Relaxation of electrical resistance and phase separation in ReBa₂Cu₃O₇-delta (Re = Y, Ho) single crystals strongly underdoped with oxygen
Збережено в:
Дата: | 2011 |
---|---|
Автори: | , , , , , |
Формат: | Стаття |
Мова: | English |
Опубліковано: |
НТК «Інститут монокристалів» НАН України
2011
|
Назва видання: | Functional Materials |
Теми: | |
Онлайн доступ: | http://dspace.nbuv.gov.ua/handle/123456789/135426 |
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: | Relaxation of electrical resistance and phase separation in ReBa₂Cu₃O₇-delta (Re = Y, Ho) single crystals strongly underdoped with oxygen / A.A. Zavgorodniy, R.V. Vovk, M.A. Obolenskii, Z.F. Nazyrov, S. Roshko, V.M. Pinto Simoes // Functional Materials. — 2011. — Т. 18, № 1. — С. 24-28. — Бібліогр.: 13 назв. — англ. |
Репозитарії
Digital Library of Periodicals of National Academy of Sciences of Ukraineid |
irk-123456789-135426 |
---|---|
record_format |
dspace |
spelling |
irk-123456789-1354262020-10-11T00:29:06Z Relaxation of electrical resistance and phase separation in ReBa₂Cu₃O₇-delta (Re = Y, Ho) single crystals strongly underdoped with oxygen Zavgorodniy, A.A. Vovk, R.V. Obolenskii, M.A. Nazyrov, Z.F. Roshko, S. Pinto Simoes, V.M. Characterization and properties 2011 Article Relaxation of electrical resistance and phase separation in ReBa₂Cu₃O₇-delta (Re = Y, Ho) single crystals strongly underdoped with oxygen / A.A. Zavgorodniy, R.V. Vovk, M.A. Obolenskii, Z.F. Nazyrov, S. Roshko, V.M. Pinto Simoes // Functional Materials. — 2011. — Т. 18, № 1. — С. 24-28. — Бібліогр.: 13 назв. — англ. 1027-5495 http://dspace.nbuv.gov.ua/handle/123456789/135426 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 |
Characterization and properties Characterization and properties |
spellingShingle |
Characterization and properties Characterization and properties Zavgorodniy, A.A. Vovk, R.V. Obolenskii, M.A. Nazyrov, Z.F. Roshko, S. Pinto Simoes, V.M. Relaxation of electrical resistance and phase separation in ReBa₂Cu₃O₇-delta (Re = Y, Ho) single crystals strongly underdoped with oxygen Functional Materials |
format |
Article |
author |
Zavgorodniy, A.A. Vovk, R.V. Obolenskii, M.A. Nazyrov, Z.F. Roshko, S. Pinto Simoes, V.M. |
author_facet |
Zavgorodniy, A.A. Vovk, R.V. Obolenskii, M.A. Nazyrov, Z.F. Roshko, S. Pinto Simoes, V.M. |
author_sort |
Zavgorodniy, A.A. |
title |
Relaxation of electrical resistance and phase separation in ReBa₂Cu₃O₇-delta (Re = Y, Ho) single crystals strongly underdoped with oxygen |
title_short |
Relaxation of electrical resistance and phase separation in ReBa₂Cu₃O₇-delta (Re = Y, Ho) single crystals strongly underdoped with oxygen |
title_full |
Relaxation of electrical resistance and phase separation in ReBa₂Cu₃O₇-delta (Re = Y, Ho) single crystals strongly underdoped with oxygen |
title_fullStr |
Relaxation of electrical resistance and phase separation in ReBa₂Cu₃O₇-delta (Re = Y, Ho) single crystals strongly underdoped with oxygen |
title_full_unstemmed |
Relaxation of electrical resistance and phase separation in ReBa₂Cu₃O₇-delta (Re = Y, Ho) single crystals strongly underdoped with oxygen |
title_sort |
relaxation of electrical resistance and phase separation in reba₂cu₃o₇-delta (re = y, ho) single crystals strongly underdoped with oxygen |
publisher |
НТК «Інститут монокристалів» НАН України |
publishDate |
2011 |
topic_facet |
Characterization and properties |
url |
http://dspace.nbuv.gov.ua/handle/123456789/135426 |
citation_txt |
Relaxation of electrical resistance and phase separation in ReBa₂Cu₃O₇-delta (Re = Y, Ho) single crystals strongly underdoped with oxygen / A.A. Zavgorodniy, R.V. Vovk, M.A. Obolenskii, Z.F. Nazyrov, S. Roshko, V.M. Pinto Simoes // Functional Materials. — 2011. — Т. 18, № 1. — С. 24-28. — Бібліогр.: 13 назв. — англ. |
series |
Functional Materials |
work_keys_str_mv |
AT zavgorodniyaa relaxationofelectricalresistanceandphaseseparationinreba2cu3o7deltareyhosinglecrystalsstronglyunderdopedwithoxygen AT vovkrv relaxationofelectricalresistanceandphaseseparationinreba2cu3o7deltareyhosinglecrystalsstronglyunderdopedwithoxygen AT obolenskiima relaxationofelectricalresistanceandphaseseparationinreba2cu3o7deltareyhosinglecrystalsstronglyunderdopedwithoxygen AT nazyrovzf relaxationofelectricalresistanceandphaseseparationinreba2cu3o7deltareyhosinglecrystalsstronglyunderdopedwithoxygen AT roshkos relaxationofelectricalresistanceandphaseseparationinreba2cu3o7deltareyhosinglecrystalsstronglyunderdopedwithoxygen AT pintosimoesvm relaxationofelectricalresistanceandphaseseparationinreba2cu3o7deltareyhosinglecrystalsstronglyunderdopedwithoxygen |
first_indexed |
2025-07-09T23:16:43Z |
last_indexed |
2025-07-09T23:16:43Z |
_version_ |
1837213160103215104 |
fulltext |
6XSUDPROHFXODU�RUJDQL]DWLRQ�RI�SRUSK\ULQGHULYDWLYHV�LQ�WKH�/DQJPXLU�ILOPV
$�9�.D]DN��1�9�8VRO�WVHYD
1DQRPDWHULDOV�5HVHDUFK�,QVWLWXWH��,YDQRYR�6WDWH�8QLYHUVLW\�
���(UPDN�6W����������,YDQRYR��5XVVLD
5HFHLYHG�-XO\���������
� ,QIOXHQFH� RI� PROHFXODU� VWUXFWXUH� RI� QHZ� PHVR�VXEVWLWXWHG� WHWUDSKHQ\OSRUSK\ULQV� ZLWK
VXEVWLWXHQWV� �±2&�+�� RU� ±2&��+���� LQ� SDUD�� RU� RUWKR�SRVLWLRQV� RQ� WKHLU� VXSUDPROHFXODURUJDQL]DWLRQ�LQ�WKH�EXON�VDPSOHV�DQG�IORDWLQJ�OD\HUV�KDV�EHHQ�LQYHVWLJDWHG��,W�LV�HVWDEOLVKHG
WKDW�RQO\�WHWUDSKHQ\OSRUSK\ULQ�VXEVWLWXWHG�LQ�RUWKR�SRVLWLRQ�SRVVHVV�PHVRPRUSKLF�SURSHU�
WLHV�DPRQJ�DOO�VWXGLHG�FRPSRXQGV�ZLWK�VKRUW�WHUPLQDO�VXEVWLWXHQWV��±2&�+����,Q�FRQWUDVW�ERWK�LQYHVWLJDWHG�FRPSRXQGV�DUH�PHVR�PRUSKLF�LQ�WKH�FDVH�RI�ORQJ�VXEVWLWXHQWV��±2&��+����
j°°ãË�ºmÈÓº� mãÒ«ÓÒË� äºãË}�㫯Ӻ®� °�¯�}��¯©� Óºm©²� äËϺ�ÏÈäË�ËÓÓ©²� �Ë�¯ÈÁË�
ÓÒ㹺¯ÁÒ¯ÒÓÈ� °� ÏÈäË�ËÓÒËä� �±2&�+�� ÒãÒ� ±2&��+���� m� ¹È¯È�� ÒãÒ� º¯�º�¹ºÏÒ�Ò«²� ÓÈ
ÓÈ�äºãË}�㫯Ó�
� º¯�ÈÓÒÏÈ�Ò
� m�º�ËäË�Ò�¹ãÈmÈ
�Ò²�°ãº«²���°�ÈÓºmãËÓº����º�°¯Ë�Ò
°ºË�ÒÓËÓÒ®� °� }º¯º�}ÒäÒ� }ºÓ�Ëm©äÒ� ÏÈä˰�Ò�Ëã«äÒ� �±2&�+��� äËϺ亯ÁÓ©Ë� °mº®°�mȹ¯º«mã«Ë���ºã }º��Ë�¯ÈÁËÓÒ㹺¯ÁÒ¯ÒÓ�°�ÏÈä˰�Ò�ËãËä�m�º¯�º�¹ºãºÎËÓÒÒ��sȹ¯º�Òm��m
°ã��ÈË��ãÒÓÓ©²�ÏÈä˰�Ò�ËãË®��±2&��+����äËϺ亯ÁÓ©�ºÈ�Ò°°ãË��Ë䩲�°ºË�ÒÓËÓÒ«�
���,QWURGXFWLRQ
:KHQ� GHYHORSLQJ� D� QHZ� JHQHUDWLRQ� RI
PROHFXODU� GHYLFHV�� D� WRSLFDO� LVVXH� LV� WR� RE�
WDLQ� VWUXFWXUHV� ZLWK� D� UHJXODU� PROHFXODU
UHVROXWLRQ�>����@��ZKLFK�LV�FDOOHG��PROHFXODU
DUFKLWHFWXUH��� 7KH� /DQJPXLU�%ORGJHWW� �/%�
WHFKQLTXH� VHHPV� WR� EH� WKH� PRVW� VXLWDEOH
ZD\�WR�VXFK�VWUXFWXUHV�>�@��,W�PDNHV�LW�SRV�
VLEOH�QRW�RQO\�WR�REWDLQ�UHJXODU�VLQJOH�FRP�
SRQHQW�OD\HUV�ZLWK�WKH�PROHFXODU�FRQWURO�RI
WKHLU� WKLFNQHVV�� EXW� DOVR� WR� FUHDWH� FRPSOH[
VWUXFWXUHV� LQFOXGLQJ� WKH� GHVLUHG� FRPELQD�
WLRQV� RI� GLIIHUHQW� PDWHULDOV�� +RZHYHU�� WKH
VWUXFWXUH� RI� /DQJPXLU�%ORGJHWW� ILOPV� GH�
SHQGV� KHDYLO\� RQ� PROHFXODU� VHOI�RUJDQL]D�
WLRQ�LQ�IORDWLQJ�OD\HUV�IRUPLQJ�WKH�EDVLV�IRU
WKHVH� ILOPV�� 7KDW� LV� ZK\� LQ� WKH� SUHVHQW
ZRUN��ZH� DLPHG�DW� WKH�FRQVLGHUDWLRQ�RI� LQ�
IOXHQFH� RI� GLVFRWLF� FRPSRXQG� PROHFXODU
VWUXFWXUH� IHDWXUHV� RQ� WKHLU� PHVRPRUSKLF
SURSHUWLHV�DQG�VXSUDPROHFXODU�RUJDQL]DWLRQ
LQ�IORDWLQJ�OD\HUV�
7KH�VWUXFWXUH�RI�UHDOL]HG�VXSUDPROHFXODU
V\VWHPV� GHSHQGV� KHDYLO\� RQ� WKH� FKHPLFDO
VWUXFWXUH� IHDWXUHV� RI� FRPSRXQGV� IRUPLQJ
WKH� V\VWHPV�� :KLOH� WKH� RUJDQL]DWLRQ� IHD�
WXUHV� RI� SKWKDORF\DQLQH� GHULYDWLYHV� KDYH
EHHQ� VWXGLHG� LQ�GHWDLO� >��@�� IRU�SRUSK\ULQ
GHULYDWLYHV��GDWD�RQ�WKH�GHSHQGHQFH�RI�WKHLU
VXSUDPROHFXODU�RUJDQL]DWLRQ�LQ�WKH�EXON�DQG
LQ� WKLQ� ILOPV� RQ� WKH� VWUXFWXUH� RI� VSHFLILF
OLJDQGV� DQG� WKHLU� PHWDO� FRPSOH[HV� DUH
UDWKHU�VFDUFH��7KH�XUJHQF\�RI�VWXG\�RI�SRU�
SK\ULQ�GHULYDWLYHV�VXSUDPROHFXODU�RUJDQL]D�
WLRQ� LV� GXH� WR� WKH� IROORZLQJ� SRLQWV�� WKHLU
VXSUDPROHFXODU� RUJDQL]DWLRQ� LQYHVWLJDWLRQ
PDNHV� D� JUHDW� FRQWULEXWLRQ� WR� WKH� XQGHU�
VWDQGLQJ�RI�IRUPDWLRQ�RI�VXSUDPROHFXODU�DV�
VHPEOLHV� GHSHQGLQJ� RQ� WKH� VWUXFWXUH� RI
WKHVH� FRPSRXQGV� ZLGHVSUHDG� LQ� ZLOGOLIH�
ZKLFK� LV� YHU\� LPSRUWDQW� IRU�XQGHUVWDQGLQJ
WKH�IXQFWLRQLQJ�RI�OLYLQJ�V\VWHPV�>�@��$ORQJ
ZLWK� WKH� IXQGDPHQWDO� LPSRUWDQFH�� WKHVH
VWXGLHV� FRQWULEXWH� JUHDWO\� WR� WKH� SUDFWLFDO
XVH�RI�SRUSK\ULQ�GHULYDWLYHV�LQ�HQJLQHHULQJ�
PHGLFLQH��LQGXVWU\��HWF��>�����@�
)XQFWLRQDO�0DWHULDOV�����1R��������� ��������67&��,QVWLWXWH�IRU�6LQJOH�&U\VWDOV�
�� )XQFWLRQDO�PDWHULDOV�������������
���([SHULPHQWDO�SURFHGXUH
)RXU� QHZ� FRPSRXQGV� ZLWK� PHVR�VXEVWL�
WXWHG�ZHUH�VWXGLHG��7KHLU�V\QWKHVLV�ZDV�FDU�
ULHG� RXW� E\� WKH� PHWKRG� GHVFULEHG� EHIRUH
>��@��7KH�SKDVH�VWDWH�RI�FRPSRXQGV�ZDV� LQ�
YHVWLJDWHG� E\� SRODUL]LQJ� RSWLFDO� PLFURVFRS\
�/HLW]�/DERUOX[����3RO�ZLWK�D�0HWWOHU�)3���
KRW� VWDJH���0RGHOLQJ�RI� FRPSRXQGV� ,� �5� ±2&�+���� ,,� �5� ±2&�+���� ,,,� �5� ±2&��+���� DQG� ,9� �5� ±2&��+���� DV�ZHOO� DVFDOFXODWLRQ� RI� WKHLU� JHRPHWULF� FKDUDF�
WHULVWLFV� �7DEOH����ZHUH�PDGH� LQ� WKH�+\SHU�
&KHP� SURJUDP� YHUVLRQ� ���� �00��PHWKRG��
*HRPHWULFDO� SURSHUWLHV� RI� PRGHOLQJ� PRQR�
PROHFXODU� SDFNDJHV� RI� VWXGLHG� FRPSRXQGV
DUH�UHSUHVHQWHG�LQ�)LJ����DQG�7DEOH���
7KH� /DQJPXLU� OD\HUV�ZHUH� IRUPHG� XVLQJ
D�)68(�/DQJPXLU�WURXJK���65&��1,23,.��
0RVFRZ�� 5XVVLD��� 7KH� VROXWLRQV� RI� FRP�
SRXQG� ,� �&� �������� ���� ,,� �&�
�����������,,,��&� �����������DQG�,9��&�
������� ��� LQ� FKORURIRUP� ZHUH� VSUHDG� RQ
GHLRQL]HG�ZDWHU�DW���r��&��7KH�FRPSUHVVLRQ
UDWH�ZDV����FP��PLQ��,QLWLDO�H[WHQWV�RI�VXU�
IDFH� FRDWLQJ� ZHUH� F� ����� ���� ���� ���� ���
���� ��� ��� F� ����� ���� ���� ���� ��� ��� F�
����� ����� ����� ������ DQG� F� ����� ���� ���
����� ����� ����� ����� ����� ���� ��� UHVSHF�
WLYHO\�
7KH�FRPSUHVVLRQ�LVRWKHUPV�ZHUH�DQDO\]HG
TXDQWLWDWLYHO\� XVLQJ� S$ÜS� JUDSKV�� (YHU\
OLQHDU�VHFWLRQ�FRUUHVSRQGV�WR�D�VWDEOH�FRQGL�
WLRQ� RI� WKH� OD\HU�� 7KH� VSDFH� SHU� PROHFXOH
�$PRO��LV�HTXDO�WR�VORSH�DQJOH�WDQJHQW�RI�WKLVOLQHDU�VHFWLRQ��7KH�OD\HU�VWUXFWXUH�LV�FKDUDF�
WHUL]HG� E\� WKH� PROHFXOH� VORSH� DQJOH� LQ� WKH
VWDFN�UHODWLYH�WR�WKH�DLU�ZDWHU�LQWHUIDFH��\��
���5HVXOWV�DQG�GLVFXVVLRQ
:KHQ� VWXG\LQJ� WKH� EXON� VDPSOHV�� ZH
KDYH�UHYHDOHG�WKDW�DONR[\VXEVWLWXWHG�OLJDQG
RI�WHWUDSKHQ\OSRUSK\ULQ�,��ZLWK�VXEVWLWXWLRQ
LQ� RUWKR�SRVLWLRQ� RI� SKHQ\O� ULQJV�� )LJ����
SRVVHVV� PHVRPRUSKLF� SURSHUWLHV� �7DEOH����
3UREDEO\�� WKH� VKRUW� SHULSKHUDO� VXEVWLWXHQW
ILWV� RSWLPDOO\� LQ� WKH� IUHH� VSDFH� EHWZHHQ
SKHQ\O� IUDJPHQWV�� SURYLGLQJ� WKH� SUHUHT�
XLVLWHV� IRU� JRRG�PLFURVHJUHJDWLRQ� RI� VXSUD�
PROHFXODU� HQVHPEOH� DW� WKH� VDPH� WLPH��6XFK
EHKDYLRU� LV�QRW�W\SLFDO�RI�UHODWHG�DQDORJXHV
RI� SKWKDORF\DQLQH� ZKHUH� PHVRSKDVHV� DUH
IRUPHG� E\� PROHFXOHV� ZLWK� ORQJHU� ODWHUDO
VXEVWLWXHQWV�
7KH� VXEVWLWXWLRQ� LQ� WKH� SDUD�SRVLWLRQ
�FRPSRXQG�,,��OHDGV�WR�WKH�PHVRSKDVH�GLVDS�
SHDUDQFH� �7DEOH����� ,W� KDV� EHHQ� DOVR� IRXQG
WKDW� SRUSK\ULQ� GHULYDWLYHV� ZLWK� ±2&��+��
7DEOH����7\SHV�RI�PROHFXODU�DUUDQJHPHQWV�DQG
JHRPHWULF�FKDUDFWHULVWLFV�RI�WKH�PROHFXOHV�
&RPSRXQG 0ROHFXODU
DUUDQJHPHQW
OD\HU
�SURMHFWLRQ�
$UHD�RI
VKDGRZ�
QP�
$UHD�LQ
GHVFHQW
SDFNDJH�
QP��
, \] ���� ����
[] ���� ����
,, \] ���� ����
[] ���� ����
,,, \] ���� ����
[] ���� ����
,9 \] ���� ����
[] ���� ����
)LJ�����&KHPLFDO�VWUXFWXUH�RI�PHVR�VXEVWLWXWHG��WHWUDSKHQ\OSRUSK\ULQ�
)LJ����� 7\SHV� RI� PRXQWLQJ� DQG� JHRPHWU\
FKDUDFWHULVWLFV�RI�WKH�PROHFXOHV�,,�
$�9�.D]DN��1�9�8VRO�WVHYD���0ROHFXODU�VWUXFWXUH�RI����
)XQFWLRQDO�PDWHULDOV������������� ��
VXEVWLWXHQWV� ERWK� LQ� SDUD�� DQG� RUWKR�SRVL�
WLRQV��FRPSRXQGV�,,,��,9��SRVVHVV�PHVRPRU�
SKLF� SURSHUWLHV�� &RPSRXQG� ,9� DOVR� IRUPV
O\RPHVRSKDVHV� �LQ� ELQDU\� V\VWHPV�ZLWK� VRO�
YHQWV� OLNH� WROXHQH�� EHQ]HQH�� FKORURIRUP�
>������@�
7KH� VXSUDPROHFXODU� RUJDQL]DWLRQ� LQ� WKLQ
ILOPV�RI�FRPSRXQGV�,Ü,9�ZDV�LQYHVWLJDWHG�E\
/DQJPXLU� PHWKRG�� $QDO\VLV� RI� /DQJPXLU
OD\HU� FRPSUHVVLRQ� LVRWKHUPV� IRU� WKH� LQYHVWL�
JDWHG� SRUSK\ULQ� GHULYDWLYHV� DOORZV� WR� SRLQW
RXW� VHYHUDO� OLQHDU� VHFWLRQV� RQ� WKH� UHODWHG
S$ÜS� JUDSKV� FRUUHVSRQGLQJ� WR� WKH� VWDEOH
VWDWH�RI�WKH�OD\HUV��)LJ������7KH�DUHD�SHU�RQH
PROHFXOH��$PRO��DQG�SUHVVXUH�]RQH�ZKHUH�WKHFXUUHQW� VWDEOH� VWDWH� LV� UHDOL]HG� DUH� PDUNHG
E\� GRWV� RQ� WKH� JUDSKV�� � )RU�PHVR�DON\OR[\
VXEVWLWXWHG� WHWUDSKHQ\OSRUSK\ULQ� ,� ZLWK
VXEVWLWXHQW�LQ�RUWKR�SRVLWLRQ��$PRO�LQ�DOO�WKHVWDEOH�VWDWHV�LV�OHVV�WKDQ�WKDW�LQ�WKH�GHQVHVW
SDFNDJH� FRUUHVSRQGLQJ� WR� WKH� \]� SURMHFWLRQ
PROHFXODU�DUUDQJHPHQW��HYHQ�LQ�WKH�]RQH�RI
ORZ�SUHVVXUH�DW�F� ��������6R��WKH�VWUXFWXUH
ZLWK�\]�SURMHFWLRQ�DUUDQJHPHQW�LQ�WKH�VWXG�
LHG�UDQJH�RI�FRYHUDJH�LV�QRW�UHDOL]HG�
&RPSDULVRQ�RI�$PRO�DQG�$[]� LQ�WKH�GHQV�HVW� SDFNDJH� IRU� WKH� VSHFLILF� FRPSRXQG
�7DEOH����VKRZV�WKDW�WKH�VWDEOH�PRQROD\HU�LV
IRUPHG� RQO\� DW� F� ���� �� IRU� WKH� VWXGLHG
FRYHUDJH� UDQJH� LQ� WKH� PHQWLRQHG� SUHVVXUH
]RQH��3UHVVXUH�LQFUHDVH��DW�F� �������LV�DF�
FRPSDQLHG� E\� WKH� PRQROD\HU� WUDQVIHU� ZLWK
WLOW�DQJOH�\� ����� �)LJ������DFFRUGLQJ�WR�RXU
FDOFXODWLRQV�� LQWR� ELOD\HU� �\� ������� DQG�IRU
WKH� ODUJHU� FRYHUDJH�� E\� WUDQVIHU� RI� ELOD\HU
LQWR�SRO\OD\HU��
0HVR�DON\OR[\� VXEVWLWXWHG� WHWUD�
SKHQ\OSRUSKLQH� ,,� VKRZV� �'�DJJUHJDWLRQ� LQ
/DQJPXLU� OD\HUV��+RPRJHQHRXV� OD\HUV� VWDUW
WR� IRUP�RQO\�DW�F� �������,Q�DOO� WKH�VWDEOH
VWDWHV��$PRO� LV� OHVV�WKDQ�WKDW�LQ�WKH�GHQVHVWSDFNDJH� FRUUHVSRQGLQJ� WR� WKH�[]� SURMHFWLRQ
PROHFXODU�DUUDQJHPHQW��HYHQ�LQ�WKH�]RQH�RI
ORZ� SUHVVXUH� DW� F� �������� 6R�� WKH� VWXGLHG
FRPSRXQG� GRHV� QRW� IRUP� PRQROD\HU� VWUXF�
WXUHV�� &RPSRXQG� ,,� LV� DEOH� RQO\� WR� IRUP
ELOD\HUV� IRU�DOO� WKH� VWXGLHG�F��7KH�FRYHUDJH
LQFUHDVH�LV�DFFRPSDQLHG�E\�LQFUHDVLQJ�RI�WKH
PROHFXOH� WLOW� DQJOH� UHODWLYH� WR� WKH� ZDWHU�DLU
LQWHUIDFH�IURP�\� ������F� �������WR�\� ����
�F� ���� ���� 7KH� GHFUHDVLQJ� DUHD� $PRO� SHURQH�PROHFXOH�RI�FRPSRXQG�,�ZLWK�WKH�FRYHUDJH
LQFUHDVH� FDQ� EH� DSSUR[LPDWHG� DV� $PRO� �����������H[S�ÜF��������������H[S�ÜF������
�)LJ���D��� 7KH�PLQLPDO� SRVVLEOH� DUHD� SHU� RQH
)LJ�����S$ÜS�SORW�IRU�FRPSRXQG�,��F� �������
7DEOH����3KDVH�WUDQVLWLRQV�RI�WKH�SRUSK\ULQ�GHULYDWLYHV
1R��RI
FRPSRXQG
7KHUPRWURSLF�PHVRPRUSKLVP /\RWURSLF
PHVRPRUSKLVP
, &Ux������&�,VR��,VRx������&�0HVx�����&�*��)RUPV�WKH�JODVV�VWDWH
ZLWK�WKH�PHVRSKDVH�WH[WXUH�FRQVHUYDWLRQ
Ü
,, &Ux������&�,VR Ü
,,, &Ux�����&�,VR��,VRx�����&�0HVx�����&�&U� Ü
,9 &Ux������&�,VR��,VRx�����&�0HVx�����&�*��)RUPV�WKH�JODVV�VWDWH�ZLWK
WKH�PHVRSKDVH�WH[WXUH�FRQVHUYDWLRQ
�
�WROXHQH��EHQ]HQH�
FKORURIRUP�
�3KDVH�WUDQVLWLRQV�GXULQJ�WKH�FRROLQJ�SURFHVV��,VR��LVRWURSLF��&U��FU\VWDOOLQH�SKDVH��0HV��OLTXLG
FU\VWDO�SKDVH�����SUHVHQFH�RU�DEVHQFH�RI�O\RWURSLF�PHVRPRUSKLVP�
)LJ����� 6WUXFWXUH� RI� PRQROD\HUV� IRU� FRP�
SRXQG�,��F� �������
$�9�.D]DN��1�9�8VRO�WVHYD���0ROHFXODU�VWUXFWXUH�RI����
�� )XQFWLRQDO�PDWHULDOV�������������
PROHFXOH� XQGHU� WKH� VSHFLILHG� H[SHULPHQW
FRQGLWLRQV� LV� ����� QP��� )RU� FRPSRXQG� ,,�
WKH�FRUUHVSRQGLQJ�GHSHQGHQFH� �LQ� WKH�UDQJH
RI� WKH� LQYHVWLJDWLRQ�� LV� H[SUHVVHG� E\� WKH
VWUDLJKW� OLQH� �)LJ���E�� $PRO� �����������F�$V�WR�FRPSRXQG�,9��$PRO�LQ�DOO�VWDEOH�VWDWHVLV�OHVV�RU�HTXDO�WR�WKH�DUHD�SHU�RQH�PROHFXOH
LQ�WKH�GHQVHVW�SDFNDJH�FRUUHVSRQGLQJ�WR�WKH
\]�SURMHFWLRQ�PROHFXODU�DUUDQJHPHQW��7KHUH�
IRUH�� WKH� VWUXFWXUH� ZLWK� \]� SURMHFWLRQ� PR�
OHFXODU� DUUDQJHPHQW� LV� QRW� UHDOL]HG� LQ� WKH
VWXGLHG� FRYHUDJH� UDQJH�� 6WDEOH� ELOD\HUV� DUH
IRUPHG�RQO\� IRU�F� ����DQG�������,Q�RWKHU
FDVHV��SRO\OD\HU�VWUXFWXUHV�DUH�JHQHUDWHG��,W
LV� HVWDEOLVKHG� �)LJ���F�� WKDW� WKH� DUHD� $PROSHU�RQH�PROHFXOH�RI�FRPSRXQG�,9�GHFUHDVHV
OLQHDUO\� DV� WKH� F� ULVHV� �LQ� WKH� UDQJH� RI� WKH
H[SHULPHQW�� DFFRUGLQJ� WR� WKH� H[SUHVVLRQ
$PRO� �����������F�� 0HVR�DON\OR[\� VXEVWL�
WXWHG� WHWUDSKHQ\OSRUSK\ULQ� ,,,� WHQGV� WR� �'
DJJUHJDWLRQ�LQ�/DQJPXLU�OD\HUV��+RPRJHQH�
RXV�SRO\OD\HU� VWUXFWXUHV� VWDUW� WR� IRUP�RQO\
IRU�WKH�FRYHUDJH�RI�������
���&RQFOXVLRQ
,QIOXHQFH� RI�PROHFXODU� VWUXFWXUH� FKDUDF�
WHULVWLFV� RQ� VXSUDPROHFXODU� RUJDQL]DWLRQ� LQ
WKH� EXON� VDPSOHV� DQG� WKLQ� OD\HUV� KDV� EHHQ
LQYHVWLJDWHG� WDNLQJ� IRXU� QHZ� PHVR�VXEVWL�
WXWHG� OLJDQGV� WHWUDSKHQ\OSRUSK\ULQHV� ZLWK
VXEVWLWXWLRQ� LQ� WKH�DONR[\�JURXSV� �±2&�+��±2&��+���� LQ� SDUD�� RU� RUWKR�SRVLWLRQV� RISKHQ\O�ULQJV�DV�H[DPSOHV��,W�KDV�EHHQ�IRXQG
WKDW� DPRQJ� FRPSRXQGV� ZLWK� VKRUW� VXEVWL�
WXHQWV� �±2&�+���� RQO\� FRPSRXQG� ZLWK� VXE�VWLWXHQWV� LQ� WKH� RUWKR�SRVLWLRQV� RI� SKHQ\O
ULQJV�VKRZV�PHVRPRUSKLF�SURSHUWLHV��$W�WKH
VDPH� WLPH�� DPRQJ� FRPSRXQGV� ZLWK� VXEVWL�
WXHQWV� �±2&��+����� ERWK� VWXGLHG� FRPSRXQGVH[KLELW� PHVRPRUSKLF� SURSHUWLHV�� &RPSRXQG
,9� DOVR� IRUPV� O\RPHVRSKDVHV�� 7KH� PHVR�
JHQLF� PHVR�DON\OR[\� VXEVWLWXWHG� WHWUD�
SKHQ\OSRUSK\ULQ� ZLWK� VXEVWLWXHQW� LQ� RUWKR�
SRVLWLRQ� �FRPSRXQG� ,�� IRUPV� KRPRJHQHRXV
VWDEOH� OD\HUV�DOUHDG\�DW�WKH� LQLWLDO�FRYHUDJH
RI������� ,Q� WKLV� FDVH�� WKH� WLOW�DQJOH�WR� WKH
ZDWHU�DLU� LQWHUIDFH� LQ� WKH� ILUVW� VWDEOH� VWDWH
LV� \� ������ 7KH� QRQ�PHVRJHQLF� PHVR�DON\�
OR[\� VXEVWLWXWHG� WHWUDSKHQ\OSRUSK\ULQ� ZLWK
VXEVWLWXHQW� LQ� SDUD�SRVLWLRQ� �FRPSRXQG� ,,�
IRUPV�VWDEOH�OD\HUV�RQO\�VWDUWLQJ�IURP�F� �����
DQG�LV�PRUH�LQFOLQHG�WR��'�DJJUHJDWLRQ�WKDQ
PHVRJHQLF� FRPSRXQG� ,�� ,Q� WKH� UDQJH� RI
ODUJH� LQLWLDO� FRYHUDJHV�� ERWK� FRPSRXQGV
IRUP� VWDFNV� ZKHUH� PROHFXOHV� WDNH� XS� SRVL�
WLRQV�RI�FORVH�WLOW�DQJOHV�WR�WKH�VXUIDFH��DW�F
������\� �����DQG�\� �����IRU�FRPSRXQGV
,�DQG�,,��UHVSHFWLYHO\�
+RZHYHU�� WHUPLQDO� VXEVWLWXHQW� HQODUJH�
PHQW� IURP� ±2&�+�� WR� ±2&��+��� FKDQJHVFDUGLQDOO\�WKH�LQIOXHQFH�RI�WKHLU�SRVLWLRQ�RQ
VXSUDPROHFXODU� RUJDQL]DWLRQ� LQ� /DQJPXLU
OD\HUV��)RU�H[DPSOH��FRPSRXQG�,,�ZLWK�VXE�
VWLWXHQWV� LQ�SDUD�SRVLWLRQ��)LJ�����VKRZV�LQ�
FOLQDWLRQ� WR� WKH� �'�DJJUHJDWLRQ� IRU� FRP�
SRXQGV� ZLWK� VKRUW� VXEVWLWXHQWV� ±2&�+��KRZHYHU�� IRU� FRPSRXQGV� ZLWK� ORQJ� VXEVWL�
WXHQWV�±2&��+����FRPSRXQG�,,,�ZLWK�VXEVWL�WXHQW� �±2&��+���� LQ� RUWKR�SRVLWLRQ� H[KLELWVWKH�VDPH�LQFOLQDWLRQ�
$FNQRZOHGJHPHQWV�� :H� DFNQRZOHGJH� WR
'U�9�9�%\NRYD� DQG� 3URI�$�6�6HPH\NLQ� IRU
UHQGHULQJ� RI� WKH� JLYHQ� SRUSK\ULQ� GHULYD�
WLYHV�� :H� DOVR� WKDQN� 3URI�6�*�<XGLQ� IRU
XVHIXO�GLVFXVVLRQV�RQ�WKH�VXSUDPROHFXODU�RU�
JDQL]DWLRQV� RI� WKH� VWXGLHG� FRPSRXQGV� LQ
/DQJPXLU�OD\HUV�
7KH�ZRUN�LV�VXSSRUWHG�E\�WKH�)73�JUDQWV
1R������������������1R�����������������
5HIHUHQFHV
� ���/�0�%OLQRY��8VS��)L]��1DXN������������������
� ���0�9�.RYDOFKXN��9HVWQLN�5RVV��$NDG��1DXN�����
�����������
� ���&�-�%URZQ��-��&KHP��6RF��$������������������
� ���&�/LX�� ;�:DQJ�� 4�*RQJ� HW� DO��� &KHP��3K\V�
/HWW�������������������
� ���9DONRYD�� 1�%RURYNRY��0�3LVDQL� HW� DO���/DQJ�
PXLU������������������
� ���&�0HOOH\VVRQ�� 0�3DVVDUG�� -�3�%ODQF� HW� DO��
6HQVRUV� DQG� $FWXDWRUV� %��&KHP��� ������ ���
�������
� ���=�,�.D]DQWVHYD��1�9�/DYULN��$�9�1DERN�HW�DO��
3RYHUNKQRVW±��,VVXH����1DXND��0RVFRZ��������
S�����
� ���)��3�0RQWIRUWV�� %�*HUODFK�� )�+RSHU�� &KHP�
5HY������������������
� ���%�'�%HUH]LQ�� 1�6�(QLNRORS\DQ�� 3RUSK\ULQV�
6WUXFWXUH�� 3URSHUWLHV�� 6\QWKHVLV�� HG�� E\
1�6�(QLNRORS\DQ�� 1DXND�� 0RVFRZ� ������� >LQ
5XVVLDQ@�
)LJ�����$PRO� GHSHQGHQFH� RQ� WKH� LQLWLDO� FRYHU�DJH��D��IRU�FRPSRXQG�,��E��IRU�,,��F��IRU�,9��
$�9�.D]DN��1�9�8VRO�WVHYD���0ROHFXODU�VWUXFWXUH�RI����
)XQFWLRQDO�PDWHULDOV������������� ��
����'�%�%HUH]LQ��&RRUGLQDWLRQ�&RPSRXQGV�RI�3RU�
SK\ULQV� DQG� 3KWKDORF\DQLQH�� 1DXND��0RVFRZ
�������>LQ�5XVVLDQ@�
����9�9�%\NRYD��1�9�8VRO�WVHYD��$�6�6HPHLNLQ�HW
DO���/LT��&U\VW��DQG�WKHLU�$SSO�����������������
����1�9�8VRO�WVHYD�� 9�9�%\NRYD�� 1�9�=KDUQLNRYD
HW�DO���0RO��&U\VW��/LT��&U\VW�������������������
����1�9�8VRO�WVHYD��9�9�%\NRYD��*�$�$QDQ�HYD�HW
DO���/LT��&U\VW��DQG�WKHLU�$SSO����������������
sÈ�äºãË}�㫯ÓÈ�º¯�ÈÓ�ÏÈ��«�¹º²��ÓÒ²�¹º¯Á�¯ÒÓ�m�ãËÓ�ä
¯ºm° }Ò²��ȯȲ
|�{�zÈÏÈ}��s�{��°ºã �ËmÈ
� iº°ãL�ÎËÓº� m¹ãÒm� äºãË}�㫯Ӻ�� °�¯�}��¯Ò� ÓºmÒ²� äËϺ�ÏÈä��ËÓÒ²� �Ë�¯ÈÁËÓ�ã�
¹º¯Á�¯ÒÓ�� LÏ� ÏÈäL�ËÓÓ«ä� �±2&�+�� Ⱥ� ±2&��+���� �� ¹È¯È�� Ⱥ� º¯�º�¹ºãºÎËÓÓ«²� ÓÈ
ÓÈ�äºãË}�㫯Ó�� º¯�ÈÓLÏÈ�L
� m� º�¼äL� �È� ¹ãÈmÈ
�Ò²� �ȯȲ�� {°�ÈÓºmãËÓº�� �º� °Ë¯Ë�
°¹ºã�}�Ï�}º¯º�}ÒäÒ�}LÓ�ËmÒäÒ�ÏÈä�°ÓÒ}ÈäÒ��±2&�+���äËϺ亯ÁÓL�mãȰ�Òmº°�L�¹¯º«m㫼�Lã }Ò��Ë�¯ÈÁËÓ�㹺¯Á�¯ÒÓ�LÏ�ÏÈä�°ÓÒ}ºä�m�º¯�º�¹ºãºÎËÓÓ���sÈm¹È}Ò����mÒ¹È�}���ºm�
�Ò²�ÏÈä�°ÓÒ}Lm��±2&��+����äËϺ亯ÁÓ��ºÒ�m��°¹ºã�}Ò���º��º°ã��Î�mÈãÒ°«��
$�9�.D]DN��1�9�8VRO�WVHYD���0ROHFXODU�VWUXFWXUH�RI����
�� )XQFWLRQDO�PDWHULDOV�������������
|