Growth and characterization of КН₂РО₄ single crystals doped with ТіO₂ nanocrystals
For the first time, the method of temperature lowering was used to grow KDP single crystals from aqueous solutions containing TiO₂ (anatase) nanocrystals. The concentration of TiO₂ in the initial solution varied from 10⁻³ to 10⁻⁵ M/l. Using the method of three-crystal X-ray diffractometry, the prese...
Збережено в:
Дата: | 2008 |
---|---|
Автори: | , , , , , , , , , |
Формат: | Стаття |
Мова: | English |
Опубліковано: |
НТК «Інститут монокристалів» НАН України
2008
|
Назва видання: | Functional Materials |
Теми: | |
Онлайн доступ: | http://dspace.nbuv.gov.ua/handle/123456789/135359 |
Теги: |
Додати тег
Немає тегів, Будьте першим, хто поставить тег для цього запису!
|
Назва журналу: | Digital Library of Periodicals of National Academy of Sciences of Ukraine |
Цитувати: | Growth and characterization of КН₂РО₄ single crystals doped with ТіO₂ nanocrystals // I. Pritula, V. Gayvoronsky, M. Kopylovsky, M. Kolybaeva, V. Puzikov, A. Kosinova, V. Tkachenko, V. Tsurikov, T. Konstantiniva, V. Pogibko // Functional Materials. — 2008. — Т. 15, № 3. — С. 420-428. — Бібліогр.: 25 назв. — англ. |
Репозитарії
Digital Library of Periodicals of National Academy of Sciences of Ukraineid |
irk-123456789-135359 |
---|---|
record_format |
dspace |
spelling |
irk-123456789-1353592018-06-16T03:08:00Z Growth and characterization of КН₂РО₄ single crystals doped with ТіO₂ nanocrystals Pritula, I. Gayvoronsky, V. Kopylovsky, M. Kolybaeva, M. Puzikov, V. Kosinova, A. Tkachenko, V. Tsurikov, V. Konstantiniva, T. Pogibko, V. Technology For the first time, the method of temperature lowering was used to grow KDP single crystals from aqueous solutions containing TiO₂ (anatase) nanocrystals. The concentration of TiO₂ in the initial solution varied from 10⁻³ to 10⁻⁵ M/l. Using the method of three-crystal X-ray diffractometry, the presence of turns of the growth layer packets ~ 3 arcsec was revealed in KDP:TiO₂ crystals for the sectors {100} and {101}. The observed thickness of the growth packets was on the order of 20-30 μm. There was found the sixfold rise of the crystal lattice parameters Δd/d in the doped crystal relatively to the pure one caused by incorporation of the nanoparticles into the boundaries of layer-bylayer growth and a formation of semicoherent bond with the crystal. It was found the effect of giant nonlinear optical response of anatase nanoparticles manifestation in KDP crystalline matrix. Методом зниження температури вперше вирощено кристали KDP з водних розчинів, що містять нанокристали TiO₂ (анатазу). Концентрація TiO₂ варіювалася у початковому розчині від 10⁻³ до 10⁻⁵ М/л. У кристалах KDP:TiO₂ методом трьохкристальної рентгенівської дифрактометрії встановлено наявність розворотів пакетів шарів росту до 3 arcsec для секторів {100} та {101}. Товщина пакетів шарів росту, що спостерігається, складає величину 20-30 мкм. Виявлено відносну зміну (у 6 разів) параметрів кристалічної решітки Δd/d у легованому кристалі щодо чистого кристала, яка обумовлене входженням наночастинок анатазу у межі пошарового росту з утворенням напівкогерентного зв'язку з кристалом. Показано, що у кристалічній матриці KDP спостерігається ефект гігантського нелінійно-оптичного відгуку наночастинок ана тазу. Методом снижения температуры впервые выращены кристаллы KDP из водных растворов содержащих нанокристаллы TiO₂ (анатаз). Концентрация TiO₂ варьировалась в исходном растворе от 10⁻³ до 10⁻⁵ М/л. в кристаллах KDP:TiO₂ методом трехкристальной рентгеновской дифрактометрии установлено наличие разворотов пакетов слоев роста до 3 arcsec для секторов {100} и {101}. Наблюдаемые толщины пакетов слоев роста составляют величину порядка 20-30 мкм. Обнаружено относительное изменение в (6 раз) параметров кристаллической решётки Δd/d в легированном кристалле относительно чистого кристалла, которое обусловлено вхождением наночастиц анатаза в границы послойного роста с образованием полукогерентной связи с кристаллом. Показано, что в кристаллической матрице KDP наблюдается эффект гигантского нелинейно-оптического отклика наночастиц анатаза. 2008 Article Growth and characterization of КН₂РО₄ single crystals doped with ТіO₂ nanocrystals // I. Pritula, V. Gayvoronsky, M. Kopylovsky, M. Kolybaeva, V. Puzikov, A. Kosinova, V. Tkachenko, V. Tsurikov, T. Konstantiniva, V. Pogibko // Functional Materials. — 2008. — Т. 15, № 3. — С. 420-428. — Бібліогр.: 25 назв. — англ. 1027-5495 http://dspace.nbuv.gov.ua/handle/123456789/135359 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 |
topic |
Technology Technology |
spellingShingle |
Technology Technology Pritula, I. Gayvoronsky, V. Kopylovsky, M. Kolybaeva, M. Puzikov, V. Kosinova, A. Tkachenko, V. Tsurikov, V. Konstantiniva, T. Pogibko, V. Growth and characterization of КН₂РО₄ single crystals doped with ТіO₂ nanocrystals Functional Materials |
description |
For the first time, the method of temperature lowering was used to grow KDP single crystals from aqueous solutions containing TiO₂ (anatase) nanocrystals. The concentration of TiO₂ in the initial solution varied from 10⁻³ to 10⁻⁵ M/l. Using the method of three-crystal X-ray diffractometry, the presence of turns of the growth layer packets ~ 3 arcsec was revealed in KDP:TiO₂ crystals for the sectors {100} and {101}. The observed thickness of the growth packets was on the order of 20-30 μm. There was found the sixfold rise of the crystal lattice parameters Δd/d in the doped crystal relatively to the pure one caused by incorporation of the nanoparticles into the boundaries of layer-bylayer growth and a formation of semicoherent bond with the crystal. It was found the effect of giant nonlinear optical response of anatase nanoparticles manifestation in KDP crystalline matrix. |
format |
Article |
author |
Pritula, I. Gayvoronsky, V. Kopylovsky, M. Kolybaeva, M. Puzikov, V. Kosinova, A. Tkachenko, V. Tsurikov, V. Konstantiniva, T. Pogibko, V. |
author_facet |
Pritula, I. Gayvoronsky, V. Kopylovsky, M. Kolybaeva, M. Puzikov, V. Kosinova, A. Tkachenko, V. Tsurikov, V. Konstantiniva, T. Pogibko, V. |
author_sort |
Pritula, I. |
title |
Growth and characterization of КН₂РО₄ single crystals doped with ТіO₂ nanocrystals |
title_short |
Growth and characterization of КН₂РО₄ single crystals doped with ТіO₂ nanocrystals |
title_full |
Growth and characterization of КН₂РО₄ single crystals doped with ТіO₂ nanocrystals |
title_fullStr |
Growth and characterization of КН₂РО₄ single crystals doped with ТіO₂ nanocrystals |
title_full_unstemmed |
Growth and characterization of КН₂РО₄ single crystals doped with ТіO₂ nanocrystals |
title_sort |
growth and characterization of кн₂ро₄ single crystals doped with тіo₂ nanocrystals |
publisher |
НТК «Інститут монокристалів» НАН України |
publishDate |
2008 |
topic_facet |
Technology |
url |
http://dspace.nbuv.gov.ua/handle/123456789/135359 |
citation_txt |
Growth and characterization of КН₂РО₄ single crystals doped with ТіO₂ nanocrystals // I. Pritula, V. Gayvoronsky, M. Kopylovsky, M. Kolybaeva, V. Puzikov, A. Kosinova, V. Tkachenko, V. Tsurikov, T. Konstantiniva, V. Pogibko // Functional Materials. — 2008. — Т. 15, № 3. — С. 420-428. — Бібліогр.: 25 назв. — англ. |
series |
Functional Materials |
work_keys_str_mv |
AT pritulai growthandcharacterizationofkn2ro4singlecrystalsdopedwithtío2nanocrystals AT gayvoronskyv growthandcharacterizationofkn2ro4singlecrystalsdopedwithtío2nanocrystals AT kopylovskym growthandcharacterizationofkn2ro4singlecrystalsdopedwithtío2nanocrystals AT kolybaevam growthandcharacterizationofkn2ro4singlecrystalsdopedwithtío2nanocrystals AT puzikovv growthandcharacterizationofkn2ro4singlecrystalsdopedwithtío2nanocrystals AT kosinovaa growthandcharacterizationofkn2ro4singlecrystalsdopedwithtío2nanocrystals AT tkachenkov growthandcharacterizationofkn2ro4singlecrystalsdopedwithtío2nanocrystals AT tsurikovv growthandcharacterizationofkn2ro4singlecrystalsdopedwithtío2nanocrystals AT konstantinivat growthandcharacterizationofkn2ro4singlecrystalsdopedwithtío2nanocrystals AT pogibkov growthandcharacterizationofkn2ro4singlecrystalsdopedwithtío2nanocrystals |
first_indexed |
2025-07-09T23:08:36Z |
last_indexed |
2025-07-09T23:08:36Z |
_version_ |
1837212657883545600 |
fulltext |
*URZWK�DQG�FKDUDFWHUL]DWLRQ�RI�.+�32� VLQJOHFU\VWDOV�GRSHG�ZLWK�7L2� QDQRFU\VWDOV
,�3ULWXOD��9�*D\YRURQVN\
��0�.RS\ORYVN\
�0�.RO\EDHYD��9�3X]LNRY��$�.RVLQRYD��9�7NDFKHQNR��9�7VXULNRY��7�.RQVWDQWLQLYD
��9�3RJLENR
,QVWLWXWH�IRU�6LQJOH�&U\VWDOV��67&��,QVWLWXWH�IRU�6LQJOH�&U\VWDOV���1DWLRQDO
$FDGHP\�RI�6FLHQFHV�RI�8NUDLQH�����/HQLQ�$YH���������.KDUNLY��8NUDLQH
,QVWLWXWH�RI�3K\VLFV��1DWLRQDO�$FDGHP\�RI�6FLHQFHV�RI�8NUDLQH�
���1DXN\�$YH���������.\LY��8NUDLQH
'ºQHWVN�,QVWLWXWH�IRU�3K\VLFV�DQG�(QJLQHHULQJ��1DWLRQDO�$FDGHP\�RI
6FLHQFHV�RI�8NUDLQH�����5�/X[HPEXUJ�6WU���������'RQHWVN��8NUDLQH
5HDNWLYHOHNWURQ��17&]��1DWLRQDO�$FDGHP\�RI�6FLHQFHV�RI�8NUDLQH�
��D�%DNLQVNLK�NRPLVVDURY�6WU���������'RQHWVN��8NUDLQH�
5HFHLYHG�0D\���������
)RU�WKH�ILUVW�WLPH��WKH�PHWKRG�RI�WHPSHUDWXUH�ORZHULQJ��ZDV�XVHG�WR�JURZ�.'3�VLQJOH
FU\VWDOV� � IURP� DTXHRXV� VROXWLRQV� FRQWDLQLQJ�7L2�� �DQDWDVH�� � QDQRFU\VWDOV��7KH� FRQFHQWUD�WLRQ�RI�7L2�� LQ� WKH� LQLWLDO� VROXWLRQ�YDULHG� IURP����� WR�����0�O�� � �8VLQJ�WKH�PHWKRG�RIWKUHH�FU\VWDO�;�UD\�GLIIUDFWRPHWU\��WKH�SUHVHQFH�RI�WXUQV�RI�WKH�JURZWK�OD\HU�SDFNHWV�a��
DUFVHF�ZDV�UHYHDOHG� LQ� �.'3�7L2�� FU\VWDOV� IRU� WKH� VHFWRUV� ^���`� DQG� ^���`��7KH� REVHUYHGWKLFNQHVV� RI� WKH� JURZWK� SDFNHWV� ZDV� RQ� WKH� RUGHU� RI� � ������ PP�� 7KHUH�ZDV� IRXQG� � WKH
VL[IROG�ULVH� �RI�WKH�FU\VWDO� ODWWLFH�SDUDPHWHUV�'G�G� LQ�WKH�GRSHG�FU\VWDO� UHODWLYHO\� WR� WKH
SXUH� RQH� FDXVHG� E\� LQFRUSRUDWLRQ� RI� WKH� QDQRSDUWLFOHV� LQWR� WKH� ERXQGDULHV� RI� � OD\HU�E\�
OD\HU� JURZWK� DQG� D� IRUPDWLRQ� RI� VHPLFRKHUHQW� ERQG� ZLWK� WKH� FU\VWDO�� ,W� ZDV� IRXQG� WKH
HIIHFW� RI�JLDQW�QRQOLQHDU�RSWLFDO� UHVSRQVH�RI�DQDWDVH�QDQRSDUWLFOHV�PDQLIHVWDWLRQ� LQ�.'3
FU\VWDOOLQH�PDWUL[��
lË�º�ºä� °ÓÒÎËÓÒ«� �Ëä¹Ë¯È��¯©� m¹Ë¯m©Ë� m©¯È�ËÓ©� }¯Ò°�Èãã©� .'3� ÒÏ� mº�Ó©²
¯È°�mº¯ºm�°º�˯ÎÈ�Ò²�ÓÈÓº}¯Ò°�Èãã©�7L2���ÈÓÈ�ÈÏ���zºÓ�ËÓ�¯È�Ò«�7L2��mȯ Ò¯ºmÈãȰ m�Ò°²º�Óºä�¯È°�mº¯Ë� º����Ü���º���Ü��l�ã��{�}¯Ò°�ÈããȲ�.'3�7L2��äË�º�ºä��¯Ë²}¯Ò°��Èã Óº®�¯ËÓ��ËÓºm°}º®��ÒÁ¯È}�ºäË�¯ÒÒ��°�ÈÓºmãËÓº�ÓÈãÒ�ÒË�¯ÈÏmº¯º�ºm�¹È}Ë�ºm�°ãºËm
¯º°�È� �º� �� DUFVHF� �ã«� °Ë}�º¯ºm� ^���`� Ò� ^���`�� sÈã
�ÈËä©Ë� �ºã�ÒÓ©� ¹È}Ë�ºm� °ãºËm
¯º°�È�°º°�Èmã«
��mËãÒ�ÒÓ��¹º¯«�}È�������ä}ä��|Óȯ�ÎËÓº�º�Óº°Ò�Ëã ÓºË�ÒÏäËÓËÓÒË�m
��� ¯ÈÏ��¹È¯ÈäË�¯ºm�}¯Ò°�ÈããÒ�˰}º®�¯Ë�£�}Ò�'G�G� m�ãË�Ò¯ºmÈÓÓºä�}¯Ò°�ÈããË� º�Óº°Ò�
�Ëã Óº��Ò°�º�º�}¯Ò°�ÈããÈ��}º�º¯ºË�º�°ãºmãËÓº�m²ºÎ�ËÓÒËä�ÓÈÓº�Ȱ�Ò��ÈÓÈ�ÈÏÈ�m��¯È�
ÓÒ�©�¹º°ãº®Óº�º�¯º°�È�°�º¯ÈϺmÈÓÒËä�¹ºã�}º�˯ËÓ�Óº®�°m«ÏÒ�°�}¯Ò°�Èããºä���º}ÈÏÈÓº�
��º�m�}¯Ò°�ÈããÒ�˰}º®�äÈ�¯Ò�Ë�.'3�ÓÈã
�ÈË�°«�ªÁÁË}���Ò�ÈÓ�°}º�º�ÓËãÒÓˮӺ�º¹�Ò�
�˰}º�º�º�}ãÒ}È�ÓÈÓº�Ȱ�Ò��ÈÓÈ�ÈÏÈ��
6LQJOH� FU\VWDOV� RI� SRWDVVLXP� GLK\GURJHQ
SKRVSKDWH�IDPLO\��.'3��.+�32���ZKLFK�SRV�VHVV�D�XQLTXH�VHW�RI�SK\VLFDO�SURSHUWLHV�KDYH
IRXQG� ZLGH� XVH� LQ� PRGHUQ� RSWRHOHFWURQLFV
DQG�QRQOLQHDU�RSWLFV��0HDQZKLOH��V\VWHPDWLF
LQYHVWLJDWLRQ� RI� WKH� UHODWLRQVKLS� EHWZHHQ
WKH� VWUXFWXUH� RI� IHUURHOHFWULF� FU\VWDOV� VXFK
DV�.'3� DQG� WKHLU� QRQOLQHDU� RSWLFDO� SURSHU�
WLHV�IURP�>����@�UHYHDOV�WKH�SRVVLELOLW\�RI�WKH
JXLGHG�LPSDFW�RQ�WKH�FU\VWDOV�UHVSRQVH�ZLWK
WXQLQJ� WKHLU� VWUXFWXUDO� SURSHUWLHV�� $V� LV
NQRZQ� >�@�� WKH� VWUXFWXUH� RI� .'3�W\SH� IHU�
)XQFWLRQDO�0DWHULDOV�����1R��������� ��������,QVWLWXWH�IRU�6LQJOH�&U\VWDOV
��� )XQFWLRQDO�PDWHULDOV�������������
URHOHFWULFV� LV� GHILQHG� E\� WKHLU� K\GURJHQ
ERQGV� DQG�� FRQVHTXHQWO\�� VXFK� PDWUL[HV
UHDGLO\� LQFRUSRUDWH� ERWK� LQRUJDQLF� DQG� RU�
JDQLF� LPSXULWLHV�� H�J�� .&O�� 2[DOLF� $FLG�
$O�2���$PDUDQWK��5KRGDPLQH�%�DQG�0HWK\O2UDQJH�� /�JOXWDPLF� DFLG�� /�KLVWLGLQH�� /�
YDOLQH� >��@�� 7KH� LPSXULWLHV� FDQ� VWDELOL]H
VLQJOH�GRPDLQ� VWDWH� LQ� IHUURHOHFWULFV�� PDNH
SKDVH�WUDQVLWLRQ��GLIIXVH���JLYH�ULVH�WR�JHQ�
HUDWLRQ� RI� VLPXODWHG� UDGLDWLRQ� >����@�� $
SURPLVLQJ� WUHQG� LQ� WKH� GHYHORSPHQW� RI� XS�
WR�GDWH� IXQFWLRQDO� RSWLFDO� PDWHULDOV� LV� LQFRU�
SRUDWLRQ�RI�QDQRSDUWLFOHV� LQWR� WKH�FU\VWDOOLQH
PDWUL[HV� RI� WUDGLWLRQDO� QRQOLQHDU� RSWLFDO
�1/2��PDWHULDOV�IRU�FRQWUROOHG�LPSURYHPHQW
RI� WKHLU� QRQOLQHDU� RSWLFDO� UHVSRQVH�� )RU� LQ�
VWDQFH�� LQ� >��@� DQ� DWWHPSW�ZDV�PDGH� WR�GH�
VLJQ�D�FRPSRVLWH�RSWLFDO�PDWHULDO�SRVVHVVLQJ
WKH�SURSHUWLHV�RI�ERWK�DFWLYH�ODVHU�DQG�QRQ�
OLQHDU�RSWLFDO�PHGLD�� WKH�FRPELQDWLRQ��.'3
FU\VWDO� � 6L2�� SDUWLFOHV�� EHLQJ� XVHG� DV� DPRGHO� V\VWHP��)RU� WKH� ILUVW� WLPH� WKHUH�ZDV
LQYHVWLJDWHG�WKH�JURZWK�RI�WKH�FU\VWDOV�IURP
WKH� VROXWLRQV� FRQWDLQLQJ� VROLG� PLFUR�� DQG
QDQRSDUWLFOHV�� LQ� VWDWLF� DQG� G\QDPLF� �VWLU�
ULQJ�RI�WKH�VROXWLRQ��UHJLPHV��7KH�LQIOXHQFH
RI� WKH� VL]H� RI� WKH� SDUWLFOHV� RQ� WKH� SURE�
DELOLW\�RI�WKHLU�FDSWXUH�ZDV�VWXGLHG��DQG�WKH
JURZLQJ�FU\VWDO�ZDV�VKRZQ�WR�EH�DEOH�WR�FDS�
WXUH� HIIHFWLYHO\� ���������PP� 6L2�� SDUWL�FOHV�� $W� WKH� VDPH� WLPH�� WKH� HIIHFW� RI� VXFK
LQFOXVLRQV�RQ�WKH�IXQFWLRQDO�SURSHUWLHV�RI�WKH
FU\VWDOV�ZDV�QRW�LQYHVWLJDWHG����
6RPHWLPHV� LW� LV� GLIILFXOW� WR� LQYHVWLJDWH
WKH� LQIOXHQFH�RI�WKH� LPSXULW\� VXEV\VWHP�RQ
WKH�SURSHUWLHV�RI�WKH�PDWUL[�E\�WKH�PHWKRGV
RI� FODVVLF� VSHFWUDO� RU� OXPLQHVFHQW� DQDO\VLV�
DV� VXFK�PHWKRGV� JLYH� RQO\� LQWHJUDO� FKDUDF�
WHULVWLFV� RI� WKH� FU\VWDO� SURSHUWLHV�� $� QHZ
DSSURDFK� WR� WKH� VDLG� SUREOHP� LV� LQYHVWLJD�
WLRQ� RI� WKH�1/2� UHVSRQVH� RI� KHWHURJHQHRXV
FU\VWDOOLQH�V\VWHPV�ZLWK�VHOI�DFWLRQ�RI�VLQJOH
ODVHU� SXOVHV� RI� SLFRVHFRQG� UDQJH�� 'XH� WR
SURSHU� FKRLFH� RI� H[FLWLQJ� ODVHU� UDGLDWLRQ
ZDYHOHQJWK�� VLQJOH�� RU�PXOWL�SKRWRQ� H[FLWD�
WLRQ�RI�WKH�VXEV\VWHP�FDQ�EH�UHDOL]HG�XVLQJ
VXFK� ODVHU� EHDP� LQWHQVLWLHV� DW� ZKLFK� 1/2
UHVSRQVH�LQ�WKH�EXON�RI�WKH�PDWUL[�GRHV�QRW
PDQLIHVW�LWVHOI��7KLV�PHWKRG�DOORZV�WR�VWXG\
WKH� HIIHFW� RI� FU\VWDO� VWUXFWXUH� DQG� FU\VWDO
GHIHFWV�RQ�SKRWR�LQGXFHG�FKDQJHV�RI�WKH�UH�
IUDFWLYH� LQGH[� DQG� FURVV�VHFWLRQ� RI� RQH�� RU
PXOWL�SKRWRQ� DEVRUSWLRQ� RI� WKH� VXEV\VWHP
>��@��6XFK�D�WHFKQLTXH�KDV�PDGH� LW�SRVVLEOH
WR� UHYHDO� WKH� HIIHFW� RI� JLDQW�1/2� UHVSRQVH
LQ� SRURXV� OD\HUV� RI� WLWDQLXP� GLR[LGH� �7L2��QDQRSDUWLFOHV�DW�UHVRQDQFH�H[FLWDWLRQ�RI�WKH
VXUIDFH� VWDWHV� �� R[\JHQ� YDFDQFLHV�� 7KH� RE�
VHUYHG� 1/2� UHVSRQVH� RI� WKH� QDQRV\VWHP� LV
VL[� RUGHUV� KLJKHU� WKDQ� WKH� UHVSRQVH� RI� WKH
EXON�RQH�>��@��
,W�VKRXOG�EH�QRWHG�WKDW�FRPSRVLWH�PDWHUL�
DOV�ZKLFK�FRQWDLQ�WLWDQLXP�GLR[LGH�QDQRSDU�
WLFOHV� HYRNH�GHHS� LQWHUHVW�DPRQJ�UHVHDUFKHV
GXH� WR� WKH� IDFW� WKDW� VXFK� FRPSRXQGV� DUH
SURPLVLQJ� IRU� WKH� XVH� LQ� RSWRHOHFWURQLF� GH�
YLFHV�� ,Q� SDUWLFXODU�� PDQ\� SDSHUV� DUH� GH�
YRWHG�WR�WKH�V\QWKHVLV�RI�KLJK�TXDOLW\�WUDQV�
SDUHQW� K\EULG� ILOPV� RI� SRO\PHU�7L2�� W\SH�)RU�LQVWDQFH��UHSRUWHG�LQ�>��@�LV�WKH�V\QWKH�
VLV� RI� SRO\PHWK\OPHWKDFU\ODWH�7L2�� QDQR�FRPSRVLWH�� ,Q� WKH� PHQWLRQHG� SDSHU� LW� LV
VKRZQ� WKDW� WKLV� PDWHULDO� ZKLFK� SRVVHVVHV
KLJK�F����a�������HVX�FXELF�1/2�VXVFHSWLELO�
LW\�� 7KH� HIILFLHQW� 1/2� UHVSRQVH� FDQ� ILQG
ZLGH� DSSOLFDWLRQ� DV� DQ� HIIHFWLYH� RSWLFDO
VZLWFK��2Q�WKH�EDVH�RI�WKH�FRPELQDWLRQ�SKR�
WRSRO\PHU� PDWUL[�7L2�� QDQRFU\VWDOV� WKHUHKDYH�EHHQ�FUHDWHG�EXON�KRORJUDSKLF�GLIIUDF�
WLRQ� JUDWLQJV� ZLWK� KLJK� GLIIUDFWLRQ� HIIL�
FLHQF\� >��@�� 7KH� ODWWHU� HVVHQWLDOO\� ULVHV� DV
WKH� FRQFHQWUDWLRQ� RI� QDQRSDUWLFOHV� LQ� WKH
PDWUL[� LQFUHDVHV�� DQG� LWV� YDOXH� GHSHQGV� RQ
WKH�SHDN�LQWHQVLW\�RI�ODVHU�UDGLDWLRQ��
,Q�WKLV�FRQQHFWLRQ�� LW�VHHPV�H[SHGLHQW�WR
FRQVLGHU� WKH� V\VWHP� .'3�7L2�� ZLWK� 7L2�QDQRFU\VWDOV��DQDWDVH��XVHG�DV�D�GRSDQW��,Q�
YHVWLJDWLRQ� RI� WKH� V\VWHPV� �QRQOLQHDU� RSWL�
FDO� FU\VWDO�PHWDO� R[LGH�� ZLOO� DOORZ� WR� ILQG
QHZ� ILHOGV� RI� WKHLU� DSSOLFDWLRQ� �H�J�� 1/2
PHGLD� IRU� ODVHU� UDGLDWLRQ�IUHTXHQF\�FRQYHU�
VLRQ� DQG� UHJLVWUDWLRQ� RI� VLJQDOV� LQ� WKH� YLV�
LEOH��,5�DQG�7+]�VSHFWUDO�UHJLRQV���0RUHRYHU�
VWXG\�RI�VXFK�D�W\SH�RI�KHWHURJHQHRXV�PDWHUL�
DOV�PD\�HQULFK�JHQHUDO�SK\VLFDO�NQRZOHGJH�RI
WKH�EHKDYLRU�RI�HIILFLHQW�QRQOLQHDU�V\VWHPV�
7KH� JRDO� RI� WKH� SUHVHQW� ZRUN� ZDV� WKH
JURZWK� DQG� FKDUDFWHUL]DWLRQ� RI� D� VHULHV� RI
.'3�FU\VWDOV�ZLWK�GLIIHUHQW�FRQWHQW�RI�7L2�QDQRFU\VWDOV�� 7KHUH� ZDV� LQYHVWLJDWHG� WKH
LPSDFW�RI�7L2��QDQRSDUWLFOHV�RQ�WKH�JURZWKNLQHWLFV� DQG� VWUXFWXUH� SHUIHFWLRQ� RI� .'3
VLQJOH�FU\VWDOV��%\�DQDO\]LQJ�.'3�7L2��VDP�SOHV� SKRWRLQGXFHG� WUDQVPLVVLRQ� YDULDWLRQ
YHUVXV� WKH� ODVHU� H[FLWDWLRQ� LQWHQVLW\� WKHUH
ZDV�HVWLPDWHG�WKH�FRQWULEXWLRQ�RI�WKH�VXEV\V�
WHPV� RI� WKH� LQWULQVLF� FU\VWDO� GHIHFWV� DQG� RI
DQDWDVH�QDQRSDULFOHV�WR�WKH�1/2�UHVSRQVH��
$QDWDVH� QDQRSDUWLFOHV� ZHUH� REWDLQHG� E\
WKH�PHWKRG�RI�SUHFLSLWDWLRQ�ZLWK�VXEVHTXHQW
XOWUD�KLJK�IUHTXHQF\��8+)��KHDWLQJ�DQG�FDO�
FLQDWLRQ� RI� WKH� SRZGHU�� WKH� LQLWLDO� SURGXFW
DQG� WKH�SUHFLSLWDWLQJ� DJHQW�EHLQJ�7L&O�� DQGDPPRQLD�� UHVSHFWLYHO\� �7L&O�� ZDV� SRXUHGLQWR������DPPRQLD�VROXWLRQ���7KH�SUHSDUHG
VXVSHQVLRQ� ZDV� ILOWHUHG� DQG� ZDVKHG� LQ� GLV�
WLOOHG� ZDWHU�� DQG� WKH� UHVXOWLQJ� RUWKRWLWDQLF
DFLG�+�7L2�� ZDV� VXEMHFWHG� WR� 8+)� KHDWLQJ
,�3ULWXOD�HW�DO����*URZWK�DQG�FKDUDFWHUL]DWLRQ�RI����
)XQFWLRQDO�PDWHULDOV������������� ���
WR� REWDLQ� S\URWLWDQLF� DFLG� +�7L�2��� $IWHUFDOFLQDWLRQ� DW� ����&� S\UDWLWDQLXP� DFLG
WUDQVIRUPHG� LQWR� WLWDQLXP� GLR[LGH� �7L2��ZLWK�D�W\SLFDO�QDQRFU\VWDO�VL]H�RI�����QP�
(OHFWURQ�PLFURVFRSLF� SLFWXUH� RI� WKH� V\QWKH�
VL]HG�QDQRSDUWLFOHV�LV�VKRZQ�LQ�)LJ������
.'3�FU\VWDOV�GRSHG�ZLWK�7L2��QDQRSDUWL�FOHV� ZHUH� JURZQ� LQ� D� �O� FU\VWDOOL]HU� IURP
DTXHRXV�VROXWLRQ�E\�WKH�PHWKRG�RI�WHPSHUD�
WXUH� ORZHULQJ� >��@� RQ� ��u��u���PP�� SRLQW
VHHGV� RULHQWHG� E\� WKH� SODQHV� ������� ������
�������7KH� FRQWHQW� RI� FRQWUROOHG�PLFURLPSX�
ULWLHV� � �)H�� $O�� &U�� 0J�� 0Q� DQG� DQ��� LQ� WKH
LQLWLDO�.+�32��VDOW�GLG�QRW�H[FHHG�����ZW��7KH� SUHOLPLQDULO\� SUHSDUHG� VXVSHQVLRQ
FRQWDLQLQJ� ��� J� RI� .+�32�� VDOW�� ��� PO� RIGLVWLOOHG�ZDWHU�DQG�7L2��QDQRSDUWLFOHV�WDNHQLQ�D�UHTXLUHG�FRQFHQWUDWLRQ�����������DQG
���� 0�O�� ZDV� GLVSHUVHG� DW� ���&�� 7KH� RE�
WDLQHG�VXVSHQVLRQ�ZDV�SODFHG� LQWR�WKH�FU\V�
WDO� JURZWK� DSSDUDWXV� DIWHU� FRPSOHWLRQ� RI
WKH�SURFHVV�RI�VHHG�UHJHQHUDWLRQ��7R�SURYLGH
G\QDPLFDO� FU\VWDO� JURZWK� UHJLPH�� WKH� VROX�
WLRQ� FRQWDLQHG� LQ� WKH� FU\VWDOOL]HU� ZDV
VWLUUHG�UHYHUVLYHO\�ZLWK�DQ� LQWHUYDO�RI����V
DQG� D� SDXVH� RI� �� V�� WKH� URWDWLRQ� YHORFLW\
EHLQJ� ��� USP�� 7KH� YDOXH� RI� UHODWLYH� VXSHU�
VDWXUDWLRQ�ZDV�V
�a��y����DW�D�WHPSHUDWXUH
RI� VROXWLRQ� VDWXUDWLRQ� RI� ���&�� 7KH� LQLWLDO
VROXWLRQ�¯s�FKDQJHG�IURP�����WR������r�����
7KH� JURZWK� UDWH� HTXDO� WR� a��� PP���� KUV
SURYLGHG� WKH� REWDLQLQJ�RI� WKH�FU\VWDOV�ZLWK
ZHOO�GHYHORSHG� JURZWK� VHFWRUV� ^���`� DQG
^���`�� 7KH� JURZQ� FU\VWDOV� DUH� SUHVHQWHG� LQ
)LJ���D��E��7KH�FRQFHQWUDWLRQ�RI�7L2�� LPSX�ULW\�ZDV�QRW�REVHUYHG�WKH�HIIHFW�RQ�WKH�VROX�
WLRQ�S+�� WKH� VDWXUDWLRQ� WHPSHUDWXUH� RU� WKH
FU\VWDO�PRUSKRORJ\��)RU�FKDUDFWHUL]DWLRQ�RI
WKH�JURZQ�FU\VWDOV�WKHUH�ZHUH�XVHG�VDWHOOLWH
VDPSOHV�FXW�RXW�RI�WKH�JURZWK�VHFWRUV�^���`
DQG� ^���`� LQ� WKH� IRUP� RI� ��u��u����PP�
SODWHV� ZLWK� WKH� IDFHV� RULHQWHG� DORQJ� WKH
FU\VWDOORJUDSKLF�D[HV��7KH�ZRUNLQJ�VXUIDFHV
RI�WKH�VDPSOHV�KDG�RSWLFDO�SROLVK��
7KH�JURZWK�NLQHWLFV�RI�SXUH�DQG�DQDWDVH
GRSHG�.'3�FU\VWDOV�ZHUH�LQYHVWLJDWHG�LQ�WKH
)LJ������D���DV�JURZQ�DQDWDVH�GRSHG�.'3�FU\VWDO��7L2��FRQFHQWUDWLRQ�LQ�PRWKHU�OLTXRU�VROXWLRQ�����ZW����E��DV�JURZQ�DQDWDVH�GRSHG�.'3�FU\VWDO��7L2��FRQFHQWUDWLRQ�LQ�PRWKHU�OLTXRU�VROXWLRQ�����0�O��
)LJ�����(OHFWURQ�PLFURVFRSLF�LPDJH�RI�WKH�V\QWKHVL]HG� �7L2��QDQRFU\VWDOV� ���DQG�RI�WKRVH�LQFRUSR�UDWHG�LQWR�WKH�FU\VWDO��REWDLQHG�DIWHU�GLVVROXWLRQ�RI�WKH�JURZQ�.'3�7L2��FU\VWDO�LQ�ZDWHU�
,�3ULWXOD�HW�DO����*URZWK�DQG�FKDUDFWHUL]DWLRQ�RI����
��� )XQFWLRQDO�PDWHULDOV�������������
SURFHVV� RI� FU\VWDOOL]DWLRQ� IURP� DTXHRXV� VR�
OXWLRQ��¯s� ����r�����DW�QDWXUDO�FRQYHFWLRQ�
7KH�WLPH�GHSHQGHQW�LQFUHPHQW�RI�WKH�FU\VWDO
VL]H� ZDV� GHWHUPLQHG� E\�PHDQV� RI� WKH� ODVHU
LQWHUIHUHQFH�SRODUL]DWLRQ� PHWKRG� >��@�� $
VHHG� RI� WKH� LQYHVWLJDWHG� FU\VWDO� PHDVXULQJ
��u�u��PP�� ZDV� SODFHG� LQWR� D� WKHUPR�
VWDWWHG�GLVK�FRQWDLQLQJ�WKH�VDLG�VROXWLRQ��$W
EHJLQQLQJ� WKH� WHPSHUDWXUH� RI� WKH� VROXWLRQ
DQG� WKH� FU\VWDO� ZDV� VHYHUDO� GHJUHHV� KLJKHU
WKDQ� WKH� VDWXUDWLRQ� WHPSHUDWXUH�� DQG� WKHQ
ZDV� VPRRWKO\� ORZHUHG� DW� D� UDWH� RI� �����&
SHU� KRXU�� 7KH� GHSHQGHQFH� RI� WKH� JURZWK
UDWH�RQ�VXSHUFRROLQJ�ZDV�PHDVXUHG�ZLWK�DQ
HUURU� RI� a������ 7KH� LQYHVWLJDWHG� VROXWLRQV
ZHUH� SUHOLPLQDULO\� ILOWHUHG� DQG� RYHUKHDWHG
DW�D�WHPSHUDWXUH�RI����&�GXULQJ�WKUHH�GD\V�
7KH� GHSHQGHQFHV� RI� WKH� JURZWK� UDWH� RI
WKH�IDFHV�������DQG�������RQ�RYHUFRROLQJ�IRU
SXUH� .'3� DQG� IRU� WKH� FU\VWDOV� GRSHG� ZLWK
7L2��QDQRSDUWLFOHV�DUH�VKRZQ�LQ�)LJ�����,W�LVVHHQ�WKDW�LQ�WKH�FDVH�RI�WKH�IDFH�������VXFK
GHSHQGHQFHV� DUH� VKLIWHG� WRZDUGV� KLJKHU� VX�
SHUVDWXUDWLRQV� LQ� FRPSDULVRQ� ZLWK� WKH� GH�
SHQGHQFHV� IRU� WKH� IDFH� ������� )RU� WKH� SULV�
PDWLF�IDFH�WKH�H[LVWHQFH�RI�D�FULWLFDO�VXSHU�
FRROLQJ�WHPSHUDWXUH�EHORZ�ZKLFK�WKH�FU\VWDO
JURZWK�FDQQRW�EH�UHDOL]HG��LV�FRQQHFWHG�ZLWK
DGVRUSWLRQ� RI� WKH� LPSXULWLHV� RI� SRO\YDOHQW
PHWDOV� RQ� WKH� JURZLQJ� IDFH� >��@�� 7KH� RE�
WDLQHG�GDWD�FRUUHODWH�ZLWK�WKH�H[SHULPHQWDO
UHVXOWV� IRU� WKH� SXUH� FU\VWDOV� >��@�� DW� WKH
VDPH� VXSHUFRROLQJ� WKH� UDWH� RI� FU\VWDO
JURZWK�LQ�WKH�GLUHFWLRQ�>���@�LV�KLJKHU�WKDQ
WKDW� LQ� WKH� GLUHFWLRQ� >���@�� $V� HVWDEOLVKHG
LQ� WKH� SHUIRUPHG� H[SHULPHQWV�� 7L2�QDQRSDUWLFOHV�SUDFWLFDOO\�GR�QRW�JLYH�HIIHFW
RQ�WKH�JURZWK�RI�WKH�FU\VWDOV�LQ�ERWK�PHQ�
WLRQHG� GLUHFWLRQV�� 8QOLNH� H�J�� LRQV� RI� WUL�
YDOHQW�PHWDOV�� WKH�QDQRSDUWLFHOV� FRQWDLQHG
LQ� WKH� VROXWLRQ� GR� QRW� VORZ� GRZQ� WKH
JURZWK� RI� WKH� SULVP� IDFHV�� DQG� KDYH� QR
HVVHQWLDO� HIIHFW�RQ� WKH�JURZWK�RI� WKH�S\UD�
PLG� IDFHV�� GHVSLWH� WKH� IDFW� WKDW� WKH� SDUWL�
FOHV�DUH�FDSWXUHG�SUHGRPLQDQWO\�E\�WKH�S\�
UDPLGDO�JURZWK�VHFWRUV���
7KH� LPSDFW� RI� ���� QP� QDQRFU\VWDOOLQH
DQDWDVH� SDUWLFOHV� RQ� WKH� PDWUL[� VWUXFWXUH
SHUIHFWLRQ� ZDV� LQYHVWLJDWHG� E\� PHDQV� RI
WKUHH�FU\VWDO� ;�UD\� GLIIUDFWRPHWHU� �7;'�
>��@��7R�UHDOL]H�DGHTXDWH�FKDUDFWHUL]DWLRQ�RI
WKH� UHDO� FU\VWDO� VWUXFWXUH� >��@�� WKHUH� ZHUH
FKRVHQ� WKH� IROORZLQJ�SDUDPHWHUV�� WKH� VKDSH
RI� GLIIUDFWLRQ� UHIOHFWLRQ� FXUYH�� WKH� URFNLQJ
FXUYH� KDOI�ZLGWK� E�� DUFVHF�� WKH� LQWHJUDO
SRZHU� RI� ;�UD\� UHIOHFWLRQ� ,5� DQG� WKH� UHOD�
WLYH�FKDQJH�RI�WKH�FU\VWDO�ODWWLFH�SDUDPHWHUV
'G�G�PHDVXUHG�E\�WKH�PHWKRG�>��@�
3UHOLPLQDU\�SKDVH�DQDO\VLV�RI�WKH�V\QWKH�
VL]HG� 7L2�� QDQRSRZGHU� ZDV� SHUIRUPHG� RQWKH� GLIIUDFWRPHWHU� RI� '521�~l� W\SH� LQ
&R.D��UDGLDWLRQ��7KH�H[SHULPHQWDO�YDOXHV�RIWKH� LQWHUSODQDU�GLVWDQFHV�G�DQG�WKH�LQWHQVL�
WLHV�RI�WKH�GLIIUDFWLRQ�OLQHV�FRPSOHWHO\�DJUHH
ZLWK�WKH�WDEXODWHG�GDWD�IURP�WKH�ILOH�$670
1R��������� DQDWDVH� 7L2�� SRO\PRUSK�� 7KHGLVSHUVLW\� RI� DQDWDVH� SRZGHU� ZDV� GHWHU�
PLQHG�IURP�WKH�GDWD�RI�;�UD\�DQDO\VLV��7KH
DYHUDJH� GLPHQVLRQ� RI� WKH� FRKHUHQW� VFDWWHU�
LQJ� UHJLRQV� �'�� FDOFXODWHG� E\� WKH� PHWKRG
>��@�ZDV� a����QP��7KH� VL]H� RI�7L2�� SDUWLFOHVFRQWDLQHG�LQ�WKH�FU\VWDO�PHDVXUHG�E\�HOHFWURQ
PLFURVFRSH� DIWHU� GLVVROXWLRQ� RI� WKH� JURZQ
FU\VWDO�LQ�ZDWHU�YDULHG�IURP���WR����QP��VHH
)LJ���E���7KH�DUHD�RFFXSLHG�E\�WKHVH�SDUWLFOHV
LQ�WKH�VROXWLRQ�ZDV�a�����������DQG�KDG�WKH
GHQVLW\�U�a����������FP��
;�UD\� SKDVH� DQDO\VLV� �ZLWK� D� GHWHUPLQD�
WLRQ� HUURU�RI�a���ZW�����GLG�QRW� UHYHDO� WKH
SUHVHQFH� RI� DQDWDVH� QDQRFU\VWDOV� LQ� .'3
FU\VWDOV�DW��������0�O�FRQFHQWUDWLRQV�RI
7L2�� LQ� WKH� LQLWLDO� VROXWLRQ� RQ� WKH� DVVXPS�WLRQ�RI�WKH�RULHQWHG�LQFRUSRUDWLRQ�RI�DOO�WKH
7L2�� QDQRSDUWLFOHV� LQ� WKH� JURZQ� FU\VWDO�9LVXDOO\��WKH�REWDLQHG�FU\VWDOV�KDG�LPSXULW\
JURZWK�EDQGV� LQ� WKH� FU\VWDOORJUDSKLF�GLUHF�
WLRQ� >���@� LQ� WKH� SULVPDWLF� JURZWK� VHFWRU�
DQG� LQ� WKH�GLUHFWLRQ� >���@� LQ�WKH�S\UDPLGDO
JURZWK�VHFWRU��)LJ���D��E���7KH�VWXG\�RI�WKH
JURZQ� .'3�7L2�� FU\VWDOV� E\� 7;'� PHWKRGVKRZHG�WKH�SUHVHQFH�RI�WXUQV�RI�WKH�JURZWK
OD\HU�SDFNHWV�XS�WR���DUFVHF�RQ�WKH�URFNLQJ
FXUYHV��)LJ���D��E��IRU�WKH�SULVPDWLF�VHFWRUV
RQ�WKH�UHIOH[HV��������������DQG�IRU�WKH�S\�
)LJ�����'HSHQGHQFHV�RI�WKH�FU\VWDO�JURZWK�UDWH
�*��RQ�WKH�VROXWLRQ�VXSHUFRROLQJ��x���▲�����IDFH
������ IRU� SXUH� .'3�� .'3�7L2�� �����0�O��
.'3�7L2�������0�O���q���'������IDFH�������IRUSXUH� .'3�� .'3�7L2�� ����� 0�O��� .'3�7L2������0�O���
,�3ULWXOD�HW�DO����*URZWK�DQG�FKDUDFWHUL]DWLRQ�RI����
)XQFWLRQDO�PDWHULDOV������������� ���
UDPLGDO� VHFWRUV� RQ� WKH� UHIOH[� ������� 7KH
WKLFNQHVV� RI� WKH� JURZWK� OD\HU� SDFNHWV� LV
DERXW������PP��)RU�WKH�.'3�FU\VWDO�JURZQ
IURP�WKH�VDPH�QRPLQDOO\�SXUH�UDZ�PDWHULDO
DQG� DW� WKH� VDPH� JURZWK� SDUDPHWHUV� WKH
VSOLWWLQJ�RI� WKH� URFNLQJ� FXUYHV�ZDV�QRW� RE�
VHUYHG��6R�� LQ� WKH�SURFHVV�RI� WKH�JURZWK�RI
.'3�7L2�� FU\VWDOV� WKH� FU\VWDOOL]DWLRQ� IURQWUHMHFWV� WKH� LPSXULW\�� 7KH� QDQRSDUWLFOHV� DUH
FRQVHTXHQWO\� �FDSWXUHG�� E\� WKH� ERXQGDULHV
EHWZHHQ� WKH� JURZWK� OD\HU� SDFNHWV�� ,W� JLYHV
ULVH� WR� DQJXODU� WXUQV� RI� WKH� JURZWK� OD\HU
SDFNHWV�� 6LQFH� WKH� WKLFNQHVV� RI� WKH� JURZWK
OD\HU� SDFNHWV� LV� ����� PP� WKH� 7L2�QDQRSDUWLFOHV� FDQ� EH� HDVLO\� �FDSWXUHG�� E\
WKH�JURZLQJ�FU\VWDO�ZLWK�VXEVHTXHQW�IRUPD�
WLRQ� RI� VHPLFRKHUHQW� ERQG� ZLWK� ZLWK� WKH
FU\VWDO�� ,W� SURYLGHV� WZR�GLPHQVLRQDO� GLVWUL�
EXWLRQ� RUGHU� RI� WKH� 7L2�� QDQRSDUWLFOHV� DWWKH�ERXQGDU\�RI�WKH�JURZWK�OD\HU�SDFNHWV�RI
WKH� FU\VWDO�� ,Q� IDFW�� WKH� PHDVXUHPHQWV� RI
WKH� VWUXFWXUH� SHUIHFWLRQ� RI� WKH� GRSHG� FU\V�
WDOV� SHUIRUPHG� E\� WKH�PHWKRG� RI� 7;'� WHV�
WLI\� WR� WKH� SUHVHQFH� RI� VXFK� VHPLFRKHUHQW
ERXQGDULHV�ZKLFK� GR� QRW� H[HUW� DQ� HVVHQWLDO
HIIHFW� RQ� WKH� URFNLQJ� FXUYH� ):+0� E�� WKH
LQWHJUDO�UHIOHFWLRQ�SRZHU�,5�DQG�WKH�FU\VWDO
ODWWLFH�SDUDPHWHU�LQ�WKH�EXON�RI�WKH�JURZWK
OD\HU� SDFNHW� �7DEOH����� $W� WKH� VDPH� WLPH�
PRUH� VXEVWDQWLDO� �DERXW� VL[IROG�� ULVH� RI
'G�G� LV� REVHUYHG� IRU� WKH�.'3�7L2�� VDPSOHVZKLOH�PHDVXULQJ�WKH�FU\VWDO� ODWWLFH�SDUDPH�
WHUV� LQ� WKH� JURZWK� OD\HU� SDFNHWV� �WKH� UH�
IOH[HV� ������ DQG� ������� VHH� 7DEOH����� 6XFK
FKDQJHV�RI�'G�G�DUH�FDXVHG�E\�LQFRUSRUDWLRQ
RI�DQDWDVH�QDQRSDUWLFOHV�LQWR�WKH�ERXQGDULHV
RI�WKH�OD\HU�E\�OD\HU�JURZWK�IROORZHG�E\�WKH
IRUPDWLRQ� RI� VHPLFRKHUHQW� ERQG� ZLWK� WKH
FU\VWDO��$�VLPLODU�LQFUHDVH�RI�FU\VWDO�ODWWLFH
SDUDPHWHUV���DEOH����LV�DOVR�REVHUYHG�IRU�WKH
VDPSOHV�JURZQ�IURP�WKH�VROXWLRQ�ZLWK�ORZHU
7L2��FRQFHQWUDWLRQ�DQG�¯s� ���,W� VKRXOG� EH� HPSKDVL]HG� WKDW� WKH� RE�
VHUYHG� LQFUHDVH� RI� WKH� FU\VWDO� ODWWLFH� SD�
UDPHWHUV� LQ�.'3�7L2��FDQ�FKDQJH�WKH�ERQG�LQJ� IRUFHV� LQ� WKH� FU\VWDO� ODWWLFH� RI� .'3
ZLWKRXW�UHSODFHPHQW�RU�ZLWKGUDZDO�WKH�FDW�
LRQ�DQLRQ� LQ� WKH� ODWWLFH�� L�H�� ZLWKRXW� WKH
IRUPDWLRQ�RI�VROLG�VROXWLRQV���
7KH� OLQHDU� WUDQVPLVVLRQ� VSHFWUD� ZHUH
PHDVXUHG�IRU�SXUH�.'3�DQG�.'3�7L2��SODWHVZLWK�D�WKLFNQHVV�RI�a�����PP�ZLWK�SROLVKHG
������ IDFHV� �)LJ������ 7KH� PDLQ� RSWLFDO
ORVVHV� LQ� WKH� YLVLEOH� DQG� ,5� UHJLRQV� ZHUH
FDXVHG� E\� WKH� UHIOHFWLRQ� RI� OLJKW� IURP� WKH
LQSXW� DQG� RXWSXW� IDFHV� RI� WKH� FU\VWDO�� 7KH
SXUH� FU\VWDOV� >��@� KDYH� GLIIHUHQW� WUDQVPLV�
VLRQ�FRHIILFLHQWV�RI� WKH�SULVPDWLF� ^���`�DQG
S\UDPLGDO� ^���`� JURZWK� VHFWRUV� LQ� WKH� 89
UHJLRQ� RI� WKH� VSHFWUXP��$V� VHHQ� IURP� )LJ�
�� �FXUYH� ���� WKH� VDPSOHV� FXW� RXW� RI� WKH
S\UDPLGDO�VHFWRU� ^���`�DUH�FKDUDFWHUL]HG�E\
KLJKHU� WUDQVPLVVLRQ� DQG� E\� WKH� DEVHQFH� RI
SHFXOLDULWLHV� RI� WKH� VSHFWUXP� � �a���� �� LQ
WKH�89��DQG�a������LQ�WKH�QHDU�,5�UHJLRQ�
UHVSHFWLYHO\��� )RU� WKH� JURZWK� VHFWRUV� ^���`
WKHUH� LV� REVHUYHG� FKDUDFWHULVWLF� GHFUHDVH� RI
7DEOH���� &KDUDFWHUL]DWLRQ� RI� VWUXFWXUH� SHUIHFWLRQ� RI� QRPLQDOO\� SXUH� .'3� FU\VWDOV� DQG� .'3
FU\VWDOV�GRSHG�ZLWK�QDQRFU\VWDOOLQH�7L2��SDUWLFOHV�
&U\VWDO 1RPLQDOO\�SXUH�.'3��
S+� ��
.'3�7L2����FRQFHQWUDWLRQ�RI7L2��LQ�WKH�LQLWLDO�VROXWLRQ����Ü��0�O��¯s� ���
.'3�7L2����FRQFHQWUDWLRQ�RI7L2��LQ�WKH�LQLWLDO�VROXWLRQ����Ü��0�O��¯s� ����
5HIOH[ E��DUFVHF ,5 G��c E��DUFVHF ,5 'G�G���� E��DUFVHF ,5 'G�G�����
����� ��� ���� �������� ��� ���� ��� ��� ���� ����
����� ��� ���� �������� ��� ���� ���� ��� ���� �����
����� ��� ���� �������� ��� ���� ���� ��� ���� ����
)LJ�����6KDSH�RI� URFNLQJ�FXUYHV�PHDVXUHG�RQ
WKUHH�FU\VWDO� GLIIUDFWRPHWHU� LQ� &X.D�� UDGLD�WLRQ� IRU� WKH� UHIOH[� ������� ��� � QRPLQDOO\
SXUH�.'3�FU\VWDO���E���.'3�7L2��FU\VWDO�
,�3ULWXOD�HW�DO����*URZWK�DQG�FKDUDFWHUL]DWLRQ�RI����
��� )XQFWLRQDO�PDWHULDOV�������������
WKH� WUDQVPLVVLRQ� LQ� WKH� 89�UDQJH� RI� WKH
VSHFWUXP� ZKLFK� PDNHV� a���� �� DW� ���� QP
ZDYHOHQJWK� �FXUYH� �c��� 7KH� LQFUHDVH� RI� WKH
DEVRUSWLRQ� LQ� WKH�89�UHJLRQ� >������@� LV� GH�
ILQHG�E\�WKH�LPSXULWLHV�FRQWDLQHG�LQ�WKH�LQ�
LWLDO� VDOW�� DV� ZHOO� DV� E\� WKH� FRHIILFLHQWV� RI
LPSXULW\� GLVWULEXWLRQ� LQ� GLIIHUHQW� JURZWK
VHFWRUV�� ,W� VKRXOG� EH� DOVR� QRWHG� WKDW� LQFRU�
SRUDWLRQ�RI�FDWLRQV�RI�SRO\YDOHQW�PHWDOV�LQWR
.'3�FU\VWDO�ODWWLFH�OHDGV�WR�WKH�IRUPDWLRQ�RI
D� GHIHFW� VWUXFWXUH� RI� �K\GURJHQ� VXEODWWLFH�
FDXVHG� E\� SURWRQ� YDFDQFLHV�� ,Q� SDUWLFXODU�
LQFRUSRUDWLRQ�RI�)H�LPSXULW\�LQWR�.'3�OHDGV
WR� WKH� DSSHDUDQFH� RI� RQH�K\GURJHQ�YDFDQF\
DQG�WZR�SRWDVVLXP�YDFDQFLHV��WKH�FRQFHQWUD�
WLRQ� RI� VXFK� GHIHFWV� LQ� WKH� FU\VWDO� LV� HTXDO
WR� WKH� WRWDO� FRQFHQWUDWLRQ� RI� WKH� FDWLRQLF
LPSXULWLHV�>��@��,Q�WKH�YLVLEOH�DQG�,5�UDQJHV
WKH� JURZWK� VHFWRUV� ^���`� DQG� ^���`� WUDQV�
PLVVLRQ�VSHFWUD��FXUYHV���DQG�����DUH�VLPLODU
WR� WKRVH� RI� � WKH� SXUH� .'3� IRU� WKH� VDPSOHV
JURZQ� IURP� WKH� VROXWLRQV� ZLWK� �����0�O� FRQ�
WHQW�RI�7L2��QDQRFU\VWDOV��7KH�ULVH�RI�WKH�FRQ�FHQWUDWLRQ�RI�WKH�QDQRSDUWLFOHV�LQ�WKH�VROXWLRQ
XS� WR� ����0�O� LQFUHDVHV� WKH� WUDQVPLVVLRQ� RI
WKH� VDPSOHV� ZLWKLQ� WKH� ZKROH� RI� WKH� VSHF�
WUXP�� 6XFK� DQ� HIIHFW�� HVSHFLDOO\� YLYLG� LQ� WKH
89�UHJLRQ� IRU� WKH� JURZWK� VHFWRUV� ^���`� ��c��
VKRXOG�EH�DWWULEXWHG�WR� WKH�UHVRQDQFH� LQWHUDF�
WLRQ� RI� WKH� LQWULQVLF� FU\VWDO� GHIHFWV� ZLWK
DQDWDVH�QDQRFU\VWDOV��
,Q� WKH� FDVH� RI� WKH� FU\VWDOV� JURZQ� IURP
WKH�VROXWLRQV�FRQWDLQLQJ�a����0�O�RI�7L2��PDQ\� LQFOXVLRQV� DUH� IRUPHG� SUHGRPLQDQWO\
LQ� WKH� S\UDPLGDO� UHJLRQ�� 7KLV� UHGXFHV� WKH
WRWDO� WUDQVPLVVLRQ� ZLWKLQ� WKH� ZKROH� RI� WKH
VSHFWUXP�GXH� WR�HIIHFWLYH� VFDWWHULQJ�RQ�RS�
WLFDO�LQKRPRJHQHLWLHV���
$�GHWDLOHG�VWXG\�RI�WKH�QDQRSDUWLFOH�V\V�
WHP� LQ� WKH�PDWUL[� RI�.'3� ZDV� FDUULHG� RXW
E\� DQDO\]LQJ� WKH� SKRWRLQGXFHG� FKDQJHV� RI
WKH�WUDQVPLVVLRQ�RI�WKH�VDPSOHV�DW�WKH�IXQ�
GDPHQWDO� ZDYHOHQJWK� RI� 1G���<$*� ODVHU
������ QP�� ����� H9� TXDQWXP� HQHUJ\��� 7KH
LGHD� RI� VXFK� DQ� DSSURDFK� LV� WKH� IROORZLQJ�
7KH�LQFUHDVH�RI�WKH�1/2�UHVSRQVH�RI�DQDWDVH
QDQRFU\VWDOV� E\� VL[� RUGHUV� LQ� FRPSDULVRQ
ZLWK�WKH�EXON�RQH�GXH�WR�WKH�UHVRQDQFH�H[FL�
WDWLRQ� RI� WKH� VXUIDFH� GHIHFW� VWDWHV� RI� WKH
QDQRSDUWLFOHV� PDNHV� LW� SRVVLEOH� WR� UHJLVWHU
7DEOH����7KH�LPDJLQDU\�SDUW�RI�WKH�FXELF�1/2�VXVFHSWLELOLW\�,P�F�����DQG�SKRWRGDUNHQLQJ�VDWXUD�
WLRQ� LQWHQVLW\� ,V� IRU� WKH� SXUH� .'3� �UHIHUHQFH� DLU�� DQG� .'3�7L2�� �UHIHUHQFH� SXUH� .'3�� ZLWKGLIIHUHQW�FRQFHQWUDWLRQ�RI�7L2��QDQRSDUWLFOHV�LQ�WKH�LQLWLDO�VROXWLRQ��
6DPSOH
&RQFHQWUDWLRQ
5HIHUHQFH
^���`�VHFWRU ^���`�VHFWRU
7L2���0�O ,P�F�����
����HVX
,V�0:�FP� ,P�F�����
����HVX
,V�0:�FP�
.'3 Ü DLU ��� ��� ��� ���
.'3�7L2� ��� .'3 ��� ��� ��� ����
.'3�7L2� ��� .'3 ��� ��� ��� ���
)LJ����� �D�� 7KH� OLQHDU� WUDQVPLWWDQFH� �UHIHUHQFH� DLU�� VSHFWUD� DQG� �E�� WKH� QRUPDOL]HG� SKRWRLQGXFHG
WRWDO�WUDQVPLWWDQFH�YDULDWLRQ�IRU�HQHUJ\�TXDQWD������H9�������QP��YV��SHDN�ODVHU�LQWHQVLW\�IRU�WKH
.'3�7L2��SODWHV�ZLWK���Ü������DQG���Ü������0�O�DQDWDVH�FRQFHQWUDWLRQ�LQ�PRWKHU�OLTXRU��UHIHUHQFH�Û1/2�UHVSRQVH�RI�WKH�SXUH�.'3������6ROLG�OLQHV�FRUUHVSRQG�WR�WKH�^���`�JURZWK�VHFWRU��GDVKHG�OLQHV
ZLWK�SULPHV��WR�WKH�^���`�VHFWRU��
,�3ULWXOD�HW�DO����*URZWK�DQG�FKDUDFWHUL]DWLRQ�RI����
)XQFWLRQDO�PDWHULDOV������������� ���
WKH�SKRWR�LQGXFHG�FKDQJHV�RI�WKH�RSWLFDO�SD�
UDPHWHUV�RI�WKH�ZKROH�RI�WKH�KHWHURJHQHRXV
V\VWHP��HYHQ�DW�ORZ�QDQRSDUWLFOH�FRQFHQWUD�
WLRQ� LQ� WKH� PDWUL[� GXH� WR� WKH� JLDQW� 1/2
UHVSRQVH�RI�DQDWDVH�QDQRSDUWLFOHV�>��@���
7KH� VFKHPH� RI� WKH� H[SHULPHQWDO� LQYHVWL�
JDWLRQ� RI� WKH�1/2� UHVSRQVH� LV� GHVFULEHG� LQ
>��@�� 6LQJOH� SLFRVHFRQG� ODVHU� SXOVHV� ���� SV
):+0�� UHSHWLWLRQ� UDWH� �� +]�� ZLWK� WKH
*DXVVLDQ�VSDWLDO�SURILOH�ZHUH�IRFXVHG�RQ�WKH
VDPSOH� E\� D� OHQV� ZLWK� D� IRFDO� GLVWDQFH� RI
��� FP� �WKH� GLVWDQFH� EHWZHHQ� WKH� OHQV� DQG
WKH� VDPSOH� ZDV� ��� FP� DQG� UHPDLQHG� XQ�
FKDQJHG��� 7KH� LQFLGHQW� UDGLDWLRQ� LQWHQVLW\
ZDV� FKDQJHG� XVLQJ� D� QHXWUDO� DWWHQXDWRU
ZLWK���������WUDQVPLVVLRQ�YDULDWLRQ��7KH
XVHG� WHFKQLTXH� DOORZHG� WR� VWXG\� WKH� 1/2
UHVSRQVH� IURP�WKH� VDPH�DSHUWXUH�RI� WKH� LQ�
FLGHQW� EHDP� IRU� ODVHU� UDGLDWLRQ� LQWHQVLWLHV
UDQJLQJ� EHWZHHQ� �� DQG� ���� 0:�°P�� DW
KLJK�VLJQDO�WR�QRLVH�UDWLR��)URP�WKH�GHSHQG�
HQFHV� RI� WKH� WRWDO� WUDQVPLVVLRQ�RI� WKH� VDP�
SOHV� RQ� WKH� LQFLGHQW� UDGLDWLRQ� LQWHQVLW\� ,
WKHUH�ZDV�GHWHUPLQHG�WKH�LPDJLQDU\�SDUW�RI
WKH� FXELF� 1/2� VXVFHSWLELOLW\� ,P�F����� FKDU�
DFWHUL]LQJ�WKH�SKRWR�LQGXFHG�FKDQJHV�RI�WKH
RSWLFDO�DEVRUSWLRQ�'D1/2�a�,P�F����,��7KH� WRWDO� WUDQVPLWWDQFH� GHSHQGHQFLHV
YHUVXV�WKH�SHDN�ODVHU�LQWHQVLW\�IRU�WKH�SXUH
.'3�VDPSOHV�DUH�QRQPRQRWRQLF��$W�ODVHU�UD�
GLDWLRQ�LQWHQVLWLHV�XS�WR���0:�°P��WKHUH�LV
REVHUYHG� WKH� HIIHFW� RI� WZR�SKRWRQ� DEVRUS�
WLRQ�ZKLFK�OHDGV�WR�WKH�SKRWR�LQGXFHG�UHGXF�
WLRQ�RI�WKH�WUDQVPLVVLRQ�E\������WKH�VHFWRU
^���`�� DQG� ���� �WKH� VHFWRU� ^������ 6XFK� DQ
HIIHFW� LV� GXH� WR� WKH� UHVRQDQFH� WZR�SKRWRQ
H[FLWDWLRQ� RI� WKH� LQWULQVLF� GHIHFWV� >��@� RI
WKH�SXUH�.'3�FU\VWDO��,W�LV�FKDUDFWHUL]HG�E\
UDWKHU�KLJK�YDOXHV�RI�WKH�LPDJLQDU\�SDUW�RI
WKH� FXELF� 1/2� VXVFHSWLELOLW\� ,P�F�����a
��������� DQG� ��������� HVX�� UHVSHFWLYHO\
�VHH� 7DEOH����� DQG� LV� DFFRPSDQLHG� ZLWK� WKH
HIIHFW� RI� ODVHU� EHDP� VHOI�GHIRFXVLQJ�� )XU�
WKHU�ULVH�RI�WKH�LQWHQVLW\�LV�FKDUDFWHUL]HG�E\
WKH� 1/2� GHSHQGHQFHV� HDUOLHU� REVHUYHG� DW
VLQJOH�SKRWRQ� UHVRQDQFH� H[FLWDWLRQ� RI� WKH
GHIHFW� VWDWHV� RI� .'3� FU\VWDOV� DW� ���� QP
ZDYHOHQJWK��7KH�SKRWRLQGXFHG�GDUNHQLQJ� LV
UHSODFHG�E\�WKH�EOHDFKLQJ�RI�WKH�VDPSOHV�E\
�� �� DQG� VHOI�IRFXVLQJ� RI� WKH� ODVHU� EHDP
WUDQVPLWWHG� WKURXJK� WKH� VDPSOH�� %RWK� RI
WKHVH�SURFHVVHV�DUH�VDWXUDWHG�DW�D�SHDN�LQWHQ�
VLW\� RI� a���0:�°P�� ZKLFK� LV� E\� DQ� RUGHU
KLJKHU�WKDQ�WKH�W\SLFDO�VDWXUDWLRQ�LQWHQVLWLHV
DW�VLQJOH�SKRWRQ�H[FLWDWLRQ���
7R� H[WUDFW� WKH� 1/2� FRQWULEXWLRQ� RI� WKH
VXEV\VWHP�RI�DQDWDVH�QDQRSDUWLFOHV�IURP�WKH
UHVSRQVH�RI� WKH�GRSHG�VDPSOHV�� WKH�GHSHQG�
HQFHV� RI� WKH� SKRWRLQGXFHG� YDULDWLRQ� RI� WKH
WRWDO� WUDQVPLVVLRQ� RI� WKH� GRSHG� FU\VWDOV
ZHUH� QRUPDOL]HG� WR� WKH� DQDORJRXV� GHSHQG�
HQFHV�IRU�SXUH�.'3�WDNLQJ�LQWR�DFFRXQW�WKH
VHFWRULDO�VWUXFWXUH�RI�WKH�FU\VWDO��6KRZQ�LQ
)LJ���E� DUH� WKH� GHSHQGHQFHV� RI� WKH� WRWDO
WUDQVPLVVLRQ� RI� WKH� GRSHG� VDPSOHV� RQ� WKH
LQFLGHQW� UDGLDWLRQ� LQWHQVLW\� DW� ����� QP
ZDYHOHQJWK��'HVSLWH� WKH� IDFW� WKDW� WKH� VSHF�
WUDO� FKDUDFWHULVWLFV� RI� WKH� GRSHG� FU\VWDOV
KDYH� QR� SDUWLFXODUO\� SURQRXQFHG� SHFXOLDUL�
WLHV�LQ�WKH�WUDQVSDUHQF\�UHJLRQ��DOO�WKH�VDP�
SOHV� VKRZ� FRQVLGHUDEOH� 1/2� UHVSRQVH�� 7KLV
LV� FDXVHG� E\� WKH� DFWLRQ� RI� WZR�PHFKDQLVPV�
WKH� UHVRQDQFH� H[FLWDWLRQ� RI� WKH� LQWULQVLF� GH�
IHFW�VWUXFWXUH�RI�WKH�SXUH�FU\VWDOV�DQG�RI�WKH
VXUIDFH�VWDWHV�RI�7L2��QDQRSDUWLFOHV�>��@�$OO� WKH� GRSHG� VDPSOHV� DUH� FKDUDFWHUL]HG
E\� WKH�SKRWR�LQGXFHG�GHFUHDVH�RI�WKH�WUDQV�
PLVVLRQ� DW� ORZ� H[FLWDWLRQ� LQWHQVLWLHV
�)LJ���E���7DEOH���FRQWDLQV�WKH�YDOXHV�RI�WKH
VDWXUDWLRQ� LQWHQVLW\� ,V� DW� ZKLFK� WKH� SKRWR�LQGXFHG�GDUNHQLQJ�LV�UHSODFHG�E\�WKH�EOHDFK�
LQJ�RI�WKH�VXEV\VWHP��7KH�SUHVHQWHG�GHSHQG�
HQFHV� DUH� UHYHUVLEOH�� L�H�� UHFXUULQJ� ERWK� DW
WKH� ULVH� DQG� WKH� GHFUHDVH� RI� WKH� LQFLGHQW
UDGLDWLRQ�LQWHQVLW\��7KXV��GXH�WR�WKH�XVH�RI
SLFRVHFRQG� SXOVHV� WKH� HIIHFWV� RI� DFFXPXOD�
WLRQ� ZHUH� QRW� REVHUYHG� LQ� WKH� LQYHVWLJDWHG
FU\VWDOV�� )RU� ,���,V� WKHUH� ZHUH� FDOFXODWHGWKH� YDOXHV� RI� WKH� LPDJLQDU\� SDUW� RI� WKH
FXELF� GLHOHFWULF� VXVFHSWLELOLW\� ,P�F������ 7KH
VLPXODWLRQ�UHVXOWV�DUH�SUHVHQWHG�LQ�7DEOH���
7KH�GHSHQGHQFHV�VKRZQ�LQ�)LJ���E�WHVWLI\
WR� DQ� HVVHQWLDO� GLVWLQFWLRQ� LQ� WKH� 1/2
FKDQJHV� RI� WKH� WRWDO� WUDQVPLVVLRQ� RI� WKH
GRSHG� VDPSOHV� FXW� RXW� RI� GLIIHUHQW� FU\VWDO
JURZWK�VHFWRUV��'XH�WR�WKH�UHVRQDQFH�HIIHFW
RI� WZR�SKRWRQ� DEVRUSWLRQ� RQ� WKH� LQWULQVLF
FU\VWDO� GHIHFWV�� WKH� SKRWR�LQGXFHG� FKDQJHV
RI�WKH�WRWDO�WUDQVPLVVLRQ�HIIHFWLYHO\�FKDUDF�
WHUL]H�WKH�.'3�VWUXFWXUH�SHUIHFWLRQ��,Q�SDU�
WLFXODU�� WKH� SULVPDWLF� VHFWRUV� RI� SXUH� .'3
FU\VWDOV�DUH�FKDUDFWHUL]HG�E\�KLJKHU�FRQFHQ�
WUDWLRQV� RI� WKH� GHIHFWV� DQG�� FRQVHTXHQWO\�
E\� KLJKHU� YDOXHV� RI� WKH� LPDJLQDU\� SDUW� RI
WKH� FXELF� 1/2� VXVFHSWLELOLW\� ,P�F����� �VHH
7DEOH����LQ�FRPSDULVRQ�ZLWK�WKH�FRUUHVSRQG�
LQJ�YDOXHV�IRU�WKH�S\UDPLGDO�VHFWRUV���
'RSLQJ� RI� .'3� ZLWK� 7L2�� QDQRFU\VWDOVSURYHV� WKH� DVVXPSWLRQ� IRUPXODWHG� ZKLOH
DQDO\]LQJ�WKH�WUDQVPLVVLRQ�VSHFWUD��LQFRUSR�
UDWLRQ� RI� DQDWDVH� QDQRSDUWLFOHV� GLPLQLVKHV
WKH�FRQWULEXWLRQ�RI�WKH�RSWLFDO�DQG�1/2�UH�
VSRQVH� RI� WKH� VXEV\VWHP� RI� WKH� LQWULQVLF� GH�
IHFWV��)RU�WKH�S\UDPLGDO�JURZWK�VHFWRU�WKH�FRQ�
WULEXWLRQ�RI� WKH�1/2�UHVSRQVH� RI� WKH� V\VWHP
RI�QDQRFU\VWDOV�SUHGRPLQDWHV��DQG�WKH�VDWXUD�
WLRQ�LQWHQVLW\�,V�RI�WKH�SKRWR�LQGXFHG�GDUNHQ�LQJ�HVVHQWLDOO\�GHFUHDVHV��$W�����0�O�FRQFHQ�
,�3ULWXOD�HW�DO����*URZWK�DQG�FKDUDFWHUL]DWLRQ�RI����
��� )XQFWLRQDO�PDWHULDOV�������������
WUDWLRQ� DQ� HIIHFLHQF\� RI� WKH� 1/2� UHVSRQVH
RI� WKH� QDQRSDUWLFOHV� SUDFWLFDOO\� E\� DQ� RUGHU
H[FHHGV� WKH� FRQWULEXWLRQ� RI� WKH� UHVRQDQFH
WZR�SKRWRQ� DEVRUSWLRQ� RQ� WKH� LQWULQVLF� FU\V�
WDO� GHIHFWV�� )RU� WKH� SULVPDWLF� JURZWK� VHFWRU
WKH� SUHVHQFH� RI� KLJK� FRQFHQWUDWLRQ� RI� WKH
LQWULQVLF� GHIHFWV� PDNHV� WKH� FRQWULEXWLRQV� RI
WKH�ERWK�RI�WKH�V\VWHPV�WR�WKH�1/2�UHVSRQVH
FRPSDUDEOH��7KHUHDW�� LW� VKRXOG�EH�QRWHG� WKDW
WKH� PHDVXUHG� LPDJLQDU\� SDUWV� RI� WKH� FXELF
1/2� VXVFHSWLELOLW\� RI� WKH� VXEV\VWHP� RI
DQDWDVH� QDQRSDUWLFOHV� LQ� WKH� VHFWRU� � ^���`
DUH� E\� VHYHUDO� WLPHV� VPDOOHU� WKDQ� WKH� FRUUH�
VSRQGLQJ� YDOXHV� IRU� WKH� VHFWRU� ^���`�
7KXV�� IRU� WKH� ILUVW� WLPH� ZH� KDYH� JURZQ
.'3� VLQJOH� FU\VWDOV� GRSHG� ZLWK� DQDWDVH
QDQRFU\VWDOV�ZLWK�WKH�FKDUDFWHULVWLF�SDUWLFOH
VL]H�����QP��,W�LV�VKRZQ�WKDW�DOO�WKH�FU\V�
WDOV�JURZQ�LQ�WKH�SUHVHQFH�RI�WKH�QDQRSDUWL�
FOHV�ZLWK���������0�O�FRQFHQWUDWLRQV�DUH
FKDUDFWHUL]HG� E\� LPSXULW\� VWUHDNLQHVV� ERWK
LQ�WKH�JURZWK�VHFWRUV�^���`�DQG�^���`��0RVW
YLYLGO\�LPSXULW\�VWUHDNLQHVV�PDQLIHVWV�LWVHOI
LQ� WKH� VHFWRUV� ^���`� DW� ����0�O�FRQFHQWUD�
WLRQ�RI�7L2��� ,W� LV� HVWDEOLVKHG� WKDW� WKH�FRQ�FHQWUDWLRQ�RI� WKH�QDQRSDUWLFOHV� LQ� WKH� VROX�
WLRQ�RQ�WKH�RUGHU�RI��������0�O�GRHV�QRW
LQIOXHQFH�WKH�JURZWK�UDWH�RI�WKH�GRSHG�FU\V�
WDOV�ZKHQ� WKH� JURZWK� LV� UHDOL]HG�XQGHU� WKH
FRQGLWLRQV�RI�QDWXUDO�FRQYHFWLRQ��7KH�;�UD\
GDWD� DQDO\VLV� VKRZV� WKDW� LQ� WKH� SURFHVV� RI
WKH�JURZWK�RI�7L2��GRSHG�.'3�FU\VWDOV��WKHQDQRSDUWLFOHV� DUH� UHMHFWHG� E\� WKH� FU\VWDO�
OL]DWLRQ� IURQW� DQG� WKHQ� �FDSWXUHG�� E\� WKH
ERXQGDULHV�EHWZHHQ�WKH�JURZWK�OD\HU�SDFNHWV�
7KLV� VHHPV� WR� OHDG� WR� DQJXODU� WXUQV� RI� WKH
JURZWK�OD\HU�SDFNHWV�ZLWK�VXEVHTXHQW�IRUPD�
WLRQ� RI� � VHPLFRKHUHQW� ERQG�ZLWK� WKH� FU\VWDO�
,W� SURYLGHV� WZR�GLPHQVLRQDO� GLVWULEXWLRQ
RUGHU�RI�WKH�7L2��SDUWLFOHV�DW�WKH�ERXQGDU\�RIWKH�JURZWK� OD\HU� SDFNHWV� RI� WKH� FU\VWDO��7KH
UHYHDOHG�ULVH�RI�WKH�FU\VWDO�ODWWLFH�SDUDPHWHUV
LQ� WKH�FU\VWDOV�GRSHG�ZLWK�DQDWDVH�QDQRFU\V�
WDOV� UHIOHFW� WKH�FKDQJHV� LQ� WKH�ERQGLQJ�IRUFH
LQ� WKH� FU\VWDO� ODWWLFH� RI� .'3�7L2��� ,W� ZDVIRXQG� WKDW� WKH� HIIHFW� RI� WKH� JLDQW� QRQOLQHDU
RSWLFDO� UHVSRQVH� RI� DQDWDVH� QDQRSDUWLFOHV
WDNHV�SODFH�LQ�WKH�FU\VWDO�PDWUL[�RI�.'3��DQG
LWV� PDQLIHVWDWLRQ� HVVHQWLDOO\� GHSHQGV� RQ� WKH
FU\VWDO�VWUXFWXUH�RI�WKH�PDWUL[���
,W�ZDV�VKRZQ�WKDW�DSSOLFDWLRQ�RI�WKH�FRP�
SHWLWLYH� UHVRQDQW� 1/2� UHVSRQVH� FRQWULEX�
WLRQV� RI� WKH� LQWULQVFLF� .'3� GHIHFWV� DQG
DQDWDVH�QDQRSDUWLFOHV�V\EV\VWHPV�LV�D�SURP�
LVLQJ� DSSURDFK� IRU� WKH� HIILFLHQW� IXQFWLRQDO
.'3�7L2�� PDWHULDO� ZLWK� FRQWUROODEOH� 1/2UHVSRQVH��GHVLJQ�
5HIHUHQFHV
� ���'�;XH�� 6�=KDQJ�� &KHP��3K\V��/HWW��� ����� ���
�������
� ���%�.DKU�� 6��+�-DQJ�� -�$�6XEUDPRQ\� HW� DO��
$GY��0DWHU�����������������
� ���+�6XJLPRWR\�� 6�,NHGD�� -��3K\V��&RQGHQV��0DW�
WHU�����������������
� ���*�%KDJDYDQQDUD\DQD�� 6�3DUWKLEDQ�� 6�0HHQDN�
VKLVXQGDUDP��&U\VW��*URZWK�'HV�����������������
� ���3�.XPDUHVDQD�� 6�0RRUWK\� %DEX�� 3�0�$Q�
EDUDVDQ��0DWHU��5HV��%XOO�������������������
� ���/�0�3HUH]�� 0�(�)HUQDQGH]�� -�(�'LRVD�
5�$�9DUJDV��5HYLVWD�&RORPE��'H�)LVLFD��������
�������
� ���3�.XPDUHVDQ�� 6�0RRUWK\� %DEX�� 3�0�$Q�
EDUDVDQ��2SW��0DWHU�������������������
� ���%�$�6WUXNRY��6�9�*UDERYVNL\��7�9�3DYORYVND\D�
,�9�6KQD\GVKWH\Q�� 1DXN��7HNKQRO��� ��� �
�������
� ���%�.DKU�� 5�:�*XUQH\�� &KHP��5HY��� ����� ���
�������
����(�%�5XGQHYD�� 9�/�0DQRPHQRYD�� $�(�9RORVKLQ�
HW�DO���&U\VW��5HSRUWV�����������������
����$�$�%RUVKFK�� 0�6�%URG\Q�� 9�<D� *D\YRURQ�
VN\��LQ��3URF��63,(���Y�������S�������������
����9�*D\YRURQVN\�� $�*DODV�� (�6KHSHO\DY\\� HW
DO���$SSO��3K\V��%����������������
����+�,�(OLP�� :�-L�� $�+�<XZRQR� HW� DO��� $SSO�
3K\V��/HWW�������������������
����7�1�6PLUQRYD�� 2�9�6DNKQR�� 9�,�%H]URGQ\M�
-�6WXPSH��$SSO��3K\V��%�����������������
����1�=DLWVHYD�� /�&DUPDQ�� 3URJ��&U\VW��*URZWK�
DQG�&KDU���0DWHULDO������������
����9�,�%UHGLNKLQ�� 9�3�<HUVKRY�� 9�9�.RUROLNKLQ�
9�1�/L]\DNLQD�� .ULVWDOORJUDILD�� ���� ���
�������>LQ�5XVVLDQ@�
����$�$�&KHUQRY�� <H�,�*LYHUJL]RY�� � .K�6�%DJ�
GDVDURY� HW�DO� 0RGHUQ� &U\VWDOORJUDSK\�� 9���
1DXND��0RVFRZ�������>LQ�5XVVLDQ�@�
����/�$�*X]PDQ��1�.XERWD��-��&U\VW��*URZWK������
H�����������
����9�)�7NDFKHQNR��0�$�5RP��$�$�%DELFKHQNR�HW
DO���3ULERU\�L�7HNK��([SHU������������������
����9�0��3X]LNRY��9�,��6DOR��0�,��.RO\EDHYD�HW�DO�
.'3�'.'3� 6LQJOH� &U\VWDOV� IRU� +LJK�SRZHU
/DVHUV��.KDUNRY��,QVWLWXWH�IRU�6LQJOH�&U\VWDOV
3XEO����������>LQ�5XVVLDQ@�
����9�)�7NDFKHQNR�� 0�$�5RP�� 8665� LQYHQWRU�V
FHUWLILFDWH�1R����������k��
����$�$��5XVDNRY��;�UD\�,QYHVWLJDWLRQ�RI�0HWDOV�
$WRPL]GDW��0RVFRZ���������>LQ�5XVVLDQ@��
����.�)XMLRND��6�0DWVXR��7�.DQDEH�HW�DO���-��&U\V�
*URZWK������������������
����<H�'�<DNXVKLQ�� <H�3�<HIUHPRYD�� $�,�%DUDQRY�
.ULVWDOORJUDILD�����������������
����,�1�2JRURGQLNRY�� 9�<X�<DNRYOHY�� %�9�6KXO�
JLQ�� 0�.�6DW\EDOGLHYD�� 3K\V��6RO��6WDWH�� ���
�����������
,�3ULWXOD�HW�DO����*URZWK�DQG�FKDUDFWHUL]DWLRQ�RI����
)XQFWLRQDO�PDWHULDOV������������� ���
{Ò¯º��mÈÓÓ«��È�mãȰ�Òmº°���äºÓº}¯Ò°�Èã�m�.+�32���º��º¹ºmÈÓ��ÓÈÓº}¯Ò°�ÈãÈäÒ�7L2�´��¯Ò��ãÈ��{��È®mº¯ºÓ° }Ò®��l�zº¹Òãºm° }Ò®�0�zºãÒȼmÈ��{���Ï�}ºm��k�zº°�ÓºmÈ��{��}È�ËÓ}º�{�¡�¯�}ºm��7�zºÓ°�ÈÓ�ÒÓºmÈ��{��º�Ò}º
lË�º�ºä�ÏÓÒÎËÓÓ«��Ëä¹Ë¯È��¯Ò�m¹Ë¯�Ë�mÒ¯º�ËÓº�}¯Ò°�ÈãÒ�.'3�Ï�mº�ÓÒ²�¯ºÏ�ÒÓ�m�
�º�ä�°�«� �ÓÈÓº}¯Ò°�ÈãÒ�7L2���ÈÓÈ�ÈÏ����zºÓ�ËÓ�¯È��«�7L2��mȯ�
mÈãȰ«���¹º�È�}ºmºä�¯ºÏ�ÒÓ��m��� ��Ü���º���Ü��l�ã����}¯Ò°�ÈãȲ�.'3�7L2��äË�º�ºä��¯ º²}¯Ò°�Èã Óº��¯ËÓ���ËÓ�m° }º�� �ÒÁ¯È}�ºäË�¯��� m°�ÈÓºmãËÓº� ÓÈ«mÓ�°� � ¯ºÏmº¯º��m� ¹È}Ë��m��ȯ�m� ¯º°��� �º� �
DUFVHF��ã«�°Ë}�º¯�m� ^���`� ��È� ^���`���ºm�ÒÓÈ�¹È}Ë��m��ȯ�m�¯º°�����º�°¹º°�˯��ȼ� °«�
°}ãÈ�ȼ� mËãÒ�ÒÓ�� ������ ä}ä�� {Ò«mãËÓº� m��Óº°Ó�� Ïä�Ó�� ��� �� ¯ÈÏ�m�� ¹È¯ÈäË�¯�m� }¯Ò°�
�Èã��Óº��¯Ë���}Ò�'G�G���ãË�ºmÈÓºä��}¯Ò°�Èã���º�º��Ò°�º�º�}¯Ò°�ÈãÈ��«}È�º�äºmãËÓË
m²º�ÎËÓÓ«ä� ÓÈÓº�Ȱ�ÒÓº}� ÈÓÈ�ÈÏ�� �� äËÎ�� ¹º�ȯºmº�º� ¯º°��� Ï� ��mº¯ËÓÓ«ä� Óȹ�m}º�Ë�
¯ËÓ�Óº�º� Ïm�«Ï}�� Ï� }¯Ò°�Èãºä�� �º}ÈÏÈÓº�� �º� �� }¯Ò°�Èã��Ó�®� äÈ�¯Ò��� .'3� °¹º°�
�˯��ȼ� °«�ËÁË}�����ÈÓ�° }º�º�ÓËã�Ó�®Óº�º¹�Ò�Óº�º�m����}��ÓÈÓº�Ȱ�ÒÓº}�ÈÓÈ�ÈÏ���
�
�
,�3ULWXOD�HW�DO����*URZWK�DQG�FKDUDFWHUL]DWLRQ�RI����
��� )XQFWLRQDO�PDWHULDOV�������������
|