6LJQ 6\\VWHPV 6WXGLHV
'LVFRYHULQJ HFRVHPLRWLFV
:LQIULHG 1|WK .DOHYL .XOO
(FRVHPLRWLFV RU HFRORJLFDO VHPLRWLFV LV WKH VWXG\\ RI VLJQ SURFHVVHV LQ WKH
LQWHUDFWLRQ RI KXPDQV ZLWK WKHLU QDWXUDO HQYLURQPHQW 7KLV VHPLRWLF ILHOG DW
WKH FURVVURDGV RI QDWXUH DQG FXOWXUH LV FORVHO\\ UHODWHG WR LWV QHLJKERXULQJ
ILHOGV RI ELRVHPLRWLFV DQG VHPLRWLFV RI FXOWXUH EXW VHPLRVLV LQ WKH UHODWLRQ
EHWZHHQ KXPDQV DQG QDWXUH LV DOVR RI FRQFHUQ WR DHVWKHWLFV WKH YLVXDO DUWV
OLWHUDWXUH KHUPHQHXWLFV DQG WKHRORJ\\ $VSHFWV UHODWHG WR HFRVHPLRWLFV KDYH
DOVR EHHQ VWXGLHG LQ KXPDQ HFRORJ\\ FXOWXUDO JHRJUDSK\\ HFRSV\\FKRORJ\\ DQG
HFROLQJXLVWLFV
7KHUH DUH WZR GLIIHUHQW FRQFHSWLRQV RI WKH HFRORJLFDO DVSHFWV RI VHPLRWLFV
(FRORJLFDO UHIHUV WR DOO HQYLURQPHQWDO LQIRUPDWLRQ H[FHSW IRU WKH RQH
FRPPXQLFDWHG E\\ KXPDQV RU LQ WKH FDVH RI RWKHU RUJDQLVPV E\\ FRQVSHFLILFV
,Q WKLV VHQVH WKHUH LV HFRORJLFDO VHPLRVLV LQ DOO RUJDQLVPV DQG HFRVHPLRWLFV
FRPSULVHV D ODUJH SDUW RI ELRVHPLRWLFV
,Q D QDUURZHU VHQVH HFRORJLFDO UHIHUV WR WKH HQYLURQPHQW RI KXPDQV RQO\\
$FFRUGLQJO\\ KXPDQ HQYLURQPHQWDO SUREOHPV ZKHQ WUHDWHG VHPLRWLFDOO\\
EHORQJ WR WKH ILHOG RI HFRVHPLRWLFV ,Q WKLV VHQVH HFRVHPLRWLFV LV D SDUW RI
DQWKURSRVHPLRWLFV DQG PRUH VWULFWO\\ RI WKH VHPLRWLFV RI FXOWXUH )RXU PDMRU
PRGHOV RI WKH UHODWLRQVKLS EHWZHHQ KXPDQV DQG WKHLU HQYLURQPHQW FDQ EH
GLVFHUQHG LQ WKH KLVWRU\\ RI FXOWXUH WKH SDQVHPLRWLF WKH PDJLFDO WKH P\\WKR
ORJLFDO DQG WKH RQH RI WKH QDWXUDO VFLHQFHV VHH DOVR 1|WK ±
'XH WR WKHVH WZR GLIIHUHQW PHDQLQJV RI µHFRORJLFDO¶ WKHUH KDYH EHHQ GLI
IHUHQW GHILQLWLRQV RI µHFRVHPLRWLFV¶ )RU LQVWDQFH 7HPEURFN IROORZV
WKH ILUVW ZKHUHDV .XOO IROORZV WKH VHFRQG GHILQLWLRQ
)LUVW RXWOLQHV RI HFRVHPLRWLFV DQG VHPLRWLF HFRORJ\\ FDQ EH IRXQG LQ WKH
VSHFLDO LVVXH RI =HLWVFKULIW IU 6HPLRWLN HQWLWOHG µ1DWXU 8PZHOW =HL
FKHQ¶ RU LQ WKH SDSHUV E\\ 1|WK DQG .XOO LQ 6LJQ 6\\VWHPV 6WXGLHV
à 6u
¶Ã hqq
rr)à Xà I|uà ²Ã 6tyvvxShvvxà Vvr
và sà FhryÃ
Br
tA
r
T
à "à 9"# (à Fhryà Br
h0Ã rhvy)Ã ru5vxhryqr0Ã
FÃFyyòà 9rh
rà sà Trvvpà Vvr
và sà Uh
à Uvvtvà Tà &'à $# à Uh
Ã
@vh0Ãrhvy)Ãxhyrv5ivrrÃ
:LQIULHG 1|WK .DOHYL .XOO
2WKHU VSHFLDO LVVXHV RI MRXUQDOV GHGLFDWHG WR WKH WRSLF DUH $PHULFDQ
-RXUQDO RI 6HPLRWLFV HQWLWOHG µ5HILJXULQJ 'HEULV¶ =HLWVFKULIW
IU 6HPLRWLN HQWLWOHG µ=XU NXOWXUVHPLRWLVFKHQ )XQNWLRQ YRQ *lUWHQ
XQG 3DUNV¶ DQG 6LJQ 6\\VWHPV 6WXGLHV ZLWK WZR DUWLFOHV RQ
WKH WRSLF $V D XQLYHUVLW\\ FRXUVH HFRVHPLRWLFV KDV EHHQ LQFOXGHG LQWR WKH
FXUULFXOXP RI 7DUWX 8QLYHUVLW\\ VLQFH DQG RI WKH (VWRQLDQ $JULFXOWXUDO
8QLYHUVLW\\ VLQFH $V DQ DSSOLHG ILHOG HFRVHPLRWLFV PD\\ KDYH D JURZ
LQJ LPSRUWDQFH IRU ODQGVFDSH SODQQLQJ DQG IRU HQYLURQPHQWDO VWXGLHV LQ JHQ
HUDO VHH HJ %|KPH &DQWULOO DQG 2UDYHF /DUVHQ DQG *UJDV
3RVQHU 6FKHPSS HW DO 6LPPRQV :UHGH DQG $GDPV
$ ZRUNVKRS RQ (FRVHPLRWLFV 6WXGLHV LQ (QYLURQPHQWDO 6HPLRVLV KDV
EHHQ KHOG LQ WKH IUDPHZRUN RI WKH 1RUGLF%DOWLF 6XPPHU ,QVWLWXWH IRU 6HPL
RWLF DQG 6WUXFWXUDO 6WXGLHV DW ,PDWUD )LQODQG RQ -XQH ± &RQVLGHU
LQJ WKH SRWHQWLDO LPSRUWDQFH RI WKLV QHZ ILHOG RI VHPLRWLFV DQG LWV SRWHQWLDO IRU
EULGJLQJ WKH FXOWXUDO DQG VFLHQWLILF DVSHFWV RI HFRORJ\\ LW VHHPV ZRUWKZKLOH WR
SRLQW RXW IHZ GHWDLOV RI WKLV HYHQW DV RQH RI WKH ILUVW PHHWLQJV LQ WKH ILHOG
7KH FRQWULEXWLRQV WR WKH ZRUNVKRS ZHUH VXEGLYLGHG LQ WKUHH SDUWV
Ã
7KHRUHWLFDO )RXQGDWLRQV
:LQIULHG 1|WK *HUPDQ\\ ² ,QWURGXFWLRQ WR HFRVHPLRWLFV VWXGLHV LQ HQYL
URQPHQWDO VHPLRVLV
.DOHYL .XOO (VWRQLD ² ,QWHUVSHFLHV UHODWLRQV LQ FKDQJH DQ HFRVHPLRWLF
DQDO\\VLV
6¡UHQ %ULHU 'HQPDUN ² &\\EHUVHPLRWLFV ELRVHPLRWLFV DQG HFRVHPLRWLFV
6RORPRQ 0DUFXV 5RPDQLD ² 7KH VHPLRWLFV RI HFRORJ\\ LQ D PDWKHPDWLFDO
SHUVSHFWLYH
$QGUHDV :HEHU *HUPDQ\\ ² 7XUQLQJ WKH LQVLGH RXW QDWXUDO IRUPV DV H[
SUHVVLRQ RI LQWHQWLRQDOLW\\
Ã
&XOWXUDO (FRVHPLRWLFV
2VPR .XXVL )LQODQG ² (FRVHPLRWLFV RI PDWHULDOV
&KULVWLQD /MXQJEHUJ 6ZLW]HUODQG ² 0LVUHDGLQJ WKH VLJQV SUREOHPV RI
LQWHUDFWLRQ LQ FRQWHPSRUDU\\ &DQDGLDQ ILFWLRQ
+DQQHOH .HURVXR )LQODQG ² %RUGHU ]RQHV DV SODFHV RI FKDQJH
3HWHU 6FKXO] 6ZLW]HUODQG ² 6XEMHFWLYLW\\ LQ DQ VHPLRWLF SHUVSHFWLYH
$OH[DQGHU ( 6HGRY 5XVVLD ² 1HZ 5XVVLDQ P\\WKV FRQFHUQLQJ JHQHWLF UH
VHDUFK LQ WKH PDVVPHGLD DQG LQ WKH FRPPRQ PLQG
'DULR 0DUWLQHOOL ,WDO\\ ² 7R EHDVW RU QRW WR EHDVW" 7KDW LV WKH TXHVWLRQ
7XRPR -lPVl )LQODQG ² (FRORJ\\ RI WKH KXPDQ QDWXUH
Ã
9HUEDO DQG 1RQYHUEDO (FRVHPLRWLFV
=G]LVáDZ : VLN DQG (O ELHWD : VLN 3RODQG ² 2Q WKH HFRORJLFDO SURSHUWLHV
RI ODQJXDJHV VHDUFKLQJ IRU D GHVFULSWLYH PRGHO LQ WKH GRPDLQ RI H[WHUQDO
OLQJXLVWLFV RQ WKH EDVLV RI $URXPXQLDQ DQG )ULVLDQ
'LVFRYHULQJ HFRVHPLRWLFV
,VDEHOOH *XDwWHOOD )UDQFH ² 5{OH GX JHVWH HW GH OD YRL[ SRXU O¶H[SUHVVLRQ
GHV DWWLWXGHV GDQV O¶LQWHUDFWLRQ
6HUJH 6DQWL )UDQFH ² )RQGDWLRQV VHQVRULPRWULFHV GHV UHODWLRQV YRL[JHVWHV
GDQV OD FRPPXQLFDWLRQ
$OEHUW 'L &ULVWR )UDQFH ² 8QH JUDPPDLUH pFRORJLTXH FRPPH FDGUH LQWHU
SUpWDWLI GH OD SURVRGLH GH OD SDUROH
5LVWH .HVNSDLN (VWRQLD ² 6HPLRWLFV RI JDUEDJH LQ (VWRQLDQ SUHVV
0DJQXV 6 0DJQXVVRQ ,FHODQG ² *HQHV DQG WKH PXVLF RI KXPDQ LQWHUDF
WLRQV
7KH DEVWUDFWV RI WKH SDSHUV ZHUH SXEOLVKHG DV D ERRNOHW $EVWUDFWV ² 1RUGLF
%DOWLF 6XPPHU ,QVWLWXWH IRU 6HPLRWLF DQG 6WUXFWXUDO 6WXGLHV ,PDWUD IRU
WKH SDUWLFLSDQWV 7KH VHVVLRQ LQFOXGHG D JHQHUDO GLVFXVVLRQ DERXW WKH UHODWLRQ
VKLSV EHWZHHQ HFRVHPLRWLFV ELRVHPLRWLFV DQG VHPLRWLFV RI FXOWXUH 'HVSLWH
VRPH RYHUODS EHWZHHQ WKHVH ILHOGV WKHUH UHPDLQV PXFK WR EH H[SORUHG
$Q LPSRUWDQW FKDOOHQJH IRU HFRVHPLRWLFV ZLOO EH D V\\VWHPDWLF DQDO\\VLV RI
PRGHOV RI VHPLRWLF UHODWLRQVKLSV EHWZHHQ KXPDQV DQG WKHLU HQYLURQPHQW ERWK
LQ KLVWRULFDO DQG LQ FRQWHPSRUDU\\ FXOWXUHV FI %|KPH %RXLVVDF
+RUQERUJ .UDPSHQ 1|WK 2HOVFKODHJHU 5DSS
:DUQNH 7KLV ZRUN KDV RQO\\ EHJXQ
5HIHUHQFHV
%|KPH *HUQRW $HVWKHWLF NQRZOHGJH RI QDWXUH ,VVXHV LQ &RQWHPSRUDU\\
&XOWXUH DQG $HVWKHWLFV ±
%|KPH +DUWPXW hEHU YRUPRGHUQH 1DWXUNRQ]HSWH =HLWVFKULIW IU 6HPLRWLN
±
%RXLVVDF 3DXO :KDW LV KXPDQ" (FRORJLFDO VHPLRWLFV DQG WKH QHZ DQLPLVP
6HPLRWLFD ±
&DQWULOO -DPHV * DQG 2UDYHF &KULVWLQH / HGV 7KH 6\\PEROLF (DUWK
'LVFRXUVH DQG RXU &UHDWLRQ RI WKH (QYLURQPHQW /H[LQJWRQ 7KH 8QLYHUVLW\\
3UHVV RI .HQWXFN\\
+RUQERUJ $OI (FRORJ\\ DV VHPLRWLFV 2XWOLQHV RI D FRQWH[WXDOLVW SDUDGLJP
IRU KXPDQ HFRORJ\\ ,Q 'HVFROD 3KLOLSSH DQG 3iOVVRQ *LVOL HGV 1DWXUH DQG
6RFLHW\\ $QWKURSRORJLFDO 3HUVSHFWLYHV /RQGRQ 5RXWOHGJH ±
.UDPSHQ 0DUWLQ $Q HFRORJLFDO DSSURDFK WR VHPLRWLFV ,Q .RFK :DOWHU $
HG (YROXWLRQ RI &XOWXUH %RFKXP 8QLYHUVLWlWVYHUODJ 'U 1RUEHUW %URFN
PH\\HU ±
.XOO .DOHYL 6HPLRWLF HFRORJ\\ 'LIIHUHQW QDWXUHV LQ WKH VHPLRVSKHUH 6LJQ
6\\VWHPV 6WXGLHV ±
/DUVHQ 6YHQG (ULN DQG *UJDV 6WLSH HGV 7KH &RQVWUXFWLRQ RI 1DWXUH $
'LVFXUVLYH 6WUDWHJ\\ LQ 0RGHUQ (XURSHDQ 7KRXJKW 2GHQVH 2GHQVH 8QLYHU
VLW\\ 3UHVV
1|WK :LQIULHG (FRVHPLRWLFV 6LJQ 6\\VWHPV 6WXGLHV ±
² +DQGEXFK GHU 6HPLRWLN 6WXWWJDUW - % 0HW]OHU
:LQIULHG 1|WK .DOHYL .XOO
2HOVFKODHJHU 0D[ 7KH ,GHD RI :LOGHUQHVV )URP 3UHKLVWRU\\ WR WKH $JH RI
(FRORJ\\ 1HZ +DYHQ <DOH 8QLYHUVLW\\ 3UHVV
3RVQHU 5RODQG HG :DUQXQJHQ DQ GLH IHUQH =XNXQIW $WRPPOO DOV .RP
PXQLNDWLRQVSUREOHP 0QFKHQ 5DEHQ
5DSS ) HG 1DWXUYHUVWlQGQLV XQG 1DWXUEHKHUUVFKXQJ 0QFKHQ )LQN
6FKHPSS 'LHWHU )UDQW] -UJHQ .UDPSHQ 0DUWLQ DQG :HLLQJHU 6DELQH HGV
0HQVFK 5DXP XQG 3IODQ]H %UDXQVFKZHLJ 7KDODFNHU 9HUODJ
6LPPRQV , * ,QWHUSUHWLQJ 1DWXUH &XOWXUDO &RQVWUXFWLRQV RI WKH (QYL
URQPHQW /RQGRQ 5RXWOHGJH
7HPEURFN *QWHU gNRVHPLRVH ,Q 3RVQHU 5RODQG 5REHULQJ .ODXV DQG
6HEHRN 7KRPDV $ HGV 6HPLRWLN (LQ +DQGEXFK ]X GHQ ]HLFKHQWKHRUH
WLVFKHQ *UXQGODJHQ YRQ 1DWXU XQG .XOWXU YRO %HUOLQ GH *UX\\WHU ±
:DUQNH &DPLOOD 6FKHOOLQJV ,GHH XQG 7KHRULH GHV 2UJDQLVPXV XQG GHU
3DUDGLJPDZHFKVHO GHU %LRORJLH XP GLH :HQGH ]XP -DKUKXQGHUW -DKU
EXFK IU *HVFKLFKWH XQG 7KHRULH GHU %LRORJLH ±
:UHGH 6WXDUW DQG $GDPV :LOOLDP +RZDUG HGV 'HQDWXUHG 9LVLRQV
/DQGVFDSH DQG &XOWXUH LQ WKH 7ZHQWLHWK &HQWXU\\ 1HZ <RUN 7KH 0XVHXP RI
0RGHUQ $UW