7KH0RQRDPLQH+\SRWKHVLVIRUWKH

3DWKRSK\VLRORJ\RI3DUDSKLOLF'LVRUGHUV
$Q8SGDWH
0$57,13.$).$
'HSDUWPHQWRI3V\FKLDWU\+DUYDUG0HGLFDO6FKRRO%RVWRQ0DVVDFKXVHWWV86$
DQG0F/HDQ+RVSLWDO%HOPRQW0DVVDFKXVHWWV86$

$%675$&7$PRQRDPLQHK\SRWKHVLVIRUWKHSDWKRSK\VLRORJ\RISDUDSKLOLFGLV
RUGHUVZDVILUVWDUWLFXODWHGLQE\.DIND7KLVK\SRWKHVLVZDVEDVHGRQ
IRXUFRQYHUJLQJOLQHVRIHPSLULFDOHYLGHQFH)LUVWWKHPRQRDPLQHQHXURWUDQV
PLWWHUVGRSDPLQHQRUHSLQHSKULQHDQGVHURWRQLQVHUYHDPRGXODWRU\UROHLQ
KXPDQDQGPDPPDOLDQVH[XDOPRWLYDWLRQDSSHWLWLYHDQGFRQVXPPDWRU\EH
KDYLRU 6HFRQG WKH VH[XDO HIIHFWV RI SKDUPDFRORJLFDO DJHQWV WKDW DIIHFW
PRQRDPLQHQHXURWUDQVPLWWHUVFDQKDYHERWKVLJQLILFDQWIDFLOLWDWLYHDQGLQKLE
LWRU\ HIIHFWV RQ VH[XDO EHKDYLRU 7KLUG SDUDSKLOLF GLVRUGHUV DSSHDU WR KDYH
$[LV,FRPRUELGDVVRFLDWLRQVZLWKQRQVH[XDOSV\FKRSDWKRORJLHVWKDWDUHDVVR
FLDWHGZLWKPRQRDPLQHUJLFG\VUHJXODWLRQ/DVWSKDUPDFRORJLFDODJHQWVWKDW
HQKDQFHFHQWUDOVHURWRQHUJLFIXQFWLRQLQSDUWLFXODUKDYHEHHQUHSRUWHGWRDPH
OLRUDWHSDUDSKLOLFVH[XDODURXVDODQGEHKDYLRU&RQWHPSRUDU\GDWDVXSSRUWLQJ
RUUHIXWLQJDPRQRDPLQHUJLFK\SRWKHVLVDVDELRORJLFDOFRPSRQHQWDVVRFLDWHG
ZLWKSDUDSKLOLFVH[RIIHQGLQJEHKDYLRUVZLOOEHUHYLHZHG3DUWLFXODUDWWHQWLRQ
ZLOO EH JLYHQ WR SKDUPDFRORJLFDOPHWDEROLF SUREH VWXGLHV UHSRUWV RI $[LV ,
FRPRUELGLW\WKHSURSRVHGUROHRIGLVLQKLELWHGVH[XDOPRWLYDWLRQRUVH[XDODS
SHWLWLYHEHKDYLRUDQGFXPXODWLYHSKDUPDFRORJLFDOWUHDWPHQWGDWDVHWV

.(<:25'6VHURWRQLQQHXURWUDQVPLWWHUVVH[XDOEHKDYLRUSV\FKRSDWKRORJ\
PRQRDPLQHUJLF G\VUHJXODWLRQ SDUDSKLOLF GLVRUGHUV VH[ RIIHQGHU $[LV ,
FRPRUELGLW\PHGLFDOWKHUDS\

,1752'8&7,21

$Q\ DWWHPSW WR RUJDQL]H D WKHRU\ RI HWLRORJ\ RU SDWKRSK\VLRORJ\ WR H[SODLQ D
FRPSOH[VHWRIEHKDYLRUVPXVWILUVWGHILQHDV\QGURPHRUWD[RQRIEHKDYLRUVWKDWFDQ
EHFRQVLVWHQWO\DQGXQLIRUPO\FKDUDFWHUL]HG$OWKRXJKWKHUHOLDELOLW\YDOLGLW\DQG
RSHUDWLRQDOGHILQLWLRQRIVRPHSDUDSKLOLFGLVRUGHUVKDVEHHQFKDOOHQJHG2'RQR
KXH5HJHY +DJVWURPWKHFRUHFOLQLFDOIHDWXUHVRISDUDSKLOLDVGHVFULEHG
GXULQJ WKH SDVW  \HDUV E\ FRQVHQVXV SDQHOV RI H[SHUWV LQFOXGH WKH IROORZLQJ
SDUDSKLOLDVIRXQGSUHGRPLQDQWO\LQPDOHVDUHUHSHWLWLYHFRPSHOOLQJVRFLDOO\GHYL
DQWVH[XDOEHKDYLRUVWKDWDUHDVVRFLDWHGZLWKSHUVRQDOGLVWUHVVKDUPWRRWKHUVRU

$GGUHVV IRU FRUUHVSRQGHQFH 0DUWLQ 3.DIND 0' 6HQLRU$WWHQGLQJ3V\FKLDWULVW 0F/HDQ

+RVSLWDO0LOO6WUHHW%HOPRQW0$9RLFHID[
PSNDIND#DROFRP

$QQ1<$FDG6FL1HZ<RUN$FDGHP\RI6FLHQFHV


.$).$3$7+23+<6,2/2*<2)3$5$3+,/,&',625'(56 

RWKHU H[SUHVVLRQV RI VLJQLILFDQW SV\FKRVRFLDO LPSDLUPHQW $PHULFDQ 3V\FKLDWULF

$VVRFLDWLRQ
6H[ RIIHQGHUV DUH D YHU\ KHWHURJHQHRXV JURXS RI PHQ ,QGHHG WKH WD[RQRPLF
FODVVLILFDWLRQ RI LQFDUFHUDWHG UDSLVWV DQG SHGRSKLOHV KDV VHUYHG WR KLJKOLJKW WKH
UHPDUNDEOH GLYHUVLW\ RI VH[ RIIHQGHU VXEW\SHV 3UHQWN\  %XUJHVV  ,Q WKLV
SDSHU,ZLOODWWHPSWWRV\QWKHVL]HUHFHQWUHVHDUFKVSHFLILFDOO\GHOLQHDWLQJFOLQLFDO
SV\FKRSDWKRORJ\DQGQHXURELRORJLFDOFRUUHODWHVDVVRFLDWHGZLWKWKDWJURXSRIPDOH
VH[RIIHQGHUVZKRDOVRPHHWGLDJQRVWLFFULWHULDIRUSDUDSKLOLFGLDJQRVHV,QDVPXFK
DVDGXOWVH[XDOFRHUFLRQLVQRWFXUUHQWO\LQFOXGHGXQGHUWKHSDUDSKLOLFGLDJQRVWLFXP
EUHOOD WKLV WKHRUHWLFDO IRUPXODWLRQ GRHV QRW VSHFLILFDOO\ LQFOXGH DGXOW UDSLVWV
DOWKRXJKVRPHVHULDOUDSLVWVKDYHEHHQFRQVLGHUHGWRKDYHDSDUDSKLOLFUDSHGLVRUGHU
$EHO 2VERUQ
$SSUR[LPDWHO\\HDUVDJR.DINDVXJJHVWHGWKDWSDUDSKLOLFGLVRUGHUVPD\EHDV
VRFLDWHGZLWKPRQRDPLQHUJLFG\VUHJXODWLRQLQWKHFHQWUDOQHUYRXVV\VWHP.DIND
D7KLVK\SRWKHVLVDGYDQFHGWRH[SODLQDSRVVLEOHUROHIRUPRQRDPLQHVLQWKH
SDWKRSK\VLRORJ\RIUHSHWLWLYHVRFLDOO\GHYLDQWVH[XDOEHKDYLRUVZDVEDVHGRQIRXU
FRQYHUJLQJ OLQHV RI HYLGHQFH DQG DVVRFLDWHG ZLWK WKH FOLQLFDO REVHUYDWLRQ WKDW
SDUDSKLOLDV FDQ EH FKDUDFWHUL]HG DV VH[XDO DSSHWLWLYH EHKDYLRU GLVRUGHUV .DIND
E )LUVW WKH PRQRDPLQHUJLF QHXURWUDQVPLWWHUVQRUHSLQHSKULQH GRSDPLQH
DQG VHURWRQLQDUH LPSRUWDQW QHXURUHJXODWRUV DVVRFLDWHG ZLWK KXPDQ DQG DQLPDO
VH[XDOPRWLYDWLRQDSSHWLWH0HVWRQ )UROLFK6HFRQGGDWDJDWKHUHGIURP
VWXGLHVRIWKHVH[XDOVLGHHIIHFWSURILOHVRIFRPPRQO\SUHVFULEHGDQWLGHSUHVVDQWV
SV\FKRVWLPXODQWVDQGQHXUROHSWLFV VWURQJO\VXJJHVWHGWKDWWKHVHSKDUPDFRORJLFDO
DJHQWV FDQ VLJQLILFDQWO\ DIIHFW VH[XDO DSSHWLWLYH EHKDYLRU LQFOXGLQJ ERWK VH[XDO
PRWLYDWLRQDQGFRQVXPPDWRU\EHKDYLRUV&UHQVKDZ *ROGEHUJ7KLUGGDWD
LQVXSSRUWRIWKLVK\SRWKHVLVZDVSUHVHQWHGWKDWFRUUHODWHGPRQRDPLQHQHXURWUDQV
PLWWHU G\VUHJXODWLRQ ZLWK WKH VSHFLILF GLPHQVLRQV RI SV\FKRSDWKRORJ\ DVVRFLDWHG
ZLWK VWXGLHV RI SDUDSKLOLF VH[XDO DJJUHVVRUV 7KHVH FOLQLFDO GLPHQVLRQV LQFOXGHG
DQWLVRFLDOLPSXOVLYLW\DQ[LHW\GHSUHVVLRQDQGK\SHUVH[XDOLW\/DVWFOLQLFDOUHSRUWV
WKDWSKDUPDFRORJLFDODJHQWVWKDWHQKDQFHFHQWUDOVHURWRQLQQHXURWUDQVPLVVLRQFRXOG
UHGXFHSDUDSKLOLFVH[XDODURXVDODQGEHKDYLRUZHUHUHYLHZHGDVWKHVHVWXGLHVVXS
SRUWHGWKHHVSRXVHGWKHRU\*UHHQEHUJ %UDGIRUG
$Q\WKHRU\WKDWLVLQLWLDOO\SURSRVHGWRH[SODLQDFRPSOH[VHWRIEHKDYLRUVPXVW
EHVXEMHFWWRIXUWKHUHPSLULFDOYDOLGDWLRQE\YDULRXVOLQHVRIFOLQLFDODQGELRORJLFDO
LQYHVWLJDWLRQ,ZLOOWU\WRXSGDWHWKHPRQRDPLQHK\SRWKHVLVE\UHYLHZLQJGDWD
SUHGRPLQDQWO\SXEOLVKHGVLQFHWKHUHSRUWWKDWVXSSRUWH[WHQGOLPLWRUUHIXWH
WKH SXWDWLYH UROH RI PRQRDPLQH QHXURPRGXODWRUV LQ WKH SDWKRSK\VLRORJ\ RI
SDUDSKLOLDV

0212$0,1(678',(62)3$5$3+,/,&0$/(6

7KHUH DUH QRZ VHYHUDO UHVHDUFK UHSRUWV WKDW VXSSRUW WKH EDVLF FRQFHSW WKDW
PRQRDPLQHUJLF G\VUHJXODWLRQ PD\ EH DVVRFLDWHG ZLWK GHYLDQW VH[XDO DURXVDO DQG
SDUDSKLOLFVWDWXV.RJDQDQGFROOHDJXHVUHSRUWHGKLJKHUOHYHOVRIFDWHFKROD
PLQHPHWDEROLWHVQRUHSLQHSKULQHDQGGRSDPLQHLQDPL[HGJURXSRIVH[RIIHQGHUV
LQFOXGLQJ FRPSXOVLYH SDUDSKLOLDFV 0DHV DQG DVVRFLDWHV D E LQWHQVLYHO\
VWXGLHGHLJKWSHGRSKLOHVZLWKQRRWKHUFRPRUELG$[LV,RU,,SV\FKRSDWKRORJ\DQG
 $11$/61(:<25.$&$'(0<2)6&,(1&(6

FRPSDUHGWKHPWRQRUPDOFRQWUROVLQWZRQHXURELRORJLFDOVWXGLHV$VHULHVRIGLI
IHUHQFHVEHWZHHQFRQWUROVDQGSHGRSKLOHVZHUHUHSRUWHGLQFOXGLQJWKDWSHGRSKLOHV
KDGORZHUEDVHOLQHFRUWLVRODQGSURODFWLQKLJKHUEDVHOLQHERG\WHPSHUDWXUHKLJKHU
EDVHOLQHHSLQHSKULQHOHYHOVDQG DPRUHH[DJJHUDWHGUHVSRQVH WRSKDUPDFRORJLFDO
SURYRFDWLRQ RI VHUXP FRUWLVRO DQG HSLQHSKULQH ZLWK P&&3 D SKDUPDFRORJLFDO
SUREHZLWKDIILQLW\IRU&16VHURWRQHUJLFUHFHSWRUV0DHVHWDOD7KHDXWKRUV
FRQFOXGHGWKDWSHGRSKLOLDDSDUDSKLOLFGLVRUGHUPLJKWEHDVVRFLDWHGZLWKDG\VUHJ
XODWLRQRIVHURWRQHUJLFUHFHSWRUVHQVLWLYLW\7KH\VSHFXODWHGWKDWSHGRSKLOLDPD\EH
DVVRFLDWHGZLWKGHFUHDVHGSUHV\QDSWLFVHURWRQHUJLFDFWLYLW\DFFRPSDQLHGE\DFRP
SHQVDWRU\XSUHJXODWLRQRISRVWV\QDSWLFVHURWRQLQ$&UHFHSWRUV
7KHFHQWUDOVHURWRQHUJLFV\VWHPPRGXODWHVPDQ\GLIIHUHQWQHXURELRORJLFDOIXQF
WLRQVEXWELRORJLFDOHYLGHQFHLVFRQVLVWHQWWKDWGLPLQLVKHGVHURWRQHUJLFQHXURWUDQV
PLVVLRQ LV DVVRFLDWHG ZLWK D SURSHQVLW\ WRZDUG EHKDYLRUDO GLVLQKLELWLRQ 6RXEULH
DQGVSHFLILFDOO\ZLWKYLROHQFHDQGLPSXOVLYHDJJUHVVLRQ.DYRXVVL$UPVWHDG
&RFFDUR,WLVSRVVLEOHWKHQWKDWWKHELRORJLFDOFRUUHODWHVWKDWZHUHUHSRUW
HGLQWKHVHVWXGLHVZHUHQRWVSHFLILFIRUSHGRSKLOLDEXWPRUHJHQHUDOO\DVVRFLDWHG
ZLWKEHKDYLRUDOGLVLQKLELWLRQ7KHVHGDWDZKLOHIDUIURPGHILQLWLYHFHUWDLQO\VXSSRUW
DPRQRDPLQHUJLFELRORJLFDOFRPSRQHQWDVVRFLDWHGZLWKUHSHWLWLYHVRFLDOO\GHYLDQW
VH[XDOEHKDYLRUHYHQLQWKHDEVHQFHRIDSSDUHQW$[LV,SV\FKRSDWKRORJ\

$;,6,&2025%,',7<$1'3$5$3+,/,$6

'HVSLWH H[WHQVLYH DQG PHWKRGRORJLFDOO\ VRXQG GDWD FKDUDFWHUL]LQJ WKH LPSRU

WDQFHDQGSUHYDOHQFHRISV\FKLDWULFFRPRUELGLW\LQFOLQLFDODQGFRPPXQLW\SRSXOD
WLRQV WKH V\VWHPDWLF VWXG\ RI $[LV , FRPRUELG GLDJQRVHV LQ VH[ RIIHQGHUV
SDUDSKLOLDFVLVVWLOOXQGHUVWXGLHGLQFRPSDULVRQWRRWKHU$[LV,GLVRUGHUV2QWKH
RWKHUKDQGWKHQXPEHUDQGTXDOLW\RIVXFKLQYHVWLJDWLRQVKDVLQFUHDVHGLQUHFHQW
\HDUVDQGWKHVHGDWDFRQVLVWHQWO\VXJJHVWVWKDWFHUWDLQSV\FKLDWULFGLDJQRVHVPD\EH
PRUHSUHYDOHQWDPRQJVH[RIIHQGHUSDUDSKLOLDFV,QSDUWLFXODUPRRGGLVRUGHUVG\V
WK\PLFGLVRUGHUPDMRUGHSUHVVLRQDQGELSRODUVXEW\SHVDQ[LHW\GLVRUGHUVVRFLDO
SKRELDSDQLFGLVRUGHUSRVWWUDXPDWLFVWUHVVGLVRUGHUSV\FKRDFWLYHVXEVWDQFHDEXVH
HVSHFLDOO\DOFRKRODEXVHFRQGXFWGLVRUGHUDQGDWWHQWLRQGHILFLWK\SHUDFWLYLW\GLV
RUGHUPD\EHPRUHSUHYDOHQWDPRQJDGROHVFHQWDQGDGXOWPDOHSDUDSKLOLFVH[RIIHQG
HUV .DIND  3UHQWN\  .DIND  +HQQHQ  )DJR  5D\PRQG
&ROHPDQ2KOHUNLQJ&KULVWHQVRQ 0LQHU0F(OUR\6RXWHOOR7D\ORUHWDO
*DOL0F(OUR\6RXWHOORHWDO$OWKRXJKPRQRDPLQHUJLFG\VUHJXODWLRQ
KDVFRQVLVWHQWO\EHHQUHSRUWHGLQPDQ\RIWKHDIRUHPHQWLRQHG$[LV,SV\FKLDWULFV\Q
GURPHV&RPLQJV5HVVOHU 1HPHURII<DWHVQHXURELRORJLFDO
SHUWXUEDWLRQVRIFHQWUDOPRQRDPLQHQHXURUHJXODWLRQKDYHEHHQLPSOLFDWHGLQPRVW
RI WKH PDMRU $[LV , SV\FKLDWULF LOOQHVVHV WKDW KDYH EHHQ UHFHQWO\ V\VWHPDWLFDOO\
LQYHVWLJDWHGLQFOXGLQJPDQ\QRWVSHFLILFDOO\DVVRFLDWHGZLWKSDUDSKLOLFFRQGLWLRQV
,QWKLVFDVHWKHQWKHPRUHVDOLHQWFOLQLFDOTXHVWLRQLVZKHWKHUSXWDWLYHPRQRDPLQ
HUJLFDEQRUPDOLWLHVDVVRFLDWHGZLWKFRQVLVWHQWO\LGHQWLILHGQRQVH[XDO$[LV,SV\FKR
SDWKRORJLFDO VWDWHV FRPRUELGO\ RFFXUULQJ ZLWK VH[XDO DJJUHVVLRQ ZRXOG VKDUH
VSHFLILF SDWKRSK\VLRORJLFDO DVVRFLDWLRQV ZLWK SDUDSKLOLF V\QGURPHV DQG ZKHWKHU
WUHDWPHQWV VSHFLILFDOO\ WDUJHWLQJ WKHVH PRQRDPLQHUJLF SDWKZD\V FRXOG DPHOLRUDWH
ERWKSDUDSKLOLFGLVRUGHUVDQGWKHLUDVVRFLDWHG$[LV,FRPRUELGLW\
.$).$3$7+23+<6,2/2*<2)3$5$3+,/,&',625'(56 

3$5$3+,/,$66(;8$/$33(7,7($1'0212$0,1(6

3DUDSKLOLDVDUHFRQVLGHUHGDVSULPDU\VH[XDOGLVRUGHUV$PHULFDQ3V\FKLDWULF$V
VRFLDWLRQEXWWKH\DUHUHVHUYHGIRUDVHSDUDWHFDWHJRU\GLVWLQFWIURPWKH
VH[XDOG\VIXQFWLRQVDQGJHQGHULGHQWLW\GLVRUGHUV$VVH[XDOGLVRUGHUVWKHSDWKR
SK\VLRORJ\DVVRFLDWHGZLWKSDUDSKLOLDVFRXOGKDYHVRPHQHXURELRORJLFDOUHSUHVHQWD
WLRQDVVRFLDWHGZLWKWKHKXPDQVH[XDOUHVSRQVHF\FOHEXWDQ\VSHFLILFUHODWLRQVKLS
EHWZHHQSDUDSKLOLDVDQGRWKHUVH[XDOG\VIXQFWLRQVKDYHQRWEHHQFRQVLVWHQWO\HOX
FLGDWHG 7KH RSHUDWLRQDO GHILQLWLRQ RI SDUDSKLOLDV DV FRQGLWLRQV DVVRFLDWHG ZLWK
UHFXUUHQWLQWHQVHVH[XDOO\DURXVLQJIDQWDVLHVVH[XDOXUJHVRUEHKDYLRUV $PHUL
FDQ3V\FKLDWULF$VVRFLDWLRQLPSOLHVWKDWWKHVHGLVRUGHUVDIIHFWERWKVH[
XDODURXVDODQGVH[XDOPRWLYDWLRQFKDUDFWHULVWLFVDVVRFLDWHGZLWKWKHGHVLUHSKDVHRI
WKHKXPDQVH[XDOUHVSRQVH$PHULFDQ3V\FKLDWULF$VVRFLDWLRQ/HYLQ
,QGHHGWKHUHDUHVRPHGDWDWKDWSDUDSKLOLDVDUHIUHTXHQWO\DVVRFLDWHGZLWKSHUVLV
WHQWO\LQFUHDVHGVH[XDODSSHWLWLYHEHKDYLRUERWKHQJDJLQJLQRYHUWVH[XDOEHKDYLRU
DVZHOODVVH[XDOSUHRFFXSDWLRQDFURVVWKHDGROHVFHQWDQGDGXOWOLIHF\FOHDQGWKDW
WKLVDSSHWLWLYHG\VUHJXODWLRQRUK\SHUVH[XDOGHVLUHLVPRVWDSSDUHQWLQPDOHVZLWK
PXOWLSOHSDUDSKLOLFGLDJQRVHV.DINDD+DQVRQ +DUULV.DIND +HQ
QHQLQSUHVV&OLQLFDOLQGLFDWRUVDVVRFLDWHGZLWKK\SHUVH[XDOLW\KDYHDOVREHHQ
UHSRUWHGLQDODUJHVDPSOHRIVH[XDOO\FRHUFLYHPDOHVDVZHOOQ= LQGHSHQGHQW
RIWKHLUSDUDSKLOLFVWDWXV.QLJKW &HUFH5.QLJKWSHUVRQDOFRPPXQLFD
WLRQ  ,I ZH FRQVLGHU EDVHG RQ WKH DIRUHPHQWLRQHG GDWD WKDW SDUDSKLOLDV
FRXOGEHVH[XDOGHVLUHSKDVHGLVRUGHUVDVVRFLDWHGZLWKGLVLQKLELWHGVH[XDODSSHWLWLYH
EHKDYLRULQFRQWUDVWWRLQKLELWHGVH[XDOGHVLUHK\SRDFWLYHVH[XDOGHVLUHGLVRUGHU
WKHQDSXWDWLYHSDWKRSK\VLRORJ\IRUSDUDSKLOLFEHKDYLRUVKRXOGEHDVVRFLDWHGZLWK
QHXURSK\VLRORJLFDOSHUWXUEDWLRQVDIIHFWLQJVH[XDOPRWLYDWLRQRUVH[XDOGHVLUH
7KHVSHFLILFQHXURELRORJLFDOVXEVWUDWHIRUKXPDQ VH[XDODSSHWLWLYHEHKDYLRULV
VWLOOODUJHO\XQH[SORUHG6WXGLHVRIPDOHUDWVWKHW\SLFDOPDPPDOH[WHQVLYHO\VWXG
LHGDVWKHPDPPDOLDQPRGHORIVH[XDOEHKDYLRUVXJJHVWWKDWDQGURJHQLFKRUPRQHV
PRQRDPLQHUJLF QHXURWUDQVPLWWHUV DQG QHXURSHSWLGHV KDYH WKH PRVW SURIRXQG HI
IHFWVRQVH[XDOPRWLYDWLRQDQGDSSHWLWLYHEHKDYLRU+XOO/RUUDLQ'XHWDO
0DV,WKDVEHHQFRJHQWO\DUJXHGWKDWWKHDSSHWLWLYHPRWLYDWLRQDOSKDVHRI
VH[XDO EHKDYLRU LQ PDOH UDWV KDV VRPH KRPRORJ\ ZLWK KXPDQ VH[XDO PRWLYDWLRQ
(YHULWW %DQFURIW3IDXVDVZHOO,QFXUUHQWDQLPDOPRGHOVRIVH[XDO
DSSHWLWLYHEHKDYLRUDQHXURELRORJLFDOVXEVWUDWHDVVRFLDWHGZLWKPDOHVH[XDOPRWLYD
WLRQDSSHWLWHLVDSSDUHQWO\GHWHUPLQHGE\WKHSUHVHQFHRIVXIILFLHQWWHVWRVWHURQHLQ
DVVRFLDWLRQ ZLWK WKH LQFUHDVHG UHOHDVH RI GRSDPLQH LQ VRPH OLPELF HJ PHGLDO
DP\JGDOD QXFOHDV DFFXPEHQV DQG K\SRWKDODPLF QXFOHL PHGLDO SUHRSWLF ODWHUDO
K\SRWKDODPLF ZKHQ DQ H[WHUQDO VWLPXOXV HJ DQ HVWURXV IHPDOH LV SUHVHQWHG
(YHULWW'RSDPLQHLQFUHDVHVERWKGXULQJVH[XDODSSURDFKLQDQWLFLSDWLRQRI
JHQLWDOEHKDYLRUDSSHWLWLYHSKDVHDQGGXULQJFRSXODWLRQFRQVXPPDWRU\SKDVHDV
ZHOO0DV)XPHUR)HUQDQGH]9HUD *RQ]DOH]0RUD,QPDOHUDWVGRSDP
LQH UHOHDVH DQG WXUQRYHU LQFUHDVHV LQ ERWK WKH K\SRWKDODPLF PHGLDO SUHRSWLF DUHD
P32$ DQG WKH QXFOHDV DFFXPEHQV 1$ GXULQJ FRQGLWLRQV DVVRFLDWHG ZLWK
LQFUHDVHG VH[XDO PRWLYDWLRQ DQG FRSXODWRU\ EHKDYLRU $W WKH WLPH RI HMDFXODWLRQ
KRZHYHUVHURWRQLQLVUHOHDVHGLQWKHODWHUDOK\SRWKDODPLFDUHDEXWQRWWKHP32$
DQG WKLV UHOHDVH LV DVVRFLDWHG ZLWK WKH LQKLELWLRQ RI OLPELF 1$ GRSDPLQH UHOHDVH
/RUUDLQ0DWXV]HZLFK)ULHGPDQ +XOO7KHUHOHDVHRIVHURWRQLQDQGWKH
 $11$/61(:<25.$&$'(0<2)6&,(1&(6

LQKLELWLRQRIGRSDPLQHDUHDVVRFLDWHGZLWKLPSDLUHGFRSXODWLRQVXJJHVWLQJDPRGHO
IRUVH[XDOVDWLHW\/RUUDLQ5LROR0DWXV]HZLFK +XOO,QGHHGWKHDGPLQ
LVWUDWLRQRIVHURWRQHUJLFHQKDQFLQJDJHQWVLQFOXGLQJIOXR[HWLQHVXSSUHVVVH[XDOEH
KDYLRU LQ PDOH UDWV %DXP  6WDUU  0F.HQQD  6WXGLHV LQ RWKHU
QRQKXPDQSULPDWHVVXJJHVWWKHUHLVDPRUHFRPSOH[LQWHUDFWLRQEHWZHHQPRQRDP
LQHUJLFUHFHSWRUVXEW\SHVDQGHLWKHUWKHIDFLOLWDWLRQRULQKLELWLRQRIPDVFXOLQHVH[XDO
EHKDYLRU DOWKRXJK PRVW LQYHVWLJDWRUV FLWH DQ LQKLELWRU\ UROH IRU VHURWRQLQ DQG DQ
H[FLWDWRU\UROHIRUGRSDPLQH3RPHUDQW]LQVH[XDODSSHWLWLYHEHKDYLRU
,IZHDSSO\DVH[XDOPRWLYDWLRQGHVLUHPRGHOWRKXPDQSDUDSKLOLFVH[XDOEHKDY
LRU LW ZRXOG IROORZ WKDW HQKDQFLQJ OLPELF DQG K\SRWKDODPLF VHURWRQHUJLF QHX
URWUDQVPLVVLRQ VXSSUHVVLQJ GRSDPLQHUJLF QHXURWUDQVPLVVLRQ RU LQKLELWLQJ WKH
FHQWUDOHIIHFWVRIWHVWRVWHURQHDQGLWVPHWDEROLWHVVKRXOGUHGXFHVH[XDOPRWLYDWLRQLQ
KXPDQPDOHV,WLVZHOONQRZQWKDWVHURWRQLQUHXSWDNHLQKLELWRUVFDQDIIHFWERWKWKH
LQFHQWLYHPRWLYDWLRQDOSKDVHRIWKHKXPDQPDOHVH[XDOUHVSRQVHGLPLQLVKHGVH[XDO
GHVLUHDVZHOODVWKHFRQVXPPDWRU\SKDVHGHOD\HGHMDFXODWLRQDQRUJDVPLD0RQ
WHMR/ORUFD,]TXLHUGR 5LFR9LOODGHUPRV:KLOHWKHVHDUHFRQVLGHUHGDV
VLGHHIIHFWVGXULQJWKHFRXUVHRIWUHDWPHQWRIGHSUHVVLYHDQGDQ[LHW\GLVRUGHUVWKH
DELOLW\WRGLPLQLVKVH[XDODSSHWLWLYHEHKDYLRUFDQEHDWKHUDSHXWLFHIIHFWIRUDVXE
MHFWDIIOLFWHGZLWKVH[XDODSSHWLWLYHGLVLQKLELWLRQRUK\SHUVH[XDOLW\
7KHUH DUH QRZ RYHU  FDVH H[DPSOHV RI WKH SRVLWLYH SUHVFULSWLYH XVH RI
VHURWRQLQHQKDQFLQJDQWLGHSUHVVDQWVSULPDULO\VHURWRQLQUHXSWDNHLQKLELWRUVDQG
QHID]RGRQHIRUWKHWUHDWPHQWRISDUDSKLOLDVRUSDUDSKLOLDUHODWHGGLVRUGHUV*UHHQ
EHUJ  %UDGIRUG  %UDGIRUG  *UDW]HU  .DIND D E  
.DIND +HQQHQ*UHHQEHUJ%UDGIRUG&XUU\ 25RXUNH$ERXHVK
&OD\WRQ  /HYLWVN\  2ZHQV  *DOOL 5DXWH 0F&RQQYLOOH  0F(OUR\
5XELQVWHLQ (QJHO=RKDU.DSODQ %HQMDPLQ.UXHVL)LQH
9DOODGDUHV 3KLOOLSV  5DSRSRUW  ,Q PRVW RI WKHVH UHSRUWV WKH VXFFHVVIXO
UHGXFWLRQRISDUDSKLOLFDURXVDODQGEHKDYLRULVXVXDOO\DFFRPSOLVKHGZLWKRXWVXE
VWDQWLDOO\PLWLJDWLQJQRUPRSKLOLFVH[XDODURXVDODQGEHKDYLRU7KHFXUUHQWDEVHQFH
RIDQ\GRXEOHEOLQGSODFHERFRQWUROOHGVWXGLHVVXSSRUWLQJRUUHIXWLQJWKHHIILFDF\
RIVHURWRQLQUHXSWDNHLQKLELWRUVIRUSDUDSKLOLFVH[RIIHQGHUVLVDPDMRUOLPLWDWLRQWR
D ZLGHU DFFHSWDQFH RI WKHLU SUHVFULSWLYH XVH IRU YLROHQW VH[ RIIHQGHU SDUDSKLOLDFV
%UDGIRUG
,W LV LPSRUWDQW WR PHQWLRQ WKDW LQ WKH SDVW  \HDUV WKHUH KDYH EHHQ DGGLWLRQDO
DGYDQFHV LQ WKH SUHVFULSWLYH XVH RI PHGLFDWLRQV DIIHFWLQJ WKH K\SRWKDODPLFSLWX
LWDU\WHVWLFXODUD[LVWRWUHDWVH[XDODJJUHVVLRQ7KHVORZEXWJURZLQJXVHRIJRQD
GRWURSLQUHOHDVLQJ KRUPRQH *Q5+ DJRQLVWV PHGLFDWLRQV ZKRVH QHW HIIHFW LV WR
PDUNHGO\GLPLQLVKSK\VLRORJLFDOO\DFWLYHWHVWRVWHURQHKDVEHHQUHSRUWHGDVHIIHF
WLYHLQFDVHVHULHVRIVH[XDODJJUHVVRUVLQFOXGLQJSDUDSKLOLDFV5RVOHU :LW]WXP
7KLEDXW&RUGLHU .XKQ%ULNHQ1LND %HUQHU.UXHJHU .D
SODQ:KLOHLWLVSUHVXPHGWKDWWKHSULPDU\SKDUPDFRORJLFDOHIIHFWVRIWKHVH
PHGLFDWLRQVDUHQRWGLUHFWO\RQPRQRDPLQHUJLFV\QDSVHVWHVWRVWHURQHKDVEHHQQRW
HGWRHQKDQFHVH[XDODSSHWLWLYHEHKDYLRULQSRVWDGROHVFHQWPDOHUDWVE\VSHFLILFDOO\
LQFUHDVLQJ WKH VHQVLWLYLW\ RI K\SRWKDODPLF GRSDPLQH UHFHSWRUV DQG FRQFRPLWDQWO\
UHGXFLQJWKHVHQVLWLYLW\RIK\SRWKDODPLFVHURWRQHUJLFUHFHSWRUV(YHULWW
.HQGDOO 7RQJH6XFKPRQRDPLQHUJLFHIIHFWVZRXOGGLPLQLVKVH[XDODSSHW
LWLYHEHKDYLRU$GGLWLRQDOODERUDWRU\VWXGLHVRIWKHK\SRWKDODPLFQXFOHLRIQHZERUQ
PDOHUDWVKDYHGHPRQVWUDWHGWKDWLQFRPSDULVRQWRIHPDOHUDWVQHRQDWDOPDVFXOLQ
.$).$3$7+23+<6,2/2*<2)3$5$3+,/,&',625'(56 

L]DWLRQRIWKHK\SRWKDODPXVE\WHVWRVWHURQHZDVDVVRFLDWHGZLWKERWKORZHUFRQWHQW
DQG XSWDNH RI VHURWRQLQ DQG WKDW FDVWUDWLRQ ZDV DVVRFLDWHG ZLWK ERWK LQFUHDVHG
VHURWRQHUJLFFRQWHQWDQGXSWDNHUHVHPEOLQJLQWDFWIHPDOHV%RULVRYD3URVKO\DNRYD
6DSURQRYD 8JUXPRY=KDQJ0D%DUNHU 5XELQRZ/DVWLPPX
QL]LQJPDOHUDWVDJDLQVWJRQDGRWURSKLQUHOHDVLQJKRUPRQHWKHKRUPRQHWKDWVWLPX
ODWHV WKH UHOHDVH RI OXWHLQL]LQJ KRUPRQH ZDV DVVRFLDWHG ZLWK PDUNHG GHFUHDVH LQ
IROOLFOHVWLPXODWLQJKRUPRQHOXWHLQL]LQJKRUPRQHDQGWHVWRVWHURQHWKHVDPHSK\V
LRORJLFDOHIIHFWVDVVRFLDWHGZLWK*Q5+DJRQLVWV7KLVLPPXQL]DWLRQLQFUHDVHGVHUR
WRQLQ EXW QRW GRSDPLQH LQ WKH K\SRWKDODPXV ROIDFWRU\ WXEHUFOHV DQG FRUSXV
VWULDWXPRIPDOHUDWV-XRULR/L*RQ]DOH]&KHGUHVH 0XUSK\$OOWKHVH
GDWDVXJJHVWWKDWLQKLELWLQJWHVWRVWHURQHVSK\VLRORJLFDOHIIHFWVE\HLWKHUDQWLDQGUR
JHQV*Q5+DJRQLVWVRUVXUJLFDOFDVWUDWLRQZRXOGVXEVWDQWLDOO\PLWLJDWHPRQRDP
LQHUJLF VLJQDOV XVXDOO\ DVVRFLDWHG ZLWK WKH DPSOLILFDWLRQ RI VH[XDO VWLPXOL DQG
PRWLYDWLRQ
$WWKLVMXQFWXUHDIWHUUHYLHZLQJWKHDIRUHPHQWLRQHGGDWDRQVWXGLHVRIPRQRDP
LQHVDQGVH[XDODJJUHVVLRQ$[LV,FRPRUELGLW\VH[XDODSSHWLWLYHEHKDYLRUDQGSV\
FKRSKDUPDFRORJ\LWLVFHUWDLQO\SUHPDWXUHWRFRQFOXGHWKDWPRQRDPLQHUJLFQHXUR
UHJXODWRU\ SHUWXUEDWLRQV DUH GHILQLWLYHO\ LQYROYHG LQ WKH SDWKRSK\VLRORJ\ RI
SDUDSKLOLFVH[XDODJJUHVVLRQ,QGHHGPRVWRIGDWDUHYLHZHGWKXVIDUVXJJHVWWKDW
ZKLOHSHUWXUEDWLRQVLQYROYLQJVHURWRQHUJLFRUGRSDPLQHUJLFFHQWUDOQHXURWUDQVPLV
VLRQGRDSSHDULPSRUWDQWLQWKHSDWKRSK\VLRORJ\RIDJJUHVVLRQDQGLPSXOVLYLW\DV
ZHOODVVH[XDODSSHWLWLYHDQGFRSXODWRU\EHKDYLRUVDVSHFLILFUROHIRUWKHVHQHXUR
PRGXODWRUVLQWKHSDUDSKLOLFFRQGLWLRQUHPDLQVQHLWKHUSURYHQQRUUHMHFWHG1HYHU
WKHOHVVLQVXFKDQLPSRUWDQWILHOGRILQYHVWLJDWLRQDVWKHPXOWLGLPHQVLRQDOHWLRORJ\
RIVH[XDOYLROHQFH WKHPRQRDPLQH K\SRWKHVLV RISDUDSKLOLFGLVRUGHUV FDQ VWLOO EH
XVHGWRVXJJHVWYLDEOHOLQHVRIFOLQLFDODVZHOODVODERUDWRU\LQYHVWLJDWLRQRIWKHELR
ORJLFDOFRPSRQHQWDVVRFLDWHGZLWKVH[XDOGHYLDQFHDQGDJJUHVVLRQ

5()(5(1&(6

$%(/** 26%251&7KHSDUDSKLOLDV7KHH[WHQWDQGQDWXUHRIVH[XDOO\GHYL

DQWDQGFULPLQDOEHKDYLRU,Q3V\FKLDWULF&OLQLFVRI1RUWK$PHULFD&OLQLFDOIRUHQVLF
SV\FKLDWU\9ROSS3KLODGHOSKLD3$:%6DXQGHUV
$%28(6+$ &/$<721$&RPSXOVLYHYR\HXULVPDQGH[KLELWLRQLVP$FOLQLFDO
UHVSRQVHWRSDUR[HWLQH$UFKLYHVRI6H[XDO%HKDYLRU
$0(5,&$136<&+,$75,&$662&,$7,21'LDJQRVWLFDQGVWDWLVWLFDOPDQXDORIPHQWDO
GLVRUGHUVUGHG:DVKLQJWRQ'&$PHULFDQ3V\FKLDWULF$VVRFLDWLRQ
$0(5,&$136<&+,$75,&$662&,$7,21'LDJQRVWLFDQGVWDWLVWLFDOPDQXDORIPHQWDO
GLVRUGHUVWKHG7H[W5HY:DVKLQJWRQ'&$PHULFDQ3V\FKLDWULF$VVRFLDWLRQ
$0(5,&$1 36<&+,$75,& $662&,$7,21  6H[XDO DQG JHQGHU LGHQWLW\ GLVRUGHUV ,Q
'LDJQRVWLF DQG 6WDWLVWLFDO 0DQXDO RI 0HQWDO 'LVRUGHUV WK HG SS 
:DVKLQJWRQ'&$PHULFDQ3V\FKLDWULF$VVRFLDWLRQ
%$800- 67$550',QKLELWLRQRIVH[XDOEHKDYLRUE\GRSDPLQHDQWDJRQLVWV
RUVHURWRQLQDJRQLVWGUXJVLQFDVWUDWHGPDOHUDWVJLYHQHVWUDGLRORUGLK\GURWHVWRVWHU
RQH3KDUPDFRORJ\%LRFKHPLVUW\DQG%HKDYLRU
%25,629$ 1$ 3526+/<$.29$ (9 6 $352129$ $<  8 *58029 09 
$QGURJHQGHSHQGHQW VH[ GLIIHUHQFHV LQ WKH K\SRWKDODPLF VHURWRQLQHUJLF V\VWHP
(XURSHDQ-RXUQDORI(QGRFULQRORJ\
%5,.(1 3 1,.$ (  %(51(5 :  7UHDWPHQW RI SDUDSDKLOLD ZLWK OXWHLQL]LQJ
KRUPRQHUHOHDVLQJKRUPRQHDJRQLVWV-RXUQDORI6H[DQG0DULWDO7KHUDS\
 $11$/61(:<25.$&$'(0<2)6&,(1&(6

%5$')25' -0:  7KH QHXURELRORJ\ QHXURSKDUPDFRORJ\ DQG SKDUPDFRORJLFDO

WUHDWPHQW RI SDUDSKLOLDV DQG FRPSXOVLYH VH[XDO EHKDYLRU &DQDGLDQ -RXUQDO RI
3V\FKLDWU\
%5$')25' -0  *5$7=(5 7*  $ WUHDWPHQW IRU LPSXOVH FRQWURO GLVRUGHUV DQG
SDUDSKLOLD$FDVHUHSRUW&DQDGLDQ-RXUQDORI3V\FKLDWU\
&20,1*6 '(  &OLQLFDO DQG PROHFXODU JHQHWLFV RI $'+' DQG 7RXUHWWHV 6\Q
GURPH,Q-:DVVHUVWHLQ/(:ROI ))/HIHYHU(GV$GXOWDWWHQWLRQGHILFLWGLV
RUGHU%UDLQPHFKDQLVPVDQGOLIHRXWFRPHV9ROSS1HZ<RUN1HZ
<RUN$FDGHP\RI6FLHQFHV
&5(16+$:7/ *2/'%(5*-36H[XDOSKDUPDFRORJ\'UXJVWKDWDIIHFWVH[XDO
IXQFWLRQ1HZ<RUN::1RUWRQ
(9(5,77%-0RQRDPLQHVDQGWKHFRQWURORIVH[XDOEHKDYLRU3V\FKRORJLFDO0HG
LFLQH
(9(5,77 %-  1HXURHQGRFULQH PHFKDQLVPV XQGHUO\LQJ DSSHWLWLYH DQG FRQVXPPD
WRU\HOHPHQWVRIPDVFXOLQHVH[XDOEHKDYLRU,Q-%DQFURIW(G7KHSKDUPDFRORJ\
RIVH[XDOIXQFWLRQDQGG\VIXQFWLRQSS$PVWHUGDP(OVHYLHU6FLHQFH
(9(5,77%- %$1&52)7-2IUDWVDQGPHQ7KHFRPSDUDWLYHDSSURDFKWRPDOH
VH[XDOLW\,Q-%DQFURIW&0'DYLV +-5XSSHO-U(GV$QQXDO5HYLHZRI6H[
5HVHDUFK 9RO  SS  0W 9HUQRQ ,$ 6RFLHW\ IRU WKH 6FLHQWLILF 6WXG\ RI
6H[
)$*2 '3  &RPRUELGLW\ RI DWWHQWLRQ GHILFLW K\SHUDFWLYLW\ GLVRUGHU LQ VH[XDOO\
DJJUHVVLYHFKLOGUHQDQGDGROHVFHQWV,Q%6FKZDUW](G7KHVH[RIIHQGHU7KHR
UHWLFDO DGYDQFHV WUHDWLQJ VSHFLDO SRSXODWLRQV DQG OHJDO GHYHORSPHQWV 9RO 
SS.LQJVWRQ1-&LYLF5HVHDUFK,QVWLWXWH
*$//, 9% 5$87( 1- 0 && 2119,//( %-  0&( /52< 6/  $Q DGROHVFHQW
PDOHZLWKPXOWLSOHSDUDSKLOLDVWUHDWHGVXFFHVVIXOO\ZLWKIOXR[HWLQH-RXUQDORI&KLOG
DQG$GROHVFHQW3V\FKRSKDUPDFRORJ\
*$//, 9 0&(/52< 6/ 6287(//2 &$ HW DO  7KH SV\FKLDWULF GLDJQRVHV RI
WZHQW\WZRDGROHVFHQWVZKRKDYHVH[XDOO\PROHVWHGRWKHUFKLOGUHQ&RPSUHKHQVLYH
3V\FKLDWU\
*5((1%(5* '0  % 5$')25' -0: 7UHDWPHQW RI WKH SDUDSKLOLF GLVRUGHUV $
UHYLHZRIWKHUROHRIWKHVHOHFWLYHVHURWRQLQUHXSWDNHLQKLELWRUV6H[XDO$EXVH-RXU
QDORI7UHDWPHQWDQG5HVHDUFK
*5((1%(5*'0% 5$')25'-0:&855<6 25285.($$FRPSDULVRQ
RIWUHDWPHQWRISDUDSKLOLDVZLWKWKUHHVHURWRQLQUHXSWDNHLQKLELWRUV$UHWURVSHFWLYH
VWXG\%XOOHWLQRIWKH$PHULFDQ$FDGDP\RI3V\FKLDWU\/DZ
+$16215 + $55,6$:KHUHVKRXOGZHLQWHUYHQH"'\QDPLFSUHGLFWRUVRIVH[
XDORIIHQVHUHFLGLYLVP&ULPLQDO-XVWLFHDQG%HKDYLRU
+8//(0/ 255$,1'6'8-HWDO+RUPRQHQHXURWUDQVPLWWHULQWHUDFWLRQVLQ
WKHFRQWURORIVH[XDOEHKDYLRU%HKDYLRXUDO%UDLQ5HVHDUFK
-825,2$9/ ,;0* 21=$/(=$&+('5(6(3- 0853+<%'(IIHFWVRI
DFWLYHLPPXQL]DWLRQDJDLQVWJRQDGRWURSKLQUHOHDVLQJKRUPRQHRQWKHFRQFHQWUDWLRQV
RI QRUDGUHQDOLQH GRSDPLQH K\GUR[\WU\SWDPLQH DQG VRPH RI WKHLU PHWDEROLWHV LQ
WKHEUDLQDQGVH[XDORUJDQVRIPDOHUDWV1HXURHQGRFULQRORJ\
.$).$ 03 D 6XFFHVVIXO DQWLGHSUHVVDQW WUHDWPHQW RI QRQSDUDSKLOLF VH[XDO DGGLF
WLRQVDQGSDUDSKLOLDVLQPHQ-RXUQDORI&OLQLFDO3V\FKLDWU\
.$).$03E6XFFHVVIXOWUHDWPHQWRISDUDSKLOLFFRHUFLYHGLVRUGHUDUDSLVWZLWK
IOXR[HWLQHK\GURFKORULGH%ULWLVK-RXUQDORI3V\FKLDWU\
.$).$036HUWUDOLQHSKDUPDFRWKHUDS\IRUSDUDSKLOLDVDQGSDUDSKLOLDUHODWHGGLV
RUGHUV$QRSHQWULDO$QQDOVRI&OLQLFDO3V\FKLDWU\
.$).$03D$PRQRDPLQHK\SRWKHVLVIRUWKHSDWKRSK\VLRORJ\RISDUDSKLOLFGLV
RUGHUV$UFKLYHVRI6H[XDO%HKDYLRU
.$).$03E+\SHUVH[XDOGHVLUHLQPDOHV$QRSHUDWLRQDOGHILQLWLRQDQGFOLQLFDO
LPSOLFDWLRQV IRU PHQ ZLWK SDUDSKLOLDV DQG SDUDSKLOLDUHODWHG GLVRUGHUV $UFKLYHV RI
6H[XDO%HKDYLRU
.$).$ 03  +(11(1 -  3V\FKRVWLPXODQW DXJPHQWDWLRQ GXULQJ WUHDWPHQW ZLWK
VHOHFWLYH VHURWRQLQ UHXSWDNH LQKLELWRUV LQ PDOHV ZLWK SDUDSKLOLDV DQG SDUDSKLOLD
UHODWHGGLVRUGHUV$FDVHVHULHV-RXUQDORI&OLQLFDO3V\FKLDWU\
.$).$3$7+23+<6,2/2*<2)3$5$3+,/,&',625'(56 

.$).$0 +(11(1-$'60,9$[LV,FRPRUELGLW\VWXG\RIPDOHVQ ZLWK

SDUDSKLOLDVDQGSDUDSKLOLDUHODWHGGLVRUGHUV-RXUQDORI6H[XDO$EXVH
.$).$ 03  +(11(1 - LQ SUHVV +\SHUVH[XDO GHVLUH LQ PDOHV $UH PDOHV ZLWK
SDUDSKLOLDVGLIIHUHQWIURPPDOHVZLWKSDUDSKLOLDUHODWHGGLVRUGHUV"6H[XDO$EXVH
.$).$ 03  35(17.< 5  )OXR[HWLQH WUHDWPHQW RI QRQSDUDSKLOLF VH[XDO DGGLF
WLRQVDQGSDUDSKLOLDVLQPHQ-RXUQDORI&OLQLFDO3V\FKLDWU\
.$).$ 03  35(17.< 5$  $WWHQWLRQ GHILFLW K\SHUDFWLYLW\ GLVRUGHU LQ PDOHV
ZLWK SDUDSKLOLDV DQG SDUDSKLOLDUHODWHG GLVRUGHUV $ FRPRUELGLW\ VWXG\ -RXUQDO RI
&OLQLFDO3V\FKLDWU\
.$92866, 5 $5067($' 3  &2&&$52 (  7KH QHXURELRORJ\ RI LPSXOVLYH
DJJUHVVLRQ3V\FKLDWULF&OLQLFVRI1RUWK$PHULFD
.(1'$//' 721*(60RQRDPLQHFRQFHQWUDWLRQVLQHLJKWDUHDVRIWKHEUDLQRI
PDWXUHDQGLPPDWXUHPDOHUDWVDQGWKHHIIHFWVRILQMHFWHGKRUPRQHV>SURFHHGLQJV@
-RXUQDORI3KDUPDF\DQG3KDUPDFRORJ\6XSSO3
.1,*+75 &(5&('9DOLGDWLRQDQGUHYLVLRQRIWKH0XOWLGLPHQVLRQDO$VVHVV
PHQWRI6H[DQG$JJUHVVLRQ3V\FKROLJLFD%HOJLFD
.2*$1%07.$&+(1.2$$'52='29$=HWDO0RQRDPLQHPHWDEROLVPLQ
GLIIHUHQWIRUPVRISDUDSKLOLD>,Q5XVVLDQ@=KXUQDO1HYURSDWRORJLLL3VLNKLDWULL,PHQL
66.RUVDNRYD
.58(*(55% .$3/$106'HSRWOHXSUROLGHIRUWUHDWPHQWRISDUDSKLOLDV$
UHSRUWRIFDVHV$UFKLYHVRI6H[XDO%HKDYLRU
.58(6, 0-3 ),1( 6 9$//$'$5(6 / 3+,//,36 5$  5$323257 -/ 
3DUDSKLOLDV $ GRXEOHEOLQG FURVVRYHU FRPSDULVRQ RI FORPLSUDPLQH YHUVXV
GHVLSUDPLQH$UFKLYHVRI6H[XDO%HKDYLRU
/(9,15-+XPDQPDOHVH[XDOLW\$SSHWLWHDQGDURXVDOGHVLUHDQGGULYH,Q&5
/HJJ  ' %RRWK (GV $SSHWLWH 1HXUDO DQG EHKDYLRUDO EDVHV SS 
2[IRUG2[IRUG8QLYHUVLW\3UHVV
/(9,76.< $0  2 :(16 1-  3KDUPDFRORJLF WUHDWPHQW RI K\SHUVH[XDOLW\ DQG
SDUDSKLOLDV LQ QXUVLQJ KRPH UHVLGHQWV -RXUQDO RI WKH $PHULFDQ *HULDWULFV 6RFLHW\

/255$,1 '6 0$786=(:,&+ / )5,('0$1 5'  +8// (0  ([WUDFHOOXODU
VHURWRQLQ LQ WKH ODWHUDO K\SRWKDODPLF DUHD LV LQFUHDVHG GXULQJ WKH SRVWHMDFXODWRU\
LQWHUYDODQGLPSDLUVFRSXODWLRQLQPDOHUDWV-RXUQDORI1HXURVFLHQFH
/255$,1'5,2/2-0$786=(:,&+/ + 8//(/DWHUDOK\SRWKDODPLFVHURWR
QLQLQKLELWVQXFOHDVDFFXPEHQVGRSDPLQH,PSOLFDWLRQVIRUVH[XDOVDWLHW\-RXUQDORI
1HXURVFLHQFH
0$(6 0 ' ( 926 1 9$1 +816(/ ) HW DO D 3HGRSKLOLD LV DFFRPSDQLHG E\
LQFUHDVHG SODVPD FRQFHQWUDWLRQV RI FDWHFKRODPLQHV LQ SDUWLFXODU HSLQHSKULQH
3V\FKLDWU\5HVHDUFK
0$(60 9$1:(67''(9261HWDOE/RZHUEDVHOLQHSODVPDFRUWLVRODQG
SURODFWLQWRJHWKHUZLWKLQFUHDVHGERG\WHPSHUDWXUHDQGKLJKHUP&33LQGXFHGFRUWL
VROUHVSRQVHVLQPHQZLWKSHGRSKLOLD1HXURSV\FKRSKDUPDFRORJ\
0$6 0  1HXURELRORJLFDO FRUUHODWHV RI PDVFXOLQH VH[XDO EHKDYLRU 1HXURVFLHQFH
DQG%LREHKDYLRUDO5HYLHZV
0$6 0 )80(52 % )(51$1'(=9(5$ -5  *21=$/(=025$ -/  1HXUR
FKHPLFDO FRUUHODWHV RI VH[XDO H[KDXVWLRQ DQG UHFRYHU\ DV DVVHVVHG E\ LQ YLWUR
PLFURGLDO\VLV%UDLQ5HVHDUFK
0&( /52<6/6287(//2&$7$</253HWDO3V\FKLDWULFIHDWXUHVRIFRQ
YLFWHGVH[XDORIIHQVHV-RXUQDORI&OLQLFDO3V\FKLDWU\
0&.(11$ .(  1HXUDO FLUFXLWU\ LQYROYHG LQ VH[XDO IXQFWLRQ -RXUQDO RI 6SLQDO
&RUG0HGLFLQH
0(6721&0 )52/,&+3)7KHQHXURELRORJ\RIVH[XDOIXQFWLRQLQJ$UFKLYHVRI
*HQHUDO3V\FKLDWU\
0217(-2 $/ //25&$ * ,=48,(5'2 -$  5,&29,//$'(5026 )  '\VIXQFWLRQ
,QFLGHQFH RI VH[XDO G\VIXQFWLRQ DVVRFLDWHG ZLWK DQWLGHSUHVVDQW DJHQWV $ SURVSHFWLYH
PXOWLFHQWHUVWXG\RISDWLHQWV-RXUQDORI&OLQLFDO3V\FKLDWU\6XSSO
2'212+8(:5(*(9/* + $*67520$3UREOHPVZLWKWKH'60,9GLDJQR
VLVRISHGRSKLOLD6H[$EXVH
  $11$/61(:<25.$&$'(0<2)6&,(1&(6

3)$86 -*  +RPRORJLHV RI DQLPDO DQG KXPDQ VH[XDO EHKDYLRUV +RUPRQHV DQG
%HKDYLRU
320(5$17= 60  0RQRDPLQH LQIOXHQFHV RQ PDOH VH[XDO EHKDYLRU RI QRQKXPDQ
SULPDWHV,Q-%DQFURIWHG7KHSKDUPDFRORJ\RIVH[XDOIXQFWLRQDQGG\VIXQFWLRQ
SS$PVWHUGDP(OVHYLHU6FLHQFH
35(17.<5$ % 85*(66$:'LDJQRVLVDQGFODVVLILFDWLRQ,Q5$3UHQWN\
$: %XUJHVV (GV )RUHQVLF PDQDJHPHQW RI VH[XDO RIIHQGHUV SS  1HZ
<RUN.OXYHU$FDGHPLV3OHQXP
5$<021' 1& &2/(0$1 ( 2+/(5.,1* ) &+5,67(1621 *$  0,1(5 0 
3V\FKLDWULF FRPRUELGLW\ LQSHGRSKLOLFVH[ RIIHQGHUV$PHULFDQ-RXUQDORI 3V\FKLD
WU\
5(66/(5.- 1 (0(52))&%5ROHRIVHURWRQHUJLFDQGQRUDGUHQHUJLFV\VWHPV
LQWKHSDWKRSK\VLRORJ\RIGHSUHVVLRQDQGDQ[LHW\GLVRUGHUV'HSUHVVLRQDQG$Q[LHW\
6XSSO
526/(5 $  :,7=780 (  7UHDWPHQW RI PHQ ZLWK SDUDSKLOLD ZLWK D ORQJDFWLQJ
DQDORJXH RI JRQDGRWURSLQUHOHDVLQJ KRUPRQH 1HZ (QJODQG -RXUQDO RI 0HGLFLQH

58%,167(,1(% ( 1*(/1/6XFFHVVIXOWUHDWPHQWRIWUDQVYHVWLFIHWLVKLVPZLWK
VHUWUDOLQHDQGOLWKLXP-RXUQDORI&OLQLFDO3V\FKLDWU\
628%5,(35HFRQFLOLQJWKHUROHRIFHQWUDOVHURWRQLQQHXURQVLQKXPDQDQGDQLPDO
EHKDYLRU%HKDYLRXUDO%UDLQ5HVHDUFK
7+,%$87 ) &25',(5 %  .8+1 -0  (IIHFW RI D ORQJODVWLQJ JRQDGRWURSKLQ
KRUPRQHUHOHDVLQJDJRQLVWLQVL[FDVHVRIVHYHUHPDOHSDUDSKLOLD$FWD3V\FKLDWULFD
6FDQGLQDFLFD
<$7(6$&RQGXFWGLVRUGHU,Q*2*DEEDUG(G7KHWUHDWPHQWRISV\FKLDWULF
GLVRUGHUV UG HG 9RO  SS  :DVKLQJWRQ '& $PHULFDQ 3V\FKLDWULF
3XEOLVKLQJ
=+$1*/0$:%$5.(5-/ 58%,12:'56H[GLIIHUHQFHVLQH[SUHVVLRQ
RIVHURWRQLQUHFHSWRUVVXEW\SHV$DQG$LQUDWEUDLQ$SRVVLEOHUROHRIWHVWRVWHU
RQH1HXURVFLHQFH
=2+$5 - .$3/$1 =  %(1-$0,1 -  &RPSXOVLYH H[KLELWLRQLVP VXFFHVVIXOO\
WUHDWHG ZLWK IOXYR[DPLQH $ FRQWUROOHG FDVH VWXG\ -RXUQDO RI &OLQLFDO 3V\FKLDWU\


View publication stats