ϸᴒԦԕᴒԧͻԟ₶ͻꜙԟԣԔᴒͻⱶⱪⱫꜘԒͻؙᴒԞⱠͻᴀԟԞԣԔԕԠͻͶԞᴑͻⱷᴒԧԕԣԔͻꜙẝԣԤԕԝԕԣԙԒͻꜘԟԞᴑԟԞԓꜚᴒԧ
ᴆԟԢԗⱠͻؚԟԞԤԕԞԥԥԙԒͻ᷈᷆᷆⅍ͻᶭͻⱬԕԥԘͻԘԥԕͻⱪԥԙԞᴒᴧᴒԥͻ ԕͻԙԕԣԤԕԝͶͻᴒԦԢᴒԕͶԣԝ ԒͻⱶͶ ԕԓ
ؙԥԝԥԢᴒ ԤԕⱠͻ꜡ԟ
ᶥϸᴒԦԕᴒԧͻԟ₶ͻꜙԟԣԔᴒͻⱶⱪⱫꜘԒͻؙᴒԞⱠͻᴀԟԞԣԔԕԠͻͶԞᴑͻⱷᴒԧԕԣԔͻꜙẝԣԤԕԝԕԣԙԒͻꜘԟԞᴑԟԞԓꜚᴒԧͻᴆԟԢԗⱠ
ؚԟԞԤԕԞԥԥԙԒͻ᷈᷆᷆⅍ͻᶭͻⱬԕԥԘͻԘԥԕͻⱪԥԙԞᴒᴧᴒԥͻ ԕͻԙԕԣԤԕԝͶͻᴒԦԢᴒԕͶԣԝ ԒͻⱶͶ ԕԓؙԥԝԥԢᴒ ԤԕⱠᶦ
ᶠͳ͚ᵿᶢ⁴ᶧᶟᶬ͚ᶎᶧ⁴⁷ᶣᶟ
ᴀԟԥԢԝᴒⱠ
ؘϸⱫؘⱵؚᴂᴀ᷄ͻᴀԤԥᴑԕᴒԣͻԕԞͻԤԔᴒͻⱵԕԣԤԟԢẝͻԟ₶ͻϸᴒԘԕ₷ԕԟԞԣͻӾؘϸ﮿Ⱶؚᴃᴀ᷄ͻᴀԤԥᴑԕᴒԣͻԕԞͻԤԔᴒͻⱵԕԣԤԟԢẝͻԟ₶ͻϸᴒԘԕ₷ԕԟԞԣӿԒ
ԕԣԣԥᴒⱠͻᴅᴃͻ᷉ԓ᷊ͻ᷅ͻ᷈᷆᷇᷇ԒͻԠͶ₷ᴒԣⱠͻ᷾᷈˳ԓ᷾᷉᷾ԒͻԟԞͻԧԧԧ᷄ԝᴒᴒԟԘ᷄ԝԟԙ᷄
%,%/,2*5$3+,&$
*HEHWV
ULFKWXQJ
0DJLH
QDFK
-HUXVDOHP
3
GLH6FKZHVWHU
ÛëúùøŶÏ
XQG
ÛëúùƼ÷ë
3
=DXEHUIRUPHO
3
ÛëúùøŶÏ
XQG
ÛëúùƼ÷ë
$
3
XQG
7URW]GHVERPEDVWLVFKHQ7LWHOVVFKHLQWGDV%XFKDOV*DQ]HVMHQVHLWVGHU
YRUVLFKWLJHQ XQG XPIDQJUHLFKHQ $QDO\VH XQG GHU YHUGLHQVWYROOHQ 6\VWHPDWLVLH
UXQJ GHU MXGHQFKULVWOLFKHQ 4XHOOHQ QLFKW YLHO 5HYROXWLRQÆUHV ]X ELHWHQ VRQGHUQ
VWHOOWHKHUGHQNRUUHNWHQ9HUVXFKGDU0HWKRGHXQG3ULRULWÆWHQHLQHUDNWXHOOHQXQG
HUIROJVYHUVSUHFKHQGHQ)RUVFKXQJVULFKWXQJXP]XVHW]HQ
,RQX?'DQLHO%¥1&,/¥
+XPEROGW8QLYHUVLWÆW]X%HUOLQ
0RVKH ,'(/ %HQ 6RQVKLS DQG -HZLVK 0\VWLFLVP 7KH .RJRG /LEUDU\ RI
-XGDLF 6WXGLHV YRO /RQGRQ1HZ <RUN &RQWLQXXP [L SS
SE ,6%1 x 0RVKH ,'(/ )LXO OXL 'XPQH]HX @L PLVWLFD
HYUHLDVFC WUDGXFHUH GH 0DULD0DJGDOHQD $QJKHOHVFX &ROHF?LD s3OXUDO 0t YRO
,D@L%XFXUH@WL 3ROLURP SS 521 KE ,6%1
u,+$9(6$,' <($5(*2'6DQGDOORI\RXDUHVRQVRIWKH0RVW+LJKv
3VDOP 7RJHWKHU ZLWK VHYHUDO RWKHU LQVWDQFHV LQ WKH +HEUHZ %LEOH WKLV
YHUVH RI WKH 3VDOPLVW KDV EHHQ x SHUKDSV GXH WR LWV SHFXOLDU DQG \HW LQVSLULQJ
EROGQHVV x WKH VRXUFH RI PXFK WKHRORJLFDO DQG P\VWLFDO VSHFXODWLRQ WKURXJKRXW
WKH KLVWRU\ RI ERWK -XGDLVP DQG &KULVWLDQLW\ 'LYLQH VRQVKLS EH LW uQDWXUDOv RU
uDGRSWLYHvLVZLWKFHUWDLQW\RQHRIWKHPRVWLPSRUWDQWLVVXHVRIUHOLJLRXVOLIHLQ
JHQHUDOVLQFHLWLPSOLHVDQXQPHGLDWHGJHQHWLFOLQNDJHEHWZHHQWKHKXPDQEHLQJ
DQG *RG RQ RQH KDQG DQG DQDQJHOLF RU HYHQ FRQVXEVWDQWLDO ILOLDWLRQ ZLWKLQ WKH
*RGKHDGRQWKHRWKHU$VRQHRIWRGD\tVPRVWDFFRPSOLVKHGVFKRODUVRI-HZLVK
P\VWLFLVP0RVKH,GHOFKRRVHVWRWDFNOHWKHGLIILFXOWTXHVWLRQRIGLYLQHVRQVKLSLQ
WKH PXOWLSOH IRUPV LW KDV WDNHQ GXULQJ WKH ODVW WZR PLOOHQQLD RI -HZLVK UHOLJLRXV
KLVWRU\ :KLOH IRFXVLQJ PDLQO\ RQ WKH LQQHU -HZLVK GHYHORSPHQWV RI WKLV
WKHRORJRXPHQRQWKHDXWKRUDOVRLQFOXGHVQXPHURXVGLVFXVVLRQVRQWKH&KULVWLDQ
FRQFHSWVRIVRQVKLSZKLFKKDYHRFFDVLRQDOO\LQIOXHQFHG.DEEDOLVWLFDQG+DVLGLF
LGHDV RQ WKH WRSLF ,Q PRVW FDVHV RI SKHQRPHQRORJLFDO VLPLODULW\ KRZHYHU WKH
K\SRWKHVLVRIPXWXDOuLQIOXHQFHvPD\EHPLVOHDGLQJVLQFHDFRPSDUDWLYHDQDO\VLV
UDWKHU OHDGV WR WKH FRQFOXVLRQ WKDW WKH WZR WUDGLWLRQV DUH OHVV PRQROLWKLF WKDQ
JHQHUDOO\ DVVXPHG DQG WKDW WKHLU VSLULWXDOLW\ LV LQ PDQ\ UHVSHFWV LQWHUWZLQHG
7KXV IRU D EHWWHU XQGHUVWDQGLQJ RI VXFK FRPSOH[ UHOLJLRXV SKHQRPHQD ,GHO
SURSRVHV D VFLHQWLILF PXOWLSHUVSHFWLYLVP DQG WKH LQFOXVLRQ RI EURDGHU FXOWXUDO
FRQWH[WVDVZHVKDOOLPPHGLDWHO\VHH
Access via CEEOL NL Germany
$5&+¨96;9 IDVF
,QLWLDOO\LQVSLUHGE\WKHGLIIHUHQWDVSHFWVRIuLQWHOOHFWXDOVRQVKLSvLQWKH
ZULWLQJVRI$EUDKDP$EXODILD DIWHU 3UHIDFHSYLLL 0RVKH,GHOtV
QHZPRQRJUDSKIROORZVWRVRPHH[WHQWWKHRXWOLQHRIKLVIRUPHUFRPSUHKHQVLYH
VWXGLHVRQ.DEEDODKZHOONQRZQWRWKH5RPDQLDQSXEOLFEHLQJKRZHYHUPRUH
OLQHDU LQ LWV VWUXFWXUH WKH FKDSWHU GLYLVLRQ UHIOHFWV WKH RYHUDOO FKURQRORJ\ RI
-HZLVK P\VWLFLVP XVLQJ WKH DOUHDG\ IDPLOLDU FDWHJRULHV FRLQHG E\ ,GHO 7KLV
SURYHVWREHH[WUHPHO\KHOSIXOIRUVSHFLDOLVWVDQGQRQVSHFLDOLVWVDOLNH:KLOHWKH
IRUPHUDUHDEOHWRIRFXVRQWKHHSRFKRIWKHLUVSHFLILFLQWHUHVWDQGPDNHXVHRIWKH
H[WHQVLYH ELEOLRJUDSKLFDO QRWHV WKH ODWWHU SRVVHVV DQ H[FHOOHQW GLDFKURQLF
LOOXVWUDWLRQ RI P\VWLFDO VRQVKLS DQG LWV LQWULFDWH UDPLILFDWLRQV IURP WKH ELEOLFDO
ILJXUHRI(QRFKWRFRQWHPSRUDU\GLVFXVVLRQVZLWKLQWKHDEDG
$IWHU D GHQVH ,QWURGXFWLRQ WKDW WRXFKHV XSRQ KLVWRULFDO DQG
PHWKRGRORJLFDO LVVXHV SS WKH ERRN ILUVW VXUYH\V WKH 5DEELQLF DQG
+HNKDORW /LWHUDWXUHV &KDSWHU SS WKHQ WKH HVRWHULF ZULWLQJV RI WKH
DVLGHL$VKNHQD] &KDSWHUSS IROORZHGE\$EXODILDtVHFVWDWLFIRUP
RI.DEEDODK &KDSWHUSS DQGWKH7KHRVRSKLFDO7KHXUJLFDODSSURDFK
RIWKH6SDQLVKDQG6DIHGLDQ.DEEDOLVWV &KDSWHUSS %HIRUHHQGLQJ
ZLWKDGHWDLOHGVWXG\RIVRQVKLSLQ+DVLGLVP &KDSWHUSS DQGZLWK
6HH0RVKH,'(/7KH0\VWLFDO([SHULHQFHLQ$EUDKDP$EXODILD$OEDQ\ 681<
3UHVV ,'(0 /DQJXDJH 7RUDK DQG +HUPHQHXWLFV LQ $EUDKDP $EXODILD
$OEDQ\681<3UHVVDQG&KDSWHURIWKHSUHVHQWERRN
6HHHVSKLV.DEEDODK1HZ3HUVSHFWLYHV1HZ+DYHQ/RQGRQ<DOH8QLYHUVLW\
3UHVV$EVRUELQJ3HUIHFWLRQV.DEEDODKDQG,QWHUSUHWDWLRQZLWKDIRUHZRUG
E\ +DUROG %ORRP 1HZ +DYHQ/RQGRQ <DOH 8QLYHUVLW\ 3UHVV 0HVVLDQLF
0\VWLFV 1HZ +DYHQ/RQGRQ <DOH 8QLYHUVLW\ 3UHVV (QFKDQWHG &KDLQV
7HFKQLTXHVDQG5LWXDOVLQ-HZLVK0\VWLFLVPZLWKDIRUHZRUGE\+DUROG%ORRP
/RV $QJHOHV &KHUXE 3UHVV 'DQLHO $%5$06 KDV SURYLGHG D YHU\ XVHIXO
ELEOLRJUDSK\ RI ,GHOtV ZRUN %LEOLRJUDSK\ RI WKH :ULWLQJV RI 3URIHVVRU 0RVKH
,GHO $ 6SHFLDO 9ROXPH ,VVXHG RQ WKH 2FFDVLRQ RI KLV )LIWLHWK %LUWKGD\ /RV
$QJHOHV&KHUXE3UHVV VHHDOVRLQIUD ,ZRXOGDOVROLNHWRPHQWLRQ,GHOtV
ODWHVW ERRN GHDOLQJ ZLWK u6DWXUQLVPv DQG LWV DVWURORJLF FRQQHFWLRQ WR -HZLVK
PHVVLDQLVP 6DWXUQtV -HZV 2Q WKH ZLWFKHVt 6DEEDW DQG 6DEEDWHDQLVP 7KH
.RJRG /LEUDU\ RI -XGDLF 6WXGLHV YRO /RQGRQ1HZ <RUN &RQWLQXXP
IRUWKFRPLQJ
6HYHUDO ZRUNV RI ,GHO KDYH EHHQ WUDQVODWHG LQWR 5RPDQLDQ &DEDOD 1RL
SHUVSHFWLYH WUDQVO E\ &ODXGLD 'XPLWULX %XFXUH@WL 1HPLUD +DVLGLVP
>QWUH H[WD] @L PDJLH WUDQVO E\ $Q\ )ORUHD %XFXUH@WL +DVHIHU &DEDOD @L
(URV WUDQVO E\ &CWCOLQ 3DWURVLH %XFXUH@WL +DVHIHU 3HUIHF?LXQL FDUH
DEVRUE &DEDOD @L LQWHUSUHWDUH WUDQVO E\ +RULD )ORULDQ 3RSHVFX ,D@L 3ROLURP
$VFHQVLXQLODFHU>QPLVWLFDHYUHLDVFC6WÄOSLOLQLLVFCULWUDQVOE\0DULD
0DJGDOHQD $QJKHOHVFX ,D@L 3ROLURP (QJOLVK RULJLQDO UHYLHZHG E\ (
&,857,1$UFKDHXV IDVFSS
2Q,GHOtVNDEEDOLVWLFPRGHOVVHH$EVRUELQJ3HUIHFWLRQVSS$QDQDO\VLV
RI ,GHOtV PHWKRGRORJ\ LV WR EH IRXQG LQ 'DQLHO $%5$06 u3KHQRPHQRORJ\ RI
-HZLVK 0\VWLFLVP 0RVKH ,GHOtV 0HWKRGRORJ\ LQ 3HUVSHFWLYHv .DEEDODK
SS
%,%/,2*5$3+,&$
VRPH YHU\ LQVWUXFWLYH &RQFOXGLQJ 5HPDUNV SS WKH DXWKRU RIIHUV D
VKRUWHU DFFRXQW RQ WKH ,WDOLDQ 5HQDLVVDQFH DQG WKH HPHUJHQW &KULVWLDQ .DEEDODK
&KDSWHU SS $ IXUWKHU $SSHQGL[ SS DWWHPSWV WR DQVZHU
WKHTXHVWLRQZKHWKHUDFXOWRI(QRFK0HWDWURQH[LVWHGGXULQJWKH0LGGOH$JHV
6LQFHDOOWKHVHFKDSWHUVGHDOZLWKVLJQLILFDQWDPRXQWVRISXEOLVKHGDQG
PDQXVFULSW+HEUHZPDWHULDOxPDVWHUO\WUDQVODWHGDQGFRPPHQWHGXSRQLWZRXOG
EHREYLRXVO\LPSRVVLEOHWRGLVFXVVWKHPKHUHLQDQ\GHWDLO)RUWKLVUHDVRQ,ZLOO
FRQFHQWUDWH RQ WKH DXWKRUtV WKHRUHWLFDO DQG PHWKRGRORJLFDO REVHUYDWLRQV LQVWHDG
DQG DGGXFH RQO\ D IHZ UHSUHVHQWDWLYH H[DPSOHV RI KLV LQTXLU\ , WKHUHE\ DLP DW
HQFRXUDJLQJUHDGHUVWRGHDOZLWK0RVKH,GHOtVYROXPLQRXVDQGSHUKDSVVRPHZKDW
GDXQWLQJPRQRJUDSKGLUHFWO\HVSHFLDOO\VLQFHLWKDVEHHQUHFHQWO\PDGHDYDLODEOH
WR5RPDQLDQUHDGHUVWKURXJKWKHKLJKO\DGHTXDWHWUDQVODWLRQRI0DULD0DJGDOHQD
$QJKHOHVFX
$Q DSSURSULDWH XQGHUVWDQGLQJ RI -HZLVK P\VWLFLVP KHDYLO\ GHSHQGV
XSRQ WKH GHYHORSPHQW RI D IOH[LEOH DQG G\QDPLF UDWKHU WKDQ VWDWLF LQWHUSUHWLYH
PRGHO 7KLV IXQGDPHQWDO LQVLJKW LV UHIOHFWHG LQ ,GHOtV GLIIHUHQWLDWLRQ EHWZHHQ D
GHVFHQGLQJWKHRSKDQLFYHFWRUDVRSSRVHGWRDQDVFHQGLQJDSRWKHRWLFRQH SS
7KH IRXU PDLQ W\SHV RI VRQVKLS WKDW ,GHO GHVFULEHV S PD\ WKXV EH
VXEVXPHGLQWRHLWKHUWKHWKHRSKDQLF *HQHUDWLRQRU(PDQDWLRQ RUWKHDSRWKHRWLF
PRGHO $GRSWLRQ RU 9RFDWLRQ WKH ODWWHU EHLQJ DOPRVW DEVHQW LQ WKH 7DQDNK EXW
LQFUHDVLQJO\ YLVLEOH LQ DSRFU\SKDO ZULWLQJV 7KHUH DUH DOVR FDVHV LQ ZKLFK PRUH
WKDQRQHPRGHOLVLQWHJUDWHGLQWRWKHVDPHV\VWHPDQH[DPSOHRIZKDW,GHOFDOOV
uDQ DGGLWLRQDO DQG FRPSOH[ ILIWK PRGHOv LELG 0RUHRYHU VLQFH ILOLDO
UHODWLRQVKLSVDUHQRWDOZD\VOLPLWHGWRDVLQJOHOHYHOEXWPD\VRPHWLPHVLPSO\D
uVHFRQG JHQHUDWLRQv ,GHO LQWURGXFHV WKH FRQFHSW RI GRXEOH VRQVKLS
S LQZKLFKWKHP\VWLFRUWKHSURSKHWLVXQGHUVWRRGWREHDuVRQRIWKH6RQv
6XFK D WHQGHQF\ LV GLVFHUQLEOH LQ VRPH NDEEDOLVWLF WH[WV RI WKH
$VKNHQD]LWUDGLWLRQIRULQVWDQFHLQWKRVHRI51HKHPLDKEHQ6KORPRWKH3URSKHW
WK FHQW D QHJOHFWHG ILJXUH RI WKH KLVWRU\ RI .DEEDODK RQ ZKRVH ZULWLQJV
0RVKH ,GHO KDV FXUUHQWO\ EHHQ ZRUNLQJ ,Q KLV &RPPHQWDU\ RQ WKH 6HYHQW\
1DPHVRI0HWDWURQ51HKHPLDKVHHPVWRH[SUHVVERWKWKHKXPDQDQGWKHGLYLQH
VLGHRI(QRFK0HWDWURQE\UHVRUWLQJWRDGRXEOH7HWUDJUDPPDWRQ <+:+ :+<+
WKHILUVWSDUWEHLQJDV\PEROIRU0HWDWURQtVTXDVLGLYLQHVWDWXVWKHODWWHUSRLQWLQJ
WR(QRFKtVKXPDQQDWXUH :+<+uDQGKHZDVv LHDPDQ 7KLVH[WHQGHGIRUP
RI WKH 7HWUDJUDPPDWRQ FRQFXUUHQWO\ V\PEROLVHV WKH VRQ EHQ VLQFH ERWK
H[SUHVVLRQVVKDUHWKHVDPHQXPHULFDOYDOXHRI7KXVE\ZD\RIJHPDWULD5
1HKHPLDKFRQQHFWVWKHSULQFLSOHRIGRXEOHVRQVKLS WKDWRI0HWDWURQDQGWKDWRI
(QRFK WRWKHFRQFHSWRIWKHRSKRULFQRPLQDOLVPGLYLQHILOLDWLRQDVH[SUHVVHGE\
WKHDVVXPSWLRQRIDGLYLQHQDPH
7KLV H[DPSOH EULQJV XV WR DQRWKHU IXQGDPHQWDO WKHRUHWLFDO LVVXH
GLVFXVVHG E\ ,GHO QDPHO\ WKH WHQVLRQ EHWZHHQ PRUSKLF DQG QRPLQDO DVSHFWV RI
VRQVKLS$V1HKHPLDKEHQ6KORPRDQGRWKHU.DEEDOLVWVDWWHVWWKHVHDVSHFWVDUH
RIWHQ XQGHUVWRRG DV WZR VWDJHV RI WKH VDPH SKHQRPHQRQ GHVFULEHG E\ ,GHO DV
6HH HJ u6RPH )RUORUQ :ULWLQJV RI D )RUJRWWHQ $VKNHQD]L 3URSKHW 5
1HKHPLDKEHQ6KORPRKD1DYLv-HZLVK4XDUWHUO\5HYLHZ QRSS
$5&+¨96;9 IDVF
PRUSKRQRPLQDOLVP $FFRUGLQJ WR WKLV WKHRU\ WKH KHDYHQO\ VRQ LV PDGH WR
UHVHPEOHKLVIDWKHUQRWRQO\ZLWKUHJDUGWRKLV WKHRSKRULF QDPHxEHLW<DKRtHO
(QRFK RU (OLMDK x EXW DOVR ZLWK UHJDUG WR WKH ODWWHUtV IRUP RU DSSHDUDQFH 7KLV
HPSKDVLV RQ WKH PRUSKƝ LV KRZHYHU UDWKHU FKDUDFWHULVWLF RI ZKDW ,GHO FDOOV WKH
uWKHRVRSKLF VRQv LH WKH LGHD RI VRQVKLS DSSOLHG WR WKH VHILURWLF UHDOP $ ZHOO
NQRZQH[DPSOHRIWKLVZRXOGEHWKHELQDU\VWUXFWXUHRI$ULNK$QSSLQDQG=Ht\LU
$QSSLQ WKH *UHDW DQG WKH /HVVHU )DFH IRXQG LQ WKHRVRSKLFDOWKHXUJLFDO
.DEEDODK 6HYHUDO SDVVDJHV LQ WKH =RKDU DFWXDOO\ GHVFULEH WKH VHILURW DV EHLQJ
GLYLGHG LQWR D *UHDWHU )DFH LH .HWHU DQG D /HVVHU RQH 7LSKHUHW DQG WKH
VXUURXQGLQJVHILURW OLQNHGZLWKHDFKRWKHUOLNHD)DWKHUWRKLVVRQDQGKDYLQJWKH
7HWUDJUDPPDWRQ DV D FRPPRQ QDPH 0RUHRYHU WKH ODVW UHPDLQLQJ VHILUDK x
LQFUHDVLQJO\ IHPLQLVHG VLQFH WKH %DKLU x LV GHVFULEHG DV WKH VSRXVH RI =Ht\LU
$QSSLQ WKHUHE\ FRPSOHWLQJ DFFRUGLQJ WR VRPH LQWHUSUHWDWLRQV WKH 'LYLQH
6HILURWLF)DPLO\ SS 7KLVVH[XDOL]HGYHUVLRQRILQWUDGLYLQHOLIHLVDOVR
SUHVHQW LQ DXWKRUV OLNH -RVHSK RI DPDGDQ WK FHQW ZKHUH *RG LV VHHQ DV
KDYLQJ LQWHUFRXUVH ZLWK KLV ZLIH WKH 6KHNKLQDK DQG ZLWK D FRQFXELQH WKH
LPSXUHSRZHUVUHSUHVHQWLQJWKHQDWLRQV
/DWHUIRUPVRIWKHRVRSKLFDOWKHXUJLFDO.DEEDODKDOVR\LHOGH[FHSWLRQDO
WKHRULHVUHJDUGLQJVRQVKLSHVSHFLDOO\VLQFHVRPHRIWKHPVHHPWRKDYHHPHUJHG
DV D UHDFWLRQ WR &KULVWLDQ 7ULQLWDULDQLVP $Q RXWVWDQGLQJ H[DPSOH GLVFXVVHG E\
,GHOLVWKH6DEEDWHDQWKLQNHU$EUDKDP0LJXHO&DUGR]R F ZKROLYHG
LQ,WDO\DQGODWHULQ2WWRPDQ1RUWK$IULFDDQGZKRRYHUWO\SROHPL]HVDJDLQVWWKH
&DWKROLF DQG 2UWKRGR[ XQGHUVWDQGLQJ RI WKH 7ULQLW\ $FFRUGLQJ WR &DUGR]R WKH
7ULQLWDULDQ VFKHPH PHUHO\ PLVUHSUHVHQWV WKH VHILURWLF DQG K\SHUVHILURWLF UHDOP
LH WKH WULXQLW\ RI VXSHUQDO OLJKWV W]DKW]DKRW IODVKLQJ RXW IURP ,QILQLW\ (LQ
6RI &DUGR]RtVZRUNLVQRWRQO\DQH[DPSOHRI-HZLVKLQWHUHVWIRU7ULQLWDULDQLVP
EXW DOVR D SURRI WKDW V\QFUHWLF DSSURSULDWLRQV ZHUH SUDFWLFHG RQ ERWK VLGHV
&KULVWLDQ0LVVLRQDULVWDWWHPSWVWRuFKULVWLDQLVHvWKH6HILURWLF7UHHDUHDWWHVWHGIRU
WKHWK&HQWXU\DQGPLJKWLQGHHGEHWKHVRXUFHRI&DUGR]RtVFULWLTXH SS
7KHVH DWWHPSWV ZHUH LQ WKHLU WXUQ LQIOXHQFHG E\ HDUOLHU 5HQDLVVDQFH
V\QWKHVHVEHWZHHQ.DEEDODKDQG&KULVWLDQWKHRORJ\
6LQFHWKHWK FHQWXU\DOLYHO\LQWHUHVWIRUDQFLHQWSUH&KULVWLDQZLVGRP
HPHUJHG LQ :HVWHUQ (XURSH SDUWLFXODUO\ DPRQJ ,WDOLDQ *HUPDQ DQG )UHQFK
KXPDQLVWV 7KHLU YLHZV RQ VRQVKLS DUH EULHIO\ GLVFXVVHG LQ &KDSWHU )LYH EXW
ZRXOGFHUWDLQO\GHVHUYHDVHSDUDWHVWXG\7KHDXWKRURIIHUVKHUHVRPHLPSRUWDQW
2QWKLVLQWHUHVWLQJDXWKRURI3HUVLDQGHVFHQWVHHWKHOLWHUDWXUHOLVWHGE\,GHOS
QRWH S QRWH DV ZHOO DV WKH ELOLQJXDO HGLWLRQ RI RQH RI KLV
ZRUNV-RVHSKGH+DPDGDQ)UDJPHQWGtXQHFRPPHQWDLUHVXUOD*HQÊVHWUDGXLW
GHOtKËEUHXSDU&KDUOHV0236,.3DULV«GLWLRQV9HUGLHU
2QWKHRULJLQVRIWKLVWKHRU\VHH0RVKH,'(/u8QHILJXUHGtKRPPHDXGHVVXV
GHV VHILURW ¢ SURSRV GH OD GRFWULQH GHV sËFODWVt GH 5 'DYLG EHQ <HKRXGD KH
+DVVLG HW VHV GËYHORSSHPHQWV ÐWUDQVO &KDUOHV 0RSVLNv 3DUGHV SS
DQG,'(0u.DEEDOLVWLF0DWHULDOIURP5'DYLGEHQ<HKXGDKKH+DVLG V
6FKRROv-HUXVDOHP6WXGLHVLQ-HZLVK7KRXJKW SS
&IDOVR,VDLDK6211(u7KH3ODFHRIWKH.DEEDODKDVD0HDQVRI,QFLWHPHQWRI
WKH&KXUFKLQWKHWK&HQWXU\v%LW]DURQ SS
%,%/,2*5$3+,&$
JXLGHOLQHVKRZHYHUGUDZLQJDWWHQWLRQWRWKHIDFWWKDW3LFRGHOOD0LUDQGROD
WKHILUVW&KULVWLDQ.DEEDOLVWLQKLVRZQULJKWFOHDUO\GLVWLQJXLVKHGEHWZHHQ
WZR IRUPV RI GLYLQH VRQVKLS L DQ LQWHOOHFWXDO DQJHOLF RQH W\SLFDO RI +HUPHWLF
2USKLF DQG =RURDVWULDQ WHDFKLQJV EXW DOVR DSSOLFDEOH WR 0HWDWURQ DQG LL D
VSHFLILFDOO\ &KULVWLDQ IRUP FKDUDFWHULVHG E\ WKH FRQVXEVWDQWLDOLW\ RI )DWKHU DQG
6RQDQGWKHODWWHUtVWRWDODVVXPSWLRQRIKXPDQQDWXUH7KLVGLYLVLRQLVDOOHJHGO\
LJQRUHGE\ODWHUDXWKRUVOLNH$JULSSDYRQ1HWWHVKHLP ZKRVHHPVWR
LGHQWLI\-HVXV&KULVWZLWKWKHILUVWFUHDWHGRUDQJHOLFPLQG
$VLQWKHFDVHRI&DUGR]RDQG6DEEDWHDQLVPLQ&KULVWLDQ.DEEDODKWKH
GLUHFW PXWXDO LQIOXHQFH LV PRUH RU OHVV HYLGHQW IURP WKH VRXUFHV 1HYHUWKHOHVV
WKHVH DUH IDLUO\ UDUH H[FHSWLRQV ,GHO NHHQO\ FULWLFLVHV VFKRODUO\ WHQGHQFLHV WR
H[SODLQDZLGHUDQJHRIUHOLJLRXVSKHQRPHQDWKURXJKVXFKDNLQGRIGLUHFWWH[WXDO
LQIOXHQFH :LWKRXW LJQRULQJ WKH ZHLJKW\ /DWH $QWLTXH DQG 0HGLHYDO PDQXVFULSW
WUDGLWLRQ ,GHO UHSHDWHGO\ VXJJHVWV WKDW WKH SUREOHP RI WUDQVPLVVLRQ EHWZHHQ
$QWLTXLW\ DQG WKH 0LGGOH $JHV VKRXOG EH UHFRQVLGHUHG IURP D EURDGHU
SHUVSHFWLYH WUDQVIHU RI P\WKRORJRXPHQD DQG V\PEROLF FOXVWHUV GLG QRW KDSSHQ
RQO\E\PHDQVRIWKHWH[WVVWLOOH[WDQWWRGD\EXWDOVRWKURXJKPXOWLSOHFRPSOH[
FKDQQHOVRIRUDOWUDQVPLVVLRQ7KLVK\SRWKHVLVLVWKXVDZHOFRPHUHFRQVLGHUDWLRQ
RI 0RVHV *DVWHUtV WKHRULHV WKH UHQRZQHG 5RPDQLDQERUQ -HZLVK IRONORULVW DQG
OLQJXLVW +HQFH DORQJ ZLWK WKH LPPHGLDWH FXOWXUDO DQG VRFLDO
FRQWH[WV RI WKH LQGLYLGXDO ZULWHUV VFKRODUV RI -HZLVK P\VWLFLVP VKRXOG DOVR
FRQVLGHUDORQJXHGXUËHDVUHJDUGVWKHKLVWRULFDODQGJHRJUDSKLFDOFLUFXODWLRQRI
PRWLYHV %HLQJ JUHDW WUDYHOHUV LQ DQ DJH PXFK PRUH G\QDPLF WKDQ JHQHUDOO\
DVVXPHG0HGLHYDO-HZLVKP\VWLFVOLNH$EUDKDP$EXODILDRU-RVHSKRIDPDGDQ
FHUWDLQO\KDGFRQWDFWZLWKVHYHUDOGLIIHUHQWFXOWXUDODQGUHOLJLRXVVHWWLQJV
)URP WKLV SHUVSHFWLYH D FRPSDUDWLYH DSSURDFK WR +DVLGLVP DQG WKH
2UWKRGR[ +HV\FKDVWUHYLYDO LQ (DVWHUQ(XURSH GXULQJ WKH WK DQG WK FHQWXULHV
ZRXOGGRXEWOHVVO\EHIHUWLOHIRUVWXGHQWVRIERWKWUDGLWLRQV,QWKHODVWFKDSWHURI
WKHERRNWKHDXWKRUGLVFXVVHVWKHUHODWLRQVKLSEHWZHHQWKHFKDULVPDWLFW]DGGLTLP
DQG WKH FRQFHSW RI GLYLQH ILOLDWLRQ IRFXVLQJ RQ D ZLGHVSUHDG DVLGLF DQHFGRWH
NQRZQDVWKHuSDUDEOHRIWKHVRQRIWKHNLQJv&RUUHFWO\DWWULEXWHGWR%DDO6KHP
7RY DV ,GHO REVHUYHV WKH SDUDEOH VXPPDUL]HV D QXPEHU RI HDUOLHU
.DEEDOLVWLF FRQFHSWLRQV RQ WKH VWDWXV RI *RGtV VRQ DQG LWV IXQFWLRQ 'HVSLWH LWV
QXPHURXVYDULDQWVWKHSDUDEOHVHHPVWRFHQWUHRQWKHLGHDWKDWKXPDQVXIIHULQJLV
DSUHUHTXLVLWHIRUWKHDWWDLQPHQWRIJORU\DQGP\VWLFDOYLVLRQ7KHWUDQVLWLRQIURP
WKH GHSUHVVLQJ VWDWH RI TDWHQXW WR WKH HFVWDWLF OHYHO RI JDGHOXW LV VRPHWLPHV
GHVFULEHGDVDWUDQVJUHVVLRQRIQDWXUH WHYDs xQXPHULFDOO\HTXDOWR(ORKLPxDQG
DUHYHODWLRQRIWKH7HWUDJUDPPDWRQ7KLVZRXOGEHVLPLODUWRWKHFDVWLJDWLRQRIWKH
VRQ E\ WKH )DWKHU IROORZHG E\ WKH JORULILFDWLRQ RI WKH IRUPHU DV IRXQG LQ WKH
SDVVLR &KULVWL ,QWHUHVWLQJO\ HQRXJK WKH %H6K7 DQG VHYHUDO RI KLV GHVFHQGDQWV
DOVR WDON DERXW D u'LYLQH LOOXVLRQv DKL]DW sHLQD\\LP LQ WKLV FRQWH[W WKHUHE\
6HHHVSSSSSQRWHSSQRWH2Q0RVHV*DVWHU
VHH0CULXFD67$1&,81HFXQRVFXWXO*DVWHU3XEOLFLVWLFDFXOWXUDOCLGHRORJLFC@L
SROLWLFCDOXL0RVHV*DVWHU%XFXUH@WL(GLWXUD8QLYHUVLWC?LLGLQ%XFXUH@WL
$5&+¨96;9 IDVF
UHIHUULQJ WR D UXVH GHVLJQHG E\ *RG LQ RUGHU WR WHVW WKH DVFHQGLQJ P\VWLF SS
0RUHRYHULQ0RVKHD\\LPRI6XG\ONRYtV YDULDQWRIWKH
VWRU\ WKH VRQ LV H[SHFWHG WR uVDFULILFH KLV VRXOv PRVHU sDW]PR DQ DFW WKDW
GHVWUR\V WKH LOOXVRU\ KLDWXV EHWZHHQ WKH NLQJO\ VRQ DQG KLV IDWKHU $OWKRXJK
&KULVWtV HYDQJHOLFDO GLFWXP RQ VHOIGHQLDO 0DWWKHZ EHDUV D VWULNLQJ
UHVHPEODQFHWRWKH5DEELtVH[SUHVVLRQ,GHOJHQHUDOO\FRQVLGHUVVXFKSDUDOOHOVWR
EH WKH UHVXOW RI GHDOLQJ ZLWK VLPLODU VRXUFH PDWHULDO UDWKHU WKDQ VLJQV RI GLUHFW
LQIOXHQFH
%HIRUH OHDYLQJ WKH UHDGHU ZLWK WKH SOHDVXUH RI GLVFRYHULQJ RWKHU
.DEEDOLVWLFWKHRULHVRIVRQVKLSE\KLPVHOI,ZLOOFRQFOXGHZLWKVRPHVXJJHVWLRQV
IRUIXUWKHUFRPSDUDWLYHVWXG\LQVSLUHGE\WKHH[FHSWLRQDOUHVXOWVRI0RVKH,GHOtV
UHVHDUFK 2Q WKH SUREOHP RI PRUSKRQRPLQDOLVP D KLVWRULFDO DQG
SKHQRPHQRORJLFDOVWXG\RQ-HZLVKDQG&KULVWLDQLGHDVPLJKWEHUHZDUGLQJVLQFH
-HVXV LV H[SOLFLWO\ GHVFULEHG DV WKH uLPDJH RI WKH )DWKHUv +HEUHZV ,GHO
FRUUHFWO\ GLVFORVHV WKH RQHVLGHGQHVV RI &KULVWLDQ WKHRULHV SHUWDLQLQJ WR GLYLQH
ILOLDWLRQZLWKWKHQRPLQDODVSHFWJUDGXDOO\ORVLQJLWVUHOHYDQFH7KLVLVH[SODLQHG
E\ WKH EUHDN ZLWK WKH +HEUHZ ODQJXDJH DQG LWV VSHFLILFDOO\ 6HPLWLF UHVHUYRLU RI
DVVRFLDWLRQV0\VXJJHVWLRQZRXOGEHWRVWXG\&KULVWLDQLFRQRJUDSKLFV\PEROLVP
IURP WKH SHUVSHFWLYH RI DQJHOLF PRUSKRQRPLQDOLVP OLNH WKH RQH UHODWHG WR
0HWDWURQ 7KLV FRXOG OHDG WR LPSRUWDQW UHVXOWV LQ WKH XQGHUVWDQGLQJ RI uLFRQLF
&KULVWRORJ\v 7R PHQWLRQ RQO\ WZR H[DPSOHV LW ZRXOG EH ZRUWK TXHVWLRQLQJ LI
0HWDWURQtVDWWULEXWH6DUKD3DQLPuWKH3ULQFHRIWKH)DFHVvLVLQDZD\UHODWHG
WRVRPHUHSUHVHQWDWLRQVRI&KULVWOLNHWKHIDPRXVWKFHQWXU\HQFDXVWLFLFRQDW0W
6LQDL$IXUWKHUH[DPSOHZRXOGEHWKHSRUWUD\DORI&KULVWDVDQDQJHOLQWKHLFRQV
RIWKHSKLOR[HQLDRI$EUDKDPDVFHQHZKLFKJUDGXDOO\FDPHWREHXQGHUVWRRGDV
DQ uLPDJHv RI WKH +RO\ 7ULQLW\ &KULVW GHSLFWHG DV DQ H[FHSWLRQDO DQJHO
RFFDVLRQDOO\ EHDUV WKH GLYLQH FRJQRPHQ KR ǀQ LQVFULEHG RQ +LV QLPEXV 7KLV
PLJKWLQGLFDWHD%\]DQWLQHLQWHUHVWIRUUHFRQFLOLQJWKHDQJHOLFDQGWKHK\SRVWDWLF
XQGHUVWDQGLQJ RI -HVXV D GHEDWH FKDUDFWHULVWLF IRU WKH IRUPDWLYH SHULRG RI
,GHOFRQQHFWVWKHuGLYLQHLOOXVLRQvPHQWLRQHGKHUHZLWKWKH6DQVNULWWHUPPƗ\Ɨ
FISQRWH (DUO\.DEEDOLVWVVHHPWRKDYHEHHQDFTXDLQWHGZLWKWKHRULHV
FRQFHUQLQJ WKH FRVPRV DV D GUHDP RU DQ LOOXVLRQ LELG :LWKRXW UHMHFWLQJ WKH
SRVVLELOLW\ RI DQ ,QGLDQ RULJLQ WKH TXHVWLRQ DULVHV LI $UDELF WHUPV OLNH ZDKP
uLOOXVLRQv DQG PDNU uGHFHLWv IRXQG LQ 6XIL VRXUFHV FRXOG KDYH DOVR SOD\HG D
PHGLDWLQJUROH
7KLV LV FHUWDLQO\ RQO\ D PHUH K\SRWKHVLV 7KH VXJJHVWLRQ LV KRZHYHU WR VHH
ZKHWKHUWKHWZRIDFLDOH[SUHVVLRQVGLVFHUQDEOHLQWKHLFRQFRXOGUHIHUWRWKHu)DFH
RI0HUF\vDQGu)DFHRI-XGJPHQWvSDUDOOHOWRVRPHGHVFULSWLRQVRI0HWDWURQ6HH
0DQROLV &+$7=,'$.,6 *HUU\ :$/7(56 u$Q (QFDXVWLF ,FRQ RI &KULVW DW 6LQDLv
7KH $UW %XOOHWLQ SS .XUW :(,7=0$11 7KH 0RQDVWHU\ RI
6W &DWKHULQH DW 0RXQW 6LQDL 7KH ,FRQV YRO , )URP WKH 6L[WK WR WKH 7HQWK
&HQWXU\3ULQFHWRQ 1- SS
)RUDQLQWURGXFWRU\VWXG\RQWKLVLFRQRJUDSKLFWUDGLWLRQVHH*DEULHO%81*('HU
DQGHUH3DUDNOHW 'LH,NRQH GHU +HLOLJHQ'UHLIDOWLJNHLW GHV 0DOHUPØQFKV$QGUHM
5XEOMRY:ÞU]EXUJ'HU&KULVWOLFKH2VWHQ9HUODJ
%,%/,2*5$3+,&$
&KULVWLDQ GRJPD $ IXWXUH VWXG\ RQ FRPSDUDWLYH DQJHORORJ\ P\VWLFDO VRQVKLS
DQG&KULVWLDQLFRQRJUDSK\PLJKWVKHGOLJKWRQWKLVLQWHUHVWLQJLVVXH
2QHPLJKWDOVRDVNLI,GHOtVSULQFLSOHRIuGRXEOHVRQVKLSvFRXOGQRWEH
DSSOLHGWR&KULVWLDQP\VWLFLVPDVZHOOHJLQWKHGLVWLQFWLRQEHWZHHQWKH6RQRI
*RG E\ QDWXUH DQG WKH VRQV E\ JUDFH FI -RKQ D VWDWXV DWWDLQDEOH
WKURXJK EDSWLVP DQG x IRU WKH P\VWLF x WKURXJK WKH VXEVHTXHQW SURFHVV RI
GHLILFDWLRQ $OWKRXJK EULHIO\ GLVFXVVLQJ WKH -RKDQQLQH DQG 3DXOLQH VFKHPH
FRQQHFWHGWR3KLORtV/RJRVWKHRU\ S ,GHOXOWLPDWHO\DVVHUWVWKDWWKHXQLTXH
VWDWXVRI-HVXVuGLGQRWHQFRXUDJH&KULVWLDQVWRDWWHPSWWRFRPSHWHZLWK&KULVWv
S 7KLV YLHZ PLJKW SHUKDSV EH FRPSOHWHG ZLWK DQDO\VHV RI &KULVWLDQ
P\VWLFDO WH[WV LQ ZKLFK WKH 6RQ RI *RG SOD\V SUHFLVHO\ WKH PHGLDWLQJ UROH RI
HQDEOLQJKXPDQVWRDWWDLQGLYLQHVRQVKLSE\JUDFH$OWKRXJKWKHUHLVDQREYLRXV
FRQQHFWLRQEHWZHHQ-HZLVKLGHDVRQVRQVKLSDQGWKH&KULVWLDQFXOWXUDOPLOLHXWKH
SRVVLEOHLPSDFWRIRWKHU WUDGLWLRQVZKLFKPD\LQGLUHFWO\GHDOZLWKFDWHJRULHVRI
H[WHQGHG VRQVKLS GLYLQH DGRSWLRQ DQG DSRWKHRVLV VKRXOG DOVR EH FRQVLGHUHG
$IWHU,GHOtVVXUYH\RIWKHYDVWFRUSRUDRI-HZLVKP\VWLFDOOLWHUDWXUHGHDOLQJZLWK
ILOLDWLRQ LW FDQ RQO\ EH KRSHG WKDW WKLV OLQH RI LQTXLU\ ZLOO EH SXUVXHG E\ RWKHU
VFKRODUVLQRUGHUWRLQFOXGH,VODP,UDQLDQUHOLJLRQVDQG*QRVWLFLVP,GHOFRUUHFWO\
DVVHUWV WKDW WKH UHWLFHQFH RI ,VODP YLV Â YLV VRQVKLS x DOUHDG\ HPEHGGHG LQ WKH
4XUtQ x OHDGV WR D GLPLQLVKLQJ RI -HZLVK LQWHUHVW IRU 0HWDWURQ LQ 0XVOLP
FRQWH[WV +RZHYHU LW PLJKW EH KLJKO\ LQWHUHVWLQJ WR DQDO\VH ZKHWKHU LPSOLFLW RU
DOWHUQDWLYHIRUPVRIGLYLQHILOLDWLRQH[LVWSHUKDSVLQ6KLtLWHDQGVRPHKHWHURGR[
IRUPV RI ,VODPLF P\VWLFLVP WKH DSRWKHRWLF VWDWXV DFTXLUHG E\ 0XKDPPDG WKH
LPSRUWDQFHRIWKH3URSKHWtVOLQHDJHDQGWKHLPDPDWHHWF
7KH WUDQVODWLRQ RI 0RVKH ,GHOtV LPSUHVVLYH QHZ PRQRJUDSK LV D FOHDU
PDUNHUIRUWKHLQFUHDVHGLQWHUHVWRIWKH5RPDQLDQUHDGHUVKLSIRU-HZLVKIRUPVRI
VSLULWXDOLW\ DQG LPSOLFLWO\ IRU FRPSDUDWLYH VWXGLHV RI UHOLJLRQ $XWKRULWDWLYH
UHJDUGLQJERWKPHWKRGRORJ\DQGWKHHPSLULFDODQDO\VLVRIP\VWLFDOWH[WV6RQVKLS
DQG-HZLVK0\VWLFLVPRSHQVQHZSHUVSHFWLYHVIRUXQGHUVWDQGLQJWKLVIXQGDPHQWDO
FDWHJRU\RIUHOLJLRXVH[SHULHQFHDQGWKHRORJLFDOUHIOHFWLRQ
$GULDQ3,57($
)ULHGULFK0HLQHFNH,QVWLWXW)UHLH8QLYHUVLWÆW%HUOLQ
6HH,GHOtVREVHUYDWLRQVSSDQGSQRWH2QWKLVWRSLFFI&KDUOHV
$*,(6&+(1$QJHORPRUSKLF&KULVWRORJ\$QWHFHGHQWVDQG(DUO\(YLGHQFH%ULOO
/HLGHQ -DUO ( )26680 7KH 1DPH RI *RG DQG WKH $QJHO RI WKH /RUG
6DPDULWDQDQG-HZLVK&RQFHSWVRI,QWHUPHGLDWLRQDQGWKH2ULJLQRI*QRVWLFLVP
7ÞELQJHQ0RKU6LHEHFN,'(07KH,PDJHRIWKH,QYLVLEOH*RG(VVD\VRQ
WKH ,QIOXHQFH RI -HZLVK 0\VWLFLVP RQ (DUO\ &KULVWRORJ\ )ULERXUJ 8QLYHUVLWÆW
9HUODJ
)RU DQ H[FHOOHQW RYHUYLHZ RI &KULVWLDQ WKHRVLV VHH 1RUPDQ 5866(// 7KH
'RFWULQH RI 'HLILFDWLRQ LQ WKH *UHHN 3DWULVWLF 7UDGLWLRQ 2[IRUG 2[IRUG
8QLYHUVLW\3UHVV
6HH IRU H[DPSOH WKH WH[WV GLVFXVVHG E\ $OH[DQGHU *2/,7=,1 us(DUWKO\ $QJHOV
DQG +HDYHQO\ 0HQt 7KH 2OG 7HVWDPHQW 3VHXGHSLJUDSKD 1LFHWDV 6WHWKDWRV DQG
WKH 7UDGLWLRQ RI s,QWHULRUL]HG $SRFDO\SWLFt LQ (DVWHUQ &KULVWLDQ $VFHWLFDO DQG
0\VWLFDO/LWHUDWXUHv'23 SS