Public support for Vigilantism Haas, N.E.

Citation

Haas, N. E. (2010, November 23). Public support for Vigilantism.

Netherlands Institute for the Study of Crime and Law Enforcement (NSCR), Leiden. Retrieved from https://hdl.handle.net/1887/16171

Version: Not Applicable (or Unknown)

License: Licence agreement concerning inclusion of doctoral thesis in the Institutional Repository of the University of Leiden

Downloaded from: https://hdl.handle.net/1887/16171

Note: To cite this publication please use the final published version (if applicable).

7HVWLQJWKHSURSRVLWLRQV





 ,QWURGXFWLRQ

,QWKLVFKDSWHUZHSUHVHQWWKHÀQGLQJVRI WKHHPSLULFDOVWXG\WKDWZDVSLORWHGLQ&KDSWHU

,QWKLVVWXG\ZHWHVWERWKWKHFRQÀGHQFHK\SRWKHVLVDQGWKHVLWXDWLRQK\SRWKHVLVZKLOH

XVLQJMXVWZRUOGWKHRU\DVDWRROWRSUHGLFWDQGPHDVXUHSXEOLFVXSSRUWIRUYLJLODQWLVP

3DUW,RI WKHVWXG\LVDQRSHUDWLRQDOL]DWLRQRI WKH%-:YLJLODQWLVPHYHQWVHTXHQFH

DQGFRQVLVWVRI YLJQHWWHVDQGFRUUHVSRQGLQJTXHVWLRQQDLUHLWHPV3DUW,,FRQVLVWVRI  IRXUDWWLWXGHPHDVXUHV*HQHUDOVXSSRUWIRUYLJLODQWLVP%-:2WKHUV*HQHUDOFRQFHUQ

RYHUFULPHDQG&RQÀGHQFHLQWKHFULPLQDOMXVWLFHV\VWHP:HVWDUWRII ZLWKDGHVFULSWLRQ

RI  WKH RQOLQH SDQHO WKDW ZDV XVHG IRU WKH GDWD FROOHFWLRQ DQG GHVFULEH WKH UHVXOWLQJ

VDPSOH7KLVLVIROORZHGE\VFDOHFRQVWUXFWLRQ:HVXEVHTXHQWO\IRUPXODWHDQGWHVWRXU

K\SRWKHVHV7KHFKDSWHUHQGVZLWKDUHLWHUDWLRQRI WKHÀQGLQJVDQGDGLVFXVVLRQRI WKH

LPSOLFDWLRQV

 2QOLQHSDQHO

'DWDZHUHFROOHFWHGE\&HQW(5GDWDDPRQJDVHOHFWLRQRI PHPEHUVRI WKH/RQJLWXGLQDO

,QWHUQHW6WXGLHVIRUWKH6RFLDOVFLHQFHV/,66SDQHO^7KLVRQOLQHSDQHOFRQVLVWVRI 

KRXVHKROGVFRPSULVLQJDWRWDORI QHDUO\LQGLYLGXDOVDQGLVEDVHGRQDWUXHSUREDELOLW\

VDPSOH RI  KRXVHKROGV GUDZQ IURP WKH SRSXODWLRQ UHJLVWHU E\ 6WDWLVWLFV 1HWKHUODQGV

7KHUHIHUHQFHSRSXODWLRQLVWKH'XWFKVSHDNLQJSRSXODWLRQWKDWSHUPDQHQWO\UHVLGHVLQ

WKH1HWKHUODQGV&KLOGUHQEHORZ\HDUVRI DJHDUHH[FOXGHG+RXVHKROGVWKDWFRXOG

RWKHUZLVHQRWSDUWLFLSDWHDUHORDQHGHTXLSPHQWWRSURYLGHDFFHVVWRWKH,QWHUQHWYLDD

EURDGEDQGFRQQHFWLRQ3DQHOPHPEHUVFRPSOHWHRQOLQHTXHVWLRQQDLUHVHYHU\PRQWKRI  DERXWWRPLQXWHVLQWRWDODQGDUHSDLGIRUHDFKFRPSOHWHGTXHVWLRQQDLUH

8VLQJ WKH /,66 SDQHO DOORZHG XV WR UHDFK D UHSUHVHQWDWLYH VDPSOH RI  WKH 'XWFK

SRSXODWLRQLQWHUPVRI DJHJHQGHUHGXFDWLRQDOOHYHOHWKQLFEDFNJURXQGKRXVHKROGVL]H

DQGQXPHURXVRWKHUGHPRJUDSKLFV,WDGGLWLRQDOO\SURYLGHGWKHRSSRUWXQLW\WRVXUYH\

WKHVDPHSDUWLFLSDQWVRQWZRGLIIHUHQWRFFDVLRQVIRU3DUWV,DQG,,RI WKHVWXG\7KH

RQOLQHDVSHFWRI WKHSDQHODGGLWLRQDOO\IDFLOLWDWHGWKHUDQGRPDOORFDWLRQRI SDUWLFLSDQWV

WRWKHYDULRXVFRQGLWLRQVDQGSURYLGHGH[WUDRSWLRQVIRUWKHSUHVHQWDWLRQRI WKHVWLPXOL

DQGVXUYH\TXHVWLRQV

 )XQGLQJ IRU WKH HVWDEOLVKPHQW RI  WKH /,66 SDQHO ZDV SURYLGHG E\ WKH 1HWKHUODQGV 2UJDQL]DWLRQ IRU 6FLHQWLÀF

5HVHDUFK1:2)RUPRUHLQIRUPDWLRQDERXWWKLVSDQHOVHHZZZFHQWHUGDWDQO



 6DPSOHDQGUHSUHVHQWDWLYHQHVV

)RU3DUW,RI WKHVWXG\DSSUR[LPDWHO\KDOI RI WKH/,66SDQHOZDVDSSURDFKHG1 

LQ6HSWHPEHU$IWHUWZRUHPLQGHUVDWRWDORI SDUWLFLSDWHG\LHOGLQJ

DUHVSRQVHUDWHRI SHUFHQWIRU3DUW,^7KHVHFRQGSDUWRI WKHGDWDFROOHFWLRQWRRN

SODFHLQ2FWREHUIRUZKLFK/,66SDQHOPHPEHUVZHUHFRQWDFWHG$WRWDORI 

SDUWLFLSDWHGDIWHUWZRUHPLQGHUVKDGEHHQVHQWRXW\LHOGLQJDUHVSRQVHUDWHRI 

SHUFHQWIRU3DUW,,

2I WKHSDQHOPHPEHUVZKRFRPSOHWHG3DUW,RI WKHVXUYH\SHUFHQW1 

DOVRSDUWLFLSDWHGLQ3DUW,,$WRWDORI SDQHOPHPEHUVRQO\SDUWLFLSDWHGLQ3DUW

,,RI WKHVWXG\)RUWKHDQDO\VHVRQO\WKRVHUHVSRQGHQWVZHUHLQFOXGHGZKRSDUWLFLSDWHG

LQERWKSDUWVRI WKHVWXG\DQGZKRGLGQRWKDYHWRRPDQ\PLVVLQJYDOXHVLQHLWKHU3DUW

,RU,,7KLVUHVXOWHGLQDÀQDOVDPSOHRI UHVSRQGHQWVRI ZKRPSHUFHQWZHUH

PDOH3DUWLFLSDQWVZHUHEHWZHHQDQG\HDUVROGZLWKDPHDQDJHRI \HDUV6'

7KHSDUWLFLSDWLRQIUHTXHQFLHVDUHSUHVHQWHGLQ7DEOH

7DEOH 3DUWLFLSDWLRQIUHTXHQFLHV

1

3DUW,WRWDO 

3DUW,,WRWDO 

3DUW,DQG,, 

0LVVLQJV 

)LQDOVDPSOH 

7KH HGXFDWLRQDO OHYHOV RI  WKH VDPSOH ZHUH UHSUHVHQWDWLYH RI  WKH 'XWFK SRSXODWLRQ

7DEOHSUHVHQWVWKHDOORFDWLRQRI UHVSRQGHQWVRYHUWKHWZHOYHFRQGLWLRQV^

 'XHWRDPLVWDNHLQ&HQW(5GDWDSURJUDPPLQJUHVSRQGHQWVLQRQHFRQGLWLRQSHGHVWULDQFUDVKOHQLHQWVHQWHQFH ZHUHSUHVHQWHGZLWKWKHZURQJYLJLODQWLVPYLJQHWWH7RUHSODFHWKLVJURXSUHVSRQGHQWVZHUHUDQGRPO\VHOHFWHG

IURPWKRVHZKRKDGRQO\SDUWLFLSDWHGLQ3DUW,,DWWLWXGHPHDVXUHV7KH\ZHUHDVNHGRQHPRQWKODWHUWRSDUWLFLSDWH

LQ 3DUW , YLJQHWWHV ZKLFK \LHOGHG D UHVSRQVH UDWH RI   SHUFHQW 1   7KH IDFW WKDW WKH\ SDUWLFLSDWHG LQ

WKHRSSRVLWHRUGHUÀUVW3DUW,,WKHQ3DUW,GLGQRWDIIHFWUHVSRQVHV,QGHSHQGHQWVDPSOHVWWHVWVRQWKHHLJKW

GHSHQGHQWYDULDEOHVUHVXOWHGLQQRVLJQLÀFDQWGLIIHUHQFHVZLWKUHVSRQGHQWVZKRVHSDUWLFLSDWLRQZDVLQWKHRULJLQDO

RUGHUDOOS!

 7KHQDPHVRI WKHFRQGLWLRQVVXFKDV$$UHIHUWR7DEOHLQ&KDSWHU



7DEOH 5HVSRQGHQWGLVWULEXWLRQ

&RQGLWLRQ 7\SHRI

SUHFLSLWDWLQJFULPH

3UHFLSLWDWLQJ

RIIHQGHU·VVHQWHQFH

1

([SHULPHQWDOYLJQHWWHV

$$ 7UDIÀFDJJUHVVLRQ DFTXLWWDO 

$$ 7UDIÀFDJJUHVVLRQ OHQLHQW 

$$ 7UDIÀFDJJUHVVLRQ QRUPDO 

$$ 7UDIÀFDJJUHVVLRQ VHYHUH 

%% 3HGHVWULDQFUDVK DFTXLWWDO 

%% 3HGHVWULDQFUDVK OHQLHQW 

%% 3HGHVWULDQFUDVK QRUPDO 

%% 3HGHVWULDQFUDVK VHYHUH 

&& 6H[RIIHQVH OHQLHQW 

&& 6H[RIIHQVH VHYHUH 

&RQWUROYLJQHWWHV

%; 7UDIÀFDJJUHVVLRQ OHQLHQW 

&; 3HGHVWULDQFUDVK OHQLHQW 

7RWDO 

 6FDOHFRQVWUXFWLRQ

7R SUHSDUH IRU WKH PDLQ DQDO\VHV VXPPDWHG VFDOHV ZHUH FRQVWUXFWHG EDVHG RQ

UHVSRQVHVWRDOO/LNHUWLWHPV:HZLOOÀUVWGHVFULEHWKHVFDOHVRI 3DUW,ZKLFKDUHEDVHG

RQUHVSRQVHVWR9LJQHWWHDQG9LJQHWWH:HZLOOVXEVHTXHQWO\FRQVWUXFWVFDOHVEDVHG

RQWKHDWWLWXGHLWHPVWKDWZHUHSUHVHQWHGLQ3DUW,,RI WKHVWXG\

 3DUW,

5HDFWLRQVWR9LJQHWWHSUHFLSLWDWLQJHYHQW

,QOLQHZLWKWKHWKHRU\WKHLWHPVDERXW9LJQHWWHSUHFLSLWDWLQJFULPHZHUHVXPPDUL]HG

LQWRIRXUVXPPDWHGVFDOHVVHH7DEOH^7KHÀUVWWZRVFDOHVDUHPHDVXUHVRI WKH

DYHUVLYHVWDWHDVLQGXFHGE\WKHSUHFLSLWDWLQJHYHQWYLJQHWWH7KHÀUVWRQHFRQVLVWVRI  VWDWHPHQWVWKDWH[SUHVVHPSDWK\ZLWKWKHYLFWLPRI WKHSUHFLSLWDWLQJHYHQW7KHVHFRQG

VFDOHFRYHUVLWHPVH[SUHVVLQJRXWUDJHDWWKHSUHFLSLWDWLQJRIIHQGHU,QWKHTXHVWLRQQDLUH

UHVSRQGHQWV ZHUH JLYHQ WKH RSSRUWXQLW\ WR XVH WKUHH WHFKQLTXHV WR GHDO ZLWK WKHVH

DYHUVLYHVWDWHV7KHÀUVWWZRRSWLRQVZHUHEODPHDQGGHURJDWLRQRI WKHSUHFLSLWDWLQJ

HYHQWYLFWLPLHFRJQLWLYHZD\VWRUHGXFHWKHLQMXVWLFH7KHVHDUHVXPPDUL]HGLQRQHVFDOH

DVDFRPELQHGVWUDWHJ\7KHWKLUGRSWLRQZDVDFRJQLWLYHDWWHPSWWRUHVWRUHWKHLQMXVWLFH

E\H[SUHVVLQJGHVLUHGSXQLVKPHQWIRUWKHSUHFLSLWDWLQJRIIHQGHUDVVXPPDUL]HGLQWKH

ÀQDOVFDOH

 2QHLWHPZDVUHPRYHGGXHWRORZLWHPWRWDOFRUUHODWLRQV´:KHQUHDGLQJWKLVDUWLFOH,UHDOL]HWKDWZKDWKDSSHQHG

WR;FDQDOVRKDSSHQWRPHµ



7DEOH 5HDFWLRQVWR9LJQHWWHSUHFLSLWDWLQJHYHQWIRXUVFDOHV1 ^

6FDOH ,WHP

$YHUVLYHVWDWH

(PSDWK\SUHFLSLWDWLQJ

FULPHYLFWLP

&URQEDFK·Vơ 

0HDQ6' 

,ÀQGLWWHUULEOHZKDWKDSSHQHGWR;

,SLW\;

,IHHOIRU;

2XWUDJHDWSUHFLSLWDWLQJRIIHQGHU

&URQEDFK·Vơ 

0HDQ6' 

<·VEHKDYLRULVQRWMXVWLÀDEOHLQDQ\ZD\

<·VEHKDYLRULVPRUDOO\UHSUHKHQVLEOH ,DPDQJU\DW<

,IHHOV\PSDWK\IRU<UHYHUVHFRGHG

<·VEHKDYLRULVXQGHUVWDQGDEOHUHYHUVHFRGHG ,IHHOIRU<UHYHUVHFRGHG

&RJQLWLYHVWUDWHJLHV

%ODPHGHURJDWLRQRI SUHFLSLWDWLQJ

FULPHYLFWLP

&URQEDFK·Vơ 

0HDQ6' 

;KDVKHUVHOIKLPVHOI WRWKDQNIRUWKHFDUFROOLVLRQVH[FULPH

;LVWREODPHIRUWKHFROOLVLRQVH[FULPH

;LVXQZLVH

;LVLUUHVSRQVLEOH

;LVVWXSLG 'HVLUHGSXQLVKPHQWIRU

SUHFLSLWDWLQJRIIHQGHU

&URQEDFK·Vơ 

0HDQ6' 

<VKRXOGEHSURVHFXWHGIRUZKDWKHGLG

<VKRXOGGRSHQDQFHIRUKLVEHKDYLRU 7KHDXWKRULWLHVVKRXOGLJQRUHWKHFDUFROOLVLRQ

 VH[FULPHUHYHUVHFRGHG

<LVWREODPHIRUWKHFROOLVLRQVH[FULPH

7KH IRXU VFDOHV DUH RYHUDOO LQ OLQH ZLWK WKH VROXWLRQ RI  D SULQFLSDO D[LV IDFWRULQJ

DQDO\VLV3$)ZKLFKZDVFDUULHGRXWZLWKRXWGLVWLQJXLVKLQJEHWZHHQWKHH[SHULPHQWDO

FRQGLWLRQV^ :H GLG QHYHUWKHOHVV PRYH WKUHH LWHPV IRU WKHRUHWLFDO UHDVRQV^ 7KH

FRPSRQHQWORDGLQJVDQG(LJHQYDOXHVFDQWKHUHIRUHQRWEHUHSRUWHG

5HDFWLRQVWR9LJQHWWHVHQWHQFHYLJLODQWLVP

:HQH[WFUHDWHGVXPPDWHGVFDOHVEDVHGRQUHVSRQGHQWV·UHDFWLRQVWR9LJQHWWHZKLFK

GHVFULEHVWKHSUHFLSLWDWLQJRIIHQGHU·VVHQWHQFHDQGWKHVXEVHTXHQWDFWRI YLJLODQWLVP

)RXUVFDOHVZHUHFRQVWUXFWHGWKDWSDUDOOHOWKHIRXUSUHFLSLWDWLQJFULPHVFDOHVGHVFULEHG

 7KH&URQEDFK·VơYDOXHVLQWKHWDEOHDUHEDVHGRQWKHZKROHVDPSOHPLQXVWKHFRQWUROJURXSV7KHUHOLDELOLWLHVIRU

HDFKVHSDUDWHSUHFLSLWDWLQJYHUVLRQZHUHFRPSDUDEOHWKHORZHVW&URQEDFK·VơZDV

 7KH3$)ZDVURWDWHGREOLTXHO\DQRUWKRJRQDOURWDWLRQUHVXOWHGLQWKHVDPHVROXWLRQ5HVSRQGHQWVLQWKHFRQWURO

FRQGLWLRQV1 ZHUHH[FOXGHGDVWKH\GLGQRWDQVZHUDQ\TXHVWLRQVDERXWWKHSUHFLSLWDWLQJHYHQW

 7KLV FRQFHUQV WKH WKUHH UHYHUVH FRGHG LWHPV LQ WKH RXWUDJH VFDOH ZKLFK ZHUH RULJLQDOO\ SDUW RI  WKH GHVLUHG

SXQLVKPHQWFRPSRQHQW:HIRXQGWKHPPRUHVXLWDEOHDVSDUWRI DQDYHUVLYHVWDWHVFDOHDQGDGGHGWKHPWRWKH

2XWUDJHVFDOHVRWKDWDOOVL[LWHPVPHDVXUHSHRSOH·VUHDFWLRQVWRWKHSUHFLSLWDWLQJHYHQW



DERYH^ 7DEOH  VKRZV WKH UHVXOWLQJ IRXU VFDOHV WKDW WRJHWKHU PHDVXUH VXSSRUW IRU

YLJLODQWLVP7KHVHDUHYHU\VLPLODUWRWKH3$)VROXWLRQEXWQRWFRPSOHWHO\DVZHPRYHG

WKUHHLWHPVWRPDWFKWKHVFDOHVWRWKHSUHFLSLWDWLQJFULPHRQHV^7KH(LJHQYDOXHVDUH

WKHUHIRUHQRWUHSRUWHG^

7DEOH 5HDFWLRQVWR9LJQHWWHVHQWHQFHYLJLODQWLVPIRXUVFDOHV1 ^

6FDOH ,WHP

$YHUVLYHVWDWH

(PSDWK\YLJLODQWLVPYLFWLP

&URQEDFK·Vơ 

0HDQ6' 

,ÀQGLWWHUULEOHWKDW<ZDVEHDWHQXS ,SLW\<

,IHHOIRU<

2XWUDJHDWYLJLODQWH

&URQEDFK·Vơ 

0HDQ6' 

;·VEHKDYLRULVQRWMXVWLÀDEOHLQDQ\ZD\

;·VEHKDYLRULVPRUDOO\UHSUHKHQVLEOH ,DPDQJU\DW;

,IHHOV\PSDWK\IRU;UHYHUVHFRGHG

;·VEHKDYLRULVXQGHUVWDQGDEOHUHYHUVHFRGHG

;ZDVFRPSOHWHO\ULJKWLQEHDWLQJXS<UHYHUVHFRGHG

&RJQLWLYHVWUDWHJLHV

%ODPHGHURJDWLRQRI YLJLODQWLVPYLFWLP

&URQEDFK·Vơ 

0HDQ6' 

<KDVKLPVHOI WRWKDQNIRUWKHDVVDXOW

<LVWREODPHIRUWKHDVVDXOW

<LVVWXSLG

<LVFUD]\

<LVEDG 'HVLUHGSXQLVKPHQWIRUYLJLODQWH

&URQEDFK·Vơ 

0HDQ6' 

;VKRXOGEHSURVHFXWHGIRUZKDWKHGLG

;VKRXOGGRSHQDQFHIRUKLVEHKDYLRU

7KHDXWKRULWLHVVKRXOGLJQRUHWKHDVVDXOWUHYHUVHFRGHG

;LVWREODPHIRUWKHDVVDXOW

 3DUW,,

,QWKLVVHFWLRQZHGHVFULEHWKHVXPPDWHGVFDOHVIURP3DUW,,RI WKHVWXG\ZKLFKPHDVXUH

IRXUGLIIHUHQWDWWLWXGHV*HQHUDOFRQFHUQRYHUFULPH&RQÀGHQFHLQWKHFULPLQDOMXVWLFH

V\VWHP*HQHUDOVXSSRUWIRUYLJLODQWLVPDQG%HOLHI LQDMXVWZRUOGIRURWKHUV$OOLWHPV

ZHUHUDWHGRQDSRLQWUHVSRQVHVFDOH IXOO\GLVDJUHH IXOO\DJUHH

 7ZRLWHPVZHUHUHPRYHGGXHWRORZLWHPWRWDOFRUUHODWLRQV´:KHQUHDGLQJWKLVDUWLFOH,UHDOL]HWKDWZKDWKDSSHQHG

WR<FDQDOVRKDSSHQWRPHµDQG´;LVWKHYLFWLPRI WKHVLWXDWLRQQRWWKHRIIHQGHUµ

 7KHPRYHGLWHPVDUH´,DPDQJU\DW;µRULJLQDOO\SDUWRI WKHHPSDWK\FRPSRQHQW´<LVWREODPHIRUWKHDVVDXOWµ

DQG´;ZDVFRPSOHWHO\ULJKWLQEHDWLQJXS<µERWKRULJLQDOO\SDUWRI WKHSXQLVKPHQWFRPSRQHQW

 7KH3$)ZDVURWDWHGREOLTXHO\LQOLJKWRI WKHRUHWLFDOFRQVLGHUDWLRQVWKHRUWKRJRQDOVROXWLRQZDVYHU\VLPLODU

 7KH&URQEDFK·VDOSKDYDOXHVIRUHDFKVHSDUDWHYHUVLRQZHUHFRPSDUDEOHWKHORZHVWYDOXHZDV



*HQHUDOFRQFHUQRYHUFULPH

7KHIRXULWHPVPHDVXULQJSHRSOH·VJHQHUDOFRQFHUQRYHUFULPH*&&IRUPDUHOLDEOH

VFDOH ZKLFK ZDV VXSSRUWHG E\ D RQHIDFWRU VROXWLRQ LQ D 3$) VHH 7DEOH  $V

LQWHQGHGDGGLQJDIRXUWKLWHPKHOSHGWRLPSURYHWKHUHOLDELOLW\FI&URQEDFK·Vơ 

LQRXUÀUVWVWXG\7KHDYHUDJHUDWLQJRQWKHVFDOHVXJJHVWVWKDWRXUUHVSRQGHQWVWHQGWR

EHVRPHZKDWFRQFHUQHGDERXWFULPH

7DEOH *HQHUDOFRQFHUQRYHUFULPHFRPSRQHQWDQGORDGLQJV1 

&RPSRQHQW ,WHP /RDGLQJ

*HQHUDOFRQFHUQRYHU

FULPH ƫ 

&URQEDFK·Vơ 

0HDQ6' 

7RWDOYROXPHRI FULPHLQWKH1HWKHUODQGVKDVRYHUWKHSDVW

 \HDUVLQFUHDVHGVWURQJO\



&ULPHLVDSUREOHPWKDWFDXVHVPHJUHDWFRQFHUQ 

,QJHQHUDOVHQWHQFHVIRUFULPHVLQWKH1HWKHUODQGVDUHWRR

 OHQLHQW



2IIHQGHUVLQWKH1HWKHUODQGVDUHFXUUHQWO\SXQLVKHGPRUH

 VHYHUHO\WKDQWKH\ZHUHWHQ\HDUVDJRUHYHUVHFRGHG



&RQÀGHQFHLQWKHFULPLQDOMXVWLFHV\VWHP

$WRWDORI LWHPVZDVXVHGWRPHDVXUHFRQÀGHQFHLQWKHFULPLQDOMXVWLFHV\VWHP&-6

$3$)ZDVFDUULHGRXWWRWHVWZKHWKHUWKHVXPPDWHGVFDOHVVKRXOGGLVWLQJXLVKEHWZHHQ

WKHYDULRXV&-6DFWRUVDQGRUEHWZHHQHIIHFWLYHQHVVDQGSURFHGXUDOMXVWLFH%DVHGRQ

WKHVFUHHSORW(LJHQYDOXHVDQGLQWHUSUHWDELOLW\DWZRIDFWRUVROXWLRQZDVIRXQGWREH

WKHPRVWVXLWDEOHVXPPDU\RI WKHGDWD7DEOH^7KHWZRIDFWRUVGLIIHURQWKH&-6

DJHQF\OHYHOWKHÀUVWRQHFRQVLVWVRI DOOLWHPVUHJDUGLQJMXGJHVWKHSXEOLFSURVHFXWLRQ

DQG WKH FULPLQDO MXVWLFH V\VWHP DV D ZKROH WKH VHFRQG RQH FRQVLVWV RI  DOO LWHPV RQ

SROLFH7KLVLVVLPLODUWRZKDWZDVIRXQGLQRXUÀUVWVWXG\SHRSOHVHHPWRUHJDUGSROLFH

GLIIHUHQWO\ WKDQ WKH\ GR WKH RWKHU FULPLQDO MXVWLFH DJHQFLHV 7KH GLVWLQFWLRQ EHWZHHQ

SURFHGXUDOMXVWLFHDQGHIIHFWLYHQHVVZDVQRWYLVLEOHLQWKHVROXWLRQ

,QOLQHZLWKWKH3$)VROXWLRQWZRVXPPDWHGVFDOHVZHUHFRQVWUXFWHG^7KHVFDOH

ZLWKLWHPVRQMXGJHVWKHSURVHFXWRUVDQGWKHFULPLQDOMXVWLFHV\VWHPLQJHQHUDOZDV

ODEHOHG¶&RQÀGHQFHLQFRXUWVDQG&-6·,WKDVD&URQEDFK·VDOSKDRI DQGDQDYHUDJH

UDWLQJRI RQDSRLQWVFDOH7KHVHFRQGVFDOHZDVODEHOHG¶&RQÀGHQFHLQSROLFH·

LWKDVD&URQEDFK·VDOSKDRI DQGDPHDQUDWLQJRI ,QFRUUHVSRQGHQFHZLWKRXU

HDUOLHUÀQGLQJVEXWLQFRQWUDVWWRLQWHUQDWLRQDOSDWWHUQVFRQÀGHQFHLQSROLFHZDVDJDLQ

WKHORZHVW

 33 3XEOLF3URVHFXWLRQ&-6 FULPLQDOMXVWLFHV\VWHP

 )LYHLWHPVZHUHUHPRYHGGXHWRORZEHORZORDGLQJVLQWKH3$)´6RPHWLPHVLWLVEHWWHUWRLJQRUHWKHODZDQG

VROYHSUREOHPV\RXUVHOI µ´&LWL]HQV·ULJKWVDUHQRWSURWHFWHGZHOOE\WKH3XEOLF3URVHFXWLRQµ´,QWKH'XWFKMXVWLFH

V\VWHPWKHUHLVWRRPXFKHPSKDVLVRQWKHULJKWVRI SHUSHWUDWRUVµ´2QWKHFRQGLWLRQWKDW\RXGRQ·WKDUPDQ\RQH

LW·VDFFHSWDEOHWRGLVREH\DODZµ´3ROLFHRUGHUVGRQRWDOZD\VQHHGWREHREH\HGµ



7DEOH&RQÀGHQFHLQWKHFULPLQDOMXVWLFHV\VWHPFRPSRQHQWVDQGORDGLQJV1  ,WHPV&RQÀGHQFH LQFRXUWVDQG&-6&RQÀGHQFH LQSROLFH -XGJHVGRWKHLUMREZHOO -XGJHV·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 &LWL]HQV·ULJKWVDUHQRWDGHTXDWHO\SURWHFWHGE\MXGJHVUHYHUVHFRGHG 7KH'XWFKFULPLQDOMXVWLFHV\VWHPLVHIIHFWLYHLQFRPEDWLQJFULPH 7KH3XEOLF3URVHFXWLRQLVSUHMXGLFHGUHYHUVHFRGHG

                            

                            



,WHPV&RQÀGHQFH LQFRXUWVDQG&-6&RQÀGHQFH LQSROLFH 7KHSROLFHGRWKHLUMREZHOO 7KHSROLFHDUHWKHUHZKHQ\RXQHHGWKHP 7KHSROLFHWDNHFLWL]HQVVHULRXVO\ 7KHSROLFHDUHHIIHFWLYHLQFRPEDWLQJFULPH 7KHSROLFHDUHWUXVWZRUWK\ 7KHSROLFHFDUHDERXWWKHZHOOEHLQJRIWKHHYHU\GD\FLWL]HQ <RXFDQFRXQWRQWKHSROLFHWRWDNHGHFLVLRQVWKDWDUHEHVWIRUVRFLHW\ :KHQWKHSROLFHGHFLGHQRWWRDUUHVWVRPHRQHWKH\KDYHDJRRGUHDVRQQRWWR ,GRQRWUHVSHFWWKHSROLFHUHYHUVHFRGHG &LWL]HQV·ULJKWVDUHQRWDGHTXDWHO\SURWHFWHGE\WKHSROLFHUHYHUVHFRGHG

         

         



*HQHUDOVXSSRUWIRUYLJLODQWLVP

$ VHW RI  HLJKW LWHPV ZDV XVHG WR PHDVXUH UHVSRQGHQWV· JHQHUDO OHYHO RI  VXSSRUW IRU

YLJLODQWLVP VHH 7DEOH  7RJHWKHU WKH\ IRUP D UHOLDEOH VFDOH FRQÀUPHG E\ D RQH

IDFWRU VROXWLRQ LQ D 3$) ZLWK DQ H[SODLQHG YDULDQFH RI   SHUFHQW 7KH DJUHHPHQW

UDWLQJVIRUHDFKRI WKHLWHPVFDQEHIRXQGLQ7DEOH$LQ$SSHQGL[7KHPHDQUDWLQJ

RQWKLVVFDOH0 VXJJHVWVWKDWRYHUDOOUHVSRQGHQWVDUHQHJDWLYHWRQHXWUDODERXW

YLJLODQWLVP7KLVLPSOLHVWKDWSHRSOHDUHJHQHUDOO\QRWVXSSRUWLYHRI WKHLGHDRI IHOORZ

FLWL]HQVWDNLQJWKHODZLQWRWKHLURZQKDQGV)RURQO\WZRRXWRI HLJKWLWHPVDQG

LQ7DEOH$GRHVWKHDJUHHPHQWZLWK¶SURYLJLODQWLVP·LWHPVFRQVLGHUDEO\H[FHHGWKH

DJUHHPHQWZLWK¶FRQWUDYLJLODQWLVP·RQHV

7DEOH *HQHUDOVXSSRUWIRUYLJLODQWLVPFRPSRQHQWDQGORDGLQJV1 

&RPSRQHQW ,WHP /RDGLQJ

*HQHUDOVXSSRUWIRU

YLJLODQWLVP ƫ 

&URQEDFK·Vơ 

0HDQ6' 

,I DQRIIHQGHULVQRWVHQWHQFHGE\WKHOHJDOV\VWHP,DSSURYH

 RI LWZKHQDFLWL]HQWDNHVWKHODZLQWRKLVRZQKDQGV



,I WKHJRYHUQPHQWLVQRWVXFFHVVIXOLQWKHLUÀJKWDJDLQVWFULPH

 FLWL]HQVDUHMXVWLÀHGWRWDNHWKHODZLQWRWKHLURZQKDQGV



&LWL]HQVVKRXOGWDNHWKHODZLQWRWKHLURZQKDQGVPRUH 

 IUHTXHQWO\



6RPHFDVHVRI FLWL]HQVWDNLQJWKHODZLQWRWKHLURZQKDQGVDUH

 MXVWLÀHG



&LWL]HQVZKRWDNHWKHODZLQWRWKHLURZQKDQGVVKRXOGDOZD\V

 EHSURVHFXWHGUHYHUVHFRGHG



,I DQRIIHQGHULVQRWVHQWHQFHGE\WKHOHJDOV\VWHP,ÀQGLW

 XQGHUVWDQGDEOHIRUDFLWL]HQWRWDNHWKHODZLQWRKLVRZQKDQGV



&LWL]HQVZKRWDNHWKHODZLQWRWKHLURZQKDQGVIRUPDGDQJHU

 WRVRFLHW\UHYHUVHFRGHG



8QGHUQRFRQGLWLRQGR,DSSURYHRI SHRSOHZKRWDNHWKHODZ

 LQWRWKHLURZQKDQGVUHYHUVHFRGHG



%DVHGRQ7HU9RHUW

%HOLHI LQDMXVWZRUOGIRURWKHUV

(OHYHQLWHPVZHUHXVHGWRPHDVXUH%HOLHI LQDMXVWZRUOGIRURWKHUV%-:2$3$)

UHVXOWHGLQRQHPDLQFRPSRQHQWFRQVLVWLQJRI VL[LWHPVDQGWZRVPDOOFRPSRQHQWV

ZKLFK ZHUH GLIÀFXOW WR LQWHUSUHW VHSDUDWHO\ IURP WKH ÀUVW RQH^ %DVHG RQ ORZ

FRPPXQDOLWLHVDQGUHOLDELOLW\DQDO\VHVWZRQHJDWLYHO\IRUPXODWHGLWHPVWKDWORDGHGRQWR

WKHVHFRQGIDFWRUZHUHUHPRYHG^)RUWKHRUHWLFDOUHDVRQVZHVXEVHTXHQWO\IRUFHGDRQH

IDFWRUVROXWLRQZKLFKH[SODLQVSHUFHQWRI YDULDQFH7DEOHVKRZVWKHSULQFLSDO

FRPSRQHQWORDGLQJVRI WKLVVROXWLRQDQGWKHQLQHLWHPVWKDWIRUPWKHUHVXOWLQJ%-:2

VFDOH 7KH PHDQ VFRUHLQGLFDWHVWKDWRXU UHVSRQGHQWVRQ DYHUDJHDUH QHXWUDO LQ WKHLU

EHOLHI LQDMXVWZRUOGIRURWKHUV

 $QREOLTXHURWDWLRQZDVXVHGURWDWLQJRUWKRJRQDOO\\LHOGHGWKHVDPHVROXWLRQ

 ´,IHHOWKDWWKHZRUOGLVDQXQIDLUSODFHµDQG´,IHHOWKDWSHRSOHDUHWUHDWHGXQIDLUO\LQOLIHµERWKQHZLWHPV



7DEOH %HOLHI LQDMXVWZRUOGIRURWKHUVFRPSRQHQWDQGORDGLQJV1 

&RPSRQHQW ,WHP /RDGLQJ

%HOLHI LQDMXVWZRUOG

IRURWKHUV

ƫ 

&URQEDFK·Vơ 

0HDQ6' 

,IHHOWKDWSHRSOHJHWLQOLIHZKDWWKH\DUHHQWLWOHGWRKDYH 

,IHHOWKDWWKHZRUOGWUHDWVSHRSOHIDLUO\ 

,IHHOWKDWSHRSOHWUHDWHDFKRWKHUIDLUO\LQOLIH 

,IHHOWKDWSHRSOHHDUQWKHUHZDUGVDQGSXQLVKPHQWVWKH\JHW 

,IHHOWKDWWKHZRUOGLVDIDLUSODFHQHZ 

,IHHOWKDWSHRSOHWUHDWHDFKRWKHUZLWKWKHUHVSHFWWKH\

 GHVHUYH



,IHHOWKDWSHRSOHJHWLQOLIHZKDWWKH\GHVHUYH 

,IHHOWKDWSHRSOH·VHIIRUWVDUHQRWLFHGDQGUHZDUGHG 

,IHHOWKDWZKHQSHRSOHPHHWZLWKPLVIRUWXQHWKH\KDYH

 EURXJKWLWXSRQWKHPVHOYHV



6FDOHFRQVWUXFWLRQ6XPPLQJXS

(LJKWVXPPDWHGVFDOHVZHUHFRQVWUXFWHGWREHXVHGDVGHSHQGHQWYDULDEOHV)RXURI  WKHVHFRQFHUQWKHUHDFWLRQVWR9LJQHWWHSUHFLSLWDWLQJHYHQWDQGDUHPLUURUHGE\IRXU

VFDOHVWKDWVXPPDUL]HUHDFWLRQVWR9LJQHWWHVHQWHQFHYLJLODQWLVP7KHODWWHUIRXU

VFDOHV WRJHWKHU PHDVXUH VXSSRUW IRU YLJLODQWLVP HPSDWK\ ZLWK WKH YLJLODQWLVP YLFWLP

RXWUDJHDWWKHYLJLODQWHEODPHDQGGHURJDWLRQRI WKHYLJLODQWLVPYLFWLPDQGGHVLUHGSXQLVKPHQW

IRUWKHYLJLODQWH:KHQHPSDWK\ZLWKWKHYLJLODQWLVPYLFWLPLVORZIRULQVWDQFHWKLVFDQ

EHVHHQDVDZD\RI VXSSRUWLQJWKHDFWRI YLJLODQWLVP6LPLODUO\ZKHQSHRSOHDUHQRW

YHU\RXWUDJHGDWWKHYLJLODQWHRUSODFHDORWRI EODPHRQKLVYLFWLPWKLVFDQDOVREH

VHHQDVDW\SHRI VXSSRUW7KHVDPHLVWUXHZKHQSHRSOHGRQRWZDQWWKHYLJLODQWHWREH

SXQLVKHGIRUZKDWKHGLG

$GGLWLRQDOO\ÀYHVFDOHVZHUHFRQVWUXFWHGWKDWZLOOEHXVHGDVLQGHSHQGHQWYDULDEOHV

7KH\ DUH PHDVXUHV RI  WKH IROORZLQJ DWWLWXGHV &RQÀGHQFH LQ WKH FRXUWV DQG &-6

&RQÀGHQFH LQ SROLFH *HQHUDO FRQFHUQ RYHU FULPH *HQHUDO VXSSRUW IRU YLJLODQWLVP

DQG%HOLHI LQDMXVWZRUOGIRURWKHUV7DEOHVKRZVWKHFRUUHODWLRQVEHWZHHQWKHVH

ÀYHDWWLWXGHVFDOHV$VH[SHFWHGJHQHUDOVXSSRUWIRUYLJLODQWLVPLVQHJDWLYHO\UHODWHGWR

ERWKPHDVXUHVRI FRQÀGHQFHLQWKHFULPLQDOMXVWLFHV\VWHP7KHPRUHSHRSOHFRQÀGH

LQ FULPLQDO MXVWLFH DJHQFLHV WKH OHVV VXSSRUWLYH WKH\ DUH RI  WKRVH ZKR WDNH WKH ODZ

LQWRWKHLURZQKDQGV$GGLWLRQDOO\LQOLQHZLWKRXUSUHGLFWLRQVSHRSOHZKRDUHPRUH

ZRUULHG DERXW FULPH DUH PRUH VXSSRUWLYH RI  YLJLODQWLVP WKH\ PRVW OLNHO\ VHH LW DV D

ÀWWLQJDOWHUQDWLYHWRD¶IDLOLQJ·MXVWLFHV\VWHPLQFHUWDLQFDVHV,QWHUHVWLQJO\%-:2GRHV

QRW FRUUHODWH VLJQLÀFDQWO\ ZLWK JHQHUDO VXSSRUW IRU YLJLODQWLVP DQG RQO\ PDUJLQDOO\

ZLWK*&&:HZLOOIXUWKHUDGGUHVVWKLVÀQGLQJLQWKHGLVFXVVLRQVHFWLRQ%-:2GRHV

FRUUHODWH SRVLWLYHO\ ZLWK FRQÀGHQFH VWURQJHU EHOLHYHUV LQ D MXVW ZRUOG IRU RWKHUV DUH

PRUHFRQÀGHQWLQERWKWKHSROLFHDQGWKHFRXUWV7KRVHZKRVHHWKHZRUOGDVIDLUWKXV

VHHPWRLQFOXGHWKHFULPLQDOMXVWLFHV\VWHPLQWKHLUMXGJPHQW



7DEOH &RUUHODWLRQVEHWZHHQDWWLWXGHV1 

*HQHUDOVXSSRUW IRUYLJLODQWLVP

%HOLHI LQDMXVWZRUOG

IRURWKHUV

*HQHUDOFRQFHUQ

RYHUFULPH

&RQÀGHQFH LQSROLFH

%HOLHI LQDMXVW

ZRUOGIRURWKHUV    ²  ²  ²

*HQHUDOFRQFHUQ

RYHUFULPH      ²  ²

&RQÀGHQFHLQ

SROLFH        ²

&RQÀGHQFHLQ

FRXUWV&-6        

S

 +\SRWKHVHV

:HÀUVWSUHVHQWRXUH[SHFWDWLRQVUHODWHGWRWKHVLWXDWLRQK\SRWKHVLVWKHHIIHFWVRI WKHWZR

H[SHULPHQWDOIDFWRUVRQVXSSRUWIRUYLJLODQWLVP:HZLOOÀUVWGLVFXVVRXUK\SRWKHVHV

UHODWHG WR H[SHULPHQWDO IDFWRU  WKH SUHFLSLWDWLQJ FULPH HYHQW IROORZHG E\ WKRVH

FRUUHVSRQGLQJ WR H[SHULPHQWDO IDFWRU  WKH SUHFLSLWDWLQJ RIIHQGHU·V VHQWHQFH :H

VHFRQGO\ IRUPXODWH D QXPEHU RI  SUHGLFWLRQV LQ OLJKW RI  WKH FRQÀGHQFH K\SRWKHVLV WKH

H[SHFWHG LQÁXHQFH RI  DWWLWXGHV LQFOXGLQJ FRQÀGHQFH LQ WKH FULPLQDO MXVWLFH V\VWHP

RQKRZSHRSOHYLHZYLJLODQWLVPLQWKHYLJQHWWH7KLVLVIROORZHGE\DSODQRI DQDO\VLV

/DVWO\UHDFWLRQVWR9LJQHWWHSUHFLSLWDWLQJHYHQWWKHFRQWUROFRQGLWLRQVDVZHOODVWKH

RUGHUHIIHFWVZLOOEHGLVFXVVHGLQDVHFWLRQRQPDQLSXODWLRQFKHFNV



([SHULPHQWDOIDFWRUSUHFLSLWDWLQJFULPHW\SH

7KH ÀUVW VHW RI  K\SRWKHVHV FRQFHUQV WKH HIIHFWV RI  WKH SUHFLSLWDWLQJ FULPH W\SH RQ

UHDFWLRQVWRWKHVHFRQGYLJQHWWHVHQWHQFHYLJLODQWLVP7KHUHDFWLRQVFRQVLVWRI WZR

DYHUVLYHVWDWHYDULDEOHVDQGWZRYDULDEOHVWKDWPHDVXUHWKHXVHRI FRJQLWLYHVWUDWHJLHV

$YHUVLYH VWDWH ZDV PHDVXUHG WKURXJK RXWUDJH DW WKH YLJLODQWH DQG HPSDWK\ ZLWK WKH

YLJLODQWLVPYLFWLP7KHFRJQLWLYHVWUDWHJLHVZHUHEODPHDQGGHURJDWLRQDQGGHVLUHGSXQLVKPHQW

IRUWKHYLJLODQWH

([SHULPHQWDOIDFWRUZDVRSHUDWLRQDOL]HGE\SUHVHQWLQJWKUHHW\SHVRI SUHFLSLWDWLQJ

HYHQWV WUDIÀF DJJUHVVLRQ D SHGHVWULDQ FUDVK DQG D VH[ RIIHQVH $V VH[ RIIHQGHUV

HVSHFLDOO\SHGRSKLOHVJHQHUDOO\HYRNHYHU\HPRWLRQDOSXEOLFUHDFWLRQVZHK\SRWKHVL]H

WKDWZKHQKHEHFRPHVWKHYLFWLPRI DYLJLODQWHRXWUDJHDQGHPSDWK\OHYHOVZLOOEHORZHU

WKDQZKHQWKHWZRLQWR[LFDWHGFDUGULYHUVDUHYLFWLPL]HG2I WKHODWWHUWZRDYHUVLYHVWDWH

ZLOOSUREDEO\EHORZHVWZKHQWKHGULYHUZKRLQMXUHGWKH\RXQJJLUOEHFRPHVWKHYLFWLP

RI DYLJLODQWH7KHRWKHUGULYHULQMXUHGDQDGXOWPDOHLQVWHDGRI D\RXQJJLUODQGKLV

YLFWLPFDQEHVHHQDVKDYLQJSDUWLDOO\SURYRNHGKLVIDWHE\UDLVLQJKLVÀVW9LJLODQWLVP

DJDLQVWWKHODWWHURIIHQGHUZLOOOHDGWRDKLJKHUDYHUVLYHVWDWH7KHK\SRWKHVHVFDQWKXV

EHIRUPXODWHGDVIROORZV



$(PSDWK\ZLOOEHORZHVWIRUWKHVH[RIIHQGHUZKREHFRPHVWKHYLFWLPRI YLJLODQWLVPIROORZHG

E\WKHFDUGULYHUZKRKLWVDSHGHVWULDQDQGKLJKHVWIRUWKHYLFWLPL]HGWUDIÀFDJJUHVVLRQRIIHQGHU

%2XWUDJHZLOOEHORZHVWDWWKHYLJLODQWHZKRDVVDXOWVWKHVH[RIIHQGHUIROORZHGE\WKHYLJLODQWH

ZKRDVVDXOWVWKHGULYHUZKRKLWDSHGHVWULDQDQGKLJKHVWDWWKHYLJLODQWHZKRDVVDXOWVWKHDJJUHVVLYH

FDUGULYHU

7KHDYHUVLYHVWDWHLQUHVSRQVHWRWKHYLJLODQWLVPDFWZLOODOVRUHVXOWLQWKHXVHRI FRJQLWLYH

VWUDWHJLHV'XHWRWKHIDFWWKDWWKHYLFWLPVRI YLJLODQWLVPKDYHSUHYLRXVO\FRPPLWWHGD

FULPH ZH H[SHFWLW WR EH UHODWLYHO\HDV\WR EODPH DQG GHURJDWH WKHP$V D UHVXOWRI  WKLVWKHUHZLOOEHUHODWLYHO\OHVVQHHGIRUWKHWKLUGVWUDWHJ\GHVLUHGSXQLVKPHQWIRUWKH

YLJLODQWH5HJDUGLQJWKHHIIHFWRI WKHSUHFLSLWDWLQJHYHQWZHH[SHFWWKDWWKHYLFWLPL]HG

VH[RIIHQGHUZLOOEHEODPHGDQGGHURJDWHGWKHPRVWDQGWKHWUDIÀFDJJUHVVLRQRIIHQGHU

WKHOHDVW'HVLUHGSXQLVKPHQWZLOOIROORZWKLVSDWWHUQ7KHUHVXOWLQJK\SRWKHVHVDUHDV

IROORZV

&%ODPHDQGGHURJDWLRQRI WKHYLJLODQWLVPYLFWLPZLOOEHQHJDWLYHO\UHODWHGWRGHVLUHGSXQLVKPHQW

IRUWKHYLJLODQWHLQDOOFRQGLWLRQV

' %ODPH DQG GHURJDWLRQ RI  WKH YLFWLP RI  YLJLODQWLVP ZKR LV D VH[ RIIHQGHU ZLOO EH KLJKHVW

IROORZHGE\WKHFDUGULYHUZKRKLWDSHGHVWULDQDQGORZHVWIRUWKHWUDIÀFDJJUHVVLRQRIIHQGHU

('HVLUHGSXQLVKPHQWZLOOEHORZHVWIRUWKHYLJLODQWHZKRDVVDXOWVWKHVH[RIIHQGHUIROORZHGE\

WKHYLJLODQWHZKRDVVDXOWVWKHGULYHUZKRKLWDSHGHVWULDQDQGKLJKHVWIRUWKHYLJLODQWHZKRDVVDXOWV

WKHDJJUHVVLYHFDUGULYHU

([SHULPHQWDOIDFWRUSUHFLSLWDWLQJRIIHQGHU·VVHQWHQFH

:HQH[WGLVFXVVRXUH[SHFWDWLRQVFRQFHUQLQJWKHVHQWHQFHIRUWKHSUHFLSLWDWLQJRIIHQGHU

:HVSHFLÀHGIRXUVHQWHQFHVDFTXLWWDODOHQLHQWVHQWHQFHDQRUPDODQGDVHYHUHVHQWHQFH

2QO\WZRRI WKHVHZHUHRSHUDWLRQDOL]HGLQWKHVH[FULPHFRQGLWLRQDOHQLHQWDQGVHYHUH

VHQWHQFH

,QOLQHZLWKWKHWKHRUHWLFDOIUDPHZRUNZHH[SHFWWKDWWKHVHYHULW\RI WKHSUHFLSLWDWLQJ

RIIHQGHU·VVHQWHQFHZLOOEHSRVLWLYHO\FRUUHODWHGWRWKHDYHUVLYHVWDWHUHVXOWLQJIURPD

VXEVHTXHQWYLJLODQWLVPDFW,QRWKHUZRUGVWKHPRUHVHYHUHO\WKHSUHFLSLWDWLQJRIIHQGHU

LVVHQWHQFHGE\WKHDXWKRULWLHVWKHPRUHXSVHWSHRSOHZLOOEHZKHQKHLVVXEVHTXHQWO\

DOVR´SXQLVKHGµE\DYLJLODQWH7KHVHDUHWKHFRUUHVSRQGLQJK\SRWKHVHV

$(PSDWK\ZLWKWKHYLFWLPRI YLJLODQWLVPZLOOEHORZHVWLQWKHDFTXLWWDOFRQGLWLRQIROORZHGE\

WKHOHQLHQWDQGQRUPDOVHQWHQFLQJW\SHVDQGKLJKHVWLQWKHVHYHUHVHQWHQFHFRQGLWLRQ

%2XWUDJHDWWKHYLJLODQWHZLOOEHORZHVWLQWKHDFTXLWWDOFRQGLWLRQIROORZHGE\WKHOHQLHQWDQG

QRUPDOVHQWHQFLQJW\SHVDQGKLJKHVWLQWKHVHYHUHVHQWHQFHFRQGLWLRQ



7RGHDOZLWKWKHDYHUVLYHVWDWHWKDWRFFXUVLQUHVSRQVHWRWKHYLJLODQWLVPDFWSHRSOH

ZLOO EH LQFOLQHG RQFH DJDLQ WR XVH FRJQLWLYH VWUDWHJLHV :H H[SHFW WKDW WKH FRJQLWLYH

VWUDWHJ\RI EODPHDQGGHURJDWLRQZLOOEHPRVWSURPLQHQWLQWKHDFTXLWWDOFRQGLWLRQ

DVDQXQSXQLVKHGSUHFLSLWDWLQJRIIHQGHULVHDVLHUWRGLVOLNHDQGEODPHIRUKLVIDWH7KH

SXQLVKPHQWGHVLUHWHFKQLTXHZLOOYDU\DFFRUGLQJO\ZLWKWKHORZHVWGHVLUHGSXQLVKPHQW

IRU WKH YLJLODQWH ZKR DVVDXOWV WKH DFTXLWWHG SUHFLSLWDWLQJ RIIHQGHU 7KLV OHDGV WR WKH

IROORZLQJK\SRWKHVHV

&%ODPHDQGGHURJDWLRQRI WKHYLFWLPRI YLJLODQWLVPZKRZDVDFTXLWWHGZLOOEHKLJKHVWIROORZHG

E\WKHOHQLHQWDQGQRUPDOVHQWHQFLQJW\SHVDQGORZHVWLQWKHVHYHUHVHQWHQFHFRQGLWLRQ

''HVLUHGSXQLVKPHQWZLOOEHORZHVWIRUWKHYLJLODQWHZKRDVVDXOWVWKHDFTXLWWHGSUHFLSLWDWLQJ

RIIHQGHU IROORZHG E\ WKH OHQLHQW DQG QRUPDO VHQWHQFLQJ W\SHV DQG KLJKHVWLQ WKH VHYHUH VHQWHQFH

FRQGLWLRQ

$WWLWXGHV

2QHPRQWKDIWHUFRPSOHWLQJ3DUW,DOOUHVSRQGHQWVLQWKHÀQDOVDPSOHDOVRSDUWLFLSDWHG

LQ3DUW,,RI WKHVWXG\3DUW,,FRQVLVWHGRI IRXUTXHVWLRQQDLUHVPHDVXULQJ&RQÀGHQFHLQ

WKHFULPLQDOMXVWLFHV\VWHP*HQHUDOFRQFHUQRYHUFULPH*HQHUDOVXSSRUWIRUYLJLODQWLVP

DQG%HOLHI LQDMXVWZRUOGIRURWKHUV%-:2:HZLOOQRZIRUPXODWHRXUH[SHFWDWLRQV

RI WKHUHODWLRQVEHWZHHQWKHVHDWWLWXGHVDQGUHVSRQGHQWV·UHDFWLRQVWRYLJLODQWLVPLQWKH

YLJQHWWH

&RQÀGHQFHLQWKHFULPLQDOMXVWLFHV\VWHP

(DUOLHU ZH FRQVWUXFWHG WZR FRQÀGHQFH VFDOHV &RQÀGHQFH LQ SROLFH DQG &RQÀGHQFH

LQWKHFRXUWVDQG&-6$VWKHVHVFDOHVDUHSRVLWLYHO\DQGVWURQJO\FRUUHODWHGRXU

K\SRWKHVHVDSSO\HTXDOO\WRERWKVFDOHVWRJHWKHUODEHOHGDV¶&RQÀGHQFHLQWKHFULPLQDO

MXVWLFH V\VWHP· ,Q OLQH ZLWK WKH ÀQGLQJV IURP RXU ÀUVW VWXG\ ZH H[SHFW D QHJDWLYH

UHODWLRQEHWZHHQFRQÀGHQFHLQWKHMXVWLFHV\VWHPDQGVXSSRUWIRUYLJLODQWLVP3HRSOH

ZKRKDYHKLJKFRQÀGHQFHDUHWKRXJKWWREHPRUHOLNHO\WRFRQVLGHUFULPLQDOMXVWLFH

SURFHGXUHVDVOHJLWLPDWHDQGDGHTXDWHDQGZLOOWKHUHIRUHUHDFWQHJDWLYHO\WRYLJLODQWLVP

7KLV DOVR DSSOLHV WR WKH FDVH RI  DFTXLWWDO DV WKH MXGJH KDV D SURFHGXUDO UHDVRQ IRU

QRWSXQLVKLQJWKHSUHFLSLWDWLQJRIIHQGHU3HRSOHZLWKKLJKFRQÀGHQFHLQWKHFULPLQDO

MXVWLFHV\VWHPDUHQRWH[SHFWHGWRVHHYLJLODQWLVPDVDQDFFHSWDEOHDOWHUQDWLYHWROHJDO

SURFHGXUHV LQ DQ\ RI  WKH FRQGLWLRQV 7KH\ ZLOO WKHUHIRUH EH OHVV OLNHO\ WR EODPH DQG

GHURJDWHWKHYLFWLPRI YLJLODQWLVPDQGPRUHOLNHO\WRUHDFWWKURXJKVHYHUHSXQLVKPHQW

RI WKHYLJLODQWH7KLVOHDGVWRWKHIROORZLQJK\SRWKHVHV

$ &RQÀGHQFH LQ WKH FULPLQDO MXVWLFH V\VWHP ZLOO EH SRVLWLYHO\ UHODWHG WR HPSDWK\ ZLWK WKH

YLJLODQWLVPYLFWLP

%&RQÀGHQFHLQWKHFULPLQDOMXVWLFHV\VWHPZLOOEHSRVLWLYHO\UHODWHGWRRXWUDJHDWWKHYLJLODQWH



&&RQÀGHQFHLQWKHFULPLQDOMXVWLFHV\VWHPZLOOEHQHJDWLYHO\UHODWHGWREODPHDQGGHURJDWLRQRI  WKHYLJLODQWLVPYLFWLP

'&RQÀGHQFHLQWKHFULPLQDOMXVWLFHV\VWHPZLOOEHSRVLWLYHO\UHODWHGWRGHVLUHGSXQLVKPHQWIRU

WKHYLJLODQWH

*HQHUDOFRQFHUQRYHUFULPH

$QDWWLWXGHLQRXUVWXG\ZKLFKLVUHODWHGWRWKHFRQÀGHQFHPHDVXUHVLVJHQHUDOFRQFHUQ

RYHUFULPH,QOLQHZLWKRXUÀQGLQJVIURPWKHÀUVWVWXG\ZHH[SHFWSHRSOHZKRDUHPRUH

ZRUULHGDERXWFULPHWREHPRUHVXSSRUWLYHRI YLJLODQWLVP,QWKHLUYLHZYLJLODQWLVP

FDQ EH VHHQ DV D ÀWWLQJ DOWHUQDWLYH WR OHJDO SURFHGXUHV IRU GHDOLQJ ZLWK FULPH 7KH\

ZLOOWKXVEHPRUHOLNHO\WRXVHEODPHDQGGHURJDWLRQWHFKQLTXHVLQDQDWWHPSWWRGHQ\

WKHLQMXVWLFHDQGZLOOEHOHVVOLNHO\WRWU\WRUHGXFHWKHLQMXVWLFHWKURXJKDGHVLUHIRU

SXQLVKPHQW2XUK\SRWKHVHVDUHWKHUHIRUHDVIROORZV

(*HQHUDOFRQFHUQRYHUFULPHZLOOEHQHJDWLYHO\UHODWHGWRHPSDWK\ZLWKWKHYLJLODQWLVPYLFWLP

)*HQHUDOFRQFHUQRYHUFULPHZLOOEHQHJDWLYHO\UHODWHGWRRXWUDJHDWWKHYLJLODQWH

**HQHUDOFRQFHUQRYHUFULPHZLOOEHSRVLWLYHO\UHODWHGWREODPHDQGGHURJDWLRQRI WKHYLJLODQWLVP

YLFWLP

+*HQHUDOFRQFHUQRYHUFULPHZLOOEHQHJDWLYHO\UHODWHGWRGHVLUHGSXQLVKPHQWIRUWKHYLJLODQWH

*HQHUDOVXSSRUWIRUYLJLODQWLVP

*HQHUDO VXSSRUW IRU YLJLODQWLVP LV H[SHFWHG WR FRUUHODWH SRVLWLYHO\ ZLWK PHDVXUHV RI  VSHFLÀF VXSSRUW IRU YLJLODQWLVP LQ RXU VWXG\ ,Q RWKHU ZRUGV WKH PRUH SHRSOH DUH

JHQHUDOO\IDYRUDEOHWRZDUGWKHLGHDRI WDNLQJWKHODZLQWRRQH·VRZQKDQGVWKHPRUH

OLNHO\WKH\DUHWRH[SUHVVVSHFLÀFVXSSRUWIRUYLJLODQWLVPLQWKHYLJQHWWHV:HIRULQVWDQFH

H[SHFWWKHPWRKDYHDSUHIHUHQFHIRUWKHEODPHDQGGHURJDWLRQWHFKQLTXHWRGHDOZLWK

WKHLQMXVWLFHLQVWHDGRI ZDQWLQJWRUHVWRUHWKHLQMXVWLFHWKURXJKSXQLVKPHQW7KLVOHDGV

WRWKHIROORZLQJK\SRWKHVHV

,*HQHUDOVXSSRUWIRUYLJLODQWLVPZLOOEHQHJDWLYHO\UHODWHGWRHPSDWK\ZLWKWKHYLJLODQWLVPYLFWLP

LQWKHYLJQHWWH

- *HQHUDO VXSSRUW IRU YLJLODQWLVP ZLOO EH QHJDWLYHO\ UHODWHG WR RXWUDJH DW WKH YLJLODQWH LQ WKH

YLJQHWWH

. *HQHUDO VXSSRUW IRU YLJLODQWLVP ZLOO EH SRVLWLYHO\ UHODWHG WR EODPH DQG GHURJDWLRQ RI  WKH

YLJLODQWLVPYLFWLPLQWKHYLJQHWWH



/*HQHUDOVXSSRUWIRUYLJLODQWLVPZLOOEHQHJDWLYHO\UHODWHGWRGHVLUHGSXQLVKPHQWIRUWKHYLJLODQWH

LQWKHYLJQHWWH

%HOLHI LQDMXVWZRUOGIRURWKHUV

:HKDYHVSHFLÀFH[SHFWDWLRQVZLWKUHJDUGVWRWKHHIIHFWRI %-:2RQWKHIRXUPHDVXUHV

RI  VXSSRUW IRU YLJLODQWLVP DFURVV WKH FRQGLWLRQV 2YHUDOO ZLWKRXW GLVWLQJXLVKLQJ

EHWZHHQWKHWZRH[SHULPHQWDOIDFWRUVZHH[SHFWWKDW%-:2ZLOOEHQHJDWLYHO\UHODWHG

WRDYHUVLYHVWDWHUHVXOWLQJIURPWKHDFWRI YLJLODQWLVP:HH[SHFWWKDWWKRVHZKRVWURQJO\

HQGRUVHWKHLGHDWKDWWKHZRUOGLVDMXVWSODFHZKHUHSHRSOHJHWZKDWWKH\GHVHUYHDQG

GHVHUYHZKDWWKH\JHWZLOOSHUFHLYHWKHDFWRI YLJLODQWLVPDV¶SXQLVKPHQWGHVHUYHG·,W

ZLOOEHUHDVRQHGWKDWWKHYLFWLPRI YLJLODQWLVPGHVHUYHVKLVIDWHGXHWRWKHSUHFLSLWDWLQJ

FULPHWKDWKHSUHYLRXVO\FRPPLWWHG,QOLQHZLWKWKLVZHH[SHFWWKHLUXVHRI FRJQLWLYH

VWUDWHJLHVWREHUHODWLYHO\ORZDVWKH\ZLOOQRWKDYHDVPXFKDYHUVLYHVWDWHLI DQ\DWDOO WRUHGXFH7KHDERYHFRQVLGHUDWLRQVOHDGXVWRWKHIROORZLQJIRXUK\SRWKHVHV

0%HOLHI LQDMXVWZRUOGIRURWKHUVZLOOEHQHJDWLYHO\UHODWHGWRHPSDWK\ZLWKWKHYLJLODQWLVP

YLFWLPLQWKHYLJQHWWH

1%HOLHI LQDMXVWZRUOGIRURWKHUVZLOOEHQHJDWLYHO\UHODWHGWRRXWUDJHDWWKHYLJLODQWHLQWKH

YLJQHWWH

2%HOLHI LQDMXVWZRUOGIRURWKHUVZLOOEHQHJDWLYHO\UHODWHGWREODPHDQGGHURJDWLRQRI WKH

YLJLODQWLVPYLFWLPLQWKHYLJQHWWH

3%HOLHI LQDMXVWZRUOGIRURWKHUVZLOOEHQHJDWLYHO\UHODWHGWRGHVLUHGSXQLVKPHQWIRUWKHYLJLODQWH

LQWKHYLJQHWWH

 3ODQRI DQDO\VLV

:HZLOOVWDUWE\FRQGXFWLQJDWZRZD\DQDO\VLVRI YDULDQFH$129$RQHDFKRI WKH

IRXUPHDVXUHVRI VXSSRUWIRUYLJLODQWLVPHPSDWK\ZLWKWKHYLJLODQWLVPYLFWLPRXWUDJHDW

WKHYLJLODQWHEODPHDQGGHURJDWLRQRI WKHYLFWLPRI YLJLODQWLVPDQGGHVLUHGSXQLVKPHQWIRU

WKHYLJLODQWH7KLVZLOOJLYHDÀUVWLQGLFDWLRQRI WKHPDLQHIIHFWVRI WKHWZRH[SHULPHQWDO

YDULDEOHVDVZHOODVRI WKHLUSRVVLEOHLQWHUDFWLRQ1H[WZHZLOOFRQGXFWRUGLQDU\OHDVW

VTXDUHV2/6KLHUDUFKLFDOUHJUHVVLRQVLQRUGHUWRH[DPLQHWKHUHODWLYHHIIHFWVRI WKH

H[SHULPHQWDO PDQLSXODWLRQ LQ DGGLWLRQ WR WKH UROH RI  DWWLWXGHV DQG FRQWURO YDULDEOHV

7KHVHUHJUHVVLRQDQDO\VHVZLOOEHFDUULHGRXWIRUHDFKRI WKHIRXUGHSHQGHQWYDULDEOHV

DQGZLOOHDFKFRQVLVWRI WKUHHPRGHOV,QWKHÀUVWUHJUHVVLRQPRGHORQO\WKHHIIHFWVRI  WKHH[SHULPHQWDOFRQGLWLRQVRQWKHGHSHQGHQWYDULDEOHZLOOEHH[DPLQHG,QWKHVHFRQG

PRGHODWWLWXGHVDUHDGGHGWKHWKLUGPRGHODGGLWLRQDOO\LQFOXGHVFRQWUROYDULDEOHV

,Q RXU GLVFXVVLRQ RI  WKH HIIHFWV RI  WKH H[SHULPHQWDO FRQGLWLRQV ZH ZLOO UHIHU WR

UHVXOWVRI WKHWZRZD\$129$VZKHUHQHFHVVDU\WRWHVWWKHK\SRWKHVHV7KHHIIHFW



RI  WKH VHFRQG H[SHULPHQWDO YDULDEOH WKH SUHFLSLWDWLQJ RIIHQGHU·V VHQWHQFH ZLOO EH

DQDO\]HGVHSDUDWHO\IRUWKHVH[RIIHQVHFRQGLWLRQ7KHUHDVRQIRUWKLVLVWKDWWKHGHVLJQ

LVXQEDODQFHGWKHWZRVH[RIIHQVHYLJQHWWHVRQO\KDYHWZRVHQWHQFLQJOHYHOVOHQLHQWDQG

VHYHUHDQGWKH\DOVRGLIIHUVOLJKWO\LQWKHRSHUDWLRQDOL]DWLRQ

7KHH[SHULPHQWDOFRQGLWLRQVZHUHDOORFDWHGUDQGRPO\WRUHVSRQGHQWV+RZHYHUDV

WKLVLVQRWWKHFDVHIRUDWWLWXGHVDQGFRQWUROYDULDEOHVFRUUHODWLRQVPD\H[LVWEHWZHHQWKH

GLIIHUHQWEORFNVRI YDULDEOHV7KLVPHDQVWKDWWKHLPSDFWRI WKHLQGHSHQGHQWYDULDEOHV

PD\EHDIIHFWHGE\WKHRUGHULQZKLFKWKH\ZHUHHQWHUHGLQWRWKHUHJUHVVLRQDQDO\VHV

'LIIHUHQFHV LQ H[SODLQHG YDULDQFH EHWZHHQ WKH GLIIHUHQW PRGHOV PD\ WKXV QRW JLYH D

UHOLDEOHHVWLPDWHRI WKHLUUHODWLYHLPSDFW7RGHDOZLWKWKLVSUREOHPVKHDI FRHIÀFLHQWV

+HLVHZHUHFDOFXODWHG%\GRLQJVRWKHFRPELQHGGLUHFWHIIHFWRI WZRRUPRUH

LQGHSHQGHQW YDULDEOHV RQ WKH GHSHQGHQW YDULDEOH FDQ EH HVWLPDWHG :KLWW  ,Q

RWKHUZRUGVHDFKVKHDI FRHIÀFLHQWUHSUHVHQWVDVXPPDU\PHDVXUHRI WKHLQGHSHQGHQW

YDULDEOHVLQHDFKEORFN7KHVHVWDQGDUGL]HGPHDVXUHVUDQJHIURPQRHIIHFWRQWKH

GHSHQGHQWYDULDEOHWRDIDFWRUWKDWH[SODLQVWKHHQWLUHGHSHQGHQWYDULDEOH

/DVWO\LQRUGHUWRJHWDQLQGLFDWLRQRI WKHHIIHFWVRI VSHFLÀFLQGHSHQGHQWYDULDEOHV

WKHEHWDƢYDOXHVZLOOEHSUHVHQWHG7KHVHVWDQGDUGL]HGYDOXHVDOORZIRUFRPSDULVRQV

EHWZHHQYDULDEOHVHYHQLI WKH\KDYHGLIIHUHQWXQLWVRI PHDVXUHPHQW

 0DQLSXODWLRQFKHFNV

7KLVVHFWLRQGHVFULEHVWKUHHPDQLSXODWLRQFKHFNVWKDWZHUHFDUULHGRXWEHIRUHFRQGXFWLQJ

WKHPDLQDQDO\VHV7KHÀUVWRQHFRQFHUQVUHDFWLRQVWRWKHSUHFLSLWDWLQJHYHQW:HZLOO

H[DPLQH WKH UHVSRQVHV WR 9LJQHWWH  WR FKHFN ZKHWKHU ZH VXFFHVVIXOO\ LQGXFHG DQ

DYHUVLYHVWDWHDQGVXEVHTXHQWXVHVRI FRJQLWLYHVWUDWHJLHV7KHPHDQVDUHFRPSDUHG

XVLQJDQDO\VHVRI YDULDQFH$129$VWRWHVWWKHLQÁXHQFHRI H[SHULPHQWDOIDFWRU

SUHFLSLWDWLQJFULPHW\SHRQUHDFWLRQVWRWKHYLJQHWWH7KHVHFRQGPDQLSXODWLRQFKHFN

LQYROYHV WKH FRQWURO FRQGLWLRQV $V H[SODLQHG LQ WKH VWXG\ VHWXS LQ &KDSWHU  WZR

FRQWUROJURXSVZHUHFUHDWHGWRFKHFNZKHWKHUSRVLQJTXHVWLRQVDIWHUWKHSUHFLSLWDWLQJ

FULPH YLJQHWWH LQWHUIHUHV ZLWK QDWXUDOO\ RFFXUULQJ %-: SURFHVVHV $129$V ZLOO EH

XVHGWRFRPSDUHUHVSRQVHVEHWZHHQWKHWZRFRQWUROFRQGLWLRQVDQGWKHFRUUHVSRQGLQJ

H[SHULPHQWDO FRQGLWLRQV /DVWO\ D PDQLSXODWLRQ FKHFN ZLOO EH FRQGXFWHG RQ RUGHU

HIIHFWVRI WKHDWWLWXGHPHDVXUHVLQ3DUW,,7KHRUGHULQZKLFKWKHDWWLWXGHPHDVXUHV

ZHUHSUHVHQWHGZDVYDULHGDQGLQGHSHQGHQWVDPSOHVWWHVWVZLOOEHFDUULHGRXWWRFKHFN

ZKHWKHUWKLVKDGDQ\LQÁXHQFHRQUHVSRQVHV

 5HDFWLRQVWRSUHFLSLWDWLQJFULPHYLJQHWWH

:H ÀUVW H[DPLQHG ZKHWKHU WKH SUHFLSLWDWLQJ HYHQW YLJQHWWHV VXFFHVVIXOO\ LQGXFHG DQ

DYHUVLYHVWDWHLQRXUUHVSRQGHQWV7KHDYHUDJHUDWLQJVRI DOOIRXUGHSHQGHQWYDULDEOHV

ZHUHFRPSDUHGIRUHDFKRI WKHWKUHHSUHFLSLWDWLQJHYHQWVVHH7DEOH



7DEOH0HDQVFRUHVIRUGHSHQGHQWYDULDEOHVSHUSUHFLSLWDWLQJHYHQW1 

6FDOHRYHUDOOPHDQ 3UHFLSLWDWLQJHYHQW 0HDQ (SD)

(PSDWK\SUHFLSLWDWLQJFULPH

YLFWLP^D

7UDIÀFDJJUHVVLRQ1  

3HGHVWULDQFUDVK1  

6H[RIIHQVH1  

2XWUDJHDWSUHFLSLWDWLQJ

RIIHQGHU^E

7UDIÀFDJJUHVVLRQ1  

3HGHVWULDQFUDVK1  

6H[RIIHQVH1  

%ODPHGHURJDWLRQSUHFLSLWDWLQJFULPH

YLFWLP^F

7UDIÀFDJJUHVVLRQ1  

3HGHVWULDQFUDVK1  

6H[RIIHQVH1  

'HVLUHGSXQLVKPHQWSUHFLSLWDWLQJ

RIIHQGHU^F

7UDIÀFDJJUHVVLRQ1  

3HGHVWULDQFUDVK1  

6H[RIIHQVH1  

D 'LIIHUHQFHVEHWZHHQVH[RIIHQVHDQGSHGHVWULDQFUDVKVLJQLÀFDQWDWSWKHUHVWVLJQLÀFDQWDW

S

E 'LIIHUHQFHEHWZHHQVH[RIIHQVHDQGWKHRWKHUWZRHYHQWVVLJQLÀFDQWDWS3HGHVWULDQFUDVKDQG

WUDIÀFDJJUHVVLRQGRQRWGLIIHUIURPRQHDQRWKHUS 

F $OOGLIIHUHQFHVVLJQLÀFDQWDWS

7KHPHDQVRI HPSDWK\DQGRXWUDJHLQWKHWDEOHVKRZWKDWZHLQGHHGPDQDJHGWRLQGXFH

DQDYHUVLYHVWDWHLQRXUUHVSRQGHQWV3HRSOHKLJKO\HPSDWKL]HGZLWKWKHYLFWLPDQGZHUH

KLJKO\RXWUDJHGDWDOOWKUHHSUHFLSLWDWLQJRIIHQGHUVDVDOOEXWRQHRI WKHDYHUDJHUDWLQJV

ZHUHDERYHRQDSRLQWVFDOH7KHORZHVW\HWVWLOOUHODWLYHO\KLJKDYHUDJHZDVIRXQG

IRUHPSDWK\ZLWKWKHWUDIÀFDJJUHVVLRQYLFWLP7KLVLVOLNHO\GXHWRWKHIDFWWKDWWKH

YLFWLPPD\EHVHHQWRKDYHVOLJKWO\¶SURYRNHG·WKHSUHFLSLWDWLQJFULPHE\UDLVLQJKLVÀVW

WRWKHFDUGULYHU

7KH XVH RI  FRJQLWLYH VWUDWHJLHV ZDV H[DPLQHG QH[W :H H[SHFWHG D UHODWLYHO\ ORZ

XVHRI WKHEODPHDQGGHURJDWLRQWHFKQLTXHVDVZHWULHGWRFRQYLQFHRXUUHVSRQGHQWV

WKDWWKHYLFWLPVZHUHLQQRFHQWLQHDFKRI WKHSUHFLSLWDWLQJFULPHYLJQHWWHV$VDUHVXOW

ZHH[SHFWHGWKDWUHVSRQGHQWVZRXOGPRVWO\WXUQWRVWUDWHJ\RI GHVLULQJSXQLVKPHQW

IRUWKHSUHFLSLWDWLQJRIIHQGHU7DEOHVKRZVWKDWWKLVLVLQGHHGWKHFDVH7KHPHDQ

OHYHORI EODPHDQGGHURJDWLRQRI WKHSUHFLSLWDWLQJFULPHYLFWLP0 LVDWWKHORZ

HQGRI WKHSRLQWVFDOH7KLVVXJJHVWVWKDWZHZHUHVXFFHVVIXOLQFUHDWLQJYLJQHWWHV

WKDWSRUWUD\UHODWLYHO\LQQRFHQWYLFWLPV5HVSRQGHQWVVHHPHGWRKDYHWURXEOHEODPLQJ

DQGGHURJDWLQJWKHSUHFLSLWDWLQJFULPHYLFWLPDQGWULHGWRUHGXFHWKHLUDYHUVLYHVWDWH

E\SXQLVKLQJWKHSUHFLSLWDWLQJRIIHQGHULQVWHDG,QGHHGWKHPHDQOHYHORI SXQLVKPHQW

RI WKHSUHFLSLWDWLQJRIIHQGHUZDVQHDUWKHKLJKHQGRI WKHVFDOH7RIXUWKHUWHVW

WKLVZHH[DPLQHGWKHUHODWLRQEHWZHHQWKHXVHVRI WKHWZRFRJQLWLYHVWUDWHJLHV7KH

FRUUHODWLRQZDVIRUWUDIÀFDJJUHVVLRQIRUWKHSHGHVWULDQFULPHDQGIRUWKH



VH[RIIHQVHDOOVLJQLÀFDQWDWS,QRWKHUZRUGVWKHPRUHUHVSRQGHQWVZHUHDEOHWR

XVHWKHEODPHDQGGHURJDWLRQVWUDWHJ\WKHOHVVWKH\FRQVRUWHGWRGHVLULQJSXQLVKPHQW

7KHYLFWLPRI WUDIÀFDJJUHVVLRQZDVEODPHGDQGGHURJDWHGWKHPRVWDQGWKHVH[

RIIHQVHYLFWLPWKHOHDVW,QRWKHUZRUGVLQWKHFRQGLWLRQZLWKWKHPRVWLQQRFHQWYLFWLP

FRJQLWLYHWHFKQLTXHVZHUHXVHGWKHOHDVWDQGYLFHYHUVD7KHIDFWWKDWWKHWUDIÀFDJJUHVVLRQ

YLFWLPZDVDPDOHFRPSDUHGWRD\HDUROGJLUOLQWKHRWKHUYHUVLRQVPD\H[SODLQZK\

WKHODUJHVWGLIIHUHQFHZDVIRXQGEHWZHHQWUDIÀFDJJUHVVLRQDQGWKHRWKHUWZR

7KHUHVSRQVHVWRWKH\HVQRTXHVWLRQUHJDUGLQJZKHWKHUWKHSUHFLSLWDWLQJRIIHQGHU

GHVHUYHGWREHSXQLVKHGDOVRPDWFKHVWKLVSDWWHUQ1HDUO\DOOUHVSRQGHQWVSHUFHQW

RQDYHUDJHDQVZHUHGDIÀUPDWLYHO\7KRVHZKRGLGQRWÀQGWKHRIIHQGHUGHVHUYLQJRI  SXQLVKPHQWZHUHPRVWO\IRXQGLQWKHWUDIÀFDJJUHVVLRQFRQGLWLRQSHRSOHIROORZHG

E\IRUWKHSHGHVWULDQFUDVKDQGLQWKHVH[RIIHQVHFRQGLWLRQ7KRVHUHVSRQGHQWV

ZKRGLGZDQWWRSXQLVKWKHSUHFLSLWDWLQJRIIHQGHUZHUHDVNHGWRH[SUHVVWKHLUGHVLUHG

SXQLVKPHQWLQVRFDOOHGSHQDOW\SRLQWVRQDVFDOHRI QRQHWRPD[LPXP7KH

QXPEHURI SHQDOW\SRLQWVGLIIHUHGVLJQLÀFDQWO\RYHUDOO) S3RVW

KRFDQDO\VHVUHYHDOHGWKDWRQO\WKHGLIIHUHQFHEHWZHHQWKHWUDIÀFDJJUHVVLRQRIIHQGHU

DQGWKHGULYHUZKRKLWWKHSHGHVWULDQZDVVLJQLÀFDQWS7KHVH[

RIIHQGHUUHFHLYHGDQDYHUDJHRI SRLQWV^

 &RQWUROFRQGLWLRQV

5HVSRQGHQWVLQWKHWZRFRQWUROFRQGLWLRQVZHUHSUHVHQWHGZLWKRQHYLJQHWWHLQZKLFK

LQIRUPDWLRQDERXWWKHSUHFLSLWDWLQJHYHQWSUHFLSLWDWLQJRIIHQGHU·VVHQWHQFHDVZHOODV

WKHDFWRI YLJLODQWLVPZDVFRPELQHG7KH\VXEVHTXHQWO\RQO\UHVSRQGHGWRTXHVWLRQV

DERXWWKHYLJLODQWLVPDFW,QWKLVVHFWLRQZHFRPSDUHWKHUHVSRQVHVEHWZHHQWKHFRQWURO

FRQGLWLRQVDQGWKHPDWFKLQJH[SHULPHQWDORQHVWRWHVWWKHHIIHFWRI YLJQHWWHSUHVHQWDWLRQ

RQWKHUHVSRQVHV

:H ÀUVW FRPSDUHG YHUVLRQ % WUDIÀF DJJUHVVLRQ DQG D OHQLHQW VHQWHQFH ZLWK LWV

FRQWUROYHUVLRQ%;,QGHSHQGHQWVDPSOHVWWHVWVZHUHXVHGWRH[DPLQHWKHGLIIHUHQFHV

EHWZHHQWKHPHDQUDWLQJV'XHWRWKHPXOWLSOHFRPSDULVRQVZHDSSOLHGDVLJQLÀFDQFH

OHYHORI LQRUGHUWRUHGXFHWKHFKDQFHVRI PDNLQJD7\SH,HUURU7KHUHZHUHQR

VLJQLÀFDQW GLIIHUHQFHV IRU RXWUDJH DW WKH YLJLODQWH W   S   %ODPH DQG

GHURJDWLRQ RI  WKH YLFWLP RI  YLJLODQWLVP GLG QRW GLIIHU HLWKHU W   S  

QRU GLG GHVLUHG SXQLVKPHQW IRU WKH YLJLODQWH W   S   3HQDOW\ SRLQWV

ZHUHQRWDIIHFWHGE\WKHYLJQHWWHSUHVHQWDWLRQHLWKHUW S 7KHRQO\

VLJQLÀFDQWHIIHFWWKDWZDVIRXQGZDVIRUHPSDWK\ZLWKWKHYLJLODQWHW S

  5HVSRQGHQWV ZKR UHFHLYHG VHSDUDWH YLJQHWWHV ZHUH PRUH HPSDWKHWLF ZLWK WKH

YLJLODQWHWKDQWKRVHLQWKHFRQWUROFRQGLWLRQ

%HIRUH IXUWKHU GLVFXVVLQJ WKLV ÀQGLQJ ZH ZLOO WDNH D ORRN DW WKH RWKHU SDLU RI  FRQGLWLRQV&DQG&;7KHVHERWKFRQFHUQYLJLODQWLVPDJDLQVWDVH[RIIHQGHUZKR

 7KHVH[RIIHQGHUUHFHLYHGOHVVSHQDOW\SRLQWVWKDQRQHPLJKWH[SHFWZKLFKPD\EHGXHWRWKHDPELJXLW\RI WKH

FULPHVLWXDWLRQ7KHYLJQHWWHVWDWHVWKDWWKHJLUOLVVH[XDOO\DVVDXOWHGEXWGRHVQRWVSHFLI\ZKHWKHULWFRQFHUQVDUDSH

)RUWKLVUHDVRQSHRSOHPD\QRWKDYHJLYHQKLJKHUQXPEHUVRI SHQDOW\SRLQWV



UHFHLYHGDOHQLHQWVHQWHQFH,QGHSHQGHQWVDPSOHVWWHVWVVKRZHGQRHIIHFWRI YLJQHWWH

SUHVHQWDWLRQ RQ RXWUDJH DW YLJLODQWLVP W   S   QRU RQ HPSDWK\ ZLWK

WKHYLJLODQWLVPYLFWLPW S %ODPHDQGGHURJDWLRQRI WKHYLJLODQWLVP

YLFWLPGLGQRWGLIIHUHLWKHUEHWZHHQWKHWZRFRQGLWLRQVW S QRUGLG

GHVLUHGSXQLVKPHQWIRUWKHYLJLODQWHW S 3HQDOW\SRLQWVRQFHDJDLQ

GLGQRWGLIIHUEHWZHHQWKHJURXSVW S 

2XWRI WKHHLJKWFRPSDULVRQVEHWZHHQH[SHULPHQWDODQGFRQWUROJURXSVRQHZDV

IRXQGWREHVLJQLÀFDQWHPSDWK\ZLWKWKHYLJLODQWHLQWKHWUDIÀFDJJUHVVLRQFRQGLWLRQV

$OWKRXJKZHFRXOGVSHFXODWHDERXWSRVVLEOHFDXVHVLWVHHPVWREHDQH[FHSWLRQWRWKH

UXOH0RUHRYHUWKHVFDOHRQO\FRQVLVWVRI WKUHHLWHPVFRPSDUHGWRHLJKWHHQWKDWZHUH

XVHGLQWRWDOWRPHDVXUHUHDFWLRQVWRYLJLODQWLVP7KLVPHDQVWKDWLWZLOOKDYHDUHODWLYH

VPDOOLPSDFWLI DQ\RQRXULQWHUSUHWDWLRQV:HWKHUHIRUHFRQFOXGHWKDWZHZLOOEHDEOH

WRWDNHRXUÀQGLQJVUHJDUGLQJWKHH[SHULPHQWDOFRQGLWLRQVDWIDFHYDOXH

 2UGHUHIIHFWVLQDWWLWXGHPHDVXUHV

7KHODVWPDQLSXODWLRQFKHFNFRQFHUQVSRVVLEOHRUGHUHIIHFWVLQWKHDWWLWXGHPHDVXUHV+DOI  RI WKHVDPSOHÀUVWUHFHLYHGTXHVWLRQVDERXWWKHFULPLQDOMXVWLFHV\VWHPLQFOXGLQJ*&&

LWHPVIROORZHGE\%-:2DQGODVWO\LWHPVPHDVXULQJJHQHUDOVXSSRUWIRUYLJLODQWLVP

7KLVRUGHUZDVUHYHUVHGIRUWKHRWKHUUDQGRPKDOI RI WKHVDPSOH8VLQJLQGHSHQGHQW

VDPSOHVWWHVWVQRRUGHUHIIHFWZDVIRXQGIRUJHQHUDOVXSSRUWIRUYLJLODQWLVPW S!QRUIRUJHQHUDOFRQFHUQRYHUFULPHW S!&RQÀGHQFH

LQWKH&-6DQGFRXUWVZDVQRWDIIHFWHGE\SUHVHQWDWLRQRUGHUHLWKHUW 

S!QRUZDVFRQÀGHQFHLQSROLFHW S!:HGLGQRWÀQGDQRUGHU

HIIHFWRQWKHPLGGOHSDUWRI WKHTXHVWLRQQDLUH%-:2HLWKHUW S!

 5HDFWLRQVWRVHQWHQFHYLJLODQWLVPYLJQHWWHV

:HFRQGXFWHGRUGLQDU\OHDVWVTXDUHV2/6UHJUHVVLRQDQDO\VHVWRH[DPLQHWKHHIIHFWV

RI WKHVLWXDWLRQDOFKDUDFWHULVWLFVVLWXDWLRQK\SRWKHVLVDVZHOODVDWWLWXGHVFRQÀGHQFH

K\SRWKHVLVDQGDQXPEHURI FRQWUROYDULDEOHVRQVXSSRUWIRUYLJLODQWLVPLQWKHYLJQHWWH

7KHVH DQDO\VHV ZHUH FDUULHG RXW IRU HDFK RI  WKH IRXU PHDVXUHV RI  VXSSRUW HPSDWK\

ZLWKWKHYLJLODQWLVPYLFWLPRXWUDJHDWWKHYLJLODQWHEODPHDQGGHURJDWLRQRI WKHYLJLODQWLVP

YLFWLPDQGGHVLUHGSXQLVKPHQWIRUWKHYLJLODQWH

%HIRUHFRQGXFWLQJWKHUHJUHVVLRQDQDO\VHVZHFDUULHGRXWDWZRZD\$129$IRU

HDFKRI WKHIRXUGHSHQGHQWYDULDEOHVWRWHVWIRUPDLQHIIHFWVDQGLQWHUDFWLRQVVHH7DEOH

$LQ$SSHQGL[7KHPDLQHIIHFWVZHUHVLJQLÀFDQWIRUDOOUHDFWLRQVWRYLJLODQWLVP

H[FHSWIRUWKHHIIHFWRI SUHFLSLWDWLQJRIIHQGHUVHQWHQFHOHYHORQEODPHDQGGHURJDWLRQ

7KHLPSDFWRI WKHW\SHRI SUHFLSLWDWLQJHYHQWZDVKLJKHUWKDQWKHHIIHFWRI WKHVHQWHQFLQJ

OHYHOIRUDOOIRXUPHDVXUHVRI VXSSRUW7KHÀQGLQJVDUHIXUWKHUGLVFXVVHGEHORZLQRXU

GHVFULSWLRQRI WKHUHJUHVVLRQDQDO\VHV1RLQWHUDFWLRQHIIHFWVZHUHIRXQGWKHHIIHFWVRI  WKHWZRIDFWRUVDUHLQGHSHQGHQWIURPRQHDQRWKHUIRUHDFKRI WKHIRXUYDULDEOHV



7DEOH5HDFWLRQVWRYLJLODQWLVPSHUSUHFLSLWDWLQJHYHQWW\SH1 

6FDOHRYHUDOOPHDQ 3UHFLSLWDWLQJHYHQW 0HDQ6'

(PSDWK\YLJLODQWLVPYLFWLP^D 7UDIÀFDJJUHVVLRQ1  

3HGHVWULDQFUDVK1  

6H[RIIHQVH1  

2XWUDJHDWYLJLODQWH^D 7UDIÀFDJJUHVVLRQ1  

3HGHVWULDQFUDVK1  

6H[RIIHQVH1  

%ODPHGHURJDWLRQYLJLODQWLVPYLFWLP^E 7UDIÀFDJJUHVVLRQ1  

3HGHVWULDQFUDVK1  

6H[RIIHQVH1  

'HVLUHGSXQLVKPHQWYLJLODQWH^D 7UDIÀFDJJUHVVLRQ1  

3HGHVWULDQFUDVK1  

6H[RIIHQVH1  

D $OOGLIIHUHQFHVVLJQLÀFDQWDWS

E 7KHGLIIHUHQFHEHWZHHQWUDIÀFDJJUHVVLRQDQGSHGHVWULDQFUDVKLVVLJQLÀFDQWDWSWKHUHVWDWS

7DEOH  VKRZV WKH UDWLQJV RQ WKH GHSHQGHQW YDULDEOHV SHU SUHFLSLWDWLQJ HYHQW

H[SHULPHQWDOIDFWRU,Q7DEOHWKHUHVSRQVHVWRYLJLODQWLVPDUHSUHVHQWHGSHU

OHYHORI WKHSUHFLSLWDWLQJRIIHQGHU·VVHQWHQFHH[SHULPHQWDOIDFWRU7KHPHDQVIRUWKH

VH[FULPHFRQGLWLRQDUHSUHVHQWHGVHSDUDWHO\LQ7DEOH

$VPHQWLRQHGDERYHWKHUHDVRQIRUWKLVVHSDUDWHSUHVHQWDWLRQLVWKDWWKHUHDUHWZR

UDWKHUWKDQIRXUVHQWHQFLQJOHYHOVIRUWKHVH[RIIHQVHYLJQHWWHVRWKH\DUHQRWGLUHFWO\

FRPSDUDEOH )RU WKLV VDPH UHDVRQ ZH GLG QRW LGHQWLI\ WKH WZR H[SHULPHQWDO IDFWRUV

VHSDUDWHO\LQWKHUHJUHVVLRQPRGHOVVHH7DEOHV²,QVWHDGQLQHH[SHULPHQWDO

FRQGLWLRQVZHUHHQWHUHGLQWRWKHPRGHOVDVRQHEORFNRI YDULDEOHVDQGRQHFRQGLWLRQ

WUDIÀFDJJUHVVLRQDFTXLWWDOVHUYHGDVWKHUHIHUHQFHFDWHJRU\%\GRLQJVRWKHHIIHFWV

RI  WKH WZR H[SHULPHQWDO PDQLSXODWLRQV FDQ EH H[DPLQHG GLUHFWO\ E\ FRPSDULQJ WKH

EYDOXHVRI WKHYDULRXVFRQGLWLRQVLQWKHUHJUHVVLRQWDEOHV%\DGGLQJRUVXEWUDFWLQJWKH

EYDOXHVWRWKHFRQVWDQWLHWKHUHIHUHQFHFRQGLWLRQLQHDFKRI WKHUHJUHVVLRQWDEOHV

DYHUDJHUDWLQJVIRUWKHYDULRXVFRQGLWLRQVFDQEHFDOFXODWHG)RULQVWDQFHLQ7DEOH

WKHOHYHORI HPSDWK\IRUWKHOHQLHQWO\VHQWHQFHGVH[RIIHQGHULQ0RGHOLVFDOFXODWHG

E\DGGLQJFRQVWDQWWREUHVXOWLQJLQDQHPSDWK\UDWLQJRI 7KLVPHDQ

UDWLQJFRUUHVSRQGVWRWKHRQHSUHVHQWHGLQ7DEOH

7KHDVWHULVNVEHKLQGWKHEYDOXHVH[SUHVVWKHVLJQLÀFDQFHRI GLIIHUHQFHVEHWZHHQ

HDFK FRQGLWLRQ DQG WKH UHIHUHQFH FDWHJRU\ 7KH\ DOVR DSSO\ WR WKH Ƣ EHWD YDOXHV LQ

WKHÀQDOFROXPQRI HDFKPRGHOZHGLGQRWVSHFLI\WKHPVHSDUDWHO\,PSRUWDQWO\WKH

DVWHULVNVGRQRWLQGLFDWHWKHRXWFRPHRI WKHWZRZD\$129$VRQWKHH[SHULPHQWDO

PDQLSXODWLRQVWKRVHVLJQLÀFDQFHYDOXHVDUHUHSRUWHGVHSDUDWHO\ZKHUHUHOHYDQW



7DEOH5HDFWLRQVWRYLJLODQWLVPSHUVHQWHQFLQJOHYHOIRUWKHWUDIÀFDJJUHVVLRQDQG

 SHGHVWULDQFUDVKFRQGLWLRQV1 

6FDOHRYHUDOOPHDQ 7\SHRI VHQWHQFH 0HDQ6'

(PSDWK\YLJLODQWLVPYLFWLP^D $FTXLWWDO1  

/HQLHQW1  

1RUPDO1  

6HYHUH1  

2XWUDJHDWYLJLODQWH^E $FTXLWWDO1  

/HQLHQW1  

1RUPDO1  

6HYHUH1  

%ODPHGHURJDWLRQYLJLODQWLVPYLFWLP^F $FTXLWWDO1  

/HQLHQW1  

1RUPDO1  

6HYHUH1  

'HVLUHGSXQLVKPHQWYLJLODQWH^G $FTXLWWDO1  

/HQLHQW1  

1RUPDO1  

6HYHUH1  

D 'LIIHUHQFHVEHWZHHQWKHDFTXLWWDOYHUVLRQDQGWKHRWKHUWKUHHDUHVLJQLÀFDQWDWSWKHUHVWLVQRW

E 'LIIHUHQFHVEHWZHHQWKHDFTXLWWDOYHUVLRQDQGWKHRWKHUWKUHHDUHVLJQLÀFDQWDWSDQGEHWZHHQ

WKHOHQLHQWDQGVHYHUHVHQWHQFLQJFRQGLWLRQVDWS2WKHUGLIIHUHQFHVDUHQRWVLJQLÀFDQW

F 1RQHRI WKHGLIIHUHQFHVDUHVLJQLÀFDQW) S 

G 'LIIHUHQFHVEHWZHHQWKHDFTXLWWDOYHUVLRQDQGWKHRWKHUWKUHHDUHVLJQLÀFDQWDWSWKHUHVWLVQRW

7DEOH5HDFWLRQVWRYLJLODQWLVPSHUVHQWHQFLQJW\SHIRUWKHVH[RIIHQVHFRQGLWLRQ1 

6FDOHPHDQ 7\SHRI VHQWHQFH 0HDQ6'

(PSDWK\YLJLODQWLVPYLFWLP /HQLHQW1  

6HYHUH1  

2XWUDJHDWYLJLODQWH /HQLHQW1  

6HYHUH1  

%ODPHGHURJDWLRQYLFWLPYLJLODQWLVP /HQLHQW1  

6HYHUH1  

'HVLUHGSXQLVKPHQWYLJLODQWH /HQLHQW1  

6HYHUH1  

1RWHWKHGLIIHUHQFHVEHWZHHQWKHOHQLHQWDQGVHYHUHVHQWHQFLQJOHYHOVDUHQRWVLJQLÀFDQWIRUDQ\RI WKH

IRXUPHDVXUHVRI VXSSRUWIRUYLJLODQWLVP