,QWHUQDWLRQDO-RXUQDORI(DUWK6FLHQFHVDQG(QJLQHHULQJ

,6619RO1R6SOLVVXH0DUFKSS



9DULDWLRQRI:LQG3UHVVXUHRQ&DQRS\5RRIV


$.52<$.$+8-$DQG9.*837$
'HSDUWPHQWRI&LYLO(QJLQHHULQJ,QGLDQ,QVWLWXWHRI7HFKQRORJ\5RRUNHH,QGLD
(PDLODPULWZRUOG#JPDLOFRP



$EVWUDFW 'LVDVWHU VWXGLHV KDYH UHYHDOHG WKDW ORZ ULVH URRIHG VWUXFWXUH RI GLIIHUHQW
JHRPHWULFIRUPVKDVVXIIHUHGDQLQFRQVLVWHQF\LQZLQGLQGXFHGGDPDJH/RZULVHEXLOGLQJV
DUHGHVLJQHGDJDLQVWZLQGXVLQJSUHVVXUHFRHIILFLHQWVRQZDOODQGURRIVXUIDFHVDVDYDLODEOH
LQUHOHYDQWFRGHRISUDFWLFHV,QFDVHRIFDQRS\URRIVYHU\OLPLWHGLQIRUPDWLRQLVDYDLODEOHLQ
FRGHRISUDFWLFHV7KHSUHVHQWSDSHUGHVFULEHVWKHHIIRUWVWDNHQWRFROOHFWPRUHLQIRUPDWLRQ
LQ WKLV DUHD :LQG SUHVVXUH GLVWULEXWLRQ RQ FDQRS\URRI PRGHOV RI YDU\LQJ VORSH LV
GHWHUPLQHG LQ WKH FORVHGFLUFXLW ZLQG WXQQHO 0HDQ 506 0D[LPXP DQG 0LQLPXP
SUHVVXUHV DUH PHDVXUHG RQ WKH VXUIDFHV RI WKH PRGHOV IRU  ZLQG GLUHFWLRQV LQ RUGHU WR
VWXG\ WKH LQIOXHQFH RI ZLQG LQFLGHQFH DQJOH 7KH GLVWLQJXLVKLQJ UHODWLRQVKLS EHWZHHQ WKH
SUHVVXUH FRHIILFLHQWV DW IRXU SUHVVXUH WDSLQJ SRLQWV RQ WKH HGJH RI WKH URRIV ZLWK GLIIHUHQW
ZLQG LQFLGHQW DQJOH IRU GLIIHUHQW URRI VORSH DUH REVHUYHG )RU ERWK WKH ORZHU DQG XSSHU
VXUIDFH SUHVVXUH FRHIILFLHQWV YDULDWLRQLV SUHVHQWHG VR WKDW ZH FDQ FDOFXODWH WKH QHW DFWLQJ
SUHVVXUH RQ WKH URRI VXUIDFH 7KH ORFDO SRLQW SUHVVXUHV LQGLFDWH WKDW FORVH WR WKH FRUQHU
HGJHVDQGQHDUULGJHOLQHRIWKHURRIVXUIDFHWKHODUJHVWVXFWLRQSUHVVXUHRFFXUV


.H\ZRUGV &DQRS\URRI URRI DQJOH ERXQGDU\ OD\HU IORZ ZLQG LQFLGHQW DQJOH SUHVVXUH
FRHIILFLHQWFRQWRXUV



,QWURGXFWLRQ


&DQRS\ URRIV DUH XVHG IRU PDQ\ VWUXFWXUHV

VXFK DV DJULFXOWXUDO IDFLOLWLHV EDUQV HWF
EXV DQG UDLOZD\ VWDWLRQV FDUSRUWV DQG
PRGHUQ OLJKWZHLJKW WHQVLRQ PHPEUDQH
VWUXFWXUHV6LQFHWKHURRIVDUHVXSSRUWHGE\
FROXPQVDQGQRZDOOVZLQGDFWLRQLVGLUHFWO\
H[HUWHG ERWK RQ WKH XSSHU DQG ORZHU
VXUIDFHV 7KHUHIRUH WKHVH URRIV VHHP PRUH
YXOQHUDEOH WR ZLQG DFWLRQV WKDQ WKRVH RI
HQFORVHG EXLOGLQJV ,Q SUDFWLFH VXFK URRIV
RIWHQ
H[SHULHQFH
GDPDJH
GXULQJ
ZLQGVWRUPV
6LQFH ZLQG IORZ DURXQG IUHHVWDQGLQJ
FDQRS\URRIVLVUDWKHUFRPSOLFDWHGWKHZLQG
IRUFHV RQ WKH URRIV DUH LQIOXHQFHG E\ PDQ\
IDFWRUV VXFK DV URRI VKDSH URRI SLWFK
REVWUXFWLRQ XQGHU WKH URRI DQG ZLQG
GLUHFWLRQ$OWKRXJKVHYHUDOUHVHDUFKHUVKDYH
PDGH H[WHQVLYH VWXGLHV RQ WKLV VXEMHFW WKH
QXPEHU RI WKH VWXGLHV LV UDWKHU OLPLWHG
FRPSDUHG ZLWK WKDW RI HQFORVHG EXLOGLQJV
7KLV LV SUREDEO\ GXH WR GLIILFXOWLHV LQ PRGHO
PDNLQJ DQG SUHVVXUH PHDVXUHPHQW LQ WKH
ZLQGWXQQHOH[SHULPHQWV
*XPOH\  PDGH DQ H[WHQVLYH
SDUDPHWULFVWXG\LQYHVWLJDWLQJWKHHIIHFWVRI
URRI VKDSH URRI SLWFK DVSHFW UDWLR RI WKH

URRI HDYHV KHLJKW ZLQG GLUHFWLRQ DQG

LQWHUQDO VWDFNLQJ DUUDQJHPHQW RQ FDQRS\
URRI ZLQG IRUFHV +H PHDVXUHG WKH PHDQ
DQG SHDN SUHVVXUHV VSDWLDOO\ DYHUDJHG RYHU
YDULRXVDUHDVRIWKHURRI6XEVHTXHQWO\IXOO
VFDOH PHDVXUHPHQWV RI ZLQG SUHVVXUHV RQ
WZRDJULFXOWXUDOFDQRS\URRIVWUXFWXUHVZHUH
UHSRUWHG E\ 5REHUWVRQ HW DO  %DVHG
RQ WKH UHVXOWV WKH\ SURSRVHG D VHW RI ZLQG
IRUFH FRHIILFLHQWV IRU GHVLJQLQJ VXFK
VWUXFWXUHV $QRWKHU LPSRUWDQW VHW RI
H[SHULPHQWVZDVXQGHUWDNHQE\/HWFKIRUGHW
DO  DQG *LQJHU HW DO  7KH\
PHDVXUHG WKH PHDQ DQG SHDN SUHVVXUHV DW
SRLQWV DQG VSDWLDOO\ DYHUDJHG RYHU VHYHUDO
DUHDVRIWKHURRI%DVHGRQDFRPSDULVRQRI
WKHLUUHVXOWVZLWKWKH$XVWUDOLDQZLQGORDGLQJ
FRGH  YHUVLRQ WKH\ SRLQWHG RXW WKDW
WKHFRGHSURYLVLRQVPLJKWXQGHUHVWLPDWHWKH
ZLQG ORDGV VLJQLILFDQWO\ LQ VRPH FDVHV :X
HW DO  KDV DOVR VWXGLHG LQIOXHQFH RI
LQFLGHQW ZLQG WXUEXOHQFH RQ SUHVVXUH
IOXFWXDWLRQVQHDUIODWURRIFRUQHUV
5HFHQWO\ $OWPDQ  KDV PDGH
H[WHQVLYH PHDVXUHPHQWV RI RYHUDOO IRUFHV
DQG PRPHQWV DFWLQJ RQ PRQRVORSHG DQG
GXRSLWFKHG FDQRS\ URRIV XVLQJ D KLJK
IUHTXHQF\ IRUFH EDODQFH GHYHORSHG DW
&OHPVRQ 8QLYHUVLW\ 86$ %DVHG RQ WKH

&RS\ULJKW&$)(7,1129$7(&+1,&$/62&,(7<$OOULJKWVUHVHUYHG



$.52<$.$+8-$DQG9.*837$

H[SHULPHQWDO UHVXOWV KH SURSRVHG D VHW RI

ZLQG IRUFH FRHIILFLHQWV WR EH XVHG IRU
GHVLJQLQJ WKH PDLQ ZLQG IRUFH UHVLVWLQJ
V\VWHPV 8HPDWVX HW DO  UHYLHZHG
WKH SUHYLRXV VWXGLHV LQFOXGLQJ WKH
DERYHPHQWLRQHG RQHV DQG FRPSDUHG WKH
UHVXOWV ZLWK HDFK RWKHU 5HJDUGLQJ WKH
FKDUDFWHULVWLFVRIWKHZLQGIRUFHV RQFDQRS\
URRIVWKH\GHWHFWHGWKHIROORZLQJIHDWXUHV
 7KH URRI SLWFKHV  DIIHFWV WKH ZLQG
IRUFHVPRVWVLJQLILFDQWO\+RZHYHULWVHIIHFW
EHFRPHVPLQXWHZKHQ!
 7KHUH H[LVWV D VLJQLILFDQW GLVSDULW\
EHWZHHQWKHUHVXOWVRISUHYLRXVH[SHULPHQWV
IRU ORZ URRI SLWFKHV VXFK DV   IRU
H[DPSOH 7KH UHVXOWV IRU PHGLXP URRI
SLWFKHV   ! DJUHH UHODWLYHO\ ZHOO
ZLWKHDFKRWKHU
 'HWDLOV RI WKH PRGHO VXFK DV URRI
WKLFNQHVVDQGURRIVXSSRUWLQJV\VWHPDIIHFW
WKHUHVXOWVVLJQLILFDQWO\
&DOFXODWLRQ RI RFFDVLRQDO ORDGV OLNH ZLQG
ORDGV RQ VWUXFWXUHV UHTXLUH LQIRUPDWLRQ RQ
GHVLJQ ZLQG VSHHG DQG SUHVVXUH RU IRUFH
FRHIILFLHQWVZKLFKFDQEHREWDLQHGIURPWKH
UHOHYDQWFRGHVRISUDFWLFHRUOLWHUDWXUHWRWKH
H[WHQW LW LV DYDLODEOH >$61=6 
$6&(,6SDUW
1%&3DUW@
$FFRUGLQJWR,QGLDQ6WDQGDUG,6SDUW
WKHSUHVVXUHFRHIILFLHQWV&SIRU
SLWFKHG IUHH URRIV DQG WURXJKHG IUHH URRIV
DUH DYDLODEOH RQO\ IRU IHZ ZLQG LQFLGHQFH
DQJOHV DQG RQO\ IRU WZR URRI VORSHV QDPHO\
 DQG  7KH SUHVVXUH FRHIILFLHQWV DUH
QRWDYDLODEOHIRURWKHUZLQGLQFLGHQFHDQJOHV
DQG URRI VORSHV )XUWKHU DYDLODEOH
LQIRUPDWLRQ GRHV QRW LQFOXGH ZLQG SUHVVXUH
FRHIILFLHQWV &S RQ FRUQHUV ZKHUH KLJK
SUHVVXUHRUVXFWLRQLVH[SHFWHGHVSHFLDOO\LQ
FDVHRIVNHZDQJOHV
,Q WKLV SDSHU DQ HIIRUW KDV EHHQ PDGH LQ
WKH
SUHVHQW
VWXG\
WR
LQYHVWLJDWH
H[SHULPHQWDOO\WKHGLVWULEXWLRQRIZLQGORDGV
DFWLQJ RQ FDQRS\ URRI ZLWK YDU\LQJ URRI
VORSHV IRU GLIIHUHQW ZLQG LQFLGHQFH DQJOH
7KLV SDSHU DOVR REVHUYHG WKH ORFDO QHW
SUHVVXUHV RU WKH SUHVVXUH GLIIHUHQFH
EHWZHHQWKHXSSHUDQGORZHUVXUIDFHV






([SHULPHQWDO3URJUDPPH

7KH H[SHULPHQW ZDV FRQGXFWHG RQ WKH

FDQRS\ URRIHG EXLOGLQJ PRGHOV RI GLIIHUHQW
URRI VORSH LQ WKH FORVHGFLUFXLW ZLQG WXQQHO
DW ,,7 5RRUNHH )RU WKH EHQHILW RI WKH
UHDGHUV D EULHI LQWURGXFWLRQ RI WKH
H[SHULPHQWDOVHWXSLVJLYHQQH[W


'HWDLOVRI7HVW0RGHOV


,Q WKH SUHVHQW VWXG\ WKH GLPHQVLRQV RI IXOO

VFDOHEXLOGLQJZLWKFDQRS\URRIDUHWDNHQDV
OHQJWK P
ZLGWK P
DQG
HDYHV
KHLJKW P 7KH H[SHULPHQWDO VWXG\ LV
FRQGXFWHG E\ PDNLQJ  VFDOH PRGHOV RI
FDQRS\URRI EXLOGLQJ XVLQJ 3HUVSH[ VKHHWV
ZLWK SUHVVXUH SRLQWV RQ XSSHU DV ZHOO DV
ORZHU VXUIDFHV )RXU PRGHOV DUH PDGH ZLWK
URRI VORSHV QDPHO\    DQG 
'LPHQVLRQV RI DOO WKH PRGHOV DUH  PP
OHQJWKPPZLGWKPPHDYHV
KHLJKWDVVKRZQLQ)LJDQG)LJ
7KH SUHVVXUH WDSSLQJ DUUDQJHPHQWV RI WKH
FDQRS\URRI PRGHOV LV VKRZQ LQ )LJ E
DQG )LJ E 7KH FRUQHU SUHVVXUH WDSLQJV
ZHUH GHQVHO\ DUUDQJHG FORVH WR WKH URRI
HGJH DQG ULGJH OLQH RI WKH FDQRS\ URRI LQ
RUGHUWRVWXG\WKHEHKDYLRXURQWKDWSRUWLRQ
LQGHWDLOV
7KH SUHVVXUH WDSLQJ LQVWDOODWLRQ RI WKH
H[SHULPHQWDOURRIPRGHOVLVVKRZQLQ)LJ
,QWKLVILJXUH33DQG3DUHWKHSUHVVXUH
WDSSLQJ SRLQW RQ WKH XSSHU VXUIDFH RI WKH
IODW URRI PRGHO DQG 3 3 DQG 3 DUH WKH
SUHVVXUH WDSLQJ SRLQWV RQ WKH ORZHU VXUIDFH
RI WKH PRGHO 3UHVVXUH WXEHV FRPHV RXW
IURP WKDW SRLQWV DUH FRQQHFWHG ZLWK WKH
SUHVVXUHVHQVRUDQGFRPSXWHUWRUHFRUGWKH
SUHVVXUH $  VFDOH PRGHO RI  VORSH
FDQRS\URRISODFHGRQDWXUQWDEOHLVVKRZQ
LQ)LJDDQGWKHVDPHVFDOHPRGHORI
VORSH FDQRS\ URRI SODFHG RQ D WXUQWDEOH LV
VKRZQLQ)LJE


)ORZ&KDUDFWHULVWLFV


$OO WKH PRGHOV DUH WHVWHG LQ ERXQGDU\ OD\HU

IORZ FRUUHVSRQGLQJ WR WHUUDLQ FDWHJRU\  DV
SHU ,6  SDUW LQ WKH FORVHG
FLUFXLW ZLQG WXQQHO KDYLQJ FURVV VHFWLRQ 
PZLGWK[PKHLJKW)LJ
0HDQ 506 0D[LPXP DQG 0LQLPXP
SUHVVXUHV DUH PHDVXUHG RQ ERWK WKH XSSHU
DQGORZHUVXUIDFHVRIWKHPRGHOVIRUZLQG

,QWHUQDWLRQDO-RXUQDORI(DUWK6FLHQFHVDQG(QJLQHHULQJ
,6619RO1R6SOLVVXH0DUFKSS

9DULDWLRQRI:LQG3UHVVXUHRQ&DQRS\5RRIV
GLUHFWLRQVQDPHO\
DQG  LQ RUGHU WR VWXG\ WKH LQIOXHQFH RI
ZLQGLQFLGHQFHDQJOH


3UHVVXUH 7DSSLQJ $UUDQJHPHQW DQG

1RPHQFODWXUH


7KH SUHVVXUH WDSLQJ DUUDQJHPHQWV IRU 

URRI VORSH LH IODW URRI DQG IRU URRI VORSH
EHWZHHQ  WR  LV VKRZQ LQ )LJ  ,Q
WKLV FDVH VWXG\ IRXU SRLQWV DUH WDNHQ IRU
FRQVLGHUDWLRQ RI WKH ORFDO SUHVVXUH RQ WKH
FRUQHU DQG QHDU WKH ULGJHOLQH 2XW RI WKHVH
IRXUSRLQWVWZRSRLQWVDUH VHOHFWHGQHDUWKH
FRUQHU SRVLWLRQ RI WKH URRI VXUIDFH DQG WKH
RWKHU WZR SRLQWV DUH IURP WKH ORFDWLRQ QHDU
ULGJHOLQH7KHFRUQHUSRLQWVLQFDVHRIXSSHU
URRIVXUIDFHDUH$DQG$7KHSRLQWVQHDU
WKH ULGJHOLQH DUH $ DQG $ IRU XSSHU URRI
VXUIDFH )RU IODW URRI PRGHO RQO\ RQH SRLQW
VLPLODU WR WKH ULGJH OLQH LV FRQVLGHUHG IRU
FRPSDULQJ WKH UHVXOWV ZLWK WKH RWKHU URRI
VORSHV


5HVXOWVDQG'LVFXVVLRQ


6\VWHPDWLF PHDVXUHPHQWV RI ZLQG SUHVVXUH

DUH FRQGXFWHG DW WKH H[SHULPHQWDO PRGHO
5HFRUGHG ZLQG SUHVVXUH GDWD DW HDFK WDS
ORFDWLRQDUHXVHGWRFDOFXODWH0HDQ506
0D[LPXP DQG 0LQLPXP SUHVVXUH YDOXHV
7KHQ WKHVH SUHVVXUH YDOXHV S DUH
SUHVHQWHG LQ WKH IRUP RI SUHVVXUH
FRHIILFLHQWV&SXVLQJWKHPHDQZLQGVSHHG
8K DW WKH URRI KHLJKW DV WKH UHIHUHQFH
YHORFLW\HJ


ZKHUHLVWKHGHQVLW\RIDLU

9DULDWLRQ RI 3UHVVXUH :LWK 5HVSHFW WR

'LIIHUHQW3DUDPHWHUV


7KH FRQYHQWLRQ IRU SRVLWLYH URRI SUHVVXUH

ZLQG IRUFH DQG WKH FRUUHVSRQGLQJ SUHVVXUH
DQGIRUFHFRHIILFLHQWVRQHLWKHUWKHXSSHURU
ORZHU VXUIDFH LV DOZD\V IURP WKH DLU VLGH
RQWRWKHURRIVXUIDFH7KHQHWZLQGLQGXFHG
SUHVVXUH DQG IRUFH RQ WKH URRI GXH WR WKH
FRPELQHGHIIHFWRIWKHXSSHUDQGORZHUURRI
VXUIDFHV DUH GHILQHG DV SRVLWLYH LQ WKH
YHUWLFDOO\
GRZQZDUG
GLUHFWLRQ
7KH
UHODWLRQVKLSLVOLNHWKHIROORZLQJH[SUHVVLRQ




7KH ZLQG LQFLGHQW DQJOH  DUH PHDVXUHG DV
 ZKHQ ZLQG FRPLQJ GLUHFWO\
SHUSHQGLFXODU WR ULGJHOLQH RI WKH FDQRS\
URRI
)RU ERWK WKH ORZHU DQG XSSHU VXUIDFH
SUHVVXUH FRHIILFLHQWV YDULDWLRQ LV SUHVHQWHG
VR WKDW ZH FDQ FDOFXODWH WKH QHW DFWLQJ
SUHVVXUH RQ WKH URRI VXUIDFH &DQRS\ URRI
DUH H[SHULHQFH VXFWLRQ DQG FRPSUHVVLRQ
SUHVVXUH LQ VLJQLILFDQW DPRXQW ,Q 7DEOH 
DQG 7DEOH  PD[LPXP VXFWLRQ DQG
FRPSUHVVLRQ SUHVVXUH FRHIILFLHQWV DUH
VKRZQ )URP WKH UHVXOWV SUHVHQWHG LQ 7DEOH
 LW FDQ EH VHHQ WKDW WKH KLJKVXFWLRQ
SUHVVXUH FRHIILFLHQW RQ FDQRS\ URRI RI 
VORSH RFFXUV DW ZLQG LQFLGHQW DQJOH  ,Q
7DEOH  LW VKRZV WKDW WKH KLJKFRPSUHVVLRQ
SUHVVXUH FRHIILFLHQW RQ FDQRS\ URRI RI 
VORSHRFFXUVDWZLQGLQFLGHQWDQJOH
2QWKHVHSUHVVXUHVWDSSLQJSRLQWVWKHPHDQ
SUHVVXUH FRHIILFLHQWV DW  ZLQG LQFLGHQW
DQJOHV QDPHO\      
DQG  RQ WKH XSSHU DQG ORZHU VXUIDFH RI
FDQRS\URRI ZLWK YDU\LQJ URRI VORSH DUH
VKRZQ LQ WKH )LJ  WR )LJ  7KH
GLVWLQJXLVKLQJ UHODWLRQVKLS EHWZHHQ WKH
SUHVVXUHFRHIILFLHQWVDWIRXUSUHVVXUHWDSLQJ
SRLQWV RQ WKH HGJH RI WKH URRIV $ $ $
DQG $ ZLWK GLIIHUHQW ZLQG LQFLGHQW DQJOH
IRUGLIIHUHQWURRIVORSHDUHVKRZQLQ)LJ
,Q )LJ  SUHVVXUH YDULDWLRQ RQ WKH IRXU
SRLQWV XQGHU FRQVLGHUDWLRQ VKRZV WKDW QHDU
WKH FRUQHU WKH URRI LV XQGHU KLJK VXFWLRQ
SUHVVXUH DW DFXWH ZLQG LQFLGHQW DQJOHV LH
! $IWHU WKLV WKH SUHVVXUH YDOXHV
GHFUHDVHV DQG DWWDLQ PD[LPXP YDOXH RI
FRPSUHVVLYHSUHVVXUHIRUURRIVORSHDQG
DWZLQGLQFLGHQWDQJOH


3UHVVXUH3DWWHUQRQ5RRI6XUIDFHV


7KH SUHVVXUH FRQWRXUV VXSHULPSRVHG RQ WKH

W\SLFDO VWUXFWXUDO IUDPLQJ SDWWHUQ RQ ERWK
WKH XSSHU DQG ORZHU VXUIDFH RI WKH  URRI
VORSHIODWURRIDQGURRIVORSHVIRU
GLIIHUHQW ZLQG LQFLGHQW DQJOH ZKLFK LV
VLJQLILFDQWO\
GHVFULEHV
WKH
SUHVVXUH
YDULDWLRQV RQ WKH URRI VXUIDFH DUH VKRZQ LQ
)LJ  WR )LJ  UHVSHFWLYHO\ )URP WKHVH
FRQWRXUV LW LV REVHUYHG WKDW WKH FRUQHU
SRLQWV DUH RI KLJK VXFWLRQ YDOXHV LQ
FRPSDULVRQ ZLWK WKH RWKHU SRUWLRQ RI WKH


,QWHUQDWLRQDO-RXUQDORI(DUWK6FLHQFHVDQG(QJLQHHULQJ
,6619RO1R6SOLVVXH0DUFKSS

$.52<$.$+8-$DQG9.*837$



URRI VXUIDFH 7KH GLIIHUHQW ]RQH ZLVH

SUHVVXUH YDULDWLRQ DQG WKH UHTXLUHG GHVLJQ
FRQGLWLRQFDQEHHVWDEOLVKHGZLWKKHOSRIWKH
UHVXOWVVWDWHGLQWKHSUHVHQWVWXG\


&RQFOXVLRQV


7KH IROORZLQJ FRQFOXVLRQV DUH GUDZQ IURP

WKHVWXG\UHSRUWHGLQWKLVSDSHU
 7KHURRISLWFKHVDIIHFWVWKHZLQGIRUFHV
PRVWVLJQLILFDQWO\
 7KH FDQRS\ URRIV RI   VORSHV DUH
H[SHULHQFLQJ KLJKVXFWLRQ SUHVVXUH DW ZLQG
LQFLGHQWDQJOH
 7KH
KLJKFRPSUHVVLRQ
SUHVVXUH
FRHIILFLHQWIRUFDQRS\URRIVORSHVRFFXUV
DWZLQGLQFLGHQWDQJOHFORVH
 1HDU WKH FRUQHU WKH URRI LV XQGHU KLJK
VXFWLRQ SUHVVXUH DW DFXWH ZLQG LQFLGHQW
DQJOHV LH ! $IWHU WKLV WKH
SUHVVXUH YDOXHV GHFUHDVHV DQG DWWDLQ
PD[LPXPYDOXHRIFRPSUHVVLYHSUHVVXUHIRU
URRI VORSH  DQG DW ZLQG LQFLGHQW DQJOH

 1HDUWKHULGJHOLQHIRUURRIVORSHWKH
VXFWLRQ SUHVVXUH LV KLJK EXW IRU  URRI
VORSH WKH SUHVVXUH LV RI FRPSUHVVLRQ LQ
QDWXUH
 )RU GHVLJQLQJ WKH IL[LQJ HOHPHQW DQG
FODGGLQJ HOHPHQW FRUQHU DUHD  DQG WKH DUHD
QHDU WKH ULGJH OLQH VKRXOG EH WDNHQ LQWR
VSHFLDO FDUH LH LW VKRXOG EH VDIH DJDLQVW
KLJK WHQVLOH DQG KLJK FRPSUHVVLRQ IRUFH
FRPLQJRQWKHURRIVXUIDFH

3UHVVXUH FRHIILFLHQWV IRU FDQRS\URRIV
ZLWK GLIIHUHQW SDUDPHWHU VKRXOG EH
LQFRUSRUDWHG LQ IXWXUH UHYLVLRQV RI ZLQG
ORDGLQJFRGHVVRWKDWGHVLJQHUVPD\GLUHFWO\
XWLOL]H WKH SUHVVXUH YDOXHV DQG VSDWLDO
GLVWULEXWLRQV WKDW LPSURYH WKH VXUYLYDO RI
FDQRS\URRIVWUXFWXUHV

$FNQRZOHGJPHQWV
$SDUW IURP WKH SHUVRQDO HIIRUWV DQG
VWHDGIDVWQHVV WR ZRUN FRQVWDQW LQVSLUDWLRQ
HQFRXUDJHPHQWV DVVLVWDQFH DQG JXLGDQFH
JLYHQ E\ QXPEHU RI LQGLYLGXDOV GLUHFWO\ RU
LQGLUHFWO\ VHUYHG DV WKH GULYLQJ IRUFH LQ
FRPSOHWLRQRIWKLVLQYHVWLJDWLRQ

5HIHUHQFHV


>@$OWPDQ'5:LQGXSOLIWIRUFHV

RQ URRI FDQRSLHV 06F 7KHVLV &OHPVRQ
8QLYHUVLW\
>@$61=6  6WUXFWXUH 'HVLJQ
$FWLRQV 3DUW :LQG $FWLRQV 6WDQGDUG
$XVWUDOLD6WDQGDUGV
1HZ
=HDODQG
6\GQH\:HOOLQJWRQ
>@$6&(  0LQLPXP 'HVLJQ /RDGV IRU
%XLOGLQJVDQGRWKHU6WUXFWXUH6WUXFWXUDO
(QJLQHHULQJ ,QVWLWXWH RI WKH $PHULFDQ
6RFLHW\RI&LYLO(QJLQHHUV5HVWRQ
>@*LQJHU -' /HWFKIRUG &: 
:LQG ORDGV RQ SODQDU FDQRS\ URRIV SDUW
 IOXFWXDWLQJ SUHVVXUH GLVWULEXWLRQV DQG
FRUUHODWLRQV-:LQG(QJ,QG$HURG\Q
9SS
>@*XPOH\6-$SDUDPHWULFVWXG\
RIH[WUHPHSUHVVXUHIRUWKHVWDWLFGHVLJQ
RI FDQRS\ VWUXFWXUHV - :LQG (QJ ,QG
$HURG\Q9SS
>@,6SDUW&RGHRI3UDFWLFHIRUWKH
'HVLJQ /RDGV RWKHU WKDQ (DUWKTXDNH
IRU %XLOGLQJV DQG 6WUXFWXUHV % , 6
1HZ'HOKL,QGLD
>@/HWFKIRUG &: *LQJHU -' 
:LQG ORDGV RQ SODQDU FDQRS\ URRIV 3DUW
 PHDQ SUHVVXUH GLVWULEXWLRQV - :LQG
(QJ,QG$HURG\Q9SS
>@1%& 3DUW 6WUXFWXUDO &RPPHQWDULHV
1DWLRQDO 5HVHDUFK &RXQFLO RI &DQDGD
&DQDGD
>@5REHUWVRQ $3 +R[H\ 5 0RUDQ 3
 $ IXOOVFDOH VWXG\ RI ZLQG ORDGV
RQ DJULFXOWXUDO ULGJHG FDQRS\ URRI
VWUXFWXUHV DQG SURSRVDOV IRU GHVLJQ -
:LQG (QJ ,QG $HURG\Q 9  SS

>@ 8HPDWVX < 6WDWKRSRXORV 7
 :LQG ORDGV RQ IUHHVWDQGLQJ
FDQRS\ URRIV D UHYLHZ - :LQG (QJ
-$:(9SS
>@ :X ) 6DUNDU 3 3 0HKWD . &
=KDR = ,QIOXHQFH RI LQFLGHQW
ZLQGWXUEXOHQFHRQSUHVVXUHIOXFWXDWLRQV
QHDU IODWURRI FRUQHUV - :LQG (QJ ,QG
$HURG\Q9SS

7KH DXWKRUV DUH VXSSRUWHG E\ WKH ODE

DVVLVWDQWVRIWKHERXQGDU\OD\HUZLQGWXQQHO
ODEDW,,75RRUNHH,QGLD


,QWHUQDWLRQDO-RXUQDORI(DUWK6FLHQFHVDQG(QJLQHHULQJ
,6619RO1R6SOLVVXH0DUFKSS

9DULDWLRQRI:LQG3UHVVXUHRQ&DQRS\5RRIV



)LJXUH6FKHPDWLF'LDJUDPRID7\SLFDO([SHULPHQWDO0RGHODQGE3UHVVXUH7DS

/D\RXW


)LJXUH6FKHPDWLF'LDJUDPRID7\SLFDO([SHULPHQWDO0RGHODQGE3UHVVXUH7DS

/D\RXW



,QWHUQDWLRQDO-RXUQDORI(DUWK6FLHQFHVDQG(QJLQHHULQJ
,6619RO1R6SOLVVXH0DUFKSS



$.52<$.$+8-$DQG9.*837$

)LJXUH3UHVVXUH7XEH$UUDQJHPHQWVRQ&DQRS\URRI6HFWLRQ





)LJXUH3KRWRJUDSKRID&DQRS\URRI0RGHOZLWK 6ORSHDQGE&DQRS\5RRI0RGHO

ZLWK6ORSH3ODFHGLQWKH:LQG7XQQHO


)LJXUH6FKHPDWLF'LDJUDP6KRZLQJ&DQRS\5RRI0RGHO3ODFHG$W7HVW6HFWLRQLQ:LQG
7XQQHO


,QWHUQDWLRQDO-RXUQDORI(DUWK6FLHQFHVDQG(QJLQHHULQJ
,6619RO1R6SOLVVXH0DUFKSS

9DULDWLRQRI:LQG3UHVVXUHRQ&DQRS\5RRIV



)LJXUH6FKHPDWLF'LDJUDP6KRZLQJ'LIIHUHQW3RLQWVRQ5RRI6XUIDFHRI7KH'LIIHUHQW
&DQRS\5RRI0RGHOD)ODW5RRIDQG%&DQRS\5RRI:LWK6ORSH


7DEOH9DULDWLRQRIPD[LPXPYHPHDQSUHVVXUHFRHIILFLHQWV


5RRI
6ORSHV




0D[LPXP

0HDQ3UHVVXUH&RHIILFLHQW&SPHDQ
:LQG,QFLGHQW$QJOH




















 





































 




  

 0D[LPXP
















7DEOH9DULDWLRQRIPD[LPXPYHPHDQSUHVVXUHFRHIILFLHQWV


5RRI
6ORSHV


0HDQ3UHVVXUH&RHIILFLHQW&SPHDQ
:LQG,QFLGHQW$QJOH












 0D[LPXP

  













    









    









  











0D[LPXP

  












,QWHUQDWLRQDO-RXUQDORI(DUWK6FLHQFHVDQG(QJLQHHULQJ
,6619RO1R6SOLVVXH0DUFKSS



$.52<$.$+8-$DQG9.*837$


)LJXUH9DULDWLRQRI0D[LPXP0HDQ3UHVVXUH&RHIILFLHQWVZLWK'LIIHUHQW:LQG,QFLGHQW
$QJOHDQG'LIIHUHQW5RRI6ORSHD6XFWLRQDQGE&RPSUHVVLRQ


)LJXUH9DULDWLRQRI0D[LPXP0HDQ3UHVVXUH&RHIILFLHQWVRQ8SSHU5RRI6XUIDFHZLWK
'LIIHUHQW:LQG,QFLGHQW$QJOHDQGGLIIHUHQW5RRI6ORSHD6XFWLRQDQGE&RPSUHVVLRQ


)LJXUH9DULDWLRQRI0D[LPXP0HDQ3UHVVXUH&RHIILFLHQWVRQ/RZHU5RRI6XUIDFH:LWK
'LIIHUHQWZLQG,QFLGHQW$QJOHDQG'LIIHUHQW5RRI6ORSHD6XFWLRQDQGE&RPSUHVVLRQ


,QWHUQDWLRQDO-RXUQDORI(DUWK6FLHQFHVDQG(QJLQHHULQJ
,6619RO1R6SOLVVXH0DUFKSS

9DULDWLRQRI:LQG3UHVVXUHRQ&DQRS\5RRIV




)LJXUH9DULDWLRQRI3UHVVXUH&RHIILFLHQWV:LWK'LIIHUHQWZLQG,QFLGHQW$QJOHDQG
'LIIHUHQW5RRI6ORSHDW'LIIHUHQW3UHVVXUH7DSLQJ3RLQWVD$E$F$G$



,QWHUQDWLRQDO-RXUQDORI(DUWK6FLHQFHVDQG(QJLQHHULQJ
,6619RO1R6SOLVVXH0DUFKSS



$.52<$.$+8-$DQG9.*837$

)LJXUH0HDQ3UHVVXUH&RHIILFLHQW&RQWRXUVRQWKH5RRI6XUIDFHRIWKH)ODW5RRIDW
'LIIHUHQWZLQG,QFLGHQW$QJOHDORQJ/HQJWK


,QWHUQDWLRQDO-RXUQDORI(DUWK6FLHQFHVDQG(QJLQHHULQJ
,6619RO1R6SOLVVXH0DUFKSS

9DULDWLRQRI:LQG3UHVVXUHRQ&DQRS\5RRIV



)LJXUH0HDQ3UHVVXUH&RHIILFLHQW&RQWRXUVRQWKH5RRI6XUIDFHRIWKH&DQRS\5RRIZLWK
5RRI6ORSHDW'LIIHUHQWZLQG,QFLGHQW$QJOHDORQJ/HQJWK



,QWHUQDWLRQDO-RXUQDORI(DUWK6FLHQFHVDQG(QJLQHHULQJ
,6619RO1R6SOLVVXH0DUFKSS



$.52<$.$+8-$DQG9.*837$

)LJXUH0HDQ3UHVVXUH&RHIILFLHQW&RQWRXUVRQWKH5RRI6XUIDFHRIWKH&DQRS\5RRIRI
5RRI6ORSHDW'LIIHUHQWZLQG,QFLGHQW$QJOHDORQJ/HQJWK

,QWHUQDWLRQDO-RXUQDORI(DUWK6FLHQFHVDQG(QJLQHHULQJ
,6619RO1R6SOLVVXH0DUFKSS