HOLQDWHG & ILEUH EHIRUH ODUJH $ ILEUHV<br />

5HGXFH SDLQ DQG WHPSHUDWXUH VHQVDWLRQ EHIRUH WRXFK DQG SRZHU<br />

/LJQRFDLQH<br />

/LJQRFDLQH LV D ZHDN EDVH S.D<br />

$W SK\VLRORJLFDO S+V PDLQO\ LRQLVHG<br />

+DV D GXUDWLRQ RI DFWLRQ RI DERXW RQH KRXU<br />

:LWK DGGLWLRQ RI DGUHQDOLQH GXUDWLRQ RI DFWLRQ FDQ EH LQFUHDVHG WR KRXUV<br />

0DLQ WR[LFLW\ LV RQ FHQWUDO QHUYRXV DQG FDUGLRYDVFXODU V\VWHPV<br />

3ODLQ OLJQRFDLQH VKRXOG EH XVHG IRU ORFDO DQDHVWKHVLD LQ GLJLWV DQG DSSHQGDJHV<br />

$GUHQDOLQH FRQWDLQLQJ VROXWLRQV FDQ FDXVH WLVVXH LVFKDHPLD<br />

7DEOH 0D[LPXP GRVHV RI ORFDO DQDHVWKHWLF DYHUDJH DGXOW<br />

$JHQW 3ODLQ VROXWLRQ :LWK DGUHQDOLQH<br />

/LJQRFDLQH PJ PO RI PJ PO RI<br />

%XSLYLFDLQH PJ PO RI PJ PO RI<br />

3ULORFDLQH PJ PO RI PJ PO RI<br />

6SLQDO DQG HSLGXUDO DQDHVWKHVLD<br />

VXUJLFDO WXWRU RUJ XN $ IUHH RQ OLQH VXUJLFDO UHVRXUFH<br />

3UH RSHUDWLYH PDQDJHPHQW<br />

6SLQDO DQDHVWKHVLD ORFDO DQDHVWKHWLF RU RSLDWH LQWR &6) EHORZ WHUPLQDWLRQ RI FRUG DW /<br />

(SLGXUDO DQDHVWKHVLD ORFDO DQDHVWKHWLF RU RSLDWH LQWR IDWW\ HSLGXUDO VSDFH<br />

%RWK FDQ SURGXFH JRRG DQDHVWKHVLD IRU XS WR KRXUV<br />

7KH TXDOLW\ RI WKH EORFN LV RIWHQ EHWWHU ZLWK D VSLQDO<br />

(SLGXUDO DQDHVWKHVLD LV WHFKQLFDOO\ PRUH GHPDQGLQJ<br />

&RQWUDLQGLFDWLRQV<br />

3UH H[LVWLQJ QHXURORJLFDO GLVHDVH<br />

&RDJXORSDWK\<br />

&RPSOLFDWLRQV<br />

7LPLQJ &KDUDFWHULVWLF 6SLQDO (SLGXUDO<br />

,PPHGLDWH +\SRWHQVLRQ &RPPRQ /HVV FRPPRQ<br />

/$ WR[LFLW\ 5DUH 2FFDVLRQDO<br />

+LJK %ORFNDGH 2FFDVLRQDO 2FFDVLRQDO<br />

(DUO\ 8ULQDU\ UHWHQWLRQ &RPPRQ /HVV FRPPRQ<br />

+HDGDFKH 1HYHU XQOHVV GXUDO SXQFWXUH<br />

/RFDO LQIHFWLRQ $OPRVW QHYHU 8QFRPPRQ<br />

0HQLQJLVP 8QFRPPRQ 9HU\ UDUH<br />

(SLGXUDO KDHPDWRPD $OPRVW QHYHU 9HU\ UDUH<br />

%DFNDFKH &RPPRQ &RPPRQ<br />

+\SRWHQVLRQ<br />

6\PSDWKHWLF RXWIORZ IRUP VSLQDO FRUG RFFXUV EHWZHHQ 7 DQG /<br />

%ORFNHG WR YDU\LQJ GHJUHHV LQ ERWK VSLQDO DQG HSLGXUDO DQDHVWKHVLD<br />

7KH KLJKHU WKH EORFN WKH JUHDWHU WKH GHJUHH RI EORFNDGH<br />

35


3UH RSHUDWLYH PDQDJHPHQW<br />

,Q K\SRYRODHPLF SDWLHQWV WKHUH LV D JUHDWHU ULVN RI K\SRWHQVLRQ<br />

+\SRWHQVLRQ GXULQJ VSLQDO DQG HSLGXUDO DQDHVWKHVLD XVXDOO\ UHTXLUHV IOXLG UHVXVFLWDWLRQ<br />

3RVW VSLQDO KHDGDFKH<br />

6HHQ IROORZLQJ EHWZHHQ RI VSLQDO DQDHVWKHWLFV<br />

8VXDOO\ GXH WR &6) OHDN<br />

,Q PRVW SDWLHQWV LV VHWWOHV DIWHU DERXW GD\V<br />

+HDGDFKH LV FKDUDFWHULVWLFDOO\ RFFLSLWDO<br />

:RUVH RQ VWDQGLQJ DQG UHOLHYHG E\ O\LQJ GRZQ<br />

,QLWLDO WUHDWPHQW LV ZLWK EHG UHVW VLPSOH DQDOJHVLD DQG IOXLGV<br />

,I SHUVLVWV FRQVLGHU EORRG SDWFK<br />

3DWLHQWV RZQ EORRG LQMHFWHG LQWR HSLGXUDO VSDFH<br />

3RVWRSHUDWLYH HSLGXUDO LQIXVLRQV<br />

2SLRLG DORQH<br />

$OORZV RSLRLG DQDOJHVLD ZLWKRXW VHGDWLRQ<br />

1R PRWRU RU V\PSDWKHWLF EORFNDGH<br />

4XDOLW\ RI DQDOJHVLD FDQ KRZHYHU EH YDULDEOH<br />

,WFK LV FRPPRQ<br />

6HULRXV UHVSLUDWRU\ GHSUHVVLRQ FDQ RFFXUV DIWHU VWRSSLQJ LQIXVLRQ<br />

/RFDO DQDHVWKHWLF DORQH<br />

3RWHQWLDO IRU FRPSOHWH DQDHVWKHVLD<br />

1R VHGDWLYH HIIHFWV RU UHVSLUDWRU\ GHSUHVVLRQ<br />

6\PSDWKHWLF DQG PRWRU EORFNDGH DUH FRPPRQ<br />

&DUGLRYDVFXODU VLGH HIIHFWV FDQ RFFXU<br />

%ORFN RFFDVLRQDOO\ SDWFK RU XQLODWHUDO<br />

&RPELQDWLRQ RI /$ DQG RSLRLG<br />

6\QHUJ\ EHWZHHQ VLWHV RI DFWLRQ<br />

5HGXFHG GRVHV RI ERWK GUXJV<br />

2SWLPDO DQDOJHVLD SRVVLEOH<br />

%LEOLRJUDSK\<br />

%XJJ\ ' - 6PLWK * (SLGXUDO DQDHVWKHVLD DQG DQDOJHVLD EHWWHU RX WFRPH DIWHU PDMRU VXUJHU\ %U 0HG -<br />

VXUJLFDO WXWRU RUJ XN $ IUHH RQ OLQH VXUJLFDO UHVRXUFH<br />

36


*HQHUDO DQDHVWKHVLD<br />

*HQHUDO DQDHVWKHVLD LV D GUXJ LQGXFHG VWDWH RI XQUHVSRQVLYHQHVV<br />

+DV WKUHH SKDVHV<br />

,QGXFWLRQ<br />

0DLQWHQDQFH<br />

5HYHUVDO DQG UHFRYHU\<br />

8VXDOO\ DFKLHYHG E\ WKH XVH RI D FRPELQDWLRQ RI DJHQWV<br />

3UHPHGLFDWLRQ<br />

,V WKH DGPLQLVWUDWLRQ RI GUXJV SULRU WR DQ DQDHVWKHWLF<br />

+DV WKUHH SRWHQWLDOO\ XVHIXO HIIHFWV<br />

$Q[LRO\VLV<br />

5HGXFHG EURQFKLDO VHFUHWLRQV<br />

$QDOJHVLD<br />

VXUJLFDO WXWRU RUJ XN $ IUHH RQ OLQH VXUJLFDO UHVRXUFH<br />

3UH RSHUDWLYH PDQDJHPHQW<br />

$Q[LRO\VLV LI QHHGHG FDQ EH DFKLHYHG ZLWK HLWKHU EHQ]RGLD]HSLQHV RU SKHQRWKLD]LQHV<br />

2SLDWH DQDOJHVLFV DOVR KDYH XVHIXO VHGDWLYH SURSHUWLHV<br />

5HGXFWLRQ RI VHFWLRQV LV QRW DV LPSRUWDQW WRGD\ ZLWK PRGHUQ LQKDODWLRQDO DJHQWV<br />

(WKHU ZDV QRWRULRXV IRU VWLPXODWLQJ EURQFKLDO VHFUHWLRQV<br />

,I UHTXLUHG VHFUHWLRQV FDQ EH UHGXFHG ZLWK K\RVFLQH<br />

$OVR UHGXFH VDOLYDWLRQ DQG SUHYHQWV EUDG\FDUGLD<br />

$QDOJHVLD EHVW DFKLHYHG ZLWK VWURQJ RSLDWHV<br />

,QGXFWLRQ RI DQDHVWKHVLD<br />

,QGXFWLRQ DJHQWV DUH XVXDOO\ DGPLQLVWHUHG LQWUDYHQRXVO\<br />

'LVWULEXWHG WR RUJDQV ZLWK D KLJK EORRG IORZ H J EUDLQ<br />

+LJKO\ OLSLG VROXEOH DQG UDSLGO\ FURVV EORRG EUDLQ EDUULHU<br />

:LWK IDOOLQJ EORRG OHYHOV WKH\ DUH UDSLGO\ UHGLVWULEXWHG IURP EUDLQ<br />

+DYH UDSLG RQVHW DQG ZLWKRXW PDLQWHQDQFH ZRXOG KDYH UDSLG UHFRYHU\<br />

7KLRSHQWRQH<br />

6KRUW DFWLQJ EDUELWXUDWH<br />

)LUVW XVHG DW 3HDUO +DUERXU LQ<br />

'HSUHVVHV P\RFDUGLXP<br />

,Q K\SRYRODHPLF SDWLHQW FDQ LQGXFH SURIRXQG K\SRWHQVLRQ<br />

3URSRIRO<br />

+DV YHU\ VKRUW KDOI OLIH<br />

&DQ FDXVH K\SRWHQVLRQ<br />

&DQ DOVR EH XVHG IRU PDLQWHQDQFH RI DQDHVWKHVLD DV DQ LQIXVLRQ<br />

5DSLG VHTXHQFH LQGXFWLRQ<br />

5DSLG LQGXFWLRQ RI DQDHVWKHVLD<br />

&ULFRLG SUHVVXUHV XVHG WR UHGXFH ULVN RI DVSLUDWLRQ<br />

3UHVVXUH UHOHDVHG RQFH WUDFKHDO LQWXEDWLRQ ZLWK D FXIIHG WXEH KDV EHHQ DFKLHYHG<br />

$FKLHYHG E\ WKH XVH RI WKLRSHQWRQH DQG VX[DPHWKRQLXP<br />

8VHG IRU SDWLHQWV ZLWK<br />

1RQH IDVWHG<br />

+LVWRU\ RI JDVWUR RHVRSKDJHDO UHIOX[<br />

(PHUJHQF\ WUDXPD SDWLHQWV<br />

,QWHVWLQDO REVWUXFWLRQ<br />

37


3UHJQDQF\<br />

,QWUD DEGRPLQDO SDWKRORJ\ WKDW ZLOO GHOD\ JDVWULF HPSW\LQJ<br />

0DLQWHQDQFH RI DQDHVWKHVLD<br />

%DODQFHG DQDHVWKHVLD KDV WKUHH DVSHFWV WR LW<br />

+\SQRVLV VXSSUHVVLRQ RI FRQVFLRXVQHVV<br />

$QDOJHVLD VXSSUHVVLRQ RI SK\VLRORJLFDO UHVSRQVHV WR VWLPXOL<br />

5HOD[DWLRQ VXSSUHVVLRQ RI PXVFOH WRQH DQG UHOD[DWLRQ<br />

$QDHVWKHVLD LV QRUPDOO\ PDLQWDLQHG ZLWK LQKDOHG YRODWLOH JDVHV<br />

7KH\ DUH OLSLG VROXEOH K\GURFDUERQV<br />

7KH\ KDYH KLJK VDWXUDWHG YDSRXU SUHVVXUHV<br />

0RGHUQ DJHQWV DUH SRWHQW QRQ LQIODPPDEOH DQG QRQ H[SORVLYH<br />

0$& 0LQLPXP DOYHRODU FRQFHQWUDWLRQ<br />

,W LV WKH DOYHRODU FRQFHQWUDWLRQ UHTXLUHG WR NHHS RI SRSXODWLRQ XQUHVSRQVLYH<br />

+DORWKDQH<br />

3RWHQW DQDHVWKHWLF EXW SRRU DQDOJHVLF DJHQW 0$&<br />

&DQ EH XVHG IRU JDVHRXV LQGXFWLRQ LQ FKLOGUHQ<br />

LV PHWDEROLVHG LQ WKH OLYHU DQG FDQ FDXVH KHSDWLF G\VIXQFWLRQ<br />

2FFDVLRQDOO\ FDXVHV VHYHUH KHSDWLWLV WKDW FDQ SURJUHVV WR OLYHU QHFURVLV<br />

'HSUHVVHG P\RFDUGLDO FRQWUDFWLOLW\ DQG FDQ LQGXFH DUUK\WKPLDV<br />

,VRIOXUDQH<br />

3RWHQW DQDHVWKHWLF EXW SRRU DQDOJHVLF DJHQW 0$&<br />

/HVV FDUGLRWR[LF EXW FDXVHV JUHDWHU UHVSLUDWRU\ GHSUHVVLRQ<br />

5HGXFHV SHULSKHUDO UHVLVWDQFH DQG FDXVH D FRURQDU\ VWHDO<br />

)HZ DGYHUVH HIIHFWV KDYH EHHQ UHSRUWHG<br />

1LWURXV R[LGH<br />

:HDN DQDHVWKHWLF DJHQW 0$&<br />

&DQ QRW EH XVHG DV DQ DQDHVWKHWLF DJHQW DORQH ZLWKRXW FDXVLQJ K\SR[LD<br />

9HU\ SRWHQW DQDOJHVLF DJHQW<br />

8VHG DV 1 2 2 PL[WXUH (QWRQR[<br />

8VHG LQ DQDHVWKHVLD PDLQO\ IRU LWV DQDOJHVLF SURSHUWLHV<br />

0XVFOH UHOD[DQWV<br />

0XVFOH UHOD[DQWV DUH HLWKHU GHSRODULVLQJ RU QRQ GHSRODULVLQJ DJHQWV<br />

'HSRODULVLQJ DJHQWV<br />

H J VX[DPHWKRQLXP<br />

$FW UDSLGO\ ZLWKLQ VHFRQGV DQG ODVW IRU DSSUR[LPDWHO\ PLQXWHV<br />

8VHG GXULQJ LQGXFWLRQ RI DQDHVWKHVLD<br />

6LGH HIIHFWV<br />

+LVWDPLQH UHOHDVH SURGXFLQJ D VFROLQH UDVK<br />

%UDG\FDUGLD<br />

6RPDWLF SDLQ UHVXOWLQJ IURP IDVFLFXODWLRQ<br />

+\SHUNDODHPLD<br />

3HUVLVWHQW QHXURPXVFXODU EORFNDGH VFROLQH DSQRHD<br />

$IIHFWV RI SRSXODWLRQ<br />

'XH WR SVHXGRFKROLQHVWHUDVH GHILFLHQF\<br />

0DOLJQDQW K\SHUS\UH[LD<br />

$IIHFWV RI SRSXODWLRQ<br />

VXUJLFDO WXWRU RUJ XN $ IUHH RQ OLQH VXUJLFDO UHVRXUFH<br />

3UH RSHUDWLYH PDQDJHPHQW<br />

38


'XH WR LQFUHDVHG FDOFLXP LQIOX[ DQG XQFRQWUROOHG PHWDEROLVP<br />

5DSLG LQFUHDVH LQ ERG\ WHPSHUDWXUH ZLWK LQFUHDVHG 3D&2<br />

1RQ GHSRODULVLQJ DJHQWV<br />

H J YHFXURQLXP<br />

$FW RYHU PLQXWHV DQG HIIHFWV ODVW IRU PLQXWHV WR RQH KRXU<br />

&RPSHWLWLYH DQWDJRQLVP RI DFHW\OFKROLQH UHFHSWRU<br />

8VHG IRU PXVFOH UHOD[DWLRQ<br />

%LEOLRJUDSK\<br />

)R[ $ - 5RZERWKDP ' - $QDHVWKHVLD %U 0HG -<br />

VXUJLFDO WXWRU RUJ XN $ IUHH RQ OLQH VXUJLFDO UHVRXUFH<br />

3UH RSHUDWLYH PDQDJHPHQW<br />

39


7KHDWUH SUREOHPV<br />

'LDWKHUP\<br />

'LDWKHUP\ LV WKH XVH RI KLJK IUHTXHQF\ HOHFWULF FXUUHQW WR SURGXFH KHDW<br />

8VHG WR HLWKHU FXW RU GHVWUR\ WLVVXH RU WR SURGXFH FRDJXODWLRQ<br />

0DLQ HOHFWULFLW\ LV +] DQG SURGXFHV LQWHQVH PXVFOH DQG QHUYH DFWLYDWLRQ<br />

(OHFWULFDO IUHTXHQF\ XVHG E\ GLDWKHUP\ LV LQ WKH UDQJH RI N+] WR 0+]<br />

3DWLHQWV ERG\ IRUPV SDUW RI WKH HOHFWULFDO FLUFXLW EXW KDV QR HIIHFW RQ PXVFOHV<br />

0RQRSRODU GLDWKHUP\<br />

(OHFWULFDO SODWH SODFHG RQ SDWLHQW WR DFW DV LQGLIIHUHQW HOHFWURGH<br />

&XUUHQW SDVVHV EHWZHHQ LQVWUXPHQW DQG LQGLIIHUHQW HOHFWURGH<br />

$V VXUIDFH DUHD RI LQVWUXPHQW LV DQ RUGHU RI PDJQLWXGH OHVV WKDQ WKDW RI WKH SODWH<br />

/RFDOLVHG KHDWLQJ LV SURGXFHG DW WLS RI LQVWUXPHQW<br />

0LQLPDO KHDWLQJ HIIHFW SURGXFHG DW LQGLIIHUHQW HOHFWURGH<br />

)LJXUH 0RQRSRODU GLDWKHUP\<br />

%LSRODU GLDWKHUP\<br />

7ZR HOHFWURGHV DUH FRPELQHG LQ WKH LQVWUXPHQW H J IRUFHSV<br />

&XUUHQW SDVVHV EHWZHHQ WLSV DQG QRW WKURXJK SDWLHQW<br />

)LJXUH %LSRODU GLDWKHUP\<br />

VXUJLFDO WXWRU RUJ XN $ IUHH RQ OLQH VXUJLFDO UHVRXUFH<br />

3UH RSHUDWLYH PDQDJHPHQW<br />

40


(IIHFWV RI GLDWKHUP\<br />

7KH HIIHFWV RI GLDWKHUP\ GHSHQGV RQ WKH FXUUHQW LQWHQVLW\ DQG ZDYH IRUP XVHG<br />

&RDJXODWLRQ<br />

3URGXFHG E\ LQWHUUXSWHG SXOVHV RI FXUUHQW VHFRQG<br />

8VHV VTXDUH ZDYH IRUP<br />

&XWWLQJ<br />

3URGXFHG E\ FRQWLQXRXV FXUUHQW<br />

8VHV VLQXV ZDYH IRUP<br />

5LVN DQG FRPSOLFDWLRQV<br />

&DQ LQWHUIHUH ZLWK SDFHPDNHU IXQFWLRQ<br />

$UFLQJ FDQ RFFXU ZLWK PHWDO LQVWUXPHQWV DQG LPSODQWV<br />

6XSHUILFLDO EXUQV LI XVH VSLULW EDVHG VNLQ SUHSDUDWLRQ<br />

'LDWKHUP\ EXUQV XQGHU LQGLIIHUHQW HOHFWURGH LI SODWH LPSURSHUO\ DSSOLHG<br />

&KDQQHOOLQJ HIIHFWV LI XVHG RQ YLVFXV ZLWK QDUURZ SHGLFOH H J SHQLV RU WHVWLV<br />

%LEOLRJUDSK\<br />

VXUJLFDO WXWRU RUJ XN $ IUHH RQ OLQH VXUJLFDO UHVRXUFH<br />

3UH RSHUDWLYH PDQDJHPHQW<br />

$LJQHU 1 )LDONR & )ULW] $ :LQNV 2 =RFK * &RPSOLFDWLRQV LQ WKH XVH RI GLDWKHUP\ %XUQV<br />

0HPRQ 0 $ 6XUJLFDO GLDWKHUP\ %U - +RVS 0HG<br />

41


DVHUV<br />

/DVHU /LJKW $PSOLILFDWLRQ E\ WKH 6WLPXODWHG (PLVVLRQ RI 5DGLDWLRQ<br />

/DVHU HPLVVLRQV DUH<br />

&ROOLPDWHG SDUDOOHO RXWSXW EHDP UHVXOWV LQ OLWWOH HQHUJ\ ORVV<br />

&RKHUHQW ZDYHV DUH DOO LQ SKDVH UHVXOWLQJ LQ OLWWOH ORVV RI HQHUJ\<br />

0RQRFKURPLF DOO RI WKH VDPH ZDYH OHQJWK<br />

VXUJLFDO WXWRU RUJ XN $ IUHH RQ OLQH VXUJLFDO UHVRXUFH<br />

3UH RSHUDWLYH PDQDJHPHQW<br />

(IIHFWV RI ODVHU GHSHQGV RQ SKRWRFKHPLFDO SKRWRPHFKDQLFDO DQG SKRWRWKHUPDO HIIHFWV<br />

7LVVXH SHQHWUDWLRQ LQFUHDVHV ZLWK ZDYHOHQJWK<br />

3XOVLQJ RI RXWSXW FDQ UHGXFH WKHUPDO GDPDJH<br />

8VHV RI ODVHUV<br />

/DVHU :DYHOHQJWK QP 3XOVH OHQJWK 8VHV<br />

&DUERQ GLR[LGH FRQWLQXRXV WLVVXH FXWWLQJ<br />

1HRG\PLXP


7RXUQLTXHWV<br />

VXUJLFDO WXWRU RUJ XN $ IUHH RQ OLQH VXUJLFDO UHVRXUFH<br />

3UH RSHUDWLYH PDQDJHPHQW<br />

&RPPRQO\ XVHG LQ VXUJLFDO SUDFWLFH<br />

:KHQ SURSHUO\ XVHG WKH\ SURYLGH H[FHOOHQW KDHPRVWDVLV<br />

:KHQ LQFRUUHFWO\ XVHG WKH\ DUH GDQJHURXV<br />

&XII IDLOXUH FDQ EH GLVDVWURXV ZLWK UDSLG V\VWHPLF DEVRUSWLRQ RI GUXJV H J ORFDO DQDHVWKHWLFV<br />

6DIHJXDUGV<br />

(QVXUH FRUUHFW SODFHPHQW DQG FRQQHFWLRQ<br />

8VH DGHTXDWH SDGGLQJ<br />

([VDQJXLQDWH OLPE EHIRUH LQIODWLRQ<br />

8VH PLQLPDO SUHVVXUH XVXDOO\ PP+J DERYH V\VWROLF EORRG SUHVVXUH<br />

8VH IRU PLQLPDO GXUDWLRQ QR ORQJHU WKDQ PLQXWHV<br />

$YRLG PXOWLSOH LQIODWLRQV RU GHIODWLRQV<br />

%H DZDUH RI UHODWLYH FRQWUDLQGLFDWLRQV WR XVH<br />

3UHYLRXV '97 RU 3(<br />

$UWHULDO GLVHDVH<br />

9DVFXOLWLF GLVRUGHUV<br />

6LFNOH FHOO DQDHPLD<br />

&RPSOLFDWLRQV<br />

1HUYH LQMXU\<br />

9DVFXODU LQMXU\<br />

3RVWRSHUDWLYH HPEROLF HYHQWV<br />

3RVW WRXUQLTXHW V\QGURPH<br />

0\RJORELQXUHD<br />

,QFUHDVHG EORRG YLVFRVLW\<br />

,QFUHDVHG SRVWRSHUDWLYH SDLQ<br />

7RXUQLTXHW EXUQV<br />

%LEOLRJUDSK\<br />

(\HUV 3 $VKOH\ 6 6FRWW ' - 7RXUQLTXHWV LQ DUWHULDO E\SDVV VXUJHU\ (XU - (QGRYDVF 6XUJ<br />

43


3UHYHQWLRQ RI LQMXULHV LQ WKH DQDHVWKHWLVHG SDWLHQW<br />

*HQHUDO DQHVWKHVLD UHPRYHV PDQ\ RI WKH ERGLHV QDWXUDO SURWHFWLYH PHFKDQLVPV<br />

,DWURJHQLF LQMXU\ LV WKHUHIRUH SRVVLEOH<br />

0DQ\ RI WKHVH LQMXULHV FDQ SURGXFH ODVWLQJ GLVDELOLW\<br />

&DQ DOVR OHDG WR OLWLJDWLRQ<br />

5HFRJQLWLRQ RI ULVNV DQG SUHYHQWLRQ LV HVVHQWLDO<br />

,QMXULHV LQ WKH DQDHVWKHWLVHG SDWLHQW<br />

1HUYH LQMXULHV<br />

%UDFKLDO SOH[XV<br />

8OQDU QHUYH<br />

5DGLDO QHUYH<br />

&RPPRQ SHURQHDO QHUYH<br />

7LVVXH LQMXULHV<br />

&RUQHDO DEUDVLRQV<br />

7HHWK RU FURZQV<br />

'LDWKHUP\ EXUQV<br />

'LVORFDWLRQV RU IUDFWXUHV<br />

$QDHVWKHWLF<br />

'UXJ UHDFWLRQV<br />

+\SR[LD<br />

$ZDUHQHVV<br />

1HUYH LQMXULHV<br />

VXUJLFDO WXWRU RUJ XN $ IUHH RQ OLQH VXUJLFDO UHVRXUFH<br />

3UH RSHUDWLYH PDQDJHPHQW<br />

7KH LQFLGHQFH RI QHUYH LQMXULHV LV XQNQRZQ<br />

,Q 86$ DFFRXQW IRU RI SRVWRSHUDWLYH OLWLJDWLRQ FODLPV<br />

0RVW DUH GXH WR FDUHOHVV SRVLWLRQLQJ RI WKH SDWLHQW<br />

&RPPRQHVW QHUYHV DIIHFWHG DUH XOQDU DQG FRPPRQ SHURQHDO QHUYHV DQG EUDFKLDO SOH[XV<br />

3UHGLVSRVLQJ IDFWRUV LQFOXGH<br />

0HGLFDO FRQGLWLRQV DVVRFDLWHG ZLWK D QHXURSDWK\ H J GLDEHWHV PHOOLWXV<br />

1HUYH LVFKDHPLD GXH WR K\SRWHQVLRQ<br />

/RFDO LQMHFWLRQV RU GLUHFW QHUYH LQMXU\<br />

7KH XVH RI D WRXUQLTXHWV<br />

0RVW DUH GXH WR D QHXURSUD[LD<br />

XQGHUJR FRPSOHWH UHFRYHU\<br />

DUH OHIW ZLWK UHVLGXDO ZHDNQHVV RU VHQVRU\ ORVV<br />

8OQDU QHUYH<br />

&DXVHG E\ DUPV DORQJ VLGH SDWLHQW LQ SURQDWLRQ<br />

8OQDU QHUYH FRPSUHVVHG DW HOERZ EHWZHHQ WDEOH DQG PHGLDO HSLFRQG\OH<br />

3UHYHQWHG E\ SRVLWLRQLQJ DUPV LQ VXSLQDWLRQ<br />

%UDFKLDO SOH[XV<br />

&DXVHG E\ H[FHVVLYH DUP DEGXFWLRQ RU H[WHUQDO URWDWLRQ<br />

3UHYHQWHG E\ DYRLGLQJ PRUH WKDQ q DEGXFWLRQ LI SRVVLEOH<br />

6KRXOG DYRLG DUP IDOOLQJ RII VLGH RI WDEOH<br />

44


&RPPRQ SHURQHDO QHUYH<br />

&DXVHG E\ GLUHFW SUHVVXUH RQ WKH QHUYH ZLWK OHJV LQ OLWKRWRP\ SRVLWLRQ<br />

1HUYH FRPSUHVVHG DJDLQVW QHFN RI ILEXOD<br />

3UHYHQWHG E\ DGHTXDWH SDGGLQJ RI OLWKRWRP\ SROHV<br />

5DGLDO QHUYH<br />

&DXVHG E\ WRXUQLTXHW RU PLVSODFHG LQMHFWLRQ LQ GHOWRLG PXVFOH<br />

3UHYHQWHG E\ DGHTXDWH SDGGLQJ RI WRXUQLTXHW<br />

VXUJLFDO WXWRU RUJ XN $ IUHH RQ OLQH VXUJLFDO UHVRXUFH<br />

3UH RSHUDWLYH PDQDJHPHQW<br />

45


0LQLPDO DFFHVV WKHUDS\<br />

,GHDO PLQLPDO DFFHVV VXUJHU\ KDV<br />

5HGXFHG WUDXPD DVVRFDLWHG ZLWK DFFHVV<br />

1R FRPSURPLVH RI H[SRVXUH RI RSHUDWLYH ILHOG<br />

6XUJHU\ FDQ EH SHUIRUPHG XVLQJ WKH IROORZLQJ DSSURDFKHV<br />

/DSDURVFRSLF<br />

7KRUDFRVFRSLF<br />

(QGROXPLQDO<br />

,QWUD DUWLFXODU MRLQW VXUJHU\<br />

&RPELQHG DSSURDFKHV<br />

$GYDQWDJH RI PLQLPDO DFFHVV VXUJHU\<br />

/HVV WLVVXH WUDXPD<br />

/HVV SRVWRSHUDWLYH SDLQ<br />

)DVWHU UHFRYHU\<br />

)HZHU SRVWRSHUDWLYH FRPSOLFDWLRQV<br />

%HWWHU FRVPHVLV<br />

'LVDGYDQWDJHV RI PLQLPDO DFFHVV VXUJHU\<br />

/DFN RI WDFWLOH IHHGEDFN<br />

,QFUHDVHG WHFKQLFDO H[SHUWLVH UHTXLUHG<br />

3RVVLEOH ORQJHU GXUDWLRQ RI VXUJHU\<br />

,QFUHDVHG ULVN RI LDWURJHQLF LQMXULHV<br />

'LIILFXOW UHPRYDO RI EXON\ RUJDQV<br />

0RUH H[SHQVLYH<br />

(VWDEOLVKLQJ SQHXPRSHULWRQHXP<br />

9HUHVV QHHGOH<br />

%OLQG SURFHGXUH ZLWK SRWHQWLDO IRU FRPSOLFDWLRQV<br />

0DMRU FRPSOLFDWLRQ LV YLVFHUDO RU YDVFXODU SXQFWXUH<br />

8VXDOO\ LQVHUWHG DW XPELOLFXV<br />

$LPHG WRZDUGV WKH SHOYLV<br />

,QWUDSHULWRQHDO SODFHPHQW FDQ EH FKHFNHG E\<br />

6DOLQH GURS WHVW<br />

6DOLQH LQVWLOODWLRQ WHVW<br />

/RZ IORZ JDV LQVXIIODWLRQ<br />

,QVXIIODWH DW OHDVW OLWUHV RI &2<br />

(QVXUH PD[LPXP SUHVVXUH LV PP+J<br />

,QVHUW SULPDU\ SRUW WKURXJK XPELOLFXV<br />

,QVHUW VHFRQGDU\ SRUWV XQGHU GLUHFW YLVLRQ<br />

2SHQ +DVVRQ WHFKQLTXH<br />

$Q DWWHPSW WR UHGXFH WKH UDWH RI YLVFHUDO LQMXU\<br />

&DQQXOD LQVHUWHG XVLQJ D FXW GRZQ WHFKQLTXH<br />

6WD\ VXWXUHV LQVHUWHG LQ OLQHD DOED DV FRXQWHU WUDFWLRQ<br />

)LQJHU LQVHUWHG WKURXJK SHULWRQHXP WR HQVXUH WKDW WKHUH DUH QR DGKHVLRQV<br />

3ULPDU\ SRUW LQVHUWHG XQGHU GLUHFW YLVLRQ<br />

VXUJLFDO WXWRU RUJ XN $ IUHH RQ OLQH VXUJLFDO UHVRXUFH<br />

3UH RSHUDWLYH PDQDJHPHQW<br />

46


%LEOLRJUDSK\<br />

VXUJLFDO WXWRU RUJ XN $ IUHH RQ OLQH VXUJLFDO UHVRXUFH<br />

3UH RSHUDWLYH PDQDJHPHQW<br />

%RQMHU + - +D]HEURHN ( - .D]HPLHU * *LXIIULGD 0 & 0HLMHU : 6 /DQJH - ) 2SHQ YHUVXV FORVHG<br />

HVWDEOLVKPHQW RI SQHXPRSHULWRQHXP LQ ODSDURVFRSLF VXUJHU\ %U - 6XUJ<br />

'DU]L $ *RXOG 6 0LQLPDOO\ LQYDVLYH VXUJHU\ ,Q -RKQVRQ & ' 7D\ORU , HGV 5HFHQW DGYDQFHV LQ<br />

6XUJHU\ &KXUFKLOO /LYLQJVWRQ<br />

/XFDV 6 : $UUHJXL 0 ( 0LQLPDOO\ LQYDVLYH VXUJHU\ IRU LQJXLQDO KHUQLD :RUOG - 6XUJ<br />

/XFN $ +HQVPDQ & +HZHWW 3 /DSDURVFRSLF FROHFWRP\ IRU FDQFHU D UHYLHZ $XVW 1 = - 6XUJ<br />

0D[ZHOO $UPVWURQJ & $ 5RELQVRQ 0 + 6FKRILHOG - + /DSDURVFRSLF FRORUHFWDO FDQFHU VXUJHU\ - $P<br />

&ROO 6XUJ<br />

0RQVRQ - 5 7 /DSDURVFRSLF FRORQLF VXUJHU\ %U - 6XUJ<br />

3DWHUVRQ %URZQ 6 (PHUJHQF\ ODSDURVFRSLF VXUJHU\ %U - 6XUJ<br />

47


+HSDWLWLV %<br />

7KH +HSDWLWLV % YLUXV LV D VLQJOH VWUDQGHG '1$ YLUXV<br />

&RQVLVWV RI QP 'DQH SDUWLFOH +EV$J DQG QP FRUH +EF$J<br />

+EV$J +HSDWLWLV % VXUIDFH DQWLJHQ $XVWUDOLD DQWLJHQ<br />

+EF$J +HSDWLWLV % FRUH DQWLJHQ<br />

+EV$E +HSDWLWLV % VXUIDFH DQWLERG\<br />

+EH$J +HSDWLWLV % H DQWLJHQ<br />

VXUJLFDO WXWRU RUJ XN $ IUHH RQ OLQH VXUJLFDO UHVRXUFH<br />

3UH RSHUDWLYH PDQDJHPHQW<br />

,Q 8. SUHYDOHQFH RI +EV$J SRVLWLYLW\ LV<br />

6HHQ SDUWLFXODUO\ LQ GUXJ DGGLFWV KRPRVH[XDOV GLDO\VLV SDWLHQWV DQG RFFDVLRQDOO\ PHGLFDO VWDII<br />

,Q $VLD 0LGGOH (DVW DQG 6RXWK $PHULFD SUHYDOHQFH EHWZHHQ<br />

7UDQVPLWWHG E\ YHUWLFDO WUDQVPLVVLRQ LQRFXODWLRQ RUDO DQG VH[XDO FRQWDFW<br />

,QFXEDWLRQ SHULRG EHWZHHQ ZHHNV DQG PRQWKV<br />

3HULRG RI LQIHFWLYLW\ LV IURP ZHHNV EHIRUH RQVHW RI V\PSWRPV DQG SRV VLEO\ LQGHILQLWHO\ DIWHU<br />

RI LQIHFWHG SDWLHQWV EHFRPH FKURQLF FDUULHUV<br />

&OLQLFDO SLFWXUHV<br />

$FXWH KHSDWLWLV ZLWK FOLQLFDO UHFRYHU\<br />

$FXWH IXOPLQDWLQJ KHSDWLWLV OHDGLQJ WR GHDWK<br />

&KURQLF DFWLYH KHSDWLWLV ZLWK ULVN RI FLUUKRVLV DQG KHSDWRFHOOXODU FDUFLQRPD<br />

6HURORJLFDO UHVXOWV<br />

+EV$J SRVLWLYH<br />

7KH ILUVW LQGLFDWRU RI LQIHFWLRQ DQG VHHQ WKURXJKRXW FRXUVH RI GLVHDVH<br />

3HUVLVWHQFH LV PDUNHU RI IDLOXUH WR FOHDU LQIHFWLRQ<br />

+EV$E SRVLWLYH<br />

0DUNHU RI SURWHFWLRQ GXH WR HLWKHU SUHYLRXV LQIHFWLRQ RI LPPXQLVDWLRQ<br />

+EH$J SRVLWLYH<br />

&ORVHO\ DVVRFLDWHG ZLWK LQIHFWLYLW\ RI SDWLHQW<br />

3UHYHQWLRQ RI LQIHFWLRQ<br />

$YRLG FRQWDFW ZLWK YLUXV<br />

&DUH ZLWK QHHGOHV ERG\ IOXLGV HWF<br />

$IWHU QHHGOH VWLFN LQMXU\ IURP KLJK ULVN SDWLHQW<br />

+\SHULPPXQH DQWL +HSDWLWLV % ,J*<br />

,GHDOO\ JLYHQ ZLWK KRXUV DIWHU H[SRVXUH<br />

5HSHDWHG DW RQH PRQWK<br />

,PPXQLVDWLRQ<br />

$OO SDUDPHGLFDO VWDII VKRXOG EH LPPXQLVHG<br />

(QHUJL[ % £ JLYHQ DQG UHSHDWHG DW RQH DQG PRQWKV<br />

+EV$E OHYHOV ! X O DGHTXDWH UHVSRQVH<br />

&RQIHUV SURWHFWLRQ IRU XS WR \HDUV<br />

48


+,9 LQIHFWLRQ<br />

VXUJLFDO WXWRU RUJ XN $ IUHH RQ OLQH VXUJLFDO UHVRXUFH<br />

3UH RSHUDWLYH PDQDJHPHQW<br />

$FTXLUHG LPPXQRGHILFLHQF\ V\QGURPH $,'6 ZDV ILUVW UHFRJQLVHG LQ WKH 86$ LQ WKH V<br />

+XPDQ LPPXQRGHILFLHQF\ YLUXV +,9 ZDV LVRODWHG LQ<br />

,Q :+2 HVWLPDWHG ZRUOGZLGH WKDW WKHUH ZHUH<br />

PLOOLRQ QHZ FDVHV RI +,9 LQIHFWLRQV<br />

PLOOLRQ SHRSOH ZHUH LQIHFWHG ZLWK +,9<br />

,Q 8. WR GDWH KDYH EHHQ +,9 SRVLWLYH DQG KDYH GHYHORSHG $,'6<br />

,PPXQRORJ\<br />

+,9 LV D VLQJOH VWUDQGHG 51$ UHWURYLUXV<br />

,W SURGXFHV '1$ E\ WKH XVH RI WKH HQ]\PH UHYHUVH WUDQVFULSWDV H<br />

'1$ LV WKH LQFRUSRUDWHG LQWR KRVW FHOOV<br />

+,9 LQIHFWLRQ UHVXOWV LQ ZLGHVSUHDG LPPXQRORJLFDO G\VIXQFWLRQ<br />

,W UHVXOWV LQ D IDOO LQ &' O\PSKRF\WHV PRQRF\WHV DQG DQWLJHQ SUHVHQWLQJ FHOOV<br />

,PPXQRORJLFDO G\VIXQFWLRQ UHVXOWV LQ RSSRUWXQLVWLF LQIHFWLRQV DQG LQFUHDVHV ULVN RI PDOLJQDQF\<br />

7KH YLUXV LV WUDQVPLWWHG LQ ERGLO\ IOXLGV E\<br />

+HWHURVH[XDO LQWHUFRXUVH $IULFD DQG $VLD<br />

+RPRVH[XDO LQWHUFRXUVH 8. DQG 1RUWK $PHULFD<br />

%ORRG WUDQVIXVLRQV<br />

,QWUDYHQRXV GUXJ DEXVH<br />

3HULQDWDO WUDQVPLVVLRQ<br />

1DWXUDO KLVWRU\<br />

8S WR WKUHH PRQWKV WKHUH LV RIWHQ DQ DV\PSWRPDWLF YLUDHPLD<br />

3DWLHQWV DUH LQIHFWLYH GXULQJ WKLV SHULRG<br />

(/,6$ WHVW IRU +,9 DQWLERGLHV DUH QHJDWLYH<br />

$W VHURFRQYHUVLRQ DQ DFXWH VHURFRQYHUVLRQ LOOQHVV $6, FDQ RFFXU<br />

0D\ EH IROORZHG E\ SHUVLVWHQW JHQHUDOLVHG O\PSKDGHQRSDWK\ 3*,<br />

3URJUHVVLRQ WR V\PSWRPDWLF GLVHDVH RFFXUV ZLWKLQ VHYHUDO \HDUV<br />

$,'6 GHYHORSV ZLWKLQ WR \HDUV<br />

$,'6 GLDJQRVHG E\ WKH SUHVHQFH RI DQ $,'6 LQGLFDWRU GLVHDVH ZLWK D SRVLWLYH +,9 WHVW<br />

0HGLDQ VXUYLYDO ZLWK $,'6 LV \HDUV<br />

$,'6 LQGLFDWRU GLVHDVHV<br />

0XOWLSOH UHFXUUHQW EDFWHULDO LQIHFWLRQV<br />

7UDFKHDO RU EURQFKLDO FDQGLGLDVLV<br />

,QYDVLYH FHUYLFDO FDUFLQRPD<br />

([WUDSXOPRQDU\ RU GLVVHPLQDWHG FRFFLGLRGRP\FRVLV<br />

&U\SWRVSRULGLRVLV<br />

&\WRPHJDORYLUXV UHWLQLWLV<br />

+,9 HQFHSKDORSDWK\<br />

'LVVHPLQDWHG RU H[WUDSXOPRQDU\ KLVWRSODVPRVLV<br />

.DSRVL V VDUFRPD<br />

/\PSKRPD<br />

'LVVHPLQDWHG P\FREDFWHULRVLV<br />

3QHXPRF\VWLV FDULQLL SQHXPRQLD<br />

3URJUHVVLYH PXOWLIRFDO OHXNRHQFHSKDORSDWK\<br />

&HUHEUDO WR[RSODVPRVLV<br />

49


3KDUPDFRORJ\<br />

2UDO FRQWUDFHSWLYHV DQG +57<br />

&RPELQHG 2&3V<br />

5LVN RI '97 LQ QRQ SLOO XVHU \U<br />

5LVN LQ QG JHQHUDWLRQ 2&3 FRQWDLQLQJ OHYRQRUJHVWHUHO XVHU \U<br />

5LVN LQ UG JHQHUDWLRQ 2&3 GHVRJHVWHUHO RU JHVWRGHQH XVHU \U<br />

&RPELQHG 2&3V LQFUHDVH WKH ULVN RI '97<br />

,QFUHDVH VHUXP SURFRDJXODQW IDFWRUV IDFWRU 9,, ; DQG ILEULQRJHQ<br />

5HGXFH DQWLWKURPELQ ,,,<br />

/LWWOH KDV EHHQ SXEOLVKHG RQ WKH VL]H RI WKH ULVN LQFUHDVH<br />

3UREDEO\ LQFUHDVHV ULVN E\ IDFWRU RI EHWZHHQ DQG WLPHV<br />

3URJHVWRJHQ RQO\ SLOOV GR QRW LQFUHDVH ULVN RI YHQRXV WKURPERVLV<br />

3HUL RSHUDWLYH PDQDJHPHQW<br />

0DMRU VXUJHU\ DQG VXUJHU\ RQ OHJV H J YDULFRVH YHLQV<br />

6WRS FRPELQHG 2&3 ZHHNV SULRU WR VXUJHU\<br />

5HVWDUW ZHHNV SRVW VXUJHU\ ZKHQ IXOO\ PRELOH<br />

VXUJLFDO WXWRU RUJ XN $ IUHH RQ OLQH VXUJLFDO UHVRXUFH<br />

3UH RSHUDWLYH PDQDJHPHQW<br />

0LQRU VXUJHU\ FRQWLQXH 2&3<br />

(PHUJHQF\ VXUJHU\ *LYH IXOO WKURPERSURSK\OD[LV LQFOXGLQJ 7(' VWRFNLQJV DQG KHSDULQ<br />

+RUPRQH UHSODFHPHQW WKHUDS\<br />

,QFUHDVHV ULVN RI YHQRXV WKURPERVLV E\ EHWZHHQ DQG WLPHV<br />

2WKHU ULVN IDFWRUV IRU YHQRXV WKURPERVLV LQ WKLV DJH JURXS<br />

1R HYLGHQFH WKDW VWRSSLQJ +57 UHGXFHV ULVN<br />

+57 FDQ EH FRQWLQXHG LQ SHUL RSHUDWLYH SHULRG<br />

%LEOLRJUDSK\<br />

'UXJV LQ WKH SHUL RSHUDWLYH SHULRG +RUPRQDO FRQWUDFHSWLYHV DQG KRUPRQDO UHSODFHPHQW WKHUDS\ 'UXJV<br />

DQG 7KHUDSHXWLF %XOOHWLQ<br />

1REOH ' : .HKOHW + 5LVNV RI LQWHUUXSWLQJ GUXJ WUHDWPHQW EHIRUH VXUJHU\ %U - 0HG<br />

50


D[DWLYHV<br />

/D[DWLYHV FDE EH FODVVLILHG DV<br />

%XON IRUPLQJ DJHQWV<br />

6WRRO VRIWHQHUV DQG OXEULFDQWV<br />

*DVWURLQWHVWLQDO VWLPXODQWV<br />

2VPRWLF OD[DWLYHV<br />

%XON IRUPLQJ DJHQWV<br />

VXUJLFDO WXWRU RUJ XN $ IUHH RQ OLQH VXUJLFDO UHVRXUFH<br />

3UH RSHUDWLYH PDQDJHPHQW<br />

+\GURSKLOLF DJHQWV WKDW DEVRUE + 2<br />

,QFUHDVH VWRRO EXON VWLPXODWH UHFWDO UHIOH[HV DQG LQGXFH GHIHFDWLRQ<br />

7KH\ UHTXLUH DQ DGHTXDWH RUDO IOXLG LQWDNH<br />

7DNH VHYHUDO GD\V IRU PD[LPXP HIIHFW<br />

&DQ LQGXFH LQWHVWLQDO REVWUXFWLRQ LI XVHG LQDSSURSULDWHO\ LQ SDWLHQWV ZLWK D GKHVLRQV HWF<br />

H J %UDQ LVSDJKXOD KXVN )\ERJHO “ PHWK\OFHOOXORVH VWHUFXOLD 1RUPDFRO “<br />

6WRRO VRIWHQHUV DQG OXEULFDQWV<br />

$FW DV OXEULFDQWV RU GHWHUJHQWV<br />

2IWHQ SURGXFH UDSLG SXUJDWLYH HIIHFW<br />

H J $UDFKLV RLO HQHPDV JO\FHULQ VXSSRVLWRULHV GLRFW\O VRGLXP VXOSKDVXFFLQDWH<br />

*DVWURLQWHVWLQDO VWLPXODQWV<br />

6WLPXODWH SHULVWDOVLV DQG UHGXFH + 2 DEVRUSWLRQ<br />

6HQQD DQG ELVRFRG\O DFW RQ FRORQ DQG WDNH KRXUV WR SURGXFH DQ HIIHFW<br />

&DVWRU RLO DFWV RQ VPDOO LQWHVWLQH DQG ZRUNV ZLWKLQ KRXUV<br />

6RGLXP SLFRVXOSKDWH 3LFROD[ “ XVHG LQ UDGLRORJLFDO DQG VXUJHU\ ERZHO SUHSDUDWLRQ<br />

$EXVH RI VWLPXODQW OD[DWLYHV FDQ LQGXFH K\SRNDODHPLD DQG FRORQLF DWRQ\<br />

2VPRWLF OD[DWLYHV<br />

5HGXFH + 2 DEVRUSWLRQ DQG LQFUHDVH SHULVWDOVLV<br />

,QFUHDVH RVPRWLF ORDG GHOLYHUHG WR ODUJH LQWHVWLQH<br />

H J /DFWXORVH PDJQHVLXP K\GUR[LGH VRGLXP FLWUDWH 0LFUROD[ “<br />

/DFWXORVH LV D GLVDFFKDULGH RI JDODFWRVH DQG IUXFWRVH<br />

+\GURO\VHG E\ FRORQLF EDFWHULD LQWR DFHWLF DQG ODFWLF DFLG ZKLFK DUH RVPRWLFDOO\ DFWLYH<br />

7DNHV VHYHUDO GD\V WR KDYH PD[LPXP HIIHFW<br />

51


6NLQ DQG ZRXQGV<br />

:RXQG KHDOLQJ<br />

,QIODPPDWLRQ<br />

9DVFXODU UHVSRQVH<br />

VXUJLFDO WXWRU RUJ XN $ IUHH RQ OLQH VXUJLFDO UHVRXUFH<br />

3HUL RSHUDWLYH PDQDJHPHQW 7ZR<br />

,QLWLDO YDVRFRQVWULFWLRQ DV D GLUHFW UHVSRQVH WR WUDXPD<br />

([SRVHG VXEHQGRWKHOLDO WLVVXH DFWLYDWHV FRDJXODWLRQ DQG FRPSOHPHQW FDVFDGHV<br />

3ODWHOHW DGKHVLRQ DQG DJJUHJDWLRQ FDXVHV FORW IRUPDWLRQ<br />

'HJUDQXODWLRQ RI SODWHOHWV UHOHDVHV JURZWK IDFWRUV DQG FKHPRWDFWLF IDFWRUV<br />

,QIODPPDWRU\ UHVSRQVH GXH WR KLVWDPLQH DQG +7 UHOHDVH SURGXFHV<br />

9DVRGLODWDWLRQ<br />

,QFUHDVHG FDSLOODU\ SHUPHDELOLW\<br />

0DUJLQDWLRQ RI QHXWURSKLOV<br />

&HOOXODU UHVSRQVH<br />

3HULRSHUDWLYH PDQDJHPHQW<br />

0LJUDWLRQ RI QHXWURSKLOV PDFURSKDJHV DQG O\PSKRF\WHV<br />

0DFURSKDJHV SURGXFH JURZWK IDFWRUV OHDGLQJ WR PLJUDWLRQ RI ILEUREODVW DQG HSLWKHOLDO FHOOV<br />

7KLV FDXVHV FHOOXODU SUROLIHUDWLRQ ZLWK WKUHH FRPSRQHQWV<br />

(SLWKHOLDOLVDWLRQ<br />

&RQWUDFWLRQ<br />

)LEURSODVLD<br />

(SLWKHOLDO EDUULHU LPSRUWDQW WR SUHYHQW LQIHFWLRQ DQG PDLQWDLQ IOXLG EDODQFH<br />

$FKLHYHG E\ ERWK PLJUDWLRQ DQG SUROLIHUDWLRQ RI HSLWKHOLDO FHOOV<br />

0LJUDWLRQ UHTXLUH SUHVHQFH RI JUDQXODWLRQ WLVVXH<br />

:KHQ HSLWKHOLDO FRYHU FRPSOHWH FRQWDFW LQKLELWLRQ SUHYHQWV IXUWKHU HSLWKHOLDO JURZWK<br />

&RQWUDFWLRQ FDQ DFFRXQW IRU XS WR UHGXFWLRQ LQ ZRXQG VL]H<br />

'XH WR P\RILEUREODVWV LQ JUDQXODWLRQ WLVVXH<br />

8VXDOO\ PRUH PDUNHG LQ DQLPDOV WKDQ LQ PDQ<br />

)LEURSODVLD GXH WR SURFROODJHQ SURGXFWLRQ E\ ILEUREODVWV<br />

,QWUD DQG LQWHUPROHFXODU ERQGV IRUP WKH &ROODJHQ ILEUHV ZLWK WULSOH KHOLFDO TXDWHUQDU\ VWUXFWXUH<br />

([WUDFHOOXODU PDWUL[ FRQWDLQV )LEURQHFWLQ DQG *O\FRVDPLQRDJO\FDQV<br />

5HJXODWHV FROODJHQ V\QWKHVLV DQG FHOOXODU GLIIHUHQWLDWLRQ<br />

$FFRPSDQLHG E\ VLPXOWDQHRXV DQJLRJHQHVLV<br />

3UROLIHUDWLRQ LV IROORZHG E\ UHPRGHOOLQJ<br />

0D[LPXP FROODJHQ SURGXFWLRQ RFFXUV DW GD\V<br />

0D[LPXP ZRXQG VWUHQJWK DW WR PRQWKV<br />

,QLWLDO FROODJHQ SURGXFWLRQ GLVRUJDQLVHG<br />

5HPRGHOOLQJ OLQHV LW XS ZLWK VWUHVVHV LQ VNLQ<br />

5HGXFHG YDVFXODULW\ DQG FHOOXODULW\<br />

52


,PSRUWDQW JURZWK IDFWRUV<br />

3ODWHOHW 'HULYHG *URZWK )DFWRUV 3'*)<br />

,QVXOLQ /LNH *URZWK )DFWRU ,*)<br />

(SLGHUPDO *URZWK )DFWRU (*)<br />

7UDQVIRUPLQJ *URZWK )DFWRU 7*)‰<br />

)DFWRUV LQIOXHQFLQJ ZRXQG KHDOLQJ<br />

6\VWHPLF IDFWRUV<br />

$JH DQG VH[<br />

1XWULWLRQ<br />

9LWDPLQ DQG WUDFH HOHPHQW GHILFLHQFLHV YLWDPLQ & YLWDPLQ $ ]LQF<br />

'UXJV ± VWHURLGV FKHPRWKHUDS\ ,PPXQRVXSSUHVVLRQ<br />

6\VWHPLF GLVHDVH ± GLDEHWHV MDXQGLFH PDOLJQDQF\<br />

+\SR[LD<br />

/RFDO )DFWRUV<br />

%ORRG VXSSO\<br />

,QIHFWLRQ<br />

)RUHLJQ ERGLHV<br />

6XUJLFDO WHFKQLTXH<br />

%LEOLRJUDSK\<br />

$SSOHWRQ * 9 1 /HDSHU ' - 7KH ,QIHFWHG :RXQG +RVSLWDO 8SGDWH<br />

VXUJLFDO WXWRU RUJ XN $ IUHH RQ OLQH VXUJLFDO UHVRXUFH<br />

3HULRSHUDWLYH PDQDJHPHQW<br />

:LOPKXUVW $ ' :RXQG KHDOLQJ DQG WKH SODVWLF VXUJHRQ ,Q -RKQVRQ & ' 7D\ORU , HGV 5HFHQW $GYDQFHV<br />

LQ 6XUJHU\ (GLQEXUJK &KXUFKLOO /LYLQJVWRQ<br />

:LWWH 0 % %DUEXO $ *HQHUDO SULQFLSOHV RI ZRXQG KHDOLQJ 6XUJ &OLQ 1 $P ±<br />

53


,QFLVLRQV DQG ZRXQG FORVXUH<br />

5HTXLUHPHQW IRU DQ LQFLVLRQ<br />

$OORZ DFFHVV<br />

&DQ EH H[WHQGHG LI UHTXLUHG<br />

:LOO EH VHFXUH ZKHQ FORVHG<br />

/RZ FRPSOLFDWLRQ UDWH<br />

0LQLPDO SDLQ<br />

&RVPHWLF DSSHDUDQFH ZKHQ KHDOHG<br />

:RXQG FORVXUH<br />

0DWWHU RI SHUVRQDO SUHIHUHQFH LQIOXHQFHG E\ H[SHULHQFH<br />

0LGOLQH DEGRPLQDO LQFLVLRQ<br />

0DVV FORVXUH XVLQJ RU QRQ DEVRUEDEOH PRQRILODPHQW VXWXUH<br />

7DNH FP ELWH SODFHG FP DSDUW<br />

-HQNLQV 5XOH 6XWXUH /HQJWK :RXQG /HQJWK VKRXOG EH<br />

)RU VDIHW\ DYRLG KDQG KHOG QHHGOHV<br />

1R WRXFK WHFKQLTXH RI WKH XVH RI QHHGOHV VKRXOG EH XVHG<br />

'HHS 7HQVLRQ 6XWXUHV ± XVH FRQWURYHUVLDO<br />

1R H[WUD VHFXULW\<br />

3DLQIXO DQG SURGXFH D FRVPHWLFDOO\ XQDFFHSWDEOH VFDU<br />

2WKHU DEGRPLQDO LQFLVLRQV<br />

/D\HUHG FORVXUH<br />

&ORVXUH RI SHULWRQHXP QRW HVVHQWLDO<br />

6NLQ<br />

)DW VWLWFK UHGXFHV GHDG VSDFH<br />

$GGV QR VWUHQJWK WR ZRXQG UHSDLU<br />

1R HYLGHQFH WKDW LW UHGXFHV ULVN RI ZRXQG LQIHFWLRQ<br />

$YRLG VLON VXWXUHV DV LQFUHDVH ULVN RI VWLWFK DEVFHVVHV<br />

1R HYLGHQFH WKDW VXEFXWLFXODU VXWXUHV LQFUHDVH LQIHFWLRQ UDWH<br />

,I \RX DUH ZRUULHG DERXW ZRXQG LQIHFWLRQ FRQVLGHU OHDYLQJ WKH VNLQ ZRXQG RSHQ<br />

5HPRYDO RI VXWXUHV<br />

6XWXUHV VKRXOG EH UHPRYHG DW<br />

+HDG DQG IDFH GD\V<br />

8SSHU OLPE GD\V<br />

$EGRPHQ DQG ORZHU OLPE GD\V<br />

VXUJLFDO WXWRU RUJ XN $ IUHH RQ OLQH VXUJLFDO UHVRXUFH<br />

3HULRSHUDWLYH PDQDJHPHQW<br />

54


6XWXUH PDWHULDOV QHHGOHV DQG GUHVVLQJV<br />

6XWXUH PDWHULDOV<br />

VXUJLFDO WXWRU RUJ XN $ IUHH RQ OLQH VXUJLFDO UHVRXUFH<br />

3HULRSHUDWLYH PDQDJHPHQW<br />

7KH SXUSRVH RI D VXWXUH LV WR KROG D ZRXQG WRJHWKHU LQ JRRG DSSRVLWLRQ XQWLO VXFK WLPH DV WKH<br />

QDWXUDO KHDOLQJ SURFHVV LV VXIILFLHQWO\ ZHOO HVWDEOLVKHG WR PDNH WKH VXSSRUW IURP WKH VXWXUH<br />

PDWHULDO XQQHFHVVDU\ DQG UHGXQGDQW<br />

&KRLFH RI D VXWXUH ZLOO GHSHQG RQ<br />

3URSHUWLHV RI VXWXUH PDWHULDO<br />

$EVRUSWLRQ UDWH KDQGOLQJ FKDUDFWHULVWLFV DQG NQRWWLQJ SURSHUWLHV<br />

6L]H RI VXWXUH<br />

7\SH RI QHHGOH<br />

1DWXUDO VXWXUH PDWHULDOV<br />

$EVRUEDEOH<br />

&DWJXW 3ODLQ RU FKURPLF<br />

1RQ $EVRUEDEOH<br />

6LON<br />

/LQHQ<br />

6WDLQOHVV 6WHHO :LUH<br />

6\QWKHWLF VXWXUH PDWHULDOV<br />

$EVRUEDEOH<br />

3RO\JO\FROLF $FLG 'H[RQ<br />

3RO\JODFWLQ 9LFU\O<br />

3RO\GLR[RQH 3'6<br />

3RO\JO\FRQDWH 0D[RQ<br />

1RQ $EVRUEDEOH<br />

3RO\DPLGH 1\ORQ<br />

3RO\HVWHU 'DFURQ<br />

3RO\SURS\OHQH 3UROHQH<br />

$EVRUEDEOH VXWXUH DUH EURNHQ GRZQ E\ HLWKHU<br />

3URWHRO\VLV H J &DWJXW<br />

+\GURO\VLV H J 9LFU\O 'H[RQ<br />

&DWJXW<br />

0DGH IURP WKH VXEPXFRVD RI VKHHS JDVWURLQWHVWLQDO WUDFW<br />

%URNHQ GRZQ ZLWKLQ DERXW D ZHHN<br />

&KURPLF DFLG GHOD\V K\GURO\VLV<br />

(YHQ VR LW LV GHVWUR\HG EHIRUH PDQ\ ZRXQGV KDYH KHDOHG<br />

6LON<br />

6WURQJ DQG KDQGOHV ZHOO EXW LQGXFHV VWURQJ WLVVXH UHDFWLRQ<br />

&DSLOODULW\ HQFRXUDJHV LQIHFWLRQ FDXVLQJ VXWXUH VLQXVHV DQG DEVFHVVHV<br />

9LFU\O<br />

7HQVLOH VWUHQJWK<br />

# GD\V<br />

# GD\V<br />

# GD\V<br />

55


$EVRUSWLRQ FRPSOHWH E\ GD\V<br />

3'6<br />

7HQVLOH VWUHQJWK<br />

# GD\V<br />

# GD\V<br />

# GD\V<br />

$EVRUSWLRQ FRPSOHWH E\ GD\V<br />

&RPPRQ HUURUV RI VXWXUH XVH<br />

VXUJLFDO WXWRU RUJ XN $ IUHH RQ OLQH VXUJLFDO UHVRXUFH<br />

3HULRSHUDWLYH PDQDJHPHQW<br />

7RR PDQ\ WKURZV ,QFUHDVHV IRUHLJQ ERG\ VL]H &DXVHV VWLWFK DEVFHVVHV<br />

,QWUD FXWLFXODU UDWKHU WKDQ VXEFXWLFXODU VXWXUHV FDXVLQJ K\SHUWURSKLF VFDUV<br />

+ROGLQJ PRQRILODPHQW VXWXUHV ZLWK LQVWUXPHQWV UHGXFHV WHQVLOH VWUHQJWK E\ RYHU<br />

+ROGLQJ EXWW RI QHHGOH FDXVHV QHHGOH DQG VXWXUH EUHDNDJH<br />

%LEOLRJUDSK\<br />

56


6FDUV DQG FRQWUDFWXUHV<br />

7R PLQLPLVH WKH GHJUHH RI SRVWRSHUDWLYH VFDUULQJ<br />

,QFLVLRQV VKRXOG UXQ DORQJ /DQJHU V OLQHV<br />

7KH ILQHVW VXWXUH SRVVLEOH VKRXOG EH XVHG<br />

7HQVLRQ VKRXOG EH DYRLGHG<br />

6XWXUHV VKRXOG EH UHPRYHG DV VRRQ DV SRVVLEOH<br />

7UDXPDWLF ZRXQGV VKRXOG EH FOHDQ DQG HGJHV H[FLVHG<br />

([SRVXUH WR VXQOLJKW VKRXOG EH DYRLGHG LQ WKH HDUO\ SRVWRSHUDWLYH SHULRG<br />

3UREOHPDWLF VFDUV<br />

&RQWUDFWXUHV<br />

5HVXOW LI VFDUV VKRUWHQ<br />

3DUWLFXODUO\ VHHQ LQ EDGO\ DOLJQHG VFDUV QRW FRUUHVSRQGLQJ WR /DQJHU V OLQHV<br />

&DQ UHGXFH MRLQW PRELOLW\<br />

0D\ UHTXLUH D ] SODVW\ RU VNLQ JUDIW<br />

'HSUHVVHG VFDUV<br />

5HVXOW LI VNLQ EHFRPHV DWWDFKHG WR GHHS WLVVXH<br />

&DQ EH WUHDWHG E\ UHOHDVH RI QRUPDO VNLQ IURP PDUJLQV RI VFDU<br />

6FDU LV WKHQ GH HSLWKHOLDOLVHG DQG VNLQ HGJHV FORVHG RYHU WKH WRS<br />

.HORLG DQG K\SHUWURSKLF VFDUV<br />

$OO VFDUV EHFRPH UHG DQG WKLFNHQHG GXULQJ WKH QRUPDO KHDOLQJ SURFHVV<br />

$IWHU VHYHUDO PRQWKV PDWXUDWLRQ UHVXOWV LQ IODWWHQLQJ RI WKH ZRXQG<br />

,Q VRPH VFDUV FROODJHQ IRUPDWLRQ LV H[FHVVLYH<br />

5HVXOWV LQ HOHYDWHG DQG UHG VFDU<br />

,I FRQILQHG WR ZRXQG K\SHUWURSKLF VFDU<br />

,I H[WHQGV EH\RQG ZRXQG LQWR QRUPDO WLVVXH NHORLG VFDU<br />

6HHQ SDUWLFXODUO\ LQ SDWLHQWV RI $IUR &DULEEHDQ RULJLQ<br />

3DUWLFXODUO\ DIIHFWV VFDUV RQ WKH SUHVWHUQDO DQG GHOWRLG DUHDV<br />

7UHDWPHQW LV RIWHQ GLIILFXOW<br />

7UHDWPHQW RSWLRQV LQFOXGH<br />

,QWUD OHVLRQDO VWHURLG LQMHFWLRQV H J WULDPFLQRORQH<br />

&RPSUHVVLRQ GUHVVLQJV ZLWK HODVWLFDWHG FRPSUHVVLRQ JDUPHQWV<br />

6LODVWLF JHO WKHUDS\<br />

([FLVLRQ DQG UDGLRWKHUDS\<br />

/DVHU WKHUDS\<br />

%LEOLRJUDSK\<br />

VXUJLFDO WXWRU RUJ XN $ IUHH RQ OLQH VXUJLFDO UHVRXUFH<br />

3HULRSHUDWLYH PDQDJHPHQW<br />

$KQ 6 7 0RQDIR : : 0XVWRH 7 $ 7RSLFDO VLOLFRQH JHO IRU WKH SUHYHQWLRQ DQG WUHDWPHQW RI K\SHUWURSKLF<br />

VFDU $UFK 6XUJ<br />

2 6XOOLYDQ 6 7 2 &RQQRU 7 3 2 6KDXJKQHVV\ 0 $HWLRORJ\ DQG PDQDJHPHQW RI K\SHUWURSKLF VFDUV $QQ<br />

5 &ROO 6XUJ<br />

57


:RXQG GUHVVLQJV<br />

7KH ,GHDO :RXQG 'UHVVLQJ VKRXOG<br />

0DLQWDLQ D PRLVW HQYLURQPHQW DW ZRXQG LQWHUIDFH<br />

5HPRYH H[FHVV H[XGDWH ZLWKRXW DOORZLQJ VWULNH WKURXJK WR VXUIDFH RI GUHVVLQJ<br />

3URYLGH WKHUPDO LQVXODWLRQ DQG PHFKDQLFDO SURWHFWLRQ<br />

$FW DV D EDUULHU WR PLFUR RUJDQLVPV<br />

$OORZ JDVHRXV H[FKDQJH<br />

%H QR DGKHUHQW DQG HDVLO\ UHPRYHG ZLWKRXW WUDXPD<br />

/HDYH QR IRUHLJQ SDUWLFOHV LQ ZRXQG<br />

%H QRQ WR[LF QRQ DOOHUJHQLF DQG QRQ VHQVLWLVLQJ<br />

1R VLQJOH GUHVVLQJ LV DSSURSULDWH IRU DOO ZRXQG W\SHV DQG DOO VWDJHV RI KHDOLQJ<br />

+\GURFROORLGV H J *UDQXIOH[<br />

0DWUL[ RI FHOOXORVH DQG RWKHU JHO IRUPLQJ DJHQWV JHODWLQ DQG SHFWLQ<br />

2FFOXVLYH GUHVVLQJ<br />

$YRLG LI LQIHFWLRQ SDUWLFXODUO\ ZLWK DQDHURELF RUJDQLVPV<br />

3URPRWHV DXWRO\VLV DQG DLGV JUDQXODWLRQ<br />

&DQ UHPDLQ LQ SODFH IRU XS WR D ZHHN<br />

2YHU JUDQXODWLRQ FDQ RFFXU<br />

$OJLQDWHV H J .DOWRVWDW<br />

&DOFLXP DQG VRGLXP VDOWV RI DOJLQLF DFLG REWDLQHG IRUP VHDZHHG<br />

+LJKO\ DEVRUEHQW<br />

8VHIXO LQ PHGLXP WR KHDYLO\ H[XGDWLQJ ZRXQGV<br />

6HFRQGDU\ FRYHULQJ LV UHTXLUHG<br />

)RUPV D JHO LQ FRQWDFW ZLWK ZRXQG H[XGDWH<br />

)RDP GUHVVLQJV H J /\RIRDP<br />

8VHIXO IRU PRGHUDWHO\ H[XGDWLQJ ZRXQGV<br />

3UHYHQWV VWULNH WKURXJK RI H[XGDWH WR ZRXQG VXUIDFH<br />

'HVORXJKV ZRXQGV E\ PDLQWDLQLQJ D PRLVW HQYLURQPHQW<br />

+\GURJHOV H J ,QWUDVLWH *HO<br />

+LJK ZDWHU FRQWHQW FUHDWHV D PRLVW ZRXQG VXUIDFH<br />

'HEULGHV ZRXQGV E\ K\GUDWLRQ DQG SURPRWLRQ RI DXWRO\VLV<br />

:LOO DEVRUE D OLJKW H[XGDWH<br />

1RW DSSURSULDWH IRU KHDYLO\ H[XGDWLQJ ZRXQGV<br />

'HEULGLQJ DJHQWV<br />

5HPRYH HVKFDU DQG QHFURWLF WLVVXH<br />

'R QRW PDLQWDLQ PRLVW HQYLURQPHQW<br />

1HHG IUHTXHQW FKDQJHV<br />

9DULGDVH VWUHSWRNLQDVH<br />

$VHUELQH PDOLF EHQ]RLF DQG VDOLF\OLF DFLGV LQ D FUHDP EDVH<br />

'DPDJHV JUDQXODWLRQ WLVVXH DQG GHOD\V KHDOLQJ<br />

VXUJLFDO WXWRU RUJ XN $ IUHH RQ OLQH VXUJLFDO UHVRXUFH<br />

3HULRSHUDWLYH PDQDJHPHQW<br />

58


)OXLG EDODQFH<br />

)OXLG DQG HOHFWURO\WH EDODQFH<br />

'DLO\ UHTXLUHPHQWV<br />

)RU WKH µDYHUDJH .J PDQ<br />

7RWDO ERG\ ZDWHU LV / a RI ERG\ ZHLJKW<br />

/ LV LQ WKH LQWUDFHOOXODU DQG / LQ WKH H[WUDFHOOXODU FRPSDUWPHQWV<br />

7KH SODVPD YROXPH LV /<br />

7KH H[WUDYDVFXODU YROXPH LV /<br />

7RWDO ERG\ 1D LV PPRO LQ (&)<br />

7RWDO ERG\ . LV PPRO RQO\ DERXW PPRO LQ (&)<br />

1RUPDO RVPRODOLW\ RI (&) LV ± PRVPRO NJ<br />

'DLO\ PDLQWHQDQFH IOXLG UHTXLUHPHQWV YDU\ EHWZHHQ LQGLYLGXDOV<br />

.J 0DOH / + 2 ± PPRO 1D PPRO .<br />

.J :RPDQ / + 2 ± PPRO 1D PPRO .<br />

'DLO\ PDLQWHQDQFH IOXLG UHTXLUHPHQWV IRU FKLOGUHQ<br />

NJ PO NJ<br />

NJ PO PO NJ IRU HDFK NJ !<br />

! NJ PO PO NJ IRU HDFK NJ !<br />

)OXLG UHSODFHPHQW<br />

VXUJLFDO WXWRU RUJ XN $ IUHH RQ OLQH VXUJLFDO UHVRXUFH<br />

3HULRSHUDWLYH PDQDJHPHQW<br />

:KHQ FDOFXODWLQJ IOXLG UHSODFHPHQW IRU D SDWLHQWV QHHG WR FRQVLGHU<br />

0DLQWHQDQFH UHTXLUHPHQWV<br />

5HSODFHPHQW RI ORVVHV LQFOXGLQJ<br />

3UH RSHUDWLYH RU SUH DGPLVVLRQ<br />

2QJRLQJ ORVVHV<br />

1DVRJDVWULF DVSLUDWH<br />

9RPLW GLDUUKRHD<br />

6WRPD GUDLQV ILVWXOD HWF<br />

0RVW µVXUJLFDO µ RQJRLQJ ORVVHV DUH ULFK LQ VRGLXP DQG VKRXOG EH UHSODFHG ZLWK VDOLQH<br />

,QVHQVLEOH ORVVHV<br />

)DHFHV a PO GD\<br />

/XQJV a PO GD\<br />

6NLQ a PO GD\<br />

7DEOH &RPSRVLWLRQ RI FU\VWDOORLGV<br />

+DUWPDQQV 6ROXWLRQ 1RUPDO 6DOLQH 'H[WURVH 6DOLQH<br />

6RGLXP PPRO O<br />

&KORULGH PPRO O<br />

3RWDVVLXP PPRO O 1LO 1LO<br />

%LFDUERQDWH PPRO O 1LO 1LO<br />

&DOFLXP PPRO O 1LO 1LO<br />

/ RI 'H[WURVH VDOLQH LV QRW HTXLYDOHQW WR / 'H[WURVH DQG / 1RUPDO VDOLQH<br />

/ 'H[WURVH 6DOLQH / + 2 DQG PPRO 1D<br />

/ 'H[WURVH VDOLQH / 1RUPDO VDOLQH / + 2 DQG PPRO 1D<br />

59


7DEOH &RPSRVLWLRQ RI FROORLGV<br />

VXUJLFDO WXWRU RUJ XN $ IUHH RQ OLQH VXUJLFDO UHVRXUFH<br />

3HULRSHUDWLYH PDQDJHPHQW<br />

,QLWLDO 9ROXPH (IIHFW $YHUDJH 0:<br />

N'D<br />

&LUFXODWRU\ KDOI OLIH<br />

*HODWLQV +DHPDFFHO KUV<br />

$OEXPLQ GD\V<br />

'H[WUDQ KUV<br />

+\GUR[\HWK\O 6WDUFK GD\V<br />

0RQRGLVSHUVHG $OO PROHFXOHV RI VLPLODU PROHFXODU ZHLJKW<br />

3RO\GLVSHUVHG 0ROHFXOHV KDYH VSUHDG RI PROHFXODU ZHLJKWV<br />

$OEXPLQ<br />

0RQRGLVSHUVHG<br />

([SHQVLYH<br />

/RQJ KDOI OLIH<br />

$FFRXQWV IRU RI QRUPDO SODVPD RQFRWLF SUHVVXUH<br />

1R DGYHUVH HIIHFW RQ FRDJXODWLRQ<br />

'H[WUDQV<br />

3RO\VDFFKDULGHV<br />

3RO\GLVSHUVHG ZLWK 0: N'D<br />

5HGXFHV SODVPD YLVFRVLW\<br />

5HGXFHV SODWHOHW DJJUHJDWLRQ<br />

GHYHORS DQDSK\OD[LV<br />

*HODWLQV<br />

3RO\SHSWLGHV<br />

3RO\GLVSHUVHG ZLWK 0: a N'D<br />

5DSLGO\ ORVW IURP YDVFXODU VSDFH<br />

+\GUR[\HWK\O VWDUFK<br />

6\QWKHWLF SRO\VDFFKDULGH SRO\PHUV GHULYHG IURP DP\ORSHFWLQ<br />

3RO\GLVSHUVHG ZLWK 0: N'D<br />

/DUJH PROHFXOHV HQJXOIHG E\ UHWLFXORHQGRWKHOLDO V\VWHP<br />

" $VVRFLDWHG ZLWK EOHHGLQJ GLDWKHVLV<br />

$VVHVVPHQW RI DGHTXDF\ RI UHVXVFLWDWLRQ<br />

&OLQLFDO KLVWRU\ DQG REVHUYDWLRQV ± SXOVH EORRG SUHVVXUH VNLQ WXUJRU<br />

8ULQH RXWSXW ± ROLJXULD PO NJ KU<br />

&93 RU SXOPRQDU\ FDSLOODU\ ZHGJH SUHVVXUH<br />

5HVSRQVH RI XULQH RXWSXW RU &93 WR IOXLG FKDOOHQJH<br />

$ IOXLG FKDOOHQJH VKRXOG EH UHJDUGHG DV D PO EROXV RI FROORLG<br />

7KLV VKRXOG EH DGPLQLVWHUHG DV TXLFNO\ DV SRVVLEOH<br />

$ UHVSRQVH LQ WKH &93 RU XULQH RXWSXW VKRXOG EH VHHQ ZLWKLQ PLQXWHV<br />

7KH VL]H DQG GXUDWLRQ RI WKH &93 UHVSRQVH UDWKHU WKH DFWXDO YDOXHV UHFRUGHG LV PRUH LPSRUWDQW<br />

%LEOLRJUDSK\<br />

&KRL 3 7 /


3HULRSHUDWLYH PDQDJHPHQW<br />

6FKLHUKRXW * 5REHUWV , $OGHUVRQ 3 &ROORLGV YHUVXV FU\VWDOORLGV IRU IOXLG UHVXVFLWDWLRQ LQ FULWLFDOO\ LOO<br />

SDWLHQWV &RFKUDQH 5HYLHZ ,Q 7KH &RFKUDQH OLEUDU\ ,VVXH 2[IRUG<br />

7UD\ORU 5 - 3HDUO 5 * &U\VWDOORLG YHUVXV FROORLG YHUVXV FROORLG $OO FROORLGV DUH QRU HTXDO $QDHVWK $QDOJ<br />

VXUJLFDO WXWRU RUJ XN $ IUHH RQ OLQH VXUJLFDO UHVRXUFH<br />

61


7HFKQLTXHV RI YHQRXV DFFHVV<br />

,QGLFDWLRQV<br />

3HULSKHUDO YHQRXV DFFHVV LV UHTXLUHG IRU<br />

$GPLQLVWUDWLRQ RI IOXLGV<br />

$GPLQLVWUDWLRQ RI GUXJV<br />

&HQWUDO YHQRXV DFFHVV LV UHTXLUHG IRU<br />

3DUHQWHUDO QXWULWLRQ<br />

0RQLWRULQJ RI FHQWUDO YHQRXV SUHVVXUH<br />

&DUGLDF SDFLQJ<br />

'LIILFXOW SHULSKHUDO DFFHVV<br />

7HFKQLTXHV<br />

$VHSWLF WHFKQLTXHV VKRXOG EH XVHG IRU DOO FDQQXODWLRQV<br />

/RFDO DQDHVWKHWLF VKRXOG EH XVHG IRU FHQWUDO FDWKHWHUV<br />

7HFKQLTXHV RI JDLQLQJ DFFHVV LQFOXGH<br />

&DWKHWHU RYHU QHHGOH<br />

&DWKHWHU WKURXJK QHHGOH<br />

6HOGLQJHU WHFKQLTXH<br />

6XUJLFDO FXWGRZQ<br />

6HOGLQJHU WHFKQLTXH<br />

7KHUH DUH IRXU VWHSV WR WKH 6HOGLQJHU WHFKQLTXH<br />

9HQHSXQFWXUH LV SHUIRUPHG ZLWK D LQWURGXFHU QHHGOH<br />

$ VRIW WLSSHG JXLGH ZLUH LV SDVVHG WKURXJK WKH QHHGOH DQG WKH QHHGOH UHPRYHG<br />

$ GLODWRU LV SDVVHG RYHU WKH JXLGH ZLUH<br />

'LODWRU LV UHPRYHG DQG FDWKHWHU LV SDVVHG RYHU ZLUH DQG ZLUH LV UHPRYHG<br />

&KHVW [ UD\ VKRXOG EH SHUIRUPHG WR FKHFN SRVLWLRQ RI FDWKHWHU<br />

9HQRXV FXWGRZQ<br />

8VHIXO IRU JDLQLQJ DFFHVV LQ VKRFNHG K\SRYRODHPLF SDWLHQW<br />

&RPPRQHVW VLWHV<br />

/RQJ VDSKHQRXV YHLQ DW DQNOH FP DQWHULRU WR PHGLDO PDOOHROXV<br />

%DVLOLF YHLQ DW HOERZ FP ODWHUDO WR PHGLDO HSLFRQG\OH<br />

$W ERWK VLWHV YHLQ LV GLVVHFWHG DQG OLJDWHG GLVWDOO\<br />

6PDOO WUDQVYHUVH YHQRWRP\ LV PDGH<br />

&DQQXOD LV SDVVHG WKURXJK YHQRWRP\ DQG VHFXUHG<br />

$QDWRP\ RI YHQRXV DFFHVV<br />

,QWHUQDO MXJXODU YHLQ<br />

VXUJLFDO WXWRU RUJ XN $ IUHH RQ OLQH VXUJLFDO UHVRXUFH<br />

3HULRSHUDWLYH PDQDJHPHQW<br />

5LJKW VLGHG DFFHVV SUHIHUUHG<br />

$SLFDO SOHXUD GRHV QRW ULVH DV KLJK RQ ULJKW DQG DYRLGV WKRUDFLF GXFW<br />

3DWLHQW SRVLWLRQHG KHDG GRZQ<br />

,Q WKH ORZ DSSURDFK WULDQJOH IRUPHG E\ WZR KHDGV RI VWHUQRPDVWRLG DQG FODYLFOH LGHQWLILHG<br />

&DQQXOD DLPHG GRZQ DQG ODWHUDO WRZDUGV LSVLODWHUDO QLSSOH<br />

6XEFODYLDQ YHLQ<br />

8VXDOO\ DSSURDFKHG IURP EHORZ FODYLFOH<br />

3DWLHQW SRVLWLRQHG KHDG GRZQ<br />

1HHGOH LQVHUWHG EHORZ MXQFWLRQ RI PHGLDO DQG ODWHUDO RI WKH FODYLFOH<br />

62


1HHGOH DLPHG WRZDUGV VXSUDVWHUQDO QRWFK<br />

3DVVHV LPPHGLDWHO\ EHKLQG FODYLFOH<br />

9HLQ HQFRXQWHUHG DIWHU FP<br />

(DUO\ FRPSOLFDWLRQV<br />

+DHPRUUKDJH<br />

$LU HPEROXV<br />

3QHXPRWKRUD[<br />

&DUGLDF DUUK\WKPLDV<br />

3HULFDUGLDO WDPSRQDGH<br />

)DLOHG FDQQXODWLRQ<br />

/DWH FRPSOLFDWLRQV<br />

9HQRXV WKURPERVLV<br />

,QIHFWLRQ<br />

&HQWUDO OLQH LQIHFWLRQ<br />

RI FHQWUDO OLQHV EHFRPH FRORQLVHG ZLWK EDFWHULD<br />

RI SDWLHQWV LQ ,78 GHYHORS FDWKHWHU UHODWHG VHSVLV<br />

8VXDOO\ GXH WR FRDJXODVH QHJDWLYH VWDSK\ORFRFFXV LQIHFWLRQ<br />

2FFDVLRQDOO\ GXH WR &DQGLGD DQG 6WDSK DXUHXV<br />

,QIHFWLRQ FDQ EH SUHYHQWHG E\ DVHSWLF WHFKQLTXHV DQG DGHTXDWH FDUH RI OLQHV<br />

&ORVHG V\VWHPV VKRXOG EH XVHG DW DOO WLPHV<br />

'HGLFDWHG OLQHV VKRXOG EH XVHG IRU SDUHQWHUDO QXWULWLRQ<br />

$QWLPLFURELDO FRDWLQJ RI OLQHV PD\ UHGXFH WKH ULVN RI LQIHFWLRQ<br />

VXUJLFDO WXWRU RUJ XN $ IUHH RQ OLQH VXUJLFDO UHVRXUFH<br />

3HULRSHUDWLYH PDQDJHPHQW<br />

63


6XUJLFDO QXWULWLRQ<br />

0DOQXWULWLRQ FDXVHV<br />

'HOD\HG ZRXQG KHDOLQJ<br />

5HGXFHG YHQWLODWRU\ FDSDFLW\<br />

5HGXFHG LPPXQLW\ DQG LQFUHDVHG ULVN RI LQIHFWLRQ<br />

'RHV LPSURYLQJ QXWULWLRQDO VWDWXV LQIOXHQFH RXWFRPH "<br />

&XUUHQWO\ WKH WRSLF RI LQWHQVLYH LQYHVWLJDWLRQ<br />

1XWULWLRQDO DVVHVVPHQW<br />

&OLQLFDO DVVHVVPHQW<br />

:HLJKW ORVV<br />

PLOG PDOQXWULWLRQ<br />

VHYHUH PDOQXWULWLRQ<br />

%RG\ PDVV LQGH[<br />

$QWKURSRPHWULF DVVHVVPHQW<br />

7ULFHSV VNLQ IROG WKLFNQHVV<br />

0LG DUP FLUFXPIHUHQFH<br />

+DQG JULS VWUHQJWK<br />

%ORRG LQGLFHV<br />

5HGXFHG VHUXP DOEXPLQ SUHDOEXPLQ RU WUDQVIHUULQ<br />

/\PSKRF\WH FRXQW<br />

µ(QG RI EHGRJUDP<br />

1R LQGH[ RI QXWULWLRQDO DVVHVVPHQW VKRZQ WR EH VXSHULRU WR FOLQLFDO DVVHVVPHQW<br />

0HWKRGV RI QXWULWLRQDO VXSSRUW<br />

8VH JDVWURLQWHVWLQDO WUDFW LI DYDLODEOH<br />

3URORQJHG SRVW RSHUDWLYH VWDUYDWLRQ LV SUREDEO\ QRW UHTXLUHG<br />

(DUO\ HQWHUDO QXWULWLRQ UHGXFHG SRVW RSHUDWLYH PRUELGLW\<br />

(QWHUDO IHHGLQJ<br />

3UHYHQWV LQWHVWLQDO PXFRVDO DWURSK\<br />

6XSSRUWV JXW DVVRFLDWHG LPPXQRORJLFDO VKLHOG<br />

$WWHQXDWHV K\SHUPHWDEROLF UHVSRQVH WR LQMXU\ DQG VXUJHU\<br />

&KHDSHU WKDQ 731 DQG KDV IHZHU FRPSOLFDWLRQV<br />

3RO\PHULF OLTXLG GLHW<br />

6KRUW SHSWLGHV PHGLXP FKDLQ WULJO\FHULGHV DQG SRO\VDFFKDULGHV<br />

9LWDPLQV DQG WUDFH HOHPHQWV<br />

(OHPHQWDO GLHW<br />

/ DPLQR DFLGV VLPSOH VXJDUV<br />

([SHQVLYH DQG XQSDODWDEOH<br />

+LJK RVPRODULW\ FDQ FDXVH GLDUUKRHD<br />

(QWHUDO IHHG FDQ EH WDNHQ RUDOO\ RU E\ 1*7<br />

1DVRHQWHUDO WXEH XVXDOO\ ILQH ERUH " GRXEOH OXPHQ<br />

/RQJ WHUP IHHGLQJ FDQ EH E\<br />

VXUJLFDO WXWRU RUJ XN $ IUHH RQ OLQH VXUJLFDO UHVRXUFH<br />

3HULRSHUDWLYH PDQDJHPHQW<br />

64


6XUJLFDO JDVWURVWRP\ MHMXQRVWRP\<br />

3HUFXWDQHRXV HQGRVFRSLF JDVWURVWRP\<br />

1HHGOH FDWKHWHU MHMXQRVWRP\<br />

5DWH RI LQIXVLRQ ± RIWHQ VWDUWHG DW ORZ UDWH DQG LQFUHDVHG<br />

6WUHQJWK RI LQLWLDO IHHG ± RIWHQ GLOXWHG DQG VWUHQJWK JUDGXDOO\ LQFUHDVHG<br />

&RPSOLFDWLRQV RI HQWHUDO IHHGLQJ<br />

0DOSRVLWLRQ DQG EORFNDJH RI WXEH<br />

*DVWURRHVRSKDJHDO UHIOX[<br />

)HHG LQWROHUDQFH<br />

3DUHQWHUDO QXWULWLRQ<br />

VXUJLFDO WXWRU RUJ XN $ IUHH RQ OLQH VXUJLFDO UHVRXUFH<br />

3HULRSHUDWLYH PDQDJHPHQW<br />

,QWHVWLQDO IDLOXUH µ$ UHGXFWLRQ LQ IXQFWLRQLQJ JXW PDVV EHORZ WKH PLQLPDO QHFHVVDU\ IRU<br />

DGHTXDWH GLJHVWLRQ DQG DEVRUSWLRQ RI QXWULHQWV<br />

8VHIXO FRQFHSW IRU DVVHVVLQJ QHHG IRU 731<br />

&DQ EH JLYHQ E\ HLWKHU D SHULSKHUDO RU FHQWUDO OLQH<br />

,QGLFDWLRQV IRU 7RWDO 3DUHQWHUDO 1XWULWLRQ<br />

$EVROXWH LQGLFDWLRQV<br />

(QWHURFXWDQHRXV ILVWXODH<br />

5HODWLYH LQGLFDWLRQV<br />

0RGHUDWH RU VHYHUH PDOQXWULWLRQ<br />

$FXWH SDQFUHDWLWLV<br />

$EGRPLQDO VHSVLV<br />

3URORQJHG LOHXV<br />

0DMRU WUDXPD DQG EXUQV<br />

6HYHUH LQIODPPDWRU\ ERZHO GLVHDVH<br />

3HULSKHUDO SDUHQWHUDO QXWULWLRQ<br />

+\SHURVPRWLF VROXWLRQ<br />

6LJQLILFDQW SUREOHP ZLWK WKURPERSKOHELWLV<br />

1HHG WR FKDQJH FDQQXODV HYHU\ KRXUV<br />

1R HYLGHQFH WR VXSSRUW LW DV D FOLQLFDOO\ LPSRUWDQW WKHUDS\<br />

&RPSRVLWLRQ J QLWURJHQ &DORULHV<br />

&HQWUDO SDUHQWHUDO QXWULWLRQ<br />

+\SHURVPRODU ORZ S+ DQG LUULWDQW WR YHVVHO ZDOOV<br />

7\SLFDO IHHG FRQWDLQV WKH IROORZLQJ LQ /<br />

J QLWURJHQ DV / DPLQR DFLGV<br />

J JOXFRVH<br />

PO OLSLG HPXOVLRQ<br />

PPRO 1D<br />

PPRO .<br />

PPRO &O<br />

PPRO 0J<br />

PPRO &D<br />

PPRO 32<br />

PPRO =Q<br />

65


:DWHU DQG IDW VROXEOH YLWDPLQV<br />

7UDFH HOHPHQWV<br />

&RPSOLFDWLRQV RI VXEFODYLDQ DQG MXJXODU FHQWUDO YHQRXV OLQHV<br />

RI FHQWUDO OLQHV GHYHORS VLJQLILFDQW FRPSOLFDWLRQV<br />

3UREOHPV RI LQVHUWLRQ<br />

)DLOXUH WR FDQQXODWH<br />

3QHXPRWKRUD[<br />

+DHPRWKRUD[<br />

$UWHULDO SXQFWXUH<br />

%UDFKLDO SOH[XV LQMXU\<br />

0HGLDVWLQDO KDHPDWRPD<br />

7KRUDFLF GXFW LQMXU\<br />

3UREOHPV RI FDUH<br />

/LQH DQG V\VWHPLF VHSVLV<br />

$LU HPEROXV<br />

7KURPERVLV<br />

&DWKHWHU EUHDNDJH<br />

0RQLWRULQJ RI SDUHQWHUDO QXWULWLRQ<br />

)HHGLQJ OLQHV VKRXOG RQO\ EH XVHG IRU WKDW SXUSRVH<br />

'UXJV DQG EORRG SURGXFWV VKRXOG EH JLYHQ YLD VHSDUDWH SHULSKHUDO OLQH<br />

SDWLHQWV RQ 731 GHYHORS PHWDEROLF GHUDQJHPHQW<br />

1XWULWLRQ VKRXOG EH PRQLWRUHG<br />

&OLQLFDOO\ ± :HLJKW<br />

%LRFKHPLFDOO\ WZLFH ZHHNO\<br />

)%& 8 ( /)7<br />

0J &D 32 =Q<br />

1LWURJHQ EDODQFH<br />

%ORRG FXOWXUHV RQ DQ\ VLJQ RI VHSVLV<br />

0HWDEROLF FRPSOLFDWLRQV RI SDUHQWHUDO QXWULWLRQ<br />

+\SRQDWUDHPLD<br />

+\SRNDODHPLD<br />

+\SHUFKORUDHPLD<br />

7UDFH HOHPHQW DQG IRODWH GHILFLHQF\<br />

'HUDQJHG /)7V<br />

/LQROHLF DFLG GHILFLHQF\<br />

%LEOLRJUDSK\<br />

VXUJLFDO WXWRU RUJ XN $ IUHH RQ OLQH VXUJLFDO UHVRXUFH<br />

3HULRSHUDWLYH PDQDJHPHQW<br />

%R]]HWWL ) %UDJD 0 *LDQRWWL / *DYD]]L & 0DULDQL / 3RVWRSHUDWLYH HQWHUDO YHUVXV SDUHQWHUDO QXWULWLRQ<br />

LQ PDOQRXULVKHG SDWLHQWV ZLWK JDVWURLQWHVWLQDO FDQFHU D UDQGRPLVHG PXOWLFHQWUH WULDO /DQFHW<br />

&DUU & 6 /LQJ . ' %RXORV 3 HW DO 5DQGRPLVHG WULDO RI VDIHW\ DQG HIILFDF\ RI LPPHGLDWH SRVWRSHUDWLYH<br />

IHHGLQJ LQ SDWLHQWV XQGHUJRLQJ JDVWURLQWHVWLQDO UHVHFWLRQ %U 0HG - ±<br />

66


3HULRSHUDWLYH PDQDJHPHQW<br />

/HZLV 6 - (JJHU 0 6\OYHVWHU 3 $ 7KRPDV 6 (DUO\ HQWHUOD IHHGLQJ YHUVXV QLO E\ PRXWK DIWHU<br />

JDVWURLQWHVWLQDO VXUJHU\ V\VWHPDWLF UHYLHZ DQG PHWD DQDO\VLV RI FRQWUROOHG WULDOV %U 0HG -<br />

0RUDQ % -DFNVRQ $ $ 3HULRSHUDWLYH QXWULWLRQDO VXSSRUW %U - 6XUJ ±<br />

0RUDQ % 5HFHQW DGYDQFHV LQ QXWULWLRQDO VXSSRUW RI VXUJLFDO SDWLHQWV ,Q -RKQVRQ & ' 7D\ORU , HGV<br />

5HFHQW DGYDQFHV LQ 6XUJHU\ &KXUFKLOO /LYLQJVWRQ (GLQEXUJK<br />

5HLVVPDQ 3 7HRK 7 $ &RKHQ 6 0 HW DO ,V HDUO\ RUDO IHHGLQJ VDIH DIWHU HOHFWLYH FRORUHFWDO VXUJHU\ $QQ<br />

6XUJ ±<br />

6DJDU 3 0 .UXHJHQHU * 0DF)LH - 1DVRJDVWULF LQWXEDWLRQ DQG HOHFWLYH DEGRPLQDO VXUJHU\ %U - 6XUJ<br />

6DXQGHUV & 1LVKLNDZD 5 :ROIH % 6XUJLFDO QXWULWLRQ $ UHYLHZ - 5 &ROO 6XUJ (GLQE ±<br />

6KLNRUD 6 $ 2JDZD $ 0 (QWHUDO QXWULWLRQ DQG WKH FULWLFDOO\ LOO 3RVWJUDG 0HG - ±<br />

9HWHUDQV $IIDLUV 7RWDO 3DUHQWHUDO 1XWULWLRQ &R RSHUDWLYH 6WXG\ *URXS 3HULRSHUDWLYH SDUHQWHUDO QXWULWLRQ LQ<br />

VXUJLFDO SDWLHQWV 1 (QJO - 0HG ±<br />

VXUJLFDO WXWRU RUJ XN $ IUHH RQ OLQH VXUJLFDO UHVRXUFH<br />

67


%ORRG<br />

+DHPRVWDVLV<br />

7KH KDHPRVWDWLF UHVSRQVH KDV WKUHH HOHPHQWV<br />

9DVRFRQVWULFWLRQ<br />

3ODWHOHW DJJUHJDWLRQ<br />

&ORWWLQJ FDVFDGH<br />

9DVRFRQVWULFWLRQ<br />

2FFXUV DV D GLUHFW UHVXOW RI YHVVHO LQMXU\<br />

(QKDQFHG E\ YDVRFRQVWULFWLQJ HOHPHQWV UHOHDVHG IURP SODWHOHWV<br />

3DLQ FDQ DOVR UHVXOW LQ UHIOH[ V\PSDWKHWLF YDVRFRQVWULFWLRQ<br />

3ODWHOHW DJJUHJDWLRQ<br />

VXUJLFDO WXWRU RUJ XN $ IUHH RQ OLQH VXUJLFDO UHVRXUFH<br />

3HULRSHUDWLYH PDQDJHPHQW<br />

3ODWHOHWV DUH IRUPHG LQ ERQH PDUURZ IURP PHJDNDU\RF\WHV<br />

&RQWDLQ WKH FRQWUDFWLOH SURWHLQV DFWLQ DQG P\RVLQ<br />

1R QXFOHXV EXW FRQWDLQ HQGRSODVPLF UHWLFXOXP DQG *ROJL DSSDUDWXV WKDW FDQ SURGXFH SURWHLQV<br />

&RQWDLQ PLWRFKRQGULD WKDW FDQ SURGXFH $73 DQG $'3<br />

&DQ DOVR V\QWKHVLV SURVWDJODQGLQV DQG WKURPER[DQH $<br />

+DYH D KDOI OLIH LQ WKH EORRG RI GD\V<br />

,Q UHVSRQVH WR WLVVXH GDPDJH SODWHOHWV XQGHUJR D QXPEHU RI FKDQJHV<br />

3ODWHOHW DJJUHJDWLRQ FDQ UHVXOW LQ D SODWHOHW SOXJ WKDW FDQ EORFN D VPDOO KROH<br />

3ODWHOHWV DGKHUH WR GDPDJHG HQGRWKHOLXP YLD 9RQ :LOOHEUDQG IDFWRU<br />

$JJUHJDWLQJ SODWHOHWV UHOHDVHV DUDFKDGRQLF DFLG ZKLFK LV FRQYHUWHG WR WKURPER[DQH $<br />

&DOFLXP PHGLDWHG FRQWUDFWLRQ RI DFWLQ DQG P\RVLQ UHVXOWV LQ GHJUDQXODWLRQ<br />

5HOHDVHV $'3 ZKLFK FDQ LQGXFHV IXUWKHU DJJUHJDWLRQ DQG UHOHDVH LQ D SRVLWLYH IHHGEDFN<br />

IDVKLRQ<br />

&ORWWLQJ FDVFDGH<br />

7KH FORWWLQJ FDVFDGH KDV WZR VHPL LQGHSHQGHQW SDWKZD\V<br />

7KH LQWULQVLF SDWKZD\ KDV DOO RI LWV FRPSRQHQWV ZLWKLQ EORRG<br />

7KH H[WULQVLF SDWKZD\ LV WULJJHUHG E\ H[WUDYDVFXODU WLVVXH GDPDJH<br />

7KLV SDWKZD\ LV DFWLYDWHG E\ H[SRVXUH WR D WLVVXH IDFWRU<br />

%RWK SDWKZD\V UHVXOW LQ DFWLYDWLRQ RI SURWKURPELQ IDFWRU ,,<br />

7KH ILQDO FRPPRQ SDWKZD\ FRQYHUWV ILEULQRJHQ WR ILEULQ PRQRPHU<br />

3RO\PHULVDWLRQ RI ILEULQ UHVXOWV LQ WKH IRUPDWLRQ RI ORQJ ILQH VWUDQGV KHOG WRJHWKHU E\ + ERQGV<br />

7KHVH DUH WKHQ FRQYHUWHG LQWR FRYDOHQW ERQGV ZLWK VWDELOLVDWLRQ RI WKH ILEULQ SRO\PHU<br />

7KH LQWULQVLF SDWK ZD\V LV UHODWLYHO\ VORZ PLQXWHV<br />

7KH H[WULQVLF SDWKZD\V LV TXLWH IDVW VHFRQGV<br />

68


)LJXUH 7KH FORWWLQJ FDVFDGH<br />

%LEOLRJUDSK\<br />

'DKOEDFN % %ORRG FRDJXODWLRQ /DQFHW<br />

VXUJLFDO WXWRU RUJ XN $ IUHH RQ OLQH VXUJLFDO UHVRXUFH<br />

3HULRSHUDWLYH PDQDJHPHQW<br />

69


'LVRUGHUV RI FRDJXODWLRQ DQG KDHPRVWDVLV<br />

+DHPRSKLOLD<br />

+DHPRSKLOLD $ LV GXH WR IDFWRU 9,,, GHILFLHQF\<br />

+DHPRSKLOLD % &KULVWPDV GLVHDVH LV GXH WR IDFWRU ,; GHILFLHQF\<br />

+DHPRSKLOLD $<br />

$IIHFWV DERXW LQ SRSXODWLRQ<br />

,W LV D VH[ OLQNHG FORWWLQJ GLVRUGHU<br />

2QH WKLUG RI SDWLHQWV KDYH QR IDPLO\ KLVWRU\<br />

8VXDOO\ SUHVHQWV LQ FKLOGKRRG ZLWK<br />

3URORQJHG KDHPRUUKDJH DIWHU GHQWDO H[WUDFWLRQ<br />

5HFXUUHQW KDHPDUWKURVHV RU PXVFOH KDHPDWRPDV<br />

6XE SHULRVWHDO KDHPDWRPDV FDQ UHVXOW LQ KDHPRSKLOLF SVHXGR WXPRXUV<br />

&OLQLFDO VHYHULW\ GHSHQGV RQ H[WHQW FORWWLQJ IDFWRU GHILFLHQF\<br />

DFWLYLW\ VHYHUH GLVHDVH ZLWK OLIH WKUHDWHQLQJ EOHHGLQJ<br />

DFWLYLW\ PRGHUDWH GLVHDVH ZLWK SRVW WUDXPDWLF EOHHGLQJ<br />

DFWLYLW\ PLOG GLVHDVH<br />

,QYHVWLJDWLRQ<br />

$FWLYDWHG SDUWLDO WKURPERSODVWLQ WLPH $337 LV SURORQJHG<br />

SURWKURPELQ WLPH 37 LV QRUPDO<br />

:KROH EORRG FRDJXODWLRQ WLPH LV SURORQJHG<br />

)DFWRU 9,,, LV UHGXFHG<br />

7UHDWPHQW<br />

%OHHGLQJ HSLVRGHV DUH WUHDWHG ZLWK IDFWRU 9,,, UHSODFHPHQW<br />

*LYHQ DV HLWKHU IDFWRU 9,,, FRQFHQWUDWH RU FU\RSUHFLSLWDWH<br />

%OHHGLQJ XVXDOO\ ZHOO FRQWUROOHG LI IDFWRU 9,,, OHYHOV UDLVHG DERYH QRUPDO<br />

'HVPRSUHVVLQ LQFUHDVHV LQWULQVLF IDFWRU 9,,, OHYHOV<br />

GHYHORS DQWLERGLHV WR IDFWRU 9,,,<br />

5HQGHUV SDWLHQWV UHIUDFWRU\ WR IDFWRU UHSODFHPHQW WKHUDS\<br />

'LVVHPLQDWHG LQWUDYDVFXODU FRDJXODWLRQ<br />

'XH WR ZLGHVSUHDG LQWUDYDVFXODU DFWLYDWLRQ RI FORWWLQJ FDVFDGH<br />

&DXVHV D EOHHGLQJ WHQGHQF\ GXH WR FRQVXPSWLRQ RI FORWWLQJ IDFWRUV<br />

3UHVHQWV ZLWK EUXLVLQJ RU SXUSXUD<br />

2R]LQJ IURP VXUJLFDO ZRXQGV DQG YHQHSXQFWXUH VLWHV<br />

&DXVHV<br />

6HYHUH XVXDOO\ JUDP QHJDWLYH RU PHQLQJRFRFFDO LQIHFWLRQ<br />

:LGHVSUHDG PXFLQ VHFUHWLQJ PHWDVWDWLF DGHQRFDUFLQRPD<br />

+\SRYRODHPLF VKRFN<br />

%XUQV<br />

7UDQVIXVLRQ UHDFWLRQV<br />

(FODPSVLD<br />

$PQLRWLF IOXLG HPEROXV<br />

3URP\HORF\WLF OHXNDHPLD<br />

,QYHVWLJDWLRQ<br />

,QFUHDVHG $337 DQG 37<br />

VXUJLFDO WXWRU RUJ XN $ IUHH RQ OLQH VXUJLFDO UHVRXUFH<br />

3HULRSHUDWLYH PDQDJHPHQW<br />

70


5HGXFHG VHUXP ILEULQRJHQ OHYHOV PJ PO<br />

7KURPERF\WRSHQLD<br />

,QFUHDVHG ILEULQ GHJUDGDWLRQ SURGXFWV<br />

)DFWRU 9 DQG 9,,, DFWLYLWLHV DUH UHGXFHG<br />

7UHDWPHQW<br />

)OXLG UHVXVFLWDWLRQ<br />

7UHDW XQGHUO\LQJ FDXVH<br />

&RUUHFW FORWWLQJ DEQRUPDOLWLHV ZLWK<br />

)UHVK IUR]HQ SODVPD<br />

&U\RSUHFLSLWDWH<br />

3ODWHOHW WUDQVIXVLRQ<br />

%LEOLRJUDSK\<br />

/XGODP & $ 7UHDWPHQW RI KDHPRSKLOLD %U - +DHPDWRO 6XSSO<br />

VXUJLFDO WXWRU RUJ XN $ IUHH RQ OLQH VXUJLFDO UHVRXUFH<br />

3HULRSHUDWLYH PDQDJHPHQW<br />

6HQQR 6 / 3HFKHW / %LFN 5 / 'LVVHPLQDWHG LQWUDYDVFXODU FRDJXORSDWK\ ',& SDWKRSK\VLRORJ\<br />

ODERUDWRU\ GLDJQRVLV DQG PDQDJHPHQW - ,QWHQVLYH &DUH 0HG<br />

71


%ORRG JURXSV<br />

$%2 V\VWHP<br />

VXUJLFDO WXWRU RUJ XN $ IUHH RQ OLQH VXUJLFDO UHVRXUFH<br />

3HULRSHUDWLYH PDQDJHPHQW<br />

&RQVLVWV RI WKUHH DOOHOLF JHQHV $ % DQG 2<br />

$ DQG % JHQHV FRQWURO V\QWKHVLV RI HQ]\PHV WKDW DGG FDUERK\GUDWH UHVLGXHV WR FHOO VXUIDFH<br />

JO\FRSURWHLQV<br />

7KH 2 JHQH LV DQ DPRUSK DQG GRHV QRW WUDQVIRUP WKH JO\FRSURWHLQ<br />

6L[ SRVVLEOH JHQRW\SHV EXW RQO\ IRXU SKHQRW\SHV<br />

1DWXUDOO\ RFFXUULQJ DQWLERGLHV DUH IRXQG LQ WKH VHUXP RI WKRVH ODFNLQJ WKH FRUUHVSRQGLQJ<br />

DQWLJHQ<br />

7DEOH $%2 EORRG JURXS V\VWHP<br />

3KHQRW\SH *HQRW\SH $QWLJHQV $QWLERGLHV )UHTXHQF\<br />

2 22 2 $QWL $ %<br />

$ $$ RU $2 $ $QWL %<br />

% %% RU %2 % $QWL $<br />

$% $% $% 1RQH<br />

5KHVXV V\VWHP<br />

5KHVXV DQWLERGLHV DUH LPPXQH DQWLERGLHV UHTXLULQJ H[SRVXUH GXULQJ WUDQVIXVLRQ RU SUHJQDQF\<br />

SRSXODWLRQ DUH UKHVXV SRVLWLYH<br />

RI 5K QHJDWLYH SDWLHQWV WUDQVIXVHG ZLWK 5K SRVLWLYH EORRG GHYHORS DQWL ' DQWLERGLHV<br />

&URVV PDWFKLQJ<br />

5HTXLUHV<br />

%ORRG JURXSLQJ<br />

3DWLHQWV UHG FHOOV JURXSHG IRU $%2 DQG 5K DQWLJHQV<br />

6HUXP WHVWHG WR FRQILUP SDWLHQWV $%2 JURXS<br />

$QWLERG\ VFUHHQLQJ<br />

'HWHFWV DW\SLFDO UHG FHOO DQWLERGLHV LQ UHFLSLHQWV VHUXP<br />

&URVVPDWFKLQJ<br />

7HVWV GRQRU UHG FHOOV DJDLQVW SDWLHQWV VHUXP<br />

%ORRG SURGXFWV<br />

:KROH EORRG<br />

3DFNHG UHG FHOOV<br />

*UDQXORF\WH FRQFHQWUDWHV<br />

3ODWHOHW FRQFHQWUDWHV<br />

+XPDQ SODVPD IUHVK IUR]HQ SODVPD IUHH]H GULHG SODVPD<br />

3ODVPD SURWHLQ IUDFWLRQ<br />

+XPDQ DOEXPLQ<br />

&U\RSUHFLSLWDWH<br />

&ORWWLQJ IDFWRUV )DFWRU 9,,, ,;<br />

,PPXQRJOREXOLQV<br />

72


7UDQVIXVLRQ UHDFWLRQV<br />

7DEOH &RPSOLFDWLRQV RI EORRG WUDQVIXVLRQ<br />

(DUO\ /DWH<br />

+DHPRO\WLF UHDFWLRQV LPPHGLDWH RU GHOD\HG ,QIHFWLRQV KHSDWLWLV RU &09<br />

%DFWHULDO LQIHFWLRQV IURP FRQWDPLQDWLRQ ,URQ RYHUORDG<br />

$OOHUJLF UHDFWLRQV WR ZKLWH FHOOV RU SODWHOHWV ,PPXQH VHQVLWLVDWLRQ<br />

$FXWH OXQJ LQMXU\<br />

3\RJHQLF UHDFWLRQV<br />

&LUFXODWRU\ RYHUORDG<br />

$LU HPEROLVP<br />

7KURPERSKOHELWLV<br />

&LWUDWH WR[LFLW\<br />

+\SHUNDODHPLD<br />

&ORWWLQJ DEQRUPDOLWLHV<br />

$FXWH KDHPRO\WLF RU EDFWHULDO WUDQVIXVLRQ UHDFWLRQV<br />

'XH WR DFXWH KDHPRO\VLV RU EDFWHULDO FRQWDPLQDWLRQ<br />

'LIILFXOW WR GLIIHUHQWLDWH RQ FOLQLFDO JURXQGV<br />

0D\ RFFXU DIWHU LQIXVLRQ RI VPDOO YROXPH RI LQFRPSDWLEOH RU LQIHFWHG EORRG<br />

$VVRFLDWHG ZLWK KLJK PRUELGLW\ DQG PRUWDOLW\<br />

,Q XQFRQVFLRXV SDWLHQW EOHHGLQJ GXH WR ',& PD\ EH RQO\ VLJQ<br />

0RVW $%2 PLVPDWFKHG WUDQVIXVLRQV DUH GXH WR KXPDQ HUURU<br />

8VXDOO\ RFFXUV VRRQ DIWHU VWDUW RI WUDQVIXVLRQ<br />

3DWLHQW IHHOV XQZHOO DQG DJLWDWHG<br />

6\PSWRPV LQFOXGH EDFN SDLQ DQG SDLQ DW LQIXVLRQ VLWH<br />

$VVRFLDWHG ZLWK VKRUWQHVV RI EUHDWK ULJRUV<br />

([DPLQDWLRQ ZLOO VKRZ K\SRWHQVLRQ ROLJXULD DQG EOHHGLQJ IURP YHQHSXQFWXUH VLWHV<br />

8ULQDO\VLV ZLOO VKRZ KDHPRJORELQXULD<br />

0DQDJHPHQW<br />

VXUJLFDO WXWRU RUJ XN $ IUHH RQ OLQH VXUJLFDO UHVRXUFH<br />

3HULRSHUDWLYH PDQDJHPHQW<br />

'LVFRQWLQXH WUDQVIXVLRQ LPPHGLDWHO\ DQG UHPRYH JLYLQJ VHW<br />

&KHFN XQLW RI EORRG DJDLQVW SDWLHQWV LGHQWLW\<br />

*LYH LQWUDYHQRXV FU\VWDOORLG<br />

&RQVLGHU WUDQVIHU WR WKH LQWHQVLYH FDUH XQLW<br />

7DNH EORRG IRU )%& SODVPD KDHPRJORELQ FORWWLQJ EORRG FXOWXUHV DQG UHSHDW JURXSLQJ<br />

*LYH EURDG VSHFWUXP DQWLELRWLFV<br />

0RQLWRU XULQH RXWSXW DQG (&*<br />

$QDSK\OD[LV<br />

8VXDOO\ RFFXUV VRRQ DIWHU VWDUW RI WUDQVIXVLRQ<br />

0D\ EH VHHQ LQ ,J$ GHILFLHQW SDWLHQWV UHDFWLQJ WR WUDQVIXVHG ,J$<br />

3UHVHQWV ZLWK FLUFXODWRU\ FROODSVH DQG EURQFKRVSDVP<br />

0DQDJHPHQW<br />

'LVFRQWLQXH WUDQVIXVLRQ DQG UHPRYH JLYLQJ VHW<br />

0DLQWDLQ DLUZD\ DQG JLYH R[\JHQ<br />

$GPLQLVWHU DGUHQDOLQH FKORUSKHQLUDPLQH VDOEXWDPRO<br />

,I WKH SDWLHQW LV ,J$ GHILFLHQW DQ\ IXUWKHU WUDQVIXVLRQ PXVW EH FDUHIXOO\ SODQQHG<br />

73


1RQ KDHPRO\WLF WUDQVIXVLRQ IHEULOH UHDFWLRQ<br />

8VXDOO\ RFFXUV PRUH WKDQ PLQXWHV DIWHU VWDUW RI WUDQVIXVLRQ<br />

3DWLHQW IHHOV JHQHUDOO\ ZHOO EXW PD\ EH VKLYHULQJ<br />

7HPSHUDWXUH LV XVXDOO\ OHVV WKDQ q&<br />

%ORRG SUHVVXUH LV XVXDOO\ QRUPDO<br />

0DQDJHPHQW<br />

6WRS WUDQVIXVLRQ DQG DVVHVV SRVVLELOLW\ WKDW WKLV PD\ EH D PRUH VLJQLILFDQW UHDFWLRQ<br />

5HVWDUW WUDQVIXVLRQ DW D VORZHU UDWH<br />

&RQVLGHU WKH XVH RI SDUDFHWDPRO<br />

+\GURFRUWLVRQH VKRXOG QRW EH URXWLQHO\ XVHG GXULQJ D WUDQVIXVLRQ<br />

7UDQVIXVLRQ UHODWHG DFXWH OXQJ LQMXU\<br />

2FFXUV IROORZLQJ DGPLQLVWUDWLRQ RI SODVPD FRQWDLQLQJ EORRG FRPSRQHQWV<br />

'XH WR LQWHUDFWLRQ RI GRQRU DQWLERGLHV ZLWK UHFLSLHQW ZKLWH FHOOV<br />

7KH FOLQLFDO SLFWXUHV LV VLPLODU WR $5'6<br />

2FFXUV PLQXWHV WR VHYHUDO GD\V DIWHU WUDQVIXVLRQ<br />

&OLQLFDO IHDWXUHV LQFOXGH IHYHU FRXJK DQG VKRUWQHVV RI EUHDWK<br />

&KHVW [ UD\ VKRZV SHULKLODU VKDGRZLQJ<br />

7UHDW DV $5'6<br />

'HOD\HG KDHPRO\WLF WUDQVIXVLRQ UHDFWLRQ<br />

2FFXUV GD\V DIWHU WUDQVIXVLRQ<br />

&OLQLFDO IHDWXUHV DUH XVXDOO\ PLQLPDO<br />

3RVVLEO\ XQH[SODLQHG S\UH[LD RU MDXQGLFH<br />

8QH[SODLQHG GURS LQ KDHPRJORELQ<br />

8ULQDO\VLV VKRZV XURELOLQRJHQXULD<br />

0DQDJHPHQW<br />

&KHFN /)7V FORWWLQJ DQG UHG FHOO DQWLERG\ VFUHHQ<br />

%LEOLRJUDSK\<br />

:LQNHOVWHLQ $ .LVV - ( ,PPXQRKHPDWRORJLF GLVHDVHV -$0$<br />

VXUJLFDO WXWRU RUJ XN $ IUHH RQ OLQH VXUJLFDO UHVRXUFH<br />

3HULRSHUDWLYH PDQDJHPHQW<br />

6ORRS * ' )ULHGEHUJ 5 & &RPSOLFDWLRQV RI EORRG WUDQVIXVLRQ +RZ WR UHFRJQLVH DQG UHVSRQG WR QRQ<br />

LQIHFWLRXV UHDFWLRQV 3RVWJUDG 0HG<br />

74


3RVWRSHUDWLYH SDLQ<br />

VXUJLFDO WXWRU RUJ XN $ IUHH RQ OLQH VXUJLFDO UHVRXUFH<br />

3HULRSHUDWLYH PDQDJHPHQW<br />

3DLQ LV GHILQH DV DQ XQSOHDVDQW VHQVRU\ DQG HPRWLRQDO H[SHULHQFH DVVRFLDWHG ZLWK DFWXDO RU<br />

SRWHQWLDO WLVVXH GDPDJH<br />

,W LV D FRPSOH[ SURFHVV LQIOXHQFHG E\ ERWK SK\VLRORJLFDO DQG SV\FKRORJLFDO IDFWRUV<br />

0DQDJHPHQW RI SRVW SRVWRSHUDWLYH SDLQ KDV JHQHUDOO\ EHHQ VKRZQ WR EH LQDGHTXDWH<br />

(IIHFWV RI SRVWRSHUDWLYH SDLQ<br />

3RVWRSHUDWLYH SDLQ FDQ DIIHFWV DOO RUJDQ V\VWHPV DQG LQFOXGHV<br />

5HVSLUDWRU\ UHGXFHG FRXJK DWHOHFWDVLV VSXWXP UHWHQWLRQ DQG K\SR[DHPLD<br />

&DUGLRYDVFXODU LQFUHDVHG P\RFDUGLDO R[\JHQ FRQVXPSWLRQ DQG LVFKDHPLD<br />

*DVWURLQWHVWLQDO GHFUHDVHG JDVWULF HPSW\LQJ UHGXFHG JXW PRWLOLW\ DQG FRQVWLSDWLRQ<br />

*HQLWRXULQDU\ XULQDU\ UHWHQWLRQ<br />

1HXURHQGRFULQH K\SHUJO\FDHPLD SURWHLQ FDWDEROLVP DQG VRGLXP UHWHQWLRQ<br />

0XVFXORVNHOHWDO UHGXFHG PRELOLW\ SUHVVXUH VRUHV DQG LQFUHDVHG ULVN RI '97<br />

3V\FKRORJLFDO DQ[LHW\ DQG IDWLJXH<br />

$VVHVVPHQW RI SDLQ<br />

3DLQ LV D VXEMHFWLYH H[SHULHQFH<br />

2EVHUYHU DVVHVVPHQW RI SDWLHQW EHKDYLRXU LV XQUHOLDEOH<br />

3DLQ VKRXOG EH DVVHVVHG DQG UHFRUGHG E\<br />

9LVXDO DQDORJXH VFDOHV<br />

9HUEDO QXPHULFDO UHSRUWLQJ VFDOH<br />

&DWHJRULFDO UDWLQJ VFDOH<br />

1RQ SKDUPDFRORJLFDO PHWKRGV RI SDLQ UHOLHI<br />

3UHRSHUDWLYH H[SODQDWLRQ DQG HGXFDWLRQ<br />

5HOD[DWLRQ WKHUDS\<br />

+\SQRVLV<br />

&ROG RU KHDW<br />

6SOLQWLQJ RI ZRXQGV HWF<br />

7UDQVFXWDQHRXV HOHFWULFDO QHUYH VWLPXODWLRQ 7(16<br />

3KDUPDFRORJLFDO PHWKRGV RI SDLQ UHOLHI<br />

6LPSOH DQDOJHVLD<br />

3DUDFHWDPRO LV D ZHDN DQWL LQIODPPDWRU\ DJHQW<br />

0RGXODWHV SURVWDJODQGLQ SURGXFWLRQ LQ WKH FHQWUDO QHUYRXV V\VWHP<br />

&DQ EH DGPLQLVWHUHG RUDOO\ RU UHFWDOO\<br />

%HVW WDNHQ RQ D UHJXODU UDWKHU WKDQ DV UHTXLUHG EDVLV<br />

2YHUGRVH UHVXOWV LQ KHSDWLF QHFURVLV<br />

2IWHQ FRPELQHG ZLWK ZHDN RSLDWHV H J GLK\GURFRGHLQH &R G\GUDPRO<br />

1RQ VWHURLGDO DQWL LQIODPPDWRU\ DJHQWV<br />

,QKLELW WKH HQ]\PH F\FOR R[\JHQDVH<br />

5HGXFHV SURVWDJODQGLQ SURVWDF\FOLQ DQG WKURPER[DQH SURGXFWLRQ<br />

$OVR KDYH ZHDN FHQWUDO DQDOJHVLF HIIHFW<br />

2IWHQ XVHG IRU WKHLU RSLDWH VSDULQJ HIIHFWV<br />

6LGH HIIHFWV LQFOXGH<br />

*DVWULF LUULWDWLRQ DQG SHSWLF XOFHUDWLRQ<br />

3UHFLSLWDWLRQ RI EURQFKRVSDVP LQ DVWKPDWLFV<br />

75


,PSDLUPHQW RI UHQDO IXQFWLRQ<br />

3ODWHOHW G\VIXQFWLRQ DQG EOHHGLQJ<br />

2SLDWHV<br />

VXUJLFDO WXWRU RUJ XN $ IUHH RQ OLQH VXUJLFDO UHVRXUFH<br />

3HULRSHUDWLYH PDQDJHPHQW<br />

0RVW FRPPRQO\ XVHG GUXJV DUH GLDPRUSKLQH PRUSKLQH DQG SHWKLGLQH<br />

'LDPRUSKLQH LV D SURGUXJ UDSLGO\ K\GURO\VHG WR PRUSKLQH DQG PRQRDFHW\O PRUSKLQH<br />

0RUH OLSLG VROXEOH WKDQ PRUSKLQH ZLWK JUHDWHU FHQWUDO HIIHFWV<br />

3HWKLGLQH KDV RQO\ DERXW WKH DQDOJHVLF SRWHQF\ RI PRUSKLQH<br />

$OO DFW RQ PX UHFHSWRUV LQ EUDLQ DQG VSLQDO FRUG<br />

0X UHFHSWRUV DUH UHVSRQVLEOH IRU DQDOJHVLD<br />

0X UHFHSWRUV DUH UHVSRQVLEOH IRU UHVSLUDWRU\ GHSUHVVLRQ<br />

6LGH HIIHFWV RI RSLDWHV LQFOXGH<br />

6HGDWLRQ<br />

1DXVHD DQG YRPLWLQJ<br />

9DVRGLODWDWLRQ DQG P\RFDUGLDO GHSUHVVLRQ<br />

3UXULWXV<br />

'HOD\HG JDVWULF HPSW\LQJ<br />

&RQVWLSDWLRQ<br />

8ULQDU\ UHWHQWLRQ<br />

5RXWHV RI RSLDWH DGPLQLVWUDWLRQ<br />

2UDO DYDLODEOH IRU FRGHLQH GLK\GURFRGHLQH DQG RUDPRUSK<br />

6XEFXWDQHRXV XVHIXO IRU FKURQLF SDLQ UHOLHI<br />

,QWUDPXVFXODU SURGXFHV SHDNV DQG WURXJKV LQ SDLQ UHOLHI<br />

,QWUDYHQRXV UHOLDEOH EXW FDQ SURGXFH VHGDWLRQ DQG UHVSLUDWRU\ GHSUHVVLRQ<br />

3DWLHQW FRQWUROOHG DQDOJHVLD 3&$ SDWLHQW GHWHUPLQHV RZQ DQDOJHVLF UHTXLUHPHQW<br />

/RFN RXW SHULRG SUHYHQWV DFFLGHQWDO RYHUGRVH<br />

6DIH DV VHGDWLRQ RFFXUV EHIRUH UHVSLUDWRU\ GHSUHVVLRQ<br />

(SLGXUDO RU VSLQDO<br />

/LSLG VROXEOH RSLDWHV H J IHQWDQ\O DUH QRUPDOO\ XVHG<br />

3URGXFHV JRRG DQDOJHVLD ZLWK UHGXFHG ULVN RI VLGH HIIHFWV<br />

/RFDO DQDHVWKHWLF DJHQWV DQG WHFKQLTXHV<br />

&DQ EH XVHG E\<br />

:RXQG LQILOWUDWLRQ<br />

1HUYH RU QHUYH SOH[XV EORFNDGH<br />

(SLGXUDO LQILOWUDWLRQ<br />

,QWUDWKHFDO VSLQDO DGPLQLVWUDWLRQ<br />

/LJQRFDLQH KDV UDSLG RQVHW EXW VKRUW GXUDWLRQ RI DFWLRQ<br />

%XSLYLFDLQH KDV PRUH SURORQJHG RQVHW EXW VKRUWHU GXUDWLRQ RI DFWLRQ<br />

$GUHQDOLQH DQG GHOD\ DEVRUSWLRQ DQG SURORQJ GXUDWLRQ RI DFWLRQ<br />

6KRXOG QRW EH XVHG DW VLWHV RI HQG DUWHULHV H J HDU ILQJHUV SHQLV<br />

$FW E\ UHGXFLQJ WUDQVPLVVLRQ DORQJ QHUYH ILEUHV<br />

:RUN E\ EORFNLQJ VRGLXP FKDQQHOV LQ WKH QHUYH ILEUHV<br />

%ORFN SDLQ ILEUHV ILUVW EXW FDQ DOVR UHVXOW LQ<br />

1HXURPXVFXODU EORFNDGH<br />

+\SRWHQVLRQ GXH WR V\PSDWKHWLF EORFNDGH<br />

76


3RVW RSHUDWLYH FRPSOLFDWLRQV<br />

3RVWRSHUDWLYH S\UH[LD<br />

3\UH[LD LV D FRPPRQ SUREOHP VHHQ DIWHU VXUJHU\<br />

8QGHUO\LQJ FDXVH PD\ EH LGHQWLILHG FOLQLFDOO\ GHSHQGLQJ RQ<br />

7LPH VLQFH RSHUDWLRQ<br />

7\SH RI VXUJHU\ XQGHUWDNHQ<br />

$VVRFLDWHG FOLQLFDO IHDWXUHV<br />

7LPH VLQFH RSHUDWLRQ<br />

6SHFLILF FRPSOLFDWLRQV RIWHQ RFFXU DW FHUWDLQ WLPHV DIWHU RSHUDWLRQ<br />

7KH IROORZLQJ WLPH VFDOHV VKRXOG EH UHJDUGHG DV D JXLGH DQG QRW DEVROXWH UXOHV<br />

)LUVW KRXUV<br />

6\VWHPLF UHVSRQVH WUDXPD<br />

3UH H[LVWLQJ LQIHFWLRQ<br />

WR KRXUV<br />

3XOPRQDU\ DWHOHFWDVLV<br />

&KHVW LQIHFWLRQ<br />

WR GD\V<br />

&KHVW LQIHFWLRQ<br />

:RXQG LQIHFWLRQ<br />

,QWUDSHULWRQHDO VHSVLV<br />

8ULQDU\ WUDFW LQIHFWLRQ<br />

$QDVWRPRWLF OHDN<br />

WR GD\V<br />

'HHS YHQRXV WKURPERVLV<br />

3XOPRQDU\ HPEROXV<br />

$VVHVVPHQW RI SDWLHQW<br />

VXUJLFDO WXWRU RUJ XN $ IUHH RQ OLQH VXUJLFDO UHVRXUFH<br />

3HULRSHUDWLYH PDQDJHPHQW<br />

$GHTXDWH DVVHVVPHQW UHTXLUHV D IXOO FOLQLFDO H[DPLQDWLRQ<br />

5HVSLUDWRU\ FRPSOLFDWLRQV RIWHQ DVVRFLDWHG ZLWK EUHDWKOHVVQHVV FRXJK DQG FKHVW SDLQ<br />

:RXQG LQIHFWLRQV PD\ VKRZ HU\WKHPD SXUXOHQW GLVFKDUJH RU GHKLVFHQFH<br />

$EGRPLQDO SDLQ GLVWHQVLRQ DQG LOHXV PD\ VXJJHVW D FROOHFWLRQ<br />

&DOI SDLQ DQG WHQGHUQHVV PD\ VXJJHVW D '97<br />

$SSURSULDWH FOLQLFDO VLJQV PD\ EH SUHVHQW<br />

,QYHVWLJDWLRQ<br />

8VHIXO LQYHVWLJDWLRQV PD\ LQFOXGH<br />

&KHVW [ UD\<br />

(&*<br />

$UWHULDO EORRG JDVHV<br />

9HQWLODWLRQ SHUIXVLRQ VFDQ<br />

$EGRPLQDO XOWUDVRXQG RU &7 VFDQ<br />

77


:RXQG GHKLVFHQFH<br />

$IIHFWV DERXW RI PLG OLQH ODSDURWRP\ ZRXQGV<br />

6HULRXV FRPSOLFDWLRQ ZLWK D PRUWDOLW\ RI XS WR<br />

'XH WR IDLOXUH RI ZRXQG FORVXUH WHFKQLTXH<br />

%URNHQ VXWXUHV RU VOLSSHG NQRWV<br />

,QDGHTXDWH PXVFOH ELWHV<br />

8VXDOO\ RFFXUV EHWZHHQ DQG GD\V SRVW RSHUDWLYHO\<br />

2IWHQ KHUDOGHG E\ VHURVDQJXLQRXV GLVFKDUJH IURP ZRXQG<br />

6KRXOG EH DVVXPHG WKDW WKH GHIHFW LQYROYHV WKH ZKROH RI WKH ZRXQG<br />

0DQDJHPHQW<br />

2SLDWH DQDOJHVLD<br />

6WHULOH GUHVVLQJ WR ZRXQG<br />

)OXLG UHVXVFLWDWLRQ<br />

(DUO\ UHWXUQ WR WKHDWUH<br />

5HVXWXUH XQGHU JHQHUDO DQDHVWKHVLD<br />

([DFW WHFKQLTXH LV YDULDEOH<br />

,QWHUUXSWHG RU PDVV FORVXUH ZLWK QRQ DEVRUEDEOH VXWXUHV RIWHQ XVHG<br />

7KH XVH RI GHHS WHQVLRQ VXWXUHV LV FRQWURYHUVLDO<br />

%HOLHYHG E\ VRPH WR VWUDQJXODWH PXVFOH DQG ZHDNHQ WKH FORVXUH<br />

$OVR SDLQIXO DQG DVVRFLDWHG ZLWK LQFUHDVHG ULVN RI LQIHFWLRQ<br />

VXUJLFDO WXWRU RUJ XN $ IUHH RQ OLQH VXUJLFDO UHVRXUFH<br />

3HULRSHUDWLYH PDQDJHPHQW<br />

78


3RVWRSHUDWLYH SXOPRQDU\ FRPSOLFDWLRQV<br />

3RVWRSHUDWLYH K\SR[LD<br />

/DFN RI DOYHRODU YHQWLODWLRQ<br />

+\SRYHQWLODWLRQ DLUZD\ REVWUXFWLRQ RSLDWHV<br />

%URQFKRVSDVP<br />

3QHXPRWKRUD[<br />

$UWHULRYHQRXV VKXQWLQJ FROODSVH DWHOHFWDVLV<br />

/DFN RI DOYHRODU SHUIXVLRQ<br />

9HQWLODWLRQ SHUIXVLRQ PLVPDWFK SXOPRQDU\ HPEROLVP<br />

,PSDLUHG FDUGLDF RXWSXW<br />

'HFUHDVHG DOYHRODU GLIIXVLRQ<br />

3QHXPRQLD<br />

3XOPRQDU\ RHGHPD<br />

$WHOHFWDVLV<br />

+\SR[DHPLD LV RIWHQ VHHQ GXULQJ WKH ILUVW KRXUV DIWHU PRVW PDMRU RSHUDWLRQV<br />

'XH WR D UHGXFWLRQ LQ IXQFWLRQDO UHVLGXDO FDSDFLW\<br />

6LJQLILFDQW DWHOHFWDVLV LV PRUH RIWHQ VHHQ<br />

,Q WKRVH ZLWK SUH H[LVWLQJ OXQJ GLVHDVH<br />

:LWK XSSHU UDWKHU WKDQ ORZHU DEGRPLQDO LQFLVLRQV<br />

2EHVH SDWLHQWV<br />

&LJDUHWWH VPRNHUV<br />

7KH EDVLF PHFKDQLVPV OHDGLQJ WR DWHOHFWDVLV DUH<br />

,QFUHDVHG YROXPH RI EURQFKLDO VHFUHWLRQV<br />

,QFUHDVHG YLVFRVLW\ RI VHFUHWLRQV<br />

5HGXFHG WLGDO YROXPH DQG DELOLW\ WR FRXJK<br />

&OLQLFDO IHDWXUHV<br />

VXUJLFDO WXWRU RUJ XN $ IUHH RQ OLQH VXUJLFDO UHVRXUFH<br />

3HULRSHUDWLYH PDQDJHPHQW<br />

3RVWRSHUDWLYH S\UH[LD XVXDOO\ SUHVHQWLQJ DW DERXW KRXUV<br />

2IWHQ DFFRPSDQLHG E\ WDFK\FDUGLD DQG WDFK\SQRHD<br />

([DPLQDWLRQ VKRZV UHGXFHG DLU HQWU\ GXOOQHVV RQ SHUFXVVLRQ DQG UHGXFHG EUHDWK VRXQGV<br />

; UD\ VKRZV FRQVROLGDWLRQ DQG FROODSVH<br />

7UHDWPHQW<br />

,QWHQVLYH FKHVW SK\VLRWKHUDS\<br />

1HEXOLVHG EURQFKRGLODWRUV<br />

$QWLELRWLFV IRU DVVRFLDWHG LQIHFWLRQ<br />

3QHXPRQLD<br />

1RVRFRPLDO SQHXPRQLD RFFXUV LQ RI DOO SDWLHQWV DGPLWWHG WR KRVSLWDO<br />

2FFXUV LQ RI XQYHQWLODWHG ,78 SDWLHQWV<br />

2FFXUV LQ RI YHQWLODWHG ,78 SDWLHQWV<br />

2UJDQLVPV LQYROYHG LQFOXGH<br />

*UDP QHJDWLYH EDFWHULD 3VHXGRPRQDV DHUXJLQRVD (QWHUREDFWHU<br />

6WDSK DXUHXV<br />

$QDHUREHV<br />

+DHPRSKLOXV LQIOXHQ]DH<br />

1R HYLGHQFH WKDW SURSK\ODFWLF DQWLELRWLFV UHGXFH WKH ULVN RI SQHXPRQLD<br />

79


$VSLUDWLRQ SQHXPRQLWLV<br />

VXUJLFDO WXWRU RUJ XN $ IUHH RQ OLQH VXUJLFDO UHVRXUFH<br />

3HULRSHUDWLYH PDQDJHPHQW<br />

$VSLUDWLRQ RI JDVWULF FRQWHQWV UHVXOWV LQ D FKHPLFDO SQHXPRQLWLV<br />

0RVW FRPPRQO\ VHHQ LQ DSLFDO VHJPHQWV RI ULJKW ORZHU OREH<br />

,I XQUHFRJQLVHG RU LQDGHTXDWHO\ WUHDWHG LW FDQ UHVXOW LQ D VHFRQGDU\ EDFWHULDO LQIHFWLRQ<br />

6HFRQGDU\ LQIHFWLRQ LV XVXDOO\ ZLWK JUDP QHJDWLYH DQG DQDHURELF RUJDQLVPV<br />

7UHDWPHQW<br />

7LOW WDEOH KHDG GRZQ DQG VXFN RXW SKDU\Q[<br />

&RQVLGHU LQWXEDWLRQ DQG HQGRWUDFKHDO VXFWLRQ<br />

3URSK\ODFWLF DQWLELRWLFV VKRXOG EH JLYHQ<br />

1R HYLGHQFH WKDW VWHURLGV UHGXFH LQIODPPDWRU\ UHVSRQVH<br />

%LEOLRJUDSK\<br />

80


3HULRSHUDWLYH FDUGLRYDVFXODU FRPSOLFDWLRQV<br />

&DUGLRYDVFXODU FRPSOLFDWLRQV<br />

+\SRWHQVLRQ<br />

+\SRYRODHPLD<br />

9HQWULFXODU IDLOXUH<br />

&DUGLRJHQLF VKRFN<br />

$UUK\WKPLDV<br />

&RQGXFWLRQ GHIHFWV<br />

+\SHUWHQVLRQ<br />

&DXVHV RI SHULRSHUDWLYH DUUK\WKPLDV<br />

3K\VLRORJLFDO GLVWXUEDQFHV<br />

$FLGRVLV<br />

+\SHUFDSQRHD<br />

+\SR[DHPLD<br />

(OHFWURO\WH LPEDODQFH<br />

9DJDO PDQRHXYUHV<br />

+\SRYRODHPLD<br />

3DWKRORJLFDO GLVWXUEDQFHV<br />

0\RFDUGLDO LVFKDHPLD RU LQIDUFWLRQ<br />

3XOPRQDU\ HPEROXV<br />

3KDHRFKURPRF\WRPD<br />

3KDUPDFRORJLFDO FDXVHV<br />

*HQHUDO DQDHVWKHVLD<br />

/RFDO DQDHVWKHWLF WR[LFLW\<br />

3RVLWLYH DQG QHJDWLYH LQRWURSHV<br />

&DXVHV RI SRVWRSHUDWLYH K\SHUWHQVLRQ<br />

3DLQ<br />

3UH H[LVWLQJ K\SHUWHQVLRQ<br />

+\SR[DHPLD<br />

+\SHUFDSQLD<br />

3RVLWLYH LQRWURSLF GUXJV<br />

+\SHU UHQLQDHPLD<br />

%LEOLRJUDSK\<br />

VXUJLFDO WXWRU RUJ XN $ IUHH RQ OLQH VXUJLFDO UHVRXUFH<br />

3HULRSHUDWLYH PDQDJHPHQW<br />

81


2WKHU SRVWRSHUDWLYH FRPSOLFDWLRQV<br />

&DXVHV RI SRVWRSHUDWLYH KHSDWLF G\VIXQFWLRQ<br />

,QFUHDVHG ELOLUXELQ ORDG<br />

%ORRG WUDQVIXVLRQ<br />

+DHPRO\VLV<br />

+DHPRO\WLF GLVRUGHUV<br />

$EQRUPDOLWLHV RI ELOLUXELQ PHWDEROLVP<br />

+HSDWRFHOOXODU GDPDJH<br />

3UH H[LVWLQJ KHSDWLF GLVHDVH<br />

9LUDO KHSDWLWLV<br />

6HSVLV<br />

+\SRWHQVLRQ<br />

+\SR[DHPLD<br />

'UXJ LQGXFH KHSDWLWLV<br />

&RQJHVWLYH FDUGLDF IDLOXUH<br />

*HQHUDO DQDHVWKHWLF LQGXFHG KHSDWLF QHFURVLV<br />

([WUD KHSDWLF ELOLDU\ REVWUXFWLRQ<br />

*DOOVWRQHV<br />

$VFHQGLQJ FKRODQJLWLV<br />

3DQFUHDWLWLV<br />

&RPPRQ ELOH GXFW LQMXU\<br />

&DXVHV RI SRVWRSHUDWLYH UHQDO IDLOXUH<br />

3UHUHQDO K\SRSHUIXVLRQ<br />

6KRFN K\SRYRODHPLD FDUGLRJHQLF VHSWLF<br />

5HQDO DUWHU\ GLVHDVH<br />

5HQDO GLUHFW LQMXU\<br />

$FXWH WXEXODU QHFURVLV IROORZLQJ SUHUHQDO GUXJV P\RJORELQ<br />

*ORPHUXORQHSKULWLV<br />

,QWHUVWLWLDO QHSKULWLV<br />

3RVWUHQDO REVWUXFWLRQ<br />

%ODGGHU RXWIORZ REVWUXFWLRQ<br />

6LQJOH XUHWHU FDOFXOXV WXPRXU<br />

%RWK XUHWHUV EODGGHU PDOLJQDQF\<br />

8ULQDU\ WUDFW LQIHFWLRQV<br />

RI SDWLHQWV DGPLWWHG WR KRVSLWDO KDYH D XULQDU\ FDWKHWHU LQVHUWHG<br />

5LVN RI FDWKHWHU UHODWHG LQIHFWLRQ GHSHQGV RQ<br />

$JH DQG VH[ RI SDWLHQW<br />

'XUDWLRQ RI FDWKHWHULVDWLRQ<br />

,QGLFDWLRQ IRU FDWKHWHULVDWLRQ<br />

%DFWHULDO FRORQLVDWLRQ RI FDWKHWHUV LV FRPPRQ<br />

,I FDWKHWHU UHTXLUHG IRU PRUH WKDQ ZHHNV SDWLHQWV ZLOO GHYHORS EDFWHULXULD<br />

&RPPRQHVW RUJDQLVPV DUH HQWHUREDFWHU DQG HQWHURFRFFL<br />

'RHV QRW UHTXLUH WUHDWPHQW XQOHVV SDWLHQW LV V\VWHPLFDOO\ XQZHOO<br />

,QIHFWLRQ FDQ EH SUHYHQWHG E\<br />

0DLQWDLQLQJ FORVHG GUDLQDJH V\VWHP<br />

+LJK LQIHFWLRQ FRQWURO VWDQGDUGV<br />

3UHYHQWLQJ EDFNIORZ IURP FDWKHWHU EDJ<br />

VXUJLFDO WXWRU RUJ XN $ IUHH RQ OLQH VXUJLFDO UHVRXUFH<br />

3HULRSHUDWLYH PDQDJHPHQW<br />

82


3K\VLRORJLFDO UHVSRQVH WR LQIHFWLRQ WUDXPD DQG VXUJHU\<br />

6LPLODU UHVSRQVHV VHHQ WR WUDXPD EXUQV VHSVLV DQG VXUJHU\<br />

,QYROYHV ERWK ORFDO DQG V\VWHPLF UHDFWLRQV<br />

([WHQW RI UHVSRQVH SURSRUWLRQDO WR VHYHULW\ RI LQVXOW<br />

$Q DSSURSULDWH UHVSRQVH PDLQWDLQV KRPHRVWDVLV DQG DOORZV ZRXQG KHDOLQJ<br />

$Q H[FHVVLYH UHVSRQVH FDQ SURGXFH D V\VWHPLF UHVSRQVH<br />

7KLV FDQ FDXVH WKH V\VWHPLF LQIODPPDWRU\ UHVSRQVH V\QGURPH 6,56<br />

0XOWLSOH RUJDQV G\VIXQFWLRQ V\QGURPH 02'6 FDQ UHVXOW IURP 6,56<br />

,QLWLDWLRQ RI UHVSRQVH<br />

6HYHUDO IDFWRUV FDQ LQLWLDWH WKH SK\VLRORJLFDO UHVSRQVH WR WUDXPD<br />

0XOWLSOH VLPXOWDQHRXV IDFWRUV FDQ KDYH D V\QHUJLVWLF HIIHFW<br />

,PSRUWDQW IDFWRUV DUH<br />

7LVVXH LQMXU\<br />

,QIHFWLRQ<br />

+\SRYRODHPLD<br />

+\SR[LD RU K\SHUFDUELD<br />

&RQWURO RI UHVSRQVH<br />

)RXU V\VWHPV FRQWURO WKH UHVSRQVH WR WUDXPD<br />

6\PSDWKHWLF QHUYRXV V\VWHP<br />

$FXWH SKDVH UHVSRQVH<br />

(QGRFULQH UHVSRQVH<br />

9DVFXODU HQGRWKHOLXP<br />

6\PSDWKHWLF QHUYRXV V\VWHP<br />

+DV GLUHFW DFWLRQV YLD WKH UHOHDVH RI QRUDGUHQDOLQH IURP V\PSDWKHWLF QHUYHV<br />

+DV LQGLUHFW DFWLRQ YLD WKH UHOHDVH RI DGUHQDOLQH IURP WKH DGUHQDO PHGXOOD<br />

3URGXFHV FDUGLRYDVFXODU YLVFHUDO DQG PHWDEROLF DFWLRQV<br />

%ORRG GLYHUWHG IURP VNLQ DQG YLVFHUDO RUJDQV<br />

+HDUW UDWH DQG P\RFDUGLDO FRQWUDFWLOLW\ DUH LQFUHDVHG<br />

%URQFKRGLODWLRQ RFFXUV DQG JDVWURLQWHVWLQDO PRWLOLW\ LV UHGXFHG<br />

,QVXOLQ SURGXFWLRQ LV UHGXFHG DQG JOXFDJRQV SURGXFWLRQ LQFUHDVHG<br />

,QFUHDVHG JO\FRJHQRO\VLV LQFUHDVHV EORRG VXJDU OHYHOV<br />

$FXWH SKDVH UHVSRQVH<br />

7LVVXH LQMXU\ UHVXOWV LQ F\WRNLQH UHOHDVH<br />

,PSRUWDQW F\WRNLQHV LQFOXGH 71) D ,/ ,/ ,/ LQWHUIHURQ DQG SURVWDJODQGLQV<br />

&\WRNLQHV KDYH PDLQO\ SDUDFULQH DFWLRQV<br />

,PSRUWDQW LQ UHJXODWLQJ WKH LQIODPPDWRU\ UHVSRQVH<br />

2YHUIORZ RI F\WRNLQHV LQWR V\VWHPLF FLUFXODWLRQ LV LPSRUWDQW IDFWRU LQ 6,56<br />

&\WRNLQHV VWLPXODWH WKH SURGXFWLRQ RI DFXWH SKDVH SURWHLQV VXFK DV<br />

& UHDFWLYH SURWHLQ<br />

)LEULQRJHQ<br />

&RPSOHPHQW &<br />

+DSWRJORELQ<br />

(QGRFULQH UHVSRQVH<br />

7KH K\SRWKDODPXV SLWXLWDU\ DGUHQDO D[LV LV LPSRUWDQW<br />

7UDXPD LQFUHDVHV $&7+ DQG FRUWLVRO SURGXFWLRQ<br />

6WHURLGV KDYH D SHUPLVVLYH DFWLRQ LQ PDQ\ PHWDEROLF UHVSRQVHV<br />

&DWDEROLF DFWLRQ LQFUHDVHV SURWHLQ EUHDNGRZQ<br />

VXUJLFDO WXWRU RUJ XN $ IUHH RQ OLQH VXUJLFDO UHVRXUFH<br />

3HULRSHUDWLYH PDQDJHPHQW<br />

83


,QVXOLQ DQWDJRQLVP LQFUHDVHV EORRG VXJDU OHYHOV<br />

$QWL LQIODPPDWRU\ DFWLRQV UHGXFH YDVFXODU SHUPHDELOLW\<br />

$OGRVWHURQH LQFUHDVHV VRGLXP UHDEVRUSWLRQ<br />

9DVRSUHVVLQ LQFUHDVHV ZDWHU UHDEVRUSWLRQ DQG SURGXFHV YDVRFRQVWULFWLRQ<br />

+LVWDPLQH LQFUHDVHV YDVFXODU SHUPHDELOLW\<br />

7RWDO 7 WRWDO DQG IUHH 7 OHYHOV DUH UHGXFHG<br />

9DVFXODU HQGRWKHOLXP<br />

1LWULF R[LGH SURGXFHV YDVRGLODWDWLRQ<br />

3ODWHOHW DFWLYDWLQJ IDFWRU DXJPHQWV WKH F\WRNLQH UHVSRQVH<br />

3URVWDJODQGLQV SURGXFH YDVRGLODWDWLRQ DQG LQGXFH SODWHOHW DJJUHJDWLRQ<br />

2XWFRPH RU UHVSRQVH<br />

,QIODPPDWRU\ UHVSRQVH SURGXFHV FOLQLFDOO\ DSSDUHQW ORFDO DQG V\VWHPLF HIIHFWV<br />

7KH ORFDO UHVSRQVH LV XVXDOO\ WKH FDUGLQDO VLJQV RI LQIODPPDWLRQ<br />

7KH V\VWHPLF UHVSRQVH LQFOXGHV<br />

,QFUHDVHG (&) YROXPH DQG K\SRYRODHPLD<br />

,QFUHDVHG YDVFXODU SHUPHDELOLW\ DQG RHGHPD<br />

(DUO\ UHGXFHG XULQH RXWSXW DQG LQFUHDVHG XULQH RVPRODOLW\<br />

5HGXFHG µIUHH ZDWHU FOHDUDQFH<br />

/DWH GLXUHVLV DQG LQFUHDVHG VRGLXP ORVV<br />

3\UH[LD LQ WKH DEVHQFH RI LQIHFWLRQ<br />

(DUO\ UHGXFWLRQ LQ PHWDEROLF UDWH<br />

/DWH LQFUHDVHG PHWDEROLVP QHJDWLYH QLWURJHQ EDODQFH DQG ZHLJKW ORVV<br />

/LSRO\VLV DQG NHWRVLV<br />

*OXFRQHRJHQHVLV YLD DPLQR DFLG EUHDNGRZQ<br />

5HGXFHG VHUXP DOEXPLQ<br />

+\SRQDWUDHPLD GXH WR LPSDLUHG VRGLXP SXPS DFWLRQ<br />

$FLG EDVH GLVWXUEDQFH ± XVXDOO\ D PHWDEROLF DONDORVLV RU DFLGRVLV<br />

,PPXQRVXSSUHVVLRQ<br />

+\SR[LD DQG FRDJXORSDWK\<br />

/LPLWDWLRQ RI UHVSRQVH<br />

,QIODPPDWRU\ UHVSRQVH FDQ EH OLPLWHG E\<br />

5HGXFLQJ GHJUHH RI WUDXPD ZLWK DSSURSULDWH DQG FDUHIXO VXUJHU\<br />

5HGXFLQJ LQIHFWLRQ ZLWK ZRXQG FDUH DQG DQWLELRWLFV<br />

0DLQWDLQLQJ HQWHUDO QXWULWLRQ<br />

&RQWUROOLQJ SDLQ<br />

&RUUHFWLQJ K\SRYRODHPLD<br />

&RUUHFWLQJ DFLG EDVH GLVWXUEDQFH<br />

&RUUHFWLQJ K\SR[LD<br />

%LEOLRJUDSK\<br />

)RH[ % $ 6\VWHPLF UHVSRQVH WR WUDXPD %U 0HG %XOO<br />

VXUJLFDO WXWRU RUJ XN $ IUHH RQ OLQH VXUJLFDO UHVRXUFH<br />

3HULRSHUDWLYH PDQDJHPHQW<br />

6WUHHW 6 - 3ODQN / ' +LOO * / 2YHUYLHZ RI PRGHUQ PDQDJHPHQW RI SDWLHQWV ZLWK FULWLFDO<br />

LQMXU\ RU VHYHUH VHSVLV :RUOG - 6XUJ<br />

84


$VVHVVPHQW DQG UHVXVFLWDWLRQ<br />

7UDXPD GHDWKV KDYH D WULPRGDO GLVWULEXWLRQ<br />

)LUVW SHDN<br />

:LWKLQ PLQXWHV RI LQMXU\<br />

'XH WR PDMRU QHXURORJLFDO RU YDVFXODU LQMXU\<br />

0HGLFDO WUHDWPHQW FDQ UDUHO\ LPSURYH RXWFRPH<br />

6HFRQG SHDN<br />

VXUJLFDO WXWRU RUJ XN $ IUHH RQ OLQH VXUJLFDO UHVRXUFH<br />

7UDXPD<br />

2FFXUV GXULQJ WKH JROGHQ KRXU<br />

'XH WR LQWUDFUDQLDO KDHPDWRPD PDMRU WKRUDFLF RU DEGRPLQDO LQMXU\<br />

3ULPDU\ IRFXV RI LQWHUYHQWLRQ IRU WKH $GYDQFHG 7UDXPD /LIH 6XSSRUW $7/6 PHWKRGRORJ\<br />

7KLUG SHDN<br />

2FFXUV DIWHU GD\V RU ZHHNV<br />

'XH WR VHSVLV DQG PXOWLSOH RUJDQ IDLOXUH<br />

$7/6 0HWKRGRORJ\<br />

3ULPDU\ VXUYH\ DQG UHVXVFLWDWLRQ<br />

$ $LUZD\ DQG FHUYLFDO VSLQH<br />

% %UHDWKLQJ<br />

& &LUFXODWLRQ DQG KDHPRUUKDJH FRQWURO<br />

' '\VIXQFWLRQ RI WKH FHQWUDO QHUYRXV V\VWHP<br />

( ([SRVXUH<br />

6HFRQGDU\ VXUYH\<br />

'HILQLWLYH WUHDWPHQW<br />

3ULPDU\ VXUYH\ DQG UHVXVFLWDWLRQ<br />

$LUZD\ DQG FHUYLFDO VSLQH<br />

$OZD\V DVVXPH WKDW SDWLHQW KDV FHUYLFDO VSLQH LQMXU\<br />

3ODFH LQ KDUG FROODU DQG NHHS RQ XQWLO FHUYLFDO VSLQH KDV EHHQ FOHDUHG<br />

,I SDWLHQW FDQ WDON WKHQ KH LV DEOH WR PDLQWDLQ RZQ DLUZD\<br />

,I DLUZD\ FRPSURPLVHG LQLWLDOO\ DWWHPSW D FKLQ OLIW DQG FOHDU DLUZD\ RI IRUHLJQ ERGLHV<br />

,I JDJ UHIOH[ SUHVHQW LQVHUW QDVRSKDU\QJHDO DLUZD\<br />

,I QR JDJ UHIOH[ SDWLHQW ZLOO QHHG HQGRWUDFKHDO LQWXEDWLRQ<br />

,I XQDEOH WR LQWXEDWH ZLOO UHTXLUH D FULFRWK\URLGRWRP\<br />

*LYH R[\JHQ WKURXJK D +XGVRQ PDVN<br />

%UHDWKLQJ<br />

7UDXPD<br />

&KHFN SRVLWLRQ RI WUDFKHD UHVSLUDWRU\ UDWH DQG DLU HQWU\<br />

,I FOLQLFDO HYLGHQFH RI WHQVLRQ SQHXPRWKRUD[ SODFH YHQRXV FDQQXOD WKURXJK VHFRQG LQWHUFRVWDO<br />

VSDFH LQ WKH PLG FODYLFXODU OLQH<br />

,I RSHQ FKHVW ZRXQG VHDO ZLWK RFFOXVLYH GUHVVLQJ<br />

&LUFXODWLRQ DQG KDHPRUUKDJH FRQWURO<br />

$VVHVV SXOVH FDSLOODU\ UHWXUQ DQG VWDWH RI QHFN YHLQV<br />

85


,GHQWLI\ H[VDQJXLQDWLQJ KDHPRUUKDJH DQG DSSO\ GLUHFW SUHVVXUH<br />

3ODFH WZR ODUJH FDOLEUH LQWUDYHQRXV FDQQXODV<br />

7DNH YHQRXV EORRG IRU )%& 8 ( DQG &URVV PDWFK<br />

7DNH VDPSOH IRU DUWHULDO EORRG JDVVHV<br />

*LYH LQWUDYHQRXV IOXLGV " FU\VWDOORLG "FROORLG<br />

$WWDFK SDWLHQW WR (&* PRQLWRU<br />

,QVHUW XULQDU\ FDWKHWHU<br />

'\VIXQFWLRQ<br />

$VVHVV OHYHO RI FRQVFLRXVQHVV XVLQJ $938 PHWKRG<br />

$ DOHUW 9 UHVSRQGLQJ WR YRLFH 3 UHVSRQGLQJ WR SDLQ 8 XQUHVSRQVLYH<br />

$VVHVV SXSLO VL]H HTXDOLW\ DQG UHVSRQVLYHQHVV<br />

([SRVXUH<br />

)XOO\ XQGUHVV SDWLHQWV<br />

$YRLG K\SRWKHUPLD<br />

VXUJLFDO WXWRU RUJ XN $ IUHH RQ OLQH VXUJLFDO UHVRXUFH<br />

7UDXPD<br />

86


$LUZD\ DQG YHQWLODWLRQ<br />

7KH DLUZD\ VKRXOG EH VHFXUHG DV WKH LQLWLDO DFWLRQ LQ WUDXPD UHVXVFLWDWLRQ<br />

$ FHUYLFDO VSLQH LQMXU\ VKRXOG EH DVVXPHG XQWLO SURYHQ RWKHUZLVH<br />

2[\JHQ VKRXOG EH GHOLYHUHG DW KLJK FRQFHQWUDWLRQ<br />

+\SHUFDUELD VKRXOG EH SUHYHQWHG<br />

$LUZD\ DVVHVVPHQW<br />

7KH SDWLHQW VKRXOG EH DVNHG D VLPSOH TXHVWLRQ<br />

,I KH UHVSRQGV DSSURSULDWHO\<br />

7KH DLUZD\ LV SDWHQW<br />

9HQWLODWLRQ LV LQWDFW<br />

7KH EUDLQ LV EHLQJ DGHTXDWHO\ SHUIXVHG<br />

$JLWDWLRQ LV RIWHQ D VLJQ RI K\SR[LD<br />

$LUZD\ PDQDJHPHQW<br />

7KH DLPV RI DLUZD\ PDQDJHPHQW DUH<br />

7R VHFXUH DQ LQWDFW DLUZD\<br />

7R SURWHFW D MHRSDUGLVHG DLUZD\<br />

7R SURYLGH DQ DLUZD\ ZKHQ QRQH LV DYDLODEOH<br />

7KHVH FDQ EH DFKLHYHG ZLWK EDVLF DGYDQFHG DQG VXUJLFDO WHFKQLTXHV<br />

%DVLF OLIH VXSSRUW<br />

)RUHLJQ ERGLHV VKRXOG EH UHPRYHG IURP WKH PRXWK DQG RURSKDU\Q[<br />

6HFUHWLRQV DQG EORRG VKRXOG EH UHPRYHG ZLWK VXFWLRQ<br />

$LUZD\ FDQ XVXDOO\ EH VHFXUHG ZLWK D FKLQ OLIW RU MDZ WKUXVW<br />

$Q RURSKDU\QJHDO RU QDVRSKDU\QJHDO DLUZD\ PD\ EH UHTXLUHG<br />

2[\JHQ VKRXOG EH GHOLYHUHG DW D UDWH RI O PLQ<br />

6KRXOG EH DGPLQLVWHUHG YLD D WLJKW ILWWLQJ PDVN ZLWK UHVHUYRLU H J +XGVRQ PDVN<br />

$Q )L2 RI VKRXOG EH DFKLHYDEOH<br />

$GYDQFHG PHDVXUHV<br />

,I DEVHQW JDJ UHIOH[ HQGRWUDFKHDO LQWXEDWLRQ LV UHTXLUHG<br />

,I QR FHUYLFDO VSLQH IUDFWXUH RURWUDFKHDO LQWXEDWLRQ LV SUHIHUUHG<br />

,I FHUYLFDO VSLQH LQMXU\ FDQ QRW EH H[FOXGHG FRQVLGHU QDVRWUDFKHDO LQWXEDWLRQ<br />

7KH SRVLWLRQ RI WKH WXEH VKRXOG EH FKHFNHG<br />

&RPSOLFDWLRQV LQFOXGH<br />

2HVRSKDJHDO LQWXEDWLRQ<br />

,QWXEDWLRQ RI ULJKW PDLQ EURQFKXV<br />

)DLOXUH RI LQWXEDWLRQ<br />

$VSLUDWLRQ<br />

6XUJLFDO DLUZD\V<br />

,I XQDEOH WR LQWXEDWH WKH WUDFKHD D VXUJLFDO DLUZD\ LV UHTXLUHG<br />

7KHUH DUH IHZ LQGLFDWLRQV IRU DQ HPHUJHQF\ WUDFKHRVWRP\<br />

6XUJLFDO DLUZD\ FDQ EH DFKLHYHG ZLWK D QHHGOH RU VXUJLFDO FULFRWK\URLGRWRP\<br />

1HHGOH FULFRWK\URLGRWRP\<br />

&ULFRWK\URLG PHPEUDQH LV SXQFWXUHG ZLWK D RU )U FDQQXOD<br />

&RQQHFWHG WR R[\JHQ VXSSO\ YLD D < FRQQHFWRU<br />

2[\JHQ VXSSOLHG DW D UDWH RI O PLQ<br />

-HW LQVXIIODWLRQ DFKLHYHG E\ RFFOXVLRQ RI < FRQQHFWLRQ<br />

VXUJLFDO WXWRU RUJ XN $ IUHH RQ OLQH VXUJLFDO UHVRXUFH<br />

7UDXPD<br />

87


,QVXIIODWLRQ SURYLGHG RQH VHFRQG RQ DQG IRXU VHFRQGV RII<br />

-HW LQVXIIODWLRQ FDQ UHVXOW LQ VLJQLILFDQW K\SHUFDUELD<br />

6KRXOG RQO\ EH XVHG IRU PLQXWHV<br />

6XUJLFDO FULFRWK\URLGRWRP\<br />

6PDOO LQFLVLRQ PDGH RYHU FULFRWK\URLG PHPEUDQH<br />

PP LQFLVLRQ PDGH LQ PHPEUDQH<br />

6PDOO WUDFKHRVWRP\ WXEH LQVHUWHG<br />

&RPSOLFDWLRQV RI VXUJLFDO DLUZD\V LQFOXGH<br />

$VSLUDWLRQ<br />

+DHPRUUKDJH KDHPDWRPD<br />

&HOOXOLWLV<br />

)DOVH SDVVDJH<br />

6XEJORWWLF VWHQRVLV<br />

0HGLDVWLQDO HPSK\VHPD<br />

9HQWLODWLRQ<br />

,Q WKH QRQ LQWXEDWHG SDWLHQW YHQWLODWLRQ FDQ EH DFKLHYHG ZLWK HLWKHU<br />

0RXWK WR IDFH PDVN<br />

%DJ YDOYH IDFH PDVN<br />

7KH ODWHU LV PRUH HIILFLHQW LI SHUIRUPHG ZLWK D WZR SHUVRQ WHFKQLTXH<br />

2QH PDLQWDLQV IDFH VHDO RWKHU YHQWLODWHV SDWLHQW<br />

,I HQGRWUDFKHDO LQWXEDWLRQ UHTXLUHG<br />

6KRXOG EH SHUIRUPHG ZLWK FULFRLG SUHVVXUH<br />

,I ULE IUDFWXUHV SUHVHQW QHHG WR LQVHUW FKHVW GUDLQ RQ VLGH RI LQMXU\ WR SUHYHQW SQHXPRWKRUD[<br />

%LEOLRJUDSK\<br />

VXUJLFDO WXWRU RUJ XN $ IUHH RQ OLQH VXUJLFDO UHVRXUFH<br />

7UDXPD<br />

88


+\SRYRODHPLF VKRFN<br />

*UDGHV RI K\SRYRODHPLF VKRFN<br />

*UDGH<br />

EORRG YROXPH a PO<br />

0LOG UHVWLQJ WDFK\FDUGLD<br />

*UDGH<br />

EORRG YROXPH PO<br />

0RGHUDWH WDFK\FDUGLD IDOO LQ SXOVH SUHVVXUH GHOD\HG FDSLOODU\ UHWXUQ<br />

*UDGH<br />

EORRG YROXPH PO<br />

+\SRWHQVLRQ WDFK\FDUGLD ORZ XULQH RXWSXW<br />

*UDGH<br />

EORRG YROXPH PO<br />

$V DERYH EXW ZLWK SURIRXQG K\SRWHQVLRQ<br />

)OXLG UHVXVFLWDWLRQ<br />

(DUO\ YROXPH LQWUDYDVFXODU YROXPH UHSODFHPHQW LQ WUDXPD SDWLHQWV LV HVVHQWLDO<br />

7KH LGHDO UHVXVFLWDWLRQ IOXLG LV XQFHUWDLQ<br />

7LPLQJ DQG HQG SRLQWV RI UHVXVFLWDWLRQ XQFOHDU<br />

3DFNHG UHG EORRG FHOOV<br />

3URYLGH EHVW YROXPH H[SDQVLRQ DQG R[\JHQ FDUU\LQJ FDSDFLW\<br />

1HHGV FURVV PDWFKLQJ DQG QRW LPPHGLDWHO\ DYDLODEOH<br />

'LOXWLRQDO FRDJXORSDWK\ RFFXUV ZLWK PDVVLYH WUDQVIXVLRQ<br />

&U\VWDOORLG YHUVXV FROORLG UHVXVFLWDWLRQ<br />

0RUH WKDQ UDQGRPLVHG FRQWUROOHG WULDOV RI FU\VWDOORLG YV FROORLG UHVXVFLWDWLRQ SXEOLVKHG<br />

1RQH KDV VKRZQ HLWKHU W\SH RI IOXLG WR EH DVVRFLDWHG ZLWK D UHGXFWLRQ LQ PRUWDOLW\<br />

1R VLQJOH W\SH RI FROORLG KDV EHHQ VKRZQ WR EH VXSHULRU<br />

$OEXPLQ VROXWLRQ PD\ EH DVVRFLDWHG ZLWK VOLJKW LQFUHDVH LQ PRUWDOLW\<br />

&ROORLGV FDQ PRUH UDSLGO\ FRUUHFW K\SRYRODHPLD<br />

$OVR PDLQWDLQ LQWUDYDVFXODU RQFRWLF SUHVVXUH<br />

&U\VWDOORLGV UHTXLUH ODUJH YROXPH EXW DUH HTXDOO\ HIIHFWLYH<br />

&KHDSHU DQG KDYH IHZHU DGYHUVH VLGH HIIHFWV<br />

+\SHUWRQLF VROXWLRQV<br />

6XEMHFWHG WR UHFHQW LQWHQVLYH LQYHVWLJDWLRQ<br />

&DQ UHVXVFLWDWH SDWLHQW UDSLGO\ ZLWK D UHGXFHG YROXPH RI IOXLG<br />

0D\ UHGXFH FHUHEUDO RHGHPD LQ SDWLHQWV ZLWK VHYHUH KHDG LQMXULHV<br />

2[\JHQ WKHUDSHXWLF DJHQWV<br />

&XUUHQWO\ EHLQJ H[WHQVLYHO\ LQYHVWLJDWHG LQ FOLQLFDO WULDOV<br />

1RW ZLGHO\ XVHG DW SUHVHQW RXWVLGH RI FOLQLFDO WULDOV<br />

3RWHQWLDO DGYDQWDJHV RYHU EORRG LQFOXGH<br />

)UHH SRWHQWLDO YLUDO FRQWDPLQDWLRQ<br />

/RQJHU VKHOI OLIH<br />

VXUJLFDO WXWRU RUJ XN $ IUHH RQ OLQH VXUJLFDO UHVRXUFH<br />

7UDXPD<br />

89


8QLYHUVDO $%2 FRPSDWLELOLW\<br />

6LPLODU R[\JHQ FDUU\LQJ FDSDFLW\ WR EORRG<br />

$JHQWV EHLQJ VWXGLHG LQFOXGH<br />

3HUIOXURFDUERQV<br />

+XPDQ KDHPRJORELQ VROXWLRQV<br />

3RO\PHULVHG ERYLQH KDHPRJORELQ<br />

,QWUDRVVHRXV LQIXVLRQ<br />

9HQRXV DFFHVV FDQ EH GLIILFXOW LQ WKH K\SRYRODHPLF FKLOG<br />

,I GLIILFXOW\ H[SHULHQFHG WKHQ LQWUDRVVHRXV URXWH FDQ EH XVHG DV DQ DOWHUQDWLYH<br />

0HGXOODU\ FDQDO LQ D FKLOG KDV D JRRG EORRG VXSSO\<br />

'UXJV DQG IOXLGV DUH DEVRUEHG LQWR YHQRXV VLQXVRLGV RI UHG PDUURZ<br />

5HG PDUURZ UHSODFHG E\ \HOORZ PDUURZ DIWHU \HDUV RI DJH<br />

/HVV HIIHFWLYH LQ ROGHU FKLOGUHQ<br />

6\VWHPLF GUXJ OHYHOV DUH VLPLODU WR WKRVH DFKLHYHG YLD WKH LQWUDYHQRXV URXWH<br />

7HFKQLTXH LV JHQHUDOO\ VDIH ZLWK IHZ FRPSOLFDWLRQV<br />

,QGLFDWLRQV<br />

0DMRU WUDXPD<br />

([WHQVLYH EXUQV<br />

&DUGLRSXOPRQDU\ DUUHVW<br />

6HSWLF VKRFN<br />

&RQWUDLQGLFDWLRQV<br />

,SVLODWHUDO ORZHU OLPE IUDFWXUH<br />

9DVFXODU LQMXU\<br />

7HFKQLTXH<br />

,QWUDRVVHRXV DFFHVV DFKLHYHG ZLWK VSHFLDOO\ GHVLJQHG QHHGOHV<br />

6KRUW VKDIW DOORZV DFFXUDWH SODFHPHQW ZLWKLQ WKH PHGXOODU\ FDQDO<br />

+DQGOH DOORZV FRQWUROOHG SUHVVXUH GXULQJ LQWURGXFWLRQ<br />

8VXDOO\ LQVHUWHG LQWR DQWHUR PHGLDO ERUGHU RI WLELD FP EHORZ WLELDO WXEHUFOH<br />

&RUUHFW SODFHPHQW FKHFNHG E\ DVSLUDWLRQ RI ERQH PDUURZ<br />

%RWK IOXLGV DQG GUXJV FDQ EH DGPLQLVWHUHG<br />

)OXLG RIWHQ QHHGV WR EH DGPLQLVWHUHG XQGHU SUHVVXUH<br />

2QFH YHQRXV DFFHVV DFKLHYHG LQWUDRVVHRXV QHHGOH FDQ EH UHPRYHG<br />

&RPSOLFDWLRQV<br />

&RPSOLFDWLRQV DUH UDUH<br />

1HHGOHV DUH LQFRUUHFWO\ SODFHG RU GLVSODFHG LQ DERXW SDWLHQWV<br />

&RPSOLFDWLRQV LQFOXGH<br />

7LELDO IUDFWXUH<br />

&RPSDUWPHQW V\QGURPH<br />

)DW HPEROLVP<br />

6NLQ QHFURVLV<br />

2VWHRP\HOLWLV<br />

%LEOLRJUDSK\<br />

VXUJLFDO WXWRU RUJ XN $ IUHH RQ OLQH VXUJLFDO UHVRXUFH<br />

7UDXPD<br />

&KRL 3 7


(YDQV 5 - 0F&DEH 0 7KRPDV 5 ,QWUDRVVHRXV LQIXVLRQ %U - +RVS 0HG<br />

:KLQQH\ 5 5<br />

&ULW &DUH<br />

&RKQ 6 0 =DFXU 6 - )OXLG UHVXVFLWDWLRQ IRU WUDXPD SDWLHQWV LQ WKH<br />

VXUJLFDO WXWRU RUJ XN $ IUHH RQ OLQH VXUJLFDO UHVRXUFH<br />

7UDXPD<br />

VW FHQWXU\ &XUU 2S<br />

91


&KHVW DEGRPHQ DQG SHOYLV<br />

&KHVW WUDXPD<br />

3ULPDU\ VXUYH\ FKHVW LQMXULHV<br />

$LUZD\ REVWUXFWLRQ<br />

7HQVLRQ SQHXPRWKRUD[<br />

2SHQ SQHXPRWKRUD[<br />

0DVVLYH KDHPRWKRUD[<br />

)ODLO FKHVW<br />

&DUGLDF WDPSRQDGH<br />

6HFRQGDU\ VXUYH\ FKHVW LQMXULHV<br />

3XOPRQDU\ FRQWXVLRQ<br />

0\RFDUGLDO FRQWXVLRQ<br />

$RUWLF GLVUXSWLRQ<br />

7UDXPDWLF GLDSKUDJPDWLF KHUQLD<br />

7UDFKHREURQFKLDO GLVUXSWLRQ<br />

2HVRSKDJHDO GLVUXSWLRQ<br />

0DQDJHPHQW RI WKH XQVWDEOH SDWLHQW<br />

,QGLFDWLRQV IRU HPHUJHQF\ URRP WKRUDFRWRP\<br />

$FXWH SHULFDUGLDO WDPSRQDGH XQUHVSRQVLYH WR FDUGLDF PDVVDJH<br />

([VDQJXLQDWLQJ LQWUD WKRUDFLF KDHPRUUKDJH<br />

,QWUD DEGRPLQDO KDHPRUUKDJH UHTXLULQJ DRUWLF FURVV FODPSLQJ<br />

1HHG IRU LQWHUQDO FDUGLDF PDVVDJH<br />

,QGLFDWLRQV IRU XUJHQW WKRUDFRWRP\<br />

&KHVW GUDLQDJH ! PO RU ! PO SHU KRXU<br />

/DUJH XQHYDFXDWHG FORWWHG KDHPRWKRUD[<br />

'HYHORSLQJ FDUGLDF WDPSRQDGH<br />

&KHVW ZDOO GHIHFW<br />

0DVVLYH DLU OHDN GHVSLWH DGHTXDWH GUDLQDJH<br />

3URYHQ JUHDW YHVVHO LQMXU\ RQ DQJLRJUDSK\<br />

3URYHQ RHVRSKDJHDO LQMXU\<br />

3URYHQ GLDSKUDJPDWLF ODFHUDWLRQ<br />

7UDXPDWLF VHSDO RU YDOYXODU LQMXU\ RI WKH KHDUW<br />

+DHPRWKRUD[<br />

&RPPRQ DIWHU ERWK SHQHWUDWLQJ DQG EOXQW WUDXPD<br />

3OHXUDO FDYLW\ FDQ KROG XS WR OLWUHV RI EORRG<br />

2QH OLWUH PD\ DFFXPXODWH EHIRUH DSSDUHQW RQ FKHVW [ UD\<br />

GXH WR LQMXU\ WR LQWHUQDO PDPPDU\ RU LQWHUFRVWDO YHVVHOV<br />

IURP SXOPRQDU\ YDVFXODWXUH<br />

%OHHGLQJ XVXDOO\ VWRSV ZKHQ OXQJ UH H[SDQGHG<br />

0RVW UHTXLUH QR PRUH WKDQ VLPSOH FKHVW GUDLQDJH<br />

3HULFDUGLDO WDPSRQDGH<br />

0DMRU FRPSOLFDWLRQ RI SHQHWUDWLQJ FKHVW WUDXPD<br />

+DHPRSHULFDUGLXP SUHYHQWV GLDVWROLF ILOOLQJ RI WKH KHDUW<br />

VXUJLFDO WXWRU RUJ XN $ IUHH RQ OLQH VXUJLFDO UHVRXUFH<br />

7UDXPD<br />

92


&ODVVLF VLJQV DUH %HFN V WULDG<br />

+\SRWHQVLRQ<br />

9HQRXV GLVWHQVLRQ<br />

0XIIOHG KHDUW VRXQGV<br />

0D\ EH DVVRFLDWHG ZLWK SXOVXV SDUDGR[XV<br />

&KHVW [ UD\ VKRZV D JOREXODU KHDUW<br />

8QVWDEOH SDWLHQW UHTXLUHV XUJHQW WKRUDFRWRP\<br />

,Q VWDEOH SDWLHQW GLDJQRVLV FDQ EH FRQILUPHG E\<br />

(FKRFDUGLRJUDSK\<br />

3HULFDUGLRFHQWHVLV<br />

6XE[LSKRLG SHULFDUGLRWRP\ LV ERWK D GLDJQRVWLF DQG WKHUDSHXWLF SURFHGXUH<br />

%LEOLRJUDSK\<br />

VXUJLFDO WXWRU RUJ XN $ IUHH RQ OLQH VXUJLFDO UHVRXUFH<br />

7UDXPD<br />

93


3QHXPRWKRUD[<br />

3QHXPRWKRUD[ LV WKH SUHVHQFH RI DLU ZLWKLQ WKH SOHXUDO VSDFH<br />

'XH WR GLVUXSWLRQ RI SDULHWDO YLVFHUDO RU PHGLDVWLQDO SOHXUD<br />

0D\ DOVR RFFXU IURP VSRQWDQHRXV UXSWXUH RI VXESOHXUDO EOHE<br />

$ WHQVLRQ SQHXPRWKRUD[ RFFXUV ZKHQ SOHXUD IRUP D RQH ZD\ IODS YDOYH<br />

7HQVLRQ SQHXPRWKRUD[ LV D PHGLFDO HPHUJHQF\<br />

&ODVVLILFDWLRQ<br />

6SRQWDQHRXV SQHXPRWKRUD[<br />

3ULPDU\ QR LGHQWLILDEOH SDWKRORJ\<br />

6HFRQGDU\ XQGHUO\LQJ SXOPRQDU\ GLVRUGHU<br />

&DWDPHQLDO<br />

7UDXPDWLF<br />

%OXQW RU SHQHWUDWLQJ WKRUDFLF WUDXPD<br />

,DWURJHQLF<br />

3RVWRSHUDWLYH<br />

0HFKDQLFDO YHQWLODWLRQ<br />

7KRUDFRFHQWHVLV<br />

&HQWUDO YHQRXV FDQQXODWLRQ<br />

3ULPDU\ VSRQWDQHRXV SQHXPRWKRUD[<br />

8VXDOO\ RFFXUV LQ \RXQJ KHDOWK\ DGXOW PHQ<br />

SDWLHQWV DUH OHVV WKDQ \HDUV ROG<br />

0DOH IHPDOH UDWLR LV<br />

%LODWHUDO LQ RI FDVHV<br />

2FFXUV DV UHVXOW RI UXSWXUH RI DQ DFTXLUHG VXESOHXUDO EOHE<br />

%OHEV KDYH QR HSLWKHOLDO OLQLQJ DQG DULVH IURP UXSWXUH RI WKH DOYHRODU ZDOO<br />

$SLFDO EOHEV IRXQG LQ RI SDWLHQWV XQGHUJRLQJ WKRUDFRWRP\<br />

)UHTXHQF\ RI VSRQWDQHRXV SQHXPRWKRUD[ LQFUHDVHV DIWHU HDFK HSLVRGH<br />

0RVW UHFXUUHQFHV RFFXU ZLWKLQ \HDUV RI WKH LQLWLDO HSLVRGH<br />

6HFRQGDU\ VSRQWDQHRXV SQHXPRWKRUD[<br />

$FFRXQWV IRU RI VSRQWDQHRXV SQHXPRWKRUDFHV<br />

FDQ EH GXH WR<br />

&KURQLF REVWUXFWLYH SXOPRQDU\ GLVHDVH ZLWK EXOOD IRUPDWLRQ<br />

,QWHUVWLWLDO OXQJ GLVHDVH<br />

3ULPDU\ DQG PHWDVWDWLF QHRSODVPV<br />

(KOHUV 'DQORV V\QGURPH<br />

0DUIDQ V V\QGURPH<br />

7UDXPDWLF SQHXPRWKRUD[<br />

&DQ UHVXOW IURP HLWKHU EOXQW RU SHQHWUDWLQJ WUDXPD<br />

7UDFKHREURQFKLDO DQG RHVRSKDJHDO LQMXULHV FDQ FDXVH ERWK PHGLDVWLQDO HPSK\VHPD DQG<br />

SQHXPRWKRUD[<br />

,DWURJHQLF SQHXPRWKRUD[ LV FRPPRQ<br />

2FFXUV DIWHU<br />

3QHXPRQHFWRP\<br />

7KRUDFRFHQWHVLV<br />

VXUJLFDO WXWRU RUJ XN $ IUHH RQ OLQH VXUJLFDO UHVRXUFH<br />

7UDXPD<br />

94


+LJK SUHVVXUH PHFKDQLFDO YHQWLODWLRQ<br />

6XEFODYLDQ YHQRXV FDQQXODWLRQ<br />

&OLQLFDO IHDWXUHV<br />

3UHGRPLQDQW V\PSWRP LV DFXWH SOHXULWLF FKHVW SDLQ<br />

'\VSQRHD UHVXOWV IRUP SXOPRQDU\ FRPSUHVVLRQ<br />

6\PSWRPV DUH SURSRUWLRQDO WR WKH VL]H RI WKH SQHXPRWKRUD[<br />

$OVR GHSHQG RQ WKH GHJUHH RI SXOPRQDU\ UHVHUYH<br />

3K\VLFDO VLJQV LQFOXGH<br />

7DFK\SQRHD<br />

,QFUHDVHG UHVRQDQFH<br />

$EVHQW EUHDWK VRXQGV<br />

,Q D WHQVLRQ SQHXPRWKRUD[<br />

7KH SDWLHQW PD\ EH K\SRWHQVLYH ZLWK DFXWH UHVSLUDWRU\ GLVWUHVV<br />

7KH WUDFKHD PD\ EH VKLIWHG DZD\ IURP WKH DIIHFWHG VLGH<br />

1HFN YHLQV PD\ EH HQJRUJHG<br />

'LDJQRVLV FDQ EH FRQILUPHG ZLWK D FKHVW [ UD\<br />

0DQDJHPHQW<br />

6SRQWDQHRXV SQHXPRWKRUD[<br />

VXUJLFDO WXWRU RUJ XN $ IUHH RQ OLQH VXUJLFDO UHVRXUFH<br />

7UDXPD<br />

'HSHQGV V\PSWRPV DQG WKH UDGLRORJLFDO VL]H RI WKH SQHXPRWKRUD[<br />

6PDOO DV\PSWRPDWLF SQHXPRWKRUDFHV PD\ VLPSO\ EH IROORZHG ZLWK VHULDO FKHVW [ UD\V<br />

,I GUDLQDJH UHTXLUHG D FKHVW GUDLQ VKRXOG EH LQVHUWHG<br />

7KURXJK WKH WK LQWHUFRVWDO VSDFH<br />

-XVW DERYH WKH XSSHU ERUGHU RI WKH ULE<br />

%OXQW LQVHUWLRQ UDWKHU WKDQ XVLQJ WKH WURFDU VKRXOG EH XVHG<br />

3RVLWLRQ VKRXOG EH FKHFNHG ZLWK D FKHVW [ UD\<br />

6KRXOG EH FRQQHFWHG WR DQ XQGHUZDWHU VHDO SODFHG EHORZ WKH OHYHO RI WKH SDWLHQW<br />

7HQVLRQ SQHXPRWKRUD[<br />

3URSK\ODFWLF FKHVW GUDLQV VKRXOG EH LQVHUWHG LQ SDWLHQWV ZLWK ULE IUDFWXUHV SULRU WR YHQWLODWLRQ<br />

7HQVLRQ SQHXPRWKRUD[ UHTXLUHV LPPHGLDWH QHHGOH DVSLUDWLRQ<br />

,QVHUWHG DQWHULRUO\ WKURXJK WKH QG LQWHUFRVWDO VSDFH<br />

&KHVW GUDLQ FDQ WKHQ EH LQVHUWHG<br />

6XUJHU\<br />

6XUJHU\ LV UHTXLUHG IRU<br />

$LU OHDN SHUVLVWLQJ IRU PRUH WKDQ GD\V<br />

)DLOXUH RI OXQJ UH H[SDQVLRQ<br />

5HFXUUHQW VSRQWDQHRXV SQHXPRWKRUD[<br />

6XUJLFDO RSWLRQV LQFOXGH<br />

3DUWLDO SOHXUHFWRP\<br />

2SHUDWLYH DEUDVLRQ RI SOHXUDO OLQLQJ<br />

5HVHFWLRQ RI SXOPRQDU\ EXOODH<br />

3RRU ULVN SDWLHQWV PD\ EHQHILW IURP FKHPLFDO SOHXURGHVLV ZLWK WHWUDF\FOLQH<br />

%LEOLRJUDSK\<br />

%DXPDQQ 0 + 6WUDQJH & 7UHDWPHQW RI VSRQWDQHRXV SQHXPRWKRUD[ &KHVW<br />

95


&KHVW GUDLQV<br />

&KHVW GUDLQ LV D FRQGXLW WR UHPRYH DLU RU IOXLG IURP WKH SOHXUDO FDYLW\<br />

7KH IOXLG FDQ EH EORRG SXV RU D SOHXUDO HIIXVLRQ<br />

$OORZV UH H[SDQVLRQ RI WKH XQGHUO\LQJ OXQJ<br />

0XVW SUHYHQW HQWU\ RI DLU RU GUDLQHG IOXLG EDFN LQWR WKH FKHVW<br />

$ FKHVW GUDLQ PXVW WKHUHIRUH KDYH WKUHH FRPSRQHQWV<br />

$Q XQREVWUXFWHG FKHVW GUDLQ<br />

$ FROOHFWLQJ FRQWDLQHU EHORZ FKHVW OHYHO<br />

$ RQH ZD\ PHFKDQLVP VXFK DV ZDWHU VHDO RU +HLPOLFK YDOYH<br />

0HFKDQLVP RI DFWLRQ<br />

'UDLQDJH RFFXUV GXULQJ H[SLUDWLRQ ZKHQ SOHXUDO SUHVVXUH LV SRVLWLYH<br />

)OXLG ZLWKLQ SOHXUDO FDYLW\ GUDLQV LQWR ZDWHU VHDO<br />

$LU EXEEOHV WKURXJK ZDWHU VHDO WR RXWVLGH ZRUOG<br />

7KH OHQJWK RI GUDLQ EHORZ IOXLG OHYHO LV LPSRUWDQW<br />

,I JUHDWHU WKDQ FPV LQFUHDVHV UHVLVWDQFH WR DLU GUDLQDJH<br />

)LJXUH 3ULQFLSOHV RI D FKHVW GUDLQ<br />

,QVHUWLRQ<br />

8QOHVV HPHUJHQF\ VLWXDWLRQ WKHQ SUH SURFHGXUH FKHVW [ UD\ VKRXOG EH SHUIRUPHG<br />

'UDLQ XVXDOO\ LQVHUWHG XQGHU ORFDO DQDHVWKHVLD XVLQJ DVHSWLF WHFKQLTXH<br />

,QVHUWHG LQ WK LQWHUFRVWDO VSDFH LQ PLG D[LOODU\ OLQH<br />

,QVHUWHG RYHU XSSHU ERUGHU RI ULE WR DYRLG LQWHUFRVWDO YHVVHOV DQG QHUYHV<br />

%OXQW GLVVHFWLRQ DQG LQVHUWLRQ RI ILQJHU VKRXOG HQVXUH WKDW SOHXUDO FDYLW\ LV HQWHUHG<br />

8VHG WR EH WDXJKW WKDW<br />

7R GUDLQ IOXLG LW VKRXOG EH LQVHUWHG WR EDVH RI SOHXUDO FDYLW\<br />

7R GUDLQ DLU LW VKRXOG EH LQVHUWHG WRZDUGV DSH[ RI OXQJ<br />

3UREDEO\ GRHV QRW PDWWHU SURYLGHG WKHUH LV QR ORFXODWLRQ RI IOXLG ZLWKLQ SOHXUDO FDYLW\<br />

$ ODUJH GUDLQ )U RU DERYH VKRXOG EH XVHG WR GUDLQ EORRG RU SXV<br />

VXUJLFDO WXWRU RUJ XN $ IUHH RQ OLQH VXUJLFDO UHVRXUFH<br />

7UDXPD<br />

96


'UDLQ VKRXOG EH DQFKRUHG DQG SXUVH VWULQJ RU = VWLWFK LQVHUWHG LQ DQWLFLSDWLRQ RI UHPRYDO<br />

'RHV DQG GRQWV RI FKHVW GUDLQV<br />

$YRLG FODPSLQJ RI GUDLQ DV LW FDQ UHVXOW LQ D WHQVLRQ SQHXPRWKRUD[<br />

'UDLQ VKRXOG RQO\ EH FODPSHG ZKHQ FKDQJLQJ WKH ERWWOH<br />

$OZD\V NHHS GUDLQ EHORZ WKH OHYHO RI WKH SDWLHQW<br />

,I OLIWHG DERYH FKHVW OHYHO FRQWHQWV RI GUDLQ FDQ VLSKRQ EDFN LQWR FKHVW<br />

,I GLVFRQQHFWLRQ RFFXUV UHFRQQHFW DQG DVN SDWLHQW WR FRXJK<br />

,I SHUVLVWHQW DLU OHDN FRQVLGHU ORZ SUHVVXUH VXFWLRQ<br />

2EVHUYH IRU SRVW H[SDQVLRQ SXOPRQDU\ RHGHPD<br />

5HPRYDO<br />

5HPRYH GUDLQ DV VRRQ DV LW KDV VHUYHG LW SXUSRVH<br />

)RU D VLPSOH SQHXPRWKRUD[ LW FDQ RIWHQ EH UHPRYHG ZLWKLQ KRXUV<br />

7R UHPRYH GUDLQ DVN SDWLHQW WR SHUIRUP D 9DOVDOYD PDQRHXYUH<br />

5HPRYH GUDLQ DW WKH KHLJKW RI H[SLUDWLRQ<br />

7LH WR SUH LQVHUWHG SXUVH VWULQJ RU = VWLWFK<br />

3HUIRUP D SRVW SURFHGXUH FKHVW [ UD\ WR H[FOXGH D SQHXPRWKRUD[<br />

%LEOLRJUDSK\<br />

3DUU\ * : 0RUJDQ : ( 6DODPD ) ' 0DQDJHPHQW RI KDHPRWKRUD[ $QQ 5 &ROO 6XUJ (QJ<br />

7RPOLQVRQ 0 $ 7UHDVXUH 7 ,QVHUWLRQ RI D FKHVW GUDLQ +RZ WR GR LW %U - +RVS 0HG<br />

VXUJLFDO WXWRU RUJ XN $ IUHH RQ OLQH VXUJLFDO UHVRXUFH<br />

7UDXPD<br />

97


$EGRPLQDO WUDXPD<br />

,QGLFDWLRQV IRU ODSDURWRP\<br />

8QH[SODLQHG VKRFN<br />

5LJLG VLOHQW DEGRPHQ<br />

(YLVFHUDWLRQ<br />

5DGLRORJLFDO HYLGHQFH RI LQWUDSHULWRQHDO JDV<br />

5DGLRORJLFDO HYLGHQFH RI UXSWXUHG GLDSKUDJP<br />

*XQVKRW ZRXQGV<br />

3RVLWLYH UHVXOW RQ SHULWRQHDO ODYDJH<br />

,PDJLQJ<br />

(LWKHU &7 RU XOWUDVRXQG FDQ EH XVHG IRU WKH DVVHVVPHQW RI DEGRPLQDO WUDXPD<br />

&7 VFDQQLQJ LV SUHIHUUHG PHWKRG EXW UHTXLUHV SDWLHQW WR EH FDUGLRYDVFXODUO\ VWDEOH<br />

8OWUDVRXQG KDV KLJK VSHFLILFLW\<br />

,W GRHV KRZHYHU KDYH D ORZ VHQVLWLYLW\ IRU WKH GHWHFWLRQ RI<br />

)UHH IOXLG<br />

9LVFHUDO GDPDJH<br />

3HULWRQHDO ODYDJH<br />

,QGLFDWLRQV<br />

(TXLYRFDO FOLQLFDO H[DPLQDWLRQ<br />

'LIILFXOW\ LQ DVVHVVLQJ SDWLHQW DOFRKRO GUXJV KHDG LQMXU\ HWF<br />

3HUVLVWHQW K\SRWHQVLRQ GHVSLWH DGHTXDWH IOXLG UHVXVFLWDWLRQ<br />

0XOWLSOH LQMXULHV<br />

6WDE ZRXQGV ZKHUH WKH SHULWRQHXP LV EUHDFKHG<br />

0HWKRG<br />

(QVXUH WKDW FDWKHWHU DQG 1*7 DUH LQ SODFH<br />

8QGHU /$ PDNH YHUWLFDO VXE XPELOLFDO LQFLVLRQ GLYLGLQJ OLQHD DOED<br />

,QFLVH SHULWRQHXP DQG LQVHUW SHULWRQHDO GLDO\VLV FDWKHWHU<br />

$VSLUDWH DQ\ IUHH EORRG RU HQWHULF FRQWHQWV<br />

,I QR EORRG DVSLUDWHG LQIXVH / RI QRUPDO VDOLQH DQG DOORZ PLQ WR HTXLOLEUDWH<br />

3ODFH GUDLQDJH EDJ RQ IORRU DQG DOORZ WR GUDLQ<br />

6HQG PO WR ODERUDWRU\ IRU PHDVXUHPHQW RI 5%& :&& DQG PLFURELRORJLFDO H[DPLQDWLRQ<br />

3RVLWLYH UHVXOW<br />

5HG FHOO FRXQW ! PP<br />

:KLWH FHOO FRXQW ! PP<br />

3UHVHQFH RI ELOH EDFWHULD RU IDHFDO PDWHULDO<br />

'DPDJH &RQWURO 6XUJHU\<br />

)ROORZLQJ PXOWLSOH WUDXPD SRRU RXWFRPH LV VHHQ LQ WKRVH ZLWK<br />

+\SRWKHUPLD FRDJXORSDWK\ DQG VHYHUH DFLGRVLV<br />

3URORQJHG VXUJHU\ FDQ H[DFHUEDWH WKHVH IDFWRUV<br />

$V D UHVXOW WKH FRQFHSW RI GDPDJH FRQWURO VXUJHU\ KDV EHHQ GHYHORSHG<br />

6XJJHVWV WKDW LQ WKH HDUO\ PDQDJHPHQW RI PDMRU DEGRPLQDO WUDXPD VXUJHU\ VKRXOG DLP WR<br />

&RQWURO KDHPRUUKDJH ZLWK OLJDWLRQ RI YHVVHOV DQG SDFNLQJ<br />

&RQWURO FRQWDPLQDWLRQ ZLWK FODPSV DQG VWDSOLQJ GHYLFHV<br />

VXUJLFDO WXWRU RUJ XN $ IUHH RQ OLQH VXUJLFDO UHVRXUFH<br />

7UDXPD<br />

98


7KLV VKRXOG EH IROORZHG E\ D SHULRG RI VWDELOLVDWLRQ RQ WKH LQWHQVLYH FDUH XQLW<br />

3ODQQHG UH ODSDURWRP\ DW KRXUV DOORZV<br />

'HILQLWLYH WUHDWPHQW RI LQMXULHV<br />

5HVWRUDWLRQ RI LQWHVWLQDO FRQWLQXLW\<br />

7KLV DSSURDFK KDV EHHQ VKRZQ WR EH DVVRFLDWHG ZLWK D UHGXFHG PRUWDOLW\<br />

%LEOLRJUDSK\<br />

%URRNHV $ - 5RZODQGV % - %OXQW DEGRPLQDO LQMXULHV %ULW 0HG %XOO<br />

3DUNV 5 : &KU\VRV ( 'LDPRQG 7 0DQDJHPHQW RI OLYHU WUDXPD %U - 6XUJ<br />

6WHQJHO ' %DXZHQV - 6HKRXOL - HW DO 6\VWHPLF UHYLHZ DQG PHWD DQDO\VLV RI HPHUJHQF\<br />

XOWUDVRQRJUDSK\ IRU EOXQW DEGRPLQDO WUDXPD %U - 6XUJ<br />

VXUJLFDO WXWRU RUJ XN $ IUHH RQ OLQH VXUJLFDO UHVRXUFH<br />

7UDXPD<br />

99


5HQDO WUDXPD<br />

,Q 8. RI UHQDO LQMXULHV UHVXOW IURP EOXQW WUDXPD<br />

,VRODWHG UHQDO WUDXPD LV XQFRPPRQ<br />

$ERXW KDYH DVVRFDLWHG LQWUD DEGRPLQDO LQMXULHV<br />

'LUHFW WUDXPD FUXVKHV NLGQH\ DJDLQVW ULEV<br />

,QGLUHFW WUDXPD FDQ UHVXOW LQ YDVFXODU RU SHOYLXUHWHULF GLVUXSWLRQ<br />

&OLQLFDO IHDWXUHV<br />

/RLQ RU DEGRPLQDO DEUDVLRQV RU EUXLVLQJ<br />

/RLQ WHQGHUQHVV<br />

/RVV RI ORLQ FRQWRXU<br />

/RLQ PDVV<br />

0DFURVFRSLF KDHPDWXULD FORW FROLF<br />

$ UHQDO SHGLFOH LQMXU\ LV SRVVLEOH LQ WKH DEVHQFH RI KDHPDWXULD<br />

,PDJLQJ<br />

7KH DLPV RI LPDJLQJ DUH WR<br />

$VVHVV H[WHQW RI LQMXU\<br />

'HWHUPLQH IXQFWLRQ RI FRQWUDODWHUDO NLGQH\<br />

3ODLQ UDGLRJUDSK PD\ VKRZ ULE IUDFWXUHV ORVV RI SVRDV VKDGRZ DQG UHQDO RXWOLQH<br />

6WDEOH SDWLHQWV ZLWK PLFURVFRSLF KDHPDWXULD GR QRW UHTXLUH DQ ,98<br />

,98 ZLOO GHWHFW H[WUDYDVDWLRQ RI XULQH DQG GLVWRUWLRQ RI FDOLFHDO V\VWHP<br />

3URYLGHV D FUXGH LQGH[ RI UHQDO IXQFWLRQ<br />

)DLOXUH RI H[FUHWLRQ VXJJHVWV UHQDO SHGLFOH LQMXU\ DQG QHHG IRU DQJLRJUDSK\<br />

8OWUDVRXQG ZLOO LGHQWLI\ KDHPDWRPDV DQG SHULUHQDO FROOHFWLRQV<br />

&ODVVLILFDWLRQ<br />

&ODVV , 5HQDO FRQWXVLRQ RU FRQWDLQHG VXEFDSVXODU KDHPDWRPD<br />

&ODVV ,, &RUWLFDO ODFHUDWLRQ ZLWKRXW XULQDU\ H[WUDYDVDWLRQ<br />

&ODVV ,,, 3DUHQFK\PDO OHVLRQ H[WHQGLQJ PRUH WKDQ FP LQWR UHQDO VXEVWDQFH<br />

&ODVV ,9 /DFHUDWLRQ H[WHQGLQJ DFURVV FRUWLFR PHGXOODU\ MXQFWLRQ<br />

&ODVV 9 5HQDO IUDJPHQWDWLRQ RU UHQR YDVFXODU SHGLFOH LQMXU\<br />

0DQDJHPHQW<br />

LQMXULHV DUH PLQRU &ODVV , ,, DQG FDQ EH PDQDJHG FRQVHUYDWLYHO\<br />

(DUO\ VXUJLFDO LQWHUYHQWLRQ LV UHTXLUHG IRU<br />

5HQR YDVFXODU SHGLFOH LQMXU\<br />

3HOYLXUHWHULF MXQFWLRQ GLVUXSWLRQ<br />

6KRFN ZLWK VLJQV RI LQWUDSHULWRQHDO RU UHWURSHULWRQHDO WUDXPD<br />

6XUJHU\ VKRXOG EH SHUIRUPHG WKURXJK D PLGOLQH LQFLVLRQ DQG WUDQVSHULWRQHDO DSSURDFK<br />

&RQWURO RI WKH UHQDO SHGLFOH VKRXOG EH REWDLQHG EHIRUH WKH UHWURSHULWRQHDO KDHPDWRPD LV<br />

RSHQHG<br />

6XUJLFDO SULRULWLHV DUH<br />

6DYH OLNH HDUO\ QHSKUHFWRP\ PD\ EH UHTXLUHG<br />

5HPRYH GHYLWDOLVHG WLVVXH<br />

3UHVHUYH UHQDO IXQFWLRQ FRQVLGHU SDUWLDO QHSKUHFWRP\ LI SRVVLEOH<br />

5HSDLU DQG GUDLQ FROOHFWLQJ V\VWHP<br />

VXUJLFDO WXWRU RUJ XN $ IUHH RQ OLQH VXUJLFDO UHVRXUFH<br />

7UDXPD<br />

100


DWH FRPSOLFDWLRQV<br />

+\SHUWHQVLRQ<br />

$UWHULRYHQRXV ILVWXOD<br />

+\GURQHSKURVLV<br />

3VHXGRF\VW RU FDOFXOL IRUPDWLRQ<br />

&KURQLF S\HORQHSKULWLV<br />

/RVV RI UHQDO IXQFWLRQ<br />

%LEOLRJUDSK\<br />

*RRGDFUH % YDQ 6RQQHQEHUJ ( 5DGLRORJLF HYDOXDWLRQ RI UHQDO WUDXPD - ,QWHQVLYH &DUH 0HG<br />

VXUJLFDO WXWRU RUJ XN $ IUHH RQ OLQH VXUJLFDO UHVRXUFH<br />

7UDXPD<br />

101


RZHU XULQDU\ WUDFW WUDXPD<br />

0DQDJHPHQW LV FRQWURYHUVLDO DQG RIWHQ FRQIXVLQJ<br />

,Q PXOWLSO\ LQMXUHG SDWLHQW WKHUH DUH WKH FRQIOLFWLQJ SULRULWLHV RI<br />

0RQLWRULQJ XULQH RXWSXW ZLWK D XUHWKUDO FDWKHWHU<br />

3UHYHQWLQJ H[DFHUEDWLRQ RI D XUHWKUDO LQMXU\<br />

/RZHU XULQDU\ WUDFW LQMXU\ VKRXOG EH VXVSHFWHG LI WKH IROORZLQJ DUH VHHQ<br />

%ORRG IURP XUHWKUDO PHDWXV<br />

3HULQHDO EUXLVLQJ<br />

+LJK ULGLQJ SURVWDWH RQ UHFWDO H[DPLQDWLRQ<br />

3RWHQWLDOO\ XVHIXO LQYHVWLJDWLRQV LQFOXGH ,98 DVFHQGLQJ XUHWKURJUDP RU F\VWRJUDP<br />

%ODGGHU LQMXU\<br />

2IWHQ DVVRFLDWHG ZLWK SHOYLF IUDFWXUHV<br />

$OVR VHHQ IROORZLQJ GLUHFW EORZ WR DEGRPHQ ZLWK D IXOO EODGGHU<br />

5XSWXUH FDQ HLWKHU LQWUDSHULWRQHDO RU H[WUDSHULWRQHDO<br />

&OLQLFDO IHDWXUHV LQFOXGH ORZHU DEGRPLQDO SHULWRQLVP DQG LQDELOLW\ WR SDVV XULQH<br />

,98 PD\ VKRZ XULQH H[WUDYDVDWLRQ<br />

'LDJQRVLV FDQ EH FRQILUPHG E\ F\VWRJUDSK\<br />

,QWUDSHULWRQHDO UXSWXUH UHTXLUHV ODSDURWRP\ EODGGHU UHSDLU XUHWKUDO DQG VXSUDSXELF GUDLQDJH<br />

([WUDSHULWRQHDO UXSWXUH FDQ EH WUHDWHG FRQVHUYDWLYHO\ ZLWK XUHWKUDO GUDLQDJH<br />

3URSK\ODFWLF DQWLELRWLFV VKRXOG EH JLYHQ<br />

%XOEDU XUHWKUDO LQMXU\<br />

,V WKH FRPPRQHVW W\SH RI XUHWKUDO LQMXU\<br />

8VXDOO\ WKH UHVXOW RI GLUHFW WUDXPD FDXVHV E\ IDOOLQJ DVWULGH DQ REMHFW<br />

&OLQLFDO IHDWXUHV LQFOXGH EORRG IURP PHDWXV DQG SHULQHDO EUXLVLQJ<br />

,I XQDEOH WR SDVV XULQH D XUHWKUDO FDWKHWHU VKRXOG QRW EH SDVVHG<br />

&DQ FRQYHUW D SDUWLDO WHDU LQWR D FRPSOHWH XUHWKUDO LQMXU\<br />

,I FDWKHWHU LV UHTXLUHG LW VKRXOG EH LQVHUWHG YLD WKH VXSUDSXELF URXWH<br />

'LDJQRVLV FDQ EH FRQILUPHG E\ DVFHQGLQJ XUHWKURJUDP<br />

3URSK\ODFWLF DQWLELRWLFV VKRXOG EH JLYHQ<br />

&RPSOLFDWLRQV LQFOXGH D XUHWKUDO VWULFWXUH<br />

0HPEUDQRXV XUHWKUDO LQMXU\<br />

2IWHQ RFFXU LQ PXOWLSO\ LQMXUHG SDWLHQW DQG XQOHVV VXVSHFWHG FDQ EH PLVVHG<br />

RI PHQ ZLWK SHOYLF IUDFWXUH KDYH D PHPEUDQRXV XUHWKUDO LQMXU\<br />

7HDU FDQ EH HLWKHU SDUWLDO RU FRPSOHWH<br />

3DUWLDO LQMXULHV SUHVHQW ZLWK XUHWKUDO EOHHGLQJ DQG SHULQHDO EUXLVLQJ<br />

&RPSOHWH LQMXULHV SUHVHQW ZLWK LQDELOLW\ WR SDVV XULQH<br />

2Q UHFWDO H[DPLQDWLRQ WKH EODGGHU DQG SURVWDWH LV GLVSODFHG XSZDUGV<br />

,I LQMXU\ VXVSHFWHG D XUHWKUDO FDWKHWHU VKRXOG QRW EH SDVVHG<br />

'LDJQRVLV FDQ EH FRQILUPHG E\ DVFHQGLQJ XUHWKURJUDP<br />

7UHDWPHQW LV ZLWK VXSUDSXELF FDWKHWHU<br />

8UHWKURSODVW\ PD\ EH UHTXLUHG<br />

&RPSOLFDWLRQV LQFOXGH VWULFWXUH LPSRWHQFH DQG LQFRQWLQHQFH<br />

%LEOLRJUDSK\<br />

VXUJLFDO WXWRU RUJ XN $ IUHH RQ OLQH VXUJLFDO UHVRXUFH<br />

7UDXPD<br />

102


6SOHQLF LQMXU\<br />

6SOHQLF LQMXU\ FDQ EH HLWKHU DFFLGHQWDO RU LDWURJHQLF<br />

0RVW FRPPRQO\ DVVRFLDWHG ZLWK EOXQW WUDXPD<br />

2IWHQ RFFXUV LQ WKH SUHVHQFH RI ORZHU ULE IUDFWXUHV<br />

0D\ EH FRPPRQ FOLQLFDOO\ DSSDUHQW HLWKHU HDUO\ RU GHOD\HG<br />

'HOD\HG LQMXU\ LV XVXDOO\ GXH WR UXSWXUH RI VXEFDSVXODU KDHPDWRPD<br />

RI VSOHQLF LQMXULHV RFFXU LQDGYHUWHQWO\ GXULQJ RWKHU DEGRPLQDO RSHUDWLRQV<br />

,Q VRPH SDWLHQWV VSRQWDQHRXV UXSWXUH FDQ RFFXU IROORZLQJ WULYLDO WUDXPD<br />

6SOHHQ LV LQYDULDEO\ DEQRUPDO GXH WR IRU H[DPSOH PDODULD RU LQIHFWLRXV PRQRQXFOHRVLV<br />

&OLQLFDO IHDWXUH<br />

&OLQLFDO IHDWXUHV GHSHQG RQ<br />

([WHQW RI EORRG ORVV<br />

3UHVHQFH RI DVVRFLDWHG LQMXULHV<br />

&OLQLFDO IHDWXUHV UDQJH IURP OHIW XSSHU TXDGUDQW SDLQ WR VKRFN DQG SHULWRQLWLV<br />

WR RI SDWLHQWV KDYH RWKHU DVVRFDLWHG LQWUDSHULWRQHDO LQMXULHV<br />

*UDGLQJ<br />

*UDGH ± 0LQRU VXEFDSVXODU WHDU RU KDHPDWRPD<br />

*UDGH ± 3DUHQFK\PDO LQMXU\ QRW H[WHQGLQJ WR WKH KLOXP<br />

*UDGH ± 0DMRU SDUHQFK\PDO LQMXU\ LQYROYLQJ YHVVHOV DQG KLOXP<br />

*UDGH ± 6KDWWHUHG VSOHHQ<br />

0DQDJHPHQW<br />

,I FDUGLRYDVFXODUO\ XQVWDEOH UHTXLUHV UHVXVFLWDWLRQ DQG HDUO\ VXUJHU\<br />

,I FDUGLRYDVFXODUO\ VWDEOH FRQVLGHU HLWKHU XOWUDVRXQG RU &7 VFDQ<br />

,I LVRODWHG *UDGH RU VSOHQLF LQMXU\ PD\ EH VXLWDEOH IRU FRQVHUYDWLYH PDQDJHPHQW<br />

6XUJLFDO RSWLRQV<br />

6XUJLFDO PDQDJHPHQW FDQ LQYROYH HLWKHU VSOHQHFWRP\ RU VSOHQLF UHSDLU<br />

0DLQ EHQHILW RI UHWDLQLQJ WKH VSOHHQ LV WKH SUHYHQWLRQ RI RYHUZKHOPLQJ SRVWVSOHQHFWRP\<br />

LQIHFWLRQ 236,<br />

,I VSOHQLF FRQVHUYDWLRQ DWWHPSWHG QHHG WR SUHVHUYH PRUH WKDQ RI WLVVXH<br />

&RQVHUYDWLYH PDQDJHPHQW<br />

2YHUDOO RI SDWLHQWV DUH VXLWDEOH IRU FRQVHUYDWLYH PDQDJHPHQW<br />

&KLOGUHQ FDQ RIWHQ EH PDQDJHG FRQVHUYDWLYHO\ DV WKH\ KDYH<br />

0RUH ORZ JUDGH LQMXULHV<br />

)HZHU PXOWLSOH LQMXULHV<br />

6KRXOG EH PRQLWRUHG LQ KLJK GHSHQGHQF\ XQLW<br />

5HTXLUH FDUGLRYDVFXODU DQG KDHPDWRORJLFDO PRQLWRULQJ<br />

,I VXFFHVVIXO SDWLHQWV VKRXOG UHPDLQ RQ<br />

%HG UHVW IRU KRXUV<br />

/LPLWHG SK\VLFDO DFWLYLW\ IRU ZHHNV<br />

1R FRQWDFW VSRUWV IRU PRQWKV<br />

6XUJHU\ QHHGHG LI FOLQLFDOO\ K\SRYRODHPLF RI WKH\ KDYH D IDOOLQJ KDHPDWRFULW<br />

$SSUR[LPDWHO\ RI SDWLHQWV IDLO FRQVHUYDWLYH PDQDJHPHQW<br />

8VXDOO\ RFFXUV ZLWKLQ WKH ILUVW KRXUV RI LQMXU\<br />

)DLOHG FRQVHUYDWLYH PDQDJHPHQW RIWHQ UHVXOWV LQ VSOHQHFWRP\<br />

2YHUDOO PRUH VSOHHQV FDQ RIWHQ EH FRQVHUYHG E\ HDUO\ VXUJHU\<br />

VXUJLFDO WXWRU RUJ XN $ IUHH RQ OLQH VXUJLFDO UHVRXUFH<br />

7UDXPD<br />

103


%LEOLRJUDSK\<br />

%UDVHO . - 'H/LVOH & 0 2OVRQ & - %HUJVWURP ' & 6SOHQLF LQMXU\ WUHQGV LQ HYDOXDWLRQ DQG<br />

PDQDJHPHQW - 7UDXPD<br />

'XSX\ ' ( 5DSWRSRXORV 9 )LQN 0 3 &XUUHQW FRQFHSWV LQ VSOHQLF WUDXPD - ,QWHQVLYH &DUH 0HG<br />

VXUJLFDO WXWRU RUJ XN $ IUHH RQ OLQH VXUJLFDO UHVRXUFH<br />

7UDXPD<br />

3DFKWHU + / *XWK $ $ +HIVWHWWHU 6 5 6SHQFHU ) & &KDQJLQJ SDWWHUQV LQ WKH PDQDJHPHQW RI VSOHQLF<br />

WUDXPD WKH LPSDFW RI QRQ RSHUDWLYH PDQDJHPHQW $QQ 6XUJ<br />

6DQGHU 0 1 &LYLO , $GXOW VSOHQLF LQMXULHV WUHDWPHQW SDWWHUQV DQG SUHGLFWLYH LQGLFDWRUV $XVW 1= - 6XUJ<br />

104


&HQWUDO QHUYRXV V\VWHP WUDXPD<br />

+HDG LQMXULHV<br />

3DWKRSK\VLRORJ\ RI KHDG LQMXU\<br />

2QH PLOOLRQ SDWLHQWV DWWHQG $ ( HDFK \HDU LQ 8. ZLWK KHDG LQMXU\<br />

DUH PLQRU *&6<br />

DUH PRGHUDWH *&6<br />

DUH VHYHUH *&6<br />

6HYHUH KHDG LQMXULHV DFFRXQW IRU RI WUDXPD UHODWHG GHDWKV<br />

3ULPDU\ EUDLQ LQMXU\<br />

'DPDJH FDXVHG DW WLPH RI LPSDFW<br />

&DQ EH IRFDO RU GLIIXVH<br />

'LIIXVH D[RQDO LQMXU\ LV GXH WR GHFHOHUDWLRQ DQG VKHDULQJ IRUFHV<br />

'HSHQGHQW RQ H[WHQW RI LQLWLDO LQMXU\<br />

1RW DEOH WR EH WUHDWHG<br />

6HFRQGDU\ EUDLQ LQMXU\<br />

VXUJLFDO WXWRU RUJ XN $ IUHH RQ OLQH VXUJLFDO UHVRXUFH<br />

7UDXPD<br />

,QVXOW LPSRVHG DIWHU SULPDU\ LQMXU\<br />

'XH WR<br />

+\SR[DHPLD<br />

+\SHUFDSQLD<br />

6\VWHPLF K\SRWHQVLRQ<br />

,QWUDFUDQLDO KDHPDWRPD<br />

,QWUDFUDQLDO K\SHUWHQVLRQ<br />

7KH HDUO\ WUHDWPHQW RI KHDG LQMXUHG SDWLHQWV LV DLPHG DW WKH SUHYHQWLRQ RI VHFRQGDU\ EUDLQ LQMXU\<br />

$XWRUHJXODWLRQ RI FHUHEUDO EORRG IORZ LV ORVW DIWHU KHDG LQMXU\<br />

6NXOO ; UD\V<br />

&DXVHV RI LQWUDFUDQLDO FDOFLILFDWLRQ<br />

1RUPDO<br />

3LQHDO JODQG<br />

'XUDO FRPPRQO\ IDO[<br />

9DVFXODU FDURWLG DUWHULHV<br />

%DVDO JDQJOLD<br />

$EQRUPDO<br />

7XPRXUV FUDQLRSKDU\QJLRPD PHQLQJLRPD<br />

$UWHULRYHQRXV PDOIRUPDWLRQV<br />

$QHXU\VPV<br />

9DXOW RU VLQXV RVWHRPDV<br />

&ULWHULD IRU VNXOO [ UD\V DIWHU UHFHQW KHDG LQMXU\<br />

/RVV RI FRQVFLRXVQHVV RU DPQHVLD DW DQ\ WLPH<br />

1HXURORJLFDO V\PSWRPV RU VLJQV<br />

&6) OHDN IURP QRVH RU HDU<br />

6XVSHFWHG SHQHWUDWLQJ LQMXU\ RU IRUHLJQ ERG\<br />

7HQVH IRQWDQHOOH VFDOS EUXLVLQJ RU ODFHUDWLRQ LQ D FKLOG \HDUV<br />

3UHVHQFH RI RWKHU WUDXPD WKDW PLJKW LPSO\ D VWURQJ LPSDFW<br />

$OFRKROLF LQWR[LFDWLRQ<br />

105


7\SHV RI YLHZV<br />

/DWHUDO ULJKW RU OHIW DFFRUGLQJ WR VLWH RI LQMXU\<br />

$QWHURSRVWHULRU<br />

+DOI D[LDO 7RZQH V YLHZ<br />

&DXVHV RI VNXOO UDGLROXFHQFLHV<br />

1RUPDO<br />

6TXDPRXV WHPSRUDO ERQH<br />

3DFFKLRQLDQ JUDQXODWLRQV<br />

$LU<br />

6XSHUILFLDO DIWHU VFDOS LQMXU\<br />

,QWUDFUDQLDO DIWHU RSHQ IUDFWXUH<br />

2XWHU VNXOO WDEOH<br />

5RGHQW XOFHU<br />

,QQHU VNXOO WDEOH<br />

6ORZ JURZLQJ WXPRXUV<br />

&KURQLF VXEGXUDO KDHPDWRPD<br />

'LIIXVH OHVLRQV<br />

0HWDVWDVHV<br />

0XOWLSOH P\HORPD<br />

3DJHW V GLVHDVH<br />

+\SHUSDUDWK\URLGLVP<br />

&DXVHV RI VNXOO YDXOW GHQVLWLHV<br />

*HQHUDOLVHG<br />

5HQDO RVWHRG\VWURSK\<br />

)LEURXV G\VSODVLD<br />

$FURPHJDO\<br />

'UXJV H J 3KHQ\WRLQ<br />

0XOWLIRFDO<br />

6FOHURWLF PHWDVWDVHV<br />

3DJHW V GLVHDVH<br />

/RFDOLVHG<br />

)RUHLJQ ERG\<br />

+\SHURVWRVLV IURQWDOLV LQWHUQD<br />

2VWHRPD<br />

0HQLQJLRPD<br />

&KDUDFWHULVWLFV RI IUDFWXUHV VXWXUHV DQG YDVFXODU PDUNLQJV<br />

)UDFWXUHV<br />

6WUDLJKW WUDQVOXFHQW OLQHV<br />

0RUHV UDGLROXFHQW IDFWXUHV DIIHFW ERWK WDEOHV<br />

0RVW DUH VWUDLJKW EXW FDQ FKDQJH GLUHFWLRQ VXGGHQO\<br />

6KDUSO\ GHPDUFDWHG<br />

3DUDOOHO PDUJLQV QR WDSHULQJ<br />

0D\ UXQ DFURVV VXWXUHV<br />

6XWXUHV<br />

:LQGLQJ VHUSLJLQRXV OLQHV<br />

)LQH VFOHURWLF RU FRUWLFDWHG PDUJLQV<br />

7\SLFDO DQDWRPLFDO VLWHV<br />

6\PPHWULFDO<br />

9DVFXODU PDUNLQJV<br />

/HVV WUDQVOXFHQW DIIHFW LQQHU WDEOH RQO\<br />

VXUJLFDO WXWRU RUJ XN $ IUHH RQ OLQH VXUJLFDO UHVRXUFH<br />

7UDXPD<br />

106


1RW VKDUSO\ GHPDUFDWHG<br />

0HQLQJHDO JURRYHV WDSHU DV WKH\ UXQ SHULSKHUDOO\<br />

%UDQFKLQJ SDWWHUQ DQG V\PPHWULFDO<br />

'LSORHWLF YHQRXV FKDQQHOV DUH ZLGH<br />

0DQDJHPHQW RI KHDG LQMXULHV<br />

3DWLHQWV VKRXOG EH PDQDJHG DFFRUGLQJ WR $7/6 SURWRFROV WR SUHYHQW VHFRQGDU\ EUDLQ LQMXU\<br />

SDWLHQWV ZLWK VHYHUH KHDG LQMXU\ KDYH FHUYLFDO VSLQH LQMXU\<br />

)XOO DVVHVVPHQW UHTXLUHV<br />

*ODVJRZ &RPD 6FDOH<br />

3XOVH EORRG SUHVVXUH<br />

$VVHVVPHQW RI SXSLO GLDPHWHU DQG UHVSRQVH<br />

$VVHVVPHQW RI OLPE PRYHPHQW<br />

3DWLHQWV ZLWK *&6 OHVV WKDQ UHTXLUH HDUO\ LQWXEDWLRQ<br />

&ULWHULD IRU DGPLVVLRQ DIWHU KHDG LQMXU\<br />

$OWHUHG OHYHO RI FRQVFLRXVQHVV<br />

6NXOO IUDFWXUH<br />

1HXURORJLFDO V\PSWRPV RU VLJQV<br />

'LIILFXOW DVVHVVPHQW ± 'UXJV RU DOFRKRO<br />

1R UHVSRQVLEOH FDUHU<br />

6LJQV RI EDVDO VNXOO IUDFWXUH<br />

%ORRG RU FHUHEURVSLQDO IOXLG IURP QRVH RU HDU<br />

3HULRUELWDO KDHPDWRPD<br />

0DVWRLG +DHPDWRPD %DWWOHV 6LJQ<br />

+DHPRW\PSDQXP<br />

5DGLRORJLFDO HYLGHQFH RI LQWUD FUDQLDO DLU<br />

5DGLRORJLFDO HYLGHQFH RI IOXLG OHYHOV LQ VLQXVHV<br />

,QGLFDWLRQV IRU KHDG &7 VFDQQLQJ<br />

&RQIXVLRQ *&6 SHUVLVWLQJ DIWHU LQLWLDO DVVHVVPHQW DQG UHVXVFLWDWLRQ<br />

6NXOO IUDFWXUH ZLWK QHXURORJLFDO VLJQV<br />

6NXOO IUDFWXUH DQG HSLOHSWLF ILW<br />

,QGLFDWLRQV IRU WUDQVIHU ZLWKRXW SUHOLPLQDU\ KHDG &7 VFDQ<br />

'HWHULRUDWLRQ LQ OHYHO RI FRQVFLRXVQHVV<br />

3URJUHVVLYH QHXURORJLFDO GHILFLW<br />

7HQVH IRQWDQHOOH LQ FKLOG<br />

3HQHWUDWLQJ LQMXU\<br />

'HSUHVVHG VNXOO IUDFWXUH<br />

$QWLELRWLFV DQG DQWLFRQYXOVDQWV<br />

$QWLELRWLFV DQG DQWLFRQYXOVDQWV DUH RI QR EHQHILW LQ XQFRPSOLFDWHG KHDG LQMXULHV<br />

%RWK PD\ EH XVH LQ FRPSRXQG GHSUHVVHG IUDFWXUHV DQG SHQHWUDWLQJ EUDLQ LQMXU\<br />

VXUJLFDO WXWRU RUJ XN $ IUHH RQ OLQH VXUJLFDO UHVRXUFH<br />

7UDXPD<br />

107


&RPSOLFDWLRQV RI KHDG LQMXULHV<br />

([WUDGXUDO KDHPDWRPD<br />

&RPSOLFDWLRQ RI ORZ YHORFLW\ LQMXULHV<br />

&ODVVLF SUHVHQWDWLRQ<br />

7UDQVLHQW ORVV RI FRQVFLRXVQHVV ZLWK UDSLG UHFRYHU\<br />

/XFLG LQWHUYDO<br />

5DSLG GHWHULRUDWLRQ LQ OHYHO RI FRQVFLRXVQHVV<br />

,QFUHDVHG EORRG SUHVVXUH )DOOLQJ SXOVH UDWH<br />

&RQWUDODWHUDO OLPE ZHDNQHVV<br />

,SVLODWHUDO SXSLOODU\ GLODWDWLRQ<br />

7UHDWPHQW LV E\ HPHUJHQF\ EXUU KROHV<br />

)LJXUH 3RVLWLRQ RI HPHUJHQF\ EXUU KROHV<br />

6XEGXUDO KDHPDWRPD<br />

&RPSOLFDWLRQ RI KLJK YHORFLW\ LQMXU\<br />

3DWLHQW XVXDOO\ XQFRQVFLRXV IURP WKH WLPH RI LQMXU\<br />

'HWHULRUDWLQJ OHYHO RI FRQVFLRXVQHVV<br />

7UHDWPHQW LV E\ GHFRPSUHVVLYH FUDQLRWRP\<br />

%LEOLRJUDSK\<br />

VXUJLFDO WXWRU RUJ XN $ IUHH RQ OLQH VXUJLFDO UHVRXUFH<br />

7UDXPD<br />

&KDQGOHU & / &XPPLQV % ,QLWLDO DVVHVVPHQW DQG PDQDJHPHQW RI WKH VHYHUHO\ KHDG LQMXUHG SDWLHQW %U<br />

- +RVS 0HG<br />

&XPPLQV % + 3DUW 7KH PDQDJHPHQW RI KHDG LQMXULHV &XUUHQW 2UWKRSDHGLFV<br />

&XPPLQV % + 3DUW WKH PDQDJHPHQW RI KHDG LQMXULHV &XUUHQW 2UWKRSDHGLFV<br />

'XQQ / 7 )R\ 3 0 $QWLFRQYXOVDQWV DQG DQWLELRWLF SURSK\OD[LV LQ KHDG LQMXU\ $QQ 5 &ROO 6XUJ (QJ<br />

108


)ODQQHU\ 7 %X[WRQ 1 0RGHUQ PDQDJHPHQW RI KHDG LQMXULHV - 5 &ROO 6XUJ (G<br />

VXUJLFDO WXWRU RUJ XN $ IUHH RQ OLQH VXUJLFDO UHVRXUFH<br />

7UDXPD<br />

*HQWOHPDQ ' *XLGHOLQHV IRU WKH UHVXVFLWDWLRQ DQG WUDQVIHU RI SDWLHQWV ZLWK VHULRXV KHDG LQMXU\ % 0HG -<br />

1LFKROVRQ ' $ 'ULVFROO 3 $ +RGJNLQVRQ ' : )RUEHV : 6W & 7KH VNXOO %U 0HG -<br />

6FKLHUKRXW * 5REHUWV , $QWL HSLOHSWLF GUXJV IRU SUHYHQWLQJ VHL]XUHV IROORZLQJ DFXWH WUDXPDWLF EUDLQ LQMXU\<br />

&RFKUDQH 5HYLHZ ,Q &RFKUDQH /LEUDU\ ,VVXH 2[IRUG<br />

109


%UDLQ 6WHP 'HDWK<br />

3UHFRQGLWLRQV<br />

'LDJQRVLV FRPSDWLEOH ZLWK EUDLQ VWHP GHDWK<br />

3UHVHQFH RI LUUHYHUVLEOH VWUXFWXUDO EUDLQ GDPDJH<br />

3UHVHQFH RI DSQRHLF FRPD<br />

([FOXVLRQV<br />

7KHUDSHXWLF GUXJ HIIHFWV VHGDWLYHV K\SQRWLFV PXVFOH UHOD[DQWV<br />

+\SRWKHUPLD 7HPS ! q&<br />

0HWDEROLF DEQRUPDOLWLHV<br />

(QGRFULQH DEQRUPDOLWLHV<br />

,QWR[LFDWLRQ<br />

&OLQLFDO WHVWV<br />

&RQILUPDWLRQ RI DEVHQW EUDLQ VWHP UHIOH[HV<br />

&RQILUPDWLRQ RI SHUVLVWHQW DSQRHD<br />

&OLQLFDO WHVWV VKRXOG EH SHUIRUPHG E\ H[SHULHQFHG SUDFWLWLRQHUV<br />

$W OHDVW RQH VKRXOG EH D FRQVXOWDQW<br />

1HLWKHU VKRXOG EH SDUW RI WKH WUDQVSODQW WHDP<br />

6KRXOG EH SHUIRUPHG RQ VHSDUDWH RFFDVLRQV<br />

1R SUHVFULEHG WLPH LQWHUYDO<br />

&OLQLFDO WHVWV IRU DEVHQW EUDLQ VWHP UHIOH[HV<br />

1R SXSLOODU\ UHVSRQVH WR OLJKW<br />

$EVHQW FRUQHDO UHIOH[<br />

1R PRWRU UHVSRQVH ZLWKLQ FUDQLDO QHUYH GLVWULEXWLRQ<br />

$EVHQW JDJ UHIOH[<br />

$EVHQW FRXJK UHIOH[<br />

$EVHQW YHVWLEXOR RFXODU UHIOH[<br />

7HVW IRU FRQILUPDWLRQ RI SHUVLVWHQW DSQRHD<br />

3UHR[\JHQDWLRQ ZLWK R[\JHQ IRU PLQXWHV<br />

$OORZ 3D&2 WR ULVH DERYH N3D EHIRUH WHVW<br />

'LVFRQQHFW IURP YHQWLODWRU<br />

0DLQWDLQ DGHTXDWH R[\JHQDWLRQ GXULQJ WHVW<br />

$OORZ 3D&2 WR FOLPE DERYH N3D<br />

&RQILUP QR VSRQWDQHRXV UHVSLUDWLRQ<br />

5HFRQQHFW YHQWLODWRU<br />

%LEOLRJUDSK\<br />

:LMGLFNV ( ) 0 7KH GLDJQRVLV RI EUDLQ GHDWK 1 (QJ - 0HG<br />

VXUJLFDO WXWRU RUJ XN $ IUHH RQ OLQH VXUJLFDO UHVRXUFH<br />

7UDXPD<br />

110


6SLQDO LQMXULHV<br />

$OO SDWLHQWV ZLWK PXOWLSOH WUDXPD VKRXOG EH VXVSHFWHG RI KDYLQJ D VSLQDO LQMXU\<br />

)DLOXUH WR GHWHFW XVXDOO\ UHVXOWV IURP IDLOXUH WR VXVSHFW<br />

&HUYLFDO VSLQH DQG WKRUDFR OXPEDU MXQFWLRQ DUH WKH FRPPRQHVW VLWH RI LQMXU\<br />

7KH SHUFHQWDJH RI QHUYH LQMXULHV VHHQ LQ SDWLHQWV ZLWK VSLQDO IUDFWXUHV DUH<br />

&HUYLFDO VSLQH<br />

7KRUDFLF VSLQH<br />

7KRUDFR OXPEDU MXQFWLRQ<br />

/XPEDU VSLQH<br />

$OO LQMXULHV VKRXOG EH DVVXPHG WR EH XQVWDEOH XQWLO SURYHQ RWKHUZLVH<br />

0DQDJHPHQW<br />

$W VFHQH RI DFFLGHQW<br />

0DLQWDLQ LQ OLPH VSLQDO LPPRELOLVDWLRQ<br />

5HTXLUHV VXSSRUWLQJ RI QHFN ZLWK VWLII FROODU DQG VDQGEDJV<br />

3DWLHQW VKRXOG EH WUDQVSRUWHG RQ VSLQDO ERDUG<br />

3ULPDU\ VXUYH\<br />

,QWXEDWLRQ UHTXLUHG PDLQWHQDQFH RI LQ OLQH LPPRELOLVDWLRQ<br />

3KDU\QJHDO VWLPXODWLRQ ZLWK DLUZD\ FDQ FDXVHG YDJDO GLVFKDUJH DQG FDUGLDF DUUHVW<br />

&RQVLGHU SUH PHGLFDWLRQ ZLWK DWURSLQH<br />

&HUYLFDO VSLQH LQMXULHV UHGXFH V\PSDWKHWLF RXWIORZ<br />

3DWLHQWV PD\ EH ERWK K\SRWHQVLYH DQG EUDG\FDUGLF<br />

1% 1RW D IHDWXUH RI K\SRYRODHPLD WKHUHIRUH VXVSHFW VSLQDO FRUG LQMXU\<br />

0D\ UHTXLUH ERWK DWURSLQH DQG LQRWURSLF VXSSRUW<br />

$JJUHVVLYH IOXLG UHVXVFLWDWLRQ FDQ LQGXFH SXOPRQDU\ RHGHPD<br />

6HFRQGDU\ VXUYH\<br />

3DWLHQWV PD\ GHYHORS UHVSLUDWRU\ IDLOXUH GXH WR<br />

,Q WHWUDSOHJLF SDWLHQWV<br />

,QWHUFRVWDO SDUDO\VLV<br />

3DUWLDO SKUHQLF QHUYH SDOV\<br />

,PSDLUHG DELOLW\ WR FRXJK<br />

9HQWLODWLRQ SHUIXVLRQ PLVPDWFK<br />

,Q SDUDSOHJLF SDWLHQWV<br />

9DULDEOH LQWHUFRVWDO QHUYH SDUDO\VLV<br />

$VVRFLDWHG FKHVW LQMXULHV<br />

0D\ GHYHORS DV D ODWH IHDWXUH GXH WR DVFHQGLQJ RHGHPD LQ WKH FHUYLFDO FRUG<br />

$EGRPHQ PD\ EH IODFFLG ZLWK DEVHQW VHQVDWLRQ<br />

)HDWXUHV RI SHULWRQLVP PD\ EH DEVHQW<br />

3ULDSLVP PD\ GHYHORS<br />

3DUWLDO FRUG OHVLRQV<br />

)XQFWLRQ SUHVHUYHG GLVWDO WR OHYHO RU FRUG LQMXU\<br />

0D\ EH PLVVHG LI GR QRW ILW FODVVLFDO LQMXU\ SDWWHUQ<br />

&HQWUDO FRUG OHVLRQ IODFFLG SDUDO\VLV RI XSSHU OLPEV<br />

$QWHULRU FRUG OHVLRQ ORVV RI WHPSHUDWXUH DQG VHQVDWLRQ<br />

3RVWHULRU FRUG OHVLRQ ORVV RI YLEUDWLRQ VHQVDWLRQ DQG SURSULRFHSWLRQ<br />

%URZQ 6HTXDUG V\QGURPH ORVV RI LSVLODWHUDO SRZHU DQG FRQWUDODWHUDO SDLQ DQG WHPSHUDWXUH<br />

VXUJLFDO WXWRU RUJ XN $ IUHH RQ OLQH VXUJLFDO UHVRXUFH<br />

7UDXPD<br />

111


7DEOH $VVHVVLQJ OHYHO RI LQMXU\<br />

0XVFOH JURXS 1HUYH VXSSO\ 5HIOH[<br />

'LDSKUDJP & & &<br />

6KRXOGHU DEGXFWRUV &<br />

(OERZ IOH[RUV & & %LFHSV MHUN<br />

6XSLQDWRUV SURQDWRUV & 6XSLQDWRU MHUN<br />

:ULVW H[WHQVRUV &<br />

:ULVW IOH[RUV &<br />

(OERZ H[WHQVRUV & 7ULFHSV MHUN<br />

)LQJHU H[WHQVRUV &<br />

)LQJHU IOH[RUV &<br />

,QWULQVLF KDQG PXVFOHV 7<br />

+LS IOH[RUV / /<br />

+LS DGGXFWRUV / /<br />

.QHH H[WHQVRUV / / .QHH MHUN<br />

$QNOH GRUVLIOH[RUV / /<br />

7RH H[WHQVRUV /<br />

.QHH IOH[RUV / / 6<br />

$QNOH SODQWDU IOH[RUV 6 6 $QNOH MHUN<br />

7RH IOH[RUV 6 6<br />

$QDO VSKLQFWHU 6 6 6 %XOERFDYHUQRVXV UHIOH[<br />

$QDO UHIOH[<br />

5DGLRORJLFDO DVVHVVPHQW RI FHUYLFDO VSLQH<br />

SDWLHQWV ZLWK VSLQDO FRUG LQMXU\ KDYH QR UDGLRORJLFDO HYLGHQFH RI ERQ\ LQMXU\<br />

/DWHUDO FHUYLFDO VSLQH [ UD\ VKRXOG EH WDNHQ GXULQJ SULPDU\ VXUYH\<br />

6KRXOG HQVXUH WKDW WKH MXQFWLRQ EHWZHHQ & DQG 7 LV VHHQ<br />

$QWHULR SRVWHULRU DQG RGRQWRLG SHJ YLHZV VKRXOG EH WDNHQ GXULQJ VHFRQGDU\ VXUYH\<br />

,I XQDEOH WR VHH WKH & 7 MXQFWLRQ FRQVLGHU D VZLPPHU V YLHZ<br />

2Q ODWHUDO FHUYLFDO VSLQH ILOPV QHHG WR DVVHVV<br />

$QWHULRU YHUWHEUDO DOLJQPHQW<br />

3RVWHULRU YHUWHEUDO DOLJQPHQW<br />

3RVWHULRU IDFHW MRLQW PDUJLQV<br />

$QWHULRU ERUGHU RI VSLQRXV SURFHVVHV<br />

3RVWHULRU ERUGHU RI VSLQRXV SURFHVVHV<br />

,QWHJULW\ RI YHUWHEUDO ERGLHV ODPLQDH SHGLFOHV DQG DUFKHV<br />

3UH YHUWHEUDO VSDFH<br />

5HWURSKDU\QJHDO VSDFH VKRXOG EH PP<br />

5HWURWUDFKHDO VSDFH VKRXOG EH PP<br />

,QWHUVSLQRXV JDSV<br />

&ODVVLILFDWLRQ RI FHUYLFDO VSLQH IUDFWXUHV<br />

+\SHUIOH[LRQ LQMXULHV<br />

$QWHULRU VXEOX[DWLRQ<br />

%LODWHUDO ORFNHG IDFHW MRLQWV<br />

7HDUGURS IUDFWXUH<br />

6SLQRXV SURFHVV IUDFWXUHV &OD\ VKRYHOOHU V IUDFWXUH<br />

VXUJLFDO WXWRU RUJ XN $ IUHH RQ OLQH VXUJLFDO UHVRXUFH<br />

7UDXPD<br />

112


+\SHUH[WHQVLRQ LQMXULHV<br />

)UDFWXUH RI WKH DQWHULRU RU SRVWHULRU DUFK RI &<br />

$QWHULRU LQIHULRU YHUWHEUDO FKLS IDFWXUH<br />

/DPLQDU IUDFWXUH<br />

$[LDO FRPSUHVVLRQ<br />

%XUVW IDFWXUHV<br />

)UDFWXUH RI WKH SHGLFOH RI &<br />

)OH[LRQ URWDWLRQ LQMXULHV<br />

8QLODWHUDO IDFHW GLVORFDWLRQ<br />

5DGLRORJLFDO VLJQV RI VSLQDO LQVWDELOLW\<br />

&RPSUHVVLRQ RI YHUWHEUDO ERG\ !<br />

.\SKRWLF DQJOH RI !<br />

)DFHW MRLQW ZLGHQLQJ<br />

7HDUGURS IUDFWXUH<br />

%DVH RI RGRQWRLG SHJ IUDFWXUH<br />

$WODQWR D[LDO JDS ! PP<br />

$WODQWR RFFLSLWDO GLVORFDWLRQ<br />

%LEOLRJUDSK\<br />

VXUJLFDO WXWRU RUJ XN $ IUHH RQ OLQH VXUJLFDO UHVRXUFH<br />

7UDXPD<br />

113


&HQWUDO QHUYRXV V\VWHP LQIHFWLRQV<br />

,QWUDFUDQLDO DEVFHVV<br />

,QWUDFUDQLDO DEVFHVVHV DUH UDUH EXW UHTXLUH SURPSW UHFRJQLWLRQ<br />

'HOD\HG GLDJQRVLV RIWHQ UHVXOWV LQ GLVDELOLW\ RU GHDWK<br />

0RVW DUH EDFWHULDO LQIHFWLRQV WKDW UHDFK WKH &16 E\<br />

,QRFXODWLRQ IURP SHQHWUDWLQJ ZRXQG<br />

6SUHDG IURP DGMDFHQW LQIHFWLYH IRFXV H J RWLWLV PHGLD VLQXVLWLV<br />

%ORRG ERUQH VSUHDG IURP GLVWDQW IRFXV H J HQGRFDUGLWLF OXQJ DEVFHVV GHQWDO FDULHV<br />

,Q QR VRXUFH RI LQIHFWLRQ LV LGHQWLILHG<br />

,Q 8QLWHG .LQJGRP RWLWLV PHGLD DQG VLQXVLWLV DUH FRPPRQHVW FDXVHV<br />

3DWKRORJ\<br />

)URP ORFDO IRFXV RI LQIHFWLRQ EDFWHULD SHQHWUDWH VNXOO WKURXJK GLSORHLF YHLQV<br />

/RFDO RVWHRP\HOLWLV UHVXOWV LQ YHQRXV VLQXV WKURPERVLV<br />

3XV LQ H[WUDGXUDO VSDFH FDXVHV DQ HPS\HPD<br />

'XUD LV QRUPDOO\ D JRRG EDUULHU WR WKH LQWUDFUDQLDO VSUHDG RI LQIHFWLRQ<br />

6XEGXUDO HPS\HPD FDXVHV RHGHPD DQG FRUWLFDO YHQRXV WKURPERVLV<br />

%UDLQ SHQHWUDWLRQ FDXVHV DQ HDUO\ GLIIXVH FHUHEULWLV<br />

$ ORFDOLVHG DEVFHVV GHYHORSV ZLWK RHGHPD DQG LQFUHDVHG ,&3<br />

7KH DEVFHVV XVXDOO\ IRUPV LQ VXEFRUWLFDO ZKLWH PDWWHU QHDU WR VHSWLF IRFXV<br />

+DHPDWRJHQRXV DEVFHVVHV PD\ EH PXOWLSOH<br />

&OLQLFDO SUHVHQWDWLRQ<br />

&DQ DIIHFW DQ\ DJH RU VH[<br />

6\VWHPLF XSVHW LV RIWHQ PLOG<br />

6\PSWRPV RI LQFUHDVHG ,&3 LQFOXGH KHDGDFKH YRPLWLQJ<br />

2IWHQ DVVRFLDWHG ZLWK SURJUHVVLYH FORXGLQJ RI FRQVFLRXVQHVV<br />

$V DEVFHVV GHYHORSV IRFDO QHXURORJLFDO V\PSWRPV DSSHDU<br />

6\PSWRPV RI LQFUHDVHG ,&3 ZLWK IRFDO VLJQV UHTXLUHV XUJHQW QHXURVXUJLFDO DVVHVVPHQW<br />

'LIIHUHQWLDO GLDJQRVLV LQFOXGHV PHQLQJLWLV RU LQWUDFUDQLDO WXPRXU<br />

,QYHVWLJDWLRQV<br />

&7 LV LQYHVWLJDWLRQ RI FKRLFH<br />

&HUHEUDO DEVFHVV DSSHDUV DV UDGLROXFHQW VSDFH RFFXS\LQJ OHVLRQ<br />

5LQJ HQKDQFHPHQW RI FDSVXOH RFFXUV LQ FRQWUDVW HQKDQFHG VFDQV<br />

2IWHQ VXUURXQGHG E\ FRQVLGHUDEOH RHGHPD<br />

3RVLWLRQ VL]H DQG QXPEHU RI DEVFHVVHV PD\ VXJJHVW XQGHUO\LQJ SDWKRORJ\<br />

/XPEDU SXQFWXUH LV FRQWUDLQGLFDWHG<br />

,Q SUHVHQFH RI UDLVHG ,&3 FDQ SUHFLSLWDWH WHQWRULDO RU WRQVLOODU KHUQLDWLRQ<br />

0DQDJHPHQW<br />

7KH SULQFLSOHV RI WUHDWPHQW DUH<br />

'UDLQ LQWUDFUDQLDO FROOHFWLRQ<br />

$GPLQLVWHU HIIHFWLYH DQWLELRWLF WKHUDS\<br />

(OLPLQDWH SULPDU\ VRXUFH RI LQIHFWLRQ<br />

6XSUDWHQWRULDO DEVFHVVHV FDQ EH GUDLQHG YLD D EXUU KROH<br />

3XV VKRXOG EH DVSLUDWHG DQG VHQW IRU FXOWXUH<br />

&OLQLFDO SURJUHVV FDQ EH PRQLWRUHG E\ VHULDO &7 VFDQV<br />

6WHUHRWDFWLF GUDLQDJH PD\ EH UHTXLUHG IRU PXOWLSOH RU PXOWLORFXODWHG DEVFHVVHV<br />

&HUHEHOODU DEVFHVV PD\ UHTXLUH D VXERFFLSLWDO FUDQLHFWRP\ DQG RSHQ GUDLQDJH<br />

VXUJLFDO WXWRU RUJ XN $ IUHH RQ OLQH VXUJLFDO UHVRXUFH<br />

7UDXPD<br />

114


6XEGXUDO HPS\HPDV DUH RIWHQ GLIIXVH DQG GLIILFXOW WR GUDLQ<br />

0D\ UHTXLUH FUDQLHFWRP\ DQG RSHQ GUDLQDJH<br />

3DUHQWHUDO DQWLELRWLF VKRXOG EH DGPLQLVWHUHG IRU DW OHDVW WZR ZHHNV<br />

&KRLFH RI DQWLELRWLFV GHSHQGV RQ SULPDU\ SDWKRORJ\ DQG VHQVLWLYLWLHV<br />

2XWFRPH<br />

3URPSW WUHDWPHQW UHVXOWV LQ PRUWDOLW\ OHVV WKDQ<br />

'HOD\HG WUHDWPHQW UHVXOWV LQ PRUWDOLW\ JUHDWHU WKDQ<br />

RI VXUYLYRUV KDYH QHXURORJLFDO VHTXHODH<br />

7KHVH LQFOXGH KHPLSDUHVLV YLVXDO ILHOG ORVVHV DQG HSLOHSV\<br />

6SLQDO DEVFHVV<br />

6SLQDO DEVFHVVHV DUH XVXDOO\ EDFWHULDO<br />

,QIHFWLRQ DULVHV LQ DGMDFHQW ERQH RU E\ KDHPDWRJHQRXV VSUHDG<br />

&RPPRQHVW RUJDQLVPV DUH VWDSK\ORFRFFDO DQG VWUHSWRFRFFDO VSHFLHV<br />

3XV LV XVXDOO\ FRQILQHG WR H[WUDGXUDO VSDFH<br />

6XEGXUDO DQG LQWUDPHGXOODU\ LQIHFWLRQV DUH UDUH<br />

&OLQLFDO IHDWXUHV<br />

3DWLHQW LV RIWHQ V\VWHPLFDOO\ XQZHOO<br />

2IWHQ SUHVHQW ZLWK VHYHUH WKRUDFLF SDLQ DW OHYHO RI DEVFHVV<br />

7KH SDLQ LV ZRUVH RQ PRYHPHQW DQG DVVRFLDWHG ZLWK PDUNHG VSDVP DQG WHQGHUQHVV<br />

5DGLFXODU VLJQV DUH RIWHQ SUHVHQW DW OHYHO RI OHVLRQ<br />

&RUG FRPSUHVVLRQ UHVXOWV LQ ORQJ WUDFW VLJQV<br />

7KURPERSKOHELWLV FDQ FDXVH FRUG YHVVHO WKURPERVLV DQG FRUG LQIDUFWLRQ<br />

3UHFLSLWDWHV FRPSOHWH SDUDO\VLV VHQVRU\ DQG VSKLQFWHU ORVV<br />

,QYHVWLJDWLRQV<br />

6HUXP ZKLWH FHOO FRXQW (65 DQG &53 DUH LQYDULDEO\ UDLVHG<br />

; UD\V DUH RIWHQ QRUPDO<br />

0D\ VKRZ VRIW WLVVXH VZHOOLQJ RU YHUWHEUDO FROODSVH<br />

05, LV LQYHVWLJDWLRQV RI FKRLFH<br />

0DQDJHPHQW<br />

+LJK LQGH[ RI VXVSLFLRQ LV UHTXLUHG WR PDNH WKH GLDJQRVLV<br />

2QFH LGHQWLILHG SURPSW QHXURVXUJLFDO DVVHVVPHQW LV UHTXLUHV<br />

,I YHUWHEUDO ERG\ FROODSVH FRQVLGHU DQWHULRU GHFRPSUHVVLRQ DQG VWDELOLVDWLRQ<br />

,I QR YHUWHEUDO FROODSVH ODPLQHFWRP\ RU &7 JXLGHG DVSLUDWLRQ PD\ EH DSSURSULDWH<br />

%LEOLRJUDSK\<br />

VXUJLFDO WXWRU RUJ XN $ IUHH RQ OLQH VXUJLFDO UHVRXUFH<br />

7UDXPD<br />

115


*XQVKRW DQG EODVW ZRXQGV<br />

*XQVKRW DQG EODVW ZRXQGV DUH LQFUHDVLQJO\ VHHQ LQ FLYLOLDQ SUDFWLFH<br />

0LOLWDU\ DQG FLYLOLDQ ZRXQGV KRZHYHU GLIIHU LQ VHYHUDO NH\ UHVSHFWV<br />

0LOLWDU\ ZRXQGV DUH RIWHQ KHDYLO\ FRQWDPLQDWHG ZLWK GHOD\V LQ WUHDWPHQW<br />

7KH VDPH SULQFLSDOV DSSO\ WR WKHLU WUHDWPHQW<br />

3K\VLFDO SURSHUWLHV<br />

3HQHWUDWLQJ PLVVLOHV LQFOXGH ERWK PXQLWLRQ IUDJPHQWV DQG EXOOHWV<br />

2IWHQ GLYLGHG LQWR KLJK DQG ORZ YHORFLW\<br />

9HORFLW\ SHU VH LV QRW LPSRUWDQW<br />

7KH DPRXQW RI NLQHWLF HQHUJ\ WUDQVIHUUHG WR WLVVXHV LV WKH\ NH\ IDFWRU<br />

.LQHWLF HQHUJ\ WUDQVIHU GHSHQGV RQ<br />

9HORFLW\<br />

3UHVHQWLQJ DUHD RI IUDJPHQW<br />

0HFKDQLFDO SURSHUWLHV RI WLVVXH<br />

)UDJPHQW LQMXULHV<br />

)UDJPHQWV DUH XVXDOO\ VPDOO DQG QXPHURXV<br />

$UH RI ORZ YHORFLW\ P V DQG ORZ HQHUJ\ -<br />

7KH\ KDYH SRRU WLVVXH SHQHWUDWLRQ<br />

,QMXULHV RIWHQ QXPHURXV EXW DUH XVXDOO\ OLPLWHG WR IUDJPHQW WUDFN<br />

%XOOHW ZRXQGV<br />

+DQG JXQ EXOOHWV DUH RI ORZ YHORFLW\ P V DQG ORZ HQHUJ\ -<br />

5LIOH EXOOHWV DUH KLJK YHORFLW\ P V DQG KLJK HQHUJ\ N-<br />

3K\VLRORJLFDO HIIHFWV GHSHQG RQ GHJUHH RI HQHUJ\ WUDQVIHU<br />

+LJK YHORFLW\ EXOOHWV FDQ UHVXOW LQ ORZ HQHUJ\ WUDQVIHU ZRXQGV<br />

3DWKRSK\VLRORJ\<br />

VXUJLFDO WXWRU RUJ XN $ IUHH RQ OLQH VXUJLFDO UHVRXUFH<br />

7UDXPD<br />

7KH HIIHFWV RI EXOOHWV FDQ UHVXOW IURP ERWK GLUHFW DQG LQGLUHFW HIIHFWV<br />

,Q ORZ HQHUJ\ WUDQVIHU ZRXQGV LQMXU\ UHVXOWV IURP GLUHFW HIIHFWV DORQJ EXOOHW WUDFN<br />

,Q KLJK HQHUJ\ WUDQVIHU ZRXQGV LQGLUHFW HIIHFWV DUH PRUH LPSRUWDQW<br />

5DGLDO IRUFHV SHUSHQGLFXODU WR WUDFW UHVXOW LQ FDYLWDWLRQ<br />

*HQHUDWHV FRQWXVLRQV DQG ODFHUDWLRQV DZD\ IURP WUDFW<br />

1HJDWLYH SUHVVXUH ZLWKLQ FDYLW\ FDQ VXFN LQ HQYLURQPHQWDO FRQWDPLQDQWV<br />

5LIOH EXOOHWV DOVR WXPEOH \DZ ZLWKLQ WKH ZRXQG<br />

,QFUHDVHV SUHVHQWLQJ DUHD DQG LQFUHDVHV HQHUJ\ WUDQVIHU<br />

&DQ UHVXOW LQ VPDOO HQWU\ DQG H[LW ZRXQGV EXW ODUJH ZRXQG FDYLW\<br />

5DGLDO HQHUJ\ WUDQVIHU FDQ FDXVH LQGLUHFW IUDFWXUHV<br />

%XOOHW DQG ERQH IUDJPHQWDWLRQ FDQ FDXVH VHFRQGDU\ WUDFWV DQG IXUWKHU XQSUHGLFWDEOH GDPDJH<br />

7UHDWPHQW<br />

,Q PLOLWDU\ HQYLURQPHQW WKH VWDQGDUG WUHDWPHQW RI JXQVKRW ZRXQGV KDV LQYROYHG<br />

:RXQG GHEULGHPHQW<br />

:RXQG H[FLVLRQ<br />

$QWLELRWLF SURSK\OD[LV<br />

'UHVVLQJ FKDQJH DQG GHOD\HG SULPDU\ VXWXUH DW GD\V<br />

6LPLODU ZRXQG PDQDJHPHQW SURWRFROV KDYH EHHQ DGYRFDWHG E\ WKH 5HG &URVV<br />

$SSURDFK PD\ EH PRGLILHG LQ FLYLOLDQ HQYLURQPHQW<br />

116


%LEOLRJUDSK\<br />

VXUJLFDO WXWRU RUJ XN $ IUHH RQ OLQH VXUJLFDO UHVRXUFH<br />

7UDXPD<br />

&RRSHU * - 5\DQ - ,QWHUDFWLRQ RI SHQHWUDWLQJ PLVVLOHV ZLWK WLVVXHV VRPH FRPPRQ PLVDSSUHKHQVLRQV<br />

DQG LPSOLFDWLRQV IRU ZRXQG PDQDJHPHQW %U - 6XUJ<br />

&RXSODQG 5 0 7HFKQLFDO DVSHFWV RI ZDU ZRXQG H[FLVLRQ %U - 6XUJ<br />

5\DQ - 0 0LOQHU 6 0 &RRSHU * - +D\ZRRG , 5 )LHOG VXUJHU\ RQ D IXWXUH FRQYHQWLRQDO EDWWOHILHOG<br />

VWUDWHJ\ DQG ZRXQG PDQDJHPHQW $QQ 5 &ROO 6XUJ (QJ<br />

6DDGLD 5 6FKHLQ 0 'HEULGHPHQW RI JXQVKRW ZRXQGV VHPDQWLFV DQG VXUJHU\ :RUOG - 6XUJ<br />

117


6NLQ ORVV IODSV DQG JUDIWV<br />

'HILQLWLRQV<br />

$XWRJUDIW JUDIW IURP RQH SDUW RI ERG\ WR DQRWKHU LQ WKH VDPH LQGLYLGXDO<br />

$OORJUDIW JUDIW IURP RQH LQGLYLGXDO WR DQRWKHU LQ WKH VDPH VSHFLHV<br />

;HQRJUDIW JUDIW IURP RQH VSHFLHV WR DQRWKHU<br />

6NLQ JUDIWV<br />

$ VNLQ JUDIW LV DQ DXWRJUDIW<br />

&DQ EH SDUWLDO RU IXOO WKLFNQHVV GHSHQGLQJ RQ WKH DPRXQW RI GHUPLV WDNHQ<br />

3DUWLDO WKLFNQHVV VNLQ JUDIWV<br />

&RQWDLQV HSLGHUPLV DQG VXSHUILFLDO SDUW RI GHUPLV<br />

8VXDOO\ WDNHQ IURP GRQRU VLWH ZLWK GHUPDWRPH RU +XPE\ NQLIH<br />

'RQRU VLWH HSLWKHOLXP JURZV EDFN IURP VZHDW JODQGV DQG KDLU IROOLFOHV<br />

*UDIW FDQ EH PHVKHG WR LQFUHDVH WKH DUHD WKDW FDQ EH FRYHUHG<br />

([FHVV VNLQ FDQ EH VWRUHG LQ IULGJH DQG UHXVHG IRU XS WR ZHHNV<br />

3DUWLDO WKLFNQHVV JUDIWV FDQ QRW EH XVHG RQ LQIHFWHG ZRXQGV<br />

1RW VXLWDEOH IRU FRYHULQJ ERQH WHQGRQ RU FDUWLODJH<br />

&RVPHWLF UHVXOW LV RIWHQ QRW JRRG<br />

)XOO WKLFNQHVV VNLQ JUDIWV<br />

&RQWDLQV HSLGHUPLV DQG DOO RI GHUPLV<br />

&DQ RQO\ EH XVHG WR FRYHU VPDOO GHIHFWV<br />

*RRG FRVPHWLF UHVXOWV FDQ EH REWDLQHG<br />

'RQRU VLWH QHHGV WR EH FORVHG ZLWK SULPDU\ VXWXUH RU SDUWLDO WKLFN QHVV JUDIW<br />

&RPPRQ GRQRU VLWHV LQFOXGH WKH SRVWDXULFXODU VNLQ DQG VXSUDFODYLFXODU IRVVD<br />

6NLQ IODSV<br />

&ODVVLILHG DFFRUGLQJ WR EORRG VXSSO\<br />

5DQGRP SDWWHUQ JUDIWV<br />

5HFHLYHV EORRG VXSSO\ IURP VHJPHQWDO DQDVWRPRWLF RU D[LDO DUWHU\<br />

([DPSOHV LQFOXGH DGYDQFHPHQW DQG URWDWLRQ IODSV<br />

)LJXUH $GYDQFHPHQW IODS<br />

VXUJLFDO WXWRU RUJ XN $ IUHH RQ OLQH VXUJLFDO UHVRXUFH<br />

7UDXPD<br />

118


)LJXUH 5RWDWLRQ IODS<br />

$[LDO SDWWHUQ JUDIWV<br />

5HFHLYHV EORRG VXSSO\ IURP D GLUHFW FXWDQHRXV DUWHULHV<br />

([DPSOHV LQFOXGH<br />

,OLRIHPRUDO LVODQG IODS VXSSOLHG E\ VXSHUILFLDO FLUFXPIOH[ LOLDF DUWHU\<br />

/DWHUDO IRUHKHDG IODS VXSSOLHG VXSHUILFLDO WHPSRUDO DUWHU\<br />

'HOWRSHFWRUDO LVODQG IODS VXSSOLHG E\ SHUIRUDWLQJ EUDQFKHV RI LQWHUQDO PDPPDU\ DUWHU\<br />

6XUYLYDO RI DOO IODSV GHSHQGV RQ LW UHFHLYLQJ DQ DGHTXDWH EORRG VXSSO\<br />

'HSHQG RQ OHQJWK RI IODS LQ UHODWLRQVKLS WR LWV EDVH<br />

%ORRG VXSSO\ FDQ EH LPSURYHG E\ WKH XVH RI GHOD\LQJ WHFKQLTXHV<br />

7KH IODS LV SDUWLDOO\ UDLVHG DQG UHSODFHG SULRU WR XVH<br />

(QFRXUDJHV WKH IODS WR LQFUHDVH LWV EORRG VXSSO\ WKURXJK WKH SHGLFOH<br />

7XEH SHGLFOH JUDIWV<br />

)UHTXHQWO\ UDLVHG IURP DEGRPHQ RU LQQHU DUP<br />

3DUDOOHO VNLQ LQFLVLRQV DOORZ WXEH RI VNLQ WR EH IRUPHG<br />

6NLQ GHIHFW LV WKHQ FORVHG<br />

7KH OHQJWK RI WKH WXEH VKRXOG QRW EH JUHDWHU WKDQ WZLFH WKH EDVH<br />

/RQJ D[LV RI WXEH VKRXOG SDUDOOHO WKH GLUHFWLRQ RI WKH FXWDQHRXV EORRG YHVVHOV<br />

*RRG PHDQV RI GHOD\LQJ WLVVXH WUDQVIHU RYHU D ORQJ GLVWDQFH<br />

3URGXFHV D JRRG FRVPHWLF UHVXOW<br />

0\RFXWDQHRXV IODSV<br />

,Q PRVW SDUWV RI WKH ERG\ WKH VNLQ UHFHLYHV LWV EORRG VXSSO\ IURP WKH XQGHUO\LQJ PXVFOH<br />

0XVFOH IDVFLD DQG RYHUO\LQJ VNLQ FDQ WKHUHIRUH EH PRYHG DV RQH XQLW<br />

7KH VXUYLYHV RQ PDMRU EORRG YHVVHO VXSSO\LQJ WKH PXVFOH<br />

([DPSOHV LQFOXGH<br />

/DWLVVLPXV GRUVL IODS VXSSOLHG E\ WKRUDFRGRUVDO DUWHU\<br />

7UDQVYHUVH UHFWXV DEGRPLQLV VXSSOLHG E\ VXSHULRU HSLJDVWULF DUWHU\<br />

$OORZ WLVVXH WUDQVIHU WR SRRUO\ YDVFXODULVHG DUHDV<br />

%RQH FDQ DOVR EH WUDQVIHUUHG IRU RVVHRXV UHFRQVWUXFWLRQ<br />

)ODSV XVXDOO\ KDYH QR VHQVDWLRQ<br />

)UHH P\RFXWDQHRXV IODSV<br />

VXUJLFDO WXWRU RUJ XN $ IUHH RQ OLQH VXUJLFDO UHVRXUFH<br />

7UDXPD<br />

119


0LFURYDVFXODU WHFKQLTXHV DOORZ WKH DQDVWRPRVLV RI DUWHULHV DQG YHLQV<br />

0\RFXWDQHRXV IODSV FDQ WKHUHIRUH EH GHWDFKHG IURP EORRG VXSSO\<br />

&DQ EH WUDQVIHUUHG WR RWKHU SDUWV RI ERG\<br />

([DPSOHV LQFOXGH WKH IUHH WUDQVYHUVH UHFWXV DEGRPLQLV IODS<br />

7LVVXH H[SDQVLRQ<br />

6NLQ FDQ EH JUDGXDOO\ VWUHWFKHG WR DFFRPPRGDWH D JUHDWHU DUHD<br />

,I VNLQ ORVV LV DQWLFLSDWHG LW LV SRVVLEOH WR H[SDQG DGMDFHQW VNLQ SULRU WR RSHUDWLRQ<br />

7LVVXH H[SDQGHUV FDQ EH SODFHG VXEFXWDQHRXVO\ LQ FROODSVHG VWDWH<br />

2YHU VHYHUDO ZHHNV FDQ EH LQIODWHG ZLWK VDOLQH WKURXJK D VXEFXWDQHRXV SRUW<br />

([SDQGHG VNLQ FDQ EH XVHG WR FRYHU GHIHFW DQG WLVVXH H[SDQGHU UHPRYHG<br />

%LEOLRJUDSK\<br />

VXUJLFDO WXWRU RUJ XN $ IUHH RQ OLQH VXUJLFDO UHVRXUFH<br />

7UDXPD<br />

120


%XUQV<br />

,QLWLDO DVVHVVPHQW VKRXOG EH E\ $7/6 SULQFLSOHV<br />

$LUZD\<br />

/RRN IRU VLJQV RI LQKDODWLRQ LQMXU\<br />

)DFLDO EXUQV VRRW LQ QRVWULOV RU VSXWXP<br />

%UHDWKLQJ<br />

%H DZDUH RI FDUERQ PRQR[LGH SRLVRQLQJ<br />

3DWLHQW PD\ DSSHDU SLQN ZLWK D QRUPDO SXOVH R[LPHWHU UHDGLQJ<br />

&LUFXODWLRQ<br />

7KH IOXLG ORVV IURP D EXUQ LV VLJQLILFDQW<br />

,W FDQ UHVXOW LQ K\SRYRODHPLF VKRFN DQG DFXWH UHQDO IDLOXUH<br />

$VVHVVPHQW RI H[WHQW<br />

1HHG WR DVVHVV SHUFHQWDJH ERG\ VXUIDFH DUHD %6$ LQYROYHG<br />

(VWLPDWHG IURP<br />

/XQG %URZGHU FKDUW<br />

:DOODFH UXOH RI QLQHV<br />

+HDG<br />

(DFK XSSHU OLPE<br />

(DFK ORZHU OLPE<br />

)URQW RI WUXQN<br />

%DFN RI WUXQN<br />

3HULQHXP<br />

6XUIDFH DUHD FRYHUHG E\ SDWLHQWV KDQG ZLWK ILQJHUV FORVHG<br />

)LJXUH :DOODFH V UXOH RI QLQHV<br />

VXUJLFDO WXWRU RUJ XN $ IUHH RQ OLQH VXUJLFDO UHVRXUFH<br />

7UDXPD<br />

121


)OXLG UHSODFHPHQW<br />

7R DVVHVV IOXLG UHSODFHPHQW QHHG WR NQRZ<br />

7LPH RI LQMXU\<br />

3DWLHQWV ZHLJKW<br />

3HUFHQW %6$ LQYROYHG<br />

,QWUDYHQRXV IOXLG UHSODFHPHQW QHHGHG IRU ! %6$ LQ D FKLOG DQG %6$ LQ DGXOW<br />

0DQ\ IRUPXODV GHYLVHG WR HVWLPDWH IOXLG UHTXLUHPHQW<br />

0XLU DQG %DUFOD\ IRUPXOD<br />

:HLJKW .J u<br />

%6$<br />

SHU SHULRG<br />

3URYLGHV YROXPH LQ PO RI FROORLG WR EH JLYHQ LQ ILUVW KRXUV<br />

7KLV YROXPH FDQ EH UHSHDWHG<br />

(YHU\ KRXUV IRU WKH ILUVW KRXUV<br />

(YHU\ KRXUV EHWZHHQ DQG KRXUV<br />

2QFH EHWZHHQ DQG KRXUV<br />

$7/6 IRUPXOD<br />

:HLJKW .J u %6$ u<br />

VXUJLFDO WXWRU RUJ XN $ IUHH RQ OLQH VXUJLFDO UHVRXUFH<br />

WR<br />

*LYHV WRWDO YROXPH LQ PO WR EH LQIXVHG LQ ILUVW KRXUV<br />

0HWDEROLF ZDWHU<br />

0HWDEROLF ZDWHU VKRXOG EH JLYHQ LQ DGGLWLRQ WR UHVXVFLWDWLRQ IOXLG<br />

,Q DGXOW / GH[WURVH<br />

,Q FKLOG P .J IRU ILUVW NJ PO .J IRU HDFK VXEVHTXHQW .J<br />

$VVHVVPHQW RI UHVXVFLWDWLRQ<br />

3DWLHQW VKRXOG EH PRQLWRUHG WR DVVHVV DGHTXDF\ RI UHVXVFLWDWLRQ<br />

&OLQLFDO DVVHVVPHQW<br />

9LWDO VLJQV SXOVH %3<br />

8ULQH RXWSXW ! PO KRXU LQ DGXOW<br />

+DHPDWRFULW DLP IRU<br />

&ULWHULD IRU UHIHUUDO WR EXUQV XQLW<br />

! %6$ LQ FKLOG<br />

! %6$ LQ DGXOW<br />

,QKDODWLRQ LQMXULHV<br />

%XUQV LQYROYLQJ WKH DLUZD\<br />

(OHFWULFDO EXUQV<br />

&KHPLFDO EXUQV<br />

6SHFLDOV DUHDV H\HV IDFH KDQG SHULQHXP<br />

%LEOLRJUDSK\<br />

&ODUNH - %XUQV %ULW 0HG %XOO<br />

7UDXPD<br />

122


)DFLDO DQG RUELWDO LQMXULHV<br />

8VXDOO\ VHHQ IROORZLQJ VSRUWLQJ DFFLGHQWV LQWHUSHUVRQDO YLROHQFH DQG 57$V<br />

0D\ EH DVVRFLDWHG ZLWK PXOWLV\VWHP WUDXPD<br />

$VVHVVPHQW<br />

$VVHVVPHQW VKRXOG IROORZ $7/6 SULQFLSDOV<br />

3ULPDU\ VXUYH\<br />

$LUZD\ FRPSURPLVH IURP D IUDFWXUH RU KDHPRUUKDJH VKRXOG EH LGHQWLILHG<br />

%LODWHUDO DQWHULRU PDQGLEXODU IUDFWXUHV PD\ DOORZ WRQJXH WR IDOO EDFN<br />

2URWUDFKHDO LQWXEDWLRQ PD\ EH UHTXLUHG<br />

+DHPRUUKDJH VKRXOG EH UHGXFHG ZLWK PRXWK SURSV DQG HSLVWD[LV EDOORRQV<br />

$QWHULRU DQG SRVWHULRU QDVDO SDFNLQJ PD\ EH UHTXLUHG<br />

6HFRQGDU\ VXUYH\<br />

3DOSDWH RI RUELWDO ULPV ]\JRPDWLF DUFKHV DQG PDQGLEOH WR LGHQWLI\ IUDFWXUHV<br />

([DPLQH H\HV FDUHIXOO\<br />

5HGXFHG H\H PRYHPHQW PD\ VXJJHVW RUELWDO IUDFWXUH<br />

6XEFRQMXQFWLYDO KDHPRUUKDJH PD\ VXJJHVW VNXOO IUDFWXUH<br />

3URSWRVLV DQG RSKWKDOPRSOHJLD PD\ VXJJHVW UHWUREXOEDU KDHPRUUKDJH<br />

$VVHVV VHQVDWLRQ LQ PD[LOODU\ EUDQFK RI WULJHPLQDO QHUYH<br />

,QWHUFDQWKDO GLVWDQFH VKRXOG EH PP<br />

,QWHUFDQWKDO GLVWDQFH JUHDWHU WKDQ PP VXJJHVWV D QDVRHWKPRLG IUDFWXUH<br />

,QWHUSXSLOODU\ GLVWDQFH VKRXOG EH PP<br />

,QWUDRUDO H[DPLQDWLRQ LV HVVHQWLDO<br />

$OORZV DVVHVVPHQW RI RFFOXVLRQ DQG LQWUDRUDO KDHPDWRPDV<br />

5DGLRORJ\<br />

0D\ EH GLIILFXOW WR REWDLQ ILOPV LQ WKH DFXWH VHWWLQJ<br />

8VHIXO UDGLRJUDSKV LQFOXGH<br />

2FFLSLWRPHQWDO YLHZV q DQG q IRU RUELWDO DQG ]\JRPDWLF IUDFWXUHV<br />

3RVWHUR DQWHULRU YLHZV RI IDFLDO ERQHV<br />

6XEPHQWRYHUWH[ YLHZ IRU ]\JRPDWLF DUFK IUDFWXUHV<br />

2UWKRSDQWRPRJUDP 23* IRU PDQGLEXODU IUDFWXUHV<br />

5HYHUVH 7RZQHV YLHZ IRU FRQG\OH QHFN IUDFWXUHV<br />

2FFOXVDO ILOPV IRU GHQWR DOYHRODU IUDFWXUHV<br />

&7 VFDQQLQJ DOORZV FRPSOHWH DVVHVVPHQW RI IUDFWXUHV<br />

' UHFRQVWUXFWLRQ LV XVHIXO<br />

$OORZV SURGXFWLRQ RI D VWHUHROLWKRJUDSK DQG D UHVLQ PRGHO IURP WKH GLJLWDO LPDJH<br />

&ODVVLILFDWLRQ<br />

)UDFWXUHV XVXDOO\ FODVVLILHG DV<br />

8SSHU WKLUG IURQWDO ERQHV<br />

0LGGOH WKLUG ]\JRPD QDVDO ERQHV DQG PD[LOOD<br />

/RZHU WKLUG PDQGLEOH DQG WHHWK<br />

/H )RUW IUDFWXUHV<br />

)UDFWXUHV RI PLG SRUWLRQ RI IDFH KDYH EHHQ FODVVLILHG DV<br />

/H )RUW )UDFWXUH GHWDFKLQJ SDODWH DQG PD[LOODU\ DOYHROXV<br />

/H )RUW 3\UDPLGDO IUDFWXUH WKURXJK VLQXV ZDOO ODWHUDOO\ DQG QDVDO ERQHV PHGLDOO\<br />

VXUJLFDO WXWRU RUJ XN $ IUHH RQ OLQH VXUJLFDO UHVRXUFH<br />

7UDXPD<br />

123


7UDXPD<br />

/H )RUW )UDFWXUH WKURXJK IURQWR]\JRPDWLF VXWXUHV DQG RUELWV GHWDFKLQJ IDFLDO VNHOHWRQ IURP<br />

EDVH RI VNXOO<br />

3ULQFLSDOV RI WUHDWPHQW<br />

3ULPDU\ UHSDLU SURGXFHV WKH EHVW FRVPHWLF UHVXOWV<br />

0D\ EH GHOD\HG IRU RU GD\V LI PXOWLGLVFLSOLQDU\ DSSURDFK UHTXLUHG<br />

2SHQ UHGXFWLRQ DQG LQWHUQDO IL[DWLRQ LV WUHDWPHQW RI FKRLFH DOORZLQJ<br />

$QDWRPLFDO UHGXFWLRQ RI IUDFWXUHV<br />

6WDEOH LQWHUQDO IL[DWLRQ<br />

(DUO\ MDZ PRELOLVDWLRQ<br />

VXUJLFDO WXWRU RUJ XN $ IUHH RQ OLQH VXUJLFDO UHVRXUFH<br />

124


3ULQFLSOHV RI OLPE LQMXU\<br />

/LIH WKUHDWHQLQJ OLPE LQMXULHV<br />

7UDXPDWLF DPSXWDWLRQ<br />

0DMRU YDVFXODU LQMXU\<br />

3HOYLF IUDFWXUH GLVUXSWLRQ<br />

+DHPRUUKDJH IURP RSHQ IUDFWXUH<br />

0XOWLSOH ORQJ ERQH IUDFWXUHV<br />

6HYHUH FUXVK LQMXU\<br />

/LPE WKUHDWHQLQJ LQMXULHV<br />

9DVFXODU LQMXU\<br />

0DMRU MRLQW GLVORFDWLRQ<br />

&UXVK LQMXU\<br />

2SHQ IUDFWXUH<br />

&RPSDUWPHQW V\QGURPH<br />

1HUYH LQMXU\<br />

7DEOH (VWLPDWHG EORRG ORVV FDXVHG E\ IUDFWXUHV<br />

6LWH RI IUDFWXUH %ORRG ORVV OLWUHV<br />

+XPHUXV<br />

7LELD<br />

)HPXU<br />

3HOYLV<br />

VXUJLFDO WXWRU RUJ XN $ IUHH RQ OLQH VXUJLFDO UHVRXUFH<br />

7UDXPD<br />

125


&RPSDUWPHQW V\QGURPHV<br />

7KH GHHS IDVFLD HQYHORSV WKH OLPEV<br />

2WKHU IDVFLDO SODQHV GLYLGH WKH OLPEV LQWR FRPSDUWPHQWV<br />

7KH ORZHU OLPE WKHUHIRUH KDV IRXU IDVFLDO FRPSDUWPHQWV<br />

)LJXUH /RZHU OLPE PXVFXODU FRPSDUWPHQWV<br />

7KH QRUPDO ORZHU OLPE YHQRXV SUHVVXUH LV D IHZ PP+J<br />

,QWUDFRPSDUWPHQWDO SUHVVXUHV DUH LQ WKH UDQJH PP+J<br />

&RPSDUWPHQWDO SUHVVXUH GRHV QRW QRUPDOO\ LQWHUIHUH ZLWK EORRG IORZ<br />

&RPSDUWPHQW V\QGURPHV XVXDOO\ IROORZ IUDFWXUHV RU UHSHUIXVLRQ LQMXULHV<br />

7KH\ DUH PRUH FRPPRQ IROORZLQJ FORVHG LQMXULHV<br />

6ZHOOLQJ ZLWKLQ D IDFLDO FRPSDUWPHQW UHVXOWV LQ LQFUHDVHG LQWUDFRPSDUWPHQWDO SUHVVXUH<br />

,QLWLDO YHQRXV FRPSURPLVH PD\ SURJUHVV WR UHGXFHG FDSLOODU\ IORZ<br />

7KLV H[DFHUEDWHV WKH LVFKDHPLF LQVXOW DQG IXUWKHU LQFUHDVHV SUHVVXUH<br />

$UWHULDO LQIORZ LV UDUHO\ UHGXFHG XQOHVV WKH SUHVVXUH H[FHHG V\VWROLF %3<br />

,I SUHVVXUH PRQLWRULQJ DYDLODEOH SUHVVXUHV ! PP+J DUH DEQRUPDO<br />

&OLQLFDO IHDWXUHV<br />

&RPSDUWPHQW V\QGURPHV DUH QRUPDOO\ VHHQ ZLWKLQ KRXUV RI LQMXU\<br />

&OLQLFDO IHDWXUHV LQFOXGH<br />

,QFUHDVLQJ SDLQ GHVSLWH LPPRELOLVDWLRQ RI IUDFWXUH<br />

$OWHUHG VHQVDWLRQ LQ WKH GLVWULEXWLRQ RI QHUYHV SDVVLQJ WKURXJK WKH FRPSDUWPHQW<br />

0XVFOH VZHOOLQJ DQG WHQGHUQHVV<br />

3DLQ RQ SDVVLYH PRYHPHQW<br />

3HULSKHUDO SXOVHV PD\ VWLOO EH SUHVHQW<br />

7UHDWPHQW<br />

5HPRYH FRQVWULFWLQJ FDVWV VSOLQWV HWF<br />

,I QR LPSURYHPHQW SURPSW IDVFLWRWRPLHV DUH UHTXLUHG<br />

1HHG WR GLYLGH VNLQ DQG GHHS IDVFLD IRU WKH ZKROH OHQJWK RI WKH FRPSDUWPHQW<br />

:RXQGV VKRXOG EH OHIW RSHQ<br />

0D\ UHTXLUH GHOD\HG FORVXUH RU VNLQ JUDIWLQJ<br />

VXUJLFDO WXWRU RUJ XN $ IUHH RQ OLQH VXUJLFDO UHVRXUFH<br />

7UDXPD<br />

126


2XWFRPH<br />

7LPHO\ VXUJHU\ SURGXFHV D JRRG IXQFWLRQDO RXWFRPH<br />

'HOD\ UHVXOWV LQ PXVFOH LVFKDHPLD DQG QHFURVLV<br />

0XVFOH ILEURVLV SURGXFHV WKH W\SLFDO 9RONPDQQ V LVFKDHPLF FRQWUDFWXUH<br />

%LEOLRJUDSK\<br />

0F4XHHQ 0 0 &KULVWLH - &RXUW %URZQ & 0 $FXWH FRPSDUWPHQW V\QGURPH LQ WLELDO GLDSK\VHDO<br />

IUDFWXUHV - %RQH -RLQW 6XUJ >%U@<br />

0F4XHHQ 0 0 &RXUW %URZQ & 0 &RPSDUWPHQW PRQLWRULQJ LQ WLELDO IUDFWXUHV 7KH SUHVVXUH WKUHVKROG<br />

IRU GHFRPSUHVVLRQ - %RQH -RLQW 6XUJ >%U@<br />

YDQ (VVHQ * - 0F4XHHQ 0 0 &RPSDUWPHQW V\QGURPH LQ WKH ORZHU OLPE +RVS 0HG<br />

VXUJLFDO WXWRU RUJ XN $ IUHH RQ OLQH VXUJLFDO UHVRXUFH<br />

7UDXPD<br />

127


7UDXPD VFRULQJ V\VWHPV<br />

7R HYDOXDWH WUDXPD PDQDJHPHQW DQG RXWFRPH RQH QHHGV WR DVVHVV<br />

,QSXW<br />

$QDWRPLFDO VFRULQJ V\VWHPV<br />

$EEUHYLDWHG LQMXU\ VFRUH<br />

,QMXU\ VHYHULW\ VFRUH<br />

3K\VLRORJLFDO VFRULQJ V\VWHPV<br />

*ODVJRZ FRPD VFDOH<br />

7UDXPD VFRUH<br />

5HYLVHG WUDXPD VFRUH<br />

75,66 PHWKRGRORJ\<br />

7UHDWPHQW<br />

,QGLYLGXDO SDWLHQW<br />

6\VWHP RI SDWLHQW FDUH<br />

2XWFRPH<br />

0RUELGLW\<br />

0RUWDOLW\<br />

,QMXU\ VHYHULW\ VFRUH<br />

8VHG WR DVVHVV SDWLHQWV LQYROYHG LQ WUDIILF DFFLGHQWV<br />

0DNHV XVH RI WKH $EEUHYLDWHG ,QMXU\ 6FDOH $,6<br />

,WV YDOXH FRUUHODWHV ZLWK WKH ULVN RI PRUWDOLW\<br />

3DWLHQWV ZLWK LPPHGLDWHO\ RU UDSLGO\ IDWDO LQMXULHV DUH H[FOXGHG<br />

,QMXULHV DUH DVVLJQHG WR ERG\ UHJLRQV<br />

*HQHUDO KHDG QHFN FKHVW DEGRPLQDO H[WUHPLWLHV SHOYLV<br />

(DFK W\SH RI LQMXU\ HQFRXQWHUHG LV DVVLJQHG D YDOXH IURP WR ZLWK<br />

PLQRU LQMXU\<br />

PRGHUDWH LQMXU\<br />

VHYHUH EXW QRW OLIH WKUHDWHQLQJ LQMXU\<br />

OLIH WKUHDWHQLQJ EXW VXUYLYDO OLNHO\<br />

FULWLFDO ZLWK XQFHUWDLQ VXUYLYDO<br />

7DEOH ([DPSOHV RI $,6 VFRUHV<br />

6\VWHP 6HYHULW\ ([DPSOH<br />

*HQHUDO<br />

VW<br />

GHJUHH EXUQV<br />

*HQHUDO<br />

UG<br />

GHJUHH EXUQV<br />

&KHVW +DHPRWKRUD[<br />

&KHVW 3HULFDUGLDO LQMXU\<br />

$EGRPHQ 5XSWXUHG OLYHU<br />

+LJKHVW VFRUH LQGLFDWLQJ WKH PRVW VHYHUH LQMXU\ IRU HDFK UHJLRQ LV VHOHFWHG<br />

5DQNHG IURP WKH KLJKHVW WR ORZHVW YDOXH<br />

7KUHH KLJKHVW YDOXHV DUH WKHQ XVHG WR FDOFXODWH WKH LQMXU\ VHYHULW\ VFRUH<br />

,QMXU\ VHYHULW\ VFRUH<br />

KLJKHVW UHJLRQ VFRUH<br />

VHFRQG KLJKHVW UHJLRQ VFRUH<br />

VXUJLFDO WXWRU RUJ XN $ IUHH RQ OLQH VXUJLFDO UHVRXUFH<br />

7UDXPD<br />

128


WKLUG KLJKHVW UHJLRQ VFRUH<br />

0LQLPXP VFRUH<br />

0D[LPXP VFRUH<br />

0RUWDOLW\ UDWH LQFUHDVHV ZLWK VFRUH DQG DJH<br />

7DEOH 0RUDOLW\ DFFRUGLQJ WR ,66 DQG DJH<br />

6FRUH PRUWDOLW\ PRUWDOLW\ PRUWDOLW\ !<br />

5HYLVHG WUDXPD VFRUH<br />

8VHG WR UDSLGO\ DVVHVV SDWLHQWV DW WKH VFHQH RI DQ DFFLGHQW<br />

7DEOH 5HYLVHG WUDXPD VFRUH<br />

3DUDPHWHU )LQGLQJ 3RLQWV<br />

5HVSLUDWRU\ UDWH SHU PLQXWH<br />

! SHU PLQXWH<br />

SHU PLQXWH<br />

SHU PLQXWH<br />

6\VWROLF EORRG SUHVVXUH ! PP +J<br />

PP +J<br />

PP +J<br />

PP +J<br />

*ODVJRZ &RPD 6FRUH<br />

5HYLVHG WUDXPD VFRUH<br />

SRLQWV IRU UHVSLUDWRU\ UDWH<br />

SRLQWV IRU V\VWROLF EORRG SUHVVXUH<br />

SRLQWV IRU *ODVJRZ FRPD VFRUH<br />

0D[LPXP VFRUH LQGLFDWLQJ OHDVW DIIHFWHG<br />

0LQLPXP VFRUH LQGLFDWLQJ PRVW DIIHFWHG<br />

VXUJLFDO WXWRU RUJ XN $ IUHH RQ OLQH VXUJLFDO UHVRXUFH<br />

7UDXPD<br />

129


75,66 PHWKRGRORJ\<br />

7UDXPD DQG ,QMXU\ 6HYHULW\ 6FRUH 75,66 ZDV GHVLJQHG WR HYDOXDWH WUDXPD FDUH<br />

&DOFXODWHV H[SHFWHG VXUYLYDO EDVHG RQ SDWLHQW FKDUDFWHULVWLFV<br />

,QWHQGHG WR EH XVHG WR FRPSDUH RXWFRPHV IURP GLIIHUHQW WUHDWPHQW FHQWHUV<br />

&RPSRQHQWV<br />

:HLJKWHG 5HYLVHG 7UDXPD 6FRUH 576<br />

,QMXU\ 6HYHULW\ 6FRUH ,66<br />

6FRUH IRU SDWLHQW V DJH<br />

&RHIILFLHQWV EDVHG RQ EOXQW YHUVXV SHQHWUDWLQJ WUDXPD<br />

/LPLWDWLRQV<br />

6RPH UHVHDUFKHUV KDYH IRXQG SUREOHPV ZLWK WKH DFFXUDF\ RI WKH 75,66 PHWKRG<br />

0D\ EH QHFHVVDU\ WR GHYHORS GLIIHUHQW FRHIILFLHQWV IRU GLIIHUHQW SRSXODWLRQV RI SDWLHQWV<br />

%LEOLRJUDSK\<br />

%R\G &5 7ROVRQ 0$ &RSHV :6 (YDOXDWLQJ WUDXPD FDUH 7KH 75,66 PHWKRG - 7UDXPD<br />

&KDPSLRQ +5 6DFFR :- $ UHYLVLRQ RI WKH WUDXPD VFRUH - 7UDXPD<br />

VXUJLFDO WXWRU RUJ XN $ IUHH RQ OLQH VXUJLFDO UHVRXUFH<br />

7UDXPD<br />

130


3ULQFLSOH RI ,&8<br />

,QGLFDWLRQV IRU DGPLVVLRQ WR ,78<br />

VXUJLFDO WXWRU RUJ XN $ IUHH RQ OLQH VXUJLFDO UHVRXUFH<br />

,QWHQVLYH FDUH<br />

0HFKDQLFDO VXSSRUW RI RUJDQ IXQFWLRQ<br />

5HVSLUDWRU\ VXSSRUW YHQWLODWLRQ &3$3<br />

5HQDO VXSSRUW KDHPRILOWUDWLRQ KDHPRGLDO\VLV<br />

&DUGLDF (&* DQG LQRWURSLF GUXJV<br />

+HSDWLF EORRG WUDQVIXVLRQ<br />

1HXURORJLFDO LQWUDFUDQLDO SUHVVXUH PRQLWRULQJ<br />

8VXDOO\ KDV QXUVLQJ FDUH<br />

,QGLFDWLRQV IRU DGPLVVLRQ WR +'8<br />

&ORVH PRQLWRULQJ RI XQVWDEOH SDWLHQW<br />

2[\JHQDWLRQ UHVSLUDWRU\ UDWH R[\JHQ VDWXUDWLRQ DQG DUWHULDO JDVHV<br />

&DUGLDF IXQFWLRQ SXOVH EORRG SUHVVXUH FHQWUDO YHQRXV SUHVVXUH<br />

5HQDO IXQFWLRQ XULQH RXWSXW<br />

8VXDOO\ KDV DW OHDVW QXUVLQJ FDUH<br />

8VXDOO\ GRHV QRW KDYH IDFLOLWLHV IRU YHQWLODWLRQ RU KDHPRGLDO\VLV<br />

)DFWRUV WR EH FRQVLGHUHG ZKHQ DVVHVVLQJ DGPLVVLRQ WR ,&8<br />

'LDJQRVLV<br />

6HYHULW\ RI LOOQHVV<br />

$JH<br />

&RH[LVWLQJ GLVHDVH<br />

3K\VLRORJLFDO UHVHUYH<br />

3URJQRVLV<br />

$YDLODELOLW\ RI VXLWDEOH WUHDWPHQW<br />

5HVSRQVH RI WUHDWPHQW WR GDWH<br />

5HFHQW FDUGLRSXOPRQDU\ DUUHVW<br />

$QWLFLSDWHG TXDOLW\ RI OLIH<br />

7KH SDWLHQW V ZLVKHV<br />

&ULWHULD IRU ,&8 DVVHVVPHQW<br />

7KUHDWHQHG DLUZD\<br />

5HVSLUDWRU\ DUUHVW<br />

5HVSLUDWRU\ UDWH ! RU EUHDWKV PLQ<br />

2[\JHQ VDWXUDWLRQ RQ ! R[\JHQ<br />

&DUGLDF DUUHVW<br />

3XOVH UDWH RU ! EHDWV PLQ<br />

6\VWROLF EORRG SUHVVXUH PP+J<br />

6XGGHQ IDOO LQ OHYHO RI FRQVFLRXVQHVV<br />

5HSHDWHG RU SURORQJHG VHL]XUHV<br />

5LVLQJ DUWHULDO FDUERQ GLR[LGH WHQVLRQ ZLWK UHVSLUDWRU\ DFLGRVLV<br />

,QWHQVLYH FDUH<br />

131


&DUGLRYDVFXODU<br />

&DUGLRYDVFXODU PRQLWRULQJ<br />

&DUGLDF RXWSXW LV WKH JROG VWDQGDUG PHDVXUH RI FDUGLRYDVFXODU IXQFWLRQ<br />

0HDVXUHPHQW QRUPDOO\ UHTXLUHV LQYDVLYH SUHVVXUH PRQLWRULQJ<br />

&DUGLRYDVFXODU IXQFWLRQ FDQ KRZHYHU EH DVVHVVHG QRQ LQYDVLYHO\ ZLWK<br />

(OHFWURFDUGLRJUDP<br />

%ORRG SUHVVXUH<br />

&HQWUDO YHQRXV SUHVVXUH<br />

8ULQH RXWSXW<br />

(&* DOORZV DVVHVVPHQW RI KHDUW UDWH DQG DQ\ DUUK\WKPLD<br />

%3 FDQ EH PRQLWRUHG ZLWK D FXII LQWHUPLWWHQW RU DUWHULDO OLQH FRQWLQXRXV<br />

,Q WKH DEVHQFH RI YDVRFRQVWULFWLRQ SURYLGHV D JRRG HVWLPDWH RI FDUGLDF RXWSXW<br />

&HQWUDO YHQRXV SUHVVXUH<br />

&OLQLFDO DVVHVVPHQW RI MXJXODU YHQRXV SUHVVXUH LV XQUHOLDEOH<br />

&HQWUDO YHQRXV V\VWHP FDQ EH FDQQXODWHG E\ LQWHUQDO MXJXODU RU VXEFODYLDQ URXWH<br />

&RPSOLFDWLRQV RI &93 OLQHV LQFOXGH<br />

3QHXPRWKRUD[<br />

$UWHULDO SXQFWXUH<br />

$LU HPEROLVP<br />

,QIHFWLRQ<br />

6LWH DW ZKLFK WUDQVGXFHUV DUH ]HURHG DUH YHU\ YDULDEOH<br />

$OVR FKDQJH ZLWK SDWLHQW PRYHPHQW<br />

&KDQJHV LQ SUHVVXUH UDWKHU WKDQ DEVROXWH YDOXHV DUH LPSRUWDQW<br />

$ IOXLG EROXV PO RI FROORLG JLYHQ DV TXLFNO\ DV SRVVLEOH<br />

$ ORZ &93 ZLWK WUDQVLHQW LQFUHDVH ZLWK IOXLG EROXV K\SRYRODHPLD<br />

$ KLJK &93 ZLWK SHUVLVWHQW LQFUHDVH ZLWK IOXLG EROXV K\SHUYRODHPLD<br />

&93 PHDVXUHPHQW DOORZV DVVHVVPHQW RI WKH FDUGLDF SUH ORDG<br />

&DUGLDF RXWSXW DQG OHIW VLGHG SUHVVXUHV<br />

,I ERWK YHQWULFOH DUH IXQFWLRQLQJ QRUPDOO\ SUH ORDG ZLOO DOORZ DVVHVVPHQW RI FDUGLDF RXWSXW<br />

,VFKDHPLF KHDUW GLVHDVH RU VHSVLV /9 IXQFWLRQ FDQ EH UHGXFHG<br />

3XOPRQDU\ K\SHUWHQVLRQ UHGXFHV 59 IXQFWLRQ<br />

,Q WKHVH VLWXDWLRQ DVVHVVPHQW RI OHIW KHDUW SUHVVXUHV PD\ EH LPSRUWDQW<br />

$OVR D PHDVXUH RI FDUGLDF RXWSXW PD\ EH QHHG<br />

&DUGLDF RXWSXW FDQ EH PHDVXUHG HLWKHU<br />

,QYDVLYHO\ SXOPRQDU\ DUWHU\ FDWKHWHU<br />

1RQ LQYDVLYHO\ RHVRSKDJHDO GRSSOHU<br />

6ZDQ *DQ] FDWKHWHU<br />

%DOORRQ WLSSHG FDWKHWHU LQVHUWHG WKURXJK FHQWUDO YHLQ<br />

)ORDWHG WKURXJK ULJKW VLGH RI KHDUW LQWR SXOPRQDU\ DUWHU\<br />

%DOORRQ DOORZV ZHGJLQJ LQ EUDQFK RI SXOPRQDU\ DUWHU\<br />

3UHVVXUH UHFRUGHG LV SXOPRQDU\ FDSLOODU\ ZHGJH SUHVVXUH<br />

*RRG HVWLPDWH RI OHIW DWULDO SUHVVXUH<br />

7LS RI FDWKHWHU FRQWDLQV D WKHUPLVWRU<br />

&DUGLDF RXWSXW FDQ DOVR EH PHDVXUHG XVLQJ WKHUPRGLOXWLRQ SULQFLSDO<br />

,I EORRG SUHVVXUH DQG FDUGLDF RXWSXW DUH NQRZQ YDVFXODU UHVLVWDQFH FDQ EH FDOFXODWHG<br />

VXUJLFDO WXWRU RUJ XN $ IUHH RQ OLQH VXUJLFDO UHVRXUFH<br />

,QWHQVLYH FDUH<br />

132


&RPSOLFDWLRQV RI D 6ZDQ *DQ] FDWKHWHU DUH<br />

$UUK\WKPLDV<br />

.QRWWLQJ DQG PLVSODFHPHQW<br />

&DUGLDF YDOYH WUDXPD<br />

3XOPRQDU\ LQIDUFWLRQ<br />

3XOPRQDU\ DUWHU\ UXSWXUH<br />

%DOORRQ UXSWXUH<br />

&DWKHWHU WKURPERVLV RU HPEROLVP<br />

VXUJLFDO WXWRU RUJ XN $ IUHH RQ OLQH VXUJLFDO UHVRXUFH<br />

,QWHQVLYH FDUH<br />

133


&DUGLDF DUUHVW DQG UHVXVFLWDWLRQ<br />

)LJXUH $/6 DOJRULWKP IRU WKH PDQDJHPHQW RI FDUGLDF DUUHVW LQ DGXOWV 5HVXVFLWDWLRQ<br />

&RXQFLO *XLGHOLQHV<br />

&DXVHV RI FDUGLDF DUUHVW<br />

+\SR[LD<br />

+\SRYRODHPLD<br />

+\SRWKHUPLD<br />

+\SHUNDODHPLD<br />

VXUJLFDO WXWRU RUJ XN $ IUHH RQ OLQH VXUJLFDO UHVRXUFH<br />

,QWHQVLYH FDUH<br />

134


7HQVLRQ SQHXPRWKRUD[<br />

7DPSRQDGH<br />

7R[LF WKHUDSHXWLF GLVRUGHUV<br />

7KURPERHPEROLF HYHQWV<br />

%LEOLRJUDSK\<br />

VXUJLFDO WXWRU RUJ XN $ IUHH RQ OLQH VXUJLFDO UHVRXUFH<br />

,QWHQVLYH FDUH<br />

135


VXUJLFDO WXWRU RUJ XN $ IUHH RQ OLQH VXUJLFDO UHVRXUFH<br />

,QWHQVLYH FDUH<br />

6KRFN<br />

6KRFN $FXWH FLUFXODWRU\ IDLOXUH ZLWK LQDGHTXDWH RU LQDSSURSULDWHO\ GLVWULEXWHG WLVVXH SHUIXVLRQ<br />

UHVXOWLQJ LQ JHQHUDOLVHG FHOOXODU K\SR[LD<br />

&DUGLRJHQLF VKRFN<br />

3XPS IDLOXUH RIWHQ GXH WR P\RFDUGLDO LQIDUFWLRQ<br />

2EVWUXFWLYH VKRFN<br />

0HFKDQLFDO LPSHGDQFH WR YHQWULFXODU RXWIORZ SXOPRQDU\ HPEROXV FDUGLDF WDPSRQDGH<br />

+\SRYRODHPLF VKRFN<br />

/RVV RI FLUFXODWLQJ EORRG YROXPH EORRG ORVV EXUQV SDQFUHDWLWLV HWF<br />

'LVWULEXWLYH VKRFN<br />

$EQRUPDOLWLHV RI SHULSKHUDO FLUFXODWLRQ VHSVLV RU DQDSK\OD[LV<br />

$FXWH EORRG ORVV<br />

+DHPRJORELQ DQG 3&9 UHPDLQ QRUPDO IRU ILUVW KRXUV<br />

3ODVPD YROXPH WKHQ H[SDQGV DQG +E DQG 3&9 IDOO<br />

$VVRFLDWHG ZLWK LQFUHDVH LQ QHXWURSKLOV DQG SODWHOHWV<br />

5HWLFXORF\WH FRXQW LQFUHDVHV RQ GD\ RU<br />

5HDFKHV PD[LPXP RI E\ GD\ WR<br />

:LWKRXW WUHDWPHQW KDHPRJORELQ EHJLQV WR ULVH E\ GD\<br />

&DUGLRYDVFXODU VXSSRUW<br />

1HHG WR DFKLHYH DGHTXDWH FDUGLDF RXWSXW DQG WLVVXH SHUIXVLRQ<br />

$LP IRU D PHDQ DUWHULDO SUHVVXUH RI DW OHDVW PP+J<br />

)RU WKLV WR EH DFKLHYHG LW UHTXLUHV<br />

3UHORDG RSWLPLVDWLRQ ZLWK YROXPH UHSODFHPHQW<br />

,QRWURSLF VXSSRUW<br />

6RPH SDWLHQWV UHTXLUH LQRWURSHV DQG YDVRSUHVVRUV<br />

2WKHUV UHTXLUH LQRGLODWRUV WR UHGLVWULEXWH EORRG IORZ<br />

&KRLFH RI LQRWURSH GHSHQGV RQ DFWLRQV RQ UHODWLYH DFWLRQV RQ V\PSDWKHWLF QHUYRXV V\VWHP<br />

7DEOH 3URSHUWLHV RI FRPPRQO\ XVHG LQRWURSLF DQG YDVRSUHVVRU DJHQWV<br />

E E D D '$ '$<br />

$GUHQDOLQH<br />

/RZ GRVH 1$ 1$<br />

+LJK GRVH 1$ 1$<br />

1RUDGUHQDOLQH 1$ 1$<br />

,VRSUHQDOLQH<br />

'RSDPLQH<br />

/RZ GRVH<br />

+LJK GRVH<br />

'RSH[DPLQH<br />

1$ 1$<br />

'REXWDPLQH "<br />

,QRWURSLF VXSSRUW RI VKRFN VWDWHV<br />

136


&DUGLRJHQLF VKRFN<br />

3DWLHQWV KDYH ORZ FDUGLDF RXWSXW ZLWK KLJK ILOOLQJ SUHVVXUH DQG YDVFXODU UHVLVWDQFH<br />

'REXWDPLQH LV DQ LQRWURSH WKDW UHGXFHV YDVFXODU UHVLVWDQFH<br />

,QRGLODWRUV VXFK DV GRSH[DPLQH DUH DOVR XVHIXO<br />

3XUH YDVRGLODWRUV VXFK DV QLWUDWHV RU QLWURSUXVVLGH PD\ DOVR EH XVHIXO<br />

2EVWUXFWLYH VKRFN<br />

,QRWURSHV PD\ EH XVHIXO WR VXSSRUW P\RFDUGLXP XQWLO GHILQLWLYH WUHDWPHQW DYDLODEOH<br />

+LJK RXWSXW VWDWHV<br />

,Q VHYHUH FDVHV YDVRGLODWDWLRQ LV UHVLVWDQW WR YDVRFRQVWULFWRUV<br />

3HUIXVLRQ SUHVVXUH FDQ EH UHVWRUHG ZLWK QRUDGUHQDOLQH<br />

'REXWDPLQH FDQ EH DGGHG WR LQFUHDVH FDUGLDF RXWSXW<br />

$GUHQDOLQH DJJUHYDWHV VSODQFKQLF LVFKDHPLD<br />

%LEOLRJUDSK\<br />

%DUQDUG 0 - /LQWHU 6 3 . $FXWH FLUFXODWRU\ VXSSRUW %U 0HG -<br />

+LQGV & - :DWVRQ ' &LUFXODWRU\ VXSSRUW %U 0HG -<br />

VXUJLFDO WXWRU RUJ XN $ IUHH RQ OLQH VXUJLFDO UHVRXUFH<br />

,QWHQVLYH FDUH<br />

137


&DUGLRSXOPRQDU\ E\SDVV<br />

,Q HDUO\ V ILUVW RSHQ KHDW SURFHGXUHV ZHUH SHUIRUPHG XQGHU<br />

&RROLQJ DQ FLUFXODWRU\ DUUHVW<br />

&URVV FLUFXODWLRQ EHWZHHQ SDUHQW DQG FKLOG<br />

&DUGLRSXOPRQDU\ E\SDVV ZLWK SXPS DQG R[\JHQDWRU<br />

)LJXUH &RPSRQHQWV RI FDUGLRSXOPRQDU\ E\SDVV FLUFXLW<br />

&DQQXOD LV LQVHUWHG LQWR ULJKW DWULXP WR GUDLQ YHQRXV UHWXUQ<br />

9HQRXV EORRG SDVVHV LQWR YHQRXV UHVHUYRLU XQGHU JUDYLW\<br />

2[\JHQDWHG DQG &2 UHPRYHG XVXDOO\ E\ PHPEUDQH R[\JHQDWRU<br />

+HDW H[FKDQJHU FRQWURO EORRG WHPSHUDWXUH<br />

6XUJHU\ RIWHQ SHUIRUPHG ZLWK q& RI K\SRWKHUPLD<br />

$ PP ILOWHU UHPRYHV DLU EXEEOHV<br />

3XPS UHWXUQV EORRG LQWR DRUWD GLVWDO WR D FURVV FODPS<br />

6XFWLRQ XVHG WR UHPRYH EORRG IURP RSHUDWLYH ILHOG<br />

5HWXUQHG WR SDWLHQW YLD FDUGLRWRP\ UHVHUYRLU<br />

&RPSOLFDWLRQV RI E\SDVV<br />

3URORQJHG E\SDVV LQGXFHV F\WRNLQH DFWLYDWLRQ DQG DQ LQIODPPDWRU\ UHVSRQVH<br />

5HVXOWV LQ<br />

5HG FHOO GDPDJH DQG KDHPRJORELQXULD<br />

7KURPERF\WRSHQLD<br />

&ORWWLQJ DEQRUPDOLWLHV<br />

5HGXFHG SXOPRQDU\ JDV H[FKDQJH<br />

&HUHEURYDVFXODU DFFLGHQWV<br />

VXUJLFDO WXWRU RUJ XN $ IUHH RQ OLQH VXUJLFDO UHVRXUFH<br />

,QWHQVLYH FDUH<br />

138


9DOYXODU KHDUW GLVHDVH<br />

$HWLRORJ\<br />

3ULQFLSDO FDXVHV YDU\ EHWZHHQ :HVWHUQ DQG GHYHORSLQJ FRXQWULHV<br />

&RPPRQ FDXVHV DUH<br />

&RQJHQLWDO YDOYXODU DEQRUPDOLWLHV H J ELFXVSLG DRUWLF YDOYH<br />

,QIHFWLYH HQGRFDUGLWLV<br />

5KHXPDWLF IHYHU<br />

'HJHQHUDWLYH YDOYH GLVHDVH<br />

,VFKDHPLF KHDUW GLVHDVH<br />

3DWKRORJ\<br />

5KHXPDWLF IHYHU UHVXOWV IURP LPPXQH PHGLDWHG LQIODPPDWLRQ RI KHDUW YDOYH<br />

5HVXOWV IURP FURVV UHDFWLRQ EHWZHHQ *URXS $ E KDHPRO\WLF VWUHS DQG FDUGLDF SURWHLQV<br />

9DOYH GLVHDVH UHVXOWV LQ HLWKHU VWHQRVLV RU LQFRPSHWHQFH<br />

6WHQRVLV FDXVHV SUHVVXUH ORDG RQ SUR[LPDO FKDPEHU<br />

,QFRPSHWHQFH FDXVHV YROXPH ORDG SUR[LPDO FKDPEHU<br />

7KURPEXV PD\ IRUP LQ GLODWHG OHIW DWULXP UHVXOWLQJ LQ SHULSKHUDO HPEROLVDWLRQ<br />

&OLQLFDO IHDWXUHV<br />

$RUWLF VWHQRVLV<br />

$QJLQD SHFWRULV<br />

6\QFRSDO HSLVRGHV<br />

/HIW YHQWULFXODU IDLOXUH<br />

6ORZ XSVWURNH WR DUWHULDO SXOVH<br />

(MHFWLRQ V\VWROLF PXUPXU LQ QG ULJKW LQWHUFRVWDO VSDFH<br />

$RUWLF UHJXUJLWDWLRQ<br />

&RQJHVWLYH FDUGLDF IDLOXUH<br />

,QFUHDVHG SXOVH SUHVVXUH<br />

:DWHU KDPPHU SXOVH<br />

(DUO\ GLDVWROLF PXUPXU DW OHIW VWHUQDO HGJH<br />

0LWUDO VWHQRVLV<br />

3XOPRQDU\ K\SHUWHQVLRQ<br />

3DUR[\VPDO QRFWXUQDO G\VSQRHD<br />

$WULDO ILEULOODWLRQ<br />

/RXG ILUVW KHDUW VRXQG<br />

0LG GLDVWROLF PXUPXU DW DSH[<br />

0LWUDO UHJXUJLWDWLRQ<br />

3XOPRQDU\ RHGHPD<br />

$SH[ EHDW GLVSODFH ODWHUDOO\<br />

$SLFDO SDQV\VWROLF PXUPXU<br />

7ULFXVSLG VWHQRVLV<br />

)DWLJXH DQG SHULSKHUDO RHGHPD<br />

+HSDWRPHJDO\ DQG DVFLWHV<br />

,QFUHDVHG -93 ZLWK SURPLQHQW D ZDYHV<br />

'LDVWROLF PXUPXU DW OHIW VWHUQDO HGJH<br />

VXUJLFDO WXWRU RUJ XN $ IUHH RQ OLQH VXUJLFDO UHVRXUFH<br />

,QWHQVLYH FDUH<br />

139


7ULFXVSLG UHJXUJLWDWLRQ<br />

3XOVDWLOH KHSDWRPHJDO\ DQG DVFLWHV<br />

5LJKW YHQWULFXODU KHDYH<br />

3URPLQHQW -93 ZLWK ODUJH Y ZDYHV<br />

3DQV\VWROLF PXUPXU DW OHIW VWHUQDO HGJH<br />

1HZ


3URVWKHWLF KHDUW YDOYHV<br />

3ULQFLSDO W\SHV<br />

+HWHURJUDIWV ± VWHQWHG RU XQVWHQWHG H J SLJ<br />

+RPRJUDIWV<br />

%DOO DQG FDJH H J 6WDUU (GZDUGV<br />

7LOWLQJ GLVF H J %MRUN 6KLOH\<br />

0HFKDQLFDO YDOYHV<br />

5HDGLO\ DYDLODEOH<br />

*RRG GXUDELOLW\<br />

5HTXLUH OLIH ORQJ DQWLFRDJXODWLRQ<br />

5LVN RI HQGRFDUGLWLV<br />

+HWHURJUDIWV<br />

5HDGLO\ DYDLODEOH<br />

/LPLWHG OLIHVSDQ DRUWLF YDOYHV a \HDUV PLWUDO YDOYH a \HDUV<br />

/LPLWHG GXUDWLRQ RI DQWLFRDJXODWLRQ<br />

+RPRJUDIWV<br />

1RW UHDGLO\ DYDLODEOH<br />

'R QRW UHTXLUH DQWLFRDJXODWLRQ<br />

/RQJ WHUP RXWFRPH XQFHUWDLQ<br />

%LEOLRJUDSK\<br />

VXUJLFDO WXWRU RUJ XN $ IUHH RQ OLQH VXUJLFDO UHVRXUFH<br />

,QWHQVLYH FDUH<br />

141


5HVSLUDWRU\<br />

5HVSLUDWRU\ VXSSRUW<br />

2[\JHQ VDWXUDWLRQ<br />

2[\JHQ GHOLYHU\ GHSHQGV RQ<br />

&DUGLDF RXWSXW<br />

+DHPRJORELQ FRQFHQWUDWLRQ<br />

$UWHULDO R[\JHQ VDWXUDWLRQ<br />

$UWHULDO R[\JHQ VDWXUDWLRQ 6D2 GHSHQGV RQ DUWHULDO R[\JHQ WHQVLRQ 3D2<br />

)LJXUH 7KH R[\JHQ GLVVRFLDWLRQ FXUYH<br />

$ DUWHULR YHQRXV R[\JHQ FRQWHQW GLIIHUHQFH<br />

1RWH WKDW GXH WR WKH QRQ OLQHDU QDWXUH RI WKH FXUYH % LV JUHDWHU WKDQ $<br />

3XOVH R[LPHWU\<br />

$UWHULDO R[\JHQ VDWXUDWLRQ FDQ EH PHDVXUHG QRQ LQYDVLYHO\ XVLQJ SXOVH R[LPHWU\<br />

5HDGLQJ XQUHOLDEOH LI<br />

,QWHQVH YDVRFRQVWULFWLRQ<br />

-DXQGLFH<br />

0HWKDHPRJORELQDHPLD<br />

VXUJLFDO WXWRU RUJ XN $ IUHH RQ OLQH VXUJLFDO UHVRXUFH<br />

,QWHQVLYH FDUH<br />

142


5HVSLUDWRU\ IDLOXUH<br />

+\SR[DHPLF IDLOXUH W\SH 5HGXFHG 3 D&2 UHGXFHG 3D2<br />

9HQWLODWRU\ IDLOXUH W\SH ,QFUHDVHG 3 D&2 UHGXFHG 3D2<br />

3DWKRSK\VLRORJ\ RI UHVSLUDWRU\ IDLOXUH<br />

)DLOXUH RI R[\JHQDWLRQ K\SR[DHPLD W\SH , IDLOXUH<br />

/RZ LQVSLUHG R[\JHQ SDUWLDO SUHVVXUH<br />

$OYHRODU K\SRYHQWLODWLRQ<br />

'LIIXVLRQ LPSDLUPHQW<br />

9HQWLODWLRQ WR SHUIXVLRQ PLVPDWFK<br />

5LJKW WR OHIW VKXQW<br />

)DLOXUH RI YHQWLODWLRQ K\SHUFDSQLD W\SH ,, IDLOXUH<br />

$EQRUPDOLWLHV RI FHQWUDO UHVSLUDWRU\ GULYH<br />

1HXURPXVFXODU G\VIXQFWLRQ<br />

$EQRUPDOLWLHV RI WKH FKHVW ZDOO<br />

$EQRUPDOLWLHV RI WKH DLUZD\<br />

$EQRUPDOLWLHV RI WKH OXQJ<br />

7DEOH &DXVHV RI UHVSLUDWRU\ IDLOXUH<br />

9HQWLODWRU\ IDLOXUH +\SR[DHPLF IDLOXUH<br />

'HUDQJHG PHFKDQLFV<br />

&23'<br />

&KHVW WUDXPD<br />

5HVSLUDWRU\ GHSUHVVLRQ<br />

'UXJV<br />

7UDXPD<br />

5DLVHG LQWUDFUDQLDO SUHVVXUH<br />

6SLQDO FRUG OHVLRQV<br />

&HUYLFDO VSLQH WUDXPD<br />

0RWRU QHXURQH GLVHDVH<br />

3HULSKHUDO QHXURSDWK\<br />

0\DVWKHQLD JUDYLV<br />

0XVFOH UHOD[DQWV<br />

$UWLILFLDO YHQWLODWLRQ<br />

,QGLFDWLRQV IRU WUDFKHDO LQWXEDWLRQ<br />

)DFLOLWDWLRQ RI PHFKDQLFDO YHQWLODWLRQ<br />

3URWHFWLRQ IURP DVSLUDWLRQ<br />

)DFLOLWDWLRQ RI WUDFKHREURQFKLDO VXFWLRQ<br />

5HOLHI RI XSSHU DLUZD\ REVWUXFWLRQ<br />

,QGLFDWLRQV IRU PHFKDQLFDO YHQWLODWLRQ<br />

VXUJLFDO WXWRU RUJ XN $ IUHH RQ OLQH VXUJLFDO UHVRXUFH<br />

&ROODSVH<br />

&RQVROLGDWLRQ<br />

&RQWXVLRQ<br />

6XSSRUW LQ UHVSLUDWRU\ IDLOXUH<br />

&RPD KHDG LQMXU\ GUXJ RYHUGRVH<br />

&RQWURO RI LQWUDFUDQLDO SUHVVXUH<br />

5HGXFWLRQ RI PHWDEROLF GHPDQGV<br />

$OORZ PXVFOH UHOD[DWLRQ DQG IDFLOLWDWH VXUJHU\<br />

3XOPRQDU\ RHGHPD<br />

3XOPRQDU\ HPEROXV<br />

,QWHQVLYH FDUH<br />

143


3RVWRSHUDWLYH YHQWLODWLRQ<br />

%HQHILWV RI YHQWLODWLRQ<br />

(OLPLQDWHV FDUERQ GLR[LGH<br />

,PSURYHV R[\JHQDWLRQ E\<br />

5HGXFLQJ UHVSLUDWRU\ ZRUN DQG R[\JHQ FRQVXPSWLRQ<br />

$GPLQLVWHULQJ D KLJKHU LQVSLUHG R[\JHQ FRQWHQW ) L2<br />

3UHYHQWLQJ RU UHYHUVLQJ DWHOHFWDVLV<br />

0RGHV RI YHQWLODWLRQ<br />

0RVW YHQWLODWRUV DUH YROXPH WLPH F\FOHG ZLWK D SUHVVXUH OLPLW<br />

'HOLYHU SUHVHW WLGDO YROXPH LUUHVSHFWLYH RI OXQJ FRPSOLDQFH<br />

3UHVVXUH OLPLW UHGXFHV ULVN RI RYHU LQIODWLRQ<br />

3RVVLEOH PRGHV LQ ZKLFK WKH\ FDQ EH XVHG DUH<br />

&RQWUROOHG PHFKDQLFDO YHQWLODWLRQ<br />

$VVLVWHG FRQWUROOHG RU WULJJHUHG YHQWLODWLRQ<br />

,QWHUPLWWHQW PDQGDWRU\ YHQWLODWLRQ<br />

3UHVVXUH VXSSRUW<br />

9HQWLODWRU YDULDEOHV<br />

9DULDEOHV RQ D YHQWLODWRU WKDW FDQ EH SUHVHW RU DOWHUHG LQFOXGH<br />

7LGDO YROXPH<br />

9HQWLODWLRQ UDWH<br />

,QVSLUDWRU\ WR H[SLUDWRU\ UDWLR<br />

)ORZ ZDYHIRUP<br />

3DUWLDO SUHVVXUH RI LQVSLUHG R[\JHQ<br />

3UHVVXUH OLPLW<br />

3RVLWLYH HQG H[SLUDWRU\ SUHVVXUH 3((3<br />

3RVLWLYH DLUZD\ SUHVVXUH &3$3<br />

&RPSOLFDWLRQV RI YHQWLODWLRQ<br />

3UREOHPV DVVRFLDWHG ZLWK HQGRWUDFKHDO WXEH<br />

7UDXPD<br />

2EVWUXFWLRQ<br />

0LVSODFHPHQW<br />

'LVFRQQHFWLRQ<br />

%DURWUDXPD<br />

3QHXPRWKRUD[<br />

6XUJLFDO HPSK\VHPD<br />

,PSDLUHG YHQRXV UHWXUQ<br />

6RGLXP DQG ZDWHU UHWHQWLRQ<br />

%URQFKRSQHXPRQLD<br />

%LEOLRJUDSK\<br />

6KHOO\ 0 3 1LJKWLQJDOH 3 5HVSLUDWRU\ VXSSRUW %U 0HG -<br />

7RELQ 0 - $GYDQFHV LQ PHFKDQLFDO YHQWLODWLRQ 1 (QJ - 0HG<br />

VXUJLFDO WXWRU RUJ XN $ IUHH RQ OLQH VXUJLFDO UHVRXUFH<br />

,QWHQVLYH FDUH<br />

144


&RPSOLFDWLRQV RI WKRUDFLF RSHUDWLRQV<br />

,QWUDWKRUDFLF EOHHGLQJ<br />

8VXDOO\ RFFXUV IURP OXQJ SDUHQFK\PD RU EURQFKLDO YHVVHOV<br />

0D\ SUHVHQW ZLWK FOLQLFDO IHDWXUHV RI K\SRYRODHPLD<br />

8VXDOO\ GHWHFWDEOH IURP PHGLDVWLQDO RU SOHXUDO GUDLQV<br />

'UDLQV PD\ KRZHYHU D EORFN DQG KDHPRWKRUD[ PD\ EH GHWHFWHG RQ FKHVW [ UD\<br />

&DQ RIWHQ EH WUHDWHG FRQVHUYDWLYHO\ ZLWK WUDQVIXVLRQ<br />

5HRSHUDWLRQ UHTXLUHG LI<br />

5DSLG EORRG ORVV YLD FKHVW GUDLQ<br />

6LJQLILFDQW LQWUDSOHXUDO FROOHFWLRQ RQ FKHVW [ UD\<br />

3HUVLVWHQW K\SRYRODHPLD GHVSLWH WUDQVIXVLRQ<br />

+\SR[LD GXH WR FRPSUHVVLRQ RI XQGHUO\LQJ OXQJ<br />

6SXWXP UHWHQWLRQ DQG DWHOHFWDVLV<br />

)DLOXUH WR FOHDU EURQFKLDO VHFUHWLRQV FDQ UHVXOW LQ<br />

%URQFKLDO REVWUXFWLRQ<br />

$WHOHFWDVLV<br />

/REDU FROODSVH<br />

6HFRQGDU\ SXOPRQDU\ LQIHFWLRQ<br />

3UHVHQWV DV WDFK\SQRHD DQG K\SR[LD<br />

([DPLQDWLRQ XVXDOO\ VKRZV UHGXFHG ELODWHUDO EDVDO DLU HQWU\<br />

3UHYHQWLRQ LV SUHIHUUHG WR WUHDWPHQW<br />

5LVN RI VSXWXP UHWHQWLRQ FDQ EH UHGXFHG E\<br />

3UHRSHUDWLYH FHVVDWLRQ RI VPRNLQJ<br />

$GHTXDWH SRVWRSHUDWLYH SDLQ UHOLHI<br />

&KHVW SK\VLRWKHUDS\<br />

+XPLGLILFDWLRQ RI LQVSLUHG R[\JHQ<br />

%URQFKRGLODWRU WKHUDS\<br />

(DUO\ PRELOLVDWLRQ DIWHU VXUJHU\<br />

7UHDWPHQW UHTXLUHG IRUPDO FKHVW SK\VLRWKHUDS\<br />

0LQL WUDFKHRVWRP\ DQG VXFWLRQ PD\ EH UHTXLUHG<br />

$QWLELRWLFV VKRXOG EH UHVHUYHG IRU WKRVH ZLWK SURYHQ SQHXPRQLD<br />

$LU OHDN<br />

)ROORZLQJ OXQJ UHVHFWLRQ UHVLGXDO OXQJ WLVVXH H[SDQGV WR ILOO SOHXUDO FDYLW\<br />

5DZ DUHD FDQ UHVXOW LQ DQ DLU OHDN LQWR WKH SOHXUDO FDYLW\<br />

3UHVHQWV DV SHUVLVW DLU OHDN RU EXEEOLQJ RI FKHVW GUDLQ<br />

8VXDOO\ VHWWOHV VSRQWDQHRXVO\ RYHU GD\V<br />

0D\ UHTXLUH VXFWLRQ RQ SOHXUDO GUDLQV<br />

$SSRVLWLRQ RI OXQJ WR SDULHWDO SOHXUD HQFRXUDJHV HIILFLHQW KHDOLQJ<br />

%URQFKRSOHXUDO ILVWXOD<br />

5HVXOWV IURP PDMRU DLU OHDN IURP SQHXPRQHFWRP\ EURQFKLDO VWXPS<br />

6HHQ LQ RI SDWLHQWV XQGHUJRLQJ SQHXPRQHFWRP\<br />

$LUZD\ WKXV GLUHFWO\ FRPPXQLFDWHV ZLWK SOHXUDO VSDFH<br />

8VXDOO\ RFFXUV DV D UHVXOW IRUP D OHDN IURP D VXWXUH OLQH<br />

2FFXUV SDUWLFXODUO\ LQ WKRVH ZLWK IDFWRUV LPSDLULQJ ZRXQG KHDOLQJ<br />

0RVW FRPPRQO\ RFFXUV GD\V DIWHU VXUJHU\<br />

3UHVHQWV ZLWK VXGGHQ EUHDWKOHVVQHVV DQG H[SHFWRUDWLRQ RI EORRGVWDLQHG IOXLG<br />

)OXLG LV WKDW ZKLFK QRUPDOO\ ILOOV WKH SRVWSQHXPRQHFWRP\ VSDFH<br />

VXUJLFDO WXWRU RUJ XN $ IUHH RQ OLQH VXUJLFDO UHVRXUFH<br />

,QWHQVLYH FDUH<br />

145


(PHUJHQF\ WUHDWPHQW FRQVLVWV RI O\LQJ SDWLHQW ZLWK RSHUDWHG VLGH GRZQZDUGV<br />

3URYLGLQJ R[\JHQ DQG GUDLQLQJ WKH SOHXUDO VSDFH<br />

7KRUDFRWRP\ DQG UHSDLU RI ILVWXOD PD\ EH UHTXLUHG<br />

5HSDLU PD\ EH UHLQIRUFHG ZLWK RPHQWDO RU LQWHUFRVWDOV PXVFOH SDWFK<br />

7KRUDFRSODVW\ PD\ EH UHTXLUHG WR REOLWHUDWH WKH SRVWSQHXPRQHFWRP\ VSDFH<br />

%LEOLRJUDSK\<br />

VXUJLFDO WXWRU RUJ XN $ IUHH RQ OLQH VXUJLFDO UHVRXUFH<br />

,QWHQVLYH FDUH<br />

'HVFKDPSV & 3DLUROHUR 3 & $OOHQ 0 6 7UDVWHFN 9 ) 0DQDJHPHQW RI SRVWSQHXPRQHFWRP\ HPS\HPD<br />

DQG EURQFKRSOHXUDO ILVWXOD &KHVW 6XUJ &OLQ 1 $P<br />

146


$FXWH UHVSLUDWRU\ GLVWUHVV V\QGURPH<br />

$FXWH UHVSLUDWRU\ GLVWUHVV V\QGURPH ZDV ILUVW UHFRJQLVHG LQ V<br />

,QLWLDOO\ WHUPHG DGXOW UHVSLUDWRU\ GLVWUHVV V\QGURPH<br />

&DQ RFFXUV LQ ERWK FKLOGUHQ DQG DGXOWV<br />

2FFXUV IROORZLQJ PDQ\ GLIIHUHQW LQIODPPDWRU\ LQVXOWV WR WKH OXQJV<br />

'HILQLWLRQ<br />

7ZR FRQGLWLRQ UHFRJQLVHG<br />

$FXWH OXQJ LQMXU\ $/,<br />

$FXWH UHVSLUDWRU\ GLVWUHVV V\QGURPH $5'6<br />

%RWK FRQVLVW RI DQ DFXWH OXQJ LQMXU\ ZLWK<br />

%LODWHUDO SXOPRQDU\ LQILOWUDWHV RQ FKHVW [ UD\<br />

3&:3 OHVV WKDQ PP+J<br />

1R HYLGHQFH RI OHIW DWULDO K\SHUWHQVLRQ<br />

,Q $/, 3D2 )L2<br />

,Q $5'6 3D2 )L2<br />

$HWLRORJ\<br />

'LUHFW OXQJ LQMXU\<br />

3QHXPRQLD<br />

$VSLUDWLRQ SQHXPRQLWLV<br />

3XOPRQDU\ FRQWXVLRQ<br />

)DW HPEROLVP<br />

,QKDODWLRQDO LQMXU\<br />

,QGLUHFW OXQJ LQMXU\<br />

6HSVLV<br />

7UDXPD<br />

&DUGLRSXOPRQDU\ E\SDVV<br />

$FXWH SDQFUHDWLWLV<br />

3DWKRORJ\<br />

,UUHVSHFWLYH RI DHWLRORJ\ WKH PDLQ SDWKRORJLFDO IHDWXUH LV GLIIXVH DOYHRODU GDPDJH<br />

(QGRWKHOLDO LQMXU\ UHVXOWV LQ LQFUHDVHG SHUPHDELOLW\<br />

3URWHLQ ULFK H[XGDWH IRXQG LQ DOYHROL<br />

1HXWURSKLOV DUH LPSRUWDQW LQ LQIODPPDWRU\ SURFHVV<br />

&\WRNLQHV DQG HQ]\PHV PD\ EH UHVSRQVLEOH IRU PDQ\ RI WKH IHDWXUHV<br />

5HVROXWLRQ RI LQIODPPDWLRQ FDQ RFFXU<br />

8VXDOO\ DVVRFLDWHG ZLWK VRPH GHJUHH RI SXOPRQDU\ ILEURVLV<br />

&OLQLFDO IHDWXUHV<br />

$5'6 LV XVXDOO\ D SURJUHVVLYH FOLQLFDO SUREOHP<br />

3UHVHQWV ZLWK DFXWH UHVSLUDWRU\ IDLOXUH<br />

+\SR[DHPLD LV RIWHQ UHIUDFWRU\ WR LQFUHDVLQJ UHVSLUDWRU\ VXSSRUW<br />

%LODWHUDO LQILOWUDWHV SUHVHQW RQ FKHVW [ UD\<br />

:LWK WLPH FDQ SURJUHVV WR ILEURVLQJ DOYHROLWLV<br />

/XQJ FRPSOLDQFH LV UHGXFHG DQG K\SR[DHPLD SHUVLVWV<br />

3XOPRQDU\ K\SHUWHQVLRQ FDQ SURJUHVV WR ULJKW KHDUW IDLOXUH<br />

5HVROXWLRQ FDQ RFFXU RYHU PRQWKV<br />

VXUJLFDO WXWRU RUJ XN $ IUHH RQ OLQH VXUJLFDO UHVRXUFH<br />

,QWHQVLYH FDUH<br />

147


XQJ IXQFWLRQ FDQ UHWXUQ WR QRUPDO<br />

2YHUDOO PRUWDOLW\ LV DSSUR[LPDWHO\<br />

0DQDJHPHQW<br />

6XSSRUWLYH LQWHQVLYH FDUH WKHUDS\ LV LPSRUWDQW<br />

6HSVLV VKRXOG EH WUHDWHG ZLWK DSSURSULDWH DQWLELRWLFV<br />

&DUHIXO IOXLG EDODQFH LV LPSRUWDQW<br />

2YHU K\GUDWLRQ VKRXOG EH DYRLGHG<br />

1XWULWLRQDO VWDWXV VKRXOG EH DGGUHVVHG<br />

0HFKDQLFDO YHQWLODWLRQ LV LPSRUWDQW EXW WKH H[DFW VWUDWHJ\ LV FRQWURYHUVLDO<br />

*HQHUDOO\ EHOLHYHG WKDW YHQWLODWLRQ ZLWK ORZ WLGDO YROXPHV LV EHQHILFLDO<br />

+LJK WLGDO YROXPHV FDQ H[DFHUEDWH OXQJ LQMXU\<br />

5ROH RI SRVLWLYH HQG H[SLUDWRU\ SUHVVXUH XQFOHDU<br />

,QKDOHG QLWULF R[LGH RU VXUIDFWDQW DUH RI QR SURYHQ EHQHILW<br />

6WHURLGV PD\ KDYH VRPH EHQHILFLDO HIIHFW<br />

%LEOLRJUDSK\<br />

6WRWW 6 5HFHQW DGYDQFHV LQ LQWHQVLYH FDUH %U 0HG -<br />

7UHDVXUH 7 $ VXUJHRQ V YLHZ RI DGXOW UHVSLUDWRU\ GLVWUHVV V\QGU RPH %U - +RVS 0HG<br />

:DUH / % 0DWWKD\ 0 $ 7KH DFXWH UHVSLUDWRU\ GLVWUHVV V\QGURPH 1 (QJO - 0HG<br />

VXUJLFDO WXWRU RUJ XN $ IUHH RQ OLQH VXUJLFDO UHVRXUFH<br />

,QWHQVLYH FDUH<br />

148


0XOWLSOH RUJDQ IDLOXUH<br />

&LUFXODWRU\ IDLOXUH<br />

&ULWHULD IRU GLDJQRVLV<br />

%UDG\FDUGLD KHDUW UDWH ESP<br />

+\SRWHQVLRQ PHDQ DUWHULDO SUHVVXUH PP+J<br />

9HQWULFXODU WDFK\FDUGLD RU ILEULOODWLRQ<br />

0HWDEROLF DFLGRVLV S+<br />

0DQDJHPHQW<br />

2SWLPLVH FDUGLDF SUHORDG<br />

0D[LPLVH FDUGLDF FRQWUDFWLOLW\ ZLWK LQRWURSHV<br />

0D[LPLVH SHUIXVLRQ SUHVVXUHV ZLWK YDVRSUHVVRUV<br />

&RUUHFW DQDHPLD<br />

7UHDW DUUK\WKPLD<br />

5HVSLUDWRU\ IDLOXUH<br />

&ULWHULD IRU GLDJQRVLV<br />

5HVSLUDWRU\ UDWH RU ! EUHDWKV SHU PLQXWH<br />

+\SHUFDSQLD 3D&2 ! N3D<br />

+\SR[DHPLD<br />

0DQDJHPHQW<br />

2[\JHQ<br />

0HFKDQLFDO YHQWLODWLRQ<br />

3((3 RU &3$3<br />

([WUD RU LQWUDFRUSRUHDO JDV H[FKDQJH<br />

$FXWH UHQDO IDLOXUH<br />

&ULWHULD IRU GLDJQRVLV<br />

8ULQH RXWSXW PO SHU KRXUV<br />

6HUXP FUHDWLQLQH ! PPRO O<br />

0DQDJHPHQW<br />

&RQVHUYDWLYH PHDVXUHV<br />

)OXLG DQG SRWDVVLXP UHVWULFWLRQ<br />

'UXJ GRVH DGMXVWPHQW<br />

+DHPRILOWUDWLRQ RI GLDO\VLV<br />

+DHPDWRORJLFDO IDLOXUH<br />

&ULWHULD IRU GLDJQRVLV<br />

/HXFRSHQLD :%& FHOO PP<br />

7KURPERF\WRSHQLD SODWHOHW PP<br />

(YLGHQFH RI GLVVHPLQDWHG LQWUDYDVFXODU FRDJXODWLRQ<br />

0DQDJHPHQW<br />

5HG FHOO DQG SODWHOHW WUDQVIXVLRQ<br />

)UHVK IUR]HQ SODVPD<br />

&RUUHFW DQWLWKURPELQ ,,, GHILFLHQF\<br />

+HSDWLF IDLOXUH<br />

&ULWHULD IRU GLDJQRVLV<br />

&RDJXODWLRQ GHIHFW<br />

5LVLQJ KHSDWLF HQ]\PHV<br />

0DQDJHPHQW<br />

VXUJLFDO WXWRU RUJ XN $ IUHH RQ OLQH VXUJLFDO UHVRXUFH<br />

,QWHQVLYH FDUH<br />

149


)UHVK IUR]HQ SODVPD<br />

1XWULWLRQDO VXSSRUW<br />

&RUUHFW K\SRDOEXPLQDHPLD<br />

*DVWURLQWHVWLQDO IDLOXUH<br />

&ULWHULD IRU GLDJQRVLV<br />

,OHXV<br />

*DVWURSDUHVLV<br />

+DHPRUUKDJH<br />

0DQDJHPHQW<br />

3DUHQWHUDO QXWULWLRQ<br />

6WUHVV XOFHU SURSK\OD[LV<br />

6HOHFWLYH JDVWURLQWHVWLQDO GHFRQWDPLQDWLRQ<br />

1HXURORJLFDO IDLOXUH<br />

&ULWHULD IRU GLDJQRVLV<br />

'HSUHVVHG OHYHO RI FRQVFLRXVQHVV *ODVJRZ FRPD VFRUH<br />

)LWV<br />

0DQDJHPHQW<br />

2[\JHQDWLRQ<br />

&RQWURO VHL]XUHV<br />

%LEOLRJUDSK\<br />

VXUJLFDO WXWRU RUJ XN $ IUHH RQ OLQH VXUJLFDO UHVRXUFH<br />

,QWHQVLYH FDUH<br />

150


5HQDO IDLOXUH<br />

5HGXFWLRQ LQ UHQDO H[FUHWRU\ RU UHJXODWRU\ IXQFWLRQ<br />

5HVXOWV LQ WKH UHWHQWLRQ RI ZDVWH SURGXFWV QRUPDOO\ H[FUHWHG E\ WKH NLGQH\<br />

1RUPDO DGXOW XULQH RXWSXW PO NJ KU<br />

5HQDO IDLOXUH FDQ EH<br />

$QXULF<br />

2OLJXULF<br />

3RO\XULF<br />

7DEOH &DXVHV RI DFXWH UHQDO IDLOXUH<br />

VXUJLFDO WXWRU RUJ XN $ IUHH RQ OLQH VXUJLFDO UHVRXUFH<br />

,QWHQVLYH FDUH<br />

7\SH &DXVHV<br />

3UH UHQDO IDLOXUH<br />

+\SRYRODHPLD VHFRQGDU\ WR DFXWH EORRG RU SODVPD ORVV<br />

)OXLG DQG HOHFWURO\WH GHSOHWLRQ<br />

+\SRWHQVLRQ VHFRQGDU\ WR FDUGLRJHQLF VKRFN<br />

+\SRWHQVLRQ VHFRQGDU\ WR VHSVLV<br />

,QWULQVLF UHQDO IDLOXUH $FXWH WXEXODU QHFURVLV GXH WR SURORQJHG UHQDO K\SRSHUIXVLRQ<br />

$FXWH WXEXODU QHFURVLV VHFRQGDU\ WR SLJPHQW QHSKURSDWK\<br />

$FXWH WXEXODU QHFURVLV GXH WR FRQWUDVW QHSKURSDWK\<br />

$FXWH JORPHUXORQHSKULWLV<br />

'UXJ LQGXFHG QHSKURWR[LF GDPDJH<br />

$WKHURHPEROLF GLVHDVH<br />

$FXWH S\HORQHSKULWLV<br />

5HQDO RXWIORZ REVWUXFWLRQ &DOFXOL<br />

%ORRG FORW<br />

8UHWHULF GDPDJH DQG OLJDWLRQ<br />

3URVWDWLF K\SHUWURSK\<br />

%LRFKHPLFDO FKDQJHV RI DFXWH UHQDO IDLOXUH<br />

+\SRQDWUDHPLD<br />

+\SHUNDODHPLD<br />

+\SRFDOFDHPLD<br />

0HWDEROLF DFLGRVLV<br />

8ULQDU\ ELRFKHPLVWU\<br />

,Q SUH UHQDO IDLOXUH<br />

8ULQH VSHFLILF JUDYLW\ !<br />

/RZ XULQDU\ VRGLXP PPRO O<br />

+LJK XULQDU\ XUHD ! PPRO O<br />

+LJK RVPRODOLW\ ! PRVP NJ<br />

,Q LQWULQVLF UHQDO IDLOXUH<br />

8ULQH VSHFLILF JUDYLW\<br />

+LJK XULQDU\ VRGLXP ! PPRO O<br />

/RZ XULQDU\ XUHD PPRO O<br />

,VRWRQLF XULQH PRVP NJ<br />

151


0DQDJHPHQW RI UHQDO IDLOXUH<br />

5HPRYH SUHFLSLWDWLQJ FDXVH<br />

0RVW VXUJLFDO SDWLHQWV DUH K\SRYRODHPLF<br />

5HTXLUH YROXPH UHVXVFLWDWLRQ<br />

,I LQDGHTXDWH SHUIXVLRQ SUHVVXUH FRQVLGHU LQRWURSLF VXSSRUW<br />

2[\JHQ<br />

&RQVLGHU ELFDUERQDWH LI<br />

%DVH H[FHVV !<br />

$UWHULDO S+<br />

+\SHUNDODHPLD<br />

5HTXLUHV XUJHQW WUHDWPHQW LI<br />

6\PSWRPDWLF<br />

(&* FKDQJHV LQFUHDVHG SU LQWHUYDO WHQWHG W ZDYHV YHQWULFXODU WDFK\FDUGLD<br />

6HUXP SRWDVVLXP ! PPRO O<br />

7UHDWPHQW RSWLRQV DUH<br />

PO FDOFLXP FKORULGH LQWUDYHQRXVO\<br />

X DFWUDSLG LQ PO GH[WURVH<br />

6DOEXWDPRO QHEXOLVHU<br />

&DOFLXP UHVRQLXP PJ SU WZLFH GDLO\<br />

%LEOLRJUDSK\<br />

VXUJLFDO WXWRU RUJ XN $ IUHH RQ OLQH VXUJLFDO UHVRXUFH<br />

,QWHQVLYH FDUH<br />

152


6HSVLV DQG 6,56<br />

6HYHUH VHSVLV DIIHFWV DQQXDOO\ LQ WKH 8QLWHG 6WDWHV<br />

'HVSLWH LPSURYHPHQWV LQ FULWLFDO FDUH PRUWDOLW\ RI UHPDLQV XQFKDQJHG<br />

'HILQLWLRQV<br />

%DFWHUDHPLD 7KH SUHVHQFH RI YLDEOH EDFWHULD LQ WKH EORRGVWUHDP<br />

6,56 7KH V\VWHPLF LQIODPPDWRU\ UHVSRQVH WR D YDULHW\ RI FOLQLFDO LQVXOWV<br />

PDQLIHVW E\ WZR RU PRUH RI WKH IROORZLQJ<br />

6HSVLV 6,56 ZLWK GRFXPHQWHG LQIHFWLRQ<br />

VXUJLFDO WXWRU RUJ XN $ IUHH RQ OLQH VXUJLFDO UHVRXUFH<br />

,QWHQVLYH FDUH<br />

7HPSHUDWXUH ! q& RU q<br />

+HDUW 5DWH ! ESP<br />

5HVSLUDWRU\ 5DWH ! EUHDWKV SHU PLQXWH RU 3D&2 ! N3D<br />

:KLWH &HOO &RXQW ! RU SHU PP<br />

6HYHUH 6,56 6,56 ZLWK GRFXPHQWHG LQIHFWLRQ DQG K\SRSHUIXVLRQ K\SRWHQVLRQ DQG<br />

RUJDQ G\VIXQFWLRQ<br />

6HSWLF 6KRFN 6HSVLV ZLWK K\SRWHQVLRQ GHVSLWH DGHTXDWH IOXLG UHVXVFLWDWLRQ<br />

$HWLRORJ\ RI 6,56<br />

6,56 FDQ DULVH IURP D QXPEHU RI DHWLRORJLFDO WULJJHUV<br />

,QIHFWLRQ ± EDFWHULDO YLUDO IXQJDO<br />

+\SRYRODHPLF VKRFN<br />

7UDXPD<br />

%XUQV<br />

7LVVXH LVFKDHPLD<br />

3DQFUHDWLWLV<br />

%DFWHULDO ,QIHFWLRQ LV FRPPRQHVW FDXVH<br />

GXH WR JUDP QHJDWLYH RUJDQLVPV<br />

GXH WR JUDP SRVLWLYH RUJDQLVPV<br />

%LEOLRJUDSK\<br />

3DUNHU 6 - :DWNLQV 3 ( ,PPXQRPRGXODWRU\ WKHUDSLHV RI VHSVLV DQG 6,56 ,Q -RKQVRQ & ' 7D\ORU ,<br />

HGV 5HFHQW DGYDQFHV LQ VXUJHU\ (GLQEXUJK &KXUFKLOO /LYLQJVWRQ<br />

3DWHUVRQ 5 / :HEVWHU 1 5 6HSVLV DQG WKH V\VWHPLF LQIODPPDWRU\ UHVSRQVH V\QGURPH - 5 &ROO 6XUJ<br />

(G<br />

:KHHOHU $ 3 %HUQDUG * 5 7UHDWLQJ SDWLHQWV ZLWK VHYHUH VHSVLV 1 (QJO - 0HG<br />

153


3QHXPRQLD OXQJ DEVFHVV DQG HPS\HPD<br />

/XQJ DEVFHVV<br />

6RPH SDWLHQWV ZLWK SQHXPRQLD GHYHORS IRFDO QHFURVLV DQG D OXQJ DEVFHVV<br />

3DUWLFXODUO\ RFFXUV LQ SDWLHQWV ZLWK PDOLJQDQF\ DQG PDOQXWULWLRQ<br />

&DQ DOVR RFFXU IROORZLQJ DVSLUDWLRQ RU LQKDODWLRQ RI D IRUHLJQ ERG\<br />

'LDJQRVLV FDQ EH GLIILFXOW<br />

&OLQLFDO IHDWXUHV<br />

8VXDOO\ FOLQLFDO IHDWXUHV RI SQHXPRQLD WKDW IDLOV WR LPSURYH ZLWK DQWLELRWLFV<br />

3DWLHQW GHYHORSV SOHXULWLF FKHVW SDLQ DQG KDHPRSW\VLV<br />

9ROXPH RI VSXWXP SURGXFHG PD\ LQFUHDVH<br />

3DWLHQWV XVXDOO\ V\VWHPLFDOO\ XQZHOO ZLWK VZLQJLQJ S\UH[LD<br />

([DPLQDWLRQ XVXDOO\ VKRZV VLJQV RI SQHXPRQLD<br />

&RPPRQHVW FRPSOLFDWLRQ LV DQ HPS\HPD<br />

'LIIHUHQWLDO GLDJQRVLV LQFOXGHV<br />

3ULPDU\ OXQJ QHRSODVP<br />

7XEHUFXORVLV<br />

$VSHUJLOORVLV<br />

/XQJ F\VW<br />

,QYHVWLJDWLRQV<br />

&KHVW [ UD\ PD\ VKRZ FDYLW\ ZLWK DLU IOXLG OHYHO<br />

&7 VFDQQLQJ ZLOO FRQILUP GLDJQRVLV RI FKHVW [ UD\ LQFRQFOXVLYH<br />

%URQFKRVFRS\ VKRXOG EH FRQVLGHUHG WR H[FOXGH IRUHLJQ ERG\<br />

0DQDJHPHQW<br />

$SSURSULDWH DQWLELRWLF WKHUDS\ EDVHG RQ VSXWXP FXOWXUH UHVXOW<br />

3HUFXWDQHRXV DVSLUDWLRQ LI IDLOV WR LPSURYH ZLWK DQWLELRWLFV<br />

)RU DEVFHVVHV JUHDWHU WKDQ FP GLDPHWHU RSHQ GUDLQDJH PD\ EH UHTXLUHG<br />

7KRUDFRWRP\ DQG OXQJ UHVHFWLRQ VKRXOG EH FRQVLGHUHG<br />

(PS\HPD<br />

(PS\HPD SXV ZLWKLQ D ERG\ FDYLW\<br />

/XQJ HPS\HPD XVXDOO\ RFFXUV VHFRQGDU\ WR SQHXPRQLD<br />

&ROOHFWLRQ LV RIWHQ PXOWLORFXODWHG<br />

,I GLDJQRVLV LV GHOD\HG LW ZLOO DOVR KDYH D WKLFN ILEURXV ZDOO<br />

$OVR VHHQ IROORZLQJ<br />

2HVRSKDJHDO SHUIRUDWLRQ RU UXSWXUH<br />

%OXQW RU SHQHWUDWLQJ WKRUDFLF WUDXPD<br />

1DVRSKDU\QJHDO VHSVLV WKDW KDV VSUHDG WR FKHVW<br />

7KRUDFLF VXUJLFDO SURFHGXUHV<br />

&OLQLFDO IHDWXUHV<br />

8VXDOO\ FOLQLFDO IHDWXUHV RI SQHXPRQLD WKDW IDLOV WR LPSURYH ZLWK DQWLELRWLFV<br />

3OHXULWLF FKHVW SDLQ DQG EUHDWKOHVVQHVV<br />

([DPLQDWLRQ PD\ VKRZ FOLQLFDO IHDWXUHV RI SOHXUDO IOXLG<br />

&KHVW [ UD\ ZLOO VKRZ IOXLG ZLWKLQ WKH SOHXUDO FDYLW\<br />

&7 VFDQQLQJ ZLOO FRQILUP GLDJQRVLV<br />

3HUFXWDQHRXV DVSLUDWLRQ ZLOO SURYLGH PLFURELRORJLFDO VDPSOH IRU FXOWXUH<br />

0DQDJHPHQW<br />

VXUJLFDO WXWRU RUJ XN $ IUHH RQ OLQH VXUJLFDO UHVRXUFH<br />

,QWHQVLYH FDUH<br />

154


$SSURSULDWH DQWLELRWLF WKHUDS\ EDVHG RQ VSXWXP FXOWXUH UHVXOW<br />

,I IDLOV WR UHVROYH ZLOO UHTXLUH GUDLQDJH<br />

3OHXUDO GUDLQDJH VKRXOG EH ZLWK DGHTXDWH )U FKHVW GUDLQ<br />

7KRUDFRVFRS\ PD\ EH UHTXLUHG WR EUHDN GRZQ ORFXOL<br />

'HFRUWLFDWLRQ RI YLVFHUDO DQG SDULHWDO SOHXUD PD\ EH UHTXLUHG WR DOORZ OXQJ H[SDQVLRQ<br />

3RVW RSHUDWLYH DGHTXDWH GUDLQDJH LV UHTXLUHG<br />

3QHXPRWKRUD[ LV QRW D ULVN GXH WR UHVXOWLQJ SOHXUDO VFDUULQJ<br />

%LEOLRJUDSK\<br />

+HIIQHU - ( ,QIHFWLRQV RI WKH SOHXUDO VSDFH &OLQ &KHVW 0HG<br />

5RZH 6 &KHDGOH : * &RPSOLFDWLRQV RI QRVRFRPLDO SQHXPRQLD LQ VXUJLFDO SDWLHQWV $P - 6XUJ<br />

6XSSO $ 6 6<br />

VXUJLFDO WXWRU RUJ XN $ IUHH RQ OLQH VXUJLFDO UHVRXUFH<br />

,QWHQVLYH FDUH<br />

155


3K\VLRORJLFDO 6FRULQJ V\VWHPV<br />

$3$&+( ,, VFRUH<br />

VXUJLFDO WXWRU RUJ XN $ IUHH RQ OLQH VXUJLFDO UHVRXUFH<br />

,QWHQVLYH FDUH<br />

$ JHQHUDO PHDVXUH RI GLVHDVH VHYHULW\ EDVHG RQ<br />

&XUUHQW SK\VLRORJLF PHDVXUHPHQWV<br />

$JH<br />

3UHYLRXV KHDOWK FRQGLWLRQ<br />

6FRUHV UDQJH IURP ZLWK DQ LQFUHDVLQJ VFRUH DVVRFLDWHG ZLWK DQ LQFUHDVLQJ ULVN RI KRVSLWDO<br />

GHDWK<br />

$3$&+( ,, VFRUH DFXWH SK\VLRORJ\ VFRUH DJH SRLQWV FKURQLF KHDOWK SRLQWV<br />

$FXWH 3K\VLRORJ\ 6FRUH<br />

5HFWDO WHPS &<br />

0HDQ DUWHULDO SUHVVXUH PP+J<br />

+HDUW UDWH ESP<br />

5HVSLUDWRU\ UDWH ESP<br />

2[\JHQ GHOLYHU\ PO PLQ<br />

32 PP+J<br />

DUWHULDO S+<br />

6HUXP VRGLXP PPRO O<br />

6HUXP SRWDVVLXP PPRO O<br />

6HUXP FUHDWLQLQH PJ GO<br />

+DHPDWRFULW<br />

:KLWH FHOO FRXQW PO<br />

!<br />

!<br />

!<br />

!<br />

!<br />

!<br />

!<br />

!<br />

!<br />

!<br />

!<br />

$JH 3RLQWV<br />

$JH 3RLQWV<br />

!<br />

!<br />

156


&KURQLF +HDOWK 3RLQWV<br />

+LVWRU\ RI VHYHUH RUJDQ<br />

LQVXIILFLHQF\<br />

1RQ RSHUDWLYH SDWLHQWV<br />

(PHUJHQF\ SRVWRSHUDWLYH SDWLHQWV<br />

(OHFWLYH SRVWRSHUDWLYH SDWLHQWV<br />

3RLQWV<br />

VXUJLFDO WXWRU RUJ XN $ IUHH RQ OLQH VXUJLFDO UHVRXUFH<br />

,QWHQVLYH FDUH<br />

2UJDQ LQVXIILFLHQF\ RU LPPXQRFRPSURPLVHG VWDWH PXVW KDYH SUHFHGHG WKH FXUUHQW DGPLVVLRQ<br />

,PPXQRFRPSURPLVHG LI<br />

5HFHLYLQJ WKHUDS\ UHGXFLQJ KRVW GHIHQFHV LPPXQRVXSSUHVVLRQ FKHPRWKHUDS\ UDGLDWLRQ<br />

WKHUDS\ ORQJ WHUP VWHURLG XVH KLJK GRVH VWHURLG WKHUDS\ RU<br />

+DV D GLVHDVH LQWHUIHULQJ ZLWK LPPXQH IXQFWLRQ VXFK DV PDOLJQDQW O\PSKRPD RU OHXNDHPLD<br />

+HSDWLF LQVXIILFLHQF\ LI<br />

%LRSV\ SURYHQ FLUUKRVLV<br />

3RUWDO K\SHUWHQVLRQ<br />

(SLVRGHV RI XSSHU *, EOHHGLQJ GXH WR SRUWDO K\SHUWHQVLRQ<br />

3ULRU HSLVRGHV RI KHSDWLF IDLOXUH FRPD RU HQFHSKDORSDWK\<br />

&DUGLRYDVFXODU LQVXIILFLHQF\ LI<br />

1HZ


3DWKRORJLFDO WHUPV<br />

$WURSK\<br />

1HRSODVLD WHFKQLTXHV DQG RXWFRPH RI VXUJHU\<br />

$ UHGXFWLRQ LQ RUJDQ VL]H GXH WR D UHGXFWLRQ LQ VL]H RI LQGLYLGXDO FHOOV<br />

H J 'XH WR LPPRELOLW\ RU QXWULWLRQDO GHILFLHQF\<br />

+\SHUSODVLD<br />

$Q LQFUHDVH LQ RUJDQ VL]H GXH WR DQ FHOO SUROLIHUDWLRQ<br />

H J 9HQWULFXODU K\SHUWURSK\ GXH WR DRUWLF VWHQRVLV<br />

+\SHUWURSK\<br />

$Q LQFUHDVH LQ RUJDQ VL]H GXH WR LQFUHDVH LQ VL]H RI LQGLYLGXDO FHOOV<br />

H J %UHDVW HQODUJHPHQW GXULQJ SUHJQDQF\<br />

0HWDSODVLD<br />

$ FKDQJH IURP RQH GLIIHUHQWLDWHG FHOO W\SH WR DQRWKHU<br />

H J %URQFKLDO VTXDPRXV PHWDSODVLD LQ UHVSRQVH WR VPRNLQJ<br />

%DUUHWW V RHVRSKDJXV LQWHVWLQDO PHWDSODVLD DW WKH JDVWUR RHVRSKDJHDO MXQFWLRQ<br />

'\VSODVLD<br />

'LVRUGHUHG FHOOXODU GHYHORSPHQW XVXDOO\ SUH PDOLJQDQW<br />

H J &HUYLFDO LQWUDHSLWKHOLDO QHRSODVLD<br />

VXUJLFDO WXWRU RUJ XN $ IUHH RQ OLQH VXUJLFDO UHVRXUFH<br />

1HRSODVLD<br />

158


&OLQLFRSDWKRORJLFDO VWDJLQJ RI FDQFHU<br />

6WDJLQJ LV WKH FOLQLFDO RU SDWKRORJLFDO DVVHVVPHQW RI WKH H[WHQW RI WXPRXU VSUHDG<br />

&OLQLFDO VWDJLQJ LV D SUHRSHUDWLYH DVVHVVPHQW<br />

,W LV EDVHG RQ FOLQLFDO UDGLRORJLFDO DQG RSHUDWLYH LQIRUPDWLRQ<br />

8VHG WR GHWHUPLQH WUHDWPHQW RIIHUHG WR WKH SDWLHQW<br />

3DWKRORJLFDO VWDJLQJ LV D SRVWRSHUDWLYH DVVHVVPHQW<br />

3URYLGHV XVHIXO SURJQRVWLF LQIRUPDWLRQ<br />

$OORZV GHFLVLRQV WR EH PDGH UHJDUGLQJ DGMXYDQW WKHUDS\<br />

$OORZV FRPSDULVRQ RI WUHDWPHQW RXWFRPHV EHWZHHQ GLIIHUHQW FHQWUHV<br />

6WDJLQJ V\VWHPV<br />

7KH LGHDO VWDJLQJ V\VWHP VKRXOG EH<br />

(DV\ WR XVH DQG UHPHPEHU<br />

5HSURGXFLEOH QRW VXEMHFW WR LQWHU RU LQWUD REVHUYHU YDULDWLRQ<br />

%DVHG RQ SURJQRVWLFDOO\ LPSRUWDQW SDWKRORJLFDO IDFWRUV<br />

710 V\VWHP<br />

%DVHG RQ DQDWRPLFDO H[WHQW RI VSUHDG<br />

7 UHIHUV WR WKH H[WHQW RI SULPDU\ WXPRXU<br />

1 UHIHUV WR WKH H[WHQW RI QRGDO PHWDVWDVHV<br />

0 UHIHUV WR WKH SUHVHQFH RU DEVHQFH RI GLVWDQW PHWDVWDVHV<br />

7 SULPDU\ WXPRXU<br />

7[ SULPDU\ WXPRXU FDQ QRW EH DVVHVVHG<br />

7R QR HYLGHQFH RI SULPDU\ WXPRXU<br />

7LV FDUFLQRPD LQ VLWX<br />

7 LQFUHDVLQJ VL]H DQG ORFDO H[WHQW RI SULPDU\ WXPRXU<br />

1 UHJLRQDO O\PSK QRGHV<br />

1[ UHJLRQDO O\PSK QRGHV FDQ QRW EH DVVHVVHG<br />

1 QR UHJLRQDO O\PSK QRGH PHWDVWDVHV<br />

1 ,QFUHDVLQJ LQYROYHPHQW RI UHJLRQDO O\PSK QRGHV<br />

0 GLVWDQW PHWDVWDVHV<br />

0[ GLVWDQW PHWDVWDVHV FDQ QRW EH DVVHVVHG<br />

0 1R GLVWDQW PHWDVWDVHV<br />

0 'LVWDQW PHWDVWDVHV SUHVHQW<br />

VXUJLFDO WXWRU RUJ XN $ IUHH RQ OLQH VXUJLFDO UHVRXUFH<br />

1HRSODVLD<br />

7KH 710 V\VWHP LV JHQHUDOO\ DFFHSWHG<br />

'RHV QRW UHFRUGHG DOO IDFWRUV H J JUDGH FRQWLJXRXV RUJDQ LQYROYHPHQW WKDW LV SURJQRVWLFDOO\<br />

LPSRUWDQW<br />

'XNHV VWDJLQJ RI FRORUHFWDO FDQFHU<br />

)LUVW SXEOLVKHG LQ IRU UHFWDO FDQFHUV<br />

1RZ XVHG IRU DOO UHFWDO DQG FRORQLF FDQFHUV<br />

'XNH V $ VSUHDG LQWR VXEPXFRVD EXW QRW WKURXJK PXVFOH<br />

'XNH V % VSUHDG WKURXJK PXVFOH EXW QRGHV QHJDWLYH<br />

'XNH V & O\PSK QRGH PHWDVWDVHV SUHVHQW<br />

2IWHQ GLYLGHG LQWR & DQG & GHSHQGHQW RQ WKH LQYROYHPHQW RI WKH KLJKHVW O\PSK QRGH<br />

$GYDQWDJHV RI WKH 'XNHV FODVVLILFDWLRQ DUH WKDW LW<br />

159


,V VLPSOH DQG UHSURGXFLEOH<br />

$FFXUDWHO\ UHIOHFWV SURJQRVLV<br />

$FFHSWHG QDWLRQDOO\ DQG LQWHUQDWLRQDOO\<br />

%LEOLRJUDSK\<br />

VXUJLFDO WXWRU RUJ XN $ IUHH RQ OLQH VXUJLFDO UHVRXUFH<br />

1HRSODVLD<br />

160


3ULQFLSOHV RI RQFRORJ\<br />

5DGLRWKHUDS\<br />

5DGLRWKHUDS\ LV WKH XVH RI LRQLVLQJ UDGLDWLRQ WR WUHDW PDOLJQDQF\<br />

$WWHPSWV WR GHOLYHU D PHDVXUHG UDGLDWLRQ GRHV WR GHILQHG WXPRXU YROXPH<br />

1HHG WR OLPLW GRVH WR VXUURXQGLQJ QRUPDO WLVVXH<br />

5DGLRWKHUDS\ PD\ EH<br />

&XUDWLYH RU UDGLFDO<br />

3DOOLDWLYH<br />

$GMXYDQW<br />

%UDFK\WKHUDS\ LV WKH XVH RI LQWUDFDYLW\ LUUDGLDWLRQ<br />

3K\VLFV<br />

5DGLDWLRQ PD\ EH HOHFWURPDJQHWLF RU SDUWLFXODWH<br />

/LQHDU DFFHOHUDWRUV XVHG WR JHQHUDWH KLJK HQHUJ\ [ UD\V HOHFWURPDJQHWLF<br />

*HQHUDWH E\ HOHFWURQV KLWWLQJ D IL[HG WDUJHW<br />

'HSWK RI SHQHWUDWLRQ GHSHQG RQ [ UD\ YROWDJH<br />

.H9 [ UD\V DEVRUEHG E\ VXSHUILFLDO WLVVXHV<br />

09 [ UD\V DEVRUEHG LQ GHHSHU WLVVXHV<br />

8VH RI 09 [ UD\V DYRLGV VLJQLILFDQW VNLQ WR[LFLW\<br />

+LJK HQHUJ\ HOHFWURQV PD\ EH XVHG LQVWHDG RI [ UD\V SDUWLFXODWH<br />

(OHFWURQV KDYH OLPLWHG WLVVXH SHQHWUDWLRQ<br />

&7 SODQQLQJ UHGXFHV GRVH GHOLYHUHG WR QRUPDO WLVVXH<br />

%LRORJ\<br />

5DGLDWLRQ GDPDJHV '1$<br />

(LWKHU FDXVHV GLUHFW GDPDJH WR '1$ RU DFWV YLD WKH SURGXFWLRQ RI IUHH UDGLFDOV<br />

'RXEOH VWUDQGHG '1$ EUHDNV SUHYHQWV FHOO UHSOLFDWLRQ DQG LQGXFHV FHOO GHDWK<br />

7LVVXH UHVSRQVH GHSHQGV RQ GHJUHH RI FHOOXODU GLIIHUHQWLDWLRQ<br />

7HUPLQDOO\ GLIIHUHQWLDWHG FHOOV H J PXVFOH DQG QHUYHV DUH UHVLVWDQW WR GDPDJH<br />

0RVW VLJQLILFDQW HIIHFWV VHHQ LQ UDSLGO\ GLYLGLQJ FHOOV H J JXW ERQH PDUURZ<br />

7R[LFLW\<br />

$FXWH WR[LFLW\<br />

2FFXUV ZLWKLQ GD\V<br />

'HSHQGV RQ RYHUDOO WUHDWPHQW WLPH<br />

,QFOXGHV PXFRVLWLV ERQH PDUURZ VXSSUHVVLRQ VNLQ UHDFWLRQV<br />

/DWH WR[LFLW\<br />

2FFXUV DIWHU ZHHNV RU PRQWKV<br />

'HSHQGV RQ WRWDO GRVH DQG IUDFWLRQDWLRQ<br />

,QFOXGHV WLVVXH QHFURVLV RU ILEURVLV<br />

)UDFWLRQDWLRQ<br />

+LJKHU WRWDO GRVH RI UDGLDWLRQ FDQ EH JLYHQ LI VPDOOHU UHSHDWHG GRVHV DGPLQL VWHUHG<br />

$OORZV D GHJUHH RI UHSDLU RI QRUPDO WLVVXHV<br />

+LJK WRWDO GRVH LQFUHDVHV WKH SUREDELOLW\ RI WXPRXU FRQWURO<br />

+\SRIUDFWLRQDWLRQ VPDOO QXPEHU RI ODUJH GRVHV<br />

$FFHOHUDWHG IUDFWLRQDWLRQ VWDQGDUG GRVH RYHU VKRUW LQWHUYDO<br />

+\SHUIUDFWLRQDWLRQ ODUJH QXPEHU RI VPDOO GRVHV<br />

VXUJLFDO WXWRU RUJ XN $ IUHH RQ OLQH VXUJLFDO UHVRXUFH<br />

1HRSODVLD<br />

161


&XUDWLYH DV VROH WUHDWPHQW<br />

+HDG DQG QHFN FDQFHUV<br />

&DUFLQRPD RI WKH FHUYL[<br />

6HPLQRPDV<br />

+RGJNLQ V DQG QRQ +RGJNLQ V O\PSKRPDV<br />

%ODGGHU FDQFHU<br />

(DUO\ SURVWDWH FDQFHU<br />

(DUO\ OXQJ FDQFHU<br />

$QDO DQG VNLQ FDQFHU<br />

0HGXOOREODVWRPD DQG RWKHU EUDLQ WXPRXUV<br />

7K\URLG FDQFHU<br />

&RPSRQHQW RI PXOWLPRGDOLW\ WKHUDS\<br />

%UHDVW FDQFHU<br />

5HFWDO FDQFHU<br />

6RIW WLVVXH VDUFRPDV<br />

$GYDQFHG KHDG DQG QHFN FDQFHUV<br />

:KROH ERG\ ';7 EHIRUH ERQH PDUURZ WUDQVSODQWDWLRQ<br />

3DOOLDWLYH UDGLRWKHUDS\<br />

3DLQ HVSHFLDOO\ ERQH PHWDVWDVHV<br />

6SLQDO FRUG FRPSUHVVLRQ<br />

&HUHEUDO PHWDVWDVHV<br />

9HQRXV RU O\PSKDWLF REVWUXFWLRQ<br />

%LEOLRJUDSK\<br />

6\PRQGV 5 3 5DGLRWKHUDS\ %U 0HG -<br />

VXUJLFDO WXWRU RUJ XN $ IUHH RQ OLQH VXUJLFDO UHVRXUFH<br />

1HRSODVLD<br />

162


&KHPRWKHUDS\<br />

$LPV RI FKHPRWKHUDS\ DUH WR VHOHFWLYHO\ GHVWUR\ WXPRXU FHOOV<br />

$FKLHYHG E\ VSHFLILF JURZWK FKDUDFWHULVWLFV RI PRVW WXPRXUV<br />

&HOO F\FOH<br />

$ FHOOV V\QWKHVLVLQJ '1$ JR WKURXJK D UHJXODU F\FOH ZLWK GLIIHUHQW SKDVHV<br />

)LJXUH 7KH FHOO F\FOH<br />

* LV D UHVWLQJ SKDVH RXWVLGH WKH FHOO F\FOH<br />

&HOOV LV * DUH UHVLVWDQW WR WKH HIIHFWV RI F\WRWR[LF GUXJV<br />

0HFKDQLVP RI DFWLRQ<br />

7KH IDVWHU FHOOV DUH JURZLQJ WKH PRUH OLNHO\ WKDW F\WRWR[LF GUXJV DUH WR FDWFK WKHP<br />

$OVR DFFRXQWV IRU WR[LFLW\ RQ UDSLGO\ JURZLQJ QRUPDO WLVVXHV H J *, PXFRVD ERQH PDUURZ<br />

/DUJH WXPRXUV DUH UHODWLYHO\ XQUHVSRQVLYH WR FKHPRWKHUDS\<br />

0RUH FHOOV DUH LQ * DQG GUXJ SHQHWUDWLRQ LV OHVV UHOLDEOH<br />

0RVW GUXJV NLOO D IL[HG SURSRUWLRQ RI FHOOV UDWKHU WKDQ IL[HG QXPEHU<br />

'LIIHUHQW GUXJV DFW DW GLIIHUHQW SKDVHV RI WKH FHOO F\FOH<br />

$V D UHVXOW FRPELQDWLRQV RI GUXJV DUH PRUH OLNHO\ WR EH HIIHFWLYH<br />

0RGHV RI DFWLRQ LQFOXGH<br />

%OHRP\FLQ LQKLELWV '1$ SRO\PHUDVH FDXVLQJ EUHDNDJH RI VLQJOH VWUDQGHG '1$<br />

'R[RUXELFLQ ,QKLELWV 51$ V\QWKHVLV E\ LQWHUFDODWLQJ EHWZHHQ '1$ EDVH SDLUV<br />

&LVSODWLQ LQKLELWV '1$ V\QWKHVLV E\ FURVV OLQNLQJ '1$ VWUDQGV<br />

0HWKRWUH[DWH LQKLELWV GLK\GURIRODWH UHGXFWDVH<br />

9LQFD DONDORLGV ELQGV WR WXEXOLQ DQG LQKLELWV WKH PHWDSKDVH RI PLWRVLV<br />

1RQ SKDVH GHSHQGHQW GUXJV<br />

.LOO FHOOV H[SRQHQWLDOO\ ZLWK LQFUHDVLQJ GRVH<br />

(TXDOO\ WR[LF IRU FHOO ZLWKLQ WKH FHOO F\FOH RU * SKDVH<br />

([DPSOHV LQFOXGH<br />

$ON\ODWLQJ DJHQWV F\FORSKRVSKDPLGH FLVSODWLQ<br />

)OXURXUDFLO<br />

$QWKUDF\FOLQHV GR[RUXELFLQ<br />

VXUJLFDO WXWRU RUJ XN $ IUHH RQ OLQH VXUJLFDO UHVRXUFH<br />

1HRSODVLD<br />

163


3KDVH GHSHQGHQW GUXJV<br />

.LOO FHOOV DW D ORZHU GRVH<br />

$FW ZLWKLQ D VSHFLILF SKDVH RI WKH FHOO F\FOH<br />

([DPSOHV LQFOXGH<br />

0HWKRWUH[DWH<br />

9LQFD DONDORLGV YLQFULVWLQH YLQEODVWLQH<br />

*HQHUDO VLGH HIIHFWV<br />

6RPH VLGH HIIHFWV RFFXU ZLWK PDQ\ F\WRWR[LF DJHQWV<br />

7KHVH LQFOXGH<br />

1DXVHD DQG YRPLWLQJ<br />

%RQH PDUURZ WR[LFLW\<br />

*DVWURLQWHVWLQDO WR[LFLW\<br />

$ORSHFLD<br />

*RQDGDO HIIHFWV<br />

+\SHUXULFDHPLD<br />

6SHFLILF VLGH HIIHFWV<br />

6RPH VLGH HIIHFWV DUH VSHFLILF WR FHUWDLQ DJHQWV<br />

7KHVH LQFOXGH<br />

3XOPRQDU\ ILEURVLV EOHRP\FLQ<br />

+DHPRUUKDJLF F\VWLWLV F\FORSKRVSKDPLGH<br />

&DUGLRP\RSDWK\ GR[RUXELFLQ<br />

+HSDWLF GDPDJH PHWKRWUH[DWH<br />

6NLQ SLJPHQWDWLRQ IOXURXUDFLO<br />

7XPRXUV SRWHQWLDOO\ FXUDEOH ZLWK FKHPRWKHUDS\<br />

$FXWH O\PSKREODVWLF OHXNDHPLD<br />

*HUP FHOO WXPRXUV<br />

&KRULRFDUFLQRPD<br />

+RGJNLQ V GLVHDVH<br />

:LOP V WXPRXU<br />

7XPRXUV ZLWK D VLJQLILFDQW UHVSRQVH WR FKHPRWKHUDS\<br />

%UHDVW FDUFLQRPD<br />

2YDULDQ FDUFLQRPD<br />

/\PSKRPD<br />

2VWHRVDUFRPD<br />

7XPRXUV SRRUO\ UHVSRQVLYH WR FKHPRWKHUDS\<br />

3DQFUHDWLF FDUFLQRPD<br />

0HODQRPD<br />

6RIW WLVVXH VDUFRPDV<br />

&RORUHFWDO FDUFLQRPD<br />

*DVWULF FDUFLQRPD<br />

%LEOLRJUDSK\<br />

VXUJLFDO WXWRU RUJ XN $ IUHH RQ OLQH VXUJLFDO UHVRXUFH<br />

1HRSODVLD<br />

164


&DQFHU JHQHWLFV<br />

VXUJLFDO WXWRU RUJ XN $ IUHH RQ OLQH VXUJLFDO UHVRXUFH<br />

1HRSODVLD<br />

6HYHUDO JHUPOLQH PXWDWLRQV KDYH EHHQ VKRZQ WR LQFUHDVH FDQFHU ULVN<br />

0RUH WKDQ JHQHWLF DEQRUPDOLWLHV KDYH EHHQ LGHQWLILHG<br />

0RVW DUH LQKHULWHG LQ DXWRVRPDO GRPLQDQW IDVKLRQ<br />

&DQFHU JHQHWLFV DUH LPSRUWDQW DV<br />

*HQHV LQYROYHG DUH LPSRUWDQW LQ QRUPDO JURZWK DQG GHYHORSPHQW<br />

,PSURYH RXU NQRZOHGJH RI FDQFHU ELRORJ\<br />

$OORZ LGHQWLILFDWLRQ RI KLJK ULVN SDWLHQWV ZKR ZLOO EHQHILW IURP SUHYHQWDWLYH WKHUDSLHV<br />

0RVW JHQHWLF DEQRUPDOLWLHV LQYROYH WXPRXU VXSSUHVVRU JHQHV<br />

&RGH IRU SURWHLQV WKDW DUH LPSRUWDQW LQ QRUPDO JURZWK DQG GHYHORSPHQW<br />

+HUHGLWDU\ FDQFHU V\QGURPHV UHVXOW IURP JHUPOLQH PXWDWLRQ LQ RQH FRS\ RI WKH VXSSUHVVRU JHQH<br />

6RPDWLF PXWDWLRQ LQ WKH VHFRQG FRS\ RI WKH JHQH UHVXOWV LQ WKH GHYHORSPHQW RI FDQFHU<br />

%UHDVW FDQFHU JHQHWLFV<br />

ZRPHQ ZLOO GHYHORS EUHDVW FDQFHU LQ WKHLU OLIH WLPH<br />

EUHDVW DQG RYDULDQ FDQFHUV GXH WR JHUP OLQH PXWDWLRQ<br />

%5&$ DQG %5&$ JHQHV<br />

%5&$ DQG %5&$ DUH WXPRXU VXSSUHVVRU JHQHV<br />

&RPPRQHVW DEQRUPDOLW\ LV LQ %5&$ JHQH IRXQG RQ ORQJ DUP RI FKURPRVRPH<br />

0XWDWLRQ VHHQ LQ RI IDPLOLHV ZLWK RU PRUH DIIHFWHG PHPEHUV \HDUV<br />

0RUH WKDQ %5&$ PXWDWLRQV GHVFULEHG<br />

+LJKHVW FDUULHU UDWH LV LQ $VKNHQD]L -HZV<br />

,I D SDWLHQW LV %5&$ SRVLWLYH VKH KDV<br />

ULVN RI GHYHORSLQJ EUHDVW FDQFHU E\ \HDUV<br />

ULVN RI GHYHORSLQJ EUHDVW FDQFHU E\ \HDUV<br />

ULVN RI GHYHORSLQJ FRQWUDODWHUDO EUHDVW FDQFHU<br />

OLIH WLPH ULVN RI GHYHORSLQJ RYDULDQ FDQFHU<br />

7UHDWPHQW<br />

+RZ VKRXOG %5&$ DQG %5&$ SRVLWLYH SDWLHQWV EH PDQDJHG "<br />

3RVVLEOH RSWLRQV LQFOXGH<br />

,QWHQVLYH VFUHHQLQJ ZLWK DQQXDO PDPPRJUDSK\ IURP DQ HDUO\ DJH<br />

&KHPRSURSK\OD[LV ZLWK WDPR[LIHQ<br />

3URSK\ODFWLF PDVWHFWRP\<br />

5HGXFHV EXW GRHV QRW FRPSOHWHO\ DEROLVK ULVN RI EUHDVW FDQFHU<br />

%LEOLRJUDSK\<br />

(PHU\ - /XFDVVHQ $ 0XUSK\ 0 &RPPRQ KHUHGLWDU\ FDQFHUV DQG LPSOLFDWLRQV IRU SULPDU\ FDUH /DQFHW<br />

7D\ORU 0 5 * *HQHWLF WHVWLQJ IRU LQKHULWHG EUHDVW DQG RYDULDQ FDQFHU V\QGURPHV LPSRUWDQW FRQFHSWV IRU<br />

WKH SULPDU\ FDUH SK\VLFLDQ 3RVWJUDG 0HG -<br />

165


$VVHVVPHQW RI EUHDVW GLVHDVH<br />

6\PSWRPV WKDW PD\ LQGLFDWH EUHDVW FDQFHU<br />

%UHDVW OXPS<br />

%UHDVW SDLQ<br />

&KDQJH LQ WKH VL]H RU VKDSH RI WKH EUHDVW<br />

6ZHOOLQJ RI WKH DUP O\PSKRHGHPD<br />

'LPSOLQJ RI WKH EUHDVW VNLQ<br />

,QYROXWLRQ RU LQYHUVLRQ RI WKH QLSSOH<br />

$[LOODU\ O\PSKDGHQRSDWK\<br />

1LSSOH GLVFKDUJH RU EOHHGLQJ<br />

8OFHUDWLRQ RI WKH EUHDVW VNLQ<br />

%RQH RU DEGRPLQDO SDLQ MDXQGLFH<br />

6\PSWRPV UHTXLULQJ VSHFLDOLVW UHIHUUDO<br />

/XPSV<br />

$OO QHZ GLVFUHWH EUHDVW OXPSV<br />

$ QHZ OXPS LQ SUH H[LVWLQJ QRGXODULW\<br />

$V\PPHWULFDO QRGXODULW\ SHUVLVWLQJ DIWHU PHQVWUXDWLRQ<br />

%UHDVW DEVFHVV<br />

3HUVLVWHQWO\ UHILOOLQJ RU UHFXUUHQW F\VWV<br />

$[LOODU\ O\PSKDGHQRSDWK\<br />

%UHDVW SDLQ<br />

3DLQ DVVRFLDWHG ZLWK D OXPS<br />

3HUVLVWHQW XQLODWHUDO SDLQ LQ D SRVWPHQRSDXVDO ZRPDQ<br />

1LSSOH GLVFKDUJH<br />

$OO ZRPHQ DJHG RYHU \HDUV<br />

:RPHQ DJHG EHORZ \HDUV ZLWK<br />

%LODWHUDO GLVFKDUJH VXIILFLHQW WR VWDLQ FORWKHV<br />

%ORRG VWDLQHG QLSSOH GLVFKDUJH<br />

3HUVLVWHQW GLVFKDUJH IURP D VLQJOH GXFW<br />

)DPLO\ KLVWRU\<br />

7ULSOH DVVHVVPHQW<br />

7ULSOH DVVHVVPHQW FRPSULVHV RI<br />

&OLQLFDO H[DPLQDWLRQ<br />

$ UDGLRORJLFDO DVVHVVPHQW ± PDPPRJUDSK\ RU XOWUDVRXQG<br />

$ SDWKRORJLFDO DVVHVVPHQW ± F\WRORJ\ RU ELRSV\<br />

VXUJLFDO WXWRU RUJ XN $ IUHH RQ OLQH VXUJLFDO UHVRXUFH<br />

1HRSODVLD<br />

166


%UHDVW LPDJLQJ<br />

7KH EUHDVW FDQ EH LPDJHG ZLWK PDPPRJUDSK\ XOWUDVRXQG RU 05,<br />

0DPPRJUDSK\ LV WKH PRVW VHQVLWLYH RI EUHDVW LPDJLQJ PRGDOLWLHV<br />

6HQVLWLYLW\ LV UHGXFHG LQ \RXQJ ZRPHQ GXH WR WKH SUHVHQFH RI LQFUHDVHG JODQGXODU WLVVXH<br />

)RU V\PSWRPDWLF SDWLHQWV LPDJLQJ DOZD\V EH SHUIRUPHG DV SDUW RI WULSOH DVVHVVPHQW<br />

0DPPRJUDSK\<br />

$EQRUPDOLWLHV GHWHFWHG RQ PDPPRJUDSK\ DUH FODVVLILHG DV<br />

6SLFXODWHG PDVVHV<br />

6WHOODWH OHVLRQV<br />

&LUFXPVFULEHG PDVVHV<br />

0LFURFDOFLILFDWLRQ<br />

6SLFXODWHG PDVVHV<br />

6RIW WLVVXH PDVV ZLWK VSLFXOHV H[WHQGLQJ LQWR VXUURXQGLQJ WLVVXH<br />

RI VSLFXODWHG PDVVHV DUH GXH WR LQYDVLYH FDQFHU<br />

2WKHU FDXVHV RI VSLFXODWHG PDVVHV LQFOXGH<br />

'XFWDO FDUFLQRPD LQ VLWX '&,6<br />

5DGLDO VFDU FRPSOH[ VFOHURVLQJ OHVLRQ<br />

)DW QHFURVLV<br />

)LEURPDWRVLV<br />

*UDQXODU FHOO P\REODVWRPD<br />

6WHOODWH OHVLRQV<br />

/RFDOLVHG GLVWRUWLRQ RI WKH EUHDVW SDUHQFK\PD ZLWK QR SHUFHSWLEOH PDVV OHVLRQ<br />

'LIIHUHQWLDO GLDJQRVLV RI VWHOODWH OHVLRQV LQFOXGHV<br />

5DGLDO VFDU<br />

,QYDVLYH FDQFHU<br />

'&,6<br />

6XUJLFDO VFDU<br />

&LUFXPVFULEHG PDVVHV<br />

&LUFXPVFULEHG PDVVHV VKRXOG EH DQDO\VHG DFFRUGLQJ WR GHQVLW\ RXWOLQH DQG VL]H<br />

'LIIHUHQWLDO GLDJQRVLV RI FLUFXPVFULEHG PDVVHV LQFOXGHV<br />

)LEURDGHQRPD<br />

&\VW<br />

0XFLQRXV RU PHGXOODU\ FDUFLQRPD<br />

/LSRPD<br />

$EVFHVV<br />

0LFURFDOFLILFDWLRQ<br />

0LFURFDOFLILFDWLRQ LV GXH WR GHEULV ZLWKLQ WKH GXFW ZDOO RU OXPHQ<br />

6ROH IHDWXUH RI RI VFUHHQ GHWHFWHG FDQFHUV<br />

0DOLJQDQW PLFURFDOFLILFDWLRQ LV XVXDOO\ OLQHDU RU EUDQFKLQJ<br />

%HQLJQ PLFURFDOFLILFDWLRQ LV XVXDOO\ URXQGHG DQG SXQFWDWH<br />

'LIIHUHQWLDO GLDJQRVLV RI PLFURFDOFLILFDWLRQ LQFOXGHV<br />

'&,6<br />

,QYDVLYH FDQFHU<br />

3DSLOORPD<br />

)LEURDGHQRPD<br />

)DW QHFURVLV<br />

VXUJLFDO WXWRU RUJ XN $ IUHH RQ OLQH VXUJLFDO UHVRXUFH<br />

1HRSODVLD<br />

167


%UHDVW XOWUDVRXQG<br />

VXUJLFDO WXWRU RUJ XN $ IUHH RQ OLQH VXUJLFDO UHVRXUFH<br />

1HRSODVLD<br />

8OWUDVRXQG LV XVHIXO LQ WKH DVVHVVPHQW RI EUHDVW OXPSV<br />

&RPSOHPHQWV PDPPRJUDSK\ DQG LV DEOH WR GLIIHUHQWLDWH VROLG DQG F\VWLF OHVLRQV<br />

$OVR DEOH WR JXLGH ILQH QHHGOH DVSLUDWLRQ DQG FRUH ELRSVLHV<br />

&DQ EH XVHG WR DVVHVV WXPRXU VL]H DQG UHVSRQVH WR WKHUDS\<br />

,Q WKH GLDJQRVLV RI PDOLJQDQF\ LW KDV D VHQVLWLYLW\ DQG VSHFLILFLW\ RI DQG UHV SHFWLYHO\<br />

&\VWV DQG VROLG OHVLRQV KDYH W\SLFDO DSSHDUDQFHV<br />

&\VWV<br />

2Q XOWUDVRXQG H[DPLQDWLRQ F\VWV KDYH<br />

6PRRWK ZDOOV<br />

6KDUS DQWHULRU DQG SRVWHULRU ERUGHUV<br />

%ODFN K\SRHFKRLF FHQWUHV ZLWKRXW LQWHUQDO HFKRHV<br />

6ROLG OHVLRQV<br />

6ROLG OHVLRQV KDYH LQWHUQDO HFKRHV<br />

0DOLJQDQW WXPRXUV KDYH<br />

+\SRHFKRLF DUHDV LQWHUVSHUVHG EHWZHHQ EULJKWHU HFKRHV<br />

,UUHJXODU HGJHV<br />

&DVW K\SRHFKRLF VKDGRZV<br />

%HQLJQ WXPRXUV KDYH<br />

,VRHFKRLF RU K\SRHFKRLF SDWWHUQV<br />

6PRRWK ZHOO GHILQHG ERUGHUV<br />

FDVW QR K\SRHFKRLF VKDGRZV<br />

%LEOLRJUDSK\<br />

%DVVHWW / : ,PDJLQJ RI EUHDVW PDVVHV 5DGLRO &OLQ 1RUWK $P<br />

+XUG 7 & (GJH 6 % %UHDVW FDQFHU LPDJLQJ 6XUJ &OLQ 1RUWK $P<br />

2UHO 6 * 05 LPDJLQJ RI WKH EUHDVW 5DGLRO &OLQ 1RUWK $P<br />

6YHQVVRQ : ( 7KH YDOXH RI XOWUDVRXQG VFDQQLQJ LQ EUHDVW GLVHDVH +RVS 0HG<br />

168


%HQLJQ EUHDVW GLVHDVH<br />

%UHDVW DQDWRP\<br />

)LJXUH %UHDVW DQDWRP\<br />

&ODVVLILFDWLRQ RI %HQLJQ %UHDVW 'LVHDVH<br />

VXUJLFDO WXWRU RUJ XN $ IUHH RQ OLQH VXUJLFDO UHVRXUFH<br />

1HRSODVLD<br />

3K\VLRORJLFDO<br />

VWDWH RI EUHDVW<br />

1RUPDO %HQLJQ 'LVRUGHU %HQLJQ 'LVHDVH<br />

'HYHORSPHQW 'XFW GHYHORSPHQW 1LSSOH LQYHUVLRQ 0DPPDU\ )LVWXOD<br />

/REXODU GHYHORSPHQW )LEURDGHQRPD<br />

*LDQW )LEURDGHQRPD<br />

6WURPDO GHYHORSPHQW $GROHVFHQW +\SHUWURSK\<br />

&\FOLFDO FKDQJH +RUPRQDO DFWLYLW\ 0DVWDOJLD DQG QRGXODULW\<br />

(SLWKHOLDO<br />

DFWLYLW\<br />

%HQLJQ SDSLOORPD<br />

3UHJQDQF\ DQG<br />

ODFWDWLRQ<br />

(SLWKHOLDO K\SHUSODVLD %ORRGVWDLQHG GLVFKDUJH<br />

/DFWDWLRQ *DODFWRFHOH<br />

,QYROXWLRQ 'XFWDO LQYROXWLRQ 'XFW HFWDVLD<br />

QLSSOH UHWUDFWLRQ<br />

/REXODU<br />

LQYROXWLRQ<br />

&\VWV<br />

6FOHURVLQJ DGHQRVLV<br />

,QYROXWLRQDO HSLWKHOLDO<br />

K\SHUSODVLD<br />

+\SHUSODVLD<br />

0LFURSDSLOORPDWRVLV<br />

3HULGXFWDO PDVWLWLV<br />

/REXODU DQG GXFWDO<br />

K\SHUSODVLD ZLWK<br />

DW\SLD<br />

169


%UHDVW SDLQ<br />

&RPPRQHVW UHDVRQ IRU UHIHUUDO WR EUHDVW FOLQLFV<br />

$FFRXQWV IRU RI DOO UHIHUUDOV<br />

2QO\ RI SDWLHQWV ZLWK EUHDVW FDQFHU UHSRUW EUHDVW SDLQ<br />

$VVHVVPHQW UHTXLUHV WKH NHHSLQJ RI D EUHDVW SDLQ FKDUW<br />

'LYLGHG LQWR F\FOLFDO DQG QRQ F\FOLFDO PDVWDOJLD<br />

&\FOLFDO PDVWDOJLD<br />

8VXDOO\ ELODWHUDO DIIHFWV XSSHU RXWHU TXDGUDQW<br />

0RVWO\ PLQRU DQG DFFHSWHG E\ PDQ\ ZRPHQ DV SDUW RI QRUPDO OLIH<br />

$YHUDJH DJH RI RQVHW LV \HDUV<br />

1R FRQVLVWHQW KRUPRQDO DEQRUPDOLW\<br />

3URODFWLQ OHYHOV PD\ EH LQFUHDVHG<br />

(VVHQWLDO IDWW\ DFLG SURILOHV PD\ EH DEQRUPDO<br />

1R HYLGHQFH RI SV\FKRSDWKRORJ\<br />

,Q WKRVH ZLWK QR SDOSDEOH PDVV QR LPDJLQJ LV UHTXLUHG<br />

7UHDWPHQW<br />

UHTXLUH QR WUHDWPHQW RWKHU WKDQ UHDVVXUDQFH<br />

7UHDWPHQW VKRXOG EH FRQVLGHUHG LI V\PSWRPV ! PRQWKV IRU ! GD\V SHU F\FOH<br />

(YHQLQJ SULPURVH RLO (32<br />

5HTXLUH WUHDWPHQW IRU DW OHDVW PRQWKV<br />

UHVSRQVH UDWH<br />

FRPSOLFDWLRQV QDXVHD<br />

'DQD]RO<br />

UHVSRQVH UDWH<br />

FRPSOLFDWLRQV DFQH ZHLJKW JDLQ KLUVXLWLVP<br />

5HTXLUHV PHFKDQLFDO FRQWUDFHSWLRQ<br />

%URPRFULSWLQH<br />

UHVSRQVH UDWH<br />

FRPSOLFDWLRQV SRVWXUDO K\SRWHQVLRQ<br />

7DPR[LIHQ HIIHFWLYH EXW QRW OLFHQVHG IRU XVH LQ PDVWDOJLD<br />

'LXUHWLFV RU SURJHVWRJHQV DUH QRW DGYLVHG<br />

1RQ F\FOLFDO PDVWDOJLD<br />

8VXDOO\ DIIHFWV ROGHU ZRPHQ<br />

$YHUDJH DJH \UV<br />

8VXDOO\ XQLODWHUDO RIWHQ ORFDOLVHG<br />

$HWLRORJ\<br />

7UXH QRQ F\FOLFDO PDVWDOJLD<br />

2IWHQ KDV D PXVFXORVNHOHWDO FDXVH<br />

5DUHO\ FDQFHU<br />

7UHDWPHQW<br />

6XSSRUW EUD 16$,'<br />

VXUJLFDO WXWRU RUJ XN $ IUHH RQ OLQH VXUJLFDO UHVRXUFH<br />

1HRSODVLD<br />

170


%LEOLRJUDSK\<br />

0DQVHO 5 ( %UHDVW SDLQ %U 0HG -<br />

0DQVHO 5 ( )HQQ 1 - 'DYLHV ( / %HQLJQ EUHDVW GLVHDVH DQG LWV PDQDJHPHQW ,Q -RKQVRQ & '<br />

7D\ORU , HGV 5HFHQW DGYDQFHV LQ VXUJHU\ &KXUFKLOO /LYLQJVWRQH<br />

VXUJLFDO WXWRU RUJ XN $ IUHH RQ OLQH VXUJLFDO UHVRXUFH<br />

1HRSODVLD<br />

0DQVHO 5 ( 6LQJKDO + 'HYHORSPHQWDO DEQRUPDOLWLHV DQG EHQLJQ EUHDVW GLVHDVH ,Q )DUQGRQ - 5 HG<br />

%UHDVW DQG (QGRFULQH 6XUJHU\ 6DXQGHUV /RQGRQ<br />

171


)LEURDGHQRPDV<br />

)LEURDGHQRPDV DUH GHULYHG IURP WKH EUHDVW OREXOH<br />

7KH\ KDYH ERWK HSLWKHOLDO DQG FRQQHFWLYH WLVVXH HOHPHQWV<br />

7KHLU SDWKRJHQHVLV LV XQFOHDU<br />

7KH\ DUH QRW WUXH QHRSODVPV EHLQJ SRO\FORQDO UDWKHU WKDQ PRQFORQDO<br />

6KRXOG EH FRQVLGHUHG DV DQ $EHUUDWLRQ RI 1RUPDO 'HYHORSPHQW DQG ,QYROXWLRQ<br />

6LPSOH ILEURDGHQRPD<br />

0RVW DUH VPRRWK RU VOLJKWO\ OREXODWHG<br />

8VXDOO\ FP LQ GLDPHWHU<br />

8VXDOO\ SUHVHQW EHWZHHQ \UV<br />

'HFUHDVH LQFLGHQFH DSSURDFKLQJ WKH PHQRSDXVH<br />

0D\ SUHVHQW KDV KDUG FDOFLILHG PDVV LQ WKH HOGHUO\<br />

$SSUR[LPDWHO\ RI ILEURDGHQRPDV DUH PXOWLSOH<br />

'LDJQRVHG E\ WULSOH DVVHVVPHQW<br />

5HFHQW LPSURYHG XQGHUVWDQGLQJ RI QDWXUDO KLVWRU\<br />

2YHU \HDU SHULRG<br />

LQFUHDVH LQ VL]H<br />

UHPDLQ VWDEOH<br />

GHFUHDVH LQ VL]H<br />

5LVN RI PDOLJQDQW WUDQVIRUPDWLRQ LV DSSUR[LPDWHO\ LQ<br />

5HVXOWLQJ FDUFLQRPD LV RIWHQ D OREXODU FDUFLQRPD<br />

7UHDWPHQW<br />

/HVV WKDQ \HDUV REVHUYH<br />

\HDUV RIIHU FRQVHUYDWLYH WUHDWPHQW<br />

0RUH WKDQ \HDUV H[FLVLRQ ELRSV\<br />

([FLVH DW DQ\ DJH LI SDWLHQW UHTXHVWV<br />

*LDQW ILEURDGHQRPD<br />

%LPRGDO DJH SUHVHQWDWLRQ WHHQV SUHPHQRSDXVDO<br />

0RUH FRPPRQ LQ EODFN 2ULHQWDOV<br />

5DSLGO\ JURZ WR D ODUJH VL]H<br />

3UHVHQW ZLWK SDLQ EUHDVW HQODUJHPHQW QLSSOH GLVSODFHPHQW<br />

&KDUDFWHULVWLF VKLQ\ VNLQ FKDQJHV ZLWK GLODWHG YHLQV<br />

(QXFOHDWH WKURXJK FRVPHWLFDOO\ VLWHG VFDU<br />

5HVXOWLQJ EUHDVW GLVWRUWLRQ LV XVXDOO\ VHOI FRUUHFWLQJ<br />

1R HYLGHQFH WKDW WKHVH WXPRXUV UHFXU<br />

3K\OORGHV WXPRXU<br />

2FFXU LQ SUHPHQRSDXVDO ZRPHQ<br />

:LGH VSHFWUXP RI DFWLYLW\<br />

9DU\ IURP EHQLJQ WR ORFDOO\ DJJUHVVLYH<br />

+DYH FHOOXODU ILEURXV HOHPHQW<br />

([FLVH ZLWK FP PDUJLQ RI QRUPDO WLVVXH<br />

5H H[FLVLRQ RU PDVWHFWRP\ IRU ORFDO UHFXUUHQFH<br />

%LEOLRJUDSK\<br />

VXUJLFDO WXWRU RUJ XN $ IUHH RQ OLQH VXUJLFDO UHVRXUFH<br />

1HRSODVLD<br />

$OOH . 0 0RVV - 9HQHJDV 5 - .KDONKDOL , .OHLQ 6 5 &RQVHUYDWLYH PDQDJHPHQW RI ILEURDGHQRPD RI<br />

WKH EUHDVW %U - 6XUJ<br />

172


1HRSODVLD<br />

&DUW\ 1 - &DUWHU & 5XELQ & 5DYLFKDQGUDQ ' 5R\OH * 7 7D\ORU , 0DQDJHPHQW RI ILEURDGHQRPD RI WKH<br />

EUHDVW $QQ 5 &ROO 6XUJ (QJ<br />

'L[RQ - 0 'RELH 9 /DPE - :DOVK - 6 &KHWW\ 8 $VVHVVPHQW RI WKH DFFHSWDELOLW\ RI FRQVHUYDWLYH<br />

PDQDJHPHQW RI ILEURDGHQRPD RI WKH EUHDVW %U - 6XUJ<br />

+LQGOH : + $ORQ]R / - &RQVHUYDWLYH PDQDJHPHQW RI EUHDVW ILEURDGHQRPDV $P - 2EVWHW *\QHFRO<br />

+RXVVDPL 1 &KHXQJ 0 1 'L[RQ - 0 )LEURDGHQRPD RI WKH EUHDVW 0HG - $XVW<br />

3DUNHU 6 - +DUULHV 6 $ 3K\OORGHV 7XPRXU 3RVWJUDG 0HG -<br />

VXUJLFDO WXWRU RUJ XN $ IUHH RQ OLQH VXUJLFDO UHVRXUFH<br />

173


%UHDVW F\VWV<br />

ZRPHQ GHYHORS FOLQLFDOO\ SDOSDEOH F\VWV<br />

8VXDOO\ SHUL PHQRSDXVDO \HDUV<br />

2IWHQ VLQJXODU DSSHDU VXGGHQO\ IUHTXHQWO\ SDLQIXO<br />

7UHDWPHQW 6LPSOH DVSLUDWLRQ<br />

&\WRORJ\ LI EORRG VWDLQHG DVSLUDWH<br />

([FLVH LI<br />

5HFXU UDSLGO\ RU UHSHDWHGO\<br />

5HVLGXDO OXPS DIWHU DVSLUDWLRQ<br />

7DEOH %UHDVW F\VW SDWKRORJ\<br />

6LPSOH $SRFULQH<br />

/LQLQJ (SLWKHOLXP 6LPSOH FXERLGDO $SRFULQH<br />

1D . UDWLR !<br />

S+ !<br />

7HQGHQF\ WR UHFXU /RZ 0RGHUDWH<br />

$VVRFLDWLRQ ZLWK FDQFHU 1RW SURYHQ 3RVVLEOH<br />

5HODWLRQVKLS EHWZHHQ EHQLJQ DQG PDOLJQDQW EUHDVW GLVHDVH<br />

1R LQFUHDVHG ULVN<br />

6FOHURVLQJ DGHQRVLV<br />

$SRFULQH FKDQJH<br />

'XFW HFWDVLD<br />

0LOG K\SHUSODVLD<br />

)LEURDGHQRPD<br />

&\VWV<br />

$SRFULQH PHWDSODVLD<br />

6OLJKW LQFUHDVHG ULVN [<br />

0RGHUDWH RU IORULG K\SHUSODVLD<br />

3DSLOORPD ZLWK ILEURYDVFXODU FRUH<br />

0RGHUDWH LQFUHDVHG ULVN [<br />

$W\SLFDO GXFWDO K\SHUSODVLD<br />

$W\SLFDO OREXODU K\SHUSODVLD<br />

+LJK ULVN [<br />

'XFWDO FDUFLQRPD LQ VLWX<br />

/REXODU FDUFLQRPD LQ VLWX<br />

%LEOLRJUDSK\<br />

'L[RQ - 0 %UHDVW &\VWV &XUU 6XUJ 3UDFW<br />

VXUJLFDO WXWRU RUJ XN $ IUHH RQ OLQH VXUJLFDO UHVRXUFH<br />

1HRSODVLD<br />

174


%UHDVW ,QIHFWLRQV<br />

/DFWDWLRQDO EUHDVW DEVFHVV<br />

8VXDOO\ GXH WR 6WDSK DXUHXV<br />

8VXDOO\ SHULSKHUDOO\ VLWXDWHG<br />

6XUJHU\ PD\ EH SUH HPSWHG E\ HDUO\ GLDJQRVLV<br />

$WWHPSW DVSLUDWLRQ<br />

,I QR SXV DQWLELRWLFV<br />

,I SXV FRQVLGHU UHSHDWHG DVSLUDWLRQ RU LQFLVLRQ DQG GUDLQDJH<br />

&RQVLGHU ELRSV\ RI FDYLW\ ZDOO<br />

&RQWLQXH EUHDVW IHHGLQJ IURP RSSRVLWH EUHDVW<br />

1R QHHG WR VXSSUHVV ODFWDWLRQ<br />

1RQ ODFWDWLRQDO EUHDVW DEVFHVV<br />

2FFXU LQ SHULDUHRODU WLVVXH<br />

&XOWXUH \LHOG %DFWHURLGHV DQDHURELF VWUHS HQWHURFRFFL<br />

8VXDOO\ PDQLIHVWDWLRQ RI GXFW HFWDVLD SHULGXFWDO PDVWLWLV<br />

2FFXU \HDUV<br />

0RUH FRPPRQ LQ VPRNHUV<br />

2IWHQ JLYH KLVWRU\ RI UHFXUUHQW EUHDVW VHSVLV<br />

5HSHDWHG DVSLUDWLRQ LV WKH WUHDWPHQW RI FKRLFH<br />

0HWURQLGD]ROH DQG IOXFOR[DFLOOLQ<br />

'UDLQ WKURXJK VPDOO LQFLVLRQ LI QRQ UHVROYLQJ<br />

'HILQLWLYH WUHDWPHQW ZKHQ TXLHVFHQW ZLWK DQWLELRWLF SURSK\OD[LV<br />

8VXDOO\ D PDMRU GXFW H[FLVLRQ $GDLU V RSHUDWLRQ<br />

6SRQWDQHRXV GLVFKDUJH RU VXUJLFDO H[FLVLRQ FDQ UHVXOW LQ PDPPDU\ ILVWXOD<br />

%LEOLRJUDSK\<br />

'L[RQ - 0 %UHDVW ,QIHFWLRQ %U 0HG -<br />

VXUJLFDO WXWRU RUJ XN $ IUHH RQ OLQH VXUJLFDO UHVRXUFH<br />

1HRSODVLD<br />

175


*\QDHFRPDVWLD<br />

&RPPRQHVW FRQGLWLRQ DIIHFWLQJ PDOH EUHDVW<br />

'XH WR HQODUJHPHQW RI ERWK GXFWDO DQG VWURPDO WLVVXH<br />

,W LV EHQLJQ DQG RIWHQ UHYHUVLEOH<br />

0RVW FDVHV DUH LGLRSDWKLF<br />

3K\VLRORJLFDO FDXVHV DUH GXH WR UHODWLYH RHVWURJHQ H[FHVV<br />

8VXDOO\ SUHVHQWV DV XQLODWHUDO QRQ WHQGHU EUHDVW HQODUJHPHQW<br />

$HWLRORJ\<br />

3K\VLRORJLFDO FDXVHV<br />

1HRQDWDO<br />

3XEHUW\<br />

6HQLOH<br />

3DWKRORJLFDO FDXVHV<br />

3ULPDU\ 7HVWLFXODU )DLOXUH<br />

$QRUFKLD<br />

.OLQHIHOWHU V 6\QGURPH<br />

%LODWHUDO FU\SWRUFKLGLVP<br />

$FTXLUHG 7HVWLFXODU )DLOXUH<br />

0XPSV<br />

,UUDGLDWLRQ<br />

6HFRQGDU\ 7HVWLFXODU )DLOXUH<br />

*HQHUDOLVHG K\SRSLWXLWDULVP<br />

,VRODWHG JRQDGRWURSKLQ GHILFLHQF\<br />

(QGRFULQH 7XPRXUV<br />

7HVWLFXODU<br />

$GUHQDO<br />

3LWXLWDU\<br />

VXUJLFDO WXWRU RUJ XN $ IUHH RQ OLQH VXUJLFDO UHVRXUFH<br />

1HRSODVLD<br />

176


1RQ (QGRFULQH 7XPRXUV<br />

%URQFKLDO FDUFLQRPD<br />

/\PSKRPD<br />

+\SHUQHSKURPD<br />

+HSDWLF 'LVHDVH<br />

&LUUKRVLV<br />

+DHPRFKURPDWRVLV<br />

'UXJV<br />

2HVWURJHQV DQG RHVWURJHQ DJRQLVWV GLJR[LQ VSLURQRODFWRQH<br />

+\SHUSURODFWLQDHPLD PHWK\OGRSD SKHQRWKLD]LQHV<br />

*RQDGRWURSKLQV<br />

7HVWRVWHURQH WDUJHW FHOO LQKLELWRUV FLPHWLGLQH F\SURWHURQH $FHWDWH<br />

7UHDWPHQW<br />

5HDVVXUDQFH WKDW LW LV D EHQLJQ DQG VHOI OLPLWLQJ FRQGLWLRQ<br />

7UHDWPHQW RI DQ\ XQGHUO\LQJ FDXVH<br />

,I SDLQIXO RU HPEDUUDVVLQJ FRQVLGHU VXEFXWDQHRXV PDVWHFWRP\<br />

3HUIRUPHG WKURXJK FLUFXPDUHRODU LQFLVLRQ<br />

%LEOLRJUDSK\<br />

VXUJLFDO WXWRU RUJ XN $ IUHH RQ OLQH VXUJLFDO UHVRXUFH<br />

1HRSODVLD<br />

&RORPER %HQNPDQQ 0 %XVH % 6WHUQ - +HUIDUWK & ,QGLFDWLRQV IRU DQG UHVXOWV RI VXUJLFDO WKHUDS\ IRU<br />

PDOH J\QHFRPDVWLD $P - 6XUJ<br />

*DVSHURQL & 6DOJDUHOOR 0 *DVSHURQL 3 7HFKQLFDO UHILQHPHQWV LQ WKH VXUJLFDO WUHDWPHQW RI<br />

J\QDHFRPDVWLD $QQ 3ODVW 6XUJ<br />

*ODVV $ 5 *\QHFRPDVWLD (QGRFULQRO 0HWDE &OLQ 1RUWK $P<br />

:LOOLDPV 7 * 'DZVRQ 3 0 *\QDHFRPDVWLD SUHVHQWDWLRQ DHWLRORJ\ DQG PDQDJHPHQW &XUUHQW 3UDFWLFH<br />

LQ 6XUJHU\<br />

177


%UHDVW FDQFHU<br />

%UHDVW FDQFHU DIIHFWV ZRPHQ<br />

,Q 8QLWHG .LQJGRP WKHUH DUH QHZ FDVHV DQG GHDWKV DQQXDOO\<br />

,W LV WKH FRPPRQHVW FDXVH RI FDQFHU GHDWK LQ ZRPHQ<br />

,W DFFRXQWV IRU RI DOO IHPDOH GHDWKV<br />

%ULWDLQ KDV KLJKHVW EUHDVW FDQFHU PRUWDOLW\ LQ WKH ZRUOG<br />

:+2 &ODVVLILFDWLRQ<br />

(SLWKHOLDO<br />

1RQ LQYDVLYH<br />

'XFWDO FDUFLQRPD LQ VLWX '&,6<br />

/REXODU FDUFLQRPD LQ VLWX /&,6<br />

,QYDVLYH<br />

'XFWDO<br />

/REXODU<br />

0XFLQRXV<br />

3DSLOODU\<br />

0HGXOODU\<br />

0L[HG &RQQHFWLYH WLVVXH DQG (SLWKHOLDO<br />

'LDJQRVLV DQG DVVHVVPHQW<br />

0RVW V\PSWRPDWLF FDQFHUV SUHVHQW DV D SDLQOHVV OXPS<br />

%UHDVW SDLQ LV DQ XQFRPPRQ SUHVHQWDWLRQ RI EUHDVW FDQFHU<br />

'LDJQRVLV LV E\ 7ULSOH $VVHVVPHQW<br />

&OLQLFDO (YDOXDWLRQ ± /XPS DQG UHJLRQDO QRGHV<br />

,PDJLQJ XOWUDVRXQG \HDUV ROG RU PDPPRJUDSK\ ! \HDUV ROG<br />

&\WRORJ\ RU +LVWRORJ\<br />

&\WRORJ\ LV UHSRUWHG DV<br />

& ,QDGHTXDWH VDPSOH<br />

& 'HILQLWHO\ EHQLJQ<br />

& 3UREDEO\ EHQLJQ<br />

& 6XVSLFLRXV RI PDOLJQDQF\<br />

& 'HILQLWHO\ PDOLJQDQW<br />

$LPV RI EUHDVW FDQFHU VXUJHU\<br />

7R DFKLHYH FXUH LI H[FLVHG EHIRUH PHWDVWDWLF VSUHDG KDV RFFXUUHG<br />

7R SUHYHQW XQSOHDVDQW VHTXHODH RI ORFDO UHFXUUHQFH<br />

6XUJLFDO RSWLRQV IRU WKH EUHDVW<br />

%UHDVW &RQVHUYLQJ 6XUJHU\ %&6 UDGLRWKHUDS\<br />

%&6 LV UHJDUGHG DV HLWKHU ZLGH ORFDO H[FLVLRQ TXDGUDQWHFWRP\ RU VHJPHQWHFWRP\<br />

6LPSOH PDVWHFWRP\<br />

5DGLFDO PDVWHFWRP\ REVROHWH<br />

0DVWHFWRP\ UHFRQVWUXFWLRQ LPPHGLDWH RU GHOD\HG<br />

7XPRXUV VXLWDEOH IRU EUHDVW FRQVHUYDWLRQ<br />

VXUJLFDO WXWRU RUJ XN $ IUHH RQ OLQH VXUJLFDO UHVRXUFH<br />

1HRSODVLD<br />

178


1HRSODVLD<br />

6PDOO VLQJOH WXPRXUV LQ D ODUJH EUHDVW<br />

3HULSKHUDO ORFDWLRQ<br />

1R ORFDO DGYDQFHPHQW RU H[WHQVLYH QRGDO LQYROYHPHQW<br />

)RU WXPRXUV WKDW DUH VXLWDEOH IRU EUHDVW FRQVHUYDWLRQ WKHUH LV QR GLIIHUHQFH LQ ORFDO UHFXUUHQFH<br />

RU RYHUDOO VXUYLYDO ZKHQ %&6 UDGLRWKHUDS\ LV FRPSDUHG WR PDVWHFWRP\<br />

$LPV RI D[LOODU\ VXUJHU\<br />

RI SDWLHQWV ZLWK HDUO\ EUHDVW FDQFHU KDYH QRGDO LQYROYHPHQW<br />

7KH DLPV RI D[LOODU\ VXUJHU\ LV WR<br />

7R HUDGLFDWH ORFDO GLVHDVH<br />

7R GHWHUPLQH SURJQRVLV WR JXLGH DGMXYDQW WKHUDS\<br />

&OLQLFDO HYDOXDWLRQ RI WKH D[LOOD LV XQUHOLDEOH IDOVH SRVLWLYH IDOVH QHJDWLYH<br />

1R UHOLDEOH LPDJLQJ WHFKQLTXHV DYDLODEOH<br />

6XUJLFDO HYDOXDWLRQ LPSRUWDQW DQG VKRXOG EH FRQVLGHUHG IRU DOO SDWLHQWV ZLWK LQYDVLYH FDQFHU<br />

/HYHOV RI D[LOODU\ FOHDUDQFH DUH DVVHVVHG UHODWLYH WR SHFWRUDOLV PLQRU<br />

/HYHO EHORZ SHFWRUDOLV PLQRU<br />

/HYHO XS WR XSSHU ERUGHU RI SHFWRUDOLV PLQRU<br />

/HYHO WR WKH RXWHU ERUGHU RI WKH VW ULE<br />

$[LOODU\ VDPSOLQJV UHPRYHV DW OHDVW IRXU QRGHV<br />

$UJXPHQWV IRU D[LOODU\ FOHDUDQFH<br />

$[LOODU\ FOHDUDQFH ERWK VWDJHV DQG WUHDWV WKH D[LOOD<br />

6DPSOLQJ SRWHQWLDOO\ PLVVHV QRGHV DQG XQGHU VWDJHV WKH D[LOOD<br />

6XUJLFDO FOHDUDQFH SRVVLEO\ JDLQV EHWWHU ORFDO FRQWURO<br />

$YRLGV FRPSOLFDWLRQV RI D[LOODU\ UDGLRWKHUDS\<br />

$YRLGV PRUELGLW\ RI D[LOODU\ UHFXUUHQFH<br />

$UJXPHQWV IRU D[LOODU\ VDPSOLQJ<br />

2QO\ VWDJHV WKH D[LOOD<br />

0XVW EH IROORZHG E\ D[LOODU\ UDGLRWKHUDS\<br />

7KH RI SDWLHQWV ZLWK QRGH QHJDWLYH GLVHDVH KDYH XQQHFHVVDU\ VXUJHU\<br />

5DGLFDO O\PSKDGHQHFWRP\ LQ RWKHU FDQFHUV H J PHODQRPD SURGXFHV GLVDSSRLQWLQJ UHVXOWV<br />

$YRLGV PRUELGLW\ RI D[LOODU\ VXUJHU\<br />

7KH FRPELQDWLRQ RI D[LOODU\ FOHDUDQFH DQG UDGLRWKHUDS\ LV WR EH DYRLGHG<br />

3URGXFHV XQDFFHSWDEOH UDWH RI O\PSKRHGHPD<br />

3URJQRVWLF IDFWRUV LQ HDUO\ EUHDVW FDQFHU<br />

ZRPHQ ZLWK RSHUDEOH EUHDVW FDQFHU ZKR UHFHLYH ORFRUHJLRQDO WUHDWPHQW DORQH ZLOO GLH IURP<br />

PHWDVWDWLF GLVHDVH<br />

3URJQRVWLF IDFWRUV KDYH WKUHH PDLQ XVHV<br />

7R VHOHFW DSSURSULDWH DGMXYDQW WKHUDS\ DFFRUGLQJ WR SURJQRVLV<br />

7R DOORZ FRPSDULVRQ RI WUHDWPHQW EHWZHHQ VLPLODU JURXSV RI SDWLHQW DW ULVN RI U HFXUUHQFH RU<br />

GHDWK<br />

7R LPSURYH WKH XQGHUVWDQGLQJ RI WKH GLVHDVH<br />

3URJQRVWLF IDFWRUV FDQ EH<br />

D &KURQRORJLFDO<br />

,QGLFDWLRQ RI KRZ ORQJ WKH GLVHDVH KDV EHHQ SUHVHQW<br />

5HODWH WR VWDJH RI GLVHDVH DW SUHVHQWDWLRQ<br />

E %LRORJLFDO<br />

5HODWH WR LQWULQVLF EHKDYLRXU RI WXPRXU<br />

VXUJLFDO WXWRU RUJ XN $ IUHH RQ OLQH VXUJLFDO UHVRXUFH<br />

179


&KURQRORJLFDO SURJQRVWLF IDFWRUV<br />

$JH<br />


3URJQRVWLF LQGLFHV<br />

VXUJLFDO WXWRU RUJ XN $ IUHH RQ OLQH VXUJLFDO UHVRXUFH<br />

1HRSODVLD<br />

$OWKRXJK LQGLYLGXDO SURJQRVWLF IDFWRUV DUH XVHIXO FRPELQLQJ LQGHSHQGHQW SURJQRVWLF YDULDEOHV LQ<br />

WKH IRUP RI DQ LQGH[ DOORZV LGHQWLILFDWLRQ RI SDWLHQWV ZLWK GLIIHUHQW SURJQRVHV<br />

1RWWLQJKDP 3URJQRVWLF ,QGH[ 13,<br />

,QFRUSRUDWHV WKUHH IDFWRUV<br />

7XPRXU VL]H<br />

1RGDO VWDWXV<br />

+LVWRORJLFDO JUDGH<br />

7DEOH 7KH 1RWWLQJKDP 3URJQRVWLF ,QGH[<br />

)DFWRU<br />

,QYROYHG 1RGHV 7XPRXU *UDGH 6FRUH SHU IDFWRU<br />

!<br />

13, [ VL]H FP /\PSK QRGH VWDJH 7XPRXU JUDGH<br />

&KHPRWKHUDS\ LQ EUHDVW FDQFHU<br />

&DQ EH JLYHQ DV<br />

3ULPDU\ V\VWHPLF WKHUDS\ SULRU WR ORFRUHJLRQDO WUHDWPHQW<br />

$GMXYDQW WKHUDS\ IROORZLQJ ORFRUHJLRQDO WUHDWPHQW<br />

3RVW RSHUDWLYH DGMXYDQW FKHPRWKHUDS\<br />

'HSHQGV SULPDULO\ RQ<br />

$JH PHQRSDXVDO VWDWXV<br />

1RGDO VWDWXV<br />

&RPELQDWLRQ FKHPRWKHUDS\ PRUH HIIHFWLYH WKDQ VLQJOH GUXJ<br />

0RVW FRPPRQO\ XVHG UHJLPHQ &0) &\FORSKRVSKDPLGH 0HWKRWUH[DWH )OXURXUDFLO<br />

*LYHQ DV VL[ F\FOHV DW PRQWKO\ LQWHUYDOV<br />

1R HYLGHQFH WKDW PRUH WKDQ PRQWKV WUHDWPHQW LV RI EHQHILW<br />

*UHDWHVW EHQHILW VHHQ LQ SUHPHQRSDXVDO ZRPHQ<br />

+LJK GRVH FKHPRWKHUDS\ ZLWK VWHP FHOO UHVFXH SURGXFHV QR RYHUDOO VXUYLYDO EHQHILW<br />

7DEOH &KHPRWKHUDSHXWLF RSWLRQV LQ EUHDVW FDQFHU<br />

$JH 1RGDO VWDWH 7UHDWPHQW<br />

3UHPHQRSDXVDO 1RGH SRVLWLYH &RPELQDWLRQ FKHPRWKHUDS\<br />

1RGH QHJDWLYH $GMXYDQW WKHUDS\ LV QRW JHQHUDOO\ UHFRPPHQGHG IRU<br />

KLJK ULVN SDWLHQWV FKHPRWKHUDS\ VKRXOG EH<br />

FRQVLGHUHG<br />

3RVWPHQRSDXVDO 1RGH SRVLWLYH (5 SRVLWLYH 7DPR[LIHQ<br />

(5 QHJDWLYH &RPELQDWLRQ FKHPRWKHUDS\ VKRXOG EH<br />

FRQVLGHUHG<br />

1RGH QHJDWLYH 1R LQGLFDWLRQ IRU URXWLQH DGMXYDQW WKHUDS\ IRU KLJK ULVN<br />

SDWLHQWV FKHPRWKHUDS\ VKRXOG EH FRQVLGHUHG<br />

181


3ULPDU\ QHRDGMXYDQW FKHPRWKHUDS\<br />

&KHPRWKHUDS\ SULRU WR VXUJHU\ IRU ODUJH RU ORFDOO\ DGYDQFHG WXPRX UV<br />

6KULQNV WXPRXU RIWHQ DOORZLQJ EUHDVW FRQVHUYLQJ VXUJHU\ UDWKHU WKDQ PDVWHFWRP\<br />

WXPRXUV VKRZ D FOLQLFDO UHVSRQVH<br />

,Q ± WKLV LV UHVSRQVH LV FRPSOHWH<br />

6XUJHU\ UHTXLUHG HYHQ LQ WKRVH ZLWK FRPSOHWH FOLQLFDO UHVSRQVH<br />

RI WKHVH SDWLHQWV VWLOO KDYH KLVWRORJLFDO HYLGHQFH RI WXPRXU<br />

3ULPDU\ V\VWHPLF WKHUDS\ KDV QRW WR GDWH EHHQ VKRZQ WR LPSURYH VXUYLYDO<br />

(QGRFULQH WKHUDS\ LQ EUHDVW FDQFHU<br />

,W LV MXVW RYHU \HDUV VLQFH %HDWVRQ GHVFULEHG UHVSRQVH WR RRSKRUHFWRP\ LQ ZRPHQ ZLWK<br />

DGYDQFHG EUHDVW FDQFHU<br />

7DPR[LIHQ<br />

7DPR[LIHQ LV DQ RUDO DQWL RHVWURJHQ<br />

(IIHFWLYH LQ ERWK WKH DGMXYDQW VHWWLQJ DQG LQ DGYDQFHG GLVHDVH<br />

PJ SHU GD\ LV DV HIIHFWLYH DV KLJKHU GRVHV<br />

\HDUV WUHDWPHQW LV EHWWHU WKDQ \HDUV<br />

9DOXH RI WUHDWPHQW EH\RQG \HDUV LV XQNQRZQ<br />

5LVN RI FRQWUDODWHUDO EUHDVW FDQFHU UHGXFHG E\<br />

*UHDWHU EHQHILW VHHQ LQ RHVWURJHQ UHFHSWRU ULFK WXPRXUV<br />

%HQHILW VWLOO VHHQ LQ RHVWURJHQ UHFHSWRU QHJDWLYH WXPRXUV<br />

%HQHILW REVHUYHG LQ ERWK SUH DQG SRVW PHQRSDXVDO ZRPHQ<br />

/RFDOO\ DGYDQFHG EUHDVW FDQFHU<br />

5HJDUGHG DV D WXPRXU WKDW LV QRW VXUJLFDOO\ UHVHFWDEOH<br />

&OLQLFDO IHDWXUHV LQFOXGH<br />

6NLQ XOFHUDWLRQ<br />

'HUPDO LQILOWUDWLRQ<br />

(U\WKHPD RYHU WKH WXPRXU<br />

6DWHOOLWH QRGXOHV<br />

3HDX G RUDQJH<br />

)L[DWLRQ WR FKHVW ZDOO VHUUDWXV DQWHULRU RU LQWHUFRVWDO PXVFOHV<br />

)L[HG D[LOODU\ QRGHV<br />

,I RHVWURJHQ UHFHSWRU SRVLWLYH XVXDOO\ WUHDWHG ZLWK SULPDU\ KRUPRQDO<br />

,I RHVWURJHQ UHFHSWRU QHJDWLYH FKHPRWKHUDS\ PD\ EH XVHIXO<br />

5DGLRWKHUDS\ PD\ EH XVHIXO LQ ORFDO FRQWURO RI GLVHDVH<br />

,I DGHTXDWH UHVSRQVH D VDOYDJH PDVWHFWRP\ FDQ EH FRQVLGHU<br />

5HFXUUHQW EUHDVW FDQFHU<br />

0RVW ORFDO UHFXUUHQFHV DUH V\PSWRPDWLF<br />

2IWHQ DVVRFLDWHG ZLWK WKH GHYHORSPHQW RI PHWDVWDWLF GLVHDVH<br />

5HVWDJLQJ LV WKHUHIRUH HVVHQWLDO<br />

&RPPRQHVW VLWHV IRU GXFWDO FDUFLQRPD DUH OLYHU ERQH DQG OXQJ<br />

/REXODU FDUFLQRPD OHVV SUHGLFWDEOH RIWHQ VSUHDGLQJ WR ERZHO UHWURSHULWRQHXP HWF<br />

5HFXUUHQFH ZKLOVW RQ DGMXYDQW WDPR[LIHQ FRQVLGHU<br />

)XUWKHU VXUJHU\ IRU<br />

,VRODWHG VSRW UHFXUUHQFH DIWHU PDVWHFWRP\<br />

/RFDO UHFXUUHQFH LQ WKH FRQVHUYHG EUHDVW<br />

5DGLRWKHUDS\ LI QRW SUHYLRXVO\ JLYHQ<br />

&KDQJH RI KRUPRQDO DJHQW WR DQDVWR]ROH RU PHJHVWURO DFHWDWH<br />

VXUJLFDO WXWRU RUJ XN $ IUHH RQ OLQH VXUJLFDO UHVRXUFH<br />

1HRSODVLD<br />

182


%UHDVW FDQFHU JHQHWLFV<br />

EUHDVW DQG RYDULDQ FDQFHUV GXH WR JHUP OLQH PXWDWLRQ<br />

&RPPRQHVW DEQRUPDOLW\ LV LQ %5&$ JHQH RQ ORQJ DUP RI FKURPRVRPH<br />

0XWDWLRQ VHHQ LQ RI IDPLOLHV ZLWK RU PRUH DIIHFWHG PHPEHUV \HDUV<br />

! %5&$ PXWDWLRQV GHVFULEHG<br />

+LJKHVW FDUULHU UDWH LV LQ $VKNHQD]L -HZV<br />

,I D SDWLHQW LV %5&$ SRVLWLYH VKH KDV<br />

ULVN RI GHYHORSLQJ EUHDVW FDQFHU E\ \HDUV<br />

ULVN RI GHYHORSLQJ EUHDVW FDQFHU E\ \HDUV<br />

ULVN RI GHYHORSLQJ FRQWUDODWHUDO EUHDVW FDQFHU<br />

OLIH WLPH ULVN RI GHYHORSLQJ RYDULDQ FDQFHU<br />

+RZ VKRXOG WKHVH ZRPHQ EH PDQDJHG "<br />

&KHPRSURSK\OD[LV ± SRVVLEO\ WDPR[LIHQ<br />

3URSK\ODFWLF PDVWHFWRP\<br />

%LEOLRJUDSK\<br />

VXUJLFDO WXWRU RUJ XN $ IUHH RQ OLQH VXUJLFDO UHVRXUFH<br />

1HRSODVLD<br />

%DXP 0 +RXJKWRQ - &RQWULEXWLRQ RI UDQGRPLVHG FRQWUROOHG WULDOV WR XQGHUVWDQGLQJ DQG PDQDJHPHQW RI<br />

HDUO\ EUHDVW FDQFHU %U 0HG -<br />

%XQGUHG 1 - 'RZQH\ 6 ( 7KH PDQDJHPHQW RI HDUO\ EUHDVW FDQFHU &XUU 3UDFW 6XUJ<br />

&DUW\ 1 - 0DQDJHPHQW RI GXFWDO FDUFLQRPD LQ VLWX RI WKH EUHDVW $QQ 5 &ROO 6XUJ<br />

&ROHPDQ 5 7KH PDQDJHPHQW RI DGYDQFHG EUHDVW FDQFHU &XUU 3UDFW 6XUJ<br />

(OWDKLU $ +H\V 6 +XWFKHRQ $ : HW DO 7UHDWPHQW RI ODUJH DQG ORFDOO\ DGYDQFHG EUHDVW FDQFHUV XVLQJ<br />

QHRDGMXYDQW FKHPRWKHUDS\ $P - 6XUJ<br />

)DON 6 - 5DGLRWKHUDS\ DQG WKH PDQDJHPHQW RI WKH D[LOOD LQ HDUO\ EUHDVW FDQFHU %U - 6XUJ<br />

)HQWLPDQ , 6 0DQVHO 5 ( 7KH D[LOOD QRW D QR JR ]RQH /DQFHW<br />

)RUUHVW $ 3 0 HW DO 7KH (GLQEXUJK UDQGRPLVHG WUDLO RI D[LOODU\ VDPSOLQJ RU FOHDUDQFH DIWHU PDVWHFWRP\<br />

%U - 6XUJ<br />

*DOHD 0 + %ODPH\ 5 : (OVWRQ & ( (OOLV , 2 7KH 1RWWLQJKDP SURJQRVWLF LQGH[ LQ SULPDU\ EUHDVW<br />

FDQFHU %UHDVW &DQFHU 5HVHDUFK DQG 7UHDWPHQW<br />

*UHHQDOO 0 - :K\ , IDYRXU D[LOODU\ QRGH VDPSOLQJ LQ WKH PDQDJHPHQW RI EUHDVW FDQFHU (XU - 6XUJ<br />

2QFRO<br />

+ROFRPEH & 0DQVHO 5 ( $[LOODU\ VXUJHU\ LQ WKH PDQDJHPHQW RI EUHDVW FDQFHU &XUU 3UDFW 6XUJ<br />

+ROODQG 3 $ %XQGUHG 1 - 7KH PDQDJHPHQW RI GXFWDO FDUFLQRPD LQ VLWX 7KH %UHDVW<br />

+RUWREDJ\L * 1 7UHDWPHQW RI EUHDVW FDQFHU 1 (QJ - 0HG<br />

-RKQVWRQ 6 5 ' 6\VWHPLF WUHDWPHQW RI PHWDVWDWLF EUHDVW FDQFHU +RVS 0HG<br />

0DF0LOODQ 5 ' 3XUXVKRWKDP $ ' *HRUJH : ' /RFDO UHFXUUHQFH DIWHU EUHDVW FRQVHUYLQJ VXUJHU\ IRU<br />

EUHDVW FDQFHU %U - 6XUJ<br />

183


1HRSODVLD<br />

0F,QWRVK 6 $ 3XUXVKRWKDP $ ' /\PSKDWLF PDSSLQJ DQG VHQWLQHO QRGH ELRSV\ LQ EUHDVW FDQFHU %U -<br />

6XUJ<br />

6DLQVEXU\ - 5 & %UHDVW FDQFHU 3RVWJUDG 0HG -<br />

6DXQGHUV & 0 7KH FXUUHQW PDQDJHPHQW RI EUHDVW FDQFHU %U - +RVS 0HG<br />

7D\ORU , HW DO +RZ VKRXOG WKH D[LOOD EH WUHDWHG LQ EUHDVW FDQFHU " (XU - 6XUJ 2QFRO<br />

VXUJLFDO WXWRU RUJ XN $ IUHH RQ OLQH VXUJLFDO UHVRXUFH<br />

184


%UHDVW UHFRQVWUXFWLRQ<br />

%UHDVW UHFRQVWUXFWLRQ LV LQFUHDVLQJ LQ SRSXODULW\<br />

&DQ EH SHUIRUPHG DV LPPHGLDWH RU GHOD\HG SURFHGXUH<br />

%UHDVW UHFRQVWUXFWLRQ LV RQFRORJLFDOO\ VDIH<br />

'RHV QRW GHOD\ DGMXYDQW WKHUDS\<br />

'RHV QRW GHOD\ WKH GHWHFWLRQ RI UHFXUUHQW GLVHDVH<br />

7KHUH DUH QR DEVROXWH FRQWUDLQGLFDWLRQV<br />

5HODWLYH FRQWUDLQGLFDWLRQV DUH ROG DJH GLDEHWHV VPRNHU FROODJHQ GLVHDVHV<br />

3UHRSHUDWLYH FRXQVHOOLQJ LV HVVHQWLDO<br />

5HFRQVWUXFWLYH RSWLRQV<br />

7KHUH DUH WKUHH W\SHV RI EUHDVW UHFRQVWUXFWLRQ<br />

7LVVXH H[SDQGHUV<br />

3HGLFOHG P\RFXWDQHRXV IODSV<br />

)UHH WLVVXH WUDQVIHU<br />

(DFK KDV VSHFLILF XVHV DQG FRPSOLFDWLRQV<br />

7KH FRQWUDODWHUDO EUHDVW PD\ UHTXLUH VXUJHU\ WR SURGXFH V\PPHW U\<br />

7LVVXH H[SDQGHUV<br />

$ VLPSOH DQG UHOLDEOH WHFKQLTXH<br />

:KHQ XVHG DORQH RIWHQ SURGXFH D SRRU FRVPHWLF UHVXOW<br />

&DSVXODU FRQWUDFWXUH FDQ UHVXOW LQ ILUPQHVV DQG GLVFRPIRUW<br />

&DSVXOHFWRP\ DQG UHSODFHPHQW RI WKH LPSODQW PD\ EH UHTXLUHG<br />

5DGLRWKHUDS\ PD\ LQFUHDVH WKH ULVN RI FDSVXODU FRQWUDFWXUH<br />

7H[WXUHG LPSODQWV UHGXFH WKH ULVN RI FDSVXOH IRUPDWLRQ<br />

3HGLFOHG P\RFXWDQHRXV IODSV<br />

VXUJLFDO WXWRU RUJ XN $ IUHH RQ OLQH VXUJLFDO UHVRXUFH<br />

1HRSODVLD<br />

7KH WZR FRPPRQHVW IODSV DUH<br />

7KH ODWLVVLPXV GRUVL IODS EDVHG RQ WKH WKRUDFRGRUVDO YHVVHOV<br />

7KH SHGLFDO WUDQVYHUVH UHFWXV DEGRPLQLV EDVHG RQ WKH VXSHULRU HSLJDVWULF YHVVHOV<br />

3HGLFOHG IODSV SURGXFH D EHWWHU FRVPHWLF UHVXOW<br />

8VH RI DQ /' IODS LV RIWHQ FRPELQHG ZLWK WLVVXH H[SDQGHU RU SURVWKHVLV<br />

75$0 IODSV RIWHQ SURYLGH HQRXJK DXWRORJRXV WLVVXH WR DYRLG WKH QHHG IRU D WLVVXH H[SDQGHU<br />

*HQHUDO FRPSOLFDWLRQV DVVRFLDWHG ZLWK IODSV LQFOXGH QHFURVLV DQG IODS ORVV<br />

7KH /' IODS OHDYHV D VFDU RQ WKH EDFN DQG VRPH VKRXOGHU ZHDNQHVV<br />

75$0 IODSV FDQ UHVXOW LQ DEGRPLQDO GRQRU VLWH KHUQLD DQG ZHDNQHVV<br />

1LSSOH UHFRQVWUXFWLRQ<br />

1LSSOHV FDQ EH UHFRQVWUXFWHG E\<br />

1LSSOH VKDULQJ<br />

6NDWH IODSV<br />

/DELDO JUDIWV<br />

1LSSOH WDWWRRLQJ<br />

3URVWKHWLF QLSSOHV<br />

%LEOLRJUDSK\<br />

3DWHO 5 - :HEVWHU ' - 7 0DQVHO 5 ( +XJKHV / ( ,V LPPHGLDWH SRVW PDVWHFWRP\ UHFRQVWUXFWLRQ VDIH<br />

LQ WKH ORQJ WHUP" (XU - 6XUJ 2QFRO<br />

&RUUDO & - 0XVWRH 7 $ &RQWURYHUV\ LQ EUHDVW UHFRQVWUXFWLRQ 6XUJ &OLQ 1RUWK $P<br />

185


1HRSODVLD<br />

0DODWD & 0 0F,QWRVK 6 $ 3XUXVKRWKDP $ ' ,PPHGLDWH EUHDVW UHFRQVWUXFWLRQ DIWHU PDVWHFWRP\ IRU<br />

FDQFHU %U - 6XUJ<br />

5DLQVEXU\ 5 0 %UHDVW UHFRQVWUXFWLRQ QHZ WHFKQLTXHV ,Q 7D\ORU , -RKQVRQ & ' HGV 5HFHQW<br />

DGYDQFHV LQ VXUJHU\ &KXUFKLOO /LYLQJVWRQH (GLQEXUJK<br />

VXUJLFDO WXWRU RUJ XN $ IUHH RQ OLQH VXUJLFDO UHVRXUFH<br />

186


%UHDVW FDQFHU VFUHHQLQJ<br />

&ULWHULD IRU DQ HIIHFWLYH VFUHHQLQJ SURJUDPPH<br />

VXUJLFDO WXWRU RUJ XN $ IUHH RQ OLQH VXUJLFDO UHVRXUFH<br />

1HRSODVLD<br />

7KH GLVHDVH VFUHHQHG IRU PXVW EH DQ LPSRUWDQW SUREOHP<br />

7KH QDWXUDO KLVWRU\ RI WKH GLVHDVH VKRXOG EH ZHOO XQGHUVWRRG ZLWK D UHFRJQLVDEOH HDUO\<br />

VWDJH<br />

$ VSHFLILF DQG VHQVLWLYH WHVW IRU WKH HDUO\ GHWHFWLRQ RI WKH GLVHDVH PXVW EH DYDLODEOH<br />

7KHUH VKRXOG EH JRRG HYLGHQFH WKDW WKH VFUHHQLQJ WHVW FDQ UHVXOW LQ UHGXFHG PRUWDOLW\ DQG<br />

PRUELGLW\ LQ WKH WDUJHWHG SRSXODWLRQ<br />

7KH WHVW PXVW EH DFFHSWDEOH SURGXFLQJ D KLJK SDUWLFLSDWLRQ UDWH<br />

7KHUH VKRXOG EH VXLWDEOH IDFLOLWLHV IRU GLDJQRVLV DQG WUHDWPHQW RI GHWHFWHG DEQRUPDOLWLHV<br />

7KHUH VKRXOG EH DSSURSULDWH WUHDWPHQW RSWLRQV<br />

7KH EHQHILWV RI VFUHHQLQJ VKRXOG RXWZHLJK DQ\ DGYHUVH HIIHFWV<br />

7KH EHQHILW PXVW EH RI DQ DFFHSWDEOH ILQDQFLDO FRVW<br />

7KH UHVXOWV RI WKH LPSOHPHQWDWLRQ UHTXLUH DXGLW WR HQVXUH WKH\ PHHW WKH DERYH FULWHULD<br />

6HQVLWLYLW\ DQG VSHFLILFLW\<br />

$ VFUHHQLQJ WHVW FDQ JLYH D SRVLWLYH RU QHJDWLYH UHVXOW<br />

'RHV QRW LPSO\ WKDW WKH SDWLHQW KDV RU GRHV QRW KDYH WKH GLVHDVH<br />

7KH WHVW UHVXOWV FDQ EH<br />

7UXH SRVLWLYH 73 $ SRVLWLYH WHVW UHVXOW LQ WKH SUHVHQFH RI WKH GLVHDVH<br />

7UXH QHJDWLYH 71 $ QHJDWLYH WHVW UHVXOW LQ WKH DEVHQFH RI WKH GLVHDVH<br />

)DOVH SRVLWLYH )3 $ SRVLWLYH WHVW UHVXOW LQ WKH DEVHQFH RI WKH GLVHDVH<br />

)DOVH QHJDWLYH )1 $ QHJDWLYH WHVW UHVXOW LQ WKH SUHVHQFH RI WKH GLVHDVH<br />

6HQVLWLYLW\ WKH DELOLW\ RI WKH WHVW WR LGHQWLI\ WKH GLVHDVH LQ WKRVH ZKR KDYH LW<br />

(TXDOV 73 73 )1<br />

6SHFLILFLW\ WKH DELOLW\ RI WKH WHVW WR H[FOXGH WKH GLVHDVH LQ WKH DEVHQF H RI WKH GLVHDVH<br />

(TXDOV 71 71 )3<br />

,V EUHDVW FDQFHU VFUHHQLQJ ZRUWKZKLOH "<br />

$Q LPSRUWDQW SUREOHP<br />

6LQJOH OHDGLQJ FDXVH RI FDQFHU GHDWK<br />

/LIHWLPH LQFLGHQFH LV DSSUR[LPDWHO\<br />

7KH QDWXUDO KLVWRU\<br />

'RHV '&,6 DOZD\V SURFHHG WR LQYDVLYH FDQFHU "<br />

$W ZKDW VWDJH GRHV LQYDVLYH FDQFHU FHDVH WR EH ORFDOLVHG WR WKH EUHDVW"<br />

$W ZKDW LQWHUYDO GRHV VFUHHQLQJ QHHG WR EH UHSHDWHG"<br />

$ VXLWDEOH WHVW<br />

6LQJOH YLHZ PDPPRJUDSK\ LV VHQVLWLYH DQG VSHFLILF<br />

%UHDVW H[DPLQDWLRQ DGGV QRWKLQJ WR YDOXH RI PDPPRJUDSKLF VFUHHQLQJ<br />

6FUHHQLQJ LV HIIHFWLYH<br />

3ULPDU\ DLP RI VFUHHQLQJ LV WKH UHGXFWLRQ RI EUHDVW FDQFHU PRUWDOLW\<br />

%HVW HYLGHQFH FRPHV IURP UDQGRPLVHG FRQWURO WULDOV<br />

187


$YRLG VFUHHQLQJ ELDVHV<br />

VXUJLFDO WXWRU RUJ XN $ IUHH RQ OLQH VXUJLFDO UHVRXUFH<br />

1HRSODVLD<br />

6HOHFWLRQ %LDV SDWLHQWV VHOHFW WKHPVHOYHV LQWR RQH JURXS E\ DWWHQGLQJ<br />

/HDG 7LPH %LDV (DUO\ GHWHFWLRQ DSSHDUV WR LPSURYH VXUYLYDO E\ LQFUHDVLQJ WLPH IRUP<br />

GLDJQRVLV WR GHDWK \HW PRUWDOLW\ LV XQFKDQJHG WKH SDWLHQW LV VLPSO\ DZDUH WKDW WKH\ KDYH<br />

WKH GLVHDVH IRU ORQJHU<br />

/HQJWK %LDV 6ORZHU JURZLQJ EHWWHU SURJQRVLV WXPRXUV DUH PRUH OLNHO\ WR EH GHWHFWHG E\<br />

VFUHHQLQJ<br />

$Q DFFHSWDEOH WHVW<br />

,I VFUHHQLQJ DFFHSWDEOH FRPSOLDQFH LQFUHDVHG DQG PRUWDOLW\ LV UHGXFHG<br />

&RPSOLDQFH RI ! ZLOO LPSDFW RQ PRUWDOLW\<br />

&RPSOLDQFH GHFUHDVHV ZLWK DJH<br />

)DFLOLWLHV IRU GLDJQRVLV DQG WUHDWPHQW<br />

1HHG IDFLOLWLHV IRU UDGLRORJ\ FOLQLFDO DVVHVVPHQW F\WRORJ\ VXUJHU\ SDWKRORJ\ HWF<br />

$SSURSULDWH WUHDWPHQW RSWLRQV<br />

7UHDWPHQW PXVW LPSDFW RQ QDWXUDO FRXUVH RI GLVHDVH<br />

0XVW KDYH WROHUDEOH DQG PLQLPDO VLGH HIIHFWV<br />

$GYHUVH HIIHFWV DQG FRVW EHQHILW DQDO\VLV<br />

3ULQFLSDO DGYHUVH HIIHFWV RI PDPPRJUDSKLF VFUHHQLQJ<br />

5HVRXUFHV UHTXLUHG<br />

([SRVXUH RI ZRPHQ WR LRQLVLQJ UDGLDWLRQ<br />

)DOVH SRVLWLYH UHVXOWV ZLWK XQQHFHVVDU\ ELRSVLHV<br />

8QQHFHVVDU\ WUHDWPHQW RI OHVLRQV WKDW PD\ QHYHU KDYH FDXVHG SUREOHPV<br />

+LVWRU\ RI EUHDVW VFUHHQLQJ<br />

7KH IROORZLQJ GLVFXVVLRQ RI WKH KLVWRU\ RI EUHDVW VFUHHQLQJ LQ (XURSH DQG WKH 86$ LV LQFOXGHG WR<br />

KLJKOLJKW WKH GLIILFXOWLHV RI HYDOXDWLQJ VFUHHQLQJ SURJUDPPHV<br />

+,3 6WXG\<br />

%HJDQ LQ<br />

+HDOWK ,QVXUDQFH 3ODQ RI 1HZ


6ZHGLVK WZR FRXQW\ WULDO<br />

%HJDQ LQ<br />

5DQGRPLVHG FRQWURO WULDO RI PDVV VFUHHQLQJ<br />

ZRPHQ EHWZHHQ \HDUV<br />

7ZR DUHD FRPSDUHG .RSSDUEHUJ DQG 2VWHUJRWODQG<br />

6LQJOH PHGLRODWHUDO REOLTXH YLHZ PDPPRJUDSK\<br />

+LJK FRPSOLDQFH DW SUHYDOHQFH URXQG DW LQFLGHQFH URXQG<br />

RI FRQWURO JURXS XQGHUZHQW PDPPRJUDSK\ DV SDUW RI QRUPDO PHGLFDO FDUH<br />

%\ UHGXFWLRQ LQ EUHDVW FDQFHU PRUWDOLW\ LQ VFUHHQHG JURXS<br />

(IIHFW JUHDWHVW ! \HDUV<br />

1HWKHUODQGV FDVH FRQWURO VWXGLHV<br />

7ZR FDVH FRQWURO VWXGLHV<br />

&DVHV 'HDWKV IURP EUHDVW FDQFHU DIWHU ILUVW VFUHHQLQJ URXQG<br />

&RQWUROV 5DQGRP VDPSOH RI DJH PDWFKHG ZRPHQ DOLYH DW WLPH RI FDVH GHDWK<br />

2GGV UDWLR IRU EUHDVW FDQFHU GHDWKV FDOFXODWHG<br />

:RPHQ VHOI VHOHFWHG LQWR VFUHHQHG DQG QRQ VFUHHQHG JURXS<br />

6HOHFWLRQ ELDV SRVVLEOH<br />

1RQ VFUHHQHG SRSXODWLRQ RI $UQKHP XVHG WR SURYLGH FRQWURO EUHDVW FDQFHU UDWHV DQG WR<br />

HVWLPDWH HIIHFW RI VHOHFWLRQ ELDV LQ 1LMPHJHQ SRSXODWLRQ<br />

1LMPHJHQ 3URMHFW<br />

%HJDQ LQ<br />

6LQJOH YLHZ PDPPRJUDSK\ HYHU\ \HDUV<br />

ZRPHQ EHWZHHQ LQYLWHG IRU VFUHHQLQJ<br />

UHGXFWLRQ LQ EUHDVW FDQFHU PRUWDOLW\ LQ VFUHHQHG JURXS<br />

'20 3URMHFW<br />

%HJDQ LQ<br />

&OLQLFDO H[DPLQDWLRQ DQG PDPPRJUDSK\ DW DQG PRQWKV<br />

ZRPHQ EHWZHHQ \HDUV<br />

&RQFOXVLRQV IURP LQLWLDO EUHDVW VFUHHQLQJ WULDOV<br />

VXUJLFDO WXWRU RUJ XN $ IUHH RQ OLQH VXUJLFDO UHVRXUFH<br />

1HRSODVLD<br />

(YHU\ PDMRU WUDLO VKRZV WKDW EUHDVW FDQFHU VFUHHQLQJ UHGXFHV ULVN RI GHDWK IURP EUHDVW FDQFHU<br />

LQ ZRPHQ ! \HDUV<br />

(IIHFW EHJLQV \HDUV DIWHU VFUHHQLQJ KDV FRPPHQFHG<br />

,Q DOO VWXGLHV PRUWDOLW\ FXUYHV ZHUH GLYHUJLQJ DW WLPH RI DQDO\VLV DQG OLNHO\ WR LQFUHDVH LQ<br />

VLJQLILFDQFH ZLWK WLPH<br />

)RU ZRPHQ \HDUV QR WULDO KDV VKRZQ D UHGXFWLRQ LQ PRUWDOLW\ IURP VFUHHQLQJ<br />

1DWLRQDO +HDWK 6HUYLFH %UHDVW 6FUHHQLQJ 3URJUDPPH<br />

,QWURGXFHG LQ ZLWK VFUHHQLQJ SURJUDPPHV<br />

)ROORZHG )RUHVW 5HSRUW<br />

$OO ZRPHQ \HDUV LQYLWHG IRU \HDUO\ VLQJOH YLHZ PDPPRJUDSK\<br />

8SSHU DJH OLPLW VRRQ WR EH H[WHQGHG WR \HDUV<br />

,I DEQRUPDOLW\ VHHQ RQ PDPPRJUDP ZRPHQ UHFDOOHG IRU<br />

&OLQLFDO H[DPLQDWLRQ<br />

)XUWKHU LPDJLQJ PDPPRJUDSK\ RU XOWUDVRXQG<br />

)LQH QHHGOH DVSLUDWLRQ F\WRORJ\ RU FRUH ELRSV\<br />

RI VFUHHQ GHWHFWHG DEQRUPDOLWLHV VKRZQ WR EH XQLPSRUWDQW IROORZLQJ WULSOH DVVHVVPHQW<br />

189


&XUUHQW FRQWURYHUVLHV LQ EUHDVW VFUHHQLQJ<br />

1XPEHU RI PDPPRJUDSKLF YLHZV<br />

VXUJLFDO WXWRU RUJ XN $ IUHH RQ OLQH VXUJLFDO UHVRXUFH<br />

1HRSODVLD<br />

8.&&5 PXWLFHQWUH UDQGRPLVHG FRQWURO WULDO RI RQH DQG WZR YLHZ PDPPRJUDSK\<br />

7ZR YLHZ PDPPRJUDSK\ GHWHFWV PRUH FDQFHUV DQG OHDGV WR UHFDOO RI IHZHU ZRPHQ<br />

0RVW FHQWUHV QRZ SHUIRUP YLHZ PDPPRJUDSK\ DW ILUVW VFUHHQLQJ<br />

7ZR YLHZV ZLOO VRRQ EH SHUIRUPHG DW DOO VFUHHQLQJ URXQGV<br />

)UHTXHQF\ RI VFUHHQLQJ<br />

&RQFHUQ WKDW \HDUO\ VFUHHQLQJ LQWHUYDO WRR ORQJ<br />

0RVW (XURSHDQ FRXQWULHV VFUHHQ HYHU\ \HDUV<br />

,QWHUYDO FDQFHUV FDQFHUV RFFXUULQJ EHWZHHQ VFUHHQLQJ HSLVRGHV<br />

5DWHV LQ VW QG UG \HDU DIWHU VFUHHQLQJ DQG H[SHFWHG LQFLGHQFH LQ WKH<br />

DEVHQFH RI VFUHHQLQJ<br />

6FUHHQLQJ XQGHU \HDUV RI DJH<br />

2QO\ EUHDVW FDQFHUV RFFXU LQ ZRPHQ OHVV WKDQ \HDUV<br />

0HWD DQDO\VLV RI DOO DYDLODEOH WULDO UHVXOWV VXJJHVW QRQ VLJQLILFDQW UHGXFWLRQ LQ PRUWDOLW\<br />

6HQVLWLYLW\ RI PDPPRJUDSK\ UHGXFHG LQ WKH \RXQJ EUHDVW<br />

%LEOLRJUDSK\<br />

$OH[DQGHU ) ( $QGHUVRQ 7 - %URZQ + . HW DO \HDUV RI IROORZ XS IURP WKH (GLQEXUJK UDQGRPLVHG<br />

WULDO RI EUHDVW VFUHHQLQJ /DQFHW<br />

'L[RQ - 0 5DYLVFKHU 2 &XQQLQJKDP 0 HW DO )DFWRUV DIIHFWLQJ RXWFRPH RI SDWLHQWV ZLWK LPSDOSDEOH<br />

EUHDVW FDQFHU GHWHFWHG E\ EUHDVW VFUHHQLQJ %U - 6XUJ<br />

*LOEHUW ) - 6FUHHQLQJ IRU EUHDVW FDQFHU %U - +RVS 0HG<br />

*RW]VFKH 3 2OVRQ 2 ,V VFUHHQLQJ IRU EUHDVW FDQFHU ZLWK PDPPRJUDSK\ MXVWLILDEOH" /DQFHW<br />

5LFNDUG 0 7 &XUUHQW LVVXHV LQ PDPPRJUDSKLF EUHDVW FDQFHU VFUHHQLQJ +RVS 0HG<br />

6PDUW & 5 +HQGULFN 5 ( 5XWOHGJH - + HW DO %HQHILWV RI PDPPRJUDSK\ VFUHHQLQJ LQ ZRPHQ DJHG<br />

&DQFHU ±<br />

:DOG 1 - 0XUSK\ 3 0DMRU 3 HW DO 8.&&5 PXOWLFHQWUH UDQGRPLVHG FRQWUROOHG WUDLO RI RQH DQG WZR YLHZ<br />

PDPPRJUDSK\ LQ EUHDVW FDQFHU VFUHHQLQJ %U 0HG -<br />

:RRGPDQ & % 7KUHOIDOO $ * %RJJLV & 5 HW DO ,V WKH WKUHH \HDU EUHDVW VFUHHQLQJ LQWHUYDO WRR ORQJ"<br />

2FFXUUHQFH RI LQWHUYDO FDQFHUV LQ WKH 1+6 EUHDVW VFUHHQLQJ SURJUDPPHV QRUWK ZHVWHUQ UHJLRQ %U<br />

0HG -<br />

190


0DOLJQDQW PHODQRPD<br />

(SLGHPLRORJ\<br />

,QFLGHQFH RI PHODQRPD LV GRXEOLQJ HYHU\ \HDUV<br />

\HDU LQ 4XHHQVODQG $XVWUDOLD<br />

\HDU LQ 6FRWODQG<br />

GHDWKV \HDU LQ 8QLWHG .LQJGRP<br />

(GXFDWLRQ LQFUHDVLQJ WKH QXPEHU RI WKLQ WXPRXUV GHWHFWHG<br />

1XPEHU RI WKLFN WXPRXUV GHWHFWHG DQQXDOO\ UHPDLQV FRQVWDQW<br />

5LVN IDFWRUV<br />

*LDQW PHODQRF\WLF QDHYXV<br />

7RWDO QXPEHU RI QDHYL<br />

'\VSODVWLF QDHYXV V\QGURPH<br />

+LVWRU\ RI UHFXUUHQW VXQEXUQ<br />

DXWRVRPDO GRPLQDQW ZLWK UHGXFHG SHQHWUDQFH<br />

&OLQLFDO IHDWXUHV<br />

0DMRU 6LJQ<br />

&KDQJH LQ VL]H<br />

&KDQJH LQ VKDSH<br />

&KDQJH LQ FRORXU<br />

'LDPHWHU ! PP<br />

0LQRU VLJQV<br />

,QIODPPDWLRQ<br />

%OHHGLQJ<br />

6HQVRU\ FKDQJHV<br />

/HVLRQ XQOLNHO\ WR EH D PHODQRPD ZLWKRXW DW OHDVW RQH PDMRU VLJQ<br />

3DWKRORJ\<br />

DULVH LQ SUH H[LVWLQJ QDHYL<br />

+DYH LQLWLDO UDGLDO DQG WKHQ YHUWLFDO JURZWK SKDVH<br />

'HWHUPLQHV JURZWK FKDUDFWHULVWLFV RI WKH WXPRXU<br />

6XSHUILFLDO VSUHDGLQJ PHODQRPD<br />

2FFXUV LQ PLGGOH DJH<br />

)HPDOH PDOH UDWLR<br />

&RPPRQHVW VLWHV ORZHU OHJ LQ ZRPHQ DQG WUXQN LQ PDQH<br />

8VXDOO\ VOLJKWO\ HOHYDWHG OHVLRQ ZLWK YDULDEOH FRORXU<br />

1RGXODU PHODQRPD<br />

$JJUHVVLYH WXPRXU<br />

2FFXUV LQ \RXQJHU DJH JURXS<br />

)HPDOH PDOH UDWLR<br />

(DUO\ YHUWLFDO JURZWK SKDVH<br />

8VXDOO\ XQLIRUP FRORXU HDUO\ XOFHUDWLRQ DQG EOHHGLQJ<br />

VXUJLFDO WXWRU RUJ XN $ IUHH RQ OLQH VXUJLFDO UHVRXUFH<br />

1HRSODVLD<br />

191


HQWLJR PDOLJQD PHODQRPD<br />

/HDVW PDOLJQDQW<br />

8VXDOO\ IRXQG RQ IDFH RI HOGHUO\<br />

/RQJ UDGLDO JURZWK SKDVH<br />

3UHVHQWV DV IODW OLJKW EURZQ PDFXOH<br />

$FUDO OHQWLJLQRXV PHODQRPD<br />

$JJUHVVLYH WXPRXU<br />

&RPPRQHVW W\SH IRXQG LQ 1HJUR DQG RULHQWDOV<br />

2FFXUV RQ VROHV RI IHHW DQG SDOPV RI KDQG<br />

6XEXQJXDO PHODQRPDV LQFOXGHG LQ WKLV JURXS<br />

,QWUDQVLW PHWDVWDVHV<br />

8QFRPPRQ 6HHQ LQ WXPRXUV<br />

$SSHDU DV LQWUDFXWDQHRXV PHWDVWDVHV RU VDWHOOLWHV<br />

7KRVH ZLWKLQ FP RI SULPDU\ FODVVLILHG DV SDUW RI LW<br />

8VXDOO\ DVVRFLDWHG ZLWK UHJLRQDO O\PSKDGHQRSDWK\<br />

/\PSK QRGH PHWDVWDVHV<br />

&RPPRQHVW PHWDVWDWLF SUHVHQWDWLRQ<br />

5HGXFHV VXUYLYDO E\<br />

SDWLHQWV ZLWK UHJLRQDO O\PSKDGHQRSDWK\ KDYH GLVWDQW GLVHDVH<br />

7XPRXU WKLFNQHVV<br />

VXUJLFDO WXWRU RUJ XN $ IUHH RQ OLQH VXUJLFDO UHVRXUFH<br />

1HRSODVLD<br />

7XPRXU WKLFNQHVV PRVW LPSRUWDQW SURJQRVWLF IDFWRU IRU ORFDO GLVWDQW UHFXUUHQFH DQG VXUYLYDO<br />

)LYH \HDU VXUYLYDO UHODWHG WR %UHVORZ WKLFNQHVV<br />

PP<br />

PP<br />

PP<br />

! PP<br />

:LWK UHJLRQDO O\PSKDGHQRSDWK\ \HDU VXUYLYDO LV OHVV WKDQ<br />

1R LQWHUQDWLRQDOO\ DJUHHG FODVVLILFDWLRQ RI GHILQLWLRQ RI WKLQ LQWHUPHGLDWH DQG WKLFN WXPRXUV<br />

5HYLHZ RI WULDOV DQG FRPSDULVRQ RI WULDOV GLIILFXOW<br />

0HODQRPD VXUJHU\<br />

5HVHFWLRQ PDUJLQV<br />

8QWLO UHFHQWO\ KLVWRU\ QRW FRQWUROOHG WUDLOV KDV GLFWDWHG SUDFWLFH<br />

+DQGOH\<br />

+XQWHULDQ /HFWXUH EDVHG RQ RQH FDVH<br />

5HFRPPHQGHG FP PDUJLQ<br />

%XWWHUZRUWK DQG .ODXGH<br />

)RXQG PLFURVFRSLF O\PSKDWLF LQYDVLRQ WR FP<br />

5HFRPPHQGHG FP UHVHFWLRQ PDUJLQV<br />

2OVRQ<br />

7ULDO RI UHVHFWLRQ FP YV FP UHVHFWLRQ PDUJLQV<br />

,GHQWLFDO ORFDO UHFXUUHQFH UDWH EXW VWLOO UHFRPPHQGHG FP PDUJLQ<br />

:+2 0HODQRPD *URXS<br />

5DQGRPLVHG FRQWUROOHG WULDO RI FP YV FP UHVHFWLRQ PDUJLQV<br />

5HVHFWLRQ PDUJLQV GLG QRW LQIOXHQFH VXUYLYDO<br />

192


*HQHUDOO\ DFFHSWHG UHVHFWLRQ PDUJLQV EDVHG RQ FOLQLFDO DSSHDUDQFH DUH<br />

,PSDOSDEOH OHVLRQV FP PDUJLQ<br />

3DOSDEOH OHVLRQ FP PDUJLQ<br />

1RGXODU OHVLRQ FP PDUJLQ<br />

5HJLRQDO O\PSKDGHQHFWRP\<br />

FOLQLFDOO\ SDOSDEOH QRGHV DUH KLVWRORJLFDOO\ QHJDWLYH<br />

SDOSDEO\ QRUPDO QRGHV KDYH RFFXOW PHWDVWDVHV<br />

7KHUDSHXWLF O\PSK QRGH GLVVHFWLRQ SURYLGHV UHJLRQDO FRQWURO DQG SURJQRVWLF LQIRUPDWLRQ<br />

1R LPSURYHPHQW LQ VXUYLYDO<br />

)RU WXPRXUV PP WKLFN FXUHG E\ ORFDO H[FLVLRQ DORQH<br />

)RU WXPRXUV ! PP WKLFN KDYH GLVWDQW PHWDVWDVHV DW SUHVHQWDWLRQ<br />

)RU WKHVH WZR JURXSV O\PSKDGHQHFWRP\ SURYLGHV QR DGGHG VXUYLYDO EHQHILW<br />

/\PSKDGHQHFWRP\ IRU LQWHUPHGLDWH WKLFNQHVV WXPRXUV FRQWURYHUVLDO<br />

0RUELGLW\ RI O\PSKDGHQHFWRP\<br />

/\PSKRHGHPD<br />

6HURPD<br />

)XQFWLRQDO GHILFLW<br />

:RXQG ,QIHFWLRQ<br />

3HUVLVWHQW SDLQ<br />

$GMXYDQW 7KHUDS\<br />

3DWLHQWV DW KLJK ULVN RI UHFXUUHQFH VKRXOG EH FRQVLGHUHG IRU V\VWHPLF DGMXYDQW WKHUDS\<br />

3DWLHQWV LQFOXGH WKRVH ZLWK<br />

3ULPDU\ WXPRXU ! PP WKLFN<br />

5HVHFWDEOH SRVLWLYH ORFRUHJLRQDO O\PSK QRGHV<br />

1R VWDQGDUG DGMXYDQW WKHUDS\ H[LVWV<br />

,QWHUIHURQ D E KDV VKRZQ SURPLVLQJ UHVXOWV<br />

6KRZQ WR LQFUHDVH GLVHDVH IUHH DQG RYHUDOO VXUYLYDO<br />

,VRODWHG OLPE SHUIXVLRQ<br />

,QWUD DUWHULDO FKHPRWKHUDS\<br />

&RPPRQO\ XVHG DJHQWV 0HOSKDODQ 71) DOSKD<br />

8VHG ZLWK K\SHUR[\JHQDWLRQ<br />

+\SHUWKHUPLD 7HPS q&<br />

3HUIXVLRQ JHQHUDOO\ ODVW DERXW KRXU<br />

8VXDOO\ FRPELQHG ZLWK O\PSKDGHQHFWRP\<br />

,QGLFDWLRQV<br />

,QWUDQVLW PHWDVWDVHV<br />

,UUHVHFWDEOH ORFDO UHFXUUHQFH<br />

$GMXYDQW WKHUDS\ IRU SRRU SURJQRVLV WXPRXUV<br />

3DOOLDWLRQ WR PDLQWDLQ OLPE IXQFWLRQ<br />

0RUELGLW\ RI ,/3<br />

0RUWDOLW\<br />

/LPE RHGHPD<br />

3HUVLVWHQW SDLQ<br />

1HXURSDWK\<br />

9HQRXV WKURPERVLV<br />

6HSWLFDHPLD WKURPERF\WRSHQLD<br />

VXUJLFDO WXWRU RUJ XN $ IUHH RQ OLQH VXUJLFDO UHVRXUFH<br />

1HRSODVLD<br />

193


%LEOLRJUDSK\<br />

%DOO $ 6 7KRPDV - 6XUJLFDO PDQDJHPHQW RI PDOLJQDQW PHODQRPD %ULW 0HG %XOO ,<br />

+DOO 3 1 -DYLG 0 GH 7DNDWV 3 * 7KHUDSHXWLF WUHQGV LQ FXWDQHRXV PHODQRPD +RVS 0HG<br />

.UHPHQW] ( 7 HW DO 5HJLRQDO FKHPRWKHUDS\ IRU PHODQRPD $QQ 6XUJ<br />

0DFNLH 5 0 &OLQLFDO UHFRJQLWLRQ RI HDUO\ LQYDVLYH PDOLJQDQW PHODQRPD %U 0HG -<br />

1HDGHV * 7 HW DO 6DIH PDUJLQV LQ WKH H[FLVLRQ RI SULPDU\ FXWDQHRXV PHODQRPD %U - 6XUJ<br />

VXUJLFDO WXWRU RUJ XN $ IUHH RQ OLQH VXUJLFDO UHVRXUFH<br />

1HRSODVLD<br />

2 5RXUNH 0 * ( %RXUNH & 5HFRPPHQGHG ZLGWK RI H[FLVLRQ IRU SULPDU\ PDOLJQDQW PHODQRPD :RUOG -<br />

6XUJ<br />

6FRWW 5 1 0F.D\ $ - (OHFWLYH O\PSK QRGH GLVVHFWLRQ LQ WKH PDQDJHPHQW RI PDOLJQDQW PHODQRPD %U -<br />

6XUJ<br />

6RRQ 6 - HW DO 3UHGLFWLQJ VXUYLYDO DQG UHFXUUHQFH LQ ORFDOLVHG PHODQRPD $ PXOWLYDULDWH DSSURDFK<br />

:RUOG - 6XUJ<br />

6RXWDU ' 6 7KH VXUJLFDO PDQDJHPHQW RI FXWDQHRXV PDOLJQDQW PHODQRPD ,Q 5HFHQW DGYDQFHV LQ<br />

6XUJHU\ (GV -RKQVRQ & ' 7D\ORU , &KXUFKLOO /LYLQJVWRQH /RQGRQ S<br />

6WRQH & $ *RRGDFUH 7 ( 6XUJLFDO PDQDJHPHQW RI UHJLRQDO O\PSK QRGHV LQ SULPDU\ FXWDQHRXV PDOLJQDQW<br />

PHODQRPD %U - 6XUJ<br />

:KRROH\ % 3 :DOODFN 0 . 6XUJLFDO PDQDJHPHQW RI PHODQRPD 6XUJ 2QFRO<br />

194


6NLQ FDQFHUV<br />

%DVDO FHOO FDUFLQRPD<br />

&RPPRQHVW VNLQ PDOLJQDQF\<br />

2FFXUV RQ VXQ H[SRVHG VNLQ<br />

&RPPRQHVW VLWH IDFH DERYH OLQH IURP DQJOH RI PRXWK WR HDU<br />

3UHGLVSRVLQJ IDFWRUV<br />

;HURGHUPD SLJPHQWRVD<br />

5DGLRWKHUDS\<br />

%&& DUH ORFDOO\ LQYDVLYH 7KH\ UDUHO\ PHWDVWDVLVH<br />

&OLQLFDO W\SHV RI %&&<br />

1RGXODU RU QRGXORXOFHUDWLYH<br />

&\VWLF<br />

3LJPHQWHG<br />

6FOHURVLQJ<br />

&LFDWULFDO<br />

6XSHUILFLDO<br />

7UHDWPHQW<br />

/RFDO H[FLVLRQ ZLWK FP PDUJLQV<br />

0D\ UHTXLUH IXOO WKLFNQHVV JUDIW<br />

5DGLRWKHUDS\<br />

0RKV 6XUJHU\<br />

&XUH UDWH !<br />

6TXDPRXV FHOO FDUFLQRPD<br />

6HFRQG FRPPRQHVW FXWDQHRXV PDOLJQDQF\<br />

&RPPRQHVW VLWH IDFH KDQGV<br />

$ULVHV IURP NHUDWLQLVLQJ FHOO OD\HU<br />

3UHGLVSRVLQJ IDFWRUV<br />

6RODU NHUDWRVHV<br />

%RZHQ V GLVHDVH<br />

9LUDO ZDUWV<br />

&KURQLF XOFHUDWLRQ RU VLQXVHV 0DUMROLQ V 8OFHUV<br />

$SSHDU DV NHUDWRWLF QRGXOH ZLWK XOFHUDWHG FHQWUH<br />

'LIIHUHQWLDO GLDJQRVLV<br />

.HUDWRDFDQWKRPD<br />

%DVDO FHOO FDUFLQRPD<br />

$PHODQRWLF PHODQRPDV<br />

6NLQ DGQH[DO WXPRXUV<br />

7UHDWPHQW<br />

:LGH ORFDO H[FLVLRQ<br />

(OHFWLYH O\PSK QRGH GLVVHFWLRQ<br />

VXUJLFDO WXWRU RUJ XN $ IUHH RQ OLQH VXUJLFDO UHVRXUFH<br />

1HRSODVLD<br />

195


%LEOLRJUDSK\<br />

$ODP 0 5RWQHU ' &XWDQHRXV VTXDPRXV FHOO FDUFLQRPD 1 (QJO - 0HG<br />

+ROW 3 - $ 0RWOH\ 5 - 7KH WUHDWPHQW RI EDVDO FHOO FDUFLQRPD &XUU 3UDFW 6XUJ<br />

7HOIHU 1 5 &ROYHU * % %RZHUV 3 : *XLGHOLQHV IRU WKH PDQDJHPHQW RI EDVDO FHOO FDUFLQRPD %U -<br />

'HUPDWRO<br />

VXUJLFDO WXWRU RUJ XN $ IUHH RQ OLQH VXUJLFDO UHVRXUFH<br />

1HRSODVLD<br />

196


%HQLJQ VNLQ OHVLRQV DQG PDQLIHVWDWLRQV RI V\VWHPLF GLVHDVH<br />

3HXW] -HJKHUV V\QGURPH<br />

,QKHULWHG DV DXWRVRPDO GRPLQDQW GLVRUGHU<br />

&LUFXPRUDO PXFRFXWDQHRXV SLJPHQW OHVLRQV RQ ORZHU OLS EXFFDO PXFRVD SDODWH<br />

+DPDUWRPDWRXV 3RO\SV LQ VPDOO ,QWHVWLQH EXW DOVR FRORQ DQG VWRPDFK<br />

3RO\SV KDYH ILEURXV DQG VPRRWK PXVFOH FRUH ZLWK QRUPDO HSLWKHOLXP<br />

9DULDEOH VL]H PP WR VHYHUDO FP<br />

3UHVHQWV LQ FKLOGKRRG ZLWK *, EOHHGLQJ DQDHPLD RU ,QWXVVXVFHSWLRQ<br />

0DOLJQDQW FKDQJH LQ<br />

([WHUQDO DQJXODU GHUPRLG<br />

6HTXHVWUDWLRQ 'HUPRLG OLQHG E\ HSLGHUPLV<br />

2FFXU RQ IDFH DW OLQHV RI IXVLRQ RI HPEU\RQLF SURFHVVHV<br />

&RPPRQHVW VLWH DURXQG H\H DW VLWH RI IXVLRQ RI IURQWDO PD[LOODU\ SURFHVVHV<br />

2IWHQ H[WHQG LQWR RUELW VNXOO<br />

1HHG ;UD\ SULRU WR H[FLVLRQ<br />

7ULFKROHPPDO F\VW<br />

,QKHULWHG DV DXWRVRPDO GRPLQDQW FRQGLWLRQ<br />

RFFXU RQ VFDOS DQG DUH RIWHQ PXOWLSOH<br />

'HULYHG IURP KDLU IROOLFOHV<br />

1RW VLPSOH HSLGHUPRLG F\VWV<br />

3\RJHQLF JUDQXORPD<br />

1RW 3\RJHQLF 1RW *UDQXORPD<br />

&DSLOODU\ +DHPDQJLRPD ZLWK " WUDXPDWLF DHWLRORJ\<br />

%ULJKW UHG IULDEOH QRGXOH &RQWDFW EOHHGLQJ<br />

&RPPRQHVW VLWH +DQGV<br />

7UHDWPHQW FXUUHWWDJH RU GLDWKHUP\ EXW XQXVXDOO\ UHJUHVV LI XQWUHDWHG<br />

&\OLQGURPD<br />

%HQLJQ WXPRXU RI HFFULQH VZHDW JODQGV<br />

&DQ EH VROLWDU\ RU PXOWLSOH<br />

0XOWLSOH WXPRXUV 7XUEDQ 7XPRXU<br />

7UHDWPHQW /RFDO H[FLVLRQ<br />

'HUPDWRILEURPD<br />

%HQLJQ +LVWLRF\WRPD )! 0<br />

6PDOO ILUP SLJPHQWHG QRGXOH XVXDOO\ SLQN RU EURZQ<br />

&RPPRQHVW VLWH /HJ<br />

7UHDWPHQW /RFDO H[FLVLRQ<br />

.HUDWRDFDQWKRPD<br />

$HWLRORJ\ XQNQRZQ 0!)<br />

5DSLGO\ JURZLQJ XVXDOO\ RYHU ZHHNV<br />

'RPH VKDSHG ZLWK NHUDWLQ ILOOHG FUDWHU XS WR FP GLDPHWHU<br />

,I XQWUHDWHG LQYROXWHV RYHU PRQWKV OHDYLQJ LUUHJXODU SLWWHG VFDU<br />

'LIIHUHQWLDO 'LDJQRVLV 6&&<br />

7UHDWPHQW ([FLVLRQ ELRSV\<br />

.HORLG VFDU<br />

VXUJLFDO WXWRU RUJ XN $ IUHH RQ OLQH VXUJLFDO UHVRXUFH<br />

1HRSODVLD<br />

197


.HORLG YV +\SHUWURSKLF VFDU<br />

.HORLG H[WHQGV EH\RQG RULJLQDO ZRXQG 1RW UHJUHVV RYHU WLPH<br />

,QFUHDVH ULVN LQ FRORXUHG VNLQ<br />

&RPPRQHVW VLWH VWHUQXP RU GHOWRLG UHJLRQ<br />

7UHDWPHQW " 6WHURLG LQMHFWLRQ " &RPSUHVVLRQ<br />

$YRLG UH H[FLVLRQ DV OHVLRQV WHQG WR UHFXU<br />

3LJPHQWHG VNLQ OHVLRQV<br />

0HODQRF\WHV DUH RI QHXURHQGRFULQH RULJLQ<br />

0LJUDWH WR VNLQ GXULQJ ILUVW PRQWKV RI LQWUDXWHULQH GHYHORSPHQW<br />

3URGXFH PHODQLQ IURP W\URVLQH<br />

0HODQLQ VWRUHG LQ PHODQRVRPHV EHIRUH EHLQJ H[SRUWHG WR NHUDWLQRF\WHV<br />

)UHFNOH LV LQFUHDVHG SURGXFWLRQ E\ QRUPDO QXPEHU RI PHODQRF\WHV<br />

1DHYXV LV SLJPHQWHG OHVLRQ GXH WR LQFUHDVHG QXPEHU RI PHODQRF\WHV<br />

1DHYL EHOLHYHG WR HYROYH IURP -XQFWLRQDO &RPSRXQG ,QWUDGHUPDO<br />

-XQFWLRQDO QDHYXV<br />

8VXDOO\ SUHVHQWV DV VPDOO IODW PDFXOH<br />

2IWHQ DSSHDU LQ FKLOGKRRG<br />

+RPRJHQRXV EURZQ EODFN<br />

,QFUHDVHG PHODQRF\WHV LQ UHWH SHJV<br />

&RPSRXQG QDHYXV<br />

3UHVHQWV DV UDLVHG SDSXOH<br />

3DOH EURZQ<br />

-XQFWLRQDO FRPSRQHQW DQG QHVW RI FHOOV LQ GHUPLV<br />

,QWUDGHUPDO QDHYXV<br />

)OHVK FRORXUHG SDSXOH<br />

,QFUHDVH SUHYDOHQFH LQ PLGGOH DJH<br />

1R MXQFWLRQDO DFWLYLW\<br />

2QO\ LQWUDGHUPDO QHVWV<br />

%OXH QDHYXV<br />

'RPH VKDSHG EOXH EODFN SDSXOH<br />

)!0 0LGGOH DJHG<br />

&RPPRQHVW VLWH VFDOS IDFH<br />

'HUPDO FROOHFWLRQ RI VSLQGOH PHODQRF\WHV ZLWK PHODQLQ LQ GHQGULWLF FHOOV<br />

3RVVLEO\ GXH WR LQFRPSOHWH PLJUDWLRQ RI PHODQRF\WHV WR HSLGHUPLV<br />

+DOR QDHYXV<br />

%HQLJQ QDHYXV ZLWK SDOH ULP<br />

1HHGV WR EH GLIIHUHQWLDWHG IRUP PHODQRPD ZLWK UHJUHVVLRQ<br />

1DHYXV ZLWK O\PSKRF\WLF LQYDVLRQ DQG PHODQRF\WH GHVWUXFWLRQ<br />

-XYHQLOH PHODQRPD 6SLW] QDHYXV<br />

%HQLJQ WXPRXU<br />

+LVWRORJLFDOO\ PLPLF PHODQRPD<br />

5HJXODU PHODQRF\WHV ZLWK D YDVFXODU VWURPD<br />

(SLGHUPDO K\SHUWURSK\<br />


&RPPRQHVW VLWH KHDG QHFN<br />

%LEOLRJUDSK\<br />

%DQHUMHH $ . 6XUJLFDO WUHDWPHQW RI KLGUDGHQLWLV VXSSXUDWLYD %U - 6XUJ<br />

2 6XOOLYDQ 6 7 HW DO $HWLRORJ\ DQG PDQDJHPHQW RI K\SHUWURSKLF DQG NHORLG VFDUV $QQ 5 &ROO 6XUJ<br />

VXUJLFDO WXWRU RUJ XN $ IUHH RQ OLQH VXUJLFDO UHVRXUFH<br />

1HRSODVLD<br />

199


1DLO GLVRUGHUV<br />

,QJURZLQJ WRHQDLOV<br />

&RPPRQ SUREOHP LQ DGROHVFHQWV DQG \RXQJ DGXOWV<br />

8VXDOO\ DIIHFWV WKH KDOOX[ EXW RWKHU QDLOV PD\ EH DIIHFWHG<br />

'XH WR ODWHUDO HGJH RI QDLO FXWWLQJ DQG JURZLQJ LQWR DGMDFHQW VRIW WLVVXH<br />

%DFWHULDO RU IXQJDO LQIHFWLRQ PD\ EH VXSHULPSRVHG<br />

$WWHPSWHG KHDOLQJ PD\ UHVXOW LQ RYHU JUDQXODWLRQ QDLO EHG<br />

3RVVLEOH DHWLRORJLFDO IDFWRUV LQFOXGH<br />

3RRUO\ ILWWLQJ VKRHV<br />

3RRU IRRW FDUH<br />

,QDSSURSULDWH QDLO FXWWLQJ<br />

0DQDJHPHQW<br />

,Q WKH HDUO\ VWDJHV FRQVHUYDWLYH PDQDJHPHQW VKRXOG EH DWWHPSWHG<br />

7KLV VKRXOG LQFOXGH<br />

5HJXODU VRDNLQJ DQG ZDVKLQJ RI IHHW<br />

&DUHIXO GU\LQJ DIWHU ZDVKLQJ<br />

:HOO ILWWLQJ VKRHV<br />

(GXFDWLRQ LQWR FXWWLQJ QDLOV WUDQVYHUVHO\<br />

3RVVLEOH XVH RI SOHGJHWV RI FRWWRQ ZRRO XQGHU QDLO WR HQFRXUDJH JURZLQJ RXW<br />

6XUJHU\ PD\ EH UHTXLUHG LI FRQVHUYDWLYH PHDVXUHV IDLO<br />

1DLO FDQ EH UHPRYHG E\<br />

$YXOVLRQ RI WKH ZKROH QDLO<br />

:HGJH UHVHFWLRQ RI WKH LQYROYHG VLGH RI WKH QDLO<br />

5HFXUUHQFH LV FRPPRQ<br />

,I VLPSOH DYXOVLRQ IDLOV DEODWLRQ RI WKH QDLO EHG VKRXOG EH FRQVLGHUHG<br />

7KLV FDQ EH DFKLHYHG HLWKHU FKHPLFDOO\ RU VXUJLFDOO\<br />

&KHPLFDO DEODWLRQ FDQ EH DFKLHYHG ZLWK SKHQRO<br />

6XUJLFDO UHPRYDO XVXDOO\ LQYROYHV D =DGHN V SURFHGXUH<br />

$YXOVLRQ DQG SKHQROLVDWLRQ LV PRUH HIIHFWLYH WKDQ VXUJLFDO SURFHGXUHV<br />

7KH QDLOV LQ V\VWHPLF GLVHDVH<br />

$EQRUPDOLWLHV RI WKH QDLO P\ LQGLFDWH WKH SUHVHQFH RI V\VWHPLF GLVHDVH<br />

([DPLQDWLRQ RI WKH QDLOV LV DQ LPSRUWDQW SDUW RI DQ\ SK\VLFDO H[DPLQDWLRQ<br />

&OXEELQJ<br />

&OXEELQJ LV WKH ORVV RI WKH QRUPDO DQJOH EHWZHHQ WKH QDLO DQG QDLO EHG<br />

$VVRFLDWHG ZLWK<br />

%URQFKRJHQLF FDUFLQRPD<br />

%URQFKLHFWDVLV<br />

&RQJHQLWDO KHDUW GLVHDVH<br />

/LYHU FLUUKRVLV<br />

.RLORQ\FKLD<br />

7KLQ EULWWOH FRQFDYH QDLOV<br />

2IWHQ DVVRFLDWHG ZLWK LURQ GHILFLHQF\ DQDHPLD<br />

$OVR VHHP IROORZLQJ QDLO WUDXPD DQG OLFKHQ SODQXV<br />

VXUJLFDO WXWRU RUJ XN $ IUHH RQ OLQH VXUJLFDO UHVRXUFH<br />

1HRSODVLD<br />

200


6SOLQWHU KDHPRUUKDJHV<br />

6PDOO OLQHDU VWHDNV RI EORRG LQ WKH ORQJ D[LV RI WKH QDLO<br />

&DXVHG E\ KDHPRUUKDJH IURP YHVVHOV RI WKH QDLO EHG<br />

'XH WR PLFURHPEROL IURP EDFWHULDO HQGRFDUGLWLV<br />

%LEOLRJUDSK\<br />

$QGHUVRQ - + *UHLJ - ' ,UHODQG $ - $QGHUVRQ - 5 5DQGRPL]HG SURVSHFWLYH VWXG\ RI QDLO EHG<br />

DEODWLRQ IRU UHFXUUHQW LQJURZLQJ WRHQDLOV - 5 &ROO 6XUJ (G<br />

)XOWRQ * - 2 'RQRKRH 0 . 5H\QROGV - 9 .HDQH ) % 7DQQHU : $ :HGJH UHVHFWLRQ DORQH RU<br />

FRPELQH ZLWK VHJPHQWDO SKHQROL]DWLRQ IRU WKH WUHDWPHQW RI LQJURZLQJ WRHQDLOV %U - 6XUJ<br />

5RXQGLQJ & +XOP 6 6XUJLFDO WUHDWPHQWV IRU LQJURZLQJ WRHQDLOV &RFKUDQH 'DWDEDVH 6\VW 5HY<br />

&'<br />

VXUJLFDO WXWRU RUJ XN $ IUHH RQ OLQH VXUJLFDO UHVRXUFH<br />

1HRSODVLD<br />

201


3DOOLDWLYH FDUH<br />

3DLQ UHOLHI<br />

3DLQ LV WKH FRPPRQHVW DQG PRVW IHDUHG V\PSWRP DVVRFLDWHG ZLWK FDQFHU<br />

&KURQLF SDLQ FDQ EH FRQWUROOHG LQ PRUH WKDQ RI SDWLHQWV<br />

:+2 DQDOJHVLD JXLGHOLQHV IRUP WKH PRVW FRPPRQ WHPSODWH IRU SDLQ FRQWURO<br />

&RQVLVWV RI D WKUHH VWHSSHG ODGGHU<br />

)LJXUH :+2 DQDOJHVLD ODGGHU<br />

:LWK LQFUHDVLQJ SDLQ LQFUHDVLQJ VWUHQJWK RI DQDOJHVLD LV UHTXLUHG<br />

2Q HDFK VWHS RI WKH ODGGHU WKH PD[LPXP GRVH DQG IUHTXHQF\ VKRXOG EH XVHG<br />

'UXJV VKRXOG EH SUHVFULEHG RQ D UHJXODU EDVLV QRW DV UHTXLUHG<br />

&R DQDOJHVLF DJHQWV RIWHQ KDYH D V\QHUJLVWLF HIIHFW<br />

0D\ LQFUHDVH HIILFDF\ RI D SDUWLFXODU DQDOJHVLF DJHQW<br />

0RUSKLQH<br />

0RVW FRPPRQO\ XVHG VWURQJ DQDOJHVLF LQ SDOOLDWLYH FDUH<br />

6KRXOG LQLWLDOO\ EH SUHVFULEHG DV DQ LPPHGLDWH UHOHDVH SUHSDUDWLRQ H J RUDPRUSK<br />

&DQ EH JLYHQ DV PJ HYHU\ IRXU KRXUV<br />

'RVH FDQ EH LQFUHDVHG HYHU\ KRXUV XQWLO SDLQ LV DGHTXDWHO\ FRQWUROOHG<br />

2QFH SDLQ FRQWUROOHG WRWDO GDLO\ GRVH FDQ EH FDOFXODWHG<br />

,PPHGLDWH UHOHDVH FDQ WKHQ EH VXEVWLWXWHG IRU GHOD\HG UHOHDVH SUHSDUDWLRQV<br />

0RVW FRPPRQO\ XVHG DUH 067 JLYHQ WZLFH GDLO\ RU 0;/ JLYHQ RQFH GDLO\<br />

,PPHGLDWH UHOHDVH SUHSDUDWLRQV FDQ VWLOO EH JLYHQ IRU EUHDNWKURXJK SDLQ<br />

1R FHLOLQJ H[LVWV IRU WKH PD[LPXP SHUPLVVLEOH GRVH RI PRUSKLQH<br />

/D[DWLYH VKRXOG EH SUHVFULEHG WR SUHYHQW FRQVWLSDWLRQ<br />

3DWLHQWV PD\ DOVR UHTXLUH DQWLHPHWLF<br />

&RPSOLFDWLRQV LQFOXGH LWFK KDOOXFLQDWLRQV GU\ PRXWK<br />

5HVSLUDWRU\ GHSUHVVLRQ LV UDUHO\ D SUREOHP<br />

3K\VLFDO GHSHQGHQFH PD\ RFFXU<br />

3V\FKRORJLFDO GHSHQGHQFH DQG DGGLFWLRQ DUH QRW D SUREOHP LQ WKH SDOOLDWLYH FDUH VHWWLQJ<br />

,I RUDO URXWH XQDYDLODEOH FRQVLGHU VXEFXWDQHRXV GLDPRUSKLQH RU IHQWDQ\O SDWFKHV<br />

VXUJLFDO WXWRU RUJ XN $ IUHH RQ OLQH VXUJLFDO UHVRXUFH<br />

1HRSODVLD<br />

202


&R DQDOJHVLD<br />

&R DQDOJHVLFV KDYH OLWWOH LQWULQVLF DQDOJHVLF DFWLYLW\<br />

+DYH DGGLWLYH HIIHFWV WR DQDOJHVLF DJHQWV<br />

16$,'V XVHIXO LQ ERQH SDLQ<br />

$QWLFRQYXOVDQWV DQG DQWLGHSUHVVDQWV XVHIXO LQ QHXURSDWKLF SDLQ<br />

6WHURLGV LQFUHDVH ZHOO EHLQJ<br />

%HQ]RGLD]HSLQHV UHGXFH PXVFOH VSDVP<br />

2WKHU V\PSWRPV<br />

%RQH SDLQ<br />

2IWHQ ZHOO FRQWUROOHG ZLWK VLQJOH IUDFWLRQ RI UDGLRWKHUDS\<br />

16$,' PD\ KDYH XVHIXO FR DQDOJHVLF HIIHFW<br />

%LSKRVSKRQDWHV UHGXFH RVWHRFODVWLF DFWLYLW\ DQG UHGXFH ERQH SDLQ<br />

1HXURSDWKLF SDLQ<br />

2IWHQ UHVLVWDQW WR WUHDWPHQW<br />

$QWLFRQYXOVDQWV DQG DQWLGHSUHVVDQWV PD\ KDYH XVHIXO HIIHFW<br />

1HXURO\WLF EORFNV PD\ EH FRQVLGHUHG LI IDLOV WR UHVSRQG WR SKDUPDFRORJLFDO DJHQWV<br />

/LYHU FDSVXOH SDLQ<br />

16$,' RIWHQ KDYH H[FHOOHQW DGGLWLYH HIIHFW LQ WKLV VLWXDWLRQ<br />

6WHURLGV FDQ UHGXFH VZHOOLQJ LQIODPPDWLRQ DQG SDLQ<br />

'H[DPHWKDVRQH LV XVXDOO\ WKH GUXJ RI FKRLFH<br />

'\VSQRHD<br />

1RW DOZD\V GXH WR XQGHUO\LQJ PDOLJQDQF\<br />

&RQVLGHU WUHDWPHQW RI DQ\ XQGHUO\LQJ LQIHFWLRQ FDUGLDF IDLOXUH HWF<br />

&DXVHV RI EUHDWKOHVVQHVV UHODWHG WR PDOLJQDQF\ LQFOXGH<br />

3OHXUDO HIIXVLRQ<br />

/\PSKDQJLWLV FDUFLQRPDWRVLV<br />

,QWUDSXOPRQDU\ PHWDVWDVHV<br />

&RQVWULFWLQJ FKHVW ZDOO GLVHDVH<br />

$VSLUDWLRQ RI D SOHXUDO HIIXVLRQ RIWHQ SURGXFHV V\PSWRPDWLF LPSURYHPHQW<br />

3OHXURGHVLV ZLWK WDOF RU EOHRP\FLQ RQO\ HIIHFWLYH GUDLQHG WR GU\QHVV<br />

$ SOHXUR SHULWRQHDO VKXQW PD\ SURGXFH V\PSWRPDWLF LPSURYHPHQW<br />

6WHURLGV SURGXFH V\PSWRPDWLF LPSURYHPHQW LQ WKRVH ZLWK O\PSKDQJLWLV DQG LQWUDSXOPRQDU\<br />

PHWDVWDVHV<br />

7KH UHVSLUDWRU\ GHSUHVVDQW HIIHFW RI PRUSKLQH ZLOO DOVR UHGXFH G\VSQRHD<br />

1DXVHD DQG YRPLWLQJ<br />

1DXVHD DQG YRPLWLQJ LV XVXDOO\ PXOWLIDFWRULDO LQ RULJLQ<br />

&DXVHV LQFOXGH<br />

+\SHUFDOFDHPLD<br />

/LYHU PHWDVWDVHV<br />

&RQVWLSDWLRQ<br />

'UXJ VLGH HIIHFWV<br />

,QWHVWLQDO REVWUXFWLRQ<br />

0HWDFORSUDPLGH GRPSHULGRQH DQG F\FOL]LQH XVHIXO LI JDVWULF VWDVLV RU LQWHVWLQDO REVWUXFWLRQ<br />

+7 EORFNHUV H J RQGDQVHWURQ XVHIXO IRU FKHPRWKHUDS\ LQGXFH QDXVHD<br />

+DORSHULGRO XVHIXO LQ PRUSKLQH LQGXFHG QDXVHD<br />

&DQ EH DGPLQLVWHUHG DV D FRQWLQXRXV VXEFXWDQHRXV LQIXVLRQ<br />

VXUJLFDO WXWRU RUJ XN $ IUHH RQ OLQH VXUJLFDO UHVRXUFH<br />

1HRSODVLD<br />

203


&RQVWLSDWLRQ<br />

7UHDWPHQW VKRXOG EH FRQWLQXRXV DQG DQWLFLSDWRU\<br />

2IWHQ D VLGH HIIHFW RI RSLDWH DQDOJHVLD<br />

&DQ EH ZRUVHQHG E\ LQDFWLYLW\ GHK\GUDWLRQ DQG K\SHUFDOFDHPLD<br />

2SLDWH LQGXFHG FRQVWLSDWLRQ EHVW WUHDWHG ZLWK FRPSRXQG SUHSDUDWLRQV<br />

&RQWDLQ ERWK D VWRRO VRIWHQHU DQG VWLPXODQW H J FR GDQWKUXVDWH<br />

%LEOLRJUDSK\<br />

'DYLV & / :HH % / 5HFHQW DGYDQFHV LQ SDOOLDWLYH FDUH ,Q -RKQVRQ & ' 7D\ORU , HGV 5HFHQW<br />

DGYDQFHV LQ VXUJHU\ &KXUFKLOO /LYLQJVWRQH (GLQEXUJK<br />

VXUJLFDO WXWRU RUJ XN $ IUHH RQ OLQH VXUJLFDO UHVRXUFH<br />

1HRSODVLD<br />

+DQNV * : GH &RQQR ) +DQQD 0 HW DO 0RUSKLQH LQ FDQFHU SDLQ PRGHV RI DGPLQLVWUDWLRQ %U 0HG -<br />

+DUG\ - 5 0HGLFDO PDQDJHPHQW RI ERZHO REVWUXFWLRQ %U - 6XUJ<br />

7Z\FURVV 5 &RUWLFRVWHURLGV LQ DGYDQFHG FDQFHU %U 0HG -<br />

9HQWDIULGGD 9 7DPEXULQL 0 &DUDFHQL $ GH &RQQR ) 1DOGL ) $ YDOLGDWLRQ VWXG\ RI WKH :+2 PHWKRG<br />

IRU FDQFHU SDLQ UHOLHI &DQFHU<br />

204


(WKLFV DQG WKH ODZ<br />

,QIRUPHG FRQVHQW<br />

3DWLHQWV DXWRQRP\ PXVW EH UHVSHFWHG DW DOO WLPHV<br />

3DWLHQWV FDQ GHWHUPLQH ZKDW WUHDWPHQW WKDW WKH\ DUH RU DUH QRW ZLOOLQJ WR UHFHLYH<br />

7KH\ KDYH WKH ULJKW WR GHFLGH QRW WR XQGHUJR D WUHDWPHQW<br />

7KLV FRXOG DGYHUVHO\ DIIHFW RXWFRPH RU UHVXOW LQ WKHLU GHDWK<br />

3DWLHQWV PXVW EH JLYHQ VXIILFLHQW LQIRUPDWLRQ WR PDNH WKHVH GHFLVLRQV<br />

2EWDLQLQJ LQIRUPHG FRQVHQW LV QRW DQ LVRODWHG HYHQW<br />

,W LQYROYHV D FRQWLQXLQJ GLDORJXH EHWZHHQ GRFWRU DQG SDWLHQW<br />

7\SHV RI FRQVHQW<br />

([SUHVV FRQVHQW RUDO RU ZULWWHQ<br />

1HHGHG IRU PRVW LQYHVWLJDWLRQV RU WUHDWPHQWV ZLWK ULVNV DWWDFKHG<br />

,PSOLHG FRQVHQW<br />

1RQ ZULWWHQ FRQVHQW ZKHQ SDWLHQW FR RSHUDWHV ZLWK D SDUWLFXODU DFWLRQ<br />

H J SK\VLFDO H[DPLQDWLRQ<br />

,QIRUPDWLRQ UHTXLUHG<br />

:KHQ REWDLQLQJ FRQVHQW SDWLHQWV VKRXOG EH LQIRUPHG RI<br />

'HWDLOV RI GLDJQRVLV DQG SURJQRVLV ZLWK DQG ZLWKRXW WUHDWPHQW<br />

8QFHUWDLQWLHV DERXW WKH GLDJQRVLV<br />

2SWLRQV DYDLODEOH IRU WUHDWPHQW<br />

7KH SXUSRVH RI D SURSRVHG LQYHVWLJDWLRQ RU WUHDWPHQW<br />

7KH OLNHO\ EHQHILWV DQG SUREDELOLW\ RI VXFFHVV<br />

$Q\ SRVVLEOH VLGH HIIHFWV<br />

$ UHPLQGHU WKDW WKH SDWLHQWV FDQ FKDQJH WKHLU PLQG DW DQ\ VWDJH<br />

$ UHPLQGHU WKDW WKH SDWLHQWV KDV WKH ULJKW WR D VHFRQG RSLQLRQ<br />

$OO TXHVWLRQV VKRXOG EH DQVZHUHG KRQHVWO\<br />

,QIRUPDWLRQ VKRXOG QRW EH ZLWKKHOG WKDW PLJKW LQIOXHQFH WKH GHFLVLRQ PDNLQJ SURFHVV<br />

3DWLHQWV VKRXOG QRW EH FRHUFHG<br />

7KH SHUVRQ ZKR REWDLQV FRQVHQW PXVW EH<br />

6XLWDEO\ WUDLQHG DQG TXDOLILHG<br />

+DYH VXIILFLHQW NQRZOHGJH RI WKH SURSRVHG WUHDWPHQW DQG LWV ULVNV<br />

6SHFLILF SUREOHPV<br />

VXUJLFDO WXWRU RUJ XN $ IUHH RQ OLQH VXUJLFDO UHVRXUFH<br />

1HRSODVLD<br />

1R RQH HOVH FDQ PDNH D GHFLVLRQ RQ EHKDOI RI D FRPSHWHQW DGXOW<br />

1R RQH FDQ JLYH RU ZLWKKROG FRQVHQW RQ EHKDOI RI D PHQWDOO\ LQFDSDFLWDWHG SDWLHQW<br />

&RXUW DSSURYDO VKRXOG EH REWDLQHG IRU FRQWURYHUVLDO WUHDWPHQWV QRW GLUHFWHG DW D PHWDO GLVRUGH U<br />

,Q DQ HPHUJHQF\ D OLIH VDYLQJ SURFHGXUH FDQ EH SHUIRUPHG ZLWKRXW FRQVHQW<br />

$OO DFWLRQV PXVW KRZHYHU EH MXVWLILDEOH WR RQHV SHHUV<br />

&KLOGUHQ<br />

$W DJH RI \HDUV D FKLOG FDQ EH SUHVXPHG WR KDYH WKH FDSDFLW\ WR GHFLGH RQ WUHDWPHQW<br />

%HORZ WKH DJH RI \HDUV WKH FKLOG PD\ KDYH WKH FDSDFLW\ WR GHFLGH GHSHQGLQJ RQ WKHLU DELOLW\<br />

WR XQGHUVWDQG ZKDW WKH WUHDWPHQW LQYROYHV<br />

,I D FRPSHWHQW FKLOG UHIXVHV WUHDWPHQW D SHUVRQ ZLWK SDUHQWDO UHVSRQVLELOLW\ PD\ DXWKRULVH<br />

WUHDWPHQW ZKLFK LV LQ WKH FKLOG V EHVW LQWHUHVWV<br />

205


7KH &RURQHU<br />

7KHUH DUH DSSUR[LPDWHO\ GHDWKV SHU \HDU LQ (QJODQG DQG :DOHV<br />

&DXVH RI GHDWK LV FHUWLILHG E\ WKH DWWHQGLQJ GRFWRU LQ FDVHV<br />

2I GHDWKV UHIHUUHG WR WKH FRURQHU<br />

DUH UHIHUUHG E\ GRFWRUV<br />

E\ WKH SROLFH<br />

E\ WKH UHJLVWUDU RI ELUWKV PDUULDJHV DQG GHDWKV<br />

&RURQHUV KROG LQTXHVW IRU DERXW RI GHDWKV WKDW WKH\ FHUWLI\<br />

5HIHUUDO WR WKH FRURQHU<br />

VXUJLFDO WXWRU RUJ XN $ IUHH RQ OLQH VXUJLFDO UHVRXUFH<br />

1HRSODVLD<br />

$ GHDWK VKRXOG EH UHIHUUHG WR WKH FRURQHU LI<br />

7KH FDXVH RI GHDWK LV XQNQRZQ<br />

7KH GHFHDVHG ZDV QRW VHHQ E\ WKH FHUWLI\LQJ GRFWRU HLWKHU DIWHU GHDWK RU ZLWKLQ GD\V RI<br />

GHDWK<br />

7KH GHDWK ZDV YLROHQW XQQDWXUDO RU VXVSLFLRXV<br />

7KH GHDWK PD\ EH GXH WR DQ DFFLGHQW ZKHQHYHU LW RFFXUUHG<br />

7KH GHDWK PD\ EH GXH WR VHOI QHJOHFW RU QHJOHFW E\ RWKHUV<br />

7KH GHDWK PD\ EH GXH WR DQ LQGXVWULDO GLVHDVH RU UHODWHG WR WKH GHFHDVHG HPSOR\PHQW<br />

7KH GHDWK PD\ EH GXH WR DQ DERUWLRQ<br />

7KH GHDWK RFFXUUHG GXULQJ DQ RSHUDWLRQ RU EHIRUH UHFRYHU\ IURP WKH HIIHFWV RI DQ<br />

DQDHVWKHWLF<br />

7KH GHDWK PD\ EH GXH WR VXLFLGH<br />

7KH GHDWK RFFXUUHG GXULQJ RU VKRUWO\ DIWHU GHWHQWLRQ LQ SROLFH RU SULVRQ FXVWRG\<br />

206


&OLQLFDO DXGLW<br />

VXUJLFDO WXWRU RUJ XN $ IUHH RQ OLQH VXUJLFDO UHVRXUFH<br />

1HRSODVLD<br />

7KH V\VWHPDWLF FULWLFDO DQDO\VLV RI WKH TXDOLW\ RI PHGLFDO FDUH LQFOXGLQJ WKH SURFHGXUHV XVHG<br />

IRU GLDJQRVLV DQG WUHDWPHQW WR KHOS WR SURYLGH UHDVVXUDQFH WKDW WKH EHVW TXDOLW\ RI VHUYLFH<br />

LV EHLQJ DFKLHYHG KDYLQJ UHJDUG WR WKH DYDLODEOH UHVRXUFHV<br />

0HGLFDO DXGLW $VVHVVPHQW E\ SHHU UHYLHZ RI PHGLFDO FDUH<br />

&OLQLFDO DXGLW $VVHVVPHQW RI WRWDO FDUH<br />

0HGLFDO DXGLW<br />

,QYROYHV D V\VWHPDWLF DSSURDFK<br />

+LJKOLJKWV RSSRUWXQLWLHV IRU LPSURYHPHQW<br />

3URYLGHV PHFKDQLVP IRU FKDQJH<br />

,V GLIIHUHQW IURP FDVH SUHVHQWDWLRQ PRUELGLW\ PRUWDOLW\ PHHWLQJV<br />

&OLQLFDO DXGLW FDQ DVVHVV<br />

6WUXFWXUH W\SH RI UHVRXUFHV<br />

3URFHVV ZKDW LV GRQH WR SDWLHQWV<br />

2XWFRPH WKH UHVXOW RI FOLQLFDO LQWHUYHQWLRQV<br />

$XGLW F\FOH<br />

7KH DXGLW F\FOH LQYROYHV<br />

2EVHUYDWLRQ RI H[LVWLQJ SUDFWLFH<br />

7KH VHWWLQJ RI VWDQGDUGV<br />

&RPSDULVRQ EHWZHHQ REVHUYHG DQG VHW VWDQGDUGV<br />

,PSOHPHQWDWLRQ RI FKDQJH<br />

5HDXGLW RI FOLQLFDO SUDFWLFH<br />

$XGLW WHFKQLTXHV<br />

%DVLF FOLQLFDO DXGLW WKURXJKSXW PRUELGLW\ PRUWDOLW\<br />

,QFLGHQW UHYLHZ FULWLFDO LQFLGHQW UHSRUWLQJ<br />

&OLQLFDO UHFRUG UHYLHZ<br />

&ULWHULRQ DXGLW UHWURVSHFWLYH DQDO\VLV MXGJHG DJDLQVW FKRVHQ FULWHULD<br />

$GYHUVH RFFXUUHQFH VFUHHQLQJ<br />

)RFXVHG DXGLW VWXGLHV VSHFLILF RXWFRPH<br />

*OREDO DXGLW FRPSDULVRQ EHWZHHQ XQLWV<br />

1DWLRQDO VWXGLHV H J 1&(32'<br />

207


6WDWLVWLFV IRU VXUJHRQV<br />

7\SHV RI GDWD<br />

%HIRUH GDWD DQDO\VLV FDQ EH SHUIRUPHG QHHG WR LGHQWLI\ W\SH RI GDWD SUHVHQWHG<br />

'DWD FDQ EH TXDQWLWDWLYH RU FDWHJRULFDO<br />

4XDQWLWDWLYH DQG FRQWLQXRXV H J KHLJKW ZHLJKW EORRG SUHVVXUH<br />

4XDQWLWDWLYH DQG GLVFUHWH H J QXPEHU RI FKLOGUHQ<br />

&DWHJRULFDO DQG RUGLQDO H J *UDGH RI WXPRXU<br />

&DWHJRULFDO DQG QRPLQDO H J 0DOH IHPDOH EORRG JURXS<br />

'HVFULSWLRQ RI TXDQWLWDWLYH GDWD<br />

'DWD FDQ EH GHVFULEHG E\ D PHDVXUH RI ORFDWLRQ<br />

0HGLDQ PLG SRLQW RI YDULDEOHV DERYH DQG RI YDULDEOHV EHORZ<br />

0RGH PRVW FRPPRQ YDULDEOH<br />

0HDQ WKH DYHUDJH L H WKH VXP RI YDULDEOH GLYLGHG E\ WKH QXPEHU<br />

'DWD FDQ DOVR EH GHVFULEHG E\ D PHDVXUH RI YDULDWLRQ<br />

5DQJH GLVWULEXWLRQ EHWZHHQ PD[LPXP DQG PLQLPXP YDOXH<br />

,QWHUTXDUWLOH UDQJH GLVWULEXWLRQ EHWZHHQ ILUVW DQG WKLUG TXDUWLOH<br />

6WDQGDUG GHYLDWLRQ GLVWULEXWLRQ DURXQG PHDQ LQ D QRUPDOO\ GLVWULEXWHG SRSXODWLRQ<br />

)LJXUH 1RUPDO GLVWULEXWLRQ<br />

VXUJLFDO WXWRU RUJ XN $ IUHH RQ OLQH VXUJLFDO UHVRXUFH<br />

1HRSODVLD<br />

208


)LJXUH 6NHZHG GLVWULEXWLRQ<br />

&DOFXODWLRQ RI VDPSOH VL]H<br />

6DPSOH VL]H QHHGHG WR WHVW D K\SRWKHVLV GHSHQGV RQ IRXU IDFWRUV<br />

([SHFWHG GLIIHUHQFH LQ PHDQV EHWZHHQ WKH WZR JURXSV<br />

9DULDELOLW\ RI WKH GDWD<br />

3RZHU RI WKH VWXG\ SUREDELOLW\ WKDW DQ\ GLIIHUHQFH LV UHDO XVXDOO\<br />

/HYHO RI VLJQLILFDQFH DFFHSWHG XVXDOO\<br />

7\SH , DQG 7\SH ,, HUURUV<br />

7\SH , HUURU D UHMHFWLRQ RI QXOO K\SRWKHVLV ZKHQ LW LV LQ IDFW WUXH<br />

1R GLIIHUHQFH LV SUHVHQW EHWZHHQ WKH VDPSOHV<br />

7KH VWDWLVWLFDO PHWKRG XVHG LGHQWLILHG D GLIIHUHQFH<br />

7\SH ,, HUURU E UHMHFWLRQ RI QXOO K\SRWKHVLV ZKHQ GLIIHUHQFH EHWZHHQ JURXSV H[LVWV<br />

$ GLIIHUHQFH LV SUHVHQW EHWZHHQ WKH VDPSOHV<br />

7KH VWDWLVWLFDO PHWKRG XVHG IDLOHG WR LGHQWLI\ LW<br />

&KRLFH RI VWDWLVWLFDO WHVW<br />

3ULRU WR DQDO\VLQJ GDWD QHHG WR GHILQH WKH K\SRWKHVLV EHLQJ WHVWHG<br />

,I QR K\SRWKHVLV SURSRVHG WKHQ QR VWDWLVWLFDO WHVW FDQ EH VHOHFWHG<br />

$OVR QHHG WR GHFLGH ZKHWKHU PDWFKHG SDLUHG RU LQGHSHQGHQW<br />

$OVR QHHG WR GHILQH LQSXW DQG RXWSXW YDULDEOHV<br />

%RWK YDULDEOH FDQ EH FDWHJRULFDO RU TXDQWLWDWLYH<br />

VXUJLFDO WXWRU RUJ XN $ IUHH RQ OLQH VXUJLFDO UHVRXUFH<br />

1HRSODVLD<br />

209


7DEOH 6WDWLVWLFDO WHVWV IRU SDLUHG RU PDWFKHG REVHUYDWLRQV<br />

9DULDEOH 7HVW<br />

1RPLQDO 0F1HPDU<br />

2UGLQDO :LOFR[RQ<br />

4XDQWLWDWLYH QRQ QRUPDO :LOFR[RQ<br />

4XDQWLWDWLYH QRUPDO 3DLUHG W WHVW<br />

7DEOH &KRLFH RI VWDWLVWLFDO WHVW IRU LQGHSHQGHQW REVHUYDWLRQV DQG FDWHJRULFDO RXWFRPH<br />

YDULDEOHV ,QSXW YDULDEOHV DUH OLVWHG LQ ILUVW FROXPQ<br />

VXUJLFDO WXWRU RUJ XN $ IUHH RQ OLQH VXUJLFDO UHVRXUFH<br />

1HRSODVLD<br />

1RPLQDO &DWHJRULFDO 2UGLQDO<br />

1RPLQDO &KL VTXDUHG RU )LVKHU V &KL VTXDUHG &KL VTXDUHG RU 0DQQ<br />

:KLWQH\<br />

&DWHJRULFDO &KL VTXDUHG &KL VTXDUHG .UXVNDO :DOOLV<br />

2UGLQDO 0DQQ :KLWQH\ 6SHDUPDQ UDQN<br />

4XDQWLWDWLYH GLVFUHWH /RJLVWLF UHJUHVVLRQ<br />

4XDQWLWDWLYH QRQ /RJLVWLF UHJUHVVLRQ<br />

QRUPDO<br />

4XDQWLWDWLYH<br />

QRUPDO<br />

/RJLVWLF UHJUHVVLRQ<br />

7DEOH &KRLFH RI VWDWLVWLFDO WHVW IRU LQGHSHQGHQW REVHUYDWLRQV DQG TXDQWLWDWLYH RXWFRPH<br />

YDULDEOHV ,QSXW YDULDEOHV DUH OLVWHG LQ ILUVW FROXPQ<br />

4XDQWLWDWLYH<br />

4XDQWLWDWLYH QRQ 4XDQWLWDWLYH<br />

GLVFUHWH<br />

QRUPDO<br />

QRUPDO<br />

1RPLQDO 0DQQ :KLWQH\ 0DQQ :KLWQH\ RU<br />

ORJ UDQN<br />

6WXGHQW V W WHVW<br />

&DWHJRULFDO .UXVNDO :DOOLV .UXVNDO :DOOLV $129$<br />

2UGLQDO 6SHDUPDQ UDQN 6SHDUPDQ UDQN 6SHDUPDQ UDQN RU<br />

OLQHDU UHJUHVVLRQ<br />

4XDQWLWDWLYH GLVFUHWH 6SHDUPDQ UDQN 6SHDUPDQ UDQN 6SHDUPDQ UDQN RU<br />

OLQHDU UHJUHVVLRQ<br />

4XDQWLWDWLYH QRQ<br />

3HDUVRQ RU<br />

3HDUVRQ RU<br />

QRUPDO<br />

6SHDUPHQ UDQN 6SHDUPDQ UDQN<br />

4XDQWLWDWLYH<br />

QRUPDO<br />

/LQHDU UHJUHVVLRQ /LQHDU UHJUHVVLRQ<br />

%LEOLRJUDSK\<br />

210


'HVLJQ DQG DQDO\VLV RI FOLQLFDO WULDOV<br />

3ULPDU\ UHVHDUFK LQFOXGHV<br />

$QLPDO RU YROXQWHHU H[SHULPHQWV<br />

&OLQLFDO WULDOV<br />

6XUYH\V<br />

6HFRQGDU\ UHVHDUFK LQFOXGHV<br />

6\VWHPDWLF UHYLHZ DQG PHWD DQDO\VHV<br />

*XLGHOLQHV<br />

'HFLVLRQ DQDO\VHV<br />

(FRQRPLF DQDO\VHV<br />

+LHUDUFK\ RI HYLGHQFH<br />

7KH VWUHQJWK RI D VWXG\ GHSHQGV RQ LWV GHVLJQ<br />

$ KLHUDUFK\ RI HYLGHQFH H[LVWV ZLWK GHFUHDVLQJ VWUHQJWK DV IROORZV<br />

6\VWHPDWLF UHYLHZ DQG PHWD DQDO\VLV<br />

5DQGRPLVHG FRQWUROOHG WULDOV ZLWK GHILQLWLYH UHVXOWV<br />

5DQGRPLVHG FRQWUROOHG WULDOV ZLWK QRQ GHILQLWLYH UHVXOWV<br />

&RKRUW VWXGLHV<br />

&DVH FRQWURO VWXGLHV<br />

&URVV VHFWLRQDO VXUYH\V<br />

&DVH UHSRUWV<br />

7DEOH /HYHOV RI (YLGHQFH<br />

VXUJLFDO WXWRU RUJ XN $ IUHH RQ OLQH VXUJLFDO UHVRXUFH<br />

1HRSODVLD<br />

/HYHO 'HVFULSWLRQ<br />

,D (YLGHQFH IURP D PHWD DQDO\VLV RI UDQGRPLVHG FRQWUROOHG WULDOV<br />

,E (YLGHQFH IURP DW OHDVW RQH UDQGRPLVHG FRQWUROOHG WULDO<br />

,,D (YLGHQFH IURP DW OHDVW RQH ZHOO GHVLJQHG FRQWUROOHG VWXG\ ZLWKRXW UDQGRPLVDWLRQ<br />

,,E (YLGHQFH IURP DW OHDVW RQH ZHOO GHVLJQHG TXDVL H[SHULPHQWDO VWXG\<br />

,,, (YLGHQFH IURP ZHOO GHVLJQHG QRQ H[SHULPHQWDO GHVFULSWLYH VWXGLHV VXFK DV<br />

FRPSDUDWLYH VWXGLHV FRUUHODWLRQ VWXGLHV RU FDVH VWXGLHV<br />

,9 (YLGHQFH IURP H[SHUW FRPPLWWHH UHSRUWV RU RSLQLRQV RU FOLQLFDO H[SHULHQFHV RI<br />

UHVSHFWHG DXWKRULWLHV<br />

4XHVWLRQV UHJDUGLQJ<br />

'UXJ WUHDWPHQW RU PHGLFDO LQWHUYHQWLRQV UHTXLUH D GRXEOH EOLQG UDQGRPLVHG FRQWUROOHG WULDO<br />

3URJQRVLV UHTXLUH ORQJLWXGLQDO FRKRUW VWXGLHV<br />

&DXVDWLRQ UHTXLUH FRKRUW RU FDVH FRQWURO VWXGLHV<br />

3XUSRVH RI FOLQLFDO WULDOV<br />

&OLQLFDO WULDOV FRQGXFW µKXPDQ H[SHULPHQWV<br />

7KUHH IXQGDPHQWDO SULQFLSOHV DSSO\<br />

7KH WULDO PXVW DGGUHVV D OHJLWLPDWH TXHVWLRQ<br />

7KH SDWLHQW PXVW EH LQIRUPHG DQG ZLOOLQJ WR SDUWLFLSDWH<br />

7KH SDWLHQW PD\ GHFOLQH HQWU\ RU ZLWKGUDZ DW DQ\ VWDJH<br />

7KHUH DUH FOLQLFDO WULDO VWUXFWXUHV<br />

211


3KDVH VWXG\<br />

3URYLGHV EDVLF SKDUPDFRORJLFDO DQG WR[LFRORJ\ LQIRUPDWLRQ<br />

1RW D WHVW RI WKHUDSHXWLF HIILFDF\<br />

3HUIRUPHG RQ HLWKHU<br />

+HDOWK\ YROXQWHHUV<br />

3DWLHQWV ZKRVH GLVHDVH KDV SURJUHVVHG RQ DOO DYDLODEOH WUHDWPHQWV<br />

3KDVH VWXG\<br />

8VHG WR LGHQWLI\ GRVH UDQJH RI D SDUWLFXODU GUXJ<br />

6DPSOH VL]H LV XVXDOO\ DERXW SDWLHQWV<br />

3DWLHQWV XVXDOO\ KDYH HQG VWDJH GLVHDVH<br />

1RW XVXDOO\ UDQGRPLVHG DQG GUXJ FRPELQDWLRQV PD\ EH WHVWHG<br />

3KDVH VWXG\<br />

5DQGRPLVHG WULDO GHVLJQHG WR FRPSDUH HIIHFWV RI GLIIHUHQW WUHD WPHQWV<br />

2QH WUHDWPHQW RSWLRQ VKRXOG EH WKH EHVW FXUUHQWO\ DYDLODEOH<br />

2XWFRPH PHDVXUHV XVXDOO\ LQFOXGH VXUYLYDO GLVHDVH IUHH VXUYLYDO UHVSRQVH DQG WR[LFLW\<br />

8VXDOO\ LQYROYH ODUJH QXPEHUV RI SDWLHQWV<br />

0D\ LQYROYH GLIIHUHQW LQVWLWXWLRQV LQ VHYHUDO FRXQWULHV<br />

3KDVH VWXG\<br />

/HVV FRPPRQO\ XVHG<br />

$LPHG WR HYDOXDWH WKH ORQJ WHUP RXWFRPH RI HVWDEOLVKHG WKHUDSLHV<br />

2IWHQ UHJDUGHG DV D SRVW PDUNHWLQJ VWXG\<br />

5DQGRPLVHG FRQWUROOHG WULDOV<br />

,Q 5&7 SDUWLFLSDQWV DUH UDQGRPO\ DOORFDWHG WR RQH LQWHUYHQWLRQ RU DQRWKHU<br />

%RWK JURXSV DUH IROORZHG XS IRU D VSHFLILHG SHULRG<br />

*URXSV DQDO\VHG LQ WHUPV RI RXWFRPH GHILQHG DW WKH RXWVHW<br />

,I JURXSV VLPLODU DW RXWVHW DQ\ GLIIHUHQFH VKRXOG EH GXH WR LQWHUYHQWLRQ<br />

$GYDQWDJHV RI 5&7V<br />

$OORZV ULJRURXV HYDOXDWLRQ RI D VLQJOH YDULDEOH LQ D GHILQHG SDWLHQW J URXS<br />

3RWHQWLDOO\ HUDGLFDWHV ELDV E\ FRPSDULQJ WZR RU PRUH LGHQWLFDO JURXSV<br />

$OORZV IRU PHWD DQDO\VLV<br />

'LVDGYDQWDJHV RI 5&7V<br />

([SHQVLYH DQG WLPH FRQVXPLQJ<br />

2IWHQ KDYH WRR IHZ SDWLHQWV RU WRR VKRUW D IROORZ XS SHULRG<br />

6XUURJDWH HQGSRLQWV DUH RIWHQ XVHG LQ SUHIHUHQFH WR FOLQLFDO RXWFRPH PHDVXUHV<br />

2IWHQ LPSHUIHFW UDQGRPLVDWLRQ<br />

2IWHQ QRW DOO HOLJLEOH SDWLHQWV DUH UDQGRPLVHG<br />

)DLOXUH WR EOLQG DVVHVVRUV WR UDQGRPLVDWLRQ VWDWXV RI SDWLHQWV<br />

&RKRUW VWXGLHV<br />

&RKRUW VWXGLHV FRPSDUH JURXSV H[SRVHG WR GLIIHUHQW IDFWRUV<br />

)ROORZHG XS WR VHH ZKHWKHU WKHUH LV D GLIIHUHQFH LQ RXWFRPH<br />

8VXDOO\ XVHG WR VWXG\ GLVHDVH DHWLRORJ\<br />

$OVR XVHG WR DVVHVV GLVHDVH SURJQRVLV<br />

VXUJLFDO WXWRU RUJ XN $ IUHH RQ OLQH VXUJLFDO UHVRXUFH<br />

1HRSODVLD<br />

212


&DVH FRQWURO VWXGLHV<br />

&DVH FRQWURO VWXGLHV PDWFK SDWLHQWV ZLWK D GLVHDVH WR FRQWUROV<br />

'DWD WKHQ FROOHFWHG UHWURVSHFWLYHO\ WR ILQG D GLIIHUHQFH EHWZHHQ WKH JURXSV<br />

:K\ DUH SDSHUV UHMHFWHG IRU SXEOLFDWLRQ"<br />

7KH VWXG\ GRHV QRW DGGUHVV DQ LPSRUWDQW VFLHQWLILF LVVXH<br />

7KH VWXG\ ZDV QRW RULJLQDO LW KDG EHHQ GRQH EHIRUH<br />

7KH VWXG\ GLG QRW DGGUHVV WKH DXWKRUV K\SRWKHVLV<br />

$ GLIIHUHQW W\SH RI VWXG\ VKRXOG KDYH EHHQ GRQH<br />

7KH VDPSOH VL]H ZDV WRR VPDOO<br />

7KH VWXG\ ZDV XQFRQWUROOHG<br />

7KH VWDWLVWLFDO DQDO\VLV ZDV LQDSSURSULDWH RU LQFRUUHFW<br />

7KH DXWKRUV GUHZ XQMXVWLILHG FRQFOXVLRQV IURP WKHLU GDWD<br />

7KH SDSHUV ZDV SRRUO\ ZULWWHQ DQG LQFRPSUHKHQVLEOH<br />

%LEOLRJUDSK\<br />

VXUJLFDO WXWRU RUJ XN $ IUHH RQ OLQH VXUJLFDO UHVRXUFH<br />

1HRSODVLD<br />

*UHHQKDOJK 7 +RZ WR UHDG D SDSHU JHWWLQJ \RX EHDULQJV GHFLGLQJ ZKDW WKH SDSHU LV DERXW<br />

%U 0HG -<br />

213


DWLQ *U *UHHN<br />

*ORVVDU\ RI GHULYDWLRQ RI DQDWRPLFDO DQG SDWKRORJLFDO WHUPV<br />

7HUP 'HULYDWLRQ<br />

$FHWDEXOXP / 9LQHJDU FXS<br />

$QWUXP / &DYH<br />

$]\JRV *U 8QSDLUHG<br />

%UDQFKLDO *U *LOOV<br />

)DOFLIRUP / 6LFNOH<br />

*XEHUQDFXOXP / 5XGGHU<br />

+DHPRUUKRLG *U )ORZ RI EORRG<br />

,QFXV / $QYLO<br />

/XPEULFDO / (DUWKZRUP<br />

0LOLDU\ / 0LOOHW VHHG<br />

3HOYLV / %DVLQ<br />

3KDODQ[ *U /LQH RI VROGLHUV<br />

3RQV / %ULGJH<br />

3KLPRVLV / 0X]]OH<br />

3RUWD / (QWUDQFH<br />

3\ORUXV *U *DWHNHHSHU<br />

6DOSLQ[ *U 7UXPSHW<br />

6FURWXP / %DJ<br />

6HWRQ / +RUVH KDLU<br />

6WDSHV / 6WLUUXS<br />

6WRPD *U 0RXWK<br />

9LOORXV / 7XIW RI KDLU<br />

9DJXV / :DQGHULQJ<br />

VXUJLFDO WXWRU RUJ XN $ IUHH RQ OLQH VXUJLFDO UHVRXUFH<br />

,QGH[<br />

214


$<br />

$%2 V\VWHP<br />

$FXWH UHVSLUDWRU\ GLVWUHVV V\QGURPH<br />

$,'6<br />

$LU OHDN<br />

$QDHPLD<br />

$QDHVWKHVLD<br />

VSLQDO HSLGXUDO<br />

$QWLELRWLF SURSK\OD[LV<br />

$3$&+( ,, VFRUH<br />

$UWLILFLDO YHQWLODWLRQ<br />

$6$ *UDGLQJ<br />

$VSLUDWLRQ SQHXPRQLWLV<br />

DWHOHFWDVLV<br />

$WHOHFWDVLV<br />

$7/6<br />

%<br />

%ORRG JURXSV<br />

%ORRG SURGXFWV<br />

%UDLQ VWHP GHDWK<br />

%5&$ JHQHV<br />

%UHDVW FDQFHU<br />

D[LOODU\ VXUJHU\<br />

FKHPRWKHUDS\<br />

JHQHWLFV<br />

SULPDU\ FKHPRWKHUDS\<br />

SURJQRVWLF IDFWRUV<br />

VFUHHQLQJ<br />

VXUJHU\<br />

%UHDVW F\VWV<br />

%UHDVW LPDJLQJ<br />

%UHDVW ,QIHFWLRQV<br />

%UHDVW SDLQ<br />

%UHDVW UHFRQVWUXFWLRQ<br />

%UHDVW XOWUDVRXQG<br />

%URQFKRSOHXUDO ILVWXOD<br />

%XOOHW ZRXQGV<br />

%XUQV<br />

%XUVW DEGRPHQ<br />

&<br />

&DQFHU JHQHWLFV<br />

&DUFLQRPD<br />

EDVDO FHOO<br />

VTXDPRXV FHOO<br />

&DUGLDF DUUHVW<br />

&DUGLDF RXWSXW<br />

&DUGLRSXOPRQDU\ E\SDVV<br />

&DUGLRYDVFXODU GLVHDVH<br />

&HOOXOLWLV<br />

VXUJLFDO WXWRU RUJ XN $ IUHH RQ OLQH VXUJLFDO UHVRXUFH<br />

,QGH[<br />

&HQWUDO YHQRXV SUHVVXUH<br />

&KHPRWKHUDS\<br />

&KHVW GUDLQV<br />

&OLQLFDO DXGLW<br />

&OLQLFDO WULDOV<br />

&ORVWULGLXP GLIILFOH<br />

&ORWWLQJ FDVFDGH<br />

&OXEELQJ<br />

&R DQDOJHVLD<br />

&RPSDUWPHQW V\QGURPHV<br />

&RQWUDFWXUHV<br />

&ULFRWK\URLGRWRP\<br />

'<br />

'HSRODULVLQJ DJHQWV<br />

'LDEHWHV PHOOLWXV<br />

'LVLQIHFWLRQ<br />

'LVVHPLQDWHG LQWUDYDVFXODU FRDJXODWLRQ<br />

'XNHV VWDJH<br />

(<br />

(QGRWUDFKHDO LQWXEDWLRQ<br />

)<br />

)DFLDO LQMXULHV<br />

)LEURDGHQRPDV<br />

)UDFWLRQDWLRQ<br />

)UDJPHQW LQMXULHV<br />

*<br />

*DV JDQJUHQH<br />

*., LQIXVLRQ<br />

*\QDHFRPDVWLD<br />

+<br />

+DHPDWRPD<br />

H[WUDGXUDO<br />

VXEGXUDO<br />

+DHPRSKLOLD<br />

+DHPRVWDVLV<br />

+DORWKDQH<br />

+DVVRQ WHFKQLTXH<br />

+HDG LQMXULHV<br />

+HSDWLWLV %<br />

+,9 LQIHFWLRQ<br />

+RUPRQH UHSODFHPHQW WKHUDS\<br />

+\SHUNDODHPLD<br />

+\SHUWURSKLF VFDUV<br />

,<br />

,QGXFWLRQ RI DQDHVWKHVLD<br />

,QGH[<br />

215


,QIRUPHG FRQVHQW<br />

,QJURZLQJ WRHQDLOV<br />

,QMXU\ VHYHULW\ VFRUH<br />

,QWUDFUDQLDO DEVFHVV<br />

,QWUDRVVHRXV LQIXVLRQ<br />

,QWUDYHQRXV IOXLGV<br />

,VRIOXUDQH<br />

.<br />

.HORLG VFDU<br />

.HORLG VFDUV<br />

.RLORQ\FKLD<br />

/<br />

/DVHUV<br />

/D[DWLYHV<br />

/H )RUW IUDFWXUHV<br />

/LJQRFDLQH<br />

/RFDO DQDHVWKHVLD<br />

0<br />

0DLQWHQDQFH RI DQDHVWKHVLD<br />

0DPPRJUDSK\<br />

0DVWDOJLD<br />

F\FOLFDO<br />

QRQ F\FOLFDO<br />

0HODQH\ V V\QHUJLVWLF JDQJUHQH<br />

0LQLPDO DFFHVV WKHUDS\<br />

0RUSKLQH<br />

0XOWLSOH RUJDQ IDLOXUH<br />

0XVFOH UHOD[DQWV<br />

0\RFXWDQHRXV IODSV<br />

1<br />

1HFURWLVLQJ IDVFLWLV<br />

1LWURXV R[LGH<br />

1RQ GHSRODULVLQJ DJHQWV<br />

1XWULWLRQ<br />

HQWHUDO<br />

SDUHQWHUDO<br />

2<br />

2UDO FRQWUDFHSWLYH SLOO<br />

2[\JHQ WKHUDSHXWLF DJHQWV<br />

3<br />

3KDUPDFRORJ\<br />

3K\OORLGHV WXPRXU<br />

3LJPHQWHG VNLQ OHVLRQV<br />

3QHXPRQLD<br />

3QHXPRSHULWRQHXP<br />

3QHXPRWKRUD[<br />

3RVWRSHUDWLYH SDLQ<br />

3RVWRSHUDWLYH S\UH[LD<br />

3UHPHGLFDWLRQ<br />

3UH RSHUDWLYH IDVWLQJ<br />

VXUJLFDO WXWRU RUJ XN $ IUHH RQ OLQH VXUJLFDO UHVRXUFH<br />

3UHRSHUDWLYH LQYHVWLJDWLRQV<br />

3URSRIRO<br />

3URVWKHWLF KHDUW YDOYHV<br />

3VHXGRPHPEUDQRXV FROLWLV<br />

3XOVH R[LPHWU\<br />

5<br />

5HQDO IDLOXUH<br />

5HVSLUDWRU\ IDLOXUH<br />

5HVXVFLWDWLRQ<br />

5HYLVHG WUDXPD VFRUH<br />

5KHVXV V\VWHP<br />

6<br />

6FDUV<br />

6FUHHQLQJ<br />

6HOGLQJHU WHFKQLTXH<br />

6HSVLV<br />

6KRFN<br />

K\SRYRODHPLF<br />

6LFNOH FHOO DQDHPLD<br />

6,56<br />

6NLQ IODSV<br />

6NLQ JUDIWV<br />

6NLQ SUHSDUDWLRQ<br />

6SLQDO DEVFHVV<br />

6SLQDO LQMXULHV<br />

6SOHQLF LQMXU\<br />

6WDWLVWLFV<br />

6WHULOLVDWLRQ<br />

6X[DPHWKRQLXP<br />

6ZDQ *DQ] FDWKHWHU<br />

7<br />

7DPR[LIHQ<br />

7HWDQXV<br />

7KH &RURQHU<br />

7KLRSHQWRQH<br />

7LVVXH H[SDQVLRQ<br />

710 V\VWHP<br />

7RXUQLTXHWV<br />

7UDQVIXVLRQ UHDFWLRQV<br />

7UDXPD<br />

UHQDO<br />

7UDXPD VFRULQJ V\VWHPV<br />

75,66 PHWKRGRORJ\<br />

7XEHUFXORVLV<br />

9<br />

9DOYXODU KHDUW GLVHDVH<br />

9HFXURQLXP<br />

9HQRXV DFFHVV<br />

9HQRXV FXWGRZQ<br />

9HQWLODWLRQ<br />

9HUHVV QHHGOH<br />

:<br />

,QGH[<br />

216


:RXQG FORVXUH<br />

:RXQG GUHVVLQJV<br />

VXUJLFDO WXWRU RUJ XN $ IUHH RQ OLQH VXUJLFDO UHVRXUFH<br />

:RXQG KHDOLQJ<br />

:RXQG LQIHFWLRQ<br />

,QGH[<br />

217

Hooray! Your file is uploaded and ready to be published.

Saved successfully!

Ooh no, something went wrong!