You are on page 1of 2



ZZZPHGVFDSHFRPYLHZDUWLFOHBSULQW

ZZZPHGVFDSHFRP

2PHJD7UHDWPHQW6KRZV/RQJWHUP3V\FKRVLV3UHYHQWLRQ
1DQF\$0HOYLOOH

_$XJXVW

$GROHVFHQWVDQG\RXQJDGXOWVFRQVLGHUHGWREHDWKLJKULVNIRUSV\FKRVLVVKRZVLJQLILFDQWUHGXFWLRQVLQSURJUHVVLRQWR
SV\FKRWLFGLVRUGHU\HDUVDIWHUDEULHIZHHNLQWHUYHQWLRQRIRPHJDSRO\XQVDWXUDWHGIDWW\DFLGV 38)$V
FRPSDUHGZLWKDJURXSUHFHLYLQJSODFHERDQHZVWXG\VKRZV
7KLVLVWKHILUVWVWXG\WRVKRZWRWKHEHVWRIRXUNQRZOHGJHWKDWDZHHNLQWHUYHQWLRQZLWKRPHJD38)$V
SUHYHQWHGWUDQVLWLRQWRIXOOWKUHVKROGSV\FKRWLFGLVRUGHUDQGOHGWRVXVWDLQHGV\PSWRPDWLFDQGIXQFWLRQDOLPSURYHPHQWV
LQ\RXQJSHRSOHZLWKDQDWULVNPHQWDOVWDWHIRU>DPHGLDQRI@\HDUVWKHDXWKRUVOHGE\*3DXO$PPLQJHU0'RI
WKH8QLYHUVLW\RI0HOERXUQH$XVWUDOLDFRQFOXGH
7KHQHZUHVHDUFKZDVSXEOLVKHGRQOLQH$XJXVWLQ1DWXUH&RPPXQLFDWLRQV
)RUWKHGRXEOHEOLQGVWXG\SDWLHQWV PHDQDJH\HDUV ZKRZHUHFRQVLGHUHGWREHDWXOWUDKLJKULVNIRU
SV\FKRVLVZHUHWUHDWHGIRUZHHNVZLWKGDLO\VXSSOHPHQWDWLRQRIHLWKHUILVKRLOFDSVXOHVSURYLGLQJRPHJD38)$V
RIPJRIHLFRVDSHQWDHQRLFDFLG (3$ DQGPJRIGRFRVDKH[DHQRLFDFLG '+$  Q  RUSODFHERFDSVXOHV
PDWFKHGLQDSSHDUDQFHDQGIODYRUZLWKWKHDFWLYHWUHDWPHQW Q  
$QHDUOLHUDVVHVVPHQWRIWKHSDWLHQWVDWPRQWKVVKRZHGWKDWWKRVHUHFHLYLQJWKHRPHJDLQWHUYHQWLRQKDGD
UHGXFHGULVNIRUWUDQVLWLRQWRSV\FKRWLFGLVRUGHUFRPSDUHGZLWKWKRVHUHFHLYLQJSODFHER 3  
,QWKHQHZDQDO\VLVIROORZLQJXSRIWKHRULJLQDOSDWLHQWVDWDPHGLDQRI\HDUVIURPEDVHOLQHWKHFXPXODWLYH
FRQYHUVLRQUDWHWRSV\FKRVLVZDVLQWKHRPHJD38)$JURXSFRPSDUHGZLWKLQWKHSODFHERJURXSZLWKD
PRUHUDSLGFRQYHUVLRQWLPHLQWKHSODFHERJURXSDPRQJWKRVHZKRGLGGHYHORSSV\FKRVLV 3 
&KDQJHVLQVFRUHVRQWKH3RVLWLYHDQG1HJDWLYH6\QGURPH6FDOHZHUHVLJQLILFDQWO\JUHDWHUIRUWKHRPHJD38)$
JURXSLQWKHORQJHUWHUPIROORZXSLQWHUPVRIWRWDOVFRUHV 3  SRVLWLYHDQGJHQHUDOVFRUHV HDFK3  DQG
WRDOHVVHUGHJUHHQHJDWLYHVFRUHV 3  
'LIIHUHQFHVLQWKH0RQWJRPHU\cVEHUJ'HSUHVVLRQ5DWLQJ6FDOHZHUHQRWVWDWLVWLFDOO\VLJQLILFDQW 3  DQGWKH
RPHJD38)$JURXSKDGVLJQLILFDQWO\KLJKHUIXQFWLRQLQJWKDQWKHJURXSUHFHLYLQJSODFHERDVUHIOHFWHGLQ*OREDO
$VVHVVPHQWRI)XQFWLRQLQJVFRUHV 3  
7KHSURSRUWLRQRISDWLHQWVZKRUHSRUWHGEHLQJSUHVFULEHGDQWLSV\FKRWLFPHGLFDWLRQDWWKHWLPHRIORQJWHUPIROORZXS
ZDVLQWKHRPHJD38)$JURXSFRPSDUHGZLWKLQWKHSODFHERJURXS 3  
$PRQJWKRVHLQWKHSODFHERJURXSPHWWKHFULWHULDIRUDWOHDVWRQH'60,9$[LV,GLVRUGHUGXULQJWKHORQJWHUP
IROORZXSSHULRGFRPSDUHGZLWKLQWKHRPHJD38)$JURXS 3  
(YHQZKHQXOWUDKLJKULVNSDWLHQWVGRQRWFRQYHUWWRSV\FKRVLVUHVHDUFKVXJJHVWVWKHLUIXQFWLRQLQJRXWFRPHVFDQEH
SRRU+RZHYHULQORRNLQJDWWKHSDWLHQWVZLWKDWWHQXDWHGSV\FKRVLVLQWKHRPHJD38)$JURXSRQO\KDGVHYHUH
IXQFWLRQDOLPSDLUPHQWDQGDVPDQ\DVZHUHHPSOR\HGIXOOWLPHWKHDXWKRUVQRWH
7KHPDMRULW\RIWKHLQGLYLGXDOVIURPWKHRPHJDJURXSGLGQRWVKRZVHYHUHIXQFWLRQDOLPSDLUPHQWZHUHHPSOR\HG
IXOOWLPHDQGQRORQJHUH[SHULHQFHGDWWHQXDWHGSV\FKRWLFV\PSWRPVDWIROORZXSWKH\QRWH
7KHDXWKRUVVSHFXODWHWKDWWKHWLPLQJRIWKHLQWHUYHQWLRQPD\EHFULWLFDOGXULQJDGROHVFHQFHDQGEHIRUHFRQYHUVLRQ
WRSV\FKRVLVZKHQWKHQHXURGHYHORSPHQWLQEUDLQUHJLRQVUHOHYDQWWRVFKL]RSKUHQLDRFFXUV
*LYHQWKHPHDQDJHRIRXUVDPSOHDQGWKHIDFWWKDWWKHUHLVDZHOOHVWDEOLVKHGUHODWLRQVKLSEHWZHHQDJHDQGWKH
KWWSZZZPHGVFDSHFRPYLHZDUWLFOHBSULQW





ZZZPHGVFDSHFRPYLHZDUWLFOHBSULQW

RQVHWRISV\FKRVLVZHFDQQRWDVVXPHZLWKFHUWDLQW\WKDWRXUSUHYHQWLYHLQWHUYHQWLRQZRXOGEHHIIHFWLYHLQWKHVDPH
ZD\LQROGHULQGLYLGXDOV'U$PPLQJHUWROG0HGVFDSH0HGLFDO1HZV
,QWHUHVWLQWKHUROHRIRPHJD38)$VLQSUHYHQWLQJSV\FKRVLVKDVEHHQGULYHQE\WKHLUNQRZQUROHLQUHGXFLQJV\VWHPLF
LQIODPPDWLRQZKLFKKDVEHHQOLQNHGWRPHQWDOLOOQHVV
)XUWKHUPRUHGHILFLHQFLHVLQRPHJD38)$VKDYHEHHQREVHUYHGLQVFKL]RSKUHQLDWKHDXWKRUVQRWH
5HGXFWLRQVLQWKHFHOOPHPEUDQHOHYHOVRIWKHRPHJDDQGRPHJD38)$VHULHVKDYHEHHQREVHUYHGLQSDWLHQWV
ZLWKVFKL]RSKUHQLDWKH\ZULWH
$OWKRXJKWKHFXUUHQWVWXG\IRXQGQRVLJQLILFDQWGLIIHUHQFHVLQWKHWUHDWPHQWDQGSODFHERJURXSVLQWHUPVRIGHSUHVVLRQ
'U$PPLQJHUVDLGWKHVWXG\ZDVQRWSRZHUHGIRUWKHFRPSDULVRQ7KHDXWKRUVDUHFXUUHQWO\LQYHVWLJDWLQJWKDWHIIHFW
:HDUHFXUUHQWO\FRQGXFWLQJDUDQGRPL]HGFRQWUROOHGWULDORIRPHJDVLQ\RXQJSHRSOHZLWKGHSUHVVLRQ'U
$PPLQJHUQRWHG,QWKHPHDQWLPHWKHILQGLQJVVXJJHVWDSRWHQWLDOO\EHQHILFLDOWKHUDS\IRUSV\FKRVLVZLWKIHZVLGH
HIIHFWVKHVDLG
7KHVWXG\LVQRWODUJHHQRXJKWREUDQGRPHJDDVDPLUDFOHGUXJEXWJLYHQWKHUHLVVWLOOQR
JROGVWDQGDUG
RIFDUHIRU
SDWLHQWVZLWKDWWHQXDWHGV\PSWRPVRISV\FKRVLVSV\FKLDWULVWVPD\ZHOOWU\DPRQWKRUWZRRIGDLO\RPHJD
VXSSOHPHQWVWRVHHLIWKHUHDUHDQ\EHQHILWVKHVXJJHVWHG
8QOLNHDQWLSV\FKRWLFVILVKRLOWDEOHWVKDYHQRVLGHHIIHFWVDQGDUHQ
WVWLJPDWL]LQJWRSDWLHQWV
3KLOLS50XVNLQ0'SURIHVVRURISV\FKLDWU\DQGFKLHIRIFRQVXOWDWLRQSV\FKLDWU\DW1HZ<RUN3UHVE\WHULDQ
+RVSLWDO&ROXPELD8QLYHUVLW\0HGLFDO&HQWHU1HZ<RUN&LW\FRPPHQWHGWKDWWKHVWXG\RIIHUVVRPHYDOXDEOHLQVLJKWV
LQWRWKHUROHRIRPHJD38)$VLQPHQWDOLOOQHVV
7KLVLVYHU\LQWHUHVWLQJDQGPDNHVXVSD\DWWHQWLRQWRWKHUROHRIQXWULWLRQLQVHULRXVPHQWDOLOOQHVVKHWROG0HGVFDSH
0HGLFDO1HZV
+HQRWHGSRWHQWLDOLPSOLFDWLRQVRIDILQGLQJLQWKHVWXG\VKRZLQJWKHUDWHRIFDQQDELVDEXVHLQWKHORQJWHUPIROORZXS
ZDVLQWKHRPHJD38)$JURXSDQG SDWLHQWV LQWKHSODFHERJURXS
>&DQQDELV@XVHVLJQLILFDQWO\LPSDFWVRQSV\FKRWLFV\PSWRPDSSHDUDQFHEXW>WKHVWXG\@QHYHUPHQWLRQVWKLVKHVDLG
1RWLQJWKDWWKHGLIIHUHQFHFRXOGEHVWDWLVWLFDOO\VLJQLILFDQW7KLVZRXOGEHPRUHJXLGLQJZLWKDODUJHVDPSOHFRQWUROOLQJ
IRUVXEVWDQFHXVHSDUWLFXODUO\FDQQDELV
7KHDXWKRUVDQG'U0XVNLQKDYHGLVFORVHGQRUHOHYDQWILQDQFLDOUHODWLRQVKLSV
1DW&RPPXQ3XEOLVKHGRQOLQH$XJXVW)XOOWH[W
0HGVFDSH0HGLFDO1HZV:HE0'//&
6HQGFRPPHQWVDQGQHZVWLSVWRQHZV#PHGVFDSHQHW
&LWHWKLVDUWLFOH2PHJD7UHDWPHQW6KRZV/RQJWHUP3V\FKRVLV3UHYHQWLRQ0HGVFDSH$XJ

KWWSZZZPHGVFDSHFRPYLHZDUWLFOHBSULQW



You might also like