Professional Documents
Culture Documents
(IIHFWRI4XHUFHWLQRQ([FHVVLYH'HUPDO6FDUULQJ
0DKD)(O*RZHLQL0'
1DJZD01RXU(O'LQ0'
(J\SWLDQ'HUPDWRORJ\2QOLQH-RXUQDO-XQH
'HSDUWPHQWRI'HUPDWRORJ\DQG$QGURORJ\
'HSDUWPHQWRI
3KDUPDFRORJ\
)DFXOW\RI0HGLFLQH$OH[DQGULD8QLYHUVLW\
$OH[DQGULD(J\SW
$EVWUDFW
2EMHFWLYH4XHUFHWLQLVDELRIODYRQRLGQRWHGIRULWVDQWLKLVWDPLQH
UHOHDVHDQGDQWLSUROLIHUDWLYHHIIHFWV7KHVHSURSHUWLHVFRXOG
WKHRUHWLFDOO\SURYHEHQHILFLDOLQUHYHUVLQJWKHLQIODPPDWRU\DQG
SUROLIHUDWLYHUHVSRQVHVLQK\SHUWURSKLFVFDUV7KHDLPRIWKLVVWXG\
ZDVWRHYDOXDWHERWKSUHYHQWLYHDQGFXUDWLYHHIIHFWRITXHUFHWLQRQ
DQLPDOPRGHORIK\SHUWURSKLFVFDUV
0DWHULDOVDQG0HWKRGV)XOOWKLFNQHVVIRXUFLUFXODUH[FLVLRQDO
ZRXQGVZHUHSHUIRUPHGRQHDFKHDURIWHQUDEELWV4XHUFHWLQFUHDP
ZDVDSSOLHGLPPHGLDWHO\RQRQHZRXQGIRUIRXUZHHNVDVD
SUHYHQWLYHWUHDWPHQWDQGIRUHLJKWZHHNVRQRQHK\SHUWURSKLFVFDU
DVDFXUDWLYHWUHDWPHQW3ODFHERFUHDPZDVXVHGIRUWKHRWKHUWZR
ZRXQGV
5HVXOWV&OLQLFDOO\DIWHUIRXUZHHNVK\SHUWURSKLFVFDUVZHUH
GHYHORSHGLQDOOQRQWUHDWHGDQGSODFHERWUHDWHGZRXQGV2QWKH
RWKHUKDQGRQO\RITXHUFHWLQWUHDWHGZRXQGVKHDOHGZLWK
K\SHUWURSKLFVFDUV7KHOHYHORIKLVWDPLQHDQGK\GUR[\SUROLQHZDV
VLJQLILFDQWO\LQFUHDVHGLQSODFHERWUHDWHGZRXQGVLQWKHSUHYHQWLYH
JURXS+RZHYHUWKHLUOHYHOVLQTXHUFHWLQWUHDWHGZRXQGVZHUH
VLJQLILFDQWO\GHFUHDVHG,QWKHFXUDWLYHJURXSDIWHUHLJKWZHHNV
WUHDWPHQWZLWKTXHUFHWLQRQO\RIK\SHUWURSKLFVFDUVZHUH
IODWWHQHG:KLOHKLVWDPLQHOHYHOZDVVLJQLILFDQWO\GHFUHDVHGLQ
TXHUFHWLQWUHDWHGVFDUVK\GUR[\SUROLQHOHYHOZDVLQVLJQLILFDQWO\
GHFUHDVHGDVFRPSDUHGWRSODFHERWUHDWHGVFDUV
&RQFOXVLRQ'XHWRLWVDQWLKLVWDPLQHHIIHFWEHVLGHLWVDQWLILEURWLF
HIIHFWTXHUFHWLQFRXOGEHDQHIIHFWLYHSUHYHQWLYHDQGWROHVVHU
H[WHQWDQDGMXYDQWFXUDWLYHWUHDWPHQWIRUK\SHUWURSKLFVFDUV
(J\SWLDQ'HUPDWRORJ\2QOLQH-RXUQDO9RO1R-XQH
,QWURGXFWLRQ
([FHVVLYHGHUPDOVFDUULQJLQWKHIRUPRIK\SHUWURSKLFVFDUVDQG
NHORLGVFRQWLQXHVWREHDFOLQLFDOSUREOHP>@
0RUHRYHUWKHIXQFWLRQDODQGDHVWKHWLFGHIRUPLWLHVDVVRFLDWHGZLWK
WKHPUHPDLQDVLJQLILFDQWFRQFHUQ>@
%HFDXVHOLWWOHLVNQRZQDERXWWKHSDWKRSK\VLRORJ\RIK\SHUWURSKLF
VFDUULQJDQDQLPDOPRGHOLVRIJUHDWLPSRUWDQFHDVDPHDQIRU
VWXG\LQJWKHHYROXWLRQRIDK\SHUWURSKLFVFDUIURPHDUO\KHDOLQJDQG
IRUHYDOXDWLQJWKHUDSHXWLFPRGDOLWLHV>@
7KHUHLVJURZLQJHYLGHQFHWKDWPDVWFHOOVSOD\DIXQGDPHQWDOUROH
LQWLVVXHKRPHRVWDVLVUHPRGHOLQJDQGUHSDLU0DVWFHOOVVWRUHDQG
UHOHDVHYDULRXVSRWHQWPHGLDWRUVLQSDUWLFXODUKLVWDPLQHSURWHDVHV
OLSLGPHGLDWRUVDQGF\WRNLQHVWKURXJKZKLFKWKH\FDQLQIOXHQFH
GLIIHUHQWVWDJHVRIFXWDQHRXVZRXQGKHDOLQJ>@
:RXQGLQJUHVXOWVLQDGDSWLYHFKDQJHVLQKLVWLGLQHGHFDUER[\ODVH
HQ]\PHDFWLYLW\DQGLQFUHDVHVKLVWDPLQHIRUPLQJFDSDFLW\>@
,QFUHDVHGKLVWDPLQHV\QWKHVLVZDVUHSRUWHGLQPDQ\WLVVXHV
XQGHUJRLQJUDSLGJURZWKRUUHSDLU>@+\GUR[\SUROLQHLVDQDPLQR
DFLGIRUPHGIURPSUROLQHLQFRUSRUDWHGLQWRFROODJHQDQGLWLVD
VXESURGXFWRIFROODJHQV\QWKHVLV7LVVXHK\GUR[\SUROLQHDVVD\
SUHVHQWVDSDUDOOHOLQFUHDVHZLWKWLVVXHFROODJHQOHYHODQGLWLVWKH
EHVWLQGLFDWRURIFROODJHQV\QWKHVLVDQGZRXQGKHDOLQJ>@
4XHUFHWLQDELRIODYRQRLGQRWHGIRULWVDQWLSUROLIHUDWLYHHIIHFWVRQ
ERWKQRUPDODQGPDOLJQDQWFHOOVDQGLWVDQWLKLVWDPLQHUHOHDVH
HIIHFWV7KHVHSURSHUWLHVFRXOGWKHRUHWLFDOO\SURYHEHQHILFLDOLQ
UHYHUVLQJWKHSUROLIHUDWLYHDQGLQIODPPDWRU\UHVSRQVHVLQ
K\SHUWURSKLFVFDUV>@
7KHDLPRIWKLVVWXG\ZDVWRDVVHVVERWKSUHYHQWLYHDQGFXUDWLYH
HIIHFWRITXHUFHWLQRQDQLPDOPRGHORIK\SHUWURSKLFVFDUV
0DWHULDOVDQGPHWKRGV
7KHVWXG\ZDVFDUULHGRXWRQWHQDJHPDWFKHGKHDOWK\ZKLWHPDOH
UDEELWVZHLJKLQJDSSUR[LPDWHO\.JHDFK$QLPDOVZHUHKRXVHG
XQGHUWKHVDPHFRQWUROOHGHQYLURQPHQWDOFRQGLWLRQVDWWKHDQLPDO
KRXVHRIWKHSKDUPDFRORJ\GHSDUWPHQW$OH[DQGULDIDFXOW\RI
PHGLFLQHIHGQRUPDOODERUDWRU\GLHWDQGWKH\KDGIUHHDFFHVVWRWDS
ZDWHU
$QLPDOVZHUHDQHVWKHWL]HGZLWKWKLRSHQWDOVRGLXPPJNJ,9
)XOOWKLFNQHVVIRXUFLUFXODUH[FLVLRQDOZRXQGVZHUHSHUIRUPHG
(J\SWLDQ'HUPDWRORJ\2QOLQH-RXUQDO9RO1R-XQH
GRZQWREDUHFDUWLODJHRQWKHYHQWUDOVXUIDFHRIHDFKHDUE\XVLQJD
PPSXQFKELRSV\$PDJQLI\LQJELQRFXODUORXSH&[PP
+HLQH86$ZDVXVHG+HPRVWDVLVZDVWKHQREWDLQHGE\DSSO\LQJ
SUHVVXUH$OOZRXQGVZHUHFRYHUHGXVLQJDQRFFOXVLYHSRO\XUHWKDQH
GUHVVLQJ7HJDGHUP00LQQHDSROLV0LQQXQWLOWKHHQWLUH
ZRXQGDSSHDUHGUHHSLWKHOLDOL]HGRQJURVVH[DPLQDWLRQ
3KRWRJUDSKVZHUHREWDLQHGDQGWUHDWPHQWRIRQHRIIRXUZRXQGVSHU
HDUZDVEHJXQLPPHGLDWHO\ZLWKTXHUFHWLQFUHDPWKUHHWLPHVGDLO\
IRUIRXUZHHNV7KHVHFRQGZRXQGZDVWUHDWHGZLWKSODFHERFUHDP
DWWKHVDPHWLPHWRVHUYHDVFRQWUROIRUWKHSUHYHQWLYHJURXSQ
7KHUHPDLQLQJWZRZRXQGVSHUHDUUHPDLQHGXQWUHDWHGGXULQJWKLV
SHULRGWLOODK\SHUWURSKLFVFDUZDVHVWDEOLVKHG$IWHUIRXUZHHNV
WUHDWPHQWRIWKHWKLUGZRXQGWKDWGHYHORSHGHOHYDWHGVFDUZDV
EHJXQWKUHHWLPHVSHUGD\IRUHLJKWPRUHZHHNV7KHIRXUWKZRXQG
ZDVWUHDWHGZLWKSODFHERFUHDPWRVHUYHDVFRQWUROJURXSIRUWKH
FXUDWLYHJURXSQ
7KHLQJUHGLHQWVLQWKHFUHDPZHUHPRGLILHGIURPWKHIRUPXOD
DFFRUGLQJWR.DWVDURXHWDO>@(DFKJPFUHDPFRQWDLQ
TXHUFHWLQ&DUO5RWK*PE+FR.DUOVUXKH*HUPDQ\
JPZKLWHVRIWSDUDIILQJPOLTXLGSDUDIILQJPDFHW\O
DOFRKROJPJO\FHU\OPRQRVWHDUDWHJPFUHPRSKRU5+
JPPHWK\OSDUDEHQJPSURS\OSDUDEHQJPSURS\OHQH
JO\FROJPDQGZDWHUWRJP7KHSODFHERFRQWUROZDV
LGHQWLFDOLQFRPSRVLWLRQH[FHSWIRUTXHUFHWLQ
:LWKWKHDQLPDOVXQGHUDQHVWKHVLDVHULDOSKRWRJUDSKVZHUHWDNHQ
7KHVFDUVRQWKHOHIWHDUZHUHFDUHIXOO\H[FLVHGDQGVWRUHGDW&
IRUXVHLQWKHELRFKHPLFDOPHDVXUHPHQWVRI+\GUR[\SUROLQH
FRQFHQWUDWLRQZKLFKLVFRQVLGHUHGDUHIOHFWLRQRIFROODJHQFRQWHQW
DVLWFRPSULVHVDSSUR[LPDWHO\WHQSHUFHQWRIFROODJHQ>@
+LVWDPLQHFRQFHQWUDWLRQZDVFDUULHGRXWDFFRUGLQJWRWKHPHWKRG
RI6KRUHHWDO
6WDWLVWLFDODQDO\VLV>@$OOGDWDZHUHH[SUHVVHGDVPHDQ
VWDQGDUGGHYLDWLRQ6'2QHZD\DQDO\VLVRIYDULDQFH$129$
WHFKQLTXHVZHUHXVHGWRH[DPLQHWKHVWXGLHGSDUDPHWHUV)RU
SDLUZLVHFRPSDULVRQVDPRQJJURXSVWKHOHDVWVLJQLILFDQFH
GLIIHUHQFHWHVW/6'ZDVXVHG3YDOXHZDVFDOFXODWHGDQG
VWDWLVWLFDOVLJQLILFDQFHZDVVHWDW3
5HVXOWV
&OLQLFDOO\DIWHUIRXUZHHNVK\SHUWURSKLFVFDUVZHUHGHYHORSHGLQ
DOOQRQWUHDWHGDQGSODFHERWUHDWHGZRXQGV2QWKHRWKHUKDQGRQO\
RITXHUFHWLQWUHDWHGZRXQGVKHDOHGZLWKK\SHUWURSKLFVFDUV,Q
WKHFXUDWLYHJURXSDIWHUHLJKWZHHNVWUHDWPHQWZLWKTXHUFHWLQ
RIK\SHUWURSKLFVFDUVZHUHIODWWHQHG$WWKHVDPHWLPH
(J\SWLDQ'HUPDWRORJ\2QOLQH-RXUQDO9RO1R-XQH
VLPXOWDQHRXVUHGXFWLRQLQWKHSURPLQHQFHRIWKHSODFHERWUHDWHG
VFDUVRFFXUUHGLQRIWKHVFDUV)LJXUH
7KHFRQFHQWUDWLRQRIK\GUR[\SUROLQHLQSODFHERWUHDWHGVFDUVZDV
VLJQLILFDQWO\KLJKDWIRXUZHHNVDVFRPSDUHGWRXQZRXQGHGVNLQ
YVPJPJWLVVXH37KHTXHUFHWLQ
WUHDWHGZRXQGVKDGVLJQLILFDQWO\GHFUHDVHGK\GUR[\SUROLQHOHYHO
WKDQSODFHERWUHDWHGZRXQGVDWIRXUZHHNVSUHYHQWLYHJURXS
YVPJPJWLVVXH3,QWKHFXUDWLYHJURXS
WKHFRQFHQWUDWLRQRIK\GUR[\SUROLQHGHFUHDVHGLQTXHUFHWLQWUHDWHG
VFDUV1HYHUWKHOHVVWKHUHZDVQRVLJQLILFDQWGLIIHUHQFHLQWKHVFDUV
WUHDWHGE\TXHUFHWLQFRPSDUHGWRWKRVHWUHDWHGE\SODFHER
YVPJPJWLVVXH3!7DEOH
$WIRXUZHHNVFRPSDUHGWRXQZRXQGHGVNLQWKHSODFHERWUHDWHG
VFDUVLQWKHSUHYHQWLYHJURXSFRQWDLQHGWULSOHWKHOHYHORIKLVWDPLQH
YVPJJWLVVXH30RUHRYHUKLVWDPLQH
FRQWLQXHGWRLQFUHDVHDIWHUHLJKWPRUHZHHNVPJJ
WLVVXH+RZHYHULWZDVVLJQLILFDQWO\OHVVLQTXHUFHWLQWUHDWHGVFDUV
WKDQSODFHERWUHDWHGVFDUVLQERWKSUHYHQWLYHJURXSYV
PJWLVVXH3DQGFXUDWLYHJURXSYV
PJJWLVVXH37DEOH
)LJXUHD7ZRZHHNVSKRWRVKRZLQJKHDOLQJZLWKIODWVFDU
RQO\LQTXHUFHWLQWUHDWHGZRXQGSUHYHQWLYHJURXSE)RXU
ZHHNVSKRWRVKRZLQJIODWVFDULQTXHUFHWLQWUHDWHGZRXQG
DQGK\SHUWURSKLFVFDULQWKHUHVWSUHYHQWLYHJURXSF
7ZHOYHZHHNVSKRWRVKRZLQJIODWWHQLQJRIWKHK\SHUWURSKLF
TXHUFHWLQWUHDWHGVFDUDQGWKHFRQWUROVFDUHQFLUFOHGLVVWLOO
K\SHUWURSKLFFXUDWLYHJURXS
(J\SWLDQ'HUPDWRORJ\2QOLQH-RXUQDO9RO1R-XQH
7DEOH(IIHFWRITXHUFHWLQRQK\GUR[\SUROLQHDQGKLVWDPLQH
FRQFHQWUDWLRQLQUDEELW¶VHDUZRXQGHGVNLQPHDQ6'
3UHYHQWLYH &XUDWLYHJURXS
8QZRXQGHG JURXSQ QR
VNLQQ 4XHUFHWLQ3ODFHER4XHUFHWLQ3ODFHER
WUHDWHG WUHDWHG WUHDWHG WUHDWHG
+\GUR[\SUROLQH
PJPJWLVVXH
+LVWDPLQH
PPJWLVVXH
6LJQLILFDQWDVFRPSDUHGWRSODFHERWUHDWHGJURXS6LJQLILFDQWDV
FRPSDUHGWRXQZRXQGHGVNLQ
'LVFXVVLRQ
+\SHUWURSKLFVFDUVDUHDEQRUPDOKHDOLQJUHVSRQVHVWKDWGHYHORSDV
DUHVXOWRIDQH[DJJHUDWHGSUROLIHUDWLRQRIGHUPDOILEUREODVWVDIWHU
VNLQLQMXU\DQGDUHFKDUDFWHUL]HGE\H[FHVVDFFXPXODWLRQRI
FROODJHQLQWKHZRXQG>@7KHGHYHORSPHQWRIWKLVDEQRUPDO
SDWWHUQRIKHDOLQJKDVEHHQDVVRFLDWHGZLWKDQH[WHQGHGSHULRG
EHWZHHQZRXQGLQJDQGUHHSLWKHOLDOL]DWLRQRIWKHZRXQGUHVXOWLQJ
LQDSURORQJHGLQIODPPDWRU\SKDVH7KLVPD\RFFXUDVDUHVXOWRI
FRPSOLFDWLRQVVXFKDVDQLQIHFWLRQDIRUHLJQERG\ZLWKLQWKH
ZRXQGH[FHVVLYHWHQVLRQRQWKHZRXQGRUSHUVLVWHQWPRELOL]DWLRQ
RIWKHZRXQGHGJHV>@+RZHYHULQVRPHFDVHVWKHSDWKRJHQHVLV
RIK\SHUWURSKLFVFDUULQJLVXQNQRZQ>@
+\SHUWURSKLFVFDUVJHQHUDOO\DSSHDUZLWKLQIRXUZHHNVDIWHUWUDXPD
HQODUJHIRUWKUHHWRVL[PRQWKVUHPDLQVWDWLFIRUVHYHUDOPRQWKVDQG
JUDGXDOO\UHJUHVVLQWHUPVRIHU\WKHPDVL]HDQGLUULWDELOLW\RYHU
DSSUR[LPDWHO\RQH\HDU>@$SHDNLQFROODJHQV\QWKHVLVDWVL[
PRQWKVLVIROORZHGE\DGHFUHDVHLQV\QWKHVLVDQGSDUDOOHOVWKH
FOLQLFDOFKDQJHV>@,QWKHSUHVHQWZRUNVLPLODUWR6DXOLV>@
JURXSFOLQLFDOO\DWIRXUZHHNVK\SHUWURSKLFVFDUVZHUHGHYHORSHG
LQDOOQRQWUHDWHGDQGSODFHERWUHDWHGZRXQGV0RUULVHWDO>@LQWKH
HDUO\PRGHORIVFDUULQJLQUDEELWVIRXQGWKDWWKHVHVFDUVWHQGHGWR
GHFUHDVHLQSURPLQHQFHVXEVHTXHQWWRGD\DOWKRXJKLWKDV
SUHYLRXVO\EHHQREVHUYHGLQWKHODERUDWRU\WKDWVRPHUHPDLQ
HOHYDWHGIRUPRQWKV5HGXFWLRQLQWKHSURPLQHQFHRIVFDUVLQWKLV
VWXG\RFFXUUHGLQRISODFHERWUHDWHGVFDUVDWWZHOYHZHHNV
'XULQJWKHSUHVHQWVWXG\WKHUHZDVDFRQWLQXRXVLQFUHDVHLQWKH
DPRXQWRIFROODJHQPHDVXUHGDVK\GUR[\SUROLQH7KLVUHVXOW
(J\SWLDQ'HUPDWRORJ\2QOLQH-RXUQDO9RO1R-XQH
VXSSRUWVWKHFRQFOXVLRQWKDWWKHSURFHVVRIVFDUUHPRGHOLQJ
LQFOXGLQJFROODJHQFURVVOLQNLQJDQGDFWLYHFROODJHQWXUQRYHURFFXUV
IURPRQHPRQWKDQGFRQWLQXHVWRRQH\HDU>@0RUHRYHUILEURWLF
FRQGLWLRQVVXFKDVNHORLGVDQGK\SHUWURSKLFVFDUVKDYHH[FHVV
FRQQHFWLYHWLVVXHZLWKWKHFROODJHQEHLQJWKHPDMRUFRQWULEXWRU>@
0DVWFHOOVDUHLGHQWLILHGLQERWKRIWKHVHILEURWLFFRQGLWLRQVDQGDUH
LPSOLFDWHGDVDSRVVLEOHFRQWULEXWRUWRWKHLUGHYHORSPHQWDQG
SRVVLEO\LQYROYHGLQWKHFROODJHQVFDUOLNHRUJDQL]DWLRQ7KH\
VSHFLILFDOO\LQIOXHQFHJUDQXODWLRQWLVVXHRUJDQL]DWLRQGXULQJZRXQG
UHSDLU>@5RWKHHWDO>@UHSRUWHGWKDWSURGXFWVRIPDVWFHOO
GHJUDQXODWLRQLQYLWURDUHFRQVSLFXRXVO\LPSOLFDWHGLQWKHVH
SLYRWDOHYHQWV2QHVXFKPDVWFHOOSURGXFWKLVWDPLQHVLJQLILFDQWO\
LQFUHDVHGILEUREODVWSUROLIHUDWLRQDQGFROODJHQV\QWKHVLV>@
5HLFKHWDO>@REVHUYHGWKDWLPPHGLDWHO\DIWHULQFLVLRQDOZRXQGLQJ
LQDGRPHVWLFSLJPRGHOPDVWFHOOQXPEHUVLQFUHDVHGUDSLGO\DQG
VXEVHTXHQWO\SHDNHGWZRGD\VDIWHUZRXQGLQJGHFOLQHGDWD
UHODWLYHO\FRQVWDQWUDWHIURPGD\WZRWRIRXUDQGWKHQUHWXUQHG
JUDGXDOO\WRQRUPDOOHYHOVDWGD\IRXUWHHQ7KLVIOXFWXDWLRQRIPDVW
FHOOQXPEHUVDQGKLVWDPLQHUHOHDVHFRUUHODWHVZHOOZLWKWKH
FRQFRPLWDQWIRUPDWLRQRIJUDQXODWLRQWLVVXHWKHKDOOPDUNRIHDUO\
ZRXQGKHDOLQJ>@7KLVGHFOLQHLQPDVWFHOOQXPEHULVLQFRQWUDVW
WRWKHFHOOXODUHYHQWVVHHQLQK\SHUWURSKLFVFDUVLQZKLFKLQFUHDVHG
QXPEHUVRIPDVWFHOOVSHUVLVWLQGHILQLWHO\ZLWKDQDVVRFLDWHG
HOHYDWLRQRIWLVVXHKLVWDPLQH>@7KHVHILEURWLFOHVLRQVUHSRUWHGO\
H[KLELWDVPXFKDVWRWLPHVPRUHPDVWFHOOVWKDQQRUPDO
KXPDQVNLQ>@7KHUHVXOWVRIWKHSUHVHQWZRUNVKRZHGWKDWDIWHU
IRXUZHHNVWKHOHYHORIKLVWDPLQHLQSODFHERWUHDWHGZRXQGVZDV
WULSOHWKHQRUPDOOHYHOLQWKHSUHYHQWLYHJURXS0RUHRYHULW
FRQWLQXHGWRLQFUHDVHDIWHUHLJKWPRUHZHHNV
$OWKRXJKPDQ\DUWLFOHVKDYHEHHQSXEOLVKHGRQWKHPDQDJHPHQWRI
K\SHUWURSKLFVFDUVDQGNHORLGVWKHUHLVQRXQLYHUVDOO\DFFHSWHG
WUHDWPHQWSURWRFRO3UHYHQWLRQRIWKHPUHPDLQVWKHEHVW
VWUDWHJ\>@4XHUFHWLQLVDELRIODYRQRLGNQRZQWRLQKLELWIUHH
UDGLFDOSURFHVVHVLQFHOOV>@,WLVDEOHWRSURWHFWFXWDQHRXVWLVVXH
W\SHFHOOSRSXODWLRQVILEUREODVWVNHUDWLQRF\WHVDQGHQGRWKHOLDOFHOOV
RIKXPDQRULJLQIURPF\WRWR[LFR[LGDWLYHVWUHVVLQGXFHGE\
SURWUDFWHGGHSOHWLRQRIFHOOXODUJOXWDWKLRQH>@,QDGGLWLRQ
TXHUFHWLQKDVEHHQVKRZQWRKDYHDQDQWLLQIODPPDWRU\HIIHFWE\
VWDELOL]LQJPDVWFHOOPHPEUDQHVDQGLQKLELWKLVWDPLQHUHOHDVHIURP
EDVRSKLOVDQGPDVWFHOOVDVZHOODVDQDQWLSUROLIHUDWLYHHIIHFWLQERWK
QRUPDODQGPDOLJQDQWFHOOVRIYDULRXVW\SHV>@,WFDXVHVFHOO
F\FOHDUUHVWDQGDSRSWRVLV>@
/LPLWLQJLQIODPPDWLRQLVSDUDPRXQWLQWKHFRQWURORIVFDUJURZWK
DQGVFDUDVVRFLDWHGV\PSWRPV>@7KHDQWLLQIODPPDWRU\HIIHFWRI
TXHUFHWLQWKDWZDVSUHYLRXVO\UHSRUWHG>@PD\EHDUHDVRQDEOH
H[SODQDWLRQRILWVDQWLILEURWLFHIIHFW,QWKHFXUUHQWVWXG\
K\SHUWURSKLFVFDUVGHYHORSHGLQOHVVWKDQKDOIRITXHUFHWLQWUHDWHG
(J\SWLDQ'HUPDWRORJ\2QOLQH-RXUQDO9RO1R-XQH
ZRXQGV,QKLELWLRQRIH[FHVVFROODJHQIRUPDWLRQFRXOGEHD
FRQVHTXHQFHRIHDUO\FRQWURORIKLVWDPLQHUHOHDVHDVDVLJQLILFDQW
GHFUHDVHLQWKHOHYHORIKLVWDPLQHDQGK\GUR[\SUROLQHZDVSURYHG
LQWKHSUHYHQWLYHJURXSRIWKLVVWXG\7KHGHFUHDVHLQKLVWDPLQHDV
VXJJHVWHGE\/HHHWDO>@ZDVGXHWRLQKLELWLRQRIPDVWFHOO
GHJUDQXODWLRQ7KHDQWLR[LGDQWHIIHFWRITXHUFHWLQPLJKWEHDQRWKHU
H[SODQDWLRQIRULWVDQWLILEURWLFDFWLRQ)UHHUDGLFDOVDUHOLNHO\WR
FRQWULEXWHWRSURJUHVVLYHILEURVLVDQGH[FHVVLYHVFDUIRUPDWLRQLQ
DEQRUPDOZRXQGKHDOLQJ>@7KHVHVXEVWDQFHVDOWKRXJKLPSRUWDQW
IRUHOLPLQDWLQJLQIHFWLRQFDQGDPDJHVXUURXQGLQJWLVVXHDQGKRVW
FHOOVDQGLQLWLDWHIXUWKHULQIODPPDWLRQDQGSURLQIODPPDWRU\
PHGLDWRUSURGXFWLRQ7KHLPSRUWDQFHRIUHDFWLYHR[\JHQVSHFLHV
526LQWKHGHYHORSPHQWRIILEURVLVLVVXSSRUWHGE\WKHIDFWWKDW
DQWLR[LGDQWVKDYHEHHQVKRZQWREHDQWLILEURJHQLF>@
+RZHYHUWKHUROHRI526LQFXWDQHRXVVFDUULQJUHPDLQVXQGHU
LQYHVWLJDWLRQ$QRWKHUSRVVLEOHPHFKDQLVPIRUWKHDQWLILEURWLF
DFWLRQRITXHUFHWLQLVLWVDSRSWRWLFHIIHFW,WLQKLELWVLQVXOLQOLNH
JURZWKIDFWRU,DSRWHQWPLWRJHQDQGLQKLELWRURIDSRSWRVLVIRUFHOO
W\SHV>@,*),KDVEHHQVKRZQWRVWLPXODWHILEUREODVW
SUROLIHUDWLRQDQGHQKDQFHVFROODJHQV\QWKHVLV>@
,QDQRWKHUVWXG\>@DVLJQLILFDQWLPSURYHPHQWLQGHUPDOFROODJHQ
RUJDQL]DWLRQZDVQRWHGRQFRPSDULQJPHGHUPDWUHDWHGZLWK
XQWUHDWHGVFDUVRQUDEELW¶VHDUK\SHUWURSKLFVFDU+RZHYHUWKHUH
ZDVQRGHFUHDVHLQVFDUKHLJKW7KH\VXJJHVWHGWZRSRVVLELOLWLHV
HLWKHUWKHFRQYHUVLRQRILPPDWXUHWRPDWXUHFROODJHQLVDFFHOHUDWHG
LQVRPHIDVKLRQZLWKQRQHWGHFUHDVHLQRYHUDOOFROODJHQSURGXFWLRQ
E\ILEUREODVWVRUWKHWUHDWPHQWSHULRGRIIRXUZHHNVZDVWRREULHIWR
GHWHFWDVLJQLILFDQWGHFUHDVHLQVFDUK\SHUWURSK\$OWKRXJKWKH
WUHDWPHQWSHULRGZDVH[WHQGHGWRHLJKWZHHNVLQWKHSUHVHQWVWXG\
ZLWKVLJQLILFDQWUHGXFWLRQLQKLVWDPLQHOHYHOIODWWHQLQJRFFXUUHG
RQO\LQRIK\SHUWURSKLFVFDUVZLWKLQVLJQLILFDQWGHFUHDVHLQ
K\GUR[\SUROLQHOHYHO,WVHHPVWKDWHDUO\FRQWURORILQIODPPDWRU\
VWDJHE\VWDUWLQJWUHDWPHQWFRQFRPLWDQWO\ZLWKVNLQLQFLVLRQPD\
GHFUHDVHRUEORFNKLVWDPLQHUHOHDVHDQGLWVVXEVHTXHQWVWLPXODWLRQ
RIILEUREODVWSUROLIHUDWLRQDQGH[FHVVLYHFROODJHQV\QWKHVLV
+RZHYHULWPD\QRWDIIHFWFROODJHQEUHDNGRZQDQGGHJUDGDWLRQLQ
PDWXUHK\SHUWURSKLFVFDUV)XUWKHUPRUHTXHUFHWLQFRQFHQWUDWLRQ
PD\KDYHDUROH/LPHWDO>@IRXQGWKDWWUHDWPHQWRIILEUREODVWV
GHULYHGZLWKTXHUFHWLQLQDGRVHGHSHQGDQWPDQQHUOHGWRD
VLJQLILFDQWLQKLELWLRQRIILEUREODVWSUROLIHUDWLRQ
,QFRQFOXVLRQGXHWRLWVDQWLKLVWDPLQHHIIHFWEHVLGHLWVDQWLILEURWLF
HIIHFWTXHUFHWLQFRXOGEHDQHIIHFWLYHSUHYHQWLYHDQGWROHVVHU
H[WHQWDGMXYDQWFXUDWLYHWUHDWPHQWIRUK\SHUWURSKLFVFDUV
$FNQRZOHGJPHQW
7KHDXWKRUVZRXOGOLNHWRWKDQN3URIHVVRU2VDPD$EGDODSURIHVVRU
RISKDUPDFHXWLFV$OH[DQGULDIDFXOW\RISKDUPDF\IRUKLVDVVLVWDQFH
LQSUHSDULQJWKHTXHUFHWLQFUHDP
(J\SWLDQ'HUPDWRORJ\2QOLQH-RXUQDO9RO1R-XQH
5HIHUHQFHV
0RUULV':X/=KDR/%ROWRQ/5RWK6/DGLQ'0XVWRH7
$FXWHDQGFKURQLFDQLPDOPRGHOVIRUH[FHVVLYHGHUPDOVFDUULQJ
4XDQWLWDWLYHVWXGLHV3ODVW5HFRQVWU6XUJ
1LHVVHQ)6SDXZHQ36FKDONZLMN-.RQ02QWKHQDWXUHRI
K\SHUWURSKLFVFDUVDQGNHORLGV$UHYLHZ3ODVW5HFRQVWU6XUJ
0HG/LQH
8SSDO5.KDQ8.DNDU67DODV*0F*URXWKHU$7KHHIIHFWV
RIDVLQJOHGRVHRIIOXRURXUDFLORQNHORLGVFDUV$FOLQLFDOWULDORI
WLPHGZRXQGLUULJDWLRQDIWHUH[WUDOHVLRQDOH[FLVLRQ3ODV5HFRQVW
6XUJ
$UWXF06WHFNHOLQJV0+HQ]%0DVWFHOOILEUREODVW
LQWHUDFWLRQV+XPDQPDVWFHOOVDVVRXUFHDQGLQGXFHUVRIILEUREODVW
DQGHSLWKHOLDOJURZWKIDFWRUV-,QYHVW'HUPDWRO
)LW]SDWULFN')LVKHU++LVWDPLQHV\QWKHVLVLPLGD]ROH
GLSHSWLGHVDQGZRXQGKHDOLQJ6XUJHU\
6LQJHU$&ODUN5&XWDQHRXVZRXQGKHDOLQJ1(QJO-0HG
.DKOVRQ*1LOVVRQ.5RVHQJUHQ(=HQGHUIHOGW%:RXQG
KHDOLQJDVGHSHQGHQWRQWKHUDWHRIKLVWDPLQHIRUPDWLRQ/DQFHW
6DXOLV$OH[DQGULQD60RJIRUG-RQ+0XVWRH7KRPDV$
(IIHFWRI0HGHUPDRQK\SHUWURSKLFVFDUULQJLQWKHUDEELWHDUPRGHO
3ODVW5HFRQVWU6XUJ
.DWVDURX$'DYR\(;HQRV.$UPHQDND07KHRKDULGHV7
(IIHFWRIDQDQWLR[LGDQWTXHUFHWLQRQVRGLXPODXU\OVXOIDWH
LQGXFHGVNLQLUULWDWLRQ&RQWDFW'HUPDWLWLV±
&KHQJ3$QLPSURYHGPHWKRGIRUWKHGHWHUPLQDWLRQRI
K\GUR[\SUROLQHLQUDWVNLQ-,QYHVW'HUPDWRO
6KRUH3%XUNKDOWHU$&RKQ9$PHWKRGIRUIOXRURPHWULF
DVVD\RIKLVWDPLQHLQWLVVXHV-3KDUPFRO([S7KHU
+LOO%3ULQFLSOHVRIPHGLFDOVWDWLVWLFVWKHG/RQGRQ/DQFHW
OLPLWHGSXEOLFDWLRQ
6DUD\<*OHo$7UHDWPHQWRINHORLGVDQGK\SHUWURSKLFVFDUV
(J\SWLDQ'HUPDWRORJ\2QOLQH-RXUQDO9RO1R-XQH
ZLWKGHUPRMHWLQMHFWLRQVRIEOHRP\FLQ-(XURSHDQ$FDG'HUPDWRO
9HQHUHRO
&ODUN5%DVLFVRIFXWDQHRXVZRXQGUHSDLU-'HUPDWRO6XUJ
2QFRO
0XLU,2QWKHQDWXUHRINHORLGDQGK\SHUWURSKLFVFDUV%U-
3ODVW6XUJ
6DKO:&OHYHU+&XWDQHRXVVFDUV3DUW,,QW-'HUPDWRO
$OVWHU77DQ]L(+\SHUWURSKLFVFDUVDQGNHORLGVHWLRORJ\DQG
PDQDJHPHQW$P-&OLQ'HUPDWRO
5DKEDQ6*DUQHU:)LEURSUROLIHUDWLYHVFDUV&OLQ3ODVW6XUJ
0R\HU.6DJJHUV*(KUOLFK30DVWFHOOVSURPRWHILEUREODVW
SRSXODWHGFROODJHQODWWLFHFRQWUDFWLRQWKURXJKJDSMXQFWLRQ
LQWHUFHOOXODUFRPPXQLFDWLRQ:RXQG5HSDLU5HJHQ
5RWKH01RZDON0.HUGHO)7KHPDVWFHOOLQKHDOWKDQG
GLVHDVH$JUHDWHUUROH-$P$FDG'HUPDWRO
*DUEX]HQNR(1DJOHU$3LFNKROW]'*LOOHU\35HLFK5
0DTXDUW)/HYL6FKDIIHU)+XPDQPDVWFHOOVVWLPXODWHILEUREODVW
SUROLIHUDWLRQFROODJHQV\QWKHVLVDQGODWWLFHFRQWUDFWLRQ$GLUHFW
UROHIRUPDVWFHOOVLQVNLQILEURVLV&OLQ([S$OOHUJ\
5HLFK-&D]]DQLJD$0HUW]3.HUGHO)(DJOVWHLQ:7KH
HIIHFWRIHOHFWULFDOVWLPXODWLRQRQWKHQXPEHURIPDVWFHOOVLQ
KHDOLQJZRXQGV-$P$FDG'HUPDWRO
6DVDNL$0XHOOHU5;L*6LSH5%XFN'+ROOLQJHU-0DVW
FHOOV$QXQH[SHFWHGILQGLQJLQWKHPRGXODWLRQRIFXWDQHRXVZRXQG
UHSDLUE\FKDUJHGEHDGV3ODVW5HFRQVWU6XUJ
+HUPHV%)HOGPDQQ%"GGHNHU,:HONHU3$OJHUPLVVHQ%
6WHFNHOLQJV0*UDEEH-+HQ]%$OWHUHGH[SUHVVLRQRIPDVWFHOO
FK\PDVHDQGWU\SWDVHDQGRIFNLWLQKXPDQFXWDQHRXVVFDUWLVVXH-
,QYHVW'HUPDWRO
7KDUS07KHPDVWFHOODQGLWVUROHLQKXPDQFXWDQHRXV
GLVHDVHV3URJ'HUPDWRO
6NDSHU6)DEULV0)HUUDUL9&DUERQDUH0/HRQ$4XHUFHWLQ
SURWHFWVFXWDQHRXVWLVVXHDVVRFLDWHGFHOOW\SHVLQFOXGLQJVHQVRU\
(J\SWLDQ'HUPDWRORJ\2QOLQH-RXUQDO9RO1R-XQH
QHXURQVIURPR[LGDWLYHVWUHVVLQGXFHGE\JOXWDWKLRQHGHSOHWLRQ
&RRSHUDWLYHHIIHFWVRIDVFRUELFDFLG)UHH5DGLFDO%LRO0HG
$OH[DQGUDNLV06LQJK/%RXFKHU:/HWRXUQHDX5
7KHRILORSRXORV37KHRKDULGHV7&'LIIHUHQWLDOHIIHFWRI
IODYRQRLGVRQLQKLELWLRQRIVHFUHWLRQDQGDFFXPXODWLRQRIVHFUHWRU\
JUDQXOHVLQUDWEDVRSKLOLFOHXNHPLDFHOOV,QW-,PPXQRSKDUPDFRO
<RVKLGD0<DPDPRWR01LNDLGR74XHUFHWLQDUUHVWVKXPDQ
OHXNHPLF7FHOOVLQODWH*SKDVHRIWKHFHOOF\FOH&DQFHU5HV
±
:HL<=KDR;.DUL\D<,QGXFWLRQRIDSRSWRVLVE\TXHUFHWLQ
LQYROYHPHQWRIKHDWVKRFNSURWHLQ&DQFHU5HV±
'DQLHOVRQ-:DOWHU56DOLF\OLFDFLGPD\EHXVHIXOLQOLPLWLQJ
VFDUIRUPDWLRQ3ODVW5HFRQVWU6XUJ
7DJXFKL.+DJLZDUD<.DML\DPD.6X]XNL<
3KDUPDFRORJLFDOVWXGLHVRI+RXWWX\QLDHKHUED7KHDQWL
LQIODPPDWRU\HIIHFWRITXHUFHWLQ<DNXJDNX=DVVKL
/HH(&KRL(&KHRQJ+.LP<5\X6.LP.$QWLDOOHUJLF
DFWLRQVRIWKHOHDYHVRI&DVWDQHDFUHQDWDDQGLVRODWLRQRIDQDFWLYH
FRPSRQHQWUHVSRQVLEOHIRUWKHLQKLELWLRQRIPDVWFHOOGHJUDQXODWLRQ
$UFK3KDUP5HV
3KDQ76XQ/%D\%&KDQ6/HH6'LHWDU\FRPSRXQGV
LQKLELWSUROLIHUDWLRQDQGFRQWUDFWLRQRINHORLGDQGK\SHUWURSKLF
VFDUGHULYHGILEUREODVWVLQYLWUR7KHUDSHXWLFLPSOLFDWLRQIRU
H[FHVVLYHVFDUULQJ-WUDXPD
3KDQ76HH37UDQ(1JX\HQ7&KDQ6/HH66XSSUHVVLRQ
RINHORLGGHULYHGILEUREODVWVE\TXHUFHWLQLWVWKHUDSHXWLFSRWHQWLDO
XVHLQWKHSDWKZD\DQGFROODJHQLQVXOLQOLNHJURZWKIDFWRUVLJQDOLQJ
H[SUHVVLRQLQWUHDWPHQWDQGRUSUHYHQWLRQRINHORLGV%U-'HUPDWRO
±
/LP,3KDQ7/HH6+X\QK7/RQJDNHU04XHUFHWLQLQKLELWV
NHORLGDQGK\SHUWURSKLFVFDUILEUREODVWSUROLIHUDWLRQDQGFROODJHQ
SURGXFWLRQ$1=-6XUJ
(J\SWLDQ'HUPDWRORJ\2QOLQH-RXUQDO