Você está na página 1de 38

COVER SHEET

Martin, Pearl Y. and Hamilton, Victoria E. and McKimmie, Blake M. and


Terry, Deborah J. and Martin, Robin L. (2006) Effects of caffeine on persuasion
and attitude change: The role of secondary tasks in manipulating systematic
message processing. European Journal of Social Psychology 37(2):pp. 320-338.
Copyright 2006 John Wiley & Sons
Accessed from: https://eprints.qut.edu.au/secure/00004304/01/Martin_et_al.pdf


(IIHFWVRIFDIIHLQHRQSHUVXDVLRQDQGDWWLWXGHFKDQJH7KHUROHRIVHFRQGDU\WDVNVLQPDQLSXODWLQJ
V\VWHPDWLFPHVVDJHSURFHVVLQJ



3HDUO<0DUWLQ9LFWRULD(+DPLOWRQ%ODNH00F.LPPLH'HERUDK-7HUU\
DQG5RELQ0DUWLQ



8QLYHUVLW\RI4XHHQVODQG%ULVEDQH$XVWUDOLD



4XHHQVODQG8QLYHUVLW\RI7HFKQRORJ\%ULVEDQH$XVWUDOLD





5XQQLQJ+HDG&DIIHLQHDQGSHUVXDVLRQ

$GGUHVVIRUFRUUHVSRQGHQFH
'U3HDUO0DUWLQ
6FKRRORI3V\FKRORJ\
8QLYHUVLW\RI4XHHQVODQG
%ULVEDQH4/'
$XVWUDOLD

7HO
)D[
(PDLOSPDUWLQ#SV\XTHGXDX

&DIIHLQHDQGSHUVXDVLRQ



(IIHFWVRIFDIIHLQHRQSHUVXDVLRQDQGDWWLWXGHFKDQJH7KHUROHRIVHFRQGDU\WDVNVLQPDQLSXODWLQJ
V\VWHPDWLFPHVVDJHSURFHVVLQJ



$EVWUDFW
7ZRH[SHULPHQWVDUHUHSRUWHGWKDWH[DPLQHWKHHIIHFWVRIFDIIHLQHFRQVXPSWLRQRQDWWLWXGHFKDQJH
E\XVLQJGLIIHUHQWVHFRQGDU\WDVNVWRPDQLSXODWHPHVVDJHSURFHVVLQJ7KHILUVWH[SHULPHQW
HPSOR\HGDQRULHQWDWLQJWDVNZKLOHWKHVHFRQGH[SHULPHQWHPSOR\HGDGLVWUDFWHUWDVN,QERWK
H[SHULPHQWVSDUWLFLSDQWVFRQVXPHGDQRUDQJHMXLFHGULQNWKDWHLWKHUFRQWDLQHGFDIIHLQH PJNJ
ERG\ZHLJKW RUGLGQRWFRQWDLQFDIIHLQH SODFHER SULRUWRUHDGLQJDFRXQWHUDWWLWXGLQDO
FRPPXQLFDWLRQ7KHUHVXOWVDFURVVERWKH[SHULPHQWVZHUHVLPLODU:KHQPHVVDJHSURFHVVLQJZDV
UHGXFHGRUXQGHUKLJKGLVWUDFWLRQWKHUHZDVQRDWWLWXGHFKDQJHLUUHVSHFWLYHRIFDIIHLQH
FRQVXPSWLRQ+RZHYHUZKHQPHVVDJHSURFHVVLQJZDVHQKDQFHGRUXQGHUORZGLVWUDFWLRQWKHUH
ZDVJUHDWHUDWWLWXGHFKDQJHLQWKHFDIIHLQHYVSODFHERFRQGLWLRQV)XUWKHUPRUHDWWLWXGHVIRUPHG
DIWHUFDIIHLQHFRQVXPSWLRQUHVLVWHGFRXQWHUSHUVXDVLRQ ([SHULPHQW DQGOHGWRLQGLUHFWDWWLWXGH
FKDQJH ([SHULPHQW 7KHH[WHQWWKDWSDUWLFLSDQWVHQJDJHGLQPHVVDJHFRQJUXHQWWKLQNLQJ
PHGLDWHGWKHDPRXQWRIDWWLWXGHFKDQJH7KHVHUHVXOWVSURYLGHHYLGHQFHWKDWPRGHUDWHDPRXQWVRI
FDIIHLQHLQFUHDVHV\VWHPDWLFSURFHVVLQJRIWKHDUJXPHQWVLQWKHPHVVDJHUHVXOWLQJLQJUHDWHU
DJUHHPHQW


&DIIHLQHDQGSHUVXDVLRQ

,QWURGXFWLRQ

&DIIHLQH WULPHWK\O[DQWKLQH LVDQDWXUDOFRQVWLWXHQWRIQXPHURXVDQGUHDGLO\DYDLODEOH


IRRGVDQGEHYHUDJHV /LHEHUPDQ DQGLVEHOLHYHGWREHWKHPRVWZLGHO\DQGIUHTXHQWO\
FRQVXPHGSV\FKRDFWLYHVXEVWDQFHLQWKHZRUOG -DPHV $VPDQ\DVRI$PHULFDQVDUH
UHSRUWHGWREHUHJXODUPRGHUDWHFDIIHLQHXVHUVFRQVXPLQJRQDYHUDJHDSSUR[LPDWHO\PJGD\
%DURQH 5REHUWV+XJKHV 2OLYHWR 6LPLODUOHYHOVRIFRQVXPSWLRQKDYHEHHQ
UHSRUWHGLQ$XVWUDOLD PJGD\  )UHGKROP%lWWLJ+ROPHQ1HKOLJ =YDUWDX DQGWKH
8. PJGD\ ZKHUHDERXWRIWKHSRSXODWLRQFRQVXPHVFDIIHLQDWHGEHYHUDJHVDWOHDVWRQFH
DZHHN %ULFH 6PLWKD 7KHPDMRULW\RIWKLVFDIIHLQHLQWDNHLVIURPGULQNLQJFRIIHH
DOWKRXJKDPRQJVWWHHQDJHUVFRQVXPSWLRQRIFRODVRIWGULQNVDQGHQHUJ\GULQNVDUHQRZSRSXODU
&KRLFH-DUYLV %HFDXVHRIFDIIHLQHVSRSXODULW\DQGZLGHVSUHDGFRQVXPSWLRQLWKDV
DWWUDFWHGLQWHQVLYHLQYHVWLJDWLRQVLQWRLWVEHKDYLRXUDOHIIHFWVLQKXPDQV7RGDWHZKLOVWWKHUHLVD
ODUJHOLWHUDWXUHH[DPLQLQJWKHHIIHFWVRIFDIIHLQHRQSK\VLRORJLFDODQGFRJQLWLYHIXQFWLRQLQJWKHUHLV
VXUSULVLQJO\OLWWOHUHVHDUFKWKDWIRFXVHVRQWKHUHODWLRQVKLSEHWZHHQFDIIHLQHDQGVRFLDOSURFHVVHV
7KHDLPRIWKLVSDSHULVWRDGGUHVVWKLVLVVXHE\H[DPLQLQJWKHHIIHFWVRIFDIIHLQHRQRQHYHU\
LPSRUWDQWDVSHFWRIVRFLDOEHKDYLRUQDPHO\SHUVXDVLRQDQGDWWLWXGHFKDQJH%\ZD\RI
LQWURGXFWLRQZHEULHIO\RXWOLQHZKDWFDIIHLQHLVLWVSK\VLRORJLFDOHIIHFWVRQWKHEUDLQDQGPRVW
LPSRUWDQWO\LWVLPSDFWRQWKHFRJQLWLYHSURFHVVHVWKDWDUHUHOHYDQWWRSHUVXDVLRQ:HWKHQFRQVLGHU
ZKDWLPSDFWFDIIHLQHPLJKWKDYHRQSHUVXDVLRQ,WLVWKLVTXHVWLRQWKDWWKHWZRH[SHULPHQWVLQWKLV
SDSHUVHHNWRDGGUHVV


7KHKLJKFRQVXPSWLRQRIFDIIHLQHFRQWDLQLQJIRRGVDQGEHYHUDJHVKDVEHHQDWWULEXWHGWRLWV

SV\FKRDFWLYHSURSHUWLHV 6PLWK ,QGHHGKDELWXDOFDIIHLQHFRQVXPHUVUHSRUWWKDWLWPDNHV


WKHPIHHOPRUHDOHUWPRUHPRWLYDWHGWRZRUNDQGWKLQNPRUHFOHDUO\ $YLV5RJHUV
5LFKDUGVRQ (OOLPDQ6PLWK.HQGULFN 0DEHQ &DIIHLQHSULPDULO\DFKLHYHVLWV
DURXVDOHIIHFWVE\VWLPXODWLQJWKH&HQWUDO1HUYRXV6\VWHP &16 HVSHFLDOO\WKHEUDLQ 0DLVWUR
*ODOL]LR &RQQHUV5H\QROGV 2QFHLQJHVWHGFDIIHLQHLVUDSLGO\DEVRUEHGLQWRWKH


&DIIHLQHDQGSHUVXDVLRQ


EORRGDQGERG\WLVVXHVWKURXJKWKHJDVWURLQWHVWLQDOWUDFWDQGTXLFNO\FURVVHVWKHEORRGEUDLQEDUULHU
WRUHDFKWKHEUDLQZKHUHLWVSULQFLSDODFWLRQLVWRREVWUXFWDGHQRVLQH$DQG$DUHFHSWRUV 0\FHN
+DUYH\ &KDPSH 7KHREVWUXFWLRQRIDGHQRVLQHUHFHSWRUVLQWKH&16FDXVHVVHFRQGDU\
HIIHFWVRQPDQ\FODVVHVRIQHXURWUDQVPLWWHUV VXFKDVQRUDGUHQDOLQHGRSDPLQHDFHW\OFKROLQH
VHURWRQLQDQGJOXWDPDWHDQG*$%$)UHGKROPHWDO ZKLFKLQWXUQOHDGVWRDQLQFUHDVHLQ
&16DFWLYLW\ 'DO\ )UHGKROP HVSHFLDOO\LQKLJKHUFHQWUHVRIWKHEUDLQ 5H\QROGV 
2ISDUWLFXODUUHOHYDQFHWRWKHSUHVHQWSDSHULVWKHILQGLQJWKDWFDIIHLQHVVWLPXODQWDFWLRQRQ
WKH&16LQFUHDVHVDWWHQWLRQDWYDULRXVVWDJHVRILQIRUPDWLRQSURFHVVLQJ .HQHPDQV /RULVW
/RULVW6QHO .RN 3ODFHERFRQWUROOHGODERUDWRU\VWXGLHVKDYHVKRZQWKDWPRGHUDWHGRVHV
RIFDIIHLQH XSWRPJ FDQLPSURYHERWKVHOHFWLYHDWWHQWLRQ LHRQHVRXUFHRILQIRUPDWLRQPXVW
EHLJQRUHGZKLOHDWWHQWLRQLVIRFXVHGRQDQRWKHU GLYLGHGDWWHQWLRQ LHDWWHQWLRQPXVWEHGLYLGHG
DPRQJPXOWLSOHDQGVLPXOWDQHRXVVRXUFHVRILQIRUPDWLRQ DQGVXVWDLQHGDWWHQWLRQ LHDWWHQWLRQ
QHHGVWREHFRQVWDQWO\DSSOLHGWRWKHWDVN  %UDXQ.HUU6KHUZRRG +LQGPDUFK
5XLMWHU/RULVW6QHO 'H5XLWHU6PLW 5RJHUV9DQGHU6WHOW 7KHEHQHILFLDO
HIIHFWVRIPRGHUDWHGRVHVRIFDIIHLQHRQDWWHQWLRQKDYHDOVREHHQHYLGHQWLQUHDOOLIHDFWLYLWLHV %ULFH
6PLWKE:HLQEHUJ %HDOHU ZLWKPJ HTXLYDOHQWWRFXSVFRIIHH EHLQJWKH
RSWLPDOGRVHDQGPJRIFDIIHLQHFRQVLGHUHGWREHWKHSHDNRIWKHPRGHUDWHGRVHUDQJHIRU
HQKDQFLQJFRJQLWLYHSHUIRUPDQFH /LHEHUPDQ7KDULRQ6KXNLWW+DOH6SHFNPDQ 7XOO\
7KDULRQ6KXNLWW+DOH /LHEHUPDQ ,QDGGLWLRQWRHQKDQFLQJDWWHQWLRQPRGHUDWHGRVHVRI
FDIIHLQHKDYHLQFUHDVHGSHUIRUPDQFHRQPRUHFRPSOH[WDVNVVXFKDVGHOD\HGRUVHPDQWLFPHPRU\
UHFDOO &RUU3LFNHULQJ *UD\+DVHQIUDW] %DWWLJ6PLWK%ULFH 1JX\HQYDQ7DP
:DUEXUWRQ ORJLFDOUHDVRQLQJ 6PLWK.HQGULFN 0DEHQ6PLWK0DEHQ 
%URFNPDQ DQGPHQWDODULWKPHWLFWDVNV 9DQGHU6WHOW ,WKDVEHHQVXJJHVWHGWKDW
FDIIHLQHLPSURYHVYDULRXVDVSHFWVRIDWWHQWLRQDQGPRUHFRPSOH[LQIRUPDWLRQSURFHVVLQJE\
LQFUHDVLQJDURXVDO /LEHUPDQ VSHHG 6WUHXIHUWHWDO6PLWK DQGTXDQWLW\
5XLMWHUHWDO RILQIRUPDWLRQSURFHVVHG


&DIIHLQHDQGSHUVXDVLRQ


*LYHQWKHODUJHERG\RIOLWHUDWXUHVKRZLQJWKDWPRGHUDWHGRVHVRIFDIIHLQHEHQHILWLQIRUPDWLRQ
SURFHVVLQJ SDUWLFXODUO\DWWHQWLRQVHPDQWLFPHPRU\DQGORJLFDOUHDVRQLQJ DQGWKDWWKHVH
SURFHVVHVDUHLQYROYHGLQSHUVXDVLRQLWLVUHPDUNDEOHWKDWRQO\DIHZVWXGLHVKDYHH[DPLQHGWKH
HIIHFWVRIFDIIHLQHFRQVXPSWLRQRQSHUVXDVLRQ,QRQHRIWKHIHZVWXGLHVLQWKLVDUHD0LQW]DQG
0LOOV  DVNHGSDUWLFLSDQWVWRUHDGDSHUVXDVLYHPHVVDJHDERXWFKHVWUD\VDIWHUFRQVXPLQJD
GULQNWKDWHLWKHUFRQWDLQHGFDIIHLQH PJ RUGLGQRW SODFHER 7KH\IRXQGWKDWSDUWLFLSDQWVLQ
WKHFDIIHLQHFRQGLWLRQVKRZHGJUHDWHUDJUHHPHQWZLWKWKHPHVVDJHWKDQGLGWKRVHLQWKHSODFHER
FRQGLWLRQ7ZRVWXGLHVE\0DUWLQ/DLQJ0DUWLQDQG0LWFKHOO  VHH0DUWLQ 0DUWLQLQ
SUHVVDOVRIRXQGHYLGHQFHWKDWPRGHUDWHGRVHVRIFDIIHLQHOHGWRJUHDWHUDWWLWXGHFKDQJHWRZDUGVD
FRXQWHUDWWLWXGLQDOSRVLWLRQFRPSDUHGWRDSODFHERFRQGLWLRQ)XUWKHUPRUHWKHH[WHQWWRZKLFK
SDUWLFLSDQWVJHQHUDWHGPHVVDJHFRQJUXHQWWKRXJKWVDIWHUUHDGLQJWKHPHVVDJHPHGLDWHGWKHDPRXQW
RIDWWLWXGHFKDQJH7KHHYLGHQFHIURPWKHVHVWXGLHVLVWKDWFDIIHLQHHQFRXUDJHVSHRSOHWRIRFXV
PRUHDWWHQWLRQRQWKHFRQWHQWRIWKHPHVVDJHDQGWKLVOHDGVWRJUHDWHUDJUHHPHQWZLWKWKHPHVVDJH
SRVLWLRQ7RH[DPLQHWKHHIIHFWVRIFDIIHLQHRQDWWLWXGHFKDQJH0DUWLQHWDO  HPSOR\HG
UHFHQWGXDOSURFHVVPRGHOVRISHUVXDVLRQDVDJXLGLQJIUDPHZRUN:HEULHIO\GHVFULEHWKLV
DSSURDFKDQGKRZLWPLJKWH[SODLQWKHHIIHFWVRIFDIIHLQHRQDWWLWXGHFKDQJH
$WWLWXGHVFDQEHLQIOXHQFHGYLDDQXPEHURIPHFKDQLVPV7KH(ODERUDWLRQ/LNHOLKRRG
0RGHO (/03HWW\ &DFLRSSR LVRQHRIWKHSUHHPLQHQWFRJQLWLYHSURFHVVLQJPRGHOV7KH
(/0LVEDVHGRQWKHLGHDWKDWKXPDQVZDQWWRGHYHORSFRUUHFWDWWLWXGHVDQGEHOLHIVEHFDXVHWKH\DUH
OLNHO\WRSURYHPRUHIXQFWLRQDO 3HWW\&DFLRSSR6WUDWKPDQ 3ULHVWHU 7KH(/0
HPSKDVL]HVWZRGLVWLQFWDYHQXHVRISHUVXDVLRQWKHFHQWUDODQGSHULSKHUDOURXWHV7KHFHQWUDOURXWH
WRSHUVXDVLRQLQYROYHVDWWHQGLQJWR SHUVRQDOO\ UHOHYDQWLQIRUPDWLRQZKLOHUHIHUULQJWRSUHYLRXVO\
DFTXLUHGNQRZOHGJHDQGFXOWLYDWLQJQHZPHDQLQJ 3HUORII 0RVWLPSRUWDQWO\WKHLQGLYLGXDO
HYDOXDWHVZKHWKHUWKHPHVVDJHRUVRXUFHKDVDQ\PHULW 3HWW\HWDO 7KLVURXWHWRSHUVXDVLRQ
UHTXLUHVV\VWHPDWLFSURFHVVLQJRIWKHPHVVDJHWKURXJKZKLFKLQGLYLGXDOVSURGXFHJUHDWHUPHVVDJH
UHOHYDQWWKRXJKWV 5HDUGRQ 6LQFHFDIIHLQHKDVWKHFDSDFLW\WRHQKDQFHLQIRUPDWLRQ


&DIIHLQHDQGSHUVXDVLRQ


SURFHVVLQJWKHQRQHZRXOGH[SHFWFDIIHLQHFRQVXPSWLRQWRLQFUHDVHWKHH[WHQWRIV\VWHPDWLF
SURFHVVLQJRIDFRPPXQLFDWLRQDQGVXEVHTXHQWO\WKLVVKRXOGIDFLOLWDWHDWWLWXGHFKDQJH%\
FRQWUDVWWKHSHULSKHUDOURXWHWRSHUVXDVLRQLQYROYHVUHODWLYHO\OLWWOHFRJQLWLYHHIIRUWDQGHYDOXDWLRQ
RIWKHPHULWVRIWKHDUJXPHQW8VXDOO\DVLPSOHFXHVXFKDVVRXUFHDWWUDFWLYHQHVVLVVXIILFLHQWWR
FKDQJHSHRSOHVDWWLWXGHVZLWKRXWGHWDLOHGDSSUDLVDORIWKHFRQWHQWRIWKHDUJXPHQWV7KXVFDIIHLQH
FRXOGLQFUHDVHDWWLWXGHFKDQJHYLDWZRURXWHVILUVWYLDV\VWHPDWLFSURFHVVLQJ LHFDIIHLQHOHDGVWR
JUHDWHUHODERUDWLRQRIWKHPHVVDJHZKLFKOHDGVWRDWWLWXGHFKDQJH RUVHFRQGYLDDSHULSKHUDOFXH
OHDGLQJWRQRQV\VWHPDWLFSURFHVVLQJZLWKRXWGHWDLOHGPHVVDJHSURFHVVLQJ HJFDIIHLQHLPSURYHV
PRRGDQGWKLVOHDGVWRDJUHHPHQWZLWKWKHPHVVDJH 
7KLVSDSHUH[SORUHVWKHHIIHFWVRIFDIIHLQHRQDWWLWXGHFKDQJHE\XVLQJWZRW\SHVRI
VHFRQGDU\WDVNVWKDWPDQLSXODWHWKHH[WHQWWRZKLFKSHRSOHDUHDEOHWRV\VWHPDWLFDOO\SURFHVVWKH
PHVVDJH DQRULHQWDWLQJWDVNDQGDGLVWUDFWHUWDVN 7KHVHVHFRQGDU\WDVNVFRQVLVWRIDVSHFLILF
DFWLYLW\WKDWSDUWLFLSDQWVXQGHUWDNHZKLOVWWKH\UHDGWKHPHVVDJH:HZRXOGH[SHFWWKHUHWREHD
UHOLDEOHLQWHUDFWLRQEHWZHHQGULQNFRQVXPSWLRQ FDIIHLQHYVSODFHER DQGWKHOHYHORIPHVVDJH
SURFHVVLQJHQFRXUDJHGE\WKHVHFRQGDU\WDVN UHGXFHVYVLQFUHDVHVPHVVDJHSURFHVVLQJ :KHQWKH
VHFRQGDU\WDVNUHGXFHVSDUWLFLSDQWVDELOLW\WRSURFHVVWKHPHVVDJHWKHQWKHUHVKRXOGEHOLWWOHRUQR
DWWLWXGHFKDQJHLUUHVSHFWLYHRIWKHFRQVXPSWLRQRIFDIIHLQH,QWKLVVLWXDWLRQWKHSRWHQWLDOHQKDQFLQJ
HIIHFWVRIFDIIHLQHRQDWWLWXGHFKDQJHLVQHJDWHGE\WKHLQKLELWLQJHIIHFWWKHVHFRQGDU\WDVNKDVXSRQ
PHVVDJHHODERUDWLRQ+RZHYHUZKHQWKHVHFRQGDU\WDVNLQFUHDVHVPHVVDJHSURFHVVLQJWKHHIIHFW
RIFDIIHLQHRQDWWLWXGHFKDQJHLVWKURXJKV\VWHPDWLFSURFHVVLQJ DVSURSRVHGE\0DUWLQHWDO 
DQGWKHUHIRUHXQGHUFRQGLWLRQVWKDWLQFUHDVHV\VWHPDWLFSURFHVVLQJWKHUHVKRXOGEHJUHDWHUDWWLWXGH
FKDQJHLQWKHFDIIHLQHWKDQWKHSODFHERFRQGLWLRQV,QRWKHUZRUGVWKHLQFUHDVHGV\VWHPDWLF
SURFHVVLQJIURPWKHFDIIHLQHFRPELQHGZLWKWKDWIURPWKHVHFRQGDU\WDVNVKRXOGHQKDQFHDWWLWXGH
FKDQJHFRPSDUHGWRWKDWDFKLHYHGYLDWKHVHFRQGDU\WDVNDORQH
,QDGGLWLRQHDFKH[SHULPHQWLQWURGXFHVDQDGGLWLRQDOWHFKQLTXHWRH[DPLQHWKHQDWXUHRIWKH
DWWLWXGHFKDQJHIROORZLQJFDIIHLQHFRQVXPSWLRQ$FFRUGLQJWRWKH(/0DWWLWXGHVWKDWDUHIRUPHG


&DIIHLQHDQGSHUVXDVLRQ


YLDV\VWHPDWLFSURFHVVLQJDUHFRQVLGHUHGWREHVWURQJZKLOHWKRVHIRUPHGWKURXJKQRQV\VWHPDWLF
SURFHVVLQJWKH\DUHFRQVLGHUHGWREHUHODWLYHO\ZHDN VHH.URVQLFN%RQLQJHU&KXDQJ%HUHQW 
&DUQRW :HH[DPLQHGWKHVWUHQJWKRIDWWLWXGHV VWURQJYVZHDN IRUPHGIROORZLQJFDIIHLQH
FRQVXPSWLRQRQWKHLUDELOLW\WRUHVLVWFRXQWHUSHUVXDVLRQ ([SHULPHQW DQGDIIHFWLQGLUHFWDWWLWXGHV
([SHULPHQW ,IFDIIHLQHLQFUHDVHVV\VWHPDWLFSURFHVVLQJDVZHK\SRWKHVL]HWKHQDWWLWXGHV
IRUPHGIROORZLQJFDIIHLQHFRQVXPSWLRQVKRXOGEHPRUHDEOHWRUHVLVWFRXQWHUSHUVXDVLRQDQGDOVR
OHDGWRLQGLUHFWLQIOXHQFHFRPSDUHGWRDWWLWXGHVIRUPHGYLDQRQV\VWHPDWLFSURFHVVLQJ
,QVXPPDU\WKHUHLVDODUJHYROXPHRIUHVHDUFKVKRZLQJWKDWLQJHVWLRQRIPRGHUDWHDPRXQWV
RIFDIIHLQHLQFUHDVHVSHRSOHVDELOLW\WRSURFHVVLQIRUPDWLRQDIDFWRUFRQVLGHUHGFUXFLDOLQ
SURGXFLQJDWWLWXGHFKDQJH 3HUORII %URFN ,IWKHHIIHFWRIFDIIHLQHRQSHUVXDVLRQLVGXHWR
V\VWHPDWLFSURFHVVLQJ 0DUWLQHWDO WKHQWKLVUHODWLRQVKLSVKRXOGEHVHQVLWLYHWRWDVNVWKDW
HLWKHUHQFRXUDJHRUGLVFRXUDJHV\VWHPDWLFPHVVDJHSURFHVVLQJ7KHIROORZLQJWZRH[SHULPHQWV
H[SORUHGWKHVHJHQHUDOK\SRWKHVHVE\XVLQJGLIIHUHQWW\SHVRIVHFRQGDU\WDVNVDQRULHQWDWLQJWDVN
([SHULPHQW DQGDGLVWUDFWHUWDVN ([SHULPHQW 
([SHULPHQW
7KHDLPRIWKHILUVWH[SHULPHQWZDVWRH[DPLQHWKHHIIHFWRILQFUHDVLQJRUGHFUHDVLQJV\VWHPDWLF
PHVVDJHGLUHFWHGSURFHVVLQJ YLDDQRULHQWDWLQJWDVN RQWKHUHODWLRQVKLSEHWZHHQFDIIHLQHDQG
DWWLWXGHFKDQJHIROORZLQJDSHUVXDVLYHPHVVDJH7KHRULHQWDWLQJWDVNZDVLQWURGXFHGSULRUWR
UHDGLQJWKHLQLWLDOPHVVDJH3DUWLFLSDQWVZHUHDVNHGWRHLWKHUFURVVRXWHYHU\OHWWHURLQWKHWH[W WR
GHFUHDVHPHVVDJHSURFHVVLQJ RUWRUHPHPEHUWKHDUJXPHQWVLQWKHPHVVDJHDVWKH\ZRXOGEH
UHTXLUHGWRUHFDOOWKHPDWWKHHQGRIWKHVWXG\ WRLQFUHDVHPHVVDJHSURFHVVLQJ :HK\SRWKHVL]HG
WKDWWKHKLJKPHVVDJHSURFHVVLQJWDVNZRXOGLQVWLJDWHV\VWHPDWLFSURFHVVLQJRIWKHPHVVDJHZKLFK
ZRXOGUHVXOWLQJUHDWHUDWWLWXGHFKDQJHLQWKHGLUHFWLRQRIWKHSHUVXDVLYHPHVVDJH7KHFRQVXPSWLRQ
RIFDIIHLQH YVSODFHER ZDVH[SHFWHGWRLQFUHDVHPHVVDJHFRQJUXHQWWKLQNLQJDQGWKHUHIRUH
DJUHHPHQWZLWKWKHPHVVDJHLQWKHKLJKPHVVDJHSURFHVVLQJFRQGLWLRQ,QFRQWUDVWWKHORZPHVVDJH

&DIIHLQHDQGSHUVXDVLRQ


SURFHVVLQJWDVNZDVGHVLJQHGWRLQKLELWV\VWHPDWLFSURFHVVLQJDQGWKHUHIRUHWKHHIIHFWVRIFDIIHLQH
ZHUHQRWH[SHFWHGWRDSSHDULQWKLVFRQGLWLRQ


8VLQJDVWDQGDUGDWWLWXGHFKDQJHSDUDGLJPSDUWLFLSDQWVFRQVXPHGDGULQNFRQWDLQLQJHLWKHU

FDIIHLQHRUQRFDIIHLQH SODFHER PLQXWHVSULRUWRUHDGLQJDSHUVXDVLYHPHVVDJH ZKLFKFRQVLVWHG


RIVL[SHUVXDVLYHDUJXPHQWVDUJXLQJDFRXQWHUDWWLWXGLQDOSRVLWLRQ $IWHUWKLVSDUWLFLSDQWV
FRPSOHWHGDUDQJHRIDWWLWXGHVFDOHVWRGHWHUPLQHZKHWKHUWKH\KDGEHHQLQIOXHQFHGE\WKHPHVVDJH
&RQVLVWHQWZLWKUHVHDUFKH[DPLQLQJWKH(/0ZHHPSOR\HGDWKRXJKWOLVWLQJWDVNZKHUH
SDUWLFLSDQWVZHUHDVNHGWROLVWDOOWKHWKRXJKWVWKH\KDGKDGDERXWWKHWRSLFRIWKHPHVVDJHZKHQ
WKH\ZHUHUHDGLQJLW 3HWW\ &DFLRSSR 7KLVLVDFRPPRQO\XVHGWHFKQLTXHWRDVVHVVWKH
H[WHQWWRZKLFKSHRSOHHQJDJHLQPHVVDJHRULHQWDWHGFRJQLWLYHHODERUDWLRQVDQGLWLVDJRRG
SUHGLFWRURIDWWLWXGHFKDQJH )DEULJDU3ULHVWHU3HWW\ :HJHQHU+DIHU5H\QROGV 
2EHUW\QVNL 


$QDGGLWLRQDODVSHFWRIWKLVH[SHULPHQWZDVWKDWSDUWLFLSDQWVZHUHH[SRVHGWRWZRPHVVDJHV

ZKLFKDUJXHGGLIIHUHQWSRVLWLRQVGHOD\HGLQWLPH LQLWLDODQGFRXQWHUPHVVDJH ZLWKDWWLWXGHVFRUHV


WDNHQDIWHUHDFKPHVVDJH HJ+DXJWYHGW 3HWW\+DXJWYHGW :HJHQHU50DUWLQ
+HZVWRQH 0DUWLQ:X 6KDIIHU $FFRUGLQJWRWKH(/0V\VWHPDWLFSURFHVVLQJRI
DILUVWPHVVDJHSURYLGHVLQGLYLGXDOVZLWKDUJXPHQWVWRUHVLVWWKHLQIOXHQFHRIDVHFRQGFRXQWHU
PHVVDJH+RZHYHULIDWWLWXGHVWRDILUVWPHVVDJHDUHIRUPHGYLDQRQV\VWHPDWLFSURFHVVLQJWKH\
VKRXOGEHUHODWLYHO\ZHDNDQGVXVFHSWLEOHWRWKHLQIOXHQFHRIDVHFRQGFRXQWHUPHVVDJH,QVKRUW
WKHH[WHQWWRZKLFKSDUWLFLSDQWVDUHDEOHWRUHVLVWDVHFRQGFRXQWHUPHVVDJHLVDQLQGLFDWRURIKRZ
PXFKDWWLWXGHVIROORZLQJWKHLQLWLDOPHVVDJHZHUHIRUPHGYLDV\VWHPDWLFSURFHVVLQJ 50DUWLQHW
DO 
0HWKRG
3DUWLFLSDQWVDQG'HVLJQ
3DUWLFLSDQWVZHUHIHPDOHVWXGHQWVIURPDXQLYHUVLW\LQ$XVWUDOLDZKRWRRNSDUWIRUSDUWLDOFRXUVH
FUHGLW3DUWLFLSDQWVZHUHVHOHFWHGRQWKHEDVLVRISUHGHWHUPLQHGFULWHULDZKLFKVWLSXODWHGWKDWWKH\


&DIIHLQHDQGSHUVXDVLRQ


D ZHUHQRWRQDQ\PHGLFDWLRQWKDWDIIHFWVDURXVDOOHYHOV E KDGQRWH[SHULHQFHGDQ\SUHYLRXV
FRQWUDLQGLFDWLRQWRFDIIHLQH F ZHUHQRQVPRNHUV RUVPRNHGOHVVWKDQILYHFLJDUHWWHVSHUGD\  G 
ZHUHORZWRPRGHUDWHFRIIHHGULQNHUV GUDQNOHVVWKDQFXSVRIFRIIHHSHUGD\ DQG H ZHUHQRW
SUHJQDQWRUEUHDVWIHHGLQJ7ZHOYHSDUWLFLSDQWVZHUHH[FOXGHGEHFDXVHWKHLUSUHWHVWDWWLWXGH
WRZDUGVWKHWRSLFRILQIOXHQFHZDVWKHVDPHDVWKHPHVVDJH DQGWKHUHIRUHWKHPHVVDJHZRXOGQRW
KDYHEHHQFRXQWHUDWWLWXGLQDO ,QDUDQGRPLVHGDQGGRXEOHEOLQGSURFHGXUHSDUWLFLSDQWVZHUH
DVVLJQHGWRRQHRIIRXUFRQGLWLRQVRID GULQNFDIIHLQHYVSODFHER E\ PHVVDJHSURFHVVLQJORZ
YVKLJK EHWZHHQVXEMHFWIDFWRULDOGHVLJQZLWKSDUWLFLSDQWVSHUFHOO
3URFHGXUH
7KHVWXG\WRRNSODFHRYHUWZRVHVVLRQV7RUHGXFHH[SHFWDQF\HIIHFWVSDUWLFLSDQWVZHUHLQIRUPHG
WKDWWKH\ZRXOGEHUHTXLUHGWRFRQVXPHDQRUDQJHMXLFHGULQNWKDWPD\RUPD\QRWFRQWDLQFDIIHLQH
$OOSDUWLFLSDQWVZHUHUHTXLUHGWRDEVWDLQIURPFDIIHLQHFRQWDLQLQJSURGXFWVDQGDOFRKROIURP
SPWKHHYHQLQJSUHFHGLQJWKHVWXG\DQGIRUDIXUWKHUWZRKRXUVIROORZLQJFRPSOHWLRQRIWKHWHVW
VHVVLRQ WRDOORZIRUFDIIHLQHPHWDEROLVP-DPHV 2QWKHGD\RIWKHVWXG\WKH\ZHUH
LQVWUXFWHGWRHDWWKHLUXVXDOEUHDNIDVWDQGPDLQWDLQK\GUDWLRQE\GULQNLQJZDWHURUPLON
)LUVW6HVVLRQ'XULQJWKHILUVWVHVVLRQSDUWLFLSDQWVFRPSOHWHGDQXPEHURITXHVWLRQQDLUHV
3DUWLFLSDQWVSUHWHVWDWWLWXGHVWRZDUGVVHYHUDOLVVXHVZHUHDVVHVVHGRQSRLQWVFDOHVUDQJLQJIURP
WRWDOO\GLVDJUHHWRWRWDOO\DJUHH2QHRIWKHVHLVVXHVZDVWKHWDUJHWLWHPFRQFHUQLQJWKHXVHRI
YROXQWDU\HXWKDQDVLD LHDSHUVRQVULJKWWRWHUPLQDWHWKHLUOLIHLIWKH\KDYHDWHUPLQDOLOOQHVV DQG
WKLVVHUYHGDVWKHSUHWHVW1H[WSDUWLFLSDQWVHVWLPDWHGWKHLU XVXDO ZHHNO\LQWDNHRIFDIIHLQH
FRQWDLQLQJIRRGVDQGGULQNVRQDFDIIHLQHFRQVXPSWLRQTXHVWLRQQDLUH,WHPVZHUHOLVWHGXQGHU
VSHFLILFFDWHJRULHV FRIIHHWHDFKRFRODWHSURGXFWVVRIWGULQNVHQHUJ\GULQNV $GDLO\DYHUDJHRI
FDIIHLQHFRQVXPSWLRQZDVGHULYHGIURPWKHVXPPDWLRQRIWKHZHHNO\HVWLPDWHV(VWLPDWHVRI
FDIIHLQHFRQWHQWZHUHEDVHGRQPHWULFDOO\FRQYHUWHGVWDQGDUGYDOXHV %DURQH 5REHUWV
-DPHV DQGPHWULFDOVWDQGDUGYDOXHV3DUWLFLSDQWVLQGLYLGXDOGLIIHUHQFHVLQFLUFDGLDQ
UK\WKPVZHUHDVVHVVHGYLDWKH0RUQLQJ(YHQLQJQHVV4XHVWLRQQDLUH 0(4+RUQH gVWEHUJ


&DIIHLQHDQGSHUVXDVLRQ


 7KH0(4FRQVLVWVRILWHPVZKLFKDUHGHVLJQHGWRDVVHVVWKHWLPHRIWKHGD\DQLQGLYLGXDO
IHHOVWKHPRVWDOHUWZRUNVPRUHHIILFLHQWO\DQGKRZGLIILFXOWWKH\ILQGJHWWLQJXSLQWKHPRUQLQJ
+LJKVFRUHVLQGLFDWHPRUQLQJW\SHLQGLYLGXDOVZKRZRUNPRUHHIILFLHQWO\LQWKHPRUQLQJ/RZ
VFRUHVLQGLFDWHHYHQLQJW\SHLQGLYLGXDOVZKRZRUNPRUHHIILFLHQWO\LQWKHHYHQLQJ)LQDOO\
SDUWLFLSDQWVZHLJKWZDVPHDVXUHG ZLWKRXWVKRHV RQZHLJKLQJVFDOHVDQGUHFRUGHG WRQHDUHVW
NLORJUDP 7KLVPHDVXUHPHQWDOORZHGWKHH[SHULPHQWHUWRDGPLQLVWHUWKHFRUUHFWDPRXQWRI
FDIIHLQHWRWKRVHSDUWLFLSDQWVDVVLJQHGWRWKHFDIIHLQHFRQGLWLRQ
6HFRQG6HVVLRQ7KHVHFRQGVHVVLRQWRRNSODFHRQHZHHNDIWHUWKHILUVWVHVVLRQZLWK
SDUWLFLSDQWVWHVWHGLQVPDOOJURXSVRIIRXUWRHLJKWGXULQJWKHPRUQLQJSHULRG DPRUDP 7R
GHFUHDVHDURXVDODQGGLVWUDFWLRQHDFKSDUWLFLSDQWZDVDVVLJQHGWRDQLQGLYLGXDOGHVNDQGLQVWUXFWHG
QRWWRLQWHUDFWZLWKIHOORZSDUWLFLSDQWV'XULQJWKLVVHVVLRQSDUWLFLSDQWVZHUHJLYHQRQH
TXHVWLRQQDLUHDWDWLPHDQGRQFHFRPSOHWHGZHUHDVNHGWRSXWLWLQWRDQHQYHORSHDQGQRWWRORRN
DWSUHYLRXVO\FRPSOHWHGRQHV7KHVHVVLRQSURFHHGHGZLWKWKHIROORZLQJVWDJHV)LUVWSDUWLFLSDQWV
ZHUHDVNHGWRFRPSOHWHWKH%UHDNIDVW&RQVXPSWLRQ4XHVWLRQQDLUHRQZKLFKWKH\ZHUHDVNHGWR
ZULWHZKDWWKH\KDGHDWHQRUGUDQNVLQFHJHWWLQJXSWKDWPRUQLQJ6HFRQGHDFKSDUWLFLSDQW
FRQVXPHGPOVRIDFRPPHUFLDOO\DYDLODEOHVZHHWHQHGRUDQJHMXLFH,QDUDQGRPLVHGGRXEOH
EOLQGSURFHGXUHKDOIRIWKHGULQNVFRQWDLQHGDQK\GURXVFDIIHLQHDWDFRQFHQWUDWLRQRIPJVNJRI
ERG\ZHLJKWDQGKDOIKDGQRWKLQJDGGHG SODFHERFRQGLWLRQ 3DUWLFLSDQWVZHUHDVNHGWRGULQNWKH
MXLFHDVTXLFNO\DVSRVVLEOH7RDOORZIRUWKHPD[LPXPDEVRUSWLRQRIFDIIHLQHSDUWLFLSDQWVZDLWHG
IRUPLQXWHVEHIRUHFRQWLQXLQJZLWKWKHVWXG\7KLVDEVRUSWLRQWLPHLQWHUYDOLVRSWLPDOIRU
FDIIHLQHWRSHDNLQWKHEORRG 0DLVWR*DOL]LR &RQQRUV5H\QROGV 7KLUG
SDUWLFLSDQWVZHUHLQIRUPHGWKDWWKHUHZDVDGHEDWHUHJDUGLQJYROXQWDU\HXWKDQDVLDLQYDULRXV
FRPPXQLFDWLRQPHGLXPV VXFKDVQHZVSDSHUUDGLRWHOHYLVLRQ $VDFRYHUVWRU\WKH\ZHUHWROG
SULRUUHVHDUFKKDGVKRZQWKDWVWXGHQWVDWWKHLUXQLYHUVLW\ZHUHGLYLGHGLQWKHLUDWWLWXGHVWRZDUGV
YROXQWDU\HXWKDQDVLDVRPHZHUHLQIDYRXURIYROXQWDU\HXWKDQDVLDZKLOVWRWKHUVZHUHDJDLQVW
%HIRUHSDUWLFLSDQWVUHDGWKHDUJXPHQWVWKHH[WHQWRIPHVVDJHGLUHFWHGSURFHVVLQJZDVPDQLSXODWHG


&DIIHLQHDQGSHUVXDVLRQ


,QWKHORZPHVVDJHSURFHVVLQJFRQGLWLRQSDUWLFLSDQWVZHUHDVNHGWRJRWKURXJKHDFKZRUGLQWKH
PHVVDJHDQGFURVVRXWHYHU\OHWWHUR7KHDLPRIWKLVWDVNZDVWRHQFRXUDJHRQO\DVXSHUILFLDO
FRQVLGHUDWLRQRIWKHFRQWHQWRIWKHDUJXPHQWVFRQWDLQHGLQWKHPHVVDJH,QWKHKLJKPHVVDJH
SURFHVVLQJFRQGLWLRQSDUWLFLSDQWVZHUHDVNHGWRUHDGWKHDUJXPHQWVDQGWU\WRUHPHPEHUWKHP
EHFDXVHWKH\ZRXOGEHUHTXLUHGWRUHFDOOWKHPDWWKHHQGRIWKHVWXG\7KLVODWWHULQVWUXFWLRQZDV
GHVLJQHGWRHQFRXUDJHV\VWHPDWLFSURFHVVLQJRIWKHDUJXPHQWV$VDSHUVXDVLYHPHVVDJHVL[
FRQYLQFLQJQDUUDWLYHDUJXPHQWVDJDLQVWYROXQWDU\HXWKDQDVLDZHUHWKHQSUHVHQWHG6XFKDPHVVDJH
KDVEHHQVXFFHVVIXOO\HPSOR\HGLQRWKHUVWXGLHVRIDWWLWXGHFKDQJH VHH0DUWLQ 0DUULQJWRQ
0DUWLQ 0DUWLQLQSUHVV50DUWLQ*DUGLNLRWLV +HZVWRQH50DUWLQHWDO 
)RXUWKDIWHUUHDGLQJWKHPHVVDJHSDUWLFLSDQWVFRPSOHWHGDWKRXJKWOLVWLQJWDVNDQGWKHVDPH
SRLQWVFDOHPHDVXULQJWKHLUDWWLWXGHWRZDUGVYROXQWDU\HXWKDQDVLDDVLQWKHILUVWVHVVLRQ SRVWWHVW,
LQLWLDOPHVVDJH 3DUWLFLSDQWVZHUHWKHQDVNHGWRUHFDOODVPDQ\RIWKHDUJXPHQWVLQWKHPHVVDJHDV
WKH\FRXOG)LQDOO\SDUWLFLSDQWVZHUHJLYHQVL[VWURQJDUJXPHQWVWKDWDUJXHGWKHRSSRVLWHSRVLWLRQ
WRWKHLQLWLDOPHVVDJHLHSURYROXQWDU\HXWKDQDVLD7KHLQLWLDODQGFRXQWHUPHVVDJHVERWK
FRQWDLQHGWKHVDPHQXPEHURIDUJXPHQWVDQGZHUHRIVLPLODUZRUGOHQJWKV7KHSDUWLFLSDQWVWKHQ
FRPSOHWHGWKHVDPHDWWLWXGHVFDOHDVWKDWIROORZLQJWKHLQLWLDOPHVVDJH SRVWWHVW,,FRXQWHU
PHVVDJH $WWKHHQGRIWKHVWXG\SDUWLFLSDQWVZHUHDVNHGWRUHDGWKURXJKWKHWKRXJKWVWKH\KDG
OLVWHGIROORZLQJWKHLQLWLDOPHVVDJHDQGWRLQGLFDWHZKHWKHUWKH\ZHUHLQIDYRXUDJDLQVWRUQHXWUDO
WRZDUGVYROXQWDU\HXWKDQDVLD)LQDOO\SDUWLFLSDQWVZHUHWKDQNHGIRUWKHLUSDUWLFLSDWLRQDQGZHUH
GHEULHIHGDERXWWKHDLPVRIWKHUHVHDUFK
'HSHQGHQW0HDVXUHV
7KRXJKWOLVWLQJWDVN$IWHUSDUWLFLSDQWVKDGILQLVKHGUHDGLQJWKHLQLWLDOPHVVDJHWKH\OLVWHG
WKHWKRXJKWVWKH\KDGJHQHUDWHGZKLOHUHDGLQJWKHDUJXPHQWVDJDLQVWYROXQWDU\HXWKDQDVLD7KH\
ZHUHUHTXLUHGWROLVWRQHWKRXJKWSHUER[ VHYHQER[HVZHUHSURYLGHG DQGWRSXWDGLIIHUHQWWKRXJKW
LQHDFKER[ WKH\ZHUHLQVWUXFWHGWKDWWKH\GLGQRWKDYHWRILOODOOWKHER[HV 

&DIIHLQHDQGSHUVXDVLRQ

$WWLWXGHFKDQJH3DUWLFLSDQWVFRPSOHWHGWKHVDPHSRLQWVFDOHFRQFHUQLQJWKHLUOHYHORI

DJUHHPHQWWRZDUGVYROXQWDU\HXWKDQDVLDEHIRUHDIWHULQLWLDOPHVVDJHDQGDIWHUFRXQWHUPHVVDJH
$UJXPHQWUHFDOO3DUWLFLSDQWVZHUHDVNHGWRUHFDOOWKHDUJXPHQWVWKH\KDGUHDGLQWKHLQLWLDO
PHVVDJHDQGZHUHWROGWKDWLWGLGQWPDWWHULIWKHDUJXPHQWVZHUHQWUHFDOOHGH[DFWO\EXWMXVWWR
UHFDOODVPDQ\DVSRVVLEOHOLVWLQJHDFKRQHRQDQHZOLQH
&DIIHLQHLGHQWLILFDWLRQ3DUWLFLSDQWVZHUHWKHQDVNHGGR\RXEHOLHYH\RXZHUHJLYHQ
FDIIHLQH" \HVRUQR DQGDVNHGWRUDWHWKHFRQILGHQFHLQWKHLUGHFLVLRQRQDVFDOHUDQJLQJIURP
YHU\XQFRQILGHQWWRYHU\FRQILGHQW
5HVXOWV
8QOHVVQRWHGRWKHUZLVHUHVSRQVHVWRDOOPHDVXUHVZHUHDQDO\VHGXVLQJD GULQNFDIIHLQHYV
SODFHER ; PHVVDJHSURFHVVLQJORZYVKLJK EHWZHHQVXEMHFWVDQDO\VLVRIYDULDQFH $129$ 
0HDQVDQGVWDQGDUGGHYLDWLRQVIRUDOOWKHGHSHQGHQWYDULDEOHVDVDIXQFWLRQRIGULQNDQGPHVVDJH
SURFHVVLQJFRQGLWLRQVDUHVKRZQLQ7DEOH
3UHOLPLQDU\$QDO\VHV
3DUWLFLSDQWDOORFDWLRQ7RHQVXUHWKDWSDUWLFLSDQWDOORFDWLRQWRWKHH[SHULPHQWDOFHOOVZDV
UDQGRPSUHOLPLQDU\DQDO\VHVZHUHFRQGXFWHG$Q$129$UHYHDOHGQRVLJQLILFDQWPDLQHIIHFWVRU
LQWHUDFWLRQVEHWZHHQWKHLQGHSHQGHQWYDULDEOHVIRUSUHWHVWDWWLWXGHVWRZDUGVYROXQWDU\HXWKDQDVLD
KDELWXDOGDLO\FDIIHLQHLQWDNHDJHZHLJKWDQGPRUQLQJQHVVHYHQLQJQHVV
'ULQNLGHQWLILFDWLRQFKHFN7KHUHZDVQRGLIIHUHQFHLQWKHQXPEHURISHRSOHZKREHOLHYHG
WKHLUGULQNFRQWDLQHGFDIIHLQHWRWKRVHWKDWGLGQRWLQWKHFDIIHLQH YV DQGSODFHER YV
 FRQGLWLRQVFKLVTXDUH  7KH$129$UHYHDOHGQRVLJQLILFDQWHIIHFWVRIFRQILGHQFHLQ
GULQNLGHQWLILFDWLRQ7KHSDWWHUQRIUHVXOWVIRUWKHPDLQGHSHQGHQWYDULDEOHV DWWLWXGHVDQGPHVVDJH
FRQJUXHQWWKRXJKWV ZDVQRWDIIHFWHGE\WKHLQFOXVLRQRIGULQNLGHQWLILFDWLRQDQGFRQILGHQFHLQ
GULQNLGHQWLILFDWLRQDVFRYDULDWHV
$UJXPHQWUHFDOO7KH$129$IRUWKHQXPEHURILQLWLDOPHVVDJHDUJXPHQWVUHFDOOHG
VKRZHGWZRUHOLDEOHPDLQHIIHFWV)LUVWSDUWLFLSDQWVLQWKHFDIIHLQHFRQGLWLRQUHFDOOHGD


&DIIHLQHDQGSHUVXDVLRQ


VLJQLILFDQWO\JUHDWHUQXPEHURIDUJXPHQWV 0  WKDQSDUWLFLSDQWVLQWKHSODFHERFRQGLWLRQ 0


 )   S6HFRQGSDUWLFLSDQWVLQWKHKLJKPHVVDJHSURFHVVLQJFRQGLWLRQ
UHFDOOHGVLJQLILFDQWO\PRUHDUJXPHQWV 0  WKDQSDUWLFLSDQWVLQWKHORZPHVVDJHSURFHVVLQJ
FRQGLWLRQ 0  )   S7KHODWWHUILQGLQJLVSDUWLFXODUO\LPSRUWDQWDVLW
VKRZVWKDWWKHPHVVDJHSURFHVVLQJYDULDEOHKDGEHHQVXFFHVVIXOLQYDU\LQJWKHH[WHQWWRZKLFK
SHRSOHDWWHQGHGWRWKHFRQWHQWRIWKHPHVVDJH
+DELWXDOFDIIHLQHFRQVXPSWLRQDQGZLWKGUDZDOHIIHFWV7KHGDLO\FDIIHLQHFRQVXPSWLRQ
VFRUHVRISDUWLFLSDQWVZHUHFODVVLILHGZLWKLQHDFKGULQNFRQGLWLRQLQWRORZ PJGD\ DQG
PRGHUDWHOHYHOV !PJGD\ ZLWKSDUWLFLSDQWVSHUFHOO7KH$129$VKRZHGQRUHOLDEOH
PDLQHIIHFWVRULQWHUDFWLRQVRQDQ\RIWKHGHSHQGHQWYDULDEOHV
0DLQ$QDO\VHV
$WWLWXGHFKDQJH7KHDWWLWXGHPHDVXUHZDVUHYHUVHFRGHGVXFKWKDWKLJKHUVFRUHV
UHSUHVHQWHGJUHDWHUDJUHHPHQWZLWKWKHSHUVXDVLYHPHVVDJH7KHDWWLWXGHVFRUHVZHUHDQDO\]HGE\D
 GULQNFDIIHLQHYVSODFHER ; PHVVDJHSURFHVVLQJORZYVKLJK ; PHDVXUHPHQWWLPHSUH
WHVWYVSRVWWHVW,LQLWLDOPHVVDJHYVSRVWWHVW,,FRXQWHUPHVVDJH PL[HGPRGHODQDO\VLVRI
YDULDQFH $129$ ZLWKWKHODVWIDFWRUEHLQJUHSHDWHGPHDVXUHV7KH$129$UHYHDOHGPDLQ
HIIHFWVRIGULQN)   SDQGPHDVXUHPHQWWLPH)   SDQG
LQWHUDFWLRQVRIGULQN;PHDVXUHPHQWWLPH)   SPHVVDJHSURFHVVLQJ;
PHDVXUHPHQWWLPH)   SDQGGULQN;PHVVDJHSURFHVVLQJ;PHDVXUHPHQW
WLPH)   S
$QDO\VLVRIVLPSOHPDLQHIIHFWVVKRZHGWKDWSDUWLFLSDQWVGLGQRWFKDQJHWKHLUDWWLWXGH
WRZDUGVWKHPHVVDJHVZKHQPHVVDJHSURFHVVLQJZDVORZLQHLWKHUWKHSODFHER 0V YV
YV )   QVRUFDIIHLQH 0V YVYV )   QV
FRQGLWLRQV+RZHYHUSDUWLFLSDQWVGLGFKDQJHWKHLUDWWLWXGHWRZDUGVWKHPHVVDJHVZKHQPHVVDJH
SURFHVVLQJZDVKLJKLQERWKWKHSODFHER)   SDQGFDIIHLQH)   S
FRQGLWLRQV


&DIIHLQHDQGSHUVXDVLRQ

)RFXVLQJILUVWRQDWWLWXGHFKDQJHWRWKHLQLWLDOPHVVDJH SUHYVSRVWWHVW, WKHUHZDVD

UHOLDEOHFKDQJHLQDWWLWXGHWRZDUGVWKHLQLWLDOPHVVDJHZKHQPHVVDJHSURFHVVLQJZDVKLJKLQERWK
WKHSODFHER 0V YV )   SDQGFDIIHLQH 0V YV 
)   SFRQGLWLRQV+RZHYHUWKHDPRXQWRIDWWLWXGHFKDQJHLQWKHFDIIHLQH
FRQGLWLRQ 0GLIIHUHQFH  ZDVUHOLDEO\ODUJHUWKDQWKDWLQWKHSODFHERFRQGLWLRQ 0GLIIHUHQFH  
)   S
)RFXVLQJRQDWWLWXGHFKDQJHWRWKHFRXQWHUPHVVDJH SRVWWHVW,YVSRVWWHVW,, LQWKH
SODFHERFRQGLWLRQWKHUHOLDEOHFKDQJHLQDWWLWXGHWRWKHLQLWLDOPHVVDJH 0V YV \LHOGHG
WRWKHVHFRQGFRXQWHUPHVVDJH 0V YV W   S,QGHHGWKHUHZDVQR
UHOLDEOHGLIIHUHQFHEHWZHHQSUHWHVWDQGSRVWWHVW,,VKRZLQJDWWLWXGHVKDGUHWXUQHGWRWKHLURULJLQDO
OHYHO 0V YV W   QV+RZHYHULQWKHFDIIHLQHFRQGLWLRQWKHUHOLDEOHFKDQJHLQ
DWWLWXGHWRWKHLQLWLDOPHVVDJH 0V YV UHVLVWHGWKHVHFRQGFRXQWHUPHVVDJH 0V 
YV W   QV7KHGLIIHUHQFHEHWZHHQWKHSUHDQGSRVWWHVW,,DWWLWXGHVFRUHV 0V 
YV ZDVUHOLDEOHW   S
0HVVDJHFRQJUXHQWWKRXJKWV$WKRXJKWLQGH[ZDVFRPSXWHGE\GLYLGLQJWKHQXPEHURI
DQWLYROXQWDU\HXWKDQDVLDWKRXJKWVZLWKWKHQXPEHURISURDQGDQWLYROXQWDU\HXWKDQDVLDWKRXJKWV
+LJKHUVFRUHVLQGLFDWHGDKLJKHUUDWLRRIPHVVDJHFRQJUXHQWWKLQNLQJ7ZRVLJQLILFDQWPDLQHIIHFWV
ZHUHIRXQG3DUWLFLSDQWVLQWKHFDIIHLQHFRQGLWLRQJHQHUDWHGDKLJKHUUDWLRRIPHVVDJHFRQJUXHQW
WKRXJKWV 0  WKDQGLGWKRVHLQWKHSODFHERFRQGLWLRQ 0  )   S
$OVRSDUWLFLSDQWVLQWKHKLJKPHVVDJHSURFHVVLQJFRQGLWLRQJHQHUDWHGDKLJKHUUDWLRRIPHVVDJH
FRQJUXHQWWKRXJKWV 0  WKDQSDUWLFLSDQWVLQWKHORZPHVVDJHSURFHVVLQJFRQGLWLRQ 0 
 )   S
0HGLDWLRQDQDO\VLV7RH[SORUHIXUWKHUWKHSURFHVVHVWKDWGHWHUPLQHDWWLWXGHFKDQJHZH
FRQGXFWHGDPHGLDWLRQDQDO\VLV VHH%DURQ .HQQ\ :HGLGWKLVLQWKHKLJKPHVVDJH
SURFHVVLQJFRQGLWLRQWRWHVWWKHK\SRWKHVLVWKDWFDIIHLQHLQFUHDVHVDWWLWXGHFKDQJHYLDLQFUHDVHG
PHVVDJHHODERUDWLRQ6LQFHWKHUHZDVDUHOLDEOHGLIIHUHQFHEHWZHHQGULQNFRQGLWLRQVIRUERWKWKH


&DIIHLQHDQGSHUVXDVLRQ


UDWLRRIPHVVDJHFRQJUXHQWWKRXJKWVDQGDUJXPHQWVUHFDOOHGZHFRQGXFWHGVHSDUDWHPHGLDWLRQ
DQDO\VHVIRUHDFKRIWKHVH QRWHWKHLQWHUFRUUHODWLRQZDVQRWUHOLDEOHU   QV ,QDOOWKH
DQDO\VHVZHLQFOXGHGSUHWHVWVFRUHVWRFRQWUROIRULQLWLDOGLIIHUHQFHVLQDWWLWXGHV7KHFRQGLWLRQVIRU
PHGLDWLRQZHUHPHWIRUPHVVDJHFRQJUXHQWWKRXJKWV'ULQNFRQGLWLRQ FDIIHLQHYVSODFHER 
SUHGLFWHGWKHUDWLRRIPHVVDJHFRQJUXHQWWKRXJKWV  S 2QFHFRQWUROOLQJIRUGULQN
FRQGLWLRQWKHUDWLRRIPHVVDJHFRQJUXHQWWKRXJKWVSUHGLFWHGWKHDPRXQWRIDWWLWXGHFKDQJH 
S )LQDOO\WKHRQFHVLJQLILFDQWUHODWLRQVKLSEHWZHHQGULQNFRQGLWLRQDQGDWWLWXGH
FKDQJH  S EHFDPHQRQVLJQLILFDQWZKHQFRQWUROOLQJIRUWKHUDWLRRIPHVVDJH
FRQJUXHQWWKRXJKWV  QV 7KHUHGXFWLRQLQEHWDZHLJKWVZDVUHOLDEOH 6REHOWHVWW
S +RZHYHUWKHFRQGLWLRQVIRUPHGLDWLRQZHUHQRWPHWZLWKWKHQXPEHURIDUJXPHQWV
UHFDOOHG7KHVLJQLILFDQWUHODWLRQVKLSEHWZHHQGULQNFRQGLWLRQDQGDWWLWXGHFKDQJH  S
 GLGQRWUHGXFHLQVLJQLILFDQFHZKHQFRQWUROOLQJIRUWKHQXPEHURIUHFDOOHGDUJXPHQWV  
S 
6XPPDU\
7KHUHVXOWVLQGLFDWHWKDWPRGHUDWHGRVHVRIFDIIHLQHFDQOHDGWRJUHDWHUDJUHHPHQWZLWKD
SHUVXDVLYHPHVVDJHEXWRQO\ZKHQWKHRULHQWDWLQJWDVNHQFRXUDJHVPHVVDJHSURFHVVLQJ:KHQWKH
RULHQWDWLQJWDVNUHGXFHGSDUWLFLSDQWVDELOLW\WRSURFHVVWKHPHVVDJHWKHUHZDVQRDWWLWXGHFKDQJH
LUUHVSHFWLYHRIZKHWKHUWKH\KDGFRQVXPHGFDIIHLQH0RVWLPSRUWDQWO\WKHUHZDVJUHDWHUDWWLWXGH
FKDQJHLQWKHKLJKPHVVDJHSURFHVVLQJFRQGLWLRQIRUWKRVHLQWKHFDIIHLQHFRPSDUHGWRWKHSODFHER
FRQGLWLRQDQGWKLVFKDQJHLQDWWLWXGHUHVLVWHGWKHFRXQWHUPHVVDJHZKLOHWKHODWWHU\LHOGHGWRLW7KLV
VKRZVWKDWFDIIHLQHLQFUHDVHGPHVVDJHSURFHVVLQJ DQGDWWLWXGHFKDQJH LQDGGLWLRQWRWKHLQFUHDVH
WKDWZDVLQVWLJDWHGE\WKHKLJKPHVVDJHSURFHVVLQJWDVNDORQH7KHPHGLDWLRQDQDO\VLVIXUWKHU
VXSSRUWVWKLVILQGLQJ2QHPHWKRGRORJLFDOLVVXHLVZRUWKQRWLQJ7KHQDWXUHRIWKHRULHQWDWLQJWDVN
GRHVQRWUXOHRXWWKHSRVVLELOLW\WKDWSDUWLFLSDQWVFRXOGKDYHHQJDJHGLQVRPHPHVVDJHSURFHVVLQJ
LQWKHORZPHVVDJHSURFHVVLQJFRQGLWLRQ7KHORZPHVVDJHSURFHVVLQJFRQGLWLRQLQYROYHGDWDVN
ZKHUHSDUWLFLSDQWVFURVVHGRXWDOOWKHRVLQWKHPHVVDJHDQGZDVGHVLJQHGWRUHGXFHWKHH[WHQWWR


&DIIHLQHDQGSHUVXDVLRQ


ZKLFKWKH\FRXOGUHDGDQGSURFHVVWKHFRQWHQWRIWKHPHVVDJH+RZHYHULWLVSRVVLEOHWKDWWKH
QDWXUHRIWKHWDVNGLGQRWGHSOHWHSDUWLFLSDQWVFRJQLWLYHUHVRXUFHVVXIILFLHQWO\WRUHQGHUWKHPXQDEOH
WRDWWHQGWRWKHFRQWHQWRIWKHPHVVDJH7KLVLVVKRZQLQWKHPHVVDJHUHFDOOGDWDZKHUHSDUWLFLSDQWV
LQWKHORZPHVVDJHSURFHVVLQJFRQGLWLRQUHFDOOHGRQDYHUDJHRXWRIVL[DUJXPHQWV,QRXU
VHFRQGH[SHULPHQWZHHPSOR\DGLIIHUHQWPHWKRGRORJ\WRUHOLDEO\UHGXFHSDUWLFLSDQWVDELOLW\WR
SURFHVVWKHPHVVDJH
([SHULPHQW
7KHDLPRIWKHVHFRQGH[SHULPHQWZDVWRIXUWKHUH[SORUHKRZFDIIHLQHDIIHFWVSHUVXDVLRQLQ
VLWXDWLRQVZKHUHSHRSOHVDELOLW\WRSURFHVVWKHPHVVDJHKDVEHHQGHFUHDVHG0RUHVSHFLILFDOO\ZH
DGGUHVVHGWKHSRWHQWLDOPHWKRGRORJLFDOLVVXHUDLVHGLQ([SHULPHQWE\HQVXULQJSDUWLFLSDQWVLQWKH
ORZPHVVDJHSURFHVVLQJFRQGLWLRQFRXOGQRWLQIDFWV\VWHPDWLFDOO\SURFHVVWKHPHVVDJH,WLV
SRVVLEOHWKDWSDUWLFLSDQWVLQWKHORZPHVVDJHSURFHVVLQJFRQGLWLRQ ZKHUHWKH\FURVVHGRXWWKHRV 
FRXOGVWLOOSURFHVVWKHPHVVDJH7RRYHUFRPHWKLVLVVXHZHXVHGDGLVWUDFWHUSDUDGLJPZKHUH
SDUWLFLSDQWVZHUHUHTXLUHGWRUHVSRQGWRDVHFRQGDU\WDVNZKLOVWUHDGLQJWKHPHVVDJH VHH+DUNLQV 
3HWW\ %\YDU\LQJWKHGLIILFXOW\RIWKHVHFRQGDU\WDVNZHZHUHDEOHWRFUHDWHFRQGLWLRQVWKDW
ZHUHHLWKHUORZRUKLJKLQGLVWUDFWLRQ6SHFLILFDOO\ZHHQVXUHGWKDWLQWKHKLJKGLVWUDFWLRQFRQGLWLRQ
WKHGHPDQGVRIWKHVHFRQGDU\WDVNZHUHVXFKWKDWSDUWLFLSDQWVZRXOGEHXQDEOHWRDWWHQGWRWKH
FRQWHQWRIWKHPHVVDJH
7KHPDWHULDOVDQGSURFHGXUHZHUHVLPLODUWRWKRVHXVHGLQ([SHULPHQWDQGWZROHYHOVRI
GLVWUDFWLRQZHUHXVHG ORZYVKLJK :HLQWURGXFHGWZRQHZGHSHQGHQWPHDVXUHVWRJLYHDPRUH
GHWDLOHGXQGHUVWDQGLQJRIWKHLPSDFWRIFDIIHLQHRQDWWLWXGHV)LUVWZHPHDVXUHGDWWLWXGHVXVLQJD
LWHPSRLQWVHPDQWLFGLIIHUHQWLDOVFDOH UDWKHUWKDQWKHLWHPVFDOHHPSOR\HGLQ([SHULPHQW 
WRSURYLGHDSV\FKRPHWULFDOO\EHWWHUPHDVXUH6HFRQGZHLQFOXGHGDQLQGLUHFWDWWLWXGHPHDVXUH
,QGLUHFWDWWLWXGHVDUHRQHVWKDWDUHORJLFDOO\UHODWHGWRWKHPDLQLVVXHEXWDUHQRWPHQWLRQHGLQWKH
FRQWHQWRIWKHPHVVDJH VHH$OYDUR &UDQR ,ISHRSOHVDWWLWXGHVDUHLQIOXHQFHGYLD
V\VWHPDWLFSURFHVVLQJWKHQRQHZRXOGH[SHFWDWWLWXGHFKDQJHWRJHQHUDOLVHWRUHODWHGLQGLUHFW


&DIIHLQHDQGSHUVXDVLRQ


DWWLWXGHV HYHQLIWKH\KDGQRWEHHQPHQWLRQHGE\WKHVRXUFH 2XUK\SRWKHVHVZHUHVLPLODUWRWKRVH


VWDWHGLQ([SHULPHQW:KHQGLVWUDFWLRQLVORZWKRVHFRQVXPLQJFDIIHLQHVKRXOGVKRZJUHDWHU
DWWLWXGHFKDQJHWKDQWKRVHLQWKHSODFHERFRQGLWLRQ:KHQGLVWUDFWLRQLVKLJK DQGVRV\VWHPDWLF
PHVVDJHSURFHVVLQJLVQRWSRVVLEOH WKHQWKHUHVKRXOGEHQRGLIIHUHQFHEHWZHHQWKHGULQN
FRQGLWLRQV
0HWKRG
3DUWLFLSDQWVDQG'HVLJQ
7KHSDUWLFLSDQWVZHUHPDOHVWXGHQWVIURPDXQLYHUVLW\LQ$XVWUDOLDWDNLQJSDUWIRUSDUWLDOFRXUVH
FUHGLW7KHVWXG\HPSOR\HGWKHVDPHSUHGHWHUPLQHGVHOHFWLRQFULWHULDDVXVHGLQ([SHULPHQW
3DUWLFLSDQWVZHUHRQO\LQFOXGHGLQWKHILQDOVDPSOHLIWKHLUSUHWHVWVFRUHVLQGLFDWHGWKDWWKH\DJUHHG
ZLWKERWKWKHGLUHFWDQGLQGLUHFWDWWLWXGHV WRHQVXUHWKDWWKHPHVVDJHZDVFRXQWHUDWWLWXGLQDO DQGLI
WKH\VXFFHVVIXOO\FRPSOHWHGWKHGLVWUDFWHUWDVN7KHILQDOVDPSOHFRPSULVHGRISDUWLFLSDQWVZKR
ZHUHDVVLJQHGWRRQHRIIRXUFRQGLWLRQVRID GULQNFDIIHLQHYVSODFHER ; GLVWUDFWHUWDVNORZ
YVKLJK IDFWRULDOGHVLJQ,QDUDQGRPLVHGDQGGRXEOHEOLQGSURFHGXUHSDUWLFLSDQWVZHUHDOORFDWHG
WRRQHRIIRXUFRQGLWLRQVFDIIHLQHORZGLVWUDFWHUWDVN Q  FDIIHLQHKLJKGLVWUDFWHUWDVN Q  
SODFHERORZGLVWUDFWHUWDVN Q  SODFHERKLJKGLVWUDFWHUWDVN Q  
3URFHGXUH
7KHSURFHGXUHZDVWKHVDPHDVIRU([SHULPHQWH[FHSWIRUWKHIROORZLQJGLIIHUHQFHV)LUVW
LGHQWLFDOSUHDQGSRVWWHVWVHPDQWLFGLIIHUHQWLDOVFDOHVZHUHXVHGWRH[DPLQHDWWLWXGHFKDQJH
6HFRQGZHLQFOXGHGDQLQGLUHFWPHDVXUHRIWKHPDLQDWWLWXGH7KHWRSLFRIDERUWLRQZDVFKRVHQDV
DQLQGLUHFWDWWLWXGHRIWKHPHVVDJHWRSLF YROXQWDU\HXWKDQDVLD %RWKDERUWLRQDQGYROXQWDU\
HXWKDQDVLDVKDUHVRPHFRPPRQFRQFHSWXDOLVVXHVLQWKDWWKH\DUHERWKDFWVRIFRQWUROOLQJOLIH,Q
WKLVVWXG\WKHUHZDVDSRVLWLYHFRUUHODWLRQEHWZHHQWKHSUHWHVWDWWLWXGHVRIDERUWLRQDQGYROXQWDU\
HXWKDQDVLDU   S7KHYROXQWDU\HXWKDQDVLDPHVVDJHGLGQRWFRQWDLQDQ\UHIHUHQFHWR
WKHLVVXHRIDERUWLRQ

&DIIHLQHDQGSHUVXDVLRQ

$VZLWK([SHULPHQWWKHVDPHVL[KLJKTXDOLW\DUJXPHQWVDJDLQVWYROXQWDU\HXWKDQDVLD

ZHUHSUHVHQWHG3DUWLFLSDQWVZHUHJLYHQWZRPLQXWHVWRUHDGWKHDUJXPHQWVZKLOVWSHUIRUPLQJHLWKHU
DORZRUKLJKGLVWUDFWHUWDVN7KHVHFRQGDU\WDVNLQYROYHGSDUWLFLSDQWVSUHVVLQJDWKXPEFRXQWHULQ
UHVSRQVHWRKHDULQJVSHFLILFVRXQGVWKDWZHUHGHOLYHUHGYLDKHDGSKRQHV7KHOHYHORIGLVWUDFWLRQ
ZDVPDQLSXODWHGE\YDU\LQJWKHIUHTXHQF\DQGFRPSOH[LW\RIWKHWDUJHWVRXQGVWREHLGHQWLILHG,Q
WKHORZGLVWUDFWHUWDVNFRQGLWLRQSDUWLFLSDQWVZHUHJLYHQWKHIROORZLQJLQVWUXFWLRQVZKLOHUHDGLQJ
WKHDUJXPHQWVSOHDVHOLVWHQWKURXJK\RXUKHDGSKRQHVWRWKHWDSHUHFRUGLQJDQGFRXQWWKHQXPEHU
RIWLPHV\RXKHDUDVRXQGE\SUHVVLQJRQWKHWKXPEFRXQWHU LQWRWDO ,QWKHKLJKGLVWUDFWHU
FRQGLWLRQSDUWLFLSDQWVZHUHUHTXLUHGWRSUHVVDWKXPEFRXQWHURQO\ZKHQWKH\KHDUGDKLJKSLWFKHG
VRXQG LQWRWDO DQGZHUHUHTXLUHGWRLJQRUHWZRORZHUSLWFKHGVRXQGV$SUHGHWHUPLQHG
VHOHFWLRQFULWHULRQHQVXUHGWKDWRQO\SDUWLFLSDQWVZKRJDYHWKHFRUUHFWQXPEHURIFOLFNV 
FOLFNV IRUHDFKGLVWUDFWHUFRQGLWLRQZHUHXVHGLQWKHILQDODQDO\VHV
'HSHQGHQW0HDVXUHV
7KHEUHDNIDVWTXHVWLRQQDLUHFDIIHLQHFRQVXPSWLRQTXHVWLRQQDLUHPRUQLQJHYHQLQJQHVV
TXHVWLRQQDLUHWKRXJKWOLVWLQJWDVNPHVVDJHUHFDOOWDVNZHUHWKHVDPHDVWKRVHHPSOR\HGLQ
([SHULPHQW%RWKSUHDQGSRVWWHVWGLUHFWDQGLQGLUHFWDWWLWXGHVZHUHPHDVXUHGRQWKHVDPHIRXU
SRLQWVHPDQWLFGLIIHUHQWLDOVFDOHV7KHHQGVRIWKHIRXUVFDOHVZHUHDQFKRUHGJRRGEDG
XQIDYRXUDEOHIDYRXUDEOHIRROLVKZLVHDQGKDUPIXOEHQHILFLDO VIRUSUHDQGSRVWWHVWGLUHFW
DWWLWXGHVZHUHDQGUHVSHFWLYHO\DQGLQGLUHFWDWWLWXGHVZHUHDQGUHVSHFWLYHO\ 
'ULQN$GPLQLVWUDWLRQPORIFRROHGVZHHWHQHGERWWOHGRUDQJHMXLFHZDVXVHGLQWKH
SUHVHQWH[SHULPHQWDIWHUDSLORWVWXG\RIPDOHVZHLJKLQJEHWZHHQDQGNJVGHHPHGWKDWWKLV
TXDQWLW\ZDVQHFHVVDU\WRGLVJXLVHWKHELWWHUWDVWHRIFDIIHLQHDWDGRVHRIPJNJRIERG\ZHLJKW
7KHFDIIHLQHLGHQWLILFDWLRQPHDVXUHZDVVLPLODUWR([SHULPHQWEXWDOVRLQFRUSRUDWHGDQDGGLWLRQDO
UHVSRQVHRIGRQWNQRZ




&DIIHLQHDQGSHUVXDVLRQ

5HVXOWV

8QOHVVQRWHGRWKHUZLVHDOODQDO\VHVZHUHFRQGXFWHGXVLQJD GULQNFDIIHLQHYVSODFHER ;


GLVWUDFWHUWDVNORZYVKLJK DQDO\VLVRIYDULDQFH0HDQVDQGVWDQGDUGGHYLDWLRQVIRUDOOWKH
GHSHQGHQWYDULDEOHVDVDIXQFWLRQRIGULQNDQGGLVWUDFWHUWDVNFRQGLWLRQVDUHVKRZQLQ7DEOH
3UHOLPLQDU\$QDO\VHV
3DUWLFLSDQWDOORFDWLRQ7KHDQDO\VHVRIYDULDQFHVKRZHGQRVLJQLILFDQWPDLQHIIHFWVRU
LQWHUDFWLRQVEHWZHHQWKHLQGHSHQGHQWYDULDEOHVDQGSUHWHVWDWWLWXGHVWRZDUGVYROXQWDU\HXWKDQDVLD
DERUWLRQKDELWXDOGDLO\FDIIHLQHLQWDNHDJHZHLJKWDQGPRUQLQJQHVVHYHQLQJQHVV
'ULQNLGHQWLILFDWLRQFKHFN7KHUHZDVQRGLIIHUHQFHLQWKHQXPEHURISHRSOHZKREHOLHYHG
WKHLUGULQNFRQWDLQHGFDIIHLQHDQGWKRVHWKDWEHOLHYHGLWGLGQRWRUGLGQRWNQRZLQWKHFDIIHLQH 
YVYV DQGSODFHER YVYV FRQGLWLRQV   7KH$129$UHYHDOHGQR
VLJQLILFDQWHIIHFWVRIFRQILGHQFHLQGULQNLGHQWLILFDWLRQ$VIRU([SHULPHQWWKHSDWWHUQRIUHVXOWV
IRUWKHPDLQGHSHQGHQWYDULDEOHV GLUHFWDQGLQGLUHFWDWWLWXGHVDQGPHVVDJHFRQJUXHQWWKRXJKWV ZDV
QRWDIIHFWHGE\WKHLQFOXVLRQRIGULQNLGHQWLILFDWLRQDQGFRQILGHQFHLQGULQNLGHQWLILFDWLRQDV
FRYDULDWHV
$UJXPHQWUHFDOO7KH$129$VKRZHGDUHOLDEOHPDLQHIIHFWIRUGLVWUDFWHUWDVN)   
SDQGDGULQN;GLVWUDFWHUWDVNLQWHUDFWLRQ)   S6LPSOHPDLQ
HIIHFWVVKRZHGWKDWWKRVHLQWKHKLJKGLVWUDFWLRQFRQGLWLRQUHFDOOHGIHZHUPHVVDJHDUJXPHQWVWKDQ
WKRVHLQWKHORZGLVWUDFWLRQFRQGLWLRQLQERWKWKHFDIIHLQHFRQGLWLRQ)   S 0V
YV DQGSODFHERFRQGLWLRQ)   S 0V YV 7KLVVKRZV
WKDWWKHGLVWUDFWHUZDVVXFFHVVIXOLQDOWHULQJWKHH[WHQWWRZKLFKSDUWLFLSDQWVZHUHDEOHWRIRFXVRQ
WKHFRQWHQWRIWKHPHVVDJH)LQDOO\RQO\LQWKHORZGLVWUDFWLRQFRQGLWLRQGLGWKRVHLQWKHFDIIHLQH
FRQGLWLRQ 0  UHFDOOPRUHWKDQWKRVHLQWKHSODFHERFRQGLWLRQ 0  )   S

+DELWXDOFDIIHLQHFRQVXPSWLRQDQGZLWKGUDZDO7KHPHGLDQGDLO\FDIIHLQHFRQVXPSWLRQ
VFRUHVZHUHFODVVLILHGLQWRORZ PJGD\ DQGPRGHUDWHOHYHOV !PJGD\ 7KHQXPEHUV


&DIIHLQHDQGSHUVXDVLRQ


LQHDFKFHOOZHUHDVIROORZVFDIIHLQHORZQ DQGKLJKQ YVSODFHERORZQ DQGKLJK


Q 7KH$129$VKRZHGQRUHOLDEOHPDLQHIIHFWVRULQWHUDFWLRQVRQDQ\RIWKHGHSHQGHQW
YDULDEOHV
0DLQ$QDO\VHV
'LUHFWDWWLWXGHFKDQJH YROXQWDU\HXWKDQDVLD 7KHIRXULWHPVFDOHZDVUHYHUVHFRGHGVR
WKDWKLJKHUVFRUHVLQGLFDWHGJUHDWHUDJUHHPHQWZLWKWKHPHVVDJH7KHDWWLWXGHVFRUHVZHUHDQDO\VHG
E\D GULQNFDIIHLQHYVSODFHER ; GLVWUDFWHUWDVNORZYVKLJK ; PHDVXUHPHQWWLPHSUH
YVSRVWWHVW $129$ZLWKUHSHDWHGPHDVXUHVRQWKHODVWIDFWRU7KH$129$UHYHDOHGD
VLJQLILFDQWGLVWUDFWHUWDVN;PHDVXUHPHQWWLPHLQWHUDFWLRQ)   SVKRZLQJWKDW
RQO\WKHORZGLVWUDFWHUWDVNFRQGLWLRQUHVXOWHGLQJUHDWHUDJUHHPHQWWRZDUGVWKHDUJXPHQWV SUHDQG
SRVWWHVWDWWLWXGHVORZGLVWUDFWHU0V YVDQGKLJKGLVWUDFWHUWDVN0V YV 
7KHWKUHHZD\LQWHUDFWLRQDOVRUHDFKHGVLJQLILFDQFH)   S6LPSOHPDLQHIIHFWV
UHYHDOHGQRVLJQLILFDQWFKDQJHLQDWWLWXGHVRYHUWLPHZLWKKLJKGLVWUDFWLRQIRUERWKWKHFDIIHLQH
)   QVDQGSODFHER)   QVFRQGLWLRQV SUHDQGSRVWWHVWDWWLWXGHVIRU
FDIIHLQHDQGSODFHER0VYVDQGYVUHVSHFWLYHO\ %\FRQWUDVWZLWKDORZ
GLVWUDFWHUWDVNERWKWKHFDIIHLQH)   SDQGWKHSODFHERUHFLSLHQWV)   
SVKRZHGDFKDQJHLQDWWLWXGHWRZDUGVWKHPHVVDJH FDIIHLQH0V YVDQG
SODFHER0V YVUHVSHFWLYHO\ +RZHYHUWKHDWWLWXGHFKDQJHLQWKHFDIIHLQHFRQGLWLRQ
0FKDQJH  ZDVJUHDWHUWKDQWKDWLQWKHSODFHERFRQGLWLRQ 0FKDQJH  )   S
 
,QGLUHFWDWWLWXGHFKDQJH DERUWLRQ 7KHIRXULWHPVFDOHZDVUHYHUVHFRGHGVXFKWKDWKLJKHU
VFRUHVLQGLFDWHGJUHDWHUDJUHHPHQWZLWKWKHPHVVDJH7KHDWWLWXGHVFRUHVZHUHDQDO\VHGE\D
GULQNFDIIHLQHYVSODFHER ; GLVWUDFWHUWDVNORZYVKLJK ; PHDVXUHPHQWWLPHSUHYV
SRVWWHVW $129$ZLWKUHSHDWHGPHDVXUHVRQWKHODVWIDFWRU7KHPDLQHIIHFWIRUPHDVXUHPHQW
WLPHDQGWKHLQWHUDFWLRQHIIHFWVIRUGLVWUDFWHUWDVN;PHDVXUHPHQWWLPHDQGGULQN;GLVWUDFWHUWDVN
ZHUHDOOVLJQLILFDQW )   S)   S)   S 


&DIIHLQHDQGSHUVXDVLRQ


)XUWKHUDQDO\VHVVKRZHGWKDWRQO\WKRVHSDUWLFLSDQWVLQWKHFDIIHLQHFRQGLWLRQZKHQWKHUHZDVORZ
GLVWUDFWLRQVKRZHGPRUHDJUHHPHQWZLWKWKHPHVVDJHRYHUPHDVXUHPHQWWLPH)   S
 0V YV 7KHUHZHUHQRUHOLDEOHFKDQJHVRYHUPHDVXUHPHQWWLPHIRUWKRVHLQWKH
FDIIHLQHKLJKGLVWUDFWHUWDVN)   QVQRUIRUHLWKHUGLVWUDFWHUWDVNLQWKHSODFHER
FRQGLWLRQV ERWK)  QV 
0HVVDJHFRQJUXHQWWKRXJKWV$WKRXJKWLQGH[ZDVFUHDWHGLQWKHVDPHZD\DVIRU
([SHULPHQWZLWKKLJKVFRUHVLQGLFDWLQJDKLJKHUUDWLRRIPHVVDJHFRQJUXHQWWKLQNLQJ7KH
$129$UHYHDOHGDUHOLDEOHPDLQHIIHFWRIGLVWUDFWHUWDVN)   SDQGDGLVWUDFWHU
WDVN;GULQNFRQGLWLRQ)   S6LPSOHPDLQHIIHFWVUHYHDOHGWKDWIRUWKHFDIIHLQH
FRQGLWLRQSDUWLFLSDQWVJDYHDKLJKHUUDWLRRIPHVVDJHFRQJUXHQWWKRXJKWVLQWKHORZGLVWUDFWHU 0 
 WKDQWKHKLJKGLVWUDFWHU 0  FRQGLWLRQV)   S7KHUHZDVQRHIIHFWRI
WDVNFRQGLWLRQIRUWKRVHLQWKHSODFHERFRQGLWLRQ)   QV$VH[SHFWHGZLWKDKLJK
GLVWUDFWHUWDVNWKHUHZDVQRGLIIHUHQFHLQWKHWKRXJKWVUDWLRIRUWKRVHLQWKHFDIIHLQH 0  DQG
SODFHER 0  FRQGLWLRQV)   )LQDOO\ZLWKDORZGLVWUDFWHUWDVNWKRVHLQWKH
FDIIHLQHFRQGLWLRQ 0  JDYHDJUHDWHUSURSRUWLRQRIPHVVDJHFRQJUXHQWWKRXJKWVWKDQGLG
WKRVHLQWKHSODFHERFRQGLWLRQ  )   S
0HGLDWLRQDQDO\VLV,QRUGHUWRIXUWKHUH[SORUHWKHUHODWLRQVKLSEHWZHHQWKRXJKWHODERUDWLRQ
DQGGLUHFWDWWLWXGHFKDQJHDPHGLDWLRQDQDO\VLVZDVFRQGXFWHG7RGRWKLVZHGXPP\FRGHGWKH
GULQN;GLVWUDFWHUWDVNLQWHUDFWLRQDVIROORZVORZGLVWUDFWHUFDIIHLQH  ORZGLVWUDFWHUSODFHER  
KLJKGLVWUDFWHUFDIIHLQH  KLJKGLVWUDFWHUSODFHER  UHVSHFWLYHO\$GLUHFWDWWLWXGHFKDQJHVFRUH
SRVWWHVWPLQXVSUHWHVWDWWLWXGH ZDVXVHGIRUWKHGHSHQGHQWYDULDEOH,QDOODQDO\VHVWKHSUHWHVW
GLUHFWDWWLWXGHVFRUHZDVDOVRHQWHUHGLQWRWKHHTXDWLRQWRFRQWUROIRULQLWLDOGLIIHUHQFHVLQDWWLWXGHV
7KHGULQN;GLVWUDFWHUWDVNLQWHUDFWLRQSUHGLFWHGWKHUDWLRRIPHVVDJHFRQJUXHQWWKRXJKWV  
S ZKLFKLWVHOISUHGLFWHGWKHGLUHFWDWWLWXGHFKDQJHVFRUHZKHQFRQWUROOLQJIRUWKHLQWHUDFWLRQ
 S 7KHVLJQLILFDQWUHODWLRQVKLSEHWZHHQWKHGULQN;GLVWUDFWHUWDVNLQWHUDFWLRQ
DQGGLUHFWDWWLWXGHFKDQJHVFRUH  S EHFDPHQRQVLJQLILFDQWZKHQFRQWUROOLQJIRUWKH


&DIIHLQHDQGSHUVXDVLRQ


UDWLRRIPHVVDJHFRQJUXHQWWKRXJKWV  QV 7KHUHGXFWLRQLQEHWDZHLJKWVZDVVLJQLILFDQW


6REHOWHVWW S 7KHVHUHVXOWVVKRZHGWKDWWKHSURSRUWLRQRIPHVVDJHFRQJUXHQW
WKLQNLQJPHGLDWHGWKHUHODWLRQVKLSEHWZHHQWKHGULQN;GLVWUDFWHULQWHUDFWLRQDQGWKHDPRXQWRI
GLUHFWDWWLWXGHFKDQJH
6XPPDU\
7KHUHVXOWVIRUWKHVHFRQGH[SHULPHQWFRQILUPHGRXUSUHGLFWLRQV:KHQGLVWUDFWLRQZDVORZ
FDIIHLQHOHGWRJUHDWHUDWWLWXGHFKDQJHDQGKLJKHUDUJXPHQWUHFDOOFRPSDUHGWRWKHSODFHERFRQGLWLRQ
UHSOLFDWLQJ([SHULPHQW :KHQGLVWUDFWLRQZDVKLJKDQGSDUWLFLSDQWVZHUHXQDEOHWR
V\VWHPDWLFDOO\SURFHVVWKHPHVVDJHWKHUHZDVQRUHOLDEOHFKDQJHWRZDUGVWKHPHVVDJHVSRVLWLRQIRU
HLWKHUWKHFDIIHLQHRUSODFHERFRQGLWLRQV,QDGGLWLRQWKRVHLQWKHFDIIHLQHORZGLVWUDFWLRQFRQGLWLRQ
VKRZHGJUHDWHUDJUHHPHQWZLWKWKHLQGLUHFWLWHPVKRZLQJPRUHGHHSHUDQGHQGXULQJDWWLWXGH
FKDQJH/LNH([SHULPHQWWKHSURSRUWLRQRIPHVVDJHFRQJUXHQWWKLQNLQJPHGLDWHGGLUHFWDWWLWXGH
FKDQJHSURYLGLQJIXUWKHUHYLGHQFHWKDWFDIIHLQHLQGXFHVV\VWHPDWLFSURFHVVLQJRIWKHPHVVDJH
*HQHUDO'LVFXVVLRQ
7KLVSDSHUUHSRUWVRQHRIWKHIHZDWWHPSWVWRH[DPLQHWKHHIIHFWVRIFDIIHLQHRQSHUVXDVLRQ,QWKH
LQWURGXFWLRQZHFLWHGHYLGHQFHWKDWPRGHUDWHDPRXQWVRIFDIIHLQHFDQLPSURYHDQXPEHURIDVSHFWV
RILQIRUPDWLRQSURFHVVLQJ VXFKDVDWWHQWLRQUHDVRQLQJDQGPHPRU\UHFDOO ZKLFKKDYHEHHQ
LPSOLFDWHGLQWKHSURFHVVRISHUVXDVLRQ:HK\SRWKHVL]HGWKDWFDIIHLQHFRQVXPSWLRQVKRXOG
LQFUHDVHWKHH[WHQWWRZKLFKSHRSOHZLOODWWHQGWRDQGSURFHVVDSHUVXDVLYHPHVVDJHDQG
FRQVHTXHQWO\EHLQIOXHQFHGE\LW


:HH[DPLQHGWKHVHLVVXHVLQWZRH[SHULPHQWVZKHUHPLQXWHVDIWHUWKHFRQVXPSWLRQRID

GULQNWKDWHLWKHUFRQWDLQHGFDIIHLQHRUGLGQRW SODFHER SDUWLFLSDQWVUHDGDSHUVXDVLYHFRXQWHU


DWWLWXGLQDOPHVVDJHZKLOVWFRPSOHWLQJDVHFRQGDU\WDVNWKDWZDVGHVLJQHGWRDIIHFWWKHH[WHQWWR
ZKLFKWKH\FRXOGSURFHVVWKHPHVVDJH,QWKHILUVWH[SHULPHQWZHXVHGRULHQWDWLQJWDVNVWKDWZHUH
GHVLJQHGWRPDQLSXODWHWKHH[WHQWWRZKLFKSDUWLFLSDQWVFRXOGV\VWHPDWLFDOO\SURFHVVWKHPHVVDJH
:HIRXQGWKHSUHGLFWHGLQWHUDFWLRQ:KHQPHVVDJHSURFHVVLQJZDVUHGXFHGWKHUHZDVQRDWWLWXGH


&DIIHLQHDQGSHUVXDVLRQ


FKDQJHLUUHVSHFWLYHRIZKHWKHUWKHSDUWLFLSDQWVKDGFRQVXPHGFDIIHLQH7KHSRWHQWLDOIRUFDIIHLQHWR
LQFUHDVHPHVVDJHSURFHVVLQJDVIRXQGLQSUHYLRXVUHVHDUFK 0DUWLQHWDO0DUWLQ 0DUWLQLQ
SUHVV ZDVQHJDWHGE\WKHLQKLELWLQJHIIHFWRIWKHRULHQWDWLQJWDVN:KHQPHVVDJHSURFHVVLQJZDV
LQFUHDVHGWKHUHZDVJUHDWHUDWWLWXGHFKDQJHLQWKHFDIIHLQHFRPSDUHGWRWKHSODFHERFRQGLWLRQ7KLV
HIIHFWZDVPHGLDWHGE\WKHH[WHQWWRZKLFKSDUWLFLSDQWVHQJDJHGLQPHVVDJHFRQJUXHQWWKLQNLQJ
:HLQWURGXFHGDQRYHODVSHFWWRWKHILUVWH[SHULPHQWWRH[DPLQHWKHVWUHQJWKRIWKHDWWLWXGHV
IRUPHGDIWHUUHDGLQJWKHLQLWLDOPHVVDJH5HVHDUFKXWLOL]LQJWKH(/0KDVVKRZQWKDWZKHQDWWLWXGHV
DUHIRUPHGYLDV\VWHPDWLFSURFHVVLQJWKH\DUHVWURQJDQGWKHUHIRUHWKH\DUHDEOHWRUHVLVWFRXQWHU
SHUVXDVLRQSHUVLVWRYHUWLPHDQGEHSUHGLFWLYHRIEHKDYLRXU([SHULPHQWH[DPLQHGWKLVLQ
UHODWLRQWRUHVLVWLQJFRXQWHUSHUVXDVLRQ7RH[DPLQHWKLVZHH[SRVHGSDUWLFLSDQWVWRDVHFRQG
PHVVDJHWKDWDUJXHGDSRVLWLRQDJDLQVWWKHLQLWLDOPHVVDJH:HIRXQGWKDWWKHDWWLWXGHFKDQJH
REVHUYHGLQWKHKLJKSURFHVVLQJFRQGLWLRQUHVLVWHGWKHFRXQWHUPHVVDJHZKHQSDUWLFLSDQWVKDG
FRQVXPHGFDIIHLQH LQGLFDWLQJWKDWLQLWLDODWWLWXGHFKDQJHKDGEHHQYLDV\VWHPDWLFSURFHVVLQJ EXW
\LHOGHGWRWKHFRXQWHUPHVVDJHZKHQSDUWLFLSDQWVZHUHLQWKHSODFHERFRQGLWLRQ7KLVJLYHVIXUWKHU
HYLGHQFHWKDWFDIIHLQHOHGWRDWWLWXGHFKDQJHWRWKHILUVWPHVVDJHE\HQFRXUDJLQJSDUWLFLSDQWVWR
V\VWHPDWLFDOO\SURFHVVWKHPHVVDJH,WPXVWEHQRWHGKRZHYHUWKDWWKHPHVVDJHHPSOR\HGLQWKLV
H[SHULPHQWFRQVLVWHGRIKLJKTXDOLW\DUJXPHQWVFRQFHUQLQJDWRSLFWKDWZRXOGQRWEHFRQVLGHUHGWR
EHKLJKLQSHUVRQDOUHOHYDQFHWRWKHSDUWLFLSDQWV$FFRUGLQJWRWKH(/0WKHUHODWLRQVKLSEHWZHHQ
V\VWHPDWLFSURFHVVLQJDQGSHUVXDVLRQUHVLVWDQFHLVFULWLFDOO\GHSHQGHQWRQWKHFRQWHQWDQGTXDOLW\RI
WKHPHVVDJH:KHQSHRSOHHQJDJHLQV\VWHPDWLFSURFHVVLQJWKH\DUHPRUHOLNHO\WRDSSUHFLDWHWKH
VWUHQJWKRIDKLJKTXDOLW\PHVVDJHDQGUHFRJQLVHWKHZHDNQHVVLQKHUHQWLQDORZTXDOLW\PHVVDJH
+HQFHIROORZLQJFDIIHLQHFRQVXPSWLRQDKLJK EXWQRWDORZ TXDOLW\PHVVDJHVKRXOGUHVXOWLQ
DWWLWXGHFKDQJHLQWKHGLUHFWLRQRIWKHPHVVDJH 0DUWLQHWDO DQGWKHVHQHZO\IRUPHG
DWWLWXGHVDUHH[SHFWHGWREHVWURQJDQGWKHUHIRUHWKH\VKRXOGSHUVLVWRYHUWLPHDQGEHSUHGLFWLYHRI
EHKDYLRXU

&DIIHLQHDQGSHUVXDVLRQ

7KHVHFRQGH[SHULPHQWRYHUFDPHDSRWHQWLDOPHWKRGRORJLFDOSUREOHPDVVRFLDWHGZLWKWKH

ILUVWH[SHULPHQWE\XVLQJDGLVWUDFWHUWDVNWKDWZDVGHVLJQHGWRLPSDLUSDUWLFLSDQWVDELOLW\WRDWWHQG
WRWKHFRQWHQWRIWKHPHVVDJH$JDLQZHIRXQGWKHSUHGLFWHGLQWHUDFWLRQ,QWKHKLJKGLVWUDFWLRQ
FRQGLWLRQZKHUHSDUWLFLSDQWVDELOLW\WRSURFHVVWKHPHVVDJHV\VWHPDWLFDOO\ZDVUHGXFHG DVLWXDWLRQ
DNLQWRWKHORZPHVVDJHSURFHVVLQJFRQGLWLRQLQ([SHULPHQW WKHUHZDVQRDWWLWXGHFKDQJH
LUUHVSHFWLYHRIGULQNFRQGLWLRQ7KLVUHSOLFDWHV([SHULPHQW+RZHYHULQWKHORZGLVWUDFWLRQ
FRQGLWLRQZKHUHSDUWLFLSDQWVFRXOGV\VWHPDWLFDOO\SURFHVVWKHPHVVDJHWKHUHZDVJUHDWHUDWWLWXGH
FKDQJHLQWKHFDIIHLQHFRQGLWLRQ7KHIDFWWKDWWKHOHYHORIPHVVDJHFRQJUXHQWWKLQNLQJPHGLDWHG
WKHVHHIIHFWVLVIXUWKHUHYLGHQFHWKDWFDIIHLQHLQFUHDVHVDWWLWXGHFKDQJHE\LQVWLJDWLQJV\VWHPDWLF
SURFHVVLQJRIWKHPHVVDJH
$QLQWHUHVWLQJIHDWXUHRI([SHULPHQWZDVWKHLQFOXVLRQRIDQLQGLUHFWDWWLWXGHPHDVXUH
WKDWLVDQLVVXHUHODWHGWRWKHGLUHFWDWWLWXGHEXWQRWPHQWLRQHGLQWKHPHVVDJH,ISHRSOHDUH
SHUVXDGHGE\DPHVVDJHWKHQLWLVSRVVLEOHWKDWWKHFKDQJHLQDWWLWXGHVZLOOKDYHDNQRFNRQHIIHFW
WRRWKHUDWWLWXGHVHYHQWKRXJKWKH\PLJKWQRWKDYHEHHQSDUWRIWKHRULJLQDOPHVVDJH&KDQJHRQ
LQGLUHFWDWWLWXGHVLVFRQVLGHUHGWRUHIOHFWDGHHSDQGORQJODVWLQJFKDQJHLQDWWLWXGHV VHH$OYDUR 
&UDQR ,Q([SHULPHQWWKHUHZDVQRLQGLUHFWDWWLWXGHFKDQJHLQWKHSODFHERFRQGLWLRQV
VKRZLQJWKDWWKHPHVVDJHZDVQRWVXIILFLHQWO\VWURQJWRLQGXFHFKDQJHVRQLQGLUHFWRUUHODWHG
DWWLWXGHV+RZHYHULQWKHFDIIHLQHORZGLVWUDFWHUFRQGLWLRQWKHUHZDVDUHOLDEOHFKDQJHLQLQGLUHFW
DWWLWXGHVVKRZLQJWKDWFDIIHLQHLQFUHDVHGPHVVDJHSURFHVVLQJZKLFKUHVXOWHGLQDWWLWXGHFKDQJHWR
WKHGLUHFWDWWLWXGHDOVRLPSDFWLQJXSRQDQLQGLUHFWDWWLWXGH$VH[SHFWHGWKHUHZDVQRFKDQJHLQWKH
FDIIHLQHKLJKGLVWUDFWLRQFRQGLWLRQSUHVXPDEO\EHFDXVHSDUWLFLSDQWVZHUHXQDEOHWRHQJDJHLQ
GHWDLOHGPHVVDJHSURFHVVLQJ
7KHUHVXOWVRIWKHVHVWXGLHVVXSSRUWWKHYLHZWKDWFDIIHLQHLQFUHDVHVSHUVXDVLRQWKURXJK
LQVWLJDWLQJV\VWHPDWLFSURFHVVLQJRIWKHPHVVDJH+RZHYHUDULYDOH[SODQDWLRQPLJKWEHWKDWWKH
HIIHFWVRIFDIIHLQHRFFXUEHFDXVHWKHGUXJLQFUHDVHVHPRWLRQDODURXVDO 0LQW] 0LOOV 
DQGRULPSURYHVPRRG,WLVZHOONQRZQWKDWSHRSOHZKRDUHLQDSRVLWLYHPRRGDUHPRUHOLNHO\WR


&DIIHLQHDQGSHUVXDVLRQ


DJUHHZLWKDPHVVDJHFRPSDUHGWRWKRVHLQDQHJDWLYHPRRG VHHIRRWQRWH ,IWKLVLVWKHFDVHWKHQ


DWWLWXGHVPD\FKDQJHYLDDQRQV\VWHPDWLFURXWHZKHUHSHRSOHKDYHQRWDWWHQGHGFORVHO\WRWKH
FRQWHQWRIWKHPHVVDJH7KHUHVXOWVRIERWKH[SHULPHQWVGRQRWVXSSRUWWKLVULYDOK\SRWKHVLV,I
SHUVXDVLRQKDGEHHQGXHWRHQKDQFHGPRRGWKHQDWWLWXGHFKDQJHVKRXOGKDYHRFFXUUHGLUUHVSHFWLYH
RIZKHWKHUWKHSDUWLFLSDQWVDELOLW\WRSURFHVVWKHPHVVDJHKDGEHHQUHGXFHGDQGWKLVDWWLWXGH
FKDQJHVKRXOGKDYH\LHOGHGWRWKHFRXQWHUPHVVDJH ([SHULPHQW DQGKDGQRLPSDFWRQLQGLUHFW
LQIOXHQFH ([SHULPHQW $OWKRXJKPRRGFDQQRWH[SODLQWKHUHVXOWVLQWKHVHH[SHULPHQWVZH
EHOLHYHLWZRXOGEHDIUXLWIXODYHQXHIRUIXWXUHUHVHDUFKHVSHFLDOO\JLYHQWKDWWKHHIIHFWVRIFDIIHLQH
RQPRRGDUHGRVHGHSHQGHQW 6PLWK7ROD 0DQQ 
6WXGLHVLQYROYLQJFDIIHLQHFRQVXPSWLRQDUHRSHQWRDYDULHW\RIPHWKRGRORJLFDOLVVXHVWKDW
FDQDIIHFWREVHUYDWLRQV2WKHUWKDQWKHIDFWRUVDOUHDG\PHQWLRQHG HJGRXEOHEOLQGFDIIHLQH
DGPLQLVWUDWLRQ ZHDWWHPSWHGWRFRQWUROIRUPDQ\YDULDEOHVWKDWKDYHEHHQIRXQGWRLQWHUDFWZLWK
FDIIHLQHVXFKDVWLPHRIGD\ $QGHUVRQ 5HYHOOH5HYHOOH+XPSKUH\V6LPRQ *LOOLODQG
 JHQGHU 0DF3KHUVRQ6WHUQKDJHQ0LOOHU'HYLWW3HWURV %HFNZLWK6PLWK.HQGULFN
0DEHQ DJH -DUYLV5RJHUV 'HUQRQFRXUW6PLW 5RJHUV PRUQLQJ
HYHQLQJW\SHV +RUQ VWEHUJ DQGKDELWXDOFDIIHLQHFRQVXPSWLRQ 5REOLQ 5RJHUV
 7KHULJRURXVPHWKRGRORJ\ZHDSSOLHGFRPELQHGZLWKWKHFRQVLVWHQWUHVXOWVDFURVVWKH
VWXGLHVLQFUHDVHVRXUFRQILGHQFHLQWKHILQGLQJV


2XUUHVXOWVDUHFRQVLVWHQWZLWKWKHK\SRWKHVLVWKDWPRGHUDWHDPRXQWVRIFDIIHLQHLQFUHDVH

FHQWUDOURXWHSURFHVVLQJ 0DUWLQHWDO +RZHYHUIXUWKHUUHVHDUFKQHHGVWRPRUHFOHDUO\


HVWDEOLVKWKHFRQGLWLRQVXQGHUZKLFKFDIIHLQHOHDGVWRSHUVXDVLRQWKURXJKWKHFHQWUDO V\VWHPDWLF RU
SHULSKHUDO QRQV\VWHPDWLF URXWHDQGWKHPHGLDWLQJSURFHVVHV5HVHDUFKRQWKH(/0KDVLGHQWLILHG
VHYHUDOPDQLSXODWLRQVIRULGHQWLI\LQJZKHWKHUSHUVXDVLRQKDVRFFXUUHGWKURXJKWKHFHQWUDORU
SHULSKHUDOURXWH VXFKDVVRXUFHVWDWXVSHULSKHUDOFXHVDUJXPHQWTXDOLW\DQGPRWLYDWLRQDODQG
DELOLW\YDULDEOHV3HWW\ &DFLRSSR3HWW\HWDO )XUWKHUPRUHZHEHOLHYHWKDWWKHVH
VWXGLHVQHHGWRDOVRLQFOXGHDSSURSULDWHPHDVXUHVRIERWKVHOIUHSRUW VXFKDVPRRGLQYHQWRULHV 


&DIIHLQHDQGSHUVXDVLRQ


DQGREMHFWLYH VXFKDV*65EORRGSUHVVXUH PHDVXUHVRISK\VLRORJLFDODURXVDOWRSURYLGHDPRUH


GHWDLOHGXQGHUVWDQGLQJRIWKHUHODWLRQVKLSEHWZHHQFDIIHLQHDQGSHUVXDVLRQ)LQDOO\LIRQHFRQVLGHUV
WKHIUHTXHQF\ZLWKZKLFKFDIIHLQHFRQWDLQLQJSURGXFWVDUHFRQVXPHGFRXSOHGZLWKWKHVWURQJ
VRFLDOQRUPVRIOLQNLQJFDIIHLQHFRQVXPSWLRQZLWKVLWXDWLRQVWKDWFRXOGLQYROYHWKHSURFHVVLQJRI
SHUVXDVLYHFRPPXQLFDWLRQV VXFKDVGULQNLQJFRIIHHZKLOVWUHDGLQJDQHZVSDSHURUZDWFKLQJ79
DGYHUWLVHPHQWV WKHSUDFWLFDOLPSOLFDWLRQVRIRXUILQGLQJVWRUHDOZRUOGVHWWLQJVDUHPDQ\DQG
WKHUHIRUHZDUUDQWIXWXUHLQYHVWLJDWLRQ


&DIIHLQHDQGSHUVXDVLRQ

)RRWQRWHV

,WLVDOVRSRVVLEOHWKDWFDIIHLQHPLJKWLQFUHDVHSHUVXDVLRQGXHWRWKHDVVRFLDWLRQEHWZHHQFDIIHLQH

FRQVXPSWLRQDQGPRRG&DIIHLQHLQGXFHGFKDQJHVLQVXEMHFWLYHPRRGLQFOXGHILQGLQJVVKRZLQJ
LQFUHDVHGDOHUWQHVVDQGGHFUHDVHGIDWLJXH +HU]/HDWKZRRG 3ROOHW4XLQODQ/DQH 
$VSLQDOO6FKXK *ULIILWKV6PLW 5RJHUV DQGLQFUHDVHGKDSSLQHVVZHOO
EHLQJDQGRUFDOPQHVV /LHEHUPDQ:XUWPDQ(PGH5REHUWV &RYLHOOD:DUEXUWRQ
=Z\JKXL]HQ'RRUHQERV5RHKUV/LSVFKXW]7LPPV 5RWK +RZHYHUQHJDWLYHHIIHFWV
KDYHDOVREHHQUHSRUWHGVXFKDVLQFUHDVHGMLWWHULQHVVDQ[LHW\VKDNLQHVVDQGWHQVLRQ 5LFKDUGVRQ
5RGJHUV(OOLPDQ 2'HOO(YDQV *ULIILWKV6FKXK *ULIILWKV 
$OWKRXJKDV/LHEHUPDQ  QRWHVDGYHUVHEHKDYLRXUDOHIIHFWVRFFXUZKHQFDIIHLQHLV
FRQVXPHGLQH[FHVVLYHGRVHVRUE\LQGLYLGXDOVZKRDUHRYHUO\VHQVLWLYHWRWKHVXEVWDQFH,Q
DGGLWLRQVRPHVWXGLHVVKRZWKDWFDIIHLQHLQFUHDVHVVHOIUHSRUWHGDURXVDOFRPSDUHGWRDSODFHER
FRQGLWLRQEXWWKLVZDVDJHQHUDOHIIHFWDQGQRWHIIHFWHGE\RWKHULQGHSHQGHQWYDULDEOHV 0DUWLQHW
DO 6LQFHWKHUHVXOWVRISUHYLRXVVWXGLHVLQGLFDWHWKDWPRGHUDWHGRVHVRIFDIIHLQHLQFUHDVH
DWWHQWLRQWRWKHPHVVDJHDQGWKHLQFRQVLVWHQWILQGLQJVFRQFHUQLQJFDIIHLQHDQGPRRGZHGLGQRW
H[SORUHWKLVDVSHFWLQWKLVSDSHU+RZHYHUZHDFNQRZOHGJHWKDWHQKDQFHGPRRG DQG
SK\VLRORJLFDODURXVDO PD\SOD\DUROHLQWKHSHUVXDVLRQSURFHVVDQGWKLVZDUUDQWVIXUWKHU
H[DPLQDWLRQ


7KHVWXG\XVHGVZHHWHQHGRUDQJHMXLFH UDWKHUWKDQFDIIHLQDWHGRUGHFDIIHLQDWHGFRIIHHWHD IRU

ERWKFDIIHLQHDQGSODFHERUHFLSLHQWVWRPDVNWKHELWWHUWDVWHRIFDIIHLQHDQGWRFRQWUROIRU
H[SHFWDQF\HIIHFWVUHODWHGWRFRIIHHDQGWHD


$VLPLODUSDWWHUQRIUHVXOWVZDVIRXQGZKHQFRQWUROOLQJIRUWKHGLUHFWDWWLWXGH YROXQWDU\

HXWKDQDVLD UXOLQJRXWUHVSRQVHJHQHUDOLVDWLRQDVDQH[SODQDWLRQIRUWKHILQGLQJV


7KLVZDVDFKLHYHGZLWKWKHPDQLSXODWLRQVHPSOR\HGLQWKHVHFRQGH[SHULPHQWEHFDXVHWKRVHLQWKH

KLJKGLVWUDFWHUFRQGLWLRQUHFDOOHGRQDYHUDJHRQO\DUJXPHQWVZKLOHLQWKHORZPHVVDJH
SURFHVVLQJFRQGLWLRQLQWKHILUVWH[SHULPHQWWKH\UHFDOOHGDUJXPHQWV


&DIIHLQHDQGSHUVXDVLRQ


5HIHUHQFHV
$OYDUR(0 &UDQR:'  ,QGLUHFWPLQRULW\LQIOXHQFH(YLGHQFHIRUOHQLHQF\LQ
VRXUFHHYDOXDWLRQDQGFRXQWHUDUJXPHQWDWLRQ-RXUQDORI3HUVRQDOLW\DQG6RFLDO3V\FKRORJ\

$QGHUVRQ.- 5HYHOOH:  ,PSXOVLYLW\DQGWLPHRIGD\,VUDWHRIFKDQJHLQ

DURXVDODIXQFWLRQRILPSXOVLYLW\"-RXUQDORI3HUVRQDOLW\DQG6RFLDO3V\FKRORJ\
$YLV+  'UXJVDQG/LIH2[IRUG(QJODQG%URZQ %HQFKPDUN


%DURQ50 .HQQ\'$  7KHPRGHUDWRUPHGLDWRUYDULDEOHGLVWLQFWLRQLQVRFLDO

SV\FKRORJLFDOUHVHDUFK&RQFHSWXDOVWUDWHJLFDQGVWDWLVWLFDOFRQVLGHUDWLRQV-RXUQDORI3HUVRQDOLW\
DQG6RFLDO3V\FKRORJ\




%DURQH-- 5REHUWV+  +XPDQFRQVXPSWLRQRIFDIIHLQH,Q3''HZV (G 

&DIIHLQH3HUVSHFWLYHVIURP5HFHQW5HVHDUFK SS %HUOLQ6SULQJHU


%UDXQ-  'LYLGHGDWWHQWLRQ1DUURZLQJWKHJDSEHWZHHQEUDLQDQGEHKDYLRU,Q5
3DUDVXUDPDQ (G 7KH$WWHQWLYH%UDLQ SS &DPEULGJH0DVVDFKXVHWWV7KH0,73UHVV


%ULFH&) 6PLWK$3 D )DFWRUVDVVRFLDWHGZLWKFDIIHLQHFRQVXPSWLRQ

,QWHUQDWLRQDO-RXUQDORI)RRG6FLHQFHVDQG1XWULWLRQ
%ULFH&) 6PLWK$3 E (IIHFWVRIFDIIHLQHRQPRRGDQGSHUIRUPDQFH$VWXG\
RIUHDOLVWLFFRQVXPSWLRQ3V\FKRSKDUPDFRORJ\


&RUU3-3LFNHULQJ$' *UD\-$  6RFLDELOLW\LPSXOVLYLW\DQGFDIIHLQH

LQGXFHGDURXVDO&ULWLFDOIOLFNHUIXVLRQIUHTXHQF\DQGSURFHGXUDOOHDUQLQJ3HUVRQDOLW\DQG
,QGLYLGXDO'LIIHUHQFHV
'DO\-: )UHGKROP%%  &DIIHLQH$QDW\SLFDOGUXJRIGHSHQGHQFH'UXJDQG
$OFRKRO'HSHQGHQFH
(QHUJ\GULQNV6RXSHGXSIL]]\GULQNV $XJXVW &KRLFH

&DIIHLQHDQGSHUVXDVLRQ

(YDQV60 *ULIILWKV55  &DIIHLQHZLWKGUDZDODSDUDPHWULFDQDO\VLVRI

FDIIHLQHGRVLQJFRQGLWLRQV-RXUQDORI3KDUPDFRORJ\DQG([SHULPHQWDO7KHUDSHDXWLFV

)DEULJDU/3ULHVWHU-3HWW\5 :HJHQHU'  7KHLPSDFWRIDWWLWXGH
DFFHVVLELOLW\RQHODERUDWLRQRISHUVXDVLYHPHVVDJHV3HUVRQDOLW\DQG6RFLDO3V\FKRORJ\%XOOHWLQ

)UHGKROP%%%DWWLJ.+ROPDQ-1HKOLJ$ =YDUWDX((  $FWLRQVRI
FDIIHLQHLQWKHEUDLQZLWKVSHFLDOUHIHUHQFHWRIDFWRUVWKDWFRQWULEXWHWRLWVZLGHVSUHDGXVH
3KDUPDFRORJLFDO5HYLHZV
+DIHU&/5H\QROGV./ 2EHUW\QVNL0$  0HVVDJHFRPSUHKHQVLELOLW\
DQGSHUVXDVLRQ(IIHFWVRIFRPSOH[ODQJXDJHLQFRXQWHUDWWLWXGLQDODSSHDOVWROD\SHRSOH6RFLDO
&RJQLWLRQ


+DUNLQV6 3HWW\5(  7KHPXOWLSOHVRXUFHHIIHFWLQSHUVXDVLRQ7KHHIIHFWVRI

GLVWUDFWLRQ3HUVRQDOLW\DQG6RFLDO3V\FKRORJ\%XOOHWLQ
+DVHQIUDW]0 %DWWLJ.  $FXWHGRVHHIIHFWUHODWLRQVKLSVRIFDIIHLQHDQGPHQWDO
SHUIRUPDQFH((*FDUGLRYDVFXODUDQGVXEMHFWLYHSDUDPHWHUV3V\FKRSKDUPDFRORJ\
+DXJWYHGW&3 3HWW\5(  3HUVRQDOLW\DQGSHUVXDVLRQ1HHGIRUFRJQLWLRQ
PRGHUDWHVWKHSHUVLVWHQFHDQGUHVLVWDQFHRIDWWLWXGHFKDQJH-RXUQDORI3HUVRQDOLW\DQG6RFLDO
3V\FKRORJ\
+DXJWYHGW&3 :HJHQHU'7  0HVVDJHRUGHUHIIHFWVLQSHUVXDVLRQ$QDWWLWXGH
VWUHQJWKSHUVSHFWLYH-RXUQDORI&RQVXPHU5HVHDUFK
+HU]56  &DIIHLQHHIIHFWVRQPRRGDQGPHPRU\%HKDYLRXU5HVHDUFKDQG
7KHUDS\


+RUQH-$ gVWEHUJ2  $VHOIDVVHVVPHQWTXHVWLRQQDLUHWRGHWHUPLQH

PRUQLQJQHVVHYHQLQJQHVVLQKXPDQFLUFDGLDQUK\WKPV,QWHUQDWLRQDO-RXUQDORI&KURQRELRORJ\






&DIIHLQHDQGSHUVXDVLRQ

+XJKHV51  'UXJVZKLFKLQGXFHDQ[LHW\&DIIHLQH1HZ=HDODQG-RXUQDORI

3V\FKRORJ\


+XJKHV-5 2OLYHWR$+  $V\VWHPDWLFVXUYH\RIFDIIHLQHLQWDNHLQ9HUPRQW

([SHULPHQWDO &OLQLFDO3V\FKRSKDUPDFRORJ\
-DPHV-(  &DIIHLQHDQG+HDOWK/RQGRQ$FDGHPLF3UHVV


-DPHV-(  8QGHUVWDQGLQJ&DIIHLQH$%LREHKDYLRUDO$QDO\VLV7KRXVDQG2DNV

&$6DJH


-DUYLV0-  'RHVFDIIHLQHLQWDNHHQKDQFHDEVROXWHOHYHOVRIFRJQLWLYH

SHUIRUPDQFH"3V\FKRSKDUPDFRORJ\
.HQHPDQV-/ /RULVW00  &DIIHLQHDQGVHOHFWLYHYLVXDOSURFHVVLQJ
3KDUPDFRORJ\%LRFKHPLVWU\DQG%HKDYLRU
.HQHPDQV-/:LHOHPDQ-67=HHJHUV0 9HUEDWHQ01  &DIIHLQHDQG
VWURRSLQWHUIHUHQFH3KDUPDFRORJ\%LRFKHPLVWU\DQG%HKDYLRU
.HUU-66KHUZRRG1 +LQGPDUFK,  6HSDUDWHDQGFRPELQHGHIIHFWVRIWKH
VRFLDOGUXJVRQSV\FKRPRWRUSHUIRUPDQFH3V\FKRSKDUPDFRORJ\
.URVQLFN-$%RQLQJHU'6&KXDQJ<&%HUHQW0. &DUQRW&*  
$WWLWXGHVWUHQJWK2QHFRQVWUXFWRUPDQ\UHODWHGFRQVWUXFWV"-RXUQDORI3HUVRQDOLW\DQG6RFLDO
3V\FKRORJ\


/HDWKZRRG3' 3ROOHW3  'LHWLQGXFHGPRRGFKDQJHVLQQRUPDOSRSXODWLRQV

-RXUQDORI3V\FKLDWULF5HVHDUFK


/LHEHUPDQ+5  &DIIHLQH,Q$36PLWK '0-RQHV (GV +DQGERRNRI

+XPDQ3HUIRUPDQFH 9ROSS 6DQ'LHJR&DOLIRUQLD$FDGHPLF3UHVV 


/LHEHUPDQ+5  1XWULWLRQEUDLQIXQFWLRQDQGFRJQLWLYHSHUIRUPDQFH$SSHWLWH


&DIIHLQHDQGSHUVXDVLRQ

/LHEHUPDQ+57KDULRQ:-6KXNLWW+DOH%6SHFNPDQ./ 7XOOH\5  

(IIHFWVRIFDIIHLQHVOHHSORVVDQGVWUHVVRQFRJQLWLYHSHUIRUPDQFHDQGPRRGGXULQJ861DY\
6($/WUDLQLQJ3V\FKRSKDUPDFRORJ\
/LHEHUPDQ+5:XUWPDQ5-(PGH**5REHUWV& &RYLHOOD,/*  
7KHHIIHFWVRIORZGRVHVRIFDIIHLQHRQKXPDQSHUIRUPDQFHDQGPRRG3V\FKRSKDUPDFRORJ\



/RULVW006QHO- .RN$  ,QIOXHQFHRIFDIIHLQHRQLQIRUPDWLRQSURFHVVLQJ

VWDJHVLQZHOOUHVWHGDQGIDWLJXHGVXEMHFWV3V\FKRSKDUPDFRORJ\


0DF3KHUVRQ-6WHUQKDJHQ60LOOHU7'HYLWW03HWURV79 %HFNZLWK%  

(IIHFWRIFDIIHLQHLPSXOVLYLW\DQGJHQGHURQWKHFRPSRQHQWVRIWH[WSURFHVVLQJDQGUHFDOO
([SHULPHQWDODQG&OLQLFDO3V\FKRSKDUPDFRORJ\

0DLVWR6$*DOL]LR0 &RQQRUV*-  'UXJ8VHDQG0LVXVH1HZ<RUN


+DUFRXUW%UDFH-RYDQRYLFK&ROOHJH3XEOLVKHUV


0DUWLQ3</DLQJ-0DUWLQ5 0LWFKHOO0  7KHHIIHFWVRIFDIIHLQHRQ

DURXVDODQGDWWLWXGHFKDQJH(YLGHQFHIRUFDIIHLQHLQFUHDVLQJWKHV\VWHPDWLFSURFHVVLQJRI
SHUVXDVLYHPHVVDJHV-RXUQDORI$SSOLHG6RFLDO3V\FKRORJ\
0DUWLQ3< 0DUULQJWRQ6  0RUQLQJQHVVHYHQLQJQHVVRULHQWDWLRQRSWLPDOWLPH
RIGD\DQGDWWLWXGHFKDQJH(YLGHQFHIRUWKHV\VWHPDWLFSURFHVVLQJRIDSHUVXDVLYHFRPPXQLFDWLRQ
3HUVRQDOLW\DQG,QGLYLGXDO'LIIHUHQFHV


0DUWLQ3< 0DUWLQ5 LQSUHVV 7KHHIIHFWVRIFDIIHLQHFRQVXPSWLRQRQGLUHFWDQG

LQGLUHFWPDMRULW\DQGPLQRULW\LQIOXHQFH-RXUQDORI$SSOLHG6RFLDO3V\FKRORJ\
0DUWLQ5*DUGLNLRWLV$ +HZVWRQH0  /HYHOVRIFRQVHQVXVDQGPDMRULW\DQG
PLQRULW\LQIOXHQFH(XURSHDQ-RXUQDORI6RFLDO3V\FKRORJ\


0DUWLQ5+HZVWRQH0 0DUWLQ3<  5HVLVWDQFHWRSHUVXDVLYHPHVVDJHVDVD

IXQFWLRQRIPDMRULW\DQGPLQRULW\VRXUFHVWDWXV-RXUQDORI([SHULPHQWDO6RFLDO3V\FKRORJ\






&DIIHLQHDQGSHUVXDVLRQ

0LQW]30 0LOOV-  (IIHFWVRIDURXVDODQGLQIRUPDWLRQDERXWLWVVRXUFHXSRQ

DWWLWXGHFKDQJH-RXUQDORI([SHULPHQWDO6RFLDO3V\FKRORJ\
0\FHN0-+DUYH\5$ &KDPSH3&  /LSSLQFRWWV,OOXVWUDWHG5HYLHZV
3KDUPDFRORJ\ QGHG 1HZ<RUN/LSSLQFRWW5DYHQ


3HUORII50  7KH'\QDPLFVRI3HUVXDVLRQ1-/DZUHQFH(UOEDXP


3HUORII50 %URFN7&  $QGWKLQNLQJPDNHVLWVR&RJQLWLYHUHVSRQVHVWR

SHUVXDVLRQ,Q0(5RORII *50LOWHU (GV 3HUVXDVLRQ1HZ'LUHFWLRQVLQ7KHRU\DQG


5HVHDUFK SS /RQGRQ6DJH


3HWW\5( &DFLRSSR-7  $WWLWXGHVDQG3HUVXDVLRQ&ODVVLFDQG&RQWHPSRUDU\

$SSURDFKHV,RZD:0&%URZQ&RPSDQ\
3HWW\5( &DFLRSSR-7  &RPPXQLFDWLRQDQG3HUVXDVLRQ&HQWUDODQG
3HULSKHUDO5RXWHVWR$WWLWXGH&KDQJH1HZ<RUN6SULQJHU9HUODJ
3HWW\5(&DFLRSSR-7 *ROGPDQ5  3HUVRQDOLQYROYHPHQWDVDGHWHUPLQDQW
RIDUJXPHQWEDVHGSHUVXDVLRQ-RXUQDORI3HUVRQDOLW\DQG6RFLDO3V\FKRORJ\


3HWW\5(&DFLRSSR-76WUDWKPDQ$- 3ULHVWHU-5  7RWKLQNRUQRWWR

WKLQN([SORULQJWZRURXWHVWRSHUVXDVLRQ,Q66KDYLWW 7&%URFN (GV 3HUVXDVLRQ


3V\FKRORJLFDO,QVLJKWVDQG3HUVSHFWLYHV SS %RVWRQ$OO\Q %DFRQ


4XLQODQ37/DQH- $VSLQDOO/  (IIHFWVRIKRWWHDFRIIHHDQGZDWHULQJHVWLRQ

RQSK\VLRORJLFDOUHVSRQVHVDQGPRRG7KHUROHRIFDIIHLQHZDWHUDQGEHYHUDJHW\SH
3V\FKRSKDUPDFRORJ\


5HDUGRQ..  3HUVXDVLRQLQ3UDFWLFH1HZEXU\3DUN&$6DJH

5H\QROGV-() (G   0DUWLQGDOH7KH([WUD3KDUPDFRSRHLD VWHG /RQGRQ

5R\DO3KDUPDFHXWLFDO6RFLHW\


5HYHOOH:+XPSKUH\V066LPRQ/ *LOOLODQG.  7KHLQWHUDFWLYHHIIHFWRI

SHUVRQDOLW\WLPHRIGD\DQGFDIIHLQH$WHVWRIWKHDURXVDOPRGHO-RXUQDORI([SHULPHQWDO
3V\FKRORJ\*HQHUDO





&DIIHLQHDQGSHUVXDVLRQ

5LFKDUGVRQ1-5RJHUV3-(OOLPDQ1$ 2'HOO5-  0RRGDQG

SHUIRUPDQFHHIIHFWVRIFDIIHLQHLQUHODWLRQWRDFXWHDQGFKURQLFFDIIHLQHGHSULYDWLRQ3KDUPDFRORJ\
%LRFKHPLVWU\DQG%HKDYLRXU
5REHOLQ0 5RJHUV3-  0RRGDQG3V\FKRPRWRUSHUIRUPDQFHHIIHFWVRIWKH
ILUVWEXWQRWRIVXEVHTXHQWFXSRIFRIIHHHTXLYDOHQWGRVHVRIFDIIHLQHFRQVXPHGDIWHURYHUQLJKW
FDIIHLQHDEVWLQHQFH%HKDYLRXUDO3KDUPDFRORJ\


5RJHUV3- 'HUQRQFRXUW&  5HJXODUFDIIHLQHFRQVXPSWLRQ$EDODQFHRI

DGYHUVHDQGEHQHILFLDOHIIHFWVRIPRRGDQGSV\FKRPRWRUSHUIRUPDQFH3KDUPDFRORJ\%LRFKHPLVWU\
DQG%HKDYLRU


5RJHUV3-5LFKDUGVRQ1- (OOLPDQ1$  2YHUQLJKWFDIIHLQHDEVWLQHQFH

DQGQHJDWLYHUHLQIRUFHPHQWRISUHIHUHQFHIRUFDIIHLQHFRQWDLQLQJGULQNV3V\FKRSKDUPDFRORJ\



5XLMWHU-/RULVW00 6QHO-  7KHLQIOXHQFHRIGLIIHUHQWGRVHVRIFDIIHLQHRQ

YLVXDOWDVNSHUIRUPDQFH-RXUQDORI3V\FKRSK\VLRORJ\

5XLMWHU-/RULVW006QHO- 'H5XLWHU0%  7KHLQIOXHQFHRIFDIIHLQHRQ


VXVWDLQHGDWWHQWLRQ$Q(53VWXG\3KDUPDFRORJ\%LRFKHPLVWU\DQG%HKDYLRU
6FKXK.- *ULIILWKV55  &DIIHLQHUHLQIRUFHPHQW7KHUROHRIZLWKGUDZDO
3V\FKRSKDUPDFRORJ\


6PLW+- 5RJHUV3-  (IIHFWVRIORZGRVHVRIFDIIHLQHRQFRJQLWLYH

SHUIRUPDQFHPRRGDQGWKLUVWLQORZDQGKLJKHUFDIIHLQHFRQVXPHUV3V\FKRSKDUPDFRORJ\



6PLWK$3  (IIHFWVRIFDIIHLQHRQKXPDQEHKDYLRU)RRGDQG&KHPLFDO

7R[LFRORJ\
6PLWK$3 %ULFH&) 1JX\HQYDQ7DP'  %HQHILFLDOHIIHFWVRI
FDIIHLQDWHGFRIIHHDQGHIIHFWVRIZLWKGUDZDOWK,QWHUQDWLRQDO6FLHQWLILF&ROORTXLXPRQ&RIIHH
$VVRFLDWLRQ6FLHQWLILF,QWHUQDWLRQDOHGX&DIq7ULHVWH,WDO\


&DIIHLQHDQGSHUVXDVLRQ

6PLWK$3&ODUN5 *DOODJKHU-  (IIHFWVRQZRUNLQJPHPRU\DWWHQWLRQ

PRRGDQGFDUGLRYDVFXODUIXQFWLRQ3K\VLRORJ\DQG%HKDYLRU


6PLWK$3.HQGULFN$0 0DEHQ$/  (IIHFWVRIEUHDNIDVWDQGFDIIHLQHRQ

SHUIRUPDQFHDQGPRRGLQWKHODWHPRUQLQJDQGDIWHUOXQFK1HXURSV\FKRELRORJ\


6PLWK$30DEHQ$ %URFNPDQ3  (IIHFWVRIHYHQLQJPHDOVDQGFDIIHLQHRQ

FRJQLWLYHSHUIRUPDQFHPRRGDQGFDUGLRYDVFXODUIXQFWLRQLQJ$SSHWLWH
6PLWK%'7ROD. 0DQQ0  &DIIHLQHDQGDURXVDO$ELREHKDYLRUDOWKHRU\RI
SK\VLRORJLFDOEHKDYLRUDODQGHPRWLRQDOHIIHFWV,Q%6*XSWD 8*XSWD (GV &DIIHLQHDQG
%HKDYLRU&XUUHQW9LHZVDQG5HVHDUFK7UHQGV SS %RFD5DWRQ&5&3UHVV
6REHO0(  $V\PSWRWLFLQWHUYDOVIRULQGLUHFWHIIHFWVLQVWUXFWXUDOHTXDWLRQVPRGHOV
,Q6/HLQKDUW (G 6RFLRORJLFDOPHWKRGRORJ\ SS 6DQ)UDQFLVFR-RVVH\%DVV
6WUHXIHUW66DWLVK83RJDVK5*LQJULFK'/DQGLV55RDFKH- 6HYHUV:
 ([FHVVFRIIHHFRQVXPSWLRQLQVLPXODWHGFRPSOH[ZRUNVHWWLQJV'HWULPHQWRUIDFLOLWDWLRQRI
SHUIRUPDQFH"-RXUQDORI$SSOLHG3V\FKRORJ\
7KDULRQ:-6KXNLWW+DOH% /LHEHUPDQ+5  &DIIHLQHHIIHFWVRQ
PDUNVPDQVKLSGXULQJKLJKVWUHVVPLOLWDU\WUDLQLQJZLWKKRXUVOHHSGHSULYDWLRQ$YLDWLRQ6SDFH
DQG(QYLURQPHQWDO0HGLFLQH
9DQGHU6WHOW2  &DIIHLQHDQGDWWHQWLRQ,Q%6*XSWDDQG8*XSWD (GV 
&DIIHLQHDQGEHKDYLRU&XUUHQWYLHZVDQGUHVHDUFKWUHQGV%RFD5DWRQ&5&3UHVV
:DUEXUWRQ'0  (IIHFWVRIFDIIHLQHRQFRJQLWLRQDQGPRRGZLWKRXWFDIIHLQH
DEVWLQHQFH3V\FKRSKDUPDFRORJ\
:HLQEHUJ%$ %HDOHU%.  7KHFDIIHLQHDGYDQWDJH1HZ<RUN7KH)UHH
3UHVV
:X& 6KDIIHU'5  6XVFHSWLELOLW\WRSHUVXDVLYHDSSHDOVDVDIXQFWLRQRIVRXUFH
FUHGLELOLW\DQGSULRUH[SHULHQFHZLWKWKHDWWLWXGHREMHFW-RXUQDORI3HUVRQDOLW\DQG6RFLDO
3V\FKRORJ\


&DIIHLQHDQGSHUVXDVLRQ

=Z\JKXL]HQ'RRUHQERV$5RHKUV7$/LSVFKXW]/7LPPV9 5RWK7  

(IIHFWVRIFDIIHLQHRQDOHUWQHVV3V\FKRSKDUPDFRORJ\

&DIIHLQHDQGSHUVXDVLRQ



7DEOH0HDQVDQGVWDQGDUGGHYLDWLRQVIRUWKHGHSHQGHQWPHDVXUHVDVDIXQFWLRQRIGULQNDQG
PHVVDJHSURFHVVLQJFRQGLWLRQV ([SHULPHQW 


'ULQN&RQGLWLRQ

&DIIHLQH




3ODFHER
0HVVDJH3URFHVVLQJ

+LJK

/RZ

+LJK

/RZ

Q  

Q  

Q  

Q  

$WWLWXGH

3UHWHVW









 

 

 

 









 

 

 

 









 

 

 

 









 

 

6'

3RVWWHVW,,QLWLDO
0HVVDJH
6'
3RVWWHVW,,
&RXQWHU0HVVDJH
6'


5DWLRRIPHVVDJH
FRQJUXHQWWKRXJKWV
6'

 

 




&DIIHLQHDQGSHUVXDVLRQ



7DEOH0HDQVDQGVWDQGDUGGHYLDWLRQVIRUWKHGHSHQGHQWPHDVXUHVDVDIXQFWLRQRIGULQNDQG
GLVWUDFWLRQFRQGLWLRQV ([SHULPHQW 


'ULQN&RQGLWLRQ

&DIIHLQH

3ODFHER




'LVWUDFWHU7DVN
/RZ

+LJK

/RZ

+LJK

Q  

Q  

Q  

Q  

'LUHFWDWWLWXGH









 

 

 

 









 

 

 

 









 

 

 

 









 

 

 

 









 

 

3UHWHVW
6'

3RVWWHVW
6'
,QGLUHFWDWWLWXGH
3UHWHVW
6'

3RVWWHVW
6'
5DWLRRIPHVVDJH
FRQJUXHQWWKRXJKWV
6'

 

 






Você também pode gostar