$EVRUSWLRQ /RVVHV RI 8OWUDWKLQ &U\VWDOOLQH

6LOLFRQ 6RODU &HOOV

<XDQ /L <XNXR /L ;LQ[LQ :DQJ
&ROOHJH RI 1HZ (QHUJ\ &ROOHJH RI 1HZ (QHUJ\ &ROOHJH RI 1HZ (QHUJ\
%RKDL 8QLYHUVLW\ %RKDL 8QLYHUVLW\ %RKDL 8QLYHUVLW\
-LQ]KRX &KLQD -LQ]KRX &KLQD -LQ]KRX &KLQD
#TTFRP #TTFRP #TTFRP

<DQJ :DQJ ;LDRGRQJ /X

&ROOHJH RI 1HZ (QHUJ\ &ROOHJH RI 1HZ (QHUJ\
%RKDL 8QLYHUVLW\ %RKDL 8QLYHUVLW\
-LQ]KRX &KLQD -LQ]KRX &KLQD
#TTFRP #TTFRP

$EVWUDFW²7KH DEVRUSWLRQ ORVVHV RI WKH $J EDFN UHIOHFWRU LQ
WZR W\SLFDO VLOLFRQ VRODU FHOOV KDYH EHHQ DQDO\]HG E\ IUHTXHQF\
GRPDLQ ILQLWH GLIIHUHQFH PHWKRG 7KH UHVXOWV VKRZ WKDW LQ IODW
VLOLFRQ VRODU FHOO WKH ORVVHV RI $J EDFN UHIOHFWRU DUH PDLQO\
FDXVHG E\ LQWULQVLF DEVRUSWLRQ DQG WKH RVFLOODWLRQ DEVRUSWLRQ RI
JXLGHG PRGHV 7KH DEVRUSWLRQ SHDNV RI 70 PRGHV FDXVHG E\
VXUIDFH SODVPD RVFLOODWLRQ DUH ODUJHU WKDQ WKRVH RI 7( PRGHV
VLJQLILFDQWO\ HQKDQFHG 7KHUHIRUH LW PXVW EH IXOO\
FRQVLGHUHG LQ WKH FHOO VWUXFWXUH ZLWK XOWUDWKLQ DFWLYH OD\HU
$W SUHVHQW )'7' LV WKH PDLQ PHWKRG WR HYDOXDWH WKH
DEVRUSWLRQ ORVVHV RI PHWDO EDFN UHIOHFWRU DQG LQ WKH
HYDOXDWLRQ SURFHVV WKH DFWLYH OD\HU PHGLXP LV DVVXPHG WR EH
ORVVOHVV LQ )'7' DOJRULWKP WKH LPDJLQDU\ SDUW RI WKH
,Q WKH WH[WXUHG FU\VWDOOLQH VLOLFRQ FHOO WKH GLVWULEXWLRQ RI OLJKW
DUH FRPSOH[ DQG VWURQJ JXLGHG PRGHV RVFLOODWLRQ LQ WKH DFWLYH
OD\HU FDQ EH LQWURGXFHG E\ QRUPDOO\ LQFLGHQW OLJKW RI ERWK 7(
DQG 70 PRGHV 6WURQJ VXUIDFH SODVPD RVFLOODWLRQ LQ $J EDFN
UHIOHFWRU FDQ EH SURGXFHG E\ 70 PRGHV 7KHUHIRUH LQ WKH
WH[WXUHG FU\VWDOOLQH VLOLFRQ FHOO WKH DEVRUSWLRQ VSHFWUD VKRZ
PXOWLSHDN FKDUDFWHULVWLFV DQG WKH YDOXHV RI DEVRUSWLRQ SHDNV
DUH ODUJHU WKDQ WKRVH LQ WKH IODW W\SH FU\VWDOOLQH VLOLFRQ FHOO
.H\ZRUGV²FU\VWDOOLQH VLOLFRQ VRODU FHOO EDFN UHIOHFWRU OLJKW
DEVRUSWLRQ )')'
, ,1752'8&7,21
8OWUDWKLQ FU\VWDOOLQH VLOLFRQ FHOOV KDYH WKH DGYDQWDJHV
RI ORZ FRVW KLJK HIILFLHQF\ DQG JRRG VWDELOLW\ VR WKH\ KDYH
EHHQ UHJDUGHG DV RQH RI WKH PDLQ GLUHFWLRQV IRU IXWXUH
GHYHORSPHQW RI VLOLFRQ FHOOV >@ $W SUHVHQW UHVHDUFKHUV KDYH
SUHSDUHG XOWUDWKLQ FU\VWDOOLQH VLOLFRQ FHOOV ZLWK FKLS
GLHOHFWULF FRQVWDQW LV DVVXPHG WR EH ]HUR DQG WKHQ WKH
DEVRUSWLRQ SURSHUW\ RI PHWDO EDFN UHIOHFWRU LV REWDLQHG E\
XVLQJ WKH UHIOHFWDQFH VSHFWUD RI FHOO VWUXFWXUH > @ 6WXGLHV
KDYH VKRZQ WKDW >@ WKH DEVRUSWLRQ RI PHWDO EDFN UHIOHFWRU
PDLQO\ LQFOXGHV WKH LQWULQVLF DEVRUSWLRQ RI PHWDO WKH
RVFLOODWLRQ DEVRUSWLRQ RI JXLGHG PRGHV ZLWK DFWLYH OD\HU DQG
WKH DEVRUSWLRQ RI VXUIDFH SODVPD RVFLOODWLRQ 7KH DEVRUSWLRQ
ORVVHV RI PHWDO EDFN UHIOHFWRU DUH QRW RQO\ UHODWHG WR WKH
SURSHUWLHV RI RSWLFDO ILHOG DQG PDWHULDO SURSHUWLHV EXW DOVR
UHODWHG WR WKH VSHFLILF RSWLFDO WUDS VWUXFWXUH %HFDXVH WKH
DFWLYH OD\HU RI XOWUDWKLQ FU\VWDOOLQH VLOLFRQ FHOOV LV PXFK
WKLFNHU WKDQ WKDW RI RWKHU WKLQILOP FHOOV $OWKRXJK WKHUH DUH
PDQ\ VWXGLHV RQ WKH DEVRUSWLRQ ORVVHV RI PHWDO EDFN UHIOHFWRU
LQ YDULRXV WKLQILOP FHOOV WKH DEVRUSWLRQ ORVVHV RI PHWDO EDFN
UHIOHFWRU LQ WKH ILHOG RI XOWUDWKLQ FU\VWDOOLQH VLOLFRQ FHOOV LV
UDUHO\ VWXGLHG > @ ,Q WKLV SDSHU WKH DEVRUSWLRQ RI $J
EDFN UHIOHFWRU FRPPRQO\ XVHG LQ XOWUDWKLQ FU\VWDOOLQH VLOLFRQ
FHOOV LV HYDOXDWHG E\ WZRGLPHQVLRQDO IUHTXHQF\ GRPDLQ
WKLFNQHVV DFWLYH OD\HU LQ WKH UDQJH RI VHYHUDO PLFURQV WR
VHYHUDO WHQV RI PLFURQV DQG WKH HIILFLHQF\ RI VRPH FHOOV KDV
DFKLHYHG RU HYHQ H[FHHGHG >@ 7KH DFWLYH OD\HU
WKLFNQHVV RI XOWUDWKLQ FU\VWDOOLQH VLOLFRQ FHOOV LV WKLQ DQG WKH
OLJKW DEVRUSWLRQ DELOLW\ LV ZHDN VR LWV HIILFLHQF\ LV GLIILFXOW
WR DFKLHYH WKLFN FU\VWDOOLQH VLOLFRQ FHOOV FKLS WKLFNQHVV
ILQLWH GLIIHUHQFH PHWKRG )')' &RPSDUHG ZLWK WKH
GLUHFWLRQ RI )'7' WKH DGYDQWDJHV RI )')' DUH WKDW LW LV
HDV\ WR GLVWLQJXLVK WKH UHVRQDQW IUHTXHQF\ DQG FRQWURO WKH
GLUHFWLRQ RI LQFLGHQW RSWLFDO ILHOG %\ WDNLQJ DGYDQWDJH RI WKH
FKDUDFWHULVWLF RI )')' LW LV YHU\ FRQYHQLHQW WR VWXG\ WKH
RVFLOODWLRQ DEVRUSWLRQ RI JXLGHG PRGHV DQG SODVPD
RVFLOODWLRQ DEVRUSWLRQ RI XOWUDWKLQ FU\VWDOOLQH VLOLFRQ FHOOV >@
DURXQG PP OHYHOV >@
,Q RUGHU WR LPSURYH WKH HIILFLHQF\ RI FHOOV XOWUDWKLQ ,, 6,08/$7,21 0(7+2' $1' &(// 6758&785(
FU\VWDOOLQH VLOLFRQ FHOOV RIWHQ DGRSW YDULRXV HIILFLHQW RSWLFDO
$ 6LPXODWLRQ PHWKRG
WUDS VWUXFWXUHV >@ ,Q WKHVH RSWLFDO WUDS VWUXFWXUHV PHWDO
EDFN UHIOHFWRU PHWDO XQGHU UHIOHFWRU LV RIWHQ XVHG DV D WUDS
VWUXFWXUH XQLW ,WV PDLQ IXQFWLRQ LV WR JHQHUDWH HIIHFWLYH
UHIOHFWLRQ DQG VFDWWHULQJ RQ WKH RSWLFDO ILHOG WKDW FDQQRW EH
IXOO\ DEVRUEHG WKURXJK WKH DFWLYH OD\HU LQ RQH ZD\ WKXV
HIIHFWLYHO\ LPSURYLQJ WKH SKRWRFXUUHQW GHQVLW\ RI FU\VWDOOLQH
VLOLFRQ FHOOV >@ $W WKH VDPH WLPH RI HQKDQFLQJ WKH
DEVRUELQJ OLJKW RI DFWLYH OD\HU PHWDO EDFN UHIOHFWRU ZLOO
SURGXFH VRPH DEVRUSWLRQ ORVVHV WR WKH LQFLGHQW OLJKW ILHOG
*HQHUDOO\ WKH DEVRUSWLRQ ORVVHV RI PHWDO EDFN UHIOHFWRU DUH
YHU\ VPDOO +RZHYHU ZKHQ WKH DFWLYH OD\HU LV YHU\ WKLQ WKH
HIIHFW RI WKH DEVRUSWLRQ ORVVHV RI PHWDO EDFN UHIOHFWRU ZLOO EH
978-1-7281-1312-8/18/$31.00 ©2018 IEEE
)')' LV D VWULFW PHWKRG WR GHDO ZLWK FRPSOH[
HOHFWURPDJQHWLF ILHOG SUREOHPV >@ 7KH PHWKRG ILUVWO\ XVHV
<HH JULG WR WUDQVIRUP WKH 0D[ZHOO HTXDWLRQ LQWR WKH
GLIIHUHQFH IRUP LQ WKH IUHTXHQF\ GRPDLQ 7KHQ FRPELQLQJ
WKH JULG SRLQW GLVWULEXWLRQ RI VSDFH WKH 0D[ZHOO HTXDWLRQV RI
GLIIHUHQFH IRUP DUH H[SUHVVHG LQWR D VHULHV RI OLQHDU DOJHEUDLF
HTXDWLRQV )LQDOO\ WKH H[FLWDWLRQ VRXUFH LV LQWURGXFHG LQWR
WKH OLQHDU DOJHEUDLF HTXDWLRQ WR REWDLQ WKH ILHOG TXDQWLW\ LQ
WKH VWHDG\VWDWH VLWXDWLRQ 7KH VSHFLILF VROYLQJ SURFHVV LV
UHIHUUHG WR OLWHUDWXUH >@ :KHQ VROYLQJ WKH SODQH ZDYH
ZKRVH DPSOLWXGH LV VHW DV  ZLOO EH LQFLGHQW DW D FHUWDLQ
DQJOH WKH DPSOLWXGH RI WKH LQFLGHQW OLJKW ILHOG ZLOO EH
H[WUDFWHG DW WKH SRVLWLRQ RI LQWHUHVW DQG WKHQ WKH VSHFWUXP
2865
LQIRUPDWLRQ RI D VLQJOH ZDYHOHQJWK FDQ EH REWDLQHG WKURXJK LQFLGHQW DQJOH IURP WKH DLU WR WKH FU\VWDOOLQH VLOLFRQ FHOO șLQ
WKH )RXULHU WUDQVIRUP 7KH UHFHLYLQJ SODQH RI WKH OLJKW ILHOG LV UHSUHVHQWV WKH DFWXDO LQFLGHQW DQJOH IURP WKH H[WHUQDO OLJKW WR
VHW DW D GLVWDQFH IURP WKH XSSHU DQG ORZHU VXUIDFHV RI WKH WKH PHWDO %5 IRU FU\VWDOOLQH VLOLFRQ PD[LPXP YDOXH RI șLQ LV
VRODU FHOO WKH LQIRUPDWLRQ RI WUDQVPLWWDQFH 7 DQG UHIOHFWLYLW\  q  7KH GLIIUDFWLRQ OLJKW LQ WKH LQWHUQDO OLJKW ILHOG RI WKH
5 FDQ EH REWDLQHG 7KH DEVRUSWLRQ SUREDELOLW\ RI WKH PHGLXP WH[WXUH FHOO LV GRPLQDQW ZKLFK FDQ HDVLO\ VDWLVI\ WKH JXLGHG
FDQ EH REWDLQHG E\ WKH IROORZLQJ IRUPXOD PRGH IRUPLQJ FRQGLWLRQ DV VKRZQ E\ )LJ E $FFRUGLQJ
WR WKH DEVRUSWLRQ SURSHUW\ RI DFWLYH OD\HU DQG $J %5 LW LV
$ 75 
,Q WKH FDOFXODWLRQ SURFHVV WKH ODWWLFH SRLQW UHVROXWLRQ LV
 RI WKH VPDOOHU YDOXH RI WKH PLQLPXP ZDYHOHQJWK RU WKH
PLQLPXP IHDWXUH VL]H DQG WKH VFDQQLQJ ZDYHOHQJWK
UHVROXWLRQ LV QP
% &HOO VWUXFWXUH
&KRRVH WZR W\SLFDO FU\VWDOOLQH VLOLFRQ FHOO VWUXFWXUHV DV
VKRZQ E\ )LJ K K K DQG K UHVSHFWLYHO\ UHSUHVHQW
NQRZQ WKDW WKH JXLGHG PRGH LV PDLQO\ FRQFHQWUDWHG LQ WKH
ORQJ ZDYHOHQJWKV QDPHO\ WKH ZHDN DEVRUSWLRQ UHJLRQ RI
FU\VWDOOLQH VLOLFRQ 7KH WKLFNQHVV RI WKH <FRRUGLQDWH DFWLYH
OD\HU LV PXFK ODUJHU WKDQ WKH ZDYHOHQJWK RI OLJKW VR WKH FHOO
VWUXFWXUH LQ )LJ LV DFWXDOO\ D PXOWLPRGH ZDYHJXLGH $W WKH
ZDYHOHQJWK RI JXLGHG PRGH WKH OLJKW ILHOG ZLOO FRQWDFW ZLWK
$J %5 IRU PDQ\ WLPHV UHVXOWLQJ LQ VWURQJ $J %5 DEVRUSWLRQ
ORVVHV 2Q WKH FRQWUDU\ WKH OLJKW ILHOG PDLQO\ H[LVWV LQ WKH
$QWL5HIOHFWLRQ &RDWLQJ $5& WKLFNQHVV DFWLYH OD\HU OHDNDJH PRGH RI WKH ZDYHJXLGH VWUXFWXUH DV VKRZQ E\ )LJ
WKLFNQHVV $J EDFN UHIOHFWRU $J %5 WKLFNQHVV DQG WKH ZKLFK ZLOO HVFDSH IURP WKH WRS RI WKH FHOO TXLFNO\ WKXV
KHLJKW RI WKH WH[WXUH VWUXFWXUH / LV WKH F\FOH RI WH[WXUH SURGXFW VPDOOHU $J %5 DEVRUSWLRQ ORVVHV
VWUXFWXUH D LV WKH WH[WXUH DQJOH )LJ E K KFRVT ,Q WKH
WH[WXUH VWUXFWXUH SDUDPHWHU / DQG LQWHUQDO PHGLXP GXW\ UDWLR
DUH DVVRFLDWHG ZLWK WKH GHVLJQ ZDYHOHQJWK RI WH[WXUH
VWUXFWXUH GHVLJQ ZDYHOHQJWK UHODWHG WR WKH DEVRUSWLRQ
FRHIILFLHQW DQG WKH WKLFNQHVV RI WKH DFWLYH OD\HU PDWHULDO
SDUDPHWHU K DQG D DUH UHODWHG WR WKH WUDS OLJKW HIIHFW RI
WH[WXUH VWUXFWXUH ,Q WKH GHVLJQ SURFHVV RI FHOO VWUXFWXUH WKHVH
SDUDPHWHUV VKRXOG EH RSWLPL]HG DV D ZKROH WR DFKLHYH WKH
RSWLPDO WUDS OLJKW HIIHFW ,Q WKH FDOFXODWLRQ SURFHVV EDVLF GDWD
SURYLGHG LQ OLWHUDWXUH >@ DUH DGRSWHG $5& LV WKH GRXEOH
OD\HU GLHOHFWULF ILOP FRPSRVHG RI 6L2 DQG 6L1 DQG LWV
WKLFNQHVV K LV QP 6L2 OD\HU WKLFNQHVV LV QP 6L1 )LJ  D 5HIUDFWLRQ RI OLJKW LQ D IODW FU\VWDOOLQH VLOLFRQ FHOO E GLIIUDFWLRQ RI
OLJKW LQ WH[WXUHG FU\VWDOOLQH VLOLFRQ FHOOV
OD\HU WKLFNQHVV LV QP $FWLYH OD\HU WKLFNQHVV K  P P
7KH WKLFNQHVV RI $J %5 LV K QP 7H[WXUH KHLJKW
K PP D q / QP WKH GXW\ UDWLR RI WKH WH[WXUH
VWUXFWXUH LV  WKH UHIUDFWLYH LQGH[ RI 6L2 LV  WKH
UHIUDFWLYH LQGH[ RI 6L1 LV  ,Q DGGLWLRQ WKH UHIUDFWLYH
LQGH[ GDWD RI $J DQG FU\VWDOOLQH VLOLFRQ PDWHULDOV DUH GHULYHG
IURP WKH SURIHVVLRQDO GDWD ZHEVLWH 7KH VRODU UDGLDWLRQ SRZHU
,Q RUGHU WR HYDOXDWH WKH ORVVHV RI $J %5 WKH IROORZLQJ
PHWKRG LV DGRSWHG ILUVWO\ DEVRUSWLRQ VSHFWUXP LV FDOFXODWHG
E\ DVVXPLQJ WKH LPDJLQDU\ SDUW RI UHIUDFWLYH LQGH[ RI
FU\VWDOOLQH VLOLFRQ PDWHULDO LV  WKHQ WKH DFWXDO DEVRUSWLRQ
VSHFWUXP RI $J %5 LV REWDLQHG DFFRUGLQJ WR WKH WUDQVPLVVLRQ
VSHFWUXP RI LQFLGHQW OLJKW RQH ZD\ WKURXJK WKH DFWLYH OD\HU
GHQVLW\ DGRSWV WKH VRODU UDGLDWLRQ GDWD RI $670 *OREDO 7LOW ZLWK DEVRUSWLRQ QDPHO\
$%5O 5%5Oî7VSO 
5%5 LV WKH UHIOHFWLRQ VSHFWUXP RI DPRUSKRXV VLOLFRQ FHOO
VWUXFWXUH ZKHQ WKH DFWLYH OD\HU ZLWKRXW DEVRUSWLRQ 7VS LV WKH
WUDQVPLVVLRQ VSHFWUXP RI OLJKW RQH ZD\ WKURXJK WKH DFWLYH
OD\HU RI WKH FHOO QRWH WKDW WKLV WUDQVPLVVLRQ VSHFWUXP LV WKDW
RI H[LVWLQJ DEVRUSWLRQ LQ WKH DFWLYH OD\HU $FFRUGLQJ WR WKH
RSWLFDO WUDQVPLVVLRQ SURFHVV LQ WKH DFWXDO FU\VWDOOLQH VLOLFRQ
FHOO LW LV QRW GLIILFXOW WR ILQG WKDW IRUPXOD  RQO\ FRQVLGHUV
)LJ &U\VWDOOLQH VLOLFRQ FHOO VWUXFWXUDO PRGHO D )ODW FU\VWDOOLQH VLOLFRQ FHOO WKH DEVRUSWLRQ RI WKH RSWLFDO ILHOG RQH ZD\ WKURXJK WKH DFWLYH
E WH[WXUHG FU\VWDOOLQH VLOLFRQ FHOO VWUXFWXUH OD\HU DQG LJQRUHV WKH VHFRQGDU\ DQG RYHU DEVRUSWLRQ
SURFHVVHV LQ WKH DFWLYH OD\HU DIWHU WKH LQFLGHQW OLJKW UHIOHFWHG
& ,QFLGHQW $QJOH RI OLJKW ILHOG DQG DEVRUSWLRQ ORVVHV
WKURXJK $J %5 WKXV WKH FDOFXODWLRQ UHVXOW VOLJKWO\ ODUJHU
7KH FHOO VWUXFWXUHV LQ )LJ D DQG )LJ E FDQ EH WKDQ WKH DFWXDO DEVRUSWLRQ YDOXH RI $J %5
FRQVLGHUHG DV IODW ZDYHJXLGH VWUXFWXUH DQG ZDYHJXLGH
VWUXFWXUH ZLWK SHULRGLF JUDWLQJ VWUXFWXUH RQ WKH XSSHU VXUIDFH ,,, 5(68/76 $1' ',6&866,21
)RU WKH WZR FHOO VWUXFWXUHV WKH FRQGLWLRQ IRUPHG E\ WKH
JXLGHG PRGH LV WKDW WKH OLJKW VDWLVILHV WKH VWDQGLQJ ZDYH $ $EVRUSWLRQ ORVVHV RI $J %5
FRQGLWLRQ LQ WKH < GLUHFWLRQ DQG WKH ZDYH YHFWRU FRPSRQHQW )LJ VKRZV WKH YDULRXV DEVRUSWLRQ VSHFWUD RI IODW
LV QRW ]HUR LQ WKH ; GLUHFWLRQ 7KH GLIIHUHQFH EHWZHHQ WKH WZR
FHOO VWUXFWXUHV LV WKDW WKH H[WHUQDO LQFLGHQW OLJKW FRXSOLQJ RI
WKH IODW FHOO VWUXFWXUH LV PDLQO\ UHDOL]HG E\ XVLQJ $5& 7KH
FRXSOLQJ RI WKH WH[WXUH FHOO VWUXFWXUH WR H[WHUQDO LQFLGHQW OLJKW
LV PDLQO\ UHDOL]HG E\ WH[WXUH VWUXFWXUH ,Q WKH WZR NLQGV RI
FHOO VWUXFWXUH WKHUH LV D PD[LPXP UHIUDFWLRQ DQJOH șLQ LQ WKH
FU\VWDOOLQH VLOLFRQ FHOOV )LJ D VKRZV WKH DEVRUSWLRQ
VSHFWUXP XQGHU GLIIHUHQW FLUFXPVWDQFHV ZKHQ LQFLGHQW DQJOH
ș  LQ ZKLFK WKH $J PLUURU FXUYH VKRZV WKH DEVRUSWLRQ
VSHFWUXP RI WKH LQFLGHQW OLJKW GLUHFWO\ IURP WKH DLU WR WKH $J
UHIOHFWRU ZLWKRXW SDVVLQJ WKURXJK WKH FHOO VWUXFWXUH :KROH
DEVRUSWLRQ FXUYH VKRZV WKH DFWXDO DEVRUSWLRQ VSHFWUXP RI
IODW FHOO WKHWD DV VKRZQ E\ )LJ D ș UHSUHVHQWV WKH FU\VWDOOLQH VLOLFRQ FHOOV LQ )LJ D 2QO\ $J %5 FXUYH LV

2866
FDOFXODWHG ZLWKRXW DEVRUSWLRQ LQ WKH DFWLYH OD\HU RI % $EVRUSWLRQ ORVVHV RI $J %5 LQ WH[WXUHG FU\VWDOOLQH VLOLFRQ
FU\VWDOOLQH VLOLFRQ WKH LPDJLQDU\ SDUW RI WKH UHIUDFWLYH LQGH[ FHOOV
RI FU\VWDOOLQH VLOLFRQ LV  )LJ VKRZV WKH LQWHUQDO GLVWULEXWLRQ RI 7( DQG 70
,W FDQ EH VHHQ IURP )LJ D WKDW ZKHQ OLJKW LV PRGHV ZLWK WZR VSHFLDO ZDYHOHQJWKV LQ WKH FU\VWDOOLQH VLOLFRQ
YHUWLFDOO\ LQFLGHQW 7( DQG 70 PRGHV DUH GHJHQHUDF\ DQG FHOOV ZKHQ WKH LQFLGHQW OLJKW ILHOG LV YHUWLFDOO\ LQFLGHQW 7KH
LQFLGHQW OLJKW KDV QR ZDYH YHFWRU FRPSRQHQW LQ <
FRRUGLQDWH 70 PRGHV FDQ RQO\ H[FLWH SODVPD RVFLOODWLRQ
EXW FDQQRW IRUP WUDQVPLWWHG SODVPD ZDYH 7KH SHDN YDOXH RI
2QO\ $J %5 FXUYH LV JHQHUDWHG E\ WKH LQWHUDFWLRQ RI DFWLYH
OD\HU JXLGHG PRGH RVFLOODWLRQ DQG SODVPD RVFLOODWLRQ 2QO\
$J %5 FXUYH DSSHDUV PXOWLSOH RVFLOODWLQJ SHDNV DQG GHYLDWHV
FRRUGLQDWH YDOXHV RI )LJ D DQG )LJ E DUH JLYHQ E\
XVLQJ WKH JULG QXPEHU DQG VSDWLDO VWHS YDOXH RI WKH
FDOFXODWLRQ VSDFH DQG WKH ERXQGDU\ RI HDFK UHJLRQ LV JLYHQ
DFFRUGLQJ WR WKH GLVWULEXWLRQ ERXQGDU\ RI WKH GLHOHFWULF
FRQVWDQW DIWHU WKH DVVLJQPHQW DQG WKH FRUUHVSRQGLQJ ILHOG
VWUHQJWK LV UHSUHVHQWHG E\ WKH FRORU RI WKH FRORU EDQG RQ WKH
IURP $J PLUURU FXUYH 5HDO DEVRUSWLRQ FXUYH PDLQWDLQV WKH ULJKW RI HDFK JUDSK )LJ F DQG )LJ G VKRZ WKH SDUWLDO
DEVRUSWLRQ SHDN RI 2QO\ $J %5 FXUYH EXW LWV DPSOLWXGH LV PDJQLILFDWLRQ RI )LJ D DQG )LJ E QHDU WKH $J %5 ,W
DIIHFWHG E\ WKH WUDQVPLVVLRQ VSHFWUXP RI LQFLGHQW OLJKW
LQLWLDO WKURXJK WKH DFWLYH OD\HU DQG WKH DEVRUSWLRQ SHDN LV
VPDOOHU WKDQ WKDW RI 2QO\ $J %5 FXUYH
FDQ EH VHHQ IURP )LJ D DQG )LJ E WKDW IRU WKH WH[WXUHG
FU\VWDOOLQH VLOLFRQ FHOO VWUXFWXUH WKH LQFLGHQW OLJKW WKURXJK WKH
XSSHU VXUIDFH WH[WXUHG VWUXFWXUH RI FU\VWDOOLQH VLOLFRQ FHOOV
ZLOO JHQHUDWH REYLRXV GLIIUDFWLRQ HIIHFW LQ WKH DFWLYH OD\HU
,W FDQ EH VHHQ IURP )LJ E WKDW ZKHQ WKH OLJKW ILHOG LV
WLOWHG 7( PRGHV FDQQRW H[FLWH WKH SODVPD RVFLOODWLRQ HIIHFW
VR WKH DEVRUSWLRQ SHDN RI LWV DEVRUSWLRQ VSHFWUXP LV PDLQO\
FDXVHG E\ WKH JXLGHG PRGH RVFLOODWLRQ RI WKH DFWLYH OD\HU
:KHQ WKH LQFLGHQW DQJOH LV ODUJHU UHODWLYH PRYHPHQW
EHWZHHQ WKH DEVRUSWLRQ SHDNV RI GLIIHUHQW DQJOHV RFFXUV GXH
WR WKH DFWLRQ RI *RRV+DQFKHQ VKLIW RI $J %5 DQG WKH
DQG WKH LQFLGHQW OLJKW WR $J %5 ZLOO KDYH D ODUJHU LQFLGHQFH
DQJOH 'XH WR WKH %UDJJV UHIOHFWLRQ RQ WKH XSSHU VXUIDFH RI
WKH DFWLYH OD\HU DQG $J %5 UHIOHFWLRQ RQ WKH ORZHU VXUIDFH
WKH JXLGHG PRGH RVFLOODWLRQV IRUP REYLRXV LQWHUIHUHQFH
SDWWHUQV LQVLGH WKH DFWLYH OD\HU 2Q WKH VXUIDFH RI $J %5 QHDU
WKH DFWLYH OD\HU 7( PRGHV VKRZHG D VLJQLILFDQW DWWHQXDWLRQ
WUHQG QDPHO\ WKH OLJKW ILHOG ZDV HYDQHVFHQW ZDYH LQ $J %5
PRYHPHQW GLUHFWLRQ LV ORQJ ZDYH GLUHFWLRQ DV VKRZQ E\ )LJ F 70 PRGHV VKRZHG VWURQJ
,W FDQ EH VHHQ IURP )LJ F WKDW GXH WR WKH OLPLWDWLRQ RI RVFLOODWLRQ FKDUDFWHULVWLFV LQGLFDWLQJ WKDW VXUIDFH SODVPD
LQFLGHQW DQJOH șLQ” q  WKH SURSDJDWLRQ FRQVWDQW RI VXUIDFH ZDYH ZDV IRUPHG RQ WKH VXUIDFH RI $J %5 DV VKRZQ E\
SODVPD ZDYH H[FLWHG E\ 70 PRGHV LV VPDOO WKH DEVRUSWLRQ )LJ G
SHDN RI 70 PRGHV PDLQWDLQV WKH EDVLF FKDUDFWHULVWLFV RI WKH
7( PRGHV DEVRUSWLRQ SHDN VXFK DV ZKHQ ș  q  LQ WKH
ZDYHOHQJWK UDQJH RI QP WR QP 7( DQG 70 PRGHV
DSSHDU  DEVRUSWLRQ SHDNV 7KH DEVRUSWLRQ SHDN RI 70
PRGHV LV VOLJKWO\ JUHDWHU WKDQ WKDW RI 7( PRGHV DQG ZKHQ
WKH LQFLGHQFH DQJOH ș LV ODUJHU WKH LQFUHDVH RI WKH SHDN YDOXH
LV PRUH REYLRXV WKDQ WKDW RI 7( PRGHV 7KH DEVRUSWLRQ SHDN
RI 70 PRGHV PRYHV PRUH REYLRXVO\ LQ WKH ORQJ ZDYH
GLUHFWLRQ %\ FRPSDULVRQ EHWZHHQ )LJ E DQG )LJ F LW
FDQ EH VHHQ WKDW WKHUH DUH PXOWLSOH UHVRQDQFH DEVRUSWLRQ
SHDNV LQ ERWK 7( DQG 70 PRGHV DQG WKH \LHOG LV EDVLFDOO\
OHVV WKDQ  7KHUH LV D ODUJH GHYLDWLRQ LQ WKH $J PLUURU
FXUYH DV VKRZQ E\ )LJ D

)LJ 7\SLFDO GLVWULEXWLRQV RI QRUPDOO\ LQFLGHQW OLJKW LQVLGH FU\VWDOOLQH

VLOLFRQ FHOO D 7( PRGH Ȝ  QPE 70 PRGH Ȝ  QP F SDUWLDO
HQODUJHPHQW ILJXUH RI D G SDUWLDO HQODUJHPHQW ILJXUH RI E
)LJ VKRZV WKH $J %5 DEVRUSWLRQ VSHFWUXP RI
WH[WXUHG FU\VWDOOLQH VLOLFRQ FHOOV DQG WKH WUDQVPLVVLRQ
VSHFWUXP RI LQFLGHQW OLJKW RQH ZD\ WKURXJK WKH DFWLYH OD\HU
LQ ZKLFK WKH OHIW YHUWLFDO D[LV RI )LJ D DQG  E
UHSUHVHQWV WKH $J %5 DEVRUSWLRQ VSHFWUXP DQG WKH ULJKW
YHUWLFDO D[LV UHSUHVHQWV WKH WUDQVPLVVLRQ VSHFWUXP RI
)LJ  $EVRUSWLRQ RI IODW FU\VWDOOLQH VLOLFRQ FHOO  D $EVRUSWLRQ ORVVHV RI LQFLGHQW OLJKW RQH ZD\ WKURXJK WKH DFWLYH OD\HU ,W FDQ EH
QRUPDOO\ LQFLGHQW OLJKW XQGHU GLIIHUHQW FRQGLWLRQV  E DEVRUSWLRQ VSHFWUD RI VHHQ IURP )LJ WKDW LQ WKH VWUXFWXUH DV VKRZQ LQ )LJ E
$J %5 IRU 7( PRGHV  F DEVRUSWLRQ VSHFWUD RI $J %5 IRU 70 PRGHV
WKH ZDYHOHQJWK UDQJH RI RQHZD\ FRPSOHWH DEVRUSWLRQ LV
QPQP :KHQ WKH LQFLGHQW DQJOH LV OHVV WKDQ q 7(
DQG 70 PRGHV RQH ZD\ ZLWKRXW FRPSOHWHO\ DEVRUEHG OLJKW

2867
ILHOG ZDYHOHQJWK UDQJH RI QP WR QP LV DOPRVW KDV D V\VWHPDWLF DQDO\VLV VSHFLILF FRQFOXVLRQV DUH DV
HTXDO WR WKH WUDQVPLVVLRQ UDWH DERXW  :KHQ WKH
LQFLGHQW DQJOH LV JUHDWHU WKDQ  q WKH WUDQVPLVVLYLW\ RI 7(
PRGHV LV OHVV WKDQ WKDW RI 70 PRGHV :KHQ WKH LQFLGHQW
DQJOH LV JUHDWHU WKDQ q DQG WKH OLJKW ZDYHOHQJWK LV UDQJH
RI QP WR QP WKH WUDQVPLVVLYLW\ RI 7( PRGHV LV
QHDUO\  WKH WUDQVPLVVLYLW\ RI 70 PRGHV LV QHDUO\ 
)RU 7( PRGHV WKHUH LV QR SODVPD RVFLOODWLRQ DEVRUSWLRQ
VR WKH ORVVHV DUH PDLQO\ FDXVHG E\ WKH LQWULQVLF DEVRUSWLRQ RI
$J %5 DQG WKH DFWLYH OD\HU JXLGHG RVFLOODWLRQ DEVRUSWLRQ
%HFDXVH WKH XSSHU VXUIDFH WH[WXUHG VWUXFWXUH RI WKH WH[WXUHG
FU\VWDOOLQH VLOLFRQ FHOOV KDV REYLRXV GLIIUDFWLRQ HIIHFW RQ WKH
IROORZV $J %5 DEVRUSWLRQ ORVVHV RI WKH IODW FU\VWDOOLQH
VLOLFRQ FHOOV DUH PDLQO\ FRPSRVHG RI LQWULQVLF DEVRUSWLRQ
JXLGHG PRGH UHVRQDQFH DEVRUSWLRQ RI DFWLYH OD\HU DQG
SODVPD RVFLOODWLRQ DEVRUSWLRQ %XW EHFDXVH RI WKH IODW
FU\VWDOOLQH VLOLFRQ FHOOV FDQ REWDLQ WKH ELJJHVW LQFLGHQW DQJOH
șLQ | R WKH 70 PRGH FDQ H[FLWH WKH ZHDNHU SODVPD
RVFLOODWLRQ HIIHFW $J %5 DEVRUSWLRQ ORVVHV RI WH[WXUHG
FU\VWDOOLQH VLOLFRQ FHOOV DUH PDLQO\ DIIHFWHG E\ JXLGHG PRGH
UHVRQDQFH DEVRUSWLRQ RI DFWLYH OD\HU DQG SODVPD RVFLOODWLRQ
DEVRUSWLRQ 7KH DEVRUSWLRQ VSHFWUD RI 7( DQG 70 VKRZ
PXOWLSOH DEVRUSWLRQ SHDNV DQG WKH $J %5 DEVRUSWLRQ ORVVHV
LQFLGHQW OLJKW ILHOG DV VKRZQ E\ )LJ E DQG )LJ D RI 70 LV KLJKHU WKDQ WKDW RI 7(
FRPSDUHG ZLWK WKH IODW FU\VWDOOLQH VLOLFRQ FHOOV LQ )LJ D
DEVRUSWLRQ VSHFWUXP RI 7( PRGHV DSSHDUV PRUH JXLGHG PRGH
RVFLOODWLRQ DEVRUSWLRQ SHDNV DQG WKH SHDN YDOXH RI WKH
DEVRUSWLRQ SHDNV LV VLJQLILFDQWO\ KLJKHU WKDQ WKDW RI IODW
FU\VWDOOLQH VLOLFRQ FHOOV )RU 70 PRGHV LQ DGGLWLRQ WR WKH
LQWULQVLF DEVRUSWLRQ DQG JXLGHG RVFLOODWLRQ DEVRUSWLRQ RI
DFWLYH OD\HU WKHUH LV DOVR VWURQJHU SODVPD RVFLOODWLRQ
>@ .RZDOF]HZVNL 3 $QGUHDQL / & 7RZDUGV WKH HIILFLHQF\ OLPLWV RI
VLOLFRQ VRODU FHOOV KRZ WKLQ LV WRR WKLQ >-@ 6RODU (QHUJ\ 0DWHULDOV
6RODU &HOOV   
>@ :LOOHNH * 3 7KLQ FU\VWDOOLQH VLOLFRQ VRODU FHOOV >-@6RODU (QHUJ\
0DWHULDOV 6RODU &HOOV   ±
DEVRUSWLRQ DV VKRZQ E\ )LJ E VR WKH GLIIHUHQFH VKRZQ >@ =KRX 7DR /X ;LDRGRQJ =KDQJ 0LQJ HWDO &U\VWDOOLQH VLOLFRQ VRODU
E\ LWV DEVRUSWLRQ VSHFWUXP )LJ E LV ODUJHU WKDQ WKDW RI FHOO GHYHORSPHQW VWDWXV DQG WUHQGV >-@ /DVHU 2SWRHOHFWURQLFV
3URJUHVV   
WKH )LJ D DQG )LJ E QDPHO\ WKHUH DUH PRUH DEVRUSWLRQ
SHDNV DQG WKH DEVRUSWLRQ ORVVHV RI ORQJ ZDYH LQFUHDVHG
VLJQLILFDQWO\ ,Q DGGLWLRQ FRPSDULQJ )LJ DQG )LJ LW FDQ
EH VHHQ WKDW WKH $J %5 RI WKH WH[WXUHG FU\VWDOOLQH VLOLFRQ
FHOOV KDV KLJKHU DEVRUSWLRQ ORVVHV LQ WKH ORQJ ZDYH UHJLRQ RQ
>@ 5HXWHU 0 %UHQGOH : 7REDLO HWDO  PP WKLQ VRODU FHOOV ZLWK
 HIILFLHQF\ >-@6RODU (QHUJ\ 0DWHULDOV 6RODU &HOOV  

>@ -HRQJ 6 0FJHKHH 0 ' &XL < $OOEDFNFRQWDFW XOWUDWKLQ
VLOLFRQQDQRFRQH VRODU FHOOV ZLWK  SRZHU FRQYHUVLRQ
WKH ULJKW RI WKH FULWLFDO ZDYHOHQJWK HIILFLHQF\>-@1DWXUH &RPPXQLFDWLRQV 
>@ +LODOL 0 0 6DKD 6 2Q\HJDP ( HWDO /LJKW WUDSSLQJ LQ XOWUDWKLQ
ȝP H[IROLDWHG 6L VRODU FHOOV >-@$SSOLHG 2SWLFV  

>@ 6RXP\DGHHS 0 /LQZHL <D 0DUWLQ ) HWDO +LJK HIILFLHQF\ DQG
VWDEOH K\GURJHQDWHG DPRUSKRXV VLOLFRQ UDGLDO MXQFWLRQ VRODU FHOOV
EXLOW RQ 9/6JURZQ VLOLFRQ QDQRZLUHV >-@ 6RODU (QHUJ\ 0DWHULDOV
6RODU &HOOV   ±
>@ $UYLQG 6 (WLHQQH 0 &KULVWRSKH % 7HFKQRORJLFDO VWDWXV RI SODVPD
GHSRVLWHG WKLQILOP VLOLFRQ SKRWRYROWDLFV >-@ 6RODU (QHUJ\ 0DWHULDOV
6RODU &HOOV   ±
>@ /LQ < - &RUVLQ % 0DWKLHX % HWDO $PRUSKRXV 6L WKLQ ILOP EDVHG
SKRWRFDWKRGHV ZLWK KLJK SKRWRYROWDJH IRU HIILFLHQW K\GURJHQ
SURGXFWLRQ >-@ 1DQR /HWW   ±
>@ )LVNHU & 3HGHUVHQ 7 * 2SLPL]DWLRQ RI LPSULQWDEOH QDQRVWUXFWXUHG
D6L VRODU FHOOV )'7' VWXG\ >-@ 2SW ([SUHVV  6 $
$
>@ 6DLQLGRX 5 $EDMR ) - * 3ODVPRQ JXLGHG PRGHV LQ QDQRSDUWLFOH
PHWDPDWHULDOV>-@ 2SWLFV ([SUHVV   
>@ <DQJ ; =KRX 6 :DQJ ' HW DO /LJKW WUDSSLQJ HQKDQFHPHQW LQ D WKLQ
ILOP ZLWK ' FRQIRUPDO SHULRGLF KH[DJRQDO DUUD\V >-@ 1DQRVFDOH
5HVHDUFK /HWWHUV  
>@ /X ;LDRGRQJ =KDQJ 3HQJ =KRX 7DR HWDO 2SWLFDO VWUXFWXUH
RSWLPL]DWLRQ RI XOWUD WKLQ FU\VWDOOLQH VLOLFRQ VRODU FHOO EDVHG RQ RQH
GLPHQVLRQDO SKRWRQLF FU\VWDO WUDS >-@ -RXUQDO RI DUWLILFLDO FU\VWDO
  
>@ =KRX 7DR /X ;LDRGRQJ /L <XDQ 8SSHU 6XUIDFH $QWL5HIOHFWLRQ
&RDWLQJ RQ &U\VWDOOLQH 6LOLFRQ 6RODU &HOO >-@ /DVHU 2SWRHOHWURQLFV
3URJUHVV   
>@ =KDR <DQJ :DQJ =HODL =KDQJ 3HQJHWDO$SSOLFDWLRQ RI )LQLWH
'LIIHUHQFH 0HWKRG LQ 6LPXODWLRQ RI 6RODU &HOO >-@ /DVHU
2SWRHOHFWURQLFV 3URJUHVV   
>@ /X ; ' /XQ 6 ; =KRX 7 HWDO $ /RZFRVW KLJKHIILFLHQF\
)LJ $EVRUSWLRQ VSHFWUXP RI $J %5 LQ WH[WXUHG FU\VWDOOLQH VLOLFRQ FHOO DQG
WKH WUDQVPLVVLRQ VSHFWUXP RI OLJKW LQ D VLQJOH SDVVLQJ WKURXJK DFWLYH OD\HU D FU\VWDOOLQH VLOLFRQ VRODU FHOO EDVHG RQ RQHGLPHQVLRQDO SKRWRQLF
7( PRGH E 70 PRGH FU\VWDO IURQW VXUIDFH WH[WXUHV >-@ -RXUQDO RI 2SWLFV 
ˊ
,9 6800$5,=(
,Q WKLV SDSHU $J %5 DEVRUSWLRQ ORVVHV RI WKH IODW
FU\VWDOOLQH VLOLFRQ FHOOV DQG WH[WXUHG FU\VWDOOLQH VLOLFRQ FHOOV

2868