Entdecken Sie eBooks
Kategorien
Entdecken Sie Hörbücher
Kategorien
Entdecken Sie Zeitschriften
Kategorien
Entdecken Sie Dokumente
Kategorien
*/26$5,2'(7e50,126$1$/Ë7,&26
±
*/266$5<2)$1$/<7,&$/7(506
(GLFLyQVW(GLWLRQ
/8,6&8$'52652'5Ë*8(=
/$85$*È0,=*5$&,$
$/(*5Ë$&$55$&23$1&25%2
&5,67,1$58,=6$0%/È6
UHY
*ORVDULRGHWpUPLQRVDQDOtWLFRV(GLFLyQ*ORVVDU\RIDQDO\WLFDOWHUPVVWHGLWLRQ
(GLFLyQ5HYLVLyQ
'HUHFKRV5HVHUYDGRV SRU/26$8725(6
(O GLVHxR GH OD SRUWDGD KD VLGR UHDOL]DGR SRU )UDQFLVFR 3,f(52 *$5&Ë$ 'LFKR DXWRU
DJUDGHFHD7$*;('2ZZZWDJ[HGRFRPSRUIDFLOLWDUSDUWHGHODVKHUUDPLHQWDVXWLOL]DGDV
HQ HO GLVHxR $Vt PLVPR DJUDGHFH D *5$1$,1$ &5($7,9( &200216
ZZZJUDQDGDWLHUUDVRxDGDHVGHVFDUJDVKWPOSRUODWLSRJUDItD*UDQDLQD)RQW
(VWH WUDEDMR SXHGH VHU GHVFDUJDGR JUDWXLWDPHQWH GHO VLWLR ZHE TXH HO *UXSR 5HJLRQDO
$QGDOX]GHOD6RFLHGDG(VSDxRODGH4XtPLFD$QDOtWLFD*5$6(4$WLHQHHQODSiJLQDGHOD
6RFLHGDG(VSDxRODGH4XtPLFD$QDOtWLFD6(4$Z ZZZVHTDHVJUXSRVJUXSRVJUDVHTD
6XV FRQWHQLGRV SXHGHQ VHU FRPSDUWLGRV FRQ RWUDV SHUVRQDV ELHQ HOHFWUyQLFDPHQWH R HQ
IRUPDLPSUHVD6LQHPEDUJRQRSXHGHQVHUXWLOL]DGRFRQILQHVFRPHUFLDOHV
(GLFLyQLPSUHVD,6%1'HSyVLWR/HJDO-
(GLFLyQHOHFWUyQLFD,6%1'HSyVLWR/HJDO-
(GLWD *5$6(4$*UXSR5HJLRQDO$QGDOX]GHOD6RFLHGDG(VSDxRODGH4XtPLFD$QDOtWLFD
Prólogo
/D4XtPLFD$QDOtWLFDHVXQDGLVFLSOLQDLQIRUPDWLYDFX\RVREMHWLYRVEiVLFRVVRQWDQWRPD\RUL]DQWHV
FRPR PLQRUL]DQWHV 3RU XQD SDUWH VH WUDWD GH SURGXFLU PiV FDQWLGDG \ PHMRU FDOLGDG GH
LQIRUPDFLyQ ELRTXtPLFD VREUH REMHWRV \ VLVWHPDV \ SRU RWUD XWLOL]DQGR FDGD YH] PHQRV
PDWHULDOHV PLQLDWXUL]DFLyQ PHQRV WLHPSR UDSLGH] VLPSOLILFDFLyQ PHQRV HVIXHU]RV
DXWRPDWL]DFLyQ VLPSOLILFDFLyQ H LPSOLFDQGR PHQRV ULHVJRV SHUVRQDOHV \ PHGLRDPELHQWDOHV
PpWRGRVYHUGHVGHDQiOLVLV
(678',$17(6
/,7(5$785$
&,(17Ë),&$
EDVHVGHGDWRV
,167580(17$&,Ï1
62&,('$'
25'(1$'25
&212&,0,(172 ,1)250$&,Ï1
'$72635,0$5,26
),*85$ 7LSRV PiV KDELWXDOHV GH FRPXQLFDFLRQHV UHFtSURFDV HQ HO iPELWR GH OD 4XtPLFD
$QDOtWLFDHQHOFRQWH[WRGHODMHUDUTXtDGDWRVLQIRUPDFLyQFRQRFLPLHQWR
/DFRPXQLFDFLyQHVSXHVHVHQFLDOHQOD&LHQFLD\7HFQRORJtD$QDOtWLFDV(VWDWUDQVPLVLyQGHEH
VHU ILDEOH \ HILFLHQWH SDUD DOFDQ]DU XQR GH VXV GRV Pi[LPRV ILQHV VDWLVIDFHU ORV UHTXLVLWRV
LQIRUPDWLYRV GHO FOLHQWH DGHPiV GH ORJUDU XQD DOWD FDOLGDG PHWUROyJLFD 7DPELpQ HV GH JUDQ
UHOHYDQFLDDOFDQ]DUORVGHQRPLQDGRVFRPSURPLVRVGHFDOLGDG´HQWUHHOORV(QOD)LJXUDDGMXQWD
VH PXHVWUDQ ODV RQFH UHODFLRQHV GH FRPXQLFDFLyQ UHFtSURFDV TXH VH SXHGHQ HVWDEOHFHU HQWUH
GLVWLQWRV FROHFWLYRV \ REMHWRV 8QD GHVFULSFLyQ GHWDOODGD GH HVWDV UHODFLRQHV HVWi IXHUD GHO
FRQWH[WRGHHVWHSUyORJRSHURVHLQWX\HQIiFLOPHQWH
'HEH UHVDOWDUVH WDPELpQ TXH SXHGHQ FRPXQLFDUVH WDQWR GDWRV SULPDULRV HM VHxDOHV
LQVWUXPHQWDOHVFRPRLQIRUPDFLyQRUHVXOWDGRVFXDOLWDWLYRV\FXDQWLWDWLYRVIUXWRGHODFRPSLODFLyQ
\WUDWDPLHQWRGHORVGDWRVSULPDULRV\FRQRFLPLHQWRIUXWRGHODFRQWH[WXDOL]DFLyQHLQWHUSUHWDFLyQ
GH OD LQIRUPDFLyQ &RPR SXHGH YHUVH HQ OD )LJXUD OD WUDQVPLVLyQ GH OD LQIRUPDFLyQ \ HO
FRQRFLPLHQWR HVWi PiV UHODFLRQDGD FRQ ODV YtDV UHFtSURFDV GH FRPXQLFDFLyQ GH D GH ORV
TXtPLFRVDQDOtWLFRVHQWUHVt\ FRQORVFOLHQWHVODOLWHUDWXUD\ORVHVWXGLDQWHVHQHOFRQWH[WRGHOD
HGXFDFLyQ 3RU HO FRQWUDULR OD WUDVPLVLyQ GH ORV GDWRV SULPDULRV HV PiV FRKHUHQWH FRQ ODV
UHODFLRQHVGHOWULiQJXORTXtPLFRVDQDOtWLFRVLQVWUXPHQWDFLyQ\RUGHQDGRU
1RHVIUHFXHQWHHQWUHORVTXtPLFRVDQDOtWLFRVODUHIOH[LyQVREUHODQHFHVLGDGGHUHIRU]DU\DPSOLDU
HO EDFNJURXQG LQIRUPDWLYR GH QXHVWUD GLVFLSOLQD (OOR KD FRPSRUWDGR TXH JXtDV LQWHUQDFLRQDOHV
FRPRODGH*HVWLyQGHO&RQRFLPLHQWR\ODGH5HVSRQVDELOLGDG6RFLDOVHKD\DQDSHQDVHPSOHDGR
HQ HO FRQWH[WR GH OD 4XtPLFD $QDOtWLFD SHVH D VX LPSRUWDQFLD HVWUDWpJLFD FRPR HVWiQGDUHV
HVFULWRV
6LHVUHOHYDQWHHQFXDOTXLHUiPELWRFLHQWtILFRWHFQROyJLFRHQXQDGLVFLSOLQDLQIRUPDWLYDHOHPSOHR
GHSDODEUDVFODYH\VXVGHILQLFLRQHVTXHVHDQXQLYHUVDOPHQWHDFHSWDGDVHVXQDSLH]DFODYHGH
ODDUTXLWHFWXUDGHODFRPXQLFDFLyQHVSHFLDOPHQWHHQODVYtDVUHFtSURFDVGHDGHOD)LJXUDHQ
ODVTXHVHWUDQVPLWHWDQWRLQIRUPDFLyQFRPRFRQRFLPLHQWR0LSUHRFXSDFLyQSRUODWUDVFHQGHQFLD
GH HVWH WHPD VH KD UHIOHMDGR WDQWR HQ ODV DSUR[LPDFLRQHV MHUiUTXLFDV D OD 4XtPLFD $QDOtWLFD
SXEOLFDGDV KDFH FDVL DxRV OD FRKHUHQFLD HQWUH ODV LQIRUPDFLRQHV GHPDQGDGDV \ JHQHUDGDV
SRUHOODERUDWRULRDVtFRPRHOJORVDULRGHWpUPLQRVGHOOLEURVREUHSULQFLSLRVGHQXHVWUDGLVFLSOLQD
(O *ORVDULR GH 7pUPLQRV GHVDUUROODGR SRU ORV FRPSDxHURV GH OD 8QLYHUVLGDG GH *UDQDGD KD
VXSXHVWRXQHVIXHU]RFRQVLGHUDEOHWDQWRSRUVXH[KDXVWLYLGDG\ULJRUHQODVGHILQLFLRQHVGHFDGD
WpUPLQRFRPRSRULQFRUSRUDUWDQWRODYHUVLyQFDVWHOODQDFRPRODLQJOHVD1RPHFDEHGXGDGHOD
UHSHUFXVLyQGHHVWDREUDTXHHV\VHUiXQDKHUUDPLHQWDLPSUHVFLQGLEOHHQHOFRQWH[WRGHWRGDV
ODV UHODFLRQHV ELXQtYRFDV GH D GH OD )LJXUD \ HVSHFLDOPHQWH HQ HO iPELWR GH OD HGXFDFLyQ
UHODFLRQHV\+DVLGRXQKRQRU\XQSODFHUDFHSWDUODLQYLWDFLyQGHHVFULELUHVWHSUyORJRTXH
QRKDUHVXOWDGRXQDFDUJDSRUODDPLVWDG\SRUTXHHOWHPDPHDSDVLRQD
&yUGREDDGH$EULOGH
0LJXHO9$/&È5&(/&$6(6
8QLYHUVLGDGGH&yUGRED
5HIHUHQFLDV
09DOFiUFHO%/HQGO7UHQGV$QDO&KHP
09DOFiUFHO%06LPRQHW7UHQGV$QDO&KHP
&:$(XURSHDQ*XLGHWR*RRG3UDFWLFHLQ.QRZOHGJH0DQDJHPHQW&(1%UXVVHOV
,62*XLGDQFHRQ6RFLDO5HVSRQVLELOLW\,62*LQHEUD
09DOFiUFHO5/XFHQD$QDO&KLP$FWDLQSUHVV
09DOFiUFHO0'/XTXHGH&DVWUR7UHQGV$QDO&KHP
09DOFiUFHO$5tRV7UHQGV$QDO&KHP
09DOFiUFHO3ULQFLSOHVRI$QDO\WLFDO&KHPLVWU\$WH[WERRN6SULQJHU+HLGHOEHUJ
*/26$5,2GH7pUPLQRV$QDOtWLFRV(G
Índice
3UHVHQWDFLyQ
/RVDXWRUHV
¢&yPROHHUHVWHJORVDULR"
ËQGLFHDOIDEpWLFRGHWpUPLQRV
6HFFLyQ,$1È/,6,648Ë0,&2 6HFWLRQ,&+(0,&$/$1$/<6,6
$OtFXRWD $OLTXRW
$QiOLVLVGHGDWRV 'DWDDQDO\VLV
$QiOLVLVTXtPLFR &KHPLFDODQDO\VLV
$QiOLVLVTXtPLFRFXDOLWDWLYR 4XDOLWDWLYHFKHPLFDODQDO\VLV
$QiOLVLVTXtPLFRFXDQWLWDWLYR 4XDQWLWDWLYHFKHPLFDODQDO\VLV
$QiOLVLVTXtPLFRHVWUXFWXUDO 6WUXFWXUDOFKHPLFDODQDO\VLV
$QiOLVLVTXtPLFRVHPLFXDOLWDWLYR 6HPLTXDOLWDWLYHFKHPLFDODQDO\VLV
$QiOLVLVTXtPLFRVHPLFXDQWLWDWLYR 6HPLTXDQWLWDWLYHFKHPLFDODQDO\VLV
$QiOLVLVWRSRTXtPLFR 7RSRFKHPLFDODQDO\VLV
$QDOLWR $QDO\WH
$QDOLWRDGLFLRQDGR $GGHGDQDO\WH
*/26$5,2GH7pUPLQRV$QDOtWLFRV(G
$QDOLWRQDWLYR 1DWLYHDQDO\WH,QFXUUHGDQDO\WH
$QDOLWRSDWUyQ 6WDQGDUGDQDO\WH
$SOLFDELOLGDGGHXQPpWRGRDQDOtWLFR $SSOLFDELOLW\RIDQDQDO\WLFDOPHWKRG
$SWLWXGSDUDXVRGHXQPpWRGRDQDOtWLFR )LWQHVVIRUSXUSRVHRIDQDQDO\WLFDO
PHWKRG
%ODQFR %ODQN
&DOLEUDFLyQDQDOtWLFD $QDO\WLFDOFDOLEUDWLRQ
&DSDFLGDGGHGHWHFFLyQ&&ȕ 'HWHFWLRQFDSDELOLW\&&ȕ
&DUDFWHUtVWLFD &KDUDFWHULVWLF
&DUDFWHUtVWLFDGHIXQFLRQDPLHQWR 3HUIRUPDQFHFKDUDFWHULVWLF
&DUDFWHUL]DFLyQ &KDUDFWHULVDWLRQ
&RPSDUDELOLGDG &RPSDUDELOLW\
&RQILUPDFLyQ &RQILUPDWLRQ
&RQWDPLQDFLyQDQDOtWLFD $QDO\WLFDO&RQWDPLQDWLRQ
&RQWDPLQDQWH &RQWDPLQDQW3ROOXWDQW
&ULWHULRVGHIXQFLRQDPLHQWR 3HUIRUPDQFHFULWHULD
&XDQWLILFDFLyQ 4XDQWLILFDWLRQ
'HSXUDFLyQGHODPXHVWUD 6DPSOHFOHDQXS
'HWHFFLyQ 'HWHFWLRQ
'HWHUPLQDFLyQ 'HWHUPLQDWLRQ
'LVROXFLyQ 6ROXWLRQ
'LVROXFLyQGHHQVD\R 7HVWVROXWLRQ
'LVROXFLyQSDWUyQ 6WDQGDUGVROXWLRQ
'LVROXFLyQWUDWDGD 7UHDWHGVROXWLRQ
'LVROYHQWH 6ROYHQW
(IHFWRPDWUL] 0DWUL[HIIHFW
(ILFLHQFLDGHXQPpWRGRFXDOLWDWLYR (IILFLHQF\RIDTXDOLWDWLYHPHWKRG
(QVD\R 7HVW
(UURUDOIDĮ $OIDĮHUURU
(UURUEHWDȕ %HWDȕHUURU
(VSHFLHTXtPLFD &KHPLFDOVSHFLH
(VSHFLILFLGDGGHXQPpWRGRDQDOtWLFR 6SHFLILFLW\RIDQDQDO\WLFDOPHWKRG
(VSHFLILFLGDGGHXQPpWRGRFXDOLWDWLYR 6SHFLILFLW\RIDTXDOLWDWLYHPHWKRG
(VSpFLPHQ 6SHFLPHQ
)LDELOLGDGGHXQPpWRGRDQDOtWLFR 5HOLDELOLW\RIDQDQDO\WLFDOPHWKRG
)XQFLyQGHFDOLEUDFLyQ &DOLEUDWLRQIXQFWLRQ
,GHQWLILFDFLyQ ,GHQWLILFDWLRQ
,GRQHLGDGGHOVLVWHPDDQDOtWLFR $QDO\WLFDO6\VWHPVXLWDELOLW\
,QFOXVLYLGDGGHXQPpWRGRFXDOLWDWLYR ,QFOXVLYLW\RIDTXDOLWDWLYHPHWKRG
ËQGLFHGH<RXGHQGHXQPpWRGRFXDOLWDWLYR <RXGHQLQGH[RIDTXDOLWDWLYHPHWKRG
,QIRUPDFLyQDQDOtWLFD $QDO\WLFDOLQIRUPDWLRQ
,QWHUIHUHQFLD ,QWHUIHUHQFH
*/26$5,2GH7pUPLQRV$QDOtWLFRV(G
,QWHUIHUHQWH ,QWHUIHUHQWRU,QWHUIHULQJVXEVWDQFH
,QWHUYDORGHWUDEDMR :RUNLQJUDQJH
,QWHUYDOROLQHDO /LQHDUUDQJH
/tPLWHGHFXDQWLILFDFLyQGHXQPpWRGR /LPLWRITXDQWLILFDWLRQRIDTXDQWLWDWLYH
FXDQWLWDWLYR PHWKRG
/tPLWHGHGHFLVLyQ /LPLWRIGHFLVLRQ
/tPLWHGHGHWHFFLyQ /LPLWRIGHWHFWLRQ
/tPLWHGHUHSHWLELOLGDGGHXQPpWRGR 5HSHDWDELOLW\OLPLWRIDTXDQWLWDWLYH
FXDQWLWDWLYR PHWKRG
/tPLWHGHUHSURGXFLELOLGDGGHXQPpWRGR 5HSURGXFLELOLW\OLPLWRIDTXDQWLWDWLYH
FXDQWLWDWLYR PHWKRG
/LQHDOLGDGGHXQPpWRGRDQDOtWLFR /LQHDULW\RIDQDQDO\WLFDOPHWKRG
/RWHGHPDWHULDO 0DWHULDOEDWFK
0DJQLWXGDQDOtWLFD $QDO\WLFDOTXDQWLW\
0DWHULDO 0DWHULDO
0DWHULDOGHFRQWURO &RQWUROPDWHULDO
0DWUL] 0DWUL[
0pWRGRDQDOtWLFRGHFULEDGR 6FUHHQLQJDQDO\WLFDOPHWKRG
0pWRGRDQDOtWLFRHPStULFR (PSLULFDODQDO\WLFDOPHWKRG
0pWRGRDQDOtWLFRQRUPDOL]DGR 6WDQGDUGDQDO\WLFDOPHWKRG
0pWRGRDQDOtWLFRRILFLDO 5HJXODWRU\DQDO\WLFDOPHWKRG
0pWRGRDQDOtWLFR $QDO\WLFDOPHWKRG
0RQLWRUL]DFLyQ 0RQLWRULQJ
0XHVWUD 6DPSOH
0XHVWUDFLHJD %OLQGVDPSOH
0XHVWUDGHFRQWURO &RQWUROVDPSOH
0XHVWUDGHHQVD\R 7HVWVDPSOH
0XHVWUDGHODERUDWRULR /DERUDWRU\VDPSOH
0XHVWUDGRSDGD 6SLNHGVDPSOH
0XHVWUDHQULTXHFLGD )RUWLILHGVDPSOH
0XHVWUDUHSOLFDGD 5HSOLFDWHVDPSOH
0XHVWUHR 6DPSOLQJ
1LYHOGHFRUWHGHXQPpWRGRGHFULEDGR &XWRIIOHYHORIDVFUHHQLQJPHWKRG
2EMHWRDQDOtWLFR $QDO\WLFDOREMHFW
3DUiPHWURDQDOtWLFR $QDO\WLFDOSDUDPHWHU
3DWUyQDQDOtWLFRH[WHUQR ([WHUQDODQDO\WLFDOVWDQGDUG
3DWUyQDQDOtWLFRLQWHUQR ,QWHUQDODQDO\WLFDOVWDQGDUG
3DWUyQDQDOtWLFRSULPDULR 3ULPDU\DQDO\WLFDOVWDQGDUG
3DWUyQDQDOtWLFRVHFXQGDULR 6HFRQGDU\DQDO\WLFDOVWDQGDUG
3DWUyQDQDOtWLFRVLPLODUDODPDWUL] 0DWUL[PDWFKHGDQDO\WLFDOVWDQGDUG
3RUFLyQGHHQVD\R 7HVWSRUWLRQ
3UDFWLFDELOLGDGGHXQPpWRGRDQDOtWLFR 3UDFWLFDELOLW\RIDQDQDO\WLFDOPHWKRG
*/26$5,2GH7pUPLQRV$QDOtWLFRV(G
3UHFLVLyQGH+RUWZLW] +RUWZLW]SUHFLVLRQ
3UHFLVLyQLQWHUPHGLD ,QWHUPHGLDWHSUHFLVLRQ
3UHSDUDFLyQGHODPXHVWUD 6DPSOHSUHSDUDWLRQ
3UREOHPDDQDOtWLFR $QDO\WLFDOSUREOHP
3URFHGLPLHQWRDQDOtWLFR $QDO\WLFDOSURFHGXUH
3URFHVRDQDOtWLFR $QDO\WLFDOSURFHVV
3URFHVRTXtPLFRGHPHGLGD &KHPLFDOPHDVXUHPHQWSURFHVV
3URSLHGDGFXDOLWDWLYD 1RPLQDOSURSHUW\
3URWRFRORDQDOtWLFR $QDO\WLFDO3URWRFRO
4XtPLFDDQDOtWLFD $QDO\WLFDOFKHPLVWU\
5HDFFLyQDQDOtWLFD $QDO\WLFDOUHDFWLRQ
5HDFWLYRDQDOtWLFR $QDO\WLFDOUHDJHQW
)DFWRUGH5HFXSHUDFLyQ 5HFRYHU\IDFWRU
5HFXSHUDFLyQDSDUHQWH $SSDUHQWUHFRYHU\
5HODFLyQGHIDOVRVQHJDWLYRVGHXQPpWRGR )DOVHQHJDWLYHUDWHRIDTXDOLWDWLYH
FXDOLWDWLYR PHWKRG
5HODFLyQGHIDOVRVSRVLWLYRVGHXQPpWRGR )DOVHSRVLWLYHUDWHRIDTXDOLWDWLYH
FXDOLWDWLYR PHWKRG
5HODFLyQGH+RUZLW]+255$7 +RUZLW]UDWLR+255$7
5HODFLRQDELOLGDG 7UDFNDELOLW\
5HSHWLELOLGDG 5HSHDWDELOLW\
5HSUHVHQWDWLYLGDG 5HSUHVHQWDWLYHQHVV
5HSURGXFLELOLGDG 5HSURGXFLELOLW\
5REXVWH] 5REXVWQHVV
6HOHFWLYLGDGGHXQPpWRGRDQDOtWLFR 6HOHFWLYLW\RIDQDQDO\WLFDOPHWKRG
6HQVLELOLGDGGHXQPpWRGRFXDOLWDWLYR 6HQVLWLYLW\RIDTXDOLWDWLYHPHWKRG
6HQVLELOLGDGGHXQPpWRGRFXDQWLWDWLYR 6HQVLWLYLW\RIDTXDQWLWDWLYHPHWKRG
6HxDODQDOtWLFD $QDO\WLFDOVLJQDO
6LVWHPDDQDOtWLFR $QDO\WLFDOV\VWHP
6ROLGH] 5XJJHGQHVV
6ROXWR 6ROXWH
6XEURJDGR 6XUURJDWH
6XVWDQFLD 6XEVWDQFH
7pFQLFDDQDOtWLFD $QDO\WLFDOWHFKQLTXH
7UDQVIHULELOLGDG 7UDQVIHUDELOLW\
7UDWDPLHQWRGHGDWRV 'DWDWUHDWPHQW
7UDWDPLHQWRGHODPXHVWUD 6DPSOHWUHDWPHQW
7DQGDDQDOtWLFD $QDO\WLFDOEDWFK
7UD]D 7UDFH
9DOLGDFLyQDQDOtWLFD $QDO\WLFDOYDOLGDWLRQ
*/26$5,2GH7pUPLQRV$QDOtWLFRV(G
6HFFLyQ,,0(752/2*Ë$$1$/Ë7,&$ 6HFWLRQ,,$1$/<7,&$/0(752/2*<
$MXVWHGHXQVLVWHPDGHPHGLGD $GMXVWPHQWRIDPHDVXUHPHQWV\VWHP
$SDUDWR $SSDUDWXV
$SWLWXGSDUDXVRGHXQVLVWHPDGHPHGLGD )LWQHVVIRUSXUSRVHRIDPHDVXULQJ
V\VWHP
%DODQFHGHLQFHUWLGXPEUH 8QFHUWDLQW\EXGJHW
&DGHQDGHPHGLGD 0HDVXULQJFKDLQ
&DGHQDGHWUD]DELOLGDGPHWUROyJLFD 0HWURORJLFDO7UDFHDELOLW\FKDLQ
&DOLEUDFLyQPHWUROyJLFD 0HWURORJLFDO&DOLEUDWLRQ
&DOLEUDFLyQGLUHFWD 'LUHFWFDOLEUDWLRQ
&DOLEUDFLyQLQGLUHFWD ,QGLUHFWFDOLEUDWLRQ
&DOLILFDFLyQ 4XDOLILFDWLRQ
&DOLILFDFLyQGHHTXLSRV (TXLSPHQWTXDOLILFDWLRQ
&DOLILFDFLyQGHODLQVWDODFLyQ ,QVWDOODWLRQTXDOLILFDWLRQ,4
&DOLILFDFLyQGHOGHVHPSHxR 3HUIRUPDQFHTXDOLILFDWLRQ34
&DOLILFDFLyQGHOGLVHxR 'HVLJQTXDOLILFDWLRQ'4
&DOLILFDFLyQGHOIXQFLRQDPLHQWR 2SHUDWLRQDOTXDOLILFDWLRQ24
&DUDFWHUtVWLFDPHWUROyJLFD 0HWURORJLFDOFKDUDFWHULVWLF
&ODVHGHH[DFWLWXG $FFXUDF\FODVV
&RPSDUDELOLGDGGHUHVXOWDGRVGHPHGLGD &RPSDUDELOLW\RIPHDVXUHPHQWUHVXOWV
&RPSDWLELOLGDGGHUHVXOWDGRVGHPHGLGD &RPSDWLELOLW\RIPHDVXUHPHQWUHVXOWV
&RPSHQVDFLyQ &RPSHQVDWLRQ
&RQGLFLRQHVRSHUDWLYDV 2SHUDWLQJFRQGLWLRQ
&RQILUPDFLyQPHWUROyJLFD 0HWURORJLFDOFRQILUPDWLRQ
&RQPXWDELOLGDGGHXQPDWHULDOGHUHIHUHQFLD &RPPXWDELOLW\RIDUHIHUHQFHPDWHULDO
&RUUHFFLyQ &RUUHFWLRQ
&RUUHFFLyQSDUiPHWUR &RUUHFWLRQSDUDPHWHU
'DWR 'DWXP
'HULYDLQVWUXPHQWDO ,QVWUXPHQWDOGULIW
'HWHFWRU 'HWHFWRU
'LDJUDPDGHFDOLEUDFLyQ &DOLEUDWLRQGLDJUDP
'LVFULPLQDFLyQ 'LVFULPLQDWLRQ
'LVSRVLWLYR 'HYLFH
(TXLSRGHPHGLGD 0HDVXULQJHTXLSPHQW
(UURUDFFLGHQWDOGHPHGLGD *URVVPHDVXUHPHQWHUURU
(UURUDOHDWRULRGHPHGLGD 5DQGRPPHDVXUHPHQWHUURU
(UURUGHPHGLGD 0HDVXUHPHQWHUURU
(UURUPi[LPRSHUPLWLGRGHXQDPHGLGD 0D[LPXPSHUPLVVLEOHPHDVXUHPHQWHUURU
(UURUVLVWHPiWLFRGHPHGLGD 6\VWHPDWLFPHDVXUHPHQWHUURU
(VSHFLILFDFLyQ 6SHFLILFDWLRQ
(VSHFLILFDFLyQIXQFLRQDO )XQFWLRQDOVSHFLILFDWLRQ
*/26$5,2GH7pUPLQRV$QDOtWLFRV(G
(VSHFLILFDFLyQRSHUDWLYD 2SHUDWLRQDOVSHFLILFDWLRQ
(VWDELOLGDGGHXQVLVWHPDGHPHGLGD 6WDELOLW\RIDPHDVXULQJV\VWHP
(VWtPXOR 6WLPXOXV
(YDOXDFLyQ7LSR$GHODLQFHUWLGXPEUHGH 7\SH$HYDOXDWLRQRIPHDVXUHPHQW
PHGLGD XQFHUWDLQW\
(YDOXDFLyQ7LSR%GHODLQFHUWLGXPEUHGH 7\SH%HYDOXDWLRQRIPHDVXUHPHQW
PHGLGD XQFHUWDLQW\
([DFWLWXGGHPHGLGD 0HDVXUHPHQW$FFXUDF\
)DFWRUGHFDOLEUDFLyQ &DOLEUDWLRQIDFWRU
)DFWRUGHFREHUWXUD &RYHUDJHIDFWRU
)DFWRUGHFRUUHFFLyQ &RUUHFWLRQIDFWRU
)LDELOLGDGGHXQVLVWHPDGHPHGLGD 5HOLDELOLW\RIDPHDVXULQJV\VWHP
)XQFLyQGHFDOLEUDFLyQ &DOLEUDWLRQIXQFWLRQ
)XQFLyQGHFRUUHFFLyQ &RUUHFWLRQIXQFWLRQ
)XQFLyQGHPHGLGD 0HDVXUHPHQWIXQFWLRQ
*HQHUDGRUGHUHVSXHVWDV 5HVSRQVHJHQHUDWRU
*HVWLyQPHWUROyJLFD 0HWURORJLFDOPDQDJHPHQW
+LVWpUHVLV +\VWHUHVLV
,QFHUWLGXPEUHGHPHGLGD 0HDVXUHPHQWXQFHUWDLQW\
,QFHUWLGXPEUHGHELGDDODGHILQLFLyQ 'HILQLWLRQDOXQFHUWDLQW\
,QFHUWLGXPEUHHVWiQGDUGHPHGLGD 6WDQGDUGPHDVXUHPHQWXQFHUWDLQW\
,QFHUWLGXPEUHHVWiQGDUFRPELQDGDGH &RPELQHGVWDQGDUGPHDVXUHPHQW
PHGLGD XQFHUWDLQW\
,QFHUWLGXPEUHHVWiQGDUUHODWLYDGHPHGLGD 5HODWLYHVWDQGDUGPHDVXUHPHQW
XQFHUWDLQW\
,QFHUWLGXPEUHH[SDQGLGDGHPHGLGD ([SDQGHGPHDVXUHPHQWXQFHUWDLQW\
,QFHUWLGXPEUHLQVWUXPHQWDO ,QVWUXPHQWDOPHDVXUHPHQWXQFHUWDLQW\
,QFHUWLGXPEUHREMHWLYR 7DUJHWPHDVXUHPHQWXQFHUWDLQW\
,QGLFDFLyQ ,QGLFDWLRQ
,QVWUXPHQWDFLyQ ,QVWUXPHQWDWLRQ
,QVWUXPHQWRGHPHGLGD 0HDVXULQJLQVWUXPHQW
,QWHUYDORGHFREHUWXUD &RYHUDJHLQWHUYDO
,QWHUYDORGHPHGLGD 0HDVXULQJLQWHUYDO
-HUDUTXtDGHFDOLEUDFLyQ &DOLEUDWLRQKLHUDUFK\
/tPLWHGHGHWHFFLyQGHXQVLVWHPDGH /LPLWRIGHWHFWLRQRIDPHDVXULQJV\VWHP
PHGLGD
/LQHDOLGDG /LQHDULW\
0DJQLWXG 4XDQWLW\
0DJQLWXGGHHQWUDGD ,QSXWTXDQWLW\
0DJQLWXGGHLQIOXHQFLD ,QIOXHQFHTXDQWLW\
0DJQLWXGGHVDOLGD 2XWSXWTXDQWLW\
0DQWHQLPLHQWR 0DLQWHQDQFH
0DWHULDOGHUHIHUHQFLD 5HIHUHQFHPDWHULDO50
*/26$5,2GH7pUPLQRV$QDOtWLFRV(G
0DWHULDOGHUHIHUHQFLDFHUWLILFDGR &HUWLILHGUHIHUHQFHPDWHULDO&50
0HGLGDRPHGLFLyQ 0HDVXUHPHQW
0HGLGDPDWHULDOL]DGD 0DWHULDOPHDVXUH
0HQVXUDQGR 0HDVXUDQG
0pWRGRGHPHGLGD 0HDVXUHPHQWPHWKRG
0HWURORJtD 0HWURORJ\
0yGXOR 0RGXOH
2UGHQGHXQLQVWUXPHQWR ,QVWUXPHQWRUGHU
3DUiPHWURLQVWUXPHQWDO ,QVWUXPHQWSDUDPHWHU
3DWUyQGHPHGLGD 0HDVXUHPHQWVWDQGDUG
3DWUyQGHPHGLGDGHUHIHUHQFLD 5HIHUHQFHPHDVXUHPHQWVWDQGDUG
3ODQGHFDOLEUDFLyQ &DOLEUDWLRQSODQ
3UHFLVLyQGHPHGLGD 0HDVXUHPHQW3UHFLVLRQ
3ULQFLSLRGHPHGLGD 0HDVXUHPHQWSULQFLSOH
3UREDELOLGDGGHFREHUWXUD &RYHUDJHSUREDELOLW\
3URFHGLPLHQWRGHPHGLGD 0HDVXUHPHQW3URFHGXUH
5DQJRGLQiPLFR '\QDPLFUDQJH
5DQJRGLQiPLFROLQHDO /LQHDUG\QDPLFUDQJH
5pJLPHQHVWDFLRQDULRGHXQVLVWHPDGH 6WHDG\VWDWHRSHUDWLQJRIDPHDVXULQJ
PHGLGD V\VWHP
5HODFLyQVHxDOUXLGR 6LJQDOWRQRLVHUDWLR61
5HVROXFLyQGHXQVLVWHPDGHPHGLGD 5HVROXWLRQRIDPHDVXULQJV\VWHP
5HVSXHVWD 5HVSRQVH
5HVXOWDGRGHXQDPHGLGD 5HVXOWRIDPHDVXUHPHQW
5XLGR 1RLVH
6HOHFWLYLGDGGHXQVLVWHPDGHPHGLGD 6HOHFWLYLW\RIDPHDVXULQJV\VWHP
6HQVLELOLGDGGHXQVLVWHPDGHPHGLGD 6HQVLWLYLW\RIDPHDVXULQJV\VWHP
6HQVRU 6HQVRU
6HxDOGHIRQGR %DFNJURXQGVLJQDO
6HxDOGHOtQHDEDVH %DVHOLQHVLJQDO
6HxDOGHOEODQFR %ODQNVLJQDO
6HxDOLQVWUXPHQWDO ,QVWUXPHQWDOVLJQDO
6HVJRLQVWUXPHQWDO ,QVWUXPHQWDOELDV
6LVWHPDGHJHVWLyQGHODVPHGLFLRQHV 0HDVXUHPHQWPDQDJHPHQWV\VWHP
6LVWHPDGHPHGLGD 0HDVXULQJV\VWHP
7LHPSRGHUHVSXHVWD 5HVSRQVHWLPH
7ROHUDQFLDGHXQDPDJQLWXG 7ROHUDQFHRIDTXDQWLW\
7UDQVGXFWRU 7UDQVGXFHU
7UD]DELOLGDGPHWUROyJLFD 0HWURORJLFDOWUDFHDELOLW\
8PEUDOGHGLVFULPLQDFLyQ 'LVFULPLQDWLRQWKUHVKROG
9DOLGDFLyQ 9DOLGDWLRQ
9DORUGHUHIHUHQFLDGHXQDPDJQLWXG 5HIHUHQFHTXDQWLW\YDOXH
*/26$5,2GH7pUPLQRV$QDOtWLFRV(G
9DORUPHGLGRGHXQDPDJQLWXG 0HDVXUHGTXDQWLW\YDOXH
9DORUQRPLQDOGHXQDPDJQLWXG 1RPLQDOTXDQWLW\YDOXH
9DORUYHUGDGHURGHXQDPDJQLWXG 7UXHTXDQWLW\YDOXH
9HUDFLGDGGHPHGLGD 0HDVXUHPHQW7UXHQHVV
9HULILFDFLyQ 9HULILFDWLRQ
9HULILFDFLyQPHWUROyJLFD 0HWURORJLFDOYHULILFDWLRQ
=RQDPXHUWD 'HDGEDQG
ËQGLFHGHUHIHUHQFLDV
(VSDxRO
(QJOLVK
*/26$5,2GH7pUPLQRV$QDOtWLFRV(G
Presentación
(Q HVWD SULPHUD HGLFLyQ GHO *ORVDULR GH 7pUPLQRV $QDOtWLFRV VH UH~QHQ XQ FRQMXQWR GH
WpUPLQRVTXHFRQVWLWX\HQHOYRFDEXODULREiVLFRTXHORVTXtPLFRVDQDOtWLFRVXWLOL]DQDFWXDOPHQWHHQ
UHODFLyQFRQGRVFDPSRVWHPiWLFRVHODQiOLVLVTXtPLFRWpUPLQRV\ODPHWURORJtDDSOLFDGDD
ORV DQiOLVLV TXtPLFRV WpUPLQRV (Q QXHVWUD RSLQLyQ HVWH JORVDULR YLHQH D FXEULU XQD
VLJQLILFDWLYDODJXQDHQODELEOLRJUDItDDFWXDOVREUH4XtPLFD$QDOtWLFD(OPXQGRKR\HQGtDHVWi
GRPLQDGRSRUODVIDFLOLGDGHVGHODLQIRUPDFLyQ\ODFRPXQLFDFLyQ\ORVHVWXGLDQWHV\SURIHVLRQDOHV
HQFXHQWUDQXQH[FHVRGHGLFKDLQIRUPDFLyQTXHFRPRHVOyJLFRDYHFHVSXHGHQRVHUFRKHUHQWH
HQWUH Vt \ TXH QL PXFKR PHQRV HVWi DUPRQL]DGD HQ UHODFLyQ FRQ OD WHUPLQRORJtD XWLOL]DGD (OOR
FRQOOHYDXQDGLVSHUVLyQHQHOYRFDEXODULR\ORVFRQFHSWRVTXHSRGUtDFRQGXFLUDXQVtQGURPHGH
%DEHO1XHVWUDFRQWULEXFLyQLQWHQWDSDOLDUHVWHHIHFWRDGYHUVR\SRUHOORHVWiIXQGDPHQWDOPHQWH
GLULJLGDDORVHVWXGLDQWHV\IRUPDGRUHVHQHOiPELWRGHOD4XtPLFD$QDOtWLFD
3RU HVWH PRWLYR \ SDUD DVHJXUDU HO DFFHVR D OD HGLFLyQ HOHFWUyQLFD GH *ORVDULR GH 7pUPLQRV
$QDOtWLFRVpVWHVHSXHGHGHVFDUJDUOLEUHPHQWHGHOVLWLRZHETXHHO*UXSR5HJLRQDO$QGDOX]GHOD
6RFLHGDG(VSDxRODGH4XtPLFD$QDOtWLFD*5$6(4$WLHQHHQODSiJLQDGHOD6RFLHGDG(VSDxROD
GH4XtPLFD$QDOtWLFD6(4$Z ZZZVHTDHVJUXSRVJUXSRVJUDVHTD
/DLGHDSULPLJHQLDQDFLyHQHODxRFRPRFRPSOHPHQWRGHOD([SHULPHQWDFLyQHQ4XtPLFD
$QDOtWLFD,,DVLJQDWXUDWURQFDOLQFOXLGDHQHODQWHULRU3ODQGH(VWXGLRVGH/LFHQFLDGRHQ4XtPLFD
GH OD 8QLYHUVLGDG GH *UDQDGD \ FX\RV UHVSRQVDEOHV HUDQ HQ DTXHOOD pSRFD OD SURIHVRUD 0
&DUPHQ 9DOHQFLD \ /XLV &XDGURV XQR GH ORV DXWRUHV GH HVWH JORVDULR &RQ REMHWR GH TXH ORV
HVWXGLDQWHVXQLILFDUDQODQRPHQFODWXUDDGTXLULGDGXUDQWHVXIRUPDFLyQHQODVGLVWLQWDVDVLJQDWXUDV
GHOD4XtPLFD$QDOtWLFDDPERVSURIHVRUHVUHXQLHURQXQYRFDEXODULRHVHQFLDOGHWpUPLQRVFRQVXV
GHILQLFLRQHV PiV REYLDV 6REUH OD EDVH GH HVWH SULPHU GRFXPHQWR D ILQDOHV GHO DxR VH
FRQVWLWX\yXQJUXSRGHWUDEDMRHQHO'HSDUWDPHQWRGH4XtPLFD$QDOtWLFDGHQXHVWUD8QLYHUVLGDG
TXHIXHFRQIRUPDGRSRUORVDXWRUHVGHOJORVDULRTXHDFWXDOPHQWHVHSUHVHQWD
'HVGH HO SULPHU PRPHQWR WXYLPRV FODUR TXH GDGR HO FDUiFWHU PXOWLGLVFLSOLQDU GH OD 4XtPLFD
$QDOtWLFD H[LVWHQ GLYHUVRV FDPSRV FLHQWtILFRWpFQLFRV TXH QHFHVDULDPHQWH WUDQVILHUHQ VXV
WpUPLQRV DO GRPLQLR GH OD 4XtPLFD $QDOtWLFD -XQWR D HOORV KD\ TXH FRQVLGHUDU DTXHOORV RWURV
WpUPLQRVTXHOHVRQSURSLRV\TXHPDUFDQVXLGHQWLGDG3RUHOORXQDGHODVSULPHUDVWDUHDVTXH
DFRPHWLPRV IXH OD FRQFUHFLyQ GH ORV FDPSRV WHPiWLFRV HQ ORV TXH tEDPRV D WUDEDMDU \D TXH OD
HPSUHVDGHHODERUDUXQD~QLFDUHFRSLODFLyQGHWpUPLQRVVHQRVKDFtDLQDERUGDEOH,QLFLDOPHQWH
GHFLGLPRV WUDEDMDU VREUH ORV WpUPLQRV UHODFLRQDGRV FRQ GRV GH HOORV HVSHFtILFDPHQWH VREUH
*/26$5,2GH7pUPLQRV$QDOtWLFRV(G
DQiOLVLV TXtPLFR \ PHWURORJtD DQDOtWLFD \D TXH FRQVLGHUDPRV TXH HQ HOORV VH DJOXWLQDEDQ OD
PD\RUtDGHORVFRQFHSWRVIXQGDPHQWDOHVFDUDFWHUtVWLFRVGHOD4XtPLFD$QDOtWLFD
(O VLJXLHQWH SDVR IXH GHFLGLU VREUH ODV UHIHUHQFLDV GRFXPHQWDOHV TXH tEDPRV D XWLOL]DU
&RQVLGHUDPRV TXH GHEtDPRV HYLWDU HQ OR SRVLEOH DTXHOODV GHILQLFLRQHV GH tQGROH VXEMHWLYD TXH
SRGUtDQHQFRQWUDUVHHQDUWtFXORV GHDXWRU R LQFOXVR HQ OLEURVHVSHFLDOL]DGRVDXQTXH HQ FLHUWRV
FDVRV KD\DQ SRGLGR VHU XWLOL]DGDV 6LQ HPEDUJR \ VLHPSUH TXH IXHUD SRVLEOH QXHVWUDV IXHQWHV
SULPDULDV VHUtDQODV QRUPDVHODERUDGDVSRURUJDQLVPRV GHQRUPDOL]DFLyQ DFUHGLWDGRV $(125
,62 ,(& $670 \ ORV GRFXPHQWRV WpFQLFRV HPLWLGRV SRU RUJDQL]DFLRQHV UHFRQRFLGDV HQ HO
iPELWRGHODTXtPLFDHQJHQHUDO,83$&RHVSHFtILFDPHQWHGHODTXtPLFDDQDOtWLFD(85$&+(0
/*& \ OD PHWURORJtD %,30 &(1$0 7DPELpQ KHPRV XWLOL]DGR GRFXPHQWRV GH DOJXQRV
RUJDQLVPRV RILFLDOHV HQWUH FX\DV FRPSHWHQFLDV VH HQFXHQWUD HO FRQWURO DQDOtWLFR &RPLVLyQ
(XURSHD&RGH[$OLPHQWDULXV)'$(3$812'&
3DUDHVWDSULPHUDVHOHFFLyQFRQWDPRVFRQXQDSRGHURVDKHUUDPLHQWDFRPRKDVLGRHOGRFXPHQWR
WLWXODGR ,QYHQWRU\ RI 'HILQLWLRQV LQ $QDO\WLFDO &KHPLVWU\ HGLWDGR HQ SRU OD 'LYLVLyQ GH
4XtPLFD $QDOtWLFD GH OD DQWHULRUPHQWH GHQRPLQDGD )(&6 GHVGH LQWHJUDGD HQ (X&KH06
(QHVWHGRFXPHQWRVHKDFHXQDYDOLRVDUHFRSLODFLyQGHUHIHUHQFLDVGRFXPHQWDOHVTXHFRQWLHQHQ
GHILQLFLRQHVGHWpUPLQRVUHODFLRQDGRVFRQOD4XtPLFD$QDOtWLFD
(V REYLR TXH OD PD\RUtD GH ODV UHIHUHQFLDV GRFXPHQWDOHV HVWiQ UHGDFWDGDV HQ OHQJXD LQJOHVD \
VRQ SRFRV ORV FDVRV HQ ORV TXH HQFRQWUDPRV WUDGXFFLRQHV RILFLDOL]DGDV DO HVSDxRO (OOR QRV
OOHYyDWRPDUGRVGHFLVLRQHVODSULPHUDUHTXHUtDHODERUDUXQJORVDULRELOLQJHHVSDxROLQJOpV\OD
VHJXQGD LPSOLFDED EXVFDU ODV FRUUHVSRQGLHQWHV GHILQLFLRQHV HQ DPERV LGLRPDV &XDQGR VyOR
GLVSRQtDPRV GH OD GHILQLFLyQ HQ XQR GH ORV LGLRPDV KLFLPRV OD FRUUHVSRQGLHQWH WUDGXFFLyQ (Q
DOJXQRV FDVRV KHPRV LQWURGXFLGR SHTXHxRV FDPELRV R PRGLILFDFLRQHV HQ OD GHILQLFLyQ RULJLQDO
IXQGDPHQWDOPHQWHFRQHOiQLPRGHDGDSWDUODDOUHVWRGHORVWpUPLQRV\DVtPDQWHQHUODFRKHUHQFLD
WHUPLQROyJLFD HQ HO JORVDULR 3RU ~OWLPR QRV KHPRV DWUHYLGR WDPELpQ D SURSRQHU GHILQLFLRQHV GH
DTXHOORVWpUPLQRVSDUDORVTXHQRORJUDPRVHQFRQWUDUDOJXQDTXHQRVSDUHFLHUDVXILFLHQWHPHQWH
YiOLGD R DFHSWDEOH /RV DVSHFWRV FRQFUHWRV FRQFHUQLHQWHV D FDGD WpUPLQR FRQVWDQ HQ OD ILFKD
FRUUHVSRQGLHQWH3DUDPD\RUFODULGDGYHUHODSDUWDGRGH&yPROHHUHVWHJORVDULRTXHDSDUHFH
HQSiJLQDVSRVWHULRUHV
(O JORVDULR QDFH FRQ XQD YRFDFLyQ GLQiPLFD TXH QRV OOHYDUi D LU HGLWDQGR HOHFWUyQLFDPHQWH
UHYLVLRQHVVXFHVLYDVFXDQGRVHLQWURGX]FDQPRGLILFDFLRQHVRLQVHUFLRQHVVREUHHOGRFXPHQWRTXH
DKRUD VH SUHVHQWD 3DUD HOOR TXHUHPRV FRQWDU FRQ OD FRODERUDFLyQ GH ORV XVXDULRV D ORV TXH
VROLFLWDPRVTXHQRVKDJDQOOHJDUVXVVXJHUHQFLDVGHPHMRUDTXHSURPHWHPRVHVWXGLDU\WHQHUHQ
FXHQWDVLHPSUHTXHLPSOLTXHQXQDPHMRUDGHOGRFXPHQWR(VSHUDPRVDGHPiV\HQHOORHVWDPRV
TXHHVWDHGLFLyQVHDHOSULPHUSHOGDxRSDUDXQDREUDPiVDPSOLD\DPELFLRVDTXHUH~QDWRGRVORV
WpUPLQRVGHLQWHUpVDQDOtWLFR\TXHGDUiOXJDUDSRVWHULRUHVHGLFLRQHVDPSOLDGDV
4XHUHPRVGHVWDFDUODFRODERUDFLyQTXHKHPRVHQFRQWUDGRHQODDFWXDO-XQWD&RRUGLQDGRUDGHOD
*5$6(4$HVSHFLDOPHQWHHQVXVDFWXDOHV3UHVLGHQWH\7HVRUHURORVSURIHVRUHV$QWRQLR0ROLQD\
-XDQ )UDQFLVFR *DUFtD 5H\HV GH OD 8QLYHUVLGDG GH -DpQ SRU ODV IDFLOLGDGHV GDGDV SDUD OD
SXEOLFDFLyQ\GLIXVLyQGHHVWDHGLFLyQ
)LQDOPHQWH TXHUHPRV H[SUHVDU QXHVWUR HVSHFLDO \ FDULxRVR DJUDGHFLPLHQWR DO 3URIHVRU 0LJXHO
9DOFiUFHO&DWHGUiWLFRGH4XtPLFD$QDOtWLFDGHOD8QLYHUVLGDGGH&yUGREDSRUHOJUDQKRQRU\HO
SUHVWLJLR TXH FRQOOHYD HO TXH KD\D DFHSWDGR UHGDFWDU HO SUyORJR GH HVWD SULPHUD HGLFLyQ GHO
*ORVDULRGH7pUPLQRV$QDOtWLFRV
/XLV&8$'52652'5Ë*8(=
/DXUD*È0,=*5$&,$
$OHJUtD&$55$6&23$1&25%2
&ULVWLQD58,=6$0%/$6
*/26$5,2GH7pUPLQRV$QDOtWLFRV(G
*/26$5,2GH7pUPLQRV$QDOtWLFRV(G
¢&yPROHHUHVWH*/26$5,2"
/D LQIRUPDFLyQ FRUUHVSRQGLHQWH D FDGD WpUPLQR HVWi LQFOXLGD HQ XQD ILFKD TXH LQFRUSRUD FLQFR
FDPSRVHOQRPEUHGHOWpUPLQRFRUUHVSRQGLHQWHODGHILQLFLyQODIXHQWHGRFXPHQWDOR
HQ VX FDVR XQD GHFODUDFLyQ GH TXH OD GHILQLFLyQ HV WUDGXFLGD DGDSWDGD R SURSXHVWD SRU ORV
DXWRUHVRWURVWpUPLQRVUHODFLRQDGRVTXHHVWiQFRQWHPSODGRVHQHOJORVDULR\XQDVHULHGH
REVHUYDFLRQHV TXH FRQWLHQHQ DFODUDFLRQHV \ D YHFHV HMHPSORV H[SOLFDWLYRV UHODFLRQDGRV FRQ HO
WpUPLQRHQFXHVWLyQ/RVtWHPV\DSDUHFHQWDPELpQHQLQJOpV
(Q HO VLJXLHQWH HVTXHPD \ WRPDQGR HO WpUPLQR GH 48Ë0,&$ $1$/Ë7,&$ FRPR UHIHUHQFLD VH
LQGLFDODSRVLFLyQGHFDGDXQRGHORVFDPSRVDQWHVGHVFULWRV
48Ë0,&$$1$/Ë7,&$ $1$/<7,&$/&+(0,675<
&LHQFLD PHWUROyJLFD TXH GHVDUUROOD RSWLPL]D \ $ PHWURORJLFDO VFLHQFH WKDW GHYHORSV RSWLPLVHV
DSOLFD SURFHVRV TXtPLFRV GH PHGLGD DQG DSSOLHV FKHPLFDO PHDVXUHPHQW SURFHVVHV
HQFDPLQDGRV D REWHQHU LQIRUPDFLyQ TXtPLFD LQWHQGHG WR DFKLHYH TXDOLW\ DQDO\WLFDO FKHPLFDO
DQDOtWLFD GH FDOLGDG GH VLVWHPDV PDWHULDOHV SDUD LQIRUPDWLRQ RI PDWHULDO V\VWHPV LQ RUGHU WR VROYH
UHVROYHU SUREOHPDV DQDOtWLFRV DQDO\WLFDO SUREOHPV
$GDSWDGDGH*ORVDULRGHWpUPLQRVHQ0 $GDSWHGIURP*ORVVDU\RIWHUPVLQ0
9DOFiUFHO3ULQFLSLRVGHTXtPLFDDQDOtWLFD 9DOFiUFHO3ULQFLSOHVRIDQDO\WLFDOFKHPLVWU\D
6SULQJHU WH[WERRN6SULQJHU
0HWURORJtDTXtPLFD3UREOHPDDQDOtWLFR &KHPLFDOPHWURORJ\$QDO\WLFDOSUREOHP
,QIRUPDFLyQDQDOtWLFD3URFHVRTXtPLFRGH $QDO\WLFDOLQIRUPDWLRQ&KHPLFDOPHDVXUHPHQW
PHGLGD$QiOLVLVTXtPLFR SURFHVV&KHPLFDODQDO\VLV
2%6(59$&,21(6
/R TXH FDUDFWHUL]D D OD 4XtPLFD $QDOtWLFD HV TXH REWLHQH LQIRUPDFLyQ VREUH FDUDFWHUtVWLFDV
TXtPLFDV DXQTXH SDUD HOOR XWLOLFH HVWUDWHJLDV \ WHFQRORJtD GH FXDOTXLHU iPELWR GH OD FLHQFLD
(Q OD DFWXDOLGDG H[LVWH XQD WHQGHQFLD GH JHQHUDOL]DU HO WpUPLQR GH 4XtPLFD $QDOtWLFD \ VXVWLWXLUOR
SRU &LHQFLDV $QDOtWLFDV (VWD FDPELR UHFRQRFH OD PXOWLGLVFLSOLQDULHGDG GH OD 4XtPLFD $QDOtWLFD
DFWXDO
7e50,127(50
'HILQLFLyQ'HILQLWLRQ
)XHQWHGRFXPHQWDO'RFXPHQWDOVRXUFH
2WURVWpUPLQRVUHODFLRQDGRV2WKHUUHODWHGWHUPV
*/26$5,2GH7pUPLQRV$QDOtWLFRV(G
Sección I: Section I:
ANÁLISIS QUÍMICO CHEMICAL ANALYSIS
$/Ë&827$ $/,4827
&DQWLGDG FRQRFLGD GH XQ PDWHULDO $NQRZQDPRXQWRIDKRPRJHQHRXVPDWHULDO
KRPRJpQHR TXH KD VLGR WRPDGD GH XQ WRGR DVVXPHGWREHWDNHQZLWKQHJOLJLEOHVDPSOLQJ
FRQXQHUURUGHPXHVWUHRGHVSUHFLDEOH HUURU
$'0F1DXJKW$:LONLQVRQ&RPSHQGLRGH &RPSHQGLXPRIFKHPLFDOWHUPLQRORJ\±*ROG
WHUPLQRORJtDTXtPLFD6tQWHVLV %RRN:HEHGYHU,83$&
6XEPXHVWUD(VSpFLPHQ 6XEVDPSOH6SHFLPHQ
2%6(59$&,21(6
(O WpUPLQR VH UHILHUH XVXDOPHQWH D GLVROXFLRQHV SHUR QR HV H[FOXVLYR GH PXHVWUDV HQ HVWD
IDVH
*/26$5,2GH7pUPLQRV$QDOtWLFRV(G
$1È/,6,6'('$726 '$7$$1$/<6,6
&RPSDUDFLyQ GH OD DGHFXDFLyQ GH ORV GDWRV 7KH FRPSDULVRQ RI WKH DGHTXDF\ RI WKH GDWD
FRQ XQ PRGHOR FRQFHSWXDO SH XQ PRGHOR ZLWKDFRQFHSWXDOPRGHOHJDOLQHDUPRGHO
OLQHDO TXH SXHGH LQFOXLU HO FiOFXOR GH DQG PD\ LQFOXGH FRPSXWDWLRQ RI VXPPDU\
SDUiPHWURV HVWDGtVWLFRV HUURUHV GH PHGLGD VWDWLVWLFV VWDQGDUG HUURUV FRQILGHQFH
LQWHUYDORV GH FRQILDQ]D WHVW GH KLSyWHVLV \ LQWHUYDOVWHVWV RI K\SRWKHVHVDQGJRRGQHVV
HYDOXDFLyQ GH OD ERQGDG GH XQ DMXVWH \ HO RIILW WHVWV DQG WKH GHVLJQ RI SORWV JUDSKLFV
GLVHxRGHJUiILFRVHLOXVWUDFLRQHV DQGDUWZRUNV
7UDGXFLGD\DGDSWDGDSRUORVDXWRUHV $GDSWHGIURP*ORVVDU\RITXDOLW\DVVXUDQFH
WHUPVDQGUHODWHGDFURQ\PV86(3$
'DWR7UDWDPLHQWRGHGDWRV 'DWXP'DWDWUHDWPHQW
2%6(59$&,21(6
/RV GDWRV D DQDOL]DU GHEHQ GH FRQVWLWXLU XQ FRQMXQWR GH YDORUHV GDWD VHW REWHQLGRV HQ
VLPLODUHVFRQGLFLRQHV
+D\TXHGLIHUHQFLDUHVWHWpUPLQRGHODPHUDLQVSHFFLyQRUHYLVLyQGHORVGDWRVTXHHVXQD
HWDSDSUHYLD
$1È/,6,648Ë0,&2 &+(0,&$/$1$/<6,6
$GTXLVLFLyQ GH LQIRUPDFLyQ VREUH OD $FTXLVLWLRQRILQIRUPDWLRQDERXW WKHFKHPLFDO
FRPSRVLFLyQ R OD HVWUXFWXUD TXtPLFD GH XQ FRPSRVLWLRQRUVWUXFWXUHRIDPDWHULDOV\VWHP
VLVWHPD PDWHULDO PHGLDQWH OD DSOLFDFLyQ GH E\DQDQDO\WLFDOSURFHVV
XQSURFHVRDQDOtWLFR
$GDSWDGDGH*ORVDULRGHWpUPLQRVHQ0 $GDSWHGIURP*ORVVDU\RIWHUPVLQ0
9DOFiUFHO3ULQFLSLRVGHTXtPLFDDQDOtWLFD 9DOFiUFHO3ULQFLSOHVRIDQDO\WLFDOFKHPLVWU\D
6SULQJHU WH[WERRN6SULQJHU
(QVD\RTXtPLFR3URFHVRDQDOtWLFR &KHPLFDODVVD\&KHPLFDOWHVW$QDO\WLFDO
SURFHVV
2%6(59$&,21(6
/DLQIRUPDFLyQTXtPLFDREWHQLGDHQXQDQiOLVLVTXtPLFRSXHGHHVWDUUHIHULGDDODFDQWLGDGR
FRQWHQLGRGH XQ GHWHUPLQDGR FRPSRQHQWH DQDOLWR RDOYDORU GH XQDPDJQLWXGUHODFLRQDGD
SDUiPHWURDQDOtWLFR
(O DQiOLVLV TXtPLFR HV XQ WpUPLQR TXH VH GHEH DSOLFDU D PDWHULDOHV PDWULFHV PXHVWUDV X
REMHWRVSHURQRDDQDOLWRVRPDJQLWXGHVSHHVFRUUHFWRGHFLUDQiOLVLVGHDJXDVSHURQR
DQiOLVLV GH IRVIDWRV R GHO S+ GHO DJXD VLHQGR OR DGHFXDGR HQ HVRV FDVRV GHFLU
GHWHUPLQDFLyQGHIRVIDWRVRGHOS+GHODJXD
(ODQiOLVLVTXtPLFRFRPSUHQGHWRGDVODVRSHUDFLRQHVGHOSURFHVRDQDOtWLFRUHDOL]DGDVVREUH
PXHVWUDV UHDFWLYRV \ SDWURQHV LQFOX\HQGR HO WUDWDPLHQWR GH OD PXHVWUD HQ VX FDVR \ OD
SRVWHULRUPHGLGD
*/26$5,2GH7pUPLQRV$QDOtWLFRV(G
$1È/,6,6TXtPLFR&8$/,7$7,92 48$/,7$7,9(FKHPLFDO$1$/<6,6
$QiOLVLV HQ HO TXH XQ VLVWHPD PDWHULDO VH $QDO\VLV LQ ZKLFK D PDWHULDO V\VWHP LV
FDOLILFD HQ EDVH D XQD HYLGHQFLD TXDOLILHG DFFRUGLQJ WR H[SHULPHQWDO HYLGHQFH
H[SHULPHQWDO UHODFLRQDGD FRQ VX UHODWHG WR LWV FKHPLFDO FRPSRVLWLRQ RU
FRPSRVLFLyQRHVWUXFWXUDTXtPLFD VWUXFWXUH
7UDGXFLGD\DGDSWDGDSRUORVDXWRUHV $GDSWHGIURP(85$&+(0&,7$&*XLGH
7KHH[SUHVVLRQRIXQFHUWDLQW\LQ
TXDOLWDWLYHWHVWLQJ'UDIW
/*&9$0
&RQILUPDFLyQ&ULEDGR,GHQWLILFDFLyQ &RQILUPDWLRQ6FUHHQLQJ,GHQWLILFDWLRQ
0pWRGRFXDOLWDWLYRGHDQiOLVLV 4XDOLWDWLYHDQDO\WLFDOPHWKRG4XDOLWDWLYH
FKHPLFDOWHVWLQJ
2%6(59$&,21(6
(O REMHWLYR GH XQ DQiOLVLV FXDOLWDWLYR HV FODVLILFDU PXHVWUDV R PDWHULDOHV FRQ UHVSHFWR D XQ
GHWHUPLQDGR FULWHULR TXH HVWi UHODFLRQDGR FRQ LQIRUPDFLyQ VREUH VX FRPSRVLFLyQ \R
HVWUXFWXUD
/DFODVLILFDFLyQVHUHDOL]DHQEDVHDXQDHYLGHQFLDH[SHULPHQWDOTXHSXHGHVHUGHFDUiFWHU
VHQVRULDOREDVDGDHQODPHGLGDLQVWUXPHQWDOGHXQDPDJQLWXGGHQDWXUDOH]DItVLFDTXtPLFD
RELROyJLFD
/D UHVSXHVWDDQDOtWLFDTXHFDUDFWHUL]DDODHYLGHQFLDH[SHULPHQWDOHVGH QDWXUDOH]D ELQDULD
6t1R
(ODQiOLVLVFXDOLWDWLYRHVWiJHQHUDOPHQWHDVRFLDGRDODUHVROXFLyQGHSUREOHPDVWDOHVFRPR
L SUHVHQFLDDXVHQFLD GH XQ GHWHUPLQDGR FRPSRQHQWH LL FRPSDUDFLyQ GHO YDORU GH XQD
PDJQLWXG DQDOtWLFD FRQ XQ YDORU OtPLWH R XPEUDO H LLL LGHQWLILFDFLyQ HQ EDVH D XQD
GHWHUPLQDGDHVWUXFWXUDTXtPLFD
$1È/,6,6TXtPLFR&8$17,7$7,92 48$17,7$7,9(FKHPLFDO$1$/<6,6
$QiOLVLV TXH SHUPLWH REWHQHU OD FDQWLGDG R $QDO\VHVLQZKLFKWKHDPRXQWRUFRQWHQWRI
FRQWHQLGR GH XQ DQDOLWR R HO QLYHO GH XQ DQ DQDO\WH RU WKH OHYHO RI DQ DQDO\WLFDO
SDUiPHWURDQDOtWLFRH[SUHViQGRORVFRPRXQ SDUDPHWHU PD\ EH REWDLQHG DQG H[SUHVVHG
YDORUQXPpULFRFRQODVXQLGDGHVDGHFXDGDV DV D QXPHULFDO YDOXH ZLWK WKH DSSURSULDWH
XQLWV
$GDSWDGRGH$'0F1DXJKW$:LONLQVRQ $GDSWHGIURP&RPSHQGLXPRIFKHPLFDO
&RPSHQGLRGHWHUPLQRORJtDDQDOtWLFD WHUPLQRORJ\±*ROG%RRN:HEHGYHU
6tQWHVLV ,83$&
$QiOLVLVFXDOLWDWLYR&XDQWLILFDFLyQ 4XDOLWDWLYHDQDO\VLV4XDQWLILFDWLRQ
2%6(59$&,21(6
8QDQiOLVLVFXDQWLWDWLYRUHTXLHUHVLHPSUHXQDQiOLVLVFXDOLWDWLYRSUHYLRSDUDODLGHQWLILFDFLyQ\
FRQILUPDFLyQGHORVDQDOLWRVRSDUiPHWURVDQDOtWLFRV
8QDQiOLVLVTXtPLFRFXDQWLWDWLYRHVXQSURFHVRPHWUROyJLFR\DTXHVXREMHWLYRHVUHDOL]DUOD
PHGLGDGHXQDPDJQLWXG
*/26$5,2GH7pUPLQRV$QDOtWLFRV(G
$1È/,6,6TXtPLFR(6758&785$/ 6758&785$/FKHPLFDO$1$/<6,6
$QiOLVLVHQHOTXHVHHVWDEOHFHODHVWUXFWXUD $QDO\VLVWRHVWDEOLVKWKHFKHPLFDOVWUXFWXUHRI
TXtPLFD GH XQD VXVWDQFLD R XQ PDWHULDO \R D VXEVWDQFH RU PDWHULDO DQGRU WKH
OD GLVSRVLFLyQ JHRPpWULFD GH VXV HQWLGDGHV JHRPHWULFDO DUUDQJHPHQW RI LWV FKHPLFDO
TXtPLFDV HQWLWLHV
$GDSWDGDGH*ORVDULRGHWpUPLQRVHQ0 $GDSWHGIURP*ORVVDU\RIWHUPVLQ0
9DOFiUFHO3ULQFLSLRVGHTXtPLFDDQDOtWLFD 9DOFiUFHO3ULQFLSOHVRIDQDO\WLFDOFKHPLVWU\D
6SULQJHU WH[WERRN6SULQJHU
$QiOLVLVWRSRTXtPLFR 7RSRFKHPLFDODQDO\VLV
2%6(59$&,21(6
(ODQiOLVLVHVWUXFWXUDOVXPLQLVWUDLQIRUPDFLyQIXQGDPHQWDOPHQWHVREUHHOWLSR\QDWXUDOH]DGH
ORV HQODFHV TXtPLFRV LQWUD H LQWHUPROHFXODUHV \ OD HVWUXFWXUD FULVWDOLQD HQ VX FDVR GH ORV
PDWHULDOHV
7DPELpQ SRGUtD FRQVLGHUDUVH GHQWUR GHO iPELWR GHO DQiOLVLV HVWUXFWXUDO OD REWHQFLyQ GH
LQIRUPDFLyQ VREUH OD SUHVHQFLD GH GHWHUPLQDGRV iWRPRV R JUXSRV TXtPLFRV FRQ IXQFLRQHV
HVSHFtILFDV SH GRSDQWHV HQ XQ FULVWDO JUXSRV IXQFLRQDOHV HQ XQ SROtPHUR JUXSRV
ELRDFWLYRVHQXQDSURWHtQDHWF
(VPiVIUHFXHQWHHQFRQWUDUHOWpUPLQRGHFDUDFWHUL]DFLyQHVWUXFWXUDO
$1È/,6,6TXtPLFR6(0, 6(0,48$/,7$7,9(FKHPLFDO
&8$/,7$7,92 $1$/<6,6
$QiOLVLVHQHOTXHVHHVWDEOHFHODSUHVHQFLD $QDO\VLVLQZKLFKWKHSUHVHQFHRUDEVHQFHRI
R DXVHQFLD GH XQR R PiV PLHPEURV GH XQD RQHRUPRUHPHPEHUVRIDFODVVRUJURXSRI
FODVH R JUXSR GH VXVWDQFLDV FRPSXHVWRV VXEVWDQFHV FRPSRXQGV HWF DOO RI ZKLFK
HWF TXH SURGXFHQ OD PLVPD R VLPLODU SURGXFLQJWKHVDPHRUVLPLODUUHVSRQVHIURP
UHVSXHVWD GHO VLVWHPD GH WKH GHWHFWLRQPHDVXUHPHQW V\VWHP LV
GHWHFFLyQPHGLFLyQ HVWDEOLVKHG
7UDGXFLGD\DGDSWDGDSRUORVDXWRUHV $GDSWHGIURP*ORVVDU\RITXDOLW\DVVXUDQFH
WHUPVDQGUHODWHGDFURQ\PV86(3$
$QiOLVLVFXDOLWDWLYR 4XDOLWDWLYHDQDO\VLV
2%6(59$&,21(6
8QDQiOLVLVVHPLFXDOLWDWLYRSHUPLWHGHWHFWDUDOPHQRVXQJUXSRGHFRPSXHVWRVVLPLODUHVVLQ
OOHJDUDLGHQWLILFDUOR
*/26$5,2GH7pUPLQRV$QDOtWLFRV(G
$1È/,6,6TXtPLFR6(0, 6(0,48$17,7$7,9(FKHPLFDO
&8$17,7$7,92 $1$/<6,6
$QiOLVLV TXH SHUPLWH GHWHUPLQDU GH IRUPD $QDO\VHV LQ ZKLFK DQ DSSUR[LPDWLRQ RI WKH
DSUR[LPDGD OD FDQWLGDG R FRQWHQLGR GH XQ DPRXQWRUFRQWHQWRIDQDQDO\WHRUWKHOHYHO
DQDOLWRRHOQLYHOGHXQSDUiPHWURDQDOtWLFR RIDQDQDO\WLFDOSDUDPHWHUPD\EHREWDLQHG
7UDGXFLGD\DGDSWDGDSRUORVDXWRUHV $GDSWHGIURP(3ULFKDUG$QDO\WLFDO
PHDVXUHPHQWWHUPLQRORJ\/*&
56&
$QiOLVLVFXDQWLWDWLYR0pWRGRGHFULEDGR 4XDQWLWDWLYHDQDO\VLV6FUHHQLQJPHWKRG
2%6(59$&,21(6
8QDQiOLVLVVHPLFXDQWLWDWLYRSHUPLWHREWHQHUHVWLPDFLRQHVFRQSRFDVFLIUDVVLJQLILFDWLYDV
/RV PpWRGRV GH DQiOLVLV TXtPLFR VHPLFXDQWLWDWLYR VH XWLOL]DQ IUHFXHQWHPHQWH SDUD GLVSRQHU
GH XQ YDORU LQLFLDO \ SXHGHQ KDFHU HO SDSHO GH XQ PpWRGR DQDOtWLFR GH FULEDGR SH ORV
PpWRGRVEDVDGRVHQ(/,6$
$1È/,6,6723248Ë0,&2 7232&+(0,&$/$1$/<6,6
$QiOLVLV HQ HO TXH VH HVWDEOHFH OD $QDO\VLV WR HVWDEOLVK WKH TXDOLWDWLYH DQGRU
GLVWULEXFLyQ HVSDFLDO FXDOLWDWLYD \R TXDQWLWDWLYH VSDWLDO GLVWULEXWLRQ RI WKH
FXDQWLWDWLYD GH ORV FRQVWLWX\HQWHV GH XQD FRQVWLWXHQWV RI D VDPSOH RU DQ DQDO\WLFDO
PXHVWUDXREMHWRDQDOtWLFR REMHFW
3URSXHVWDSRUORVDXWRUHV 3URSRVHGE\WKHDXWKRUV
$QiOLVLVHVWUXFWXUDO 6WUXFWXUDODQDO\VLV
2%6(59$&,21(6
(OWpUPLQRWRSRTXtPLFRGHULYDGHOYRFDEORJULHJRWRSRVTXHVLJQLILFDOXJDU
(MHPSORGHDQiOLVLVWRSRTXtPLFRVHUtDHO HVWXGLRGHGLVWULEXFLyQGHXQFRQWDPLQDQWHHQXQD
]RQDGHODDWPyVIHUDRHQXQDPDVDDFXiWLFDRODGLVWULEXFLyQGHXQDPHQDPLQHUDOHQXQ
WHUUHQR
5HFLHQWHPHQWHHODQiOLVLVWRSRTXtPLFRKDDGTXLULGRXQJUDQLQWHUpVHQODFDUDFWHUL]DFLyQGH
VLVWHPDVELROyJLFRVSRUHMHPSORODWRSRTXtPLFDGHODSDUHGFHOXODU
*/26$5,2GH7pUPLQRV$QDOtWLFRV(G
$1$/,72 $1$/<7(
&RPSRQHQWH GH XQ VLVWHPD PDWHULDO \ ORV 7KH FRPSRQHQW RI D PDWHULDO V\VWHP DQG
GHULYDGRV TXH SXGLHUDQ SURGXFLUVH TXH GHULYDWLYHV HPHUJLQJ WR EH GHWHFWHG
SUHWHQGH VHU GHWHFWDGR LGHQWLILFDGR R LGHQWLILHGDQGRUTXDQWLILHGXVLQJDPHWKRGRI
FXDQWLILFDGR PHGLDQWH OD DSOLFDFLyQ GH XQ FKHPLFDODQDO\VLV
PpWRGRGHDQiOLVLVTXtPLFR
$GDSWDGDGH'HFLVLyQ&(GHOD $GDSWHGIURP&RPPLVVLRQ'HFLVLRQ
&RPLVLyQSRUODTXHVHDSOLFDOD'LUHFWLYD (&LPSOHPHQWLQJ&RXQFLO'LUHFWLYH
&(GHO&RQVHMRHQFXDQWRDO (&FRQFHUQLQJWKHSHUIRUPDQFHRI
IXQFLRQDPLHQWRGHORVPpWRGRVDQDOtWLFRV\ DQDO\WLFDOPHWKRGVDQGWKHLQWHUSUHWDWLRQRI
ODLQWHUSUHWDFLyQGHORVUHVXOWDGRV UHVXOWV
$QDOLWRDGLFLRQDGR$QDOLWRQDWLYR$QDOLWR $GGHGDQDO\WH1DWLYHDQDO\WH6WDQGDUG
SDWUyQ6XEURJDGR DQDO\WH6XUURJDWH
2%6(59$&,21(6
(O WpUPLQR DQDOLWR KDFH VLHPSUH PHQFLyQ D XQ FRPSRQHQWH PDWHULDO TXH IRUPD SDUWH GH OD
FRPSRVLFLyQ GH OD PXHVWUD HOHPHQWR FRPSXHVWR HVSHFLH LyQ UDGLFDO« SHUR QR D XQD
SURSLHGDGRPDJQLWXG
(VKDELWXDOHQFRQWUDUGHILQLFLRQHVHQODVTXHVHUHILHUHQDDQDOLWRFRPRXQDVXVWDQFLDSHUR
HVWRQRHVFRUUHFWR\DTXHHODQDOLWRSXHGHVHUXQDSDUWHGH ODVXVWDQFLDSHXQLyQRXQ
UDGLFDO
$QDOLWR QR GHEH XWLOL]DUVH MXQWR FRQ HO YHUER DQDOL]DU \D TXH VH DQDOL]DQ ODV PXHVWUDV R
PDWHULDOHVPLHQWUDVTXHORVDQDOLWRVVHLGHQWLILFDQ\VXFDQWLGDGRFRQWHQLGRVHFXDQWLILFD
(VWH HV XQ HUURU FRP~Q TXH DSDUHFH LQFOXVR HQ OD GHILQLFLyQ TXH D~Q PDQWLHQH OD ,83$&
,83$&*ROG%RRN7KHFRPSRQHQWRIDV\VWHPWREHDQDO\VHG
/DH[SUHVLyQ\ORVGHULYDGRVTXHSXGLHUDQSURGXFLUVHVHUHILHUHDORVSURGXFWRVGHULYDGRV
GHO DQDOLWR TXH SXHGHQ IRUPDUVH PHGLDQWH SURFHVRV GH GHULYDWL]DFLyQ GXUDQWH OD
SUHSDUDFLyQ GH OD PXHVWUD $GHPiV HQ FLHUWRV FDVRV VH SXHGHQ FRQWHPSODU WDPELpQ ORV
PHWDEROLWRV \ SURGXFWRV GH GHJUDGDFLyQ QDWXUDO TXH DFRPSDxDQ DO DQDOLWR RULJLQDO HQ OD
PXHVWUDRPDWHULDO
$1$/,72$',&,21$'2 $''('$1$/,7(
6XVWDQFLD TXH KD VLGR DxDGLGD DO VLVWHPD 6XEVWDQFH ZKLFK KDV EHHQ DGGHG WR WKH
PDWHULDOEDMRHVWXGLRFRQHOILQGHHYDOXDUOD PDWHULDO V\VWHP XQGHU VWXG\ IRU TXDOLW\
FDOLGDG GH XQ PpWRGR R SURFHVR DQDOtWLFRR DVVHVVPHQW RU LQFXUUHG DQDO\WH TXDQWLWDWLRQ
SDUDFXDQWLILFDUHODQDOLWRQDWLYR SXUSRVHV
3URSXHVWDSRUORVDXWRUHV 3URSRVHGE\WKHDXWKRUV
$QDOLWRQDWLYR$QDOLWRSDWUyQ6XEURJDGR 1DWLYHDQDO\WH6WDQGDUGDQDO\WH6XUURJDWH
2%6(59$&,21(6
(VWHWpUPLQRLQFOXLUtDDORVDQDOLWRVHPSOHDGRVFRPRSDWUyQLQWHUQRHQHOFDVRGHTXHVHOOHYH
DFDERXQFDOLEUDGRHQSUHVHQFLDGHPDWUL]
*/26$5,2GH7pUPLQRV$QDOtWLFRV(G
$1$/,721$7,92 1$7,9($1$/<7(,1&855('
$1$/<7(
$QDOLWR TXH HVWi SUHVHQWH HQ HO VLVWHPD $QDO\WHLQFRUSRUDWHGLQWRWKHWHVWPDWHULDOE\
PDWHULDOVRPHWLGRDHVWXGLR\FX\DSUHVHQFLD QDWXUDO SURFHVVHV DQG PDQXIDFWXULQJ
VH GHEH D SURFHVRV QDWXUDOHV R SURFHGXUHV
SURFHGLPLHQWRVGHPDQXIDFWXUDFLyQ
7UDGXFLGD\DGDSWDGDSRUORVDXWRUHV ,83$&7HFKQLFDO5HSRUW+DUPRQLVHG
JXLGHOLQHVIRUWKHXVHRIUHFRYHU\LQIRUPDWLRQ
LQDQDO\WLFDOPHDVXUHPHQW
$QDOLWRDGLFLRQDGR$QDOLWRSDWUyQ $GGHGDQDO\WH6WDQGDUGDQDO\WH
2%6(59$&,21(6
(VWH WpUPLQR QRV SHUPLWH GLIHUHQFLDU OD IUDFFLyQ GH XQ DQDOLWR SUHVHQWH HQ OD PXHVWUD
VRPHWLGDDHVWXGLRGHPDQHUDQDWXUDOSURSLRGHGLFKDPXHVWUD\ODIUDFFLyQGHOPLVPRTXH
KDVLGRDGLFLRQDGDGXUDQWHHOSURFHGLPLHQWRDQDOtWLFR
$1$/,723$75Ï1 67$1'$5'$1$/<7(
6XVWDQFLD ELHQ FDUDFWHUL]DGD \ GH OD PD\RU :HOOGHILQHG VXEVWDQFH LQ LWV KLJKHVW
SXUH]D GLVSRQLEOH TXH VH HPSOHD FRPR DYDLODEOH SXULW\ WR EH XVHG DV D UHIHUHQFH LQ
UHIHUHQFLDHQHODQiOLVLV WKHDQDO\VLV
7UDGXFLGDSRUORVDXWRUHV *ORVVDU\RIWHUPVIRUTXDOLW\DVVXUDQFHDQG
JRRGODERUDWRU\SUDFWLFHVQGHG
8QLWHG1DWLRQV2IILFHRQ'UXJVDQG&ULPH
812'&
'LVROXFLyQSDWUyQ3DWUyQSULPDULR3DWUyQ 6WDQGDUGVROXWLRQ3ULPDU\VWDQGDUG
VHFXQGDULR 6HFRQGDU\VWDQGDUG
2%6(59$&,21(6
(O FRQFHSWR GH DQDOLWR SDWUyQ VH UHILHUH D XQD VXVWDQFLD HQ HVWDGR SXUR HQ HVWDGR VyOLGR
OtTXLGRRJDVTXHHVHODQDOLWRRORFRQWLHQHIRUPDQGRXQFRPSXHVWRTXtPLFRSHXQDQDOLWR
SDWUyQSDUDXQDGHWHUPLQDFLyQGH)H,,SRGUtDHVWDUFRQVWLWXLGRSRU)HPHWiOLFRRSRUVDOGH
0RKU+1)H62
/DGLVROXFLyQFX\RVROXWRHVHODQDOLWRSDWUyQFRQVWLWX\HXQDGLVROXFLyQSDWUyQ
*/26$5,2GH7pUPLQRV$QDOtWLFRV(G
$3/,&$%,/,'$'GHXQPpWRGR $33/,&$%,/,7<RIDQDQDO\WLFDO
DQDOtWLFR PHWKRG
,QIRUPDFLyQ VREUH ORV DQDOLWRV PDWULFHV \ ,QIRUPDWLRQ DERXW WKH DQDO\WHV PDWUL[HV
FRQFHQWUDFLRQHV D ODV TXH HO PpWRGR SXHGH DQG FRQFHQWUDWLRQV WR ZKLFK WKH PHWKRG FDQ
VHUDSOLFDGRDVtFRPRODDSOLFDFLyQSUHYLVWD EH DSSOLHG DV ZHOO DV WKH LQWHQGHG
\VXVUHTXLVLWRVGHLQFHUWLGXPEUH DSSOLFDWLRQDQGLWVXQFHUWDLQW\UHTXLUHPHQWV
7UDGXFLGD\DGDSWDGDSRUORVDXWRUHV $GDSWHGIURP,83$&7HFKQLFDO5HSRUW
+DUPRQL]HGJXLGHOLQHVIRUVLQJOH
ODERUDWRU\YDOLGDWLRQRIPHWKRGVRIDQDO\VLV
,QWHUYDORGHWUDEDMR :RUNLQJUDQJH
2%6(59$&,21(6
8QDGHFODUDFLyQGHDSOLFDELOLGDGGHEHVXPLQLVWUDULQIRUPDFLyQVREUHHOiPELWRGHDSOLFDFLyQ
GHOPpWRGRHLQFOXLUXQDOLVWDGHORVSURGXFWRVSDUDORVTXHHVDSOLFDEOH
7DPELpQ GHEH LQFOXLU LQIRUPDFLyQ VREUH SRVLEOHV LQWHUIHUHQWHV R LQFOXVR VREUH DTXHOODV
PDWULFHVSDUDODVTXHHOPpWRGRQRSRGUtDVHUDSOLFDGR
$37,78'3$5$862GHXQPpWRGR ),71(66)25385326(RIDQ
DQDOtWLFR DQDO\WLFDOPHWKRG
*UDGRHQTXHORVUHVXOWDGRVREWHQLGRVHQXQ 'HJUHH WR ZKLFK GDWD SURGXFHG E\ D
SURFHVR GH PHGLGD SHUPLWHQ DO XVXDULR PHDVXUHPHQW SURFHVV HQDEOHV DQ XVHU WR
WRPDU GHFLVLRQHV FRUUHFWDV WDQWR GHVGH XQ PDNH WHFKQLFDOO\ DQG DGPLQLVWUDWLYHO\ FRUUHFW
SXQWR GH YLVWD WpFQLFR FRPR DGPLQLVWUDWLYR GHFLVLRQVIRUDVWDWHGSXUSRVH
FRQREMHWRGHDOFDQ]DUXQILQHVWDEOHFLGR
&$&*/'LUHFWULFHVVREUHOD &$&*/*XLGHOLQHVRQDQDO\WLFDO
WHUPLQRORJtDDQDOtWLFD&RPLVLyQGHO&RGH[ WHUPLQRORJ\&RGH[$OLPHQWDULXV
$OLPHQWDULXV &RPPLVVLRQ
9DOLGDFLyQ 9DOLGDWLRQ
2%6(59$&,21(6
,QGLFD OD H[WHQVLyQ HQ OD TXH ODV FDUDFWHUtVWLFDV GH IXQFLRQDPLHQWR GH XQ PpWRGR DQDOtWLFR
FXPSOHQORVUHTXLVLWRVHVWDEOHFLGRVSDUDHOXVRTXHHOFOLHQWHRXVXDULRWLHQHQSUHYLVWR
6XGHVFULSFLyQSXHGHEDVDUVHHQORVYDORUHVGHORVSDUiPHWURVGHIXQFLRQDPLHQWRDXQTXHOR
DFRQVHMDEOHHVH[SUHVDUODHQWpUPLQRVGHLQFHUWLGXPEUHDFHSWDEOH
([LVWHQRWURVVLQyQLPRVGHODPLVPDH[SUHVLyQDGHFXDFLyQDOILQSUHYLVWR
*/26$5,2GH7pUPLQRV$QDOtWLFRV(G
%/$1&2 %/$1.
0XHVWUD R HVSpFLPHQ TXH QR FRQWLHQH HO 6DPSOH RU VSHFLPHQ QRW FRQWDLQLQJ WKH
DQDOLWR DQDO\WH
7UDGXFLGDSRUORVDXWRUHV $GDSWHGIURP*ORVVDU\RIWHUPVIRUTXDOLW\
DVVXUDQFHDQGJRRGODERUDWRU\SUDFWLFHV
QGHG8QLWHG1DWLRQV2IILFHRQ
'UXJVDQG&ULPH812'&
0XHVWUD(VSpFLPHQ 6DPSOH6SHFLPHQ
2%6(59$&,21(6
6LHOPpWRGRHPSOHDGRHVHVSHFtILFRHOEODQFRQRGHEHUtDRULJLQDUVHxDODQDOtWLFDVLORKDFH
pVWDVHGHQRPLQD³VHxDOGHOEODQFR´
(Q RFDVLRQHV VH XWLOL]D HO WpUPLQR EODQFR SDUD UHIHULUVH D OD VHxDO GHO EODQFR OR TXH HV
GHVDFRQVHMDEOHSRUTXHSXHGHJHQHUDUFRQIXVLyQ
(QHOGRFXPHQWR4XDOLW\&RQWURO%ODQNV86(3$DSDUHFHQGLIHUHQFLDGRVMXQWRFRQ
VXFRUUHVSRQGLHQWHGHILQLFLyQGLVWLQWRVWLSRVGHEODQFRVUHIHULGRVDPXHVWUDVDPELHQWDOHVGH
DJXD EODQFR GH LQVWUXPHQWR EODQFR GH PpWRGR EODQFR GH YLDMH EODQFR GH FDPSR \
EODQFRGHHTXLSR6HXWLOL]DQSDUDGLIHUHQFLDUODVSRVLEOHVIXHQWHVGHFRQWDPLQDFLyQGHODV
PXHVWUDV
&$/,%5$&,Ï1$1$/Ë7,&$ $1$/<7,&$/&$/,%5$7,21
2SHUDFLyQ TXH GHWHUPLQD OD UHODFLyQ 2SHUDWLRQ WKDW GHWHUPLQHV WKH IXQFWLRQDO
IXQFLRQDOHQWUHYDORUHVPHGLGRV\YDORUHVGH UHODWLRQVKLS EHWZHHQ PHDVXUHG DQG
PDJQLWXGHV DQDOtWLFDV \ TXH VH DSOLFD SDUD DQDO\WLFDO TXDQWLW\ YDOXHV FKDUDFWHULVLQJ
OD FDUDFWHUL]DFLyQ GH WLSRV GH DQDOLWRV \ OD W\SHVRIDQDO\WHVDQGWKHLUDPRXQW
GHWHUPLQDFLyQGHVXVFDQWLGDGHV
7UDGXFLGD\DGDSWDGDSRUORVDXWRUHV $GDSWHGIURP,83$&5HFRPPHQGDWLRQ
*XLGHOLQHVIRUFDOLEUDWLRQLQDQDO\WLFDO
FKHPLVWU\±3DUW)XQGDPHQWDOVDQGVLQJOH
FRPSRQHQWFDOLEUDWLRQ
&DOLEUDFLyQPHWUROyJLFD)XQFLyQGH 0HWURORJLFDOFDOLEUDWLRQ&DOLEUDWLRQIXQFWLRQ
FDOLEUDFLyQ
2%6(59$&,21(6
(VWHWpUPLQRHVFDUDFWHUtVWLFRGHOD4XtPLFD$QDOtWLFD\KD\TXHGLIHUHQFLDUORGHODDFHSFLyQ
JHQHUDOGHWHUPLQDGDSRUHOWpUPLQRGHFDOLEUDFLyQPHWUROyJLFD
/DGHILQLFLyQDQWHULRUHVDSOLFDEOHWDQWRDPpWRGRVFXDOLWDWLYRVFRPRFXDQWLWDWLYRV\DTXHVH
EDVDHQHOHVWDEOHFLPLHQWRGHXQDUHODFLyQLQHTXtYRFDHQWUHODVHxDORORVGDWRVDQDOtWLFRV\
ODSUHVHQFLDLGHQWLILFDFLyQFDQWLGDGGHXQDQDOLWR
/DFDOLEUDFLyQLQFOX\HODVHOHFFLyQGHOPRGHORHVGHFLUVXIRUPDIXQFLRQDOODHVWLPDFLyQGH
ORV SDUiPHWURV GHO PRGHOR MXQWRFRQ VX LQFHUWLGXPEUH \ VX YDOLGDFLyQ 3XHGH UHDOL]DUVH HQ
EDVH D XQD IXQFLyQ PDWHPiWLFD DMXVWDGD PHGLDQWH UHJUHVLyQ R XWLOL]DQGR XQ IDFWRU GH
SURSRUFLRQDOLGDGIDFWRUGHFDOLEUDFLyQRIDFWRUGHUHVSXHVWD
'HSHQGLHQGR GHO SDWUyQ XWLOL]DGR OD FDOLEUDFLyQ DQDOtWLFD SXHGH VHU FDOLEUDFLyQ H[WHUQD
H[WHUQDO FDOLEUDWLRQ FDOLEUDFLyQ LQWHUQD LQWHUQDO FDOLEUDWLRQ FDOLEUDFLyQ HQ
SUHVHQFLDGHPDWUL]PDWUL[PDWFKHGFDOLEUDWLRQ\FDOLEUDFLyQSRUDGLFLyQGHSDWUyQ
VWDQGDUGDGGHGFDOLEUDWLRQYHU7UHQGV$QDO&KHP
*/26$5,2GH7pUPLQRV$QDOtWLFRV(G
&$3$&,'$''('(7(&&,Ï1&&ȕ '(7(&7,21&$3$%,/,7<&&ȕ
&RQWHQLGR PtQLPR GH XQD VXVWDQFLD TXH 7KH VPDOOHVW FRQWHQW RI WKH VXEVWDQFH WKDW
SXHGH VHU GHWHFWDGR LGHQWLILFDGR R PD\ EH GHWHFWHG LGHQWLILHG DQGRU TXDQWLILHG
FXDQWLILFDGR HQ XQD PXHVWUD FRQ XQD LQDVDPSOHZLWKDQHUURUSUREDELOLW\RIȕ
SUREDELOLGDGGHHUURUȕ
'HFLVLyQ&(GHOD&RPLVLyQSRUOD &RPPLVVLRQ'HFLVLRQ(&
TXHVHDSOLFDOD'LUHFWLYD&(GHO LPSOHPHQWLQJ&RXQFLO'LUHFWLYH(&
&RQVHMRHQFXDQWRDOIXQFLRQDPLHQWRGHORV FRQFHUQLQJWKHSHUIRUPDQFHRIDQDO\WLFDO
PpWRGRVDQDOtWLFRV\ODLQWHUSUHWDFLyQGHORV PHWKRGVDQGWKHLQWHUSUHWDWLRQRIUHVXOWV
UHVXOWDGRV
/LPLWHGHGHWHFFLyQ 'HWHFWLRQOLPLW
2%6(59$&,21(6
/D FDSDFLGDG GH GHWHFFLyQ UHSUHVHQWD OD PtQLPD FDQWLGDG GH DQDOLWR TXH VLHPSUH SURGXFH
XQD VHxDO QHWD TXH SXHGH VHU GLVWLQJXLGD GH OD FRUUHVSRQGLHQWH VHxDO GHO EODQFR FRQ XQD
SUREDELOLGDGGHHUURUSRUIDOVDGHWHFFLyQLJXDODȕ
(QHOFDVRGHVXVWDQFLDVSDUDODVTXHQRVHKDHVWDEOHFLGRXQOtPLWHSHUPLWLGRODFDSDFLGDG
GH GHWHFFLyQ HV OD FRQFHQWUDFLyQ PtQLPD HQ OD TXH XQ PpWRGR SXHGH GHWHFWDU PXHVWUDV
UHDOPHQWHFRQWDPLQDGDVFRQXQDFHUWH]DHVWDGtVWLFDGHíȕ
(QHOFDVRGHVXVWDQFLDVSDUDODVTXHVHKDHVWDEOHFLGRXQOtPLWHSHUPLWLGRODFDSDFLGDGGH
GHWHFFLyQHVODFRQFHQWUDFLyQHQODTXHXQPpWRGRSXHGHGHWHFWDUOtPLWHVGHFRQFHQWUDFLyQ
SHUPLWLGRVFRQXQDFHUWH]DHVWDGtVWLFDGHíȕ
&$5$&7(5Ë67,&$ &+$5$&7(5,67,&
5DVJR GLVWLQWLYR GH XQD PXHVWUD R PDWHULDO $ GLVWLQJXLVKLQJ IHDWXUH RI D VDPSOH RU
TXHSXHGHVHUPHGLGRFRQWDGRXREVHUYDGR PDWHULDO WKDW FDQ EH PHDVXUHG FRXQWHG RU
GHDOJ~QRWURPRGR RWKHUZLVHREVHUYHG
7UDGXFLGD\DGDSWDGDSRUORVDXWRUHV $GDSWHGIURP)LHOGVDPSOHPDQXDO
0LQLVWU\RI(QYLURQPHQW%ULWLVK&ROXPELD
$WULEXWR&DUDFWHUL]DFLyQ $WWULEXWH&KDUDFWHULVDWLRQ
2%6(59$&,21(6
8QD FDUDFWHUtVWLFD SXHGH VHU LQKHUHQWH R DVLJQDGD \ VHU GH QDWXUDOH]D FXDQWLWDWLYD R
FXDOLWDWLYDDWULEXWR
(QHOFRQWH[WRDQDOtWLFRODFDUDFWHUtVWLFDVHUHILHUHDXQSDUiPHWURRSURSLHGDGDQDOtWLFD
*/26$5,2GH7pUPLQRV$QDOtWLFRV(G
&$5$&7(5Ë67,&$'( 3(5)250$1&(&+$5$&7(5,67,&
)81&,21$0,(172
3ULQFLSDOHV FDUDFWHUtVWLFDV TXH GHILQHQ OD .H\ FKDUDFWHULVWLFV WKDW GHILQH WKH IXQFWLRQDO
FDOLGDG IXQFLRQDO GH XQ PpWRGR DQDOtWLFR \ TXDOLW\ RI DQ DQDO\WLFDO PHWKRG ZKLFK DUH
TXHVRQHYDOXDGDVHQIXQFLyQGHODILQDOLGDG HYDOXDWHG IRU WKH SXUSRVHV RI PHWKRG
SDUDODTXHHOPpWRGRKDVLGRGHVDUUROODGR\ GHYHORSPHQWDQGYDOLGDWLRQ
YDOLGDGR
7UDGXFLGD\DGDSWDGDSRUORVDXWRUHV $GDSWHGIURP*ORVVDU\RIWHUPVIRUTXDOLW\
DVVXUDQFHDQGJRRGODERUDWRU\SUDFWLFHV
QGHG8QLWHG1DWLRQV2IILFHRQ
'UXJVDQG&ULPH812'&
3DUiPHWURGHFDOLGDG&ULWHULRGH 4XDOLW\SDUDPHWHU3HUIRUPDQFH
IXQFLRQDPLHQWR9DOLGDFLyQDQDOtWLFD FKDUDFWHULVWLF$QDO\WLFDOYDOLGDWLRQ
2%6(59$&,21(6
(Q/DWLQRDPpULFDVHXWLOL]DHOWpUPLQRFDUDFWHUtVWLFDGHGHVHPSHxR
(QWUH GLFKDV FDUDFWHUtVWLFDV VH LQFOX\HQ YHUDFLGDG SUHFLVLyQ VHQVLELOLGDG VHOHFWLYLGDG
OtPLWHVLQIHULRUHVUREXVWH]VROLGH]HWF
(QLQJOpVHVWDPELpQXVXDOXWLOL]DUFRPRVLQyQLPRILJXUHRIPHULW
(O WpUPLQR SDUiPHWURV GH YDOLGDFLyQ VH XWLOL]D FRPR HTXLYDOHQWH HQ HO FRQWH[WR GH XQD
YDOLGDFLyQ
&$5$&7(5,=$&,Ï1 &+$5$&7(5,6$7,21
,GHQWLILFDFLyQ \R FXDQWLILFDFLyQ GH XQD R ,GHQWLILFDWLRQ DQGRU TXDQWLILFDWLRQ RI VSHFLILF
PiV SURSLHGDGHV R FDUDFWHUtVWLFDV SURSHUWLHVRUFKDUDFWHULVWLFVRIWKHVDPSOHRU
HVSHFtILFDVGHXQDPXHVWUDRPDWHULDO PDWHULDO
7UDGXFLGDSRUORVDXWRUHV (3ULFKDUG$QDO\WLFDOPHDVXUHPHQW
WHUPLQRORJ\/*&56&
'HWHUPLQDFLyQ 'HWHUPLQDWLRQ
2%6(59$&,21(6
/D FDUDFWHUL]DFLyQ QR UHTXLHUH OD LGHQWLILFDFLyQ GH FRPSRQHQWHV HOHPHQWR FRPSXHVWRV
HVSHFLHVLRQHVUDGLFDOHVHWFSHLQIODPDELOLGDGFDSDFLGDGDQWLR[LGDQWHHWF
/D FDUDFWHUL]DFLyQ LPSOLFD HVWDEOHFHU ORV DVSHFWRV GLIHUHQFLDOHV GH XQ VLVWHPD PDWHULDO D
SDUWLUGHORVUHVXOWDGRVDQDOtWLFRV
*/26$5,2GH7pUPLQRV$QDOtWLFRV(G
&203$5$%,/,'$' &203$5$%,/,7<
*UDGR HQ HO TXH GLIHUHQWHV PpWRGRV 'HJUHHWRZKLFKGLIIHUHQWPHWKRGVGDWDVHWV
FRQMXQWRV GH GDWRV R GHFLVLRQHV VRQ DQGRUGHFLVLRQVDJUHHRUFDQEHUHSUHVHQWHG
FRKHUHQWHVRSXHGHQVHUFRQVLGHUDGRVFRPR DVVLPLODU
VLPLODUHV
7UDGXFLGDSRUORVDXWRUHV *ORVVDU\RITXDOLW\DVVXUDQFHWHUPVDQG
UHODWHGDFURQ\PV:HEHG86(3$
7UD]DELOLGDG 7UDFHDELOLW\
2%6(59$&,21(6
/DFRPSDUDELOLGDGHVXQLQGLFDGRUGHFDOLGDGWDQWRGHORVPpWRGRVDQDOtWLFRVDSOLFDGRVFRPR
GHORVGDWRVUHFRJLGRV
/DFRPSDUDELOLGDGHVXQDFRQVHFXHQFLDGHODWUD]DELOLGDG
&21),50$&,Ï1 &21),50$7,21
&RPELQDFLyQ GH GRV R PiV PpWRGRV GH &RPELQDWLRQRIWZRRUPRUHDQDO\VHVWKDWDUH
DQiOLVLV FX\RV UHVXOWDGRV VRQ FRKHUHQWHV LQDJUHHPHQWZLWKHDFKRWKHUDWOHDVWRQHRI
VLHPSUH TXH DO PHQRV XQR GH HOORV FXPSOD ZKLFKPHHWVLGHQWLILFDWLRQFULWHULD
ORVFULWHULRVGHLGHQWLILFDFLyQ
7UDGXFLGD\DGDSWDGDSRUORVDXWRUHV 6$1&20HWKRGYDOLGDWLRQDQG
TXDOLW\FRQWUROSURFHGXUHVIRUSHVWLFLGH
UHVLGXHVDQDO\VLVLQIRRGDQGIHHG
,GHQWLILFDFLyQ ,GHQWLILFDWLRQ
2%6(59$&,21(6
/DFRQILUPDFLyQLPSOLFDODYHULILFDFLyQGHODSUHVHQFLDHLGHQWLGDGGHXQFRPSRQHQWH
'HEHSURSRUFLRQDULQIRUPDFLyQWRWDORFRPSOHPHQWDULDTXHSHUPLWDLGHQWLILFDU \HQVXFDVR
FXDQWLILFDU GH PDQHUD LQHTXtYRFD OD VXVWDQFLD DO QLYHO GH LQWHUpV LGHDOPHQWH XWLOL]DQGR
WpFQLFDVRPpWRGRVGHVHOHFWLYLGDGRUWRJRQDO
$FWXDOPHQWH OD FRQILUPDFLyQ VH UHDOL]D FDVL H[FOXVLYDPHQWH DSOLFDQGR HVSHFWURPHWUtD GH
PDVDV HQ FXDOTXLHUD GH VXV YDULDQWHV DXQTXH WUDGLFLRQDOPHQWH VH KDQ XWLOL]DGR RWUDV
HVWUDWHJLDV FRPR XVR GH XQD VHJXQGD FROXPQD R XQ VHJXQGR GHWHFWRU HQ FURPDWRJUDItD
HVWXGLRHVSHFWUDODSOLFDFLyQGHPHWRGRORJtDVDOWHUQDWLYDVGHSUHSDUDFLyQGHPXHVWUDHWF
*/26$5,2GH7pUPLQRV$QDOtWLFRV(G
&217$0,1$&,Ï1DQDOtWLFD $QDO\WLFDO&217$0,1$7,21
,QWURGXFFLyQ QR LQWHQFLRQDGD GHO DQDOLWR HQ 8QLQWHQGHG LQWURGXFWLRQ RI WKH DQDO\WH LQWR D
OD PXHVWUD H[WUDFWR GLVROXFLyQ GH SDWUyQ VDPSOH H[WUDFW LQWHUQDO VWDQGDUG VROXWLRQ
LQWHUQR HWF SRU FXDOTXLHU PHGLR \ HQ HWF E\ DQ\ URXWH DQG DW DQ\ VWDJH GXULQJ
FXDOTXLHU HWDSD GXUDQWH HO PXHVWUHR R HO VDPSOLQJRUDQDO\VLV
DQiOLVLV
7UDGXFLGDSRUORVDXWRUHV 6$1&20HWKRGYDOLGDWLRQDQG
TXDOLW\FRQWUROSURFHGXUHVIRUSHVWLFLGH
UHVLGXHVDQDO\VLVLQIRRGDQGIHHG
&RQWDPLQDQWH &RQWDPLQDQW
2%6(59$&,21(6
/D FRQWDPLQDFLyQ VH UHILHUH VLHPSUH DO DQDOLWR R DQDOLWRV 6L ORV FRPSRQHQWHV TXH VH
LQWURGXFHQQRVRQDQDOLWRVHVWRVVHHQJOREDQHQODPDWUL]HQHVWH~OWLPRFDVRVHKDEODGH
PDWUL]VXFLD
3RVLEOHVIXHQWHVGHFRQWDPLQDFLyQVHUtDQHODPELHQWHGHWUDEDMRORVUHDFWLYRVTXtPLFRVHO
PDWHULDOGHYLGULRORVHTXLSRVGHPXHVWUHR\SUHSDUDFLyQGHPXHVWUDHWF
&217$0,1$17( &217$0,1$17
6XVWDQFLDLQFOX\HQGRHODQDOLWRTXHKDVLGR $ VXEVWDQFHLQFOXGLQJ WKHDQDO\WH LWVHOIWKDW
LQWURGXFLGD LQLQWHQFLRQDGDPHQWH HQ OD LVLQWURGXFHG XQLQWHQWLRQDOO\LQWR DVDPSOH
PXHVWUD GXUDQWH OD HWDSD GH PXHVWUHR GXULQJ FROOHFWLRQ SURFHVVLQJ RU
SURFHVDGRRPHGLGDGHODPLVPD PHDVXUHPHQW
7UDGXFLGDSRUORVDXWRUHV %07LVVXH*ORVVDU\RIDQDO\WLFDOWHUPV
6XVWDQFLD&RQWDPLQDFLyQ 6XEVWDQFH&RQWDPLQDWLRQ
2%6(59$&,21(6
8QFRQWDPLQDQWHGHEHLQFOXLUVLHPSUHHODQDOLWR\DTXHHQFDVRFRQWUDULRVyORVHPRGLILFDUtD
ODPDWUL]
(Q HO iPELWR DOLPHQWDULR XQ FRQWDPLQDQWH TXH HV FRQVHFXHQFLD GHO XVR GH SODJXLFLGDV R
PHGLFDPHQWRV YHWHULQDULRV VH GHQRPLQD UHVLGXR (O WpUPLQR LQFOX\H WDQWR D ORV SURGXFWRV
RULJLQDOHV FRPR D VXV SURGXFWRV GH GHJUDGDFLyQ PHWDEROLWRV \ SURGXFWRV GH UHDFFLyQ \ D
ODVLPSXUH]DVFRQVLGHUDGDVGHLPSRUWDQFLDWR[LFROyJLFD
*/26$5,2GH7pUPLQRV$QDOtWLFRV(G
&5,7(5,26'()81&,21$0,(172 3(5)250$1&(&5,7(5,$
5HTXLVLWRV VREUH XQD FDUDFWHUtVWLFD GH 5HTXLUHPHQWV IRU D SHUIRUPDQFH
IXQFLRQDPLHQWR HQ IXQFLyQ GH ORV FXDOHV VH FKDUDFWHULVWLF DFFRUGLQJ WR ZKLFK LW FDQ EH
SXHGH GHWHUPLQDU TXH XQ PpWRGR DQDOtWLFR MXGJHGWKDWWKHDQDO\WLFDOPHWKRGLVILWIRUWKH
HV DSWR SDUD HO XVR SUHYLVWR \ RIUHFH SXUSRVHDQGJHQHUDWHVUHOLDEOHUHVXOWV
UHVXOWDGRVILDEOHV
'HFLVLyQ&(GHOD&RPLVLyQSRUOD &RPPLVVLRQ'HFLVLRQ(&
TXHVHDSOLFDOD'LUHFWLYD&(GHO LPSOHPHQWLQJ&RXQFLO'LUHFWLYH(&
&RQVHMRHQFXDQWRDOIXQFLRQDPLHQWRGHORV FRQFHUQLQJWKHSHUIRUPDQFHRIDQDO\WLFDO
PpWRGRVDQDOtWLFRV\ODLQWHUSUHWDFLyQGHORV PHWKRGVDQGWKHLQWHUSUHWDWLRQRIUHVXOWV
UHVXOWDGRV
&DUDFWHUtVWLFDGHIXQFLRQDPLHQWR$SWLWXG 3HUIRUPDQFHFKDUDFWHULVWLF)LWQHVVIRU
SDUDXVR9DOLGDFLyQDQDOtWLFD SXUSRVH$QDO\WLFDOYDOLGDWLRQ
2%6(59$&,21(6
/RVFULWHULRVGHIXQFLRQDPLHQWRVHXWLOL]DQKDELWXDOPHQWHFRPRUHTXLVLWRSDUDODYDOLGDFLyQGH
PpWRGRV DQDOtWLFRV SRU HOOR HQ HVWH FRQWH[WR WDPELpQ SXHGHQ VHU GHQRPLQDGRV FRPR
UHTXLVLWRVGHYDOLGDFLyQ
&8$17,),&$&,Ï1 48$17,),&$7,21
3URFHVR TXH FRQVLVWH HQ REWHQHU 3URFHVV WR REWDLQ RQH RU PRUH H[SHULPHQWDO
H[SHULPHQWDOPHQWHXQRRYDULRVYDORUHVTXH YDOXHV WKDW FDQ EH DWWULEXWHG WR DQ DQDO\WLFDO
SXHGHQDWULEXLUVHDXQSDUiPHWURDQDOtWLFR SDUDPHWHU
3URSXHVWDSRUORVDXWRUHV 3URSRVHGE\WKHDXWKRUV
$QiOLVLVFXDQWLWDWLYR'HWHUPLQDFLyQ 4XDQWLWDWLYHDQDO\VLV'HWHUPLQDWLRQ
2%6(59$&,21(6
/D FXDQWLILFDFLyQ HV OD FRQFUHFLyQ GHO WpUPLQR PHGLFLyQ R PHGLGD HQ HO iPELWR DQDOtWLFR
*HQHUDOPHQWHHVXQDPHGLGDLQGLUHFWD\DTXHHOPHQVXUDQGRDQDOtWLFRSHODFRQFHQWUDFLyQ
GH DQDOLWR QR VXHOH VHU DFFHVLEOH \ HV QHFHVDULR PHGLU OD PDJQLWXG DQDOtWLFD SH OD
DEVRUEDQFLDGHODGLVROXFLyQ
3RUWDQWRHQ4XtPLFD$QDOtWLFDODFXDQWLILFDFLyQVHEDVDHQLODDSOLFDFLyQGHXQDOH\ItVLFR
TXtPLFD SH OD HVWHTXLRPHWUtD GH OD UHDFFLyQ TXtPLFD HQ ODV YDORUDFLRQHV YROXPpWULFDV R
LLHQXQDFDOLEUDFLyQDQDOtWLFDSUHYLDKDELWXDOHQODPD\RUtDGHORVPpWRGRVLQVWUXPHQWDOHV
XWLOL]DQGRSDWURQHVUHSUHVHQWDWLYRVGHODPXHVWUD
*/26$5,2GH7pUPLQRV$QDOtWLFRV(G
'(385$&,Ï1'(/$08(675$ 6$03/(&/($183
3URFHVR GH VHSDUDFLyQ TXH VH DSOLFD SDUD 7KH VHSDUDWLRQ SURFHVV ZKLFK FDQ EH
HOLPLQDU OD PDWUL] DQDOtWLFD TXH SXHGH VHU UHTXLUHG WR UHPRYH WKH DQDO\WLFDO PDWUL[
FDXVDQWHGHOHIHFWRPDWUL]GHODSRUFLyQGH ZKLFKPD\FDXVHWKHPDWUL[HIIHFWIURPWKH
HQVD\R WHVWSRUWLRQ
3URSXHVWDSRUORVDXWRUHV 3URSRVHGE\WKHDXWKRUV
3UHSDUDFLyQGHPXHVWUD 6DPSOHSUHSDUDWLRQ
2%6(59$&,21(6
/DGHSXUDFLyQGHODPXHVWUDHVXQDHWDSDGHODSUHSDUDFLyQGHODPXHVWUD
6H DSOLFD IXQGDPHQWDOPHQWH SDUD DGHFXDU OD PXHVWUD FXDQGR VH XWLOL]DQ VXVWDQFLDV SXUDV
FRPRSDWURQHVH[WHUQRVHQODFDOLEUDFLyQ
/DPDWUL]SXHGHHOLPLQDUVHWRWDOPHQWHRPiVIUHFXHQWHPHQWHXQDIUDFFLyQGHHOOD
(VWHWpUPLQRHVKDELWXDOPHQWHGHQRPLQDGRFRPROLPSLH]DGHODPXHVWUD7DPELpQVHXVD
GLUHFWDPHQWHHOWpUPLQRHQLQJOpVFOHDQXSGHODPXHVWUD
'(7(&&,Ï1 '(7(&7,21
$VLJQDFLyQ GH XQD VHxDO DQDOtWLFD D OD $VVLJQPHQW RI DQ DQDO\WLFDO VLJQDO WR WKH
SUHVHQFLD GH XQ FRPSRQHQWH GH OD PXHVWUD SUHVHQFH RI D FRQVWLWXHQW RI WKH VDPSOH RU
XREMHWR REMHFW
3URSXHVWDSRUORVDXWRUHV 3URSRVHGE\WKHDXWKRUV
,GHQWLILFDFLyQ/tPLWHGHGHWHFFLyQ ,GHQWLILFDWLRQ'HWHFWLRQOLPLW
2%6(59$&,21(6
/D PtQLPD VHxDO DQDOtWLFD TXH SHUPLWH UHDOL]DU OD GHWHFFLyQ GHO DQDOLWR HVWi tQWLPDPHQWH
OLJDGDDOOtPLWHGHGHWHFFLyQ
*/26$5,2GH7pUPLQRV$QDOtWLFRV(G
'(7(50,1$&,Ï1 '(7(50,1$7,21
$SOLFDFLyQ GH WRGR HO SURFHVR DQDOtWLFR SDUD 7KH DSSOLFDWLRQ RI WKH FRPSOHWH DQDO\WLFDO
OD GHWHFFLyQ LGHQWLILFDFLyQ \ FXDQWLILFDFLyQ SURFHVV IRU GHWHFWLQJ LGHQWLI\LQJ DQG
GHXQSDUiPHWURDQDOtWLFR TXDQWLI\LQJDQDQDO\WLFDOSDUDPHWHU
7UDGXFLGD\DGDSWDGDSRUORVDXWRUHV $GDSWHGIURP*ORVVDU\RITXDOLW\DVVXUDQFH
WHUPVDQGUHODWHGDFURQ\PV:HEHG
86(3$
&DUDFWHUL]DFLyQ&XDQWLILFDFLyQ3DUiPHWUR &KDUDFWHULVDWLRQ4XDQWLILFDWLRQ$QDO\WLFDO
DQDOtWLFR SDUDPHWHU
2%6(59$&,21(6
/D GHWHUPLQDFLyQ SXHGHHVWDU UHIHULGD DFXDOTXLHUSDUiPHWUR DQDOtWLFR\QR ~QLFDPHQWH DOD
FDQWLGDGRFRQWHQLGRGHDQDOLWR
$ YHFHV VH XWLOL]D HO WpUPLQR HQVD\R DVVD\ HQ OHQJXD LQJOHVD FRPR VLQyQLPR GH
GHWHUPLQDFLyQeVWDHVODGHILQLFLyQTXHDSDUHFHHQHO&RPSHQGLRGH7HUPLQRORJtD4XtPLFD
,83$& *ROG %RRN 6LQ HPEDUJR HVWD DFHSFLyQ QR HV UHFRPHQGDEOH \D TXH SXHGH
FRQIXQGLUVHFRQHOWpUPLQRWHVWYHUGHILQLFLyQGHHQVD\RHQHVWHJORVDULR
',62/8&,Ï1 62/87,21
)DVH OtTXLGD R VyOLGD TXH FRQWLHQH PiV GH $ OLTXLG RU VROLG SKDVH FRQWDLQLQJ PRUH WKDQ
XQD VXVWDQFLD GRQGH SRU FRQYHQLHQFLD XQD RQHVXEVWDQFHZKHQIRUFRQYHQLHQFHRQHRU
RPiVGHODVVXVWDQFLDVTXHVHGHQRPLQD PRUHVXEVWDQFHZKLFKLVFDOOHGWKHVROYHQW
GLVROYHQWHVHWUDWDGHIRUPDGLIHUHQWHGHODV LV WUHDWHG GLIIHUHQWO\ IURP WKH RWKHU
RWUDVVXVWDQFLDVTXHVHGHQRPLQDQVROXWRV VXEVWDQFHVZKLFKDUHFDOOHGVROXWHV
$'0F1DXJKW$:LONLQVRQ&RPSHQGLRGH &RPSHQGLXPRIFKHPLFDOWHUPLQRORJ\±*ROG
WHUPLQRORJtDTXtPLFD6tQWHVLV %RRN:HEHGYHU,83$&
'LVROYHQWH6XVWDQFLD6ROXWR 6ROYHQW6XEVWDQFH6ROXWH
2%6(59$&,21(6
8QDGHILQLFLyQPiVJHQHUDOGHGLVROXFLyQVHUtDPH]FODKRPRJpQHDGHGRVRPiVVXVWDQFLDV
'&+DUULV4XDQWLWDWLYH&KHPLFDO$QDO\VLVWKHG)UHHPDQ
&XDQGR OD VXPD GH ODV IUDFFLRQHV PRODUHV GH ORV VROXWRV HV SHTXHxD FRPSDUDGD FRQ OD
XQLGDGFDVRIUHFXHQWHDXQTXHQRJHQHUDOODGLVROXFLyQVHGHQRPLQDGLVROXFLyQGLOXLGD
$YHFHVVHXWLOL]DGHIRUPDLQFRUUHFWDFRPRVLQyQLPRHOWpUPLQRVROXFLyQ
*/26$5,2GH7pUPLQRV$QDOtWLFRV(G
',62/8&,Ï1'((16$<2 7(6762/87,21
'LVROXFLyQ SUHSDUDGD D SDUWLU GH OD SRUFLyQ 7KH VROXWLRQ SUHSDUHG IURP WKH WHVW SRUWLRQ
GH HQVD\R SDUD VHJXLU HO SURFHGLPLHQWR IRUWKHDQDO\WLFDOSURFHGXUH
DQDOtWLFR
$'0F1DXJKW$:LONLQVRQ&RPSHQGLRGH &RPSHQGLXPRIFKHPLFDOWHUPLQRORJ\±*ROG
WHUPLQRORJtDTXtPLFD6tQWHVLV %RRN:HEHGYHU,83$&
3RUFLyQGHHQVD\R'LVROXFLyQWUDWDGD 7HVWSRUWLRQ7UHDWHGVROXWLRQ6DPSOH
7UDWDPLHQWRGHPXHVWUD WUHDWPHQW
2%6(59$&,21(6
/DVWpFQLFDVDQDOtWLFDVTXHVHDSOLFDQGLUHFWDPHQWHVREUHODPXHVWUDVyOLGDSXHGHQUHTXHULU
OD SUHSDUDFLyQ GH XQD GLVROXFLyQ VyOLGD GH HQVD\R XWLOL]DQGR XQ GLOX\HQWH LQHUWH SH
IOXRUHVFHQFLDGHUD\RV;
/D GLVROXFLyQ GH OD SRUFLyQ GH HQVD\R SXHGH LPSOLFDU YDULDV HWDSDV DOJXQDV GH ODV FXDOHV
OOHYDQLPSOtFLWDVODDSOLFDFLyQGHUHDFFLRQHVTXtPLFDV
/DVSURSRUFLRQHVGHODSRUFLyQGHHQVD\R\GLVROYHQWHVXHOHQVHUFRQRFLGDV
/DGLVROXFLyQGHHQVD\RWDPELpQSXHGHVHUGHQRPLQDGDGLVROXFLyQDQDOtWLFD
',62/8&,Ï13$75Ï1 67$1'$5'62/87,21
'LVROXFLyQ GH FRQFHQWUDFLyQ FRQRFLGD FRQ $VROXWLRQRIDFFXUDWHO\NQRZQFRQFHQWUDWLRQ
WRGD H[DFWLWXG SUHSDUDGD D SDUWLU GH SUHSDUHG XVLQJ VWDQGDUG VXEVWDQFHV LQ RQH
VXVWDQFLDVSDWUyQ RIVHYHUDOZD\V
7UDGXFLGD\DGDSWDGDSRUORVDXWRUHV &RPSHQGLXPRIFKHPLFDOWHUPLQRORJ\±*ROG
%RRN:HEHGYHU,83$&
3DWUyQSULPDULR3DWUyQVHFXQGDULR$QDOLWR 3ULPDU\VWDQGDUG6HFRQGDU\VWDQGDUG
SDWUyQ 6WDQGDUGDQDO\WH
2%6(59$&,21(6
(VWHWpUPLQRVHXWLOL]DKDELWXDOPHQWHHQUHODFLyQFRQORVPpWRGRVEDVDGRVHQXQDYDORUDFLyQ
YROXPpWULFD
*/26$5,2GH7pUPLQRV$QDOtWLFRV(G
',62/8&,Ï175$7$'$ 75($7('62/87,21
'LVROXFLyQ UHVXOWDQWH GH VRPHWHU D OD 7KH WHVW VROXWLRQ WKDW KDV EHHQ VXEMHFWHG WR
GLVROXFLyQ GH HQVD\R D XQD UHDFFLyQ R UHDFWLRQ RU VHSDUDWLRQ SURFHGXUHV SULRU WR
SURFHGLPLHQWRV GH VHSDUDFLyQ SUHYLRV D OD PHDVXUHPHQWRIVRPHDQDO\WLFDOTXDQWLW\
PHGLGDGHDOJXQDPDJQLWXGDQDOtWLFD
7UDGXFLGD\DGDSWDGDSRUORVDXWRUHV $GDSWHGIURP,83$&5HFRPPHQGDWLRQ
1RPHQFODWXUHIRUVDPSOLQJLQ
DQDO\WLFDOFKHPLVWU\
'LVROXFLyQGHHQVD\R7UDWDPLHQWRGH 7HVWVROXWLRQ6DPSOHWUHDWPHQW
PXHVWUD
2%6(59$&,21(6
/D GLVROXFLyQ WUDWDGD LPSOLFD VLHPSUH OD DSOLFDFLyQ GH XQD VHJXQGD RSHUDFLyQ VHSDUDFLyQ
UHDFFLyQHWFVREUHXQDGLVROXFLyQSUHYLDTXHFRUUHVSRQGHDODGLVROXFLyQGHHQVD\R
(V IUHFXHQWH REYLDU HVWH WpUPLQR \ XWLOL]DU ~QLFDPHQWH HO GH GLVROXFLyQ GH HQVD\RHQ WRGRV
ORVFDVRV
',62/9(17( 62/9(17
&RPSRQHQWH PD\RULWDULR GH XQD GLVROXFLyQ 0DMRU FRPSRQHQW RI D VROXWLRQ LQ ZKLFK WKH
HQFX\RVHQRVHFRQVLGHUDTXHHOVROXWRHVWi VROXWHLVGLVVROYHG
GLVXHOWR
3URSXHVWDSRUORVDXWRUHV 3URSRVHGE\WKHDXWKRUV
'LVROXFLyQ6ROXWR 6ROXWLRQ6ROXWH
2%6(59$&,21(6
*HQHUDOPHQWHORVGLVROYHQWHVVRQOtTXLGRVSHURWDPELpQSXHGHQVHUVyOLGRVRJDVHV
6H SXHGH FRQVLGHUDU FRPR GLVROYHQWH XQD PH]FOD GH OtTXLGRV PLVFLEOHV HQWUH Vt TXH HQ VX
FRQMXQWRVRQFRPSRQHQWHVPD\RULWDULRVHQODGLVROXFLyQ
*/26$5,2GH7pUPLQRV$QDOtWLFRV(G
()(&720$75,= 0$75,;())(&7
,QIOXHQFLDGHXQRRPiVFRQVWLWX\HQWHVGHOD ,QIOXHQFHRIRQHRUPRUHPDWUL[FRQVWLWXHQWV
PDWUL] VREUH OD GHWHFFLyQ \R GHWHUPLQDFLyQ RQ WKH GHWHFWLRQ DQGRU GHWHUPLQDWLRQ RI DQ
GHXQSDUiPHWURDQDOtWLFR DQDO\WLFDOSDUDPHWHU
7UDGXFLGD\DGDSWDGDSRUORVDXWRUHV 6$1&20HWKRGYDOLGDWLRQDQG
TXDOLW\FRQWUROSURFHGXUHVIRUSHVWLFLGH
UHVLGXHVDQDO\VLVLQIRRGDQGIHHG
,QWHUIHUHQFLD0DWUL] ,QWHUIHUHQFH0DWUL[
2%6(59$&,21(6
/RV FRPSRQHQWHV PDWHULDOHV TXH GDQ OXJDU D HIHFWR PDWUL] D PHQXGR SHUPDQHFHQ VLQ
GHWHFWDU\RVLQLGHQWLILFDU
(O HIHFWR PDWUL] VH SXHGH PDQLIHVWDU GLUHFWDPHQWH SRU XQD GLVPLQXFLyQ R LQFUHPHQWR GH OD
VHxDODIHFWDDODYHUDFLGDGRLQGLUHFWDPHQWHFRPRXQDSHUWXUEDFLyQVREUHODVHxDODIHFWDD
ODSUHFLVLyQ
'LFKRV HIHFWRV VRQ FDXVDGRV SRU GLIHUHQWHV SURFHVRV ItVLFRV \R TXtPLFRV FX\D HOLPLQDFLyQ
SXHGHVHUGLItFLORLQFOXVRLPSRVLEOH
(),&,(1&,$GHXQPpWRGRFXDOLWDWLYR ()),&,(1&<RIDTXDOLWDWLYHPHWKRG
&DSDFLGDG GH XQ PpWRGR DQDOtWLFR SDUD &DSDELOLW\RIDQDQDO\WLFDOPHWKRGWRFRUUHFWO\
FDOLILFDU LGHQWLILFDU R FODVLILFDU GH IRUPD TXDOLI\LGHQWLI\RUFODVVLI\DNQRZQVDPSOH
FRUUHFWDXQDPXHVWUDFRQRFLGD
7UDGXFLGD\DGDSWDGDSRUORVDXWRUHV $GDSWHGIURP(85$&+(0&,7$&*XLGH
7KHH[SUHVVLRQRIXQFHUWDLQW\LQ
TXDOLWDWLYHWHVWLQJ'UDIW
/*&9$0
6HQVLELOLGDG(VSHFLILFLGDGËQGLFHGH 6HQVLWLYLW\6SHFLILFLW\<RXGHQLQGH[)DOVH
<RXGHQ5HODFLyQGHIDOVRVQHJDWLYRV QHJDWLYHUDWH)DOVHSRVLWLYHUDWH
5HODFLyQGHIDOVRVSRVLWLYRV
2%6(59$&,21(6
(VXQSDUiPHWURGHYDOLGDFLyQTXHVHFDOFXODXWLOL]DQGRORVGDWRVREWHQLGRVHQODHVWLPDFLyQ
GHODVHQVLELOLGDG\HVSHFLILFLGDG
3URSRUFLyQ GH UHVXOWDGRV FRUUHFWRV SRVLWLYRV R QHJDWLYRV REWHQLGRV FXDQGR HO HQVD\R VH
DSOLFDVREUHFXDOTXLHUPXHVWUDFRQRFLGDSRVLWLYD\QHJDWLYD\SRUWDQWRVHFDOFXODFRPR
(),& Q UHVXOWDGRV FRUUHFWRV Q HQVD\RV WRWDOHV UHDOL]DGRV VREUH REMHWRV SRVLWLYRV \
QHJDWLYRV73717371)3)1
(QRFDVLRQHVKDVLGRHPSOHDGRFRPRVLQyQLPRGHOWpUPLQRH[DFWLWXGDFFXUDF\DXQTXH
HVWHXVRHVWiGHVDFRQVHMDGR
*/26$5,2GH7pUPLQRV$QDOtWLFRV(G
(16$<2 7(67
2SHUDFLyQ WpFQLFD TXH SHUPLWH GHWHFWDU \R 7HFKQLFDO RSHUDWLRQ ZKLFK DOORZV WR
GHWHUPLQDU XQ SDUiPHWUR DQDOtWLFR R UHFRJQLVH RU GHWHUPLQH DQ DQDO\WH RU
FDUDFWHUL]DU XQD PXHVWUD R XQ PDWHULDO GH DQDO\WLFDO SDUDPHWHU RU WR FKDUDFWHULVH D
DFXHUGRDXQSURFHGLPLHQWR VDPSOH RU D PDWHULDO DFFRUGLQJ WR D
SURFHGXUH
7UDGXFLGD\DGDSWDGDSRUORVDXWRUHV $GDSWHGIURP(3ULFKDUG$QDO\WLFDO
PHDVXUHPHQWWHUPLQRORJ\/*&
56&
$QiOLVLVTXtPLFR &KHPLFDODQDO\VLV
2%6(59$&,21(6
(VIUHFXHQWHXWLOL]DUHOWpUPLQRSUXHEDFRPRVLQyQLPRGHHQVD\R
(OWpUPLQRHQVD\RWDPELpQVHXWLOL]DFRPRWUDGXFFLyQGHOWpUPLQRDVVD\HQOHQJXDLQJOHVD
VLQ HPEDUJR HVWH ~OWLPR HVWi PiV FRQHFWDGR FRQ HO VLJQLILFDGR GH GHWHUPLQDFLyQ YHU
GHILQLFLyQ
(5525$/)$Į $/)$Į(5525
3UREDELOLGDG GH TXH OD PXHVWUD DQDOL]DGD 3UREDELOLW\ WKDW WKH WHVWHG VDPSOH LV
VHD UHDOPHQWH FRQIRUPH DXQTXH VH KD\D FRPSOLDQW HYHQ WKRXJK D QRQFRPSOLDQW
REWHQLGRXQUHVXOWDGRQRFRQIRUPH PHDVXUHPHQWKDVEHHQREWDLQHG
'HFLVLyQ&(GHOD&RPLVLyQSRUOD &RPPLVVLRQ'HFLVLRQ(&
TXHVHDSOLFDOD'LUHFWLYD&(GHO LPSOHPHQWLQJ&RXQFLO'LUHFWLYH(&
&RQVHMRHQFXDQWRDOIXQFLRQDPLHQWRGHORV FRQFHUQLQJWKHSHUIRUPDQFHRIDQDO\WLFDO
PpWRGRVDQDOtWLFRV\ODLQWHUSUHWDFLyQGHORV PHWKRGVDQGWKHLQWHUSUHWDWLRQRIUHVXOWV
UHVXOWDGRV
(UURUEHWDȕ/tPLWHGHGHFLVLyQ/tPLWHGH %HWDȕHUURU'HFLVLRQOLPLW'HWHFWLRQOLPLW
GHWHFFLyQ
2%6(59$&,21(6
5HSUHVHQWD OD SUREDELOLGDG GH FRPHWHU HUURU DO WRPDU XQD GHFLVLyQ IDOVR QR FRQIRUPH R
IDOVRQHJDWLYR
7DPELpQSXHGHGHQRPLQDUVHFRPRHUURUGHWLSR,
*/26$5,2GH7pUPLQRV$QDOtWLFRV(G
(5525%(7$ȕ %(7$ȕ(5525
3UREDELOLGDG GH TXH OD PXHVWUD DQDOL]DGD 3UREDELOLW\WKDWWKHWHVWHGVDPSOHLVWUXO\QRQ
VHDUHDOPHQWHQRFRQIRUPHDXQTXHVHKD\D FRPSOLDQW HYHQ WKRXJK D FRPSOLDQW
REWHQLGRXQUHVXOWDGRFRQIRUPH PHDVXUHPHQWKDVEHHQREWDLQHG
'HFLVLyQ&(GHOD&RPLVLyQSRUOD &RPPLVVLRQ'HFLVLRQ(&
TXHVHDSOLFDOD'LUHFWLYD&(GHO LPSOHPHQWLQJ&RXQFLO'LUHFWLYH(&
&RQVHMRHQFXDQWRDOIXQFLRQDPLHQWRGHORV FRQFHUQLQJWKHSHUIRUPDQFHRIDQDO\WLFDO
PpWRGRVDQDOtWLFRV\ODLQWHUSUHWDFLyQGHORV PHWKRGVDQGWKHLQWHUSUHWDWLRQRIUHVXOWV
UHVXOWDGRV
(UURUDOIDĮ&DSDFLGDGGHGHWHFFLyQ $OIDĮHUURU'HWHFWLRQFDSDELOLW\'HWHFWLRQ
/tPLWHGHGHWHFFLyQ OLPLW
2%6(59$&,21(6
5HSUHVHQWDODSUREDELOLGDGGHFRPHWHUHUURUDOWRPDUXQDGHFLVLyQIDOVRFRQIRUPHRIDOVR
SRVLWLYR
7DPELpQSXHGHGHQRPLQDUVHFRPRHUURUGHWLSR,,
(63(&,(48Ë0,&$ &+(0,&$/63(&,(6
&RQMXQWR GH HQWLGDGHV PROHFXODUHV 6HWV RU HQVHPEOHV RI PROHFXODU HQWLWLHV
HQWHQGLHQGR FRPR WDOHV FXDOTXLHU iWRPR ZKHUH D PROHFXODU HQWLW\ LV DQ\
PROpFXODLyQSDULyQLFRUDGLFDOLyQUDGLFDO FRQVWLWXWLRQDOO\ RU LVRWRSLFDOO\ GLVWLQFW DWRP
FRPSOHMR FRQIyUPHOR HWF GLIHUHQFLDEOH PROHFXOH LRQ LRQ SDLU UDGLFDO UDGLFDO LRQ
TXtPLFD R LVRWySLFDPHQWH \ FDSD] GH VHU FRPSOH[ FRQIRUPHU HWF LGHQWLILDEOH DV D
LGHQWLILFDGR FRPR XQD HQWLGDG DLVODGD VHSDUDWHO\GLVWLQJXLVKDEOHHQWLW\
GLVWLQJXLEOH
$GDSWDGDGH$'0F1DXJKW$:LONLQVRQ $GDSWHGIURP&RPSHQGLXPRIFKHPLFDO
&RPSHQGLRGHWHUPLQRORJtDTXtPLFD WHUPLQRORJ\±*ROG%RRN:HEHGYHU
6tQWHVLV ,83$&
6XVWDQFLD 6XEVWDQFH
2%6(59$&,21(6
(O QRPEUH GH XQ FRPSXHVWR SXHGH UHIHULUVH D OD HQWLGDG PROHFXODU R D OD HVSHFLH TXtPLFD
SRU HMHPSOR PHWDQR SXHGH VLJQLILFDU XQD VROD PROpFXOD GH &+ HQWLGDG PROHFXODU R XQD
FDQWLGDGPRODUTXHSDUWLFLSDHQXQDUHDFFLyQHVSHFLHTXtPLFD
*/26$5,2GH7pUPLQRV$QDOtWLFRV(G
(63(&,),&,'$'GHXQPpWRGR 63(&,),&,7<RIDQDQDO\WLFDOPHWKRG
DQDOtWLFR
&DSDFLGDG GH XQ PpWRGR DQDOtWLFR SDUD &DSDELOLW\ RI DQ DQDO\WLFDO PHWKRG WR
GLVWLQJXLU LQHTXtYRFDPHQWH XQ GHWHUPLQDGR GLVWLQJXLVK XQHTXLYRFDOO\ DQ LQGLYLGXDO
DQDOLWR TXH YD D VHU GHWHFWDGR \R DQDO\WH ZKLFK LV LQWHQGHG WR EH GHWHFWHG
GHWHUPLQDGR HQWUH RWURV FRPSRQHQWHV GH DQGRU GHWHUPLQHG DPRQJ RWKHU FRPSRQHQWV
FRPSRUWDPLHQWRVLPLODU RIVLPLODUEHKDYLRXU
7UDGXFLGD\DGDSWDGDSRUORVDXWRUHV $GDSWHGIURP*ORVVDU\RIDQDO\WLFDOWHUPV
LQ.'DQ]HU$QDO\WLFDOFKHPLVWU\
WKHRUHWLFDODQGPHWURORJLFDOIXQGDPHQWDOV
6SULQJHU
6HOHFWLYLGDGGHXQPpWRGRDQDOtWLFR 6HOHFWLYLW\RIDQDQDO\WLFDOPHWKRG
2%6(59$&,21(6
/DHVSHFLILFLGDGHVHOOtPLWH~OWLPRGHODVHOHFWLYLGDGSRUHOORHOXVRGHHVWHWpUPLQRQRHVWi
UHFRPHQGDGRSRUOD,83$&
/D HVSHFLILFLGDG UHTXLHUH DSOLFDU XQ UHDFWLYR XQ VHQVRU XQ LQVWUXPHQWR HVSHFtILFR R XQ
GHWHUPLQDGRSURFHVRGHSUHSDUDFLyQGHODPXHVWUDTXHKDJDDOPpWRGRHVSHFtILFR
(VWD FDUDFWHUtVWLFD HV DQWH WRGR XQD IXQFLyQ GH OD WpFQLFD DQDOtWLFD DSOLFDGD SHUR SXHGH
YDULDUHQIXQFLyQGHOWLSRGHFRPSXHVWRRGHODPDWUL]
(63(&,),&,'$'GHXQPpWRGR 63(&,),&,7<RIDTXDOLWDWLYHPHWKRG
FXDOLWDWLYR
&DSDFLGDG GH XQ PpWRGR DQDOtWLFR SDUD &DSDELOLW\RIDQDQDO\WLFDOPHWKRGWRFRUUHFWO\
FDOLILFDU LGHQWLILFDU R FODVLILFDU GH IRUPD TXDOLI\ LGHQWLI\ RU FODVVLI\ D QHJDWLYH
FRUUHFWDXQDPXHVWUDQHJDWLYD VDPSOH
7UDGXFLGDSRUORVDXWRUHV $GDSWHGIURP(85$&+(0&,7$&*XLGH
7KHH[SUHVVLRQRIXQFHUWDLQW\LQ
TXDOLWDWLYHWHVWLQJ'UDIW
/*&9$0
6HQVLELOLGDG(ILFLHQFLD5HODFLyQGHIDOVRV 6HQVLWLYLW\(IILFLHQF\)DOVHSRVLWLYHUDWH
SRVLWLYRV
2%6(59$&,21(6
5HSUHVHQWD OD SUREDELOLGDG GH TXH HO HQVD\R LGHQWLILTXH R FODVLILTXH FRPR QHJDWLYD XQD
PXHVWUDTXHUHDOPHQWHORHV
(V XQ SDUiPHWUR GH YDOLGDFLyQ TXH VH FDOFXOD XWLOL]DQGR DO PHQRV GLH] PXHVWUDV GH XQ
PDWHULDOGHUHIHUHQFLDTXHVHVDEHTXHHVQHJDWLYRFRQUHVSHFWRDOHQVD\R
6HLGHQWLILFDFRQODUHODFLyQGHYHUGDGHURVQHJDWLYRV\SRUWDQWRVHFDOFXODFRPR(63(&
Q UHVXOWDGRV QHJDWLYRV Q HQVD\RV WRWDOHV UHDOL]DGRV VREUH REMHWRV QHJDWLYRV 71
71)3
&XDQGRHODQiOLVLVFXDOLWDWLYRVHDSOLFDVREUHHOFRQWHQLGRGHXQGHWHUPLQDGRFRPSRQHQWHHO
YDORU HQFRQWUDGR HV DSOLFDEOH ~QLFDPHQWH DO YDORU GHO FRQWHQLGR FRQFHQWUDFLyQ GH GLFKR
FRPSRQHQWH HQ HO REMHWR R PDWHULDO HQVD\DGR (Q HVWRV FDVRV SXHGH VHU QHFHVDULR
HVWDEOHFHUODVHQVLELOLGDGDGLIHUHQWHVQLYHOHVGHFRQFHQWUDFLyQ
*/26$5,2GH7pUPLQRV$QDOtWLFRV(G
(63e&,0(1 63(&,0(1
3RUFLyQ GH XQ PDWHULDO VHOHFFLRQDGD $ VSHFLILFDOO\ VHOHFWHG SRUWLRQ RI D PDWHULDO
HVSHFtILFDPHQWH WRPDGD GH XQ VLVWHPD WDNHQ IURP D G\QDPLF V\VWHP DQG DVVXPHG
GLQiPLFR\TXHVHVXSRQHUHSUHVHQWDWLYDGHO WREHUHSUHVHQWDWLYHRIWKHSDUHQWPDWHULDODW
PDWHULDORULJLQDOHQHOPRPHQWRHQHOTXHVH WKHWLPHLWLVWDNHQ
WRPD
$'0F1DXJKW$:LONLQVRQ&RPSHQGLRGH &RPSHQGLXPRIFKHPLFDOWHUPLQRORJ\±*ROG
WHUPLQRORJtDTXtPLFD6tQWHVLV %RRN:HEHGYHU,83$&
0XHVWUD 6DPSOH
2%6(59$&,21(6
$XQTXH HOHVSpFLPHQ SXHGH QR VHUUHSURGXFLEOHHQ HOWLHPSRHVGHFLUVHSXHGH WRPDUGH
XQDFRUULHQWHGHIOXMRRGHXQDSRUFLyQGHVDQJUHQRH[LVWHXQHUURUGHPXHVWUHRGHWHFWDEOH
\D TXH HVWH HUURU HVWi LUUHPHGLDEOHPHQWH LQFOXLGR HQ HO FRUUHVSRQGLHQWH HUURU GHO YDORU
HVWLPDGRGHODSURSLHGDGIXQFLyQRDQDOLWRREMHWRGHHVWXGLR
8Q HVSpFLPHQ VH SXHGH FRQVLGHUDU FRPR XQ WLSR HVSHFLDO GH PXHVWUD WRPDGD
SUHIHUHQWHPHQWH HQ IXQFLyQ GHO WLHPSR PiV TXH GHO HVSDFLR HQ FRQGLFLRQHV WDOHV TXH OD
YDULDELOLGDG GHO PXHVWUHR QR SXHGH VHU YDORUDGD JHQHUDOPHQWH SRUTXH OD SREODFLyQ HV
FDPELDQWH\VHVXSRQHSRUFRQYHQLHQFLDTXHHVFHUR
(O WpUPLQR HVSpFLPHQ VH KD XWLOL]DGR JHQHUDOPHQWH HQ PXHVWUHR FOtQLFR ELROyJLFR \
PLQHUDOyJLFR SDUD LQGLFDU XQD XQLGDG UHSUHVHQWDWLYD R XQD XQLGDG GH XQD SREODFLyQ QR
UHSUHVHQWDWLYDSHURPHMRUTXHODPD\RUtDGHXQLGDGHVGHGLFKDSREODFLyQ
),$%,/,'$'GHXQPpWRGRDQDOtWLFR 5(/,$%,/,7<RIDQDQDO\WLFDOPHWKRG
&DSDFLGDG GH XQ PpWRGR DQDOtWLFR GH $ FKDUDFWHULVWLF RI DQ DQDO\WLFDO PHWKRG
PDQWHQHU VX H[DFWLWXG YHUDFLGDG \ GHILQHG DV LWV DELOLW\ WRSUHVHUYH LWV DFFXUDF\
SUHFLVLyQDORODUJRGHOWLHPSR WUXHQHVVDQGSUHFLVLRQRYHUWLPH
$GDSWDGDGH*ORVDULRGHWpUPLQRVHQ0 $GDSWHGIURP*ORVVDU\RIWHUPVLQ0
9DOFiUFHO3ULQFLSLRVGHTXtPLFDDQDOtWLFD 9DOFiUFHO3ULQFLSOHVRIDQDO\WLFDOFKHPLVWU\
6SULQJHU $7H[W%RRN6SULQJHU
([DFWLWXG5REXVWH]6ROLGH] $FFXUDF\5REXVWQHVV5XJJHGQHVV
7UDQVIHULELOLGDG 7UDQVIHUDELOLW\
2%6(59$&,21(6
(VWiUHODFLRQDGDFRQODUREXVWH]VROLGH]\ODWUDQVIHULELOLGDG
*/26$5,2GH7pUPLQRV$QDOtWLFRV(G
)81&,Ï1'(&$/,%5$&,Ï1 &$/,%5$7,21)81&7,21
5HODFLyQ IXQFLRQDO GHO SURFHVR GH PHGLGD 7KHIXQFWLRQDOQRWVWDWLVWLFDOUHODWLRQVKLSIRU
TXtPLFD TXH UHODFLRQD HO YDORU HVSHUDGR GH WKH FKHPLFDO PHDVXUHPHQW SURFHVV UHODWLQJ
OD VHxDO REVHUYDGD R YDULDEOH UHVSXHVWD \ WKHH[SHFWHGYDOXHRIWKHREVHUYHGVLJQDORU
FRQODFDQWLGDGGHDQDOLWR[ UHVSRQVHYDULDEOHWRWKHDQDO\WHDPRXQW
7UDGXFLGD\DGDSWDGDSRUORVDXWRUHV ,83$&5HFRPPHQGDWLRQV
1RPHQFODWXUHLQHYDOXDWLRQRIDQDO\WLFDO
PHWKRGVLQFOXGLQJGHWHFWLRQDQG
TXDQWLILFDWLRQFDSDELOLWLHV
/LQHDOLGDG&DOLEUDFLyQDQDOtWLFD /LQHDULW\$QDO\WLFDOFDOLEUDWLRQ
2%6(59$&,21(6
/D IXQFLyQ GH FDOLEUDFLyQ SXHGH VHU FRQRFLGD D SULRUL GHULYDGD GH OH\HV R SULQFLSLRV
FLHQWtILFRVRHVWLPDGDH[SHULPHQWDOPHQWHSRUPHGLRGHODVPXHVWUDVGHFDOLEUDFLyQ
/D UHSUHVHQWDFLyQ JUiILFD TXH VH REWLHQH D SDUWLU GH OD IXQFLyQ GH FDOLEUDFLyQ SDUD XQ
GHWHUPLQDGR DQDOLWR VH GHQRPLQD JHQpULFDPHQWH FXUYD GH FDOLEUDFLyQ DXQTXH HQ OD
PD\RUtDGHORVFDVRVFRUUHVSRQGDDXQDOtQHDUHFWD
$ OD IXQFLyQ LQYHUVD GH OD IXQFLyQ GH FDOLEUDFLyQ VH OH GHQRPLQD IXQFLyQ GH HYDOXDFLyQ R
IXQFLyQDQDOtWLFD
,'(17,),&$&,Ï1 ,'(17,),&$7,21
$VLJQDFLyQGHXQDQDOLWRRVHxDODQDOtWLFDD $VVLJQLQJ DQ DQDO\WH DQDO\WLFDO VLJQDO WR
XQ GHWHUPLQDGR FRPSXHVWR TXtPLFR R D XQ RQH LQGLYLGXDO FKHPLFDO FRPSRXQG RU WR D
JUXSRFODVH GH FRPSXHVWRV HQ EDVH D OD JURXSFODVV RI FRPSRXQGV EDVHG RQ
FRLQFLGHQFLD GH VXV SURSLHGDGHV R PDWFKLQJWKHLUSURSHUWLHVIHDWXUHV
FDUDFWHUtVWLFDV
7UDGXFLGDSRUORVDXWRUHV %/0LOPDQ,GHQWLILFDWLRQRIFKHPLFDO
FRPSRXQGV7UHQGV$QDO&KHP
&RQILUPDFLyQ &RQILUPDWLRQ
2%6(59$&,21(6
/D LGHQWLILFDFLyQ HV XQ UHFRQRFLPLHQWR GH XQD VXVWDQFLD TXH SXHGH EDVDUVH HQ VXV
SURSLHGDGHVRFDUDFWHUtVWLFDVItVLFDVTXtPLFDVRELROyJLFDV\HQLQIRUPDFLyQHVWUXFWXUDO
,PSOLFD OD REWHQFLyQ GH HYLGHQFLDV VXILFLHQWHV SDUD DVHJXUDU TXH HO UHVXOWDGR SDUD XQD
PXHVWUDHVSHFtILFDHVYiOLGR
/D LGHQWLILFDFLyQ HV XQD RSHUDFLyQ TXH GHEH GLIHUHQFLDUVH GH OD GHWHFFLyQ \D TXH pVWD
VXSRQH ~QLFDPHQWH OD FRQVWDWDFLyQ GH XQD VHxDO DQDOtWLFD VLQ XQ YHUGDGHUR UHFRQRFLPLHQWR
GH VX QDWXUDOH]D 'HWHFFLyQ H LGHQWLILFDFLyQ VRQ SURFHVRV TXH YDQ tQWLPDPHQWH XQLGRV DO
DQiOLVLVFXDOLWDWLYR
*/26$5,2GH7pUPLQRV$QDOtWLFRV(G
,'21(,'$''(/6,67(0$DQDOtWLFR $QDO\WLFDO6<67(068,7$%,/,7<
&RQILUPDFLyQ KROtVWLFD GH TXH XQ VLVWHPD 7KH KROLVWLF HQVXULQJ WKDW DQ DQDO\WLFDO
DQDOtWLFRIXQFLRQDDGHFXDGDPHQWHGXUDQWHHO V\VWHP SHUIRUPV SURSHUO\ GXULQJ DQDO\VLV RI
DQiOLVLVGHPXHVWUDVGHVFRQRFLGDV XQNQRZQV
7UDGXFLGR\DGDSWDGRSRUORVDXWRUHV $GDSWHGIURP$QDO\WLFDOSURFHGXUHVDQG
PHWKRGYDOLGDWLRQGUDIW)'$
6LVWHPDDQDOtWLFR$SWLWXGSDUDXVR $QDO\WLFDOV\VWHP)LWQHVVIRUSXUSRVH
9DOLGDFLyQ 9DOLGDWLRQ
2%6(59$&,21(6
/RVHQVD\RVGHLGRQHLGDGGHOVLVWHPDV\VWHPVXLWDELOLW\WHVWVRQXQDSDUWHLQWHJUDOGH
FXDOTXLHU PpWRGR DQDOtWLFR \ VH DSOLFDQ SDUD DVHJXUDU TXH HO VLVWHPD WUDEDMD GH IRUPD
DGHFXDGDGXUDQWHHODQiOLVLVGHODVPXHVWUDV
/D UHDOL]DFLyQ GH GLFKRV HQVD\RV SDUWH GH OD SUHPLVD GH TXH ORV HTXLSRV ORV SURJUDPDV
VRIWZDUH ODV RSHUDFLRQHV DQDOtWLFDV \ ODV PXHVWUDV FRQVWLWX\HQ XQ VLVWHPD LQWHJUDO TXH
GHEHVHUHYDOXDGRFRPRWDO
/D LGRQHLGDG GHO VLVWHPD FRPELQD ORV REMHWLYRV GH OD FXDOLILFDFLyQ LQVWUXPHQWDO \ GH OD
YDOLGDFLyQGHPpWRGRV
/RVGRFXPHQWRVUHODFLRQDGRVFRQHODQiOLVLVIDUPDFpXWLFR)'$,&+)DUPDFRSHDVXWLOL]DQ
HO WpUPLQR IXQGDPHQWDOPHQWH HQ FRQH[LyQ FRQ ORV PpWRGRV FURPDWRJUiILFRV (Q HVWH FDVR
ORV FULWHULRV GH LGRQHLGDG GHO VLVWHPD LQFOX\HQ WDPELpQ SDUiPHWURV WtSLFDPHQWH
FURPDWRJUiILFRV IDFWRUHV GH FDSDFLGDG Q~PHUR GH SODWRV WHyULFRV IDFWRUHV GH VLPHWUtD GH
ORVSLFRVWLHPSRVGHUHWHQFLyQUHVROXFLyQSUHFLVLyQGHOiUHDGHSLFRIDFWRUHVGHUHVSXHVWD
,1&/86,9,'$'GHXQPpWRGR ,1&/86,9,7<RIDTXDOLWDWLYHPHWKRG
FXDOLWDWLYR
&DSDFLGDG SDUD GHWHFWDU R LGHQWLILFDU ORV $ELOLW\ WR GHWHFW RU LGHQWLI\ WKH UHOHYDQW
FRPSRQHQWHV UHOHYDQWHV GH XQ JUXSR GH PHPEHUV RI D WDUJHW DQDO\WH JURXS RU WKH
DQDOLWRV GLDQD R XQ DQDOLWR GLDQD GHQWUR GH WDUJHWDQDO\WHIURPDZLGHUDQJHRIVRXUFHV
XQDPSOLRUDQJRGHIXHQWHVXRUtJHQHV
7UDGXFLGDSRUORVDXWRUHV 1RUG9DO3URWRFRO1R*XLGHLQ
YDOLGDWLRQRIDOWHUQDWLYHSURSULHWDU\FKHPLFDO
PHWKRGV
0DUFDGRU 0DUNHU
2%6(59$&,21(6
(ODQDOLWRGLDQDWDUJHWDQDO\WHDOTXHVHUHILHUHODGHILQLFLyQHVKDELWXDOPHQWHUHSUHVHQWDGR
SRUHOWpUPLQRPDUFDGRUPDUNHU
&XDQGR VHD UHOHYDQWH KDEUtD TXH FRPSUREDU OD LQFOXVLYLGDG DQDOL]DQGR PXHVWUDV GH
GLIHUHQWHVRUtJHQHVSDUDFRPSUREDUVLHOPpWRGRHVFDSD]GHGHWHFWDUHODQDOLWRQRVRORHQ
GLIHUHQWHVPXHVWUDVVLQRWDPELpQVXSURFHGHQFLDSHPXHVWUDVGHVRMDPDt]RFDFDKXHWH
GHGLIHUHQWHVUHJLRQHVSDtVHV
*/26$5,2GH7pUPLQRV$QDOtWLFRV(G
Ë1',&('(<28'(1GHXQPpWRGR <28'(1,1'(;RIDTXDOLWDWLYH
FXDOLWDWLYR PHWKRG
)LDELOLGDG GH XQ PpWRGR FXDOLWDWLYR FXDQGR 5HOLDELOLW\ RI D TXDOLWDWLYH DQDO\WLFDO PHWKRG
VHDSOLFDVREUHPXHVWUDVSRVLWLYDV ZKHQLWLVDSSOLHGRQSRVLWLYHVDPSOHV
7UDGXFLGD\DGDSWDGDSRUORVDXWRUHV $GDSWHGIURP(85$&+(0&,7$&*XLGH
7KHH[SUHVVLRQRIXQFHUWDLQW\LQ
TXDOLWDWLYHWHVWLQJ'UDIW
/*&9$0
6HQVLELOLGDG(VSHFLILFLGDG(ILFLHQFLD 6HQVLWLYLW\6SHFLILFLW\(IILFLHQF\)DOVH
5HODFLyQGHIDOVRVQHJDWLYRV5HODFLyQGH QHJDWLYHUDWH)DOVHSRVLWLYHUDWH
IDOVRVSRVLWLYRV
2%6(59$&,21(6
(V XQD PHGLGD GHO FRPSRUWDPLHQWR GH XQ HQVD\R FXDOLWDWLYR IUHQWH D PXHVWUDV SRVLWLYDV
5HIOHMD OD GLIHUHQFLD HQWUH ODV UHODFLRQHV GH YHUGDGHURV SRVLWLYRV \ GH IDOVRV SRVLWLYRV TXH
LGHDOPHQWHGHEHVHUORPiVDOWDSRVLEOHHVGHFLUFHUFDQDDODXQLGDG
6H FDOFXOD FRPR <28' (63(& ± 5)1 6(16 ± 5)3 5)1 UHODFLyQ GH IDOVRV
QHJDWLYRV5)3UHODFLyQGHIDOVRVSRVLWLYRV
'H IRUPD HTXLYDOHQWH VH SXHGH FDOFXODU WDPELpQ D SDUWLU GH ODV H[SUHVLRQHV <28'
(63(&6(16í í5)35)1
$YHFHVHQHOFRQWH[WRGHODQiOLVLVFXDOLWDWLYRDSDUHFHGHQRPLQDGRSRUHOWpUPLQRILDELOLGDG
UHOLDELOLW\DXQTXHHVWHXVRHVWiGHVDFRQVHMDGR
,1)250$&,Ï1$1$/Ë7,&$ $1$/<7,&$/,1)250$7,21
&DUDFWHUtVWLFDV TXtPLFDV GH XQ REMHWR &KHPLFDO FKDUDFWHULVWLFV RI DQ DQDO\WLFDO
DQDOtWLFR JHQHUDOPHQWH DWULEXLEOHV D VXV REMHFW XVXDOO\ DVFULEHG WR LWV FRPSRQHQWV
FRPSRQHQWHV DQDOLWRV R DO FRQMXQWR DQDO\WHV RU WKH HQWLW\ DV D ZKROH PDWUL[
PDWUL] \ TXH VRQ QHFHVDULDV SDUD OD QHFHVVDU\WRUHVROYHDQDO\WLFDOSUREOHPV
UHVROXFLyQGHSUREOHPDVDQDOtWLFRV
$GDSWDGDGH*ORVDULRGHWpUPLQRVHQ0 $GDSWHGIURP*ORVVDU\RIWHUPVLQ0
9DOFiUFHO3ULQFLSLRVGHTXtPLFDDQDOtWLFD 9DOFiUFHO3ULQFLSOHVRIDQDO\WLFDOFKHPLVWU\D
6SULQJHU WH[WERRN6SULQJHU
&DUDFWHUtVWLFD3UREOHPDDQDOtWLFR &KDUDFWHULVWLFV$QDO\WLFDOSUREOHP
2%6(59$&,21(6
/D LQIRUPDFLyQ DQDOtWLFD FRQVWLWX\H HO HVODEyQ HQWUH ORV GDWRV H[SHULPHQWDOHV \ HO
FRQRFLPLHQWR~WLO\HVHOREMHWLYRSULRULWDULRGHOD4XtPLFD$QDOtWLFD
*/26$5,2GH7pUPLQRV$QDOtWLFRV(G
,17(5)(5(1&,$ ,17(5)(5(1&(
(UURU VLVWHPiWLFR HQ HO DQiOLVLV FXDOLWDWLYR R $ V\VWHPDWLF HUURU LQ WKH TXDOLWDWLYH RU
FXDQWLWDWLYR FDXVDGR SRU OD SUHVHQFLD GH TXDQWLWDWLYHDQDO\VLVFDXVHGE\WKHSUHVHQFH
VXVWDQFLDVLQWHUIHUHQWHVHQODPXHVWUD RILQWHUIHUHQWVLQWKHVDPSOH
7UDGXFLGD\DGDSWDGDSRUORVDXWRUHV $GDSWHGIURP(3ULFKDUG$QDO\WLFDO
PHDVXUHPHQWWHUPLQRORJ\/*&
56&
,QWHUIHUHQWH(IHFWRPDWUL] ,QWHIHUHQW0DWUL[HIIHFW
2%6(59$&,21(6
/D LQWHUIHUHQFLD HV FDXVDGD SRU XQD SHUWXUEDFLyQ VLVWHPiWLFD GHO VLVWHPD DQDOtWLFR GH
QDWXUDOH]DItVLFDRELRTXtPLFD
/DV LQWHUIHUHQFLDV SXHGHQ DIHFWDU DO UHVXOWDGR GHO DQiOLVLV GH IRUPD SRVLWLYD R QHJDWLYD
FDXVDQGR HUURUHV SRU H[FHVR R SRU GHIHFWR (Q DOJXQRV FDVRV SRGUtDQ H[LVWLU GRV
LQWHUIHUHQFLDVTXHVHFRPSHQVHQPXWXDPHQWHSRUORTXHQRVHGHWHFWDQ
/DLQWHUIHUHQFLDFDXVDGDSRUXQGHWHUPLQDGRLQWHUIHUHQWHGHSHQGHGHODWpFQLFDDQDOtWLFDTXH
VHDSOLTXH
,17(5)(5(17( ,17(5)(5(17RU,17(5)(5,1*
68%67$1&(
6XVWDQFLDGLVWLQWDGHODQDOLWRTXHRULJLQDXQD 6XEVWDQFHRWKHUWKDQWKHDQDO\WHWKDWJLYHVD
VHxDO DQDOtWLFD VLPLODU R DOWHUD HO UHVXOWDGR VLPLODUDQDO\WLFDOVLJQDORUDOWHUWKHDQDO\WLFDO
DQDOtWLFR UHVXOW
7UDGXFLGD\DGDSWDGDSRUORVDXWRUHV $GDSWHGIURP*ORVVDU\RIWHUPVIRUTXDOLW\
DVVXUDQFHDQGJRRGODERUDWRU\SUDFWLFHV
QGHG8QLWHG1DWLRQV2IILFHRQ
'UXJVDQG&ULPH812'&
,QWHUIHUHQFLD ,QWHUIHUHQFH
2%6(59$&,21(6
(OWpUPLQRLQWHUIHUHQWHVLHPSUHGHEHDVRFLDUVHDVXVWDQFLDVLQGLYLGXDOPHQWHFRQVLGHUDGDV\
QRDXQFRQMXQWRGHHOODV
*/26$5,2GH7pUPLQRV$QDOtWLFRV(G
,17(59$/2'(75$%$-2 :25.,1*5$1*(
&RQMXQWRGHYDORUHVGHFDQWLGDGGHDQDOLWRR 6HW RI YDOXHV RI DPRXQW RI DQDO\WH RU
SDUiPHWURDQDOtWLFRSDUDORVTXHHOHUURUGHO DQDO\WLFDOSDUDPHWHUIRUZKLFKWKHHUURURIDQ
PpWRGR DQDOtWLFR FRQVLGHUDGR SHUPDQHFH DQDO\WLFDO PHWKRG LV LQWHQGHG WR OLH ZLWKLQ
HQWUHORVOtPLWHVHVSHFLILFDGRV VSHFLILHGOLPLWV
7UDGXFLGD\DGDSWDGDSRUORVDXWRUHV $GDSWHGIURP&RPSHQGLXPRQDQDO\WLFDO
QRPHQFODWXUH±2UDQJH%RRN:HEHG
,83$&
,QWHUYDOROLQHDO /LQHDUUDQJH
2%6(59$&,21(6
/RVHUURUHVDORVTXHKDFHPHQFLyQODGHILQLFLyQVHGHEHQGHILQLUHQWpUPLQRVGHSUHFLVLyQ\
YHUDFLGDG
(QVXFDUDFWHUL]DFLyQGHEHHVWDEOHFHUVHFODUDPHQWHHODQDOLWR\ODPDWUL]
(OLQWHUYDORGHWUDEDMRVHLQLFLDHQHOYDORUGHOOtPLWHGHFXDQWLILFDFLyQ\VHH[WLHQGHKDVWDHO
YDORUPiVDOWRGHFDQWLGDGGHDQDOLWRRSDUiPHWURDQDOtWLFRTXHKDVLGRYDOLGDGR
(O LQWHUYDOR GH WUDEDMR GHEH H[SUHVDUVH HQ ODV XQLGDGHV FRUUHVSRQGLHQWHV D OD FDQWLGDG GH
DQDOLWR R GHO SDUiPHWUR DQDOtWLFR FRQVLGHUDGR \ SXHGHQ HVWDU UHIHULGDV D OD GLVROXFLyQ GH
HQVD\RRPHMRUDODPXHVWUDXREMHWRDQDOtWLFRRULJLQDO
,17(59$/2/,1($/ /,1($55$1*(
5DQJR GH FDQWLGDG GH DQDOLWR R GH XQ $QDO\WH DPRXQW RU DQDO\WLFDO SDUDPHWHU
SDUiPHWUR DQDOtWLFR HQ HO TXH OD LQWHQVLGDG UDQJH RYHU ZKLFK WKH LQWHQVLW\ RI WKH
GH OD VHxDO DQDOtWLFD REWHQLGD HV DQDO\WLFDO VLJQDO REWDLQHG LV GLUHFWO\
GLUHFWDPHQWH SURSRUFLRQDO D OD FDQWLGDG GH SURSRUWLRQDO WR WKH DPRXQW RI WKH VSHFLHV
ODVHVSHFLHVFDXVDQWHVGHODVHxDO SURGXFLQJWKHVLJQDO
$GDSWDGDGH$'0F1DXJKW$:LONLQVRQ $GDSWHGIURP&RPSHQGLXPRIFKHPLFDO
&RPSHQGLRGHWHUPLQRORJtDTXtPLFD WHUPLQRORJ\±*ROG%RRN:HEHGYHU
6tQWHVLV ,83$&
/LQHDOLGDG5DQJRGLQiPLFROLQHDO /LQHDULW\/LQHDUG\QDPLFUDQJH
2%6(59$&,21(6
(O LQWHUYDOR OLQHDO VH GHEH H[SUHVDU HQ XQLGDGHV GH FRQFHQWUDFLyQ \ SXHGH UHIHULUVH D OD
GLVROXFLyQGHHQVD\RRDODGLVROXFLyQWUDWDGD
1RGHEHFRQIXQGLUVHHVWDSURSLHGDGGHORVPpWRGRVDQDOtWLFRVFRQHOUDQJRGLQiPLFROLQHDO
TXHHVXQDFDUDFWHUtVWLFDGHOLQVWUXPHQWRGHPHGLGD
(QXQPpWRGRDQDOtWLFROLQHDOHOLQWHUYDOROLQHDOVHLQLFLDHQHOYDORUFRUUHVSRQGLHQWHDOOtPLWH
GHGHWHFFLyQ
$XQTXHXQPpWRGRVHDQROLQHDOHVSRVLEOHTXHSUHVHQWHXQLQWHUYDOROLQHDOHQWUHGRVYDORUHV
GH FDQWLGDG GH DQDOLWR FRPR RFXUUH HQ ORV PpWRGRV FX\D FDOLEUDFLyQ VH DMXVWD D XQD
VLQXVRLGHSHXQPpWRGREDVDGRHQ(/,6$
*/26$5,2GH7pUPLQRV$QDOtWLFRV(G
/Ë0,7('(&8$17,),&$&,Ï1GHXQ /,0,72)48$17,),&$7,21RID
PpWRGRFXDQWLWDWLYR TXDQWLWDWLYHPHWKRG
0tQLPDFRQFHQWUDFLyQRPDVDGHDQDOLWRTXH 7KH ORZHVW FRQFHQWUDWLRQ RU PDVV RI WKH
KDVLGRYDOLGDGDFRQXQDH[DFWLWXGDFHSWDEOH DQDO\WH WKDW KDV EHHQ YDOLGDWHG ZLWK
DSOLFDQGRHOPpWRGRDQDOtWLFRFRPSOHWR DFFHSWDEOH DFFXUDF\ E\ DSSO\LQJ WKH
FRPSOHWHDQDO\WLFDOPHWKRG
7UDGXFLGDSRUORVDXWRUHV 6$1&20HWKRGYDOLGDWLRQDQG
TXDOLW\FRQWUROSURFHGXUHVIRUSHVWLFLGH
UHVLGXHVDQDO\VLVLQIRRGDQGIHHG
/tPLWHGHGHWHUPLQDFLyQ/tPLWHGH /LPLWRIGHWHUPLQDWLRQ/LPLWRIGHWHFWLRQ
GHWHFFLyQ
2%6(59$&,21(6
7DPELpQ VH OH GHQRPLQD OtPLWH GH GHWHUPLQDFLyQ OLPLW RI GHWHUPLQDWLRQ R
GHWHUPLQDWLRQOLPLW
&XDQGRHVWiLQFOXLGRHQHOLQWHUYDOROLQHDOGHOPpWRGRDQDOtWLFRHOOtPLWHGHFXDQWLILFDFLyQVH
GHILQH ~QLFDPHQWH HQ EDVH D OD SUHFLVLyQ $ PHQXGR HV GHILQLGR DUELWUDULDPHQWH FRPR OD
PtQLPDFDQWLGDG GH DQDOLWRTXHSXHGHVHUFXDQWLILFDGDFRQXQDSUHFLVLyQGHOy
(VWD GHILQLFLyQ VH EDVD HQ HO KHFKR FRQWUDVWDGR GH TXH OD GHVYLDFLyQ HVWiQGDU UHODWLYD
DXPHQWDGUiVWLFDPHQWHFXDQGRGLVPLQX\HODFDQWLGDGGHDQDOLWR
$SOLFDQGRHOFULWHULRDQWHULRUHOOtPLWHGHFXDQWLILFDFLyQVHFDOFXODKDELWXDOPHQWHPXOWLSOLFDQGR
SRU R SRU OD GHVYLDFLyQ HVWiQGDU HVWLPDGD SDUD YDORUHV GH FDQWLGDG GH DQDOLWR PX\
EDMRVFHUFDQRVDOOtPLWHGHGHWHFFLyQ
/D ,83$& UHFRPLHQGD QR XWLOL]DU HVWD FDUDFWHUtVWLFD GH IXQFLRQDPLHQWR FRPR XQ SDUiPHWUR
GHYDOLGDFLyQ
/Ë0,7('('(&,6,Ï1&&Į /,0,72)'(&,6,21&&Į
/tPLWHHQHOFXDO\DSDUWLUGHOFXDOVHSXHGH 7KH OLPLW DW DQG DERYH ZKLFK LW FDQ EH
FRQFOXLU FRQ XQD SUREDELOLGDG GH HUURU Į FRQFOXGHGZLWKDQHUURUSUREDELOLW\RIĮWKDW
TXHXQDPXHVWUDQRHVFRQIRUPH DVDPSOHLVQRQFRPSOLDQW
'HFLVLyQ&(GHOD&RPLVLyQSRUOD &RPPLVVLRQ'HFLVLRQ(&
TXHVHDSOLFDOD'LUHFWLYD&(GHO LPSOHPHQWLQJ&RXQFLO'LUHFWLYH(&
&RQVHMRHQFXDQWRDOIXQFLRQDPLHQWRGHORV FRQFHUQLQJWKHSHUIRUPDQFHRIDQDO\WLFDO
PpWRGRVDQDOtWLFRV\ODLQWHUSUHWDFLyQGHORV PHWKRGVDQGWKHLQWHUSUHWDWLRQRIUHVXOWV
UHVXOWDGRV
(UURUDOIDĮ/tPLWHGHGHWHFFLyQ/tPLWHGH $OIDĮHUURU/LPLWRIGHWHFWLRQ/LPLWRI
FXDQWLILFDFLyQ TXDQWLILFDWLRQ
2%6(59$&,21(6
(QLQJOpVWDPELpQSXHGHYHQLUGHQRPLQDGRFRPRGHFLVLRQOLPLW
(O OtPLWH GH GHFLVLyQ QR VH XWLOL]D FRPR FDUDFWHUtVWLFD GH IXQFLRQDPLHQWR \D TXH OD
SUREDELOLGDGGHGHFODUDUHUUyQHDPHQWHODDXVHQFLDGHOFRPSRQHQWHFRQVLGHUDGRHUURUȕHV
GHO
*/26$5,2GH7pUPLQRV$QDOtWLFRV(G
/Ë0,7('('(7(&&,Ï1 /,0,72)'(7(&7,21
9DORU PHGLGR REWHQLGR PHGLDQWH XQ 0HDVXUHGTXDQWLW\YDOXHREWDLQHGE\DJLYHQ
SURFHGLPLHQWR GH PHGLGD GDGR FRQ XQD PHDVXUHPHQW SURFHGXUH IRU ZKLFK WKH
SUREDELOLGDG ȕ GH GHFODUDU HUUyQHDPHQWH OD SUREDELOLW\ RI IDOVHO\ FODLPLQJ WKH DEVHQFH RI
DXVHQFLDGHXQFRQVWLWX\HQWHHQXQPDWHULDO D FRPSRQHQW LQ D PDWHULDO LV ȕ JLYHQ D
GDGD XQD SUREDELOLGDG Į GH GHFODUDU SUREDELOLW\ĮRIIDOVHO\FODLPLQJLWVSUHVHQFH
HUUyQHDPHQWHVXSUHVHQFLD
81(,62*XtD,19RFDEXODULR ,62,(&*XLGH,QWHUQDWLRQDO
LQWHUQDFLRQDOGHPHWURORJtD±&RQFHSWRV YRFDEXODU\RIPHWURORJ\±%DVLFDQGJHQHUDO
IXQGDPHQWDOHV\JHQHUDOHV\WpUPLQRV FRQFHSWVDQGDVVRFLDWHGWHUPV9,0-&*0
DVRFLDGRV9,0-&*0 ,QWHUQDWLRQDOYRFDEXODU\RI
9RFDEXODULRLQWHUQDFLRQDOGHPHWURORJtD± PHWURORJ\±%DVLFDQGJHQHUDOFRQFHSWVDQG
&RQFHSWRVIXQGDPHQWDOHV\JHQHUDOHV\ DVVRFLDWHGWHUPV9,0
WpUPLQRVDVRFLDGRV9,0
/tPLWHGHGHFLVLyQ/tPLWHGHFXDQWLILFDFLyQ /LPLWRIGHFLVLRQ/LPLWRITXDQWLILFDWLRQ
&DSDFLGDGGHGHWHFFLyQ(UURUDOIDĮ(UURU 'HWHFWLRQFDSDELOLW\$OIDĮHUURU%HWDȕ
EHWDȕ HUURU
2%6(59$&,21(6
(O OtPLWH GH GHWHFFLyQ UHSUHVHQWD OD FDQWLGDG PiV SHTXHxD GH DQDOLWR HQ OD PXHVWUD TXH
SXHGHVHUGLVWLQJXLGDGHIRUPDILDEOHGHOYDORUFHUR
7UDGLFLRQDOPHQWH HO OtPLWH GH GHWHFFLyQ VH KD GHILQLGR WHQLHQGR HQ FXHQWD ~QLFDPHQWH HO
HUURUĮIDOVRSRVLWLYR$FWXDOPHQWHHVWHFRQFHSWRHVWiOLJDGRDOOtPLWHGHGHFLVLyQ
(VWD GHILQLFLyQ DFWXDO GH OtPLWH GH GHWHFFLyQ LQFRUSRUD HQ XQ PLVPR SDUiPHWUR ODV
SUREDELOLGDGHVGHFRPHWHUHUURUHVSRUIDOVRQRGHWHFWDGRĮ\IDOVRGHWHFWDGRȕDJUXSDORV
FRQFHSWRVGHILQLGRVHQHOOtPLWHGHGHFLVLyQ\ODFDSDFLGDGGHGHWHFFLyQ
/D,83$&UHFRPLHQGDSRUGHIHFWRTXHORVYDORUHVGHSUREDELOLGDGGHHUURUĮIDOVRSRVLWLYR\
ȕIDOVRQHJDWLYRVHDQLJXDOHVD
(QLQJOpVDOJXQDVYHFHVVHXVDODDEUHYLDWXUD/2'OLPLWRIGHWHFWLRQRGHWHFWLRQOLPLW
*/26$5,2GH7pUPLQRV$QDOtWLFRV(G
/Ë0,7('(5(3(7,%,/,'$'GHXQ 5(3($7$%,/,7</,0,7RID
PpWRGRFXDQWLWDWLYR TXDQWLWDWLYHPHWKRG
9DORU SRU GHEDMR GHO FXDO VH VLW~D FRQ XQD 7KH YDOXH OHVV WKDQ RU HTXDO WR ZKLFK WKH
SUREDELOLGDGGHOHOYDORUDEVROXWRGHOD DEVROXWH GLIIHUHQFH EHWZHHQ ILQDO YDOXHV
GLIHUHQFLD HQWUH GRV UHVXOWDGRV GH HQVD\R HDFK RI WKHP UHSUHVHQWLQJ D VHULHV RI WHVW
REWHQLGRVEDMRFRQGLFLRQHVGHUHSHWLELOLGDG UHVXOWV RU PHDVXUHPHQW UHVXOWV REWDLQHG
XQGHU UHSHDWDELOLW\ FRQGLWLRQV PD\ EH
H[SHFWHGWREHZLWKDSUREDELOLW\RI
81(([DFWLWXGYHUDFLGDG\ ,62$FFXUDF\WUXHQHVVDQG
SUHFLVLyQGHUHVXOWDGRV\PpWRGRVGH SUHFLVLRQRIPHDVXUHPHQWPHWKRGVDQG
PHGLFLyQ±3DUWH3ULQFLSLRVJHQHUDOHV\ UHVXOWV±3DUW*HQHUDOSULQFLSOHVDQG
GHILQLFLRQHV GHILQLWLRQV
5HSHWLELOLGDG5HSURGXFLELOLGDG/tPLWHGH 5HSHDWDELOLW\5HSURGXFLELOLW\5HSURGXFLELOLW\
UHSURGXFLELOLGDG OLPLW
2%6(59$&,21(6
6HUHSUHVHQWDSRUHOVtPERORU
6HFDOFXODPXOWLSOLFDQGRHOGREOHGHODUDt]GHSRUODGHVYLDFLyQHVWiQGDUGHUHSHWLELOLGDGU
ā'(U ā'(U
,QGLFD OD FDSDFLGDG GH UHVROXFLyQ R GLVFULPLQDFLyQ GHO PpWRGR DQDOtWLFR HQWUH UHVXOWDGRV
SUy[LPRVREWHQLGRVHQFRQGLFLRQHVGHUHSHWLELOLGDG
/Ë0,7('(5(352'8&,%,/,'$'GHXQ 5(352'8&,%,/,7</,0,7RID
PpWRGRFXDQWLWDWLYR TXDQWLWDWLYHPHWKRG
9DORU SRU GHEDMR GHO FXDO VH VLW~D FRQ XQD 7KH YDOXH OHVV WKDQ RU HTXDO WR ZKLFK WKH
SUREDELOLGDGGHOHOYDORUDEVROXWRGHOD DEVROXWH GLIIHUHQFH EHWZHHQ ILQDO YDOXHV
GLIHUHQFLD HQWUH GRV UHVXOWDGRV GH HQVD\R HDFK RI WKHP UHSUHVHQWLQJ D VHULHV RI WHVW
REWHQLGRV EDMR FRQGLFLRQHV GH UHVXOWV RU PHDVXUHPHQW UHVXOWV REWDLQHG
UHSURGXFLELOLGDG XQGHU UHSURGXFLELOLW\ FRQGLWLRQV PD\ EH
H[SHFWHGWREHZLWKDSUREDELOLW\RI
81(([DFWLWXGYHUDFLGDG\ ,62$FFXUDF\WUXHQHVVDQG
SUHFLVLyQGHUHVXOWDGRV\PpWRGRVGH SUHFLVLRQRIPHDVXUHPHQWPHWKRGVDQG
PHGLFLyQ±3DUWH3ULQFLSLRVJHQHUDOHV\ UHVXOWV±3DUW*HQHUDOSULQFLSOHVDQG
GHILQLFLRQHV GHILQLWLRQV
5HSHWLELOLGDG5HSURGXFLELOLGDG/tPLWHGH 5HSHDWDELOLW\5HSURGXFLELOLW\5HSHDWDELOLW\
UHSHWLELOLGDG OLPLW
2%6(59$&,21(6
6HUHSUHVHQWDSRUHOVtPEROR5
6H FDOFXOD PXOWLSOLFDQGR HO GREOH GH OD UDt] GH SRU OD GHVYLDFLyQ HVWiQGDU GH
UHSURGXFLELOLGDG5 ā'(5 ā'(5
,QGLFD OD FDSDFLGDG GH UHVROXFLyQ R GLVFULPLQDFLyQ GHO PpWRGR DQDOtWLFR HQWUH UHVXOWDGRV
SUy[LPRVREWHQLGRVHQFRQGLFLRQHVGHUHSURGXFLELOLGDG
*/26$5,2GH7pUPLQRV$QDOtWLFRV(G
/,1($/,'$'GHXQPpWRGRDQDOtWLFR /,1($5,7<RIDQDQDO\WLFDOPHWKRG
&DSDFLGDG GH XQ PpWRGR DQDOtWLFR SDUD 7KH DELOLW\ RI DQ DQDO\WLFDO PHWKRG WR LQGXFH
JHQHUDU XQD VHxDO FX\D LQWHQVLGDG HV D VLJQDO ZKRVH LQWHQVLW\ LV GLUHFWO\
GLUHFWDPHQWH SURSRUFLRQDO D OD FDQWLGDG GH SURSRUWLRQDO WR WKH DPRXQW RI WKH JLYHQ
XQDQDOLWRRSDUiPHWURDQDOtWLFRGDGR DQDO\WHRUDQDO\WLFDOSDUDPHWHU
7UDGXFLGD\DGDSWDGDSRUORVDXWRUHV $GDSWHGIURP,1$%3*XLGHWR
PHWKRGYDOLGDWLRQIRUTXDQWLWDWLYHDQDO\VLVLQ
FKHPLFDOWHVWLQJODERUDWRULHV
/LQHDOLGDG,QWHUYDOROLQHDO5HFWDGH /LQHDULW\/LQHDUUDQJH&DOLEUDWLRQFXUYH
FDOLEUDGR
2%6(59$&,21(6
/D OLQHDOLGDG HVWi DVRFLDGD DO HVWDEOHFLPLHQWR GH OD UHFWD GH FDOLEUDGR 'H KHFKR VH KD
SURSXHVWR FRPR SDUiPHWUR GH OLQHDOLGDG HO YDORU FRPSOHPHQWDULR GH OD GHVYLDFLyQ HVWiQGDU
UHODWLYDGHODSHQGLHQWH/,1 ±'(5E
1R HV XQD SURSLHGDG QHFHVDULD \D TXH DOJXQRV PpWRGRV PXHVWUDQ XQ FRPSRUWDPLHQWR
LQWUtQVHFDPHQWHQROLQHDO\VHXWLOL]DQHQWRQFHVFXUYDVGHFDOLEUDFLyQDMXVWDGDVDIXQFLRQHV
QROLQHDOHV
/27('(0$7(5,$/ 0$7(5,$/%$7&+
8QDFDQWLGDGGHPDWHULDOSHPXHVWUDVGH $Q DPRXQW RI PDWHULDO HJ VDPSOHV RI WKH
OD PLVPD PDWUL] R VLPLODU D OD TXH VH OH VDPH RU VLPLODU PDWUL[ H[SHFWHG WR EHKDYH
VXSRQH XQ FRPSRUWDPLHQWR PX\ SDUHFLGR VLPLODUO\ ZLWK UHVSHFW WR WKH SURFHGXUHV
UHVSHFWR DO D ORV SURFHGLPLHQWRV EHLQJ HPSOR\HG FRQVLGHUHG WR EH D XQLIRUP
HPSOHDGRV \ TXH VHFRQVLGHUD XQD XQLGDG GLVFUHWHXQLW
GLVFUHWDXQLIRUPH
7UDGXFLGD\DGDSWDGDSRUORVDXWRUHV *ORVVDU\RITXDOLW\DVVXUDQFHWHUPVDQG
UHODWHGDFURQ\PV:HEHG86(3$
7DQGDDQDOtWLFD $QDO\WLFDOEDWFK
2%6(59$&,21(6
6HFRQVLGHUDTXHXQORWHKDVLGRSURGXFLGRRSURFHVDGRHQXQD~QLFDRSHUDFLyQ
*/26$5,2GH7pUPLQRV$QDOtWLFRV(G
0$*1,78'$1$/Ë7,&$ $1$/<7,&$/48$17,7<
3URSLHGDGGHFXDOTXLHUIHQyPHQRTXHSXHGD 3URSHUW\UHODWHGWRDQ\SKHQRPHQRQWKDWFDQ
UHODFLRQDUVHXQtYRFDPHQWHFRQODQDWXUDOH]D XQDPELJXRXVO\EHOLQNHGWRWKHQDWXUHDQGRU
\RFDQWLGDGGHVXVWDQFLDTXtPLFDSUHVHQWH DPRXQWRIFKHPLFDOSUHVHQW
3URSXHVWDSRUORVDXWRUHV 3URSRVHGE\WKHDXWKRUV
0DJQLWXG3DUiPHWURDQDOtWLFR 4XDQWLW\$QDO\WLFDOSDUDPHWHU
2%6(59$&,21(6
/DV PDJQLWXGHV DQDOtWLFDV SXHGHQ VHU GH QDWXUDOH]D FXDOLWDWLYD SH WLHPSR GH UHWHQFLyQ
ORQJLWXG GH RQGD SRWHQFLDO HOHFWURTXtPLFR FXDQWLWDWLYD SH SHVR GH XQ SUHFLSLWDGR
LQWHQVLGDG GH XQD UDGLDFLyQ DOWXUD R iUHD GH XQ SLFR R HVWUXFWXUDO SH SRVLFLyQ GH ODV
EDQGDVHQHVSHFWURVFRSLDGH,5RHQ501
0$7(5,$/ 0$7(5,$/
7RGD HQWLGDG KHFKD GH PDWHULD FRQVWLWXLGD (YHU\ HQWLW\ PDGH RI PDWWHU FRPSULVLQJ RQH
SRUXQDRPiVVXVWDQFLDV RUPRUHVXEVWDQFHV
3URSXHVWDSRUORVDXWRUHV 3URSRVHGE\WKHDXWKRUV
2EMHWRDQDOtWLFR6XVWDQFLD $QDO\WLFDOREMHFW6XEVWDQFH
2%6(59$&,21(6
(QHOiPELWRDQDOtWLFRHOWpUPLQRPDWHULDOVHUHILHUHDODPDWHULDTXHFRQVWLWX\HORVREMHWRVR
PXHVWUDVGHDQiOLVLV
(QFLHUWRVFDVRVODLGHQWLILFDFLyQ\RFXDQWLILFDFLyQGHXQPDWHULDOHQVtPLVPRSXHGHVHUHO
REMHWLYR GH XQ DQiOLVLV RFXSDQGR HO OXJDU GH ORV DQDOLWRV SH OD GHWHUPLQDFLyQ GH OD
SURSRUFLyQGHDFHLWHGHJLUDVROTXHDGXOWHUDXQDFHLWHGHROLYD
(Q TXtPLFD GH ORV PDWHULDOHV HO WpUPLQR WLHQH XQ VLJQLILFDGR GLVWLQWR \ VH XWLOL]D SDUD
UHSUHVHQWDU FXDOTXLHU FRPSRQHQWH JHQHUDOPHQWH VyOLGR GH PDTXLQDULD HVWUXFWXUDV
GLVSRVLWLYRVRSURGXFWRVTXHSXHGHVHUXWLOL]DGRSDUDDWHQGHUXQDQHFHVLGDGDFWXDORIXWXUD
GHODVRFLHGDG
*/26$5,2GH7pUPLQRV$QDOtWLFRV(G
0$7(5,$/'(&21752/ &21752/0$7(5,$/
0DWHULDO TXH VH XWLOL]D SDUD HYDOXDU HO $ PDWHULDO WR EH XVHG IRU WKH DVVHVVPHQW RI
IXQFLRQDPLHQWR GH XQ SURFHGLPLHQWR WKHSHUIRUPDQFHRIDQDQDO\WLFDOSURFHGXUHRU
DQDOtWLFRRGHSDUWHGHOPLVPR SDUWWKHUHRI
$'0F1DXJKW$:LONLQVRQ&RPSHQGLRGH &RPSHQGLXPRIFKHPLFDOWHUPLQRORJ\±*ROG
WHUPLQRORJtDTXtPLFD6tQWHVLV %RRN:HEHGYHU,83$&
0DWHULDOGHUHIHUHQFLD$QDOLWRSDWUyQ 5HIHUHQFHPDWHULDO6WDQGDUGDQDO\WH
0XHVWUDGHFRQWURO &RQWUROVDPSOH
2%6(59$&,21(6
8QPDWHULDOGHFRQWUROHVVLPLODUDXQPDWHULDOGHUHIHUHQFLDSHURTXHVHXWLOL]D~QLFDPHQWH
FRQILQHVGHFRQWUROGHODFDOLGDG
0$75,= 0$75,;
&RPSRQHQWHV GH OD PXHVWUD GLVWLQWRV GHO 7KHFRPSRQHQWVRIWKHVDPSOHRWKHUWKDQWKH
DQDOLWR DQDO\WH
$'0F1DXJKW$:LONLQVRQ&RPSHQGLRGH &RPSHQGLXPRIFKHPLFDOWHUPLQRORJ\±*ROG
WHUPLQRORJtDTXtPLFD6tQWHVLV %RRN:HEHGYHU,83$&
$QDOLWR0XHVWUD $QDO\WH6DPSOH
2%6(59$&,21(6
/DPDWUL]DQDOtWLFDSXHGHLQFOXLUWDQWRORVFRQVWLWX\HQWHVHQGyJHQRVFRPRDTXHOORVTXHVRQ
H[yJHQRVDOPDWHULDORULJLQDO
/DPDWUL]HQJOREDWRGRVORVFRPSRQHQWHVGLIHUHQWHVDOORVDQDOLWRVVHQVXFRQMXQWR\QRD
QLYHOLQGLYLGXDO
)UHFXHQWHPHQWHODPDWUL]DSDUHFHGHILQLGDFRPRHOFRQMXQWRGHFRQFRPLWDQWHVVLHQGRHVWRV
FDGDXQRGHORVFRPSRQHQWHVLQGLYLGXDOHVGHODPXHVWUDGLIHUHQWHVGHODQDOLWR
*/26$5,2GH7pUPLQRV$QDOtWLFRV(G
0e72'2DQDOtWLFR'(&5,%$'2 6&5((1,1*DQDO\WLFDO0(7+2'
0pWRGR XWLOL]DGR SDUD HVWDEOHFHU HO YDORU GH 0HWKRGWKDWLVXVHGWR HVWDEOLVKWKHYDOXHRI
XQD SURSLHGDG R OD SUHVHQFLD GH XQD D IHDWXUH RU WKH SUHVHQFH RI D VXEVWDQFH RU
VXVWDQFLD R WLSR GH VXVWDQFLDV DO QLYHO GH FODVVRIVXEVWDQFHVDWWKHOHYHORILQWHUHVW
LQWHUpV
$GDSWDGDGH'HFLVLyQGHOD&RPLVLyQ $GDSWHGIURP&RPPLVVLRQ'HFLVLRQ
&(SRUODTXHVHDSOLFDOD'LUHFWLYD (&LPSOHPHQWLQJ&RXQFLO'LUHFWLYH
&(GHO&RQVHMRHQFXDQWRDO (&FRQFHUQLQJWKHSHUIRUPDQFHRI
IXQFLRQDPLHQWRGHORVPpWRGRVDQDOtWLFRV\ DQDO\WLFDOPHWKRGVDQGWKHLQWHUSUHWDWLRQRI
ODLQWHUSUHWDFLyQGHORVUHVXOWDGRV UHVXOWV
$QiOLVLVRHQVD\RSDUDFULEDGR0pWRGR 6FUHHQLQJDQDO\VLV6FUHHQLQJWHVW6HPL
VHPLFXDQWLWDWLYR TXDQWLWDWLYHPHWKRG
2%6(59$&,21(6
(VWRV PpWRGRV SHUPLWHQ WUDWDU XQ HOHYDGR Q~PHUR GH PXHVWUDV \ VH XWLOL]DQ SDUD FULEDU
JUDQGHV FDQWLGDGHV GH PXHVWUDV HQ EXVFD GH SRVLEOHV UHVXOWDGRV QR FRQIRUPHV (VWiQ
GLVHxDGRVHVSHFtILFDPHQWHSDUDHYLWDUUHVXOWDGRVGHIDOVRFRQIRUPH
(Q JHQHUDO GHEHQ VHU UiSLGRV \ VHQFLOORV GH DSOLFDU HQ UHODFLyQ FRQ HO PpWRGR GH
FXDQWLILFDFLyQKDELWXDOPHQWHDSOLFDGR
6XREMHWLYRIXQGDPHQWDOHVKDFHUXQDGLVFULPLQDFLyQGHODVPXHVWUDVFXDQGRVHFRQRFHGH
DQWHPDQRTXHVyORXQDEDMDSURSRUFLyQGHHOODVSXHGHVHUQRFRQIRUPHV
(QSULQFLSLRODUHDOL]DFLyQGHXQFULEDGRHVVLPLODUDODUHDOL]DFLyQGHXQDQiOLVLVH[FHSWRSRU
HOREMHWLYRGHGLVFULPLQDUPXHVWUDV
0e72'2DQDOtWLFR(03Ë5,&2 (03,5,&$/DQDO\WLFDO0(7+2'
8Q PpWRGR TXH GHWHUPLQD XQ YDORU TXH $PHWKRGZKLFKGHWHUPLQHVDYDOXHWKDWFDQ
SXHGHVHUREWHQLGRVRODPHQWHSRUDSOLFDFLyQ EH DFKLHYHG DW RQO\ LQ WHUPV RI WKH PHWKRG
GHO PpWRGR SHU VH \ FRQVWLWX\H SRU SHU VH DQG VHUYHV E\ GHILQLWLRQ DV WKH RQO\
GHILQLFLyQHO~QLFRPpWRGRSDUDHVWDEOHFHUHO PHWKRGIRUHVWDEOLVKLQJWKHPHDVXUDQG
GHWHUPLQDQGR
7UDGXFLGD\DGDSWDGDSRUORVDXWRUHV $GDSWHGIURP,83$&7HFKQLFDO5HSRUW
+DUPRQLVHGJXLGHOLQHVIRUWKHXVHRI
UHFRYHU\LQIRUPDWLRQLQDQDO\WLFDO
PHDVXUHPHQW
3DUiPHWURDQDOtWLFR $QDO\WLFDOSDUDPHWHU
2%6(59$&,21(6
7DPELpQ VH SXHGH QRPEUDU FRPR PpWRGR DQDOtWLFR GHILQLGR R PpWRGR DQDOtWLFR
FRQYHQFLRQDO
(Q XQ PpWRGR HPStULFR HO GHWHUPLQDQGR HV OD FDQWLGDG R FRQWHQLGRGH DQDOLWR TXH SXHGH
VHUPHGLGRSRUDSOLFDFLyQGHOPpWRGRHQFXHVWLyQ'LFKDFDQWLGDGQRWLHQHSRUTXpFRLQFLGLU
FRQ OD FDQWLGDG WRWDO GH DQDOLWR SH QLWUyJHQR \ IyVIRUR H[WUDFWDEOH GH XQ VXHOR QLWUyJHQR
WRWDOEiVLFRYROiWLOGHOSHVFDGRGHPDQGDTXtPLFDGHR[tJHQRGHXQDJXDHWF
8Q PpWRGR DQDOtWLFR QR HPStULFR VH GHQRPLQD PpWRGR DQDOtWLFR UDFLRQDO DXQTXH HVWD
WHUPLQRORJtDHVSRFRXWLOL]DGD
*/26$5,2GH7pUPLQRV$QDOtWLFRV(G
0e72'2DQDOtWLFR1250$/,=$'2 67$1'$5'DQDO\WLFDO0(7+2'
&RQMXQWRGHLQVWUXFFLRQHVDSUREDGDVSRUXQ $VHWRILQVWUXFWLRQVDERXWKRZWRFDUU\RXWD
RUJDQLVPR GH QRUPDOL]DFLyQ VREUH FyPR PHWKRGLVVXHGE\DQDWLRQDOVWDQGDUGVERG\
OOHYDUDFDERXQPpWRGRDQDOtWLFR
7UDGXFLGDSRUORVDXWRUHV (3ULFKDUG$QDO\WLFDOPHDVXUHPHQW
WHUPLQRORJ\/*&56&
0pWRGRDQDOtWLFR0pWRGRDQDOtWLFRRILFLDO $QDO\WLFDOPHWKRG5HJXODWRU\DQDO\WLFDO
3URFHGLPLHQWRDQDOtWLFR PHWKRG$QDO\WLFDOSURFHGXUH
2%6(59$&,21(6
/RVPpWRGRVDQDOtWLFRVQRUPDOL]DGRVWLHQHQODFDWHJRUtDGHSURFHGLPLHQWRVDQDOtWLFRV
*HQHUDOPHQWHORVPpWRGRVDQDOtWLFRVQRUPDOL]DGRVHVWiQHVFULWRVHQIRUPDGHSURFHGLPLHQWR
DQDOtWLFR
7DPELpQ VH FRQVLGHUDQ PpWRGRV DQDOtWLFRV QRUPDOL]DGRV DTXHOORV TXH VRQ SURSXHVWRV SRU
RUJDQLVPRV UHFRQRFLGRV SRU VX DFWLYLGDG UHJXODWRULD DXQTXH QR VHDQ RUJDQLVPRV GH
QRUPDOL]DFLyQSH,83$&$2$&&2,,2&2,9),/,/)$3+$HWF
0e72'2DQDOtWLFR2),&,$/ 5(*8/$725<DQDO\WLFDO0(7+2'
0pWRGR DQDOtWLFR TXH HV LQFRUSRUDGR D OD $QDO\WLFDO PHWKRG ZKLFK LV OHJLVODWHG E\ D
OHJLVODFLyQSRUXQRUJDQLVPRJXEHUQDPHQWDO QDWLRQDOJRYHUQPHQW
7UDGXFLGD\DGDSWDGDSRUORVDXWRUHV $GDSWHGIURP(3ULFKDUG$QDO\WLFDO
PHDVXUHPHQWWHUPLQRORJ\/*&
56&
0pWRGRDQDOtWLFR0pWRGRQRUPDOL]DGR $QDO\WLFDOPHWKRG6WDQGDUGDQDO\WLFDO
3URFHGLPLHQWRDQDOtWLFR PHWKRG$QDO\WLFDOSURFHGXUH
2%6(59$&,21(6
6H FRQVLGHUDQ PpWRGRV DQDOtWLFRV RILFLDOHV DTXHOORV TXH VRQ SURSXHVWRV R DFHSWDGRV SRU
RUJDQLVPRV GHSHQGLHQWHV GH OD DGPLQLVWUDFLyQ SH 8( 0LQLVWHULR )'$ (3$ 26+$
,16+7)DUPDFRSHDHWF
7DPELpQ VH FRQVLGHUDQ PpWRGRV DQDOtWLFRV RILFLDOHV DTXHOORV PpWRGRV DQDOtWLFRV
QRUPDOL]DGRVTXHKDQVLGRLQFRUSRUDGRVDODOHJLVODFLyQSRUXQDGLVSRVLFLyQOHJDO
*/26$5,2GH7pUPLQRV$QDOtWLFRV(G
0e72'2$1$/Ë7,&2 $1$/<7,&$/0(7+2'
6HFXHQFLD GH RSHUDFLRQHV WpFQLFDV $ VHTXHQFH RI VSHFLILF WHFKQLFDO RSHUDWLRQV
HVSHFtILFDV SDUD OOHYDU D FDER XQ IRU FDUU\LQJ RXW D SDUWLFXODU FKHPLFDO
GHWHUPLQDGR DQiOLVLV TXtPLFR SUHVHQWDGDV DQDO\VLV V\VWHPDWLFDOO\ SUHVHQWHG LQ WKH
GH IRUPD VLVWHPiWLFD HQ HO RUGHQ HQ TXH RUGHULQZKLFKWKH\KDYHWREHH[HFXWHG
GHEHQVHUUHDOL]DGDV
3URSXHVWDSRUORVDXWRUHV 3URSRVHGE\WKHDXWKRUV
0pWRGRGHDQiOLVLVTXtPLFR3URFHGLPLHQWR 0HWKRGRIFKHPLFDODQDO\VLV$QDO\WLFDO
DQDOtWLFR SURFHGXUH
2%6(59$&,21(6
8Q PpWRGR DQDOtWLFR HV OD DSOLFDFLyQ SUiFWLFD GH XQD GHWHUPLQDGD WpFQLFD R WpFQLFDV
DQDOtWLFDVFRQHOILQGHUHDOL]DUXQDQiOLVLVTXtPLFR
(OPpWRGRDQDOtWLFRUHSUHVHQWDODPDWHULDOL]DFLyQGHXQSURFHVRDQDOtWLFR
021,725,=$&,Ï1 021,725,1*
2EVHUYDFLyQ FRQWLQXD R UHSHWLGD PHGLGD \ &RQWLQXRXV RU UHSHDWHG REVHUYDWLRQ
HYDOXDFLyQ GH XQ SURFHVR HQ FLHUWR FDPSR PHDVXUHPHQW DQGHYDOXDWLRQRI DSURFHVVLQ
GHDSOLFDFLyQGHDFXHUGRDXQDGHWHUPLQDGD D FHUWDLQ ILHOG RI DSSOLFDWLRQ DFFRUGLQJ WR
SURJUDPDFLyQHVSDFLDO\WHPSRUDO JLYHQVFKHGXOHVLQVSDFHDQGWLPH
7UDGXFLGDSRUORVDXWRUHV *ORVVDU\RIDQDO\WLFDOWHUPVLQ.'DQ]HU
$QDO\WLFDOFKHPLVWU\WKHRUHWLFDODQG
PHWURORJLFDOIXQGDPHQWDOV6SULQJHU
0HGLGD 0HDVXUHPHQW
2%6(59$&,21(6
6HXWLOL]DWDPELpQFRPRVLQyQLPRHOWpUPLQRVHJXLPLHQWR
&DPSRV GH DSOLFDFLyQ HQ ORV TXH VH DSOLFD OD PRQLWRUL]DFLyQ SXHGHQ VHU SH YLJLODQFLD
DPELHQWDO FRQWURO GH OD VDOXG \ OD VHJXULGDG LQVSHFFLyQ GH OD FDOLGDG DOLPHQWDULD
DVHJXUDPLHQWR\FRQWUROGHSURGXFWRVLQGXVWULDOHV
*/26$5,2GH7pUPLQRV$QDOtWLFRV(G
08(675$ 6$03/(
3RUFLyQ GHO PDWHULDO X REMHWR D HVWXGLDU $ SRUWLRQ RI PDWHULDO VHOHFWHG IURP D ODUJHU
VHOHFFLRQDGDGHXQDFDQWLGDGPD\RU TXDQWLW\RIPDWHULDO
7UDGXFLGD\DGDSWDGDSRUORVDXWRUHV &RPSHQGLXPRIFKHPLFDOWHUPLQRORJ\±*ROG
%RRN:HEHGYHU,83$&
(VSpFLPHQ3RUFLyQGHHQVD\R2EMHWR 6SHFLPHQ7HVWSRUWLRQ2EMHFW
2%6(59$&,21(6
/DPXHVWUDWLHQHSRUILQDOLGDGRIUHFHULQIRUPDFLyQVREUHXQDFDUDFWHUtVWLFDGHWHUPLQDGDGHOD
SREODFLyQ REMHWR DQDOL]DGD \ VHUYLU GH EDVH SDUD DGRSWDU XQD GHFLVLyQ UHODWLYD D OD
SREODFLyQHOSURGXFWRRHOSURFHVRTXHORVKD\DJHQHUDGR
(OWpUPLQRQHFHVLWDVHUFDOLILFDGRSRUHMHPSORPXHVWUDJOREDOPXHVWUDSULPDULDPXHVWUDD
JUDQHOPXHVWUDGHHQVD\R«
,PSOLFD OD H[LVWHQFLD GH XQ HUURU GH PXHVWUHR HV GHFLU ORV UHVXOWDGRV REWHQLGRV HQ ODV
SRUFLRQHV WRPDGDV VRQ VyOR HVWLPDFLRQHV GH OD FRQFHQWUDFLyQ GH XQ FRQVWLWX\HQWH R GH OD
PDJQLWXGGHXQDSURSLHGDGSUHVHQWHHQHOPDWHULDOGHSDUWLGD6LQRKD\HUURUGHPXHVWUHRR
pVWHHVGHVSUHFLDEOHODSRUFLyQVHSDUDGDHVXQDSRUFLyQGHHQVD\RDOtFXRWDRHVSpFLPHQ
6LODPXHVWUDHVGLYLGLGDHQSRUFLRQHVFDGDXQDGHHOODVFRQVWLWX\HXQDVXEPXHVWUD
/DIRUPDGHVHOHFFLyQGHODPXHVWUDVHGHEHHVWDEOHFHUHQXQSODQGHPXHVWUHR
08(675$&,(*$ %/,1'6$03/(
0XHVWUD TXH HV DQDOL]DGD SRU XQ RSHUDGRU 6DPSOH WKDW LV DQDO\VHG E\ DQ RSHUDWRU ZKR
TXH GHVFRQRFH HQ HO PRPHQWR GHO DQiOLVLV LVXQDZDUHDWWKHWLPHRIWKHDQDO\VLVWKDWWKH
TXH OD PXHVWUD HV XWLOL]DGD FRQ ILQHV GH VDPSOHLVIRUTXDOLW\FRQWUROSXUSRVHV
FRQWUROGHODFDOLGDG
7UDGXFLGDSRUORVDXWRUHV *ORVVDU\RIWHUPVIRUTXDOLW\DVVXUDQFHDQG
JRRGODERUDWRU\SUDFWLFHVQGHG
8QLWHG1DWLRQV2IILFHRQ'UXJVDQG&ULPH
812'&
0XHVWUDGHFRQWURO &RQWUROVDPSOH
2%6(59$&,21(6
&XDQGRODPXHVWUDFLHJDHVGHVFRQRFLGDWDPELpQFRPRWDOSRUHOVXSHUYLVRURUHVSRQVDEOH
WpFQLFRGHODQiOLVLVVHGHQRPLQDPXHVWUDGREOHPHQWHFLHJD
*/26$5,2GH7pUPLQRV$QDOtWLFRV(G
08(675$'(&21752/ &21752/6$03/(
0XHVWUD R SRUFLyQ GH HQVD\R XWLOL]DGD SDUD 7KH WHVW SRUWLRQ RU WHVW VROXWLRQ XVHG IRU
HYDOXDU HO IXQFLRQDPLHQWR GH XQ DVVHVVPHQW RI WKH SHUIRUPDQFH RI DQ
SURFHGLPLHQWRDQDOtWLFR DQDO\WLFDOSURFHGXUH
$GDSWDGDGH$'0F1DXJKW$:LONLQVRQ &RPSHQGLXPRIFKHPLFDOWHUPLQRORJ\±*ROG
&RPSHQGLRGHWHUPLQRORJtDTXtPLFD %RRN:HEHGYHU,83$&
6tQWHVLV
0XHVWUDFLHJD0DWHULDOGHFRQWURO %OLQGVDPSOH&RQWUROPDWHULDO
2%6(59$&,21(6
(MHPSORV GH PXHVWUD FRQWURO VHUtDQ PDWHULDOHV GH UHIHUHQFLD PXHVWUDV GRSDGDV FXOWLYRV
FRQWUROPXHVWUDVGHXQDFRPSRVLFLyQELROyJLFDGHWHUPLQDGDEODQFRVHWF
7DPELpQ VH SRGUtD HPSOHDU XQ SDWUyQ DQDOtWLFR HQ DFWLYLGDGHV GH YHULILFDFLyQ R FRQWURO GH
FDOLGDGHQFX\RFDVRKDEODUtDPRVGHSDWUyQGHFRQWURO
08(675$'((16$<2 7(676$03/(
0XHVWUD SUHSDUDGD D SDUWLU GH XQD PXHVWUD 6DPSOHSUHSDUHGIURPWKHODERUDWRU\VDPSOH
GH ODERUDWRULR \ GH OD TXH VH WRPDUiQ DQGIURPZKLFKWHVWSRUWLRQVZLOOEHWDNHQ
SRUFLRQHVGHHQVD\R
'HFLVLyQ&(GHOD&RPLVLyQSRUOD ,626WDQGDUG&KHPLVWU\
TXHVHDSOLFDOD'LUHFWLYD&(GHO OD\RXWVIRUVWDQGDUGV±3DUW0HWKRGVRI
&RQVHMRHQFXDQWRDOIXQFLRQDPLHQWRGHORV FKHPLFDODQDO\VLV
PpWRGRVDQDOtWLFRV\ODLQWHUSUHWDFLyQGHORV
UHVXOWDGRV
0XHVWUDGHODERUDWRULR3RUFLyQGHHQVD\R /DERUDWRU\VDPSOH7HVWSRUWLRQ
2%6(59$&,21(6
&XDQGR OD PXHVWUD GH ODERUDWRULR QR UHTXLHUH GH QLQJXQD SUHSDUDFLyQ HV SRU Vt PLVPD OD
PXHVWUDGHHQVD\R
&XDQGRODPXHVWUDGHODERUDWRULRHVDGHPiVSUHSDUDGDUHGXFLGDSRUVXEGLYLVLyQPH]FOD
PROLHQGD R SRU YDULDVGH HVWDV RSHUDFLRQHVFRPELQDGDVHO UHVXOWDGR HV OD SURSLD PXHVWUD
GHHQVD\R
*/26$5,2GH7pUPLQRV$QDOtWLFRV(G
08(675$'(/$%25$725,2 /$%25$725<6$03/(
0XHVWUD R VXEPXHVWUDV HQYLDGD DO R 7KH VDPSOH RU VXEVDPSOHV VHQW WR RU
UHFLELGDSRUHOODERUDWRULR UHFHLYHGE\WKHODERUDWRU\
$'0F1DXJKW$:LONLQVRQ&RPSHQGLRGH &RPSHQGLXPRIFKHPLFDOWHUPLQRORJ\±*ROG
WHUPLQRORJtDTXtPLFD6tQWHVLV %RRN:HEHGYHU,83$&
0XHVWUDGHHQVD\R 7HVWVDPSOH
2%6(59$&,21(6
/D PXHVWUD GH ODERUDWRULR HV OD PXHVWUD ILQDO GHVGH HO SXQWR GH YLVWD GH WRPD GH PXHVWUD
SHURHVODPXHVWUDLQLFLDOGHVGHHOSXQWRGHYLVWDGHOODERUDWRULRTXHOOHYDUiDFDERHODQiOLVLV
GHODPLVPD
08(675$'23$'$ 63,.('6$03/(
0XHVWUD SUHSDUDGD PHGLDQWH OD DGLFLyQ $ VDPSOH SUHSDUHG E\ DGGLQJ GHOLEHUDWHO\
GHOLEHUDGDGHDQDOLWRRXQVXEURJDGRVREUH WDUJHWRUQRQWDUJHWPDWHULDOWRDEODQNPDWUL[
ODPDWUL] VDPSOH
7UDGXFLGD\DGDSWDGDSRUORVDXWRUHV $GDSWHGIURP)LHOGVDPSOHPDQXDO
0LQLVWU\RI(QYLURQPHQW%ULWLVK&ROXPELD
0XHVWUDHQULTXHFLGD%ODQFR )RUWLILHGVDPSOH%ODQN
2%6(59$&,21(6
8QDPXHVWUDGRSDGDVHREWLHQHDxDGLHQGRXQDFDQWLGDGFRQRFLGDGHDQDOLWRRVXEURJDGRD
ODPDWUL]HQVXHVWDGRQDWXUDOSRUWDQWRODPXHVWUDLQLFLDOPHQWHQRFRQWLHQHDQDOLWRQDWLYRHQ
FDVRFRQWUDULRVHGHEHGHXWLOL]DUHOWpUPLQRGHPXHVWUDHQULTXHFLGD
/DVPXHVWUDVGRSDGDVVHXWLOL]DQSRUHMHPSORSDUDGHWHUPLQDUVLH[LVWHHIHFWRPDWUL]
*/26$5,2GH7pUPLQRV$QDOtWLFRV(G
08(675$(15,48(&,'$ )257,),('6$03/(
0XHVWUD HQ OD TXH VH DGLFLRQD XQD FDQWLGDG 6DPSOHHQULFKHGZLWKDNQRZQDPRXQWRIWKH
FRQRFLGDGHODQDOLWRTXHGHEHGHWHFWDUVH DQDO\WHWREHGHWHFWHG
$GDSWDGRGH'HFLVLyQ&(GHOD &RPPLVVLRQ'HFLVLRQ(&
&RPLVLyQSRUODTXHVHDSOLFDOD'LUHFWLYD LPSOHPHQWLQJ&RXQFLO'LUHFWLYH(&
&(GHO&RQVHMRHQFXDQWRDO FRQFHUQLQJWKHSHUIRUPDQFHRIDQDO\WLFDO
IXQFLRQDPLHQWRGHORVPpWRGRVDQDOtWLFRV\ PHWKRGVDQGWKHLQWHUSUHWDWLRQRIUHVXOWV
ODLQWHUSUHWDFLyQGHORVUHVXOWDGRV
0XHVWUDGRSDGD$QDOLWRDGLFLRQDGR 6SLNHGVDPSOH$GGHGDQDO\WH
2%6(59$&,21(6
(OWpUPLQRPXHVWUDHQULTXHFLGDGHEHUHIHULUVHVLHPSUHDXQDPXHVWUDTXH\DFRQWLHQHDQDOLWR
QDWLYR
(VEDVWDQWHKDELWXDOXWLOL]DUFRQHOPLVPRVLJQLILFDGRHOWpUPLQRPXHVWUDIRUWLILFDGD
08(675$5(3/,&$'$ 5(3/,&$7(6$03/(
0XHVWUDV P~OWLSOHV WRPDGDV HQ FRQGLFLRQHV 0XOWLSOH VDPSOHV WDNHQ XQGHU FRPSDUDEOH
FRPSDUDEOHV FRQGLWLRQV
$'0F1DXJKW$:LONLQVRQ&RPSHQGLRGH &RPSHQGLXPRIFKHPLFDOWHUPLQRORJ\±*ROG
WHUPLQRORJtDTXtPLFD6tQWHVLV %RRN:HEHGYHU,83$&
0XHVWUD 6DPSOH
2%6(59$&,21(6
&XDQGRVyORVHUHDOL]DXQDUHSHWLFLyQVHXWLOL]DHOWpUPLQRPXHVWUDGXSOLFDGD
(VWDVHOHFFLyQGHPXHVWUDVP~OWLSOHVVHSXHGHFRQVHJXLUWRPDQGRXQLGDGHVDG\DFHQWHVHQ
HOWLHPSRRHQHOHVSDFLR
$XQTXH ODV PXHVWUDV UHSOLFDGDV VHVXSRQHQ LGpQWLFDV FRQ IUHFXHQFLD OD ~QLFD UpSOLFD HV HO
DFWRGHWRPDUODPXHVWUDItVLFD
(OSURSyVLWRSULQFLSDOGHWRPDUPXHVWUDVUHSOLFDGDVHVSRGHUHVWLPDUODSUHFLVLyQYDULDFLRQHV
HVSDFLDOHV \ WHPSRUDOHV PiV ODV YDULDFLRQHV LQWURGXFLGDV D FRQVHFXHQFLD GH DSOLFDU HO
WUDWDPLHQWRGHPXHVWUD\HOSURFHGLPLHQWRDQDOtWLFR
*/26$5,2GH7pUPLQRV$QDOtWLFRV(G
08(675(2 6$03/,1*
3URFHVRGHREWHQHUXQDPXHVWUD 3URFHVVRIREWDLQLQJDVDPSOH
2%6(59$&,21(6
(O PXHVWUHR HV XQD RSHUDFLyQ FUXFLDO SDUD DVHJXUDU OD UHSUHVHQWDWLYLGDG DXQTXH SXHGH
UHVXOWDU SDUDGyMLFR TXH JHQHUDOPHQWH WLHQH OXJDU IXHUD GHO iPELWR GHO ODERUDWRULR \ SRU
SHUVRQDODMHQRDpO
1,9(/'(&257(GHXQPpWRGRGH &872))/(9(/RIDVFUHHQLQJ
FULEDGR PHWKRG
9DORU GH OD VHxDO DQDOtWLFD GH XQ PpWRGR GH 7KH DQDO\WLFDO VLJQDO IURP D VFUHHQLQJ
FULEDGR LQGLFDWLYR GH OD SUHVHQFLD GH XQD PHWKRG ZKLFK LQGLFDWHV WKDW D VDPSOH
VXVWDQFLD HQ R SRU HQFLPD GHO XPEUDO GH FRQWDLQV D VXEVWDQFH DW RU DERYH WKH
FRQFHQWUDFLyQFRQVLGHUDGR WKUHVKROGWDUJHWFRQFHQWUDWLRQ
7UDGXFLGD\DGDSWDGDSRUORVDXWRUHV $GDSWHGIURP1RUG9DO3URWRFRO1R
*XLGHLQYDOLGDWLRQRIDOWHUQDWLYHSURSULHWDU\
FKHPLFDOPHWKRGV
0pWRGRGHFULEDGR 6FUHHQLQJPHWKRG
2%6(59$&,21(6
7DPELpQDSDUHFHGHQRPLQDGRFRPRXPEUDOGHFRUWHFXWRIIWKUHVKROG
&XDQGRVHH[FHGHHOQLYHOGHFRUWHHVQHFHVDULRFRQILUPDUHOUHVXOWDGRPHGLDQWHXQPpWRGR
FXDQWLWDWLYR
*/26$5,2GH7pUPLQRV$QDOtWLFRV(G
2%-(72$1$/Ë7,&2 $1$/<7,&$/2%-(&7
6LVWHPD PDWHULDO R SDUWH GH pO GHO TXH VH $PDWHULDOV\VWHPRUDSDUWRILWIURPZKLFK
UHTXLHUH LQIRUPDFLyQ TXtPLFD \ GHO TXH VH FKHPLFDOLQIRUPDWLRQLVUHTXLUHGDQGVDPSOHV
WRPDQODVPXHVWUDVTXHVHDQDOL]DQ DUHFROOHFWHGIRUDQDO\VLV
$GDSWDGRGH*ORVDULRGHWpUPLQRVHQ0 $GDSWHGIURP*ORVVDU\RIWHUPVLQ0
9DOFiUFHO3ULQFLSLRVGHTXtPLFDDQDOtWLFD 9DOFiUFHO3ULQFLSOHVRIDQDO\WLFDOFKHPLVWU\D
6SULQJHU WH[WERRN6SULQJHU
0DWHULDO0XHVWUD 0DWHULDO6DPSOH
2%6(59$&,21(6
$GLIHUHQFLDGHORVVLVWHPDVPDWHULDOHVJHQpULFDPHQWHFRQVLGHUDGRVXQREMHWRPDWHULDOGHEH
WHQHUELHQGHILQLGRVVXVOtPLWHVRIURQWHUDV
(QXQ SUREOHPDGHFRQWDPLQDFLyQDPELHQWDO GHODJXD HOREMHWRDQDOtWLFRSRGUtD VHUWRGRHO
VLVWHPDPDWHULDOSHXQUtRHQWHURRXQDSDUWHGHpOSHODGHVHPERFDGXUD
&DGDREMHWRDQDOtWLFRHVWiFDUDFWHUL]DGRSRUXQ~QLFRPDWHULDORSRUYDULRVPDWHULDOHVTXHVH
PH]FODQ
3$5È0(752$1$/Ë7,&2 $1$/<7,&$/3$5$0(7(5
&DUDFWHUtVWLFD GH XQ VLVWHPD PDWHULDO $FKDUDFWHULVWLFRIDPDWHULDOV\VWHPUHODWHG
UHODFLRQDGRFRQODFRPSRVLFLyQTXtPLFDTXH WR WKH FKHPLFDO FRPSRVLWLRQ WR EH GHWHFWHG
YDDVHUGHWHFWDGD\RGHWHUPLQDGDPHGLDQWH DQGRU GHWHUPLQHG E\ WKH DSSOLFDWLRQ RI D
ODDSOLFDFLyQGHXQPpWRGRDQDOtWLFR PHWKRGRIDQDO\VLV
7UDGXFLGD\DGDSWDGDSRUORVDXWRUHV $GDSWHGIURP,1$%3*XLGHWR
PHWKRGYDOLGDWLRQIRUTXDQWLWDWLYHDQDO\VLVLQ
FKHPLFDOWHVWLQJODERUDWRULHV
&DUDFWHUtVWLFD &KDUDFWHULVWLF
2%6(59$&,21(6
$ YHFHV VH XWLOL]D HO WpUPLQR SURSLHGDG DQDOtWLFD FRPR VLQyQLPR GH SDUiPHWUR DQDOtWLFR
DXQTXHHVPiV KDELWXDOHQFRQWUDU HOSULPHURFRQHOVLJQLILFDGRGH SURSLHGDGGH XQ PpWRGR
DQDOtWLFRTXHGHVFULEHVXFDOLGDGHQHVWHJORVDULRGLFKRVLJQLILFDGRYLHQHUHSUHVHQWDGRSRUHO
WpUPLQRFDUDFWHUtVWLFDGHIXQFLRQDPLHQWR
(O WpUPLQR SDUiPHWUR DQDOtWLFR VH DSOLFD DGHPiV D PDJQLWXGHV ItVLFRTXtPLFDV SH S+
FRQGXFWLYLGDGDEVRUFLyQ89YLVHWFRGHQDWXUDOH]DHPStULFDSHPDWHULDVHFDJUDGRGH
DFLGH] tQGLFH GH DPDUJRU HWF TXH HVWiQ tQWLPDPHQWH UHODFLRQDGDV FRQ OD FRPSRVLFLyQ
TXtPLFD\TXHSXHGHQVHUREMHWRGHXQDQiOLVLVTXtPLFR
/DV PDJQLWXGHV UHODFLRQDGDV FRQ OD FDQWLGDG GH DQDOLWR FRPR FRQFHQWUDFLyQ SRUFHQWDMH
HWF SXHGHQ VHU FRQVLGHUDGDV FRPR SDUiPHWURV DQDOtWLFRV (Q HVWH VHQWLGR HO WpUPLQR
SDUiPHWUR DQDOtWLFR HV HTXLYDOHQWH HQ HO FRQWH[WR DQDOtWLFR DO WpUPLQR GHWHUPLQDQGR
HQWHQGLHQGRFRPRWDOODFRQFUHFLyQGHOPHQVXUDQGRHQHOiPELWRDQDOtWLFR
*/26$5,2GH7pUPLQRV$QDOtWLFRV(G
3$75Ï1DQDOtWLFR(;7(512 (;7(51$/DQDO\WLFDO67$1'$5'
3DWUyQ SUHSDUDGR GLUHFWDPHQWH PH]FODQGR 6WDQGDUG SUHSDUHG GLUHFWO\ E\ EOHQGLQJ D
DQDOLWR SDWUyQ HQ XQD VXVWDQFLD LQHUWH R VWDQGDUGDQDO\WHLQWRDQLQHUWVXEVWDQFHRUD
GLVROYHQWH VROYHQW
7UDGXFLGR\DGDSWDGRSRUORVDXWRUHV $GDSWHGIURP*ORVVDU\RIWHUPVIRUTXDOLW\
DVVXUDQFHDQGJRRGODERUDWRU\SUDFWLFHV
QGHG8QLWHG1DWLRQV2IILFHRQ
'UXJVDQG&ULPH812'&
$QDOLWRSDWUyQ0DWHULDOGHUHIHUHQFLD 6WDQGDUGDQDO\WH5HIHUHQFHPDWHULDO
2%6(59$&,21(6
(OSDWUyQH[WHUQRVHSXHGHSUHSDUDUGLUHFWDPHQWHDSDUWLUGHODQDOLWRSDWUyQRSRUVXFHVLYDV
GLOXFLRQHVGHOPLVPR
8QSDWUyQH[WHUQRQRVHSUHSDUDHQHOPLVPRWLSRGHPDWUL]TXHODPXHVWUDRHVSpFLPHQD
DQDOL]DU \ QR LQFRUSRUD ORV FRPSRQHQWHV GH GLFKD PDWUL] SRU WDQWR QR VH UHTXLHUH XQD
H[WUDFFLyQSUHYLDDODQiOLVLV
6H XWLOL]D SDUD IDFLOLWDU OD LGHQWLILFDFLyQ FXDOLWDWLYD \R GHWHUPLQDFLyQ FXDQWLWDWLYD GH ORV
FRPSRQHQWHVGHODPXHVWUD
3$75Ï1DQDOtWLFR,17(512 ,17(51$/DQDO\WLFDO67$1'$5'
3DWUyQ DGLFLRQDGR D OD PXHVWUD HQ $ VWDQGDUG DGGHG WR VDPSOHV LQ NQRZQ
FRQFHQWUDFLyQ FRQRFLGD VRPHWLGR DO DPRXQWDQGFDUULHGWKURXJKWKHSURFHGXUHDV
SURFHGLPLHQWR DQDOtWLFR \ HPSOHDGR FRPR D UHIHUHQFH IRU FDOLEUDWLRQ DQG FRQWUROOLQJ
UHIHUHQFLDHQODFDOLEUDFLyQ\HQHOFRQWUROGH LQVWUXPHQWDO DQG DQDO\WLFDO SUHFLVLRQ DQG
OD SUHFLVLyQ \ YHUDFLGDG LQVWUXPHQWDO \ ELDV
DQDOtWLFD
7UDGXFLGD\DGDSWDGDSRUORVDXWRUHV $GDSWHGIURP)LHOGVDPSOHPDQXDO
0LQLVWU\RI(QYLURQPHQW%ULWLVK&ROXPELD
$QDOLWRSDWUyQ6XEURJDGR 6WDQGDUGDQDO\WH6XUURJDWH
2%6(59$&,21(6
(OSDWUyQLQWHUQRVHHPSOHDSDUDFRPSHQVDUYDULDFLRQHVHQODUHVSXHVWDDQDOtWLFDGHELGDVDO
LQVWUXPHQWR\RHIHFWRPDWUL]RYDULDFLRQHVHQODFDQWLGDGGHPXHVWUDFRPRFRQVHFXHQFLDGH
IDOWDGHUHSHWLELOLGDGHQHOYROXPHQGHLQ\HFFLyQ
(QHOFLWDGRGRFXPHQWR)LHOGVDPSOHPDQXDODSDUHFHDGHPiVODVLJXLHQWHGLVWLQFLyQ
3DWUyQ LQWHUQR WLSR , 7LHQH FDUDFWHUtVWLFDV TXtPLFDV VLPLODUHV DO DQDOLWR SHUR JHQHUD XQD
UHVSXHVWD TXtPLFD GLVWLQWD D OD GH pVWH QR HVWDQGR VXMHWD D LQWHUIHUHQFLDV 6H DxDGH D OD
PXHVWUD MXVWR DQWHV GHO DQiOLVLV 3DWUyQ LQWHUQR WLSR ,, &DVR SDUWLFXODU HQ HO TXH HO SDWUyQ
LQWHUQRVHDxDGHDODPXHVWUDDQWHVGHODHWDSDGHSUHSDUDFLyQGHODPLVPD
/DGLIHUHQFLDIXQGDPHQWDOHQWUHORVGRVWLSRVGHSDWUyQLQWHUQRUDGLFDHQTXHHOWLSR,,VLUYH
SDUD FRPSHQVDU SpUGLGDV VXIULGDVGXUDQWH OD SUHSDUDFLyQ GH OD PXHVWUD \ YDULDFLRQHV HQ HO
YROXPHQGHPXHVWUDILQDO6HDVXPHTXHODSpUGLGDGHODQDOLWR\GHOSDWUyQLQWHUQRGXUDQWHOD
SUHSDUDFLyQGHODPXHVWUDVHUiSURSRUFLRQDO
*/26$5,2GH7pUPLQRV$QDOtWLFRV(G
3$75Ï1DQDOtWLFR35,0$5,2 35,0$5<DQDO\WLFDO67$1'$5'
6XVWDQFLD GH SXUH]D PX\ DOWD \ FRQRFLGD 6XEVWDQFH RI NQRZQ KLJK SXULW\ ZKLFK PD\
TXHVHGLVXHOYHHQXQYROXPHQFRQRFLGRGH EHGLVVROYHGLQDNQRZQYROXPHRIVROYHQWWR
GLVROYHQWH SDUD REWHQHU XQD GLVROXFLyQ JLYHDSULPDU\VWDQGDUGVROXWLRQ
HVWiQGDUSULPDULD
$'0F1DXJKW$:LONLQVRQ&RPSHQGLRGH &RPSHQGLXPRIFKHPLFDOWHUPLQRORJ\±*ROG
WHUPLQRORJtDTXtPLFD6tQWHVLV %RRN:HEHGYHU,83$&
$QDOLWRSDWUyQ3DWUyQVHFXQGDULR 6WDQGDUGDQDO\WH6HFRQGDU\VWDQGDUG
2%6(59$&,21(6
/D FRQFHQWUDFLyQ GH XQD GLVROXFLyQ HVWiQGDU SULPDULD VH FDOFXOD GLUHFWDPHQWH GH OD PDVD
SHVDGD \ GHO YROXPHQ SUHSDUDGR SRU OR TXH VH UHTXLHUH XWLOL]DU EDODQ]DV \ PDWHULDO
YROXPpWULFRGHFDOLGDGFRQWUDVWDGDFDOLEUDGRV
/RVYDORUHVFDOFXODGRVGHFRQFHQWUDFLyQSXHGHQVHUFRUUHJLGRVSRUHOYDORUGHFODUDGRGHOD
SXUH]DGHODQDOLWRSDWUyQ
3$75Ï1DQDOtWLFR6(&81'$5,2 6(&21'$5<DQDO\WLFDO67$1'$5'
6XVWDQFLD FX\R FRQWHQLGR HQ DJHQWH DFWLYR $ VXEVWDQFH ZKRVH DFWLYH DJHQW FRQWHQWV
VHGHWHUPLQDSRUFRPSDUDFLyQFRQXQSDWUyQ KDYH EHHQ IRXQG E\ FRPSDULVRQ DJDLQVW D
SULPDULR SULPDU\VWDQGDUG
$'0F1DXJKW$:LONLQVRQ&RPSHQGLRGH &RPSHQGLXPRIFKHPLFDOWHUPLQRORJ\±*ROG
WHUPLQRORJtDTXtPLFD6tQWHVLV %RRN:HEHGYHU,83$&
$QDOLWRSDWUyQ3DWUyQSULPDULR 6WDQGDUGDQDO\WH3ULPDU\VWDQGDUG
2%6(59$&,21(6
6L VH XWLOL]D OD HVWHTXLRPHWUtD SH SRU PHGLR GH XQD YROXPHWUtD R JUDYLPHWUtD SDUD
HVWDEOHFHU OD FRQFHQWUDFLyQ GH XQ DJHQWH YDORUDQWH D HVWD GLVROXFLyQ VH OH GHQRPLQD
GLVROXFLyQSDWUyQVHFXQGDULD
/D RSHUDFLyQ SRU OD TXH VH FDUDFWHUL]D XQ SDWUyQ VHFXQGDULR HQ HO iPELWR GHO DQiOLVLV
PHGLDQWH YDORUDFLyQ YROXPpWULFD VH VXHOH FRQRFHU FRQ OD GHQRPLQDFLyQ GH FRQWUDVWH R
IDFWRUL]DFLyQ
*/26$5,2GH7pUPLQRV$QDOtWLFRV(G
3$75Ï1DQDOtWLFR6,0,/$5$/$ 0$75,;0$7&+('DQDO\WLFDO
0$75,= 67$1'$5'
3DWUyQ DQDOtWLFR SUHSDUDGR PH]FODQGR $QDO\WLFDO VWDQGDUG SUHSDUHG E\ EOHQGLQJ D
DQDOLWRSDWUyQFRQPDWUL]OLEUHGHDQDOLWR VWDQGDUGDQDO\WHZLWKIUHHDQDO\WHPDWUL[
3URSXHVWDSRUORVDXWRUHV 3URSRVHGE\WKHDXWKRUV
$QDOLWRSDWUyQ0DWHULDOGHUHIHUHQFLD 6WDQGDUGDQDO\WH5HIHUHQFHPDWHULDO
2%6(59$&,21(6
/D QHFHVLGDG GH GLVSRQHU GH PDWUL] OLEUH GH DQDOLWR UHTXLHUH TXH GLFKR DQDOLWR QR VHD XQ
FRPSRQHQWH LQWUtQVHFR DO SURSLR PDWHULDO (Q HVWRV FDVRV SRGUtD XWLOL]DUVH XQD PDWUL]
SUHSDUDGDGHIRUPDDUWLILFLDO
(ODQiOLVLVGHXQSDWUyQVLPLODUDODPDWUL]UHTXLHUHDSOLFDUWRGDVODVRSHUDFLRQHVSUHYLDVGHO
PpWRGRDQDOtWLFR
6H XWLOL]D WDQWR FRPR SDWUyQ GH FDOLEUDFLyQ HQ FDOLEUDFLRQHV HQ SUHVHQFLD GH PDWUL]
PDWUL[PDWFKHG FDOLEUDWLRQ FRPR SDWUyQ GH FRQWURO HQ DTXHOORV FDVRV HQ ORV TXH HO
HIHFWRPDWUL]HVVLJQLILFDWLYR
325&,Ï1'((16$<2 7(673257,21
&DQWLGDG GH PDWHULDO WRPDGD GH OD PXHVWUD 4XDQWLW\ RI PDWHULDO GUDZQ IURP WKH WHVW
GHHQVD\RVREUHODTXHVHUHDOL]DHODQiOLVLV VDPSOH RQ ZKLFK WKH WHVW RU REVHUYDWLRQ LV
RODREVHUYDFLyQ FDUULHGRXW
'HFLVLyQ&(GHOD&RPLVLyQSRUOD &RPPLVVLRQ'HFLVLRQ(&
TXHVHDSOLFDOD'LUHFWLYD&(GHO LPSOHPHQWLQJ&RXQFLO'LUHFWLYH(&
&RQVHMRHQFXDQWRDOIXQFLRQDPLHQWRGHORV FRQFHUQLQJWKHSHUIRUPDQFHRIDQDO\WLFDO
PpWRGRVDQDOtWLFRV\ODLQWHUSUHWDFLyQGHORV PHWKRGVDQGWKHLQWHUSUHWDWLRQRIUHVXOWV
UHVXOWDGRV
0XHVWUDGHHQVD\R 7HVWVDPSOH
2%6(59$&,21(6
/DSRUFLyQGHHQVD\RWDPELpQSXHGHVHUGHQRPLQDGDSRUFLyQDQDOtWLFD
*/26$5,2GH7pUPLQRV$QDOtWLFRV(G
35$&7,&$%,/,'$'GHXQPpWRGR 35$&7,&$%,/,7<RIDQDQDO\WLFDO
DQDOtWLFR PHWKRG
$SWLWXG SDUD SRQHU HQ SUiFWLFD XQ PpWRGR $ELOLW\ WR SXW DQ DQDO\WLFDO PHWKRG LQWR
DQDOtWLFR SUDFWLFH
7UDGXFLGD\DGDSWDGDSRUORVDXWRUHV $GDSWHGIURP*ORVVDU\RIWHUPVIRUTXDOLW\
DVVXUDQFHDQGJRRGODERUDWRU\SUDFWLFHV
QGHG8QLWHG1DWLRQV2IILFHRQ
'UXJVDQG&ULPH812'&
7UDQVIHULELOLGDG 7UDQVIHUDELOLW\
2%6(59$&,21(6
(VWi UHODFLRQDGD FRQ OD IDFLOLGDG GH OOHYDU D FDER ODV RSHUDFLRQHV GH ODERUDWRULR \ OD
YLDELOLGDG\HILFLHQFLDHQODLPSOHPHQWDFLyQGHGLFKDVRSHUDFLRQHV
(QHOODERUDWRULRODSUDFWLFDELOLGDGLPSOLFDODDXVHQFLDGHHTXLSRVRFRQGLFLRQHVDPELHQWDOHV
LQQHFHVDULDVRVRILVWLFDGDVTXHGLILFXOWHQTXHHOPpWRGRVHDDGHFXDGRSDUDXQXVRUXWLQDULR
7DPELpQVHSXHGHFRQVLGHUDUHOFRVWHXQLWDULRDVRFLDGRDFDGDPXHVWUD
35(&,6,Ï1'(+25:,7= +25:,7=35(&,6,21
9DORUGHUHIHUHQFLDGHODUHSURGXFLELOLGDGGH 5HIHUHQFH YDOXH RI WKH UHSURGXFLELOLW\ RI DQ
XQ PpWRGR DQDOtWLFR FDOFXODGD GH IRUPD DQDO\WLFDO PHWKRG HPSLULFDOO\ FDOFXODWHG IURP
HPStULFD PHGLDQWH OD HFXDFLyQ GH +RUZLW] \ WKH +RUZLW] HTXDWLRQ DQG H[SUHVVHG DV
H[SUHVDGD FRPR GHVYLDFLyQ HVWiQGDU UHODWLYHVWDQGDUGGHYLDWLRQ
UHODWLYD
$GDSWDGRGH&$&*/'LUHFWULFHV $GDSWHG IURP &$&*/ *XLGHOLQHV
VREUHWHUPLQRORJtDDQDOtWLFD&RPLVLyQGHO RQDQDO\WLFDOWHUPLQRORJ\&RGH[$OLPHQWDULXV
&RGH[$OLPHQWDULXV &RPPLVVLRQ
5HSURGXFLELOLGDG 5HSURGXFLELOLW\
2%6(59$&,21(6
/DHFXDFLyQRULJLQDOGH+RUZLW]WRPDODH[SUHVLyQ'(55 ±āORJ&GRQGH'(55HV
ODGHVYLDFLyQHVWiQGDUGHUHSURGXFLELOLGDG\&HVODFRQFHQWUDFLyQGHDQDOLWRH[SUHVDGDFRPR
IUDFFLyQPiVLFDUHIHULGDDODXQLGDG
'LFKDHFXDFLyQVHSXHGHH[SUHVDUPiVIiFLOPHQWHFRPR'(55 ā&RHQIXQFLyQGH
ODGHVYLDFLyQHVWiQGDU'(5'(5 ā&
5HFLHQWHPHQWH VH KD DFHSWDGR TXH HO YDORU GH OD SUHFLVLyQ GH +RUZLW] SDUD YDORUHV GH &
LQIHULRUHVD ±VHFRQVLGHUDFRQVWDQWHHLJXDODOYDORUGH07KRPSVRQ$QDO\VW
*/26$5,2GH7pUPLQRV$QDOtWLFRV(G
35(&,6,Ï1,17(50(',$ ,17(50(',$7(35(&,6,21
3UHFLVLyQ EDMR FRQGLFLRQHV GH REVHUYDFLyQ 3UHFLVLRQXQGHUREVHUYDWLRQFRQGLWLRQVZKHUH
GRQGH VH REWLHQHQ UHVXOWDGRV LQGHSHQGHQW WHVWPHDVXUHPHQW UHVXOWV DUH
LQGHSHQGLHQWHVGHQWURGHOPLVPRODERUDWRULR REWDLQHGZLWKLQWKHVDPHODERUDWRU\ZLWKWKH
FRQHOPLVPRPpWRGRHQLGpQWLFDVPXHVWUDV VDPH PHWKRG RQ LGHQWLFDO WHVWPHDVXUHPHQW
\ FDPELDQGR FRQGLFLRQHV FRPR RSHUDGRU LWHPV DQG ZLWK FKDQJLQJ FRQGLWLRQV VXFK DV
HTXLSRGHPHGLGDORFDOL]DFLyQ\WLHPSR RSHUDWRUPHDVXULQJHTXLSPHQWORFDWLRQDQG
WLPH
7UDGXFLGD\DGDSWDGDSRUORVDXWRUHV $GDSWHGIURP$670(
6WDQGDUGSUDFWLFHIRUXVHRIWKHWHUPV
SUHFLVLRQDQGELDVLQ$670WHVWPHWKRGV
5HSHWLELOLGDG5HSURGXFLELOLGDG 5HSHDWDELOLW\5HSURGXFLELOLW\
2%6(59$&,21(6
/DSUHFLVLyQLQWHUPHGLDUHSUHVHQWDODSUHFLVLyQLQWUDODERUDWRULRDORODUJRGHXQODUJRSHULRGR
GHWLHPSRH[WHQVR
$ YHFHV VH OH GHQRPLQD UHSURGXFLELOLGDG LQWUDODERUDWRULR SHUR HVWH WpUPLQR QR HV
DFRQVHMDEOH \D TXH VXSRQH XQ PDO XVR GHO WpUPLQR UHSURGXFLELOLGDG \ SXHGH LQGXFLU D
FRQIXVLyQ
'HSHQGLHQGR GH TXp FRQGLFLRQHV VH HVWXGLHQ SXHGHQ GHILQLUVH RWUDV FRPSRQHQWHV GH
SUHFLVLyQLQWHUPHGLDFRPRSUHFLVLyQLQWHUGtDSUHFLVLyQLQWHUDQDOLVWDHWF
/DFRUUHVSRQGLHQWHGHVYLDFLyQHVWiQGDUWRPDVLHPSUHXQYDORULQWHUPHGLRGHDKtVXQRPEUH
HQWUHORVYDORUHVGHODVGHVYLDFLRQHVHVWiQGDUGHUHSHWLELOLGDG\UHSURGXFLELOLGDG
35(3$5$&,Ï1'(/$08(675$ 6$03/(35(3$5$7,21
3URFHVR UHTXHULGR SDUD FRQYHUWLU OD PXHVWUD 7KH SURFHVV ZKLFK PD\ EH UHTXLUHG WR
GH ODERUDWRULR R OD SRUFLyQ GH HQVD\R HQ FRQYHUW WKH ODERUDWRU\ VDPSOH RU WHVW SRUWLRQ
GLVROXFLyQGHHQVD\R LQWRWKHWHVWVROXWLRQ
7UDGXFLGD\DGDSWDGDSRUORVDXWRUHV $GDSWHGIURP6$1&20HWKRG
YDOLGDWLRQDQGTXDOLW\FRQWUROSURFHGXUHVIRU
SHVWLFLGHUHVLGXHVDQDO\VLVLQIRRGDQGIHHG
7UDWDPLHQWRGHPXHVWUD'HSXUDFLyQGHOD 6DPSOHWUHDWPHQW6DPSOHFOHDQXS7HVW
PXHVWUD'LVROXFLyQGHHQVD\R VROXWLRQ
2%6(59$&,21(6
/D SUHSDUDFLyQ GH OD PXHVWUD SXHGH OOHYDU FRQVLJR GRV HWDSDV L OD DGHFXDFLyQ ItVLFD
PH]FODGR PROLHQGD KRPRJHQL]DFLyQ HWF \ LL OD HOLPLQDFLyQ R VHSDUDFLyQ GH DTXHOORV
FRQVWLWX\HQWHVGHODPDWUL]TXHLQWHUILHUHQHQODPHGLGDGHODPDJQLWXGDQDOtWLFDGHSXUDFLyQ
/DV RSHUDFLRQHV GH SUHSDUDFLyQ GH OD PXHVWUD SXHGHQ UHTXHULU OD DSOLFDFLyQ GH UHDFFLRQHV
TXtPLFDV
6H XWLOL]D HO WpUPLQR GH UHFRQVWLWXFLyQ SDUD H[SUHVDU HO FDPELR GH GLVROYHQWH HQWUH OD
GLVROXFLyQ JHQHUDGD HQ HO SURFHVR GH VHSDUDFLyQ SH XQD H[WUDFFLyQ \ HO GLVROYHQWH
FDUDFWHUtVWLFRGHODGLVROXFLyQGHHQVD\R
*/26$5,2GH7pUPLQRV$QDOtWLFRV(G
352%/(0$$1$/Ë7,&2 $1$/<7,&$/352%/(0
3ODQWHDPLHQWR GH OD QHFHVLGDG GH XQD $SSURDFK RI WKH QHFHVVLW\ RI SDUWLFXODU
GHWHUPLQDGD LQIRUPDFLyQ TXtPLFD FKHPLFDO LQIRUPDWLRQ UHDFKDEOH WKURXJK WKH
DOFDQ]DEOHDWUDYpVGHOGLVHxR\SODQLILFDFLyQ GHVLJQ DQG SODQQLQJ RI RQH RU VHYHUDO
GH XQR R YDULRV SURFHVRV DQDOtWLFRV DVt DQDO\WLFDO SURFHVVHV DV ZHOO DV WKH
FRPRGHODLQWHUSUHWDFLyQGHORVUHVXOWDGRV LQWHUSUHWDWLRQRIUHVXOWV
$GDSWDGDGH*ORVDULRGHWpUPLQRVHQ0 $GDSWHGIURP*ORVVDU\RIWHUPVLQ0
9DOFiUFHO3ULQFLSLRVGHTXtPLFDDQDOtWLFD 9DOFiUFHO3ULQFLSOHVRIDQDO\WLFDOFKHPLVWU\D
6SULQJHU WH[WERRN6SULQJHU
,QIRUPDFLyQDQDOtWLFD $QDO\WLFDOLQIRUPDWLRQ
2%6(59$&,21(6
/D UHVROXFLyQ GH XQ SUREOHPD DQDOtWLFR LPSOLFD OD GLVSRQLELOLGDG GH OD LQIRUPDFLyQ TXtPLFD
QHFHVDULDLQWHUSUHWDGDHQODIRUPDFRQYHQLHQWH
352&(',0,(172$1$/Ë7,&2 $1$/<7,&$/352&('85(
&RQMXQWR GH LQVWUXFFLRQHV TXH VRQ $ VHW RI LQVWUXFWLRQV ZKLFK DUH VXIILFLHQW IRU
VXILFLHQWHVSDUDTXHXQDQDOLVWDOOHYHDFDER WKHDQDO\VWWRFDUU\RXWWKHDQDO\WLFDOPHWKRG
XQPpWRGRDQDOtWLFR
7UDGXFLGDSRUORVDXWRUHV (3ULFKDUG$QDO\WLFDOPHDVXUHPHQW
WHUPLQRORJ\/*&56&
0pWRGRDQDOtWLFR3URFHGLPLHQWRQRUPDOL]DGR $QDO\WLFDOPHWKRG6WDQGDUGRSHUDWLQJ
GHWUDEDMR3173URWRFRORDQDOtWLFR SURFHGXUH623$QDO\WLFDOSURWRFRO
2%6(59$&,21(6
(OSURFHGLPLHQWRDQDOtWLFRHVODFRQFUHFLyQGHOSURFHGLPLHQWRGHPHGLGDDOiPELWRDQDOtWLFR
1R KD\ TXH FRQIXQGLU SURFHGLPLHQWR DQDOtWLFR FRQ SURFHGLPLHQWR QRUPDOL]DGR GH WUDEDMR
3178QSURFHGLPLHQWRGHDQiOLVLVHVXQFRQMXQWRGHLQVWUXFFLRQHVFRQFUHWDVPLHQWUDVTXH
XQ 317 HV XQ GRFXPHQWR HVFULWR FRQ XQD HVWUXFWXUD GHWHUPLQDGD TXH GHVFULEH XQD
RSHUDFLyQ 8Q SURFHGLPLHQWR DQDOtWLFR SXHGH HVWDU UHGDFWDGR JXDUGDQGR OD HVWUXFWXUD GHO
317SHURHVWRQRHVLPSUHVFLQGLEOH
(Q HVWH FRQWH[WR VH KD EDUDMDGR WDPELpQ HO WpUPLQR SURWRFROR DQDOtWLFR TXH UHSUHVHQWD XQ
SURFHGLPLHQWR DQDOtWLFR HVFULWR FRQ VXPR GHWDOOH D ILQ GH TXH HO DQDOLVWD SXHGD VHJXLUOR VLQ
H[FHSFLyQ QL GXGD VLQ HPEDUJR HVWD QR HV OD DFHSFLyQ PiV KDELWXDO YHU OD GHILQLFLyQ GH
SURWRFRORHQHVWHJORVDULR
*/26$5,2GH7pUPLQRV$QDOtWLFRV(G
352&(62$1$/Ë7,&2 $1$/<7,&$/352&(66
&RQMXQWR GH RSHUDFLRQHV TXH VHSDUD D OD 7KH ERG\ RI RSHUDWLRQV WKDW VHSDUDWH WKH
PXHVWUD VLQ WRPDU VLQ PHGLU VLQ WUDWDU GH XQFROOHFWHG XQPHDVXUHG XQWUHDWHG VDPSOH
ORV UHVXOWDGRV JHQHUDGRV \ H[SUHVDGRV IURP WKH DQDO\WLFDO UHVXOWV H[SUHVVHG
VHJ~Q ORV UHTXHULPLHQWRV GHO SUREOHPD DFFRUGLQJ WR WKH UHTXLUHPHQWV RI WKH LQLWLDO
DQDOtWLFRSODQWHDGR DQDO\WLFDOSUREOHP
$GDSWDGRGH*ORVDULRGHWpUPLQRVHQ0 $GDSWHGIURP*ORVVDU\RIWHUPVLQ0
9DOFiUFHO3ULQFLSLRVGHTXtPLFDDQDOtWLFD 9DOFiUFHO3ULQFLSOHVRIDQDO\WLFDOFKHPLVWU\D
6SULQJHU WH[WERRN6SULQJHU
$QiOLVLVTXtPLFR0pWRGRDQDOtWLFR3URFHVR &KHPLFDODQDO\VLV$QDO\WLFDOPHWKRG
TXtPLFRGHPHGLGD &KHPLFDOPHDVXUHPHQWSURFHVV
2%6(59$&,21(6
7UDGLFLRQDOPHQWH HO SURFHVR DQDOtWLFR FRQVWD GH WUHV HWDSDV ELHQ GLIHUHQFLDGDV TXH VH
FRQVWUX\HQHQUHODFLyQFRQODHWDSDFHQWUDOGHPHGLGDWRPD\SUHSDUDFLyQGHODPXHVWUD
PHGLGDGH ODVHxDODQDOtWLFD\WRPDGH GDWRV\ WUDWDPLHQWR GH GDWRV\H[SUHVLyQ GH
UHVXOWDGRV
352&(6248Ë0,&2'(0(','$ &+(0,&$/0($685(0(17352&(66
0pWRGRDQDOtWLFRFRQXQDHVWUXFWXUDGHILQLGD $QDQDO\WLFDOPHWKRGRIGHILQHGVWUXFWXUHWKDW
TXH HQ ODV FRQGLFLRQHV GH PHGLGD VH KD KDV EHHQ EURXJKW LQWR D VWDWH RI VWDWLVWLFDO
OOHYDGR D XQ HVWDGR GH FRQWURO HVWDGtVWLFR FRQWUROVXFKWKDWLWVLPSUHFLVLRQDQGELDVDUH
GHILQLGR SRU XQRV YDORUHV GH LPSUHFLVLyQ \ IL[HGJLYHQWKHPHDVXUHPHQWFRQGLWLRQV
VHVJRSUHYLDPHQWHILMDGRV
7UDGXFLGDSRUORVDXWRUHV ,83$&5HFRPPHQGDWLRQV
1RPHQFODWXUHLQHYDOXDWLRQRIDQDO\WLFDO
PHWKRGVLQFOXGLQJGHWHFWLRQDQG
TXDQWLILFDWLRQFDSDELOLWLHV
$QiOLVLVTXtPLFR0pWRGRDQDOtWLFR3URFHVR &KHPLFDODQDO\VLV$QDO\WLFDOPHWKRG
DQDOtWLFR $QDO\WLFDOSURFHVV
2%6(59$&,21(6
8Q SURFHVR TXtPLFR GH PHGLGD HVWi FRQVWLWXLGR SRU XQ PpWRGR DQDOtWLFR YDOLGDGR \
FRQWURODGR
*/26$5,2GH7pUPLQRV$QDOtWLFRV(G
3523,('$'&8$/,7$7,9$ 120,1$/3523(57<
&DUDFWHUtVWLFD GH XQ IHQyPHQR FXHUSR R &KDUDFWHULVWLF RI D SKHQRPHQRQ ERG\ RU
VXVWDQFLD TXH QR SXHGH H[SUHVDUVH VXEVWDQFH ZKHUH WKH SURSHUW\ KDV QR
FXDQWLWDWLYDPHQWH PDJQLWXGH
$GDSWDGRGH81(,62*XtD,1 $GDSWHGIURP,62,(&*XLGH
9RFDEXODULRLQWHUQDFLRQDOGHPHWURORJtD ,QWHUQDWLRQDOYRFDEXODU\RIPHWURORJ\±%DVLF
&RQFHSWRVIXQGDPHQWDOHV\JHQHUDOHV\ DQGJHQHUDOFRQFHSWVDQGDVVRFLDWHGWHUPV
WpUPLQRVDVRFLDGRVHGLFLyQ-&*0 9,0-&*0,QWHUQDWLRQDO
9RFDEXODULRLQWHUQDFLRQDOGH YRFDEXODU\RIPHWURORJ\±%DVLFDQGJHQHUDO
PHWURORJtD±&RQFHSWRVIXQGDPHQWDOHV\ FRQFHSWVDQGDVVRFLDWHGWHUPV9,0
JHQHUDOHV\WpUPLQRVDVRFLDGRV9,0
&DUDFWHUtVWLFD &KDUDFWHULVWLF
2%6(59$&,21(6
8QD SURSLHGDG FXDOLWDWLYD WLHQH XQ YDORU TXH SXHGH H[SUHVDUVH PHGLDQWH SDODEUDV FyGLJRV
DOIDQXPpULFRVXRWURVPHGLRV
(O YDORU GH XQD SURSLHGDG FXDOLWDWLYD QR GHEH FRQIXQGLUVH FRQ HO YDORU QRPLQDO GH XQD
PDJQLWXG
/DV SURSLHGDGHV FXDOLWDWLYDV UHIHULGDV D XQD PXHVWUD R PDWHULDO VH GHQRPLQDQ WDPELpQ
DWULEXWRV
35272&2/2DQDOtWLFR $QDO\WLFDO35272&2/
'LUHFWUL] TXH UHODFLRQD ORV SURFHGLPLHQWRV D 'LUHFWLYHOLVWLQJWKHSURFHGXUHVWREHIROORZHG
DSOLFDU SDUD OOHYDU D FDER XQ GHWHUPLQDGR LQ SHUIRUPLQJ D SDUWLFXODU ODERUDWRU\ VWXG\ RU
HVWXGLRXRSHUDFLyQHQXQODERUDWRULR RSHUDWLRQ
7UDGXFLGDSRUORVDXWRUHV *ORVVDU\RIWHUPVIRUTXDOLW\DVVXUDQFHDQG
JRRGODERUDWRU\SUDFWLFHVQGHG
8QLWHG1DWLRQV2IILFHRQ'UXJVDQG&ULPH
812'&
$QiOLVLVTXtPLFR0pWRGRDQDOtWLFR3URFHVR &KHPLFDODQDO\VLV$QDO\WLFDOPHWKRG
TXtPLFRGHPHGLGD3URFHGLPLHQWRDQDOtWLFR &KHPLFDOPHDVXUHPHQWSURFHVV$QDO\WLFDO
SURFHGXUH
2%6(59$&,21(6
(O SURWRFROR GHVFULEH HO SODQ FRPSOHWR GH XQ DQiOLVLV FRQ XQ REMHWLYR PX\ GHWHUPLQDGR \
SXHGHFRPSUHQGHUYDULRVSURFHGLPLHQWRVDQDOtWLFRV
(VXQWpUPLQRKDELWXDOHQORVODERUDWRULRVFOtQLFRV\IRUHQVHV
*/26$5,2GH7pUPLQRV$QDOtWLFRV(G
48Ë0,&$$1$/Ë7,&$ $1$/<7,&$/&+(0,675<
&LHQFLDPHWUROyJLFDTXHGHVDUUROODRSWLPL]D $ PHWURORJLFDO VFLHQFH WKDW GHYHORSV
\ DSOLFD SURFHVRV TXtPLFRV GH PHGLGD RSWLPLVHVDQGDSSOLHVFKHPLFDOPHDVXUHPHQW
HQFDPLQDGRV D REWHQHU LQIRUPDFLyQ SURFHVVHV LQWHQGHG WR DFKLHYH TXDOLW\
TXtPLFD DQDOtWLFD GH FDOLGDG GH VLVWHPDV DQDO\WLFDO FKHPLFDO LQIRUPDWLRQ RI PDWHULDO
PDWHULDOHV SDUD UHVROYHU SUREOHPDV V\VWHPVLQRUGHUWRVROYHDQDO\WLFDOSUREOHPV
DQDOtWLFRV
$GDSWDGDGH*ORVDULRGHWpUPLQRVHQ0 $GDSWHGIURP*ORVVDU\RIWHUPVLQ0
9DOFiUFHO3ULQFLSLRVGHTXtPLFDDQDOtWLFD 9DOFiUFHO3ULQFLSOHVRIDQDO\WLFDOFKHPLVWU\D
6SULQJHU WH[WERRN6SULQJHU
0HWURORJtDTXtPLFD3UREOHPDDQDOtWLFR &KHPLFDOPHWURORJ\$QDO\WLFDOSUREOHP
,QIRUPDFLyQDQDOtWLFD3URFHVRTXtPLFRGH $QDO\WLFDOLQIRUPDWLRQ&KHPLFDO
PHGLGD$QiOLVLVTXtPLFR PHDVXUHPHQWSURFHVV&KHPLFDODQDO\VLV
2%6(59$&,21(6
/R TXH FDUDFWHUL]D D OD 4XtPLFD $QDOtWLFD HV TXH REWLHQH LQIRUPDFLyQ VREUH FDUDFWHUtVWLFDV
TXtPLFDVDXQTXHSDUDHOORXWLOLFHHVWUDWHJLDV\WHFQRORJtDGHFXDOTXLHUiPELWRGHODFLHQFLD
(Q OD DFWXDOLGDG H[LVWH XQD WHQGHQFLD GH JHQHUDOL]DU HO WpUPLQR GH 4XtPLFD $QDOtWLFD \
VXVWLWXLUOR SRU &LHQFLDV $QDOtWLFDV (VWD FDPELR UHFRQRFH OD PXOWLGLVFLSOLQDULHGDG GH OD
4XtPLFD$QDOtWLFDDFWXDO
*/26$5,2GH7pUPLQRV$QDOtWLFRV(G
5($&&,Ï1$1$/Ë7,&$ $1$/<7,&$/5($&7,21
5HDFFLyQ TXtPLFD TXH RULJLQD IHQyPHQRV $QDO\WLFDO UHDFWLRQ WKDW FDXVHV HDVLO\
IiFLOPHQWH REVHUYDEOHV R PHGLEOHV REVHUYDEOH RU PHDVXUDEOH SKHQRPHQD
UHODFLRQDGRVFRQLQIRUPDFLyQDQDOtWLFD\TXH UHODWHGWRDQDO\WLFDOLQIRUPDWLRQZKLFKFDQEH
SXHGHQVHUFDUDFWHUL]DGRVSRUXQDPDJQLWXG FKDUDFWHUL]HGE\DQDQDO\WLFDOTXDQWLW\
DQDOtWLFD
3URSXHVWDSRUORVDXWRUHV 3URSRVHGE\WKHDXWKRUV
5HDFWLYRDQDOtWLFR3UHSDUDFLyQGHPXHVWUD $QDO\WLFDOUHDJHQW6DPSOHSUHSDUDWLRQ
7UDWDPLHQWRGHPXHVWUD 6DPSOHWUHDWPHQW
2%6(59$&,21(6
/D UHDFFLyQ DQDOtWLFD SXHGH WHQHU GRV REMHWLYRV L PHMRUDU ODV FDUDFWHUtVWLFDV GH
IXQFLRQDPLHQWRGHOPpWRGRDQDOtWLFRGXUDQWHODPHGLGDGHODPDJQLWXGDQDOtWLFD\LLREWHQHU
XQD QXHYD HVSHFLH TXtPLFD TXH SXHGD VHU PHGLGD HQ PHMRUHV FRQGLFLRQHV (Q HVWH ~OWLPR
FDVRODUHDFFLyQDQDOtWLFDVHGHQRPLQDHVSHFtILFDPHQWHUHDFFLyQGHIRUPDFLyQGHGHULYDGRV
RGHGHULYDWL]DFLyQ
/DUHDFFLyQDQDOtWLFDVLHPSUHRFXUUHHQXQDHWDSDSUHYLDDODPHGLGD\SXHGHIRUPDUSDUWH
GHORVSURFHVRVGHSUHSDUDFLyQRGHWUDWDPLHQWRGHPXHVWUD
(VWHWpUPLQRQDFLyHQHOFRQWH[WRGHODQiOLVLVFXDOLWDWLYRFOiVLFRSDUDODLGHQWLILFDFLyQGHLRQHV
PHWiOLFRV DXQTXH VX VLJQLILFDGR QR KD SHUGLGR DFWXDOLGDG \D TXH SXHGH VHU WDPELpQ
DSOLFDEOHDORVPpWRGRV GH DQiOLVLVLQVWUXPHQWDO /D GHILQLFLyQ SURSXHVWDHVXQDDGDSWDFLyQ
GHODGHILQLFLyQTXHVHXWLOL]DEDHQGLFKRFRQWH[WR\GHODTXHQRKHPRVSRGLGRORFDOL]DUOD
IXHQWHRULJLQDO
6H SXHGH FRQVLGHUDU XQ WLSR HVSHFLDO GH UHDFFLyQ DQDOtWLFD DXQTXH QR WLHQH FDUiFWHU GH
UHDFFLyQ TXtPLFD HO GHFUHFLPLHQWR GHO Q~PHUR GH PLFURRUJDQLVPRV TXH WLHQH OXJDU FXDQGR
VH DGLFLRQD XQ DQWLELyWLFR VREUH XQ FXOWLYR EDFWHULDQR DGHFXDGR HVWH KHFKR VH XWLOL]D SRU
HMHPSORSDUDGHWHUPLQDUUHVLGXRVGHDQWLELyWLFRVHQPLHO(QHVWHFDVRHOFXOWLYREDFWHULDQR
KDUtDHOSDSHOGHUHDFWLYRDQDOtWLFR
*/26$5,2GH7pUPLQRV$QDOtWLFRV(G
5($&7,92$1$/Ë7,&2 $1$/<7,&$/5($*(17
(VSHFLHTXtPLFDTXHVHDxDGHDODSRUFLyQR $ FKHPLFDO VSHFLHV WKDW LV DGGHG WR D WHVW
GLVROXFLyQ GH HQVD\R SDUD SURGXFLU XQ SRUWLRQ RU WHVW VROXWLRQ LQ RUGHU WR IRUP D
SURGXFWR GH UHDFFLyQ FRQ DOJXQRV GH ORV UHDFWLRQ SURGXFW ZLWK VRPH RI WKH
FRPSRQHQWHVDOOtSUHVHQWHV FRQVWLWXHQWV
$GDSWDGDGH*ORVDULRGHWpUPLQRVHQ0 $GDSWHGIURP*ORVVDU\RIWHUPVLQ0
9DOFiUFHO3ULQFLSLRVGHTXtPLFDDQDOtWLFD 9DOFiUFHO3ULQFLSOHVRIDQDO\WLFDOFKHPLVWU\D
6SULQJHU WH[WERRN6SULQJHU
5HDFFLyQDQDOtWLFD6LVWHPDDQDOtWLFR $QDO\WLFDOUHDFWLRQ$QDO\WLFDOV\VWHP
2%6(59$&,21(6
/RVUHDFWLYRVDQDOtWLFRVQRVLHPSUHGDQOXJDUDXQDUHDFFLyQDQDOtWLFD\DTXHHQRFDVLRQHV
VHDxDGHQSDUDTXHUHDFFLRQHQFRQRWURVFRPSRQHQWHVGLIHUHQWHVDODQDOLWRSHXQUHDFWLYR
HQPDVFDUDQWH PDVNLQJ UHDJHQW TXH VH DGLFLRQD SDUD HYLWDU HO HIHFWR GH FLHUWRV
LQWHUIHUHQWHV
$XQTXHHOWpUPLQRUHDFWLYRVHXWLOL]DKDELWXDOPHQWHFRPRVLQyQLPRGHUHDFWDQWHUHDFWDQW
HV SUHIHULEOH XWLOL]DU HVWH ~OWLPR SDUD GHQRPLQDU JHQpULFDPHQWH FXDOTXLHU VXVWDQFLD TXH VH
FRQVXPHGXUDQWHXQDUHDFFLyQTXtPLFD,83$&±*ROG%RRN
)DFWRUGH5(&83(5$&,Ï1 5(&29(5<IDFWRU
3URSRUFLyQ GH OD FDQWLGDG GH DQDOLWR 3URSRUWLRQ RI WKH DPRXQW RI DQDO\WH SUHVHQW
SUHVHQWH R DxDGLGR D OD SRUFLyQ GH HQVD\R LQ RU DGGHG WR WKH WHVW SRUWLRQ ZKLFK LV
HO FXDO HV H[WUDtGR \ SUHVHQWDGR SDUD OD H[WUDFWHGDQGSUHVHQWHGIRUPHDVXUHPHQW
PHGLGD
7UDGXFLGD\DGDSWDGDSRUORVDXWRUHV $GDSWHGIURP,83$&7HFKQLFDO5HSRUW
+DUPRQLVHGJXLGHOLQHVIRUWKHXVHRI
UHFRYHU\LQIRUPDWLRQLQDQDO\WLFDO
PHDVXUHPHQW
5HFXSHUDFLyQDSDUHQWH $SSDUHQWUHFRYHU\
2%6(59$&,21(6
/D UHFXSHUDFLyQ R IDFWRU GH UHFXSHUDFLyQ PLGH HO UHQGLPLHQWR JOREDO GH ORV SURFHVRV GH
VHSDUDFLyQ \R GHSXUDFLyQ GHO DQDOLWR GH OD PXHVWUD ,QIRUPD SRU WDQWR GH ODV SRVLEOHV
SpUGLGDVGHDQDOLWRGXUDQWHGLFKRVSURFHVRV
(VWH IDFWRU FRQVWLWX\H XQ SDUiPHWUR GH YDOLGDFLyQ \ VH HVWDEOHFH DQDOL]DQGR XQ PDWHULDO GH
UHIHUHQFLDWLSRPDWUL]
*/26$5,2GH7pUPLQRV$QDOtWLFRV(G
5(&83(5$&,Ï1$3$5(17( $33$5(175(&29(5<
9DORU REVHUYDGR FDQWLGDG GH DQDOLWR 2EVHUYHG YDOXH DPRXQW RI DQDO\WH GHULYHG
GHWHUPLQDGR SRU XQ SURFHGLPLHQWR DQDOtWLFR IURP DQ DQDO\WLFDO SURFHGXUH E\ PHDQV RI D
PHGLDQWH XQD FXUYD GH FDOLEUDFLyQ GLYLGLGR FDOLEUDWLRQ JUDSK GLYLGHG E\ UHIHUHQFH YDOXH
SRUHOYDORUGHUHIHUHQFLDFDQWLGDGGHDQDOLWR VSLNHGDPRXQWRIDQDO\WH
LQLFLDODGLFLRQDGR
7UDGXFLGD\DGDSWDGDSRUORVDXWRUHV $GDSWHGIURP,83$&5HFRPPHQGDWLRQV
8VHRIWKHWHUPV³UHFRYHU\´DQG
³DSSDUHQWUHFRYHU\´LQDQDO\WLFDOSURFHGXUHV
5HFXSHUDFLyQ(UURUGHOHIHFWRPDWUL] 5HFRYHU\0DWUL[HIIHFWHUURU
2%6(59$&,21(6
/D UHFXSHUDFLyQ DSDUHQWH HV XQD PHGLGD GHO HUURU WRWDO FRPHWLGR GXUDQWH OD DSOLFDFLyQ GHO
SURFHVRDQDOtWLFR(VXQSDUiPHWURHTXLYDOHQWHDOVHVJR6(6*2 ;UHI±5(&83
/DUHFXSHUDFLyQDSDUHQWHLQFOX\HORVHUURUHVFRPHWLGRVGXUDQWHODVHSDUDFLyQGHODQDOLWRGH
OD PXHVWUD IDFWRU GH UHFXSHUDFLyQ \ ORV HUURUHV GHELGRV DO HIHFWR PDWUL] VREUH OD
FXDQWLILFDFLyQ PHGLDQWH OD FXUYD GH FDOLEUDGR 3RU WDQWR VH SXHGH HVWDEOHFHU OD VLJXLHQWH
UHODFLyQ5(&83$3$5(17( )$&7255(&83 (55255(/$7,92()(&720$75,=
&XDQGRVHUHSUHVHQWDJUiILFDPHQWHORVYDORUHVREWHQLGRVGHFDQWLGDGGHDQDOLWRHQIXQFLyQ
GH ORV YDORUHV GH UHIHUHQFLD XWLOL]DGRV VH REWLHQH OD FXUYD GH UHFXSHUDFLyQ TXH QR
QHFHVDULDPHQWHKDGHVHUXQDOtQHDUHFWD
5(/$&,Ï1'()$/6261(*$7,926 )$/6(1(*$7,9(5$7(RID
GHXQPpWRGRFXDOLWDWLYR TXDOLWDWLYHPHWKRG
3URSRUFLyQGHUHVXOWDGRVLQFRUUHFWRVIDOVRV 7KH IUDFWLRQ RI LQFRUUHFW IDOVH QHJDWLYH
QHJDWLYRV REWHQLGRV FXDQGR HO HQVD\R VH UHVXOWV REWDLQHG ZKHQ D WHVW LV DSSOLHG WR
DSOLFDVREUHPXHVWUDVSRVLWLYDV SRVLWLYHVDPSOHV
7UDGXFLGDSRUORVDXWRUHV (85$&+(0&,7$&*XLGH7KH
H[SUHVVLRQRIXQFHUWDLQW\LQTXDOLWDWLYHWHVWLQJ
'UDIW/*&9$0
(ILFLHQFLD(VSHFLILFLGDG6HQVLELOLGDG (IILFLHQF\6HQVLWLYLW\6SHFLILFLW\)DOVH
5HODFLyQGHIDOVRVSRVLWLYRV SRVLWLYHUDWH
2%6(59$&,21(6
8QIDOVRQHJDWLYRIDOVHQHJDWLYH)1HVXQUHVXOWDGRQHJDWLYRREWHQLGRFXDQGRVHDSOLFD
XQ HQVD\RSDUDHO HVWXGLRGH XQDPXHVWUD SRVLWLYDPLHQWUDVTXHDOFRQWUDULR XQYHUGDGHUR
QHJDWLYRWUXHQHJDWLYH71UHSUHVHQWDXQUHVXOWDGRQHJDWLYRREWHQLGRVREUHXQDPXHVWUD
TXHUHDOPHQWHORHV
(Q GHWHUPLQDGRV FRQWH[WRV VH SXHGHQ XWLOL]DU RWURV WpUPLQRV HTXLYDOHQWHV IDOVR QR
FRQIRUPHIDOVRQRGHWHFWDGRHWF
/D UHODFLyQGH IDOVRV QHJDWLYRVUHSUHVHQWDODSUREDELOLGDGGH REWHQHU XQ UHVXOWDGRQHJDWLYR
FXDQGRVHDQDOL]DXQDPXHVWUDSRVLWLYD
6HLGHQWLILFDFRQHOQLYHOGHUHVXOWDGRVHUUyQHRVFXDQGRGHDQDOL]DQPXHVWUDVSRVLWLYDV\VH
FDOFXODFRPR5)1 QUHVXOWDGRVIDOVRVQHJDWLYRVQHQVD\RVWRWDOHVUHDOL]DGRVVREUH
REMHWRVSRVLWLYRV)173)1
6HSXHGHHVWDEOHFHUODVLJXLHQWHUHODFLyQ6(16 ±5)1
*/26$5,2GH7pUPLQRV$QDOtWLFRV(G
5(/$&,Ï1'()$/626326,7,926 )$/6(326,7,9(5$7(RIDTXDOLWDWLYH
GHXQPpWRGRFXDOLWDWLYR PHWKRG
3URSRUFLyQGHUHVXOWDGRVLQFRUUHFWRVIDOVRV 7KH IUDFWLRQ RI LQFRUUHFW IDOVH SRVLWLYH
SRVLWLYRV REWHQLGRV FXDQGR HO HQVD\R VH UHVXOWV REWDLQHG ZKHQ D WHVW LV DSSOLHG WR
DSOLFDVREUHPXHVWUDVQHJDWLYDV QHJDWLYHVDPSOHV
7UDGXFLGDSRUORVDXWRUHV (85$&+(0&,7$&*XLGH7KH
H[SUHVVLRQRIXQFHUWDLQW\LQTXDOLWDWLYHWHVWLQJ
'UDIW/*&9$0
(VSHFLILFLGDGËQGLFHGH<RXGHQ5HODFLyQ 6SHFLILFLW\<RXGHQLQGH[)DOVHQHJDWLYH
GHIDOVRVQHJDWLYRV6HQVLELOLGDG UDWH6HQVLWLYLW\
2%6(59$&,21(6
8QIDOVRSRVLWLYRIDOVHSRVLWLYH)3HVXQUHVXOWDGRSRVLWLYRREWHQLGRFXDQGRHOHQVD\RVH
DSOLFD VREUH XQD PXHVWUD QHJDWLYD PLHQWUDV TXH DO FRQWUDULR XQ YHUGDGHUR SRVLWLYR WUXH
SRVLWLYH´73LPSOLFDXQUHVXOWDGRSRVLWLYRREWHQLGRVREUHXQDPXHVWUDTXHUHDOPHQWHORHV
(QGHWHUPLQDGRVFRQWH[WRVVHSXHGHQXWLOL]DURWURVWpUPLQRVHTXLYDOHQWHV IDOVRFRQIRUPH
IDOVRGHWHFWDGR
/D UHODFLyQ GH IDOVRV SRVLWLYRV UHSUHVHQWD OD SUREDELOLGDG GH REWHQHU XQ UHVXOWDGR SRVLWLYR
FXDQGRVHDQDOL]DXQDPXHVWUDQHJDWLYD
6HLGHQWLILFDFRQHOQLYHOGHUHVXOWDGRVHUUyQHRVFXDQGRVHDQDOL]DQPXHVWUDVQHJDWLYDV\VH
FDOFXODFRPR5)3 QUHVXOWDGRVIDOVRVSRVLWLYRVQHQVD\RVWRWDOHV UHDOL]DGRVVREUH
REMHWRVQHJDWLYRV)371)3
6HSXHGHHVWDEOHFHUODVLJXLHQWHUHODFLyQ(63(& ±5)3
5(/$&,Ï1'(+25:,7=+255$7 +25:,7=5$7,2+255$7
5HODFLyQ HQWUH OD GHVYLDFLyQ HVWiQGDU 7KH UDWLR RI WKH UHSURGXFLELOLW\ UHODWLYH
UHODWLYD GH UHSURGXFLELOLGDG \ OD FDOFXODGD VWDQGDUGGHYLDWLRQWRWKDWFDOFXODWHGIURPWKH
PHGLDQWHODHFXDFLyQGH+RUZLW] +RUZLW]HTXDWLRQ
&$&*/'LUHFWULFHVVREUH &$&*/*XLGHOLQHVRQDQDO\WLFDO
WHUPLQRORJtDDQDOtWLFD&RPLVLyQGHO&RGH[ WHUPLQRORJ\&RGH[$OLPHQWDULXV
$OLPHQWDULXV &RPPLVVLRQ
3UHFLVLyQ5HSURGXFLELOLGDG 3UHFLVLRQ5HSURGXFLELOLW\
2%6(59$&,21(6
6HUHSUHVHQWDSRUHODFUyQLPR+255$7R+RU5DW
6H XWLOL]D FRPR FDUDFWHUtVWLFD GH IXQFLRQDPLHQWR GH XQ PpWRGR DQDOtWLFR (Q XQD SULPHUD
DSUR[LPDFLyQ VH SXHGHQ FRQVLGHUDU DFHSWDEOHV HQ UHODFLyQ FRQ OD SUHFLVLyQ YDORUHV GH
+255$7FRPSUHQGLGRVHQWUH\
*/26$5,2GH7pUPLQRV$QDOtWLFRV(G
5(/$&,21$%,/,'$' 75$&.$%,/,7<
3URSLHGDGGHXQUHVXOWDGRGHXQDPHGLGDD 7KH SURSHUW\ RI D UHVXOW RI D PHDVXUHPHQW
WUDYpVGHOFXDOpVWHSXHGHVHUXQtYRFDPHQWH ZKHUHE\WKHUHVXOWFDQEHXQLTXHO\UHODWHGWR
UHODFLRQDGRDODPXHVWUD WKHVDPSOH
7UDGXFLGDSRUORVDXWRUHV *ORVVDU\RIDQDO\WLFDOWHUPV$FFUHG4XDO
$VVXU
7UD]DELOLGDG 7UDFHDELOLW\
2%6(59$&,21(6
/DUHODFLRQDELOLGDGVHUHILHUHDOKHFKRGHTXHFDGDHWDSDGHXQSURFHVRDQDOtWLFRGHEHHVWDU
GRFXPHQWDGD GH IRUPD TXH HO UHVXOWDGR GH XQD PHGLGD SXHGD VHU UHODFLRQDGR
LQHTXtYRFDPHQWHFRQODPXHVWUDTXHVHUHILHUH
,PSOLFD TXH L WRGDV ODV PXHVWUDV GHEHQ VHU ~QLFDPHQWH HWLTXHWDGDV LL WRGDV ODV
RSHUDFLRQHV OOHYDGDV D FDER HQ XQD PXHVWUD GHEHQ VHU UHFRJLGDV HQ XQ FXDGHUQR X
RUGHQDGRU LLL FURPDWRJUDPDV HVSHFWURV \ RWUDV VDOLGDV LQVWUXPHQWDOHV GHEHQ VHU
UHJLVWUDGDVFRQODPLVPDLGHQWLILFDFLyQ
3XHGHDVHPHMDUVHDOFRQFHSWRGHWUD]DELOLGDGGRFXPHQWDOUHIHULGDDODVPXHVWUDV
(VXQWpUPLQRTXHQRWLHQHXQXVRKDELWXDOHQORVODERUDWRULRV
5(3(7,%,/,'$' 5(3($7$%,/,7<
3UHFLVLyQ HQ FRQGLFLRQHV EDMR ODV TXH VH 3UHFLVLRQXQGHUREVHUYDWLRQFRQGLWLRQVZKHUH
REWLHQHQ UHVXOWDGRV LQGHSHQGLHQWHV FRQ HO LQGHSHQGHQW WHVWPHDVXUHPHQW UHVXOWV DUH
PLVPRPpWRGRVREUHLGpQWLFDVPXHVWUDVHQ REWDLQHG ZLWK WKH VDPH PHWKRG RQ LGHQWLFDO
HOPLVPRODERUDWRULRSRUHOPLVPRRSHUDGRU WHVWPHDVXUHPHQW LWHPV LQ WKH VDPH WHVW RU
\XWLOL]DQGRORVPLVPRVHTXLSRVGHPHGLFLyQ PHDVXULQJIDFLOLW\E\WKHVDPHRSHUDWRUXVLQJ
GXUDQWHXQFRUWRLQWHUYDORGHWLHPSR WKH VDPH HTXLSPHQW ZLWKLQ VKRUW LQWHUYDOV RI
WLPH
81(([DFWLWXGYHUDFLGDG\ ,62$FFXUDF\WUXHQHVVDQG
SUHFLVLyQGHUHVXOWDGRV\PpWRGRVGH SUHFLVLRQRIPHDVXUHPHQWPHWKRGVDQG
PHGLFLyQ±3DUWH3ULQFLSLRVJHQHUDOHV\ UHVXOWV±3DUW*HQHUDOSULQFLSOHVDQG
GHILQLFLRQHV GHILQLWLRQV
3UHFLVLyQ3UHFLVLyQLQWHUPHGLD 3UHFLVLRQ,QWHUPHGLDWHSUHFLVLRQ
5HSURGXFLELOLGDG 5HSURGXFLELOLW\
2%6(59$&,21(6
/D UHSHWLELOLGDG LQGLFD VLHPSUH OD Pi[LPD SUHFLVLyQ GH XQ PpWRGR DQDOtWLFR PHQRU YDORU GH
GHVYLDFLyQHVWiQGDU
5HSUHVHQWDODSUHFLVLyQLQWUDODERUDWRULR
*/26$5,2GH7pUPLQRV$QDOtWLFRV(G
5(35(6(17$7,9,'$' 5(35(6(17$7,9(1(66
3URSLHGDG FUXFLDO GH XQ PpWRGR DQDOtWLFR $ FUXFLDO SURSHUW\ RI DQ DQDO\WLFDO PHWKRG
TXH HVWi UHODFLRQDGD FRQ OD FRKHUHQFLD GH UHODWHG WR FRQVLVWHQF\ EHWZHHQ WKH UHVXOWV
ORV UHVXOWDGRV \ ODV PXHVWUDV GH ODERUDWRULR DQG WKH ODERUDWRU\ VDPSOHV DQG EHWZHHQ
\ HQWUH pVWDV HO REMHWR DQDOtWLFR \ HO WKHP WKH DQDO\WLFDO REMHFW DQG WKH DQDO\WLFDO
SUREOHPDDQDOtWLFR SUREOHP
$GDSWDGDGH*ORVDULRGHWpUPLQRVHQ0 $GDSWHGIURP*ORVVDU\RIWHUPVLQ0
9DOFiUFHO3ULQFLSLRVGHTXtPLFDDQDOtWLFD 9DOFiUFHO3ULQFLSOHVRIDQDO\WLFDOFKHPLVWU\D
6SULQJHU WH[WERRN6SULQJHU
)LDELOLGDG0XHVWUHR 5HOLDELOLW\6DPSOLQJ
2%6(59$&,21(6
/DUHSUHVHQWDWLYLGDGHVWiVRVWHQLGDVREUHGRVSLODUHVEiVLFRVLHQXQPXHVWUHRDGHFXDGR\
HQXQDFDGHQDGHFXVWRGLDGHODPXHVWUDELHQGRFXPHQWDGD\LLHQXQPpWRGRDQDOtWLFRGH
ILDELOLGDGFRQWUDVWDGD
5(352'8&,%,/,'$' 5(352'8&,%,/,7<
3UHFLVLyQHQFRQGLFLRQHVEDMRODVFXDOHVORV 3UHFLVLRQXQGHUREVHUYDWLRQFRQGLWLRQVZKHUH
UHVXOWDGRV VH REWLHQHQ FRQ HO PLVPR LQGHSHQGHQW WHVWPHDVXUHPHQW UHVXOWV DUH
PpWRGR VREUH PXHVWUDV LGpQWLFDV HQ REWDLQHG ZLWK WKH VDPH PHWKRG RQ LGHQWLFDO
ODERUDWRULRV GLIHUHQWHV FRQ RSHUDGRUHV WHVWPHDVXUHPHQW LWHPV LQ GLIIHUHQW WHVW RU
GLVWLQWRV\XWLOL]DQGRHTXLSRVGLIHUHQWHV PHDVXUHPHQW IDFLOLWLHV ZLWK GLIIHUHQW
RSHUDWRUVXVLQJGLIIHUHQWHTXLSPHQW
81(([DFWLWXGYHUDFLGDG\ ,62$FFXUDF\WUXHQHVVDQG
SUHFLVLyQGHUHVXOWDGRV\PpWRGRVGH SUHFLVLRQRIPHDVXUHPHQWPHWKRGVDQG
PHGLFLyQ±3DUWH3ULQFLSLRVJHQHUDOHV\ UHVXOWV±3DUW*HQHUDOSULQFLSOHVDQG
GHILQLFLRQHV GHILQLWLRQV
3UHFLVLyQ3UHFLVLyQLQWHUPHGLD 3UHFLVLRQ,QWHUPHGLDWHSUHFLVLRQ
5HSHWLELOLGDG 5HSHDWDELOLW\
2%6(59$&,21(6
/D UHSHWLELOLGDG LQGLFD VLHPSUH OD PtQLPD SUHFLVLyQ GH XQ PpWRGR DQDOtWLFR PD\RU YDORU GH
GHVYLDFLyQHVWiQGDU
5HSUHVHQWDODSUHFLVLyQLQWHUODERUDWRULR
(Q WRGRV ORV FDVRV OD GHVYLDFLyQ HVWiQGDU GH UHSURGXFLELOLGDG KD GH VHU PD\RU TXH OD
GHVYLDFLyQHVWiQGDU GH UHSHWLELOLGDG &RPR SULPHUD DSUR[LPDFLyQ VH SXHGH FRQVLGHUDU TXH
OD'(U ā'(5
*/26$5,2GH7pUPLQRV$QDOtWLFRV(G
52%867(= 52%8671(66
&DSDFLGDG GH XQ SURFHGLPLHQWR DQDOtWLFR &DSDFLW\RIDQDQDO\WLFDOSURFHGXUHWRUHPDLQ
SDUD SHUPDQHFHU LQDOWHUDGR SRU YDULDFLRQHV XQDIIHFWHGE\VPDOOEXWGHOLEHUDWHGHYLDWLRQV
SHTXHxDV SHUR GHOLEHUDGDV GH ORV LQPHWKRGSDUDPHWHUV
SDUiPHWURVFDUDFWHUtVWLFRVGHOPpWRGR
$GDSWDGDGH&$&*/'LUHFWULFHV $GDSWHGIURP&$&*/*XLGHOLQHV
VREUHODWHUPLQRORJtDDQDOtWLFD&RPLVLyQGHO RQDQDO\WLFDOWHUPLQRORJ\&RGH[$OLPHQWDULXV
&RGH[$OLPHQWDULXV &RPPLVVLRQ
([DFWLWXG6ROLGH] $FFXUDF\5XJJHGQHVV
2%6(59$&,21(6
/D UREXVWH] VXPLQLVWUD LQIRUPDFLyQ VREUH OD ILDELOLGDG GHO SURFHGLPLHQWR DQDOtWLFR FRQ
UHVSHFWRDOFRQWUROGHODVYDULDEOHVTXHGHILQHQODVFRQGLFLRQHVRSHUDWRULDVH[SHULPHQWDOHVH
LQVWUXPHQWDOHVGXUDQWHVXXWLOL]DFLyQQRUPDOHQUXWLQD
/D UREXVWH] GH XQ PpWRGR DQDOtWLFR H[SUHVD OD UHVLVWHQFLD LQHUFLD DO FDPELR GH ORV
UHVXOWDGRV TXH JHQHUD FXDQGR VH PRGLILFDQ ODV YDULDEOHV GH LQIOXHQFLD TXH SXHGHQ VHU
FRQWURODGDV
/DHYDOXDFLyQGHODUREXVWH]GHEHOOHYDUVHDFDERGXUDQWHODHWDSDGHGLVHxR\GHVDUUROOR\
VXPHWRGRORJtDGHSHQGHGHOWLSRGHSURFHGLPLHQWRDDSOLFDU
*HQHUDOPHQWHGLFKDHYDOXDFLyQVHEDVDHQLQWURGXFLUGHOLEHUDGDPHQWHSHTXHxRVFDPELRVHQ
HOYDORUQRPLQDOGHODVFRQGLFLRQHVRSHUDWRULDV\H[DPLQDUHOHIHFWRGHGLFKRVFDPELRVVREUH
ORV UHVXOWDGRV 3DUD HOOR VH SXHGH DSOLFDU OD PHWRGRORJtD GH GLVHxR HVWDGtVWLFR GH
H[SHULPHQWRVXWLOL]DQGRGLVHxRVIDFWRULDOHVDGRVQLYHOHV
6(/(&7,9,'$'GHXQPpWRGR 6(/(&7,9,7<RIDQDQDO\WLFDOPHWKRG
DQDOtWLFR
([WHQVLyQ D OD FXDO HO PpWRGR SXHGH VHU 7KHH[WHQWWRZKLFKWKHPHWKRGFDQEHXVHG
XWLOL]DGR SDUD GHWHFWDU \R GHWHUPLQDU WRGHWHFWDQGRUGHWHUPLQHSDUWLFXODUDQDO\WHV
DQDOLWRVFRQFUHWRVHQPH]FODV\PDWULFHVVLQ LQ PL[WXUHV RU PDWULFHV ZLWKRXW LQWHUIHUHQFHV
OD LQWHUIHUHQFLD GH RWURV FRPSRQHQWHV GH IURPRWKHUFRPSRQHQWVRIVLPLODUEHKDYLRXU
FRPSRUWDPLHQWRVLPLODU
7UDGXFLGD\DGDSWDGDSRUORVDXWRUHV $GDSWHGIURP,83$&5HFRPPHQGDWLRQ
6HOHFWLYLW\LQDQDO\WLFDOFKHPLVWU\
(VSHFLILFLGDG,QWHUIHUHQFLD(IHFWRPDWUL] 6SHFLILFLW\,QWHUIHUHQFH0DWUL[HIIHFW
2%6(59$&,21(6
/D UHFRPHQGDFLyQ GH OD ,83$& KDFH UHIHUHQFLD VyOR D PpWRGRV FXDQWLWDWLYRV SHUR HO
FRQFHSWR GH VHOHFWLYLGDG HV DSOLFDEOH WDPELpQ D PpWRGRV FXDOLWDWLYRV 3RU HOOR HQ ODV
UHFRPHQGDFLRQHVGH OD,83$&ORV DXWRUHV KDQDxDGLGR HOWpUPLQRGHWHFWDU HQ ODGHILQLFLyQ
RULJLQDO
*/26$5,2GH7pUPLQRV$QDOtWLFRV(G
6(16,%,/,'$'GHXQPpWRGR 6(16,7,9,7<RIDTXDOLWDWLYHPHWKRG
FXDOLWDWLYR
&DSDFLGDG GH XQ PpWRGR DQDOtWLFR SDUD &DSDELOLW\RIDQDQDO\WLFDOPHWKRGWRFRUUHFWO\
FDOLILFDU LGHQWLILFDU R FODVLILFDU GH IRUPD TXDOLI\LGHQWLI\RUFODVVLI\DSRVLWLYHVDPSOH
FRUUHFWDXQDPXHVWUDSRVLWLYD
7UDGXFLGD\DGDSWDGDSRUORVDXWRUHV $GDSWHGIURP(85$&+(0&,7$&*XLGH
7KHH[SUHVVLRQRIXQFHUWDLQW\LQ
TXDOLWDWLYHWHVWLQJ'UDIW
/*&9$0
(VSHFLILFLGDG(ILFLHQFLDËQGLFHGH<RXGHQ 6SHFLILFLW\(IILFLHQF\<RXGHQLQGH[)DOVH
5HODFLyQGHIDOVRVQHJDWLYRV QHJDWLYHUDWH
2%6(59$&,21(6
5HSUHVHQWDODSUREDELOLGDGGHFDOLILFDUFRPRSRVLWLYDXQDPXHVWUDTXHUHDOPHQWHORHV
(V XQ SDUiPHWUR GH YDOLGDFLyQ TXH VH FDOFXOD XWLOL]DQGR DO PHQRV GLH] PXHVWUDV GH XQ
PDWHULDOGHUHIHUHQFLDXREMHWRTXHVHVDEHTXHHVSRVLWLYRFRQUHVSHFWRDOHQVD\R
6HLGHQWLILFDFRQODSURSRUFLyQGHUHVXOWDGRVSRVLWLYRVREWHQLGRVFXDQGRHOHQVD\RGHDSOLFD
VREUHPXHVWUDVSRVLWLYDV\SRUWDQWRVHFDOFXODFRPR6(16 QUHVXOWDGRVSRVLWLYRVQ
HQVD\RVWRWDOHVUHDOL]DGRVVREUHREMHWRVSRVLWLYRV7373)1
&XDQGRHODQiOLVLVFXDOLWDWLYRVHDSOLFDVREUHHOFRQWHQLGRGHXQGHWHUPLQDGRFRPSRQHQWHHO
YDORU HQFRQWUDGR HV DSOLFDEOH ~QLFDPHQWH DO YDORU GHO FRQWHQLGR FRQFHQWUDFLyQ GH GLFKR
FRPSRQHQWH HQ HO REMHWR R PDWHULDO HQVD\DGR (Q HVWRV FDVRV SXHGH VHU QHFHVDULR
HVWDEOHFHUODVHQVLELOLGDGDGLIHUHQWHVQLYHOHVGHFRQFHQWUDFLyQ
*/26$5,2GH7pUPLQRV$QDOtWLFRV(G
6(16,%,/,'$'GHXQPpWRGR 6(16,7,9,7<RIDTXDQWLWDWLYHPHWKRG
FXDQWLWDWLYR
'LIHUHQFLD HQ XQLGDGHV GH FDQWLGDG GH 'LIIHUHQFHLQDQDO\WHRUDQDO\WLFDOSDUDPHWHU
DQDOLWR R SDUiPHWUR DQDOtWLFR TXH DPRXQW FRUUHVSRQGLQJ WR WKH VPDOOHVW
FRUUHVSRQGHDODGLIHUHQFLDPiVSHTXHxDHQ GHWHFWDEOH GLIIHUHQFH LQ WKH DQDO\WLFDO VLJQDO
ODVHxDODQDOtWLFDTXHHVGHWHFWDEOH RIWKHPHWKRG
7UDGXFLGD\DGDSWDGDSRUORVDXWRUHV $GDSWHGIURP*ORVVDU\RIWHUPVIRUTXDOLW\
DVVXUDQFHDQGJRRGODERUDWRU\SUDFWLFHV
QGHG8QLWHG1DWLRQV2IILFHRQ
'UXJVDQG&ULPH812'&
6HQVLELOLGDGLQVWUXPHQWDO ,QVWUXPHQWDOVHQVLWLYLW\
2%6(59$&,21(6
/DVHQVLELOLGDGGHXQPpWRGRFXDQWLWDWLYRYLHQHH[SUHVDGDSRUHOJUDGLHQWHRSHQGLHQWHGH
ODIXQFLyQGHFDOLEUDFLyQDQDOtWLFD
$PHQXGRVHXWLOL]DGHIRUPDHUUyQHDFRQHOVLJQLILFDGRGHOtPLWHGHGHWHFFLyQ
6H H[SUHVD HQ XQLGDGHV DUELWUDULDV GHSHQGLHQGR GH ODV FRQGLFLRQHV LQVWUXPHQWDOHV \ GH OD
IRUPDHQTXHVHWRPDQORVGDWRVGHODVHxDOLQVWUXPHQWDO\QRUHVXOWD~WLOFRPRSDUiPHWURGH
YDOLGDFLyQ
6LQ HPEDUJR VX FRQWURO Vt HV PX\ ~WLO FRPR HVWUDWHJLD GH DVHJXUDPLHQWR GH OD FDOLGDG GHO
IXQFLRQDPLHQWRGHOLQVWUXPHQWRRVLVWHPDGHPHGLGD
$ YHFHV VH KD XWLOL]DGRHO WpUPLQR VHQVLELOLGDG DQDOtWLFDGHILQLGD HQ EDVH DO LQYHUVR GH OD
VHQVLELOLGDG (VWH SDUiPHWUR HVWDUtD FRQHFWDGR D OD FDSDFLGDG GH UHVROXFLyQ GH XQ PpWRGR
DQDOtWLFR SHUR VX XVR KDFH \D DxRV TXH HVWi GHVDFRQVHMDGR \ DSHQDV VH XWLOL]D HQ OD
DFWXDOLGDG
6(f$/$1$/Ë7,&$ $1$/<7,&$/6,*1$/
6HxDO LQVWUXPHQWDO TXH SXHGH VHU ,QVWUXPHQWDO VLJQDO ZKLFK FDQ EH
GLIHUHQFLDGD GH OD VHxDO GH IRQGR \R GH OD GLVWLQJXLVKHGIURPWKHEDFNJURXQGDQGRUWKH
VHxDO GHO EODQFR \ TXH HV XWLOL]DGD SDUD EODQN VLJQDO DQG LV XVHG WR JHW DQDO\WLFDO
REWHQHULQIRUPDFLyQDQDOtWLFD LQIRUPDWLRQ
3URSXHVWDSRUORVDXWRUHV 3URSRVHGE\DXWKRUV
6HxDOLQVWUXPHQWDO,QIRUPDFLyQDQDOtWLFD ,QVWUXPHQWDOVLJQDO$QDO\WLFDOLQIRUPDWLRQ
2%6(59$&,21(6
1RKD\TXHFRQIXQGLUORVWpUPLQRVGHVHxDODQDOtWLFDFRQGDWR(OFRQFHSWRGHVHxDOHVPiV
DPSOLR\DEDUFDWRGRHOUHJLVWURHQIXQFLyQGHOWLHPSRRGHRWUDPDJQLWXGSURSRUFLRQDGRSRU
HOLQVWUXPHQWRDQDOtWLFRSHXQFURPDWRJUDPDXQHVSHFWURXQDFXUYDFLQpWLFDHWF$SDUWLU
GH OD VHxDO VH SXHGHQ REWHQHU GLIHUHQWHV GDWRV TXH VH SXHGHQ XWLOL]DU HQ FDOLEUDFLRQHV
DQDOtWLFDV SH XQ iUHD R DOWXUD GH SLFR OD LQWHQVLGDG GH XQ Pi[LPR GH DEVRUFLyQ OD
SHQGLHQWHGHXQDFXUYDFLQpWLFDHWF
/RVLQVWUXPHQWRVDQDOtWLFRVPiVVHQFLOORVGHRUGHQFHURVyORVXPLQLVWUDQXQGDWRSRUFDGD
PHGLGDUHDOL]DGDSRUORTXHHOFRQFHSWRGHVHxDODQDOtWLFDVHHTXLSDUDDOGHGDWRSHXQ
S+PHWURFRQYHQFLRQDO
*/26$5,2GH7pUPLQRV$QDOtWLFRV(G
6,67(0$$1$/Ë7,&2 $1$/<7,&$/6<67(0
&RQMXQWR GH HOHPHQWRV LQWHUUHODFLRQDGRV 6HWRILQWHUUHODWHGHOHPHQWVWKDWFRQWULEXWHWR
TXH FRQWULEX\HQ D OD FDOLGDG GH ORV WKH TXDOLW\ RI DQDO\WLFDO GDWD LQFOXGLQJ
UHVXOWDGRV DQDOtWLFRV LQFOX\HQGR HTXLSRV HTXLSPHQW UHDJHQWV SURFHGXUHV WHVW
UHDFWLYRV SURFHGLPLHQWRV PDWHULDOHV GH PDWHULDOVSHUVRQQHOHQYLURQPHQWDQGTXDOLW\
HQVD\R SHUVRQDO DPELHQWH \ PHGLGDV GH DVVXUDQFHPHDVXUHV
DVHJXUDPLHQWRGHODFDOLGDG
7UDGXFLGD\DGDSWDGDSRUORVDXWRUHV $GDSWHGE\WKHDXWKRUV,83$&7HFKQLFDO
UHSRUW7KHKDUPRQLVHGJXLGHOLQHVIRU
LQWHUQDOTXDOLW\FRQWUROLQDQDO\WLFDOFKHPLVWU\
ODERUDWRULHV
,QVWUXPHQWR5HDFWLYR3URFHGLPLHQWR ,QVWUXPHQW5HDJHQW3URFHGXUH0DWHULDO
0DWHULDO
2%6(59$&,21(6
(OVLVWHPDDQDOtWLFRFRPSUHQGHDOPHQRVXQSURFHGLPLHQWRDQDOtWLFRHVWDEOHFLGRDSDUWLUGH
XQGHWHUPLQDGRPpWRGRDQDOtWLFRXQLQWHUYDORGHILQLGRGHFDQWLGDGHVGHDQDOLWR\XQWLSRGH
PDWHULDOHVSHFLILFDGR
62/,'(= 58**('1(66
6LQyQLPRGHUREXVWH] $V\QRQ\PRIUREXVWQHVV
&$&*/'LUHFWULFHVVREUHOD &$&*/*XLGHOLQHVRIDQDO\WLFDO
WHUPLQRORJtDDQDOtWLFD&RPLVLyQGHO&RGH[ WHUPLQRORJ\&RGH[$OLPHQWDULXV
$OLPHQWDULXV &RPPLVVLRQ
5REXVWH]5HSURGXFLELOLGDG 5REXVWQHVV5HSURGXFLELOLW\
2%6(59$&,21(6
$FWXDOPHQWHHVWHWpUPLQRVHSUHVHQWDFRPRVLQyQLPRGHUREXVWH]UREXVWQHVVVLQTXHVH
GLIHUHQFLHHQWUHDPERV
6LQ HPEDUJR GXUDQWH EDVWDQWH WLHPSR HVWH WpUPLQR HQ HO iPELWR GH ORV DQiOLVLV
IDUPDFpXWLFRVKDHVWDGRUHIHULGRDODUHSURGXFLELOLGDGRDODSUHFLVLyQLQWHUPHGLDGHOPpWRGR
DQDOtWLFR HQ UHODFLyQ FRQ ODV YDULDFLRQHV HQ ODV FRQGLFLRQHV H[SHULPHQWDOHV \ DPELHQWDOHV
QRUPDOPHQWHHVSHUDGDVFXDQGRVHFDPELDGHODERUDWRULRRGHDQDOLVWD
7RGDYtD HQ OD 86 3KDUPDFRSHLD OR VHJXtD GHILQLHQGR FRPR WKH GHJUHH RI
UHSURGXFLELOLW\RIWHVWUHVXOWVREWDLQHGE\WKHDQDO\VLVRIWKHVDPHVDPSOHVXQGHUDYDULHW\RI
FRQGLWLRQV VXFK DV GLIIHUHQW ODERUDWRULHV DQDO\VWV LQVWUXPHQWV ORWV RI UHDJHQWV HODSVHG
DVVD\WLPHVDVVD\WHPSHUDWXUHVRUGD\V
*/26$5,2GH7pUPLQRV$QDOtWLFRV(G
62/872 62/87(
&RPSRQHQWH PLQRULWDULR GH XQD GLVROXFLyQ 7KH PLQRU FRPSRQHQW RI D VROXWLRQ ZKLFK LV
TXH VH FRQVLGHUD KD VLGR GLVXHOWR HQ HO UHJDUGHG DV KDYLQJ EHHQ GLVVROYHG E\ WKH
GLVROYHQWH VROYHQW
$'0F1DXJKW$:LONLQVRQ&RPSHQGLRGH &RPSHQGLXPRIFKHPLFDOWHUPLQRORJ\±*ROG
WHUPLQRORJtDTXtPLFD6tQWHVLV %RRN:HEHGYHU,83$&
'LVROXFLyQ'LVROYHQWH 6ROXWLRQ6ROYHQW
2%6(59$&,21(6
(QXQDGLVROXFLyQSXHGHKDEHUPiVGHXQVROXWRTXHSXHGHQVHUVyOLGRVOtTXLGRVRJDVHV
*HQHUDOPHQWHHQXQDGLVROXFLyQGHHQVD\RHODQDOLWRVHLGHQWLILFDFRQDOJXQRGHORVVROXWRV
68%52*$'2 68552*$7(
&RPSXHVWR SXUR GLIHUHQWH GHO DQDOLWR SHUR $ SXUH FRPSRXQG GLIIHUHQW IURP EXW VLPLODU
VLPLODU DO PLVPR DxDGLGR HQ XQD HQRXJK WR WKH DQDO\WH DGGHG DW D NQRZQ
FRQFHQWUDFLyQ FRQRFLGD D OD PXHVWUD DQWHV FRQFHQWUDWLRQ WR WKH VDPSOH SULRU WR
GHOWUDWDPLHQWR SURFHVVLQJ
7UDGXFLGD\DGDSWDGDSRUORVDXWRUHV $GDSWHGIURP)LHOGVDPSOHPDQXDO
0LQLVWU\RI(QYLURQPHQW%ULWLVK&ROXPELD
3DWUyQLQWHUQR ,QWHUQDOVWDQGDUG
2%6(59$&,21(6
(QHVWDGHILQLFLyQVHHQWHQGHUtDSRUVXEURJDGRXQSDWUyQLQWHUQRWLSR,,
/RVVXEURJDGRVWLHQHQSURSLHGDGHVTXtPLFDVVLPLODUHVDODVGHODQDOLWR\GHEHQSURSRUFLRQDU
XQDVHxDODQDOtWLFDGLVWLQWDGHODGHDTXHO
*/26$5,2GH7pUPLQRV$QDOtWLFRV(G
6867$1&,$ 68%67$1&(
0DWHULD GH FRPSRVLFLyQ FRQVWDQWH 0DWWHU RI FRQVWDQW FRPSRVLWLRQ EHVW
FDUDFWHUL]DGD SRU ODV HQWLGDGHV TXH OD FKDUDFWHUL]HG E\ WKH HQWLWLHV PROHFXOHV
FRPSRQHQ PROpFXODV XQLGDGHV IyUPXOD IRUPXODXQLWVDWRPVLWLVFRPSRVHGRI
iWRPRV
$'0F1DXJKW$:LONLQVRQ&RPSHQGLRGH &RPSHQGLXPRIFKHPLFDOWHUPLQRORJ\±*ROG
WHUPLQRORJtDTXtPLFD6tQWHVLV %RRN:HEHGYHU,83$&
(VSHFLHTXtPLFD &KHPLFDOVSHFLH
2%6(59$&,21(6
/D VXVWDQFLD VH UHILHUH VLHPSUH D XQD PDWHULD FRPSOHWD SRU OR WDQWR HVWi FRPSXHVWD GH
HQWLGDGHVPDWHULDOHVQHXWUDViWRPRVXQLGDGHVIyUPXODRPROpFXODV8QLyQQRVHFRQVLGHUD
XQDVXVWDQFLD
/DVSURSLHGDGHVItVLFDVFRPRODGHQVLGDGHOtQGLFHGHUHIUDFFLyQODFRQGXFWLYLGDGHOpFWULFD
HOSXQWRGHIXVLyQHWFFDUDFWHUL]DQDODVVXVWDQFLDVTXtPLFDV
7e&1,&$$1$/Ë7,&$ $1$/<7,&$/7(&+1,48(
$SOLFDFLyQJHQpULFDGHXQSULQFLSLRFLHQWtILFR *HQHULF DSSOLFDWLRQ RI D VFLHQWLILF SULQFLSOH
SDUD VXPLQLVWUDU LQIRUPDFLyQ DQDOtWLFD VREUH WKDW FDQ SURYLGH DQDO\WLFDO LQIRUPDWLRQ DERXW
XQREMHWRDQDOtWLFRRXQDPXHVWUD DQDQDO\WLFDOREMHFWRUVDPSOH
7UDGXFLGD\DGDSWDGDSRUORVDXWRUHV $GDSWHGIURP(3ULFKDUG$QDO\WLFDO
PHDVXUHPHQWWHUPLQRORJ\/*&
56&
3ULQFLSLRGHPHGLGD7HFQRORJtDDQDOtWLFD 0HDVXUHPHQWSULQFLSOH$QDO\WLFDO
WHFKQRORJ\
2%6(59$&,21(6
'HXQ~QLFRSULQFLSLRFLHQWtILFRSXHGHQHPDQDUGLYHUVDVWpFQLFDVDQDOtWLFDV\pVWDVSXHGHQ
HVWDUUHODFLRQDGDVFRQFXDOTXLHURSHUDFLyQGHDOJXQDGHODVHWDSDVGHOSURFHVRDQDOtWLFR
(O SULQFLSLR FLHQWtILFR SXHGH VHU GH QDWXUDOH]D ItVLFD ELRTXtPLFD PLFURELROyJLFD
PDWHPiWLFDRHVWDGtVWLFD
/D WpFQLFD FRQVWLWX\H OD PDWHULDOL]DFLyQ SUiFWLFD GH XQR R YDULRV SULQFLSLRV FLHQWtILFRV HQ XQ
LQVWUXPHQWRRVLVWHPDLQVWUXPHQWDODVtSRUHMHPSORODHVSHFWURPHWUtD899LVHVXQDGHODV
WpFQLFDVDQDOtWLFDVGHPHGLGDUHVXOWDQWHVGHDSOLFDUHOIHQyPHQRItVLFRTXtPLFRSULQFLSLRGH
PHGLGDGHODDEVRUFLyQGHODOX]SRUODPDWHULDRODFURPDWRJUDItDHVXQDWpFQLFDDQDOtWLFD
GHVHSDUDFLyQUHVXOWDQWHGHDSOLFDUORVSULQFLSLRVGHODVHSDUDFLyQGLQiPLFDHQIOXMRHQWUHXQD
IDVHHVWDFLRQDULD\XQDIDVHPyYLO
(O FRQMXQWR WDQWR GH ORV SULQFLSLRV FLHQWtILFRV MXQWR FRQ ODV FRUUHVSRQGLHQWHV WpFQLFDV
DSOLFDFLRQHV SODVPDGDV HQ GLVSRVLWLYRV LQVWUXPHQWRV R VRIWZDUH FRQVWLWX\HQ OD DFWXDO
WHFQRORJtDDQDOtWLFD
(O WpUPLQR IXH SURSXHVWR SRU -. 7D\ORU $QDO &KHP $ FRQ XQ VLJQLILFDGR
OLJHUDPHQWH GLIHUHQWH \D TXH VH UHIHUtD DO SULQFLSLR FLHQWtILFR ~WLO SDUD REWHQHU LQIRUPDFLyQ
FRPSRVLFLRQDO 6LQ HPEDUJR HVWH VLJQLILFDGR HVWi FRQWHPSODGR HQ HO WpUPLQR SULQFLSLR GH
PHGLGDTXHDSDUHFHGHILQLGRHQHO9,07DOXVR GHEHUtDVHUGHVWHUUDGR\DTXHHOWpUPLQR
WpFQLFDHVWiOLJDGRDWHFQRORJtD\QRDPHGLGD
*/26$5,2GH7pUPLQRV$QDOtWLFRV(G
75$16)(5,%,/,'$' 75$16)(5$%,/,7<
3URSLHGDG GH XQ PpWRGR DQDOtWLFR TXH 3URSHUW\RIDQDQDO\WLFDOPHWKRGWKDWUHIOHFWV
GHVFULEH VX FDSDFLGDG GH PDQWHQHU ORV LWV DELOLW\ WR SURYLGH FRQVLVWHQW UHVXOWV ZKHQ
UHVXOWDGRVFXDQGRHVDSOLFDGRDODVPLVPDV DSSO\LQJ WR WKH VDPH VDPSOHV LQ GLIIHUHQW
PXHVWUDVHQGLIHUHQWHVODERUDWRULRV ODERUDWRULHV
$GDSWDGDGH*ORVDULRGHWpUPLQRVHQ0 $GDSWHGIURP*ORVVDU\RIWHUPVLQ0
9DOFiUFHO3ULQFLSLRVGHTXtPLFDDQDOtWLFD 9DOFiUFHO3ULQFLSOHVRIDQDO\WLFDOFKHPLVWU\D
6SULQJHU WH[WERRN6SULQJHU
)LDELOLGDG5REXVWH]3UDFWLFDELOLGDG 5HOLDELOLW\5REXVWQHVV3UDFWLFDELOLW\
2%6(59$&,21(6
/DWUDQVIHULELOLGDGGHXQPpWRGRDQDOtWLFRHVWiUHODFLRQDGDWDQWRFRQVXILDELOLGDG\UREXVWH]
FRPRFRQODSUDFWLFDELOLGDG
75$7$0,(172'('$726 '$7$75($70(17
3URFHVRSDUDREWHQHUUHVXOWDGRVDQDOtWLFRVD 3URFHVV WR REWDLQ DQDO\WLFDO UHVXOWV IURP WKH
SDUWLUGHGDWRVSULPDULRV UDZGDWD
3URSXHVWDSRUORVDXWRUHV 3URSRVHGE\WKHDXWKRUV
'DWR$QiOLVLVGHGDWRV 'DWXP'DWDDQDO\VLV
2%6(59$&,21(6
+DELWXDOPHQWHHOWUDWDPLHQWRGHGDWRVSXHGHVHUXQDVHQFLOODRSHUDFLyQPDWHPiWLFDGHULYDGD
GH DSOLFDU XQD HFXDFLyQ HVWHTXLRPpWULFD R UHTXHULU HO DMXVWH SUHYLR GH XQD IXQFLyQ GH
FDOLEUDGR PHGLDQWH XQ PpWRGR GH UHJUHVLyQ SDUD SRVWHULRUPHQWH DSOLFDUOD VREUH ORV GDWRV
REWHQLGRV
(Q DTXHOORV FDVRV HQ ORV TXH VH WUDEDMD FRQ GDWRV PXOWLYDULDEOHV R GDWRV PXOWLYtD HO
WUDWDPLHQWR GH GDWRV QHFHVDULR SXHGH VHU EDVWDQWH FRPSOHMR \ UHTXLHUH FRQRFLPLHQWRV
SURIXQGRVGHHVWDGtVWLFD\TXLPLRPHWUtD
*/26$5,2GH7pUPLQRV$QDOtWLFRV(G
75$7$0,(172'(08(675$ 6$03/(75($70(17
3URFHVRDDSOLFDUSDUDFRQYHUWLUODGLVROXFLyQ 7KH SURFHVV ZKLFK PD\ EH UHTXLUHG WR
GHHQVD\RHQGLVROXFLyQWUDWDGD FRQYHUW WKH WHVW VROXWLRQ LQWR WKH WUHDWHG
VROXWLRQ
7UDGXFLGDSRUORVDXWRUHV ,83$&5HFRPPHQGDWLRQV
7HUPLQRORJ\LQVRLOVDPSOLQJ
3UHSDUDFLyQGHPXHVWUD0XHVWUDWUDWDGD 6DPSOHSUHSDUDWLRQ7UHDWHGVDPSOH
2%6(59$&,21(6
/DIRUPDFLyQGHGHULYDGRVGHULYDWL]DWLRQSRGUtDFRQVLGHUDUVHXQHMHPSORGHWUDWDPLHQWR
GHPXHVWUD\DTXHJHQHUDOPHQWHDXQTXHQRVLHPSUHVHDSOLFDGHVSXpVGHKDEHUREWHQLGR
ODGLVROXFLyQGHHQVD\R
$XQTXHOD,83$&KDGLIHUHQFLDGRORVGRVWpUPLQRVSUHSDUDFLyQGHPXHVWUD\WUDWDPLHQWRGH
PXHVWUDHQODSUiFWLFDDQDOtWLFDFRWLGLDQDDPERVWpUPLQRVVHXWLOL]DQGHIRUPDLQGLVWLQWD
7$1'$$1$/Ë7,&$ $1$/<7,&$/%$7&+
*UXSR GH PXHVWUDV LQFOXLGDV ODV PXHVWUDV $ JURXS RI VDPSOHV LQFOXGLQJ TXDOLW\ FRQWURO
GH FRQWURO TXH VRQ SURFHVDGDV GH IRUPD VDPSOHVZKLFKDUHSURFHVVHGWRJHWKHUXVLQJ
FRQMXQWD DO PLVPR WLHPSR R HQ SHULRGRV GH WKHVDPHPHWKRGWKHVDPHORWVRIUHDJHQWV
WLHPSR FRQWLQXRV \ VHFXHQFLDOHV XWLOL]DQGR DQG DW WKH VDPH WLPH RU LQ FRQWLQXRXV
HOPLVPRPpWRGR\ORVPLVPRVUHDFWLYRV VHTXHQWLDOWLPHSHULRGV
7UDGXFLGDSRUORVDXWRUHV *ORVVDU\RITXDOLW\DVVXUDQFHWHUPVDQG
UHODWHGDFURQ\PV:HEHG86(3$
/RWHGHPDWHULDO0DWHULDO0XHVWUD 0DWHULDOEDWFK0DWHULDO6DPSOH
2%6(59$&,21(6
/DVPXHVWUDVTXHFRQIRUPDQXQORWHDQDOtWLFRGHEHUtDQWHQHUFRPSRVLFLyQVLPLODU\FRPSDUWLU
ORVPLVPRVSDWURQHVGHFRQWUROGHFDOLGDG
(Q OD SUiFWLFD DQDOtWLFD VH XWLOL]D HO WpUPLQR VHFXHQFLD SDUD LQGLFDU HO RUGHQ HQ TXH VH
DQDOL]DXQDWDQGDDQDOtWLFD
$YHFHVHQLQJOpVVHXWLOL]DWDPELpQHOWpUPLQRDQDO\WLFDOUXQFRQXQVLJQLILFDGRVLPLODU
*/26$5,2GH7pUPLQRV$QDOtWLFRV(G
75$=$ 75$&(
&XDOTXLHU FRPSRQHQWH TXH SUHVHQWD XQD $Q\ FRPSRQHQW KDYLQJ DQ DYHUDJH
FRQFHQWUDFLyQPHGLDPHQRUDSDUWHVSRU FRQFHQWUDWLRQ RI OHVV WKDQ DERXW SDUWV
PLOOyQGHiWRPRVSSPDR JJ SHU PLOOLRQ DWRPV SSPD RU OHVV WKDQ
JJ
$GDSWDGRGH$'0F1DXJKW$:LONLQVRQ &RPSHQGLXPRIFKHPLFDOWHUPLQRORJ\±*ROG
&RPSHQGLRGHWHUPLQRORJtDTXtPLFD %RRN:HEHGYHU,83$&
6tQWHVLV
$QDOLWR $QDOLWH
2%6(59$&,21(6
(Q HO iPELWR DQDOtWLFR HVWi \D EDVWDQWH DVHQWDGR HO WpUPLQR DQiOLVLV GH WUD]DV TXH HQ
UHDOLGDG HV HUUyQHR HQ Vt PLVPR \D TXH ODV WUD]DV UHSUHVHQWDQ VLHPSUH D DQDOLWRV \ HO
WpUPLQRDQiOLVLVVyORGHELHUDXWLOL]DUVHHQUHODFLyQDPXHVWUDVXREMHWRV6HUtDPiVFRUUHFWR
GHFLUGHWHUPLQDFLyQGHWUD]DV
9$/,'$&,Ï1$1$/Ë7,&$ $1$/<7,&$/9$/,'$7,21
3URFHVR SRU HO TXH