HAL Id: halshs-00927115
https://halshs.archives-ouvertes.fr/halshs-00927115
Submitted on 10 Jan 2014HAL is a multi-disciplinary open access archive for the deposit and dissemination of sci-entific research documents, whether they are pub-lished or not. The documents may come from teaching and research institutions in France or abroad, or from public or private research centers.
L’archive ouverte pluridisciplinaire HAL, est destinée au dépôt et à la diffusion de documents scientifiques de niveau recherche, publiés ou non, émanant des établissements d’enseignement et de recherche français ou étrangers, des laboratoires publics ou privés.
Manner of motion, evaluative and pluractional
morphology
Dejan Stosic
To cite this version:
/MLOMDQD əDULĿ HG 6SDFH LQ 6RXWK 6ODYLF 2VOR 6WXGLHV LQ /DQJXDJH ² ,661
?iiT,ffrrrXDQm`MHbXmBQXMQfQbH
NBOOFS PG NPUJPO FWBMVBUJWF BOE
QMVSBDUJPOBM NPSQIPMPHZ
% & + " / 4 5 0 4 * $
8QLYHUVLWp GH 7RXORXVH/H 0LUDLO &//((566
B C T U S BD U
6HYHUDO ZRUNV LQVSLUHG E\ 7DOP\·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´HYDOXDWLYHµ DQG ´SOXUDFWLRQDOµ PRUSKRO RJ\ WR H[SUHVV PDQQHU HJ 6HUELDQ OHWHWL ¶WR IO\· > OHWXFNDWL ¶WR IOXWWHU· =RTXH
ZLW ¶WR ZDON· > ZLWZLWQD\ ¶WR ZDON DLPOHVVO\· 7KLV UHVHDUFK PDLQO\ IRFXVHV RQ
GDWD IURP 6HUELDQ EXW DOVR RIIHUV D FRPSDUDWLYH SHUVSHFWLYH WR KLJKOLJKW WKH ZLGHVSUHDG XVH RI VXFK PRUSKRORJLFDO PHDQV LQ HQFRGLQJ PDQQHU ,W SD\V SDUWLFXODU DWWHQWLRQ WR WKH UROH RI PRUSKRORJ\ LQ WKH OLQJXLVWLF H[SUHVVLRQ RI PDQQHU LQ WKH VHPDQWLF GRPDLQ RI PRWLRQ
<> J O U S P E V D U J P O
0DQ\ WKHRUHWLFDO DQG H[SHULPHQWDO VWXGLHV KDYH EHHQ FDUULHG RXW LQ UHFHQW GHFD GHV RQ WKH H[SUHVVLRQ RI PRWLRQ HYHQWV DFURVV ODQJXDJHV 7KH PDLQ LPSXOVH WKDW PRWLYDWHG WKHVH VWXGLHV FDPH IURP WKH ZHOONQRZQ 7DOP\·V W\SRORJ\ FRQWUDVW LQJ ´6DWHOOLWH IUDPHGµ DQG ´9HUE IUDPHG ODQJXDJHVµ VHH 7DOP\
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
7KH DUWLFOH LV VWUXFWXUHG DV IROORZV 6HFWLRQ <>EULHIO\ UHFDOOV WKH PDLQ DV
VXPSWLRQV RI 7DOP\·V W\SRORJ\ 6HFWLRQ<> SUHVHQWV YDULRXV NLQGV RI HOHPHQWV
>@ EFKBO TUPTJD UDFWLRQDOLW\µ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
<> UB M N Z Ԙ T U Z Q P M P HZ B O PW F S W J F X
7DOP\·V W\SRORJ\ ZKLFK FRQWUDVWV 9HUE IUDPHG DQG 6DWHOOLWH IUDPHG ODQJXDJHV LV EDVHG RQ KRZ WZR FUXFLDO VHPDQWLF FRPSRQHQWV RI PRWLRQORFDWLRQ GHVFULS WLRQV³SDWK DQG PDQQHU³DUH HQFRGHG DFURVV ODQJXDJHV ,Q 9HUE IUDPHG ODQJXDJHV 9I/V HJ )UHQFK 7XUNLVK -DSDQHVH %DVTXH DQG +HEUHZ WKH ´SDWK RI PR WLRQµ LV FKDUDFWHULVWLFDOO\ HQFRGHG E\ WKH YHUE VR WKDW WKH PDQQHU JHQHUDOO\ DS SHDUV DV RSWLRQDO LQIRUPDWLRQ H[SUHVVHG E\ PDUJLQDO DGYHUELDO HOHPHQWV ,Q 6DWHO OLWH IUDPHG ODQJXDJHV 6I/V HJ (QJOLVK 6ODYLF 'XWFK )LQQLVK DQG +XQJDU LDQ WKH SDWK FRPSRQHQW LV SUHIHUDEO\ HQFRGHG E\ YDULRXV SDUWLFOHV RU ´VDWHOOLWHVµ DVVRFLDWHG ZLWK WKH YHUE VXFK DV SUHSRVLWLRQV SUHIL[HV SRVWSRVLWLRQV DQG VR RQ ZKLFK PDNHV LW SRVVLEOH WR H[SUHVV PDQQHU LQ WKH YHUE LWVHOI
-HDQ HVW HQWUp GDQV OD PDLVRQ HQ FRXUDQW )UHQFK 9I/ ¶-RKQ HQWHUHG WKH KRXVH UXQQLQJ·
-RKQ UDQ LQWR WKH KRXVH (QJOLVK 6I/
6FKRODUV LQVSLUHG E\ WKLV W\SRORJ\ KDYH SRLQWHG WR D ZLGH YDULHW\ RI RSWLRQV IRU HQFRGLQJ HDFK PDMRU VHPDQWLF FRPSRQHQW RI GLUHFWHG PRWLRQ HYHQWV ,I SDWK LV HQFRGHG LQ WKH YHUE DQG GHSHQGLQJ RQ PRUH JHQHUDO ODQJXDJHVSHFLILF OH[LFDO V\QWDFWLF DQG PRUSKRORJLFDO GHYLFHV PDQQHU PD\ EH H[SUHVVHG E\
$GYHUEV HJ (QJOLVK 33V HJ )UHQFK *HUXQGV HJ 6SDQLVK
6XERUGLQDWH FODXVHV HJ )UHQFK
,GHRSKRQHVHJ -DSDQHVH FI :LHQROG
9HUEV LI WKH ODQJXDJH KDV VHULDO YHUEV RU FRPSRXQG YHUEV HJ 7KDL DQG VR RQ
NBOOFS PG NPUJPO FWBMVBUJWF BOE QMVSBDUJPOBM NPSQIPMPHZ <> ,I PDQQHU LV HQFRGHG LQ WKH YHUE DQG GHSHQGLQJ RQ PRUH JHQHUDO ODQJXDJH
VSHFLILF OH[LFDO V\QWDFWLF DQG PRUSKRORJLFDO PDUNHUV SDWK FDQ EH H[SUHVVHG E\ $GSRVLWLRQV SUHSRVLWLRQV SRVWSRVLWLRQV SDUWLFOHV HWF HJ (QJOLVK $IIL[HV HJ 6ODYLF
$SSOLFDWLYHV HJ 7VZDQD 6HPDQWLF FDVHV HJ )LQQLVK 8QWLOPDUNHUV HJ -DSDQHVH
9HUEV LI WKH ODQJXDJH KDV VHULDO YHUEV RU FRPSRXQG YHUEV HJ 7KDL DQG VR RQ
7KLV GLYHUVLW\ RI GHYLFHV IRU HQFRGLQJ SDWK DQG PDQQHU DV ZHOO DV WKH IDFW WKDW PDQ\ ODQJXDJHV SUHVHQW PL[HG W\SRORJLFDO SURILOHV FDOO 7DOP\·V WZRZD\ W\SRO RJ\ LQWR TXHVWLRQ EXW , GR QRW DGGUHVV WKLV LVVXH KHUH VHH 7DOP\ 6ORELQ 6WU|PTYLVW 9HUKRHYHQW %HDYHUV HW DO )LOLSRYLF =ODWHY <DQJNODQJ 0RVW RI WKDW UHVHDUFK KDV IRFXVHG RQ OH[LFDO DQG V\QWDFWLF HOHPHQWV DQG KRZ WKH\ DUH FRPELQHG LQ D VLQJOH FODXVH ,QWHUHVWLQJO\ PRUSKRORJLFDO PHDQV DUH PHQWLRQHG ZKHQ WDONLQJ DERXW HQFRGLQJ WKH SDWK EXW KDUGO\ HYHU ZKHQ WDONLQJ DERXW H[SUHVVLQJ WKH PDQQHU RI PRWLRQ VHH KRZHYHU )ROH\ 9DOLQ &RPULH /HYLQ (EHUKDUG 5HJDUGOHVV RI WKH GHVFULSWLYH RU WKHRUHWLFDO EHQHILWV RI 7DOP\·V W\SRORJ\ LW GRHV QRW WDNH WKHVH NLQGV RI OLQJXLVWLF HOHPHQWV LQWR DFFRXQW ,Q PRUH JHQHUDO WHUPV QR VWXGLHV KDYH V\VWHPDWLFDOO\ LQYHVWLJDWHG WKH PRUSKRORJLFDO HQFRGLQJ RI HLWKHU PDQQHU RI PR WLRQ RU PDQQHU LQ JHQHUDO
, DUJXH WKDW PDQ\ DIIL[DWLRQDO DQG QRQDIIL[DWLRQDO SURFHVVHV RI ´HYDOXDWLYHµ DQG ´SOXUDFWLRQDOµ PRUSKRORJ\ PXVW EH WDNHQ LQWR DFFRXQW ZKHQ VWXG\LQJ FURVV OLQJXLVWLF GLYHUVLW\ LQ WKH H[SUHVVLRQ RI PDQQHU DV VKRZQ LQ
WUŁDWL ¶WR UXQ· WUŁNDUDWL ¶WR UXQ DURXQG WR UXQ VORZO\· VNDNDWL ¶WR MXPS· VNDNXWDWL ¶WR KRS DURXQG·
VNLWDWL ¶WR ZDQGHU· SURVNLWDWL ¶WR ZDQGHU DURXQG D ELW· 6HUELDQ
PDUFKHU ¶WR ZDON· PDUFKRWWHU¶WR ZDON ZLWK GLIILFXOW\ WR ZDON
WDNLQJ VPDOO VWHSV WR ZDON XQVWHDGLO\·
VDXWHU ¶WR MXPS· VDXWLOOHU ¶WR KRS DURXQG· )UHQFK
ZLW ¶WR ZDON· ZLWZLWQD\ ¶WR ZDON DLPOHVVO\· UHGXSOLFDWLRQ =RTXH
>@ EFKBO TUPTJD $V VHHQ LQ WKHVH H[DPSOHV WUŁNDUDWL UHIHUV WR D YHU\ VSHFLILF ZD\ RI UXQQLQJ PDU
FKRWWHU D YHU\ VSHFLILF ZD\ RI ZDONLQJ DQG VR RQ 7KHVH NLQGV RI PHDQV FDQ SOD\ D
YHU\ LPSRUWDQW UROH LQ H[SUHVVLQJ PDQQHU RI PRWLRQ SDUWLFXODUO\ LQ ODQJXDJHV ZLWK ULFK HYDOXDWLYH PRUSKRORJ\ 0RUHRYHU LI ´WKH ZLGH YDULDWLRQ LQ PRWLRQ HYHQW HQFRGLQJ IDOOV RXW IURP JHQHUDO FRQVWUDLQWV RQ KRZ PDQQHU DQG SDWK PD\ EH HQFRGHG LQ ODQJXDJHµ %HDYHUV HW DO LQ VRPH ODQJXDJHV PRUSKRORJ\ PD\ FRQVLGHUDEO\ FRQWULEXWH WR WKH H[SUHVVLRQ RI PDQQHU LQ DOO VHPDQWLF GRPDLQV
<> N B O O F S C F Z P O E M F Y J D P O B O E T Z O UB Y T U P T J D
6WRVLF VKRZHG WKDW WKH VWXG\ RI PDQQHU PXVW EH EDVHG RQ D PXOWLOHYHO DS SURDFK EHFDXVH LW FDQ EH H[SUHVVHG E\ DW OHDVW ILYH PHDQV V\QWDFWLF OH[LFDO PRU SKRORJLFDO JUDPPDWLFDO DQG VXSUDVHJPHQWDO $FFRUGLQJO\ WKH WHUP ´V\QWDFWLF PDQQHUµ LV XVHG IRU H[SUHVVLRQ DW WKH V\QWDFWLF OHYHO ´OH[LFDO PDQQHUµ IRU H[ SUHVVLRQ DW WKH OH[LFDO OHYHO DQG VR RQ 7KH IROORZLQJ VXEVHFWLRQV EULHIO\ SUHVHQW DOO ILYH W\SHV RI HQFRGLQJ PDQQHU
<> 6\QWDFWLF 0DQQHU
/DQJXDJHV XVH PDQ\ NLQGV RI V\QWDFWLF XQLWV DQG FRQVWUXFWLRQV WR H[SUHVV PDQ QHU ,Q PRVW ODQJXDJHV GLIIHUHQW W\SHV RI V\QWDFWLF FRQVWLWXHQWV ´PDQQHU DG MXQFWVµ RU ´PDQQHU DGYHUELDOVµ DUH FRPELQHG ZLWK YHUEV DGMHFWLYHV RU RWKHU DGYHUEV WR LQGLFDWH D VSHFLILF ZD\ WKDW D SURFHVV VWDWH RU TXDOLW\ LV UHDOL]HG IRU H[DPSOH LQ 6HUELDQ
+RGDR MH YHRPD EU]R $GYHUEV
¶+H ZDV ZDONLQJ YHU\ TXLFNO\· %LOD MH QHNDNR ŁXGQR PLUQD
¶6KH ZDV VRPHKRZ VWUDQJHO\ TXLHW·
7UŁDR MH V QHYHURYDWQRP ODNRĿRP 3UHSRVLWLRQDO SKUDVHV ¶+H ZDV UXQQLQJ ZLWK XQEHOLHYDEOH HDVH·
3WLFH VX OHWHOH NDR VOHSL PLɐHYL 6XERUGLQDWH FODXVHV ¶7KH ELUGV ZHUH IO\LQJ OLNH EDWV·
6YH YUHPH MH JRYRULR ]DPXFNXMXĿL *HUXQGV SUHVHQW SDUWLFLSOHV ¶+H WDONHG VWXWWHULQJ DOO WKH WLPH·
2GJRYRULR MH SRJQXWH JODYH *HQLWLYH FRQVWUXFWLRQV
¶+H DQVZHUHG ZLWK KLV KHDG ERZHG GRZQ·
NBOOFS PG NPUJPO FWBMVBUJWF BOE QMVSBDUJPOBM NPSQIPMPHZ <> <> /H[LFDO 0DQQHU
,Q DGGLWLRQ WR V\QWDFWLF PHDQV RI H[SUHVVLQJ PDQQHU DOO ODQJXDJHV KDYH D YHU\ ODUJH OH[LFRQ RI YHUEV VLPSOH DGYHUEV QRXQV LGHRSKRQHV DQG VR RQ ZKRVH PHDQ LQJ LQYROYHV D PDQQHU FRPSRQHQW
WR IO\ WR ZDON WR UXQ WR VQHDN WR KRS WR MXPS WR OLPS HWF (QJOLVK YHUEV
IDVW KDUG ZHOO HWF DGYHUEV
PDQQHU ZD\ PHWKRG VW\OH DSSURDFK HWF QRXQV
/H[LFDOL]DWLRQ RI PDQQHU KDV EHHQ VWXGLHG IURP PDQ\ GLIIHUHQW DSSURDFKHV LQ OH[ LFDO VHPDQWLFV SDUWLFXODUO\ LQ WKH YHUEDO GRPDLQ
)LUVW WKHUH LV YHU\ H[WHQVLYH UHVHDUFK RQ ´/H[LFDO &RQFHSWXDO 6WUXFWXUHµ DQG VLPLODU QRWLRQV VHH /HYLQ +RYDY /HYLQ /HYLQ +RYDY +R YDY /HYLQ -DFNHQGRII +DOH .H\VHU WKDW DOO LQYROYH VRPH W\SH RI SUHGLFDWH GHFRPSRVLWLRQ DQG DUH GHVLJQHG WR FDSWXUH IDFHWV RI PHDQ LQJ WKDW GHWHUPLQH WKH JUDPPDWLFDO EHKDYLRU RI WKH YHUE ,Q WKHVH OH[LFDO GHFRP SRVLWLRQ DSSURDFKHV PDQQHU LV RQH RI EDVLF VHPDQWLF FRPSRQHQWV WKDW VWUXFWXUHV ERWK OLQJXLVWLF NQRZOHGJH DQG FRJQLWLRQ IRU DQ RYHUYLHZ VHH /HYLQ +RYDY
6HFRQG VHYHUDO OLQJXLVWLF DQG SV\FKROLQJXLVWLF VWXGLHV EDVHG RQ 7DOP\·V W\SRO RJ\ VHH 7DOP\ %HUPDQ 6ORELQ 6ORELQ %RZHU PDQ +LFNPDQQ 5REHUW 6WU|PTYLVW 9HUKRHYHQW %HDYHUV HW DO )LOLSRYLF =ODWHY <DQJNODQJ KDYH OHG VFKRODUV WR PDNH DQG FRPSDUH LQYHQWRULHV RI PDQQHU RI PRWLRQ YHUEV LQ PDQ\ ODQJXDJHV 7KLV KDV VKRZQ WKDW 6I/V 6HUELDQ (QJOLVK *HUPDQ JHQHUDOO\ KDYH D YHU\ ODUJH YRFDEXODU\ RI PDQQHU RI PRWLRQ YHUEV *LYHQ WKH DYDLODELOLW\ RI WKH YHUE IRU HQFRGLQJ PDQ QHU SDWK EHLQJ H[SUHVVHG E\ VDWHOOLWHV PDQQHU LV OLQJXLVWLFDOO\ DQG FRJQLWLYHO\ PXFK PRUH VDOLHQW LQ 6I/V WKDQ LQ 9I/V VHH 6ORELQ
)LQDOO\ 0LOOHU DQG )HOOEDXP ZKR GHYHORSHG WKH :RUG1HW OH[LFDO GDWDEDVH )HOO EDXP SURSRVHG D WKLUG DSSURDFK WR WKH OH[LFDOL]DWLRQ RI PDQQHU LQ YHUEV )HOOEDXP 0LOOHU 0LOOHU )HOOEDXP )HOOEDXP 7KH REMHF WLYH LV WR HVWDEOLVK OH[LFDO UHODWLRQV WKDW VWUXFWXUH WKH OH[LFRQ E\ FDUYLQJ LW XS LQWR VHPDQWLFDOO\ FRKHUHQW VXEZKROHV (QJOLVK YHUEV DUH PDLQO\ RUJDQL]HG LQ WHUPV RI WURSRQ\P\ ZKLFK LV D KLHUDUFKLFDO ´PDQQHUµ UHODWLRQ ´PRVW OH[LFDOL]HG YHUE FRQFHSWV UHIHU WR DQ DFWLRQ RU HYHQW WKDW FRQVWLWXWHV D PDQQHU HODERUDWLRQ RI DQ RWKHU DFWLYLW\ RU HYHQWµ 0LOOHU )HOOEDXP 7KXV WURSRQ\P\ OLQNV YHUEV OLNH WR ZDON WR UXQ WR MXPS WR IO\ WR WKH EDVLF PRWLRQ YHUE WR PRYH $FFRUGLQJ WR)HOOEDXP ´WKH VXERUGLQDWH FRQFHSW FRQWDLQV WKH VXSHURUGLQDWH EXW DGGV VRPH DGGLWLRQDO VHPDQWLF VSHFLILFDWLRQ RI LWV RZQµ
WR PRYH ← 7→ WR ZDON ← 7→ WR VWXPEOH (QJOLVK
>@ EFKBO TUPTJD WXUQ·
WR VWXPEOH ¶ZDON XQVWHDGLO\· :RUG5HIHUHQFH
7KH RULJLQDOLW\ RI WKLV DSSURDFK LV WKDW LW LV QRW OLPLWHG WR WKH PRWLRQ GRPDLQ DQG LW VKRZV WKH ZLGHVSUHDG OH[LFDOL]DWLRQ RI PDQQHU LQ DOO VHPDQWLF GRPDLQV
7KHVH YDULRXV VWXGLHV LQ OH[LFDO VHPDQWLFV KDYH VKRZQ WKH LPSRUWDQFH RI OH[ LFDO HQFRGLQJ RI PDQQHU DFURVV ODQJXDJHV
<> 0RUSKRORJLFDO 0DQQHU 00
,Q PDQ\ ODQJXDJHV GLIIHUHQW PRUSKRORJLFDO SURFHVVHV IRUP PDQQHU DGYHUEV DV VKRZQ LQ²
EULHIO\ ZURQJO\ VORZO\ IURJZLVH SUD\HUZLVH HWF (QJOLVK
WLPHWLPH ¶VHFUHWO\ LQ KLGLQJ· MHP·MHP ¶UHJXODUO\ UHSHDWHGO\ RIWHQ· JX UXQJJDUDQJ ¶DLPOHVVO\ RI URDPLQJ DERXW· %XUOLQJ ² *DUR 5HJDUGLQJ WKH YHUEDO GRPDLQ DOWKRXJK PRUSKRORJLFDO PHDQV RI H[SUHVVLQJ PDQ QHU DUH UDUHO\ GLVFXVVHG LQ WKH OLWHUDWXUH WKHUH DUH D IHZ PHQWLRQV RI VXFK PHDQV 7KXV)ROH\ 9DOLQ ² UHSRUW VRPH GDWD IURP /DNKRWDZLWK PDQ\ SUH IL[HV HJ \D QD WKDW GHVFULEH WKH ZD\ VRPH DFWLRQV KDSSHQ FRPELQHG ZLWK YHUE VWHPV WKHVH SUHIL[HV IRUP YHUEV H[SUHVVLQJ PDQQHU
\D ¶ZLWK WKH PRXWK·
QD ¶ZLWK WKH IRRW RU OHJ·
ND ¶E\ D VXGGHQ LPSDFW· HWF /DNKRWD
\DEOHŁKD ¶EUHDN RU FXW ZLWK WKH WHHWK·
QDEOHŁKD ¶EUHDN E\ NLFNLQJ RU VWHSSLQJ RQ· HWF /DNKRWD
FI DOVR/HYLQ
)XUWKHU&RPULH H[SOLFLWO\ FODLPV WKDW ´GHULYDWLYH YHUEV H[LVW LQ PDQ\ ODQJXDJHV WR LQGLFDWH WKH PDQQHU LQ ZKLFK DQ HYHQW RFFXUVµ +H JLYHV VRPH H[ DPSOHV IURP =XOX LQ ZKLFK PDQQHU YHUEV IRUPHG ZLWK WKH VXIIL[ LVLVD LQGLFDWH ´WKDW DQ DFWLRQ LV FDUULHG RXW ZLWK IRUFH ZLWK JUHDWHU WKDQ H[SHFWHG LQWHQVLW\µ EX]D ¶WR DVN· > EX]LVLVD ¶WR DVN LQVLVWHQWO\·
WKDQGD ¶WR ORYH· > WKDQGLVLVD ¶WR ORYH H[FHHGLQJO\· =XOX
>@ *DUR LV VSRNHQ LQ %DQJODGHVK
>@ /DNKRWD LV VSRNHQ LQ 1RUWK 'DNRWD 6RXWK 'DNRWD 1RUWK 1HEUDVND 6RXWK 0LQQHVRWD 1RUWKHDVW 0RQWDQD DQG LQ &DQDGD
NBOOFS PG NPUJPO FWBMVBUJWF BOE QMVSBDUJPOBM NPSQIPMPHZ <>
&RPULH DOVR PHQWLRQV WKDW VXFK PDQQHU GHULYDWLYHV PD\ LQGLFDWH DWWHQX DWLYH PHDQLQJ ,Q 5XVVLDQ IRU H[DPSOH WKLV PHDQLQJ DULVHV ZLWK WKH SUHIL[ SUL DQG LQ =XOX WKURXJK UHGXSOLFDWLRQ DV VKRZQ LQ
QDʿDW· ¶WR SUHVV· > SULQDʿDW· ¶WR SUHVV OLJKWO\· 5XVVLDQ
QGL]D ¶WR IO\· > QGL]DQGL]D ¶WR IO\ D OLWWOH· =XOX
)XUWKHUPRUH &RPULH LQFOXGHV LQ PDQQHU GHULYDWLYHV PDQ\ DVSHFWXDOV H[SUHVVLQJ DFWLRQV WKDW RFFXU YHU\ TXLFNO\ IRU D VKRUW WLPH RU IRU D ORQJ WLPH ZKLFK DUH UHSHDWHG DW LQWHUYDOV RU LWHUDWHG DQG VR RQ 6XFK PHDQLQJV FDQ EH H[SUHVVHG E\ HLWKHU DIIL[DWLRQ RU UHGXSOLFDWLRQ DV LQ WKH IROORZLQJ 5XVVLDQ H[DPSOHV
VWRMDW′¶WR VWDQG· > SRVWRMDW′¶WR VWDQG IRU D VKRUW WLPH·
NDɐOMDW′ ¶WR FRXJK· > NDɐOMDQXW′ ¶WR JLYH D FRXJK· D PRPHQWDU\ HYHQW
5XVVLDQ
)LQDOO\ $PLRW 6WRVLF DQG 6WRVLF $PLRW VKRZHG WKDW )UHQFK YHUEDO GHULYDWLYHV VXFK DV VDXWLOOHU ¶WR KRS DURXQG· < VDXWHU ¶WR MXPS· ERLWLOOHU ¶WR OLPS VOLJKWO\· < ERLWHU ¶WR OLPS· YROHWHU ¶WR IOXWWHU· < YROHU ¶WR IO\· DQG PDUFKRWWHU ¶WR ZDON ZLWK GLIILFXOW\ WDNLQJ VPDOO VWHSV XQVWHDGLO\· < PDUFKHU ¶WR ZDON· DOO H[SUHVV D VSHFLILF ZD\ RI SHUIRUPLQJ WKH DFWLRQ LQGLFDWHG E\ WKH YHUE VWHP $OO RI WKHP DUH IRUPHG E\ D SDUWLFXODU NLQG RI VXIIL[DWLRQ EHORQJLQJ WR ´HYDOXDWLYH PRUSKRORJ\µ VHH 6HFWLRQ<>EHORZ
(YHQ WKRXJK WKHVH W\SHV RI PDQQHU H[SUHVVLRQV DUH VFDUFHO\ HYHU PHQWLRQHG LQ WKH OLWHUDWXUH RQ PRWLRQ WKH PHDQLQJV WKDW WKH\ FRQVWUXFW DUH UHJXODUO\ WDNHQ LQWR DFFRXQW ZKHQ ODQJXDJHV FRGH WKHP DW WKH OH[LFDO RU V\QWDFWLF OHYHO ,Q WKH IROORZLQJ H[DPSOHV WKHUH LV QR SODXVLEOH UHDVRQ WR FRQVLGHU RQO\ WKH H[SUHVVLRQV WKDW RFFXU LQ D DV HQFRGLQJ PDQQHU EXW QRW WKRVH LQ E ZKLFK DOO FRQYH\ D VSHFLILF PDQQHU RI PRWLRQ
D (QJOLVK WR KRS DURXQG
E 6HUELDQ VNDNXWDWL )UHQFK VDXWLOOHU ,WDOLDQ EDO]HOODUH ¶WR KRS DURXQG· D (QJOLVK WR IOXWWHU DERXW
E 6HUELDQ OHWXFNDWL )UHQFK YROHWHU ,WDOLDQ YRODFFKLDUH ¶WR IOXWWHU DERXW· D (QJOLVK WR WUXGJH DORQJ -DSDQHVH WRERWRER DUXNX )UHQFK PDUFKHU SpQLEOH
PHQWG·XQ SDV ORXUG
E +HEUHZ GLɐGHɐ 6HUELDQ KRGXFNDWL ¶WR WUXGJH DORQJ·
>@ EFKBO TUPTJD SRQHQW· LQ VXFK GHULYDWLYHV WKH )UHQFK YHUE PDUFKRWWHU < PDUFKHU ¶WR ZDON· LV GHILQHG DV ¶WR ZDON ZLWK GLIILFXOW\ WR ZDON WDNLQJ VPDOO VWHSV WR ZDON XQVWHDGLO\· 7/)L 7KXV LQ WKH YHUEDO GRPDLQ D QXPEHU RI PDQQHU FRQFHSWV DUH ZLGHO\ H[ SUHVVHG E\ GLIIHUHQW PRUSKRORJLFDO PHDQV
<> *UDPPDWLFDO 0DQQHU
/DQJXDJHV JHQHUDOO\ SRVVHVV D VPDOO VHW RI JUDPPDWLFDO LWHPV UHIHUULQJ WR D IHZ EDVLF FRQFHSWXDO FDWHJRULHV VXFK DV QFSTPO PCKFDU BDUJWJUZ TQBDF UJNF RVBMJUZ DQG NBOOFS 0DQQHU LV RQH RI WKH IHZ EDVLF GRPDLQV RI FRQFHSWXDOL]DWLRQ WKDW DUH FUXFLDO IRU VWUXFWXULQJ H[SHULHQFH FI -DFNHQGRII +HLQH HW DO +DVSHOPDWK ,Q WKH PDMRULW\ RI ODQJXDJHV LW PD\ DOVR EH H[SUHVVHG E\ LQ WHUURJDWLYH DQG LQGHILQLWH DGYHUEV RU SURQRXQV 9HU\ RIWHQ WKHVH H[SUHVVLRQV DUH PRQRPRUSKHPLF EXW QRW DOZD\V
KRZ" DQ\ZD\ DQ\KRZ VRPHZD\ VRPHKRZ QR ZD\ (QJOLVK
NDNR" ¶KRZ"· QHNDNR ¶VRPHKRZ· QLNDNR ¶LQ QR ZD\· LNDNR ¶LQ DQ\ ZD\· RQ DNR ¶LQ WKDW ZD\· RYDNR ¶LQ WKLV ZD\· VYDNDNR ¶DQ\KRZ· WDNR ¶WKLV ZD\·
6HUELDQ
<> 6XSUDVHJPHQWDO 0DQQHU
7KH XVH RI SLWFK DQG SURVRGLF SKHQRPHQD WR HQFRGH PDQQHU LV YHU\ IUHTXHQW LQ VRPH ODQJXDJHV LQ ZKLFK WKH NLQG DQG SRVLWLRQ RI WKH SLWFK GLVWLQJXLVK PHDQLQJ ,Q VXFK ODQJXDJHV PDQQHU DGYHUELDOV FDQ EH PDUNHG E\ D FKDQJH LQ TXDOLW\ RU TXDQWLW\ )RU H[DPSOH LQ 6HUELDQ ZKLFK KDV IRXU ´SLWFK DFFHQWVµ LQYROYLQJ ULV LQJ RU IDOOLQJ SLWFK RQ ORQJ RU VKRUW YRZHOV LQ VRPH FDVHV WZR GLIIHUHQW DFFHQWV GLVWLQJXLVK DGMHFWLYHV IURP FRJQDWH PDQQHU DGYHUEV DV LQ²
0ǠOȆ VH SRPHULOR ORQJ IDOOLQJ WRQH DGMHFWLYH 1HɐWR PǠOȆ VH SRPHULOR ¶6RPHWKLQJ OLWWOH PRYHG·
0ǞOR VH SRPHULOR VKRUW IDOOLQJ WRQH DGYHUE 1HɐWR VH PǞOR SRPHULOR ¶6RPHWKLQJ PRYHG D OLWWOH·
7KLV RSSRVLWLRQ LV QRW D V\VWHPDWLF RQH LQ 6HUELDQ
$FFRUGLQJ WR3DWUL LQ 'L\DUL VSRNHQ LQ $XVWUDOLD LQVHUWLQJ D SURVRGLF EUHDN DIWHU DQ DGMHFWLYH LQWHJUDWHG LQ WKH VXEMHFW 13 WXUQV LW LQWR D PDQQHU DG YHUE
QDZXMD
3USVJǪDQWL1PHDWWXǪND$GMURWWHQSDQLML9VPHOOSVJSUHV ¶WKLV URWWHQ PHDW VPHOOV·
QDZXMD
NBOOFS PG NPUJPO FWBMVBUJWF BOE QMVSBDUJPOBM NPSQIPMPHZ <> ¶WKLV PHDW VPHOOV URWWHQ·
,Q ERWK 6HUELDQ DQG 'L\DUL HODERUDWLRQ RI WKH PDQQHU FRPSRQHQW LQ GLVFRXUVH LV REWDLQHG E\ XVLQJ SURVRGLF HOHPHQWV LQ VSHHFK
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¶WR FU\· ,Q RUGHU WR H[SUHVV WKH VDPH GLVWLQFWLRQV -DSDQHVH PXVW FRPELQH DW WKH V\QWDFWLF OHYHO LWV RQO\ QHXWUDO YHUE IRU FU\LQJ ZLWK LGHRSKRQHV REWDLQHG E\ SDUWLDO RU FRPSOHWH UHGXSOLFDWLRQ VHH :LHQROG ²
GJHVSF )URP :LHQROG
(QJOLVK LV QRW ZLWKRXW HYDOXDWLYH VXIIL[DWLRQ RU UHGXSOLFDWLRQ HJ WR ]LJ]DJ EXW LW RQO\ LQIUHTXHQWO\ XVHV WKHVH WR H[SUHVV PDQQHU RI PRWLRQ
5HJDUGLQJ WKH H[SUHVVLRQ RI PDQQHU DW WKH PRUSKRORJLFDO OHYHO PDQ\ ZRUNV PHQWLRQ WKLV SRVVLELOLW\ EXW QR V\VWHPDWLF VWXG\ KDV EHHQ FRQGXFWHG RQ WKLV WRSLF VHH KRZHYHU 6WRVLF $PLRW
<> G S P N F WB M V BU J W F N P S Q I P M P HZ B O E Q M V S BD U J P O B M J U Z U P N B O O F S
>@ EFKBO TUPTJD <> (YDOXDWLYH PRUSKRORJ\
(YDOXDWLYH PRUSKRORJ\ LV D VXEILHOG RI GHULYDWLRQDO PRUSKRORJ\ WKDW IRUPV OH[ HPHV H[SUHVVLQJ VRPH GHYLDWLRQ IURP WKH ´QRUPµ RU ´VWDQGDUGµ IL[HG E\ WKH EDVH 0RUH SUHFLVHO\ OH[LFDO LWHPV DQG FRQVWUXFWLRQV DUH WUDGLWLRQDOO\ FRQVLGHUHG WR EH HYDOXDWLYH LI WKH\ FDUU\ YDOXHV VXFK DV CJH TNBMM HPPE DQG CBE WKDW LV GLPLQX WLRQ DXJPHQWDWLRQ HQGHDUPHQW FRQWHPSW DQG VR RQ ERRNOHW DXQW\ GRJJ\ VZHHWLH
ZHDNOLQJ VHH 6FDOLVH 6WXPS 'UHVVOHU 0HUOLQL%DUEDUHVL 0HO′ŁXN *UDQGL )UDGLQ *UDQGL 0RQWHUPLQL )UDGLQ 0RQWHUPLQL *UDQGLGHILQHV HYDOXDWLRQ LQ WKH IROORZLQJ ZD\
,Q VKRUW D FRQVWUXFWLRQ FDQ EH GHILQHG DV HYDOXDWLYH LI LW VDWLVILHV WZR FRQGLWLRQV RQH UHODWLQJ WR VHPDQWLFV DQG WKH RWKHU WR WKH IRU PDO OHYHO 7KH ILUVW FRQGLWLRQ LQGLFDWHV WKDW D OLQJXLVWLF FRQVWUXFWLRQ FDQ EH GHILQHG DV HYDOXDWLYH LI LW KDV WKH IXQFWLRQ RI DVVLJQLQJ D YDOXH ZKLFK LV GLIIHUHQW IURP WKDW RI WKH ´VWDQGDUGµ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
&RPPRQO\ FDOOHG GLPLQXWLYHV WKHVH H[SUHVVLRQV DUH RIWHQ FRQVLGHUHG DV EH ORQJLQJ WR H[SUHVVLYH ODQJXDJH EHFDXVH WKHLU XVH LV DOZD\V EDVHG RQ WKH VSHDNHU·V TXDOLWDWLYH RU TXDQWLWDWLYH DSSUHFLDWLRQ RI ZKDW KH LV WDONLQJ DERXW $V VXFK HYDO XDWLYH PRUSKRORJ\ RU VXEMHFWLYH PRUSKRORJ\ LV XVXDOO\ RSSRVHG WR FRQFHSWXDO PRUSKRORJ\ ZKLFK LV PXFK PRUH REMHFWLYHUHDOLVWLF HJ UXQ > UXQQHU IRUP >
IRUPDWLRQ EDG > EDGO\ HWF $FURVV ODQJXDJHV VHYHUDO PRUSKRORJLFDO SURFHVVHV
DUH XVHG LQ IRUPLQJ HYDOXDWLYHV DIIL[DWLRQ UHGXSOLFDWLRQ DSRSKRQ\ DQG VR RQ DV REVHUYDEOH LQ
SHYDWL ¶WR VLQJ· SHYXɐLWL ¶WR KXP· 6HUELDQ DIIL[DWLRQ
QDP ¶WR VOHHS· QLPQHP ¶WR GRVH WR WDNH D QDS· +HEUHZ UHGXSOLFDWLRQ ORTX ¶WR SOD\VLQJ· ORHTX ¶WR SOD\VLQJ UHSHDWHGO\· &KHFKHQ DSRSKRQ\
1RWH WKDW VRPH OHVV LQIOHFWLQJ DQGRU PRUH DQDO\WLF ODQJXDJHV FRQVWUXFW HYDOX DWLYH PHDQLQJV DW WKH V\QWDFWLF OHYHO
D OLWWOH ER\ (QJOLVK
NBOOFS PG NPUJPO FWBMVBUJWF BOE QMVSBDUJPOBM NPSQIPMPHZ <>
¶*LYH PH \RXU OLWWOH KDQG· )UHQFK
RLRL QDNX -DSDQHVH
¶WR EOXEEHU·
(YDOXDWLYH PRUSKRORJ\ UXOHV DUH FKDUDFWHUL]HG E\ VHYHUDO SURSHUWLHV ZKLFK KDYH EHHQ WKH WRSLF RI PDQ\ GLVFXVVLRQV LQ WKH OLWHUDWXUH VHH 6FDOLVH II 6WXPS 'UHVVOHU 0HUOLQL%DUEDUHVL %DXHU *UDQGL )UDGLQ 0RQWHUPLQL 7KH PRVW LPSRUWDQW RI WKHVH UXOHV DUH
D 7KH\ H[SUHVV VRPH GHYLDWLRQ IURP WKH ´QRUPµ RU ´VWDQGDUGµ IL[HG E\ WKH VHPDQWLFV RI WKH EDVH
SHYDWL ¶WR VLQJ· YV SHYXɐLWL ¶WR KXP WR VLQJ VRWWR YRFH· 6HUELDQ
,Q VRPH FDVHV WKLV GHYLDWLRQ FDQ EH SXUHO\ SUDJPDWLF EHFDXVH QRWKLQJ UHDOO\ FKDQ JHV LQ WKH HYHQW SURFHVVLQJ DW WKH UHIHUHQWLDO OHYHO HJ ZKHQ WDONLQJ DERXW LQ IDQWV RU LQ WKH SUHVHQFH RI EDELHV DQG FKLOGUHQ 7KLV LV ZKDW %DXHU FDOOV ´VWURQJ ¶H[SUHVVLYH· SUDJPDWLF HIIHFWµ DQG ZKDW OHDGV6DYLFNLHQH HW DO WR DUJXH WKDW GLPLQXWLYHV KDYH WZR EDVLF PHDQLQJV WKH VHPDQWLF PHDQLQJ RI VPDOOQHVV DQG D SUDJPDWLF PHDQLQJ LQGLFDWLQJ HQGHDUPHQW V\PSDWK\ HPSDWK\ SOHDVXUH DQG LURQ\
E 7KH\ DOORZ FRQVHFXWLYH DSSOLFDWLRQ
LQMD ¶GRJ· LQMDQD ¶OLWWOH GRJ· LQMDQ\DQD ¶YHU\ OLWWOH GRJ· =XOX
6WXPS
VRED ¶URRP· VRELFD ¶OLWWOHVPDOO URRP· VRELŁDN ¶YHU\ VPDOO URRP· 6HUELDQ
F 7KH\ GR QRW FKDQJH WKH V\QWDFWLF FDWHJRU\ RI WKH EDVH KRPRFDWHJRULDOLW\ 9 > 9 UDGLWL > UDGXFNDWL ¶WR ZRUN KDOIKHDUWHGO\· 6HUELDQ G 7KH\ IRUP SDUDGLJPV VR WKDW LQ PDQ\ FDVHV WKH\ DUH VXEVWLWXWDEOH
SHYDWL ¶WR VLQJ· > SHYXɐLWL SHYXFNDWL SHYNDWL SHYXɐNDWL 6HUELDQ H 7KH VDPH HYDOXDWLYH PRUSKHPH FDQ WDNH DV LQSXW PRUH WKDQ RQH FDWHJRU\ RI WKH EDVH
HW 1 > 1 VDF ¶EDJ· > VDFKHW ¶OLWWOH EDJ·
$GM > $GM JHQWLO ¶NLQG· > JHQWLOOHW ¶VZHHWLH SOHDVDQW HQRXJK·
>@ EFKBO TUPTJD PDLQ UHDVRQ IRU WKLV ODFN LV WKH UHODWLYHO\ VPDOO FURVVOLQJXLVWLF GLIIXVLRQ RI YHU EDO HYDOXDWLYHV FRPSDUHG WR QRPLQDO RQHV ,W LV QRW H[FOXGHG KRZHYHU WKDW ERWK IRUPDO DQG VHPDQWLF FRPSOH[LWLHV RI YHUEDO HYDOXDWLYHV DFW DV D GHWHUUHQW
$OWKRXJK WKH WHUP ´HYDOXDWLRQµ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
<> 3OXUDFWLRQDOLW\
0DQ\ ZRUNV GHDO ZLWK WKH VDPH W\SH RI SKHQRPHQD ZLWKRXW XVLQJ WKH LGHD RI HYDOXDWLRQ 7KLV UHVHDUFK ZKLFK H[SORUHV WKH QRWLRQ RI SOXUDFWLRQDOLW\ GUDZV D YHU\ LQWHUHVWLQJ SDUDOOHO EHWZHHQ QRPLQDO DQG YHUEDO SOXUDOLW\ E\ PDNLQJ WKH K\SRWKHVLV WKDW FHUWDLQ YHUEV DUH FDSDEOH RI GHQRWLQJ VHWV RI HYHQWV LQ WKH VDPH ZD\ WKDW VRPH QRXQV GHVLJQDWH VHWV RI REMHFWV FI 1HZPDQ /DFD &DEUHGR /DFD 7KH WHUP ´SOXUDFWLRQDOLW\µ WKXV LQGLFDWHV WKDW ´WKH HYHQW GHQRWHG E\ WKH YHUE LV LQ VRPH VHQVH SOXUDOL]HG UHSHDWHG LQ WLPH GLV WULEXWHG LQ YDULRXV ORFDWLRQV KROGV RI PDQ\ SDUWLFLSDQWV HWFµ *UHHQEHUJ 3OXUDFWLRQDOLW\ KDV EHHQ ZLGHO\ VWXGLHG LQ PRUSKRORJ\ VHPDQWLFV DQG W\ SRORJ\ DV ZHOO DV LQ YDULRXV ZRUNV GHVFULELQJ LQGLYLGXDO ODQJXDJHV VHH 1HZPDQ &XVLF <X YDQ *HHQKRYHQ /DFD :RRG *UHHQEHUJ 7RYHQD .LKP )URP D VHPDQWLF SRLQW RI YLHZ &XVLF·V GLVVHUWDWLRQ &XVLF SURYLGHV RQH RI WKH PRVW V\VWHPDWLF H[SODQDWLRQV RI WKH ZLGH UDQJH RI UHDGLQJV DVVRFLDWHG ZLWK SOXUDFWLRQDO PDUNHUV , WKHUHIRUH IROORZ WKDW DQDO\VLV LQ WKLV DUWLFOH
)LUVW RI DOO LW LV LPSRUWDQW WR GLVWLQJXLVK EHWZHHQ HYHQWLQWHUQDO SOXUDFWLRQDOLW\ DQG HYHQWH[WHUQDO SOXUDFWLRQDOLW\ 7KH IRUPHU LV REVHUYHG ´ZKHQ D VLQJOH HYHQW RQ D VLQJOH RFFDVLRQ FRQVLVWV RI LQWHUQDO SKDVHVµ HJ WR QLEEOH DQG WKH ODWWHU ´ZKHQ D VLQJOH ERXQGHG HYHQW LQWHUQDOO\ SOXUDO RU QRW LV UHSHDWHG RQ D VLQJOH RFFDVLRQµ RU ´ZKHQ D VLQJOH ERXQGHG HYHQW LV UHSHDWHG RQ GLIIHUHQW RFFDVLRQVµ HJ WR QLEEOH
DJDLQ WR FDOO DJDLQ DQG DJDLQ &XVLF 7KH IROORZLQJ GLVFXVVLRQ RQO\ FRQ FHUQV HYHQWLQWHUQDO SOXUDFWLRQDOLW\ ZKLFK FDQ OHDG WR D ODUJH YDULHW\ RI VHPDQWLF
NBOOFS PG NPUJPO FWBMVBUJWF BOE QMVSBDUJPOBM NPSQIPMPHZ <> HIIHFWV DFFRUGLQJ WR &XVLF 6RPH RI WKHP VXFK DV GLPLQXWLYH DQG DXJPHQWDWLYH
UHDGLQJV DUH VKDUHG DPRQJ PDQ\ ZRUNV GHDOLQJ ZLWK HYDOXDWLYH PRUSKRORJ\ DQG RWKHUV DUH VSHFLILF WR WKH GRPDLQ RI SOXUDFWLRQDOLW\ VXFK DV ´WHQWDWLYHµ ´LQFDV VDWLYHµ DQG ´FRQDWLYHµ UHDGLQJV $ EULHI GHILQLWLRQ RI WKHVH YDOXHV ZLOO SURYLGH D EHWWHU XQGHUVWDQGLQJ RI KRZ WKH\ FDQ EH VXEVXPHG LQWR D PRUH JHQHUDO FRQFHSW RI PDQQHU
'LPLQXWLYH UHDGLQJ LV REVHUYHG ZKHQ WKH HYHQW LV UHGXFHG LQ VRPH RI LWV GL PHQVLRQV 'LPLQXWLRQ FDQ DSSO\ WR WKH HQWLUH HYHQW VRPH RI LWV VXESDUWV DQ\ HQWLW\ LQYROYHG LQ WKH SURFHVV DQG VR RQ $FFRUGLQJ WR&XVLF ² ´WKH UHSHWLWLRQ GHFUHDVHV WKH VL]H RU LPSRUWDQFH RI WKH XQLWV RI WKH DFWLRQ DV LI WR NHHS D FRQVWDQW RYHUDOO TXDQWLW\ ZKLOH LQFUHDVLQJ WKH QXPEHU RI SDUWVµ $XJPHQWD WLYH UHDGLQJ DSSHDUV ZKHQ ´WKH DPRXQW RI DFWLYLW\ LQFUHDVHV DQG SRVVLEO\ DOVR WKH DPRXQW RI ¶VXEVWDQFH· LPSOLHG DV EHLQJ DFWHG XSRQµ &XVLF HJ 6HU ELDQ WUDMDWL ¶WR ODVW· > SRWUDMDWL ¶WR WDNH D ZKLOH ORQJHU WKDQ H[SHFWHG· 7HQWDWLYH UHDGLQJ LV DYDLODEOH ZKHQ ´WKH DFWLRQ LV SHUIRUPHG KDOIKHDUWHGO\ RU ZLWK OHVV HI IRUW WKDQ H[SHFWHGµ &XVLF ² HJ 6HUELDQ UDGLWL ¶WR ZRUN· > UDGXFNDWL ¶WR ZRUN ZLWKRXW PXFK HQWKXVLDVP WR ZRUN KDOIKHDUWHGO\· ,QFDVVDWLYH UHDGLQJ LV DVVLJQHG WR VLWXDWLRQV ZLWK ´D NLQG RI UHSHWLWLYH SOXUDOLW\ LQ ZKLFK WKHUH LV QR DWWHPSW WR GR DQ\WKLQJ LQ SDUWLFXODU PHUHO\ DQ DLPOHVV RU XQGLUHFWHG DFWLYLW\µ &XVLF ² HJ 6HUELDQ WUŁDWL ¶WR UXQ· > WUŁNDUDWL ¶WR UXQ DURXQG WR UXQ KHUH DQG WKHUH· )LQDOO\ FRQDWLYH UHDGLQJ LV REWDLQHG ZKHQ D YHUE GHVFULEHV DQ DFWLRQ WKDW ´IDOOV VKRUW RI SURGXFLQJ VRPH GHVLUHG UHVXOWµ *UHHQEHUJ HJ 6HUELDQ KRGDWL ¶WR ZDON· > KRGXFNDWL ¶WR ZDON ZLWK GLIILFXOW\ WR ZDON WDNLQJ VPDOO VWHSV WR ZDON XQVWHDGLO\·
1RWH WKDW HYDOXDWLRQ DQG SOXUDFWLRQDOLW\ DUH WZR GLVWLQFW SKHQRPHQD WKDW DUH QRW PXWXDOO\ H[FOXVLYH DQG WKDW RQO\ SDUWLDOO\ RYHUODS $OWKRXJK WKH VDPH VHW RI PHDQV RU HOHPHQWV LV RIWHQ XVHG WR H[SUHVV ERWK RI WKHP DFURVV ODQJXDJHV DI IL[HV DSRSKRQ\ UHGXSOLFDWLRQ HWF HDFK LV TXLWH DXWRQRPRXV 7KLV PHDQV WKDW WKHUH LV HYDOXDWLRQ ZLWKRXW SOXUDFWLRQDOLW\DQG WKDW WKHUH H[LVWV SOXUDFWLRQ DOLW\ ZLWKRXW HYDOXDWLRQ²
SRPD]LWL ¶WR VWURNH· SURSUʿLWL ¶WR IU\ D OLWWOH· SHYXɐLWL ¶WR KXP· 6HUELDQ 3RVNDNDOL VX X YRGX SOXUDO VXEMHFW REOLJDWRU\
¶7KH\ MXPSHG LQWR WKH ZDWHU RQH DIWHU WKH RWKHU· 6HUELDQ 3RLVSUHPHɐWDR MH VWRORYHEXUDG SOXUDO RU FROOHFWLYH REMHFW REOLJDWRU\
¶+H PRYHG DOO WKH WDEOHVEDUUHOV· 6HUELDQ
>@ EFKBO TUPTJD WKH DFWLRQ RI IO\LQJ GRHV QRW PDWFK LWV FDQRQLFDO UHSUHVHQWDWLRQ EHFDXVH WKHUH LV ´LQFUHDVH LQ IUHTXHQF\ DQG GHFUHDVH RI RQH RU PRUH RWKHU GLPHQVLRQVµ 7RYHQD 7KLV LUUHJXODULW\ RU GHYLDWLRQ IURP WKH QRUP GXH WR IUDJPHQWDWLRQ LH LQWHUQDO SOXUDOL]DWLRQ RI WKH DFWLRQ LV ZKDW VHPDQWLFDOO\ MXVWLILHV WKH XVH RI HYDO XDWLYH PRUSKRORJ\ WR GHVFULEH VXFK VLWXDWLRQV LQ PDQ\ ODQJXDJHV +HQFHIRUWK , XVH WKH WHUP ´HYDOXDWLYHSOXUDFWLRQDO (3 YHUEPDUNHUµ WR UHIHU WR HOHPHQWV DW WKH LQWHUVHFWLRQ RI WKH WZR VHWV RI GHULYDWLYHV
GJHVSF (YDOXDWLRQ DQG 3OXUDFWLRQDOLW\ DV SDUWO\ RYHUODSSLQJ SKHQRPHQD 7KXV HYDOXDWLYH DQG SOXUDFWLRQDO PDUNHUV YHU\ RIWHQ EXW QRW DOZD\V VXJJHVW D VXEVWDQWLDO PRGLILFDWLRQ LQ WKH UHDOL]DWLRQ RI HYHQWV GHVFULEHG E\ YHUE VWHPV HVSHFLDOO\ LQ WKHLU LQWHUQDO VWUXFWXUH VHH DPRQJ RWKHUV &XVLF 1HZPDQ YDQ *HHQKRYHQ *UDQGL *UHHQEHUJ 7RYHQD $PLRW 6WRVLF 7KLV LV ZK\ D FRQQHFWLRQ LV UHJXODUO\ PDGH ZLWK DVSHFW VHH &XVLF 6KOXLQVN\ &DEUHGR /DFD $PLRW 6WRVLF
IRUWKFRPLQJ ,QWHUHVWLQJO\ HYHQ WKRXJK VRPH HYDOXDWLYH DQG SOXUDFWLRQDO YHUEV FOHDUO\ HQFRGH D SDUWLFXODU ZD\ LQ ZKLFK WKH DFWLRQ GHVFULEHG E\ WKH EDVH KDSSHQV WKH SKHQRPHQD WKDW WKH\ H[SUHVV KDYH QHYHU EHHQ UHODWHG WR PDQQHU ,Q DOO RI WKH 6HUELDQ GHULYHG PRWLRQ YHUEV KLJKOLJKW VRPH GHYLDWLRQ IURP D SURWRW\SLFDO ZD\ RI UXQQLQJ MXPSLQJ KRSSLQJ DQG WURWWLQJ
VNDNXWDWL ¶WR KRS DURXQG WR VNLS DORQJ· WUŁNDUDWL ¶WR UXQ DURXQG WR UXQ KHUH DQG WKHUH· KUDPXFNDWL ¶WR OLPS VOLJKWO\·
NBOOFS PG NPUJPO FWBMVBUJWF BOE QMVSBDUJPOBM NPSQIPMPHZ <> ([DPSOHVXJJHVWV WKDW WKH GHULYHG YHUE H[SUHVVHV D SURFHVV RI WKH VDPH W\SH
DV WKH SURFHVV GHQRWHG E\ WKH EDVH YHUE DOEHLW QRW WRWDOO\ LGHQWLFDO LWV LQWHQVLW\ LV ZHDNHU WKH PRWLRQ LV ´EURNHQµ RU IDOWHULQJ WKH REMHFW LW EHDUV XSRQ LV PRUH OLP LWHG HWF %HFDXVH RI WKLV PRGLILFDWLRQ VLJQDOHG E\ WKH PRUSKRORJLFDO PDUNLQJ WKH DFWLRQ LV FRQFHLYHG DV EHLQJ WDNHQ LQ D VSHFLILF ZD\ DQG KHQFH DV QRW EHLQJ LQ FRQIRUPLW\ ZLWK LWV SURWRW\SLFDO UHSUHVHQWDWLRQ $V DUJXHG LQ 6WRVLF $PLRW WKLV GHYLDWLRQ IURP WKH QRUP³ZKDWHYHU YDOXHV LW LV EDVHG RQ³LV ZKDW JHQ HUDWHV WKH PDQQHU LQWHUSUHWDWLRQ RI PRUSKRORJLFDOO\ FRPSOH[ YHUEV DW LVVXH
:KDW HPHUJHV IURP WKLV VXUYH\ RI UHVHDUFK RQ HYDOXDWLRQ DQG SOXUDFWLRQDOLW\ LV ILUVW WKDW D YDOXDEOH GHVFULSWLRQ RI WKHVH NLQGV RI OLQJXLVWLF SKHQRPHQD QHHGV WR FRPELQH WKH WZR DSSURDFKHVDQG VHFRQG WKDW VRPH HYDOXDWLYH DQG SOXUDF WLRQDO YHUEV PXVW EH FRQVLGHUHG DV D SRVVLEOH VWUDWHJ\ IRU H[SUHVVLQJ PDQQHU 7KH FDVH VWXG\ RI 6HUELDQ LQ WKH IROORZLQJ VHFWLRQ IXUWKHU LOOXVWUDWHV WKLV GHVFULSWLYH DQG WKHRUHWLFDO QHFHVVLW\
<> N P S Q I P M P H J D B M F O D P E J O H P G N B O O F S J O T F S C J B O
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
<> (YDOXDWLYH YHUEV LQ 6HUELDQ
(YDOXDWLYH YHUEV LQ 6HUELDQ KDYH EHHQ GLVFXVVHG LQ PDQ\ ZRUNV GHDOLQJ ZLWK ´GLP LQXWLYHVµ VHH *ULFNDW ˅LEUHJ %DELĿ 5LVWLĿ .ODMQ 9HOMNRYLĿ6WDQNRYLĿ 6RPH JUDPPDULDQV KDYH DOVR DWWHPSWHG WR SURYLGH D FRQVLVWHQW DFFRXQW RI WKHLU IRUPDWLRQ DQG VHPDQWLFV VHH 6WDQRMŁLĿ HW DO %DULĿ HW DO 6LOLĿ 3UDQMNRYLĿ 7KHVH VWXGLHV KDYH VKRZQ WKDW HYDOXDWLYH YHUEV DUH PDLQO\ IRUPHG E\ PHDQV RI VXIIL[HV EXW WKDW WKHUH DUH DOVR D IHZ SUHIL[HV FDSDEOH RI FRQVWUXFWLQJ HYDOXDWLYH DQGRU SOXUDFWLRQDO PHDQLQJV
>@ )RU PRUH GHWDLOV DERXW WKLV PHWKRGRORJLFDO QHFHVVLW\ VHH 6WRVLF $PLRW
>@ EFKBO TUPTJD 1RWH WKDW LQ 6HUELDQ XQOLNH PRVW ,QGR(XURSHDQ ODQJXDJHV VXIIL[HV IRUPLQJ HYDO XDWLYH YHUEV DUH GLIIHUHQW IURP WKRVH XVHG WR IRUP HYDOXDWLYH QRXQV RU DGMHFWLYHV
UBCMF (YDOXDWLYH VXIIL[HV LQ 6HUELDQ QBSUT PG TQFFDI TVGGJY
1RXQ DF DN DUDN HUDN HOMDN XOMDN LŁDN HWDN FH DQFH
DɐFH HQFH HɐFH ŁH LQŁH LŁH LFD ŁLFD LĿ ŁLĿ ND FD LĿDN LŁDN LŁLFD $GMHFWLYH NDVW LŁDVW FNL HɐDQ XɐDQ DɐDQ DKDQ DŁDN XQMDY XɐNDVW XOMDVW 9HUE NDWL QXWL XFDWL FNDWL XFNDWL XNDWL XWDWL NDUD WL XFQXWL NDULWL DNDWL XɐLWL ɐNDWL XOMLWL WDWL XɐNDWL LNDWL DVDWL DWDWL HNDWL HWDWL XNQXWL NHW DWL ROMLWL FQXWL OMLWL UDWL DWL RWDWL
$V VHHQ LQ 7DEOH WKHUH DUH DERXW WKLUW\ YHUEDO HYDOXDWLYH VXIIL[HV LQ 6HU ELDQ 6RPH RI WKHP KDYH PDQ\ DOORPRUSKV DQG VRPH FDQ EH DQDO\]HG LQWR WZR PRUSKHPHV EXW WKDW LV QRW WKH LVVXH KHUH VHH *ULFNDW .ODMQ
5HJDUGLQJ SUHIL[HV PXFK OHVV QXPHURXV WKDQ VXIIL[HV 6HUELDQ XVHV WKH VDPH XQLWV WR IRUP HYDOXDWLYHSOXUDFWLRQDO YHUEV DQG HYDOXDWLYH DGMHFWLYHV DQG DG YHUEV 7DEOHVKRZV WKLV SDUDOOHOLVP
UBCMF (YDOXDWLYH SUHIL[HV LQ 6HUELDQ
QSFGJY WFSC BEKFDUJWF BEWFSC
SR SRLJUDWL VH ¶WR SOD\ IRU D ZKLOH· SRGHEHR ¶UDWKHU VWRXW· SRPDOR ¶D OLWWOH ELW
QRZ DQG WKHQ·
QD QDŁXWL ¶WR KHDU RI YDJXHO\· QDJOXY ¶KDUGRIKHDULQJ· SUL SULGUʿDWL ¶WR KROG IRU D ZKLOH· SULJOXS ¶UDWKHU VWXSLG· SUR SUROXWDWL ¶WR URDP IRU D ZKLOH· SURKODGDQ ¶UDWKHU FRRO·
3UHYLRXV UHVHDUFK RQ HYDOXDWLYH YHUEV LQ 6HUELDQ KDV QRW PHDVXUHG KRZ ZLGH VSUHDG WKH\ DUH LQ WKH OH[LFRQ 7KH PRVW FRPSOHWH LQYHQWRU\ FDQ EH IRXQG LQ ˅LEUHJ ZKR OLVWV DERXW GHULYDWLYHV RI WKLV NLQG VHH DOVR .ODMQ
>@ +RZHYHU DFFRUGLQJ WR*ULFNDW QRPLQDO DQG YHUEDO HYDOXDWLYH VXIIL[HV DUH KLVWRULFDOO\ UHODWHG 1 GHYRMND ¶JLUO· GHYRMŁXUDN ¶OLWWOH JLUO·
9 WUŁDWL ¶WR UXQ· WUŁNDUDWL ¶WR UXQ DURXQG·
>@ ,Q WKLV DQDO\VLV , GR QRW WDNH LQWR DFFRXQW WKH SUHIL[HV SUH ¶RYHU K\SHU· QDG ¶RYHU VXSHU· DQG SRG ¶XQ GHU· H[SUHVVLQJ VXFK HYDOXDWLYH PHDQLQJV DV UPP UPP NVDI OPU FOPVHI HJ SUHFHQLWL ¶RYHUHVWLPDWH·
SUHRVHWOMLY ¶K\SHUVHQVLWLYH· SRWFHQLWL ¶XQGHUHVWLPDWH· SRWKUDQMHQ ¶XQGHUIHG· QDGMDŁDWL ¶WR RYHUFRPH· VHH
NBOOFS PG NPUJPO FWBMVBUJWF BOE QMVSBDUJPOBM NPSQIPMPHZ <> ,Q RUGHU WR HVWDEOLVK KRZ SURGXFWLYH YHUEDO HYDOXDWLYH PRUSKRORJ\ LV , WRRN DQ
LQYHQWRU\ RI YHUEV IURP WKH 6HUELDQ (OHFWURQLF 'LFWLRQDU\ ZKLFK KDV DERXW HQWULHV VHH 6LPLĿ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
GJHVSF 3URGXFWLYLW\ RI 6HUELDQ HYDOXDWLYH VXIIL[HV
>@ EFKBO TUPTJD
GJHVSF 3UHIL[HV IRUPLQJ HYDOXDWLYH YHUEV LQ 6HUELDQ
QRW DGGUHVV SRVVLEOH VHPDQWLF GLVWLQFWLRQV ,W VKRXOG EH QRWHG WKDW LQ WKH YHUEDO GRPDLQ DPRQJ DOO WKHVH SUHIL[HV RQO\ QD SR SUR DQG SUL FDQ FRQYH\ HYDOXDWLYH PHDQLQJV LQGHSHQGHQWO\ RI VXIIL[DWLRQ
(YHQ WKRXJK WKLV LQYHQWRU\ PXVW EH FRPSOHWHG DQG UHILQHG VHH IRRWQRWH LW LV FOHDU WKDW 6HUELDQ JUHDWO\ H[SORLWV WKH PRUSKRORJLFDO GHYLFH IRU H[SUHVVLQJ PDQQHU PDLQO\ WKURXJK WKH IRUPDWLRQ RI D ODUJH QXPEHU RI HYDOXDWLYH YHUEV LQFOXGLQJ WKRVH WKDW FRQYH\ HYHQWLQWHUQDO SOXUDFWLRQDOLW\ 7KH FURVVOLQJXLVWLF HYLGHQFH EHORZ IXUWKHU HPSKDVL]HV WKH LPSRUWDQFH RI WKLV PDQQHU RI HQFRGLQJ VWUDWHJ\ LQ 6HUELDQ
<> &RQWUDVWLYH FRQVLGHUDWLRQV
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
NBOOFS PG NPUJPO FWBMVBUJWF BOE QMVSBDUJPOBM NPSQIPMPHZ <> UBCMF (YDOXDWLYH GHULYHG YHUEV LQ )UHQFK ,WDOLDQ DQG 6HUELDQ
MBOHVBHF WFSCT TPVSDF DPSQVT SFGFSFODF TUVEZ
6HUELDQ 6('
,WDOLDQ *5$',7',6& *UDQGL )UHQFK 7/)L $PLRW 6WRVLF
6HUELDQ (OHFWURQLF 'LFWLRQDU\
7KLV WDEOH FRQILUPV WKDW ODQJXDJHV GLIIHU LQ WKHLU ULFKQHVV LQ HYDOXDWLYHV FI
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
,Q WKH VHPDQWLF GRPDLQ RI PRWLRQ , H[DPLQH WKH H[WHQW WR ZKLFK PRUSKRORJL FDO HQFRGLQJ RI PDQQHU FRPSRQHQW LV H[SORLWHG LQ WKH OH[LFRQ RI 6HUELDQ PRWLRQ YHUEV 7KH GDWD LQGLFDWH WKDW WKHUH LV D UHODWLYHO\ VPDOO VHW RI PRWLRQ YHUEV WKDW FDQ FRQVWUXFW DGGLWLRQDO PDQQHU VHQVHV E\ XVLQJ HYDOXDWLYH VXIIL[DWLRQ DQGRU SUHIL[DWLRQ
7KLUW\ PRWLRQ YHUEV XVHG DV EDVH IRU PRUSKRORJLFDOO\ HQFRGLQJ PDQQHU LQ 6HUELDQ
ED]DWL ¶WR URDP DERXW· EHʿDWL ¶WR IOHH· FXQMDWL ¶WR ZDQGHU· ĿRSDWL ¶WR OLPS· JHJDWL VH ¶WR ZDGGOH· JPL]DWL ¶WR FUDZO· KRGDWL ¶WR ZDON· KUDPDWL ¶WR OLPS· MH]GLWL ¶WR ULGH· MXULWL ¶WR UDFH· NDVDWL ¶WR WURW WR UXQ· NOL]DWL VH ¶WR VNLG WR
VOLS· NUVWDULWL ¶WR FUXLVH· OHWHWL ¶WR IO\· OXQMDWL ¶WR ZDQGHU· OXWDWL ¶WR ZDQGHU·
SORYLWL ¶WR VDLO· SX]DWL ¶WR FUDZO· ɐHSDWL ¶WR OLPS· ɐHWDWL VH ¶WR JR IRU D ZDON· VNDNDWL ¶WR MXPS LPS· VNLWDWL ¶WR ZDQGHU· VNRŁLWL ¶WR MXPS SHUI· ɐYUOMDWL
¶WR URDP· WHWXUDWL VH ¶WR VWDJJHU· WUŁDWL ¶WR UXQ· WXPDUDWL ¶WR URDP· YR]LWL
>@ EFKBO TUPTJD ,W WKXV VHHPV WKDW PRWLRQ YHUEV DUH QRW IHUWLOH EDVHV IRU HYDOXDWLYH PRUSKRO RJ\ WKH\ UHSUHVHQW DERXW RI DOO WKH EDVH YHUEV IURP ZKLFK WKH HYDOXD WLYH YHUEV H[DPLQHG DUH GHULYHG 7KHVH EDVHV IRUP DERXW RQH KXQGUHG HYDOXDWLYH PRWLRQ YHUEV ZKLFK UHSUHVHQW DURXQG RI DOO HYDOXDWLYH YHUEV LQ P\ FRUSXV )LJXUHVKRZV ZKLFK PRWLRQ YHUEV JLYH WKH JUHDWHVW QXPEHU RI HYDOXDWLYHV DV RXWSXW HJ OHWHWL ¶WR IO\· > OHWXFNDWL OHWNDULWL OHWNDUDWL OHWQXWL OHWHɐNDWL OHWNDWL OHWX
FDWL OHWDWL GROHWQXWL SROHWQXWL
GJHVSF 7KH PRVW SURGXFWLYH 6HUELDQ PRWLRQ YHUEV DV EDVH IRU IRUPLQJ HYDOXD WLYHV
(VVHQWLDOO\ WKH VDPH SKHQRPHQRQ FDQ EH REVHUYHG LQ )UHQFK DQG LQ ,WDOLDQ DV VKRZQ LQ WKH OLVWV LQDQG UHVSHFWLYHO\ H[WUDFWHG IURP $PLRW 6WRVLF DQG *UDQGL
)LIWHHQ PRWLRQ YHUEV XVHG DV EDVH IRU PRUSKRORJLFDOO\ HQFRGLQJ PDQQHU LQ )UHQFK
ERXJHU ¶WR PRYH· FRXULU ¶WR UXQ· GDQVHU ¶WR GDQFH· IOkQHU ¶WR VWUROO· JDO ORSHU ¶WR JDOORS· JODQGHU ¶WR ORDI DERXW· ODPELQHU ¶WR GLOO\GDOO\· PDUFKHU ¶WR
ZDON· QDJHU ¶WR VZLP· SURPHQHU ¶WR JR IRU D ZDON· U{GHU ¶WR URDP DURXQG·
NBOOFS PG NPUJPO FWBMVBUJWF BOE QMVSBDUJPOBM NPSQIPMPHZ <> 6HYHQ PRWLRQ YHUEV XVHG DV EDVH IRU PRUSKRORJLFDOO\ HQFRGLQJ PDQQHU
LQ ,WDOLDQ
EDO]DUH ¶WR MXPS· JLUDUH ¶WR UDPEOH WR ZDQGHU· JXLGDUH ¶WR GULYH· LQFL DPSDUH ¶WR WULS· VDOWDUH ¶WR MXPS· WURWWDUH ¶WR WURW· YRODUH ¶WR IO\·
(YHQ WKRXJK RXU OLVWV DUH EDVHG RQ VDPSOH GDWD DQG DUH KHQFH LQFRPSOHWH WKH VDPH SDWWHUQ ZRUNV IRU WKH WKUHH ODQJXDJHV RQH XVXDOO\ ILQGV LWHPV WKDW:LHQROG
FDOOHG ´EDVLF PDQQHU RI PRWLRQ YHUEVµ VXFK DV WR MXPS WR WURW WR IO\
WR ZDON EXW QRW DQ\ SXUH SDWK YHUE 7KH ORZ FRPSDWLELOLW\ EHWZHHQ PRWLRQ DQG
HYDOXDWLRQ FDQ SUREDEO\ SDUWO\ H[SODLQ EXW QRW MXVWLI\ WKH RPLVVLRQ RI PRUSKR ORJLFDO HQFRGLQJ RI PDQQHU LQ W\SRORJLFDO VWXGLHV GHDOLQJ ZLWK PRWLRQ GHVFULS WLRQV +RZHYHU IXUWKHU LQYHVWLJDWLRQV DUH UHTXLUHG WR H[SODLQ ERWK WKLV UHODWLYH UHOXFWDQFH RI WKH PRWLRQ GRPDLQ WR XVH HYDOXDWLYH PRUSKRORJ\ DQG ZK\ DW OHDVW LQ 6HUELDQ )UHQFK DQG ,WDOLDQ SDWK YHUEV FDQQRW EH PRGLILHG E\ HYDOXDWLYH PRU SKHPHV
$OWKRXJK WKHUH DUH QRW WRR PDQ\ PRWLRQ YHUEV WKDW DOORZ PDQQHU PRGLILFD WLRQ DW WKH PRUSKRORJLFDO OHYHO LQ ODQJXDJHV ZLWK ULFK YHUEDO HYDOXDWLYH PRUSKRO RJ\ WKLV ZD\ RI H[SUHVVLQJ PDQQHU LV DOO WKH PRUH LPSRUWDQW EHFDXVH LW GLUHFWO\ RSHUDWHV RQ WKH YHUE ZKLFK LV WKH RQO\ ´FODXVHREOLJDWRU\ FDWHJRU\µ LQ PRVW PR WLRQ GHVFULSWLRQV DFURVV ODQJXDJHV VHH %HDYHUV HW DO <HW WKH PDQQHU FRPSRQHQW LV QRW OH[LFDOL]HG LQ WKH YHUE URRW EXW LW UHPDLQV FRQYH\HG E\ WKH YHUE SUHGLFDWH DV EHLQJ FRQVWUXFWHG DW WKH PRUSKRORJLFDO OHYHO 7KLV LV RQH RI WKH PDMRU IDFWRUV FRQWULEXWLQJ WR WKH LPSRUWDQFH RI PRUSKRORJLFDO HQFRGLQJ RI PDQQHU LQ ODQJXDJHV OLNH 6HUELDQ
<> D P O D M V T J P O
7KLV VWXG\ LV D SUHOLPLQDU\ HPSLULFDO LQYHVWLJDWLRQ RI WKH LPSRUWDQFH RI PRU SKRORJLFDOO\ HQFRGLQJ PDQQHU LQ WKH YHUEDO GRPDLQ ZLWK SDUWLFXODU HPSKDVLV RQ PDQQHU RI PRWLRQ IURP D FURVVOLQJXLVWLF SHUVSHFWLYH 0\ VWDUWLQJ SRLQW ZDV 7DOP\·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
&RQFHUQLQJ WKH PRWLRQ GRPDLQ PRUSKRORJLFDOO\ HQFRGLQJ PDQQHU LV UDWKHU OLPLWHG WR D VPDOO JURXS RI PRWLRQ YHUEV DOO RI ZKLFK LQYROYH PDQQHU LQ WKHLU OH[L FDO PHDQLQJ EXW QHYHU SDWK 7KLV VXJJHVWV WKDW PRWLRQ LV UDWKHU UHOXFWDQW WR HYDO XDWLYH PRUSKRORJ\ ZKLFK ZRXOG RQO\ DIIHFW WKH ´EDVLF PDQQHU RI PRWLRQ YHUEVµ )XUWKHU UHVHDUFK LV QHHGHG WR GHWHUPLQH WKH DFFXUDF\ RI WKHVH REVHUYDWLRQV ILUVW E\ FRPSDULQJ WKH VHPDQWLF GRPDLQ RI PRWLRQ WR RWKHU RQHV DQG VHFRQG E\ H[ WHQGLQJ FRPSDULVRQ WR D JUHDWHU QXPEHU RI W\SRORJLFDOO\ GLIIHUHQW ODQJXDJHV
7KHVH UHVXOWV SRLQW WR DQ LPSRUWDQW DUHD RI LQTXLU\ IRU IXWXUH UHVHDUFK 7KXV LQ OLJKW RI P\ ILQGLQJV RQ WKH UROH RI 6HUELDQ HYDOXDWLYH YHUEV LQ ODQJXDJH VWUXF WXUH LW ZRXOG EH LQWHUHVWLQJ WR H[SORUH WKH H[WHQW WR ZKLFK WKHUH LV ZLGHVSUHDG DGRSWLRQ RI PRUSKRORJLFDO HQFRGLQJ RI PDQQHU E\ VSHDNHUV LQ ODQJXDJH XVH KRZ GRHV WKH SURGXFWLYLW\ RI WKH HYDOXDWLYH PRUSKRORJLFDO SDWWHUQ UHODWH WR LWV IUH TXHQF\ LQ VSHHFK"
NBOOFS PG NPUJPO FWBMVBUJWF BOE QMVSBDUJPOBM NPSQIPMPHZ <> LFDQWO\ GLIIHUHQW GHSHQGLQJ RQ WKH HQFRGLQJ VWUDWHJ\ XVHG 7KHVH LVVXHV ZLOO EH
DGGUHVVHG LQ IXWXUH UHVHDUFK BD L O PX M F E H N F O U T
7KDQNV WR 'DQ\ $PLRW DQG WZR DQRQ\PRXV UHYLHZHUV IRU WKHLU KHOSIXO FRPPHQWV DQG FULWLFDO UHPDUNV RQ DQ HDUOLHU YHUVLRQ RI WKLV DUWLFOH 7KDQNV DOVR WR 1RRUHHGD .KRGDERFXV IRU KHU ILQH FRS\HGLWLQJ RI WKLV DUWLFOH
T P V S D F T
7UpVRU GH OD ODQJXH IUDQoDLVH LQIRUPDWLVp 7/)L
?iiT,ffiBH7XiBH7X7`fiH7X?iK S F G F S F O D F T
$PLRW ' ' 6WRVLF 6DXWLOOHU YROHWHU GDQVRWHU pYDOXDWLRQ SOXULDF WLRQQDOLWp DVSHFW ,Q ( $UMRFD,HUHPLD & $YH]DUG5RJHU - *RHV ( 0ROLQH $ 7LKX HGV 7HPSV DVSHFW HW FODVVHV GH PRWV pWXGHV WKpRULTXHV HW GLGDFWLTXHV ² $UUDV $UWRLV 3UHVVHV 8QLYHUVLWp
$PLRW ' ' 6WRVLF IRUWKFRPLQJ 0RUSKRORJLH DVSHFWXHOOH HW pYDOXDWLYH HQ IUDQoDLV HW HQ VHUEH
%DELĿ 6 7YRUED ULMHŁL X KUYDWVNRP NQMLʿHYQRP MH]LNX =DJUHE -$=8 *OREXV %DULĿ ( 0 /RQŁDULĿ ' 0DOLĿ 6 3DYHɐLĿ 9 =HŁHYLĿ 0 =QLND +UYDWVND
JUDPDWLND =DJUHE əNROVND NQMLJD
%DXHU / (YDOXDWLYH 0RUSKRORJ\ ,Q 6HDUFK RI 8QLYHUVDOV 6WXGLHV LQ ODQJXDJH ²
%HDYHUV - % /HYLQ 6 : 7KDP 7KH 7\SRORJ\ RI 0RWLRQ ([SUHVVLRQV 5HYLVLWHG -RXUQDO RI /LQJXLVWLFV ²
%HUPDQ 5 $ ' , 6ORELQ 5HODWLQJ (YHQWV LQ 1DUUDWLYH $ &URVVOLQJXLVWLF
'HYHORSPHQWDO 6WXG\ +LOOVGDOH 1- /DZUHQFH (UOEDXP $VVRFLDWHV
%RZHUPDQ 0 /HDUQLQJ +RZ WR 6WUXFWXUH 6SDFH IRU /DQJXDJH $ &URVVOLQ JXLVWLF 3HUVSHFWLYH ,Q 3 %ORRP 0 3HWHUVRQ / 1DGHO 0 *DUUHWW HGV /DQ
JXDJH DQG 6SDFH ² &DPEULGJH 0,7 3UHVV
%XUOLQJ 5 7KH /DQJXDJH RI WKH 0RGKXSXU 0DQGL *DUR $QQ $UERU 0, 7KH 6FKRODUO\ 3XEOLVKLQJ 2IILFH 7KH 8QLYHUVLW\ RI 0LFKLJDQ
>@ EFKBO TUPTJD &RPULH % &DXVDWLYH 9HUE )RUPDWLRQ DQG 2WKHU 9HUE'HULYLQJ 0RUSKRO
RJ\ ,Q 7 6KRSHQ HG /DQJXDJH 7\SRORJ\ DQG 6\QWDFWLF 'HVFULSWLRQ ² &DPEULGJH &DPEULGJH 8QLYHUVLW\ 3UHVV
&XVLF ' 9HUEDO 3OXUDOLW\ DQG $VSHFW 6WDQIRUG 8QLYHUVLW\ GLVVHUWDWLRQ 'UHVVOHU : 8 ,QWURGXFWLRQ WR (DUO\ GHYHORSPHQW RI QRPLQDO DQG YHUEDO
PRUSKRORJ\ IURP D W\SRORJLFDO SHUVSHFWLYH ,Q 6 /DDKD 6 *LOOLV HGV 7\SR
ORJLFDO SHUVSHFWLYHV RQ WKH DFTXLVLWLRQ RI QRXQ DQG YHUE PRUSKRORJ\ YRO $QWZHUS
3DSHUV LQ /LQJXLVWLFV ² &DPEULGJH &DPEULGJH 8QLYHUVLW\ 3UHVV
'UHVVOHU : 8 / /HWWQHU . .RUHFN\.U|OO $FTXLVLWLRQ RI *HUPDQ GLPLQX WLYH IRUPDWLRQ DQG FRPSRXQGLQJ LQ D FRPSDUDWLYH SHUVSHFWLYH (YLGHQFH IRU W\SRORJ\ DQG WKH UROH RI IUHTXHQF\ ,Q ) .LHIHU 0 /DGiQ\L 3 6LSWiU HGV
&XUUHQW ,VVXHV LQ 0RUSKRORJLFDO 7KHRU\ ,UUHJXODULW\ $QDORJ\ DQG )UHTXHQF\ $PV
WHUGDP -RKQ %HQMDPLQV
'UHVVOHU : 8 / 0HUOLQL%DUEDUHVL 0RUSKRSUDJPDWLFV 'LPLQXWLYHV DQG
,QWHQVLILHUV LQ ,WDOLDQ *HUPDQ DQG 2WKHU /DQJXDJHV %HUOLQ 0RXWRQ GH *UX\WHU
(EHUKDUG ' 0DPDLQGr *UDPPDU $ 1RUWKHUQ 1DPELNZDUD /DQJXDJH DQG ,WV
&XOWXUDO &RQWH[W 8WUHFKW /27
)HOOEDXP & 2Q WKH 6HPDQWLFV RI 7URSRQ\P\ ,Q 5 *UHHQ & %HDQ 6 +\RQ 0\DHQJ HGV 7KH 6HPDQWLFV RI 5HODWLRQVKLSV $Q ,QWHUGLVFLSOLQDU\ 3HUVSHF
WLYH ² 'RUGUHFKW .OXZHU $FDGHPLF 3XEOLVKHUV
)HOOEDXP & * 0LOOHU )RON 3V\FKRORJ\ RU 6HPDQWLF (QWDLOPHQW" $ 5HSO\ WR 5LSV DQG &RQUDG 3V\FKRORJLFDO 5HYLHZ ²
)HOOEDXP & HG :RUG1HW $Q (OHFWURQLF /H[LFDO 'DWDEDVH &DPEULGJH 0$ 0,7 3UHVV
)LOLSRYLF / 9HUEV LQ 0RWLRQ ([SUHVVLRQV 6WUXFWXUDO 3HUVSHFWLYHV &DPEULGJH 8QLYHUVLW\ GLVVHUWDWLRQ
)LOLSRYLF / 7DONLQJ DERXW 0RWLRQ $ &URVVOLQJXLVWLF ,QYHVWLJDWLRQ RI /H[LFDOL]DWLRQ
3DWWHUQV $PVWHUGDP -RKQ %HQMDPLQV
)ROH\ : $ 5 ' 9DQ 9DOLQ )XQFWLRQDO 6\QWD[ DQG 8QLYHUVDO *UDPPDU &DP EULGJH &DPEULGJH 8QLYHUVLW\ 3UHVV
)UDGLQ % /H WUDLWHPHQW GH OD VXIIL[DWLRQ HQ HW /DQJDJHV ² )UDGLQ % ) 0RQWHUPLQL /D PRUSKRORJLH pYDOXDWLYH ,Q % )UDGLQ ) .HU
NBOOFS PG NPUJPO FWBMVBUJWF BOE QMVSBDUJPOBM NPSQIPMPHZ <> YDQ *HHQKRYHQ 9 $WHOLFLW\ 3OXUDFWLRQDOLW\ DQG $GYHUELDO 4XDQWLILFDWLRQ
,Q + 9HUNX\O + GH 6ZDUW $ YDQ +RXW HGV 3HUVSHFWLYHV RQ $VSHFW ² 'RUGUHFKW 6SULQJHU
*UDQGL 1 0RUIRORJLH LQ FRQWDWWR /H FRQVWUL]LRQL YDOLDWLYH QHOOH OLQJXH GHO 0HGLWHU
UDQHDQR 0LODQ )UDQFR$QJHOL
*UDQGL 1 5HVWULFWLRQV RQ ,WDOLDQ 9HUEDO (YDOXDWLYH 6XIIL[HV 7KH 5ROH RI $VSHFW DQG $FWLRQDOLW\ <RUN 3DSHUV LQ /LQJXLVWLFV ²
*UDQGL 1 ) 0RQWHUPLQL 3UHIL[6XIIL[ 1HXWUDOLW\ LQ (YDOXDWLYH 0RUSKRO RJ\ ,Q * %RRLM ( *XHYDUD $ 5DOOL 6 6FDOLVH 6 & 6JURL HGV 3URFHHGLQJV
RI WKH WK 0HGLWHUUDQHDQ 0HHWLQJ RI 0RUSKRORJ\ DQG /DQJXDJH 7\SRORJ\ ²
%RORJQD 8QLYHUVLWp GHJOL 6WXGL GL %RORJQD
*UHHQEHUJ < (YHQW ,QWHUQDO 3OXUDFWLRQDOLW\ LQ 0RGHUQ +HEUHZ $ 6HPDQ WLF $QDO\VLV RI 2QH 9HUEDO 5HGXSOLFDWLRQ 3DWWHUQ %ULOO·V $QQXDO RI $IURDVLDWLF
/DQJXDJHV DQG /LQJXLVWLFV ²
*ULFNDW , 'HPLQXWLYQL JODJROL X VUSVNRKUYDWVNRP MH]LNX -XʿQRVORYHQVNL
ILORORJ ² ²
*ULFNDW , 2 QHNLP RVREHQRVWLPD GHPLQXFLMH -XʿQRVORYHQVNL ILORORJ ² +DOH . ' .H\VHU 3UROHJRPHQRQ WR D 7KHRU\ RI $UJXPHQW 6WUXFWXUH &DP
EULGJH 0,7 3UHVV
+DVSHOPDWK 0 ,QGHILQLWH 3URQRXQV 2[IRUG &ODUHQGRQ 3UHVV
+DVVHOJnUG + $GMXQFW $GYHUELDOV LQ (QJOLVK &DPEULGJH &DPEULGJH 8QLYHU VLW\ 3UHVV
+HLQH % 8 &ODXGL ) +QQHPH\HU *UDPPDWLFDOL]DWLRQ $ &RQFHSWXDO )UDPH
ZRUN &KLFDJR 8QLYHUVLW\ RI &KLFDJR 3UHVV
+LFNPDQQ 0 6 5REHUW 6SDFH DFURVV /DQJXDJHV /LQJXLVWLF 6\VWHPV DQG &RJ
QLWLYH &DWHJRULHV $PVWHUGDP -RKQ %HQMDPLQV
+RYDY 0 5DSSDSRUW % /HYLQ %XLOGLQJ 9HUE 0HDQLQJV ,Q 0 %XWW : *HXGHU HGV 7KH 3URMHFWLRQ RI $UJXPHQWV /H[LFDO DQG &RPSRVLWLRQDO )DFWRUV ² 6WDQIRUG &$ &6/, 3XEOLFDWLRQV
>@ EFKBO TUPTJD .ODMQ , 7YRUED UHŁL X VDYUHPHQRP VUSVNRP MH]LNX YRO %HOJUDGH =DYRG ]D
XGʿEHQLNH
/DFD % 3URJUHVVLYHV 3OXUDFWLRQDOV DQG WKH 'RPDLQ RI $VSHFW 3DSHU SUH VHQWHG DW WKH FRQIHUHQFH 'RPDLQHV -RXUQpHV G·(WXGHV /LQJXLVWLTXHV
/DFD % 3OXULDFWLRQQDOLWp ,Q ' *RGDUG / 5RXVVDULH ) &RUEOLQ HGV 6p
PDQWLFORSpGLH GLFWLRQQDLUH GH VpPDQWLTXH 3DULV *'5 6pPDQWLTXH 0RGpOLVDWLRQ
&156
/DQJ ( & 0DLHQERUQ & )DEULFLXV+DQVHQ HGV 0RGLI\LQJ $GMXQFWV %HUOLQ 0RXWRQ GH *UX\WHU
/HYLQ % 7KH 5RRW $ .H\ ,QJUHGLHQW LQ 9HUE 0HDQLQJ 3DSHU SUHVHQWHG DW WKH 'HSDUWPHQW RI /LQJXLVWLFV 8QLYHUVLW\ RI 7H[DV $XVWLQ
/HYLQ % 0 5DSSDSRUW +RYDY $UJXPHQW 5HDOL]DWLRQ &DPEULGJH &DP EULGJH 8QLYHUVLW\ 3UHVV
/HYLQ % 0 5DSSDSRUW +RYDY /H[LFDO &RQFHSWXDO 6WUXFWXUH ,Q 3 3RUW QHU & 0DLHQERUQ . YRQ +HXVLQJHU HGV $Q ,QWHUQDWLRQDO +DQGERRN RI 1DWXUDO
/DQJXDJH 0HDQLQJ ² %HUOLQ 0RXWRQ GH *UX\WHU
0HO′ŁXN , &RXUV GH PRUSKRORJLH JpQpUDOH 0RQWUpDO 3UHVVHV GH O·8QLYHUVLWp
GH 0RQWUpDO ² &156 (GLWLRQV
0LOOHU * & )HOOEDXP 6HPDQWLF 1HWZRUNV RI (QJOLVK ,Q % /HYLQ 6 3LQNHU HGV /H[LFDO &RQFHSWXDO 6HPDQWLFV ² 2[IRUG %ODFNZHOO 0ROLQLHU & ) /pYULHU *UDPPDLUH GHV DGYHUEHV 'HVFULSWLRQ GHV IRUPHV HQ
PHQW *HQHYD 'UR]
1HZPDQ 3 7KH &ODVVLILFDWLRQ RI &KDGLF ZLWKLQ $IURDVLDWLF /HLGHQ 8QLYHUVL WDLUH 3HUV /HLGHQ
1HZPDQ 3 1RPLQDO DQG 9HUEDO 3OXUDOLW\ LQ &KDGLF 'RUGUHFKW )RULV
1HZPDQ 3 3OXUDFWLRQDO 9HUEV $Q 2YHUYLHZ ,Q 3 +RIKHUU &DEUHGR % /DFD HGV 9HUEDO 3OXUDOLW\ DQG 'LVWULEXWLYLW\ ² %HUOLQ 0RXWRQ GH *UX\WHU
3DWUL 6 )RQGHPHQWV LQGLFLHOV GH OD V\QWD[H GX FRPSOpPHQW FLUFRQVWDQ FLHO ,Q 6 5pPL*LUDXG $ 5RPDQ HGV $XWRXU GX FLUFRQVWDQW ² /\RQ 3UHVVHV 8QLYHUVLWDLUHV GH /\RQ
NBOOFS PG NPUJPO FWBMVBUJWF BOE QMVSBDUJPOBM NPSQIPMPHZ <> 6DYLFNLHQH , : 8 'UHVVOHU 9 %DUF]D 3 %RGRU 1 .HUWH] . .RUHFN\.U|OO
0 3DOPRYLF 8 6WHSKDQ\ ( 7KRPDGDNL 'LPLQXWLYHV DV 3LRQHHUV RI 'HULYDWLRQDO DQG ,QIOHFWLRQDO 'HYHORSPHQW $ &URVV/LQJXLVWLF 3HUVSHFWLYH
$QWZHUS 3DSHUV LQ /LQJXLVWLFV ²
6FDOLVH 6 *HQHUDWLYH PRUSKRORJ\ 'RUGUHFKW )RULV
6KOXLQVN\ $ ,QGLYLGXDO/HYHO 0HDQLQJV LQ WKH 6HPDQWLF 'RPDLQ RI 3OXUDF WLRQDOLW\ ,Q 3 (SSV $ $UNKLSRY HGV 1HZ &KDOOHQJHV LQ 7\SRORJ\ 7UDQVFHQGLQJ
WKH %RUGHUV DQG 5HILQLQJ WKH 'LVWLQFWLRQV ² %HUOLQ 0RXWRQ GH *UX\WHU
6LOLĿ - , 3UDQMNRYLĿ *UDPDWLND KUYDWVNRJD MH]LND ]D JLPQD]LMH L YLVRND XFLOLɐWD =DJUHE əNROVND NQMLJD
6LPLĿ 0 6USVNL HOHNWURQVNL UHŁQLN &' ?iiT,ffrrrX`bT`Q;X+QKf 6ORELQ ' , 7KLQNLQJ IRU 6SHDNLQJ ,Q 3URFHHGLQJV RI WKH 7KLUWHHQWK $QQXDO
0HHWLQJ RI WKH %HUNHOH\ /LQJXLVWLFV 6RFLHW\ ² %HUNHOH\ %HUNHOH\ /LQJXLVWLFV
6RFLHW\
6ORELQ ' , )URP ´7KRXJKW DQG /DQJXDJHµ WR ´7KLQNLQJ IRU 6SHDNLQJµ ,Q - - *XPSHU] 6 & /HYLQVRQ HGV 5HWKLQNLQJ /LQJXLVWLF 5HODWLYLW\ ² &DPEULGJH &DPEULGJH 8QLYHUVLW\ 3UHVV
6ORELQ ' , /DQJXDJH DQG 7KRXJKW 2QOLQH &RJQLWLYH &RQVHTXHQFHV RI /LQ JXLVWLF 5HODYLW\ ,Q ' *HQWQHU 6 *ROGLQ0HDGRZ HGV /DQJXDJH LQ 0LQG
$GYDQFHV LQ WKH 6WXG\ RI /DQJXDJH DQG 7KRXJKW ² &DPEULGJH 0,7 3UHVV
6ORELQ ' , 7KH 0DQ\ :D\V WR 6HDUFK IRU D )URJ /LQJXLVWLF 7\SRORJ\ DQG WKH ([SUHVVLRQ RI 0RWLRQ (YHQWV ,Q 6 6WU|PTYLVW / 9HUKRHYHQ HGV 5HODWLQJ
(YHQWV LQ 1DUUDWLYHV 7\SRORJLFDO DQG &RQWH[WXDO 3HUVSHFWLYHV ² 0DKZDK 1-
/DZUHQFH (UOEDXP $VVRFLDWHV
6ORELQ ' , :KDW 0DNHV 0DQQHU RI 0RWLRQ 6DOLHQW" ([SORUDWLRQV LQ /LQ JXLVWLF 7\SRORJ\ 'LVFRXUVH DQG &RJQLWLRQ ,Q 0 +LFNPDQQ 6 5REHUW HGV
6SDFH LQ /DQJXDJHV /LQJXLVWLF 6\VWHPV DQG &RJQLWLYH &DWHJRULHV ² $PVWHUGDP
-RKQ %HQMDPLQV
6WDQRMŁLĿ ˅ / 3RSRYLĿ 6 0LFLĿ 6DYUHPHQL VUSVNRKUYDWVNL MH]LN L NXOWXUD
L]UDʿDYDQMD %HOJUDGH =DYRG ]D XGʿEHQLNH L QDVWDYQD VUHGVWYD
6WRVLF ' /H VHQV GH PDQLqUH FRPPH FULWqUH GH GpILQLWLRQ G·XQ SDUDGLJPH ,Q ) +UXEDUX ( 0ROLQH HGV /D &RQVWUXFWLRQ G·XQ SDUDGLJPH $FWHV GX ;9,,H
>@ EFKBO TUPTJD 6WRVLF ' ' $PLRW (YDOXDWLRQ HW SOXULDFWLRQQDOLWp XQH PLVH DX SRLQW TXL
V·LPSRVH &ROORTXH LQWHUQDWLRQDO GH PRUSKRORJLH ² 'pFHPEUHWWHV
6WRVLF ' ' $PLRW 4XDQG OD PRUSKRORJLH IDLW GHV PDQLqUHV OHV YHUEHV pYDOXDWLIV HW O·H[SUHVVLRQ GH OD PDQLqUH HQ IUDQoDLV ,Q ' $PLRW : 'H 0XOGHU ( 0ROLQH ' 6WRVLF HGV $UV *UDPPDWLFD +RPPDJHV j 1HOO\ )ODX[ ² %HUQ 3HWHU /DQJ
6WU|PTYLVW 6 / 9HUKRHYHQW 5HODWLQJ (YHQWV LQ 1DUUDWLYH 7\SRORJLFDO DQG
&RQWH[WXDO 3HUVSHFWLYHV 0DKZDK 1- /DZUHQFH (UOEDXP $VVRFLDWHV
6WXPS * +RZ 3HFXOLDU LV (YDOXDWLYH 0RUSKRORJ\" -RXUQDO RI /LQJXLVWLFV ²
7DOP\ / 6HPDQWLFV DQG 6\QWD[ RI 0RWLRQ ,Q - .LPEDOO HG 6\QWD[ DQG
6HPDQWLFV ² 1HZ <RUN $FDGHPLF 3UHVV
7DOP\ / +RZ /DQJXDJH 6WUXFWXUHV 6SDFH /DQJXDJH ²
7DOP\ / /H[LFDOL]DWLRQ 3DWWHUQV 6HPDQWLF 6WUXFWXUH LQ /H[LFDO )RUPV ,Q 7 6KRSHQ HG /DQJXDJH 7\SRORJ\ DQG 6\QWDFWLF 'HVFULSWLRQ *UDPPDWLFDO &DWH
JRULHV DQG WKH /H[LFRQ YRO ² 1HZ <RUN &DPEULGJH 8QLYHUVLW\ 3UHVV
7DOP\ / 7RZDUG D &RJQLWLYH 6HPDQWLFV &DPEULGJH 0$ 0,7 3UHVV
7RYHQD / 3OXUDFWLRQDOLW\ DQG WKH 8QLW\ RI WKH (YHQW ,Q 0 $ORQL . 6FKXO] HGV $PVWHUGDP &ROORTXLXP ² +HLGHOEHUJ 6SULQJHU
7RYHQD / :KHQ 6PDOO LV 0DQ\ LQ WKH (YHQW 'RPDLQ /H[LV ² 7RYHQD / $ .LKP (YHQW ,QWHUQDO 3OXUDFWLRQDO 9HUEV LQ 6RPH 5RPDQFH
/DQJXDJHV 5HFKHUFKHV OLQJXLVWLTXHV GH 9LQFHQQHV ²
9HOMNRYLĿ6WDQNRYLĿ ' 3RHWVNL GLSWLK X RVDP GHPLQXWLYQLK SRWH]D ² REUDGD SHVPH 'XɐND 5DGRYLĿD ´0DOL ʿLYRWµ X RVQRYQRM ɐNROL .QMLʿHYQRVW L MH]LN ² ²
˅LEUHJ , 3ULORJ XSR]QDYDQMX JODJROVNH GHPLQXFLMH X VUSVNRKUYDWVNRP MH]LNX 3ULOR]L SURXŁDYDQMX MH]LND ²
NBOOFS PG NPUJPO FWBMVBUJWF BOE QMVSBDUJPOBM NPSQIPMPHZ <> :RRG ( - 7KH 6HPDQWLF 7\SRORJ\ RI 3OXUDFWLRQDOLW\ 8QLYHUVLW\ RI &DOLIRUQLD
%HUNHOH\ GLVVHUWDWLRQ
<X $ 3OXUDFWLRQDOLW\ LQ &KHFKHQ 1DWXUDO /DQJXDJH 6HPDQWLFV ² =ODWHY - 3 <DQJNODQJ $ 7KLUG :D\ WR 7UDYHO ,Q 6 6WU|PTYLVW / 9HU
KRHYHQ HGV 5HODWLQJ (YHQWV LQ 1DUUDWLYH 7\SRORJLFDO DQG &RQWH[WXDO 3HUVSHFWLYHV ² +LOOVGDOH 1- /DZUHQFH (UOEDXP $VVRFLDWHV
B V U I P S D P O UBD U J O G P S N BU J P O 'HMDQ 6WRVLF
&//((566 805 0'5 8QLYHUVLWp GH 7RXORXVH/H 0LUDLO DOOpHV $QWRQLR 0DFKDGR 7RXORXVH &HGH[ )UDQFH