/RDGLQJSURWRFROVHPSOR\HGLQHYDOXDWLRQRIVHLVPLF

EHKDYLRURIVWHHOEHDPVLQZHDNEHDPPRPHQWIUDPHV



<-LDR 
7RN\R8QLYHUVLW\RI6FLHQFH7RN\R

6.LVKLNL 
2VDND,QVWLWXWHRI7HFKQRORJ\2VDND 

6<DPDGD 
7RN\R,QVWLWXWHRI7HFKQRORJ\7RN\R


6800$5< 
7KHSODVWLFGHIRUPDWLRQFDSDFLW\RIEHDPVEHIRUHGXFWLOH IUDFWXUHLVRQHRIWKH PRVWSRSXODUWRSLFVLQVHLVPLF
GHVLJQ RI VWHHO PRPHQW IUDPH 6HLVPLF HIIHFWV RI VLJQLILFDQWO\ GLIIHUHQW FKDUDFWHULVWLFV DUH DSSOLHG WR EHDPV
GXULQJGLVWLQFWHDUWKTXDNHV7KHORDGLQJSURWRFROVHPSOR\HGLQEHDPWHVWVWRHYDOXDWHLWVVHLVPLFEHKDYLRUKDYH
EHHQ VWXGLHG E\ UHVHDUFKHUV XQLYHUVDOO\ IRU GHFDGHV %DVLFDOO\ HDFK FRXQWU\ KDV LWV RZQ VWDQGDUG ORDGLQJ
SURWRFROV IRU VWHHO EHDP WHVWLQJ +RZHYHU LW LV GRXEWIXO ZKHWKHU WKH FXUUHQW ORDGLQJ SURWRFROV DUH HQRXJK WR
UHSUHVHQW UHDO EHDP EHKDYLRU LQ IUDPHV GXULQJ HDUWKTXDNHV 7KLV SDSHU HVWLPDWHV WKH FXUUHQWO\ XVHG ORDGLQJ
SURWRFROVDQGJLYHVVXJJHVWLRQVRQWKHVHOHFWLRQRIWKHORDGLQJSURWRFROVLQEHDPWHVWLQJ7KHEHDPV¶EHKDYLRU
XQGHUWKHSUHVHQWORDGLQJSURWRFROV ZDVFRPSDUHG ZLWKWKDWXQGHUDQDO\WLFDOEHDPUHVSRQVHV7KHDSSURSULDWH
FRPELQDWLRQVRIWKHORDGLQJSURWRFROVHPSOR\HGLQEHDPWHVWVIRUWKHSXUSRVHRIHYDOXDWLQJWKHVHLVPLFEHKDYLRU
RIVWHHOEHDPVZHUHVXJJHVWHG 

.H\ZRUGV6WHHOEHDP/RDGLQJSURWRFRO'XFWLOHIUDFWXUH5HVSRQVHDQDO\VLV%HDPDQDO\VLV 


,1752'8&7,21

6WHHO PRPHQW IUDPHV ZLWK VWURQJFROXPQ ZHDNEHDP PHFKDQLVP DUH IUHTXHQWO\ XVHG LQ
HDUWKTXDNHSURQH DUHDV ,Q VXFK V\VWHPV EHDPV DUH WKH GRPLQDQW DQWLHDUWKTXDNH FRPSRQHQWV WKDW
GLVVLSDWH WKH PDMRULW\ RI WKH HDUWKTXDNH LQSXW HQHUJ\ 7KHUHIRUH WKH HYDOXDWLRQ RI WKH VHLVPLF
EHKDYLRULHSODVWLFGHIRUPDWLRQFDSDFLW\RIEHDPVEHIRUHGXFWLOHIUDFWXUHLVRQHRIWKHPRVWSRSXODU
WRSLFVLQVHLVPLFGHVLJQRIVWHHOVWUXFWXUHV 

6HLVPLF HIIHFWV RI VLJQLILFDQWO\ GLIIHUHQW FKDUDFWHULVWLFV DUH DSSOLHG WR EHDPV GXULQJ GLVWLQFW
HDUWKTXDNHV )XUWKHUPRUH WKH QXPEHU DQG DPSOLWXGHV RI WKH ORDGLQJ F\FOHV WKH EHDP H[SHULHQFHV
GXULQJHDUWKTXDNHVGHSHQGRQWKHFRQILJXUDWLRQVWUHQJWKVWLIIQHVVHWFRIWKHVWUXFWXUH7KHORDGLQJ
SURWRFROV HPSOR\HG LQ EHDP WHVWV WR HYDOXDWH LWV VHLVPLF EHKDYLRU KDYH EHHQ VWXGLHG E\ UHVHDUFKHUV
XQLYHUVDOO\IRUGHFDGHV%DVLFDOO\HDFKFRXQWU\KDVLWVRZQVWDQGDUGORDGLQJSURWRFROVIRUVWHHOEHDP
WHVWLQJ )RU H[DPSOH WKH $,6& $,6&  SURWRFRO LV XVHG LQ WKH 86$ DQG WKH -,6) -,6)
 ORDGLQJ SURWRFRO LV DFFHSWHG LQ -DSDQ +RZHYHU LW LV GRXEWIXO ZKHWKHU WKH FXUUHQW ORDGLQJ
SURWRFROV DUH HQRXJK WR UHSUHVHQW UHDO EHDP UHVSRQVHV LQ VWUXFWXUHV GXULQJ HDUWKTXDNHV 7KLV SDSHU
WULHV WR HYDOXDWH WKH FXUUHQWO\ XVHG ORDGLQJ SURWRFROV DQG JLYHV VXJJHVWLRQV RQ WKH VHOHFWLRQ RI WKH
ORDGLQJSURWRFROVLQEHDPWHVWLQJ 

7KH ILUVW SDUW RI WKLV SDSHU VWXGLHV EHDP UHVSRQVH LQ D ZHDNEHDP PRPHQW IUDPH GXULQJ GLIIHUHQW
HDUWKTXDNHV5HVSRQVHDQDO\VHV<DPDGDHWDORIDSODQHPRPHQWIUDPHZHUHFRQGXFWHG
XQGHUHOHYHQJURXQGPRWLRQV(DUWKTXDNHUHFRUGVZLWKGLVWLQFWFKDUDFWHULVWLFVVXFKDVWKH-0$.REH
UHFRUG+DFKLQRKHUHFRUGDQGWKH-0$6HQGDLUHFRUGHWFZHUHLQSXWLQWRWKHIUDPHDQDO\VHV7KH
EHDPUHVSRQVHVGXULQJHDFKHDUWKTXDNHZHUHREWDLQHG 

7KHVHFRQGSDUWRIWKLVVWXG\FRPSDUHVWKHEHDP¶VVHLVPLFUHVSRQVHZLWKWKHSUHVHQWO\XVHGORDGLQJ
SURWRFROV$FFRUGLQJWRWKHUHFHQWVWXG\XQGHUF\FOLFORDGLQJVWKHVWUHVVVWUDLQKLVWRULHVWLOOIUDFWXUHDW
WKH EHDP IODQJH IUDFWXUH ]RQH FORVH WR WKH FRQQHFWLRQ FDQ EH REWDLQHG WKURXJK LQSODQH EHDP
DQDO\VHV <DPDGD HW DO  7KH JURZLQJ SURFHVV RI WKH FXPXODWLYH SODVWLF VWUDLQ UDWLRV &365
FDOFXODWHG IURP WKH VWUHVVVWUDLQ UHODWLRQVKLS VKRZV VWURQJ FRUUHODWLRQ ZLWK WKH FKDUDFWHULVWLFV RI
ORDGLQJ KLVWRULHV 7KHUHIRUH WKH LQSODQH EHDP DQDO\VHV RI EHDPV VXEMHFWHG WR GLIIHUHQW ORDGLQJ
KLVWRULHVZHUHFDUULHGRXWLQWKLVVWXG\7KHLQSXWORDGLQJKLVWRULHVZHUHWKHEHDPUHVSRQVHVREWDLQHG
IURPWKHIUDPHUHVSRQVHDQDO\VHVDQGWKHFRPPRQO\HPSOR\HG$PHULFDQDQG-DSDQHVHEHDPWHVWLQJ
ORDGLQJSURWRFROV7KHEHDPV¶EHKDYLRUXQGHUWKHSUHVHQWORDGLQJSURWRFROVZDVFRPSDUHGZLWKWKDW
XQGHUUHDOEHDPUHVSRQVHV7KHDSSURSULDWHFRPELQDWLRQVRIWKHORDGLQJSURWRFROVHPSOR\HGLQEHDP
WHVWVIRUWKHSXUSRVHRIHYDOXDWLQJWKHVHLVPLFEHKDYLRURIVWHHOEHDPVZHUHVXJJHVWHG 


  %($0 3(53250$1&( ,1 $ :($.%($0 020(17 )5$0( '85,1* 9$5,286
($57+48$.(6

6WHHO3ODQH)UDPH(PSOR\HGLQWKH5HVSRQVH$QDO\VLV

7KHIRXUVWRULHGIRXUVSDQSODQHIUDPHUHVSRQVHDQDO\WLFDOPRGHOLVSLFNHGXSIURPDVWHHOEXLOGLQJ
GHVLJQHGDVDGHVLJQH[DPSOHLQRQH-DSDQHVHWH[WERRN*LKRXGRZKLFKLVGHVLJQHGEDVHGRQ
WKH FXUUHQW -DSDQHVH GHVLJQ FRGH 7KHHOHYDWLRQ DQGWKHDQDO\WLFDOPRGHORIWKLV IUDPHDUH VKRZQ LQ
)LJXUH 7\SLFDOZHOGHGEHDPWRFROXPQFRQQHFWLRQVDUHXVHGLQWKLVIUDPH6WUXFWXUDOGHWDLOV RIWKH
ZHDNEHDPPRPHQWIUDPHDUHOLVWHGDVIROORZV 
   %HDP+îîî61%               &ROXPQ5+6îî%&3
   ([SRVHGW\SHFROXPQEDVH%DVHSODWHîî61%
                                             $QFKRUEROWV0$%5OE PP

    
 )/





 )/








)/







 )/







*/
)/


    

  3DQHO

&RPSRQHQW

(ODVWRSODVWLFKLQJHVDWERWKHQGV

)LJXUH$QDO\WLFDOPRGHORIWKHSODQHIUDPHUHVSRQVHDQDO\VLV

+\VWHUHVLV0RGHORI(DFK6WUXFWXUDO&RPSRQHQW

,Q WKH UHVSRQVH DQDO\VLV WKH K\VWHUHVLV PRGHO HPSOR\HG IRU HDFK VWUXFWXUDO FRPSRQHQW LV VKRZQ LQ
)LJXUH  7KH PXOWLOLQHDU PRPHQWURWDWLRQ K\VWHUHVLV PRGHO FRQVLGHULQJ %DXVFKLQJHU HIIHFW
$NL\DPD HW DO  LV HPSOR\HG IRU HDFK RI WKH VWUXFWXUDO FRPSRQHQW EHDP FROXPQ DQG SDQHO
]RQH 7KH VHFRQG VWLIIQHVV UDWLR RI WKH VNHOHWRQ FXUYH RI WKH EHDP LV VHW WR  7KH FROXPQV
VNHOHWRQ FXUYH KDV WKH VHFRQG VWLIIQHVV UDWLR RI  ZKLOH WKDW RI WKH SDQHO ]RQH LV  7KH
K\VWHUHVLVPRGHORIWKHFROXPQEDVHLVDOVRVKRZQLQ)LJXUH'HWDFKPHQWPRPHQWDQGWKHVWUHQJWK
PD[LPXPPRPHQWZHUHFDOFXODWHGIURPWKHIUDPHPRGHO7KHUHIRUHWKHVLGHFROXPQEDVHDQGWKH
PLGGOHFROXPQEDVHKDYHGLIIHUHQWVWUHQJWKV7KHVHFRQGVWLIIQHVVUDWLRLVVHWWREH

5HVSRQVHDQDO\VLVPHWKRGRORJ\
&RQVWDQW DYHUDJH DFFHOHUDWLRQ PHWKRG HODVWRSODVWLF V\VWHP LV LQWURGXFHG LQ WKH UHVSRQVH DQDO\VLV
ZLWK E 5H\OHLJKGDPSLQJUDWLRIRUWKHILUVWDQGVHFRQGPRGHVDUH7KH3 '  HIIHFWRIWKH
IUDPHLVDOVRFRQVLGHUHGDVPLQXVVWLIIQHVVLQWKLVDQDO\VLV$NL\DPD

7KHEHQGLQJGHIRUPDWLRQRIHDFKFRPSRQHQWEHDPFROXPQFRQFHQWUDWHVDWWKHHODVWRSODVWLFKLQJHV
ORFDWHGDWERWKHQGVRIWKHFRPSRQHQW7KHD[LDOVWLIIQHVVRIWKHFRPSRQHQWLVFRQVLGHUHGWRUHPDLQ
HODVWLFGXULQJWKHDQDO\VLV6KHDUGHIRUPDWLRQRIWKHSDQHO]RQHLVDOVRFRQVLGHUHG7KHGHIRUPDWLRQ
FRQGLWLRQRIWKHEHDPWRFROXPQMRLQWLVVKRZQLQ)LJXUH
 0
 00S
 &ROXPQ 
0P
 %HDP 0P 

 3DQHO]RQH 0
  <LHOGPRPHQW
 TTS T .H

0P 0P
 
'HWDFKPHQW
PRPHQW

 &2/801
 %$6( T

 6HFRQGVWLIIQHVV
6NHOHWRQFXUYH
 UDWLR
 %HDP  (ODVWLFXQORDGLQJSDUW
 &ROXPQ  %DXVFKLQJHUSDUW
 3DQHO 

)LJXUH+\VWHUHVLVPRGHORIWKHFRPSRQHQWV



 FT LMG


 5LM
 ET LM
ET LM

 J LM

FT LMX


)LJXUH'HIRUPDWLRQFRQGLWLRQRIWKHEHDPWRFROXPQMRLQW

,QSXW(DUWKTXDNH*URXQG0RWLRQVDQGWKH6FDOHG)DFWRU

*URXQG PRWLRQV RI VLJQLILFDQWO\ GLIIHUHQW FKDUDFWHULVWLFV ZHUH LQSXW LQWR WKH VWUXFWXUHV GXULQJ
HDUWKTXDNHV %RWK WKH FKDUDFWHULVWLFV RI WKH HDUWKTXDNH VXFK DV WKH PDJQLWXGH IDXOW W\SH GHSWK RI
IRFXV VRLO W\SH HWF DQG WKH FKDUDFWHULVWLFV RI WKH VWUXFWXUHV QDWXUDO SHULRG GDPSLQJ FRQGLWLRQ
VWUHQJWK RI WKH FRPSRQHQWV HWF ZRXOG DIIHFW WKHEHDPV VHLVPLF UHVSRQVHV ,Q ZHDNEHDP PRPHQW
IUDPHVWKHSODVWLFKLQJHVIRUPDWWKHHQGRIWKHEHDPVFORVHWRWKHEHDPWRFROXPQFRQQHFWLRQVDQG
GLVVLSDWHPRVWRIWKHVHLVPLFLQSXWHQHUJ\

,QWKLVUHVHDUFKWKHIUDPHDQDO\WLFDOPRGHOLVIL[HG$VHWRIVWURQJJURXQGPRWLRQUHFRUGVOLVWHG
LQ 7DEOH  LV XVHG WR HYDOXDWH WKH EHDPV VHLVPLF SHUIRUPDQFH LQ D ZHDNEHDP PRPHQW IUDPH
$FFRUGLQJ WR WKH FXUUHQW UHVHDUFKHV RQ WKH VWUXFWXUDO SHUIRUPDQFH RI IUDPHV XQGHU HDUWKTXDNHV WKH
JURXQGPRWLRQUHFRUGVXVHGLQDUHVSRQVHDQDO\VLVVKRXOGFRYHUDVPRUHW\SHVRIHDUWKTXDNHUHFRUGV
DVSRVVLEOH7KLVJURXSRIJURXQGPRWLRQUHFRUGVLQFOXGHVWKHRFHDQLFWUHQFKW\SHUHFRUG+DFKLQRKH
WKH QHDU IDXOW HDUWKTXDNH UHFRUG .REH 1RUWKULGJH HWF DQG WKH ORQJGXUDWLRQ HDUWKTXDNH UHFRUG
7RXKRNX %DVHG RQ WKH HLJHQYDOXH DQDO\VLV WKH QDWXUDO SHULRG RI WKH IUDPH PRGHO LV V7KH
HQHUJ\VSHFWUXPWLOOSHULRGRIVDUHSUHVHQWHGLQ)LJXUH7KHQDWXUDOSHULRGRIWKHIUDPHPRGHOLV
VKRZQLQWKHILJXUH

7KHEHDPVUHVSRQVHVXQGHUWKUHHOHYHOVRILQSXWHDUWKTXDNHUHFRUGVDUHLQYHVWLJDWHGLQWKLVUHVHDUFK
7KLV UHVHDUFK VWXGLHV WKH SODVWLF GHIRUPDWLRQ FDSDFLW\ RI VWHHO EHDP XQGHU HDUWKTXDNH HIIHFWV
7KHUHIRUH WKH EDVLF VFDOHG IDFWRU %6) LV WKH IDFWRU ZLWK ZKLFK WKH EHDP ZLWK ODUJHVW UHVSRQVH
UHDFKHV GXFWLOH IUDFWXUH MXVW DW WKH HQG RI WKH HDUWKTXDNH UHFRUG 7KH IUDFWXUH SRLQW LV GHWHUPLQHG
WKURXJKWKHHYDOXDWLRQPHWKRGVXJJHVWHGLQ<DPDGDHWDO7KHRWKHUWZRIDFWRUVDUHî%6)
DQGî%6)UHVSHFWLYHO\7KHVFDOHGIDFWRUVRIDOOWKUHHOHYHOVDUHOLVWHGLQ7DEOH 












)LJXUH(QHUJ\VSHFWUXPRIWKHJURXQGPRWLRQUHFRUGV(ODVWLF6'2)V\VWHPGDPSLQJUDWLR

7DEOH%DVLF3URSHUWLHVRI5HFRUGHG*URXQG0RWLRQVDQGWKH6FDOHG)DFWRUV

 5(&25'(' ',5(&7,2 '85$7,2
)5$&785 )5$&785 )5$&785(
($57+48$.( 0$*1,78'( (,1387 (,1387 ,1387
 67$7,21 1 1V
/(9(/ /(9(/î /(9(/î
 .REH-DSDQ -0$.REH  16    
 .REH-DSDQ 7DNDWRUL(NL  16    
 1RUWKULGJH86 2OLYH9LHZ      

1RUWKULGJH86 1HZKDOO      

7RNDFKLRNL-DSDQ +DFKLQRKH  (:    

,PSHULDO9DOOH\86 (OFHQWUR  16    

7DIW86 7DIW  16    

&KLFKL7DLZDQ 6KXLOL      

.RFDHOL7XUNH\ <DULPFD  (:    

 7RXKRNX-DSDQ .QHW,ZDNL  (:    

 7RXKRNX-DSDQ -0$6HQGDL  16    


 %HDP 5HVSRQVH 2EWDLQHG IURP WKH 5HVSRQVH $QDO\VHV XQGHU 9DULRXV (DUWKTXDNHV
ZLWK'LIIHUHQW6FDOHGIDFWRUV

7KHUHVXOWV RI WKH UHVSRQVH DQDO\VHVLH WKH EHDP UHVSRQVHV XQGHU  JURXQG PRWLRQ UHFRUGV ZLWK
WKUHHVFDOHGIDFWRUVDUHREWDLQHG$VH[DPSOHV)LJXUHVKRZVVHYHUDORIWKHUHVSRQVHVRIWKHEHDPDW
%6)ZLWKODUJHVWEHDPUHVSRQVHLQWKHDQDO\VLVXQGHUHDFKJURXQGPRWLRQ 

7KHGLIIHUHQFHRIWKHEHDPUHVSRQVHWLOOIUDFWXUHIURPGLIIHUHQWHDUWKTXDNHVFDQEHIRXQGIURPWKHVH
JUDSKV 8QGHU QHDUIDXOW HDUWKTXDNHV 7DNDWRUL2OLYH 9LHZ HWF WKH EHDP IUDFWXUHG DIWHU VHYHUDO
ODUJHDPSOLWXGHF\FOHV :KLOH XQGHU ORQJGXUDWLRQ JURXQG PRWLRQV7XUNH\ ,ZDNL HWF WKHUH DUH D
ODUJHDPRXQWHDUWKTXDNHORDGLQJF\FOHVWKDWWKHEHDPH[SHULHQFHGEHIRUHIUDFWXUH7KHDPSOLWXGHVRI
WKH ORDGLQJ F\FOHV DUH XVXDOO\ VPDOOHU WKDQ WKDW XQGHU QHDUIDXOW JURXQG PRWLRQV 7KH PD[LPXP
EHDPV¶ UHVSRQVHV LQ WKH SODQH VWHHO IUDPH ZHUH REWDLQHG IURP WKH UHVSRQVH DQDO\VHV 7KH SODVWLF
UDWLRV P ZKLFKUHSUHVHQWVWKHPD[LPXPEHDPURWDWLRQDUHVKRZQLQ)LJXUH7KHSODVWLFUDWLRVJURZ
ZLWKWKHLQFUHDVHRIWKHLQSXWVFDOHGIDFWRU8QGHUVDPHLQSXWVFDOHGIDFWRUWKHEHDP¶VSODVWLFUDWLRV
XQGHU QHDUIDXOW HDUWKTXDNHV DUH ODUJHU WKDQ WKRVH XQGHU RWKHU W\SHV RI HDUWKTXDNH JURXQG PRWLRQV
HVSHFLDOO\WKHRQHVXQGHUORQJGXUDWLRQJURXQGPRWLRQV

ϭϬϬϬ KůŝǀĞǀŝĞǁ ϭϬϬϬ ϭϬϬϬ
 dĂŬĂƚŽƌŝ
ϴϬϬ
/ǁĂŬŝ ϴϬϬ ϴϬϬ

 ϲϬϬ ϲϬϬ ϲϬϬ

DŽŵĞŶƚ;ŬEͲŵͿ
DŽŵĞŶƚ;ŬEͲŵͿ

DŽŵĞŶƚ;ŬEͲŵͿ
ϰϬϬ ϰϬϬ ϰϬϬ

 ϮϬϬ
Ϭ
ϮϬϬ
Ϭ
ϮϬϬ
Ϭ
 㻙㻜㻚㻜㻡 㻙㻜㻚㻜㻟 㻙㻜㻚㻜㻝
ͲϮϬϬ
㻜㻚㻜㻝 㻜㻚㻜㻟 㻜㻚㻜㻡 ͲϬ͘Ϭϱ ͲϬ͘Ϭϯ ͲϬ͘Ϭϭ
ͲϮϬϬ
Ϭ͘Ϭϭ Ϭ͘Ϭϯ Ϭ͘Ϭϱ ͲϬ͘Ϭϱ ͲϬ͘Ϭϯ ͲϬ͘Ϭϭ
ͲϮϬϬ
Ϭ͘Ϭϭ Ϭ͘Ϭϯ Ϭ͘Ϭϱ

ͲϰϬϬ
 ͲϲϬϬ
ͲϰϬϬ
ͲϲϬϬ
ͲϰϬϬ
ͲϲϬϬ

 35 ͲϴϬϬ
35ϳ͘Ϯϲ 35 ͲϴϬϬ ͲϴϬϬ
ͲϭϬϬϬ
ͲϭϬϬϬ ͲϭϬϬϬ

 ĞĂŵƌŽƚĂƚŝŽŶ;ƌĂĚͿ ĞĂŵƌŽƚĂƚŝŽŶ;ƌĂĚͿ ĞĂŵƌŽƚĂƚŝŽŶ;ƌĂĚͿ


)LJXUH([DPSOHVRIWKHPD[LPXPEHDPUHVSRQVH

%HDP%HKDYLRUXQGHU9DULRXV(DUWKTXDNH*URXQG0RWLRQV

5HIHUULQJ WR WKH HYDOXDWLRQ PHWKRG RI WKH EHDP¶V SODVWLF GHIRUPDWLRQ FDSDFLW\ IURP <DPDGD HW DO
WKHFXPXODWLYHSODVWLFVWUDLQUDWLRDWWKHWRHRIWKHZHOGDFFHVVKROHRQWKHIUDFWXUHGIODQJHRI
WKHEHDPVXQGHUHDFKJURXQGPRWLRQUHFRUGZDVDOVRRXWSXWIURPWKHDQDO\VHV PK6   PK 6   PK %   PK %  
7KH JURZLQJ SURFHVVHV RI PK 6   PK  DQG PK7  PK  RI DOO EHDPV VXEMHFWHG WR GLIIHUHQW JURXQG
PRWLRQVZLWKOHYHOVRIVFDOHGIDFWRUVDUHSORWWHGLQ)LJXUH7KHIUDFWXUHFRQGLWLRQ<DPDGDHWDO
LVDOVRSORWWHGLQ)LJXUH7KHVHJUDSKVLQGLFDWHWKDW

7KHJURZLQJSURFHVVHVRISODVWLFVWUDLQUDWLRRIWKHEHDPVXQGHUGLIIHUHQWJURXQGPRWLRQUHFRUGVDUH
TXLWH GLIIHUHQW 8QGHU ORQJGXUDWLRQ JURXQG PRWLRQV VXFK DV WKH .QHW ,ZDNL UHFRUG WLOO GXFWLOH
IUDFWXUH EHDPV WHQG WR KDYH ODUJHU FXPXODWLYH SODVWLF VWUDLQ UDWLRV ZLWK VPDOOHU VNHOHWRQ FXPXODWLYH
SODVWLFVWUDLQUDWLRV7KHJURZLQJSURFHVVRISODVWLFVWUDLQUDWLRJRHVDORQJWKHOHIWVLGHRIWKHJUDSK2Q
WKH RWKHU KDQG XQGHU QHDUIDXOW JURXQG PRWLRQV OLNH 2OLYH UHFRUG DQG .REH UHFRUG WKH JURZLQJ
SURFHVV RI SODVWLF VWUDLQ UDWLR JRHV DORQJ WKH ULJKW VLGH RI WKH JUDSK ZKHQ WKH RYHUDOO SODVWLF VWUDLQ
UDWLRV DUH VPDOOHU EXW WKH VNHOHWRQ SODVWLF VWUDLQ UDWLRV DUH ODUJHU )RU WKH UHVW RI WKH JURXQG PRWLRQ
UHFRUGV WKH JURZLQJ SURFHVV RI SODVWLF VWUDLQ UDWLR FRYHU DOPRVW HYHQO\ EHWZHHQ WKH WZR W\SHV RI
HDUWKTXDNHVPHQWLRQHGDERYH
8QGHUJURXQGPRWLRQLQSXWZLWKODUJHU%6)WKHJURZLQJSURFHVVHVRISODVWLFVWUDLQUDWLRWHQGWR
OHDQWRZDUGWKHULJKWVLGHRIWKHJUDSK,QRWKHUZRUGWKHRYHUDOOSODVWLFVWUDLQUDWLRVEHFRPHVPDOOHU
ZKLOHWKHUDWLRRI PK 6   PK  WR PK7  PK JURZODUJHU

8QGHUJURXQGPRWLRQLQSXWZLWKVPDOOHU%6)WKHJURZLQJSURFHVVHVRISODVWLFVWUDLQUDWLRWHQGWR
VKULQNWRWKHPLGGOHRIWKHJUDSK%RWKWKHRYHUDOODQGVNHOHWRQSODVWLFVWUDLQUDWLRVEHFRPHVPDOOHU
 ϳ  ϳ  ϳ
.REH
 ϲ ϲ
^& ϲ 6HQGDL
 ϱ Ϭ͘ϴ™^& ϭ͘Ϯ™^& +DFKLQRKH
ϱ ϱ
(OFHQWUR

 ͬ K Ϭ

ͬɻK Ϭ

7DIW
K Ϭ

Ϭ
Ϭ

ϰ ϰ ϰ
ŵ
Ϭ

ŵ
 ͬнͬɻ


ɻKн7ͬɻ

Kɻdͬ
ŵ

&KL&KL
d
K7ɻ

ϯ
 ϯ ϯ
7XUNH\
ŵ

ŵ
ŵ

7DNDWRUL
 Ϯ Ϯ Ϯ
,ZDNL
 ϭ ϭ ϭ
2OLYH
 Ϭ Ϭ Ϭ 1HZKDOO
Ϭ Ϭ͘Ϯ Ϭ͘ϰ Ϭ͘ϲ Ϭ͘ϴ ϭ Ϭ Ϭ͘Ϯ Ϭ͘ϰ Ϭ͘ϲ Ϭ͘ϴ ϭ Ϭ Ϭ͘Ϯ Ϭ͘ϰ Ϭ͘ϲ Ϭ͘ϴ ϭ )UDFWXUH
 ŵ ɻ ннͬɻ
K^Ɛ ͬŵKϬ Ϭ ɻŵKƐн^ͬɻ
н Ϭŵ ŵ ɻ н
K^нƐͬŵͬɻ
KϬϬ
ͬ KϬ

)LJXUH3ODVWLFVWUDLQUDWLRJURZLQJSURFHVVHVRIWKHEHDPVXQGHUWKUHHOHYHOVRIVFDOHGIDFWRUV


5(&200(1'('/2$',1*35272&2/6,1-$3$1$1'7+(81,7('67$7(6

-,6)/RDGLQJ3URWRFROV

)LJXUHVKRZVWKHORDGLQJSURWRFROUHFRPPHQGHGE\WKH%XLOGLQJ5HVHDUFK,QVWLWXWHDQGWKH-DSDQ
,URQDQG6WHHO)HGHUDWLRQ-,6)ZKLFKLVFRPPRQO\DFFHSWHGLQ-DSDQ7KLVORDGLQJSURWRFROLV
REWDLQHG WKURXJK WKH UHVSRQVH DQDO\VHV RI IUDPHV 7KH LQFUHPHQWDO F\FOLF ORDGLQJ VWDUWLQJ IURP
r  T 3  ZLWK LQWHUYDOV RI  T 3  ZKHUH T 3  WKH HODVWLF EHDP URWDWLRQ ZKHQ WKH PRPHQW RI WKH EHDP¶V
FDQWLOHYHUHQGHTXDOVLWVIXOOSODVWLFPRPHQW 0 3 )RUHDFKORDGLQJVWHSWZRF\FOHVVKRXOGEHDSSOLHG
 
 )(0$  6$&
 $,6&

5HODWLYHDPSOLWXGHDL 'P


 

'ULIWDQJOHUDG
 TS 



-,6)
 TS 

 TS 
TS 
   

 TS 

 TS
 TS 
$
TS '\
 
$

'\
$7&

  '\
'ULIWDQJOHUDG

  '\

  
 '\
  '\
 
% '\
6$&
 
1HDUIDXOW '\


)LJXUH-DSDQHVHDQG$PHULFDQUHFRPPHQGHGORDGLQJSURWRFROV

$PHULFDQ/RDGLQJ3URWRFROV

7KH GHIRUPDWLRQ FRQWUROOHG ORDGLQJ SURWRFROV IURP )(0$  $,6&  6$&  DV ZHOO DV
$7&ZKLFKDUHUHFRPPHQGHGLQWKH86IRUVWHHOEHDPWHVWLQJDUHLQYHVWLJDWHG7KHVHORDGLQJ
SURWRFROVDUHDOVRVKRZQLQ)LJXUH7KHGHVFULSWLRQVRIWKHVHORDGLQJSURWRFROVDUHDVIROORZV
)(0$)(0$
7KLVSURWRFROZDVGHYHORSHGRULJLQDOO\IRUWHVWLQJRIGULIWVHQVLWLYHQRQVWUXFWXUDOFRPSRQHQWVEXWLV
DSSOLFDEOH LQ JHQHUDO DOVR WR GULIW VHQVLWLYH VWUXFWXUDO FRPSRQHQWV OLNH EHDPV ,W XVHG D WDUJHWHG
PD[LPXP GHIRUPDWLRQ DPSOLWXGH ' P  /RDGLQJ VWDUWV IURP D ' P  ZLWK DL  DL  $W HDFK
DPSOLWXGHF\FOHVVKRXOGEHDSSOLHG ' P 7DUJHWHGPD[LPXPGHIRUPDWLRQDPSOLWXGHZKLFKFDQEH
HVWLPDWHGIURPDPRQRWRQLFWHVW$UHFRPPHQGYDOXHLVLQWHUPVRIVWRU\GULIWLQGH[ G  K  
$,6&6HLVPLFSURYLVLRQ$,6&
7KLV ORDGLQJ SURWRFRO LV UHFRPPHQGHG E\ WKH $PHULFDQ ,QVWLWXWH RI 6WHHO &RQVWUXFWLRQ IRU WHVWLQJ
EHDPWRFROXPQPRPHQWFRQQHFWLRQVLQVSHFLDODQGLQWHUPHGLDWHPRPHQWIUDPHV7KHF\FOLFORDGLQJ
SURWRFROVDUHLQWHUPVRILQWHUVWRU\GULIWDQJOH T 
 F\FOHV DW T UDGĺ F\FOHV DW T UDGĺ F\FOHV DW T UDGĺ F\FOHV DW
T UDGĺF\FOHVDW T UDGĺF\FOHVDW T UDGĺF\FOHVDW T UDGĺF\FOHVDW
T UDGĺ&RQWLQXHORDGLQJDWLQFUHPHQWVRI T UDGF\FOHVDWHDFKVWHS
6$&.UDZLQNOHU
7ZR NLQGV RI ORDGLQJ SURWRFROV DUH UHFRPPHQGHG LQ WKH 6$&  SURJUDP )LUVW RQH LV WKH EDVLF
ORDGLQJ KLVWRU\ IRU EHDPWRFROXPQ FRQQHFWLRQV LQ 605) 7KH 6$& SURWRFRO LQFOXGHV PRUH VPDOO
HODVWLF F\FOHV EHFDXVH RI WKH REVHUYHG 1RUWKULGJH ZHOG IUDFWXUHV WKDW RFFXUUHG EHIRUH \LHOGLQJ
RFFXUUHG<RXVVHI7KHVHFRQGORDGLQJSURWRFROUHFRPPHQGHGE\6$&LVWKHQHDUIDXOW
ORDGLQJKLVWRU\ 
6$&%DVLFORDGLQJKLVWRU\7KLVORDGLQJSURWRFROLVWKHVDPHDV$,6& 
6$&  1HDUIDXOW ORDGLQJ KLVWRU\ 7KH F\FOLF ORDGLQJ SURWRFROV DUH LQ WHUPV RI LQWHUVWRU\ GULIW
DQJOH T  
$7&.UDZLQNOHU
7KH$7&ZDVVSHFLILFDOO\GHYHORSHGIRUFRPSRQHQWVRIVWHHOVWUXFWXUHVZDVRQHRIWKHILUVWIRUPDO
SURWRFROV GHYHORSHG LQ WKH 86 IRU VHLVPLF SHUIRUPDQFH HYDOXDWLRQ RI FRPSRQHQWV XVLQJ D F\FOLF
ORDGLQJKLVWRU\7KLVF\FOLFORDGLQJSURWRFROLVLQWHUPVRIEHDP¶VHODVWLFGHIRUPDWLRQ ' \ 

%HDP3HUIRUPDQFHXQGHU5HFRPPHQGHG/RDGLQJ3URWRFROV

7KH F\FOLF LQSODQH DQDO\VHV RI FDQWLOHYHU EHDP DUH FRQGXFWHG ZLWK WKH LQSXW EHDP IUHHHQG
GHIRUPDWLRQFRUUHVSRQGLQJWRHDFKUHFRPPHQGHGORDGLQJSURWRFROVLQ-DSDQDQGWKH86,QRUGHUWR
FRPSDUHZLWKWKHEHDPSHUIRUPDQFHLQWKHIUDPHWKHDQDO\WLFDOPRGHORIWKHFDQWLOHYHUEHDPLVWKH
VDPHDVWKHEHDPVLQWKHIUDPHDQDO\VLV7KH-,6)DQG$7&ORDGLQJSURWRFROVDUHLQWHUPVRIEHDP
URWDWLRQVWKHEHDPIUHHHQGGHIRUPDWLRQFDQEHREWDLQHGGLUHFWO\E\WLPHVWKHEHDPVSDQ+RZHYHU
G +
WKH RWKHU ORDGLQJ SURWRFROV LQWURGXFHG DUH LQ WHUPV RI VWRU\ GULIWV   ZKLFK KDYH WR EH
/F  '
FRQYHUWHG LQWR WKH EHDP URWDWLRQV  TE  +HUH WKH FROXPQ DQG SDQHO ]RQH LV FRQVLGHUHG WR UHPDLQ
HODVWLF 

7KHJURZLQJSURFHVVHVRIWKHSODVWLFVWUDLQUDWLRDWWKHIODQJHIUDFWXUH]RQHDUHSORWWHGLQ)LJXUH,Q
WKLVJUDSKWKHJURZLQJSURFHVVXQGHU6$&1HDUIDXOWORDGLQJSURWRFROVKRZVWRWDOO\GLIIHUHQWURXWH
IURP WKDW XQGHU WKH RWKHU ORDGLQJ SURWRFROV 7KH JURZLQJ SURFHVVHV XQGHU WKH UHVW RI WKH ORDGLQJ
SURWRFROVDUHVLPLODUWRHDFKRWKHU(VSHFLDOO\IRUORDGLQJSURWRFROV6$&DQG)(0$DOPRVW
VDPHJURZLQJSURFHVVHVFDQEHVHHQIURPWKHJUDSK
 
 
-,6)
-DS

 )(0$

 6$&

 6$&1HDUIDXOW
 $7&

 )UDFWXUHFRQGLWLRQ
7 Ș



P



PȘ


 





      
 P Ș ŵȘ
V 

)LJXUH*URZLQJSURFHVVHVRIWKHSODVWLFVWUDLQUDWLRXQGHUUHFRPPHQGHGORDGLQJSURWRFROV


68**(67,21216(/(&7,1*/2$',1*35272&2/6,1%($07(67,1*

,QYHVWLJDWLRQRIWKH5HFRPPHQGHG/RDGLQJ3URWRFROV

,QWKHWHVWVWRHYDOXDWHWKHEHDP¶VVHLVPLFSHUIRUPDQFHHVSHFLDOO\SODVWLFGHIRUPDWLRQFDSDFLW\XQGHU
VHLVPLF HIIHFWV D ORDGLQJ SURWRFROLVVXLWDEOH RUQRWOLHV RQ LWVUHSURGXFWLRQ RIWKH EHDP¶V EHKDYLRU
XQGHU DV YDULRXV DV SRVVLEOH UHDO HDUWKTXDNH JURXQG PRWLRQV 7KH VHLVPLF EHKDYLRU RI WKH EHDP
IODQJHXQGHUJURXQGPRWLRQVZDVREWDLQHGLQ6HFWLRQ7KHJURZLQJSURFHVVHVRIWKHSODVWLFVWUDLQ
UDWLRDWWKHEHDPIODQJHIUDFWXUH]RQHVKRZGLVWLQJXLVKHGURXWHVLQ)LJXUH7KHSODVWLFVWUDLQUDWLR
JURZLQJSURFHVVHVXQGHUJURXQGPRWLRQVFRYHUDFHUWDLQDUHD)URP)LJXUHWKHHQYHORSHRIWKH
DUHD DW %6) LV REWDLQHG 7KH DUHD FRYHUHG E\ WKH HQYHORSH UHSUHVHQWV WKH EHDP¶V EHKDYLRU XQGHU
GLIIHUHQWW\SHVRIJURXQGPRWLRQV,QRUGHUWRLQYHVWLJDWHWKHSUDFWLFDOLW\RIWKHUHFRPPHQGHGORDGLQJ
 SURWRFROVWKHJURZLQJSURFHVVHVRIWKHSODVWLFVWUDLQUDWLRXQGHUWKHVHUHFRPPHQGHGORDGLQJSURWRFROV
)LJXUHDUHSORWWHGLQWRWKHHQYHORSH)LJXUH

7KHUHVXOWVRIWKH-,6))(0$6$&$,6&DQG$7&ORDGLQJSURWRFROVJDWKHULQWKH
PLGGOH SDUW RI WKH HQYHORSH 7KH UHVXOW RI WKH 6$&1HDUIDXOW ORDGLQJ SURWRFRO UHDFKHV RXW WR WKH
ERWWRPHGJHRIWKHHQYHORSH7DNLQJDEURDGYLHZRIWKHZKROHJUDSKWKHUHDUHWZRREYLRXVSDUWVLQ
WKHHQYHORSHWKDWFDQQRWEHFRYHUE\WKHUHVXOWVRIWKHUHFRPPHQGHGORDGLQJSURWRFROVSRLQWHGRXWLQ
WKH GDUN EOXH F\FOHV 7KH RQH DW WKH WRS LV ZKHUH WKH ORQJGXUDWLRQ JURXQG PRWLRQV VXFK DV ,ZDNL
UHFRUGOD\V7KHIHDWXUHRIWKHEHDPUHVSRQVHVLQWKLVDUHDLVODUJHQXPEHUF\FOHVRIUHODWLYHO\VPDOOHU
GHIRUPDWLRQDPSOLWXGH7KHRWKHULQDGHTXDWHSDUWEHWZHHQWKH6$&1HDUIDXOWSURWRFRODQGWKHUHVWRI
WKH ORDGLQJ SURWRFROV LV WKH DUHD WKDW WKH JURXQG PRWLRQV ZLWK WKH FKDUDFWHULVWLF RI ODUJH DPSOLWXGH
EHDP UHVSRQVHV OD\ 7KH LQDGHTXDWH SDUWV LQ WKH HQYHORSH VKRXOG EH WDNHQ LQWR FRQVLGHUDWLRQ LQ
FKRRVLQJWKHUHDVRQDEOHORDGLQJSURWRFROV
  
 ;Ϳ
;Ϳ
^&  ϭ͘Ϯп^&
  )UDFWXUH
  -,6)

-DS
 

ͬŵϬKϬ

ͬɻŵKϬ Ϭ

  )(0$

ɻŵKddͬɻ

ɻKddͬ

 6$&
ŵ

  

  6$&1HDUIDXOW 
  $7& 
   
ŵ н нŵ 
     
ŵ н нŵ
  
K^ɻƐͬ ͬɻ
KϬϬ K^ɻƐͬ ͬɻ
KϬϬ

)LJXUH&RPSDULVRQRIWKH³HQYHORS´DQGWKHEHDPEHKDYLRUXQGHUUHFRPPHQGHGORDGLQJSURWRFROV

&RPSOHPHQWDU\/RDGLQJ3URWRFROV

7RFRYHUWKHLQDGHTXDWHSDUWVLQ)LJXUHEHDP¶VSHUIRUPDQFHXQGHUWKUHHORDGLQJSURWRFROVVKRZQLQ
)LJXUHZDVDOVRHYDOXDWHG7KHGHWDLOVRIWKHVHWKUHHORDGLQJSURWRFROVDUHDVIROORZV
&RQVWDQWDPSOLWXGHORDGLQJRI r  T 3  
&RQVWDQWDPSOLWXGHORDGLQJRI r  T 3 
0RGL-,6)ORDGLQJSURWRFROLQFUHPHQWDOF\FOLFORDGLQJVWDUWLQJIURP r  T 3 ZLWKLQWHUYDOVRI T 3 
 TS TS TS
 TS TS TS

 TS TS TS

TS TS
 TS 
 
 TS TS TS
 TS TS TS

 TS &RQVWDQWTS TS

&RQVWDQWT S
TS
0RGL-,6)
TS TS
 TS


)LJXUH&RPSOHPHQWDU\ORDGLQJSURWRFROV

7KHJURZLQJSURFHVVHVRIWKHSODVWLFVWUDLQUDWLRDWWKHIODQJHIUDFWXUH]RQHXQGHUWKHFRPSOHPHQWDU\
ORDGLQJSURWRFRODUHSORWWHGLQ)LJXUHWRJHWKHUZLWKWKHUHVXOWVRIWKHUHFRPPHQGHG-DSDQHVHDQG
$PHULFDQORDGLQJSURWRFROVDQGWKHHQYHORSHXQGHU%6)7KLVJUDSKLQGLFDWHVWKDWEHDPSHUIRUPDQFH
XQGHUFRQVWDQW DPSOLWXGHORDGLQJ SURWRFROVRI r  T 3  UHSURGXFHVWKH EHDP SHUIRUPDQFH XQGHUORQJ
GXUDWLRQJURXQGPRWLRQ7KH0RGLILHG-,6)SURWRFROILOOVWKHEODQNEHWZHHQWKH1HDUIDXOWHDUWKTXDNH
DQGRWKHUUHFRPPHQGHGORDGLQJSURWRFROV 

)LJXUH  VKRZV WKH GHIRUP SHUIRUPDQFH RI WKH EHDP FRPSRQHQW XQGHU DOO ORDGLQJ SURWRFROV WLOO
IUDFWXUH 7KH 6$& )(0$  DQG -,6) ORDGLQJ SURWRFROV VKRZ YHU\ VLPLODU UHVXOWV ZKLFK FDQ
 UHSURGXFH WKH EHDP¶V SHUIRUPDQFH XQGHU JHQHULF HDUWKTXDNHV :KHQ WKH DPSOLWXGH RI WKH ORDGLQJ
SURWRFROGHFUHDVHVWKHJURZLQJSURFHVVHVOHDQWRWKHXSSHUOHIWVLGH7KHORDGLQJSURWRFROVLQWKLVDUHD
UHSURGXFHWKHEHDP¶VSHUIRUPDQFHXQGHUORQJGXUDWLRQJURXQGPRWLRQV2QWKHRWKHUVLGHZKHQWKH
DPSOLWXGH LQFUHDVHV WKH JURZLQJ SURFHVVHV OHDQ WR WKH ORZHUULJKW FRUQHU ZKLFK LV WKH GRPDLQ RI
QHDUIDXOWJURXQGPRWLRQV
  ϳ ϳ

 ϲ ^&
ϭ͘Ϭ™^&ĞŶǀĞůŽƉĞ
0RGL-,6)
0RGL-DS ϲ ϭ͘Ϯп^&
ϭ͘Ϯ™^&ĞŶǀĞůŽƉĞ
 șS
ϱ
 ϱ șS

K
н ͬɻϬϬ
 ϰ ϰ
KϬ

)UDFWXUH
н ͬɻ

ŵ
ŵ

 ϯ :/^&

dͬ
-DS
dͬ

Kɻ
Kɻ

 )(0$

ŵ
ŵ

Ϯ
 Ϯ 6$&
 ϭ 6$&1HDUIDXOW ϭ

 Ϭ $7& Ϭ
 Ϭ Ϭ͘Ϯ Ϭ͘ϰ Ϭ͘ϲ Ϭ͘ϴ ϭ Ϭ Ϭ͘Ϯ Ϭ͘ϰ
ŵ н нŵ
Ϭ͘ϲ Ϭ͘ϴ ϭ
ŵ н нŵ
Kɻ^ Ɛͬͬɻ
KϬϬ K ɻ
^ 
Ɛ ͬɻ
ͬ K Ϭ
Ϭ 

ϳ
)LJXUH&RPSDULVRQRIWKH³HQYHORS´DQGWKHEHDPEHKDYLRUXQGHUDOOORDGLQJSURWRFROV

 
/RQJGXUDWLRQ TS
 
JURXQG PRWLRQ
 
$7& TS

 
 
dKͬKϬ

 
*HQHULFJURXQG
6$& )(0$
PRWLRQ
 
-,6)
-DS
 
  -,6)
0RGL-DS
  1HDUIDXOWJURXQG
6$&1)
 
PRWLRQ

        

 
VK K

)LJXUH(TXLYDOHQWFXPXODWLYHGHIRUPDWLRQUDWLRRIEHDPVXQGHUUHFRPPHQGHGORDGLQJSURWRFROV

%DVHGRQWKHDERYHGLVFXVVLRQVXJJHVWLRQVDUHJLYHQDVIROORZVWRWKHVHOHFWLRQRIORDGLQJSURWRFROV
LQEHDPWHVWV
6LQJOHVSHFLPHQWHVWLQJSURJUDP
2QHORDGLQJSURWRFROIURPWKH6$&$6,&)(0$RU-,6)ORDGLQJSURWRFROV 
)RUWKHEHDPVSRVVLEO\VXIIHULQJEULWWOHIUDFWXUH6$&$6,&ORDGLQJSURWRFROLVUHFRPPHQGHG
0XOWLSOHVSHFLPHQVWHVWLQJSURJUDP
7HVWLQJSURJUDPZLWKDWOHDVWWKUHHVSHFLPHQVLVUHFRPPHQGHG
2QHORDGLQJSURWRFROIURPWKH6$&$6,&)(0$RU-,6)ORDGLQJSURWRFRO
)RUWKHEHDPVSRVVLEO\VXIIHULQJEULWWOHIUDFWXUH6$&$6,&ORDGLQJSURWRFROLVUHFRPPHQGHG
2QHFRQVWDQWDPSOLWXGHORDGLQJSURWRFROZLWKVPDOOORDGLQJDPSOLWXGHIRUH[DPSOH r  T 3 
(LWKHUWKHPRQRWRQLFORDGLQJSURWRFRORUWKH6$&1HDUIDXOWORDGLQJSURWRFRO
:KHQWKHUHLVDOLPLWDWLRQRIWKHIDFLOLW\FRQVWDQWDPSOLWXGHORDGLQJSURWRFROZLWKWKHODUJHVWORDGLQJ
DPSOLWXGHRIWKHIDFLOLW\LVUHFRPPHQGHG 


&21&/86,21

7KLVVWXG\IRFXVHVRQWKHLQYHVWLJDWLRQRIORDGLQJSURWRFROVHPSOR\HGLQEHDPWHVWLQJ%HDPVHLVPLF
SHUIRUPDQFHLQDZHDNEHDPPRPHQWIUDPHXQGHUYDULRXVHDUWKTXDNHVLVREWDLQHGWKURXJKUHVSRQVH
DQDO\VLVDQGLQSODQHEHDPDQDO\VLV%\FRPSDULQJWKHEHDPVSHUIRUPDQFHXQGHUWKHUHFRPPHQGHG
-DSDQHVHDQG$PHULFDQORDGLQJSURWRFROVDQGWKDWXQGHUJURXQGPRWLRQV6XJJHVWLRQVZHUHJLYHQRQ
WKHVHOHFWLRQRIORDGLQJSURWRFROVLQEHDPWHVWVIRUWKHSXUSRVHRIHYDOXDWLQJWKHVHLVPLFSHUIRUPDQFH
RIWKHEHDP 


5()(5(1&(6 

%XLOGLQJ5HVHDUFK,QVWLWXWHy-DSDQ,URQDQG6WHHO)HGHUDWLRQ7HVWLQJPHWKRGVRIWKHHYDOXDWLRQRI
VWUXFWXUDOSHUIRUPDQFHIRUWKHVWHHOVWUXFWXUHV
$PHULFDQ,QVWLWXWHRI6WHHO&RQVWUXFWLRQ6HLVPLF3URYLVLRQVIRU6WUXFWXUDO6WHHO%XLOGLQJV,QFOXGLQJ
6XSSOHPHQW1R
<DPDGD6DQG$NL\DPD+,QHODVWLF5HVSRQVH$QDO\VLVRI0XOWL6WRU\6WHHO)UDPHV%DVHGRQWKH
5HDOLVWLF%HKDYLRUVRI0HPEHUV3URFRI,&$66

<DPDGD6DQG$NL\DPD+,QHODVWLFUHVSRQVHDQDO\VLVRIPXOWLVWRU\VWHHOIUDPHVEDVHGRQWKHUHDOLVWLF
EHKDYLRUVRIPHPEHUVJRYHUQHGE\ORFDOEXFNOLQJ,Q-DSDQHVH-RXUQDORI6WUXFWXUDODQG&RQVWUXFWLRQ
(QJLQHHULQJ7UDQVDFWLRQVRI$,-1R
<DPDGD6-LDR<DQG.LVKLNL63ODVWLFGHIRUPDWLRQFDSDFLW\RIVWHHOEHDPGHWHUPLQHGE\GXFWLOH
IUDFWXUHXQGHUYDULRXVORDGLQJKLVWRULHV,Q-DSDQHVH-RXUQDORI&RQVWUXFWLRQDO6WHHO9RO
*LKRXGR6WUXFWXUDOGHVLJQRIVWHHOVWUXFWXUHVWK(GLWLRQ-DSDQ6RFLHW\RI6WHHO&RQVWUXFWLRQ
$NL\DPD+DQG7DNDKDVKL0,QIOXHQFHRI%DXVFKLQJHUHIIHFWRQVHLVPLFUHVLVWDQFHRIVWHHOVWUXFWXUHV
-RXUQDORIVWUXFWXUDODQGFRQVWUXFWLRQHQJLQHHULQJ7UDQVDFWLRQVRIWKH$,-1R
$NL\DPD+3 '  HIIHFWRQHQHUJ\DEVRUSWLRQFDSDFLW\RIVWHHOIUDPHGVWUXFWXUHVVXEMHFWHGWR
HDUWKTXDNHV-RXUQDORIVWUXFWXUDODQGFRQVWUXFWLRQHQJLQHHULQJ7UDQVDFWLRQVRIWKH$,-1R
)HGHUDO(PHUJHQF\0DQDJHPHQW$JHQF\,QWHULPWHVWLQJSURWRFROVIRUGHWHUPLQLQJVHLVPLFSHUIRUPDQFH
FKDUDFWHULVWLFVRIVWUXFWXUDODQGQRQVWUXFWXUDOFRPSRQHQWV)(0$'UDIW'RFXPHQW5HGZRRG&LW\
&$$SSOLHG7HFKQRORJ\&RXQFLO 
$PHULFDQ,QVWLWXWHRI6WHHO&RQVWUXFWLRQ6HLVPLFSURYLVLRQVIRUVWUXFWXUDOVWHHOEXLOGLQJV,QFOXGLQJ
6XSSOHPHQW1R 
.UDZLQNOHU+*XSWD$0HGLQD5DQG/XFR1/RDGLQJKLVWRULHVIRUVHLVPLFSHUIRUPDQFHWHVWLQJRI
605)FRPSRQHQWVDQGDVVHPEOLHV6$&-RLQW9HQWXUH5HSRUW1R6$&%' 
<RXVVHI1%RQRZLW]'*URVV-/$VXUYH\RIVWHHOPRPHQWUHVLVWLQJIUDPHEXLOGLQJVDIIHFWHGE\WKH
1RUWKULGJHHDUWKTXDNH1,67,51DWLRQDO,QVWLWXWHRI6WDQGDUGVDQG7HFKQRORJ\ 
.UDZLQNOHU+*XLGHOLQHVIRUF\FOLFVHLVPLFWHVWLQJRIFRPSRQHQWVRIVWHHOVWUXFWXUHV5HSRUW1R
$7&5HGZRRG&LW\&$$SSOLHG7HFKQRORJ\&RXQFLO