Professional Documents
Culture Documents
6LPXODWLRQDQG0RGHOLQJ
RI1RQOLQHDU0DJQHWLFV
0DUN&:LOOLDPV5RQDOG69RJHOVRQJDQG.HQQHWK6
.XQGHUW
9HUVLRQE$XJXVW $SURFHGXUHIRUPRGHOLQJDQGVLPXODWLRQRIDUELWUDU\QRQOLQHDUPDJQHWLFVFRPSRQHQWV
LVSUHVHQWHG$VHWRIHOHFWURPDJQHWLFSULPLWLYHVLVGHVFULEHG DVLPSOHPHQWHGLQ9HU
LORJ$7KHSULPLWLYHVLQFOXGHFRUHVJDSVDQGZLQGLQJV WKDWDUHFRPELQHGWR PRGHO
IHUURPDJQHWLFLQGXFWRUVDQGWUDQVIRUPHUV7KHSK\VLFVRIWKHIHUURPDJQHWLFFRUHPRGHO
LVGHVFULEHG7KHPRGHOLVXVHGWRLOOXVWUDWHKRZWRRYHUFRPHVRPHGLIILFXOWPRGHOOLQJ
LVVXHV VXFK DV K\VWHUHVLV LQFUHPHQWDO PRGHOV LPSOLFLW PRGHOV DQG PXOWLGLVFLSOLQDU\
PRGHOV
2ULJLQDOO\ZULWWHQLQ$XJXVWWKLVSDSHUZDVSUHVHQWHGDWWKH,(((,QWHUQDWLRQDO6\PSRVLXP
RQ&LUFXLWVDQG6\VWHPV,6&$6LQ0D\,Q0DUFKWKHPRGHOVZHUHFRQYHUWHGWR
9HULORJ$
/DVWXSGDWHGRQ0D\<RXFDQILQGWKHPRVWUHFHQWYHUVLRQDWZZZGHVLJQHUVJXLGHRUJ
&RQWDFWWKHDXWKRUYLDHPDLODWNHQ#GHVLJQHUVJXLGHFRP
3HUPLVVLRQWRPDNHFRSLHVHLWKHUSDSHURUHOHFWURQLFRIWKLVZRUNIRUSHUVRQDORUFODVVURRPXVH
LVJUDQWHGZLWKRXWIHHSURYLGHGWKDWWKHFRSLHVDUHQRWPDGHRUGLVWULEXWHGIRUSURILWRUFRPPHU
FLDODGYDQWDJHDQGWKDWWKHFRSLHVDUHFRPSOHWHDQGXQPRGLILHG7RGLVWULEXWHRWKHUZLVHWRSXE
OLVKWRSRVWRQVHUYHUVRUWRGLVWULEXWHWROLVWVUHTXLUHVSULRUZULWWHQSHUPLVVLRQ
&RS\ULJKW¤.HQQHWK6.XQGHUW±$OO5LJKWV5HVHUYHG RI
,QWURGXFWLRQ
,QWURGXFWLRQ
0DQ\GHVLJQVIRUSRZHUDSSOLFDWLRQVVXFKDVVZLWFKLQJSRZHUVXSSO\DQGUHJXODWRUFLU
FXLWVPDNHXVHRIIHUURPDJQHWLFLQGXFWRUVDQGWUDQVIRUPHUV7KHVHDSSOLFDWLRQVKDYH
FUHDWHGDQHHGIRUDPRGHOWKDWFDQDFFXUDWHO\GHVFULEHWKHRSHUDWLRQRIQRQOLQHDUPDJ
QHWLFGHYLFHV8QIRUWXQDWHO\WKHVHGHYLFHVH[KLELWVHYHUDOTXDOLWLHVWKDWPDNHPRGHOLQJ
GLIILFXOW,QSDUWLFXODUWKHQRQOLQHDUK\VWHULFQDWXUHDQGWKHZLGHYDULHW\RIFRUHWRSROR
JLHVSRVHDFKDOOHQJHWRPRGHOLQJRIVXFKGHYLFHV
,W LV LPSUDFWLFDO WR PRGHO DOO SRVVLEOH FRQILJXUDWLRQV ZLWK D VLQJOH PRGHO WRSRORJ\
,QVWHDGDWUDQVIRUPHUPRGHORIDUELWUDU\FRPSOH[LW\FDQDVVHPEOHGXVLQJDVPDOOVHWRI
EXLOGLQJEORFNVFRPSRVHGRIZLQGLQJVFRUHVDQGJDSV
7KLVSDSHUGHVFULEHVDPHWKRGRORJ\WRUHSUHVHQWQRQOLQHDUPDJQHWLFVGHYLFHV0RGHOV
DUHGHYHORSHGWRGHVFULEHWKHRSHUDWLRQRIHDFKRIWKHEXLOGLQJEORFNV/LQHDUUHODWLRQ
VKLSVDUHXVHGWRGHVFULEHWKHZLQGLQJDQGJDSPRGHOV7KHQRQOLQHDUPRGHOIRUWKHFRUH
LVEDVHGRQWKDWRI-LOHVDQG$WKHUWRQ >@>@0RGHOVIRUWKHHOHFWURPDJQHWLFSULPLWLYHV
DUHLPSOHPHQWHGLQ9HULORJ$)LQDOO\WKHUHVXOWVIURPDVLPXODWLRQRIDWUDQVIRUPHULV
SUHVHQWHG
0RGHOLQJ$SSURDFK
9DULRXVWUDQVIRUPHUFRQILJXUDWLRQVFDQEHPRGHOHGE\WUHDWLQJWKHPDJQHWLFSRUWLRQRI
WKHFRPSRQHQWDVDFLUFXLWLWVHOI7KHFLUFXLWFRQVLVWVRIFRUHVJDSVDQGZLQGLQJVLQWHU
FRQQHFWHGLQDWRSRORJ\WKDWPDWFKHVWKDWRIWKHFRPSRQHQWEHLQJPRGHOHG7KHPDJ
QHWLF FRPSRQHQWV UHODWH PDJQHWLF IRUFH DQG IOX[ ) 7KH HTXDWLRQV IRU WKH
FRPSRVLWHFRPSRQHQWDUHDVVHPEOHGIURPWKHGHILQLQJUHODWLRQVIRUHDFKSULPLWLYHFRP
SRQHQWDQGIURPWKHREVHUYDWLRQWKDWWKHIORZRIPDJQHWLFIOX[RXWRIDQRGHPXVWEH
]HURDQGWKHVXPRIWKHPDJQHWLFIRUFHDURXQGDORRSDOVRPXVWEH]HUR&RUHVDQGJDSV
DUHVLPLODULQWKDWWKH\DUHSXUHO\PDJQHWLFFRPSRQHQWVZKHUHDVWKHZLQGLQJVUHSUHVHQW
DFRXSOLQJEHWZHHQWKHHOHFWULFDODQGPDJQHWLFFLUFXLWV
&RQVLGHUDWUDQVIRUPHUZLWKIRXUZLQGLQJVFRQVWUXFWHGZLWKDQFRUHZLWKDJDSLQWKH
FHQWHUDUP3K\VLFDOO\WKHWUDQVIRUPHULVVKRZQLQ)LJXUH 6FKHPDWLFDOO\WKHVDPH
WUDQVIRUPHULVVKRZQLQ)LJXUH &&DQG&UHSUHVHQWFRUHIUDJPHQWVWKDWPRGHO
WKHWKUHHDUPVRIWKHFRUH*UHSUHVHQWVWKHJDSLQWKHFHQWHUDUPDQG*UHSUHVHQWV
WKH OHDNDJH WKURXJK WKH DLU DURXQG WKH ZLQGLQJV : : : DQG : DUH WKH IRXU
ZLQGLQJV
/LQHDU0DJQHWLFV3ULPLWLYHV
,QRUGHUWRXQGHUVWDQGWKHWKHRU\EHKLQGWKHVHFRPSRQHQWVLWLVKHOSIXOWRILUVWUHYLHZ
WKH UHODWLRQVKLSV EHWZHHQ WKH IXQGDPHQWDO HOHFWULF DQG PDJQHWLF TXDQWLWLHV )LJXUH
GHSLFWV WKH UHODWLRQVKLSV EHWZHHQ HDFK RI WKH HOHFWULFDO TXDQWLWLHV DQG WKH DQDORJRXV
UHODWLRQVKLSVEHWZHHQWKHLUPDJQHWLFFRXQWHUSDUWV7KHWUDQVIRUPDWLRQVEHWZHHQWKHVH
WZRGRPDLQVDUHGHILQHGE\)DUDGD\¶V/DZDQG$PSHUH¶V/DZ
RI 7KH'HVLJQHU·V*XLGH&RPPXQLW\
ZZZGHVLJQHUVJXLGHRUJ
/LQHDU0DJQHWLFV3ULPLWLYHV
),*85( 3K\VLFDOUHSUHVHQWDWLRQRIDQ(FRUH
W4
W1 W3
W2
),*85( 6FKHPDWLFUHSUHVHQWDWLRQRIDQ(FRUH
C1 C2 C3
G1 W4 G2
W1 W2 W3
),*85( 5HODWLRQVKLSVEHWZHHQHOHFWURQLFDQGPDJQHWLFTXDQWLWLHV
$PSHUH¶V
/DZ
$ 1 O
- , +
V 5 P
O 1GGW $
H 9 )DUDGD\¶V
) %
/DZ
(OHFWULFDO4XDQWLWLHV 0DJQHWLF4XDQWLWLHV
7KH*DS0RGHO
$QDLUJDSLQDPDJQHWLFFLUFXLWLVDQDORJRXVWRDOLQHDUUHVLVWRULQDQHOHFWULFDOFLUFXLW,W
LVUHSUHVHQWHGE\DOLQHDUUHOXFWDQFH WKDWLVDIXQFWLRQRIWKHFURVVVHFWLRQDODUHDRI
WKHFRUHWKHJDSOHQJWKDQGWKHSHUPHDELOLW\RIIUHHVSDFH P)URPWKHILJXUHLWLV
7KH'HVLJQHU·V*XLGH&RPPXQLW\ RI
ZZZGHVLJQHUVJXLGHRUJ
1RQOLQHDU0DJQHWLFV7KHRU\
VHHQWKDWWKHUHOXFWDQFHLVWKHUHODWLRQVKLSEHWZHHQWKHPDJQHWRPRWLYHIRUFH DQG
WKHIOX[)7KHPDWKHPDWLFDOUHODWLRQVKLSLVVKRZQLQ(TXDWLRQ
O
*
) P$
7KH:LQGLQJ0RGHO
$ZLQGLQJFRXSOHVWKHHOHFWULFDODQGPDJQHWLFGRPDLQV7KHHQHUJ\WUDQVIHUUHGEHWZHHQ
GRPDLQVLVVFDOHGE\WKHQXPEHURIWXUQVLQWKHZLQGLQJ17KHUHODWLRQVKLSIURPWKH
HOHFWULFDOWRWKHPDJQHWLFGRPDLQLVGHILQHGE\$PSHUH¶V/DZDVVKRZQLQ(TXDWLRQ
1,
6LPLODUO\WKHHQHUJ\WUDQVIHUIURPWKHPDJQHWLFEDFNWRWKHHOHFWULFDOGRPDLQLVGHILQHG
E\)DUDGD\¶V/DZ,QDGGLWLRQWKHHOHFWULFDOZLQGLQJFDQKDYHDILQLWHVHULHVUHVLVWDQFH
5:GHILQHGE\2KP¶V/DZ7KHVHHIIHFWVDUHFRPELQHGYLDVXSHUSRVLWLRQUHVXOWLQJLQ
WKHUHODWLRQVKLSVKRZQLQ(TXDWLRQ
9 5 : , 1 G)
GW
1RQOLQHDU0DJQHWLFV7KHRU\
7KLVVHFWLRQGHVFULEHVWKHXQGHUO\LQJWKHRU\RIWKHQRQOLQHDUEHKDYLRURIIHUURPDJQHWLF
GHYLFHV,WLVDSKHQRPHQRORJLFDOPRGHOEDVHGRQWKHZRUNRI-LOHVDQG$WKHUWRQ >@
:KLOH WKH PDJQHWLF TXDQWLWLHV DQDORJRXV WR YROWDJH 9 DQG FXUUHQW , DUH PDJQHWR
PRWLYHIRUFHDQGPDJQHWLFIOX[ ) WKHEHKDYLRURI DVDWXUDEOH PDJQHWLFFRUHLV
W\SLFDOO\GHVFULEHGLQWHUPVRILWVPDJQHWLFIOX[GHQVLW\%YVPDJQHWLFILHOGLQWHQVLW\
+7KLVUHODWLRQVKLSWDNHVWKHIRUPRIDELVWDEOHVLJPRLGDVVKRZQLQ)LJXUH
6HYHUDOILJXUHVRIPHULWIRUDGHYLFHFDQEHWDNHQIURPLWV%+FXUYHWKHPRVWLPSRUWDQW
RIZKLFKDUHWKHVDWXUDWLRQOHYHOWKHUHPDQHQFHRUUHWHQWLYLW\DQGWKHFRHUFLYLW\RU
FRHUFLYHIRUFH7KHVDWXUDWLRQOHYHO%VDWLVWKHPDJQHWL]DWLRQOHYHODWZKLFKDOORIWKH
GRPDLQV
PDJQHWLFPRPHQWVDUH SRLQWLQJ LQ WKH GLUHFWLRQ RI WKH H[WHUQDO ILHOG YHFWRU
7KLVOHYHODFRQVWDQWIRUWKHPDWHULDOUHSUHVHQWVWKHPD[LPXPILHOGGHQVLW\WKHPDWH
ULDOFDQVXVWDLQ7KHUHPDQHQFHLVGHILQHGDVWKHDPRXQWRIPDJQHWLVPWKDWUHPDLQVLQ
WKHPDWHULDO DIWHUWKH H[WHUQDO IRUFHV KDYH EHHQ UHPRYHG 2QWKH %+ FXUYH LW LV WKH
SRLQWDWZKLFKWKHFXUYHFURVVHVWKHDEVFLVVD+HTXDOWR]HUR7KHFRHUFLYHIRUFHLV
GHILQHGDVWKHH[WHUQDOPDJQHWLFILHOGUHTXLUHGWRUHWXUQWKHPDJQHWLVPRIWKHVROLGWR
]HUR2QWKH%+FXUYHLWLVWKHSRLQWDWZKLFKWKHFXUYHFURVVHVWKHRUGLQDWH%HTXDOWR
]HUR 7KHVH SDUDPHWHUV UHODWH SK\VLFDO RFFXUUHQFHV ZLWKLQ D FRUH WR LWV PDJQHWLF
UHVSRQVH DQG SURYLGH OLPLWV E\ ZKLFK PDWKHPDWLFDO UHODWLRQVKLSV FDQ EH GHULYHG WR
PRGHOWKHPDJQHWLFEHKDYLRUZLWKLQWKHFRUH
7KHUHODWLRQVKLSEHWZHHQ%DQG+LVGHILQHGE\WKHSHUPHDELOLW\ PRIWKHPDWHULDODV
VKRZQ LQ )LJXUH)RUPDJQHWLF PDWHULDOVWKHSHUPHDELOLW\ PFDQEHUHODWHGWRWKH
SHUPHDELOLW\ RI IUHH VSDFH P E\ WKH UHODWLYHSHUPHDELOLW\ PU $ SDUWLFXODU FODVV RI
PDJQHWLFPDWHULDOVVDWXUDEOHFDQH[KLELWKLJKO\QRQOLQHDUUHODWLYHSHUPHDELOLWLHV7KH
UHODWLRQVKLSVEHWZHHQWKHVHTXDQWLWLHVLVVKRZQLQ(TXDWLRQ
RI 7KH'HVLJQHU·V*XLGH&RPPXQLW\
ZZZGHVLJQHUVJXLGHRUJ
1RQOLQHDU0DJQHWLFV7KHRU\
),*85( %YHUVXV+FXUYHZLWKPLQRUORRSV
8,9
% P+ P P U + P + 0
7KHSDUDPHWHU0LQWKHHTXDWLRQUHIHUVWRWKHPDJQHWLVPRUILHOGLQWHQVLW\ZLWKLQWKH
PDWHULDOWKDWLVFRQWULEXWHGE\WKHPDJQHWLFGRPDLQV7KHYDULDWLRQLQSHUPHDELOLW\ P
LV D UHVXOW RI WKH FKDQJLQJ PDJQHWLVP 0 RI WKH VROLG DV HQHUJ\ IURP WKH DSSOLHG
ILHOG +LVDEVRUEHGLQWRWKHGRPDLQV6LQFHWKHUHODWLYHSHUPHDELOLW\ PULVGHSHQGHQW
RQ WKH UDWLR RI DSSOLHG DQG UHVLGHQW ILHOGV PDJQHWLF VXVFHSWLELOLW\ WKH ILHOG GHQVLW\
HTXDWLRQPD\EHH[SDQGHGLQWRWKHPRUHJHQHUDOUHODWLRQVKLSJLYHQE\WKHILQDOUHODWLRQ
VKLSLQZKLFKWKHUHODWLYHSHUPHDELOLW\LVLQFRUSRUDWHGLQWRWKHLQWHUQDOILHOGLQWHQVLW\
FRPSRQHQW 0
,IDVDPSOHRIPDJQHWLFPDWHULDOLVH[DPLQHGRQDSHUGRPDLQEDVLVWKHGLIIHUHQWLDOILHOG
VWUHQJWK DURXQG DQ\ JLYHQ GRPDLQ ZLOO EH VRPHZKDW ODUJHU WKDQ H[SHFWHG GXH WR LWV
SUR[LPLW\ WR WKH UHPDLQGHU RI WKH GRPDLQV LQ WKH PDWHULDO ,Q HIIHFW D JLYHQ GRPDLQ
H[SHULHQFHVWKHPDJQHWLFLQIOXHQFHRIWKHDYHUDJHGWRWDOPDJQHWLVPRIWKHVROLGVLQFH
WKHRULHQWDWLRQRIDQ\JLYHQGRPDLQPD\EHUDQGRP$WWKLVSRLQWLWLVDSSURSULDWHWR
GHILQHDQHIIHFWLYHPDJQHWLFILHOGLQWHQVLW\ +HIIH[LVWLQJZLWKLQWKHVROLGWKDWLVWKH
VXPRIWKHDSSOLHGILHOG+DQGVRPHDYHUDJHGFRQWULEXWLRQIURPWKHPDJQHWLVP0RI
WKHVXUURXQGLQJGRPDLQV7KHSURSRVHGHTXDWLRQDGMXVWVWKHSHUFHQWDJHRIEXONPDJQH
WLVP0DGGHGWRWKHDSSOLHGILHOGLQWHQVLW\ +WKURXJKWKHVFDOLQJFRHIILFLHQWDOSKD
DZKLFKW\SLFDOO\KDVDYDOXHDURXQG±7KHPRGLILHGUHODWLRQVKLSIRUWKHPDJQHWLF
ILHOGLQWHQVLW\H[SHULHQFHGE\DVLQJOHGRPDLQLVJLYHQE\(TXDWLRQ
+ HII + D0
,IDPDJQHWLFPDWHULDOZDVDEOHWRUHWXUQDOORIWKHPDJQHWLFHQHUJ\WKDWZDVLQSXWWKH
UHVXOWLQJPDJQHWL]DWLRQFXUYHZRXOGWDNHWKHIRUPRIDVLQJOHYDOXHGVLJPRLGHTXLYD
OHQWWRWKHFHQWHUOLQHRIWKHK\VWHUHVLVORRSVKRZQLQ)LJXUH7KLVFXUYHUHIHUUHGWR
DVWKHDQK\VWHULFPDJQHWL]DWLRQFXUYHUHSUHVHQWVWKHLGHDORUORVVOHVVPDJQHWL]DWLRQRID
7KH'HVLJQHU·V*XLGH&RPPXQLW\ RI
ZZZGHVLJQHUVJXLGHRUJ
1RQOLQHDU0DJQHWLFV7KHRU\
PDWHULDO7KHIXQFWLRQWKDWZDVFKRVHQWRPRGHOWKLVVHPLHPSLULFDOUHSUHVHQWDWLRQZDV
GHYHORSHGE\/DQJHYLQ >@7KHSDUDPHWHUVXVHGWRFDOFXODWHWKLVTXDQWLW\DUHWKHHIIHF
WLYHILHOGVWUHQJWK+HIIJLYHQE\(TXDWLRQ WKHVDWXUDWLRQOHYHO0VDWDQGWKHVKDSLQJ
FRHIILFLHQWJDPPDJZKLFKDGMXVWVWKHVORSHRIWKHFXUYHDFFRUGLQJWRWKHPDJQHWLF
KDUGQHVV RI WKH PDWHULDO 7KH SKHQRPHQRORJLFDO UHSUHVHQWDWLRQ RI DQK\VWHULF
PDJQHWL]DWLRQ 0DQKSURSRVHGE\/DQJHYLQLVGHILQHGE\(TXDWLRQ
+ HII· J
0 DQK 0 VDW § FRWK § ± ·
© © J ¹ + HII¹
7KHWRWDOPDJQHWLFILHOGLQIHUURPDJQHWLFPDWHULDOVFDQEHVHSDUDWHGLQWRLGHDODQGLUUH
YHUVLEOHFRPSRQHQWVZKHUHWKHLUUHYHUVLEOHUHSUHVHQWVWKHHQHUJ\GLVVLSDWHGLQPDJQH
WL]LQJ WKH PDWHULDO -LOHV DQG $WKHUWRQ IRUPXODWHG D PRGHO ZKLFK H[SUHVVHV WKH WRWDO
PDJQHWL]DWLRQDVDZHLJKWHGDYHUDJHLQWKHIRUPVKRZQLQ(TXDWLRQ
0 F0 DQK ± F 0 LUU
7KHHTXDWLRQLVFRPSRVHGRIDQDQK\VWHULFWHUPZKLFKLVDWUXHIXQFWLRQLQWKHPDWKH
PDWLFDOVHQVHRIWKHDSSOLHGPDJQHWLFILHOG +GHILQHGLPSOLFLWO\WKURXJKWKH/DQJHYLQ
IXQFWLRQDQGDQLUUHYHUVLEOHWHUPZKLFKLVDFRQWULEXWLRQFRPSXWHGWKURXJKLQH[DFWGLI
IHUHQWLDOV 7KH IXQGDPHQWDO GLIIHUHQWLDO HTXDWLRQ SURSRVHG E\ -LOHV DQG $WKHUWRQ LV
VKRZQLQ(TXDWLRQ 7KHXQGHUO\LQJGHULYDWLRQLVEH\RQGWKHVFRSHRIWKLVSDSHUEXW
FDQEHIRXQGLQWKHUHIHUHQFHV >@>@
G0 LUU
0 0 DQK ± GN
G + HII
7KHHTXDWLRQFRQVLVWVRIDQHQHUJ\WHUPIRUWKHDQK\VWHULFFRPSRQHQWUHSUHVHQWLQJWKH
ORVVOHVVWHUPDQGDQHQHUJ\WHUPIRUWKHLUUHYHUVLEOHFRPSRQHQWWKDWOXPSVWKHPDWHULDO
GHSHQGHQW YDULDWLRQ LQWR D VLQJOH WHUP N 7KH K\VWHUHVLV LV LPSOHPHQWHG XVLQJ
G VJQ G+ e GW ZKLFKWDNHVRQWKHYDOXHVRIHLWKHURUGHSHQGLQJRQZKHWKHULWLV
WKH SRVLWLYH RU QHJDWLYH KDOI F\FOH RI WKH K\VWHUHVLV FXUYH 7KLV HTXDWLRQ FDQ EH FRQ
YHUWHG WRWKH VWDQGDUG GLIIHUHQWLDOQRWDWLRQ E\VXEVWLWXWLQJ (TXDWLRQ LQWR (TXDWLRQ
IRU WKH HIIHFWLYH ILHOG +HII DQG UHDUUDQJLQJ WHUPV 7KH UHVXOWLQJ IRUP LV VKRZQ LQ
(TXDWLRQ
)LQDOO\ WKH WRWDO GLIIHUHQWLDO VXVFHSWLELOLW\ FDQ EH REWDLQHG E\ FRPELQLQJ (TXDWLRQ
DQG(TXDWLRQ 7KHUHVXOWLVVKRZQLQ(TXDWLRQ
G0 § 0 DQK ± 0 LUU G0 ·
± F ¨ F DQK¸
G+ © GN ± D 0 DQK ± 0 LUU G+ ¹
,WEHFDPHHYLGHQWDIWHUVRPHZRUNVLPXODWLQJYDULRXVFRUHSURILOHVWKDWDFRQGLWLRQFDQ
DULVHWKDW\LHOGVQRQSK\VLFDOUHVXOWV7KLVFRQGLWLRQLVH[HPSOLILHGE\DQXQH[SHFWHG
LQFUHDVHLQWRWDOPDJQHWL]DWLRQ0MXVWDIWHUWKHLQSXWFXUUHQWFKDQJHVGLUHFWLRQQHDU
WKH ORRS WLSV $IWHU IXUWKHU LQYHVWLJDWLRQ LQFOXGLQJ VHYHUDO FRQYHUVDWLRQV ZLWK 'U
'DYLG -LOHV LWZDVIRXQGWKDWWKHFDXVH ZDV WKH LQDSSURSULDWH FDOFXODWLRQ RI WKH WRWDO
RI 7KH'HVLJQHU·V*XLGH&RPPXQLW\
ZZZGHVLJQHUVJXLGHRUJ
9HULORJ$0RGHO
PDJQHWL]DWLRQEHWZHHQWKHSRLQWDWZKLFKWKHFXUUHQWFKDQJHGGLUHFWLRQDQGWKHSRLQW
ZKHUH WKH PDJQHWL]DWLRQ FXUYH FURVVHG WKH DQK\VWHULF FXUYH ,W ZDV GHFLGHG WKDW WKH
PDJQHWL]DWLRQVKRXOGEHFRPSOHWHO\UHYHUVLEOHGXULQJWKLVSRUWLRQRIFXUYH7KLVLVMXV
WLILHG VLQFH WKH GRPDLQ ZDOOV RQFH GHIRUPHG LQ D SDUWLFXODU GLUHFWLRQ E\ WKH DSSOLHG
ILHOG PXVW ILUVW UHOD[ WR HTXLOLEULXP DQG WKHQ EH GHIRUPHG LQ WKH RSSRVLQJ GLUHFWLRQ
EHIRUHDQ\IXUWKHULUUHYHUVLEOHFKDQJHRFFXUV,QRUGHUWRDFFRPPRGDWHWKLVFKDQJHWR
WKHHTXDWLRQVLWLVQHFHVVDU\WRLQFOXGHDQ DGGLWLRQDOFRQGLWLRQDO FODXVHWRREWDLQWKH
FRUUHFWFDOFXODWLRQRIWKHWRWDOPDJQHWL]DWLRQ
9HULORJ$0RGHO
7KUHH9HULORJ$>@PRGXOHVZHUHGHYHORSHGEDVHGRQWKHWKHRU\GHULYHGLQWKHSUH
YLRXVVHFWLRQV7KHJDSZLQGLQJDQGFRUHPRGXOHGHILQLWLRQVDUHOLVWHGLQ/LVWLQJV
DQGUHVSHFWLYHO\
7KH9HULORJ$ODQJXDJHSURYLGHVSUHGHILQHGW\SHVIRUHOHFWULFDODQGPDJQHWLFVLJQDOV
$GLVFLSOLQHGHVFULEHVWKHWZRW\SHVRIVLJQDOVDVVRFLDWHGZLWKDQRGHRUDEUDQFK(DFK
VLJQDOW\SHVLVUHIHUUHGWRDVDQDWXUH(DFKGLVFLSOLQHFRQWDLQVWZRQDWXUHVRQHIRUWKH
SRWHQWLDO VLJQDO DQG RQH IRU WKH IORZ VLJQDO 7KH HOHFWULFDO GLVFLSOLQH LQFOXGHV
YROWDJH 9DVWKHSRWHQWLDODQGFXUUHQW ,DVWKHIORZ)RUWKHPDJQHWLFGLVFLSOLQHWKH
SRWHQWLDOLVPDJQHWRPRWLYHIRUFH 00)DQGWKHIORZLVPDJQHWLFIOX[ 3KL*LYHQD
QRGHRUDEUDQFKGHILQHGE\DSDLURIQRGHVIXQFWLRQVZLWKWKHVHQDPHVDUHXVHGWR
DFFHVVWKHLUUHVSHFWLYHVLJQDOVIRUH[DPSOH9DELVWKHHOHFWULFDOSRWHQWLDODQG,DE
LVWKHHOHFWULFDOIORZEHWZHHQQRGHVDDQGE
7KHDLUJDSPRGXOHLQ/LVWLQJ LVDGLUHFWLPSOHPHQWDWLRQRIWKHUHODWLRQVKLSVKRZQLQ
(TXDWLRQ 1RWHWKDWWKHVLPSOLFLW\RIWKLVODQJXDJHDOORZVIRUYHU\FRQFLVHVSHFLILFD
WLRQRIPDWKHPDWLFDOUHODWLRQVKLSV7KHDELOLW\WRSDVVLQDUJXPHQWVOHQDQGDUHDZLWK
RSWLRQDOGHIDXOWYDOXHVDQGERXQGVFKHFNLQJDOORZVIRUJHQHULFXVHRIWKHPRGXOH
/,67,1* $LUJDSPRGHO
PRGXOHJDSSQ
PDJQHWLFSQ
SDUDPHWHUUHDOOHQ IURP>LQI HIIHFWLYHOHQJWK
SDUDPHWHUUHDODUHD IURPLQI DUHD
DQDORJEHJLQ
00)SQOHQ
3KLSQC3B8
DUHD
HQG
HQGPRGXOH
7KH ZLQGLQJ PRGXOH LQ /LVWLQJ GLUHFWO\ LPSOHPHQWV WKH UHODWLRQVKLSV GHILQHG E\
(TXDWLRQ DQG(TXDWLRQ ZKLFKFRXSOHWKHPDJQHWLFDQGHOHFWULFDOGRPDLQV1RWHWKDW
WKHGGWRSHUDWRULVXVHGWRSHUIRUPWKHWLPHGHULYDWLYH
7KHFRUHPRGXOHLQ/LVWLQJ LPSOHPHQWVWKHUHODWLRQVKLSEHWZHHQDQG)IRUWKHQRQ
OLQHDUK\VWHUHWLFFRUH(TXDWLRQ GHVFULEHVWKHFKDUDFWHULVWLFVRIWKHPDJQHWLFPDWHULDO
LQWHUPVRILQFUHPHQWDOTXDQWLWLHVDQGVRFDQQRWEHXVHGGLUHFWO\LQ9HULORJ$+RZ
HYHUWKHHTXDWLRQFDQEHFRQYHUWHGLQWRVRPHWKLQJWKDWFDQEHXVHGE\ILUVWPXOWLSO\LQJ
ERWKVLGHVE\G+DQGLQWHJUDWLQJ
7KH'HVLJQHU·V*XLGH&RPPXQLW\ RI
ZZZGHVLJQHUVJXLGHRUJ
5HVXOWV
/,67,1* (OHFWURPDJQHWLFZLQGLQJPRGHO
PRGXOHZLQGLQJHSHQPSPQ
HOHFWULFDOHSHQ
PDJQHWLFPSPQ
SDUDPHWHUUHDOWXUQV
SDUDPHWHUUHDOU ZLQGLQJUHVLVWDQFHSHUWXUQ
DQDORJEHJLQ
00)PSPQWXUQV
,HSHQ
9HSHWXUQV
U
,HSHQGGW3KLPSPQ
HQG
HQGPRGXOH
0 DQK ± 0 LUU F
³ G0
³ ³
G+ G0 DQK
F GN ± D0 DQK ± 0 LUU F
)LQDOO\UHSODFHG+ZLWKG+GWGWDQGVLPSOLI\
1RWLFHWKDWWKLVHTXDWLRQLVLPSOLFLWEHFDXVH0LUUDSSHDUVRQERWKVLGHVRIWKHHTXDOVLJQ
7KLVSUHVHQWVQRSUREOHPEHFDXVH9HULORJ$DOORZVLPSOLFLWIRUPXODWLRQV
7KHUH DUH D IHZ DVSHFWV RI WKLV LPSOHPHQWDWLRQ WKDW VKRXOG EH H[SODLQHG )LUVW
00)SQ DQGI 3KLSQ6HFRQGWRDYRLGGLYLVLRQE\]HURLQ(TXDWLRQ ZKHQ+HIILV
QHDU ]HUR LW LV UHSODFHG E\ WKH ILUVW WHUP LQ LWV 7D\ORU VHULHV H[SDQVLRQ ZKHQ
+ HII D e 7KHARSHUDWRULVWKHORJLFDOH[FOXVLYHRURSHUDWRUVR PLJUDWLQJLVWUXH
LIG!DQG00DQKRULIGDQG0!0DQK)LQDOO\LGWFRPSXWHVWKHWLPHLQWHJUDO
RILWVILUVWDUJXPHQWDQGWKHVHFRQGDUJXPHQWVSHFLILHVWKHLQLWLDOYDOXHRIWKHLQWHJUDO
5HVXOWV
7KH FLUFXLW LQ /LVWLQJ ZDV VLPXODWHG XVLQJ 6SHFWUH 7KH UHVXOWLQJ ZDYHIRUPV
GHSLFWLQJWKHYROWDJHDQGFXUUHQWRIWKHHTXLYDOHQWLQGXFWRUDQGWKHUHVXOWLQJPDJQHWL]D
WLRQORRSYHUVXVPDJQHWLFILHOGLQWHQVLW\DUHVKRZQLQ)LJXUHV DQGUHVSHFWLYHO\7KH
HOHFWULFDOFKDUDFWHULVWLFVFOHDUO\VKRZWKHFROODSVHRIWKHZLQGLQJYROWDJHDQGWKHUDSLG
LQFUHDVHRIFXUUHQWDVWKHFRUHVDWXUDWHV7KHPDJQHWLFFKDUDFWHULVWLFVVKRZQGHILQHWKH
LQLWLDOL]DWLRQVWDUWLQJIURPDQXQPDJQHWL]HGVWDWHIROORZHGE\LWVVDWXUDWHGK\VWHUHVLV
ORRS7KLVVLPXODWLRQUHTXLUHGDSSUR[LPDWHO\WLPHSRLQWVWRJHQHUDWHWKHWZRF\FOHV
RIUHVSRQVHVKRZQ
&RQFOXVLRQV
,QWKLVSDSHUZHGHVFULEHGDPHWKRGRORJ\RIPRGHOLQJDUELWUDULO\FRPSOH[HOHFWURPDJ
QHWLFFRPSRQHQWVE\ FRPELQLQJSULPLWLYH PDJQHWLF DQGHOHFWURPDJQHWLF FRPSRQHQWV
6SHFWUHLVDUHJLVWHUHGWUDGHPDUNRI&DGHQFH'HVLJQ6\VWHPV
RI 7KH'HVLJQHU·V*XLGH&RPPXQLW\
ZZZGHVLJQHUVJXLGHRUJ
&RQFOXVLRQV
/,67,1* 1RQOLQHDUPDJQHWLFFRUHPRGHO
PRGXOHFRUHSQ
PDJQHWLFSQ
SDUDPHWHUUHDOOHQ IURP HIIHFWLYHPDJQHWLFOHQJWKRIFRUH
SDUDPHWHUUHDODUHD IURPLQI PDJQHWLFFURVVVHFWLRQDODUHDRIFRUH
SDUDPHWHUUHDOPV 0IURPLQI VDWXUDWLRQPDJQHWL]DWLRQ
SDUDPHWHUUHDOD IURPLQI
SDUDPHWHUUHDON IURPLQI EXONFRXSOLQJFRHIILFLHQW
SDUDPHWHUUHDODOSKD PIURPLQI LQWHUGRPDLQFRXSOLQJFRHI
SDUDPHWHUUHDOF IURP>@ FRHIIRUUHYHUVLEOHPDJQHWL]DWLRQ
PDJQHWLF+GRW LQWHUQDO+GRWQRGH
UHDO+ ILHOGLQWHQVLW\
UHDO% IOX[GHQVLW\
UHDO0DQK DQK\VWHULFPDJQHWL]DWLRQ
UHDO0LUU LUUHYHUVLEOHPDJQHWL]DWLRQ
UHDOG0LUU G0LUUG+
UHDO0 WRWDOPDJQHWL]DWLRQ
UHDO+HII HIIHFWLYHILHOGLQWHQVLW\
LQWHJHUGHOWD GLUHFWLRQRIWKHLQSXW00)
LQWHJHUPLJUDWLQJ IODJLQGLFDWLQJWKDWWKHSLQQLQJVLWHVDUHPRYLQJ
DQDORJIXQFWLRQLQWHJHUVLJQ VLJQIXQFWLRQ
UHDODUJLQSXWDUJ
VLJQ DUJ! "
HQGIXQFWLRQ
DQDORJIXQFWLRQUHDOFRWK K\SHUEROLFFRWDQJHQWIXQFWLRQ
UHDODUJLQSXWDUJ
UHDO[
EHJLQ
[ H[SPLQPD[DUJ
FRWK [[[[
HQG
HQGIXQFWLRQ
DQDORJEHJLQ FRUHPRGHO
+ 00)SQOHQ
00)+GRWGGW+
GHOWD VLJQ00)+GRW
% 3KLSQDUHD
0 %C3B8+
+HII +DOSKD
0
LIDEV+HII!
D
0DQK PV
FRWK+HIIDD+HII
HOVH
0DQK PV
+HII
D 7D\ORUVHULHVH[SDQVLRQRIDERYH
G0LUU 0DQK0GHOWD
NDOSKD
0DQK0
00)+GRW
PLJUDWLQJ GHOWD!A0!0DQK
0LUU LGWPLJUDWLQJ
G0LUU0DQK
0 F
0LUUF
0DQK
3KLSQDUHD
C3B8
+0
HQG
HQGPRGXOH
7KH'HVLJQHU·V*XLGH&RPPXQLW\ RI
ZZZGHVLJQHUVJXLGHRUJ
&RQFOXVLRQV
/,67,1* 6SHFWUHQHWOLVWRIWHVWFLUFXLW
7HVWFLUFXLWIRU-LOHVDQG$WKHUWRQPDJQHWLFVPRGHOLPSOHPHQWDWLRQ
VLPXODWRUODQJ VSHFWUH
DKGOBLQFOXGHMLODWKYD
0DJQHWLF&LUFXLW
&PPFRUHOHQ PPDUHD XPV 0D N DOSKD PF
&PPDFRUHOHQ PPDUHD XPV 0D N DOSKD PF
&PPDFRUHOHQ PPDUHD XPV 0D N DOSKD PF
*PDPEJDSOHQ PPDUHD X
*PJDSOHQ PPDUHD X
:HPZLQGLQJWXUQV
:HPEZLQGLQJWXUQV
:DHPDPEZLQGLQJWXUQV
:EHPEZLQGLQJWXUQV
(OHFWULFDOFLUFXLW
9VLYVYVRXUFHW\SH VLQHDPSO IUHT N
9LYUYVRXUFHW\SH SZOZDYH >PP@
9LQYLYVYUSYFYVFRHIIV >@
5YLHUHVLVWRUU
5HUHVLVWRUU
5DHUHVLVWRUU
5EHUHVLVWRUU
6DYHRXWSXWV
VDYH&%&+&%&+&%&+H555D
$QDO\VHV
VLQH5HVSWUDQVWRS PV
),*85( *UDSKRILQSXWYROWDJHDQGFXUUHQWZDYHIRUPVYHUVXVWLPH
,QDGGLWLRQWKHLPSOHPHQWDWLRQRIWKHFRPSOH[-LOHV$WKHUWRQFRUHPRGHOLVGHVFULEHG
7ZRGLIILFXOWLHVRILPSOHPHQWLQJWKH-LOHV$WKHUWRQPRGHOLVLWLVLPSOLFLWDQGLVJLYHQ
LQWHUPVRILQFUHPHQWDOTXDQWLWLHV7KHPRGHOLVLPSOHPHQWHGLQ9HULORJ$ZKLFKQDW
RI 7KH'HVLJQHU·V*XLGH&RPPXQLW\
ZZZGHVLJQHUVJXLGHRUJ
$FNQRZOHGJHPHQWV
),*85( *UDSKRIPDJQHWL]DWLRQYHUVXVPDJQHWLFILHOGLQWHQVLW\
XUDOO\KDQGOHVLPSOLFLWHTXDWLRQDQGDWHFKQLTXHLVJLYHQWKDWHOLPLQDWHVWKHLQFUHPHQWDO
QDWXUHRIWKHPRGHO
,I<RX+DYH4XHVWLRQV
,I\RXKDYHTXHVWLRQVDERXWZKDW\RXKDYHMXVWUHDGIHHOIUHHWRSRVWWKHPRQWKH)RUXP
VHFWLRQRI7KH'HVLJQHU¶V*XLGH&RPPXQLW\ZHEVLWH'RVRE\JRLQJWRZZZGHVLJQ
HUVJXLGHRUJ)RUXP
$FNQRZOHGJHPHQWV
,ZRXOGOLNHWRWKDQN5REHUW%XFNOHVIRUSRLQWLQJRXWDQHUURULQWKHWH[W
5HIHUHQFHV
>@ :LOOLDPV0&$&$'0RGHOIRU1RQOLQHDU0DJQHWLFV0DVWHU¶V7KHVLV8QLYHU
VLW\RI6RXWK)ORULGD$SULO
>@ -LOHV ' & DQG ' / $WKHUWRQ 7KHRU\ RI IHUURPDJQHWLF K\VWHUHVLV -RXUQDO RQ
0DJQHWLVPDQG0DJQHWLF0DWHULDOV
>@ 9HULORJ$06/DQJXDJH5HIHUHQFH0DQXDO$QDORJ 0L[HG6LJQDO([WHQVLRQVWR
9HULORJ+'/YHUVLRQ$FFHOOHUD-DQXDU\$YDLODEOHIURPZZZDFFHO
OHUDFRP $Q DEULGJHG YHUVLRQ LV DYDLODEOH IURP ZZZYHULORJDPVFRP RU
ZZZGHVLJQHUVJXLGHRUJ9HULORJ$06
>@ .HQQHWK 6 .XQGHUW 7KH 'HVLJQHU¶V *XLGH WR 9HULORJ$06 .OXZHU $FDGHPLF
3XEOLVKHUV
>@ /DQJHYLQ0$QQGH&KHPLVWU\HW3K\VLFV
9HULORJLVDUHJLVWHUHGWUDGHPDUNRI&DGHQFH'HVLJQ6\VWHPVOLFHQVHGWR$FFHOOHUD
7KH'HVLJQHU·V*XLGH&RPPXQLW\ RI
ZZZGHVLJQHUVJXLGHRUJ
5HIHUHQFHV
RI 7KH'HVLJQHU·V*XLGH&RPPXQLW\
ZZZGHVLJQHUVJXLGHRUJ