You are on page 1of 20

$FDGHPLF2QH)LOH'RFXPHQWR&RJQLWLYHDQG

DIIHFWLYHGHWHUPLQDQWVRIIDQVDWLVIDFWLRQZLWKVSRUWLQJ
HYHQWDWWHQGDQFH

&RS\ULJKW&23<5,*+76DJDPRUH3XEOLVKLQJ
5HVXPR
7KHFXUUHQWVWXG\SURSRVHVDQGWHVWVDVWUXFWXUDOPRGHORIIDQVDWLVIDFWLRQZLWKDWWHQGLQJDVSRUWLQJ
HYHQW6SHFLILFDOO\WKUHHFRJQLWLYHDQWHFHGHQWV H[SHFWDQF\GLVFRQILUPDWLRQWHDPLGHQWLILFDWLRQ
TXDOLW\RIRSSRQHQW DUHUHODWHGWRWZRDIIHFWLYHVWDWHV HQMR\PHQWEDVNLQJLQUHIOHFWHGJORU\ ZKLFK
DUHLQWXUQUHODWHGGLUHFWO\WRVDWLVIDFWLRQMXGJPHQWVLQDUHFXUVLYHPRGHO7ZRVWDJHVDPSOLQJZDV
XVHGWRFROOHFWGDWDIURPLQGLYLGXDOVDWWHQGLQJRQHRIIRXUZRPHQ VEDVNHWEDOOJDPHVDWDPDMRU
'LYLVLRQ,$XQLYHUVLW\7KHK\SRWKHVL]HGPRGHOSHUIRUPHGEHWWHUWKDQWZRDOWHUQDWLYHPRGHOVDQG
ZDVIXUWKHUUHILQHGWKURXJKDVHULHVRIKLHUDUFKLFDOPRGHOFRPSDULVRQV7KHILQDOPRGHOLVVXSSRUWLYH
RIDGLVFRQILUPDWLRQDIIHFWVDWLVIDFWLRQKLHUDUFK\,QSDUWLFXODUWHDPLGHQWLILFDWLRQZDVIRXQGWRKDYH
WKHGRPLQDQWLQIOXHQFHRQDIIHFWDQGHQMR\PHQWKDGWKHGRPLQDQWLQIOXHQFHRQIDQVDWLVIDFWLRQ
.(<:25'6)DQVDWLVIDFWLRQH[SHFWDQF\GLVFRQILUPDWLRQRSSRQHQWTXDOLW\WHDPLGHQWLILFDWLRQ

7H[WRFRPSOHWR
:DWFKLQJFRPSHWLWLYHVSRUWVLVDOHLVXUHEHKDYLRUHQJDJHGLQE\PLOOLRQVDURXQGWKHZRUOG6SRUWV
IDQVKLSLVDQHVSHFLDOO\SHUYDVLYHSKHQRPHQRQLQWKH8QLWHG6WDWHV$UHFHQWVXUYH\FROOHFWLQJGDWD
IURPDUHSUHVHQWDWLYHQDWLRQDOVDPSOHLQGLFDWHGWKDWSHUFHQWRIWKHUHVSRQGHQWVZHUHHLWKHUYHU\
LQWHUHVWHGRUIDLUO\LQWHUHVWHGLQZDWFKLQJVSRUWV /LHEHUPDQ $WWHQGDQFHDWSURIHVVLRQDO
EDVHEDOOEDVNHWEDOOKRFNH\DQGIRRWEDOOJDPHVLQWRWDOHGQHDUO\PLOOLRQ DSHUFHQW
LQFUHDVHRYHU ZKLOHDWWHQGDQFHDWFROOHJHIRRWEDOOEDVNHWEDOO PHQ VDQGZRPHQ V H[FHHGHG
PLOOLRQ XSSHUFHQWIURP86&HQVXV%XUHDX )XUWKHUHYLGHQFHRIVSHFWDWRUV
LQFUHDVLQJLQYROYHPHQWZLWKVSRUWFDQEHIRXQGLQPHGLDWLPHDOORWWHGWRVSRUWSURJUDPPLQJ,Q
WKHWKUHHPDMRUQHWZRUNVEURDGFDVWDWRWDORIKRXUVRIVSRUWSURJUDPPLQJ /DUGQHU E\
WKDWILJXUHURVHWRRYHUKRXUV :HUQHU 7KLVSHUFHQWLQFUHDVHLVHYHQPRUH
GUDPDWLFZKHQRQHFRQVLGHUVWKDWLWGRHVQRWLQFOXGHWKH(QWHUWDLQPHQWDQG6SRUWV3URJUDPPLQJ
1HWZRUN (631 ZKLFKEURDGFDVWVVSRUWVSURJUDPPLQJKRXUVDGD\RURWKHUFDEOHVXSHUVWDWLRQV
WKDWUHO\KHDYLO\RQVSRUWVEURDGFDVWLQJ&OHDUO\WKHDGYHUWLVHUVVSRQVRULQJVXFKSURJUDPPLQJ
UHFRJQL]HWKHZLGHVSUHDGDSSHDORIVSRUWVLQWKLVFRXQWU\

7KHSULQFLSDODSSHDOIRUZDWFKLQJVSRUWLQJHYHQWVPD\EHWKHXQLTXHQDWXUHRIDWKOHWLFFRPSHWLWLRQ
8QOLNHPRUHSUHGLFWDEOHIRUPVRIOHLVXUHEHKDYLRUVSRUWLQJHYHQWVUHSUHVHQWDILQLWHH[SHULHQFHLQ
ZKLFKRXWFRPHVDUHXQNQRZQSULRUWRWKHFRPPHQFHPHQWRIWKHFRPSHWLWLRQ$VVXFKVSRUWLQJ
HYHQWVUHSUHVHQWDKHGRQLFH[SHULHQFHLQZKLFKWKHHYHQWLWVHOIHOLFLWVDVHQVHRIGUDPDDQG
DWWHQGDQWRXWFRPHV\LHOGFRJQLWLRQVDERXWWKHSHUIRUPDQFHDVZHOODVDIIHFWLYHUHDFWLRQV +LUW
=LOOPDQQ(ULFNVRQDQG.HQQHG\6ORDQ:DQQDQG%UDQVFRPEH 5HVHDUFK
VXJJHVWVWKDWWKHW\SHDQGH[WHQWRIFRJQLWLRQVDQGHPRWLRQVWKDWRQHLVOLNHO\WRH[SHULHQFHDVD
UHVXOWRIZDWFKLQJDQDWKOHWLFFRPSHWLWLRQLVGHSHQGHQWXSRQWKHLQGLYLGXDO VGLVSRVLWLRQWRZDUGWKH
WHDPRULWVSDUWLFLSDQWV =LOOPDQQ%U\DQW 6DSROVN\ ,QIDFW=LOOPDQQDQG3DXOXV 
DUJXHGWKDWWKHGHILQLQJFKDUDFWHULVWLFVHSDUDWLQJIDQVIURPPHUHVSHFWDWRUVLVWKHIRUPDWLRQRI
DOOLDQFHVZKHUHE\IDQVSHUFHLYHWKHPVHOYHVDVPHPEHUVRIDWDFLWO\H[LVWLQJJURXSWRZKLFKWKH
REMHFWVRIWKHLUIDQVKLSEHORQJ S 

$VDWLVIDFWRU\H[SHULHQFHUHVXOWLQJIURPDWWHQGLQJVSRUWLQJHYHQWVZRXOGDSSHDUWREHDQLPSRUWDQW
SUHGLFWRURIDIDQ VOLNHOLKRRGRIDWWHQGLQJIXWXUHHYHQWV$OWKRXJKWKHQRWLRQRIVDWLVIDFWLRQDVLW
SHUWDLQVWRFRQVXPHUEHKDYLRULQJHQHUDOKDVUHFHLYHGDJUHDWGHDORIDWWHQWLRQLQUHFHQW\HDUV
YLUWXDOO\QRZRUNKDVEHHQGRQHRQWKHFRQVWUXFWDVLWUHODWHVWRWKHSDVVLYHFRQVXPSWLRQRI
FRPSHWLWLYHVSRUWVE\IDQV5HFHQWO\DQHPHUJLQJVWUHDPRIUHVHDUFKKDVORRNHGDWWKHLQIOXHQFHRI
DIIHFWLYHUHDFWLRQVWRFRQVXPSWLRQH[SHULHQFHVRQSRVWSXUFKDVHVDWLVIDFWLRQMXGJPHQWV 0DQR
2OLYHU2OLYHU:HVWEURRN:HVWEURRN 2OLYHU 7KHXQGHUO\LQJDVVXPSWLRQ
RIWKHVHVWXGLHVLVWKDWLQGLYLGXDOVZKRH[SHULHQFHSRVLWLYHDIIHFWDVDUHVXOWRIWKHFRQVXPSWLRQ
H[SHULHQFHDUHPRUHOLNHO\WRHQJDJHLQUHSXUFKDVHDQGUHSDWURQDJHDFWLYLW\,QDGGLWLRQFRQVXPHU
VDWLVIDFWLRQDFWVDVDPRWLYDWRURIZRUGRIPRXWKFRPPXQLFDWLRQVDQGVHUYHVDVDGLDJQRVWLFWRROIRU
PDQDJHPHQWGHFLVLRQV 2OLYHU 

,QVSLWHRILWVUROHDVDSUHGRPLQDQWOHLVXUHEHKDYLRULQ$PHULFDQFXOWXUHOLWWOHLVNQRZQDERXWWKH
HIIHFWRIIDQV FRJQLWLRQVDQGDIIHFWLYHUHDFWLRQVWRJDPHRXWFRPHVRQVXPPDU\MXGJPHQWVRI
SRVWFRQVXPSWLRQVDWLVIDFWLRQ$QHVSHFLDOO\LQWHUHVWLQJDIIHFWLYHUHDFWLRQVSHFLILFWRVSRUWVVSHFWDWLQJ
WKDWKDVUHFHLYHGFRQVLGHUDEOHDWWHQWLRQKRZHYHULVWKH%DVNLQJ,Q5HIOHFWHG*ORU\SKHQRPHQRQ
%,5*&LDOGLQL%RUGHQ7KRUQH:DONHU)UHHPDQ 6ORDQ DQGLWVFRUROODU\&XWWLQJ2II
5HIOHFWHG)DLOXUH &25)6Q\GHU/DVVHJDUG )RUG $VH[SODLQHGE\+HLGHU V  EDODQFH
WKHRU\WKH%,5*UHVSRQVHLVDQHJRHQKDQFHPHQWWHFKQLTXHZKHUHE\LQGLYLGXDOVUDLVHWKHLUHVWHHP
LQWKHH\HVRIRWKHUVE\LQFUHDVLQJWKHLUDVVRFLDWLRQRUFRQQHFWLRQZLWKKLJKO\VXFFHVVIXORWKHUV,Q
FRQWUDVWWKH&25)UHVSRQVHLVDQHJRSURWHFWLRQWHFKQLTXHLQZKLFKWKHUHLVDGHVLUHWRGLVWDQFH
RQH VVHOIIURPDQXQDWWUDFWLYHVRXUFH7KHWHQGHQF\WR%,5*RU&25)PD\KHOSWRH[SODLQWKH
EHKDYLRURIIDLUZHDWKHUIDQVZKRDUHOHVVOLNHO\WRDWWHQGJDPHVZKHQWKHWHDPLVORVLQJDVZHOODV
WKHSRVLWLYHUHODWLRQVKLSEHWZHHQDWWHQGDQFHDQGDWHDP VZLQQLQJSHUFHQWDJHWKDWKDVFRQVLVWHQWO\
EHHQUHSRUWHGLQWKHUHVHDUFK %DDGH 7LHKHQ%HFNHU 6XOV:KLWQH\ 

7KHFXUUHQWVWXG\LVFRQFHUQHGZLWKKRZVSRUWVIDQVSURFHVVFRJQLWLRQVDQGDIIHFWLYHUHDFWLRQV
UHODWHGWRWKHRXWFRPHVRIFRPSHWLWLYHFRQWHVWVLQWRVXPPDU\IRUPWKDWODWHULQIOXHQFHVDWLVIDFWLRQ
MXGJPHQWVUHJDUGLQJDWWHQGDQFHRIWKHVSRUWLQJHYHQW$VWUXFWXUDOPRGHOLVSURSRVHGWKDWH[DPLQHV
WKHGLUHFWHIIHFWVRIWKUHHFRJQLWLYHDQWHFHGHQWVRQIDQV WHQGHQF\WR%,5*DQGWKHLUOHYHORI
HQMR\PHQWDVDUHVXOWRIZDWFKLQJWKHJDPHDQGLQWXUQWKHGLUHFWHIIHFWVRIEDVNLQJDQGHQMR\PHQW
RQVDWLVIDFWLRQ7KHWKUHHFRJQLWLYHDQWHFHGHQWVK\SRWKHVL]HGWRLQIOXHQFHWKH%,5*UHVSRQVHDQG
HQMR\PHQWDUHH[SHFWDQF\GLVFRQILUPDWLRQIDQV LGHQWLILFDWLRQZLWKWKHWHDP LHWHDPLGHQWLILFDWLRQ 
DQGWKHTXDOLW\RIWKHRSSRQHQW,QDGGLWLRQJLYHQWKHODFNRIWKHRUHWLFDOGHYHORSPHQWLQWKLVDUHD
WZRFRPSHWLQJPRGHOVDUHFRPSDUHGWRWKHK\SRWKHVL]HGPRGHO

7KH%DVNLQJLQ5HIOHFWHG*ORU\3KHQRPHQRQ
%DVNLQJLQUHIOHFWHGJORU\UHIHUVWRDQLQGLYLGXDO VLQFOLQDWLRQWRVKDUHLQWKHJORU\RIDVXFFHVVIXO
RWKHUZLWKZKRPWKH\DUHLQVRPHZD\DVVRFLDWHG &LDOGLQLHWDOS &HQWUDOWRWKH%,5*
HIIHFWLVRQH VGHVLUHWRLQFUHDVHDQDVVRFLDWLRQZLWKDVXFFHVVIXORWKHUVXFKDVDVSRUWVWHDPHYHQ
WKRXJKWKHFRQQHFWLRQLVUHODWLYHO\WULYLDORUVHHPLQJO\LQFLGHQWDO7KHEHKDYLRUDOPDQLIHVWDWLRQRIDQ
LQFUHDVHGDVVRFLDWLRQPD\WDNHWKHIRUPRIZHDULQJFORWKLQJWKDWIHDWXUHVWKHWHDP VORJRRUH[WROOLQJ
WKHYLUWXHVRIWKHWHDPWRRWKHUV7KHGLVWLQFWLRQEHWZHHQWKHSXEOLFDQGSULYDWHQDWXUHRIWKH%,5*
SKHQRPHQRQLVLPSRUWDQWWRUHFRJQL]HLQWKHSUHVHQWVWXG\&LDOGLQLHWDOQRWHWKDWDOWKRXJKWKH
SHUFHLYHGHVWHHPRIRWKHUVLVDQLPSRUWDQWLQWHUSHUVRQDOPHGLDWRURIWKH%,5*HIIHFWLQGLYLGXDOVPD\
DOVR%,5*SULYDWHO\7KDWLVIRUZKROO\LQWUDSHUVRQDOUHDVRQVSHRSOHPD\GUDZFRQQHFWLRQVEHWZHHQ
WKHPVHOYHVDQGSRVLWLYHVRXUFHV S 7KXVWKHHVVHQWLDOQDWXUHRIWKH%,5*HIIHFWLVWKHGHVLUH
WRLQFUHDVHRQH VDVVRFLDWLRQZLWKDVXFFHVVIXORWKHUQRWQHFHVVDULO\WKHSXEOLFH[KLELWLRQRIWKHXQLW
IRUPDWLRQ

$OWKRXJKQHYHUIRUPDOO\UHFRJQL]LQJWKHWHQGHQF\WR%,5*DVVXFKWKHOLWHUDWXUHVHHPVWRVXJJHVW
WKDWWKHSKHQRPHQRQKDVPDQ\DIIHFWOLNHTXDOLWLHV)RUH[DPSOH:DQQDQG%UDQVFRPEH 
RSHUDWLRQDOL]HGWKH%,5*SKHQRPHQRQDVWKHIDQ VVHQVHRIHQMR\PHQWGHULYHGIURPIROORZLQJD
WHDPZKHQLWLVZLQQLQJYHUVXVZKHQLWLVORVLQJ6LPLODUO\+LUWHWDO  DOVRLPSOLHGWKDWWKH%,5*
HIIHFWKDGDVWURQJDIIHFWLYHGLPHQVLRQ*LYHQWKDWSHUFHSWLRQVRIWKH%,5*HIIHFWPD\EHYLHZHG
DORQJDKHGRQLFFRQWLQXXPDIXQGDPHQWDOTXHVWLRQDULVHVDVWRZKHWKHUEDVNLQJLQUHIOHFWHGJORU\
DQGDIIHFWDUHWKHRUHWLFDOO\GLVWLQFWFRQVWUXFWV&LDOGLQLHWDO V  RULJLQDOFRQFHSWXDOL]DWLRQRI
EDVNLQJDVDQLQGLYLGXDO VFRJQLWLYHFKRLFHWRLQFUHDVHRUGHFUHDVHDQDVVRFLDWLRQRUXQLWIRUPDWLRQ
ZLWKDVXFFHVVIXORWKHUDVWKHUHVXOWRIWKHIDYRUDELOLW\RIVRPHHYHQWRXWFRPH HJDWHDP VYLFWRU\
RUORVV VHHPVWRVXJJHVWWKHEDVNLQJPD\DOVREHFRQFHSWXDOL]HGDVDQDWWLWXGH&RKHQDQG$UHQL
 KDYHDUJXHGWKDWDWWLWXGHVDUHGLIIHUHQWIURPDIIHFWLQWKDWWKHIRUPHULVDQHYDOXDWLYH
MXGJPHQWZKHUHDVWKHODWWHULVDYDOHQFHGIHHOLQJVWDWH7KLVLVFRQVLVWHQWZLWK(DJO\DQG&KDLNHQ
 ZKRGHILQHGDQDWWLWXGHDVDSV\FKRORJLFDOWHQGHQF\WKDWLVH[SUHVVHGE\HYDOXDWLQJD
SDUWLFXODUHQWLW\ZLWKVRPHGHJUHHRIIDYRURIGLVIDYRU S 

$OWKRXJKDIIHFWLVDOVRFRQFHUQHGZLWKHYHQWVDVFDXVDODJHQWVIRUDFWLYDWLRQDIIHFWLYHVWDWHVDUHQRW
WKHUHVXOWRIFRJQLWLYHFKRLFH5DWKHUDIIHFWPD\EHWKRXJKWRIDVDVXSHURUGLQDWHFRQVWUXFWWKDW
HQFRPSDVVHVHPRWLRQVDQGUHODWLYHO\WUDQVLHQWPRRGVDQGIHHOLQJV 3HWW\&DFLRSSR6HGLNLGHV
6WUDWKPDQS :HVWEURRN  DOVRGHILQHGDIIHFWLQEURDGHUWHUPVDVDFODVVRI
PHQWDOSKHQRPHQDXQLTXHO\FKDUDFWHUL]HGE\DFRQVFLRXVO\H[SHULHQFHGVXEMHFWLYHIHHOLQJVWDWH
FRPPRQO\DFFRPSDQ\LQJHPRWLRQVDQGPRRGV S 5HVHDUFKKDVFRQVLVWHQWO\VKRZQWKDWIDQV
H[SHULHQFHDYDULHW\RIDIIHFWLYHVWDWHVDVDUHVXOWRIDWHDP VSHUIRUPDQFHLQDQDWKOHWLFFRPSHWLWLRQ
VHH6FKZDU]6WUDFN.RPPHU :DJQHU6ORDQ=LOOPDQQ%U\DQW 6DSROVN\ 

:KDWKDVQRWEHHQHVWDEOLVKHGLQWKHOLWHUDWXUHKRZHYHULVZKHWKHUWKH%,5*SKHQRPHQRQLVEHWWHU
FRQFHSWXDOL]HGDVDQDWWLWXGHRUDQDIIHFWLYHVWDWH)XUWKHUQRUHVHDUFKKDVLQYHVWLJDWHGZKHWKHUWKH
%,5*HIIHFWSUHFHGHVHQMR\PHQWZLWKWKHHYHQWRXWFRPHRUYLFHYHUVD7KDWLVGRIDQVH[SHULHQFH
MR\DVDUHVXOWRIEDVNLQJLQUHIOHFWHGJORU\RUGRWKH\%,5*EHFDXVHWKH\HQMR\HGWKHJDPH":KLOH
FRQFHSWXDOO\LQWULJXLQJWKHUHLVQHLWKHUDWKHRUHWLFDOQRUSUDFWLFDOUHDVRQWRWHPSRUDOO\VHSDUDWHWKH
FRQVWUXFWVLQWKHSUHVHQWVWXG\7KHUHIRUHFRQVLVWHQWZLWK3HWW\HWDO  DQG:HVWEURRN  
%,5*LVFRQFHSWXDOL]HGKHUHDVDWUDQVLHQWDIIHFWLYHVWDWHWKDWLVVSHFLILFWRDVSRUWLQJHYHQWRXWFRPH
VHH2OLYHUIRUDGLVFXVVLRQRIVLWXDWLRQVSHFLILFDIIHFW 0RUHRYHUWKHRSHUDWLRQDOL]DWLRQRI
EDVNLQJLQWKHSUHVHQWVWXG\UHOLHVRQ&LDOGLQLHWDO V  FHQWUDOWKHPHWKDWWKH%,5*HIIHFWLV
GHSHQGHQWRQWKHDVVRFLDWLRQRUXQLWIRUPDWLRQWKDWDIDQIRUPVZLWKDVXFFHVVIXOWHDP$FFRUGLQJO\
DQ\EHKDYLRUDOPDQLIHVWDWLRQVDVVRFLDWHGZLWKEDVNLQJDUHFRQVHTXHQWWRRQH VLQFUHDVHGRU
GHFUHDVHGDVVRFLDWLRQZLWKDWHDP

&RQVWUXFWVLQWKH0RGHO

7KH(IIHFWRI&RJQLWLRQRQ$IIHFW

7KHFXUUHQWVWXG\H[DPLQHVWKHLQIOXHQFHRIWKUHHFRJQLWLYHDQWHFHGHQWVWKRXJKWWREHWKHRUHWLFDOO\
UHODWHGWRWKHDIIHFWLYHUHDFWLRQVRIEDVNLQJLQUHIOHFWHGJORU\DQGWKHHQMR\PHQWGHULYHGIURP
ZDWFKLQJDJDPHDQGKRZWKH\LQWXUQLQIOXHQFHVDWLVIDFWLRQMXGJPHQWV7KHIROORZLQJVHFWLRQ
H[DPLQHVWKHOLWHUDWXUHOLQNLQJEDVNLQJLQUHIOHFWHGJORU\DQGHQMR\PHQWWRH[SHFWDQF\
GLVFRQILUPDWLRQWHDPLGHQWLILFDWLRQDQGTXDOLW\RIWKHRSSRQHQW

([SHFWDQF\GLVFRQILUPDWLRQ(DUO\ZRUNRQWKHVDWLVIDFWLRQFRQVWUXFWIRFXVHGRQWKHQRWLRQRI
H[SHFWDQF\GLVFRQILUPDWLRQ7KHH[SHFWDQF\GLVFRQILUPDWLRQSDUDGLJPUHIHUVWRWZRSURFHVVHV
FRQVLVWLQJRIWKHIRUPDWLRQRISUHFRQVXPSWLRQQRUPDWLYHVWDQGDUGV LHH[SHFWDWLRQV DQGWKH
VXEVHTXHQWFRQILUPDWLRQRUGLVFRQILUPDWLRQRIWKRVHH[SHFWDWLRQVWKURXJKSHUIRUPDQFHRXWFRPHV
2OLYHU:HDYHU %ULFNPDQ 7KHH[WHQWWRZKLFKRXWFRPHVPDWFKH[SHFWDWLRQV
GHWHUPLQHWRDODUJHH[WHQWKRZLQIRUPDWLRQLVSURFHVVHGDQGHYDOXDWHG $OED +XWFKLQVRQ
&RKHQ %DVX/RNHQ :DUG )RUH[DPSOHJUHDWHUGLVFUHSDQF\EHWZHHQH[SHFWDQFLHV
DQGRXWFRPHVVKRXOGOHDGWRJUHDWHUFRJQLWLYHSURFHVVLQJ +XQW6PLWK .HUQDQ DQG
LQFUHDVHGVDWLVIDFWLRQGLVVDWLVIDFWLRQZLWKRXWFRPHV

7KHIRUPDWLRQRIH[SHFWDWLRQVZRXOGDSSHDUWREHHVSHFLDOO\UHOHYDQWLQWKHFRQWH[WRIFRPSHWLWLYH
VSRUWLQJHYHQWV$OWKRXJKHYHQWRXWFRPHVDUHUDUHO\NQRZQSULRUWRDFRPSHWLWLRQIDQVRIWHQKDYHD
JHQHUDOLGHDRIZKRLVH[SHFWHGWRZLQ2QHQHHGVRQO\WRFRQVLGHUWKHRGGVPDNHUVLQ/DV9HJDV
ZKRHVWDEOLVKSRLQWVSUHDGVIRUSXUSRVHVRIJDPEOLQJWRILQGHYLGHQFHWKDWSULRUH[SHFWDWLRQVGR
LQGHHGH[LVW([SHFWDQF\GLVFRQILUPDWLRQVXJJHVWVWKDWDSHUIRUPDQFHRXWFRPHWKDWJRHVDV
H[SHFWHG LHH[SHFWDQF\FRQILUPDWLRQ ZLOOQRWHQJHQGHUDQHVSHFLDOO\VWURQJUHDFWLRQRQWKHSDUWRI
DIDQRQHZD\RUWKHRWKHU,QFRQWUDVWWKHSV\FKRORJLFDOUHDFWLRQVH[SHULHQFHGE\IDQVDUHOLNHO\WR
EHPXFKPRUHDFXWHZKHQWKHWHDPGRHVPXFKEHWWHURUPXFKZRUVHWKDQH[SHFWHG

6LJHOPDQ V  UHVHDUFKSURYLGHVVRPHHPSLULFDOVXSSRUWIRUWKHUROHRIH[SHFWDQF\


GLVFRQILUPDWLRQLQFRPSHWLWLYHVSRUWV6LJHOPDQZDVXQDEOHWRUHSOLFDWH&LDOGLQLHWDO V 6WXG\
 %,5*HIIHFWLQDILHOGVWXG\RQFLWL]HQV OLNHOLKRRGRIHLWKHUOHDYLQJXSRUWDNLQJGRZQ\DUGVLJQV
VXSSRUWLQJDSDUWLFXODUFDQGLGDWHDIWHUDORFDOFRXQW\HOHFWLRQ8QOLNH&LDOGLQLHWDO VVWXG\LQZKLFK
VWXGHQWVZHUHIRXQGWREHPRUHOLNHO\WRZHDUFORWKLQJIHDWXULQJWKHVFKRROLQVLJQLDDIWHUIRRWEDOO
YLFWRULHVWKDQDIWHUORVVHV6LJHOPDQIRXQGWKDWFLWL]HQVZHUHQRPRUHOLNHO\WROHDYHVLJQVXSIRU
HOHFWLRQZLQQHUVWKDQIRUORVHUV+HDWWULEXWHGWKHIDLOXUHWRDNH\FRQWH[WXDOGLIIHUHQFHEHWZHHQD
FRXQW\HOHFWLRQDQGDQDWKOHWLFFRQWHVWWKHFOLPDWHRIH[SHFWDWLRQVLQZKLFKEHKDYLRURFFXUV S
HPSKDVLVLQRULJLQDO 6LJHOPDQDUJXHGWKDWLQWKHORFDOHOHFWLRQWKHUHZHUHQRFOHDUFXWH[SHFWDWLRQV
DERXWZKRZRXOGZLQDQGZKRZRXOGORVH%\FRQWUDVWWKHVFKRROVLQFOXGHGLQ&LDOGLQLHWDO VDSSDUHO
VWXG\ZHUHDOOIRRWEDOOWHDPVZKRVHDQQXDOZLQORVVUHFRUGVRYHUWKH\HDUVSODFHGWKHPDPRQJWKH
QDWLRQ VEHVW6LJHOPDQDUJXHGWKDWLQVLWXDWLRQVZKHUHZLQQLQJLVH[SHFWHGORVLQJFDQEHSDUWLFXODUO\
WUDXPDWLFDQGWKHPRWLYHWR&25)PD\EHXQXVXDOO\VWURQJ&RQYHUVHO\ZKHUHZLQQLQJLVQRWWKH
QRUP LHZKHUHORZH[SHFWDWLRQVH[LVW ORVLQJEHFRPHVPRUHDFFHSWDEOHRUDWOHDVWOHVV
XQDFFHSWDEOH

7HDP,GHQWLILFDWLRQ$QLQGLYLGXDOGLIIHUHQFHYDULDEOHWKDWKDVEHHQVKRZQWREHDQHVSHFLDOO\
LPSRUWDQWSUHGLFWRURIWKH%,5*HIIHFWDQGHQMR\PHQWLVWHDPLGHQWLILFDWLRQ7HDPLGHQWLILFDWLRQ
FRQVLGHUVWKHYDOHQFHRIWKHXQLWUHODWLRQVKLSEHWZHHQWKHIDQDQGWKHWHDP  $VZLWKDQ\LPSRUWDQW
VRFLDOLGHQWLW\ $EUDPV +RJJ IDQVKLSUHSUHVHQWVDQDVVRFLDWLRQIURPZKLFKWKHLQGLYLGXDO
GHULYHVFRQVLGHUDEOHHPRWLRQDODQGYDOXHVLJQLILFDQFH)RUH[DPSOHWHDPLGHQWLILFDWLRQKDVEHHQ
SRVLWLYHO\UHODWHGWRJHQHUDOVHOIHVWHHPDQGDSRVLWLYHRXWORRNRQOLIHDQGQHJDWLYHO\UHODWHGWR
GHSUHVVLRQDQGQHJDWLYHDIIHFWLYHH[SHULHQFHV %UDQVFRPEH :DQQ 

7HDPLGHQWLILFDWLRQSOD\VDPRGHUDWLQJUROHLQWKH%,5*DQG&25)UHVSRQVHVEHFDXVHVSRUWVIDQV
OR\DOW\RUSV\FKRORJLFDODWWDFKPHQWWRDWHDPYDULHV2QRQHHQGRIWKHFRQWLQXXPDUHIDQVZKRVH
LGHQWLILFDWLRQZLWKDSDUWLFXODUWHDPLVVRFHQWUDOWRWKHLULGHQWLW\WKDWWKH\UHPDLQOR\DOUHJDUGOHVVRI
WKHDGYHUVLW\IDFLQJWKHWHDPZKLOHDWWKHRWKHUHQGDUHWKRVHZKRVHDOOHJLDQFHLVWUDQVLWRU\DQG
GHSHQGHQWVROHO\RQWHDPSHUIRUPDQFH,QDVWXG\RIGLHKDUGDQGIDLUZHDWKHUIDQV:DQQDQG
%UDQVFRPEH  IRXQGWKDWIDQVKLJKHULQWHDPLGHQWLILFDWLRQWHQGHGWR%,5*PRUHDQG&25)
OHVVWKDQIDQVFODVVLILHGDVPRGHUDWHRUORZLQWHDPLGHQWLILFDWLRQ,QFRQWUDVWIDQVPRGHUDWHRUORZ
LQWHDPLGHQWLILFDWLRQZHUHOHVVOLNHO\WR%,5*DQGVKRZHGDQLQFUHDVHGWHQGHQF\WR&25)
%UDQVFRPEHDQG:DQQ  DGGHGIXUWKHUFUHGHQFHWRWKLVHIIHFWE\UHSRUWLQJWKDWDIDQ V
LGHQWLILFDWLRQZLWKDWHDPZDVQRWUHODWHGWRWKDWWHDP VSURIHVVLRQDOUHFRUG7KHVHVWXGLHVPD\KHOS
H[SODLQWKHEHKDYLRURIIDQVZKRFRQWLQXHWRUHPDLQOR\DOWRPHGLRFUHWHDPV HJ&KLFDJR&XEV
\HDUDIWHU\HDU

,QDPRUHUHFHQWVWXG\+LUWHWDO  H[DPLQHGVRPHRIWKHFRVWVDQGEHQHILWVRILGHQWLI\LQJZLWK


DVSRUWVWHDP7KHUHVHDUFKHUVDUJXHGWKDWDVWURQJDOOHJLDQFHZLWKDWHDPLVULVN\EHFDXVHRQFH
FRPPLWWHGDIDQLVXQDEOHWRHDVLO\GLVDVVRFLDWHIURPWKHWHDPRU&25)DYLHZWKDWLVFRQVLVWHQW
ZLWKWKHZRUNRI:DQQDQG%UDQVFRPEH  &RQVHTXHQWO\WKHIDQLVXQDEOHWRHVFDSHWKH
QHJDWLYHDVVRFLDWLRQZKHQWKHWHDPSHUIRUPVSRRUO\+LUWHWDOIRXQGWKDWIDQVHQMR\HGSRVLWLYH
EHQHILWV LQFUHDVHGPRRGDQGVHOIHVWHHPDQGLQFUHDVHGEHOLHILQSHUVRQDOFRPSHWHQFH DVDUHVXOW
RIWHDPVXFFHVVDQGWKDWWKH\VXIIHUHGQHJDWLYHFRVWV GHFUHDVHGPRRGDQGVHOIHVWHHPDQG
GHFUHDVHGEHOLHILQSHUVRQDOFRPSHWHQFH ZKHQWKHWHDPIDLOHG,QDGGLWLRQIDQV HVWLPDWHVRIERWK
WKHWHDP VDQGWKHLURZQIXWXUHSHUIRUPDQFHRQDVHULHVRIVNLOOVWDVNVZHUHVLJQLILFDQWO\EHWWHULQWKH
ZLQWKDQLQWKHORVVFRQGLWLRQ7KHVHUHVXOWVSURYLGHHPSLULFDOHYLGHQFHVXSSRUWLQJ6FKDIHU V 
DVVHUWLRQWKDWIDQVVHHWKHLUWHDPDVDQH[WHQVLRQRIVHOI,QRWKHUZRUGVWKHDVVRFLDWLRQEHWZHHQ
IDQDQGWHDPLVVXFKWKDWWHDPVXFFHVVLVLQWHUSUHWHGDVSHUVRQDOVXFFHVVDQGWHDPIDLOXUHLV
LQWHUSUHWHGDVSHUVRQDOIDLOXUH
4XDOLW\RI2SSRQHQW7KHILQDOFRJQLWLYHDQWHFHGHQWRIEDVNLQJLQUHIOHFWHGJORU\DQGHQMR\PHQW
FRQVLGHUHGLQWKLVVWXG\LVWKHTXDOLW\RIWKHRSSRQHQW7KLVYDULDEOHUHSUHVHQWVDQREMHFWLYHPHDVXUH
RISHUFHLYHGWKUHDW7KHUHVXOWVUHSRUWHGE\&LDOGLQLHWDO 6WXGLHVDQG VXJJHVWWKDWWKH
WHQGHQF\WRDVVRFLDWHZLWKDSRVLWLYHVRXUFHZDVVWURQJHVWZKHQRQH VSXEOLFLPDJHZDVWKUHDWHQHG
%UHDNZHOO  KDVDUJXHGWKDWDOWKRXJKWKUHDWVDUHXVXDOO\SHUFHLYHGDWWKHLQGLYLGXDOOHYHOWKH\
TXLWHRIWHQLQYROYHJURXSPHPEHUVKLSV&RQVHTXHQWO\DQLQGLYLGXDOGHULYLQJSDUWRIKHURUKLVVHOI
LPDJHIURPDVSRUWVWHDPLVPRUHOLNHO\WRSHUFHLYHWKUHDWVWRWKHWHDPDVWKUHDWVWRWKDWLQGLYLGXDO V
LGHQWLW\7KLVOLQHRIUHDVRQLQJVXJJHVWVWKDWYLFWRULHVDJDLQVWRSSRQHQWVSHUFHLYHGDVEHLQJJUHDWHU
WKUHDWVDUHPRUHOLNHO\WROHDGWRDJUHDWHUGHVLUHWRDVVRFLDWHZLWKWKHZLQQLQJWHDPDQGLQFUHDVHG
HQMR\PHQW

7KH(IIHFWRI$IIHFWRQ6DWLVIDFWLRQ-XGJPHQWV

5HFHQWO\WKHUROHRIDIIHFWDVDSUHGLFWRURIVDWLVIDFWLRQMXGJPHQWVKDVUHFHLYHGFRQVLGHUDEOH
DWWHQWLRQLQWKHFRQVXPHUEHKDYLRUOLWHUDWXUH*HQHUDOO\VDWLVIDFWLRQKDVEHHQGHVFULEHGDVD
SRVWFKRLFHFRJQLWLYHHYDOXDWLRQSHUWDLQLQJWRDVSHFLILFSXUFKDVHGHFLVLRQ 'D\ %XLOGLQJRQ
WKHZRUNRI:HLQHU  2OLYHU  KDVSUHVHQWHGDWKHRUHWLFDOIUDPHZRUNLQZKLFKDSXUFKDVH
RXWFRPHOHDGVWRERWKDJHQHUDOL]HGVWDWHRIDIIHFW HJKDSS\LISRVLWLYHIUXVWUDWHGRUVDGLI
QHJDWLYH DQGVSHFLILFHPRWLRQDOUHDFWLRQVUHVXOWLQJIURPGLVFRQILUPDWLRQLQGXFHGDWWULEXWLRQ
$FFRUGLQJWR2OLYHUWKHJHQHUDOL]HGDIIHFWSDWKLVSDUDOOHOWRWKHFRJQLWLYH GLVFRQILUPDWLRQ VHTXHQFH
ZLWKHDFKVLPXOWDQHRXVO\LQIOXHQFLQJVDWLVIDFWLRQ$FFRUGLQJO\DIIHFWLVDQWHFHGHQWWRVDWLVIDFWLRQ,Q
IDFWVDWLVIDFWLRQMXGJPHQWVDERXWFRQVXPSWLRQH[SHULHQFHVUHVXOWIURPWKHFRJQLWLYHSURFHVVLQJ LH
HYDOXDWLQJ RIDIIHFW7KLVLVVXSSRUWHGE\UHVHDUFKVKRZLQJWKDWLQGLYLGXDOVIRUPVXPPDU\VWDWHV
UHSUHVHQWLQJSRVLWLYHDQGQHJDWLYHDIIHFWLQUHDFWLRQWRSURGXFWVHUYLFHFRQVXPSWLRQDQGWKDWWKHVH
VWDWHVKDYHDGLUHFWLQIOXHQFHRQVDWLVIDFWLRQMXGJPHQWV 0DQR 2OLYHU2OLYHU
:HVWEURRN:HVWEURRN 2OLYHU 

7KHUHVHDUFKUHSRUWHGE\2OLYHU  DQG:HVWEURRN  SRVLWHGDGLUHFWHIIHFWRIH[SHFWDQF\


GLVFRQILUPDWLRQRQVDWLVIDFWLRQMXGJPHQWVUDWKHUWKDQDSDWKPHGLDWHGE\DIIHFW,QFRQWUDVWWRKLV
HDUOLHUGLVFXVVLRQ  RQDGLVFRQILUPDWLRQDWWULEXWLRQDIIHFWVDWLVIDFWLRQKLHUDUFK\2OLYHU
SURSRVHGDPRGHOVXJJHVWLQJWKDWH[SHFWDQF\GLVFRQILUPDWLRQDQGDWWULEXWHGHSHQGHQWDIIHFWHDFK
FRQWULEXWHGXQLTXHO\WRVDWLVIDFWLRQMXGJPHQWV+HSRVLWHGWKDWWKHWZRZHUHGLVWLQFWEHFDXVH
GLVFRQILUPDWLRQUHTXLUHVGHOLEHUDWHFRJQLWLYHSURFHVVLQJZKHUHDVDIIHFWLYHSURFHVVLQJLVQRWXQGHU
FRQVFLRXVFRQWURO,QWHUHVWLQJO\2OLYHU  DQG:HVWEURRN  IRXQGWKDWWKHGLUHFWLQIOXHQFHRI
H[SHFWDQF\GLVFRQILUPDWLRQKDGDVXEVWDQWLDOO\JUHDWHUHIIHFWRQVDWLVIDFWLRQWKDQGLGDIIHFW+RZHYHU
QHLWKHU2OLYHUQRU:HVWEURRNDGGUHVVHGWKHSRVVLELOLW\WKDWWKHHIIHFWRIH[SHFWDQF\GLVFRQILUPDWLRQ
RQVDWLVIDFWLRQPD\EHSDUWLDOO\RUZKROO\PHGLDWHGE\DIIHFW)RUH[DPSOH.HPSHU  KDV
UHSRUWHGWKDWGLVFRQILUPDWLRQOHDGVWRVWURQJHUHPRWLRQDOUHVSRQVHVWKDQGRHVFRQILUPDWLRQDQGD
UHFHQWVWXG\E\0LGNLIIDQG*ULIILQ  KDVSURYLGHGDGLUHFWOLQNIURPGLVFRQILUPDWLRQWRDIIHFWLYH
UHDFWLRQV

7KH0RGHO

'HULYHGIURPWKHSUHYLRXVGLVFXVVLRQWKHVWUXFWXUDOUHODWLRQVGHSLFWHGLQ)LJXUHUHSUHVHQWWKH
K\SRWKHVL]HGPRGHO7KHUHFXUVLYHPRGHOEHJLQVZLWKGLUHFWHIIHFWVIURPWHDPLGHQWLILFDWLRQTXDOLW\
RIWKHRSSRQHQWDQGH[SHFWDQF\GLVFRQILUPDWLRQWREDVNLQJLQUHIOHFWHGJORU\DQGHQMR\PHQW
%DVNLQJLQUHIOHFWHGJORU\DQGHQMR\PHQWDUHWKHQGLUHFWO\UHODWHGWRVDWLVIDFWLRQZLWKWKHGHFLVLRQWR
DWWHQGWKHHYHQW(QMR\PHQWZDVVHOHFWHGLQWKHFXUUHQWVWXG\EHFDXVHRILWVORJLFDODVVRFLDWLRQZLWK
WKH%,5*SKHQRPHQRQDQGEHFDXVHRIWKHHYHQWXDORXWFRPHRIHDFKRIWKHJDPHVLQFOXGHGLQWKH
DQDO\VLV

>)LJXUH,//8675$7,2120,77('@

%DJR]]L  QRWHGWKHQHHGIRUUHVHDUFKHUVWRDOVRFRQVLGHUULYDOK\SRWKHVHVLQWKHRU\


FRQVWUXFWLRQDQGVWUHVVHGWKDWWKHVHDOWHUQDWLYHK\SRWKHVHVVKRXOGEHWHVWHGZLWKLQWKHVDPHVWXG\
ZKHQHYHUSRVVLEOH7KXVWZRDOWHUQDWLYHPRGHOVZHUHDOVRFRQVLGHUHG0RGHOH[DPLQHGWKH
SRVVLELOLW\WKDWH[SHFWDQF\GLVFRQILUPDWLRQKDGDGLUHFWHIIHFWRQVDWLVIDFWLRQMXGJPHQWVDQGZDVQRW
PHGLDWHGE\DIIHFW7KXVWHDPLGHQWLILFDWLRQDQGTXDOLW\RIRSSRQHQWZHUHHDFKUHODWHGGLUHFWO\WR
HQMR\PHQWDQGEDVNLQJLQUHIOHFWHGJORU\%DVNLQJLQUHIOHFWHGJORU\HQMR\PHQWDQGH[SHFWDQF\
GLVFRQILUPDWLRQZHUHWKHQUHODWHGGLUHFWO\WRVDWLVIDFWLRQ0RGHODGGUHVVHGWKHWHPSRUDOSULRULW\RI
DIIHFWDQGVDWLVIDFWLRQ,WLVSRVVLEOHWKDWWKHHIIHFWRIH[SHFWDQF\GLVFRQILUPDWLRQWHDPLGHQWLILFDWLRQ
DQGTXDOLW\RIJDPHRQDIIHFWLVPHGLDWHGE\VDWLVIDFWLRQMXGJPHQWV7KXVDPRGHOVSHFLI\LQJWKHVH
UHODWLRQVKLSVZDVFRQVWUXFWHG

0HWKRG

$ILHOGVWXG\ZDVFRQGXFWHGLQZKLFKGDWDZHUHFROOHFWHGIURPLQGLYLGXDOVDWWHQGLQJRQHRIIRXU
ZRPHQ VEDVNHWEDOOJDPHVDWDODUJHPLGZHVWHUQVWDWHXQLYHUVLW\$FRQYHQLHQFHVDPSOHXVLQJWZR
VWDJHVDPSOLQJZDVXVHGWRFROOHFWGDWDIURPLQGLYLGXDOV)LYHVXUYH\RUVDOOWUDLQHGJUDGXDWH
VWXGHQWVZHUHDVVLJQHGWRYDULRXVVHFWLRQVRIWKHDUHQDDQGLQVWUXFWHGWRFRQWDFWLQGLYLGXDOVSULRUWR
WKHEHJLQQLQJRIWKHJDPH3RWHQWLDOUHVSRQGHQWVZHUHILUVWDVNHGLIWKH\ZRXOGEHZLOOLQJWR
SDUWLFLSDWHLQDVWXG\RQIDQEHKDYLRU,IWKH\DJUHHGWKH\ZHUHWKHQWROGWKDWGDWDZRXOGEHFROOHFWHG
LQWZRVWDJHV)LUVWDVKRUWTXHVWLRQQDLUHZRXOGEHFRPSOHWHGEHIRUHWKHJDPHEHJDQ6HFRQGWKH
IDQPXVWEHZLOOLQJWRPHHWDWDFHQWUDOORFDWLRQLPPHGLDWHO\DIWHUWKHJDPHWRFRPSOHWHDVHFRQG
TXHVWLRQQDLUH2IWKHLQGLYLGXDOVDJUHHLQJWRSDUWLFLSDWHDSSUR[LPDWHO\ 1  UHWXUQHG
DIWHUWKHJDPHWRFRPSOHWHWKHVHFRQGTXHVWLRQQDLUH7KHILUVWTXHVWLRQQDLUHLQFOXGHGLWHPVUHODWHG
WRWHDPLGHQWLILFDWLRQH[SHULHQFHZLWKWKHWHDPDQGGHPRJUDSKLFYDULDEOHVZKHUHDVWKHVHFRQG
LQFOXGHGVFDOHVDVVHVVLQJH[SHFWDQF\GLVFRQILUPDWLRQHPRWLRQDOUHDFWLRQVWRWKHJDPHEDVNLQJLQ
UHIOHFWHGJORU\DQGVDWLVIDFWLRQZLWKWKHGHFLVLRQWRDWWHQGWKHJDPH

7KHVDPSOHZDVFRPSULVHGRIIDUPRUHZRPHQ  WKDQPHQ  $OWKRXJKQRDWKOHWLF


GHSDUWPHQWVWDWLVWLFVDUHNHSWRQDFWXDODWWHQGDQFHE\VH[WKHGLVSDULW\LVXQGHUVWDQGDEOHJLYHQWKDW
WKHGDWDZHUHFROOHFWHGDWZRPHQ VEDVNHWEDOOJDPHV7KHPHDQDJHIRUWKHVDPSOHZDV\HDUV
6' \HDUV %\IDUWKHPDMRULW\RIWKHVDPSOH  ZHUHQRWVHDVRQWLFNHWKROGHUV
DOWKRXJKPRVW QHDUO\ KDGDWWHQGHGRUZHUHSODQQLQJWRDWWHQGWKUHHRUPRUHJDPHVGXULQJWKH
VHDVRQ7KHQXPEHUDQGSHUFHQWDJHRIUHVSRQGHQWVSDUWLFLSDWLQJLQERWKVWDJHVRIGDWDFROOHFWLRQE\
JDPHZHUHUHVSHFWLYHO\      DQG  
0HDVXUHV

7HDP,GHQWLILFDWLRQ$QLQHLWHPVFDOHGHYHORSHGE\:DQQDQG%UDQVFRPEH  WRPHDVXUHIDQV


LGHQWLILFDWLRQZLWKDSDUWLFXODUVSRUWVWHDPZDVXVHGLQWKHFXUUHQWVWXG\6L[RIWKHLWHPVDGGUHVV
LQGLYLGXDOV SHUVRQDOLGHQWLILFDWLRQZLWKWKHWHDPZKHUHDVWKUHHDUHFRQFHUQHGZLWKZKHWKHUWKH
LQGLYLGXDOIROORZVWKHWHDPYLDYDULRXVPHGLDVRXUFHV7KHLWHPVZLWKLQHDFKGLPHQVLRQZHUH
VXPPHGWRIRUPWZRVXPPDU\PHDVXUHV SHUVRQDOLGHQWLILFDWLRQZLWKWKHWHDPPHGLDXVDJH DQG
HDFKZDVUHODWHGWRDWHDPLGHQWLILFDWLRQFRQVWUXFW$VSHU:DQQDQG%UDQVFRPEHLWHPVZHUH
PHDVXUHGXVLQJELSRODUVHYHQSRLQWVFDOHV

([SHFWDQF\'LVFRQILUPDWLRQ'LVFRQILUPDWLRQPHDVXUHVRIWHQLQYROYHDSUHWHVWLQTXLULQJDERXW
H[SHFWDQFLHVDQGDSRVWWHVWDVVHVVLQJDFWXDOSHUIRUPDQFH([SHFWDQF\GLVFRQILUPDWLRQLVWKHQ
VXEVHTXHQWO\FDOFXODWHGDVWKHGLVSDULW\EHWZHHQWKHWZRPHDVXUHV+RZHYHU3HWHU&KXUFKLOODQG
%URZQ  KDYHUHFHQWO\SUHVHQWHGDQXPEHURIUHDVRQVZK\GLIIHUHQFHVFRUHVVKRXOGEH
DYRLGHG7KHUHIRUHUHVSRQGHQWVLQWKHFXUUHQWVWXG\ZHUHDOORZHGWRDVVHVVGLVFRQILUPDWLRQ
VXEMHFWLYHO\XVLQJDPHDVXUHRIGLUHFWFRPSDULVRQ 2OLYHU 7KHH[SHFWDQF\GLVFRQILUPDWLRQ
PHDVXUHLQFOXGHGLQWKHVHFRQGTXHVWLRQQDLUHZDVFRPSOHWHGE\UHVSRQGHQWVLPPHGLDWHO\DIWHUWKH
JDPH&RQVLVWHQWZLWK7VHDQG:LOWRQ  UHVSRQGHQWVZHUHDVNHG2YHUDOOKRZFORVHGLGWKH
WHDP VQDPH FRPHWRPHHWLQJ\RXUH[SHFWDWLRQVRQWZRLWHPV7KHILUVWLWHPDGGUHVVHGKRZZHOO
WKHWHDPSOD\HG 3/$< DQGWKHVHFRQGDVNHGDERXWWKHTXDOLW\RIWKHJDPH 48$/,7< ,WHPVZHUH
DVVHVVHGRQDVHYHQSRLQW/LNHUWVFDOHGHYHORSHGE\2OLYHU  ZKLFKUDQJHGIURPPXFK
ZRUVHWKDQ,H[SHFWHG  WRPXFKEHWWHUWKDQ,H[SHFWHG  

4XDOLW\RIWKH2SSRQHQW4XDOLW\RIWKHRSSRQHQWZDVFDOFXODWHGDVDGLFKRWRPRXVYDULDEOHEDVHGRQ
ZKLFKRIWKHIRXUJDPHVZDVDWWHQGHG7KHILUVWOHYHOLQFOXGHGUHVSRQGHQWVDWWHQGLQJHLWKHUWKHILUVW
RUVHFRQGJDPH Q  WKHVHFRQGOHYHOLQFOXGHGWKRVHDWWHQGLQJJDPHVWKUHHRUIRXU Q  
*DPHVZHUHGLYLGHGRQWKHEDVLVRIKRZZHOOWKHRSSRVLQJWHDPKDGGRQHWKHSUHYLRXV\HDUDQG
KRZWKH\ZHUHH[SHFWHGWRGRGXULQJWKHFXUUHQWVHDVRQ*DPHVRQHDQGWZRZHUHDJDLQVW
RSSRQHQWVWKDWWKHKRPHWHDPZDVH[SHFWHGWREHDWEDVHGRQUDQNLQJVERWKZLWKLQWKHFRQIHUHQFH
DQGQDWLRQDOO\,QIDFWWKHKRPHWHDPZRQWKHILUVWJDPHE\SRLQWVDQGWKHVHFRQGJDPHE\
SRLQWV7KHILQDOWZRJDPHVZHUHDJDLQVWRSSRQHQWVZKRZHUHUDQNHGKLJKHUERWKLQWKHFRQIHUHQFH
DQGQDWLRQDOO\$VWKLQJVWXUQHGRXWWKHKRPHWHDPZRQERWKJDPHV7KHPDUJLQRIYLFWRU\LQWKH
WKLUGJDPHZDVDWZRSRLQWEDVNHWLQKHFORVLQJVHFRQGVZKHUHDVWKHKRPHWHDPZRQWKHIRXUWK
JDPHDJDLQVWDWHDPUDQNHGQXPEHUWZRLQWKHFRXQWU\E\SRLQWV

%DVNLQJLQ5HIOHFWHG*ORU\&RQVLVWHQWZLWK&LDOGLQLHWDO V  FRQFHSWXDOL]DWLRQRIWKH%,5*


UHVSRQVHDVWKHWHQGHQF\WRLQFUHDVHRQH VDVVRFLDWLRQZLWKDVXFFHVVIXORWKHUDVLQJOHLWHP
PHDVXUHZDVLQFOXGHGRQWKHSRVWJDPHTXHVWLRQQDLUHWRDVVHVVWKHSKHQRPHQRQ6SHFLILFDOO\
UHVSRQGHQWVZHUHDVNHG$IWHUYLHZLQJWKLVJDPH,ZRXOGOLNHWRZLWKUHVSRQVHVUDQJLQJIURP
GHFUHDVHP\DVVRFLDWLRQZLWKWKLVWHDP  WRLQFUHDVHP\DVVRFLDWLRQZLWKWKLVWHDP  

(QMR\PHQW5HVSRQGHQWVZHUHDVNHGWRFRPSOHWHVL[RIWHQVXEVFDOHVIURP,]DUG V  'LIIHUHQWLDO


(PRWLRQV6FDOH '(6 6SHFLILFDOO\SDUWLFLSDQWVUHVSRQGHGWRLWHPVUHSUHVHQWLQJVL[GLIIHUHQW
HPRWLRQV HQMR\PHQWVXUSULVHGLVWUHVVDQJHUGLVJXVWFRQWHPSW )RUSXUSRVHVRIFRQFHSWXDO
FODULW\DQGPRGHOEUHYLW\RQO\WKHHQMR\PHQWVXEVFDOHZDVLQFOXGHGLQWKHFXUUHQWVWXG\
5HVSRQGHQWVZHUHDVNHGWRLQGLFDWHWKHH[WHQWWRZKLFKWKH\H[SHULHQFHGHDFKRIWKHIROORZLQJDVD
UHVXOWRIZDWFKLQJWKHJDPHMXVWFRPSOHWHGKDSS\GHOLJKWHGMR\IXO6LPLODUWRWKHDUJXPHQWSURYLGHG
DERYHIRUH[SHFWDQF\GLVFRQILUPDWLRQDGLUHFWFRPSDULVRQPHDVXUHDVRSSRVHGWRDSUHDQGSRVW
PHDVXUHZDVDOVRGHHPHGPRVWDSSURSULDWHLQDVVHVVLQJUHVSRQGHQWV DIIHFWLYHUHVSRQVHWRWKH
JDPH7KXVDVHYHQSRLQWVFDOHUDQJLQJIURPIDUOHVVWKDQEHIRUHWKHJDPH  WRIDUPRUHWKDQ
EHIRUHWKHJDPH  ZDVXVHG

6DWLVIDFWLRQ7KUHHLWHPVXVHGLQSUHYLRXVUHVHDUFK 2OLYHU ZHUHLQFOXGHGRQWKHSRVWJDPH


TXHVWLRQQDLUHWRDVVHVVIDQV VDWLVIDFWLRQZLWKWKHLUGHFLVLRQWRDWWHQGWKDWSDUWLFXODUJDPH(DFKRI
WKHLWHPVZDVPHDVXUHGRQDVHYHQSRLQW/LNHUWVFDOHUDQJLQJIURPVWURQJO\GLVDJUHH  WRVWURQJO\
DJUHH  7KHWKUHHLWHPVZHUHUHVSHFWLYHO\,DPVDWLVILHGZLWKP\GHFLVLRQWRDWWHQGWKLVJDPH
6$7 ,WKLQNWKDW,GLGWKHULJKWWKLQJE\GHFLGLQJWRDWWHQGWKLVJDPH 6$7 DQG,DPQRW
KDSS\WKDW,DWWHQGHGWKLVJDPH 6$7UHYHUVHFRGHG 

'DWD$QDO\VLV

'DWDZHUHDQDO\]HGXVLQJWKH5$021$FRPSXWHUSURJUDP %URZQH 0HOV 5$021$


LPSOHPHQWVWKH0F$UGOHDQG0F'RQDOG  5HWLFXODU$FWLRQ0RGHO 5$0 IRUSDWKDQDO\VLVZLWK
PDQLIHVWDQGODWHQWYDULDEOHV$QDGYDQWDJHRI5$021$RYHURWKHUSURJUDPVLVWKDWLWFDQFRUUHFWO\
ILWSDWKDQDO\VLVPRGHOVWRFRUUHODWLRQPDWULFHVWKHUHIRUHDYRLGLQJWKHHUURUVDVVRFLDWHGZLWKWUHDWLQJ
DFRUUHODWLRQPDWUL[DVLILWZHUHDFRYDULDQFHPDWUL[ &XGHFN )XUWKHUPRUHERWKH[RJHQRXV
DQGHQGRJHQRXVODWHQWYDULDEOHYDULDQFHVFDQEHUHTXLUHGWRKDYHXQLWYDULDQFHV$VDUHVXOWWKH
VWDQGDUGHUURUVDVVRFLDWHGZLWKHVWLPDWHVRIVWDQGDUGL]HGSDWKFRHIILFLHQWVFDQEHREWDLQHGWKXV
DYRLGLQJWKHGLIILFXOWLHVDVVRFLDWHGZLWKWKHLQWHUSUHWDWLRQRIXQVWDQGDUGL]HGSDWKFRHIILFLHQWV %ROOHQ
 

*RRGQHVVRIILWVWDWLVWLFVLQGLFDWHWKHH[WHQWWRZKLFKDK\SRWKHVL]HGPRGHOLVDEOHWRUHSURGXFHWKH
REVHUYHGGDWD$OWKRXJKFRQWURYHUV\H[LVWVUHJDUGLQJWKHPRVWDSSURSULDWHPHWKRGRUILWVWDWLVWLFWR
EHXVHGLQLGHQWLI\LQJWKHEHVWPRGHOLWLVJHQHUDOO\DJUHHGWKDWPXOWLSOHPHDVXUHVRIILWDUH
SUHIHUDEOH5DWKHUWKDQDVVHVVLQJJRRGQHVVRIILWWZRPHDVXUHVZHUHVHOHFWHGWRHYDOXDWHWKH
GHJUHHRIODFNRIILWRIDPRGHO %URZQH &XGHFN 0HDVXUHVRIILWLQYROYLQJFRPSDULVRQV
EHWZHHQDQXOOPRGHODQGDK\SRWKHVL]HGPRGHOXVLQJDVLQJOHLQGH[ HJ0XODLN-DPHV9DQ
$OVWLQH%HQQHWW/LQG 6WLOOZHOOSS%ROOHQSS ZHUHQRWHPSOR\HG
6REHODQG%RKUQVWHGW  KDYHDUJXHGWKDWLWPDNHVPRUHVHQVHWRVHOHFWDUHIHUHQWPRGHORQWKH
EDVLVRISULRUWKHRU\WKDQRQDQXOOPRGHO7KHUHIRUHFRPSHWLQJPRGHOVZHUHFRPSDUHGXVLQJ
VHSDUDWHPHDVXUHVRIODFNRIILWRILQGLYLGXDOPRGHOVUDWKHUWKDQDVLQJOHLQGH[ZKRVHPDJQLWXGHLV
DIIHFWHGE\WKHQXOOPRGHODQGWKHPRGHOEHLQJHYDOXDWHG)XUWKHUPRUHEHFDXVHPHDVXUHVRIILW
UHSUHVHQWDSSUR[LPDWLRQVWKDWDUHQRWGLUHFWO\REVHUYDEOHDQGPXVWEHHVWLPDWHGIURPDVDPSOH
SRLQWHVWLPDWHVDUHVXSSOHPHQWHGE\LQWHUYDOHVWLPDWHVVRDVWREULQJDWWHQWLRQWRWKHODFNRI
SUHFLVLRQRIWKHHVWLPDWH7KHFXUUHQWVWXG\HPSOR\HGDFRQILGHQFHLQWHUYDODURXQGWKHSRLQW
HVWLPDWHV 6WHLJHU /LQG 

7KHILUVWPHDVXUHRIODFNRIILWZDV6WHLJHU V 6WHLJHU /LQG URRWPHDQVTXDUHHUURURI


DSSUR[LPDWLRQ 506($ ZKLFKLVDPHDVXUHRIWKHGLVFUHSDQF\SHUGHJUHHRIIUHHGRPIRUWKHPRGHO
7KH506($LVDEDGQHVVRIILWVWDWLVWLFERXQGHGEHORZE\]HURDQGZLOOEH]HURRQO\ZKHQWKHPRGHO
ILWVWKHGDWDH[DFWO\%URZQHDQG&XGHFN  REVHUYHGWKDW506($YDOXHVRIDSSUR[LPDWHO\
RUORZHULQGLFDWHDFORVHILWRIWKHPRGHOLQUHODWLRQWRWKHGHJUHHVRIIUHHGRPDQGFDQQRWEHUHMHFWHG
EHFDXVHWKHORZHUOLPLWRIWKHFRQILGHQFHLQWHUYDOLV]HUR0RGHOVZLWKYDOXHVRIDSSUR[LPDWHO\
RUOHVVLQGLFDWHDUHDVRQDEOHHUURURIDSSUR[LPDWLRQDQGPRGHOVZLWKD506($JUHDWHUWKDQ
VKRXOGQRWEHFRQVLGHUHG

7UDGLWLRQDOO\DQRYHUDOOFKLVTXDUHVWDWLVWLFLVXVHGWRDVVHVVWKHH[DFWILWRIDPRGHO,QYDULDEO\
KRZHYHUWKHQXOOK\SRWKHVLVLVUHMHFWHGLIWKHVDPSOHVL]HLVVXIILFLHQWO\ODUJH7KLVOHDGVWRWKH
SRVVLELOLW\RIDGGLQJXQLQWHUSUHWDEOHRUQRQWKHRUHWLFDOSDUDPHWHUVWRWKHPRGHORUWKHXVHRIRQO\
VPDOOVDPSOHV7KHUHIRUH%URZQHDQG&XGHFN  VXJJHVWHGWKHXVHRIDQXOOK\SRWKHVLVRI
FORVHILWDQGDFRUUHVSRQGLQJVWDWLVWLFDOWHVW7KHWHVWRIFORVHILWZLOOQRWEHUHMHFWHGDWWKHOHYHOLI
WKHORZHUOLPLWRIWKHFRQILGHQFHOHYHORQWKH506($LVOHVVWKDQ&RQVHTXHQWO\
H[FHHGDQFHSUREDELOLWLHVIRUERWKH[DFWILWDQGFORVHILWZHUHFRQVLGHUHG

7KHILQDODVVHVVPHQWRIILWZDVWKH([SHFWHG&URVV9DOLGDWLRQ,QGH[ (&9,%URZQH &XGHFN 


7KH(&9,XQOLNHWKH506($ZKLFKGRHVQRWGHSHQGRQVDPSOHVL]HFRQVLGHUVWKHIDFWWKDWLWLVQRW
DGYLVDEOHWRRYHUSDUDPHWHUL]HDPRGHOZKHQ1LVVPDOO/RZHUYDOXHVRIWKH(&9,LQGLFDWHEHWWHUILW
ZLWKDYDULDQWUDQJHWKDWGHSHQGVRQWKHVSHFLILFVRIWKHDSSOLFDWLRQ7KHUHIRUHWKHSRLQWHVWLPDWHRI
WKH(&9,JLYHVVRPHJXLGDQFHLQGHWHUPLQLQJWKHQXPEHURISDUDPHWHUVWKDWVKRXOGEHUHWDLQHG
$JDLQEHFDXVHVDPSOLQJYDULDELOLW\LQIOXHQFHVWKHSRLQWHVWLPDWHVDFRQILGHQFHLQWHUYDOLV
SURYLGHG

7KHPHDVXUHVRIILWGHVFULEHGDERYHZHUHXVHGWRDVVHVVWKUHHFRPSHWLQJPRGHOV0RGHO
FRPSDULVRQVDQGVSHFLILFDWLRQVZHUHFRQGXFWHGXVLQJ$QGHUVRQDQG*HUELQJ V  WZRVWDJH
DSSURDFKWRVWUXFWXUDOPRGHOLQJ$FFRUGLQJO\DVDWXUDWHGPRGHOLQZKLFKDOOSDUDPHWHUV LH
XQLGLUHFWLRQDOSDWKV UHODWLQJWKHFRQVWUXFWVWRRQHDQRWKHUZDVVSHFLILHG7KLVPRGHOVHUYHGDVWKH
EDVHOLQHDQGZDVFRPSDUHGWRWKHWKUHHFRPSHWLQJ LHFRQVWUDLQHG PRGHOVXVLQJVHTXHQWLDOFKL
VTXDUHGLIIHUHQFHWHVWV7KHFRQVWUDLQHGPRGHOZLWKWKHFORVHVWILWWRWKHVDWXUDWHGPRGHOZDVWKHQ
FRPSDUHGWRDVHULHVRIQHVWHGPRGHOVLQZKLFKVSHFLILFSDWKVZHUHXQFRQVWUDLQHGRQWKHEDVLVRI
WKHRU\

5HVXOWV

3UHOLPLQDU\$QDO\VLV

$FRUUHODWLRQPDWUL[PHDQVVWDQGDUGGHYLDWLRQVDQGUHOLDELOLW\FRHIILFLHQWVIRUWKHVXPPDU\PHDVXUH
RIHDFKLWHPLQFOXGHGLQWKHPRGHODUHSUHVHQWHGLQ7DEOH7KHVHUHVXOWVLQGLFDWHWKDWRYHUDOO
UHVSRQGHQWVWHQGHGWREHKLJKO\LGHQWLILHGZLWKWKHZRPHQ VEDVNHWEDOOWHDPDQGGHULYHGDJUHDWGHDO
RIHQMR\PHQWDVDUHVXOWRIZDWFKLQJWKHJDPH,QDGGLWLRQWKHPHDQYDOXHVIRUWKHEDVNLQJLQ
UHIOHFWHGJORU\DQGVDWLVIDFWLRQVFDOHVZHUHTXLWHKLJKLQGLFDWLQJWKDWPRVWDWWHQGHUVGHVLUHGDQ
LQFUHDVHGDVVRFLDWLRQZLWKWKHWHDPDIWHUZDWFKLQJWKHJDPHDQGZHUHVDWLVILHGZLWKWKHLUGHFLVLRQWR
DWWHQG7KHUHDGHU VDWWHQWLRQLVQRZGLUHFWHGWRWKHFRUUHODWLRQVEHWZHHQWKH%,5*LWHPDQGHDFKRI
WKHHQMR\PHQWPHDVXUHV$OWKRXJKHDFKRIWKHFRUUHODWLRQVLVVXEVWDQWLDOWKHKLJKHVWFRUUHODWLRQ
EHWZHHQKDSS\DQG%,5* DFFRXQWVIRURQO\DERXWRIWKHYDULDQFH7KHVHFRUUHODWLRQVWHQGWR
VXSSRUWWKHQRWLRQWKDWWKH%,5*UHVSRQVHDQGHQMR\PHQWDOWKRXJKUHODWHGDUHQRWLGHQWLFDO
FRQVWUXFWV

7$%/('HVFULSWLYH6WDWLVWLFVDQG&RUUHODWLRQ0DWUL[IRU,QSXW9DULDEOHV 1 

‘•–”— –ƒ”‹ƒ„Ž‡•ɨɩɪɫɬɭ

š’‡ –ƒ ›
‹• ‘ˆ‹”ƒ–‹‘
ɨŜŽƒ›ɨŜɥɥ
ɩŜ—ƒŽ‹–›ŜɬɭɨŜɥɥ
‡ƒ †‡–‹ˆ‹ ƒ–‹‘
ɪŜ‡”• †ŞŜɥɨŜɥɰɨŜɥɥ
ɫŜ‡†‹ƒ•‡ŞŜɥɯŞŜɥɩŜɭɩɨŜɥɥ
—ƒŽ‹–›‘ˆ’’‘‡–
ɬŜ’’‘‡–ŜɨɰŜɨɭŜɨɩŞŜɥɩɨŜɥɥ
  
ɭŜ  ŜɨɭŜɩɫŜɬɩŜɪɭŜɩɨɨŜɥɥ
Œ‘›‡–
ɮŜ ƒ’’›ŜɪɥŜɪɬŜɫɨŜɪɭŜɩɪŜɬɨ
ɯŜ‡Ž‹‰Š–ŜɨɰŜɩɫŜɪɫŜɩɰŜɩɩŜɫɭ
ɰŜ ‘›ˆ—ŽŜɩɥŜɩɰŜɪɬŜɪɩŜɨɰŜɫɮ
ƒ–‹•ˆƒ –‹‘
ɨɥŜɨŜɨɫŜɨɪŜɩɥŜɩɨŜɩɥŜɪɬ
ɨɨŜɩŜɨɪŜɨɩŜɩɯŜɩɬŜɩɩŜɫɥ
ɨɩŜɪŜɥɮŜɥɮŜɩɥŜɩɨŜɨɪŜɪɨ

‘•–”— –ƒ”‹ƒ„Ž‡•ɮɯɰɨɥɨɨɨɩ

š’‡ –ƒ ›
‹• ‘ˆ‹”ƒ–‹‘
ɨŜŽƒ›

ɩŜ—ƒŽ‹–›
‡ƒ †‡–‹ˆ‹ ƒ–‹‘
ɪŜ‡”• †
ɫŜ‡†‹ƒ•‡
—ƒŽ‹–›‘ˆ’’‘‡–

ɬŜ’’‘‡–
  
ɭŜ  
Œ‘›‡–
ɮŜ ƒ’’›

ɯŜ‡Ž‹‰Š–ɨŜɥɥ
ɰŜ ‘›ˆ—ŽŜɭɰɨŜɥɥ
ƒ–‹•ˆƒ –‹‘ŜɭɯŜɮɥɨŜɥɥ
ɨɥŜɨŜɪɬŜɪɭŜɪɨɨŜɥɥ
ɨɨŜɩŜɫɩŜɫɩŜɪɫŜɯɯɨŜɥɥ
ɨɩŜɪŜɪɨŜɪɩŜɩɯŜɯɬŜɯɬɨŜɥɥ

‘•–”— –

‘•–”— –ƒ”‹ƒ„Ž‡•‡ƒ‡Ž‹ƒ„‹Ž‹–›ƒ‰‡‘Ŝ‘ˆ
 –‡•

š’‡ –ƒ ›
‹• ‘ˆ‹”ƒ–‹‘
ɨŜŽƒ›ɬŜɩɭɨŜɪɨŜɮɭɨŞɮɩ
ɩŜ—ƒŽ‹–›
‡ƒ †‡–‹ˆ‹ ƒ–‹‘
ɪŜ‡”• †ɬŜɪɩɨŜɨɮŜɯɪɨŞɮɭ
ɫŜ‡†‹ƒ•‡ɬŜɨɥɨŜɫɰŜɮɬɨŞɮɪ
—ƒŽ‹–›‘ˆ’’‘‡–
ɬŜ’’‘‡–
  ɭŜɫɩŜɰɩŞŞɫŞɮɨ
ɭŜ  
Œ‘›‡–ɬŜɰɨɨŜɥɮŜɯɮɨŞɮɪ
ɮŜ ƒ’’›
ɯŜ‡Ž‹‰Š–
ɰŜ ‘›ˆ—Ž
ƒ–‹•ˆƒ –‹‘ɭŜɮɰŜɭɫŜɰɬɨŞɮɪ
ɨɥŜɨ
ɨɨŜɩ
ɨɩŜɪ

$SRWHQWLDOO\UHOHYDQWTXHVWLRQWKDWDULVHVLPPHGLDWHO\LVZKHWKHUDQ\GLIIHUHQFHVH[LVWE\VH[IRU
WHDPLGHQWLILFDWLRQH[SHFWDQF\GLVFRQILUPDWLRQHQMR\PHQWEDVNLQJLQUHIOHFWHGJORU\DQG
VDWLVIDFWLRQ$PXOWLYDULDWHDQDO\VLVRIYDULDQFH 0$129$ ZDVFRQGXFWHGLQRUGHUWRDQVZHUWKLV
TXHVWLRQ7KHUHVXOWVLQGLFDWHGWKDWQRGLIIHUHQFHVH[LVWHGEHWZHHQZRPHQDQGPHQRQWKHVH
YDULDEOHV:LONV  )   S 7KXVVH[GLIIHUHQFHVZHUHQRWFRQVLGHUHGLQWKH
VWUXFWXUDOPRGHO

7HVWVRIFRPSHWLQJPRGHOV
$VXPPDU\RIILWPHDVXUHVDQGFRPSDULVRQVEHWZHHQWKHWKUHHFRPSHWLQJPRGHOVDVRXWOLQHGE\
$QGHUVRQDQG*HUELQJ  LVSUHVHQWHGLQ7DEOH2IWKHWKUHHFRPSHWLQJPRGHOVWKH
K\SRWKHVL]HGPRGHOVKRZQLQ)LJXUHSURYLGHGWKHEHVWILWRIWKHGDWD7KHPRGHOVSHFLI\LQJ
VDWLVIDFWLRQDVDQDQWHFHGHQWWRDIIHFW0RGHO\LHOGHGWKHSRRUHVWILWZKHQFRPSDUHGWRERWKWKH
VDWXUDWHGPRGHODQG0RGHO/LNHZLVH0RGHOSURYLGHGDVXSHULRUILWWRRQHVSHFLI\LQJDGLUHFW
SDWKIURPH[SHFWDQF\GLVFRQILUPDWLRQWRVDWLVIDFWLRQZLWKRXWDQ\GLUHFWHIIHFWVRQDIIHFW 0RGHO ,Q
IDFWWKHGLUHFWSDWKIURPH[SHFWDQF\GLVFRQILUPDWLRQWRVDWLVIDFWLRQLQ0RGHOZDVQRWVLJQLILFDQW
>%HWD@ 6( W  7KXVLWDSSHDUVWKDWWKHPRGHOILWWLQJWKHGDWDEHVWLVRQHLQZKLFK
H[SHFWDQF\GLVFRQILUPDWLRQWHDPLGHQWLILFDWLRQDQGTXDOLW\RIWKHRSSRQHQWVHUYHDVFRJQLWLYH
DQWHFHGHQWVWRWKHDIIHFWLYHYDULDEOHVRIEDVNLQJLQUHIOHFWHGJORU\DQGHQMR\PHQWZKLFKLQWXUQKDYH
GLUHFWHIIHFWVRQVDWLVIDFWLRQ

$OWKRXJKDQDQDO\VLVRIWKHILWPHDVXUHVVXJJHVWVDQDGHTXDWHILWRYHUDOOWKHVLJQLILFDQWGLIIHUHQFH
EHWZHHQ0RGHODQGWKHVDWXUDWHGPRGHOLQGLFDWHVWKDWWKHK\SRWKHVL]HGPRGHOFRXOGEHPRGLILHG
WRLPSURYHWKHILW0RGHOPRGLILFDWLRQVFRQVWLWXWHDVSHFLILFDWLRQVHDUFK 0DF&DOOXP WKH
SXUSRVHRIZKLFKLVWRLPSURYHWKHSDUVLPRQ\RIWKHPRGHODQGLWVILWWRWKHGDWD2QO\WKRVH
PRGLILFDWLRQVWKDWZHUHVXEVWDQWLYHO\RUWKHRUHWLFDOO\PHDQLQJIXOZHUHLPSOHPHQWHG5HODWLRQVKLSV
EHWZHHQYDULDEOHVQRWDFFRXQWHGIRUE\WKHPRGHOZHUHLQLWLDOO\H[DPLQHGRQWKHEDVLVRIUHVLGXDO
FRUUHODWLRQV7KHUHVLGXDOFRUUHODWLRQPDWUL[LVWKHGLIIHUHQFHEHWZHHQWKHVDPSOHFRUUHODWLRQPDWUL[
DQGWKHUHSURGXFHGFRUUHODWLRQPDWUL[

([DPLQDWLRQRIWKHUHVLGXDOFRUUHODWLRQPDWUL[UHVXOWLQJIURP0RGHOLQGLFDWHGVXEVWDQWLDOUHVLGXDO
FRUUHODWLRQVEHWZHHQWKHH[SHFWDQF\GLVFRQILUPDWLRQPHDVXUHVDQGTXDOLW\RIRSSRQHQW,QWXLWLYHO\
WKLVPDNHVVHQVHEHFDXVHH[SHFWDWLRQVDUHOLNHO\WREHORZHUDJDLQVWEHWWHURSSRQHQWVWKDQDJDLQVW
OHVVHURSSRQHQWV&RQVHTXHQWO\WKHWZRH[RJHQRXVFRQVWUXFWVZHUHDOORZHGWRFRYDU\ %URZQHDQG
0HOV $VLQGLFDWHGLQ7DEOHWKHUHVXOWLQJPRGHO 0RGHOOD \LHOGHGDVLJQLILFDQWLPSURYHPHQW
LQILWRYHU0RGHO>FKLVTXDUH@   S>LVOHVVWKDQ@,QDGGLWLRQWKHORZHU506($DQG
(&9,YDOXHVLQGLFDWHGDQLPSURYHGILWRYHU0RGHO+RZHYHUDFRPSDULVRQRI0RGHOODWRWKH
VDWXUDWHGPRGHOLQGLFDWHGWKDWWKHPRGHOFRXOGVWLOOEHVLJQLILFDQWO\LPSURYHG

5HODWLYHWRWKHRWKHUUHVLGXDOFRUUHODWLRQVWKHUHODWLRQVKLSEHWZHHQWKHHQMR\PHQWLWHPVDQGWKH
%,5*PHDVXUHZHUHDOVRVXEVWDQWLDO6XEVWDQWLYHO\LWLVORJLFDOWRDVVXPHWKDWWKHVHFRQVWUXFWV
ZRXOGEHFRUUHODWHGJLYHQWKHSRVLWLYHQDWXUHRIERWKDIIHFWLYHVWDWHV0RGHOEWKHUHIRUHH[WHQGHG
0RGHOODE\DOORZLQJWKHHUURUWHUPVRIWKH%,5*DQGHQMR\PHQWFRQVWUXFWVWRFRYDU\$VVKRZQLQ
7DEOH0RGHOEVLJQLILFDQWO\LPSURYHGXSRQWKHILWRI0RGHOOD,QDGGLWLRQDFRPSDULVRQRI0RGHO
EZLWKWKHVDWXUDWHGPRGHOUHYHDOHGQRGLIIHUHQFHVLQILW7KLVVXJJHVWVWKDWQRDGGLWLRQDOVLJQLILFDQW
SDWKVH[LVWHGLQWKHGDWD7KH506($YDOXHRIVXJJHVWVWKDWWKHPRGHOSURYLGHVDQH[FHOOHQWILW
WRWKHGDWD %URZQH &XGHFN 0RUHRYHUWKH506($DQG(&9,YDOXHVIRU0RGHOEDVZHOO
DVWKHWHVWVRIFORVHDQGH[DFWILWZHUHVXSHULRUWRDQ\RIWKHPRGHOVLQFOXGLQJWKHVDWXUDWHGPRGHO

*LYHQWKHVLJQLILFDQWFRYDULDWLRQEHWZHHQEDVNLQJLQUHIOHFWHGJORU\DQGHQMR\PHQWRQHPLJKWZRQGHU
ZKHWKHUWKHWZRYDULDEOHVFRQVWLWXWHRQHFRQVWUXFWSRVLWLYHDIIHFW7KXVDPRGHOZDVVSHFLILHGLQ
ZKLFKWKHWKUHHDQWHFHGHQWVZHUHUHODWHGGLUHFWO\WRDSRVLWLYHDIIHFWGLPHQVLRQFRPSRVHGRIWKH
%,5*YDULDEOHDQGWKHWKUHHHQMR\PHQWLWHPV7KHUHVXOWLQJPRGHOSURYLGHGDQDGHTXDWHILWWRWKH
GDWD>FKLVTXDUH@   >3VXEH[DFW@ >3VXEFORVH@ 506($   
(&9,   +RZHYHUDFRPSDULVRQRIILWLQGLFHVLQGLFDWHVWKDWWKLVPRGHOGLGQRWILWWKH
GDWDQHDUO\DVZHOODVWKHK\SRWKHVL]HGPRGHO 0RGHOVHH7DEOH 7KHUHIRUHLWDSSHDUVWKDW
DOWKRXJKUHODWHGEDVNLQJLQUHIOHFWHGJORU\LVDGLVWLQFWDIIHFWLYHVWDWHIURPHQMR\PHQW

7DEOHSUHVHQWVWKH5$021$SRLQWHVWLPDWHVDQGWYDOXHVIRUWKHPHDVXUHPHQWDQGVWUXFWXUDO
PRGHOVIURP0RGHOOE7KHIDFWRUORDGLQJVIRUH[SHFWDQF\GLVFRQILUPDWLRQWHDPLGHQWLILFDWLRQ
HQMR\PHQWDQGVDWLVIDFWLRQUDQJHGIURPDORZRIWRDKLJKRI)XUWKHUHDFKRIWKHORDGLQJV
ZDVKLJKO\VLJQLILFDQW S>LVOHVVWKDQ@ WKXVLQGLFDWLQJWKDWWKHLWHPVDGHTXDWHO\UHSUHVHQWHGWKH
ODWHQWFRQVWUXFWV

7DEOHDOVRVKRZVWKHUHVXOWVRIWKHVWUXFWXUDOPRGHOIURP0RGHOOE$OORIWKHVSHFLILHGSDWKVZHUH
VLJQLILFDQW,QSDUWLFXODUWKHSDWKVUHODWLQJWHDPLGHQWLILFDWLRQWRWKH%,5*DQGHQMR\PHQWFRQVWUXFWV
ZHUHHVSHFLDOO\VXEVWDQWLDO,QFRQWUDVWWKHSDWKVIURPTXDOLW\RIRSSRQHQWWRHDFKDIIHFWZHUHRQO\
PLQLPDOO\VLJQLILFDQW,QIDFWWKHFRYDULDWLRQEHWZHHQH[SHFWDQF\GLVFRQILUPDWLRQDQGTXDOLW\RI
RSSRQHQWDFFRXQWHGIRUDJUHDWHUSURSRUWLRQRIYDULDQFHWKDQHLWKHURIWKHGLUHFWSDWKVWREDVNLQJLQ
UHIOHFWHGJORU\RUHQMR\PHQW7KHUHVXOWVDOVRLQGLFDWHWKDWH[SHFWDQF\GLVFRQILUPDWLRQZDVDEHWWHU
SUHGLFWRURIHQMR\PHQWWKDQLWZDVRIEDVNLQJLQUHIOHFWHGJORU\,QWHUHVWLQJO\HQMR\PHQWKDG
VXEVWDQWLDOO\PRUHLQIOXHQFHLQSUHGLFWLQJVDWLVIDFWLRQZLWKDWWHQGDQFHWKDQGLGEDVNLQJLQUHIOHFWHG
JORU\

'LVFXVVLRQ

7KHFXUUHQWVWXG\SURSRVHGDQGH[WHQGHGDWKHRUHWLFDOPRGHOUHODWHGWRVSRUWVIDQV SHUFHSWLRQV
7KUHHPRGHOVHDFKVSHFLI\LQJDGLIIHUHQWFDXVDOVHTXHQFHZHUHFRPSDUHGWKDWUHODWHGDQXPEHURI
FRJQLWLYHDQWHFHGHQWVWRDIIHFWLYHUHDFWLRQVDQGVDWLVIDFWLRQMXGJPHQWVUHJDUGLQJJDPHDWWHQGDQFH
2IWKHWKUHHDOWHUQDWLYHVWKHPRGHO 0RGHO SURYLGLQJWKHEHVWILWRIWKHGDWDZDVRQHVSHFLI\LQJ
GLUHFWSDWKVIURPH[SHFWDQF\GLVFRQILUPDWLRQWHDPLGHQWLILFDWLRQDQGTXDOLW\RIRSSRQHQWWRWKH
DIIHFWLYHVWDWHVRIEDVNLQJLQUHIOHFWHGJORU\DQGHQMR\PHQWZKLFKZHUHWKHQLQWXUQUHODWHGWR
VDWLVIDFWLRQ7KLVPRGHOSURYLGHGDVLJQLILFDQWO\EHWWHUILWWRWKHGDWDWKDQHLWKHURQHLQZKLFKDGLUHFW
SDWKIURPGLVFRQILUPDWLRQWRVDWLVIDFWLRQ ZLWKQRSDWKVIURPGLVFRQILUPDWLRQWRDIIHFW ZDVVSHFLILHG
RURQHVSHFLI\LQJVDWLVIDFWLRQDVDQDQWHFHGHQWRIDIIHFW0RGLILFDWLRQRIWKHK\SRWKHVL]HGPRGHOOHG
WRWKHFRYDULDWLRQRIH[SHFWDQF\GLVFRQILUPDWLRQDQGTXDOLW\RIRSSRQHQW 0RGHOD DVZHOODVWKH
FRUUHODWLRQRIHUURUWHUPVEHWZHHQWKH%,5*DQGHQMR\PHQWFRQVWUXFWV 0RGHOE 

,QWHUPVRIWKHHIIHFWRIFRJQLWLRQVRQSRVWJDPHDIIHFWWKHUHVXOWVRIWKLVVWXG\LQGLFDWHWKDWWHDP
LGHQWLILFDWLRQH[SHFWDQF\GLVFRQILUPDWLRQDQGTXDOLW\RIWKHRSSRQHQWHDFKKDGDVLJQLILFDQWDQG
SRVLWLYHHIIHFWRQEDVNLQJLQUHIOHFWHGJORU\DQGHQMR\PHQW,QSDUWLFXODUWHDPLGHQWLILFDWLRQKDGWKH
JUHDWHVWHIIHFWRQHDFKDIIHFWLYHVWDWH7KHLQIOXHQFHRIWHDPLGHQWLILFDWLRQRQWKH%,5*UHVSRQVHKDV
UHFHLYHGFRQVLGHUDEOHHPSLULFDOVXSSRUWLQUHFHQW\HDUV +LUWHWDO:DQQ %UDQVFRPEH
 7KRVHZKRDUHPRUHKLJKO\LGHQWLILHGZLWKDWHDPDUHPRUHOLNHO\WR%,5*WKDQWKRVHZKRDUH
OHVVLGHQWLILHG/LNHZLVHWKHSRVLWLYHHIIHFWRIWHDPLGHQWLILFDWLRQRQHQMR\PHQWLVFRQVLVWHQWZLWK
HDUOLHUUHVHDUFK :DQH %UDQVFRPEH:DQQ0F*HRUJH'RODQ $OOLVRQ=LOOPDQQHW
DO ,QVXPLWDSSHDUVWKDWIDQVZKRYLHZWKHLUDVVRFLDWLRQZLWKDWHDPDVDPRUHLPSRUWDQW
IDFHWRIWKHLUVHOILGHQWLW\WHQGWRH[SHULHQFHJUHDWHUSHUVRQDOMR\DQGVHHNJUHDWHULQGLYLGXDO
DVVRFLDWLRQZLWKWKHWHDPZKHQLWH[SHULHQFHVVXFFHVVIXORXWFRPHV

$IWHUWHDPLGHQWLILFDWLRQWKHQH[WPRVWLQIOXHQWLDOFRJQLWLYHDQWHFHGHQWZDVH[SHFWDQF\
GLVFRQILUPDWLRQ$OWKRXJKWKHUHODWLRQVKLSEHWZHHQGLVFRQILUPDWLRQDQGEDVNLQJLQUHIOHFWHGJORU\KDV
EHHQLPSOLHG 6LJHOPDQ WKLVLVWKHILUVWVWXG\WRHPSLULFDOO\GHPRQVWUDWHWKHHIIHFWLQDVSRUWV
FRQWH[W)XUWKHUWKHILQGLQJVSUHVHQWHGKHUHOLQNLQJGLVFRQILUPDWLRQWRHQMR\PHQWEXLOGVRQSDVW
UHVHDUFKGRQHRXWVLGHWKHVSRUWVFRQWH[W .HPSHU0LGNLII *ULIILQ 7KHUHODWLRQVKLS
EHWZHHQWKHVHYDULDEOHVLVVXFKWKDWLPSURYHGSHUFHSWLRQVRISHUIRUPDQFHUHODWLYHWRH[SHFWDWLRQV
DUHSRVLWLYHO\UHODWHGERWKWRIDQV WHQGHQF\WR%,5*DQGWKHLUHQMR\PHQWRIWKHJDPH)XUWKHUWKH
VLJQLILFDQWFRYDULDWLRQEHWZHHQH[SHFWDQF\GLVFRQILUPDWLRQDQGTXDOLW\RIRSSRQHQWLQGLFDWHVWKDW
IDQVGRLQGHHGSURFHVVLQIRUPDWLRQUHODWHGWRWKHRSSRQHQWLQGHWHUPLQLQJSUHJDPHH[SHFWDWLRQV

$QLQWHUHVWLQJDUHDRIIXWXUHUHVHDUFKZRXOGEHWKHUHODWLRQVKLSEHWZHHQH[SHFWDQF\GLVFRQILUPDWLRQ
DQGWKHQRWLRQRIZLVKIXOWKLQNLQJDVLWDSSOLHVWRVSRUWVIDQV VHH%DEDG .DW]:HLQVWHLQ
 :LVKIXOWKLQNLQJUHIHUVWRWKHLQIOXHQFHRILQGLYLGXDOV SUHIHUHQFHVRQSUHGLFWLRQVDERXWWKH
RXWFRPHVRIIXWXUHHYHQWV,QVKRUWLQGLYLGXDOVZKRDUHPRUHKLJKO\LGHQWLILHGRULQYROYHGZLWKDWHDP
DUHPRUHOLNHO\WRSUHGLFWVXFFHVVIXORXWFRPHVHYHQZKHQREMHFWLYHHYLGHQFHZRXOGVXJJHVW
RWKHUZLVH7KLVHIIHFWKDVEHHQVKRZQWREHHVSHFLDOO\VWURQJXQGHUFRQGLWLRQVRIJUHDWHUXQFHUWDLQW\
%XFNOH\ 6QLH]HN 7KHUHIRUHWKHQRWLRQRIZLVKIXOWKLQNLQJZRXOGVXJJHVWWKDWWKH
UHODWLRQVKLSEHWZHHQWHDPLGHQWLILFDWLRQDQGH[SHFWDQF\GLVFRQILUPDWLRQZRXOGQRWEHVLJQLILFDQW
7KDWLVLQGLYLGXDOVKLJKLQLGHQWLILFDWLRQVKRXOGKDYHUHODWLYHO\KLJKH[SHFWDWLRQVDQGFRQVHTXHQWO\
WHDPYLFWRULHVVKRXOGQRWUHVXOWLQVXEVWDQWLDOGLIIHUHQFHVEHWZHHQH[SHFWDWLRQVDQGRXWFRPHV
$OWKRXJKQRWIRUPDOO\WHVWHGLQWKHFXUUHQWVWXG\WKHFRYDULDWLRQEHWZHHQH[SHFWDQF\GLVFRQILUPDWLRQ
DQGWHDPLGHQWLILFDWLRQLQWKHVDWXUDWHGPRGHOZDVQRWVLJQLILFDQW >%HWD@ 6( W  WKXV
VXJJHVWLQJWKDWIDQVZKRZHUHPRUHKLJKO\LGHQWLILHGZLWKWKHWHDPGLGLQGHHGKDYHKLJKHU
H[SHFWDWLRQVDERXWSHUIRUPDQFHSULRUWRWKHVWDUWRIWKHJDPH

7KHUHVXOWVDOVRLQGLFDWHWKDWEDVNLQJLQUHIOHFWHGJORU\DQGHQMR\PHQWFRQVWLWXWHWZRVHSDUDWH
GLPHQVLRQVRISRVLWLYHDIIHFWHDFKZLWKDQLQGHSHQGHQWHIIHFWRQIDQV SRVWJDPHVDWLVIDFWLRQ2IWKH
WZRLWDSSHDUVWKDWHQMR\PHQWDVDUHVXOWRIZDWFKLQJWKHJDPHFRQWULEXWHGVXEVWDQWLDOO\PRUHWR
VDWLVIDFWLRQWKDQGLGEDVNLQJ7KH%,5*UHVSRQVHLVDSSDUHQWO\DVWDWHRIDURXVDORUDFWLYDWLRQWKDWLV
DQHQGLQDQGRILWVHOIZKHUHDVHQMR\PHQWLVDFRQVWUXFWPRUHOLNHO\WRHOLFLWVXPPDU\MXGJPHQWV
UHODWLYHWRRXWFRPHV7KXVHQMR\PHQWPD\EHYLHZHGDVDQLQWHQVHIRUPRISOHDVXUH 6WRUP
6WRUP:DWVRQ 7HOOHJHQ DQGEDVNLQJLQUHIOHFWHGJORU\DVDIRUPRISULGH$VVXFK
DWWULEXWHDVFULSWLRQVUHJDUGLQJWKHVRXUFHRISOHDVXUHDUHPRUHOLNHO\WR\LHOGDSSUHFLDWLRQDQG
VDWLVIDFWLRQWRZDUGWKHVRXUFHZKHUHDVSULGHPD\EHDPRUHVHOIFHQWHUHGHIIHFWWKDWLVQRWOLNHO\WR
HOLFLWVDWLVIDFWLRQMXGJPHQWV$OWKRXJKWKHFXUUHQWVWXG\FRQFHSWXDOL]HGWKH%,5*UHVSRQVHDVDQ
DIIHFWLYHUHDFWLRQWRDJDPHRXWFRPHLWPD\EHPRUHDSSURSULDWHWRWKLQNRILWLQWHUPVRIEHLQJDQ
DWWLWXGHWRZDUGDWHDPIROORZLQJDVXFFHVVIXORXWFRPH,QDQ\HYHQWIXWXUHUHVHDUFKLVQHHGHGWR
PRUHFOHDUO\XQGHUVWDQGWKHQDWXUHRIWKHVHUHODWLRQVKLSV
$VZLWKDQ\VWXG\DQXPEHURIOLPLWDWLRQVVKRXOGEHDFNQRZOHGJHG)LUVWGDWDZHUHFROOHFWHGIURP
IDQVRIMXVWRQHVSRUW,WLVSRVVLEOHWKDWIDQVRIZRPHQ VEDVNHWEDOOPD\EHGLIIHUHQWIURPIDQVRI
RWKHUVSRUWVHVSHFLDOO\PHQ VVSRUWV6HFRQGWKHVDPSOHLQFOXGHGLQWKHVWXG\DOVRKDGOLPLWDWLRQV
7REHJLQZLWKDFRQYHQLHQFHVDPSOHFRPSULVHGSUHGRPLQDQWO\RIZRPHQZDVXVHGDVRSSRVHGWRD
WUXHUDQGRPVDPSOHRIVSRUWVIDQV$OWKRXJKGDWDZHUHFROOHFWHGRYHUDSHULRGRIIRXUJDPHVD
PRUHUHSUHVHQWDWLYHVDPSOHPD\KDYH\LHOGHGGLIIHUHQWUHVXOWV$UHODWHGVKRUWFRPLQJRIWKHVWXG\
ZDVWKDWRQO\RIWKHRULJLQDOUHVSRQGHQWVUHWXUQHGWRFRPSOHWHWKHVHFRQGTXHVWLRQQDLUH$V
QRWHGE\DUHYLHZHULWPD\EHWKDWFRPSOHWHUVDUHQRWUHSUHVHQWDWLYHRIWKHRYHUDOOVDPSOH$WKLUG
OLPLWDWLRQRIWKHVWXG\ZDVWKDWWKHKRPHWHDPZRQHDFKRIWKHIRXUJDPHVIURPZKLFKGDWDZHUH
FROOHFWHG:KDWHIIHFWZRXOGDORVVKDYHKDGRQWHQGHQF\WR%,5*HQMR\PHQWDQGVDWLVIDFWLRQ
UHVSRQVHV"

$IRXUWKOLPLWDWLRQRIWKHVWXG\FRQFHUQHGWKHRSHUDWLRQDOL]DWLRQRIWKH%,5*PHDVXUH6SHFLILFDOO\D
VLQJOHLWHPVFDOHDVVHVVLQJRQO\WKHGHJUHHWRZKLFKIDQVGHVLUHGWRLQFUHDVHRUGHFUHDVHWKHLU
DVVRFLDWLRQZLWKWKHWHDPIROORZLQJWKHJDPHZDVXVHGWRDVVHVVEDVNLQJLQUHIOHFWHGJORU\$OWKRXJK
FRQFHSWXDOO\FRQVLVWHQWZLWK&LDOGLQLHWDO  WKHPHDVXUHGLGQRWDVVHVVVHOISUHVHQWDWLRQDO
HIIHFWVLQWHQGHGWRSXEOLFO\H[WROWKHXQLWIRUPDWLRQZLWKWKHWHDP HJWKHGHVLUHWREUDJDERXWWKH
WHDPWRRWKHUV )XWXUHUHVHDUFKVKRXOGXVHPXOWLSOHPHDVXUHVLQFOXGLQJEHKDYLRUDOPHWKRGV VHH
6Q\GHUHWDO WRFROOHFWGDWDRQWKH%,5*SKHQRPHQRQ

,QFRQFOXVLRQUHVHDUFKLQFRQVXPHUEHKDYLRUKDVVXJJHVWHGWKDWVDWLVIDFWLRQMXGJPHQWVDUHRI
SDUDPRXQWLPSRUWDQFHIRUFXVWRPHUUHWHQWLRQDQGDUHDSULPHPRWLYDWRURIZRUGRIPRXWK
FRPPXQLFDWLRQV7KLVLPSOLHVWKDWVDWLVIDFWLRQMXGJPHQWVVHUYHDVDFUXFLDOSUHGLFWRURIIXWXUH
HFRQRPLFDFWLYLW\,QVSLWHRILWVLPSRUWDQFHOLWWOHUHVHDUFKKDVEHHQFRQGXFWHGRQWKRVHYDULDEOHV
FDSDEOHRISUHGLFWLQJFRQVXPHUVDWLVIDFWLRQLQOHLVXUHDFWLYLWLHV7KHFXUUHQWUHVHDUFKH[WHQGVSDVW
ZRUNLQFRQVXPHUEHKDYLRUE\SUHVHQWLQJDPRGHOVXJJHVWLQJDFRJQLWLRQDIIHFWVDWLVIDFWLRQ
VHTXHQFHIRUIDQDWWHQGDQFH$OWKRXJKSDVWUHVHDUFKKDVH[DPLQHGGLIIHUHQWHOHPHQWVLQFOXGHGLQ
WKHPRGHOWKHFXUUHQWVWXG\UHSUHVHQWVWKHILUVWWLPHWKDWDWKHRUHWLFDOO\JURXQGHGVHTXHQFHUHODWHG
WRVSRUWVIDQV VDWLVIDFWLRQZLWKDWWHQGDQFHKDVEHHQWHVWHG7KHUHVXOWVVXJJHVWDFDXVDOOLQN
EHWZHHQIDQV FRJQLWLRQVDQGWKHLUVXPPDU\MXGJPHQWVDERXWVDWLVIDFWLRQZLWKJDPHDWWHQGDQFHWKDW
LVPHGLDWHGE\EDVNLQJLQUHIOHFWHGJORU\DQGHQMR\PHQW$QDGGLWLRQDOFRQWULEXWLRQRIWKHFXUUHQW
VWXG\LVWKHLQWURGXFWLRQRIUHVHDUFKRQIDQEHKDYLRULQWRWKHOHLVXUHOLWHUDWXUH&OHDUO\WKHYLFDULRXV
FRQVXPSWLRQRIVSRUWVLQRXUVRFLHW\UHSUHVHQWVDGRPLQDQWOHLVXUHEHKDYLRUWKDWRIIHUVDZLGHDUUD\
RIWKHRUHWLFDOO\DQGSUDFWLFDOO\UHOHYDQWWRSLFVIRUOHLVXUHUHVHDUFKHUV

 =LOOPDQQHWDO  FRQFHSWXDOL]HGWKLVOLQNDJHLQWHUPVRIWKHIDQ VGLVSRVLWLRQWRZDUGWKH


WHDP

5HIHUHQFHV

$EUDPV' +RJJ0$  6RFLDOLGHQWLW\WKHRU\&RQVWUXFWLYHDQGFULWLFDODGYDQFHV1HZ


<RUN6SULQJHU9HUODJ

$OED- +XWFKLQVRQ:  'LPHQVLRQVRIFRQVXPHUH[SHUWLVH-RXUQDORI&RQVXPHU


5HVHDUFK

$QGHUVRQ-& ':*HUELQJ  6WUXFWXUDOHTXDWLRQPRGHOLQJLQSUDFWLFH$UHYLHZDQG


UHFRPPHQGHGWZRVWHSDSSURDFK3V\FKRORJLFDO%XOOHWLQ

%DDGH5$ 7LHKHQ/-  $QDQDO\VLVRIPDMRUOHDJXHEDVHEDOODWWHQGDQFH


-RXUQDORI6SRUWDQG6RFLDO,VVXHV

%DEDG( .DW]<  :LVKIXOWKLQNLQJDJDLQVWDOORGGV-RXUQDORI$SSOLHG6RFLDO3V\FKRORJ\




%DJR]]L53  $SURVSHFWXVIRUWKHRU\FRQVWUXFWLRQLQPDUNHWLQJ-RXUQDORI0DUNHWLQJ




%HFNHU0$ 6XOV-  7DNHPHRXWWRWKHEDOOJDPH7KHHIIHFWVRIREMHFWLYHVRFLDODQG


WHPSRUDOSHUIRUPDQFHLQIRUPDWLRQRQDWWHQGDQFHDWPDMRUOHDJXHEDVHEDOOJDPHV-RXUQDORI6SRUWV
3V\FKRORJ\

%ROOHQ.$  6WUXFWXUDOHTXDWLRQVZLWKODWHQWYDULDEOHV1HZ<RUN:LOH\

%UDQVFRPEH15 :DQQ'/  7KHSRVLWLYHVRFLDODQGVHOIFRQFHSWFRQVHTXHQFHVRI


VSRUWVWHDPLGHQWLILFDWLRQ-RXUQDORI6SRUWDQG6RFLDO,VVXHV

%UHDNZHOO*0  &RSLQJZLWKWKUHDWHQHGLGHQWLWLHV1HZ<RUN0HWKXHQ

%URZQH0: &XGHFN5  6LQJOHVDPSOHFURVVYDOLGDWLRQLQGLFHVIRUFRYDULDQFH


VWUXFWXUHV0XOWLYDULDWH%HKDYLRUDO5HVHDUFK

%URZQH0: &XGHFN5  $OWHUQDWLYHZD\VRIDVVHVVLQJPRGHOILW6RFLRORJLFDO0HWKRGV


5HVHDUFK

%URZQH0: 0HOV&  5$021$XVHU VJXLGH&ROXPEXV7KH2KLR6WDWH8QLYHUVLW\


'HSDUWPHQWRI3V\FKRORJ\

%XFNOH\7 6QLH]HN-  3DVVLRQSUHIHUHQFHDQGSUHGLFWDELOLW\LQMXGJPHQWDOIRUHFDVWLQJ


3V\FKRORJLFDO5HSRUWV

&LDOGLQL5%%RUGHQ5-7KRUQH$:DONHU05)UHHPDQ6 6ORDQ/5  %DVNLQJLQ


UHIOHFWHGJORU\7KUHH IRRWEDOO ILHOGVWXGLHV-RXUQDORI3HUVRQDOLW\DQG6RFLDO3V\FKRORJ\


&RKHQ-% $UHQL&6  $IIHFWDQGFRQVXPHUEHKDYLRU,Q765REHUWVRQ ++


.DVVDUMLDQ (GV +DQGERRNRIFRQVXPHUWKHRU\DQGUHVHDUFK SS (QJOHZRRG&OLIIV1-
3UHQWLFH+DOO

&RKHQ- %DVX.  $OWHUQDWLYHPRGHOVRIFDWHJRUL]DWLRQ7RZDUGDFRQWLQJHQWSURFHVVLQJ


IUDPHZRUN-RXUQDORI&RQVXPHU5HVHDUFK
&XGHFN5  $QDO\VLVRIFRUUHODWLRQPDWULFHVXVLQJFRYDULDQFHVWUXFWXUHPRGHOV3V\FKRORJLFDO
%XOOHWLQ

'D\5/  0RGHOLQJFKRLFHVDPRQJDOWHUQDWLYHUHVSRQVHVWRGLVVDWLVIDFWLRQ,Q7&.LQQHDU


(G $GYDQFHVLQFRQVXPHUUHVHDUFK9RO SS 3URYR87$VVRFLDWLRQIRU&RQVXPHU
5HVHDUFK

(DJO\$+ &KDLNHQ6  7KHSV\FKRORJ\RIDWWLWXGHV)RUW:RUWK7;+DUFRXUW%UDFH


-RYDQRYLFK

+HLGHU)  7KHSV\FKRORJ\RILQWHUSHUVRQDOUHODWLRQV1HZ<RUN:LOH\

+LUW(5=LOOPDQQ'(ULFNVRQ*$ .HQQHG\&  &RVWVDQGEHQHILWVRIDOOHJLDQFH


&KDQJHVLQIDQV VHOIDVFULEHGFRPSHWHQFLHVDIWHUWHDPYLFWRU\YHUVXVGHIHDW-RXUQDORI3HUVRQDOLW\
DQG6RFLDO3V\FKRORJ\

+XQW-06PLWK0) .HUQDQ-%  3URFHVVLQJHIIHFWVRIH[SHFWDQF\GLVFUHSDQW


SHUVXDVLYHPHVVDJHV3V\FKRORJLFDO5HSRUWV

,]DUG&(  +XPDQHPRWLRQV1HZ<RUN3OHQXP

.HPSHU7'  $VRFLDOLQWHUDFWLRQDOWKHRU\RIHPRWLRQV1HZ<RUN-RKQ:LOH\

/DUGQHU5-U  $QRYHUYLHZRIQHWZRUNWHOHYLVLRQVSRUWV,Q0(W]HO -*DVNL (GV 


$SSO\LQJPDUNHWLQJWHFKQRORJ\RIVSHFWDWRUVSRUWV S 6RXWK%HQG,18XLYHUVLW\RI1RWUH
'DPH

/LHEHUPDQ6 6HSWHPEHU2FWREHU 7KHSRSXODUFXOWXUH6SRUWVLQ$PHULFDQDORRNDWWKH


DYLGVSRUWVIDQ7KH3XEOLF3HUVSHFWLYH$5RSHU&HQWHU5HYLHZRI3XEOLF2SLQLRQDQG3ROOLQJ  


/RNHQ% :DUG-  $OWHUQDWLYHDSSURDFKHVWRXQGHUVWDQGLQJWKHGHWHUPLQDQWVRIW\SLFDOLW\


-RXUQDORI&RQVXPHU5HVHDUFK

0DF&DOOXP5  6SHFLILFDWLRQVHDUFKHVLQFRYDULDQFHVWUXFWXUHPRGHOLQJ3V\FKRORJLFDO


%XOOHWLQ

0DQR+ 2OLYHU5/  $VVHVVLQJWKHGLPHQVLRQDOLW\DQGVWUXFWXUHRIWKHFRQVXPSWLRQ


H[SHULHQFH(YDOXDWLRQIHHOLQJDQGVDWLVIDFWLRQ-RXUQDORI&RQVXPHU5HVHDUFK

0F$UGOH-- 0F'RQDOG53  6RPHDOJHEUDLFSURSHUWLHVRIWKHUHWLFXODUDFWLRQPRGHOIRU


PRPHQWVWUXFWXUHV%ULWLVK-RXUQDORI0DWKHPDWLFDODQG6WDWLVWLFDO3V\FKRORJ\

0LGNLII50-U &ULIILQ)$  7KHHIIHFWVRIVHOIHVWHHPDQGH[SHFWDQFLHVIRUVXFFHVVRQ


DIIHFWLYHUHDFWLRQVWRDFKLHYHPHQW6RFLDO%HKDYLRUDQG3HUVRQDOLW\

0XODLN6$-DPHV/59DQ$OVWLQH-%HQQHWW1/LQG6 6WLOOZHOO&'  (YDOXDWLRQRI


JRRGQHVVRIILWLQGLFHVIRUVWUXFWXUDOHTXDWLRQPRGHOV3V\FKRORJLFDO%XOOHWLQ

2OLYHU5/  $FRJQLWLYHPRGHORIWKHDQWHFHGHQWVDQGFRQVHTXHQFHVRIVDWLVIDFWLRQ


GHFLVLRQV-RXUQDORI0DUNHWLQJ5HVHDUFK

2OLYHU5/  0HDVXUHPHQWDQGHYDOXDWLRQRIVDWLVIDFWLRQSURFHVVHVLQUHQDLOVHWWLQJV-RXUQDO


RI5HWDLOLQJ

2OLYHU5/  &RJQLWLYHDIIHFWLYHDQGDWWULEXWHEDVHVRIWKHVDWLVIDFWLRQUHVSRQVH-RXUQDORI


&RQVXPHU5HVHDUFK

2OLYHU5/  &RQFHSWXDOLVVXHVLQWKHVWUXFWXUDODQDO\VLVRIFRQVXPSWLRQHPRXLRQ


VDWLVIDFWLRQDQGTXDOLW\(YLGHQFHLQDVHUYLFHVHWWLQJ,Q&7$OOHQ '5RHGGHU-RKQ (GV 
$GYDQFHVLQFRQVXPHUUHVHDUFK9RO SS 3URYR87$VVRFLDWLRQIRU&RQVXPHU
5HVHDUFK

3HWHU-3&KXUFKLOO*$-U %URZQ7-  &DXWLRQLQWKHXVHRIGLIIHUHQFHVFRUHVLQ


FRQVXPHUUHVHDUFK-RXUQDORI&RQVXPHU5HVHDUFK

3HWW\5(&DFLRSSR-76HGLNLGHV& 6WUDWKPDQ$-  $IIHFWDQGSHUVXDVLRQ$


FRQWHPSRUDU\SHUVSHFXLYH$PHULFDQ%HKDYLRUDO6FLHQWLVW

6FKDIHU:(  6RPHVRXUFHVDQGFRQVHTXHQFHVRILQWHUVFKRODVWLFDWKOHWLFV,Q*6.HQ\RQ


(G 6RFLRORJ\RIVSRUW&KLFDJR$WKOHWLF,QVWLWXWH

6FKZDU]16WUDFN(.RPPHU' :DJQHU'  6RFFHUURRPVDQGWKHTXDOLW\RI\RXUOLIH


0RRGHIIHFWVRQMXGJPHQWVRIVDWLVIDFWLRQZLWKOLIHLQJHQHUDODQGZLWKVSHFLILFGRPDLQV(XURSHDQ
-RXUQDORI6RFLDO3V\FKRORJ\

6LJHOPDQ/  %DVNLQJLQUHIOHFWHGJORU\UHYLVLWHGDQDWWHPSWDWUHSOLFDWLRQ6RFLDO3V\FKRORJ\


4XDUWHUO\

6ORDQ/5  7KHIXQFWLRQDQGLPSDFWRIVSRUWVIRUIDQV$UHYLHZRIWKHRU\DQGFRQWHPSRUDU\


UHVHDUFKOQ-+*ROGVWHLQ (G 6SRUWVJDPHVDQGSOD\6RPDODQGSV\FKRORJLFDOYLHZSRLQWV SS
 +LOOVGDOH1-(UOEDXP

6ORDQ/5  7KHPRWLYHVRIVSRUWVIDQV,Q-+*ROGVWHLQ (G 6SRUWVJDPHVDQG


SOD\6RFLDODQGSV\FKRORJLFDOYLHZSRLQWV QGHGSS +LOOVGDOH1-(UOEDXP

6Q\GHU&5/DVVHJDUG0 )RUG&(  'LVWDQFLQJDIWHUJURXSVXFFHVVDQGIDLOXUH


%DVNLQJLQUHIOHFWHGJORU\DQGFXWWLQJRIIUHIOHFWHGIDLOXUH-RXUQDORI3HUVRQDOLW\DQG6RFLDO
3V\FKRORJ\

6REHO0( %RKUQVWHGW*:  8VHRIQXOOPRGHOVLQHYDOXDWLQJWKHILWRIFRYDULDQFH


VWUXFWXUHPRGHOV,Q1%7XPD (G 6RFLRORJLFDOPHWKRGRORJ\ SS 6DQ)UDQFLVFR
-RVVH\%DVV
6WHLJHU-+  6WUXFWXUDOPRGHOHYDOXDWLRQDQGPRGLILFDWLRQ$QLQWHUYDOHV8LPD/LRQ$SSURDFK
0XOWLYDQDWH%HKDYLRUDO5HVHDUFK

6WHLJHU-+ /LQG- 0D\ 6WDWLVWLFDOO\EDVHGWHVWVIRUWKHQXPEHURIFRPPRQIDFWRUV


3DSHUSUHVHQWHGDWXKHDQQXDOPHHWLQJRIXKH3V\FKRPHWULF6RFLHW\,RZD&LW\,$

6WRUP& 6WRUP7  $WD[RQRPLFVWXG\RIWKHYRFDEXODU\RIHPRWLRQV-RXUQDORI


3HUVRQDOLW\DQG6RFLDO3V\FKRORJ\

7VH'. :LOWRQ3&  0RGHOVRIFRQVXPHUVDWLVIDFWLRQIRUPDWLRQ$QH[WHQVLRQ-RXUQDORI


0DUNHWLQJ5HVHDUFK

86&HQVXV%XUHDX  3DUNVUHFUHDWLRQDQGWUDYHO6WDWLVWLFDODEVWUDFWRIWKH8QLWHG6WDWHV


 WKHGS :DVKLQJWRQ'&86*RYHUQPHQW3ULQWLQJ2IILFH

:DQQ'/ %UDQVFRPEH15  'LHKDUGDQGIDLUZHDWKHUIDQV(IIHFWVRILGHQWLILFDWLRQRQ


%,5*LQJDQG&25)LQJWHQGHQFLHV-RXUQDORI6SRUWDQG6RFLDO,VVXHV

:DQQ'/ %UDQVFRPEH15  (PRWLRQDOUHVSRQVHVWRWKHVSRUWVSDJH-RXUQDORI6SRUW


DQG6RFLDO,VVXHV

5REHUW0DGULJDOLVZLWKWKH'HSWRI0DUNHWLQJ&KDUOHV+/XQGTXLVW&ROOHJHRI%XVLQHVV
8QLYHUVLW\RI2UHJRQ(XJHQH25

&LWDomRGDIRQWH 0/$DHGLomR
0DGULJDO5REHUW&RJQLWLYHDQGDIIHFWLYHGHWHUPLQDQWVRIIDQVDWLVIDFWLRQZLWKVSRUWLQJHYHQW
DWWHQGDQFH-RXUQDORI/HLVXUH5HVHDUFK  $FDGHPLF2QH)LOH:HE)HE
85/
KWWS$))JRJDOHJURXSFRP)SV)LGR)LG'*$/(&$Y'
X'FDSHVLW'US'$21(VZ'ZDVLG'FHFHDEDI
DDHF
'RFXPHQWRVGHWH[WRFRPSOHWR'LiULRVUHYLVDGRVSRUHVSHFLDOLVWDV&RQWpPLPDJHQV

You might also like