rajkumarmaloth.com/wp-content/uploads/2019/03/icame2018.pdf · fruurvlrq hurvlrq dqg fdylwdwlrq...
TRANSCRIPT
3URFHHGLQJV�RI��VW ,QWHUQDWLRQDO�&RQIHUHQFH�RQ�$GYDQFHV�LQ�0HFKDQLFDO�(QJLQHHULQJ,6%1�������������������
��VW����QG�'HFHPEHU��������'HSDUWPHQW�RI�0HFKDQLFDO�(QJLQHHULQJ��&05�&ROOHJH�RI�(QJLQHHULQJ��7HFKQRORJ\��+\GHUDEDG�
���
237,0,=$7,21�2)�352&(66�3$5$0(7(56�2)�$1�(1*,1(�5$',$725�86,1*�7$*8&+,�0(7+2'
.�3�9��.ULVKQD�9DUPD���1��&KDNUDYDUWKL��0� 5DM�.XPDU�1D\DN��$VVLVWDQW�3URIHVVRU��&05�&ROOHJH�RI�(QJLQHHULQJ��7HFKQRORJ\��7HODQJDQD��,QGLD
�$VVLVWDQW�3URIHVVRU��0�1�5��&ROOHJH�RI�(QJLQHHULQJ�DQG�7HFKQRORJ\��7HODQJDQD��,QGLD�5HVHDUFK�*UDGXDWH�VWXGHQW��8QLYHUVLW\�RI�:HVWHUQ�2QWDULR��/RQGRQ��&DQDGD
$%675$&7�,Q�WKH�SUHVHQW�ZRUN�DQ�DWWHPSW�LV�PDGH�WR�RSWLPL]H�WKH�KHDW�WUDQVIHU�SDUDPHWHUV�RI�DQ HQJLQH�UDGLDWRU�ZKLFK�KDV�ZDWHU�EDVHG�$OXPLQXP�R[LGH�QDQRIOXLG�DQG�DLU�DV�FRRODQWV XVLQJ�0LQL7DE������7DJXFKL�PHWKRG�LV�DGRSWHG�WR�RSWLPL]H�WKH�KHDW�WUDQVIHU�SDUDPHWHUV�OLNH�WKH�RXWOHW�QDQRIOXLG�WHPSHUDWXUH�DQG�RXWOHW�DLU�WHPSHUDWXUH��7KH�LQSXW�SDUDPHWHUV�FRQVLGHUHG�DUH�WKH���FRQFHQWUDWLRQ�RI�WKH�QDQRIOXLG��DLU�YHORFLW\�DW�WKH�LQOHW�RI�WKH�UDGLDWRU��(QJLQH�VSHHG�� 5HJUHVVLRQ� HTXDWLRQV� DUH� GHYHORSHG� IRU� WKH� UHVSRQVHV� OLNH� WKH� RXWOHW� QDQRIOXLG� WHPSHUDWXUH�� RXWOHW� DLUYHORFLW\��6�1�UDWLRV��0DLQ�HIIHFWV�SORWV�DUH�GHYHORSHG��FRQWRXUV�IRU�WKH�UHVSRQVHV�KDYH�EHHQ�JHQHUDWHG��VLJQLILFDQW�FRQWULEXWLRQ�RI�WKH�SDUDPHWHU�IRU�RSWLPL]DWLRQ�LV� IRXQG��&RQWRXUV�IRU�QRUPDO�SUREDELOLW\��KLVWRJUDP�KDYH�EHHQ�GRQH��$QQRYD�LV�XVHG�WR�DUULYH�DW�WKH�VLJQLILFDQW�FRQWULEXWLRQ�RI�SDUDPHWHUV�RI�KHDW�WUDQVIHU�
.H\ZRUGV��7DJXFKL�PHWKRG��6�1�UDWLR��PHDQ��UHJUHVVLRQ�HTXDWLRQ��QRUPDO�SUREDELOLW\��VLJQLILFDQW�FRQWULEXWLRQ
,� ,1752'8&7,21$URXQG��������RI�WKH�WRWDO�KHDW�IURP�WKH�LQWHUQDO�FRPEXVWLRQ�HQJLQHV�LV�EHLQJ�UHPRYHG�E\�WKH�FRROLQJ�V\VWHP��0RVW�RI�WKH�LQWHUQDO�FRPEXVWLRQ�HQJLQHV�XVHV�HLWKHU�DLU�RU�OLTXLG�UXQ�WKURXJK�D�KHDW�H[FKDQJHU��5DGLDWRU��FRROHG�E\�DLU��2QH�NH\� UHTXLUHPHQW� LV� WR� VHUYH� WKH�HQWLUH�HQJLQH� DV� WKH�ZKROH�HQJLQH� IDLOV� LI� MXVW�RQH�SDUW�RYHUKHDWV�7KHUHIRUH��LW�LV�QHFHVVDU\�IRU�WKH�FRROLQJ�V\VWHP�NHHS�DOO�SDUWV�DW�VXLWDEO\�ORZ�WHPSHUDWXUHV� 5DGLDWRUV�DUH�ZLGHO\�XVHG�WR�FRRO�WKH�FRPSRQHQWV�RI�LQWHUQDO�FRPEXVWLRQ�HQJLQHV��1RW�RQO\�LQ�DXWRPRELOHV�EXW�DOVR�LQ�SLVWRQ�HQJLQH�DLUFUDIW��UDLOZD\�ORFRPRWLYHV��PRWRUF\FOHV��VWDWLRQDU\�JHQHUDWLQJ�SODQWV DQG�RWKHU�SODFHV�ZKHUH�VXFK�HQJLQHV�DUH�XVHG��+HDW� LV�DEVRUEHG� IURP� WKH�HQJLQH�EORFN�DV� WKH�FRRODQW�SDVVHV� IURP� WKH� UDGLDWRU� WR� WKH�HQJLQH�E\� IRUFHG�FLUFXODWLRQ��7KH�KRW�FRRODQW�FRQWUROOHG�E\�WKHUPRVWDW�LV�WKHQ�IHG�LQWR�WKH�LQOHW�WDQN�RI�WKH�UDGLDWRU�ORFDWHG�RQ�WKH�WRS�RI�WKH�UDGLDWRU��RU�DORQJ�RQH�VLGH��7KH�FRRODQW�LV�FLUFXODWHG�DFURVV�WKH�WXEHV�ZKHUH�LW�JHWV�FRROHG�E\�FRQYHFWLRQ��)LQV�DUH�SURYLGHG�RQ�WKH�SHULSKHU\�RI�WKH�WXEHV�WR�LQFUHDVH�WKH�KHDW�WUDQVIHU��(WK\OHQH�JO\FRO�LV�DGGHG�LQ�RUGHU�WR�SUHYHQW�WKH�ZDWHU�WR�IUHH]H�LQ�FROG�DUHDV�DQG�DYRLG�FRUURVLRQ��)LQV�LQFUHDVH�WKH�DUHD�RI�FRQWDFW�DQG�WKXV�HQKDQFH�WKH�KHDW�WUDQVIHU�UDWH��1RUPDOO\��WKH�UDGLDWRU�GRHV�QRW�UHGXFH�WKH�WHPSHUDWXUH�RI�WKH�FRRODQW�EDFN�WR�DPELHQW�DLU�WHPSHUDWXUH��EXW� LW� LV� VWLOO� VXIILFLHQWO\�FRROHG� WR�NHHS� WKH�HQJLQH� IURP�RYHUKHDWLQJ��7KH�FRRODQW�ZKLFK� LV� QRZ�FRROHG�ZLOO�EH�VHQW�EDFN�WR�WKH�HQJLQH�WR�UHPRYH�IXUWKHU�KHDW�7KLV�FRRODQW�LV�XVXDOO\�ZDWHU�EDVHG��ZLWK�WKH�DGGLWLRQ�RI�JO\FROV WR�SUHYHQW�IUHH]LQJ�DQG�RWKHU�DGGLWLYHV�WR�OLPLW�FRUURVLRQ��HURVLRQ DQG�FDYLWDWLRQ��+RZHYHU��WKH�FRRODQW�PD\�DOVR�EH�DQ�RLO��(DUO\�HQJLQHV�XVHG�WKHUPR�VLSKRQV WR�FLUFXODWH�WKH�FRRODQW�� WRGD\��KRZHYHU��DOO�EXW�WKH�VPDOOHVW�HQJLQHV�XVH�SXPSV��:LWK�WKH�DGYHQW�RI�1DQR�IOXLGV��ZKLFK� DUH� FROORLGDO VXVSHQVLRQV� RI� 1DQR�VL]HG� SDUWLFOHV� VXVSHQGHG� LQ� EDVH� IOXLGV� OLNH� ZDWHU� HWF��� WKHUH� LV� D�SRVVLELOLW\�IRU�WKH�LPSURYHPHQW�RI�WKH�UDGLDWRU�SHUIRUPDQFH��,Q�WKH�SUHVHQW�ZRUN�&)'�LV�XVHG�WR�VLPXODWH�WKH�HIIHFW�RI�$OXPLQXP�R[LGH�1DQR�IOXLG�RQ�WKH�SHUIRUPDQFH�RI�D�FDU�UDGLDWRU��0DQ\�5HVHDUFKHUV�FDUULHG�RXW�WKHLU�ZRUN�WR�LPSURYH�WKH�SHUIRUPDQFH�RI�WKH�5DGLDWRU��6RPH�RI�WKHP�KDYH�EHHQ�PHQWLRQ�EHORZ�9�1LYHGLWKD HW�DO��>�@�$QDO\]HG�WKH�SHUIRUPDQFH�RI�D�UDGLDWRU�ZLWK�$OXPLQXP�R[LGH��VLOLFRQ�R[LGH��HWK\OHQH�JO\FRO�DQG� FRSSHU� R[LGH�� 7KH\� IRXQG� WKDW� FRSSHU� R[LGH� 1DQR� IOXLG SURYLGHG� EHWWHU� SHUIRUPDQFH� SURSHUWLHV� IRU� WKH�LPSURYHPHQW�RI�UDGLDWRU�SHUIRUPDQFH�7RXUH� ,VPDHO� HW�DO� >�@� VWXGLHG� KHDW� GLVVLSDWLRQ� SHUIRUPDQFH� RI� DERXW� ILYH� GLIIHUHQW� JHRPHWU\� RI� UDGLDWRUV� E\�YDU\LQJ�WKH�ILQ�SLWFK�ZDYH�GLVWDQFH��VLPXODWHG�WKHP�DQG�WKHQ�FRPSDUHG�ZLWK�WKDW�RI�WKH�H[SHULPHQWDO�UHVXOWV��7KH�UHVXOWV�VKRZHG�WKDW�DV�WKH�ILQ�SKDVH�LV�LQFUHDVHG��WKH�EHWWHU�SHUIRUPDQFH�ZLOO�EH�DFKLHYHG�-3�<DGDY�HW�DO�>�@�SUHVHQWHG�D�VHW�RI�QXPHULFDO�SDUDPHWULF�VWXGLHV�RQ�DXWRPRWLYH�UDGLDWRU�XVLQJ�ILQLWH�GLIIHUHQFHPHWKRG�DQG�WKHUPDO�UHVLVWDQFH�PHWKRG��7KH\�FRPSDUHG�WKH�SHUIRUPDQFH�RI�UDGLDWRU�IRU�GLIIHUHQW�PDVV�IORZ�UDWHV�DQG�WZR�GLIIHUHQW�FRRODQWV��RQH�RI�ZKLFK�LV�ZDWHU�DQG�RWKHU�RQH�SURS\OHQH�JO\FRO�±ZDWHU�PL[WXUH����������)URP�WKH� UHVXOWV� LW� LV� IRXQG� WKDW� WKH�SHUIRUPDQFH� LQFUHDVHV�ZKHQ� WKH�FRRODQW� LV�FKDQJHG� IURP�ZDWHU� WR�PL[WXUH� LW� LV�FRQFOXGHG�WKDW�ZDWHU�LV�WKH�EHVW�FRRODQW�GHVSLWH LWV�FRUURVLYH�QDWXUH�$GLW\D�&KRXUH� >�@� FDUULHG� RXW� H[SHULPHQWDO� LQYHVWLJDWLRQ� IRU� WKH� LPSURYHPHQW� RI� SHUIRUPDQFH� RI� DXWRPRWLYH�UDGLDWRU�XVLQJ�ZDWHU�DQG�HWK\OHQH��EDVHG�$OXPLQXP�R[LGH�1DQR�IOXLG��,W�LV�IRXQG�WKDW�1DQR�IOXLGV�SHUIRUP�EHWWHU�WKDQ�FRQYHQWLRQDO�IOXLGV�OLNH�ZDWHU��HWK\OHQH�JO\FRO�HWF�3�6XJDQ\D�HW�DO�>�@�FDUULHG�RXW�H[SHULPHQWDO�LQYHVWLJDWLRQ�RQ�UDGLDWRUV�XVLQJ�ZDWHU�DQG�FRSSHU�R[LGH�1DQR�IOXLGV�DV� FRROLQJ�PHGLXP��7KH� UHVXOWV� LQGLFDWHG� WKDW� FRSSHU�R[LGH�1DQR� IOXLG�RIIHUV�PRUH� WKHUPDO� FRQGXFWLYLW\� DQG�
3URFHHGLQJV�RI��VW ,QWHUQDWLRQDO�&RQIHUHQFH�RQ�$GYDQFHV�LQ�0HFKDQLFDO�(QJLQHHULQJ,6%1�������������������
��VW����QG�'HFHPEHU��������'HSDUWPHQW�RI�0HFKDQLFDO�(QJLQHHULQJ��&05�&ROOHJH�RI�(QJLQHHULQJ��7HFKQRORJ\��+\GHUDEDG�
���
FRQYHFWLYH�SURSHUWLHV�WKDQ�FRPSDUHG�WR�WKDW�RI�ZDWHU��7KHUH�LV�DQ�LPSURYHPHQW�LQ�SHUIRUPDQFH�RI�WKH�5DGLDWRU�E\�����IRU�FRSSHU�R[LGH�1DQR�IOXLG�ZKHQ�FRPSDUHG�WR�WKDW�RI�WKH�ZDWHU�3��6DL�6DVDQN�HW�DO� >�@�WHVWHG�DQ�DXWRPRWLYH 5DGLDWRU ZLWK�ZDWHU�DQG�$OXPLQXP�R[LGH�1DQR�IOXLG�DW�ORZ�YROXPH�FRQFHQWUDWLRQV� RI� �����������������+HDW� WUDQVIHU� HQKDQFHPHQW� IURP� WKH� REWDLQHG� UHVXOWV� LV� IRXQG� WR� EH�DXJPHQWHG ZKHQ�WKH�FRQFHQWUDWLRQ�RI�WKH�1DQR�SDUWLFOHV�LV�LQFUHDVHG��7XVKDU�JDLGKDQH HW�DO >�@�K\EULG�1DQR�IOXLG�DW�FRQFHQWUDWLRQV�RI���������DQG������DV�D�FRRODQW�LQ�WKH�DXWRPRELOH�UDGLDWRU�DQG�FRPSDUHG�WKH�KHDW�WUDQVIHU�E\�K\EULG�1DQR�IOXLG�ZLWK�WKDW�RI�WKH�FRQYHQWLRQDO�FRRODQWV�OLNH�ZDWHU�DQG�JUHHQ�FRRODQW�H[SHULPHQWDOO\��7KH�H[SHULPHQWDO�UHVXOWV�DUH�FRPSDUHG�ZLWK�WKDW�RI�WKH�&)' YDOXHV��,W�LV�IRXQG�WKDW�WKHUH�LV�DQ�HQKDQFHPHQW�LQ�KHDW�WUDQVIHU�FRHIILFLHQW�XS�WR�����IRU�K\EULG�1DQR�IOXLG��&XR�)H�2����-�5��3DWHO� HW�DO�� >�@� 3UHVHQWHG�&)'� VLPXODWLRQ� RI� D�0DUXWKL YDQ�5DGLDWRU� XVLQJ� FRPPHUFLDO� VRIWZDUH�&&0���$QDO\VLV�LV�FDUULHG�RXW�IRU�ZDWHU��HWK\OHQH�JO\FRO�VROXWLRQ��&82�ZDWHU�DQG�7,�ZDWHU�1DQR�IOXLGV��&RPSDUDWLYH�$QDO\VLV�LV�FDUULHG�RXW�EHWZHHQ�WKHVH�DQG�IURP�WKH�UHVXOWV��LW�VKRZHG�WKDW�&82�ZDWHU�1DQR�IOXLG�SURYLGHV�RSWLPXP�UHVXOWV�IRU�WKH�DLU�WHPSHUDWXUHV�3DUHVK�0DFKKDU�HW�DO� >�@�FDUULHG�RXW�H[SHULPHQWDO�LQYHVWLJDWLRQ�IRU�WKH�HQKDQFHPHQW�RI�IRUFHG�FRQYHFWLYH�KHDW�WUDQVIHU�LQ�DQ$XWRPRELOH�UDGLDWRU�XVLQJ�7L2��1DQR�IOXLGV�DQG�ZDWHU�DV�WKH�FRROLQJ�PHGLXP�ZLWK�FRQFHQWUDWLRQV�RI���������7HVW�VHFWLRQ�FRQVLVWHG�RI���� WXEHV�RI�HOOLSWLFDO� FURVV�VHFWLRQ��7KH�HIIHFW�RI� LQOHW� WHPSHUDWXUH� WR� WKH�UDGLDWRU�RQ�KHDW� WUDQVIHU� LV�DOVR�DQDO\]HG�� ,QFUHDVLQJ� WKH� IOXLG�UDWH� LQFUHDVHG� WKH�KHDW� WUDQVIHU��7KH�1DQR�IOXLG�LQFUHDVHG�WKH�UDWH RI�KHDW�WUDQVIHU�E\�DQ�DPRXQW�RI�����3��*RSDO HW�DO�� >��@�FDUULHG�RXW�H[SHULPHQWV�ZLWK�ZDWHU� �EDVHG�FRSSHU�R[LGH�QDQRIOXLGV�DQG�IRXQG�RXW� WKDW� WKH�FRQYHFWLYH�KHDW�WUDQVIHU�DQG�SUHVVXUH�GURS�LQFUHDVHV��.�3��9DVXGHYDQ�1DPEHHVDQ HW�DO�>��@�FDUULHG�RXW�H[SHULPHQWDO�DQDO\VLV�RI�$O�2�� HWK\OHQH�JO\FRO�QDQRIOXLGV�IRU�HQKDQFHPHQW�RI�KHDW�WUDQVIHU�LQ�D�UDGLDWRU��7KH�UHVXOWV�VKRZHG�D�GHFUHDVH�LQ�8$��7KH�UHVXOWV�VKRZHG�D�GHFUHDVH�RI�WKH�UDGLDWRU�SHUIRUPDQFH�ZLWK�WKH�DGGLWLRQ�RI�(*�DQG�LQFUHDVH�ZLWK�WKH�DGGLWLRQ�RI�(*�DQG�QDQRSDUWLFOHV��0��*DMHQGLUDQ HW�DO�>��@�FRQGXFWHG�H[SHULPHQWV�RQ�UDGLDWRU�ZLWK�$O�2�QDQRIOXLG�DQG�WUDQVIRUPHU�RLO�DQG�IRXQG�WKDW�WKH�SHUIRUPDQFH�RI�WKH�UDGLDWRU�LV�PRUH�ZLWK�WKH�QDQRIOXLG�FRPSDUHG�WR�WUDQVIRUPHU�RLO�-RKQ�%DEX�0DOH HW�DO >��@� WULHG�WR�LPSURYH�WKH�SHUIRUPDQFH�RI�WKH�UDGLDWRU�XVLQJ�ORXYHUG�ILQV��&)'�DQDO\VLV�LV�FDUULHG�RXW�WR�DQDO\]H�WKH�UDWH�RI�KHDW�WUDQVIHU��,W�LV�IRXQG�WKDW�WKH�UDGLDWRU�ILWWHG�ZLWK�ORXYHUHG�WDSHV�SURYLGH�PRUH�KHDW�WUDQVIHU�WKDQ�WKH�RQH�ZLWKRXW�WKHP�7KLUXPDOD9HQNDWHVZDU�5HGG\�. HW�DO�>��@ FDUULHG�RXW�KLV�H[SHULPHQWV�ZLWK�D�UDGLDWRU�ILWWHG�ZLWK�ORXYHUHG�ILQV�DQG�FRQVLGHUHG�WKH�PDWHULDO�DV�$OXPLQLXP������IRU�WKH�ILQV��7KH�WKHUPDO�IOX[�LV�IRXQG�WR�EH�LQFUHDVHG�IRU�WKH�UDGLDWRU�ILWWHG�ZLWK�ORXYHUHG�ILQV�6�.ULVKQD�� HW�DO�� >��@� FDUULHG� RXW� &)'� DQDO\VLV� RI� D� UDGLDWRU� ZLWK� $O�2� DQG� 7L2�QDQRIOXLGV� ZLWK� GLIIHUHQW�FRQFHQWUDWLRQV�DQG�FRSSHU�DQG�DOXPLQXP�DV�ILQ�PDWHULDOV��7KH�ILQV�FRQVLGHUHG�DUH�ORXYHUHG�ILQV��,W�LV�IRXQG�WKDW�$O�2�3URYLGHV�EHWWHU�KHDW�WUDQVIHU�FRPSDUHG�WR�7L2��0RQLND�5��.RKDOH HW�DO��>��@ FDUULHG�RXW�H[SHULPHQWDO�LQYHVWLJDWLRQ�RQ�$O�2�ZLWK�GLIIHUHQW�FRQFHQWUDWLRQV��7KH�UHVXOW�VKRZ�WKDW�QDQR�SDUWLFOH�FRQFHQWUDWLRQ�SOD\�D�PDMRU�UROH�LQ�WKH�HQKDQFHPHQW�RI�KHDW�WUDQVIHU���0��6DEHHO�.KDQ HW�DO�>��@�FDUULHG�RXW�H[SHULPHQWDO�LQYHVWLJDWLRQV�RQ�$O�2�� 7L2�DQG�&82�QDQR�SDUWLFOHV�DQG�IRXQG�WKDW�&82�QDQR�SDUWLFOHV�SURYLGH�EHWWHU�KHDW�WUDQVIHU�WKDQ�WKH�RWKHU�QDQRIOXLGV��7KH�UDWH�RI�KHDW�WUDQVIHU�LQFUHDVHV�ZLWK�LQFUHDVH�LQ�WKH�QDQR�SDUWLFOH�FRQFHQWUDWLRQ��1DYLG%R]RUJDQ�� >��@� FDUULHG� RXW� H[SHULPHQWDO� LQYHVWLJDWLRQV� RQ� DQ� DXWRPRWLYH� UDGLDWRU� XVLQJ� &82� QDQR�IOXLGV�7KH�UHVXOWV�VKRZHG�WKDW�WKH�KHDW�WUDQVIHU�FRHIILFLHQW�DQG�SXPSLQJ�SRZHU�DUH�PRUH�IRU�&82�QDQRIOXLG�ZKHQ�FRPSDUHG�WR�EDVH�IOXLG��
,,� '2(�$1$/<6,6�)25�1$12�)/8,'�7(03(5$785($1'$,57(03(5$785(,Q� JHQHUDO�� WKH� H[SHULPHQWDO� DQDO\VLV� EHFRPHV� GLIILFXOW� ZLWK� WKH� LQFUHDVH� LQ� SURFHVV� SDUDPHWHUV� LQFUHDVH��0RUHRYHU��WKH�SURFHVV�SDUDPHWHUV�ZKHQ�WKHUH�DUH�FRQWUROODEOH�IDFWRUV�DQG�WKH�XQFRQWUROODEOH�IDFWRUV�LQ�WKH�SURFHVV��7DJXFKL�PHWKRG�LV�XVHG�WR�VWXG\�WKH�EHKDYLRU�RI�WKH�SURFHVV�ZLWK�OHDVW�QXPEHU�RI�H[SHULPHQWV��6�1�UDWLR��VWDWLVWLFDO�$QDO\VLVRI�YDULDQFH�FDQ�EH�HPSOR\HG�WR�LQGLFDWH�WKH�VLJQLILFDQFH�RI�HDFK�SDUDPHWHU�RQ�WKH�SHUIRUPDQFH�RI�WKH�UDGLDWRU��7KH�VWHSV DGRSWHG�LQ�WKLV�VWXG\�DUH��VHOHFW�QRLVH�DQG�FRQWURO�IDFWRUV��6HOHFW�7DJXFKL�2UWKRJRQDO�$UUD\��DQDO\]H�UHVXOWV�DQG�SUHGLFW�RSWLPXP�SHUIRUPDQFH���7DEOH����VKRZV�WKH�GLIIHUHQW�SDUDPHWHUV�FRQVLGHUHG�DQG�WKHLU�OHYHOV�DV�XVHG�IRU�WKH�GHVLJQ�RI�H[SHULPHQWV��7DEOH���6KRZV�WKH�/��7DJXFKL�RUWKRJRQDO�$UUD\�7DEOH��3DUDPHWHUV�IRU�'HVLJQ�RI�$QDO\VLV
6�1R 3DUDPHWHUV /HYHO�� /HYHO� /HYHO��
� 6SHHG ���� ���� ����
� �&RQF�1) ��� ��� ���
� $LU�YHORFLW\ � � �
3URFHHGLQJV�RI��VW ,QWHUQDWLRQDO�&RQIHUHQFH�RQ�$GYDQFHV�LQ�0HFKDQLFDO�(QJLQHHULQJ,6%1�������������������
��VW����QG�'HFHPEHU��������'HSDUWPHQW�RI�0HFKDQLFDO�(QJLQHHULQJ��&05�&ROOHJH�RI�(QJLQHHULQJ��7HFKQRORJ\��+\GHUDEDG�
���
7DEOH��7DJXFKL�/��2UWKRJRQDO�$UUD\(;3�1R $ % &
� ���� ��� �� ���� ��� �� ���� ��� �� ���� ��� �� ���� ��� �� ���� ��� �� ���� ��� �� ���� ��� �� ���� ��� �
$IWHU�SHUIRUPLQJ� WKH�'2(�XVLQJ� WKH�/��RUWKRJRQDO�$UUD\�� WKH�UHVSRQVHV�UHVXOWV�DUH� WDEXODWHG�DV�VKRZQ�LQ� WKH�7DEOH�
,,,� 5(68/76�$1'�',6&866,21(IIHFW�RI�SDUDPHWHUV�RQ�QDQR�IOXLG�WHPSHUDWXUH7KH�7DJXFKL�PHWKRG�VWUHVVHV�WKH�LPSRUWDQFH�RI�WKH�DQDO\VLV�RI�UHVSRQVH�YDULDEOHV�XVLQJ�VLJQDO�WR�QRLVH�UDWLR�L�H���6�1�UDWLR�UHVXOWLQJ�LQ�PLQLPL]DWLRQ�RI�TXDOLW\�FKDUDFWHULVWLFV��7R�HQKDQFH�WKH�SHUIRUPDQFH�RI� WKH�UDGLDWRU�� LW� LV�QHHGHG�WR�KDYH�QDQR�IOXLG�WHPSHUDWXUH�RQ�ORZHU�VLGH��VR�ZLWK�WKH�FRQFHSW�RI�³6PDOOHU� LV� WKH�EHWWHU´�DV�TXDOLW\�FKDUDFWHULVWLFV� IRU�1DQRIOXLG� WHPSHUDWXUH� LV�FRQVLGHUHG��)URP�PDLQ�HIIHFW�SORW�DQG�6�1�JUDSK�DV�VKRZQ�LQ� WKH�)LJ����D��DQG��E�� ,W� LV�REVHUYHG� WKDW� WKH�QDQR�IOXLG� WHPSHUDWXUH�GHFUHDVHV�ZLWK� WKH� LQFUHDVH� LQ�DLU�YHORFLW\�DQG�PLQLPXP�DW�OHYHO�RQH�DQG�WKUHH��
)LJ�����D��0HDQ�RI�6�1�UDWLRV�IRU�1)7����E��0HDQ�RI�PHDQV�IRU�1)7,W�LV�DOVR�REVHUYHG�WKDW�WKH�QDQRIOXLG�WHPSHUDWXUH�GHFUHDVH�ZLWK�LQFUHDVH�LQ�QDQR�IOXLG�FRQFHQWUDWLRQ�DQG�HQJLQH�VSHHG��,W� LV�DOVR�REVHUYHG�IURP�6�1�JUDSK�WKDW� IRU�RSWLPXP�QDQR�IOXLG�WHPSHUDWXUH�� WKH�VSHHG�VKRXOG�EH������5SP���FRQFHQWUDWLRQ�RI�1)�VKRXOG�EH �����DQG�$LU�YHORFLW\�VKRXOG�EH��P�V��7KHUHIRUH��$��%��&��LV�GHILQHG�DV�WKH�RSWLPXP�FRQGLWLRQ�IRU�SDUDPHWHUV�UHODWHG�WR�WKH�QDQR�IOXLG�WHPSHUDWXUH�
7DEOH���3DUDPHWHUV�DQG�WKHLU�UHVSRQVHV3DUDPHWHUVDQG�/HYHOV
1�)75HV����������������������6�1�5DWLR������� 0HDQV
$LU�7HPSHUDWXUH5HV����������������6�1�5DWLR�����������������0HDQV
���� ��� � ���� ����� ���� ���� ����� ����
���� ��� � ���� ����� ���� ���� ����� ����
���� ��� � ���� ����� ���� ���� ����� ����
3URFHHGLQJV�RI��VW ,QWHUQDWLRQDO�&RQIHUHQFH�RQ�$GYDQFHV�LQ�0HFKDQLFDO�(QJLQHHULQJ,6%1�������������������
��VW����QG�'HFHPEHU��������'HSDUWPHQW�RI�0HFKDQLFDO�(QJLQHHULQJ��&05�&ROOHJH�RI�(QJLQHHULQJ��7HFKQRORJ\��+\GHUDEDG�
���
&RQWRXU�SORWV�IRU�QDQR�IOXLG�WHPSHUDWXUH&RQWRXU� SORWV� DUH� XVHG� WR� H[SUHVV� WKH� WKUHH� �GLPHQVLRQDO� UHODWLRQVKLS� LQ� WZR� GLPHQVLRQV� ZLWK� [� DQG� \�IDFWRUV�SUHGLFWRUV��SORWWHG�RQ�WKH�[� �\�VFDOHV��UHVSRQVH�YDOXHV�UHSUHVHQWHG�E\�FRQWRXUV�
)LJ���D�1)7�YV���FRQF��1)��VSHHG��E��1)7�YV�$LU�YHORFLW\���FRQF�1)7DEOH��� 5HVSRQVH�7DEOH�IRU�6LJQDO�WR�1RLVH�5DWLRV�IRU�1)7��VPDOOHU�LV�EHWWHU�
)LJ���D�� � �E�� VKRZ� WKH� FRQWRXU� SORW� RI� WKH� 1DQRIOXLG� WHPSHUDWXUH� YV� �FRQF� 1)�� VSHHG� DQG� 1DQRIOXLG�7HPSHUDWXUH�YV�$LU�YHORFLW\���FRQF�1)��)LJ���D����E��VKRZ�WKH�1RUPDO�SUREDELOLW\�SORW�DQG�KLVWRJUDP�IRU�1DQR�IOXLG�7HPSHUDWXUH��%OXH�FRORXU�VKRZV�WKH�ORZ�YDOXH�DQG�WKH�JUHHQ�FRORXU�LQ�WKH�FRQWRXU�VKRZV�WKH�KLJKHU�YDOXH��
7DEOH����5HVSRQVH�7DEOH�IRU�PHDQV�IRU�1)7
$QDO\VLV�RI�YDULDQFH�IRU�QDQRIOXLG�WHPSHUDWXUH$QDO\VLV�RI�9DULDQFH��$129$��LV�GRQH�WR�ILQG�RXW�VLJQLILFDQW�SURFHVV�SDUDPHWHU�DW�����FRQILGHQFH�OHYHO��S�YDOXH�IRU�WKLV�IDFWRU�LV�OHVV�WKDQ�������7KH�$129$�WDEOH���VKRZV�WKDW�WKH�HQJLQH�VSHHG�LV�WKH�PRVW�VLJQLILFDQW�SDUDPHWHU�ZKLFK�FRQWULEXWHV�WR���������1H[W�VLJQLILFDQW�SURFHVV�SDUDPHWHU�LV�$LU�9HORFLW\�ZKLFK�FRQWULEXWHV�XS�WR���������7KH�ODVW�RQH�LV�WKH���FRQFHQWUDWLRQ�RI�QDQR�IOXLG�ZKLFK�FRQWULEXWHV�WR��������
5HJUHVVLRQ�(TXDWLRQ5HJUHVVLRQ�(TXDWLRQ�IRU�1DQR�IOXLG�WHPSHUDWXUH�
1)7� �������� ������� VSHHG�� ���� �&RQF 1)�� ����� $LU 9HORFLW\(IIHFW�RI�3DUDPHWHUV�RQ�$LU�7HPSHUDWXUH
���� ��� � ���� ����� ���� ���� ����� ����
���� ��� � ���� ����� ���� ���� ����� ����
���� ��� � ���� ����� ���� ���� ����� ����
���� ��� � ���� ����� ���� ���� ����� ����
���� ��� � ���� ����� ���� ���� ����� ����
���� ��� � ���� ����� ���� ���� ����� ����
/HYHO� 6SHHG� � FRQF�1) $LU�YHORFLW\�
� ����� ����� ������ ����� ����� ������ ����� ����� �����'HOWD ���� ���� ����5DQN � � �
/HYHO� 6SHHG �FRQF�1) $LU�YHORFLWL\
� ����� ����� ������ ����� ����� ������ ����� ����� �����'HOWD ��� ���� ����5DQN � � �
3URFHHGLQJV�RI��VW ,QWHUQDWLRQDO�&RQIHUHQFH�RQ�$GYDQFHV�LQ�0HFKDQLFDO�(QJLQHHULQJ,6%1�������������������
��VW����QG�'HFHPEHU��������'HSDUWPHQW�RI�0HFKDQLFDO�(QJLQHHULQJ��&05�&ROOHJH�RI�(QJLQHHULQJ��7HFKQRORJ\��+\GHUDEDG�
���
$V�SHU�WKH�H[SHFWDWLRQ�WKDW�WKH�DLU�WHPSHUDWXUH�VKRXOG�EH�KLJKHU��VR�WKH�FULWHULD�RI�VHOHFWLRQ�IRU�WKH�$LU�WHPSHUDWXUH�ZRXOG�EH�³/DUJHU�LV�WKH�EHWWHU�IRU�WKLV�VWXG\��)URP�WKH�)LJ���D��DQG��E��0HDQ�RI�6�1�UDWLRV�DQG�0HDQ�RI�0HDQV�SORWV�LW�LV�REVHUYHG�WKDW�WKH�DLU�WHPSHUDWXUH�LQFUHDVHV�ZLWK�WKH�LQFUHDVH�LQ�VSHHG�DQG�$LU�YHORFLW\��,W�LV�DOVR�REVHUYHG�WKDW�WKH�DLU�WHPSHUDWXUH�DOVR�LQFUHDVHV�ZLWK�LQFUHDVH�LQ�FRQFHQWUDWLRQ�RI�WKH�QDQR�IOXLG��%XW�QRW�DV�PXFK�FRPSDUHG�WR�WKH�VSHHG�DQG�DLU�YHORFLW\��+HUH�WKH�RSWLPXP FRQGLWLRQ�IRU�WKH�PD[LPL]DWLRQ�RI�WKH�$LU�7HPSHUDWXUH�LV�$�%�&��
7DEOH����*HQHUDO�/LQHU�0RGHO�7DEOH�IRU�1DQR�IOXLG�7HPSHUDWXUH
7DEOH����5HVSRQVH�7DEOH�IRU�6LJQDO�WR�1RLVH�5DWLRV /DUJHU�LV�EHWWHU
)LJ����D��0HDQ�RI�6LJQDO�WR�1RLVH�5DWLRV�IRU�$7��E��0HDQ�RI�0HDQV�IRU�$7
/HYHO� 6SHHG �FRQF�1) $LU�YHORFLW\
� ����� ����� �����
� ����� ����� �����
� ����� ����� �����
'HOWD ���� ���� ����
5DQN � � �
6RXUFH ') 6HT�66 &RQW $GM�66 $GM�06 )�YDOXH 3�YDOXH
6SHHG � ���� ����� ���� ���� ����� �����
�FRQF�1) � ���� ����� ���� ���� ����� �����
$LU�YHORFLW\ � ���� ����� ���� ���� ���� �����
3URFHHGLQJV�RI��VW ,QWHUQDWLRQDO�&RQIHUHQFH�RQ�$GYDQFHV�LQ�0HFKDQLFDO�(QJLQHHULQJ,6%1�������������������
��VW����QG�'HFHPEHU��������'HSDUWPHQW�RI�0HFKDQLFDO�(QJLQHHULQJ��&05�&ROOHJH�RI�(QJLQHHULQJ��7HFKQRORJ\��+\GHUDEDG�
���
7DEOH����5HVSRQVH�7DEOH�IRU�0HDQV
)URP�WKH�WDEOHV�RI�5HVSRQVH�IRU�6LJQDO�WR�1RLVH�5DWLRV�DQG�5HVSRQVH�WR�0HDQV�IRU�$LU�7HPSHUDWXUH�7DEOH���DQG�7DEOH���LW�LV�IRXQG�WKDW�WKH�(QJLQH�6SHHG�SOD\V�D�PDMRU�UROH�IRU�WKH�PD[LPL]DWLRQ�RI�WKH�$LU�WHPSHUDWXUH�WKHQ�WKH�$LU�9HORFLW\�SOD\V�WKH�NH\ UROH�DQG�WKHQ���FRQFHQWUDWLRQ�RI�WKH�1DQRIOXLG�
&RQWRXU�3ORWV�IRU�$LU�7HPSHUDWXUH7KH�IROORZLQJ�)LJ�D��DQG��E��VKRZ�WKH�&RQWRXU�SORW�RI�$7�YV��FRQF�1)��VSHHG�DQG�&RQWRXU�SORW�RI�$7�YV��FRQF�1)��VSHHG�UHVSHFWLYHO\��7KH�EOXH�FRORXU�UHJLRQV�VKRZ�WKH�ORZ�YDOXHV�RI�WKH�$LU�7HPSHUDWXUH�DQG�WKH�JUHHQ�FRORXU�UHJLRQ�VKRZV�WKH�KLJKHU�YDOXH�RI�WKH�$LU�7HPSHUDWXUH��7DEOH���VKRZV�WKH�UHVSRQVH�WDEOH�IRU�WKH�VLJQDO�WR�QRLVH�UDWLR�DQG�7DEOH���VKRZV�WKH�UHVSRQVH�WDEOH�IRU�PHDQ�RI�PHDQV��)URP�7DEOH���DQG���LW�LV�IRXQG�WKDW WKH�HQJLQH�VSHHG�KDV�D�JUHDWHU�HIIHFW�DQG�LW�LV�WKH�VLJQLILFDQW�SDUDPHWHU�IRU�KLJKHU�$LU�7HPSHUDWXUH�ZKHUH�$LU�YHORFLW\�LV�WKH�QH[W�RQH��1DQRIOXLG�FRQFHQWUDWLRQ�LV�KDYLQJ�WKH�OHDVW�FRQWULEXWLRQ���
)LJ���D�&RQWRXU�SORW�RI�$7�YV��FRQF�1)��VSHHG��E� FRQWRXU�SORW�RI�$7�YV��FRQF�1)��$LU�YHORFLW\
1RUPDO�3UREDELOLW\�DQG�+LVWRJUDP�3ORWV�
/HYHO� 6SHHG �FRQF�1) $LU�YHORFLW\
� ���� ����� �����
� ����� ����� �����
� ����� ����� �����
'HOWD ���� ��� ����
5DQN � � �
3URFHHGLQJV�RI��VW ,QWHUQDWLRQDO�&RQIHUHQFH�RQ�$GYDQFHV�LQ�0HFKDQLFDO�(QJLQHHULQJ,6%1�������������������
��VW����QG�'HFHPEHU��������'HSDUWPHQW�RI�0HFKDQLFDO�(QJLQHHULQJ��&05�&ROOHJH�RI�(QJLQHHULQJ��7HFKQRORJ\��+\GHUDEDG�
���
)LJ���D�1RUPDO�SUREDELOLW\�SORW�IRU�$7��E��+LVWRJUDP�SORW�IRU�$7
7DEOH����:RUN�VKHHW�IRU�WKH�7DJXFKL�PHWKRG
$QDO\VLV�RI�YDULDQFH�IRU�DLU�WHPSHUDWXUH
7DEOH���VKRZV�WKH�VLJQLILFDQFH�RI�WKH�FRQWULEXWLRQ�RI�WKH�YDULRXV�SDUDPHWHUV�RQ�WKH�UHVSRQVH�$LU�7HPSHUDWXUH��7KH�WDEOH�VKRZV�WKDW�WKH�FRQWULEXWLRQ�RI�WKH�SDUDPHWHU�$LU�YHORFLW\�KDV�JRW�WKH�PD[LPXP�VLJQLILFDQFH��7KH�FRQWULEXWLRQ�RI�WKH�SDUDPHWHU�$LU�YHORFLW\�LV�DURXQG���������7KHQ�WKH�RWKHU�SDUDPHWHU�ZKLFK�LV�FRQWULEXWHV�WR�JUHDWHU�H[WHQW�LV�WKH�(QJLQH�VSHHG��7KH�OHDVW�FRQWULEXWLRQ�LV�E\�WKH���FRQFHQWUDWLRQ�RI�WKH�1DQRIOXLG���
3URFHHGLQJV�RI��VW ,QWHUQDWLRQDO�&RQIHUHQFH�RQ�$GYDQFHV�LQ�0HFKDQLFDO�(QJLQHHULQJ,6%1�������������������
��VW����QG�'HFHPEHU��������'HSDUWPHQW�RI�0HFKDQLFDO�(QJLQHHULQJ��&05�&ROOHJH�RI�(QJLQHHULQJ��7HFKQRORJ\��+\GHUDEDG�
���
7DEOH����*HQHUDO�/LQHDU�PRGHO�7DEOH�IRU�$LU�7HPSHUDWXUH
5HJUHVVLRQ�(TXDWLRQ�IRU�$LU�7HPSHUDWXUH$7� ��������� �������� VSHHG�� ����� �&RQF 1)�� ������ $LU 9HORFLW\7DEOH����$QDO\VLV�RI�9DULDQFH�IRU�$LU�7HPSHUDWXUH�
,9� &21&/86,216,Q�WKLV�DQDO\VLV�WKH�RSWLPDO�SHUIRUPDQFH�SDUDPHWHUV�DUH�GHVLJQHG�WR�KDYH�PD[LPXP�$LU�WHPSHUDWXUH�DQG�PLQLPXP�1DQRIOXLG� WHPSHUDWXUH�E\�7DJXFKL�PHWKRG��7KH�SDUDPHWHUV�FRQVLGHUHG�DUH�(QJLQH� VSHHG����&RQFHQWUDWLRQ�RI�1DQRIOXLG�DQG�,QOHW�$LU�YHORFLW\��7KH�UHVXOWV�REWDLQHG�IURP�WKH�SUHVHQW�VWXG\�DUH�GLVFXVVHG�DV�VKRZQ�EHORZ��)RU�RSWLPL]DWLRQ�RI 1DQRIOXLG�WHPSHUDWXUH WKH�PRVW�HIIHFWLYH�SDUDPHWHU LV�WKH�$LU�YHORFLW\��2WKHU�SDUDPHWHUV�WKDW�FRQWULEXWHG�DUH�HQJLQH�VSHHG�DQG�WKH��FRQFHQWUDWLRQ�RI�1DQRIOXLG�7KHLU�FRQWULEXWLRQV�DUH��������DQG��������UHVSHFWLYHO\��,W�LV�REVHUYHG�WKDW�IRU�WKH�PLQLPL]DWLRQ RI�WKH�1DQRIOXLG�WHPSHUDWXUH��RQO\�WZR�IDFWRUV�WKDW�DUH�WR�EH�
FRQWUROOHG�DUH�$LU�YHORFLW\�DQG�HQJLQH�VSHHG��2SWLPXP�FRPELQDWLRQ�IRXQG�LV��ϯ��ϯ��ϭ� 2SWLPXP�YDOXHV�DUH $LU�YHORFLW\��P�V��(QJLQH�VSHHG������530�DQG���FRQFHQWUDWLRQ�RI�1DQRIOXLG�DV������
6LPLODUO\�� IRU� PD[LPL]DWLRQ� RI� RXWOHW� $LU� 7HPSHUDWXUH� WKH� PRVW� HIIHFWLYH� SDUDPHWHU� LV� (QJLQH� VSHHG�� 2WKHU�SDUDPHWHUV�ZKLFK�FRQWULEXWH�WR�WKLV�UHVSRQVH�DUH�$LU�YHORFLW\�DQG���FRQFHQWUDWLRQ�RI�1DQRIOXLG��7KH�FRQWULEXWLRQ�RI� WKHVH� SDUDPHWHUV� LV� $LU� YHORFLW\� ������� (QJLQH� VSHHG� ������ DQG� �FRQFHQWUDWLRQ� RI� 1DQRIOXLG� �������2SWLPXP�FRPELQDWLRQ�IRXQG�IRU�WKLV�UHVSRQVH�LV�$�%�&���2SWLPXP�YDOXHV�IRU�WKH�DERYH�VDLG�SDUDPHWHUV�DUH $LU�YHORFLW\��P�V��(QJLQH�VSHHG�����530���FRQFHQWUDWLRQ�RI�1DQRIOXLG������
5()(5(1&(6����9�1LYHGLWKD��'U��6��6XQLO�.XPDU�5HGG\�7KHUPDO�$QDO\VLV�RI�5DGLDWRU�ZLWK�'LIIHUHQW�1DQR�)OXLGV� ,QWHUQDWLRQDO�-RXUQDO�IRU�5HVHDUFK�LQ�$SSOLHG�6FLHQFH��(QJLQHHULQJ�7HFKQRORJ\��,-5$6(7���9ROXPH���,VVXH�,;��6HSWHPEHU�������,661�������������3J��1RV������������ 7RXUH� ,VPDHO�� 6KHQJ� %X� <XQ�� )D\]LPDWRY8OXJEHN� 5DGLDWRU� +HDW� 'LVVLSDWLRQ� 3HUIRUPDQFH�� -RXUQDO� RI�(OHFWURQLFV�&RROLQJ�DQG�7KHUPDO�&RQWURO�����������3J��1RV����������-3�<DGDY��%KDUDW�5DM�6LQJK�6WXG\�RQ�3HUIRUPDQFH�(YDOXDWLRQ�RI�$XWRPRWLYH�5DGLDWRU��6�-36(7��,661�������������9RO�����,VVXH����-XQH������'2,����������VDPULGGKL��9�L������� 3J�1RV����������&KRXUH��5DYLEDOD�3DWLO��.LVKRUH'RODUH�3HUIRUPDQFH�LQYHVWLJDWLRQ�RI�DXWRPRELOH�UDGLDWRU�XVLQJ�DO�R��DV�EDVH�1DQR�IOXLG��$GLW\D��3URFHHGLQJV�RI���UG�,5)�,QWHUQDWLRQDO�&RQIHUHQFH���VW�0D\������%HQJDOXUX��,QGLD��,6%1��������������������3J��1RV����������� 3�6XJDQ\D�� *�6XEEXUDM�� 6�5DJKXSDWKL�� 7�$MLWK�� .�9LQRWKNDPEO\�$GYDQFH� &RROLQJ� 2I� 5DGLDWRUV� E\� 8VLQJ�&RSSHU�2[LGH� 1DQR� IOXLGV�� ,QWHUQDWLRQDO� FRQIHUHQFHV� RQ� ([SORUDWLRQV� DQG� ,QQRYDWLRQV� LQ� (QJLQHHULQJ� DQG�7HFKQRORJ\��,661�����������3J�1RV�����������3��6DL�6DVDQN��9��*RYLQGD�1DLN�([SHULPHQWDO�6WXGLHV�RQ�$XWRPRWLYH�5DGLDWRU�3HUIRUPDQFH�XVLQJ�:DWHU�DQG�$O�2��1DQR�IOXLG��,QWHUQDWLRQDO�-RXUQDO�RI�(QJLQHHULQJ�5HVHDUFK��7HFKQRORJ\��,-(57���,661������������ 9RO����,VVXH����6HSWHPEHU� ������3J�1RV�����������
6RXUFH ') 6HT�VV &RQW $GM�66 $GM�06 )�YDOXH 3�YDOXH
6SHHG � ���� ���� ���� ���� ��� �����
�FRQF�1) � ���� ���� ���� ���� ��� �����
$LU�YHORFLW\ � ����� ����� ����� ���� ���� �����
3URFHHGLQJV�RI��VW ,QWHUQDWLRQDO�&RQIHUHQFH�RQ�$GYDQFHV�LQ�0HFKDQLFDO�(QJLQHHULQJ,6%1�������������������
��VW����QG�'HFHPEHU��������'HSDUWPHQW�RI�0HFKDQLFDO�(QJLQHHULQJ��&05�&ROOHJH�RI�(QJLQHHULQJ��7HFKQRORJ\��+\GHUDEDG�
���
���7XVKDU�*DLGKDQH��6DPHHU�%KRVDOH�&)'�DQDO\VLV�DQG�H[SHULPHQWDO�LQYHVWLJDWLRQ�RI�SHUFHQWDJH�KHDW�WUDQVIHU�HQKDQFHPHQW�RI�FIK[�ZLWK�K\EULG�1DQR�IOXLG�DV�D�FRRODQW����,QWHUQDWLRQDO�-RXUQDO�RI�0HFKDQLFDO�DQG�3URGXFWLRQ�(QJLQHHULQJ��,661�������������9ROXPH� ���,VVXH����6HS�������3J�1RV��������(IIHFW�RI�1DQR�IOXLGV�DQG�PDVV�IORZ�UDWH�RI�DLU�RQ�KHDW�WUDQVIHU�UDWH�LQ�DXWRPRELOH�UDGLDWRU�E\�FIG�DQDO\VLV��-�5��3DWHO��$�0��0DYDQL��,-5(7��,QWHUQDWLRQDO�-RXUQDO�RI�5HVHDUFK�LQ�(QJLQHHULQJ�DQG�7HFKQRORJ\��������H,661������������_�S,661��������������� +HDW� 7UDQVIHU� (QKDQFHPHQW� RI� $XWRPRELOH� 5DGLDWRU� ZLWK� 7L2��:DWHU� 1DQR� IOXLG� 3DUHVK� 0DFKKDU��)DOJXQ$GURMD��,QWHUQDWLRQDO�-RXUQDO�RI�(QJLQHHULQJ�5HVHDUFK��7HFKQRORJ\��,-(57���9RO����,VVXH����0D\�± ������� ([SHULPHQWDO� ,QYHVWLJDWLRQ� RQ� +HDW� 7UDQVIHU� (QKDQFHPHQW� LQ� $XWRPRWLYH� 5DGLDWRU� 8VLQJ� &RSSHU� 1DQR�3DUWLFOHV�LQ�(QJLQH�&RRODQW���� .�3�� 9DVXGHYDQ� 1DPEHHVDQ�� 5�� 3DUWKLEDQ�� .�� 5DP� .XPDU�� 8�5�� $WKXO�0�� 9LYHN� DQG� 6�� 7KLUXPDOLQL��([SHULPHQWDO� VWXG\� RI� KHDW� WUDQVIHU� HQKDQFHPHQW� LQ� DXWRPRELOH� UDGLDWRU� XVLQJ� $O�2��ZDWHU±HWK\OHQH� JO\FRO�QDQRIOXLG�FRRODQWV��,QWHUQDWLRQDO�-RXUQDO�RI�$XWRPRWLYH�DQG�0HFKDQLFDO�(QJLQHHULQJ��,-$0(���,661�������������9ROXPH�����SS�������������-XO\�'HFHPEHU�������3J�1R������WR����������0�� *DMHQGLUDQ��� (�� 6DUDYDQDNXPDU��� 1��0DGKDQ� 5DM� DQG� 1�� 1DOOXVDP\�� +HDW� WUDQVIHU� HQKDQFHPHQW� RI�WKHUPLF�IOXLG�E\�XVLQJ�QDQRIOXLGV�LQ�UDGLDWRU��,661�������������3J�1R������������-RKQ�%DEX�0DOH��6�5DMDVHNKDU� $�9��6ULGKDU��3HUIRUPDQFH�,PSURYHPHQW�RI�DQ�$XWRPRELOH�5DGLDWRU�8VLQJ��&)'�$QDO\VLV��,QWHUQDWLRQDO�-RXUQDO�D�0DJD]LQH�(QJLQHHULQJ��7HFKQRORJ\�PDQDJHPHQW�DQG�5HVHDUFK��9ROXPH����,VVXH���3J�1R�������������7KLUXPDOD9HQNDWHVZDU5HGG\ .���.��6DQGK\D�5DQL��3HUIRUPDQFH�,PSURYHPHQW�RI�DQ�$XWRPRELOH�5DGLDWRU�XVLQJ�&)'�$QDO\VLV��,QWHUQDWLRQDO�-RXUQDO�RI�$GYDQFHG�7HFKQRORJ\�DQG�,QQRYDWLYH�5HVHDUFK��,661�����±�����9RO���� ,VVXH�����-DQXDU\�������3DJHV�������������� 6�.ULVKQD� 3UDVDG�1�5DJKXQDGKDP�� (QKDQFHPHQW� RI� +HDW� 7UDQVIHU� LQ� $XWRPRELOH� 5DGLDWRU� 8VLQJ� � 1DQR�)OXLGV� WKURXJK�&)'�$QDO\VLV�� ,QWHUQDWLRQDO� -RXUQDO� D�0DJD]LQH�(QJLQHHULQJ��7HFKQRORJ\�PDQDJHPHQW� DQG�5HVHDUFK��9ROXPH���,VVXH�����3J�1R������������ 0RQLND� 5�� .RKDOH�� $O�2�� D� 1DQRIOXLG� LQ 5DGLDWRU� WR� ,QFUHDVH� &RROLQJ� 3HUIRUPDQFH� %DVHG� RQ�:DWHU��,QWHUQDWLRQDO� -RXUQDO� IRU�5HVHDUFK� LQ�$SSOLHG�6FLHQFH��(QJLQHHULQJ�7HFKQRORJ\��9ROXPH� �� ,VVXH�9,,�� -XO\�����3J�1R������������0��6DEHHO�.KDQ��+HDW�WUDQVIHU�HQKDQFHPHQW�RI�DXWRPRELOH�UDGLDWRU�XVLQJ�+�2±&X2�QDQRIOXLG��$,3�$GYDQFHV����������������������1DYLG%R]RUJDQ��1XPHULFDO� 6WXG\� RQ�$SSOLFDWLRQ� RI�&X2�:DWHU�1DQRIOXLG� LQ�$XWRPRWLYH�'LHVHO� (QJLQH�5DGLDWRU��0RGHUQ�0HFKDQLFDO�(QJLQHHULQJ�������������������