Influence of heat treatment on morphology and phase composition of TEG-Co composite material
The influence of ageing and heat treatment on the structure, phase composition and morphology of cobalt supported composite material TEG + 30 mass.% Co prepared by chemical deposition method has been studied using the X-ray diffraction, scanning elec -tron microscopy, the Auger spectroscopy and SIMS...
Gespeichert in:
Datum: | 2004 |
---|---|
Hauptverfasser: | , , , , |
Format: | Artikel |
Sprache: | English |
Veröffentlicht: |
НТК «Інститут монокристалів» НАН України
2004
|
Schriftenreihe: | Functional Materials |
Online Zugang: | http://dspace.nbuv.gov.ua/handle/123456789/134423 |
Tags: |
Tag hinzufügen
Keine Tags, Fügen Sie den ersten Tag hinzu!
|
Назва журналу: | Digital Library of Periodicals of National Academy of Sciences of Ukraine |
Zitieren: | Influence of heat treatment on morphology and phase composition of TEG-Co composite material / L. Matzui, M. Babich, M Zakharenko, O. Nakonechna, L. Vovchenko // Functional Materials. — 2004. — Т. 11, № 1. — С. 50-56. — Бібліогр.: 12 назв. — англ. |
Institution
Digital Library of Periodicals of National Academy of Sciences of Ukraineid |
irk-123456789-134423 |
---|---|
record_format |
dspace |
spelling |
irk-123456789-1344232018-06-14T14:25:15Z Influence of heat treatment on morphology and phase composition of TEG-Co composite material Matzui, L. Babich, M. Zakharenko, M. Nakonechna, O. Vovchenko, L. The influence of ageing and heat treatment on the structure, phase composition and morphology of cobalt supported composite material TEG + 30 mass.% Co prepared by chemical deposition method has been studied using the X-ray diffraction, scanning elec -tron microscopy, the Auger spectroscopy and SIMS. Heat treatment of the studied materials results in phase transformations within the metal component consisting in the formation of complex cobalt oxide and cobalt carbide phases. After heat treatment the shape of modifier particles remains similar to that in as-prepared composite material whereas their size drastically increases that may evidence the recrystallization processes accompanie d by the metal-modifier particle segregation. Методами рентгеновского фазового анализа, сканирующей электронной микроскопии, Оже-спектроскопии и ВИМС исследовано влияние старения и термической обработки на структуру, фазовый состав и морфологию фаз в композиционном материале ТРГ + 30 масс.% Co, полученном методом химического осаждения. Термобработка исследуемого материала вызывает фазовые превращения в металлической компоненте композита, заключающиеся в формировании сложных карбидных и оксидных фаз на основе кобальта. В результате термической обработки форма частиц модификатора остается подобной таковой для свежеизготовленного композита, а их размер существенно возрастает, что может свидетельствовать о процессах рекристаллизации, сопровождающихся сегрегацией частиц металла-модификатора. Методами рєнтгєнівського фазового аналiзу, скануючої електронної мікроскопії, Оже-спектроскопії та ВІМС досліджено вплив старіння і термічної обробки на структуру, фазовий склад і морфологію фаз у композиційному матеріалі ТРГ + 30мас.% Co, одержаному методом хімічного осадження. Термообробка досліджуваного матеріалу викликає фазові перетворення у металічній компоненті композиту, а саме — формування складних карбідних і оксидних фаз на основі кобальту. В результаті термічної обробки форма частинок модифікатора залишається подібною такій для свіжовиготовленого композиту, а їх розмір суттєво зростає, що може свідчити про процеси рекристалізації, які супроводжуються сегрегацією частинок металу-модифікатора. 2004 Article Influence of heat treatment on morphology and phase composition of TEG-Co composite material / L. Matzui, M. Babich, M Zakharenko, O. Nakonechna, L. Vovchenko // Functional Materials. — 2004. — Т. 11, № 1. — С. 50-56. — Бібліогр.: 12 назв. — англ. 1027-5495 http://dspace.nbuv.gov.ua/handle/123456789/134423 en Functional Materials НТК «Інститут монокристалів» НАН України |
institution |
Digital Library of Periodicals of National Academy of Sciences of Ukraine |
collection |
DSpace DC |
language |
English |
description |
The influence of ageing and heat treatment on the structure, phase composition and morphology of cobalt supported composite material TEG + 30 mass.% Co prepared by chemical deposition method has been studied using the X-ray diffraction, scanning elec -tron microscopy, the Auger spectroscopy and SIMS. Heat treatment of the studied materials results in phase transformations within the metal component consisting in the formation of complex cobalt oxide and cobalt carbide phases. After heat treatment the shape of modifier particles remains similar to that in as-prepared composite material whereas their size drastically increases that may evidence the recrystallization processes accompanie d by the metal-modifier particle segregation. |
format |
Article |
author |
Matzui, L. Babich, M. Zakharenko, M. Nakonechna, O. Vovchenko, L. |
spellingShingle |
Matzui, L. Babich, M. Zakharenko, M. Nakonechna, O. Vovchenko, L. Influence of heat treatment on morphology and phase composition of TEG-Co composite material Functional Materials |
author_facet |
Matzui, L. Babich, M. Zakharenko, M. Nakonechna, O. Vovchenko, L. |
author_sort |
Matzui, L. |
title |
Influence of heat treatment on morphology and phase composition of TEG-Co composite material |
title_short |
Influence of heat treatment on morphology and phase composition of TEG-Co composite material |
title_full |
Influence of heat treatment on morphology and phase composition of TEG-Co composite material |
title_fullStr |
Influence of heat treatment on morphology and phase composition of TEG-Co composite material |
title_full_unstemmed |
Influence of heat treatment on morphology and phase composition of TEG-Co composite material |
title_sort |
influence of heat treatment on morphology and phase composition of teg-co composite material |
publisher |
НТК «Інститут монокристалів» НАН України |
publishDate |
2004 |
url |
http://dspace.nbuv.gov.ua/handle/123456789/134423 |
citation_txt |
Influence of heat treatment on morphology and phase composition of TEG-Co composite material / L. Matzui, M. Babich, M Zakharenko, O. Nakonechna, L. Vovchenko // Functional Materials. — 2004. — Т. 11, № 1. — С. 50-56. — Бібліогр.: 12 назв. — англ. |
series |
Functional Materials |
work_keys_str_mv |
AT matzuil influenceofheattreatmentonmorphologyandphasecompositionoftegcocompositematerial AT babichm influenceofheattreatmentonmorphologyandphasecompositionoftegcocompositematerial AT zakharenkom influenceofheattreatmentonmorphologyandphasecompositionoftegcocompositematerial AT nakonechnao influenceofheattreatmentonmorphologyandphasecompositionoftegcocompositematerial AT vovchenkol influenceofheattreatmentonmorphologyandphasecompositionoftegcocompositematerial |
first_indexed |
2025-07-09T20:57:08Z |
last_indexed |
2025-07-09T20:57:08Z |
_version_ |
1837204378733248512 |
fulltext |
,QIOXHQFH�RI�KHDW�WUHDWPHQW�RQ�PRUSKRORJ\DQG�SKDVH�FRPSRVLWLRQ�RI�7(*�&R�FRPSRVLWH�PDWHULDO
/�0DW]XL��0�%DELFK��0�=DNKDUHQNR��2�1DNRQHFKQD��/�9RYFKHQNR
'HSDUWPHQW�RI�3K\VLFV��7�6KHYFKHQNR�1DWLRQDO�8QLYHUVLW\����9RORG\P\UVND�6W����������.\LY��8NUDLQH
5HFHLYHG�$SULO��������
7KH� LQIOXHQFH� RI� DJHLQJ� DQG�KHDW� WUHDWPHQW� RQ� WKH� VWUXFWXUH�� SKDVH� FRPSRVLWLRQ� DQGPRUSKRORJ\� RI� FREDOW� VXSSRUWHG� FRPSRVLWH� PDWHULDO� 7(*������ PDVV��� &R SUHSDUHG� E\FKHPLFDO� GHSRVLWLRQ�PHWKRG�KDV�EHHQ� VWXGLHG� XVLQJ� WKH�;�UD\� GLIIUDFWLRQ�� VFDQQLQJ� HOHF �WURQ�PLFURVFRS\��WKH�$XJHU�VSHFWURVFRS\�DQG�6,06��+HDW�WUHDWPHQW�RI�WKH�VWXGLHG�PDWHUL �DOV�UHVXOWV�LQ�SKDVH�WUDQVIRUPDWLRQV�ZLWKLQ�WKH�PHWDO�FRPSRQHQW�FRQVLVWLQJ�LQ�WKH�IRUPD �WLRQ�RI�FRPSOH[�FREDOW�R[LGH�DQG�FREDOW�FDUELGH�SKDVHV��$IWHU�KHDW�WUHDWPHQW�WKH�VKDSH�RIPRGLILHU�SDUWLFOHV�UHPDLQV�VLPLODU�WR�WKDW�LQ�DV�SUHSDUHG�FRPSRVLWH�PDWHULDO�ZKHUHDV�WKHLUVL]H�GUDVWLFDOO\�LQFUHDVHV�WKDW�PD\�HYLGHQFH�WKH�UHFU\VWDOOL]DWLRQ�SURFHVVHV�DFFRPSDQLH G�E\WKH�PHWDO�PRGLILHU�SDUWLFOH�VHJUHJDWLRQ�
lË�º�ÈäÒ� ¯ËÓ��ËÓºm°}º�º� ÁÈϺmº�º� ÈÓÈãÒÏÈ�� °}ÈÓÒ¯�
�Ë®� ªãË}�¯ºÓÓº®� äÒ}¯º°}º�¹ÒÒ��|ÎË�°¹Ë}�¯º°}º¹ÒÒ�Ò�{jlv�Ò°°ãË�ºmÈÓº�mãÒ«ÓÒË� °�ȯËÓÒ«�Ò��˯äÒ�˰}º®�º¯È�º�}Ò�ÓÈ� °�¯�}��¯���ÁÈϺm©®� °º°�Èm�Ò�亯Áºãº�Ò
ÁÈÏ�m� }ºä¹ºÏÒ�ÒºÓÓºä�äÈ�˯ÒÈãË�c������� äȰ°��� &R�� ¹ºã��ËÓÓºä� äË�º�ºä� ²ÒäÒ�˰}º�º� º°ÈÎ�ËÓÒ«�� � �˯亯Ⱥ�}ÈÒ°°ãË��Ëäº�º�äÈ�˯ÒÈãÈ�m©Ï©mÈË��ÁÈϺm©Ë�¹¯Ëm¯È�ËÓÒ«� m�äË�ÈããÒ�˰}º®�}ºä¹ºÓËÓ�Ë}ºä¹ºÏÒ�È�� ÏÈ}ã
�È
�Ò˰«�m�Áº¯äÒ¯ºmÈÓÒÒ� °ãºÎÓ©²�}ȯÒ�Ó©²�Ò�º}°Ò�Ó©²�ÁÈÏ�ÓȺ°ÓºmË� }ºÈã �È�� {� ¯ËÏ�ã �È�Ë� �˯äÒ�˰}º®� º¯Èº�}Ò� Áº¯äÈ� �Ȱ�Ò� äº�ÒÁÒ}È�º¯Èº°�ÈË�°«�¹º�ºÓº®��È}ºmº®��ã«�°mËÎËÒÏ�º�ºmãËÓÓº�º�}ºä¹ºÏÒ�È��È�Ò²�¯ÈÏä˯�°��˰�mËÓ�Óº�mºÏ¯È°�ÈË�����º�äºÎË��°mÒ�Ë�Ëã °�mºmÈ� º�¹¯º�˰°È²�¯Ë}¯Ò°�ÈããÒÏÈ�ÒÒ��°º¹¯ºmºÎ��È
�Ò²°«�°Ë�¯Ë�È�ÒË®��Ȱ�Ò� äË�ÈããÈ�äº�ÒÁÒ}È�º¯È�
5HFHQWO\��QDQRVWUXFWXUHG�PDJQHWLF�PDWHUL �DOV�KDYH�DWWUDFWHG�DQ� LQFUHDVLQJ� LQWHUHVW�GXHWR� SRVVLELOLWLHV� RI� WKHLU� DSSOLFDWLRQ� LQ� LQWH �JUDWHG�DQG�PDJQHWRHOHFWURQLF�GHYLFHV VXFK�DVVHQVRUV��VSLQ�YDOYHV��KLJK�GHQVLW\�PDJQHWLF�UH �FRUGLQJ�PHGLD��HWF��>����@��&R�EDVHG DPRUSKRXVPHWDOOLF� V\VWHPV� �H�J�� &R±=U�� &R±7L� >�@� DUHNQRZQ� WR� KDYH� KLJK� VDWXUDWLRQ� PDJQHWL]D �WLRQ� DQG� XQLTXH� VRIW� PDJQHWLF� SURSHUWLHV�7KH� OHYHOV�RI�VRIW�PDJQHWLF�SURSHUWLHV�FRP �SDUDEOH� WR� WKRVH� RI� &R�ULFK� DPRUSKRXV� DO�OR\V� ZHUH� DOVR� DFKLHYHG� LQ� QDQRFU\VWDOOL]HG&R�ULFK� DOOR\V� >�@�� 2Q� WKH� RWKHU� KDQG�� DQLPSRUWDQW�IHDWXUH�RI�VRPH�V\VWHPV��VXFK�DV�FDUERQ�QDQRVWUXFWXUHG�&R���ZKLFK�ZHUH�LQ�WHQVLYHO\� VWXGLHG� UHFHQWO\� >����@�� LV� WKH� LQ �FUHDVLQJ� RI� WKH� HIIHFWLYH� GLVWDQFH� EHWZHHQ
QHLJKERULQJ�PDJQHWLF� SDUWLFOHV�� 6R�� WKH� H[ �FKDQJH�FRXSOLQJ�EHWZHHQ�WKHP�LV�HVVHQWLDOO\ZHDNHQHG��WKDW��LQ�WXUQ��FRXOG�UHVXOW�LQ�UH �GXFLQJ� RI� PHGLD� QRLVH�� %HVLGHV�� IRUPDWLRQRI� WKH� FDUERQ�HQFDSVXODWHG� VWUXFWXUHV� SUR �YLGHV�D�SURWHFWLRQ�DJDLQVW�VXUIDFH�R[LGDWLRQRI�PHWDOOLF�JUDLQV�WKDW�LV�D�IDFWRU�RI�LPSRU �WDQFH�IURP�WKH�DSSOLFDWLRQ�VWDQG�SRLQW��7KHLPSRUWDQFH� LV� GXH� WR� WKH� IDFW� WKDW� HYHQPLQRU�DPRXQWV�RI�R[LGHV�FRXOG�PDNH�D�GUD �PDWLF� LQIOXHQFH� RQ� PDJQHWLF� SHUIRUPDQFHSURSHUWLHV�RI�QDQRVWUXFWXUHG�FRPSRVLWH�PD �WHULDOV� �&0�� >�@�� 6XFK� PDWHULDOV� ZHUH� DO �UHDG\� SUHSDUHG� XVLQJ� YDULRXV� PHWKRGV�� LQ �FOXGLQJ�WKH�FDUERQ�DUF�WHFKQLTXH��WKH�WXQJ �VWHQ�DUF�WHFKQLTXH��LRQ�EHDP�DQG�PDJQHWURQ&R�VSXWWHULQJ��WKH�UI�SODVPD�WHFKQLTXH��HWF�
)XQFWLRQDO�0DWHULDOV�����1R��������� ��������,QVWLWXWH�IRU�6LQJOH�&U\VWDOV
�� )XQFWLRQDO�PDWHULDOV�������������
>�������@��7KH�QDWXUDO�PXWXDO�VROXELOLW\�RI�&DQG�&R LV�H[WUHPHO\�ORZ�DQG�PHWDVWDEOH�FR �EDOW� FDUELGHV� DUH� GHFRPSRVHG� HYHQ� DW� ORZWHPSHUDWXUH� DQQHDOLQJ�� 6R�� &R±& V\VWHP� LVD�JRRG� FDQGLGDWH� WR�SURGXFH� FRPSRVLWH�PD �WHULDOV�� %HIRUH� >�@�� ZH� KDYH� UHSRUWHG� DPHWKRG�RI�&R±& FRPSRVLWH�PDWHULDOV�SUHSD�UDWLRQ� E\� FKHPLFDO� GHSRVLWLRQ� RI� &R RQ� WKHVXUIDFH� RI� WKHUPRH[IROLDWHG� JUDSKLWH� �7(*�IURP� DTXHRXV� VDOW� VROXWLRQV�� 7KH� VWUXFWXUHRI�&R SDUWLFOHV� LQ� WKLV�PDWHULDO�ZDV� VKRZQWR� EH� HVVHQWLDOO\� QRQHTXLOLEULXP�� WKH�;�UD\SKDVH� DQDO\VLV� SURYHG� WKH� SUHVHQFH� RI� ERWKI�F�F� DQG� DPRUSKRXV� FREDOW� LQ� WKH� DV�SUH �SDUHG�PDWHULDO��7KDW�LV�ZK\�RQH�FDQ�H[SHFWYDULDWLRQ� RI� WKH� VWUXFWXUH� DQG�� FRUUHVSRQG �LQJO\�� WKH� SURSHUWLHV� RI� VXFK� &0V� XQGHUYDULRXV� H[WHUQDO� DFWLRQV�� L�H� DQ� LPSRUWDQWSUREOHP�RI�WKHLU�VWDELOLW\�DULVHV���7KXV�� WKH� PDLQ� SXUSRVH� RI� WKLV� ZRUN� LVWR� VWXG\� WKH� VWDELOLW\� RI� FREDOW� VXSSRUWHG&0�RQ�WKH�EDVH�RI�7(*�DQG�WKH�LQIOXHQFH�RIKHDW�WUHDWPHQW�XQGHU�YDULRXV�FRQGLWLRQV�RQWKHLU� PRUSKRORJ\� DQG� SKDVH� FRPSRVLWLRQ�WKH�&0�FRQWDLQLQJ����PDVV���&R EHLQJ�VH�OHFWHG�DV�UHSUHVHQWDWLYH�VDPSOH�7KH� FRPSRVLWH� PDWHULDO� RI� &R±& V\VWHPFRQWDLQLQJ� ���PDVV��� &R ZDV� SUHSDUHG� E\FKHPLFDO� GHSRVLWLRQ� RI� FREDOW� RQ� 7(*� VXU �IDFH��*UDSKLWH�ZDV�SUHOLPLQDU\�WKHUPRH[IR �OLDWHG�XVLQJ� WKH�SURFHGXUH�GHVFULEHG� LQ� >�@�&REDOW� DFHWDWH� &R�&+�&22�����+�2 ZDVXVHG�DV�WKH�FREDOW�VRXUFH��7KH�7(*�VDPSOHVRI�����J�PDVV�ZHUH� LPSUHJQDWHG�E\�LQWR�DQDSSURSULDWH� DPRXQW� RI� FREDOW� DFHWDWH� DTXH �RXV� VROXWLRQ�� NHSW� IRU� ��Ü��� K� XQGHU� FRQ �WLQXRXV� PL[LQJ� DQG� GULHG� DW� ��� �&�� 7KHQWKH�VDPSOHV�ZHUH� H[SRVHG� WR� WKHUPDO� VKRFNDW� ����&� IRU� ��� V�� 7KH� REWDLQHG� PDWHULDOZDV� UHGXFHG� DW� ���Ü����&� LQ� D� K\GURJHQIORZ��$V� D� UHVXOW�� FREDOW�PRGLILHU� SDUWLFOHVZHUH�GHSRVLWHG�RQ�WKH�VXUIDFH�RI�7(*�GXH�WRVHYHUDO� VXFFHVVLYH� FKHPLFDO� UHDFWLRQV� >����@�� 7KH� VXEVHTXHQW� KHDW� WUHDWPHQW� RI� WKHV\QWKHVL]HG�PDWHULDO�ZDV�SHUIRUPHG�LQ�D�UH �VLVWDQFH� IXUQDFH� XQGHU� FRQWUROOHG� JDV� DW �PRVSKHUHV�7KH� SKDVH� FRPSRVLWLRQ� RI� WKH� WUHDWHGFRPSRVLWHV� ZDV� GHWHUPLQHG� E\� ;�UD\� SKDVHDQDO\VLV� �'521��� GLIIUDFWRPHWHU�� ILOWHUHG&R.α�UDGLDWLRQ��� 6FDQQLQJ� HOHFWURQ� PLFURV �FRS\� �-60����� PLFURVFRSH�� ZDV� XVHG� WRVWXG\� PRUSKRORJ\�� VKDSH�� DQG� GLVWULEXWLRQRI� &R SDUWLFOHV� RQ� WKH� 7(*� VXUIDFH�� /$6������ V\VWHP� ��5LEHU��� )UDQFH��ZDV� XVHG� WRGHWHUPLQH� WKH�HOHPHQWDO� FRPSRVLWLRQ�RI� WKHREWDLQHG� PDWHULDOV� E\� WKHLU� $XJHU� VSHFWUD�WKH�HQHUJ\�RI�SULPDU\�HOHFWURQLF�EHDP�ZDV�� NH9�� WKH� SUREH� FXUUHQW� ���� µ$��� ,W� EH�
FRPHV�SRVVLEOH� WR�GHWHFW� WKH�HOHPHQW�GLVWUL �EXWLRQ� LQ� WKH� VDPSOH� GHSWK� E\� WKH� VXUIDFHLRQ� HWFKLQJ� �WKH� HWFKLQJ� UDWH� ZDV� XVXDOO\��QP�PLQ���6,06�WHFKQLTXH�EHLQJ�DOVR�UHDOL �]HG� LQ� WKH� /$6������ V\VWHP� ZDV� XVHG� WRUHILQH�WKH�HOHPHQWDO�FRPSRVLWLRQ�RI�VXEVXU �IDFH� OD\HUV� DQG� WR� GHWHUPLQH� WKH� SRVVLEOHW\SHV� RI� WKH� FKHPLFDO� FRPSRXQGV� EHLQJIRUPHG�� 7KH� HWFKLQJ� UDWH� LQ� WKLV� FDVH� ZDV���� QP�PLQ�� 0DJQHWLF� VXVFHSWLELOLW\� DWURRP� WHPSHUDWXUH�� χ����� ZDV� GHWHUPLQHGXVLQJ�WKH�)DUDGD\�WHFKQLTXH�ZLWK�DXWRPDWLFPLFUREDODQFH� �WKH� DFFXUDF\� ZDV� ZLWKLQ���������,Q�ZKDW�IROORZV��SUHVHQWHG�LV�WKH�GHWDLOHGLQYHVWLJDWLRQ� RI� WKH�PRUSKRORJ\� DQG� SKDVHFRPSRVLWLRQ� RI� 7(*���&R ����PDVV����&R�FRPSRVLWH� PDWHULDOV� REWDLQHG� E\� FKHPLFDOGHSRVLWLRQ�PHWKRG�IRFXVLQJ�DW�WKH�LQIOXHQFHRI� KHDW� WUHDWPHQW� XQGHU� FRQWUROOHG� JDV� DW �PRVSKHUHV��)LJ���� LV� WKH� 6(0� LPDJH� RI� &R SDUWLFOHVGHSRVLWHG� RQ� 7(*� VXUIDFH�� 7KH� DV�SUHSDUHGFRPSRVLWH� PDWHULDO� LV� VHHQ� WR� FRQVLVWV� RIGLVSHUVHG� JOREXODU� &R SDUWLFOHV� GLVWULEXWHGQHDUO\�XQLIRUPLW\�RQ�WKH�GHYHORSHG�JUDSKLWHVXUIDFH�� $ORQJ� ZLWK� UHODWLYHO\� ODUJH�VFDOH����Ü���� QP� LQ� VL]H�� &R SDUWLFOHV�� UHOD�WLYHO\� VPDOO� �a��� QP�� RQHV� DUH� IRUPHG� RQ7(*�VXUIDFH��,W�LV�VHHQ�WKDW�WKH�ODUJH�PHWDOSDUWLFOHV� DUH� FRQJORPHUDWHV� IRUPHG� GXH� WRFRDJXODWLRQ� RI� VPDOOHU� SDUWLFOHV� RI� VHYHUDOGR]HQ�QDQRPHWHUV� LQ� VL]H�� 7KLV� LV� DOVR� FRQ �ILUPHG� E\� WKH� ;�UD\� GLIIUDFWLRQ� DQDO\VLVGDWD� IRU� VXFK� PDWHULDOV� UHSRUWHG� LQ� >�@ZKLFK� LQGLFDWH� WKDW� &R SDUWLFOHV� LQ� WKH� LQ�YHVWLJDWHG� &0� FRQVLVW� RI� KLJKO\� GLVRUGHUHG�RU� HYHQ� DPRUSKRXV�� &R�EDVHG� SKDVH� DQGFU\VWDOOLQH� ILQHO\� GLVSHUVHG� I�F�F� &R SKDVH�,Q� DGGLWLRQ� WR� RXU� HDUOLHU� VWXGLHV�� WKH� HOH �
)LJ����� 6(0� LPDJH� RI� WKH� VXUIDFH� RI� DV�SUH�SDUHG�7(*��������&R FRPSRVLWH�PDWHULDO�
/�0DW]XL�HW�DO����,QIOXHQFH�RI�KHDW�WUHDWPHQW����
)XQFWLRQDO�PDWHULDOV������������� ��
PHQW� FRQWHQW� RI� 7(*������PDVV��� &R &0VXEVXUIDFH�OD\HU�ZDV�DQDO\]HG�E\�WKH�$XJHUVSHFWURVFRS\�PHWKRG��7KH� GDWD� DUH� VXPPD �UL]HG� LQ� 7DEOH��� �HWFKLQJ� UDWH� �� QP�PLQ��7KH�7DEOH���GDWD�IRU�GLIIHUHQW�HWFKLQJ�WLPHVDUH� DYHUDJHG� RYHU� WKH� VFDQQLQJ� DUHD� RI���PP��� +RZHYHU�� VLWHV� FRQVLGHUDEO\� HQ�ULFKHG�LQ�&R DUH�REVHUYHG��PD[ OLQH�LQ�7DEOH����6XFK�VLWHV�FRUUHVSRQG�REYLRXVO\�WR� ORFD �WLRQV�RI�PRGLILHU�SDUWLFOHV�RQ�7(*�VXUIDFH�-XVW�WKHVH�VLWHV�ZHUH�VXEMHFWHG�WR�WKH�$XJHUVSHFWURVFRS\� LQYHVWLJDWLRQ� LQ� WKH� KHDW�WUHDWHG�VDPSOHV��7KH�GDWD�REWDLQHG�VKRZ�WKHSUHVHQFH� RI� R[\JHQ� DQG� VPDOO� DPRXQWV� RIVXOIXU�DQG�FKORULQH��WKH�WHFKQRORJLFDO�LPSX �ULWLHV��WRJHWKHU�ZLWK�EDVLF�HOHPHQWV��&R��&��7KH�6 DQG�&O LPSXULWLHV�ZHUH�GHWHFWHG�RQO\LQ� D� YHU\� WKLQ� OD\HU� �VHYHUDO� QDQRPHWHUV��R[\JHQ�ZDV�GHWHFWHG�LQ�WKH������QP�WKLFN
VXUIDFH�OD\HUV��,W�LV�PRVW�OLNHO\�WKDW�R[\JHQLV� LQFRUSRUDWHG� LQWR� FREDOW� R[LGH�� ZKLFK� LVIRUPHG� RQ� PHWDO� SDUWLFOH� VXUIDFH� EHFDXVHWKH� PD[LPDO� R[\JHQ� FRQFHQWUDWLRQ� ZDV� RE �VHUYHG�IRU�WKH�VDPH�VLWHV�RI�WKH�VDPSOH�VXU �IDFH�ZKHUH� WKH�PD[LPDO� FREDOW� FRQWHQW� KDVEHHQ� GHWHFWHG�� 6RPH� DPRXQW� RI� FDUERQ�ZDVDOVR� IRXQG� IRU� WKHVH� SDUWV� RI� WKH� VDPSOHVXUIDFH�� 7KXV�� RQH� FDQ� FRQFOXGH� WKDW� &RSDUWLFOHV�DUH�FRYHUHG�E\�WKLQ� OD\HU�RI�R[LGH�PRVW� OLNHO\�� &R�2� >�@�� DQG� FRQWDLQLQJ� &RDQG�& DUH�GHSRVLWHG�RQ�7(*�VXUIDFH��6XFK� VWUXFWXUH� RI� &R SDUWLFOHV�� L�H��� WKHSUHVHQFH� RI� &R�EDVHG� SKDVH�ZLWK� QRQHTXLOL�EULXP� �GLVWRUWHG�� VWUXFWXUH�� KDV� EHHQ� DOVRFRQILUPHG� E\� WKH� PDJQHWRPHWULF� LQYHVWLJD �WLRQV�SUHVHQWHG�LQ�>�@��ZKLFK�GLVSOD\HG�WKHU �PRPDJQHWLF�EHKDYLRU�RI�WKH�V\QWKHVL]HG�&0WKDW� LV� VLPLODU� WR� WKDW� IRU� IHUURPDJQHWLFDPRUSKRXV� DOOR\� >��@�� 7DNLQJ� LQWR� DFFRXQWWKH� ILQGLQJ� UHSRUWHG� LQ� >�@� DQG� WKH�GDWD� RIWKH� $XJHU� DQDO\VLV� RI� DV�SUHSDUHG� &0�7DEOH����� RQH� FDQ� FRQFOXGH� WKDW� FDUERQ� LVDFWLQJ�� HYLGHQWO\�� DV� D� JODVV�IRUPLQJ� LPSX �ULW\� WKDW� VWDELOL]HV� WKH� QRQHTXLOLEULXPVWUXFWXUH� RI� WKH� VXEVXUIDFH� OD\HUV� RI� &RSDUWLFOHV���,W� LV� NQRZQ� WKDW� VXFK� SKDVH� LV� QRW� LQHTXLOLEULXP� WKHUPRG\QDPLFDOO\� DQG� UHOD[HVWR� PRUH� HTXLOLEULXP� VWDWH�� 0RUHRYHU�� WKHUHOD[DWLRQ� SURFHVV� FRXOG� WDNH� SODFH� HYHQ� DWORZ� WHPSHUDWXUHV� >��@�� -XVW� GXH� WR� WKLVSURFHVV�� WKH� PD[LPXP� RQ� χ�7�� FXUYHV� ZDVQRW�REVHUYHG�IRU�&0�DJHG�DW�URRP�WHPSHUD �WXUH� IRU� ��PRQWKV� >�@�� DOWKRXJK� WKH� VWUXF �WXUH� RI� PDWHULDO� UHPDLQV� VWLOO� QRQHTXLOL �EULXP��6R��YDULRXV�H[WHUQDO�DFWLRQV�VXFK�DV�IRU� H[DPSOH�� WKHUPDO� RU� WKHUPRPDJQHWLFWUHDWPHQWV� VKRXOG� EH� H[SHFWHG� WR� UHVXOW� LQFKDQJHV�RI�&0�PRUSKRORJ\��SKDVH�FRPSRVL �WLRQ�DQG�VWUXFWXUH��7R�FRQILUP�WKLV�VXJJHV �WLRQ��ZH� SHUIRUPHG� GLIIHUHQW� WUHDWPHQWV� RIWKH�V\QWKHVL]HG�PHWDO�FDUERQ�FRPSRVLWH���
7DEOH���� (OHPHQWDO� FRPSRVLWLRQ� RI� DV�SUH�SDUHG�7(*������PDVV���&R �DW���
(WFKLQJWLPH��PLQ & 2 &R 6 &O
��� ���� ��� ��� ��� ������ ���� ��� ��� ��� ������ ���� ��� ��� ��� ������ ���� ��� ��� � ������ ���� ��� ��� � ���� ���� � ��� � ���� ���� � ��� � ����� ���� � ��� � ����� ���� � ��� � ����� ���� � ��� � ����� ���� � ��� � ����� ���� � ��� � ����� ���� � ��� � �PD[� ��� ��� ���� � �
7DEOH����3KDVH�FRPSRVLWLRQ�DQG�PDJQHWLF�VXVFHSWLELOLW\�RI�WKH�KHDW�WUHDWHG�7(*�������� &R6DPSOH .LQG�RI�WUHDWPHQW 3KDVH�FRPSRVLWLRQ χ�������Ü� FP��JDV�SUHSDUHG Û & ��I�F�F�&R ��DPRUSK��SKDVH ������ DJHLQJ�DW�URRP�WHPSHUDWXUH & ��I�F�F�&R ��DPRUSK�SKDVH ����� DQQHDOLQJ�DW�����.����K����3D��DLU� & ��I�F�F� &R�&R2 ����� DQQHDOLQJ�DW�����.����K����Ü� 3D��DLU� & ��I�F�F�&R ����� DQQHDOLQJ�DW�����.����K��RQ�DLU & ��&R�2� a�� DQQHDOLQJ�DW�����.����K����� 3D��$U��DIWHU�WUHDWPHQW��� & ��I�F�F�&R ��&R2 ����
� DQQHDOLQJ�DW�����.����K����� 3D��$U� & ��I�F�F�&R �����
/�0DW]XL�HW�DO����,QIOXHQFH�RI�KHDW�WUHDWPHQW����
�� )XQFWLRQDO�PDWHULDOV�������������
)LUVW� RI� DOO�� WKH� DJHLQJ� RI� &0� IRU�� PRQWKV� UHVXOWV� LQ� VRPH� GHFUHDVH� RI� VXV �FHSWLELOLW\� DW� URRP� WHPSHUDWXUH� χ��� �VHH7DEOH�����6XFK�HIIHFW�FRXOG�EH�FRQVLGHUHG�DVD�UHVXOW�RI�LQWHUDFWLRQ�RI�FRPSRVLWH�PDWHULDOZLWK� WKH� DLU� FRPSRQHQWV�� 7KH� LQFUHDVH� RI+��� &R2±�� &R2+± DQG� &R�+± LRQ� \LHOG� GH�WHFWHG�LQ�6,06�H[SHULPHQWV�RQ�DJHG�VDPSOHV
FRQILUPV�WKH�DERYH�DVVXPSWLRQ��3KDVH�FRP �SRVLWLRQ�DIWHU�VXFK�DJHLQJ��DFFRUGLQJ�WR�WKH;�UD\� GLIIUDFWLRQ� GDWD�� LV� QRW� FKDQJHG� DVFRPSDUHG� WR� WKDW� IRU� DV�SUHSDUHG� &0� >�@�%XW� KDOR� LQ� WKH� YLFLQLW\� RI� ������ I�F�F� &RUHIOHFWLRQ�EHFRPHV�OHVV�SURQRXQFHG��7KH�DS �SURSULDWH� GLIIUDFWLRQ� SDWWHUQ� IRU� WKH� DJHG7(*��������PDVV��&R LV�SUHVHQWHG�LQ�)LJ����FXUYH������7R� LQYHVWLJDWH� WKH� SHFXOLDULWLHV� RI� SKDVHFRPSRVLWLRQ� FKDQJHV� RI� WKH� REWDLQHG� FRP �SRVLWHV� DQG� VWDELOLW\� RI� WKHLU� SKDVHV�� WKHVDPSOHV� ZHUH� VXEMHFWHG� WR� KHDW� WUHDWPHQWXQGHU� GLIIHUHQW� FRQGLWLRQV�� GLIIHUHQW� NLQGVRI� DWPRVSKHUH�� UHVLGXDO� SUHVVXUH�� WLPH� DQGWHPSHUDWXUH�� 7KH� NLQGV� RI� WUHDWPHQW� DUHOLVWHG� LQ� 7DEOH���� )LJ���� SUHVHQWV� 6(0� LP �DJHV�RI�7(*��������&R VXUIDFH� DIWHU� VXFKWUHDWPHQWV��7KH�SDUWLFOH�VKDSH�ZDV�IRXQG�WREH� VLPLODU� IRU� DOO� FDVHV� DQG� VLPLODU� WR� WKDWLQ� DV�SUHSDUHG� PDWHULDO� �)LJ������ WKH� SDUWL �FOHV� DUH� RI� JOREXODU� RU� JOREH�REORQJ� VKDSH�EXW�WKHLU�VL]H�LV�JUHDWHU�WKDQ�LQ�DV�SUHSDUHGVDPSOH��7KH�PHDQ� VL]H� RI� WKH�SDUWLFOHV�ZDVHVWLPDWHG� WR� EH� RI� ���� QP� �WUHDWPHQW� �������QP��WUHDWPHQW�����DERXW�����QP��WUHDW �PHQW����DQG�����QP��WUHDWPHQW�����$V�LW�LVFOHDUO\�VHHQ�LQ�)LJ�����WKH�ODUJH�VFDOH�SDUWL �FOHV�FRQVLVW�RI�MRLQW�VPDOO�SDUWLFOHV�OHVV�WKDQ
)LJ�����6(0�LPDJHV�RI�WKH�7(*��������&R FRPSRVLWH�VXUIDFH�WUHDWHG�DW�GLIIHUHQW�UHJLPHV��D����E�����F�����G����
)LJ����� ;�UD\� GLIIUDFWLRQ� SDWWHUQV� RI� 7(*����� �� &R FRPSRVLWH� �QXPEHULQJ� RI� FXUYHVFRUUHVSRQGV�WR�WKDW�LQ�WKH�7DEOH���♦ Û�JUDSK�LWH�� � Û� I�F�F�� &R�� • ² &R2��
� � &R�2��VSLQHO�OLNH�VWUXFWXUH��
/�0DW]XL�HW�DO����,QIOXHQFH�RI�KHDW�WUHDWPHQW����
)XQFWLRQDO�PDWHULDOV������������� ��
���� QP� LQ� VL]H�� 6R�� UHFU\VWDOOL]DWLRQ� SURF �HVVHV� DFFRPSDQLHG� E\� WKH� PHWDO�PRGLILHUSDUWLFOHV� VHJUHJDWLRQ� WDNH� SODFH� LQ� VDPSOHXQGHU�KHDW�WUHDWPHQW��3KDVH�FRPSRVLWLRQ�RIWKH� VDPSOH� DIWHU� WUHDWPHQW� �� DFFRUGLQJ� WRWKH�;�UD\�GLIIUDFWLRQ�GDWD� �)LJ�����FXUYH���FRUUHVSRQGV�WR�WKH�PL[WXUH�RI�JUDSKLWH�DQGI�F�F� &R SKDVHV��PRUHRYHU��WKH�ZLGWK�RI�GLI �IUDFWLRQ� UHIOHFWLRQV� RI� WKH� ODWWHU� SKDVH� GH �FUHDVHV�DV�FRPSDUHG� WR�WKH�DV�SUHSDUHG�DQGDJHG� VDPSOHV�� %HVLGHV�� D� VKLIW� RI� I�F�F� &RGLIIUDFWLRQ�SHDN�LV�REVHUYHG�ZKLFK�FRXOG�EHDVVRFLDWHG� ZLWK� SDUWLFOH� VWUXFWXUH� FKDQJHV�7KH� VDPH� SKDVH� FRPSRVLWLRQ� ZDV� REVHUYHGIRU�WKH�VDPSOHV�DQQHDOHG�DW�����.�IRU���K�LQSXULILHG� DUJRQ� DWPRVSKHUH� �)LJ����� FXUYH� ���7KH� IRUPDWLRQ� RI� FREDOW� R[LGHV� �&R2 DQG&R�2���ZDV� IRXQG� E\� WKH�;�UD\� GLIIUDFWLRQXQGHU�WUHDWPHQWV����������VHH�)LJ�����7KH� GHSWK� GLVWULEXWLRQ� RI� HOHPHQWV� IRUWKH� WUHDWHG� VDPSOHV� GHWHUPLQHG� E\� WKH$XJHU� VSHFWURVFRS\� LV� SUHVHQWHG� LQ� )LJ����WKH�HWFKLQJ�UDWH���QP�PLQ���(YLGHQWO\��WKHFREDOW� SDUWLFOHV� FRYHUHG� E\� WKLQ� �XS� WR
��QP��R[LGL]HG�VXUIDFH�OD\HU�DUH�GLVWULEXWHGRQ�WKH�VXUIDFH�VDPSOH��DQQHDOHG�DW�����.�LQ��Ü� 3D� YDFXXP� IRU� �� K�� 7KH� R[\JHQ� FRQ �WHQW�LQ�WKH�SDUWLFOH�YROXPH�ZDV�IRXQG�WR�EHOHVV�WKDQ���DW����7KH�FRQWHQW�RI�R[\JHQ�LQWKH� PDWHULDO� DQQHDOHG� XQGHU� UHVLGXDO� SUHV �VXUH� RI���3D�DW�����.����K� LV� VRPH�KLJKHU�XS� WR� �� DW����� 7KH� WKLFNQHVV� RI� WKH� R[L �GL]HG� VXUIDFH� OD\HU� LV� DERXW� ��� QP�� 7KLVIDFW� DOORZV� WR� GHWHUPLQH� WKH� VWUXFWXUH� RIWKLV� OD\HU� E\� WKH� ;�UD\� SRZGHU� GLIIUDFWLRQDV� &R2 �)LJ����� FXUYH� ���� 7KH� SDUWLFOHV� RIPHWDO�PRGLILHU�RQ�WKH�VXUIDFH�RI�VDPSOH�DQ �QHDOHG�LQ�DLU�DW�����.�IRU���K�DUH�LQ�D�IRUPRI� R[LGH� RU� FDUER[LGH� �K\GURJHQ� FRXOG� QRWEH� GHWHFWHG� E\� WKH� $XJHU� VSHFWURVFRS\��7KHLU�VWRLFKLRPHWULF�FRPSRVLWLRQ�ZDV�IRXQGWR� EH� FORVH� WR� &R�2��� WKDW� LV� FRQILUPHG� E\WKH�;�UD\�GLIIUDFWLRQ�VWXGLHV� �)LJ����� FXUYH����7KH�VXEVHTXHQW�DQQHDOLQJ�RI� WKHVH� VDP �SOHV�DW�����.�IRU���K� LQ�DUJRQ�DWPRVSKHUHUHVXOWV� LQ� GHFRPSRVLWLRQ� RI &R�2��� ,Q� WKLVPDWHULDO� I�F�F� &R DQG�&R2 KDYH�EHHQ� IRXQGE\�;�UD\�GLIIUDFWLRQ��)LJ�����FXUYH����$GGLWLRQDO� GDWD� KDYH� EHHQ� REWDLQHG� E\6,06�LQYHVWLJDWLRQV��7KRVH�DUH�VXPPDUL]HGLQ� 7DEOH��� DQG� SURYH� WKH� SRVVLELOLW\� RI� WKHIRUPDWLRQ�RI�FREDOW�R[LGHV��FDUER[LGHV��FDU �ELGHV� DQG� K\GUR[LGHV�� ,Q� SDUWLFXODU�� 6,06VSHFWUD� VKRZ� WKDW� WKH� UHOHDVH� RI� WKH� &R&��&R�&� DQG�&R�&�� LRQV� LV� REVHUYHG� IRU� WKHVDPSOHV�WUHDWHG�LQ�DWPRVSKHUH�ZLWK�ORZ�FRQ �WHQW�RI�R[\JHQ�WRJHWKHU�ZLWK�WKH�RXWFRPH�RIWKH�&���&R���&R�� ZKLFK�DUH�WKH�PDLQ�FRP�SRQHQWV� RI� PDWHULDO�� 0RUHRYHU�� WKHLUDPRXQWV� H[FHHG� WKRVH� IRU� WKH� DV�SUHSDUHGVDPSOHV�� 7KLV� HYLGHQFHV� WKH� IRUPDWLRQ� DQGVWUHQJWKHQLQJ� RI� WKH� &R±& LQWHUDWRPLFERQGV� DQG�� WKHUHIRUH�� WKH� FUHDWLRQ� RI� WKH&RQ& FDUELGH� SKDVH� LQ� VXEVXUIDFH� OD\HUV� RIPHWDO�SDUWLFOHV��3UREDEO\��WKLV�FDUELGH�SKDVHLV�&R�&��VLQFH�RWKHU�NQRZQ�FDUELGH�&R�& LVGHFRPSRVHG�HYHQ�DW����� �&�>��@��7KH�IRUPD�WLRQ�RI�FREDOW�FDUELGH�LV�DOVR�UHIOHFWHG�LQ�WKHGHFUHDVLQJ� RI� PDJQHWLF� VXVFHSWLELOLW\� YDOXH
χ �VHH�7DEOH����VLQFH�D�SDUW�RI�&R DWRPV�DUHERXQG� LQ� QRQPDJQHWLF� FDUELGH� SKDVH�� 7KHGDWD� SUHVHQWHG� HYLGHQFH� DOVR� WKDW� WKH� DQ �QHDOLQJ�LQ�R[\JHQ�FRQWDLQLQJ�DWPRVSKHUH�UH �VXOWV�LQ�FREDOW�R[LGH�SKDVHV�IRUPDWLRQ��&R2RU�&R�2� ZLWK� VSLQHO�OLNH� VWUXFWXUH���0RUH�RYHU�� WKH� W\SH� RI� IRUPHG� R[LGH� GHSHQGV� RQR[\JHQ� SDUWLDO� SUHVVXUH� LQ�JDV� DWPRVSKHUH�7KH� PDJQHWLF� VXVFHSWLELOLW\� YDOXHV� RI� WKHWUHDWHG�VDPSOHV�DUH�HVVHQWLDOO\�VPDOOHU�WKDQWKRVH�IRU�WKH�DV�SUHSDUHG�PDWHULDO��,W�LV�QHFHV �VDU\� WR� QRWH� WKDW� WKH� VWUXFWXUH� LQKHUHQW� LQWKH� DV�SUHSDUHG�&0�UHPDLQV� VWDEOH�XS� WR� WKHWHPSHUDWXUH�RI�DERXW�����.�>�@��ZKLFK�GHILQHV
)LJ� ��� &RPSRQHQWV� GLVWULEXWLRQ� LQ� WKH� GHSWKRI�7(*������&R�FRPSRVLWH�WUHDWHG�DW�GLIIHU�HQW�UHJLPHV��D�����E�����F�����G����
/�0DW]XL�HW�DO����,QIOXHQFH�RI�KHDW�WUHDWPHQW����
�� )XQFWLRQDO�PDWHULDOV�������������
WKH� VHUYLFH� WHPSHUDWXUH� UDQJH� RI� WKLV� PDWH �ULDO�,Q� FRQFOXVLRQ��7(*������PDVV��� &R &0SUHSDUHG� E\� FKHPLFDO� PRGLILFDWLRQ� PHWKRGFRQVLVWV� RI� GLVSHUVHG� JOREXODU� &R SDUWLFOHVZLWK� HVVHQWLDOO\� QRQHTXLOLEQXP� VWUXFWXUH
GLVWULEXWHG�QHDUO\�XQLIRUPO\�RYHU�WKH�GHYHO �RSHG� 7(*� VXUIDFH��$FFRUGLQJ� WR� WKH�$XJHUVSHFWURVFRS\�� &R SDUWLFOHV� LQ� WKH� V\QWKH�VL]HG�FRPSRVLWH�PDWHULDO�DUH�FRYHUHG�ZLWK�DWKLQ� R[LGH� OD\HU� DQG� FRQWDLQ� D� FHUWDLQDPRXQW�RI�FDUERQ��ZKLFK�FRXOG�DFW�DV�JODVV�IRUPLQJ�HOHPHQW��$IWHU�KHDW�WUHDWPHQW��WKHVKDSH� RI�PRGLILHU�SDUWLFOHV� UHPDLQV� VLPLODUWR� WKDW� LQ� DV�SUHSDUHG� &0�� ZKHUHDV� WKHLUVL]H�LQFUHDVHV�WKDW�PD\�HYLGHQFH�WKH�UHFU\V �WDOOL]DWLRQ� SURFHVVHV� DFFRPSDQLHG� E\� WKHPHWDO�PRGLILHU� SDUWLFOH� VHJUHJDWLRQ�� 7KH$XJHU�VSHFWURVFRS\��6,06�DQG�;�UD\�LQYHV �WLJDWLRQV�RI�&0�VXEMHFWHG�WR�GLIIHUHQW�NLQGVRI� KHDW� WUHDWPHQW� VKRZ� WKH� IRUPDWLRQ� RIFRPSOH[� FREDOW� FDUELGH� DQG� FREDOW� R[LGHSKDVHV�$FNQRZOHGJHPHQW�� 7KLV� ZRUN� KDV� EHHQVXSSRUWHG� E\� WKH� 6FLHQFH� DQG� 7HFKQRORJ\&HQWHU�LQ�8NUDLQH��67&8���*UDQW�1R������5HIHUHQFHV���0�<X��<�/LX��'�-�6HOOP\HU��-��$SSO��3K\V����������������������0�(�0F+HQU\�� 6�$�0DMHWLFK�� -�2�$UWPDQ� HWDO���3K\V��5HY���%��������������������0�7RPLWD�� <�6DLWR�� 7�+D\DVKL�� -DS��-��$SSO�3K\V����������������������-�-�+RVW��-�$�%ORFN��.�3DUYLQ�HW�DO��� -��$SSO�3K\V���������������������6�7RPLWD�� 0�)XML�� 6�+D\DVKL� HW� DO��� -��$SSO�3K\V����������������������6�*DQJRSDGK\D\�� *�&�+DGMLSDQD\LV�� (�%�'ROHHW�DO���3K\V��5HY���%�������������������+�:DQJ�� 6�3�:RQJ�� :�<�&KHXQJ� HW� DO��� -�$SSO��3K\V����������������������0�%DELFK�� /�0DW]XL�� 2�1DNRQHFKQD� HW� DO��� -�0HWDVWDE��1DQRFU\VW��0DWHU������������������0�*�%DELFK��/�<X�0DW]XL��2�,�1DNRQHFKQD�HWDO���0DWHU��6FL��)RUXP���������������������������/�0DW]XL��9�/\VRY�� (�.KDUNRY� HW� DO���0HWDO�OXUJLMD��������������������-�'XUDQG�� LQ�� *ODVV\� 0HWDOV�� 0DJQHWLF�&KHPLFDO�DQG�6WUXFWXUDO�3URSHUWLHV��HG��E\�5+DVHJDZD��&5&�3UHVV�,QF���%RFD�5DWRQ��)ORU�LGD���������S���������7�-�.RQGR��5�6LQFODLU��$FWD�0DWHU������������������
7DEOH���� 7KH� \LHOG� RI� VLQJOH�FKDUJHG� LRQVIRU� WKH� KHDW�WUHDWHG� 7(*�������� &R �WKHQXPEHULQJ� RI� WUHDWPHQW� FRUUHVSRQGV� WRWKDW�LQ�7DEOH���0DVV ,RQ .LQG�RI�WUHDWPHQW� � � �3RVLWLYH�LRQV� + ��� ��� ��� ���� +� � � � ��� 2 �� � �� ���� &R ���� ���� ���� ������ &R& �� �� �� ���� &R2 �� �� �� ���� &R2+ �� � �� ���� &R&� �� �� � ���� &R&2 �� � �� ���� &R&2+ �� � � ��� &R&�2 � �� �� ����� &R&2� �� � � ���� &R&�2� �� �� �� ����� &R� ��� ��� ��� ������� &R�+ �� �� � ����� &R�& �� �� �� ����� &R�2 �� �� �� ������ &R�&� �� �� �� ��1HJDWLYH�LRQV�� + ���� ���� ���� ������ 2 ���� ��� ���� ������� 2+ ���� ��� ���� ������ +�2 � � �� ��
/�0DW]XL�HW�DO����,QIOXHQFH�RI�KHDW�WUHDWPHQW����
)XQFWLRQDO�PDWHULDOV������������� ��
{¹ãÒm��˯人¯º}Ò�ÓÈ�亯Áºãº�L
�È�ÁÈϺmÒ®°}ãÈ� }ºä¹ºÏÒ�ÓÒ²�äÈ�˯LÈãLm��c��&R
��lÈ��®��l�rÈÒ���l�~ȲȯËÓ}º��|�sÈ}ºÓË�ÓÈ����{ºm�ËÓ}º�
lË�º�ÈäÒ� ¯ËÓ��ËÓLm° }º�º� ÁÈϺmº�º� ÈÓÈãLÏ��� °}ÈÓ�
�º�� ËãË}�¯ºÓÓº�� äL}¯º°}º¹L��|ÎË�°¹Ë}�¯º°}º¹L���È�{,lv��º°ãL�ÎËÓº�m¹ãÒm�°�ȯLÓÓ«�L��˯äL�Óº��º¯º}Ò�ÓÈ�°�¯�}���¯���ÁÈϺmÒ®� °}ãÈ� L� 亯Áºãº�L
ÁÈÏ� �� }ºä¹ºÏÒ�L®Óºä��äÈ�˯LÈãL��c������äȰ���&R�º�˯ÎÈÓºä�� äË�º�ºä� ²LäL�Óº�º� º°È�ÎËÓÓ«�� �˯人¯º}È� �º°ãL�Î�mÈÓº�º� äÈ�˯LÈã�mÒ}ãÒ}ȼ�ÁÈϺmL�¹Ë¯Ë�mº¯ËÓÓ«���äË�ÈãL�ÓL®�}ºä¹ºÓËÓ�L�}ºä¹ºÏÒ����È�°ÈäË�Û�Áº¯ä�mÈÓ�Ó«� °}ãÈ�ÓÒ²� }ȯL�ÓÒ²� L� º}°Ò�ÓÒ²� ÁÈÏ� ÓÈ� º°ÓºmL� }ºÈã ���� {� ¯ËÏ�ã �È�L� �˯äL�Óº�º¯º}Ò�Áº¯äÈ��Ȱ�ÒÓº}�äº�ÒÁL}È�º¯È�ÏÈãÒ�ȼ� °«�¹º�LÓº
�È}L®��ã«�°mLκmÒ�º�ºm�ãËÓº�º�}ºä¹ºÏÒ����È��²�¯ºÏäL¯�°���¼mº�ϯº°�ȼ���º�äºÎË�°mL��Ò�Ò�¹¯º�¹¯º�˰Ò�¯Ë}¯Ò°��ÈãLÏÈ�L���«}L�°�¹¯ºmº�Î�
� °«�°Ë�¯Ë�È�L¼
�Ȱ�ÒÓº}�äË�Èã��äº�ÒÁL}È�º¯È�
/�0DW]XL�HW�DO����,QIOXHQFH�RI�KHDW�WUHDWPHQW����
�� )XQFWLRQDO�PDWHULDOV�������������
|