dovigo_ln_dr_arafo - Faculdade de Odontologia

Transcrição

81(63 8QLYHUVLGDGH(VWDGXDO3DXOLVWD
³-~OLRGH0HVTXLWD)LOKR´
)DFXOGDGHGH2GRQWRORJLDGH$UDUDTXDUD
$UDUDTXDUD
/tYLD1RUGL'RYLJR
/tYLD1RUGL'RYLJR
,QYHVWLJDomRGR
,QYHVWLJDomRGR HIHLWRIRWRGLQkPLFRGD
FXUFXPLQDVREUHHVSpFLHVGH &DQGLGD (VWXGRVLQYLWURHLQYLYR
(VWXGRVLQYLWURHLQYLYR 7HVH DSUHVHQWDGD DR 3URJUDPD GH 3yV
*UDGXDomR HP 5HDELOLWDomR 2UDO ÈUHD GH
3UyWHVH GD )DFXOGDGH GH 2GRQWRORJLD GH
$UDUDTXDUD
GD
8QLYHUVLGDGH
(VWDGXDO
3DXOLVWD ³-~OLR GH 0HVTXLWD )LOKR´ SDUD
REWHQomR GH WtWXOR GH 'RXWRU HP 5HDELOLWDomR
2UDOÈUHDGH&RQFHQWUDomR3UyWHVH
2ULHQWDGRUD3URI'U$QD&OiXGLD3DYDULQD
$UDUDTXDUD
$UDUDTXDUD 'RYLJR/tYLD1RUGL
,QYHVWLJDomRGRHIHLWRIRWRGLQkPLFRGDFXUFXPLQDVREUHHVSpFLHGH
&DQGLGD (VWXGR LQ YLWUR H LQ YLYR /tYLD 1RUGL 'RYLJR ±
$UDUDTXDUD>VQ@
IFP
7HVH 'RXWRUDGR ± 8QLYHUVLGDGH (VWDGXDO 3DXOLVWD
)DFXOGDGHGH2GRQWRORJLD
2ULHQWDGRUD3URID'UD$QD&OiXGLD3DYDULQD
&XUFXPLQD&DQGLGDDOELFDQV&DQGLGDWURSLFDOLV
&DQGLGDJOREUDWD)RWRTXLPLRWHUDSLD&DQGLGtDVHEXFDO
,7tWXOR
)LFKDFDWDORJUiILFDHODERUDGDSHOD%LEOLRWHFiULD0DUOH\&&KLXVROL0RQWDJQROL&5%
6HUYLoR7pFQLFRGH%LEOLRWHFDH'RFXPHQWDomRGD)DFXOGDGHGH2GRQWRORJLDGH$UDUDTXDUD81(63
/Ë9,$125','29,*2
,QYHVWLJDomRGRHIHLWRIRWRGLQkPLFRGD
FXUFXPLQDVREUHHVSpFLHVGH&DQGLGD
(VWXGRVLQYLWURHLQYLYR
&20,662-8/*$'25$
7HVHSDUDREWHQomRGRJUDXGHGRXWRU
3UHVLGHQWHH2ULHQWDGRUD3URI'U$QD&OiXGLD3DYDULQD
([DPLQDGRU3URI'U(XQLFH7HUHVLQKD*LDPSDROR
([DPLQDGRU3URI'U&DUORV(GXDUGR9HUJDQL
([DPLQDGRU3URI'U0DULD$SDUHFLGDGH$QGUDGH0RUHLUD0DFKDGR
([DPLQDGRU3URI'U.DULQ+HUPDQD1HSSHOHQEURHN
$UDUDTXDUDGHMXOKRGH
'DGRV&XUULFXODUHV
'DGRV&XUULFXODUHV /tYLD1RUGL'RYLJR
/tYLD1RUGL'RYLJR
1$6&,0(172
),/,$d2
D
D
D
D
D
±6mR&DUORV6mR3DXOR
$OWDLU-RVp'RYLJR
0DUD5HJLQD3HWURPLOOL1RUGL'RYLJR
&XUVRGH*UDGXDomRSHOD)DFXOGDGHGH2GRQWRORJLDGH
$UDUDTXDUD±81(63
(VWiJLR GH ,QLFLDomR &LHQWtILFD QDV 'LVFLSOLQDV GH
'HQWtVWLFD H (QGRGRQWLD GR 'HSDUWDPHQWR GH
2GRQWRORJLD 5HVWDXUDGRUD GD )DFXOGDGH GH
2GRQWRORJLDGH$UDUDTXDUD±81(63
&XUVR GH 3yV*UDGXDomR HP 5HDELOLWDomR 2UDO ÈUHD
GH FRQFHQWUDomR HP 3UyWHVH QtYHO GH 0HVWUDGR SHOD
)DFXOGDGHGH2GRQWRORJLDGH$UDUDTXDUD±81(63
(VWiJLR GRFrQFLD QDV 'LVFLSOLQDV GH 3UyWHVH 3DUFLDO
5HPRYtYHO , H ,, GR 'HSDUWDPHQWR GH 0DWHULDLV
2GRQWROyJLFRV H 3UyWHVH H QDV GLVFLSOLQDV GH
2ULHQWDomR3URILVVLRQDOH%LRHVWDWtVWLFDH0HWRGRORJLD
&LHQWtILFDGR'HSDUWDPHQWRGH2GRQWRORJLD6RFLDOGD
&XUVR GH 3yV*UDGXDomR HP 5HDELOLWDomR 2UDO ÈUHD
GH FRQFHQWUDomR HP 3UyWHVH QtYHO GH 'RXWRUDGR SHOD
´7KHPRVWEHDXWLIXOWKLQJZHFDQH[SHULHQFH
LVWKHP\VWHULRXV,WLVWKHVRXUFHRIDOO
LVWKHP\VWHULRXV,WLVWKHVRXUFHRIDOO
RXUFHRIDOO
WUXHDUWDQGVFLHQFHµ
WUXHDUWDQGVFLHQFHµ
$OEHUW(LQVWHLQ
'HGLFDWyULD
'HGLFDWyULD
6WV[UaWefWfdSTS^Za 6Wge
¬L
&XMDPLVHULFyUGLDHJUDoDSHUPLWLUDPTXHXPVRQKRGHFULDQoDVH
WUDQVIRUPDVVHHPXPDYHUGDGHLUDFDPLQKDGDGHYLGD
(VWDQGRGHQWURGHPLPpPHXFRQIRUWRHSD]
$QGDQGRDRPHXODGRPHDFRPSDQKDFDULQKRVDPHQWH
3DVVDQGRDPLQKDIUHQWHYDLDEULQGRRVFDPLQKRV
(VWDQGRDFLPDGHPLPGHUUDPDJUDoDVFRQVWDQWHV
&DPLQKDQGRDWUiVGHPLPVHJXHPHSURWHJHQGR
$(OHWRGDDKRQUDJORULDHSRGHU
7XGRRTXHIL]HUHPIDoDPGHWRGRRFRUDomR
FRPRSDUDR6HQKRUHQmRSDUDRVKRPHQV
VDEHQGRTXHUHFHEHUmRGR6HQKRU
DUHFRPSHQVDGDKHUDQoD
&O
6WV[UaWefWfdSTS^Za 3^fS[d ?SdS
$RVPHXVSDLV
H
9RFrVLOXPLQDPPLQKDYLGD&RPXPDGHGLFDomRLQILQLWDHDPRU
LQFRQGLFLRQDOUHQXQFLDUDPGHVHXVVRQKRVHPIDYRUGRVPHXV)RUDPPHXV
SULPHLURVPHVWUHVPHDPSDUDUDPQDVTXHGDVHRXWUDVYH]HVQHPPH
GHL[DUDPFDLU4XDQWRDPRUHXVLQWRSRUYRFrV
9RFrVHPSUHVWDUDPRQRPHGH'HXV±3DL±HPHIL]HUDPHQWHQGHUR
VLJQLILFDGRHRSRGHUGHVWDSDODYUD0HXVPDLRUHVH[HPSORVGHYLGDKRMH
YRFrVVmRSDUDPLPRPDLVSUy[LPRSRVVtYHOGRFpX
1DGDTXHHXWHQKDFRQTXLVWDGRHPPLQKDYLGDVHULDSRVVtYHOVHPYRFrV
´:K\GRELUGVVXGGHQO\DSSHDUHYHU\WLPH\RXDUHQHDU"
-XVWOLNHPHWKH\ORQJWREH«&ORVHWR\RX
:K\GRVWDUVIDOORIIIURPWKHVN\HYHU\WLPH\RXZDONE\"
-XVWOLNHPHWKH\ORQJWREH«&ORVHWR\RX
2QWKHGD\WKDW\RXZHUHERUQWKHDQJHOVJRWWRJHWKHU
7KH\GHFLGHGWRFUHDWHDGUHDPFRPHWUXH«
6RWKH\VSULQNOHGPRRQGXVWLQ\RXUKDLU
DQGJROGHQVWDUOLJKWLQ\RXUH\HVRIEOXHµ &ORVHWR\RX²7KH&DUSHQWHUV
6WV[UaWefWfdSTS^Za $RPHXPDULGR
8xT[a
9RFrDSDUHFHXGHXPDIRUPDTXDVHLQH[SOLFiYHOHIRLDRVSRXFRV
SUHHQFKHQGRPLQKDYLGDFRPDPRUHDOHJULD
4XDQGRSHUFHELYRFrHUDDUD]mRGHWXGRRTXHHXSHQVDYDHID]LD
'HGLFRHVWHWUDEDOKRDYRFrDSHVVRDPDLVSUy[LPDDPLPGXUDQWHWRGRVRV
GLDVGHVWHGRXWRUDGR6XDERQGDGHHJHQHURVLGDGHSHUPLWLUDPTXHYRFr
FRPSUHHQGHVVHHDSRLDVVHPLQKDVGHFLV}HV9RFrLQVLVWLXTXDQGRHXMi
HVWDYDGHVLVWLQGRYRFrPHPRVWURXRFDPLQKRTXDQGRHXMiQmRTXHULD
PDLVHQ[HUJDUYRFrHVWDYDVHPSUHSRUSHUWRSDUDPHDEUDoDU
+RMHYRFrpPHXDPRUPHOKRUDPLJRHFRPSDQKHLUR
3RULVVRHVWDFRQTXLVWDWDPEpPpVXD
(XWHDPR
´$QGLQWKLVFUD]\OLIH
DQGWKURXJKWKHVHFUD]\WLPHV«
,W
V\RXLW
V\RX
<RXPDNHPHVLQJ
<RX
UHHYHU\OLQH\RX
UHHYHU\ZRUG
<RX
UHHYHU\WKLQJµ (YHU\WKLQJ²0LFKDHO%XEOH
$JUDGHFLPHQWRV(VSHFLDLV
$JUDGHFLPHQWRV(VSHFLD LV
LV
3`S5^xgV[SBShSd[`S
¬PLQKDRULHQWDGRUD3URI'U
$JUDGHoRSRUWRGDVDVRSRUWXQLGDGHVFRQFHGLGDVSHODJUDQGHFRQILDQoDHP
PLPGHSRVLWDGDHSHODRULHQWDomRHPWRGDVDVIDVHVGDUHDOL]DomRGHVWH
WUDEDOKR1RVVDFRQLYrQFLDGXUDQWHPHXVVHLVDQRVGHSyVJUDGXDomRVyIH]
DXPHQWDURUHVSHLWRHDGPLUDomRSRUYRFrVHXDSRLRHH[HPSORIRUDP
PXLWRLPSRUWDQWHVSDUDPLQKDIRUPDomRFRPRSURIHVVRUDHSHVTXLVDGRUD
;YgSfW_k>agdW`~a4dg`Wff[
$R3URI'UDJUDGHoRSHODDMXGDQD
EXVFDSRUQRYRVIRWRVVHQVLELOL]DGRUHVHPHVSHFLDODFXUFXPLQDHSRUVXD
SDUWLFLSDomRQRSODQHMDPHQWRGRVH[SHULPHQWRVHQDVGLVFXVV}HVGRV
UHVXOWDGRVIXQGDPHQWDLVSDUDDH[HFXomRGHVWHHVWXGR
5d[ef[`S=gdSUZ[
HS`VWd^W[ES^hSVad4SY`Sfa
3URI'UDJUDGHoRSHOD
$RVSURIHVVRUHVGRJUXSRGHySWLFD3URI'UH
GLVSRQLELOLGDGHQDFRQIHFomRGRVDSDUHOKRVGHLOXPLQDomRHSHOD
RSRUWXQLGDGHGHGLVFXVVmRGRVSURMHWRVTXHWRUQDUDPSRVVtYHODH[HFXomR
GHVWDSHVTXLVD
$RVSURIHVVRUHVGDGLVFLSOLQDGH3UyWHVH3DUFLDO5HPRYtYHO
5Sd^ae7VgSdVaHWdYS`[
3URI'U3URI'UH
3`S>U[S?SUZSVa
7g`[UWFWdWe[`ZS9[S_bSa^a
3URI'UPHXDJUDGHFLPHQWRSHODFRQILDQoD
GHSRVLWDGDSHORVHQVLQDPHQWRVIUHTXHQWHVHSHORDSRLRFRPTXHPHDX[LOLDUDP
DRORQJRGRFXUVRGHSyVJUDGXDomR
BSfdU[SBWfda_[^^[@adV[ESeea9SdU[S
$TXHULGD3URI'UPLQKD
WLDDPLJDHLQVSLUDomRSDUDDYLGD0XLWRREULJDGDSHORVH[HPSORVGH
GHWHUPLQDomRIpHEXVFDSHODSHUIHLomRTXHUHSUHVHQWDPXPJXLDHP
PLQKDIRUPDomRSHVVRDOHSURILVVLRQDO
$RVDPLJRVHILpLVFRPSDQKHLURVGRTXLQWHWR3D0D'D/L(Z
BSg^S?Sd[S`S6S`[W^SW7iWdfa`
$JUDGHoRSRUWHUHPPHDFROKLGRHSRUID]HUHPSDUWHGHXPDHWDSDWmR
LPSRUWDQWHQDPLQKDYLGD6HH[LVWLXH[SOLFDomRSDUDQRVVRHQFRQWURFRP
FHUWH]DIRLDPmRGH'HXV6HH[LVWLUDPPRWLYRVSDUDRVXUJLPHQWRGHXPD
DPL]DGHWmRIRUWHHVLQFHUDHQWUHQyVHVWHVIRUDPRFDUiWHUDJHQHURVLGDGH
HDPRUGHYRFrVTXHPHIL]HUDPHQWHQGHURVHQWLGRGDQRVVDFDPLQKDGD
9RFrVVmRLQHVTXHFtYHLVLQH[SOLFiYHLVHLQFRPSDUiYHLV
FSf[S`S
¬DPLJDHFRPSDQKHLUDTXHHVWHYHSUHVHQWHGXUDQWHWRGDD
H[HFXomRGRHVWXGRDX[LOLDQGRQRSUHSDURGRVPDWHULDLVGHODERUDWyULR
6RPHQWHQyVGXDVVDEHPRVYHUGDGHLUDPHQWHR³WDPDQKR´GHVVHWUDEDOKR
0XLWRREULJDGDSHODGLVSRVLomRHPDMXGDU
<g^[S`S
$DPLJDTXHSUHVWRXDX[tOLRIXQGDPHQWDOSDUDDH[HFXomRGRV
HVWXGRVHPHVSHFLDOQRVH[SHULPHQWRVFRPFDPXQGRQJRV2EULJDGDSHOD
FRQWULEXLomRHSHODRSRUWXQLGDGHGHFUHVFHUPRVMXQWDV
$JUDGHFLPHQWRV
$JUDGHFLPHQWRV
GHFLPHQWRV
$R3URI'U&DUORV$OEHUWRGH6RX]D&RVWDDJUDGHoRSHODFRODERUDomRQR
GHVHQYROYLPHQWRGRSURMHWRLQYLYRHSHODLPSRUWDQWHSDUWLFLSDomRQDDQiOLVH
KLVWRSDWROyJLFDGDVOkPLQDV
¬3URI'U-XOLDQD$OYDUHV'XDUWH%RQLQL&DPSRVDJUDGHoRSHOD
GLVSRQLELOLGDGHSDUDWUDQVPLWLUVHXVFRQKHFLPHQWRVQDiUHDGHPHWRGRORJLD
FLHQWtILFDHELRHVWDWtVWLFD
¬TXHULGD³PLJD´3DXODTXHFRPSDUWLOKRXFRPLJRPXLWRVPRPHQWRVGXUDQWHD
H[HFXomRGHVWHWUDEDOKR$JUDGHoRSHODDPL]DGHHSHODDMXGD
HPWRGRVH³WDQWRV´PRPHQWRV9RFrWUDQVIRUPRXPXLWRVPRPHQWRVGLItFHLVHP
ERDVJDUJDOKDGDVHFRQWULEXLXPXLWRSDUDPLQKDIRUPDomRHDSUHQGL]DJHP
$RTXHULGRDPLJR³0LPD´DJUDGHoRSHODDMXGDVLQFHUDHPWRGRVRVPRPHQWRV
TXHSUHFLVHLHPHVSHFLDOGXUDQWHDVHOHomRGRVLVRODGRVFOtQLFRVHQDPHWRGRORJLD
GRHVWXGRLQYLYR
$DPLJD³$PDQGLQKD´SHODGLVSRQLELOLGDGHHPDMXGDUQDHWDSDGRVELRILOPHV
$RVFROHJDVGR/DERUDWyULRGH3DWRORJLD([SHULPHQWDOH%LRPDWHULDLVHP
HVSHFLDOD$QD3DXODSHODGLVSRQLELOLGDGHHPHQVLQDUHDMXGDUGXUDQWHRV
H[SHULPHQWRVFRPFXOWXUDVFHOXODUHV
$VEROVLVWDVGHWUHLQDPHQWRWpFQLFR7DWLDQD6{QLDH6WHODjDPLJD)HUQDQGD
9DUJDVHjIXQFLRQiULD-XOLDQD3LUROODDJUDGHoRSHORFDULQKRDWHQomRH
HILFLrQFLDQRVWUDEDOKRVGHODERUDWyULR
$RVFROHJDVGR/DERUDWyULRGH%LRTXtPLFDHVSHFLDOPHQWHjDOXQD9kQLDHDR
IXQFLRQiULR0DUFRVDJUDGHoRSHODDWHQomRHDMXGDQRSUHSDURGDFXUFXPLQD
$RVFROHJDVGRFXUVRGHGRXWRUDGR$OHMDQGUR,VDEHOOD-XOLr/DL]D/XFLDQR
/XtV(GXDUGR3DXODH3LHUUHDJUDGHoRSRUWRGRVRVPRPHQWRVGHDJUDGiYHO
FRQYLYrQFLDHFRPSDQKHLULVPR
$WRGRVRVPHXVDPLJRVGHSyVJUDGXDomRHPHVSHFLDOj$PDQGD$QD3DXOD
&DPLOD&DUORV(GXDUGR&DUROLQD&ULVWLDQH'HOLVH(GXDUGR)HUQDQGD
-XOLDQD.DUHQ0DULDQDH3DWUtFLDSHORDMXGDHDSRLRHPWRGRVRVPRPHQWRV
$RVFROHJDVGHSyVJUDGXDomRGDVWXUPDVDQWHULRUHVHPHVSHFLDO'DQLHOD
(ZHUWRQ0DULDQD-DQDtQD.DULQH1DUD$JUDGHoRSHODDWHQomRHDSRLR
$RVDOXQRVGHLQLFLDomRFLHQWtILFD$QGUp&DPLOD&DUROLQD&\QWKLDH0DULQD
PXLWRREULJDGDSHODRSRUWXQLGDGHGHFUHVFHUPRVMXQWRVHSHORFDULQKRHFRQILDQoD
TXHGHSRVLWDUDPHPPLP
¬)DFXOGDGHGH2GRQWRORJLDGH$UDUDTXDUD±81(63QDSHVVRDGHVHXGLUHWRU
3URI'U-RVp&OiXGLR0DUWLQV6HJDOOD
$RVGRFHQWHVGRFXUVRGH3yV*UDGXDomRHP5HDELOLWDomR2UDOSHODYDOLRVD
SDUWLFLSDomRHPPHXFUHVFLPHQWRSURILVVLRQDO
$RVIXQFLRQiULRVGR'HSDUWDPHQWRGH0DWHULDLV2GRQWROyJLFRVH3UyWHVHHP
HVSHFLDOj$GHODLGH/~FLD0DUWD0DOXH6tOYLDSHODDFROKLGDHDOHJUH
FRQYLYrQFLD
$RVIXQFLRQiULRVGDVHFUHWDULDGHSyVJUDGXDomRSHORVVHUYLoRVSUHVWDGRVGXUDQWH
WRGRRFXUVR
$RVIXQFLRQiULRVGDELEOLRWHFDHVSHFLDOPHQWHj&HUHV0DULD&DUYDOKR*DOYmRGH
)UHLWDVH0DUOH\&ULVWLQD&KLXVROL0RQWDJQROLSHORDX[tOLRQDQRUPDWL]DomRGD
WHVHHILFKDFDWDORJUiILFD
$RV0HPEURVGD%DQFD([DPLQDGRUDSRUWHUHPDFHLWDGRRFRQYLWHSDUD
SDUWLFLSDUGDDYDOLDomRGHVWHWUDEDOKR
$R2O\PSLR7HL[HLUD1HWRSRUUHDOL]DUFRPPXLWDDWHQomRHFRPSHWrQFLDD
DQiOLVHGRVGDGRVGHVWHHVWXGR
¬VHQKRUD0DUJHU\SHODSURQWLGmRTXHVHPSUHGHPRQVWURXDRUHYLVDURLQJOrV
GRVDUWLJRVFLHQWtILFRVTXHFRQVWDPQD7HVH
¬)XQGDomRGH$PSDURj3HVTXLVDGR(VWDGRGH6mR3DXOR)$3(63HD
&RRUGHQDomRGH$SHUIHLoRDPHQWRGH3HVVRDOGH1tYHO6XSHULRU&$3(6SHODV
EROVDVGHHVWXGRVHSHORDX[tOLRjSHVTXLVDFRQFHGLGRVSDUDRGHVHQYROYLPHQWR
GHVWHHVWXGR
¬PLQKDIDPtOLD)iELR$OWDLU0DUD&DUOD0LOXH-XFD2EULJDGDSRUDFHLWDUHP
DVPLQKDVRSo}HVHFRPSUHHQGHUHPPHXVOLPLWHVGHQmRWHUFRQVHJXLGRGDUOKHVD
DWHQomRTXHPHUHFHPGXUDQWHHVVHWHPSRTXHSULRUL]HLDFRQFUHWL]DomRGHVVH
WUDEDOKR
$WRGRVRVPHXVIDPLOLDUHVWLRVSULPRVVRJURVFXQKDGDVREULQKRHHVSHFLDODV
PLQKDVDYyV'LQRUDKH3DXOLQDTXHFRPPXLWRFDULQKRVHPSUHDX[LOLDPHPWRGRV
RVPRPHQWRVGDPLQKDYLGD
$WRGDVDVSHVVRDVTXHSDUWLFLSDUDPGLUHWDRXLQGLUHWDPHQWHGDUHDOL]DomRGHVWH
WUDEDOKRHTXHQmRHVWmRFLWDGDVQRPLQDOPHQWHPHXVLQFHURDJUDGHFLPHQWR
/HWXVEHJUDWHIXOWRSHRSOHZKRPDNHXVKDSS\
/HWXVEHJUDWHIXOWRSHRSOHZKRPDNHXVKDSS\
7KH\DUHWKHFKDUPLQJJDUGHQHUV
7KH\DUHWKHFKDUPLQJJDUGHQHUV
UHWKHFKDUPLQJJDUGHQHUV
ZKRPDNHRXUVRXOVEORVVRP
ZKRPDNHRXUVRXOVEORVVRP
0DUFHO3URXVW
´7KHEHVWWKLQJLQOLIHLVWRJRDKHDGZLWKDOO
7KHEHVWWKLQJLQOLIHLVWRJRDKHDGZLWKDOO
RXUSODQVDQGGUHDPVWRHPEUDFHOLIHDQGWROLYH
ZLWKSDVVLRQWRORVHDQGVWLOONHHSWKHIDLWK
ZLWKSDVVLRQWRORVHDQGVWLOONHHSWKHIDLWK
DQGWRZLQZKLOHEHHQJUDWHIXO
DQGWRZLQZKLOHEHHQJUDWHIXO
DWHIXO
$OORIWKLVEHFDXVHWKHZRUOGEHORQJVWRWKRVHZKR
GDUHDQGEHFDXVHOLIHLVUHDOO\WRRVKRUWWREH
LQVLJQLILFDQW
LQVLJQLILFDQW
&KDUOLH&KDSOLQ
6XPiULR
6XPiULR
5HVXPR $EVWUDFW ,QWURGXomR 3URSRVLomR &DStWXORV &DStWXOR
&DStWXOR
&DStWXOR
'LVFXVVmR
&RQFOXVmR
5HIHUrQFLDV
$SrQGLFH
$QH[R
'RYLJR/1,QYHVWLJDomRGRHIHLWRIRWRGLQkPLFRGDFXUFXPLQDVREUHHVSpFLHVGH
&DQGLGD(VWXGRVLQYLWURHLQYLYR>7HVHGH'RXWRUDGR@$UDUDTXDUD)DFXOGDGH
GH2GRQWRORJLDGD81(63
5HVXPR
5HVXPR
(VWD LQYHVWLJDomR WHYH FRPR REMHWLYR DYDOLDU D YLDELOLGDGH GH
XWLOL]DomR GD FXUFXPLQD FRPR DJHQWH IRWRVVHQVLELOL]DGRU 36 HP 7HUDSLD
)RWRGLQkPLFD3'7SDUDLQDWLYDomRGHXPDFHSDSDGUmRGH&DQGLGDDOELFDQVH
VHXHIHLWRWy[LFRVREUHFXOWXUDVFHOXODUHVGHPDFUyIDJRVDHIHWLYLGDGHGD3'7
PHGLDGD SHOD FXUFXPLQD SDUD LQDWLYDomR GH VXVSHQV}HV SODQFW{QLFDV H ELRILOPHV
IRUPDGRV SRU GLIHUHQWHV LVRODGRV FOtQLFRV GH & DOELFDQV &DQGLGD WURSLFDOLV H
&DQGLGD JODEUDWD D IRWRLQDWLYDomR GH & DOELFDQV SUHVHQWH HP FDQGLGRVH
LQGX]LGDHPFDPXQGRQJRVSRUPHLRGDXWLOL]DomRGHGLIHUHQWHVFRQFHQWUDo}HVGH
FXUFXPLQD 1R SULPHLUR HVWXGR VXVSHQV}HV SODQFW{QLFDV GH & DOELFDQV $7&&
IRUDP H[SRVWDV D QRYH FRQFHQWUDo}HV GH FXUFXPLQD Hȝ0HRLWRGRVHVGHOX]H
-FP 2 HIHLWR GH GLIHUHQWHV WHPSRV GH SUpLUUDGLDomR 3,7 D SRVVtYHO
FDSWDomRGHFXUFXPLQDSHODVFpOXODVI~QJLFDVHSDUWLFLSDomRGRR[LJrQLRVLQJOHWH
QDIRWRLQDWLYDomRWDPEpPIRUDPDYDOLDGRV$GLFLRQDOPHQWHD3'7PHGLDGDSHOD
FXUFXPLQD IRL DYDOLDGD HP ELRILOPHV IRUPDGRV SHOD FHSD GH UHIHUrQFLD GH &
DOELFDQVHVREUHFXOWXUDVFHOXODUHVGHPDFUyIDJRV$OpPGLVVRDVFDUDFWHUtVWLFDV
ySWLFDV GD VROXomR GH FXUFXPLQD IRUDP LQYHVWLJDGDV HP IXQomR GD GRVH GH OX]
XWLOL]DGD 2V UHVXOWDGRV IRUDP VXEPHWLGRV j DQiOLVH GHVFULWLYD $QiOLVH GH
9DULkQFLD$129$H.UXVNDO:DOOLVĮ $VVXVSHQV}HVSODQFW{QLFDVGH&
DOELFDQVIRUDPFRPSOHWDPHQWHLQDWLYDGDVFRPDXWLOL]DomRGHђ0GHFXUFXPLQD
H -FP $OpP GLVVR IRL REVHUYDGD UHGXomR VLJQLILFDWLYD QD YLDELOLGDGH
FHOXODU GRV ELRILOPHV GH & DOELFDQV 2 HIHLWR IRWRGLQkPLFR IRL DFHQWXDGR SHOD
SUHVHQoD GD FXUFXPLQD GXUDQWH D LOXPLQDomR H SHOD XWLOL]DomR GH PLQXWRV GH
3,7$SHVDUGDWR[LFLGDGHREVHUYDGDQRVPDFUyIDJRVD3'7IRLPDLVHIHWLYDSDUD
5HVXPR
LQDWLYDU DV FpOXODV I~QJLFDV GR TXH DV FpOXODV LPXQROyJLFDV $OpP GLVVR XPD
HOHYDGDWD[DGHIRWRGHJUDGDomRGDFXUFXPLQDIRLREVHUYDGD1RVHJXQGRHVWXGR
VXVSHQV}HVSODQFW{QLFDVGHLVRODGRVFOtQLFRVGH&DQGLGDIRUDPH[SRVWDVDWUrV
FRQFHQWUDo}HVGHFXUFXPLQDHђ0HTXDWURGRVHVGHOX]
H -FP $V FRQFHQWUDo}HV GH H ђ0 IRUDP VHOHFLRQDGDV SDUD
DYDOLDomR GD 3'7 VREUH ELRILOPHV DVVLP FRPR DV GRVHV GH H -FP $
DWLYLGDGHPHWDEyOLFDGRVELRILOPHVIRLDYDOLDGDSRUPHLRGRHQVDLRGH;77HD
ELRPDVVD IRL DYDOLDGD SRU FRORUDomR &ULVWDO 9LROHWD &9 2V UHVXOWDGRV IRUDP
DQDOLVDGRV VHJXQGR XP PRGHOR OLQHDU $129$ DQLQKDGR WHVWH GH :LOFR[RQ H
.UXVNDO:DOOLV Į $V DVVRFLDo}HV GH FXUFXPLQD H OX] SURPRYHUDP HIHLWR
DQWLI~QJLFR VLJQLILFDWLYR QDV VXVSHQV}HV SODQFW{QLFDV GRV PLFURRUJDQLVPRV
$OpP GLVVR D XWLOL]DomR GH 0 GH FXUFXPLQD FRP -FP GH OX] SURPRYHX
UHGXo}HVGHHQDDWLYLGDGHPHWDEyOLFDGRVELRILOPHVIRUPDGRVSRU&
DOELFDQV&JODEUDWDH&WURSLFDOLVUHVSHFWLYDPHQWH2VUHVXOWDGRVGDFRORUDomR
&9 PRVWUDUDP TXH D 3'7 UHGX]LX D ELRPDVVD GRV ELRILOPHV H TXH RV LVRODGRV
FOtQLFRVGH&DOELFDQVSRVVXtUDPPDLRUFDSDFLGDGHGHIRUPDomRGHELRILOPH1R
WHUFHLUR HVWXGR FDPXQGRQJRV LPXQRVVXSULPLGRV UHFHEHUDP XPD LQRFXODomR
WySLFDGH& DOELFDQV 8)&P/SDUDLQGXomRGHFDQGLGRVHH[SHULPHQWDOQR
GRUVR GD OtQJXD $SyV VHWH GLDV D 3'7 IRL DSOLFDGD VREUH DV OHV}HV GH &DQGLGD
SRU PHLR GD IRWRVVHQVLELOL]DomR FRP WUrV FRQFHQWUDo}HV GH FXUFXPLQD H
0 GXUDQWH PLQXWRV GH 3,7 H GRVH GH OX] GH -FP 3/ $
DSOLFDomRGH FXUFXPLQD VHPOX]3/H DXWLOL]DomRGHOX]VHPFXUFXPLQD3
/ WDPEpP IRUDP DYDOLDGDV $QLPDLV FRP FDQGLGRVH LQGX]LGD TXH QmR
UHFHEHUDP WUDWDPHQWR IRUDP FRQVLGHUDGRV FRQWUROH SRVLWLYR 3/ H RV DQLPDLV
TXH QmR UHFHEHUDP LPXQRVVXSUHVVmR LQRFXODomR QHP WUDWDPHQWR IRUDP
FRQVLGHUDGRV FRQWUROH QHJDWLYR 1&* $V OtQJXDV GH WRGRV RV DQLPDLV IRUDP
UHPRYLGDV SDUD DYDOLDomR KLVWROyJLFD $ YLDELOLGDGH GH & DOELFDQV IRL
GHWHUPLQDGDSRUPHLRGHFRQWDJHPGHFRO{QLDV8)&P/HRVUHVXOWDGRVIRUDP
DQDOLVDGRV FRP $129$ H WHVWH GH 7XNH\ Į )RL REVHUYDGR TXH WRGDV DV
DVVRFLDo}HVGHFXUFXPLQDHOX]SURPRYHUDPUHGXomRVLJQLILFDWLYDQDYLDELOLGDGH
GH& DOELFDQVHPFRPSDUDomRFRPRJUXSR3/1HVWHVFDVRVDXWLOL]DomRGH
5HVXPR
0 SURPRYHX D PDLRU UHGXomR QR Q~PHUR GH FRO{QLDV VHQGR VXSHULRU TXH ORJV 2V YDORUHV GH 8)&P/ HQFRQWUDGRV QRV JUXSRV 3/ 3/ H 3/ IRUDP
VHPHOKDQWHV$OpPGLVVRDDQiOLVHKLVWROyJLFDVXJHULXTXHD3'7QmRRFDVLRQRX
QHQKXPHIHLWRWy[LFRDRVWHFLGRVVXEMDFHQWHV$SyVDUHDOL]DomRGRVWUrVHVWXGRV
IRL SRVVtYHO FRQFOXLU TXH D 3'7 PHGLDGD SHOD FXUFXPLQD SDUHFH VHU XP PpWRGR
HIHWLYRSDUDLQDWLYDomRGHGLIHUHQWHVHVSpFLHVGH&DQGLGD2VUHVXOWDGRVGRHVWXGR
LQYLYRSRGHPVXJHULUVXDIXWXUDDSOLFDomRSDUDRWUDWDPHQWRFOtQLFRGHSDFLHQWHV
FRPFDQGLGRVHEXFDO
3DODYUDVFKDYH &XUFXPLQD &DQGLGD DOELFDQV &DQGLGD WURSLFDOLV &DQGLGD
JODEUDWD)RWRTXLPLRWHUDSLD&DQGLGtDVH%XFDO
'RYLJR /1 ,QYHVWLJDWLRQ RI WKH SKRWRG\QDPLF HIIHFW RI FXUFXPLQ DJDLQVW
&DQGLGD ,Q YLWUR DQG LQ YLYR VWXGLHV >7HVH GH 'RXWRUDGR@ $UDUDTXDUD
)DFXOGDGHGH2GRQWRORJLDGD81(63
$EVWUDFW
$EVWUDFW
7KHDLPRIWKLVLQYHVWLJDWLRQZDVWRHYDOXDWHWKH3KRWRG\QDPLF
7KHUDS\ 3'7 PHGLDWHG E\ FXUFXPLQ IRU LQ YLWUR LQDFWLYDWLRQ RI D UHIHUHQFH
VWUDLQRI&DQGLGDDOELFDQVDQGLWVFLWRWR[LFHIIHFWVDJDLQVWDPDFURIDJHFHOOOLQH
WKHHIIHFWLYHQHVVRI3'7PHGLDWHGE\FXUFXPLQWRLQDFWLYDWHFOLQLFDOLVRODWHVRI
& DOELFDQV &DQGLGD WURSLFDOLV DQG &DQGLGD JODEUDWD ERWK LQ SODQNWRQLF DQG
ELRILOPSKDVHVWKHSKRWRLQDFWLYDWLRQRI&DOELFDQVLQDPXULQHPRGHORIRUDO
FDQGLGLDVLVXVLQJGLIIHUHQWFXUFXPLQFRQFHQWUDWLRQV,QWKHILUVWVWXG\VXVSHQVLRQV
RI&DOELFDQVZHUHWUHDWHGZLWKQLQHFXUFXPLQFRQFHQWUDWLRQV
DQGȝ0DQGH[SRVHGWR/('OLJKWDWGLIIHUHQWIOXHQFHV
DQG-FP7KHHIIHFWRIWKHSUHLUUDGLDWLRQWLPH
3,7RQ3'7HIIHFWLYHQHVVWKHXSWDNHRIFXUFXPLQE\&DOELFDQVFHOOVDQGWKH
SRVVLEOH LQYROYHPHQW RI VLQJOHW R[\JHQ LQ WKH SKRWRG\QDPLF DFWLRQ ZDV DOVR
HYDOXDWHG ,Q DGGLWLRQ FXUFXPLQPHGLDWHG 3'7 ZDV DVVHVVHG DJDLQVW ELRILOPV
6LPLODU SURWRFROV ZHUH WHVWHG RQ D PDFURSKDJH FHOO OLQH DQG WKH HIIHFW ZDV
HYDOXDWHG E\ 077 DQG 6(0 DQDO\VLV 7KH RSWLFDO SURSHUWLHV RI FXUFXPLQ ZHUH
LQYHVWLJDWHG DV D IXQFWLRQ RI LOOXPLQDWLRQ IOXHQFH 'DWD ZHUH DQDO\]HG ZLWK
$QDO\VLV RI 9DULDQFH $129$ DQG .UXVNDO:DOOLV WHVW Į 7KH UHVXOWV
VKRZHG D VWDWLVWLFDOO\ VLJQLILFDQW UHGXFWLRQ LQ & DOELFDQV YLDELOLW\ DIWHU 3'7
S IRU ERWK SODQNWRQLF DQG ELRILOP FXOWXUHV 3KRWRG\QDPLF HIIHFW ZDV
JUHDWO\LQFUHDVHGZLWKWKHSUHVHQFHRIFXUFXPLQLQWKHVXUURXQGLQJPHGLDDQGWKH
3,7RIPLQXWHVLPSURYHG3'7HIIHFWLYHQHVV$OWKRXJK3'7ZDVSKRWRWR[LFWR
PDFURSKDJHVWKHWKHUDS\ZDVPRUHHIIHFWLYHLQLQDFWLYDWLQJWKH\HDVWFHOOWKDQWKH
GHIHQVH FHOO 7KH VSHFWUDO FKDQJHV VKRZHG D KLJK SKRWREOHDFKLQJ UDWH RI
FXUFXPLQ ,Q WKH VHFRQG VWXG\ SODQNWRQLF VXVSHQVLRQV RI HDFK &DQGLGD LVRODWH
ZHUHWUHDWHGZLWKWKUHHFXUFXPLQFRQFHQWUDWLRQVDQGђ0DQGH[SRVHGWR
$EVWUDFW
IRXU/('IOXHQFHVDQG-FP7KHSURWRFROWKDWVKRZHGWKH
EHVWRXWFRPHIRULQDFWLYDWLRQRIWKHSODQNWRQLFSKDVHZDVVHOHFWHGWREHHYDOXDWHG
DJDLQVW &DQGLGD ELRILOPV ђ0 DQG -FP ,Q DGGLWLRQ WZR KLJKHU
FXUFXPLQ FRQFHQWUDWLRQV ZHUH WHVWHG DQG ђ0 7KH PHWDEROLF DFWLYLW\ RI
ELRILOPVZDVHYDOXDWHGE\PHDQVRI;77UHGXFWLRQDVVD\DQGWKHELRILOPELRPDVV
ZDVHYDOXDWHGXVLQJ&U\VWDO9LROHW&9VWDLQLQJDVVD\'DWDZHUHDQDO\]HGLQD
PL[HG PRGHO QHVWHG $129$ :LOFR[RQ
V QRQSDUDPHWULF WHVWV DQG WKH .UXVNDO
:DOOLV WHVW Į 7KH XVH RI FXUFXPLQ LQ DVVRFLDWLRQ ZLWK OLJKW ZDV DEOH WR
SURPRWHDVLJQLILFDQWDQWLIXQJDO HIIHFW DJDLQVWWKHSODQNWRQLFIRUPRIWKH\HDVWV
8VLQJ0DQG-FPWKHPHWDEROLFDFWLYLW\RI&DOELFDQV&JODEUDWDDQG
& WURSLFDOLV ELRILOPV ZDV UHGXFHG E\ DQG UHVSHFWLYHO\ &XUFXPLQ
PHGLDWHG 3'7 DOVR GHFUHDVHG WKH ELRILOP ELRPDVV RI DOO VSHFLHV HYDOXDWHG ,Q
DGGLWLRQ &9 VWDLQLQJ VKRZHG WKDW & DOELFDQV LVRODWHV ZHUH VWURQJ ELRILOP
IRUPLQJVWUDLQVZKHQFRPSDUHGZLWK&JODEUDWDDQG&WURSLFDOLVLVRODWHV,QWKH
WKLUGVWXG\PLFHZHUHLPPXQRVXSSUHVVHGSURYLGHGWHWUDF\FOLQHWRWKHLUGULQNLQJ
ZDWHUDQGWKHQRUDOO\VZDEEHGZLWKDVXVSHQVLRQRI&DOELFDQV &)8P/
)LYHGD\VDIWHURUDOLQRFXODWLRQ3'7ZDVSHUIRUPHGRQWKHGRUVXPRIWKHWRQJXH
DIWHUWRSLFDODGPLQLVWUDWLRQRIFXUFXPLQDWDQG0PLQRI3,7DQG
LOOXPLQDWLRQZLWK/('OLJKW-FP7KHXVHRIFXUFXPLQRUOLJKWDORQHZHUH
DOVR HYDOXDWHG 3/ DQG 3/ UHVSHFWLYHO\ 3RVLWLYH FRQWURO DQLPDOV GLG QRW
UHFHLYH DQ\ WUHDWPHQW 3/ DQG QHJDWLYH FRQWURO DQLPDOV ZHUH QRW LQRFXODWHG
ZLWK & DOELFDQV 1&* 7RQJXHV ZHUH VXUJLFDOO\ UHPRYHG DQG SURFHVVHG IRU
KLVWRORJLFDO HYDOXDWLRQ 7KH QXPEHU RI VXUYLYLQJ \HDVW FHOOV ZDV GHWHUPLQHG
&)8P/DQGDQDO\]HGE\$129$IROORZHGE\7XNH\
VSRVWKRFWHVWVĮ $OODVVRFLDWLRQVRIFXUFXPLQZLWK/('OLJKWZHUHDEOHWRVLJQLILFDQWO\UHGXFH&
DOELFDQVYLDELOLW\DIWHU3'7ZKHQFRPSDUHGZLWK3/JURXS7KHXVHRI0
DVVRFLDWHGZLWKOLJKWZDVDEOHWRSURPRWHGWKHKLJKHVWORJUHGXFWLRQLQFRORQ\
FRXQWV RYHU WKDQ ORJV ZKLWKRXW KDUPLQJ WKH KRVW WLVVXHV 7KH FRORQ\ FRXQWV
IURP 3/ 3/ DQG 3/ JURXSV UHPDLQHG FRQVWDQW ,Q FRQFOXVLRQ FXUFXPLQ
PHGLDWHG 3'7 SURYHG WR EH HIIHFWLYH IRU LQ YLWUR DQG LQ YLYR LQDFWLYDWLRQ RI
&DQGLGD VSS 7KH LQ YLYR ILQGLQJV VXSSRUW WKH FRQWLQXHG LQYHVWLJDWLRQ RI
$EVWUDFW
FXUFXPLQPHGLDWHG 3'7 DV DQ DQWLIXQJDO WKHUDS\ IRU RUDO FDQGLGLDVLV DQG PHULW
FRQVLGHUDWLRQIRUDSSOLFDWLRQLQIXWXUHFOLQLFDOWULDOV
.H\ZRUGV&XUFXPLQ&DQGLGD DOELFDQV &DQGLGDJODEUDWD &DQGLGD WURSLFDOLV
3KRWRFKHPRWKHUDS\&DQGLGLDVLV2UDO
,QWURGXomR
,QWURGXomR
$V HVSpFLHV GR JrQHUR &DQGLGD VmR IUHTXHQWHPHQWH LVRODGDV GD
FDYLGDGH EXFDO QD PDLRULD GRV LQGLYtGXRV VDXGiYHLV YLYHQGR QRUPDOPHQWH HP
UHODomR GH FRPHQVDOLVPR1R HQWDQWR VRE GHWHUPLQDGDV FRQGLo}HV HVVHVPLFUR
RUJDQLVPRV SRGHP DWXDU FRPR SDWyJHQRV RSRUWXQLVWDV LQYDGLQGR WHFLGRV H
GHVHQFDGHDQGRSURFHVVRVLQIHFFLRVRVWDLVFRPR OHV}HVVXSHUILFLDLV ORFDOL]DGDV H
FRPSOLFDo}HV VLVWrPLFDV $ &DQGLGD DOELFDQV p FRQVLGHUDGD D HVSpFLH
PDLVSUHYDOHQWHQRVLQGLYtGXRVVDXGiYHLVHWDPEpPQRVSRUWDGRUHVGHFDQGLGRVH
1R HQWDQWR R Q~PHUR GH LQIHFo}HV FDXVDGDV SRU HVSpFLHV GH &DQGLGD QmR
DOELFDQV WDLV FRPR D &DQGLGD JODEUDWD H &DQGLGD WURSLFDOLV WHP DXPHQWDGR
VLJQLILFDQWHPHQWHQRV~OWLPRVDQRV
$ FDQGLGRVH EXFDO H D RURIDUtQJHD VmR FRQVLGHUDGDV DV LQIHFo}HV
I~QJLFDV PDLV IUHTXHQWHV HQWUH KXPDQRV TXH VH GHVHQYROYHP DSyV DXPHQWR GD
FRORQL]DomR SRU &DQGLGD VSS H VXEVHTXHQWH LQIHFomR GRV WHFLGRV PROHV GD
FDYLGDGH EXFDO H RURIDULQJH $OJXPDV DOWHUDo}HV VLVWrPLFDV QRV LQGLYtGXRV
SRGHP SUHGLVSRU DR GHVHQYROYLPHQWR GD FDQGLGRVH SULQFLSDOPHQWH DTXHODV TXH
FRPSURPHWHP R VLVWHPD LPXQROyJLFR H SRUWDQWR GLPLQXHP RV PHFDQLVPRV GH
GHIHVD 3RU LVVR HVWD LQIHFomR DSUHVHQWD DOWD SUHYDOrQFLD HP SDFLHQWHV
GLDEpWLFRV QRV TXH ID]HP XVR GH PHGLFDPHQWRV LPXQRVVXSUHVVRUHV DQWLELyWLFRV
GHDPSORHVSHFWURHWHUDSLDVDQWLQHRSOiVLFDVHQRVTXHSRVVXHPLPXQRVVXSUHVVmR
UHODFLRQDGD j VtQGURPH GD LPXQRGHILFLrQFLD DGTXLULGD $,'6 $
FDQGLGRVHRURIDUtQJHDpIUHTXHQWHHPSDFLHQWHVFRPFRPSURPHWLPHQWRVLVWrPLFR
HVSHFLDOPHQWH QRV SRUWDGRUHV GD $,'6 H SRGH VH DSUHVHQWDU QDV IRUPDV
SVHXGRPHPEUDQRVD H HULWHPDWRVD DFRPHWHQGR PXFRVDV EXFDLV RURIDULQJH H
OtQJXD 4XDQGR Ki HQYROYLPHQWR GR HV{IDJR RV SDFLHQWHV SRGHP DSUHVHQWDU
GLILFXOGDGHGHGHJOXWLomRGRVDOLPHQWRVRTXHOHYDDRVXUJLPHQWRGHGHILFLrQFLDV
QXWULFLRQDLV SHUGD GH SHVR H FRPSURPHWLPHQWR GD VD~GH JHUDO H EHP HVWDU GR
SDFLHQWH $OpP GLVVR D FRQVWDQWH DVSLUDomR H GHJOXWLomR GDV HVSpFLHV I~QJLFDV
HP SDFLHQWHV FRP VD~GH JHUDO FRPSURPHWLGD SRGH HVWDU DVVRFLDGD DR
GHVHQYROYLPHQWRGHIRUPDVGLVVHPLQDGDVGDGRHQoD$OJXPDVLQYHVWLJDo}HVWrP
,QWURGXomR
GRFXPHQWDGR WD[DV FUHVFHQWHV GH LQIHFo}HV VLVWrPLFDV RFDVLRQDGDV SRU &
JODEUDWDH&WURSLFDOLV1HVVHVFDVRVDSUHVHQoDGHFHSDVGH&WURSLFDOLV
SDUHFH HOHYDU GR ULVFR GRV SDFLHQWHV DR GHVHQYROYLPHQWR GH IXQJHPLD (QWUH
LQGLYtGXRVLPXQRFRPSURPHWLGRVRQ~PHURGHPRUWHVFRPRUHVXOWDGRGDLQIHFomR
VLVWrPLFDSRU&DQGLGDVSSSRGHYDULDUHQWUHD
$OpPGDVDOWHUDo}HVVLVWrPLFDVDOJXQVIDWRUHVORFDLVFRPRUHGXomR
GRIOX[RVDOLYDUWUDXPDORFDODOWHUDo}HVGHS+HXVRGHSUyWHVHVGHQWDLVWDPEpP
SRGHPHVWDUDVVRFLDGRVDRGHVHQYROYLPHQWRGDVLQIHFo}HVEXFDLVSRUHVSpFLHVGH
&DQGLGD$FRORQL]DomRPLFURELDQDHVXEVHTXHQWHIRUPDomRGHELRILOPHQDV
VXSHUItFLHV SURWpWLFDV GDV SUyWHVHV GHQWDLV UHPRYtYHLV p XP LPSRUWDQWH IDWRU
UHODFLRQDGR DR GHVHQYROYLPHQWR GH XPD IRUPD GH FDQGLGRVH FRQKHFLGD FRPR
HVWRPDWLWH SURWpWLFD (VVD LQIHFomR FDUDFWHUL]DVH SHOD SUHVHQoD GH P~OWLSORV
SRQWRVKLSHUrPLFRVQDPXFRVDVXEMDFHQWHjVSUyWHVHVGRVSDFLHQWHVHHPFDVRV
PDLV DYDQoDGRV WDPEpP SRGHP VHU REVHUYDGDV iUHDV HULWHPDWRVDV GLIXVDV H
KLSHUSODVLDSDSLODUGRSDODWR
2V WUDWDPHQWRV DWXDOPHQWH GLVSRQtYHLV SDUD FDQGLGRVH EXFDO H
RURIDUtQJHDVmREDVHDGRVQDDGPLQLVWUDomRGHPHGLFDPHQWRVDQWLI~QJLFRVWySLFRV
H VLVWrPLFRV 2V PHGLFDPHQWRV GH XVR WySLFR FRPR D QLVWDWLQD PLFRQD]RO H
FORUH[LGLQDVmRQRUPDOPHQWHDSOLFDGRVQRVSULPHLURVHSLVyGLRVGHFDQGLGRVHGH
XP SDFLHQWH $ UHPLVVmR GRV VLQDLV H VLQWRPDV FOtQLFRV GD LQIHFomR p
QRUPDOPHQWH REVHUYDGD PDV HVVHV UHVXOWDGRV VmR WHPSRUiULRV QD PDLRULD GRV
FDVRV,VVRRFRUUHHPYLUWXGHGDGLPLQXLomRGDFRQFHQWUDomRGRDJHQWHWySLFRQRV
WHFLGRV LQIHFWDGRV PXLWDV YH]HV DVVRFLDGD DRV HIHLWRV GLOXHQWHV GD VDOLYD H DRV
PRYLPHQWRV GD OtQJXD R TXH QmR SHUPLWH D FRPSOHWD HOLPLQDomR GRV PLFUR
RUJDQLVPRV&RPRFRQVHTXrQFLDDUHFRORQL]DomRI~QJLFDRFRUUHDSyV
R WpUPLQR GR WUDWDPHQWR R TXH OHYD D UHFLGLYD GD LQIHFomR $OpP GLVVR D
QHFHVVLGDGH GH SRVRORJLD GH GRVHV P~OWLSODV H R VDERU GHVDJUDGiYHO GR
PHGLFDPHQWR SRGH GLILFXOWDU D FRRSHUDomR GR SDFLHQWH FRP R WUDWDPHQWR $
PHGLFDomR VLVWrPLFD p XVXDOPHQWH LQVWLWXtGD HP LQGLYtGXRV FRP VD~GH JHUDO
FRPSURPHWLGD H QRV HSLVyGLRV GH LQIHFo}HV UHFRUUHQWHV 1HVVHV FDVRV
PHGLFDPHQWRV FRPR IOXFRQD]RO LWUDFRQD]RO H DQIRWHULFLQD % SRGHP VHU
,QWURGXomR
XWLOL]DGRV (VVHV DJHQWHV YrP VHQGR DPSODPHQWH HPSUHJDGRV SDUD R
WUDWDPHQWR GD FDQGLGRVH HVSHFLDOPHQWH HP SDFLHQWHV LPXQRFRPSURPHWLGRV 1R
HQWDQWR VXD XWLOL]DomR GHYH VHU FDXWHORVD HP UD]mR GD SRVVLELOLGDGH GH HIHLWRV
KHSDWRWy[LFRVHQHIURWy[LFRV
8PDVSHFWRLPSRUWDQWHDVHUDQDOLVDGRQDWHUDSLDFRPDQWLI~QJLFRV
WySLFRV RX VLVWrPLFRV VH UHIHUH j UHVLVWrQFLD TXH DV HVSpFLHV GH &DQGLGD SRGHP
DSUHVHQWDUDHVVHVPHGLFDPHQWRV5HVLVWrQFLDDQWLI~QJLFDSRGHVHUGHILQLGDFRPR
D SHUVLVWrQFLD RX D SURJUHVVmR GH XPD LQIHFomR DSyV DSOLFDomR GR WUDWDPHQWR
DQWLPLFURELDQR$UHVLVWrQFLDLQWUtQVHFDRXSULPiULDRFRUUHTXDQGRXPPLFUR
RUJDQLVPR DSUHVHQWD EDL[D VXVFHSWLELOLGDGH D XPD GHWHUPLQDGD PHGLFDomR
SUHYLDPHQWH D VXD H[SRVLomR DR DJHQWH $OJXPDV HVSpFLHV GH &DQGLGD SRVVXHP
UHVLVWrQFLD LQWUtQVHFD DRV PHGLFDPHQWRV DQWLI~QJLFRV HVSHFLDOPHQWH DR
IOXFRQD]RO (VWXGRV VXJHUHP D RFRUUrQFLD GH VXEVWLWXLomR GH FHSDV PDLV
VHQVtYHLVSRURXWUDVLQWULQVLFDPHQWHUHVLVWHQWHVDRVPHGLFDPHQWRVHQWUHHODVD&
JODEUDWD HP OHV}HV WUDWDGDV FRP PHGLFDPHQWRV DQWLI~QJLFRV -i D
UHVLVWrQFLDVHFXQGiULDpDTXHODTXHSRGHVHUGHVHQYROYLGDSHORPLFURRUJDQLVPR
DSyV ORQJRV SHUtRGRV GH H[SRVLomR D GURJDV DQWLI~QJLFDV 1HVWH FRQWH[WR
SDUHFH SURYiYHO TXH DV HVSpFLHV GH &DQGLGD GHVHQYROYDP PHFDQLVPRV GH
UHVLVWrQFLD TXH RFDVLRQDP UHGX]LGD VHQVLELOLGDGH DRV DJHQWHV DQWLI~QJLFRV
HVSHFLDOPHQWH DRV GR WLSR ³D]yOLFRV´ 7DPEpP YHP VHQGR VXJHULGR TXH
GLIHUHQWHV FHSDV SHUWHQFHQWHV j PHVPD HVSpFLH SRVVDP DSUHVHQWDU FDUDFWHUtVWLFDV
LQGLYLGXDLV FRPR D UHVLVWrQFLD DQWLI~QJLFD FDSDFLGDGH GH DGHVmR D GLIHUHQWHV
VXEVWUDWRV H FDSDFLGDGH GH IRUPDomR GH ELRILOPH $OpP GLVVR D
UHVLVWrQFLD DQWLI~QJLFD p XPD FDUDFWHUtVWLFD PXLWR LPSRUWDQWH QRV ELRILOPHV GH
&DQGLGD H HVWi DVVRFLDGD j SUHVHQoD GD PDWUL] H[WUDFHOXODU D H[LVWrQFLD GH
SURFHVVRVPHWDEyOLFRVFRPSOH[RVHLQWHUDo}HVHQWUHRVPLFURRUJDQLVPRV
'HYLGR j HOHYDGD RFRUUrQFLD GDV LQIHFo}HV I~QJLFDV H DV
GHILFLrQFLDV DSUHVHQWDGDV SHORV WUDWDPHQWRV DWXDOPHQWH GLVSRQtYHLV PXLWDV
SHVTXLVDVYrPGLUHFLRQDQGRVHXVREMHWLYRVSDUDRGHVHQYROYLPHQWRGHHVWUDWpJLDV
DOWHUQDWLYDV QR WUDWDPHQWR GH LQIHFo}HV ORFDOL]DGDV FRPR D FDQGLGRVH EXFDO
8PD PRGDOLGDGH WHUDSrXWLFD SURPLVVRUD SDUD D LQDWLYDomR GH PLFURRUJDQLVPRV
,QWURGXomR
SDWRJrQLFRV p D 7HUDSLD )RWRGLQkPLFD GR LQJOrV 3KRWRG\QDPLF 7KHUDS\ RX
3'7WDPEpPGHQRPLQDGDGH4XLPLRWHUDSLD)RWRGLQkPLFD$QWLPLFURELDQDGR
LQJOrV
3KRWRG\QDPLF
$QWLPLFURELDO
&KHPRWKHUDS\
RX
,QDWLYDomR
)RWRGLQkPLFD GR LQJOrV 3KRWRG\QDPLF ,QDFWLYDWLRQ +LVWRULFDPHQWH D
DVVRFLDomRGHVXEVWkQFLDVTXtPLFDVHOX]IRLUHODWDGDQRILQDOGRVpFXOR;,;SRU
2VFDU 5DDE R TXDO LQYHVWLJRX R HIHLWR DQWLPLFURELDQR GRV FRUDQWHV HRVLQD H
DFULGLQD QD SUHVHQoD GH OX] VREUH 3DUDPHFLXP FDXGDWXP 1R HQWDQWR D
OLWHUDWXUD FLHQWtILFD PRVWUD TXH D 3'7 IRL LQWHQVDPHQWH LQYHVWLJDGD FRPR
DOWHUQDWLYD SDUD WUDWDPHQWR GH OHV}HV GH FkQFHU $ H[WHQVmR GD 3'7 FRPR
PRGDOLGDGHWHUDSrXWLFDSDUDRWUDWDPHQWRGHGRHQoDVQmRRQFROyJLFDVLQFOXLQGRD
LQDWLYDomR PLFURELDQD H WUDWDPHQWR GH LQIHFo}HV DLQGD UHSUHVHQWD XP UHFHQWH
FDPSRGHLQYHVWLJDo}HVFLHQWtILFDV
2 SURFHVVR IRWRGLQkPLFR UHTXHU D XWLOL]DomR GH XP DJHQWH
IRWRVVHQVLELOL]DGRU36DDSOLFDomRGHXPDOX]TXHVHMDFRUUHVSRQGHQWHjEDQGD
GH DEVRUomR GR 36 H D SUHVHQoD GH R[LJrQLR ,QLFLDOPHQWH D FpOXOD
DOYR GHYH VHU WUDWDGD FRP R 36 GH DEVRUomR Pi[LPD GH OX] HVSHFtILFD QXP
SURFHVVR FRQKHFLGR FRPR IRWRVVHQVLELOL]DomR 2 SHUtRGR GH WHPSR QR TXDO DV
FpOXODV PLFURELDQDV ILFDP HP FRQWDWR FRP R 36 VHP D SUHVHQoD GH OX] p
FRQKHFLGRFRPRWHPSRGHSUpLUUDGLDomR3,7HSDUHFHVHUGHSHQGHQWHGRWLSRGH
36 XWLOL]DGR $SyV HVWH SHUtRGR XPD IRQWH GH OX] GHYH VHU DFLRQDGD SDUD D
LOXPLQDomR GR DOYR VHQVLELOL]DGR $ LQWHUDomR GD OX] GH FRPSULPHQWR GH RQGD
DGHTXDGRFRPR36QDSUHVHQoDGHR[LJrQLRUHVXOWDHPHVSpFLHVUHDWLYDVFDSD]HV
GH LQGX]LU D LQDWLYDomR FHOXODU 7HP VLGR VXJHULGR TXH HVVH
PHFDQLVPRHQYROYHDDEVRUomRGHIyWRQVGDIRQWHGHOX]SHOR36RTXHOHYDVHXV
HOpWURQV D XP HVWDGR H[FLWDGR 1D SUHVHQoD GH R[LJrQLR R 36 H[FLWDGR SHOD OX]
SRGHUHDJLUFRPPROpFXODVYL]LQKDVSDUDUHWRUQDUDRVHXHVWDGRQDWXUDOSRUPHLR
GH GRLV SULQFLSDLV PHFDQLVPRV 8P GHOHV p WUDQVIHUrQFLD GH HOpWURQV RX
KLGURJrQLR OHYDQGR j SURGXomR GH UDGLFDLV OLYUHV UHDomR GR WLSR , 2 RXWUR
PHFDQLVPR RFRUUH SRU WUDQVIHUrQFLD GH HQHUJLD DR R[LJrQLR UHDomR GR WLSR ,,
OHYDQGR j SURGXomR GH R[LJrQLR VLQJOHWH 2 $PERV RV FDPLQKRV SRGHP
OHYDUjPRUWHFHOXODU1RHQWDQWRRVKLGURSHUy[LGRVUHVXOWDQWHVGDUHDomRGRWLSR
,QWURGXomR
, SRGHP OHYDU j IRUPDomR GH GLIHUHQWHV HVSpFLHV UHDWLYDV DV TXDLV SRVVXHP
UHDWLYLGDGH QmR HVSHFtILFD FRP PROpFXODV RUJkQLFDV ,VVR VLJQLILFD TXH TXDOTXHU
PDFURPROpFXOD FHOXODU SRGH VHU XP DOYR HP SRWHQFLDO SDUD 3'7 3RU HVVD
UD]mR D 3'7 SDUHFH SRVVXLU XPD LPSRUWDQWH YDQWDJHP HP FRPSDUDomR DRV
WUDWDPHQWRV DQWLI~QJLFRV FRQYHQFLRQDLV Mi TXH D PXOWLSOLFLGDGH GH DOYRV WRUQD
LPSURYiYHORGHVHQYROYLPHQWRGHUHVLVWrQFLDSHORVPLFURRUJDQLVPRVH[SRVWRV
2VFRPSRVWRVGHULYDGRVGDKHPDWRSRUILQDHVWmRHQWUHRVSULPHLURV
36VHVWXGDGRVSDUDDSOLFDomRHP3'72WUDWDPHQWRIRWRGLQkPLFRGHWXPRUHVp
IUHTXHQWHPHQWHEDVHDGRQDVSRUILULQDVHVHXVDQiORJRVSRLVHVWHV36VSRGHPVHU
DGPLQLVWUDGRV VLVWHPLFDPHQWH RFDVLRQDQGR D UiSLGD UHWHQomR GR FRPSRVWR QRV
WHFLGRVFRPDOWDVWD[DVGHSUROLIHUDomRFHOXODU&RPRDDSOLFDomRDQWLPLFURELDQD
GD 3'7 p GLUHFLRQDGD DR WUDWDPHQWR GH LQIHFo}HV VXSHUILFLDLV GLYHUVRV RXWURV
WLSRV GH 36V WHP VLGR SURSRVWRV FRPR DV IHQRWLD]LQDV IWDORFLDQLQDV H
FORULQDV (QWUHWDQWR D FRPSOHWD LQDWLYDomR GRV PLFURRUJDQLVPRV QmR p
IUHTXHQWHPHQWHREVHUYDGDHDOJXQV36VGLVSRQtYHLVMiPRVWUDUDPUHGX]LGRHIHLWR
DQWLPLFURELDQRHPELRILOPHVGH&DQGLGDHPRGHORVDQLPDLVGHFDQGLGRVH'H
DFRUGR FRP R PHFDQLVPR GH DomR GD 3'7 VREUH DV FpOXODV PLFURELDQDV D
LQWHUDomR HQWUH DV PROpFXODV GR 36 FRP PHPEUDQDV FHOXODUHV H HVWUXWXUDV
LQWUDFHOXODUHVSRVVXLJUDQGHLPSRUWkQFLDSDUDDDomRGD3'77HQGRHP
YLVWD D JUDQGH GLYHUVLGDGH GH PLFURRUJDQLVPRV H[LVWHQWHV QDV LQIHFo}HV p
UD]RiYHO VXSRU TXH VHMDP QHFHVViULRV FRPSRVWRV TXtPLFRV FRP FDUDFWHUtVWLFDV
ILVLRTXtPLFDV DGHTXDGDV D IRWRLQDWLYDomR PLFURELDQD 1HVWH FRQWH[WR D
LQYHVWLJDomR GH QRYRV 36V FRP HOHYDGD HIHWLYLGDGH QD LQDWLYDomR GH PLFUR
RUJDQLVPRVDLQGDpXPLPSRUWDQWHGHVDILR
$ FXUFXPLQD p XP SLJPHQWR QDWXUDO GH FRORUDomR DPDUHOD
H[WUDtGR GRV UL]RPDV GD SODQWD &XUFXPD ORQJD / FRQKHFLGD WDPEpP FRPR
DoDIUmRGDtQGLD (VWD SODQWD p RULJLQiULD GR VXGHVWH GD ÈVLD H YHP VHQGR
WUDGLFLRQDOPHQWH XWLOL]DGD FRPR FRQGLPHQWR DOLPHQWDU H WDPEpP FRPR
PHGLFDPHQWR QDWXUDO QD PHGLFLQD WUDGLFLRQDO LQGLDQD 1RV ~OWLPRV DQRV XP
Q~PHUR FUHVFHQWH GH HVWXGRV WHP FRQILUPDGR R SRWHQFLDO WHUDSrXWLFR GD
FXUFXPLQD FRPR VHX HIHLWR DQWLLQIODPDWyULR DQWLR[LGDQWH DQWLEDFWHULDQR
,QWURGXomR
DQWLI~QJLFRHDQWLWXPRUDO(VWXGRVWDPEpPWrPVXJHULGRTXHDOJXQV
GHVVHV HIHLWRV SRGHULDP VHU DFHQWXDGRV FRP D H[SRVLomR GD FXUFXPLQD D XPD
IRQWHGHOX]$DomRIRWRGLQkPLFDGRVGHULYDGRVGHFXUFXPLQDWHPVLGR
LQYHVWLJDGDPDLVIUHTXHQWHPHQWHFRPDILQDOLGDGHGHWUDWDPHQWRGHWXPRUHVEHP
FRPR VXD IDUPDFRFLQpWLFD WR[LFLGDGH H HILFiFLD GD VXEVWkQFLD
$GLFLRQDOPHQWHDOJXQVHVWXGRVPRVWUDUDPTXHDIRWRLQDWLYDomRPLFURELDQDSRGH
VHUREWLGD5HFHQWHPHQWH+DXNYLNHWDOGHVFUHYHUDPRHIHLWRWy[LFRGHGXDV
FRQFHQWUDo}HVGHFXUFXPLQDH0DVVRFLDGDVDOX]D]XO-FPVREUH
FpOXODV GH (QWHURFRFFXV IDHFDOLV H (VFKHULFKLD FROL $ DOWD FDSDFLGDGH GH
DEVRUomR GH OX] HP FRPSULPHQWRV GH RQGD SUy[LPRV DR D]XO ID] FRP TXH D
FXUFXPLQDVHMDXPSRWHQFLDO36SDUDRWUDWDPHQWRGHOHV}HVVXSHUILFLDLVXPDYH]
TXH HVWDV QmR UHTXHUHP SURIXQGD SHQHWUDomR GD OX] QRV WHFLGRV SDUD VHX
WUDWDPHQWR ,QYHVWLJDo}HV UHFHQWHV WDPEpP VXJHULUDP TXH D FXUFXPLQD SRGH
DSUHVHQWDUHIHLWRDQWLI~QJLFRVREUHHVSpFLHVGH&DQGLGDSRUpPWDLVHVWXGRV
IRUDP FRQGX]LGRV VHP D DVVRFLDomR GR FRPSRVWR FRP OX] 1R HQWDQWR RV
UHVXOWDGRVGRHVWXGRGH1HHORIDUHWDOPRVWUDUDPTXHDXWLOL]DomRGDFXUFXPLQD
VHPOX]SURPRYHXLQLELomRGRFUHVFLPHQWRGH&DQGLGDVSSPHGLDQWHDXWLOL]DomR
GH DOWDV FRQFHQWUDo}HV GD GURJD HP FRPSDUDomR DV FRQFHQWUDo}HV HIHWLYDV GR
IOXFRQD]RO
(P IDFH GRV UHVXOWDGRV SURPLVVRUHV REWLGRV FRP D IRWRLQDWLYDomR
GH EDFWpULDV SDWRJrQLFDV DSyV XWLOL]DomR GD FXUFXPLQD H WHQGR HP YLVWD R
SRWHQFLDODQWLI~QJLFRDSUHVHQWDGRSRUHVWHFRPSRVWRRSUHVHQWHHVWXGRDYDOLRXD
DVVRFLDomR GD FXUFXPLQD FRP OX] SDUD LQDWLYDomR GH &DQGLGD VSS 2 HIHLWR
IRWRGLQkPLFRGDFXUFXPLQDIRLDYDOLDGRSRUPHLRGDXWLOL]DomRGHOX]SURYHQLHQWH
GH GLRGRV HPLVVRUHV GH OX] /(' )RUDP UHDOL]DGRV GRLV HVWXGRV LQ YLWUR
&DStWXORV H SDUD SRVVLELOLWDU D GHILQLomR GH SDUkPHWURV HIHWLYRV SDUD
LQDWLYDomR I~QJLFD EHP FRPR D FRPSUHHQVmR GR PHFDQLVPR GH LQDWLYDomR
FHOXODU $OpP GLVVR WDPEpP IRL UHDOL]DGR XP HVWXGR LQ YLYR &DStWXOR XWLOL]DQGRXPPRGHORDQLPDOGHFDQGLGRVHEXFDOSDUDSRVVLELOLWDUDLQYHVWLJDomR
GD HIHWLYLGDGH GD 3'7 HP VLWXDo}HV PDLV SUy[LPDV jTXHODV HQFRQWUDGDV
FOLQLFDPHQWH
3URSRVLomR
3URSRVLomR
3URSRVLomR
'H DFRUGR FRP DV LQIRUPDo}HV DSUHVHQWDGDV QD VHomR DQWHULRU
HVWD LQYHVWLJDomR WHYH FRPR REMHWLYR DYDOLDU D YLDELOLGDGH GD XWLOL]DomR GD
FXUFXPLQD FRPR 36 SDUD IRWRLQDWLYDomR GH HVSpFLHV GH &DQGLGD 3DUD LVVR WUrV
HVWXGRVIRUDPSURSRVWRVFRPRVVHJXLQWHVREMHWLYRVHVSHFtILFRV
$YDOLDU LQ YLWUR R HIHLWR IRWRGLQkPLFR GH GLIHUHQWHV
FRQFHQWUDo}HV GH FXUFXPLQD H GRVHV GH OX] /(' QD LQDWLYDomR GH XPD FHSD
SDGUmRGH&DOELFDQV7DPEpPIRUDPDYDOLDGDVDIRWRGHJUDGDomRGDFXUFXPLQD
DSURGXomRGHR[LJrQLRVLQJOHWHHDFLWRWR[LFLGDGHGDWHUDSLDHPFXOWXUDFHOXODUGH
PDFUyIDJRV
$YDOLDU LQ YLWUR R HIHLWR DQWLI~QJLFR GH GLIHUHQWHV
SURWRFRORVGH3'7PHGLDGDSHODFXUFXPLQDQDLQDWLYDomRGHLVRODGRVFOtQLFRVGH
& DOELFDQV & JODEUDWD H & WURSLFDOLV QD IRUPD GH VXVSHQV}HV SODQFW{QLFDV H
ELRILOPH
$YDOLDULQYLYRDIRWRLQDWLYDomRGH&DOELFDQVSUHVHQWH
HPOHV}HVGHFDQGLGRVHEXFDOLQGX]LGDVHPOtQJXDVGHFDPXQGRQJRVSRUPHLRGD
XWLOL]DomRGHGLIHUHQWHVFRQFHQWUDo}HVGHFXUFXPLQD
&DStWXOR
&DStWXOR
&DStWXOR
,QYHVWLJDWLRQ RI WKH 3KRWRG\QDPLF (IIHFWV RI &XUFXPLQ $JDLQVW &DQGLGD
DOELFDQV
/tYLD1RUGL'RYLJR
$QD&OiXGLD3DYDULQD
$QD3DXOD'LDV5LEHLUR
,JXDWHP\/RXUHQoR%UXQHWWL
&DUORV$OEHUWRGH6RX]D&RVWD
'HQLV3DEOR-DFRPDVVL
9DQGHUOHL6DOYDGRU%DJQDWR
&ULVWLQD.XUDFKL
$UDUDTXDUD'HQWDO6FKRRO81(638QLY(VWDGXDO3DXOLVWD$UDUDTXDUD63%UD]LO
'HSDUWPHQW RI &OLQLFDO $QDO\VHV 81(63 8QLY (VWDGXDO 3DXOLVWD $UDUDTXDUD 63
%UD]LO
3K\VLFV,QVWLWXWHRI6mR&DUORV8QLYHUVLW\RI6mR3DXOR±8636mR&DUORV63%UD]LO

&RUUHVSRQGLQJDXWKRUHPDLOSDYDULQD#IRDUXQHVSEU$QD&OiXGLD3DYDULQD
$UWLJRSXEOLFDGRQRSHULyGLFR3KRWRFKHPLVWU\DQG3KRWRELRORJ\$QH[R
&DStWXOR
$%675$&7
7KLV VWXG\ GHVFULEHV WKH DVVRFLDWLRQ RI FXUFXPLQ ZLWK /(' OLJKW IRU WKH
LQDFWLYDWLRQRI&DQGLGDDOELFDQV6XVSHQVLRQVRI&DQGLGDZHUHWUHDWHGZLWKQLQH
FXUFXPLQFRQFHQWUDWLRQVDQGH[SRVHGWR /('DW GLIIHUHQWIOXHQFHV7KHSURWRFRO
WKDWVKRZHGWKHEHVWRXWFRPHVIRU&DQGLGDLQDFWLYDWLRQZDVVHOHFWHGWRHYDOXDWH
WKH HIIHFW RI WKH SUHLUUDGLDWLRQ WLPH 3,7 RQ 3'7 HIIHFWLYHQHVV WKH XSWDNH RI
FXUFXPLQE\&DOELFDQVFHOOVDQGWKHSRVVLEOHLQYROYHPHQWRIVLQJOHWR[\JHQLQ
WKH SKRWRG\QDPLF DFWLRQ &XUFXPLQPHGLDWHG 3'7 ZDV DOVR DVVHVVHG DJDLQVW
ELRILOPV ,Q DGGLWLRQ WR WKH PLFURELRORJLFDO H[SHULPHQWV VLPLODU SURWRFROV ZHUH
WHVWHGRQDPDFURSKDJHFHOOOLQHDQGWKHHIIHFWZDVHYDOXDWHGE\077DQG6(0
DQDO\VLV 7KH RSWLFDO SURSHUWLHV RI FXUFXPLQ ZHUH LQYHVWLJDWHG DV D IXQFWLRQ RI
LOOXPLQDWLRQ IOXHQFH :KHQ FRPSDUHG ZLWK WKH FRQWURO JURXS D VWDWLVWLFDOO\
VLJQLILFDQWUHGXFWLRQLQ&DOELFDQVYLDELOLW\ZDVREVHUYHGDIWHU3'7SIRU
ERWKSODQNWRQLFDQGELRILOPFXOWXUHV3KRWRG\QDPLFHIIHFWZDV JUHDWO\LQFUHDVHG
ZLWKWKHSUHVHQFHRIFXUFXPLQLQWKHVXUURXQGLQJPHGLDDQGWKH3,7RIPLQXWHV
LPSURYHG 3'7 HIIHFWLYHQHVV DJDLQVW ELRILOPV $OWKRXJK 3'7 ZDV SKRWRWR[LF WR
PDFURSKDJHVWKHWKHUDS\ZDVPRUHHIIHFWLYHLQLQDFWLYDWLQJWKH\HDVWFHOOWKDQWKH
GHIHQVH FHOO 7KH VSHFWUDO FKDQJHV VKRZHG D KLJK SKRWREOHDFKLQJ UDWH RI
FXUFXPLQ
,1752'8&7,21
&DQGLGD DOELFDQV DQG RWKHU &DQGLGD VSHFLHV DUH LPSRUWDQW SDWKRJHQV
DVVRFLDWHG
ZLWK
RSSRUWXQLVWLF
IXQJDO
GLVHDVHV
HVSHFLDOO\
LQ
LPPXQRFRPSURPLVHGSDWLHQWVDQGGHQWXUHZHDUHUV7KHVHPLFURRUJDQLVPV
FDQ FDXVH VXSHUILFLDO PXFRVDO LQIHFWLRQ VXFK DV RUDO FDQGLGRVLV DQG GHQWXUH
VWRPDWLWLV DQG DOVR GLVVHPLQDWH RWKHU IRUPV RI GLVHDVHV $FFRUGLQJ WR WKH
1DWLRQDO 1RVRFRPLDO ,QIHFWLRQV 6XUYHLOODQFH 6\VWHP 8QLWHG 6WDWHV &DQGLGD
VSSDUHWKHPRVWFRPPRQFDXVHRIIXQJDOLQIHFWLRQLQFULWLFDOO\LOOSDWLHQWV,Q
DGGLWLRQVRPHLQYHVWLJDWLRQVKDYHVKRZQWKDWIXQJLDUHLQYROYHGLQXSWRRI
DOOQRVRFRPLDOLQIHFWLRQVDQG±RIQRVRFRPLDOEORRGVWUHDPLQIHFWLRQV
7KH WUHDWPHQWV DYDLODEOH IRU &DQGLGD LQIHFWLRQ DUH W\SLFDOO\ GUXJ EDVHG
&DStWXOR
DQG FDQ LQYROYH WRSLFDO DQG V\VWHPLF DQWLIXQJDO DJHQWV +RZHYHU DQWLIXQJDO
WUHDWPHQWLVOLPLWHGWRDYHU\VPDOOQXPEHURIGUXJVXEVWDQFHVDQGWKHZLGHVSUHDG
XVH RI WKHVH DJHQWV HVSHFLDOO\ WKH D]ROHV KDV UHVXOWHG LQ JOREDO HPHUJHQFH RI
DQWLIXQJDOUHVLVWDQFHDQGVXEVHTXHQWWUHDWPHQWIDLOXUHV 0RUHRYHUGXHWR
WKH IXQJLVWDWLF UDWKHU WKDQ IXQJLFLGDO HIIHFW RI D]ROHV KRVW GHIHQVHV DUH
HVVHQWLDO IRU HUDGLFDWLQJ RI WKH LQIHFWLRQ 7KHUHIRUH WKH XVH RI D]ROH DJHQWV IRU
RUDOFDQGLGRVLVLQLPPXQRVXSSUHVVHGSDWLHQWVFDQEHLQHIIHFWLYH
7KH LQFUHDVLQJ LQFLGHQFH RI IXQJDO LQIHFWLRQV FRXSOHG ZLWK WKH JURZLQJ
UHVLVWDQFH DJDLQVW DQWLIXQJDO DJHQWV KDV GULYHQ UHVHDUFK WR WKH GHYHORSPHQW RI
DOWHUQDWLYHVWUDWHJLHVVXFKDVWRSLFDOSKRWRG\QDPLFWKHUDS\3'7&RQYHQWLRQDO
DSSOLFDWLRQVRI3'7LQFOXGHWKHXVHRIDVHQVLWL]LQJFRPSRXQGDQGYLVLEOHOLJKWWR
NLOO IDVW JURZLQJ DQG WXPRU FHOOV 7KH H[WHQVLRQ RI 3'7 DV D WKHUDSHXWLF
PRGDOLW\IRUWKHWUHDWPHQWRIVRPHQRQRQFRORJLFDOGLVHDVHVLQFOXGLQJPLFURELDO
LQDFWLYDWLRQ DQG WUHDWPHQW RI LQIHFWLRQV UHSUHVHQWV D QHZ LPSRUWDQW ILHOG 3KRWRG\QDPLF LQDFWLYDWLRQ RI PLFURRUJDQLVPV LV EDVHG RQ WKH FRPELQDWLRQ RI D
GUXJ NQRZQ DV SKRWRVHQVLWL]HU 36 DQG WKH GHOLYHU\ RI D YLVLEOH OLJKW RI WKH
DSSURSULDWHZDYHOHQJWKWRH[FLWHWKH36PROHFXOH7KHLQWHUDFWLRQVRIWKH36
LQWKHH[FLWHGVWDWHZLWKR[\JHQSURGXFHF\WRWR[LFVSHFLHVWKDWOHDGWRPLFURELDO
GHVWUXFWLRQ :KHQ FRPSDUHG ZLWK RWKHU WKHUDSLHV 3'7 KDV VHYHUDO
DGYDQWDJHVVXFKDVKLJKWDUJHWVSHFLILFLW\36FDQEHGHOLYHUHGWRFHOOVDQGOLJKW
FDQ EH IRFXVHG RQ WKH VLWH RI WKH OHVLRQ IHZ XQGHVLUHG VLGH HIIHFWV DQG OLWWOH
OLNHOLKRRGRIOHDGLQJWRWKHGHYHORSPHQWRIUHVLVWDQFHE\PLFURRJDQLVPV
+HPDWRSRUSK\ULQGHULYDWLYHVDUHDPRQJWKHHDUOLHVWW\SHRI36XVHG 7KHVHQVLWL]HUVFRPPRQO\ XVHGLQDQWLFDQFHU3'7DUHEDVHGRQSRUSK\ULQVDQG
WKHLU DQDORJV ZKLFK FDQ EH DGPLQLVWHUHG V\VWHPLFDOO\ IRU UHWHQWLRQ LQ UDSLGO\
SUROLIHUDWLQJFHOOV ,QDGGLWLRQGLIIHUHQWW\SHVRI36KDYHEHHQSURSRVHGIRU
DQWLPLFURELDO 3'7 36 LQWHUDFWLRQ ZLWK WKH FHOOXODU PHPEUDQHV DQG LQWUDFHOOXODU
VWUXFWXUHVLVRIJUHDWUHOHYDQFHLQWKHUHVSRQVHWR3'7'XHWRWKHYDVWGLYHUVLW\RI
PLFURRUJDQLVPV D 36 ZLWK GLVWLQFWSK\VLFRFKHPLFDOSURSHUWLHV PD\EH UHTXLUHG
&XUFXPLQLVDQDWXUDOO\RFFXUULQJLQWHQVHO\\HOORZSLJPHQWWKDWLVLVRODWHGIURP
UKL]RPHVRIWKH&XUFXPDORQJDSODQW,WLVDFRQVWLWXHQWRIWKHVSLFHWXUPHULF
&DStWXOR
DQG LV LQ ZRUOGZLGH XVH DV D FRRNLQJ VSLFH IODYRULQJ DJHQW DQG FRORUDQW $Q
LQFUHDVLQJ QXPEHU RI LQYHVWLJDWLRQV KDYH VXJJHVWHG WKDW FXUFXPLQ H[KLELWV
SRWHQWLDO WKHUDSHXWLF DSSOLFDWLRQV VXFK DV DQWLLQIODPPDWRU\ DQWLR[LGDQW
DQWLPLFURELDO DQWLIXQJDO DQG DQWLFDQFHU SURSHUWLHV 6RPH VWXGLHV KDYH
DOVR SURSRVHG WKDW WKHVH HIIHFWV PD\ SRVVLEO\ EH HQKDQFHG E\ FRPELQDWLRQ ZLWK
OLJKW WKXV DWWUDFWLQJ UHVHDUFKHUV WR H[SORUH LWV XVH LQ VHYHUDO DUHDV
LQFOXGLQJSKRWRFKHPLVWU\DQGSKRWRELRORJ\,QYHVWLJDWLRQVLQWKLVILHOGDUHPDLQO\
IRFXVHGRQWKHDQWLFDQFHUSURSHUWLHVRIWKHG\HDQGLWVDVVRFLDWLRQZLWKOLJKW$
QXPEHU RI WULDOV GHDOLQJ ZLWK FDQFHU KDYH IRFXVHG RQ WKH SKDUPDFRNLQHWLFV
VDIHW\ DQG HIILFDF\ RI FXUFXPLQ XVH LQ KXPDQV ,Q DGGLWLRQ WKH SKRWRNLOOLQJ RI
VRPHPLFURRUJDQLVPVE\FXUFXPLQKDVEHHQLQYHVWLJDWHG5HFHQWO\+DXNYLNHWDO
VXJJHVWHGWKHSKRWRWR[LFSRWHQWLDORIDVHULHVRIFXUFXPLQGHULYDWLYHVDJDLQVW
(QWHURFRFFXV IDHFDOLV DQG (VFKHULFKLD FROL 7KH PLFURRUJDQLVPV ZHUH WUHDWHG
ZLWK WZR FXUFXPLQRLG SUHSDUDWLRQV DQG 0 LQ FRPELQDWLRQ ZLWK EOXH
OLJKW-FP ,QYLHZRIWKHSURPLVLQJUHVXOWVVRPHDXWKRUVKDYHSURSRVHGWKH
XVH RI GLIIHUHQW IRUPXODWLRQV RI FXUFXPLQ VXFK DV FXUFXPLQ ORDGHG DOJLQDWH
IRDPVLQRUGHUWRSURYLGHDEXUVWUHOHDVHRIWKH36LQLQIHFWHGZRXQGV
$V &DQGLGD VSHFLHV DOUHDG\ KDYH VKRZQ VXVFHSWLELOLW\ WR VRPH FXUFXPLQ
SUHSDUDWLRQVWKHSUHVHQWLQYHVWLJDWLRQZDVIRFXVHGRQHYDOXDWLQJZKHWKHU
WKHDQWLIXQJDOHIIHFWVFRXOGEHLPSURYHGZLWKOLJKWH[FLWDWLRQ7KHUHIRUHWKHDLP
RI WKLV VWXG\ ZDV WR LQYHVWLJDWH WKH SKRWRG\QDPLF HIIHFW RI FXUFXPLQ DJDLQVW &
DOELFDQV,QDGGLWLRQWKHVDPHSURWRFROZDVHYDOXDWHGDJDLQVWDPDFURSKDJHFHOO
OLQHLQRUGHUWRHVWDEOLVKWKHF\WRWR[LFLW\OHYHOVRIWKHWKHUDS\
0$7(5,$/6$1'0(7+2'6
3KRWRVHQVLWL]HU DQG OLJKW VRXUFH IRU 3'7 1DWXUDO FXUFXPLQ )OXND &R ZDV
REWDLQHGIURP6LJPD$OGULFK6W/RXLV0286$$VWRFNVROXWLRQRIFXUFXPLQ
0ZDVSUHSDUHGLQ'062DQGWKHQGLOXWHGLQVDOLQHVROXWLRQWRREWDLQWKH
FRQFHQWUDWLRQV WR EH WHVWHG NHHSLQJ WKH ILQDO FRQFHQWUDWLRQ RI '062 DW 7KHFRQFHQWUDWLRQRI'062ZDVVHOHFWHGVLQFHKDVEHHQVKRZQWRKDYHQR
&DStWXOR
HIIHFWVRQ&DQGLGDYLDELOLW\GDWDQRWVKRZQ$OLJKWHPLWWLQJGLRGH/('EDVHG
GHYLFHFRPSRVHGRIHLJKWUR\DOEOXH/('V/;+/35/X[HRQ,,, (PLWWHU
/XPLOHGV/LJKWLQJ6DQ-RVH&DOLIRUQLD86$ZDVXVHGWRH[FLWHWKHFXUFXPLQ
7KH/('GHYLFHSURYLGHGDXQLIRUPHPLVVLRQIURPQPWRQPZLWK
PD[LPXPHPLVVLRQDWQP7KHLUUDGLDQFHGHOLYHUHGZDVRIP:FP
3ODQNWRQLF FXOWXUH RI & DOELFDQV DQG 3'7 WUHDWPHQWV 7KH PLFURRUJDQLVP
XVHGLQWKLVVWXG\ ZDV DQ$PHULFDQ7\SH&XOWXUH&ROOHFWLRQ$7&&5RFNYLOOH
0G 86$ VWUDLQ RI & DOELFDQV $7&& PDLQWDLQHG LQ VROLG <HDVW
3HSWRQH*OXFRVH PHGLXP DQG IUR]HQ DW & 7R REWDLQ WKH VWDQGDUGL]HG
VXVSHQVLRQV RI &DQGLGD WKH \HDVW ZDV LQGLYLGXDOO\ LQRFXODWHG LQ 7U\SWLF 6R\
%URWKLQFXEDWHGKDUYHVWHGDIWHUFHQWULIXJDWLRQZDVKHGDQGUHVXVSHQGHGLQVWHULOH
VDOLQHDVSUHYLRXVO\GHVFULEHG
7KHILUVWH[SHULPHQWVZHUHFRQGXFWHGWRHYDOXDWHDUDQJHRIQLQHGLIIHUHQW
FXUFXPLQ FRQFHQWUDWLRQV LQ DVVRFLDWLRQ ZLWK /(' LOOXPLQDWLRQ DW IOXHQFH RI
-FPDSSUR[LPDWHO\PLQRILOOXPLQDWLRQ7KHFRQFHQWUDWLRQVXVHGZHUH
DQG ȝ0 ZKLFK FRUUHVSRQG WR DQGPJ/$OLTXRWVRIȝORIWKH
VWDQGDUGL]HG VXVSHQVLRQV RI &DQGLGD ZHUH LQGLYLGXDOO\ WUDQVIHUUHG WR VHSDUDWH
ZHOOVRIDZHOOPLFURWLWUHSODWH&XUFXPLQVROXWLRQVZHUHDGGHGWRWKHZHOOVWR
JLYHWKHDERYHPHQWLRQHGILQDOFRQFHQWUDWLRQV$IWHUGDUNLQFXEDWLRQIRUPLQ
SUHLUUDGLDWLRQ WLPH WKH SODWH ZDV SODFHG RQ WKH /(' GHYLFH DQG LOOXPLQDWLRQ
SHUIRUPHG 3/ 7R GHWHUPLQH ZKHWKHU FXUFXPLQ DORQH DW WKH WHVWHG
FRQFHQWUDWLRQV LQGXFHG DQ\ HIIHFW RQ FHOO YLDELOLW\ GDUN WR[LFLW\ DGGLWLRQDO
ZHOOV FRQWDLQLQJ WKH \HDVW VXVSHQVLRQV ZHUH H[SRVHG WR 36 XQGHU LGHQWLFDO
FRQGLWLRQV WR WKRVH GHVFULEHG DERYH EXW QRW WR /(' OLJKW 3/ 7KH RYHUDOO
FRQWURO FRQVLVWHG RI &DQGLGD VXVSHQVLRQV QRW H[SRVHG WR 36 RU /(' OLJKW EXW
WUHDWHG ZLWK '062 3/ 7R GHWHUPLQH FHOO VXUYLYDO WHQIROG VHULDO
GLOXWLRQV RI DOLTXRWV RI WKH FRQWHQWV RI HDFK ZHOO ZHUH SUHSDUHG XVLQJ VWHULOH
VDOLQH'XSOLFDWHȝODOLTXRWVZHUHSODWHGRQ6DERXUDXG'H[WURVHDJDUPHGLXP
FRQWDLQLQJ PJ/ JHQWDPLFLQ 6'$ $OO SODWHV ZHUH DHURELFDOO\ LQFXEDWHG DW
&DStWXOR
&IRUKRXUVDQGDIWHUWKLVFRORQ\FRXQWVRIHDFKSODWHZHUHTXDQWLILHGXVLQJ
D GLJLWDO FRORQ\ FRXQWHU &3 3OXV 3KRHQL[ ,QG &RP (TXLSDPHQWRV
&LHQWtILFRV/WGD$UDUDTXDUD63%UD]LO7KHQXPEHURIFRORQ\IRUPLQJXQLWVSHU
PLOOLOLWHU&)8P/ZDVGHWHUPLQHG
%DVHG RQ WKH UHVXOWV RI WKH H[SHULPHQWV UHSRUWHG DERYH WKH WKUHH
FRQFHQWUDWLRQV RI FXUFXPLQ DQG ȝ0 WKDW DFKLHYHG WKH PRVW SURPLVLQJ
UHVXOWVIRU&DOELFDQVLQDFWLYDWLRQZHUHVHOHFWHGIRUDVVRFLDWLRQZLWKORZHUOLJKW
IOXHQFHV DQG -FP 7KH H[SHULPHQWDO
SURWRFRO ZDV FDUULHG RXW DV RXWOLQHG DERYH H[FHSW WKDW VXVSHQVLRQV ZHUH
LOOXPLQDWHGIRUGLIIHUHQWSHULRGVRIWLPHWRDFKLHYHWKHIOXHQFHVSURSRVHG
DQG PLQXWHV UHVSHFWLYHO\ &RORQ\ FRXQWV DQG WKH &)8P/ YDOXHV
ZHUHREWDLQHGDVSUHYLRXVO\GHVFULEHG
7KH LQIOXHQFH RI SUHLUUDGLDWLRQ WLPH 3,7 LH LQFXEDWLRQ RI \HDVW FHOOV
ZLWK FXUFXPLQ SUHFHGLQJ LOOXPLQDWLRQ RQ WKH HIIHFWLYHQHVV RI 3'7 ZDV
LQYHVWLJDWHG XVLQJ ђ0 RI FXUFXPLQ DQG -FP ,Q DGGLWLRQ WKH SRVVLEOH
XSWDNHRIFXUFXPLQE\&DOELFDQVFHOOVZDVDOVRHVWLPDWHGE\UHPRYLQJFXUFXPLQ
EHIRUH LOOXPLQDWLRQ 7KH SURWRFRO ZDV FRQGXFWHG DV RXWOLQHG DERYH H[FHSW WKDW
FXUFXPLQ VROXWLRQ ZDV DGGHG WR WKH &DQGLGD VXVSHQVLRQV DQG LQFXEDWHG LQ WKH
GDUN IRU RU PLQXWHV EHIRUH LOOXPLQDWLRQ ,Q RUGHU WR GHWHUPLQH WKH
SHQHWUDWLRQXSWDNHRIFXUFXPLQE\FHOOVDGGLWLRQDOVDPSOHVZHUHZDVKHGDIWHUWKH
3,7DQGWKHFHOOVZHUH UHVXVSHQGHGLQIUHVKVDOLQH7KXVWKHXQERXQGFXUFXPLQ
ZDV UHPRYHG IURP WKH VDPSOHV DQG RQO\ WKH FXUFXPLQ DVVRFLDWHG ZLWK WKH FHOOV
UHPDLQHGGXULQJ/('H[SRVXUH6XUYLYDORI&DOELFDQVZDVDVVHVVHGE\PHDQVRI
FRORQ\FRXQWV&)8P/DVSUHYLRXVO\GHVFULEHG
)LQDOO\SODQNWRQLFVXVSHQVLRQVZHUHDOVRXVHGWRLQYHVWLJDWHWKHSRVVLEOH
LQYROYHPHQWRIVLQJOHWR[\JHQLQSKRWRG\QDPLFLQDFWLYDWLRQRIWKH\HDVW)RUWKLV
SXUSRVH WKH SURWRFRO RI ђ0FXUFXPLQ DQG -FP ZDV UHSHDWHG DV DOUHDG\
GHVFULEHGEXWDVRGLXPD]LGH1D1VROXWLRQDWDQGP0ZDVDGGHGWR
WKH VDPSOHV SULRU LOOXPLQDWLRQ 1D1 LV D NQRZQ VXSSUHVVRU RI VLQJOHW R[\JHQ
2 7KH HIIHFWLYHQHVV RI 3'7 LQ NLOOLQJ WKH &DQGLGD VXVSHQVLRQV ZDV
DVVHVVHGE\PHDQVRIFRORQ\FRXQWVLQVDPSOHVZLWKDQGZLWKRXW1D1VROXWLRQ
&DStWXOR
&DOELFDQVELRILOPDQG3'7WUHDWPHQWV)RUWKHELRILOPH[SHULPHQWWKH\HDVW
ZHUHLQGLYLGXDOO\LQRFXODWHGLQP/RI530,DQGLQFXEDWHGRYHUQLJKWLQDQ
RUELWDO VKDNHU $3 3KRHQL[ ,QG &RP (TXLSDPHQWRV &LHQWtILFRV /WGD
$UDUDTXDUD63%UD]LODW&IRUK$IWHULQFXEDWLRQWKH\HDVWZHUHZDVKHG
WZLFH ZLWK P/ RI 3%6 SKRVSKDWHEXIIHUHG VDOLQH DQG VXVSHQGHG WR
FHOOVP/ E\ DGMXVWLQJ WKH RSWLFDO GHQVLW\ RI WKH VXVSHQVLRQ WR DWQP
&DQGLGD ELRILOP IRUPDWLRQ ZDV DOORZHG WR RFFXU LQ SUHVWHULOL]HG
SRO\VW\UHQH IODWERWWRPHG ZHOO PLFURWLWHU SODWHV $OLTXRWV RI / RI WKH
VWDQGDUG FHOO VXVSHQVLRQ ZHUH WUDQVIHUUHG LQWR HDFK ZHOO DQG WKH SODWH ZDV
LQFXEDWHGDWR&IRUKLQDQRUELWDOVKDNHUDWUSPDGKHVLRQSKDVH$IWHU
WKH DGKHVLRQSKDVH WKH VXVSHQVLRQV ZHUH FDUHIXOO\DVSLUDWHG DQG HDFK ZHOO ZDV
ZDVKHGWZLFHZLWK/RI3%6WRUHPRYHQRQDGKHUHQWFHOOV,QRUGHUWRDOORZ
ELRILOP JURZWK / RI IUHVK 530, ZDV WUDQVIHUUHG LQWR HDFK ZHOO DQG
WKHSODWHVZHUHLQFXEDWHGDWR&IRUKDWUSP
$IWHU WKH IRUPDWLRQ RI ELRILOPV WKH ZHOOV ZHUH FDUHIXOO\ ZDVKHG WZLFH
ZLWK/RI3%6WRUHPRYHUHPDLQLQJQRQDGKHUHQWFHOOV$IWHUWKDW/RI
FXUFXPLQ VROXWLRQ ZDV DGGHG WR HDFK ZHOO 7KH FXUFXPLQ FRQFHQWUDWLRQV WHVWHG
ZHUH DQG ђ0 ZKLFK FRUUHVSRQGHG WR DQG
PJ/ 7KH SODWHV ZHUH LQFXEDWHG LQ WKH GDUN IRU RU PLQ IROORZHG E\
LOOXPLQDWLRQ RI -FP &RQWURO ZHOOV UHFHLYHG 3%6 LQVWHDG RI FXUFXPLQ
VROXWLRQDQGVDPSOHVZHUHQRWLOOXPLQDWHG3/
7KHDQWLIXQJDOHIIHFWVDJDLQVWWKHELRILOPVZHUHHYDOXDWHGE\DPHWDEROLF
DVVD\EDVHGRQWKHUHGXFWLRQRI;77DWHWUD]ROLXPVDOW6LJPD$OGULFK6W/RXLV
027RSUHSDUHWKH;77VROXWLRQWKHVDOWZDVGLVVROYHGLQ3%6PJP/DQG
VWRUHG DW R& )RU HDFK H[SHULPHQW / RI 3%6 SUHSDUHG ZLWK JOXFRVH DW
P0 / RI ;77 SOXV / RI PHQDGLRQH DW P0 6LJPD$OGULFK 6W
/RXLV02ZHUHPL[HGDQGWUDQVIHUUHGWRHDFKZHOO7KHSODWHVZHUHLQFXEDWHGLQ
WKH GDUN DW R& IRU K $IWHU WKLV ȝ/ RI WKH UHDFWHG ;77 VDOW VROXWLRQ ZDV
WUDQVIHUUHGWRDQHZZHOOPLFURWLWHUSODWHDQGWKHFHOOYLDELOLW\ZDVDQDO\]HGE\
SURSRUWLRQDOFRORULPHWULFFKDQJHVDQGOLJKWDEVRUEDQFHPHDVXUHGE\DPLFURWLWHU
SODWHUHDGHU7KHUPR3ODWH²735HDGHUDWQP
&DStWXOR
0DFURSKDJH FXOWXUH 3'7 WUHDWPHQWV DQDO\VLV RI FHOO PHWDEROLVP E\ 077
DQGPRUSKRORJ\E\6(0$QLPPRUWDOL]HGPDFURSKDJHFHOOOLQH5$:
ZDV FXOWXUHG LQ '0(0 6LJPD &KHPLFDO &R VXSSOHPHQWHG ZLWK ERYLQH
IHWDO VHUXP *LEFR *UDQG ,VODQG 1< 86$ SOXV ,8P/ SHQLFLOOLQ
ȝJP/ VWUHSWRP\FLQ DQG PPRO/ JOXWDPLQH *LEFR *UDQG ,VODQG LQ D
KXPLGLILHG LQFXEDWRU ZLWK &2 DQG DLU DW R& ,VRWHPS )LVKHU
6FLHQWLILF3LWWVEXUJK3$86$7KHFHOOVZHUHVXEFXOWXUHGHYHU\GD\VXQWLO
DQ DGHTXDWH QXPEHU RI FHOOV ZHUH REWDLQHG IRU WKH VWXG\ $IWHU UHDFKLQJ
DSSUR[LPDWHO\ GHQVLW\ WKH FHOOV ZHUH WU\SVLQL]HG VHHGHG LQ VWHULOH ZHOO
SODWHVFHOOVFPDQGLQFXEDWHGIRUKRXUV
$IWHULQFXEDWLRQWKHFXOWXUHPHGLXPZDVUHPRYHGDQGFHOOVZHUHZDVKHG
ZLWK3%6$OLTXRWVRI/RIFXUFXPLQDWILQDOFRQFHQWUDWLRQVRI
DQGȝ0ZHUHWUDQVIHUUHGLQGLYLGXDOO\WRZHOOVLQZHOO
SODWHV DQG ZHUH LQFXEDWHG LQ FRQWDFW ZLWK WKH FHOOV LQ WKH GDUN IRU PLQXWHV
$IWHUWKHLQFXEDWLRQSHULRGFHOOVZHUHLUUDGLDWHGIRUPLQXWHVFRUUHVSRQGLQJWR
-FP3/$GGLWLRQDOZHOOVFRQWDLQLQJFHOOVH[SRVHGRQO\WRFXUFXPLQDW
WKH WKUHH KLJKHVW FRQFHQWUDWLRQV 3/ RU RQO\ WR /(' OLJKW 3/ ZHUH DOVR
HYDOXDWHG7KHQHJDWLYHFRQWUROJURXSZDVFRPSRVHGRIFHOOVQRWH[SRVHGWR/('
OLJKW RU FXUFXPLQ 3/ &HOO PHWDEROLVP ZDV HYDOXDWHG E\ VXFFLQLF
GHK\GURJHQDVH 6'+ HQ]\PH ZKLFK LV D PHDVXUH RI WKH PLWRFKRQGULDO
UHVSLUDWLRQRIWKHFHOO,QZHOOVȝ/RI(DJOH¶VPHGLXPDVVRFLDWHGZLWK
ȝ/RI077VROXWLRQPJP/VWHULOH3%66LJPD&KHPLFDO&RZDVDGGHG
WR WKH FHOOV FXOWXUHG LQ HDFK ZHOO DQG LQFXEDWHG DW R& IRU K $IWHU WKLV WKH
FXOWXUH PHGLXP (DJOH¶V PHGLXP ZLWK WKH 077 VROXWLRQ ZDV DVSLUDWHG DQG
UHSODFHGE\ȝ/RIDFLGLILHGLVRSURSDQROVROXWLRQ1+&OWRGLVVROYHWKH
EOXH IRUPD]DQ FU\VWDOV SUHVHQW LQ WKH FHOOV &HOO PHWDEROLVP ZDV GHWHUPLQHG DV
EHLQJSURSRUWLRQDOWRWKHDEVRUEDQFHPHDVXUHGDWQPZDYHOHQJWKZLWKWKHXVH
RI DQ (/,6$ SODWH UHDGHU %,25$' PRGHO 89 PLFURSODWH UHDGHU
+HUFXOHV&$86$
)RU 5$: PDFURSKDJH PRUSKRORJ\ DQDO\VLV E\ 6FDQQLQJ (OHFWURQ
0LFURVFRS\ 6(0 VWHULOH FRYHU JODVVHV PP LQ GLDPHWHU )LVKHU 6FLHQWLILF
&DStWXOR
ZHUH SODFHG RQ WKH ERWWRP RI WKH ZHOOV RI DOO H[SHULPHQWDO DQG FRQWURO JURXSV
LPPHGLDWHO\ EHIRUH FHOO VHHGLQJ ,PPHGLDWHO\ DIWHU WKH H[SHULPHQWDO FRQGLWLRQV
WKHFXOWXUHPHGLXPZDVUHPRYHGDQGWKHYLDEOHFHOOVWKDWUHPDLQHGDGKHUHGWRWKH
JODVV VXEVWUDWH ZHUH IL[HG LQ P/ RIEXIIHUHG JOXWDUDOGHK\GH IRU KRXUV
DQG SRVWIL[HG ZLWK RVPLXP WHWUR[LGH IRU KRXU 7KH FHOOV DGKHUHG WR WKH
JODVV VXEVWUDWH ZHUH WKHQ GHK\GUDWHG LQ D VHULHV RI LQFUHDVLQJ HWKDQRO
FRQFHQWUDWLRQV DQG LPPHUVHG LQ KH[DPHWK\OGLVLOD]DQH +0'6 $FURV 2UJDQLFV 6SULQJILHOG 1- 86$ IRU PLQXWHV DQG VWRUHG LQ D GHVLFFDWRU IRU KRXUV 7KH FRYHU JODVVHV ZHUH WKHQ
PRXQWHG RQ PHWDO VWXEV VSXWWHUFRDWHG ZLWK JROG DQG WKH PRUSKRORJ\ RI WKH
VXUIDFHDGKHUHG PDFURSKDJHV ZDV H[DPLQHG E\ 6(0 -(2/-067$
6FDQQLQJ0LFURVFRSH7RN\R-DSDQ
$QDO\VLV RI FXUFXPLQ DEVRUSWLRQ DQG IOXRUHVFHQFH VSHFWUD 7KH RSWLFDO
SURSHUWLHVRIFXUFXPLQZHUHV\VWHPDWLFDOO\LQYHVWLJDWHGEHIRUHDQGDVDIXQFWLRQ
RI LOOXPLQDWLRQ IOXHQFH &XUFXPLQ VROXWLRQ 0 ZDV LOOXPLQDWHG XVLQJ WKH
EOXH/(' GHYLFH IRU D WRWDO RI PLQXWHV $EVRUSWLRQ DQG IOXRUHVFHQFH VSHFWUD
ZHUH PHDVXUHG DW LOOXPLQDWLRQ WLPHV LQWHUYDOV RI DQG PLQXWHV ZKLFK FRUUHVSRQGHG WR DQG
-FP
$EVRUSWLRQ
VSHFWUD
ZHUH
REWDLQHG
XVLQJ
D
89YLVLEOH
VSHFWURSKRWRPHWHU &DU\ %LR 9DULDQ /DVHULQGXFHG IOXRUHVFHQFH ZDV WDNHQ
XVLQJ D KRPHPDGH GHYLFH XQGHU QP H[FLWDWLRQ DQGD 86% VSHFWURPHWHU
2FHDQ 2SWLFV WR FROOHFW WKH HPLWWHG OLJKW DW WKH LQWHUYDO IURP QP 7KH
DEVRUSWLRQ DQG IOXRUHVFHQFH VSHFWUD ZHUH DQDO\]HG WR GHWHUPLQH WKH
SKRWREOHDFKLQJUDWHDQGWKHSRVVLEOHSUHVHQFHRISKRWRSURGXFWVLQWKHLOOXPLQDWHG
FXUFXPLQVROXWLRQ
6WDWLVWLFDO DQDO\VLV (DFK H[SHULPHQWDO WUHDWPHQW ZLWK WKH FXUFXPLQ
FRQFHQWUDWLRQV LQ WKHSUHVHQFH RI WKH PHQWLRQHG OLJKW IOXHQFHVZDVUHSHDWHGILYH
WLPHV )RU WKH SXUSRVH RI DQDO\VLV &)8P/ YDOXHV ZHUH WUDQVIRUPHG LQWR
ORJDULWKP ORJ 7KH UHVXOWV FROOHFWHG DIWHU WKH HYDOXDWLRQ RI QLQH FXUFXPLQ
&DStWXOR
FRQFHQWUDWLRQV DJDLQVW SODQNWRQLF VXVSHQVLRQV ORJ&)8P/ WKH ELRILOP
FXOWXUHV PLFURELDO PHWDEROLVP;77 DQG WKH PDFURSKDJHV FHOO PHWDEROLVP
077 SUHVHQWHG QRUPDOLW\ DQG KRPRVFHGDVWLFLW\ DQG ZHUH HYDOXDWHG E\ WKH
$QDO\VLV RI 9DULDQFH $129$ DQG 7XNH\ +RQHVWO\ 6LJQLILFDQW 'LIIHUHQFH
+6' SRVW KRF WHVW 7KH UHVXOWV REWDLQHG LQ WKH 3'7 H[SHULPHQWV ZLWK VHYHUDO
OLJKW IOXHQFHV SUHVHQWHG KHWHURFHGDVWLFLW\ 7KH .UXVNDOO:DOOLV DQG D SRVWKRF
'XQQWHVWVZHUHXVHGWRGHWHFWGLIIHUHQFHVLQ&)8P/YDOXHVDPRQJLQYHVWLJDWHG
JURXSV'LIIHUHQFHVZHUHFRQVLGHUHGVWDWLVWLFDOO\VLJQLILFDQWDWS
5(68/76
$EVRUSWLRQDQGIOXRUHVFHQFHRIFXUFXPLQDVDIXQFWLRQRILOOXPLQDWLRQWLPH
)LJXUH SUHVHQWV WKH DEVRUSWLRQ DQG IOXRUHVFHQFH VSHFWUD FKDQJHV DV D
IXQFWLRQRILOOXPLQDWLRQIOXHQFH7KHFXUFXPLQVROXWLRQZDVLOOXPLQDWHGIRUDWRWDO
WLPHRIPLQ-FPDQGWKHDEVRUSWLRQVSHFWUXPZDVUHFRUGHGDWVHYHUDO
LOOXPLQDWLRQ WLPH LQWHUYDOV 7KH DELOLW\ RI FXUFXPLQ WR DEVRUE OLJKW GHFUHDVHG
SURJUHVVLYHO\ DV WKH LOOXPLQDWLRQ WLPH ZDV LQFUHDVHG LQGLFDWLQJ LQGXFHG
SKRWREOHDFKLQJ7KHDUHDRIWKHHQWLUHDEVRUSWLRQVSHFWUXPQP±QPZDV
LQWHJUDWHG DQG QRUPDOL]HG E\ WKH DUHD RI WKH QRQLOOXPLQDWHG VSHFWUXP W 7KHUHIRUHWKHGHFUHDVHLQRSWLFDOVSHFLHVWKDWDEVRUELQWKHYLVLEOHVSHFWUXPFRXOG
EH LQYHVWLJDWHG )LJXUH VKRZV WKH FDOFXODWHG SKRWREOHDFKLQJ UDWH RI WKH
FXUFXPLQ PROHFXOHV $IWHU D IOXHQFH RI -FP GHOLYHUHG WR WKH FXUFXPLQ
VROXWLRQ EHLQJ LQYHVWLJDWHG DSSUR[LPDWHO\ RI WKH FXUFXPLQ PROHFXOHV KDG
DOUHDG\EHHQSKRWREOHDFKHGVKRZLQJWKHLUKLJKGHJUDGDWLRQUDWH7KLVUHVXOWZDV
FRQILUPHG E\ WKH IOXRUHVFHQFH VSHFWUD ZKLFK DOVR VKRZHG ORZ IOXRUHVFHQFH
HPLVVLRQRIWKHFXUFXPLQVROXWLRQDWKLJKHULOOXPLQDWLRQWLPHLQWHUYDOV
3KRWRLQDFWLYDWLRQRI&DOELFDQVVXVSHQVLRQV
$V PHQWLRQHG HDUOLHU LQ WKLV DUWLFOH LQLWLDO H[SHULPHQWV HYDOXDWHG D UDQJH
RIQLQHGLIIHUHQWFXUFXPLQFRQFHQWUDWLRQVDJDLQVW&DOELFDQV7KHPHDQ&)8P/
YDOXHV REWDLQHG DUH LOOXVWUDWHG LQ )LJ $ ,Q FRPSDULVRQ ZLWK WKH FRQWURO
2VUHVXOWDGRVRULJLQDLVHDQiOLVHVHVWmRDSUHVHQWDGRVQR$SrQGLFH,WHP
&DStWXOR
FRQGLWLRQ 3/ D VLJQLILFDQW UHGXFWLRQ LQ & DOELFDQV YLDELOLW\ ZDV REVHUYHG
DIWHU 3'7 DQG WKH GHFUHDVH LQ &)8P/ YDOXHV ZDV GHSHQGHQW RQ WKH 36
FRQFHQWUDWLRQXVHG7KHWKUHHKLJKHVWFXUFXPLQFRQFHQWUDWLRQVDQG0
ZHUH WKH PRVW HIIHFWLYH IRU SKRWRG\QDPLF DFWLRQ DQG FRPSOHWH NLOOLQJ RI WKH
PLFURRUJDQLVP ZDV DFKLHYHG ZLWK FXUFXPLQ DW 0 -FP RI /(' OLJKW
6XEVWDQWLDO PLFURELDO JURZWK ZDV REVHUYHG RQSODWHV VXEMHFWHG WR WKH FRQGLWLRQV
RI 3/ DQG 3/ )LJ % 'DWD DQDO\VLV VKRZHG QR VLJQLILFDQW GLIIHUHQFHV
DPRQJWKHVHJURXSV
7KH VHFRQG SDUW RI WKH PLFURELRORJLFDO H[SHULPHQWV HYDOXDWHG ORZ OLJKW
IOXHQFHV IRU SKRWRG\QDPLF LQDFWLYDWLRQ RI & DOELFDQV 7KH GLVWULEXWLRQ RI
&)8P/ YDOXHV LV VXPPDUL]HG DQG SUHVHQWHG LQ ER[ SORW IRUPDW )LJ &RPSOHWHLQDFWLYDWLRQRIWKH\HDVWZDVREVHUYHGZLWKFXUFXPLQDWђ0DQGWKH
PLQLPXPOLJKWIOXHQFHUHTXLUHGIRUWKLVRXWFRPHZDV-FP7KHUHVXOWVRIWKH
.UXVNDO:DOOLV QRQSDUDPHWULF DQDO\VLV LQGLFDWHG VWDWLVWLFDOO\ VLJQLILFDQW
GLIIHUHQFHV LQ &)8P/ YDOXHV DQG WKH UHVXOWV RI WKH SRVW KRF DQDO\VLV DUH
GLVSOD\HG LQ 7DEOH )RU HDFK FXUFXPLQ FRQFHQWUDWLRQ WHVWHG WKHUH ZHUH QR
VLJQLILFDQW FKDQJHV LQ &)8P/ YDOXHV DPRQJ WKH LOOXPLQDWLRQ IOXHQFHV RI DQG-FPDQGPLQUHVSHFWLYHO\
7DEOHVKRZVWKHHIIHFWRI3,7YDULDWLRQVRQWKHYLDELOLW\RI&DOELFDQV
$OO 3,7 WHVWHG ZHUH DEOH WR UHGXFH & DOELFDQV YLDELOLW\ DIWHU 3'7 ZKHQ
FRPSDUHG ZLWK WKH ORJ&)8P/ YDOXH RI WKH FRQWURO VDPSOHV DSSUR[LPDWHO\ ORJ:KHQFXUFXPLQZDVVWLOOSUHVHQWLQWKHEXONVROXWLRQGXULQJLOOXPLQDWLRQWKH
3,7VVWDUWLQJDWPLQXWHVZHUHDEOHWRSURPRWHFRPSOHWHNLOOLQJRI\HDVW2QWKH
RWKHUKDQGZDVKLQJXQERXQGFXUFXPLQEHIRUHLOOXPLQDWLRQUHYHDOHGWKDWQRWHYHQ
WKH3,7RIPLQXWHVZDVDEOHWRLQDFWLYDWHWKH\HDVW
7KHDGGLWLRQRI1D1VROXWLRQDWWKHWKUHHFRQFHQWUDWLRQVWHVWHGGLGQRW
FDXVHDQ\FKDQJHVLQ3'7HIIHFWLYHQHVVLQFRPSDULVRQZLWKWKHVDPSOHVZLWKRXW
WKH XVH RI WKH VLQJOHW R[\JHQ VXSSUHVVRU 7KLV UHVXOW ZDV YHULILHG VLQFH 3'7
PHGLDWHG E\ FXUFXPLQ DW ђ0 SURPRWHG FRPSOHWH LQDFWLYDWLRQ RI & DOELFDQV
HYHQZLWKWKHSUHVHQFHRI1D1
&DStWXOR
3KRWRLQDFWLYDWLRQRI&DOELFDQVELRILOPV
7KH VXVFHSWLELOLW\ RI & DOELFDQV ELRILOPV WR OHWKDO SKRWRVHQVLWL]DWLRQ LV
VKRZQLQ7DEOH,QFRPSDULVRQZLWKWKHFRQWUROJURXSDVWDWLVWLFDOO\VLJQLILFDQW
GHFUHDVH LQ PHWDEROLF DFWLYLW\ ;77 DVVD\ ZDV REVHUYHG IRU DOO FXUFXPLQ
FRQFHQWUDWLRQV WHVWHG $ GLUHFW UHODWLRQVKLS EHWZHHQ FXUFXPLQ FRQFHQWUDWLRQ DQG
ELRILOP YLDELOLW\ ZDV REVHUYHG 7KDW LV DV WKH FRQFHQWUDWLRQ LQFUHDVHG WKH
PHWDEROLVPYLDELOLW\ GHFUHDVHG 7KH HIIHFW RI 3,7 RQ 3'7 HIIHFWLYHQHVV ZDV
QRWLFHDEOHDVKLJKHUSHUFHQWDJHVRIUHGXFWLRQZHUHDFKLHYHGZKHQELRILOPVZHUH
LQFXEDWHGIRUPLQXWHVEHIRUHLUUDGLDWLRQ
(IIHFWRI3'7DJDLQVWPDFURSKDJHFXOWXUH
)LJXUHVKRZVWKHPHDQYDOXHVRI077REWDLQHGDIWHUH[SHULPHQWVZLWK
WKHPDFURSKDJHFHOOOLQH&RQVLGHULQJWKHQHJDWLYHFRQWUROJURXS3/DVKDYLQJ
FHOO YLDELOLW\ D VLJQLILFDQW UHGXFWLRQ LQ FHOO PHWDEROLVP RI DQGZDVREVHUYHGIRUFXUFXPLQFRQFHQWUDWLRQVRI
DQGȝ0UHVSHFWLYHO\ZKHQWKHFHOOVZHUHLUUDGLDWHGZLWKEOXH/('2QWKH
RWKHU KDQG 3'7 PHGLDWHG E\ ORZHU FXUFXPLQ FRQFHQWUDWLRQV LQFUHDVHG WKH FHOO
PHWDEROLVP E\ DQG FRQFHQWUDWLRQV RI DQG UHVSHFWLYHO\ ,Q WKH 3/ JURXSV WKHUH ZDV QR VWDWLVWLFDOO\
VLJQLILFDQW GLIIHUHQFH S! DPRQJ WKH FXUFXPLQ FRQFHQWUDWLRQV RI DQG
ȝ01RGDUNWR[LFLW\ RIFXUFXPLQZDVREVHUYHGIRUWKHFRQFHQWUDWLRQVWHVWHG
EXWWKHH[SRVXUHWR/('DORQH3/RU3/JURXSVUHVXOWHGLQWKHLQFUHDVHRI
FHOOPHWDEROLVP
)LJXUH DI SUHVHQWV D SDQHO RI 6(0 PLFURJUDSKV RI WKH 5$: FHOOOLQH UHSUHVHQWDWLYH RI WKH FRQWURO DQG H[SHULPHQWDO JURXSV )RU WKH QHJDWLYH
FRQWUROJURXS3/DQGJURXSVLQZKLFKWKHFHOOVZHUHVXEPLWWHGWRLUUDGLDWLRQRU
FXUFXPLQ0DSSOLFDWLRQDQXPEHURIPDFURSKDJHVUHPDLQHGDWWDFKHGWRWKH
JODVV VXEVWUDWH 7KHVH FHOOV H[KLELWHG D URXQG VKDSH DQG ILQH F\WRSODVPLF
SURFHVVHVRULJLQDWHGIURPWKHFHOOPHPEUDQHZKLFKZDVFKDUDFWHUL]HGDJUDQXODU
DSSHDUDQFH )LJXUH DF ,Q WKH JURXSV VXEPLWWHG WR 3'7 ZLWK FXUFXPLQ
&DStWXOR
FRQFHQWUDWLRQVUDQJLQJIURPWR0FHOOPRUSKRORJ\UHPDLQHGVLPLODUWR
WKDWREVHUYHGLQWKHQHJDWLYHFRQWUROJURXS)LJXUHG+RZHYHULQ3'7JURXSV
ZLWK FXUFXPLQ FRQFHQWUDWLRQV UDQJLQJ IURP WR 0 D UHGXFHG QXPEHU RI
VPDOOVL]HGFHOOVUHPDLQHGDWWDFKHGWRWKHJODVVVXEVWUDWH7KHVHFHOOVZHUHVKRZQ
WR KDYH D VPRRWK PHPEUDQH IURP ZKLFK D QXPEHU RI JOREXODU SURMHFWLRQV
RULJLQDWHG)LJXUHHDQGI
',6&866,21
7R LQYHVWLJDWH WKH DQWLIXQJDO HIIHFW RI 3'7 PHGLDWHG E\ FXUFXPLQ WKLV
QDWXUDO FRPSRXQG ZDV DVVRFLDWHG ZLWK LUUDGLDWLRQ XVLQJ EOXH /(' &RPSOHWH
LQDFWLYDWLRQRIWKHSODQNWRQLFIRUPZDVREVHUYHGZLWKFXUFXPLQDWђ0ZKLFK
FRUUHVSRQGVWRPJ/DVVRFLDWHGZLWKORZIOXHQFHVVWDUWLQJZLWKPLQXWHVRI
LOOXPLQDWLRQ RU -FP 7R RXU NQRZOHGJH WKHUH LV QR SUHYLRXVO\ SXEOLVKHG
VWXG\ LQYHVWLJDWLQJ WKH SKRWRG\QDPLF HIIHFWV RI FXUFXPLQ DJDLQVW & DOELFDQV
+RZHYHU WKH DQWLIXQJDO SURSHUWLHV RI FXUFXPLQ SHU VH KDYH EHHQ VXJJHVWHG E\
VRPH DXWKRUV 0DUWLQV HW DO VKRZHG WKDW PJ/ RI FXUFXPLQ ZDV WKH
PLQLPXP LQKLELWRU\ FRQFHQWUDWLRQ 0,& WKDW GLG QRW DOORZ IRU WKH GHWHFWLRQ RI
DQ\ YLVXDO JURZWK RI & DOELFDQV %URWK PLFURGLOXWLRQ GUXJ VXVFHSWLELOLW\ DVVD\V
ZHUHXVHGE\6KDUPDHWDOZKRYHULILHGLQKLELWLRQRI &DQGLGDFHOOJURZWK
DIWHUFRQFHQWUDWLRQVPJ/ZKLOHKLJKHUFRQFHQWUDWLRQVPJ/ZHUH
QHHGHGWRLQKLELWWKHJURZWKLQVROLGPHGLD$QRWKHULQYHVWLJDWLRQWHVWHGDUDQJH
RIFXUFXPLQFRQFHQWUDWLRQV±J/DJDLQVW&DOELFDQVDQGVKRZHGWKDW
ZLWK WKH LQFUHDVH LQ GUXJ FRQFHQWUDWLRQ FHOO GLYLVLRQ ZDV DSSDUHQWO\ LQKLELWHG
DFFRUGLQJ WR D SUROLIHUDWLRQ LQGH[ 7KH UHVXOWV RI WKHVH LQYHVWLJDWLRQV
GHPRQVWUDWHG WKDW FXUFXPLQ DORQH FDQ DFW DV DQ DQWLIXQJDO GUXJ KRZHYHU WKH
FRQFHQWUDWLRQ DW ZKLFK LW ZRXOG EH HIIHFWLYH DSSHDUV WR EH PXFK KLJKHU ZKHQ
FRPSDUHGZLWKWKHFRQFHQWUDWLRQVXVHGLQWKHSUHVHQWLQYHVWLJDWLRQFXUFXPLQZDV
DVVRFLDWHGZLWKEOXHOLJKW,QWKHSUHVHQWVWXG\WKHHIIHFWLYHQHVVRIFXUFXPLQIRU
LQDFWLYDWLQJ WKH \HDVW ZDV REVHUYHG RQO\ ZKHQ LW ZDV XVHG LQ FRQMXQFWLRQ ZLWK
/(' OLJKW 7KLV LV SUREDEO\ GXH WR WKH ORZ FRQFHQWUDWLRQ XVHG IRU
SKRWRLQDFWLYDWLRQ DQG WKH XVH RI FXUFXPLQ DORQH LQYROYHV KLJKHU FRQFHQWUDWLRQV
&DStWXOR
RI WKH FRPSRXQG WR DFKLHYH WKH VDPH NLOOLQJ HIIHFW $ VLPLODU REVHUYDWLRQ ZDV
UHSRUWHG E\ 'DKO HW DO ZKHQ 6DOPRQHOOD W\SKLPXULQ NLOOLQJ ZDV DFKLHYHG XVLQJ
ђ0 RI FXUFXPLQ LQ DVVRFLDWLRQ ZLWK OLJKW ZLWK QR FXUFXPLQ WR[LFLW\ EHLQJ
REVHUYHG LQ WKH DEVHQFH RI OLJKW 7¡QQHVHQ HW DO DOVR VKRZHG WKDW WKH
DQWLEDFWHULDODFWLYLW\RIFXUFXPLQLVJUHDWO\HQKDQFHGE\OLJKW
7KH3,7LVDYDULDEOHWKDWPD\DIIHFWWKHXSWDNHRIWKH36E\WKHPLFURELDO
FHOODQGWKXVDIIHFWLQDFWLYDWLRQRIWKH \HDVW-DFNVRQHWDOUHSRUWHG
WKDWNLOOLQJRIWKH\HDVWIRUPRI&DOELFDQVRQH[SRVXUHWRWROXLGLQHEOXH7%2
DQG OLJKW ZDV GHSHQGHQW RQ WKH 3,7 XVHG ,Q DJUHHPHQW :LOVRQ DQG 0LD UHSRUWHG WKDW & DOELFDQV VXUYLYDO PDUNHGO\ GHFUHDVHG ZLWK DQ LQFUHDVH LQ 3,7
ZLWK7%2DQGPHWK\OHQHEOXHLQWKHUDQJHRIPLQ+RZHYHUWKHVDPHDXWKRUV
DOVRYHULILHGWKDWDIXUWKHULQFUHDVHLQWKH3,7ORQJHUWKDQPLQGLGQRWLQFUHDVH
WKHQXPEHURIPLFURRUJDQLVPVNLOOHG7KHUHVXOWVRIWKHSUHVHQWVWXG\VKRZHGWKDW
WKHHIIHFWLYHQHVVRI3'7LQLQDFWLYDWLQJ&DOELFDQVZDVQRWLQIOXHQFHGE\D3,7
ORQJHUWKDQPLQXWHVLQWKHVDPSOHVLQZKLFKFXUFXPLQZDVVWLOOSUHVHQWLQWKH
EXON VROXWLRQ GXULQJ LOOXPLQDWLRQ +RZHYHU ZKHQ WKH 36 ZDV ZDVKHG RXW
FRPSOHWH LQDFWLYDWLRQ RI &DQGLGD ZDV QRW DFKLHYHG HYHQ ZLWK PLQXWHV RI
3,7 6LPLODU UHVXOWV ZHUH IRXQG E\ 'DKO HW DO ZKR VKRZHG WKDW SUH
LUUDGLDWLRQ ZLWK FXUFXPLQ KDG QR VLJQLILFDQW HIIHFWV RQ WKH UDWHV RI PLFURELDO
NLOOLQJ EXW WKH NLOOLQJ HIIHFW ZDV UHGXFHG E\ UHPRYLQJ WKH FXUFXPLQ EHIRUH
LOOXPLQDWLRQ 7KHVH REVHUYDWLRQV VXJJHVW WKDW WKH SKRWRG\QDPLF HIIHFW LV JUHDWO\
LQFUHDVHG E\ WKH SUHVHQFH RI FXUFXPLQ LQ WKH VXUURXQGLQJ PHGLD +RZHYHU LW
VHHPVWKDWWKLV36FDQDOVRELQGWRWKH\HDVWFHOOVWRSURPRWHSKRWRLQDFWLYDWLRQ,Q
WKLVFDVHWKH3,7VHHPVWRSOD\ DQLPSRUWDQWUROHLQ3'7HIIHFWLYHQHVVEHFDXVH
KLJKHU LQFXEDWLRQ SHULRGV EHIRUH LOOXPLQDWLRQ VKRZHG KLJKHU OHYHOV RI
SKRWRLQDFWLYDWLRQ )OXRUHVFHQFH PLFURVFRSLF LQYHVWLJDWLRQ FRQGXFWHG E\ +DXYLN
HWDOFRQILUPHGWKDWLWLVSRVVLEOHIRUWKHXSWDNHDEVRUSWLRQRIFXUFXPLQE\
ERWK JUDPSRVLWLYH DQG JUDPQHJDWLYH EDFWHULD WR RFFXU 7KXV WKH SUHVHQW
LQYHVWLJDWLRQVXJJHVWVWKDWWKHXSWDNHRIFXUFXPLQDSSHDUVWREHSUHVHQWLQ\HDVW
FHOOVDVZHOOEXWIXUWKHUVWXGLHVDUHUHTXLUHGWRGHWHUPLQHZKHWKHUWKH36UHPDLQV
DGKHUHGWRWKHRXWHUPHPEUDQHRUZKHWKHULWFRXOGHQWHULQWRWKHFHOO
&DStWXOR
7KH DELOLW\ RI FXUFXPLQ WR DFW DV DQ DQWLIXQJDO DJHQW DJDLQVW & DOELFDQV
ELRILOPVKDVSUHYLRXVO\EHHQUHSRUWHGEXWZLWKRXWFRPELQDWLRQZLWKOLJKW ,Q
WKHSUHVHQWVWXG\3'7PHGLDWHGE\FXUFXPLQSURYHGWREHHIIHFWLYHLQSURPRWLQJ
VLJQLILFDQWUHGXFWLRQVLQWKHPHWDEROLFDFWLYLW\RI&DOELFDQVELRILOPV8VLQJWKH
VDPH SURWRFRO WKDW SURPRWHG FRPSOHWH LQDFWLYDWLRQ RI WKH SODQNWRQLF FHOOV
ђ0PLQ3,7-FPWKHPHWDEROLFDFWLYLW\RIELRILOPVZDVUHGXFHGLQ
ZKLFK ZDV VWDWLVWLFDOO\ VLJQLILFDQW LQ FRPSDULVRQ ZLWK FRQWURO VDPSOHV
:KHQ WKH FRQFHQWUDWLRQ RI FXUFXPLQ ZDV LQFUHDVHG WR ђ0 3'7 ZDV DEOH WR
UHGXFHWKHPHWDEROLFDFWLYLW\RIELRILOPVWRDQGIRUDQGPLQRI3,7
UHVSHFWLYHO\ %DVHG RQ WKHVH UHVXOWV LW FDQ EH VXJJHVWHG WKDW 3,7 LV DOVR D
VLJQLILFDQW IDFWRU LQ ELRILOPV NLOOLQJ 7KHVH ILQGLQJV FDQ EH H[SODLQHG E\ WKH
VWUXFWXUDOFKDUDFWHULVWLFVRIELRILOPVJURZQFHOOV%LRILOPVFRQVLVWRID
FRPPXQLW\ RI PLFURRUJDQLVPV VXUURXQGHG E\ D VHOISURGXFHG SRO\PHULF PDWUL[
DQGWKLVW\SLFDOVWUXFWXUHSURYLGHVVXUYLYDODGYDQWDJHWRWKHPLFURRUJDQLVPVOLYLQJ
ZLWKLQWKHVHFRPPXQLWLHV6RPH36PD\ KDYHOLPLWHGDELOLW\WRDFW DJDLQVW
WKH ELRILOPV GXH WR WKH GLIILFXOW\ RI SHQHWUDWLQJ LQWR WKH GHHSHU OD\HUV RI
PLFURRUJDQLVPV 6FDQQLQJ HOHFWURQ PLFURVFRS\ LPDJHV IURP WKH VWXG\ RI
3HUHLUD HW DO VKRZHG WKDW OHWKDO SKRWRVHQVLWL]DWLRQ PHGLDWHG E\ PHWK\OHQH
EOXHRFFXUUHGSUHGRPLQDQWO\LQWKHRXWHUPRVWOD\HUVRIWKHELRILOPVIRUPHGZLWK
& DOELFDQV 6 DXUHXV DQG 6 PXWDQV 7KH UHVXOWV RI WKH SUHVHQW LQYHVWLJDWLRQ
VXJJHVW WKDW ORQJHU 3,7V ZHUH DEOH WR DOORZ GHHSHU SHQHWUDWLRQ RI WKH FXUFXPLQ
LQWR WKH ELRILOP OD\HUV OHDGLQJ WR KLJKHU SHUFHQWDJHV RI PHWDEROLF UHGXFWLRQ
$FFRUGLQJO\'RQQHOO\HWDOUHFRPPHQGHGORQJHUDSSOLFDWLRQWLPHVRI36WR
REWDLQ3'7UHVSRQVHZKHQELRILOPVZHUHLQYROYHG,QDGGLWLRQ&KDEULHU5RVHOOy
HW DO UHSRUWHG WKH XVH RI KLJKHU 36 FRQFHQWUDWLRQV WR FRPSHQVDWH WKH
LQFUHDVHG RUJDQLVP ELRPDVV RI & DOELFDQV ELRILOPV LQ FRPSDULVRQ ZLWK JHUP
WXEHV
6RPHDXWKRUVKDYHVXJJHVWHGWKDWFXUFXPLQKDVDQWLEDFWHULDODFWLRQZKHQ
DVVRFLDWHG ZLWK OLJKW )RU LQVWDQFH SKRWRNLOOLQJ RI JUDPSRVLWLYH
(QWHURFRFFXV IDHFDOLV DQG 6WUHSWRFRFFXV LQWHUPHGLXV DQG JUDPQHJDWLYH
(VFKHULFKLD FROL ZHUH REVHUYHG DIWHU WUHDWPHQW ZLWK ђ0 FXUFXPLQ DQG EOXH
&DStWXOR
OLJKW LOOXPLQDWLRQ DW -FP 7KH FXUFXPLQSKRWRWR[LFLW\ WR EDFWHULDO
V\VWHPV VHHPV WR EH PHGLDWHG WKURXJK WKH H[FLWHG VWDWHV RI FXUFXPLQ DQG WKHLU
VXEVHTXHQWUHDFWLRQVZLWKR[\JHQ5HFHQWO\6KHQHWDOLQYHVWLJDWHGWKH
SKRWRVHQVLWL]LQJPHFKDQLVPVRIFXUFXPLQDFFRUGLQJWRWKHW\SHRIVROYHQWXVHG,W
ZDVVKRZQWKDWERWKVXSHUR[LGHDQLRQUDGLFDO2DQGVLQJOHWR[\JHQ2ZDV
JHQHUDWHGDIWHUFXUFXPLQZDVSKRWRVHQVLWL]HGLQ'062VROXWLRQ ,WZDVDOVR
VWDWHG WKDW RQFH 2 ZDV IRUPHG RWKHU UHDFWLYH VSHFLHV VXFK +2 FRXOG EH
SURGXFHGDQGWKHQDPSOLI\WKHSKRWRVHQVLWL]LQJDFWLYLW\RIFXUFXPLQ 2QWKH
RWKHU KDQG DQ LQYHVWLJDWLRQ WKDW HYDOXDWHG FXUFXPLQ DV D 36 VXJJHVWHG WKH
LQYROYHPHQWRIK\GURJHQSHUR[LGHLQWKHSKRWRNLOOLQJRIEDFWHULDDQGQRHYLGHQFH
RI 2 IRUPDWLRQ ,Q WKH SUHVHQW LQYHVWLJDWLRQ WKH SRVVLEOH LQYROYHPHQW RI
VLQJOHWR[\JHQZDVDVVHVVHGE\DGGLQJ1D1WRWKHVDPSOHVEHIRUHLOOXPLQDWLRQ
& DOELFDQV NLOOLQJ ZDV QRW DIIHFWHG E\ WKH SUHVHQFH RI WKH 2 VFDYHQJHU
LQGLFDWLQJ WKDW WKLV UHDFWLYH VSHFLHV ZDV QRW HVVHQWLDO LQ SURPRWLQJ WKH
SKRWRG\QDPLF HIIHFW +DXYLN HW DO PHDVXUHG WKH R[\JHQ TXDQWXP \LHOG LQ
GLIIHUHQW FXUFXPLQ SUHSDUDWLRQV DQG IRXQG YHU\ OLPLWHG 2 IRUPDWLRQ 7KLV LV
FRQVLVWHQW ZLWK WKH ILQGLQJV RI 'DKO HW DO ZKLFK VKRZHG OLWWOH RU QR 2
JHQHUDWLRQ ZKHQ SURWLF VROXWLRQV DUH LQYROYHG ,Q WKH SUHVHQW VWXG\ DQ DSURWLF
VROYHQW '062 ZDV XVHG WR SUHSDUH WKH VWRFN VROXWLRQV RI FXUFXPLQ KRZHYHU
WKHVWRFNVROXWLRQVZHUHWKHQGLOXWHGLQVDOLQHVROXWLRQDSURWLFVROYHQWOHDGLQJ
WRDILQDO'062FRQFHQWUDWLRQRIRQO\LQWKHVROXWLRQV7KXVWKHFXUFXPLQ
VROXWLRQVH[SRVHGWROLJKWFRQVLVWHGODUJHO\RIDQDTXHRXVSURWLFHQYLURQPHQWDQG
WKLVPD\SRVVLEO\H[SODLQWKHODFNRI2SURGXFWLRQ+RZHYHUWKH3,7UHVXOWVDQG
WKH XSWDNH GDWD WHQG WR VXSSRUW WKH K\SRWKHVLV WKDW FXUFXPLQ FRXOG ELQG WR WKH
FHOOV GXULQJ SUHLUUDGLDWLRQ DQG WKHQ SURWLF DQG DSURWLF PHFKDQLVPV FRXOG RFFXU
VLPXOWDQHRXVO\ $SURWLF PHFKDQLVPV FRXOG RFFXU LQ WKH OLSRSKLOLF SKDVHV RI WKH
F\WRSODVPDWLFPHPEUDQHDQGVLQJOHWR[\JHQPD\EHIRUPHGLQVLGHWKH\HDVWFHOO
DVVXJJHVWHGE\+DXYLNHWDO7KHUHVXOWVRIWKHSUHVHQWVWXG\UHYHDOHGWKDW
WKH LQGXFHG SKRWRG\QDPLF UHDFWLRQ PD\ QRW EH HVVHQWLDOO\ UHODWHG WR WKH
SURGXFWLRQ RI VLQJOHW R[\JHQ EXW LWV PHFKDQLVP DV WKH SURGXFWLRQ RI RWKHU
UHDFWLYHFRPSRQHQWVVWLOOQHHGWREHGHWHUPLQHGLQIXWXUHLQYHVWLJDWLRQV
&DStWXOR
,Q WKH SUHVHQW VWXG\ WKH PLFURELRORJLF LQYHVWLJDWLRQ VKRZHG WKDW OLJKW
IOXHQFHV DERYH -FP GLG QRW HQKDQFH WKH HIIHFWLYHQHVV RI 3'7 DJDLQVW
SODQNWRQLF FXOWXUHV RI & DOELFDQV 7KLV UHVXOW ZDV FRUURERUDWHG E\ WKH
REVHUYDWLRQWKDWWKHOLJKWDEVRUSWLRQDQGIOXRUHVFHQFHRIFXUFXPLQGHFUHDVHGDVD
IXQFWLRQRILOOXPLQDWLRQWLPHOLJKWIOXHQFH7KHVSHFWUDOFKDQJHVPRQLWRUHGZHUH
DPHDVXUHPHQWRIWKHLQGXFHGSKRWREOHDFKLQJRIWKHFXUFXPLQPROHFXOHVDQGWKLV
KDVEHHQXVHGDVDQLQGLUHFWPHDVXUHPHQWRIWKHSRWHQWLDOSKRWRG\QDPLFUHVSRQVH
7KLV W\SH RI DQDO\VLV KDV EHHQ XVHG WR FRPSDUH WKH SKRWRG\QDPLF HIILFLHQF\ RI
GLIIHUHQW VHQVLWL]HUV DQG H[SHULPHQWDO VWXGLHV KDYH VKRZQ D FRUUHODWLRQ EHWZHHQ
UHDFWLYH R[\JHQ VSHFLHV 526 SURGXFWLRQ DQG LQGXFHG SKRWREOHDFKLQJ RI WKH
SKRWRVHQVLWL]HU PROHFXOHV 7KXV EDVHG RQ WKH KLJK SKRWREOHDFKLQJ UDWH RI
FXUFXPLQ REVHUYHG LW FDQ EH VXJJHVWHG WKDW ORZ OHYHOV RI 526 IRUPDWLRQ ZHUH
DFKLHYHG DIWHUORQJSHULRGVRILOOXPLQDWLRQ&KLJQHOOHWDODOVRVKRZHGWKDW
WKH DEVRUEDQFH RI FXUFXPLQ GHFUHDVHG DIWHU LOOXPLQDWLRQ LQGLFDWLQJ WKDW WKH G\H
ZDVSKRWREOHDFKHG$OWKRXJKWKHDXWKRUVGLGQRWHYDOXDWHFXUFXPLQVROXWLRQVLQ
'062 LW ZDV VWDWHG WKDW FXUFXPLQ SKRWRGHJUDGDWLRQ DSSHDUV WR EH D SURFHVV
LQGHSHQGHQW RI WKH QDWXUH RI WKH VROYHQW DQG WKDW SKRWRGHJUDGDWLRQ GLG QRW
SURGXFH D EHWWHU VHQVLWL]HU WKDQ FXUFXPLQ LWVHOI 7KXV LW FDQ EH VXJJHVWHG WKDW
FXUFXPLQSKRWREOHDFKLQJPD\EHDFFRPSDQLHGE\DGHFUHDVHLQ526 SURGXFWLRQ
VLQFHIHZHUPROHFXOHVRIRSWLFDOO\DFWLYHFXUFXPLQLQWKHYLVLEOHVSHFWUXPZLOOEH
SUHVHQW DW WKH VROXWLRQ 7KLV FRXOG H[SODLQ WKH UHVXOWV REVHUYHG LQ WKH SUHVHQW
LQYHVWLJDWLRQ ZKHQ DV D UHVXOW RI FXUFXPLQ SKRWREOHDFKLQJ LUUDGLDWLRQ IOXHQFHV
KLJKHU WKDQ -FP GLG QRW LQIOXHQFH WKH SKRWRWR[LF HIILFLHQF\ RI FXUFXPLQ
DJDLQVW&DOELFDQV1HYHUWKHOHVVLQVSLWHRIWKHRFFXUUHQFHRISKRWRGHJUDGDWLRQ
WKHDEVRUSWLRQDQGIOXRUHVFHQFHSHDNRIFXUFXPLQUHPDLQHGFRQVWDQWDWWKHVDPH
ZDYHOHQJWK GXULQJ LOOXPLQDWLRQ 7KXV LI FXUFXPLQ SKRWRGHJUDGDWLRQ FDXVHG WKH
DFFXPXODWLRQRISKRWRSURGXFWVLWPD\EHVXJJHVWHGWKDWWKHVHSURGXFWVFRXOGQRW
EHGHWHFWHGLQWKHLQWHUURJDWHGVSHFWUDOUDQJH
&RQVLGHULQJ WKDW FXUFXPLQ PHGLDWHG 3'7 SURYHG WR EH HIIHFWLYH IRU &
DOELFDQV LQDFWLYDWLRQ D UDQJH RI QLQH FXUFXPLQ FRQFHQWUDWLRQV FRPELQHG ZLWK
-FP ZDV WHVWHG DJDLQVW D PDFURSKDJH FHOO OLQH WR YHULI\ LWV WR[LFLW\ 7KH
&DStWXOR
DVVRFLDWLRQ RI FXUFXPLQ 0 RU KLJKHU DQG OLJKW SURGXFHG D VLJQLILFDQW
UHGXFWLRQ LQ PDFURSKDJH PHWDEROLVP LQ FRPSDULVRQ ZLWK FRQWURO VDPSOHV 7KH
HIIHFWRIFXUFXPLQZLWKRXWLOOXPLQDWLRQZDVDOVRHYDOXDWHGDQGWKHUHVXOWVVKRZHG
QRVWDWLVWLFDOUHGXFWLRQLQFHOOYLDELOLW\0DFURSKDJHVDUHPXOWLIXQFWLRQDOLPPXQH
FHOOV UHVSRQVLEOH IRU PDQ\ RI WKH KRVW UHVSRQVHV WR FDQGLGLDVLV )RU WKLV
UHDVRQ LW LV LPSRUWDQW WR YHULI\ D SRVVLEOH WR[LF HIIHFW RI DQ DQWLIXQJDO WKHUDS\
DJDLQVW WKHVH GHIHQVH FHOOV $ SUHYLRXV LQYHVWLJDWLRQ KDV VXJJHVWHG WKDW
FXUFXPLQDVVRFLDWHGZLWKOLJKWFDQEHSKRWRWR[LFWRPDPPDOLDQFHOOV2QWKH
RWKHU KDQG FXUFXPLQ KDV DOVR EHHQ UHSRUWHG WR VHOHFWLYHO\ OHDG WR DSRSWRVLV LQ
YDULRXV FDQFHU FHOOV ZLWKRXW DIIHFWLQJ QRUPDO DQG SULPDU\ FHOOV ,Q WKH
SUHVHQW LQYHVWLJDWLRQ 3'7 GLG QRW WKH FDXVH FRPSOHWH LQKLELWLRQ RI 5$: FHOOV
ZKLOH WKH VDPH SURWRFRO ђ0-FP ZDV DEOH WR FRPSOHWHO\ LQDFWLYDWH
SODQNWRQLF&DOELFDQV7KLVVXJJHVWVWKDW&DOELFDQVPD\EHPRUHVXVFHSWLEOHWR
3'7 WKDQ WKH PDFURSKDJHV 7KH FOLQLFDO UHOHYDQFH RI WKHVH UHVXOWV QHHGV WR EH
IXUWKHU LQYHVWLJDWHG E\ PHDQV RI LQ YLYR HYDOXDWLRQV VLQFH SKRWRG\QDPLF WR[LF
HIIHFWVFDQEHLQIOXHQFHGE\ PLFURHQYLURQPHQW FRQGLWLRQVWKHSUHVHQFH RIRWKHU
ELRPROHFXOHVDQGFHOOXODULQWHUDFWLRQV,WKDVEHHQVKRZQWKDWZKLOHLQYLWUR3'7
FDQOHDGWRGDPDJHLQILEUREODVWVDVLPLODUSURWRFROGLGQRWLQGXFHGDPDJHLQ
PRXVH WLVVXHV 6LQFH WKH SUHOLPLQDU\ LQ YLWUR ILQGLQJV RI WKLV VWXG\ KDYH
VKRZQWKDW3'7ZDVPRUHHIIHFWLYHLQLQDFWLYDWLQJWKH\HDVWFHOOWKDQWKHGHIHQVH
FHOO ZH EHOLHYH WKDW DQ LQ YLYR LQYHVWLJDWLRQ ZLOO SUREDEO\ FRQILUP ORZHU
SKRWRWR[LFLW\RI3'7DJDLQVWWKHGHIHQVHFHOOV
,Q FRQFOXVLRQ ZKHQ FXUFXPLQ ZDV LUUDGLDWHG ZLWK EOXH /(' OLJKW LW
SURYHG WR EH DQ HIIHFWLYH SKRWRVHQVLWL]LQJ DJHQW IRU WKH LQDFWLYDWLRQ RI &
DOELFDQV LQ ERWK SODQNWRQLF DQG ELRILOP IRUP 7KH UHVXOWV RI WKH SUHVHQW VWXG\
VKRZHGWKDWEHWWHURXWFRPHVZHUHDFKLHYHGZLWKWKHDVVRFLDWLRQRIFXUFXPLQDQG
OLJKWLQVWHDGWKHXVHRIFXUFXPLQDORQH$OWKRXJKLWLVSRVVLEOHIRUWKHXSWDNHRI
FXUFXPLQ WR RFFXU GXULQJ SUHLUUDGLDWLRQ WKH SKRWRG\QDPLF HIIHFW LV JUHDWO\
LQFUHDVHG ZLWK WKH SUHVHQFH RI FXUFXPLQ LQ WKH VXUURXQGLQJ PHGLD 7KH KLJK
SKRWRGHJUDGDWLRQ UDWH RI WKH SUHSDUDWLRQ XVHG LQGLFDWHG WKDW VKRUW SHULRGV RI
LOOXPLQDWLRQDUHDGHTXDWHIRUSKRWRDFWLYDWLQJWKHG\HDQGFDXVLQJWKHSKRWRWR[LF
&DStWXOR
HIIHFWV $OWKRXJK 3'7 ZDV SKRWRWR[LF WR PDFURSKDJHV WKLV WKHUDS\ ZDV PRUH
HIIHFWLYH LQ LQDFWLYDWLQJ WKH \HDVW FHOO WKDQ WKH GHIHQVH FHOO 6KRUWO\ IXUWKHU
VWXGLHVZLOOEHGHYHORSHGWRHYDOXDWHWKHFXUFXPLQPHGLDWHG3'7DJDLQVWIXQJDO
LQIHFWLRQVLQDQDQLPDOPRGHOLQRUGHUWRHVWDEOLVKHIIHFWLYHLQYLYRSDUDPHWHUVIRU
FDQGLGLDVLVWUHDWPHQWZLWKRXWKDUPLQJWKHKRVW¶VQRUPDOWLVVXHV
$&.12:/('*0(176 :H WKDQN 2O\PSLR 7HL[HLUD 1HWR IRU KHOS ZLWK WKH
VWDWLVWLFDO DQDO\VLV RI GDWD DQG '(0$ 8)6&DU IRU DVVLVWDQFH ZLWK WKH 6(0
LPDJLQJ7KLVZRUNZDVVXSSRUWHGE\)XQGDomRGH$PSDURD3HVTXLVDGR(VWDGR
GH 6mR 3DXOR JUDQWV )$3(63 DQG DQG &(3,'
3URJUDP
5()(5(1&(6
1HSSHOHQEURHN.+1+&DPSDQKD'06SROLGRULR/&6SROLGRULR
5 6 6Hy DQG $ & 3DYDULQD 0ROHFXODU ILQJHUSULQWLQJ PHWKRGV IRU
WKH GLVFULPLQDWLRQ EHWZHHQ & DOELFDQV DQG & GXEOLQLHQVLV 2UDO 'LV 6DPDUDQD\DNH /3 DQG 7: 0DF)DUODQH 2UDO &DQGLGRVLV :ULJKW̻
%XWWHUZRUWK/RQGRQ8.
:HEE % & & - 7KRPDV 0 ' :LOOFR[ ' : +DUW\ DQG . : .QR[
&DQGLGDDVVRFLDWHGGHQWXUHVWRPDWLWLV$HWLRORJ\DQGPDQDJHPHQWD
UHYLHZ 3DUW 2UDO GLVHDVHV FDXVHG E\ &DQGLGD VSHFLHV $XVW 'HQW - 6XOOLYDQ ' . +D\QHV - %LOOH 3 %RHUOLQ / 5RGHUR 6 /OR\G 0
+HQPDQDQG'&ROHPDQ:LGHVSUHDGJHRJUDSKLFGLVWULEXWLRQRIRUDO
&DQGLGD GXEOLQLHQVLV VWUDLQV LQ KXPDQ LPPXQRGHILFLHQF\ YLUXVLQIHFWHG
LQGLYLGXDOV-&OLQ0LFURELRO
5LFKDUGV 0 - - 5 (GZDUGV ' + &XOYHU DQG 5 3 *D\QHV 1RVRFRPLDO LQIHFWLRQV LQ PHGLFDO LQWHQVLYH FDUH XQLWV LQ WKH 8QLWHG 6WDWHV
1DWLRQDO 1RVRFRPLDO ,QIHFWLRQV 6XUYHLOODQFH 6\VWHP &ULW &DUH 0HG &DStWXOR
3LWWHW ' 0 0RQRG 3 0 6XWHU ( )UHQN DQG 5 $XFNHQWKDOHU &DQGLGD FRORQL]DWLRQ DQG VXEVHTXHQW LQIHFWLRQV LQ FULWLFDOO\ LOO VXUJLFDO
SDWLHQWV$QQ6XUJ±
9LQFHQW - / ' - %LKDUL 3 0 6XWHU + $ %UXLQLQJ - :KLWH 0 +
1LFRODV&KDQRLQ 0 :ROII 5 & 6SHQFHU DQG 0 +HPPHU 7KH
SUHYDOHQFHRIQRVRFRPLDOLQIHFWLRQLQLQWHQVLYHFDUHXQLWVLQ(XURSH5HVXOWV
RI WKH (XURSHDQ 3UHYDOHQFH RI ,QIHFWLRQ LQ ,QWHQVLYH &DUH (3,& 6WXG\
(3,&,QWHUQDWLRQDO$GYLVRU\&RPPLWWHH-$0$
3HUHV%RWD'+5RGULJXH]9LOODORERV*'LPRSRXORV&0HORWDQG-/
9LQFHQW 3RWHQWLDO ULVN IDFWRUV IRU LQIHFWLRQ ZLWK &DQGLGD VSS LQ
FULWLFDOO\LOOSDWLHQWV&OLQ0LFURELRO,QIHFW
3LWWHW ' ' 7DUDUD DQG 5 3 :HQ]HO 1RVRFRPLDO EORRGVWUHDP
LQIHFWLRQ LQ FULWLFDOO\ LOO SDWLHQWV ([FHVV OHQJWK RI VWD\ H[WUD FRVWV DQG
DWWULEXWDEOHPRUWDOLW\-$0$±
+XQWHU . ' - *LEVRQ 3 /RFNKDUW $ 3LWKLH DQG - %DJJ )OXFRQD]ROHUHVLVWDQW &DQGLGD VSHFLHV LQ WKH RUDO IORUD RI IOXFRQD]ROH
H[SRVHG +,9SRVLWLYH SDWLHQWV 2UDO 6XUJ 2UDO 0HG 2UDO 3DWKRO 2UDO
5DGLRO(QGRG
:KLWH 7 & . $ 0DUU DQG 5 $ %RZGHQ &OLQLFDO FHOOXODU DQG
PROHFXODU IDFWRUV WKDW FRQWULEXWH WR DQWLIXQJDO GUXJ UHVLVWDQFH &OLQ
0LFURELRO5HY
5H[ - + 0 * 5LQDOGL DQG 0 $ 3IDOOHU 5HVLVWDQFH RI &DQGLGD
VSHFLHVWRIOXFRQD]ROH$QWLPLFURE$JHQWV&KHPRWKHU
+HQGHUVRQ % : DQG 7 - 'RXJKHUW\ +RZ GRHV SKRWRG\QDPLF
WKHUDS\ZRUN"3KRWRFKHP3KRWRELRO
0LPD(*$&3DYDULQD / 1'RYLJR& (9HUJDQL&$&RVWD&
.XUDFKL DQG 9 6 %DJQDWR 6XVFHSWLELOLW\ RI &DQGLGD DOELFDQV WR
SKRWRG\QDPLFWKHUDS\LQDPXULQHPRGHORIRUDOFDQGLGRVLV2UDO6XUJ2UDO
0HG2UDO3DWKRO2UDO5DGLRO(QGRG
&DStWXOR
+DPEOLQ 0 5 DQG 7 +DVDQ 3KRWRG\QDPLF WKHUDS\ D QHZ
DQWLPLFURELDO DSSURDFK WR LQIHFWLRXV GLVHDVH" 3KRWRFKHP 3KRWRELRO 6FL
'RQQHOO\ 5 ) 3 $ 0F&DUURQ DQG 0 0 7XQQH\ $QWLIXQJDO
SKRWRG\QDPLFWKHUDS\0LFURELRO5HV
(SVWHLQ - , 5 6DQGHUVRQ DQG 7 7 0DFGRQDOG &XUFXPLQ DV D
WKHUDSHXWLFDJHQWWKHHYLGHQFHIURPLQYLWURDQLPDODQGKXPDQVWXGLHV%U
-1XWU
0DUWLQV&9'/GD6LOYD$71HUHV7)0DJDOKmHV*$:DWDQDEH
/ 9 0RGROR $ $ 6DELQR $ GH )iWLPD DQG 0 $ GH 5HVHQGH &XUFXPLQ DV D SURPLVLQJ DQWLIXQJDO RI FOLQLFDO LQWHUHVW - $QWLPLFURE
&KHPRWKHU
%UX]HOO(0(0RULVEDNDQG++7¡QQHVHQ6WXGLHVRQFXUFXPLQ
DQGFXUFXPLQRLGV;;,;3KRWRLQGXFHGF\WRWR[LFLW\RIFXUFXPLQLQVHOHFWHG
DTXHRXVSUHSDUDWLRQV3KRWRFKHP3KRWRELRO6FL
'XMLF - 6 .LSSHQEHUJHU $ 5DPLUH]%RVFD - 'LD]$OSHUL - %HUHLWHU
+DKQ 5 .DXIPDQQ $ %HUQG DQG 0 +RIPDQQ &XUFXPLQ LQ
FRPELQDWLRQ ZLWK YLVLEOH OLJKW LQKLELWV WXPRU JURZWK LQ D [HQRJUDIW WXPRU
PRGHO,QW-&DQFHU
+DXNYLN 7 ( %UX]HOO 6 .ULVWHQVHQ DQG ++ 7¡QQHVHQ $
VFUHHQLQJRIFXUFXPLQGHULYDWLYHVIRUDQWLEDFWHULDOSKRWRWR[LFHIIHFWVVWXGLHV
RQFXUFXPLQDQGFXUFXPLQRLGV;/,,,3KDUPD]LH
+HJJH $% 7 $QGHUVHQ -( 0HOYLN ( %UX]HOO 6 .ULVWHQVHQ DQG
++7¡QQHVHQ )RUPXODWLRQ DQG EDFWHULDO SKRWRWR[LFLW\ RI FXUFXPLQ
ORDGHGDOJLQDWHIRDPVIRUZRXQGWUHDWPHQWDSSOLFDWLRQVVWXGLHVRQFXUFXPLQ
DQGFXUFXPLQRLGHV;/,,-3KDUP
6KDUPD 0 5 0DQRKDUODO 1 3XUL DQG 5 3UDVDG $QWLIXQJDO
FXUFXPLQLQGXFHVUHDFWLYHR[\JHQVSHFLHVDQGWULJJHUVDQHDUO\DSRSWRVLVEXW
SUHYHQWV K\SKDH GHYHORSPHQW E\ WDUJHWLQJ WKH JOREDO UHSUHVVRU 783 LQ
&DQGLGDDOELFDQV%LRVFL5HS
&DStWXOR
'RYLJR/1$&3DYDULQD(*GH2OLYHLUD0LPD(7*LDPSDROR&
( 9HUJDQL DQG 9 6 %DJQDWR )XQJLFLGDO HIIHFW RI SKRWRG\QDPLF
WKHUDS\ DJDLQVW IOXFRQD]ROHUHVLVWDQW &DQGLGD DOELFDQV DQG &DQGLGD
JODEUDWD0\FRVHV
6FKPLGW 5 ,QIOXHQFH RI KHDY\ DWRPV RQ WKH GHDFWLYDWLRQ RI VLQJOHW
R[\JHQ'(/7$JLQVROXWLRQ-$P&KHP6RF±
&DYDOFDQWH5+,PDVDWR9%DJQDWRDQG-3HUXVVL$FRPELQDWLRQ
RIWHFKQLTXHVWRHYDOXDWHSKRWRG\QDPLFHIILFLHQF\RISKRWRVHQVLWL]HUV/DVHU
3K\VLFV/HWWHUV±
-LQ<+.<LS<+6DPDUDQD\DNH-<<DX/36DPDUDQD\DNH
%LRILOPIRUPLQJDELOLW\RI&DQGLGDDOELFDQVLVXQOLNHO\WRFRQWULEXWHWRKLJK
OHYHOV RI RUDO \HDVW FDUULDJH LQ FDVHV RI KXPDQ LPPXQRGHILFLHQF\ YLUXV
LQIHFWLRQ-&OLQ0LFURELRO
0HOR $6 $/ &RORPER %$ $UWKLQJWRQ6NDJJV 3DUDGR[LFDO
JURZWK HIIHFW RI FDVSRIXQJLQ REVHUYHG RQ ELRILOPV DQG SODQNWRQLF FHOOV RI
ILYH GLIIHUHQW &DQGLGD VSHFLHV $QWLPLFURE $JHQWV &KHPRWKHU 0RVPDQQ 7 5DSLG FRORULPHWULF DVVD\ IRU FHOOXODU JURZWK DQG
VXUYLYDO DSSOLFDWLRQ WR SUROLIHUDWLRQ DQG F\WRWR[LFLW\ DVVD\V - ,PPXQRO
0HWKRGV±
)HUUHLUD - 3 ) & 0HQH]HV & + 6LEDW 5 5 $OOLVRQ 6 =XFRORWR 2
&DVWUR H 6LOYD -U DQG 96 %DJQDWR &DQ HIILFLHQF\ RI WKH
SKRWRVHQVLWL]HUEHSUHGLFWHGE\LWVSKRWRVWDELOLW\ LQVROXWLRQ" /DVHU 3K\VLFV
±
-LDQKXD : DQG : +DL $QWLIXQJDO VXVFHSWLELOLW\ DQDO\VLV RI
EHUEHULQH EDLFDOLQ HXJHQRO DQG FXUFXPLQ RQ &DQGLGD DOELFDQV -RXUQDO RI
0HGLFDO&ROOHJHVRI3/$±
'DKO 7 $ : 0 0F*RZDQ 0 $ 6KDQG DQG 9 6 6ULQLYDVDQ 3KRWRNLOOLQJ RI EDFWHULD E\ WKH QDWXUDO G\H FXUFXPLQ $UFK 0LFURELRO &DStWXOR
7¡QQHVHQ + + + GH 9ULHV - .DUOVHQ DQG * %HLMHUVEHUJHQ YDQ
+HQHJRXZHQ 6WXGLHV RQ FXUFXPLQ DQG FXUFXPLQRLGV ,;
,QYHVWLJDWLRQ RI WKH SKRWRELRORJLFDO DFWLYLW\ RI FXUFXPLQ XVLQJ EDFWHULDO
LQGLFDWRUV\VWHPV-3KDUP6FL
-DFNVRQ=60HJKML$0DF5REHUW%+HQGHUVRQDQG0:LOVRQ
.LOOLQJ RI WKH \HDVW DQG K\SKDO IRUPV RI &DQGLGD DOELFDQV XVLQJ D OLJKW
DFWLYDWHGDQWLPLFURELDODJHQW/DVHUV0HG6FL
:LOVRQ 0 1 0LD (IIHFW RI HQYLURQPHQWDO IDFWRUV RQ WKH OHWKDO
SKRWRVHQVLWLVDWLRQRI&DQGLGDDOELFDQVLQYLWUR/DVHUV0HG6FL±
+DXNYLN 7 ( %UX]HOO 6 .ULVWHQVHQ DQG + + 7¡QQHVHQ 3KRWRNLOOLQJ RI EDFWHULD E\ FXUFXPLQ LQ GLIIHUHQW DTXHRXV SUHSDUDWLRQV
6WXGLHVRQFXUFXPLQDQGFXUFXPLQRLGV;;;9,,3KDUPD]LH
.DVVDE 1+ ($ 0XVWDID DQG 07 $O6DIIDU 7KH DELOLW\ RI
GLIIHUHQW FXUFXPLQH VROXWLRQV RQ UHGXFLQJ &DQGLGD DOELFDQV ELRILOP DFWLYLW\
RQDFU\OLFUHVLQGHQWXUHEDVHPDWHULDO$O±5DILGDLQ'HQW-±
&KDQGUD - '0 .XKQ 3. 0XNKHUMHH // +R\HU 7 0F&RUPLFN DQG
0$*KDQQRXP%LRILOPIRUPDWLRQE\WKHIXQJDOSDWKRJHQ&DQGLGD
DOELFDQV GHYHORSPHQW DUFKLWHFWXUH DQG GUXJ UHVLVWDQFH - %DFWHULRO &RVWHUWRQ-:366WHZDUWDQG(3*UHHQEHUJ%DFWHULDOELRILOPVD
FRPPRQFDXVHRISHUVLVWHQWLQIHFWLRQV6FLHQFH
6KDUPD 0 / 9LVDL ) %UDJKHUL , &ULVWLDQL 3. *XSWD DQG 3 6SH]LDOH
7ROXLGLQH EOXHPHGLDWHG SKRWRG\QDPLF HIIHFWV RQ 6WDSK\ORFRFFDO
ELRILOPV$QWLPLFURE$JHQWV&KHPRWKHU
3HUHLUD&$5/5RPHLUR$&&RVWD$.0DFKDGR-&-XQTXHLUDDQG
$2-RUJH6XVFHSWLELOLW\RI&DQGLGDDOELFDQV6WDSK\ORFRFFXVDXUHXV
DQG6WUHSWRFRFFXVPXWDQVELRILOPVWRSKRWRG\QDPLFLQDFWLYDWLRQDQLQYLWUR
VWXG\/DVHUV0HG6FLLQSUHVV
'RQQHOO\ 5) 3$ 0F&DUURQ 00 7XQQH\ DQG $ 'DYLG :RROIVRQ
3RWHQWLDORISKRWRG\QDPLFWKHUDS\LQWUHDWPHQWRIIXQJDOLQIHFWLRQVRI
&DStWXOR
WKH PRXWK 'HVLJQ DQG FKDUDFWHULVDWLRQ RI D PXFRDGKHVLYH SDWFK FRQWDLQLQJ
WROXLGLQHEOXH2-3KRWRFKHP3KRWRELRO%
&KDEULHU5RVHOOy < 7+ )RVWHU 6 0LWUD DQG &* +DLGDULV 5HVSLUDWRU\ GHILFLHQF\ HQKDQFHV WKH VHQVLWLYLW\ RI WKH SDWKRJHQLF IXQJXV
&DQGLGDWRSKRWRG\QDPLFWUHDWPHQW3KRWRFKHP3KRWRELRO
3UL\DGDUVLQL.,3KRWRSK\VLFVSKRWRFKHPLVWU\DQGSKRWRELRORJ\RI
FXUFXPLQ 6WXGLHV IURP RUJDQLF VROXWLRQV ELRPLPHWLFV DQG OLYLQJ FHOOV -
3KRWRFKHP3KRWRELRO&3KRWRFKHP
6KHQ / + ) -L DQG + < =KDQJ $ 7'')7 VWXG\ RQ WULSOHW
H[FLWHGVWDWH SURSHUWLHV RI FXUFXPLQ DQG LWV LPSOLFDWLRQV LQ HOXFLGDWLQJ WKH
SKRWRVHQVLWL]LQJ PHFKDQLVPV RI WKH SLJPHQW &KHP 3K\VLFV /HWWHUV 'DKO 7$ 3 %LOVNL .- 5HV]ND DQG &) &KLJQHOO 3KRWRF\WRWR[LFLW\RIFXUFXPLQ3KRWRFKHP3KRWRELRO
&KLJQHOO & ) 3 %LOVNL . - 5HV]ND $ * 0RWWHQ 5 + 6LNDQG7$
'DKO6SHFWUDODQGSKRWRFKHPLFDOSURSHUWLHVRIFXUFXPLQ3KRWRFKHP
3KRWRELRO
9i]TXH]7RUUHV $ DQG ( %DOLVK 0DFURSKDJHV LQ UHVLVWDQFH WR
FDQGLGLDVLV0LFURELRO0RO%LRO5HY
%HQNR , ) +HUQiGL $ 0HJ\HUL $ .LVV * 6RPRJ\L = 7HJ\H\ )
.UDLFVRYLWV3.RYiFV&RPSDULVRQRIWKHWR[LFLW\RIIOXFRQD]ROHDQG
RWKHU D]ROH DQWLIXQJDO GUXJV WR PXULQH DQG KXPDQ JUDQXORF\WHPDFURSKDJH
SURJHQLWRUFHOOVLQYLWUR-$QWLPLFURE&KHPRWKHU
:HQJ&+%<<XQJ--:HQJDQG0+:X,QYROYHPHQWRI
QXFOHRSKRVPLQ%LQWKHFHOOXODU UHVSRQVH WR FXUFXPLQ -1XWU%LRFKHP
LQSUHVV
5LEHLUR$3$&3DYDULQD)=7ULQGDGH10 ,QDGD96%DJQDWRDQG
&$GH6RX]D&RVWD3KRWRG\QDPLFWKHUDS\DVVRFLDWLQJ3KRWRJHPDQG
EOXH/('RQ/DQG0'3&FHOOFXOWXUH&HOO%LRO,QW
&DStWXOR
7$%/(6
7DEOH 3RVW KRF PXOWLSOH FRPSDULVRQV IRU WKH DVVRFLDWLRQ RI WKUHH FXUFXPLQ
FRQFHQWUDWLRQVZLWKVHYHQOLJKWIOXHQFHVDJDLQVW&DOELFDQV7KHYDOXHVJLYHQDUH
WKHUDQNVFDOFXODWHGE\WKHQRQSDUDPHWULFVWDWLVWLFV
&XUFXPLQ
FRQFHQWUDWLRQV
/LJKWIOXHQFHV-FP 0
0
0
D
D
D
DE
DE
D
DE
EF
E
E
FG
E
E
FG
E
E
G
E
E
FG
E
7KH VDPH ORZHU FDVH OHWWHU LQ WKH VDPH KRUL]RQWDO URZ GHQRWHV QRQVLJQLILFDQW GLIIHUHQFHV S !
DPRQJ WKH JURXSV GLIIHUHQW ORZHU FDVH OHWWHUV LQ WKH VDPH URZ LQGLFDWH VLJQLILFDQW
GLIIHUHQFHVDFFRUGLQJWRQRQSDUDPHWULFSRVWKRFWHVWS
7DEOH(IIHFWRIGLIIHUHQW3,7RQ & DOELFDQV YLDELOLW\7KH JLYHQYDOXHVZHUH
WKH PHDQ ORJ&)8P/ RI & DOELFDQV WKH VWDQGDUG GHYLDWLRQ REWDLQHG DIWHU
3'7
0&XUFXPLQ
0&XUFXPLQ
FHOOVZDVKHG
PLQ3,7
PLQ3,7
դ
դ
ࡳQRHYLGHQFHRIFRORQ\JURZWKZDVREVHUYHGDIWHU3'7
&DStWXOR
7DEOH 0HWDEROLF DFWLYLW\ RI & DOELFDQV ELRILOPV DIWHU 3'7 ZLWK GLIIHUHQW
FXUFXPLQ FRQFHQWUDWLRQV 7KH JLYHQ YDOXHV ZHUH WKH DEVRUEDQFH PHDQ ;77
WKHVWDQGDUGGHYLDWLRQ7KHSHUFHQWDJHRIUHGXFWLRQRIPHWDEROLFDFWLYLW\REWDLQHG
DIWHU3'7ZDVFDOFXODWHGYHUVXVWKHDEVRUEDQFHYDOXHREWDLQHGZLWK3/JURXS
3,7PLQ
;776'
3/
3'70
3'70
3'70
3'70
3'70
3,7PLQ
RI5HGXFWLRQ
ц D
ц E
ц F
ц FG
ц GH
ц H
1$
;776'
RI5HGXFWLRQ
ц D
1$
ц E
ц F
ц G
ц GH
ц H
'LIIHUHQWORZHUFDVHOHWWHUVGHQRWHVLJQLILFDQWGLIIHUHQFHVDPRQJOLQHV3'7WUHDWPHQWVDFFRUGLQJ
WR7XNH\
V7HVWS
1$QRWDSSOLFDEOH
&DStWXOR
),*85(6
)LJXUH 6SHFWUD RI 0FXUFXPLQ DV D IXQFWLRQ RI LOOXPLQDWLRQ IOXHQFH $
$EVRUSWLRQVSHFWUD%)OXRUHVFHQFHVSHFWUD
)LJXUH&DOFXODWHGSKRWREOHDFKLQJUDWHRIWKHFXUFXPLQPROHFXOHV
&DStWXOR
)LJXUH *UDSKLF UHSUHVHQWDWLRQ RI PHDQ YDOXHV DQG VWDQGDUG GHYLDWLRQ RI
ORJDULWKPLF RI VXUYLYDO FRXQWV &)8P/ RI & DOELFDQV 7KH OLJKW IOXHQFH XVHG
ZDV-FP$3/FRQGLWLRQV%3/FRQGLWLRQV
&DOELFDQV$FXUFXPLQDWђ0%FXUFXPLQDWђ0&FXUFXPLQDWђ0
)LJXUH6XPPDU\RI&)8P/YDOXHVREWDLQHGDIWHUWKHDVVRFLDWLRQRIWKUHHFXUFXPLQFRQFHQWUDWLRQVDQGVHYHQ/('OLJKWDJDLQVW
&DStWXOR
&DStWXOR
)LJXUH0HDQYDOXHVRI077REVHUYHGDIWHUH[SHULPHQWVZLWKWKH5$:
PDFURSKDJHV (UURU EDUV UHSUHVHQW WKH FRQILGHQFH LQWHUYDO Į DVWHULVNV
UHSUHVHQW WKH PHDQ YDOXHV WKDW GLIIHUHG VWDWLVWLFDOO\ IURP FRQWURO 3/ VDPSOHV
S
&DStWXOR
)LJXUH5HSUHVHQWDWLYHSKRWRPLFURJUDSKVRI6(0;D1HJDWLYHFRQWURO
JURXS RI 5$: FHOO OLQH 3/ E 5$: PDFURSKDJHV H[SRVHG WR
OLJKWZLWKWKHHQHUJ\GHQVLW\RI-FP3/F0DFURSKDJHVLQFRQWDFWZLWK
FXUFXPLQ DW 0 3/ 0 G 5$: PDFURSKDJHV H[SRVHG WR 3'7
ZLWK0RIFXUFXPLQ3'70H5$:PDFURSKDJHVH[SRVHG
WR3'7ZLWK0RIFXUFXPLQ3'70I5$:PDFURSKDJHVH[SRVHG
WR3'7ZLWK0RIFXUFXPLQ3'70
&DStWXOR
&DStWXOR
6XVFHSWLELOLW\ RI FOLQLFDO LVRODWHV RI &DQGLGD WR SKRWRG\QDPLF HIIHFWV RI
&XUFXPLQ
6KRUW7LWOH3KRWRG\QDPLFHIIHFWVRI&XUFXPLQDJDLQVW&DQGLGDVSS
/tYLD1'RYLJR06F
$QD&3DYDULQD3K'
-XOLDQD&&DUPHOOR06F
$QD/0DFKDGR3K'
,JXDWHP\/%UXQHWWL3K'
9DQGHUOHL6%DJQDWR3K'
$UDUDTXDUD 'HQWDO 6FKRRO 81(63 8QLY (VWDGXDO 3DXOLVWD $UDUDTXDUD 63 %UD]LO
/1'$&3-&&$/0
6FKRRO RI 3KDUPDFHXWLFV 6FLHQFHV 81(63 8QLY (VWDGXDO 3DXOLVWD $UDUDTXDUD 63
%UD]LO,/%
96%
$FNQRZOHGJPHQWV :H WKDQN 2O\PSLR 7HL[HLUD 1HWR IRU KHOS ZLWK WKH VWDWLVWLFDO
DQDO\VLVRIGDWD:HDOVRWKDQN'U(ZHUWRQ*DUFLDGH2OLYHLUD0LPDIRUDVVLVWDQFHZLWK
WKHLGHQWLILFDWLRQRI&DQGLGDLVRODWHV7KLVZRUNZDVVXSSRUWHGE\)XQGDomRGH$PSDUR
D3HVTXLVDGR(VWDGRGH6mR3DXORJUDQWV)$3(63DQG

&RUUHVSRQGLQJDXWKRU'U$QD&OiXGLD3DYDULQDHPDLOSDYDULQD#IRDUXQHVSEU
$GUHVV)DFXOGDGHGH2GRQWRORJLDGH$UDUDTXDUD±81(635XD+XPDLWiQ±
&(3±$UDUDTXDUD63%UDVLO
3KRQH)D[
$UWLJRVXEPHWLGRHDFHLWRSDUDSXEOLFDomRQRSHULyGLFR/DVHUVLQ6XUJHU\DQG0HGLFLQH
$QH[R
&DStWXOR
.H\ZRUGV & DOELFDQV & JODEUDWD & WURSLFDOLV 3KRWRG\QDPLF WKHUDS\
7XUPHULF
$%675$&7
%DFNJURXQG DQG 2EMHFWLYH 7KH UHVLVWDQFH RI &DQGLGD VSHFLHV WR DQWLIXQJDOV
UHSUHVHQWV D PDMRU FKDOOHQJH IRU WKHUDSHXWLF DQG SURSK\ODFWLF VWUDWHJLHV 7KLV
VWXG\ HYDOXDWHG 3KRWRG\QDPLF 7KHUDS\ 3'7 PHGLDWHG E\ &XUFXPLQ &XU
DJDLQVW FOLQLFDO LVRODWHV RI & DOELFDQV & WURSLFDOLV DQG & JODEUDWD ERWK LQ
SODQNWRQLFDQGELRILOPIRUPV6WXG\'HVLJQ0DWHULDOVDQG0HWKRGV6XVSHQVLRQV
RI&DQGLGDZHUHWUHDWHGZLWKWKUHH&XUFRQFHQWUDWLRQVDQGH[SRVHGWRIRXU/('
IOXHQFHV 7KH SURWRFRO WKDW VKRZHG WKH EHVW RXWFRPHV IRU LQDFWLYDWLRQ RI WKH
SODQNWRQLF SKDVH ZDV VHOHFWHG WR EH HYDOXDWHG DJDLQVW &DQGLGD ELRILOPV ,Q
DGGLWLRQ WZR KLJKHU &XU FRQFHQWUDWLRQV ZHUH WHVWHG 7KH PHWDEROLF DFWLYLW\ RI
ELRILOPVZDVHYDOXDWHGE\PHDQVRI;77UHGXFWLRQDVVD\DQGWKHELRILOPELRPDVV
ZDVHYDOXDWHGXVLQJ&U\VWDO9LROHW&9VWDLQLQJDVVD\'DWDZHUHDQDO\]HGLQD
PL[HG PRGHO QHVWHG $129$ :LOFR[RQ
V QRQSDUDPHWULF WHVWV DQG WKH .UXVNDO
:DOOLVWHVWĮ 5HVXOWV7KHXVHRI&XULQDVVRFLDWLRQZLWKOLJKWZDVDEOHWR
:KHQXVLQJ0RI&XUWKHPHWDEROLFDFWLYLW\RI&DOELFDQV&JODEUDWDDQG
& WURSLFDOLV ELRILOPV ZDV UHGXFHG E\ DQG UHVSHFWLYHO\ DW -FP
&XUPHGLDWHG3'7DOVRGHFUHDVHGWKHELRILOPELRPDVVRIDOOVSHFLHVHYDOXDWHG,Q
DGGLWLRQ &9 VWDLQLQJ VKRZHG WKDW & DOELFDQV LVRODWHV ZHUH VWURQJ ELRILOP
IRUPLQJ VWUDLQV ZKHQ FRPSDUHG ZLWK & JODEUDWD DQG & WURSLFDOLV LVRODWHV
&RQFOXVLRQ 7KH UHVXOWV IURP WKH SUHVHQW LQYHVWLJDWLRQ VKRZHG WKDW ORZ &XU
FRQFHQWUDWLRQV FDQ EH KLJKO\ HIIHFWLYH IRU LQDFWLYDWLQJ &DQGLGD LVRODWHV ZKHQ
DVVRFLDWHGZLWKOLJKWH[FLWDWLRQ
,1752'8&7,21
,QKHDOWK\LQGLYLGXDOV &DQGLGD VSHFLHV DUH FRQVLGHUHG FRPPHQVDO \HDVWV
RI WKH RUDO FDYLW\ &DQGLGD DOELFDQV UHSUHVHQWV WKH SUHGRPLQDQW VSHFLHV ZKLOH
&DQGLGDWURSLFDOLVDQG&DQGLGDJODEUDWDDUHFRQVLGHUHGWKHVHFRQGPRVWIUHTXHQW
&DStWXOR
7KHVHPLFURRUJDQLVPVFDQDOVRDFWDVRSSRUWXQLVWSDWKRJHQVEHLQJWKHVR
FDOOHGQRQDOELFDQV&DQGLGDVSHFLHV1$&LQFUHDVLQJO\UHFRJQL]HGDVLPSRUWDQW
DJHQWV RI KXPDQ LQIHFWLRQ 2URSKDU\QJHDO FDQGLGLDVLV LV WKH PRVW FRPPRQ
RSSRUWXQLVWLFLQIHFWLRQWKDWUHVXOWVIURP \HDVWRYHUJURZWK DQGSHQHWUDWLRQRIWKH
RUDO WLVVXHV 6RPH SUHGLVSRVLQJ IDFWRUV FDQ PDUNHGO\ LQFUHDVH WKH KRVW
V
VXVFHSWLELOLW\ WR WKLV FRQGLWLRQ VXFK DV WKH XVH RI LOOILWWLQJ GHQWXUHV $,'6 DQG
ORQJWHUP DQWLELRWLF WKHUDS\ )RU LPPXQRFRPSURPLVHG LQGLYLGXDOV WKH
GLVVHPLQDWHG IRUPV RI FDQGLGLDVLV FDQ EH D VHULRXV SUREOHP RIWHQ UHVXOWLQJ LQ
KLJKPRUWDOLW\UDWHV$QXPEHURIVXUYH\VKDYHGRFXPHQWHGLQFUHDVHGUDWHVRI
&JODEUDWDDQG&WURSLFDOLVLQV\VWHPLFIXQJDOLQIHFWLRQV&WURSLFDOLVPD\
EHRISDUWLFXODUFRQFHUQLQWKHVHFDVHVEHFDXVHRILWVKLJKSDWKRJHQLFLW\LQFDXVLQJ
IXQJDHPLD
7UHDWPHQWV DYDLODEOH IRU &DQGLGD LQIHFWLRQ DUH W\SLFDOO\ GUXJ EDVHG DQG
FDQ LQYROYH WRSLFDO DQG V\VWHPLF DQWLIXQJDO DJHQWV +RZHYHU WKH XVH RI
VWDQGDUG DQWLIXQJDO WKHUDSLHV FDQ EH OLPLWHG EHFDXVH RI WR[LFLW\ ORZ HIILFDF\
UDWHV DQG GUXJ UHVLVWDQFH ,Q IDFW WKH UHVLVWDQFH RI 1$& WR DQWLIXQJDOV
UHSUHVHQWVDPDMRUFKDOOHQJHIRUWKHUDSHXWLFDQGSURSK\ODFWLFVWUDWHJLHV6RPH
RIWKHVHVSHFLHVVXFKDV&JODEUDWDDUHLQKHUHQWO\OHVVVHQVLWLYHWRIOXFRQD]ROH
DQG RWKHU DQWLP\FRWLF GUXJV IUHTXHQWO\ XVHG WR FRPEDW IXQJDO LQIHFWLRQV ,Q
DGGLWLRQ WR WKH LQWULQVLF UHVLVWDQFH RI VRPH VSHFLHV GLIIHUHQW FOLQLFDO LVRODWHV
EHORQJLQJWRDVLQJOHVSHFLHVFDQYDU\ZLGHO\LQWKHLUVXVFHSWLELOLW\WRDQWLIXQJDO
DJHQWV7KLVGLYHUVLW\FRXOGSUHGLVSRVHWKHVHOHFWLRQRIPRUHUHVLVWDQWVWUDLQV
DQG WKH SHUVLVWHQFH RI WKH GLVHDVH 0RUHRYHU PRVW PDQLIHVWDWLRQV RI
FDQGLGLDVLV DUH DVVRFLDWHG ZLWK WKH IRUPDWLRQ RI &DQGLGD ELR¿OPV RQ VXUIDFHV
VXFK DV RUDO WLVVXHV SURVWKHVHV DQG LPSODQWHG GHYLFHV %LR¿OPV UHSUHVHQW D
SURWHFWLYH UHVHUYRLU IRU RUDO PLFURRUJDQLVPV WKDW SURYLGHV VXUYLYDO DGYDQWDJH WR
WKH \HDVW DQG HOHYDWHG UHVLVWDQFH WR DQWLIXQJDO GUXJV 7KHUHIRUH WKH
LQFUHDVLQJ ZRUOGZLGH RFFXUUHQFH RI DQWLIXQJDO UHVLVWDQFH KDV GULYHQ UHVHDUFK WR
WKHGHYHORSPHQWRIDOWHUQDWLYHVWUDWHJLHVWRLQDFWLYDWH&DQGLGDVSHFLHVDQGWRWUHDW
RUDOFDQGLGLDVLV
&DStWXOR
3KRWRG\QDPLFLQDFWLYDWLRQRIPLFURRUJDQLVPVLVEDVHGRQWKHFRPELQDWLRQ
RIDGUXJNQRZQDVSKRWRVHQVLWL]HU36DQGWKHGHOLYHU\RIDYLVLEOHOLJKWRIWKH
DSSURSULDWHZDYHOHQJWKWRH[FLWHWKH36PROHFXOH7KHLQWHUDFWLRQVRIWKH36
LQWKHH[FLWHGVWDWHZLWKR[\JHQSURGXFHF\WRWR[LFVSHFLHVWKDWOHDGWRPLFURELDO
GHVWUXFWLRQ :KHQ FRPSDUHG ZLWK RWKHU WKHUDSLHV SKRWRG\QDPLF WKHUDS\
3'7KDVVHYHUDODGYDQWDJHVVXFKDVKLJKWDUJHWVSHFLILFLW\36FDQEHGHOLYHUHG
WR FHOOV DQG OLJKW FDQ EH IRFXVHG RQ WKH VLWH RI WKH OHVLRQ IHZ XQGHVLUHG VLGH
HIIHFWV DQG OLWWOH OLNHOLKRRG RI OHDGLQJ WR WKH GHYHORSPHQW RI UHVLVWDQFH E\
PLFURRUJDQLVPV )RU WKLV UHDVRQ WKHUH KDV EHHQ DQ LQFUHDVHG LQWHUHVW LQ
GHYHORSLQJ 3'7 IRU ORFDO LQIHFWLRQV WUHDWPHQW 'LIIHUHQW W\SHV RI 36 KDYH EHHQ
SURSRVHGLQODERUDWRU\LQYHVWLJDWLRQVLQFOXGLQJSRUSK\ULQVSKHQRWKLD]LQH
G\HV FKORULQV DQG SKWKDORF\DQLQHV +RZHYHU FRPSOHWH
NLOOLQJRIWKHPLFURRUJDQLVPVLVQRWIUHTXHQWO\DFKLHYHGDQGVRPHRIWKHDYDLODEOH
36VKRZHGOLPLWHGHIIHFWLYHQHVVDJDLQVW&DQGLGDELRILOPVDQGDQLPDOPRGHOVRI
FDQGLGLDVLV 6XFK IDFWV KDYH GULYHQ UHVHDUFK WR ILQG DGHTXDWHSDUDPHWHUV
RI 3'7 SULRU WR FOLQLFDO LQYHVWLJDWLRQV DQG WKH VHDUFK IRU QHZ 36V UHPDLQV DQ
LPSRUWDQW JRDO &XUFXPLQ &XU LV DQ LQWHQVHO\ \HOORZ SLJPHQW LVRODWHG IURP
UKL]RPHV RI &XUFXPD ORQJD ZKLFK LV LQ ZRUOGZLGH XVH DV D FRRNLQJ VSLFH
IODYRULQJ DJHQW DQG FRORUDQW $Q LQFUHDVLQJ QXPEHU RI LQYHVWLJDWLRQV KDYH
VXJJHVWHG WKDW &XU H[KLELWV SRWHQWLDO WKHUDSHXWLF DSSOLFDWLRQV WKDW PD\ EH
HQKDQFHGE\FRPELQDWLRQZLWKOLJKWVLQFHLWGLVSOD\VDKLJKOLJKWDEVRUSWLRQLQWKH
YLVLEOH VSHFWUDO UHJLRQ DURXQG QP 5HFHQWO\ WKLV QDWXUDO
FRPSRXQGKDVEHHQVKRZQWRSRVVHVVSKRWRWR[LFSRWHQWLDODJDLQVW\HDVWFHOOV
7KH DXWKRUV IRXQG WKDW &XU ZDV DQ HIIHFWLYH 36 IRU WKH LQDFWLYDWLRQ RI RQH
UHIHUHQFH VWUDLQ RI & DOELFDQV LQ SODQNWRQLF IRUP ,W ZDV DOVR VKRZHG WKDW WKH
WKHUDS\ ZDVPRUH HIIHFWLYHLQLQDFWLYDWLQJWKH \HDVWFHOOWKDQDPDFURSKDJHFHOO
OLQHVXJJHVWLQJFHUWDLQVSHFLILFLW\RI&XUPHGLDWHG3'7+RZHYHUVRPHDVSHFWV
QHHG WR EH IXUWKHU LQYHVWLJDWHG EHIRUH D FOLQLFDO UHFRPPHQGDWLRQ RI WKH WKHUDS\
VXFK DV WKH DGHTXDWH SURWRFRO IRU WKH HIIHFWLYH SKRWRVHQVLWL]DWLRQ RI &DQGLGD
ELRILOPV $V 3'7 PHGLDWHGE\ &XU DOUHDG\ VKRZHGSUHOLPLQDU\ UHVXOWVIRU \HDVW
LQDFWLYDWLRQ WKH SUHVHQW VWXG\ HYDOXDWHG GLIIHUHQW 3'7 SURWRFROV DJDLQVW &
&DStWXOR
DOELFDQV DQG QRQDOELFDQV VSHFLHV ERWK LQ SODQNWRQLF DQG ELRILOPV IRUP
&RQVLGHULQJ WKH LPSRUWDQW FOLQLFDO UHOHYDQFH RI LQYHVWLJDWLQJ PRUH WKDQ RQH
LVRODWH EHORQJLQJ WR D VLQJOH VSHFLHV ZH HYDOXDWHG D WRWDO RI FOLQLFDO LVRODWHV
EHORQJLQJWRWKHVSHFLHV&DOELFDQV&WURSLFDOLVDQG&JODEUDWD
0$7(5,$/6$1'0(7+2'6
3KRWRVHQVLWL]HUDQGOLJKWVRXUFHIRU3'71DWXUDO&XU)OXND&RZDVREWDLQHG
IURP6LJPD$OGULFK6W/RXLV0286$$VWRFNVROXWLRQRI&XU0ZDV
SUHSDUHGLQ'062DQGWKHQGLOXWHGLQVDOLQHVROXWLRQWRREWDLQWKHFRQFHQWUDWLRQV
WREHWHVWHG$OLJKWHPLWWLQJGLRGH/('EDVHGGHYLFHFRPSRVHGRIHLJKWUR\DO
EOXH /('V /;+/35 /X[HRQ ,,, (PLWWHU /XPLOHGV /LJKWLQJ 6DQ -RVH
&DOLIRUQLD 86$ ZDV XVHG WR H[FLWH &XU 7KH /(' GHYLFH SURYLGHG D
XQLIRUP HPLVVLRQ IURP WR QP ZLWK PD[LPXP HPLVVLRQ DW QP 7KH
LUUDGLDQFHGHOLYHUHGZDVRIP:FP
&DQGLGDVWUDLQVDQGJURZQFRQGLWLRQV$WRWDORIFOLQLFDOLVRODWHVRI&DQGLGD
FRPSULVLQJ & DOELFDQV &D &D &D &D DQG &D & JODEUDWD &J &J
&J &J DQG &J DQG & WURSLFDOLV&W &W &W &W DQG &W ZHUH XVHG LQ
WKLVVWXG\7KHVWUDLQVZHUHSUHYLRXVO\LVRODWHGIURPSDWLHQWVZLWKRUDOFDQGLGLDVLV
DQGLGHQWLILHGE\&+520DJDUWHFKQLTXHDQGWKHFDUERK\GUDWHDVVLPLODWLRQWHVWV
,'&%LR0pULHX[3DULV)UDQFH,VRODWHVZHUHPDLQWDLQHGLQ<HDVW3HSWRQH
*OXFRVH PHGLXP DQG IUR]HQ DW & 3ULRU WR HDFK H[SHULPHQW \HDVWV ZHUH
DHURELFDOO\ FXOWXUHG DW R& IRU K RQ 6DERXUDXG 'H[WURVH $JDU FRQWDLQLQJ
PJ/JHQWDPLFLQ6'$
3ODQNWRQLF FXOWXUH RI &DQGLGD DQG 3'7 WUHDWPHQWV 7R REWDLQ VWDQGDUGL]HG
VXVSHQVLRQVRI &DQGLGDHDFKLVRODWHZDVLQGLYLGXDOO\LQRFXODWHGLQ7U\SWLF6R\
%URWK LQFXEDWHG DW R& KDUYHVWHG DIWHU FHQWULIXJDWLRQ ZDVKHG WZLFH DQG
UHVXVSHQGHGLQVWHULOHVDOLQHDVSUHYLRXVO\GHVFULEHG$OLTXRWVRIȝORIWKH
VWDQGDUGL]HG VXVSHQVLRQV RI &DQGLGD ZHUH LQGLYLGXDOO\ WUDQVIHUUHG WR VHSDUDWH
ZHOOVRIDZHOOPLFURWLWUHSODWH&XUFXPLQVROXWLRQVZHUHDGGHGWRWKHZHOOVWR
&DStWXOR
JLYHWKHILQDOFRQFHQWUDWLRQVRIDQG0ZKLFKFRUUHVSRQGWRDQG
PJ/ $IWHU GDUN LQFXEDWLRQ IRU PLQ SUHLUUDGLDWLRQ WLPH WKH SODWH ZDV
SODFHGRQWKH /('GHYLFH DQGLOOXPLQDWLRQZDVSHUIRUPHGDWDQG
-FP 3'7 JURXSV 7R GHWHUPLQH ZKHWKHU &XU DORQH DW WKH WHVWHG
FRQFHQWUDWLRQV LQGXFHG DQ\ HIIHFW RQ FHOO YLDELOLW\ GDUN WR[LFLW\ DGGLWLRQDO
ZHOOV FRQWDLQLQJ WKH \HDVW VXVSHQVLRQV ZHUH H[SRVHG WR &XU XQGHU LGHQWLFDO
FRQGLWLRQV WR WKRVH GHVFULEHG DERYH EXW QRW WR /(' OLJKW 3/ 7KH HIIHFW RI
/(' OLJKW DORQH ZDV GHWHUPLQHG E\ H[SRVLQJ FHOOV WR OLJKW ZLWKRXW EHLQJ
SUHYLRXVO\ H[SRVHG WR &XU 3/ 7KH RYHUDOO FRQWURO FRQVLVWHG RI &DQGLGD
VXVSHQVLRQVQRWH[SRVHGWR&XURU/('OLJKW3/7HQIROGVHULDOGLOXWLRQVRI
DOLTXRWVRIWKHFRQWHQWVRIHDFKZHOOZHUHSUHSDUHGXVLQJVWHULOHVDOLQH'XSOLFDWH
ȝO DOLTXRWV ZHUH SODWHG RQ 6'$ DQG DOO SODWHV ZHUH DHURELFDOO\ LQFXEDWHG DW
&IRUKRXUV$IWHUWKLVFRORQ\FRXQWVZHUHTXDQWLILHGXVLQJDGLJLWDOFRORQ\
FRXQWHU &3 3OXV 3KRHQL[ ,QG &RP (TXLSDPHQWRV &LHQWtILFRV /WGD
$UDUDTXDUD 63 %UD]LO 7KH QXPEHU RI FRORQ\ IRUPLQJ XQLWV SHU PLOOLOLWHU
&)8P/ZDVGHWHUPLQHGDQGWUDQVIRUPHGLQWRORJDULWKPORJ
& DOELFDQV ELRILOP DQG 3'7 WUHDWPHQWV %DVHG RQ WKH UHVXOWV RI WKH
H[SHULPHQWVUHSRUWHGDERYHWKHFRQFHQWUDWLRQRI&XUȝ0DQGOLJKWIOXHQFLHV
DQG -FP WKDW DFKLHYHG WKH PRVW SURPLVLQJ UHVXOWV DJDLQVW SODQNWRQLF
FXOWXUHV ZHUH VHOHFWHG WR EH WHVWHG WRZDUG &DQGLGD ELRILOPV ,Q DGGLWLRQ WZR
KLJKHUFRQFHQWUDWLRQVRI&XUZHUHHYDOXDWHGDQGȝ0)RULQYLWURELRILOP
IRUPDWLRQ WKH LVRODWHV ZHUH LQGLYLGXDOO\ LQRFXODWHG LQ P/ RI 530,
PHGLXP DQG LQFXEDWHG RYHUQLJKW LQ DQ RUELWDO VKDNHU $3 3KRHQL[ ,QG &RP
(TXLSDPHQWRV&LHQWtILFRV/WGD$UDUDTXDUD63%UD]LODWUSP&IRUK
$IWHU LQFXEDWLRQ WKH \HDVW ZHUH ZDVKHG WZLFH ZLWK P/ RI SKRVSKDWHEXIIHUHG
VDOLQH3%6DQGVXVSHQGHGWRFHOOVP/E\DGMXVWLQJWKHRSWLFDOGHQVLW\RIWKH
VXVSHQVLRQ WR DW QP $OLTXRWV RI / RI WKH VWDQGDUG FHOO
VXVSHQVLRQ ZHUH WUDQVIHUUHG LQWR HDFK ZHOO RI SUHVWHULOL]HG SRO\VW\UHQH IODW
ERWWRPHGZHOOPLFURWLWHUSODWHV7KHSODWHZDVLQFXEDWHGDWR&IRUKLQDQ
RUELWDO VKDNHU DW USP DGKHVLRQ SKDVH $IWHU WKDW WKH VXVSHQVLRQV ZHUH
&DStWXOR
FDUHIXOO\ DVSLUDWHG DQG HDFK ZHOO ZDV ZDVKHG WZLFH ZLWK / RI 3%6 WR
UHPRYH QRQDGKHUHQW FHOOV ,Q RUGHU WR DOORZ ELRILOP JURZWK / RI IUHVK
530,ZDVWUDQVIHUUHGLQWRHDFKZHOODQGWKHSODWHVZHUHLQFXEDWHGDWR&
IRUKDWUSP
$IWHU ELRILOP IRUPDWLRQ WKH ZHOOV ZHUH FDUHIXOO\ ZDVKHG WZLFH ZLWK
/RI3%6WRUHPRYHUHPDLQLQJQRQDGKHUHQWFHOOV7KHQ/RI&XUZDV
DGGHGWRHDFKZHOO7KH&XUFRQFHQWUDWLRQVWHVWHGZHUHDQG0ZKLFK
FRUUHVSRQGHGWRDQGPJ/7KHSODWHVZHUHLQFXEDWHGLQWKHGDUN
IRUPLQIROORZHGE\LOOXPLQDWLRQRIDQG-FP&RQWUROZHOOVUHFHLYHG
3%6LQVWHDGRI&XUVROXWLRQDQGVDPSOHVZHUHQRWLOOXPLQDWHG3/
7KHDQWLIXQJDOHIIHFWVDJDLQVWWKHELRILOPVZHUHHYDOXDWHGE\DPHWDEROLF
DVVD\EDVHGRQWKHUHGXFWLRQRI;77DWHWUD]ROLXPVDOW6LJPD$OGULFK6W/RXLV
027RSUHSDUHWKH;77VROXWLRQWKHVDOWZDVGLVVROYHGLQ3%6PJP/DQG
VWRUHG DW R& )RU HDFK H[SHULPHQW / RI 3%6 SUHSDUHG ZLWK JOXFRVH DW
P0 / RI ;77 SOXV / RI PHQDGLRQH DW P0 ZHUH PL[HG DQG
WUDQVIHUUHG WR HDFK ZHOO 7KH SODWHV ZHUH LQFXEDWHG LQ WKH GDUN DW R& IRU K
$IWHU WKLV ȝ/ RI WKH UHDFWHG ;77 VDOW VROXWLRQ ZDV WUDQVIHUUHG WR D QHZ ZHOO PLFURWLWHU SODWH DQG WKH FHOO YLDELOLW\ ZDV DQDO\]HG E\ SURSRUWLRQDO
FRORULPHWULF FKDQJHV DQG OLJKW DEVRUEDQFH PHDVXUHGE\ D PLFURWLWHUSODWHUHDGHU
7KHUPR3ODWH²735HDGHUDWQP
,QRUGHUWRHYDOXDWHZKHWKHU3'7FRXOGFDXVHWKHGHWDFKPHQWRI&DQGLGD
ELR¿OPV IURP WKH SODVWLF VXUIDFH WKH TXDQWLILFDWLRQ RI WKH FHOOV DGKHUHG WR WKH
ZHOOV ZDV SHUIRUPHG E\ PHDQV RI &U\VWDO 9LROHW &9 DVVD\ )RU WKLV
SXUSRVH DGGLWLRQDO VDPSOHV IURP 3/ DQG 3'7 JURXSV 0 RI &XU ZLWK
-FP RI LOOXPLQDWLRQ ZHUH LQFOXGHG LQ WKLV HYDOXDWLRQ 7KH ELR¿OP FRDWHG
ZHOOV RI PLFURWLWHU SODWHV ZHUH ZDVKHG WZLFH ZLWK / RI 3%6 DQG WKHQ DLU
GULHGIRUPLQDWURRPWHPSHUDWXUH7KHQHDFKRIWKHZDVKHGZHOOVZDVVWDLQHG
ZLWK/RIDTXHRXV&9VROXWLRQIRUPLQ$IWHUZDUGVHDFKZHOOZDV
ZDVKHG WKUHH WLPHV ZLWK / RI VWHULOH GLVWLOOHG ZDWHU DQG LPPHGLDWHO\
GHVWDLQHGZLWK/RIHWKDQRO$IWHUPLQDWURRPWHPSHUDWXUH/
RIWKHGHVWDLQLQJVROXWLRQZDVWUDQVIHUUHGWRDQHZZHOODQGWKHDPRXQWRIWKH&9
&DStWXOR
VWDLQ ZDV PHDVXUHG ZLWK D PLFURWLWHU SODWH UHDGHU %,25$' PRGHO 89
PLFURSODWHUHDGHU+HUFXOHV&$86$DWQP
6WDWLVWLFDODQDO\VLV)RUHDFK&DQGLGDLVRODWHWKHH[SHULPHQWDOWUHDWPHQWV3'7
3/DQG3/ZHUHWHVWHGLQILYHLQGHSHQGHQWVDPSOHV'HVFULSWLYHDQDO\VLVZDV
SHUIRUPHG WR VXPPDUL]H WKH UHVXOWV RI HDFK &DQGLGD LVRODWH 7KHQ WKH UHVXOWV
IURPWKHILYHLVRODWHVRIWKHVDPHVSHFLHVZHUHMRLQHGWRREWDLQDJHQHUDOUHVSRQVH
RIWKHVSHFLHV'DWDIURPFRORQ\FRXQWVDQG;77DVVD\ZHUHDQDO\]HGLQDPL[HG
PRGHOQHVWHG$129$ H[SHULPHQWDO3'7DQGFRQWURO3/3/DQG3/
JURXSV ZHUH WUHDWHG DV IL[HG IDFWRUV ZKHUHDV WKH ILYH &DQGLGD LVRODWHV ZHUH
UDQGRPIDFWRUVQHVWHGZLWKLQJURXSV7KHWHVWZDVEDVHGRQWKHDVVXPSWLRQRID
OLQHDUPRGHOZLWKHUURUVQRUPDOO\GLVWULEXWHGDURXQG]HURZLWKFRUUHFWHGYDULDQFH
EHWZHHQ JURXSV WR ILW KRPRVFHGDVWLFLW\ IRU IL[HG HIIHFWV DQG UDQGRP HIIHFWV
QRUPDOO\ GLVWULEXWHG ZLWK FRQVWDQW YDULDQFH 7KH $129$ ZDV IROORZHG E\
7XNH\
VSRVWKRFWHVWVIRUPXOWLSOHFRPSDULVRQVDPRQJH[SHULPHQWDODQGFRQWURO
JURXSV IL[HG HIIHFWV 'DWD REWDLQHG DIWHU WKH HYDOXDWLRQ RI &9 VWDLQLQJ DVVD\
ZHUH HYDOXDWHG XVLQJ :LOFR[RQ
V QRQSDUDPHWULF WHVWV IRU SDLUZLVH FRPSDULVRQV
EHWZHHQ FRQWURO 3/ DQG 3'7 JURXSV RI HDFK VSHFLHV DQG WKH .UXVNDO:DOOLV
WHVWZDVXVHGWRWHVWWKHQXOOK\SRWKHVLVDPRQJ3/JURXSVRIWKHWKUHHVSHFLHV
7KHVLJQLILFDQFHOHYHODGRSWHGZDVS
5(68/76
3KRWRG\QDPLFLQDFWLYDWLRQRISODQNWRQLFFXOWXUHVRI&DQGLGD
7DEOHVKRZVWKHPLQLPDO&XUFRQFHQWUDWLRQUHTXLUHGWRDFKLHYHDWOHDVW
ORJGHFUHDVHLQORJ&)8P/YDOXHVDIWHU3'7,WFDQEHVHHQIURPWKLVWDEOHWKDW
WKHHIILFLHQF\RI&XUDVDIXQJLFLGDO36ZDVQRWKRPRJHQHRXVDPRQJWKHGLIIHUHQW
LVRODWHV EHORQJLQJ WR WKH VDPH VSHFLHV &RQVLGHULQJ WKH PHDQ UHVSRQVH REWDLQHG
IURP WKH ILYH LVRODWHV RI HDFK VSHFLHV WKH ORJ UHGXFWLRQ LQ & DOELFDQV DQG &
WURSLFDOLV YLDELOLW\ RFFXUUHG ZLWK WKH XVH RI 0 RI &XU DW DOO OLJKW IOXHQFHV
&DStWXOR
WHVWHG ZKLOH & JODEUDWD UHTXLUHG 0 RI &XU DVVRFLDWHG ZLWK OLJKW IOXHQFLHV
VWDUWLQJDW-FP
7KH PL[HG PRGHO QHVWHG $129$ VKRZHG WKDW 3'7 JURXSV SUHVHQWHG D
VLJQLILFDQWOHYHORIYDULDWLRQZLWKLQWKHVDPHVSHFLHVZKLFKVXJJHVWHGDGLIIHUHQW
UHVSRQVHRIWKHGLVWLQFWLVRODWHVWRSKRWRLQDFWLYDWLRQ&RQILGHQFHLQWHUYDOVRI
VKRZHG WKDW WKH UDQGRP HIIHFW UHSUHVHQWHG E\ WKH ILYH &DQGLGD LVRODWHV RI HDFK
VSHFLHV ZDV WKH PDMRU IDFWRU LQIOXHQFLQJ WKH YDULDELOLW\ LQ FRORQ\ FRXQWV ZLWKLQ
HDFK3'7JURXS7KHXVHRIGLIIHUHQWVWUDLQVDFFRXQWHGIRUDQG
RI WKH WRWDO YDULDELOLW\ REVHUYHG LQ WKH 3'7 JURXSV IRU& DOELFDQV & JODEUDWD
DQG&WURSLFDOLVUHVSHFWLYHO\$129$DOVRVKRZHGDVLJQLILFDQWYDULDWLRQRIWKH
PHDQFRORQ\FRXQWVDPRQJWKH3/3/3/DQG3'7JURXSV7KHUHVXOWVRI
PXOWLSOHFRPSDULVRQVDUHVKRZQLQ7DEOH$OOWKHDVVRFLDWLRQVRI&XUDQG/('
OLJKWZHUHDEOHWRSURPRWHDVLJQLILFDQWUHGXFWLRQLQ&DOELFDQVDQG&WURSLFDOLV
YLDELOLW\ ZKHQ FRPSDUHG ZLWK WKH 3/ FRQGLWLRQ $ VLJQLILFDQW UHGXFWLRQ LQ &
JODEUDWDYLDELOLW\ZDVREVHUYHGZLWKWKHXVHRIDQG0RI&XUDWWKHIRXU
/(' IOXHQFHV &RPSOHWH LQDFWLYDWLRQ RI & JODEUDWD ZDV QRW REVHUYHG 2Q WKH
RWKHU KDQG WKH ILYH & DOELFDQV LVRODWHV ZHUH FRPSOHWHO\ NLOOHG DIWHU 3'7
PHGLDWHG E\ 0 RI &XU HYHQ DW WKH ORZHVW /(' IOXHQFH 6LPLODUO\ &
WURSLFDOLVLVRODWHVZHUHLQDFWLYDWHGZLWK0RI&XUEXWDWIOXHQFHVVWDUWLQJDW
-FP &RQWURO JURXSV FRPSULVLQJ WKH 3/ 3/ DQG 3/ FRQGLWLRQV
VKRZHGVLPLODUYDOXHVRIFRORQ\FRXQWV
3KRWRG\QDPLFLQDFWLYDWLRQRI&DQGLGDELRILOPV
)LJXUHVKRZVWKHHIIHFWRI3'7PHGLDWHGE\GLIIHUHQWFRQFHQWUDWLRQVRI
&XURQWKHPHWDEROLFDFWLYLW\RIELRILOPVDEVRUEDQFHDIWHU;77UHGXFWLRQDVVD\
:KHQ FRPSDUHG ZLWK WKH FRQWURO 3'7 LQGXFHG D VLJQLILFDQW GHFUHDVH LQ
DEVRUEDQFH YDOXHV RI DOO &DQGLGD VSHFLHV )RU & DOELFDQV DQG & WURSLFDOLV
LVRODWHVWKHXVHRI&XUFRQFHQWUDWLRQVRIDQG0DVVRFLDWHGZLWK-FP
DVZHOODVWKHXVHRIDQG0DW-FPSURPRWHGDVLPLODUUHGXFWLRQLQ
WKH PHWDEROLF DFWLYLW\ RI ELRILOPV S +RZHYHU WKH ORZHVW YDOXHV RI
PHWDEROLFDFWLYLW\RI&DOELFDQVELRILOPVZHUHREVHUYHGZLWKWKHXVHRI0RI
&DStWXOR
&XUDVVRFLDWHGZLWKERWKDQG-FP8QGHUWKHVHH[SHULPHQWDOFRQGLWLRQV
WKH SHUFHQWDJH RI UHGXFWLRQ LQ PHWDEROLF DFWLYLW\ ZDV RYHU LQ FRPSDULVRQ
ZLWK WKH 3/ JURXS 7DEOH 6LPLODU UHVXOWV ZHUH REVHUYHG IRU & JODEUDWD
ELRILOPV )RU & WURSLFDOLV WKH DVVRFLDWLRQ RI 0 ZLWK -FP VKRZHG WKH
ORZHVW YDOXHV RI PHWDEROLF DFWLYLW\ RI ELRILOPV UHDFKLQJ RI UHGXFWLRQ
FRPSDUHGWRFRQWUROJURXS7DEOH
,W FDQ EH VHHQ IURP 7DEOH WKDW YDULDWLRQV LQ UHVSRQVH WR 3'7 ZHUH
GHWHFWHGLQWKHLQGLYLGXDOVWUDLQVRIHDFKVSHFLHV6LPLODUWRWKHUHVXOWVIRXQGIRU
WKH SODQNWRQLF SKDVH WKH PL[HG $129$ ZDV DEOH WR YHULI\ WKDW 3'7 JURXSV
SUHVHQWHGDVLJQLILFDQWOHYHORIYDULDWLRQZLWKLQWKHVDPHVSHFLHV&RQVLGHULQJWKH
PLFURRUJDQLVPVLQWKHELRILOPVSKDVHWKHXVHRIGLIIHUHQWLVRODWHVDFFRXQWHGIRU
DQGRIWKHWRWDOYDULDELOLW\RI;77YDOXHVREVHUYHGLQWKH3'7
JURXSVIRU&DOELFDQV&JODEUDWDDQG&WURSLFDOLVUHVSHFWLYHO\
7KHTXDQWLILFDWLRQRIELRILOPELRPDVVXVLQJWKH&9DVVD\ZDVSHUIRUPHG
LQ3/DQG3'70DW-FPVDPSOHV%LRILOPELRPDVVZDVVLJQLILFDQWO\
ORZHU LQ WKH 3'7 VDPSOHV S VXJJHVWLQJ WKDW 3'7 SURPRWHG WKH SDUWLDO
GHWDFKPHQWRIELRILOPVIURPWKHZHOOV7KHUHGXFWLRQLQELRPDVVREVHUYHGLQ3'7
VDPSOHV FRUUHVSRQGHG WR DQG LQ FRPSDULVRQ ZLWK WKH 3/
JURXSVIRU&DOELFDQV&JODEUDWDDQG&WURSLFDOLVUHVSHFWLYHO\,QDGGLWLRQWKH
XVHRI&9VWDLQLQJUHYHDOHGWKDWWKHDELOLW\WRSURGXFHELRILOPVLQYLWURZDVKLJKHU
LQ & DOELFDQV LVRODWHV ZKHQ FRPSDUHG ZLWK & JODEUDWD DQG & WURSLFDOLV
S
',6&866,21
2I WKH PLFURRUJDQLVPV UHJDUGHG DV KXPDQ RSSRUWXQLVWLF SDWKRJHQV
PHPEHUV RI WKH JHQXV &DQGLGD DUH DPRQJVW WKH PRVW IUHTXHQWO\ UHSRUWHG &
DOELFDQVLVVWLOOWKHPRVWSUHYDOHQWVSHFLHVLQKHDOWKDQGGLVHDVHEXWRWKHUVSHFLHV
DUH HPHUJLQJ DV ERWK FRORQL]HUV DQG SDWKRJHQV FDXVLQJ VXSHUILFLDO DQG V\VWHPLF
LQIHFWLRQV 7KH PRVW FRPPRQ 1$& VSHFLHV & JODEUDWD DQG & WURSLFDOLV
UHSUHVHQW D FRQVLGHUDEOH FKDOOHQJH WR WKH GHYHORSPHQW RI WKHUDSHXWLF VWUDWHJLHV
EHFDXVHRIWKHLUKLJKSUHYDOHQFHLQYXOQHUDEOHJURXSVDQGUHVLVWDQFHWRDQWLIXQJDO
&DStWXOR
DJHQWV7KHUHIRUHWKHGHYHORSPHQWRIDOWHUQDWLYHDQWLIXQJDOWKHUDSLHVEHFRPHV
PDQGDWRU\ IRU WKH FRQWURO RI &DQGLGD LQIHFWLRQV 6RPH SUHYLRXV LQYHVWLJDWLRQV
KDYHDOUHDG\VXJJHVWHGWKDW&XUSHUVHPD\KDYHDQWLIXQJDOSURSHUWLHVDQG
LWV FRPELQDWLRQ ZLWK OLJKW KDV EHHQ SURSRVHG LQ RUGHU WR LPSURYH LWV DQWLIXQJDO
DFWLRQ ,Q YLHZ RI WKH SURPLVLQJ UHVXOWV WKLV VWXG\ LQYHVWLJDWHG WKH XVH RI
GLIIHUHQW &XU SURWRFROV DVVRFLDWHG ZLWK /(' OLJKW WR SKRWRVHQVLWL]H FOLQLFDO
LVRODWHVRI&DOELFDQV&JODEUDWDDQG&WURSLFDOLVHLWKHULQWKHSODQNWRQLFDQG
ELRILOPSKDVH
7KHUHVXOWVVKRZHGWKDWWKHXVHRI&XULQDVVRFLDWLRQZLWKOLJKWZDVDEOHWR
$FFRUGLQJ WR -RUL HW DO WKH HIILFLHQF\ RI D 36 FDQ EH H[SUHVVHG DV WKH
PLQLPDO FRQFHQWUDWLRQ ZKLFK LQGXFHV D ORJ GHFUHDVH LQ VXUYLYDO RI
PLFURRUJDQLVPV )RU & DOELFDQV DQG & WURSLFDOLV LVRODWHV WKH ORJ GURS LQ
YLDEOH FRXQWV ZDV REVHUYHG ZLWK 0 PJ/ RI &XU DW DOO OLJKW IOXHQFHV
WHVWHG ZKLOH & JODEUDWD LVRODWHV UHTXLUHG 0 PJ/ RI &XU ZLWK
LOOXPLQDWLRQRI-FPRUKLJKHU,QDGGLWLRQQRHYLGHQFHRIFRORQ\JURZWKZDV
REVHUYHG IRU & DOELFDQV DQG & WURSLFDOLV LVRODWHV DIWHU SKRWRVHQVLWL]DWLRQ ZLWK
0 RI &XU DQG LOOXPLQDWLRQ DW DQG -FP RI /(' OLJKW UHVSHFWLYHO\
7KHVHUHVXOWVDUHLQDJUHHPHQWZLWKWKRVHUHFHQWO\SXEOLVKHGLQZKLFKDUHIHUHQFH
VWUDLQ RI & DOELFDQV $7&& ZDV HIILFLHQWO\ NLOOHG DIWHU &XUPHGLDWHG
3'77KHSKRWRG\QDPLFHIIHFWRI&XUDJDLQVW&DQGLGDVSHFLHVKDVQRWEHHQ
ZLGHO\GRFXPHQWHGLQWKHPHGLFDOOLWHUDWXUHEXWLWVDQWLEDFWHULDOHIIHFWKDVEHHQ
GHVFULEHG ZLWK WKH XVH RI FRPSDUDEOH &XU FRQFHQWUDWLRQV 0 DQG OLJKW
IOXHQFHV-FP,QWKHSUHVHQWVWXG\WKHUHGXFWLRQLQYLDELOLW\RIWKH
FOLQLFDOLVRODWHVZDVREVHUYHGRQO\ZKHQ&XUZDVXVHGLQFRQMXQFWLRQZLWK/('
OLJKW ,Q FRQWUDVW *DUFLD*RPHV HW DO IRXQG WKDW 0&XU ZLWKRXW OLJKW
H[FLWDWLRQ ZDV DEOH WR LQKLELW WKH JURZWK RI RQH VWUDLQ RI & DOELFDQV $
UHFHQWSXEOLFDWLRQIRXQGWKDWWKHPLQLPXPLQKLELWRU\FRQFHQWUDWLRQ0,&RI&XU
DJDLQVW&DQGLGDVWUDLQVUDQJHGIURPWRPJ/ZKLOHIOXFRQD]ROH0,&V
ZHUH EHWZHHQ DQG PJ/ ,Q FRPSDULVRQ ZLWK WKHVH LQYHVWLJDWLRQV WKH
SUHVHQW VWXG\ XVHG ORZHU &XU FRQFHQWUDWLRQV WR VHQVLWL]H WKH &DQGLGD LVRODWHV LQ
&DStWXOR
WKHSODQNWRQLFIRUP0RUPJ/7KXVDOWKRXJKSURPLVLQJUHVXOWVZHUH
GHVFULEHGZLWKWKHXVHRI&XUZLWKRXWOLJKWH[FLWDWLRQKLJKHUFRQFHQWUDWLRQVRIWKH
FRPSRXQG ZHUH QHHGHG WR LQGXFH WKH DQWLIXQJDO HIIHFW /LNHZLVH WKH VWXGLHV RI
'DKOHWDO DQG7¡QQHVHQHWDOUHSRUWHGWKDWWKHDQWLEDFWHULDODFWLYLW\RI
VRPH &XU FRQFHQWUDWLRQV ZDV JUHDWO\ HQKDQFHG E\ OLJKW $QRWKHU ILQGLQJ LQ WKH
SUHVHQWVWXG\ZDVWKDW3'7HIIHFWLYHQHVVZDVQRWDOZD\VIOXHQFHGHSHQGHQW7KH
XVHRIIOXHQFHVKLJKHUWKDQ-FPGLGQRWLPSURYHWKHHIIHFWLYHQHVVRI3'7IRU
LQDFWLYDWLQJ WKH &DQGLGD VSHFLHV 7KLV FRXOG EH DV D UHVXOW RI WKH &XU
SKRWREOHDFKLQJZKLFKOHDGVWRSKRWRGHJUDGDWLRQRIWKH36VROXWLRQDQGGHFUHDVHV
LQUHDFWLYHR[\JHQVSHFLHVSURGXFWLRQ
6LQFHWKHOLJKWIOXHQFHVRIDQG-FPVKRZHGWKHEHVWRXWFRPHVIRU
&DQGLGDSKRWRLQDFWLYDWLRQSODQNWRQLFSKDVHWKHVHSDUDPHWHUVZHUHVHOHFWHGWR
EHWHVWHGDJDLQVWELRILOPV:KHQXVLQJ0RI&XUWKHPHWDEROLFDFWLYLW\RI&
DOELFDQV&JODEUDWDDQG&WURSLFDOLVELRILOPVZDVUHGXFHGE\DQG
UHVSHFWLYHO\DW-FP7KHDELOLW\RI&XUWRDFWDVDQDQWLIXQJDODJHQWDJDLQVW&
DOELFDQV ELRILOPV KDV SUHYLRXVO\ EHHQ UHSRUWHG $FFRUGLQJO\ D VLPLODU
SURWRFRO 0 RI &XU DQG -FP ZDV XVHG DJDLQVW RQH $7&& VWUDLQ RI &
DOELFDQVDQGWKHDXWKRUVREVHUYHGDGHFUHDVHRILQELRILOPYLDELOLW\2Q
WKHRWKHUKDQGWKHSKRWRVHQVLWL]DWLRQRI&JODEUDWDDQG&WURSLFDOLVELRILOPVE\
&XULVDFRPSOHWHO\QHZUHVXOW,WZDVLQWHUHVWLQJWRQRWHWKDW&JODEUDWDLVRODWHV
LQWKHSODQNWRQLFSKDVHVHHPHGWREHOHVVVXVFHSWLEOHWR3'7LQFRPSDULVRQZLWK
& DOELFDQV DQG & WURSLFDOLV EXW WKLV REVHUYDWLRQ ZDV QRW WUXH ZKHQ ELRILOPV
ZHUHFRQVLGHUHG&JODEUDWDUHTXLUHGDKLJKHU&XUFRQFHQWUDWLRQWRDFKLHYHORJ
UHGXFWLRQLQ&)8P/FRXQWVDQGLWZDVQRWFRPSOHWHO\LQDFWLYDWHGLQDQ\RIWKH
SURWRFROVWHVWHG2WKHULQYHVWLJDWLRQV DOVR IRXQG WKH UHGXFHG VXVFHSWLELOLW\RI&
JODEUDWD VXVSHQVLRQV WR SKRWRLQDFWLYDWLRQ +RZHYHU WKLV UHGXFHG
VXVFHSWLELOLW\ ZDV QRW REVHUYHG LQ & JODEUDWD ELRILOPV ZKLFK VKRZHG VLPLODU
OHYHOVRISKRWRLQDFWLYDWLRQLQFRPSDULVRQZLWK&DOELFDQVELRILOPV$FFRUGLQJWR
6HQHYLUDWQHHWDO&DOELFDQVLVRODWHVXVXDOO\IRUPWKLFNHUELRILOPVZLWKWKH
SUHVHQFH RI K\SKDO HOHPHQWV WKDW VXSSRUW WKH H[RSRO\PHULF VXEVWDQFHV DQG
EODVWRVSRUHVSURPRWLQJDWKUHHGLPHQVLRQDOPXOWLOD\HUHGFRPPXQLW\,QFRQWUDVW
&DStWXOR
& JODEODWD LVRODWHV DUH PRUH SURQH WR SURGXFLQJ WKLQQHU DQG FRPSDFW ELRILOPV
,QWKHSUHVHQWLQYHVWLJDWLRQDOLTXLGPHGLXPZDVXVHGWRJURZWKHELRILOPV
530,ZKLFKLQGXFHVK\SKDOIRUPDWLRQLQ&DOELFDQVFXOWXUHV7KXV
WKH SUHVHQFH RI D UREXVW DUFKLWHFWXUH LQ & DOELFDQV ELRILOPV ZDV SUREDEO\ DQ
LPSRUWDQW IDFWRU LQIOXHQFLQJ WKH SHQHWUDWLRQ RI &XU DQG OLJKW GXULQJ 3'7
GLIIHUHQWO\ IURP WKH WKLQQHU & JODEUDWD ELRILOPV PDLQO\ FRPSRVHG RI
EODVWRVSRUHV )RU WKLV UHDVRQ LW LV EHOLHYHG WKDW HYHQ ZLWK WKH & JODEUDWD FHOOV
EHLQJ PRUH UHVLVWDQW WR SKRWRLQDFWLYDWLRQ WKH HIIHFW DJDLQVW ELRILOPV ZDV
HTXLYDOHQWEHWZHHQWKHWZRVSHFLHV,QDGGLWLRQWKHFRPSDULVRQPDGHDPRQJWKH
PHDQDEVRUEDQFHYDOXHV&9VWDLQLQJ IRXQGLQ FRQWUROELRILOPVVKRZHG WKDW&
DOELFDQV LVRODWHV ZHUH VWURQJ ELRILOPIRUPLQJ VWUDLQV ZKHQ FRPSDUHG ZLWK &
JODEUDWDDQG&WURSLFDOLVLVRODWHVS&RQYHUVHO\RWKHULQYHVWLJDWLRQVKDYH
IRXQG WKDW & WURSLFDOLV PD\ KDYH D VLPLODU DELOLW\ WR IRUP ELRILOPV ZKHQ
FRPSDUHG ZLWK & DOELFDQV 7KHVH GLIIHUHQW UHVXOWV SUREDEO\ UHIOHFW WKH
GLIIHUHQWJURZWKFRQGLWLRQVLHFXOWXUHPHGLXPDQGVXEVWUDWHDQGSK\VLRORJLFDO
YDULDWLRQV DPRQJ WKH VWUDLQV XVHG LQ GLIIHUHQW LQYHVWLJDWLRQV 7KH UHVXOWV DOVR
VKRZHGVLJQLILFDQWYDULDWLRQLQUHVSRQVHWR3'7DPRQJWKHLQGLYLGXDOVWUDLQVRI
HDFKVSHFLHV7KHOHYHORIYDULDWLRQZLWKLQWKHVDPHVSHFLHVZDVPRUHSURQRXQFHG
LQ WKH SODQNWRQLF FXOWXUHV H[SRVHG WR 3'7 EXW ELRILOPV DOVR VKRZHG VLJQLILFDQW
GLVFUHSDQFLHV 6LJQLILFDQW GLIIHUHQFHV REVHUYHG LQ WKH SUHVHQW VWXG\ DPRQJ
&DQGLGD VSHFLHV DQG VWUDLQV ZLWK UHJDUG 3'7 VXVFHSWLELOLW\ DOVR FRQFXU ZLWK
SUHYLRXVVWXGLHV7KHUHIRUHWKLVLQYHVWLJDWLRQRQFHDJDLQFRQILUPVWKH
LPSRUWDQFH RI WHVWLQJ PRUH WKDQ RQH LVRODWH RI &DQGLGD EHORQJLQJ WR D JLYHQ
VSHFLHV WR FKDUDFWHUL]H WKH VSHFLHVVSHFLILF EHKDYLRU ,Q JHQHUDO VLJQLILFDQW
YDULDWLRQLQWKHUHVSRQVHRILQGLYLGXDOVWUDLQVZDVREVHUYHGEXWDOORIWKHLVRODWHV
ZHUHVXVFHSWLEOHWR&XUPHGLDWHG3'7
7KH&XUSKRWRWR[LFLW\WRPLFURELDOV\VWHPVVHHPVWREHPHGLDWHGWKURXJK
WKHH[FLWHGVWDWHVRI&XUWKHLUVXEVHTXHQWUHDFWLRQVZLWKR[\JHQDQGIRUPDWLRQRI
UHDFWLYH VSHFLHV 7KH SURGXFWLRQ RI QRQVSHFLILF UHDFWLYH FRPSRQHQWV KDV
LPSRUWDQW DGYDQWDJHV RYHU WUDGLWLRQDO DQWLIXQJDO WUHDWPHQWV ,W LV XQOLNHO\ WKDW
\HDVWV FRXOG GHYHORS UHVLVWDQFH WR WKHP DQG PLFURRUJDQLVPV ZLWK LQQDWH RU
&DStWXOR
DFTXLUHG UHVLVWDQFH WR DQWLIXQJDO GUXJV VKRXOG EH VXVFHSWLEOH WR SKRWRG\QDPLF
GDPDJH & JODEUDWD LV UHFRJQL]HG DV KDYLQJ D VWDEOH UHVLVWDQFH WR IOXFRQD]ROH
ZKLOH&WURSLFDOLVKDVVKRZQUDSLGGHYHORSPHQWRIUHVLVWDQFHWRIOXFRQD]ROHDQG
DPSKRWHULFLQ%HVSHFLDOO\LQFDQFHUSDWLHQWV2XUUHVXOWVVKRZHGWKDWDOWKRXJK
&DQGLGD LVRODWHV GLIIHUHG LQ WKH UHVSRQVH WR 3'7 WKH ILYH FOLQLFDO VWUDLQV
EHORQJLQJ WR HDFK VSHFLHV ZHUH VXVFHSWLEOH WR &XUPHGLDWHG 3'7 LQGLFDWLQJ LWV
EURDGVSHFWUXPRIDFWLRQDJDLQVW&DQGLGD$FFRUGLQJWR&9VWDLQLQJDVVD\&XU
PHGLDWHG 3'7 QRW RQO\ UHGXFHG WKH PHWDEROLF DFWLYLW\ RI &DQGLGD ELRILOPV EXW
DOVRGHFUHDVHGWKHELRILOPELRPDVVRIDOOVSHFLHVHYDOXDWHG,WKDVSUHYLRXVO\EHHQ
VXJJHVWHGWKDW3'7FDQWDUJHWEDFWHULDOELR¿OPVE\NLOOLQJWKHFHOOVDQGGLVUXSWLQJ
ELR¿OP DUFKLWHFWXUH /LJKW PLFURJUDSKV SHUIRUPHG E\ *RXODUW HW DO VKRZHG WKDW 3'7 ZDV DEOH WR GHWDFK EDFWHULDO FHOOV IURP WKH ZHOO LQ ZKLFK
ELRILOPVZHUHIRUPHG7KXVLWSRVVLEOHWRVXJJHVWWKDW&XUPHGLDWHG3'7FDQDFW
DJDLQVW &DQGLGD ELRILOPV LQ D VLPLODU ZD\ VLPXOWDQHRXVO\ DOWHULQJ \HDVW
PHWDEROLVP DQG FDXVLQJ ELR¿OP GLVDUWLFXODWLRQ ,W KDV EHHQ VXJJHVWHG WKDW OHWKDO
SKRWRVHQVLWL]DWLRQ LV OLNHO\ WR RFFXU LQ WKH RXWHUPRVW OD\HUV RI & DOELFDQV
ELRILOPVSUREDEO\GXHWRWKHVXSHUILFLDOSHQHWUDWLRQRI36LQWRWKHELRILOPOD\HUV
6LQFH 3'7 FDQ VXSHUILFLDOO\ GLVUXSW WKH ELRILOP VWUXFWXUH DIWHU D VLQJOH
DSSOLFDWLRQ LW LV SRVVLEOH WR VXSSRVH WKDW UHSHDWHG F\FOHV RI WKH WKHUDS\ PD\ EH
FDSDEOH RI UHGXFLQJ WKH ELRILOP ELRPDVV DOORZLQJ GHHSHU SHQHWUDWLRQ RI WKH 36
DQG SURPRWLQJ KLJKHU OHYHOV RI ELRILOPV LQDFWLYDWLRQ 7KLV PRGH RI DFWLRQ FDQ
KDYH LPSRUWDQW UHOHYDQFH IRU WKH GHVLJQ RI IXWXUH FOLQLFDO LQYHVWLJDWLRQV RQ &XU
PHGLDWHG3'7
,Q FRQFOXVLRQ WKH UHVXOWV IURP WKH SUHVHQW LQYHVWLJDWLRQ VKRZHG WKDW ORZ
&XUFRQFHQWUDWLRQVFDQEHKLJKO\HIIHFWLYHIRULQDFWLYDWLQJ&DQGLGDLVRODWHVZKHQ
DVVRFLDWHG ZLWK OLJKW H[FLWDWLRQ 7KH WKUHH PDLQ &DQGLGD VSHFLHV WKDW DUH
IUHTXHQWO\DVVRFLDWHGZLWKIXQJDOLQIHFWLRQVZHUHHIILFLHQWO\SKRWRVHQVLWL]HGZLWK
WKHSURWRFROVWHVWHG7KXVWKHSDUDPHWHUVHVWDEOLVKHGLQWKLVLQYLWURLQYHVWLJDWLRQ
ZLOOVKRUWO\EHXVHGLQDQDQLPDOPRGHORI&DQGLGDLQIHFWLRQLQRUGHUWRYHULI\WKH
HIIHFWLYHQHVVRIWKHWKHUDS\IRUWKHWUHDWPHQWRIRUDOFDQGLGLDVLV
&DStWXOR
5()(5(1&(6
2GGV)&HGV&DQGLGDDQG&DQGLGRVLVD5HYLHZDQG%LEOLRJUDSK\/RQGRQ
%DLOOLHUH7LQGDOO
5LEHLUR'*3DYDULQD$&'RYLJR/1GH2OLYHLUD0LPD(*0DFKDGR$/
%DJQDWR 96 9HUJDQL &( 3KRWRG\QDPLF LQDFWLYDWLRQ RI PLFURRUJDQLVPV
SUHVHQWRQFRPSOHWHGHQWXUHV$FOLQLFDOLQYHVWLJDWLRQ/DVHUV0HG6FL
LQSUHVV
&DQQRQ 5' +ROPHV $5 0DVRQ $% 0RQN %& 2UDO &DQGLGD FOHDUDQFH
FRORQL]DWLRQRUFDQGLGLDVLV"-'HQW5HV
6DPDUDQD\DNH /3 +RVW IDFWRUV DQG RUDO FDQGLGRVLV ,Q 6DPDUDQD\DNH /3
0DF)DUODQH7:HGV2UDOFDQGLGRVLV/RQGRQ%XWWHUZRUWK
6FXOO\ & (O.DELU 0 6DPDUDQD\DNH /3 &DQGLGD DQG RUDO FDQGLGRVLV D
UHYLHZ&UL5HY2UDO%LRO0HG
.UFPHU\ 9 %DUQHV $- 1RQDOELFDQV &DQGLGD VSS FDXVLQJ IXQJDHPLD
SDWKRJHQLFLW\DQGDQWLIXQJDOUHVLVWDQFH-+RVS,QIHFW
:LQJDUG -5 ,PSRUWDQFH RI &DQGLGD VSHFLHV RWKHU WKDQ & DOELFDQV DV
SDWKRJHQVLQRQFRORJ\SDWLHQWV&OLQ,QIHFW'LV
'DKL\D 0& 5HGGLQJ 6: 'DKL\D 56 (QJ 7< .LUNSDWULFN :5 &RFR %-
6DGNRZVNL/&)RWKHUJLOO$::DLWH$5LQDOGL0*3DWWHUVRQ7)7KRPDV
&5 2URSKDU\QJHDO FDQGLGLDVLV FDXVHG E\ QRQDOELFDQV \HDVW LQ SDWLHQWV
UHFHLYLQJ H[WHUQDOEHDP UDGLRWKHUDS\ IRU KHDGDQGQHFN FDQFHU ,QW-5DGLDW
2QFRO%LRO3K\V
3HUH]RXV /))ODLW]&0*ROGVFKPLGW0((QJHOPHLHU5/&RORQL]DWLRQRI
&DQGLGD VSHFLHV LQ GHQWXUH ZHDUHUV ZLWK HPSKDVLV RQ +,9 LQIHFWLRQ D
OLWHUDWXUHUHYLHZ-3URVWKHW'HQW
3IDOOHU0$5KLQH&KDOEHUJ-5HGGLQJ6:6PLWK-)DULQDFFL*)RWKHUJLOO
$:5LQDOGL0*9DULDWLRQVLQIOXFRQD]ROHVXVFHSWLELOLW\DQGHOHFWURSKRUHWLF
NDU\RW\SHDPRQJRUDOLVRODWHVRI&DQGLGDDOELFDQVIURPSDWLHQWVZLWK$,'6
DQGRUDOFDQGLGLDVLV-&OLQ0LFURELRO
&DStWXOR
6HQHYLUDWQH &- 6LOYD :- 6DPDUDQD\DNH <+ 6DPDUDQD\DNH /3
$UFKLWHFWXUDO DQDO\VLV YLDELOLW\ DVVHVVPHQW DQG JURZWK NLQHWLFV RI &DQGLGD
DOELFDQVDQG&DQGLGDJODEUDWD$UFK2UDO%LRO
+DPEOLQ05+DVDQ73KRWRG\QDPLFWKHUDS\DQHZDQWLPLFURELDODSSURDFK
WRLQIHFWLRXVGLVHDVH"3KRWRFKHP3KRWRELRO6FL
'RQQHOO\5)0F&DUURQ3$7XQQH\00$QWLIXQJDOSKRWRG\QDPLFWKHUDS\
0LFURELRO5HV
%OLVV -0 %LJHORZ &( )RVWHU 7+ +DLGDULV &* 6XVFHSWLELOLW\ RI &DQGLGD
VSHFLHVWRSKRWRG\QDPLFHIIHFWVRI3KRWRIULQ$QWLPLFURE$JHQWV&KHPRWKHU
'RYLJR /1 3DYDULQD $& 0LPD (* *LDPSDROR (7 9HUJDQL &( %DJQDWR
96 )XQJLFLGDO HIIHFW RI SKRWRG\QDPLF WKHUDS\ DJDLQVW IOXFRQD]ROHUHVLVWDQW
&DQGLGDDOELFDQVDQG&DQGLGDJODEUDWD0\FRVHV
3DDUGHNRRSHU 0 9DQ GHQ %URHN 3- 'H %UXLMQH $: (OIHULQN -*
'XEEHOPDQ 70 9DQ 6WHYHQLQFN - 3KRWRG\QDPLF WUHDWPHQW RI \HDVW FHOOV
ZLWK WKH G\H WROXLGLQH EOXH DOORUQRQH ORVV RI SODVPD PHPEUDQH EDUULHU
SURSHUWLHV%LRFKLP%LRSK\V$FWD
=HLQD % *UHHQPDQ - 3XUFHOO :0 'DV % .LOOLQJ RI FXWDQHRXV PLFURELDO
VSHFLHVE\SKRWRG\QDPLFWKHUDS\%U-'HUPDWRO
6WUDFNKRYVND\D 0* %HOHQLNLQD 16 ,YDQRYD (9 &KHPHULV <. DQG
6WUDQDGNR () 7KH SKRWRG\QDPLF LQDFWLYDWLRQ RI WKH \HDVW &DQGLGD
JXLOOLHUPRQGLLLQWKHSUHVHQFHRISKRWRGLWKD]LQH0LFURELRORJ\
&RSOH\ / YDQ GHU :DWW 3 :LUW] .: 3DUNHU 0, /HDQHU 9' 3KRWRORQ D
FKORULQHGHULYDWLYHWULJJHUV526SURGXFWLRQDQGOLJKWGHSHQGHQWFHOOGHDWK
YLDQHFURVLV,QW-%LRFKHP&HOO%LRO
0DQWDUHYD 9 .XVVRYVNL 9 $QJHORY , :|KUOH ' 'LPLWURY 5 3RSRYD (
'LPLWURY 6 1RQDJJUHJDWHG *D,,,SKWKDORF\DQLQHV LQ WKH SKRWRG\QDPLF
LQDFWLYDWLRQRISODQNWRQLFDQGELRILOPFXOWXUHVRISDWKRJHQLFPLFURRUJDQLVPV
3KRWRFKHP3KRWRELRO6FL
&DStWXOR
0LPD (* 3DYDULQD $& 'RYLJR /1 9HUJDQL &( &RVWD &$ .XUDFKL &
%DJQDWR966XVFHSWLELOLW\RI&DQGLGDDOELFDQVWRSKRWRG\QDPLFWKHUDS\LQD
PXULQHPRGHORIRUDOFDQGLGRVLV2UDO6XUJ2UDO0HG2UDO3DWKRO2UDO5DGLRO
(QGRG
(SVWHLQ-6DQGHUVRQ,50DFGRQDOG77&XUFXPLQDVDWKHUDSHXWLFDJHQWWKH
HYLGHQFHIURPLQYLWURDQLPDODQGKXPDQVWXGLHV%U-1XWU
'RYLJR/13DYDULQD$&5LEHLUR$3%UXQHWWL,/&RVWD&$-DFRPDVVL'3
%DJQDWR 96 .XUDFKL & ,QYHVWLJDWLRQ RI WKH SKRWRG\QDPLF HIIHFWV RI
FXUFXPLQDJDLQVW&DQGLGDDOELFDQV3KRWRFKHP3KRWRELROLQSUHVV
'DKO7$%LOVNL35HV]ND.-&KLJQHOO&)3KRWRF\WRWR[LFLW\RIFXUFXPLQ
3KRWRFKHP3KRWRELRO
&KLJQHOO &) %LOVNL 3 5HV]ND .- 0RWWHQ $* 6LN 5+ 'DKO 7$ 6SHFWUDO
DQG SKRWRFKHPLFDO SURSHUWLHV RI FXUFXPLQ 3KRWRFKHP 3KRWRELRO +DXNYLN 7 %UX]HOO ( .ULVWHQVHQ 6 7¡QQHVHQ ++ 3KRWRNLOOLQJ RI EDFWHULD
E\ FXUFXPLQ LQ GLIIHUHQW DTXHRXV SUHSDUDWLRQV 6WXGLHV RQ FXUFXPLQ DQG
FXUFXPLQRLGV;;;9,,3KDUPD]LH
-LQ < <LS +. 6DPDUDQD\DNH <+ <DX -< 6DPDUDQD\DNH /3 %LRILOP
IRUPLQJDELOLW\RI&DQGLGDDOELFDQVLVXQOLNHO\WRFRQWULEXWHWRKLJKOHYHOVRI
RUDO \HDVW FDUULDJH LQ FDVHV RI KXPDQ LPPXQRGHILFLHQF\ YLUXV LQIHFWLRQ -
&OLQ0LFURELRO
0HOR$6&RORPER$/$UWKLQJWRQ6NDJJV%$3DUDGR[LFDOJURZWKHIIHFWRI
FDVSRIXQJLQ REVHUYHG RQ ELRILOPV DQG SODQNWRQLF FHOOV RI ILYH GLIIHUHQW
&DQGLGDVSHFLHV$QWLPLFURE$JHQWV&KHPRWKHU
0DUWLQV&9GD6LOYD'/1HUHV$70DJDOKmHV7):DWDQDEH*$0RGROR
/9 6DELQR $$ GH )iWLPD $ GH 5HVHQGH 0$ &XUFXPLQ DV D SURPLVLQJ
DQWLIXQJDORIFOLQLFDOLQWHUHVW-$QWLPLFURE&KHPRWKHU
6KDUPD 0 0DQRKDUODO 5 3XUL 1 3UDVDG 5 $QWLIXQJDO FXUFXPLQ LQGXFHV
UHDFWLYHR[\JHQVSHFLHV DQGWULJJHUVDQ HDUO\ DSRSWRVLVEXWSUHYHQWVK\SKDH
&DStWXOR
GHYHORSPHQW E\ WDUJHWLQJ WKH JOREDO UHSUHVVRU 783 LQ &DQGLGD DOELFDQV
%LRVFL5HS
-RUL*)DEULV&6RQFLQ0)HUUR6&RSSHOORWWL2'HL')DQWHWWL/&KLWL
* 5RQFXFFL * 3KRWRG\QDPLF WKHUDS\ LQ WKH WUHDWPHQW RI PLFURELDO
LQIHFWLRQV EDVLF SULQFLSOHV DQG SHUVSHFWLYH DSSOLFDWLRQV /DVHUV 6XUJ 0HG
*DUFLD*RPHV $6 &XUYHOR -$ 6RDUHV 50 )HUUHLUD3HUHLUD $ &XUFXPLQ
DFWVV\QHUJLVWLFDOO\ZLWKIOXFRQD]ROHWRVHQVLWL]HDFOLQLFDOLVRODWHRI&DQGLGD
DOELFDQVVKRZLQJD0'5SKHQRW\SH0HG0\FROLQSUHVV
1HHORIDU . 6KUHD] 6 5LPSOH % 0XUDOLGKDU 6 1LNKDW 0 .KDQ /$
&XUFXPLQ DV D SURPLVLQJ DQWLFDQGLGDO RI FOLQLFDO LQWHUHVW &DQ - 0LFURELRO
'DKO 7$ 0F*RZDQ :0 6KDQG 0$ 6ULQLYDVDQ 96 3KRWRNLOOLQJ RI
EDFWHULDE\WKHQDWXUDOG\HFXUFXPLQ$UFK0LFURELRO
7¡QQHVHQ ++ GH 9ULHV + .DUOVHQ - %HLMHUVEHUJHQ YDQ +HQHJRXZHQ *
6WXGLHV RQ FXUFXPLQ DQG FXUFXPLQRLGV ,; ,QYHVWLJDWLRQ RI WKH
SKRWRELRORJLFDO DFWLYLW\ RI FXUFXPLQ XVLQJ EDFWHULDO LQGLFDWRU V\VWHPV -
3KDUP6FL
.DVVDE 1+ 0XVWDID ($ $O6DIIDU 07 7KH DELOLW\ RI GLIIHUHQW FXUFXPLQH
VROXWLRQV RQ UHGXFLQJ &DQGLGD DOELFDQV ELRILOP DFWLYLW\ RQ DFU\OLF UHVLQ
GHQWXUHEDVHPDWHULDO$O±5DILGDLQ'HQW-±
&KDQGUD-.XKQ'00XNKHUMHH3.+R\HU//0F&RUPLFN7*KDQQRXP
0$ %LRILOP IRUPDWLRQ E\ WKH IXQJDO SDWKRJHQ &DQGLGD DOELFDQV
GHYHORSPHQWDUFKLWHFWXUHDQGGUXJUHVLVWDQFH-%DFWHULRO
%L]HUUD )& 1DNDPXUD &9 GH 3RHUVFK & (VWLYDOHW 6YLG]LQVNL 7, %RUVDWR
4XHVDGD 50 *ROGHQEHUJ 6 .ULHJHU 0$ <DPDGD2JDWWD 6) /DPEUHFKWV
6$$DOGHUV0&9HUEUDDN)'/DJHUEHUJ-:'DQNHUW-%DQG6FKXLWPDNHU
--&KDUDFWHULVWLFVRIELRILOPIRUPDWLRQE\&DQGLGDWURSLFDOLVDQGDQWLIXQJDO
UHVLVWDQFH)(06<HDVW5HV
&DStWXOR
/DPEUHFKWV 6$ $DOGHUV 0& 9HUEUDDN )' /DJHUEHUJ -: 'DQNHUW -%
6FKXLWPDNHU -- (IIHFW RI DOEXPLQ RQ WKH SKRWRG\QDPLF LQDFWLYDWLRQ RI
PLFURRUJDQLVPVE\ DFDWLRQLFSRUSK\ULQ-3KRWRFKHP3KRWRELRO%
3UL\DGDUVLQL ., 3KRWRSK\VLFV SKRWRFKHPLVWU\ DQG SKRWRELRORJ\ RI
3KRWRFKHP3KRWRELRO&
&ROOLQV 7/ 0DUNXV ($ +DVVHWW '- 5RELQVRQ -% 7KH HIIHFW RI D FDWLRQLF
SRUSK\ULQ RQ 3VHXGRPRQDV DHUXJLQRVD ELRILOPV &XUU 0LFURELRO *RXODUW5GH&%ROHDQ03DXOLQR7GH37KHGHL*-U6RX]D6/7HGHVFR
$&&LDQFDJOLQL33KRWRG\QDPLFWKHUDS\LQSODQNWRQLFDQGELRILOPFXOWXUHV
RI$JJUHJDWLEDFWHUDFWLQRP\FHWHPFRPLWDQV3KRWRPHG/DVHU6XUJ
6
3HUHLUD&$5RPHLUR5/&RVWD$&0DFKDGR$.-XQTXHLUD-&-RUJH$2
6XVFHSWLELOLW\ RI &DQGLGD DOELFDQV 6WDSK\ORFRFFXV DXUHXV DQG
6WUHSWRFRFFXV PXWDQV ELRILOPV WR SKRWRG\QDPLF LQDFWLYDWLRQ DQ LQ YLWUR
VWXG\/DVHUV0HG6FL
&DStWXOR
7$%/(6
7DEOH 0LQLPDO &XU FRQFHQWUDWLRQ 0 UHTXLUHG WR DFKLHYH ORJ GHFUHDVH LQ
ORJ&)8P/YDOXHVDIWHU3'7DWGLIIHUHQWOLJKWIOXHQFHV
&DQGLGD
-FP -FP -FP -FP
LVRODWH
&D
&D
&D
&D
&D
&DPHDQ
&J
&J
&J
&J
&J
&JPHDQ
1$
1$
1$
1$
1$
1$
&W
&W
&W
&W
&W
&WPHDQ
1$
5HVXOWVREWDLQHGIURPWKHPHDQRIWKHILYHFOLQLFDOLVRODWHV
1$ORJGURSZDVQRWDFKLHYHGDWWKHOLJKWIOXHQFH
&WURSLFDOLV &JODEUDWD D
D
D
D
D
D
D
D
D
D
D
D
D
D
D
3/
3/
3/ -FP 0 0 0
&DOELFDQV PHDQ
6SHFLHV
E
DE
E
EF
F
EF
F
FGH
3'7-FP
0 0 0
EF
DE
EF
EF
F
EFGH
GH
3'7-FP
0 0 0
EF
DE
EF
F
EFGH
F
GH
-FP
0 0 0
EF
DE
EF
F
EFG
EF
H
3'7-FP
0 0 0
&DQGLGDVSHFLHV'LIIHUHQWORZHUFDVHOHWWHUVGHQRWHVLJQLILFDQWGLIIHUHQFHVDPRQJFROXPQVJURXSVDFFRUGLQJWR7XNH\
V7HVWS
7DEOH ± 0HDQ YDOXHV DQG VWDQGDUG GHYLDWLRQ RI ORJ&)8P/ FDOFXODWHG IURP WKH UHVXOWV RI WKH ILYH FOLQLFDO LVRODWHV RI HDFK
&DStWXOR
&DStWXOR
7DEOH3HUFHQWDJHRIUHGXFWLRQLQPHWDEROLFDFWLYLW\;77UHGXFWLRQDVVD\
REWDLQHG DIWHU WUHDWPHQW RI &DQGLGD ELRILOPV ZLWK 3'7 7KH SHUFHQWDJH ZDV
FDOFXODWHGYHUVXVWKH;77YDOXHREWDLQHGZLWK3/JURXS
&DQGLGD
LVRODWH
&D
&D
&D
&D
&D
&DPHDQ
&J
&J
&J
&J
&J
&JPHDQ
&W
&W
&W
&W
&W
&WPHDQ
3'7-FP
ђ0 ђ0 ђ0
3'7-FP
ђ0 ђ0 ђ0
ϲϱ
ϱϲ
ϲϮ
ϳϯ
ϲϭ
ϲϯ
ϱϵ
ϳϲ
ϲϰ
ϳϰ
ϲϲ
ϲϳ
ϲϬ
ϰϳ
ϯϵ
ϯϯ
ϱϯ
ϰϲ
5HVXOWVREWDLQHGIURPWKHPHDQRIWKHILYHFOLQLFDOLVRODWHV
ϳϰ
ϳϲ
ϳϱ
ϳϲ
ϳϮ
ϳϱ
ϳϵ
ϴϲ
ϲϳ
ϴϰ
ϳϲ
ϳϵ
ϳϯ
ϴϬ
ϰϴ
ϱϯ
ϱϳ
ϲϮ
ϵϬ
ϴϳ
ϳϯ
ϴϳ
ϴϰ
ϴϱ
ϴϭ
ϴϰ
ϴϲ
ϵϬ
ϴϳ
ϴϱ
ϳϲ
ϴϵ
ϱϳ
ϳϭ
ϳϮ
ϳϯ
GLIIHUHQFHVDPRQJFROXPQVJURXSVDFFRUGLQJWR7XNH\
V7HVWS
H[SHULPHQWVZLWKWKH&DOELFDQV$&JODEUDWD%DQG&WURSLFDOLV&LVRODWHV'LIIHUHQWORZHUFDVHOHWWHUVGHQRWHVLJQLILFDQW
)LJXUH *UDSKLF UHSUHVHQWDWLRQ RI PHDQ YDOXHV DQG VWDQGDUG GHYLDWLRQ RI DEVRUEDQFH YDOXHV ;77 DVVD\ REVHUYHG DIWHU
),*85(
&DStWXOR
&
&DStWXOR
StWXOR
&XUFXPLQPHGLDWHG SKRWRG\QDPLF LQDFWLYDWLRQ RI &DQGLGD DOELFDQV LQ D
PXULQHPRGHORIRUDOFDQGLGLDVLV
6KRUW7LWOH,QYLYRSKRWRLQDFWLYDWLRQRI&DQGLGDDOELFDQV
/tYLD1'RYLJR06F
$QD&3DYDULQD3K'
-XOLDQD&&DUPHOOR06F
&DUORV$6&RVWD3K'
,JXDWHP\/%UXQHWWL3K'
9DQGHUOHL6%DJQDWR3K'
$UDUDTXDUD 'HQWDO 6FKRRO 81(63 8QLY (VWDGXDO 3DXOLVWD $UDUDTXDUD 63 %UD]LO
/1'$&3-&&&$6&
6FKRRO RI 3KDUPDFHXWLFV 6FLHQFHV 81(63 8QLY (VWDGXDO 3DXOLVWD $UDUDTXDUD 63
%UD]LO,/%
96%
$FNQRZOHGJPHQWV :HWKDQN2O\PSLR7HL[HLUD1HWRIRUKHOSZLWKWKHVWDWLVWLFDO
DQDO\VLVRIGDWD7KLVZRUNZDVVXSSRUWHGE\)XQGDomRGH$PSDURD3HVTXLVDGR
(VWDGRGH6mR3DXORJUDQWV)$3(63DQG

&RUUHVSRQGLQJDXWKRU'U$QD&OiXGLD3DYDULQDHPDLOSDYDULQD#IRDUXQHVSEU
$GUHVV)DFXOGDGHGH2GRQWRORJLDGH$UDUDTXDUD±81(635XD+XPDLWiQ±
&(3±$UDUDTXDUD63%UDVLO
3KRQH)D[
$UWLJRIRUPDWDGRVHJXQGRDVQRUPDVSDUDSXEOLFDomRGRSHULyGLFR/DVHUVLQ6XUJHU\DQG
0HGLFLQH
&DStWXOR
.H\ZRUGV2UDOLQIHFWLRQ3KRWRG\QDPLF7KHUDS\7XUPHULF
$%675$&7
%DFNJURXQG DQG 2EMHFWLYH 'DWD REWDLQHG IURP LQ YLWUR LQYHVWLJDWLRQV RI
FXUFXPLQPHGLDWHG3'7DUHHQFRXUDJLQJEXWWKHODFNRIUHOLDEOHLQYLYRHYLGHQFH
KDV QRW DOORZHG WKLV PHWKRG WR EH FRQILUPHG DV DQ HIIHFWLYH WKHUDS\ IRU RUDO
FDQGLGLDVLV 7KXV WKLV VWXG\ GHVFULEHV WKH SKRWRLQDFWLYDWLRQ RI & DOELFDQV LQ D
PXULQH PRGHO RI RUDO FDQGLGLDVLV XVLQJ FXUFXPLQ DV D SKRWRVHQVLWL]HU 6WXG\
'HVLJQ0DWHULDOV DQG 0HWKRGV )RUW\ ILYH ZHHNROG IHPDOH 6ZLVV PLFH ZHUH
LPPXQRVXSSUHVVHGSURYLGHGWHWUDF\FOLQHWRWKHLUGULQNLQJZDWHUDQGWKHQRUDOO\
LQRFXODWHG ZLWK D VXVSHQVLRQ RI & DOELFDQV &)8P/ )LYH GD\V DIWHU RUDO
LQRFXODWLRQDQLPDOVEHORQJLQJWR3/JURXSVUHFHLYHGDWRSLFDODGPLQLVWUDWLRQ
RI FXUFXPLQ DQG 0 DQG LOOXPLQDWLRQ ZLWK /(' OLJKW DW -FP
QP7KHXVHRIFXUFXPLQRUOLJKWDORQHZHUHDOVRHYDOXDWHG3/DQG3/
JURXSV UHVSHFWLYHO\ 3RVLWLYH FRQWURO DQLPDOV GLG QRW UHFHLYH DQ\ WUHDWPHQW
3/ DQG QHJDWLYH FRQWURO DQLPDOV ZHUH QRW LQRFXODWHG ZLWK & DOELFDQV $IWHU
VZDEELQJ WR UHFRYHU \HDVW IURP WKH WRQJXH WKH QXPEHU RI VXUYLYLQJ \HDVW FHOOV
ZDVGHWHUPLQHG&)8P/DQGDQDO\]HGE\$129$DQG7XNH\
VSRVWKRFWHVWV
Į $QLPDOV ZHUH KXPDQHO\ NLOOHG WKH WRQJXHV VXUJLFDOO\ UHPRYHG DQG
SURFHVVHG IRU KLVWRORJLFDO HYDOXDWLRQ RI SUHVHQFH RI \HDVW DQG LQÀDPPDWRU\
UHDFWLRQ 5HVXOWV $OO DVVRFLDWLRQV RI FXUFXPLQ ZLWK /(' OLJKW ZHUH DEOH WR
VLJQLILFDQWO\ UHGXFH & DOELFDQV YLDELOLW\ DIWHU 3'7 ZKHQ FRPSDUHG ZLWK WKH
ORJ&)8P/YDOXHRI3/ JURXS7KHXVHRI0DVVRFLDWHG ZLWK /(' OLJKW
ZDVDEOHWRSURPRWHGKLJKHVWORJUHGXFWLRQLQFRORQ\FRXQWVRYHUWKDQORJV
7KH FRORQ\ FRXQWV IURP 3/ 3/ DQG 3/ JURXSV UHPDLQHG FRQVWDQW
&RQFOXVLRQ:LWKLQWKHOLPLWDWLRQVRIWKLVVWXG\LWZDVFRQFOXGHGWKDWFXUFXPLQ
PHGLDWHG 3'7 SURYHG WR EH HIIHFWLYH IRU LQ YLYR LQDFWLYDWLRQ RI & DOELFDQV
ZLWKRXWKDUPLQJWKHKRVWWLVVXHRIPLFH
&DStWXOR
,1752'8&7,21
&DQGLGD VSHFLHV KDYH EHHQ UHSRUWHG DV LPSRUWDQW SDWKRJHQV LQ D EURDG
VSHFWUXP RI KXPDQ LQIHFWLRQV UDQJLQJ IURP ORFDOL]HG PXFRFXWDQHRXV OHVLRQV WR
VHULRXV LQYDVLYH SURFHVV 6RPH RI WKH RUDO FDQGLGDO LQIHFWLRQV RI FOLQLFDO
VLJQLILFDQFH LQFOXGH WKH RURSKDU\QJHDO FDQGLGLDVLV 23& DQG &DQGLGDUHODWHG
GHQWXUHVWRPDWLWLV7KHVHDUHRSSRUWXQLVWLFLQIHFWLRQVRIWHQSUHVHQWHGDVD
FKURQLF UHFXUULQJ FRQGLWLRQ ZKLFK DIIHFWV PDLQO\ LPPXQRFRPSURPLVHG
LQGLYLGXDOV DQG GHQWXUH ZHDUHUV ,Q IDFW WKH 23& LV D IUHTXHQW FRPSOLFDWLRQ LQ
SDWLHQWVXQGHUFRUWLFRVWHURLGWKHUDS\LPPXQRVXSSUHVVLRQDIWHUWUDQVSODQWDWLRQRU
ZLWK KXPDQ LPPXQRGHILFLHQF\ YLUXV LQIHFWLRQ 0RUHRYHU &DQGLGD VSS
FDQEHLQYROYHGLQGLVVHPLQDWHGIRUPVRIGLVHDVHVXFKDVQRVRFRPLDOLQIHFWLRQV
DQG QRVRFRPLDO EORRGVWUHDP LQIHFWLRQV *HQHUDOO\ &DQGLGD
DOELFDQV UHSUHVHQWV WKH SUHGRPLQDQW VSHFLHV EXW WKH VRFDOOHG QRQDOELFDQV
&DQGLGDVSHFLHVFDQDOVRDFWDVRSSRUWXQLVWSDWKRJHQV0DQDJHPHQWRIRUDO
FDQGLGLDVLVLVW\SLFDOO\GUXJEDVHGDQGFDQLQYROYHWRSLFDODQGV\VWHPLFDQWLIXQJDO
DJHQWV +RZHYHU UHODSVH DQG UHFXUUHQFH DUH IUHTXHQW UHTXLULQJ HLWKHU
UHSHDWHGFRXUVHVRIGUXJWKHUDS\RUORQJWHUPDGPLQLVWUDWLRQRIDQWLIXQJDODJHQWV
VXFK DV IOXFRQD]ROH 7KH H[WHQVLYH XVH RI D]ROHV KDV UHVXOWHG LQ JOREDO
HPHUJHQFH RI UHVLVWDQFH LQ &DQGLGD VSHFLHV DQG VXEVHTXHQW WUHDWPHQW IDLOXUHV
,Q DGGLWLRQ PRVW PDQLIHVWDWLRQV RI FDQGLGLDVLV DUH DVVRFLDWHG ZLWK WKH
IRUPDWLRQ RI &DQGLGD ELR¿OPV RQ VXUIDFHV VXFK DV RUDO WLVVXHV SURVWKHVHV DQG
LPSODQWHG GHYLFHV $QWLIXQJDO UHVLVWDQFH LV D NH\ FKDUDFWHULVWLF RI FDQGLGDO
ELR¿OPV ZKLFK LV PDLQO\ DVVRFLDWHG ZLWK WKH H[RSRO\PHULF PDWUL[ GRPLQDQW
PHWDEROLFSURFHVVHVDQGLQWHURUJDQLVPLQWHUDFWLRQV'XHWR WKH GLIILFXOWLHV
DVVRFLDWHGZLWKWKHXVHRIFRQYHQWLRQDOGUXJVDQGDQWLIXQJDOUHVLVWDQFHDOWHUQDWLYH
DQWLIXQJDO VWUDWHJLHV DUH EHLQJ DFWLYHO\ VRXJKW 2QH VXFK DSSURDFK FDQ EH WKH
3KRWRG\QDPLF7KHUDS\3'7
3KRWRG\QDPLFLQDFWLYDWLRQRIPLFURRUJDQLVPVLVEDVHGRQWKHFRPELQDWLRQ
RIDGUXJNQRZQDVSKRWRVHQVLWL]HU36DQGWKHGHOLYHU\RIDYLVLEOHOLJKWRIWKH
DSSURSULDWH ZDYHOHQJWK WR H[FLWH WKH36PROHFXOH 7KH NLOOLQJ LV D UHVXOW RI
WKH SKRWRWR[LF UHDFWLRQV LQ ZKLFK 36 DEVRUEV SKRWRQV DQG LQGXFHV D VHULDO RI
&DStWXOR
UHDFWLRQVLQYROYLQJWKHIRUPDWLRQRIUDGLFDOVDQGUHDFWLYHR[\JHQVSHFLHV526
7KHVH 526 FDQ UHDFW UDSLGO\ ZLWK QRQVSHFLILF WDUJHWV VXFK DV FHOO PHPEUDQHV
DQG SURWHLQV OHDGLQJ WR PLFURELDO GHVWUXFWLRQ )RU WKLV UHDVRQ 3'7 FDUULHV
VHYHUDODGYDQWDJHVIRUH[DPSOHKLJKWDUJHWVSHFLILFLW\IHZXQGHVLUHGVLGHHIIHFWV
DQG OLWWOH OLNHOLKRRG RI SURPRWLQJ WKH GHYHORSPHQW RI UHVLVWDQFH E\
PLFURRUJDQLVPV 'LIIHUHQW W\SHV RI 36 KDYH EHHQ SURSRVHG IRU DQWLIXQJDO
3'7 KRZHYHU FRPSOHWH NLOOLQJ RI &DQGLGD VSHFLHV LV QRW IUHTXHQWO\ DFKLHYHG
DQG VRPH RI WKH DYDLODEOH 36 VKRZHG OLPLWHG HIIHFWLYHQHVV DJDLQVW &DQGLGD
ELRILOPVDQGDQLPDOPRGHOVRIFDQGLGLDVLV
&XUFXPLQLVDVPDOOPROHFXODUZHLJKWFRPSRXQGWKDWLVLVRODWHGIURPWKH
UL]KRPHV RI &XUFXPD /RQJD / DQG LV RQH RI WKH FRPSRQHQWV RI WKH FRPPRQO\
XVHG VSLFH WXUPHULF 5HFHQW LQYHVWLJDWLRQV KDYH VKRZQ WKDW FXUFXPLQ FDQ
KDYH DQWLIXQJDO DFWLYLW\ DJDLQVW &DQGLGD VSS DQG DOVR WKH FDSDELOLW\ WR LQKLELW
IOXFRQD]ROHUHVLVWDQFHDQGWRLQFUHDVHWKHIXQJLFLGDOHIIHFWVRIDPSKRWHULFLQ%LQ
&DQGLGDLVRODWHV$GGLWLRQDOO\WKHDQWLIXQJDOHIIHFWVRIFXUFXPLQPD\
SRVVLEO\ EH HQKDQFHG E\ FRPELQDWLRQ ZLWK OLJKW HVSHFLDOO\ LQ WKH EOXH VSHFWUDO
UHJLRQ'XHWRWKHVXSHUILFLDOSHQHWUDWLRQGHSWKRIEOXHOLJKWLQWRWLVVXHV
FXUFXPLQFDQEHVXJJHVWHGDVDVXLWDEOH36IRUWUHDWPHQWRIORFDOL]HGVXSHUILFLDO
LQIHFWLRQV VXFK DV RUDO FDQGLGLDVLV /RZ FXUFXPLQ FRQFHQWUDWLRQV KDYH EHHQ
VKRZQWREHKLJKO\HIIHFWLYHIRUSKRWRLQDFWLYDWLQJ&DOELFDQVLQSODQNWRQLFDQG
ELRILOP IRUP ,W ZDV DOVR VXJJHVWHG WKDW WKH WKHUDS\ ZDV PRUH HIIHFWLYH LQ
LQDFWLYDWLQJ WKH \HDVW FHOO WKDQ D PDFURSKDJH FHOO OLQH VXJJHVWLQJ FHUWDLQ
VSHFLILFLW\RIFXUFXPLQPHGLDWHG3'7
7KHUHIRUH WKH GDWD REWDLQHG IURP LQ YLWUR LQYHVWLJDWLRQV RI FXUFXPLQ
PHGLDWHG3'7DUHHQFRXUDJLQJ+RZHYHUWKHODFNRIUHOLDEOHLQYLYRHYLGHQFHKDV
QRWDOORZHGWKLVPHWKRGWREHFRQILUPHGDVDQHIIHFWLYHWKHUDS\IRUWKHFRQWURORI
RUDO FDQGLGLDVLV 7KHQ WKH DLP RI WKH SUHVHQW LQYHVWLJDWLRQ LV WR FRQWULEXWH WR LQ
YLYR DQWLPLFURELDO 3'7 GHYHORSPHQW UHSRUWLQJ WKH SKRWRLQDFWLYDWLRQ RI &
DOELFDQV LQ D PXULQH PRGHO RI RUDO FDQGLGLDVLV XVLQJ GLIIHUHQW FXUFXPLQ
FRQFHQWUDWLRQVLQDVVRFLDWLRQZLWK/('OLJKW
&DStWXOR
0$7(5,$/6$1'0(7+2'6
3KRWRVHQVLWLVHUV DQG OLJKW VRXUFH 1DWXUDO FXUFXPLQ ZDV REWDLQHG E\ 6LJPD
$OGULFK 86$ $ VWRFN VROXWLRQ 0 ZDV SUHSDUHG LQ 'LPHWK\OVXOIR[LGH
'062DQGWKHQGLOXWHGLQVDOLQHVROXWLRQWRREWDLQWKHFRQFHQWUDWLRQVWR
EHWHVWHG7KH36FRQFHQWUDWLRQVWHVWHGZHUHDQG0ZKLFKFRUUHVSRQG
WR DQG PJ/ $ KDQGSLHFH ZLWK D EOXH a QP OLJKWHPLWWLQJ
GLRGH /(' /;+/35 /X[HRQ ,,, (PLWWHU /XPLOHGV /LJKWLQJ 6DQ -RVH
&DOLIRUQLD86$ZHUHGHVLJQHGE\,QVWLWXWRGH)tVLFDGH6mR&DUORV8QLYHUVLW\
RI6mR3DXOR6mR&DUORV63%UD]LO7KHRXWSXWSRZHURIOLJKWGHOLYHUHGDWWKH
HQGRIWKHKDQGSLHFHZDVP:FP
0LFURRUJDQLVPV DQG FXOWXUH FRQGLWLRQ $ UHIHUHQFH VWUDLQ RI & DOELFDQV ZDV
XVHG$7&&QXPEHU5RFNYLOOH0G86$7KLVVWUDLQZDVPDLQWDLQHGLQ
\HDVWSHSWRQHJOXFRVH <(3' DW & DQG ZDV UHDFWLYDWHG E\ FXOWLYDWLRQ LQ
6DERXUDXG 'H[WURVH $JDU FRQWDLQLQJ JP/ JHQWDPLFLQ 6'$ DW & IRU KRXUV EHIRUH HDFK H[SHULPHQW 7KH \HDVW ZDV LQRFXODWHG LQ P/ RI 7U\SWLF 6R\
%URWK76%DQGJURZQDHURELFDOO\DW&IRUK(DFKFXOWXUHZDVKDUYHVWHG
DIWHU FHQWULIXJDWLRQ DW USP IRU PLQ ZDVKHG WZLFH ZLWK VWHULOH GLVWLOOHG
ZDWHUDQGUHVXVSHQGHGLQVWHULOHVDOLQHWRDFRQFHQWUDWLRQRI&)8P/
$QLPDOSUHSDUDWLRQDQG&DQGLGDLQRFXODWLRQ7KHUHVHDUFKSURWRFROVIRUXVLQJ
PLFH DQG DOO DQLPDO H[SHULPHQWV ZHUH DSSURYHG E\ WKH (WKLFDO &RPPLWWHH IRU
$QLPDO ,QYHVWLJDWLRQV $UDUDTXDUD 'HQWDO 6FKRRO 81(63 8QLY (VWDGXDO
3DXOLVWD )RUW\ILYH VL[ZHHNROG IHPDOH PLFH ZHUH XVHG IRU DOO DQLPDO
H[SHULPHQWV 7KH PLFH ZHUH NHSW LQ FDJHV KRXVLQJ DQLPDOV LQ D WHPSHUDWXUH
FRQWUROOHGURRP&ZLWKDKOLJKWGDUNF\FOH6WDQGDUGPRXVHFKRZ
DQGWDSZDWHUZHUHJLYHQDGOLELWXP
7KHPHWKRGRORJ\GHVFULEHGE\7DNDNXUDHWDODQG0LPDHWDO ZDVXVHGWRLQGXFHRUDOFDQGLGRVLVLQPLFH7KHVWXG\GHVLJQLVVKRZQLQ)LJXUH
7KH DQLPDOV ZHUH LPPXQRVXSSUHVVHG ZLWK WZR VXEFXWDQHRXV LQMHFWLRQV RI
SUHGQLVRORQH'HSR0HGURO/DERUDWyULRV3IL]HU/WGD*XDUXOKRV63%UD]LODWD
GRVHRIPJNJERG\ZHLJKWGD\SULRUWRDQGGD\VDIWHUWKHLQIHFWLRQZLWK
&DQGLGD 7HWUDF\FOLQH K\GURFKORULGH )DUPiFLD 6DQWD 3DXOD $UDUDTXDUD 63
&DStWXOR
%UD]LO LQ GULQNLQJ ZDWHU DW WKH FRQFHQWUDWLRQ RI PJP/ ZDV JLYHQ WR PLFH
EHJLQQLQJ GD\ EHIRUH LQRFXODWLRQ $QLPDOV ZHUH DQHVWKHWL]HG E\ DQ
LQWUDPXVFXODULQMHFWLRQZLWK/RIPJP/FKORUSURPD]LQHFKORULGH)DUPiFLD
6DQWD 3DXOD $UDUDTXDUD 63 %UD]LO RQ HDFK IHPXU 6PDOO FRWWRQ SDGV
&RWWRQEDE\+LJLH3OXV&RWWRQEDE\,QG&RP/WGD6mR-RVp6&%UD]LOZHUH
VRDNHG LQ D & DOELFDQV FHOO VXVSHQVLRQ &)8P/ DQG WKH WRQJXH RI WKH
DQHVWKHWL]HGPLFHZDVVZDEEHGWRSURGXFHRUDOLQIHFWLRQV
([SHULPHQWDODQGFRQWUROJURXSV)LYHGD\VDIWHU&DQGLGDLQRFXODWLRQPLFH
ZHUH UDQGRPL]HG LQWR JURXSV DFFRUGLQJ WR WKH W\SH RI WUHDWPHQW 3/0
3/0 3/0 3/0 3/0 3/0 3/ DQG 3/
7KH DQLPDOV ZHUH DQHVWKHWL]HG E\ DQ LQWUDPXVFXODU LQMHFWLRQ RI PJNJ ERG\
ZHLJKWNHWDPLQH8QLmR4XtPLFD)DUPDFrXWLFD1DFLRQDO6$(PEX*XDoX63
%UD]LO DQG PJNJ ERG\ ZHLJKW [\OD]LQH 3URGXWRV 9HWHULQiULRV - $ /WGD
3DWURFtQLR3DXOLVWD63%UD]LO(DFKDQLPDOZDVSODFHGLQDVXSLQHSRVLWLRQRQD
SDG LQ D GHYLFH ILWWHG ZLWK VWDLQOHVV VWHHO ZLUHV WKDW ZHUH ORRSHG DURXQG WKH
LQFLVRUV WR KROG WKH PRXWK RSHQHG :LWK PDQGLEOH DQG FKHHNV UHWUDFWHG WKH
WRQJXH ZDV JHQWO\ SRVLWLRQHG RXW RI WKH PRXWK DV IDU DV SRVVLEOH WR DYRLG DQ\
LQMXU\WRWKHWLVVXH$QLPDOVEHORQJLQJWR3/JURXSVWRSLFDOO\UHFHLYHG/RI
36 DW WKH FRQFHQWUDWLRQV WHVWHG DQG 0 RQ WKH GRUVXP RI WKH WRQJXH
DQGPLFHZHUHPDLQWDLQHGLQWKHGDUNGXULQJPLQSUHLUUDGLDWLRQWLPH'XULQJ
WKLVSHULRGWKHWRQJXHRIHDFKDQLPDOZDVNHSWLQWKHRUDOFDYLW\DQGWKH36ZDV
QRW VZDOORZHG VLQFH WKH DQLPDOV ZHUH DQDHVWKHWL]HG $IWHU WKLV SHULRG WRQJXH
ZDVSXOOHGRXWRIWKHPRXWKDJDLQIRULOOXPLQDWLRQ7KH/('GHYLFHZDVSODFHG
RQWR WKH GRUVXP RI WKH WRQJXH DQG LOOXPLQDWLRQ ZDV SHUIRUPHG DW -FP
ZKLFK FRUUHVSRQGHG WR PLQ 7KH DQWLIXQJDO HIIHFW RI WKH 36 ZLWKRXW OLJKW
H[FLWDWLRQZDVWHVWHGE\ DSSOLFDWLRQRI FXUFXPLQ DWWKHVDPHFRQFHQWUDWLRQV
DQG0IRUWKHVDPHSHULRGRISUHLUUDGLDWLRQWLPHDQGLUUDGLDWLRQEXWLQWKH
DEVHQFHRIOLJKW3/JURXSV7KHJURXSWKDWUHFHLYHGOLJKWRQO\ZDVH[SRVHGWR
WKHVDPH/('IOXHQFHPHQWLRQHGDERYHZLWKRXWSUHYLRXVSKRWRVHQVLWL]DWLRQZLWK
363/7KHSRVLWLYHFRQWUROJURXSGLGQRWUHFHLYHHLWKHU36RUOLJKW3/
&DStWXOR
$ QHJDWLYH FRQWURO JURXS 1&* RI DQLPDOV ZDV QRW LPPXQRVXSSUHVVHG
DQGGLGQRWUHFHLYH&DOELFDQVLQRFXODWLRQQHLWKHUDQ\WUHDWPHQW5HFRYHU\RI&
DOELFDQV IURP WRQJXHV RI DOO PLFH ZDV GRQH DW RQO\ RQH WLPH SRLQW 'D\ LPPHGLDWHO\ DIWHU WUHDWPHQW IRU 3/ 3/ DQG 3/ JURXSV )RU DOO JURXSV RI
PLFHWKHGRUVXPRIWKHWRQJXHZDVVZDEEHGIRUPLQZLWKDFRWWRQSDG7KHHQG
RIWKHFRWWRQSDGZDVWKHQFXWRIISODFHGLQDWXEHFRQWDLQLQJP/VWHULOHVDOLQH
DQG YRUWH[HG IRU PLQ WR UHVXVSHQG WKH \HDVW FHOOV $IWHU WKDW GXSOLFDWH /
DOLTXRWVIURPWKHIROGVHULDOGLOXWLRQVZHUHVSUHDGRYHUWKHVXUIDFHRI6'$$OO
SODWHVZHUHDHURELFDOO\LQFXEDWHGDW&IRUK$IWHULQFXEDWLRQ\HDVWFRORQ\
FRXQWVRIHDFKSODWHZHUHTXDQWLILHGXVLQJDGLJLWDOFRORQ\FRXQWHU&33OXV
3KRHQL[ ,QG &RP (TXLSDPHQWRV &LHQWtILFRV /WGD $UDUDTXDUD 63 %UD]LO 7KH
FRORQ\IRUPLQJXQLWSHUPLOOLOLWHU&)8P/ZDVGHWHUPLQHGDQGWUDQVIRUPHGLQWR
ORJ(DFKH[SHULPHQWDODQGFRQWUROJURXSFRQVLVWHGRIILYHDQLPDOV
+LVWRSDWKRORJLFDO VW\G\ 2Q GD\ DOO PLFH IURP DOO JURXSV ZHUH VDFULILFHG
ZLWK D OHWKDO GRVH RI NHWDPLQH 7RQJXHV ZHUH VXUJLFDOO\ UHPRYHG IL[HG LQ IRUPDOLQ IL[DWLYH VROXWLRQ DW S+ DQG HPEHGGHG LQ SDUDIILQ )LYHP WKLFN
VHULDOVHFWLRQVZHUHFXWPRXQWHGRQJODVVVOLGHVDQGVWDLQHGZLWKSHULRGLFDFLG
6FKLII DQG KHPDWR[\OLQ 3$6+ VWDLQ IRU KLVWRSDWKRORJLFDO H[DPLQDWLRQ DQG
IXQJDO GHWHFWLRQ LQ OLJKW PLFURVFRSH &DUO =HLVV 2EHUNRFKHQ :HVW
*HUPDQ\ 7LVVXH UHDFWLRQ GXH WR & DOELFDQV LQIHFWLRQ DVVRFLDWHG RU QRW WR WKH
3'7 ZDV H[DPLQHG E\ D SDWKRORJLVW EOLQGHG WR WKH DOO JURXSV RI PLFH $
GHVFULSWLYH DQDO\VLV RI WKH KLVWRORJLFDO FKDUDFWHULVWLFV RI WKH WLVVXH ZLWK DQG
ZLWKRXWORFDOLQIODPPDWRU\UHVSRQVHRIYDULHGLQWHQVLW\ZDVSHUIRUPHG
6WDWLVWLFDODQDO\VLV'HVFULSWLYHDQDO\VLVZDVSHUIRUPHGWRVXPPDUL]HWKHUHVXOWV
'DWD REWDLQHG ZHUH DQDO\]HG E\ PHDQV RI D OLQHDU PRGHO $129$ IROORZHG E\
7XNH\
VSRVWKRFWHVWVIRUPXOWLSOHFRPSDULVRQVDPRQJH[SHULPHQWDODQGFRQWURO
JURXSV7KHVLJQLILFDQFHOHYHODGRSWHGZDVS
&DStWXOR
5(68/76
$IWHUILYHGD\VRI&DQGLGDLQRFXODWLRQGD\PDFURVFRSLFREVHUYDWLRQV
VKRZHG W\SLFDO OHVLRQV FRPSRVHG RI ZKLWH SDWFKHV RU SVHXGRPHPEUDQHV RQ WKH
WRQJXH RI DOO LQIHFWHG PLFH 7KH KLJK \HDVW FRORQL]DWLRQ ZDV FRQILUPHG LQ 3/
DQLPDOV VLQFH WKH PHDQ FRORQ\ FRXQWV LQ WKLV JURXS ZHUH RI [&)8P/
2QWKHRWKHUKDQGDQLPDOVWKDWUHFHLYHGQHLWKHULPXQRVXSUHVVLRQQRU&DOELFDQV
LQRFXODWLRQ 1&* VKRZHG DEVHQFH RI PDFURVFRSLF VLJQV RI LQIHFWLRQ DQG QR
FRORQ\JURZWKDIWHUVDPSOLQJ
7KHGLVWULEXWLRQRIORJ&)8P/YDOXHVREWDLQHGLVSUHVHQWHGLQER[SORW
IRUPDW)LJXUH7ZRDQLPDOVEHORQJLQJWR3/0JURXSDQGIRXUDQLPDOV
IURP 3/ 0 JURXS VKRZHG DEVHQFH RI FRORQ\ JURZWK RQ 6'$ SODWHV DIWHU
WUHDWPHQW VXJJHVWLQJ WKH FRPSOHWH LQDFWLYDWLRQ RI & DOELFDQV LQ WKHVH PLFH
7DEOHVKRZVWKHPHDQORJGURSLQHDFKRIWKH3/JURXSV7KHXVHRI0
RI FXUFXPLQ DVVRFLDWHG ZLWK /(' OLJKW ZDV DEOH WR SURPRWHG KLJKHVW ORJ
UHGXFWLRQ LQ FRORQ\ FRXQWV RYHU WKDQ ORJV 1HYHUWKHOHVV DOO DVVRFLDWLRQV RI
FXUFXPLQ DQG /(' OLJKW ZHUH DEOH WR VLJQLILFDQWO\ UHGXFH & DOELFDQV YLDELOLW\
DIWHU3'7ZKHQFRPSDUHGZLWKWKHORJ&)8P/YDOXHRI3/JURXS7DEOH
,QJHQHUDOWKHFRORQ\FRXQWVIURP3/3/DQG3/JURXSVUHPDLQHGEHWZHHQ
DQG ORJ&)8P/ 7KH GLIIHUHQFHV DPRQJ WKH PHDQ YDOXHV RI WKHVH
JURXSVZHUHFRQVLGHUHGVWDWLVWLFDOO\LQVLJQLILFDQW7DEOH
+LVWRORJLFDO DQDO\VLV RI WKH WRQJXH RI WKH PLFH EHORQJLQJ WR 3/ JURXS
VKRZHG WKH SUHVHQFH RI \HDVW DQG SVHXGRK\SKDH OLPLWHG WR WKH NHUDWLQL]HG OD\HU
RQWKHGRUVXPRIWKHWRQJXHDQGQRHYLGHQFHRILQYDVLRQRI\HDVWLQGHHSOD\HUV
RI WKH HSLWKHOLXP 7KH VXEMDFHQW FRQQHFWLYH WLVVXH H[KLELWHG PLOG LQIODPPDWRU\
UHVSRQVH PHGLDWHG E\ PRQRQXFOHDU FHOOV )LJXUH $ 7KH KLVWRORJLFDO
H[DPLQDWLRQ RI DQLPDOV IURP 3/ DQG 3/ JURXSV UHYHDOHG VLPLODU
FKDUDFWHULVWLFV 0LFH IURP QHJDWLYH FRQWURO JURXS VKRZHG QR HYLGHQFH RI &
DOELFDQV RQ WKH GRUVXP RI WKH WRQJXH DQG WKH HSLWKHOLDO DQG FRQQHFWLYH WLVVXHV
H[KLELWHG QRUPDO KLVWRORJLFDO FKDUDFWHULVWLFV )LJXUH % +LVWRORJLFDO
H[DPLQDWLRQ RI WRQJXH RI IRXU DQLPDOV WUHDWHG ZLWK 3'7 DW 0 RI FXUFXPLQ
&DStWXOR
UHYHDOHGDEVHQFHRIWKHIXQJLRQWKHWRQJXHRIIRXUDQLPDOV)LJXUH&2QO\RQH
DQLPDO IURP WKLV JURXS ZDV VWLOO FDUU\LQJ & DOELFDQV EXW D GLVFUHWH QXPEHU RI
FHOOVZDVREVHUYHG)LJXUH'$QLPDOVEHORQJLQJWRWKHUHPDLQLQJ3/JURXSV
VKRZHG UHGXFHG QXPEHU RI \HDVW SVHXGRK\SKDH DQG K\SKDH OLPLWHG WR WKH
NHUDWLQL]HGOD\HURQWKHGRUVXPRIWKHWRQJXH)LJXUH()
',6&866,21
& DOELFDQV LV D PDMRU RSSRUWXQLVWLF KXPDQ SDWKRJHQ WKDW FDXVHV
VXSHUILFLDO DQG GLVVHPLQDWHG IRUPV RI LQIHFWLRQV 7KH LQFUHDVLQJ HPHUJHQFH RI
DQWLIXQJDOUHVLVWDQFHDPRQJVW&DQGLGDVSSKDVUHVXOWHGLQDJURZLQJLQWHUHVWLQ
WKHDQWLPLFURELDOHIIHFWVRI3'7DVDWKHUDS\IRUWKHORFDOL]HGFDQGLGLDVLV,QWKLV
FRQWH[WGLIIHUHQWW\SHVRI36ZLWKGLVWLQFWSK\VLFRFKHPLFDOSURSHUWLHVKDYHEHHQ
SURSRVHG &XUFXPLQ LV D QDWXUDOO\ RFFXUULQJ LQWHQVHO\ \HOORZ SLJPHQW WKDW
H[KLELWV SRWHQWLDO WKHUDSHXWLF DSSOLFDWLRQV 5HFHQWO\ WKLV QDWXUDO
FRPSRXQGKDVEHHQVKRZQWRSRVVHVVSKRWRWR[LFSRWHQWLDODJDLQVW&DQGLGDFHOOV
ERWK LQ SODQNWRQLF DQG ELRILOP SKDVHV +RZHYHU LQ YLYR DSSOLFDWLRQ RI
DQWLPLFURELDO3'7XVLQJFXUFXPLQKDVQRW\HWEHHQHVWDEOLVKHG7KXVWKHSUHVHQW
LQYHVWLJDWLRQ ZDV GHVLJQ WR HYDOXDWH WKH DVVRFLDWLRQ RI FXUFXPLQ DQG /(' OLJKW
IRUSKRWRLQDFWLYDWLRQRI&DOELFDQVLQDPXULQHPRGHORIRUDOFDQGLGLDVLV
7KHUHVXOWVVKRZHGWKDW3'7ZDVDEOHWRSURPRWHDQWLIXQJDOHIIHFWDJDLQVW
&DOELFDQV7KHDVVRFLDWLRQRIDQG0ZLWKOLJKWZDVDEOHWRSURGXFH
VLJQLILFDQWUHGXFWLRQRQ&DQGLGDYLDEOHFRXQWVZKHQFRPSDUHGWRXQWUHDWHGPLFH
3/ $OWKRXJK VWDWLVWLFDO DQDO\VHV GLG QRW ILQG VLJQLILFDQW GLIIHUHQFHV EHWZHHQ
WKH3/JURXSVXVLQJDQG0RIFXUFXPLQWKHKLJKHVWFRQFHQWUDWLRQZDV
WKH RQO\ DEOH WR SURPRWH RYHU WKDQ ORJV RI UHGXFWLRQ LQ & DOELFDQV YLDEOH
FRXQWV ,Q IDFW IRXU RI WKH ILYH DQLPDOV EHORQJLQJ WR WKLV 3/ JURXS 0
VKRZHG DEVHQFH RI FRORQ\ JURZWK DIWHU WKH WUHDWPHQW LQGLFDWLQJ WKDW FRPSOHWH
LQDFWLYDWLRQRI&DOELFDQVPD\KDYHRFFXUUHGLQWKHVHDQLPDOV7RRXUNQRZOHGJH
WKHUH LV QR SUHYLRXVO\ SXEOLVKHG VWXG\ LQYHVWLJDWLQJ WKH LQ YLYR SKRWRG\QDPLF
HIIHFWV RI FXUFXPLQ DJDLQVW & DOELFDQV +RZHYHU SUHYLRXV ODERUDWRU\ VWXGLHV
KDYHVKRZQWKHOHWKDOSKRWRVHQVLWL]DWLRQRIPLFURRUJDQLVPXVLQJVRPHFXUFXPLQ
&DStWXOR
SUHSDUDWLRQV$UHFHQWLQYHVWLJDWLRQVKRZHGWKDWDORZHUFRQFHQWUDWLRQ
0 ZDV VXIILFLHQW WR SURGXFH FRPSOHWH SKRWRLQDFWLYDWLRQ RI & DOELFDQV
VXVSHQVLRQVZKHQFRPSDUHGWRWKHSUHVHQWVWXG\7KRVHDXWKRUVDOVRIRXQGD
GHFUHDVHRILQ&DOELFDQVELRILOPPHWDEROLVPXVLQJWKHVDPHFRQFHQWUDWLRQ
DQG-FPRIOLJKW0RUHRYHUWKHLQYLWURSKRWRG\QDPLFHIIHFWRIFXUFXPLQ
DJDLQVWEDFWHULDOVSHFLHVKDVEHHQGHVFULEHGZLWKWKHXVHRIORZHUFRQFHQWUDWLRQV
0$FFRUGLQJWR'DLHWDOWZRPDLQIDFWRUVFDQEHUHVSRQVLEOH
IRU WKH GLIIHUHQW RXWFRPHV ZKHQ DQWLPLFURELDO WKHUDSLHV LQFOXGLQJ 3'7 DUH
FRPSDUHG LQ LQ YLWUR DQG LQ YLYR VWXGLHV 2QH LV WKH KRVW WLVVXH FRPSHWLWLRQ IRU
ELQGLQJ WKH 36 ZKLFK UHVXOWV LQ D UHGXFHG HIILFDF\ RI LQ YLYR PLFURELDO
SKRWRLQDFWLYDWLRQ 2WKHU UHDVRQV DUH WKH IRUPDWLRQ RI FRPSOH[ ELRILOP RQ WLVVXH
VXUIDFHVZKHUHWKH36DFFHVVFDQEHGLIILFXOWDQGWKHGHFUHDVHRQ36FRQFHQWUDWLRQ
LQGHHSVLWHVRIWLVVXHV7KHUHIRUHWKLVLQYHVWLJDWLRQRQFHDJDLQFRQILUPVWKH
LPSRUWDQFH RI XVLQJ DQLPDO PRGHOV WKDW PLPLF KXPDQ LQIHFWLRQV WR HVWDEOLVK
HIIHFWLYH SDUDPHWHUV RI QHZ DQWLPLFURELDO WKHUDSLHV SULRU WR FOLQLFDO
UHFRPPHQGDWLRQ,WLVDOVRLPSRUWDQWWRPHQWLRQWKDWWKHDQWLIXQJDOSURSHUWLHVRI
FXUFXPLQ SHU VH KDYH EHHQ UHSRUWHG DQG WKH LQ YLWUR HYDOXDWLRQV VXJJHVWHG WKDW
FRQFHQWUDWLRQVKLJKHUWKDQ0RUPJ/FDQEHQHHGWRSURGXFHDQWLIXQJDO
HIIHFW $ UHFHQW SXEOLFDWLRQ IRXQG WKDW WKH PLQLPXP LQKLELWRU\
FRQFHQWUDWLRQ0,&RIFXUFXPLQDJDLQVW&DQGLGDVWUDLQVUDQJHGIURPWR
PJ/ 7KXV KLJKHU FRQFHQWUDWLRQV RI WKH FRPSRXQG DUH QHHGHG WR
LQGXFHWKHDQWLIXQJDOHIIHFWZLWKRXWOLJKWH[FLWDWLRQ
2YHUWKH\HDUVDQXPEHURIVWXGLHVKDYHEHHQGHVLJQHGWRLQYHVWLJDWHWKH
HIIHFWVRIDQWLPLFURELDO3'7HVSHFLDOO\LQWKHGHQWDOILHOG7KHJURZLQJHYLGHQFH
IURP LQ YLYR LQYHVWLJDWLRQV KDV UHVXOWHG LQ WKH FOLQLFDO DSSURYDO RI VRPH 3'7
V\VWHPV IRU WUHDWLQJ HQGRGRQWLF LQIHFWLRQV SHULRGRQWLWLV DQG GHQWDO FDULHV +RZHYHUWKHUHDUHUHODWLYHO\IHZVWXGLHVFRQFHUQLQJWKHWRSLFDOWUHDWPHQWRIRUDO
FDQGLGLDVLVE\3'73UHYLRXVLQYLYRUHSRUWVRQSKRWRLQDFWLYDWLRQRI&DOELFDQV
XVLQJPHWK\OHQHEOXHDQGSRUSK\ULQVKDYHEHHQSXEOLVKHG7HLFKHUW
HWDOXVHGKLJKFRQFHQWUDWLRQVRIPHWK\OHQHEOXHDQGPJ/DQGWKH
RYHUDOOUHGXFWLRQRI&DOELFDQVYLDELOLW\ZDVDSSUR[LPDWHO\RIORJ5HFHQWO\
&DStWXOR
0DUWLQV HW DO UHSRUWHG WKH XVH RI D ORZHU PHWK\OHQH EOXH FRQFHQWUDWLRQ
PJ/ EXW WKH QXPEHU RI & DOELFDQV UHFRYHUHG IURP OHVLRQV UHPDLQHG
VLPLODU WR XQWUHDWHG DQLPDOV 7KH XVH RI SRUSK\ULQ GHULYDWLYHV WR WUHDW RUDO
FDQGLGLDVLVDOVRUHTXLUHGKLJKFRQFHQWUDWLRQVRI36DQGRQO\DGLVFUHWHDQWLIXQJDO
HIIHFW ORJ GURS ZDV UHSRUWHG $FFRUGLQJ WR -RUL HW DO WKH
HIILFLHQF\RID36FDQEHH[SUHVVHGDVWKHPLQLPDOFRQFHQWUDWLRQZKLFKLQGXFHVD
ORJ GHFUHDVH LQ VXUYLYDO RI PLFURRUJDQLVPV ,Q WKH SUHVHQW VWXG\ WKH XVH RI
0 RI FXUFXPLQ DVVRFLDWHG ZLWK -FP RI /(' OLJKW ZDV VXIILFLHQW WR
SURPRWH D GURS RI ORJ LQ & DOELFDQV YLDELOLW\ 7KXV FRPSDUHG WR WKH
SUHYLRXV SXEOLVKHG VWXGLHV RQ &DQGLGD SKRWRLQDFWLYDWLRQ WKH ILQGLQJV SUHVHQWHG
KHUH FDQ FOHDUO\ FRQWULEXWH IRU WKH GHYHORSPHQW RI HIIHFWLYH SURWRFROV RI
DQWLIXQJDO 3'7 ,Q DGGLWLRQ FXUFXPLQPHGLDWHG 3'7 FDQ KDYH LPSRUWDQW
DGYDQWDJHVRYHUWUDGLWLRQDOWUHDWPHQWVRIRUDOFDQGLGLDVLV)LUVWLOOXPLQDWLRQZDV
SHUIRUPHGGXULQJRQO\PLQXWHVLQGLFDWLQJWKDW3'7UDSLGO\LQDFWLYDWHG&DQGLGD
FHOOV ZKLOH DQWLIXQJDOV FDQ WDNH GD\V WR ZRUN 8VLQJ WKH VDPH DQLPDO PRGHO RI
RUDO FDQGLGLDVLV 7DNDNXUD HW DO HYDOXDWHG V\VWHPLF WUHDWPHQW ZLWK
IOXFRQD]ROH LQ GULQNLQJ ZDWHU GXULQJ GD\V DQG WRSLFDO DSSOLFDWLRQ RI
DPSKRWHULFLQ%GXULQJGD\V1R&DQGLGDRUJDQLVPVZHUHGHWHFWHGLQDQLPDOV
WUHDWHGZLWKIOXFRQD]ROHZKLOHRQO\DUHGXFWLRQRI&DOELFDQVZDVREWDLQHGDIWHU
WRSLFDO WUHDWPHQW ,Q DQ H[SHULPHQWDO PRGHO RI HVRSKDJHDO FDQGLGLDVLV
DGPLQLVWUDWLRQ RI LWUDFRQD]ROH RUDO VROXWLRQ RQFH D GD\ IRU FRQVHFXWLYH GD\V
UHGXFHGWKHQXPEHURI&DQGLGDFHOOVIURPWRORJ&)8P/&KDPLHWDO
UHSRUWHG WKDW WRSLFDO DSSOLFDWLRQ RI Q\VWDWLQ WZLFH D GD\ IRU FRQVHFXWLYH
GD\V IRU WKH WUHDWPHQW RI LQGXFHG RUDO FDQGLGLDVLV LQ UDWV UHGXFHG WKH PHDQ
QXPEHURIYLDEOHFRXQWVRI&DOELFDQVIURPWRORJ&)8P/$QRWKHU
DGYDQWDJHRI3'7LVWKHEURDGVSHFWUXPRIDFWLRQ7KHFXUFXPLQSKRWRWR[LFLW\WR
PLFURELDOV\VWHPVVHHPVWREHPHGLDWHGWKURXJKWKHH[FLWHGVWDWHVRIWKH36DQG
WKHLU VXEVHTXHQW UHDFWLRQV ZLWK R[\JHQ 7KH IRUPDWLRQ RI QRQVSHFLILF
UHDFWLYH VSHFLHV PHDQV WKDW 3'7 FRXOG EH WKH ILUVW FKRLFH WR WUHDW D ORFDOL]HG
LQIHFWLRQ ZKLOH D SURSHU LGHQWLILFDWLRQ RI WKH PLFURRUJDQLVPV LQYROYHG LV EHLQJ
FRQGXFWHG
&DStWXOR
7KH SUHSDUDWLRQ RI VSHFLPHQV IRU KLVWRORJLFDO HYDOXDWLRQ ZDV SHUIRUPHG
VL[ GD\V DIWHU &DQGLGD LQRFXODWLRQ $QLPDOV EHORQJLQJ WR 3/ 3/ DQG 3/
JURXSV VKRZHG VXEVWDQWLDO QXPEHU RI \HDVW DQG SVHXGRK\SKDH ORFDOL]HG LQ WKH
NHUDWLQL]HG OD\HU 1R LQYDVLRQ RI WKH HSLWKHOLXP ZDV REVHUYHG DQG D PLOG
LQIODPPDWLRQ ZDV VHHQ LQ WKH VXEMDFHQW FRQQHFWLYH WLVVXH 7KLV ILQGLQJ LV LQ
DJUHHPHQW ZLWK WKRVH UHSRUWHGE\ 0LPD HW DO ZKLFK XVHG VLPLODU PRGHO RI
RUDOFDQGLGLDVLV,QFRQWUDVWZKHQ7DNDNXUDHWDOILUVWO\GHVFULEHGWKHPXULQH
PRGHORIRUDOFDQGLGLDVLVXVHGLQWKHSUHVHQWLQYHVWLJDWLRQDGHVWUXFWLRQRIVHYHUDO
HSLWKHOLDO OD\HUV ZDV UHSRUWHG 7KLV ZDV SUREDEO\ EHFDXVH WKRVH DXWKRUV XVHG D
FOLQLFDO LVRODWHG VWUDLQ WR SURGXFH WKH FDQGLGLDVLV LQ WKH DQLPDOV ZKLFK FDQ KDYH
LQFUHDVHGYLUXOHQFHIDFWRUVZKHQFRPSDUHGWRWKHUHIHUHQFHVWUDLQ$7&&XVHG
LQ WKH SUHVHQW VWXG\ 7KH KLVWRORJLFDO DQDO\VLV DOVR UHYHDOHG WKDW 3'7 KDG QR
DGYHUVHHIIHFWVRQWKHDGMDFHQWWLVVXH$OWKRXJKDORZLQIODPPDWRU\UHVSRQVHZDV
REVHUYHG LQ VXEMDFHQW FRQQHFWLYH WLVVXH WKLV FKDUDFWHULVWLF ZDV DOVR REVHUYHG LQ
DOOPLFHLQIHFWHGZLWK&DOELFDQVUHJDUGOHVVWKHW\SHRIWUHDWPHQWUHFHLYHG2QO\
WKH DQLPDOV IURP 1&* ZKLFK GLG QRW UHFHLYHG &DQGLGD LQRFXODWLRQ VKRZHG
DEVHQFHRIVLJQDOVRILQIODPPDWLRQLQWKHVXEMDFHQWFRQQHFWLYHWLVVXH7KHUHIRUH
WKHLQIODPPDWLRQYHULILHGLQ3'7VSHFLPHQVPD\EHDVVRFLDWHGZLWKWKH&DQGLGD
LQIHFWLRQDQGQRWEHUHODWHGWRWKH3'7WUHDWPHQW6LPLODUO\DPLOGLQIODPPDWRU\
UHVSRQVH LQ WKH VXEMDFHQW FRQQHFWLYH WLVVXHV RI PLFH LQIHFWHG ZLWK & DOELFDQV
VXEPLWWHG RU QRW WR 3'7 ZDV REVHUYHG LQ D SUHYLRXV LQYHVWLJDWLRQ ,Q
DGGLWLRQWKHVHUHVXOWVDJUHHZLWKWKHLQYHVWLJDWLRQFRQGXFWHGE\)HUQDQGHVHWDO
ZKLFKGHPRQVWUDWHGWKHHIIHFWLYHQHVVRI3'7DVDQDGMXQFWLYHWUHDWPHQWRI
LQGXFHG SHULRGRQWLWLV ZLWKRXW FDXVLQJ DQ\ KDUPLQJ HIIHFWV RQ WLVVXHV $Q
LPSRUWDQWREVHUYDWLRQZDVWKDWWKHKLVWRORJLFDOVHFWLRQVIURP3'7JURXSVWUHDWHG
ZLWK DQG 0 RI FXUFXPLQ UHYHDOHG D UHGXFHG QXPEHU RI \HDVWV DQG
K\SKDHLQWKHNHUDWLQOD\HUFRPSDUHGWRXQWUHDWHGDQLPDOV,QIDFWIRXUDQLPDOV
WKDWUHFHLYHG0RI FXUFXPLQDQGOLJKWVKRZHGDEVHQFHRI&DOELFDQVLQWKH
WLVVXH VXUIDFH ,W KDV SUHYLRXVO\ EHHQ VXJJHVWHG WKDW 3'7 FDQ WDUJHW EDFWHULDO
ELR¿OPV E\ NLOOLQJ WKH FHOOV DQG GLVUXSWLQJ ELR¿OP DUFKLWHFWXUH 7KXV LW
SRVVLEOH WR VXJJHVW WKDW FXUFXPLQPHGLDWHG 3'7 FDQ DFW DJDLQVW &DQGLGD
&DStWXOR
LQIHFWLRQVLQDVLPLODUZD\VLPXOWDQHRXVO\ NLOOLQJWKH \HDVWDQG FDXVLQJ ELR¿OP
GLVDUWLFXODWLRQ ZKLFK FDQ H[SODLQ WKH ODFN RI &DQGLGD FHOOV LQ WKH KLVWRORJLFDO
VHFWLRQV
-XGJLQJE\WKHUHVXOWVREWDLQHGLQWKHSUHVHQWVWXG\FXUFXPLQUHSUHVHQWVD
SRWHQWLDO QHZ 36 DJDLQVW &DQGLGD FHOOV $ VLQJOH DSSOLFDWLRQ RI 3'7 ZDV
VXIILFLHQW WR SURGXFH FRPSOHWH HOLPLQDWLRQ RI & DOELFDQV IURP VRPH RI WKH
HYDOXDWHG PLFH 7KH PRVW SURPLVLQJ UHVXOWV ZHUH REVHUYHG ZLWK WKH XVH RI
FXUFXPLQDW0DQGLOOXPLQDWLRQZLWK-FP7KXVWKHSURWRFROHVWDEOLVKHG
LQ WKLV LQYHVWLJDWLRQ VKRXOG H[SDQG IXUWKHU LQ RUGHU WR HYDOXDWH WKH VDIHW\ RI
UHSHDWHG DSSOLFDWLRQV RI WKH WKHUDS\ RQ WKH WUHDWPHQW RI RUDO FDQGLGLDVLV ,Q
DGGLWLRQWKHHIIHFWLYHQHVVRIWKHWKHUDS\PXVWEHHYDOXDWHGLQFOLQLFDOWULDOVZLWKD
ORQJWHUPHYDOXDWLRQRIWKHRXWFRPHRIWKHWUHDWPHQW
5()(5(1&(6
2GGV)&HGV&DQGLGDDQG&DQGLGRVLVD5HYLHZDQG%LEOLRJUDSK\/RQGRQ
%DLOOLHUH7LQGDOO
*HQGUHDX//RHZ\=*(SLGHPLRORJ\DQG(WLRORJ\RI'HQWXUH6WRPDWLWLV-
3URVWKRGRQW
/DOOD 59 /DWRUWXH 0& +RQJ &+ $UL\DZDUGDQD $ '
$PDWR3DOXPER 6
)LVFKHU '- HW DO $ V\VWHPDWLF UHYLHZ RI RUDO IXQJDO LQIHFWLRQV LQ SDWLHQWV
UHFHLYLQJFDQFHUWKHUDS\6XSSRUW&DUH&DQFHU
7KRPSVRQ*5UG3DWHO3..LUNSDWULFN:5:HVWEURRN6'%HUJ'HWDO
2URSKDU\QJHDOFDQGLGLDVLVLQWKHHUDRIDQWLUHWURYLUDOWKHUDS\2UDO6XUJ2UDO
0HG2UDO3DWKRO2UDO5DGLRO(QGRG
(SVWHLQ -% 3ROVN\ % 2URSKDU\QJHDO FDQGLGLDVLV D UHYLHZ RI LWV FOLQLFDO
VSHFWUXPDQGFXUUHQWWKHUDSLHV&OLQ7KHU
3LWWHW ' 0RQRG 0 6XWHU 30 )UHQN ( $XFNHQWKDOHU 5 &DQGLGD
FRORQL]DWLRQ DQG VXEVHTXHQW LQIHFWLRQV LQ FULWLFDOO\ LOO VXUJLFDOSDWLHQWV$QQ
6XUJ±
9LQFHQW-/%LKDUL'-6XWHU30%UXLQLQJ+$:KLWH-HWDO7KHSUHYDOHQFH
RI QRVRFRPLDO LQIHFWLRQ LQ LQWHQVLYH FDUH XQLWV LQ (XURSH 5HVXOWV RI WKH
&DStWXOR
(XURSHDQ 3UHYDOHQFH RI ,QIHFWLRQ LQ ,QWHQVLYH &DUH (3,& 6WXG\ (3,&
,QWHUQDWLRQDO$GYLVRU\&RPPLWWHH-$0$
5LFKDUGV0-(GZDUGV-5&XOYHU'+*D\QHV531RVRFRPLDOLQIHFWLRQVLQ
PHGLFDO LQWHQVLYH FDUH XQLWV LQ WKH 8QLWHG 6WDWHV 1DWLRQDO 1RVRFRPLDO
,QIHFWLRQV6XUYHLOODQFH6\VWHP&ULW&DUH0HG
3HUHV%RWD'5RGULJXH]9LOODORERV+'LPRSRXORV*0HORW&9LQFHQW-/
3RWHQWLDOULVNIDFWRUVIRULQIHFWLRQZLWK&DQGLGDVSSLQFULWLFDOO\LOOSDWLHQWV
&OLQ0LFURELRO,QIHFW
3LWWHW ' 7DUDUD ' :HQ]HO 53 1RVRFRPLDO EORRGVWUHDP LQIHFWLRQ LQ
FULWLFDOO\ LOO SDWLHQWV ([FHVV OHQJWK RI VWD\ H[WUD FRVWV DQG DWWULEXWDEOH
PRUWDOLW\-$0$±
.UFPHU\ 9 %DUQHV $- 1RQDOELFDQV &DQGLGD VSS FDXVLQJ IXQJDHPLD
6DPDUDQD\DNH /3 0DF)DUODQH 7: 2UDO &DQGLGRVLV :ULJKW̻ %XWWHUZRUWK
/RQGRQ8.
3RZGHUO\:*5RELQVRQ..HDWK(-0ROHFXODUHSLGHPLRORJ\RIUHFXUUHQW
RUDOFDQGLGLDVLVLQKXPDQLPPXQRGH¿FLHQF\YLUXV±SRVLWLYHSDWLHQWVHYLGHQFH
IRUWZRSDWWHUQVRIUHFXUUHQFH-,QIHFW'LV±
+XQWHU .' *LEVRQ - /RFNKDUW 3 3LWKLH $ %DJJ - )OXFRQD]ROHUHVLVWDQW
&DQGLGD VSHFLHV LQ WKH RUDO IORUD RI IOXFRQD]ROHH[SRVHG +,9SRVLWLYH
SDWLHQWV2UDO6XUJ2UDO0HG2UDO3DWKRO2UDO5DGLRO(QGRG
:KLWH 7& 0DUU .$ %RZGHQ 5$ &OLQLFDO FHOOXODU DQG PROHFXODU IDFWRUV
WKDW FRQWULEXWH WR DQWLIXQJDO GUXJ UHVLVWDQFH &OLQ 0LFURELRO 5HY 3HUH]RXV /))ODLW]&0*ROGVFKPLGW0((QJHOPHLHU5/&RORQL]DWLRQRI
&DQGLGD VSHFLHV LQ GHQWXUH ZHDUHUV ZLWK HPSKDVLV RQ +,9 LQIHFWLRQ D
$UFKLWHFWXUDO DQDO\VLV YLDELOLW\ DVVHVVPHQW DQG JURZWK NLQHWLFV RI &DQGLGD
DOELFDQVDQG&DQGLGDJODEUDWD$UFK2UDO%LRO
&DStWXOR
+DPEOLQ05+DVDQ73KRWRG\QDPLFWKHUDS\DQHZDQWLPLFURELDODSSURDFK
WRLQIHFWLRXVGLVHDVH"3KRWRFKHP3KRWRELRO6FL
'RQQHOO\5)0F&DUURQ3$7XQQH\00$QWLIXQJDOSKRWRG\QDPLFWKHUDS\
0LFURELRO5HV
0LPD (* 3DYDULQD $& 'RYLJR /1 9HUJDQL &( &RVWD &$ .XUDFKL &
%DJQDWR966XVFHSWLELOLW\RI&DQGLGDDOELFDQVWRSKRWRG\QDPLFWKHUDS\LQD
PXULQHPRGHORIRUDOFDQGLGRVLV2UDO6XUJ2UDO0HG2UDO3DWKRO2UDO5DGLRO
(QGRG
0DUWLQV-GD6-XQTXHLUD-&)DULD5/6DQWLDJR1)5RVVRQL5'&RORPER
&( -RUJH $2 $QWLPLFURELDO SKRWRG\QDPLF WKHUDS\ LQ UDW H[SHULPHQWDO
FDQGLGLDVLV HYDOXDWLRQ RI SDWKRJHQLFLW\ IDFWRUV RI &DQGLGD DOELFDQV 2UDO
6XUJ2UDO0HG2UDO3DWKRO2UDO5DGLRO(QGRG
6KDUPD 5$ *HVFKHU $- 6WHZDUG :3 &XUFXPLQ WKH VWRU\ VR IDU (XU -
&DQFHU
0DUWLQV&9GD6LOYD'/1HUHV$70DJDOKmHV7):DWDQDEH*$0RGROR
/9 HW DO &XUFXPLQ DV D SURPLVLQJ DQWLIXQJDO RI FOLQLFDO LQWHUHVW -
$QWLPLFURE&KHPRWKHU
*DUFLD*RPHV $6 &XUYHOR -$ 6RDUHV 50 )HUUHLUD3HUHLUD $ &XUFXPLQ
DFWVV\QHUJLVWLFDOO\ZLWKIOXFRQD]ROHWRVHQVLWL]HDFOLQLFDOLVRODWHRI&DQGLGD
DOELFDQVVKRZLQJD0'5SKHQRW\SH0HG0\FRO0D\
7VDR6<LQ0(QKDQFHGLQKLELWRU\HIIHFWIURPLQWHUDFWLRQRIFXUFXPLQZLWK
DPSKRWHULFLQ%RUIOXFRQD]ROHDJDLQVW&DQGLGDVSHFLHV-RXUQDORI)RRGDQG
'UXJ$QDO\VLV
'RYLJR/13DYDULQD$&5LEHLUR$3%UXQHWWL,/&RVWD&$-DFRPDVVL'3
HW DO ,QYHVWLJDWLRQ RI WKH 3KRWRG\QDPLF (IIHFWV RI &XUFXPLQ $JDLQVW
&DQGLGDDOELFDQV3KRWRFKHP3KRWRELRO
7DNDNXUD16DWR<,VKLEDVKL+2VKLPD+8FKLGD.<DPDJXFKL+$EH
6 $ QRYHO PXULQH PRGHO RI RUDO FDQGLGLDVLV ZLWK ORFDO V\PSWRPV
FKDUDFWHULVWLFRIRUDOWKUXVK0LFURELRO,PPXQRO
&DStWXOR
(JDQ0(3HDUVRQ0:HLQHU6$5DMHQGUDQ95XELQ'*O|FNQHU3DJHO-
&DQQ\ 6 'X . /XNDFV */ &DSODQ 0- &XUFXPLQ D PDMRU FRQVWLWXHQW RI
WXUPHULFFRUUHFWVF\VWLFILEURVLVGHIHFWV6FL
+DXNYLN 7 %UX]HOO ( .ULVWHQVHQ 6 7¡QQHVHQ ++ 3KRWRNLOOLQJ RI EDFWHULD
E\ FXUFXPLQ LQ GLIIHUHQW DTXHRXV SUHSDUDWLRQV 6WXGLHV RQ FXUFXPLQ DQG
FXUFXPLQRLGV;;;9,,3KDUPD]LH
'DL77HJRV*3=KL\HQWD\HY70\ORQDNLV(+DPEOLQ053KRWRG\QDPLF
WKHUDS\ IRU PHWKLFLOOLQUHVLVWDQW 6WDSK\ORFRFFXV DXUHXV LQIHFWLRQ LQ D PRXVH
VNLQDEUDVLRQPRGHO/DVHUV6XUJ0HG
6KDUPD 0 0DQRKDUODO 5 3XUL 1 3UDVDG 5 $QWLIXQJDO FXUFXPLQ LQGXFHV
UHDFWLYHR[\JHQVSHFLHV DQGWULJJHUVDQ HDUO\ DSRSWRVLVEXWSUHYHQWVK\SKDH
GHYHORSPHQW E\ WDUJHWLQJ WKH JOREDO UHSUHVVRU 783 LQ &DQGLGD DOELFDQV
%LRVFL5HS
-LDQKXD:+DL:$QWLIXQJDOVXVFHSWLELOLW\DQDO\VLVRIEHUEHULQHEDLFDOLQ
HXJHQRODQGFXUFXPLQRQ&DQGLGDDOELFDQV-0HG&ROO3/$±
&XUFXPLQ DV D SURPLVLQJ DQWLFDQGLGDO RI FOLQLFDO LQWHUHVW &DQ - 0LFURELRO
'DL 7 +XDQJ << +DPEOLQ 05 3KRWRG\QDPLF WKHUDS\ IRU ORFDOL]HG
LQIHFWLRQVVWDWHRIWKHDUW3KRWRGLDJQRVLV3KRWRG\Q7KHU
7HLFKHUW 0& -RQHV -: 8VDFKHYD 01 %LHO 0$ 7UHDWPHQW RI RUDO
FDQGLGLDVLV ZLWK PHWK\OHQH EOXHPHGLDWHG SKRWRG\QDPLF WKHUDS\ LQ DQ
LPPXQRGHILFLHQWPXULQHPRGHO2UDO6XUJ2UDO0HG2UDO3DWKRO2UDO5DGLRO
(QGRG
-RUL * )DEULV & 6RQFLQ 0 )HUUR 6 &RSSHOORWWL 2 'HL ' HW DO
3KRWRG\QDPLF WKHUDS\ LQ WKH WUHDWPHQW RI PLFURELDO LQIHFWLRQV EDVLF
SULQFLSOHVDQGSHUVSHFWLYHDSSOLFDWLRQV/DVHUV6XUJ0HG
&DStWXOR
,VKLEDVKL + +LVDMLPD 7 +X : <DPDJXFKL + 1LVKL\DPD < $EH 6 $
PXULQHPRGHORIHVRSKDJHDOFDQGLGLDVLVZLWKORFDOFKDUDFWHULVWLF V\PSWRPV
0LFURELRO,PPXQRO
&KDPL1 &KDPL ) %HQQLV 6 7URXLOODV - 5HPPDO $$QWLIXQJDO WUHDWPHQW
ZLWK FDUYDFURO DQG HXJHQRO RI RUDO FDQGLGLDVLV LQ LPPXQRVXSSUHVVHG UDWV
%UD]-,QIHFW'LV
3KRWRFKHP3KRWRELRO&
%UX]HOO (0 0RULVEDN ( 7¡QQHVHQ ++ 6WXGLHV RQ FXUFXPLQ DQG
FXUFXPLQRLGV ;;,; 3KRWRLQGXFHG F\WRWR[LFLW\ RI FXUFXPLQ LQ VHOHFWHG
5LFFLDWWL6LEEDOG ' 6LEEDOG 5* 'HUPDWRORJLF YHKLFOHV &OLQ 'HUPDWRO
$QFKRUGRJX\ 7- &DUSHQWHU -) &URZH -+ &URZH /0 7HPSHUDWXUH
GHSHQGHQW SHUWXUEDWLRQ RI SKRVSKROLSLG ELOD\HUV E\ GLPHWK\OVXOIR[LGH
%LRFKLP%LRSK\V$FWD±
&KHQ ' 6RQJ ' :LHQWMHV 0* $X -/ (IIHFW RI GLPHWK\O VXOIR[LGH RQ
EODGGHUWLVVXHSHQHWUDWLRQRILQWUDYHVLFDOSDFOLWD[HO&OLQ&DQFHU5HV
)HUQDQGHV/$GH$OPHLGD-07KHRGRUR/+%RVFR$)1DJDWD0-+HWDO
7UHDWPHQW RI H[SHULPHQWDO SHULRGRQWDO GLVHDVH E\ SKRWRG\QDPLF WKHUDS\ LQ
LPPXQRVXSSUHVVHGUDWV-&OLQ3HULRGRQWRO
&ROOLQV 7/ 0DUNXV ($ +DVVHWW '- 5RELQVRQ -% 7KH HIIHFW RI D FDWLRQLF
SRUSK\ULQ RQ 3VHXGRPRQDV DHUXJLQRVD ELRILOPV &XUU 0LFURELRO *RXODUW5GH&%ROHDQ03DXOLQR7GH37KHGHL*-U6RX]D6/7HGHVFR
$&&LDQFDJOLQL33KRWRG\QDPLFWKHUDS\LQSODQNWRQLFDQGELRILOPFXOWXUHV
RI$JJUHJDWLEDFWHUDFWLQRP\FHWHPFRPLWDQV3KRWRPHG/DVHU6XUJ
6
&DStWXOR
7$%/(6
7DEOH 0HDQ ORJ GHFUHDVH LQ ORJ&)8P/ YDOXHV DIWHU 3'7 DW GLIIHUHQW
FXUFXPLQFRQFHQWUDWLRQV
*URXSV
ORJ GURS
3/0
3/0
3/0
7DEOH 3RVW KRF PXOWLSOH FRPSDULVRQV DPRQJ JURXSV 3/ 3/ 3/ DQG
3/JURXSV7KHJLYHQYDOXHVDUHWKHPHDQORJ&)8P/
*URXSV
0HDQORJ&)8PO
3/
D
3/0
D
3/0
D
3/0
3/
3/0
3/0
3/0
DE
D
E
F
F
'LIIHUHQW ORZHU FDVH OHWWHUV GHQRWH VLJQLILFDQW
GLIIHUHQFHV DPRQJ JURXSV DFFRUGLQJ WR
7XNH\
V7HVWS
&DStWXOR
),*85(6
6ZLVVPLFH
ZHUHVHOHFWHG
'D\± ILUVW
LPPXQRVXSUHVVLRQ
PLFH
'D\± QR
LPPXQRVXSUHVVLRQ
PLFH
'D\± &DOELFDQV
LQRFXODWLRQ
PLFH
'D\± QR
LQRFXODWLRQ
PLFH
'D\± VHFRQG
LPPXQRVXSUHVVLRQ
PLFH
'D\± QR
LPPXQRVXSUHVVLRQ
PLFH
'D\± UHFRYHU\
'D\± WUHDWPHQWDQG
UHFRYHU\RI&DOELFDQV
PLFH
RI&DOELFDQV
PLFH3/
&XUFXPLQ*URXSV
3/*URXS
PLFH3/
PLFH3/
PLFHÁ
'D\± UHFRYHU\RI
&DOELFDQV
PLFHQHJDWLYHFRQWURO
'D\± VDFULILFH
PLFH
+LVWRSDWKRORJLFDOVWXG\
PLFH
)LJXUH6WXG\GHVLJQ 7HWUDF\FOLQHK\GURFKORULGHZDVJLYHQLQGULQNLQJZDWHU
GXULQJGD\VWR 7KH3/JURXSVFRUUHVSRQGHGWRWKHDQLPDOVWUHDWHGZLWK
36 DQG /(' OLJKW 7KH 3/ JURXSV FRUUHVSRQGHG WR HYDOXDWLRQ RI WKH WKUHH
FRQFHQWUDWLRQVRI36DORQHÁ 7KH3/JURXSFRUUHVSRQGHGWRHYDOXDWLRQRI/('
OLJKWDORQH
&DStWXOR
ORJ &)8PO
3/
3/ 0
3/ 0
3/ 0
3/
3/0 3/0 3/0
*URXSV
)LJXUH6XPPDU\RIORJ&)8P/YDOXHVREWDLQHGLQFRQWURODQGH[SHULPHQWDO
JURXSV 7KH ER[SORW VKRZV WKH PHGLDQ VPDOO ILOOHG VTXDUHV WKH VW DQG UG
TXDUWLOHV RXWHU HGJHV RI ER[ DQG WKH PLQLPXP DQG PD[LPXP YDOXHV HUURU
EDUV
&DStWXOR
)LJXUH +LVWRORJLFDO VHFWLRQV RI WKH WRQJXH RI PLFH 3$6+ ; $
$QLPDOV WKDW UHFHLYHG LPPXQRVXSSUHVVLRQ DQG & DOELFDQV LQRFXODWLRQ EXW QR
WUHDWPHQW 3/ JURXS % DQLPDOV WKDW GLG QRW UHFHLYH LPPXQRVXSSUHVVLRQ &
DOELFDQV LQRFXODWLRQ DQG DQ\ WUHDWPHQW 1&* & DQG ' ,QIHFWHG DQLPDOV
EHORQJLQJ WR 3/ 0 JURXS ( ,QIHFWHG DQLPDOV EHORQJLQJ WR 3/ 0
JURXS),QIHFWHGDQLPDOVEHORQJLQJWR3/0JURXS
'LVFXVVmR
'LVFXVVmR
2 SULPHLUR HVWXGR UHDOL]DGR LQ YLWUR &DStWXOR WHYH FRPR
REMHWLYRDYDOLDUDFDSDFLGDGHGDFXUFXPLQDHPIRWRVVHQVLELOL]DUXPDFHSDSDGUmR
GH&DOELFDQVTXDQGRDVVRFLDGDDXPDIRQWHGHOX]GRWLSR/('QRFRPSULPHQWR
GH RQGD D]XO SUHGRPLQDQWHPHQWH HP QP $ FRPSOHWD LQDWLYDomRGR PLFUR
RUJDQLVPR QD IRUPD SODQFW{QLFD IRL REVHUYDGD FRP D XWLOL]DomR GH ђ0 GH
FXUFXPLQD RX PJ/ DVVRFLDGD FRP GRVHV GH OX] D SDUWLU GH -FP PLQXWRV GH LOXPLQDomR $ OLWHUDWXUD DWXDO QmR GLVS}H GH LQIRUPDo}HV VREUH D
IRWRLQDWLYDomR GH & DOELFDQV PHGLDGD SHOD FXUFXPLQD SRUpP DOJXQV HVWXGRV Mi
VXJHULUDP TXH HVWH FRPSRVWR SRGH SRVVXLU HIHLWR DQWLI~QJLFR QD DXVrQFLD GH OX]
0DUWLQVHWDOPRVWUDUDPTXHDFRQFHQWUDomRPtQLPDGHFXUFXPLQDTXH
UHVXOWRX HP DXVrQFLD GH FRO{QLDV YLiYHLV GH & DOELFDQV IRL GH PJ/ 8P
PpWRGRGHPLFURGLOXLomRHPPHLRGHFXOWXUDIRLXWLOL]DGRSRU6KDUPDHWDOSDUD
YHULILFDU D VXVFHSWLELOLGDGH GH HVSpFLHV GH &DQGLGD D FXUFXPLQD 2V DXWRUHV
UHODWDUDPTXHDLQLELomRGRFUHVFLPHQWRI~QJLFRIRLREWLGDFRPFRQFHQWUDo}HVGH
FXUFXPLQD D SDUWLU GH PJ/ TXDQGR RV PLFURRUJDQLVPRV HVWDYDP HP PHLR
OtTXLGR HQTXDQWR TXH PDLRUHV FRQFHQWUDo}HV IRUDP QHFHVViULDV PJ/
SDUDLQLELomRGHFUHVFLPHQWRHPPHLRVyOLGR2XWUDLQYHVWLJDomRVXJHULXTXHD
GLYLVmR FHOXODU GH & DOELFDQV IRL DSDUHQWHPHQWH LQLELGD DSyV H[SRVLomR j
FXUFXPLQD J/ H TXH HVVH HIHLWR IRL GHSHQGHQWH GD FRQFHQWUDomR
XWLOL]DGD
2V HVWXGRV FLWDGRV VXJHUHP XP SRVVtYHO HIHLWR DQWLI~QJLFR GD
FXUFXPLQD PHVPR QD DXVrQFLD GH LOXPLQDomR 1R HQWDQWR RV UHVXOWDGRV
DSUHVHQWDGRVQR&DStWXORPRVWUDPTXHDHIHWLYLGDGHGDFXUFXPLQDHPUHGX]LUD
YLDELOLGDGH GH & DOELFDQV IRL REVHUYDGD DSHQDV TXDQGR HVWH FRPSRVWR IRL
DVVRFLDGR j OX] /(' (VWH UHVXOWDGR SRGH VHU SURYDYHOPHQWH MXVWLILFDGR SHOD
XWLOL]DomR GH EDL[DV FRQFHQWUDo}HV GH FXUFXPLQD HQTXDQWR TXH D VXD XWLOL]DomR
VHP OX] SDUHFH H[LJLU PDLRUHV FRQFHQWUDo}HV GD VXEVWkQFLD SDUD TXH R PHVPR
HIHLWR DQWLI~QJLFR RFRUUD 5HVXOWDGRV VLPLODUHV IRUDP HQFRQWUDGRV SRU 'DKO HW
'LVFXVVmR
DO 2V DXWRUHV GHVFUHYHUDP D LQDWLYDomR GH 6DOPRQHOOD W\SKLPXULQ XWLOL]DQGR
ђ0GHFXUFXPLQDDVVRFLDGDjOX]HQTXDQWRTXHHVWDPHVPDFRQFHQWUDomRQmR
RFDVLRQRX HIHLWR DQWLPLFURELDQR QD DXVrQFLD GH OX] 7¡QQHVHQ HW DO WDPEpP
VXJHULUDP TXH R HIHLWR DQWLEDFWHULDQR GD FXUFXPLQD p DFHQWXDGR TXDQGR H[LVWH
LOXPLQDomRGRFRPSRVWR
2 WHPSR GH LQFXEDomR GDV FpOXODV PLFURELDQDV FRP R 36
SUHYLDPHQWH D H[SRVLomR j IRQWH GH OX] p FRQKHFLGR FRPR WHPSR GH SUp
LUUDGLDomR 3,7 (VWH SDUHFH VHU XP IDWRU LPSRUWDQWH SDUD R VXFHVVR GD
3'7SRLVGHWHUPLQDDTXDQWLGDGHGH36TXHVHXQLUiDFpOXODGRPLFURRUJDQLVPR
RXHPDOJXQVFDVRVTXHSRGHUiSHQHWUDUSHODPHPEUDQDFLWRSODVPiWLFDDQWHVTXH
D LOXPLQDomR VHMD UHDOL]DGD 4XDQWR PDLRU D SUR[LPLGDGH GDV PROpFXODV GR 36
FRP DV FpOXODV PDLRU VHUi IRUPDomR GH HVSpFLHV UHDWLYDV HP ORFDO SUy[LPR DR
DOYRGHVHMDGRGXUDQWHDLOXPLQDomR-DFNVRQHWDOGHVFUHYHUDPTXHR3,7
LQIOXHQFLRXDIRWRLQDWLYDomRGH&DOELFDQVPHGLDGDSHORD]XOGHWROXLGLQD7%2
'H IRUPD VHPHOKDQWH :LOVRQ 0LD VXJHULUDP TXH D VREUHYLYrQFLD GH &
DOELFDQV DSyV 3'7 PHGLDGD SHOR 7%2 GLPLQXLX FRP R DXPHQWR GR 3,7 GH SDUD PLQXWRV (QWUHWDQWR RV PHVPRV DXWRUHV WDPEpP YHULILFDUDP TXH 3,7V
PDLRUHVGRTXHPLQXWRVQmRPRVWUDUDPLQIOXHQFLDQDHIHWLYLGDGHGD3'72V
UHVXOWDGRV GR SUHVHQWH HVWXGR PRVWUDUDP TXH D LQFXEDomR GDV VXVSHQV}HV GH &
DOELFDQVFRPFXUFXPLQDSRUSHUtRGRVPDLRUHVTXHPLQXWRVQmRUHVXOWDUDPHP
PDLRUHIHWLYLGDGHGDWHUDSLDTXDQGRDLOXPLQDomRIRLUHDOL]DGDFRPR36SUHVHQWH
QDVXVSHQVmRFHOXODU(VWHVUHVXOWDGRVHVWmRGHDFRUGRFRPRVUHODWDGRVSRU'DKO
HW DO&RQWXGRQDVDPRVWUDVHPTXHDFXUFXPLQD IRL UHPRYLGD GDV VXVSHQV}HV
GH &DQGLGD DSyV R 3,7 SUHYLDPHQWH D LOXPLQDomR D FRPSOHWD LQDWLYDomR GR
PLFURRUJDQLVPR QmR IRL FRQVHJXLGD PHVPR FRP D SUpLUUDGLDomR SRU PLQXWRV 5HVXOWDGRV VLPLODUHV Mi IRUDP GHVFULWRV SUHYLDPHQWH TXDQGR R HIHLWR
IRWRGLQkPLFR VREUH FXOWXUDV GH EDFWpULDV IRL UHGX]LGR FRP D UHPRomR GD
FXUFXPLQD SUHYLDPHQWH D LOXPLQDomR GDV DPRVWUDV 'HVVD IRUPD SRGH VHU
VXJHULGR TXH D IRWRLQDWLYDomR GH & DOELFDQV PHGLDGD SHOD FXUFXPLQD IRL
LQIOXHQFLDGDSHODSUHVHQoDGR36QRPHLRFLUFXQGDQWHDVFpOXODV1RHQWDQWRRV
UHVXOWDGRVPRVWUDUDPTXHHPERUDDFRPSOHWDLQDWLYDomRGH&DOELFDQVQmRWHQKD
'LVFXVVmR
RFRUULGR TXDQGR D FXUFXPLQD IRL UHPRYLGD DQWHV GD LOXPLQDomR UHGXomR QD
YLDELOLGDGH I~QJLFD IRL GHWHFWDGD 3RU HVVD UD]mR p SRVVtYHO VXSRU TXH D
FXUFXPLQD SRVVD VH OLJDU HRX SHQHWUDU QDV FpOXODV I~QJLFDV GXUDQWH R 3,7 1D
LQYHVWLJDomRFRQGX]LGDSRU+DXNYLNHWDOLPDJHQVREWLGDVSRUPLFURVFRSLDGH
IOXRUHVFrQFLDFRQILUPDUDPDSUHVHQoDGHFXUFXPLQDOLJDGDDVFpOXODVGHEDFWpULDV
JUDPQHJDWLYDV H SRVLWLYDV 3RUWDQWR RV UHVXOWDGRV DSUHVHQWDGRV VXJHUHP XPD
SRVVtYHOOLJDomRGDVPROpFXODVGH FXUFXPLQD jV FpOXODVGH&DOELFDQVPDVHVWH
IDWR QmR SDUHFH WHU VLGR HVVHQFLDO SDUD D IRWRLQDWLYDomR GR IXQJR $YDOLDo}HV
DGLFLRQDLV VHUmR QHFHVViULDV SDUD VH GHWHUPLQDU VH R 36 SHUPDQHFH DGHULGR j
PHPEUDQDFLWRSODVPiWLFDRXVHH[LVWHSHQHWUDomRGRFRPSRVWRSDUDRLQWHULRUGDV
FpOXODVI~QJLFDV
2 HIHLWR DQWLI~QJLFR GD FXUFXPLQD VREUH ELRILOPHV GH & DOELFDQV
IRL GHVFULWR HP DSHQDV XP HVWXGR VHP D DVVRFLDomR GH OX] 1D SUHVHQWH
LQYHVWLJDomRD3'7PHGLDGDSHODFXUFXPLQDSURPRYHXUHGXo}HVVLJQLILFDWLYDVQR
PHWDEROLVPR GRV ELRILOPHV GH & DOELFDQV 2 PHVPR SURWRFROR TXH RFDVLRQRX
FRPSOHWD LQDWLYDomR GDV FpOXODV QD IRUPD SODQFW{QLFD ђ0 GH FXUFXPLQD PLQGH3,7-FPUHGX]LXDDWLYLGDGHPHWDEyOLFDGRVELRILOPHVHPR
TXH IRL FRQVLGHUDGR HVWDWLVWLFDPHQWH VLJQLILFDWLYR HP FRPSDUDomR jV DPRVWUDV
FRQWUROH$GLFLRQDOPHQWHDXWLOL]DomRGHђ0GHFXUFXPLQDSURPRYHXUHGXomR
GHHQRPHWDEROLVPRGRVELRILOPHVLQFXEDGRVFRPFXUFXPLQDGXUDQWHH
PLQXWRV3,7UHVSHFWLYDPHQWH(VVHVUHVXOWDGRVSDUHFHPVXJHULUXPDSRVVtYHO
LQIOXrQFLDGR3,7 FRPFXUFXPLQDQDLQDWLYDomRGRVELRILOPHVRTXHSRGHULDVHU
MXVWLILFDGR SHODV FDUDFWHUtVWLFDV HVWUXWXUDLV GHVVH WLSR GH FUHVFLPHQWR
PLFURELDQR 2V ELRILOPHV FRQVLVWHP HP XPD FRPXQLGDGH GH PLFUR
RUJDQLVPRV RUJDQL]DGRV HP FDPDGDV GH FpOXODV H HQYROWRV SRU XPD PDWUL]
SROLPpULFD(VWDHVWUXWXUDWtSLFDpUHVSRQViYHOSRUSURWHJHURV PLFURRUJDQLVPRV
QR LQWHULRU GHVVDV FRPXQLGDGHV $OJXQV 36V SDUHFHP SRVVXLU OLPLWDGD
FDSDFLGDGH GH DWXDU HP ELRILOPHV R TXH WHP VLGR DWULEXtGR j GLILFXOGDGH GH
SHQHWUDomRGRFRPSRVWRQDVFDPDGDVFHOXODUHVPDLVSURIXQGDV 1RHVWXGRGH
3HUHLUD HW DO LPDJHQV REWLGDV HP PLFURVFRSLD HOHWU{QLFD GH YDUUHGXUD
PRVWUDUDP TXH D IRWRVVHQVLELOL]DomR PHGLDGD SRU D]XO GH PHWLOHQR RFRUUHX
'LVFXVVmR
SUHGRPLQDQWHPHQWHQDVFDPDGDVPDLVH[WHUQDVGRVELRILOPHVGH&DOELFDQV'H
DFRUGR FRP RV UHVXOWDGRV GD SUHVHQWH LQYHVWLJDomR p SRVVtYHO VXSRU TXH TXDQWR
PDLRU R 3,7 PDLRU D SHQHWUDomR GD FXUFXPLQD QR LQWHULRU GRV ELRILOPHV
UHVXOWDQGR HP PDLRUHV SHUFHQWXDLV GH UHGXomR PHWDEyOLFD 3RU HVVD UD]mR
'RQQHO\HWDO UHFRPHQGDUDPDXWLOL]DomRGHPDLRUHVSHUtRGRVGHLQFXEDomRGH
36 SDUD D DYDOLDomR GD 3'7 HP ELRILOPHV $GLFLRQDOPHQWH WDPEpP Mi IRL
VXJHULGRTXH D3'7VREUHELRILOPHVGH&DOELFDQVSDUHFHH[LJLUDXWLOL]DomRGH
PDLRUHVFRQFHQWUDo}HVGH36HPFRPSDUDomRFRPDIRUPDSODQFW{QLFDGRPLFUR
RUJDQLVPR GH IRUPD D FRPSHQVDU D PDLRU TXDQWLGDGH GH FpOXODV H ELRPDVVD
H[LVWHQWHQRVELRILOPHV
2 HIHLWR DQWLEDFWHULDQR GD FXUFXPLQD TXDQGR DVVRFLDGD D XPD
IRQWH GH OX] YHP VHQGR GHVFULWR SRU DOJXQV DXWRUHV $ IRWRLQDWLYDomR GH
(QWHURFRFFXV IDHFDOLV 6WUHSWRFRFFXV LQWHUPHGLXV H (VFKHULFKLD FROL Mi IRL
REVHUYDGDFRPDXWLOL]DomRGHDђ0GHFXUFXPLQDHLOXPLQDomRFRPOX]D]XO
QDV GRVHV GH D -FP 'H DFRUGR FRP DV LQIRUPDo}HV GLVSRQtYHLV QD
OLWHUDWXUDRHIHLWRWy[LFRGD3'7PHGLDGDSHODFXUFXPLQDSDUHFHRFRUUHUDSyVD
H[FLWDomRGHVWHFRPSRVWRHDVXEVHTXHQWHUHDomRFRPR[LJrQLR 6KHQHWDO
REVHUYDUDP TXH D GLOXLomR GD FXUFXPLQD HP '062 H VXD SRVWHULRU LOXPLQDomR
SRGH OHYDU D IRUPDomR GR UDGLFDO kQLRQ VXSHUy[LGR 2 H GR 2 7DPEpP IRL
VXJHULGR TXH XPD YH] IRUPDGR R UDGLFDO 2 RXWUDV HVSpFLHV UHDWLYDV FRPR R
SHUy[LGR GH KLGURJrQLR +2 SRGHP VHU SURGX]LGDV H DVVLP DXPHQWDU D
DWLYLGDGH IRWRVVHQVLELOL]DGRUD GD FXUFXPLQD 2XWUD LQYHVWLJDomR QR HQWDQWR
VXJHULX DSHQDV R HQYROYLPHQWR GR +2 QD IRWRLQDWLYDomR GH EDFWpULDV PHGLDGD
SHODFXUFXPLQD
'HDFRUGRFRPDPHWRGRORJLDHPSUHJDGDQR&DStWXORDSRVVtYHO
IRUPDomR GH 2 IRL LQYHVWLJDGD SRU PHLR GD DGLomR GH D]LGD GH VyGLR 1D1
SUHYLDPHQWH D LOXPLQDomR GDV DPRVWUDV GH & DOELFDQV WHQGR HP YLVWD TXH HVWD
VXEVWkQFLD p XP HILFLHQWH VXSUHVVRU GR 2 )RL REVHUYDGR TXH D IRWRLQDWLYDomR
GDV VXVSHQV}HV GH & DOELFDQV QmR IRL QHJDWLYDPHQWH DIHWDGD SHOD SUHVHQoD GR
VXSUHVVRU RX VHMD SHOD DXVrQFLD GD IRUPDomR GH 2 (VWHV UHVXOWDGRV VXJHUHP
TXH D SUHVHQoD GH 2 QmR SDUHFH VHU HVVHQFLDO SDUD TXH R HIHLWR IRWRGLQkPLFR
'LVFXVVmR
RFRUUD1RHVWXGRGH+DXNYLNHWDORVDXWRUHVH[DPLQDUDPDIRUPDomRGH 2
HP GLIHUHQWHV IRUPXODo}HV GH FXUFXPLQD H REVHUYDUDP XPD OLPLWDGD IRUPDomR
GHVVDHVSpFLHUHDWLYDGHR[LJrQLR(VVHVUHVXOWDGRVFRQFRUGDPFRPRVGH'DKOHW
DOXPDYH]TXHRVDXWRUHVYHULILFDUDPXPDTXDQWLGDGHPtQLPDRXDWpDDXVrQFLD
GD IRUPDomR GH 2 TXDQGR D FXUFXPLQD VH DSUHVHQWDYD GLOXtGD HP VROYHQWH
SUyWLFR 1R SUHVHQWH HVWXGR R VROYHQWH DSUyWLFR '062 IRL XWLOL]DGR SDUD
GLVVROYHURSyGHFXUFXPLQDWHQGRHPYLVWDTXHHVVHpSUDWLFDPHQWHLQVRO~YHOHP
iJXD(PVHJXLGDDVROXomRHVWRTXHGR36IRLSUHSDUDGDSRUPHLRGDGLOXLomRHP
VROXomRVDOLQDVROXomRSUyWLFDGHIRUPDTXHDFRQFHQWUDomRILQDOGH'062IRL
GHDSHQDV3RUWDQWRDVVROXo}HVGHFXUFXPLQDTXHIRUDPH[SRVWDVDOX]HUDP
FRQVWLWXtGDV HP VXD PDLRULD GH XPD VROXomR DTXRVDSUyWLFD R TXH SRGHULD
H[SOLFDU D EDL[D IRUPDomR GH 2 (QWUHWDQWR RVUHVXOWDGRV GD DYDOLDomR GR 3,7
VXJHULUDP TXH D FXUFXPLQD SRGH VH DGHULU j PHPEUDQD FHOXODU D TXDO p
FRQVLGHUDGD XPD HVWUXWXUD OLSRItOLFD VHPHOKDQWH D PHLRV DSUyWLFRV 3RU LVVR p
SRVVtYHO VXSRU TXH RFRUUD D IRUPDomR GH HVSpFLHV UHDWLYDV FDUDFWHUtVWLFDV GH
DPELHQWHVDSUyWLFRVQDVFDPDGDVOLSRItOLFDVGDPHPEUDQDFLWRSODVPiWLFDHR 2
SRGHULD VH IRUPDU QR LQWHULRU GD FpOXOD FRPR VXJHULGR SRU +DXNYLN HW DO
$VVLP RV UHVXOWDGRV GR &DStWXOR VXJHUHP TXH R HIHLWR IRWRGLQkPLFR PHGLDGR
SHOD FXUFXPLQD SRGH QmR HVWDU QHFHVVDULDPHQWH YLQFXODGR j IRUPDomR GH 2
SRUpP R PHFDQLVPR GH IRWRLQDWLYDomR I~QJLFD H D SURGXomR GH RXWUDV HVSpFLHV
UHDWLYDVSUHFLVDPVHULQYHVWLJDGRVHPHVWXGRVIXWXURV
2VUHVXOWDGRVDSUHVHQWDGRVQR&DStWXORWDPEpPPRVWUDUDPTXHD
XWLOL]DomRGHGRVHVGHOX]VXSHULRUHVD-FPQmRRFDVLRQRXPDLRUHIHWLYLGDGH
GD3'7TXDQGRDVFXOWXUDVSODQFW{QLFDVIRUDPDYDOLDGDV$OpPGLVVRWDPEpPIRL
REVHUYDGR TXH D FDSDFLGDGH GH DEVRUomR GH OX] SHOD VROXomR GH FXUFXPLQD
GLPLQXLX HP IXQomR GR WHPSR GH LOXPLQDomR GRVH GH OX] HPSUHJDGR $
DYDOLDomR GRV HVSHFWURV GH DEVRUEkQFLD H IOXRUHVFrQFLD IRL UHDOL]DGD SDUD
PRQLWRUDU GH IRUPD LQGLUHWD D IRWRGHJUDGDomR GD FXUFXPLQD ђ0 H R
FRPSRUWDPHQWR IRWRGLQkPLFR GHVVD VROXomR (VVH WLSR GH DQiOLVH WHP VLGR
HPSUHJDGRSDUDFRPSDUDUDHILFLrQFLDIRWRGLQkPLFDGHGLIHUHQWHV36VEHPFRPR
FRUUHODFLRQDU D IRWRGHJUDGDomR GDV PROpFXODV GR 36 H D SURGXomR GH HVSpFLHV
'LVFXVVmR
UHDWLYDV GH R[LJrQLR 526 'H DFRUGR FRP D DOWD WD[D GH IRWRGHJUDGDomR
REVHUYDGD DSyV RV PDLRUHV SHUtRGRV GH LOXPLQDomR SRGH VHU VXJHULGR TXH DSyV
VXDGHJUDGDomRDVROXomRGHFXUFXPLQDSURGX]LXXPDUHGX]LGDTXDQWLGDGH526
&KLJQHOOHWDOWDPEpPUHODWDUDPTXHDDEVRUEkQFLDGDFXUFXPLQDGLPLQXLXDSyV
VXDLOXPLQDomRLQGLFDQGRTXHDVXEVWkQFLDIRLIRWRGHJUDGDGDHTXHHVVHSURFHVVR
QmR SURGX]LX IRWRSURGXWRV FRP DOWD FDSDFLGDGH GH DEVRUomR GH OX] (PERUD R
'062 QmR WHQKD VLGR XWLOL]DGR FRPR VROYHQWH RV DXWRUHV VXJHULUDP TXH D
GHJUDGDomR GD FXUFXPLQD GXUDQWH H[SRVLomR D XPD IRQWH GH OX] SDUHFH VHU XP
SURFHVVR TXH FRUUH LQGHSHQGHQWHPHQWH GD QDWXUH]D GR VROYHQWH XWLOL]DGR 3RU
LVVR SRGH VHU VXJHULGR TXH D IRWRGHJUDGDomR GD FXUFXPLQD p SURYDYHOPHQWH
DFRPSDQKDGD SHOD UHGXomR QD SURGXomR GH 526 Mi TXH SRXFDV PROpFXODV
RSWLFDPHQWHDWLYDVFRQWLQXDPSUHVHQWHVQDVROXomR(VWHIDWRSRGHULDMXVWLILFDURV
UHVXOWDGRVREVHUYDGRVDSyVDDYDOLDomRGHDOWDVGRVHVGHOX]WHQGRHPYLVWDTXH
DSyVPLQXWRVGHLOXPLQDomR-FPDVROXomRGHFXUFXPLQDMiKDYLDVRIULGR
IRWRGHJUDGDomR HSRUWDQWRDSURGXomR GH 526VHULD GHILFLHQWH$SHVDUGLVVRR
SLFRGHDEVRUomRHIOXRUHVFrQFLDGDFXUFXPLQDSHUPDQHFHXFRQVWDQWHQRPHVPR
FRPSULPHQWR GH RQGD GXUDQWH D LOXPLQDomR 3RUWDQWR VH R SURFHVVR GH
GHJUDGDomR RFDVLRQRX D SURGXomR GH IRWRSURGXWRV HVVHV QmR SXGHUDP VHU
GHWHFWDGRVQDIDL[DGRHVSHFWURGHOX]DYDOLDGRQHVWHHVWXGR
0DFUyIDJRV VmR FpOXODV LPXQROyJLFDV UHVSRQViYHLV SRU GLYHUVRV
PHFDQLVPRV GH GHIHVD TXDQGR Ki R GHVHQYROYLPHQWR GH LQIHFo}HV VXSHUILFLDLV
FRPRDFDQGLGRVH3RUHVVDUD]mRpLPSRUWDQWHTXHRSRVVtYHOHIHLWRWy[LFRGD
3'7 VHMD DYDOLDGR QHVWH WLSR FHOXODU &RQFHQWUDo}HV D SDUWLU GH ђ0 GH
FXUFXPLQD DVVRFLDGDV j OX] SURPRYHUDP UHGXomR VLJQLILFDWLYD QR PHWDEROLVPR
FHOXODU GRV PDFUyIDJRV TXDQGR FRPSDUDGR jV FpOXODV QmR WUDWDGDV FRP 3'7 2
HIHLWR Wy[LFR QmR RFRUUHX QDV DPRVWUDV WUDWDGDV FRP FXUFXPLQD VHP LOXPLQDomR
8PHVWXGRSUpYLRHPFXOWXUDVFHOXODUHVMiVXJHULXTXHDDVVRFLDomRGHFXUFXPLQD
FRP OX] SRGH SURGX]LU HIHLWRV Wy[LFRV i FpOXODV GH PDPtIHURV 3RU RXWUR ODGR
WDPEpP H[LVWHP UHODWRV GH TXH D FXUFXPLQD DWXRX VHOHWLYDPHQWH HP FpOXODV GH
FkQFHU VHP DIHWDU DV FpOXODV QRUPDLV SUy[LPDV j OHVmR 1R SUHVHQWH HVWXGR D
3'7 QmR RFDVLRQRX D FRPSOHWD LQYLDELOL]DomR GRV PDFUyIDJRV HQTXDQWR TXH R
'LVFXVVmR
PHVPR SURWRFROR ђ0 -FP IRL HIHWLYR HP LQDWLYDU FRPSOHWDPHQWH DV
VXVSHQV}HV GH & DOELFDQV 'HVVD IRUPD SRGHVH VXSRU TXH DV FpOXODV I~QJLFDV
IRUDPPDLVVXVFHSWtYHLVDRGDQRIRWRGLQkPLFRGRTXHRVPDFUyIDJRV(VWXGRVLQ
YLYRSRGHULDPFRQILUPDUDUHOHYkQFLDFOtQLFDGHVVHVUHVXOWDGRVMiTXHRHIHLWRGD
3'7SRGHVHULQIOXHQFLDGRSHODVFRQGLo}HVDPELHQWDLVQRORFDOGDLQIHFomRFRPR
D SUHVHQoD GH RXWUDV ELRPROpFXODV H LQWHUDo}HV FHOXODUHV -i IRL SUHYLDPHQWH
PRVWUDGR TXH D DSOLFDomR LQ YLWUR GD 3'7 SRGH RFDVLRQDU GDQRV HP FXOWXUDV GH
ILEUREODVWRV HQTXDQWRTXH R PHVPRSURWRFROR QmR IRL FDSD] GH LQGX]LU HIHLWRV
Wy[LFRV QRV WHFLGRV GH DQLPDLV $VVLP RV UHVXOWDGRV SUHOLPLQDUHV HQFRQWUDGRV
QHVWHHVWXGRLQYLWURDLQGDSUHFLVDPVHULQYHVWLJDGRVHPHVWXGRVTXHVLPXOHPDV
FRQGLo}HVHQFRQWUDGDVFOLQLFDPHQWH
(PERUD D & DOELFDQV DLQGD VHMD D HVSpFLH PDLV SUHYDOHQWH QDV
LQIHFo}HV SRU &DQGLGD RXWUDV YrP VHQGR IUHTXHQWHPHQWH LVRODGDV GH LQIHFo}HV
VXSHUILFLDLV H VLVWrPLFDV (QWUH DV HVSpFLHV QmRDOELFDQV GHVWDFDPVH D &
JODEUDWDHD&WURSLFDOLVGHYLGRDVXDDOWDSUHYDOrQFLDHDIUHTXHQWHUHVLVWrQFLD
DRV WUDWDPHQWRV FRQYHQFLRQDLV 3RU HVVD UD]mR QRYDV PRGDOLGDGHV
WHUDSrXWLFDV SDUD R WUDWDPHQWR GDV LQIHFo}HV SRU &DQGLGD GHYHP
SUHIHUHQFLDOPHQWH SRVVXLU XP DPSOR HVSHFWUR GH DomR DWXDQGR HIHWLYDPHQWH QD
LQDWLYDomRGHGLIHUHQWHVHVSpFLHVGRPHVPRJrQHUREHPFRPRHPGLIHUHQWHVFHSDV
GD PHVPD HVSpFLH 7HQGR HP YLVWD RV UHVXOWDGRV SURPLVVRUHV UHODWDGRV QR
&DStWXORRXWURHVWXGRIRLGHVHQYROYLGRFRPRREMHWLYRGHVHLQYHVWLJDURHIHLWR
Wy[LFR GD 3'7 PHGLDGD SHOD FXUFXPLQD VREUH GLIHUHQWHV LVRODGRV FOtQLFRV GH &
DOELFDQV & JODEUDWD H & WURSLFDOLV QD IRUPD GH VXVSHQV}HV SODQFW{QLFDV H
ELRILOPHV
2V UHVXOWDGRV REWLGRV DSyV D DYDOLDomR GRV PLFURRUJDQLVPRV QD
IRUPDSODQFW{QLFDPRVWUDUDPTXHDFXUFXPLQDHPDVVRFLDomRFRPOX]SURPRYHX
HIHLWRDQWLI~QJLFRSDUDDVWUrVHVSpFLHVDYDOLDGDV6HJXQGR-RULHWDODHILFLrQFLD
GH XP 36 SRGH VHU H[SUHVVD GH DFRUGR FRP D PtQLPD FRQFHQWUDomR GR DJHQWH
FDSD] GH LQGX]LU XPD UHGXomR GH ORJV QR Q~PHUR GH XQLGDGHV IRUPDGRUDV GH
FRO{QLD XIFP/ 3DUD RV LVRODGRV FOtQLFRV GH & DOELFDQV H & WURSLFDOLV D
UHGXomR GH ORJV IRL REVHUYDGD FRP D XWLOL]DomR GH ђ0 PJ/ GH
'LVFXVVmR
FXUFXPLQD LQGHSHQGHQWHPHQWH GD GRVH GH OX] DSOLFDGD 3DUD DV FHSDV GH &
JODEUDWD IRL QHFHVViULD D XWLOL]DomR GH ђ0 PJ/ GH FXUFXPLQD H
LOXPLQDomRFRPGRVHVGHOX]DSDUWLUGH-FP$GLFLRQDOPHQWHIRLYHULILFDGR
TXH D DVVRFLDomR GH ђ0 GH FXUFXPLQD FRP -FP H -FP GH OX]
RFDVLRQRXDDXVrQFLDGHFUHVFLPHQWRGHFRO{QLDVSDUDRVLVRODGRVGH&DOELFDQVH
&WURSLFDOLVUHVSHFWLYDPHQWH(VVHUHVXOWDGRHVWiGHDFRUGRFRPRVGHVFULWRVQR
&DStWXOR QR TXDO XPD FHSD GH UHIHUrQFLD GD HVSpFLH & DOELFDQV IRL
FRPSOHWDPHQWH LQDWLYDGD DSyV D XWLOL]DomR GH ђ0 GH FXUFXPLQD H OX] $OpP
GLVVRDXWLOL]DomRGHFXUFXPLQDVHPOX]QmRSURPRYHXHIHLWRWy[LFRHPQHQKXP
GRV LVRODGRV FOtQLFRV GH IRUPD VLPLODU DR UHODWDGR QD DYDOLDomR GD FHSD SDGUmR
,VVR RFRUUHX SURYDYHOPHQWH GHYLGR DV EDL[DV FRQFHQWUDo}HV XWLOL]DGDV SDUD
IRWRVVHQVLELOL]DU DV VXVSHQV}HV SODQFW{QLFDV 0 RX PJ/ (VWXGR
UHFHQWH GHWHUPLQRX TXH D PtQLPD FRQFHQWUDomR LQLELWyULD 0,& GH FXUFXPLQD
VREUHLVRODGRVFOtQLFRVGH&DQGLGDYDULRXHQWUHHPJ/HQTXDQWRTXH
R0,&GRIOXFRQD]ROVREUHRVPHVPRLVRODGRVHVWHYHHQWUHHPJ/'HVVD
IRUPD RV UHVXOWDGRV DSUHVHQWDGRV QR SUHVHQWH HVWXGR QRYDPHQWH VXJHUHP TXH R
HIHLWR DQWLI~QJLFR GD FXUFXPLQD SRGH VHU DFHQWXDGR FRP D DVVRFLDomR GH OX] R
TXH OHYD D XWLOL]DomR GH PHQRUHV FRQFHQWUDo}HV GR DJHQWH HYLWDQGR DVVLP D
RFRUUrQFLD GH SRVVtYHLV HIHLWRV Wy[LFRV 2XWUR UHVXOWDGR REVHUYDGR IRL TXH D
HIHWLYLGDGHGD3'7QHPVHPSUHHVWHYHQDGHSHQGrQFLDGRDXPHQWRQDGRVHGHOX]
XWLOL]DGD&RQVLGHUDQGRDVFHSDVDYDOLDGDVD XWLOL]DomRGHGRVHVVXSHULRUHVD
-FP QmR DXPHQWRX D HIHWLYLGDGH GD 3'7 VREUH DV FpOXODV SODQFW{QLFDV $
IRWRGHJUDGDomR GD VROXomR GH FXUFXPLQD GXUDQWH D H[SRVLomR D OX] H
FRQVHTXHQWHPHQWH D GLPLQXLomR QD SURGXomR GH HVSpFLHV UHDWLYDV GH R[LJrQLR
SRGHH[SOLFDUHVVHVUHVXOWDGRV
7HQGR HP YLVWD TXH DV GRVHV GH H -FPIRUDPHIHWLYDVQD
LQDWLYDomR GH &DQGLGD QD IRUPD SODQFW{QLFD H TXH GRVHV GH OX] VXSHULRUHV QmR
SURPRYHUDPPHOKRUHVUHVXOWDGRVDPEDVIRUDPVHOHFLRQDGDVSDUDDDYDOLDomRHP
ELRILOPHV $ XWLOL]DomR GH 0 GH FXUFXPLQD DVVRFLDGD D -FP SURPRYHX
XPD UHGXomR GH H QD DWLYLGDGH PHWDEyOLFD GRV ELRILOPHV GH &
DOELFDQV & JODEUDWD H & WURSLFDOLV UHVSHFWLYDPHQWH 'H IRUPD VHPHOKDQWH R
'LVFXVVmR
PHVPRSURWRFROR0H-FPIRLUHVSRQViYHOSHODGLPLQXLomRHPGR
PHWDEROLVPRGHELRILOPHVIRUPDGRVSRUXPDFHSDSDGUmRGH&DOELFDQV&DStWXOR
1R HQWDQWR D IRWRVHQVLELOL]DomR PHGLDGD SHOD FXUFXPLQD GH ELRILOPHV GH &
JODEUDWD H & WURSLFDOLV p XP UHVXOWDGR FRPSOHWDPHQWH QRYR )RL LQWHUHVVDQWH
REVHUYDUTXHRVLVRODGRVGH&JODEUDWDQDIRUPDSODQFW{QLFDPRVWUDUDPPHQRU
VXVFHWLELOLGDGH D 3'7 HP FRPSDUDomR DRV GH&DOELFDQVH& WURSLFDOLVMiTXH
XPD PDLRU FRQFHQWUDomR GH FXUFXPLQD IRL QHFHVViULD SDUD SURPRYHU ORJV GH
UHGXomR QRV YDORUHV GH XIFP/ H D FRPSOHWD LQDWLYDomR GRV LVRODGRV QmR IRL
REVHUYDGD 2XWURV HVWXGRV Mi UHODWDUDP D PHQRU VXVFHSWLELOLGDGH GH FpOXODV
SODQFW{QLFDV GH & JODEUDWD DRV HIHLWRV IRWRGLQkPLFRV 3RUpP HVWH
FRPSRUWDPHQWR QmR VH UHSHWLX QD DYDOLDomR GRV ELRILOPHV SRLV D UHVSRVWD GD
HVSpFLH&JODEUDWDIRLVHPHOKDQWHjTXHODREVHUYDGDSDUD&DOELFDQV
6HJXQGR 6HQHYLUDWQH HW DO DV FHSDV GH & DOELFDQV WHQGHP D
IRUPDUELRILOPHVHVSHVVRVFRPDSUHVHQoDGHKLIDVHSVHXGRKLIDVDWXDQGRFRPR
VXSRUWH SDUD PDWUL] H[WUDFHOXODU H EODVWRVSRURV R TXH SURSRUFLRQD XPD
FDUDFWHUtVWLFD WULGLPHQVLRQDO H GH P~OWLSODV FDPDGDV FHOXODUHV DR ELRILOPH 'H
IRUPD FRQWUiULD RV LVRODGRV GH & JODEUDWD SDUHFHP IRUPDU ELRILOPHV PHQRV
HVSHVVRV H PDLV FRPSDFWRV VHP D SUHVHQoD GH KLIDV RX SVHXGRKLIDV 1D
SUHVHQWHLQYHVWLJDomRIRLXWLOL]DGRRPHLRGHFXOWXUD530,SDUDDIRUPDomR
GRVELRILOPHVRTXDOpFRQKHFLGRSRULQGX]LUDIRUPDomRGHKLIDVHPFXOWXUDVGH
& DOELFDQV 3RUWDQWR SRGH VHU VXJHULGR TXH D PDLRU HVSHVVXUD H
FRPSOH[LELOLGDGH GRV ELRILOPHV IRUPDGRV SRU & DOELFDQV SURSRUFLRQDUDP XPD
PDLRUSURWHomRFRQWUDDSHQHWUDomRGR36HGDOX]GXUDQWHD3'7GLIHUHQWHPHQWH
GRV ELRILOPHV GH & JODEUDWD (QWmR p SURYiYHO TXH PHVPR FRP D PDLRU
UHVLVWrQFLDGDVFpOXODVGH&JODEUDWDjIRWRLQDWLYDomRDUHVSRVWDGRVELRILOPHVIRL
VLPLODUHQWUHDVGXDVHVSpFLHV
$GLFLRQDOPHQWH D FRPSDUDomR UHDOL]DGD HQWUH RV YDORUHV GH
DEVRUEkQFLD REWLGRV DSyV D FRORUDomR SRU &ULVWDO 9LROHWD &9 PRVWURX TXH RV
LVRODGRV GH & DOELFDQV SRVVXtUDP PDLRU FDSDFLGDGH GH IRUPDomR GH
ELRILOPHELRPDVVD HP UHODomR jV FHSDV GH & JODEUDWD H & WURSLFDOLV S
&RQWUDULDPHQWHRXWURVHVWXGRVUHODWDUDPTXHD&WURSLFDOLVSDUHFHWHUFDSDFLGDGH
'LVFXVVmR
GH IRUPDomR GH ELRILOPH VHPHOKDQWH D & DOELFDQV (VVHV GLVWLQWRV UHVXOWDGRV
RFRUUHUDP SURYDYHOPHQWH GHYLGR jV GLIHUHQoDV QDV FRQGLo}HV GH FUHVFLPHQWR
DGRWDGDV FRPR SRU H[HPSOR R WLSR GH PHLR GH FXOWXUD H VXEVWUDWR DOpP GD
GLIHUHQoDH[LVWHQWHQDILVLRORJLDGHGLIHUHQWHVFHSDVGDPHVPDHVSpFLH
2VUHVXOWDGRVWDPEpPUHYHODUDPXPDVLJQLILFDQWHYDULDELOLGDGHQD
UHVSRVWDD3'7HQWUHRVGLIHUHQWHVLVRODGRVGDPHVPDHVSpFLH2QtYHOGHYDULDomR
REVHUYDGRIRLPDLVSURQXQFLDGRQDDYDOLDomRGDVFpOXODVSODQFW{QLFDVSRUpPRV
ELRILOPHVWDPEpPPRVWUDUDPGLIHUHQoDVH[SUHVVLYDV(VVHFRPSRUWDPHQWRHVWiGH
DFRUGRFRPRXWURVHVWXGRVTXHDYDOLDUDPDVXVFHSWLELOLGDGHGHGLIHUHQWHVFHSDVD
WUDWDPHQWRVDQWLI~QJLFRV3RUHVVHPRWLYRDSUHVHQWHLQYHVWLJDomRFRQILUPD
D LPSRUWkQFLD GH VH DYDOLDU PDLV GH XP LVRODGR SHUWHQFHQWH j PHVPD HVSpFLH
TXDQGRQRYDVWHUDSLDVDQWLI~QJLFDVHVWmRVHQGRSURSRVWDV2PHFDQLVPRGHDomR
GD 3'7 PHGLDGD SHOD FXUFXPLQD SDUHFH HVWDU UHODFLRQDGR j UHDomR GH VXDV
PROpFXODV H[FLWDGDV SHOD OX] FRP R[LJrQLR UHVXOWDQGR QD IRUPDomR GH HVSpFLHV
UHDWLYDV&RPRDWR[LFLGDGHGHVVHVFRPSRQHQWHVUHDWLYRVQmRpHVSHFtILFDDXP
DOYR FHOXODU D 3'7 SRGH DSUHVHQWDU LPSRUWDQWHV YDQWDJHQV HP UHODomR DRV
WUDWDPHQWRV DQWLI~QJLFRV WUDGLFLRQDLV FRPR D LPSURYiYHO RFRUUrQFLD GH
UHVLVWrQFLD PLFURELDQD $OpP GLVVR HVSpFLHV TXH DSUHVHQWDP UHVLVWrQFLD
DQWLI~QJLFD DV GURJDV WUDGLFLRQDLV SRGHP VHU HILFLHQWHPHQWH LQDWLYDGDV SRU PHLR
GR GDQR IRWRGLQkPLFR (VWXGRV UHODWDP TXH D HVSpFLH & JODEUDWD SRVVXL
UHVLVWrQFLD LQWUtQVHFD DR IOXFRQD]RO HQTXDQWR TXH XP FUHVFHQWH Q~PHUR GH
LVRODGRV GH & WURSLFDOLV WHP PRVWUDGR GHVHQYROYLPHQWR GH UHVLVWrQFLD DR
IOXFRQD]RO H D DQIRWHULFLQD % 2V UHVXOWDGRV DSUHVHQWDGRV QR &DStWXOR PRVWUDUDPTXHHPERUDXPDYDULDomRVLJQLILFDWLYDWHQKDVLGRREVHUYDGDHQWUHRV
LVRODGRV WRGDV DV FHSDV DYDOLDGDV IRUDP VXVFHSWtYHLV D 3'7 PHGLDGD SHOD
FXUFXPLQD LQGHSHQGHQWHPHQWH GD HVSpFLH ,VVR LQGLFD R DPSOR HVSHFWUR GH DomR
TXH D 3'7 SRGH DSUHVHQWDU VREUH GLIHUHQWHV HVSpFLHV GH &DQGLGD H GLIHUHQWHV
LVRODGRVFOtQLFRV
'HDFRUGRFRPDFRORUDomRUHDOL]DGDFRP&9D3'7QmRVRPHQWH
GLPLQXLXRPHWDEROLVPRFHOXODUGRVELRILOPHVFRPRWDPEpPUHGX]LXDELRPDVVD
DGHULGD QDV SODFDV GH RULItFLRV 2XWUDV LQYHVWLJDo}HV VXJHULUDP TXH D 3'7 SRGH
'LVFXVVmR
DWXDUVREUHELRILOPHVEDFWHULDQRVSRUPHLRGDPRUWHGDVFpOXODVHSHODUXSWXUDGR
ELRILOPH ,PDJHQV GH PLFURVFRSLD UHDOL]DGDV QR HVWXGR GH *RXODUW HW DO
PRVWUDUDP TXH D TXDQWLGDGH GH FpOXODV DGHULGDV DRV ELRILOPHV PLFURELDQRV
GLPLQXLXDSyVDDSOLFDomRGD3'73RUHVVDUD]mRpSRVVtYHOVXJHULUTXHD3'7
PHGLDGD SHOD FXUFXPLQD SRVVD WHU DWXDGR GH IRUPD VHPHOKDQWH DOWHUDQGR R
PHWDEROLVPRFHOXODUHGHVDUWLFXODQGRDVHVWUXWXUDVGHELRILOPHVLPXOWDQHDPHQWH
,VVR H[SOLFDULD D GLPLQXLomR GD ELRPDVVD GRV ELRILOPHV GH &DQGLGD DSyV D
DSOLFDomR GD 3'7 e LPSRUWDQWH UHVVDOWDU DLQGD TXH D FRPSOHWD DXVrQFLD GH
PHWDEROLVPRFHOXODUQmRIRLREVHUYDGDHPQHQKXPDFRQGLomRH[SHULPHQWDODSyVD
3'7 H VLP UHGXo}HV VLJQLILFDWLYDV HP UHODomR DRV ELRILOPHV GDV DPRVWUDV
FRQWUROH,VVRRFRUUHXSURYDYHOPHQWHGHYLGRDGLILFXOGDGHGDWHUDSLDHPDWLQJLUDV
FDPDGDVPDLVLQWHUQDVGRVELRILOPHV-iIRLVXJHULGRTXHDIRWRVVHQVLELOL]DomRGH
ELRILOPHV GH & DOELFDQV RFRUUH SUHGRPLQDQWHPHQWH QDV FDPDGDV FHOXODUHV PDLV
H[WHUQDV GRV ELRILOPHV HP GHFRUUrQFLD GD SHQHWUDomR VXSHUILFLDO GR 36 1R
HQWDQWR FRPR D 3'7 SDUHFH FDXVDU XPD GLPLQXLomR QD TXDQWLGDGH GH FpOXODV
DGHULGDV DRV ELRILOPHV p SRVVtYHO VXSRU TXH UHSHWLGDV DSOLFDo}HV GD WHUDSLD
SRVVDP SRWHQFLDOL]DU R HIHLWR VREUH RV ELRILOPHV (VVH HIHLWR SRGHUi VHU
LQYHVWLJDGRHPHVWXGRVIXWXURV
$V REVHUYDo}HV UHDOL]DGDV QRV HVWXGRV LQ YLWUR PRVWUDUDP R
SRWHQFLDOGHDSOLFDomRGDFXUFXPLQDSDUDLQDWLYDomRIRWRGLQkPLFDGHHVSpFLHVGH
&DQGLGD 3RUpP SDUD TXH HVVH PpWRGR SRVVD VHU DSOLFDGR FOLQLFDPHQWH FRPR
PRGDOLGDGHWHUDSrXWLFDQRWUDWDPHQWRGHFDQGLGRVHEXFDODVXD HIHWLYLGDGHEHP
FRPR D SRVVtYHO RFRUUrQFLD GH HIHLWRV DGYHUVRV QRV WHFLGRV WUDWDGRV GHYH VHU
LQYHVWLJDGD &RQVLGHUDQGR RV UHVXOWDGRV REWLGRV QRV HVWXGRV DQWHULRUHV XPD
DYDOLDomRLQYLYRIRLFRQGX]LGDSDUDDYDOLDUDHIHWLYLGDGHGD3'7QDLQDWLYDomRGH
& DOELFDQV SUHVHQWH QR WHFLGR OLQJXDO GH FDPXQGRQJRV HP XP PRGHOR GH
FDQGLGRVHEXFDO3DUDLVVRRPRGHORDQLPDOGHFDQGLGRVHSURSRVWRSRU7DNDNXUD
HWDOHSRVWHULRUPHQWHUHSURGX]LGRSRU0LPDHWDOIRLXWLOL]DGR
$V FROHWDV PLFURELROyJLFDV UHDOL]DGDV LPHGLDWDPHQWH DSyV D
DSOLFDomR GD 3'7 PRVWUDUDP TXH D XWLOL]DomR GD FXUFXPLQD HP DVVRFLDomR FRP
LOXPLQDomRGRWLSR/('IRLHIHWLYDQDIRWRLQDWLYDomRGH&DOELFDQVSUHVHQWHQDV
'LVFXVVmR
OHV}HV7UrVFRQFHQWUDo}HVGHFXUFXPLQDIRUDPDYDOLDGDVH0HWRGDV
SURPRYHUDP UHGXomR VLJQLILFDWLYD QR Q~PHUR FRO{QLDV YLiYHLV HP FRPSDUDomR
DRVYDORUHVHQFRQWUDGRVQRVDQLPDLVVHPWUDWDPHQWR$SHVDUGDDQiOLVHHVWDWtVWLFD
QmR DSRQWDU GLIHUHQoDV VLJQLILFDQWHV HQWUH RV JUXSRV GH 3'7 WUDWDGRV FRP H
0GHFXUFXPLQDDSHQDVDPDLRUFRQFHQWUDomRSURGX]LXUHGXomRGHORJVQRV
YDORUHV GH XIFP/ 1D UHDOLGDGH D DXVrQFLD GH FUHVFLPHQWR GH FRO{QLDV IRL
REVHUYDGD HP TXDWUR GRV FLQFR DQLPDLV SHUWHQFHQWHV D HVVH JUXSR 0
LQGLFDQGR TXH D FRPSOHWD LQDWLYDomR GR IXQJR SURYDYHOPHQWH RFRUUHX QHVVHV
DQLPDLV
$SHVDUGHQmRVHUHPHQFRQWUDGRVHVWXGRVQDOLWHUDWXUDTXHWHQKDP
LQYHVWLJDGRLQYLYRD3'7PHGLDGDSHODFXUFXPLQDHP&DQGLGDVSSRVDFKDGRV
GDVLQYHVWLJDo}HVDQWHULRUHVUHDOL]DGDVLQYLWURMiKDYLDPLQGLFDGRRSRWHQFLDOGD
DSOLFDomR GHVWD WHUDSLD $OpP GLVVR RXWURV HVWXGRV ODERUDWRULDLV SXEOLFDGRV
SUHYLDPHQWH VXJHULUDP D SRVVLELOLGDGH GD IRWRLQDWLYDomR GH PLFURRUJDQLVPRV
XWLOL]DQGR D FXUFXPLQD FRPR 36 $ PHVPD FHSD SDGUmR GH & DOELFDQV
$7&& IRL XWLOL]DGD QRV H[SHULPHQWRV GHVFULWRV QRV &DStWXORV H 2V
UHVXOWDGRVGHVFULWRVQRSULPHLURFDStWXORPRVWUDUDPTXHDXWLOL]DomRGH0GH
FXUFXPLQDDVVRFLDGDD-FPIRLFDSD]GHLQDWLYDUFRPSOHWDPHQWHVXVSHQV}HV
SODQFW{QLFDVGH&DOELFDQV3RURXWURODGRQRHVWXGRDSUHVHQWDGRQR&DStWXOR
IRLQHFHVViULDDXWLOL]DomRGHPDLRUHVFRQFHQWUDo}HVGDFXUFXPLQDSDUDTXHD3'7
UHVXOWDVVHHPXPDUHGXomRVDWLVIDWyULDQDYLDELOLGDGHGH&DOELFDQV6HJXQGR'DL
HWDODOJXQVIDWRUHVSRGHPMXVWLILFDUDGLIHUHQoDHQWUHRVUHVXOWDGRVREVHUYDGRV
SDUDXPDWHUDSLDDQWLPLFURELDQDDYDOLDGDLQYLWURHLQYLYR2SULPHLURIDWRUTXH
GHYH VHU FRQVLGHUDGR p D SUHVHQoD GR WHFLGR HSLWHOLDO QDV SUR[LPLGDGHV GD
LQIHFomR TXH SRGH FRPSHWLU FRP DV FpOXODV PLFURELDQDV SHOD OLJDomR FRP DV
PROpFXODVGR36UHGX]LQGRDHILFLrQFLDGDIRWRVVHQVLELOL]DomR2XWURVIDWRUHVVmR
D IRUPDomR GH ELRILOPH QD VXSHUItFLH GH WHFLGRV RQGH R DFHVVR GR 36 SRGH VHU
GLILFXOWDGRHWDPEpPDGLPLQXLomRGDFRQFHQWUDomRGR36QRLQWHULRUGDVFDPDGDV
WHFLGXDLV 3RUWDQWR RV UHVXOWDGRV GHVWH HVWXGR FRQILUPDP D LPSRUWkQFLD GH VH
UHDOL]DULQYHVWLJDo}HVHPPRGHORVDQLPDLVTXHVLPXOHPDVFRQGLo}HVHQFRQWUDGDV
FOLQLFDPHQWH D ILP GH VH HVWDEHOHFHUSDUkPHWURV HIHWLYRV GD 3'7SUHYLDPHQWHD
'LVFXVVmR
VXDDSOLFDomRFOtQLFD$OpPGLVVRpLPSRUWDQWHVDOLHQWDUTXHDPDLRUFRQFHQWUDomR
XWLOL]DGD QR SUHVHQWH HVWXGR ђ0 RX PJ/ DLQGD p LQIHULRU jV
FRQFHQWUDo}HV QHFHVViULDV SDUD TXH D FXUFXPLQD SURGX]D HIHLWR DQWLI~QJLFR QD
DXVrQFLDGHOX]
1RV ~OWLPRV DQRV XP FRQVLGHUiYHO Q~PHUR GH LQYHVWLJDo}HV IRL
SXEOLFDGR FRP R LQWXLWR GH DYDOLDU RV HIHLWRV DQWLPLFURELDQRV GD 3'7
HVSHFLDOPHQWHQDiUHDRGRQWROyJLFD2FUHVFHQWHQ~PHURGHHYLGrQFLDVFLHQWtILFDV
SURYHQLHQWH GH HVWXGRV LQ YLYR UHVXOWRX QD DSURYDomR GH DOJXQV VLVWHPDV
SDWHQWHDGRVGH3'7SDUDRWUDWDPHQWRGHLQIHFo}HVHQGRG{QWLFDVSHULRGRQWLWHH
FiULH GHQWDO $SHVDU GLVVR DLQGD H[LVWHP SRXFR UHODWRV QD OLWHUDWXUD VREUH D
XWLOL]DomRLQYLYRGD3'7SDUDRWUDWDPHQWRGHLQIHFo}HVEXFDLVSRUHVSpFLHVGH
&DQGLGD $ XWLOL]DomR GRV 36V D]XO GH PHWLOHQR H GH XP GHULYDGR GH
SRUILULQD Mi IRL LQYHVWLJDGD HP HVWXGRV UHDOL]DGRV HP DQLPDLV 7HLFKHUW HW DO
XWLOL]DUDPDOWDVFRQFHQWUDo}HVGHD]XOGHPHWLOHQRHPJ/DVVRFLDGDVD
LOXPLQDomR FRP ODVHU H D UHGXomR QD YLDELOLGDGH GH & DOELFDQV SUHVHQWH QDV
LQIHFo}HV IRL GH DSUR[LPDGDPHQWH ORJV 5HFHQWHPHQWH 0DUWLQV HW DO
XWLOL]DUDP XPD PHQRU FRQFHQWUDomR GR PHVPR 36 PJ/ HP RXWUR PRGHOR
DQLPDOGHFDQGLGRVHFRPRREMHWLYRGHDYDOLDUDYLUXOrQFLDGH&DOELFDQVDSyVD
3'7 )RL UHODWDGR TXH DSyV R WUDWDPHQWR R Q~PHUR GH FpOXODV YLiYHLV GH &
DOELFDQVSHUPDQHFHXRPHVPRHQFRQWUDGRQRVDQLPDLVQmRWUDWDGRV8WLOL]DQGRR
PHVPRPRGHORDQLPDOGRSUHVHQWHHVWXGR0LPDHWDOGHVFUHYHUDPDXWLOL]DomR
GH DOWDV FRQFHQWUDo}HV GH XP GHULYDGR GD SRUILULQD H PJ/ SDUD
RFDVLRQDUDSHQDVORJVGHUHGXomRQDYLDELOLGDGHGH&DOELFDQV1RSUHVHQWH
HVWXGR D DVVRFLDomR GH ђ0 GH FXUFXPLQD FRP LOXPLQDomR D -FP
SURPRYHXXPDGLPLQXLomRGHORJVQDVFRQWDJHQVGHXIFP/'HVVDIRUPDRV
UHVXOWDGRV HQFRQWUDGRV SRGHP FRQWULEXLU SDUD R GHVHQYROYLPHQWR GH SURWRFRORV
PDLVHIHWLYRVGHIRWRLQDWLYDomRLQYLYRGH&DQGLGD
$OpPGLVVRRWUDWDPHQWRDQWLI~QJLFREDVHDGRQDIRWRVHQVLELOL]DomR
FRP FXUFXPLQD SDUHFH SRVVXLU LPSRUWDQWHV YDQWDJHQV HP UHODomR DRV
PHGLFDPHQWRVWUDGLFLRQDLV$LOXPLQDomRGDVOHV}HVIRLUHDOL]DGDGXUDQWHDSHQDV
PLQXWRV HQTXDQWR TXH D XWLOL]DomR GH PHGLFDPHQWRV WySLFRV H VLVWrPLFRV SRGH
'LVFXVVmR
OHYDUYiULRVGLDVDWpTXHXPDUHVSRVWDVHMDREWLGD7DNDNXUDHWDOXWLOL]DUDPR
PHVPR PRGHOR DQLPDO GH FDQGLGRVH GHVFULWR QR &DStWXOR SDUD DYDOLDU R
WUDWDPHQWR VLVWrPLFR FRP IOXFRQD]RO H R WUDWDPHQWR WySLFR FRP DQIRWHULFLQD %
DPERVDGPLQLVWUDGRVGXUDQWHWUrVGLDVFRQVHFXWLYRV$DSOLFDomRGRPHGLFDPHQWR
VLVWrPLFR UHVXOWRX QD DXVrQFLD GH PLFURRUJDQLVPRV YLiYHLV HQTXDQWR TXH D
DSOLFDomR WySLFD GD PHGLFDomR DSHQDV UHGX]LX R Q~PHUR GH & DOELFDQV QDV
LQIHFo}HV$DGPLQLVWUDomRVLVWrPLFDGHLWUDFRQD]ROXPDYH]DRGLDGXUDQWH
GLDVIRLDYDOLDGDHPXPPRGHORH[SHULPHQWDOGHFDQGLGRVHHVRIiJLFDHRQ~PHUR
GHFpOXODVGH&DQGLGDIRLUHGX]LGRGHSDUDORJV&KDPLHWDO GHVFUHYHUDP
D DSOLFDomR WySLFD GH QLVWDWLQD GXDV YH]HV DR GLD GXUDQWH GLDV HP FDQGLGRVH
EXFDO LQGX]LGD HP UDWRV H R Q~PHUR GH FRO{QLDV YLiYHLV GH & DOELFDQV IRL
UHGX]LGR GH SDUD ORJV XIFP/ $VVLP RV UHVXOWDGRV GHVFULWRV QRV
HVWXGRV FLWDGRV PRVWUDP TXH DOpP GR PDLRU WHPSR GH DSOLFDomR GRV
PHGLFDPHQWRVRVWUDWDPHQWRVFRQYHQFLRQDLVSDUHFHPSURPRYHUXPDUHGXomRQD
YLDELOLGDGHI~QJLFDLQIHULRUDRREWLGRFRPD3'7PHGLDGDSHODFXUFXPLQD$OpP
GLVVRRPHFDQLVPRGHDomRGDIRWRLQDWLYDomRGH&DQGLGDWHPVLGRUHODFLRQDGRj
SURGXomRGHHVSpFLHVUHDWLYDVQmRHVSHFtILFDV FRQIHULQGRXPDPSOR HVSHFWUR GH
DomRGDWHUDSLD
$SyV K GD DSOLFDomR GD 3'7 WRGRV RV DQLPDLV IRUDP
VDFULILFDGRV H DV OtQJXDV IRUDP UHPRYLGDV SDUD SRVWHULRU DQiOLVH KLVWROyJLFD $V
OkPLQDV SURYHQLHQWHV GRV DQLPDLV SHUWHQFHQWHV DRV JUXSRV 3/ 3/ H 3/
FRQWUROH SRVLWLYR DSOLFDomR VRPHQWH GH OX] DSOLFDomR VRPHQWH GD FXUFXPLQD
PRVWUDUDP XP HOHYDGR Q~PHUR GH & DOELFDQV WDQWR QD IRUPD FHOXODU
EODVWRVSRURV FRPR QD IRUPD ILODPHQWDU SVHXGRKLIDV H KLIDV ORFDOL]DGRV QD
FDPDGD GH TXHUDWLQD 1mR IRL REVHUYDGD LQYDVmR HSLWHOLDO GR PLFURRUJDQLVPR
SRUpP R HSLWpOLR DSUHVHQWRXVH DWUyILFR FRP SRXFDV SDSLODV ILOLIRUPHV 8PD
GLVFUHWD UHVSRVWD LQIODPDWyULD IRL LGHQWLILFDGD QR WHFLGR FRQMXQWLYR VXEMDFHQWH R
TXDO DSUHVHQWRX SUHGRPtQLR GH FpOXODV PRQRQXFOHDUHV HP PHLR D XPD GHQVD
FDPDGD GH FROiJHQR (VWH DFKDGR HVWi GH DFRUGR FRP RV GHVFULWRV SRU 0LPD HW
DOTXHXWLOL]DUDPXPPRGHORDQLPDOVHPHOKDQWHSDUDLQGXomRGHFDQGLGRVHHP
FDPXQGRQJRV 3RUpP TXDQGR 7DNDNXUD HW DO GHVFUHYHUDP D PHWRGRORJLD GH
'LVFXVVmR
LQGXomRGHFDQGLGRVHXWLOL]DGDQR&DStWXORIRLUHODWDGDDGHVWUXLomRGHDOJXPDV
FDPDGDVGHHSLWpOLR,VWRRFRUUHXSURYDYHOPHQWHSRUTXHRVDXWRUHVXWLOL]DUDPXPD
FHSDGH&DOELFDQVLVRODGDFOLQLFDPHQWHTXHSRGHDSUHVHQWDUPDLRUSURGXomRGH
IDWRUHV GH YLUXOrQFLD HQTXDQWR R SUHVHQWH HVWXGR XWLOL]RX XPD FHSD GH
UHIHUrQFLD$7&&
$ FRPSDUDomR GDV FDUDFWHUtVWLFDV KLVWROyJLFDV HQFRQWUDGDV QRV
JUXSRV WUDWDGRV FRP 3'7 H QR JUXSR 3/ VXJHUH TXH D WHUDSLD DSOLFDGD QmR
RFDVLRQRX HIHLWRV DGYHUVRV QRV WHFLGRV OLQJXDLV ,VVR SRUTXH LQGHSHQGHQWH GD
DSOLFDomR RX QmR GH WUDWDPHQWR R PHVPR QtYHO GH UHVSRVWD LQIODPDWyULD IRL
REVHUYDGRQRWHFLGRFRQMXQWLYRGHWRGRVRVDQLPDLVTXHUHFHEHUDPLQRFXODomRSRU
&DOELFDQV6RPHQWHRVDQLPDLVSHUWHQFHQWHVDRJUXSRFRQWUROHQHJDWLYRRXVHMD
TXH QmR UHFHEHUDP LQRFXODomR GH & DOELFDQV QmR DSUHVHQWDUDP VLQDLV GH
LQIODPDomRQRWHFLGRFRQMXQWLYR(VWHVUHVXOWDGRVVmRVHPHOKDQWHVDRVREVHUYDGRV
QR HVWXGR FRQGX]LGR SRU 0LPD HW DO QR TXDO RV DXWRUHV YHULILFDUDP GLVFUHWD
UHVSRVWD LQIODPDWyULD QRV WHFLGRV VXEMDFHQWHV DR HSLWpOLR OLQJXDO GH WRGRV RV
DQLPDLV TXH UHFHEHUDP LQRFXODomR SRU & DOELFDQV LQGHSHQGHQWH GH WHUHP VLGR
VXEPHWLGRVj3'73RURXWURODGR-XQTXHLUDHWDOYHULILFDUDPSRXFDVDOWHUDo}HV
HSLWHOLDLV H PHQRU UHVSRVWD LQIODPDWyULD QDV OtQJXDV GRV DQLPDLV GRV JUXSRV
WUDWDGRVFRP3'7TXDQGRFRPSDUDGRVjTXHOHVGRVJUXSRVTXHUHFHEHUDPDSHQDV
DSOLFDomRGHOX]$GLYHUJrQFLDUHODFLRQDGDjLQWHQVLGDGHGDUHDomRLQIODPDWyULD
REVHUYDGD QHVVHV HVWXGRV SRGH VHU MXVWLILFDGD SHOD XWLOL]DomR GH GLIHUHQWHV 36V
WHPSRV GH LOXPLQDomR DVVLP FRPR GLIHUHQWHV PHWRGRORJLDV GH LQGXomR GH
FDQGLGRVH RUDO $LQGD RXWUR HVWXGR PRVWURX TXH D DSOLFDomR GD 3'7 FRPR
PpWRGRDX[LOLDUQRWUDWDPHQWRGHSHULRGRQWLWHLQGX]LGDHPDQLPDLVQmROHYRXDR
DSDUHFLPHQWRGHHIHLWRVQHJDWLYRVQRVWHFLGRVVXEMDFHQWHVDLQIHFomR
8PD LPSRUWDQWH REVHUYDomR UHDOL]DGD IRL TXH RV DQLPDLV WUDWDGRV
FRPHђ0GHFXUFXPLQDHOX]PRVWUDUDPXPUHGX]LGRQ~PHURGHFpOXODVGH
&DOELFDQVQDVXSHUItFLHGRWHFLGRHPFRPSDUDomRFRPRVDQLPDLVFRQWUROH1D
UHDOLGDGHQmRIRLYLVXDOL]DGDQHQKXPDFpOXODGH&DOELFDQVHPTXDWURGRVFLQFR
DQLPDLV TXH UHFHEHUDP DSOLFDomR GH ђ0 H OX] 7RGRV RV DQLPDLV GHVVH JUXSR
DSUHVHQWDUDP HSLWpOLR PHQRV DWUyILFR FRP D SUHVHQoD GH SDSLODV ILOLIRUPHV H
'LVFXVVmR
FDPDGD GH TXHUDWLQD FRP DVSHFWR GH QRUPDOLGDGH VHPHOKDQWH jV FDUDFWHUtVWLFDV
HQFRQWUDGDV QRV DQLPDLV GR JUXSR FRQWUROH QHJDWLYR 2V UHVXOWDGRV REWLGRV QR
&DStWXORKDYLDPVXJHULGRTXHD3'7PHGLDGDSHODFXUFXPLQDSDUHFHUHPRYHU
DVFpOXODVGH&DQGLGDDGHULGDVHPELRILOPHV$GLFLRQDOPHQWHRHIHLWRGD3'7QD
GHVDUWLFXODomRGDDUTXLWHWXUDGHELRILOPHVPLFURELDQRVWDPEpPMiIRLGHVFULWRHP
RXWUDV LQYHVWLJDo}HV 'HVVD IRUPD p SRVVtYHO VXSRU TXH DSyV D DSOLFDomR GD
3'7PHGLDGDSHODFXUFXPLQDDVFpOXODVGH&DQGLGDQmRSHUPDQHFHUDPDGHULGDV
DR WHFLGR OLQJXDO GRV DQLPDLV R TXH SRGHULD H[SOLFDU D DXVrQFLD GH FpOXODV
I~QJLFDV QRV FRUWHV KLVWROyJLFRV REVHUYDGRV $OpP GLVVR WDPEpP SRGH VHU
VXJHULGR TXH DSyV D HOLPLQDomR GR DJHQWH HWLROyJLFR R WHFLGR HSLWHOLDO GRV
DQLPDLV UHFXSHURX RV DVSHFWRV GH QRUPDOLGDGH TXH KDYLDP VLGR DIHWDGRV SHOD
LQIHFomR I~QJLFD FRPR D SUHVHQoD GH SDSLODV HSLWHOLDLV FDPDGD EDVDO tQWHJUD H
FDPDGDGHTXHUDWLQDVHPLQYDVmRPLFURELDQD
$VVLP D UHDOL]DomR GRV WUrV HVWXGRV PRVWURX R SRWHQFLDO GD
DSOLFDomRGDFXUFXPLQDFRPR36SDUDIRWRLQDWLYDomRGH&DQGLGDVSS8PD~QLFD
DSOLFDomR GD 3'7 ђ0 H -FP IRL VXILFLHQWH SDUD SURPRYHU D FRPSOHWD
HOLPLQDomR GDV FpOXODV GH & DOELFDQV HP TXDWUR GRV FLQFR DQLPDLV DYDOLDGRV
3RUWDQWR RV SURWRFRORV HVWDEHOHFLGRV QHVWD LQYHVWLJDomR SRGHUmR VHU XWLOL]DGRV
IXWXUDPHQWH SDUD DYDOLDomR GR HIHLWR GH UHSHWLGDV DSOLFDo}HV GD WHUDSLD QR
WUDWDPHQWRGHFDQGLGRVHEXFDOWDQWRHPDQLPDLVFRPRHPLQYHVWLJDo}HVFOtQLFDV
$OpPGLVVRRHIHLWRGHWUDWDPHQWRHPORQJRSUD]REHPFRPRDFRPSDUDomRGD
UHVSRVWDFRPDQWLI~QJLFRVWUDGLFLRQDLVSRGHUiVHULQYHVWLJDGD
&RQFOXVmR
&RQFOXVmR
&RP EDVH QDV FRQGLo}HV H[SHULPHQWDLV H FRQVLGHUDQGR DV
OLPLWDo}HVGRSUHVHQWHHVWXGRIRLSRVVtYHOFRQFOXLUTXH
$DVVRFLDomRGHђ0GHFXUFXPLQDFRP-FPGHOX]
SURPRYHXDFRPSOHWDLQYLDELOL]DomRGHXPDFHSDGHUHIHUrQFLDGH&DOELFDQVHP
VXVSHQV}HVSODQFW{QLFDV
2 PHVPR SURWRFROR UHGX]LX VLJQLILFDWLYDPHQWH R
PHWDEROLVPR GH ELRILOPHV IRUPDGRV LQ YLWUR FRP & DOELFDQV $7&& H R
PHWDEROLVPRGHXPDFXOWXUDFHOXODUGHPDFUyIDJRV
2 HIHLWR IRWRGLQkPLFR DQWLI~QJLFR IRL DFHQWXDGR SHOD
SUHVHQoDGDFXUFXPLQDQRPHLRFLUFXQGDQWHGXUDQWHDLOXPLQDomRHWDPEpPSHOD
XWLOL]DomRGHPDLRUHV3,7V
2VHVSHFWURVGHDEVRUomRHIOXRUHVFrQFLDGDFXUFXPLQDQD
FRQFHQWUDomR GH 0 PRVWUDUDP XPD HOHYDGD WD[D GH IRWRGHJUDGDomR GD
VROXomRDSyVH[SRVLomRjOX]GRWLSR/('QRFRPSULPHQWRGHRQGDD]XO
$ DSOLFDomR GD 3'7 PHGLDGD SHOD FXUFXPLQD SURPRYHX
UHGXomR VLJQLILFDWLYD QD YLDELOLGDGH GH VXVSHQV}HV SODQFW{QLFDV GH LVRODGRV
FOtQLFRVGDVHVSpFLHV&DOELFDQV&JODEUDWDH&WURSLFDOLV
$ XWLOL]DomR GH 0 GH FXUFXPLQD HP DVVRFLDomR FRP
-FP UHGX]LXRVLJQLILFDWLYDPHQWHRPHWDEROLVPRHDELRPDVVDGRVELRILOPHV
GRVLVRODGRVFOtQLFRVGH&DOELFDQV&JODEUDWDH&WURSLFDOLV
7RGDV DV FRPELQDo}HV DYDOLDGDV GH FXUFXPLQD H OX]
GLPLQXtUDP VLJQLILFDWLYDPHQWH R Q~PHUR GH FRO{QLDV YLiYHLV GH & DOELFDQV
SUHVHQWHHPOHV}HVLQGX]LGDVGHFDQGLGRVHEXFDO
&RQFOXVmR
$ DSOLFDomR GD 3'7 PHGLDGD SRU 0 GH FXUFXPLQD H
LOXPLQDomR D -FP SURPRYHX D FRPSOHWD HOLPLQDomR GH & DOELFDQV GDV
OHV}HVGHFDQGLGRVHLQGX]LGDVHPTXDWURGRVFLQFRDQLPDLVDYDOLDGRV
$DSOLFDomRLVRODGDGDFXUFXPLQDRXGDOX]QmRSURPRYHX
HIHLWRDQWLI~QJLFRVREUH&DOELFDQVHDXWLOL]DomRGD3'7QmRRFDVLRQRXLQM~ULDV
DRVWHFLGRVH[SRVWRVQRVDQLPDLVWHVWDGRV
5HIHUrQFLDV
$EHOVRQ -$ 0RRUH 7 %UXFNQHU ' 'HYLOOH - 1LHOVHQ . )UHTXHQF\ RI
IXQJHPLD LQ KRVSLWDOL]HG SHGLDWULF LQSDWLHQWV RYHU \HDUV DW D WHUWLDU\
FDUHLQVWLWXWLRQ3HGLDWULFV
$JJDUZDO %% +DULNXPDU .% 3RWHQWLDO WKHUDSHXWLF HIIHFWV RI FXUFXPLQ
WKH DQWLLQIODPPDWRU\ DJHQW DJDLQVW QHXURGHJHQHUDWLYH FDUGLRYDVFXODU
SXOPRQDU\PHWDEROLFDXWRLPPXQHDQGQHRSODVWLFGLVHDVHV,QW-%LRFKHP
&HOO%LRO
$NSDQ$0RUJDQ52UDOFDQGLGLDVLV3RVWJUDG0HG-
$UHYDOR 03 $ULDV $ $QGUHX $ 5RGULJXH] & 6LHUUD $ )OXFRQD]ROH
LWUDFRQD]ROH DQG NHWRFRQD]ROH LQ YLWUR DFWLYLW\ DJDLQVW &DQGLGD VSS -
&KHPRWKHU
%DODVXEUDPDQLDQ . 0ROHFXODU RUELWDO EDVLV IRU \HOORZ FXUU\ VSLFH
FXUFXPLQ
VSUHYHQWLRQRI$O]KHLPHU
VGLVHDVH-$JULF )RRG&KHP
%DQWLQJ ': +LOO 6$ 0LFURZDYH GLVLQIHFWLRQ RI GHQWXUHV IRU WKH
WUHDWPHQWRIRUDOFDQGLGLDVLV6SHF&DUH'HQWLVW
%HQNR , +HUQiGL ) 0HJ\HUL $ .LVV $ 6RPRJ\L * 7HJ\H\ = HW DO
&RPSDULVRQRIWKHWR[LFLW\RIIOXFRQD]ROHDQGRWKHUD]ROHDQWLIXQJDOGUXJV
WRPXULQHDQGKXPDQ JUDQXORF\WHPDFURSKDJHSURJHQLWRUFHOOVLQYLWUR-
$QWLPLFURE&KHPRWKHU
%HUJHQGDO 7 ,VDFVVRQ * (IIHFW RI Q\VWDWLQ LQ WKH WUHDWPHQW RI GHQWXUH
VWRPDWLWLV6FDQG-'HQW5HV
%L]HUUD)&1DNDPXUD&9GH3RHUVFK&(VWLYDOHW6YLG]LQVNL7,%RUVDWR
4XHVDGD 50 HW DO &KDUDFWHULVWLFV RI ELRILOP IRUPDWLRQ E\ &DQGLGD
WURSLFDOLVDQGDQWLIXQJDOUHVLVWDQFH)(06<HDVW5HV
'HDFRUGRFRPHVWLOR9DQFRXYHU
'LVSRQtYHOQRVLWH+773ZZZQOPQLKJRYEVGXQLIRUPBUHTXLUHPHQWVKWPO
5HIHUrQFLDV
%OLVV-0%LJHORZ&()RVWHU7++DLGDULV&*6XVFHSWLELOLW\RI&DQGLGD
VSHFLHV WR SKRWRG\QDPLF HIIHFWV RI SKRWRIULQ $QWLPLFURE $JHQWV
&KHPRWKHU
%ORPJUHQ - %HUJJUHQ 8 -RQWHOO 0 )OXFRQD]ROH YHUVXV Q\VWDWLQ LQ WKH
WUHDWPHQWRIRUDOFDQGLGRVLV$FWD2GRQWRO6FDQG
%UX]HOO (0 0RULVEDN ( 7¡QQHVHQ ++ 6WXGLHV RQ FXUFXPLQ DQG
FXUFXPLQRLGV ;;,; 3KRWRLQGXFHG F\WRWR[LFLW\ RI FXUFXPLQ LQ VHOHFWHG
%XGW]-|UJHQVHQ ( (WLRORJ\ SDWKRJHQHVLV WKHUDS\ DQG SURSK\OD[LV RI
RUDO\HDVWLQIHFWLRQV$FWD2GRQWRO6FDQG
&DYDOFDQWH 5 ,PDVDWR + %DJQDWR 9 3HUXVVL - $ FRPELQDWLRQ RI
WHFKQLTXHVWRHYDOXDWHSKRWRG\QDPLFHIILFLHQF\RISKRWRVHQVLWL]HUV/DVHU
3K\V/HWW±
&KDEULHU5RVHOOy < )RVWHU 7+ 0LWUD 6 +DLGDULV &* 5HVSLUDWRU\
GHILFLHQF\ HQKDQFHV WKH VHQVLWLYLW\ RI WKH SDWKRJHQLF IXQJXV &DQGLGD WR
SKRWRG\QDPLFWUHDWPHQW3KRWRFKHP3KRWRELRO
&KDPL 1 &KDPL ) %HQQLV 6 7URXLOODV - 5HPPDO $ $QWLIXQJDO
WUHDWPHQW ZLWK FDUYDFURO DQG HXJHQRO RI RUDO FDQGLGLDVLV LQ
LPPXQRVXSSUHVVHGUDWV%UD]-,QIHFW'LV
&KDQGUD - .XKQ '0 0XNKHUMHH 3. +R\HU // 0F&RUPLFN 7
*KDQQRXP 0$ %LRILOP IRUPDWLRQ E\ WKH IXQJDO SDWKRJHQ &DQGLGD
DOELFDQVGHYHORSPHQWDUFKLWHFWXUHDQGGUXJUHVLVWDQFH-%DFWHULRO
&KLJQHOO&)%LOVNL35HV]ND.-0RWWHQ$*6LN5+'DKO7$6SHFWUDO
DQG SKRWRFKHPLFDO SURSHUWLHV RI FXUFXPLQ 3KRWRFKHP 3KRWRELRO &ROOLQV7/0DUNXV($+DVVHWW'-5RELQVRQ-%7KHHIIHFWRIDFDWLRQLF
SRUSK\ULQ RQ 3VHXGRPRQDV DHUXJLQRVD ELRILOPV &XUU 0LFURELRO 5HIHUrQFLDV
&RORPER$/1XFFL06DORPmR5%UDQFKLQL0/5LFKWPDQQ5'HURVVL
$ HW DO +LJK UDWH RI QRQDOELFDQV FDQGLGHPLD LQ %UD]LOLDQ WHUWLDU\ FDUH
KRVSLWDOV'LDJQ0LFURELRO,QIHFW'LV
&ROXVVL 9& 1LFROD (0' 1LFROD -+ )RWRWHUDSLD IRWRTXLPLRWHUDSLD H
DOJXQVIRWRVVHQVLELOL]DGRUHV5HY$VVRF0HG%UDV
&RSOH\/YDQGHU:DWW3:LUW].:3DUNHU0,/HDQHU9'3KRWRORQD
FKORULQ H GHULYDWLYH WULJJHUV 526 SURGXFWLRQ DQG OLJKWGHSHQGHQW FHOO
GHDWKYLDQHFURVLV,QW-%LRFKHP&HOO%LRO
&RVWD6)0DULQKR,$UD~MR($0DQULTXH$(0HGHLURV($/HYLQ$6
1RVRFRPLDO IXQJDHPLD D \HDU SURVSHFWLYH VWXG\ - +RVS ,QIHFW &RVWHUWRQ -: 6WHZDUW 36 *UHHQEHUJ (3 %DFWHULDO ELRILOPV D FRPPRQ
FDXVHRISHUVLVWHQWLQIHFWLRQV6FLHQFH
'DKL\D0&5HGGLQJ6:'DKL\D56(QJ7<.LUNSDWULFN:5&RFR%-
HW DO 2URSKDU\QJHDO FDQGLGLDVLV FDXVHG E\ QRQDOELFDQV \HDVW LQ SDWLHQWV
UHFHLYLQJ H[WHUQDO EHDP UDGLRWKHUDS\ IRU KHDGDQGQHFN FDQFHU ,QW -
5DGLDW2QFRO%LRO3K\V
'DKO 7$ %LOVNL 3 5HV]ND .- &KLJQHOO &) 3KRWRF\WRWR[LFLW\ RI
FXUFXPLQ3KRWRFKHP3KRWRELRO
'DL 7 +XDQJ << +DPEOLQ 05 3KRWRG\QDPLF WKHUDS\ IRU ORFDOL]HG
LQIHFWLRQVVWDWHRIWKHDUW3KRWRGLDJQRVLV3KRWRG\Q7KHU
'DL 7 7HJRV *3 =KL\HQWD\HY 7 0\ORQDNLV ( +DPEOLQ 05
3KRWRG\QDPLF WKHUDS\ IRU PHWKLFLOOLQUHVLVWDQW 6WDSK\ORFRFFXV DXUHXV
LQIHFWLRQLQDPRXVHVNLQDEUDVLRQPRGHO/DVHUV6XUJ0HG
GH 5HSHQWLJQ\ / /HZDQGRZVNL ' -ROLFRHXU 3 ,PPXQRSDWKRJHQHVLV RI
RURSKDU\QJHDO FDQGLGLDVLV LQ KXPDQ LPPXQRGHILFLHQF\ YLUXV LQIHFWLRQ
&OLQ0LFURELRO5HY
5HIHUrQFLDV
'LPRSRXORV * .DUDELQLV $ 6DPRQLV * )DODJDV 0( &DQGLGHPLD LQ
LPPXQRFRPSURPLVHG DQG LPPXQRFRPSHWHQW FULWLFDOO\ LOO SDWLHQWV D
SURVSHFWLYHFRPSDUDWLYHVWXG\(XU-&OLQ0LFURELRO,QIHFW'LV
'RQQHOO\ 5) 0F&DUURQ 3$ 7XQQH\ 00 $QWLIXQJDO SKRWRG\QDPLF
WKHUDS\0LFURELRO5HV
'RQQHOO\ 5) 0F&DUURQ 3$ 7XQQH\ 00 'DYLG :RROIVRQ $ 3RWHQWLDO
RI SKRWRG\QDPLF WKHUDS\ LQ WUHDWPHQW RI IXQJDO LQIHFWLRQV RI WKH PRXWK
'HVLJQDQGFKDUDFWHULVDWLRQRIDPXFRDGKHVLYHSDWFKFRQWDLQLQJWROXLGLQH
EOXH2-3KRWRFKHP3KRWRELRO%
'RYLJR /1 3DYDULQD $& 0LPD (* *LDPSDROR (7 9HUJDQL &(
%DJQDWR 96 )XQJLFLGDO HIIHFW RI SKRWRG\QDPLF WKHUDS\ DJDLQVW
IOXFRQD]ROHUHVLVWDQW &DQGLGD DOELFDQV DQG &DQGLGD JODEUDWD 0\FRVHV
'XMLF-.LSSHQEHUJHU65DPLUH]%RVFD$'LD]$OSHUL-%HUHLWHU+DKQ
-.DXIPDQQ5HWDO&XUFXPLQLQFRPELQDWLRQZLWKYLVLEOHOLJKWLQKLELWV
WXPRUJURZWKLQD[HQRJUDIWWXPRUPRGHO,QW-&DQFHU
(SVWHLQ-6DQGHUVRQ,50DFGRQDOG77&XUFXPLQDVDWKHUDSHXWLFDJHQW
WKH HYLGHQFH IURP LQ YLWUR DQLPDO DQG KXPDQ VWXGLHV %U - 1XWU (SVWHLQ -% 3ROVN\ % 2URSKDU\QJHDO FDQGLGLDVLV D UHYLHZ RI LWV FOLQLFDO
VSHFWUXPDQGFXUUHQWWKHUDSLHV&OLQ7KHU
)HUQDQGHV /$ GH $OPHLGD -0 7KHRGRUR /+ %RVFR $) 1DJDWD 0-+
0DUWLQV 70 HW DO 7UHDWPHQW RI H[SHULPHQWDO SHULRGRQWDO GLVHDVH E\
SKRWRG\QDPLF WKHUDS\ LQ LPPXQRVXSSUHVVHG UDWV - &OLQ 3HULRGRQWRO
)HUUHLUD-0HQH]HV3)&6LEDW&+$OOLVRQ55=XFRORWR66LOYD-U2&
HW DO &DQ HIILFLHQF\ RI WKH SKRWRVHQVLWL]HU EH SUHGLFWHG E\ LWV
SKRWRVWDELOLW\LQVROXWLRQ"/DVHU3K\V±
5HIHUrQFLDV
*DUFLD*RPHV$6&XUYHOR-$6RDUHV50)HUUHLUD3HUHLUD$&XUFXPLQ
DFWV V\QHUJLVWLFDOO\ ZLWK IOXFRQD]ROH WR VHQVLWL]H D FOLQLFDO LVRODWH RI
&DQGLGDDOELFDQVVKRZLQJD0'5SKHQRW\SH0HG0\FROLQSUHVV
*HQGUHDX//RHZ\=*(SLGHPLRORJ\DQGHWLRORJ\RIGHQWXUHVWRPDWLWLV
-3URVWKRGRQW
*ROGDQL /= 0iULR 36 &DQGLGD WURSLFDOLV IXQJHPLD LQ D WHUWLDU\ FDUH
KRVSLWDO-,QIHFW
*ROGPDQ*+)HUUHLUD0(60DUTXHV(56DYROGL03HUOLQ'3DUN6HW
DO (YDOXDWLRQ RI IOXFRQD]ROH UHVLVWHQFH PHFKDQLVPV LQ&DQGLGD DOELFDQV
FOLQLFDO LVRODWHV IURP +,9LQIHFWHG SDWLHQWV LQ %UD]LO 'LDJQ 0LFURELRO
,QIHFW'LV
*RQ]DOHV)30DLVFK73KRWRG\QDPLFLQDFWLYDWLRQRIPLFURRUJDQLVPVDV
DQLQQRYDWLYHDSSURDFKWRNLOOPXFRFXWDQHRXVDQGVNLQPLFURRUJDQLVPV*
,WDO'HUPDWRO9HQHUHRO
*RXODUW5&%ROHDQ03DXOLQR737KHGHL-U*6RX]D6/7HGHVFR$&
HW DO 3KRWRG\QDPLF WKHUDS\ LQ SODQNWRQLF DQG ELRILOP FXOWXUHV RI
$JJUHJDWLEDFWHUDFWLQRP\FHWHPFRPLWDQV3KRWRPHG/DVHU6XUJ
+DXNYLN 7 %UX]HOO ( .ULVWHQVHQ 6 7¡QQHVHQ ++ 3KRWRNLOOLQJ RI
EDFWHULD E\ FXUFXPLQ LQ GLIIHUHQW DTXHRXV SUHSDUDWLRQV 6WXGLHV RQ
FXUFXPLQDQGFXUFXPLQRLGV;;;9,,3KDUPD]LH
+HJJH $% $QGHUVHQ 7 0HOYLN -( %UX]HOO ( .ULVWHQVHQ 6 7¡QQHVHQ
++)RUPXODWLRQDQGEDFWHULDOSKRWRWR[LFLW\RI FXUFXPLQORDGHG DOJLQDWH
IRDPV IRU ZRXQG WUHDWPHQW DSSOLFDWLRQV VWXGLHV RQ FXUFXPLQ DQG
FXUFXPLQRLGHV;/,,-3KDUP
+HQGHUVRQ %: 'RXJKHUW\ 7- +RZ GRHV SKRWRG\QDPLF WKHUDS\ ZRUN"
3KRWRFKHP3KRWRELRO
+XQWHU.'*LEVRQ-/RFNKDUW33LWKLH$%DJJ-)OXFRQD]ROHUHVLVWDQW
&DQGLGD VSHFLHV LQ WKH RUDO IORUD RI IOXFRQD]ROHH[SRVHG +,9SRVLWLYH
SDWLHQWV 2UDO 6XUJ 2UDO 0HG 2UDO 3DWKRO 2UDO 5DGLRO (QGRG 5HIHUrQFLDV
,VKLEDVKL + +LVDMLPD 7 +X : <DPDJXFKL + 1LVKL\DPD < $EH 6 $
PXULQH PRGHO RI HVRSKDJHDO FDQGLGLDVLV ZLWK ORFDO FKDUDFWHULVWLF
V\PSWRPV0LFURELRO,PPXQRO
-DFNVRQ = 0HJKML 6 0DF5REHUW $ +HQGHUVRQ % :LOVRQ 0 .LOOLQJ RI
WKH \HDVW DQG K\SKDO IRUPV RI &DQGLGD DOELFDQV XVLQJ D OLJKWDFWLYDWHG
DQWLPLFURELDODJHQW/DVHUV0HG6FL
-LDQKXD : +DL : $QWLIXQJDO VXVFHSWLELOLW\ DQDO\VLV RI EHUEHULQH
EDLFDOLQ HXJHQRO DQG FXUFXPLQ RQ &DQGLGD DOELFDQV - 0HG &ROO 3/$
±
-RUL * )DEULV & 6RQFLQ 0 )HUUR 6 &RSSHOORWWL 2 'HL ' HW DO
3KRWRG\QDPLF WKHUDS\ LQ WKH WUHDWPHQW RI PLFURELDO LQIHFWLRQV EDVLF
SULQFLSOHVDQGSHUVSHFWLYHDSSOLFDWLRQV /DVHUV6XUJ0HG -XQTXHLUD -& 0DUWLQV -6 )DULD 5/ &RORPER &( -RUJH $2
3KRWRG\QDPLF WKHUDS\ IRU WKH WUHDWPHQW RI EXFFDO FDQGLGLDVLV LQ UDWV
/DVHUV0HG6FL
.DVVDE1+0XVWDID($$O6DIIDU077KHDELOLW\RIGLIIHUHQWFXUFXPLQH
VROXWLRQV RQ UHGXFLQJ &DQGLGD DOELFDQV ELRILOP DFWLYLW\ RQ DFU\OLF UHVLQ
GHQWXUHEDVHPDWHULDO$O±5DILGDLQ'HQW-
.ORW] 6$ 'UXW] '- =DMLF -( )DFWRUV JRYHUQLQJ DGKHUHQFH RI &DQGLGD
VSHFLHVWRSODVWLFVXUIDFHV,QIHFW,PPXQ
.RQVEHUJ 5 $[HOO 7 7UHDWPHQW RI &DQGLGDLQIHFWHG GHQWXUH VWRPDWLWLV
ZLWK D PLFRQD]ROH ODFTXHU 2UDO 6XUJ 2UDO 0HG 2UDO 3DWKRO .UFPHU\ 9 %DUQHV $- 1RQDOELFDQV &DQGLGD VSS FDXVLQJ IXQJDHPLD
.XODN<$ULNDQ$'HOLEDOWD1&RPSDULVRQRIWKUHHGLIIHUHQWWUHDWPHQW
PHWKRGVIRUJHQHUDOL]HGGHQWXUHVWRPDWLWLV-3URVWKHW'HQW
5HIHUrQFLDV
/DOOD59/DWRUWXH0&+RQJ&+$UL\DZDUGDQD$'
$PDWR3DOXPER6
)LVFKHU'-HWDO$V\VWHPDWLFUHYLHZRIRUDOIXQJDOLQIHFWLRQVLQSDWLHQWV
UHFHLYLQJFDQFHUWKHUDS\6XSSRUW&DUH&DQFHU
/DPEUHFKWV 6$ $DOGHUV 0& 9HUEUDDN )' /DJHUEHUJ -: 'DQNHUW -%
6FKXLWPDNHU -- (IIHFW RI DOEXPLQ RQ WKH SKRWRG\QDPLF LQDFWLYDWLRQ RI
PLFURRUJDQLVPVE\DFDWLRQLFSRUSK\ULQ-3KRWRFKHP3KRWRELRO%
/\QFK '3 2UDO FDQGLGLDVLV +LVWRU\ FODVVLILFDWLRQ DQG FOLQLFDO
SUHVHQWDWLRQ2UDO6XUJ2UDO0HG2UDO3DWKRO
/\RQ-35HVHQGH0$&RUUHODWLRQEHWZHHQDGKHVLRQHQ]\PHSURGXFWLRQ
DQG VXVFHSWLELOLW\ WR IOXFRQD]ROH LQ &DQGLGD DOELFDQV REWDLQHG IURP
GHQWXUH ZHDUHUV 2UDO 0HG 2UDO 3DWKRO 2UDO 5DGLRO (QGRG /\RQ-35HVHQGH0$(YDOXDWLRQRIDGKHVLRQWREXFFDOHSLWKHOLDOFHOOVLQ
&DQGLGD VSHFLHV REWDLQHG IURP GHQWXUH ZHDUHUV DIWHU H[SRVXUH WR
IOXFRQD]ROH0\FRVHV
0DFKDGR$(+7HUDSLDIRWRGLQkPLFDSULQFtSLRVSRWHQFLDOGHDSOLFDomRH
SHUVSHFWLYDV4XtP1RYD
0DQWDUHYD9.XVVRYVNL9$QJHORY,:|KUOH''LPLWURY53RSRYD(
HW DO 1RQDJJUHJDWHG *D,,,SKWKDORF\DQLQHV LQ WKH SKRWRG\QDPLF
LQDFWLYDWLRQ RI SODQNWRQLF DQG ELRILOP FXOWXUHV RI SDWKRJHQLF
PLFURRUJDQLVPV3KRWRFKHP3KRWRELRO6FL
0DUWLQH] 0 /ySH]5LERW -/ .LUNSDWULFN :5 &RFR %- %DFKPDQQ 63
3DWWHUVRQ7)5HSODFHPHQWRI&DQGLGDDOELFDQVZLWK&DQGLGDGXEOLQLHQVLV
LQ KXPDQ LPPXQRGHILFLHQF\ YLUXVLQIHFWHG SDWLHQWV ZLWK RURSKDU\QJHDO
FDQGLGLDVLVWUHDWHGZLWKIOXFRQD]ROH-&OLQ0LFURELRO
0DUWLQV&96LOYD'/1HUHV$70DJDOKmHV7):DWDQDEH*$0RGROR
/9 HW DO &XUFXPLQ DV D SURPLVLQJ DQWLIXQJDO RI FOLQLFDO LQWHUHVW -
$QWLPLFURE&KHPRWKHU
5HIHUrQFLDV
0DUWLQV -GD 6 -XQTXHLUD -& )DULD 5/ 6DQWLDJR 1) 5RVVRQL 5'
&RORPER &( HW DO $QWLPLFURELDO SKRWRG\QDPLF WKHUDS\ LQ UDW
H[SHULPHQWDO FDQGLGLDVLV HYDOXDWLRQ RI SDWKRJHQLFLW\ IDFWRUV RI &DQGLGD
DOELFDQV2UDO6XUJ2UDO0HG2UDO3DWKRO2UDO5DGLRO(QGRG
0DWKDED /7 'DYLHV * :DUPLQJWRQ -5 7KH JHQRW\SLF UHODWLRQVKLS RI
&DQGLGD DOELFDQV VWUDLQV LVRODWHG IURP WKH RUDO FDYLW\ RI SDWLHQWV ZLWK
GHQWXUHVWRPDWLWLV0HG0LFURELRO
0LPD(*3DYDULQD$&'RYLJR/19HUJDQL&(&RVWD&$.XUDFKL&
HW DO 6XVFHSWLELOLW\ RI &DQGLGD DOELFDQV WR SKRWRG\QDPLF WKHUDS\ LQ D
PXULQH PRGHO RI RUDO FDQGLGRVLV 2UDO 6XUJ 2UDO 0HG 2UDO 3DWKRO 2UDO
5DGLRO(QGRG
&XUFXPLQDVDSURPLVLQJDQWLFDQGLGDORIFOLQLFDOLQWHUHVW&DQ-0LFURELRO
1HSSHOHQEURHN .+ 3DYDULQD $& 6SROLGRULR '03 0DVVXFDWR (06
6SROLGRULR /& 9HUJDQL &( (IIHFWLYHQHVV RI PLFURZDYH GLVLQIHFWLRQ RI
FRPSOHWHGHQWXUHVRQWKHWUHDWPHQWRI&DQGLGDUHODWHGGHQWXUHVWRPDWLWLV
-2UDO5HKDELO
3DDUGHNRRSHU 0 'H %UXLMQH $: 9DQ6WHYHQLQFN - 9DQ GHQ %URHN 3-
,QWUDFHOOXODUGDPDJHLQ\HDVWFHOOVFDXVHGE\SKRWRG\QDPLFWUHDWPHQWZLWK
WROXLGLQHEOXH3KRWRFKHP3KRWRELRO
3HUHLUD &$ 5RPHLUR 5/ &RVWD $& 0DFKDGR $. -XQTXHLUD -& -RUJH
$2 6XVFHSWLELOLW\ RI &DQGLGD DOELFDQV 6WDSK\ORFRFFXV DXUHXV DQG
6WUHSWRFRFFXV PXWDQV ELRILOPV WR SKRWRG\QDPLF LQDFWLYDWLRQ DQ LQ YLWUR
VWXG\/DVHUV0HG6FL
3HUH]RXV /))ODLW]&0*ROGVFKPLGW0((QJHOPHLHU5/&RORQL]DWLRQ
RI&DQGLGDVSHFLHVLQGHQWXUHZHDUHUVZLWKHPSKDVLVRQ+,9LQIHFWLRQD
5HIHUrQFLDV
3IDOOHU 0$ 5KLQH&KDOEHUJ - 5HGGLQJ 6: 6PLWK - )DULQDFFL *
)RWKHUJLOO $: HW DO 9DULDWLRQV LQ IOXFRQD]ROH VXVFHSWLELOLW\ DQG
HOHFWURSKRUHWLF NDU\RW\SH DPRQJ RUDO LVRODWHV RI &DQGLGD DOELFDQV IURP
SDWLHQWV ZLWK $,'6 DQG RUDO FDQGLGLDVLV - &OLQ0LFURELRO 3IDOOHU0$0HVVHU6$+ROOLV5-%R\NHQ/7HQGRONDU6.URHJHU-HW
DO9DULDWLRQLQVXVFHSWLELOLW\RIEORRGVWUHDPLVRODWHVRI&DQGLGDJODEUDWD
WR IOXFRQD]ROH DFFRUGLQJ WR SDWLHQW DJH DQG JHRJUDSKLF ORFDWLRQ LQ WKH
8QLWHG6WDWHVLQWR-&OLQ0LFURELRO
3LWWHW ' 0RQRG 0 6XWHU 30 )UHQN ( $XFNHQWKDOHU 5 &DQGLGD
FRORQL]DWLRQ DQG VXEVHTXHQW LQIHFWLRQV LQ FULWLFDOO\ LOO VXUJLFDO SDWLHQWV
$QQ6XUJ
FXUFXPLQ6WXGLHVIURPRUJDQLFVROXWLRQVELRPLPHWLFVDQGOLYLQJFHOOV-
3KRWRFKHP3KRWRELRO&
5DMDVHNDUDQ 6$ 7KHUDSHXWLF SRWHQWLDO RI FXUFXPLQ LQ JDVWURLQWHVWLQDO
GLVHDVHV:RUOG-*DVWURLQWHVW3DWKRSK\VLRO
5DPDJH*6DYLOOH637KRPDV'3/ySH]5LERW-/&DQGLGDELRILOPVDQ
XSGDWH(XNDU\RW&HOO
5DPDJH * 7RPVHWW . :LFNHV %/ /ySH]5LERW -/ 5HGGLQJ 6:
'HQWXUHVWRPDWLWLVDUROHIRU&DQGLGDELRILOPV2UDO6XUJ2UDO0HG2UDO
3DWKRO2UDO5DGLRO(QGRG
5LEHLUR $3 3DYDULQD $& 7ULQGDGH )= ,QDGD 10 %DJQDWR 96 &RVWD
&$63KRWRG\QDPLFWKHUDS\DVVRFLDWLQJSKRWRJHPDQGEOXH/('RQ/
DQG0'3&FHOOFXOWXUH&HOO%LRO,QW
6DQJXLQHWWL 0 3RVWHUDUR % )LRUL % 5DQQR 6 7RUHOOL 5 )DGGD *
0HFKDQLVPV RI D]ROH UHVLVWDQFH LQ FOLQLFDO LVRODWHV RI &DQGLGD JODEUDWD
FROOHFWHG GXULQJ D KRVSLWDO VXUYH\ RI DQWLIXQJDO UHVLVWDQFH $QWLPLFURE
$JHQWV&KHPRWKHU
5HIHUrQFLDV
6DQLWi393DYDULQD$&*LDPSDROR(76LOYD000LPD(*25LEHLUR
'* HW DO &DQGLGD VSS SUHYDOHQFH LQ ZHOO FRQWUROOHG W\SH GLDEHWLF
SDWLHQWV ZLWK GHQWXUH VWRPDWLWLV 2UDO 6XUJ 2UDO 0HG 2UDO 3DWKRO 2UDO
5DGLRO(QGRG
6FXOO\&(O.DELU06DPDUDQD\DNH/3&DQGLGDDQGRUDOFDQGLGRVLVD
UHYLHZ&ULW5HY2UDO%LRO0HG
$UFKLWHFWXUDO DQDO\VLV YLDELOLW\ DVVHVVPHQW DQG JURZWK NLQHWLFV RI
&DQGLGDDOELFDQVDQG&DQGLGDJODEUDWD$UFK2UDO%LRO
6KDUPD00DQRKDUODO53XUL13UDVDG5$QWLIXQJDOFXUFXPLQLQGXFHV
UHDFWLYH R[\JHQ VSHFLHV DQG WULJJHUV DQ HDUO\ DSRSWRVLV EXW SUHYHQWV
K\SKDH GHYHORSPHQW E\ WDUJHWLQJ WKH JOREDO UHSUHVVRU 783 LQ &DQGLGD
DOELFDQV%LRVFL5HS
6KDUPD 0 9LVDL / %UDJKHUL ) &ULVWLDQL , *XSWD 3. 6SH]LDOH 3
7ROXLGLQH EOXHPHGLDWHG SKRWRG\QDPLF HIIHFWV RQ 6WDSK\ORFRFFDO
ELRILOPV$QWLPLFURE$JHQWV&KHPRWKHU
6KDUPD5$*HVFKHU$-6WHZDUG:3&XUFXPLQWKHVWRU\VRIDU (XU-
&DQFHU
6KHK]DG$.KDQ66KHK]DG2/HH<6&XUFXPLQWKHUDSHXWLFSURPLVHV
DQG ELRDYDLODELOLW\ LQ FRORUHFWDO FDQFHU 'UXJV 7RGD\ %DUF 6KHQ / -L +) =KDQJ +< $ 7'')7 VWXG\ RQ WULSOHW H[FLWHGVWDWH
SURSHUWLHV RI FXUFXPLQ DQG LWV LPSOLFDWLRQV LQ HOXFLGDWLQJ WKH
SKRWRVHQVLWL]LQJPHFKDQLVPVRIWKHSLJPHQW&KHP3K\VLFV/HWWHUV
6RXNRV 16 *RRGVRQ -0 3KRWRG\QDPLF WKHUDS\ LQ WKH FRQWURO RI RUDO
ELRILOPV3HULRGRQWRO
5HIHUrQFLDV
6WUDFNKRYVND\D 0* %HOHQLNLQD 16 ,YDQRYD (9 &KHPHULV <.
6WUDQDGNR () 7KH SKRWRG\QDPLF LQDFWLYDWLRQ RI WKH \HDVW &DQGLGD
JXLOOLHUPRQGLLLQWKHSUHVHQFHRISKRWRGLWKD]LQH0LFURELRORJ\
6ZHHW 63 &RRNVRQ 6 &KDOODFRPEH 6- &DQGLGD DOELFDQV LVRODWHV IURP
+,9LQIHFWHGDQG $,'6 SDWLHQWVH[KLELWHQKDQFHGDGKHUHQFHWRHSLWKHOLDO
FHOOV-0HG0LFURELRO
7DNDNXUD 1 6DWR < ,VKLEDVKL + 2VKLPD + 8FKLGD . <DPDJXFKL +
$EH 6 $ QRYHO PXULQH PRGHO RI RUDO FDQGLGLDVLV ZLWK ORFDO V\PSWRPV
FKDUDFWHULVWLFRIRUDOWKUXVK0LFURELRO,PPXQRO
7HLFKHUW 0& -RQHV -: 8VDFKHYD 01 %LHO 0$ 7UHDWPHQW RI RUDO
FDQGLGLDVLV ZLWK PHWK\OHQH EOXHPHGLDWHG SKRWRG\QDPLF WKHUDS\ LQ DQ
LPPXQRGHILFLHQW PXULQH PRGHO 2UDO 6XUJ 2UDO 0HG 2UDO 3DWKRO 2UDO
5DGLRO(QGRG
7KRPSVRQ *5 UG 3DWHO 3. .LUNSDWULFN :5 :HVWEURRN 6' %HUJ '
(UODQGVHQ - HW DO 2URSKDU\QJHDO FDQGLGLDVLV LQ WKH HUD RI DQWLUHWURYLUDO
WKHUDS\ 2UDO 6XUJ 2UDO 0HG 2UDO 3DWKRO 2UDO 5DGLRO (QGRG 7¡QQHVHQ ++ 9ULHV + .DUOVHQ - %HLMHUVEHUJHQ YDQ +HQHJRXZHQ *
6WXGLHV RQ FXUFXPLQ DQG FXUFXPLQRLGV ,; ,QYHVWLJDWLRQ RI WKH
SKRWRELRORJLFDO DFWLYLW\ RI FXUFXPLQ XVLQJ EDFWHULDO LQGLFDWRU V\VWHPV -
3KDUP6FL
7VDL+)6DPPRQV/5=KDQJ;6XIILV6'6X40\HUV7*0DUU.$
%HQQHWW -( 0LFURDUUD\ DQG PROHFXODU DQDO\VHV RI WKH D]ROH UHVLVWDQFH
PHFKDQLVPLQ&DQGLGDJODEUDWDRURSKDU\QJHDOLVRODWHV$QWLPLFURE$JHQWV
&KHPRWKHU
7VDR 6K\K0LQJ <LQ 0HL&KLQ (QKDQFHG LQKLELWRU\ HIIHFW IURP
LQWHUDFWLRQ RI FXUFXPLQ ZLWK DPSKRWHULFLQ % RU IOXFRQD]ROH DJDLQVW
&DQGLGDVSHFLHV-)RRG'UXJ$QDO
5HIHUrQFLDV
9DVFRQFHORV%&1RYDHV06DQGULQL)$0DUDQKmR)LOKR$:&RLPEUD
/6 3UHYDOHQFH RI RUDO PXFRVD OHVLRQV LQ GLDEHWLF SDWLHQWV D SUHOLPLQDU\
VWXG\%UD]-2WRUKLQRODU\QJRO
9i]TXH]7RUUHV $ %DOLVK ( 0DFURSKDJHV LQ UHVLVWDQFH WR FDQGLGLDVLV
0LFURELRO0RO%LRO5HY
9LOOHJDV ,6iQFKH])LGDOJR6 $ODUFyQGHOD /DVWUD&1HZPHFKDQLVPV
DQGWKHUDSHXWLFSRWHQWLDORIFXUFXPLQIRUFRORUHFWDOFDQFHU0RO1XWU)RRG
5HV
:DLQZULJKW 0 3KRWRG\QDPLF DQWLPLFURELDO FKHPRWKHUDS\ 3$&7 -
$QWLPLFURE&KHPRWKHU
:HQJ &+ <XQJ %< :HQJ -- :X 0+ ,QYROYHPHQW RI
QXFOHRSKRVPLQ%LQWKHFHOOXODUUHVSRQVHWRFXUFXPLQ-1XWU%LRFKHP
:KLWH7&0DUU.$%RZGHQ5$&OLQLFDOFHOOXODUDQGPROHFXODUIDFWRUV
WKDWFRQWULEXWHWRDQWLIXQJDOGUXJUHVLVWDQFH&OLQ0LFURELRO5HY
:LOOLDPV ': .XUL\DPD 7 6LOYD 6 0DOLF 6 /HZLV 0$ &DQGLGD
ELRILOPVDQGRUDOFDQGLGRVLVWUHDWPHQWDQGSUHYHQWLRQ3HULRGRQWRO
:LOVRQ-7KHDHWLRORJ\GLDJQRVLVDQGPDQDJHPHQWRIGHQWXUHVWRPDWLWLV
%U'HQW-
:LOVRQ 0 0LD 1 (IIHFW RI HQYLURQPHQWDO IDFWRUV RQ WKH OHWKDO
SKRWRVHQVLWLVDWLRQRI&DQGLGDDOELFDQVLQYLWUR/DVHUV0HG6FL
:LOVRQ 0 3UDWWHQ - /HWKDO SKRWRVHQVLWL]DWLRQ RI 6WDSK\ORFRFFXV DXUHXV
LQ YLWUR HIIHFW RI JURZWK SKDVH VHUXP DQG SUHLUUDGLDWLRQ WLPH /DVHUV
6XUJ0HG
:LQJDUG -5 ,PSRUWDQFH RI &DQGLGD VSHFLHV RWKHU WKDQ & DOELFDQV DV
SDWKRJHQVLQRQFRORJ\SDWLHQWV&OLQ,QIHFW'LV
=HLQD%*UHHQPDQ-3XUFHOO:0'DV%.LOOLQJRIFXWDQHRXVPLFURELDO
VSHFLHV E\ SKRWRG\QDPLF WKHUDS\ %U - 'HUPDWRO $SrQGLFH5HVXOWDGRVRULJLQDLVHDQiOLVHV
1HVWDVHomRHVWmRDSUHVHQWDGRVRVUHVXOWDGRVRULJLQDLVREWLGRVSRU
PHLRGDVPHWRGRORJLDVHPSUHJDGDVQRV&DStWXORVH$OpPGLVVRWDPEpP
HVWmRGHVFULWDVDVDQiOLVHVXWLOL]DGDVSDUDSRVVLELOLWDUDSRVWHULRULQWHUSUHWDomRGRV
UHVXOWDGRV $ GHVFULomR IRL GLYLGD HP WUrV SDUWHV SULQFLSDLV GH DFRUGR FRP R
FDStWXOR RQGH RV UHVXOWDGRV HVWmR LQVHULGRV $ VHTXrQFLD XWLOL]DGD SDUD
DSUHVHQWDomR GRV UHVXOWDGRV GHQWUR GH FDGD FDStWXOR HVWi GH DFRUGR FRP D
VHTXrQFLDDGRWDGDQRUHVSHFWLYRDUWLJR
&DStWXOR
&DStWXOR
$$YDOLDomRGDDEVRUEkQFLDHIOXRUHVFrQFLDGDFXUFXPLQDHPIXQomR
GDGRVHGHOX]RXWHPSRGHH[SRVLomRjOX]
$V FDUDFWHUtVWLFDV ySWLFDV GD VROXomR GH FXUFXPLQD IRUDP
LQYHVWLJDGDV HP IXQomR GD GRVH GH OX] XWLOL]DGD RX WHPSR GH LOXPLQDomR $
VROXomR GH FXUFXPLQD 0 IRL LOXPLQDGD H D FDSDFLGDGH GH DEVRUomR GH OX] H
IOXRUHVFrQFLDGDVROXomRIRLDIHULGDDQWHVHDSyVDLOXPLQDomRQRVWHPSRVGH
H PLQXWRV TXH FRUUHVSRQGHP D H-FPUHVSHFWLYDPHQWH2HVSHFWURGHDEVRUomRIRLREWLGRFRP
D XWLOL]DomR GR HTXLSDPHQWR 899LVLEOH 6SHFWURSKRWRPHWHU &DU\ %LR
9DULDQ $ IOXRUHVFrQFLD LQGX]LGD SRU ODVHU IRL PHQVXUDGD QR HTXLSDPHQWR
GHVHQYROYLGRQR,QVWLWXWRGH)tVLFDGH6mR&DUORV863FRPH[FLWDomRDQP
DFRSODGR DR HTXLSDPHQWR 86% 2FHDQ 2SWLFV 2V UHVXOWDGRV REWLGRV DSyV
HVVDVDQiOLVHVIRUDPDSUHVHQWDGRVJUDILFDPHQWHQDV)LJXUDV$H$
$EVRUEkQFLDG FP
'RVHVGHOX]
-FP Ϭ͕ϬϬ
ϭ͕ϯϮ
Ϯ͕ϲϰ
ϯ͕ϵϲ
ϱ͕Ϯϴ
ϲ͕ϲ
ϭϯ͕Ϯ
Ϯϲ͕ϰ
ϯϳ͕ϱ
&RPSULPHQWRGHRQGDQP
),*85$$(VSHFWURGHDEVRUomRGHOX]GDFXUFXPLQDђ0HPIXQomRGDGRVH
GHOX])DFXOGDGHGH2GRQWRORJLDGH$UDUDTXDUD
$SrQGLFH&DStWXOR
'RVHVGHOX]
-FP Ϭ͕ϬϬ
)OXRUHVFrQFLD8$
ϭ͕ϯϮ
Ϯ͕ϲϰ
ϯ͕ϵϲ
ϱ͕Ϯϴ
ϲ͕ϲ
ϭϯ͕Ϯ
Ϯϲ͕ϰ
ϯϳ͕ϱ
&RPSULPHQWRGHRQGDQP
),*85$$(VSHFWURGHIOXRUHVFrQFLDGDFXUFXPLQD0HPIXQomRGDGRVH
GHOX])DFXOGDGHGH2GRQWRORJLDGH$UDUDTXDUD
7RGDV DV FXUYDV GH DEVRUomR IRUDP LQWHJUDGDV FRP DMXGD GR
VRIWZDUH 0LFURFDO 2ULJLQ 70 H GHVVD IRUPD IRUDP FDOFXODGDV DV iUHDV GH
FDGDSHUILOGHDEVRUomR2VYDORUHVGDLQWHJUDOQRUPDOL]DGDHPUHODomRjVGRVHV
GHOX]DYDOLDGDVIRUDPGLVSRVWRVVHJXQGRXPDFXUYDGHGHFDLPHQWR3RUPHLRGD
XWLOL]DomR GD IyUPXOD DEDL[R IRL SRVVtYHO FDOFXODU D WD[D GH IRWRGHJUDGDomR GD
VROXomRGHFXUFXPLQDDTXDOIRLGHP0VRX0-FP
\[ $H[S[W\
2QGH
\[ IRWRGHJUDGDomRQRUPDOL]DGR
$ FRQVWDQWH
W WD[DGHGHJUDGDomR
\ FRQVWDQWH
$SrQGLFH&DStWXOR
%$YDOLDomRGHGLIHUHQWHVFRQFHQWUDo}HVGHFXUFXPLQDVREUHFpOXODV
SODQFW{QLFDVGH&DOELFDQV
,QLFLDOPHQWH IRUDP DYDOLDGDV QRYH GLIHUHQWHV FRQFHQWUDo}HV GH
FXUFXPLQD H ђ0 TXH FRUUHVSRQGHP D
HPJ/HPDVVRFLDomRFRP
XPD GRVH GH OX] -FP VREUH VXVSHQV}HV SODQFW{QLFDV GH & DOELFDQV
FRQGLo}HV GHQRPLQDGDV GH 3/ $V PHVPDV FRQFHQWUDo}HV GR 36 IRUDP
DYDOLDGDV VHP LOXPLQDomR SDUD VH GHWHUPLQDU R SRVVtYHO HIHLWR Wy[LFR GD
FXUFXPLQD LVRODGDPHQWH FRQGLo}HV GHQRPLQDGDV GH 3/ $ FRQGLomR
GHQRPLQDGD GH FRQWUROH IRL FRQVWLWXtGD GH DPRVWUDV TXH QmR UHFHEHUDP QHP 36
QHP OX] 3/ 3DUD FDGD FRQGLomR DYDOLDGD IRUDP UHDOL]DGDV FLQFR UHSHWLo}HV
GLVWULEXtGDVDOHDWRULDPHQWHHPGLIHUHQWHVRFDVL}HVGHH[SHULPHQWRV
3DUD DYDOLDomR GD YLDELOLGDGH FHOXODU GDV DPRVWUDV IRUDP REWLGDV
GLOXLo}HVVHULDGDVGDVDPRVWUDV HDVTXDLVIRUDPSODTXHDGDVHP
SODFDVGH3HWULFRQWHQGRRPHLRGHFXOWXUD6DERXUDXG'H[WURVH$JDUFRQWHQGR
ȝJP/GHFORUDQIHQLFRO6'$$SyVKRUDVGHLQFXEDomRDR&DVSODFDVGH
3HWUL IRUDP VXEPHWLGDV j FRQWDJHP GH FRO{QLDV H RV Q~PHURV GH XQLGDGHV
IRUPDGRUDVGHFRO{QLDVXIFP/IRUDPFDOFXODGRVDSDUWLUGDIyUPXOD
XIFP/ Q~PHURGHFRO{QLDV[Q
T
2QGH
Q YDORUDEVROXWRGDGLOXLomRRX
T YROXPHP/SLSHWDGRHPFDGDTXDGUDQWHQDVSODFDV
2V YDORUHV RULJLQDLV GH XIFP/ REWLGRV HP WRGDV DV FRQGLo}HV
H[SHULPHQWDLVHVWmRDSUHVHQWDGRVQDV7DEHODV$H$
&RPR RV YDORUHV GH XIFP/ VmR H[WUHPDPHQWH HOHYDGRV HVWHV
IRUDP WUDQVIRUPDGRV HP ORJDULWPR GH EDVH SDUD D DQiOLVH SUHWHQGLGD QHVWH
WUDEDOKR ,QLFLDOPHQWH SURFHGHXVH D DQiOLVH GHVFULWLYD GRV GDGRV SRU PHLR GR
FiOFXORGDVPHGLGDVGHUHVXPRWHQGrQFLD FHQWUDOHYDULDELOLGDGH$VSULQFLSDLV
PHGLGDVFDOFXODGDVHVWmRDSUHVHQWDGDVQDV7DEHODV$H$
3/
( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( (
( ( ( ( ( ( ( ( ( (
( ( ( ( ( ( ( ( ( (
0 0 0 0 0
0
0
0
0
( ( ( ( ( ( ( ( ( (
3/
ђ0HQDFRQGLomR3/)DFXOGDGHGH2GRQWRORJLDGH$UDUDTXDUD
( ( ( ( ( ( ( ( ( 7DEHOD $ 9DORUHV RULJLQDLV GH XIFP/ REWLGRV QDV FRQGLo}HV H[SHULPHQWDLV 3/ GH DFRUGR FRP D FRQFHQWUDomR GH FXUFXPLQD
( ( ( ( ( ( ( ( (
( ( ( ( ( ( ( ( (
( ( ( ( ( ( ( ( (
( ( ( ( ( ( ( ( (
&RQFHQWUDo}HVGH&XUFXPLQD0
XWLOL]DGD)DFXOGDGHGH2GRQWRORJLDGH$UDUDTXDUD
7DEHOD $ 9DORUHV RULJLQDLV GH XIFP/ REWLGRV QDV FRQGLo}HV H[SHULPHQWDLV 3/ GH DFRUGR FRP D FRQFHQWUDomR GH FXUFXPLQD
$SrQGLFH&DStWXOR
$SrQGLFH&DStWXOR
7DEHOD $ 0HGLGDV GH UHVXPR HP ORJXIFP/ FDOFXODGDV SDUD DV DPRVWUDV
GDV FRQGLo}HV H[SHULPHQWDLV 3/ )DFXOGDGH GH 2GRQWRORJLD GH $UDUDTXDUD
0HGLGDVGH
5HVXPR
0pGLD
0HGLDQD
9DULkQFLD
'HVYLRSDGUmR
0tQLPR
0i[LPR
7DEHOD $ 0HGLGDV GH UHVXPR HP ORJXIFP/ FDOFXODGDV SDUD DV DPRVWUDV
GDV FRQGLo}HV H[SHULPHQWDLV 3/ H 3/ )DFXOGDGH GH 2GRQWRORJLD GH
$UDUDTXDUD
0HGLGDVGH
5HVXPR
0pGLD
0HGLDQD
3/&RQFHQWUDo}HVGH&XUFXPLQDHP0
9DULkQFLD
'HVYLRSDGUmR
0tQLPR
0i[LPR
3/
&RPR R REMHWLYR SULQFLSDO GR HVWXGR IRL GH YHULILFDU TXDO
WUDWDPHQWRUHVXOWRXHPPDLRUHIHWLYLGDGHQDLQDWLYDomRGH & DOELFDQVDDQiOLVH
LQIHUHQFLDO D VHU XWLOL]DGD GHYHULD SRVVLELOLWDU D FRPSDUDomR HQWUH RV JUXSRV
HVWXGDGRV,QLFLDOPHQWHRVWHVWHVGH6KDSLUR:LONH%DUWOHWWIRUDPXWLOL]DGRVSDUD
DYHULILFDomRGDQRUPDOLGDGHHKRPRFHGDVWLFLGDGHGRVGDGRVUHVSHFWLYDPHQWHɲ
2UHVXOWDGRGHDPERVRVWHVWHVLQGLFRXYDORUHVGHSUREDELOLGDGHPDLRUHV
TXH FRQILUPDQGR TXH R FRQMXQWR GRV GDGRV DWHQGLD DRV SUHVVXSRVWRV
QHFHVViULRVSDUDXWLOL]DomRGHWHVWHVSDUDPpWULFRV'HVVDIRUPDRWHVWHHVWDWtVWLFR
HPSUHJDGR SDUD FRPSDUDomR GDV PpGLDV GRV JUXSRV IRL D $QiOLVH GH 9DULkQFLD
$129$DRQtYHOGHVLJQLILFkQFLDGH
$SrQGLFH&DStWXOR
2 UHVXOWDGR GD $129$ HVWi DSUHVHQWDGR QDV 7DEHODV $ H $
SDUDFRPSDUDomRHQWUHRVJUXSRV3/H3/H3/H3/UHVSHFWLYDPHQWHe
LPSRUWDQWH QRWDU TXH R WUDWDPHQWR GH 3'7 PHGLDGR SRU ђ0 GH FXUFXPLQD
UHVXOWRXHPYDORUHVQXORVGHFUHVFLPHQWRGHFRO{QLDVHSRUVHWUDWDUGHYDORUHV
LJXDLVD]HURHVWHJUXSRQmRIRLLQVHULGRQDDQiOLVHLQIHUHQFLDO
7DEHOD $ 6XPiULR GD $QiOLVH GH 9DULkQFLD HPSUHJDGD SDUD FRPSDUDomR GDV
PpGLDVGRVJUXSRV3/H3/
PpGLDVGRVJUXSRV3/H3/
'H DFRUGR FRP DV 7DEHODV $ H $ RV YDORUHV GH SUREDELOLGDGH
HQFRQWUDGRV LQGLFDUDP KDYHU GLIHUHQoD HVWDWLVWLFDPHQWH VLJQLILFDWLYD HP SHOR
PHQRV XPD GDV PpGLDV GRV JUXSRV 3RU LVVR IRL QHFHVViULD D XWLOL]DomR GH XP
WHVWH GH FRPSDUDo}HV P~OWLSODV GDV PpGLDV SRVW KRF 2 WHVWH VHOHFLRQDGR IRL R
WHVWHGH7XNH\DRQtYHOGHVLJQLILFkQFLDGHHRVUHVXOWDGRVHVWmRDSUHVHQWDGRV
QDV7DEHODV$H$
$SrQGLFH&DStWXOR
7DEHOD$5HVXOWDGRGDVFRPSDUDo}HVP~OWLSODVHQWUHDVPpGLDVGRVJUXSRV3/
H3/SRUPHLRGRWHVWHGH7XNH\DRQtYHOGHVLJQLILFkQFLDGH
&RQFHQWUDo}HV
0pGLDGH 7HVWH
GH&XUFXPLQD0 ORJXIFPO 7XNH\
3/
D
DE
DE
DE
E
F
G
H
I
OHWUDV LJXDLV GHQRWDP PpGLDV FRQVLGHUDGDV
HVWDWLVWLFDPHQWHVHPHOKDQWHVSHORWHVWHGH7XNH\Ɖх
7DEHOD$5HVXOWDGRGDVFRPSDUDo}HVP~OWLSODVHQWUHDVPpGLDVGRVJUXSRV3/
H3/SRUPHLRGRWHVWHGH7XNH\DRQtYHOGHVLJQLILFkQFLDGH
&RQFHQWUDo}HV
0pGLDGH 7HVWH
GH&XUFXPLQD0 ORJXIFPO 7XNH\
3/
DE
DE
DE
E
E
DE
DE
DE
D
DE
$SrQGLFH&DStWXOR
& $YDOLDomR GH GLIHUHQWHV GRVHV GH OX] DVVRFLDGDV D WUrV
FRQFHQWUDo}HV GH FXUFXPLQD VREUH FpOXODV SODQFW{QLFDV GH &
DOELFDQV
$VFRQFHQWUDo}HVGHHђ0IRUDPVHOHFLRQDGDVSDUDVHUHP
DYDOLDGDVHPDVVRFLDomRFRPGLIHUHQWHVGRVHVGHOX]
H-FPSRUPHLRGDYDULDomRGRWHPSRGHLOXPLQDomRGDVDPRVWUDV
HPLQXWRVUHVSHFWLYDPHQWH3DUDFDGDFRQGLomRDYDOLDGDIRUDP
UHDOL]DGDVFLQFRUHSHWLo}HVGLVWULEXtGDVDOHDWRULDPHQWHHPGLIHUHQWHVRFDVL}HVGH
H[SHULPHQWRV $ DYDOLDomR GD YLDELOLGDGH FHOXODU GDV DPRVWUDV IRL UHDOL]DGD GH
IRUPDVHPHOKDQWHDRGHVFULWRDQWHULRUPHQWHFRQWDJHPGHFRO{QLDVHFiOFXORGDV
XIFP/ 2V YDORUHV RULJLQDLV GH XIFP/ REWLGRV HP WRGDV DV FRQGLo}HV
H[SHULPHQWDLVHVWmRDSUHVHQWDGRVQD7DEHOD$
$SyV D WUDQVIRUPDomR GRV YDORUHV HP ORJDULWPR EDVH SURFHGHXVH D DQiOLVH GHVFULWLYD GRV GDGRV SRU PHLR GR FiOFXOR GDV PHGLGDV GH
UHVXPRWHQGrQFLDFHQWUDOHYDULDELOLGDGH$VSULQFLSDLVPHGLGDVFDOFXODGDVHVWmR
DSUHVHQWDGDV QD 7DEHOD $ (P VHJXLGD RV WHVWHV GH 6KDSLUR:LON H %DUWOHWW
IRUDP XWLOL]DGRV SDUD D YHULILFDomR GD QRUPDOLGDGH H KRPRFHGDVWLFLGDGH GRV
GDGRVUHVSHFWLYDPHQWHɲ 2UHVXOWDGRGHDPERVRVWHVWHVLQGLFRXYDORUHV
GH SUREDELOLGDGH LQIHULRUHV D LQGLFDQGR TXH R FRQMXQWR GRV GDGRV QmR
DWHQGLD DRV SUHVVXSRVWRV QHFHVViULRV SDUD XWLOL]DomR GH WHVWHV SDUDPpWULFRV
&RQVLGHUDQGR D DXVrQFLD GH QRUPDOLGDGH H KRPRFHGDVWLFLGDGH GRV GDGRV D
FRPSDUDomR GRV JUXSRV IRL UHDOL]DGD SRU PHLR GR WHVWH QmR SDUDPpWULFR GH
.UXVNDO:DOOLV R TXDO VH EDVHLD QR HVWXGR SRVLFLRQDO GRV GDGRV RX SRVWRV GDV
REVHUYDo}HV DR QtYHO GH VLJQLILFkQFLD GH (VWH WHVWH IRUQHFHX R SYDORU
[ R TXDO p PXLWR LQIHULRU DR QtYHO GH VLJQLILFkQFLD DGRWDGR LQGLFDQGR
KDYHUGLIHUHQoDHVWDWLVWLFDPHQWHVLJQLILFDWLYDHPSHORPHQRVXPGRVJUXSRV3DUD
VHGHWHFWDURQGHDVGLIHUHQoDVVHHQFRQWUDYDPIRLQHFHVViULD DXWLOL]DomRGHXP
WHVWH QmR SDUDPpWULFR GH FRPSDUDo}HV P~OWLSODV SRVW KRF 2V UHVXOWDGRV HVWmR
DSUHVHQWDGRVQD7DEHOD$
$SrQGLFH&DStWXOR
7DEHOD $ 9DORUHV RULJLQDLV GH XIFP/ REWLGRV DSyV DYDOLDomR GD 3'7 GH
DFRUGR FRP D FRQFHQWUDomR GH FXUFXPLQD H GRVH GH OX] XWLOL]DGD )DFXOGDGH GH
2GRQWRORJLDGH$UDUDTXDUD
&RQFHQWUDo}HV
GH&XUFXPLQD0
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
'RVHVGHOX]-FP ( ( (
( ( (
( ( (
( ( (
( ( (
( ( (
( ( (
( ( (
( ( (
( ( (
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
( 7DEHOD$0HGLGDVGHUHVXPRHPORJXIFP/FDOFXODGDVSDUD DVDPRVWUDV
GDV FRQGLo}HV VXEPHWLGDV D 3'7 GH DFRUGR FRP D FRQFHQWUDomR GH FXUFXPLQD
XWLOL]DGDHGRVHGHOX])DFXOGDGHGH2GRQWRORJLDGH$UDUDTXDUD
'RVHVGHOX]
-FP 0HGLGDVGH5HVXPR
&XUFXPLQD
0
0pGLD 0HGLDQD 9DULkQFLD 'HVYLRSDGUmR 0tQLPR 0i[LPR
$SrQGLFH&DStWXOR
7DEHOD$5HVXOWDGRGDVFRPSDUDo}HVP~OWLSODVHQWUHJUXSRVSRUPHLRGRWHVWH
QmRSDUDPpWULFRDRQtYHOGHVLJQLILFkQFLDGH
'RVHVGHOX] &XUFXPLQD
0
-FP 3RVWR
0pGLR
D
DE
HIJ
DEF
DEF
EFG
EFGH
EFG
FGH
EFGH
IJ
GHI
KL
IJK
L
IJK
L
JKL
L
IJK
L
OHWUDV LJXDLV GHQRWDP JUXSRV FRQVLGHUDGRV
HVWDWLVWLFDPHQWH VHPHOKDQWHV SHOR WHVWH QmR SDUDPpWULFR
Ɖх
'$YDOLDomRGRV3,7VGHHPLQXWRVFRPFXUFXPLQDSUHVHQWHRX
DXVHQWHQRPHLRGXUDQWHDLOXPLQDomRVREUHFpOXODVSODQFW{QLFDV
$ DVVRFLDomR GH ђ0 GH FXUFXPLQD FRP -FP IRL
VHOHFLRQDGD H D LQIOXrQFLD GR 3,7 IRL LQYHVWLJDGD VRE HVWHV SDUkPHWURV GD 3'7
$PRVWUDV VXEPHWLGDV D 3'7 IRUDP LQFXEDGDV GXUDQWH RX PLQXWRV
SUHYLDPHQWHDLOXPLQDomRHDFXUFXPLQD IRLUHPRYLGDRXPDQWLGDQDV DPRVWUDV
$SrQGLFH&DStWXOR
GXUDQWH D H[SRVLomR D OX] 3DUD FDGD FRQGLomR DYDOLDGD IRUDP UHDOL]DGDV FLQFR
UHSHWLo}HV GLVWULEXtGDV DOHDWRULDPHQWH HP GLIHUHQWHV RFDVL}HV GH H[SHULPHQWRV
$YDOLDomRGDYLDELOLGDGHFHOXODUGDVDPRVWUDVIRLUHDOL]DGDSRUPHLRGHFRQWDJHP
GHFRO{QLDVHFiOFXORGDVXIFP/2VYDORUHVRULJLQDLVGHXIFP/REWLGRVHPWRGDV
DVFRQGLo}HVH[SHULPHQWDLVHVWmRDSUHVHQWDGRVQD7DEHOD$
DFRUGRFRPR3,7XWLOL]DGR)DFXOGDGHGH2GRQWRORJLDGH$UDUDTXDUD
&XUFXPLQD
&XUFXPLQD
3,7
PLQXWRV
PLQXWRV
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
( FXUFXPLQDSUHVHQWHQRPHLRGXUDQWHLOXPLQDomR
FXUFXPLQDUHPRYLGDSUHYLDPHQWHDLOXPLQDomR
UHVXPRWHQGrQFLDFHQWUDOHYDULDELOLGDGH$VSULQFLSDLVPHGLGDVFDOFXODGDVHVWmR
DSUHVHQWDGDV QD 7DEHOD $ 2V UHVXOWDGRV IRUDP LQWHUSUHWDGRV VHJXQGR D
REWHQomR GH LQDWLYDomR WRWDO GR PLFURRUJDQLVPR DXVrQFLD GH FUHVFLPHQWR GH
FRO{QLDVRXLQDWLYDomRSDUFLDO3RULVVRDSHQDVDDQiOLVHGHVFULWLYDIRLQHFHVViULD
SDUDLQWHUSUHWDomRHGLVFXVVmRGRVUHVXOWDGRV
$SrQGLFH&DStWXOR
7DEHOD$0HGLGDVGHUHVXPRHPORJXIFP/FDOFXODGDVSDUD DVDPRVWUDV
GDVFRQGLo}HVVXEPHWLGDVD3'7GHDFRUGRFRPR3,7HSUHVHQoDGHFXUFXPLQD
)DFXOGDGHGH2GRQWRORJLDGH$UDUDTXDUD
0HGLGDVGH
5HVXPR
0pGLD
0HGLDQD
9DULkQFLD
'HVYLRSDGUmR
0tQLPR
0i[LPR
PLQXWRV3,7
&XU
&XU
PLQXWRV3,7
&XU
&XU
&XUFXUFXPLQDSUHVHQWHQRPHLRGXUDQWHLOXPLQDomR
&XUFXUFXPLQDUHPRYLGDSUHYLDPHQWHDLOXPLQDomR
($YDOLDomRGDSDUWLFLSDomRGR2QDIRWRLQDWLYDomRGH&DOELFDQV
$ SRVVtYHO SDUWLFLSDomR GR 2 GXUDQWH D IRWRLQDWLYDomR GH &
DOELFDQV IRL LQYHVWLJDGD SRU PHLR GD DGLomR GD VROXomR GH 1D1 QDV
FRQFHQWUDo}HVGHHP0QDVDPRVWUDV3DUDLVVRRVSDUkPHWURVGH3'7
GHђ0GHFXUFXPLQDFRP-FPIRUDPXWLOL]DGRV3DUDWRGDVDVFRQGLo}HV
DYDOLDGDV IRUDP UHDOL]DGDV FLQFR UHSHWLo}HV GLVWULEXtGDV DOHDWRULDPHQWH HP
GLIHUHQWHV RFDVL}HV GH H[SHULPHQWRV $YDOLDomR GD YLDELOLGDGH FHOXODU GDV
DPRVWUDV IRL UHDOL]DGD SRU PHLR GH FRQWDJHP GH FRO{QLDV H FiOFXOR GDV XIFP/
)RLREVHUYDGDDXVrQFLDGHFUHVFLPHQWRGHFRO{QLDVQDVSODFDVGH3HWULUHIHUHQWHVD
WRGDV DV DPRVWUDV DYDOLDGDV LQGHSHQGHQWHPHQWH GD FRQFHQWUDomR GH 1D1
XWLOL]DGD 7DEHOD $ 3RU HVVD UD]mR RV UHVXOWDGRV IRUDP DSUHVHQWDGRV DSHQDV
GHIRUPDGHVFULWLYD
$SrQGLFH&DStWXOR
DFRUGRFRPRFRPDFRQFHQWUDomRGH1D1XWLOL]DGD)DFXOGDGHGH2GRQWRORJLD
GH$UDUDTXDUD
P0
(
(
(
(
(
1D1
P0
(
(
(
(
(
P0
(
(
(
(
( ) $YDOLDomR GH GLIHUHQWHV FRQFHQWUDo}HV GH FXUFXPLQD VREUH
ELRILOPHVGH&DOELFDQV
)RUDP DYDOLDGDV FLQFR GLIHUHQWHV FRQFHQWUDo}HV GH FXUFXPLQD H ђ0 TXH FRUUHVSRQGHP D H PJ/ HP
DVVRFLDomR FRP XPD GRVH GH OX] -FP VREUH ELRILOPHV LQ YLWUR GH &
DOELFDQV3/$OpPGLVVRWDPEpPIRUDPDYDOLDGRVRV3,7GHHPLQXWRV
$ FRQGLomR GHQRPLQDGD GH FRQWUROH IRL FRQVWLWXtGD GH DPRVWUDV TXH QmR
UHFHEHUDPQHP36QHPOX]3/3DUDFDGDFRQGLomRDYDOLDGDIRUDPUHDOL]DGDV
GH] UHSHWLo}HV GLVWULEXtGDV DOHDWRULDPHQWH HP GLIHUHQWHV RFDVL}HV GH
H[SHULPHQWRV (P WRGDV DV FRQGLo}HV H[SHULPHQWDLV D YLDELOLGDGH FHOXODU IRL
DYDOLDGD SRU PHLR GR HQVDLR GH UHGXomR GR VDO GH ;77 2 UHVXOWDGR GD UHDomR
TXtPLFD IRL PHGLGR XWLOL]DQGRVH R HVSHFWURIRW{PHWUR FRP ILOWUR HP QP 2V
YDORUHV RULJLQDLV GH DEVRUEkQFLD REWLGRV HP WRGDV DV FRQGLo}HV H[SHULPHQWDLV
HVWmRDSUHVHQWDGRVQDV7DEHODV$H$
,QLFLDOPHQWH SURFHGHXVH D DQiOLVH GHVFULWLYD GRV GDGRV SRU PHLR
GR FiOFXOR GDV PHGLGDV GH UHVXPR WHQGrQFLD FHQWUDO H YDULDELOLGDGH $V
SULQFLSDLVPHGLGDVFDOFXODGDVHVWmRDSUHVHQWDGDVQDV7DEHODV$H$
$SrQGLFH&DStWXOR
7DEHOD $ 9DORUHV RULJLQDLV GH PHWDEROLVPR FHOXODU ;77 REWLGRV QRV
ELRILOPHV IRUPDGRV SRU & DOELFDQV 3/ H QRV ELRILOPHV IRWRVVHQVLELOL]DGRV
FRPGLIHUHQWHVFRQFHQWUDo}HVGHFXUFXPLQDLQFXEDGRVGXUDQWHPLQXWRV3,7H
LOXPLQDGRVFRP-FP)DFXOGDGHGH2GRQWRORJLDGH$UDUDTXDUD
3/
&RQFHQWUDo}HVGH&XUFXPLQD
0
0
0
0
0
7DEHOD $ 9DORUHV RULJLQDLV GH PHWDEROLVPR FHOXODU ;77 REWLGRV QRV
ELRILOPHV IRUPDGRV SRU & DOELFDQV 3/ H QRV ELRILOPHV IRWRVVHQVLELOL]DGRV
FRPGLIHUHQWHVFRQFHQWUDo}HVGHFXUFXPLQDLQFXEDGRVGXUDQWHPLQXWRV3,7
HLOXPLQDGRVFRP-FP)DFXOGDGHGH2GRQWRORJLDGH$UDUDTXDUD
3/
0
0
0
0
0
$SrQGLFH&DStWXOR
7DEHOD $ 0HGLGDV GH UHVXPR FDOFXODGDV SDUD RV YDORUHV GH PHWDEROLVPR
FHOXODU ;77 REWLGRV QRV ELRILOPHV IRUPDGRV SRU & DOELFDQV 3/ H QRV
ELRILOPHV IRWRVVHQVLELOL]DGRV FRP GLIHUHQWHV FRQFHQWUDo}HV GH FXUFXPLQD
LQFXEDGRV GXUDQWH PLQXWRV 3,7 H LOXPLQDGRV FRP -FP )DFXOGDGH GH
0HGLGDVGH
5HVXPR
0pGLD
0HGLDQD
9DULkQFLD
'HVYLRSDGUmR
0tQLPR
0i[LPR
3/
7DEHOD $ 0HGLGDV GH UHVXPR FDOFXODGDV SDUD RV YDORUHV GH PHWDEROLVPR
FHOXODU ;77 REWLGRV QRV ELRILOPHV IRUPDGRV SRU & DOELFDQV 3/ H QRV
ELRILOPHV IRWRVVHQVLELOL]DGRV FRP GLIHUHQWHV FRQFHQWUDo}HV GH FXUFXPLQD
LQFXEDGRV GXUDQWH PLQXWRV 3,7 H LOXPLQDGRV FRP -FP )DFXOGDGH GH
0HGLGDVGH
5HVXPR
0pGLD
0HGLDQD
9DULkQFLD
'HVYLRSDGUmR
0tQLPR
0i[LPR
3/
$LQGDFRPRXPDIRUPDGHVFULWLYDSDUDUHSUHVHQWDomRGRHIHLWRGD
3'7VREUHRVELRILOPHVIRLFDOFXODGDDSRUFHQWDJHPGHUHGXomRGRPHWDEROLVPR
FHOXODU ;77 GRV ELRILOPHV 3DUD LVVR R YDORU PpGLR GH DEVRUEkQFLD REWLGR QD
FRQGLomR 3/ IRL FRQVLGHUDQGR FRPR VHQGR GH PHWDEROLVPR (VVDV
SRUFHQWDJHQVHVWmRDSUHVHQWDGDVQD7DEHOD$
$SrQGLFH&DStWXOR
7DEHOD$3RUFHQWDJHQVGHUHGXomR QR PHWDEROLVPRFHOXODU ;77FDOFXODGRV
SDUD RV ELRILOPHV GH & DOELFDQV VXEPHWLGRV D 3'7 GH DFRUGR FRP D
FRQFHQWUDomRGHFXUFXPLQDH3,7
3RUFHQWDJHPGHUHGXomR
&RQGLo}HV
([SHULPHQWDLV PLQXWRV3,7 PLQXWRV3,7
3/0
3/0
3/0
3/0
3/0
&RPR R REMHWLYR SULQFLSDO GR HVWXGR IRL GH YHULILFDU TXDO
WUDWDPHQWR UHVXOWRX HP PDLRU UHGXomR GR PHWDEROLVPR GRV ELRILOPHV GH &
DOELFDQV D DQiOLVH LQIHUHQFLDO D VHU XWLOL]DGD GHYHULD SRVVLELOLWDU D FRPSDUDomR
HQWUH RV JUXSRV HVWXGDGRV ,QLFLDOPHQWH RV WHVWHV GH 6KDSLUR:LON H %DUWOHWW
IRUDP XWLOL]DGRV SDUD D YHULILFDomR GD QRUPDOLGDGH H KRPRFHGDVWLFLGDGH GRV
GDGRVUHVSHFWLYDPHQWHɲ 2UHVXOWDGRGHDPERVRVWHVWHVLQGLFRXYDORUHV
GHSUREDELOLGDGHPDLRUHVTXHFRQILUPDQGRTXHRFRQMXQWRGRVGDGRVDWHQGLD
DRVSUHVVXSRVWRVQHFHVViULRVSDUDXWLOL]DomRGHWHVWHVSDUDPpWULFRV'HVVDIRUPD
R WHVWH HVWDWtVWLFR HPSUHJDGR SDUD FRPSDUDomR GDV PpGLDV GRV JUXSRV IRL D
$129$ DR QtYHO GH VLJQLILFkQFLD GH )RUDP UHDOL]DGDV GXDV DQiOLVHV
LQGHSHQGHQWHVXPDSDUDFRPSDUDomRGRVJUXSRVVXEPHWLGRVDR3,7GHPLQXWRV
H3/HDRXWUDSDUDFRPSDUDomRGRVJUXSRVVXEPHWLGRVDR3,7GHPLQXWRVH
3/2VUHVXOWDGRVGHVWDVDQiOLVHVHVWmRDSUHVHQWDGRVQDV7DEHODV$H$
2YDORUGHSUREDELOLGDGHHQFRQWUDGRHPDPEDVDVDQiOLVHVLQGLFRX
KDYHUGLIHUHQoDHVWDWLVWLFDPHQWHVLJQLILFDWLYDHPSHORPHQRVXPDGDVPpGLDVGRV
JUXSRV3RULVVRIRLQHFHVViULDDXWLOL]DomRGHXPWHVWHGHFRPSDUDo}HVP~OWLSODV
GDV PpGLDV SRVW KRF 2 WHVWH VHOHFLRQDGR IRL R WHVWH GH 7XNH\ DR QtYHO GH
VLJQLILFkQFLDGHHRVUHVXOWDGRVHVWmRDSUHVHQWDGRVQDV7DEHODV$H$
$SrQGLFH&DStWXOR
PpGLDVGRVJUXSRV3/PLQXWRV3,7H3/
PpGLDVGRVJUXSRV3/PLQXWRV3,7H3/
7DEHOD$5HVXOWDGRGDVFRPSDUDo}HVP~OWLSODVHQWUHJUXSRVPLQXWRV3,7
SRUPHLRGRWHVWHGH7XNH\DRQtYHOGHVLJQLILFkQFLDGH
&RQGLo}HV
([SHULPHQWDLV
3/
3/0
3/0
3/0
3/0
3/0
0pGLDGH
;77
7HVWH
7XNH\
D
E
F
FG
GH
H
HVWDWLVWLFDPHQWH VHPHOKDQWHV SHOR WHVWH 7XNH\
Ɖх
$SrQGLFH&DStWXOR
7DEHOD$5HVXOWDGRGDVFRPSDUDo}HVP~OWLSODVHQWUHJUXSRVPLQXWRV3,7
&RQGLo}HV
([SHULPHQWDLV
3/
3/0
3/0
3/0
3/0
3/0
0pGLDGH
;77
7HVWH
7XNH\
D
E
F
G
GH
H
Ɖх
* $YDOLDomR GD 3'7 PHGLDGD SHOD FXUFXPLQD VREUH FXOWXUDV
FHOXODUHVGHPDFUyIDJRV
$3'7PHGLDGDSHODFXUFXPLQDQDVFRQFHQWUDo}HVGH
H ȝ0 WDPEpP IRL DYDOLDGD VREUH FXOWXUDV FHOXODUHV GH
XPDOLQKDJHPGHPDFUyIDJRV5$:$PRVWUDVWUDWDGDVFRPFXUFXPLQDH
SRVWHULRUPHQWHLOXPLQDGDV-FPIRUDPGHQRPLQDGDVGH3/$VPHVPDV
FRQFHQWUDo}HVGHFXUFXPLQDWDPEpPIRUDPDYDOLDGDVQDDXVrQFLDGHOX]3/
DVVLP FRPR D OX] QD DXVrQFLD GH 36 3/ $V DPRVWUDV FRQWUROH 3/ QmR
UHFHEHUDP QHP 36 QHP OX] (P WRGDV DV DPRVWUDV R PHWDEROLVPR FHOXODU IRL
GHWHUPLQDGR SHOR HQVDLR 077 H DV OHLWXUDV GH DEVRUEkQFLD GD UHDomR IRUDP
DYDOLDGDV HP HVSHFWURIRW{PHWUR FRP ILOWUR DMXVWDGR HP QP 8PD DQiOLVH
PRUIROyJLFD GDV FpOXODV WDPEpP IRL FRQGX]LGD SRU PHLR GH 0LFURVFRSLD
(OHWU{QLFDGH9DUUHGXUD0(9
2V YDORUHV RULJLQDLV GH DEVRUEkQFLD REWLGRV FRP R HQVDLR 077
HVWmRDSUHVHQWDGRVQD7DEHOD$$DQiOLVHGHVFULWLYDGRVGDGRVIRLUHDOL]DGDSRU
PHLRGRFiOFXORGDVPHGLGDVGHUHVXPRTXHHVWmRGHVFULWDVQD7DEHOD$
Ǉ
-FP
3/
0
Ǉ'RVHGHOX]
3/
3/
0 0 0 0 0 0 0 0 0 0 0
3/
PDFUyIDJRV)DFXOGDGHGH2GRQWRORJLDGH$UDUDTXDUD
7DEHOD$9DORUHVRULJLQDLVGHDEVRUEkQFLD077REVHUYDGRVQDVFRQGLo}HVH[SHULPHQWDLVDYDOLDGDVVREUHFXOWXUDVFHOXODUHVGH
$SrQGLFH&DStWXOR
3/
Ǉ
-FP
3/
Ǉ'RVHGHOX]
5HVXPR
0pGLD
0HGLDQD
9DULkQFLD
'HVYLRSDGUmR
0tQLPR
0i[LPR
0HGLGDVGH
0
3/
0 0 0 0 0 0 0 0
3/
VREUHFXOWXUDVFHOXODUHVGHPDFUyIDJRV)DFXOGDGHGH2GRQWRORJLDGH$UDUDTXDUD
0 0 0
7DEHOD $ 0HGLGDV GH UHVXPR FDOFXODGDV SDUD RV YDORUHV GH PHWDEROLVPR FHOXODU 077 GDV FRQGLo}HV H[SHULPHQWDLV DYDOLDGDV
$SrQGLFH&DStWXOR
$SrQGLFH&DStWXOR
(P VHJXLGD IRL YHULILFDGR VH R FRQMXQWR GH GDGRV DWHQGLD DRV
SUHVVXSRVWRV GH QRUPDOLGDGH H KRPRFHGDVWLFLGDGH SRU PHLR GRV WHVWHV GH
6KDSLUR:LONH%DUWOHWWUHVSHFWLYDPHQWHDRQtYHOGHVLJQLILFkQFLDGH$PERV
RV WHVWHV IRUQHFHUDP XP SYDORU PDLRU TXH LQGLFDQGRTXH RV GDGRV IRUDP
QRUPDOPHQWH GLVWULEXtGRV FRP KRPRJHQHLGDGH GH YDULkQFLDV $VVLP R WHVWH
HVWDWtVWLFRHPSUHJDGRSDUDFRPSDUDomRGDVPpGLDVGRVJUXSRVIRLD$129$DR
QtYHOGHVLJQLILFkQFLDGH2UHVXOWDGRGHVWDDQiOLVHHVWiDSUHVHQWDGRQD7DEHOD
$
PpGLDVGRVJUXSRV3/3/3/H3/
2 YDORU GH SUREDELOLGDGH HQFRQWUDGR LQGLFRX KDYHU GLIHUHQoD
HVWDWLVWLFDPHQWH VLJQLILFDWLYD HP SHOR PHQRV XPD GDV PpGLDV GRV JUXSRV 3RU
LVVRIRLQHFHVViULDDXWLOL]DomRGHXPWHVWHGHFRPSDUDo}HVP~OWLSODVGDVPpGLDV
SRVWKRF2WHVWHVHOHFLRQDGRIRLRWHVWHGH7XNH\DRQtYHOGHVLJQLILFkQFLDGH
HRVUHVXOWDGRVHVWmRDSUHVHQWDGRVQDV7DEHODV$H$
7DEHOD5HVXOWDGRGDVFRPSDUDo}HVP~OWLSODVHQWUHJUXSRV3/3/H3/
&RQGLo}HV
([SHULPHQWDLV
3/
3/
3/0
3/0
3/0
0pGLDGH
077
7HVWH
7XNH\
DE
E
EF
DF
G
Ɖх
$SrQGLFH&DStWXOR
7DEHOD 5HVXOWDGR GDV FRPSDUDo}HV P~OWLSODV HQWUH JUXSRV 3/ H 3/ SRU
PHLRGRWHVWHGH7XNH\DRQtYHOGHVLJQLILFkQFLDGH
&RQGLo}HV
([SHULPHQWDLV
3/
3/0
3/0
3/0
3/0
3/0
3/0
3/0
3/0
3/0
0pGLDGH
077
7HVWH
7XNH\
D
EF
E
E
DF
DG
G
H
H
H
Ɖх
&DStWXOR
DStWXOR
,QLFLDOPHQWH IRUDP DYDOLDGDV WUrV GLIHUHQWHV FRQFHQWUDo}HV GH
FXUFXPLQDHђ0TXHFRUUHVSRQGHPDHPJ/HPDVVRFLDomR
FRP TXDWUR GRVHV GH OX] H -FP VREUH VXVSHQV}HV
SODQFW{QLFDVGRVPLFURRUJDQLVPRVFRQGLo}HVGHQRPLQDGDVGH3'7$VPHVPDV
FRQFHQWUDo}HV GR 36 IRUDP DYDOLDGDV VHP LOXPLQDomR SDUD VH GHWHUPLQDU R
SRVVtYHOHIHLWRWy[LFRGDFXUFXPLQDLVRODGDPHQWH3/$DSOLFDomRLVRODGDGD
OX] WDPEpP IRL DYDOLDGD 3/ $ FRQGLomR GHQRPLQDGD GH FRQWUROH IRL
FRQVWLWXtGD GH DPRVWUDV TXH QmR UHFHEHUDP QHP 36 QHP OX] 3/ 3DUD FHSD
DYDOLDGD IRUDP UHDOL]DGDV FLQFR UHSHWLo}HV &RPR IRUDP XWLOL]DGDV FHSDV GH
FDGDHVSpFLHXPWRWDOGHUHSHWLo}HVIRUDPUHDOL]DGDVSDUDFDGDHVSpFLH3DUD
DYDOLDomRGDYLDELOLGDGHFHOXODUGDVDPRVWUDVIRUDPREWLGDVGLOXLo}HVVHULDGDVGDV
DPRVWUDVHDVTXDLVIRUDPSODTXHDGDVHPSODFDVGH3HWULFRQWHQGR
R PHLR GH FXOWXUD 6'$ $SyV KRUDV GH LQFXEDomR D R& DV SODFDV GH 3HWUL
IRUDPVXEPHWLGDVjFRQWDJHPGHFRO{QLDVHRVQ~PHURVGHXQLGDGHVIRUPDGRUDV
GHFRO{QLDVXIFP/IRUDPFDOFXODGRV
7RGDVDVFHSDVWDPEpPIRUDPXWLOL]DGDVSDUDIRUPDomRGHELRILOPH
LQ YLWUR 2V ELRILOPHV IRUDP VXEPHWLGRV D 3'7 SRU PHLR GD DVVRFLDomR GH WUrV
FRQFHQWUDo}HV GH FXUFXPLQD H ђ0 TXH FRUUHVSRQGHP D H
PJ/ H GXDV GRVHV GH OX] H -FP $ FRQGLomR GHQRPLQDGD GH
FRQWUROH IRL FRQVWLWXtGD GH DPRVWUDV TXH QmR UHFHEHUDP QHP 36 QHPOX]3/
3DUD FHSD DYDOLDGD IRUDP UHDOL]DGDV FLQFR UHSHWLo}HV &RPR IRUDP XWLOL]DGDV FHSDV GH FDGD HVSpFLH XP WRWDO GH UHSHWLo}HV IRUDP UHDOL]DGDV SDUD FDGD
HVSpFLH(PWRGDVDVFRQGLo}HVH[SHULPHQWDLVRPHWDEROLVPRFHOXODUIRLDYDOLDGR
SRU PHLR GR HQVDLR GH UHGXomR GH ;77 2 UHVXOWDGR GHVWD UHDomR TXtPLFD IRL
PHGLGRXWLOL]DQGRVHRHVSHFWURIRW{PHWURFRPILOWURHPQP
$OpPGLVVRELRILOPHVDGLFLRQDLVIRUDPXWLOL]DGRVSDUDDUHDOL]DomR
GHFRORUDomRFULVWDOYLROHWD&91HVWHVFDVRVDSHQDVDDVVRFLDomRGHђ0FRP
-FPIRLDYDOLDGDEHPFRPRDPRVWUDVQmRVXEPHWLGDVD3'73/$SyVRV
$SrQGLFH&DStWXOR
SURFHGLPHQWRVGDFRORUDomRIRLUHDOL]DGDOHLWXUDHPHVSHFWURIRW{PHWURFRPILOWUR
HPQP
$&RQWDJHPGHFRO{QLDVXIFP/
$,VRODGRVFOtQLFRVGH&DOELFDQV
2VYDORUHVGHXIFP/IRUDPWUDQVIRUPDGRVHPORJDULWPREDVH
SDUDDDQiOLVHSUHWHQGLGDQRHVWXGR,QLFLDOPHQWHSURFHGHXVHDDQiOLVHGHVFULWLYD
GRV GDGRV H DV SULQFLSDLV PHGLGDV GH UHVXPR FDOFXODGDV HVWmR DSUHVHQWDGDV QD
7DEHOD 7HQGR HP YLVWD RV REMHWLYRV GD SHVTXLVD TXH HUDP DYDOLDU TXDO D
DVVRFLDomR HQWUH 36 H OX] PDLV HIHWLYD SDUD UHGX]LU D YLDELOLGDGH GRV PLFUR
RUJDQLVPRVHWDPEpPDYDOLDUVHKiHIHLWRGRVGLIHUHQWHVLVRODGRVQDYDULDELOLGDGH
GHQWURGHFDGDJUXSRDDQiOLVHLQIHUHQFLDOIRLUHDOL]DGDSRUPHLRGHXPPRGHOR
$129$ DQLQKDQGR QR TXDO R IDWRU IL[R IRL UHSUHVHQWDGR SHORV JUXSRV
H[SHULPHQWDLVHRIDWRUDOHDWyULRIRLUHSUHVHQWDGRSHORVGLIHUHQWHVLVRODGRVGHQWUR
GHFDGDJUXSR(VWDDQiOLVHVHEDVHRXQDXWLOL]DomRGHXPPRGHOROLQHDUFRPHUURV
GLVWULEXtGRV
QRUPDOPHQWH
H
YDULkQFLDV
HQWUH
JUXSRV
DSUHVHQWDQGR
KRPRFHVGDVWLFLGDGH SDUD R IDWRU IL[R H IDWRUHV DOHDWyULRV GLVWULEXtGRV
QRUPDOPHQWHFRPYDULkQFLDFRQVWDQWH3DUDDUHDOL]DomRGD$129$DVVHJXLQWHV
KLSyWHVHVQXODV+IRUDPGHWHUPLQDGDV+$VPpGLDVGRVJUXSRVVmRLJXDLVD
XPDPpGLDJOREDORTXHVLJQLILFDTXHQmRKiJUXSRVFRPPpGLDVHVWDWLVWLFDPHQWH
GLIHUHQWHV+2VLVRODGRVGHQWURGRVJUXSRVQmRDIHWDPDYDULDELOLGDGHJOREDO
GRVGDGRVRXVHMDDYDULkQFLDGRVHIHLWRVDOHDWyULRVpLJXDOj]HUR2VJUXSRVTXH
UHVXOWDUDPHPPpGLDVQXODVYDORUHVLJXDLVj]HURGHXIFP/IRUDPUHPRYLGRVGD
DQiOLVH2VUHVXOWDGRVGHVWDDQiOLVHHVWmRQD7DEHOD$
Ǉ
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
-FP
3/
(
3/
0 0 0
3/
( ( (
( ( (
( ( (
( ( (
( ( (
( ( (
( ( (
( ( (
( ( (
( ( (
( ( (
( ( (
( ( (
( ( (
( ( (
( ( (
( ( (
( ( (
( ( (
( ( (
( ( (
( ( (
( ( (
( ( (
( ( (
Ǉ'RVHVGHOX]
&D
&D
&D
&D
FOtQLFR
&D
,VRODGR
0 0 0
Ǉ
3'7-FP Ǉ
0 0 0
3'7-FP 0 0 0
Ǉ
3'7-FP ( ( ( ( ( ( ( ( ( ( ( (
( ( ( ( ( ( ( ( ( ( ( (
( ( ( ( ( ( ( ( ( ( ( (
( ( ( ( ( ( ( ( ( ( ( (
( ( ( ( ( ( ( ( ( ( ( (
( ( ( ( ( ( ( ( ( ( ( (
( ( ( ( ( ( ( ( ( ( ( (
( ( ( ( ( ( ( ( ( ( ( (
( ( ( ( ( ( ( ( ( ( ( (
( ( ( ( ( ( ( ( ( ( ( (
( ( ( ( ( ( ( ( ( ( ( (
( ( ( ( ( ( ( ( ( ( ( (
( ( ( ( ( ( ( ( ( ( ( (
( ( ( ( ( ( ( ( ( ( ( (
( ( ( ( ( ( ( ( ( ( ( (
( ( ( ( ( ( ( ( ( ( ( (
( ( ( ( ( ( ( ( ( ( ( (
( ( ( ( ( ( ( ( ( ( ( (
( ( ( ( ( ( ( ( ( ( ( (
( ( ( ( ( ( ( ( ( ( ( (
( ( ( ( ( ( ( ( ( ( ( (
( ( ( ( ( ( ( ( ( ( ( (
( ( ( ( ( ( ( ( ( ( ( (
( ( ( ( ( ( ( ( ( ( ( (
( ( ( ( ( ( ( ( ( ( ( (
0 0 0
3'7-FP Ǉ
&D±&DHPWRGDVDVFRQGLo}HVH[SHULPHQWDLV)DFXOGDGHGH2GRQWRORJLDGH$UDUDTXDUD
7DEHOD$9DORUHVRULJLQDLVGHXIFP/REWLGRVDSyVDYDOLDomRGDVVXVSHQV}HVSODQFW{QLFDVGRVLVRODGRVFOtQLFRVGH &DOELFDQV
$SrQGLFH&DStWXOR
3/
-FPǇ
3/
Ǉ'RVHVGHOX]
0HGLGDVGH
5HVXPR
0pGLD
0HGLDQD
9DULkQFLD
'HVYLRSDGUmR
0tQLPR
0i[LPR
3/
0
0
3'7-FPǇ
0 0 0
3'7-FPǇ
0 0 0
ıYDULkQFLDGRVJUXSRV
ıHDYDULkQFLDGRVHIHLWRVDOHDWyULRV
3'7-FPǇ
0 0 0
7DEHOD$6XPiULRGD$129$HPSUHJDGDSDUDRPRGHOROLQHDUDQLQKDGR
0
3'7-FPǇ
0 0 0
RV UHVXOWDGRV SURYHQLHQWHV GD DYDOLDomR GH FLQFR LVRODGRV FOtQLFRV GH & DOELFDQV VXVSHQV}HV SODQFW{QLFDV )DFXOGDGH GH
7DEHOD$0HGLGDVGHUHVXPRHPORJXIFP/FDOFXODGDVSDUDDVDPRVWUDVGHWRGDVDVFRQGLo}HVH[SHULPHQWDLVFRQVLGHUDQGR
$SrQGLFH&DStWXOR
$SrQGLFH&DStWXOR
2V UHVXOWDGRV LQGLFDUDP TXH D + IRL UHMHLWDGD FRP SYDORU
LQIHULRU D (P VHJXLGD IRUDP UHDOL]DGDV FRPSDUDo}HV P~OWLSODV SDUD VH
GHWHUPLQDU RQGH VH ORFDOL]DYDP DV GLIHUHQoDV HQWUH RV JUXSRV HVWXGDGRV 2
UHVXPRGHVWDDQiOLVHHVWiQD7DEHOD$
GH7XNH\DRQtYHOGHVLJQLILFkQFLDGH
&RQGLo}HV
([SHULPHQWDLV
3/
3/-FP
3/0
3/0
3/0
3'7-FP 0
3'7-FP 0
3'7-FP 0
3'7-FP 0
3'7-FP 0
3'7-FP 0
3'7-FP 0
3'7-FP 0
3'7-FP 0
3'7-FP 0
3'7-FP 0
3'7-FP 0
0pGLDGH
ORJ
7HVWH
7XNH\
D
D
D
D
D
E
EF
EF
EF
EF
F
EF
EF
HVWDWLVWLFDPHQWHVHPHOKDQWHVSHORWHVWH7XNH\Ɖх
JUXSRQmRDYDOLDGR
3DUD D GHFLVmR VREUH D + IRL GHWHUPLQDGR R LQWHUYDOR GH
FRQILDQoD,&GDYDULkQFLDGRVHIHLWRVDOHDWyULRVıHDSRLVVHRYDORU]HUR
HVWLYHVVHLQFOXtGRQRLQWHUYDORD+GHYHULDVHUDFHLWD2,&FDOFXODGRIRL
GHıHD HSRUWDQWR R YDORU ]HUR QmR HVWDYD LQFOXtGR QR
LQWHUYDORRTXHOHYRXDUHMHLomRGD+$OpPGLVVRIRLGHWHUPLQDGRTXHGD
YDULDELOLGDGH REVHUYDGD GHQWUR GRV JUXSRV S{GH VHU H[SOLFDGD SHOD XWLOL]DomR GH
GLIHUHQWHVFHSDV>ıHDııHD@
$SrQGLFH&DStWXOR
$,VRODGRVFOtQLFRVGH&JODEUDWD
2VYDORUHVGHXIFP/IRUDPWUDQVIRUPDGRVHPORJDULWPREDVH
SDUD D DQiOLVH SUHWHQGLGD QR HVWXGR ,QLFLDOPHQWH SURFHGHXVH FRP D DQiOLVH
GHVFULWLYDGRVGDGRVTXHHVWiDSUHVHQWDGDQD7DEHOD$&RQIRUPHGHVFULWRSDUD
DHVSpFLH&DOELFDQVDDQiOLVHLQIHUHQFLDOIRLUHDOL]DGDSRUPHLRGHXPPRGHOR
$129$ DQLQKDQGR QR TXDO R IDWRU IL[R IRL UHSUHVHQWDGR SHORV JUXSRV
H[SHULPHQWDLVHRIDWRUDOHDWyULRIRLUHSUHVHQWDGRSHORVGLIHUHQWHVLVRODGRVGHQWUR
GHFDGDJUXSR(VWDDQiOLVHVHEDVHRXQDXWLOL]DomRGHXPPRGHOROLQHDUFRPHUURV
GLVWULEXtGRV
QRUPDOPHQWH
H
YDULkQFLDV
HQWUH
JUXSRV
DSUHVHQWDQGR
KRPRFHVGDVWLFLGDGH SDUD R IDWRU IL[R H IDWRUHV DOHDWyULRV GLVWULEXtGRV
QRUPDOPHQWHFRPYDULkQFLDFRQVWDQWH3DUDDUHDOL]DomRGD$129$DVVHJXLQWHV
KLSyWHVHVQXODV+IRUDPGHWHUPLQDGDV+$VPpGLDVGRVJUXSRVVmRLJXDLVD
XPDPpGLDJOREDORTXHVLJQLILFDTXHQmRKiJUXSRVFRPPpGLDVHVWDWLVWLFDPHQWH
GLIHUHQWHV+2VLVRODGRVGHQWURGRVJUXSRVQmRDIHWDPDYDULDELOLGDGHJOREDO
GRVGDGRVRXVHMDDYDULkQFLDGRVHIHLWRVDOHDWyULRVpLJXDOj]HUR2VUHVXOWDGRV
GHVWDDQiOLVHHVWmRQD7DEHOD$
UHVXPR GHVWD DQiOLVH HVWi QD 7DEHOD $ 3DUD D GHFLVmR VREUH D + IRL
GHWHUPLQDGRRLQWHUYDORGHFRQILDQoD,&GDYDULkQFLDGRVHIHLWRVDOHDWyULRV
ıHDSRLVVHRYDORU]HURHVWLYHVVHLQFOXtGRQRLQWHUYDORD+GHYHULDVHUDFHLWD
2,&FDOFXODGRIRLGHıHDHSRUWDQWRRYDORU]HUR
QmR HVWDYD LQFOXtGR QR LQWHUYDOR R TXH OHYRX D UHMHLomR GD +$OpPGLVVRIRL
GHWHUPLQDGR TXH GD YDULDELOLGDGH REVHUYDGD GHQWUR GRV JUXSRV S{GH VHU
H[SOLFDGDSHODXWLOL]DomRGHGLIHUHQWHVFHSDV>ıHDııHD@
Ǉ
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
-FP
3/
(
3/
Ǉ'RVHVGHOX]
&J
&J
&J
&J
FOtQLFR
&J
,VRODGR
( ( (
( ( (
( ( (
( ( (
( ( (
( ( (
( ( (
( ( (
( ( (
( ( (
( ( (
( ( (
( ( (
( ( (
( ( (
( ( (
( ( (
( ( (
( ( (
( ( (
( ( (
( ( (
( ( (
( ( (
( ( (
0 0 0
3/
0 0 0
3'7-FPǇ
0 0 0
3'7-FPǇ
0 0 0
3'7-FPǇ
( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( (
( ( ( ( ( ( ( ( ( ( ( (
( ( ( ( ( ( ( ( ( ( ( (
( ( ( ( ( ( ( ( ( ( ( (
( ( ( ( ( ( ( ( ( ( ( (
( ( ( ( ( ( ( ( ( ( ( (
( ( ( ( ( ( ( ( ( ( ( (
( ( ( ( ( ( ( ( ( ( ( (
( ( ( ( ( ( ( ( ( ( ( (
( ( ( ( ( ( ( ( ( ( ( (
( ( ( ( ( ( ( ( ( ( ( (
( ( ( ( ( ( ( ( ( ( ( (
( ( ( ( ( ( ( ( ( ( ( (
( ( ( ( ( ( ( ( ( ( ( (
( ( ( ( ( ( ( ( ( ( ( (
( ( ( ( ( ( ( ( ( ( ( (
( ( ( ( ( ( ( ( ( ( ( (
( ( ( ( ( ( ( ( ( ( ( (
( ( ( ( ( ( ( ( ( ( ( (
( ( ( ( ( ( ( ( ( ( ( (
( ( ( ( ( ( ( ( ( ( ( (
( ( ( ( ( ( ( ( ( ( ( (
( ( ( ( ( ( ( ( ( ( ( (
( ( ( ( ( ( ( ( ( ( ( (
0 0 0
3'7-FPǇ
&J±&JHPWRGDVDVFRQGLo}HVH[SHULPHQWDLV)DFXOGDGHGH2GRQWRORJLDGH$UDUDTXDUD
7DEHOD$9DORUHVRULJLQDLVGHXIFP/REWLGRVDSyVDYDOLDomRGDVVXVSHQV}HVSODQFW{QLFDVGRVLVRODGRVFOtQLFRVGH &JODEUDWD
$SrQGLFH&DStWXOR
3/
-FPǇ
3/
Ǉ'RVHVGHOX]
0HGLGDVGH
5HVXPR
0pGLD
0HGLDQD
9DULkQFLD
'HVYLRSDGUmR
0tQLPR
0i[LPR
0
0
0
0
0
3'7-FPǇ
0
0
0
3'7-FPǇ
0
0
0
3'7-FPǇ
0
3/
0
0
0
3'7-FPǇ
RV UHVXOWDGRV SURYHQLHQWHV GD DYDOLDomR GH FLQFR LVRODGRV FOtQLFRV GH & JODEUDWD VXVSHQV}HV SODQFW{QLFDV )DFXOGDGH GH
$SrQGLFH&DStWXOR
$SrQGLFH&DStWXOR
&RQGLo}HV
([SHULPHQWDLV
3/
3/-FP
3/0
3/0
3/0
3/-FP 0
3/-FP 0
3/-FP 0
3/-FP 0
3/-FP 0
3/-FP 0
3/-FP 0
3/-FP 0
3/-FP 0
3/-FP 0
3/-FP 0
3/-FP 0
0pGLDGH
ORJ
7HVWH
7XNH\
D
D
D
D
D
DE
EF
FGH
DE
EFGH
GH
DE
EFGH
GH
DE
EFGH
H
$SrQGLFH&DStWXOR
$,VRODGRVFOtQLFRVGH&WURSLFDOLV
H[SHULPHQWDLV HVWmR DSUHVHQWDGRV QD 7DEHOD $ $SyV D WUDQVIRUPDomR GRV
YDORUHV GH XIFP/ HP ORJDULWPR EDVH SURFHGHXVH D DQiOLVH GHVFULWLYD GRV
GDGRV TXH HVWi DSUHVHQWDGD QD 7DEHOD $ &RQIRUPH GHVFULWR SDUD DV RXWUDV
HVSpFLHV D DQiOLVH LQIHUHQFLDO IRL UHDOL]DGD SRU PHLR GH XP PRGHOR $129$
DQLQKDQGRQRTXDORIDWRUIL[RIRLUHSUHVHQWDGRSHORVJUXSRVH[SHULPHQWDLVHR
IDWRU DOHDWyULR IRL UHSUHVHQWDGR SHORV GLIHUHQWHV LVRODGRV GHQWUR GH FDGD JUXSR
(VWD DQiOLVH VHEDVHRX QD XWLOL]DomR GH XP PRGHOR OLQHDU FRP HUURVGLVWULEXtGRV
QRUPDOPHQWH H YDULkQFLDV HQWUH JUXSRV DSUHVHQWDQGR KRPRFHVGDVWLFLGDGH SDUD R
IDWRUIL[RHIDWRUHVDOHDWyULRVGLVWULEXtGRVQRUPDOPHQWHFRPYDULkQFLDFRQVWDQWH
3DUD D UHDOL]DomR GD $129$ DV VHJXLQWHV KLSyWHVHV QXODV + IRUDP
GHWHUPLQDGDV+$VPpGLDVGRVJUXSRVVmRLJXDLVDXPDPpGLDJOREDORTXH
VLJQLILFD TXH QmR Ki JUXSRV FRP PpGLDV HVWDWLVWLFDPHQWH GLIHUHQWHV + 2V
LVRODGRVGHQWURGRVJUXSRVQmRDIHWDPDYDULDELOLGDGHJOREDOGRVGDGRVRXVHMDD
YDULkQFLDGRVHIHLWRVDOHDWyULRVpLJXDOj]HUR2VUHVXOWDGRVGHVWDDQiOLVHHVWmRQD
7DEHOD$
UHVXPR GHVWD DQiOLVH HVWi QD 7DEHOD 3DUD D GHFLVmR VREUH D + IRL
GHWHUPLQDGRRLQWHUYDORGHFRQILDQoD,&GDYDULkQFLDGRVHIHLWRVDOHDWyULRV
ıHDSRLVVHRYDORU]HURHVWLYHVVHLQFOXtGRQRLQWHUYDORD+GHYHULDVHUDFHLWD
2,&FDOFXODGRIRLGHıHDHSRUWDQWRRYDORU]HUR
QmR HVWDYD LQFOXtGR QR LQWHUYDOR R TXH OHYRX D UHMHLomR GD +$OpPGLVVRIRL
GHWHUPLQDGR TXH GD YDULDELOLGDGH REVHUYDGD GHQWUR GRV JUXSRV S{GH VHU
H[SOLFDGDSHODXWLOL]DomRGHGLIHUHQWHVFHSDV>ıHDııHD@
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
3/
-FPǇ
3/
0 0 0
3/
( ( (
( ( (
( ( (
( ( (
( ( (
( ( (
( ( (
( ( (
( ( (
( ( (
( ( (
( ( (
( ( (
( ( (
( ( (
( ( (
( ( (
( ( (
( ( (
( ( (
( ( (
( ( (
( ( (
( ( (
( ( (
Ǉ'RVHVGHOX]
&W
&W
&W
&W
FOtQLFR
&W
,VRODGR
0 0 0
3'7-FPǇ
0 0 0
3'7-FPǇ
0 0 0
3'7-FPǇ
( ( ( ( ( ( ( ( ( ( ( (
( ( ( ( ( ( ( ( ( ( ( (
( ( ( ( ( ( ( ( ( ( ( (
( ( ( ( ( ( ( ( ( ( ( (
( ( ( ( ( ( ( ( ( ( ( (
( ( ( ( ( ( ( ( ( ( ( (
( ( ( ( ( ( ( ( ( ( ( (
( ( ( ( ( ( ( ( ( ( ( (
( ( ( ( ( ( ( ( ( ( ( (
( ( ( ( ( ( ( ( ( ( ( (
( ( ( ( ( ( ( ( ( ( ( (
( ( ( ( ( ( ( ( ( ( ( (
( ( ( ( ( ( ( ( ( ( ( (
( ( ( ( ( ( ( ( ( ( ( (
( ( ( ( ( ( ( ( ( ( ( (
( ( ( ( ( ( ( ( ( ( ( (
( ( ( ( ( ( ( ( ( ( ( (
( ( ( ( ( ( ( ( ( ( ( (
( ( ( ( ( ( ( ( ( ( ( (
( ( ( ( ( ( ( ( ( ( ( (
( ( ( ( ( ( ( ( ( ( ( (
( ( ( ( ( ( ( ( ( ( ( (
( ( ( ( ( ( ( ( ( ( ( (
( ( ( ( ( ( ( ( ( ( ( (
( ( ( ( ( ( ( ( ( ( ( (
0 0 0
3'7-FPǇ
&W±&WHPWRGDVDVFRQGLo}HVH[SHULPHQWDLV)DFXOGDGHGH2GRQWRORJLDGH$UDUDTXDUD
7DEHOD$9DORUHVRULJLQDLVGHXIFP/REWLGRVDSyVDYDOLDomRGDVVXVSHQV}HVSODQFW{QLFDVGRVLVRODGRVFOtQLFRVGH&WURSLFDOLV
$SrQGLFH&DStWXOR
0
0
3/
0
0
0
0
3'7-FPǇ
0
0
0
3'7-FPǇ
0
0
0
3'7-FPǇ
3/
-FPǇ
3/
Ǉ'RVHVGHOX]
0HGLGDVGH
5HVXPR
0pGLD
0HGLDQD
9DULkQFLD
'HVYLRSDGUmR
0tQLPR
0i[LPR
0
0
0
3'7-FPǇ
RV UHVXOWDGRV SURYHQLHQWHV GD DYDOLDomR GH FLQFR LVRODGRV FOtQLFRV GH & WURSLFDOLV VXVSHQV}HV SODQFW{QLFDV )DFXOGDGH GH
$SrQGLFH&DStWXOR
$SrQGLFH&DStWXOR
&RQGLo}HV
([SHULPHQWDLV
3/
3/-FP
3/0
3/0
3/0
3/-FP 0
3/-FP 0
3/-FP 0
3/-FP 0
3/-FP 0
3/-FP 0
3/-FP 0
3/-FP 0
3/-FP 0
3/-FP 0
3/-FP 0
3/-FP 0
0pGLDGH
ORJ
7HVWH
7XNH\
D
D
D
D
D
E
F
F
EF
F
EF
F
EF
F
JUXSRQmRDYDOLDGR
$SrQGLFH&DStWXOR
%0HWDEROLVPRFHOXODU;77
%,VRODGRVFOtQLFRVGH&DOELFDQV
2V YDORUHV RULJLQDLV GH DEVRUEkQFLD REWLGRV HP WRGDV DV FRQGLo}HV
7DEHOD $ 9DORUHV RULJLQDLV GH DEVRUEkQFLD REWLGRV DSyV DYDOLDomR GR
PHWDEROLVPR GRV ELRILOPHV IRUPDGRV D SDUWLU GRV LVRODGRV FOtQLFRV GH &
DOELFDQV &D ± &D HP WRGDV DV FRQGLo}HV H[SHULPHQWDLV )DFXOGDGH GH
,VRODGR
FOtQLFR
&D
&D
&D
&D
&D
3/
3'7-FPǇ
0 0
Ǉ'RVHVGHOX]
0
3'7-FPǇ
0 0
0
$SrQGLFH&DStWXOR
,QLFLDOPHQWH SURFHGHXVH D DQiOLVH GHVFULWLYD GRV GDGRV H DV
SULQFLSDLV PHGLGDV GH UHVXPR FDOFXODGDV HVWmR DSUHVHQWDGDV QD 7DEHOD $ $
DQiOLVHLQIHUHQFLDOIRLUHDOL]DGDSRUPHLRGHXPPRGHOR$129$DQLQKDQGRQR
TXDORIDWRUIL[RIRLUHSUHVHQWDGRSHORVJUXSRVH[SHULPHQWDLVHRIDWRUDOHDWyULR
IRL UHSUHVHQWDGR SHORV GLIHUHQWHV LVRODGRV GHQWUR GH FDGD JUXSR (VWD DQiOLVH VH
EDVHRXQDXWLOL]DomRGHXPPRGHOROLQHDUFRPHUURVGLVWULEXtGRVQRUPDOPHQWHH
YDULkQFLDV HQWUH JUXSRV DSUHVHQWDQGR KRPRFHVGDVWLFLGDGH SDUD R IDWRU IL[R H
IDWRUHV DOHDWyULRV GLVWULEXtGRV QRUPDOPHQWH FRP YDULkQFLD FRQVWDQWH 3DUD D
UHDOL]DomR GD $129$ DV VHJXLQWHV KLSyWHVHV QXODV + IRUDP GHWHUPLQDGDV
+$VPpGLDVGRVJUXSRVVmRLJXDLVDXPDPpGLDJOREDORTXHVLJQLILFDTXHQmR
Ki JUXSRV FRP PpGLDV HVWDWLVWLFDPHQWH GLIHUHQWHV + 2V LVRODGRV GHQWUR GRV
JUXSRV QmR DIHWDP D YDULDELOLGDGH JOREDO GRV GDGRV RX VHMD D YDULkQFLD GRV
HIHLWRVDOHDWyULRVpLJXDOj]HUR2VUHVXOWDGRVGHVWDDQiOLVHHVWmRQD7DEHOD$
7DEHOD $ 0HGLGDV GH UHVXPR FDOFXODGDV SDUD DV DPRVWUDV GH WRGDV DV
FRQGLo}HVH[SHULPHQWDLVFRQVLGHUDQGRRVUHVXOWDGRVSURYHQLHQWHVGDDYDOLDomRGR
PHWDEROLVPR;77DEVRUEkQFLDGRVELRILOPHVIRUPDGRVFRPLVRODGRVFOtQLFRV
GH&DOELFDQV)DFXOGDGHGH2GRQWRORJLDGH$UDUDTXDUD
0HGLGDVGH
5HVXPR
0pGLD
0HGLDQD
9DULkQFLD
'HVYLRSDGUmR
0tQLPR
0i[LPR
Ǉ
3/
3'7-FP 0 0 0
Ǉ'RVHVGHOX]
Ǉ
3'7-FP 0 0 0
$SrQGLFH&DStWXOR
&RQGLo}HV
([SHULPHQWDLV
3/
3'7-FP 0
3'7-FP 0
3'7-FP 0
3'7-FP 0
3'7-FP 0
3'7-FP 0
0pGLDGH
;77
7HVWH
7XNH\
D
E
EF
F
EF
EF
F
GHıHD HSRUWDQWRRYDORU]HURQmRHVWDYDLQFOXtGRQR
LQWHUYDORRTXHOHYRXDUHMHLomRGD+$OpPGLVVRIRLGHWHUPLQDGRTXH
GDYDULDELOLGDGHREVHUYDGDGHQWURGRVJUXSRVS{GHVHUH[SOLFDGDSHODXWLOL]DomRGH
$SrQGLFH&DStWXOR
%,VRODGRVFOtQLFRVGH&JODEUDWD
JODEUDWD &J ± &J HP WRGDV DV FRQGLo}HV H[SHULPHQWDLV )DFXOGDGH GH
,VRODGR
FOtQLFR
&J
&J
&J
&J
&J
3/
3'7-FPǇ
0 0
Ǉ'RVHVGHOX]
0
3'7-FPǇ
0 0
0
$SrQGLFH&DStWXOR
SULQFLSDLV PHGLGDV GH UHVXPR FDOFXODGDV HVWmR DSUHVHQWDGDV QD 7DEHOD $
GH&JODEUDWD)DFXOGDGHGH2GRQWRORJLDGH$UDUDTXDUD
0HGLGDVGH
5HVXPR
0pGLD
0HGLDQD
9DULkQFLD
'HVYLRSDGUmR
0tQLPR
0i[LPR
Ǉ
3/
3'7-FP 0 0 0
Ǉ'RVHVGHOX]
Ǉ
3'7-FP 0 0 0
$SrQGLFH&DStWXOR
&RQGLo}HV
([SHULPHQWDLV
3/
3'7-FP 0
3'7-FP 0
3'7-FP 0
3'7-FP 0
3'7-FP 0
3'7-FP 0
0pGLDGH
;77
7HVWH
7XNH\
D
E
EF
F
EF
Ϭ͕ϮϬϬ F
Ϭ͕ϭϯϳ F
LQWHUYDORRTXHOHYRXDUHMHLomRGD+$OpPGLVVRIRLGHWHUPLQDGRTXHGD
YDULDELOLGDGH REVHUYDGD GHQWUR GRV JUXSRV S{GH VHU H[SOLFDGD SHOD XWLOL]DomR GH
$SrQGLFH&DStWXOR
%,VRODGRVFOtQLFRVGH&WURSLFDOLV
WURSLFDOLV &W ± &W HP WRGDV DV FRQGLo}HV H[SHULPHQWDLV )DFXOGDGH GH
,VRODGR
FOtQLFR
&W
&W
&W
&W
&W
Ǉ
3/
3'7-FP 0 0
Ǉ'RVHVGHOX]
0
Ǉ
3'7-FP 0 0
0
$SrQGLFH&DStWXOR
SULQFLSDLV PHGLGDV GH UHVXPR FDOFXODGDV HVWmR DSUHVHQWDGDV QD 7DEHOD $ $
GH&WURSLFDOLV)DFXOGDGHGH2GRQWRORJLDGH$UDUDTXDUD
0HGLGDVGH
5HVXPR
0pGLD
0HGLDQD
9DULkQFLD
'HVYLRSDGUmR
0tQLPR
0i[LPR
Ǉ
3/
3'7-FP 0 0 0
Ǉ'RVHVGHOX]
Ǉ
3'7-FP 0 0 0
$SrQGLFH&DStWXOR
&RQGLo}HV
([SHULPHQWDLV
3/
3'7-FP 0
3'7-FP 0
3'7-FP 0
3'7-FP 0
3'7-FP 0
3'7-FP 0
0pGLDGH
;77
Ϭ͕Ϯϰϵ
Ϭ͕ϭϳϴ
7HVWH
7XNH\
D
DE
EF
FG
EF
FG
G
LQWHUYDORRTXHOHYRXDUHMHLomRGD+$OpPGLVVRIRLGHWHUPLQDGRTXH
GDYDULDELOLGDGHREVHUYDGDGHQWURGRVJUXSRVS{GHVHUH[SOLFDGDSHODXWLOL]DomRGH
$SrQGLFH&DStWXOR
&&ULVWDO9LROHWD&9
2VYDORUHVRULJLQDLVGHDEVRUEkQFLDREWLGRVHPWRGDVDVFRQGLo}HV
7DEHOD $ 9DORUHV RULJLQDLV GH DEVRUEkQFLD REWLGRV DSyV FRORUDomR GRV
ELRILOPHV GH & DOELFDQV & JODEUDWD H & WURSLFDOLV FRP FULVWDO YLROHWD QDV
FRQGLo}HV3/H3'7)DFXOGDGHGH2GRQWRORJLDGH$UDUDTXDUD
,VRODGR
FOtQLFR
&DOELFDQV
3/
&JODEUDWD
3'7
3/
&WURSLFDOLV
3'7
3/
&RQGLomR3'7DYDOLRXDDVVRFLDomRGHђ0GHFXUFXPLQDFRP-FP
3'7
$SrQGLFH&DStWXOR
SULQFLSDLV PHGLGDV GH UHVXPR FDOFXODGDV HVWmR DSUHVHQWDGDV QD 7DEHOD $ 2
REMHWLYR GD DQiOLVH SRU FRORUDomR FRP &9 IRL DYDOLDU D ELRPDVVD GRV ELRILOPHV
WUDWDGRVHQmRWUDGDGRVFRP3'7SDUDFDGDHVSpFLHGH&DQGLGD'HVVDIRUPDD
DQiOLVH LQIHUHQFLDO DGHTXDGD D HVWH REMHWLYR VHULD DTXHOD TXH SRVVLELOLWDVVH D
FRPSDUDomR HQWUH GRLV JUXSRV LQGHSHQGHQWHV 3/ H 3'7 3DUD LVVR RV
UHVXOWDGRVREWLGRVSDUDFDGDHVSpFLHGH&DQGLGDIRUDPDYDOLDGRVVHSDUDGDPHQWH
(P WRGRV RV FDVRV R WHVWH GH 6KDSLUR :LON IRL XWLOL]DGR SDUD D YHULILFDomR GD
QRUPDOLGDGH GRV GDGRV DR QtYHO GH VLJQLILFkQFLD GH 2 WHVWH UHVXOWRX HP
YDORUHV GH SUREDELOLGDGH LQIHULRUHV D SDUD RV JUXSRV GDV WUrV HVSpFLHV GH
&DQGLGD LQGLFDQGR D QHFHVVLGDGH GH XWLOL]DomR GH WHVWHV QmR SDUDPpWULFRV 3RU
HVVD UD]mR R WHVWH GH :LOFR[RQ WDPEpP FRQKHFLGR FRPR 0DQQ:KLWQH\ IRL
XWLOL]DGRSDUDUHDOL]DUDVFRPSDUDo}HVHQWUHRVJUXSRV3/H3'7GHFDGDHVSpFLH
DYDOLDGD DR QtYHO GH VLJQLILFkQFLD GH $ KLSyWHVH QXOD WHVWDGD HP WRGRV RV
FDVRV IRL D H[LVWrQFLD GH LJXDOGDGH HQWUH RV JUXSRV 2 UHVXOWDGR GD DQiOLVH
LQGLYLGXDO GH FDGD HVSpFLH UHVXOWRX HP YDORU GH SUREDELOLGDGH PXLWR LQIHULRU D
SDUD DV WUrV HVSpFLHV $VVLP IRL SRVVtYHO REVHUYDU TXH SDUD D
PpGLD GR JUXSR 3/ IRL VHPSUH VXSHULRU D PpGLD GR JUXSR 3'7 LQGLFDQGR D
UHGXomR QD ELRPDVVD GRV ELRILOPHV GH & DOELFDQV & JODEUDWD H & WURSLFDOLV
DSyVH[SRVLomRD3'7
$GLFLRQDOPHQWH WDPEpP IRL UHDOL]DGD XPD DQiOLVH FRPSDUDWLYD
HQWUHRVJUXSRV3/GDVWUrVHVSpFLHVFRPRREMHWLYRGHGHWHUPLQDUTXDOGDVWUrV
HVSpFLHV SRVVXLX PDLRU FDSDFLGDGH GH IRUPDomR GH ELRILOPH 'H DFRUGR FRP R
UHVXOWDGR GR WHVWH GH 6KDSLUR:LON RV GDGRV QmR VH DSUHVHQWDYDP QRUPDOPHQWH
GLVWULEXtGRV S $OpP GLVVR R WHVWH GH %DUWOHWW DSRQWRX D H[LVWrQFLD GH
KHWHURJHQHLGDGH GH YDULkQFLDV HQWUH RV JUXSRV S 'HVWD PDQHLUD D
FRPSDUDomR HQWUH JUXSRV IRL UHDOL]DGD FRP R WHVWH QmR SDUDPpWULFR GH .UXVNDO
:DOOLV DR QtYHO GH VLJQLILFkQFLD GH 2 UHVXOWDGR GHVWH WHVWH ȤJO FRPSYDORUDSRQWRXDH[LVWrQFLDGHGLIHUHQoDVLJQLILFDQWHHPSHORVPHQRV
XP GRV JUXSRV 2 UHVXOWDGR GR WHVWH QmR SDUDPpWULFR GH FRPSDUDo}HV P~OWLSODV
SRVWKRFHVWiDSUHVHQWDGRQD7DEHOD$
$SrQGLFH&DStWXOR
7DEHOD $ 0HGLGDV GH UHVXPR FDOFXODGDV SDUD RV YDORUHV GH DEVRUEkQFLD
REWLGRVDSyVFRORUDomRGRVELRILOPHVGH& DOELFDQV &JODEUDWDH&WURSLFDOLV
FRP FULVWDO YLROHWD QDV FRQGLo}HV 3/ H 3/ )DFXOGDGH GH 2GRQWRORJLD GH
$UDUDTXDUD
0HGLGDVGH
5HVXPR
0pGLD
0HGLDQD
9DULkQFLD
'HVYLRSDGUmR
0tQLPR
0i[LPR
&DOELFDQV
3/
3'7
&JODEUDWD
3/
3'7
&WURSLFDOLV
3/
3'7
&RQGLomR3'7DYDOLRXDDVVRFLDomRGHђ0GHFXUFXPLQDFRP-FP
QmRSDUDPpWULFRDRQtYHOGHVLJQLILFkQFLDGH
3RVWR
PpGLR
(VSpFLH
&DOELFDQV
&JODEUDWD
&WURSLFDOLV
&RPSDUDo}HV
PXOWLSODV
D
E
E
OHWUDV LJXDLV GHQRWDP JUXSRV FRQVLGHUDGRV HVWDWLVWLFDPHQWH
VHPHOKDQWHVSHORWHVWHQmRSDUDPpWULFRƉх
&DStWXOR
&DStWXOR
1HVWHHVWXGR D3'7IRLDYDOLDGDSRUPHLRGDDVVRFLDomR HQWUHDV
FRQFHQWUDo}HV GH H ђ0 GH FXUFXPLQD FRP D GRVH GH OX] GH -FP
3/ $V WUrV FRQFHQWUDo}HV GH FXUFXPLQD WDPEpP IRUDP XWLOL]DGDV SDUD D
DYDOLDomRGRHIHLWRGR36VHPOX]3/$OpPGLVVRDDSOLFDomRLVRODGDGDOX]
IRL DYDOLDGD 3/ 2V DQLPDLV FRP LQIHFomR LQGX]LGD SRU & DOELFDQV TXH QmR
UHFHEHUDP QHQKXP WUDWDPHQWR IRUDP GHQRPLQDGRV GH 3/ H DTXHOHV TXH QmR
UHFHEHUDP LQGXomR GD LQIHFomR QHP WUDWDPHQWR IRUDP GHQRPLQDGRV GH 1&*
JUXSR FRQWUROH QHJDWLYR 3DUD FDGD FRQGLomR DYDOLDGD IRUDP XWLOL]DGRV FLQFR
DQLPDLV$DYDOLDomRGDYLDELOLGDGHGH&DOELFDQVGDVDPRVWUDVIRLUHDOL]DGDSRU
PHLRGHFRQWDJHPGHFRO{QLDVHFiOFXORGDVXIFP/
UHVXPRWHQGrQFLDFHQWUDOHYDULDELOLGDGH(PVHJXLGDRVWHVWHVGH6KDSLUR:LON
H%DUWOHWWIRUDPXWLOL]DGRVSDUDDYHULILFDomRGDQRUPDOLGDGHHKRPRFHGDVWLFLGDGH
GRV GDGRV UHVSHFWLYDPHQWH ɲ 2 UHVXOWDGR GH DPERV RV WHVWHV LQGLFRX
YDORUHV GH SUREDELOLGDGH PDLRUHV D LQGLFDQGR TXH R FRQMXQWR GRV GDGRV
DWHQGLD DRV SUHVVXSRVWRV QHFHVViULRV SDUD XWLOL]DomR GH WHVWHV SDUDPpWULFRV 3RU
HVVDUD]mRRWHVWHHVWDWtVWLFRHPSUHJDGRSDUDFRPSDUDomRGDVPpGLDVGRVJUXSRV
IRLD$129$DRQtYHOGHVLJQLILFkQFLDGH'HDFRUGRFRPD7DEHOD$R
YDORU GH SUREDELOLGDGH HQFRQWUDGR LQGLFRX KDYHU GLIHUHQoD HVWDWLVWLFDPHQWH
VLJQLILFDWLYDHPSHORPHQRVXPDGDVPpGLDVGRVJUXSRV3RULVVRIRLQHFHVViULDD
XWLOL]DomR GH XP WHVWH GH FRPSDUDo}HV P~OWLSODV GDV PpGLDV SRVW KRF 2 WHVWH
VHOHFLRQDGRIRLRWHVWHGH7XNH\DRQtYHOGHVLJQLILFkQFLDGHHRVUHVXOWDGRV
HVWmRDSUHVHQWDGRVQD7DEHOD$
$SrQGLFH&DStWXOR
PpGLDVGRVJUXSRV3/3/3/H3/
7DEHOD $ 5HVXOWDGR GDV FRPSDUDo}HV P~OWLSODV HQWUH DV PpGLDV GRV JUXSRV
&RQGLo}HV
([SHULPHQWDLV
3/
0pGLDGH 7HVWH
7XNH\
ORJ
D
3/-FP
D
3/0
D
3/0
D
3/0
DE
3/0
E
3/0
F
3/0
F
$QH[R
$QH[R
3iJLQD LQLFLDO GR DUWLJR SXEOLFDGR UHIHUHQWH DR
&DStWXOR
&DStWXOR
$QH[R
3iJLQD LQLFLDO GR DUWLJR DFHLWR SDUD SXEOLFDomR
UHIHUHQWHDR&DStWXOR
UHIHUHQWHDR&DStWXOR
$XWRUL]DomRGR&RPLWrGHeWLFDHP3HVTXLVD&DStWXOR
$XWRUL]DomRGR&RPLWrGHeWLFDHP3HVTXLVD&DStWXOR
$QH[R
$QH[R
$XWRUL]DomRGR&RPLWrGHeWLFDHP([SHULPHQWDomR
$QLPDO&DStWXOR
$QLPDO&DStWXOR
$XWRUL]RDUHSURGXomRGHVWHWUDEDOKR
'LUHLWRVGHSXEOLFDomRUHVHUYDGRVDRDXWRU
$UDUDTXDUDGH-XOKRGH
/Ë9,$125','29,*2

dovigo_ln_dr_arafo - Faculdade de Odontologia

Transcrição

Documentos relacionados

arquivos portugueses das ciências biológicas - SPG

A High Level Abstraction for Graphics Hardware Programming

Painel Yingli 250w