• No results found

Development of wavelength modulation diode laser absorption spectrometry in transversely heated graphite atomisers for sensitive trace element analysis

N/A
N/A
Protected

Academic year: 2022

Share "Development of wavelength modulation diode laser absorption spectrometry in transversely heated graphite atomisers for sensitive trace element analysis"

Copied!
90
0
0

Loading.... (view fulltext now)

Full text

(1)



'(9(/230(17

2)

:$9(/(1*7+02'8/$7,21',2'(/$6(5$%62537,21

63(&7520(75<

,1

75$169(56(/<+($7('*5$3+,7($720,6(56

)25

6(16,7,9(75$&((/(0(17$1$/<6,6

 

-g5*(1*867$)6621







 

 

 

 

 



'2&725$/7+(6,6



7+(/$6(53+<6,&6*5283

'(3$570(172)3+<6,&6

80(c81,9(56,7<

6:('(1

(2)
(3)



 



$.$'(0,6.$9+$1'/,1*

6RPPHGYHGHUE|UOLJWWLOOVWnQGDY5HNWRUVlPEHWHWYLG8PHn8QLYHUVLWHWI|UYLQQDQGHDYILORVRILH

GRNWRUVH[DPHQIUDPOlJJHVWLOORIIHQWOLJJUDQVNQLQJYLG,QVWLWXWLRQHQI|U)\VLN

+|UVDO11DWXUYHWDUKXVHW8PHn8QLYHUVLWHW

7RUVGDJHQGHQGHFHPEHUNO

DY

)LO/LF-|UJHQ*XVWDIVVRQ





















2SSRQHQW 3URIHVVRU3LHWUR%HQHWWL'HSDUWPHQWRI&KHPLVWU\

8QLYHUVLW\RI3DYLD3DYLD,WDOLHQ

%HW\JVQlPQG 3URIHVVRU%HUWLO6XQGTYLVW

    'RFHQW 'RXJODV%D[W HU

    'RFHQW 6W DIIDQ$QGHUVVRQ

([DPLQDWRU  3URIHVVRU2YH$[QHU

(4)





























-|UJHQ*XVWDIVVRQ

7KH/DVHU3K\VLFV*URXS

'HSDUWPHQWRI3K\VLFV

8PHn8QLYHUVLW\

6(8PHn

6ZHGHQ

(5)























7R%RHODQG9LWDOLD









(6)
(7)

$EVWUDFW

7KH :DYHOHQJWK 0RGXODWLRQ 'LRGH /DVHU $EVRUSWLRQ 6SHFWURPHWU\ WHFKQLTXH

:0'/$6 LVDODVHUEDVHGVSHFWURVFRSLFWHFKQLTXHIRUVHQVLWLYHGHWHFWLRQRI

DWRPV DQG PROHFXOHV WKDW VR IDU PRVWO\ KDV EHHQ XVHG IRU HQYLURQPHQWDO

PRQLWRULQJ7KLVWKHVLVLVFRQFHUQHGZLWKWKHGHYHORSPHQWRIWKLVWHFKQLTXHIRU

VHQVLWLYHWUDFHHOHPHQWDQDO\VLV7KH:0'/$6WHFKQLTXHLVLQJHQHUDODEOHWR

PHDVXUHDYDULHW\RIVSHFLHVDWWKUHHRUGHUVRIPDJQLWXGHORZHUFRQFHQWUDWLRQV

WKDQ FRQYHQWLRQDO DWRPLF DEVRUSWLRQ WHFKQLTXHV VLQFH LW VKLIWV WKH GHWHFWLRQ WR

KLJKIUHTXHQFLHVZKHUHWKHIQRLVHLVVLJQLILFDQWO\ORZHU

7KH:0'/$6WHFKQLTXHKDVLQWKLVZRUNEHHQFRPELQHGZLWKD7UDQVYHUVHO\

+HDWHG*UDSKLWH$WRPLVHU 7+*$ LQRUGHUWRPDNHSRVVLEOHERWKXOWUDVHQVLWLYH

WUDFHHOHPHQWDQDO\VLVDQGPLFURDQDO\VLV7KHQHZWHFKQLTXHKDVVKRZQDOLPLWRI

GHWHFWLRQRIIJ   J  IRU 5ELQ DTXHRXV VROXWLRQV WKH SLORW HOHPHQW⋅ 

XQGHULQYHVWLJDWLRQ FRUUHVSRQGLQJWRDFRQFHQWUDWLRQRISSW SDUWVSHU

WULOOLRQRUSJP/ 

7KHZRUNKDVEHHQSXUVXHGDORQJVHYHUDOOLQHV7KHPRVWLPSRUWDQWRQHKDVEHHQ

WRREWDLQDWKRURXJKXQGHUVWDQGLQJRIWKHSK\VLFDOSURFHVVHVWKDWPLJKWLQIOXHQFH

WKH SHUIRUPDQFH RI WKH WHFKQLTXH 7KLV SDUW RI WKH ZRUN KDV LQ WXUQ EHHQ

SXUVXHGLQWZRGLIIHUHQWGLUHFWLRQVWRLGHQWLI\DQGXQGHUVWDQGWKHSURFHVVHVWKDW

JLYH ULVH WR WKH DQDO\WLFDO VLJQDO LQ RUGHU WR ILQG PHDQV WR PD[LPL]H LW  DQG WR

LGHQWLI\DQGXQGHUVWDQGWKHSURFHVVHVWKDWJLYHULVHWREDFNJURXQGVLJQDOVDQGWKHLU

GULIWV LQRUGHUWRILQGPHDQVWRPLQLPL]HWKHP 

$ WKRURXJK XQGHUVWDQGLQJ RI WKH VLJQDO VWUHQJWKV DQG VKDSHV RI WKH DQDO\WLFDO

:0'/$6VLJQDOKDVEHHQREWDLQHGE\WKHGHYHORSPHQWDQGXVHRIDSURJUDP

WKDW VLPXODWHV :0'/$6 VLJQDOV IRU D YDULHW\ RI H[SHULPHQWDO VLWXDWLRQV

4XDQWLWLHVRIVSHFLDOLPSRUWDQFHKDYHEHHQWKHLQIOXHQFHRIODVHUFHQWUHIUHTXHQF\

IUHTXHQF\PRGXODWLRQDPSOLWXGHDQGWKHRUGHURIWKHKDUPRQLFGHWHFWHGRQWKH

VLJQDO VWUHQJWKV DQG VKDSHV 7KH LQIOXHQFH RI K\SHUILQH VWUXFWXUH DQG LVRWRSH

VKLIWVRQWKHHOHPHQWDOGHWHFWLRQKDVDOVREHHQLQYHVWLJDWHG,WZDVIRXQGWKDWWKH

H[LVWHQFH RI K\SHUILQH VWUXFWXUH DQG LVRWRSH VKLIW DV ZHOO DV WKH SHUWLQHQW

EURDGHQLQJPHFKDQLVPVKDVDSURQRXQFHGHIIHFWRQWKHGHWHFWLRQ,WZDVLQIDFW

IRXQGWKH:0'/$6VLJQDOIURPDORZSUHVVXUHFHOOKDVOLWWOHLQFRPPRQZLWK

WKDWIURPDQDWPRVSKHULFSUHVVXUHDWRPLVHUVXFKDVWKH7+*$ZKLFKSXWVVHYHU

UHVWULFWLRQVRQLWVXVHDVDZDYHOHQJWKUHIHUHQFHVRXUFH

,WKDVDOVREHHQIRXQGWKDW:0'/$6LVLQPRVWVLWXDWLRQVQRWOLPLWHGE\WKH

VKRWQRLVHEXWUDWKHUQRLVHDQGGULIWVIURPWKHEDFNJURXQGVLJQDOV$VLJQLILFDQW

DPRXQWRIZRUNKDVWKHUHIRUHEHHQGHYRWHGWRLGHQWLI\WKHVHEDFNJURXQGVLJQDOV

VRDVWRILQGPHDQVWRPLQLPL]HWKHP7KHLQYHVWLJDWLRQKDVUHYHDOHGWKDWWKH

PRVWLPSRUWDQWEDFNJURXQGVLJQDOVRULJLQDWHIURPPXOWLSOHUHIOHFWLRQVLQRSWLFDO

FRPSRQHQWV VRFDOOHG HWDORQ HIIHFWV 9DULRXV WHFKQLTXHV IRU UHGXFWLRQ RI VXFK

EDFNJURXQGVLJQDOVKDYHEHHQSURSRVHGDQGH[DPLQHG

2WKHUUHVHDUFKGLUHFWLRQVSXUVXHGKDYHEHHQWRGHYHORSDQHZPHWKRGRORJ\IRU

GHDOLQJ ZLWK RSWLFDOO\ WKLFN VDPSOHV 7KLV OHG WR WKH GHYHORSPHQW RI D QHZ

WHFKQLTXH IRU H[WHQGLQJ WKH G\QDPLF UDQJH RI WKH :0'/$6 WHFKQLTXH 7KH

PHWKRGRORJ\GRHVQRWUHTXLUHDQ\SULRUNQRZOHGJHRIWKHDQDO\WLFDOFRQWHQWRI

WKHVDPSOHQRUGRHVLWVDFULILFHWKHKLJKVHQVLWLYLW\RIWKHWHFKQLTXHLQRUGHUWR

REWDLQ WKH H[WHQGHG G\QDPLF UDQJH 7KH G\QDPLF UDQJH ZDV E\ DSSO\LQJ WKH

PHWKRGRORJ\LQFUHDVHGWRPRUHWKDQVL[RUGHUVRIPDJQLWXGH

(8)



(9)

3UHIDFH

7KLV'RFWRURI3KLORVRSK\7KHVLVLVEDVHGXSRQZRUNGRQHLQWKH/DVHU3K\VLFV

*URXS DW WKH 'HSDUWPHQW RI 3K\VLFV DW 8PHn 8QLYHUVLW\ 7KH IROORZLQJ

SXEOLFDWLRQVDUHLQFOXGHGLQWKHWKHVLV

3DSHU, 7KH LQIOXHQFH RI K\SHUILQH VWUXFWXUH DQG LVRWRSH VKLIW RQ WKH

GHWHFWLRQRI5EDWRPVLQDWPRVSKHULFSUHVVXUHDWRPL]HUVE\WKHI

ZDYHOHQJWKPRGXODWLRQWHFKQLTXH

-|UJHQ*XVWDIVVRQ'RU\V5RMDVDQG2YH$[QHU

6SHFWURFKLPLFD$FWD3DUW%  



3DSHU,, 7KH LQIOXHQFH RI K\SHUILQH VWUXFWXUH DQG LVRWRSH VKLIW RQ WKH

GHWHFWLRQRI5EE\IZDYHOHQJWKPRGXODWLRQGLRGHODVHUDEVRUSWLRQ

VSHFWURPHWU\H[SHULPHQWDOYHULILFDWLRQRIVLPXODWLRQV

-|UJHQ*XVWDIVVRQDQG2YH$[QHU

6SHFWURFKLPLFD$FWD3DUW%  



3DSHU,,, 5XELGLXPDWRPGLVWULEXWLRQDQGQRQVSHFWUDOLQWHUIHUHQFHHIIHFWVLQ

WUDQVYHUVHO\ KHDWHG JUDSKLWH DWRPL]HUV HYDOXDWHG E\ ZDYHOHQJWK

PRGXODWHGGLRGHODVHUDEVRUSWLRQVSHFWURPHWU\

 1HJDVVL +DGJX -|UJHQ *XVWDIVVRQ :ROIJDQJ )UHFK DQG 2YH

$[QHU

 6SHFWURFKLPLFD$FWD3DUW%  



3DSHU,9 ([WHQVLRQRIWKH'\QDPLF5DQJHRIWKHI:DYHOHQJWK0RGXODWHG

'LRGH /DVHU $EVRUSWLRQ 6SHFWURPHWU\ 7HFKQLTXH  'HWHFWLRQ RI

$WRPVXQGHU2SWLFDOO\7KLFN&RQGLWLRQV

 -|UJHQ*XVWDIVVRQ1LNRODL&KHNDOLQ'RU\V5RMDVDQG2YH$[QHU

 6SHFWURFKLPLFD$FWD3DUW%  



3DSHU9 :DYHOHQJWK PRGXODWLRQ DEVRUSWLRQ VSHFWURPHWU\  DQ H[WHQVLYH

VFUXWLQ\RIWKHJHQHUDWLRQRIVLJQDOV

 3DZHO .OXF]\QVNL -|UJHQ *XVWDIVVRQ cVD /LQGEHUJ DQG 2YH

$[QHU

 6SHFWURFKLPLFD$FWD3DUW%  



3DSHU9, ,PSURYHG GHWHFWDELOLW\ RI ZDYHOHQJWK PRGXODWLRQ GLRGH ODVHU

DEVRUSWLRQ VSHFWURPHWU\ DSSOLHG WR ZLQGRZHTXLSSHG JUDSKLWH

IXUQDFHVE\WKDQGWKKDUPRQLFGHWHFWLRQ

 -|UJHQ*XVWDIVVRQ1LNRODL&KHNDOLQDQG2YH$[QHU

 7REHSXEOLVKHGLQ6SHFWURFKLPLFD$FWD%;;  



(10)

3DSHU9,, &KDUDFWHUL]DWLRQRIIIDQGIEDFNJURXQGVLJQDOVLQZDYHOHQJWK

PRGXODWLRQGLRGHODVHUDEVRUSWLRQVSHFWURPHWU\LQJUDSKLWHIXUQDFHV

 -|UJHQ*XVWDIVVRQ1LNRODL&KHNDOLQDQG2YH$[QHU

 7REHSXEOLVKHGLQ6SHFWURFKLPLFD$FWD%;;  



3DSHU9,,,´,QWHOOLJHQWµ WULJJHULQJ PHWKRGRORJ\ IRU LPSURYHG GHWHFWDELOLW\ RI

ZDYHOHQJWKPRGXODWLRQGLRGHODVHUDEVRUSWLRQVSHFWURPHWU\DSSOLHG

WRZLQGRZHTXLSSHGJUDSKLWHIXUQDFHV

 -|UJHQ*XVWDIVVRQDQG2YH$[QHU

 7REHSXEOLVKHGLQ6SHFWURFKLPLFD$FWD%;;  



3DSHU,; $ GRXEOH PRGXODWLRQ PHWKRGRORJ\ IRU LPSURYHG GHWHFWDELOLW\ RI

ZDYHOHQJWKPRGXODWLRQGLRGHODVHUDEVRUSWLRQVSHFWURPHWU\DSSOLHG

WRZLQGRZHTXLSSHGJUDSKLWHIXUQDFHV

 -|UJHQ*XVWDIVVRQ)ORULDQ6FKPLGW5XL*XHUUDDQG2YH$[QHU

 ,QPDQXVFULSW



$GGLWLRQDOSXEOLFDWLRQVE\WKHDXWKRUUHJDUGLQJWKHVXEMHFWEXWQRWLQFOXGHGLQWKH

WKHVLV

3DSHU; 7KHRUHWLFDOLQYHVWLJDWLRQRIWKHWHPSHUDWXUHGHSHQGHQFHRIWKHI

ZDYHOHQJWKPRGXODWHGGLRGHODVHUDEVRUSWLRQVLJQDO

 -|UJHQ*XVWDIVVRQDQG2YH$[QHU

 6SHFWURFKLPLFD$FWD3DUW%  

3DSHU;, $IDFWRUVOLQHVWUHQJWKVDQGDEVRUSWLRQFURVVVHFWLRQVIRUOLQHVDQG

K\SHUILQH VWUXFWXUH FRPSRQHQWV LQ DWRPLF VSHFWURPHWU\ $ XVHU·V

DSSURDFK

 2YH $[QHU -|UJHQ *XVWDIVVRQ 1LFROy 2PHQHWWR DQG -DPHV '

:LQHIRUGQHU

 6XEPLWWHGIRUSXEOLFDWLRQLQ6SHFWURFKLPLFD$FWD3DUW%  

3DSHU;,, $EVRUEDQFH RU QRW $EVRUEDQFH LQ :DYHOHQJWK 0RGXODWHG

$EVRUSWLRQ6SHFWURPHWU\²7KDWLVWKH4XHVWLRQ«

 2YH $[QHU -|UJHQ *XVWDIVVRQ )ORULDQ 0 6FKPLGW 1LFROy

2PHQHWWRDQG-DPHV':LQHIRUGQHU

 ,QPDQXVFULSW



(11)

7DEOHRI&RQWHQWV

$%675$&79,,

35()$&(,;

7$%/(2)&217(176;,

,1752'8&7,21  :+<'(7(&775$&((/(0(176" 

$%5,()29(59,(:2)620(7(&+1,48(6)2575$&((/(0(17

'(7(&7,21

$WRPLVDWLRQGHYLFHV

'HWHFWLRQWHFKQLTXHV

/$6(56,163(&7520(75<

',2'(/$6(56,163(&7520(75<

7+(&217(172)7+(7+(6,6

7+(25*$1,6$7,212)7+(7+(6,6

:$9(/(1*7+02'8/$7,21',2'(/$6(5$%62537,21

63(&7520(75<  

7+($%62537,21$1',76'(7(&7,21

$720,&$%62537,2163(&7520(75<

%DFNJURXQGFRUUHFWLRQWHFKQLTXHVIRUDWRPLFDEVRUSWLRQVSHFWURPHWU\

:$9(/(1*7+02'8/$7,21',2'(/$6(5$%62537,2163(&7520(75<



:DYHOHQJWK0RGXODWLRQ$EVRUSWLRQ6SHFWURPHWU\LQJHQHUDO

:DYHOHQJWK0RGXODWLRQ'LRGH/DVHU$EVRUSWLRQ6SHFWURPHWU\LQ3DUWLFXODU

7KH+LVWRU\RI:DYHOHQJWK0RGXODWLRQ$EVRUSWLRQ6SHFWURPHWU\

)LJXUDWLYHGHVFULSWLRQRI:DYHOHQJWK0RGXODWLRQ$EVRUSWLRQ6SHFWURPHWU\ 

0DWKHPDWLFDOGHVFULSWLRQRI:DYHOHQJWK0RGXODWLRQ$EVRUSWLRQ6SHFWURPHWU\

([SHULPHQWDOHTXLSPHQWRI:DYHOHQJWK0RGXODWLRQ$EVRUSWLRQ6SHFWURPHWU\

75$169(56(/<+($7('*5$3+,7($720,6(5 

7+(*5$3+,7()851$&($720,6(5

7+(+,6725<2)7+(*5$3+,7()851$&($720,6(5

7+(75$169(56(/<+($7('*5$3+,7($720,6(5

*5$3+,7()851$&(352&('85(6

7+(3,/27(/(0(17)257+(7+(6,6²58%,',80 

58%,',80)520$63(&7526&23,&32,172)9,(:

)LQHVWUXFWXUH 

+\SHUILQHVWUXFWXUH

,VRWRSHVKLIW 

7UDQVLWLRQSUREDELOLW\ 

7UDQVLWLRQEURDGHQLQJDQGFROOLVLRQDOWUDQVLWLRQVKLIW 

:$9(/(1*7+02'8/$7,21',2'(/$6(5$%62537,21

63(&7520(75<6,*1$/6 

58%,',80,1$&(//

58%,',80,175$169(56(/<+($7('*5$3+,7($720,6(5

6800$5<2)7+($33(1'('3$3(56  

(12)

3$3(5, 

3$3(5,,

3$3(5,,,

3$3(5,9 

3$3(59

3$3(59, 

3$3(59,,

3$3(59,,,

3$3(5,;

:$9(/(1*7+02'8/$7,2196)5(48(1&<

02'8/$7,21  

&21&/8',1*5(0$5.6 

7+()8785( 

5($&+,1*1(:75$16,7,216

,03529(6(16,7,9,7<6(/(&7,9,7<(7&

$&.12:/('*(0(176 

$33(1',&(6  

$33(1',;$²:$9(/(1*7+02'8/$7,21',2'(/$6(5$%62537,21

63(&7520(75<2158%,',806,08/$7,216

$33(1',;%²'(5,9$7,212)7+((;35(66,216)257+(5(/$7,9(

75$16,7,21352%$%,/,7,(6*,9(1,13$3(5, (4  

5()(5(1&(6 



(13)

,QWURGXFWLRQ

UDFHHOHPHQWGHWHFWLRQ²:KDWLVLW JRRGIRU ZKDWFDQLWDFKLHYH

DQGKRZFDQLWEHDFKLHYHG"

,Q WKH EHJLQQLQJ WKH QRWDWLRQ ´WUDFHµ ZDV XVHG IRU D FRQFHQWUDWLRQ RI DQ

HOHPHQWVRPLQXWHWKDWDTXDQWLILFDWLRQRILWZDVLPSRVVLEOH1RZDGD\V´WUDFHµ

XVXDOO\LQGLFDWHVDVPDOOEXWPHDVXUDEOHFRQFHQWUDWLRQLQDVDPSOH7KHZRUGLV

QRWYHU\SUHFLVHO\GHILQHGDQGLWVGHILQLWLRQKDVFKDQJHGRYHUWLPHDQGFKDQJHV

FRQWLQXRXVO\ )URP DQ DQDO\WLFDO SRLQW RI YLHZ D WUDFH FRQFHQWUDWLRQ UHIHU

WRGD\WRSDUWVSHUELOOLRQ SSERUQJPO RUSDUWVSHUWULOOLRQ SSWRU

SJPO  FRQFHQWUDWLRQV ZKHUHDV LQ D PHGLFDO FRQWH[W WUDFH OHYHOV UHIHU WR

VXEVWDQFHV WKDW DUH SUHVHQW RU QHHGHG RQO\ LQ VPDOO DPRXQWV ZLWK D GDLO\

UHTXLUHPHQWUDQJLQJIURPDIHZPJGRZQWRVRPHµJDPRXQWV

7KHGHWHFWLRQOLPLWVIRUHOHPHQWDOGHWHFWLRQWHFKQLTXHVKDYHFRQVWDQWO\EHHQ

UHGXFHG LH LPSURYHG  6RPH GHFDGHV DJR WKH GHWHFWLRQ OLPLWV IRU WUDFH

HOHPHQWDOGHWHFWLRQWHFKQLTXHVZHUHLQWKHSDUWVSHUPLOOLRQUDQJH SSP RUµJPO ZKHUHDVWKH\WRGD\DUHFDSDEOHRIGHWHFWLQJWUDFHVGRZQWR RULQ

VRPHFDVHVHYHQEHORZ SDUWVSHUWULOOLRQ SSWRUSJPO 7RSXWWKHVH

OLPLWV LQWR SHUVSHFWLYH RQH FDQ WKLQN RI WKHP LQ WHUPV RI WLPH $ PLOOLRQ

VHFRQGVLVDERXWHOHYHQGD\V$FFXUDWHO\PHDVXULQJDWUDFHHOHPHQWLQWKHSSP

UDQJHLVWKXVHTXLYDOHQWWRFRUUHFWO\SLFNLQJRQHVSHFLILFVHFRQGRXWRIHOHYHQ

GD\V $ WULOOLRQ VHFRQGV LV HTXDO WR DERXW   \HDUV +HQFH RQH SSW

FRUUHVSRQGVWRRQHSDUWLFXODUVHFRQGRXWRI\HDUV

:K\GHWHFWWUDFHHOHPHQWV"

7KH SUHVHQFH RI WUDFH DPRXQWV RI FHUWDLQ HOHPHQWV LQ WKH KXPDQ ERG\ LV

WKRXJKW RI DV EHLQJ HVVHQWLDO WR RXU KHDOWK ,W LV IRU H[DPSOH NQRZQ IURP

VWXGLHVRIPHWDOWUDFHVLQELRORJLFDOVDPSOHVWKDWVHYHUDOHOHPHQWVSUHYLRXVO\

FRQVLGHUHG SXUHO\ WR[LF DUH LQ IDFW QHHGHG LQ WUDFHDPRXQWV IRU RXU KHDOWK

6XFK HOHPHQWV DUH JHQHUDOO\ UHIHUUHG WR DV HVVHQWLDO HOHPHQWV LH HOHPHQWV

ZKRVHWUDFHDPRXQWSUHVHQFHLVQHFHVVDU\LQRUGHUWRVXVWDLQOLIHDOWKRXJKWKH\

DUHWR[LFLQODUJHFRQFHQWUDWLRQVVHH)LJXUH ([DPSOHVRIVXFKHOHPHQWVDUH

&U1L5EDQG=Q7KHFRQFHQWUDWLRQUDQJHVQHHGHGRIWKHHVVHQWLDOHOHPHQWV

GLIIHUVEHWZHHQWKHHOHPHQWV

7

(14)

)LJXUH6FKHPDWLFUHSUHVHQWDWLRQRIWKHLQIOXHQFHRIFHUWDLQHOHPHQWVRQRXUKHDOWK

$ ELRDFFXPXODWLYH FKHPLFDO LV RQH WKDW PRYHV IURP RQH QRQOLYLQJ

HQYLURQPHQW DLU ZDWHU DQG VRLO  LQWR OLYLQJ REMHFWV ZLWK DQ LQFUHDVH LQ

FRQFHQWUDWLRQLQWKHREMHFW)RUH[DPSOHDFKHPLFDOOLNH''7DSSHDULQJLQDLU

RU ZDWHU DW VHHPLQJO\ KDUPOHVV OHYHOV LQ WKH ORZ SSW UDQJH  PD\ VLQFH LW

UHPDLQV LQ WKH HQYLURQPHQW IRU DERXW  \HDUV DIWHU LW KDV EHHQ UHOHDVHG

DFFXPXODWHLQOLYLQJREMHFWVHYHQWXDOO\UHDFKLQJFRQFHQWUDWLRQVFDXVLQJFDQFHU

DQGRULQWHUIHUHQFHZLWKUHSURGXFWLRQ7KLVLVZHOOLOOXVWUDWHGE\ILQGLQJVWKDW

WKH FRQFHQWUDWLRQ RI ''7 LV LQFUHDVHG VHYHQ RUGHUV RI PDJQLWXGH LH 

PLOOLRQWLPHV EHWZHHQZDWHUDQGELUGVLQ/RQJ,VODQG6RXQG SSWRI''7LQ

WKHZDWHUSURGXFHVSSPDWR[LFFRQFHQWUDWLRQLQILVKHDWLQJELUGV 

$ FORVHO\ UHODWHG H[DPSOH RI WKH QHFHVVLW\ WR PHDVXUH PLQXWH DPRXQWV RI

HOHPHQWVLVWKDWDOWKRXJKPXFKLVNQRZQDERXWWKHDFXWHWR[LFHIIHFWVUHVXOWLQJ

IURPDODUJHGRVHRIPDQ\W\SHVRIWR[LFHOHPHQWVVLJQLILFDQWO\OHVVLVNQRZQ

DERXW WKH KHDOWK HIIHFWV RI ORQJWHUP ORZGRVH H[SRVXUHV IURP RXU

HQYLURQPHQW HJ IURP GULQNLQJ ZDWHU  2QH VXFK HOHPHQW LV $UVHQLF $V 

%HLQJDEOHWRGHWHFWWUDFHDPRXQWVRIDQHOHPHQWWKXVRSHQVXSSRVVLELOLWLHVWR

VWXG\WKHHIIHFWVRIORQJWLPHH[SRVXUHVDWORZFRQFHQWUDWLRQV,WDOVRDOORZV

UHVHDUFKHUV WR IROORZ WKH VSUHDGLQJ XSWDNH DQG DFFXPXODWLRQ RI PHWDOV

WKURXJKWKHHQYLURQPHQWWKURXJKIRRGZHEVDQGZLWKLQRXUERGLHV

7UDFHHOHPHQWVFDQDOVRKDYHDVLJQLILFDQWLQIOXHQFHRQWKHFKDUDFWHULVWLFVRIWKH

PDWHULDOV WKH\ DUH D SDUW RI )RU H[DPSOH WKH FKDUDFWHULVWLFV RI SK\VLFDO DQG

WHFKQLFDO SURSHUWLHV RI PHWDOV HOHFWULFDO FRQGXFWLYLW\ KDUGQHVV WRXJKQHVV

PHOWLQJSRLQWHWF FDQVRPHWLPHVGHSHQGRQWKHSUHVHQFHRIWUDFHHOHPHQWV$

PDWHULDODUHD LQ ZKLFK WUDFH HOHPHQW GHWHFWLRQ LV LPSRUWDQW LV WKH YHU\ UDSLG

GHYHORSPHQWRIHOHFWURQLFVZKLFKLVSRVVLEOHPDLQO\EHFDXVHVHPLFRQGXFWRUV

RIKLJKHUDQGKLJKHUSXULW\DUHEHFRPLQJDYDLODEOH7KHLQJUHGLHQWVXVHGGXULQJ

WKH SURGXFWLRQ RI VHPLFRQGXFWRU GHYLFHV PXVW EH RI H[WUHPHO\ KLJK SXULW\

ZKLFKLQGHHGUHTXLUHVDFFHVVWRKLJKO\VHQVLWLYHGHWHFWLRQWHFKQLTXHVLQRUGHUWR

FRQWUROWKHSXULW\RIWKHFRQVWLWXHQWVDQGWKHUHDJHQWV

)RUJHRORJLFDOUHVHDUFKWKHGHWHUPLQDWLRQRIWUDFHHOHPHQWVLQURFNVDQGZDWHU

VDPSOHVLVRIKLJKLPSRUWDQFHERWKLQRUGHUWRREWDLQLQIRUPDWLRQDERXWWKH

JHRFKHPLFDOHYROXWLRQRIWKHHDUWKDQGIRUSURVSHFWLQJ

+HDOWK

&RQFHQWUDWLRQ

7R[LFHOHPHQWV +HDOWK

&RQFHQWUDWLRQ

(VVHQWLDOHOHPHQWV

&G+J3E &U&X1L

5E6U=Q

(15)

$EULHIRYHUYLHZRIVRPHWHFKQLTXHVIRUWUDFHHOHPHQW

GHWHFWLRQ

7KHUHH[LVWWRGD\DODUJHQXPEHURIWHFKQLTXHVIRUWUDFHHOHPHQWDQDO\VLV7KHLU

H[LVWHQFHLVMXVWLILHGE\WKHIDFWWKDWWKHUHGRHVQRWH[LVWVRIDUDWHFKQLTXH

FDSDEOHRIKDQGOLQJDOONLQGVRIHOHPHQWVLQDOOW\SHVRIVDPSOHVXQGHUDOONLQGV

RIVLWXDWLRQV

,QGHSHQGHQW RI WKH GHWHFWLRQ WHFKQLTXH XVHG WKH VDPSOH QHHGV ILUVW WR EH

FRQYHUWHGLQWRDQDSSURSULDWHFKHPLFDOIRUPSULRUWRWKHDFWXDODQDO\VLV)RU

HOHPHQWDO GHWHFWLRQ WHFKQLTXHV WKLV PHDQV FRQYHUWLQJ WKH DQDO\WH LQWR IUHH

DWRPV 7KH SULQFLSOH RI RSHUDWLRQ DV ZHOO DV VRPH RI WKH

DGYDQWDJHVGLVDGYDQWDJHV RI WKH WKUHH PRVW IUHTXHQWO\ XVHG DWRPLVDWLRQ

GHYLFHV DUH GLVFXVVHG EHORZ $ VXFFLQFW RYHUYLHZ RI WKH PRVW FRPPRQ

GHWHFWLRQWHFKQLTXHVDQGKRZWKH\SHUIRUPLQFRQMXQFWLRQZLWKWKHDWRPLVHUV

IROORZVWKHUHDIWHU

$WRPLVDWLRQGHYLFHV

7KHIODPH

$IODPHLVFUHDWHGE\FRPEXVWLRQRIDWOHDVWWZRFRPSRQHQWVLQJDVHRXVIRUP

RIWHQ UHIHUUHG WR DV WKHR[LGDQW DQGWKH IXHO ,Q RUGHU WR XVHD IODPH DV DQ

DWRPLVHUWKHVDPSOHQHHGVPRVWRIWHQILUVWWREHFRQYHUWHGLQWRDILQHVSUD\RI

GURSOHWVE\DQHEXOL]HUDQGWKHUHDIWHUIHGLQWRWKHIODPH'HSHQGLQJRQWKH

W\SHRIQHEXOL]HUXVHGDODUJHURUVPDOOHUSDUWRIWKHVDPSOHLVGUDLQHGRIIWRD

ZDVWH FRQWDLQHU WKH PRVW FRPPRQO\ XVHG QHEXOL]HUV VKRZ DQ HIILFLHQF\ RI

RQO\DIHZSHUFHQW 7KHWHPSHUDWXUHRIDIODPHFDQEHLQEHWZHHQ²

.GHSHQGLQJRQWKHIXHOXVHG$KLJKHUWHPSHUDWXUHPHDQVLQJHQHUDODKLJKHU

GHJUHHRIDWRPLVDWLRQLQWKHIODPHDQGLQPRVWFDVHVDOVRDKLJKHUVHQVLWLYLW\

2QHGLVDGYDQWDJHZLWKWKHIODPHDVDQDWRPLVHULVWKDWWKHUHVLGHQFHWLPHIRU

DWRPVLQDJLYHQLQWHUDFWLRQGHWHFWLRQYROXPHLVUDWKHUOLPLWHG OLPLWHGE\WKH

IODPHULVHYHORFLW\ 

6LQFHWKHHPLVVLRQDQGDEVRUSWLRQVSHFWUDRIJURXQGOHYHODQGH[FLWHGDWRPV

GLIIHUFRQVLGHUDEO\FRQWURORIWKHIODPHWHPSHUDWXUHLVLPSRUWDQWLQRUGHUWR

FRQWUROWKHUPDOH[FLWDWLRQ LHWKHDWRPLFVSHFLHVVKRXOGSUHIHUDEO\UHPDLQLQ

WKHLUJURXQGVWDWHLQDEVRUSWLRQDQGLQWKHLUH[FLWHGVWDWHVLQHPLVVLRQ DQGOLPLW

WKHUPDOLRQLVDWLRQ LHLPSO\LQJWKDWWKHDWRPVDUHFRQYHUWHGWRLRQV EXWVWLOO

SURYLGHD KLJK GHJUHHRIDWRPLVDWLRQ:LWK WKH H[FHSWLRQ RI WKH ,QGXFWLYHO\

&RXSOH3ODVPD ,&3VHHEHORZIRUIXUWKHUGLVFXVVLRQ IODPHDWRPLVDWLRQLVWKH

DWRPLVDWLRQ PHWKRG ZLWK WKH PRVW UHSURGXFLEOH EHKDYLRXU 7KH UHTXLUHG

VDPSOHVROXWLRQYROXPHLVKRZHYHUUDWKHUODUJH DIHZPO DQGPD\H[FHHGWKH

DPRXQWDYDLODEOH

7KHHOHFWURWKHUPDODWRPLVHU

)RUWKH(OHFWUR7KHUPDO$WRPLVHU (7$ DIHZ ORIDOLTXLGVDPSOH RUDIHZ

JRIDVROLGVDPSOH LVSODFHGLQDQHOHFWULFDOO\KHDWHGWXEXODUIXUQDFHXVXDOO\

PDQXIDFWXUHGRXWRIJUDSKLWH7KHVROYHQWLVHYDSRUDWHGDWDORZWHPSHUDWXUH

a.IRUZDWHU ,IVDPSOHVZLWKRUJDQLFFRQWHQWDUHDQDO\VHGRQHRUWZR

DVKLQJVWHSVDW².FDQEHXVHGWRGHFRPSRVHWKHRUJDQLFSDUWVRIWKH

(16)

VDPSOH$VKLQJLVWKXVSHUIRUPHGZKHQFRPSOH[PDWULFHVDUHSUHVHQWLQRUGHU

WRUHPRYHWKHFRQVWLWXHQWVRIWKHVDPSOHWKDWZRXOGJLYHGLVWXUEWKHGHWHFWLRQ

RIWKHDQDO\WLFDOVLJQDO$IWHUDVKLQJWKHWHPSHUDWXUHLVLQFUHDVHGYHU\UDSLGO\

   .V  WR D SUHVHW DWRPLVDWLRQ WHPSHUDWXUH 7KH PD[LPXP

WHPSHUDWXUHLQDQ(7$LVDERXWWKHVDPHDVIRUWKHIODPH LH. 

7KHDWRPLVDWLRQRIWKHVDPSOHRFFXUVLQWKHWLPHVFDOHRIDIHZPVWRVHFRQGV

7KHUHVLGHQFHWLPHLQWKH(7$LVVLJQLILFDQWO\KLJKHUWKDQLQWKHIODPHZKLFK

RIWHQ H[SODLQV WKH KLJKHU VHQVLWLYLWLHV REWDLQHG IURP (7$EDVHG GHWHFWLRQ

WHFKQLTXHV WKDQ IURP IODPHEDVHG WHFKQLTXHV 6LQFH WKH HQWLUH VDPSOH LV

YDSRULVHGDQGDWRPLVHGZLWKLQWKHIXUQDFHWXEHLWLVDOVRSRVVLEOHWRSHUIRUP

DEVROXWHDQDO\VLV

&KDSWHUSURYLGHVPRUHLQIRUPDWLRQDERXWWKHSDUWLFXODUW\SHRI(7$XVHG

WKURXJKRXWWKLVWKHVLVWKH7UDQVYHUVHO\+HDWHG*UDSKLWH$WRPLVHU 7+*$ 

7KHSODVPD

$SODVPDLVDQHOHFWULFDOO\QHXWUDODQGFRQGXFWLYHJDVHRXVVWDWHRIPDWWHU7KH

HOHFWULFDOFRQGXFWLYLW\FRPHVIURPWKHKLJKFRQFHQWUDWLRQVRIIUHHHOHFWURQVDQG

KLJKO\FKDUJHGFDWLRQV DFDWLRQLVZKDW\RXJHWLIDQDWRPORVHVHOHFWURQVRU

JDLQVSURWRQVDQGWKHUHE\VKRZVDQHWSRVLWLYHFKDUJH 7KHWHPSHUDWXUHRIWKH

SODVPDLVVLJQLILFDQWO\KLJKHUWKDQWKHIODPHDQGWKH(7$ LQWKHRUGHURI

. ZKHUHIRUHWKHSODVPDLVDYHU\HIIHFWLYHPHGLXPIRUYDSRULVDWLRQ

VDPSOHGHFRPSRVLWLRQDWRPLVDWLRQDQGLRQLVDWLRQ0RVWHOHPHQWVDUHSUHVHQW

DVLRQVUDWKHUWKDQQHXWUDODWRPVLQWKHSODVPD0ROHFXODUGHWHFWLRQLVQRWYHU\

FRPPRQ RU SUDFWLFDEOH VLQFH RQO\ D OLPLWHG QXPEHU RI VSHFLHV UHPDLQ LQ

PROHFXODUIRUPVLQSODVPDV HJFDUELGHV 

0DQ\ PHDQV IRU SODVPD JHQHUDWLRQ KDYH EHHQ LQYHVWLJDWHG WKURXJKRXW WKH

\HDUV 7KH PRVW FRPPRQ V\VWHP WRGD\ LV WKH ,QGXFWLYHO\ &RXSOHG 3ODVPD

,&3 7KHRSHUDWLQJSULQFLSOHRIDQ,&3LVWKDWDQHOHFWULFGLVFKDUJHLVXVHGWR

FDXVH SDUWLDO LRQLVDWLRQ LQ D JDV RIWHQ DUJRQ  7KH JDV LV WKHUHDIWHU SDVVHG

WKURXJKDQRVFLOODWLQJPDJQHWLFILHOG7KHLRQVLQLWLDOO\FUHDWHGE\WKHGLVFKDUJH

DUH WKHUHE\ DFFHOHUDWHG DQGFDXVH WKURXJK FROOLVLRQV ZLWK WKH DWRPV IXUWKHU

LRQLVDWLRQ VR DV WR FUHDWH D VHOIVXVWDLQLQJ SODVPD 7KH VDPSOH LV XVXDOO\

LQWURGXFHGLQWRSODVPDLQWKHVDPHZD\DVLQWRDIODPH

'HWHFWLRQWHFKQLTXHV

$WRPLFHPLVVLRQVSHFWURPHWU\

,Q $WRPLF (PLVVLRQ 6SHFWURPHWU\ $(6  D FHUWDLQ IUDFWLRQ RI WKH DQDO\WH

DWRPVDUHSURPRWHGWRDQH[FLWHGVWDWHWKURXJKHQHUJHWLFFROOLVLRQVZLWKWKH

FRQVWLWXHQWVRIWKHLUVXUURXQGLQJ'XULQJWKHHQVXLQJVSRQWDQHRXVUHOD[DWLRQ

RI WKH DWRPV WR WKHLU ORZHU JURXQG VWDWH UDGLDWLRQ LV HPLWWHG WKDW LV

FKDUDFWHULVWLFIRUWKHHOHPHQW$PRQRFKURPDWRURUVSHFWURPHWHULVXVHGWR

(17)

7KHVHQVLWLYLW\DQGVHOHFWLYLW\RIHPLVVLRQVSHFWURPHWU\LVUDWKHUOLPLWHGZKHQ

EHLQJFRPELQHGZLWKDIODPHRUDQ(7$7KHORZVHQVLWLYLW\LVGXHWRDUDWKHU

ORZWKHUPDOSRSXODWLRQRIWKHH[FLWHGVWDWHVDWWKHWHPSHUDWXUHVWKDWSUHYDLOLQ

WKHVH W\SHV RI DWRPLVHU :KHQ XVHG ZLWK DQ ,&3 RQ WKH RWKHU KDQG WKH

VHQVLWLYLW\LVVLJQLILFDQWO\EHWWHUGXHWRWKHKLJKWHPSHUDWXUHRIWKHSODVPD7KH

VHOHFWLYLW\RIWKH$(6WHFKQLTXHLVPDLQO\JLYHQE\WKHGLVSHUVLYHSRZHURIWKH

GHWHFWLRQ LQVWUXPHQWDWLRQ 0RUHRYHU DWRPLF HPLVVLRQ VSHFWUD IURP KLJK

WHPSHUDWXUH PHGLD XVXDOO\ VKRZ TXLWH D GHJUHH RI FRPSOH[LW\ VLQFH WKH

H[FLWDWLRQ SURFHVV LV QRQVHOHFWLYH 7KH OLQHV IURP GLIIHUHQW HOHPHQWV DUH

VRPHWLPHV SDUWO\ RU IXOO\ RYHUODSSLQJ HLWKHU GXH WR LQKHUHQW EURDGHQLQJ

SURFHVVHV RI WKH PHGLD RU WKH ILQLWH UHVROXWLRQ RI WKH

PRQRFKURPDWRUVSHFWURPHWHU 7KLV LPSOLHV WKDW D KLJKUHVROXWLRQ

PRQRFKURPDWRUVSHFWURPHWHUPXVWEHLQFRUSRUDWHGLQWRWKHGHWHFWRUV\VWHP

LQ RUGHU WR DYRLG H[FHVVLYH VSHFWUDO RYHUODS DQG LQ WKH HQG LQFRUUHFW

DVVHVVPHQWVRIWKHDQDO\WHV7KHSUHFLVLRQDQGWKHDFFXUDF\DUHDOVRVRPHWLPHV

OLPLWHGVLQFHWKHDPRXQWRIOLJKWHPLWWHGIURPDJLYHQDPRXQWRIDQDO\WHLV

VWURQJO\GHSHQGLQJRQWHPSHUDWXUH$Q\PLQRUIOXFWXDWLRQRIWKHWHPSHUDWXUH

ZLOOWKHUHIRUHJLYHULVHWRIOXFWXDWLRQVDOVRLQWKHVLJQDO

$WHDUO\WLPHVWKHIODPHZDVWKHPDMRUDWRPLVDWLRQVRXUFHIRU$(61RZDGD\V

KRZHYHUIODPH$(6LVXVHGRQO\IRUWKHOLPLWHGQXPEHURIHOHPHQWVWKDWKDYH

H[FLWHGOHYHOVUHODWLYHO\FORVHWRWKHJURXQGOHYHO LHDONDOLVXFKDV1D./L 

7KH KLJKO\ HIILFLHQW DWRPLVDWLRQ DQG H[FLWDWLRQ RI DQ ,&3 JLYHV VLJQLILFDQWO\

KLJKHUVHQVLWLYLWLHVIRUPRVWHOHPHQWVDVFRPSDUHGWRIODPH$(6

$SURQRXQFHGDGYDQWDJHRIWKH$(6WHFKQLTXHLVWKDWVHYHUDOHOHPHQWVFDQEH

GHWHUPLQHGVLPXOWDQHRXVO\7KLVLVKRZHYHUDOVRRQHRIWKHPDLQGUDZEDFNV

RI$(6VLQFHWKHVSHFWUDREWDLQHGFDQVRPHWLPHVEHYHU\FRPSOLFDWHGEHFDXVH

RIWKHQRQVHOHFWLYHH[FLWDWLRQ

$WRPLFDEVRUSWLRQVSHFWURPHWU\

7KHDQDO\WHDWRPVFDQDEVRUEOLJKWLIWKHZDYHOHQJWKRIWKHOLJKWFRUUHVSRQGVWR

DQHQHUJ\GLIIHUHQFHEHWZHHQWZRDWRPLFVWDWHV7KHDPRXQWRIOLJKWWKDWLV

DEVRUEHG ZKHQ SDVVLQJ WKURXJK WKH DWRPLVHG VDPSOH DQG WKH ZDYHOHQJWK

GLVWULEXWLRQRIWKHDEVRUEHGOLJKWDUHPHDVXUHVRIWKHDQDO\WLFDOFRQWHQWRIWKH

VDPSOH LQ DWRPLF DEVRUSWLRQ VSHFWURPHWU\ $$6  $$6 LV XVXDOO\ OLPLWHG E\

LQIOXHQFHV IURP XQVSHFLILF EDFNJURXQG DEVRUSWLRQ DQG VWUD\ OLJKW QRLVH DQG

GULIWV 

$VZDVDOOXGHGWRDERYHWKHIODPHZDVDFRPPRQO\XVHGDWRPLVHULQWKHHDUO\

GD\VRIVSHFWURFKHPLFDODQDO\VLV,WLVVWLOOZLGHO\XVHGEHFDXVHRILWVVLPSOLFLW\

DQG ORZ FRVW $EVRUSWLRQ PHDVXUHPHQWV XVLQJ IODPHV H[SHULHQFH KRZHYHU

UHODWLYHO\ORZVHQVLWLYLWLHVVLQFHDQDEVRUSWLRQPHDVXUHPHQWQHFHVVDULO\KDVWR

LQFOXGHWZRPHDVXUHPHQWVZKRVHUHODWLRQ UDWLRRUGLIIHUHQFH LVDPHDVXUHRI

WKH DPRXQW RI WKH DQDO\WH 6LQFH IODPHV RIWHQ KDYH FRQVLGHUDEOH HPLVVLRQ

ZKLFKDIIHFWVHDFKPHDVXUHPHQWDVDQDGGLWLRQDOFRQWULEXWLRQWRWKHQRLVH DQG

LQSDUWLFXODUORZIUHTXHQF\QRLVH WKHIOXFWXDWLRQVDQGQRLVHLQWKHEDFNJURXQG

VLJQDOV IURP D IODPH LQFOXGLQJLWV HPLVVLRQ  SURYLGH D OLPLW IRU WKH VPDOOHVW

SRVVLEOHFRQFHQWUDWLRQRIDQHOHPHQWWKDWFDQEHGHWHFWHGE\$$6LQDIODPH

$Q $$6 PHDVXUHPHQW LV DOVR VWURQJO\ DIIHFWHG E\ VWUD\ OLJKW IURP QRQ

(18)

PRQRFKURPDWLFOLJKWVRXUFHV0RUHRYHUWKHUHVLGHQFHWLPHRIWKHLQGLYLGXDO

DWRPVLQWKHRSWLFDOSDWKLQWKHIODPHLVUDWKHUVKRUW aV ZKLFKDOVROLPLWV

WKHVHQVLWLYLW\RIWKHIODPH$$6WHFKQLTXH

$VZDVGLVFXVVHGDERYHWKHUHVLGHQFHWLPHLQWKH(7$LVVLJQLILFDQWO\KLJKHU

WKDQLQWKHIODPH7KHDPRXQWRIEDFNJURXQGOLJKWHPLWWHGIURPWKH(7$LV

DOVRFRQVLGHUDEO\ORZHU GXHWRWKHDEVHQFHRIDFRPEXVWLYHHQYLURQPHQW 7KH

PDLQVRXUFHRIHPLVVLRQIURPDQ(7$LVEODFNERG\UDGLDWLRQZKLFKUDSLGO\

IDOOVRIZLWKGHFUHDVLQJZDYHOHQJWK URXJKO\DVλ5 6LQFHWKH$$6WHFKQLTXH

FDQPDNHXVHRIWKHHQWLUHSDUWRIWKHVSHFWUXP DOOIURP89WR,5 DFKRLFHRI

GHWHFWLRQ DW SUHGRPLQDQWO\ VKRUWHU ZDYHOHQJWKV ZLOO UHGXFH WKH LQIOXHQFH RI

EDFNJURXQG UDGLDWLRQ IURP WKH DWRPLVHU ZKLFK LV QRW SRVVLEOH IRU WKH $(6

WHFKQLTXHVLQFHWKHWKHUPDOSRSXODWLRQRIH[FLWHGVWDWHVUDSLGO\GHFUHDVHVZLWK

LQFUHDVLQJ HQHUJ\ RI WKH XSSHU VWDWH DQG WKHUHE\ ZLWK GHFUHDVLQJ GHWHFWLRQ

ZDYHOHQJWK 7KHKLJKVHQVLWLYLW\RI(7$$$6FDQPDLQO\EHH[SODLQHGE\D

VKRUWSHULRGRIDWRPLVDWLRQFRPELQHGZLWKDORQJUHVLGHQFHWLPHRIWKHDWRPV

LQWKHRSWLFDOSDWK !V ZKLFKLQFUHDVHVWKHVHQVLWLYLW\DERXWWKUHHRUGHUV

RIPDJQLWXGHDVFRPSDUHGWRIODPH$$6(7$$$6LVWKHUHIRUHRQHRIWKH

PRVWVHQVLWLYHDQGIUHTXHQWO\XVHGPHWKRGVIRUWUDFHHOHPHQWDQDO\VLV

(YHQWKRXJKPDLQO\XVHGIRUHPLVVLRQDQGPDVVVSHFWURPHWU\ VHHEHORZ WKH

SODVPDPD\DOVREHXVHGDVDWRPLVHULQ$$62QHDGYDQWDJHZLWKWKHSODVPDLV

WKDW LW FDQ SURGXFH VLJQLILFDQW SRSXODWLRQV LQ ORQJOLYHG H[FLWHG VWDWHV IURP

ZKLFKVWURQJDEVRUSWLRQWUDQVLWLRQVFDQEHLQGXFHG7KHSODVPDKDVKRZHYHU

QRWEHHQZLGHO\DGRSWHGDVDWRPLVDWLRQVRXUFHIRU$$6GXHWRIDFWRUVVXFKDV

FRVWFRPSOH[LW\DQGUHGXFHGDQDO\WLFDOSHUIRUPDQFHFRPSDUHGWRWKH(7$

7KHUHGXFHGSHUIRUPDQFHFRPHVIURPDVKRUWDEVRUSWLRQ]RQHWKHORZGHJUHH

RI QHXWUDO DWRPV DQG WKH VLJQLILFDQW GLVWULEXWLRQ RI WKH SRSXODWLRQ RQ D

PXOWLWXGH RI VWDWHV WKH WZR ODVW RULJLQDWH DV D FRQVHTXHQFH RI WKH KLJK

WHPSHUDWXUHRIWKHSODVPD 

$WRPLFIOXRUHVFHQFHVSHFWURPHWU\

%\ VHOHFWLYHO\ LQFUHDVLQJ WKH QXPEHU RI H[FLWHG DQDO\WH DWRPV DW D SDUWLFXODU

OHYHO DERYH WKH WKHUPDO SRSXODWLRQ WKH HPLVVLRQ DW RQH RU D IHZ VSHFLILF

ZDYHOHQJWKVFDQEHFRQVLGHUDEO\LQFUHDVHG$QDVVHVVPHQWRIWKHFRQFHQWUDWLRQ

RIWKHDQDO\WHLVWKHQFRQYHQLHQWO\PDGHE\GHWHFWLQJWKHIOXRUHVFHQFHOLJKWE\

VXLWDEOHPHDQV

:KHQWKHLQFUHDVHGH[FLWDWLRQLVREWDLQHGE\WKHXVHRIDQH[WHUQDOUDGLDWLRQ

VRXUFH DVLQ$$6 WKLVPHWKRGLVUHIHUUHGWRDVSKRWROXPLQHVFHQFHZKLFKLQ

WXUQXVHWREHGLYLGHGLQWRIOXRUHVFHQFHDQGSKRVSKRUHVFHQFHGHSHQGLQJRQ

WKHOLIHWLPHRIWKHHPLVVLRQ ZKLFKLVDQDORJRXVWRWKHSURSHUWLHVRIWKHH[FLWHG

VWDWH  $WRPLF IOXRUHVFHQFH VSHFWURPHWU\ $)6  LV WKXV RQH H[DPSOH RI

SKRWROXPLQHVFHQFH

(19)

2QWKHRWKHUKDQG$)6LQ(7$KDVSURYHQWREHYHU\DVHQVLWLYHWHFKQLTXH

IRUWUDFHHOHPHQWDQDO\VLV$VSHFLILFDGYDQWDJHZLWKWKH(7$IRU$)6LVWKDWLW

SURYLGHVLQDGGLWLRQWRLWVORQJUHVLGHQFHWLPHDUDWKHUTXLHWHQYLURQPHQWZLWK

D PLQLPXP RI EDFNJURXQG UDGLDWLRQ 7KH WHFKQLTXH JRHV XQGHU D YDULHW\ RI

QDPHVLWWKHOLWHUDWXUHRIZKLFKWKHPRVWIUHTXHQWO\RQHVDUH/DVHU,QGXFHG

)OXRUHVFHQFH LQ *UDSKLWH )XUQDFH /,)*)  RU /DVHU ([FLWHG $WRPLF

)OXRUHVFHQFH6SHFWURPHWU\LQ(OHFWUR7KHUPDO$WRPLVHUV /($)6(7$ 

%DFNJURXQGHPLVVLRQLQWKHSODVPDVLVJHQHUDOO\KLJKHUWKDQLQIODPHVGXHWR

WKHKLJKHUWKHUPDOSRSXODWLRQ&RPELQLQJWKH,&3ZLWKWKH$)6WHFKQLTXHKDV

WKHUHIRUHQRW\LHOGHGDVODUJHLPSURYHPHQWVLQGHWHFWLRQSRZHUDVIRU(7$ LW

KDVIRUH[DPSOHQRWEHHQDEOHWRULYDOWKH(7$$)6WHFKQLTXH ZKHUHIRUH

,&3$)6KDVQRWEHHQIUHTXHQWO\XVHG

$VLVVKRZQLQWKLVWKHVLVKRZHYHUPXFKRIWKHLQIOXHQFHRIIXQGDPHQWDOQRLVH

DV ZHOO DV QRLVH DQG GULIWV IURP WKH EDFNJURXQG VLJQDOV LQ DEVRUSWLRQ

VSHFWURPHWU\ FDQ EH HOLPLQDWHG E\ XWLOLVLQJ D WXQHDEOH QDUURZEDQGHG OLJKW

VRXUFH LH D ODVHU  WRJHWKHU ZLWK D VXLWDEOH PRGXODWLRQ WHFKQLTXH 7KH

SHUIRUPDQFHRIWKH$$6WHFKQLTXHFDQWKXVEHVLJQLILFDQWO\LPSURYHG

,RQLVDWLRQVSHFWURPHWU\

,IVHYHUDOSKRWRQVDUHEHLQJDEVRUEHG ZLWKWKHVDPHRUGLIIHUHQWZDYHOHQJWKV  WKH\ FDQ FDXVH DQ HOHFWURQ WR EHFRPH XQERXQG IURP LWV QXFOHXV D SURFHVV

UHIHUHHG WR DV LRQLVDWLRQ ,Q LRQLVDWLRQ VSHFWURPHWU\ WHFKQLTXHV ,6  WKH

SUHVHQFH RI DWRPV LV GHWHUPLQHG E\ GHWHFWLQJ WKH DPRXQW RU QXPEHU RI  FKDUJHVWKDWDUHEHLQJFUHDWHGLQFRQWUDVWWR$(6$$6DQG$)6WKDWDOOXWLOLVH

RSWLFDOGHWHFWLRQ$QLRQLVDWLRQVSHFWURPHWHUWKXVLQFRUSRUDWHVDWRPLVDWLRQRI

WKH VDPSOH H[FLWDWLRQ RI DWRPV WR DQ H[FLWHG VWDWH LRQLVDWLRQ RI WKH H[FLWHG

DWRPDQGFROOHFWLRQDQGGHWHFWLRQRIWKHUHVXOWLQJLRQVDQGHOHFWURQV6LQFH,6

UHTXLUHV DQ DV ODUJH IUDFWLRQ DV SRVVLEOH RI WKH LOOXPLQDWHG DQDO\WH DWRPV WR

EHFRPHLRQLVHGWKH,6WHFKQLTXHVDUHQRUPDOO\SHUIRUPHGZLWKODVHUVDVOLJKW

VRXUFHV

7KHIODPHLVWKHE\IDUPRVWFRPPRQDWRPLVHUDOVRLQ,6VLQFHLWFRPELQHVD

UHODWLYHO\HIILFLHQWLRQLVDWLRQ WKURXJKWKHQXPHURXVFROOLVLRQV ZLWKDQHDVHRI

FKDUJH FROOHFWLRQ 7KH WHFKQLTXH WKDW XWLOLVHV ODVHUV DQG D IODPH IRU ,6 JRHV

XQGHUWKHQDPHRI/DVHU(QKDQFHG,RQLVDWLRQ /(, 7KHWHFKQLTXHKDVVKRZQ

YHU\ KLJK VHQVLWLYLWLHV ZLWK GHWHFWLRQ OLPLWV LQ WKH ORZ SSW UDQJH IRU PDQ\

HOHPHQWV+RZHYHUWKHWHFKQLTXHVXIIHUVIURPVRPHVSHFWUDOLQWHUIHUHQFHVDV

ZHOO DV WKHUPDO LRQLVDWLRQ RI HDVLO\ LRQLVHG HOHPHQWV ZKHUHIRUH LW KDV QHYHU

EHFRPHWKHWHFKQLTXHRIFKRLFHIRUDQDO\VLVRIVWDQGDUGVDPSOHV

6RPH DWWHPSWV KDYH EHHQ PDGH WR XVH WKH (7 DV DWRPLVHU LQ ,6 /DVHU

HQKDQFHGLRQLVDWLRQLQ*)KDVKRZHYHUQRWEHHQDELJVXFFHVVVLQFHLWLVWULFN\

WRILQGDQ\HIILFLHQWVROXWLRQIRUWKHFKDUJHFROOHFWLRQLQDQ(7$

,WKDVDOVREHHQSURYHQKDUGWRXVHWKH,&3ZLWK,6VLQFHWKH,&3E\QDWXUH

FRQWDLQVDORWRIFKDUJHV7KHLRQIUDFWLRQVLQ,&3VDUHPXFKODUJHUWKDQLQ

IODPHV LPSO\LQJ WKDW WKH QHXWUDO DWRP SRSXODWLRQ LH WKRVH DYDLODEOH IRU

H[FLWDWLRQ LVVPDOOHUWKDQLQDIODPHZKLFKLPSOLHVWKDWWKHUHODWLYHLQFUHDVHLQ

(20)

LRQLVDWLRQGXHWRODVHUOLJKWLOOXPLQDWLRQLVVLJQLILFDQWO\VPDOOHUWKDWLQDIODPH

,QDGGLWLRQWKHHOHFWURQGHQVLW\LQSODVPDLVVHYHUDORUGHUVRIPDJQLWXGHODUJHU

WKDQLQWKHIODPHZKLFKPDNHVLWKDUGHUWRGHWHFWWKHODVHULQGXFHGFUHDWLRQRI

FKDUJHV

0DVVVSHFWURPHWU\

$UHODWLYHO\UHFHQWGHYHORSPHQWRISODVPDDWRPLVDWLRQDQDO\VLVLVWKHXVHRID

PDVVVSHFWURPHWHUDVDPHDQVRITXDQWLI\LQJWKHDWRPFRQFHQWUDWLRQVLQWKH

VDPSOH 0DVV VSHFWURPHWU\ 06  WKXV GLIIHUV IURP WKH DERYH GHVFULEHG

GHWHFWLRQWHFKQLTXHVLQDYHU\IXQGDPHQWDOZD\:KHUHDVWKHRWKHUWHFKQLTXHV

UHO\XSRQWKDWWKHTXDQWL]DWLRQRIWKHHQHUJ\OHYHOVLQWKHDQDO\WHJLYHVHDFK

W\SHRIDWRPRUPROHFXOHLWVRZQXQLTXHVHWRIWUDQVLWLRQZDYHOHQJWKV06XVHV

WKHIDFWWKDWHDFKW\SHRIVSHFLHVKDVDXQLTXHPDVV RUPRUHFRUUHFWO\DJLYHQ

FKDUJHYVPDVVUDWLR 0DQ\RIWKHSUREOHPVRIDQDO\VLQJH[FHHGLQJO\FRPSOH[

HPLVVLRQVSHFWUDDUHWKHUHE\DYRLGHG

6LQFHPDVVVSHFWURPHWULFWHFKQLTXHVRQO\FDQGHWHFWWKHSUHVHQFHRIFKDUJHG

SDUWLFOHVLWKDVDOPRVWRQO\EHHQDSSOLHGWRDSODVPDDQGPRVWRIWHQDQ,&3DV

DQDWRPLVHU

,Q ,&306 WKH ,&3 FUHDWHV LRQV RI WKH HOHPHQWV RI LQWHUHVW +RZHYHU LQ

FRQWUDVWWR,&3$(6WKHLRQVDUHGHWHFWHGE\DPDVVVSHFWURPHWHU7KHUHDUH

WKUHHW\SHVRIPDVVVSHFWURPHWHUVWKDWFDQEHXVHGZLWKDQ,&37KHIDUPRVW

FRPPRQ VSHFWURPHWHU LV WKH TXDGUXSROH PDVV VSHFWURPHWHU ,Q WKLV

VSHFWURPHWHU WKH YDULRXV LRQV DUH H[SRVHG WR DQ RVFLOODWLQJ HOHFWURPDJQHWLF

ILHOGWKDWSURYLGHVDVWDEOHSDWKIRULRQVRIRQO\RQHQDUURZUDQJHRIFKDUJHWR

PDVV UDWLR 7KH RWKHU W\SHV DUH WKH WLPHRIIOLJKW 72)  DQG WKH VHFWRU

PDJQHWV :KHUHDV WKH ILUVW RI WKHVH VSHFWURPHWHUV SURYLGHV WKH EHVW WLPH

UHVROXWLRQ RI DOO VSHFWURPHWHUV WKH HQWLUH PDVV VSHFWUXP RULJLQDWHV IURP D

JLYHQWLPH WKHVHFRQGWHFKQLTXHZKLFKUHOLHVXSRQDPDJQHWLFILHOGWKDWEHQGV

WKHLU SDWKV E\ YDU\LQJ DPRXQWV GHSHQGLQJ RQ WKHLU PDVV DQG FKDUJH UDWLR

SURYLGHVWKHEHVWUHVROXWLRQ7KHRXWSXWIURPDPDVVVSHFWURPHWHUFUHDWHGLV

FDOOHGDPDVVVSHFWUXPDQGHDFKLRQFDQEHLGHQWLILHGE\LWV´SRVLWLRQµLQWKH

VSHFWUXP

,&306 VKRZV D KLJKVHQVLWLYLW\ GRZQ WRRUHYHQ EHORZ WKH SSW UDQJHIRU

DTXHRXVVROXWLRQV DZLGHOLQHDUG\QDPLFUDQJHDKLJKSUHFLVLRQDQGLVFDSDEOH

RI PXOWLHOHPHQW GHWHFWLRQ 2QH GUDZEDFN RI ,&306 LV WKH RFFXUUHQFH RI

GLIIHUHQWW\SHVRILRQVWKDWPD\LQWHUIHUHZLWKWKHDQDO\WHLRQVRIWKHVDPHPDVV

VR FDOOHG LVREDULF LQWHUIHUHQFHV  7KLV PDNHV WKH GHWHUPLQDWLRQ RI VHYHUDO

HOHPHQWVGLIILFXOWDWORZFRQFHQWUDWLRQ&RPPRQPDWUL[HOHPHQWVDQGRWKHU

PROHFXODU VSHFLHV FDQ LQWHUIHUH ZLWK WKH GHWHUPLQDWLRQ RI VRPH EDVH PHWDOV

,&306 LQVWUXPHQWV DUH H[SHQVLYH VLQFH WKH SUREOHPV RI LQWHUIDFLQJ D YHU\

KLJK WHPSHUDWXUH KLJKSUHVVXUH SODVPD WR WKH KLJK YDFXXP RI D PDVV

VSHFWURPHWHUDUHFRQVLGHUDEOH

(21)

/DVHUVLQVSHFWURPHWU\

7KHPRVWZLGHVSUHDGOLJKWVRXUFHLQVSHFWURPHWU\KDVWUDGLWLRQDOO\EHHQDQGLV

VWLOO D EURDGEDQG OLJKW VRXUFH $ EURDGEDQG OLJKW VRXUFH HPLWV D VSHFWUDO

FRQWLQXXPRYHUDEURDGZDYHOHQJWKUDQJH6LQFHWKHOLJKWVRXUFHHPLWV´DOOµ

ZDYHOHQJWKV D ZDYHOHQJWK VHOHFWLYH GHYLFH D PRQRFKURPDWRU RU D

VSHFWURPHWHU PXVW EH XVHG WR VHOHFW WKH ZDYHOHQJWK RI LQWHUHVW IRU WKH

GHWHFWLRQ

2QHLPSRUWDQWSURJUHVVLQWKHILHOGRIOLJKWVRXUFHVZDVWKH+ROORZ&DWKRGH

/DPS +&/ ,WHPLWVQDUURZVSHFWUDOOLQHVDQGLVWKHUHIRUHFODVVLILHGDVDOLQH

VRXUFH7KH+&/HPLWVKRZHYHUDYDULHW\RIZDYHOHQJWKVFRUUHVSRQGLQJWR

WKHHOHPHQWXQGHULQYHVWLJDWLRQDVZHOODVOLJKWHPLWWHGIURPWKHEXIIHUJDV$

PRQRFKURPDWRULVWKHUHIRUHVWLOOQHHGHGLQRUGHUWRLVRODWHWKHZDYHOHQJWKRI

LQWHUHVW IURP WKH UHVW RI WKH VSHFWUXP IRU PRVW HIILFLHQW GHWHFWLRQ )XUWKHU

SURJUHVVLQ WKH ILHOGRIWUDFHHOHPHQWGHWHFWLRQ FDPH ZLWK WKH LQYHQW RI WKH

ODVHU

/DVHUOLJKWKDVLQJHQHUDODQXPEHURISURSHUWLHVWKDWPDNHVLWVXSHUEO\ZHOO

VXLWHGIRUVSHFWURPHWU\IRUDYDULHW\RIDSSOLFDWLRQV7KHPRVWLPSRUWDQWRQHV

DUHDKLJKGLUHFWLRQDOLW\ZKLFKLPSOLHVWKDWLWKDVDKLJKLUUDGLDQFHDQGDYHU\

QDUURZIUHTXHQF\ZLGWKZKLFKLPSOLHVWKDW LW FDQRIWHQ EH VHHQ DV HPLWWLQJ

RQO\ RQH ZDYHOHQJWK 7KHVH WZR SURSHUWLHV JLYH ODVHUEDVHG VSHFWURPHWULF

WHFKQLTXHV ERWK D KLJK VHQVLWLYLW\ DQG DQ H[FHOOHQW VHOHFWLYHO\ 7KH KLJK

VHQVLWLYLW\RULJLQDWHVIURPWKHKLJKLUUDGLDQFHRIWKHODVHUOLJKW EHLQJGHILQHGDV

WKH SRZHU RI WKH OLJKW SHU XQLW DUHD DQG XQLW EDQGZLGWK  $ KLJK LUUDGLDQFH

LPSOLHVWKDWDVLJQLILFDQWIUDFWLRQRIWKHDWRPVXQGHULOOXPLQDWLRQFDQSURGXFHD

GHWHFWDEOHHYHQWZKLFKLQWXUQYRXFKHVIRUWKDWWKHGHWHFWRUQRLVHJHQHUDOO\LV

QHJOLJLEOHLQFRPSDULVRQZLWKRWKHUQRLVHVRXUFHV7KHKLJKVHOHFWLYLW\FRPHV

IURPWKHQDUURZEDQGZLGWKRIWKHOLJKWZKLFKLQWXUQRIWHQPDNHVLWSRVVLEOH

WRLQGXFHRQHVSHFLILFWUDQVLWLRQLQRQHSDUWLFXODUW\SHRIDWRPRUPROHFXOHDWD

WLPH7KHPDLQGLIILFXOWLHVRIODVHUVSHFWURPHWULFWHFKQLTXHVDUHDQLQVXIILFLHQW

UHOLDELOLW\WKHQHFHVVLW\RITXDOLILHGSHUVRQDODQGDUHODWLYHO\KLJKFRVW

'LRGHODVHUVLQVSHFWURPHWU\

8QWLOGLRGHODVHUVEHFDPHDYDLODEOHWKHUHZHUHQRLQH[SHQVLYHWXQHDEOHODVHUV

$OORWKHUWXQHDEOHODVHUV\VWHPV G\HODVHUVDQGVROLGVWDWHWXQHDEOHODVHUV ZHUH

H[SHQVLYHDQGRIWHQDOVRFRPSOLFDWHGWRXVH'LRGHODVHUVDUHPDVVSURGXFHG

IRU FRPSDFW GLVF SOD\HUV ODVHU SULQWHUV RSWLFDO GDWD VWRUDJH V\VWHPV DQG

WHOHFRPPXQLFDWLRQHTXLSPHQW7KH\DUHKRZHYHUDOVRLGHDOO\VXLWHGIRURSWLFDO

VSHFWURPHWU\IRUDQXPEHURIUHDVRQV

• 7KH\ VKRZ D ODUJH WXQLQJ UDQJH D IHZ QP  WKXV DOORZLQJ WXQLQJ WR

HOHPHQWDOWUDQVLWLRQV

• 7KHLU OLQHZLGWKV DUH QDUURZ W\SLFDOO\ DERXW  WLPHV OHVV WKDQ WKH

OLQHZLGWKVRIDWRPVLQDWPRVSKHULFDWRPLVHUV

(22)

• 7KH\KDYHVWDEOHRXWSXWVERWKLQWHUPVRIZDYHOHQJWKDQGLQWHQVLW\

• $ PRGXODWLRQ RI WKH ZDYHOHQJWK LV HDVLO\ REWDLQHG E\ PRGXODWLQJ WKH

LQMHFWLRQFXUUHQW

• 7KH\DUHHDV\WRRSHUDWHLQH[SHQVLYHDQGPRUHFRPSDFWDQGUXJJHGWKDQ

WUDGLWLRQDOVSHFWURVFRSLFOLJKWVRXUFHV

$OO WKHVH DSSHDOLQJ SURSHUWLHV KDYH HQDEOHG GLRGH ODVHU EDVHG VSHFWURVFRSLF

WHFKQLTXHVWREHXVHGQRWRQO\LQODERUDWRU\HQYLURQPHQWVEXWDOVRLQWKHUHDO

ZRUOG HJEHLQJURFNHWERUQHIRULQVLWXPHDVXUHPHQWVRIWUDFHJDVHVLQWKH

PLGGOHDWPRVSKHUHDQGEHLQJXVHGIRUUHPRWHDOFRKROGHWHFWLRQLQ0RVFRZ 

7KHWHFKQLTXHWKDWXVHVGLRGHODVHUVIRUDEVRUSWLRQPHDVXUHPHQWVFRPELQHG

ZLWKZDYHOHQJWKPRGXODWLRQJRHVXQGHUDYDULHW\RIQDPHV,QLWVLQIDQF\WKH

WHFKQLTXHZDVUHIHUUHGWRDV7XQHDEOH'LRGH/DVHU$EVRUSWLRQ6SHFWURPHWU\

7'/$6 7KLV LV VWLOO WKH PRVW FRPPRQ QDPH ZKHQ WKH WHFKQLTXH LV XVHG

ZLWKLQ LWV PDLQ DSSOLFDWLRQ DUHDV LH HQYLURQPHQWDO PRQLWRULQJ SURFHVV

FRQWUROHWF7KHWHFKQLTXHKDVDOVRDSSHDUHGXQGHUQDPHVLQFOXGLQJWKHSKUDVH

´ZDYHOHQJWK PRGXODWLRQµ HJ :DYHOHQJWK 0RGXODWLRQ 'LRGH /DVHU

$EVRUSWLRQ 6SHFWURPHWU\ :0'/$6 DQG :DYHOHQJWK 0RGXODWLRQ 'LRGH

/DVHU $WRPLF $EVRUSWLRQ 6SHFWURPHWU\ :0'/$$6 ,W LV DOVR VRPHWLPHV

VLPSO\ UHIHUUHG WR DV :DYHOHQJWK 0RGXODWLRQ $EVRUSWLRQ 6SHFWURPHWU\

:0$6RUMXVW:DYHOHQJWK0RGXODWLRQ6SHFWURPHWU\:06,QWKLVZRUNWKH

DEEUHYLDWLRQ:0'/$6ZLOOEHXVHG

7KH IDFW WKDW :0'/$6 LV D XVHIXO WHFKQLTXH KDV HQDEOHG VHQVLWLYH DQG

VHOHFWLYH GHWHFWLRQ RI DWRPLF DQG PROHFXODU VSHFLHV XQGHU D YDULHW\ RI

FRQGLWLRQV 7KH WHFKQLTXH LV XVHG PRVWO\ IRU HQYLURQPHQWDO PRQLWRULQJ DQG

UHPRWHVHQVLQJEXWKDVDOVRIRXQGXVHLQVSHFWURFKHPLFDODSSOLFDWLRQV DV ZHOO DV LQ FRPEXVWLRQ DQDO\VLV 6SHFLHV GHWHFWHG LQ HQYLURQPHQWDO

PRQLWRULQJ DQG UHPRWH VHQVLQJ E\ :0'/$6 LQFOXGH DPRQJ RWKHU +)

&2 12 &+ &2 12 IRUPDOGHK\GH +2 DQG

+2'HWHFWLRQOLPLWVDFKLHYHGDUHLQWKHSSE²SSWUDQJH GHSHQGLQJRQ

VSHFLHV GHWHFWHG  7KH VSHFWURFKHPLFDO DSSOLFDWLRQV LQFOXGH GHWHFWLRQ RI

HOHPHQWVVXFKDV%U&O&U&V5EDQG7LDVZHOODVPROHFXOHV

VXFK DV &+ &+ &)&O &&O &+) DQG 2 WKH ODWWHU IRXU E\

GHWHFWLRQRI&O)2 LQYDULRXVW\SHVRIDWRPLVHUV$VDQH[DPSOHGHWHFWLRQ

OLPLWV LQ WKH VXESSW UDQJH LQ DTXHRXV VROXWLRQV LH LQ WKH ORZ IJUDQJH LQ

DEVROXWH TXDQWLWLHV  KDYHEHHQREWDLQHG ZKHQWKH:0'/$6 WHFKQLTXHKDV

EHHQ FRXSOHG WR D JUDSKLWH IXUQDFH DV DWRPLVHU 7KH WHFKQLTXH KDV DOVR

EHHQ XVHG IRU VSHFLDWLRQ LVRWRSLF DVVHVVPHQW DV ZHOO DV GLDJQRVWLF

VWXGLHV,QWKHILHOGRIFRPEXVWLRQDQDO\VLVWKH:0'/$6WHFKQLTXHKDVIRU

H[DPSOHEHHQXVHGIRUWKHPRQLWRULQJRIWHPSHUDWXUHSUHVVXUHDQGYHORFLW\

&+UDGLFDOVDVZHOODV&238

(23)

7KHFRQWHQWRIWKHWKHVLV

:DYHOHQJWK0RGXODWLRQ'LRGH/DVHU$EVRUSWLRQ6SHFWURPHWU\LVWKXVDYHU\

LQWHUHVWLQJWHFKQLTXHIRUWUDFHHOHPHQWGHWHFWLRQ,WLVVHQVLWLYHVHOHFWLYHDQG

PDQDJHDEOH 7KH ZRUN IRU WKLV WKHVLV KDV PDLQO\ EHHQ FRQFHUQHG ZLWK

FRPELQLQJ:0'/$6ZLWKDQ(7$7KH(7$XVHGLQWKLVZRUNLVDJUDSKLWH

IXUQDFH RU PRUH SUHFLVHO\ D FRPPHUFLDOO\ DYDLODEOH 7+*$ SURGXFHG E\

3HUNLQ(OPHU QRUPDOO\ XVHG LQ RUGLQDU\ $$6 HPSOR\LQJ +&/V $ W\SLFDO

/LPLW RI 'HWHFWLRQ /2'  IRU RUGLQDU\ *)$$6 LV  SJ :KHQ FRPELQHG

ZLWK:0'/$6WKH/2'VDUHUHGXFHGDERXWWKUHHRUGHUVRIPDJQLWXGHWR

DSSUR[LPDWHO\IJZKLFKQRWPDQ\RWKHUPDQDJHDEOHWHFKQLTXHVDUHFDSDEOH

RI

7KHZRUNKDVPDLQO\EHHQSXUVXHGDORQJWKHVHIROORZLQJOLQHV

 &RQVWUXFWLRQRIDSURWRW\SHV\VWHPIRU*):0'/$6

 2EWDLQLQJDJRRGXQGHUVWDQGLQJRIWKHSURFHVVHVLQIOXHQFLQJWKHWHFKQLTXH

ERWK ZKHQ LW FRPHV WR WKH JHQHUDWLRQ RI WKH DQDO\WLFDO VLJQDO DV ZHOO DV

YDULRXVW\SHVRIEDFNJURXQGVLJQDOV

 2SWLPLVLQJWKH*):0'/$6V\VWHPLQJHQHUDOWHUPV

 ,QYHVWLJDWLQJ WKH FDSDELOLW\ RI WKH *):0'/$6 WHFKQLTXH WR GHWHFW

HOHPHQWVZLWKFRPSOLFDWHGDWRPLFVWUXFWXUH LHERWKK\SHUILQHVWUXFWXUH

DQGLVRWRSHVKLIWV 

 'HYHORSPHQW RI PHDQV WR LGHQWLI\ DQG UHGXFH WKH LQIOXHQFH RI YDULRXV

OLPLWLQJIDFWRUVHJEDFNJURXQGVLJQDOVDOVRLQFOXGLQJWKHGHYHORSPHQWRI

WULJJHULQJ DQG PRGXODWLRQ WHFKQLTXHV VR DV WR UHGXFH WKH LQIOXHQFH RI

PXOWLSOHUHIOHFWLRQVLQZLQGRZV

 'HYHORSPHQWRIDWHFKQLTXHIRUH[WHQGLQJWKHG\QDPLFUDQJHRIWKH*)

:0'/$6WHFKQLTXH

 ,QYHVWLJDWLQJWKHFDSDELOLW\RIWKHWHFKQLTXHWRPDNHXVHRIPXOWLKDUPRQLF

GHWHFWLRQ

 ,QYHVWLJDWLQJ WKH DSSOLFDELOLW\ RI WKH :0'/$6 WHFKQLTXH IRU

FKDUDFWHULVDWLRQRIWKHVSDWLDODWRPLFGLVWULEXWLRQLQWKLVFDVHSHUIRUPHGE\

DVWXG\RIWKHDWRPLFGLVWULEXWLRQLQVLGHDQGMXVWRXWVLGHWKH7+*$

(24)

7KHRUJDQLVDWLRQRIWKHWKHVLV

7KHDLPRIWKHILUVWSDUWRIWKLVWKHVLVLVWRSURYLGHDQLQWURGXFWLRQWRDWRPLF

DEVRUSWLRQVSHFWURPHWU\SHUIRUPHGZLWKZDYHOHQJWKPRGXODWHGGLRGHODVHUVDV

OLJKW VRXUFHV LH :0'/$6 LQ JHQHUDO DQG ZKHQ EHLQJ FRPELQHG ZLWK D

HIILFLHQWDWRPLVHUWKH7+*$LQSDUWLFXODUDVZHOODVWRH[HPSOLI\VRPHRIWKH

UHFHQWZRUNVSHUIRUPHGLQWKHDUHDRIGHYHORSLQJWKHWHFKQLTXHIXUWKHU7KH

VWUXFWXUHRIWKHWKHVLVLVDVIROORZV&KDSWHUJLYHVDQLQWURGXFWLRQWR$$6LQ

JHQHUDO DQG WR :0'/$6 LQ SDUWLFXODU 7KH IROORZLQJ WZR FKDSWHUV DUH

FRQFHUQHGZLWKWKH7+*$ FKDSWHU DQGWKHHOHPHQWWKDWKDVEHHQXVHGDVD

SLORW HOHPHQW LQ WKLV VWXG\ 5XELGLXP 5E  FKDSWHU   &KDSWHU  GHVFULEHV

VRPHW\SLFDO:0'/$65EVLJQDOVIURPD7+*$DVZHOODVDORZSUHVVXUH

UHIHUHQFH FHOO &KDSWHU  VXPPDULVHV WKH DSSHQGHG SDSHUV 7KH UHODWLRQ

EHWZHHQZDYHOHQJWKPRGXODWLRQDQGIUHTXHQF\PRGXODWLRQLVEULHIO\GLVFXVVHG

LQFKDSWHUZKLOHWKHFKDSWHUDQGUHFDSLWXODWHWKHWKHVLVDQGJLYHVSRVVLEOH

IXWXUHGLUHFWLRQV7KH DSSHQGLFHV FRQWDLQ DIHZOHQJWK\GHULYDWLRQVRI VRPH

TXDQWLWLHVXVHGLQWKHWKHVLV

(25)

:DYHOHQJWK0RGXODWLRQ'LRGH

/DVHU$EVRUSWLRQ6SHFWURPHWU\

EVRUSWLRQRUGLQDU\DWRPLFDEVRUSWLRQVSHFWURPHWU\ZK\WKH

XVHRI ZDYHOHQJWKPRGXODWHGODVHUOLJKWEULQJVDVLJQLILFDQW

LPSURYHPHQWZLWKUHVSHFWWRRUGLQDU\DWRPLFDEVRUSWLRQVSHFWURPHWU\

DQGZKDWHTXLSPHQW\RXQHHGLI \RXZDQWWRVHWXS\RXURZQ:0

'/$6V\VWHPDUHVRPHRI WKHWRSLFVFRYHUHGLQWKLVFKDSWHU

$EVRUSWLRQVSHFWURPHWU\WHFKQLTXHVUHO\RQDIHZIXQGDPHQWDOFRQFHSWV

• 7KHDELOLW\RIWKHDQDO\WHWRDEVRUEOLJKW

• 7KHIDFWWKDWWKHDEVRUSWLRQLVKLJKO\ZDYHOHQJWKGHSHQGHQWDQG

• 7KH IDFW WKDW WKH DPRXQW RI OLJKW EHLQJ DEVRUEHG FDQ EH UHODWHG WR WKH

FRQFHQWUDWLRQRIWKHDQDO\WH

7KHVH IDFWV DUH WKXVD VXLWDEOHVWDUWLQJ SRLQW IRUD GHVFULSWLRQ RI DEVRUSWLRQ

WHFKQLTXHV LQ JHQHUDO DQG :DYHOHQJWK 0RGXODWLRQ'LRGH /DVHU $EVRUSWLRQ

6SHFWURPHWU\ :0'/$6 LQSDUWLFXODU

7KHDEVRUSWLRQDQGLWVGHWHFWLRQ

8QGHUWKHDVVXPSWLRQVWKDW

 7KHDEVRUEHUVDFWLQGHSHQGHQWO\RIHDFKRWKHU

 7KH LQFLGHQW UDGLDWLRQ FRQVLVW RI SDUDOOHO UD\V HDFK WUDYHUVLQJ WKH VDPH

OHQJWKLQWKHDEVRUELQJPHGLXP

 7KHDEVRUELQJPHGLXPLVKRPRJHQHRXVRYHUWKHFURVVVHFWLRQRIWKHEHDP

EXWQRWQHFHVVDULO\DORQJWKHOLQHRIWKHODVHUEHDP DQGGRQRWVFDWWHU

WKHUDGLDWLRQ

 7KHLQFLGHQWUDGLDWLRQLVPRQRFKURPDWLFDQG

 7KH LQWHQVLW\ RI WKH LQFLGHQW UDGLDWLRQ LV VPDOO HQRXJK QRW FDXVH RSWLFDO

VDWXUDWLRQHIIHFWV

WKHLQWHQVLW\LPSLQJLQJRQDGHWHFWRUFDQDFFRUGLQJWR%HHU/DPEHUW·VODZEH

ZULWWHQDV

$

(26)

 ] G] /

 

,  , Hρ ν = σ ν ρ =, Hρ σ ν    

ZKHUH,DQG ,  ρ ν GHQRWHWKHODVHUOLJKWLQWHQVLWLHVWKDWLPSLQJHRQWKH

GHWHFWRU LQ WKH DEVHQFH DQG SUHVHQFH RI DWRPV UHVSHFWLYHO\ σ ν  W KH

IUHTXHQF\GHSHQGHQWDEVRUSWLRQFURVVVHFWLRQRIWKHDWRPV LQXQLWVRIP 

DQG ] ρ LVWKHDWRPLFGHQVLW\ LQXQLWVRIP 7KHLQWHJUDWLRQVKRXOGEH

SHUIRUPHGDORQJWKHOLQHRIWKHODVHUEHDPFRYHULQJDGLVWDQFHZKHUHWKHUHLV

DQ\ DSSUHFLDEOH GHQVLW\ RI DWRPV ,Q W KH ODVW  VW HS RI (T   W KH QXPEHU

GHQVLW\ RI DWRPV VHHQ DORQJ WKH OLQH RI VLJKW >LH ∫ρ [ \] G] @ KDV EHHQ

GHQRWHG /ρ  ZKHUH ρ QRZ UHIHUV WR WKH PHDQ GHQVLW\ RI DWRPV RYHU WKH

LQWHUDFWLRQ OHQJWK DQG / WKH LQWHUDFWLRQ OHQJWK 7KLV GRHV QRW LPSRVH

UHVWULFWLRQV WR VLWXDWLRQV ZLWK FRQVWDQW DWRPLF GHQVLWLHV DV WKH ZULWLQJ PLJKW

VXJJHVW

$VLVIXUWKHUGLVFXVVHGEHORZWKHUHODWLYHDEVRUSWLRQ $  ρ ν LHWKHUHODWLYH

DPRXQWRIOLJKWWKDWLVEHLQJDEVRUEHGE\WKHDWRPVPD\WKHQEHZULWWHQDV

  /



, , 

$   H

,

ρ σ ν

ρ ν = − ρ ν = −    

7KHVKDSHRIWKHDEVRUSWLRQSURILOHZLOOEHRILPSRUWDQFHIRUWKHHYDOXDWLRQRI

DWRPLFGHQVLWLHVIURP:0'/$6VLJQDOV7KHDEVRUSWLRQFURVVVHFWLRQKDVLQ

JHQHUDO IRU VLQJOHWUDQVLWLRQ DWRPV D 9RLJW SURILOH RULJLQDWLQJ IURP D

FRQYROXWLRQ RI D /RUHQW]LDQ DULVLQJ IURP FROOLVLRQDO EURDGHQLQJ  DQG D

*DXVVLDQIRUP DULVLQJIURP'RSSOHUVKLIW 

$JHQHUDOH[SUHVVLRQIRUWKHDEVRUSWLRQSURILOHPD\EHREWDLQHGE\DVVLJQLQJD

OLQHVKDSHWRWKHDEVRUSWLRQFURVVVHFWLRQDFFRUGLQJWR

  



χ ν

σ ν σ σ χ ν

= χ =    

ZKHUHσLVWKHDEVRUSWLRQFURVVVHFWLRQRQUHVRQDQFHν LHσ =σ ν  

χ ν  LV WKH DUHDQRUPDOLVHG OLQHVKDSH IXQFWLRQ IRU WKH DWRPLF DEVRUSWLRQ

SURILOHDQGχLWVSHDNYDOXHDWUHVRQDQFH LHχ =χ ν   χ ν LVWKXV

WKHSHDNQRUPDOLVHGOLQHVKDSHIXQFWLRQ

$VZLOOEHVKRZQEHORZLWLVDOVRRIFRQYHQLHQFHWRGHQRWHWKHSURGXFWRIρ

LDQGσ WKHVDPSOHRSWLFDOWKLFNQHVV 627 RIWKHVDPSOHZKLFKRIWHQKDV

EHHQUHIHUUHGWRDVα LQWKHOLWHUDWXUH,WLVDOVRRIWHQFRQYHQLHQWWRZULWHWKH

627DVDSURGXFWRIWKH627RQUHVRQDQFHα0ZKLFKLVJLYHQE\ρ σ/ 

DQGWKHSHDNQRUPDOLVHGOLQHVKDSHIXQFWLRQ χ ν LHDV

(27)

 α χ ν α= ( ) 0 =χ ν ρ σ( ) L 0  



7KHOLQHVKDSHLVREYLRXVO\PRUHFRPSOH[LQWKHFDVHVZKHUHWKHWUDQVLWLRQLV

FRPSRVHGRIK\SHUILQHDQGRULVRWRSHVSOLWWUDQVLWLRQV6LQFHWKHDEVRUSWLRQ

WHFKQLTXHLVOLQHDUZLWKUHVSHFWWRWKHGHQVLW\RIDEVRUEHUVIRURSWLFDOO\WKLQ

FRQGLWLRQV VHH IXUWKHU GLVFXVVLRQ EHORZ  LW LV SRVVLEOH WR UHSUHVHQW WKH

DEVRUSWLRQ FURVVVHFWLRQ IRU DWRPV ZLWK K\SHUILQH VWUXFWXUH DQGRU LVRWRSH

VKLIWLQWHUPVRIDVXPRISHDNQRUPDOLVHGOLQHVKDSHIXQFWLRQVHDFKZHLJKWHG

ZLWKWKHDSSURSULDWHOLQHVWUHQJWKDQGRULVRWRSLFDEXQGDQFH

7KH LQVWDQWDQHRXV YROWDJH IURP D OLJKWGHWHFWLQJ SKRWRGLRGH LQ DEVHQFH RI

DEVRUEHUV 63' FDQ XQGHU WKH DVVXPSWLRQ WKDW WKLV YROWDJH LV GLUHFWO\

SURSRUWLRQDOWRWKHLQWHQVLW\RIWKHOLJKWWKDWLPSLQJHVRQWKHGHWHFWRU,EH

ZULWWHQDV

 63' =6 3' ρ = ν =κ′′,   

ZKHUHκ′′LVDSURSRUWLRQDOLW\FRQVWDQWUHODWLQJWKHSRZHURIWKHOLJKWWRWKH

PHDVXUHG SKRWRGLRGH YROWDJH 7KH SKRWRGLRGH VLJQDO LQ WKH SUHVHQFH RI

DEVRUEHUV6  3' ρ ν FDQLQDVLPLODUIDVKLRQDQGE\WKHXVHRI(T  EH

ZULWWHQDV

 6  3' ρ ν =κ′′,  ρ ν =κ′′,  $ 

(

( )

ρ ν

)

   

)LQDOO\GHILQLQJWKHDQDO\WLFDOSKRWRGLRGHDEVRUSWLRQVLJQDO6  $ ρ ν DVWKH

GLIIHUHQFHLQSKRWRGLRGHYROWDJHZKHQQRDQDO\WHDWRPVDUHSUHVHQWDQGZKHQ

WKHUHDUHUHVSHFWLYHO\\LHOGV



$ 3' 3'



 3'

6  6 6  , , 

$  ,

$  6 

ρ ν ρ ν

κ ρ ν

κ ρ ν ρ ν

= −

= ′′ −

= ′′

=

   

+HQFHWKHDQDO\WLFDOSKRWRGLRGHVLJQDOFDQEHZULWWHQDVDSURGXFWEHWZHHQWKH

UHODWLYHDEVRUSWLRQDQGWKHSKRWRGLRGHVLJQDOLQWKHDEVHQFHRIDEVRUEHUV

(28)

$WRPLFDEVRUSWLRQVSHFWURPHWU\

)UHH DWRPV PD\ DEVRUE OLJKW LI WKH ZDYHOHQJWK RI WKH OLJKW FRUUHVSRQGV WR

SKRWRQV ZLWK DQ HQHUJ\ HTXDO WR WKH HQHUJ\ GLIIHUHQFH EHWZHHQ WZR DWRPLF

VWDWHV 6LQFH GLIIHUHQW W\SHV RI DWRPV LH HOHPHQWV  KDYH GLVVLPLODU VHWV RI

HQHUJ\ OHYHOV WKH FRQFHQWUDWLRQ RI D SDUWLFXODU W\SH RI DWRP LQ D FORXG RI

XQVSHFLILHG FRPSRVLWLRQ RI IUHH DWRPV DQG PROHFXOHV FDQ EH GHWHFWHG DV D

GHFUHDVHLQWKHDPRXQWRIOLJKWRIDSDUWLFXODUZDYHOHQJWK HJLWVSRZHURU

LQWHQVLW\ WKDWKDVSDVVHGWKHFRXOGDVLVVKRZQLQ)LJXUH LH,, 

)LJXUH$EVRUSWLRQRIOLJKW,DQG,DUHWKHOLJKWLQWHQVLWLHVSULRUWRDQGDIWHUWKHLQWHUDFWLRQ

UHJLRQUHVSHFWLYHO\

$VORQJDVWKHDQDO\WLFDODEVRUSWLRQVLJQDOLV´ODUJHHQRXJKµLWPD\GLUHFWO\EH

XVHG IRU DQ DVVHVVPHQW RI WKH QXPEHU GHQVLW\ RI DQDO\WH DWRPV LQ WKH

LQWHUDFWLRQ YROXPH 0HDVXULQJ D VPDOO GLIIHUHQFH EHWZHHQ WZR ODUJH VLJQDOV

LPSOLHVKRZHYHUWKDWVHYHUDOVRXUFHVRIORZIUHTXHQF\QRLVH HJGULIWV PD\

DIIHFWWKHPHDVXUHPHQWVZKLFKLQWXUQFDQJLYHDUDWKHUSRRUDFFXUDF\DQG

WKHUHE\DORZGHWHFWDELOLW\7KHOLPLWLQJIDFWRUVLQ$$6DUHQRUPDOO\YDULRXV

W\SHVRIQRLVHDQGEDFNJURXQGVLJQDOV PDLQO\WKHLUQRLVHDQGGULIWV 

,QPDQ\LQVWDQFHVVRFDOOHGIOLFNHUQRLVHOLPLWVWKHGHWHFWLRQSURFHVV6RXUFHVRI

IOLFNHUQRLVHDUHHJYDULDWLRQVLQWKHH[SHULPHQWDOYDULDEOHVWKDWFRQWUROWKH

OLJKWVRXUFHVXFKDVHOHFWULFDOSRZHUDQGWHPSHUDWXUHDQGYLEUDWLRQV)OLFNHU

QRLVHRIWHQVKRZVD fnGHSHQGHQFHDVDIXQFWLRQRIIUHTXHQF\ f ZKHUH

nLVDSRVLWLYHIDFWRUWKDWLVWHUPHGWKH´SRZHUµRIWKHQRLVH$OWKRXJKn RIWHQFDQWDNHDYDULHW\RIYDOXHVLQWKHUDQJHEHWZHHQDQGWKLVW\SHRI

QRLVHLVRIWHQ IRUVLPSOLVWLFUHDVRQV UHIHUUHGWRDV 1/ f QRLVH,UUHVSHFWLYHRI

WKHH[DFWYDOXHRInWKHSRZHURIWKLVW\SHRIQRLVHGHFUHDVHVZLWKIUHTXHQF\

%DFNJURXQGDEVRUSWLRQVLJQDOVRULJLQDWHIURPHLWKHUEURDGEDQGDEVRUSWLRQRU

DEVRUSWLRQE\VSHFWUDOO\LQWHUIHULQJVSHFLHV'ULIWVILQDOO\FDQHLWKHUEHVHHQDV

ORZIUHTXHQF\FRPSRQHQWVRIWKHQRLVHRUVORZFKDQJHV LHORZIUHTXHQF\

FRPSRQHQWV RIWKHEDFNJURXQGVLJQDO

, ,

(29)

%DFNJURXQGFRUUHFWLRQWHFKQLTXHVIRUDWRPLFDEVRUSWLRQVSHFWURPHWU\

$QXPEHURIDFWLRQVKDYHEHHQWDNHQWRUHGXFHWKHLQIOXHQFHRIWKHOLPLWLQJ

IDFWRUVLQFRQYHQWLRQDO$$67KHPRVWLPSRUWDQWRQHVDUH

&RQWLQXXPVRXUFHEDFNJURXQGFRUUHFWLRQ

7KHVHWXSLVVXFKWKDWOLJKWIURPDFRQWLQXXPVRXUFH HJDGHXWHULXPODPS  DQG OLJKW IURP D KROORZ FDWKRGH ODPS +&/  DUH WUDQVPLWWHG DOWHUQDWLYHO\

WKURXJKWKHVDPSOH7KHOLJKWIURPWKH+&/LVDIIHFWHGE\DEVRUSWLRQIURP

ERWKWKHDQDO\WHDVZHOODVWKHEURDGEDFNJURXQGDEVRUEHU6LQFHDEVRUSWLRQ

IURPWKHDQDO\WHLQJHQHUDOKDYHDQHJOLJLEO\HIIHFWRQWKHWUDQVPLWWHGLQWHQVLW\

RIWKHFRQWLQXXPVRXUFH VLQFHWKHZLGWKRIWKHGHWHFWHGUDGLDWLRQIURPWKLV

HPLWWHULVIDUZLGHUWKDQWKHDWRPLFOLQHZLGWKGHWHUPLQHGE\WKHVOLWVHWWLQJRI

WKHPRQRFKURPDWRU WKHGHFUHDVHRIWKHOLJKWIURPWKHFRQWLQXXPVRXUFHFDQ

EHXVHGWRGHWHUPLQHWKHDPRXQWRIEDFNJURXQGDEVRUSWLRQ6XEWUDFWLRQRIWKH

WZRVLJQDOVUHGXFHVWKHHIIHFWRIWKHEURDGEDQGEDFNJURXQGRQWKHPHDVXUHG

E\WKH+&/

=HHPDQEDFNJURXQGFRUUHFWLRQ

,QWKH=HHPDQEDFNJURXQGFRUUHFWLRQWHFKQLTXHDVWURQJPDJQHWLFILHOGLVXVHG

WRLQGXFHVSOLWWLQJRIDQDEVRUSWLRQOLQHLQWRDπDQGWZRσFRPSRQHQWV7KH

ZDYHOHQJWKRIWKHπFRPSRQHQWUHPDLQVDWWKH]HURILHOGZDYHOHQJWKZKLOHWKH

σ FRPSRQHQWVDUHVKLIWHGHTXDODPRXQWVWRVKRUWHUDQGORQJHUZDYHOHQJWKV

UHODWLYHWRWKHπFRPSRQHQW,QDGGLWLRQWKHSRODULVDWLRQRIWKHπFRPSRQHQW

LV RUWKRJRQDO WR WKDW RI WKH σ  FRPSRQHQWV 3URSHU PDJQHWLF DQGRU

SRODULVDWLRQVZLWFKLQJWKHUHE\PDNHDVHSDUDWLRQRIWKHDQDO\WHDQGEDFNJURXQG

DEVRUSWLRQSRVVLEOH

7KHUH DUH VHYHUDO ZD\V WR LPSOHPHQW WKH =HHPDQ EDFNJURXQG FRUUHFWLRQ $

'LUHFW &XUUHQW '&  PDJQHWLF ILHOG PD\ EH XVHG WR VSOLW WKH DEVRUSWLRQ

FRQWLQXRXVO\ZKLOHWKHSRODULVDWLRQRIWKHOLJKWLVVZLWFKHGEHWZHHQWKHπDQG

WKHσ FRPSRQHQW7KHDQDO\WHPD\DOVREHSODFHGLQDQ$OWHUQDWLQJ&XUUHQW

$& PDJQHWLFILHOGZKLOHVWDWLFOLQHDUπRUσSRODULVDWLRQLVXVHGIRUWKHOLJKW

$WKLUGDOWHUQDWLYHLVWRVSOLWWKHOLJKWE\D'&PDJQHWLFILHOGDQGDOWHUQDWLYHO\

SDVVWKHπDQGWKHσFRPSRQHQWVWKURXJKWKHDQDO\WH

6HOIUHYHUVDOFRUUHFWLRQ

$QRWKHU IRUP RI EDFNJURXQG FRUUHFWLRQ LV WKH VHOIUHYHUVDO PHWKRG ZKLFK

UHOLHV RQ WKH VRFDOOHG VHOIUHYHUVDO RI +&/ HPLVVLRQ DW KLJK FXUUHQW

2SHUDWLQJWKH+&/DWKLJKFXUUHQWFDXVHVERWKDEURDGHQLQJRIWKHHPLVVLRQ

OLQH DQG EHFDXVH RI WKH KLJK FRQFHQWUDWLRQ RI XQH[FLWHG DWRPV SURGXFHG

DEVRUSWLRQZLWKLQWKH+&/7KLVUHVXOWLQWKHHPLVVLRQRIDQDSSDUHQWGRXEOHW

FHQWUHGDERXWWKHWUXHHPLVVLRQOLQH7KXVE\PHDVXULQJWKHDEVRUSWLRQZLWK

WKH+&/UXQDWORZFXUUHQWDQGWKHQUHSHDWLQJWKHVDPHPHDVXUHPHQWZLWKWKH

+&/ UXQ DW KLJK FXUUHQW WKH WUXH DWRPLF DEVRUSWLRQ ZLOO EH JLYHQ E\ WKH

GLIIHUHQFHEHWZHHQWKHWZRPHDVXUHPHQWV

,QRUGHUWRLPSURYHWKHGHWHFWDELOLW\RI$$6IXUWKHURWKHUPHDQVWRUHGXFHWKH

LQIOXHQFHRIWKHOLPLWLQJIDFWRUVKDYHWREHIRXQG

(30)

:DYHOHQJWK0RGXODWLRQ'LRGH/DVHU$EVRUSWLRQ

6SHFWURPHWU\

:DYHOHQJWK0RGXODWLRQ$EVRUSWLRQ6SHFWURPHWU\LQJHQHUDO

2QHZD\WRREWDLQDQLPSURYHGGHWHFWDELOLW\RIWKHDEVRUSWLRQWHFKQLTXHLVWR

DSSO\DUDSLGPRGXODWLRQRIWKHZDYHOHQJWKRIWKHOLJKWDQGORFNLQGHWHFWLRQ

7KLVSURFHVVJLYHV

• 1RLVHUHGXFWLRQE\DOORZLQJDVKLIWRIWKHGHWHFWLRQWRKLJKHUIUHTXHQFLHV

ZKHUHWKHIQRLVHLVVLJQLILFDQWO\UHGXFHG

• $VXSSUHVVLRQRIWKHQRLVHRXWVLGHWKHGHWHFWLRQEDQGZLGWKZKLFKLVJLYHQ

E\WKHIUHTXHQF\ZLGWKRIWKHGHWHFWLRQZKLFKLQWXUQLVGHWHUPLQHGE\WKH

LQWHJUDWLRQWLPHRIWKHORFNLQDPSOLILHU

• *RRG VXSSUHVVLRQ RI FRQVWDQW RU OLQHDUO\ ZDYHOHQJWK GHSHQGHQW

EDFNJURXQGDEVRUSWLRQ

• $ UHGXFWLRQ RI WKH GULIWV VLQFH WKH WHFKQLTXH SURGXFHV D VLJQDO WKDW LV

GLUHFWO\ SURSRUWLRQDO WR WKH VSHFLHV FRQFHQWUDWLRQ UDWKHU WKDQ WKH VPDOO

FKDQJH LQ D ODUJH VLJQDO ZKLFK RFFXUV ZLWK D FRQYHQWLRQDO DEVRUSWLRQ

PHDVXUHPHQW

7KH UHTXLUHPHQW IRU SHUIRUPLQJ D PRGXODWLRQ RI WKH OLJKW LV DFFHVV WR D

WXQHDEOHOLJKWVRXUFH$VZDVDOOXGHGWRDERYHDQGDVZLOOEHIXUWKHUGLVFXVVHG

EHORZWKHGLRGHODVHUZLWKLWVQDUURZEDQGHGRXWSXWDQGLWVUDSLGWXQDELOLW\LV

DQH[FHOOHQWWRROIRUWKLV

:DYHOHQJWK0RGXODWLRQ'LRGH/DVHU$EVRUSWLRQ6SHFWURPHWU\LQ3DUWLFXODU

:DYHOHQJWK 0RGXODWLRQ'LRGH /DVHU $EVRUSWLRQ 6SHFWURPHWU\ PD\ EH

SHUIRUPHGZLWKUHODWLYHO\XQVRSKLVWLFDWHGDQGFKHDSLQVWUXPHQWDWLRQZKLFKLV

RILPSRUWDQFHIRUDOOWHFKQLTXHVVWULYLQJWRILQGZLGHVSUHDGXVHLQWKHIXWXUH

7KHFRUHHOHPHQWVRI:0'/$6DUH

• 7KHZDYHOHQJWKRIWKHODVHUOLJKWLVPRGXODWHGDURXQGDFHQWUHZDYHOHQJWK

DW D IUHTXHQF\ IPRG FRQYHQLHQWO\ GRQH E\ PRGXODWLQJ WKH LQMHFWLRQ

FXUUHQWWRWKHGLRGHODVHU 

• 7KHODVHUOLJKWLVOHGWKURXJKWKHVDPSOHZKHUHE\DFHUWDLQIUDFWLRQRIWKH

OLJKWZLOOEHDEVRUEHG$VXLWDEOHGHWHFWRUGHWHFWVWKHWUDQVPLWWHGOLJKW

$ORFNLQDPSOLILHUH[WUDFWVDFHUWDLQQWKKDUPRQLFVRIWKHGHWHFWRUVLJQDODW

D GHWHFWLRQ IUHTXHQF\ QI ZKHUH Q     HWF  ZLWK D FHUWDLQ

References

Related documents

Protein detection, immunoassay, in solution, blood plasma, proximity probes, real-time PCR, molecular beacon, DNA polymerase, unspecific probe-probe

- hybridization, ligation and 1RCA; nicking of the 1RCP hybridized to the S2 probes, partial digestion of the S2 probe by FPG/UDG (this step will also release the protection of the S2

Detection of compounds separated by CE is often performed with UV or fluorescence detectors. Although high sensitivities can be obtained, a significant drawback of these

The obtained surface yielded rapid CE-ESI-MS separations of a mixture of neuropeptides and proteins within five minutes with high efficiencies (Figure 4). CE-ESI-TOF-MS separation

We find that while Java allows aliasing and mutation by default, objects are often unique, unique on the heap, immutable, or stack-bound – 97.7% of objects fulfill at least one of

Cladding was now carried out with the laser and the powder stream aiming into the valley between the copper blocks. The beam diameter was 4 mm on the substrate surface and thus

With a low-noise current source, a 36 W high-precision temperature controller, and standard computer interfaces including Ethernet, the LDC500 series is the right choice for

zdv fduulhg rxw wr looxvwudwh krz wkh wzr dssurdfkhv glhu iru vrph q wrohu0 dqfh olplwv dqg vrph vdpsoh vl}hv xvlqj erwk sdudphwulf dqg qrq0sdudphwulf hvwlpdwruv1 Wkh vdpsoh