1DWLRQDO,QVWLWXWHIRU%DVLF%LRORJ\(QYLURQPHQWDO%LRORJ\',9,6,212)02/(&8/$5(19,5210(17$/(1'2&5,12/2*<

3URIHVVRU,*8&+,7DLVHQ$VVLVWDQW3URIHVVRU
0,<$*$:$6KLQLFKL
2*,12<XNLNR
1,%%5HVHDUFK)HOORZ 0,<$.$:$+LWRVKL
3RVWGRFWRUDO)HOORZ+,587$&KL]XH&+$.5$%257<7DSDV
7HFKQLFDO6WDII
0,=87$1,7DNHVKL
62.(1'$,*UDGXDWH6WXGHQW 72<27$.HQML680,<$(UL<$7685\RKHL
9LVLWLQJ*UDGXDWH6WXGHQW 72<$0$6DNL
9LVLWLQJ6FLHQWLVW
2'$6KLJHWD
%5,$13HWHU
+,5$.$:$,NXPL
6(%,//27$QWKRQ\<281*6/RXLVH
7HFKQLFDO$VVLVWDQW
+$<$6+,7RPRNR
,1$%$.D\R
6HFUHWDU\,0$,=80,7DHNR

6\QWKHWLF FKHPLFDOV IRXQG LQ WKH HQYLURQPHQW KDYH WKHFDSDFLW\ WR GLVUXSW WKH GHYHORSPHQW DQG IXQFWLRQ RI WKHHQGRFULQH V\VWHP LQ ERWK ZLOGOLIH DQG KXPDQV 7KLV KDVGUDZQ SXEOLF FRQFHUQ VLQFH PDQ\ RI WKHVH FKHPLFDOV PD\
ELQG WR HVWURJHQ UHFHSWRUV (5V  DQG HYRNH HVWURJHQLF
HIIHFWV(DUO\HYLGHQFHWKDWH[SRVXUHWRHVWURJHQLFFKHPLFDOVGXULQJ GHYHORSPHQW FRXOG SRVH D WKUHDW WR KXPDQ KHDOWKFDPHIURPVWXGLHVRIDV\QWKHWLFKRUPRQHGLHWK\OVWLOEHVWURO'(6  ZKLFK ZDV XVHG WR SUHYHQW SUHPDWXUH ELUWK DQGVSRQWDQHRXV DERUWLRQ  /DERUDWRU\ H[SHULPHQWV VKRZHG WKDWH[SRVXUHRIDQLPDOVWRVH[KRUPRQHVGXULQJFULWLFDOZLQGRZVRI SHULQDWDO OLIH FDXVHG LUUHYHUVLEOH DOWHUDWLRQV WR WKHHQGRFULQH DQG UHSURGXFWLYH V\VWHPV RI ERWK VH[HV 7KHLPPXQH DQG QHUYRXV V\VWHPV ERQH PXVFOH DQG WKH OLYHU
ZHUH DOVR DIIHFWHG$OWKRXJK PDQ\ RI WKHVH FKHPLFDOV FDQ
ELQGWR(5VLQZLOGOLIHDQGKXPDQVWKHPROHFXODUEDVLVIRU
WKH DFWLRQ RI HQYLURQPHQWDO HVWURJHQV UHPDLQV SRRUO\XQGHUVWRRG 7KXV XQGHUVWDQGLQJ WKH PROHFXODU PHFKDQLVPVWKURXJK ZKLFK HQYLURQPHQWDO HVWURJHQV DQG VH[ KRUPRQHV
DFWGXULQJFULWLFDOGHYHORSPHQWDOZLQGRZVLVHVVHQWLDO

,' HYHORSPHQWDO RULJLQ RI DGXOW GLVHDVH
3HULQDWDO HVWURJHQ H[SRVXUH LQGXFHVSHUVLVWHQWFKDQJHVLQUHSURGXFWLYHWUDFWV
7KH HPHUJLQJ SDUDGLJP RI WKH ´HPEU\RQLFIHWDO RULJLQV RIDGXOW GLVHDVHµ SURYLGHV D SRZHUIXO QHZ IUDPHZRUN IRUFRQVLGHULQJWKHHIIHFWVRIHQGRFULQHGLVUXSWHUVRQKXPDQDQG
DQLPDOKHDOWK,QSUHQDWDO'(6H[SRVXUHZDVIRXQGWRUHVXOW LQ YDULRXV DEQRUPDOLWLHV RI WKH UHSURGXFWLYH WUDFW LQ
ZRPHQ 7KLV V\QGURPH ZDV QDPHG WKH '(6 V\QGURPH
6LPLODU DEQRUPDOLWLHV KDYH EHHQ GHPRQVWUDWHG LQ
H[SHULPHQWDO DQLPDOV H[SRVHG SHULQDWDOO\ WR HVWURJHQV'HYHORSPHQWDO HVWURJHQ H[SRVXUH LQ PLFH IRU H[DPSOHLQGXFHV SHUVLVWHQW SUROLIHUDWLRQ RI YDJLQDO HSLWKHOLDO FHOOV)LJXUH :HIRXQGWKDWWKHSHUVLVWHQWFKDQJHVLQWKHYDJLQD
LQ PLFH H[SRVHG QHRQDWDOO\ WR HVWURJHQV UHVXOW IURP WKHSHUVLVWHQW DFWLYDWLRQ RI HUE%V DQG (5_ DQG VXVWDLQHG
H[SUHVVLRQRI(*)OLNHJURZWKIDFWRUV )LJXUH &XUUHQWO\ZHDUHDQDO\]LQJWKHPHWK\ODWLRQVWDWXVLQWKHPRXVHYDJLQDXVLQJ 0H',3 PHWK\ODWHG '1$ LPPXQRSUHFLSLWDWLRQ 
FRXSOHG ZLWK D PLFURDUUD\ 0H',3FKLS :H IRXQG VHYHUDOGLIIHUHQWLDOO\ PHWK\ODWHG RU GHPHWK\ODWHG '1$ SURILOHV LQ
QHRQDWDOO\ '(6H[SRVHG PRXVH YDJLQDH DQG FRQWUROV :H
WKXV FRQVLGHU WKDW QHRQDWDO '(6 H[SRVXUH DIIHFWV '1$
PHWK\ODWLRQ SURILOHV UHVXOWLQJ LQ SHUVLVWHQW DEQRUPDOLWLHV LQ
PRXVHUHSURGXFWLYHRUJDQV)LJXUH  $ K\SRWKHWLFDO PRGHO IRU WKH HVWURJHQLQGHSHQGHQW (5
DFWLYDWLRQSDWKZD\LQPRXVHYDJLQDH,,( VWURJHQ UHFHSWRUV RI ELUGV UHSWLOHVDPSKLELDQVDQGILVKHV)LJXUH  6FKHPH RI HVWURJHQGHSHQGHQW DQG LQGHSHQGHQW YDJLQDOHSLWKHOLDO FHOO SUROLIHUDWLRQ LQ PLFH LQGXFHG E\ SHULQDWDO HVWURJHQ
H[SRVXUH



6WHURLG DQG [HQRELRWLF UHFHSWRUV 6;5  KDYH EHHQ FORQHG
IURPYDULRXVDQLPDOVSHFLHV ILVKDPSKLELDQVUHSWLOHVELUGV
DQG PDPPDOV  E\ RXU JURXS DQG ZH KDYH GHPRQVWUDWHG
VSHFLHVVSHFLILF GLIIHUHQFHV LQ WKHLU UHVSRQVHV WR YDULRXVHQYLURQPHQWDO DQG HQGRJHQRXV FKHPLFDOV UHFHSWRU JHQH
]RR 7KXV VLPSOH SUHGLFWLRQV RI FKHPLFDO HIIHFWV EDVHG RQ
GDWDIURPDIHZHVWDEOLVKHGPRGHOVSHFLHVDUHQRWVXIILFLHQW
WR GHYHORS UHDO ZRUOG ULVN DVVHVVPHQWV (5 DQG (5OLNHJHQHV KDYH EHHQ FORQHG IURP YDULRXV DQLPDO VSHFLHVLQFOXGLQJURFNVKHOO$PSKLR[XVODPSUH\OXQJILVKVWXUJHRQ
JDU URDFK VWLFNOHEDFN PRVTXLWRILVK PDQJURYH 5LYXOXVFDWVKDUN ZKDOH VKDUN -DSDQHVH JLDQW VDODPDQGHU 7RN\RVDODPDQGHU QHZW D[RORWO WRDG 6LOXUDQD WURSLFDOLV$PHULFDQ DOOLJDWRU 1LOH FURFRGLOH IUHVKZDWHU WXUWOH
-DSDQHVH UDW VQDNH 2NLQDZD KDEX DQG YXOWXUHV )XQFWLRQDOVWXGLHV VKRZHG WKDW WKH $PSKLR[XV (5 VHTXHQFH GRHV QRWELQG HVWURJHQ EXW $PSKLR[XV VWHURLG UHFHSWRU DQG ODPSUH\(5 H[KLELWHG OLJDQGGHSHQGHQW WUDQVDFWLYDWLRQ SURYLQJ WKDWLQYHUWHEUDWH DQG SULPLWLYH YHUWHEUDWHV VXFK DV WKH$JQDWKDKDYH D IXQFWLRQDO (5 :H IRXQG WKDW PHGDND (5 VXEW\SHV
KDYH WKHLU VSHFLILF IXQFWLRQV DQG PHGDND ]HEUDILVK DQGVWLFNOHEDFN(5VDUHPRUHVHQVLWLYHWRHVWURJHQHVWURJHQOLNHFKHPLFDOH[SRVXUHVWKDQRWKHUILVKHVE\UHSRUWHUJHQHDVVD\
7KXV WKHVH DSSURDFKHV DUH HIILFLHQW WR HYDOXDWH WKHUHODWLRQVKLS EHWZHHQ VSHFLHV DQG WKHLU VHQVLWLYLWLHV WR
FKHPLFDOV,,,( YROXWLRQDU\ KLVWRU\ DQG IXQFWLRQDOFKDUDFWHUL]DWLRQ RI DQGURJHQ UHFHSWRU
JHQHVLQMDZHGYHUWHEUDWHV
9HUWHEUDWHV VKRZ GLYHUVH VH[XDO FKDUDFWHULVWLFV ZKLFK DUHUHJXODWHGE\DQGURJHQV7RHOXFLGDWHWKHHYROXWLRQDU\KLVWRU\
DQG IXQFWLRQDO GLYHUVLILFDWLRQ RI DQGURJHQ UHFHSWRU $5 
JHQHVLQYHUWHEUDWHVZHFORQHGWKH$5F'1$VIURPDVKDUNEDVDO UD\ILQQHG ILVKHV $FWLQRSWHU\JLL  QDPHO\ ELFKLU DQGVWXUJHRQ $FLSHQVHULIRUPHV  DQG WHOHRVWV LQFOXGLQJ D EDVDOWHOHRVW DURZDQD 2VWHRJORVVLIRUPHV   0ROHFXODUSK\ORJHQHWLFDQDO\VLVUHYHDOHGWKDWDJHQHGXSOLFDWLRQHYHQW
JDYH ULVH WR WZR GLIIHUHQW WHOHRVW$5V _ DQG `  DQG OLNHO\RFFXUUHG LQ WKH DFWLQRSWHU\JLDQ OLQHDJH OHDGLQJ WR WHOHRVWVDIWHUWKHGLYHUJHQFHRI$FLSHQVHULIRUPHVEXWEHIRUHWKHVSOLWRI 2VWHRJORVVLIRUPHV )XQFWLRQDO DQDO\VLV UHYHDOHG WKDW WKHVKDUN$5 DFWLYDWHV WKH WDUJHW JHQH YLD DQGURJHQ UHVSRQVH
HOHPHQW E\ FODVVLFDO DQGURJHQV 7KH WHOHRVW$5_ VKRZHG
XQLTXH LQWUDFHOOXODU ORFDOL]DWLRQ ZLWK D VLJQLILFDQWO\ KLJKHUWUDQVDFWLYDWLRQ FDSDFLW\ WKDQ WKDW RI WHOHRVW $5` 7KHVH
UHVXOWVLQGLFDWHWKDWWKHPRVWDQFLHQWW\SHRI$5DVDFWLYDWHG
E\ WKH FODVVLF DQGURJHQV DV OLJDQGV HPHUJHG EHIRUH WKH&KRQGULFKWK\HV2VWHLFKWK\HV VSOLW DQG WKH $5 JHQH ZDVGXSOLFDWHG GXULQJ D WHOHRVWVSHFLILF JHQH GXSOLFDWLRQ HYHQW)LJXUH ,93DSLOODU\SURFHVVIRUPDWLRQLQPHGDND$QGURJHQV SOD\ NH\ UROHV LQ WKH PRUSKRORJLFDOVSHFLILFDWLRQ RI PDOH W\SH VH[ FKDUDFWHULVWLFV DQGUHSURGXFWLYH RUJDQV ZKHUHDV OLWWOH LV NQRZQ DERXW WKHGHYHORSPHQWDO PHFKDQLVPV 0HGDND VKRZ D SURPLQHQWPDVFXOLQH VH[XDO FKDUDFWHU SDSLOODU\ SURFHVVHV LQ WKH DQDO
ILQ ZKLFK KDV EHHQ LQGXFHG LQ IHPDOHV E\ H[RJHQRXVDQGURJHQ H[SRVXUH :H KDYH LGHQWLILHG DQGURJHQ GHSHQGHQW
H[SUHVVLRQV RI %PS DQG /HI DUH UHTXLUHG IRU WKH ERQHQRGXOH RXWJURZWK OHDGLQJ WR WKH IRUPDWLRQ RI WKH SDSLOODU\SURFHVV LQ WKH SRVWDO UHJLRQ RI WKH DQDO ILQ :H KDYH DOVRGHYHORSHG D WHVWLQJ PHWKRG IRU VFUHHQLQJ RI FKHPLFDOVKDYLQJDQGURJHQDQGDQWLDQGURJHQLFDFWLYLW\XVLQJWKHDQDO
ILQLQMXYHQLOHPHGDND)LJXUH(YROXWLRQDU\UHODWLRQVKLSVRIDQGURJHQUHFHSWRUVHTXHQFHVLQIRUPDWLRQ DERXW WKH PRGH RI DFWLRQ RI WKH WHVWHGFRPSRXQGV 7KHUHIRUH ZH DSSOLHG DQ HFRWR[LFRJHQRPLF
DVVHVVPHQW RI ' PDJQD :H HVWDEOLVKHG D 'DSKQLD (67GDWDEDVH DQG GHYHORSHG DQ  ROLJRQXFOHRWLGHEDVHG '1$PLFURDUUD\ ZLWK KLJK UHSURGXFLELOLW\ DQG GHPRQVWUDWHG WKHXVHIXOQHVV RI WKH DUUD\ IRU WKH FODVVLILFDWLRQ RI WR[LF
FKHPLFDOV DV ZHOO DV IRU WKH PROHFXODU XQGHUVWDQGLQJ RI
FKHPLFDO WR[LFLW\ LQ D FRPPRQ IUHVKZDWHU RUJDQLVP '
PDJQDUHSURGXFHDVH[XDOO\ SDUWKHQRJHQHVLV ZKHQWKH\DUH
LQ DQ RSWLPDO HQYLURQPHQW IRU IRRG SKRWRSHULRG DQGSRSXODWLRQ GHQVLW\ 2QFH HQYLURQPHQWDO FRQGLWLRQV EHFRPH
VXERSWLPDO WKH\ DOWHU WKHLU UHSURGXFWLYH VWUDWHJ\ IURPDVH[XDOWRVH[XDOUHSURGXFWLRQ )LJXUH &KHPLFDOVDUHDEOH
WR DIIHFW WKH VH[ GHWHUPLQDWLRQ RI ' PDJQD DQG ZH IRXQG
WKDW MXYHQLOH KRUPRQH -+  DJRQLVWV LQVHFW JURZWKUHJXODWRUV  IRU H[DPSOH LQGXFH WKH SURGXFWLRQ RI PDOHRIIVSULQJ 7KH PROHFXODU EDVLV RI HQYLURQPHQWDO VH[GHWHUPLQDWLRQ LV ODUJHO\ XQNQRZQ LQ ' PDJQD 7R
XQGHUVWDQG WKH PROHFXODU PHFKDQLVPV RI WKLV SKHQRPHQRQ
ZH LVRODWHG VH[ GHWHUPLQDWLRQUHODWHG JHQHV$OVR ZH KDYHGHYHORSHG D PHWKRG WR LQMHFW JHQHV LQWR ' PDJQD DQG '
SXOH[HPEU\RVZKLFKZLOODOORZXVWRVWXG\JDLQDQGORVVRIIXQFWLRQDQDO\VHVLQPRUHGHWDLOLQWKLVVSHFLHV8VLQJWKHVH
WHFKQLTXHVZHGHPRQVWUDWHGWKDW'6; GRXEOHVH[ RQH

96H[GLIIHUHQWLDWLRQPHFKDQLVPLQ'DSKQLGV'DSKQLD PDJQD KDV EHHQ XVHG H[WHQVLYHO\ WR HYDOXDWH WKHRUJDQLVP DQG SRSXODWLRQEDVHG UHVSRQVHV RI WR[LFLW\ RU
UHSURGXFWLYHWR[LFLW\WHVWV7KHVHWHVWVKRZHYHUSURYLGHQR)LJXUH/LIHF\FOHRI'DSKQLD

1DWLRQDO,QVWLWXWHIRU%DVLF%LRORJ\(QYLURQPHQWDO%LRORJ\RIWKH'0GRPDLQJHQHVLVHVVHQWLDOIRUPDOHGLIIHUHQWLDWLRQ
LQ ' PDJQD 7R IXUWKHU H[SORUH WKH VLJQDOLQJ FDVFDGH RI
VH[XDOGLIIHUHQWLDWLRQLQ'PDJQDDJHQHH[SUHVVLRQSURILOH
RI -+UHVSRQVLYH JHQHV LV HVVHQWLDO :H DUH LGHQWLI\LQJ
-+UHVSRQVLYHJHQHVLQWKHRYDU\RI'PDJQDH[SRVHGWR-+
DJRQLVWDQGPHWK\OIDUQHVRDWH -+LGHQWLILHGLQGHFDSRGV DW
WKH FULWLFDO WLPLQJ RI -+LQGXFHG VH[ GHWHUPLQDWLRQ LQ '
PDJQD :H KDYH LGHQWLILHG -+ UHFHSWRU KHWHURGLPHU RI
PHWKRSUHQHWROHUDQW DQG VWHURLG UHFHSWRU FRDFWLYDWRU  LQ
GDSKQLGV

3XEOLFDWLRQ/LVW〔2ULJLQDOSDSHUV〕(. 2JLQR < ,JXFKL 7 %DUEHU '6 DQG 'HQVORZ
%URFNPHLHU
1'   (IIHFWV RI ơWUHQERORQH RQ (DVWHUQ DQG :HVWHUQPRVTXLWRILVK *DPEXVLDKROEURRNLDQG*DIILQLV DQGDQDOILQJURZWKDQGJHQHH[SUHVVLRQSDWWHUQV$TXDW7R[LFRO&
+LUDNDZD , 0L\DJDZD 6 0LWVXL 1 0L\DKDUD 0 2QLVKL <
.DJDPL<.XVDQR77DNHXFKL72KWD<DQG,JXFKL7  'HYHORSPHQWDO GLVRUGHUV DQG DOWHUHG JHQH H[SUHVVLRQ LQ WKH WURSLFDOFODZHG IURJ 6LOXUDQD WURSLFDOLV  H[SRVHG WR _HWKLQ\OHVWUDGLRO -
$SSO7R[LFRO+LUXWD & 7R\RWD . 0L\DNDZD + 2JLQR < 0L\DJDZD 6
7DWDUD]DNR 1 6KDZ -5 DQG ,JXFKL 7   'HYHORSPHQW RI D
PLFURLQMHFWLRQV\VWHPIRU51$LQWHUIHUHQFHLQWKHZDWHUIOHD'DSKQLDSXOH[%0&%LRWHFKQRO
-HRQJ 6: /HH 60<XP 66 ,JXFKL 7 DQG 6HR<5  *HQRPLFH[SUHVVLRQUHVSRQVHVWRZDUGELVSKHQRO$WR[LFLW\LQ'DSKQLD
PDJQDLQWHUPVRIUHSURGXFWLYHDFWLYLW\0RO&HOO7R[LFRO
.DNXWD+0DWVXVKLWD$$ULNDZD.,JXFKL7DQG6DWR7  &KROHVWHUROKRPHRVWDVLVLQWKHRYDULHVRIQHRQDWDOO\GLHWK\OVWLOEHVWUROWUHDWHGPLFH([S&OLQ(QGRFU'LDEHWHV.DWRK 7 +D\DVKL 6 ,JXFKL 7 DQG 6DWR 7   (SLWKHOLDOVWURPDO LQWHUDFWLRQV LQ WKH PRXVH YDJLQD H[SRVHG QHRQDWDOO\ WR
GLHWK\OVWLOEHVWURO,Q9LYR.DWVX < /DQJH $ 0L\DJDZD 6 8UXVKLWDQL + 7DWDUD]DNR 1.DZDVKLPD<7\OHU&5DQG,JXFKL7  &ORQLQJH[SUHVVLRQ
DQG IXQFWLRQDO FKDUDFWHUL]DWLRQ RI FDUS &\SULQXV FDUSLR HVWURJHQ
UHFHSWRUV DQG WKHLU GLIIHUHQWLDO DFWLYDWLRQV E\ HVWURJHQV - $SSO
7R[LFRO
0L\DNDZD+7R\RWD.+LUDNDZD,2JLQR<0L\DJDZD62GD
67DWDUD]DNR10LXUD7&ROERXUQH-.DQG,JXFKL7  $PXWDWLRQLQWKH0HWKRSUHQHWROHUDQWDOWHUVMXYHQLOHKRUPRQHUHVSRQVH
LQLQVHFWVDQGFUXVWDFHDQV1DWXUH&RPPXQ
2ND 7 0LWVXL:DWDQDEH 1 7DWDUD]DNR 1 2QLVKL < .DWVX <
0L\DJDZD62JLQR<<DWVX5.RKQR67DNDVH0.DZDVKLPD
<$RNL<*XLOOHWWH/--UDQG,JXFKL7  (VWDEOLVKPHQWRIWUDQVDFWLYDWLRQ DVVD\ V\VWHPV XVLQJ ILVK DPSKLELDQ UHSWLOLDQ DQGKXPDQWK\URLGKRUPRQHUHFHSWRUV-$SSO7R[LFRO
7R\RWD..DWR<6DWR06XJLXUD10L\DJDZD60L\DNDZD+ :DWDQDEH + 2GD 6 2JLQR < +LUXWD & 0L]XWDQL 7
7DWDUD]DNR13DODQG6-DFNVRQ&&ROERXUQH-.DQG,JXFKL7 0ROHFXODUFORQLQJRIGRXEOHVH[JHQHVRIIRXUFODGRFHUD ZDWHUIOHD VSHFLHV%0&*HQRPLFV
8UXVKLWDQL + .DWVX < 2KWD < 6KLUDLVKL + ,JXFKL 7 DQG+RULJXFKL7  &ORQLQJDQGFKDUDFWHUL]DWLRQRIWKHUHWLQRLFDFLG
UHFHSWRUOLNHSURWHLQLQWKHURFNVKHOO7KDLVFODYLJHUD$TXDW7R[LFRO&












〔2ULJLQDOSDSHUV (SXEOLFDWLRQDKHDGRISULQW 〕

1DNDPXUD$7DNDQREX+7DPXUD,<DPDPXUR0,JXFKL7DQG
7DWDUD]DNR19HULILFDWLRQRIUHVSRQVHVRI-DSDQHVHPHGDND 2U\]LDVODWLSHV  WR DQWLDQGURJHQV YLQFOR]ROLQ DQG IOXWDPLGH LQ VKRUWWHUPDVVD\V-$SSO7R[LFRO6HS
2JLQR < +LUDNDZD , ,QRKD\D . 6XPL\D ( 0L\DJDZD 6
7DWDUD]DNR 1 'HQVORZ 0 <DPDGD * DQG ,JXFKL 7 %PS DQG/HIDUHWKHGRZQVWUHDPHIIHFWRUVRIDQGURJHQVLJQDOLQJLQDQGURJHQLQGXFHG VH[ FKDUDFWHULVWLFV GHYHORSPHQW LQ PHGDND (QGRFULQRORJ\1RY
7R\RWD..DWR<0L\DNDZD+<DWVX50L]XWDQL72JLQR<
0L\DJDZD6:DWDQDEH+1LVKLGH+8FKL\DPD,7DWDUD]DNR1
DQG ,JXFKL 7 0ROHFXODU LPSDFW RI MXYHQLOH KRUPRQH DJRQLVWV RQ
QHRQDWDO'DSKQLDPDJQD-$SSO7R[LFRO6HS

〔5HYLHZDUWLFOHV〕
c +HLQGHO -- .LGG .$ -REOLQJ 6 =RHOOHU 57
%HUJPDQ%HFKHU * %MHUUHJDDUG 3 %RUQPDQ 5 %UDQGW , %ULDQ -9
.RUWHQNDPS$0XLU'2FKLHQJ56NDNNHEDHN1(,JXFKL7
7RSSDUL-DQG:RRGUXII7-  6WDWHRIWKH6FLHQFHRI(QGRFULQH
'LVUXSWLQJ&KHPLFDOV:+2DQG81(3SS
%HUJPDQ c +HLQGHO -- .LGG .$ -REOLQJ 6 =RHOOHU 57
%HFKHU * %MHUUHJDDUG 3 %RUQPDQ 5 %UDQGW , %ULDQ -9
.RUWHQNDPS$0XLU'2FKLHQJ56NDNNHEDHN1(,JXFKL7
7RSSDUL - DQG :RRGUXII 7-   7KH LPSDFW RI HQGRFULQH
GLVUXSWLRQ$FRQVHQVXVVWDWHPHQWRQWKHVWDWHRIWKHVFLHQFH(QYLURQ+HDOWK3HUVSHFW$
6WRO]HQEHUJ+&)ULVFKH7'HOODUFR9/7LPP**RXUPHORQ$ ,JXFKL 7 ,QJHUVOHY ) DQG 5REHUWV 0   7KH UHJXODWRU\
QHHGIRUWHVWVWRGHWHFW('&VDQGDVVHVVWKHLUKD]DUGVWRZLOGOLIH,Q(QGRFULQH 'LVUXSWHUV +D]DUG 7HVWLQJ DQG $VVHVVPHQW 0HWKRGV0DWWKLHVVHQ3 HG :LOH\SS