File size: 29,996 Bytes
6fa4bc9 | 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 | {
"paper_id": "U07-1013",
"header": {
"generated_with": "S2ORC 1.0.0",
"date_generated": "2023-01-19T03:08:52.184880Z"
},
"title": "",
"authors": [],
"year": "",
"venue": null,
"identifiers": {},
"abstract": "",
"pdf_parse": {
"paper_id": "U07-1013",
"_pdf_hash": "",
"abstract": [],
"body_text": [],
"back_matter": [],
"bib_entries": {},
"ref_entries": {
"TABREF0": {
"content": "<table><tr><td colspan=\"2\">7KH 6+$/0$1( 7KH DQG RU WKH VFHQDULR LQ ZKLFK WKH\\ FRXOG RFFXU LQ 6(5 )UDPH 6HPDQWLFV )UDPH 6HPDQWLFV EDVLFDOO\\ GHYHORSHG IURP &KDUOHV )LOOPRUH \u00b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u00ab SURGXFWLRQ Q 7DEOH $Q H[DPSOH IUDPH LQ )UDPH1HW 7DEOH VKRZV DQ H[DPSOH IUDPH \u00b30DQXIDFWXU LQJ\u00b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u00b6 3DUVHU 0DFKLQH OHDUQLQJ 0DOOHW PDOOHW 7DEOH 6+$/0$1(6(5 VHWWLQJV DW HDFK VWHS $V 6+$/0$1(6(5 DV LQGLFDWHG E\\ 6+$/0$1(6(5 526< )LJXUH VKRZV DQ H[DPSOH VHQWHQFH DQQRWDWHG E\\ 6+$/0$1(6(5 ZLWK VH PDQWLF IUDPHV 6WDWLVWLFV RI $QQRWDWLRQ )UDPH OHYHO )UDPHV FKDQJHG )(V FKDQJHG 6+$/0$1(6(5 HYRNHG IUDPHV 1 $ 0DQXDOO\\ DXJPHQWHG IUDPHV \u00b1 )1 0DQXDOO\\ DXJPHQWHG IUDPHV \u00b1 )1 7DEOH $YHUDJH QXPEHU RI IUDPHV DQG )(V FKDQJHG LQ PDQXDO DXJPHQWDWLRQ SHU SDVVDJHV SHU TXHVWLRQ \u00b1 UDZ PHDVXUHV $V VKRZQ LQ 7DEOH WKH )( RULHQWHG DXJPHQWD WLRQ RI WKH IUDPHV HYRNHG E\\ 6+$/0$1(6(5 LQFOXGHV FKDQJLQJ RI WKH )(V )UDPH OHYHO )UDPHV FKDQJHG )(V FKDQJHG 6+$/0$1(6(5 HYRNHG IUDPHV 1 $ 0DQXDOO\\ DXJPHQWHG IUDPHV \u00b1 )1 0DQXDOO\\ DXJPHQWHG IUDPHV \u00b1 )1 7DEOH $(OHPHQW 0HDVXUH )UDPHV HYRNHG )UDPHV HYRNHG XQLTXH )(V DVVLJQHG )(V DVVLJQHG XQLTXH 7DEOH )UDPH1HW RULHQWHG VWDWLVWLFV RI WKH DQQRWDWHG FRUSXV 7KH WRWDO QXPEHU RI XQLTXH IUDPHV HYRNHG LQ WKH FRUSXV L H FRYHUV RI WKH WRWDO LWHPV LWHPV FRUUHFW $FFXUDF\\ B ,Q )UDPH OHYHO )UDPH HYRFDWLRQ DFFXUDF\\ )( DVVLJQDWLRQ DFFXUDF\\ 6+$/0$1(6(5 HYRNHG IUDPHV 6+$/0$1(6(5 HYRNHG IUDPHV \u00b1 )(V DXJPHQWHG 0DQXDOO\\ DXJPHQWHG IUDPHV \u00b1 )1 7DEOH $YHUDJH DFFXUDF\\ RI DQQRWDWLRQ DW HDFK IUDPH OHYHO \u00b1 )1 LQ EDVHOLQH KXPDQ OHYHO DQQRWDWLRQ )UDPH OHYHO )UDPH HYRFDWLRQ DFFXUDF\\ )( DVVLJQDWLRQ DFFXUDF\\ 6+$/0$1(6(5 HYRNHG IUDPHV 6+$/0$1(6(5 HYRNHG IUDPHV \u00b1 )(V DXJPHQWHG 0DQXDOO\\ DXJPHQWHG IUDPHV \u00b1 )1 7DEOH $YHUDJH DFFXUDF\\ RI DQQRWDWLRQ DW HDFK IUDPH OHYHO \u00b1 )1 LQ EDVHOLQH KXPDQ OHYHO DQQRWDWLRQ 4XDOLW\\ $Q ( 3 ( 3 $ 3 N \u00a6 \u00a6 M L LM 1N Q ( 3 FRUGLQJ WR SUHGLFDWHV ^3 3 \u00ab 3 ` 3UHGLFDWH 1R IUDPH )UDPHFRGHU )UDPHFRGHU )UDPH 3 3 3 3 3 3 3 3 3 3 7DEOH $Q H[DPSOH IUDPH DJUHHPHQW WDEOH IRU SUHGLFDWHV DQG FRGHUV :LWK WKLV H[DPSOH DJUHHPHQW WDEOH . 6 & LV FDO FXODWHG DV IROORZV )LUVW 3 $ LV FDOFXODWHG DV DW URZV WKHUH DUH DJUHHPHQWV LQGL FDWHG E\\ WKH QXPEHU 6HFRQG IRU HDFK ODEHO M S M L H \u00a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u00b1 FRGHUV \u00b6 YLHZ )((V \u00b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td></tr><tr><td colspan=\"2\">$YHUDJH DJUHHPHQW</td></tr><tr><td>DQG *ODVV PHQW 3 ( 7DEOH</td><td>WR FRPSXWH WKH H[SHFWHG DJUHH ,QWHU DQQRWDWRU )( DJUHHPHQW UDWHV</td></tr></table>",
"type_str": "table",
"text": "-RKQ <HDUZRRG &HQWUH IRU ,QIRUPDWLFV DQG $SSOLHG 2SWLPL]DWLRQ 8QLYHUVLW\\ RI %DOODUDW M \\HDUZRRG# EDOODUDW HGX DX /LSLQJ 0D &HQWUH IRU ,QIRUPDWLFV DQG $SSOLHG 2SWLPL]DWLRQ 8QLYHUVLW\\ RI %DOODUDW O PD#EDOODUDW HGX DX $EVWUDFW :LWK VKDOORZ VHPDQWLF SDUVLQJ WDVNV UH FHLYLQJ PRUH DWWHQWLRQ LQ PDQ\\ QDWXUDO ODQ JXDJH DSSOLFDWLRQV WKHUH LV D QHHG IRU OD EHOHG FRUSRUD IRU OHDUQLQJ WKH VSHFLILF WDJV XQGHU FRQVLGHUDWLRQ ,Q WKLV SDSHU ZH GLV FXVV D WZR VWHS VHPDQWLF FODVV DQG VHPDQ WLF UROH DVVLJQPHQW EDVHG RQ WKH )UDPH1HW HOHPHQWV RYHU D VXEVHW RI WKH $48$,17 FROOHFWLRQ ZLWK D UHDVRQDEOH FRYHUDJH RYHU WKH VHPDQWLF IUDPHV LQ )UDPH1HW 7KH TXDOLW\\ RI WKH DQQRWDWLRQ WDVN LV H[DPLQHG WKURXJK LQWHU DQQRWDWRU DJUHHPHQW 7KH PHWKRGRORJ\\ GHVFULEHG LQ WKLV ZRUN IRU PHDVXULQJ LQWHU DQQRWDWRU DJUHHPHQW FDQ EH DGDSWHG IRU VLPLODU WDVNV 6RPH FHQWUDO DVSHFWV RI WKH WDVN DUH DOVR GHWDLOHG LQ WKLV SDSHU ,QWURGXFWLRQ 2SHQ GRPDLQ WH[W ODEHOLQJ ZLWK WKH WDJV RI OH[LFDO VHPDQWLF VWUXFWXUHV LV D WLPH FRQVXPLQJ LQWHQVLYH WDVN WKDW LV QHFHVVDU\\ WR LQLWLDWH WKH VHPL RU IXOO\\ DXWRPDWHG SURFHVV RI WH[W DQQRWDWLRQ ZLWK OH[LFDO VHPDQWLF LQIRUPDWLRQ 7KH H[WUD NQRZOHGJH WKDW VXFK ODEHOLQJ FDQ FRQWULEXWH WR WH[WV GHYHORSV D KLJKHU OHYHO RI WH[W XQGHUVWDQGLQJ IRU KLJK OHYHO DSSOLFDWLRQV LQ WKH GRPDLQ RI QDWXUDO ODQJXDJH SURFHVVLQJ H J TXHVWLRQ DQVZHULQJ 4$ LQIRUPDWLRQ H[WUDFWLRQ ,( PDFKLQH WUDQVODWLRQ DQG HWF 7KH OHDUQLQJ SDUVHUV ZKLFK FDQ DIIRUG WKH DXWR PDWHG VHPDQWLF ODEHOLQJ RI WH[WV DUH KLJKO\\ GH SHQGHQW RQ WKH WUDLQLQJ VHWV ZLWK H[DPSOH DQQR WDWHG WH[WV 7KH H[LVWLQJ VHPDQWLF SDUVHUV EHWWHU NQRZQ LQ WKLV FRQWH[W DV VKDOORZ VHPDQWLF SDUVHUV UHO\\ RQ WKH V\\QWDFWLF DQG RU VHPDQWLF VLPLODULWLHV RI WKH WUDLQLQJ VHWV DQG WKH WHVW VHQWHQFHV V\\QWDFWLFDO DQG VHPDQWLF IHDWXUHV (UN DQG 3DGR 3UDGKDQ :DUG HW DO SDUVHU (UN DQG 3DGR DV RQH RI VXFK SDUVHUV EHQHILWV IURP WZR FODVVLILHUV WR DGG WKH )UDPH1HW %DNHU )LOOPRUH HW DO )UDPHV DQG )UDPH (OHPHQWV )(V WR RSHQ GRPDLQ WH[WV ,W LV PRVWO\\ GHSHQGHQW RQ WKH V\\QWDFWLF IHDWXUHV LQ WKH WH[WV 7KH $66(57 VKDOORZ VHPDQWLF SDUVHU 3UDGKDQ :DUG HW DO H[SORLWV WKH 690 FODV VLILHUV WUDLQHG RQ ERWK V\\QWDFWLFDO DQG VHPDQWLF IHDWXUHV RI WH[WV WR DVVLJQ VHPDQWLF UROHV WR VHQ WHQFH HOHPHQWV L H DUJXPHQWV 2QH RI WKH ILUVW LVVXHV WKDW KLJKO\\ DIIHFW WKH DF FXUDF\\ RI VKDOORZ VHPDQWLF SDUVHUV LV WKH TXDOLW\\ RI WKH WUDLQLQJ VHW 7R DYRLG DQ\\ XQQHFHVVDU\\ EHKDY LRUDO ELDV WRZDUGV WKH DQQRWDWLRQ DSSOLHG E\\ D FRGHU LQ WKH WUDLQLQJ VHW LW LV SUXGHQW WKDW WKH WUDLQ LQJ DQQRWDWLRQ SDVVHV D UHDVRQDEOH LQWHU DQQRWDWRU DJUHHPHQW PHDVXUH ZLWK UHVSHFW WR WKH GLIIHUHQW DVSHFWV RI WKH ODEHOLQJ WDVN ,Q DQQRWDWLQJ D WH[W FROOHFWLRQ ZLWK )UDPH 6H PDQWLFV )LOOPRUH WKH WZR PDLQ DVSHFWV DUH FRQVLGHUHG WR EH WKH IUDPH DQG )( DVVLJQPHQW WR WKH WH[W :KLOH WKH ILUVW DVSHFW LV PRUH D PDWWHU RI ZRUG VHQVH GLVDPELJXDWLRQ (UN WKH ODWWHU LV D FKDOOHQJH ZLWK V\\QWDFWLF DQG VHPDQWLF DQDO\\VLV RI WKH FRQVWLWXHQWV RI D VHQWHQFH DQG ERXQGDU\\ GHWHF WLRQ IRU HDFK DUJXPHQW RI D SUHGLFDWH WR EH DV VLJQHG WR D VHPDQWLF UROH L H DQ )( ,Q WKLV SDSHU ZH GHVFULEH WKH DFWLYLW\\ RI DQQRWDW LQJ D VXEVHW RI WKH $48$,17 FROOHFWLRQ ZLWK WKH )UDPH1HW IUDPHV DQG WKHLU FRUUHVSRQGLQJ )(V 7KH WKUHH PDMRU PRWLYDWLRQV RI WKLV WDVN DUH DV IROORZV 7KH ODEHOHG FRUSXV FDQ EH H[SORLWHG IRU WKH SXUSRVH RI WUDLQLQJ VKDOORZ VHPDQWLF SDUV HUV DV LW FRQWDLQV DSSURSULDWH VHPDQWLF FODVV DQG UROH DVVLJQPHQW WR WKH WH[W 7KH PHWKRGRORJ\\ RI PHDVXULQJ WKH LQWHU DQQRWDWRU DJUHHPHQW ZLWK UHJDUG WR WKH WDVNV RI IUDPH DVVLJQPHQW DQG )( ODEHOLQJ KDV QRW EHHQ WDFNOHG DQG IRUPXODWHG FRP SUHKHQVLYHO\\ EHIRUH DQG RXU PHWKRGRORJ\\ FDQ EH DGDSWHG IRU VLPLODU WDVNV $V WKH FRUSXV FRQWDLQV WKH DQVZHU SDVVDJHV IRU D ODUJH DPRXQW RI WKH 75(& IDF WRLG TXHVWLRQ VHW 9RRUKHHV LW FDQ EH XVHG IRU DQVZHU H[WUDFWLRQ WHFKQLTXH OHDUQLQJ DQG DUWLFXODWLQJ WKH )UDPH1HW EDVHG DQVZHU FDQGLGDWH LGHQWLILFDWLRQ 7KH WDVN RI DGGLQJ IUDPHV DQG )(V WR WKH WH[WV KDV EHHQ SHUIRUPHG LQ WKH WZR VWHSV RI DXWRPDWHG DQQRWDWLRQ DQG KXPDQ H[SHUW DXJPHQWDWLRQ 7KLV SDSHU LV RUJDQL]HG DV IROORZV $ EULHI GHIL QLWLRQ RI IUDPH VHPDQWLFV LQ VHFWLRQ LV IROORZHG E\\ WKH GHVFULSWLRQ RI WKH )UDPH1HW EDVHG WH[W OD EHOLQJ LQ VHFWLRQ 6HFWLRQ DQDO\\]HV WKH GLIIHUHQW DVSHFWV RI RXU DQQRWDWLRQ WDVN DQG VHFWLRQ FRQ FOXGHV WKH SDSHU PDLQ LGHD EHKLQG IUDPH VHPDQWLFV LV WKDW WKH PHDQLQJ RI D VLQJOH ZRUG LV GHSHQGHQW WR WKH HVVHQWLDO NQRZOHGJH UHODWHG WR WKDW ZRUG :LWK VXFK DQ XQGHUVWDQGLQJ RI IUDPH VHPDQWLFV WKH UH TXLUHG NQRZOHGJH DERXW HDFK VLQJOH ZRUG LV VWRUHG LQ D IUDPH ,Q RUGHU WR HQFDSVXODWH IUDPH VHPDQWLFV LQ VXFK IUDPHV WKH )UDPH1HW SURMHFW %DNHU )LOO PRUH HW DO KDV EHHQ GHYHORSLQJ D QHWZRUN RI LQWHU UHODWHG IUDPHV ZKLFK LV D OH[LFDO UHVRXUFH IRU (QJOLVK QRZ XVHG LQ PDQ\\ QDWXUDO ODQJXDJH DSSOL FDWLRQV 7KH PDLQ HQWLW\\ LQ )UDPH1HW LV WKH IUDPH ZKLFK GHYHORSV D NLQG RI VHPDQWLF QRUPDOL]DWLRQ RYHU FRQFHSWV VHPDQWLFDOO\\ UHODWHG WR HDFK RWKHU 7KH VHPDQWLF UHODWLRQ EHWZHHQ FRQFHSWV LQ D IUDPH LV UHDOL]HG ZLWK UHJDUG WR WKH VFHQDULR RI D UHDO VLWXD WLRQ ZKLFK PD\\ KDSSHQ DQG FRYHU WKH SDUWLFLSDQW FRQFHSWV UDWKHU WKDQ V\\QRQ\\P\\ RU RWKHU SHHU WR SHHU UHODWLRQV ,Q WKLV UHJDUG WKH IUDPHV HQFRGH WKH EDVH GHILQLWLRQV QHFHVVDU\\ WR XQGHUVWDQG WKH VH PDQWLFV DQG WKH VFHQH RI HDFK FRQWDLQHG WHUP ,Q RWKHU ZRUGV UHDO ZRUOG NQRZOHGJH DERXW UHDO VFH QDULRV DQG WKHLU UHODWHG SURSHUWLHV DUH HQFRGHG LQ WKH IUDPHV /RZH %DNHU HW DO (DFK IUDPH FRQWDLQV VRPH IUDPH HOHPHQWV )(V DV UHSUHVHQWD WLYHV RI GLIIHUHQW VHPDQWLF DQG V\\QWDFWLF UROHV UH JDUGLQJ D WDUJHW ZRUG LQVLGH WKH IUDPH 7KH VHPDQ WLF UROHV DUH FRPPRQ SURSHUWLHV DPRQJ DOO RI WKH WHUPV WKDW DUH LQKHULWHG IURP D IUDPH 7KLV HQVXUHV D VXLWDEOH LQFOXVLRQ RYHU WKH (QJOLVK WHUPV ZKLFK HLWKHU KDYH VLPLODU PHDQLQJV RU VKDUH WKH FRQWH[W 7KH WDVN RI VKDOORZ VHPDQWLF SDUVLQJ RI VHQWHQFHV ZLWK UHVSHFW WR WKH SUHGLFDWHV H J YHUEV QRXQV HWF PDLQO\\ FRQVLVWV RI WZR SKDVHV L VHQVH GLV DPELJXDWLRQ RI WKH SUHGLFDWH DQG LL UROH DVVLJQ PHQW WR WKH DUJXPHQWV RI WKH SUHGLFDWH ZLWK UHJDUG WR WKH VSHFLILF VHQVH L H FODVV RI LW (UN DQG 3DGR ,Q WKH FRQWH[W RI )UDPH1HW WKH FODVV LV UHDO L]HG DV WKH VSHFLILF IUDPH ZKLFK LV HYRNHG LQ WKH WUXH VHQVH RI WKH FRQWH[W RI WKH VHQWHQFH (UN ZKLOH WKH UROHV DUH WKH GLIIHUHQW )(V LQ WKDW IUDPH DQG OH[LFDO XQLWV 7KH PDLQ VHPDQWLF UROHV WKDW DUH QHFHVVDU\\ IRU WKH VFHQDULR WR EH FRPSOHWH DUH WKRVH NQRZQ DV WKH FRUH )(V )DFWRU\\ 0DQXIDFWXUHU DQG 3URGXFW 'LI IHUHQW SUHGLFDWHV ZLWK GLIIHUHQW SDUWV RI VSHHFK H J QRXQ YHUE DQG DGMHFWLYH DUH LQKHULWHG IRUP WKLV IUDPH :LWK UHVSHFW WR WKLV IUDPH WKH DQQRWDWLRQ RI DQ H[DPSOH VHQWHQFH \u00b3WKH FRPSDQ\\ PDNHV GLIIHUHQW W\\SHV RI GRRUV LQ WKH $XVWUDOLD SODQW\u00b4 ZLWK UHVSHFW WR WKH SUHGLFDWH \u00b3PDNH Y\u00b4 FRQVLVWV RI WZR VWDJHV L WR LGHQWLI\\ WKH ULJKW VHPDQWLF FODVV L H IUDPH DQG LL WR DVVLJQ WKH GLIIHUHQW SDUWV RI WKH VHQWHQFH WR WKH VHPDQWLF UROHV L H )(V RI WKH IUDPH )LJXUH YLVXDOL]HV WKLV DQQRWDWLRQ WDVN 7KHUH DUH GLIIHUHQW VHPDQWLF FODVVHV WKDW FDQ EH UHDOL]HG ZLWK WKH SUHGLFDWH \u00b3PDNH Y\u00b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u00b3FRPSDQ\\\u00b4 \u00b3GLI IHUHQW\u00b4 \u00b3W\\SHV\u00b4 \u00b3GRRUV\u00b4 DQG \u00b3SODQW\u00b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u00b3)LQLVK FRPSHWLWLRQ\u00b4 KDV EHHQ DGGHG WKH ZURQJO\\ DVVLJQHG IUDPH \u00b3'XUDWLRQ\u00b4 KDV EHHQ HOLPLQDWHG DQG WKH )(V RI WKH WZR IUDPHV \u00b3&DOHQGULF XQLW\u00b4 DQG \u00b3%HFRPLQJ DZDUH\u00b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u00b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u00b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u00b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u00b6 VNLOOV RQ WKH DQQRWDWLRQ WDVN UHVXOWV LQ GLIIHUHQW VWDQGDUGV RI DQQRWDWLRQ ZKLFK GDPDJH WKH )( DV VLJQPHQW WDVN PRUH WKDQ WKH IUDPH HYRFDWLRQ SURF HVV 7KLV KDSSHQV DV WKH WRWDO QXPEHU RI )( DVVLJ QDWLRQV LV PXFK PRUH WKDQ WKDW LQ WHUPV RI IUDPHV LL GLIIHUHQW FRGHUV \u00b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
"num": null,
"html": null
}
}
}
} |