The handle http://hdl.handle.net/1887/39627 holds various files of this Leiden University dissertation.
Author: Brandenburgh, C.R.
Title: Clothes make the man : early medieval textiles from the Netherlands Issue Date: 2016-05-10
$QGHUVVRQ ( 7H[WLOH SURGXFWLRQ LQ
6FDQGLQDYLDGXULQJWKH9LNLQJ$JH,Q/%HQGHU
-¡UJHQVHQ - %DQFN%XUJHVV $ 5DVW(LFKHU
HG7H[WLOLHQDXV$UFKlRORJLHXQG*HVFKLFKWH
)HVWVFKULIWIU.ODXV7LGRZ
$QGHUVVRQ ( (QJHQGHULQJ FHQWUDO SODFHV
VRPH DVSHFWV RI WKH RUJDQLVDWLRQ RI WH[WLOH
SURGXFWLRQ GXULQJ WKH 9LNLQJ $JH ,Q $
5DVW(LFKHU 5 :LQGOHU -3 :LOG HG
$UFKlRORJLVFKH 7H[WLOIXQGH ± $UFKDHRORJLFDO
7H[WLOHV1(6$7,;1RUWK(XURSHDQ6\PSRVLXP
IRU$UFKDHRORJLFDO7H[WLOHV
$QGHUVVRQ 6WUDQG (% ([SHULPHQWDO
7H[WLOH $UFKDHRORJ\ LQ ($QGHUVVRQ 6WUDQG
0 *OHED 8 0DQQHULQJ & 0XQNKROW 0DM
5LQJJDDUGHGV1(6$7;WK1RUWK(XURSHDQ
6\PSRVLXP IRU $UFKDRHORJLFDO 7H[WLOHV
&RSHQKDJHQ 2[ERZ $QFLHQW 7H[WLOHV 6HULHV
YRO
$QGHUVVRQ(/0nUWHQVVRQ0/1RVFKDQG/
5DKPVWRUI 1HZ UHVHDUFK RQ %URQ]H$JH
WH[WLOH SURGXFWLRQ %XOOHWLQ RI WKH ,QVWLWXWH RI
&ODVVLFDO6WXGLHV±
$QGHUVVRQ 6WUDQG ( .0 )UHL 0 *OHED 8
0DQQHULQJ 0/ 1RVFK , 6NDOV 2OG
7H[WLOHV±1HZ3RVVLELOLWLHV(XURSHDQ-RXUQDORI
$UFKDHRORJ\9RO
$QQDHUW5:KRZHUHEXULHGDWWKH%URHFKHP
FHPHWHU\" WKWK FHQWXU\ $' SURY 2I
$QWZHUS%HOJLXPLQ5$QQDHUWHDHG7KH
YHU\ EHJLQQLQJ RI (XURSH" &XOWXUDO DQG 6RFLDO
'LPHQVLRQV RI (DUO\0HGLHYDO 0LJUDWLRQ DQG
&RORQLVDWLRQ WKWK FHQWXU\ $UFKDHRORJ\ LQ
&RQWHPSRUDU\ (XURSH FRQIHUHQFH %UXVVHOV PD\
$QQDHUW 5 $ (UY\QFN 7KH HOLWH DV
LQGLYLGXDOL]HG PHPEHUV RI D ORFDO FRPPXQLW\
WKH 0HURYLQJLDQ FHPHWHU\ RI %URHFKHP
$QWZHUS %HOJLXP LQ % /XGRZLFL HG
,QGLYLGXDO DQG ,QGLYLGXDOLW\" $SSURDFKHV
WRZDUGV DQ $UFKDHRORJ\ RI 3HUVRQKRRG LQ WKH
)LUVW 0LOOHQQLXP$' +DQQRYHU 1HXH 6WXGLHQ
]XU6DFKVHQIRUVFKXQJ
$SSOH\DUG+0*XLGHWRWKH,GHQWL¿FDWLRQ
RI$QLPDO)LEUHV/HHGV
%DQFN-(LQPHURZLQJHU]HLWOLFKHU%DXPVDUJ
DXV /DXFKKHLP2VWDOENUHLV ± ]XU EHUJXQJ XQG
GRFXPHQWDWLRQ GHU H[WLOIXQGH LQ / %HQGHU
-¡UJHQVHQ & 5,QDOGR HGV 7H[WLOHV LQ
(XURSHDQ $UFKDHRORJ\ 1(6$7 9, *|WHERUJ
*27$5&6HULHV$
%DQFN%XUJHVV - +RFKGRUI ,9 'LH
7H[WLOIXQGH DXV GHP VSlWKDOOVWDWW]HLWOLFKHQ
)UVHWQJUDE YRQ (EHUGLQJHQ+RFKGRUI .UHLV
/XGZLJVEXUJ XQG ZHLWHUH *UDEWH[WLOLHQ DXV
KDOOVWDWW XQG ODWqQH]HLWOLFKHQ .XOWXUJUXSSHQ
SODDWVYDQSXEOLFDWLH
%DQFN%XUJHVV - (LQ DODPDQQLVFKHU
.OHLGHUVWRII LQ / %HQGHU -¡UJHQVHQ -
%DQFN%XUJHVV $ 5DVW(LFKHU 7H[WLOLHQ DXV
$UFKlHRORJLH XQG *HVFKLFKWH )HVWVFKULIW IU
.ODXV7LGRZ
%DQFN%XUJHVV-0LWWHOGHU0DFKW7H[WLOLHQ
EHL GHQ .HOWHQ,QVWUXPHQWV RI 3RZHU &HOWLF
WH[WLOHV6WXWWJDUW
%DUQHV 5 -% (LFKHU 'H¿QLWLRQ DQG
&ODVVL¿FDWLRQ RI 'UHVV LQ 5 %DUQHV -%
(LFKHU HGV 'UHVV DQG *HQGHU 0DNLQJ DQG
0HDQLQJ
%DUWHO $ 6FKXW] ± 9HUSDFNXQJ RGHU
=LHU" 6FKXW]YRUULFKWXQJHQ DQ PHWDOOHQHQ
7UDFKWEHVWDQGWHLOHQ XQG %HLJDEHQ
%HREDFKWXQJHQ ± %HIXQGH ± 5HNRQVWUXNWLRQHQ
,Q / %HQGHU -¡UJHQVHQ- %DQFN%XUJHVV$
5DVW(LFKHU HG 7H[WLOLHQ DXV $UFKlRORJLH
XQG *HVFKLFKWH )HVWVFKULIW IU .ODXV 7LGRZ
1HXPQVWHU±
%D]HOPDQV - %\ ZHDSRQV PDGH ZRUWK\
$PVWHUGDP$PVWHUGDP$UFKDHRORJLFDO6WXGLHV
%D]HOPDQV - 0RUDOLWLHV RI GUHVV DQG WKH
GUHVV RI WKH GHDG LQ HDUO\ PHGLHYDO (XURSH
7KH DUFKDHRORJ\ RI HDUO\ PHGLHYDO GHDWK
GLVWLQJXLVKLQJ SDJDQV DQG &KULVWLDQV LQ <
+DPLODNLV 0 3OXFLHQQLN 6 7DUORZ HG
7KLQNLQJ WKURXJK WKH %RG\ $UFKDHRORJLHV RI
&RUSRUHDOLW\1HZ<RUN
%HQGHU-¡UJHQVHQ/1RUWK(XURSHDQWH[WLOH
SURGXFWLRQDQGWUDGHLQWKHVWPLOOHQQLXP$'
-RXUQDORI'DQLVK$UFKDHRORJ\
%HQGHU -¡UJHQVHQ / )RUKLVWRLVNH7H[WLOHU L
6NDQGLQDYLHQ3UHKLVWRULF6FDQGLQDYLDQ7H[WLOHV
&RSHQKDJHQ
%HQGHU -¡UJHQVHQ / 7KH WH[WLOHV RI WKH
6D[RQV $QJOR6D[RQV DQG )UDQNV 6WXGLHQ ]XU
6DFKVHQIRUVFKXQJ
%HQGHU-¡UJHQVHQ/1RUWK(XURSHDQ7H[WLOHV
XQWLO$'$DUKXV
%HQGHU -¡UJHQVHQ / 3 :DOWRQ '\HV
DQG ÀHHFH W\SHV LQ SUHKLVWRULF WH[WLOHV IURP
6FDQGLQDYLD DQG *HUPDQ\ -RXUQDO RI 'DQLVK
$UFKDHRORJ\
%|KPH . =XU KLVWRULVFKHQ ,QWHUSUHWDWLRQ
GHU VRJHQDQQWHQ /DHWHQJUlEHU -DKUEXFK GHV
5|PLVFK*HUPDQLVFKHQ =HQWUDOPXVHXPV
%|KPH.6|OGQHUXQG6LHGOHULQVSlWDQWLNHQ
1RUGJDOOLHQ LQ $ :LHF]RUHN 8 .RFK &
%UDXQHGV'LH)UDQNHQ:HJEHUHLWHU(XURSDV
YRU -DKUHQ &KORGZLJ XQG VHLQH (UEHQ
0DQQKHLP
%UDQGHQEXUJK &5 D (DUO\ PHGLHYDO WH[WLOH
UHPDLQVIURPVHWWOHPHQWVLQWKH1HWKHUODQGV
$Q HYDOXDWLRQ RI WH[WLOH SURGXFWLRQ -RXUQDO
RI $UFKDHRORJ\ LQ WKH /RZ &RXQWULHV 9RO
%UDQGHQEXUJK &5 E 7H[WLHOUHVWHQ LQ
6+HHUHQ 7 +D]HQEHUJ UHG 9RRUQDPH
GDPHV VWRHUH VROGDWHQ HQ HHQYRXGLJH OLHGHQ
%HJUDYLQJHQ HQ QHGHU]HWWLQJVVSRUHQ XLW
KHW 1HROLWKLFXP GH ODDW5RPHLQVH WLMG HQ
0LGGHOHHXZHQ WH :LMFKHQ&HQWUXP /HLGHQ
%UDQGHQEXUJK &5 D 7KH WH[WLOHV IURP WKH
FHPHWHU\ RI %HUJHLMN LQ )7KHXZV 0 YDQ
+DSHUHQ7KH0HURYLQJLDQFHPHWHU\RI%HUJHLMN
)D]DQWODDQ %RQQ 0HURYLQJLDQ$UFKDHRORJ\ LQ
WKH/RZ&RXQWULHV,
%UDQGHQEXUJK&5E)ODUGHQHQUDIHOV(HQ
GHHHXZVH EHXUV XLW (PPHU(UIVFKHLGHQYHHQ
1LHXZH'UHQWVH9RONVDOPDQDN
%UDQGHQEXUJK&5F2OG)LQGV5HGLVFRYHUHG
7ZR (DUO\ 0HGLHYDO +HDGGUHVVHV IURP WKH
1DWLRQDO 0XVHXP RI $QWLTXLWLHV /HLGHQ WKH
1HWKHUODQGV LQ 5 1HWKHUWRQ *5 2ZHQ
&URFNHUHGV0HGLHYDO&ORWKLQJDQG7H[WLOHV
:RRGEULGJH
%UDQGHQEXUJK &5 7H[WLOHV IURP WKH
3RVWHUKROWFHPHWHU\LQ09GH+DDV )&:-
7KHXZV7KH0HURYLQJLDQFHPHWHU\RI%HUJHLMN
)D]DQWODDQ %RQQ 0HURYLQJLDQ$UFKDHRORJ\ LQ
WKH/RZ&RXQWULHV
%UDQGHQEXUJK&5LQSUHVV7KHWH[WLOHVIURPWKH
FHPHWHU\ RI 0DDVWULFKW9ULMWKRI LQ ) 7KHXZV
0 .DUV HG 7KH 6DLQW6HUYDWLXV FRPSOH[
LQ 0DDVWULFKW 7KH 9ULMWKRI H[FDYDWLRQV
5RPDQ LQIUDVWUXFWXUH ± 0HURYLQJLDQ
FHPHWHU\±(DUO\WRZQGHYHORSPHQW
%RQQ 0HURYLQJLDQ $UFKDHRORJ\ LQ WKH /RZ
&RXQWULHV
%UDQGHQEXUJK &5 7KH WH[WLOHV IURP WKH
HDUO\ PHGLHYDO FHPHWHULHV RI WKH 6LQW6HUYDDV
FKXUFKLQ0DDVWULFKW$FRPSDUDWLYHVWXG\RIWKH
FHPHWHULHVRI WKH FKXUFK 3DQGKRI DQG9ULMWKRI
=HLWVFKULIW IU $UFKlRORJLH GHV 0LWWHODOWHUV
-DKUJDQJ
%URKROP+& 0+DOG6NU\GVWUXSIXQGHW
(Q V¡QGHUOM\VN NYLQGHJUDY IUD GHQ OGUH
EURQ]HDOGHU 1RUGLVNH )RUWLGVPLQGHU QR
±
%UXFH0LWIRUG5$&(YDQV 0%LPVRQHGV
7KH 6XWWRQ +RR VKLSEXULDO 9RO /DWH
5RPDQ DQG %\]DQWLQH VLOYHU KDQJLQJERZOV
GULQNLQJYHVVHOVFDXOGURQVDQGRWKHUFRQWDLQHUV
WH[WLOHVWKHO\UHSRWWHU\ERWWOHDQGRWKHULWHPV
/RQGRQ
%XUQKDP '. :DUS DQG :HIW $ 7H[WLOH
7HUPLQRORJ\7RURQWR
&DSSHUV57-$QHFRORJLFDOFKDUDFWHUL]DWLRQ
RISODQWPDFURUHPDLQVRI+HYHVNHVNORRVWHUWKH
1HWKHUODQGV D PHWKRGRORJLFDO DSSURDFK 3K'
WKHVLV*URQLQJHQ
&DUGRQ'/DGUDSHULHDXPR\HQkJH(VVRU
G¶XQHJUDQGHLQGXVWULHHXURSpHQQH3DULV
&DUGRQ'1DWXUDO'\HV6RXUFHVWUDGLWLRQ
WHFKQRORJ\DQGVFLHQFH/RQGRQ
&DWOLQJ ' - *UD\VRQ ,GHQWL¿FDWLRQ RI
9HJHWDEOH)LEUHV/RQGRQ
&KHQ +/ .$ -DNHV ': )RUHPDQ
3UHVHUYDWLRQRI$UFKDHRORJLFDO7H[WLOHV7KURXJK
)LEUH 0LQHUDOL]DWLRQ -RXUQDO RI$UFKDHRORJLFDO
6FLHQFH
&KULVWLDQVHQ &$ $ 5HDQDO\VLV RI )OHHFH
(YROXWLRQ 6WXGLHV LQ : 6ZLHWRVODZVNL UHG
3ULFHOHVVLQYHQWLRQRIKXPDQLW\WH[WLOHV/RG]
1HVDW 9,,, $FWD $UFKDHRORJLFD /RG]LHQVLD
&RDWVZRUWK(6WLWFKHVLQ7LPH(VWDEOLVKLQJ
D +LVWRU\ RI $QJOR6D[RQ (PEURLGHU\ LQ 5
1HWKHUWRQ *52ZHQ&URFNHUHGV0HGLHYDO
&ORWKLQJDQG7H[WLOHV:RRGEULGJH
&RKHQ $3 7KH 6\PEROLF &RQVWUXFWLRQ RI
&RPPXQLW\/RQGRQ
&RPLV 6< 3UHKLVWRULF *DUPHQWV IURP WKH
1HWKHUODQGVLQ/%HQGHU-¡UJHQVHQ-%DQFN
%XUJHVV $ 5DVW(LFKHU HGV 7H[WLOLHQ DXV
$UFKlRORJLH XQG *HVFKLFKWH )HVWVFKULIW IU
.ODXV7LGRZ1HXPXQVWHU±
&RRNH%&&KULVWLDQVHQ /+DPPDUOXQG
9LNLQJ ZRROOHQ VTXDUHVDLOV DQG IDEULF FRYHU
IDFWRU 7KH ,QWHUQDWLRQDO -RXUQDO RI 1DXWLFDO
$UFKDHRORJ\
&RRQ//6DFUHG)LFWLRQV+RO\ZRPHQDQG
KDJLRJUDSK\LQ/DWH$QWLTXLW\3KLODGHOSKLD
&RUN&5:'&RRNH -3:LOG7KHXVH
RILPDJHDQDO\VLVWRGHWHUPLQH\DUQWZLVWOHYHOLQ
DUFKDHRORJLFDOWH[WLOHV$UFKDHRPHWU\
&URZIRRW ( 6 &KDGZLFN +DZNHV
(DUO\ $QJOR6D[RQ *ROG %UDLGV 0HGLHYDO
$UFKDHRORJ\
&URZIRRW ( 7KH 7H[WLOHV LQ 5 %UXFH
0LWIRUG 7KH 6XWWRQ +RR VKLS EXULDO YROXPH
/DWH 5RPDQ DQG %\]DQWLQH 6YHU +DQJLQJ
ERZOV GULQNLQJ YHVVHOV FDXOGURQV DQG RWKHU
FRQWDLQHUV WH[WLOHV WKH O\UH SRWWHU\ ERWWOH DQG
RWKHULWHPV/RQGRQ
'HVURVLHUV 6 $ 5DVW(LFKHU /X[XULRXV
0HURYLQJLDQ 7H[WLOHV ([FDYDWHG IURP %XULDOV
LQWKH6DLQW'HQLV%DVLOLFD)UDQFHLQWKHVL[WK
VHYHQWK&HQWXU\LQ7H[WLOHVDQG3ROLWLFV7H[WLOH
6RFLHW\ RI $PHULFD WK %LHQQLDO 6\PSRVLXP
3URFHHGLQJV :DVKLQJWRQ '& 6HSWHPEHU
6HSWHPEHU
'LHKO - $- GH *UDDI ' 'H -RQJKH HGV
7H[WLHOOH[LFRQ 9HUNODUHQG ZHHIWHFKQLVFK
ZRRUGHQERHN$PVWHUGDP
'LMNVWUD0)35RQGRPGHPRQGLQJHQYDQ
5LMQ/DQGVFKDSHQEHZRQLQJWXVVHQGHHHQH
HHXZLQ=XLG+ROODQGLQKHWELM]RQGHUGH2XGH
5LMQVWUHHN/HLGHQ
'ULHO0XUUD\ & )RRWZHDU LQ WKH 1RUWK
:HVWHUQ3URYLQFHVRIWKH5RPDQ(PSLUHLQ2
*RXELW]&YDQ'ULHO0XUUD\ :*URHQPDQ
9DQ :DDWHULQJH HGV 6WHSSLQJ WKURXJK 7LPH
$UFKDHRORJLFDO)RRWZHDUIURP3UHKLVWRULF7LPHV
XQWLO=ZROOH±
(IIURV%D&DULQJIRUERG\DQGVRXO%XULDO
DQG WKH DIWHUOLIH LQ WKH 0HURYLQJLDQ :RUOG
3HQQV\OYDQLD
(IIURV%E&UHDWLQJFRPPXQLW\ZLWKIRRGDQG
GULQNLQ0HURYLQJLDQ*DXO1HZ<RUN
(IIURV%0HURYLQJLDQPRUWXDU\DUFKDHRORJ\
DQGWKHPDNLQJRIWKHHDUO\0LGGOH$JH%HUNHOH\
(PHU\ , 7KH SULPDU\ VWUXFWXUHV RI IDEULFV
$Q LOOXVWUDWHG FODVVL¿FDWLRQ 5HYLVHG HGLWLRQ
:DVKLQJWRQ
(V:YDQ -<SH\'DV*UDEGHUµ3ULQ]HVVLQ¶
YRQ=ZHHORXQGVHLQH%HGHXWXQJLP5DKPHQGHV
*UlEHUIHOGHV6WXGLHQ]XU6DFKVHQIRUVFKXQJ
(YDQV $& 7KH 6XWWRQ +RR 6KLS %XULDO
/RQGHQUHYLVHGHGLWLRQ
)DUNH+'HU0lQQHUNLWHODXV%HUQXWKVIHOG±
%HREDFKWXQJHQ:lKUHQGHLQHU5HVWDXULHUXQJLQ
/%HQGHU-¡UJHQVHQ &5LQDOGRHGV7H[WLOHV
LQ (XURSHDQ $UFKDHRORJ\ 5HSRUW IURP WKH WK
1(6$76\PSRVLXPWK0D\LQ%RUnV
*|WHERUJ
)LVFKHU $ & 3HHN $QQHWWH 6LHJPOOHU
)HLQVWUDWLJUDSKLVFKH 8QWHUVXFKXQJHQ DQ
(LVHQREMHNWHQ GHV *UlEHUIHOGHV YRQ 'XQXP
/GNU :LWWPXQG 2VWIULHVODQG =XU )XQNWLRQ
XQG 'HXWXQJ RUJDQLVFKHU )XQGH XQG %HIXQGH
6LHGOXQJV XQG .VWHQIRUVFKXQJ LP VGOLFKHQ
1RUGVHHJHELHW
)UHL .0 ([SORULQJ WKH SRWHQWLDO RI WKH
VWURQWLXP LVRWRSH WUDFLQJ V\VWHP LQ 'HQPDUN
'DQLVK -RXUQDO RI $UFKDHRORJ\ 9RO 1R
*DXȕ ) & 3HHN - 6FKHVFKNHZLW]
0DVVHQKDIW ,QGLYLGXHQ 'DV IUKPLWWHODOWHUOLFKH
*UlEHUIHOGYRQ/DXFKKHLP³:DVVHUIXUFKH´LQ
%/XGRZLFLHG,QGLYLGXDODQG,QGLYLGXDOLW\"
$SSURDFKHV WRZDUGV DQ $UFKDHRORJ\ RI
3HUVRQKRRG LQ WKH )LUVW 0LOOHQQLXP $'
+DQQRYHU 1HXH 6WXGLHQ ]XU 6DFKVHQIRUVFKXQJ
*HLMHU$%LUND,,,'LH7H[WLOIXQGHDXVGHQ
*UlEHUQ8SVDOD
*HUUHWV '$ 2S GH JUHQV YDQ ODQG HQ
ZDWHU'\QDPLHNYDQODQGVFKDSHQVDPHQOHYLQJ
LQ )ULVLD JHGXUHQGH GH 5RPHLQVH WLMG HQ GH
9RONVYHUKXL]LQJVWLMG*URQLQJHQ
*LIIHQ $( YDQ +HW GDOLQJVYUDDJVWXN
GHU $OOXYLDOH 1RRUG]HHNXVWHQ LQ YHUEDQG
PHW EHVWXGHHULQJ GHU WHUSHQ 7LMGVFKULIW YRRU
*HVFKLHGHQLV/DQGHQ9RONHQNXQGH
±
*LIIHQ$( YDQ (HQ HQ DQGHU RYHU WHUSHQ
2SPHUNHU :HHNEODG YRRU DUFKLWHFWHQ
LQJHQLHXUVIDEULNDQWHQ±
*LIIHQ$(YDQ0HGHGHHOLQJRPWUHQW
KHW V\VWHPDWLVFK RQGHU]RHN YHUULFKW LQ GH
MDUHQ HQ -DDUYHUVODJ YDQ
GH 9HUHHQLJLQJ YRRU 7HUSHQRQGHU]RHN ±
±±
*LIIHQ $( YDQ (HQ V\VWHPDWLVFK
RQGHU]RHN LQ HHQ GHU 7XLQVWHU ZLHUGHQ WH
/HHQV -DDUYHUVODJ YDQ GH 9HUHHQLJLQJ YRRU
7HUSHQRQGHU]RHN±±±
*LOODUG5'60+DUGPDQ5*7KRPDV '(
:DWNLQVRQ7KHPLQHUDOL]DWLRQRI¿EUHVLQ
EXULDOHQYLURQPHQWV6WXGLHVLQ&RQVHUYDWLRQ
*OHED0 80DQQHULQJHGV7H[WLOHVDQG
7H[WLOH3URGXFWLRQLQ(XURSHIURP3UHKLVWRU\WR
$'2[IRUG$QFLHQW7H[WLOHV6HULHV
*OHED 0 - 3iV]WyNDL6]HRNH 0DNLQJ
7H[WLOHV LQ 3UH5RPDQ DQG 5RPDQ 7LPHV
3HRSOHV 3ODFHV DQG ,GHQWLWLHV 2[IRUG $QFLHQW
7H[WLOHV6HULHV
*URHQPDQ9DQ :DDWHULQJH : 'H
NOHGLQJVWXNNHQYDQOHGHUHQERQWLQ:$%YDQ
GHU6DQGHQHG0HQVHQPRHUDV$VVHQ±
*U|PHU . 3UlKLVWRULVFKH 7H[WLONXQVW LQ
0LWWHOHXURSD *HVFKLFKWH GHV +DQGZHUNHV XQG
.OHLGXQJYRUGHQ5|PHUQ:LHQ
*XWVPLHGO6FKPDQQ ' 9RP NOHLQHQ
0lGFKHQ ]XU MXQJHQ )UDX 5HNRQVWUXNWLRQHQ
YRQ /HEHQVDEVFKQLWWHQ ZHLEOLFKHU VXEDGXOWHU
,QGLYLGXHQDXIJUXQGYRQDUFKlRORJLVFKHQ)XQGHQ
DXVPHURZLQJHU]HLWOLFKHQ*UlEHUQGHU0QFKQHU
6FKRWWHUHEHQH LQ 6 0RUDZ $ .LHEXUJ
HGV0lGFKHQLP$OWHUWXP*LUOVLQ$QWLTXLW\
0QVWHU )UDXHQ ± )RUVFKXQJ ± $UFKlRORJLH
%DQG
+DDV 09 GH )&:- 7KHXZV 7KH
0HURYLQJLDQ FHPHWHU\ RI %HUJHLMN)D]DQWODDQ
%RQQ 0HURYLQJLDQ $UFKDHRORJ\ LQ WKH /RZ
&RXQWULHV
+DDV*HEKDUG % 8QWHUKDFKLQJ (LQ
*UDEJUXSSHGHU=HLWXPQ&KUEHL0QFKHQ
0QFKHQ
+DDVWHU + YDQ %RWDQLVFK HQ FKHPLVFK
RQGHU]RHN DDQ HHQ HHHXZVH ODNHQYHUYHULM LQ
*RXGD=DDQGDP%,$;LDDO
+lJJ , 9LNLQJ:RPHQ¶V 'UHVV DW %LUND$
5HFRQVWUXFWLRQ E\ $UFKDHRORJLFDO 0HWKRGV LQ
1%+DUWH .*3RQWLQJ&ORWKDQG&ORWKLQJLQ
0HGLYDO(XURSH(VVD\VLQ0HPRU\RI3URIHVVRU
(0&DUXV:LOVRQ/RQGRQ
+lJJ , 'LH 7H[WLOIXQGH DXV GHP KDIHQ
YRQ +DLWKDEX 1HXPQVWHU %HULFKWH EHU GLH
$XVJUDEXQJHQLQ+DLWKDEX%HULFKW
+lJJ , 'LH 7H[WLOIXQGH DXV GHP +DIHQ
YRQ +DLWKDEX %HVFKUHLEXQJ XQG *OLHGHUXQJ
1HXPQVWHU%HULFKWHEHUGLH$XVJUDEXQJHQLQ
+DLWKDEX%HULFKW
+lJJ , )ULHVLVFKH 7XFK LQ * -DDFNV . 7LGRZ HGV $UFKlHRORJLVFKH 7H[WLOIXQGH
± $UFKDHRORJLFDO 7H[WLOHV 7H[WLOV\PSRVLXP
1HXPQVWHU1(6$791HXPQVWHU
+DOG 0 2OGGDQVNH WHNVWLOHU 1RUGLVNH
)RUWLGVPLQGHU%G9.¡EHQKDYQ
+DOG0$QFLHQW'DQLVKWH[WLOHVIURPERJV
DQGEXULDOVDFRPSDUDWLYHVWXG\RIFRVWXPHDQG
,URQ$JHWH[WLOHV&RSHQKDJHQ
+DOVDOO*6HWWOHPHQWDQGVRFLDORUJDQL]DWLRQ
7KH0HURYLQJLDQUHJLRQRI0HW]&DPEULGJH
+DPPDUOXQG / +DQGLFUDIW NQRZOHGJH
DSSOLHG WR DUFKDHRORJLFDO WH[WLOHV 7KH 1RUGLF
7H[WLOH-RXUQDO
+DPPDUOXQG / .9HVWHUJDDUG 3HWHUVHQ
7H[WLOH DSSHDUDQFH DQG YLVXDO LPSUHVVLRQ ±
&UDIWNQRZOHGJH DSSOLHG WR DUFKDHRORJLFDO
WH[WLOHV LQ$ 5DVW (LFKHU 5 :LQGOHU HGV 1(6$7 ,; $UFKlRORJLVFKH 7H[WLOIXQGH ±
$UFKDHRORJLFDOWH[WLOHV
+DPPDUOXQG / + .LUMDYDLQHQ . 9HVWHUJnUG
3HGHUVHQ 0 9HGHOHU 9LVXDO WH[WLOHV
D VWXG\ RI DSSHDUDQFH DQG YLVXDO LPSUHVVLRQ LQ
DUFKDHRORJLFDOWH[WLOHVLQ51HWKHUWRQ *5
2ZHQ&URFNHU HG 0HGLHYDO FORWKLQJ DQG
WH[WLOHV
+DSHUHQ 0& YDQ 5HVW LQ SLHFHV DQ
LQWHUSUHWLYH PRGHO RI HDUO\ PHGLHYDO µJUDYH
UREEHU\¶ 0HGLHYDO DQG 0RGHUQ 0DWWHUV YRO
±
+lUNH+µ:DUULRUJUDYHV¶"7KHEDFNJURXQG
RIWKH$QJOR6D[RQZHDSRQEXULDOULWH3DVWDQG
3UHVHQW
+DUULQJWRQ 6 &ORWK LQ FRQWH[W WKH
WH[WLOH IUDJPHQWV IURP WKH HDUO\ $QJOR6D[RQ
LQKXPDWLRQ EXULDOV RI (DVW .HQW (QJODQG LQ
5DVW(LFKHU$ 5 :LQGOHU$UFKlHRORJLVFKH
7H[WLOIXQGH $UFKDHRORJLFDO 7H[WLOHV 1HVDW ,;
+DUULQJWRQ 6 $VSHFWV RI *HQGHU ,GHQWLW\
DQG&UDIW3URGXFWLRQLQWKH(XURSHDQ0LJUDWLRQ
3HULRG ,URQ :HDYLQJ %HDWHUV DQG $VVRFLDWHG
7H[WLOH0DNLQJ7RROVIURP(QJODQG1RUZD\DQG
$ODPDQQLD%$5,QW6HULHV2[IRUG
+DUULV 6 ([SORULQJ WKH 0DWHULDOLW\ RI
3UHKLVWRULF FORWK W\SHV LQ 3 &XQQLQJKDP -
+HHE 5 3DDUGHNRRSHU HGV ([SHULHQFLQJ
$UFKDHRORJ\E\([SHULPHQW2[IRUG
+DUULV 6 6PRRWK DQG &RRO RU :DPU DQG
6RIW ,QYHVWLJDWLQJ WKH 3URSHUWLHV RI &ORWK LQ
3UHKLVWRU\LQ($QGHUVVRQ6WUDQG0*OHED8
0DQQHULQJ&0XQNKROW 05LQJJDDUGHGV
1RUWK(XURSHDQ6\PSRVLXP)RU$UFKDHRORJLFDO
7H[WLOHV;
+D\H$ GH OD (:LOVRQ HGV 'H¿QLQJ
'UHVV 'UHVV DV REMHFW PHDQLQJ DQG LGHQWLW\
0DQFKHVWHU
+HGHDJHU.UDJ$5HFRQVWUXFWLRQRID9LNLQJ
PDJQDWHGUHVV,Q*-DDFNV .7LGRZHGV
7H[WLOV\PSRVLXP1HXPQVWHU1(6$7
1HXPQVWHU
+HHUHQ6 7+D]HQEHUJ9RRUQDPHGDPHV
VWRHUHVROGDWHQHQHHQYRXGLJHOLHGHQ%HJUDYLQJHQ
HQ QHGHU]HWWLQJVVSRUHQ XLW KHW 1HROLWKLFXP GH
ODDW5RPHLQVHWLMGHQ0LGGHOHHXZHQWH:LMFKHQ
&HQWUXP /HLGHQ +D]HQEHUJ $UFKHRORJLVFKH
6HULH
+HQGULNV-(HQ0HURYLQJLVFKJUDIYHOGLQKHW
/HQWVHYHOGWH1LMPHJHQ1RRUG(YDOXDWLHHQ
VHOHFWLHUDSSRUW1OD1LMPHJHQ$UFKHRORJLVFKH
%HULFKWHQ1LMPHJHQ%ULHIUDSSRUW
+HQU\3$7H[WLOHVDVLQGLFHVRIODWH6D[RQ
VRFLDO G\QDPLFV ,Q / %HQGHU -¡UJHQVHQ &
5LQDOGRHGV7H[WLOHVLQ(XURSHDQ$UFKDHRORJ\
5HSRUWIURPWKHWK1(6$76\PSRVLXPWK
PD\LQ%RUnV*|WHERUJ
+HQU\ 3$ :KR SURGXFHG WKH WH[WLOHV"
&KDQJLQJ JHQGHU UROHV LQ ODWH 6D[RQ WH[WLOH
SURGXFWLRQWKHDUFKDHRORJLFDODQGGRFXPHQWDU\
HYLGHQFH,Q)3ULWFKDUG -3:LOGHGV1RUWK
(XURSHDQ7H[WLOHV1(6$72[IRUG
+RXJHQ % 6QDUWHPRIXQQHQH 6WXGLHU
, IRONHYDQGULQJVWLGHV RUQDPHQWLNN RJ
WHNVWLOKLVWRULH1RUVNH2OGIXQQ9,,2VOR +XLVNHV%(HXZLJHUXVWRSGH'RQGHUEHUJ
(HQ JURRW YURHJPLGGHOHHXZV JUDIYHOG ELM
5KHQHQ/HLGHQ
+XLVPDQ '- HG 'HJUDGDWLRQ RI
DUFKDHRORJLFDOUHPDLQV'HQ+DDJ
+XQGW +- 'LH 7H[WLOLHQ DXV GHQ
*UlEHUQ LQ 5 &KULVWOHLQ 'DV $ODPDQQLVFKH
5HLKHQJUlEHUIHOG YRQ 0DUNWREHUGRUI LQ$OOJlX
+XQGW +- 'LH 7H[WLOUHWH DXV GHP
5HLKHQJUlEHUIULHGKRI YRQ 'RQ]GRUI LQ (0
1HXIIHU'HU5HLKHQJUlEHUIULHGKRIYRQ'RQ]GRUI
6WXWWJDUW )RUVFKXQJHQ XQG %HULFKWH ]9RU XQG
)UKJHVFKLFKWH LQ %DGHP:UWHPEHUJ
+XQGW+-'LH7H[WLOXQG6FKQXUUHVWHDXV
GHU)UKJHVFKLFKWOLFKHQ:XUW(OLVHQKRI6WXGLHQ
]XU .VWHQDUFKlRORJLH 6FKOHVZLJ+ROVWHLQV
6HULH$(OLVHQKRIGLH(UJHEQLVVHGHU$XVJUDEXQJ
GHU)UKJHVFKLFKWOLFKHQ0DUVFKHQVLHGOXQJEHLP
(OLVHQKRI LQ (LGHUVWHGW XQG
%DQG)UDQNIXUWDP0DLQ
,QJVWDG$6 7KH )XQFWLRQDO 7H[WLOHV IURP
WKH 2VHEHUJ VKLS LQ / %HQGHU -¡UJHQVHQ DQG
. 7LGRZ HGV 7H[WLOV\PSRVLXP 1HXPQVWHU
$UFKlRORJLVFKH 7H[WLOIXQGH
1HXPQVWHU
,QJVWDG $6 %UXNVWHNVWLOHQH LQ $
&KULVWHQVHQ 01RFNHUWHGV2VHEHUJIXQQHW
%LQG,97HNVWLOHQH2VOR
-DQDZD\ 5& 7KH SUHVHUYDWLRQ RI RUJDQLF
PDWHULDOV LQ DVVRFLDWLRQ ZLWK PHWDO DUWLIDFWV
GHSRVLWHG LQ LQKXPDWLRQ JUDYHV LQ $
%RGGLQJWRQ$1*DUODQG 5&-DQDZD\HGV
'HDWKGHFD\DQGUHFRQVWUXFWLRQ$SSURDFKHVWR
DUFKDHRORJ\ DQG IRUHQVLF VFLHQFH 0DQFKHVWHU
8QLYHUVLW\0DQFKHVWHU
.DQLD.7KH6SLQQLQJ([SHULPHQWLQÀXHQFHV
RQ \DUQ LQ VSLQQLQJ ZLWK D KDQGVSLQGOH LQ +
+RSNLQVHG$QFLHQW7H[WLOHV0RGHUQ6FLHQFH
5HFUHDWLQJ 7HFKQLTXHV 7KURXJK ([SHULPHQW
3URFHHGLQJV RI WKH )LUVW DQG 6HFRQG (XURSHDQ
7H[WLOH)RUXPDQG
.DUV 0 $ &XOWXUDO 3HUVSHFWLYH RQ
0HURYLQJLDQ %XULDO &KURQRORJ\ DQG WKH *UDYH
*RRGVIURPWKH9ULMWKRIDQG3DQGKRI&HPHWHULHV
LQ0DDVWULFKW$PVWHUGDP
.DUV05HFRQVLGHULQJWKH3UH%XULDO/LIH
RI *UDYH *RRGV 7RZDUGV D 5HQHZHG 'HEDWH
RQ (DUO\ 0HGLHYDO %XULDO &KURQRORJ\ RQ WKH
&RQWLQHQW0HGLHYDODQG0RGHUQ0DWWHUV
.RFK $ %JHO¿EHOQ GHU 0HURZLQJHU]HLW
LP ZHVWOLFKHQ )UDQNHQUHLFK 0DLQ] 5|PLVFK
*HUPDQLVFKHV=HQWUDOPXHXP0RQRJUDSKLHQ .QRO ( 'H 1RRUGQHGHUODQGVH NXVWODQGHQ
LQGH9URHJH0LGGHOHHXZHQ$PVWHUGDP'LVV
9ULMH8QLYHUVLWHLW$PVWHUGDP
.QRO ( $& %DUGHW : 3UXPPHO
3URIHVVRU YDQ *LIIHQ HQ KHW JHKHLP YDQ GH
ZLHUGHQ9HHQGDP*URQLQJHQ
.QRO ( : 3UXPPHO +7 8\WWHUVFKDXW 0/3
+RRJODQG :$ &DVSDULH *- GH /DQJHQ
( .UDPHU - 6FKHOYLV 7KH (DUO\
PHGLHYDOFHPHWHU\RI2RVWHUEHLQWXP)ULHVODQG
3DODHRKLVWRULD
/HEHFT60DUFKDQGVHWQDYLJDWHXUVIULVRQV
GXKDXW0R\HQ$JHYRO&RUSXVGHVVRXUFHV
pFULWHV/LOOH
/HHQH -( %HVFKULMYLQJ YDQ HQNHOH
.DUROLQJLVFKH WH[WLHOUHVWHQ JHYRQGHQ ELM
GH RSJUDYLQJ RQGHU GH $EGLM WH 0LGGHOEXUJ
%HULFKWHQ YDQ GH 5LMNVGLHQVW YRRU KHW
RXGKHLGNXQGLJ%RGHPRQGHU]RHN
0DJRXOD 2 8VDJH DQG PHDQLQJ RI HDUO\
PHGLHYDO WH[WLOHV $ VWUXFWXUDO DQDO\VLV RI
YHVWLPHQWDU\ V\VWHPV LQ )UDQFLD DQG $QJOR
6D[RQ(QJODQG8QLYHUVLW\RI%LUPLQJKDP
0DQQHULQJ 8 7KH WH[WLOHV IURP 1¡UUH
6DQGHJnUG9HVW LQ / -¡UJHQVHQ $ 1¡UJnUG
-¡UJHQVHQ 1¡UUH 6DQGHJnUG 9HVW $ &HPHWHU\
IURP WKH WKWK &HQWXULHV RQ %RUQKROP
1RUGLVNH )RUWLGVPLQGHU 6HULH % YRO
.¡EHQKDYQ
0DQQHULQJ 8 4XHVWLRQV DQG $QVZHUV
RQ 7H[WLOHV DQG WKHLU )LQG 6SRWV 7KH 0RQV
&ODXGLDQXV 7H[WLOH 3URMHFW LQ 6 6FKUHQN HG 7H[WLOHV LQ 6LWX7KHLU )LQG 6SRWV LQ (J\SW DQG
1HLJKERXULQJ&RXQWULHVLQWKH)LUVW0LOOHQQLXP
&(5LJJLVEHUJ±
0DQQHULQJ8,FRQRJUDSK\DQG&RVWXPHIURP
WKH/DWH,URQ$JHLQ6FDQGLQDYLDLQ0*OHED
&0XQNKROW 0/1RVFKHGV'UHVVLQJWKH
SDVW2[IRUG$QFLHQW7H[WLOHV6HULHV9RO
0DQQHULQJ 8 * 3RVVQHUW - +HLQHPHLHU 0
*OHED 'DWLQJ 'DQLVFK WH[WLOHV DQG VNLQV
IURPERJ¿QGVE\PHDQVRI&$06-RXUQDORI
$UFKDHRORJLFDO6FLHQFHV
0DUWLQ 0 7UDGLWLRQ XQG :DQGHO GHU
¿EHOJHVFKPFNWHQ IUKPLWWHODOWHUOLFKHQ
)UDXHQNOHLGXQJ -DKUEXFK 5RPLVFK
*HUPDQLVFKHV=HQWUDOPXVHXP
0DUWLQ 0 )LEHO XQG )LEHOWUDFKW 6SlWH
9|ONHUZDQGHUXQJV]HLW XQG 0HURZLQJHU]HLW DXI
GHP .RQWLQHQW UHDOOH[LNRQ GHU *HUPDQLVFKHQ
$OWHUWXPVNXQGH +2236 EG %HUOLQ
0LHGHPD 0 7H[WLOH )LQGV IURP 'RUHVWDG
+RRJVWUDDW , DQG ,, LQ :$ YDQ (V :-+
9HUZHUV UHG ([FDYDWLRQV DW 'RUHVWDG , 7KH
+DUERXU+RRJVWUDDW,$PHUVIRRUW1HGHUODQGVH
2XGKHGHQ
0|OOHU:LHULQJ6:DUDQG:RUVKLS7H[WLOHV
IURP UG WR WK FHQWXU\ :HDSRQ 'HSRVLWLV LQ
'HQPDUNDQG1RUWKHUQ*HUPDQ\2[IRUG
0OOHU5 +6WHXHU)LEHOXQG)LEHOWUDFKW
5HDOOH[LFRQ GHU *HUPDQLVFKHQ$OWHUWXPVNXQGH
%DQGXQUHYLVHGUHSULQW 0VVHPHLHU 8 ( 1LHYHOHU 5 3OXP
+ 3|SSHOPDQQ &KURQRORJLH GHU
PHURZLQJHU]HLWOLFKHQ *UDEIXQGH YRP OLQNHU
1LHGHUUKHLQELV]XUQ|UGOLFKHQ(LIHO.|OQ
1RFNHUW 0 7KH +|JRP )LQG DQG RWKHU
0LJUDWLRQ 3HULRG 7H[WLOHV DQG &RVWXPHV LQ
6FDQGLQDYLD8PHn+|JRP,,$UFKDHRORJ\DQG
(QYLURQPHQW
1RVFK 0/ HG :HDULQJ WKH &ORDN
'UHVVLQJ WKH 6ROGLHU LQ 5RPDQ 7LPHV 2[IRUG
$QFLHQW7H[WLOHV6HULHV
1RZDN%|FN % (UKDOW XQG (UIDVVXQJ
RUJDQLVFKHU %HIXQGH LQ GHU ED\HULVFKHQ
%RGHQGHQNPDOSÀHJH LQ 6 %UDWKHU '/.UDXVH )XQGPDVVHQ ,QQRYDWLYH
6WUDWHJLHQ ]XU $XVZHUWXQJ IUKPLWWHODOWHUOLFKHU
4XHOOHQEHVWlQGH'DUPVWDGW
1RZDN%|FN% *YRQ/RR]2UJDQLVFKH
0DWHULDOLHQLQ%+DDV*HEKDUG8QWHUKDFKLQJ
(LQ *UDEJUXSSH GHU =HLW XP Q&KU EHL
0QFKHQ0QFKHQ
2ODXVVRQ'&UDIWVSHFLDOL]DWLRQDVDQDJHQWRI
VRFLDOSRZHULQWKHVRXWK6FDQGLQDYLDQ1HROLWKLF
LQ56FKLOG =6XOJRVWRZVNDHG0DQDQG
)OLQW3URFHHGLQJVRIWKH9,,WK,QWHUQDWLRQDO)OLQW
6\PSRVLXP:DUV]DZD
VWHUJnUG ( 7H[WLOIUDJPHQWHUQH IUD
0DPPHQJUDYHQLQ0,YHUVHQHG0DPPHQ
*UDY NXQVW RJ VDPIXQG , YLNLQJHWLG 9LERUJ
VWHUJnUG(:RYHQLQWRWKHHDUWK7H[WLOHV
2XGKRI -:0$$$ 9HUKRHYHQ ,6FKXXULQJ
7LHO URQG $QDO\VH YDQ YLHU
RSJUDYLQJHQLQGH7LHOVHELQQHQVWDG$PVWHUGDP
2ZHQ&URFNHU *5 'UHVV LQ $QJOR
6D[RQ (QJODQG 5HYLVHG DQG (QODUJHG (GLWLRQ
:RRGEULGJH8.%R\GHOO
3DOV -3 ,QWURGXFWLH YDQ FXOWXXUJHZDVVHQ
LQ GH 5RPHLQVH WLMG ,Q $& =HYHQ HG 'H
LQWURGXFWLH YDQ RQ]H FXOWXXUSODQWHQ HQ KXQ
EHJHOHLGHUV YDQ KHW 1HROLWKLFXP WRW $'
:DJHQLQJHQ
3DGHU (- 6\PEROLVP VRFLDO UHODWLRQ DQG
WKH LQWHUSUHWDWLRQ RI PRUWXDU\ UHPDLQV 2[IRUG
%$5,QWHUQDWLRQDO6HULHV
3DQKX\VHQ5*$0'HPRJUDSK\DQGKHDOWK
LQ HDUO\ PHGLHYDO 0DDVWULFKW 3URVRSRJUDSKLFDO
REVHUYDWLRQVRQWZRFHPHWHULHV$PVWHUGDP
3DQKX\VHQ7$60'H6LQW6HUYDDVNHUNWH
0DDVWULFKWLQGHYURHJHPLGGHOHHXZHQ9RRUORSLJ
HLQGYHUVODJ YDQ GH RSJUDYLQJHQ GRRU GH GLHQVW
6WDGVRQWZLNNHOLQJ 0DDVWULFKW LQ GH SHULRGH
%XOOHWLQ .RQLQNOLMNH 1HGHUODQGVH
2XGKHLGNXQGLJH%RQG
3DQKX\VHQ7$605RPHLQV0DDVWULFKWHQ
]LMQEHHOGHQ0DDVWULFKW9DQ*RUFXP
3DQKX\VHQ 7$60 5 GH OD +D\H
0DDVWULFKW LQ 1 *DXWKLHU % %HDXMDUG )
3UpYRW 3URYLQFH HFFOpVLDVWLTXH GH &RORJQH
*HUPDQLFD 6HFXQGD 9RO ;,, 3DULMV 'H
%RFFDUG
3HDFRFN (( D &KDUDFWHULVDWLRQ DQG
6,PXODWLRQ RI :DWHUGHJUDGHG $UFKDHRORJLFDO
7H[WLOHVDUHYLHZ,QWHUQDWLRQDO%LRGHWHULRUDWLRQ
%LRGHJUDGDWLRQ
3HDFRFN (( E %LRGHJUDGDWLRQ DQG
&KDUDFWHUL]DWLRQ RI :DWHUGHJUDGHG
$UFKHRORJLFDO 7H[WLOHV &UHDWHG IRU &QVHUYDWLRQ
5HVHDUFK ,QWHUQDWLRQDO %LRGHWHULRUDWLRQ
%LRGHJUDGDWLRQ
3pULQ 3 0 .D]DQVNL 0lQQHUNOHLGXQJ
XQG %HZDIIQXQJ LP :DQGHO GHU =HLW LQ $
:LHF]RUHN 8 .RFK & %UDXQ HGV 'LH
)UDQNHQ:HJEHUHLWHU(XURSDVYRU-DKUHQ
.|QLJ &KORGZLJ XQG VHLQH (UEHQ 0DQQKHLP
3pULQ 3 HWDO 'LH %HVWDWWXQJ LQ 6DUNRSKDJ
XQWHU GHU %DVLOLND YRQ 6DLQW'HQLV LQ (
:DPHUV 33pULQ.|QLJLQQHQGHU0HURZLQJHU
$GHOVJUlEHU DXV GHQ .LUFKHQ YRQ .|OQ
6DLQW'HQLV &KHOOHV XQG )UDQNIXUW DP 0DLQ
5HJHQVEXUJ
3OLFKW-YDQGHU:$%YDQGHU6DQGHQ$7$HUWV
+- 6WUHXUPDQ 'DWLQJ ERJ ERGLHV E\
PHDQV RI &$06 -RXUQDO RI$UFKDHRORJLFDO
6FLHQFH±
3RKO:7HOOLQJWKHGLIIHUHQFH6LJQVRIHWKQLF
LGHQWLW\ LQ 7); 1REOH HG )URP 5RPDQ
SURYLQFHV WR PHGLHYDO NLQJGRPV /RQGRQ
3RKO : *HQGHU DQG HWKQLFLW\ LQ WKH HDUO\
PLGGOH DJHV LQ / %UXEDNHU -0+ 6PLWK
HG *HQGHU LQ WKH HDUO\ PHGLHYDO ZRUOG
&DPEULGJH
3ULFH167KH9LNLQJ:D\5HOLJLRQDQG:DU
LQ/DWH,URQ$JH6FDQGLQDYLD8SVDOD
3ULWFKDUG)7H[WLOHVIURP5HFHQW([FDYDWLRQV
LQ WKH &LW\ RI /RQGRQ LQ / %HQGHU -¡UJHQVHQ
.7LGRZHGV$UFKlHRORJLVFKH7H[WLOIXQGH
7H[WLOV\PSRVLXP 1HXPQVWHU ±
1HXPQVWHU±
5DVW(LFKHU $ )UKPLWWHODOWHUOLFKH
8PKlQJH DXV )UDXHQJUlEHUQ GHU 1RUG XQG
1RUGRVWVFKZHL] LQ / %HQGHU -¡UJHQVHQ -
%DQFN%XUJHVV $ 5DVW(LFKHU 7H[WLOLHQ DXV
$UFKlHRORJLH XQG *HVFKLFKWH )HVWVFKULIW IU
.ODXV7LGRZ
5DVW(LFKHU$ 7H[WLOLHQ:ROOH 6FKDIH GHU
(LVHQ]HLWLQGHU6FKZHL]%DVHO$QWLTXD
5\GHU 0/ )OHHFH HYROXWLRQ LQ GRPHVWLF
VKHHS1DWXUH1R
5DVW(LFKHU $ D 7H[WLOLHQ 'LH 7H[WLOLHQ
/HGHU XQG ZHLWHUH RUJDQLVFKH 5HVWH ,Q .
0OOHUGLU*UlEHU*DEHQ*HQHUDWLRQHQ'HU
IUKPLWWHODOWHUOLFKH)ULHGKRIGHU)UHEHUJVWUDVVH
LQ%DDU.DQWRQ=XJ%DVHO$QWLTXD±
5DVW(LFKHU $ E *DUPHQWV IRU D TXHHQ
¿UVW UHVXOWV RI WKH QHZ LQYHVWLJDWLRQ RQ WKH
PHURZLQJLDQ JUDYH RI 4XHHQ $UQHJXQGLV LQ
($QGHUVVRQ 6WUDQG 0 *OHED 8 0DQQHULQJ
& 0XQNKROW 0 5LQJJDDUG HGV 1RUWK
(XURSHDQ 6\PSRVLXP IRU $UFKDHRORJLFDO
7H[WLOHV;2[IRUG
5DVW(LFKHU$7H[WLOLHQ/HGHUXQGZHLWHUH
RUJDQLVFKH5HVWH,Q5:LQGOHU(LQ*UlEHUIHOG
GHV-DKUKXQGHUWVEHL)ODDFK=ULFKXQG(JJ
=ULFKHU$UFKlRORJLH+HIW±
5DXGV]XV * 'LH =HLFKHQVSUDFKH GHU
.OHLGXQJ 8QWHUVXFKXQJHQ GHU 6\PEROLN GHV
*HZDQGHVLQGHUGHXWVFKHQ(SLNGHV0LWWHODOWHUV
+LOGHVKHLP
5HLIDUWK 1 =XU $XVVWDWWXQJ VSlWDQWLNHU
(OLWHJUlEHU DXV 6W 0D[LPLQ LQ 7ULHU 5DKGHQ
:HVWI /HLGRUI ,QWHUQDWLRQDOH $UFKlRORJLH EG
5RDFK+LJJLQJV 0( -% (LFKHU 'UHVV
DQG ,GHQWLW\ LQ 0( 5RDFK+LJJLQJV -%
(LFKHU ..3 -RKQVRQ 'UHVV DQG ,GHQWLW\
5RRLMHQ&YDQ8WUHFKWLQWKHHDUO\PHGLHYDO
SHULRG $Q DUFKDHRORJLFDO DQDO\VLV RI LWV
WRSRJUDSK\ DQG D GLVFXVVLRQ RI WKH ORFDWLRQ RI
WKH6WDWKHYLFXV0HGLHYDODQG0RGHUQ0DWWHUV
$UFKDHRORJ\ DQG 0DWHULDO &XOWXUH LQ WKH /RZ
&RXQWULHV
5\GHU 0/ )OHHFH HYROXWLRQ LQ GRPHVWLF
6DQGHQ:$%YDQGHUHG0HQVHQPRHUDV
$VVHQ±
6FDUUH&(SLORJXH&RORXUDQG0DWHULDOLW\LQ
3UHKLVWRULF6RFLHW\LQ$-RQHV *0DF*UHJRU
HG &RORXULQJ WKH 3DVW 7KH 6LJQL¿FDQFH RI
&RORXULQ$UFKDHRORJLFDO5HVHDUFK2[IRUG
6FKXEHUW * .OHLGXQJ DOV =HLFKHQ
.RSIEHGHFNXQJHQ LP 'RQDX%DONDQ5DXP
:LHVEDGHQ
6NLER -0 0% 6FKLIIHU 3HRSOH DQG
WKLQJV$EHKDYLRUDODSSURDFKWRPDWHULDOFXOWXUH
1HZ<RUN
6FKODERZ . /HLFKWYHUJlQJOLFKH 6WRIIH
DXV GHU :XUWHQJUDEXQJ +HVVHQV 3UREOHPH GHU
.VWHQIRUVFKXQJLPVGOLFKHQ1RUGVHHJHELHW
6FKODERZ . 9RU XQG )UKJHVFKLFKWOLFKH
7H[WLOIXQGH DXV GHQ Q|UGOLFKHQ 1LHGHUODQGHQ
3DODHRKLVWRULD
6FKODERZ . 7H[WLOIXQGH GHU (LVHQ]HLW LQ
1RUGGHXWVFKODQG1HXPQVWHU
6LHJPOOHU $ 'LH $XVJUDEXQJHQ DXI
GHU IUKPLWWHODOWHUOLFKHQ :XUW +HVVHQV LQ
:LOKHOPVKDYHQ6LHGOXQJVXQG:LUWVFKDIWVZHLVH
LQGHU0DUVFK5DKGHQ6WXGLHQ]XU/DQGVFKDIWV
XQG 6LHGOXQJVJHVFKLFKWH LP VGOLFKHQ
1RUGVHHJHELHW
6LHJPOOHU $ /HLFKHQWFKHU XQG
)HGHUVWUHXXQJHQ 'DV IUKPLWWHODOWHUOLFKH
*UlEHUIHOG YRQ 'XQXP 2VWIULHVODQG DOV
6SLHJHO SROLWLVFKUHOLJL|VHU :DQGOXQJHQ
GHV -DKUKXQGHUWV LP .VWHQUDXP LQ
7$60 3DQKX\VHQ HG 7UDQVIRUPDWLRQV
LQ 1RUWK:HVWHUQ (XURSH $'
6DFKVHQV\PSRVLXP LQ 0DDVWULFKW 1HXH
6WXGLHQ]XU6DFKVHQIRUVFKXQJ
6LHJPXQG ) .OHLGXQJ XQG %HZDIIHQXQJ
GHU 0lQQHU LP |VWOLFKHQ )UDQNUHLFK LQ $
:LHF]RUHN 8 .RFK & %UDXQ HGV 'LH
)UDQNHQ:HJEHUHLWHU(XURSDVYRU-DKUHQ
.|QLJ &KORGZLJ XQG VHLQH (UEHQ 0DQQKHLP
6LHJPXQG ) 0HURZLQJHU]HLW DP
1LHGHUUKHLQ'LH)UKPLWWHODOWHUOLFKHQ)XQGHDXV
GHP5HJLHUXQJVEH]LUN'VVHOGRUIXQGGHP.UHLV
+HLQVEHUJ.|OQ
6RHWHUV*+HWJUDIYHOGLQGH3DQGKRIYDQGH
6W6HUYDDVNHUNWH0DDVWULFKW0DDVWULFKW
6WDXIIHU$'LHPLWWHODOWHUOLFKHQ7H[WLOLHQYRQ
6W6HUYDWLXVLQ0DDVWULFKW5LJJLVEHUJ6FKULIWHQ
GHU$EHJJ6WLIWXQJ%HUQ%G
6WRQH*3$SSHDUDQFHDQGWKH6HOILQ0(
5RDFK+LJJLQJV-%(LFKHU ..3-RKQVRQ
'UHVVDQG,GHQWLW\ UHSULQWRISXEOLFDWLRQ
RI$SSHDUDQFHDQGWKH6HOILQ$05RVH
HG+XPDQEHKDYLRXUDQGWKHVRFLDOSURFHVVHV
$QLQWHUDFWLRQLVWDSSURDFK1HZ<RUN 6WUDXȕ (* 6WXGLHQ ]XU )LEHOWUDFKW GHU
0HURZLQJHU]HLW %RQQ 8QLYHUVLWlWVIRUVFKXQJHQ
]XUSUlKLVWRULVFKHQDUFKDRORJLHEDQG 6XPQHU*5RPDQ0LOLWDU\'UHVV6WURXG
6ZLIW (9 'UHVV $FFHVVRULHV &XOWXUH DQG
,GHQWLW\ LQ WKH /DWH 5RPDQ 3HULRG $QWLTXLWH
7DUGLYH
7DD\NH ( 'LH HLQKHLPLVFKH .HUDPLHN GHU
Q|UGOLFKHQ 1LHGHUODQGH Y&KU ELV
Q&KU3K'WKHVLV*URQLQJHQ
7D\ORU / (VWDEOLVKLQJ GUHVV KLVWRU\
0DQFKHVWHU
7HQW:-YDQ *YDQ+DDII'HRSJUDYLQJHQ
ELM2XG/HXVGHQ)OHKLWHQRDSULO
7HQW :- YDQ $UFKHRORJLVFKH NURQLHN YDQ
GH SURYLQFLH 8WUHFKW RYHU GH MDUHQ
8WUHFKW
7KHXZV ) &KDQJLQJ VHWWOHPHQW SDWWHUQV
EXULDO JURXQGV DQG WKH V\PEROLF FRQVWUXFWLRQ
RI DQFHVWRUV DQG FRPPXQLWLHV LQ WKH ODWH
0HURYLQJLDQVRXWKHUQ1HWKHUODQGVLQ&)DEHFK
- 5LQJWYHG 6HWWOHPHQW DQG /DQGVFDSH
3URFHHGLQJVRIDFRQIHUHQFHLQcUKXV'HQPDUN
0D\0RHVJDUG
7KHXZV )&:- 0DDVWULFKW DV D FHQWUH RI
SRZHULQWKHHDUO\0LGGOH$JHVLQ0GH-RQJ )&:-7KHXZV7RSRJUDSKLHVRISRZHULQWKH
HDUO\ 0LGGOH$JHV 9RO /HLGHQ %ULOO
7KHXZV)&:-'HVOHXWHOYDQ6LQW6HUYDDV
8LWZLVVHOLQJ UHOLJLH LGHQWLWHLW HQ FHQWUDOH
SODDWVHQLQGH9URHJH0LGGHOHHXZHQ$PVWHUGDP
9RVVLXVSHUV8Y$
7KHXZV ) *UDYH JRRGV HWKQLFLW\ DQG WKH
UKHWRULFRIEXULDOULWHVLQ/DWH$QWLTXH1RUWKHUQ
*DXOLQ7'HUNV 15R\PDQVHGV(WKQLF
FRQVWUXFWV LQ $QWLTXLW\ 7KH UROH RI SRZHU DQG
WUDGLWLRQ$PVWHUGDP
7KHXZV ) (DUO\ PHGLHYDO WUDQVIRUPDWLRQV
DULVWRFUDWVDQGGZHOOHUVLQWKHSDJXV7H[DQGULD
$SXEOLFDWLRQSURJUDPPH0HGLHYDODQG0RGHUQ
0DWWHUV$UFKDHRORJ\DQG0DWHULDO&XOWXUHLQWKH
/RZ&RXQWULHV
7KHXZV )&:- 'H ERHU HQ GH NRQLQJ LQ
YURHJPLGGHOHHXZV1RRUGZHVW(XURSD/HLGHQ
7KHXZV ) 0 YDQ +DSHUHQ 7KH
0HURYLQJLDQ FHPHWHU\ RI %HUJHLMN)D]DQWODDQ
%RQQ 0HURYLQJLDQ $UFKDHRORJ\ LQ WKH /RZ
&RXQWULHV,
7KHXZV ) 0 .DUV HG LQ SUHVV 7KH 6DLQW
6HUYDWLXV FRPSOH[ LQ 0DDVWULFKW 7KH 9ULMWKRI
H[FDYDWLRQV5RPDQLQIUDVWUXFWXUH±
0HURYLQJLDQFHPHWHU\±(DUO\WRZQGHYHORSPHQW
%RQQ 0HURYLQJLDQ $UFKDHRORJ\ LQ WKH /RZ
&RXQWULHV
7LGRZ . )UKJHVFKLFKWOLFKH :ROOJHZHEH
DXV 1RUGGHXWVFKODQG ± LKUH 9HUEUHLWXQJ XQG
+HUVWHOOXQJ 2OGHQEXUJ $UFKlRORJLVFKH
0LWWHLOXQJHQDXV1RUGZHVWGHXWVFKODQG%HLJKHIW
7LGRZ . 7H[WLOWHFKQLVFKH 8QWHUVXFKXQJHQ
DQ :ROOJHZHEHIXQGHQ DXV IULHVLVFKHQ
:XUWHQVLHGOXQJHQ YRQ GHU 0LWWH GHV ELV ]XU
0LWWHGHV-KVXQG9HUJOHLFKHPLW*UDEXQG
6LHGOXQJVIXQGHQ DXV GHP Q|UGOLFKHQ (XURSD
3UREOHPH GHU .VWHQIRUVFKXQJ LP VGOLFKHQ
1RUGVHHJHELHW
7LGRZ . 3 6FKPLG )UKPLWWHODOWHUOLFKH
7H[WLOIXQG DXV GHU :XUW +HVVHQV 6WDGW
:LOKHOPVKDYHQ XQG GHP *UlEHUIHOG YRQ
'XQXP.UHLV)ULHVODQGXQGLKUHDUFKlRORJLVFKH
%HGHXWXQJ 3UREOHPH GHU .VWHQIRUVFKXQJ LP
VGOLFKHQ1RUGVHHJHELHW%G
7R\QEHH -0& $ 5RPDQ " KHDG DW
'XPIULHV 7KH -RXUQDO RI 5RPDQ 6WXGLHV
±
8INHV$ -6FKRQHYHOG(HQDUFKHRORJLVFK
RQGHU]RHNLQGHWHUS]RRO%HUJ6LRQELM'RNNXP
JHP'RQJHUDGHHO)ULHVODQG*URQLQJHQ$5&
SXEOLFDWLHV
8OOHPH\HU 5 .7LGRZ 7H[WLO XQG
/HGHUIXQGH GHU *UDEXQJ )HGGHUVHQ :LHUGH
,Q : +DDUQDJHO (LQ]HOXQWHUVXFKXQJHQ ]XU
)HGGHUVHQ :LHUGH :LHVEDGHQ )HGGHUVHQ
:LHUGH
9DOOHW ) :HLEOLFKH 0RGH LP :HVWWHLO
GHV PHURZLQJLVFKHQ .|QLJVUHLFKHV LQ $
:LHF]RUHN 8 .RFK & %UDXQ HGV 'LH
)UDQNHQ:HJEHUHLWHU(XURSDVYRU-DKUHQ
.|QLJ &KORGZLJ XQG VHLQH (UEHQ 0DQQKHLP
9HGHOHU0 /%HQGHU-¡UJHQVHQ2XWRIWKH
1RUZHJLDQJODFLHUV/HQGEUHHQ±DWXQLFIURPWKH
HDUO\¿UVWPLOOHQQLXP$'$QWLTXLW\
9HUZHUV:-+1RUWK%UDEDQWLQ5RPDQDQG
(DUO\0HGLHYDO7LPHV$PVWHUGDP
9LHUFN + D 7UDFKWHQNXQGH XQG
7UDFKWHQJHVFKLFKWH LQ GHU 6DFKVHQ)RUVFKXQJ
LKUH4XHOOHQ=LHOHXQG0HWKRGHQLQ&$KUHQV
HG6DFKVHQXQG$QJHOVDFKVHQ+DPEXUJ
9LHUFN + E 'LH DQJOLVFKHQ )UDXHQWUDFKW
LQ &$KUHQV HG 6DFKVHQ XQG$QJHOVDFKVHQ
+DPEXUJ
9LHUFN + F =XU $QJHOVDFKVLVFKHQ
)UDXHQWUDFKW LQ & $KUHQV HG 6DFKVHQ XQG
$QJHOVDFKVHQ+DPEXUJ
9RQV&RPLV 6< (HQ QLHXZH UHFRQVWUXFWLH
YDQ GH NOHGLQJ YDQ GH µSULQVHV YDQ =ZHHOR¶
1LHXZH'UHQWVH9RONVDOPDQDN
:DJQHU$ -<SH\HGV'DV*UlEHUIHOG
DXI GHP 'RQGHUEHUJ EHL 5KHQHQ .DWDORJ
/HLGHQ
:DOWRQ3'\HVDQGZRROVLQ,URQ$JHWH[WLOHV
IURP 1RUZD\ DQG 'HQPDUN -RXUQDO RI 'DQLVK
$UFKDHRORJ\
:DOWRQ37H[WLOHVFRUGDJHDQGUDZ¿EUHIURP
&RSSHUJDWH/RQGRQ7KH$UFKDHRORJ\RI
<RUN
:DOWRQ3 *(DVWZRRG$EULHIJXLGHWRWKH
FDWDORJXLQJRIDUFKDHRORJLFDOWH[WLOHV<RUN
:DOWRQ5RJHUV37KHUDZPDWHULDOVRIWH[WLOHV
IURP QRUWKHUQ *HUPDQ\ DQG WKH 1HWKHUODQGV
3UREOHPH GHU .VWHQIRUVFKXQJ LP VGOLFKHQ
1RUGVHHJHELHW
:DOWRQ5RJHUV37H[WLOHSURGXFWLRQDW
&RSSHUJDWH7KH$UFKDHRORJ\RI<RUN$<
<RUN
:DOWRQ5RJHUV3&ORWKDQG&ORWKLQJLQ(DUO\
:DOWRQ 5RJHUV 3 XQSXEOLVKHG 7KH UDZ
PDWHULDOV RI WH[WLOHV IURP WKH 'XWFK WHUSHQ
XQSXEOLVKHG UHSRUW RQ EHKDOI RI 8QLYHUVLW\
/HLGHQ<RUN
:DPHUV ( 3 3pULQ .|QLJLQQHQ GHU
0HURZLQJHU $GHOVJUlEHU DXV GHQ .LUFKHQ YRQ
.|OQ 6DLQW'HQLV &KHOOHV XQG )UDQNIXUW DP
0DLQ5HJHQVEXUJ
:HOOV 36 ,PDJH DQG 5HVSRQVH LQ (DUO\
(XURSH/RQGRQ
:HOOV 36 +RZ DQFLHQW (XURSHDQV VDZ WKH
ZRUOG YLVLRQ SDWWHUQV DQG WKH VKDSLQJ RI WKH
PLQGLQSUHKLVWRULFWLPHV:RRGVWRFN
:LOG -3 D &ORWKLQJ LQ WKH 1RUWK:HVW
3URYLQFHV RI WKH 5RPDQ (PSLUH %RQQHU
-DKUEFKHU GHV 5KHLQLVFKHQ /DQGHVPXVHXPV LQ
%RQQ±
:LOG -3 E 'LH )UDXHQWUDFKW GHU 8ELHU
*HUPDQLDQR±
:LOG-37H[WLOHPDQXIDFWXUHLQWKHQRUWKHUQ
5RPDQSURYLQFHV&DPEULGJH
:LOG -3 :' &RRNH / )DQJ /X
9LQGRODQGD VRPH UHVXOWV RI WKH /HYHUKXOPH
7UXVWSURJUDPPH,Q/%HQGHU-¡UJHQVHQ &
5LQDOGRHGV7H[WLOHVLQ(XURSHDQDUFKDHRORJ\
5HSRUWIURPWKHWK1(6$76\PSRVLXPWK
0D\LQ%RUnV*|WHERUJ
:LOOHPVHQ $ *RXGHQ PLGGHOHHXZHQ
1HGHUODQGLQGHPHURYLQJLVFKHZHUHOG
QD&KU=XWSKHQ
:LOOLDPV+5HYLHZDUWLFOH5HWKLQNLQJHDUO\
PHGLHYDOPRUWXDU\DUFKDHRORJ\(DUO\0HGLHYDO
(XURSH
:LQFRWW+HFNHWW(9LNLQJ$JHKHDGFRYHULQJV
IURP 'XEOLQ 'XEOLQ 0HGLHYDO 'XEOLQ
([FDYDWLRQV6HULHV%
<SH\ - 'LH )XQGH DXV GHP
IUKPLWWHODOWHUOLFKHQ *UlEHUIHOG +XLQHUYHOG EHL
3XWWHQLP0XVHXP1DLUDFLQ%DUQHYHOG%52%
=HOOHU*7UDFKWGHU)UDXHQLQ$:LHF]RUHN
8 .RFK & %UDXQ HGV 'LH )UDQNHQ ±
:HJEHUHLWHU (XURSDV 9RU -DKUHQ .|QLJ
&KORGZLJXQGVHLQH(UEHQ0DQQKHLP
=LPPHUPDQ-$(LQ7H[WLOIXQGDXVGHU
'RUIZXUW8OUXP$SSHQGL[ELM+$*URHQHQGLMN
'RUIZXUW 8OUXP 'H 0DUQH 3URY *URQLQJHQ
HLQH )XQGEHUJXQJ LP -DKUH DOV$QUHJXQJ
]XU %HQXW]XQJ K\GURORJLVFKHU 0HVVGDWHQ EHL
GHU (UKDOWXQJ YRQ *URVVZXUWHQ 3DODHRKLVWRULD
=LPPHUPDQ -$ 7ZR HDUO\ PHGLHYDO FDSV
IURP WKH GZHOOLQJ PRXQGV 5DVTXHUW DQG /HHQV
LQ *URQLQJHQ 3URYLQFH WKH 1HWKHUODQGV LQ (
$QGHUVVRQ 6WUDQG 0 *OHED 8 0DQQHULQJ &
0XQNKROW 05LQJJDDUGHG1RUWK(XURSHDQ
V\PSRVLXP IRU DUFKDHRORJLFDO WH[WLOHV ;