Cover Page The handle

Cover Page

The handle http://hdl.handle.net/1887/20679 holds various files of this Leiden University dissertation.

Author: Koier, Elizabeth

Title: Interpreting particles in dead and living languages : a construction grammar approach to the semantics of Dutch ergens and Ancient Greek pou

Issue Date: 2013-03-28

&+$37(5 

$ FRPSDULVRQ EHWZHHQ 'XWFK HUJHQV DQG $QFLHQW *UHHN

›ڗ࿰

,I ZH ZHUH WR PDNH D GLFWLRQDU\ HQWU\ IRU HUJHQV DQG ›ڗ࿰ WKH KHDGZRUGV ZLWKLQ WKH OHPPDWD ZRXOG EH FRPSDUDEOH 7KH IROORZLQJ PD\ EH VDLG IRU ERWK IRUPV

 ORFDWLYH LQGHϮQLWH DGYHUE RULJLQDO LQWHUSUHWDWLRQ

D WKH ORFDWLYH LQGHϮQLWH PD\ EH XVHG WR H[SUHVV D JHQHUDO DSSOLFDELOLW\ RI WKH VWDWHPHQW

 PRGDO SDUWLFOH

 DERXW DURXQG ZLWK QXPEHUV^

)RU HUJHQV WKH WHPSRUDO LQWHUSUHWDWLRQ DQG WKH VFDODU LQWHUSUHWDWLRQ ZRXOG QHHG WR EH DGGHG EXW RQ WKH ZKROH ERWK IRUPV VHHP YHU\ FRPSDUDEOH +RZHYHU DV KDV DOUHDG\ EHFRPH LPSOLFLWO\ FOHDU LQ WKH SUHYLRXV FKDSWHUV DQG DV ZLOO EH DGGUHVVHG H[

SOLFLWO\ LQ WKLV FKDSWHU WKH DFWXDO FKDUDFWHULVWLFV RI PRGDO HUJHQV DQG PRGDO ›ڗ࿰ DUH QRW LQ DOO UHVSHFWV FRPSDUDEOH :H VDZ IRU LQVWDQFH LQ WKH SUHYLRXV FKDSWHU WKDW

DOWKRXJK HUJHQV DQG ›ڗ࿰ VHHP WR KDYH KDG DOPRVW WKH VDPH VWDUWLQJ SRLQW DQG ERWK GHYHORSHG LQWR D PRGDO SDUWLFOH WKHUH LV OLWWOH UHDVRQ WR EHOLHYH WKDW WKH GHYHORS

PHQW RI PRGDO HUJHQV DQG PRGDO ›ڗ࿰ IROORZHG H[DFWO\ WKH VDPH SDWKZD\ RI VHPDQWLF FKDQJH 7KLV VXJJHVWV WKDW DSDUW IURP JHQHUDO FRJQLWLYH SULQFLSOHV ODQJXDJH VSHFLϮF FKDUDFWHULVWLFV SOD\ DQ LPSRUWDQW UROH LQ WKH VHPDQWLF GHYHORSPHQW RI FRPSDUDEOH IRUPV LQ GLϸHUHQW ODQJXDJHV

)RU ›ڗ࿰ WKLV LQWHUSUHWDWLRQ PD\ KDYH RQO\ EHHQ SUHVHQW LQ WKH ,RQLF GLDOHFW

  3DWKZD\V IURP ORFDWLYH WR PRGDO

$OUHDG\ LQ FKDSWHU  LW ZDV VDLG WKDW WKH SURFHVV RI FRQWUDVWLQJ IRUPV IURP GLI

IHUHQW ODQJXDJHV PD\ VKHG OLJKW RQ WKH VSHFLϮF FKDUDFWHULVWLFV RI D IRUP LQ D SDU

WLFXODU ODQJXDJH ZKLFK ZRXOG RWKHUZLVH EH WDNHQ IRU JUDQWHG 7KLV PHDQV WKDW RQH RI WKH DGYDQWDJHV RI FRPSDULQJ IRUPV IURP WZR GLϸHUHQW ODQJXDJHV LV WKDW LW GUDZV DWWHQWLRQ WR ERWK VKDUHG DQG QRQVKDUHG FKDUDFWHULVWLFV WKXV KLJKOLJKWLQJ ERWK WKH ODQJXDJH VSHFLϮF SURSHUWLHV RI IRUPV WKDW IURP D GLVWDQFH PD\ VHHP YHU\ VLPLODU DQG WKHLU VKDUHG SURSHUWLHV

,Q WKLV FKDSWHU , ZLOO FRPSDUH WKH FRQWH[WXDO FKDUDFWHULVWLFV RI HUJHQV DQG ›ڗ࿰

WR VHH ZKLFK FKDUDFWHULVWLFV WKH\ VKDUH DQG ZKLFK RQHV PD\ EH GLϸHUHQW

, ZLOO ϮUVW DGGUHVV WKH KLVWRULFDO GHYHORSPHQW RI HUJHQV DQG ›ڗ࿰ LQFOXGLQJ WKHLU FRQWH[WXDO SURSHUWLHV 6HFRQG , ZLOO GLVFXVV WKH FRQWH[WXDO IHDWXUHV RI HUJHQV DQG

›ڗ࿰

 3DWKZD\V IURP ORFDWLYH WR PRGDO

$V ZDV DUJXHG LQ WKH FKDSWHU RQ WKH KLVWRULFDO GHYHORSPHQW RI HUJHQV LW VHHPV OLNHO\

WKDW HUJHQV GHYHORSHG LWV PRGDO LQWHUSUHWDWLRQV YLD D PHWDSKRULFDO XVH RI WKH ORFD

WLYH XVH RI HUJHQV 7KH PLQG ZDV VHHQ DV D VSDFH LQ ZKLFK FHUWDLQ SRVLWLRQV FRXOG EH WDNHQ 7KH GHYHORSPHQW SDWK RI ›ڗ࿰ ZDV OHVV FOHDU EXW ZH PLJKW DVN WKH TXHVWLRQ RI ZKHWKHU LW ZRXOG EH SRVVLEOH WKDW ›ڗ࿰ GHYHORSHG LQ D FRPSDUDEOH ZD\ $V ZDV DOUHDG\

PHQWLRQHG LQ SDVVLQJ LQ WKH SUHYLRXV FKDSWHU RQ WKH GHYHORSPHQW RI ›ڗ࿰ WKHUH DUH D IHZ H[DPSOHV LQ ZKLFK D PHWDSKRULFDO LQWHUSUHWDWLRQ ZRXOG EH SRVVLEOH +RZHYHU

WKH RFFXUUHQFH RI PHWDSKRULFDO XVHV RI WKH LQGHϮQLWH ORFDWLYH LV QRW HQRXJK IRU D GH

YHORSPHQW OLNH WKH GHYHORSPHQW RI HUJHQV :H VWLOO QHHG VRPH FRQQHFWLRQ WR HLWKHU GLϸHUHQW SRLQWV RI YLHZ RU RWKHU FRQQHFWLRQV WR WKH ODWHU PRGDO XVH 7KHUHIRUH ZH ZLOO QRZ GLVFXVV VRPH RI WKH PHWDSKRULFDO H[DPSOHV LQ GHWDLO

7KH IROORZLQJ H[DPSOH ZKLFK ZDV DOUHDG\ EULHϰ\ GLVFXVVHG DERYH LV RQH RI WKUHH H[DPSOHV , FRXOG ϮQG IRU ›ڗ࿰ WKDW WKHRUHWLFDOO\ FRXOG EH LQWHUSUHWHG DV DQ H[

SOLFLWO\ PHWDSKRULFDO ORFDWLYH XVH RI ›ڗ࿰ EHFDXVH RI WKH SUHVHQFH RI ์ဎ໇ ݵݰۭ͘໇ ¶LQ \RXU KHDUW· 7KH RWKHU RQH ZH DOUHDG\ VDZ LQ H[DPSOH  LQ WKH SUHYLRXV FKDSWHU DQG WKH WKLUG RQH LV PHQWLRQHG EHORZ ,Q DGGLWLRQ ZH ZLOO VHH D SRVVLEO\ PHWDSKRULFDO FDVH ZLWKRXW ์ဎ໇ ݵݰۭ͘໅ LQ H[DPSOH ^

 အߥ ෕ဎࠗ༔ဎڗݰڗߥ ࿰໌཮ߥ රࣹǓ࿰ڗ࿴ ˗່ڗߥ ෕ࣹ༔ဎङݰ ڗ࿽໵ ํ۟͘ड़͘ဎ ݵ͘࿲ࣹ͘Ԇဎ ›ݰ໇ဎ ›͘Ԇݰ༔ۭǓԆࠗ· ෕शԆड़༘ڗߥ

රड़ड़· ཰ ࣹ· ඼ݰ· රۭ›ໆ˗Ǔ ࢆ่ဎ ›ݰ཭ۭ۟· ํۭशࠗ͘ڗ ›ඦဎࠗڗۭ· ์໘ۭٗဎ

์ࣹश͘ໆ༰ ˗· Ǔ࿽ࠗڗ່ڗ ࠗԆࠗ࿲ۭ໵ࠗ͘ڗ ໵Ǔ໇ ࢆ็ࣹ· රငࠗ͘ԆÜ

༫SWFO ኹዧᅐቈ

˗༔SWFO ኹዧᅐቈ

›ڗ࿰›ڗ࿰

›ڗ࿰

ࢆඦड़·YHU\

႐ᅡጟ

ํڗड़›Ǔߥ

\RX KRSH

ዘᇀኹᅵወᆦ

์ဎ໇LQ ኹወᅵኹ

ݵݰۭ͘໇

KHDUW ᅡ႐ዧኹቈ

ݵǓໆ˗Ԇࢆ·

IDPRXV ጟኂᅐዘᇀ

෕शԆड़ड़͘࿴

$FKLOOHV ጟኂᅐዘᇀ

7KH QHJDWLYH ORFDWLYH LQGHϮQLWH ڗ࿽˗Ǔࢆڗ࿴ FDQ EH XVHG LQ D PHWDSKRULFDO ZD\ DV LQ ( +LSS  +RZ

HYHU EHFDXVH RI WKH QHJDWLRQ WKLV GRHV QRW DOORZ IRU DQ LQWHUSUHWDWLRQ LQYROYLQJ PRUH WKDQ RQH YLHZSRLQW

DV ZDV WKH FDVH ZLWK HUJHQV

$ FRPSDULVRQ EHWZHHQ 'XWFK HUJHQV DQG $QFLHQW *UHHN ›ڗ࿰ 

༧ࢆǓࠗԆ ࠗရ˗͘ ›཭ड़Ԇဎ ›็ݰۭ͘Ԇဎ ࠞݰပङဎ රࣹ͘ݰပशङဎ

HYHQ VR ORUGO\ $QWHQRU·V VRQ JRRGO\ $JHQRU UHIXVHG WR ϰHH WLOO KH VKRXOG PDNH WULDO RI $FKLOOHV EXW KHOG EHIRUH KLP KLV VKLHOG WKDW ZDV ZHOOEDODQFHG XSRQ HYHU\ VLGH DQG DLPHG DW $FKLOOHV ZLWK KLV VSHDU DQG VKRXWHG DORXG

9HULO\ , ZHHQ WKRX KRSHVW LQ WK\ KHDUW JORULRXV $FKLOOHV RQ WKLV GD\ WR VDFN WKH FLW\ RI WKH ORUGO\ 7URMDQV

,O 

([DPSOH  KDV WKH SDUWLFOHV ༫ ˗༔ DQG ›ڗ࿰ 7KLV LV WKH RQO\ WLPH LQ ERWK WKH V\QFKURQLF DQG WKH GLDFKURQLF FRUSXV WKDW WKH SDUWLFOHV ༫ ˗༔ DQG ›ڗ࿰ DUH IRXQG LQ WKH VDPH FODXVH DOWKRXJK ༫ ˗༔ GRHV RFFXU UHJXODUO\ %RWK ༫ DQG ˗༔ SRLQW VWURQJO\ LQ D PRGDO GLUHFWLRQ $OVR WKH )UHQFK DQG *HUPDQ WUDQVODWRUV KDYH FKRVHQ WUDQVODWLRQV ZKLFK ZH DOVR ϮQG LQ WKH FODVVLFDO SHULRG IRU ˗༔ ›ڗ࿰ 7KH UHDVRQ WKLV SDVVDJH FDQ EH LQWHUSUHWHG DV PRGDO LV WKDW LW LV QRUPDO WR DVVXPH WKDW \RXU HQHP\ KRSHV WR GHVWUR\ \RXU FLW\ DQG WKDW WKLV HQHP\ DOVR LV DZDUH WKDW \RX NQRZ WKDW KH ZDQWV WKDW

1RQH RI WKH WUDQVODWRUV KDV FKRVHQ WKH PHWDSKRULFDOO\ ORFDWLYH RSWLRQ 2QH RI WKH UHDVRQV PD\ EH WKDW WKH SUHVHQFH RI ORFDWLYH ›ڗ࿰ ZRXOG QRW DGG PXFK WR WKH RYHUDOO LQWHUSUHWDWLRQ RI WKH VHQWHQFH ,Q 'XWFK KRZHYHU HUJHQV LV PRVWO\ XVHG WR H[SUHVV DQ LQWHUQDO FRQϰLFW RU GLOHPPD 6XFK D GLOHPPD GRHV QRW VHHP WR EH DQ LVVXH LQ WKLV H[DPSOH VLQFH WKHUH LV QR UHDVRQ $FKLOOHV ZRXOG QRW ZDQW WR GHVWUR\ WKH FLW\

,Q H[DPSOH  DOUHDG\ GLVFXVVHG DERYH WKH JRGGHVV $WKHQD VSHDNV WR D ZDUULRU 'LRPHGHV DERXW WKH UHDVRQ KH LV SXOOLQJ EDFN 7KH ϮUVW H[SODQDWLRQ LV D SK\VLFDO RQH

DOWKRXJK QRW OHVV VKDPHIXO EXW WKH VHFRQG UHODWHV WR 'LRPHGHV· VWDWH RI PLQG ,W LV VXJJHVWHG WKDW KH LV XQGHU WKH VSHOO RI IHDU 7KLV PDNHV LW WKHRUHWLFDOO\ SRVVLEOH IRU

›ڗ࿰ WR KDYH D IXQFWLRQ ZKLFK LV FRPSDUDEOH WR PRGDO HUJHQV

 රड़ड़ඦ ۭ͘࿰ ༩ ໵ඦࢆǓࠗڗߥ ›ڗड़࿰ඪ໖৓ ࣹ࿰່Ǔ ˗็˗࿰໵͘ဎ ༧RU

ᅐኂቨሦ ဎ࿲QRZ ኹዧᅐቈ

ۭ็\RX ႐ᅐᅐዘᇀ

›ڗ࿰›ڗ࿰

›ڗ࿰

˗็ڗߥIHDU ቨኂበዘᇀ

໒ۭश͘Ԇ UHVWUDLQV

ዘᇀኹወዘ

ර໵༔ݰԆڗဎ

KHDUWOHVV

ቨኂበዘᇀ

\HW HLWKHU KDWK ZHDULQHVV ERUQ RI WK\ PDQ\ RQVHWV HQWHUHG LQWR WK\ OLPEV RU KDSO\ VSLULWOHVV WHUURU SRVVHVVHWK WKHH

,O 

([DPSOH  LV PHWDSKRULFDO EHFDXVH IHDU LV QRW DQ LQGLYLGXDO ZKR FDQ KROG VRPHRQH VRPHZKHUH RU EH VRPHZKHUH XQOHVV ZH LQWHUSUHW WKH VHQWHQFH LQ D PHWDSKRU

LFDO ZD\ ,W ZRXOG EH SRVVLEOH WR LQWHUSUHW WKLV VHQWHQFH PHWDSKRULFDOO\ DV LQ KHDUWOHVV IHDU KROGV \RX VRPHZKHUH LQ \RXU PLQG EXW WKLV ZRXOG VXJJHVW WKDW LQ RWKHU SODFHV LQ KLV PLQG 'LRPHGHV ZRXOG EH EUDYH ZKLFK LV QRW ZKDW VHHPV WR EH $WKHQD·V MXGJH

PHQW $OWKRXJK VXFK DQ LQWHUSUHWDWLRQ LV QRW LPSRVVLEOH WKH DEVHQFH RI DQ DQLPDWH DJHQWLYH VXEMHFW LQ WKLV VHQWHQFH PDNHV WKH FRQQHFWLRQ EHWZHHQ WKH PLQG RI WKH DG

GUHVVHH DQG WKH VHQWHQFH YHU\ ZHDN $OVR WKHUH DUH QR RWKHU LQGLFDWLRQV WKDW ZH VKRXOG UHDG WKLV VHQWHQFH WKLV ZD\

$ VHFRQG RSWLRQ LV WKDW WKH VSHDNHU WKH JRGGHVV $WKHQD LV PHUHO\ RϸHULQJ D SRVVLEOH VXJJHVWLRQ DV LV WKH FKRLFH RI WKH (QJOLVK WUDQVODWRU $ WKLUG RSWLRQ LV WR

  3DWKZD\V IURP ORFDWLYH WR PRGDO LQWHUSUHW ›ڗ࿰ DV PDUNLQJ WKDW WKH\ ERWK NQRZ WKDW WKH ODVW RSWLRQ LV LQ IDFW WKH ULJKW VROXWLRQ 7KLV LV VKDUHG LQIRUPDWLRQ VLQFH WKLV LV DERXW WKH VWDWH RI PLQG RI WKH DGGUHVVHH KLPVHOI DQG WKHUHIRUH $WKHQD H[SHFWV 'LRPHGHV WR DJUHH SRVLWLYH DU

JXPHQWDWLYH RULHQWDWLRQ 7KH ODWWHU LQWHUSUHWDWLRQ LV ODUJHO\ LQ OLQH ZLWK WKH LQWHU

SUHWDWLRQ RI %ROOLQJ   ZKR VD\V WKDW ¶7KH SDUWLFOH WKHQ H[SUHVVHV WKH FRQ

ϮGHQFH RI WKH VSHDNHU WKDW WKLV WLPH KH KDV KLW WKH WUXWK· ([DPSOH  LV IROORZHG E\ WKH FRQFOXVLRQ DQG DFFXVDWLRQ WKDW 'LRPHGHV WKH DGGUHVVHH GRHV QRW OLYH XS WR KLV IDWKHU·V VWDQGDUGV ZKLFK FDQ RI FRXUVH EH ERWK DERXW KLV SK\VLFDO HQGXUDQFH DQG DERXW KLV FRXUDJH EXW WKLV LPSOLHV WKDW WKHUH LV OLWWOH URRP IRU GLϸHUHQW YLHZSRLQWV LQ 'LRPHGHV

$ WKLUG H[DPSOH LQ ZKLFK D PHWDSKRULFDO LQWHUSUHWDWLRQ LV SRVVLEOH LV H[DPSOH  ,W LV SRVVLEOH WR LQWHUSUHW ›ڗ࿰ DV PHWDSKRULFDO EHFDXVH RI WKH PHQWDO VWDWH SUHGL

FDWH ༧ड़›ࠗ͘R ¶KH KRSHG· DQG WKH SUHVHQFH RI ์ဎ໇ ݵݰۭ͘໅ ¶LQ KLV KHDUW· ,Q WKLV H[DPSOH

WKHUH DUH WZR LQVWDQFHV RI ›ڗ࿰ 7KH ϮUVW , ZRXOG LQWHUSUHW DV JHQHUDOL]LQJ ORFDWLYH

EXW ZH ZLOO QRZ EH FRQFHUQHG PDLQO\ ZLWK WKH VHFRQG RQH

 ͘໒ ࠗԆဎඦ ›ڗ࿰ ࢆࠗ͘· ཱིۭۭ͘Ԇ ड़ඦɘڗԆ ۭࠗ͘ໆशڗဎࠗǓ ۟࿲ݰǓ৒͘

ڗ࿹ࠗङWKXV

$ᅡጟ

ࣹඦݰIRU ᅐኂቨሦ

›ڗ࿲›ڗ࿰

›ڗ࿰

ࢆ·PH ႐ᅐᅐዘᇀ

༧ड़›ࠗ͘·

KRSHG

ዘᇀᇹበኹᆦ

์ဎ໇LQ ኹወᅵኹ

ݵݰۭ͘໇

KHDUW ᅡ႐ዧኹቈ

ဎ༔›Ԇڗဎ VLOO\

႐ᅐᅐዘᇀ

͘໔ဎǓԆ

EHᇹቨᆦኹወዘ

(QJOLVK LQ WKH KRSH RI FDWFKLQJ DQ\RQH ZKR VRXJKW WR JR IRUWK ZLWK WKH VKHHS³ VR ZLWOHVV IRUVRRWK KH WKRXJKW LQ KLV KHDUW WR ϮQG PH

2G 

7KLV H[DPSOH LV QRW FRPSOHWHO\ OLNH WKH PHWDSKRULFDO H[DPSOHV RI HUJHQV IRU VHY

HUDO UHDVRQV )LUVW WKLV LV SDUW RI D VWRU\ DERXW DQRWKHU SHUVRQ WROG IURP WKH QDUUD

WRU·V YLHZSRLQW 7KHUHIRUH WKH QDUUDWRU GRHV QRW KDYH DFFHVV WR WKH WKRXJKWV RI WKH FKDUDFWHUV 7KLV PHDQV WKDW WKHUH LV QR FRQQHFWLRQ EHWZHHQ WKH PHQWDO VSDFH RI WKH FKDUDFWHU DQG ›ڗ࿰ 7KLV ZDV KRZHYHU RQH RI WKH SUHUHTXLVLWHV IRU WKH XVH RI PRGDO HUJHQV ,Q DGGLWLRQ WKHUH LV QR QHHG IRU GLϸHUHQW YLHZSRLQWV $OWKRXJK WKH ODFN RI GLϸHUHQW YLHZSRLQWV DQG RQO\ D ZHDN FRQQHFWLRQ WR WKH PLQG RI WKH VXEMHFW GRHV QRW H[FOXGH D PHWDSKRULFDOO\ ORFDWLYH LQWHUSUHWDWLRQ OLNH VRPHZKHUH LQ KLV KHDUW WKH FRQ

QHFWLRQ ZLWK PRGDO XVHV RI WKLV PHWDSKRU OLNH LQ WKH FDVH RI HUJHQV LV QRW YHU\ VWURQJ

7KHUHIRUH LW VHHPV KDUG WR WDNH WKLV SRVVLEO\ PHWDSKRULFDO H[DPSOH DV D EULGJH FRQ

WH[W IRU WKH GHYHORSPHQW RI D YLHZSRLQW PDUNHU OLNH HUJHQV

$ PRGDO LQWHUSUHWDWLRQ RQ WKH RWKHU KDQG ϮWV WKLV VHQWHQFH ZHOO EHFDXVH LW LV FOHDU IURP WKH DFWLRQV RI WKH &\FORSV WKDW KH WKRXJKW WKDW 2G\VVHXV ZRXOG EH VLOO\

HQRXJK WR WU\ WR HVFDSH ZLWK WKH VKHHS 7KLV PDNHV LW SRVVLEOH WR SUHVHQW WKLV DV D VKDUHG LQIHUHQFH EHWZHHQ WKH QDUUDWRU DQG KLV DXGLHQFH DV LQ )RU  DV \RX ZLOO KDYH LQIHUUHG  KH KRSHG LQ KLV KHDUW WKDW , ZRXOG EH VR VLOO\

7KH GLVFXVVLRQ RI WKH H[DPSOHV DERYH VKRZV WKDW D PHWDSKRULFDOO\ ORFDWLYH LQ

WHUSUHWDWLRQ LV SRVVLEOH LI ›ڗ࿰ LV XVHG ZLWK SKUDVHV OLNH ์ဎ໇ ݵݰۭ͘໅ DQG LQ H[DPSOH 

LQ WKH SUHYLRXV FKDSWHU D PHWDSKRULFDO LQWHUSUHWDWLRQ HYHQ VHHPHG WKH PRVW ϮWWLQJ LQWHUSUHWDWLRQ +RZHYHU WKH PHWDSKRU GRHV QRW VHHP WR EH XVHG WR H[SUHVV GLϸHUHQW

$ FRPSDULVRQ EHWZHHQ 'XWFK HUJHQV DQG $QFLHQW *UHHN ›ڗ࿰ 

SRLQWV RI YLHZ RU D VSOLW VHOI OLNH LQ WKH FDVH RI HUJHQV ,Q PRVW H[DPSOHV WKH PRGDO LQWHUSUHWDWLRQ RI DFFHVVLEOH LQIRUPDWLRQ VHHPV WR ZRUN EHWWHU WKDQ WKH PHWDSKRUL

FDOO\ ORFDWLYH LQWHUSUHWDWLRQ 7KLV VXJJHVWV WKDW ›ڗ࿰ PD\ KDYH GHYHORSHG LWV PRGDO PHDQLQJ LQ DQRWKHU ZD\

$QRWKHU JURXS RI H[DPSOHV ZKLFK LV RIWHQ WUDQVODWHG DV PRGDO LV ZKDW ZH KDYH FDOOHG WKH JHQHUDOL]LQJ PHDQLQJ RI ORFDWLYH ›ڗ࿰ 7KH GHYHORSPHQW RI WKLV JURXS RI H[DPSOHV VKRZV PRUH UHVHPEODQFH WR VRPH XVHV RI HUJHQV WKDQ WKH PHWDSKRULFDO H[

DPSOHV )RU LQVWDQFH WKH )OHPLVK XVH RI HUJHQV LHWV ¶VRPHZKHUH VRPHWKLQJ· DV ZHOO DV WKH PRUH JHQHUDO XVH RI HUJHQV HHQ RI DQGHUH ¶VRPHZKHUH VRPH· VKRZ FOHDU VLP

LODULWLHV ZLWK *UHHN ›ڗ࿰ ࠗԆߥ ¶VRPHZKHUH VRPHVRPHRQHVRPHWKLQJVRPHKRZ· ,Q H[DPSOH  IRU LQVWDQFH WKH VSHDNHU LV QRW WDONLQJ DERXW D VSHFLϮF JDV OHDN RI XQ

NQRZQ ORFDWLRQ EXW DERXW WKH VLWXDWLRQ LQ JHQHUDO ,Q H[DPSOH  WKH VSHDNHU LV DOVR WDONLQJ DERXW WKH JHQHUDO SKHQRPHQRQ RI $JDPHPQRQ GHFHLYLQJ RWKHU SHRSOH

 $OV ,I HU

WKHUHHUJHQV

VRPHZKHUHHHQ RI DQGHUH

VRPH JDVOHN

JDV OHDNRI RUHHQ

DQ DQGHUH

RWKHU GUHLJLQJ WKUHDW LV

LVGHQN WKLQN LN, GDW

WKDW]H WKH\ZHO

SWFOWRW WR GH

WKHFDWHJRULH

FDWHJRU\ SULRULWDLU

DOORZHG WR XVH VLUHQVEHKRUHQ

EHORQJ

,I WKHUH LV VRPH JDV OHDN VRPHZKHUH RU DQRWKHU WKUHDW , WKLQN WKH\ GR EHORQJ WR WKH W\SH RI LQVWLWXWLRQV WKDW FDQ XVH D VLUHQ^

 ࠗရ ›ඦဎࠗ· රࣹڗݰ͘࿰็ࢆ͘ဎ သߥ ์›Ԇࠗ็ड़ड़ङ

රࢆݵǓ˗཭ဎ ཱིݵݰǓ ໵Ǔ໇ ඼ड़ड़ڗԆ ์›Ԇۭ໵࿲৒ङဎࠗǓԆ ෕शǓԆڗ໇

͘໒LI ᅐኂቨሦ

ࠗԆဎඦVRPHRQH ႐ᅐᅐዘᇀ

›ڗ࿰›ڗ࿰

›ڗ࿰

˳ǓဎǓမဎ RI WKH 'DQDDQV ᇀᅵቨኹቈ

ํࠗԆDJDLQ ႐ᅡጟ

ํड़›ࠗ͘ǓԆ KH KRSHV

ዘᇀኹወዘ

์৓Ǔ›Ǔࠗ༔ۭ͘Ԇဎ GHFHLYH ᇹቨᆦᆦዼዧ Ǔ໑่ဎ රဎǓԆ˗͘ໆٗဎ ์›Ԇ͘Ԇࢆ็ဎڗߥ

(QJOLVK 7R KLP GR \H GHFODUH DOO HYHQ DV , ELG RSHQO\ WR WKH HQG WKDW RWKHU

$FKDHDQV DOVR PD\ EH ZURWK LI KH KRSHWK WR GHFHLYH \HW VRPH RWKHU RI WKH 'DQDDQV VHHLQJ KH LV HYHU FORWKHG LQ VKDPHOHVVQHVV^

,O 

,Q ERWK H[DPSOHV DERYH LW LV VWLOO SRVVLEOH WR UHDG D ORFDWLYH LQWHUSUHWDWLRQ DOWKRXJK WKH IXQFWLRQ RI ›ڗ࿰ VHHPV WR EH PRUH WR H[SUHVV WKDW WKH GHWDLOV GR QRW PDWWHU EH

FDXVH D IUHTXHQWO\ RFFXUULQJ VLWXDWLRQ LV GHVFULEHG +RZHYHU WKH XVH RI HUJHQV HHQ RI DQGHUH LQ FRQGLWLRQDO FODXVHV LV YHU\ UDUH 2Q JRRJOH LW LV RQO\ IRXQG  WLPHV 7KH FRQQHFWLRQ ZLWK D FRQGLWLRQDO WKHUHIRUH VHHPV WR EH VSHFLϮF WR *UHHN

:KDW ZH FDQ FRQFOXGH LV WKDW ›ڗ࿰ SUREDEO\ GLG QRW GHYHORS LQWR D PRGDO SDUWLFOH LQ WKH VDPH ZD\ DV HUJHQV GLG 7KHUH LV QR HYLGHQFH WKDW PHWDSKRULFDO H[WHQVLRQV

KWWSZZZOLYHVEHIRUXPDOJHPHQHGLVFXVVLHVMHJOLPODFKYDQYDQGDDJGHHOD

KWPO

7KLV WUDQVODWLRQ ZDV VOLJKWO\ PRGLϮHG

  1RQPRGDO ›ڗ࿰ YHUVXV QRQPRGDO HUJHQV SOD\HG D UROH LQ WKH GHYHORSPHQW RI ›ڗ࿰ DOWKRXJK WKLV SUREDEO\ ZDV WKH FDVH LQ WKH GHYHORSPHQW RI HUJHQV

+RZHYHU WKH GHYHORSPHQW RI D PRUH JHQHUDOL]LQJ IXQFWLRQ RI ERWK ›ڗ࿰ DQG HU

JHQV PD\ KDYH WDNHQ SODFH XQGHU WKH LQϰXHQFH RI RWKHU LQGHϮQLWH PDUNHUV VXFK DV LHWV ¶VRPHWKLQJ· RU HHQ RI DQGHUH ¶VRPH· LQ WKH FDVH RI HUJHQV DQG IRUPV RI ࠗԆߥ ¶VRPH

VRPHRQH VRPHWKLQJ VRPHKRZ· LQ *UHHN

,Q WKH QH[W VHFWLRQ ZH ZLOO ϮUVW VWXG\ WKH V\QFKURQLF FRQWH[WXDO FKDUDFWHULVWLFV RI QRQPRGDO ›ڗ࿰ DQG QRQPRGDO HUJHQV LQ PRUH GHWDLO $IWHU WKDW ZH ZLOO FRQWLQXH ZLWK WKH V\QFKURQLF FRPSDULVRQ RI PRGDO ›ڗ࿰ DQG PRGDO HUJHQV

 1RQPRGDO ›ڗ࿰ YHUVXV QRQPRGDO HUJHQV

,Q WKLV VHFWLRQ ZH ZLOO GLVFXVV WKH FRQWH[WXDO FKDUDFWHULVWLFV RI QRQPRGDO HUJHQV DQG QRQPRGDO ›ڗ࿰ WDNLQJ WKH FDWHJRULHV GLVWLQJXLVKHG IRU HUJHQV DV RXU VWDUWLQJ SRLQW 7KH ORFDWLYH XVH RI ERWK IRUPV LV UHODWLYHO\ XQFRQWURYHUVLDO ZKLFK PD\ UDLVH WKH TXHVWLRQ DV WR ZK\ LW ZRXOG EH LQWHUHVWLQJ WR VWXG\ WKHLU FRQWH[WXDO FKDUDFWHULV

WLFV +RZHYHU WKHUH DUH VHYHUDO UHDVRQV ZH FDQ OHDUQ VRPHWKLQJ IURP VWXG\LQJ WKH ORFDWLYH XVHV RI HUJHQV DQG ›ڗ࿰ DV ZHOO )LUVW DV EHFDPH FOHDU IURP WKH VWXG\ RI HUJHQV

WKH ODFN RI FHUWDLQ FKDUDFWHULVWLFV WKDW XVXDOO\ DFFRPSDQ\ WKH ORFDWLYH XVH RI HUJHQV PD\ IXQFWLRQ DV DQ LQGLFDWLRQ IRU D PRGDO XVH IRU WKH VSHDNHUV 7KDW LV LI VSHDNHUV DUH DFFXVWRPHG WR RWKHU ORFDWLYH PDUNHUV JXLGLQJ WKHP LQ WKH FDVH RI D ORFDWLYH XVH

WKH ODFN RI RYHUW ORFDWLYH PDUNHUV PD\ EH DQ LQGLFDWLRQ IRU D PRGDO XVH 7KLV LPSOLHV WKDW WKH ORFDWLYH XVH DQG WKH QRQORFDWLYH XVHV DUH WR D FHUWDLQ H[WHQW SDUW RI RQH V\VWHP RI GLVDPELJXDWLRQ LQ ZKLFK WKH DEVHQFH RI VRPHWKLQJ WKDW LV XVXDOO\ WKHUH PD\ DOVR EH DQ LQGLFDWLRQ

6HFRQG WKH KLVWRULFDO GHYHORSPHQW RI PRGDO LQWHUSUHWDWLRQV PD\ KDYH VWDUWHG RXW IURP D XVH RI ZKLFK D UHOLFW PD\ EH SUHVHUYHG LQ VRPH Ϯ[HG ORFDWLYH H[SUHVVLRQ

%HFDXVH LW ZDV DOUHDG\ D Ϯ[HG H[SUHVVLRQ GXULQJ WKH WLPH RI WKH PRGDO GHYHORSPHQW

LW PD\ KDYH UHVLVWHG UHLQWHUSUHWDWLRQ DV PRGDO 7KHVH W\SHV RI H[SUHVVLRQV DOORZ XV WR ϮQG RXW PRUH DERXW WKH GHYHORSPHQW RI WKH PRGDO LQWHUSUHWDWLRQV

7KLUG ZH FDQ XVH WKH VWXG\ RI WKH FRQWH[WXDO FKDUDFWHULVWLFV RI ORFDWLYH HUJHQV DQG ORFDWLYH ›ڗ࿰ DV D VLPSOH FDVH ZKLFK PD\ VKRZ XV ZKHWKHU WKH DSSURDFK WR WKH FRQWH[W ZKLFK ZDV FKRVHQ LQ WKLV GLVVHUWDWLRQ VHHPV WR ZRUN DQG ZKDW NLQG RI FRQ

WH[WXDO IHDWXUHV PD\ SOD\ D UROH LQ LQWHUSUHWDWLRQ 7KLV ZLOO JLYH XV DQ LQGLFDWLRQ RI ZKDW ZH PD\ ZDQW WR ORRN IRU LQ WKH PRUH FRPSOLFDWHG PRGDO FDVHV

/RFDWLYH ›ڗ࿰ DQG ORFDWLYH HUJHQV

7KH QRQPRGDO LQWHUSUHWDWLRQV RI HUJHQV FDQ EH GLYLGHG LQWR WKH IROORZLQJ JURXSV

WKH ORFDWLYH WHPSRUDO VFDODU DQG DERXWDURXQG LQWHUSUHWDWLRQV 7KH FKDUDFWHULVWLFV RI ORFDWLYH HUJHQV DQG ORFDWLYH ›ڗ࿰ DUH DOLNH LQ WKH VHQVH WKDW ORFDWLYH YHUEV DGYHUEV DQG SUHSRVLWLRQV DUH IUHTXHQWO\ IRXQG LQ WKH GLUHFW HQYLURQPHQW RI ERWK ORFDWLYH HUJHQV DQG ORFDWLYH ›ڗ࿰ 7KH JHQHUDOL]LQJ IXQFWLRQ RI ORFDWLYH ›ڗ࿰ LV FRPSDUDEOH WR VRPH XVHV RI HUJHQV DV DOUHDG\ PHQWLRQHG LQ IRRWQRWH  DERYH ,Q 'XWFK LW ZRXOG

$ FRPSDULVRQ EHWZHHQ 'XWFK HUJHQV DQG $QFLHQW *UHHN ›ڗ࿰ 

IRU LQVWDQFH EH SRVVLEOH WR VD\ HHQ RI DQGHU EHGULMI HUJHQV ¶VRPH FRPSDQ\ VRPHZKHUH·

PHDQLQJ VRPH FRPSDQ\ LW GRHV QRW UHDOO\ PDWWHU ZKLFK RQHZKHUH WKLV FRPSDQ\ LV IURP

7KLV XVH LV DOVR IRXQG IRU ›ڗ࿰ HVSHFLDOO\ ZKHQ LW LV FRPELQHG ZLWK D FRQGLWLRQDO DQG DQ LQGHϮQLWH SURQRXQ

+RZHYHU WKLV IUHTXHQW RFFXUUHQFH LQ FRQGLWLRQDO FODXVHV LV FRQϮQHG WR ›ڗ࿰ (U

JHQV LV UDUHO\ IRXQG LQ FRQGLWLRQDO FODXVHV LQ WKH &*1 RQO\  WLPHV RXW RI  DQG LQ DOO WKRVH FDVHV LW ZDV IRXQG GLUHFWO\ QH[W WR D ORFDWLYH PDUNHU 7KH GLϸHUHQFH EHWZHHQ 'XWFK DQG *UHHN LQ WKLV UHVSHFW PD\ EH GXH WR GLϸHUHQFHV LQ WKH XVH RI FRQGLWLRQDO FODXVHV 'XWFK IRU H[DPSOH GRHV QRW XVH FRQGLWLRQDOV WR IRUP SXUSRVH FODXVHV DQG 'XWFK FRQGLWLRQDO FODXVHV GR QRW H[SUHVV JHQHUDO YDOLGLW\ DV LQ H[DPSOH 

 ࠞရ ˗· ์›ԆཬဎࠗԆ ํࠗ͘Ԇ >์›໇ ෕ݰश࿱ࠗǓ ࢆ่ဎ ์ݵڗݰ͘࿱ڗဎࠗڗߥ ඼ݰशڗဎࠗڗߥ ˗· ์ဎ ෕۟༓ဎǓԆߥ ෕ड़͘৓໅ڗ࿰@

ෟ࿱ۭǓဎ˗ݰڗߥ රݵԆ໵ཬࢆ͘ဎڗߥ ͘໑ߥ ๖ݵۭ͘ڗဎ ࢆࠗ͘͘›ๆࢆॣǓࠗڗ ๕ࠗ͘ཬဎԆ໵ڗဎ ์໵ ऺ໅ڗ࿰ ۭ࿳ဎ ࠗǓ່ߥ ဎǓ࿰ۭ໅ ໵Ǔ໇ ࠗඨߥ ඼ड़ड़Ǔߥ ›ඥۭǓߥ ۭ࿰ဎ༓۟ݰڗԆۭ͘ဎ

͘໒LI ᅐኂቨᅡ

›ڗ࿱VRPHZKHUH ኹዧᅐቈ

ࠗԆߥVRPH ቨኂበዘᇀ

༫ဎZDV

ዘᇀᇹበኹᆦ

໵Ǔ໇ ࠗǓ࿱ࠗǓߥ ࠗ· ์›ۭ͘໵͘࿱Ǔ৒͘ ໵Ǔ໇ ඼ड़ड़Ǔߥ ์ဎ ෕ဎࠗඥဎ˗ݰဝ ์ဎǓ࿰›່ࣹٗࠗ͘ڗ

,Q WKH IROORZLQJ \HDU³$UFK\WDV EHLQJ QRZ HSKRU DQG $OH[LDV DUFKRQ DW $WKHQV³ /\VDQGHU DUULYHG DW (SKHVXV DQG VHQW IRU (WHRQLFXV WR FRPH WKLWKHU IURP &KLRV ZLWK WKH VKLSV ZKLOH KH DOVR JDWKHUHG WRJHWKHU DOO WKH RWKHU VKLSV WKDW ZHUH DQ\ZKHUH WR EH IRXQG WKHQ KH RFFXSLHG KLPVHOI ZLWK UHϮWWLQJ WKHVH YHVVHOV DQG EXLOGLQJ PRUH DW $QWDQGUXV

; +* 

$ VHQWHQFH OLNH ¶KH JDWKHUHG DOO RWKHU VKLSV LI LGLRPDWLF (QJOLVK ZKHQHYHU KH FRXOG ϮQG VRPH VRPHZKHUH DQG UHϮWWHG WKHP· LV RIWHQ H[SUHVVHG E\ PHDQV RI UHOD

WLYH FODXVHV LQ 'XWFK DV LQ DOOH VFKHSHQ GLH KLM PDDU HUJHQV NRQ YLQGHQ ¶DOO VKLSV WKDW KH FRXOG ϮQG DQ\ZKHUH· 7KHVH GLϸHUHQFHV PD\ H[SODLQ ZK\ WKDW DOWKRXJK LW LV SRVVL

EOH WR XVH HUJHQV IRU SXUSRVHV RI JHQHUDOL]DWLRQ ZH GR QRW ϮQG WKLV XVH LQ FRQGLWLRQDO FODXVHV DV IUHTXHQWO\ DV LV WKH FDVH LQ *UHHN^

7HPSRUDO LQWHUSUHWDWLRQV

7KH WHPSRUDO LQWHUSUHWDWLRQ RI HUJHQV LV JHQHUDOO\ PDUNHG E\ WHPSRUDO H[SUHVVLRQV

,Q WKH FDVH RI ›ڗ࿰ ZH GR QRW UHDOO\ KDYH FOHDUO\ WHPSRUDO H[DPSOHV DOWKRXJK WKHUH DUH VHYHUDO LQVWDQFHV LQ ZKLFK D WHPSRUDO LQWHUSUHWDWLRQ FDQQRW EH H[FOXGHG DQG WKH VSHFLDOL]HG GLFWLRQDU\ RQ 6RSKRFOHV (OOHQGW DQG *HQWKH  VXJJHVWV WKDW ›ڗ࿰ PD\

KDYH KDG D WHPSRUDO LQWHUSUHWDWLRQ 7KH LQGHϮQLWH UHODWLYH ZKLFK LV GHULYHG IURP

›ڗ࿰ ཰›ڗ࿰ GLG GHYHORS D WHPSRUDO LQWHUSUHWDWLRQ DQG VRPHWLPHV WUDQVODWRUV XVHG D WHPSRUDO LQWHUSUHWDWLRQ IRU ›ڗ࿰ 7KHUHIRUH WKHUH LV D FKDQFH WKDW ›ڗ࿰ KDG D WHPSRUDO LQWHUSUHWDWLRQ LQ $QFLHQW *UHHN

)RU D PRUH HODERUDWH GLVFXVVLRQ RI FRQGLWLRQDOV WKDW SUHVXSSRVH WKDW WKH FRQWHQW RI WKH FRQGLWLRQDO FODXVH KDV EHHQ VRPHWLPHV UHDOL]HG DV LV WKH FDVH LQ  VHH :DNNHU  

  1RQPRGDO ›ڗ࿰ YHUVXV QRQPRGDO HUJHQV ,Q H[DPSOH  D GHVFULSWLRQ LV JLYHQ RI WKH ZD\ WKH 7KHEDQ KRUVHPHQ DFWHG

$V , ZLOO DUJXH EHORZ WKHUH DUH VHYHUDO UHDVRQV WR LQWHUSUHW ›ڗ࿰ DV WHPSRUDO LQ WKLV H[DPSOH

 ڗ໌

WKHቨኂበኹቈ

ࢆๆဎࠗڗԆ SWFOኹዧᅐቈ

ࠗမဎWKH ႐ወዧᇀᅵቨኹቈ

݅ٗɘǓ໅ङဎ 7KHEDQ ᇀᅵቨኹቈ

໌››່͘ߥ KRUVHPHQ ቨኂበኹቈ

์ဖ໵ۭ͘Ǔဎ ZHUH OLNH

ኹቈኹቈዼኹ

࿸›ڗ›͘›ङ໵ཬۭԆ

PHQ ZKR KDYH GUXQN D OLWWOH ኹዧᅐኹᅵወᆦᅡ႐ዧኹቈ

›ڗ࿰›ڗ࿰

›ڗ࿰

์ဎLQ ኹወᅵኹ

ࢆۭٗ͘ࢆɘݰ໅ධÃ PLGGD\

ᅡ႐ዧዘᇀ

7KH 7KHEDQ KRUVHPHQ KRZHYHU DFWHG OLNH PHQ ZKR KDG GUXQN D OLWWOH ›ڗ࿰ DW PLGGD\

; +* 

,Q H[DPSOH  WKH WHPSRUDO H[SUHVVLRQ ์ဎ ࢆۭٗ͘ࢆɘݰ໅ධ ¶RQ PLGGD\· LQWURGXFHV D WHPSRUDO GLPHQVLRQ ZKLFK XVHV MXVW OLNH LQ 'XWFK D ORFDWLYH SUHSRVLWLRQ ์ဎ ¶LQ·

WR UHIHU WR D PRPHQW LQ WLPH 7KH LQWHUSUHWDWLRQ RI ›ڗ࿰ DV DW VRPH SRLQW RQ PLGGD\ LV DOVR DQ H[SODQDWLRQ IRU WKH XQXVXDO SRVLWLRQ RI ›ڗ࿰ LQ WKH FODXVH LH QRW LQ WKH VHF

RQG SRVLWLRQ LQ WKH FODXVH EXW DIWHU WKH SDUWLFLSOH DQG EHIRUH WKH WHPSRUDO SKUDVH

$OWKRXJK D PRGDO LQWHUSUHWDWLRQ ZLWKLQ WKH SDUWLFLSOH SKUDVH LV SRVVLEOH DV ZHOO WKH KRUVHPHQ ORRNHG OLNH KRZ ZH DOO NQRZ SHRSOH ORRN ZKR KDYH KDG D OLWWOH WR GULQN DW PLGGD\ D WHPSRUDO LQWHUSUHWDWLRQ FDQQRW EH H[FOXGHG

,Q H[DPSOH  ›ڗ࿰ LV IROORZHG E\ D QRXQ ZKLFK VRPHWLPHV KDV D WHPSRUDO LQ

WHUSUHWDWLRQ 7KLV PDNHV LW SRVVLEOH WR LQWHUSUHW WKH VXERUGLQDWH FODXVH DV LI DW VRPH PRPHQW WKH ULJKW WLPH ZRXOG EH WKHUH +RZHYHU GXH WR WKH YDULHW\ RI XVHV RI ໵ǓԆݰཬߥ LW LV DOVR SRVVLEOH WR LQWHUSUHW WKLV DV ZKHQ VRPHZKHUH WKHUH ZRXOG EH DQ RSSRUWXQLW\ ZKLFK ZRXOG UHVXOW LQ D JHQHUDOL]LQJ ORFDWLYH LQWHUSUHWDWLRQ

 သߥ ࠗඥशԆۭࠗǓ ˗่ ์໵ๆड़͘࿰͘ ࠗڗ࿱ߥ ࠗ͘ ࠗݰǓ࿰ࢆǓࠗ໅Ǔߥ රဎǓड़ǓɘཬဎࠗǓߥ ໵Ǔ໇ ࠗ཮ဎ ›͘৒཮ဎ ໵Ǔ໇ ࠗမဎ

ۭ໵͘࿰မဎ ཰ۭǓ ༫ड़۟ڗဎ ํशڗဎࠗ͘ߥ ප ˗· ์໵ ༘ࠗߥ ›ڗड़͘ࢆ໅Ǔߥ ͘໑ड़༓ݵǓۭԆ ໵ǓࠗǓड़Ԇ›ཬဎࠗǓߥ ཰›ङߥ

໵ڗ࿴ݵǓԆ ိۭԆဎ Ǔ໌ ဎ༘͘ߥ ර›ڗ›ड़່͘ဎ ์ߥ মඥࢆڗဎ ໵ර໵່۟͘͘ဎ ༧˗ٗ ৓࿰ဎǓࣹǓࣹཬဎࠗǓߥ ›ඥۭǓߥ

ࠗඨߥ ဎǓ࿴ߥ ࠗڗ࿳ߥ ์›໅›ड़ڗ࿰ߥ

༧ဎLI ᅐኂቨሦ ኹዧᅐቈ

›ڗ࿰›ڗ࿰

›ڗ࿰

໵ǓԆݰ཮ߥ FULWLFDO WLPH ቨኂበዘᇀ

༭ZRXOG EH

ዘᇀኹወዘዘዼᄽሦ

›ڗԆ່ۭ۟͘ǓԆ

PDNH WKH QDYDO DWWDFN ᇹቨᆦኹወዘ

+H WROG WKHP WR WDNH XS WKHLU ZRXQGHG DV TXLFNO\ DV WKH\ FRXOG DQG WKH WURRSV DQG VWRUHV ZKLFK WKH\ KDG EURXJKW ZLWK WKHP DQG OHDYLQJ EHKLQG ZKDW WKH\

KDG WDNHQ IURP WKH HQHP\·V FRXQWU\ LQ RUGHU WR OLJKWHQ WKH VKLSV WR VDLO Rϸ WR 6DPRV DQG WKHUH FRQFHQWUDWLQJ DOO WKHLU VKLSV WR DWWDFN ZKHQ ›ڗ࿰ WKH ULJKW

WLPH ZRXOG EH WKHUH 7K 

7KHUH DUH PDQ\ H[DPSOHV LQ ZKLFK D WHPSRUDO UHDGLQJ IRU ›ڗ࿰ ZRXOG QRW EH LPSRV

VLEOH +RZHYHU , KDYHQ·W EHHQ DEOH WR ϮQG FRQWH[WV LQ ZKLFK WKLV LQWHUSUHWDWLRQ LV UHDOO\ WKH RQO\ VHQVLEOH UHDGLQJ DOWKRXJK IRU WKH ODVW H[DPSOH PHQWLRQHG DERYH D

$ FRPSDULVRQ EHWZHHQ 'XWFK HUJHQV DQG $QFLHQW *UHHN ›ڗ࿰ 

WHPSRUDO LQWHUSUHWDWLRQ VHHPV WKH PRVW OLNHO\^+RZHYHU WKLV LV WRR OLWWOH HYLGHQFH WR DVVXPH D WHPSRUDO UHDGLQJ IRU ›ڗ࿰ 7KHUHIRUH , GR QRW WKLQN ›ڗ࿰ KDG D WHPSR

UDO PHDQLQJ LQ $QFLHQW *UHHN DOWKRXJK PDQ\ H[DPSOHV DUH FRPSDWLEOH ZLWK VXFK DQ LQWHUSUHWDWLRQ %HFDXVH RI WKLV FRPSDWLELOLW\ ZH FDQQRW FRPSOHWHO\ H[FOXGH WKH SRVVLELOLW\ RI D WHPSRUDO PHDQLQJ

7KH DERXWDURXQG LQWHUSUHWDWLRQ

$FFRUGLQJ WR GLFWLRQDULHV DQG JUDPPDUV ›ڗ࿰ FDQ MXVW OLNH HUJHQV DOVR PHDQ DERXW

DURXQG 7KLV LV LQ OLQH ZLWK WKH VDPH LQWHUSUHWDWLRQ RI HUJHQV +RZHYHU WKLV XVH RI

›ڗ࿰ LV YHU\ UDUH RU SHUKDSV HYHQ QRQ H[LVWHQW LQ WKH FODVVLFDO SHULRG H[FHSW IRU LQ +HURGRWXV LQ ZKRVH ZRUN LW RFFXUV VHYHUDO WLPHV +HURGRWXV DOVR XVHV WKH FRPELQD

WLRQ RI ࢆඥड़ԆۭࠗǓ ›ڗ࿰ ¶DERXW DURXQG· ZKLFK LQ RWKHU FODVVLFDO DXWKRUV LV QRW XVHG ZLWK WKLV PHDQLQJ 7KH RQO\ SODFHV LQ ZKLFK ZH ϮQG FRPSDUDEOH XVHV LV LQ ODWHU DXWKRUV OLNH 3DXVDQLDV FD  $' 7KHUH PD\ EH VHYHUDO H[SODQDWLRQV ,W PD\ EH WKDW WKLV ZDV D GLDOHFWDO LH ,RQLF XVH RI ›ڗ࿰ RU WKLV PD\ EH D FRLQFLGHQFH ZKLFK LV GXH WR UHVWULFWHG FRUSXV RI WH[WV DYDLODEOH LQ WHUPV RI JHQUHV DQG QXPEHU RI ZRUGV

,Q H[DPSOH  LW ZRXOG EH SRVVLEOH WR UHDG ›ڗ࿰ DV DERXW VLQFH LW LV IROORZHG E\ D QXPEHU +RZHYHU WKH OLVW RI YDOXHV RI VODYHV VXJJHVWV WKDW WKHVH DUH H[DPSOHV ZKLFK GR QRW UHDOO\ UHTXLUH WKH VSHDNHU WR LQGLFDWH KRZ SUHFLVH KH LV E\ PHDQV RI D IRUP OLNH DERXWDURXQG ,Q DGGLWLRQ WKH RWKHU QXPEHUV DUH QRW DFFRPSDQLHG E\ ›ڗ࿰

$SDUW IURP WKH IDFW WKDW WKLV H[DPSOH FRQWDLQV QXPEHUV LW LV YHU\ FRPSDUDEOH WR WKH RWKHU H[DPSOHV RI ›ڗ࿰ LQ FODXVHV WKDW H[SUHVV REYLRXV LQIRUPDWLRQ $OVR ›ڗ࿰

LV IRXQG EHIRUH WKH QXPEHU ZKHUHDV LQ +HURGRWXV LQ ZKRVH ZRUNV ZH GR ϮQG WKH DERXWDURXQG LQWHUSUHWDWLRQ ›ڗ࿰ LV DOZD\V SODFHG DIWHU WKH QXPEHU 7KHUHIRUH LW LV KDUG WR GHFLGH ZKHWKHU WKLV LV D FDVH RI DERXWDURXQG RU D FDVH RI PRGDO ›ڗ࿰ DQG WKLV H[DPSOH FDQQRW EH XVHG WR VKRZ WKDW WKH LQWHUSUHWDWLRQ DERXWDURXQG DOVR RFFXUUHG RXWVLGH RI +HURGRWXV

 ේݰ· ํݵٗ ိ ෕ဎࠗ໅ۭ۟͘ဎ͘ߥ ͘໑ۭ໅ ࠗԆဎ͘ߥ ර৓໅ǓԆ ݵ໅ड़ङဎ ဟۭ›͘ݰ ڗ໑໵ࠗ͘မဎ

ࠗမဎWKH ႐ወዧᇀᅵቨኹቈ

ࣹඨݰIRU ᅐኂቨሦ

ڗ໑໵ࠗ͘မဎ VODYHV ᇀᅵቨኹቈ

཯WKH

႐ወዧቨኂበዘᇀ

ࢆๆဎ ኹዧᅐቈ

›ڗ࿰›ڗ࿰

›ڗ࿰

˗࿰ڗ່ဎ WZRቨዼበᇀᅵቨᅡዼ

ࢆဎǓ່ဎ PLQDᇀᅵቨᅡዼ

඼৓Ԇཬߥ ZRUWK ቨኂበዘᇀ

์ۭࠗԆဎ

LVዘᇀኹወዘ

཯ ˗่ ڗ࿽˗· ༜ࢆԆࢆဎǓ໅ڗ࿰ ཯ ˗่ ›ๆဎࠗ͘ ࢆဎမဎ ཯ ˗่ ໵Ǔ໇ ˗ๆ໵ǓÃ

$QWLVWKHQHVµ KH VDLG ´KDYH IULHQGV OLNH VHUYDQWV WKHLU RZQ YDOXHV" )RU RQH

,Q PDQ\ PRGHUQ ODQJXDJHV WHPSRUDO LQWHUSUHWDWLRQV RI ORFDWLYH LQGHϮQLWHV DUH DFFHSWHG ZLWK PRQWKV VHDVRQV \HDUV ZHHNV HWFHWHUD HYHQ WKRXJK LQ RWKHU FRQWH[WV D WHPSRUDO XVH LV QRW \HW DFFHSWHG

7KHUHIRUH , FKHFNHG ZKHWKHU WKHVH W\SHV RI H[SUHVVLRQV ZHUH IRXQG LQ *UHHN EXW LQ FODVVLFDO *UHHN ›ڗ࿰

GRHV QRW VHHP WR EH XVHG LQ WKLV ZD\ 7KLV LV DQRWKHU LQGLFDWLRQ WKDW ›ڗ࿰ SUREDEO\ GLG QRW KDYH D WHPSRUDO UHDGLQJ LQ WKLV SHULRG

  1RQPRGDO ›ڗ࿰ YHUVXV QRQPRGDO HUJHQV VHUYDQW LV ZRUWK WZR PLQDV DQRWKHU OHVV WKDQ KDOI D PLQD DQRWKHU ϮYH PLQDV

DQRWKHU QR OHVV WKDQ WHQ^

; 0HP 

 ၁ۭࠗඥۭ›͘໖ ˗่ ࠗရ ෕ݰۭඥࢆ͘ڗߥ ์ཬဎࠗԆ රဎ˗ݰ໇ ෕शǓԆࢆ͘ဎ໅˗༰ ༫ဎ ࠗမဎ ›Ǔ໅˗ङဎ ˳Ǔݰ່͘ڗߥ

›ݰۭ͘ɘ࿱ࠗǓࠗڗߥ

์ဗဎEHLQJ

ኹዧᅐኹወዘቨኂበዘᇀ

ࠗཬࠗ͘WKHQ ႐ᅡጟ

༜ड़Ԇ໵໅ٗဎ DJH႐ᅐᅐዘᇀ

์ߥWR ኹወᅵኹ

͘໒໵ڗۭ໅

WZHQW\

ቨዼበᄽᅵወ

໵ڗ࿰›ڗ࿰

›ڗ࿰

ࢆඥड़ԆۭࠗǓ DERXW ႐ᅡጟ

ํࠗ͘Ǔ

\HDUV

႐ᅐᅐኹቈ

+\VWDVSHV VRQ RI $UVDPHV ZDV DQ $FKDHPHQLG DQG 'DULXV ZDV WKH HOGHVW RI KLV VRQV WKHQ DERXW WZHQW\ \HDUV ROG^

+GW 

,Q  WKHUH DUH VHYHUDO WKLQJV DSDUW IURP ›ڗ࿰  ໵ڗ࿰ LWVHOI WKDW SRLQW LQ WKH GLUHFWLRQ RI DERXWDURXQG 7KHUH LV WKH XVH RI WKH SUHSRVLWLRQ ์ߥ ¶WR· DQG WKH XVH RI

ࢆඥड़ԆۭࠗǓ 7KLV ODVW DGYHUE PHDQV OLWHUDOO\ PRVW ZKLFK VXJJHVWV WKDW RULJLQDOO\ LW PD\

KDYH PHDQW VRPHWKLQJ OLNH DW PRVW 7KLV ZRXOG UHVXOW LQ DQ LQWHUSUHWDWLRQ OLNH VRPH

ZKHUH LQ WKH GLUHFWLRQ RI  \HDUV DW PRVW 7KLV VHHPV SODXVLEOH EXW DOWKRXJK WKH FRPEL

QDWLRQ RI ࢆඥड़ԆۭࠗǓ DQG ໵ڗ࿰ RFFXUV WKUHH WLPHV LQ +HURGRWXV LW LV QRW SUHVHQW ZLWK WKLV PHDQLQJ LQ RWKHU DXWKRUV XS WR WKH FODVVLFDO SHULRG ,Q PRVW RWKHU DXWKRUV ࢆඥड़ԆۭࠗǓ LV XVHG IRU WKLV SXUSRVH EXW LW LV QRW FRPELQHG ZLWK ›ڗ࿰

 ෕›཮

IURPኹወᅵኹ

˗่DQG ᅐኂቨሦ

ࠗڗ࿱ࠗڗ࿰

WKLVᇀᅵቨዘᇀ

˗ԆඨDFURVV ኹወᅵኹ

͘໒໵ڗۭ໅

WZHQW\

ቨዼበ

໵ڗ࿰›ڗ࿰

›ڗ࿰

ۭࠗǓ˗໅ङဎ VWDGHV ᇀᅵቨኹቈ

඼ड़ड़ڗߥ RWKHU ቨኂበኹቈ

›ڗࠗǓࢆ཮ߥ ULYHU ቨኂበኹቈ

ࠗရWR ZKLFK ᅡ႐ዧዘᇀ ڗ࿾ဎڗࢆǓ

QDPHቨኂበዘᇀ

໵່ࠗ͘ǓԆ OLHVዘᇀኹወዘ

˳࿱ݰǓߥ '\UDV ቨኂበዘᇀ

$ERXW WZHQW\ IXUORQJV IURP WKDW ULYHU LV DQRWKHU QDPHG '\UDV

+GW 

,Q H[DPSOH  ›ڗ࿰ LV IRXQG ZLWKLQ D SUHSRVLWLRQDO SKUDVH EXW ZLWKRXW DQ\

RWKHU PDUNHU RI LPSUHFLVLRQ 7KLV VKRZV WKDW LQ +HURGRWXV DW OHDVW ›ڗ࿰ KDG GHYHORSHG D VSHFLDO LQWHUSUHWDWLRQ DERXWDURXQG

, KDYH QRW EHHQ DEOH WR ϮQG H[SOLFLWO\ VFDODU H[DPSOHV RI ›ڗ࿰ QHLWKHU LQ WKH V\Q

FKURQLF SURVH FRUSXV QRU WKH GLDFKURQLF FRUSXV

6XPPDUL]LQJ ZH PD\ VD\ WKDW DOWKRXJK LW FDQQRW EH H[FOXGHG WKDW $QFLHQW

*UHHN KDG WKH VDPH YDULHW\ RI LQWHUSUHWDWLRQV RI QRQPRGDO ›ڗ࿰ DV 'XWFK HUJHQV WKH WHPSRUDO VFDODU DQG DERXWDURXQG LQWHUSUHWDWLRQV FDQQRW EH VKRZQ ZLWK FHUWDLQW\

WR H[LVW LQ WKH FRUSRUD XVHG LQ WKLV VWXG\ 7KH DERXWDURXQG LQWHUSUHWDWLRQ LV IRXQG

7KLV WUDQVODWLRQ ZDV VOLJKWO\ PRGLϮHG

໵ڗ࿰ LV ,RQLF IRU ›ڗ࿰

$ FRPSDULVRQ EHWZHHQ 'XWFK HUJHQV DQG $QFLHQW *UHHN ›ڗ࿰ 

LQ +HURGRWXV 7KLV PD\ KDYH EHHQ D GLDOHFW VSHFLϮF GHYHORSPHQW RU MXVW DQ HϸHFW RI D UHODWLYHO\ VPDOO DQG XQEDODQFHG FRUSXV 7KH ORFDWLYH LQWHUSUHWDWLRQ KRZHYHU

VKRZHG WKH VDPH JHQHUDO FKDUDFWHULVWLFV DV ORFDWLYH HUJHQV DOWKRXJK WKH IUHTXHQW SUHVHQFH RI WKH SDUWLFOH LQ FRQGLWLRQDO FODXVHV VHHPV WR EH FRQϮQHG WR ›ڗ࿰

 0RGDO HUJHQV YHUVXV PRGDO ›ڗ࿰

$V ZH VDZ LQ WKH FKDSWHUV RQ HUJHQV DERYH PRGDO HUJHQV FDQ KDYH WKH IROORZLQJ LQ

WHUSUHWDWLRQV 7KH\ DUH FKDUDFWHUL]HG E\ D SUHIHUHQFH IRU SDUWLFXODU FRQWH[WV ZKLFK DUH DOVR SUHVHQWHG KHUH

‡ IHHOLQJV LQWHUSUHWDWLRQV DUH RIWHQ FRQQHFWHG WR ϮUVW SHUVRQ SURQRXQV PHQWDO VWDWH SUHGLFDWHV DQG VXEMHFWLYH SUHGLFDWHV

‡ SRLQW RI YLHZ LQWHUSUHWDWLRQV DUH RIWHQ FRQQHFWHG WR LPSHUVRQDO FRSXOD FRQ

VWUXFWLRQV EXW WKH\ GR KDYH VXEMHFWLYH SUHGLFDWH FRPSOHPHQWV ,Q DGGLWLRQ

WKH\ DUH RIWHQ FRPELQHG ZLWK DGYHUVDWLYH PDUNHUV

‡ WKH VRPHKRZ LQWHUSUHWDWLRQ LV IUHTXHQWO\ IRXQG ZLWK WKLUG SHUVRQ DFWLRQ YHUEV ,Q WKH SUHYLRXV FKDSWHU RQ ›ڗ࿰ ZH IRXQG WKH IROORZLQJ FRQWH[WXDO FKDUDFWHULV

WLFV IRU PRGDO ›ڗ࿰

‡ PRGDO SDUWLFOHV OLNH ¶HYLGHQWO\· RU ZLWK DQ DϲUPDWLYH IXQFWLRQ

‡ PHQWDO VWDWH SUHGLFDWHV HVSHFLDOO\ YHUEV RI NQRZLQJ

‡ IUHTXHQW XVH RI WKH FRSXOD PRVWO\ ZLWK IDFWXDO SUHGLFDWLYH FRPSOHPHQWV

‡ YHUEV RI VD\LQJ

7KH FRQWH[WXDO FKDUDFWHULVWLFV RI PRGDO HUJHQV DQG PRGDO ›ڗ࿰ VKRZ D FHUWDLQ DPRXQW RI RYHUODS OLNH IRU LQVWDQFH PHQWDO VWDWH SUHGLFDWHV DQG IUHTXHQW XVH RI WKH FRSXOD +RZHYHU LQ WKLV OLVW RI SRVVLEO\ RYHUODSSLQJ IHDWXUHV VRPH RI WKH FOHDU

HVW FKDUDFWHULVWLFV RI PRGDO HUJHQV WKH XVH RI ϮUVW SHUVRQV DQG DGYHUVDWLYH PDUNHUV

DUH QRW SUHVHQW 7KLV VXJJHVWV WKDW WKHUH PD\ EH VRPH GLϸHUHQFHV EHWZHHQ PRGDO HUJHQV DQG ›ڗ࿰ $OVR ZH QHHG WR PDNH WKH FRPSDULVRQ PRUH VSHFLϮF LQ RUGHU WR VHH ZKHWKHU WKH RYHUODSSLQJ FKDUDFWHULVWLFV UHDOO\ SRLQW LQ WKH GLUHFWLRQ RI D FRPSDUDEOH IXQFWLRQ

 &RPSDULQJ PRGDO HUJHQV WR PRGDO ›ڗ࿰

0HQWDO VWDWH SUHGLFDWHV

:H ZLOO VWDUW WKH FRPSDULVRQ RI WKH FRQWH[WXDO FKDUDFWHULVWLFV RI PRGDO HUJHQV DQG PRGDO ›ڗ࿰ ZLWK PHQWDO VWDWH SUHGLFDWHV 063V ,Q JHQHUDO PRGDO HUJHQV LV IRXQG ZLWK PHQWDO VWDWH SUHGLFDWHV PRUH IUHTXHQWO\ WKDQ PRGDO ›ڗ࿰ :LWKLQ WKH FDWHJRU\

  0RGDO HUJHQV YHUVXV PRGDO ›ڗ࿰

PRGDO WKH FRRFFXUUHQFH RI HUJHQV ZLWK 063V LV   RXW RI  DQG WKH FRRFFXUUHQFH RI ›ڗ࿰ ZLWK 063V LV   RXW RI  7KH PRVW IUHTXHQWO\ IRXQG 063 ZLWK HUJHQV LV WKH YHUE YLQGHQ ¶WR EH RI WKH RSLQLRQ· 7KLV YHUE LV WKH PDLQ YHUE RI WKH HUJHQV FODXVH LQ  RXW RI  PRGDO FDVHV RI HUJHQV  IROORZHG E\ YRHOHQ ¶IHHO·  WLPHV DQG KHW JHYRHO KHEEHQ ¶KDYH WKH IHHOLQJ·  WLPHV 7KLV PD\ RI FRXUVH EH GXH WR WKH JHQ

HUDO IUHTXHQF\ RI YLQGHQ LQ WKH &*1 ,Q RUGHU WR H[FOXGH WKDW SRVVLELOLW\ ZH ZLOO ORRN DW WKH YHUE ]HJJHQ ¶WR VD\· DQG VHH ZKHWKHU LWV FRRFFXUUHQFH ZLWK HUJHQV VKRZV WKH VDPH GLVWULEXWLRQ DV LWV JHQHUDO IUHTXHQF\ LQ WKH FRUSXV 7KDW LV LI YLQGHQ LV PXFK PRUH IUHTXHQW WKDQ ]HJJHQ LQ WKH FRUSXV DV D ZKROH ZH ZRXOG H[SHFW WKH VDPH SUR

SRUWLRQV LQ WKH FDVHV LQ ZKLFK WKH\ DUH FRPELQHG ZLWK HUJHQV %HFDXVH YLQGHQ FDQ EH LQWHUSUHWHG ERWK DV ¶WR ϮQG· DQG ¶WR EH RI WKH RSLQLRQ· LW LV LPSRVVLEOH WR FRXQW WKH LQVWDQFHV RI YLQGHQ ¶WR EH RI WKH RSLQLRQ· VHSDUDWHO\ IURP YLQGHQ ¶WR ϮQG· 7KLV PHDQV WKDW ZH FDQQRW FDOFXODWH ZKDW WKH FKDQFH LV WKDW WKLV IUHTXHQF\ LV WKH HϸHFW RI WKH JHQHUDO IUHTXHQF\ RI YLQGHQ LQ WKH FRUSXV :KDW ZH FDQ GR WKRXJK LV FRPSDUH WKH WRWDO RI ERWK LQWHUSUHWDWLRQV RI YLQGHQ ZLWK WKH YHUE ]HJJHQ ¶WR VD\· 7KH ODWWHU LV  WLPHV DV IUHTXHQW DV YLQGHQ LQ WKH ZKROH FRUSXV UHVSHFWLYHO\  YHUVXV  EXW YHUEV RI VD\LQJ DUH IRXQG RQO\  WLPHV ZLWKLQ D ϮYH ZRUG ZLQGRZ DURXQG HU

JHQV 7KH YHUE YLQGHQ KRZHYHU LV IRXQG  WLPHV ZLWKLQ D ϮYH ZRUG ZLQGRZ DURXQG HUJHQV ZKLFK VKRZV WKDW LW LV IDU PRUH IUHTXHQW WKDQ ZH ZRXOG H[SHFW

7KH PRVW IUHTXHQW 063 IRXQG LQ ›ڗ࿰FODXVHV LV WKH YHUE ڗ໔˗Ǔ ¶WR NQRZ· ZKLFK RF

FXUV  WLPHV LQ WKH V\QFKURQLF SURVH FRUSXV  LQVWDQFHV RI ›ڗ࿰ 7KH VHFRQG PRVW IUHTXHQW 063 LV DQRWKHU YHUE RI NQRZLQJ ࣹԆࣹဎနۭ໵ङ ZKLFK RFFXUV  WLPHV 6LQFH LQ

$QFLHQW *UHHN YHUEV RI VD\LQJ DUH DOVR XVHG WR H[SUHVV RSLQLRQV LW ZRXOG EH LQWHUHVW

LQJ WR LQYHVWLJDWH WKHVH YHUEV DV ZHOO 7KH YHUE ड़ๆࣹङ ¶WR VD\· RFFXUV  WLPHV LQ 

LQVWDQFHV RI QRQORFDWLYH ›ڗ࿰  7KLV YHUE LV IROORZHG LQ IUHTXHQF\ E\ WKH RWKHU YHUE RI VD\LQJ ݵٗࢆ໅ ZKLFK RFFXUV  WLPHV ZKLFK LV MXVW DV IUHTXHQW DV ڗ໔˗Ǔ ¶WR NQRZ·

)RU WKHVH YHUEV ZH FRXOG FDOFXODWH WKH FKDQFH WKDW WKH\ ZRXOG RFFXU UDQGRPO\ WR

JHWKHU ZLWK ›ڗ࿰ ZKLFK VKRZHG WKDW WKH\ ZHUH VLJQLϮFDQWO\ PRUH IUHTXHQWO\ IRXQG ZLWK ›ڗ࿰ WKDQ ZH ZRXOG H[SHFW RQ WKH EDVLV RI FKDQFH+RZHYHU LI ZH FRPSDUH WKH JHQHUDO IUHTXHQFLHV RI WKH YHUEV RI VD\LQJ ZLWK WKH YHUEV RI NQRZLQJ ZH VHH WKDW LQ WKH V\QFKURQLF SURVH FRUSXV DV D ZKROH YHUEV RI VD\LQJ DUH  ݵٗࢆ໅ ड़ๆࣹङ WLPHV DV IUHTXHQW DV YHUEV RI NQRZLQJ^:H FDQ FRQFOXGH WKDW YHUEV RI NQRZLQJ DUH UHODWLYHO\

PXFK PRUH IUHTXHQW LQ ›ڗ࿰ FODXVHV WKDQ YHUEV RI VD\LQJ

7KH YHUE ZHWHQ ¶WR NQRZ· RFFXUV RQO\ RQFH WRJHWKHU ZLWK HUJHQV^7KLV VXJJHVWV WKDW WKHUH LV D GLϸHUHQFH LQ WKH W\SH RI 063V HUJHQV DQG ›ڗ࿰ SUHIHU ,W PD\ EH KRZHYHU

WKDW WKH YHUEV RI VD\LQJ LQ *UHHN DUH FRPSDUDEOH WR WKH YHUEV H[SUHVVLQJ RSLQLRQV DQG IHHOLQJV LQ 'XWFK )RU WKLV UHDVRQ ZH ZLOO FRPSDUH WKH FKDUDFWHULVWLFV RI WKHVH YHUEV

,Q 'XWFK DOO LQVWDQFHV RI YLQGHQ ¶WR EH RI WKH RSLQLRQ· DUH FRPELQHG ZLWK D ϮUVW SHUVRQ VLQJXODU SURQRXQ ,Q *UHHN WKHUH DUH RQO\  FDVHV RXW RI  LQ ZKLFK YHUEV

)LVKHU H[DFW WHVWV KDG WKH IROORZLQJ YDOXHV ڗ໔˗Ǔ S   ࣹԆࣹဎနۭ໵ङ S   ड़ๆࣹङ S   ݵٗࢆ໅

S  

$FFRUGLQJ WR D 7/* OHPPD VHDUFK ड़ๆࣹङ RFFXUV  WLPHV LQ WKH V\QFKURQLF SURVH FRUSXV ݵٗࢆ໅ 

WLPHV ڗ໔˗Ǔ  WLPHV DQG ࣹԆࣹဎနۭ໵ङ  WLPHV

7KH H[DPSOH LV DV IROORZV QRX LN KDG ·W ·P RRN DO XLWJHOHJG LQ GLH GLVFXVVLH KRRU GXV KLM ZLVW GDW HUJHQV DO ¶, KDG DOUHDG\ H[SODLQHG WKLV WR KLP LQ WKDW GLVFXVVLRQ VR KH NQHZ WKDW HUJHQV DOUHDG\·

$ FRPSDULVRQ EHWZHHQ 'XWFK HUJHQV DQG $QFLHQW *UHHN ›ڗ࿰ 

RI VD\LQJ DUH FRPELQHG ZLWK ϮUVW SHUVRQ VLQJXODUV ,Q PRVW FDVHV WKH YHUEV RI VD\LQJ DUH LQ WKH ϮUVW SHUVRQ SOXUDO RU LQ WKH WKLUG SHUVRQ ,I ZH QRZ ]RRP LQ RQ WKH ϮUVW SHUVRQ VLQJXODU ZH VHH WKDW YHUEV RI VD\LQJ LQ WKH ϮUVW SHUVRQ VLQJXODU DUH QHYHU XVHG LQ WKHLU IXQFWLRQ RI RSLQLRQ YHUEV DV FDQ EH VHHQ LQ H[DPSOH  7KH LQWHUSUHWDWLRQ RI ›ڗ࿰ VHHPV WR EH PRGDO VLQFH ERWK VSHDNHU DQG DGGUHVVHH NQRZ ZKDW KDV EHHQ VDLG EHIRUH ZKLFK PDNHV WKH ›ڗ࿰FODXVH VKDUHG LQIRUPDWLRQ DQG WKHUHIRUH DFFHVVLEOH WR WKH DGGUHVVHH

 ၕ͹ ࠞݰ໅ࠗڗဎ ࠗڗ໅ဎ࿰ဎ ํࠗԆ ۭ͘ ۭࢆԆ໵ݰཬဎ ࠗԆ ›ǓݰǓԆࠗ༓ۭڗࢆǓԆ

݅͹Ǘԕ ෟๆࣹ͘ ࢆཬဎڗဎ

ၕ͹ ͹໔›ཬဎ , VDLG

ዘᇀ႐ኂወ

›ڗ࿰›ڗ࿰

›ڗ࿰

ဎ࿰ဎ˗༖

MXVW QRZ ኹዧᅐቈ

ड़ๆࣹङဎ VD\LQJ

ኹዧᅐኹወዘቨኂበዘᇀ

သߥ ›ݰ཮ߥ ࠗ཮ဎ ›͘ݰ໇ ࠗǓ࿴ࠗ· ํड़ࣹ͘शڗဎ ර͘໅ ࠗ͘ ර›͘Ԇݰٗ໵ဗߥ ์ࣹဗ ࠗ࿰ࣹशඥဎङ ໵Ǔ໇ ˗༖ ໵Ǔ໇ ࠗඨ ဎ࿴ဎ݅͹Ǘԕ ͹໔›͘ߥ

6WUDQJHU 7KHQ , KDYH D WKLUG OLWWOH UHTXHVW WR PDNH RI \RX

7KHDHWHWXV <RX KDYH RQO\ WR XWWHU LW

6WUDQJHU , VDLG D ZKLOH DJR WKDW , DOZD\V KDYH EHHQ WRR IDLQWKHDUWHG IRU WKH UHIXWDWLRQ RI WKLV WKHRU\ DQG VR , DP QRZ

7KHDHWHWXV <HV VR \RX GLG

3O 6SK D 7KHUHIRUH ZH PD\ FRQFOXGH WKDW WKH VWURQJ VXEMHFWLϮFDWLRQ WKDW ZH QRWHG LQ WKH IHHOLQJV LQWHUSUHWDWLRQ RI HUJHQV GRHV QRW VHHP WR EH SUHVHQW LQ $QFLHQW *UHHN IRU WKH YHUEV RI VD\LQJ +RZHYHU WKHUH DUH VRPH FDVHV LQ ZKLFK ›ڗ࿰ LV IRXQG ZLWK RWKHU 063V LQ *UHHN VXFK DV YHUEV RI WKLQNLQJ 7KHUH DUH WKUHH W\SHV RI YHUEV IRXQG ZLWK PRGDO ›ڗ࿰ ༜ࣹๆڗࢆǓԆ  WLPHV ڗ໔ࢆǓԆ  WLPHV DQG ˗ཬ໵͘ङ  WLPH 2QO\ LQ RQH H[DPSOH LV WKH YHUE LQ WKH ϮUVW SHUVRQ DQG  RI WKHVH  H[DPSOHV DUH DOVR DFFRPSDQLHG E\ ˗༓ RU ༫ ,Q H[DPSOH  WKH PDLQ YHUE LV ڗ໔ࢆǓԆ ¶, WKLQN· +RZHYHU WKH UHVW RI WKH VHQWHQFH LV D VXERUGLQDWH FODXVH 7KLV UDLVHV WKH TXHVWLRQ RI ZKHWKHU ˗༓›ڗ࿰ EHORQJV WR WKH PDLQ FODXVH RU WR WKH VXERUGLQDWH FODXVH 6LQFH ˗༓›ڗ࿰ QRUPDOO\ H[SUHVVHV WKDW WKH LQIRUPDWLRQ JLYHQ LV HYLGHQW DQG DFFHVVLEOH ¶RI FRXUVH· ˗༓›ڗ࿰ ZRXOG ϮW EHWWHU LQ WKH VXERUGLQDWH FODXVH LQ ZKLFK LW LV VXJJHVWHG WKDW DOO SHRSOH NQRZ VRPHWKLQJ

EXW WKH FRPELQDWLRQ RI ڗ໔ࢆǓԆ DQG ˗༓›ڗ࿰ LV KDUG WR LQWHUSUHW

 ܀໔ࢆǓԆ , WKLQN

ዘᇀኹወዘ

ࣹඨݰIRU ᅐኂቨሦ

˗༓›ڗ࿰

˗༓›ڗ࿰

˗༓›ڗ࿰

ࠗڗ࿴ࠗཬ WKLV႐ᅐᅐዘᇀ

ࣹ͘

ᆦኂᅐኹዧᅐቈ

›ඥဎࠗǓߥ DOO႐ᅐᅐኹቈ

ࣹԆࣹဎနۭ໵͘Ԇဎ

NQRZ

ᇹቨᆦኹወዘ

཰ࠗԆ ۭڗݵԆۭࠗ༚ ࢆԆۭ۟཮ߥ ໵ඥड़ड़Ԇۭࠗཬߥ ์ۭࠗԆဎ ໵Ǔ໇ ࢆๆࣹԆۭࠗڗߥ ༩ဎ ࠗမဎ ࢆǓ۟ٗࠗမဎ ࠗԆဎ͘ߥ

໵Ǔड़ڗ໇ ໵රࣹǓ۟ڗ໇ ໵Ǔ໇ ݵݰཬဎԆࢆڗԆ ࣹๆဎङဎࠗǓԆ ໵Ǔ໇ ›Ǔݰඨ ࠗڗ່ߥ ›ڗड़໅ࠗǓԆߥ ͘࿽˗ڗ໵Ԇࢆڗ࿴ဎࠗ͘ߥÃ IRU , WKLQN ˗༓›ڗ࿰ DOO PHQ DUH DZDUH WKDW D VRSKLVW UHDSV KLV ϮQHVW DQG KLV ODUJHVW UHZDUG ZKHQ KLV SXSLOV SURYH WR EH KRQRUDEOH DQG LQWHOOLJHQW DQG

  0RGDO HUJHQV YHUVXV PRGDO ›ڗ࿰

KLJKO\ HVWHHPHG E\ WKHLU IHOORZFLWL]HQV^

,VRF 

7KLV ODFN RI FRQQHFWLRQ RI WKH *UHHN 063V ZLWK WKH VSHDNHU VXJJHVWV WKDW DOVR LQ WKHVH FDVHV WKH PHQWDO VWDWH SUHGLFDWHV GR QRW IXOϮOO WKH VDPH IXQFWLRQ DV WKH PRVW IUHTXHQW 063V LQ WKH FDVH RI HUJHQV 7KH FRQQHFWLRQ ZLWK WKH PHQWDO VSDFH RI WKH VSHDNHU ZKLFK LV IRXQG LQ HUJHQV GRHV QRW VHHP WR EH WKHUH IRU $QFLHQW *UHHN ›ڗ࿰

)LUVW SHUVRQ YHUEV

7KH VHFRQG FKDUDFWHULVWLF RI WKH LQWHUSUHWDWLRQ LQ VRPHRQH·V IHHOLQJV RU WKRXJKWV RI HU

JHQV ZDV LWV IUHTXHQW FRPELQDWLRQ ZLWK VW SHUVRQ SURQRXQV ,Q   RXW RI 

RI DOO FDVHV RI PRGDO HUJHQV HUJHQV ZDV IRXQG LQ D FODXVH ZLWK D ϮUVW SHUVRQ SURQRXQ

,I ZH QRZ ORRN DW WKH ϮUVW SHUVRQ YHUEV LQ PRGDO ›ڗ࿰ WKLV LV   RXW RI  ,Q WKH FDWHJRU\ RI ϮUVW SHUVRQ YHUEV WKHUH DUH FDVHV LQ ZKLFK ›ڗ࿰ LV FRPELQHG ZLWK ˗༓

༫ DQG PHQWDO VWDWH SUHGLFDWHV EXW DOVR YHUEV RI VD\LQJ DQG DFWLRQ YHUEV 7KHUHIRUH

LW VHHPV WKDW ›ڗ࿰ KDV OHVV FRQQHFWLRQ ZLWK WKH VSHDNHU WKDQ 'XWFK HUJHQV IRU PRVW VXEFDWHJRULHV RI PRGDO ›ڗ࿰ ZH KDYH GLVWLQJXLVKHG 7KLV VXJJHVWV WKDW LW LV OHVV OLNHO\

IRU ›ڗ࿰ WR EH LQWHUSUHWHG DV LQ VRPHRQH·V IHHOLQJV RU WKRXJKWV

7KH FRSXOD

1RZ ZH ZLOO FRPSDUH WKH XVH RI WKH FRSXOD LQ 'XWFK HUJHQV VHQWHQFHV ZLWK WKH *UHHN

›ڗ࿰ VHQWHQFHV ,Q WRWDO WKH FRSXOD LV WKH PDLQ YHUE LQ  LQVWDQFHV RI PRGDO HUJHQV  RI  DQG  LQVWDQFHV RI ›ڗ࿰  RI  7KLV VHHPV TXLWH FRPSDUDEOH ,I ZH ORRN DW WKH VXEMHFWLYH SUHGLFDWLYH FRPSOHPHQWV KRZHYHU   RXW RI  RI WKH FDVHV RI HUJHQV KDYH D VXEMHFWLYH SUHGLFDWLYH FRPSOHPHQW ZKHUHDV RQO\   RXW RI  RI WKH LQVWDQFHV RI ›ڗ࿰ KDYH D VXEMHFWLYH SUHGLFDWLYH FRPSOHPHQW 2I WKH VXE

MHFWLYH FRPSOHPHQWV RI ›ڗ࿰  FDVHV DUH RI DQ HSLVWHPLF PRGDO W\SH OLNH LWLVLPSRVVLEOH ර˗࿱ဎǓࠗڗဎ RU LW LV FOHDU ˗༘ड़ڗဎ 7KHVH DGMHFWLYHV DUH DEVHQW IURP WKH FRPSOHPHQWV RI HUJHQV +RZHYHU WKH\ DUH LQ DFFRUGDQFH ZLWK WKH IUHTXHQW XVH RI ˗່͘ DQG WKH SRVL

WLYH DUJXPHQWDWLYH GLUHFWLRQ WKDW ZDV IRXQG IRU WKH WUDQVODWLRQV RI ›ڗ࿰ LQ WKH SUHYL

RXV FKDSWHU DQG WKH IUHTXHQW SUHVHQFH RI YHUEV RI NQRZLQJ LQ ›ڗ࿰ VHQWHQFHV 7KH XVH RI WKHVH DGMHFWLYHV ZLWK ›ڗ࿰ DOVR VXJJHVWV WKDW WKH VSHDNHU LV SUHVHQWLQJ KLV YLHZV DV IDFWV LQVWHDG RI DV VXEMHFWLYH RSLQLRQV DV LV JHQHUDOO\ WKH FDVH LQ HUJHQVFODXVHV

7KH VRPHKRZ LQWHUSUHWDWLRQ DQG WKLUG SHUVRQ QRQVXEMHFWLYH YHUEV

7KH ODVW JURXS RI FKDUDFWHULVWLFV RI HUJHQV ZKLFK ZH PHQWLRQHG DERYH ZDV WKDW RI WKH WKLUG SHUVRQ QRQVXEMHFWLYH YHUEV 7KLV LV D ODUJH JURXS IRU ›ڗ࿰ +RZHYHU WKH PHUH SUHVHQFH RI WKLUG SHUVRQ QRQVXEMHFWLYH YHUEV LV QRW VSHFLϮF HQRXJK WR GUDZ FRQFOXVLRQV ,Q WKH FDVH RI HUJHQV WKHVH FKDUDFWHULVWLFV GLVWLQJXLVKHG WKH VRPHKRZ JURXS IURP WKH IHHOLQJV DQG WKH SRLQW RI YLHZ JURXSV SDUWO\ E\ PHDQV RI WKH DEVHQFH RI RWKHU FKDUDFWHULVWLFV ,Q WKH FDVH RI ›ڗ࿰ KRZHYHU ZH KDYH QRW IRXQG D UHDVRQ WR

7KLV WUDQVODWLRQ ZDV VOLJKWO\ PRGLϮHG

$ FRPSDULVRQ EHWZHHQ 'XWFK HUJHQV DQG $QFLHQW *UHHN ›ڗ࿰ 

DVVXPH WKHVH JURXSV RI LQWHUSUHWDWLRQV H[LVWHG LQ *UHHN ZKLFK PDNHV WKLV FDWHJRU\

ODUJH DQG LOOGHϮQHG

+RZHYHU D VRPHKRZ LQWHUSUHWDWLRQ KDV EHHQ SURSRVHG IRU ›ڗ࿰ 6ODWHU  6FRO

QLFRY  6FKZ\]HU DQG 'HEUXQQHU  7KLV UDLVHV WKH TXHVWLRQ DV WR ZKHWKHU DQ LQWHUSUHWDWLRQ FRPSDUDEOH WR WKH VRPHKRZ LQWHUSUHWDWLRQ IRU HUJHQV H[LVWHG LQ $Q

FLHQW *UHHN

7KH ϮUVW TXHVWLRQ WKDW DULVHV ZKHQ FRQVLGHULQJ WKLV RSWLRQ LV ZK\ WKH WUDQVOD

WRUV GR QRW XVH WKLV RSWLRQ PRUH IUHTXHQWO\ LI WKLV ZDV DQ LPSRUWDQW LQWHUSUHWDWLRQ

$V ZDV DOUHDG\ PHQWLRQHG LQ SDVVLQJ WKH OH[LFRQ RQ 3LQGDU E\ 6ODWHU JLYHV VRPHKRZ DV WKH RQO\ LQWHUSUHWDWLRQ RI ›ڗ࿰ DQG DOVR LQ VRPH FRPPHQWDULHV HJ 6FROQLFRY 

 LW LV VDLG WKDW VRPHKRZ ZRXOG EH WKH EHVW LQWHUSUHWDWLRQ IRU ›ڗ࿰ +RZHYHU JHQHU

DOO\ WUDQVODWRUV GR QRW FKRRVH WKLV W\SH RI WUDQVODWLRQ YHU\ IUHTXHQWO\ DQG LI WKH\ GR

WKH\ GR QRW GR VR IRU WKH VDPH SDVVDJHV 7KLV LQFRQVLVWHQF\ PD\ KDYH WR GR ZLWK WKH FRPSDWLELOLW\ RI WKLV IRUP ZLWK PDQ\ FRQWH[WV 7KLV FDQ EH LOOXVWUDWHG ZLWK H[DPSOH  EHORZ

 D 6RPHKRZ WKH FXS IHOO RQ P\ VKRH LQVWHDG RI RQ WKH ϰRRU

E $ FXS IHOO RXW RI WKH FXSERDUG VWUDLJKW RQ WKH ϰRRU EHFDXVH LW VRPHKRZ KDG EHHQ SXW RQ WRS RI DQRWKHU FXS LQ DQ XQVWDEOH ZD\

7KH 2[IRUG (QJOLVK 'LFWLRQDU\ GHVFULEHV VRPHKRZ DV LQ VRPH PDQQHU RU E\ VRPH PHDQV QRW XQGHUVWRRG RU GHϮQHG RQH ZD\ RU DQRWKHU VRPHZD\ ,I ZH QRZ FRPSDUH H[DP

SOH D ZLWK H[DPSOH E KRZHYHU ZH VHH WKDW LQ WKH ODWWHU WKH PDQQHU DQG FDXVH RI WKH FXS·V IDOO LV DOUHDG\ GHVFULEHG 7KH XVH RI VRPHKRZ LQ WKH FDXVDO FODXVH PDNHV WKH LQWHUSUHWDWLRQ RI VRPHKRZ MXVW PRYH RQH VWHS IXUWKHU WR WKH IDFW WKDW WKH SHUVRQ UHVSRQVLEOH IRU SXWWLQJ WKH FXS WKHUH LV QRW NQRZQ ,I ZH QRZ DGG WKH SHUVRQ E\ VD\LQJ EHFDXVH $QQ VRPHKRZ KDG SXW LW RQ WRS RI DQRWKHU FXS LQ DQ XQVWDEOH ZD\ WKH LQWHUSUHWDWLRQ PRYHV XS DQRWKHU OHYHO WR WKH LQWHUSUHWDWLRQ WKDW LW LV $QQ·V PRWLYD

WLRQ LV XQNQRZQ ,Q RWKHU ZRUGV WKH H[SUHVVLRQ VRPHKRZ LQ (QJOLVK LV QRW UHVWULFWHG WR D VSHFLϮF OHYHO RI LQWHUSUHWDWLRQ DQG EHFDXVH RI WKDW LW LV FRPSDWLEOH ZLWK PDQ\

VLWXDWLRQV DQG VHQWHQFHV

7KH IDFW WKDW WKH (QJOLVK ZRUG VRPHKRZ LV KLJKO\ FRPSDWLEOH ZLWK PDQ\ VLWX

DWLRQV DQG VHQWHQFHV LPSOLHV WKDW LW LV YHU\ KDUG WR SURYH RU GLVSURYH ZKHWKHU ›ڗ࿰

PD\ KDYH KDG D FRPSDUDEOH XVH 7KLV DOVR PHDQV WKDW LI VRPHKRZ LV FRPSDWLEOH ZLWK

›ڗ࿰FODXVHV WKDW GRHV QRW LPSO\ WKDW WKH LQWHUSUHWDWLRQ RI ›ڗ࿰ ZDV VRPHKRZ +RZ

HYHU WKHUH DUH VRPH H[DPSOHV LQ WKH FRUSXV WKDW UHDOO\ GR QRW VHHP WR EH FRPSDWLEOH ZLWK D VRPHKRZ LQWHUSUHWDWLRQ DV LQ H[DPSOH  EHORZ

 ိ ݵໆड़ڗԆ ෕ݰࣹ͘ໆङဎ ཰ߥ ࠗ· ํ৓ڗशڗߥ ཰ߥ ࠗ͘ ࢆۭ͘༔͘Ԇߥ

཰ߥ ࠗ͘ श͘ݰ͘Ԇ཭ࠗ͘ݰڗߥ ์›͘໇ ڗ࿾ ›ङ ›ඦဎࠗ͘ߥ ཯ࢆڗ່ڗԆ රဎ็ݰ͘ߥ ์ဎ ›ڗड़็ࢆဝ ဎ࿴ဎ ํ›ड़ࠗ͘ڗ ํݰࣹڗဎ ඲›ǓۭԆÜ

໵Ǔ໇DOVR ኹዧᅐቈ

˗·DQG ᅐኂቨሦ

Ǔ࿽ࠗڗ໇

VHOIቨኂበኹቈ

ࠗ཭˗͘WKLV ႐ᅐᅐዘᇀ

›ڗ࿰›ڗ࿰

›ڗ࿰

ࣹԆࣹဎပۭ໵ࠗ͘͘

\RX NQRZ

ኹቈኹወዘ

)ULHQGV ZKRVR LV SUHHPLQHQW DPRQJ WKH 'DQDDQV ZKRVR KROGV D PLGGOH

  0RGDO HUJHQV YHUVXV PRGDO ›ڗ࿰

SODFH RU ZKRVR LV OHVVHU IRU LQ QRZLVH DUH DOO PHQ HTXDO LQ ZDU QRZ LV WKHUH D ZRUN IRU DOO DQG WKLV \H NQRZ HYHQ RI \RXUVHOYHV

,O 

,Q H[DPSOH  WKH VSHDNHU LV PDNLQJ DQ HQFRXUDJLQJ VSHHFK 7KLV FRQWH[W PDNHV LW XQOLNHO\ WKDW KH ZRXOG DGG WKDW KH GRHV QRW NQRZ E\ ZKDW PHDQV KLV DG

GUHVVHHV NQRZ ZKDW KH VXJJHVWV WKH\ NQRZ EHFDXVH WKDW ZRXOG ZHDNHQ KLV DUJX

PHQW $V ZH KDYH VHHQ DERYH ›ڗ࿰ LV UHJXODUO\ IRXQG LQ WKLV NLQG RI DUJXPHQWDWLYH FRQWH[W 7KDW PDNHV LW OHVV OLNHO\ WKDW LQ WKHVH FDVHV ›ڗ࿰ ZDV LQWHUSUHWHG DV VRPHKRZ

7KLV PHDQV WKDW QRW DOO FDVHV RI PRGDO ›ڗ࿰ FDQ EH LQWHUSUHWHG DV VRPHKRZ ,Q FHUWDLQ JURXSV RI FDVHV OLNH WKH FDVHV LQ ZKLFK ›ڗ࿰ LV FRPELQHG ZLWK ࠗԆߥ LW LV RIWHQ SRVVLEOH WR LQWHUSUHW ›ڗ࿰ DV VRPHKRZ WKRXJK QRW DOZD\V 7KH JHQHUDOL]LQJ IXQFWLRQ RI ORFDWLYH

›ڗ࿰ ZKLFK ZDV GHVFULEHG DERYH FOHDUO\ KDV VRPH RYHUODS ZLWK WKH VRPHKRZ LQWHU

SUHWDWLRQ +RZHYHU DV ZH VDZ LQ WKH SUHYLRXV FKDSWHUV LQ PDQ\ FDVHV RI ›ڗ࿰ DQG

ࠗԆߥ WKHUH DUH ORFDWLYH PDUNHUV LQ WKH FRQWH[W ZKLFK PDNHV LW OHVV OLNHO\ WKDW ›ڗ࿰ ZDV LQWHUSUHWHG DV VRPHKRZ 7KHUHIRUH ZH KDYH WR FRQFOXGH WKDW DOWKRXJK LW LV FHUWDLQO\

SRVVLEOH IRU D VXEVHW RI WKH LQVWDQFHV RI ›ڗ࿰ WR EH LQWHUSUHWHG DV VRPHKRZ WKHUH LV D ODFN RI FRQVLVWHQW SRVLWLYH HYLGHQFH IRU WKLV LQWHUSUHWDWLRQ

 &RPSDULQJ PRGDO ›ڗ࿰ WR PRGDO HUJHQV

,I ZH QRZ WXUQ WKH TXHVWLRQ DURXQG DQG WDNH WKH IHDWXUHV RI ›ڗ࿰ DV RXU VWDUWLQJ SRLQW RI WKH FRPSDULVRQ ZLWK HUJHQV ZH VHH WKDW WKHUH DUH VHYHUDO FKDUDFWHULVWLFV RI ›ڗ࿰

WKDW ZHUH QRW \HW GLVFXVVHG :H GLVFXVVHG WKH RFFXUUHQFH RI ›ڗ࿰ ZLWK FRQGLWLRQDOV DQG WKH LQGHϮQLWH SURQRXQ ZKLFK ZDV RQO\ SDUWO\ FRPSDUDEOH ZLWK HUJHQV DV ZHOO DV YHUEV RI NQRZLQJ EXW WKH SUHVHQFH RI SDUWLFOHV DQG WKH PRUH JHQHUDO IHDWXUHV RI

›ڗ࿰ FRQWH[WV KDYH QRW EHHQ GLVFXVVHG \HW :H ZLOO GLVFXVV WKHVH WZR FKDUDFWHULVWLFV RI ›ڗ࿰ QRZ

7KH SUHVHQFH RI DϲUPDWLYH SDUWLFOHV RU ¶HYLGHQWO\·

2QH RI WKH FOHDUHVW FROORFDWLRQV RI ›ڗ࿰ ZDV WKH SDUWLFOH ˗༓ ZKLFK ZDV SUHVHQW GL

UHFWO\ QH[W WR ›ڗ࿰ LQ XS WR  RI WKH FDVHV LQ WKH V\QFKURQLF SURVH FRUSXV $V ZDV VDLG DERYH ˗༓ LV PRVWO\ GHVFULEHG DV PHDQLQJ ¶HYLGHQWO\· $OWKRXJK WKHUH ZHUH RWKHU GHVFULSWLRQV DV ZHOO LW VHHPV WKDW LQ WKH FODVVLFDO SHULRG ˗༓›ڗ࿰ LV MXVW DV 'HQQLVWRQ VD\V JHQHUDOO\ LQWHUSUHWHG DV ¶RI FRXUVH· ZKLFK ϮWV WKH GHVFULSWLRQ RI ˗༓ ZHOO

:H DOVR IRXQG SDUWLFOHV LQ WKH FRQWH[W RI HUJHQV 7KH SDUWLFOHV WKDW ZHUH PRVWO\

IRXQG LQ WKH FRQWH[W RI HUJHQV ZHUH FRPELQDWLRQV RI RRN PDDU ZHO WRFK ¶DOVR EXW IRFDO SDUWLFOH DGYHUVDWLYH PDUNHU·^1RQH RI WKHVH SDUWLFOHV KDYH DQ HYLGHQWLDO IXQFWLRQ EXW LI ZH VSHFLϮFDOO\ VHDUFK IRU PDUNHUV OLNH HYLGHQW ¶HYLGHQWO\· RU QDWXXUOLMN ¶RI FRXUVH· ZH ϮQG WKDW RI DOO PRGDO LQVWDQFHV RI HUJHQV LQ WKH &*1  WKHUH DUH RQO\  LQVWDQFHV LQ ZKLFK IRU LQVWDQFH QDWXXUOLMN LV IRXQG LQ WKH VDPH VHQWHQFH DV HUJHQV ZKLFK LV DERXW



$OWKRXJK ›ڗ࿰ LV TXLWH IUHTXHQWO\ IRXQG ZLWK WKH IRFDO SDUWLFOH ࣹ͘ WKHUH VHHPV WR EH OLWWOH UHVHPEODQFH LQ WKH XVH RI ࣹ͘ ZLWK WKH IXQFWLRQV RI WKH 'XWFK IRFDO SDUWLFOHV PHQWLRQHG KHUH

$ FRPSDULVRQ EHWZHHQ 'XWFK HUJHQV DQG $QFLHQW *UHHN ›ڗ࿰ 

,I ZH QRZ WDNH DQ H[DPSOH RI ˗༓›ڗ࿰ ZH VHH WKDW WKHUH LV QR ZD\ WKDW ˗༓›ڗ࿰

FRXOG EH WUDQVODWHG ZLWK PRGDO HUJHQV LQ D VHQWHQFH OLNH WKH *UHHN ˗༓›ڗ࿰VHQWHQFH LQ 

 ප ˗่ ɘڗ࿰ड़ཬࢆ͘ဎڗ໅ ࠗԆဎ͘ߥ ර›ڗࠗݰๆ›͘Ԇဎ ࠗ༖ဎ ͘໑ݰ༓ဎٗဎ ˗ԆǓɘඥड़ड़ڗ࿰ۭԆဎ သߥ ༜ࢆ່͘ߥ ڗ࿽

ݵԆड़໅Ǔߥ ˗͘ཬࢆ͘ဎڗԆ රड़ड़ඨ ݵڗɘڗ࿱ࢆ͘ဎڗԆ ࢆ༖ ෕ဎࠗǓड़໵໅˗Ǔߥ ํड़۟༰ ํशङဎ ›Ǔݰඨ ɘǓۭԆड़ๆङߥ शݰ༓ࢆǓࠗǓ ˗Ԇඨ ࠗڗ࿴۟· ༝໵ڗࢆ͘ဎ ์ဎ۟࿰ࢆ༓۟ٗࠗ͘ သߥ ݵड़࿰Ǔݰڗ࿴ۭԆ

ɘǓۭԆड़͘࿳ߥ NLQJቨኂበዘᇀ

ࢆ่ဎSWFO ኹዧᅐቈ

ࣹඨݰIRU ኹዧᅐቈ

˗༓›ڗ࿰

˗༓›ڗ࿰

˗༓›ڗ࿰

ํࣹݰǓॣ͘

ZURWH

ዘᇀ႐ኂወ

›ඥۭǓߥ DOO႐ᅐᅐኹቈ

ࠗඨߥWKH ႐ᅐᅐኹቈ

์ဎLQ ኹወᅵኹ

ࠗ༚WKH ႐ወዧᅡ႐ዧዘᇀ

๒ड़ड़ඥ˗Ԇ

*UHHN ᅡ႐ዧዘᇀ

›ཬड़͘Ԇߥ VWDWHV ႐ᅐᅐኹቈ

Ǔ࿽ࠗڗဎཬࢆڗ࿰ߥ DXWRQRPLF ႐ᅐᅐኹቈ

͘໔ဎǓԆÃ EHᇹቨᆦኹወዘ

1RZ WRXFKLQJ WKH VODQGHURXV DOOHJDWLRQV RI FHUWDLQ SHRSOH ZKR ZLVK WR GH

IHDW WKH SHDFH WR WKH HϸHFW WKDW ZH KDYH FRPH KHUH QRW EHFDXVH ZH GH

VLUH IULHQGVKLS EXW UDWKHU EHFDXVH ZH IHDU WKDW $QWDOFLGDV PD\ DUULYH ZLWK PRQH\ IURP WKH .LQJ FRQVLGHU KRZ IRROLVKO\ WKH\ DUH WDONLQJ )RU WKH .LQJ GLUHFWHG DV \RX NQRZ WKDW DOO WKH FLWLHV LQ *UHHFH ZHUH WR EH LQGHSHQGHQW

; +* 

7KH 'XWFK WUDQVODWLRQ RI WKLV VHQWHQFH :DQW GH NRQLQJ KHHIW HUJHQV YHURUGRQQHHUG GDW DOOH *ULHNVH VWHGHQ RQDIKDQNHOLMN PRHVWHQ ]LMQ ZRXOG DW EHVW JHW D ORFDWLYH UHDGLQJ UHIHUULQJ WR WKH SODFH LQ ZKLFK WKH GHFLVLRQ ZDV ZULWWHQ GRZQ EXW D PRGDO LQWHU

SUHWDWLRQ LV QRW UHDOO\ DQ RSWLRQ 7KH UHDVRQ LV WKDW WKH FRQWHQW RI WKH FODXVH LV WRR IDFWXDO 7KHUH DUH QR SRVVLEOH YLHZSRLQWV LQYROYHG +RZHYHU IRUPV OLNH ¶HYLGHQWO\·

DUH DW KRPH LQ WKLV NLQG RI VWDWHPHQWV DV ZHOO DV ›ڗ࿰ 7KLV VKRZV WKDW ›ڗ࿰ SUREDEO\

KDG D GLϸHUHQW IXQFWLRQ IURP HUJHQV DQG DV ZH VDZ LQ WKH VWXG\ DERYH WKH PDLQ GLI

IHUHQFH PD\ EH WKDW ›ڗ࿰ LV QRW D YLHZSRLQW PDUNHU EXW PDQDJHV WKH H[SHFWDWLRQV RI WKH DGGUHVVHH ZLWK UHVSHFW WR WKH LQIRUPDWLRQ WKDW LV SUHVHQWHG

7KH VDPH SUREOHP LV IRXQG ZLWK WKH XVH RI ༫ ›ڗ࿰ $FFRUGLQJ WR P\ LQWXLWLRQ , KDYH QRW EHHQ DEOH WR ϮQG D FRUSXV H[DPSOH WKH XVH RI HUJHQV LQ j IRUWLRUL DUJXPHQWV PD\ QRW EH LPSRVVLEOH EXW LW ZRXOG EH LPSRVVLEOH LQ WKH FRQWH[W RI D GHIHQVH VSHHFK LQ ZKLFK ZH ϮQG PRVW LQVWDQFHV LQ *UHHN 7KH UHDVRQ LV WKDW WKH XVH RI HUJHQV ZRXOG VXJJHVW WKDW WKH VSHDNHU KLPVHOI GRHV QRW FRPSOHWHO\ EHOLHYH LQ KLV RZQ D IRUWLRUL DUJXPHQW ,Q D GHIHQVH VSHHFK RQH FDQQRW DϸRUG WR JLYH VXFK DQ LPSUHVVLRQ XQOHVV RQH LV XVLQJ VWURQJ VDUFDVP ZKLFK LV FOHDUO\ QRW WKH FDVH LQ WKH *UHHN FRQWH[WV $ PDGH XS H[DPSOH RI DQ D IRUWLRUL VHQWHQFH ZLWK HUJHQV LQ 'XWFK LV JLYHQ LQ   "$OV -DQ GLH NDQV NULMJW ]RX 3LHW GLH HUJHQV ]HNHU PRHWHQ NULMJHQ

,I -DQ JHWV WKDW FKDQFH 3LHW VKRXOG HUJHQV FHUWDLQO\ JHW LW

$QRWKHU FRQWH[W LQ ZKLFK ZH IUHTXHQWO\ IRXQG PRGDO ›ڗ࿰ ZDV LQ IDWDOLVWLF VWDWHPHQWV DERXW WKH JRGV 6LQFH WKLV NLQG RI VWDWHPHQW LV DOVR PDGH LQ RWKHU UHOL

JLRQV LW LV HDV\ WR ϮQG FRPSDUDEOH VHQWHQFHV LQ 'XWFK OLNH *RG KHHIW KHW ]R JHZLOG ¶,W ZDV