You are on page 1of 26

&KDSWHU

5HVHDUFK)UDPHZRUNDQG0HWKRGRORJ\

,QWURGXFWLRQ

,QRUGHUWRPHHWWKHREMHFWLYHVRIWKHVWXG\WKH UHVHDUFKHULPSOHPHQWHGDUHVHDUFKVWUDWHJ\RI
WULDQJXODWLRQ 7KXV D PL[ RI TXDOLWDWLYH DQG TXDQWLWDWLYH PHWKRGRORJLHV DQG D ZLGH UDQJH RI
GDWD VRXUFHV ZHUH XVHG LQ WKH UHVHDUFK 7KH UHVHDUFK SURFHVV ZDV GLYLGHG LQWR WKUHH PDLQ
VWDJHVOLWHUDWXUHUHYLHZJHQHUDOVWXG\DQGVSHFLILFFDVHVWXGLHV7KHUHVHDUFKDQGWKHRUHWLFDO
IUDPHZRUNVZHUHHVWDEOLVKHGWRJXLGHDQGFRQWUROWKHUHYLHZRIWKHOLWHUDWXUHDQGWKHHPSLULFDO
VWXGLHV7KHHPSLULFDOVWXGLHVZHUHRUJDQLVHGLQWZRVWHSVJHQHUDOVWXG\DQGFDVHVWXGLHV$Q
DQDO\VLVDQGV\QWKHVLVRIWKHLQIRUPDWLRQJDLQHGZDVFDUULHGRXWSURJUHVVLYHO\DWDOOVWDJHVRI
WKH UHVHDUFK  7KH VRXUFHV RI SULPDU\ DQG VHFRQGDU\ GDWD DUH UHIHUHQFHG LQ WKH GLVFXVVLRQ
+RZHYHU LQ VRPH FDVHV WKH LQIRUPDWLRQ SUHVHQWHG LV D SURGXFW RI P\ RZQ H[SHULHQFH DQG
REVHUYDWLRQSULRUWRDQGGXULQJWKHVWXG\DQGDVVXFKLWLVQRWVSHFLILFDOO\DWWULEXWHGE\VRXUFH
0RUHGHWDLOHGGLVFXVVLRQRIWKHUHVHDUFKSURFHVVDQGPHWKRGRORJ\DUHLQFOXGHGLQWKLVFKDSWHU

7KHWKHRUHWLFDOIUDPHZRUNRIWKHUHVHDUFKLQFOXGHGWRXULVPV\VWHPVDQGGHYHORSPHQWPRGHOV
WKHSROLWLFDOHFRQRP\DQGSROLWLFDOHFRORJ\RIWRXULVPDQGFRPPXQLW\SDUWLFLSDWLRQLQWRXULVP
GHYHORSPHQW7KHGLIIHUHQWFRPSRQHQWVRIWKHIUDPHZRUNKHOSHGWRLGHQWLI\WKHSURSRVLWLRQVWR
EHWHVWHGDQGDOVRJXLGHGWKHDQDO\VLVDQGJHDUHGWKHUHVHDUFKWRDQVZHUWKHUHVHDUFKTXHVWLRQV
$QRWKHU VLJQLILFDQW LVVXH WKDW PD\ LQIOXHQFH WKH DUJXPHQWDWLRQ DQG DQDO\VLV WKURXJKRXW WKH
WKHVLVLVWKHZD\WKHWHUPVDUHXVHGE\WKHUHVHDUFKHUSDUWLFXODUO\WKRVHWHUPVWKDWDUHFRQWHVWHG
LQKXPDQJHRJUDSK\JHQHUDOO\DQGWRXULVPJHRJUDSK\VSHFLILFDOO\

,WVKRXOGEHQRWHGWKDW P\RIILFLDOUROHLQWRXULVP EHIRUHDQGDIWHUWKLVWKHVLVZDVFRQGXFWHG LV


DV D SODQQHUDQGSROLF\DQDO\VWZKLFKPD\DIIHFWDQGFRQIXVH WKHSUDFWLFHRIWKHUHVHDUFKLQ
WHUPV RI P\ FRQQHFWLRQ DQG UHODWLRQV WR WKH SHRSOH LQ WKH FDVH VWXG\ FRPPXQLWLHV DQG WKHLU
SHUFHSWLRQRIPH7KHUHIRUH,OLPLWHGP\UROHLQWKHILHOGWRWKDWRIRXWVLGHUHVHDUFKHUREVHUYHU
RU SDUWLFLSDWRU\ REVHUYHU $V PHQWLRQHG HDUOLHU WKH UHVHDUFK DLP ZDV WR OHDUQ DERXW SHRSOH¶V
H[SHULHQFHV LQ PDQDJLQJ HFRWRXULVP WKXV WKH UHVHDUFKHU VFUXSXORXVO\ DYRLGHG PDNLQJ
VXJJHVWLRQVDERXWWKHPDQDJHPHQWDFWLYLWLHVEHLQJREVHUYHG,QIDFW,KDGWRFRQVWDQWO\UHPLQG
P\VHOIWKURXJKVHOIUHIOHFWLRQWKDWP\SXUSRVHZDVWRUHFRUGDQGQRWWRDGYLVH


5HVHDUFK)UDPHZRUN

5HVHDUFK4XHVWLRQV

7KHUHVHDUFKTXHVWLRQVSURYLGHWKHPDLQWKHPHVDQGGLUHFWLRQRIWKLVVWXG\$QH[SORUDWLRQRI
WKHH[SHULHQFHVRIORFDOFRPPXQLWLHVERWKLQWKHRYHUDOOVWXG\DQGLQVSHFLILFFDVHVKLJKOLJKWV
WKHGLIIHUHQFHVEHWZHHQJHQHUDODQGORFDOH[SHULHQFHVDQGDQVZHUVPDQ\RIWKHTXHVWLRQVUDLVHG
E\WKLVVWXG\

(FRWRXULVPFDQSOD\DPHDQLQJIXOUROHLQFRPPXQLW\GHYHORSPHQWEXWWKHFDSDELOLW\RIORFDO
SHRSOHIRUPDQDJLQJDQGGHYHORSLQJHFRWRXULVPKDVEHHQTXHVWLRQHGE\YDULRXVGHYHORSHUVDQG
VFKRODUV7KHGHYHORSPHQWRIHFRWRXULVPLVUHODWHGWRWKHYLOODJHOHYHOVWUXFWXUHVRISRZHUDQG
DXWKRULW\SDUWLFXODUO\RQLVVXHVVXUURXQGLQJWKHXWLOLVDWLRQRIQDWXUDOUHVRXUFHVGLVWULEXWLRQRI
ZHDOWK DQG WKH FRQVHUYDWLRQ RI FXOWXUH DQG VRFLDO YDOXHV 6RPH FRPPXQLWLHV KDYH EHHQ
VXFFHVVIXOLQGHYHORSLQJHFRWRXULVPZKLOHRWKHUVKDYHQRW,WKDVEHHQLQWHUHVWLQJWROHDUQKRZ
VRPH UXUDO SHRSOH ZKRVH SULPDU\ RFFXSDWLRQ LV IDUPLQJ KDYH EHHQ DEOH WR HPEUDFH D QHZ
HFRQRPLFDFWLYLW\VXVWDLQDEO\ZKLOHVWLOOPDLQWDLQLQJWKHFRPPXQLW\¶VLGHQWLW\DQGZD\RIOLIH

7KHEURDGHUTXHVWLRQRIWKHVWXG\LV&DQHFRWRXULVPEHDSSOLHGWRDFRPPXQLW\¶VGHYHORSPHQW
DQGKRZVKRXOGLWEHDSSOLHG" 7KHUHIRUHWKHUHVHDUFKTXHVWLRQVDUH

 +RZ GR UXUDO SHRSOH PDQDJH WRXULVP DFWLYLW\ ZKLFK UHTXLUHV WKHP WR XQGHUVWDQG DQG
LPSOHPHQW D QHZ EXVLQHVV SUDFWLFH TXLWH GLIIHUHQW IURP WKH WUDGLWLRQDO HFRQRP\ RI WKH
FRPPXQLW\" +RZ DQG WR ZKDW H[WHQW GR WKH\ FRPELQH WKHLU RZQ H[SHULHQFHV ORFDO
NQRZOHGJH DQG FXOWXUH ZLWK WKH WRXULVP GHYHORSPHQW JXLGHOLQHV SURYLGHG E\ RXWVLGH
VXSSRUWHUVWRPDQDJHHFRWRXULVP"
 :KDWDUHWKHFRQVWUDLQWVWKDWDIIHFWHFRWRXULVPPDQDJHPHQWE\ORFDOFRPPXQLWLHVDQGZKDW
LVWKHLUSRWHQWLDOWRPDQDJHHFRWRXULVPVXFFHVVIXOO\"7RZKDWH[WHQWDUHERWKSRWHQWLDODQG
FRQVWUDLQWV VKDSHG E\ RU HPEHGGHG LQ VSHFLILF DVSHFWV RI 7KDL FXOWXUH HFRQRP\ DQG
VRFLHW\"
 ,V HFRWRXULVP D YLDEOH DOWHUQDWLYH WR FRQYHQWLRQDO WRXULVP ZLWKLQ UXUDO 7KDL FRPPXQLWLHV
DQG FDQ LW DVVLVW LQ VROYLQJ ORFDO SUREOHPV" $UH WKHUH DQ\ DGYHUVH DIIHFWV RI HFRWRXULVP
SUDFWLFHDWWKHFRPPXQLW\OHYHO"+RZGRORFDOSHRSOHGHDOZLWKWKHVHLVVXHV"


6FRSHRIWKH6WXG\

7KHVWXG\IRFXVHVRQWKHSUDFWLFHRIHFRWRXULVPLQµGHVWLQDWLRQFRPPXQLWLHV¶LQUXUDO7KDLODQG
DQG HPSKDVLVHV WKH LVVXHV RI SDUWLFLSDWLRQ DQG FRRSHUDWLRQ LQ GHVWLQDWLRQ PDQDJHPHQW
$FFRUGLQJWRWKHUHVHDUFKIRFXVWKHUHDUHWKUHHPDLQFRPSRQHQWVRUWKHPHVWKDWFRQVWLWXWHWKH
VFRSHRIWKHVWXG\7KHVWXG\H[DPLQHV HFR WRXULVP >:+$7@DVDQHFRQRPLFDQGFRQVHUYDWLRQ
WRRO IRU UXUDO FRPPXQLWLHV >:+(5(@ SUDFWLFH RI VXVWDLQDEOH GHYHORSPHQW >:+< RU )25
:+$7 5($621@ 7KHVH WKUHH FRPSRQHQWV KDYH WKHLU RZQ IXQFWLRQV DQG GHYHORSPHQW
FRQFHSWV :KHQ LQWHJUDWHG WKH\ FUHDWH D IUDPH IRU FRPPXQLW\EDVHG HFRWRXULVP &%(7 
GHYHORSPHQW >+2:@ DV LOOXVWUDWHG LQ )LJXUH  7KH OLQN EHWZHHQ DQ\ SDLU RI WKHVH
FRPSRQHQWV FDQ EH H[SODLQHG RU DQDO\VHG E\ WKH WKHRULHV RU DSSURDFKHV RI WRXULVP
GHYHORSPHQWSROLWLFDOHFRQRP\DQGSROLWLFDOHFRORJ\DQGFRPPXQLW\SDUWLFLSDWLRQ

(F R 7R XULV P

(F RQRPLF
GHYHORSPHQW 7 RXU LV P
3 R OL W L F D O ( F R Q R P \ (QY LURQPHQW DO
F RQV HUYDWLRQ WRROV ' HY H OR S P H Q W

0 R G H OV
3 R O L W LF D O ( F R O R J \

&RP P XQL W\


EDVHG
( FR 7RXU LVP
'HYHORS PHQ W

5 X UDO 6X VW DLQ D E OH
& R P P XQ LW\ ' HY HORS P HQ W

6RFLDO VWUXFWXUH (FRQRP LF


:D\ RI OLIH 6RFLRFXOWXUH
&RPP XQLW\ (QY LURQPHQW
RUJDQLVDWLRQ
&RP P XQL W\ 'HYHORS PHQW

& R P P X Q LW \
3 D U WL F L S D W L R Q

)LJXUH6FRSHRIWKHVWXG\LQWHUPRIUHVHDUFKFRPSRQHQWV


7RGHYHORSHFRWRXULVPWKHPDLQDVSHFWV WREHFRQVLGHUHGDUH

 6XVWDLQDEOHWRXULVPGHYHORSPHQW WKHWKHPHRIHFRORJLFDOJRDOV>(19,5210(17@ 
 &RPPXQLW\HPSRZHUPHQW DVQHHGHGWRHQVXUHWKHFRQVHUYDWLRQRIUHVRXUFHVDQGORFDO
LGHQWLW\DQGORFDOEHQHILWV>62&,$/@ DQG
 &RPPXQLW\HFRWRXULVPEXVLQHVV DVDQHFRQRPLFRSSRUWXQLW\IRUORFDOVWREHLQYROYHG
LQWKHWRXULVPLQGXVWU\>(&2120,&@ 

'HILQLWLRQVRI7HUPV8VHG

6HYHUDOWHUPVDUHRIWHQXVHGWRH[SODLQDFHUWDLQVLWXDWLRQRUPHDQLQJE\GLIIHUHQWZULWHUVDQG
WKLV FDQ JLYH ULVH WR FRQIXVLRQ 7R DYRLG WKLV WKH WHUPLQRORJ\ XVHG WKURXJKRXW WKLV VWXG\ LV
GHILQHGEHORZDQGWKHQXVHGFRQVLVWHQWO\

7HUPVUHODWHGWR/DQJXDJHRI7RXULVP
6LQFH³WRXULVPVWXGLHVLVFRQVWDQWO\UHQHZHGE\GHYHORSPHQWVLQVRFLDODQGFXOWXUDOWKHRU\DQG
WKHRU\ IURP RWKHU GLVFLSOLQHV´ )UDQNOLQ DQG &UDQJ   PDQ\ WHUPV DUH SUREOHPDWLF RU
KDYHPXOWLSOHPHDQLQJVSDUWLFXODUO\WKRVHWKDWDUHGHEDWHGLQKXPDQJHRJUDSK\JHQHUDOO\DQG
VSHFLILFDOO\ LQ WRXULVP JHRJUDSK\ $OWKRXJK WKLV WKHVLV GHDOV ZLWK WKH WHUPV DV JHQHUDOO\
XQGHUVWRRGLQWKHWRXULVPVHFWRUWKHWKHVLVUHFRJQLVHVWKDWIURPDSRVWVWUXFWXUDOLVWSHUVSHFWLYH
³ODQJXDJH LV VHHQ DV WKH PHGLXP IRU GHILQLQJ DQG FRQWHVWLQJ VRFLDO RUJDQL]DWLRQ DQG
VXEMHFWLYLW\´ 3UDWW DQGGRHVQRWVLPSO\WUHDWWKHWHUPVDVXQSUREOHPDWLFJLYHQV

7RXULVP DQG WUDYHO UHVHDUFK LV XVXDOO\ SROLF\OHG DQG LQGXVWU\VSRQVRUHG DQG JHQHUDOO\ QRW
FDUULHG RXW E\ UHVHDUFKHUV ZKR DUH IDPLOLDU ZLWK FXOWXUDO DQG VRFLDO WKHRULHV ,W KDV EHHQ
IHWLVKLVHG WRXULVP LV WUHDWHG DV D WKLQJ D SURGXFW D EHKDYLRXU D VHW RI HFRQRPLF DFWLYLWLHV
)UDQNOLQ DQG &UDQJ  7KLVUHVHDUFKDGGUHVVHVVRPHRIWKHUHOHYDQWLVVXHVUDLVHGE\
VRFLDO DQG FXOWXUDO WKHRULVWV DOWKRXJK WKH PDLQ IRFXV LV RQ VRFLDO DQG HQYLURQPHQWDO LVVXHV
,QGHHG VRPH RI WKH FRQFHSWXDO WHUPV FHQWUDO WR WKH PDLQ DUJXPHQW RI WKH WKHVLV KDYH EHHQ
FULWLTXHG E\ SRVWVWUXFWXUDOLVW ZULWHUV DQG VRPH RI WKHVH FULWLTXHV DUH DGGUHVVHG ODWHU LQ WKH
WKHVLV,QJHQHUDOSRVWVWUXFWXULVWVVHHPDQ\RIWKHWHUPVXVHGLQWRXULVPVWXGLHVDVFRQWHVWHG
FDWHJRULHV KDYLQJ PXOWLSOH PHDQLQJV 6RPH RI WKHP DUH XVHG LQ SDUWLFXODU ZD\V DV GHILQHG
EHORZ


,WLVFDOOHG D µKROLVWLFDSSURDFK¶WKDWLVRIWHQXVHGE\FRPPXQLW\GHYHORSHUV 7KLVLVVLPLODUWRWKHµWULSOHERWWRP
OLQH¶ ZKLFK LV WKH FRQFHUQ RI PDQ\ UHVSRQVLEOH FRPSDQLHV 7KLV DSSURDFK KROGV WKDW ILUPV VKRXOG ZRUN WRZDUG
PHHWLQJQRWMXVWHFRQRPLFJRDOVEXWDOVRVRFLDODQGHQYLURQPHQWDOJRDOV7KHOLQNZLWKWKHFRQFHSWRIVXVWDLQDEOH
GHYHORSPHQWLVYHU\FOHDU $OOHQE\%9 


1DWXUHQDWXUDODWWUDFWLRQVDQGHQYLURQPHQW$OWKRXJKKXPDQVDQGKXPDQEHKDYLRXUDUHSDUWRI
QDWXUH PRVW WRXULVP UHVHDUFK W\SLFDOO\ GHDOV ZLWK WKH WHUPQDWXUHDVQRQKXPDQQDWXUHEXW
PD\ FODVVLI\ LW DV WKH VRFLDO RU FXOWXUDO HQYLURQPHQW 1DWXUDO DWWUDFWLRQV WKHUHIRUH LQFOXGH
QDWXUDOIHDWXUHVDQGELRORJLFDOVXEVWDQFH7KHHQYLURQPHQWWKHQLVXVHGRIWHQLQWKLVWKHVLVLQ
FRPELQDWLRQZLWKRWKHUZRUGVDVLQµQDWXUDOHQYLURQPHQW¶µSK\VLFDOHQYLURQPHQW¶ DQGVRRQ

&XOWXUH DQGFRPPXQLW\&XOWXUHLQLWLDOO\UHIHUUHGWRVNLOOHGKXPDQDFWLYLWLHVWKURXJKZKLFK
QRQKXPDQQDWXUHZDVHQFRPSDVVHGDQGWUDQVIRUPHG DQGWKHQZDVDSSOLHGWRWKHDFWLYLWLHV
WKHPVHOYHVGHHPHGQHFHVVDU\RUKHOSIXOLQSURGXFLQJWKLV FXOWLYDWLRQRIKXPDQVHQVLELOLW\DQG
FRQGXFW &RVJURYH   (YHQ WKRXJK WKH ERXQGDU\ EHWZHHQ QDWXUH DQG FXOWXUH FDQQRW EH
VXVWDLQHG DQG WKH RSSRVLWLRQ RI FXOWXUH DQG QDWXUH LV FKDOOHQJHG SDUWLFXODUO\ LQ KXPDQ
JHRJUDSK\ WKLV UHVHDUFK GHDOV ZLWK FXOWXUH DV DFWLYLWLHV DQG SHUIRUPDQFHV WKDW UHSUHVHQW WKH
ORFDODQGFRPPXQLW\LGHQWLW\µ&RPPXQLW\¶ LQWKLVUHVHDUFKIRFXVHVRQFRPPXQLW\ FKXPFKRQ 
LQWKHERXQGHGVHQVHRISK\VLFDOORFDWLRQ LQUXUDODUHDV VXFKDVYLOODJH 0X%DQ VXEGLVWULFW
7DPERQ RU GLVWULFW $PSKRH  ,W DOVR LQFOXGHV SHRSOH DQG VRFLDO V\VWHPV ZKLFK PRVWO\ DUH
DOVRWLHGZLWKWKHVRFLDOVWUXFWXUHDQGFXOWXUDOEHKDYLRXU VHH 

0DQ\ WHUPV LQ WRXULVP UHVHDUFK GUDZ XSRQ ELQDU\ FRQFHSWV 7KLV LV XVXDOO\ GRQH WR PDNH LW
HDVLHUIRUWKHUHDGHUWRXQGHUVWDQGSDUWLFXODUO\DVPDQ\RIRXUEHOLHIVDUHEXLOWWKURXJKDVHULHV
RIXQHTXDOO\YDOXHGELQDULHV 3UDWW ,QWRXULVPWHUPVVXFKDVKRVWJXHVWSRVLWLYHQHJDWLYH
RULJLQGHVWLQDWLRQ DUH ZLGHO\ XVHG DQG WDNHQ WR EH VHOIH[SODQDWRU\ %XW LQ WKH FRQWH[W RI
JOREDOLVDWLRQWRXULVPLVPRUHFRPSOH[DQGWKHVHVLPSOHELQDULHVVHHPOHVVKHOSIXOLQGHVFULELQJ
WKH UHDOLW\ RI WRXULVP RU WKH\ PD\ UHYHDO WKH XQGHUO\LQJ YDOXHV RI WKH ZULWHU 7KLV KDV EHHQ
H[SODLQHGLQ &KDSWHU

*HQHUDOO\WHUPVVXFKDVµWKHQHJDWLYHDQGEHQHILFLDOLPSDFWVRIWRXULVP¶DUHQRWFRQWURYHUVLDO
LQ WKH WRXULVP LQGXVWU\ DQG LQ WRXULVP VWXGLHV DQG VLPSO\ UHIHU WR WKH HIIHFWV RI RU FKDQJHV
FDXVHG E\ WRXULVP GHYHORSPHQW RQ HQYLURQPHQWDO VRFLDO DQG HFRQRPLF FRQGLWLRQV RI WKH
GHVWLQDWLRQV,QUHDOLW\DOOGHYHORSPHQWFUHDWHVERWKQHJDWLYHDQGSRVLWLYHLPSDFWVDFFRUGLQJWR
GLIIHUHQW SRLQWV RI YLHZ RU WKH VWDNHKROGHUV LQYROYHG 6PLWK   ,I QRW LQGLFDWHG
VSHFLILFDOO\ LQ WKLV WKHVLV WKH WHUP DOZD\V UHIHUV WR WKH LPSDFWV RQ WKH VWDNHKROGHUV LQ
GHVWLQDWLRQDUHDV

6SHFLILF7HUPLQRORJ\8VHGLQWKLV6WXG\
7RXULVP LQ WKH &RPPXQLW\ 7L&  6HYHUDO WHUPV UHODWHG WR WRXULVP WKDW RFFXUV LQ WKH
FRPPXQLW\KDYHEHHQXVHGLQWKHVWXG\$OWKRXJKWKHLUPHDQLQJVDUHYHU\VLPLODUWKHWHUPVDUH


QRWV\QRQ\PRXV6XFKWHUPVLQFOXGHµ&RPPXQLW\7RXULVP¶ &7 µ&RPPXQLW\EDVHG7RXULVP¶
&%7 µ&RPPXQLW\EDVHG(FRWRXULVP¶ &%(7RU&%( DQG7RXULVPLQWKH&RPPXQLW\ 7L& 
7L& FRYHUV DOO IRUPV RI WRXULVP WKDW WDNH SODFH LQ WKH FRPPXQLW\ &7 PD\ UHIHU WR &%7 RU
&%(7RUPHDQVWRXULVPWKDWLVUXQE\WKHFRPPXQLW\7RDYRLGFRQIXVLRQWKLVVWXG\XVHV7L&
WR UHIHU WR D QRQVSHFLILF IRUP RI WRXULVP DW WKH FRPPXQLW\ OHYHO VHH DOVR   ZKLOH &%7
UHIHUVWRDOOIRUPVRIWRXULVPWKDWDUHPDQDJHGRUUXQE\DJURXSRISHRSOHLQWKHFRPPXQLW\
&%7DOVRUHIHUVWRDQHZDSSURDFKWRZDUGVQHZ7L&

(FRWRXULVP (7   &%(7 7KH FRQFHSWVDQGGHILQLWLRQVRIHFRWRXULVPYDU\DFFRUGLQJWR WKH


XVHUV&KDSWHU UHYLHZVDQGGLVFXVVHVWKLVWHUP7KHWHUPHFRWRXULVPLVGHEDWDEOHHYHQLQWKH
7KDL FRQWH[W ,Q WKLV WKHVLV WKH WHUP HFRWRXULVP LV GHILQHG DV UHVSRQVLEOH WUDYHO WR WKH
HFRORJLFDOVLWHVWRFUHDWHFRQVHUYDWLRQDZDUHQHVVDVZHOODVWKHSURYLVLRQRIDMRLQWOHDUQLQJ
H[SHULHQFH DPRQJ DOO FRQFHUQHG SDUWLHV XQGHU VXVWDLQDEOH WRXULVP DQG HQYLURQPHQWDO
PDQDJHPHQW ZKLFK LV RULHQWHG WRZDUGV FRPPXQLW\ SDUWLFLSDWLRQ DGDSWHG IURP 7,675¶V
GHILQLWLRQ 

+RZHYHU VLQFH WKH SDUWLFLSDWLRQ RI WKH ORFDO FRPPXQLW\ LV RI JUHDW FRQFHUQ WR 7KDLV WKH
FRPPXQLW\EDVHGFRQFHSWKDVEHHQDSSOLHGWRWRXULVPDQGHFRWRXULVPSUDFWLFH)RUHFRWRXULVP
PDQ\ SUDFWLWLRQHUV SUHIHU WKH WHUP &RPPXQLW\EDVHG (FRWRXULVP ZKLFK UHIHUV WR HFRWRXULVP
VHUYLFHV WKDW DUH RZQHG DQG PDQDJHG E\ WKH FRPPXQLW\ ,W DOVR LPSOLHV WKDW D FRPPXQLW\ LV
WDNLQJFDUHRILWVQDWXUDOUHVRXUFHVLQRUGHUWRJDLQLQFRPHWKURXJKRSHUDWLQJWRXULVPDFWLYLWLHV
&%(7DOVRIUHTXHQWO\LQFOXGHVRWKHUIRUPVRIWRXULVPWKDWDUHPDQDJHGE\WKHFRPPXQLW\ VHH
WKH GLVFXVVLRQ LQ &KDSWHU   7KHUHIRUH (7 PRVWO\ LQGLFDWHV WKH FRQFHSW RI HFRWRXULVP DQG
&%(7 LQGLFDWHV WKH SUDFWLFH DW WKH FRPPXQLW\ OHYHO DQG VRPHWLPHV LQ WKLV WKHVLV WKH\ DUH
FRPELQHGLQWRRQHDFURQ\PDV(7&%(7

$FWRU 7KHVWXG\XVHVWKHWHUPµDFWRU¶WRUHSUHVHQWWKHVWDNHKROGHUVWKDWKDYHGLUHFWDQGLQGLUHFW
UROHV LQ HFRWRXULVP PDQDJHPHQW 7KH WHUP µVWDNHKROGHUV¶ PD\ DOVR EH XVHG WR UHIHU WR WKRVH
ZKRDUHDIIHFWHGE\WRXULVPZLWKRXWQHFHVVDULO\KDYLQJDGLUHFWLQIOXHQFHRQLWRUEHQHILWIURP
LWZKLOHµSDUWLFLSDQW¶UHIHUVVSHFLILFDOO\WRWKRVHZKRDUHLQYROYHGLQDSDUWLFXODUDFWLYLW\

7KHRUHWLFDO)UDPHZRUN

7KHUH DUH WKUHH PDLQ WKHRUHWLFDO IUDPHZRUNV WKDW KDYH EHHQ XVHG DV WRROV IRU DQDO\VLV LQ WKLV
UHVHDUFK7KHVHDUHWRXULVPV\VWHPVDQGGHYHORSPHQWPRGHOVSROLWLFDOHFRQRP\DQGSROLWLFDO
HFRORJ\ RI WRXULVP DQG FRPPXQLW\ SDUWLFLSDWLRQ LQ WRXULVP GHYHORSPHQW 7KHVH WKHRUHWLFDO


IUDPHZRUNV DUH XVHG WR KHOS RXU XQGHUVWDQGLQJ RI SDVW H[SHULHQFHV PRVWO\ IURP RWKHU
FRXQWULHV WRKHOSVHWXSSURSRVLWLRQVDQGWHVWWKHPHPSLULFDOO\LQWKHFDVHVWXGLHVLQ7KDLODQG

7RXULVP6\VWHPVDQG'HYHORSPHQW0RGHOV
7RXULVPLVGHILQHGDV³WKHDFWLYLWLHVRISHUVRQVWUDYHOOLQJWRDQGVWD\LQJLQSODFHVRXWVLGHWKHLU
XVXDO HQYLURQPHQW IRU QRW PRUH WKDQ RQH FRQVHFXWLYH \HDU IRU OHLVXUH EXVLQHVV DQG RWKHU
SXUSRVHVQRWUHODWHGWRWKHH[HUFLVHRIDQDFWLYLW\UHPXQHUDWHGIURPZLWKLQWKHSODFHYLVLWHG´
:72   8VLQJ WKH V\VWHPV DSSURDFK WKH WRXULVP V\VWHP KDV FRPSRQHQWV DQG
HQYLURQPHQWV WKDW PD\ EH FODVVLILHG GLIIHUHQWO\ IURP RQH WR DQRWKHU *HRJUDSKLFDOO\ WRXULVP
LQFRUSRUDWHVWKUHHUHJLRQVZKLFKDUH WKHWRXULVW PDUNHW JHQHUDWLQJDUHD WKHWUDQVLWDUHD
DQG   WKH GHVWLQDWLRQ DUHD +DOO  /HLSHU  :HDYHU DQG /DZWRQ E  7KLV
LGHQWLILHVWKHIORZRI WRXULVWVIURPWKHLUKRPHWKURXJKWUDQVLWDUHDVWKHQRQWRWKHSODFHVWKH\
DUH JRLQJ WR YLVLW (FRQRPLFDOO\ RU FRPPHUFLDOO\ WKH WRXULVP V\VWHP FRQVLVWV RI WKH PDUNHW
PDUNHWLQJ WUDYHO DQG WKH GHVWLQDWLRQ 0LOO DQG 0RUULVRQ   +RZHYHU %ODQN  
VLPSOLILHV WKLV E\ FRPELQLQJ FRPPXQLFDWLRQ DQG WUDYHO DV D OLQNDJH EHWZHHQ PDUNHW DQG
GHVWLQDWLRQZKLOH7,675 D LVFRQFHUQHGPDLQO\ZLWKWKHGHVWLQDWLRQDUHDDQGFODVVLILHV
WKH WRXULVP V\VWHP LQWR WKUHH FRPSRQHQWV PDUNHW WRXULVW  WRXULVW DWWUDFWLRQV DQG WRXULVP
VHUYLFHV

)XUWKHUPRUHWKHWRXULVPV\VWHPKDVLWVHQYLURQPHQWVZKLFKLQFOXGHSROLWLFDODQGOHJDOVRFLR
FXOWXUDO HFRQRPLF DQG LQYHVWPHQW LQVWLWXWLRQV DQG FRRSHUDWLRQ LQIUDVWUXFWXUH DQG SK\VLFDO
DQG HFRORJLFDO VHH .H\VHU  :HLFKDUG   FRPSRQHQWV ,Q RUGHU WR H[SODLQ WRXULVP
GHYHORSPHQWRQVHYHUDOOHYHOVLQWKHFRPPXQLW\WKHVWXG\GUDZVRQDFRPELQDWLRQRIWRXULVP
V\VWHPVDWWKHGHVWLQDWLRQWKHLUFRPSRQHQWVDQGHQYLURQPHQWVDQGOLQNDJHVEHWZHHQWKHPDV
LOOXVWUDWHGLQ)LJXUH 7KLVV\VWHPRIWRXULVPZLOOEHWKHEDVLVIRUDQDO\VLVDQGSDUWLFXODUO\
WKHWRXULVPV\VWHPRIWKHGHVWLQDWLRQVLQWKHFDVHVWXG\DUHDV8QGHUVWDQGLQJWKHV\VWHPKHOSV
XV LGHQWLI\ GHYHORSPHQW LQ WKH FRPPXQLW\ DQG WKH DFWRUV ZKR VXSSRUW RU GR QRW VXSSRUW WKH
GHYHORSPHQW

7KHUH DUH DW OHDVW IRXU WRXULVP GHYHORSPHQW PRGHOV WKDW VHW WKH WKHRUHWLFDO IUDPHZRUN IRU
DQDO\VLQJ FRPSDULQJ DQG IRUHFDVWLQJ WKH FRPPXQLWLHV¶ WRXULVP GHYHORSPHQW LQ WKLV VWXG\
7KHVHPRGHOVDUHWKHGHYHORSPHQWRIWRXULVPSODQQLQJDQGSROLF\SDUDGLJP +DOO WKHSURFHVV
RISK\VLFDORUVSDWLDOGHYHORSPHQW 0LRVVHF FRPPXQLW\SDUWLFLSDWLRQLQWKHVWDJHVRIWRXULVW
GHYHORSPHQW YDQ 'RRUQ DQG *RUPVHQ  DQG WRXULVP OLIH F\FOHV %XWOHU  VHH PRUH LQ  
7KHVH PRGHOV UHIOHFW WKH GHYHORSPHQW RI FRQYHQWLRQDO WRXULVP WKDW RIWHQ FUHDWHV QHJDWLYH
LPSDFWV RQDFRPPXQLW\RUHQYLURQPHQW SDUWLFXODUO\WKRVHWKDW DUHSRRUO\SODQQHGDQG


PDQDJHG7KHVWXG\LQFRUSRUDWHVWKHVHH[SHULHQFHVE\IRFXVLQJRQWKHµWRXULVPOLIHF\FOH¶DQG
WKH µUROH RI WKH ORFDO FRPPXQLW\¶ LQ WRXULVP GHYHORSPHQW ,Q DZRUOGRIJOREDOIORZVLWDOVR
DUJXHV WKDW FRQFHSWXDOLVLQJ WRXULVP DV DQ HYROXWLRQDU\ F\FOH PD\ QRW EH DGHTXDWH IRU
FRQWHPSRUDU\ WRXULVP SDUWLFXODUO\ SRVWPRGHUQ WRXULVP +RZHYHU PRVW WRXULVP SUDFWLFHV LQ
7KDLODQG LQFOXGLQJ WKRVH JHDUHG WR DOWHUQDWLYH WRXULVP VWLOO PDLQWDLQ FRQYHQWLRQDO SUDFWLFHV
7KLVKDVWREHWHVWHG

'HVWLQDWL RQ $ UHD
*HQHUD WLQJ $UHD
7UD QVLWLRQ $UH D 3ROLWLFD O
6HUYLF HV /HJD O
3K\ VLFD O
$G PLQLVWUD WLRQ
+RV SLWDOL W\ /DZ DQG 5HJX OD WLRQ (QY LURQPH Q WD O
3R ZH U /DQGVFDSH
$ FFRPPRGD WL RQ *HRJ UDSK \
)RRG DQG%DY HUDJH )OR UD )DXQD
7RXU DQG * XL GH 0DQPDGH
7UD YHO 6 XY HQLU 6KRS
7U DQVS RU WDW LR Q 6H FXUL W\
$LU
$F WL YL W\ DQG (Q WHU WDL QPHQW 6R F LD O
LQQHU 7UDQVSRU WD WLRQ
/ DQG 6RF LD O VWUXFWX UH
0D UNHW 5H OD WLRQVK LS
6HD :DW HU
*HQGH U

7RXULVP DW WKH
, QWHUQD WL RQDO 7RXUL VW ' HVWLQ DWL RQ
' RPHV WL F 7RXUL V WV 0DQ DJ HPHQW (QY LURQP H QW
'HVWLQD WLRQ RI WKH 6\ VWHP
/RFDO SRSXOD WLRQ E\
WK H $ X WKR UL W\
* HQHUDO 0DVV JR YHUQ PHQW 6SRW R U &O XVWHU D W WKH 'HVWLQDWLRQ
R U S UL YDWH
6HJ PHQ W
1L FKH
0 DUNHW LQJ &X OWX UD O
FR PP XQLFDWL RQ
'H PRJUSK \
3U R PRW LRQ +LV WRU \
, Q FRQ W DFW 7UDG LWLRQ
)HHG % DFN
$WWUDFWLRQ :D \R I OLIH
5 HVRXUF HV
'LUHFW ,QG LU HFW

1 DWXU DO (FRQR PLF


&XO WXUDO 0DF UR 0LFUR
+L V WRULF DO DQG$ UFKH RORJLFDO ,Q YHVWPHQW
6SRU WV DQG (YHQWV 6SDWLDO
7HFKQRORJ\
,QIUDV WUXFWX UH
8WLOLWLHV

6RXUFHV'HULYHIURPDFRPELQDWLRQRIPDQ\DXWKRUV HJ%ODQN+DOO.H\VHU0LOODQG
0RUULVRQ7,675D:HDYHUDQG/DZWRQD:HLFKDUG 

)LJXUH7RXULVPV\VWHPDWWKHGHVWLQDWLRQ

7KHVWXG\LVFRQFHUQHGZLWKHFRWRXULVPGHYHORSPHQWPHWKRGVHVSHFLDOO\LQ7KDLFRPPXQLWLHV
WKDW RSSRVH FRQYHQWLRQDO WRXULVP ,W LV LQWHUHVWLQJ WR GHWHUPLQH LI DOWHUQDWLYH WRXULVP FDQ
GHYHORS E\IROORZLQJRUGLYHUJLQJIURPWKHHYROXWLRQRIOLQHDUWRXULVPGHYHORSPHQWPRGHOV DV
GHVFULEHG LQ FRQYHQWLRQDO GHYHORSPHQW PRGHOV 2I SDUWLFXODU LQWHUHVW LV WKH TXHVWLRQ 'R WKH
UHVXOWVFRPSO\ZLWKRUGHYLDWHIURPWKHPRGHOV"

7KHSURSRVLWLRQ WKDWFDQEHUDLVHGKHUHLV,QWKHQHZHUDRIWRXULVPGHYHORSPHQWPDLQWDLQLQJ
DQG LQFUHDVLQJ WKH FRPPXQLWLHV¶ UROHV SRZHUV DQG RSSRUWXQLWLHV WR EH LQYROYHG LQ WKH


GHYHORSPHQW RI WKHLU UHJLRQV YLD HFRWRXULVP ZLOO LQFUHDVH SURILWV PDLQWDLQ ORFDO LGHQWLW\ DQG
UHGXFH HQYLURQPHQWDO LPSDFW 7KXV WKH VWXG\ ZLOO FRPSDUH WKH UHVXOWV RI QHZ SDUDGLJPV RI
WRXULVPGHYHORSPHQWLQFRPPXQLW\EDVHGWRXULVPZLWKOLQHDUWRXULVPGHYHORSPHQW

7KH3ROLWLFDO(FRQRP\DQG3ROLWLFDO(FRORJ\RI7RXULVP
7RXULVP LV DQ HFRQRPLF DFWLYLW\ WKDW FDQ HDVLO\ PDNH SURILWV WKURXJK WKH FRQVXPSWLRQ RI
QDWXUDODQGFXOWXUDOUHVRXUFHVZLWKRUZLWKRXWDQ\IDFLOLWLHVRUVXSSRUWLQJXWLOLWLHV7RXULVPLVD
IDLUO\QHZSKHQRPHQRQIRUUXUDOFRPPXQLWLHVLQ7KDLODQGDQGFRQVXPHVUHVRXUFHVZKLFKDUH
XVHGE\DQGDYDLODEOHIRUWKHZKROHFRPPXQLW\7RXULVPDOVRLQYROYHVZLGHUDFWRUVLQFOXGLQJ
VWDWHDXWKRULWLHVDQGSULYDWHLQYHVWRUV,WDOVRFUHDWHVQHZUHODWLRQVKLSVDPRQJPHPEHUVRIDQ
H[LVWLQJ FRPPXQLW\ ,Q WKLV UHJDUG WRXULVP FDQ JLYH UHWXUQV WR WKHLQYHVWRUVZKLOHH[SORLWLQJ
UHVRXUFHVDQGFXOWXUHVRIORFDOFRPPXQLWLHVRUFRXQWULHVRQDJOREDOOHYHO

6LPLODU WR RWKHU HFRQRPLF VHFWRUV WRXULVP UHODWHV WR DQG UHOLHV RQ WKH SRZHU RI GLIIHUHQW
µDFWRUV¶ZLWKLQVRFLHW\DQGUHODWHVWRWKHUROHRISXEOLFSROLF\LQLQIOXHQFLQJWKHHFRQRPLFDQG
VRFLDO ZHOIDUHRIVWDNHKROGHUV$WRXULVPGHYHORSPHQWSROLF\PD\IDYRXUWKHLQWHUHVWRIRQO\
VRPH VRFLDO DFWRUV VWDWHV RU SULYDWH LQYHVWRUV  DW WKH H[SHQVH RI RWKHUV FRPPXQLWLHV RU
LQGLYLGXDOV DQGFDXVHDQXQHYHQGHYHORSPHQW,QRUGHUWRGHDOZLWKSROLWLFDOLVVXHVHVSHFLDOO\
SRZHUPDQDJHPHQWPRVWDFWRUVDWWKHORFDOOHYHOWDNHDFORVHLQWHUHVWLQKRZSRZHUVWUXJJOHV
DUHSOD\HGRXWDWQDWLRQDODQGUHJLRQDOOHYHOV

3ROLWLFDO HFRORJ\ LV ³DQ DSSURDFK WR EXW IDU IURP D FRKHUHQW WKHRU\ RI WKH FRPSOH[
PHWDEROLVP EHWZHHQ QDWXUH DQG VRFLHW\´ :DWWV   ,W VSHFLILFDOO\ FRQFHUQV
HQYLURQPHQWDO RU HFRORJLFDO LVVXHV DQG FDQ EH XVHG WR H[SODLQ WKH GHYHORSPHQW RI WRXULVP
7KXV LQ D VWXG\ RI HFRWRXULVP LQ WKH FRPPXQLW\ WKH FRQFHSWV DQG WKHRULHV RI SROLWLFDO
HFRQRP\ DQG SROLWLFDO HFRORJ\ ZLOO EH XVHG DVRQHDSSURDFKWRDQDO\VHWKHLQWHUDFWLRQRIWKH
FRPSRQHQWVRIWRXULVPGHYHORSPHQWLQWKHFRPPXQLWLHV

8VLQJSROLWLFDOHFRQRP\DQGSROLWLFDOHFRORJ\DSSURDFKHVLQWKHVWXG\RIWRXULVP VHH 


SURYLGHVDQLQWHJUDWHGH[SODQDWLRQRIKXPDQHQYLURQPHQWDOLQWHUDFWLRQVDQGWKHUHODWLYHSRZHU
RI YDULRXV VWDNHKROGHUV LQYROYLQJ DFFHVV WR DQG PDQDJHPHQW RI QDWXUDO UHVRXUFHV 6WRQLFK
 6WRQLFKVWDWHVWKDWWKHHVVHQWLDOHOHPHQWVRISROLWLFDOHFRORJLFDODQDO\VLVHQFRPSDVV
LGHRORJLHV LQWHUQDWLRQDO LQWHUHVWV JOREDO HFRQRP\ UROH RI WKHVWDWHWKHUHODWLRQVKLSRI FODVV
DQG HWKQLF VWUXFWXUHV WKH LQWHUUHODWLRQVKLS DPRQJ ORFDO UHVRXUFH XVHUV DQG GLYHUVLW\ LQ WKH
GHFLVLRQV RI ORFDO UHVRXUFH PDQDJHUV +LVWRULFDO DQG JHQGHU LVVXHV DUH DOVR LQFOXGHG LQ VRPH
DQDO\VHV VHH %ULWWRQ  3OHXPDURP  :LOOLDPV   7KHVH HOHPHQWV DUH FRQFHUQHG


ZLWK WKH QDWXUH RI WKH FRQWH[W RI HFRWRXULVP GHYHORSPHQW DQG DUH LVVXHV ZKLFK KDYH QRW
FRPPDQGHGPXFKDWWHQWLRQLQPDLQVWUHDPWRXULVPGHYHORSPHQW

7KHUHIRUH WKH SROLWLFDO HFRORJ\ DSSURDFK FDQ KHOS WR SURYH WKH IROORZLQJ SURSRVLWLRQV RI
FRPPXQLW\EDVHG HFRWRXULVP 7KH KXPDQ LPSRYHULVKPHQW DQG HQYLURQPHQWDO GHVWUXFWLRQ
VWHPPLQJ IURP DJJUHVVLYH WRXULVP GHYHORSPHQW FDQ EH DYRLGHGE\EDODQFLQJWKHUHODWLRQVKLS
EHWZHHQ ORFDO VWDWH DQG SULYDWH RSHUDWRUV LQ WKH XVH DQG DFFHVV WR UHVRXUFHV (TXLWDEOH
GLVWULEXWLRQRISURILWVDQGWKHVKDULQJRIUHVRXUFHVPXVWEHPDLQWDLQHGZKLOHVWLOOPDLQWDLQLQJ
VRFLDO VWUXFWXUHV RI JURXSV ZLWKLQ WKH FRPPXQLW\ $ KLJK OHYHO RI SDUWLFLSDWLRQ DQG
HPSRZHUPHQWRIORFDOSHRSOHLQWKHGHFLVLRQPDNLQJSURFHVVLVHVVHQWLDO

&RPPXQLW\3DUWLFLSDWLRQLQ7RXULVP'HYHORSPHQW
'HYHORSPHQW WKHRULVWV LQ WKH ODVW VHYHUDO GHFDGHV KDYH JLYHQ PXFK DWWHQWLRQ WR WKH UROH DQG
RSSRUWXQLW\ RI ORFDO FRPPXQLWLHV 6HYHUDO LVVXHV KDYH EHHQ UDLVHG UHJDUGLQJ WKH UROH RI
FRPPXQLW\LQWKHEDVLFFRQFHSWRIVXVWDLQDEOHGHYHORSPHQWQDPHO\WKHSDUWLFLSDWRU\SURFHVV
%UXQGWODQG DQG :&('   WKH UROH RI ZRPHQ 5HLG   DQG FRPPXQLW\
FRQWURO %XUQV DQG +ROGHQ   $OO RI WKHVH FRQFHSWV DUH LQFOXGHG LQ WKH FRPSRQHQWV RI
VXVWDLQDEOH WRXULVP GHYHORSPHQW LQFOXGLQJ HFRWRXULVP ,Q WKH FDVH RI 7KDLODQG FRPPXQLW\
SDUWLFLSDWLRQKDVEHHQHPSKDVLVHGDV RQHRIWKHNH\HOHPHQWVRIHFRWRXULVP 7,675E 
+RZHYHUWKHUHDUHVRPHGLIILFXOWLHVLQSUDFWLFHLQWHUPVRISROLWLFDOUHODWLRQVKLSV DWQDWLRQDO
DQG ORFDO OHYHOV  WKH SHUFHSWLRQV RI EXUHDXFUDWV DQG WKH SULYDWH VHFWRU DQG FRQIOLFWV ZLWKLQ
GLIIHUHQWVRFLDOJURXSV

7KHSDUWLFLSDWLRQRIVWDNHKROGHUVSDUWLFXODUO\ORFDOSHRSOHLQGHYHORSPHQWLVHVVHQWLDO0DQ\
VWXGLHV KDYH H[SORUHG DQG SURSRVHG PRGHOV RI FRPPXQLW\ SDUWLFLSDWLRQ PRVWO\ EDVHG RQ WKH
ZRUN RI $UQVWHLQ   IRU H[DPSOH WKH ZRUN RI 'HVKOHU DQG 6RFN  FLWHG LQ 6HOHQHU
  3UHWW\   &KRJXLOO   %RUULQL)H\HUDEHQG  FLWHG LQ 6HOLQ   DQG
:LOFR[   7KH\ FODVVLI\ WKH OHYHOV RI SDUWLFLSDWLRQ LQWR VHYHUDO UXQJV ZKLFK LQLWLDOO\
EHJLQV ZLWK QRQSDUWLFLSDWLRQ DQG JUDGXDWHV WR SDUWLDO SDUWLFLSDWLRQ DQG ILQDOO\ DUULYHV DW WKH
HPSRZHUPHQWRISHRSOH$OWKRXJKWKHVHPRGHOVDUHQRWVSHFLILFDOO\DERXWWRXULVPWKH\FDQEH
XVHG DV D WKHRUHWLFDO EDVLV IRU WKH VWXG\ 'HWDLOV RI WKHVH PRGHOV DUH JLYHQ LQ  7KLV
LQFOXGHV WKH 7,675   ZRUN RQ WKH FODVVLILFDWLRQ RI FRPPXQLW\ SDUWLFLSDWLRQ LQ
HFRWRXULVP

7KHSULQFLSOHRIFRPPXQLW\SDUWLFLSDWLRQZKLFKLVFODVVLILHGDVDµODGGHU¶RIWKRVHPRGHOVDQG
7,675¶VZRUNKDYHEHHQLQFRUSRUDWHGLQWRDIUDPHZRUNIRUWKHH[SORUDWLRQDQGDQDO\VLVRIWKH


UROH RI FRPPXQLWLHV LQ PDQDJLQJ HFR WRXULVP LQ WKH FDVH VWXG\ DUHDV 7KH VHYHUDO IRUPV RI
FRPPXQLW\ SDUWLFLSDWLRQ LQ WRXULVP LQ 7KDLODQG PD\ EH GHVFULEHG LQ D VLPLODU PDQQHU WR WKH
ODGGHURISXEOLFSDUWLFLSDWLRQPRGHO VHH +RZHYHU DVWKHPRGHOZDVGHYHORSHGRXWVLGH
RI7KDLODQGWKHSDWWHUQVDQGOHYHOVRISDUWLFLSDWLRQPD\EHGLIIHUHQWGHSHQGLQJRQWKHVRFLR
FXOWXUDO HFRQRPLF DQG FRPPXQLW\ HQYLURQPHQWV ZLWKLQ 7KDLODQG 7KLV LV H[SORUHG LQ WKLV
VWXG\

5HVHDUFK3URFHVVDQG0HWKRGRORJ\

7KHUHVHDUFKZDVGHVLJQHGXVLQJERWK ORFDOH[SHULHQFHDVZHOODVWKHRUHWLFDONQRZOHGJH7KH
IROORZLQJ VHFWLRQ SURYLGHV DQ H[SODQDWLRQRIWKHSURFHVVHVDQGPHWKRGRORJ\XVHGWKURXJKRXW
WKLVVWXG\

7KHUHVHDUFKIROORZVWKHSURFHVVRIWKHRU\EDVHGUHVHDUFK 'RROH\ ZKLFKIRFXVHVPRUH


RQ µWKHRU\WKHQUHVHDUFK¶ WKDQ µUHVHDUFKWKHQWKHRU\¶ )UDQNIRUW1DFKPLDV DQG 1DFKPLDV
 7KHUHVHDUFKSD\VDWWHQWLRQWRWKHTXDOLWDWLYHSURFHVVHVWKDWVHHNLQGHSWKXQGHUVWDQGLQJ
RIWKHLVVXHVDQGDWWHPSWVWRSRUWUD\SKHQRPHQDZLWKRXWWHVWLQJIRUFDXVDOSDWWHUQV,WGHVFULEHV
DVRFLDOSURFHVVDVDVNHGE\WKHUHVHDUFKTXHVWLRQVIURPWKHSRLQWRIYLHZRISDUWLFXODUDFWRUV
LQWKLVFDVHPDLQO\ORFDOSHRSOHLQWKHFRPPXQLWLHV 

7KHSURFHVVFRQVWUXFWVDQH[SOLFLWWKHRU\DQGPRGHODQGWKHQVHWVXSDQXPEHURISURSRVLWLRQV
GHULYHG IURP WKRVH WKHRULHV RU PRGHOV IRU HPSLULFDO LQYHVWLJDWLRQ 7KHVH SURSRVLWLRQV ZLOO EH
UHMHFWHGRUSURYHGE\HPSLULFDOGDWD7KHUHVXOWVZLOOWKHQGHWHUPLQHZKHWKHUFKDQJHVUHIOHFW
WKH WKHRU\ RU PRGHOV LQ WHUPV RI FRQILUPDWLRQ LPSURYHPHQW RU FKDQJH +RZHYHU VRPH
LQYHVWLJDWLRQRIDSKHQRPHQRQPD\UHVXOWLQDQHZLGHDRUSURSRVLWLRQZKLFKZLOOEHLQWHJUDWHG
ZLWKWKHPDLQDQDO\VLV,WVKRXOGEHQRWHGWKDWWKHUHVHDUFKIRFXVHVRQUXUDOFRPPXQLWLHV DQG
XVHV FDVH VWXGLHV RI ORFDODUHDVZKLFKKDYHH[SHULHQFHRIHFRWRXULVPGHYHORSPHQW7KXVWKH
RXWFRPHV ZLOO EH VSHFLILF UDWKHU WKDQ JHQHUDO +RZHYHU VRPH RXWFRPHV PD\ SURYLGH OHVVRQV
WKDWFDQEHJHQHUDOLVHGIRUDSSOLFDWLRQWRRWKHUFRPPXQLWLHV

5HVHDUFK0HWKRGV

,Q RUGHU WR PHHW WKH WDUJHW RI WKH VWXG\ µPXOWLSOH RSHUDWLRQLVP¶  ZDV DSSOLHG GXULQJ WKH
UHVHDUFKSURFHVV$WOHDVWWZRW\SHVRIPHWKRGRORJ\ZHUHFRPELQHGLQWKHVWXG\RIWKHVDPH


7KHLGHDRIµPXOWLSOHRSHUDWLRQLVP¶ZDVGHYHORSHGE\&DPSEHOODQG)LVNH  LQWKHV³7KH\DUJXHGWKDW
PRUHWKDQRQHPHWKRGVKRXOGEHXVHGLQWKHYDOLGDWLRQSURFHVVWRHQVXUHWKDWWKHYDULDQFHUHIOHFWHGWKDWRIWKHWUDLW
DQGQRWRIWKHPHWKRG´ -LFN


SKHQRPHQRQ ± NQRZQ DV PHWKRGRORJLFDO WULDQJXODWLRQ ± PL[LQJ TXDOLWDWLYH DQG TXDQWLWDWLYH
PHWKRGRORJLHV -LFN DQGGDWDZHUHREWDLQHGIURPDZLGHUDQJHRIVRXUFHV± UHIHUUHGWRDV
GDWD WULDQJXODWLRQ $UNVH\ DQG .QLJKW   7KHVH PHWKRGV ZHUH XVHIXO LQ DVFHUWDLQLQJ
LQIRUPDWLRQERWKDWDJHQHUDOOHYHODQGVSHFLILFFDVHVWXG\DUHDV)RXUVSHFLILFDUHDVZHUHXVHG
LQWKHVWXG\IRUWKHSXUSRVHVRIREWDLQLQJDQLQGHSWKXQGHUVWDQGLQJRIORFDOSHRSOHV¶SUDFWLFHV

7KHVWXG\FRQVLVWVRIIRXUPDLQSDUWVDUHYLHZRIWKHUHOHYDQWH[LVWLQJOLWHUDWXUHWKHJHQHUDO
VWXG\ RI FRPPXQLW\ WRXULVP FDVH VWXGLHV RI UXUDO FRPPXQLWLHV LQYROYHG LQ WRXULVP DQG
DQDO\VLV DV LOOXVWUDWHG LQ )LJXUH   7KH UHYLHZ RI WKH OLWHUDWXUH FRYHUHG ERWK WKHRULHV DQG
SUDFWLFHV ZLWKLQ WRXULVP DQG HFRWRXULVP LQ WKH JOREDO DQG 7KDL FRQWH[WV 7KH ILQGLQJV ZHUH
FRPSDUHG ZLWK WKH HPSLULFDO VWXGLHV ERWK DW QDWLRQDO DQG ORFDO OHYHOV 4XDOLWDWLYH DQG
TXDQWLWDWLYH PHWKRGV DUH XVHG ZKHUH DSSOLFDEOH 7KH LQIRUPDWLRQ JDLQHG FDQ EH XVHG IRU
DQDO\VLVLQWKHIRUPRITXDQWLILHGGDWDDQGDQH[SODQDWLRQRIWKHVLWXDWLRQDQGSRVLWLRQVRIWKH
FDVH VWXGLHV FDQ EH XVHG IRU V\QWKHVLV DQG DQDO\VLV ZKLFK ZLOO GHVFULEH WKH SKHQRPHQRQ RI
GHYHORSPHQWLQUXUDOFRPPXQLWLHV

/LWHUDWXUH5HYLHZ

7KH OLWHUDWXUH UHYLHZ FRYHUV WRXULVP GHYHORSPHQW DURXQG WKH ZRUOG WRXULVP GHYHORSPHQW LQ
7KDLODQGDQGWKHHPHUJHQFHRIHFRWRXULVPRQDJOREDOOHYHODQGLWVLQWURGXFWLRQWR7KDLODQG
7KHUHYLHZLQFOXGHVLPSDFWVRIWRXULVPDQGRWKHUUHOHYDQWLVVXHVDWJOREDODQGQDWLRQDOOHYHOV
7KHPDLQWRSLFVRIWKHUHYLHZDUH

 7UDYHODQGWRXULVPHYROXWLRQDQGWRXULVPGHYHORSPHQWLQWKHJOREDODQG7KDLFRQWH[WVDQG
LWV LPSDFWV DQG VROXWLRQV WKH FKDQJLQJ RI WKH WRXULVP GHYHORSPHQW SDUDGLJP DQG WKH
FRQWHVWLQJRIGLIIHUHQWSDUWVRIVRFLHW\SDUWLFXODUO\WKHVWUXJJOHRIORFDOFRPPXQLWLHV
 7KHQHZZDYHRIWRXULVPDQGWKHHPHUJHQFHRIDOWHUQDWLYHWRXULVPVLQFOXGLQJHFRWRXULVP

7KH UHYLHZ DOVR FRYHUV DSSURDFKHV WR GHYHORSPHQW DQG FRPSRQHQWV WKDW DUH UHOHYDQW WR WKH
VWXG\ IRU H[DPSOH FRPPXQLW\ GHYHORSPHQW FRPPXQLW\ SDUWLFLSDWLRQ WKH UHODWLRQVKLS
EHWZHHQ KXPDQV FXOWXUH DQG QDWXUH DQG HQYLURQPHQWDO DQG UHVRXUFHV PDQDJHPHQW 7KHVH
LVVXHVDUHGLVFXVVHGDQGGHEDWHGWKURXJKRXWWKHUHYLHZDQGWKHVWXG\


'HQ]LQ FLWHGLQ-LFN 


&RQFHSWXDODQG
7KHRUHWLFDO
)UDPHZRUNV

/LWHUDWXUH5HYLHZ7KHRU\DQG3UDFWLFH

&RPPXQLW\
*OREDO
7KDL7RXULVP 7RXULVPLQ
7RXULVP
7KDLODQG

7RXULVP &RPPXQLW\ 6RFLR(FRQRPLF


'HYHORSPHQW 'HYHORSPHQW  DQG (PSLULFDO6WXG\
DQGLWV &RPPXQLW\ (QYLURQPHQWDO
$OWHUQDWLYH 3DUWLFLSDWLRQ $VSHFWVRI 3RVWDO4XHVWLRQDLUH
7RXULVP 6XUYH\RI&RPPXQLW\
7RXULVP

&ULWHUL
D

&RQFHSWDQG &DVH6WXGLHV
3UDFWLFHRI 6HOHFWLRQ
(FRWRXULVP 
&RPPXQLW\EDVHG
(FRWRXULVP
)LHOGZRUN
'DWD&ROOHFWLRQDQG
&RPPXQLW\
(WKQRJUDSK\

3KHQRPHQRQRI
7RXULV PLQWKH 'DWD$QDO\VLV
&RPPXQLWLHV

$QVZHUWKH 5HVHDUFK
4XHVWLRQV

&RQFOXVLRQRQ
&RPPXQLW\
3DUWLFLSDWLRQLQ
(FRWRXULVP
'HYHORSPHQW

)LJXUH)ORZRIWKHUHVHDUFKSURFHVV


7KH*HQHUDO&RPPXQLW\6WXG\

6XUYH\0HWKRG
$JHQHUDO VWXG\RIUHFHQWFRPPXQLW\WRXULVPH[SHULHQFHVLQ7KDLODQG DVRXUFHRIVHFRQGDU\
LQIRUPDWLRQ DQGLQWHUYLHZVZLWKYDULRXVVWDNHKROGHUVKDYHDGGHGWRWKHXQGHUVWDQGLQJRIWKH
UROH RI SHRSOH¶V SDUWLFLSDWLRQ LQ HFR DQG RWKHU IRUPV RI WRXULVP 0XFK RI WKH LQIRUPDWLRQ
UHJDUGLQJ WRXULVP ZLWKLQ UXUDO FRPPXQLWLHV ZDV FROOHFWHG IURP D YDULHW\ RI GRFXPHQWDU\
VRXUFHV EHIRUH D µSRVWDO TXHVWLRQQDLUH
ZDV GLVWULEXWHG WR RYHU HLJKW\ YLOODJHV DQG JURXSV RI
FRPPXQLWLHVZKRDUHLQYROYHGLQWRXULVP0DQ\LQYROYHGFRPPXQLWLHVDYDLODEOHDWWKHWLPHDUH
OLVWHGLQ$SSHQGL[ 7DEOH $ 

4XHVWLRQQDLUH
7KHTXHVWLRQQDLUHZDVGHVLJQHGWRFROOHFWWKHUHOHYDQWLQIRUPDWLRQIURPWKHWDUJHWFRPPXQLW\
LQRUGHUWRXQGHUVWDQGLWVWRXULVPGHYHORSPHQWVLWXDWLRQ7KHLQIRUPDWLRQUHTXLUHGFRPSULVHG
RYHUYLHZ RI FRPPXQLW\ WRXULVP VXSSO\ DQG GHPDQG DQG LWV PDQDJHPHQW DFWRUV DQG
RUJDQLVDWLRQV LQYROYHG LQ WRXULVP DQG VXSSRUW IURP RXWVLGH 4XHVWLRQV DOVR FRYHUHG SHUVRQDO
LQIRUPDWLRQDERXWWKHUHVSRQGHQWDQGWKHLURSLQLRQRI&%7

6RPHTXHVWLRQQDLUHVZHUHVHQWGLUHFWO\WRWKHYLOODJHVEXWVRPHZHUHVHQWYLDWKHGHYHORSPHQW
RUJDQLVDWLRQV WKDW VXSSRUW SURPRWH RU DUH LQYROYHG LQ WRXULVP LQ WKH WDUJHW FRPPXQLWLHV RU
HOVHZKHUH7KLUW\RQH ZLWKWZHQW\QLQHWRWDOO\FRPSOHWHG TXHVWLRQQDLUHVZHUHUHFHLYHGIURP
GLIIHUHQWSDUWVRIWKHFRXQWU\ZLWKGLIIHUHQWOHYHOVRIH[SHULHQFH$VKRUWILHOGYLVLWWRVRPHRI
WKRVHFRPPXQLWLHVZDVPDGHLQ-XQH7KHSXUSRVHVRIWKHYLVLWVZHUH WRFRQILUPWKH
LQIRUPDWLRQUHFHLYHGRUILOOLQPLVVLQJLQIRUPDWLRQ WRLQYHVWLJDWHWKHOHYHORISDUWLFLSDWLRQLQ
D µUHDO¶ VLWXDWLRQ DQG   FROOHFW RWKHU ILJXUHV QHFHVVDU\ WR WKH DQDO\VLV DQG SKLORVRSKLFDO
LQWHUSUHWDWLRQ

5HSUHVHQWDWLRQRI5HVSRQGHQWV
7KHUHVSRQGHQWVZKRDQVZHUHGWKHTXHVWLRQVDUHERWKLQVLGHUVDQGRXWVLGHUVWKDWDUHPRVWO\
ZRUNLQJ FORVHO\ ZLWK RU DUH LQYROYHG WR VRPH GHJUHH LQ WKH WRXULVP GHYHORSPHQW RI WKH
FRPPXQLWLHV 7KH\ UDQJH IURP YLOODJHUV WR JRYHUQPHQW RIILFHUV LQFOXGLQJ 1*2 GHYHORSHUV
DFDGHPLFV DQG SULYDWH RSHUDWRUV *RYHUQPHQW RIILFHUV DUH GLVWULFW DGPLQLVWUDWRUV IRUHVWU\
RIILFHUV +LOO 7ULEDO :HOIDUH 'LYLVLRQ RIILFHUV DQG 7$7 7KH\ KDYH D UROH LQ WRXULVP DV
FRPPXQLW\ WRXULVP DFWRUV   FRRUGLQDWRUV   DQG VXSSRUWHUV   0RVW


UHVSRQGHQWVKDYHSRVLWLRQVDVYLOODJHUOHDGHUVIRUH[DPSOHYLOODJHKHDGPHQ SKX\DLEDQ VXE
GLVWULFW FKLHIV NDPQDQ  DQG SURMHFW ZRUNHUV $QRWKHU JURXS RI DFWRUV LV FRPPXQLW\
RUJDQLVDWLRQ FRPPLWWHHV   ZKR DUH LQIRUPDO OHDGHUV ZRUNLQJ GLUHFWO\ LQ FRPPXQLW\
WRXULVP&RRUGLQDWRUVDQGVXSSRUWHUVPRVWO\DUHRXWVLGHUVZKRMRLQHGWKHFRPPXQLW\WRXULVP
GHYHORSPHQWDVSURMHFWZRUNHUV6RPHRIWKHPKDYHEHFRPHHPEHGGHGLQWKHFRPPXQLWLHVIRU
RQHWRILYH\HDUVDQGXSWR\HDUV7KLVWRHQVXUHWKDWWKH\FDQEHWKHUHSUHVHQWDWLRQRIWKH
FRPPXQLWLHVWRSURYLGH DQLQIRUPDWLRQLQWKHTXHVWLRQQDLUH

7KHLQIRUPDWLRQJDLQHGIURPSRVWDOTXHVWLRQQDLUHDQGFRPPXQLWLHVYLVLWDWLRQVXUYH\KDVEHHQ
DQDO\VHGDQGSUHVHQWHGLQ&KDSWHU $JHQHUDOVWXG\RQFRPPXQLW\WRXULVPKDYHSURYLGHGWKH
LPSRUWDQW LQIRUPDWLRQ DQG VRPH VLJQLILFDQW H[SHULHQFHV RI PDQ\ FRPPXQLWLHV LQ 7KDLODQG
ZKLFK KHOS WKH VWXG\ WR XQGHUVWDQG WKH JHQHUDO SUDFWLFH RI QHZ HFRQRPLF DFWLYLWLHV DW WKH
FRPPXQLW\OHYHO,WQRWRQO\HQKDQFHGWKHXQGHUVWDQGLQJRQKRZFRPPXQLWLHVEHFDPHLQYROYHG
LQWRXULVPEXWZDVWKHEDVLVIRUWKHVHOHFWLRQRIIRXUFRPPXQLWLHVIRULQGHSWKFDVHVWXG\$Q
LQGHSWKVWXG\LVVWLOOQHHGHGEHFDXVHWKHVHFRQGDU\LQIRUPDWLRQDQGJHQHUDOSRVWDOFRPPXQLW\
VXUYH\VOLPLWWKHUHVHDUFKWRORRNLQJDWWKHVSHFLILFLVVXHV

6SHFLILF&DVH6WXGLHV

7KHVWXG\RQVSHFLILFFDVHVWXGLHVDLPVDWH[SORULQJDQGOHDUQLQJIURPWKHH[SHULHQFHVRIUXUDO
FRPPXQLW\ SUDFWLVLQJ (7 LQ 7KDLODQG )RXU FRPPXQLWLHV KDG EHHQ VHOHFWHG DV VSHFLILF FDVH
VWXG\ DUHDV 7KH\ ZHUH WKH UHSUHVHQWDWLYHV RI GLIIHUHQW IRUPV DQG ORFDOLW\ RI &%(7 7KH
SURFHVV RI VHOHFWLRQ FRQVLVWV RI VHWWLQJ WKH FULWHULD DQG PDNLQJ FRPSDULVRQ PDWUL[ EHIRUH
FKRRVLQJ WKH FRPPXQLWLHV WKDW SUDFWLVH FORVHO\ HFRWRXULVP (7  RU FRPPXQLW\EDVHG
HFRWRXULVP &%(7 7RH[SORUHDQGOHDUQIURPWKHLUH[SHULHQFHLQPDQ\GLPHQVLRQVWKHVWXG\
FRQFHQWUDWHG RQ GLIIHUHQW FRQFHSWV RI SURPRWLQJ DQG GLIIHUHQW OHYHOV RI GHYHORSPHQW
7KHUHIRUHWKHILQDOVHOHFWLRQLVEDVHGRQWKHIDFWRUVDVWKHPDLQIRFXVRIWKHVWXG\7KRVHDUH
WKHOHYHORISDUWLFLSDWLRQDQGVROLGDULW\RI WKHFRPPXQLW\DQGWKHGLIIHUHQWLDWLRQRI(7FRQFHSW
LGHQWLILHG E\ W\SH RI RXWVLGH VXSSRUWHUV  ZKLFK LV MXVWLILHG E\ VXEMHFWLYH DQG TXDOLWDWLYH
LQIRUPDWLRQ

6HOHFWLRQ3URFHVV

6WHSVRIWKH6HOHFWLRQ
,QEULHIWKHVHOHFWLRQSURFHVVKDGWKUHHVWHSV7KHILUVWLVDVHOHFWLRQRIVRPHFRPPXQLWLHVIURP
WKHUHVSRQGHQWVWRDSRVWDOTXHVWLRQQDLUH7KHVHFRQGLVDFRPSDULVRQDQGZHLJKWLQJWKHPZLWK


VRPH IDFWRUV LH HFRWRXULVP H[SHULHQFHV &%7 H[SHULHQFHV HQYLURQPHQWDO FRQFHUQ
FRPPXQLW\VROLGDULW\DQGWKHGHJUHHRIIRFXVLQJRQ(7&RQFHSW DQGUDQNLQJWKHPLQWRVHYHUDO
OHYHOV7KHODVWLVDVHOHFWLRQRIWKHFDVHVWXGLHVE\FRQVLGHULQJHFRWRXULVPFRQFHSWVXSSRUWYLD
WKHJURXSW\SHRIRXWVLGHVXSSRUWHUV,WVKRXOGEHQRWHGWKDWWKHUHDVRQWRVWXG\VHYHUDOFDVH
VWXG\ FRPPXQLWLHV LV WR OHDUQ IURP WKH GLIIHUHQW H[SHULHQFHV RI GLIIHUHQW FRPPXQLWLHV 7KH
GLYHUVLW\ RI WKHLU H[SHULHQFHV DQG SUDFWLFH ZLOO KHOS OHDUQ WKH SRWHQWLDO SDWKV RI VXFK
GHYHORSPHQW $OWKRXJK WKH UHVXOWV RI WKH VWXG\ PD\ QRW WRWDOO\ UHSUHVHQW DOO FRPPXQLWLHV LQ
UXUDO7KDLODQGWKHVWXG\ZLOOFODULI\DQGLGHQWLI\WKHIDFWRUVWKDWPLJKWEHFRPPRQRUVSHFLILF
IRUWKHRWKHUFRPPXQLWLHV

&ULWHULD

7KHVWXG\VHWXSFULWHULDIRUVHOHFWLQJWKHFDVHVWXGLHVLVEDVHGRQ(7GHILQLWLRQ VWDWHGLQ 
DQGWKHSURSRVLWLRQVRIWKHVWXG\ UDLVHGLQ 7KHVHOHFWHGFRPPXQLWLHVZHUHH[SHFWHGWR
KDYH H[SHULHQFH LQ SDUWLFLSDWLQJ LQ HFRWRXULVP DQG H[SUHVV D KLJK OHYHO RI HQYLURQPHQWDO
DZDUHQHVV &RPPXQLW\ VROLGDULW\ LV RQH RI WKH PDLQ FULWHULD WKDW PD\ VXSSRUW SURSRVLWLRQV
DERXW FRPPXQLW\ SDUWLFLSDWLRQ DQG WKHSRVVLELOLW\RIWKHFRPPXQLW\WRPDLQWDLQDQGLQFUHDVH
SHRSOH¶VUROHLQWRXULVPGHYHORSPHQW+RZHYHUWKLVFULWHULRQKDVHPSKDVLVHGQRWRQO\WRXULVP
UHODWHG LVVXHV EXW DOVR DOO HQYLURQPHQWDO FRQFHUQV ZKLFK LQFOXGH IRUHVW XWLOL]DWLRQ DQG
PDQDJHPHQW SUHVHUYDWLRQ DQG FRQVHUYDWLRQ RI HQYLURQPHQW FRDVWDO SURWHFWLRQ ORFDO ZLVGRP
RQ ELRGLYHUVLW\ DQG WKH EHDXWLIXO DQG DWWUDFWLRQ RI QDWXUDO IHDWXUHV 7KHUHIRUH DQ
HQYLURQPHQWDOSURWHFWLRQVNLOORUWKHQDWXUHUHODWHGZD\ RIOLIHLVZRUWKDFRQVLGHUDWLRQ7KHVH
HQVXUH WKDW WKH UHVHDUFK FDQ OHDUQ IURP WKH H[SHULHQFHV RI FRPPXQLWLHV RQ HQYLURQPHQWDO
FRQVHUYDWLRQ

7\SHRIRXWVLGHVXSSRUWLVDOVRYHU\LPSRUWDQWEHFDXVHHYHU\FRPPXQLWLHVREWDLQVXSSRUWIURP
RXWVLGHUVWRGHYHORSWKHLUVRFLRHFRQRPLFDQGSK\VLFDOHQYLURQPHQW7KHRXWVLGHUVVXSSRUWWKH
FRPPXQLW\ LQ VRFLRHFRQRPLF GHYHORSPHQW HQYLURQPHQWDO FRQVHUYDWLRQ VWXG\ UHVHDUFK DQG
WUDLQLQJ DQG EULQJ LQ D QHZ FRQFHSW RI FRPPXQLW\ DQG WRXULVP GHYHORSPHQW 7KH GLIIHUHQW
W\SHVRIRXWVLGHHFRWRXULVPVXSSRUWHUVDUHJRYHUQPHQWDJHQFLHVDFDGHPLFLQVWLWXWLRQV1*2V
DQG SULYDWH RSHUDWRUV 7KH RXWVLGHUV KHOS DQG VXSSRUW FRPPXQLWLHV RQ VRFLRHFRQRPLF
GHYHORSPHQW HQYLURQPHQWDO FRQVHUYDWLRQ VWXG\ UHVHDUFK DQG WUDLQLQJ DQG EULQJ LQ QHZ
FRQFHSW RI FRPPXQLW\ DQG WRXULVP GHYHORSPHQW 6RPH PD\ VXSSRUW RU FRRSHUDWH RQ WRXULVP
EXVLQHVVDQGWRXULVPPDUNHWLQJSURPRWLRQ


7KHUHDUHRWKHUIDFWRUVZKLFKDUHQRWXVHGDVFULWHULDLQWKLVVWDJHHJUDFHUHOLJLRQW\SHVDQG
VL]HVRIFRPPXQLW\LQFOXGLQJWKHIHDWXUHVRIQDWXUDOHQYLURQPHQWDOUHODWLRQVKLSVZKLFKGRQRW
PHDQWKH\DUHXQLPSRUWDQW7KHVHLVVXHVZLOOFRPHXSGXULQJWKHVWXG\LQ7KH&DVHV

&DQGLGDWHV
7KH VWXG\ KDG LQLWLDOO\ FKRVHQ HLJKW FRPPXQLWLHV IURP WKH UHVSRQGHQW FRPPXQLWLHV RI WKH
SRVWDOVXUYH\WREHWKHFDQGLGDWHVIRUVHOHFWLRQ&KRRVLQJSURFHVVXVHVWKHFULWHULDDERYHDQG
VHOHFWVWKHFRPPXQLWLHVZKLFKSURYLGHGFOHDULQIRUPDWLRQRQZKDWWKH\DUHDOUHDG\LQYROYHGLQ
UHJDUGLQJWRXULVPDQGHFRWRXULVP(DFKFRPPXQLW\LVVWUHQJWKHQHGRQFRPPXQLW\GHYHORSPHQW
DQGVSHQGVVRPHWLPHVLQWRXULVPSDUWLFLSDWLRQ7KHQWKHLQIRUPDWLRQRIWKHVHFRPPXQLWLHVKDG
EHHQ FRPSDUHG /LVWV DQG EULHI LQIRUPDWLRQ RI WKRVH FRPPXQLW\ JURXSV DUH VXPPDULVHG DV
IROORZLQJ

 $PSKRH 8PSKDQJ KDV DQ HFRWRXULVP SUDFWLFH DW GLVWULFW OHYHO WKDW ZDV ZHOO NQRZQ LQ
8PSKDQJ7KHORFDOSHRSOHRIWKLVFRPPXQLW\KDYHDQRSSRUWXQLW\WRPDQDJHHFRWRXULVP
ZKLOH JRYHUQPHQW DJHQFLHV SDUWLFXODUO\ 7$7 DQG 3URYLQFH KHOS WKHP WR VROYH WKH
PDQDJHPHQW SUREOHPV 7KH\ JRW WZR LQWHUQDWLRQDO DZDUGV RQ HFRWRXULVP 1DWXUDO
DWWUDFWLRQV LQ :LOGOLIH 6DQFWXDU\ DQG .DUHQ YLOODJHV DWWUDFWHG ERWK GRPHVWLF DQG
LQWHUQDWLRQDO WRXULVWV /RFDO RSHUDWRUV VHW XS 8PSKDQJ 7RXULVP 3URPRWLRQ DQG
&RQVHUYDWLRQ&OXE 873& DQGDUHWRWDOO\UHVSRQVLEOHIRUHFRWRXULVPLQWKLVDUHD
 %DQ.KLULZRQJLVWKHZHOONQRZQVHOIUHOLDQWFRPPXQLW\LQWKHFRXQWU\7KH\HVWDEOLVKHG
VXEVLVWHQWRFFXSDWLRQJURXSVWRVWUHQJWKHQWKHLUFRPPXQLW\XQLW\DQGLQFUHDVHDQLQFRPH
IRULWVPHPEHUV.KLULZRQJ(FRWRXULVP&OXE .(& LVDJURXSGHDOLQJZLWKWRXULVPLQWKH
YLOODJHSDUWLFXODUO\WKHWUHNNLQJWRXUWRWKHWRSRIPRXQWDLQLQ.KDR/XDQJ1DWLRQDO3DUN
7KH\ KDYH  \HDUV RI H[SHULHQFHV LQ HFRWRXULVP DQG YLOODJH WRXULVP 7KH\ DOVR FR
RSHUDWHGZLWKWKH1DWLRQDO3DUNDQG7$27KLVYLOODJHEHJDQ HFRWRXULVPLQRUGHUWRUDLVH
DZDUHQHVVRIYLOODJHUVDQGRXWVLGHUVDIWHUWKH\VXIIHUHGIURPWKHPXGVOLGHDQGIORRGGXHWR
WKHGHJUDGDWLRQRIWKHHQYLURQPHQW
 6HWWOHGE\RQO\IDPLOLHV%DQ.R7DHQLVDVPDOOLVODQG\HWLVZHDOWK\LQWHUPVRIQDWXUDO
UHVRXUFHV 7KH FRUDO UHHI DURXQG LVODQG LV WKH DWWUDFWLRQV IRU .R 6DPXL WRXULVWV 7KH\
HVWDEOLVKHG.R7DHQ&RQVHUYDWLRQ&OXEWRSURWHFWDVPDOOIRUHVWPDQJURYHDQGFRUDOUHHI
7KHQ WKH\ SUDFWLVH PDQDJLQJ WKH LVODQG HFRWRXULVP XQGHU WKH VXSSRUW IURP 7$7 DQG
7,675
 %DQ3UDVDWLVWKHKLVWRULFFRPPXQLW\WKDW7$7VXSSRUWHGDQGSURPRWHGDVWKHFRPPXQLW\
WRXULVP PDQDJHPHQW VLWH 7KH\ HVWDEOLVKHG WKH ORFDO JURXS WR VHUYH WRXULVWV LQ


DFFRPPRGDWLRQ KRPHVWD\W\SH DQGKLVWRULFDOWRXUJXLGH7KH\EHFDPHRQHRIWKHSUDFWLFH
LQFXOWXUDOWRXULVPIRURWKHUFRPPXQLW\WROHDUQIURPWKHLUWHQ\HDUVRIH[SHULHQFHV
 %DQ6DVRPLVRQHRIWKHYLOODJHVRI7DPERQ1D3KR.ODQJZKLFKRUJDQLVHWRXUJXLGHWR3D
'RQJ1DWKDPLQ3KD7DHP1DWLRQDO3DUN(FRWRXULVPKDGEHHQSURPRWHGE\FRRSHUDWLRQ
RI1DWXUH&DUH)RXQGDWLRQ 1& 7$73KD7DHP13DQG5HJLRQDO$UP\6LQFHWKH
1D3KR.ODQJ7$2WRRNWKLVUHVSRQVLELOLW\7$2VWURQJO\VXSSRUWVDOOYLOODJHVWRGHDOZLWK
WRXULVP+RZHYHUGXHWRWKHVFDWWHUHGORFDWLRQRIWKHYLOODJHV%DQ6DVRP HVWDEOLVKHGDQ
(FRWRXULVP&OXEVHSDUDWHO\WRVHUYHWRXULVWVLQVPDOOHUDUHDRI3D'RQJ1DWKDPDQGWKHLU
FRPPXQLW\IRUHVW
 %DQ6LOD/DHQJLVWKHZHOONQRZQFRPPXQLW\IRUHVWGHYHORSPHQWFRPPXQLW\7KH\ZDQWWR
SURPRWH HFRWRXULVP LQ RUGHU WR PDNH EHQHILW IURP QDWXUDO FRQVHUYDWLRQ DQG FRPPXQLW\
GHYHORSPHQW7KH\UHFHLYHVXSSRUWIURPORFDO1*2VDQG6LOD/DHQJ7$27KHUHDUHIHZ
WRXULVWVYLVLWWKHYLOODJHGXHWRWKHORFDWLRQDQGWKHOLPLWRIWRXULVWDWWUDFWLRQVEXWVRPHZKR
ZDQWV WR OHDUQ IURP WKHLU H[SHULHQFHV LQ FRPPXQLW\ IRUHVW GHYHORSPHQW KDYH IUHTXHQWO\
YLVLWHGWKLVFRPPXQLW\
 %DQ7KD0DGXDLVDVPDOOYLOODJHHYDFXDWHGIURPWKHIORRGLQJDUHDDIWHUWKHGDPSURMHFW
EHLQJ EXLOW 7KH\ SUHVHQWHG WKH QDWXUDO IHDWXUHV DURXQG WKH YLOODJH SDUWLFXODUO\ 7KUHH
&RORXU&UDEDQGWKHFXOWXUHRIWKHLUOLIHWRWKHWRXULVWVZKLFKEULQJLQE\LQWHUQDWLRQDOWRXU
RSHUDWRU7KH\HVWDEOLVKHGHFRWRXULVPFOXEDQGPDQDJHGWKHVHUYLFHVRQWKHLURZQZLWKWKH
VXSSRUW IURP ,QWHUQDWLRQDO 9ROXQWHHU $VVRFLDWLRQ ,QF ,9,  DQG ,QWHUQDWLRQDO 9ROXQWHHU
7KDLODQG ,97+ 7KH\DUHDEOHWRVHFXUHVRPHFHUWDLQQXPEHURILQWHUQDWLRQDOWRXULVWVDW
OHDVWRQFHDZHHN
 %DQ 8P\RP LV D /DKX WULEDO YLOODJH WKDW LV LQYROYHG LQ WKH
8SODQG (FRWRXULVP
'HYHORSPHQW 3URMHFW
 RI 6RFLDO :HOIDUH 'HSDUWPHQW 6:'  7KH 3URMHFW HVWDEOLVKHG D
9LOODJH&XOWXUDO&HQWUHDWWKLVYLOODJHWREHDGHPRQVWUDWLRQRIDUWFXOWXUDODQGZD\RIOLIH
RI /DKX SHRSOH LQ RUGHU WR VKRZ WKH UHDO OLIH RI FXOWXUDO DQG QDWXUDO DWPRVSKHUH RI WKH
YLOODJH  7KLVYLOODJHZDVFKRVHQDVDWUDLQLQJSODFHIRU+LOO7ULEH:HOIDUH'LYLVLRQ
2IILFHUV DQG /DKX SHRSOH WR SUDFWLFH DQ HFRWRXULVP GHYHORSPHQW E\ ORFDO FRPPXQLW\ LQ


6HOHFWLRQ
%DVLFDOO\ DOO HLJKW SUHVHOHFWHG FDVHV PHHW WKH FULWHULD PHQWLRQHG HDUOLHU EXW WKH GLIIHUHQFH
DPRQJWKHPLVWKHGHJUHHRILQYROYHPHQWLQHFRWRXULVP7DEOH LOOXVWUDWHVDWUDQVIRUPDWLRQ
RIWKHLQIRUPDWLRQLQWRVFRUHVSURFHVVLQJDQGVHOHFWLRQ7KHVFRULQJDQGMXVWLILFDWLRQXVHQRW
RQO\ TXDQWLWDWLYH LQIRUPDWLRQ EXW DOVR FRQFHSWXDO TXDOLWDWLYH LQIRUPDWLRQ )URP WKH UDQNLQJ


ZKHQWDNHQLQWRFRQVLGHUDWLRQZLWKRXWVLGHVXSSRUWHUJURXSVDQGWKHQXPEHURIWRXULVWVLWFDQ
EHMXVWLILHGWKDWWKHUDQNHG$DQG% IRXUFRPPXQLWLHV DUHWKHPRVWILWWLQJWRWKHDLPVRIWKH
VWXG\7KRVHDUH%DQ.KLULZRQJ$PSKRH8PSKDQJ%DQ6DVRPDQG%DQ7KD0DGXD


7DEOH6HOHFWLRQRIWKHFRPPXQLWLHVIRUFDVHVWXGLHV

0HWKRG 3UHVHOHFWHG&RPPXQLWLHV

%DQ3UDVDW

%DQ6DVRP

.KLULZRQJ
&ULWHULDSURFHVV

8PSKDQJ
%DQ7KD

%DQ6LOD

%DQ.R
8P\RP
0DGXD
ZHLJKW

ODHQJ

7DHQ
%DQ

%DQ

%DQ
,QIRUPDWLRQ
WUDQVIRUPDWLRQ
x (FRWRXULVPH[SHULHQFHV        
x &%7H[SHULHQFHV        
x (QYLURQPHQWDOFRQFHUQ        
x &RPPXQLW\VROLGDULW\        
x (7&RQFHSW
 &XOWXUDOEDVHG        
 1DWXUDOEDVHG        
 6HUYLFHEDVHG        
x *URXSRIRXWVLGHU
 *2      
 7$2    
 1*2      
 ,QGLYLGXDO 3ULYDWH 
 %XVLQHVVVHFWRU   
 $FDGHPLF   
:HLJKWLQJ
x (FRWRXULVPH[SHULHQFHV         
x &%7H[SHULHQFHV         
x (QYLURQPHQWDOFRQFHUQ         
x &RPPXQLW\VROLGDULW\         
x (7&RQFHSW
 &XOWXUDOEDVHG         
 1DWXUDOEDVHG         
 6HUYLFHEDVHG         
:HLJKWLQJUHVXOWV        
5DQN        
)LQDOGHFLVLRQ
x 0DLQ(7RXWVLGH ,1' 7$2 *2 *2 *2 7$2 1*2 *2
%8= 1*2 7$2
VXSSRUWHU $&'
x 6L]HRI7RXULVWV PHGLXP ORZ YHU\KLJK KLJK ORZ ORZ PHGLXP KLJK
5DQN % & $ ' & $ $ &
7RSRIWKHUHJLRQ 2. 2. 2. 2.
x ,GHQWLILHGWKHVFDOH 6PDOO /DUJH 6PDOO 0HGLXP
RI(7GHYHORSPHQW
6RXUFHVVHFRQGDU\GDWDDQGSRVWDOTXHVWLRQQDLUHVXUYH\
1RWHV ,1' ,QGLYLGXDO*2 *RYHUQPHQWDJHQF\1*2 1RQH*RYHUQPHQWDO2UJDQLVDWLRQ
7$2 7DPERQ$GPLQLVWUDWLYH2UJDQLVDWLRQ$&' $FDGHPLF%8= 3ULYDWHRSHUDWRU


$QH[SODQDWLRQRILQIRUPDWLRQWUDQVIRUPDWLRQLVVKRZQEHORZ

 $OO FRPPXQLWLHVKDYHWKHVDPHOHYHORIH[SHULHQFHVRQ7L&ZKLOHRQO\WZRRIWKHP %DQ


3UDVDWDQG%DQ.KLULZRQJ GRSURPRWHJHQHUDO7L&WKDQ(77KLVLVEHFDXVHWKHFXOWXUDO
WRXULVP LV D ELJ SDUW RI WRXULVP LQ WKRVH FRPPXQLWLHV 8PSKDQJ IRFXVHV PDLQO\ RQ
HFRWRXULVPZKLOH%DQ.R7DHQIRFXVHVRQO\RQ(7EHFDXVHLWLVDVPDOOFRPPXQLW\DQG
FDQEHGRPLQDWHGE\DIHZORFDOSHRSOH
 0RVW FRPPXQLWLHV JLYH PXFK FRQFHUQ RQ HQYLURQPHQWDO LVVXH LQ WKH FRPPXQLW\ DQG WKH
QDWXUDO HQYLURQPHQW DQG UHVRXUFHV DURXQG WKH FRPPXQLW\ VXFK DV FRPPXQLW\ IRUHVW
QDWLRQDOSDUNVDQGFRDVWDODUHD
 &RPPXQLW\VROLGDULW\GLIIHUVIURPRQHWRDQRWKHU7KLVLVMXVWLILHGE\WKHQXPEHURIORFDO
RUJDQLVDWLRQVDQGWKHLUDFWLYLWLHVZKLFKFRQFHUQHGRQWKHSDUWLFLSDWLRQRIWKHPHPEHUVDQG
WKHDFWLYHRIWKHFRPPLWWHHV6RPHRIWKHPZHUHMXVWHVWDEOLVKHGZKLOHPDQ\KDYHJRRG
RXWFRPHRILWVDFWLYLWLHV%DQ.KLULZRQJ8PSKDQJDQG%DQ6LODODHQJDUHWKHPRVWVWURQJ
DQG XQLWHG FRPPXQLWLHV 7KLV DOVR LQFOXGHG VRPH FRPPXQLWLHV WKDW KDYH EHHQ XVHG
HFRWRXULVPWRVWUHQJWKHQWKHLUVROLGDULW\LH%DQ7KD0DGXD%DQ6DVRP%DQ8P\RPDQG
%DQ.R7DHQ
 7KH W\SH RI HFRWRXULVP DGRSWHG GLIIHUV LQ WKH FRPPXQLWLHV VWXGLHG LH LW PD\ IRFXV RQ
QDWXUHEDVHG WRXULVP RU FXOWXUHEDVHG WRXULVP RU ERWK DW GLIIHUHQW OHYHOV 6RPH
FRPPXQLWLHV PD\ FRQFHQWUDWH PRUH RQ ORFDO WRXULVP VHUYLFHV VXFK DV KRPHVWD\V WRXU
JXLGHV LQWHUSUHWDWLRQ DQG VHOOLQJORFDOSURGXFWV *URXSRIRXWVLGHVXSSRUWHULVRQHRIWKH
LPSRUWDQFH IDFWRUV *RYHUQPHQW RUJDQLVDWLRQ *2  7DPERQ $GPLQLVWUDWLYH 2UJDQLVDWLRQ
7$2  QRQJRYHUQPHQWDO RUJDQLVDWLRQ 1*2  LQGLYLGXDO RU SULYDWH DFDGHPLFV DQG
EXVLQHVV RSHUDWRUV DUH WKRVH RXWVLGHUV ZKR DUH LQYROYHG LQ 7L& /HYHO RI VXSSRUW EHIRUH
WKH \HDU   KDV EHHQ PDUNHG 7KH RXWVLGH DJHQFLHV WKDW PDLQO\ VXSSRUWHG WKH
FRPPXQLWLHVLQHFRWRXULVPDUHFODVVLILHGDVIROORZ
x 7$7VXSSRUWHG8PSKDQJ%DQ3UDVDWDQG%DQ.R7DHQ

x 2WKHU JRYHUQPHQW DJHQFLHV VXSSRUWHG WKHVH FRPPXQLWLHV %DQ 8P\RP +LOO 7ULEH
:HOIDUH 'LYLVLRQ  8PSKDQJ 3URYLQFLDO 2IILFH DQG :LOGOLIH 6DQFWXDU\ 2IILFH  %DQ
6DVRP )RUHVWU\ 5HJLRQDO 2IILFH 8ERQ 5DWFKDWKDQL DQG WKH 5HJLRQDO 0LOLWDU\  .R
7DHQ 7,675 

x 7KHFRPPXQLWLHVWKDWVXSSRUWHGE\WKHLU7$2DUH%DQ6LOD/DHQJ%DQ6DVRP%DQ
.KLULZRQJDQG8PSKDQJ


x 1*2VDOVRVXSSRUWHGWKHFRPPXQLWLHVLH%DQ6LOD/DHQJ .OXP+DN0XDQJ1DQ 
%DQ6DVRP 1DWXUH&DUH8ERQ5DWFKDWKDQL %DQ7KD0DGXD ,97+ %DQ.KLULZRQJ
%RZRQ1DNKRQUDW)RXQGDWLRQ7965(67 DQG.R7DHQ :)7 

x 3ULYDWH2SHUDWRUVVXSSRUWHGWKHFRPPXQLW\LQWHUPVRIVHQGLQJWRXULVWVWRWKHYLOODJHV
ZHUH RQO\ WZR SODFHV WKRVH DUH 8PSKDQJ 873&  DQG %DQ 7KD 0DGXD ,9, DQG
,QWUHSLG$XVWUDOLD 

x $FDGHPLF ,QVWLWXWLRQV WRRN SDUW LQ VXSSRUWLQJ %DQ 6DVRP 75)  %DQ 3UDVDW $,7 
DQG%DQ.R7DHQ 7,675 

$OORIWKHWUDQVIRUPHGLQIRUPDWLRQH[FHSWJURXSRIRXWVLGHVXSSRUWHUKDYHUHFHLYHGLWVZHLJKW
LHWKUHHIRUHFRWRXULVPH[SHULHQFHVRQHIRU7L&H[SHULHQFHVWZRIRUHQYLURQPHQWDOFRQFHUQ
WKUHH IRU FRPPXQLW\ VROLGDULW\ (7 &RQFHSW KDV VHSDUDWHG DV RQH IRU FXOWXUHEDVHG WKUHH IRU
QDWXUHEDVHG DQG WZR IRU VHUYLFHEDVHG 7KHVH ZHLJKWV KDG PXOWLSOLHG WKH VFRUHV WUDQVIRUPHG
DERYH5HVXOWVRIZHLJKWLQJDUHVHTXHQFHGDVIROORZ%DQ.KLULZRQJ  8PSKDQJ  %DQ
6DVRP  %DQ7KD0DGXD  %DQ3UDVDWDQG%DQ6LODODHQJ  %DQ.R7DHQ  DQG
%DQ8P\RP  

)URPWKHUDQNLQJDERYHZKHQFRQVLGHULQJRXWVLGHVXSSRUWLQJJURXSDQGQXPEHURIWRXULVWVLW
FDQ EH MXVWLILHG WKDW WKH ILUVW IRXU FRPPXQLWLHV DUH SURSHUO\ ILWWHG IRU WKH DLPV RI WKH VWXG\
7KRVHLQFOXGH

 %DQ.KLULZRQJ$PSKRH/DQVDND&KDQJZDW1DNKRQ6UL7KDPPDUDW
 $PSKRH8PSKDQJ&KDQJZDW7DN
 %DQ6DVRP$PSKRH.KRQJ&KLDP&KDQJZDW8ERQ5DWFKDWKDQL
 %DQ7KD0DGXD$PSKRH7KRQJ3KD3KXP&KDQJZDW.DQFKDQDEXUL

/RFDWLRQVRIWKHVHIRXUFRPPXQLWLHVDUHGLVSOD\HGLQWKH)LJXUH

&DVH6WXGLHV)LHOG6XUYH\
7KHILHOGZRUNFRPELQHGTXDOLWDWLYH 4/ DQGTXDQWLWDWLYH 47 PHWKRGVWRFROOHFWLQIRUPDWLRQ
IURPWKHFRPPXQLWLHVDQGWKHLUH[SHULHQFHVRIWRXULVP7KHUHODWLRQVKLSEHWZHHQWKHPHWKRGV
VRXUFHVRILQIRUPDWLRQDQGRXWFRPHVDUHLOOXVWUDWHGLQWKH7DEOH3K\VLFDOVXUYH\VYLVLWVWR
WRXULVW DWWUDFWLRQV HQJDJHPHQW LQ WRXULVW DFWLYLWLHV SDUWLFLSDQW REVHUYDWLRQ XQVWUXFWXUHG DQG
VHPLVWUXFWXUHG LQWHUYLHZLQJ DQG KRXVHKROG TXHVWLRQQDLUHV ZHUH WKH PHWKRGV XVHG IRU
FROOHFWLQJ GDWD 7KHUH DUH VHYHUDO UHVHDUFK WRROV XVHG LQ WKH GDWD FROOHFWLRQ PHWKRGV 7KRVH
LQFOXGHG VHPLVWUXFWXUHG LQWHUYLHZ IRUPV TXHVWLRQQDLUH IRUPV KDQG VNHWFKHV VWLOO


SKRWRJUDSK\YLGHRIRRWDJHDQGWDSHUHFRUGLQJV%HLQJLQWKHFRPPXQLWLHV± DWOHDVWRQHWRWZR
PRQWKVSHUFRPPXQLW\± DQGVWD\LQJZLWKWKHYLOODJHUVDQGEHLQJLQYROYHGLQWKHFRPPXQLWLHV¶
DFWLYLWLHV DOORZHG IRU D GHHSHU DQG H[WUHPHO\ YDOXDEOH XQGHUVWDQGLQJ RI WKH ORFDO FRQWH[W
9LVXDO REVHUYDWLRQ GLVFXVVLRQV ZLWK YLOODJHUV FRQILGHQWLDO DQG DQRQ\PRXVO\ UHSRUWHG
GLVFXVVLRQDQGFDVXDOREVHUYDWLRQZHUHDOVRSDUWRIWKHILHOGZRUNPHWKRGRORJ\

'DWD DQDO\VLV DQG LQWHUSUHWDWLRQ ZHUH FDUULHG RXW XVLQJ WKHRUHWLFDO DQG RWKHU VRXUFHV RI
LQIRUPDWLRQ 4XDQWLWDWLYH LQIRUPDWLRQ ZDV SURFHVVHG PDQXDOO\ DQG XVLQJ FRPSXWHU VRIWZDUH
6366  ZKLOH TXDOLWDWLYH LQIRUPDWLRQ KDV EHHQ XVHG WR V\QWKHVLVH DQG DQDO\VH ZKHUH
DSSOLFDEOH

7+( 81,2 1 2) + D Q RL
% $1 6 ,/ $ / $( 1*
0<$1 0$5
& KDQ JZDW 1 DQ
% $1 80 <2 0 /XDQJ
&K DQJZDW 7DN 3 KU DEDQJ
& KLD QJ 5 DL 
 /DR 3 (2 3 /( ¶V
  '(0 2 &5$7,&
&KLD QJ 0 DL 5(3 8% /,& * XOI RI 7R Q NLQ
 

9LHQW LD QH


8 GRQ WK DQ L

<D QJ RQ

803+$1 *
7DN
%$1 6$62 0
3K LWVDQ XOR N

 
' , 67 5 , & 7  .K RQ NDHQ
& KDQJZ DW
& K D Q J Z D W 7D N

.,1* '2 0 2 ) 7+$,/$ 1'  8 ERQ 5 DWFK DWKDQ L
 1 DNK RQ 6D Z DQ


1 DNK RQ 8 E RQ

%$ 1 7+ $
5 DW FKD VLP D 5 D WFKD WKD QL


0 $ '8$  6 2& ,$ /,67
 % $1 35 $6$7 5( 3 8%/,&
&K DQ JZ DW .DQ FKD QD EX UL

% D QJN R N &K DQ JZDW 1 DNK RQ 2)
9 ,( 71$ 0
.DQFKDQDE X UL 
&K RQ EX UL . ,1 *' 20 2 ) &$ 0%2 ',$

3 KD QRP 3H QK

*X OI R I 7 KD LOD Q G + R &K L 0L QK

% $1 . 2 7$(1
 & KDQ JZDW 6X UDW WK DQL
$ QGD P DQ
6HD
  %$ 1 . +,5 ,: 2 1* 6R X WK
& K LQ D
6 XU DW 7 KD QL
& KDQ JZ DW
  1 DNK RQ 6L 7KDP P DUDW 6H D
1 DNK RQ 6L
7 KD P PD UD W
3KX NHW

6R QJ NKOD  4 XH VWLRQ QD LUH UH SOLHG FRP P XQ LW \


,Q G HS W FD VH VWX G\ FRP PX QLW\     N P

0 $ 3 2 ) 7 + $ ,/ $ 1 '
)( '(5 $7,2 1 2 ) 0$/$<6 ,$

)LJXUH7KHORFDWLRQRIWKHFDQGLGDWHDQGVHOHFWHGFRPPXQLWLHVIRUWKHFDVHVWXGLHV


7DEOH0HWKRGVRIHPSLULFDOVWXG\

(PSLULFDOVWXG\ PHWKRGRORJLHVDQGGDWDWULDQJXODWLRQ
6(0, 6758&785('
3$57,&,3$17 816758&785(' '$7$
0HWKRGV

6758&785(' ,17(59,(:,1*
2%6(59$7,21 ,17(59,(:,1* &2//(&7,21
,17(59,(:,1*

x ZD\RIOLIH x JURXS x RIILFHUV x KRXVHKROGV x RIILFLDO


PHPEHUV VWDWLVWLFV
x DFWLYLWLHV x OHDGHUV
x SHRSOH IRUPDO x SUHYLRXV
x JURXSVRUJDQ
7RSLFV

LQIRUPDO VWXGLHVUHSRUWV
LVDWLRQV x WRXULVWV
x RSHUDWRUVVHU x JURXSVRUJDQL
x WRXU
YLFHRZQHUV VDWLRQ¶VGDWDDQG
UHFRUGV
x KDQG x WDSHUHFRUGHU x VHPL x TXHVWLRQQDLUH x QRWHERRN
VNHWFKHV VWUXFWXUHG IRUPV
x QRWHERRN x SKRWRFRS\
LQWHUYLHZIRUPV
x VWLOOFDPHUD
7RROV

x VWLOOFDPHUD
x WDSHUHFRUGHU
x YLGHR
x YLGHR
UHFRUGHU
UHFRUGHU
x XQGHUVWDQG x JHQHUDO x JHQHUDODQG x TXDOLWDWLYH x WUHQGLQJWKH
LQJWKHKLVWRU\ LQIRUPDWLRQDQG VSHFLILF UHVXOWVWR SURILOHRI
FKDUDFWHULVWLF LPSDFWV LQIRUPDWLRQRI VXSSRUWWKH FRPPXQLWLHVRU
FXOWXUHDQG FRPPXQLW\ ILQGLQJ JURXSV
x RSLQLRQ
DWWLWXGHRIWKH EDVHG RUJDQLVDWLRQV
$LPV

ORFDO HFRWRXULVP
x ILJXUHVIRU
PDQDJHPHQW
x GHYHORSPHQW DQDO\VLV
SKHQRPHQRQ x YLVLRQDQG
DWWLWXGH
2XWFRPHV

ƒ +LVWRU\RIGHYHORSPHQW
ƒ ([SORUDWLRQRIEHKDYLRXUDWWLWXGHSHUFHSWLRQRQFRPPXQLW\GHYHORSPHQWDQGWRXULVP
ƒ &DSDELOLW\RIWKHFRPPXQLW\WRPDQDJHWRXULVP
ƒ 3UREOHPVFRQVWUDLQWVDQGSRZHUUHODWLRQVKLSVYLViYLVWKHGHYHORSPHQW
ƒ 7UHQGVDQGGLUHFWLRQRI&%(7
1RWH7KHVHPHWKRGVPD\EHXVHGIRUERWKJHQHUDODQGVSHFLILFFRPPXQLWLHVVXUYH\

7KHRXWFRPHRIWKHILHOGVXUYH\VZHUHEHQHILFLDOWRWKHVWXG\SDUWLFXODUO\LQWHUPVRIKHOSLQJ
WKH UHVHDUFKHU WR XQGHUVWDQG ORFDO FRPPXQLWLHV¶ SUDFWLFHV LQ WRXULVP PDQDJHPHQW QRW RQO\
FRPPXQLW\EDVHG WRXULVP EXW DOVR RWKHU W\SHV RI WRXULVP 7KRVH RXWFRPHV FRQFHUQ IRU
H[DPSOH WKH KLVWRU\ RI GHYHORSPHQW H[SORUDWLRQ RI EHKDYLRXU DWWLWXGH SHUFHSWLRQ RQ
FRPPXQLW\ GHYHORSPHQW DQG WRXULVP FDSDELOLW\ RI WKH FRPPXQLW\ WR PDQDJH WRXULVP
SUREOHPV FRQVWUDLQWV DQG SRZHU UHODWLRQVKLSV YLV D YLV WKH GHYHORSPHQW DQG WUHQGV DQG
GLUHFWLRQRI&%(7


6WUHQJWKVDQGOLPLWDWLRQVRIWKH0HWKRG

0HWKRGRORJLFDO WULDQJXODWLRQ PL[LQJ TXDOLWDWLYH DQG TXDQWLWDWLYH PHWKRGV  DQG GDWD


WULDQJXODWLRQ IURPDZLGHUDQJHRIGLIIHUHQWVRXUFHV HQDEOHVXVWRXQGHUVWDQGWKHFRPSOH[LW\
RILVVXHVDQGFRQWH[WVDQGWRIHHOFRQILGHQFHLQWKHWUXVWZRUWKLQHVVRIWKHUHVXOWV7KHVWUHQJWKV
RI WKLV PHWKRGRORJ\ ZHUH WR HQVXUH WKDW WKH UHVHDUFKHU KDG DFFHVV WR DV PDQ\ VRXUFHV RI
LQIRUPDWLRQ DV ZDV QHFHVVDU\ ² WKLV LQFOXGHV ERWK TXDOLWDWLYH DQG TXDQWLWDWLYH LQIRUPDWLRQ
+RZHYHUWKHUHDUHVRPHOLPLWDWLRQVRIWKHVWXG\ERWKGXHWRWKLVPHWKRGDQGRWKHUIDFWRUV7KH
UHVHDUFKHUZDVEDVHGLQ$XVWUDOLDGXULQJWKHVWXG\SHULRG7KHUHIRUHWKHWLPHXVHGWRFRQGXFW
WKH ILHOGZRUN ZDV VRPHZKDW OLPLWHG $V IRXU FRPPXQLWLHV ZHUH VHOHFWHG DV FDVH VWXG\ DUHDV
WKLVDOVROLPLWHGWKHOHQJWKRIVWD\LQHDFKFRPPXQLW\7KHOLPLWHGDPRXQWRIWLPHVSHQWLQWKH
ILHOGPLJKWKDYHOLPLWHGWKHUHVHDUFKHU¶VSHUFHSWLRQDQGXQGHUVWDQGLQJRIWKHG\QDPLFQDWXUHRI
HFRWRXULVP DQG RI WKH GHHS FRQIOLFWV WKDW PD\ RFFXU GXULQJ WKH GHYHORSPHQW SURFHVV
SDUWLFXODUO\LQWHUPVRISRZHUUHODWLRQVWKDWKDYHDVWURQJLQIOXHQFHRQWKHWRXULVPGHYHORSPHQW
SURFHVV 1HYHUWKHOHVV WKH DQDO\VLV RI WKH FKDQJHV LQ 7KDL VRFLHW\ ERWK DW WKH SROLF\ DQG WKH
SUDFWLFDOOHYHOVWKDWDIIHFWWKHSHUFHSWLRQVRIORFDOSHRSOHLQUXUDOFRPPXQLWLHVDQGHFRWRXULVP
GHYHORSPHQWKHOSWRRYHUFRPHWRVRPHH[WHQWWKLVOLPLWDWLRQ+RZHYHUFORVHFRQWDFWVZLWKWKH
YDULRXV VWDNHKROGHUV DQG IROORZLQJ WKH UHDOLW\ RI WKH JUDGXDOO\ XQIROGLQJ HFRWRXULVP
GHYHORSPHQW LQ WKH FDVH VWXGLHV VXJJHVWV WKDWWKHLQIRUPDWLRQREWDLQHGDQGWKHUHVXOWVRIWKLV
VWXG\VKRZWKDWWKHUHVHDUFKHUKDVDFKLHYHGWKHDLPVDQGREMHFWLYHVRIWKHVWXG\

,WVKRXOGEHQRWHGWKDWRQHRIWKHFUXFLDOLVVXHVRIFRPPXQLW\SDUWLFLSDWLRQLQDQ\GHYHORSPHQW
SURFHVVLVJHQGHUUHODWLRQV$OWKRXJKWKHVWXG\ZDVFRQFHUQHGZLWKWKLVLVVXHWKHWKHVLVKDVQRW
GHDOW ZLWK LW DV D IRFDO SRLQW 7KHLQIRUPDWLRQDQGDQDO\VLVWKHUHIRUHWRXFKHGWKLVLVVXHLQD
JHQHUDODQGVRPHZKDWVXSHUILFLDOPDQQHU$OWKRXJKWKLVLVVXHLVQRWIRFXVHGRQWKHUHVXOWVRI
WKHVWXG\FOHDUO\VKRZHGWKDWWKHOLPLWHGDQDO\VLVRIJHQGHULVVXHVLQWKHWKHVLVZDVQHYHUWKHOHVV
EHQHILFLDO WR WKH VWXG\ DQG GLG QRW ZHDNHQ WKH GHJUHH WR ZKLFK WKH UHVHDUFKHU DFKLHYHG WKH
VWXG\¶VDLPV

([FOXGLQJXVHURULHQWHGVWXGLHVFDQEHVDLGWREHDQRWKHUOLPLWDWLRQRIWKLVVWXG\7KHVWXG\ZDV
PDLQO\ FRQFHUQHG ZLWK ORFDO FRPPXQLW\ PDQDJHPHQW RI WKH GHVWLQDWLRQV UDWKHU WKDQ WKH
SHUFHSWLRQV RI HFRWRXULVWV DQG WKHUHIRUH WKH SUHIHUHQFHV DQGRSLQLRQVRIHFRWRXULVWVKDYHQRW
EHHQ V\VWHPDWLFDOO\ DGGUHVVHG 1HYHUWKHOHVV EHFDXVH PRVW FDVH VWXGLHV VWLOO KDYH D VPDOO
QXPEHURIWRXULVWVDQGWKLVZDVSDUWLFXODUO\VRGXULQJWKHVXUYH\SHULRGVXFKDOLPLWDWLRQZDV
QRW D FUXFLDO LVVXH +RZHYHU H[SORULQJ DQG OHDUQLQJ DERXW WKH DWWLWXGH RI HFRWRXULVWV ZLWK
UHJDUGV WR WKH PDQDJHPHQW RI ORFDO SHRSOH ZDV SXUVXHG RQO\ E\ LQIRUPDO REVHUYDWLRQV DQG


LQIRUPDO DQG VHPLVWUXFWXUHG LQWHUYLHZLQJ 3DUWLFLSDWLQJ LQ WKH WRXUV DQG DFWLYLWLHV ZLWK RWKHU
WRXULVWV SURYLGHG QRW RQO\ D FKDQFH WR OHDUQ DERXW ORFDO VHUYLFHV PDQDJHPHQW EXW DOVR DERXW
WRXULVWDWWLWXGHVDQGWKHLQWHUDFWLRQVEHWZHHQJXHVWVDQGKRVWV7KHUHIRUHWKHODFNRIIRFXVRQ
LVVXHVKRXOGKDYHQRVLJQLILFDQWHIIHFWRQWKHPDLQWKHPHRIWKHUHVHDUFK

&RQFOXVLRQ

(FRWRXULVP DQG FRPPXQLW\EDVHG HFRWRXULVP DUH G\QDPLF DQG WKH\ GHDO ZLWK D GLYHUVLW\ RI
ORFDO FXOWXUHV DQG VRFLDO VWUXFWXUHV LQ UXUDO FRPPXQLWLHV WKXV WKH\ FDQQRW EH YLHZHG IURP D
VLQJOH SHUVSHFWLYH 5HYLHZLQJ WKH OLWHUDWXUH UHODWHG WR WKLV QHZ DQG DOWHUQDWLYH WRXULVP LV
HVVHQWLDOWRWKHVWXG\DVZHOODVWRWKHXQGHUVWDQGLQJRIJOREDODQGORFDOWUHQGVRI(7&%(7
7KHHPSLULFDOVWXGLHVRIJHQHUDOFRPPXQLWLHVDVZHOODVRIVSHFLILFFDVHVWXGLHVDUHWKHIRFDO
SRLQWV RI WKH VWXG\ WKDW H[SODLQ WKH LQWURGXFWLRQ RI WRXULVP DQG (7&%(7 LQWR WKH UXUDO
FRPPXQLWLHVDQGWKHZD\VLWLVSUDFWLFHGE\GLIIHUHQWFRPPXQLWLHV

$OWKRXJKWWKHWKHRUHWLFDOIUDPHZRUNVXVHGLQWKLVVWXG\DUHEDVHGRQWKHH[SHULHQFHVRIRWKHU
FRXQWULHV WKLV FDQ EH DQ HIILFLHQWZD\RIDQDO\VLQJWKHDGRSWLRQDQGHYROXWLRQRIHFRWRXULVP
GHYHORSPHQW RI ORFDO FRPPXQLWLHV 7KHUHIRUH DUJXPHQWV GHULYHG IURP VXFK WKHRULHV DUH
GLUHFWO\DQGLQGLUHFWO\HPSOR\HGWKURXJKRXWWKHWKHVLV



You might also like