You are on page 1of 24

&UHDWLQJDQGDFWLYDWLQJSULRUNQRZOHGJHWKDWEXLOGVFRPSUHKHQVLRQLQHOHPHQWDU\

VFKRROVWXGHQWV




'LVVHUWDWLRQ0DQXVFULSW

6XEPLWWHGWR1RUWKFHQWUDO8QLYHUVLW\

*UDGXDWH)DFXOW\RIWKH6FKRRORI(GXFDWLRQ

5HTXLUHPHQWVIRUWKH'HJUHHRI


W
'2&7252)3+,/2623+<

IE 


EV


PR

E\

686$11$6+80$.(5

3UHVFRWW9DOOH\$UL]RQD

-XQH












ProQuest Number: 10843190




All rights reserved

INFORMATION TO ALL USERS
The quality of this reproduction is dependent upon the quality of the copy submitted.

In the unlikely event that the author did not send a complete manuscript
and there are missing pages, these will be noted. Also, if material had to be removed,
a note will indicate the deletion.



W

IE


EV
ProQuest 10843190

Published by ProQuest LLC (2018 ). Copyright of the Dissertation is held by the Author.


All rights reserved.
PR

This work is protected against unauthorized copying under Title 17, United States Code
Microform Edition © ProQuest LLC.


ProQuest LLC.
789 East Eisenhower Parkway
P.O. Box 1346
Ann Arbor, MI 48106 - 1346

$SSURYDO 3DJH







&UHDWLQJDQG$FWLYDWLQJ 3ULRU.QRZOHGJH WKDW%XLOGV&RPSUHKHQVLRQ LQ(OHPHQWDU\
6WXGHQWV




%\




W

6XVDQQD 6KXPDNHU



IE
EV


PR

&KDLU'U'DYLG7KRPDV(G' 'DWH
 
 
 
 
&HUWLILHG E\ 
 
 
 
 
 
 
 
'HDQRI6FKRRO'U%$QGUHZ5LJJOH3K' 'DWH
$EVWUDFW
7KHSUREOHPDGGUHVVHGLQWKLVVWXG\ZDVWKDWDWULVNUHDGHUVODFNWKHSULRUEDFNJURXQG

NQRZOHGJHLQRUGHUWRDOORZUHDGLQJFRPSUHKHQVLRQWRWDNHSODFH7KHSXUSRVHRIWKLV

TXDQWLWDWLYHTXDVLH[SHULPHQWDOFDVHVWXG\ZDVWRDQDO\]HLIWKHXVHRIGHYHORSLQJDQG

EXLOGLQJEDFNJURXQGNQRZOHGJHDQGH[SHULHQFHDVVLVWHGDWULVNUHDGHUVLQUHDGLQJ

FRPSUHKHQVLRQLQRUGHUWREHFRPHSURILFLHQWUHDGHUV7KHVDPSOHZDVWKLUGJUDGH

VWXGHQWVORFDWHGLQWKHLQQHUFLW\LQDVRXWKHUQVWDWH7KHGDWDWKDWZDVFROOHFWHGZDV

WKUHHSUHWHVWDQGWKUHHSRVWWHVWIURPWKHWKUHHXQLWVWXGLHVFRPSOHWHGE\WKHVWXGHQWVWR

GHWHUPLQHLIDFKLHYHPHQWOHYHOVDWWKHEHJLQQLQJRIWKHVWXG\DQGDWWKHHQGRIWKHVWXG\

W
VKRZHGVLJQLILFDQWFKDQJHVLQUHDGLQJFRPSUHKHQVLRQVFRUHVEDVHGXSRQFUHDWLQJDQG

DFWLYDWLQJEDFNJURXQGNQRZOHGJHLQWKHUHDGLQJFODVVURRP7KHILQGLQJVIURPUHVHDUFK
IE
TXHVWLRQRQHUHYHDOHGWKDWWKHSDUWLFLSDQWVLQFUHDVHGWKHLUUHDGLQJVFRUHVXVLQJWKH

EDFNJURXQGEXLOGLQJUHDGLQJVWUDWHJLHVSUHVHQWHGWRWKHPLQWKHLUUHDGLQJFODVV7KH
EV

ILQGLQJIURPUHVHDUFKTXHVWLRQWZRUHYHDOHGWKDWWKHSDUWLFLSDQWVLQFUHDVHGWKHLUUHDGLQJ

VFRUHVZLWKGLUHFWLRQLQVWUXFWLRQXVLQJYLVXDODLGVUHDGLQJVWUDWHJLHVSUHVHQWHGWRWKHPLQ
PR

WKHLUUHDGLQJFODVVHV7KHILQGLQJVIURPUHVHDUFKTXHVWLRQWKUHHUHYHDOHGWKDWWKH

SDUWLFLSDQWVGLGQRWPDNHVLJQLILFDQWJDLQVLQWKHLUUHDGLQJVNLOOVXVLQJEDVLFRUDOUHDGLQJ

VWUDWHJLHVDORQHLQWKHLUUHDGLQJFODVV,WLVUHFRPPHQGHGWKDWDGGLWLRQDOUHVHDUFKEXLOG

XSRQWKLVVWXG\WRLQFOXGHWKHH[DPLQDWLRQRIVSHFLILFGHILFLHQFLHVRIWKHDWULVNUHDGHU










7DEOHRI&RQWHQWV

&KDSWHU,QWURGXFWLRQ

6WDWHPHQWRIWKH3UREOHP
3XUSRVHRIWKH6WXG\
7KHRUHWLFDO)UDPHZRUN
1DWXUHRIWKH6WXG\
5HVHDUFK4XHVWLRQV
+\SRWKHVHV
6LJQLILFDQFHRIWKH6WXG\
'HILQLWLRQRI.H\7HUPV
6XPPDU\

&KDSWHU/LWHUDWXUH5HYLHZ

'RFXPHQWDWLRQ

W
7KHRUHWLFDO)UDPHZRUN
6FKHPD'HILQHG
+RZ6FKHPD:RUNV
IE
7KH(IIHFWRI%DFNJURXQG.QRZOHGJHRQ5HDGLQJ&RPSUHKHQVLRQ
'LIIHUHQW$WWULEXWHVRI6FKHPD
+RZ%DFNJURXQG.QRZOHGJHDQG6FKHPD:RUN7RJHWKHU
'LIIHUHQW:D\V6WXGHQWV2EWDLQ%DFNJURXQG,QIRUPDWLRQ
EV
%DFNJURXQG.QRZOHGJHDQG5HDGLQJ&RPSUHKHQVLRQ
,QVWUXFWLRQWKDW6XSSRUWV5HDGLQQJ&RPSUHKHQVLRQ
5HDGLQJ&RPSUHKHQVLRQDQG*HQGHU'LIIHUHQFHV
5HDGLQJ&RPSUHKHQVLRQDQG/HDUQLQJ
PR

5HDGLQJ&RPSUHKHQVLRQDQG/HDUQLQJ6W\OHV
%HVW3UDFWLFHVLQ5HDGLQJ
3DUHQWDO,QYROYHPHQWWKDW6XSSRUWV/HDUQLQJ
6XPPDU\

&KDSWHU5HVHDUFK0HWKRG

5HVHDUFK'HVLJQ
3RSXODWLRQ6DPSOH
0DWHULDOV,QVWUXPHQWDWLRQ
2SHUDWLRQDO'HILQWLRQRI9DULDEOHV
6WXG\3URFHGXUHV
'DWD&ROOHFWLRQDQG$QDO\VLV
$VVXPSWLRQV
/LPLWDWLRQV
'HOLPLWDWLRQV
(WKLFDO$VVXUDQFHV
6XPPDU\

&KDSWHU)LQGLQJV

5HVXOWV
(YDOXWLRQRI)LQGLQJV
6XPPDU\

&KDSWHU,PSOLFDWLRQV5HFRPPHQGDWLRQVDQG&RQFOXVLRQV

,PSOLFDWLRQV
5HFRPPHQGDWLRQVIRU$SSOLFDWLRQ
5HFRPPHQGDWLRQVIRU)XWXUH5HVHDUFK
&RQFOXVLRQV

5HIHUHQFHV

$SSHQGL[$$VVHVVPHQW2QH

W

$SSHQGL[%$VVHVVPHQW7ZR
 IE
$SSHQGL[&$VVHVVPHQW7ZR

$SSHQGL['3DUHQWDO&RQVHQW)RUP

EV
$SSHQGL[($VVHQW)RUP


PR





/LVWRI7DEOHV

7DEOH6WHSVLQFRQGXFWLQJWKH6WXG\

7DEOH'HPRJUDSKLFVRIWKH3DUWLFLSDQWV

7DEOH%DFNJURXQG%XLOGLQJ0HDQDQG6WDQGDUG'HYLDWLRQ

7DEOH9LVXDOV$LGV0HDQDQG6WDQGDUG'HYLDWLRQ

7DEOH%DVLF2UDO5HDGLQJ0HDQDQG6WDQGDUG'HYLDWLRQ

7DEOH%DFNJURXQG%XLOGLQJ6WUDWHJLHV

7DEOH9LVXDO$LGV6WUDWHJLHV

7DEOH%DVLF2UDO6WUDWHJLHV

W


IE 


EV




PR













&KDSWHU,QWURGXFWLRQ

7KHUHDUHDJUHDWPDQ\HOHPHQWDU\VWXGHQWVLQWKHFODVVURRPWRGD\WKDWDUHUHDGLQJEHORZ

JUDGHOHYHO 2UWLOLHE ,QRUGHUWREHDEOHWRFRPSUHKHQGDWH[WDVWXGHQWPXVWKDYHD

SODFHIURPZKLFKWRGUDZLQIRUPDWLRQ7KHUHIRUHLWLVLPSHUDWLYHWKDWHGXFDWRUVDUHQRWRQO\

DFWLYDWLQJSULRUNQRZOHGJHEXWDOVRFUHDWLQJEDFNJURXQGNQRZOHGJHZLWKLQWKHLUVWXGHQWV7KH

VWXGHQWVZLOOWKHQKDYHDSRRORINQRZOHGJHZKLFKWKH\DUHDEOHWRREWDLQLQIRUPDWLRQIURP

ZKHQUHDGLQJJUDGHDSSURSULDWHWH[W 2UWLOHE 

7RDVVLVWWKHVHOHDUQHUVWREHFRPHSURILFLHQWUHDGHUVFRQQHFWLRQVPXVWEHPDGHWKURXJK

SULRUNQRZOHGJHDQGH[SHULHQFH 3DUU 0F1DXJKWRQ 3ULRUNQRZOHGJHDQGH[SHULHQFH

W
DUHWZRDUHDVZKLFKDWULVNUHDGHUVGRQRWKDYHWKDWDOORZWKHPWREHVXFFHVVIXOLQUHDGLQJ
IE
FRPSUHKHQVLRQ %R[ /LWWOH 7KLVDUHDRIUHDGLQJFRQFHUQLVVXSSRUWHGE\WKHFRQFHSWRI

VFKHPDWKHRU\ %R[ /LWWOH 7KLVWKHRU\ZDVGHYHORSHGE\5&$QGHUVRQZKLFK


EV
GHSLFWVRUJDQL]HGNQRZOHGJHDVDQHODERUDWHQHWZRUNRUVWRUDJHV\VWHPWKDWUHSUHVHQWVDQ

LQGLYLGXDO¶VXQGHUVWDQGLQJRIFRQFHSWVUHODWHGWRH[SHULHQFHDQGSULRUNQRZOHGJH %R[ /LWWOH


PR

 /HDUQHUVRIGLYHUVHEDFNJURXQGVDUHDWDGLVDGYDQWDJHEHFDXVHWKH\KDYHQRWKDG

DGHTXDWHH[SRVXUHWRKLJKHUOHYHOWKLQNLQJVNLOOVZKHQFRPSDUHGWRWKHVNLOOVSRVVHVVHGE\

PDLQVWUHDPHGFKLOGUHQ 2UWOLHE 




7KLVVWXG\ZDVEDVHGRQUHVHDUFKFRQGXFWHGE\VFKHPDWKHRULVWVZKLFKLQGLFDWHWKDW

DEVWUDFWFRQFHSWVDUHEHVWXQGHUVWRRGZKHQDSULRUFRQFUHWHIRXQGDWLRQUHOHYDQWWRWKHVNLOOVDQG

FRQFHSWVEHLQJSUHVHQWHGKDVDOUHDG\EHHQHVWDEOLVKHG %R[ /LWWOH 5HVHDUFKLQWKLV

DUHDKDVLOOXVWUDWHGWKHLPSRUWDQFHRIWKHUHDGHUGUDZLQJXSRQKLVKHURZQH[SHULHQFHV

EDFNJURXQGNQRZOHGJHLQWKHDFWRIFRPSUHKHQGLQJZKDWVKHUHDGV 'HVKSDQGH 

$FFRUGLQJWR)ULHV FLWHGLQ&DUUHOO'HYLQH (VNH\ FRPSUHKHQGLQJDSDVVDJH

VWURQJO\UHTXLUHVRQWKHSDUWRIWKHUHDGHUDQHVWDEOLVKPHQWRIUHODWLRQEHWZHHQWKHWH[WDQGWKH

FXOWXUDOIDFWRUV 'HVKSDQGH 

,WLVHVVHQWLDOWKDWHGXFDWRUVXQGHUVWDQGWKHUROHWKDWEDFNJURXQGNQRZOHGJHDQGSULRU

W
H[SHULHQFHSOD\LQWKHGHYHORSPHQWRIFRPSUHKHQVLRQ([SHULHQFHDQGEDFNJURXQGNQRZOHGJH
IE
RIWKHOHDUQHUDUHFUXFLDOIDFWRUVFRQWULEXWLQJWRWKHOHDUQLQJSURFHVVRIWKHVWXGHQW7KHOHDUQHULV

VHHQDVDQLQWHOOLJHQWSUREOHPVROYLQJLQGLYLGXDOUDWKHUWKDQDVDQHPSW\UHFHSWDFOHIRUFHGWR
EV
OHDUQWKHVWUXFWXUDOV\VWHPVLQWKHODQJXDJH 'HVKSDQGH 

0XQVDNRUQ  VWDWHV³5HDGLQJZLWKFRPSUHKHQVLRQLVWKHVLQJOHPRVWLPSRUWDQW


PR

WKLQJWKDWDVWXGHQWPXVWDWWDLQLQRUGHUWRDFKLHYHVXFFHVVDFDGHPLFDOO\DQGHYHQWXDOO\

SURIHVVLRQDOO\´:LWKRXWWKHDELOLW\WRUHDGZLWKFRPSUHKHQVLRQVWXGHQWVDUHPRUHOLNHO\WR

EHFRPHDWULVNUHDGHUV´6WXGHQWVZKRDUHRUDUHDWDKLJKHUULVNWREHFRPHVWUXJJOLQJUHDGHUV

QHHGHIIHFWLYHVWUDWHJLHVLPSOHPHQWHGLQ5HDGLQJLQVWUXFWLRQLQRUGHUWREHFRPHVXFFHVVIXO

UHDGHUV7KHUHIRUHLWLVLPSHUDWLYHWKDWUHVHDUFKLVFRQWLQXHGLQWKHDUHDRIEDFNJURXQG

NQRZOHGJHDQGSULRUH[SHULHQFHDQGLWVHIIHFWRQUHDGLQJFRPSUHKHQVLRQIRUDWULVNUHDGHUV

7KHFRQFHSWRIVFKHPDWKHRU\EHJDQZLWK-HDQ3LDJHWLQ3LDJHWZDVWKHILUVWSV\FKRORJLVW

WRVWXG\WKHV\VWHPDWLFSURFHVVRIWKLQNLQJ+HZDVLQWHUHVWHGLQOHDUQLQJWKHZD\IXQGDPHQWDO

FRQFHSWVRILGHDVVXFKDVWLPHQXPEHUVDQGTXDQWLW\HPHUJHG%HIRUH3LDJHWLQWURGXFHGKLV


WKHRU\LWZDVDVVXPHGWKDWFKLOGUHQZHUHVLPSO\OHVVFRPSHWHQWLQWKHLUWKLQNLQJWKDQDGXOWV

ZHUH+RZHYHU3LDJHWGHWHUPLQHGWKDWFKLOGUHQWKLQNLQFRPSOHWHO\GLIIHUHQWZD\VWKDQDGXOWV

0F/HRG 

3LDJHWEHOLHYHGWKDWEDELHVZHUHERUQZLWKDYHU\OLPLWHGJHQHWLFVWUXFWXUHLQZKLFKDOO

RWKHUNQRZOHGJHDQGOHDUQLQJLVEDVHG7KHJRDORIKLVWKHRU\ZDVWRGHWHUPLQHWKHSURFHVVHV

DQGPHFKDQLVPVWKDWDQLQIDQWWKHQFKLOGGHYHORSLQWRDQLQGLYLGXDOZKRFDQUHDVRQDQGWKLQN

0F/HRG 3LDJHWEHOLHYHGWKDWVFKHPDZDVWKHEDVLFEXLOGLQJEORFNRILQWHOOLJHQW

EHKDYLRU 0F/HRG :DGVZRUWK  VXJJHVWVWKDWVFKHPDWD WKHSOXUDORIVFKHPD EH

WKRXJKWRIDV LQGH[FDUGV ILOHGLQWKHEUDLQHDFKRQHWHOOLQJDQLQGLYLGXDOKRZWRUHDFWWR

W
LQFRPLQJVWLPXOLRULQIRUPDWLRQ$VVFKHPDVJURZDQGDUHGHYHORSHGLQGLYLGXDOVDUHWKHQDEOH
IE
WRDVVLPLODWHDQGDFFRPPRGDWHZKDWWKH\NQRZZLWKQHZVLWXDWLRQV

%DVHGRQ3LDJHW¶V&RJQLWLYH7KHRU\RI'HYHORSPHQWWKLVLVZK\UHVHDUFKQHHGVWREH
EV
FRQWLQXHGLQWKLVDUHD0RUHUHVHDUFKZLOOJLYHLQVLJKWLQWRZKLFKVWUDWHJLHVFDQEHXWLOL]HGLQ

UHJXODUUHDGLQJLQVWUXFWLRQWKDWZLOODOORZVWXGHQWVWRIRUPVFKHPDVDQGWKHQDVVLPLODWHDQG
PR

DFFRPPRGDWHZKDWWKH\DOUHDG\NQRZDERXWDWRSLFWRGHHSHQFRPSUHKHQVLRQ,IWHDFKHUVFDQ

LGHQWLI\WKHPLVVLQJLQIRUPDWLRQLQVWXGHQWV¶VFKHPDVRUEXLOGVFKHPDVZKHUHWKH\DUHODFNLQJ

WKHQWKH\FDQLPSOHPHQWVWUDWHJLHVLQWRFODVVURRPDQGVPDOOJURXSLQVWUXFWLRQVRWKDWWKHVHJDSV

LQFRPSUHKHQVLRQFDQEHHOLPLQDWHG2QFHVSHFLILFVWUDWHJLHVDQGDFWLYLWLHVDUHLGHQWLILHGWKDW

DUHSURYHQWREHHIIHFWLYHLQERRVWLQJUHDGLQJFRPSUHKHQVLRQLQVWUXJJOLQJUHDGHUVHGXFDWRUVFDQ

EHJLQWRLPSOHPHQWWKHPLQUHJXODULQVWUXFWLRQ%\LPSOHPHQWLQJWKHVHVWUDWHJLHVDQGDFWLYLWLHV

LQUHJXODUFODVVURRPLQVWUXFWLRQFKLOGUHQZLOOKDYHIHZHUGLIILFXOWLHVLQUHDGLQJFRPSUHKHQVLRQ




:KHQVFKHPDVDUHFUHDWHGDQGJDSVDUHILOOHGWKHQVWXGHQWVZLOOPRYHIURPEHORZDQGDW

ULVNUHDGHUVWRSURILFLHQWUHDGHUVZKRFDQFRPSUHKHQGDOOJUDGHOHYHOPDWHULDOSUHVHQWHGWRWKHP

7KHUHIRUHLWLVHVVHQWLDOWKDWVWXGHQWVWKDWDUHLGHQWLILHGDVDWULVNUHDGHUVDUHJLYHQWKH

RSSRUWXQLWLHVWRFUHDWHDQGEXLOGEDFNJURXQGNQRZOHGJHLQRUGHUWRERRVWUHDGLQJ

FRPSUHKHQVLRQ

6WDWHPHQWRIWKH3UREOHP

7KHSUREOHPDGGUHVVHGLQWKLVVWXG\ZDVWKDWDWULVNUHDGHUVODFNWKHSULRUEDFNJURXQG

NQRZOHGJHLQRUGHUWRDOORZUHDGLQJFRPSUHKHQVLRQWRWDNHSODFH7KHUHIRUHLWLVHVVHQWLDOWKDW

HGXFDWRUVFUHDWHDQGDFWLYDWHEDFNJURXQGNQRZOHGJHIURPZKLFKVWXGHQWVFDQGUDZLQIRUPDWLRQ

W
IURPLQRUGHUWREHWWHUFRPSUHKHQGWKHPDWHULDOWKDWWKH\DUHUHDGLQJ6WXGHQWVEHFRPHDWULVN
IE
UHDGHUVZKHQWKH\DUHXQDEOHWRFRPSUHKHQGDQGDQVZHUTXHVWLRQVUHODWHGWRJUDGHDSSURSULDWH

WH[W -DKDQJDUG.DULPL 0RLQ]DGHK 7KH\DUHXQDEOHWRUHODWHWRWH[WDQGLQIRUPDWLRQ


EV
EHLQJWDXJKWEHFDXVHWKH\KDYHQRSULRUEDFNJURXQGNQRZOHGJHRQWKHVXEMHFWFRQWHQWLQRUGHUWR

DVVLVWWKHPZLWKXQGHUVWDQGLQJWKHUHDGLQJPDWHULDOWKDWWKH\DUHEHLQJH[SRVHGWRLQWKH
PR

FODVVURRP -DKDQJDUG.DULPL 0RLQ]DGHK 

(VVHQWLDOO\DUHDGHU¶VSULRUEDFNJURXQGNQRZOHGJHDQGH[SHULHQFHKDVDJUHDWDPRXQWRI

LQIOXHQFHRQWKHPHDQLQJWKDWLVREWDLQHGWKURXJKDSDVVDJHRIWH[W %R[ /LWWOH ,I

VWXGHQWVDUHDEOHWRGUDZRQSULRUEDFNJURXQGNQRZOHGJHDQGH[SHULHQFHWKH\ZLOOGHYHORSD

GHHSHUXQGHUVWDQGLQJRIWKHPDWHULDOEHLQJSUHVHQWHGWRWKHPLQWKHFODVVURRP -DKDQJDUG

.DULPL 0RLQ]DGHK 




3XUSRVHRIWKH6WXG\

7KHSXUSRVHRIWKLVTXDQWLWDWLYHTXDVLH[SHULPHQWDOFDVHVWXG\ZDVWRDQDO\]HLIWKHXVH

RIGHYHORSLQJDQGEXLOGLQJEDFNJURXQGNQRZOHGJHDQGH[SHULHQFHDVVLVWHGDWULVNUHDGHUVLQ

UHDGLQJFRPSUHKHQVLRQLQRUGHUWREHFRPHSURILFLHQWUHDGHUV7KHVDPSOHZDVWKLUGJUDGH

VWXGHQWVIURPDWKLUGJUDGHUHDGLQJFODVVURRPORFDWHGLQWKHLQQHUFLW\LQDVRXWKHUQVWDWH7KH

GDWDWKDWZDVFROOHFWHGZDVWKUHHSUHWHVWDQGWKUHHSRVWWHVWIURPWKHWKUHHXQLWVWXGLHVFRPSOHWHG

E\WKHVWXGHQWVWRGHWHUPLQHLIDFKLHYHPHQWOHYHOVDWWKHEHJLQQLQJRIWKHVWXG\DQGDWWKHHQGRI

WKHVWXG\VKRZHGVLJQLILFDQWFKDQJHVLQUHDGLQJFRPSUHKHQVLRQVFRUHVEDVHGXSRQWKH

LQGHSHQGHQWYDULDEOHRIFUHDWLQJDQGDFWLYDWLQJEDFNJURXQGNQRZOHGJHLQWKHUHDGLQJFODVVURRP

W
2YHUDWKUHHZHHNSHULRGWKHVWXGHQWVSDUWLFLSDWHGLQWKUHHVHSDUDWHXQLWVRIVWXG\(DFKXQLW
IE
YDULHGLQWKHGHJUHHDQGDPRXQWRIEDFNJURXQGEXLOGLQJDFWLYLWLHVWKDWWKHVWXGHQWVZHUHH[SRVHG

WRDQGSDUWLFLSDWHGLQFRPSOHWLQJ7KHLQWHUYHQLQJYDULDEOHVLVJHQGHU GHILQHGDVPDOHDQG
EV
IHPDOH 5HDGLQJFRPSUHKHQVLRQZDVPHDVXUHGE\WKHSUHDQGSRVWDVVHVVPHQWVIURPHDFKXQLW

'DWDZHUHDQDO\]HGXVLQJDWWHVW
PR

7KHRUHWLFDO)UDPHZRUN

7KHWKHRU\WKDWWKLVVWXG\ZDVEDVHGRQLVWKH6FKHPD7KHRU\-HDQ3LDJHWLVJLYHQFUHGLW

IRUILUVWLQWURGXFLQJVFKHPDWKHRU\LQ,Q5LFKDUG$QGHUVRQIXUWKHUGHYHORSHG

VFKHPDWKHRU\(GXFDWRUVQHHGWRVHHKRZVWXGHQWVPDNHFRQQHFWLRQVDQGDVVRFLDWHEDFNJURXQG

NQRZOHGJHZLWKQHZLQIRUPDWLRQEHLQJSUHVHQWHGWKURXJKFODVVURRPOHVVRQV,IHGXFDWRUVDUH

DEOHWRGHWHUPLQHKRZVWXGHQWVOLQNEDFNJURXQGNQRZOHGJHWROHDUQLQJWKHQWKH\FDQLPSOHPHQW

VWUDWHJLHVWKDWZLOODVVLVWVWXGHQWVLQDSSO\LQJEDFNJURXQGNQRZOHGJHWRFRPSUHKHQGWH[W

5XPHOKDUW  GHVFULEHGVFKHPDDVWKHIXQGDPHQWDOHOHPHQWVLQZKLFKDOO

LQIRUPDWLRQSURFHVVLQJGHSHQGV6FKHPDVDUHLPSOHPHQWHGWKURXJKWKHLQWHUSUHWDWLRQRIVHQVRU\


GDWDUHWULHYLQJLQIRUPDWLRQWKDWKDVEHHQVWRUHGLQWKHPHPRU\RUJDQL]LQJDFWLRQVGHYHORSLQJ

DQGGHWHUPLQLQJJRDO*HQHUDOO\VSHDNLQJVFKHPDJXLGHVWKHSURFHVVRIFRPSUHKHQVLRQDQG

UHSUHVHQWVWKHNQRZOHGJHDVWXGHQWDOUHDG\SRVVHVVDERXWREMHFWVVLWXDWLRQVHYHQWVDFWLRQVDQG

VHTXHQFHV8VLQJWKLVLQIRUPDWLRQDVWKLVVWXG\ZDVFRQGXFWHGLWDVVLVWHGWKHUHVHDUFKE\

HQVXULQJWKDWWKHEDFNJURXQGNQRZOHGJHDVWXGHQWDOUHDG\REWDLQVLVFRUUHFW,ILWZDVQRW

FRUUHFWLWDOORZHGWKHHGXFDWRUVWRUHGLUHFWDQGUHFRQVWUXFWLQFRUUHFWEDFNJURXQGNQRZOHGJHVR

WKDWFRPSUHKHQVLRQFRXOGRFFXU

$FFRUGLQJWR0DUVKDOO  WKHUHDUHVHYHUDOGLVWLQFWFKDUDFWHULVWLFVRIVFKHPD)LUVW

VFKHPDZRUNVOLNHDQHWZRUNVWUXFWXUH7KHGHJUHHWRZKLFKFRQQHFWLRQVDUHPDGHLQDVFKHPD

W
GHWHUPLQHWKHVWUHQJWKRUZHDNQHVVRIWKHDFFHVVLELOLW\WKHVWXGHQWLVDEOHWRDWWDLQ6FKHPDVDUH
IE
H[WUHPHO\IOH[LEOHQHZFKDQQHOVDQGFRQQHFWLRQVDUHFRQVWDQWO\EHLQJPDGH7KHUHLVQRWDRQH

VL]HILWVDOOVFKHPD7KH\DOVRFDQLQWHUWZLQHHPEHGZLWKLQHDFKRWKHUDQGRYHUODS7KLVZDV
EV
LPSRUWDQWWRWKLVVWXG\EHFDXVHLWLQGLFDWHGLIDVWXGHQWZDVDEOHWRLQWHJUDWHZKDWZDVWDXJKW

ZLWKZKDWZDVDOUHDG\NQRZQDERXWWKHWRSLF
PR

$QLPSRUWDQWFRPSRQHQWRIFRPSUHKHQVLRQLVIRUWKHVWXGHQWVWRUHO\RQZKHQ

LPSOHPHQWLQJSULRUH[SHULHQFHDQGEDFNJURXQGNQRZOHGJHLVWRGHWHUPLQHZKHWKHUDSDUWLFXODU

VFKHPDZLOOSURYLGHWKHFRUUHFWLQIRUPDWLRQIRUXQGHUVWDQGLQJWKHWH[WWKH\DUHUHDGLQJ

5XPPHOKDUW 7KLVUHVHDUFKKDVKHOSHGWREHWWHULQIRUPHGXFDWRUVZKLFKVWUDWHJLHV

VXSSRUWVWXGHQWVLQGHWHUPLQLQJWKHFRUUHFWVFKHPDWRLPSOHPHQWZKHQUHDGLQJIRU

FRPSUHKHQVLRQ5HVHDUFKFDQDOVRVXJJHVWQHZDQGGLIIHUHQWVWUDWHJLHVWKDWFDQEHLPSOHPHQWHG

E\HGXFDWRUVLQRUGHUWRDVVLVWVWXGHQWVLQPDNLQJGHFLVLRQZKHQUHDGLQJIRUFRPSUHKHQVLRQ

EDVHGRQWKHEDFNJURXQGNQRZOHGJHWKHVWXGHQWSRVVHVVHV


,QRUGHUIRUDVFKHPDWREHRIXVHWRDOHDUQHULWPXVWH[LVWLQDFRQQHFWHGIDVKLRQ)RU

WKLVVWXG\WKHOHVVRQVWDXJKWZHUHLPSOHPHQWHGLQDZD\WKDWZDVHDV\IRUVWXGHQWVWRPDNH

FRQQHFWLRQVIURPZKDWWKH\DOUHDG\NQHZWRWKHQHZLQIRUPDWLRQEHLQJSUHVHQWHG6FKHPDVDUH

HVVHQWLDOO\QRXVHZKHQWKH\H[LVWLQLVRODWHGFRPSDUWPHQWV (\ORQ 5HLI&KL)HOWRYLFK

*ODVHU 7KHUHIRUHLQWKLVVWXG\LWZDVYLWDOIRULQVWUXFWLRQWREHLPSOHPHQWHGLQDZD\

WKDWVWXGHQWVZHUHDZDUHRIWKHLUVFKHPDVRQWRSLFVEHLQJWDXJKWLQRUGHUWRPDNHFRQQHFWLRQV

DQGLQFUHDVHFRPSUHKHQVLRQRIWKHWH[WWKDWZDVUHDG:KHQWKHUHDUHQHXUDOFRQQHFWLRQV

EHWZHHQVFKHPDVLWPDNHVLWHDVLHUIRUDUHDGHUWRSURSHUO\LGHQWLI\ZKLFKVFKHPDWRGUDZ

LQIRUPDWLRQLQRUGHUWRSURSHUO\FRPSUHKHQGDWH[W (\ORQ 5HLI&KL)HOWRYLFK 

W
*ODVHU 7KLVDVVLVWHGLQWKLVUHVHDUFKE\DOORZLQJIRUDQXQGHUVWDQGLQJWKDWVFKHPDVDUH
IE
XVXDOO\LQWHUWZLQHG,IWKHUHDUHPLVFRQFHSWLRQVLQRQHDUHDLWPD\EHWKHGLUHFWUHVXOWRID

PLVFRQFHSWLRQLQDQRWKHUDUHD:LWKWKLVXQGHUVWDQGLQJWKHUHVHDUFKDOORZHGLQVLJKWWR
EV
GHWHUPLQHLIRQHFRUUHFWHGPLVFRQFHSWLRQDOORZHGDFKDQJHLQXQGHUVWDQGLQJIRUDQRWKHU

PLVFRQFHSWLRQWKLVDOORZHGUHDGLQJFRPSUHKHQVLRQWRWDNHSODFHDQGDOORZHGWKHVWXGHQWWR
PR

KDYHDFRUUHFWXQGHUVWDQGLQJRIWKHSUHVHQWHGPDWHULDO(VVHQWLDOO\WKLVPHDQVWKDW

PLVFRQFHSWLRQVQHHGWREHLGHQWLILHGDQGFRUUHFWHGHDUO\RQEHIRUHLWFDQKDYHDQHJDWLYHHIIHFW

RQFRPSUHKHQVLRQRIPDQ\WH[WV

6FKHPDWKHRU\LVXVHGWRSODFHEDFNJURXQGNQRZOHGJHDQGSULRUH[SHULHQFHVLQWRD

IUDPHZRUNLQZKLFKDQLQGLYLGXDOFDQGUDZIURPLQRUGHUWRREWDLQFRPSUHKHQVLRQRIDWH[W

:LWWPDQ 6LPSO\SXWVFKHPDVDUHSDWWHUQVRIDVVRFLDWLRQWKDWKDYHEHHQFUHDWHGEDVHG

RQWKHH[SHULHQFHDQGEDFNJURXQGNQRZOHGJHRQHKDVREWDLQHGLQSUHYLRXVVLWXDWLRQV :LWWPDQ

 (VVHQWLDOO\DVFKHPDLVDEXQGOHRINQRZOHGJHWKDWLVLPSOHPHQWHGZKHQFXHVIURPWH[W

DUHLQWHUSUHWHGGXULQJWKHUHDGLQJSURFHVV (\ORQ 5HLI 0DUVKDOO  VWDWHVWKDW




HOHPHQWVLQRQHVFKHPDFDQOLQNLQWHUWZLQHDQGRYHUODSZLWKHOHPHQWVLQDQRWKHUVFKHPD,WLV

LPSRUWDQWWRXQGHUVWDQGWKDWDVFKHPDFDQFRQWDLQFRUUHFWDVZHOODVLQFRUUHFWLQIRUPDWLRQ,WLV

HVVHQWLDOIRUHGXFDWRUVWREHDEOHWRXQGHUVWDQGZKDWW\SHRIVFKHPDDVWXGHQWLVGUDZLQJIURPLQ

RUGHUWRSURSHUO\XQGHUVWDQGKRZDVWXGHQWLVUHDVRQLQJWKURXJKWKHLQIRUPDWLRQWRREWDLQ

XQGHUVWDQGLQJRIDWH[W :LWWPDQ 

1DWXUHRIWKH6WXG\

$TXDVLH[SHULPHQWDOQRQHTXLYDOHQWFRQWUROOHGTXDQWLWDWLYHUHVHDUFKGHVLJQZDV

LPSOHPHQWHGVWXG\$TXDVLH[SHULPHQWDOGHVLJQIRUWKHVWXG\LVDSSURSULDWHEHFDXVHJURXSVIRU

HDFKVWXG\DUHSUHGHWHUPLQHG 7URFKLP 7KHUHVHDUFKHUGHWHUPLQHGKRZEDFNJURXQG

W
NQRZOHGJHDQGH[SRVXUHWRDFRQFHSWDIIHFWUHDGLQJFRPSUHKHQVLRQ7KHUHVHDUFKTXHVWLRQVWKDW
IE
ZHUHFKRVHQIRUWKLVUHVHDUFKVWXG\ZHUHFKRVHQEHFDXVHLWLVHVVHQWLDOIRUWHDFKHUVWRXQGHUVWDQG

WKHEHVWPHWKRGVRIWHDFKLQJDQGWKHEHVWVWUDWHJLHVWKDWFDQEHLPSOHPHQWHGIRUUHDGLQJ
EV
FRPSUHKHQVLRQWRRFFXULQDWULVNUHDGHUV7HDFKHUVQHHGWRNQRZWKHEHVWZD\VWRWHDFKLQRUGHU

WRUHDFKWKHLUVWXGHQWVZKHUHWKH\DUHDWDQGWRFRQWLQXHWRJURZWKHLUFKLOGUHQ¶VXQGHUVWDQGLQJ
PR

VRWKH\ZLOOEHRQWKHDSSURSULDWHUHDGLQJOHYHODVWKH\SURJUHVVWKURXJKWKHLUDFDGHPLFFDUHHUV

,IVWXGHQWVZKRDUHDWULVNUHDGHUVDUHDEOHWREHFRPHSURILFLHQWDQGDGYDQFHGUHDGHUVLQORZHU

HOHPHQWDU\WKH\ZLOOEHPRUHOLNHO\WRFRQWLQXHWKHLUHGXFDWLRQWKURXJKKLJKVFKRRODQG

FRQWLQXHWRFROOHJH7KHVDPSOHJURXSIRUWKLVVWXG\ZDVGUDZQIURPWZRUGJUDGHFODVVURRPV

LQRQHHOHPHQWDU\VFKRROLQDQLQQHUFLW\LQDVRXWKHUQVWDWH7KHGHSHQGHQWYDULDEOHZDVWKH

VFRUHVRQWKHDVVHVVPHQWV7KHLQGHSHQGHQWYDULDEOHZDVWKHXVHRIFUHDWLQJDQGDFWLYDWLQJ

EDFNJURXQGEXLOGLQJVWUDWHJLHVLQWKHUHDGLQJFODVVURRPWKURXJKKDQGVRQDFWLYLWLHVFODVV

GLVFXVVLRQVDQGJURXSDVVLJQPHQWV7KHGLIIHUHQFHEHWZHHQJHQGHU PDOHDQGIHPDOH ZDVDOVR




H[DPLQHGWRGHWHUPLQHWKHLPSDFWLIDQ\RQLQFUHDVHGUHDGLQJFRPSUHKHQVLRQE\H[DPLQLQJ

SUHWHVWDQGSRVWWHVWGDWDUHODWLQJWRJHQGHU

$WWKHEHJLQQLQJRIHDFKXQLWDSUHWHVWZDVXVHGWRFUHDWHEDVHOLQHGDWDRIWKHVWXGHQWV¶

NQRZOHGJHRYHUWKHJLYHQFRQWHQW'XULQJWKHVWXG\HDFKXQLWZDVWDXJKWZLWKYDU\LQJGHJUHHV

RIEDFNJURXQGEXLOGLQJDFWLYLWLHVUDQJLQJIURPQREDFNJURXQGEXLOGLQJWRYLVXDOVWRXVLQJ

VHYHUDOUHODWHGWH[WVYLGHRVJUDSKLFRUJDQL]HUVDQGKDQGVRQDFWLYLWLHV$WWKHHQGRIHDFKXQLW

DSRVWWHVWZDVJLYHQLQRUGHUWRFRPSDUHDQ\FKDQJHVWKDWPD\KDYHRFFXUUHGLQDXQLWZLWK

EDFNJURXQGEXLOGLQJDFWLYLWLHVLPSOHPHQWHGLQGDLO\LQVWUXFWLRQDXQLWZLWKOLPLWHGEDFNJURXQG

EXLOGLQJLQVWUXFWLRQDQGDXQLWZLWKQREDFNJURXQGEXLOGLQJLQVWUXFWLRQ6WXGHQWJHQGHUGDWDZDV

W
FROOHFWHGIURPVWXGHQWUHFRUGVWRGHWHUPLQHLIJHQGHUKDGDQ\LPSDFWRQDVWXGHQWWHVWVFRUHVDV
IE
ZHOO6WXGHQWVDOVRFRPSOHWHGDOHDUQLQJVW\OHVLQYHQWRU\DWWKHEHJLQQLQJRIHDFKXQLWRIVWXG\

3UHWHVWDQGSRVWWHVWVFRUHVDQGJHQGHUZDVFROOHFWHGDQGRUJDQL]HGLQWRDQH[FHO
EV
VSUHDGVKHHWWRORRNIRUUHODWLRQVKLSVEHWZHHQWKHLQGHSHQGHQWYDULDEOHRIXVLQJ

EDFNJURXQGEXLOGLQJVWUDWHJLHVLQUHDGLQJLQVWUXFWLRQDQGWKHGHSHQGHQWYDULDEOHRI
PR

VWXGHQWDFKLHYHPHQWZKLOHDOVRH[DPLQLQJWKHYDULDEOHRIJHQGHU'DWDZHUHGLVSOD\HG

LQWDEOHV

5HVHDUFK4XHVWLRQV

(DFKVWXGHQWEULQJVWRWKHFODVVURRPDXQLTXHVHWRIH[SHULHQFHDQGNQRZOHGJH %R[ 

/LWWOH +RZHYHUWKHUHDUHPDQ\VWXGHQWVIRUQXPHURXVUHDVRQVWKDWODFNDVSHFLILFOHYHO

RIEDFNJURXQGNQRZOHGJHDQGH[SHULHQFHVLQRUGHUWRVXFFHVVIXOO\UHODWHWRWKHWH[WLQRUGHUWR

JDLQRSWLPXPXQGHUVWDQGLQJRIWKHWH[WEHLQJUHDG %R[ /LWWOH 7KHUHIRUHGDLO\

UHDGLQJDFWLYLWLHVEHFRPHDGLIILFXOWWDVNGXHWRWKHODFNRIWRROVQHFHVVDU\WRVXFFHVVIXOO\


UHFRJQL]HFRQFHSWXDOWHUPVDQGREWDLQDPDVWHU\RIZKDWWKHWH[WLVSUHVHQWLQJ %R[ /LWWOH

 

,QWKLVVWXG\WKHFHQWUDOIRFXVZDVWRGHWHUPLQHLILPSOHPHQWLQJEDFNJURXQG

EXLOGLQJDFWLYLWLHVLQUHDGLQJFODVVZRXOGLQFUHDVHVWXGHQWUHDGLQJFRPSUHKHQVLRQ

DFKLHYHPHQW6WXGHQWDFKLHYHPHQWLQUHDGLQJLVEDVHGXSRQLPSOHPHQWLQJLQVWUXFWLRQDO

VWUDWHJLHVWKDWZLOODOORZVWXGHQWVWRKDYHDIRXQGDWLRQIURPZKLFKWKH\FDQGUDZRQ

ZKHQUHDGLQJQHZPDWHULDOLQRUGHUWRFRPSUHKHQGWKHPDWHULDO7KHDQVZHUVWRWKHVH

TXHVWLRQVDLPHGWRSURYLGHDJUHDWHUXQGHUVWDQGLQJRIWKHHIIHFWVRIFUHDWLQJDQG

DFWLYDWLQJEDFNJURXQGNQRZOHGJHKDYHRQDFKLHYHPHQWLQWKHUHDGLQJFODVVURRP

W
7KHUHIRUHLWZDVLPSHUDWLYHWRGHWHUPLQHLIFUHDWLQJDQGEXLOGLQJEDFNJURXQGNQRZOHGJH
IE
ZLOOVXSSRUWDWULVNUHDGHUV%DVHGRQWKLVSUHYLRXVUHVHDUFKVHYHUDOTXHVWLRQVKDYHEHHQ

GHULYHGIRUWKLVTXDVLH[SHULPHQWDOTXDQWLWDWLYHVWXG\
EV
4,VWKHUHDGLIIHUHQFHLQUHDGLQJFRPSUHKHQVLRQSUHWHVWDQGSRVWWHVWVFRUHV

EHWZHHQUGJUDGHVWXGHQWVZKRUHFHLYHGLUHFWLQVWUXFWLRQZLWKEDFNJURXQGEXLOGLQJ
PR

VWUDWHJLHVLQWKHLUUHDGLQJFODVV"

4,VWKHUHDGLIIHUHQFHLQUHDGLQJFRPSUHKHQVLRQSUHWHVWDQGSRVWWHVWVFRUHV

EHWZHHQUGJUDGHVWXGHQWVZKRUHFHLYHGLUHFWLQVWUXFWLRQZLWKYLVXDODLGVVWUDWHJLHVLQ

WKHLUUHDGLQJFODVV"

4,VWKHUHDGLIIHUHQFHLQUHDGLQJFRPSUHKHQVLRQSUHWHVWDQGSRVWWHVWVFRUHV

EHWZHHQUGJUDGHVWXGHQWVZKRUHFHLYHGLUHFWLQVWUXFWLRQZLWKEDVLFRUDOUHDGLQJ

VWUDWHJLHVLQWKHLUUHDGLQJFODVV" 




+\SRWKHVHV

+7KHUHLVQRVWDWLVWLFDOO\VLJQLILFDQWGLIIHUHQFHLQUHDGLQJFRPSUHKHQVLRQ

SUHWHVWDQGSRVWWHVWVFRUHVEHWZHHQUGJUDGHVWXGHQWVZKRUHFHLYHGLUHFWLQVWUXFWLRQZLWK

EDFNJURXQGEXLOGLQJVWUDWHJLHVLQWKHLUUHDGLQJFODVV

+D7KHUHLVDVWDWLVWLFDOO\VLJQLILFDQWGLIIHUHQFHLQUHDGLQJFRPSUHKHQVLRQ

SUHWHVWDQGSRVWWHVWVFRUHVEHWZHHQUGJUDGHVWXGHQWVZKRUHFHLYHGLUHFWLQVWUXFWLRQZLWK

EDFNJURXQGEXLOGLQJVWUDWHJLHVLQWKHLUUHDGLQJFODVV"

+7KHUHLVQRVWDWLVWLFDOO\VLJQLILFDQWGLIIHUHQFHLQUHDGLQJFRPSUHKHQVLRQ

SUHWHVWDQGSRVWWHVWVFRUHVEHWZHHQUGJUDGHVWXGHQWVZKRUHFHLYHGLUHFWLQVWUXFWLRQZLWK

W
YLVXDODLGVVWUDWHJLHVLQWKHLUUHDGLQJFODVV
IE
+D7KHUHLVDVWDWLVWLFDOO\VLJQLILFDQWGLIIHUHQFHLQUHDGLQJFRPSUHKHQVLRQ

SUHWHVWDQGSRVWWHVWVFRUHVEHWZHHQUGJUDGHVWXGHQWVZKRUHFHLYHGLUHFWLQVWUXFWLRQZLWK
EV
YLVXDODLGVVWUDWHJLHVLQWKHLUUHDGLQJFODVV"

+7KHUHLVQRVWDWLVWLFDOO\VLJQLILFDQWGLIIHUHQFHLQUHDGLQJFRPSUHKHQVLRQ

SUHWHVWDQGSRVWWHVWVFRUHVEHWZHHQUGJUDGHVWXGHQWVZKRUHFHLYHGLUHFWLQVWUXFWLRQZLWK
PR

EDVLFRUDOUHDGLQJVWUDWHJLHVLQWKHLUUHDGLQJFODVV

+D7KHUHLVDVWDWLVWLFDOO\VLJQLILFDQWGLIIHUHQFHLQUHDGLQJFRPSUHKHQVLRQ

SUHWHVWDQGSRVWWHVWVFRUHVEHWZHHQUGJUDGHVWXGHQWVZKRUHFHLYHGLUHFWLQVWUXFWLRQZLWK

EDVLFRUDOUHDGLQJVWUDWHJLHVLQWKHLUUHDGLQJFODVV" 

6LJQLILFDQFHRIWKH6WXG\

7KLVVWXG\LVHVVHQWLDOWRWKHILHOGRIHGXFDWLRQEHFDXVHVWXGHQWVZKRDUHLGHQWLILHGDVDW

ULVNUHDGHUVQHHGUHVHDUFKEDVHGVWUDWHJLHVSURYHQHIIHFWLYHLPSOHPHQWHGWKURXJKRXWGDLO\

UHDGLQJLQVWUXFWLRQ7KLVVWXG\SURYLGHGIHHGEDFNWRUHVHDUFKHUVDVWRZKDWVWUDWHJLHVDUH


HIIHFWLYHDQGLQHIIHFWLYHLQLPSURYLQJUHDGLQJFRPSUHKHQVLRQWKURXJKFUHDWLQJDQGDFWLYDWLQJ

EDFNJURXQGNQRZOHGJHDQGSULRUH[SHULHQFHLQDWULVNVWXGHQWV

7KHILHOGRIHGXFDWLRQZLOOJUHDWO\EHQHILWIURPXQGHUVWDQGLQJZKLFKVWUDWHJLHVWKDWFDQ

DFWLYDWHDQGEXLOGRQSULRUH[SHULHQFHDQGNQRZOHGJHWRDVVLVWDWULVNUHDGHUVLQEHFRPLQJ

SURILFLHQWUHDGHUVZKRDUHDEOHWRFRPSUHKHQGWKHPDWHULDOWKH\DUHUHDGLQJ,WKDVSURYLGHG

LQVLJKWWRHGXFDWRUVWRXQGHUVWDQGZKLFKVWUDWHJLHVZRUNEHVWZLWKDWULVNUHDGHUV6LQFHVR

PXFKLVQRZH[SHFWHGIURPHGXFDWRUVLWLVHVVHQWLDOWKDWLQVWUXFWLRQDOWLPHLVQRWZDVWHGRQ

VWUDWHJLHVWKDWKDYHEHHQSURYHQLQHIIHFWLYHLQFUHDWLQJDQGDFWLYDWLQJEDFNJURXQGNQRZOHGJH

DQGSULRUH[SHULHQFH(GXFDWRUVQHHGWRKDYHDVROLGEDVHRIVWUDWHJLHVWKDWDUHSURYHQHIIHFWLYH

W
WRDVVLVWDWULVNUHDGHUV,WZDVWKHLQWHQWLRQRIWKLVVWXG\WRSURYLGHWKHILHOGRIHGXFDWLRQZLWK
IE
VWUDWHJLHVWKDWKDYHEHHQSURYHQHIIHFWLYHWRLPSURYHUHDGLQJFRPSUHKHQVLRQRIDWULVNUHDGHUV

'HILQLWLRQRI.H\7HUPV
EV
$WULVNVWXGHQW$WHUPXVHGLQWKH8QLWHG6WDWHVWRGHVFULEHDVWXGHQWZKRUHTXLUHV

WHPSRUDU\RURQJRLQJLQWHUYHQWLRQLQRUGHUWRVXFFHHGDFDGHPLFDOO\
PR

%DFNJURXQG.QRZOHGJH.QRZOHGJHVWXGHQWVKDYHOHDUQHGERWKIRUPDOO\LQWKH

FODVVURRPDVZHOODVLQIRUPDOO\WKURXJKOLIHH[SHULHQFHV

&RPSUHKHQVLRQ7KHDFWLRQRUFDSDELOLW\RIXQGHUVWDQGLQJVRPHWKLQJ

&RQFHSWXDO7HUPV$QDEVWUDFWFRQFHSWWKDWGHILQHVDWHUPLQDQDFDGHPLFGLVFLSOLQH

:LWKRXWDIDOVLILDEOHRSHUDWLRQDOGHILQLWLRQFRQFHSWXDOGHILQLWLRQVDVVXPHERWKNQRZOHGJHDQG

DFFHSWDQFHRIWKHWKHRULHVWKDWLWGHSHQGVRQ

&RQFHSWXDO8QGHUVWDQGLQJV.QRZLQJPRUHWKDQLVRODWHGIDFWVDQGPHWKRGV7KH

VXFFHVVIXOVWXGHQWXQGHUVWDQGVUHDGLQJLGHDVDQGKDVWKHDELOLW\WRWUDQVIHUWKHLUNQRZOHGJHLQWR

QHZVLWXDWLRQVDQGDSSO\LWWRQHZFRQWH[WV


(YDOXDWLRQ7KHPDNLQJRIDMXGJPHQWDERXWWKHDPRXQWQXPEHURUYDOXHRI

VRPHWKLQJDVVHVVPHQW

)UDPHZRUN$VXSSRUWLQJVWUXFWXUH

*HQHUDO.QRZOHGJH7KHZLGHERG\RILQIRUPDWLRQWKDWDSHUVRQDFTXLUHV

IURPHGXFDWLRQDQGIURPOLIHQRWDOORILWKDVSUDFWLFDOXVH

+LJKHU2UGHU7KLQNLQJ$FRQFHSWRIHGXFDWLRQUHIRUPEDVHGRQOHDUQLQJWD[RQRPLHV

VXFKDV%ORRP V7D[RQRP\ 7KHLGHDLVWKDWVRPHW\SHVRIOHDUQLQJUHTXLUHFRJQLWLYH

SURFHVVLQJWKDQRWKHUVEXWDOVRKDYHPRUHJHQHUDOL]HGEHQHILWV

+LJK6WDNHV7HVWLQJ$Q\WHVWXVHGWRPDNHLPSRUWDQWGHFLVLRQVDERXWVWXGHQWV

W
HGXFDWRUVVFKRROVRUGLVWULFWVPRVWFRPPRQO\IRUWKHSXUSRVHRIDFFRXQWDELOLW\²LHWKH
IE
DWWHPSWE\IHGHUDOVWDWHRUORFDOJRYHUQPHQWDJHQFLHVDQGVFKRRODGPLQLVWUDWRUVWRHQVXUHWKDW

VWXGHQWVDUHHQUROOHGLQHIIHFWLYHVFKRROVDQGEHLQJWDXJKWE\HIIHFWLYHWHDFKHUV,QJHQHUDO³KLJK
EV
VWDNHV´PHDQVWKDWWHVWVFRUHVDUHXVHGWRGHWHUPLQHSXQLVKPHQWV VXFKDVVDQFWLRQVSHQDOWLHV

IXQGLQJUHGXFWLRQVQHJDWLYHSXEOLFLW\ DFFRODGHV DZDUGVSXEOLFFHOHEUDWLRQSRVLWLYH


PR

SXEOLFLW\ DGYDQFHPHQW JUDGHSURPRWLRQRUJUDGXDWLRQIRUVWXGHQWV RUFRPSHQVDWLRQ VDODU\

LQFUHDVHVRUERQXVHVIRUDGPLQLVWUDWRUVDQGWHDFKHUV 

,QWHJUDWLRQ&RRUGLQDWLRQRIPHQWDOSURFHVVHVLQWRDQRUPDOHIIHFWLYH

SHUVRQDOLW\

,QWHUSUHWDWLRQ7KHDFWLRQRIH[SODLQLQJWKHPHDQLQJRIVRPHWKLQJ

,QWHUYHQWLRQ$FWLRQWDNHQWRLPSURYHDVLWXDWLRQ

0DVWHU\&RPSUHKHQVLYHNQRZOHGJHRUVNLOOLQDVXEMHFWRUDFFRPSOLVKPHQW

2SWLPXP8QGHUVWDQGLQJ7KHEHVWRUPRVWIDYRUDEOHSRLQWLQOHDUQLQJ

3URILFLHQWUHDGHU$VWXGHQWWKDWLVUHDGLQJDQGFRPSUHKHQGLQJJUDGHOHYHOWH[W


6FKHPD$QRUJDQL]HGSDWWHUQRIWKRXJKWRUEHKDYLRUWKDWRUJDQL]HVFDWHJRULHVRI

LQIRUPDWLRQDQGWKHUHODWLRQVKLSVDPRQJWKHP

6XPPDU\

,WLVHVVHQWLDOWKDWHGXFDWRUVXQGHUVWDQGWKHLPSRUWDQFHEDFNJURXQGNQRZOHGJHSOD\VLQ

WKHFRPSUHKHQVLRQRIWKHLUVWXGHQWV7RHQVXUHWKDWWKHEHVWVWUDWHJLHVDQGPHWKRGVRIFUHDWLQJ

DQGDFWLYDWLQJEDFNJURXQGNQRZOHGJHDUHEHLQJXVHGHGXFDWRUVPXVWNQRZDQGXQGHUVWDQGKRZ

WRSURSHUO\LPSOHPHQWWKHVHVWUDWHJLHVZLWKORZSHUIRUPLQJDWULVNVWXGHQWV7KHSXUSRVHRIWKLV

TXDQWLWDWLYHTXDVLH[SHULPHQWDOFDVHVWXG\ZDVWRGHWHUPLQHLIGHYHORSLQJDQGEXLOGLQJ

W
EDFNJURXQGNQRZOHGJHDQGH[SHULHQFHDVVLVWHGDWULVNUHDGHUVLQUHDGLQJFRPSUHKHQVLRQLQRUGHU

WREHFRPHSURILFLHQWUHDGHUV,QDGGLWLRQWRWKHVHWKLQJVWKLVVWXG\DOVRDVVLVWHGLQGHWHUPLQLQJ
IE
LIVWXGHQWVZHUHDEOHWRWUDQVIHUWKLVOHDUQLQJWRZULWWHQODQJXDJH7KHVLJQLILFDQFHRIOHDUQLQJ

WKHDQVZHUVWRWKHSURSRVHGTXHVWLRQVLQWKLVVWXG\DOORZHGXFDWRUVWRVXSSRUWWKHVWXGHQWVWKDW
EV
DUHDWULVNDQGEHORZJUDGHOHYHOUHDGHUV,WLGHQWLILHGLPSRUWDQWVWUDWHJLHVWKDWFDQEH

LPSOHPHQWHGLQWRUHJXODUUHDGLQJLQVWUXFWLRQLQRUGHUWRLPSURYHUHDGLQJFRPSUHKHQVLRQ7KHVH
PR

VWUDWHJLHVFDQEHXVHGWRILOOLQPLVVLQJJDSVLQVWXGHQWV¶VFKHPD:KHQWKHVHJDSVDUHILOOHG

VWXGHQWVWKHQKDYHDGDWDEDVHIURPZKLFKWRGUDZLQIRUPDWLRQIURPZKHQLQWURGXFHGWR

XQIDPLOLDUWRSLFV%\KDYLQJWKLVGDWDEDVHRILQIRUPDWLRQVWXGHQWV¶FRPSUHKHQVLRQZLOOLPSURYH

DOORZLQJWKHPWRJURZDQGEHWWHUFRPSUHKHQGWKHPDWHULDOWKH\DUHEHLQJWDXJKW:KHQWKH

SURSHUVWUDWHJLHVDUHLPSOHPHQWHGFRUUHFWO\HGXFDWRUVZLOOKRSHIXOO\EHDEOHWRUHDFKWKHDWULVN

DQGEHORZOHYHOUHDGHUVEHIRUHWKH\DUHVHQWWRWKHQH[WJUDGHDQGEHFRPHHYHQIXUWKHUEHKLQGRU

KDYHWREHUHWDLQHG




&KDSWHU/LWHUDWXUH5HYLHZ

,QDVRXWKHUQVWDWHPDQ\WKLUGJUDGHUVDUHVWUXJJOLQJWRUHDFKSURILFLHQF\LQ

UHDGLQJFRPSUHKHQVLRQ 0LVVLVVLSSL6WDWH'HSDUWPHQWRI(GXFDWLRQ 7KHVWDWHLV

UHDGLQJSURILFLHQF\LQRQWKH/DQJXDJH$UWVSRUWLRQRI0$3ZDV

0LVVLVVLSSL'HSDUWPHQWRI(GXFDWLRQ 7KHSXUSRVHRIWKLVTXDQWLWDWLYHTXDVL

H[SHULPHQWDOFDVHVWXG\ZDVWRDQDO\]HLIFUHDWLQJDQGDFWLYDWLQJEDFNJURXQGNQRZOHGJH

LQDWKLUGJUDGHUHDGLQJFODVVURRPZRXOGLQFUHDVHVWXGHQWV¶UHDGLQJFRPSUHKHQVLRQDQG

LIJHQGHUDQGOHDUQLQJVW\OHLPSDFWVWHVWVFRUHV7KLVOLWHUDWXUHUHYLHZZLOOGLVFXVV

GRFXPHQWDWLRQVFKHPDWKHRU\DQGVHYHUDODWWULEXWHVRILQFRUSRUDWLQJVFKHPDZKLOH

W
EXLOGLQJEDFNJURXQGNQRZOHGJHLQWRWKHUHDGLQJOHDUQLQJSURFHVV7KHDWWULEXWHVWKDW
IE
ZLOOEHGLVFXVVHGLQGHWDLODUHDVIROORZVVFKHPDGHILQHGKRZVFKHPDZRUNVWKHHIIHFW

RIEDFNJURXQGNQRZOHGJHRQUHDGLQJFRPSUHKHQVLRQGLIIHUHQWDWWULEXWHVRIVFKHPDKRZ
EV
EDFNJURXQGNQRZOHGJHDQGVFKHPDZRUNWRJHWKHUKRZVWXGHQWVJDLQEDFNJURXQG

NQRZOHGJHEDFNJURXQGNQRZOHGJHDQGUHDGLQJFRPSUHKHQVLRQLQVWUXFWLRQWKDWVXSSRUWV
PR

UHDGLQJFRPSUHKHQVLRQUHDGLQJFRPSUHKHQVLRQDQGJHQGHUGLIIHUHQFHVUHDGLQJ

FRPSUHKHQVLRQDQGOHDUQLQJUHDGLQJFRPSUHKHQVLRQDQGOHDUQLQJVW\OHVEHVWSUDFWLFHVLQ

5HDGLQJDQGILQDOO\SDUHQWDOLQYROYHPHQWWKDWVXSSRUWVOHDUQLQJ7KHUHYLHZZLOOILQLVK

ZLWKDGLVFXVVLRQRQW\SHVRIEDFNJURXQGEXLOGLQJDFWLYLWLHVWRFUHDWHDQGVWLPXODWHWKH

FUHDWLRQRIVFKHPDVEHQHILWVFUHDWLQJDQGEDFNJURXQGEXLOGLQJEHVWSUDFWLFHVLQUHDGLQJ

LQVWUXFWLRQDQGJHQGHUDQGOHDUQLQJ$OORIWKHVHHOHPHQWVSOD\DQLPSRUWDQWUROHZKHQ

UHVHDUFKLQJVFKHPDDQGWKHUROHLWSOD\VRQUHDGLQJFRPSUHKHQVLRQ5HVHDUFKKDVJLYHQ

PRUHLQIRUPDWLRQRQWKHEHVWZD\VWREXLOGVFKHPDVWKURXJKEDFNJURXQGEXLOGLQJDQG

SULRUH[SHULHQFHRQPDWHULDOWKDWLVWREHWDXJKWLQWKHFODVVURRP:KHQWKHVWUDWHJLHV


WKDWDUHOHDUQHGWKURXJKUHVHDUFKDVEHVWSUDFWLFHVDUHLPSOHPHQWHGVWXGHQWVZLOOEHDEOH

WRUHDGDQGFRPSUHKHQGJUDGHOHYHOPDWHULDO

'RFXPHQWDWLRQ

/LWHUDWXUHUHVHDUFKZDVFRQGXFWHGE\YLVLWLQJ1RUWKFHQWUDO8QLYHUVLW\OLEUDU\

GDWDEDVHV7KHVHGDWDEDVHVLQFOXGHG(%6&2KRVW(5,&DQG3URTXHVW.H\ZRUGVXVHG

IRUVHDUFKLQJRISHHUUHYLHZHGSXEOLVKHGUHVHDUFKLQFOXGHGVFKHPDWKHRU\3LDJHW

EDFNJURXQGNQRZOHGJHLQUHDGLQJFRPSUHKHQVLRQFUHDWLQJDQGDFWLYDWLQJVFKHPDVEHVW

SUDFWLFHVLQUHDGLQJLQVWUXFWLRQKRZVFKHPDZRUNVDWWULEXWHVRIVFKHPDEDFNJURXQG

NQRZOHGJHDQGVFKHPDWRJHWKHUUHDGLQJLQWHUYHQWLRQVVWUDWHJLHVLQFUHDVLQJUHDGLQJ

W
DFKLHYHPHQWOHDUQLQJWRROVIRUUHDGLQJFRPSUHKHQVLRQDQGJHQGHUDQGOHDUQLQJ
IE
/LWHUDWXUHLQWKLVUHYLHZLVFLWHGIURPSURIHVVLRQDOMRXUQDOVERRNVSHHUUHYLHZHGDUWLFOHV

DQGQDWLRQDOHGXFDWLRQUHSRUWV7KLVOLWHUDWXUHUHYLHZGLVFXVVHVVFKHPDUHDGLQJ
EV
FRPSUHKHQVLRQW\SHVRIEDFNJURXQGEXLOGLQJDFWLYLWLHVVXEVWDQWLDWHGEHQHILWVRI

EDFNJURXQGEXLOGLQJLQUHDGLQJLQVWUXFWLRQEHVWSUDFWLFHVLQUHDGLQJFRPSUHKHQVLRQDQG
PR

JHQGHU

7KHRUHWLFDO)UDPHZRUN

7KHWKHRU\WKDWWKLVVWXG\ZDVEDVHGRQLVWKH6FKHPD7KHRU\ %R[ /LWWOH

 (GXFDWRUVQHHGWRVHHKRZVWXGHQWVPDNHFRQQHFWLRQVDQGDVVRFLDWHEDFNJURXQG

NQRZOHGJHZLWKQHZLQIRUPDWLRQEHLQJSUHVHQWHGWKURXJKFODVVURRPOHVVRQV(GXFDWRUV

PXVWXQGHUVWDQGKRZWKHVWXGHQWVIRUPOLQNVEHWZHHQWKHQHZPDWHULDOEHLQJSUHVHQWHG

LQFODVVDQGWKHSUHYLRXVO\HVWDEOLVKHGLQIRUPDWLRQLQWKHLUVFKHPDVLQRUGHUWR

XQGHUVWDQGKRZWRLPSOHPHQWWHDFKLQJVWUDWHJLHVWKDWZLOODVVLVWVWXGHQWVLQFUHDWLQJDQG

DFWLYDWLQJSULRUNQRZOHGJHWRLPSURYHUHDGLQJFRPSUHKHQVLRQRIDWULVNUHDGHUV:KHQ


HGXFDWRUVDUHDEOHWRGHWHUPLQHKRZVWXGHQWVOLQNEDFNJURXQGNQRZOHGJHWROHDUQLQJ

WKH\FDQWKHQLPSOHPHQWVWUDWHJLHVWKDWZLOODVVLVWVWXGHQWVLQDSSO\LQJEDFNJURXQG

NQRZOHGJHWRFRPSUHKHQGWH[W1HZLQIRUPDWLRQDQGQHZFRQFHSWVRQO\KDYHPHDQLQJ

ZKHQWKH\FDQEHUHODWHGWRVRPHWKLQJRQHDOUHDG\NQRZVDQGXQGHUVWDQGV /LX 

&RPSUHKHQVLRQLVEULGJLQJWKHJDSEHWZHHQWKHQHZLQIRUPDWLRQEHLQJWDNHQLQDQGWKH

LQIRUPDWLRQDQLQGLYLGXDOKDVDOUHDG\VWRUHGLQWKHLUVFKHPDV /LX 

5XPHOKDUWGHVFULEHGVFKHPDDVWKHIXQGDPHQWDOHOHPHQWVLQZKLFKDOO

LQIRUPDWLRQSURFHVVLQJGHSHQGV 5XPHOKDUW 6FKHPDVDUHLPSOHPHQWHGWKURXJKWKH

LQWHUSUHWDWLRQRIVHQVRU\GDWDUHWULHYLQJLQIRUPDWLRQWKDWKDVEHHQVWRUHGLQWKHPHPRU\

W
RUJDQL]LQJDFWLRQVDQGGHYHORSLQJDQGGHWHUPLQLQJJRDO 5XPHOKDUW *HQHUDOO\
IE
VSHDNLQJVFKHPDJXLGHVWKHSURFHVVRIFRPSUHKHQVLRQ 5XPHOKDUW 6FKHPDGRHV

LQIOXHQFHDUHDGHU¶VFRPSUHKHQVLRQRIWKHWH[WWKDWWKH\DUHUHDGLQJEXWKRZLWZLOOH[HUW
EV
LWVLQIOXHQFHRQHDFKLQGLYLGXDOLVXQNQRZQ /LX 6FKHPDVDUHZKDWUHSUHVHQWWKH

NQRZOHGJHDVWXGHQWDOUHDG\SRVVHVVDERXWREMHFWVVLWXDWLRQVHYHQWVDFWLRQVDQG
PR

VHTXHQFHV 5XPHOKDUW ,WLVLPSRUWDQWWRXQGHUVWDQGWKDWWKHFRQFHSWRIVFKHPDWD

LVDEVWUDFWEHFDXVHLWLVWKHZD\WKDWDQLQGLYLGXDO¶VEUDLQRUJDQL]HVDUUDQJHVDQGVWRUHV

LQIRUPDWLRQ /LX 7KLVWKHQDOORZVWKHUHDGHUWRJDLQNQRZOHGJHDQG

XQGHUVWDQGLQJFRQFHUQLQJQHZFRQFHSWVWKDWZLOOEHSUHVHQWHGODWHU /LX :LWK

WKLVLQIRUPDWLRQDVWKLVVWXG\ZDVFRQGXFWHGLWDVVLVWHGWKHUHVHDUFKE\HQVXULQJWKDWWKH

EDFNJURXQGNQRZOHGJHDVWXGHQWDOUHDG\REWDLQVLVFRUUHFW,ILWLVQRWFRUUHFWLWDOORZHG

WKHHGXFDWRUVWRUHGLUHFWDQGUHFRQVWUXFWFRUUHFWEDFNJURXQGNQRZOHGJHVRWKDW

FRPSUHKHQVLRQFRXOGRFFXU

You might also like