Content uploaded by Levent Gültekin
Author content
All content in this area was uploaded by Levent Gültekin on Sep 18, 2017
Content may be subject to copyright.
,661(QWRPRORJLFDO5HYLHZ9RO1RSS±3OHLDGHV3XEOLVKLQJ,QF
2ULJLQDO5XVVLDQ7H[W*('DYLGLDQ%$.RURW\DHY/*OWHNLQSXEOLVKHGLQ(QWRPRORJLFKHVNRH2ER]UHQLH 9RO1RSS±
2QWKH'LVWULEXWLRQRIWKH:HHYLO/L[XVVXEWLOLV
%RKHPDQ&ROHRSWHUD&XUFXOLRQLGDH/L[LQDH
*('DYLGLDQD%$.RURW\DHYEDQG/*OWHNLQF
D
$OO5XVVLDQ,QVWLWXWHRI3ODQW3URWHFWLRQ6W3HWHUVEXUJ3XVKNLQ5XVVLD
HPDLOJGDYLGLDQ#\DQGH[UX
E
=RRORJLFDO,QVWLWXWH5XVVLDQ$FDGHP\RI6FLHQFHV6W3HWHUVEXUJ5XVVLD
HPDLONRURW\D\#UDPEOHUUX
F
'HSDUWPHQWRI3ODQW3URWHFWLRQ)DFXOW\RI$JULFXOWXUH$WDWUN8QLYHUVLW\(U]XUXP7XUNH\
HPDLOOJXOWHNLQ#JPDLOFRP
5HFHLYHG6HSWHPEHU
$EVWUDFW²'DWDRQWKHGLVWULEXWLRQDQGKRVWSODQWVRI /L[XV3KLOOL[XVVXEWLOLV%RK DUH JLYHQZLWKDEULHIVNHWFK
RILWVELRQRPLFVDQGDGLVWULEXWLRQPDS
'2,6
7KHEHHWVWHPZHHYLO /L[XVVXEWLOLV%RK)LJLV
DQLPSRUWDQW SHVW RI VXJDUEHHWLQWKH1RUWK&DXFDVXV
'REURYROVN\7KHDEXQGDQFHDQGKDUPIXOQHVV
RI/ VXEWLOLV LQ WKH EHHW JURZLQJ DUHDV RI W KH IRUPHU
8665UHSXEOLFVKDYHEHHQLQFUHDVLQJVLQFHWKHHQG RI
WKH ;; FHQWXU\ 9RORYQLN DQG 3LVQ\D 7KH
VSHFLHVLVPRVWO\GLVWULEXWHGLQWKHVWHSSH]RQHZLWKLQ
WKHWHUULWRULHVRI 5XVVLD DQG DGMDFHQWFRXQWULHV EXWQR
GHWDLOHGGHVFULSWLRQRILWVUDQJHKDVEHHQSXEOLVKHG,Q
RUGHUWRVXPPDUL]HWKH DYDLODEOH GDWDRQWKH GLVWULEX
WLRQ RI /VXEWLOLV DQG IRFXV WKH H[SHUWV¶ DWWHQWL RQ RQ
WKLV VSHFLHV ZH SUHVHQW KHUHLQ WKH PDWHULDO IURP WKH
FROOHFWLRQ RI WKH =RRORJLFDO ,QVWLWXWH RI WKH 5XVVLDQ
$FDGHP\RI6FLHQFHV6W3HWHUVEXUJDQGWKHGLVWULEX
WLRQPDSEDVHGODUJHO\RQWKLVPDWHULDODQGDOVRRQWKH
OLWHUDWXUH VRXUFHV PRVWO\ IRU (XURSHDQ FRXQWULHV
6LQFHWKHGLVWULEXWLRQDQGKRVWSODQWV RI/VXEWLOLV DUH
VWLOO LQFRPSOHWHO\ VWXGLHG ZH ZRXOG YHU\ PXFK ZHO
FRPH WKH DGGLWLRQDO PRXQWHG PDWHULDO RI WKLV VSHFLHV
ZLWK GHWDLOHG ODEHOV DV ZHOO DV GDWD RQ LWV KRVW SODQWV
IURPDQ\UHJLRQ
0$7(5,$/6$1'0(7+2'6
7KLVZRUNLVEDVHGRQWKHFROOHFWLRQRIWKH=RRORJL
FDO ,QVWLWXWH RI WKH 5XVVLDQ $FDGHP\ RI 6FLHQFHV
6W 3HWHUVEXUJ =,1 7KH ORFDOLWLHV RI WKH VWXGLHG
VSHFLPHQV DUH PDSSHG XVLQJ WKH 0DS,QIR *,6 VRIW
ZDUH 7KH FRXQWULHV IRU ZKLFK WKH GLVWULEXWLRQ RI
/VXEWLOLV LV UHSRUWHG EDVHG RQ WKH &DWDORJXH RI 3D
ODHDUFWLF&ROHRSWHUD*OWHNLQDQG)UHPXWKDUH
PDUNHG RQ WKH PDS E\ WKHLU FDSLWDOV )LJ 7KH
ERXQGDULHV RI WKH QDWXUDO ]RQHV )LJ D QG WKH EHHW
JURZLQJ DUHDV ZLWKLQ WKH IRUPHU 8665 WHUULWRU\
)LJ DUH PDSSHG DFFRUGLQJ WR WKH ,QWHUDFWLYH
$JULFXOWXUDO(FRORJLFDO$WODVRI5XVVLDDQG1HLJKERU
LQJ&RXQWULHV $IRQLQ HW DO 7KH SKRWRRI WKH
DGXOWZHHYLOZDVPDGHE\/*OWHNLQ
/L[XV3KLOOL[XVVXEWLOLV%RKHPDQ
EHHWVWHPZHHYLO)LJV±
7KLV LV D ZLGHVSUHDG VSHFLHV ZKRVH UDQJH FRYHUV
PRVW RI WKH 3DODHDUFWLF IURP *HUPDQ\ DQG 0RQWH
QHJURLQWKHZHVWWR-DSDQDQG6RXWK.RUHDLQWKHHDVW
LQFOXGLQJ $VLD 0LQRU DQG WKH QRUWK RI ,UDQ$IJKDQL
VWDQ,QGLD0RQJROLDDQG&KLQD)LJ7KHUHDUHQR
UHFRUGV RI WKLV VSHFLHV IURP 1RUWK $IULFD *OWHNLQ
DQG)UHPXWK$FFRUGLQJ WR WKHSXEOLVKHG GDWD
LQ(DVWHUQ (XURSHLWV QRUWKHUQ UDQJH ERXQGDU\ SDVVHV
WKURXJKFHQWUDO3RODQG6PUHF]\ĔVNLWKHVRXWK
RI %HODUXV >%UHVW 3URYLQFH ,RDQQLVLDQL LWV
QRUWKZDUGH[SDQVLRQZLWKLQ%HODUXVZDV QRW UHFRUGHG
XQWLO$OHNVDQGURYLFKHWDO@WKHFHQWHURI
&KHUQLJRY 3URYLQFH RI 8NUDLQH 9RORYQLN HW DO
DQG WKHQ WKURXJK /LSHWVN 3URYLQFH 7VXULNRY
&KXYDVK5HSXEOLF(JRURYDQG&KHO\D
ELQVN3URYLQFHRI5XVVLD)LOLPRQRY
,Q WKH VWHSSH ]RQH RI 8NUDLQH
/ VXEWLOLV PRVWO\
GHYHORSV RQ WKH UHGURRW SLJZHHG $PDUDQWKXV UHWUR
IOH[XV / WKH ODPEVTXDUWHUV &KHQRSRGLXP DOEXP /
WKH 7DWDULDQ RUDFK $WULSOH[ WDWDULFD / DQG WKH EHHW
217+(',675,%87,212)7+(:((9,//,;8668%7,/,6%2+(0$1
(17202/2*,&$/5(9,(:9RO1R
%HWDYXOJDULV / 9RORYQLN 2I FXOWLYDWHG
SODQWVLWPRVWVWURQJO\GDPDJHVWKHVXJDUIRGGHUDQG
WDEOH EHHW VHOHFWLYHO\ LQIHVWLQJ WKH EHVW GHYHORSHG
SODQWV ,Q WKH (XURSHDQ SDUW RI WKH IRUPHU 8665 WKH
VSHFLHVSURGXFHVJHQHUDWLRQSHU\HDUDQGLQ.D]DNK
VWDQDQG&HQWUDO$VLDRUJHQHUDWLRQVSHU\HDU,V
PXNKDPEHWRYRUJHQHUDWLRQVDFFRUGLQJWRWKH
GDWD RI =YHUH]RPE=XERYVN\ $W WKH HDVWHUQ
ERXQGDU\ RI .UDVQRGDU 7HUULWRU\ QHDU 7HPL]KEHN
VND\D9LOODJHVLWXDWHGZLWKLQWKHEHHWJURZLQJUHJLRQ
DGXOWV RI / VXEWLOLV ZHUH RQFH REVHUYHG LQ FRQVLGHU
DEOHQXPEHUV IHHGLQJRQ WKHFDPSLRQ 0HODQGULXP
DOEXP/.ULYHWVDQG.RURW\DHY.RURW\DHY
DQG$U]DQRYD SODQW RIWKH IDPLO\&DU\RSK\O
ODFHDHIDLUO\FORVHO\UHODWHGWR &KHQRSRGLDFHDH +RZ
HYHUQRZHHYLORIWKLVVSHFLHVZDVIRXQGRQ0DOEXP
NPWRWKHHDVWRQVWHSSHVORSHVHDVWRI9LQRJUDGQ\
9LOODJH IURP WR $QRWKHU VSHFLHV /EUH
YLSHV &K %ULV FRPPRQO\ RFFXUV RQ 0 DOEXPLQ
$G\JHD.RURW\DHYDQG $U]DQRY DV ZHOO DV LQ
WKH JUHDWHVW SDUW RI LWV DOPRVWWUDQV3DODHDUFWLF UDQJH
6WLOOWKHILQGLQJRIWZRVSHFLPHQVRI/VXEWLOLVRQWKH
ZKLWH VWLFN\ FDWFKIO\ 6LOHQH YLVFRVD IDPLO\ &DU\R
SK\OODFHDH LQ 8O\DQRYVN 3URYLQFH E\ $<X ,VDHY
VHH0DWHULDOVKRZVWKDWWKLVZHHYLO FDQ DW OHDVWIHHG
RQSODQWVRIWKLVIDPLO\LQGLIIHUHQWSDUWVRILWVUDQJH
6LPLODU WR WKH RWKHU LQVHFW SHVWV WKH LQFUHDVLQJ
DEXQGDQFH DQG KDUPIXOQHVV RI / VXEWLOLVPD\EHUH
ODWHG WR WKH JHQHUDO FOLPDWH ZDUPLQJ 2YV\DQQLNRYD
DQG *ULFKDQRY *ULFKDQRY DQG 2YV\DQQLNRYD
0RVW RI WKH H[DPLQHG FROOHFWLRQ PDWHULDO ZDV
FROOHFWHGLQWKHVRXWKHUQEHHWJURZLQJ]RQH)LJ
,Q(XURSHDQ5XVVLD FRQVLGHUDEOHXS WR LQIHV
WDWLRQ RI EHHW ILHOGV ZLWK WKLV ZHHYLO ZDV UHFHQWO\
UHFRUGHGLQ%HOJRURG3URYLQFHZLWK ORZHU LQIHVWDWLRQ
OHYHOVLQ6DUDWRYDQG9ROJRJUDGSURYLQFHV 9DVLO\HYD
DQG%XUNRYD,QWKHSODLQSDUWRIWKH1RUWKZHVW
&DXFDVXV HVSHFLDOO\ LQ WKH EHHW JURZLQJ DUHDV WKLV
VSHFLHV LV WKH PRVW FRPPRQ UHSUHVHQWDWLYH RI WKH
JHQXV /L[XV OHDYLQJ DSDUW / FDUGXL 2O DQG / ILOL
IRUPLV) RIWKH VXEJHQXV (SLPHFHV%LOOEHUJZKLFK
GHYHORSRQFRPSRVLWHZHHGV,QWHQVHIOLJKWRIZHHYLOV
QHDUVXJDUEHHWILHOGVZDVUHFRUGHGLQ6WDYURSRO7HUUL
WRU\LQWKHVHFRQGKDOIRI2FWREHUZKLOHDFWLYHDGXOWV
ZHUHUHJXODUO\IRXQGE\%$.RURW\DHYLQ±
LQ .UDVQRGDU DQG 6WDYURSRO WHUULWRULHV DQG $G\JHD
5HSXEOLFIURPWKHHQGRI0DUFKWRWKHHQGRI2FWREHU
WKLV FDQ EH H[SODLQHG E\
/ VXEWLOLVRYHUZLQWHULQJDV
DGXOWV ZKLFK ZDV VXJJHVWHG E\ 'REURYROVN\
DQG FRQILUPHG E\ 9RORYQLN DQG 3LVQ\D $F
FRUGLQJWR 5RPDQRYDVRPHODUYDH GLDSDXVH DW
WKHHQGRIWKHVHDVRQDQGFRPSOHWHGHYHORSPHQWLQWKH
VSULQJRIWKHIROORZLQJ\HDU
$GXOWVIHHGRQOHDYHV ZKLOH ODUYDHPDNHWXQQHOVLQ
VWHPVDQGSHWLROHVIDFLOLWDWLQJWKHLUVSOLWWLQJDQGFDXV
LQJ PXFK JUHDWHU GDPDJH WKDQ WKH DGXOWV 7KH KDUP
IXOQHVV RI DGXOW ZHHYLOV XVXDOO\ LQFUHDVHV LQ KRW DQG
GU\ZHDWKHUSUREDEO\GXHWRPRUHLQWHQVLYHFRQVXPS
WLRQ RI VXFFXOHQW SODQW WLVVXHV WR FRPSHQVDWH IRU ORVV
RIZDWHU WKHVDPHFRUUHODWLRQZDVHVWDEOLVKHGIRUWKH
SULQFLSDO EHHW SHVW $VSURSDUWKHQLVSXQFWLYHQWULV*HU
PDU %H\%LHQNR HW DO $FFRUGLQJ WR WKH GDWD
RI7ULEHODQG6PLUQ\NKWKHWKUHVKROGRIKDUP
IXOQHVVRI / VXEWLOLVRQEHHW DWWKHVWDJH RI ±SDLUV
RI WUXH OHDYHV LV EHHWOHV SHU UXQQLQJ PHWHU RU
DERXWLQGP
7KHJUHDWHVWSDUWRIWKHUDQJHRI/ VXEWLOLV OLHV
ZLWKLQ WKH VWHSSH ]RQH )LJ RI WKH WKUHH /L[XV
VSHFLHV RIWHQ IRXQG LQ EHHW FURSV QDPHO\ / VXEWLOLV
/ LQFDQHVFHQV %RK DQG / UXELFXQGXV =RXEN WKH
)LJ/L[XVVXEWLOLV%RKPDOHKDELWXV
'$9,',$1HWDO
(17202/2*,&$/5(9,(:9RO1R
IRUPHU VHHPV WR EH WKH PRVW K\GURSKLOLF DQG FROG
UHVLVWDQW2IWKHVHWKUHHVSHFLHV RQO\/VXEWLOLV GRHV
QRWRFFXURQ WKH7DPDQ¶3HQLQVXOD EHLQJIRXQGRQO\
DW LWV ERXQGDU\ QHDU $QDSD ZKHUH WKH PHDQ DQQXDO
SUHFLSLWDWLRQ LV PP VHH KWWSHQZLNLSHGLDRUJ
ZLNL$QDSD&OLPDWH WKXV WKH %ODFN 6HD VWHSSH
WHUULWRULHV ZLWK DQ DQQXDO SUHFLSLWDWLRQ RI PP
DQG OHVV IURP WR PP LQ 7DPDQ¶ VHH
KWWSZZZWDPDQVN\UXNOLPDWSKS PD\ EH WRR
DULG IRU / VXEWLOLV ,Q SDUWLFXODU WKLV VSHFLHV
ZDV QRW IRXQG E\ %$ .RURW\DHY LQ WKH YLFLQLW\ RI
3ULPRUVNR$NKWDUVN LQ VDOLQH DUHDV RI WKH 6HD RI
$]RY FRDVW ZLWK D GLYHUVH IORUD RI &KHQRSRGLDFHDH
DQG D PHDQ DQQXDO SUHFLSLWDWLRQ RI PP
VHH KWWSZZZSRJRGDLNOLPDWUXFOLPDWHKWP
6LQFH / VXEWLOLV LV YHU\ FRPPRQ LQ 1RYRDOHNVDQ
GURYVN 'LVWULFW RI 6WDYURSRO 7HUULWRU\ ZKHUH WKH DQ
QXDO SUHFLSLWDWLRQ LV PP .RURW\DHY WKLV
YDOXHPD\EHFRQVLGHUHGFORVHWRWKHRSWLPXPIRUWKH
VSHFLHV,QWKH8OXJ.KHP'HSUHVVLRQLQ7XYDZKHUH
WKH PHDQ DQQXDO SUHFLSLWDWLRQ QHDU .\]\O LV PP
*UHEQHYD WKH VRXWKHUQ UDQJH ERXQGDU\ RI
/VXEWLOLVLQ6LEHULDVHHPVWRSDVVDW±PDVO
LQ\HDUVRIFROOHFWLQJLQ7XYD%$.RURW\DHYIRXQG
RQO\VSHFLPHQVRI/VXEWLOLV 7KHFOLPDWHRI VRXWK
HUQ 7XYD LV PRUH DULG WKDQ LQ WKH 8OXJ.KHP DQG
.KHPFKLN GHSUHVVLRQV DQG /VXEWLOLVZDV QRW IRXQG
WKHUHE\%$ .RURW\DHYGHVSLWHVHYHUDO \HDUVRI FRO
OHFWLRQ,QDORRVHVDOLQHSDWFKQHDUWKHQRUWKHUQVKRUH
RI /DNH 8EVX1XU KH FROOHFWHG / NRURW\DHYL 70
FORVHWR/UXELFXQGXVDQGWKH1RUWK7XUDQLDQVSHFLHV
/L[XV VS FORVH WR / LQFDQHVFHQV ,Q WKH FRXUVH RI
VHYHUDO \HDUV RI LQWHUQDWLRQDO HQWRPRORJLFDO H[SHGL
WLRQV WR 0RQJROLD / VXEWLOLV DOVR ZDV IRXQG RQO\
RQFH LQ +HQWHL $LPDN 7HU0LQDVVLDQ
7KHVSHFLHVLVNQRZQIURP%XU\DWLDE\DVLQJOHUHFRUG
LQ6HOHQJD 'LVWULFW &KDEDQHQNRDQG /HJDORY
LWLVDOVRUDUHLQ,UNXWVN3URYLQFHVHH0DWHULDO
0DWHULDO+XQJDU\ ³+XQJDULD´ VSP %RVQLD
DQG +HU]HJRYLQD³%RVQLHQ´ VSP6ORYDNLDýHQ
NRY6WXURYR:ƍƍƍ1ƍƍƍ(9
+:LQNHOPDQQVSP%HODUXV%UHVW3URY3ROHV
VN\ 9,,, ±9, DIWHU ,RDQQLVLDQL
8NUDLQH5RYQR 3URY 9RO\Q 2VWURJ 'LVWU
&KHUQ\DNKRYR ±9,, 1HNO\XGRY VSP
.KPHOQLWVN\ 3URY .DPHQHWV 'LVWU %DJRYLWVD
9±9, *UXP*U]KLPDLOR VSPV ±
9, VSPV &KHUQRYWV\ 3URY &KHUQRYWV\
EDQN RI WKH 'QLHVWHU ,; 26 0XUDYLWVN\
VSP 3ROWDYD 3URY HQY RI 3ROWDYD 9,,,
,;±99 )./XNMDQR
YLFK VSPV 'RPRQWRYR ,,, 9 .L]HULW
VN\VSP0LUJRURG'LVWU<DUHVNL9
)LJ/L[XVVXEWLOLV%RKGLVWULEXWLRQEDVHGRQWKHPDWHULDOH[DPLQHGDFFRUGLQJWRWKHSXEOLVKHGGDWD
217+(',675,%87,212)7+(:((9,//,;8668%7,/,6%2+(0$1
(17202/2*,&$/5(9,(:9RO1R
)DEUL VSP3RGRO9HVHO\L9,,,). /X
N\DQRYLFKVSPV.LHY3URY.LHY9(=YH
UH]RPE=XERYVN\VSP'U/JRFNLVSP.LUR
YRJUDG3URY.URSLYQLWVN\ (OL]DYHWJUDG .LURYR
JUDG9LQRYVN\VSP(<DWVHQWNRYVN\VSPV
9,±9,,VSP.KDUNRY3URY.KDUNRYVSP
6WDUREHOVN±,;6LODQW\HYVSPV=PLHY
,, 9, /9 $UQROGL VSPV VDPH
ORFDOLW\ 1RYRVHORYND 9, /9 $UQROGL
VSP.RQVWDQWLQRJUDG'LVWU 6DNKQRYVFKLQD 9
). /XNMDQRYLFK VSP =DSRUR]K\H 3URY
=DSRUR]K\HULJKWEDQNRIWKH'QLHSHU9
6$$OHNVHHQNRVSP$NLPRYVN\'LVWU$OWDJLU
9, 69 :LQWHU VSP 0DU\DQRYND ±
9 69 :LQWHU VSPV 3ULD]RYVN\ 'LVWU
0DNRYND 9 69 :LQWHU VSPV &KHU
NDVV\3URY8PDQVSP/XJDQVN3URYHQYRI/X
JDQVN 9 9, 7DOLWVN\ VSP 0HORYRH
9,, VSP 6WDQLFKQR/XJDQVN\ 5HVHUYH
9,,, *( 'DYLGLDQ VSP 'RQHWVN 3URY
.UDPDWRUVN $UWHPRYVN\ 9 59 )LOLPR
QRYVSP6Y\DWRJRUVND\D9,/9$UQRO
GL VSP 6Y\DWRJRUVN 'RQHWVN\ 7DW¶\DQRYND
9, DQG 9 /9 $UQROGL VSPV
<DVHQRYRH9, /9$UQROGL VSP 6LGR
URYR9,,,/9$UQROGLVSPVDPHORFDO
LW\9/9$UQROGLVSPV%DQQRH9,
/9 $UQROGL VSPV <DURYD\D 9,
/9$UQROGLVSP2GHVVD3URY2GHVVDVSP
9R]QHVHQVND\D WHVWLQJ VWDWLRQ 9 VSPV
9,±9,, VSPV VORSH QHDU .X\DOQLWVN\
FRDVWDOODNH;, VSP .RG\PIRUPHU%DOW
VN\ 'LVWU .RG\PD 9 %D]KHQRY VSP
.KHUVRQ 3URY.KHUVRQ VSP2OHVKNL 7V\XUX
SLQVN 9, 6 &KLVWLNRY VSP 0ROGRYD
&KXPDL;9,7DOLWVN\VSPV .DUPDQR
YR,99,7DOLWVN\VSP %HQGHU\'LVWU
.RWXVKHQ >" .DXVKDQ\@ 9,, &KHUQDYLQ
VSP5XVVLD/LSHWVN 3URY 8VPDQ'LVWU 3RGGXE
URYND0RUR]RYD*RUD*DOLFK\D*RUDDIWHU7VXULNRY
%HOJRURG 3URY 9DOXLNL 9, 9 9H
OLFKNRYVN\ VSP 9RURQH]K 3URY 9RURQH]K
9, $1 5HLFKDUGW VSP 5RVWRY 3URY
'RQ=RQDO$JULFXOWXUDO5HVHDUFK,QVWLWXWH,;
<X*$U]DQRYVSP5DVVYHW%ROVKRL/RJUDYLQH
,; <X* $U]DQRY VSP HQY RI 6DOVN
VWHSSH9,,,*('DYLGLDQVSP5HSXEOLF
RI &ULPHD <DOWD 'LVWU 6HPLGYRU\H ±,;
)LJ'LVWULEXWLRQRI/L[XVVXEWLOLV%RKDQGWKHWHUULWRULHVRIWKHVWHSSHDQGIRUHVWVWHSSH]RQHVZLWKLQWKHIRUPHU8665ERXQGDULHV
UHFRUGVRI/VXEWLOLVIRUHVWVWHSSH]RQHVWHSSH]RQH
'$9,',$1HWDO
(17202/2*,&$/5(9,(:9RO1R
3 %LDQFKL VSP 6LPIHURSRO 9 $ %D
]KHQRYVSP9,VSPHQYRI6LPIHUR
SRO 9,,±9,,, *UDIWLR VSP $OPD 5LYHU
9 VSP <HYSDWRULD 9( <DNRYOHY
VSPV 6XGDN 'LVWU 6XXN6X 9, .RVW\
FKHYDVSP.UDVQRGDU7HUULWRU\3DYORYVN\'LVWU
1RYR/HXVKNRYR 1RYROHXVKNRYVND\D 9
/9 $UQROGL VSPV .UDVQRGDU 9,
' 2JOREOLQ VSPV VDPH ORFDOLW\ FHPHWHU\
9%$.RURW\DHYVSPVHQYRI.UDVQR
GDU9, 00LWURIDQRY VSPNP ( RI
6WDURNRUVXQVND\DDQG9%$.RURW\DHY
VSPV 9 %$ .RURW\DHY VSP
9%$.RURW\DHYVSPV6HYHUVN\'LVWU
6 RI 6HYHUVND\D ,9 %$ .RURW\DHY
VSP 8VW/DELQVN 'LVWU NP : RI 8VW/DELQVN
VWHSSH VORSH WR WKH .XEDQ IORRGODQGV XSVWUHDP RI
9RURQH]KVND\D 9LOO 9 %$ .RURW\DHY
VSP *XONHYLFKL 'LVWU *XONHYLFKL
9±9,VSPV;VSPV,9±
9,, VSPV 9 7HOLJXOVN\ NP 1( RI
*XONHYLFKL 0DLNRSVN\ VWHSSH VORSH 9,
%$ .RURW\DHY VSPV $UPDYLU 9,
97HOLJXOVN\ VSP.DYND]VN\'LVWU ± NP(
RI 7HPL]KEHNVND\D VWHSSH SDWFK QHDU URDG RQ KLJK
EDQN RI WKH .XEDQ 9 %$ .RURW\DHY
VSP 9, %$ .RURW\DHY VSPV URDG
VLGH(RI7HPL]KEHNVND\DRQ0HODQGULXPDOEXP±
9%$.RURW\DHYVSPVVDPHORFDOLW\
9, %$ .RURW\DHY VSP VDPH ORFDOLW\
EDQN RI WKH .XEDQ NP ( RI 7HPL]KEHNVND\D
9,%$.RURW\DHY913UDVRORYVSPV
$QDSD 'LVWU NP 1: RI $QDSD VORSH WRZDUG
KLJKZD\ ZLWK SODQWHG WUHHV RQ %HWD WULJ\QD :DOGVW
HW.LW9,%$.RURW\DHYVSPV$G\JHD
7DNKWDPXNDL 'LVWU NP 6 RI (QHP 9
%$ .RURW\DHY VSP 6KHQG]KLL 9
%$ .RURW\DHY VSP 7HXFKH]KVN\ 'LVWU 3RQH
]KXNDLVN\ VWDWH IDUP 9, %$ .RURW\DHY
VSP 9RFKHSVKL\ ,9 %$ .RURW\DHY
VSP .RVKHKDEOVN\ 'LVWU 1DW\UERYR
RQ PLQW 9, VSPV 6WDYURSRO 7HUULWRU\
: DGPLQ ERXQGDU\ LQ 1RYRDOHNVDQGURYVN 'LVWU
DORQJURDGWR.URSRWNLQHGJHRIVXJDUEHHWILHOGFDS
WXUHGDWIOLJKWLQPLQ;%$.RURW\DHY
VSPV1RYRDOHNVDQGURYVN'LVWU NP( RI1RYR
)LJ 'LVWULEXWLRQ RI /L[XV VXEWLOLV%RK DQGWKH EHHWJURZLQJ ]RQH ZLWKLQWKH IRUPHU8665ERXQGDULHV UHFRUGV RI / VXEWLOLV
EHHWJURZLQJ]RQH
217+(',675,%87,212)7+(:((9,//,;8668%7,/,6%2+(0$1
(17202/2*,&$/5(9,(:9RO1R
DOHNVDQGURYVN VWHSSH VORSH RQ ULJKW EDQN RI WKH
5DVVKHYDWND(RI9LQRJUDGQ\9%$.RUR
W\DHY VSPV 9 VSP 9,
VSP ,9 VSP ±,9 VSP
±,9 VSPV ±; VSP
%$ .RURW\DHY NP ( RI 1RYRDOHNVDQGURYVN
VWHSSH VORSH RQ ULJKW EDQN RI WKH 5DVVKHYDWND ( RI
3ULVDGRY\ ±,9 %$ .RURW\DHY VSPV
NP 6( RI /DGRYVND\D %DOND VDOLQH VWHSSH DORQJ
DVPDOO EURRN 9,%$ .RURW\DHY VSP
NP6RI1RYRDOHNVDQGURYVN1RI.UDVQRFKHUYRQQ\
,9%$.RURW\DHYVSPNP1:RI,]R
ELOQ\9,913UDVRORYVSP6WDYURSRO
9,8YDURYVSP99/XFKQLN
VSP 9±9, 9 /XFKQLN VSPV
6( YLFLQLW\ RI 6WDYURSRO VWHSSH VORSH 9,
%$ .RURW\DHY VSP $OHNVDQGURYVN\ 'LVWU
*UXVKHYND *UXVKHYVND\D 9 3DQNRY
VSP 3\DWLJRUVN VSP 0DVKXN 0W 9
,O\LQ VSP ,9 5\VDNRY VSP .LVOR
YRGVN 9 * 6XYRURY VSP .DUDFKD\
&KHUNHVVLD 8UXS 9,,, VSP 1RUWK 2VVHWLD
$UGRQ ±9 'HPRNLGRY VSP 'DJHV
WDQ .L]O\DU 6WDURJODGRYVND\D 9,, $1 .L
ULFKHQNRVSP.KDVDY\XUW'LVWUULJKWEDQNRIWKH
$NWDVK ± NP XSVWUHDP RI (QGLUHL VWHSSH QHDU IRU
HVW9%$.RURW\DHYVSP.KDVDY\XUW
IRUHVW HGJH 1( RI FLW\ 9 06K ,VPDLORYD
%$.RURW\DHY913UDVRORYVSPV.KDVDY\XUW
9, %HNPDQ VSP 0DNKDFKNDOD 3HW
URYVN3RUW9,,'2JOREOLQVSP%RWOLNK
'HSUHVVLRQ ±9 *0 $EGXUDNKPDQRY
VSP.XUDNK 'LVWU.DELU 9,$1 5HL
FKDUGW VSP6DPDUD 3URY 6DPDUDVSP 8O\D
QRYVN3URY5DGLVKFKHYVN\'LVWUNP6RI9\D]RY
ND VDOLQH VWHSSH ,9 $<X ,VDHY VSP
9 $<X ,VDHY VSP VDPH ORFDOLW\ RQ
$WULSOH[ VS 9, $<X ,VDHY VSPV VDPH
ORFDOLW\ RQ 6LOHQH YLVFRVD 9 $<X ,VDHY
VSPV 6UHGQLNRYR FKDON\ VWHSSH 9,
$9 .RYDOHY VSPV 1RYRVSDVVN\ 'LVWU
0DU\HYND RQ &HUDWRFDUSXV DUHQDULXV 9,,
$<X ,VDHY VSPV 9ROVN\ 'LVWU NP 1( RI
0D\DQJD 9 $<X ,VDHY VSP 1LNROD
HYVN\ 'LVWU $NXORYND VDQG\ VWHSSH 9,
$9.RYDOHYVSP6WDURNXODWNLQVN\'LVWU 9\D
]RY\L *DL &KHQRSRGLXP DOEXP 9,
$<X,VDHY VSP6DUDWRY3URY NP(RI(Q
JHOV ±9,,, 9$ .ULYRNKDWVN\2* 2Y
WVKLQQLNRYDVSPNP(RI(QJHOVUDSHILHOG±
99&KXULNRYDVSP6DYDOVNRHIRUHVWU\
±9,916WDUNVSPV 9ROJRJUDG 3URY
7VDULWV\Q 9ROJRJUDG 9 * 6XYRURY
VSP/LRYO\D9LOO6KO\DNKRYVND\D5DYLQHLQ6DO
VROD 9,,, UHDUHG ,; 6<D 5H]QLN
VSP$VWUDNKDQ 3URY$VWUDNKDQ VSP9RORGDU
VN\'LVWU7LVKNRYR966YRERGQ\VSP
.DOP\NLD /DNH 0DQ\FK*XGLOR HQY RI 6ROHQRH
9,,, *( 'DYLGLDQ VSP &KHO\DELQVN
3URY&KHVPHQVN\'LVWUNP:6: RI&KHUQRERU
VN\މމމ1މމމ(9,±9,,
59 )LOLPRQRY VSP 2OVKDQND NP 6: RI
&KHUQRERUVN\ ± 9, 59 )LOLPRQRY
VSP
.XUJDQ3URY7VHOLQQ\ 'LVWU±NP: RI
8VW8LVNRH RQ &KHQRSRGLXP DOEXP / 9,
59)LOLPRQRY VSP VDPHGDWH DQG ORFDOLW\EXW
RQ .RFKLD GHQVLIORUD 0RT $HOO VSP 8VW
8LVNRH RQ $WULSOH[ VDJLWWDWD %RUNK ±9,
59 )LOLPRQRY VSP 2UHQEXUJ 3URY XSSHU
FRXUVH RI WKH .DUDJDOND ,9±9 /LQGKROP
VSP 2PVN 3URY 2PVN RQ ODPEVTXDUWHUV
VSP $OWDL 7HUULWRU\ .XOXQGD 9,,
$1 5HLFKDUGW VSP $OHLVN EHHW 9,,
9 2EXNKRYD VSP 5XEWVRYVN 9,
). /XN\DQRYLFK VSP .O\XFKHYVNRL 'LVWU
.DLSIHVFXHIHDWKHUJUDVVVWHSSH9, 9.UD
YWVRYVSP7XYD8OXJ.KHPVN\'LVWUNP:
RI .\]\O VWHSSH 1 RI $U\J8]\X 8UJX]XQ
9,,%$.RURW\DHYVSP7RZQRI6KDJR
QDU 9,,, "$, &KHUHSDQRY VSP .\]\O
1*DVWHOOR3DUN9,%$.RURW\DHYVSP
VDPH ORFDOLW\ 9,, 6$ %HORNRE\OVN\
VSPNP(RI.\]\OULJKWEDQNRI0DO\L<HQL
VHLNP(RI6RYHWVND\D7XYDVWDWHIDUP9,
%$ .RURW\DHY VSP ,UNXWVN 3URY $ODU 'LVWU
$ODU TXDUU\ RQ GU\ VORSH RUDFK 9,
9* 6KLOHQNRY VSPV *HRUJLD 1: RI 7ELOLVL
7VLONDQL 9 VSP 7ELOLVL VSP
9, VSP 9,, VSPV
9,,,VSPV9,VSP6DWXQLQ
.DFKHWLD7HOLDQLSURSH7HODY9,,1<)XU
VRY VSP /DJRGHNKL VSPV ±9,
VSPV9,,,VSPV ,;/) 0OR
NRVHYLFK VSPV 7VLWHOL7VNDUR &LW\ 9
$2&KRORNDYDVSP$UPHQLD /RUL3URY$NK
WDOD9,,,VSPV<HUHYDQ9VSP
$]HUEDLMDQ $NVWDID 0W VSP %HORNDQ\ 'LVWU
HQY RI .REDNKFKHO 9 6DWXQLQ VSPV
+HOHQHQGRUI *HLJHOVSPV (OL]DYHWSRO *\D
QMDLQZRRGGXVW; 09LQRYVN\VSP
$JGDP 'LVWU " .DUDJDFK 9LOO RQ ZHHGV
>"9,,@VSP.D]DNKVWDQ:HVW.D]DNKVWDQ
'$9,',$1HWDO
(17202/2*,&$/5(9,(:9RO1R
3URY8UDOVN9,,,%HUH]RYVN\VSP6:
RI $NVDL 7DQDV VSP $W\UDX] 3URY 0DQJ\VKODN
3HQLQVXOD .KDQJD 9,, 1 'DQLORY VSP
=KDPE\O 3URY $XOLH$WD 7DUD] 9,
VSP 7XUJDL 3URY 7XUJDL VSPV .DUDJDQGD
3URY NP 6 RI =KDQD$UND 9,,
5'=KDQWLHYVSP6KHWVN\'LVWU1(RI$JDG\U
9,6WUHONRYVSP(DVW.D]DNKVWDQ3URY
8VW.DPHQRJRUVN VSP 6HPLUHFK\H .DUDWXUXN
DUHD P 9,, $ -DNREVRQ
VSP 6HPLSDODWLQVN 6HPHLWDX 0W VSP $OPDW\
3URY']KDUNHQ'LVWU,OL5LYHU995XFN
EHLOVSP8]EHNLVWDQ7DVKNHQWVSP0DUJHODQ
9,,, VSP" .DUDNXO &LW\ ±9,,
00DOLQLQVSP>ZDVDWWULEXWHGWR.D]DNKVWDQLQ
RULJLQDO 5XVVLDQ WH[W²$XWKRUV@ 7DMLNLVWDQ 6WDOLQ
DEDG 'XVKDQEH 9,±,; 9LQRJUDGRYD
VSPV VDPH ORFDOLW\ 9 *XVVDNRYVN\
VSP.DEDGLDQ 9,*XVVDNRYVN\ VSP
.\UJ\]VWDQ )UXQ]H %LVKNHN 9,
.9 $UQROGL VSP .\UJ\] $ODWDX $ODPHGLQ
VWDWHIDUP ±PDVO 9,.9 $U
QROGL VSPV P9, .9$UQROGL
VSP P 9, .9 $UQROGL VSP
/DNH ,VV\N.XO VSP VDPH ORFDOLW\ &KROSRQ$WD
9, 5 ,VNHQRY VSP 7XUNH\$PDV\D
3URY ± NP : RI $PDV\D ƍ1
ƍ( P RQ &KHQRSRGLXP 9,
/ *OWHNLQ ƃ Ƃ 7UDE]RQ 3URY NP 6 RI
$UVLQƍ1ƍ(PRQ%HWDYXO
JDULVFLHOD / ,9/*OWHNLQ VSP $UW
YLQ 3URY 2UPDQOL 9LOO / *OWHNLQ VSPV,UDQ
)DUV 9 VSP &KLQD;LQMLDQJ 8\JXU
$XWRQRPRXV 5HJLRQ HQY RI .XOGMD ,9
$ 5HJHO VSP *DQVX 3URY *DQVX +RLVDQ ±
9,, %HUH]RYVN\ VSPV %HLMLQJ %HLMLQJ
920DM]ODQ VSPV7HPSOH RI+HDYHQ
9 11 )LOLSSRY VSPV /LDRQLQJ 3URY
0XNGHQ 6KHQ\DQJ&KHGQ\DWXQ: RI 0DLPDLNDL
9,%RUWNHYLFK VSP³0DQGVFKXULD PHU
)HQJWLHQ.LQWFKRXP-XOL´VSPV=,1IURP
FROORI93.DUDVHY
$&.12:/('*0(176
:HDUHYHU\JUDWHIXOWR59)LOLPRQRY6W3HWHUV
EXUJ DQG 9* 6KLOHQNRY ,UNXWVN IRU WKH SURYLGHG
PDWHULDO IURP WKHLU FROOHFWLRQV DQG GDWD RQ WKH KRVW
SODQWVDQGDOVRWR3URI20DM]ODQ6ORYDN$FDGHP\
RI6FLHQFHV%UDWLVODYD6ORYDN5HSXEOLFDQG+:LQ
NHOPDQ %HUOLQ *HUPDQ\ IRU WKH JLIW RI
/ VXEWLOLV
VSHFLPHQV IURP &KLQD DQG 6ORYDNLD 0XFK KHOS LQ
SUHSDUDWLRQRIWKLV SDSHUZDVJLYHQE\699RORYQLN
0HOLWRSRO8NUDLQHZKRPDGHDQLPSRUWDQWFRQWULEX
WLRQWRWKHVWXG\RIWKHIDXQDDQGELRORJ\RIZHHYLOVRI
WKH VXEIDPLO\ /L[LQDH LQ 8NUDLQH 6SHFLDO WKDQNV DUH
GXH WR 9% ,VDHYD ZLGRZ RI $<X ,VDHY 8O\D
QRYVN ZKR GRQDWHG KLV PRVW YDOXDEOH FROOHFWLRQ RI
ZHHYLOV WR WKH =RRORJLFDO ,QVWLWXWH %$ .RURW\DHY¶V
ZRUN ZDV FDUULHG RXW ZLWKLQ WKH IUDPHZRUN RI VWDWH
UHVHDUFK SURJUDPV $$$$$ DQG
$$$$$ DQG ILQDQFLDOO\ VXS
SRUWHGE\WKH 5XVVLDQ)RXQGDWLRQ IRU%DVLF5HVHDUFK
SURMHFW$
5()(5(1&(6
$IRQLQ $1 *UHHQH 6/ ']\XEHQNR 1, DQG
)URORY$1(GV,QWHUDFWLYH$JULFXOWXUDO(FRORJLFDO
$WODV RI5XVVLD DQG 1HLJKERULQJ&RXQWULHV (FRQRPLF
3ODQWVDQG7KHLU'LVHDVHV 3HVWV DQG :HHGV '9'YHU
VLRQKWWSZZZDJURDWODVUX
$OHNVDQGURYLFK 25 /RSDWLQ ,. 3LVDQHQNR $'
7VLQNHYLFK9$ DQG 6QLWNR60 &DWDORJXH RI %HH
WOHV &ROHRSWHUD ,QVHFWD RI %HODUXV %HODUXV )RXQGD
WLRQIRU%DVLF5HVHDUFK0LQVN>LQ5XVVLDQ@
%H\%LHQNR*<D %RJGDQRY.DWNRY11 &KLJDUHY
*$ DQG 6KFKHJROHY 91 $JULFXOWXUDO (QWRPRORJ\
*RVXGDUVWYHQQRH ,]GDWHOVWYR 6HOVNRNKR]\DLVWYHQQRL
/LWHUDWXU\0RVFRZ>LQ5XVVLDQ@
&KDEDQHQNR(9DQG/HJDORY$$³$5HYLHZRIWKH
)DXQDRI:HHYLOVRIWKH6XEIDPLO\/L[LQDH&ROHRSWHUD
&XUFXOLRQLGDHRI WKH%XU\DWLD6WHSSHV´9HVWQLN7RP
VNRJR *RVXGDUVWYHQQRJR 8QLYHUVLWHWD %LRORJL\D
±
'REURYROVN\ %9 7KH %HHWOH 3HVWV5RVWL]GDW5RV
WRYRQ'RQ>LQ5XVVLDQ@
(JRURY/9 ³2QWKH .QRZOHGJHRI WKH%HHWOH )DXQD
RI WKH 3ULVXUVNLL 1DWXUH 5HVHUYH &RPPXQLFDWLRQ ´
LQ 3URFHHGLQJV RI WKH 3ULVXUVNLL 6WDWH 1DWXUH 5HVHUYH
9RO(GE\$9'LPLWULHY3HUIHNWXP&KHERNVDU\
$WUDWSS±>LQ5XVVLDQ@
)LOLPRQRY 59 ³2Q WKH )DXQD RI &XUFXOLRQRLGHD
&ROHRSWHUD RI WKH &KHUQ\ %RU 1DWXUH 0RQXPHQW
&KHO\DELQVN 3URYLQFH´ LQ 3URFHHGLQJV RI 2UHQEXUJ
%UDQFK RI WKH 5XVVLDQ (QWRPRORJLFDO 6RFLHW\ ,VVXH
2UHQEXUJ %UDQFK RI 5XVVLDQ (QWRPRORJLFDO 6RFLHW\
2UHQEXUJSS±>LQ5XVVLDQ@
*UHEQHYD 9$ *HRJUDSK\ RI WKH 7XYD $XWRQRPRXV
6RYLHW 6RFLDOLVW 5HSXEOLF $ 7HDFKLQJ *XLGH 7KH WK
(PHQGHG(GLWLRQ7XYLQVNRH.QL]KQRH,]GDWHOVWYR.\
]\O>LQ5XVVLDQ@
*ULFKDQRY ,<D DQG 2YV\DQQLNRYD (, ³7KH (IIHFWV
RI &OLPDWH &KDQJHV RQ 'HYHORSPHQW RI 3ODQW 3HVWV
LQWKH1RUWKZHVWHUQ5HJLRQRI5XVVLD´LQ$EVWUDFWV RI
3DSHUV RI WKH )LUVW ,QWHUQDWLRQDO 0HHWLQJ ³(DUWK DQG
+DUYHVW´ WKH 7KLUG &RQIHUHQFH ³7KH 0DUNHW DQG
5DWLRQDO8VH RI )HUWLOL]HUVDQG$UJRFKHPLFDO*RRGV´
217+(',675,%87,212)7+(:((9,//,;8668%7,/,6%2+(0$1
(17202/2*,&$/5(9,(:9RO1R
6W3HWHUVEXUJ-XQH±)DUH[SR6W3HWHUVEXUJ
SS±
*OWHNLQ/DQG)UHPXWK- ³7ULEH/L[LQL6FKRHQKHUU
´LQ&DWDORJXHRI3DODHDUFWLF&ROHRSWHUD&XUFX
OLRQRLGHD ,, 9RO (G E\ , /|EO DQG $ 6PHWDQD
%ULOO/HLGHQSS±
,RDQQLVLDQL 7* :HHYLOV &ROHRSW HUD &XUFXOLRQLGDH
RI%HODUXV1DXND7HNKQLND0LQVN>LQ5XVVLDQ@
,VPXNKDPEHWRY =K' ³7KH %HHW 6WHP :HHYLO´
=DVKFKLWD5DVWHQLL±
.RURW\DHY%$DQG$U]DQRY<X*³)DPLO\&XUFXOL
RQLGDH:HHYLOV´LQ%HHWOHV,QVHFWD&ROHRSWHUDRIWKH
5HSXEOLFRI$G\JHD$Q$QQRWDWHG&DWDORJXH6\QRSVHV
RIWKH)DXQDRI$G\JHD1R(GE\$6=DPRWDLORY
DQG1% 1LNLWVN\ $G\JHD 8QLYHUVLW\ 0DLNRS
SS±>LQ5XVVLDQ@
.ULYHWV 6$ DQG .RURW\DHY %$ ³1HZ DQG /LWWOH
.QRZQ:HHYLOV&ROHRSWHUD$SLRQLGDH&XUFXOLRQLGDH
IURP 6RXWKHUQ 6LEHULD´ (QWRPRORJLFKHVNRH 2ER]UHQLH
±>(QWRPRORJLFDO5HYLHZ
±@
2YV\DQQLNRYD (, DQG *ULFKDQRY ,<D ³'HYHORS
PHQWRI WKH &RGOLQJ0RWK XQGHU WKH &RQGLWLRQV RI &OL
PDWH :DUPLQJ LQ (XU RSHDQ 5XVVLD´ 9HVWQLN =DVKFKLW \
5DVWHQLL±
5RPDQRYD 93 ³+DUPIXO 6SHFLHV RI 6WHP :HHYLOV
/L[XV)RIWKH1RUWK&DXFDVXV´LQ3URFHHGLQJVRIWKH
1RUWK&DXFDVLDQ5HJLRQDO3ODQW3URWHFWLRQ8QLW1R
5RVWRYRQ'RQSS±>LQ5XVVLDQ@
6PUHF]\ĔVNL 6 5\MNRZFH±&XUFXOLRQLGDH 3RGURG]LQL
7DQ\PHFLQDH &OHRQLQDH 7DQ\UK\QFKLQDH 0RO\WLQDH
.OXF]H GRR]QDF]DQLD RZDGyZ 3ROVNL&] :DU
V]DZD
7HU0LQDVVLDQ 0( ³(UJHEQLVH GHU =RRORJLVFKHQ
)RUVFKXQJH Q YRQ 'U = .DV] DE LQ GHU 0 RQJROHL
&XUFXOLRQLGDH&OHRQLQDH$QWKRQRPLQDH 3LVVRGLQDH
0DJGDOLQDH +\ORELLQDH $ORSKLQDH 5K\QFKDHQLQDH
&ROHRSWHUD´ $QQDOHV +LVWRULFR1DWXUDOHV 0XVHL 1D
WLRQDOLV+XQJDULFL±
7HU0LQDVVLDQ0(³:HHYLOVRIWKH6XEIDPLO\&OHRQ
LQDH &ROHR SWHUD &XUFXOL RQLGDH LQ WKH )DXQD R I 0RQ
JROLD´LQ,QVHFWVRI0RQJROLD,VVXH1DXND/HQLQ
JUDGSS±>LQ5XVVLDQ@
7ULEHO6$DQG6PLUQ\NK90³7KH%HHW6WHP
:HHYLOV´=DVKFKLWD5DVWHQLL±
7VXULNRY01 %HHWOHVRI/LSHWVN3URYLQFH 9RURQH]K
6WDWH8QLYHUVLW\9RURQH]K>LQ5XVVLDQ@
9DVLO\HYD 7, DQG %XUNRYD /$ ³$GYDQFHG ,QVHFWL
FLGHV IRU &RQWURO RI WKH %HHW 6WHP :HHYLO´ 9HVWQLN
=DVKFKLW\5DVWHQLL±
9RORYQLN69 ³2Q'LVWULEXWLRQDQG (FRORJ\RI 6RPH
6SHFLHV RI &OHRQLQHV &ROHRSWHUD &XUFXOLRQLGDH
,9*HQXV/L[XV )6XEJHQXV(XOL[XV 5HLWW´ (QWRPR
ORJLFKHVNRH 2ER]UHQLH ± >(QWR
PRORJLFDO5HYLHZ±@
9RORYQLN69 DQG 3LVQ\D ,9 ³7KH %HHW 6WHP :HH
YLO´6DNKDUQD\D6YHNOD±
9RORYQLN 69 1D]DUHQNR 9<X DQG 6KHVKXUDN
31 ³:HHYLOV RI WKH 6XEIDPLO\ /L[LQDH &ROHRSWHUD
&XUFXOLRQLGDH RI &KHUQLJRY 3URYLQFH 8NUDLQH
6SHFLHV &RPSRVLWLRQ DQG *HRJUDSKLF 'LVWULEXWLRQ´
8NUDʀQVNLL (QWRPRORJɿFKQLL =KXUQDO ± ±
=YHUH]RPE=XERYVN\ (9 3HVWV RI 6XJDU %HHW
$FDGHP\ RI 6FLHQFHV RI 8NUDLQLDQ 665 .LHY
>LQ5XVVLDQ@