Professional Documents
Culture Documents
World's Largest Science, Technology & Medicine Open Access Book Publisher
World's Largest Science, Technology & Medicine Open Access Book Publisher
105,000+
3,200+ INTERNATIONAL 111+ MILLION
OPEN ACCESS BOOKS AUTHORS AND EDITORS DOWNLOADS
AUTHORS AMONG
BOOKS TOP 1% 12.2%
DELIVERED TO AUTHORS AND EDITORS
MOST CITED SCIENTIST
151 COUNTRIES FROM TOP 500 UNIVERSITIES
:
/WUKE5VTWEVWTG#PCN[UKU5VCVKUVKEU
HQT2QRWNCT5QPIU
1DPXQX&0DGGDJH/L+DL]KRXDQG0RKDQ6.DQNDQKDOOL
6FKRRORI(OHFWULFDODQG&RPSXWHU(QJLQHHULQJ5R\DO0HOERXUQH,QVWLWXWHRI7HFKQRORJ\
50,78QLYHUVLW\6ZDQVWRQ6WUHHW0HOERXUQH$XVWUDOLD
'HSWRI+XPDQ/DQJXDJH7HFKQRORJ\,QVWLWXWHIRU,QIRFRPP5HVHDUFK
)XVLRQRSROLV:D\6LQJDSRUH
6FKRRORI&RPSXWLQJ1DWLRQDO8QLYHUVLW\RI6LQJDSRUH6LQJDSRUH
#DUVTCEV
,Q WKLV FKDSWHU ZH KDYH SURSRVHG D EHWWHU SURFHGXUH IRU PDQXDO DQQRWDWLRQ RI PXVLF
LQIRUPDWLRQ 7KH SURSRVHG DQQRWDWLRQ SURFHGXUH LQYROYHV FDUU\LQJ RXW OLVWHQLQJ WHVWV DQG
WKHQ LQFRUSRUDWLQJ PXVLF NQRZOHGJH WR LWHUDWLYHO\ UHILQH WKH GHWHFWHG PXVLF LQIRUPDWLRQ
8VLQJ WKLV DQQRWDWLRQ WHFKQLTXH ZH FDQ HIIHFWLYHO\ FRPSXWH WKH GXUDWLRQV RI WKH PXVLF
QRWHVWLPHVWDPSWKHPXVLFUHJLRQVLHSXUHLQVWUXPHQWDOSXUHYRFDOLQVWUXPHQWDOPL[HG
YRFDOV DQG VLOHQFH DQG DQQRWDWH WKH VHPDQWLF PXVLF FOXVWHUV FRPSRQHQWV LQ D VRQJ
VWUXFWXUHLH9HUVH9&KRUXV&%ULGJH%,QWUR2XWURDQG0LGGOHHLJKWK
)URP WKH DQQRWDWHG LQIRUPDWLRQ ZH KDYH IXUWKHU GHULYHG WKH VWDWLVWLFV RI PXVLF VWUXFWXUH
LQIRUPDWLRQ:HFRQGXFWHGH[SHULPHQWVRQSRSXODUVRQJVZKLFKZHUHVXQJLQ(QJOLVK
&KLQHVH,QGRQHVLDQDQG*HUPDQODQJXDJHV:HDVVXPHGDFRQVWDQWWHPSRWKURXJKRXWWKH
VRQJDQGPHWHUWREH6WDWLVWLFDODQDO\VLVUHYHDOHGWKDWDQG
RIWKHFRQWHQWVLQDVRQJEHORQJWRLQVWUXPHQWDOPL[HGYRFDOSXUHLQVWUXPHQWDOVLOHQFHDQG
SXUHYRFDOPXVLFUHJLRQV:HDOVRIRXQGRYHURI(QJOLVKDQG,QGRQHVLDQVRQJVDQG
RI&KLQHVHVRQJVXVHG9&9&DQG99&9&VRQJVWUXFWXUHVUHVSHFWLYHO\ZKHUH9DQG&
GHQRWHWKHYHUVHDQGFKRUXVUHVSHFWLYHO\,WLVDOVRIRXQGWKDWRI(QJOLVKVRQJVRI
&KLQHVHVRQJVDQGRI,QGRQHVLDQVRQJVXVHGEDUGXUDWLRQLQERWKFKRUXVDQGYHUVH
+PVTQFWEVKQP
0XVLF LV D XQLYHUVDO ODQJXDJH SHRSOH XVH IRU VKDULQJ WKHLU IHHOLQJV DQG VHQVDWLRQV 7KXV
WKHUH KDYH EHHQ NHHQ UHVHDUFK LQWHUHVWV QRW RQO\ WR XQGHUVWDQG KRZ PXVLF LQIRUPDWLRQ
VWLPXODWHV RXU PLQGV EXW DOVR WR GHYHORS DSSOLFDWLRQV EDVHG RQ PXVLF LQIRUPDWLRQ )RU
H[DPSOH YRFDO DQG QRQYRFDO PXVLF LQIRUPDWLRQ DUH XVHIXO IRU VXQJ ODQJXDJH UHFRJQLWLRQ
V\VWHPV 7VDL HW DW 6FKZHQQLQJHU HW DO O\ULFVWH[W DQG PXVLF DOLJQPHQW
V\VWHPV :DQJ HW DO PRRG FODVVLILFDWLRQ V\VWHPV /X =KDQJ PXVLF JHQUH
FODVVLILFDWLRQ 1ZH /L 7]DQHWDNLV &RRN DQG PXVLF FODVVLILFDWLRQ V\VWHPV
;XHWDO%XUUHG /HUFK$OVRLQIRUPDWLRQDERXWUK\WKPKDUPRQ\PHORG\
www.intechopen.com
' %
&
FRQWRXUV DQG VRQJ VWUXFWXUHV VXFK DV UHSHWLWLRQV RI FKRUXV YHUVH VHPDQWLF UHJLRQV DUH
XVHIXOIRUGHYHORSLQJV\VWHPVIRUHUURUFRQFHDOPHQWLQPXVLFVWUHDPLQJ:DQJHWDO
PXVLFSURWHFWLRQZDWHUPDUNLQJPXVLFVXPPDUL]DWLRQ;XHWDOFRPSUHVVLRQDQG
PXVLFVHDUFK
&RPSXWHUPXVLFUHVHDUFKFRPPXQLW\KDVEHHQGHYHORSLQJDOJRULWKPVWRDFFXUDWHO\H[WUDFW
WKH LQIRUPDWLRQ LQ PXVLF 0DQ\ RI WKH SURSRVHG DOJRULWKPV UHTXLUH JURXQG WUXWK GDWD IRU
ERWK WKH SDUDPHWHU WUDLQLQJ SURFHVV DQG SHUIRUPDQFH HYDOXDWLRQ )RU H[DPSOH WKH
SHUIRUPDQFHRIDPXVLFFODVVLILHUZKLFKFODVVLI\WKHFRQWHQWLQWKHPXVLFVHJPHQWDVYRFDORU
QRQYRFDOFDQEHLPSURYHGZKHQWKHSDUDPHWHUVRIWKHFODVVLILHUDUHWUDLQHGZLWKDFFXUDWH
YRFDODQGQRQYRFDOPXVLFFRQWHQWVLQWKHGHYHORSPHQWGDWDVHW$OVRWKHSHUIRUPDQFHRIWKH
FODVVLILHU FDQ HIIHFWLYHO\ EH PHDVXUHG ZKHQ WKH HYDOXDWLRQ GDWDVHW LV DFFXUDWHO\ DQQRWDWHG
EDVHGRQWKHH[DFWPXVLFFRPSRVLWLRQLQIRUPDWLRQ+RZHYHULWLVGLIILFXOWWRFUHDWHDFFXUDWH
GHYHORSPHQW DQG HYDOXDWLRQ GDWDVHWV EHFDXVH LW LV GLIILFXOW WR ILQG LQIRUPDWLRQ DERXW WKH
PXVLFFRPSRVLWLRQPDLQO\GXHWRFRS\ULJKWUHVWULFWLRQVRQVKDULQJPXVLFLQIRUPDWLRQLQWKH
SXEOLFGRPDLQ 7KHUHIRUH WKH FXUUHQWGHYHORSPHQW DQGHYDOXDWLRQGDWDVHWV DUH FUHDWHG E\
DQQRWDWLQJ WKH LQIRUPDWLRQ WKDW LV H[WUDFWHG XVLQJ VXEMHFWLYH OLVWHQLQJ WHVWV 7DQJKH HW DO
GLVFXVVHG DQ DQQRWDWLRQ PHWKRG IRU GUXP VRXQGV ,Q *RWR ·V PHWKRG PXVLF
VFHQHV VXFK DV EHDW VWUXFWXUH FKRUXV DQG PHORG\ OLQH DUH DQQRWDWHG ZLWK WKH KHOS RI
FRUUHVSRQGLQJ 0,', ILOHV /L HW DO PRGLILHG WKH JHQHUDO DXGLR HGLWLQJ VRIWZDUH VR
WKDWLWEHFRPHVPRUHFRQYHQLHQWIRULGHQWLI\LQJPXVLFVHPDQWLFUHJLRQVVXFKDVFKRUXV7KH
DFFXUDF\ RI VXEMHFWLYH OLVWHQLQJ WHVW KLQJHV RQ VXEMHFW·V KHDULQJ FRPSHWHQFH FRQFHQWUDWLRQ
DQG PXVLF NQRZOHGJH )RU H[DPSOH LW LV RIWHQ GLIILFXOW WR MXGJH WKH VWDUW DQG HQG WLPH RI
YRFDO SKUDVHV ZKHQ WKH\ DUH SUHVHQWHG ZLWK VWURQJ EDFNJURXQG PXVLF ,I WKH OLVWHQHU·V
FRQFHQWUDWLRQ LV GLVWXUEHG WKHQ WKH OLVWHQLQJ FRQWLQXLW\ LV ORVW DQG WKHQ LW LV GLIILFXOW WR
DFFXUDWHO\ PDUN WKH SKUDVH ERXQGDULHV +RZHYHU LI ZH NQRZ WKH WHPSR DQG PHWHU RI WKH
PXVLF WKHQ ZH FDQ DSSO\ WKDW NQRZOHGJH WR FRUUHFW WKH HUURUV RI WKH SKUDVH ERXQGDULHV
ZKLFKDUHGHWHFWHGLQWKHOLVWHQWHVWV
6SHHG RI PXVLF LQIRUPDWLRQ IORZ LV GLUHFWO\ SURSRUWLRQDO WR WHPSR RI WKH PXVLF $XWKRUV
7KHUHIRUH WKH GXUDWLRQ RI PXVLF UHJLRQV VHPDQWLF UHJLRQV LQWHUEHDW LQWHUYDO DQG
EHDW SRVLWLRQV FDQ EH PHDVXUHG DV PXOWLSOHV RI PXVLF QRWHV 7KH SURSRVHG PXVLF
LQIRUPDWLRQDQQRWDWLRQWHFKQLTXHLQWKLVFKDSWHUILUVWORFDWHVWKHEHDWVDQGRQVHWSRVLWLRQV
E\ERWKOLVWHQLQJDQGYLVXDOL]LQJWKHPXVLFVLJQDOXVLQJDJUDSKLFDOZDYHIRUPHGLWRU6LQFH
WKHWLPHGXUDWLRQRIWKHGHWHFWHGEHDWRURQVHWIURPWKHVWDUWRIPXVLFLVDQLQWHJHUPXOWLSOH
RIWKHGXUDWLRQRIDVPDOOHVWQRWHZHFDQHVWLPDWHWKHGXUDWLRQRIWKHVPDOOHVWQRWH7KHQ
ZHFDUU\RXWLQWHQVLYHOLVWHQLQJH[HUFLVHZLWKWKHKHOSRIHVWLPDWHGGXUDWLRQVRIWKHVPDOOHVW
PXVLFQRWHWRGHWHFWWKHWLPHVWDPSVRIPXVLFUHJLRQVDQGGLIIHUHQWVHPDQWLFUHJLRQV8VLQJ
WKH DQQRWDWHG LQIRUPDWLRQ ZH GHWHFW WKH VRQJ VWUXFWXUH DQG FDOFXODWH WKH VWDWLVWLFV RI WKH
PXVLFLQIRUPDWLRQGLVWULEXWLRQV
7KLVFKDSWHULVRUJDQL]HGDVIROORZV3RSXODUPXVLFVWUXFWXUHLVGLVFXVVHGLQVHFWLRQDQG
HIIHFWLYHLQIRUPDWLRQDQQRWDWLRQSURFHGXUHVDUHH[SODLQHGLQVHFWLRQ6HFWLRQGHWDLOVWKH
VWDWLVWLFVRIPXVLFLQIRUPDWLRQ:HFRQFOXGHWKHFKDSWHULQVHFWLRQZLWKDGLVFXVVLRQ
/WUKE5VTWEVWTG
$V VKRZQ LQ )LJ WKH XQGHUO\LQJ PXVLF LQIRUPDWLRQ FDQ FRQFHSWXDOO\ EH UHSUHVHQWHG DV
OD\HUVLQDS\UDPLG0DGGDJH7KHVHLQIRUPDWLRQOD\HUVDUH
www.intechopen.com
(
)LUVWOD\HUUHSUHVHQWVWKHWLP
PHLQIRUPDWLRQEHDWVWHPSRDQG GPHWHU
6HFRQGOD\ \HUUHSUHVHQWVWKHHKDUPRQ\PHOR RG\ZKLFKLVIRUPPHGE\SOD\LQJPPXVLFDO
QRWHVVLPXXOWDQHRXVO\
7KLUGOD\HHUGHVFULEHVWKHP
PXVLFUHJLRQVLHSXUHYRFDO39SXUHLQVWUXPHQWDO3,
LQVWUXPHQ QWDOPL[HGYRFDO,09DQGVLOHQFHH6
)RUWKOD\HUDQGDERYHUHSUHHVHQWWKHVHPDQWLLFVRIWKHSRSXODUUVRQJ
7KKH S\UDPLG GLDJJUDP UHSUHVHQWV PXVLF VHPDQWLFFV ZKLFK LQIOXHQ QFH RXU LPDJLQDWLRQV
-RX
XUGDLQ DOVR
D GLVFXVVHG KRZ VRXQG WR RQH PHORG\ KKDUPRQ\ FRPSR RVLWLRQ
SHUIRUPDQFHOLVWHQQLQJXQGHUVWDQGLQJDQGHFVWDV\OHHDGWRRXULPDJLQ QDWLRQ
J,QIRUPDWLRQJURXSLQJLQWKHPXVLFVWUXFWXUHS
)LJ S\UDPLG
7LPPHLQIRUPDWLRQG GHVFULEHVWKHUDWHRILQIRUPDWLRQIORZLQPXVLF'X XUDWLRQVRI+DUPPRQ\
PHHORG\FRQWRXUVDQ QGSKUDVHVZKLFK KFUHDWHPXVLFUHHJLRQVDUHSURSR RUWLRQDOWRWKHWHPPSRRI
PX XVLF 0HORG\ LV FUUHDWHG ZKHQ D VLQJOH
V QRWH LV SOD
D\HG DW D WLPH 3
3OD\LQJ PXOWLSOHH QRWHV
UHVVXOWV LQ KDUPRQ\ \ VRXQG 3V\FKR RORJLFDO VWXGLHV KDYH VXJJHVWHG WKH KXPDQ FRJ JQLWLYH
PHHFKDQLVPFDQHIIHHFWLYHO\GLVWLQJXLLVKWKHWRQHVRIWK KHGLDWRQLFVFDOH %XUUHG /HUFK
6FDDOHFKDQJHVRUP PRGXODWLRQRIWKH VFDOHLQDGLIIHUHHQWVHFWLRQRIWKH VRQJFDQHIIHFWLY YHO\EH
www.intechopen.com
) %
&
QRWLFHGLQWKHOLVWHQLQJWHVWV7KHUHIRUHLQRXUOLVWHQLQJWHVWVZHGHWHFWWKH0LGGOHHLJKWK
UHJLRQVVHHQH[WVHFWLRQZKLFKKDYHDGLIIHUHQW.H\IURPWKHPDLQ.H\RIWKHVRQJ
7KH UK\WKP RI ZRUGV FDQ EH WDLORUHG WR ILW LQWR D PXVLF SKUDVH $XWKRUV 7KH YRFDO
UHJLRQV LQ PXVLF FRPSULVH RI ZRUGV DQG V\OODEOHV ZKLFK DUH XWWHUHG DFFRUGLQJ WR D WLPH
VLJQDWXUH)LJVKRZVKRZWKHZRUGV´/LWWOH-DFN+RUQHUVDWLQWKH&RUQHUµDUHWXUQLQWRD
UK\WKP DQG WKH PXVLF QRWDWLRQ RI WKRVH ZRUGV 7KH LPSRUWDQW ZRUGV RU V\OODEOHV LQ WKH
VHQWHQFHIDOORQWRDFFHQWVWRIRUPWKHUK\WKPRIWKHPXVLF7\SLFDOO\WKHVHZRUGVDUHSODFHG
DWWKHILUVWEHDWRIDEDU:KHQ76LVVHWWRWZR&URWFKHWEHDWVSHUEDUZHVHHWKHGXUDWLRQRI
WKHZRUG´/LWWOHµLVHTXDOWRWZR4XDYHUQRWHVDQGWKHGXUDWLRQRIWKHZRUG´-DFNµLVHTXDO
WRD&URWFKHWQRWH
)LJ5K\WKPLFIORZRIZRUGV
3RSXODU VRQJ VWUXFWXUH RIWHQ FRQWDLQV ,QWUR 9HUVH &KRUXV %ULGJH 0LGGOHHLJKWK
LQVWUXPHQWDOVHFWLRQV,167DQG2XWUR$XWKRUV$VVKRZQLQ)LJWKHVHSDUWVDUH
EXLOW RQ PHORG\EDVHG VLPLODULW\ UHJLRQV DQG FRQWHQWEDVHG VLPLODULW\ UHJLRQV 0HORG\
EDVHG VLPLODULW\ UHJLRQV DUH GHILQHG DV WKH UHJLRQV ZKLFK KDYH VLPLODU SLWFK FRQWRXUV
FRQVWUXFWHG IURP WKH FKRUG SDWWHUQV &RQWHQWEDVHG VLPLODULW\ UHJLRQV DUH GHILQHG DV WKH
UHJLRQVZKLFKKDYHERWKVLPLODUYRFDOFRQWHQWDQGPHORG\,QWHUPVRIPXVLFVWUXFWXUHWKH
&KRUXV VHFWLRQV DQG 9HUVH VHFWLRQV LQ D VRQJ DUH FRQVLGHUHG WKH FRQWHQWEDVHG VLPLODULW\
UHJLRQV DQG PHORG\EDVHG VLPLODULW\ UHJLRQV UHVSHFWLYHO\ 7KH\ FDQ EH JURXSHG WR IRUP
VHPDQWLFFOXVWHUVDVLQ)LJ)RUH[DPSOHDOOWKH&KRUXVUHJLRQVLQDVRQJIRUPD&KRUXV
FOXVWHUZKLOHDOOWKH9HUVHUHJLRQVIRUPD9HUVHFOXVWHUDQGVRRQ
%ULGJH
%ULGJH
0LGGOH(LJKWK
K %ULGJHN 2XWUR
JKW
H (L , QW
UR
GGO (LJKWK
M
0L 0LGGOH
6HPDQWLFFOXVWHUVUHJLRQVLQ N
UVH
&KRUXV DSRSXODUVRQJ 9H Q
UV H
&KRUXV UV H 9H
&KRUXV
9H
UVH UVH
&KRUXV &KRUXV
L ,167 9H 9H
Q ,167
,167M
,167
)LJ6HPDQWLFVLPLODULW\FOXVWHUVZKLFKGHILQHWKHVWUXFWXUHRIWKHSRSXODUVRQJ
$VRQJPD\KDYHDQ,QWURRIRUEDUVORQJRUGRQRWKDYHDQ\DWDOO7KH,QWURLV
XVXDOO\ FRPSULVHG RI LQVWUXPHQWDO PXVLF %RWK 9HUVH DQG &KRUXV DUH RU EDUV ORQJ
7\SLFDOO\ WKH 9HUVH LV QRW PHORGLFDOO\ DV VWURQJ DV WKH &KRUXV +RZHYHU LQ VRPH VRQJV
www.intechopen.com
*
ERWK YHUVH DQG FKRUXV DUH HTXDOO\ PHORGLFDOO\ VWURQJ 0RVW SHRSOH FDQ KXP RU VLQJ ERWK
FKRUXVDQGYHUVH$%ULGJHOLQNVWKHJDSEHWZHHQWKH9HUVHDQG&KRUXVDQGPD\KDYHRQO\
WZRRUIRXUEDUV
)LJ7ZRH[DPSOHVIRUYHUVHFKRUXVSDWWHUQUHSHWLWLRQV
www.intechopen.com
+ %
&
6LOHQFHPD\DOVRDFWDVD%ULGJHEHWZHHQWKH9HUVHDQG&KRUXVRIDVRQJEXWVXFKFDVHVDUH
UDUH0LGGOHHLJKWKZKLFKKDVRUEDUVLQOHQJWKLVDQDOWHUQDWLYHYHUVLRQRID9HUVH
ZLWKDQHZFKRUGSURJUHVVLRQSRVVLEO\PRGXODWHGE\DGLIIHUHQWNH\0DQ\SHRSOHXVHWKH
WHUP ´0LGGOHHLJKWKµ DQG ´EULGJHµ V\QRQ\PRXVO\ +RZHYHU WKH PDLQ GLIIHUHQFH LV WKH
PLGGOHHLJKWKLVORQJHUXVXDOO\EDUVWKDQWKHEULGJHDQGXVXDOO\DSSHDUVDIWHUWKHWKLUG
YHUVHLQWKHVRQJ7KHUHDUHLQVWUXPHQWDOVHFWLRQVLQWKHVRQJDQGWKH\FDQEHLQVWUXPHQWDO
YHUVLRQV RI WKH &KRUXV 9HUVH RU HQWLUHO\ GLIIHUHQW WXQHV ZLWK D VHW RI FKRUGV WRJHWKHU
7\SLFDOO\,167UHJLRQVKDYHRUEDUV2XWURZKLFKLVWKHHQGLQJRIWKHVRQJLVXVXDOO\D
IDGH²RXWRIWKHODVWSKUDVHVRIWKHFKRUXV:HKDYHGHVFULEHGWKHSDUWVRIWKHVRQJZKLFKDUH
FRPPRQO\ DUUDQJHG DFFRUGLQJ WR WKH VLPSOH YHUVHFKRUXV DQG UHSHDW SDWWHUQ 7ZR
YDULDWLRQVRQWKHVHWKHPHVDUHDVIROORZV
D ,QWUR 9HUVH 9HUVH &KRUXV 9HUVH 0LGGOHHLJKWK &KRUXV &KRUXV
2XWUR
E,QWUR9HUVH&KRUXV9HUVH&KRUXV&KRUXV2XWUR
)LJ LOOXVWUDWHV WZR H[DPSOHV RI WKH DERYH WZR SDWWHUQV 6RQJ ´ PLQXWHVµ E\ 0/75
IROORZVWKHSDWWHUQDDQG´&DQ·W/HW<RX*RµE\0DULDK&DUH\IROORZVWKHSDWWHUQE)RU
D EHWWHU XQGHUVWDQGLQJ RI KRZ DUWLVW KDYH FRPELQHG WKHVH SDUWV WR FRPSRVH D VRQJ ZH
FRQGXFWHG D VXUYH\ RQ SRSXODU &KLQHVH DQG (QJOLVK VRQJV 'HWDLOV RI WKH VXUYH\ DUH
GLVFXVVHGLQWKHQH[WVHFWLRQ
/WUKE5VTWEVWTG+PHQTOCVKQP#PPQVCVKQP
7KHIXQGDPHQWDOVWHSIRUDXGLRFRQWHQWDQDO\VLVLVVLJQDOVHJPHQWDWLRQ:LWKLQDVHJPHQW
WKH LQIRUPDWLRQ FDQ EH FRQVLGHUHG TXDVLVWDWLRQDU\ )HDWXUH H[WUDFWLRQ DQG LQIRUPDWLRQ
PRGHOLQJ IROORZHG E\ PXVLF VHJPHQWDWLRQ DUH WKH HVVHQWLDO VWHSV IRU PXVLF VWUXFWXUH
DQDO\VLV'HWHUPLQDWLRQRIWKHVHJPHQWVL]HZKLFKLVVXLWDEOHIRUH[WUDFWLQJFHUWDLQOHYHORI
LQIRUPDWLRQUHTXLUHVEHWWHUXQGHUVWDQGLQJRIWKHUDWHRILQIRUPDWLRQIORZLQWKHDXGLRGDWD
2YHUWKUHHGHFDGHVRIVSHHFKSURFHVVLQJUHVHDUFKKDVUHYHDOHGWKDWPVRIIL[HGOHQJWK
VLJQDOVHJPHQWDWLRQLVDSSURSULDWHIRUWKHVSHHFKFRQWHQWDQDO\VLV5DELQHU -XDQJ
7KH FRPSRVLWLRQ RI PXVLF SLHFH UHYHDOV WKH UDWH RI LQIRUPDWLRQ VXFK DVQRWHVFKRUGVNH\
YRFDOSKUDVHVIORZLVSURSRUWLRQDOWRLQWHUEHDWLQWHUYDOV
)LJVKRZVWKHTXDUWHUHLJKWKDQGVL[WHHQWKQRWHERXQGDULHVLQDVRQJFOLS,WFDQEHVHHQ
WKDWWKHIOXFWXDWLRQRIVLJQDOSURSHUWLHVLQERWKVSHFWUDODQGWLPHGRPDLQDUHDOLJQHGZLWK
WKRVH QRWH ERXQGDULHV 8VXDOO\ VPDOOHU QRWHV VXFK DV HLJKWK VL[WHHQWK DQG WKLUW\VHFRQG
QRWHVRUVPDOOHUDUHSOD\HGLQWKHEDUVWRDOLJQWKHKDUPRQ\FRQWRXUVZLWKWKHUK\WKPIORZ
RI WKH O\ULFV DQG WR ILOO WKH JDS EHWZHHQ O\ULFV $XWKRUV 7KHUHIRUH LQWHUEHDW
SURSRUWLRQDO PXVLF VHJPHQWDWLRQ LQVWHDG RI IL[HG OHQJWK VHJPHQWDWLRQ KDV UHFHQWO\ EHHQ
SURSRVHGIRUPXVLFFRQWHQWDQDO\VLV0DGGDJH0DGGDJH:DQJ
www.intechopen.com
,
aPVRIWKHVRQJ³0LQXWHV0/75´
)UHTXHQF\VSHFWUXPaN+]UDQJH
)UHTXHQF\+]
7LPHGRPDLQVLJQDO
6WUHQJWK
7LPHLQPLOOLVHFRQGPV
4XDUWHUQRWH (LJKWKQRWH 6L[WHHQWKQRWH
4XDUWHUQRWHOHQJWKLVPV
)LJ 6SHFWUDO DQG WLPH GRPDLQ YLVXDOL]DWLRQ RI a PV ORQJ VRQJ FOLS IURP ´
0LQXWHVµE\0/754XDUWHUQRWHOHQJWKLVPVDQGQRWHERXQGDULHVDUHKLJKOLJKWHG
XVLQJGRWWHGOLQHV
%QORWVCVKQPQH+PVGTDGCVKPVGTXCN
2QFH WKH VWDII RI D VRQJ LV DYDLODEOH IURP WKH YDOXH RI WHPSR DQG WLPH VLJQDWXUH ZH FDQ
FDOFXODWHWKHGXUDWLRQRIWKHEHDW+RZHYHUFRPPHUFLDOO\DYDLODEOHPXVLFDOEXPV&'VGR
QRW SURYLGH VWDII LQIRUPDWLRQ RI WKH VRQJV 7KHUHIRUH VXEMHFWV ZLWK D JRRG NQRZOHGJH RI
WKHRU\ DQG SUDFWLFH RI PXVLF KDYH WR FORVHO\ H[DPLQH WKH VRQJV WR HVWLPDWH WKH LQWHUEHDW
LQWHUYDOV LQ WKH VRQJ :H DVVXPH DOO WKH VRQJV KDYH WLPH VLJQDWXUH ZKLFK LV WKH
FRPPRQO\XVHG76LQSRSXODUVRQJV*RWR0$XWKRUV)ROORZLQJWKHUHVXOWV
RIPXVLFFRPSRVLWLRQDQGVWUXFWXUHDVGLVFXVVHGLQVHFWLRQZHRQO\DOORZWKHSRVLWLRQVRI
EHDWV WR WDNH SODFH DW LQWHJHU PXOWLSOH RI VPDOOHU QRWHV IURP WKH VWDUW SRLQW RI WKH VRQJ
(VWLPDWLRQ RI ERWK LQWHUEHDW LQWHUYDO DQG VRQJ WHPSR XVLQJ DQ LWHUDWLYH OLVWHQLQJ LV
H[SODLQHGEHORZZLWK)LJDVDQH[DPSOH
x 3OD\WKHVRQJLQDXGLRHGLWLQJVRIWZDUHZKLFKKDVD*8,WRYLVXDOL]HWKHWLPHGRPDLQ
VLJQDO ZLWK KLJK UHVROXWLRQ :KLOH OLVWHQLQJ WR WKH PXVLF LW LV QRWLFHG WKDW WKHUH LV D
VWHDG\ WKURE WR ZKLFK RQH FDQ FODS 7KLV GXUDWLRQ RI FRQVHFXWLYH FODSSLQJ LV FDOOHG
LQWHUEHDW LQWHUYDO $V ZH DVVXPH WLPH VLJQDWXUH ZKLFK LQIHUV WKDW WKH LQWHUEHDW
LQWHUYDOLVRITXDUWHUQRWHOHQJWKKHQFHIRXUTXDUWHUQRWHVIRUPDEDU
x $V VKRZQ LQ )LJ WKH SRVLWLRQV RI ERWK EHDWV DQG QRWH RQVHWV FDQ EH HIIHFWLYHO\
YLVXDOL]HG RQ WKH *8, DQG MWK SRVLWLRQ LV LQGLFDWHG DV 3M %\ UHSOD\LQJ WKH VRQJ DQG
]RRPLQJ LQWR WKH DUHDV RI QHLJKERULQJ EHDWV DQG RQVHW SRVLWLRQV ZH FDQ HVWLPDWH WKH
www.intechopen.com
- %
&
LQWHUEHDWLQWHUYDODQGWKHUHIRUHWKHGXUDWLRQRIWKHQRWH ; M ,Q)LJZHFDQVHHWKH
GXUDWLRQ ; LVWKHILUVWHVWLPDWHGHLJKWKQRWH
;
,QLWLDOO\HVWLPDWHG
HLJKWKQRWHOHQJWK
; PV
)LJ(VWLPDWLRQRIPXVLFQRWH
x $IWHU WKH ILUVW HVWLPDWLRQ ZH HVWDEOLVK D VWHS LWHUDWLYH OLVWHQLQJ SURFHVV GLVFXVVHG
EHORZ WR UHGXFH WKH HUURU EHWZHHQ WKH HVWLPDWHV DQG WKH GHVLUHG PXVLF QRWH OHQJWKV
7KHFRQVWUDLQWZHDSSO\LVWKDWEHDWSRVLWLRQLVHTXDOWRLQWHJHUPXOWLSOHRIIUDPHV7R
VWDUWZLWKILUVWIUDPHVL]HLVVHWWRWKHHVWLPDWHGQRWHLH)UDPHVL]H ; LQ)LJ
6WHS 6HW WKH FXUUHQWO\ HVWLPDWHG QRWH OHQJWK DV WKH IUDPH VL]H FDOFXODWH WKH QXPEHU RI
IUDPHV 1) M DWDQLGHQWLILHGEHDWRURQVHWSRVLWLRQ)RUWKHLQLWLDOL]DWLRQZHVHW M
3M
1) M
;M
6WHS$VWKHUHVXOWLQJ 1) M LVW\SLFDOO\DIORDWLQJSRLQWYDOXHZHPHDVXUHWKHGLIIHUHQFH
'1)
1) M URXQG 1) M
,) '1) !
7KLV LPSOLHV WKH GXUDWLRQ RI FXUUHQW EHDW RU RQVHW SRVLWLRQ 3M LV DQ
LQWHJHU PXOWLSOH RI WKH IUDPHV SOXV D KDOI D IUDPH 7KHUHIRUH ZH VHW QHZ
QRWHOHQJWKWRWKHKDOIRI ; M )RUH[DPSOHWKHQHZIUDPHVL]HLVHTXDOWR
VL[WHHQWK QRWH DQG LI WKH SUHYLRXV IUDPH ZDV DQ HLJKWK QRWH 7KHQ JR WR
VWHS
(/6(
1) M
URXQG 1) M
www.intechopen.com
4XDUWHUQRWHOHQJWKPV
<RXDUHVWLOOWKHRQH6KDQLDWZDLQ
%HDWRQVHWSRLQWQXPEHU %HDWRQVHWSRLQWQXPEHU
)LJ 9DULDWLRQ RI HVWLPDWHG OHQJWK RI WKH TXDUWHU QRWH DW EHDWRQVHW SRLQWV ZKHQ WKH
OLVWHQLQJWHVWZDVFDUULHGRXWWLOOWKHHQGRIWKHVRQJ
,W FDQ EH VHHQ LQ WKH )LJ WKDW WKH GHYLDWLRQ RI WKH HVWLPDWHG TXDUWHU QRWH LV KLJK DW WKH
EHJLQQLQJRIWKHVRQJ+RZHYHUHVWLPDWHGTXDUWHUQRWHFRQYHUJHVWRWKHFRUUHFWYDOXHDWWKH
VHFRQGKDOIRIWKHVRQJHQGRIWKHVRQJ5HDVRQIRUWKHIOXFWXDWLRQRIWKHHVWLPDWHGQRWH
OHQJWKLVH[SODLQHGEHORZ
$VVKRZQLQ)LJILUVWHVWLPDWLRQRIWKHQRWHOHQJWK;LVGRQHXVLQJRQO\DXGLRYLVXDO
HGLWLQJVRIWZDUH7KXVILUVWHVWLPDWLRQEHDWRQVHWSRLQW3 LQ)LJFDQKDYHYHU\KLJK
YDULDWLRQGXHWRWKHSULPHGLIILFXOWLHVRIMXGJLQJWKHFRUUHFWERXQGDULHVRIWKHQRWHV:KHQ
WKHVRQJSURFHHGVXVLQJ(TDQGZHLWHUDWLYHO\HVWLPDWHWKHGXUDWLRQRIWKH
QRWHIRUWKHFRUUHVSRQGLQJEHDWRQVHWSRLQWV6LQFHEHDWRQVHWSRLQWVQHDUWKHVWDUWRIWKH
VRQJKDYHVKRUWHUGXUDWLRQ3MLQLWLDOLWHUDWLYHHVWLPDWLRQVIRUWKHQRWHOHQJWKKDYHKLJKHU
YDULDWLRQ)RUH[DPSOHLQ)LJEHDWRQVHWSRLQW3LVFORVHUWRVWDUWRIWKHVRQJDQGIURP
WKH(TDQGILUVWHVWLPDWLRQRIQRWHOHQJWK;ZHFRPSXWH1)(TDQGDUHXVHIXO
LQOLPLWLQJWKHHUURUVLQFRPSXWHG1)XQGHURQHIUDPH:KHQ;LVLQDFFXUDWHDQGDOVR3LV
VKRUWWKHQWKHHUURUVLQFRPSXWHGQXPEHURIIUDPHV1)LQ(TKDYHKLJKHUHIIHFWVLQWKH
QH[W HVWLPDWHG QRWH OHQJWK LQ (T +RZHYHU ZLWK GLVWDQW EHDWRQVHW SRLQWV LH 3M LV
ORQJHUDQG1)MLVKLJKDQGPRUHDFFXUDWHWKHQWKHHVWLPDWHGQRWHOHQJWKVWHQGWRFRQYHUJH
www.intechopen.com
%
&
#PPQVCVKQPQHOWUKETGIKQPU
3XUHYRFDO39SXUHLQVWUXPHQWDO3,LQVWUXPHQWDOPL[HGYRFDO,09DQGVLOHQFH6DUH
WKHUHJLRQVWKDWFDQFRPPRQO\EHVHHQLQDPXVLFVLJQDOV7KLUGOD\HURIWKHPXVLFVWUXFWXUH
S\UDPLGLQ)LJ39UHJLRQVLQWKHPXVLFRQO\KDYHVLJQDOVJHQHUDWHGIURPWKHYRFDOWUDFW
1RWHWKDWWKHO\ULFVRIVRQJVZRXOGLPSURYHWKHPXVLFUHJLRQDQQRWDWLRQ:HXVHO\ULFVWH[W
ILOHV DQG HPSOR\ VXEMHFWV ZKR XQGHUVWDQG WKH VLQJLQJ ODQJXDJH WR DFFXUDWHO\ VWDPS WKH
WLPLQJRIWKHUHJLRQERXQGDULHV:HREWDLQO\ULFVRIWKHVRQJVIURPWKH:HE%DVHGRQWKH
IRXQG O\ULFV ZKLFK DUH RIWHQ VHSDUDWHG LQWR GLIIHUHQW PXVLFDO SKUDVHV ZH DWWHPSW WR
UHRUJDQL]H WKHVH O\ULFV DQG IXUWKHU VHSDUDWH WKHP LQWR GLIIHUHQW OLQHV EDVHG RQ WKHLU YRFDO
UHJLRQFRQWLQXLW\6XEVHTXHQWO\YRFDOKXPPLQJIRUH[DPSOHKPPDDKZKLFKDUHXVXDOO\
QRWLQFOXGHGLQWKHSXEOLVKHGO\ULFVLVDOVRDOLJQHGZLWKWKHYRFDOV&RPPRQW\SHVRIVRQJ
VWUXFWXUHWDJJLQJDUHWKHQXVHGWRLGHQWLI\DEORFNRIO\ULFVHJ,QWUR9HUVH&KRUXV%ULGJH
0LGGOHHLJKWK2XWURDQG,QVWUXPHQWDO
%DVHGRQWKHPXVLFNQRZOHGJHH[SODLQHGLQ)LJWKHGXUDWLRQRIPXVLFDOSKUDVHV
FDQEHPHDVXUHGE\WKHQXPEHURIPXVLFDOQRWHV6LQFHZHKDYHDOUHDG\FDOFXODWHGWKHQRWH
OHQJWKLQVHFWLRQZHXVHWKLVLQIRUPDWLRQWRLPSURYHWKHOLVWHQLQJWHVWRIWLPHVWDPSLQJ
RIPXVLFUHJLRQV,QRXUDQQRWDWLRQZHDVVXPHWKHWHPSRRIWKHVRQJGRHVQ·WFKDQJH6LQFH
PXVLFVLJQDOVDUHGLJLWL]HGDWQRQOLQHDUVDPSOLQJUDWHXVXDOO\N+]IRU&'TXDOLW\LW·V
XVXDOO\GLIILFXOWWRILQGWKHH[DFWERXQGDULHVRIYRFDOLQVWUXPHQWDOUHJLRQV$QGDOVRGXHWR
WKH HIIHFWV RI VXEMHFW·V FRQFHQWUDWLRQ KHDULQJ VHQVLWLYLW\ DQG PXVLF H[SHULHQFHV SRVLWLRQ
PDUNLQJVPD\YDU\IURPWKHDFWXDOERXQGDU\SRVLWLRQVRIWKHUHJLRQ:HIXUWKHUSURSRVHD
VWHSSURFHVVWRLPSURYHWKHWLPHVWDPSVRIPXVLFUHJLRQV
6WHS6XEMHFWZLWKLQKLVKHUOLVWHQLQJFDSDFLW\PDUNVWKHERXQGDU\SRLQWVWDUWRUHQGRI
WKH UHJLRQ )RU H[DPSOH OHW·V DVVXPH 3M DQG 3M Q LQ )LJ DUHWKH VWDUW DQG WKH HQG WLPH
DVVLJQHGLQWKHOLVWHQLQJSURFHVVIRUWKHNWKSXUHYRFDO39UHJLRQ/HWWKHQRWHOHQJWKEH ;
7KHQZHHVWLPDWHWKHQXPEHURIIUDPHVIRUVWDUWDQGHQGWLPH 1)YV N DQG 1)YHN LQ
(TXDWLRQ
3M 3M Q
1)YVN DQG 1)YHN
; ;
,W LV HPSLULFDOO\ IRXQG WKDW LQ SRSXODU VRQJV PXVLFDO SKUDVHV DUH DOLJQHG ZLWK HLJKWK RU
VPDOOHUQRWH7KHUHIRUHDWWKHEHJLQQLQJRIWKHDQQRWDWLRQZHVHWWKHQRWHOHQJWKWRHLJKWK
QRWH
6WHS$VWKHUHVXOWLQJ 1)YV N LVXVXDOO\DQLQWHJHUPXOWLSOHRIQRWHOHQJWKZHIXUWKHU
1)YV N
')1 1)YV N URXQG 1)YV N
,)')1
,)1RWHOHQJWK!7KLUW\VHFRQGQRWH
5HGXFH WKH QRWH OHQJWK WR QH[W VPDOOHU RQH HJ (LJKWK WR
6L[WHHQWKRU6L[WHHQWKWRWKLUW\VHFRQGQRWHOHYHOVDQGJRWRVWHS
www.intechopen.com
WRXSGDWHWKHSUHYLRXVO\FDOFXODWHGUHJLRQERXQGDULHVEDVHGRQ
QHZVPDOOHUQRWHOHQJWKIUDPHV
(/6(
0LQLPXP QRWH UHVROXWLRQ LV FRQVLGHUHG DV WKLUW\VHFRQG QRWH
7KHUHIRUHWKHUHLVQRIXUWKHUQRWHOHQJWKDGMXVWPHQW*RWRVWHS
,)')1
7KHQGRQRWDOWHUWKHQRWHOHQJWK*RWRVWHS
6WHS5HHVWLPDWHWKHQXPEHURIIUDPHV 1)YVN DQGWKHWLPHVWDPSIRUVWDUWSRVLWLRQ
RINWK39UHJLRQ 7YV N UHVSHFWLYHO\
1)YV N URXQG 1)YV N
www.intechopen.com
' %
&
677DQG('7DUHIRXQGLQWKHOLVWHQLQJWHVW67)DQG(')DUHFRPSXWHGLQWKHDQQRWDWLRQSURFHVV
)LJ 6HFWLRQ RI PDQXDOO\ DQQRWDWHG YRFDO DQG LQVWUXPHQWDO ERXQGDULHV RI WKH ILUVW IHZ
SKUDVHV RI WKH VRQJ ´7KH $FWRUµ E\ 0/75 7KH IUDPH OHQJWK LV HTXDO WR WKH WKLUW\VHFRQG
QRWHPV
#PPQVCVKQPQHUQPIUVTWEVWTG
:HIROORZWKHVHDVVXPSWLRQVZKLOHDQQRWDWLQJWKHVHPDQWLFUHJLRQVLQDSRSXODUVRQJ
¾ 9HUVHDQG&KRUXVHVDUHXVXDOO\RUEDUVEXWFDQEHEDUV
¾ $OOWKH9HUVHVRQO\VKDUHVLPLODUPHORG\EXWGLIIHUHQWYRFDOV
¾ $OOWKH&KRUXVHVKDYHVLPLODUYRFDOVDQGPHORG\
¾ 7KHPHORG\RIWKH9HUVHDQG&KRUXVFDQEHVLPLODURUGLIIHUHQW
¾ 7KHEULGJHLVOHVVWKDQEDUVDQGFDQEHLQVWUXPHQWDO
¾ 7KH0LGGOHHLJKWKLVXVXDOO\RUEDUVDQGKDVDGLIIHUHQWNH\IURPWKHRULJLQDO
VRQJ0LGGOHHLJKWKUHJLRQVDUHLGHQWLILHGE\GHWHFWLQJWKHUHJLRQVZKLFKKDYHD
GLIIHUHQWNH\IURPWKHPDLQNH\LQWKHLQWHQVLYHOLVWHQLQJWHVW
¾ ,167LVXVXDOO\RUEDUORQJLQVWUXPHQWDOVHFWLRQZKLFKDSSHDUVQHLWKHUEHJLQ
QRUWKHHQGRIWKHVRQJ
)LJH[SODLQVWKHJHQHUDORYHUYLHZRIWKHFRPSRQHQWVRIWKHVRQJVWUXFWXUH8VXDOO\9HUVH
&KRUXVDQG0LGGOHHLJKWKVWDUWZLWKYRFDOVDQGPD\HQGZLWKHLWKHUYRFDOVRULQVWUXPHQWDO
VHFWLRQ,Q)LJZHKDYHVKRZQWKHDQQRWDWLRQRIWKH,QWUR9HUVHDQG&KRUXVDQGWKH
VWDUW RI WKH 9HUVH :H VHW WKH WROHUDQFH RI EDUV IRU MXGJLQJ WKH GXUDWLRQ RI 9HUVH RU
&KRUXV
www.intechopen.com
(
6RQJVWUXFWXUH
03V 9RFDO ,QVWUXPHQWDO 03 9RFDO LQVWUXPHQWDO
25$1'
%ULGJH 25$1'
03V 9RFDO ,QVWUXPHQWDO
03V 9RFDO+XPPLQJ ,QVWUXPHQWDO
25$1'
03 9RFDO LQVWUXPHQWDO
03V 9RFDO+XPPLQJ ,QVWUXPHQWDO
03V 9RFDO ,QVWUXPHQWDO
,167 03U 9RFDO LQVWUXPHQWDO
0DOH
)HPDOH
$OO6RQJ
$YJ 6WG
$YJ 6WG $YJ 6WG $YJ 6WG
0DOH )HPDOH 7RWDO
D E
)LJ7HPSRVWDWLVWLFVRIWKHVRQJV
www.intechopen.com
) %
&
(QJOLVK &KLQHVH ,QGRQHVLDQ *HUPDQ
0DOH )HPDOH $OOVRQJV
1XPEHURIYDOXHV
SHU%30QXPEHU
%HDWVSHUPLQXWHV
%30VQXPEHU
)LJ7HPSRVWDWLVWLFKLVWRJUDPV
/WUKETGIKQPUVCVKUVKEU
(TXDWLRQ GHVFULEHV WKHGLVWULEXWLRQ RIFRQWHQW ZLWK UHVSHFW WR UHJLRQ W\SHV IRUVRQJV LQ
WKHWHVWGDWDEDVH:HKDYH N WRUHSUHVHQW393,,09RU6UHJLRQVUHVSHFWLYHO\
/HW 1) N EH WKH WRWDO QXPEHU RI IUDPHV EHORQJLQJ WR UHJLRQ W\SH N DQG 1)DOO EH WKH
WRWDOQXPEHURIIUDPHVLQDVRQJRUDFROOHFWLRQRIVRQJV:HKDYH
1) N
'N
1)DOO
)LJVKRZVWKHDYHUDJHFRQWHQWGLVWULEXWLRQ 'N LQRXUGDWDEDVH$FFRUGLQJWR)LJD
SXUH YRFDO UHJLRQV LQ SRSXODU PXVLF DUH UDUH 6LOHQFH UHJLRQV PRVWO\ DSSHDU DW WKH
EHJLQQLQJDQGDWWKHHQGLQJRIDVRQJDQGFRQVWLWXWHDVPDOOSHUFHQWDJHLQWKHGLVWULEXWLRQ
DV ZHOO )LJ E H[SODLQV WKH FRQWHQW GLVWULEXWLRQV E\ JHQGHUV DQG ODQJXDJHV 7KH
GHYLDWLRQRI,09DQG39UHJLRQFRQWHQWVLVDURXQGDFURVVWKHJHQGHUVDQGODQJXDJHV
+RZHYHUWKHGHYLDWLRQLVDURXQGSHUVRQJIRUVLOHQFHUHJLRQV)LJH[SODLQVWKHUHJLRQ
FRQWHQWGLVWULEXWLRQVLQKLVWRJUDPV
3HUFHQWDJHRIUHJLRQFRQWHQWVLQDVRQJ
,09
39
3,
6
WD O DO
DOH DOH WD O DOH D OH WD
O
D OH D OH DOH DOH W
0 P 7R P 7R P 7R P 7R
)H 0 )H 0 )H 0 )H
,09 39 3, 6 (QJOLVK &KLQHVH ,QGRQHVLDQ *HUPDQ
D E
)LJ'LVWULEXWLRQRIUHJLRQFRQWHQWVRYHUVRQJV
www.intechopen.com
*
1XPEHURIVRQJV
,09UHJLRQVIRU 6UHJLRQVIRU
&KLQHVHVRQJV 3,UHJLRQVIRU &KLQHVHVRQJV
&KLQHVHVRQJV
,09UHJLRQVIRU
1XPEHURIVRQJV
,09UHJLRQVIRU 3,UHJLRQVIRU
1XPEHURIVRQJV
DOOWKHVRQJV WKHVRQJV
6UHJLRQVIRUDOO
VRQJV
www.intechopen.com
'+ %
&
&
9
9
&
&
9
9
9
&
&
9
9
&
9
&
&
&
www.intechopen.com
',
3HUFHQWDJHRIVRQJVKDYHYHUVHFKRUXVFRPELQDWLRQV
1XPEHURIFKRUXVHV 1XPEHURIFKRUXVHV
1XPEHURI9HUVHV
1XPEHURI9HUVHV
(QJOLVKVRQJV &KLQHVHVRQJV
1XPEHURIFKRUXVHV 1XPEHURIFKRUXVHV
1XPEHURI9HUVHV
1XPEHURI9HUVHV
,QGRQHVLDQ6RQJV $OOWKH6RQJV
OHQJWKRIYHUVHDQGFKRUXV
6RQJVWUXFWXUHV
5WOOCT[QHUQPIUVTWEVWTGUVCVKUVKEU
¾ ,W LV IRXQG WKDW RYHU RI WKH (QJOLVK &KLQHVH DQG ,QGRQHVLDQ VRQJV KDYH DQ
LQWURGXFWLRQLH,QWURDQGRYHURIWKHPKDYHLQVWUXPHQWDO,QWURV
¾ 2YHU RI VRQJV KDYH HLWKHU LQVWUXPHQWDO PL[HG YRFDOV RU DQ LQVWUXPHQWDO
2XWUR $URXQG RI (QJOLVK VRQJV KDYH IDGLQJ &KRUXVHV YRFDO PHORG\ DV
2XWUR
www.intechopen.com
'- %
&
¾ 0LGGOHHLJKWK LV PRUH FRPPRQO\ DSSHDU LQ (QJOLVK VRQJV WKDQ &KLQHVH DQG
,QGRQHVLDQVRQJV
¾ 2YHURI&KLQHVHDQG,QGRQHVLDQVRQJVKDYHDQ,167UHJLRQDQGDURXQGKDOI
RIWKH(QJOLVKVRQJVPD\QRWKDYHDQ,167UHJLRQ
¾ 2YHURIWKH(QJOLVKVRQJVKDYH0LGGOHHLJKWKUHJLRQVEXWWKHUHWKHVHUHJLRQV
DUHUDUHLQ&KLQHVHDQG,QGRQHVLDQVRQJV
¾ 0DMRULW\RIWKHVRQJVKDYHa9HUVHVDQGa&KRUXVHV
¾ ,Q PDQ\ VRQJV WKH FKRUXV DQG YHUVH OHQJWKV DUH RI RU EDUV 0RVW VRQJV
KDYHWKHVDPHFKRUXVDQGYHUVHOHQJWKLHEDUV
¾ 2YHU RI WKH (QJOLVK DQG ,QGRQHVLDQ VRQJV KDYH 9&9& DQG 99&9&
VRQJ VWUXFWXUHV ZKHUHDV LW LV DURXQG IRU &KLQHVH VRQJV 9 DQG & DUH
DEEUHYLDWLRQRI9HUVHDQG&KRUXVUHVSHFWLYHO\
&KUEWUUKQP
7KLV FKDSWHU UHSRUWV D VWDWLVWLFDO DQDO\VLV RI WKH PXVLF LQIRUPDWLRQ LQ SRSXODU (QJOLVK
&KLQHVH ,QGRQHVLDQ DQG *HUPDQ VRQJV ,QWHQVLYH OLVWHQLQJ WHVWV ZHUH FDUULHG RXW E\
VXEMHFWV ZKR KDYH JRRG NQRZOHGJH RI PXVLFRORJ\ DQG WKH ODQJXDJH RI WKH YRFDOV WR
GHWHUPLQHWKHWHPSRWLPHLQGH[LQJRIPXVLFUHJLRQVDQGVRQJVWUXFWXUHV
7KH UHSRUWHG VWDWLVWLFV DERXW WKH PXVLF LQIRUPDWLRQ FDQ EH XVHG DV SULRU NQRZOHGJH LQ
IRUPXODWLQJ FRQVWUDLQWV IRU PXVLF LQIRUPDWLRQ H[WUDFWLRQ V\VWHPV )RU H[DPSOH IRU VHWWLQJ
XSWKHZLQGRZVL]HWRGHWHFWRQVHWVEHDWVLQWKHUK\WKPH[WUDFWRUWRIRUPKHXULVWLFUXOHVWR
GHWHFWSRSXODUVRQJVWUXFWXUHV6RXQGRIPXVLFLVDFRPELQDWLRQRIFUHDWLYHLPDJLQDWLRQVRI
WKH FRPSRVHU VLQJHU DQG RUFKHVWUD ZKLFK LV GLYHUVLILHG DORQJ PDQ\ GLUHFWLRQV VXFK DV
HWKQLFLW\FXOWXUHDQGJHRJUDSKLFDOORFDWLRQV7KHUHIRUHVRQJVWUXFWXUHVFDQGLIIHUIURPRQH
FRPSRVHU WR DQRWKHU 7KH FXUUHQW GDWDEDVH WKDW ZH XVHG FRQVLVWV RI VRQJV IURP IRXU
ODQJXDJHV $OWKRXJK WKH VWDWLVWLFV PD\ QRW EH HQRXJK WR GUDZ JHQHUDO FRQFOXVLRQV DERXW
VRQJVWUXFWXUHVWKH\FDQEHFRQVLGHUHGDVDQLQGLFDWLRQRIFRPPRQSUDFWLFHLQSRSXODUVRQJ
FRPSRVLWLRQ
#EMPQYNGFIGOGPV
$XWKRUV WKDQN VWXGHQWV 1J 5XLMLH /DL /LKXL =KHQJ +DRMLH 6XJLDUWR 5DGMLPDQ 5LGZDQ
1DWDNXVXPD 0DODND $PLQJ 0RKRPDG (UZLQ %LQ 6DPDZL /DX 5RQJ -LD DQG 'DQLHO IRU
WKHLUVXSSRUWLQWKLVSURMHFW
4GHGTGPEGU
$XWKRUV5XGLPHQWVDQG7KHRU\RI0XVLF7KHDVVRFLDWHGERDUGRIWKHUR\DOVFKRROVRI
PXVLF%HGIRUG6TXDUH/RQGRQ:&%-*
$XWKRUV7KH%HVWRI6KDQLD7ZDLQ²+LW6RQJV3LDQR9RFDO*XLWDU8QLYHUVDO0XVLF
3XEOLVKLQJ*URXS :DUQHU%URV3XEOLFDWLRQ
$XWKRUV 7HQ 0LQXWH 0DVWHU 1R 6RQJ 6WUXFWXUH 086,& 7(&+ PDJD]LQH 2FWREHU
SS²ZZZPXVLFWHFKPDJFRXN
%XUUHG-DQG/HUFK$+LHUDUFKLFDO$XWRPDWLF$XGLR6LJQDO&ODVVLILFDWLRQ-RXUQDO
RIWKH$XGLR(QJLQHHULQJ6RFLHW\-XO\9RO1RSS
www.intechopen.com
'
*RWR 0 $Q $XGLREDVHG 5HDOWLPH %HDW 7UDFNLQJ 6\VWHP IRU 0XVLF :LWK RU
:LWKRXW'UXPVRXQGV-RXUQDORIQHZ0XVLF5HVHDUFK-XQH9RO
*RWR 0 $,67 $QQRWDWLRQ IRU WKH 5:& 0XVLF 'DWDEDVH ,QWHUQDWLRQDO&RQIHUHQFHRQ
0XVLF,QIRUPDWLRQ5HWULHYDO
-RXUGDLQ 5 0XVLF 7KH %UDLQ DQG (FVWDV\ +RZ 0XVLF &DSWXUHV 2XU ,PDJLQDWLRQ
+DUSHU&ROOLQV3XEOLVKHUV
.UXPKDQVO & / 7KH 3V\FKRORJLFDO 5HSUHVHQWDWLRQ RI 0XVLFDO 3LWFK LQ D 7RQDO
&RQWH[W-RXUQDORI&RJQLWLYH3V\FKRORJ\9RO1RSS
/L % %XUJR\QH - $ DQG )XMLQDJD , ([WHQGLQJ $XGDFLW\ IRU $XGLR $QQRWDWLRQ
,QWHUQDWLRQDO&RQIHUHQFHRQ0XVLF,QIRUPDWLRQ5HWULHYDO
/X /LX DQG =KDQJ $XWRPDWLF 0RRG 'HWHFWLRQ DQG 7UDFNLQJ RI 0XVLF $XGLR
6LJQDOV ,((( 7UDQVDFWLRQ RQ $XGLR 6SHHFK DQG /DQJXDJH 3URFHVVLQJ -DQXDU\
9RO1R
0DGGDJH 1 & ;X & .DQNDQKDOOL 06 DQG 6KDR ; &RQWHQWEDVHG 0XVLF
6WUXFWXUH$QDO\VLVZLWKWKH$SSOLFDWLRQVWR0XVLF6HPDQWLF8QGHUVWDQGLQJ$&0
0XOWLPHGLD&RQIHUHQFH
0DGGDJH 1 & &RQWHQW%DVHG0XVLF6WUXFWXUH$QDO\VLV3K' 'LVVHUWDWLRQ 6FKRRO RI
&RPSXWLQJ1DWLRQDO8QLYHUVLW\RI6LQJDSRUH
1ZH 7 / DQG /L + ([SORULQJ 9LEUDWR0RWLYDWHG $FRXVWLF )HDWXUHV IRU 6LQJHU
,GHQWLILFDWLRQ ,Q ,((( 7UDQVDFWLRQ RQ $XGLR 6SHHFK DQG /DQJXDJH 3URFHVVLQJ
)HEUXDU\9RO1R
5DELQHU/5DQG-XDQJ%+)XQGDPHQWDOVRI6SHHFK5HFRJQLWLRQ3UHQWLFH+DOO
6FKZHQQLQJHU - %UXHFNQHU 5 :LOOHWW ' DQG +HQQHFNH 0 /DQJXDJH
,GHQWLILFDWLRQLQ9RFDO0XVLF,QWHUQDWLRQDO&RQIHUHQFHRQ0XVLF,QIRUPDWLRQ5HWULHYDO
7DQJKH . /HVDIIUH 0 'HJURHYH 6 /HPDQ 0 %DHWV %' DQG 0DUWHQV -3
&ROOHFWLQJ *URXQG 7UXWK $QQRWDWLRQV IRU 'UXP 'HWHFWLRQ LQ 3RO\SKRQLF 0XVLF
,QWHUQDWLRQDO&RQIHUHQFHRQ0XVLF,QIRUPDWLRQ5HWULHYDO
7VDL:+DQG:DQJ+07RZDUGV$XWRPDWLF,GHQWLILFDWLRQRI6LQJLQJ/DQJXDJH
LQ3RSXODU0XVLF5HFRUGLQJV,QWHUQDWLRQDO&RQIHUHQFHRQ0XVLF,QIRUPDWLRQ5HWULHYDO
7]DQHWDNLV * DQG &RRN 3 0XVLF *HQUH &ODVVLILFDWLRQ RI $XGLR 6LJQDOV ,(((
7UDQVDFWLRQRQ$XGLR6SHHFKDQG/DQJXDJH3URFHVVLQJ -XO\ 9RO 1R SS
:DQJ < $KPDQLHPL $ ,VKHUZRRG ' DQG +XDQJ : &RQWHQW%DVHG 8(3 $
1HZ 6FKHPH IRU 3DFNHW /RVV 5HFRYHU\ LQ 0XVLF 6WUHDPLQJ $&0 0XOWLPHGLD
&RQIHUHQFH
:DQJ < .DQ 0 < 1ZH 7 / 6KHQR\ $ DQG <LQ - /\ULF$OO\ $XWRPDWLF
6\QFKURQL]DWLRQ RI $FRXVWLF 0XVLF 6LJQDOV DQG 7H[WXDO /\ULFV $&0 0XOWLPHGLD
&RQIHUHQFH
;X&60DGGDJH1&6KDR;L&DR)DQG7LDQ40XVLFDO*HQUH&ODVVLILFDWLRQ
8VLQJ 6XSSRUW 9HFWRU 0DFKLQHV ,Q 3URF ,QWHUQDWLRQDO &RQIHUHQFH RQ $FRXVWLFV
6SHHFKDQG6LJQDO3URFHVVLQJ,&$663
;X &6 0DGGDJH 1& DQG 6KDR ;L $XWRPDWLF 0XVLF &ODVVLILFDWLRQ DQG
6XPPDUL]DWLRQ ,((( 7UDQVDFWLRQ RQ $XGLR 6SHHFK DQG /DQJXDJH 3URFHVVLQJ 0D\
9ROSS
www.intechopen.com
' %
&
7DEOH /LVW RI VRQJVVLQJHUV DQG WKHLU DOEXPV WHQ VRQJV IURPHDFK DOEXP XVHG IRUWKH
WHVW
www.intechopen.com
'
7DNNDQ
1DLI %HQFL 3HUQDK 6HQ\XP $NXODK 7DN
&LW\RI-R\ *XOD*XOD 8QWXN 3XMDDQ+DWL 0HOXSDNDQ 1DQDU <DQJ 3DVDQJDQP 8DQJ 0DPSX 3DJL
0HQFLQWD PX +LODQJ X 0HQGXD
&LQWD.DQ
0LNH 6HPXD .HPEDOL %HVDU 7HUEDLN <DQJ+LWDP 0HPEDZD 6HPSXUQDOD &LQWD7DN 3HUVHPEDK $UWL
8QWXN&LQWD PX K0LPSLNX %HUWXDQ DQ .HVHWLDDQ
.HPEDOL
.XNDWDNDQ 'L /DQJLW7DN
7DN -DXK 0HPEHEDQL 0HQXQJJX 'HQJDQ $NX 0XQJNLQ %HODNDQJN
3HWHUSDQ %LVDNDK 0LPSLNX NX 3DJL 6DKDEDW %LQWDQJ 1DQWL 0HQGHQJD
,QGDK X U
0DDINDQ +DQ\D 0HPDQJ,QL &XPD 3HUWDPD /XSDNDQ
.HULVSDWLK $NX .DPX<DQJ /DJX5LQGX %HUSLVDK -DODQNX 0DQXVLD &LQWD3XWLK GDQ -DQML.LWD $NX
%LVD 7HUDNKLU
0XQJNLQ .DXIHDW .DX
3HUJL8QWXN 0HUHND .HNDVLK 6DPSDLNDQ %XNDQ .LVDK.LWD
(OOR .HPEDOL 7HUEDLN 'LULPX .KD\DODQ
*OHQQ 6XGDKODK 3DGDQ\D .HNDVLKNX 7
ODK8VDL
%LODQJ )UHGO\
$OEXPQDPH *HUPDQVRQJV)HPDOHYRFDOV
,FKZHUGH %LVWGX
:HQQHV 9RQKLHUDQ (LQ(OHIDQW 'DUILFKGDV :XHWHQG =LHKGLU 1XUHLQ PHLQ
:LU6LQG+HOGHQ SDVVLHUW (FKRORW EOLQG IXHUGLFK EHKDOWHQ JHQXJ ZDVDQ :RUW /HEHQ QLFKW
ODQJ PXHGH
0DFKVGLU 'XUFKGLH 3DVVHQG :LVVHQ
6LOEHUPRQG VHOEVW 1DFKW 'XXQGLFK $QGLFK JHPDFKW 6\PSKRQLH
)UDJHQ /HW]WH%DKQ 2KQHGLFK ZDVZLUG
:LOOVWGX 8QGMHW]W 2KQH/LHEH
1HQD PLWPLU /DVVPLFK VWHKLFKKLHU /LHEHLVW ,FKNRPP ,PPHU
ELQLFK 9LWDPLQH :LU 1HXHV
PLWGLU ZHLWHU IOLHJHQ /DQG
JHKQ XQGZDUWH QLFKWV
,FK
-XOL :DUXP 6WHUQH *HLOH]HLW 7DJHZLH 7UDHQHQVFK 3HUIHNWH 5HJHQXQG 1RYHPEHU $QGHUV 9HUVFKZLQ
GLHVHU ZHU :HOOH 0HHU GH
'DVJURVVH 7KRUVWHQ *HGDFKWLFK /DXHIWDOOHV :RLVWGDV (UJHKRHUWH 'LH 'HUGHQ
$QQHWW/RXLVDQ (UZDFKVHQ 6FKPLGW &KDQFHQORV VDJHQHLQ (YH SHUIHNW 3UREOHP PDOPLU /RHVXQJ LFKZLOO
$OEXPQDPH *HUPDQVRQJV0DOHYRFDOV
6LHEULQJW
%HQ +HU]DXV 'DIXHU 'LH5HLVH *HVHJQHW ,UJHQGZR 'XELVW =XUXHFN]X :DUXPVROO GLH6RQQH (VZLUG
*ODV PLFK VHLVW'X PHLQ+HU] PLU LFKJHKQ PLW =HLW
.XU]1DFK
(FKW :LH*HKW 0HLVWHUZHU ,Q'LHVHU :DKUKHLW 'X%LVW +DDU :LH(LQ 1DFKEDUVFK 'HP $Q'HLQHU
(V'LU6R N *HJHQG 1LFKW(FKW 0DHGFKHQ DIW $XIVWHKHQ 6HLWH
/DFKH
:HQQHV 'RUWXQG %OLFN .HLQ
0HQVFK 0HQVFK 1HXODQG 'HU:HJ
9LHUWHO9RU QLFKW]XP 8QEHZRKQW KLHU ]XUXHFN 3RNDO =XP0HHU
ZHLQHQ
UHLFKW
9RQ ,P,QWHUHVVH
6RHKQH0DQQKHLPV :HQQ'X 9LHOOHLFKW $QIDQJ$Q .RHQLJ'HU 7UDXULJH 8QVHUHU ,FK*HK0LW 'HLQ/HEHQ 8QG:HQQ 9DWWHU
6FKODHIVW .RHQLJH /LHGHU *HPHLQVFK 'LU (LQ/LHG XQVHU
'DEHL
DIW
6R-XQJ 3XUH 3XUH
'X%LVW .RPPHQ $EHU+LHU YHUQXQIW YHUQXQIW
7RFRWURQLF )UHLEXUJ *DQ] :LU1LFKW /HW7KHUH -DFNSRW 7KLV%R\LV /HEHQ1HLQ *HJHQ'HQ GDUI GDUI
6FKRHQ 0HKU %H5RFN 7RFRWURQLF 'DQNH 6WULFK QLHPDOV QLHPDOV
%HGLHQW
=XVDPPHQ VLHJHQ VLHJHQ
www.intechopen.com
'' %
&
www.intechopen.com
Recent Advances in Signal Processing
Edited by Ashraf A Zaher
ISBN 978-953-307-002-5
Hard cover, 544 pages
Publisher InTech
Published online 01, November, 2009
Published in print edition November, 2009
The signal processing task is a very critical issue in the majority of new technological inventions and
challenges in a variety of applications in both science and engineering fields. Classical signal processing
techniques have largely worked with mathematical models that are linear, local, stationary, and Gaussian.
They have always favored closed-form tractability over real-world accuracy. These constraints were imposed
by the lack of powerful computing tools. During the last few decades, signal processing theories,
developments, and applications have matured rapidly and now include tools from many areas of mathematics,
computer science, physics, and engineering. This book is targeted primarily toward both students and
researchers who want to be exposed to a wide variety of signal processing techniques and algorithms. It
includes 27 chapters that can be categorized into five different areas depending on the application at hand.
These five categories are ordered to address image processing, speech processing, communication systems,
time-series analysis, and educational packages respectively. The book has the advantage of providing a
collection of applications that are completely independent and self-contained; thus, the interested reader can
choose any chapter and skip to another without losing continuity.
How to reference
In order to correctly reference this scholarly work, feel free to copy and paste the following:
Namunu C. Maddage, Li Haizhou and Mohan S. Kankanhalli (2009). Music Structure Analysis Statistics for
Popular Songs, Recent Advances in Signal Processing, Ashraf A Zaher (Ed.), ISBN: 978-953-307-002-5,
InTech, Available from: http://www.intechopen.com/books/recent-advances-in-signal-processing/music-
structure-analysis-statistics-for-popular-songs