$1,6,029ꢃꢃHWꢃDOꢌꢃ
ꢀꢅꢆꢃ
ꢋꢄWHUWꢀ%XW\OꢄꢇꢄF\DQRꢄꢃꢄSKHQ\OS\ULGLQHꢄꢂꢄWKLRO
1ꢄꢉꢃꢄ%URPRSKHQ\OꢊꢄꢂꢄꢉꢈꢄPHWK\OꢄꢃꢄSKHQ\Oꢄꢃ+ꢄ
ꢉ,,Dꢊꢅꢃ<LHOGꢃꢀꢂFꢄꢃPSꢃꢅꢊꢇ±ꢅꢊꢒ&ꢌꢃ +ꢃ105ꢃVSHFWUXPꢄꢃ ꢀꢁꢂꢁꢃꢄWULD]ROꢄꢇꢄ\OVXOIDQ\OꢊDFHWDPLGH ꢉ,Gꢊꢅꢃ<LHOGꢃꢀꢂFꢄꢃ
ꢄꢃSSPꢎꢃꢁꢊꢌꢒꢆꢃEUꢌVꢃꢏꢁ+ꢄꢃ1+ꢐꢄꢃꢒꢌꢇꢃPꢃꢏꢇ+ꢄꢃ+ ꢐꢄꢃꢋꢌꢉꢒꢃVꢃ PSꢃꢁꢂꢒ±ꢁꢂꢀ&ꢌꢃ +ꢃ105ꢃVSHFWUXPꢄꢃ ꢄꢃSSPꢎꢃꢀꢌꢇꢆꢃEUꢌVꢃ
ꢏꢁ+ꢄꢃꢇꢈ+ꢐꢍꢃꢁꢌꢁꢉꢃVꢃꢏꢀ+ꢄꢃWꢈ%Xꢐꢌꢃ)RXQGꢄꢃFꢎꢃ&ꢃꢒꢁꢌꢁꢒꢍꢃꢃ ꢏꢁ+ꢄꢃ1+ꢐꢄꢃꢒꢌꢅꢆꢃPꢃꢏꢉ+ꢄꢃ+ ꢐꢄꢃꢒꢌꢆꢆꢃPꢃꢏꢇ+ꢄꢃ+ ꢐꢄꢃꢃ
+ꢃꢇꢌꢀꢂꢍꢃ1ꢃꢁꢆꢌꢉꢁꢌꢃ& + 1 6ꢌꢃ&DOFXODWHGꢄꢃFꢎꢃ&ꢃꢒꢁꢌꢋꢆꢍꢃ ꢊꢌꢀꢇꢃVꢃꢏꢅ+ꢄꢃ&+ ꢐꢄꢃꢅꢌꢊꢉꢃVꢃꢏꢊ+ꢄꢃ0Hꢐꢌꢃ)RXQGꢄꢃFꢎꢃ&ꢃꢇꢁꢌꢆꢁꢍꢃ
+ꢃꢊꢌꢋꢒꢍꢃ1ꢃꢁꢊꢌꢀꢆꢌꢃ& + %U1 26ꢌꢃ&DOFXODWHGꢄꢃFꢎꢃꢃ
+ꢃꢋꢌꢆꢁꢍꢃ1ꢃꢁꢆꢌꢉꢇꢌꢃ
&ꢃꢇꢆꢌꢋꢊꢍꢃ+ꢃꢊꢌꢒꢇꢍꢃ1ꢃꢁꢊꢌꢂꢀꢌꢃ
6XOIRQ\O FKORULGHV ,E DQG ,,E ꢉJHQHUDOꢀSURFHGXUHꢊꢅꢃ
7KLROꢃ,DꢃRUꢃ,,DꢄꢃꢇꢃPPROꢄꢃZDVꢃGLVVROYHGꢃLQꢃꢂꢆFꢃDFHWLFꢃ
DFLGꢄꢃ DQGꢃ JDVHRXVꢃ FKORULQHꢃ ZDVꢃ SDVVHGꢃ WKURXJKꢃ WKHꢃ
VROXWLRQꢃRYHUꢃDꢃSHULRGꢃRIꢃꢂ±ꢁꢆꢃKꢃDWꢃURRPꢃWHPSHUDWXUHꢃ
ꢏXQWLOꢃWKHꢃLQLWLDOꢃWKLROꢃGLVDSSHDUHGꢃDFFRUGLQJꢃWRꢃWKHꢃ7/&ꢃ
GDWDꢐꢌꢃ 7KHꢃ SUHFLSLWDWHꢃ ZDVꢃ ILOWHUHGꢃ RIIꢃ DQGꢃ UHFU\VWDOꢈ
OL]HGꢃIURPꢃEHQ]HQH±KH[DQHꢌꢃ
1ꢄꢉꢃꢄ%URPRSKHQ\OꢊꢄꢂꢄꢉꢋꢄWHUWꢄEXW\OꢄꢇꢄF\DQRꢄꢃꢄ
SKHQ\OS\ULGLQꢄꢂꢄ\OVXOIDQ\OꢊDFHWDPLGH ꢉ,,Gꢊꢅꢃ<LHOGꢃ
ꢀꢋFꢄꢃ PSꢃ ꢅꢇꢒ±ꢅꢇꢂ&ꢌꢃ +ꢃ 105ꢃ VSHFWUXPꢄꢃ ꢄꢃ SSPꢎꢃ
ꢁꢆꢌꢊꢆꢃEUꢌVꢃꢏꢁ+ꢄꢃ1+ꢐꢄꢃꢒꢌꢇꢆꢃPꢃꢏꢇ+ꢄꢃ+ ꢐꢄꢃꢒꢌꢊꢇꢃPꢃꢏꢉ+ꢄꢃ
+
ꢐꢄꢃꢒꢌꢅꢒꢃVꢃꢏꢁ+ꢄꢃꢇꢈ+ꢄꢃ3\ꢐꢄꢃꢉꢌꢊꢊꢃVꢃꢏꢅ+ꢄꢃ&+ ꢐꢄꢃꢁꢌꢊꢅꢃVꢃ
ꢏꢀ+ꢄꢃWꢈ%Xꢐꢌꢃ)RXQGꢄꢃFꢎꢃ&ꢃꢋꢆꢌꢊꢋꢍꢃ+ꢃꢇꢌꢆꢅꢍꢃ1ꢃꢂꢌꢒꢊꢌꢃ
& + %U1 26ꢌꢃ&DOFXODWHGꢄꢃFꢎꢃ&ꢃꢋꢆꢌꢆꢆꢍꢃ+ꢃꢉꢌꢋꢅꢍꢃꢃ
1ꢃꢂꢌꢒꢇꢌꢃ
ꢈꢄ0HWK\OꢄꢃꢄSKHQ\Oꢄꢃ+ꢄꢀꢁꢂꢁꢃꢄWULD]ROHꢄꢇꢄVXOIRQ\O
FKORULGH ꢉ,Eꢊꢅꢃ<LHOGꢃꢊꢒFꢄꢃPSꢃꢁꢅꢇ±ꢁꢅꢒ&ꢌꢃ +ꢃ105ꢃ
VSHFWUXPꢄꢃ ꢄꢃSSPꢎꢃꢒꢌꢊꢃPꢃꢏꢇ+ꢄꢃ+ ꢐꢄꢃꢅꢌꢉꢁꢃVꢃꢏꢊ+ꢄꢃ0Hꢐꢌꢃ
)RXQGꢄꢃFꢎꢃ &ꢃ ꢉꢁꢌꢀꢅꢍꢃ +ꢃ ꢊꢌꢅꢆꢍꢃ 1ꢃ ꢁꢋꢌꢅꢂꢌꢃ & + &O1 2 6ꢌꢃ
&DOFXODWHGꢄꢃFꢎꢃ&ꢃꢉꢁꢌꢀꢇꢍꢃ+ꢃꢊꢌꢁꢊꢍꢃ1ꢃꢁꢋꢌꢊꢁꢌꢃ
2[LGDWLRQ RI VXOILGHV ,G DQG ,,G ZLWK K\GURJHQ
SHUR[LGH LQ DFHWLF DFLG ꢉVHHꢃWDEOHꢊꢅꢃ5XQꢀQRꢇꢀꢂꢌꢃ7KHꢃ
SURFHGXUHꢃ ZDVꢃ WKHꢃ VDPHꢃ DVꢃ LQꢃ >ꢂ@ꢌꢃ 6XOILGHꢃ ,Gꢃ RU ,,Gꢄꢃꢃ
ꢁꢆꢃ PPROꢄꢃ ZDVꢃ GLVVROYHGꢃ LQꢃ ꢁꢆꢃ POꢃ RIꢃ DFHW LFꢃ DFLGꢄꢃꢃ
ꢁꢁꢃPPROꢃRIꢃDꢃꢊꢆFꢃVROXWLRQꢃRIꢃK\GURJHQꢃSHUR[LGHꢃZDVꢃ
DGGHGꢃGURSZLVHꢃXQGHUꢃVWLUULQJꢄꢃDQGꢃWKHꢃPL[WXUHꢃZDVꢃ
VW LUUHGꢃ IRUꢃ ꢂꢃ Kꢌꢃ7KHꢃ RUJDQLFꢃ SKDVHꢃ ZDVꢃVHSDUDW HGꢃDQGꢃ
HYDSRUDWHGꢄꢃ DQGꢃ WKHꢃ UHVLGXHꢃ ZDVꢃ DQDO\]HGꢃ E\ꢃ 7/&ꢃ
XVLQJꢃDFHWRQH±KH[DQHꢃꢏꢉꢎꢁꢐꢃDVꢃHOXHQWꢌꢃ7KHꢃSURGXFWVꢃ
ZHUHꢃVHSDUDWHGꢃE\ꢃFROXPQꢃFKURPDWRJUDSK\ꢃRQꢃVLOLFDꢃJHOꢃ
ꢏꢁꢆꢆ±ꢁꢋꢆꢃ PꢐꢃXVLQJꢃDFHWRQH±KH[DQHꢃꢏꢉꢎꢁꢐꢃDVꢃHOXHQWꢌꢃ
1ꢄꢉꢃꢄ%URPRSKHQ\OꢊꢄꢂꢄꢉꢈꢄPHWK\OꢄꢃꢄSKHQ\Oꢄꢃ+ꢄ
ꢀꢁꢂꢁꢃꢄWULD]ROꢄꢇꢄ\OVXOILQ\OꢊDFHWDPLGH ꢉ,Hꢊꢅꢃ <LHOGꢃ ꢀꢋFꢄꢃ
PSꢃꢁꢂꢊ±ꢁꢂꢇ&ꢌꢃ +ꢃ105ꢃVSHFWUXPꢄꢃ ꢄꢃSSPꢎꢃꢀꢌꢇꢆꢃEUꢌVꢃ
ꢏꢁ+ꢄꢃ1+ꢐꢄꢃꢒꢌꢅꢆꢃPꢃꢏꢉ+ꢄꢃ+ ꢐꢄꢃꢒꢌꢆꢆꢃPꢃꢏꢇ+ꢄꢃ+ ꢐꢄꢃꢃ
ꢊꢌꢀꢇꢃVꢃꢏꢅ+ꢄꢃ&+ ꢐꢄꢃꢅꢌꢊꢉꢃVꢃꢏꢊ+ꢄꢃ0Hꢐꢌꢃ)RXQGꢄꢃFꢎꢃ&ꢃꢉꢂꢌꢒꢆꢍꢃ
+ꢃ ꢊꢌꢇꢂꢍꢃ 1ꢃ ꢁꢊꢌꢊꢉꢌꢃ & + %U1 2 6ꢌꢃ &DOFXODWHGꢄꢃ Fꢎꢃꢃ
ꢋꢄWHUWꢄ%XW\OꢄꢇꢄF\DQRꢄꢃꢄSKHQ\OS\ULGLQHꢄꢂꢄVXOꢄ
IRQ\O FKORULGH ꢉ,,Eꢊꢅꢃ<LHOGꢃꢉꢇFꢄꢃPSꢃꢅꢉꢋ±ꢅꢉꢂ&ꢌꢃꢃ
+ꢃ105ꢃVSHFWUXPꢄꢃ ꢄꢃSSPꢎꢃꢒꢌꢀꢂꢃVꢃꢏꢁ+ꢄꢃꢇꢈ+ꢐꢄꢃꢒꢌꢇꢃPꢃꢏꢇ+ꢄꢃ
+
ꢐꢄꢃꢁꢌꢊꢅꢃVꢃꢏꢀ+ꢄꢃWꢈ%Xꢐꢌꢃ)RXQGꢄꢃFꢎꢃ&ꢃꢇꢒꢌꢇꢆꢍꢃ+ꢃꢉꢌꢉꢂꢍꢃ
1ꢃꢂꢌꢊꢅꢌꢃ&DOFXODWHGꢄꢃFꢎꢃ&ꢃꢇꢒꢌꢉꢆꢍꢃ+ꢃꢉꢌꢇꢅꢍꢃ1ꢃꢂꢌꢊꢒꢌꢃ
6XOIRQDPLGHV ,F DQG ,,F ꢉJHQHUDOꢀSURFHGXUHꢊꢅꢃ6XOꢈ
IRQ\OꢃFKORULGHꢃ,EꢃRUꢃ,,EꢃZDVꢃGLVVROYHGꢃLQꢃ'0)ꢄꢃꢃ
DQꢃHTXLPRODUꢃDPRXQWꢃRIꢃHWK\OꢃꢉꢈDPLQREHQ]RDWHꢃZDVꢃ
DGGHGꢄꢃ DQGꢃ WKHꢃ PL[WXUHꢃ ZDVꢃ KHDWHGꢃIRUꢃ ꢊꢇꢃ PLQꢃ XQGHUꢃ
UHIOX[ꢃꢏ7/&ꢐꢌꢃ$IWHUꢃFRROLQJꢄꢃWKHꢃSUHFLSLWDWHꢃZDVꢃILOWHUHGꢃ
RIIꢃDQGꢃUHFU\VWDOOL]HGꢃIURPꢃLVRSURS\OꢃDOFRKROꢌꢃ
(WK\O ꢃꢄꢉꢈꢄPHWK\OꢄꢃꢄSKHQ\Oꢄꢃ+ꢄꢀꢁꢂꢁꢃꢄWULD]ROꢄꢇꢄ
\OVXOIRQ\ODPLQRꢊEHQ]RDWH ꢉ,Fꢊꢅꢃ<LHOGꢃꢋꢆFꢄꢃPSꢃꢁꢊꢉ±
ꢁꢊꢋ&ꢌꢃ +ꢃ105ꢃVSHFWUXPꢄꢃ ꢄꢃSSPꢎꢃꢒꢌꢒꢃPꢃꢏꢉ+ꢄꢃ+ ꢐꢄꢃ &ꢃꢉꢂꢌꢒꢆꢍꢃ+ꢃꢊꢌꢋꢁꢍꢃ1ꢃꢁꢊꢌꢊꢋꢌꢃ
ꢒꢌꢊꢃPꢃꢏꢇ+ꢄꢃ+ ꢐꢄꢃꢋꢌꢅꢆꢃVꢃꢏꢁ+ꢄꢃ1+ꢐꢄꢃꢉꢌꢊꢆꢃGꢃꢏꢅ+ꢄꢃ&+ ꢐꢄꢃ
ꢅꢌꢊꢊꢃVꢃꢏꢊ+ꢄꢃ0HꢐꢄꢃꢁꢌꢊꢇꢃWꢃꢏꢊ+ꢄꢃ0Hꢐꢌꢃ)RXQGꢄꢃFꢎꢃ&ꢃꢇꢇꢌꢂꢒꢍꢃ
+ꢃꢉꢌꢒꢆꢍꢃ1ꢃꢁꢉꢌꢉꢂꢌꢃ& + 1 2 6ꢌꢃ&DOFXODWHGꢄꢃFꢎꢃꢃ
&ꢃꢇꢇꢌꢀꢇꢍꢃ+ꢃꢉꢌꢒꢆꢍꢃ1ꢃꢁꢉꢌꢇꢁꢌꢃ
1ꢄꢉꢃꢄ%URPRSKHQ\OꢊꢄꢂꢄꢉꢋꢄWHUWꢄEXW\OꢄꢇꢄF\DQRꢄꢃꢄ
SKHQ\OS\ULGLQꢄꢂꢄ\OVXOILQ\OꢊDFHWDPLGH ꢉ,,Hꢊꢅꢃ<LHOGꢃꢀ±
ꢁꢆꢆFꢄꢃ PSꢃ ꢅꢊꢊ±ꢅꢊꢇ&ꢌꢃ +ꢃ 105ꢃ VSHFWUXPꢄꢃ ꢄꢃ SSPꢎꢃ
ꢁꢆꢌꢉꢂꢃEUꢌVꢃꢏꢁ+ꢄꢃ1+ꢐꢄꢃꢒꢌꢒꢆꢃPꢃꢏꢇ+ꢄꢃ+ ꢐꢄꢃꢒꢌꢋꢇꢃPꢃꢏꢉ+ꢄꢃ
+
ꢐꢄꢃꢒꢌꢇꢆꢃVꢃꢏꢁ+ꢄꢃꢇꢈ+ꢄꢃ3\ꢐꢄꢃꢉꢌꢋꢆꢃGꢃꢏꢅ+ꢄꢃ&+ ꢐꢄꢃꢁꢌꢊꢅꢃVꢃ
(WK\O ꢃꢄꢉꢋꢄWHUWꢄEXW\OꢄꢇꢄF\DQRꢄꢃꢄSKHQ\OS\ULGLQꢄꢂꢄ
\OVXOIRQ\ODPLQRꢊEHQ]RDWH ꢉ,,Fꢊꢅꢃ<LHOGꢃꢊꢇFꢄꢃPSꢃꢅꢅꢇ±
ꢅꢅꢒ&ꢌꢃ +ꢃ105ꢃVSHFWUXPꢄꢃ ꢄꢃSSPꢎꢃꢂꢌꢆꢃVꢃꢏꢁ+ꢄꢃꢇꢈ+ꢄꢃ
3\ꢐꢄꢃꢒꢌꢀꢇꢃPꢃꢏꢉ+ꢄꢃ+ ꢐꢄꢃꢒꢌꢇꢆꢃPꢃꢏꢇ+ꢄꢃ+ ꢐꢄꢃꢉꢌꢊꢅꢃGꢃ
ꢏꢅ+ꢄꢃ&+ ꢐꢄꢃꢁꢌꢊꢇꢃWꢃꢏꢊ+ꢄꢃ0HꢐꢄꢃꢁꢌꢊꢅꢃVꢃꢏꢀ+ꢄꢃWꢈ%Xꢐꢌꢃ)RXQGꢄꢃ
Fꢎꢃ&ꢃꢋꢉꢌꢒꢋꢍꢃ+ꢃꢇꢌꢉꢂꢍꢃ1ꢃꢀꢌꢆꢉꢌꢃ& + 1 2 6ꢌꢃ&DOFXODWHGꢄꢃ
Fꢎꢃ&ꢃꢋꢉꢌꢒꢂꢍꢃ+ꢃꢇꢌꢉꢉꢍꢃ1ꢃꢀꢌꢆꢒꢌꢃ
ꢏꢀ+ꢄꢃWꢈ%Xꢐꢌꢃ)RXQGꢄꢃFꢎꢃ&ꢃꢇꢂꢌꢁꢆꢍꢃ+ꢃꢉꢌꢉꢒꢍꢃ1ꢃꢂꢌꢉꢁꢌꢃ
& + %U1 2 6ꢌꢃ &DOFXODW HGꢄꢃ Fꢎꢃ &ꢃ ꢇꢂꢌꢆꢒꢍꢃ +ꢃ ꢉꢌꢉꢒꢍꢃꢃ
1ꢃꢂꢌꢉꢋꢌꢃ
1ꢄꢉꢃꢄ%URPRSKHQ\OꢊꢄꢂꢄꢉꢈꢄPHWK\OꢄꢃꢄSKHQ\Oꢄꢃ+ꢄ
ꢀꢁꢂꢁꢃꢄWULD]ROꢄꢇꢄ\OVXOIRQ\OꢊDFHWDPLGH ꢉ,Iꢊꢅꢃ<LHOGꢃꢀꢂFꢄꢃ
PSꢃꢁꢀꢆ±ꢁꢀꢅ&ꢌꢃ +ꢃ105ꢃVSHFWUXPꢄꢃ ꢄꢃSSPꢎꢃꢂꢌꢋꢇꢃEUꢌVꢃ
ꢏꢁ+ꢄꢃ1+ꢐꢄꢃꢒꢌꢀꢁꢃPꢃꢏꢇ+ꢄꢃ+ ꢐꢄꢃꢒꢌꢉꢂꢃPꢃꢏꢉ+ꢄꢃ+ ꢐꢄꢃꢃ
ꢇꢌꢆꢉꢃVꢃꢏꢅ+ꢄꢃ&+ ꢐꢄꢃꢅꢌꢊꢇꢃVꢃꢏꢊ+ꢄꢃ0Hꢐꢌꢃ)RXQGꢄꢃFꢎꢃ&ꢃꢉꢒꢌꢅꢆꢍꢃ
+ꢃ ꢊꢌꢇꢋꢍꢃ 1ꢃ ꢁꢅꢌꢂꢀꢌꢃ & + %U1 2 6ꢌꢃ &DOFXODWHGꢄꢃ Fꢎꢃꢃ
&ꢃꢉꢋꢌꢀꢁꢍꢃ+ꢃꢊꢌꢉꢒꢍꢃ1ꢃꢁꢅꢌꢂꢒꢌꢃ
6XOILGHV ,G DQG ,,G ꢉJHQHUDOꢀ SURFHGXUHꢊꢅꢃ &RPꢈ
SRXQGꢃ,DꢃRUꢃ,,DꢄꢃꢁꢃHTXLYꢄꢃZDVꢃGLVVROYHGꢃLQꢃDꢃꢁꢃ1ꢃVROXꢈ
WLRQꢃRIꢃSRWDVVLXPꢃK\GUR[LGHꢃꢏꢅꢃHTXLYꢐꢄꢃDQGꢃꢁꢃHTXLYꢃRIꢃ
1ꢈꢏꢉꢈEURPRSKHQ\OꢐꢈꢅꢈFKORURDFHWDPLGHꢃ ZDVꢃ DGGHGꢃ
XQGHUꢃVWLUULQJꢃDWꢃURRPꢃWHPSHUDWXUHꢌꢃ7KHꢃSUHFLSLWDWHꢃZDVꢃ
ILOWHUHGꢃRIIꢃDQGꢃGULHGꢃXQGHUꢃUHGXFHGꢃSUHVVXUHꢌꢃ
1ꢄꢉꢃꢄ%URPRSKHQ\OꢊꢄꢂꢄꢉꢋꢄWHUWꢄEXW\OꢄꢇꢄF\DQRꢄꢃꢄ
SKHQ\OS\ULGLQꢄꢂꢄ\OVXOIRQ\OꢊDFHWDPLGH ꢉ,,Iꢊꢅꢃ <LHOGꢃ
5866,$1ꢃꢃ-2851$/ꢃꢃ2)ꢃꢃ25*$1,&ꢃꢃ&+(0,675<ꢃꢃꢃ9ROꢌꢃꢃꢉꢅꢃꢃꢃ1Rꢌꢃꢃꢋꢃꢃꢃꢅꢆꢆꢋꢃ