6FKRRORI6FLHQFHDQG7HFKQRORJ\

)RRG6FLHQFH/DERUDWRU\
2VWZDOGYLVFRPHWHU
$LP
7RGHWHUPLQHWKHUHODWLRQVKLSEHWZHHQYLVFRVLW\DQGWHPSHUDWXUHIRUVXFURVHVROXWLRQV
3URFHGXUH












2VWZDOGGRF

0DNHXSDVXFURVHVROXWLRQFRQWDLQLQJVXFURVHE\ZHLJKWE\GLVVROYLQJVXJDULQ
ZDWHUDWDUDWHRIJVXFURVHSHUPOZDWHU
6HOHFWDQDSSURSULDWH2VWZDOGYLVFRPHWHUW\SLFDOO\D%RU'YLVFRPHWHU7KH
YLVFRPHWHUVKRXOGJLYHDWLPHRIVHFRQGVRUPRUHZLWKWKHVXFURVHVROXWLRQDW
DPELHQWWHPSHUDWXUH

&ODPSWKHYLVFRPHWHUYHUWLFDOO\LQDEHDNHURIZDWHUDWDPELHQWWHPSHUDWXUH7KH
YLVFRPHWHUPXVWEHYHUWLFDORUHUURUVZLOORFFXU$OORZWRFRPHWRWKHWHPSHUDWXUHRI
WKHZDWHULQWKHEHDNHU

3LSHWWHGLVWLOOHGZDWHULQWRDUP&RIWKHYLVFRPHWHUXQWLOLWLVDERYHWKHPDUNDWWKHWRS
RIWKHEXOE6HHGLDJUDP$OORZWRFRPHWRWKHWHPSHUDWXUHRIWKHZDWHULQWKHEHDNHU

'UDZWKHZDWHUXSWKHRWKHUDUPRIWKHWXEHXQWLOLWLVDERYHPDUN$7LPHWKHZDWHUDV
WKHVXUIDFHIDOOVEHWZHHQPDUNV$DQG%5HSHDWWZLFHPRUHDQGWDNHWKHDYHUDJHRI
WKHWKUHHUHDGLQJVDV\RXUWLPH0HDVXUHWKHWHPSHUDWXUHRIWKHZDWHULQWKHEHDNHU

(PSW\WKHYLVFRPHWHUULQVHRXWZLWKDVPDOOTXDQWLW\RIVXFURVHVROXWLRQDQGSLSHWWHWKH
DSSURSULDWHTXDQWLWLHVRIVXFURVHVROXWLRQLQWRWKHYLVFRPHWHU5HSHDWZLWKWKH
VXFURVHVROXWLRQ
:DUPWKHZDWHULQWKHEHDNHUJHQWO\WRDERXWq&5HSHDWWKHSURFHGXUHLQVWHSV
ZLWKVXFURVHLQWKHYLVFRPHWHU
5HSHDWVWHSIRUWHPSHUDWXUHVRIq&q&q& q&

8VHDGHQVLW\ERWWOHWRPHDVXUHWKHGHQVLW\RIVXFURVHDWWKHYDULRXVWHPSHUDWXUHV
(PSW\DQGULQVHWKHYLVFRPHWHUWKRURXJKO\ZLWKGLVWLOOHGZDWHU

 

*):

7KHRU\
7KHWLPHWDNHQIRUDOLTXLGWRIORZEHWZHHQWKHWZRPDUNVLQDQ2VWZDOGYLVFRPHWHULVD
IXQFWLRQERWKRIG\QDPLFYLVFRVLW\DQGGHQVLW\7KHUHODWLRQVKLSEHWZHHQG\QDPLFYLVFRVLW\DQG
GHQVLW\LVFDOOHGWKHNLQHPDWLFYLVFRVLW\DQGLVGHILQHGDV
'\QDPLF9LVFRVLW\
'HQVLW\
7KH2VWZDOGYLVFRPHWHUWKHUHIRUHPHDVXUHVNLQHPDWLFYLVFRVLW\+RZHYHULIWKHIOXLGLV
1HZWRQLDQWKHG\QDPLFYLVFRVLW\FDQEHGHWHUPLQHGIURPWKHUHODWLRQVKLSDERYH,QSUDFWLFH
VXFURVHVROXWLRQVDUH1HZWRQLDQRYHUQRUPDOO\HQFRXQWHUHGUDQJHVRIVKHDUUDWHV
.LQHPDWLF9LVFRVLW\

$Q2VWZDOGYLVFRPHWHULVQRUPDOO\VXSSOLHGZLWKDYLVFRPHWHUFRQVWDQWZKLFKFDQEHXVHGWR
FDOFXODWHYLVFRVLW\+RZHYHULIRQHLVQRWDYDLODEOHWKHYLVFRVLW\RIWKHWHVWIOXLGFDQEH
FRPSDUHGZLWKRQHZKRVHYLVFRVLW\LVNQRZQHJZDWHUDQGWKHYLVFRVLW\FDOFXODWHGLQWKLV
ZD\
7KXVWKHYLVFRVLW\RIWKHVXFURVHVROXWLRQPD\EHFDOFXODWHGIURP
KV
:KHUH

KZ

WV UV
W ZU Z

'\QDPLFYLVFRVLW\

3DV

WLPH

'HQVLW\

NJP

6XEVFULSWVV Z UHSUHVHQWVXFURVHDQGZDWHUUHVSHFWLYHO\

,QFUHDVLQJWKHWHPSHUDWXUHRIDVROXWLRQQRUPDOO\UHVXOWVLQDQGHFUHDVHLQYLVFRVLW\7KH
WHPSHUDWXUHGHSHQGHQFHRIYLVFRVLW\LVQRUPDOO\H[SUHVVHGDVDQ$UUKHQLXVW\SHUHODWLRQVKLS
KW

$H

:KHUH7LVWKHWHPSHUDWXUHLQ.HOYLQDQG$DQG%DUHFRQVWDQWV

7KXVDJUDSKRIORJYLVFRVLW\YV7ZLOOJLYHDVWUDLJKWOLQHLQWHUFHSWOQ$DQGVORSH%

7UHDWPHQWRIUHVXOWV


&DOFXODWHWKHYLVFRVLW\IRUWKHYDULRXVVXFURVHVROXWLRQV



3ORWDJUDSKRIOQYLVFRVLW\YV77LQ.HOYLQ'HWHUPLQHWKHFRQVWDQWV$DQG%IRU

VXFURVH





2VWZDOGGRF

(VWLPDWHWKHHUURUVLQ\RXUUDZGDWDDQGSURFHVVHGGDWDXVLQJDSSURSULDWHPHWKRGV

&DUU\RXWOHDVWVTXDUHVUHJUHVVLRQRQ\RXUGDWDDQGXVLQJDFRPELQDWLRQRIVLJQLILFDQFH
OHYHOV5 YDOXHVDQGUHVLGXDOSORWVGLVFXVVWKHDSSURSULDWHQHVVRIWKH$UUKHQLXVW\SH
PRGHOWRGHVFULEHWKHUHODWLRQVKLSEHWZHHQYLVFRVLW\DQGWHPSHUDWXUHIRUVXFURVH

 

*):

'DWD
'HQVLW\DQGYLVFRVLW\RIZDWHU
7HPSHUDWXUHq&
'HQVLW\NJP

9LVFRVLW\P3DV
5HIHUHQFH

























%DUQHV+$+XWWRQ-) :DOWHUV.$Q,QWURGXFWLRQWR5KHRORJ\&KDSWHU

(OVHYLHU

2VWZDOG9LVFRPHWHU

2VWZDOGGRF

 

*):