Sie sind auf Seite 1von 63

See discussions, stats, and author profiles for this publication at: https://www.researchgate.

net/publication/249967658

"Scared Straight" and other juvenile awareness programs for preventing


juvenile delinquency

Article  in  Cochrane database of systematic reviews (Online) · July 2013


DOI: 10.1002/14651858.CD002796 · Source: PubMed

CITATIONS READS
88 186

4 authors:

Anthony Petrosino Carolyn Petrosino

54 PUBLICATIONS   2,002 CITATIONS   
Bridgewater State University
21 PUBLICATIONS   913 CITATIONS   
SEE PROFILE
SEE PROFILE

Meghan Hollis Julia G. Lavenberg


Ronin Institute University of Pennsylvania
44 PUBLICATIONS   506 CITATIONS    22 PUBLICATIONS   326 CITATIONS   

SEE PROFILE SEE PROFILE

Some of the authors of this publication are also working on these related projects:

Special Issue of Journal of Social Issues: Hate Crime View project

Democratic Justice: A Theory of Race, Justice, and Equality View project

All content following this page was uploaded by Carolyn Petrosino on 13 June 2016.

The user has requested enhancement of the downloaded file.



&DPSEHOO6\VWHPDWLF5HYLHZV

)LUVWSXEOLVKHG 0D\
/DVWXSGDWHG 1RYHPEHU










³6FDUHG6WUDLJKW´DQG2WKHU
-XYHQLOH$ZDUHQHVV
3URJUDPVIRU3UHYHQWLQJ
-XYHQLOH'HOLQTXHQF\

$QWKRQ\3HWURVLQR&DURO\Q7XUSLQ3HWURVLQR-RKQ
%XHKOHU
































&RORSKRQ


7LWOH  ³6FDUHG6WUDLJKW´DQGRWKHUMXYHQLOHDZDUHQHVVSURJUDPVIRUSUHYHQWLQJ
MXYHQLOHGHOLQTXHQF\

,QVWLWXWLRQ  7KH&DPSEHOO&ROODERUDWLRQ

$XWKRUV  3HWURVLQR$QWKRQ\
7XUSLQ3HWURVLQR&DURO\Q
%XHKOHU-RKQ

'2,  FVU

1RRISDJHV  

/DVWXSGDWHG  $SULO

&LWDWLRQ  3HWURVLQR$7XUSLQ3HWURVLQR&%XHKOHU-³6FDUHG6WUDLJKW´DQGRWKHU
MXYHQLOHDZDUHQHVVSURJUDPVIRUSUHYHQWLQJMXYHQLOHGHOLQTXHQF\
&DPSEHOO6\VWHPDWLF5HYLHZV
'2,FVU

&RUHJLVWUDWLRQ  7KLVUHYLHZLVFRUHJLVWHUHGZLWKLQERWKWKH&RFKUDQHDQG&DPSEHOO
&ROODERUDWLRQV$YHUVLRQRIWKLVUHYLHZFDQDOVREHIRXQGLQWKH&RFKUDQH
/LEUDU\

.H\ZRUGV  

&RQWULEXWLRQV  $QWKRQ\3HWURVLQRVHDUFKLQJIRUVWXGLHVVFUHHQLQJVWXGLHVH[WUDFWLQJGDWD
FRQGXFWLQJDQDO\VHVGUDIWLQJUHSRUW
&DURO\Q7XUSLQ3HWURVLQRVFUHHQLQJVWXGLHVH[WUDFWLQJGDWDGUDIWLQJUHSRUW
-RKQ%XHKOHUVWDWLVWLFDODQDO\VHVGUDIWLQJUHSRUW

6XSSRUW)XQGLQJ  $PHULFDQ$FDGHP\RI$UWVDQG6FLHQFHV86$
+DUYDUG*UDGXDWH6FKRRORI(GXFDWLRQ86$
6PLWK5LFKDUGVRQ)RXQGDWLRQJUDQW WR8QLYHUVLW\RI3HQQV\OYDQLD 86$
0HOORQ)RXQGDWLRQJUDQW WR$$$ 6&HQWHUIRU(YDOXDWLRQ 86$
+RPH2IILFH5HVHDUFK 6WDWLVWLFV'LUHFWRUDWH WR&DPEULGJH8QLYHUVLW\ 
8QLWHG.LQJGRP

3RWHQWLDO&RQIOLFWV  7ZRRIWKHDXWKRUVSXEOLVKHGDQDUWLFOHLQWKHMRXUQDO&ULPH 'HOLQTXHQF\


RI,QWHUHVW WKDWLQGLFDWHGDKDUPIXOHIIHFWIRUWKHVHSURJUDPVEDVHGRQSUHOLPLQDU\
DQDO\VHV 3HWURVLQRE $Q\SRWHQWLDOELDVWRZDUGµUHSOLFDWLQJ¶WKHHDUOLHU
&ULPH 'HOLQTXHQF\ILQGLQJVKHUHLVFRXQWHUUEDODQFHGE\WKHH[SOLFLWDQG
WUDQVSDUHQWPHWKRGVXVHG

&RUUHVSRQGLQJ  $QWKRQ\3HWURVLQR
DXWKRU 1RUWKHUQ%RXOHYDUG
%R[
$PKHUVW1+
86$
(PDLODQWKRQ\BSHWURVLQR#KDYDUGHGXRUSHWURVDQ#JVHKDUYDUGHGX





&DPSEHOO6\VWHPDWLF5HYLHZV

(GLWRUVLQ&KLHI  0DUN:/LSVH\9DQGHUELOW8QLYHUVLW\86$
$ULOG%M¡UQGDO1RUZHJLDQ.QRZOHGJH&HQWUHIRUWKH+HDOWK6HUYLFHV 
8QLYHUVLW\RI2VOR1RUZD\

(GLWRUV  

&ULPHDQG-XVWLFH  'DYLG%:LOVRQ*HRUJH0DVRQ8QLYHUVLW\86$

(GXFDWLRQ  &KDG1\H8QLYHUVLW\RI&HQWUDO)ORULGD86$
 5DOI6FKORVVHU1RUWKHDVWHUQ8QLYHUVLW\86$

6RFLDO:HOIDUH  -XOLD/LWWHOO%U\Q0DZU&ROOHJH86$
*HUDOGLQH0DFGRQDOG4XHHQ¶V8QLYHUVLW\8. &RFKUDQH'HYHORSPHQWDO
3V\FKRVRFLDODQG/HDUQLQJ3UREOHPV*URXS

0DQDJLQJ(GLWRU .DULDQQH7KXQH+DPPHUVWU¡P7KH&DPSEHOO&ROODERUDWLRQ

(GLWRULDO%RDUG  

&ULPHDQG-XVWLFH  'DYLG:HLVEXUG+HEUHZ8QLYHUVLW\,VUDHO *HRUJH0DVRQ8QLYHUVLW\86$


3HWHU*UDERVN\$XVWUDOLDQ1DWLRQDO8QLYHUVLW\$XVWUDOLD

(GXFDWLRQ  &DUROH7RUJHUVRQ8QLYHUVLW\RI<RUN8.

6RFLDO:HOIDUH  $URQ6KORQVN\8QLYHUVLW\RI7RURQWR&DQDGD

0HWKRGV  7KHUHVH3LJRWW/R\ROD8QLYHUVLW\86$
3HWHU7XJZHOO8QLYHUVLW\RI2WWDZD&DQDGD

  7KH&DPSEHOO&ROODERUDWLRQ & ZDVIRXQGHGRQWKHSULQFLSOHWKDW


V\VWHPDWLFUHYLHZVRQWKHHIIHFWVRILQWHUYHQWLRQVZLOOLQIRUPDQGKHOS
LPSURYHSROLF\DQGVHUYLFHV&RIIHUVHGLWRULDODQGPHWKRGRORJLFDOVXSSRUWWR
UHYLHZDXWKRUVWKURXJKRXWWKHSURFHVVRISURGXFLQJDV\VWHPDWLFUHYLHZ$
QXPEHURI&
VHGLWRUVOLEUDULDQVPHWKRGRORJLVWVDQGH[WHUQDOSHHU
UHYLHZHUVFRQWULEXWH

  7KH&DPSEHOO&ROODERUDWLRQ 
32%R[6W2ODYVSODVV
2VOR1RUZD\
ZZZFDPSEHOOFROODERUDWLRQRUJ

  

 




7DEOHRI&RQWHQWV

7$%/(2)&217(176 

&21680(56<1236,6 

(;(&87,9(6800$5<$%675$&7 
%DFNJURXQG 
2EMHFWLYHV 
6HDUFK6WUDWHJ\ 
6HOHFWLRQ&ULWHULD 
'DWDFROOHFWLRQDQG$QDO\VLV 
5HVXOWV 
$XWKRUV¶&RQFOXVLRQV 

 32/,&<%5,() &21&(516 
 5HYLHZ3ROLF\%ULHI±1RYHPEHU 
 (PHUJHQW3ROLF\&RQFHUQV 

 %$&.*5281' 

 2%-(&7,9(6 

 0(7+2'2/2*< 
 &ULWHULDIRU&RQVLGHULQJ6WXGLHVIRUWKLV5HYLHZ 
 6HDUFK6WUDWHJ\IRU,GHQWLILFDWLRQRI6WXGLHV 

 0(7+2'62)7+(5(9,(: 
 6HOHFWLRQRI7ULDOV 
 $VVHVVPHQWRI0HWKRGRORJLFDO4XDOLW\ 
 'DWD0DQDJHPHQWDQG([WUDFWLRQ 
 'DWD6\QWKHVLV 

 5(68/76 
 1DUUDWLYH)LQGLQJVIURPWKH5HSRUWV 
 6KRXOG:H%HOLHYH7KHVH6WXGLHV"$VVHVVPHQWRI0HWKRGRORJLFDO4XDOLW\ 
 0HWD$QDO\VLV 

 ',6&866,21 
 7KHµ:K\¶4XHVWLRQ 

    7KH&DPSEHOO&ROODERUDWLRQ_ZZZFDPSEHOOFROODERUDWLRQRUJ

 &21&/86,216 
 ,PSOLFDWLRQVIRU3UDFWLFH 
 ,PSOLFDWLRQVIRU5HVHDUFK 

 27+(5723,&6 
 :KDW¶V1HZLQWKLV8SGDWH 
 &LWDWLRQ8VHVRI7KLV5HVHDUFK 
 $FNQRZOHGJHPHQWV 
 3RWHQWLDO&RQIOLFWRI,QWHUHVW 
 6RXUFHVRI6XSSRUW 
 3XEOLVKHG>RUIRUWKFRPLQJ@SDSHUV%DVHGRQ7KLV5HVHDUFK 

 $33(1',; 
 &KDUDFWHULVWLFVRI,QFOXGHG6WXGLHV 
 &KDUDFWHULVWLFVRI([FOXGHG6WXGLHV 
 )XOO$UUD\RI&ULPH2XWFRPH'DWD5HSRUWHGLQ2ULJLQDO6WXGLHV 
 6XPPDU\RI&ULWHULDRI0HWKRGRORJLFDO$GHTXDF\IRU,QFOXGHG6WXGLHV 
 5HIHUHQFHV 




    7KH&DPSEHOO&ROODERUDWLRQ_ZZZFDPSEHOOFROODERUDWLRQRUJ

&RQVXPHU6\QRSVLV

3URJUDPVOLNH
6FDUHG6WUDLJKW
LQYROYHRUJDQL]HGYLVLWVWRSULVRQIDFLOLWLHVE\MXYHQLOH
GHOLQTXHQWVRUFKLOGUHQDWULVNIRUEHFRPLQJGHOLQTXHQW7KHSURJUDPVDUHGHVLJQHG
WRGHWHUSDUWLFLSDQWVIURPIXWXUHRIIHQGLQJE\SURYLGLQJILUVWKDQGREVHUYDWLRQVRI
SULVRQOLIHDQGLQWHUDFWLRQZLWKDGXOWLQPDWHV5HVXOWVRIWKLVUHYLHZLQGLFDWHWKDW
QRWRQO\GRHVLWIDLOWRGHWHUFULPHEXWLWDFWXDOO\OHDGVWRPRUHRIIHQGLQJEHKDYLRU
*RYHUQPHQWRIILFLDOVSHUPLWWLQJWKLVSURJUDPQHHGWRDGRSWULJRURXVHYDOXDWLRQWR
HQVXUHWKDWWKH\DUHQRWFDXVLQJPRUHKDUPWRWKHYHU\FLWL]HQVWKH\SOHGJHWR
SURWHFW






    7KH&DPSEHOO&ROODERUDWLRQ_ZZZFDPSEHOOFROODERUDWLRQRUJ

([HFXWLYH6XPPDU\$EVWUDFW

%$&.*5281'

6FDUHG6WUDLJKW
DQGRWKHUSURJUDPVLQYROYHRUJDQL]HGYLVLWVWRSULVRQE\MXYHQLOH
GHOLQTXHQWVRUFKLOGUHQDWULVNIRUFULPLQDOEHKDYLRU3URJUDPVDUHGHVLJQHGWR
GHWHUSDUWLFLSDQWVIURPIXWXUHRIIHQGLQJWKURXJKILUVWKDQGREVHUYDWLRQRISULVRQ
OLIHDQGLQWHUDFWLRQZLWKDGXOWLQPDWHV


2%-(&7,9(6

7RDVVHVVWKHHIIHFWVRISURJUDPVFRPSULVLQJRUJDQL]HGYLVLWVWRSULVRQVE\MXYHQLOH
GHOLQTXHQWV RIILFLDOO\DGMXGLFDWHGRUFRQYLFWHGE\DMXYHQLOHFRXUW RUSUH
GHOLQTXHQWV FKLOGUHQLQWURXEOHEXWQRWRIILFLDOO\DGMXGLFDWHGDVGHOLQTXHQWV DLPHG
DWGHWHUULQJWKHPIURPFULPLQDODFWLYLW\


6($5&+675$7(*<

6HDUFKHVE\WKHILUVWDXWKRULQLGHQWLI\LQJUDQGRPL]HGILHOGWULDOVUHOHYDQW
WRFULPLQRORJ\ZDVDXJPHQWHGE\VWUXFWXUHGVHDUFKHVRIHOHFWURQLFGDWDEDVHV
LQFOXGLQJWKH&DPSEHOO63(&75GDWDEDVHRIWULDOVDQGWKH&RFKUDQH&&75([SHUWV
LQWKHILHOGZHUHFRQVXOWHGDQGUHOHYDQWFLWDWLRQVZHUHIROORZHGXS


6(/(&7,21&5,7(5,$

6WXGLHVWKDWWHVWHGWKHHIIHFWVRIDQ\SURJUDPLQYROYLQJWKHRUJDQL]HGYLVLWVRI
MXYHQLOHGHOLQTXHQWVRUFKLOGUHQDWULVNIRUGHOLQTXHQF\WRSHQDOLQVWLWXWLRQVZHUH
LQFOXGHG6WXGLHVWKDWLQFOXGHGRYHUODSSLQJVDPSOHVRIMXYHQLOHDQG\RXQJDGXOWV
HJDJHV ZHUHDOVRLQFOXGHG:HRQO\FRQVLGHUHGVWXGLHVWKDWUDQGRPO\RU
TXDVLUDQGRPO\ LHDOWHUQDWLRQ DVVLJQHGSDUWLFLSDQWVWRFRQGLWLRQV(DFKVWXG\
KDGWRKDYHDQRWUHDWPHQWFRQWUROFRQGLWLRQZLWKDWOHDVWRQHRXWFRPHPHDVXUHRI
SRVWYLVLWFULPLQDOEHKDYLRU


    7KH&DPSEHOO&ROODERUDWLRQ_ZZZFDPSEHOOFROODERUDWLRQRUJ

'$7$&2//(&7,21$1'$1$/<6,6

:HUHSRUWQDUUDWLYHO\RQWKHQLQHHOLJLEOHWULDOV:HFRQGXFWHGRQHPHWDDQDO\VLVRI
SRVWLQWHUYHQWLRQRIIHQGLQJUDWHVXVLQJRIILFLDOGDWD,QIRUPDWLRQIURPRWKHU
VRXUFHV HJVHOIUHSRUW ZDVHLWKHUPLVVLQJIURPVRPHVWXGLHVRUFULWLFDO
LQIRUPDWLRQZDVRPLWWHG HJVWDQGDUGGHYLDWLRQV :HH[DPLQHGWKHLPPHGLDWH
SRVWWUHDWPHQWHIIHFWV LH
ILUVWHIIHFWV
E\FRPSXWLQJ2GGV5DWLRV 25 IRUGDWDRQ
SURSRUWLRQVRIHDFKJURXSUHRIIHQGLQJDQGDVVXPHGERWKIL[HGDQGUDQGRPHIIHFWV
PRGHOVLQRXUDQDO\VHV


5(68/76

7KHDQDO\VHVVKRZWKHLQWHUYHQWLRQWREHPRUHKDUPIXOWKDQGRLQJQRWKLQJ7KH
SURJUDPHIIHFWZKHWKHUDVVXPLQJDIL[HGRUUDQGRPHIIHFWVPRGHOZDVQHDUO\
LGHQWLFDODQGQHJDWLYHLQGLUHFWLRQUHJDUGOHVVRIWKHPHWDDQDO\WLFVWUDWHJ\


$87+256¶&21&/86,216

:HFRQFOXGHWKDWSURJUDPVOLNH
6FDUHG6WUDLJKW
DUHOLNHO\WRKDYHDKDUPIXOHIIHFW
DQGLQFUHDVHGHOLQTXHQF\UHODWLYHWRGRLQJQRWKLQJDWDOOWRWKHVDPH\RXWKV*LYHQ
WKHVHUHVXOWVDJHQFLHVZHFDQQRWUHFRPPHQGWKLVSURJUDPDVDFULPHSUHYHQWLRQ
VWUDWHJ\$JHQFLHVWKDWSHUPLWVXFKSURJUDPVKRZHYHUPXVWULJRURXVO\HYDOXDWH
WKHPQRWRQO\WRHQVXUHWKDWWKH\DUHGRLQJZKDWWKH\SXUSRUWWRGR SUHYHQWFULPH 
EXWDWWKHYHU\OHDVWWKH\GRQRWFDXVHPRUHKDUPWKDQJRRGWRWKHYHU\FLWL]HQV
WKH\SOHGJHWRSURWHFW


    7KH&DPSEHOO&ROODERUDWLRQ_ZZZFDPSEHOOFROODERUDWLRQRUJ

 3ROLF\%ULHI &RQFHUQV

 5(9,(:32/,& <%5,()± 129(0% (5 

'RHVWDNLQJMXYHQLOHVRQWRXUVRISULVRQGHWHUWKHPIURPIXWXUHFULPHDQG
GHOLQTXHQF\"

7KH3ROLF\4XHVWLRQ
$UHFHQW,OOLQRLVODZPDQGDWHVWKH&KLFDJR3XEOLF6FKRROVWRLGHQWLI\FKLOGUHQDWULVN
IRUIXWXUHFULPLQDOEHKDYLRUDQGWDNHWKHPRQWRXUVRIDGXOWSULVRQIDFLOLWLHV7KH
ODZUHYLVLWVWKHORQJKLVWRU\RIXVLQJSURJUDPVOLNH
6FDUHG6WUDLJKW
ZKLFKLQYROYH
RUJDQL]HGYLVLWVWRSULVRQIDFLOLWLHVE\MXYHQLOHGHOLQTXHQWVRUFKLOGUHQDWULVNIRU
EHFRPLQJGHOLQTXHQW7KHSURJUDPVDUHGHVLJQHGWRGHWHUSDUWLFLSDQWVIURPIXWXUH
RIIHQGLQJE\SURYLGLQJILUVWKDQGREVHUYDWLRQVRISULVRQOLIHDQGLQWHUDFWLRQZLWK
DGXOWLQPDWHV'RWKH\ZRUNWRUHGXFHFULPHDQGGHOLQTXHQF\E\SDUWLFLSDQWV"

5HVXOWVRIWKH&DPSEHOO&ROODERUDWLRQ5HYLHZ
5HVXOWVRIWKLVUHYLHZLQGLFDWHWKDWQRWRQO\GRHVLWIDLOWRGHWHUFULPHEXWLWDFWXDOO\
OHDGVWRPRUHRIIHQGLQJEHKDYLRU*RYHUQPHQWRIILFLDOVSHUPLWWLQJWKLVSURJUDP
QHHGWRDGRSWULJRURXVHYDOXDWLRQWRHQVXUHWKDWWKH\DUHQRWFDXVLQJPRUHKDUPWR
WKHYHU\FLWL]HQVWKH\SOHGJHWRSURWHFW

0HWKRGV
5HYLHZDXWKRUVFRQGXFWHGDYLJRURXVVHDUFKIRUUDQGRPL]HG>RUVHHPLQJO\
UDQGRPL]HG@VWXGLHVHYDOXDWLQJWKHHIIHFWVRI6FDUHG6WUDLJKWRUVLPLODUSURJUDPVRQ
VXEVHTXHQWRIIHQGLQJ7KH\ORFDWHGQLQHUDQGRPL]HGVWXGLHVLQZKLFKVHYHQ
SURYLGHGRXWFRPHGDWDPDNLQJLWSRVVLEOHWRLQFOXGHWKHPLQDTXDQWLWDWLYH
SURFHGXUHNQRZQDVPHWDDQDO\VLV,WZDVRQO\SRVVLEOHWRGRWKLVIRUWKH³ILUVWSRVW
WUHDWPHQWHIIHFW´DVPRVWVWXGLHVGLGQRWUHSRUWPHDVXUHPHQWVDWVXEVHTXHQWWLPH
LQWHUYDOV8QIRUWXQDWHO\OLWWOHLQIRUPDWLRQRQLQFLGHQFHVHYHULW\DQGODWHQF\
PHDVXUHVZDVSURYLGHGVRWKHPHWDDQDO\VLVZDVFRPSOHWHGRQSUHYDOHQFHGDWDRQO\
WKHSURSRUWLRQRIHDFKJURXSWKDWIDLOHGRUVXFFHHGHG 

,QWKHJUDSKEHORZWKHVHYHQVWXGLHVXVHGLQWKHPHWDDQDO\VLVDUHDQDO\]HGDQG
SORWWHGXVLQJD³)RUUHVW*UDSK´7KHVWXG\¶VDXWKRU V DUHSURYLGHGLQWKHOHIW
FROXPQIROORZHGE\WKHQXPEHURISDUWLFLSDQWVZKRZHUHDUUHVWHG RUFRPPLWWHGD
QHZRIIHQVH FRPSDUHGWRWKHLUWRWDOQXPEHUIRUWUHDWPHQWDQGFRQWUROJURXSV

    7KH&DPSEHOO&ROODERUDWLRQ_ZZZFDPSEHOOFROODERUDWLRQRUJ
7UHDWPHQWJURXSVUHFHLYHG6FDUHG6WUDLJKWRUDVLPLODUSURJUDPZKLOHFRQWURO
JURXSVGLGQRWUHFHLYHWKHLQWHUYHQWLRQ7KHLPSRUWDQWWKLQJLQWKHJUDSKLVWKDW
RGGVUDWLRVODUJHUWKDQµ¶IDYRUWKHFRQWUROJURXSZKLOHRGGVUDWLRVORZHUWKDQµ¶
IDYRUWKHH[SHULPHQWDOJURXS,QQHDUO\DOORIWKHVWXGLHVWKHRGGVUDWLRVIDYRUWKH
FRQWUROJURXSVDQGWKHRYHUDOOPHWDDQDO\VLVLVQHJDWLYHIRUWKHSURJUDP 




 (0(5*(1732/,&<&21&(516

2Q$XJXVW,OOLQRLV*RYHUQRU5RG%ODJRMHYLFKVLJQHGDELOOLQWRODZWKDW
PDQGDWHVWKH&KLFDJR3XEOLF6FKRROV\VWHPVHWXSDSURJUDPFDOOHG&KRLFHV
8QLWHG3UHVV,QWHUQDWLRQDO 7KHSURJUDPZRXOGLGHQWLI\VWXGHQWVDWULVNIRU
FRPPLWWLQJIXWXUHFULPHDQGVHWXSDSURJUDPWRJLYHWKHPWRXUVRIVWDWHSULVRQWR
GLVFRXUDJHDQ\IXWXUHFULPLQDOFRQGXFW /RQJDQG&KDVH $VWKHQHZVDUWLFOH
PDNHVFOHDUSROLF\PDNHUVKDGJRRGUHDVRQVIRUSDVVLQJWKHODZ3DUHQWVRI\RXQJ
FKLOGUHQZHUHGHVSHUDWHWRILQGZD\VWRGHWHUWKHLUNLGVIURPDOLIHRIFULPH:LWK
VRPH\RXWK HYHQDWDJHVDQG JHWWLQJLQYROYHGHDUO\LQJDQJVWKHUHZDV
PRXQWLQJSUHVVXUHRQSROLF\PDNHUVWRLQWHUYHQHHDUO\LQWKHLUOLYHVWRGLVVXDGHWKHP
IURPSRWHQWLDOO\PRUHVHULRXVEHKDYLRU7KH*RYHUQRUKLPVHOILVTXRWHGDVVD\LQJ
WKDWWKHODZLVLQWHQGHGWRJLYHVRPHNLGVDFKDQFHWRVHHZKDWKDSSHQVLIWKH\GRQ
W
IROORZWKHUXOHVIROORZWKHODZDQGZKDW
VDKHDGIRUWKHPLIWKH\GRQ
WGRWKDW
/RQJDQG&KDVHS 

7KLVLVRQO\WKHVXUIDFHRIWKHGLVFXVVLRQWKDWZDVEULVNO\UHSRUWHGLQWKH&KLFDJR
7ULEXQHDUWLFOH7KHUHZDVFHUWDLQO\VRPHRSSRVLWLRQWRLWDQGVRPHRIWKLVFULWLFLVP
UHIOHFWHGXSRQSULRUUHVHDUFKDERXWVLPLODUSURJUDPV,QGHHGRQHRSSRQHQWVDLG
WKDWWKHSULVRQWRXUVZHUHDQDWWHPSWWRUHVXUUHFW6FDUHG6WUDLJKWW\SHSURJUDPV
ZKLFKKDGEHHQIRXQGWREHLQHIIHFWLYHLQFXUELQJGHOLQTXHQF\ /RQJDQG&KDVH
S ,VWKLVWUXH"2ULV,OOLQRLVJRYHUQPHQWULJKWRQWDUJHWE\LQWURGXFLQJ
WKLVODZ"



$QVZHULQJVXFKDTXHVWLRQUHTXLUHVDQH[DPLQDWLRQRIWKHVFLHQWLILFHYLGHQFH,Q
WKLV&DPSEHOOXSGDWHZHUHSRUWWKHUHVXOWVRIDV\VWHPDWLFUHYLHZRIWKHQLQH
UDQGRPL]HGH[SHULPHQWVRI6FDUHG6WUDLJKWDQGRWKHUSULVRQWRXUSURJUDPV DOVR

   7KH&DPSEHOO&ROODERUDWLRQ_ZZZFDPSEHOOFROODERUDWLRQRUJ
UHIHUUHGWRDVMXYHQLOHDZDUHQHVVRUSULVRQDZDUHQHVVSURJUDPV 2IFRXUVHSULRU
UHVHDUFKLVQRJXDUDQWHHWKDWLQWHUYHQWLRQVZLOOZRUN RUQRWZRUN LQDIXWXUH
VHWWLQJ%XWDUHDGHUPLJKWDVNKHUVHOIWKHIROORZLQJTXHVWLRQXSRQUHDGLQJWKH
UHVXOWVRIWKLVV\VWHPDWLFUHYLHZZRXOG,ZDQWDGRFWRUWRSUHVFULEHDWUHDWPHQWIRU
P\FKLOGWKDWKDVWKHVDPHWUDFNUHFRUGRIUHVHDUFKUHVXOWV"


   7KH&DPSEHOO&ROODERUDWLRQ_ZZZFDPSEHOOFROODERUDWLRQRUJ
 %DFNJURXQG

,QWKHVLQPDWHVVHUYLQJOLIHVHQWHQFHVDWD1HZ-HUVH\ 86$ SULVRQEHJDQD


SURJUDPWR
VFDUH
RUGHWHUDWULVNRUGHOLQTXHQWFKLOGUHQIURPDIXWXUHOLIHRIFULPH
7KHSURJUDPNQRZQDV
6FDUHG6WUDLJKW
IHDWXUHGDVLWVPDLQFRPSRQHQWDQ
DJJUHVVLYHSUHVHQWDWLRQE\LQPDWHVWRMXYHQLOHVYLVLWLQJWKHSULVRQIDFLOLW\7KH
SUHVHQWDWLRQGHSLFWHGOLIHLQDGXOWSULVRQVDQGRIWHQLQFOXGHGH[DJJHUDWHGVWRULHVRI
UDSHDQGPXUGHU )LQFNHQDXHU $WHOHYLVLRQGRFXPHQWDU\RQWKHSURJUDP
DLUHGLQSURYLGHGHYLGHQFHWKDWRIWKHGHOLQTXHQWVUHPDLQHGODZDELGLQJ
IRUWKUHHPRQWKVDIWHUDWWHQGLQJ
6FDUHG6WUDLJKW
DVXFFHVVUDWH )LQFNHQDXHU
 2WKHUGDWDSURYLGHGLQWKHILOPLQGLFDWHGVXFFHVVUDWHVWKDWYDULHGEHWZHHQ
DQG )LQFNHQDXHU 7KHSURJUDPUHFHLYHGFRQVLGHUDEOHDQG
IDYRUDEOHPHGLDDWWHQWLRQDQGZDVVRRQUHSOLFDWHGLQRYHUMXULVGLFWLRQV
QDWLRQZLGHUHVXOWLQJLQVSHFLDO&RQJUHVVLRQDOKHDULQJVRQWKHSURJUDPDQGWKHILOP
E\WKH8QLWHG6WDWHV+RXVH&RPPLWWHHRQ(GXFDWLRQDQG/DERU6XEFRPPLWWHHRQ
+XPDQ5HVRXUFHV 86+RXVH&RPPLWWHHRQ(GXFDWLRQDQG/DERU 

7KHXQGHUO\LQJWKHRU\RISURJUDPVOLNH
6FDUHG6WUDLJKW
LVGHWHUUHQFH3URJUDP
DGYRFDWHVDQGRWKHUVEHOLHYHWKDWUHDOLVWLFGHSLFWLRQVRIOLIHLQSULVRQDQG
SUHVHQWDWLRQVE\LQPDWHVZLOOGHWHUMXYHQLOHRIIHQGHUV RUFKLOGUHQDWULVNIRU
EHFRPLQJGHOLQTXHQW IURPIXUWKHULQYROYHPHQWZLWKFULPH$OWKRXJKWKHKDUVKDQG
VRPHWLPHVYXOJDUSUHVHQWDWLRQLQWKHHDUOLHU1HZ-HUVH\YHUVLRQLVWKHPRVWIDPRXV
LQPDWHSUHVHQWDWLRQVDUHQRZVRPHWLPHVGHVLJQHGWREHPRUHHGXFDWLRQDOWKDQ
FRQIURQWDWLRQDOEXWZLWKDVLPLODUFULPHSUHYHQWLRQJRDO )LQFNHQDXHU
/XQGPDQ 6RPHRIWKHVHSURJUDPVIHDWXUHGLQWHUDFWLYHGLVFXVVLRQVEHWZHHQ
WKHLQPDWHVDQGMXYHQLOHVDOVRUHIHUUHGWRDV
UDSVHVVLRQV
3URJUDPVIHDWXULQJ
LQPDWHVDVVSHDNHUVZKRGHVFULEHWKHLUOLIHH[SHULHQFHVDQGWKHFXUUHQWUHDOLW\RI
SULVRQOLIHKDYHDUDWKHUORQJKLVWRU\LQWKH8QLWHG6WDWHVDWOHDVW %URGVN\
0LFKLJDQ'2& ,WLVQRWVXUSULVLQJZK\VXFKSURJUDPVDUHSRSXODUWKH\ILW
ZLWKFRPPRQQRWLRQVE\VRPHRQKRZWRSUHYHQWRUUHGXFHFULPH E\
JHWWLQJ
WRXJK
WKH\DUHYHU\LQH[SHQVLYH D0DU\ODQGSURJUDPZDVHVWLPDWHGWRFRVWOHVV
WKDQ86SHUSDUWLFLSDQW DQGWKH\SURYLGHRQHZD\IRULQFDUFHUDWHGRIIHQGHUVWR
FRQWULEXWHSURGXFWLYHO\WRVRFLHW\E\SUHYHQWLQJ\RXQJVWHUVIURPIROORZLQJGRZQWKH
VDPHSDWK )LQFNHQDXHU 

$UDQGRPL]HGFRQWUROOHGWULDORIWKH1HZ-HUVH\SURJUDPZDVSXEOLVKHGLQ
KRZHYHUUHSRUWHGQRHIIHFWRQWKHFULPLQDOEHKDYLRURISDUWLFLSDQWVLQFRPSDULVRQ

   7KH&DPSEHOO&ROODERUDWLRQ_ZZZFDPSEHOOFROODERUDWLRQRUJ
ZLWKDQRWUHDWPHQWFRQWUROJURXS )LQFNHQDXHU ,QIDFW)LQFNHQDXHU
UHSRUWHGWKDWSDUWLFLSDQWVLQWKHH[SHULPHQWDOSURJUDPZHUHPRUHOLNHO\WREH
DUUHVWHG2WKHUUDQGRPL]HGWULDOVUHSRUWHGLQWKH86$DOVRTXHVWLRQHGWKH
HIIHFWLYHQHVVRI
6FDUHG6WUDLJKW
W\SHSURJUDPVLQUHGXFLQJVXEVHTXHQWFULPLQDOLW\
*UHDWHU(J\SW5HJLRQDO3ODQQLQJ 'HYHORSPHQW&RPPLVVLRQ/HZLV 
&RQVLVWHQWZLWKWKHVHILQGLQJVUHYLHZHUVRIUHVHDUFKRQWKHHIIHFWVRIFULPH
SUHYHQWLRQSURJUDPVKDYHQRWIRXQGGHWHUUHQFHRULHQWHGSURJUDPVOLNH
6FDUHG
6WUDLJKW
HIIHFWLYH 6KHUPDQHWDO/LSVH\ ,QIDFWWKH8QLYHUVLW\RI
0DU\ODQG
VZHOOSXEOLFL]HGUHYLHZRIRYHUFULPHSUHYHQWLRQHYDOXDWLRQVOLVWHG
6FDUHG6WUDLJKWDVRQHSURJUDPWKDWGRHVQ
WZRUN 6KHUPDQHWDO 7KH
6XUJHRQ*HQHUDO
V5HSRUWRQ<RXWK9LROHQFHUHYLHZHGSUHYHQWLYHDQGRWKHU
VWUDWHJLHVDQGUHDFKHGWKHVDPHFRQFOXVLRQDERXW6FDUHG6WUDLJKW 86'HSDUWPHQW
RI+HDOWKDQG+XPDQ6HUYLFHV 

'HVSLWHWKHFRQYHUJHQFHRIHYLGHQFHIURPVWXGLHVDQGUHYLHZV
6FDUHG6WUDLJKW
W\SH
SURJUDPVUHPDLQSRSXODUDQGFRQWLQXHWREHXVHGLQWKH8QLWHG6WDWHV )LQFNHQDXHU
DQG*DYLQ )RUH[DPSOHDSURJUDPLQ&DUVRQ&LW\1HYDGD 86$ EULQJV
MXYHQLOHGHOLQTXHQWVRQDWRXURIDQDGXOW1HYDGD6WDWH3ULVRQ 6FULSSV 2QH
\RXQJVWHUFODLPHGWKDWWKHSDUWRIWKHWRXUWKDWPDGHWKHPRVWLPSDFWRQKLPZDV

$OOWKHLQPDWHVFDOOLQJXVIRUVH[DQGILJKWLQJIRURXUEHORQJLQJV
 6FULSSV 
7KH8QLWHG&RPPXQLW\$FWLRQ1HWZRUNKDVLWVRZQSURJUDPFDOOHG
:LVHWDON
LQ
ZKLFKDWULVN\RXWKDUHORFNHGLQDMDLOFHOOIRURYHUDQKRXUZLWKSDUROHHV7KH\
FODLPWKDWRQO\RI\RXQJVWHUVH[SRVHGWRWKLVLQWHUYHQWLRQKDYHEHHQUH
DUUHVWHG 8QLWHG&RPPXQLW\$FWLRQ1HWZRUN ,QDJURXSRIJXDUGV
DSSDUHQWO\ZLWKRXWWKHNQRZOHGJHRIDGPLQLVWUDWRUVVWULSVHDUFKHG:DVKLQJWRQ
'&VWXGHQWVGXULQJWKHLUWRXUVRIDORFDOMDLOXQGHUWKHJXLVHRIWKDWWKH\ZHUHXVLQJ
DVRXQGVWUDWHJ\WRWXUQDURXQGWKHOLYHVRIZD\ZDUGNLGVFODLPLQJWKHSULRU
VXFFHVVRI
6FDUHG6WUDLJKW
 %OXPDQG:RRGOHH 


6FDUHG6WUDLJKW
DQGRWKHU
NLGVYLVLWSULVRQ
SURJUDPVDUHDOVRXVHGLQVHYHUDORWKHU
QDWLRQV)RUH[DPSOHLWLVFDOOHGWKH
GD\LQSULVRQ
RU
GD\LQJDRO
LQ$XVWUDOLD
2
0DOOH\HWDO 
GD\YLVLWV
LQWKH8QLWHG.LQJGRP /OR\G DQGWKH

8OOHUVPR3URMHFW
LQ1RUZD\ 6WRUYROODQG+RYODQG +DOO +DOO UHSRUWV
SRVLWLYHO\RQDSURJUDPLQ*HUPDQ\GHVLJQHGWRVFDUHVWUDLJKW\RXQJRIIHQGHUVZLWK
WLHVWR1HR1D]LDQGRWKHURUJDQL]HGKDWHJURXSV7KHSURJUDPKDVEHHQDOVRWULHG
LQ&DQDGD 2
0DOOH\HWDO 

,Q
6FDUHG6WUDLJKW<HDUV/DWHU
ZDVVKRZQRQ8QLWHG6WDWHVWHOHYLVLRQDQG
FODLPHGVLPLODUUHVXOWVWRWKHILOP 831
.LGVDQG&URRNV
 ,QWKLV
YHUVLRQWKHILOPUHSRUWVWKDWRIWKHMXYHQLOHVDWWHQGLQJWKHSURJUDPKDYH
UHPDLQHGRIIHQVHIUHHLQWKHWKUHHPRQWKVIROORZXS 0XKDPPHG $VLQWKH
WHOHYLVLRQSURJUDPPHGQRGDWDRQDFRQWURORUFRPSDULVRQJURXSRI\RXQJ
SHRSOHZHUHSUHVHQWHG3RVLWLYHUHSRUWVDQGGHVFULSWLRQVRI6FDUHG6WUDLJKWW\SH
SURJUDPVKDYHDOVREHHQUHSRUWHGHOVHZKHUH HJLQ*HUPDQ\>+DOO@DQGLQ

   7KH&DPSEHOO&ROODERUDWLRQ_ZZZFDPSEHOOFROODERUDWLRQRUJ
)ORULGD>5DVPXVVHQ@ DOWKRXJKLWLVVRPHWLPHVHPEHGGHGDVRQHFRPSRQHQW
LQDPXOWLFRPSRQHQWMXYHQLOHLQWHUYHQWLRQSDFNDJH 7UXVW\5DVPXVVHQ 

,Q3HWURVLQRDQGKLVFROOHDJXHVUHSRUWHGRQDSUHOLPLQDU\V\VWHPDWLFUHYLHZ
RIQLQHUDQGRPL]HGILHOGWULDOVGUDZLQJRQWKHUDZSHUFHQWDJHGLIIHUHQFHVLQHDFK
VWXG\7KH\IRXQGWKDWSURJUDPVVXFKDV
6FDUHG6WUDLJKW
JHQHUDOO\LQFUHDVHGFULPH
EHWZHHQDQGLQWKHH[SHULPHQWDOJURXSZKHQFRPSDUHGWRDQRWUHDWPHQW
FRQWUROJURXS,QRXUIRUPDO&DPSEHOOUHYLHZZDVSXEOLVKHG VLPXOWDQHRXVO\
ZLWKWKH&RFKUDQH&ROODERUDWLRQ XSGDWLQJWKHZRUNDQGXWLOL]LQJPRUH
VRSKLVWLFDWHGPHWDDQDO\WLFWHFKQLTXHV:HUHSRUWHGVLPLODUO\QHJDWLYHILQGLQJVIRU
6FDUHG6WUDLJKWDQGMXYHQLOHDZDUHQHVVSURJUDPV7KLVGRFXPHQWVXSGDWHVWKDW
ZRUNYLDQHZDQGH[WHQGHGVHDUFKHVDGGLWLRQDODQDO\VHVDQGHGLWVZKHUHQHFHVVDU\




   7KH&DPSEHOO&ROODERUDWLRQ_ZZZFDPSEHOOFROODERUDWLRQRUJ
 2EMHFWLYHV

7RDVVHVVWKHHIIHFWVRISURJUDPVFRPSULVLQJRUJDQL]HGYLVLWVWRSULVRQVRIMXYHQLOH
GHOLQTXHQWV RIILFLDOO\DGMXGLFDWHGRUFRQYLFWHGE\DMXYHQLOHFRXUW RUSUH
GHOLQTXHQWV FKLOGUHQLQWURXEOHEXWQRWRIILFLDOO\DGMXGLFDWHGDVGHOLQTXHQWV DLPHG
DWGHWHUULQJWKHPIURPFULPLQDODFWLYLW\




   7KH&DPSEHOO&ROODERUDWLRQ_ZZZFDPSEHOOFROODERUDWLRQRUJ
 0HWKRGRORJ\

 &5,7(5,$) 25&216,'(5,1*678' ,(6)257+,6


5(9,(:

 7\SHVRIVWXGLHV

2QO\WKRVHVWXGLHVWKDWXVHGUDQGRPRUVHHPLQJO\ LHTXDVL UDQGRPSURFHGXUHV


LHDOWHUQDWLQJHYHU\RWKHUFDVHWRRQHJURXSRURGGHYHQDVVLJQPHQW WRDVVLJQ
SDUWLFLSDQWVZHUHLQFOXGHGSURYLGHGWKH\KDGDQRWUHDWPHQWFRQWUROJURXS


 7\SHVRISDUWLFLSDQWV

2QO\VWXGLHVLQYROYLQJMXYHQLOHVLHFKLOGUHQ\HDUVRIDJHRU\RXQJHURU
RYHUODSSLQJVDPSOHVRIMXYHQLOHVDQG\RXQJDGXOWV HJDJHV ZHUHLQFOXGHG
7KHUHZDVRQO\RQHVXFKVWXG\LQWKLVUHYLHZDQGWKHDXWKRUVXVHGDQXSSHUDJH
UDQJHRI\HDUV /RFNH 6WXGLHVZLWKGHOLQTXHQWVDQGRUSUHGHOLQTXHQWV
ZHUHLQFOXGHG


 7\SHVRILQWHUYHQWLRQ

2QO\VWXGLHVWKDWIHDWXUHGDVLWVPDLQFRPSRQHQWDYLVLWE\SURJUDPSDUWLFLSDQWVWRD
SULVRQIDFLOLW\ZHUHLQFOXGHG0RVWRIWKHSURJUDPVLQFOXGHGDSUHVHQWDWLRQE\WKH
LQPDWHVUDQJLQJIURPJUDSKLF )LQFNHQDXHU WRHGXFDWLRQDO &RRN 
3URJUDPVVRPHWLPHVIHDWXUHGDQRULHQWDWLRQVHVVLRQ OLYLQJDVDSULVRQHUIRU
KRXUVHWF RUDWRXURIWKHIDFLOLW\


 7\SHVRIRXWFRPHPHDVXUHV

6WXGLHVKDGWRLQFOXGHDWOHDVWRQHRXWFRPHRIVXEVHTXHQWRIIHQGLQJEHKDYLRUDV
PHDVXUHGE\VXFKLQGLFHVDVDUUHVWVFRQYLFWLRQVFRQWDFWVZLWKSROLFHRUVHOI
UHSRUWHGRIIHQFHV7KHLQWHUHVWRIFLWL]HQVSROLF\DQGSUDFWLFHGHFLVLRQPDNHUV
PHGLDDQGWKHUHVHDUFKFRPPXQLW\LVLQZKHWKHU
6FDUHG6WUDLJKW
DQGRWKHU
NLGV
YLVLWSULVRQ
SURJUDPVKDYHDQ\HIIHFWRQWKHVHPHDVXUHV$OWKRXJKZHGRQRW
DQDO\]HWKHPZHOLVWRWKHU
QRQFULPH
PHDVXUHVDQGWKHLUHIIHFWV HJDWWLWXGLQDO
HGXFDWLRQDO UHSRUWHGE\HYDOXDWRUVLQFDVHVXEVHTXHQWUHYLHZHUVLQWKH&RFKUDQHRU

   7KH&DPSEHOO&ROODERUDWLRQ_ZZZFDPSEHOOFROODERUDWLRQRUJ
&DPSEHOO&ROODERUDWLRQVUHTXLUHWKHPWRLGHQWLI\SRWHQWLDOO\HOLJLEOHVWXGLHV6XFKD
OLVWFDQDOVREHKHOSIXOLQLGHQWLI\LQJDQ\XQLQWHQGHGEHQHILWVRUFRQVHTXHQFHVRIWKH
SURJUDP


 6($5&+675$7(*<) 25,'(17,),&$7,212)


678',(6


,QRUGHUWRPLQLPL]HSRWHQWLDOIRUSXEOLFDWLRQELDV WKHSRVVLELOLW\MRXUQDOVDUHPRUH
OLNHO\WRSXEOLVKILQGLQJVWKDWUHMHFWWKHQXOOK\SRWKHVLVDQGILQGSURJUDPVWREH
PRUHHIIHFWLYHWKDQXQSXEOLVKHGOLWHUDWXUHJHQHUDOO\GRHV ZHFRQGXFWHGDVHDUFK
VWUDWHJ\GHVLJQHGWRLGHQWLI\SXEOLVKHGDQGXQSXEOLVKHGVWXGLHV:HDOVRFRQGXFWHG
DFRPSUHKHQVLYHVHDUFKVWUDWHJ\WRPLQLPL]HSRWHQWLDOIRUGLVFLSOLQHELDVLH
HYDOXDWLRQVUHSRUWHGLQFULPLQRORJLFDOMRXUQDOVRULQGH[HGLQILHOGVSHFLILF
DEVWUDFWLQJGDWDEDVHVPLJKWGLIIHUIURPWKRVHUHSRUWHGLQSV\FKRORJLFDO
VRFLRORJLFDOVRFLDOVHUYLFHSXEOLFKHDOWKRUHGXFDWLRQDOVRXUFHV

)LUVWUDQGRPL]HGH[SHULPHQWVZHUHLGHQWLILHGIURPDODUJHUUHYLHZRIILHOGWULDOVLQ
FULPHUHGXFWLRQFRQGXFWHGE\WKHILUVWDXWKRU 3HWURVLQR 3HWURVLQRKDGXVHG
WKHIROORZLQJPHWKRGVWRILQGPRUHWKDQUDQGRPL]HGH[SHULPHQWV  KDQG
VHDUFK LHYLVXDOO\LQVSHFWLQJWKHHQWLUHFRQWHQWV RIOHDGLQJFULPLQRORJ\RU
VRFLDOVFLHQFHMRXUQDOV  FKHFNLQJWKHFLWDWLRQVUHSRUWHGLQWKH
5HJLVWU\RI
5DQGRPL]HG([SHULPHQWVLQ&ULPLQDO6DQFWLRQV
 :HLVEXUG   GHWDLOHG
HOHFWURQLFVHDUFKHVRI&ULPLQDO-XVWLFH$EVWUDFWV6RFLRORJLFDO$EVWUDFWVDQG6RFLDO
'HYHORSPHQWDQG3ODQQLQJ$EVWUDFWV 6RFLRILOH (GXFDWLRQ5HVRXUFH,QIRUPDWLRQ
&OHDULQJKRXVH (5,& DQG3V\FKRORJLFDO$EVWUDFWV 3V\F,1)2   VHDUFKHVE\
LQIRUPDWLRQVSHFLDOLVWVRIELEOLRJUDSKLFGDWDEDVHVLQFOXGLQJWKH1DWLRQDO
&ULPLQDO-XVWLFH5HIHUHQFH6HUYLFH 1&-56   DQH[WHQVLYHPDLOFDPSDLJQZLWK
RYHUUHVHDUFKHUVDQGUHVHDUFKFHQWHUV  SXEOLVKHGVROLFLWDWLRQVLQ
DVVRFLDWLRQQHZVOHWWHUV  WUDFNLQJRIUHIHUHQFHVLQRYHUUHOHYDQWV\VWHPDWLF
UHYLHZVDQGOLWHUDWXUHV\QWKHVHVDQG  WUDFNLQJRIUHIHUHQFHVLQUHOHYDQW
ELEOLRJUDSKLHVERRNVDUWLFOHVDQGRWKHUGRFXPHQWV0RUHGHWDLODERXWWKHVHVHDUFK
PHWKRGVFDQEHIRXQGLQ3HWURVLQR 3HWURVLQR3HWURVLQR 7KHFLWDWLRQV
IRXQGLQ3HWURVLQR 3HWURVLQR FRYHUHGOLWHUDWXUHZLWKDSXEOLFDWLRQGDWH
EHWZHHQ-DQXDU\DQG'HFHPEHU6HYHQUDQGRPL]HGWULDOVPHHWLQJ
WKHHOLJLELOLW\FULWHULDZHUHLGHQWLILHGIURPWKLVVDPSOH

6HFRQGZHDXJPHQWHGWKLVZRUNZLWKVHDUFKHVGHVLJQHGWRXQFRYHUH[SHULPHQWV
PLVVHGE\3HWURVLQR 3HWURVLQR DQGWRFRYHUPRUHUHFHQWOLWHUDWXUH 
 7KHVHPHWKRGVLQFOXGHG  EURDGVHDUFKHVRIWKH&DPSEHOO&ROODERUDWLRQ
6RFLDO3V\FKRORJLFDO(GXFDWLRQDO &ULPLQRORJLFDO7ULDOV5HJLVWHU &63(&75 
GHYHORSHGE\WKH8.&RFKUDQH&HQWUHDQGQRZVXSHUYLVHGE\WKH8QLYHUVLW\RI
3HQQV\OYDQLD*UDGXDWH6FKRRORI(GXFDWLRQ 3HWURVLQRHWDO   FKHFNRI
FLWDWLRQVIURPPRUHUHFHQWV\VWHPDWLFRUWUDGLWLRQDOUHYLHZVWRSURYLGHFRYHUDJHRI

   7KH&DPSEHOO&ROODERUDWLRQ_ZZZFDPSEHOOFROODERUDWLRQRUJ
PRUHUHFHQWVWXGLHV HJ6KHUPDQHWDO/LSVH\DQG:LOVRQ   FLWDWLRQ
FKHFNLQJRIGRFXPHQWVUHOHYDQWWR
6FDUHG6WUDLJKW
DQGOLNHSURJUDPV HJ
)LQFNHQDXHUDQG*DYLQ   HPDLOFRUUHVSRQGHQFHZLWKLQYHVWLJDWRUVDQG  
EURDGVHDUFKHVRIWKH&RFKUDQH&RQWUROOHG7ULDOV5HJLVWHU>&(175$/@LQWKH
&RFKUDQH/LEUDU\ ,VVXH %\EURDGVHDUFKHVZHPHDQWKDWZHWULHGWRILUVW
LGHQWLI\VWXGLHVUHOHYDQWWRFULPHRUGHOLQTXHQF\DQGWKHQYLVXDOO\VFDQQHGWKH
FLWDWLRQVRUDEVWUDFWVWRVHHLIDQ\ZHUHUHOHYDQWWRWKLVLQWHUYHQWLRQ)RUH[DPSOH
ZHXVHGZRUGVOLNH
FULPH

MXVWLFH

ODZ

RIIHQGHU

GHOLQTXHQF\
DQGVRRQWR
LGHQWLI\DODUJHSRWHQWLDOSRRORIVWXGLHVDQGWKHQZHQWWKURXJKWKHVHWRGHWHUPLQHLI
DQ\ZHUHUHOHYDQWWRWKLVUHYLHZ

7KLUGZHGHFLGHGWRFRQGXFWDPRUHVSHFLILFVHDUFKRIDYDLODEOHHOHFWURQLF
GDWDEDVHVUHOHYDQWWRWKHWRSLFDUHD0DQ\RIWKHVHLQFOXGHSXEOLVKHGDQG
XQSXEOLVKHGOLWHUDWXUH HJGLVVHUWDWLRQVRUJRYHUQPHQWUHSRUWV 6HDUFKHVZHUH
GRQHRQOLQHXVLQJDYDLODEOH+DUYDUG8QLYHUVLW\UHVRXUFHVRURWKHUGDWDEDVHVIUHHO\
VHDUFKDEOHYLDWKH,QWHUQHW6HYHUDOWULSVZHUHPDGHWRWKH8QLYHUVLW\RI
0DVVDFKXVHWWV/RZHOOWRXVH&ULPLQDO-XVWLFH$EVWUDFWVDQGRWKHU6LOYHU3ODWWHUGDWD
EDVHVQRWDFFHVVLEOHDW+DUYDUG8QLYHUVLW\RUYLDWKH,QWHUQHW7KHELEOLRJUDSKLF
GDWDEDVHVDQGWKH\HDUVVHDUFKHGZHUH

• &ULPLQDO-XVWLFH$EVWUDFWV6HSWHPEHU

• &XUUHQW&RQWHQWV

• 'LVVHUWDWLRQ$EVWUDFWV$XJXVW

• (GXFDWLRQ)XOO7H[W-XQH2FWREHU

• (5,& (GXFDWLRQ5HVRXUFH,QIRUPDWLRQ&OHDULQJKRXVH 

• *320RQWKO\ *RYHUQPHQW3ULQWLQJ2IILFH0RQWKO\ 

• 0('/,1(

• 1DWLRQDO&OHDULQJKRXVHRQ&KLOG$EXVHDQG1HJOHFW WKURXJK 

• 1&-56 1DWLRQDO&ULPLQDO-XVWLFH5HIHUHQFH6HUYLFH WKURXJK

• 3ROLWLFDO6FLHQFHV$EVWUDFWV0DUFK

• 3$,6,QWHUQDWLRQDO 3XEOLF$IIDLUV,QIRUPDWLRQ6HUYLFH 2FWREHU

• 3V\F,1)2 3V\FKRORJLFDO$EVWUDFWV 1RYHPEHU


   7KH&DPSEHOO&ROODERUDWLRQ_ZZZFDPSEHOOFROODERUDWLRQRUJ
• 6RFLDO6FLHQFHV&LWDWLRQ,QGH[)HEUXDU\2FWREHU

• 6RFLRILOH 6RFLRORJLFDO$EVWUDFWVDQG6RFLDO3ODQQLQJ$QG'HYHORSPHQW
$EVWUDFWV -DQXDU\6HSWHPEHU

,QDGGLWLRQWKH&RFKUDQH'HYHORSPHQWDO3V\FKRVRFLDODQG/HDUQLQJ'LVRUGHUV
*URXS WKHHGLWRULDOJURXSWKDWKDQGOHGWKHLQDXJXUDOUHYLHZDQGLVUHVSRQVLEOHIRU
WKHVLPXOWDQHRXV&RFKUDQHUHYLHZ FRQGXFWHGVHDUFKHVRILWVVSHFLDOL]HGWULDO
UHJLVWHU7KLVWULDOUHJLVWHULVEURDGFRYHUVDZLGHUDQJHRIELEOLRJUDSKLFGDWDEDVHV
DQGLVLQWHUQDWLRQDOLQVFRSH'HWDLOVRQVHDUFKHVXVHGE\WKH&'3/'*WREXLOGDQG
PDLQWDLQLWVUHJLVWHUDUHSURYLGHGLQWKH&RFKUDQH/LEUDU\ ,VVXH 

:HDQWLFLSDWHGWKDWWKHDPRXQWRIOLWHUDWXUHRQ
6FDUHG6WUDLJKW
ZRXOGEHRI
PRGHUDWHVL]HDQGWKDWRXUEHVWFRXUVHRIDFWLRQZRXOGEHWRLGHQWLI\DOOFLWDWLRQV
UHOHYDQWWRWKHSURJUDPDQGVFUHHQWKHPIRUSRWHQWLDOOHDGVWRHOLJLEOHVWXGLHV7KLV
UHPRYHGWKHQHHGWRLQFOXGHNH\ZRUGVIRULGHQWLI\LQJUDQGRPL]HGWULDOV HJ

UDQGRPDVVLJQPHQW
LQRXUVHDUFKHV$IWHUVHYHUDOWULDOUXQVZHIRXQGWKDWQHDUO\
DOOGRFXPHQWVXVHGSKUDVHVOLNH
6FDUHG6WUDLJKW
RU
MXYHQLOHDZDUHQHVV
LQWKHWLWOH
RUDEVWUDFWRIWKHFLWDWLRQ7KHUHIRUHWKHIROORZLQJVHDUFKHVZHUHUXQLQHDFK
UHOHYDQWGDWDEDVHWRLGHQWLI\UHOHYDQWFLWDWLRQV


VFDUHGVWUDLJKW



SULVRQ
RU
MDLO
RU
UHIRUPDWRU\
RU
LQVWLWXWLRQ
DQG
RULHQWDWLRQ
RU
YLVLW
RU

WRXU



SULVRQHUUXQ
RU
RIIHQGHUUXQ
RU
LQPDWHUXQ



SULVRQDZDUHQHVV
RU
SULVRQDYHUVLRQ
RU
MXYHQLOHDZDUHQHVV



UDSVHVVLRQ
RU
VSHDNRXW
RU
FRQIURQWDWLRQ
DQG
SULVRQHU
RU
OLIHU
RU

LQPDWH
RU
RIIHQGHU




 6HDUFK0HWKRGV8SGDWH


:HH[WHQGHGRXUVHDUFKHVIRUDOOSUHYLRXVO\PHQWLRQHGGDWDEDVHVWKURXJKWR
1RYHPEHU7KLVLQFOXGHVUHFHQWVHDUFKHVRIERWK&63(&75DQG&(175$/
:HDOVRDFFHVVHGUHVRXUFHVSURYLGHGE\WKH&DPSEHOO&ULPHDQG-XVWLFH*URXSDW
ZZZDLFJRYDXFDPSEHOOFMXQGHU6HDUFKLQJIRU6WXGLHV,QDGGLWLRQZHWRRN
DGYDQWDJHRIDFFHVVWRELEOLRJUDSKLFGDWDEDVHVPDGHDYDLODEOHVLQFHWKH,QDXJXUDO
5HYLHZSXEOLFDWLRQ:HFRQGXFWHGQHZVHDUFKHVDWWKH&KHOPVIRUG3XEOLF/LEUDU\

   7KH&DPSEHOO&ROODERUDWLRQ_ZZZFDPSEHOOFROODERUDWLRQRUJ
YLD%ULGJHZDWHU6WDWH&ROOHJH
VRQOLQHDFFHVVDQGDWWKH8QLYHUVLW\RI
0DVVDFKXVHWWV:HVHDUFKHGDOODYDLODEOH\HDUVLQQHZGDWDEDVHV7KHVHZHUH

• ([SDQGHG$FDGHPLF$6$3

• 6RFLDO:RUN$EVWUDFWV

• 6RFLDO6HUYLFH$EVWUDFWV


   7KH&DPSEHOO&ROODERUDWLRQ_ZZZFDPSEHOOFROODERUDWLRQRUJ
 0HWKRGVRIWKH5HYLHZ

 6(/(&7,212)75,$/6

7KHVHDUFKPHWKRGV H[FOXGLQJWKH,QWHUQHWVHDUFKHVZKLFKJHQHUDWHGWKRXVDQGVRI
ZHEVLWHV JHQHUDWHGRYHUFLWDWLRQVPRVWRIZKLFKKDGDEVWUDFWV$QWKRQ\
3HWURVLQR $3 LQLWLDOO\VFUHHQHGWKHVHFLWDWLRQVGHWHUPLQLQJWKDWZHUH
HYDOXDWLRQUHSRUWV$3DQG&DURO\Q7XUSLQ3HWURVLQR &73 LQGHSHQGHQWO\
H[DPLQHGWKHVHFLWDWLRQVDQGDJUHHGWKDWZHUHSRWHQWLDOUDQGRPL]HGWULDOV$OO
UHSRUWVZHUHREWDLQHG8SRQLQVSHFWLRQRIWKHIXOOWH[WUHSRUWVZHH[FOXGHGWZR
VWXGLHV2QHVWXG\ZDVH[FOXGHGEHFDXVHLWGLGQRWLQFOXGHDQ\SRVWSURJUDP
PHDVXUHRIRIIHQGLQJ7KLVZDVDQHYDOXDWLRQRIWKH
3URMHFW$ZDUH
SURJUDP
FRQGXFWHGLQD:LVFRQVLQSULVRQ 'HDQ $WWHPSWVWRFRQWDFWWKHDXWKRURU
UHWULHYHWKHVHGDWDIURPDQ\RWKHUUHSRUWVE\WKH:LVFRQVLQ'HSDUWPHQWRI
&RUUHFWLRQVKDYHEHHQXQVXFFHVVIXO$VHFRQGVWXG\RI
6WD\6WUDLJKW
FRQGXFWHGLQ
+DZDLLZDVDOVRH[FOXGHGGXHWRWKHDEVHQFHRIUDQGRPDVVLJQPHQW &KHVQH\/LQG
 $IWHUWKHWZRH[FOXVLRQVZHZHUHOHIWZLWKQLQHUDQGRPL]HGWULDOV:HGLG
QRWILQGDQ\RQJRLQJWULDOV


 6HOHFWLRQRI7ULDOV8SGDWH


2XUVHDUFKVWUDWHJLHVUHVXOWHGLQUHODWLYHO\IHZFLWDWLRQVWRQHZOLWHUDWXUHIRU
H[DPSOHVRPHRIWKHVHZHUHWRRXURZQHDUOLHUSXEOLVKHGUHYLHZVDQGSDSHUV$3
VFDQQHGHDFKFLWDWLRQDQGGHWHUPLQHGWKDWQRQHZHUHWRWULDOVUHOHYDQWWRWKLV
UHYLHZ$SRVLWLYHGHVFULSWLYHUHSRUWZDVLGHQWLILHGRIDMXYHQLOHDZDUHQHVVSURJUDP
LQYROYLQJDJJUHVVLYHVWXGHQWVWDNHQWRSULVRQ 2
'RQQHOODQG:KLWH EXWQR
HYDOXDWLYHGDWDZHUHUHSRUWHG,QWKHSURFHVVRIWKLVXSGDWHZHGLGOHDUQRIDQ
HYDOXDWLRQRID6FDUHG6WUDLJKWSURJUDPIRUWUXDQWVEXWWKLVGLGQRWLQYROYH
UDQGRPL]DWLRQ DVZHOHDUQHGRIWKLVWKURXJKDMRXUQDO
VSHHUUHYLHZSURFHVVZH
FDQQRW\HWUHYHDOWKHDXWKRUV
QDPHVRUFLWDWLRQ:HKDYHEHHQWROGWKDWWKLV
HYDOXDWLRQLVLQWKHMRXUQDO
VUHYLVHDQGUHVXEPLWVWDJHDQGRQFHSXEOLVKHGZH
ZLOOFLWHLWDVDQH[FOXGHGVWXG\ 


   7KH&DPSEHOO&ROODERUDWLRQ_ZZZFDPSEHOOFROODERUDWLRQRUJ
 $66(660(172)0(7+2'2/2*,& $/48$/,7<

7KHUHDUHPDQ\IDFWRUVLQZKLFKWRJUDGHWKHTXDOLW\RIVWXGLHV&RPSOLFDWLQJDQ\
DVVHVVPHQWRIPHWKRGVLVWKDWUHYLHZWHDPVE\DQGODUJHPXVWUHO\RQZULWWHQ
UHSRUWVE\LQYHVWLJDWRUV,QVRPHFDVHVPHWKRGRORJ\VHFWLRQVPD\EHEULVNO\
ZULWWHQ VRPHWLPHVGXHWRMRXUQDOVSDFHUHTXLUHPHQWV DQGNH\IHDWXUHVRIGHVLJQ
DQGDQDO\VLVPD\EHGHOHWHGRUFRQVLGHUDEO\FRQGHQVHG:HGHWHUPLQHGWKDWIRXU
ZHUHPRVWFULWLFDOWRFULPLQRORJLFDOH[SHULPHQWVDQGSUDFWLFDOWRH[WUDFWIURPWKH
H[SHULPHQWDOUHSRUWV7KHVHZHUH

 5DQGRPL]DWLRQLQWHJULW\
'LGWKHLQYHVWLJDWRUVUHSRUWWKDWUDQGRPL]DWLRQRISDUWLFLSDQWVWRH[SHULPHQWDORU
FRQWUROFRQGLWLRQVH[SHULHQFHVHULRXVYLRODWLRQRUVXEYHUVLRQRIUDQGRPDVVLJQPHQW
SURFHGXUHV"

 $WWULWLRQIURPLQLWLDOVDPSOH
'LGWKHLQYHVWLJDWRUVUHSRUWPDMRUDWWULWLRQRUORVVRISDUWLFLSDQWVIURPWKHVDPSOH
LQLWLDOO\UDQGRPL]HG">2XULQLWLDOGHILQLWLRQRIPDMRUDWWULWLRQZDVDORVVRIRU
PRUHIURPWKHLQLWLDOO\UDQGRPL]HGVDPSOHEXWZHODWHUGURSSHGWKLVFODVVLILFDWLRQ@

 %OLQGLQJRIRXWFRPHDVVHVVRUV
'LGWKHLQYHVWLJDWRUVUHSRUWWKDWDQ\VWHSVZHUHWDNHQWR
EOLQG
WKRVHUHVSRQVLEOHIRU
FROOHFWLQJWKHRXWFRPHGDWDWRWUHDWPHQWDVVLJQPHQW"

 )LGHOLW\RISURJUDPLPSOHPHQWDWLRQ
'LGWKHLQYHVWLJDWRUVUHSRUWWKDWWKHSURJUDPZDVVRSRRUO\LPSOHPHQWHGWKDWWKH
HYDOXDWLRQZDVQRWDQDFFXUDWHDVVHVVPHQWRIWKHHIIHFWLYHQHVVRIWKHLQWHUYHQWLRQ"
$Q\VWXGLHVWKDWUHSRUWHGGHILFLHQF\RQRQHRUPRUHRIWKHVHFULWHULDZRXOGEH
H[DPLQHGIRULPSDFWRQWKHPHWDDQDO\VLVWKURXJKVHQVLWLYLW\DQDO\VLV,QD
VHQVLWLYLW\DQDO\VLVZHGURSWKHVWXG\IURPWKHPHWDDQDO\VLVWRDVFHUWDLQLWVHIIHFW
RQUHVXOWV


 '$7$0$1$*(0(17$1'(;75$&7,21

$3H[WUDFWHGGDWDIURPHDFKRIWKHQLQHPDLQVWXG\UHSRUWVXVLQJDVSHFLDOO\
GHVLJQHGLQVWUXPHQW7KHGDWDFROOHFWLRQLQVWUXPHQWZDVDGDSWHGIURP3HWURVLQR
V
HDUOLHUVWXG\ 3HWURVLQR VRPHLWHPVDUHOLVWHGLQWKH
7DEOHRI,QFOXGHG
6WXGLHV
,QFDVHVLQZKLFKRXWFRPHLQIRUPDWLRQZDVPLVVLQJIURPWKHRULJLQDO
UHSRUWVZHPDGHDWWHPSWVYLDHPDLODQGUHJXODUPDLOFRUUHVSRQGHQFHWRUHWULHYHWKH
GDWDIRUWKHDQDO\VLVIURPWKHRULJLQDOLQYHVWLJDWRUV,QYHVWLJDWRUVZHUHKHOSIXOEXW
XQDEOHWRORFDWHDGGLWLRQDOGDWD,QWZRFDVHVZHUHWULHYHGXQSXEOLVKHG0DVWHUV

WKHVHVIURP8QLYHUVLW\/LEUDULHVWRVHHLIWKH\FRQWDLQHGWKLVLQIRUPDWLRQ &RRN
/RFNH 7KH\GLGQRW

   7KH&DPSEHOO&ROODERUDWLRQ_ZZZFDPSEHOOFROODERUDWLRQRUJ


 '$7$6<17+(6,6 

:HUDQVWDWLVWLFDODQDO\VHVXVLQJ&RFKUDQH&ROODERUDWLRQ
V0HWD9LHZVWDWLVWLFDO
VRIWZDUHDFRPSRQHQWRI5HYLHZ0DQDJHU9HUVLRQ 5HY0DQ :HH[SUHVVHG
GLFKRWRPRXVRXWFRPHPHDVXUHVRIFULPHDV2GGV5DWLRV 25 DQGFRQWLQXRXV
PHDVXUHVRIFULPHDVZHLJKWHGPHDQGLIIHUHQFHV :0' :HUHSRUWHGWKH
&RQILGHQFH,QWHUYDOV &, IRUERWK%RWKIL[HGDQGUDQGRPHIIHFWVPRGHOVZHUH
DVVXPHGLQZHLJKWLQJWUHDWPHQWHIIHFWVDFURVVWKHUDQGRPL]HGWULDOV:HSODQQHGWR
H[DPLQHWKHVHHIIHFWVDWIROORZXSLQWHUYDOVRIPRQWKVPRQWKV
PRQWKVPRQWKVDQGEH\RQG\HDUV$VZHH[SODLQODWHULWZDVRQO\SRVVLEOH
WRFRQGXFWPHWDDQDO\VLVIRUILUVWHIIHFWRQO\

7KHVHZHUHUHSHDWHGDQGDGGLWLRQDODQDO\VHVUXQXVLQJ0HWD$QDO\VWVRIWZDUH
FUHDWHGE\'U-RVHSK/DXRIWKH1HZ(QJODQG&RFKUDQH&HQWHU2QHRIXV -RKQ
%XHKOHU DOVRFUHDWHGPHWDDQDO\WLFIRUPXODHLQ([FHOWRGRXEOHFKHFNWKUHHRIWKH
DQDO\VHV5HVXOWVZHUHLGHQWLFDO


   7KH&DPSEHOO&ROODERUDWLRQ_ZZZFDPSEHOOFROODERUDWLRQRUJ
 5HVXOWV

&ROOHFWLYHO\WKHQLQHVWXGLHVZHUHFRQGXFWHGLQHLJKWGLIIHUHQWVWDWHVRIWKH86$
ZLWK0LFKLJDQWKHVLWHIRUWZRVWXGLHV <DUERURXJK0LFKLJDQ'2& 1R
VHWRIUHVHDUFKHUVFRQGXFWHGPRUHWKDQRQHH[SHULPHQW7KHVWXGLHVVSDQWKH\HDUV
7KHILUVWILYHVWXGLHVORFDWHGZHUHXQSXEOLVKHGDQGZHUHGLVVHPLQDWHGLQ
JRYHUQPHQWGRFXPHQWVRUGLVVHUWDWLRQVWKHUHPDLQLQJIRXUZHUHIRXQGLQDFDGHPLF
MRXUQDORUERRNSXEOLFDWLRQV7KHDYHUDJHDJHRIWKHMXYHQLOHSDUWLFLSDQWVLQHDFK
VWXG\UDQJHGIURPWR2QO\WKH1HZ-HUVH\VWXG\LQFOXGHGJLUOV )LQFNHQDXHU
 5DFLDOFRPSRVLWLRQDFURVVWKHQLQHH[SHULPHQWVZDVGLYHUVHUDQJLQJIURP
WRZKLWH1HDUO\  MXYHQLOHVRU\RXQJDGXOWVSDUWLFLSDWHGLQWKH
QLQHH[SHULPHQWDOVWXGLHV

0RVWRIWKHVWXGLHVGHDOWZLWKGHOLQTXHQW\RXWKVDOUHDG\LQFRQWDFWZLWKWKHMXYHQLOH
MXVWLFHV\VWHP$OORIWKHH[SHULPHQWVZHUHVLPSOHWZRJURXSH[SHULPHQWVH[FHSW
9UHHODQG
VHYDOXDWLRQRIWKH7H[DV)DFHWR)DFHSURJUDP 9UHHODQG 2QO\RQH
VWXG\XVHGTXDVLUDQGRPDOWHUQDWLRQWHFKQLTXHVWRDVVLJQSDUWLFLSDQWV &RRN 
WKHUHPDLQLQJVWXGLHVFODLPHGWRXVHUDQGRPL]DWLRQDOWKRXJKQRWDOOZHUHH[SOLFLW
DERXWKRZVXFKDVVLJQPHQWZDVFRQGXFWHG2QO\WKH7H[DVVWXG\ 9UHHODQG 
LQFOXGHGGDWDIURPVHOIUHSRUWPHDVXUHV,QWZRVWXGLHV &RRN/RFNH 
QRSRVWLQWHUYHQWLRQRIIHQGLQJUDWHVZHUHUHSRUWHG6RPHRIWKHVWXGLHVWKDWGLG
LQFOXGHDYHUDJHRUPHDQUDWHVGLGQRWLQFOXGHVWDQGDUGGHYLDWLRQVWRPDNHLW
SRVVLEOHWRFRPSXWHWKHZHLJKWHGPHDQHIIHFWVL]HV$OVRWKHIROORZXSSHULRGV
ZHUHGLYHUVHDQGLQFOXGHGPHDVXUHPHQWVDWDQGPRQWKV


 1$55$7,9(),1' ,1*6) 5207+(5(32576 

:KHWKHUUHO\LQJRQWKHDFWXDOGDWDUHSRUWHGRUPHDVXUHVRIVWDWLVWLFDOVLJQLILFDQFH
WKHQLQHWULDOVGRQRW\LHOGHYLGHQFHIRUWKHHIIHFWLYHQHVVRI
6FDUHG6WUDLJKW
DQG
RWKHUMXYHQLOHDZDUHQHVVSURJUDPVRQVXEVHTXHQWGHOLQTXHQF\µ

0LFKLJDQ'HSDUWPHQWRI&RUUHFWLRQV  
,QDQLQWHUQDOXQSXEOLVKHGJRYHUQPHQWGRFXPHQWWKH0LFKLJDQ'HSDUWPHQWRI
&RUUHFWLRQVUHSRUWHGDWULDOWHVWLQJDSURJUDPWKDWLQYROYHGWDNLQJDGMXGLFDWHG
MXYHQLOHER\VRQDWRXURIDVWDWHUHIRUPDWRU\8QIRUWXQDWHO\WKHUHSRUWLV
UHPDUNDEO\EULHI6L[W\MXYHQLOHGHOLQTXHQWER\VZHUHUDQGRPO\DVVLJQHGWRDWWHQG

   7KH&DPSEHOO&ROODERUDWLRQ_ZZZFDPSEHOOFROODERUDWLRQRUJ
WZRWRXUVRIDVWDWHUHIRUPDWRU\RUWRDQRWUHDWPHQWFRQWUROJURXS7RXUVLQFOXGHG
MXYHQLOHVDWDWLPH1RRWKHUSDUWRIWKHSURJUDPLVGHVFULEHG5HFLGLYLVPZDV
PHDVXUHGDVDSHWLWLRQLQMXYHQLOHFRXUWIRUHLWKHUDQHZRIIHQVHRUDYLRODWLRQRI
H[LVWLQJSUREDWLRQRUGHU7KH0LFKLJDQ'HSDUWPHQWRI&RUUHFWLRQVIRXQGWKDW
RIWKHH[SHULPHQWDOJURXSUHRIIHQGHGFRPSDUHGWRRQO\RIWKHFRQWUROJURXS
7KLVODUJHQHJDWLYHUHVXOWFXULRXVO\UHFHLYHVOLWWOHDWWHQWLRQLQWKHRULJLQDOGRFXPHQW

7KH*UHDWHU(J\SW3ODQQLQJDQG'HYHORSPHQW&RPPLVVLRQ,OOLQRLV86$
 
7KLVSURJUDPDWWKH0HQDUG&RUUHFWLRQDO)DFLOLW\VWDUWHGLQDQGLVGHVFULEHGDV
DIUDQNDQGUHDOLVWLFSRUWUD\DORIDGXOWSULVRQOLIH7KHUHVHDUFKHUVUDQGRPO\
DVVLJQHG\RXWKVDJHGWRDWWHQGWKHSURJUDPRUDQRWUHDWPHQWFRQWURO
7KHSDUWLFLSDQWVZHUHDPL[RIGHOLQTXHQWVRUFKLOGUHQDWULVNRIEHFRPLQJ
GHOLQTXHQW3DUWLFLSDQWVZHUHFRPSDUHGRQWKHLUVXEVHTXHQWFRQWDFWZLWKSROLFHRQ
WZRSHUVRQDOLW\LQYHQWRULHV 3LHUV%HUQHDQG-HVQHVV DQGVXUYH\VRISDUHQWV
WHDFKHUVLQPDWHVDQG\RXQJSHRSOH7KHRXWFRPHVDUHDOVRQHJDWLYHLQGLUHFWLRQ
EXWQRWVWDWLVWLFDOO\VLJQLILFDQWZLWKRIWKHH[SHULPHQWDOSDUWLFLSDQWVEHLQJUH
FRQWDFWHGE\SROLFHLQFRQWUDVWWRRIWKHFRQWUROV *(53 '& 7KH
DXWKRUVFRQFOXGHGWKDW
%DVHGRQDOODYDLODEOHILQGLQJVRQHZRXOGEHLOODGYLVHGWR
UHFRPPHQGFRQWLQXDWLRQRUH[SDQVLRQRIWKHMXYHQLOHSULVRQWRXUV$OOHPSLULFDO
ILQGLQJVLQGLFDWHOLWWOHSRVLWLYHRXWFRPHLQGHHGWKH\PD\DFWXDOO\LQGLFDWHQHJDWLYH
HIIHFWV
 S 5HVHDUFKHUVUHSRUWQRHIIHFWIRUWKHSURJUDPRQWZRDWWLWXGHWHVWV
-HVQHVV,QYHQWRU\3LHUV+DUULV6HOI&RQFHSW6FDOH ,QFRQWUDVWLQWHUYLHZDQGPDLO
VXUYH\VRISDUWLFLSDQWVDQGWKHLUSDUHQWVDQGWHDFKHUVLQGLFDWHGXQDQLPRXVVXSSRUW
IRUWKHSURJUDP S 5HVHDUFKHUVDOVRQRWHKRZSRVLWLYHDQGHQWKXVLDVWLFLQPDWHV
ZHUHDERXWWKHLUHIIRUWV

0LFKLJDQ-2/76WXG\86$ <DUERURXJK 
,QWKH-XYHQLOH2IIHQGHUV/HDUQ7UXWK -2/7 SURJUDPMXYHQLOHGHOLQTXHQWVLQ
FRQWDFWZLWKRQHRIIRXU0LFKLJDQFRXQW\FRXUWVSDUWLFLSDWHG(DFKMXYHQLOHVSHQW
ILYHWRWDOKRXUVLQWRWDOLQWKHIDFLOLW\+DOIRIWKLVWLPHZDVVSHQWLQD
FRQIURQWDWLRQDO
UDS
VHVVLRQ7KLVIROORZHGDWRXURIWKHIDFLOLW\GXULQJZKLFK
SDUWLFLSDQWVZHUHHVFRUWHGWRDFHOODQGH[SRVHGWRLQWHUDFWLRQZLWKLQPDWHV HJ
WDXQWLQJ ,QWKHHYDOXDWLRQ\RXQJVWHUVZHUHUDQGRPO\DVVLJQHGWR-2/7RUWR
DQRWUHDWPHQWFRQWURO3DUWLFLSDQWVZHUHFRPSDUHGRQDYDULHW\RIFULPHRXWFRPHV
FROOHFWHGIURPSDUWLFLSDWLQJFRXUWVDWWKUHHDQGVL[PRQWKIROORZXSV7KLVVHFRQG
0LFKLJDQVWXG\UHSRUWHGYHU\OLWWOHGLIIHUHQFHEHWZHHQWKHLQWHUYHQWLRQDQGFRQWURO
JURXS <DUERURXJK 7KHDYHUDJHRIIHQVHUDWHIRUSURJUDPSDUWLFLSDQWV
KRZHYHUZDVFRPSDUHGWRIRUWKHFRQWUROJURXS<DUERURXJK S 
FRQFOXGHGWKDW«WKHLQHVFDSDEOHFRQFOXVLRQZDVWKDW\RXQJVWHUVZKRSDUWLFLSDWHG
LQWKHSURJUDPXQGHUJRLQJWKH-2/7H[SHULHQFHGLGQREHWWHUWKDQWKHLUFRQWURO
FRXQWHUSDUWV


   7KH&DPSEHOO&ROODERUDWLRQ_ZZZFDPSEHOOFROODERUDWLRQRUJ
9LUJLQLD,QVLGHUV3URJUDP86$ 2UFKRZVN\DQG7D\ORU 
7KH,QVLGHUV3URJUDPZDVGHVFULEHGDVDQLQPDWHUXQFRQIURQWDWLRQDOLQWHUYHQWLRQ
ZLWKYHUEDOLQWLPLGDWLRQDQGJUDSKLFGHVFULSWLRQVRIDGXOWSULVRQOLIH-XYHQLOHV
ZHUHORFNHGLQDFHOODWDWLPHDQGWROGDERXWWKHGDLO\URXWLQHE\DJXDUG7KH\
WKHQSDUWLFLSDWHGLQDWZRKRXUFRQIURQWDWLRQDOUDSVHVVLRQZLWKLQPDWHV-XYHQLOH
GHOLQTXHQWVIURPWKUHHFRXUWVHUYLFHXQLWVLQ9LUJLQLDSDUWLFLSDWHGLQWKHVWXG\7KH
LQYHVWLJDWRUVUDQGRPO\DVVLJQHGMXYHQLOHVDJHVZLWKWZRRUPRUHSULRU
DGMXGLFDWLRQVIRUGHOLQTXHQF\WRWKH,QVLGHUVSURJUDPRUDQRWUHDWPHQWFRQWURO
JURXS2UFKRZVN\DQG7D\ORUUHSRUWRQDYDULHW\RIFULPHRXWFRPHPHDVXUHVDWVL[
QLQHDQGWZHOYHPRQWKLQWHUYDOV7KHRQO\SRVLWLYHILQGLQJVWKRXJKQRWVWDWLVWLFDOO\
VLJQLILFDQWZHUHUHSRUWHGLQ9LUJLQLD 2UFKRZVN\ $OWKRXJKWKHGLIIHUHQFHDW
VL[PRQWKVZDVQRWVWDWLVWLFDOO\VLJQLILFDQW RIFRQWUROVKDGQHZFRXUWLQWDNHV
YHUVXVRIH[SHULPHQWDOSDUWLFLSDQWV WKH\IDYRUWKHH[SHULPHQWDOSDUWLFLSDQWVDW
QLQHDQGWZHOYHPRQWKV7KHLQYHVWLJDWRUVQRWHGKRZHYHUWKDWWKHDWWULWLRQUDWHVLQ
WKHLUH[SHULPHQWZHUHGUDPDWLF$WQLQHPRQWKVRIWKHRULJLQDOVDPSOH
GURSSHGRXWDQGDWWZHOYHPRQWKVGURSSHGRXW7KHLQYHVWLJDWRUVFRQGXFWHG
DQDO\VHVWKDWVHHPHGWRLQGLFDWHWKDWWKHFRQVWLWXWHGJURXSVZHUHVWLOOFRPSDUDEOH
RQVHOHFWHGIDFWRUV

7H[DV)DFHWR)DFH3URJUDP86$ 9UHHODQG 
7KH)DFHWR)DFHSURJUDPLQFOXGHGDKRXURULHQWDWLRQVHVVLRQLQZKLFKWKH
MXYHQLOHOLYHGDVDQLQPDWH&RXQVHOLQJIROORZHG3DUWLFLSDQWVZHUH\HDUVRI
DJHRQSUREDWLRQIURP'DOODV&RXQW\-XYHQLOH&RXUWPRVWDYHUDJHGRIIHQVHV
EHIRUHWKHVWXG\ER\VZHUHUDQGRPO\DVVLJQHGWRIRXUFRQGLWLRQVSULVRQ
RULHQWDWLRQDQGFRXQVHOLQJRULHQWDWLRQRQO\FRXQVHOLQJRQO\RUDQRWUHDWPHQW
FRQWUROJURXS9UHHODQGH[DPLQHGRIILFLDOFRXUWUHFRUGVDQGVHOIUHSRUWHG
GHOLQTXHQF\DWVL[PRQWKV7KLVHYDOXDWLRQDOVRUHSRUWHGOLWWOHHIIHFWIRUWKH
LQWHUYHQWLRQ 9UHHODQG 9UHHODQGUHSRUWHGWKDWWKHFRQWUROSDUWLFLSDQWVRXW
SHUIRUPHGWKHWKUHHWUHDWPHQWJURXSVRQRIILFLDOGHOLQTXHQF\ GHOLQTXHQW
YHUVXVIRUWKHSULVRQRULHQWDWLRQSOXVFRXQVHOLQJIRUWKHSULVRQRQO\DQG
IRUWKHFRXQVHOLQJRQO\ 7KLVPRUHUREXVWPHDVXUHFRQWUDGLFWVGDWDIURPWKH
VHOIUHSRUWPHDVXUHVXVHGZKLFKVXJJHVWWKDWDOOWKUHHWUHDWPHQWJURXSVGLGEHWWHU
WKDQWKHQRWUHDWPHQWFRQWUROV1RQHRIWKHVHILQGLQJVUHDFKHGDOHYHORIVWDWLVWLFDO
VLJQLILFDQFH9LHZLQJDOOWKHGDWD9UHHODQGFRQFOXGHGWKDWWKHUHZDVQRHYLGHQFH
WKDW)DFHWR)DFHZDVDQHIIHFWLYHGHOLQTXHQF\SUHYHQWLRQSURJUDP+HILQGVQR
HIIHFWIRU
)DFHWR)DFH
RQVHYHUDODWWLWXGLQDOPHDVXUHVLQFOXGLQJWKH
$WWLWXGHV
7RZDUG2EH\LQJ/DZ6FDOH


1HZ-HUVH\6FDUHG6WUDLJKW3URJUDP86$ )LQFNHQDXHU 
7KH1HZ-HUVH\/LIHUV
3URJUDPEHJDQLQDQGVWUHVVHGFRQIURQWDWLRQZLWK
JURXSVRIMXYHQLOHVDJHVZKRSDUWLFLSDWHGLQDUDSVHVVLRQ)LQFNHQDXHU
UDQGRPO\DVVLJQHGMXYHQLOHVVRPHRIZKRPZHUHQRWGHOLQTXHQWVWRWKH
SURJUDPRUWRDQRWUHDWPHQWFRQWUROJURXS+HWKHQIROORZHGWKHPIRUVL[PRQWKV
LQWKHFRPPXQLW\XVLQJRIILFLDOFRXUWUHFRUGVWRDVVHVVWKHLUEHKDYLRU)LQFNHQDXHU

   7KH&DPSEHOO&ROODERUDWLRQ_ZZZFDPSEHOOFROODERUDWLRQRUJ
UHSRUWHGWKDWRIWKHFKLOGUHQDQG\RXQJSHRSOHZKRDWWHQGHGWKH
6FDUHG
6WUDLJKW
SURJUDPLQ1HZ-HUVH\FRPPLWWHGQHZRIIHQVHVZKLOHRQO\RIFRQWUROV
GLGDGLIIHUHQFHWKDWZDVVWDWLVWLFDOO\VLJQLILFDQW )LQFNHQDXHU +HDOVR
UHSRUWHGWKDWWKHSURJUDPSDUWLFLSDQWVFRPPLWWHGPRUHVHULRXVRIIHQVHVDQGWKDW
WKHSURJUDPKDGQRLPSDFWRQQLQHDWWLWXGHPHDVXUHVZLWKWKHH[FHSWLRQRID
PHDVXUHFDOOHG
DWWLWXGHVWRZDUGFULPH
2QWKLVPHDVXUHH[SHULPHQWDOSDUWLFLSDQWV
GLGPXFKZRUVHWKDQFRQWUROV:HGHDOZLWK)LQFNHQDXHU
VRZQFRQFHUQVDERXW
UDQGRPL]DWLRQLQWHJULW\LQDVHQVLWLYLW\DQDO\VLVUHSRUWHGODWHU

&DOLIRUQLD648,5(63URJUDP86$ /HZLV 
7KLVLVVXSSRVHGO\WKHROGHVWVXFKSURJUDPLQWKH86$EHJLQQLQJLQ7KH
648,5(6SURJUDPLQFOXGHGPDOHMXYHQLOHGHOLQTXHQWVIURPWZR&DOLIRUQLDFRXQWLHV
EHWZHHQWKHDJHVRIPRVWZLWKPXOWLSOHSULRUDUUHVWV7KHLQWHUYHQWLRQ
LQFOXGHGFRQIURQWDWLRQDOUDSVHVVLRQVZLWKURXJKODQJXDJHJXLGHGWRXUVRISULVRQ
ZLWKSHUVRQDOLQWHUDFWLRQZLWKSULVRQHUVDQGDUHYLHZRISLFWXUHVGHSLFWLQJSULVRQ
YLROHQFH7KHLQWHUYHQWLRQWRRNSODFHRQHGD\SHUZHHNRYHUWKUHHZHHNV7KHUDS
VHVVLRQZDVWKUHHKRXUVORQJDQGQRUPDOO\LQFOXGHG\RXQJVWHUVDWDWLPH,QWKH
VWXG\SDUWLFLSDQWVZHUHUDQGRPO\DVVLJQHGWRWUHDWPHQWRUWRDQRWUHDWPHQW
FRQWUROJURXS/HZLVFRPSDUHGSDUWLFLSDQWVRQVHYHQFULPHRXWFRPHVDWWZHOYH
PRQWKV/HZLVUHSRUWHGWKDWRIWKHSURJUDPSDUWLFLSDQWVZHUHDUUHVWHG
FRPSDUHGWRRIWKHFRQWUROV+HDOVRIRXQGWKDWWKHSURJUDPGLGZRUVHZLWK
VHULRXVO\GHOLQTXHQW\RXWKVOHDGLQJKLPWRFRQFOXGHWKDWVXFKFKLOGUHQDQG\RXQJ
SHRSOHFRXOGQRWEHWXUQHGDURXQGE\VKRUWWHUPSURJUDPVVXFKDV648,5(6«D
SDWWHUQIRUKLJKHUULVN\RXWKVXJJHVWHGWKDWWKH648,5(6SURJUDPPD\KDYHEHHQ
GHWULPHQWDO S 7KHRQO\GHWHUUHQWHIIHFWIRUWKHSURJUDPZDVWKHDYHUDJH
OHQJWKRIWLPHLWWRRNWREHUHDUUHVWHGPRQWKVIRUH[SHULPHQWDOSDUWLFLSDQWVDQG
PRQWKVIRUFRQWUROV'DWDZHUHUHSRUWHGRQDWWLWXGLQDOPHDVXUHVDQG/HZLV
UHSRUWHGWKDWWKHSURJUDPIDYRUHGWKHH[SHULPHQWDOJURXSRQDOORIWKHPDJDLQ
XQGHUVFRULQJWKHGLIILFXOW\RIDFKLHYLQJEHKDYLRUDOFKDQJHHYHQZKHQSRVLWLYHO\
DIIHFWLQJWKHDWWLWXGHVRIMXYHQLOHGHOLQTXHQWV

.DQVDV-XYHQLOH(GXFDWLRQ3URJUDP86$ /RFNHHWDO 
7KLVLQWHUYHQWLRQZDVGHVLJQHGWRHGXFDWHFKLOGUHQDERXWWKHODZDQGWKH
FRQVHTXHQFHVRIYLRODWLQJLW7KHSURJUDPDOVRWULHGWRURXJKO\PDWFKMXYHQLOHVZLWK
LQPDWHVEDVHGRQSHUVRQDOLW\W\SHV)LIW\WZRMXYHQLOHGHOLQTXHQWVDJHIURP
WKUHH.DQVDVFRXQWLHVZHUHUDQGRPO\DVVLJQHGZKLOHRQSUREDWLRQWR-(3RUDQR
WUHDWPHQWFRQWURO7KHLQYHVWLJDWRUVH[DPLQHGRIILFLDO IURPSROLFHDQGFRXUW
VRXUFHV DQGVHOIUHSRUWFULPHRXWFRPHVDWVL[PRQWKV/RFNHDQGKLVFROOHDJXHV
UHSRUWHGOLWWOHHIIHFWRIWKH-XYHQLOH(GXFDWLRQ3URJUDP%RWKJURXSVLPSURYHG
IURPSUHWHVWWRSRVWWHVWEXWWKHLQYHVWLJDWRUVFRQFOXGHGWKDWWKHUHZHUHQR
GLIIHUHQFHVEHWZHHQH[SHULPHQWDODQGFRQWUROJURXSVRQDQ\RIWKHFULPHRXWFRPHV
PHDVXUHG,QYHVWLJDWRUVDOVRUHSRUWHGQRHIIHFWIRUWKHSURJUDPRQWKH-HVQHVVDQG
&HUNRYLFKDWWLWXGHWHVWV


   7KH&DPSEHOO&ROODERUDWLRQ_ZZZFDPSEHOOFROODERUDWLRQRUJ
0LVVLVVLSSL3URMHFW$ZDUH86$ &RRNHDQG6SLUULVRQ 
3URMHFW$ZDUHZDVDQRQFRQIURQWDWLRQDOHGXFDWLRQDOSURJUDPFRPSULVLQJRQHILYH
KRXUVHVVLRQUXQE\SULVRQHUV7KHLQWHUYHQWLRQZDVGHOLYHUHGWRMXYHQLOHVLQJURXSV
QXPEHULQJIURP,QWKHVWXG\MXYHQLOHV DJHV XQGHUWKHMXULVGLFWLRQ
RIWKHFRXQW\\RXWKFRXUWZHUHUDQGRPO\DVVLJQHGWRWKHSURJUDPRUWRDQR
WUHDWPHQWFRQWURO7KHH[SHULPHQWDODQGFRQWUROJURXSVZHUHFRPSDUHGRQDYDULHW\
RIFULPHRXWFRPHVUHWULHYHGIURPFRXUWUHFRUGVDWDQGPRQWKV/LWWOH
GLIIHUHQFHZDVIRXQGEHWZHHQH[SHULPHQWDODQGFRQWUROSDUWLFLSDQWVLQWKHVWXG\
)RUH[DPSOHWKHPHDQRIIHQGLQJUDWHIRUFRQWUROVDWPRQWKVZDVIRUFRQWURO
FDVHVYHUVXVIRU3URMHFW$ZDUHSDUWLFLSDQWV%RWKJURXSVLPSURYHGIURPWR
PRQWKVEXWWKHFRQWUROPHDQRIIHQGLQJUDWHZDVVWLOOORZHUWKDQWKH
H[SHULPHQWDOJURXS7KHLQYHVWLJDWRUVFRQFOXGHGWKDWDWWHQGLQJWKHWUHDWPHQW
SURJUDPKDGQRVLJQLILFDQWHIIHFWRQWKHIUHTXHQF\RUVHYHULW\RIVXEVHTXHQW
RIIHQVHV S 7KHLQYHVWLJDWRUVDOVRUHSRUWHGRQWZRHGXFDWLRQDOPHDVXUHV
VFKRRODWWHQGDQFHDQGGURSRXW&XULRXVO\WKH\UHSRUWDQHIIHFWIRUWKHSURJUDPRQ
VFKRROGURSRXWGDWDEXWQRWHWKDWLWLVQRWFOHDUKRZWKHSURJUDPVXFFHHGHGLQ
UHGXFLQJGURSRXWUDWHV S 


 6+28/':(% (/,(9(7+(6 (678' ,(6"$66(660(17


2)0(7+2'2/2*,&$/48$/,7<

:HH[DPLQHGHDFKVWXG\WRGHWHUPLQHWKHTXDOLW\RIPHWKRGVRQWKHIRXUFULWHULD
DIRUHPHQWLRQHG:HIRXQGWKUHHVWXGLHVZLWKUHSRUWHGPHWKRGRORJLFDOSUREOHPV
WKDWVKRXOGEHWDNHQLQWRDFFRXQWZLWKWZRKDYLQJLPSOLFDWLRQVIRURXUVWDWLVWLFDO
DQDO\VLV

 5DQGRPL]DWLRQ,QWHJULW\

D2QHVWXG\UHSRUWHGSUREOHPVZLWKUDQGRPL]DWLRQDQGWKH\ZHUHGUDPDWLF
)LQFNHQDXHU 2QO\HLJKWRIWKHHOHYHQSDUWLFLSDWLQJDJHQFLHVWKDW
UHIHUUHGWURXEOHGRUGHOLQTXHQWER\VWRWKHSURJUDPFRUUHFWO\DVVLJQHGWKHLU
FDVHV+HGLGFRQGXFWDGGLWLRQDODQDO\VHVLQDQDWWHPSWWRFRPSHQVDWHIRU
YLRODWLRQRIUDQGRPL]DWLRQWKHSURJUDPVWLOOKDGKDUPIXOHIIHFWV:H
FRQGXFWHGVHQVLWLYLW\DQDO\VHVLHGURSSHGWKLVVWXG\IURPWKHPHWDDQDO\VLV
WRGHWHUPLQHLWVLPSDFWRQWKHUHVXOWV

E1RWHWKDWWKH
7DEOHRI,QFOXGHG6WXGLHV
DOVRLQFOXGHVRXUUDWLQJRI
DOORFDWLRQFRQFHDOPHQW6HYHQRIWKHVWXGLHVDUHUDWHGDV
XQFOHDU
DVWKHUHLV
QRLQIRUPDWLRQRQKRZUDQGRPL]DWLRQZDVSHUIRUPHG
%
UDWLQJ ,QRQHFDVH
WKHFRQFHDOPHQWZDVUDWHGDV
$
RUDGHTXDWH 0LFKLJDQ'2& ,Q
DQRWKHUEHFDXVHDOWHUQDWLRQZDVXVHGLWUHFHLYHGD
&
EHFDXVHLWZDVUDWHGDV

LQDGHTXDWH
 &RRNDQG6SLUULVRQ LQDFFRUGZLWKWKH&RFKUDQH5HYLHZHUV

+DQGERRN7KLVODWWHUVWXG\ZDVQRWLQFOXGHGLQWKHPHWDDQDO\VLVEHFDXVHLW
GLGQRWLQFOXGHGDWDRQSRVWLQWHUYHQWLRQRIIHQGLQJ

   7KH&DPSEHOO&ROODERUDWLRQ_ZZZFDPSEHOOFROODERUDWLRQRUJ

 $WWULWLRQIURP,QLWLDO6DPSOH

D7KH9LUJLQLD,QVLGHUVVWXG\UHSRUWHGDPDMRUORVVRISDUWLFLSDQWVIURPWKH
LQLWLDOUDQGRPL]DWLRQVDPSOH 2UFKRZVN\DQG7D\ORU 7KH\UHSRUWHG
WKLVKRZHYHUDWWKHVHFRQGDQGWKLUGIROORZXSLQWHUYDOV QRWWKHILUVWDWVL[
PRQWKV %HFDXVHWKHUHZDVDSDXFLW\RIGDWDEH\RQGWKHILUVWIROORZXS
LQWHUYDODFURVVVWXGLHVZHRQO\FRQGXFWHGDSRROHGDQDO\VLVXVLQJWKHILUVW
HIIHFW7KHUHIRUHDVHQVLWLYLW\DQDO\VLVRIWKHLPSDFWRIWKLVODWHUDWWULWLRQZDV
QRWSHUIRUPHG

E7KH0LFKLJDQ-2/7VWXG\GLGUHSRUWDODUJHQXPEHURIQRVKRZVEXWWKH\
ZHUHGHOHWHGIURPWKHDQDO\VLV7KHSUREOHPLVWKDWZHGRQRWNQRZKRZPDQ\
SDUWLFLSDQWVZHUHLQLWLDOO\DVVLJQHGDQGZHKDYHQRDVVXUDQFHVIURP
LQYHVWLJDWRUVWKDWWKHUHPDLQLQJVDPSOHZDVVLPLODUWRWKHLQLWLDOVDPSOH:H
DOVRGURSSHGWKH-2/7VWXG\LQDVHQVLWLYLW\DQDO\VLVWRGHWHUPLQHLWVLQIOXHQFH
RQWKHSRROHGDQDO\VLV

 %OLQGLQJRI2XWFRPH$VVHVVRUV

%OLQGLQJRIRXWFRPHDVVHVVRUVZDVUHSRUWHGLQRQO\RQHVWXG\ 0LFKLJDQ
'2& EXWJLYHQWKDWPRVWRXWFRPHGDWDZHUHFROOHFWHGIURPVWDWHRU
IHGHUDOFULPLQDOKLVWRU\GDWDEDVHV DQGQRWE\SURJUDPGHVLJQHUV LWZRXOG
VHHPWKDWWKLVZDVQRWDWKUHDWWRWKHUHVXOWV

 )LGHOLW\RI3URJUDP,PSOHPHQWDWLRQ

$VWKHVHSURJUDPVZHUHUHODWLYHO\VLPSOHQRQHRIWKHHYDOXDWRUVUHSRUWHG
SUREOHPVZLWKLPSOHPHQWDWLRQRIWKHSURJUDPLHWKHNLGVJRWZKDWWKH\ZHUH
VXSSRVHGWR


 0(7$$1$/<6,6


)RUHDFKVWXG\ZHH[WUDFWHGDOORIWKHUHOHYDQWFULPHRXWFRPHGDWD2XUSURWRFRO
LQFOXGHGDQRUJDQL]DWLRQRIDQDO\VHVE\H[DPLQLQJRIILFLDOUHSRUWV IURPJRYHUQPHQW
DGPLQLVWUDWLYHUHFRUGV GLVWLQFWIURPVHOIUHSRUWHGFULPLQDOLW\ REWDLQHGIURP
LQYHVWLJDWRUDGPLQLVWHUHGVXUYH\TXHVWLRQQDLUHV *LYHQWKDWZHH[SHFWHGDGLYHUVH
QXPEHURIPHDVXUHVRIFULPHWREHUHSRUWHGWKHSURWRFROFDOOHGIRUXVWRRUJDQL]HLW
LQWRIRXULQGH[HVWKDWZRXOGEHPRVWUHOHYDQWWRSROLF\DQGSUDFWLFH7KHVHLQFOXGHG
SUHYDOHQFHUDWHV LHZKDWSHUFHQWDJHRIHDFKJURXSUHRIIHQGHGRUGLGQRW" 
DYHUDJHLQFLGHQFHUDWHV LHZKDWZDVWKHDYHUDJHQXPEHURIRIIHQVHVRURWKHU
LQFLGHQWVSHULQGLYLGXDOLQHDFKJURXS" RIIHQVHVHYHULW\UDWHV LHZKDWZDVWKH
DYHUDJHVHYHULW\RIRIIHQVHVSHULQGLYLGXDOLQHDFKJURXS" DQGODWHQF\ LHKRZORQJ

   7KH&DPSEHOO&ROODERUDWLRQ_ZZZFDPSEHOOFROODERUDWLRQRUJ
ZDVWKHDYHUDJHUHWXUQWRFULPHRUIDLOXUHGHOD\HGSHULQGLYLGXDOLQHDFKJURXS" 
8QIRUWXQDWHO\DV7DEOHVKRZVWKHIXOODUUD\RIGDWDVKRZHGWKDWPDQ\RIWKHVH
LQGLFDWRUVZHUHPLVVLQJ

*LYHQWKHOLPLWDWLRQRIWKHGDWDZHFRQGXFWRQHPHWDDQDO\VLV:HUHSRUWWKHFULPH
RXWFRPHVIRURIILFLDOPHDVXUHVDWWKHILUVWHIIHFWRUILUVWIROORZXSLQWHUYDO DQG
XVXDOO\WKHRQO\ SHULRGUHSRUWHG(DFKDQDO\VLVIRFXVHGRQSURSRUWLRQGDWD LHWKH
SURSRUWLRQRIHDFKJURXSUHRIIHQGLQJ DVWKHRXWFRPHVUHSRUWLQJPHDQVRU
DYHUDJHVLVVSDUVHDQGRIWHQGRHVQRWLQFOXGHWKHVWDQGDUGGHYLDWLRQV7KXV
EHFDXVHWKHGDWDUHO\RQGLFKRWRPRXVRXWFRPHVERWKDQDO\VHVUHSRUW2GGV5DWLRV
25 IRUHDFKVWXG\DQGWKHLU&RQILGHQFH,QWHUYDOV &, %HFDXVHWKHUHLVVRPH
GLVDJUHHPHQWLQWKHOLWHUDWXUHDERXWWKLVZHDVVXPHERWKUDQGRPDQGIL[HGHIIHFWV
PRGHOVIRUWUHDWPHQWHIIHFWVDFURVVWKHVWXGLHV

)LJXUHVDQG,PPHGLDWHSRVWWUHDWPHQWHIIHFWVIRUUHRIIHQGLQJ
UDWHVRIILFLDOPHDVXUHV
7KHDQDO\VLVRIWKHGDWDLQFRPSDULVRQWDEOHIURPWKHVHYHQVWXGLHVUHSRUWLQJUH
RIIHQGLQJUDWHVVKRZVWKDWLQWHUYHQWLRQLQFUHDVHVWKHFULPHRUGHOLQTXHQF\
RXWFRPHVDWWKHILUVWIROORZXSSHULRG$VVXPLQJHLWKHUDIL[HGHIIHFWRUUDQGRP
HIIHFWVPRGHOGRHVQRWFKDQJHLWVRYHUDOOQHJDWLYHLPSDFW8VLQJDIL[HGHIIHFW
PRGHOWKH25LV &, WKHPHDQ25DVVXPLQJDUDQGRPHIIHFWVPRGHO
LVQRWPXFKGLIIHUHQWDW &, 7KHVHDUHERWKVWDWLVWLFDOO\VLJQLILFDQW
7KHLQWHUYHQWLRQLQFUHDVHVWKHRGGVRIRIIHQGLQJE\EHWZHHQDQGWR

)L[HG(IIHFWV5HVXOWV


   7KH&DPSEHOO&ROODERUDWLRQ_ZZZFDPSEHOOFROODERUDWLRQRUJ






5DQGRP(IIHFWV0RGHO5HVXOWV

Q1XPEHURISDUWLFLSDQWVUHRIIHQGLQJ11XPEHUDVVLJQHGWR*URXS252GGV5DWLR
&,&RQILGHQFH,QWHUYDOV:HLJKW$PRXQWRIZHLJKWJLYHQWRVWXG\LQDQDO\VLV


)LJXUH6HQVLWLYLW\DQDO\VLVH[FOXGLQJ)LQFNHQDXHUVWXG\
:HH[FOXGHGWKH)LQFNHQDXHUVWXG\EHFDXVHRILWVUDQGRPL]DWLRQSUREOHPVIURP
WKHDQDO\VHVUHSRUWHGLQ)LJXUHDQG*LYHQWKHOLWWOHGLIIHUHQFHLQ25ZKHWKHU
DVVXPLQJDIL[HGHIIHFWRUUDQGRPHIIHFWVPRGHOZHFRQGXFWHGDPHWDDQDO\VLV
DVVXPLQJDUDQGRPHIIHFWVPRGHO$VWKH)LQFNHQDXHUVWXG\UHSRUWHGWKHODUJHVW
QHJDWLYHHIIHFWVIRUWKHSURJUDPLWLVQRWVXUSULVLQJWKDWWKH25GHFUHDVHV,WLV
KRZHYHUVWLOOQHJDWLYHLQGLUHFWLRQDWDQGVWDWLVWLFDOO\VLJQLILFDQW &, 


   7KH&DPSEHOO&ROODERUDWLRQ_ZZZFDPSEHOOFROODERUDWLRQRUJ
)LJXUH6HQVLWLYLW\DQDO\VLVH[FOXGLQJ<DUERURXJKVWXG\
:HH[FOXGHGWKH<DUERURXJKVWXG\EHFDXVHRILWVGHOHWLRQRIQRVKRZVLQGLFDWLQJD

SRWHQWLDOIRUODUJHDWWULWLRQIURPWKHLQLWLDOVWXG\VDPSOH:HDJDLQDVVXPHGD
UDQGRPHIIHFWVPRGHO7KHGHOHWLRQRIWKLVVWXG\GRHVQRWDOWHUWKHRYHUDOOQHJDWLYH
LPSDFWRIWKHVHSURJUDPVDVWKH25LV7KLVLVVWDWLVWLFDOO\VLJQLILFDQW &,
 

)LJXUH6HQVLWLYLW\DQDO\VLVH[FOXGLQJ)LQFNHQDXHUDQG<DUERURXJK

VWXGLHV
:HH[FOXGHGERWKWKH)LQFNHQDXHUDQG<DUERURXJKVWXGLHVWRVHHKRZWKLVDIIHFWHG
WKHRYHUDOOPHWDDQDO\VLV$VWKH)LJXUHVKRZVHYHQZLWKWZRVWXGLHVUHPRYHGIRU
VHQVLWLYLW\DQDO\VLVWKHRYHUDOOHIIHFWRIWKHLQWHUYHQWLRQLQWKHILYHUHPDLQLQJ
VWXGLHVVKRZVDFULPLQRJHQLFHIIHFWLHIDYRUVWKHFRQWUROJURXSQRWUHFHLYLQJ
6FDUHG6WUDLJKW

&RQYHUJLQJ(YLGHQFH

   7KH&DPSEHOO&ROODERUDWLRQ_ZZZFDPSEHOOFROODERUDWLRQRUJ
:HQRWHWKDWWKHRWKHUWZRWULDOVWKDWGLGQRWUHSRUWSUHYDOHQFHGDWDIRUWKHPHWD
DQDO\VLVDOVRUHSRUWHGQRHIIHFWIRUWKHLQWHUYHQWLRQ &RRNDQG6SLUULVRQ/RFNH
HWDO ,QGHHGWKHPHDQGDWDIURPWKH0LVVLVVLSSLVWXG\LVDOVRQHJDWLYHLQ
GLUHFWLRQDQGWKH.DQVDVLQYHVWLJDWRUVUHSRUWHGDQLQFUHDVHLQFULPHIRUMXYHQLOH
SDUWLFLSDQWVZKHQH[DPLQLQJWKHVHOIUHSRUWGDWD WKRXJKWKH\GLGQRWUHSRUWWKH
DFWXDOILJXUHV 

7KHVHILQGLQJVPLUURUSULRUV\VWHPDWLFUHYLHZVWKDWLQFOXGHG6FDUHG6WUDLJKWDVD
VXEVHWRUSDUWLWLRQRIDEURDGHUPHWDDQDO\VLV,QWKH8QLYHUVLW\RI<RUN
V


1DWLRQDO+HDOWK6HUYLFH&HQWUHIRU5HYLHZVDQG'LVVHPLQDWLRQSUHSDUHGWKH:LGHU
3XEOLF+HDOWK3URMHFW5HSRUW7KLVZDVDSURMHFWWKDWYLJRURXVO\VHDUFKHGUHWULHYHG
DQGDQQRWDWHGV\VWHPDWLFRUSRWHQWLDOO\V\VWHPDWLFUHYLHZVUHOHYDQWWRWKH
JRYHUQPHQWV:LGHU3XEOLF+HDOWKDJHQGD7KH\LQFOXGHGUHYLHZVUHOHYDQWWR
FULPLQDOEHKDYLRU:HH[DPLQHGWKHVHIRUHYLGHQFH FRQYHUJLQJRUGLVVHQWLQJ 
UHOHYDQWWRRXUUHYLHZ:HIRXQGWZR

$PHWDDQDO\VLVRIMXYHQLOHSUHYHQWLRQDQGWUHDWPHQWSURJUDPVE\/LSVH\ /LSVH\
 LQGLFDWHGWKDWWKHHIIHFWVL]HIRU
VKRFNLQFDUFHUDWLRQDQG6FDUHG6WUDLJKW

   7KH&DPSEHOO&ROODERUDWLRQ_ZZZFDPSEHOOFROODERUDWLRQRUJ
SURJUDPV
ZDV,QVKRUWH[SHULPHQWDOJURXSVKDGDKLJKHUUHFLGLYLVPUDWH
WKDQFRQWUROVLIDEDVHOLQHRIUHFLGLYLVPLVDVVXPHG

*HQGUHDXDQGKLVFROOHDJXHV  DOVRUHSRUWHGDPHWDDQDO\VLVRIJHWWRXJKRU
JHWVPDUWVDQFWLRQV7KHVHLQFOXGHGLQWHUYHQWLRQVGHVLJQHGWRGHWHUIXWXUHFULPH
OLNH6FDUHG6WUDLJKWDVZHOODVLQWHUYHQWLRQVGHVLJQHGWRSXQLVKRUFRQWURO
RIIHQGHUVDWOHVVFRVWVXFKDVLQWHQVLYHVXSHUYLVLRQZKLOHRQSUREDWLRQRUSDUROH
7KHUHYLHZHUVFRPSXWHGFRUUHODWLRQVRISURJUDPSDUWLFLSDWLRQDQGUHFLGLYLVP
RXWFRPHV([DPLQLQJH[SHULPHQWDORUTXDVLH[SHULPHQWDOHYDOXDWLRQVRI6FDUHG
6WUDLJKWW\SHSURJUDPVWKH\IRXQGDQDYHUDJHFRUUHODWLRQRI WKHODUJHVW
FRUUHODWLRQLQWKHLUDQDO\VLV ZLWKFULPLQDOUHFLGLYLVP6LPSO\SXWSDUWLFLSDWLQJLQ
WKHSURJUDPZDVDVVRFLDWHGZLWKDQLQFUHDVHLQFULPH


   7KH&DPSEHOO&ROODERUDWLRQ_ZZZFDPSEHOOFROODERUDWLRQRUJ
 'LVFXVVLRQ

7KHVHUDQGRPL]HGWULDOVFRQGXFWHGRYHUD\HDUSHULRGLQHLJKWGLIIHUHQW
MXULVGLFWLRQVSURYLGHHYLGHQFHWKDW
6FDUHG6WUDLJKW
DQGRWKHU
MXYHQLOHDZDUHQHVV

SURJUDPVDUHQRWHIIHFWLYHDVDVWDQGDORQHFULPHSUHYHQWLRQVWUDWHJ\0RUH
LPSRUWDQWO\WKH\SURYLGHHPSLULFDOHYLGHQFHXQGHUH[SHULPHQWDOFRQGLWLRQVWKDW
WKHVHSURJUDPVOLNHO\LQFUHDVHWKHRGGVWKDWFKLOGUHQH[SRVHGWRWKHPZLOOFRPPLW
RIIHQVHVLQIXWXUH'HVSLWHWKHYDULDELOLW\LQWKHW\SHRILQWHUYHQWLRQXVHGUDQJLQJ
IURPKDUVKFRQIURQWDWLRQDOLQWHUDFWLRQVWRWRXUVRIWKHIDFLOLW\FRQYHUJHRQWKHVDPH
UHVXOWDQLQFUHDVHLQFULPLQDOLW\LQWKHH[SHULPHQWDOJURXSZKHQFRPSDUHGWRDQR
WUHDWPHQWFRQWURO'RLQJQRWKLQJZRXOGKDYHEHHQEHWWHUWKDQH[SRVLQJMXYHQLOHVWR
WKHSURJUDP

*LYHQWKDWWKHVHYHQWULDOVXVHGLQWKHPHWDDQDO\VLVZHUHFRQGXFWHGLQVL[
MXULVGLFWLRQVXVLQJYDULDWLRQVRIWKHLQWHUYHQWLRQXQGHUVFRUHWKHH[WHUQDOYDOLGLW\RI
WKHVHILQGLQJV*LYHQWKHVWURQJVXJJHVWLRQKHUHWKDWWKHVHSURJUDPVKDYHDKDUPIXO
HIIHFWWKH\UDLVHDGLOHPPDIRUSROLF\PDNHUV&ULPLQRORJLFDOLQWHUYHQWLRQVZKHQ
WKH\FDXVHKDUPDUHQRWMXVWWR[LFWRWKHSDUWLFLSDQWV7KH\UHVXOWLQLQFUHDVHG
PLVHU\WRRUGLQDU\FLWL]HQVWKDWFRPHIURPWKH
H[WUD
FULPLQDOYLFWLPL]DWLRQWKH\
FUHDWHZKHQFRPSDUHGWRMXVWGRLQJQRWKLQJDWDOO3ROLF\PDNHUVVKRXOGWDNHVWHSV
WREXLOGWKHNLQGRIUHVHDUFKLQIUDVWUXFWXUHZLWKLQWKHLUMXULVGLFWLRQWKDWFRXOG
ULJRURXVO\HYDOXDWHFULPLQRORJLFDOLQWHUYHQWLRQVWRHQVXUHWKH\DUHQRWKDUPIXOWR
WKHYHU\FLWL]HQVWKH\DLPWRKHOS


 7+(µ:+<¶ 48(6 7,21


2QHTXHVWLRQWKDWFRQWLQXHVWRDULVHDERXWWKHVHILQGLQJVLV
ZK\

6FDUHG6WUDLJKW

DQGVLPLODUSURJUDPVVHHPWROHDGWRPRUHFULPHUDWKHUWKDQOHVVLQLWVSDUWLFLSDQWV
:KDWLVWKHFULWLFDOPHFKDQLVP"8QGHUVWDQGLQJZK\VRPHWKLQJZRUNVRUIDLOVLVRI
JUHDWLQWHUHVWWRHYDOXDWRUVSURJUDPGHVLJQHUVDQGFULPLQRORJLFDOWKHRULVWV
(YDOXDWRUVIRUWKH2NODKRPD
6SHDN2XWV
SURJUDPZRQGHUHGDERXWWKH
FULPLQRJHQLFHIIHFWRIWKHVHSURJUDPVZKHQWKH\DVNHG

,IRQHDUJXHGWKDWDWZRKRXUYLVLWFDQQRWSHUIRUPWKHPLUDFOHRIGHWHUULQJ
VRFLDOO\XQDFFHSWDEOHEHKDYLRU VHH&RRN 6SLUULVRQ LWFDQDOVREH

   7KH&DPSEHOO&ROODERUDWLRQ_ZZZFDPSEHOOFROODERUDWLRQRUJ
DUJXHGWKDWLWZDVH[WUHPHO\VLPSOLVWLFWRDVVHUWWKDWDWZRKRXUYLVLWFDQ
SHUIRUPWKHPLUDFOHRIFDXVLQJVRFLDOO\XQDFFHSWDEOHEHKDYLRU +ROOH\DQG
%UHZVWHU 

$OWKRXJKWKHUHZHUHPDQ\JRRGSRVWKRFWKHRULHVDERXWZK\WKHVHSURJUDPVKDG
QHJDWLYHHIIHFWVWKHHYDOXDWLRQVZHUHQRWVWUXFWXUHGWRSURYLGHWKHNLQGRI
PHGLDWLQJYDULDEOHVRU
FDXVDOPRGHOV
QHFHVVDU\IRUDQHPSLULFDOUHVSRQVHWRWKLV
TXHVWLRQLQDV\VWHPDWLFUHYLHZ 3HWURVLQR 



   7KH&DPSEHOO&ROODERUDWLRQ_ZZZFDPSEHOOFROODERUDWLRQRUJ
 &RQFOXVLRQV



-HUU\/HHWKH3UHVLGHQWRI3KLODGHOSKLD
VPRVWVXFFHVVIXOUDGLRVWDWLRQ %)0 
DQGDQRWHGVRFLDOSKLODQWKURSLVWRQFHVWDWHGWKDWKHPDNHVPRUHXVHRIUHVHDUFKLQ
KLVEXVLQHVVWKDQKLVFRPSHWLWRUV+HFUHGLWHGWKDWZLWKKLVJUHDWVXFFHVVLQWKH
UDGLRLQGXVWU\+HQRWHGDQLPSRUWDQWSRLQWUHVHDUFKLVQRWDQDEVROXWHLWJLYHV
\RXSUREDELOLWLHVRIZKDWPLJKWKDSSHQ%DVHGRQWKH6FDUHG6WUDLJKWDQGMXYHQLOH
DZDUHQHVVH[SHULPHQWVDOUHDG\FRQGXFWHGZHFDQQRWVD\ZLWKFHUWDLQW\WKDWHYHU\
VXFKSURJUDPZLOOIDLORUZRUVH\HWOHDGWRKDUPIXOHIIHFWVRQMXYHQLOH
SDUWLFLSDQWV%XWWKHSULRUHYLGHQFHLQGLFDWHVWKDWWKHUHLVDJUHDWHUSUREDELOLW\
WKDQQRWWKDWLWZLOOEHKDUPIXO:RXOG\RXSHUPLWDGRFWRUWRXVHDPHGLFDO
WUHDWPHQWRQ\RXUFKLOGZLWKDVLPLODUWUDFNUHFRUGRIUHVXOWV"


 ,03/,&$7,216 )2535$&7,&(

:HQRWHWKHIROORZLQJLURQ\GHVSLWHWKHJORRP\ILQGLQJVUHSRUWHGKHUHDQG
HOVHZKHUH
6FDUHG6WUDLJKW
DQGLWVGHULYDWLYHVFRQWLQXHLQXVHDOWKRXJKD
UDQGRPL]HGWULDOKDVQRWEHHQUHSRUWHGVLQFH$V)LQFNHQDXHUDQG*DYLQ
)LQFNHQDXHU QRWHGZKHQWKHQHJDWLYHUHVXOWVIURPWKH&DOLIRUQLD648,5(6
VWXG\FDPHRXWWKHUHVSRQVHZDVWRHQGWKHHYDOXDWLRQQRWWKHSURJUDPPHG
7RGD\WKH648,5(6SURJUDPFRQWLQXHVHYDOXDWHGE\WKHWHVWLPRQLDOVRISULVRQHUV
DQGSDUWLFLSDQWVDOLNH'HVSLWHHYLGHQFHEHOLHIVLQWKHSURJUDP
VHIILFDF\FRQWLQXH
0LGGOHWRQDQGKLVFROOHDJXHVUHSRUWRQWKHH[WHQVLRQRIWKLVVWUDWHJ\LQRQH8.WRZQ
WRVFDUHRUGLQDU\VFKRROFKLOGUHQE\XVLQJIRUPHUFRUUHFWLRQDORIILFHUVWRVHWXSD
SULVRQW\SHDWPRVSKHUHLQWKHSXEOLFVFKRROV\VWHP 0LGGOHWRQ ,Q
)LQFNHQDXHUFDOOHGWKLVWKH
3DQDFHD3KHQRPHQRQ
GHVFULELQJKRZSROLF\PDNHUV
SUDFWLWLRQHUVPHGLDUHSRUWHUVDQGRWKHUVVRPHWLPHVODWFKRQWRTXLFNVKRUWWHUP
DQGLQH[SHQVLYHFXUHVWRVROYHGLIILFXOWVRFLDOSUREOHPV )LQFNHQDXHU 2WKHUV
FODLPWKDWWKHSURJUDPE\LWVHOILVRIOLWWOHYDOXHEXWFRXOGEHLQVWUXPHQWDOLI
HPEHGGHGLQDQRYHUDOOPXOWLFRPSRQHQWSDFNDJHRILQWHUYHQWLRQVGHOLYHUHGWR
\RXWKV:HEHOLHYHWKDWRXUUHYLHZSODFHVWKHRQXVRQHYHU\MXULVGLFWLRQWRVKRZ
KRZWKHLUFXUUHQWRUSURSRVHGSURJUDPLVGLIIHUHQWWKDQWKHRQHVVWXGLHGKHUH
*LYHQWKDWWKH\VKRXOGWKHQSXWLQSODFHULJRURXVHYDOXDWLRQWRHQVXUHWKDWQRKDUP
LVFDXVHGE\WKHLQWHUYHQWLRQ

   7KH&DPSEHOO&ROODERUDWLRQ_ZZZFDPSEHOOFROODERUDWLRQRUJ

6RPHOLWHUDWXUHLQGLFDWHVWKHSURJUDPFDQKDYHDSRVLWLYHHIIHFWRQWKHLQPDWH
SURYLGHUVDQGWKDWDUJXPHQWLVVRPHWLPHVXVHGWROHJLWLPL]HXVHRIWKH
SURJUDPPHG7KHVHDUJXPHQWVDUHXQGRXEWHGO\XVHGXQGHUWKHDVVXPSWLRQWKDW
WKHSURJUDPGRHVQRKDUP,QOLJKWRIWKHVHILQGLQJVDVVHUWLRQVWKDW
6FDUHG
6WUDLJKW
DQGVLPLODUSURJUDPVRXJKWWREHXVHGEHFDXVHLWDFKLHYHVRWKHUWKLQJV
UDLVHVHWKLFDOTXHVWLRQVDERXWKXUWLQJFKLOGUHQLQRUGHUWRDFFRPSOLVKRWKHU
LPSRUWDQWEXWODWHQWJRDOV

3HUVRQDOUHSHQWDQFHDQGUHGHPSWLRQLVDQREOHJRDODQGFRUUHFWLRQDOIDFLOLWLHVDUH
QRWWKHRQO\LQVWLWXWLRQVWKDWHQFRXUDJHWKLV3HUKDSVDGPLQLVWUDWRUVFDQHQFRXUDJH
PRWLYDWHGRIIHQGHUVLQSHQDOLQVWLWXWLRQVWRHQJDJHLQEHQHYROHQWDFWLYLWLHVWKDWGR
QRWSRVHKDUPWRMXYHQLOHV RUWKHFRPPXQLWLHVWKH\RIIHQGLQ 7KHUHDUHPDQ\
FKDULWDEOHDFWLYLWLHVWKDWLQPDWHVGRWDNHSDUWLQ LHPDNLQJWR\VIRUKRVSLWDOL]HG
FKLOGUHQ DQGWKHVHVKRXOGEHHQFRXUDJHGQRWRQO\IRUWKH
JRRG
WKH\EULQJEXW
DOVRIRUWKHSDUWWKDWFRQWULEXWLQJWRVXFKDWDVNPD\KDYHLQRIIHQGHUUHKDELOLWDWLRQ

$QRWKHULQWHUHVWLQJRSSRUWXQLW\IRULQPDWHVLVWRVHUYHDVFRXQVHORUVDQGWXWRUVWR
HDFKRWKHU)RUH[DPSOH)UDQNOLQ  GHVFULEHGDSURJUDPDWD:DVKLQJWRQ
VWDWHFRUUHFWLRQDOIDFLOLW\WKDWXVHGPRUHHGXFDWHGLQPDWHVDVOLWHUDF\WXWRUVIRU
LQFDUFHUDWHGRIIHQGHUVZKRFRXOGQRWUHDG7KHDELOLW\WRFRQWULEXWHLQVXFKDZD\LV
FLWHGDVRQHRIWKHSRVLWLYHIDFWRUVRIWKHSURJUDPDORQJZLWKLWVORZFRVW

7KHDXWKRUVKDYHUHFHLYHGFRPPXQLFDWLRQVIURPGLIIHUHQWSULVRQIDFLOLWLHVWKDWDUH
XVLQJDMXYHQLOHDZDUHQHVVSURJUDP2QHDUJXPHQWXVHGWRVXVWDLQVXFKSURJUDPV
LVWKDWWKHUHVHDUFKUHSRUWHGKHUHGRHVQRWDSSO\WRWKHLUSDUWLFXODUSURJUDP2XU
UHFRPPHQGDWLRQLVWKDWFRUUHFWLRQDOUHVHDUFKXQLWVHLWKHUDWWKHIDFLOLW\RUDWD
UHJLRQDORUQDWLRQDOJRYHUQPHQWOHYHOFROODERUDWHZLWKSURJUDPVWDIIWRFRQGXFWD
ULJRURXVHYDOXDWLRQ,IVXFKXQLWVGRQRWH[LVWRUFDQQRWFRQGXFWWKHLURZQVWXG\ZH
VXJJHVWWKH\FROODERUDWHZLWKDORFDOXQLYHUVLW\FROOHJHRUUHVHDUFKILUPWKDWFRXOG
XQGHUWDNHWKLVZRUNWRHQVXUHWKDWWKHSURJUDPLVZRUNLQJDVSODQQHGDQGQRW
XQLQWHQWLRQDOO\FDXVLQJPRUHKDUPWKDQJRRG

&RUUHFWLRQDODGPLQLVWUDWRUVVRPHWLPHVDVNZKHWKHURXUUHVXOWVDUHUHOHYDQWWRWKHLU
SDUWLFXODUSURJUDP)RUH[DPSOHLQPDWHVUXQQLQJWKHSURJUDPPD\JRRXWVLGHWKH
SULVRQWRVSHDNDWVFKRROVDERXWWKHLUOLIHH[SHULHQFHV2XUUHYLHZRQO\ORRNHGDW
NLGVYLVLWSULVRQVSURJUDPVDQGDVIDUDVZHNQRZQRUHYLHZKDVH[DPLQHG
MXYHQLOHDZDUHQHVVLQWHUYHQWLRQVWKDWLQYROYHRIIHQGHUVOHDYLQJSULVRQJURXQGVWR
VSHDNWRFKLOGUHQDWVFKRRO7RGDWHZHKDYHQRWIRXQGDVLQJOHFRQWUROOHGVWXG\
WHVWLQJLW

6LQFHYHUVLRQVRIWKLVUHYLHZEHJDQFLUFXODWLQJRQWKH,QWHUQHWWKHILUVWDXWKRU
UHFHLYHVSHULRGLFFRUUHVSRQGHQFHIURPDFRQFHUQHGFLWL]HQDERXWKRZWRJHWD
MXYHQLOHLQWURXEOHZLWKWKHODZLQWRD6FDUHG6WUDLJKWSURJUDP7KH\DUHREYLRXVO\

   7KH&DPSEHOO&ROODERUDWLRQ_ZZZFDPSEHOOFROODERUDWLRQRUJ
QRWUHDGLQJWKHIXOOUHSRUWEXWDUHMXVWWU\LQJWRILQGFRQWDFWLQIRUPDWLRQDERXWWKH
SURJUDP:HFDQQRWLQJRRGFRQVFLHQFHUHFRPPHQGWKLVSURJUDP:HKDYHQR
GDWDRQWKHW\SHRINLGRUFRQVWHOODWLRQRISHUVRQDOLW\FKDUDFWHULVWLFVWKDWFRXOG
SRVVLEO\EHKHOSHGE\JRLQJWKURXJK6FDUHG6WUDLJKWRUDVLPLODUSURJUDP2XU
UHVSRQVHWRWKHVHZHOOPHDQLQJFLWL]HQVLVWRUHIHUWKHPWRQDWLRQDOUHJLRQDORUORFDO
FHQWHUVWKDWVSHFLDOL]HLQ\RXWKSUHYHQWLRQVHUYLFHV


 ,03/,&$7,216 )255(6 ($5&+

,QFRQFHUWZLWK&DPSEHOODQG&RFKUDQHJXLGHOLQHVZHSODQWRXSGDWHWKLVUHYLHZ
DJDLQZLWKLQPRQWKVWRLQFRUSRUDWHDQ\QHZVWXGLHVRUUHVSRQGWRFRJHQW
FULWLFLVPV*LYHQWKDWZHIRXQGRQO\QLQHVWXGLHV DQGRQO\VHYHQXVHGLQWKHPHWD
DQDO\VLV ZHZHUHFDXWLRXVQRWWRSURSRVHWKHXVHRIPRGHUDWLQJYDULDEOHVLQ
VXEVHTXHQWDQDO\VHV:HLQLWLDOO\EHOLHYHGWKDWRQHSURJUDPIDFWRUWKDWPD\KDYH
VDOLHQFHKRZHYHULVWKHGHJUHHRIKDUVKQHVVLQWKHLQPDWHSUHVHQWDWLRQV,WPD\EH
WKDWWKHPRUHEUXWDODQGYXOJDUWKHSUHVHQWDWLRQWKHPRUHWKDWLWFDXVHVDW\SHRI

EDFNILUH
HIIHFWSURGXFLQJLQWKHMXYHQLOHVWKHYHU\EHKDYLRULWVHHNVWRGHWHU:KHQ
ORRNLQJDWWKLVDELWPRUHFORVHO\ZHGLVFRYHUHGWKDWRQHWULDOLQYROYLQJDWRXURID
UHIRUPDWRU\ZLWKQRSUHVHQWDWLRQUHSRUWHGRQHRIWKHODUJHVWQHJDWLYHHIIHFWV
0LFKLJDQ'HSDUWPHQWRI&RUUHFWLRQ 8QWLOPRUHH[SHULPHQWVRIMXYHQLOH
DZDUHQHVVSURJUDPVDUHUHSRUWHGZLWKDGHTXDWHGHVFULSWLRQRIWKLVYDULDEOHZH
ZLOOQRWSXUVXHWKLVSDUWLFXODUSRLQWRILQTXLU\

7KLVUHYLHZKDVOHGXVWRFRQVLGHUWZRRWKHUVFRQWLQJHQWRQIXWXUHIXQGLQJ6KRFN
YDOXHW\SHLQWHUYHQWLRQVDUHWULHGDFURVVPDQ\ILHOGV)RUH[DPSOHKLJKVFKRRO
VWXGHQWVDUHVRPHWLPHVVKRZQKRUULILFIRRWDJHRIFDUDFFLGHQWVLQRUGHUWRGHWHU
WKHPIURPGULQNLQJDQGGULYLQJ,QLQGXVWULDODUWVFODVVHVVWXGHQWVDUHVKRZQILOPV
RIZKDWRFFXUVZKHQVDIHW\JODVVHVDUHQRWZRUQWKLVLVRIWHQJUDSKLFDQGLV
GHVLJQHGWRLQFUHDVHFRPSOLDQFHZLWKVXFKUHJXODWLRQV7KHUHDUHPDQ\RWKHU
H[DPSOHVDFURVVILHOGV%XWLVWKHUHDQ\HYLGHQFHWKDWDQ\RIWKHVHVKRFNYDOXH
LQWHUYHQWLRQVZRUN"2UGRWKH\SURGXFHGLVDSSRLQWLQJRUHYHQWR[LFUHVXOWVDVZH
KDYHUHSRUWHGKHUH"

,WPD\EHWUXHWKDW6FDUHG6WUDLJKWDQGOLNHSURJUDPVGRQRWZRUNEHFDXVHWKH\RQO\
FRQYH\DWKUHDWWKDWMXYHQLOHVGRQRWWKLQNZLOOEHFDUULHGRXW:KDWDERXWWKH
HYLGHQFHIRUGHWHUUHQFHZKHQDQDFWXDORIILFLDOSXQLVKPHQWLVGHOLYHUHG"7KHUHKDYH
EHHQDZLGHUDQJHRIUDQGRPL]HGWULDOVWKDWWHVWIRUWKHHIIHFWVRIRIILFLDOSURFHVVLQJ
LQMXYHQLOHFRXUWVZLWKVRPHRWKHULQWHUYHQWLRQ VXFKDVGLYHUWLQJWKHNLGIURPVXFK
SURFHVVLQJ ,VWKHUHHYLGHQFHWKDWWKHGHOLYHU\RIDWKUHDWRIILFLDOV\VWHP
SURFHVVLQJGHWHUVIXWXUHFULPLQDOEHKDYLRU"

7KHW\SHRIEURDGVHDUFKZHXQGHUWRRNFRXOGDOORZIRUDPRUHLQGHSWKH[DPLQDWLRQ
RIWKHHIIHFWVRIXVLQJGLIIHUHQWHYDOXDWLYHGHVLJQVWRWHVWFULPLQRORJLFDO
LQWHUYHQWLRQV:HQRZKDYHDJRRGFROOHFWLRQRIHPSLULFDOVWXGLHVRQ
6FDUHG

   7KH&DPSEHOO&ROODERUDWLRQ_ZZZFDPSEHOOFROODERUDWLRQRUJ
6WUDLJKW
DQGWKHVHLQFOXGHQRQUDQGRPL]HGVWXGLHV:HKDYHIRUHJRQHRXURZQ
SODQVWRFRPSDUHUHVXOWVDFURVVWKHGLIIHUHQWGHVLJQVEXWRWKHUVPD\ZLVKWRWDNH
WKLVXSLQWKHIXWXUH




   7KH&DPSEHOO&ROODERUDWLRQ_ZZZFDPSEHOOFROODERUDWLRQRUJ
 2WKHU7RSLFV

 :+$7¶61(:,17+,683'$7(

,QWKLVXSGDWHRID&DPSEHOO,QDXJXUDO5HYLHZWKHDXWKRUV
‡ ,QFOXGHGDµ&5HVHDUFK5HYLHZ3ROLF\%ULHI¶
‡ &RUUHFWHGDQGHGLWHGWKH,QDXJXUDO5HYLHZ'UDIWZKHUHQHFHVVDU\
‡ ,QFOXGHGDQµ(PHUJHQW3ROLF\&RQFHUQ¶VHFWLRQ
‡ ([WHQGHGDOOVHDUFKHVWKURXJK1RYHPEHU
‡ &RQGXFWHGQHZVHDUFKHVRIHOHFWURQLFELEOLRJUDSKLFGDWDEDVHVUHFHQWO\PDGH
DFFHVVLEOHDWDYDLODEOHOLEUDULHVRURQOLQH
‡ ,QFOXGHGDGGLWLRQDOPHWDDQDO\WLFFRPSDULVRQV
‡ ,QFOXGHGDQHZVHFWLRQRQµFRQYHUJLQJHYLGHQFH¶
‡ ,QFOXGHGDQHZVHFWLRQHQWLWOHGµDQVZHULQJWKHµZK\"¶TXHVWLRQ¶
‡ ,QFOXGHGPRUHGLVFXVVLRQLQWKHµLPSOLFDWLRQVIRUSUDFWLFH¶DQGµLPSOLFDWLRQVIRU
UHVHDUFK¶VHFWLRQV
‡ ,QFOXGHGµ&RQFOXVLRQ¶VHFWLRQ
‡ ,QFOXGHGVHFWLRQOLVWLQJSXEOLVKHGRUIRUWKFRPLQJSDSHUVEDVHGRQWKLV
UHVHDUFK
‡ ,QFOXGHGVHFWLRQRQ³FLWDWLRQDQGXWLOL]DWLRQ´


 &,7$7,2186(62)7+,65(6($5&+


&LWDWLRQV
:DVKLQJWRQ3RVW
6DQ)UDQFLVFR&KURQLFOH
1DWLRQDO$FDGHP\RI6FLHQFHV5HSRUW-XYHQLOH&ULPH-XYHQLOH-XVWLFH
7KH(FRQRPLVW3ULVRQ-RXUQDO
-RXUQDORI2IIHQGHU5HKDELOLWDWLRQIRUWKFRPLQJ
1DWLRQDO,QVWLWXWHRI-XVWLFH-RXUQDOIRUWKFRPLQJ
3HQQ*6(5HVHDUFK8SGDWH
+DUYDUG3V\FKLDWU\/HWWHU
2FNKDP
V5D]RU7KH6FLHQFHRI&ULPH&RQWURO$XVWUDOLDQ3XEOLF5DGLR
+DQGERRNRI3UDFWLFDO3URJUDP(YDOXDWLRQIRUWKFRPLQJ


   7KH&DPSEHOO&ROODERUDWLRQ_ZZZFDPSEHOOFROODERUDWLRQRUJ
8WLOL]DWLRQ
8VHGE\UHVHDUFKHU6DOO\0F,QW\UHLQWHVWLPRQ\EHIRUHWKH+RXVHRI/RUGVLQ
DUJXPHQWIRUIXQGLQJUDQGRPL]HGWULDOV
8VHGE\UHVHDUFKHU-RKQ0LGGOHWRQLQDUJXPHQWWRWKH+RPH2IILFHZK\WKH\
VKRXOGKDOWDWWHPSWWRLPSOHPHQWDFRUUHFWLRQDOUHJLPHLQDVFKRROWRGHWHU
SRWHQWLDOODZEUHDNLQJE\RUGLQDU\VFKRROFKLOGUHQ
8VHGE\UHVHDUFKHU/DZUHQFH6KHUPDQLQSUHVHQWDWLRQEHIRUH1DWLRQDO$FDGHP\RI
6FLHQFHZRUNVKRSDUJXLQJIRUPRUHLQYHVWPHQWLQULJRURXVHYDOXDWLRQ6HSWHPEHU

8VHGE\UHVHDUFKHUVLQWUDLQLQJIRUV\VWHPDWLFUHYLHZVLQFOXGLQJVHVVLRQVDWWKH
8QLYHUVLW\RI%ULVWROWKH&RFKUDQH1RUGLF&HQWUHDQGWKH$PHULFDQ6RFLHW\RI
&ULPLQRORJ\
5HYLHZ,QDXJXUDO3XEOLFDWLRQ'DWH0D\83'$7(,3XEOLFDWLRQ'DWH
1RYHPEHU
35,1&,3$/$'9,625,1&(',725,$/352&(663URIHVVRU5REHUW)%RUXFK
*UDGXDWH6FKRRORI(GXFDWLRQ8QLYHUVLW\RI3HQQV\OYDQLD
7KLVUHYLHZVKRXOGEHFLWHGDV3HWURVLQR$QWKRQ\&DURO\Q7XUSLQ3HWURVLQRDQG
-RKQ%XHKOHU³µ6FDUHG6WUDLJKW¶DQGRWKHUMXYHQLOHDZDUHQHVVSURJUDPVIRU
SUHYHQWLQJMXYHQLOHGHOLQTXHQF\´ 8SGDWHG&5HYLHZ ,Q7KH&DPSEHOO
&ROODERUDWLRQ5HYLHZVRI,QWHUYHQWLRQDQG3ROLF\(YDOXDWLRQV &5,3( 
1RYHPEHU3KLODGHOSKLD3HQQV\OYDQLD&DPSEHOO&ROODERUDWLRQ



 $&.12:/('*(0(176

7KLVZRUNZDVSULQFLSDOO\VXSSRUWHGE\ 86 IURPDJUDQWIURPWKH6PLWK
5LFKDUGVRQ)RXQGDWLRQWRWKH*UDGXDWH6FKRRORI(GXFDWLRQDWWKH8QLYHUVLW\RI
3HQQV\OYDQLD 5REHUW%RUXFK3ULQFLSDO,QYHVWLJDWRU ,WUHFHLYHGSDUWLDOVXSSRUW
IURPD0HOORQ)RXQGDWLRQJUDQWWRWKH&HQWHUIRU(YDOXDWLRQ,QLWLDWLYHVIRU
&KLOGUHQ3URJUDPDWWKH$PHULFDQ$FDGHP\RI$UWV 6FLHQFHV )UHGHULFN0RVWHOOHU
3ULQFLSDO,QYHVWLJDWRU DQGDJUDQWIURPWKH8.+RPH2IILFHWR&DPEULGJH
8QLYHUVLW\,QVWLWXWHRI&ULPLQRORJ\ 'DYLG)DUULQJWRQ3ULQFLSDO,QYHVWLJDWRU 7KH
ODWWHUWZRVRXUFHVVXSSRUWHG$QWKRQ\3HWURVLQR
VWLPHGXULQJZRUNDQGXVHRIKLV
RIILFHDQGFRPSXWHUDWWKH$PHULFDQ$FDGHP\RI$UWV 6FLHQFHV

7KHXSGDWHZDVVXSSRUWHGLQSDUWE\D6PLWK5LFKDUGVRQ)RXQGDWLRQJUDQWWRWKH
-HUU\/HH&HQWHURI&ULPLQRORJ\DWWKH8QLYHUVLW\RI3HQQV\OYDQLD /DZUHQFH
6KHUPDQ3ULQFLSDO,QYHVWLJDWRU 

7KH&ULPLQDO-XVWLFH&ROOHFWLRQDW5XWJHUV8QLYHUVLW\
V&HQWHUIRU/DZDQG-XVWLFH
DQGWKH*XWPDQ/LEUDU\DWWKH+DUYDUG*UDGXDWH6FKRRORI(GXFDWLRQIDFLOLWDWHG
LQWHUOLEUDU\ORDQUHTXHVWV:HWKDQN3K\OOLV6FKXOW]HDQG&DUOD/LOOYLNIRUWKHLU
H[SHUWLVHSDWLHQFHDQGDVVLVWDQFH


   7KH&DPSEHOO&ROODERUDWLRQ_ZZZFDPSEHOOFROODERUDWLRQRUJ
:HDSSUHFLDWHWKHJUHDWZRUNRIWKH&RFKUDQH'HYHORSPHQWDO3V\FKRVRFLDODQG
/HDUQLQJ'LVRUGHUV*URXS7KLVLQFOXGHVWKHJXLGDQFHDQGHGLWRULDOFRPPHQWVRI
'U-DQH'HQQLV5HYLHZ*URXS&RRUGLQDWRUDQG3URIHVVRU*HUDOGLQH0DFGRQDOG
&RRUGLQDWLQJ(GLWRU,WDOVRLQFOXGHVHGLWRULDOFRPPHQWVIURP'U-XOLDQ+LJJLQV
'U6WXDUW/RJDQDQGRWKHUHGLWRULDOPHPEHUVRIWKH'HYHORSPHQWDO3V\FKRVRFLDO
DQG/HDUQLQJ'LVRUGHUV*URXS$GGLWLRQDOVHDUFKHVDPRQJRWKHUKHOSIXOWDVNV
ZHUHSURYLGHGGRQHE\-R$EERWWDQG&HOLD$OPHLGD

7KLVSDSHUEHQHILWHGJUHDWO\IURPFRPPHQWVDQGFULWLFLVPVE\3URIHVVRU5REHUW
%RUXFK6LU,DLQ&KDOPHUV'U3KRHEH&RWWLQJKDP3URIHVVRU/\Q)HGHUDQG
3URIHVVRU-RDQ0F&RUGDOVRKHOSHG

3URIHVVRU%RUXFKVHUYHGDVWKH3ULQFLSDO$GYLVRURQWKH&DPSEHOOYHUVLRQRIWKLV
UHYLHZ:HDOVRDSSUHFLDWHWKHFULWLFLVPVE\WKUHHH[WHUQDOSHHUUHYLHZHUVGXULQJ
WKDW&DPSEHOOHGLWRULDOSURFHVV

7KHXSGDWHZDVJUHDWO\LPSURYHGE\WKHHGLWRULDOFULWLFLVPRI3URIHVVRU+LURVKL
7VXWRPL


 327(17,$/&21) /,&72) ,17(5(6 7

7ZRRIWKHDXWKRUVSXEOLVKHGDQDUWLFOHLQWKHMRXUQDO&ULPH 'HOLQTXHQF\WKDW
LQGLFDWHGDKDUPIXOHIIHFWIRUWKHVHSURJUDPVEDVHGRQSUHOLPLQDU\DQDO\VHV
3HWURVLQRE :HEHOLHYHWKHSRWHQWLDOIRUELDVWRZDUG
UHSOLFDWLQJ
WKHHDUOLHU
&ULPH 'HOLQTXHQF\ILQGLQJVKHUHLVUHGXFHGE\WKHH[SOLFLWDQGWUDQVSDUHQWUHYLHZ
PHWKRGVXVHG


 6285&(62)6833257

([WHUQDOVRXUFHVRIVXSSRUW

• 6PLWK5LFKDUGVRQ)RXQGDWLRQJUDQW WR8QLYHUVLW\RI3HQQV\OYDQLD*UDGXDWH
6FKRRORI(GXFDWLRQ 86$5REHUW%RUXFK3ULQFLSDO,QYHVWLJDWRU

• 0HOORQ)RXQGDWLRQJUDQW WRWKH$PHULFDQ$FDGHP\RI$UWV 6FLHQFHV&HQWHU
IRU(YDOXDWLRQ 86$)UHGHULFN0RVWHOOHU 3ULQFLSDO,QYHVWLJDWRU 

• +RPH2IILFH5HVHDUFK 6WDWLVWLFV'LUHFWRUDWH WR&DPEULGJH8QLYHUVLW\
,QVWLWXWHRI&ULPLQRORJ\ 8.'DYLG)DUULQJWRQ3ULQFLSDO,QYHVWLJDWRU

• 6PLWK5LFKDUGVRQ)RXQGDWLRQJUDQW WR8QLYHUVLW\RI3HQQV\OYDQLD-HUU\/HH
&HQWHURI&ULPLQRORJ\ 86$/DZUHQFH6KHUPDQ3ULQFLSDO,QYHVWLJDWRU


   7KH&DPSEHOO&ROODERUDWLRQ_ZZZFDPSEHOOFROODERUDWLRQRUJ
,QWHUQDOVRXUFHVRIVXSSRUW

• $PHULFDQ$FDGHP\RI$UWVDQG6FLHQFHV86$  

• +DUYDUG*UDGXDWH6FKRRORI(GXFDWLRQ86$  


 38%/,6+('>25) 257+&20,1*@3 $3(56%$6('21


7+,65(6($5&+


3HWURVLQR$QWKRQ\&DURO\Q7XUSLQ3HWURVLQR-DPHV2)LQFNHQDXHU:HOO
PHDQLQJSURJUDPVFDQKDYHKDUPIXOHIIHFWV/HVVRQVIURPH[SHULPHQWVLQ6FDUHG
6WUDLJKWDQGRWKHUOLNHSURJUDPV&ULPH 'HOLQTXHQF\

3HWURVLQR$7XUSLQ3HWURVLQR&%XHKOHU-6FDUHG6WUDLJKWDQGRWKHUMXYHQLOH
DZDUHQHVVSURJUDPVIRUSUHYHQWLQJMXYHQLOHGHOLQTXHQF\ &RFKUDQH5HYLHZ ,Q
7KH&RFKUDQH/LEUDU\,VVXH&KLFKHVWHU8.-RKQ:LOH\ 6RQV/WG

3HWURVLQR$QWKRQ\&DURO\Q7XUSLQ3HWURVLQRDQG-RKQ%XHKOHU7KHHIIHFWV
RI6FDUHG6WUDLJKWDQGRWKHUMXYHQLOHDZDUHQHVVSURJUDPVRQMXYHQLOHGHOLQTXHQF\
$V\VWHPDWLFUHYLHZRIWKHUDQGRPL]HGH[SHULPHQWDOHYLGHQFH$QQDOVRIWKH
$PHULFDQ$FDGHP\RI3ROLWLFDODQG6RFLDO6FLHQFH 6HSWHPEHU 

3HWURVLQR$QWKRQ\&DURO\Q7XUSLQ3HWURVLQRDQG-RKQ%XHKOHU IRUWKFRPLQJ 
6FDUHG6WUDLJKWDQG-XYHQLOH$ZDUHQHVV3URJUDPV,Q%UDQGRQ:HOVKDQG'DYLG
)DUULQJWRQ HGV :KDW:RUNV":DGVZRUWK3XEOLVKLQJ

6\QRSVLV-DQXDU\'LDQH0XHOOHU(YLGHQFHEDVHG1XUVLQJ


   7KH&DPSEHOO&ROODERUDWLRQ_ZZZFDPSEHOOFROODERUDWLRQRUJ
 $SSHQGL[

 &+$5$&7(5,67,&62),1&/8'('6 78',(6

6WXG\&RRN

0HWKRGV 4XDVLUDQGRPDVVLJQPHQW±UHVHDUFKHUVQXPEHUHGFRXUWILOHVDQGDVVLJQHG
DOORGGQXPEHUHGRQHVWRLQWHUYHQWLRQJURXS
3DUWLFLSDQWV MXYHQLOHGHOLQTXHQWVDJHVXQGHUMXULVGLFWLRQRIRQH0LVVLVVLSSL
FRXQW\\RXWKFRXUWZKLWHPDOH
,QWHUYHQWLRQV (GXFDWLRQDOSULVRQHUUXQKRXUVHVVLRQGHVLJQHGWREHQRQFRQIURQWDWLRQDO
2XWFRPHV DQGPRQWKIROORZXSVRIRIILFLDOFRXUWUHFRUGGDWDDYHUDJHRIIHQGLQJ
UDWHVDQGVHYHULW\RIRIIHQVH

6FKRRODWWHQGDQFHDQGVFKRROGURSRXW
1RWHV 1RVWDQGDUGGHYLDWLRQVUHSRUWHGZLWKDQ\PHDQGDWDQRJURXSSHUFHQWDJHV
DWWHPSWVWRUHWULHYHWKHVHGDWDIURPDXWKRUDQGRWKHUSULPDU\GRFXPHQWV
IDLOHG
$OORFDWLRQ & ,QDGHTXDWH 
FRQFHDOPHQW

6WXG\)LQFNHQDXHU

0HWKRGV 5DQGRPDVVLJQPHQW
3DUWLFLSDQWV GHOLQTXHQWRUFKLOGUHQDJHVDWULVNIRUGHOLQTXHQF\KDGSULRU
UHFRUGRIRIIHQGLQJZHUHZKLWHPDOH
,QWHUYHQWLRQV 2QHYLVLWDFRQIURQWDWLRQDOUDSVHVVLRQODVWLQJDSSUR[LPDWHO\KRXUVZLWK
LQPDWHVVHUYLQJOLIHVHQWHQFH
2XWFRPHV 6L[PRQWKIROORZXSRIRIILFLDOFRPSODLQWVDUUHVWVRUDGMXGLFDWLRQV6HYHULW\
RIRIIHQVH
$WWLWXGHVWRZDUGFULPLQDOVWRZDUGFULPHWRZDUGODZWRZDUGMXVWLFHWRZDUG
SROLFHWRZDUGSULVRQWRZDUGSXQLVKPHQWVHOILPDJH
1RWHV 
$OORFDWLRQ % 8QNQRZQ 
FRQFHDOPHQW

   7KH&DPSEHOO&ROODERUDWLRQ_ZZZFDPSEHOOFROODERUDWLRQRUJ
6WXG\*(53 '&

0HWKRGV 5DQGRPDVVLJQPHQW
3DUWLFLSDQWV GHOLQTXHQWRUFKLOGUHQDWULVNIRUGHOLQTXHQF\PDOHZKLWH
DJHV
,QWHUYHQWLRQV &RQIURQWDWLRQDOUDSVHVVLRQZLWKLQPDWHV
2XWFRPHV PRQWKVIROORZXSRIFRQWDFWVZLWKSROLFH

3LHUV+DUULV&KLOGUHQ¶V6HOI&RQFHSW6FDOH

-HVQHVV,QYHQWRU\
1RWHV 
$OORFDWLRQ % 8QNQRZQ 
FRQFHDOPHQW

6WXG\/HZLV

0HWKRGV 5DQGRPDVVLJQPHQW
3DUWLFLSDQWV MXYHQLOHGHOLQTXHQWVIURPWZR&DOLIRUQLDFRXQWLHVPRVWZLWKH[WHQVLYH
SULRUUHFRUGDJHVPDOHPRVWO\QRQZKLWH
,QWHUYHQWLRQV 7KUHHWRWDOYLVLWV RQHSHUZHHN LQFOXGLQJFRQIURQWDWLRQDOUDSVHVVLRQV
JXLGHGWRXUVRISULVRQDQGLQWHUDFWLRQZLWKSULVRQHUVUHYLHZRISLFWXUHVRI
SULVRQYLROHQFH
2XWFRPHV 7ZHOYHPRQWKIROORZXSRISHUFHQWDJHDUUHVWHGDYHUDJHQXPEHURIDUUHVWV
SHUFHQWDJHFKDUJHGDYHUDJHQXPEHURIFKDUJHVE\W\SHRIRIIHQVHRIIHQVH
VHYHULW\WLPHWRILUVWDUUHVW

$WWLWXGHVWRZDUGSROLFHWRZDUGVFKRROWRZDUGFULPHWRZDUGSULVRQWRZDUG
ZRUNFDPS

6HPDQWLF'LIIHUHQWLDO7HVW
1RWHV 2YHUPRGHUDWLQJDQDO\VHVSHUIRUPHGRQWKHGDWD
$OORFDWLRQ % 8QNQRZQ 
FRQFHDOPHQW

6WXG\/RFNH

0HWKRGV 5DQGRPDVVLJQPHQW
3DUWLFLSDQWV MXYHQLOHGHOLQTXHQWVDJHVRQSUREDWLRQIURPWKUHH.DQVDV
FRXQWLHVZKLWHPDOH
,QWHUYHQWLRQV 1RQFRQIURQWDWLRQDOHGXFDWLRQDOLQWHUDFWLRQWULHGWRPDWFKMXYHQLOHZLWK
LQPDWH
2XWFRPHV 0LQLPXPVL[PRQWKIROORZXSRIVHOIUHSRUWHGFULPHDQGMXYHQLOHFRXUWDQG
SROLFHUHFRUGVRIRIILFLDORIIHQGLQJ
1RWHV 1RVWDQGDUGGHYLDWLRQVUHSRUWHGZLWKDQ\PHDQGDWDQRJURXSSHUFHQWDJHV
DWWHPSWVWRUHWULHYHWKHVHGDWDIURPDXWKRUDQGRWKHUSULPDU\GRFXPHQWV
IDLOHG

   7KH&DPSEHOO&ROODERUDWLRQ_ZZZFDPSEHOOFROODERUDWLRQRUJ
$OORFDWLRQ % 8QNQRZQ 
FRQFHDOPHQW

6WXG\0LFKLJDQ'2&

0HWKRGV $VVLJQPHQWXVLQJUDQGRPQXPEHUVWDEOHGDWDFROOHFWRUVZHUHEOLQGWR
DVVLJQPHQW
3DUWLFLSDQWV MXYHQLOHGHOLQTXHQWVIURPRQH0LFKLJDQFRXQW\
,QWHUYHQWLRQV 7ZRWRXUVRID0LFKLJDQUHIRUPDWRU\
2XWFRPHV 6L[PRQWKIROORZXSRIRIILFLDOSHWLWLRQIRUGHOLQTXHQF\RUSUREDWLRQYLRODWLRQ
1RWHV %ULHILQWHUQDOUHSRUWWKDWGRHVQRWIXOO\GHVFULEHQDWXUHRILQWHUYHQWLRQ
$OORFDWLRQ $ $GHTXDWH 
FRQFHDOPHQW

6WXG\2UFKRZVN\

0HWKRGV 5DQGRPDVVLJQPHQW
3DUWLFLSDQWV MXYHQLOHGHOLQTXHQWV ZLWKPLQLPXPWZRRIIHQVHV DJHV
PDOH
,QWHUYHQWLRQV &RQIURQWDWLRQDOLQPDWHUXQSURJUDPORFNHGLQFHOOLQWURGXFWLRQE\JXDUG
WZRKRXUVHVVLRQZLWKLQPDWHV
2XWFRPHV 6L[QLQHDQGWZHOYHPRQWKIROORZXSVRIRIILFLDOPHDVXUHVRIRIIHQGLQJ
LQFOXGLQJQHZFRXUWLQWDNHVDYHUDJHQXPEHURIFRXUWLQWDNHVVHYHULW\RI
RIIHQVH
1RWHV 
$OORFDWLRQ % 8QNQRZQ 
FRQFHDOPHQW

6WXG\9UHHODQG

0HWKRGV 5DQGRPO\DVVLJQHGWRIRXUJURXSV
3DUWLFLSDQWV MXYHQLOHGHOLQTXHQWVJLYHQSUREDWLRQE\'DOODV&RXQW\&RXUW
PDOHZKLWHDJHVDYHUDJHGSULRURIIHQVHV
,QWHUYHQWLRQV 2QHGD\RULHQWDWLRQODVWLQJKRXUVLQFOXGLQJKDLUFXWDQGSK\VLFDOODERU
2XWFRPHV 6L[PRQWKIROORZXSRIRIILFLDO XVLQJFRXUWUHFRUGV DQGVHOIUHSRUWHGGDWDWR
HVWDEOLVKRIIHQGLQJ

$WWLWXGHWRZDUG/DZ

)ULHQG6XUYH\

'HWHUUHQFHTXHVWLRQQDLUH

6HOILPDJH

-HVQHVV&KHFNOLVW

   7KH&DPSEHOO&ROODERUDWLRQ_ZZZFDPSEHOOFROODERUDWLRQRUJ
1RWHV 7RUHPDLQFRQVLVWHQWZLWKRWKHULQWHUYHQWLRQVLQWKLVUHYLHZZHWRRNWKH
RULHQWDWLRQJURXSFRPSDULVRQZLWKWKHQRWUHDWPHQWFRQWUROJURXS7KH
RULHQWDWLRQSOXVFRXQVHOLQJJURXSKRZHYHUZDVDOPRVWLGHQWLFDOWRWKH
RULHQWDWLRQRQO\JURXSLQILQDOUHVXOWV
$OORFDWLRQ % 8QNQRZQ 
FRQFHDOPHQW

6WXG\<DUERURXJK

0HWKRGV 5HVHDUFKHUVUDQGRPO\DVVLJQHGSDUWLFLSDQWVDFFRUGLQJWRUDQGRPQXPEHUV
WDEOH
3DUWLFLSDQWV MXYHQLOHGHOLQTXHQWVXQGHUMXULVGLFWLRQRIFRXUWVLQIRXU0LFKLJDQ
FRXQWLHV
,QWHUYHQWLRQV 7RXURIIDFLOLW\VHSDUDWHGDQGWDNHWRFHOOIRULQWHUDFWLRQZLWKLQPDWHV
FRQIURQWDWLRQDOVHVVLRQZLWKLQPDWHVRQHYLVLWILYHKRXUVORQJ
2XWFRPHV 7KUHHDQGVL[PRQWKIROORZXSVRIRIILFLDOMXYHQLOHFULPHDVPHDVXUHGE\
VXEVHTXHQWFRXUWSHWLWLRQVQHZRIIHQVHVDYHUDJHRIIHQVHUDWHZHHNVWR
QHZRIIHQVHW\SHRIRIIHQVHFKDUJHGDYHUDJHGD\VLQGHWHQWLRQ
1RWHV ([WHQVLYHPRGHUDWLQJDQDO\VHVGRQH
$OORFDWLRQ % 8QNQRZQ 
FRQFHDOPHQW

 &+$5$&7(5,67,&62)(;&/8'(' 6 78',(6

6WXG\ 5HDVRQIRU([FOXVLRQ
$LPV0XOWLPHGLD 8VHGSRVWWHVWGDWDZLWKRXWDFRQWUROJURXS

$VKFUDIW 8VHGDSUHSRVWWHVWZLWKRXWDFRQWUROJURXS
%HUU\ 8VHGDPDWFKHGFRPSDULVRQJURXSZLWKRXWUDQGRPL]DWLRQ
%URGVN\ 8VHGDSUHSRVWGHVLJQZLWKRXWDFRQWUROJURXS
%XFNQHUD 8VHGDPDWFKHGFRPSDULVRQJURXSZLWKRXWUDQGRPL]DWLRQ
&KHVQH\/LQG 8VHGDQRQHTXLYDOHQWFRPSDULVRQJURXSGHVLJQZLWKRXWUDQGRPL]DWLRQ
'HDQ 8VHGUDQGRPL]DWLRQEXWGLGQRWLQFOXGHDQ\PHDVXUHVRIFULPLQDOEHKDYLRU
*LOPDQ 8VHGDUFKLYDOGDWDIURPWKUHHVRXUFHVIRUSRVWWHVWRQO\IROORZXSVZLWKRXWD
FRQWUROJURXS
/DQJHU 8VHGDPDWFKHGFRPSDULVRQJURXSZLWKRXWUDQGRPL]DWLRQ
/OR\G &DVHVWXGLHVRIWKUHHGD\YLVLWSURJUDPVLQWKH8.1RFRQWUROJURXSLV
LQFOXGHG
0LWFKHOO 8VHGSUHSRVWGDWDZLWKRXWDFRQWUROJURXS
16:%R6 8VHGSRVWWHVWRQO\GDWDZLWKRXWDFRQWUROJURXS

   7KH&DPSEHOO&ROODERUDWLRQ_ZZZFDPSEHOOFROODERUDWLRQRUJ
1HOVRQ 8VHGSRVWWHVWRQO\GDWDZLWKRXWDFRQWUROJURXS
1\JDUG 5HSRUWRQSURFHVVDQGLPSOHPHQWDWLRQGDWDRQO\1RIROORZXSRUFRQWUROJURXS
UHSRUWHG
2¶0DOOH\ 3URFHVVDQGLPSOHPHQWDWLRQGDWDRQ$XVWUDOLD¶V9LFWRULDSULVRQSURJUDPPHG
1RFRQWUROJURXS
3RUWQR\ 7KLVVWXG\UDQGRPO\DVVLJQHGMXYHQLOHVIURPKLJKVFKRROWRZDWFKWKH6FDUHG
6WUDLJKWYLGHRRUDPRUHQHXWUDOILOP,WGLGQRWLQYROYHWKHDFWXDOSURJUDP1R
IROORZXSGDWDRQFULPLQDORIIHQVHVZHUHUHSRUWHG
5DVPXVVHQ 8VHGPXOWLYDULDWHUHJUHVVLRQRQFRXQW\FULPHUDWHVWRHVWLPDWHSUHYHQWLRQ
LPSDFWRISURJUDPQRFRQWUROJURXSRUUDQGRPL]DWLRQHPSOR\HG
6KDSLUR 8VHGSRVWWHVWRQO\GDWDZLWKRXWDFRQWUROJURXS
6WRUYROO 6FDUHG6WUDLJKWSURJUDPPHG1RIROORZXSRUFRQWUROJURXSLQFOXGHG
7URWWL 8VHGSRVWWHVWGDWDRIUHDFWLRQVRISDUWLFLSDQWVZLWKRXWDFRQWUROJURXS



 )8//$55$ <2)&5,0(287&20('$7$5(3257('


,125,*,1$/678',(6


6WXG\ $W $W $W $W %H\RQG
5HIHUHQFH 0RQWKV 0RQWKV 0RQWKV 0RQWKV 0RQWKV

0,'2&  3HUFHQWDJH   
 ZLWKQHZ
RIIHQVHRU
QHZYLRODWLRQ
RISUREDWLRQ

*(53 '&  3HUFHQWDJH   


 VXEVHTXHQWO\
FRQWDFWHGE\
SROLFH

   7KH&DPSEHOO&ROODERUDWLRQ_ZZZFDPSEHOOFROODERUDWLRQRUJ
6WXG\ $W $W $W $W %H\RQG
5HIHUHQFH 0RQWKV 0RQWKV 0RQWKV 0RQWKV 0RQWKV

<DUERURXJK 3HUFHQWDJH 3HUFHQWDJH   


 ZLWKQHZ ZLWKQHZ
RIIHQVHV RIIHQVHV
SHUFHQWDJH W\SHRI
ZLWKQHZ RIIHQVHV
SHWLWLRQV SHUFHQWDJH
DYHUDJH ZLWKQHZ
RIIHQVH SHWLWLRQV
UDWHDQG DYHUDJH
VWDQGDUG RIIHQVHUDWH
GHYLDWLRQV DQGVWDQGDUG
DYHUDJH GHYLDWLRQV
ZHHNVWR DYHUDJH
QHZ ZHHNVWRQHZ
RIIHQVH RIIHQVHDQG
DQG VWDQGDUG
VWDQGDUG GHYLDWLRQV
GHYLDWLRQV DYHUDJHGD\V
QXPEHURI LQGHWHQWLRQ
GD\VLQ DQGVWDQGDUG
GHWHQWLRQ GHYLDWLRQV
DQG
VWDQGDUG
GHYLDWLRQV

   7KH&DPSEHOO&ROODERUDWLRQ_ZZZFDPSEHOOFROODERUDWLRQRUJ
6WXG\ $W $W $W $W %H\RQG
5HIHUHQFH 0RQWKV 0RQWKV 0RQWKV 0RQWKV 0RQWKV

7D\ORUDQG  3HUFHQWDJH 3HUFHQWDJH 3HUFHQWDJH 


2UFKRZVN\ ZLWKQHZ ZLWKQHZ ZLWKQHZ
 LQWDNHV QR LQWDNHV LQWDNHV
VWDQGDUG DYHUDJH DYHUDJH
GHYLDWLRQV LQWDNHV LQWDNHV QR
EXWWHVW ZLWKQR VWDQGDUG
VWDWLVWLF  VWDQGDUG GHYLDWLRQV
DYHUDJH GHYLDWLRQV EXWWHVW
VHYHULW\ EXWWHVW VWDWLVWLF 
VFRUH QR VWDWLVWLF  DYHUDJH
VWDQGDUG DQG VHYHULW\
GHYLDWLRQV DYHUDJH VFRUH QR
EXWWHVW VHYHULW\ VWDQGDUG
VWDWLVWLF  VFRUH QR GHYLDWLRQV
VWDQGDUG EXWWHVW
GHYLDWLRQV VWDWLVWLF 
EXWWHVW
VWDWLVWLF 

9UHHODQG  3HUFHQWDJH   
 ZLWKQHZ
RIIHQVHV
RIILFLDO
PHDVXUHV 
SHUFHQWDJH
ZLWKQHZ
RIIHQVHV
VHOI
UHSRUWHG
GDWD 

   7KH&DPSEHOO&ROODERUDWLRQ_ZZZFDPSEHOOFROODERUDWLRQRUJ
6WXG\ $W $W $W $W %H\RQG
5HIHUHQFH 0RQWKV 0RQWKV 0RQWKV 0RQWKV 0RQWKV

)LQFNHQDXHU  3HUFHQWDJH   
 QHZ
FRPSODLQWV
FRQWDFWVRU
FRXUW
DSSHDUDQFHV
DYHUDJH
VHYHULW\
VFRUH QR
VWDQGDUG
GHYLDWLRQ
EXWWHVW
VWDWLVWLF 

/HZLV    3HUFHQWDJH 
DUUHVWHG
SHUFHQWDJH
FKDUJHG
DYHUDJH
DUUHVWV QR
VWDQGDUG
GHYLDWLRQ 
DYHUDJH
WLPHWRILUVW
DUUHVW QR
VWDQGDUG
GHYLDWLRQ 

/RFNHHWDO  2QO\WHVW   
 VWDWLVWLF
UHSRUWHG

&RRNDQG    $YHUDJH $YHUDJH


6SLUULVRQ RIIHQVHV QR RIIHQVHV QR
 VWDQGDUG VWDQGDUG
GHYLDWLRQV  GHYLDWLRQV 
DYHUDJH DYHUDJH
VHYHULW\ VHYHULW\
VFRUH QR VFRUH QR
VWDQGDUG VWDQGDUG
GHYLDWLRQV  GHYLDWLRQV 


   7KH&DPSEHOO&ROODERUDWLRQ_ZZZFDPSEHOOFROODERUDWLRQRUJ
 6800$5<2)&5,7(5,$2) 0(7+2'2/2*,&$/
$'(48$&<)25,1&/8'('678',(6

6WXG\ 5DQGRPL]DWLRQ $WWULWLRQ 2XWFRPH ,PSOHPHQWDWLRQ 0HWKRGRORJ\


WRWDO1  ELDV VXP 

0LFKLJDQ 5DQGRP 2QO\WZR -XYHQLOH 1RSUREOHPV 7KHRQH


'HSDUWPHQW QXPEHUVWDEOHV SDUWLFLSDQWV KRPH UHSRUWHG WURXEOLQJ
RI XVHGWRDOORFDWH ORVW UHFRUGVXVHG DVSHFWLVWKH
&RUUHFWLRQV QRWHVWIRU LQIROORZXS IDLOXUHWR
   HTXLYDOHQFH GDWD FRQGXFWDWHVW
UHSRUWHG LQYHVWLJDWRUV IRU
ZHUHEOLQG HTXLYDOHQFH
WRJURXS SDUWLFXODUO\
DOORFDWLRQ ZLWKRQO\
WRWDOSHUVRQV
DVVLJQHG
1RQHWKHOHVV
WKHUHLV
QRWKLQJHOVHWR
TXHVWLRQWKH
REVHUYHG
ILQGLQJV

*(3 '& 5DQGRP 1RQH 6XEVHTXHQW 1RSUREOHPV 1RWKLQJLQWKH


   DVVLJQPHQWQR UHSRUWHG SROLFH UHSRUWHG UHSRUWVHHPV
IXUWKHU UHSRUWVQR WRLQGLFDWHWKDW
LQIRUPDWLRQ SUREOHPV WKHILQGLQJV
UHSRUWHG VKRXOGEH
TXHVWLRQHG

   7KH&DPSEHOO&ROODERUDWLRQ_ZZZFDPSEHOOFROODERUDWLRQRUJ
6WXG\ 5DQGRPL]DWLRQ $WWULWLRQ 2XWFRPH ,PSOHPHQWDWLRQ 0HWKRGRORJ\
WRWDO1  ELDV VXP 

<DUERURXJK 5HVHDUFKXQLW 7KHVWXG\ 5HVHDUFKHUV 1RSUREOHPV 7KHQRVKRZV


   KDQGOHGUDQGRP KDVPDQ\ FROOHFWHG UHSRUWHG DQGODFNRI
DVVLJQPHQWJRRG QRVKRZV GDWDIURP DWWHQWLRQLQ
SURWRFROLQSODFH ZKRPDUH FRXUWILOHV WKHUHSRUW
WHVWIRU GURSSHG EXW WURXEOHXV
HTXLYDOHQFH IURP XQNQRZQLI $JDLQQRWKLQJ
VDWLVIDFWRU\ DQDO\VLV EOLQGWR LQWKHUHSRUW
FRQGLWLRQV VXJJHVWV
*RYHUQPHQW DQ\WKLQJRWKHU
DJHQF\VWLOO WKDQDQXOORU
UHSRUWHGD VOLJKWO\
QHJDWLYH QHJDWLYHHIIHFW
UHVXOWIRULWV IRU-2/7
RZQ
SURJUDP

2UFKRZVN\ 5DQGRP 7KHVWXG\ -XYHQLOH 1RSUREOHPV 7KHPDVVLYH


7D\ORU DVVLJQPHQWXVHG GURSV FRXUWLQWDNH UHSRUWHG DWWULWLRQDW
   WHVWIRU DWPRQWKV GDWDLVWKH DQGPRQWKV
HTXLYDOHQFH DQGDW SULPDU\ DOVR
VDWLVIDFWRU\ PRQWKV VRXUFHEXW FRUUHVSRQGV
3,VUHSRUW QR ZLWKSRVLWLYH
WHVWVIRU GHVFULSWLRQ UHVXOWV
HTXLYDOHQFH RQKRZ UHSRUWHGIRU
DWDQG FROOHFWHG WKHSURJUDP
PRQWKVDUH DIWHUQHJDWLYH
VDWLVIDFWRU\ LPSDFWDW
PRQWKV7KH
WHVWVIRU
HTXLYDOHQFH
KRZHYHUGR
VHHPWR
LQGLFDWHWKH
JURXSVZHUH
VWLOO
FRPSDUDEOH

   7KH&DPSEHOO&ROODERUDWLRQ_ZZZFDPSEHOOFROODERUDWLRQRUJ
6WXG\ 5DQGRPL]DWLRQ $WWULWLRQ 2XWFRPH ,PSOHPHQWDWLRQ 0HWKRGRORJ\
WRWDO1  ELDV VXP 

9UHHODQG 5DQGRP 1RDWWULWLRQ 8VHGFRXUW 1RSUREOHPV 7KHUHLV


   DVVLJQPHQWXVHG IRUWKHWZR GDWDDQG UHSRUWHG QRWKLQJLQWKH
WHVWIRU JURXSV RI VHOIUHSRUW UHSRUWWROHDG
HTXLYDOHQFH WKHIRXULQ QRRWKHU XVWRTXHVWLRQ
VDWLVIDFWRU\ WKH LQIRUPDWLRQ WKHILQGLQJV
H[SHULPHQW  SURYLGHG
UHSRUWHG

)LQFNHQDXHU 5DQGRPL]DWLRQ 1RQH 5HVHDUFKHUV 1RSUREOHPV 5DQGRPL]DWLRQ


   EURNHGRZQRI UHSRUWHG FROOHFWHGWKH UHSRUWHG EUHDNGRZQLV
WKHUHIHUUDO GDWDIURP FDXVHIRU
DJHQFLHVYLRODWHG FRXUWILOHV FRQFHUQ3,
DVVLJQPHQW QRWIURP GRHVUHSRUW
SURWRFROWHVWIRU SURJUDP DGGLWLRQDO
HTXLYDOHQFH VWDII DQDO\VHVIRU
VKRZHGRI( DJHQFLHVWKDW
KDGDSULRU IROORZHG
UHFRUGRQO\ SURWRFRO
RI& RI(
UHFLGLYDWHG
FRPSDUHGWR
RI&

/HZLV 7HVWIRU 2QO\RQH $OWKRXJK 1RSUREOHPV 7KHUHLV


  HTXLYDOHQFHLV SDUWLFLSDQW WKH&$ UHSRUWHG QRWKLQJLQWKH
VDWLVIDFWRU\EXW ORVWGXULQJ <RXWK VWXG\UHSRUWWR
DJHVOLJKWO\IDYRUV IROORZXS $XWKRULW\ VXSSRUWDQ\
H[SHULPHQWDO UDQWKH ODFNRI
JURXS SURJUDP FRQILGHQFHLQ
DQGWKH WKHREVHUYHG
VWXG\DQG ILQGLQJV
FROOHFWHGWKH
GDWDWKH\
UHSRUW
QHJDWLYH
HIIHFWVIRU
WKH
SURJUDP

   7KH&DPSEHOO&ROODERUDWLRQ_ZZZFDPSEHOOFROODERUDWLRQRUJ
6WXG\ 5DQGRPL]DWLRQ $WWULWLRQ 2XWFRPH ,PSOHPHQWDWLRQ 0HWKRGRORJ\
WRWDO1  ELDV VXP 

/RFNHHWDO 5DQGRPL]DWLRQ RIDQ 7ZR 1RSUREOHPV 7KHVWXG\


   XVHGWHVWIRU DOUHDG\ UHVHDUFKHUV UHSRUWHG DSSHDUVWR
HTXLYDOHQFH VPDOO FROOHFWHG KDYHVHYHUH
VDWLVIDFWRU\ VDPSOHORVW FRXUWGDWD DWWULWLRQ
WKRXJKQRW LQIROORZ OLPLWLQJRXU
VWDWHGLIGRQH XSOHDYLQJ FRQILGHQFH
DIWHUDWWULWLRQ  LQWKH 7KH3,VUHSRUW
VWXG\ QRHIIHFWIRU
WUHDWPHQWEXW
GRQRWSURYLGH
HQRXJKGDWD
IRU
FRPSXWDWLRQRI
RGGVUDWLRQVRU
ZHLJKWHG
PHDQV
GLIIHUHQFHV

   7KH&DPSEHOO&ROODERUDWLRQ_ZZZFDPSEHOOFROODERUDWLRQRUJ
6WXG\ 5DQGRPL]DWLRQ $WWULWLRQ 2XWFRPH ,PSOHPHQWDWLRQ 0HWKRGRORJ\
WRWDO1  ELDV VXP 

&RRN  4XDVLUDQGRP ORVWLQ 'DWD 1RSUREOHPV 7KHDWWULWLRQ


6SLUULVRQ DOORFDWLRQXVLQJ IROORZXS UHWULHYHG UHSRUWHG JLYHVXVFDXVH
   RGGHYHQ QRDQDO\VLV IURPFRXUW IRUFRQFHUQ
DVVLJQPHQWRI WRHQVXUH V\VWHP1R SDUWLFXODUO\
FDVHILOHV ZLWK JURXSVVWLOO RWKHU ZLWKQRWHVWV
LQLWLDOQXPEHULQJ HTXLYDOHQW LQIRUPDWLRQ IRU
TXDVLUDQGRP± SURYLGHG HTXLYDOHQFH
DOOFDVHV %XWWKHPDMRU
QXPEHUHG SUREOHPZLWK
FRQVHFXWLYHO\  WKHVWXG\LVWKH
6RPHEUHDNGRZQ IDLOXUHRIWKH
LVUHSRUWHGEXW LQYHVWLJDWRUVWR
DFWXDOSHUFHQWDJH UHSRUWWKH
LVXQNQRZQ QHFHVVDU\
FDVHVZHUH VWDQGDUG
GURSSHG1RWHVW GHYLDWLRQVIRU
IRUHTXLYDOHQFH WKHPHWD
UHSRUWHGEHIRUH DQDO\VLV$OO
RUDIWHUDWWULWLRQ DYDLODEOHGDWD
VHHPWR
LQGLFDWHD
VOLJKWO\
QHJDWLYH
LPSDFWIRUWKH
SURJUDPRQ
FULPH
PHDVXUHV




   7KH&DPSEHOO&ROODERUDWLRQ_ZZZFDPSEHOOFROODERUDWLRQRUJ
 5()(5(1&(6

 5HIHUHQFHVWRVWXGLHVLQFOXGHGLQWKLVUHYLHZ


&RRN''(IIHFWVRIDQRQFRQIURQWDWLRQDOSULVRQHUUXQMXYHQLOHGHOLQTXHQF\
GHWHUUHQFHSURJUDP8QSXEOLVKHG0DVWHUVWKHVLV'HSDUWPHQWRI3V\FKRORJ\
0LVVLVVLSSL6WDWH8QLYHUVLW\

&RRN''6SLUULVRQ&/(IIHFWVRIDSULVRQHURSHUDWHGGHOLQTXHQF\GHWHUUHQFH
SURJUDP0LVVLVVLSSL
V3URMHFW$ZDUH-RXUQDORI2IIHQGHU5HKDELOLWDWLRQ


)LQFNHQDXHU-26FDUHG6WUDLJKWDQGWKH3DQDFHD3KHQRPHQRQ(QJOHZRRG&OLIIV
1-3UHQWLFH+DOO

*UHDWHU(J\SW5HJLRQDO3ODQQLQJ 'HYHORSPHQW&RPPLVVLRQ0HQDUG
&RUUHFWLRQDO&HQWHU-XYHQLOHWRXUVLPSDFWVWXG\&DUERQGDOH,/*UHDWHU(J\SW
5HJLRQDO3ODQQLQJDQG'HYHORSPHQW&RPPLVVLRQ

/HZLV596FDUHGVWUDLJKW&DOLIRUQLDVW\OHHYDOXDWLRQRIWKH6DQ4XHQWLQ648,5(6
SURJUDP&ULPLQDO-XVWLFH %HKDYLRU  

/RFNH73$Q$QDO\VLVRIWKH.DQVDV6WDWH3HQLWHQWLDU\-XYHQLOH(GXFDWLRQ
3URJUDP8QSXEOLVKHG0DVWHUVWKHVLV'HSDUWPHQWRI3V\FKRORJ\8QLYHUVLW\RI
.DQVDV

/RFNH73-RKQVRQ*0.LULJLQ5DP.$WZDWHU-'*HUUDUG0$QHYDOXDWLRQRID
MXYHQLOHHGXFDWLRQSURJUDPLQDVWDWHSHQLWHQWLDU\(YDOXDWLRQ5HYLHZ


0LFKLJDQ'HSDUWPHQWRI&RUUHFWLRQV$VL[PRQWKIROORZXSRIMXYHQLOHGHOLQTXHQWV
YLVLWLQJWKH,RQLD5HIRUPDWRU\5HVHDUFK5HSRUW1R/DQVLQJ0LFKLJDQ
'HSDUWPHQWRI&RUUHFWLRQV

2UFKRZVN\67D\ORU.7KH,QVLGHUVMXYHQLOHFULPHSUHYHQWLRQSURJUDP
5LFKPRQG9LUJLQLD'HSDUWPHQWRI&RUUHFWLRQV

9UHHODQG$'(YDOXDWLRQRI)DFHWR)DFH$MXYHQLOHDYHUVLRQSURJUDP
8QSXEOLVKHGGRFWRUDOGLVVHUWDWLRQ8QLYHUVLW\RI7H[DV'DOODV

<DUERURXJK-&(YDOXDWLRQRI-2/7DVDGHWHUUHQFHSURJUDP/DQVLQJ0LFKLJDQ
0LFKLJDQ'HSDUWPHQWRI&RUUHFWLRQV


   7KH&DPSEHOO&ROODERUDWLRQ_ZZZFDPSEHOOFROODERUDWLRQRUJ
 5HIHUHQFHVWRVWXGLHVH[FOXGHGIURPWKLVUHYLHZ


$LPV0XOWLPHGLD6FDUHG6WUDLJKW\HDUVODWHU>ILOP@&ODWVZRUWK&DOLIRUQLD
$XWKRU

$VKFUDIW-/&ORVHRXWUHSRUWRQWKH2UOHDQV3DULVK /$ -XYHQLOH$ZDUHQHVV
3URJUDP1HZ2UOHDQV/$0D\RU
V&ULPLQDO-XVWLFH&RRUGLQDWLQJ&RXQFLO

%HUU\5/6KDSHXSWKHHIIHFWVRIDSULVRQDYHUVLRQSURJUDPRQUHFLGLYLVPDQG
IDPLO\G\QDPLFV3K'GLVVHUWDWLRQ'HSDUWPHQWRI3V\FKRORJ\8QLYHUVLW\RI
1RUWKHUQ&RORUDGR

%URGVN\6/7KHSULVRQHUDVDQDJHQWRIDWWLWXGHFKDQJHDVWXG\RISULVRQSURILOHV

HIIHFWV%ULWLVK-RXUQDORI&ULPLQRORJ\

%XFNQHU-&&KHVQH\/LQG0'UDPDWLFFXUHVIRUMXYHQLOHFULPH$QHYDOXDWLRQRID
SULVRQHUUXQGHOLQTXHQF\SUHYHQWLRQSURJUDP&ULPLQDO-XVWLFH %HKDYLRU
  

&KHVQH\/LQG0
,NH1D3D
DKDRWKHH[SHULHQFHRIWKHSULVRQHUV$MXYHQLOH
DZDUHQHVVSURJUDP5HSRUW1R0DQDR+DZDLL8QLYHUVLW\RI+DZDLLDW
0DQRD<RXWK'HYHORSPHQW 5HVHDUFK&HQWHU

'HDQ'*7KHLPSDFWRIDMXYHQLOHDZDUHQHVVSURJUDPRQVHOHFWSHUVRQDOLW\WUDLWVRI
PDOHFOLHQWV-RXUQDORI2IIHQGHU&RXQVHOLQJ6HUYLFHVDQG5HKDELOLWDWLRQ
  

*LOPDQ/0LOLQ5.$QHYDOXDWLRQRIWKH/LIHUV
*URXS-XYHQLOH$ZDUHQHVV
3URJUDP1HZ-HUVH\6WDWH3ULVRQ5DKZD\1HZ-HUVH\7UHQWRQ1-
'HSDUWPHQWRI&RUUHFWLRQV

/DQJHU6)HDULQWKHGHWHUUHQFHRIGHOLQTXHQF\$FULWLFDODQDO\VLVRIWKH5DKZD\
6WDWH3ULVRQ/LIHU
V3URJUDP3KG'LVVHUWDWLRQ&ULPLQDO-XVWLFH5XWJHUV
8QLYHUVLW\1HZDUN1HZ-HUVH\

/OR\G&7RVFDUHVWUDLJKWRUHGXFDWH"7KH%ULWLVKH[SHULHQFHRIGD\YLVLWVWRSULVRQ
IRU\RXQJSHRSOH+RPH2IILFH5HVHDUFK6WXG\1R/RQGRQ8.+RPH2IILFH


0LWFKHOO--:LOOLDPV6$6265HGXFLQJMXYHQLOHUHFLGLYLVP&RUUHFWLRQV7RGD\
  


   7KH&DPSEHOO&ROODERUDWLRQ_ZZZFDPSEHOOFROODERUDWLRQRUJ
1HOVRQ=7KH'D\LQ3ULVRQ3URJUDP7KH)LUVW7ZHOYH0RQWKV9LFWRULD
$XVWUDOLD&RPPXQLW\EDVHG&RUUHFWLRQV'LYLVLRQ9LFWRULD2IILFHRI&RUUHFWLRQV


1HZ6RXWK:DOHV%XUHDXRI&ULPH6WDWLVWLFVDQG5HVHDUFK'D\LQ*DRO
3URJUDPPH5HVHDUFK5HSRUW1R$XWKRU

1\JDUG&+6\QRSVLVRIWKHILQGLQJVFRQFOXVLRQVDQGUHFRPPHQGDWLRQVIURPWKH
HYDOXDWLRQDOVWXG\RIWKH'HSDUWPHQW
V<RXWK$VVLVWDQFH3URJUDPV1HZ<RUN
6WDWH'HSDUWPHQWRI&RUUHFWLRQDO6HUYLFHV'LYLVLRQRI3URJUDP3ODQQLQJ5HVHDUFK
DQG(YDOXDWLRQ
2
0DOOH\3&RYHQWU\*:DOWHUV59LFWRULD
V'D\LQ3ULVRQ3URJUDP$QHYDOXDWLRQ
DQGFULWLTXH$XVWUDOLDQDQG1HZ=HDODQG-RXUQDORI&ULPLQRORJ\  


3RUWQR\51(JRGHIHQVHVDVDSUHGLFWRURIGHWHUUHQFH3K'GLVVHUWDWLRQ
'HSDUWPHQWRI3V\FKRORJ\8QLYHUVLW\RI1HEUDVND

5DVPXVVHQ':<X<$QHYDOXDWLRQRIMXYHQLOHMXVWLFHLQQRYDWLRQVLQ'XYDO
&RXQW\)ORULGD7DOODKDVVH)/)ORULGD6WDWH8QLYHUVLW\
6KDSLUR$6FDUHG6WUDLJKW>ILOP@6DQWD0RQLFD&$3\UDPLG)LOPV

6WRUYDOO$(+RYODQG$7KH8OOHUVPR3URMHFW6FDUHG6WUDLJKWLQ1RUZD\
>8OOHUVPRSURVMHFNWHW6FDUHG6WUDLJKW,1RUJH¤@1RUGLVN7LGGVNULIWIRU
.ULPLQDOYLGHQVNDE  

7URWWL7&6DYHWKH&KLOGUHQ3URJUDP$Q$QDO\VLVRI&OLHQW5HDFWLRQ&ROXPELD
6&6RXWK&DUROLQD'HSDUWPHQWRI<RXWK6HUYLFHV5HVHDUFKDQG(YDOXDWLRQ8QLW



 $GGLWLRQDOUHIHUHQFHV

%OXP-DQG<:RRGOHH7U\LQJWRJLYHNLGVDJRRGVFDUH:DVKLQJWRQ3RVW
-XQH&

)LQFNHQDXHU-DPHV2DQG3DWULFLD:*DYLQ6FDUHG6WUDLJKW7KH3DQDFHD
3KHQRPHQRQ5HYLVLWHG3URVSHFW+HLJKWV,OOLQRLV:DYHODQG3UHVV

)UDQNOLQ3DWULFLD5HDGWRVXFFHHG$QLQPDWHWRLQPDWHOLWHUDF\SURJUDPLQ
:DVKLQJWRQ6WDWH-RXUQDORI&RUUHFWLRQDO(GXFDWLRQ  

+DOO$-DLOKRXVHVKRFNDLPVWRVFDUH\RXWKVVWUDLJKW7KH6FRWVPDQ2FWREHU



   7KH&DPSEHOO&ROODERUDWLRQ_ZZZFDPSEHOOFROODERUDWLRQRUJ
+ROOH\3KLOOLS'DQG'HQQLV%UHZVWHU$GHVFULSWLRQRI6SHDN2XWVLQ
2NODKRPD3ULVRQV2NODKRPD&ULPLQDO-XVWLFH5HVHDUFK&RQVRUWLXP-RXUQDO
YROXPH $XJXVW 

/LSVH\0DUN:3DJHVLQ7KRPDV&&RRN+DUULV&RRSHU'DYLG6
&RUGUD\+HLGL+DUWPDQQ/DUU\9+HGJHV5LFKDUG//LJKW7KRPDV$/RXLVDQG
)UHGHULFN00RVWHOOHU HGV 0HWD$QDO\VLVIRU([SODQDWLRQ1HZ<RUN5XVVHOO
6DJH

/LSVH\0DUN:DQG'DYLG%:LOVRQ3DJHV±LQ5ROI/RHEHUDQG
'DYLG3)DUULQJWRQ HGV 6HULRXVDQGYLROHQWMXYHQLOHRIIHQGHUV5LVNIDFWRUVDQG
VXFFHVVIXOLQWHUYHQWLRQV7KRXVDQG2DNV&$6DJH3XEOLFDWLRQV

/LSWRQ'RXJODV5REHUW0DUWLQVRQDQG-XGLWK:LONV7KH(IIHFWLYHQHVVRI
&RUUHFWLRQDO7UHDWPHQW1HZ<RUN1<3UDHJHU

/RFNH7KRPDV3$Q$QDO\VLVRIWKH.DQVDV6WDWH3HQLWHQWLDU\-XYHQLOH
(GXFDWLRQ3URJUDP XQSXEOLVKHG0DVWHU
VWKHVLV 'HSDUWPHQWRI3V\FKRORJ\
8QLYHUVLW\RI.DQVDV

/XQGPDQ5LFKDUG-3UHYHQWLRQDQG&RQWURORI-XYHQLOH'HOLQTXHQF\QG
(GLWLRQ1HZ<RUN2[IRUG8QLYHUVLW\3UHVV
0LGGOHWRQ-(5HHYHV5/LOIRUG)+RZLH&+\GH'(OERXUQH$2DNOH\DQG
'*RXJK&ROODERUDWLRQZLWKWKH&DPSEHOO&ROODERUDWLRQ%ULWLVK0HGLFDO
-RXUQDO

0XKDPPHG/.LGVDQGFURRNVUHYLVLWHG6RPHZHUH
6FDUHG6WUDLJKW
86$
7RGD\ $SULO '

2¶'RQQHOO5REHUWDQG*HRUJH3:KLWH7HDFKLQJUHDOLVWLFFRQVHTXHQFHVWR
WKHPRVWDQJU\DQGDJJUHVVLYHVWXGHQWV0LGGOH6FKRRO-RXUQDO  

3HWURVLQR$QWKRQ\-  $QVZHULQJWKHZK\TXHVWLRQLQHYDOXDWLRQ7KH
FDXVDOPRGHODSSURDFK&DQDGLDQ-RXUQDORI3URJUDP(YDOXDWLRQ  

3HWURVLQR$QWKRQ\-7KHKXQWIRUH[SHULPHQWDOUHSRUWV'RFXPHQWVHDUFK
DQGHIIRUWVIRUD
:KDWZRUNV"
PHWDDQDO\VLV-RXUQDORI&ULPHDQG-XVWLFH


3HWURVLQR$QWKRQ\
:KDW:RUNV"
5HYLVLWHG$JDLQ$0HWD$QDO\VLVRI
5DQGRPL]HG([SHULPHQWVLQ5HKDELOLWDWLRQ'HWHUUHQFHDQG'HOLQTXHQF\
3UHYHQWLRQ>GLVVHUWDWLRQ5XWJHUV8QLYHUVLW\@$QQ$UERU 0, 8QLYHUVLW\
0LFURILOPV


   7KH&DPSEHOO&ROODERUDWLRQ_ZZZFDPSEHOOFROODERUDWLRQRUJ
3HWURVLQR$QWKRQ\5REHUW)%RUXFK&DWK5RXQGLQJ6WHYH0F'RQDOGDQG,DLQ
&KDOPHUV$VVHPEOLQJWKH&DPSEHOO&ROODERUDWLRQ6RFLDO3V\FKRORJLFDO
(GXFDWLRQDODQG&ULPLQRORJLFDO7ULDOV5HJLVWHU &¤63(&75 (YDOXDWLRQ5HVHDUFK
LQ(GXFDWLRQ   

3HWURVLQR$QWKRQ\&DURO\Q7XUSLQ3HWURVLQR-DPHV2)LQFNHQDXHU:HOO
PHDQLQJSURJUDPVFDQKDYHKDUPIXOHIIHFWV/HVVRQVIURPH[SHULPHQWVLQ6FDUHG
6WUDLJKWDQGRWKHUOLNHSURJUDPV&ULPH 'HOLQTXHQF\

6FULSSV-3ULVRQWRXUVHUYHVDVDZDNHXSFDOO7KH)RUXP 2FW 

6KHUPDQ/DZUHQFH:'HQLVH*RWWIUHGVRQ'RULV/D\WRQ0DF.HQ]LH-RKQ(FN
3HWHU5HXWHU6KDZQ%XVKZD\3UHYHQWLQJ&ULPH:KDW:RUNV:KDW
'RHVQ
W:KDW
V3URPLVLQJ$5HSRUWWRWKH8QLWHG6WDWHV&RQJUHVV&ROOHJH3DUN
0'8QLYHUVLW\RI0DU\ODQG'HSDUWPHQWRI&ULPLQRORJ\DQG&ULPLQDO-XVWLFH

7UXVW\*6KHULII
VRIILFHMXYHQLOHFRXUWUHVRXUFHVXVHGIRUUHVWDUWV/RXLVLDQD
<RXWK&DUH0DJD]LQH  

8QLWHG&RPPXQLW\$FWLRQ1HWZRUN6HUYLFHV:LVHWDON 6FDUHG6WUDLJKW 
ZZZXFDQDYRUJVHUYLFHVKWP DFFHVVHG$SULO 

8QLWHG3UHVV,QWHUQDWLRQDO$XJXVWSZ

8316FDUHG6WUDLJKW<HDUV/DWHU7HOHYLVLRQSURJUDPPHGRQ86
WHOHYLVLRQKRVW'DQQ\*ORYHU
KWWSZZZFRQWULEDQGUHZFPXHGXaDDURQXSQXSQ¤VSHFLDOVKWPO SP
$SULO

86&RQJUHVV+RXVH&RPPLWWHHRQ(GXFDWLRQDQG/DERU2YHUVLJKWRQ
6FDUHG6WUDLJKW+HDULQJVEHIRUHWKH+RXVH6XEFRPPLWWHHRQ+XPDQ5HVRXUFHV
WK&RQJUHVVVW6HVVLRQ-XQHWK*HQHUDO3ULQWLQJ2IILFH:DVKLQJWRQ'&

86'HSDUWPHQWRI+HDOWKDQG+XPDQ6HUYLFHV<RXWK9LROHQFH$5HSRUWRI
WKH6XUJHRQ*HQHUDO5RFNYLOOH0'86'HSDUWPHQWRI+HDOWKDQG+XPDQ
6HUYLFHV

:HLVEXUG'DYLG/DZUHQFH:6KHUPDQDQG$QWKRQ\3HWURVLQR
5HJLVWU\RI5DQGRPL]HG([SHULPHQWVLQ&ULPLQDO6DQFWLRQV¤/RV$OWRV
&$6RFLRPHWLFV&RUSRUDWLRQ'DWD+ROGLQJVRIWKH1DWLRQDO,QVWLWXWHRI-XVWLFH



   7KH&DPSEHOO&ROODERUDWLRQ_ZZZFDPSEHOOFROODERUDWLRQRUJ

View publication stats

Das könnte Ihnen auch gefallen