Citation
Adolescents with physical impairments

Material Information

Title:
Adolescents with physical impairments metacognitive procedures in the acquisition and generalization of nonverbal communication behaviors
Creator:
Carpenter, Stephanie Lee Freeman, 1955-
Publication Date:
Language:
English
Physical Description:
xiv, 295 leaves : ill. ; 29 cm.

Subjects

Subjects / Keywords:
Adolescents ( jstor )
Hands ( jstor )
Ions ( jstor )
Learning ( jstor )
National central banks ( jstor )
Nonverbal communication ( jstor )
Schools ( jstor )
Special education ( jstor )
Students ( jstor )
Teachers ( jstor )
Behavior modification ( lcsh )
Nonverbal communication ( lcsh )
Youth with disabilities -- Education ( lcsh )

Notes

Thesis:
Thesis (Ph. D.)--University of Florida, 1990.
Bibliography:
Includes bibliographical references (leaves 281-294).
General Note:
Typescript.
General Note:
Vita.
Statement of Responsibility:
by Stephanie Lee Freeman Carpenter.

Record Information

Source Institution:
University of Florida
Holding Location:
University of Florida
Rights Management:
Copyright [name of dissertation author]. Permission granted to the University of Florida to digitize, archive and distribute this item for non-profit research and educational purposes. Any reuse of this item in excess of fair use or other copyright exemptions requires permission of the copyright holder.
Resource Identifier:
001610989 ( ALEPH )
AHN5352 ( NOTIS )
23445666 ( OCLC )

Downloads

This item has the following downloads:


Full Text



















ADOLESCENTS


WITH


PHYSICAL


IMPAIRMENTS:


METACOGNITIVE
AND GEN


PROCEDURES
ERALIZATION


THE ACQUISITION
NONVERBAL


COMMUNICATION


BEHAVIOR


STEPHANIE


FREEMAN


CARPENTER


A DISSERTATION
UNIVERSITY


PRESENTED


FLORIDA


REQUIREMENTS
DOCTOR OF


UNIVERSITY


GRADUATE


PARTIAL


SCHOOL


FULFILLMENT


DEGREE


PHILOSOPHY


FLORIDA


1990































Copyright


1990


Stephanie Lee Freeman


Carpenter















ACKNOWLEDGEMENTS


Appreciation


expressed


people who


have


contributed


supported nmy


efforts


the completion


this


dissertation.


have


been


fortunate


have


so many


wonderful


friend


Education


col leagues.


Department and


faculty


friends


taff


Univer


Special


of Florida


Naval


ROTC


unit


have


been without


equal


Special


thank


chairperson,


Mary


Dykes,


expressed


confidence


abilities


early


program of


studied


University


Florida.


challenged


me to


higher


standards


supported nmy


effort


reach


goal


been


friend


the most


valuable


kind.


sincere


appreciation


also


expressed


professors


have contributed


an important


part


graduate


studied


their


However,


valuable


especially want


guidance.


Cecil


thank


Mercer,


committee


members


David


Miller,


Stuart E


Schwartz,


Chri


tine


Boyd


topka


have


shared


their


unique


expert se


completion


sertati on.


persons who


volunteered


countless


hours


their


time


haln with


n~rrt e


nrm.irtE


desnest


gratitude.


PYnrPC


I


* i


.. .... ,


* I








Alan Gourlay


accompanied me


observe


school


personnel


even


seemed


enjoy


participation


project.


Lorrie


Kovac


gave many


hours


as the


conference


interviewer


semester when


course work


personal


obligations


were


heaviest


. She wa


great


source


help


encouragement


Kimberly


Terry


gave


time


as a


titute


interviewer


so that


we would


lose


precious


training


days.


Victoria


Morin was


strategy


trainer who


made


IMAGES


procedures


come


alive


for the


students


for me.


overlooked


are the


teacher


school,


Claudia


iders


and JoAnne Fiske.


They


only


hared


their


very


special


students with


they welcomed me


into


their


cl assroom


were


patient when


scheduling


change


occurred--almost


daily


very


warm thank


included


Azalea


Wimes,


found


tardy


students


always


greeted me with


smile.


students


participated


study


were without equal


They


only


gave


their


time


themselves.


family


encouraged me with


their


love


interest


endeavor


parents,


Dorothy


and Melvin


Freeman,


have


always


believed


siblings,


Susan,


Tony,


and Clint,


have


encouraged me


each


pec i al


Merle Carpenter


been


more


friend


than my


mother-


law.


Loving


thank


are given


children,


teven


tacey


When we


started


down


road,


ugs were


given with


their


heads


A









work,


Stacey


notes


on my


pillow were


always


cherished.


Steven


quiet words


that


"some


thing


never


change"


reassured me


special


bond.


Loving


thank


are a


given


husband,


Steve.


There


place


begin express


ing my


appreciation without


leaving


something


Foremost,


encouraged


sustained me with


steadfast


love.















TABLE


CONTENTS


ACKNOWLEDGEMENTS


LIST

LIST


OF TABLES


ABSTRACT


FIGURES

* a a


. . xiii


CHAPTER


INTRODUCTION


Statement
Purposes
Rational e
Defi nitio
Del imi tat
Limitati o
Summary


. .. 1


Problem


the Study
the Study


* a a a a a a a
*~~ a a


of the Study
f the Study .


REVIEW


Theo
Mo



Me


LITERATURE


reti
tiva
Soci
Attr
Intr
taco
Defi
Comp
Meta
Gene
Nece


Strategy
Individuals
Motivation


rien
and
arni
on t
mot


;lon
on o
ts o
ltiv
zati
y co
Int
with
and


a


station
Percel
ng the
heory
ivatio
nd Lea
metac
metac


*


strategic

onents o
vention I
physical
erceived


a a a a a a a a a 20


ved Personal
ory .


Control


ories
Strategic e
ion .
:ion .


. .


ategy
(SIM
rment
onal


* a a
* a a a a a a a


instruction


Control .


v v v


page









Interaction
Communication
Summary .

METHODS .


patterns
Patterns


S a


Description
Descriptio
Subject I
Subject
Subject
Subject
Subject
Descrlptio
Strategy
Strategy
Student
Measurement
Student
Operat
Data c
and
Data c
sess
Social V
Personne
Procedure
Personne
Baseline
Genera
Instruct
Strate
Instru
Instru
Subseque
Experiment
Experime
Data Dis


Research Question
the Subjects .


n of
n of
One
Two
Three
Four
Five
n of


teps
teria
Syste
nverb
nal d
lecti
neral
lecti
ns .
idati
Perfo


1 Train
Condi t
lizatio
ional I
gy inst
ctional
ctional
nt Gene
al Desi
ntal De
play an


Acquisition


ms
al
ef
on
iz
on


and Generalization


* 0 .
Procedures .
avior Performance Mea
ions .


meters
n .
meters


on Mea
romance


* .
ase 0
Cone
e Two
tion
al pr


ralizat
gn and
sign .
d Analy


during


line


instructional


. .
) .
rent


Phase
cedure


on (Pha
analysis


Three)


Four)


RESULTS


Measurement Systems


rson
Stra
Inte
bjec
Inte


nel Performan
tegy Trainer
viewers .
t Nonverbal C
rob server Rel


S 5 0


ce Mea


sure!


communication
ability for


a a a S S
S S S S S S a


Behavior Mea
SECs .










NCB2--eye contact (EC)
NCB3--head nods (HNs)
Summary .


Subject
NCB1--
NCB2--
NCB3--
Summar
Subject
NCB1--
NCB2--
NCB3--
Summar
Subject
NCB1--
NCB2--
NCB3--
Summar
Subject
NCB1--
NCB2--
NCB3--
Summar
Social Val
Subject


Two
sitti
eye c
arms
y .
Three
sitti
eye c
smili
y .
Four
sitti
eye c
smill

Five
sitti
eye c
arms
y S
idati
Satis


Teacher Sati


Summary .
Nonverbal
Research


S


* 9
ng-u
onta
and


p straight
ct (EC) .
hands on t


* 4 .
* 9
* 9 4 4 4 4 *


able


(AH-T)


* 4 9
* 9 0


. 4 9 4 4 9 9 4 4 O


ng-up s
contact
ng (SM)


straight
(EC) .


(Sus) 4 .
9 9 4


. 9 9 9 4 9 9 4 4 4


9 4 9 4 9 4 4 4 4 *


ng-up straight
contact (EC) .
ng (SM) .


ng-up straight
contact (EC) .
and hands on t


on Measure
faction .
faction .


Communication
Questions .


(Su


* 4 a 0 9 9 9 9
* 4 9 4 4 9 9 9 4 4 4
* 0 4 9 9 9 9 *


ab e
able


(AH


. .
. .


* 4 9 9 4 4 9 4 4 *
s 9 9 4 4 4 4 9 9 9 4
* 4 9 9 9 4 9
* 9 9 9 9 9 9 4 4 9 4 4
* 4
Behaviors .


DISCUSSION


4 9 0 4 0 4 4 4 9 9


Review o
Review
Review
Review
Summary
Discuss
Adoles
Strate
Genera
Limitati
Suggesti
Summary


f Purpose,


Purpose .
Literature
Methods
Analysis o
and Implica
ts with Phy
Instruction
action .

for Future


Literature,


Resul t
ions .
ical Im


and Method


S 4 4 4* 4 9 *9


pairment


* Re *
* 9 S 4 4 4 9 *
Research .


APPENDICES









STUDENT MATERIALS


0 0


SIMULATED


SCRIPT


EDUCATIONAL


QUESTIONS


CONFERENCE


4 4 4 0


SCORER


OPERATIONAL


DEFINITIONS


NONVERBAL


COMMUNICATION


BEHAVIORS


a a a a


NONVERBAL


COMMUNICATION


BEHAVIOR


RECORDING


FORM


STRATEGY TRAINING


STUDENT


SCORE


SATISFACTION


SHEETS


QUESTIONNAIRE


E 0 9 0 0 .
* *
E ..* *


TEACHER


INTERVIEWER


SATISFACTION


TIME


QUESTIONNAIRE


SAMPLING RECORDING FORM


STRATEGY


TRAINER


TIME


SAMPLING RECORDING


FORM


PERSONNEL


TRAINING AGENDA


OUTLINE


IMAGES


INSTRUCTIONAL


PROCEDURES


IMAGES


IMAGES


SCRIPTED LESSON


INFORMATION


SAMPLE


SHEETS


REFERENCES


BIOGRAPHICAL


0


SKETCH














LIST


TABLES


Table


Locu
with


Control


Physical


LOC)


Impairments


and Motivation


Student


. 39


Studies


of Nonverbal


Communication


Patterns


* 52


Test Scores
Intellectual


for Subjects
Functioning


Level


Subjects


' Most


Test Score


Recent


California


Achievement


S .


Summary


Instructional


During Strategy
Conferences .


Training


Personnel


Conditions


and Simulated Education


Percentage
Behaviors


and Session


Percentage
Behaviors


Each


Subject


Strategy


Trainer


Exhibited Across


of Appropriate
Exhibited Acros


instructional


Subjects


Interviewer


ions


Summary


of Visual


Analy


Concurrent Generalization


Figure 5
Behaviors


for Subject 1
(NCBs) .


(CG)


Nonverbal


Baseline


Data


(BL)


Plotted


Communi cation


Summary


Visual


Analysis


Concurrent Generalization


Figure 6
Behaviors


or Subject 2
(NCBs) .


of
(CG)


Nonverbal


Baseline


Data


(BL)


Plotted


Communication


Summary


of Visual


Analy


Concurrent Generalization


Figure 7
Behaviors


for Subject 3
(NCBs) .


Baseline


(CG)


Nonverbal


Data


(BL)


Plotted


Communication


Page











Summary


of Visual


Analysis


Concurrent Generalization


Figure 8
Behaviors


for Subject 4
(NCBs) .


of
(CG)


Nonverbal


Baseline


Data


(BL)


Plotted


Communication


9 9 S ,)( (


Summary


of Vi


Analy


Concurrent Generalization


Figure 9
Behaviors


(NCB


Subject 5


(CG)


Nonverbal


Baseline


Data


Plotted


Communication


0 0 0 0 0 0 .


Summary


Subject


(N=5)


Sati


faction


Responses


Summary


of Teacher Satisfaction


Response


Summa ry


of Teacher


Improvements


Nonverbal


Subjects


Communi cation


faction


Behaviors


Responses


Specific















LIST


FIGURES


Figure


Sample


time


line


mastery/mai ntenance,


conditions
behaviors.


for baseline,


nonverbal


intervention,


subsequent


communication


generalization


00 9 (() ))( ()I


Strategy


instruction


procedure


flowchart


Percentage
which the


sess


interviewer


observation i
or teacher wa


nterval


speaking.


. 112


During


interviewer


ratio


interviewer


speaking.


speaking
contact


time,


he percentage
frequency of
. 114


Percentage
nonverbal


of 12 second
communication


intervals
behaviors


in which


were


observed


for Subject


. . 117


Percentage
observation


communication


Subjects


actual


interval


-5..


behaviors


education
in which


(NCB


conference
nonverbal


were


exhibited


S 119


Percentage
nonverbal


of 12 second
communication


intervals
behaviors


wh


were


ich the
observed


for Subject 2.


. 126


Percentage
nonverbal


second


communicate on


intervals
behaviors


in which


were


observed


for Subject 3.


. 133


Percentage
nonverbal


second


communication


intervals
behaviors


in which


were


observed


Subject


. 140


Percentage
nnnvprhal


of 12 second
rnmmunication


intervals
behaviors


mnw
WarnP


which


nkcnrunul


Page


let r; uu;r~l rr; u















tract of Dissertation


University
Degree of


of Florida


Doctor


Presented


Partial


Graduate


Fulfillment


School


Requi rements


of Philosophy


ADOLESCENTS
METACOGNITIVE


WITH


PHYSICAL


PROCEDURES


GENERALIZATION


COMMUNICATION


IMPAIRMENTS:
THE ACQUISITION
NONVERBAL


BEHAVIORS


Stephanie


Freeman


Carpenter


August


1990


Chairman:


Mary K


Major Department


Dykes
Special


Education


Adolescents


with


ical


impairment


exhibit


diverse


range


physical,


health,


cognitive,


communicative,


sensory,


psychosocial


abilities


that affect


their


interaction


with


other


individual


Nonverbal


communication


behavior


(NCB


are one aspect


interactions


in which


dysfunctional


patterns


are evident


between


indi vi dual


with


various


training


physical


been


impairments

recommended


and

for


nonhandicapped


individual


persons.


with


Although


specific


training


procedures


have


been


reported.


A nonverbal


communication


training


procedure was


developed


with


adolescents


research


related


with


Principle


increasing


student


from metacognition


ituational


and motivation


performance


likelihood


V


tran


ferrina


learned


behaviors


new s


situations


were


.


.









acquisition and


generalization


of NCBs.


effects


procedure


level,


variability,


trend


of NCB


performance


during


training


sessions and


education


conferences were


investigated.


Social


validation


measures


were


obtained


from


subject


their


teachers.


procedure


consi


training


subject t


use a


strategy


determine


an individualized


manner


performing


NCBs


based


on an


analysis


personal


abilitle


component


acronym,


IMAGES,


used


facilitate


subjects


recall


problem-solving


NCBs


included


Itting-up-s


straight,


position


arms


hands,


forward


lean,


contact,


smiling,


head


nods.


Data


from


each


subject were


played


related


level,


variability,


trend.


subjects


(N=5),


13-16


years,


attended


some


sses


program


students


with


Intellectual


functioning was


within


normal


limits.


Effects


training


procedure


on the


acqui


ition


generalization


of NCB


dole


scents


with


were


itive.


Subject


exhibited


newly


acqui red


during


training


sess


ions


were


able


generalize


them


to education


conferences.


Subjects


teachers


expressed sati


faction with


IMAGES


strategy


training


terms


importance,


effectiveness,


practicality


. Implication


were


presented


for NCB


training


procedures


generalization


issues


adolescents


with















CHAPTER


INTRODUCTION


breadth


educational


service


children


youth


with


physical


impairments


expanded


dramatically


since


nineteenth


first established


century when


larger


classes


cities


crippled


United


children


States


were


(Connor,


Scandary,


Tulloch,


1988;


Dykes,


1986)


growth


educational


opportunities


for youth


with


physical


impairment


paralleled


over apped


expan


education


programs


other


exceptional


youth


such


as those


suspected


having


brain


injury


education


(Mercer,


1987)


services


commitment


students


with


handicap


federal


level


incl uded


student


with


ical


impairments


specifically


Since


ssage of The


initiative


Education


to provide more


Handicapped Children


comprehen


1975,


educational


programming


student


with


handicaps


continued


through


provi


included


Public


99-457


more


recently


Senate


Bill


101-204


(Kennedy,


1989)


presence


nature


ically


disabling


condition


educational


need


students


with


ical


4nmn 4 trmony+e


Aki .- ttuu


"loan


e nmawh ha+


+than


naAd


n+hnr


kP V11


r **


1 *mlms











exhibit


diverse


range


physical,


health,


cognitive,


speech,


sensory,


psychosocial


abilities.


These


students


have


been


ncl uded


categories


orthopedical ly


impaired


other


health


142.


impaired within


emphasis


rules


94-142


regul ati on


definition


of Public


has been


Law 94-


on the


physical


condition


that may


affect educational


performance.


Students


with


physical


impairments


also


have


associated


cognitive,


sensory,


or social


-emotional


problems


that mu


cons


idered


educational


planning


(Bigge


irvi


, 1978;


Jones,


1983;


Lyle & Obringer,


1983


imeonsson,


1986


irvi


, 1978;


Williamson,


1987)


ti pul ated


-142,


children


with


handicaps


have


ri ght


receive


"free,


appropriate


publ ic


education


restrictive environment"


(Federal


Register,


1977,


42488).


least


restrictive


educational


placement


students


with


physical


impairment


(PI)


been


identi field


as classrooms


with


nonhandicapped


peer


(Walker,


1984)


Although


some


condition


such


as cerebral


palsy


or myel omeningocel e


have been


reported


present


an increased


of mental


retardation,


majority


youth


with


have


normal


intelligence


Weitzman,


1984)


or have cognitive


profiles


indicative


presence of


learning


disabilities


imeon


sson,


1986


Will iamson,


1987)


Under-


achievement


.. v


been


problem


some


chronically


w


-


--










settings


(Carr,


Halliwell,


& Pearson,


1983;


Center


Ward,


1984)


equaled


or exceeded


achievement


of NH


student


(Gregory,


Shanahan,


& Walberg,


1987a,


1987b)


Ultimately,


unless


student


physical


well


being


jeopardy,


learning


need


presence


physical


impairment or


use of


orthoses


specialized medical


equipment,


should


used


determine


optimal


educational


pl acement


irvi


1988)


Appropriate


related


service


(Dykes


Venn,


1983)


comprehensive


programs


(Morgan,


1984)


have


been


used


enhance


probability


student


success


regul ar


class


srooms.


foremost


goal


educational


programs


students


with


been


irvi


adult


to equip


1978)


lives


them with


as well


which


ical


as communication


individual


social


necessary


"i independent,


adaptation


successful


productive,


integrated


communi ty"


(Bellamy,


Wil cox,


Rose,


McDonnell,


1985,


126)


addition


academic


performance,


efficacy


service


delivery ha


been


evaluated


using


outcome


measures


such


as self-e


independence,


steem,


activity


competency


level,


social


and

role


autonomy,


mobility


performance,


communication


skill


(Brunswick,


1985)


interdependent


relationship


challenge


among


profe


these


ssional


areas


presented


attempting


an additional


to maximize


opportunity


youth


with


to become


success


1 adults


(Mulkey


Brechin,











self-concepts


meaningful ness


students


activities


with


which


they


have


been


engage


related


(Margalit


Cassel


-Seldenman,


efficacy that

Henfield, 198


they


2).


1987)


degree


experience


turn,


(Palmer,


student


independence


Stieglitz,


motivational


self-


Lombardi,


orientations


have


affected


self-


efficacy;


self


-efficacy


influenced


choice


activities


(Schunk,


1985);


choice


activities


affected


level


independence


achieved


(Palmer


et al


, 1982)


A cycl ic


pattern


been


establi shed


that


potential


enhance


or hinder


students


' acqul


ition


life


kill


social


experiences


adolescents


with


have


differed


from


those


their NH


peer


terms


quantity


quality


(Brown


& Gordon,


1987;


McAnarney,


1985;


dale,


1985)


Differences


commnunicati on


pattern


of NH


individual


students


with


have


been


reported.


Conversational


adju


stments


have


been


made


individual


based


on their


perceptions


person


with


(Hackney,


1984;


Thompson,


1981,


1983)


These


adjustments


have


indicated


rel ationshi p


that


unequal


statu


(Donaldson,


1980)


or have


reinforced


learned


hel pi e


ssness


student with


seman,


Emry,


Morgan,


Messamer,


1986)


Perception


about


tener


have


also


affected


conversational


nI ffoArnr ae


pattern


displayed


4 n+ilrnorennAl


individual


Inmlntr+ ..


with


hahauinre


* nrI


rii










listener


(Comer


Piliavin,


1972)


Moreover,


deficiencies


listener


adaptation


skills


low communicative


frequency


scores


have


been characteristic


of main


treated


students


with


comparison


to NH


peer


(Thompson,


1981,


1983).


Alteration


associated with

to influence th


in communication


presence of


e development of


pattern


physical


itive


that are


negatively


impairment are


likely


sel f-concepts,


independence,


socialization


youth


with


(Wiseman


1986)


Aspects


impairment


that


have been


associated


with


al tered


communication


patterns


include


structural


anomalies,


sensory


deficits,


movement


coordination


irregularities,


mobility

patterns


constraints,


(DeLoach


stamina


& Greer,


limitation


1981;


Richardson,


abnormal


1976).


oramotor


Adolescent


with


require


explicit


training


skill


rel ated


independence


(Coupey


Cohen,


1984;


Levenson


Cooper,


1984;


Morgan,


1984;


Turnbul 1


Turnbull,


1985),


socialization


(Margalit


Cassel


-Seidenman,


1987),


communication


(Coker


Coker,


1985;


DeLoach


& Greer,


1981).


conclusion,


educational


programming


students


with


addition


traditional


academic


must


addr


wide


variety


physical,


psychosocial

achieving at


health,


need


itonomy


cognitive,


across S


as adults.


speech,


domain

The D


sensory,


that


patterns


motivational,


are crucial


communication











settings


norms


represents


one aspect of


conditions


everyday


programming


life


that


experienced


approximates


by NH


individual


adolescent


Main


with


stream


will


placement


ac qu i re


alone


requi


ensure


skill


that


become


independent,


productive,


autonomou


adul t


Morgan,


1984)


however,


mainstream


placement


real isti c


preferable


appropriate


rel ated


services


are provided


(Walker,


1984)


educational


objectives


focu


on the


student


with


achieving


independence


(Morgan,


1984).


statement of


Problem


Professional


from education


health


science


scipl ines


have worked


together


design


implement


therapeuti


educational


programs


regular


special


facilitate


education


progress


setting


students


(Hall


with


Porter,


1983)


Interventions


have


focused


on the


student


with


or on


individual


student


environment


such


as family member


cl assmates.


Often


intervention


have


been


effective


addre


ssing


demand


immediate


circumstance


have


been


limited


scope


because


unforseen


or novel


situations


were


not always


anticipated


issue


training


general ization


trans


fer of


skill


across


situation


not been


addressed


numerous


interventions.











structure

events.


needed


Within


life


student


span


apply


perspective,


skill


intervention


future


are needed


that


address


unique character


tics,


strength


limitation


individual


student


with


across


settings;


enhance


interaction


with


individual


incorporate


moti vati onal


principles;


promote


independence


autonomy


Therefore,


problem


addressed


this


tudy


that


designing


using


appropriate


techni que


that


involve


adolescents


with


process


obtaining


skill


necessary


them


eventually


reach


their


potential


independent


functioning


autonomy


across


variety


environments


situational


demands.


Purposes


tudy


primary


purposes


tudy


were


twofold.


First,


intent was


develop


an individualized,


nonverbal


communication


training


procedure


adolescents


with


that


incorporate


motivational


theory


and metacognitive


principles.


Next,


effectiveness


procedure


determined


eval uating


nonverbal


communicate on


behavior


played


students


with


during


training


sess


educational


conferences.


secondary


interest


was the


sati


faction


subjects


as well


student


teachers


with


students


' nonverbal


communication











Rationale


Study


Difficulties


socialization,


associated with


communication


self-esteem,


independence,


are characteristic


adolescents


with


These


areas


functioning


often


have


been


approached


from a


fragmented


perspective


which


probl ems


within


each were


addressed


separately.


A more


comprehensive


approach


identify


behavior components


functioning


(Guess


that


Helmstetter,


concurrently


1986;


span


Sailor


several


& Gues


areas


, 1983;


Orelove


& Sobsey,


1987)


use procedures


which


process


as well


as the content contributes


goal


attainment.


Nonverbal


communication


integrated


skills


into


represent one


student


group


' behavioral


of behavior


repertoire


that may


enhance


competence


communication


interaction


across


several


domains.


Instructional


procedures


on motivational


and metacognitive


principles


deficits


reliant


not only


provide


approaching


facilitate


strategy


future


remediation


students


situations


identi fled


to become


across


skill


sel f-


variety


setting


Individual


communicators


with


avoid


have been


social


characterized


situations


as apprehensive


communication


interaction


(Coker


& Coker,


1985)


Several


variable


respon


ible


this


situation


First,


difficulties


j-an~n.u4n ta4+k nIha 3m nr r


in/iuidmia lt


with


~vrn urp i n CnYT PA


n~kaa


r


1 W


r











that


are associated


with


impairment may


preclude


acqui


ition


or use of


socially


expected


nonverbal


behavior


(DeLoach


& Greer,


1981;


Wi seman


1986)


Finally,


mutual


misperceptions between


individual


individual


with


regarding


communication


Intent may


perpetuate


dysfunctional


pattern


communication


(Braithwaite,


Emry,


Wiseman,


1984


Coker


& Coker,


1985;


seman


1986)


Behavior


rel ated


nonverbal


communication


contribute


over


half


total


information


transmitted


communicative


exchange


(Coker


& Coker,


1985;


1970)


Nonverbal


communication


behavior


(NCB


include


faci al


express


, eye


behavior,


posture,


body movement


as well


as physical


appearance,


touch


proxemic


(Coker


Coker,


1985;


DeLoach


Greer,


1981)


The message


that are


sent


through


affect


that


the me


ssage


recipient


views


sender


result of


their


individual


viewed


as either


interested


interested,


responsive


or unresponsive,


approachable


unapproachable


, 1970),


competent


or incompetent


(Mul key


Brechin,


1988),


confident or


unconfident,


worthy


or unworthy,


hel pl ess


or capable


(Braithwaite


et al


., 1984;


DeLoach


& Greer,


1981;


Wi seman


et al


1986)


importance


oclalization


funtonni no


(Wiseman


nrnvidnek


Kr


1986


rationale


Fast,


1970)


training


overall


individual


is with


I


*











Although


some


training


conversational


behaviors


occurred


involving


individual


with


(Coker


Coker,


1985),


specific


programs


have


been


reported


date


that


address


training


enhance NCBs.


Through


use of NCB


adolescents


with


facilitate


autonomy


self


-advocacy


Advocacy


role


process


that enhance


are included


measures


independence


independent


living


adolescents


with


(Brunswick,


1985;


Harni sch,


her,


Carroll,


1988)


Self


-advocacy


skills


are needed


so that


students


with


become


active managers


their


life


events.


Self-advocacy


skills can


used


educational


planning,


overcoming


barriers


optimal


school


experiences,


acquiring


tran


ition


services


skill


Provi


ions


student


participation


devel opi ng


their


Individualized


guidelines


Education


special


Program


education


(IEP)


service


are pre


(Federal


federal


Register,


1977)


Student contributions


process


have


been


advocated


as a


valuable


source of


information


(Abeson


Weintraub,


1977)


as well 1


as an important mean


facilitating


student


growth


and maturity


(Gille


pie,


1979;


Gillespi e


& Turnbul 1,


1983)


student


ability


nonverbally,


been


communicate


recognized


preferences,


as an important


verbally


consideration


student


participation


Reusen cited


Reusen,


Schumaker.


Deshler.


1987:


illesoie


& Turnbull.


1983:


. I


-


J


I










means


improve


school


experiences


adole


scents


with


Presently


training


procedures


designed


purpose


are not


avail able


Theori


from motivation


Adelman,


1978


Deci,


1975


Deci


Ryan,


1985;


Wi ttrock,


1986)


and metacognition


(Wi ttrock,


1986)


perspectives


associated


have


with


addressed


children


principle


learning


thought


achievement.


itively


Principle


from motivation


and metacognition


theories


have been


included


techniques ,


referred


as learning


trategie


that a


learner


uses


during


hier


learning


Schumaker


process


(1986)


have


(Weinstein


empha


ized


Mayer,


1986)


outcomes


learning

technique


strategic


principles


dressing

. or rule


that


that


"learning


enable


strategic


student


are

learn,


solve


problem


complete


independently"


583)


across


"situation


setti ng


over


time"


584)


Therefore,


using


learning


strategy


format


to train


student


with


improve


their


educational


conferences may


an avenue


increa


their


situational


performance,


as well 1


as increasing


likelihood


situation


transferring


, thereby promoting


learned


individual


behaviors


autonomy


view of


research


on the


importance


functional


communi


action


pattern


between


individual


with


and NH individuals,


it can


be concluded


that


youth


with


PI should










strategy


format


(Deshler


Schumaker,


1986)


training


in which


motivation


and metacognitive


principles


incorporated


should d


encourage


development


goal


oriented


behaviors


that


ul timately


lead


goal


attainment


autonomy


students


with


Such


training


procedure


tructured


flexible


enough


accommodate


individual


diverse


communication


characteristic


patterns


that


adolescents


Infl uence


with


Definition


Ataxia


"loss


power of


muscle coordination"


(Umbreit,


1983,


286)


Ataxia


results


from


damage


cerebellum.


Balance


equilibrium


are affected


Athetosi s


condition


which


there


constant


success


extension,


1 ow,


writhing,


pronation,


invol untary movements


upination


fi ngers


flexion,


hands,


sometime


feet"


(Stedman


, 1972,


123)


Bell 1


pal sy


refer


part al


paraly


face


tedman


1972)


Cerebral


palsy


(CP)


nonprogress


disorder


movement


posture which


caused


trauma


or mal function


brain


occurs


during


developmental


period


(Bleck


Nagel,


1982)


Cerebriti


"nonl local ized


infl ammation


brain


without










Concurrent


generalization


general i zati on


skill


while


student


still


receiving


instruction


skill


acqui sition


(Ell1


, Lenz,


abornie,


1987a,


1987b)


Hemipare


"slight


paralysis


affecting


one side


body]


o~n y


tedman


. 562)


General zation


"the


extent


which


student


uses


effectively


adapt


skill


outside


setting


which


learned"


(Len


, Alley,


Schumaker,


& De


hler


cited


Elli


Lenz,


Sabornie,


1987a,


More


specifically,


generalization


refer


"the


occurrence


relevant behavior


under


di fferent


nontraining


conditions


(le.


across


subject


setting


, people,


behaviors,


and/or


time)


without


scheduling


same


events


those


conditions


as had


been


scheduled


training


condition


tokes


& Baer,


1977,


350)


Juvenile


rheumatoid


arthritis


(JRA)


"characterized


chronic


or chronically


recurrent


in fl amation


joint


lesser


extent,


other


issues


body"


(Hanson,


1983,


Extensive


inflammation manifest


fatigue


which


limits


ordinary


activities.


Profuse


sweating,


intermittent mild


fever,


anemia may


o be


exhibited


tedman


1972).


Least


restrictive environment means


that


students


with


handicaps

cl assrooms


should

with


receive

regular


educational


students


services


regular


the maximum extent


ssible.










Mainstream


refers


full


or part-time


pl acement of


handicapped


children


regular


education


sses


with


nonhandicapped


peer


(Eich


taedt &


Kalakian,


1987)


These


classes


are taught


regular


classroom


teacher


Wallace


& McLoughlin,


1979)


Myel omeni ngocel e


congenital


defect


[the]


wall


spinal


canal


caused


lack


union


between


1 aminae


vertebrae"


(Thomas,


1985,


1599)


"with


portion


[the]


cord


membranes


protruding"


(Thomas,


1985,


1085)


pinal


cord


abnormal


below,


usually


several


spinal


segments


above,


level


sac causing


paralysis


or lower


extremity


impairment.


Bowel


bladder control


are affected.


The child


may have


hydrocephal us


and/or


specific


difficulties


learning


Hyperverbal


behavior


or "the


cocktail


party


syndrome"


often


exhibited


(Williamson,


1987)


Nonhandicapped


(NH)


refer


individual


demon


states


cognitive,


communicative,


motor,


sensory,


social


behavior


appropriate


level


peer


same


Nonverbal


communicate on


behaviors


(NCB


include


"(1)


body


motions


or kinesic


physi


character


stics


, (3)


touching


behavior,


paral language


(vocal


qualities


such


as tone


pitch),


proxemic


stance


between


person


interacting),


arti facts


(articles


adoring


one's


person),











contact,


smiling,


head


nodding.


operational


definition


these


specific


nonverbal


behavior


are included


Chapter


III,


Methods.


Nystagmus


refer


"rhythmical


oscillation


ball


either


horizontal,


rotary,


or vertical"


(Stedman


, 197


865).


Ocul ar


dysmetria


lack


harmonious


action


between


eye muscles


"in which


subject


unable


arrest


muscular


movement at


ired


point"


tecdmnan


, 1972,


386)


Orthopedical ly


impaired


refer


severe


impairment


structure,


function


or mobility which


adversely


affects


child


educational

congenital


performance.


anomaly


The

open


term


spine,


include


impainrtent


clubfoot,


absence


caused


some


member,


, impairments


caused


disease,


poliomyeliti


arthri ti


muscular


trophy,


bone


tubercul o


impairments


from other causes


cerebral


pal sy,


amputation,


cl osed


head


trauma,


fracture


or burns


which


cause


contracture


(Federal


Regi


ster,


1977).


Other


health


impaired means


limited


strength,


vitality,


stamina


or alertness


to chronic


or acute


health


problem


such


as a


heart condition,


tubercul o


rheumatic


fever,


nephriti


asthma,


ickle cell


anemia,


hemophilia,


epi epsy,


lead


poisoning,


leukemia


. -


tr diabetes.


*.. *


adver


w


*


affect a


child'


..


w


r










Physical


impairments


(P1)


refer


the conditions


ncl uded


Federal


Regi


1977


definitions


orthopedicallyy


impaired"


"other


health


impaired"


as well


as the


Florida


Statute


State


Board


Education


Rules


(SBER)


(1988)


Furthermore,


West,


Williams,


White,


Cappel 1 ari,


Hill,


Dyke


(1988)


noted


that


physically


impaired


and positioning pr
mobil Ity-enhancing


learning,
Learning


permit
into a


instruction


Many
need


vocational
s affected


integration
activities


, movement,


students


disorder
child in
general


ocedure


child


equipment


often


as well 1


social


the
the


activities


with


requires


special


as communication


order


activities


degree to
child with


spaces


daily


health maintenance


Intervention
behavioral


a ri program
intellectual


Quadripare


related


test


Student


participate


which


within
the e


handling
and/or


n
school


environment


nonhandicapped


living


impairment


function


functioning


light


paraly


require


(feeding,


peer


dres


and/or communication


also


learning,
or sensory


average
(p. 6)


have


ing,


specific


1 language
deficit.


to gifted


affecting


four


range of


limbs


body


tedman


, 1972)


Scol io


"lateral


curvature


spine"


(Stedman


1972,


1128)


ticity


refer


state


increased muscular


tone with


exaggeration


tendon


reflexes"


tedman


, 1972,


1167)


Strabi smus


refer


constant


lack


parallelism of


visual


axes


eyes"


Stedman


, 1972,


1201)


Subsequent


general i zation


"applying


kill


various


contexts,


situations,


setting


" (Ellis


, Lenz,


Sabornie,











Thoracol umbar


refers


"thoracic


lumbar


portions


spine"


(Stedman


1972


1293)


Delimitations


Study


scope


focu


study


were


limited


geographic


region,


school


variables,


student characteristic


tudy


took


pl ace


County


Gainesville,


Students


with


Florida,


from


which


several


counties


located


Al achua


attended


regular middle e


students


also


attended


school


with


involved


based


school


were


tudy


school


part of


There


Nonhandicapped


program


students


investigation.


subjects


Included


study


were


eligible


special


education


services


as set


forth


state


guidelines.


Additionally,


subjects


study


attended


both


mainstream


classes


classes


signed


students


with


Limitations


Study


This


study


limited


factor


which may


affect


interpretation


data


obtained.


Considerations


were made


following


limitations.


use o


video camera


during


data


collection,


subject


behavior


have


been


representative


those


that


would


occur


natural


I tuations.


minimize


effects


*-- r nr r) no K-n


e laki ar


saraP


u i lnfant n


tha wuP k


nrinr


^


CI~F


" on


|.











procedures


used


study


adhered


those


recommended


Tawney


Gast


1984)


ingle


subject


experimental


research.


The multiple


baseline


design


across


behaviors


used


provi de


evidence


treatment


effectiveness


replicating


effect


within


same


subject at


different point


time.


Finally,


generalizability


study


findings


limited


unique


physical


learning


character


subjects.


findings


apply


other


group


class


ification


Societal


of handicapped


expectations


for young


or nonhandicapped


elementary


student


children


not be


same


as for


older


individual


rel ation


nonverbal


interactive


skill


Summary


Developing


with


autonomy


Al though


been


ical


primary


impairment may


concern


directly


adolescents


affect


movement,


coordination,


mobility,


stamina,


communication


patterns,


numerous


skill


associated


with


achieving


independence


autonomy


have


been


attain ned


individual


with


presence


overcome ng


persons may


physical


difficulties


have


impairment


life


inaccurate


not been


management


perceptions


areas.


about


only


barrier


Nonhandicapped


performance


potential


individual


with


These


diminished


expectancies


often


have


resulted


. .. -.


functional


interaction


pattern


between


w











responses


between


individuals


with


Individuals


have been


evident.


Intervention


are needed


that


will


afford


training


adolescents


with


develop


necessary


for them


communicate


interact


effectively with


persons


their


environment.


principles


Training


actively


procedures

involve a


that


incorporate motivational


dol escents


with


instructional


process


will


Increase


their


potential


independent


environments


functioning


situational


autonomy


demands


across


variety


Presently,


training


students


with


potential


impact of


their


unique


characteristics on


skill


acqui


ition


have


not been


reported.


intent of


present


investigation was


contribute


know edge


base of


providing


effective


programming


that


posters


independence


student


with


following


chapter


contain


information


rel evant


present


study


Pertinent


literature


been


reviewed


Chapter


Research


methodology


procedures


have


been


presented


Chapter


Chapter


contains


research


results.


Impl ications


research


findings


have


been


discussed


Chapter
















REVIEW


CHAPTER


LITERATURE


this chapter,


literature


been


reviewed which


supports


need


explicitly


train


adolescents


with


physical


impairments


(PI)


enhance


nonverbal


communication


behaviors and


incorporate


principles


from motivation


and metacognitive


theories


training


program.


First,


an overview of


fundamental


precepts


from


theories


perceived


personal


control


and motivation


been


presented.


primary


theoretical


distinctions


among


soci al


learning


theory,


attribution


theory,


intrinsic motivation


theories


have


been


examined


as related


locus


control


Basic


principles


metacognitive


strategies


have been


presented


next.


Additionally,


characteristics


individuals


with


that


have


been


rel evant


have been


review


their

d from


development


literature.


independence

Motivation


and

and


autonomy


locus


control


orientation


individuals


with


have been discussed.


reported


persons


attitudes


with


nonhandicapped

elf-concept of


(NH)


individuals


individual


with


towards


have


been


presented.


Both


sets


attitudes


have


an impact


on (a)


A~ fl L L I -- -


L


1.


L L -_ -











Therefore,


altered


interaction


patterns


that


have


been


reported


occur


as the


result of


negative


attitudes


have been


reviewed.


Finally,


the communication


pattern


between


persons


individual


with


have


been


examined.


Nonverbal


as well


verbal


behaviors


have


been


identified


as crucial


communication


process


need


develop


independence


autonomy


individual


ically


impaired


been


common


el ement


throughout.


Theoretical


Orientations


Motivation


and Perceived


Personal


Control


Perceived


children


personal


sel f-esteem


control


(Seligman


been


& Mille


reported

r, 1979),


affect


motivation


ti pek


& Wei


, 1981),


persistence,


sel f-efficacy


(Bandura,


1977


Wilson,


1979),


performance


(Ryckman,


1979),


academic


achievement


tipek


1981;


Wilson,


1979)


Al though


still


fully


understood,


role


personal


control


children


development


"control"


evolved


used


from


simplistically


insular origin


describe


which


disparate


term


ideas.


clear


under


standing


delineation


the components


perceived


onal


control


are necessary


alleviate


ambiguity


means


urement,


interpretation,


application


rese


arch


findings.


sel section


(Perlmuter


& Monty,


1977),


contingency,


locus,


__I __I_ __












Infonnational


nature of


events


(Deci


& Ryan,


1985)


have


been


determined


relevant


to perceptions


personal


control


Locus


control


been


defined


generally


circumscribed


sel f-apprai sal


pertaining


degree


which


individual s


view themselves


as having


some


causal


role


determining


specified


event


" (Lefcourt,


1976,


141)


Stipek


and Wei


(1981)


identi field


three


theoretical


perspectives


perceived


personal


control


social


learning


theory


(SLT),


attribution


theory


(AT),


intrin


ic motivation


theories


(IMT


three


control


theories


events


pertain


differ on


an individual


their


emphasis


perception


of who


event context


versus


event outcome.


Event


context


refer


selection


or choice


(Lefcourt,


1976;


Perlmuter


& Monty,


1977;


Stipek


Weisz,


1981)


Event outcome


pertain


perceived


contingency


operation


(Lefcourt,


1976;


Sti pek


Weisz,,


1981)


Social


learning


theory


focu


(Rotter,


1966)


been


on the


subj ect


belief


about


contingency


outcomes


relation


subject t


own behavior


(Lefcourt,


1976;


Sti pek


1981)


belief


that


an event


contingent


on factors


such


as ability


or effort


that


are within


subject


behavioral


repertoire


have been


labeled


internal


control


Conversely,


external


control


been


referred


as the


perception


that


S a. t.. .. ---A-----' L


I I.~L


1 I


I


.


..


S_


ft


a











Attribution


theory


Similar


SLT,


focus


been


on the contingency


aspect


outcome


rel ation


subject


own behavior or characteristic


(Stipek


Weisz,


1981)


However,


Weiner


(1979)


labeled


perception


outcome


contingency


locus


causality


differentiated


from control


Whereas


locu


causality may be


internal


or external,


internal


causes


may be


control able


factors


such


as effort or


uncontrollable


factors


such


as ability


External


causes


have


been


similarly


designated


as controllable


or uncontrol 1 able.


Hence,


"control


dimension concerns


subject


perception


or her


(Stipek


ability


alter


, 1981,


factor


129).


Weiner


that causes


the outcome"


distinguished


further


between


causal


factor


that


are s


table,


intelligence or


task


difficulty,


unstable,


mood


or effort


(Stipek


, 1981)


Intrin


ic motivation


theories


been


notion


that


individual


have


an intrin


need


interact


effectively with


their


environment and


that


mastery


results


personal


behavior


sati


(Stipek


faction


& Weisz,


that


1981)


turn

Deci


reinforces

(1975) de


competent


fined


intrin


ically motivated


behaviors


as "behaviors


which


person


engage


to feel


competent and


sel f-determining"


empha


been


on the


event


context,


the control


-'P


.. ~ ~ ~ ~ a- a- -,a.-I .-- __


a- -


U l


S fl-


f


m


1 F











outcomes


(Stipek


Weisz,


1981).


As more


responsibility


outcomes


Charms,


accepted,


1979)


feel ings


Perception


personal

"l earned


causation


are enhanced


helplessness"


occur


when


individual


they


cannot


overcome


failure


(Dweck,


1975


Wittrock,


1986)


Thus,


outcome


are important


for their


feedback


rel ationship


associated with


perceptions


self


the contingency


-determinati on


dimension


found


are not


within


in which


internal


or external


actors


are viewed


as responsible


for outcome


tipek


, 1981)


Deci


Ryan


(1985)


el aborated


on the


significance


initiating


or regulating


events.


Three


types


events


were


scribed


on the


basic


whether


they


perceived


support autonomy


versus


control


behavior


effectance-


enhancin

support


versus


autonomy


effectance-dimi fishing.


provide


Informational


effectance-enhancing


events


feedback.


Control ling


events


exert


pressure


toward


particular


outcomes


Amotivating


event


prevent complete


attainment of


ired


outcomes.


Furthermore,


Deci


Ryan


proposed


locus


causality


based


on the


informational


or controlling


nature


event


regardless


whether


event


occurs


inside


or out


person.


internal


perceived


locu


causality


been


associated


with


informational


event


where


an external


locus


raintal ityv


* in


hppn


ac nriated with


cnntrnl ina


events.










that


have been


purported


to be


present


within


each


person.


Whereas


autonomy


control


orientations


are associated


with


informational


controlling


events,


respectively,


impersonal


orientation


associated


with


motivating


events.


impersonal


Incompetent


the
that


beliefs
forces


experience of


orientation


to deal


with


that behavior


life


are uncontrol 1 able,


incompetence


based


challenges


outcomes


(Deci


sense


. [


one's being
It] involves


are independent
results in the


Ryan,


1985,


159)


impersonal


contingency


orientation


resemble


outcomes


the concept of


AT but may


be most


perceived


comparable


flow of


(Seligman


events


Miller,


that


1979)


lead


symptoms


Accordingly,


helplessness


objective


noncontingency


reinforced


noncontingency,


noncontingency,


perceptions


attribution


expectations


present


present or


future


past


past


noncontingency


Different aspects


personal


control


are present


SLT,


IMTs.


Although


precise


relationship


between


choice


contingency


within


outcome


construct of


not been


perceived


established,


personal


component


control


correlated.


Lefcourt


(1976)


suggested


that


continuum


control


ranges


from


internal


external


further


characterized


perception

contingency


control

events


as a

and


process


which


perceived


include


rol e


the

goal


perceived


election.


Stioek


and Weisz


(1981)


recommended


that aspects


U l


thsnrisPC











intrinsic motivation


theory sts


have


begun


examine


nature


consequences


initiating


or regulatory


events


rel action


self-determination.


Metacognition


and Learning


Strategie


developmental


pattern


of metacognitive


theory


resembled


that


motivation


theories


that ambiguity


term nol ogy


been


character stic


of both


General


terminal ogy


been


used


represent broad


concepts


that


have


subtle


differences


(Hagen,


Barclay,


& Newman,


1982)


difference


the meaning


terms


seem


arise


when


theorists


attempt


identify


various


components


broader construct


metacogniti on.


Consequently,


construct of


metacognition


generally


accepted


definition


that


been


explained


varying ways.


necessary


order


examine


understand


general


theory


definition


of metacognition


the concept


well


as the


various


perspectives


concerning


underlying


components


of metacognition


impl ications


student


Instruction.


Definition


metacognition.


Metacognition


been


broadly


defined


as "knowledge


that


learner


have


about


various


aspects


learning


situation"


(Reynolds


Wade,


1986,


308)


cognitive


proce


sses.


Moreover,


metacognition


been











(Reynolds


Wade,


1986)


or (b)


individual


actual


knowledge,


goal


, experience


strategies


(Fry


& Lupart,


1987).


Metacognition


been


defined more


peci fiscal ly


as the


learner


conscious


processes


knowledge

(Flavell,


about

1979;


control


Lupart,


over


their


1987;


cognitive


Hagen et


., 1982;


Meichenbaum & Asarnow,


1979;


Reynolds


Wade,


1986;


Reynold


Wade,


Trathen,


Lapan,


1989;


Tennyson


Rasch,


1988;


Wittrock,


1986)


Fl avel 1


difference


(1979)


between


ummarized


cognition


one perspective of


and metacognltion


sterns


purpose


invoked


respective


to make cognitive


strategies.


progress


"Cognitive


metacognitive


strategic


strategic


monitor


(Fl avell,


1979,


909)


Two concept


have


been


to most


definition


metacognition


learner


consciousness


cognitive


processes


difference


between


knowledge of


control


over


cognitive


processes


(Fry


Lupart,


1987;


Reynold


& Wade,


1986)


. Knowledge of


cognitive


processes


refer


learner


"sensitivity"


si tuati on


requiring


specific


cognitive


activities


(Fry


Lupart,


1987;


Hagen


1982)


or the


"degree


awareness


skill


, strategies,


resources


needed


perform a


task


effectively"


(Reynold


Wade,


1986,


308)


Control


over


cognitive


proc


esses


involves


procedural


know edge


i


.. .











Subsuming the difference


between


know edge


control


cognitive


processes,


theorist


have


attempted


further


explicate


metacognition by


enting


various


components


metacognitive


process.


Components


metacogni ti on.


Fl avell


(1979)


presented


global


model


metacogni ti on


that


incorporates


rel ationships


between metacogni tive


know edge,


metacognitive


experiences,


goal


task


action s


strategic


(Fry


Lupart,


1987


Hagen


1982)


objectives and


. Goal


action


behavior


refer


needed


achieve


objectives


respectively.


Goal


actions


are Interrelated with


metacognitive know edge


experience


Meta


ognitive


know edge


include


knowledge


about


person,


task,


strategy


variable


that


affect cognitive endeavor


(Hagen


., 1982)


Interi individual

as universal le


!arnin


intrai ndividu

g principles


learning


are included


differences


person


as well

variables.


task


category


encompa


sses


information


available


during


cognitive endeavor


including


situation


variations


specific


demands


or goal


(Flavell,


1979)


Strategy variables


refer


stored


knowledge


about


specific


tactic


that can


used


interpret


under


tand


learning


activity


(Fry


Lupart,


1987)


Metacognitive experience


represents


an affective component


that


-..- -. -.


cognitive


r


C ~


ft *


r


.a- A- -


*











Investigations


of metacognitive


processes


have


ncl uded


studied


about


presence,


nature,


development of


strategic


In children


approaching


cognitive


enterpri se


(Meichenbaum &


Asarnow,


1979;


Mi schel


& Mi


chel,


1983)


Wong


(1986)


tated


that


metacognition


enables


learner


"use


uitable


strategic


deal


effectively with


. task


demands"


Flavel


strategy variables


(1979)


have


been


further


developed


into


construct referred


Burkowski,

Metamemory


as "metamemory


Sullivan cited


about


strategic


about


Reynol d


includes


strategic


& Wade,


components


" (Pressley,


986).

rel evant


learner


general

learner


factual


strategy


trategie


application


knowledge,


rel ationa


know edge


pecific

1 memory


about


strategy


acqui


trategies:


know edge,


Ition


procedures,


rel national


memory


strategy


knowledge,


metamemory


acqui sition


procedures


(Reynol d


Wade,


1986).


interrelationship between


knowledge


about


impl ementati on


strategic


have


been


fundamental


to many


explanation


metacogni ti ve


process


(Hagen


Other


researcher


have


empha


dynamic


aspect


metacogni ti on


(Hagen


et al


1982)


. These


researcher


have


investigated


executive control


aspects


of metacognition


related


"(a)


sel section


-appropriate


probl em-solving


a a 4 ... *


1 1 I


9P _





Ci











demands"


(Hagen


., 1982,


. 20).


Sel section,


Impl ementation,


adjustments


strategic


are coordinated


self-monitoring


process


ses.


Metacognitive


strategic


Whereas metacognition


been


defined


as the


strategies


uses


awareness


have been


facil itate


control


described


performance


as the


(Pres


cognitive


procedure


ley,


proce


that


Goodchild,


sses,


learner


Fleet,


Zajchowski,


based


Evans,


on (a)


1987)


domain


trategle


have


specificity


been categorized


strategy


(Pressl ey


., 1987),


learner


behavior during


strategy


(Weinstein


& Mayer,


1986),


goal


accomplished


using


strategy


as d


tingui


three


areas


research


(deBettencourt,


1987)


Pres


. (1987)


referred


limited


across-


domain


trategles.


Task-


limited


trategie


are used


peci fic


purposes
strategy


spec i fi c


learner


domains.


use of


example


task-


t letter mnemon


limited

ic as a


specific


memory


device without


knowing


rul e


general ize


technique


other


I tuatlons.


Across-


domain


strategic


include


subcategories


goal


-limited


general


strategies.


Both


these


across-


domain


trategie


have


potential


to be


used


various


content areas.


However


goal


-limited


strategic


are used


- jk = r ne $, t f S a J kan nJ a 4n a1


nnF(E(r


M~CAY: ar\


CLllnClnlrA


F


| I


rnn a











domains.


Although


Pres


et al


. (1987)


have


ignated


strategies as


either


task


-limited


or across


-domain,


categories


are not mutually


excl u


-limited


trategies


may become


across-


domai n


strategic


learner


generalize


strategy


concept


application


Weinstein


learning


behavior


and Mayer


strategies.


method


(1986)


identified


category e


Ig ned


eight


are de


Influence


categories


scri ptl ve


learning


learner


outcomes


and/or


performance,


categories


level


include:


or complexity


complex


rehearsal


strategy


strategic


basic


comply ex


el abortion


trategie


basic


complex


organizational


strategies,


affective


and motivational


strategies,


comprehension monitoring


trategies.


DeBettencourt


(1987)


identi field


strategy


training model


based


on three


research


perspectives


goal


student


learning


Ll oyd


Academic


Strategy


Training


specific


academic


problems


associated with memory


research


Research


elective


attention


rel ated


Torgeson


Strategy


Training


which


student


are taught


apply


general


trategies


that are


already


their


repertoire.


Consistent with


research


on metacognition,


independent


learning


kill


(Tennyson


Rasch,


1988)


are the


goal


of Deshler


Learning


Strategic


Model


at the


Univer


of Kansas


- C a.e


,b


Ir


I L 1 I*


111I LI


4


I











important criteria


eval eating


success


strategy


training


programs


(Reynolds & Wade,


1986).


General ization.


order


skill


or behavior to


used


outside of


specific


contexts


contingencies


training


situation,


generalization must


occur


(Melchenbaum & Asarnow,


1979;


Stokes


Baer,


1977)


Comprehensive y


defined,


general ization


occurrence of


relevant behavior


under


different


nontralning


conditions


(le.,


across


subject


, setting


, people,


behavior


and/or


time)


without


scheduling


same


events


those


condition


as had


been


scheduled


training


conditions"


(Stokes


Baer,


1977,


350)


. Stimulu


generalization,


response


general izati on,


adaptation


are s


ubtype


wi thin


concept


general zation


(Elli


, Lenz,


Sabornie,


1987a)


Stimulu


generalization occurs when


learned


skill


exhibited


different condition


than


were


present


during


skill


instruction.


Although


stimul i


change,


response


remains


same


"Response


generalization


occurs


when


training


one s


kill


causes


change


another


untrained


skill "


(Elli


et al


., 1987a,


Adaptation


occurs


as a


function


interrelated


timul us


response


changes.


stimul I


differ more markedly


from


those


used


training,


adaptation


kill


required


making


response"


(Elli


et al


., 1987a,


a -


S.,- 'al


- ~ ~ ~ ~ ~ ~ ur -Y .--a -a


"the


- a


-LL~..,











exemplars, m

instruction.


mediated


generalization,


order


train


systematic


use of


sufficient exemplars,


i n struction


occurs


Stokes


across


Baer


number


noted


setting condition


that often


training


and/or


persons.


conditions


increased


mediated


likelihood


generalization


general I nation


learner


third


active y


condition.


involved


generalization


process


through


use of


variety


self-


management procedures.


facilitate generalization


ability


The categories


Systematic


involve


general ization


instruction


use o


instruction


informing


then


subject about


asking


for generalization


are not


mutually


exclusive


often


el events


from


several


categories


have


been


evident


generalization


programming.


hiler


col leagues


-IRLD


have


incorporated


several


techniques


encouraging


setting


generalization


and material


(Deshler


learning

Schumaker


strategic

, 1986, 1


across


988;


Schumaker,


Deshler,


Alley,


Warner,


1983;


Schumaker


Ellis,


1982)


However,


primary


precept


-IRLD


general ization


programming


been


systematic


use of


instruction


facilitate


general zation.


Ell i


et al


(1987a,


1987b)


proposed


model


in which


general ization


instruction


occurred


along


continuum


was infused


into


skill


instruction.


r ,aa


I ~. al


nnaunvIAl -aiEr4rnn


nec+fae+inn


WornP


identifiedP


mii~ PU~ r nT


|


*


* .


.











prior


to direct


instruction


skill


. Instructional


design


features


student


attitudes


addressed


antecedent


generalization.


intent


to create conditions


conducive


strategy


general ization


from


outset


training


Instructional


features


include mnemonic


devices


facilitate


memory


strategic


that can


used


across


situations.


Student comprehen


purpose of


instruction


goal


setting


behavior


are fundamental


to motivation


learn


and generalize


skill


Concurrent generalization


training


occurs


while


student


still


receiving


instruction


skill


acqul


ition.


Effective


instructional


practices


are included


skill


Products


mastery,


from the


as well


as student motivation,


targeted


generalization


are emphasized


setting


regular


classroom


versus


remedial


cl assroom)


are reviewed


regul early


order


provide


feedback


student


reinforce


expectancy


that


strategy


or skill


will


generalized


beyond


training


condition


Subsequent


general ization


training


occurs


after


skill


mastery


training


conditions.


emphasis


on applying


skill


to various


contexts,


situation


settings.


General ization maintenance


activities


may be


implemented


level


instruction.


Independent generalization


fourth


level


instruction


nl nraenmnkl u


t114


1 7ORTh


ie.,


~ka nrnrlnt


h nh hn C nA krr


,


,


c nr r


.











similar


those


presented


tokes


Baer


(1977)


for mediated


generalization


programming.


Necessary


components


strategy


instruction.


general


purpose of metacognitive


training


programs


been


facilitate


students


' problem-solving


behavior by


providing


them


"wi th


variety


conscious


strategies


so that


they


can process


information more


efficiently


under


variety


task


and material


condition


" (Mosenthal,


1982,


103)


use of learning


trategies


been


associated


with


improved


student


performance


with


regard


academic


interpersonal


task


demands


student


with


without


learning


problem


(Clark,


Deshler,


humaker,


Schumaker,


Alley,


1989


Warner,


Gagne


1984


1988


Elli


humaker,


, 1989;


Elli


Deshl er,


hier,


Alley,


Warner,


& Denton,


1982


Reusen,


1985;


Wein


tein & Mayer,


1986


Wi ttrock,


1986)


Al though


exact


proce


sses


invol ved


metacognition


have


been


unequivocally


determined


(Reynold


Wade,


1986),


several


correl ates


student


' acqul


Ition


general i nation


learning


trateg ie


have


been


identified


(Fry


Lupart,


1987


Hagen


., 1982;


Meichenbaum


& Asarnow,


1979


Press


1987


Reynolds


Wade,


1986


Symons,


Snyder,


Cariglia


-Bull,


& Pres


ley,


1989)


students


' acqul


ition


of meta


ognitive


strategic


have


I- --- .~~ sq t. .s ~1 L .A 2-- A 2--A


k -- A-


L


I--L--,


L











making


the cognitive


teacher modeling


process


(Press


ible


1987


observable


Reynolds


Wade,


through


1986);


reciprocal


teaching


that


include


opportunities


for overt and


covert


student


rehearsal


strategy


providing


performance


generate


feedback


sel f-feedback


student


about


training


effectiveness


student


strategy


(Meichenbaum &


Asarnow,


1979;


Press ey


., 1987;


Reynolds


Wade,


1986).


type


strategy


that


taught


been


rel ated


to the


general i ability


strategy


kill


& Lupart,


1986


Reynolds


Wade,


1986)


. The


potential


enhance


student


performance


greater with


general


skill


that can


used


across


several


domains.


Task


specific


strategic


provide


fewer


opportunities


student


use the


strategy


hence


less


impact on


overall


student


performance.


maintenance


general zation


depth


strategy


last


use i


also


prolonged


increased when


period


time


instruction


(Meichenbaum &


sarnow,


1979;


Symon


1989)


Superfi


teaching


of many


trategie


concurrently


not been


reported


result


durable


changes


in metacognitive


behaviors.


Symons et al


. (1989)


reported


that


knowledge


experience


element


are c


ruci al


student


' metacognition


about


trategi











that


student


will


use the


strategy


across


situations


(Meichenbaum


1989)


& Asarnow,


Another


1979;


situation


Press ey

al aspect


et al

that


., 1987;


been


Symons


addressed


important


strategy


training


context


instruction


hiler


Schumaker,


1988;


Symons


1989)


Strategic


have


been


found


be most


relevant


current and


future


tasks


when


student


' actual


curriculum material


were


used


training.


Strategy


Intervention


Model


A model


teaching


learning


trategies


developed


Univer


achieving


of Kansa


adolescents


Donal d


been


hiler


colleague


(Deshler


& Schumaker,


1986,


1988;


Schumaker,


hier,


Alley


& Warner,


1983


humaker,


hiler,


Ell i


, 1986;


Pressley,


Symons,


Snyder,


& Cariglia-Bull,


1989;


Symon


1989)


IM wa


developed


address


demand


expectations


encountered by


adolescents


school


settings.


These


demands


include


academic,


motivational,


executive,


social


aspects


student behaviors


Not only


are s


student


expected


accomplish


spec i fi c


academic


requirements


exhibit t


goal


setting,


independent


problem


olving,


appropriate


i interpersonal


interaction


behavior


as well 1


instructional


sequence
teaching


used


to teach


principle


from


trategie


literature


incorporates


on meta


effective


ognition


I lofnl\


*


a | | IJLA i dl*| A | I aaaaa


I -


L,,,~


tLILYIIIS~


*


* ur*


i,


I











and modeling,


verbal


rehearsal,


extensive


practice


in controlled


advanced materials,


feedback,


student


performance monitoring


data


display,


mastery


learning,


generalization


maintenance


activities.


Individual


with


Physical


Impa irment


Motivation


Perceived


Personal


Control


Motivation


or locus


control


(LOC)


orientations may


related


1evel s


independence


aspirations


adolescents


with


Researcher


have


reported


that


an internal


intrinsic motivation


performance


are po


academic


itively


achievement


associated


(Brigham,


with


1979;


task


Ryckman,


1979)


However,


research


results


about


orientations


youth


with


have


been


ambiguou


Table


Al though


conflicting


results may


attributed


difference


inherent


studies,


unequivocal


relationships


among


variables


have


been


delineated.


Difference


internal ity


or externality


reported


students


with


have


been


interstudy


variability


subjects


placements,


with


ages,


data


type


gathering


mainstream


orientations


than


severity


procedures,


placements


students


played


segregated


handicaps,


educational


program content.


greater
setting


Students


external


(Morgan,


1984








































































































C"I

L







































































s
C.

(A
C
0

<0
*r-
t,
O
*r



L.
0
C
S.

0
-J
O


4.)












Tenth


grade mainstream


students


with


orthopedic


impai rments


(Gregory,


cerebral


Shanahan


pal sy


Walberg,


grades


1987a)


one through


and mainstream


(Center


students


& Ward,


with


1986)


orientation


similar


students.


Rich,


Lfnor,


Shalev


(1984)


reported


that


student


' feeling


about


school


varied


according


type


physi


handicap


present.


diffi


determine


general


scription


students with


across


handicapping


conditions.


Morgan


(1984)


varied


noted


across


that


program emphases


pl cement


settings


family


could


situations


contribute


that


subjects


differences


LOC.


Contradictory


finding


about


students


with


have


been


asses sment


factor


only


scal e


used


measure


vary


(see


Table


Center


and Ward


(1986)


noted


that


there


were


psychometric


probl ems


with


scal e


they


used


measure


LOC.


Variable


reliabilities


general


particularly


low reliabilitie


some


ubgroup


f children


(Stipek


Weisz,


1981)


corroborate


implication


psychometric


probl ems


some


measures.


Regional


differences may


response


ible


differential


results


obtained by


researchers


students


different


settings


(Palmer


et al


1982)


General


differences


urban


rural












Carroll,


1988).


findings


an Australian


sample were


inconsistent with


results


found


American


sample es


(Center


Ward,


1984)


Regional


effects


on LOC


assessment


rather than


educational


pl cement


differences may


have


been


responsible


variations


separate


school


found


students.


'almer et

The ma


. (1982)


instream


between


sample was


regular

taken


from a midwestern


school


segregated


sample


from a


school


Albertson,


York.


Geographic


region


as well


as the


psychometric


properties


instruments may


an important


consideration


for LOC


comparisons


students


with


Al though


the generalizabillity


and motivation


characteristics


adol escents


with


not been


demonstrated,


some


students


with


seem


to be


an increased


risk


for LOC


orientation


that


have


been


negatively


associated


with


independence


autonomy


(Deci


Ryan,


1985;


Schulz


Hanusa,


1979)


Some


adolescents


with


have experienced


difficult tie


acquiring


independence.


nationwide


survey


high


school


students


with


orthopedic


handicaps


reported


independence equival ent


high


school


student


(Gregory,


Shanahan,


& Walberg,


1987a,


1987b),


Morgan


(1984)


reported


that


students


with


severe


physical


handicaps


institutionalized


settings


were more


independent


than


their main streamed












retardation were


excluded


from the


study


. The


findings


were


attributed

the more r


differential


estrictive


program


placements


emphases.


included


Educational


achieving


goal s


total


independence


as well


as academic


gains.


Academics


were


emphasized


the mainstream programs


and assistance was


rendered by


teachers


peers


physically


oriented


tasks.


There was


little


emphasis


on achieving


independence


terms


opportunities


overcome


ical


limitations


or to


capitalize


abilities.

Independence


Young

as th


adults

e most


with


cerebral


valuable


pal sy


subject


rated


taken


training


during


their


school


years


(Margalit &


Cassel-Seidenman,


1987).


Independence


i influenced


the concomitant


opportunities


expectations


work


of NH


through


challenging


individual


student


with


handicap to


achieve


just


as anyone


else.


Reports


about


attribution


independence


behavior


youth


hypothesized


with


relation


have

hip of


been

LOC


inconsistent.


view of


perceptions


acqui


ition


autonomous


behaviors


demonstrated


positive


infl uence


educational


experience


on LOC


orientations


individuals


(Cohen,


1986;


deCharms,


1979;


Sti pek


Weisz,


1981),


educational


programs


students


with


should d


include


components


signed


foster


an internal


instructional












aspects of


student


lives


over


which


they


have control


(Levenson


& Cooper,


1984)


Attitude


Attitude


representative


likes


likes


(Horne,


1985)


or emotion


aroused by


certain circumstance


(Morgan,


1976)


Negative


attitudes


toward


given


group


based


on inaccurate


information


or counterproductive


interactions


have


long


term


ramification


psychosocial


functioning


autonomous


behavior


the discriminated


group


(Lefcourt,


1976)


attitudes


of NH


individual


numerous


toward


fac tors


impairment


aspects


person


(see


(Goffma


interactions


with


Carpenter,

n, 1974; R


have


1988)


been


influenced


Including


ichardson,


(Rosenbaum &


Katz,


1976),


ability


I tuati onal


1980),


severity


handicap


(Hi rshoren


Burton,


1979)


self-attitude


an individual


often


been


referred


as self-concept or


self


-esteem.


concept


self


formed


relation


individual


environment and


determinant of


behavior


son,


Finding


about


sel f-concept


student


with


have


varied


(see


Carpenter,


1988).


Al though


some


students


with


have


experienced


psychosocial


problems


related


sel f-esteem more often


than


their NH


peer


(Harvey


& Greenway,


1984;


McAndrew,


1979;


Weitzman,


1984),


other


students


with












related


their


perception


personal


control


Selignan


Miller


(1979)


propose


that


"lowered


sel f-esteem


dependent on


making


an internal


attribution


helplessness"


363)


Consequences


Attitude


Role expectations.


Nonhandicapped


individual s


hold


certain


role expectancie


individual


with


that


not only


reflect


attitudes


individual


which may


"have


little


rel ationship


reality"


(Auxter


& Pyfer,


1985,


18),


also


demand


conforming


behaviors


from the


individual


with


Societal


expectations


persons


with


resemble


expectation


held


for other


tact


groups


on the


basis


group member


rather


than


on character


individual


(Anderson,


1973)


individual


with


stigmatization


(Goffman,


1974)


relegation


minority


group


status


(Wright,


1960)


results


concomitant expectancies


individuals


that


person


with


relieved


from


normal


respond


ibil cities


and must


"sick"


dependent


despite


possible


ires


otherwise


(Bartel


kin,


1980;


Shontz,


1980).


Self-Efficacy


"Efficacy


expectations


reflect


individual


subjective estimate


that


or she


capacity


to cope


success


fully


with


threatening


situation"


(Wilson,


1979,


181)


Efficacy


expectation


are an


important aspect of












projected


other


affect


sel f-efficacy


individual


with


(Gresham,


1984;


Rich


Wuest,


1983;


Schunk,


1985)


Internal


attribution


for outcome


o be


related


feel ing


sel f-efficacy


(1979)


proposed


that


devel opment


strong


sel f-efficacy


dependent on


self-attributions


for mastery


behavior


Deci


(1975)


suggested


that


someone who


sel f-


determining will


efficacy


Interaction


patterns.


nonfacll itative


attitudes


of NH


persons


often


have


been manifested


as negatively


altered


interaction


patterns


(see


Carpenter,


1988),


thus


ubtly


communi cati ng


lower


expectancie


individual


with


that


encourage


dependency


hence


inhibit


progress


toward


sel f-


sufficiency


Harrington,


(Hegarty,


1981)


Pockl ington,


Modi field


& Lucas,


expectancies


1982


Randol ph


interaction


patterns


be evident


indiscriminate


assi


tance


(Cruick


hank,


Hallahan,


Bice,


1980


Hall


& Porter,


1983),


dimini


educational


Limited


McAnarney,


opportunities


socialization


1985;


(Downing,


opportuniltle


Teasdale,


1988


(Brown


1985;


Hackney,


& Gordon,


Weitzman,


1984),


1987


1984)


Although


some


adolescent


with


have


been well


accepted


their


peer


school


(DeApodaca,


Watson


, Mueller,


& Isaacson-


Kailes,


1985


Gill


hackley,


1988),


other


have












interpersonal


school

PI have


interaction


(McAnarney,


been


1985;


reported


home


(Brown


Teasdale,


pend more


time


Gordon,


1985)


social


1987)


and at


Adolescents


Isolation


with

and


time


out-of-home


activities


than


students


(Brown


Gordon,


1987)


These difference


social


experience


further


isol ate


student


from


peer


compound


di fficul tie


achieving


appropriate


social


behavior


(Weitzman,


1984)


as well


as the


skill


necessary


develop


independence


positive


sel f-concepts.


surpri


that


social


kill


training wa


deemed


second


importance


evaluation


school


experiences


individuals


with


cerebral


palsy


Margalit &


Cassel


Seidenman,


1987)


Where


inadequate


experiences


or opportunities


may be


partially


respon


ible


socialization


problems


youth


with


functional


communication


pattern


between


person


with


Individual


(Comer


Piliavin,


1972


Kleck,


1968,


1969;


Kl eck,


Ono,


Hastorf,


1966)


have


been


reported


contribute


strain


social


interactions


(Coker


Coker,


1985)


Communicati on


Patterns


Interpersonal


interactions


between


individual


persons


with


have


been characterized


as cons


ting


dysfunctional


communication


patterns


(Wi seman,


Emry,


Morgan,


Messamrer,


1986)


Adjustments


conversation content


nonverbal


behavior


have












have


been


associated with


altered


communication


behaviors


that


occur between


individuals


with


those without


Bralthwalte,


Emry,


Wiseman,


1984;


Wiseman et al


1986)


Al though communication


includes


verbal


nonverbal


conversational


behaviors


(Coker


& Coker,


1985;


DeLoach


& Greer,


1981;


Fast,


1970;


WI seman


et al


., 1986),


limited


amount of


research


been


reported


about


nonverbal


communication


behaviors.


presence of


ical


impairment can


have


debil Itative


effects


on communication


(Braithwaite


., 1984;


Coker


Coker,


1985;


DeLoach


& Greer,


1981)


Coker


Coker maintained


that


communication


pattern


individual


with


resemble


those of


apprehensive communicators.


Apprehen


communicators


characterized by


variance


their communication


apprehensiveness,


avoidance or


ssive


participation


social


situations


perception


requiring


as well


oral


communication,


as negative


perceptions


negative


other


sel f-


during


communication.


result of


inadequate communication


interactions,


apprehen


ive communicators


perceived


generally


less


competent


than


less


reticent communicators


Competent communicators


are characterized


ability


choose


among


avail able communication


behavior


order


that












impression management


similar concept


that


defined


strategy


for manipulating,


altering,


or in


other ways


controlling


certain


more


aspects


creditably"


Verbal


nonverbal


(DeLoach


nonverbal


behavior


& Greer,

behaviors


1981,


sake


performing


232)


are essential


communication


process


(Coker


Coker,


1985;


DeLoach


& Greer,


1981;


Fast,


1970;


Wiseman


1986)


Verbal


conversation


behavior


rel evant


communi


cators


include


"asking


questions,


initiating


and maintaining conversation


, paraphra


ing,


agreeing,


disagreeing,


giving


receiving


compliments,


asking


behavior change"


(Coker


& Coker,


1985,


-17).


Verbal


kill


that are


particularly


relevant


to the


interactions


individual


with


impairments


are self


closure


about


ability,


reque


ting


reassurance


emotional


support,


assisting


individual


overcome


tereotypic


blase


(Coker


Coker,


1985;


Wi seman


1986)


Nonverbal


communication


behaviors


equal


or exceed


importance


verbal


communi


action


behavior


Interactions


between


persons


with


abilities


individual


communi cation


(Coker


Coker,


behaviors


(NCB


1985)


Relevant


include


facial


nonverbal


expressions,


behavior,


posture


body movement


, physical


appearance,


touch,


ical


distance,


vocal


qualities


such


as tone


'itch


*


. ..


I


-











Researchers


have


investigated


verbal


behaviors


relevant


persons


with


(Bral thwalte


1984)


as well


as the


effects


training


on verbal


behaviors


such


as self


disclosure


(Coker


Coker,


1985)


A limited


amount


research


been


conducted


investigate


nonverbal


communication


patterns


between


individuals with


individuals.


The most


current


nonverbal communication

communication patterns


studies

using qu


focused


estionnai


on percepti

re formats


about


(Braithwaite


, 1984;


Wiseman


1986).


Earlier


studies


used


observational


differences


procedures


behaviors


contrived


during


situations


interaction


examine


between


individual


persons with


(Comer


& Piliavin,


1972;


Kleck,


1968,


1969;


Kleck,


Ono,


& Ha


torf,


1966)


Brai thwai te


et al


. (1984)


used


questionnaire


ascertain


whether


subjects


with


orthopedic


handicaps


(n=27)


perceived


their


communication with


communication with


individuals


individuals


as different


with


than


Subject


their


responded


negative communication


behavior


characteristic


interactions


subjects


felt


that


compared


communicators


with


communicators more


frequently


glanced


away,


stood


further


away,


acted


nervous


ended


conversation


early,


pretended


to i ignore


the disability,


assumed


greater


disability


than


actually












Wtiseman


. (1986)


designed


questionnaire


about


helping


situation


in which


a NH


individual


rendered


unsolicited


assi


stance


an individual


with


purpose was


determine


subject


perceived


normati ve


demand


on their


behavior


there were


differences


normative


demands


identified


subjects


based


on their


group membership.


Nonhandicapped


=102)


orthopedically


handicapped


(n=40)


adults


completed


questionnaires.


Both


groups


subjects


perceived


that


normative


demands


infl uenced


behaviors


participants


helping


maintain


scenario.


favorable e


Whereas


self


perception


-image were


sel f


deemed


actions


influence


helping


behavior


individual,


perception


self


actions


to enhance


relationship with


individual


were


seen


as respon


ible


acquiescence


individual


with


Compared


subjects,


subjects


with


perceived


greater


situational


societal


demands


on the


disabled


actor


behavior.


reported


perceptions


differences


nonverbal


communication


previous


patterns


identified


corroborate


researcher


behavioral


di screpanci e


observational


settings


(see


Table


Some


findings were


present whether


subject


were


NH or had PI


when


interactions


occurred


between


individual















52


V S.


U) Cr L i ien


O: C) C C -. C)

C) r 0 5 Li 4)

In CL t o"
Ct C 0 0 4 : ) Ct
0~ 0 05 mc U
.01 0. Sr tO SrK
L. 0 0 6 EU
CY S. C (a 0) 1. C

to a- C = Li 0- 0



=c

5- L 0
5- a, 4
4' r -: 4) a. 0.. C
of a. Sr Ed 43)
3r U. 3F 02 0. C
5- RI 0 0 0
0I U) V C) 0 4.-

ol (f N- Sr IA Cn U
CO~ ~ ~ ~ 5- U) 0 5- 02-0S.5
0)r 0 0. 4) 0 C: 4) 0 00
C 0. 61 0.

5- 0 0) 0 0r 0 0S.00
4Wl U 4) U 4) 4) 02
(0l VI (A 5- 40 r 0) 0
S 0 4) 4) Cr 4) 4)4) 0
U) 4)~ 0 0) 4) 0 C 5- Cn
CI '1" 4- 0) 9- I4 Vr Sr C
5-3 0 CI .0 CC .0 (6 4) (
0) 0 CI r 0 0r 0c C 0


E U
0-'



4) 9- U) E

0 V 0 CiJ 4) I)~
o) 0 St .- 5- I-tnII

C 0. 9- Sr Sr 5




U C (0
0 CO


oC 00 C-I
S ~












sooner than


interactions


between


persons


with


similar


physical


attributes


(Comer


& Piliavin,


1972;


Kleck,


1968,


1969;


Kleck,


Ono,


& Ha


torf,


1966)


Some


findings


varied


for communicators with


without


Whereas


contact was


greater


NH-PI


interactions


than


for NH-NH


interactions


(Kleck,


1968),


contact


interactions wa


than


conversation


(Comer


& Piliavin,


1972)


. Kleck


(1968)


noted


that


differences


subjects


Ii steni ng


behaviors


confederate


were


greater when


speak


than when


subject


subject was


talking.


Kleck


postulated


that


greater


contact


during


interactions


an indication


information


seeking


behavior


on the pa

emotional


greater


foundthat


Irt of


arousa


NH-PI


subjects


subject.


as measured by


interactions.


with


Kleck


. (1966)


psychogalvanic


Comer


smiled more


skin


Piliavin


interviews


reported that

response, was


(1972)


which


confederate


an orthopedic


handicap


than


interviewer


scenario.


communicators,


are not competent


should


or incompetent


noted


(Coker


that individual

& Coker, 1985).


with


similar


individual


their effectiveness


interpersonal


interactions


varies


with


situation.


Many


persons with


physical


impairments


possess


an adequate


repertoire











communication


strategies


that


are appropriate


beneficial


(DeLoach


& Greer,


1981).


Al though


procedures


train


NCBs


have


been


advocated


enhance


communication


competence


social


kill


Indivldua

research


with


specific


(Coker

the e


& Coker,


fflcacy


1985;


DeLoach


training


& Greer,


1981),


Individuals


with


not been


successful


improving


conducted.


their


Individuals


verbal


with PI


interactions


have


with


been


persons


following training


self


closure


"break


through"


techniques


(Bel grave,


1984;


Evan


, 1976;


Mill


SBel grave,


& Boyer,


1984)


Training


yield


equally


positive


result


Nonverbal


communication


behavior


have


been


recognized


as an


important component


overt


social


kill


necessary


students


with


learning


disabilities


effectively


participate


interpersonal


Moreover,


enhance


interactions


training


education


(Schumaker


been


& Hazel,


incorporated


conference


(Van


1984a,


1984b)


programs


Reusen,


signed


1985)


classroom


(Ellis,


1989)


participation


students


with


learning


disabilities.


students


performance


level


during education


conferences


were


reported


Reusen.


Adolescents


' use of


NCBs


during


classroom


participation


improved


following


training


composite


nonverbal


skills


that


been


determined











leaning


forward,


acting


interested,


head


nodding,


visually


tracking


teacher


Nonverbal


Communication


Behavior


training


adolescents


commu nicati on


with


contribute


interactions with


more


teachers


positive


peer


that may


subsequently


affect


classroom


participation


or self


-advocacy


kill


Teaching NCBs


problematic


students


as an aggregate


with


skill


could


Inventorying each


behavior


training may


more


bible


approach


adolescents


who may


have


physical


requi


sites


perform all


aspects


ired NCB


Coker


and Coker


(1985)


combined


treatment model


typically


used


approach


ineffective communication


apprehen


communicators


individual


with


. They


posited


that


ability


ineffective


causes


communication


commu ni cation.


apprehension which


Negative


personal


causes


social


consequences


are the


result.


Sugge


treatment


procedures


included


social


skills


training


(including


nonverbal


behavior


counseling,


educational/vocational


rehabilitation.


DeLoach


and Greer


(1981)


suggested


phases


that


should


included


training


nonverbal


communication


skill


Orientation


use and mi


ster


behavior


effectivenpcs


the
suse


role


situational
[including


I *


specific


stures


rol e-playing
videotaping];


rnlA-nlavinn


r... i


stures


impre


ssion management;


as well


practice
feedback
finally


usin


as gesture
g these


on the


artinal


nrartlrea











Summary


Motivation


theory sts


have


empha


sized


Importance


intrinsic motivation,


determining,


relation


need


feel


children


competent


learning


sel f


achievement


(Adelman,


1978;


Deci,


1975;


Deci


Ryan,


1985;


Wittrock,


1986)


Deci


(1975)


expanded


on the


consequence


intrin


motivation


person


determination


turn


intrinsic


provide


decide what to


achieve


these


make


do)
goal


need


him aware


feelings of
of potential


energy tor
id to behave
(P. 100)


such


competence and
satisfaction,
goals (i.e.,


a way


as to


self-
which
to
to


Learning


strategies


have


been


defined


as actions


thoughts


that


occur


during


learning which


affect motivation


as well


as the


selection,


acquit


ition,


organization,


integration


know edge


(Wein


tein


& Mayer,


1986)


Metacognition


theori


have


associated

performance


Students


student


use of


on academic


' acqul


ition


task


learning

s and in


strategic


terpersonal


generalization


to improved


behaviors.


learning


strategies


have


been


related


instruction


components


incorporated


strategy


training


programs.


There


evidence


that some


individual


with


are at


for LOC


orientations


-attitude


that


have


been


negatively


associated


with


autonomous


behavior


. Mutual


expectations


between


individual


individual


with


that


are based


4innnwrnnir ato


norrantinn


- flu


ahilltiP


and/or


intentions


have


,










in which


altered


behavior


patterns may


hinder


development


independence


autonomy


person with


Principle

are pertinent


deri ved


from motivation


rational e


for providing


and metacognition


student


theories


with


specifically


signed


strategies


enhance


NCBs.


Active


versus


passive


student


involvement


acquisition


nonverbal


communication


skill


related


goal


oriented behaviors


hence


ultimate


goal


attainment.














CHAPTER ]
METHOD


material


methods


for the


investigation


nonverbal


communication


training


procedure


adolescents


with


physical


impairment


(PI)


that


incorporates motivational


theory


metacogni ti ve


principles


have


been


presented


chapter


chapter


been


divided


into


five


sections


scri pti on


research


questions,


description


subjects,


description


nonverbal


communicate on


behavior


acqui


ition


strategy,


measurement


systems


and mea


surement


procedure


student


training


paradigms,


experimental


Description


analysis


Research


Question


Several


research


questions


were


investigated


order


study


acqul


ition


nonverbal


communicati on


behaviors


adolescents


with


areas


addre


questions


include


student


use of NCB


during


training


practice


sess


ions,


simulated


education


conferences


actual


education


conferences


the

sati


student


faction with


faction with


students


their NCB


use o


teacher


following


questions


were


evaluated


using


multiple


sel ine


ingle


subject











What


are the effect


training


on the


level


nonverbal


communicate on


behaviors


exhibited


subject

behavior


during training

performances d


sess


during


ions


as compared


baseline


simulated


nonverbal

education


conferences?


What are


effects


training


on the


1evel,


Stability,


trend


nonverbal


communication


behaviors


exhibited


subject


generalization


during ba

simulated


sel ine


education


concurrent

conferences?


Does


subject


generalize


use of


newly


acqui red


nonverbal


communication


behaviors


an education


conference


attended


special


educati on


teacher


were


present


during


training


sessions


imul ated


conferences?


subject


report


sati


faction with


newly


acquired


nonverbal


communication


behaviors?


subjects


report


sati


faction with


training


procedures?


special


education


teacher


report


sati


faction with


student


nonverbal


communication


behavior


performance


during


simulated


education conferences


after


training?


nar~nl aA. mrs+4n an ~ n a rs+ *flji 44fl.14


nari~l a


ALl~~~(h~


~a~rkhn


r~CI


HAA A UC










Description


Subjects


Middle


school


students


with


attended


classes


designed


students


with


were


trained


using


metacognitive


procedure


heighten


their


awareness


improve


their use


subjects


were


eligible


special


education


services


as set


forth


state


federal


guidelines.


school


located


Al achua


County,


Florida.


Students


with


from


several


nearby


counties


attended


school


students


attended


one mainstream academic


class


or were


scheduled


attend


main


tream academic


cl ass


following


school


year


eighth


grade


subject


were


scheduled


attend


local


high


school


with


program


students


with


following


school


year


basi


their membership


aforementioned


program


students


with


students


were


screened


inclusion


study


special


education


ssroom


teacher made


recommendations


preliminary


ssroom observations


were


conducted


order


identify


students


lacked


cons


istent


usage


app ropri ate


NCBs.


Five


students


were


selected


training.


None


subjects


previous


participated


education


conference


nor had


they


received NCB


training.


Subject


Three


Subject


Five


been


exposed


to the


concept


using


contact


good


posture


during


interview


mainstream


business


cl ass.











who worked with


students


at the


school


verified


that


there


were


NCBs


no contraindications


selected


for the


instruction.


subjects


Approval


associated with


youth


trained,


videotaped,


observed


was obtained


from


Uni ver


of Florida


titutional


Review


Board


(see


Appendix A),


School


Board


Alachua


County,


students


themselves,


students


' parent


(see


Appendix


Subject One


Subject


(Sl)


sixth


grade


black


female,


year


3 months.


Subject


an L3


level


myel omeni ngocel e


associated


nonprogressive


bilateral


flaccid


paralysis


legs


feet.


Subject


had a


ventricul ar-


peri toneal


shunt


hydrocephal us.


Intermittent


bladder


catheterization wa


necessary


thoracolumbar


Al though


scolio


there wa


that


no obvious


been


deformi ty


detected


back,


x-rays


reported.


Medical


reports


documented


that


student was


capable


ambulating


school


with


ankle e-foot


orthoses.


However,


preferred


school


using


hours.


manual


Subject


wheel chair


transferred


not ambulate


out of


during


her wheel chair


independently.


classroom


teacher


reported


that


although


Ically


strong,


upper


body


movement


were


stiff.


Subject


received


therapy


(PT)


service


at school


Fine


mn +n r


2ki1 4+4ac


taYn r


i'ntnrt


Unmvrinn uwe


within


nflmrflia


limited


.











Subject


first


identified


special


education


services


about 3


years


was placed


Ical


occupational


therapy


program


children


with


Subject


been mainstreamed


on since


first


grade


for music,


science,


social


studied


, and/or


physical


education.


maximum


amount


mainstream placement


four


five


hours


per week.


During


sixth


grade


year


she was


main


treamed


homeroom and


music


only


Intellectual


function wa


within


normal


limits


(see


Table


Fourth


grade


standardized


achievement


test


scores


were


the most


current


available e


(see


Table 4)


. Subject


achieving below


grade


level


that


time.


classroom


teacher


indicated


that S1


reading


on approximately


fourth


grade


level


time


project


and continued


to perform below


grade


level


math


subject


Subject


(S2)


Sixth


grade


white


female,


years


10 months.


Subject 2


cerebral


palsy


exhibited


quadriparetic


ataxic


spastic


patterns.


Some


athetotic


movement


were


also


present


upper


lower


extremi ties.


There was


profound


easily


soli


ited


primitive


start e


reflex


as wel


an absence


righting


reactions


event


fall)


Subject


was uncoordinated when


walking


used a


wide


base


bal ance


during


ambulation.


SuhbiPct


rePsivpsd


r i fls..


nrriunatinnal


,


.*











Table


Test


Scores


for Subjects


Level


Intellectual


Functioning


Subject Test Date Scale Score


1989


Full


Scale


Performance

Verbal


WISC-R


1989


Verbal


K-ABC


1984


Mental


Process


ing Composite


Sequential P

Simultaneous


roces


Process


WISC


1987


Verbal


-ABC


1987


Mental


Process


Composite


Sequential


Proce


ssing


Simultaneous


Processing


K-ABC


1987


Mental


Processing Composite


K-ABC


1983


Mental


Proce


ssing Composite


Sequential


Simultaneous


Process


Processing


WISC-R


K-ABC


1987


1987


Full


Mental


cale


Processing Composite


Note.


WISC-R


Weschler


Tntellinapnr


SralP


fnr rhild n-iouvicAdl


-- ---










Table


Subjects


Most Recent


California


Achi evement


Test Scores


Grade in

Subject Date School Subtest Percenti Ie Stani ne


1988


Reading


Language

Math


1987


Reading


Language

Math


1989


Reading


Language

Math


1989


Reading


Language

Math


1989


Reading


Language

Math











the wheel chair


during most


project


sessions.


Fine


motor


activities


were


characterized


involuntary motor


patterns


during


vol i tional


movement.


Handwriting was


difficult.


Speech was


mildly


blurred.


Hearing was


within


normal


limits.


Some


strabismus


was present


right


ion was


approximately


normal


uncorrected


Subject


2 was


also


characterized


extreme


emotional


ability


during


unfamiliar


first


scheduled


situations.


simulated


She was


education


unable


participate


conference


to extreme


anxiety


reactions.


order


Additional


to maintain


desensitization was


emotional


control


necessary


simulated


education


during


sess


conference


preliminary


in which


interviewer


setting.


simul ated


principle


"pre"


sess


class


education


investigator


lasted


room teacher


conference


acted


joined


videotape


as the


approximately


25 min


not used


scoring


purposes.


Following


more


extensive


desensitization


aspects


project


procedure


S2 was


interact


able


with


participate


varied


onnel


without


further


incident


or additional


interventions.


Subject


2 was


first


identified


special


education


services


approximately


years


placed


program


children


with


Subject


been


mai nstreamed


intermittently


since


ki nderaarten


for mu


S.. .


science.


social


studies


and/nr


nhvsi cal


.











partici pate


science


regular


class


S room


fifth


grade


(1988


-1989


school


year)


During


ixth


grade


school


year


she wa


mainstreamed


homeroom only


Initially


experienced


difficulty


controlling


emotional


reactions


during


homeroom.


Intellectual


function wa


within


normal


limits


(see


Table


Third


grade


standardized


achievement


test


scores


were


the most


recent


group


test


scores


available


(see


Table


Subject


2 was


achieving


below


grade


level


that


time.


classroom


teacher


indicated


level


that S2


was reading


time


project


on approximately


continued


fourth


perform


grade


below


grade


level


in math.


grade


equi val ents


achievement


subtests


reading


Kaufman-Asse


comprehension,


ssment


decoding,


Battery


for Children


arithmetic


were


(K-ABC)


5.4,


respectively.


Subject


Three


Subject


years


Three


9 months.


arthritis,


as well 1


(S3)


an eighth


Subject


as Bell


long


grade


standing


palsy


black


left


male,


juvenile


side


rheumatoid


left


hemipare


arms


Subject 3 was


obese


Ambulation was


limi ted


usually


labored


movement


shuffling


Subject


3 wa


recovering


from ankle


surgery


occasionally


used


manual


wheel chair


. L


schnn1


WnwPsra


whale rhair


"ICa n


fnj rf.


hoon


u


,


.i










was poor


Consequently,


performance


portion


tests


reported


school


records


were


routinely


omitted


Physical


strength


markedly


Some


low.


strabismus


Subject 3


was present


received PT


glasses


services


been


school


prescribed


were


not worn.


Speech


language was


within


normal


limits.


Hearing was


approximately


normal


Subject


3 wa


identified


special


education


service


1983


and was


placed


specific


learning


disabilities


(SLD)


program


following year


approximately


third


grade)


sixth


grade


S3 was


dismi


from the


program


and placed


program


student


with


physical


impairments


Mainstreamed


classes


during


eighth


grade


included


social


tudie


* reading,


home


economic


homeroom.


Intellectual


function was


within


normal


limit


(see


Table


Seventh


grade


standardized


achievement


test


scores were


most


current available


(see


Table 4)


ssroom


teacher


indicated


that S3 was


reading


on grade


level


eighth)


time


project


but continued


perform


below


grade


level


in math


Subject


Four


Subject


Four


(S4)


an eighth


grade


white male,


year


months.


Subject


4 had


cerebral


palsy


exhibited


left-


ided


hemi paresi


He was


lightly


overweight


and had


poor mu


tone.


left


arm and


hand was minimal


although pos


ible.










wel


Fine


motor


patterns


were


problematic


on the


right


side.


Handwriting was


poor but


primarily


refusal


stabilize


paper with


affected


left


hand.


tremors


nor extraneous


muscle e


activity


were


ent.


Subject 4


received PT


services


school


ion wa


normal


Hearing was


somewhat


affected


on the


left


side


normal


on the


ri ght.


classroom


teacher


characterized


as highly


tractible with


story


making


initial


improvement


failing


maintain


gains.


Subject 4


received


therapy


services


beginning


three


years


was not


identified


special


education


service


unti 1


approximately


third


grade.


Subject


4 began


the eighth


grade


school


year


five


mainstream


placements:


reading,


math,


education,


music,


homeroom.


However


to lack


performance


those


setting


, the


mainstream placement


were


changed


home


economic


homeroom only


Intellectual


function was


within


normal


limits


(see


Table


Seventh


grade


standardized


achievement


test


scores


were


most


current


available


(see


Table


Subject


achieving below


grade


level


at that


time.


SS room


teacher


indicated


that S4


was reading


on approximately


third


grade


level


continued


perform


below


grade


level


math


subject


Five


Subject


Five


(S5) wa


an eighth


grade


white


female


U










gros


motor


patterns


were


clumsy


as evidenced


gait.


Ambulation was


difficulty


fine motor


characterized


changing


patterns were


an increase


directions


characterized


base,


quickly.


unintentional


instead lines


Subject 5


tremors


that


interfered with


vertical


wore


horizontal


sses


indwri ti n

ocular


reading.


eating.


dysmetria


speech


were


Nystagmus

present.


mildly


lurred


as well

Subj ect


and S5


received


speech


therapy


services


school


Hearing was


within


normal


limits.


Some


emotional


liability


present.


Subject


attended


regular


school


attended mainstream


classes


through


fifth


grade


performing


poorly


first


within


provided


unit


special


students


education


with


services


Subject 5


ixth


attended


grade


reading


science


mainstream


classes


ixth


grade.


During


eighth


grade


school


year


she was


ma in streamed


language,


social


studied


, reading,


home


economics,


homeroom.


Intellectual


functioning was


within


normal


limits


Table


. Seventh


grade


standardized


achievement


test


scores


were


most


current available


(see


Table


ssrooon


teacher


indicated


that S5


was reading


at/or


above


grade


level


at the


time


project


but continued


perform


below


grade


level


math.


Description


Acqui


ition


Generalization


strategy










limitation


list


important


performance components


targeted NCB;


based


on the


inventory


decide


they


were


able


perform the


given


or i


an approximation


behavior


was necessary;


improvements


remembering


warranted,


or modifications


use the


identify


as well


skill;


ible


as relevant


evaluate


skill


cues


effect veness


their


behavior performance


goal


use the NCBs


during


education


conferences


other


settings


as de


ired.


Strategy


Steps


acronym was


devel oped


help


subjects


remember


steps


strategy


first


letter


first word


each


step


strategy


corresponded


letter


ac ro nym


IMAGES.


subject


steps

could


strategy


recite


them


were


from memor


verbally

v. The


rehearsed

strategy s


until


teps


were:


S I


Inventory


your


ical


abilities.


Make


note


kill


requirements.


there


are different


ces.


Gather


ideas


doing


skill


Evaluate


your


goal


performance.


use the


skill


strategy


step


were


applied


invest gation


were worded


so that


they


could


aoolied


wide


ranae










first


step


students


completed


an inventory


their


ical


abilities


answering


questions


about


their


physical


attributes


ting their


physi


strength


within


several


areas.


skill


Next


needed


student


success


targeted NCB


performance


physical


(ie.,


definition


NCB)


student


then


compared


ical


skill


needed


success


/her


personal


inventory


ical


strength


determine


ical


requi


sites


perform the


appropriately


student


requi


skill


then


only


improvement


was necessary


performance.


discrepancy


existed


between


requi


kill


student


physical


capabi itie


student


would


specify


an alternate


form


accomplishing


intent


particular NCB.


student


then


wrote


ideas


doing


including what,


how,


where,


when,


and why


on the worksheet.


student


so wrote


the NCB


short


I(C uN


about


perform


on a


card.


purpose


cue card was


help


student


think


about


using


instructional


setting.


During


encouraged


n structi onal


strategy


trainer


sess


student


take


cue card


education conferences


or classes


where


student


wanted


practi


the NCB.


However,


pecifi


reminder


were


provided


immediately


prior to th


simulated


education


conferences


T










Next


student


strategy


trainer


eval uated


effect veness


the modified


skill


components


using the


role-play


conference


cards.


student


orally


answered


questions


the cards


while


practicing


NCB.


performance was


eval uated


negatively


student


returned


strategy


step


think

The n


al ternati ve


ew behavior


idea


components


for performing

were evaluated


desired behavior


as before.


Student Materials


material s


that


students


used


during


strategy


instruction were


designed


to as


included


as Appendix


student


material s


learning the


were


acqui sition


strategy


applying


strategy


specific


material


included:


. Strategy


overview


sheet


which


included


steps


strategy,


nonverbal


instruction


comnuunicati on


completing each


behaviors


step


their


definitions.


Student


worksheet


which


included


abilities


questionnaire;


an inventory


physical


abi litie


form;


an IMAGES


prompt


sheet


verbal


rehear


a worksheet


requi recent


assist


, deciding


student


ting the


behavior modifications


were


necessary,


gathering


ideas


performing


the NCB;










Student


performance


forms


which


included


strategy


goal


statement


completion


i nature


plan;


page;


student


strategy


progress


chart


graphing NCB


performance


data


during


training.


Measurement Systems


Procedures


general


performance


measures


types


scores


measures


social


consisted


were


validation


nonverbal


obtained:


measures.


communication


behavioral


behavioral


behaviors


that


subjects


displayed


during training


sessions,


simulated


education conferences,


an actual


education


conference.


performance


measures


were


obtained


personnel


behavi ors


during


training


sessions


simulated


education


conferences.


social


validation measures


included


questionnaires


given


subject


their


signed


special


to obtain


education


individual


teachers.


tionnaires


perception


about


were


different


aspects


nonverbal


communication


training


program.


student Nonverbal


Behavior Performance


Measures


The NCB


observed


trained were


general


categories


identified


DeLoach


Greer


(1981)


as particularly


relevant


improvement


nonverbal


communication


individual


with


physical


demeanor


facial


expression.


Three


discrete


ervable


behaviors


from each


category


are further











Operational


defi ni ti ons


nonverbal


behavior


were


dependent


variables.


following


operational


definitions


were


used


as scoring


guidelines


during


data


collection


session


throughout


baseline


concurrent


generalization,


training,


subsequent


generalization


phase


project.


subject


were


deemed


capable of


performing


behaviors


prior


project


Implementation.


Physical


demeanor


purpose


this


study,


physi


demeanor


included


posture


upper


extreme ty


position


cluster


behaviors


included


positioning


hands


arms,


sitting


straight,


leaning


forward.


desired


positions


arms


hands


included


arms


unfolded,


upper


arms


adducted


approximately


perpendicular


floor


or s


shoulder


flexion


no more


than 45


degree


, (c)


elbows


lightly


flexed


between


approximately


degrees,


palms


lightly


extended


facing


with


fingers


relaxed


palm


are facing


each


other


with


finger


lightly


touching


clasped,


hand


resting


on the


table.


Hands


subject


lap wa


Consequently


hands


distinguished

on the table


from

and


hands


on table


hands


scoring.


subject


were


mutually


exclu


behaviors.


hitting


-up-straight


invol ves


alignment


torso,


houl der


- II


head.


was assumed


that


' .


- -


ubiect


was sitting


r v


.


.











torso


straight;


hips


buttocks


pushed


back


chair


seat;


shoulders


parallel


hips,


hunched


or rounded,


scapulae


touching


chair back;


head


positioned


over


shoulder


erect


or s


lightly


tilted


ide.


Leaning


forward


included


components


sitting-up


-straight


with


exception


that


shoulder


position wa


lightly


forward


hips


scapulae were


touching the


chair back.


this


position


scapulae were


approximately


three


or more


inches


from


the back


chair


subject


waist


or unmbar


region would


away


from


the chair


back


as well


forward


lean


should


subject


was s


exceed


degree


hitting toward


an alternative


front


chair


posi tion


no part


subjects


back


touching


chair back.


Leaning


forward


itting-up-straight


were mutually


exclusive


behaviors


scoring


purposes.


Facial


expression.


For the


purposes


study


facial


expression


movements.


cons


behavior,


Specifically


skill


mouth


cluster


stores,


inclu ded


head


contact,


smiles,


and head


nods.


contact


implied mutual


glancing


order


to determine


whether


eye contact


occurred


between


subject


interviewer


(1968)


on the


method was


basi


used


videotapes,


to define


an adaptation of


he behavior


. .. -


Kleck


video camera


,











interviewer was


instructed


gaze


naturally


continually


subject.


Therefore,


eye contact was


assumed


occur


time


subject


looked


(eyes


open)


toward


interviewer with


head


positioned


mi dli ne


body


chin


level.


DeLoach


Greer


(1981)


defined


several


types


smiles.


"simple


smile"


"the


upper


smile" were


used


purposes


study


Therefore


smiling wa


defined


as "the


corners


mouth


are pulled


lightly


back


teeth


are not


exposed


( [or)


. the


corners


mouth


are pulled


back


upper


exposes


portions


teeth"


(DeLoach


Greer,


1981,


240)


Head


(DeLoach


speaking


were


Greer,


or in


defined


1981)


immediate


as verti


while


movement


interviewer or


response


interviewer


head


teacher was


or teacher


peaking.


purposes


tudy


head


nods


could be


ingle


quick


, (b)


repeated


nod,


or (


several


nods.


Horizontal


rotation


head,


shaking the


head,


included


definition.


Data


collection


parameter


for baseline


generalization


Several


factors


were


pertinent


collection


behavioral


measures.


Videotaped


behavioral


measures


were


obtained


during


base


line,


concurrent


general i


nation,


sequent


general i


ation


phases


'JR C CI.E.. S tA


Proceduresz


chanter


*


.I.I. .


VI LIIC


. U


--C










generalization


phases.


However


order


obtain


concurrent


generalization measure


nonverbal


behavioral


data


was obtained


each


subject


during


vi deo


recorded


simulated


education


conference


procedures


following


this


each


chapter)


sess


instruction


There wa


usually


(Phase


time


Three--see


lapse


hour or more


between


strategy


instruction


sess


simul ated


education


conference.


scheduling constraints


amount of


time


between


instruction


Inmul ated conference


held


constant.


Simulated education


conference


setting


During


baseline


concurrent


generalization


phase,


videotaped


behavioral


measures


were


obtained


during


simul ated


education conference


(SEC)


between


subject


an interviewer


interviewer was


volunteer


previous


known


student.


Only


one subject


participated


conference


at a


time.


Other


subjects


were


present


during SECs.


Observer


were


present


during


some


simulated


conference


score


interviewer


for con


istency


behaviors.


occurred


room


free


di stracti on


interviewer


behind


small 1


square


ft 6


ft 6


table was


table,


similar


that was


table


inches


heights


high


used


height


subjects


classroom.


feature was


necessary


in order


accommodate


subjects


wheel chairs.


subject


... ... ..


i anated


straiaht-


ry


w


. .











table,


interviewer,


subject


remained


same


baseline


concurrent


generalization


data


collection


sessions.


additional


chairs


were


placed


behind


right


subject


provide


seating


observers


Some


other


furniture


was in


room


remained


same


duration


project.

slightly


An RCA

behind


Camcorder


and 45


video


degree


camera

the l


on a


tripod was


eft


placed


interviewer


that


pictures


angle was


subject


necessary


order


torso were


adequately


obtained.


see the


light


subject


posture


gaze


approximately


scoring purposes.


subject


level


camera


when


lens


subject


seated.


stance


from the


subject


to the


camera


ft 6


area


constant


recorded


filmed


throughout


each


recorded.


lens


sess


sess


A separate


lasted


angle


ions.


session


videotape was


approximately


5 min


used


for each


and width)


sess


remained


number was


date


time were


for each


sess


subject.


ion.


interviewer


asked


subject open-ended


tions


rel ated


aspects


students


school


experiences.


tons


were


selected


from a


pool


question


(see


Appendix


varied


dally


. The


interviewer


prompted


subje


ct as


necessary


verbal


response,


student


nonverbal


behaviors,


vnrh al


rfnnT an+


nr


+haivr


Srn eiaa we


- -r


i.E nra n -


n~artr ae


ie.


|











during


an actual


education


con ference


between


subject


special


educati on


teachers.


teachers


sroom experience


with


students


least


one school


year


Only


one subject


participated


an actual


conference


at a


time.


Other


subject


observers


were


not present


during


education conference.


actual


educati on conference


AEC)


occurred


school


large


ssroom


unit


students


with


teacher


sat be


each


other


on one


side


rectangular


table


approximately


ft 6


in wide,


long,


and 27


inches


high


teacher


(T1)


seated


close


table


other


teacher


(T2)


seated


approximately


at the midpoint


length


table.


subject


straight-back


wooden


chair


subject


wheel chair)


opposite


table


from


This


position was


necessary


order


adequately


see the


subject


sture


gaze


scoring


purposes.


The AEC


was video


recorded


using


same


RCA Camcorder


video


camera


tripod


that


were


used


during


camera


placed


lightly


behind


degrees


left


of T1


so that


pictures


subject


torso were


obtained.


height


camera


lens


was the


same


as the


height


during SECs


approximately


subject


level


when


seated.


stance


from the


subject


camera


was 9


**rz~~~~~~m 1* I*-fl*I ** m *.


1 snoth


var iPd


wata


~m nr


IIF


IIP CIT I.


SJ|I..


.


* Ni.


* I


*.. .











subject.


teachers


were


requested


principle


investigator to


Include


opportunities


student


respond


open-ended


questions


queries.


(see


Some


Appendix D)


open-ended


were


question


provided


similar


teachers.


However,


actual


content


sequence


topic


determined


teachers


themsel ves.


Scoring


system


subject


performance


. Trained


volunteers


viewed


videotape


inmulated conference


daily


and the


actual


education conference


project.


scorers


know which


were


receiving


instruction


which


were not.


A time


sampling method wa


used


provide


estimate


nonverbal


behavior


frequency


(Hall,


1974;


Tawney


Gast,


1984)


Operational


definition


scorers


located


in Appendix


A data


collection


device,


the Assistant


(tm)


Data


Acquli


ition Computer,


used


observers


as a


timing


device.


When


tone


from the


device


sounded


interval


observer


paused


videotape


recorded


nonverbal


behaviors,


except


head


, occurring


that moment


a data


collection


form


(see


Appendix F)


occurrence


nonoccurrence


appropriate


head


nods


were


recorded


during


interval


between


pauses


videotape.


order


obtain


measure


amount


time


that


interviewer or


teachers


t a a .4-, .4 4-4 a -


~allr(rrr,


F AdA ~


nill: rrlr~


YA C) A II *L~


~IALIIFII~


A, f 1 *f


qpRAA


9A


III YRA











The

sess


observation


Interval s


subject.


were lim

recorded


cited


behavior


intervals

frequencies


for each

were


converted


percentages


ervatlon


interval


Behavior % Of


results


Observation


subjects


behavior


session


occurrences


interval


nonverbal


100.


(le.


behavior


performances


reported


Chapter


Interobserver


reliability


Interobserver


reliability


checks


were


conducted


for 40% of


data


collection


sess


ions


therefore exceeded


the mi nimum percentage


(le.,


20%)


rel ability


check


usually


recommended d


ingle


subject


research


(Wolking,


personal


communication,


1989)


Three


reliability


coefficient


were


culated


total


percent


agreement


occurrence


agreement,


nonoccurrence


agreement


(Tawney


& Gast,


1984)


Total


percent


agreement,


using


point


-point method,


calculated with


formula


Total


agreement


agreement


reement


agreement


100.


Occurrence


agreement


calculated with


same


formula


using


only


those


interval


in which


one or both


observers


recorded


an occurrence.


Likewise


nonoccurrence


agreement wa


ulated except


that only


those


intervals


for which


behavior


occur were


used.


85% agreement


was desired.


T ntrnhcarvaro


rol hia1 a t


nnnua rh1


hnkhui nrnal


mbea masae










Data


collection


parameters


during


instructional


sessions


data


col election


system


subjects


performances


during


instructional


sess


ions


differed


from


data


collection


methods


used


for the


videotaped


baseline


generalization


sess


ions.


Student NCB


performance


measures


were


obtained


only


during the


kill


practice


teps


tructional


sess


(see


Strategy


Instructional


Procedure


chapter)


only


the NCB


taught


during


particular


sess


ion.


Nonverbal


communication


behavior performance


measures


during


practice


sess


ions


were


obtained


instructional


setting


and were


videotaped.


order


evaluate


subject


performance


targeted


strategy


questions.


trainer


question


asked


were


student a


identical


series


questions


open-ended


used


interviewer


simulated


education conference


(see


Appendix D)


trainer were


operational


identical


definitions


definitions


used


used


strategy


observers


scored


subject


videotape NCB


performances


(see


Appendix


However


instead


evaluating the


performance


at 1


interval


strategy


trainer


scored


subject


performance


each


question/answer


interval


student exhibited


target NCB


most


time while


estion was


asked


answered.


w.. t


student


received


oosi ti ve


score


that











strategy


trainer


recorded


subject


scores


on a


practice


feedback


score


sheet


(see


Appendix G)


questions


were


asked


sets


five


questions


set.


subject


score


question


set was


converted


percent


correct


performances


that


using


formula


score--%


Where A


are defined


questions


answered while


correctly


performing


= # of


tons


(ie.,


Mastery


criteria


given


tion


required


positive


score


on four-out


-five


questions


set.


practice


from the


sess


last


percent


question


score was


sets


calculated


esslon


using the


using


scores


formula:


Session


score--%


= set


score--%


score--%


sess


score


percentage


was then


plotted by


student


on a


student


progress


chart


(see


student Material


chapter)


sess


ion was


terminated


when


student


achieved


question


set mastery


two consecutive


tion


sets


or (b)


when


sess


time


limit,


approximately


0 min,


elapsed.


skill


practice mastery wa


achieved


during


sess


ion,


student


repeated


skill


practice


during


next


sess


subsequent


sess


ions


until


skill


practice


mastery was


achieved


total


th)In.


rnncarnati Uv


tctc


inne


,,w~~a ml


nimilm n


nno act


riii II


.


I











Social


Validation Measures


Social


validation wa


interest


as a


means


establishing


social


importance


i intervention


(Tawney


& Gast,


1984)


Three


level


social


validation


typically


include


goal


or intended


outcomes


research,


procedure


used


intervention,


desi gned


assess


and

the


practical


participants


sati


effect


faction w


Questionnaires

ith the


i n structional


program were


given


subject


(see Appendix H)


their


teachers


(see Appendix


an swer


format was


similar to


format


used


Maheady,


Harper,


Sacca


(1988)


assess


student


sati


faction with


peer


tutoring


program.


Prior


completing


questionnaire


teachers


conducted


an actual


education


conference with


each


subje


viewed


videotape


student


performance


from


baseline


sess


an end-


-training


data


interest


collection


study


was the


session.


specific


participant


feelings


information


about


general


importance


nonverbal


communication


behaviors,


feasibility


instructional


program,


effect


training


teacher


on the


sati


subject


faction


' nonverbal


results


behaviors.


reported


Subject


Chapter


Personnel


Performance Measure


Specified per


onnel


behaviors


were


deemed


relevant


th cEnn


i ctsnrv


intervpnt.inn


dA;t~a


rnll nrtinn


s


Iri I.iir


nrl *.











interviewer


. Prior


to beginning


instruction


each


step


strategy


strategy


trainer wa


required


demonstrate


understanding


intent


instruction


step


appropriate


use of


script and


material


relevant


behaviors


strategy


trainer


included


following the


script,


following the


sequencing


script,


using


material


correctly,


1989)


pecified


fluent


pacing


interviewers


behaviors


were


instruction


required


least


(King


display


observation


-Sears,


composite

n interval


The minimum performance


level


ired


smiling was


50%.


pertinent


behaviors


for the


interviewer were


looking


subject,

pacing d


smiling,


luring


following


conference


scri pted


During


questions,


fluent


course


investigation an 80% minimum performance


level


was de


ired


personnel


behavior


except


interviewer


smiling.


Addi tional


documentation of


instructional


consistency was


obtained


each


step


instruction


across


subjects


recording the


amount


time


spent


during


instruction


each


subject


Personnel


performance


results


are reported


Chapter


Independent


observer


recorded


appropriate


personnel


behaviors


using


time


ampling method


at 30


interval


first


4 min,


minimum,


instructional


sess


- 4Ie- a 1 a a J a ...2 I1 ... ....


~~~~*IUAL~~


n


1


r~










interval


box was


checked


indicate


occurrence


behavior


sound


prerecorded


tone.


Behavior


frequencies


were


converted


percentages


using


formula:


Behavior %


= behavior occurrence


observation


interval


100.


Interobserver


agreement


reliability


(point-by


was calculated


-point method)


total


nonoccurrence


percent


agreement.


formula


Interobserver


Reliability


agreement


reement


sagreemen


100.


nonoccurrence


agreement,


only


interval


in which


one or


both


servers


record


an occurrence were


used


calculation.


Interob


server


reliability


personnel


performance


measures


are reported


Chapter


Procedure


investigation was


divided


into


four


general


phases.


Personnel,


including


strategy


trainer,


interviewer,


observers,


were


trained


e One.


Phase


baseline


concurrent


generalization


Elli


, Lenz,


Sabornie,


1987a,


1987b)


data


were collected


on the


subject


' performance


NCBs


during


videotaped


simulated education


conference


with


interviewer


concurrent


video


general


recorded


action


simulated


measures


education


subject


conference


' NCB


were


fol owing


daily




Full Text
xml version 1.0 encoding UTF-8
REPORT xmlns http:www.fcla.edudlsmddaitss xmlns:xsi http:www.w3.org2001XMLSchema-instance xsi:schemaLocation http:www.fcla.edudlsmddaitssdaitssReport.xsd
INGEST IEID EP8UEOCJ8_HMJ1CD INGEST_TIME 2017-07-11T21:44:20Z PACKAGE AA00002107_00001
AGREEMENT_INFO ACCOUNT UF PROJECT UFDC
FILES



PAGE 1

$'2/(6&(176 :,7+ 3+<6,&$/ ,03$,50(176 0(7$&2*1,7,9( 352&('85(6 ,1 7+( $&48,6,7,21 $1' *(1(5$/,=$7,21 2) 1219(5%$/ &20081,&$7,21 %(+$9,256 %\ 67(3+$1,( /(( )5((0$1 &$53(17(5 $ ',66(57$7,21 35(6(17(' 72 7+( *5$'8$7( 6&+22/ 2) 7+( 81,9(56,7< 2) )/25,'$ ,1 3$57,$/ )8/),//0(17 2) 7+( 5(48,5(0(176 )25 7+( '(*5(( 2) '2&725 2) 3+,/2623+< 81,9(56,7< 2) )/25,'$ 81,9(56,7< *) )/25,'$ /,%5$5,(6

PAGE 2

&RS\ULJKW E\ 6WHSKDQLH /HH )UHHPDQ &DUSHQWHU

PAGE 3

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f f f P

PAGE 4

$ODQ *RXUOD\ DFFRPSDQLHG PH WR REVHUYH VFKRRO VLWH SHUVRQQHO DQG HYHQ VHHPHG WR HQMR\ KLV SDUWLFLSDWLRQ LQ WKH SURMHFW /RUULH .RYDFV JDYH PDQ\ KRXUV DV WKH FRQIHUHQFH LQWHUYLHZHU DW WKH HQG RI WKH VHPHVWHU ZKHQ KHU FRXUVH ZRUN DQG SHUVRQDO REOLJDWLRQV ZHUH WKH KHDYLHVW 6KH ZDV D JUHDW VRXUFH RI KHOS DQG HQFRXUDJHPHQW .LPEHUO\ 7HUU\ JDYH KHU WLPH DV D VXEVWLWXWH LQWHUYLHZHU VR WKDW ZH ZRXOG QRW ORVH SUHFLRXV WUDLQLQJ GD\V 9LFWRULD 0RULQ ZDV WKH VWUDWHJ\ WUDLQHU ZKR PDGH WKH ,0$*(6 SURFHGXUHV FRPH DOLYH IRU WKH VWXGHQWV DQG IRU PH 1RW WR EH RYHUORRNHG DUH WKH WHDFKHUV DW WKH VFKRRO &ODXGLD 6LGHUV DQG -R$QQH )LVNH 7KH\ QRW RQO\ VKDUHG WKHLU YHU\ VSHFLDO VWXGHQWV ZLWK PH EXW WKH\ ZHOFRPHG PH LQWR WKHLU FODVVURRP DQG ZHUH SDWLHQW ZKHQ VFKHGXOLQJ FKDQJHV RFFXUUHGf§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

PAGE 5

ZRUN 6WDFH\nV QRWHV RQ Q?\ SLOORZ ZHUH DOZD\V FKHULVKHG 6WHYHQnV TXLHW ZRUGV WKDW VRPH WKLQJV QHYHU FKDQJH UHDVVXUHG PH RI RXU VSHFLDO ERQG /RYLQJ WKDQNV DUH DOVR JLYHQ WR P\ KXVEDQG 6WHYH 7KHUH LVQnW D SODFH WR EHJLQ H[SUHVVLQJ P\ DSSUHFLDWLRQ ZLWKRXW OHDYLQJ VRPHWKLQJ RXW )RUHPRVW KH KDV HQFRXUDJHG DQG VXVWDLQHG PH ZLWK KLV VWHDGIDVW ORYH Y

PAGE 6

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f ,QGLYLGXDOV ZLWK 3K\VLFDO ,PSDLUPHQWV 0RWLYDWLRQ DQG 3HUFHLYHG 3HUVRQDO &RQWURO $WWLWXGHV &RQVHTXHQFHV RI $WWLWXGHV 5ROH H[SHFWDWLRQV 6HOI(IILFDF\ YL

PAGE 7

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f %DVHOLQH &RQGLWLRQ DQG &RQFXUUHQW *HQHUDOL]DWLRQ 3KDVH 7ZRf ,QVWUXFWLRQDO ,QWHUYHQWLRQ 3KDVH 7KUHHf 6WUDWHJ\ LQVWUXFWLRQDO SURFHGXUHV ,QVWUXFWLRQDO PDWHULDOV ,QVWUXFWLRQDO VHWWLQJ 6XEVHTXHQW *HQHUDOL]DWLRQ 3KDVH )RXUf ([SHULPHQWDO 'HVLJQ DQG $QDO\VLV ([SHULPHQWDO 'HVLJQ 'DWD 'LVSOD\ DQG $QDO\VLV ,9 5(68/76 0HDVXUHPHQW 6\VWHPV 3HUVRQQHO 3HUIRUPDQFH 0HDVXUHV 6WUDWHJ\ 7UDLQHU ,QWHUYLHZHUV 6XEMHFW 1RQYHUEDO &RPPXQLFDWLRQ %HKDYLRU 0HDVXUHV ,QWHUREVHUYHU 5HOLDELOLW\ IRU 6(&V ,OO ,QWHUYLHZHU7HDFKHU 6SHDNLQJ ,OO 5HVHDUFK 4XHVWLRQV 6XEMHFW 2QH 1&%f§VLWWLQJXS VWUDLJKW 686f 9LO

PAGE 8

1&%f§H\H FRQWDFW (&f 1&%KHDG QRGV +1Vf 6XPPDU\ 6XEMHFW 7ZR 1&%f§VLWWLQJXS VWUDLJKW 686f 1&%H\H FRQWDFW (&f 1&%f§DUPV DQG KDQGV RQ WDEOH $+7f 6XPPDU\ 6XEMHFW 7KUHH 1&%f§VLWWLQJXS VWUDLJKW 686f 1&%f§H\H FRQWDFW (&f 1&%f§VPLOLQJ 60f 6XPPDU\ 6XEMHFW )RXU 1&%f§VLWWLQJXS VWUDLJKW 686f 1&%f§H\H FRQWDFW (&f 1&%f§VPLOLQJ 60f 6XPPDU\ 6XEMHFW )LYH 1&%f§VLWWLQJXS VWUDLJKW 686f 1&%f§H\H FRQWDFW (&f 1&%f§DUPV DQG KDQGV RQ WDEOH $+7f 6XPPDU\ 6RFLDO 9DOLGDWLRQ 0HDVXUHV 6XEMHFW 6DWLVIDFWLRQ 7HDFKHU 6DWLVIDFWLRQ 6XPPDU\ 1RQYHUEDO &RPPXQLFDWLRQ %HKDYLRUV 5HVHDUFK 4XHVWLRQV 9 ',6&866,21 5HYLHZ RI 3XUSRVH /LWHUDWXUH DQG 0HWKRGV 5HYLHZ RI 3XUSRVH 5HYLHZ RI /LWHUDWXUH 5HYLHZ RI 0HWKRGV 6XPPDU\ DQG $QDO\VLV RI 5HVXOWV 'LVFXVVLRQ DQG ,PSOLFDWLRQV $GROHVFHQWV ZLWK 3K\VLFDO ,PSDLUPHQWV 6WUDWHJ\ ,QVWUXFWLRQ *HQHUDOL]DWLRQ /LPLWDWLRQV 6XJJHVWLRQV IRU )XWXUH 5HVHDUFK 6XPPDU\ $33(1',&(6 $ ,167,787,21$/ 5(9,(: %2$5' $33529$/ % 3$5(17 $1' 678'(17 ,1)250(' &216(17 YLQ

PAGE 9

& 678'(17 0$7(5,$/6 6,08/$7(' ('8&$7,21$/ &21)(5(1&( 6&5,37 $1' 48(67,216 ( 6&25(5 23(5$7,21$/ '(),1,7,216 2) 1219(5%$/ &20081,&$7,21 %(+$9,256 ) 1219(5%$/ &20081,&$7,21 %(+$9,25 5(&25',1* )250 675$7(*< 75$,1,1* 6&25( 6+((76 + 678'(17 6$7,6)$&7,21 48(67,211$,5( 7($&+(5 6$7,6)$&7,21 48(67,211$,5( ,17(59,(:(5 7,0( 6$03/,1* 5(&25',1* )250 675$7(*< 75$,1(5 7,0( 6$03/,1* 5(&25',1* )250 / 3(56211(/ 75$,1,1* $*(1'$ 0 287/,1( 2) ,0$*(6 ,16758&7,21$/ 352&('85(6 1 ,0$*(6 6&5,37(' /(6621 6$03/( ,0$*(6 ,1)250$7,21 6+((76 5()(5(1&(6 %,2*5$3+,&$/ 6.(7&+ L[

PAGE 10

/,67 2) 7$%/(6 7DEOH 3DJH /RFXV RI &RQWURO /2&f DQG 0RWLYDWLRQ LQ 6WXGHQWV ZLWK 3K\VLFDO ,PSDLUPHQWV 6WXGLHV RI 1RQYHUEDO &RPPXQLFDWLRQ 3DWWHUQV 7HVW 6FRUHV IRU 6XEMHFWVn /HYHO RI ,QWHOOHFWXDO )XQFWLRQLQJ 6XEMHFWVn 0RVW 5HFHQW &DOLIRUQLD $FKLHYHPHQW 7HVW 6FRUHV 6XPPDU\ RI ,QVWUXFWLRQDO DQG 3HUVRQQHO &RQGLWLRQV 'XULQJ 6WUDWHJ\ 7UDLQLQJ DQG 6LPXODWHG (GXFDWLRQ &RQIHUHQFHV 3HUFHQWDJH RI 6WUDWHJ\ 7UDLQHU ,QVWUXFWLRQDO %HKDYLRUV ([KLELWHG $FURVV 6XEMHFWV DQG 6HVVLRQV 3HUFHQWDJH RI $SSURSULDWH ,QWHUYLHZHU %HKDYLRUV ([KLELWHG $FURVV 6HVVLRQV IRU (DFK 6XEMHFW 6XPPDU\ RI 9LVXDO $QDO\VLV RI %DVHOLQH %/f DQG &RQFXUUHQW *HQHUDOL]DWLRQ &*f 'DWD 3ORWWHG LQ )LJXUH IRU 6XEMHFW 1RQYHUEDO &RPPXQLFDWLRQ %HKDYLRUV 1&%Vf 6XPPDU\ RI 9LVXDO $QDO\VLV RI %DVHOLQH %/f DQG &RQFXUUHQW *HQHUDOL]DWLRQ &*f 'DWD 3ORWWHG LQ )LJXUH IRU 6XEMHFW 1RQYHUEDO &RPPXQLFDWLRQ %HKDYLRUV 1&%Vf 6XPPDU\ RI 9LVXDO $QDO\VLV RI %DVHOLQH %/f DQG &RQFXUUHQW *HQHUDOL]DWLRQ &*f 'DWD 3ORWWHG LQ )LJXUH IRU 6XEMHFW 1RQYHUEDO &RPPXQLFDWLRQ %HKDYLRUV 1&%Vf [

PAGE 11

6XPPDU\ RI 9LVXDO $QDO\VLV RI %DVHOLQH %/f DQG &RQFXUUHQW *HQHUDOL]DWLRQ &*f 'DWD 3ORWWHG LQ )LJXUH IRU 6XEMHFW 1RQYHUEDO &RPPXQLFDWLRQ %HKDYLRUV 1&%Vf 6XPPDU\ RI 9LVXDO $QDO\VLV RI %DVHOLQH %/f DQG &RQFXUUHQW *HQHUDOL]DWLRQ &*f 'DWD 3ORWWHG LQ )LJXUH IRU 6XEMHFW 1RQYHUEDO &RPPXQLFDWLRQ %HKDYLRUV 1&%Vf 6XPPDU\ RI 6XEMHFW 1 f 6DWLVIDFWLRQ 5HVSRQVHV 6XPPDU\ RI 7HDFKHU 6DWLVIDFWLRQ 5HVSRQVHV 6XPPDU\ RI 7HDFKHU 1 f 6DWLVIDFWLRQ 5HVSRQVHV IRU ,PSURYHPHQWV LQ 6XEMHFWVn 1 f 6SHFLILF 1RQYHUEDO &RPPXQLFDWLRQ %HKDYLRUV [L

PAGE 12

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f ZHUH H[KLELWHG E\ 6XEMHFWV 3HUFHQWDJH RI VHFRQG LQWHUYDOV LQ ZKLFK WKH QRQYHUEDO FRPPXQLFDWLRQ EHKDYLRUV ZHUH REVHUYHG IRU 6XEMHFW 3HUFHQWDJH RI VHFRQG LQWHUYDOV LQ ZKLFK WKH QRQYHUEDO FRPPXQLFDWLRQ EHKDYLRUV ZHUH REVHUYHG IRU 6XEMHFW 3HUFHQWDJH RI VHFRQG LQWHUYDOV LQ ZKLFK WKH QRQYHUEDO FRPPXQLFDWLRQ EHKDYLRUV ZHUH REVHUYHG IRU 6XEMHFW 3HUFHQWDJH RI VHFRQG LQWHUYDOV LQ ZKLFK WKH QRQYHUEDO FRPPXQLFDWLRQ EHKDYLRUV ZHUH REVHUYHG IRU 6XEMHFW [LL

PAGE 13

$EVWUDFW RI 'LVVHUWDWLRQ 3UHVHQWHG WR WKH *UDGXDWH 6FKRRO RI WKH 8QLYHUVLW\ RI )ORULGD LQ 3DUWLDO )XOILOOPHQW RI WKH 5HTXLUHPHQWV IRU WKH 'HJUHH RI 'RFWRU RI 3KLORVRSK\ $'2/(6&(176 :,7+ 3+<6,&$/ ,03$,50(176 0(7$&2*1,7,9( 352&('85(6 ,1 7+( $&48,6,7,21 $1' *(1(5$/,=$7,21 2) 1219(5%$/ &20081,&$7,21 %(+$9,256 %\ 6WHSKDQLH /HH )UHHPDQ &DUSHQWHU $XJXVW &KDLUPDQ 0DU\ '\NHV 0DMRU 'HSDUWPHQW 6SHFLDO (GXFDWLRQ $GROHVFHQWV ZLWK SK\VLFDO LPSDLUPHQWV 3,f H[KLELW D GLYHUVH UDQJH RI SK\VLFDO KHDOWK FRJQLWLYH FRPPXQLFDWLYH VHQVRU\ DQG SV\FKRVRFLDO DELOLWLHV WKDW DIIHFW WKHLU LQWHUDFWLRQV ZLWK RWKHU LQGLYLGXDOV 1RQYHUEDO FRPPXQLFDWLRQ EHKDYLRUV 1&%Vf DUH RQH DVSHFW RI LQWHUDFWLRQV LQ ZKLFK G\VIXQFWLRQDO SDWWHUQV DUH HYLGHQW EHWZHHQ LQGLYLGXDOV ZLWK YDULRXV SK\VLFDO LPSDLUPHQWV DQG QRQKDQGLFDSSHG SHUVRQV $OWKRXJK 1&% WUDLQLQJ KDV EHHQ UHFRPPHQGHG IRU LQGLYLGXDOV ZLWK 3, VSHFLILF WUDLQLQJ SURFHGXUHV KDYH QRW EHHQ UHSRUWHG $ QRQYHUEDO FRPPXQLFDWLRQ WUDLQLQJ SURFHGXUH ZDV GHYHORSHG IRU XVH ZLWK DGROHVFHQWV ZLWK 3, 3ULQFLSOHV IURP PHWDFRJQLWLRQ DQG PRWLYDWLRQ UHVHDUFK UHODWHG WR LQFUHDVLQJ VWXGHQWVn VLWXDWLRQDO SHUIRUPDQFH DQG WKH OLNHOLKRRG RI WUDQVIHUULQJ OHDUQHG EHKDYLRUV WR QHZ VLWXDWLRQV ZHUH LQFOXGHG $ PXOWLSOH EDVHOLQH VLQJOH VXEMHFW GHVLJQ DFURVV EHKDYLRUV 1 f ZDV XVHG WR HYDOXDWH WKH HIIHFWV RI WKH SURFHGXUH RQ WKH f f f [P

PAGE 14

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n UHFDOO RI WKH SUREOHPVROYLQJ VWHSV 7KH 1&%V LQFOXGHG VLWWLQJXSVWUDLJKW SRVLWLRQ RI DUPV DQG KDQGV IRUZDUG OHDQ H\H FRQWDFW VPLOLQJ DQG KHDG QRGV 'DWD IURP HDFK VXEMHFW ZHUH GLVSOD\HG UHODWHG WR OHYHO YDULDELOLW\ DQG WUHQG 7KH VXEMHFWV 1 f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

PAGE 15

f&+$37(5 ,1752'8&7,21 7KH EUHDGWK RI HGXFDWLRQDO VHUYLFHV IRU FKLOGUHQ DQG \RXWK ZLWK SK\VLFDO LPSDLUPHQWV KDV H[SDQGHG GUDPDWLFDOO\ VLQFH WKH HQG RI WKH QLQHWHHQWK FHQWXU\ ZKHQ FODVVHV IRU FULSSOHG FKLOGUHQ ZHUH ILUVW HVWDEOLVKHG LQ ODUJHU FLWLHV LQ WKH 8QLWHG 6WDWHV &RQQRU 6FDQGDU\ t 7XOORFK '\NHV f 7KH JURZWK LQ HGXFDWLRQDO RSSRUWXQLWLHV IRU \RXWK ZLWK SK\VLFDO LPSDLUPHQWV KDV SDUDOOHOHG DQG RYHUODSSHG WKH H[SDQVLRQ RI HGXFDWLRQ SURJUDPV IRU RWKHU H[FHSWLRQDO \RXWK VXFK DV WKRVH VXVSHFWHG RI KDYLQJ EUDLQ LQMXU\ 0HUFHU f 7KH FRPPLWPHQW DW WKH IHGHUDO OHYHO WR HGXFDWLRQ VHUYLFHV IRU VWXGHQWV ZLWK KDQGLFDSV KDV LQFOXGHG VWXGHQWV ZLWK SK\VLFDO LPSDLUPHQWV VSHFLILFDOO\ 6LQFH WKH SDVVDJH RI 7KH (GXFDWLRQ IRU $OO +DQGLFDSSHG &KLOGUHQ $FW LQ WKH LQLWLDWLYH WR SURYLGH PRUH FRPSUHKHQVLYH HGXFDWLRQDO SURJUDPPLQJ WR VWXGHQWV ZLWK KDQGLFDSV KDV FRQWLQXHG WKURXJK SURYLVLRQV LQFOXGHG LQ 3XEOLF /DZ DQG PRUH UHFHQWO\ 6HQDWH %LOO .HQQHG\ f 'XH WR WKH SUHVHQFH DQG QDWXUH RI SK\VLFDOO\ GLVDEOLQJ FRQGLWLRQV WKH HGXFDWLRQDO QHHGV RI VWXGHQWV ZLWK SK\VLFDO LPSDLUPHQWV KDYH EHHQ VRPHZKDW GLIIHUHQW WKDQ WKH QHHGV RI RWKHU H[FHSWLRQDO SRSXODWLRQV $GROHVFHQWV ZLWK SK\VLFDO LPSDLUPHQWV

PAGE 16

H[KLELW D GLYHUVH UDQJH RI SK\VLFDO KHDOWK FRJQLWLYH VSHHFK VHQVRU\ DQG SV\FKRVRFLDO DELOLWLHV 7KHVH VWXGHQWV KDYH EHHQ LQFOXGHG LQ WKH FDWHJRULHV RUWKRSHGLFDOO\ LPSDLUHG DQG RWKHU KHDOWK LPSDLUHG ZLWKLQ WKH UXOHV DQG UHJXODWLRQV RI 3XEOLF /DZ 7KH HPSKDVLV LQ WKH 3/ GHILQLWLRQV KDV EHHQ RQ WKH SK\VLFDO FRQGLWLRQV WKDW PD\ DIIHFW HGXFDWLRQDO SHUIRUPDQFH 6WXGHQWV ZLWK SK\VLFDO LPSDLUPHQWV PD\ DOVR KDYH DVVRFLDWHG FRJQLWLYH VHQVRU\ RU VRFLDOHPRWLRQDO SUREOHPV WKDW PXVW EH FRQVLGHUHG LQ HGXFDWLRQDO SODQQLQJ %LJJH t 6LUYLV -RQHV /\OH t 2EULQJHU 6LPHRQVVRQ 6LUYLV :LOOLDPVRQ f $V VWLSXODWHG LQ 3/ FKLOGUHQ ZLWK KDQGLFDSV KDYH WKH ULJKW WR UHFHLYH D IUHH DSSURSULDWH SXEOLF HGXFDWLRQ LQ WKH OHDVW UHVWULFWLYH HQYLURQPHQW )HGHUDO 5HJLVWHU S f 7KH OHDVW UHVWULFWLYH HGXFDWLRQDO SODFHPHQW IRU VWXGHQWV ZLWK SK\VLFDO LPSDLUPHQWV 3,f KDV EHHQ LGHQWLILHG DV FODVVURRPV ZLWK QRQKDQGLFDSSHG 1+f SHHUV :DONHU f $OWKRXJK VRPH FRQGLWLRQV VXFK DV FHUHEUDO SDOV\ RU P\HORPHQLQJRFHOH KDYH EHHQ UHSRUWHG WR SUHVHQW DQ LQFUHDVHG ULVN RI PHQWDO UHWDUGDWLRQ WKH PDMRULW\ RI \RXWK ZLWK 3, KDYH QRUPDO LQWHOOLJHQFH :HLW]PDQ f RU KDYH FRJQLWLYH SURILOHV LQGLFDWLYH RI D SUHVHQFH RI OHDUQLQJ GLVDELOLWLHV 6LPHRQVVRQ :LOOLDPVRQ f 8QGHUDFKLHYHPHQW KDV EHHQ D SUREOHP IRU VRPH FKURQLFDOO\ LOO FKLOGUHQ EXW WKH DFDGHPLF DFKLHYHPHQW RI RWKHU VWXGHQWV ZLWK 3, LQ UHJXODU FODVVHV KDV VXUSDVVHG WKHLU DFKLHYHPHQW LQ VHJUHJDWHG

PAGE 17

VHWWLQJV &DUU +DOOLZHOO t 3HDUVRQ &HQWHU t :DUG f DQG HTXDOHG RU H[FHHGHG WKH DFKLHYHPHQW RI 1+ VWXGHQWV *UHJRU\ 6KDQDKDQ t :DOEHUJ D Ef 8OWLPDWHO\ XQOHVV WKH VWXGHQWnV SK\VLFDO ZHOO EHLQJ LV LQ MHRSDUG\ OHDUQLQJ QHHGV QRW WKH SUHVHQFH RI D SK\VLFDO LPSDLUPHQW RU WKH XVH RI RUWKRVHV DQG VSHFLDOL]HG PHGLFDO HTXLSPHQW VKRXOG EH XVHG WR GHWHUPLQH RSWLPDO HGXFDWLRQDO SODFHPHQW 6LUYLV f $SSURSULDWH UHODWHG VHUYLFHV '\NHV t 9HQQ f DQG FRPSUHKHQVLYH SURJUDPV 0RUJDQ f KDYH EHHQ XVHG WR HQKDQFH WKH SUREDELOLW\ RI VWXGHQWVn VXFFHVV LQ UHJXODU FODVVURRPV 7KH IRUHPRVW JRDO RI HGXFDWLRQDO SURJUDPV IRU VWXGHQWV ZLWK 3, KDV EHHQ WR HTXLS WKHP ZLWK WKH SK\VLFDO DQG VRFLDO DGDSWDWLRQV 6LUYLV f DV ZHOO DV FRPPXQLFDWLRQ QHFHVVDU\ IRU VXFFHVVIXO DGXOW OLYHV LQ ZKLFK WKH LQGLYLGXDO LV LQGHSHQGHQW SURGXFWLYH DQG LQWHJUDWHG LQ WKH FRPPXQLW\ %HOODP\ :LOFR[ 5RVH t 0F'RQQHOO S f ,Q DGGLWLRQ WR DFDGHPLF SHUIRUPDQFH WKH HIILFDF\ RI VHUYLFH GHOLYHU\ KDV EHHQ HYDOXDWHG XVLQJ RXWFRPH PHDVXUHV VXFK DV VHOIHVWHHP FRPSHWHQF\ DQG DXWRQRP\ PRELOLW\ DQG LQGHSHQGHQFH DFWLYLW\ OHYHO VRFLDO UROH SHUIRUPDQFH DQG FRPPXQLFDWLRQ VNLOOV %UXQVZLFN f 7KH LQWHUGHSHQGHQW UHODWLRQVKLS DPRQJ WKHVH DUHDV KDV SUHVHQWHG DQ DGGLWLRQDO FKDOOHQJH WR SURIHVVLRQDOV DWWHPSWLQJ WR PD[LPL]H WKH RSSRUWXQLW\ IRU \RXWK ZLWK 3, WR EHFRPH VXFFHVVIXO DGXOWV 0XONH\ t %UHFKLQ 1HOVRQ )LVFKHU t 5XEHQVWHLQ f

PAGE 18

7KH VHOIFRQFHSWV RI VWXGHQWV ZLWK 3, KDYH EHHQ UHODWHG WR WKH PHDQLQJIXO QHVV RI DFWLYLWLHV LQ ZKLFK WKH\ HQJDJH 0DUJDO LW t &DVVHO6HLGHQPDQ f DQG WKH GHJUHH RI LQGHSHQGHQFH DQG VHOI HIILFDF\ WKDW WKH\ H[SHULHQFH 3DOPHU 6WLHJOLW] /RPEDUGL t +HQILHOG f ,Q WXUQ VWXGHQWVn PRWLYDWLRQDO RULHQWDWLRQV KDYH DIIHFWHG VHOIHIILFDF\ VHOIHIILFDF\ KDV LQIOXHQFHG FKRLFH RI DFWLYLWLHV 6FKXQN f DQG FKRLFH RI DFWLYLWLHV KDV DIIHFWHG WKH OHYHO RI LQGHSHQGHQFH DFKLHYHG 3DOPHU HW DO f $ F\FOLF SDWWHUQ KDV EHHQ HVWDEOLVKHG WKDW KDV WKH SRWHQWLDO WR HQKDQFH RU KLQGHU VWXGHQWVn DFTXLVLWLRQ RI OLIH VNLOOV 7KH VRFLDO H[SHULHQFHV RI DGROHVFHQWV ZLWK 3, KDYH GLIIHUHG IURP WKRVH RI WKHLU 1+ SHHUV LQ WHUPV RI TXDQWLW\ DQG TXDOLW\ %URZQ t *RUGRQ 0F$QDUQH\ 7LQ t 7HDVGDOH f 'LIIHUHQFHV LQ WKH FRPPXQLFDWLRQ SDWWHUQV RI 1+ LQGLYLGXDOV DQG VWXGHQWV ZLWK 3, KDYH EHHQ UHSRUWHG &RQYHUVDWLRQDO DGMXVWPHQWV KDYH EHHQ PDGH E\ 1+ LQGLYLGXDOV EDVHG RQ WKHLU SHUFHSWLRQV RI WKH SHUVRQ ZLWK 3, +DFNQH\ 7KRPSVRQ f 7KHVH DGMXVWPHQWV KDYH LQGLFDWHG D UHODWLRQVKLS WKDW LV XQHTXDO LQ VWDWXV 'RQDOGVRQ f RU KDYH UHLQIRUFHG OHDUQHG KHOSOHVVQHVV LQ WKH VWXGHQW ZLWK 3, :LVHPDQ (PU\ 0RUJDQ t 0HVVDPHU f 3HUFHSWLRQV DERXW WKH OLVWHQHU KDYH DOVR DIIHFWHG WKH FRQYHUVDWLRQDO SDWWHUQV GLVSOD\HG E\ LQGLYLGXDOV ZLWK 3, 'LIIHUHQFHV LQ LQWHUSHUVRQDO FRPPXQLFDWLRQ EHKDYLRUV RI LQGLYLGXDOV ZLWK 3, LQFOXGLQJ QRQYHUEDO EHKDYLRUV KDYH EHHQ DIIHFWHG E\ WKH SUHVHQFH RU DEVHQFH RI D SK\VLFDO LPSDLUPHQW LQ

PAGE 19

WKH OLVWHQHU &RPHU t 3LOLDYLQ f 0RUHRYHU GHILFLHQFLHV LQ OLVWHQHU DGDSWDWLRQ VNLOOV DQG ORZ FRPPXQLFDWLYH IUHTXHQF\ VFRUHV KDYH EHHQ FKDUDFWHULVWLF RI PDLQVWUHDPHG VWXGHQWV ZLWK 3, LQ FRPSDULVRQ WR 1+ SHHUV 7KRPSVRQ f $OWHUDWLRQV LQ FRPPXQLFDWLRQ SDWWHUQV WKDW DUH QHJDWLYHO\ DVVRFLDWHG ZLWK WKH SUHVHQFH RI D SK\VLFDO LPSDLUPHQW DUH OLNHO\ WR LQIOXHQFH WKH GHYHORSPHQW RI SRVLWLYH VHOIFRQFHSWV LQGHSHQGHQFH DQG VRFLDOL]DWLRQ RI \RXWK ZLWK 3, :LVHPDQ HW DO f $VSHFWV RI SK\VLFDO LPSDLUPHQWV WKDW KDYH EHHQ DVVRFLDWHG ZLWK DOWHUHG FRPPXQLFDWLRQ SDWWHUQV LQFOXGH VWUXFWXUDO DQRPDOLHV VHQVRU\ GHILFLWV PRYHPHQW DQG FRRUGLQDWLRQ LUUHJXODULWLHV PRELOLW\ FRQVWUDLQWV VWDPLQD OLPLWDWLRQV DQG DEQRUPDO RUDPRWRU SDWWHUQV 'H/RDFK t *UHHU 5LFKDUGVRQ f $GROHVFHQWV ZLWK 3, PD\ UHTXLUH H[SOLFLW WUDLQLQJ LQ VNLOOV UHODWHG WR LQGHSHQGHQFH &RXSH\ t &RKHQ /HYHQVRQ t &RRSHU 0RUJDQ 7XUQEXOO t 7XUQEXOO f VRFLDOL]DWLRQ 0DUJDOLW t &DVVHO6HLGHQPDQ f DQG FRPPXQLFDWLRQ &RNHU t &RNHU 'H/RDFK t *UHHU f ,Q FRQFOXVLRQ HGXFDWLRQDO SURJUDPPLQJ IRU VWXGHQWV ZLWK 3, LQ DGGLWLRQ WR WUDGLWLRQDO DFDGHPLFV PXVW DGGUHVV D ZLGH YDULHW\ RI SK\VLFDO KHDOWK FRJQLWLYH VSHHFK VHQVRU\ PRWLYDWLRQDO DQG SV\FKRVRFLDO QHHGV DFURVV DOO GRPDLQV WKDW DUH FUXFLDO WR DFKLHYLQJ DXWRQRP\ DV DGXOWV 7KH SDWWHUQV RI FRLPLXQLFDWLRQ EHWZHHQ LQGLYLGXDOV ZLWK 3, DQG 1+ SHUVRQV SRWHQWLDOO\ LPSDFW DOO DUHDV UHODWHG WR LQGHSHQGHQW IXQFWLRQLQJ 3ODFHPHQW LQ LQWHJUDWHG

PAGE 20

VHWWLQJV UHSUHVHQWV RQH DVSHFW RI SURJUDPPLQJ WKDW DSSUR[LPDWHV WKH QRUPV DQG FRQGLWLRQV RI HYHU\GD\ OLIH H[SHULHQFHG E\ 1+ LQGLYLGXDOV 0DLQVWUHDP SODFHPHQWV DORQH GR QRW HQVXUH WKDW DGROHVFHQWV ZLWK 3, ZLOO DFTXLUH WKH UHTXLVLWH VNLOOV WR EHFRPH LQGHSHQGHQW SURGXFWLYH DQG DXWRQRPRXV DGXOWV 0RUJDQ f KRZHYHU PDLQVWUHDP SODFHPHQW LV UHDOLVWLF DQG SUHIHUDEOH LI WKH DSSURSULDWH UHODWHG VHUYLFHV DUH SURYLGHG :DONHU f DQG LI HGXFDWLRQDO REMHFWLYHV IRFXV RQ WKH VWXGHQW ZLWK 3, DFKLHYLQJ LQGHSHQGHQFH 0RUJDQ f 6WDWHPHQW RI WKH 3UREOHP 3URIHVVLRQDOV IURP HGXFDWLRQ DQG KHDOWK VFLHQFH GLVFLSOLQHV KDYH ZRUNHG WRJHWKHU WR GHVLJQ DQG LPSOHPHQW WKHUDSHXWLF DQG HGXFDWLRQDO SURJUDPV WR IDFLOLWDWH WKH SURJUHVV RI VWXGHQWV ZLWK 3, LQ UHJXODU DQG VSHFLDO HGXFDWLRQ VHWWLQJV +DOO t 3RUWHU f ,QWHUYHQWLRQV KDYH IRFXVHG RQ WKH VWXGHQWV ZLWK 3, RU RQ LQGLYLGXDOV LQ WKH VWXGHQWVn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

PAGE 21

VWUXFWXUH QHHGHG IRU WKH VWXGHQWV WR DSSO\ WKH VNLOO LQ IXWXUH HYHQWV :LWKLQ D OLIH VSDQ SHUVSHFWLYH LQWHUYHQWLRQV DUH QHHGHG WKDW Df DGGUHVV WKH XQLTXH FKDUDFWHULVWLFV VWUHQJWKV DQG OLPLWDWLRQV RI LQGLYLGXDO VWXGHQWV ZLWK 3, DFURVV VHWWLQJV Ef HQKDQFH LQWHUDFWLRQV ZLWK 1+ LQGLYLGXDOV Ff LQFRUSRUDWH PRWLYDWLRQDO SULQFLSOHV DQG Gf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n WHDFKHUV ZLWK WKH VWXGHQWVn QRQYHUEDO FRPPXQLFDWLRQ EHKDYLRUV GXULQJ DQ HGXFDWLRQDO FRQIHUHQFH

PAGE 22

5DWLRQDOH RI WKH 6WXG\ 'LIILFXOWLHV DVVRFLDWHG ZLWK VHOIHVWHHP LQGHSHQGHQFH VRFLDOL]DWLRQ DQG FRPPXQLFDWLRQ DUH FKDUDFWHULVWLF RI DGROHVFHQWV ZLWK 3, 7KHVH DUHDV RI IXQFWLRQLQJ RIWHQ KDYH EHHQ DSSURDFKHG IURP D IUDJPHQWHG SHUVSHFWLYH LQ ZKLFK SUREOHPV ZLWKLQ HDFK ZHUH DGGUHVVHG VHSDUDWHO\ $ PRUH FRPSUHKHQVLYH DSSURDFK LV WR LGHQWLI\ EHKDYLRU FRPSRQHQWV WKDW FRQFXUUHQWO\ VSDQ VHYHUDO DUHDV RI IXQFWLRQLQJ *XHVV t +HOPVWHWWHU 6DLORU t *XHVV 2UHO RYH t 6REVH\ f DQG WR XVH SURFHGXUHV LQ ZKLFK WKH SURFHVV DV ZHOO DV WKH FRQWHQW FRQWULEXWHV WR JRDO DWWDLQPHQW 1RQYHUEDO FRQPXQL FDWLRQ VNLOOV UHSUHVHQW RQH JURXS RI EHKDYLRUV WKDW PD\ EH LQWHJUDWHG LQWR WKH VWXGHQWVn EHKDYLRUDO UHSHUWRLUH WR HQKDQFH FRPSHWHQFH LQ FRPPXQLFDWLRQ LQWHUDFWLRQV DFURVV VHYHUDO GRPDLQV ,QVWUXFWLRQDO SURFHGXUHV EDVHG RQ PRWLYDWLRQDO DQG PHWDFRJQLWLYH SULQFLSOHV QRW RQO\ IDFLOLWDWH WKH UHPHGLDWLRQ RI LGHQWLILHG VNLOO GHILFLWV EXW SURYLGH D VWUDWHJ\ IRU VWXGHQWV WR EHFRPH VHOI UHOLDQW LQ DSSURDFKLQJ IXWXUH VLWXDWLRQV DFURVV D YDULHW\ RI VHWWLQJV ,QGLYLGXDOV ZLWK 3, KDYH EHHQ FKDUDFWHUL]HG DV DSSUHKHQVLYH FRPPXQLFDWRUV ZKR DYRLG VRFLDO VLWXDWLRQV DQG FRPPXQLFDWLRQ LQWHUDFWLRQV &RNHU t &RNHU f 6HYHUDO YDULDEOHV PD\ EH UHVSRQVLEOH IRU WKLV VLWXDWLRQ )LUVW GLIILFXOWLHV LQ FRPPXQLFDWLQJ ZLWK RWKHUV DUH UHLQIRUFHG LQ LQGLYLGXDOV ZLWK 3, ERWK E\ ORZ VHOIHVWHHP DQG GLPLQLVKHG VHOIHIILFDF\ &RNHU t &RNHU f 6HFRQG PRYHPHQW DQG FRRUGLQDWLRQ LUUHJXODULWLHV

PAGE 23

WKDW DUH DVVRFLDWHG ZLWK WKH LPSDLUPHQW PD\ SUHFOXGH WKH DFTXLVLWLRQ RU XVH RI VRFLDOO\ H[SHFWHG QRQYHUEDO EHKDYLRUV 'H/RDFK t *UHHU :LVHPDQ HW DO f )LQDOO\ PXWXDO PLVSHUFHSWLRQV EHWZHHQ 1+ LQGLYLGXDOV DQG LQGLYLGXDOV ZLWK 3, UHJDUGLQJ FRPPXQLFDWLRQ LQWHQW PD\ SHUSHWXDWH G\VIXQFWLRQDO SDWWHUQV RI FRPPXQLFDWLRQ %UDLWKZDLWH (PU\ t :LVHPDQ &RNHU t &RNHU :LVHPDQ HW DO f %HKDYLRUV UHODWHG WR QRQYHUEDO FRPPXQLFDWLRQ FRQWULEXWH RYHU KDOI RI WKH WRWDO LQIRUPDWLRQ WUDQVPLWWHG LQ D FRPPXQLFDWLYH H[FKDQJH &RNHU t &RNHU )DVW f 1RQYHUEDO FRPPXQLFDWLRQ EHKDYLRUV 1&%Vf LQFOXGH IDFLDO H[SUHVVLRQV H\H EHKDYLRU SRVWXUH DQG ERG\ PRYHPHQWV DV ZHOO DV SK\VLFDO DSSHDUDQFH WRXFK DQG SUR[HPLFV &RNHU t &RNHU 'H/RDFK t *UHHU f 7KH PHVVDJHV WKDW DUH VHQW WKURXJK 1&%V DIIHFW WKH ZD\ WKDW WKH PHVVDJH UHFLSLHQW YLHZV WKH VHQGHU $V WKH UHVXOW RI WKHLU 1&%V LQGLYLGXDOV PD\ EH YLHZHG DV HLWKHU LQWHUHVWHG RU GLVLQWHUHVWHG UHVSRQVLYH RU XQUHVSRQVLYH DSSURDFKDEOH RU XQDSSURDFKDEOH )DVW f FRPSHWHQW RU LQFRPSHWHQW 0XONH\ t %UHFKLQ f FRQILGHQW RU XQFRQILGHQW ZRUWK\ RU XQZRUWK\ KHOSOHVV RU FDSDEOH %UDLWKZDLWH HW DO 'H/RDFK t *UHHU :LVHPDQ HW DO f 7KH LPSRUWDQFH RI 1&%V LQ VRFLDOL]DWLRQ :LVHPDQ HW DO )DVW f DQG RYHUDOO IXQFWLRQLQJ SURYLGHV D UDWLRQDOH IRU WUDLQLQJ LQGLYLGXDOV ZLWK 3, LQ FRPPXQLFDWLRQ FRPSHWHQFLHV WKDW LQFOXGH 1&%V &RNHU t &RNHU f

PAGE 24

$OWKRXJK VRPH WUDLQLQJ RI FRQYHUVDWLRQDO EHKDYLRUV KDV RFFXUUHG LQYROYLQJ LQGLYLGXDOV ZLWK 3, &RNHU &RNHU f QR VSHFLILF SURJUDPV KDYH EHHQ UHSRUWHG WR GDWH WKDW DGGUHVV WUDLQLQJ WR HQKDQFH 1&%V 7KURXJK WKH XVH RI 1&%V DGROHVFHQWV ZLWK 3, PD\ IDFLOLWDWH VHOIDGYRFDF\ SURFHVVHV WKDW HQKDQFH LQGHSHQGHQFH DQG DXWRQRP\ $GYRFDF\ UROHV DUH LQFOXGHG LQ PHDVXUHV RI LQGHSHQGHQW OLYLQJ IRU DGROHVFHQWV ZLWK 3, %UXQVZLFN +DUQLVFK )LVKHU &DUUROO f 6HOIDGYRFDF\ VNLOOV DUH QHHGHG VR WKDW VWXGHQWV ZLWK 3, PD\ EHFRPH DFWLYH PDQDJHUV RI WKHLU OLIH HYHQWV 6HOIDGYRFDF\ VNLOOV FDQ EH XVHG IRU HGXFDWLRQDO SODQQLQJ RYHUFRPLQJ EDUULHUV WR RSWLPDO VFKRRO H[SHULHQFHV DQG DFTXLULQJ WUDQVLWLRQ VHUYLFHV DQG VNLOOV 3URYLVLRQV IRU VWXGHQW SDUWLFLSDWLRQ LQ GHYHORSLQJ WKHLU ,QGLYLGXDOL]HG (GXFDWLRQ 3URJUDP ,(3f DUH SUHVHQW LQ IHGHUDO JXLGHOLQHV IRU VSHFLDO HGXFDWLRQ VHUYLFHV )HGHUDO 5HJLVWHU f 6WXGHQW FRQWULEXWLRQV WR WKH ,(3 SURFHVV KDYH EHHQ DGYRFDWHG DV D YDOXDEOH VRXUFH RI LQIRUPDWLRQ $EHVRQ t :HLQWUDXE f DV ZHOO DV DQ LPSRUWDQW PHDQV RI IDFLOLWDWLQJ VWXGHQW JURZWK DQG PDWXULW\ *LOOHVSLH *LOOHVSLH 7XUQEXOO f 7KH VWXGHQWnV DELOLW\ WR FRPPXQLFDWH SUHIHUHQFHV YHUEDOO\ RU QRQYHUEDOO\ KDV EHHQ UHFRJQL]HG DV DQ LPSRUWDQW FRQVLGHUDWLRQ LQ VWXGHQW SDUWLFLSDWLRQ %RV 9DQ 5HXVHQ FLWHG LQ 9DQ 5HXVHQ %RV 6FKXPDNHU 'HVKOHU *LOOHVSLH 7XUQEXOO 9DQ 5HXVHQ f 6HOIDGYRFDF\ DQG HIIHFWLYH FRPPXQLFDWLRQ LQFOXGLQJ DSSURSULDWH 1&%V ZLWK WHDFKHUV DQG SHHUV UHSUHVHQW

PAGE 25

PHDQV WR LPSURYH VFKRRO H[SHULHQFHV IRU DGROHVFHQWV ZLWK 3, 3UHVHQWO\ WUDLQLQJ SURFHGXUHV GHVLJQHG IRU WKLV SXUSRVH DUH QRW DYDLO DEOH 7KHRULVWV IURP PRWLYDWLRQ $GHOPDQ 'HFL 'HFL t 5\DQ :LWWURFN f DQG PHWDFRJQLWLRQ :LWWURFN f SHUVSHFWLYHV KDYH DGGUHVVHG SULQFLSOHV WKRXJKW WR EH SRVLWLYHO\ DVVRFLDWHG ZLWK FKLOGUHQnV OHDUQLQJ DQG DFKLHYHPHQW 3ULQFLSOHV IURP PRWLYDWLRQ DQG PHWDFRJQLWLRQ WKHRULHV KDYH EHHQ LQFOXGHG LQ WHFKQLTXHV UHIHUUHG WR DV OHDUQLQJ VWUDWHJLHV WKDW D OHDUQHU XVHV GXULQJ WKH OHDUQLQJ SURFHVV :HLQVWHLQ t 0D\HU f 'HVKOHU DQG 6FKXPDNHU f KDYH HPSKDVL]HG WKH RXWFRPHV RI OHDUQLQJ VWUDWHJLHV VWUHVVLQJ WKDW OHDUQLQJ VWUDWHJLHV DUH WHFKQLTXHV SULQFLSOHV RU UXOHV WKDW HQDEOH D VWXGHQW WR OHDUQ WR VROYH SUREOHPV DQG WR FRPSOHWH WDVNV LQGHSHQGHQWO\ S f DFURVV VLWXDWLRQV DQG VHWWLQJV RYHU WLPH S f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

PAGE 26

VWUDWHJ\ IRUPDW 'HVKOHU t 6FKXPDNHU f IRU WUDLQLQJ LQ ZKLFK PRWLYDWLRQ DQG PHWDFRJQLWLYH SULQFLSOHV DUH LQFRUSRUDWHG VKRXOG HQFRXUDJH WKH GHYHORSPHQW RI JRDO RULHQWHG EHKDYLRUV WKDW XOWLPDWHO\ OHDG WR JRDO DWWDLQPHQW DQG DXWRQRP\ IRU VWXGHQWV ZLWK 3, 6XFK D WUDLQLQJ SURFHGXUH LV VWUXFWXUHG \HW IOH[LEOH HQRXJK WR DFFRPPRGDWH WKH GLYHUVH FKDUDFWHULVWLFV WKDW LQIOXHQFH WKH LQGLYLGXDO FRPPXQLFDWLRQ SDWWHUQV RI DGROHVFHQWV ZLWK 3, 'HILQLWLRQV $WD[LD LV D ORVV RI WKH SRZHU RI PXVFOH FRRUGLQDWLRQ 8PEUHLW S f $WD[LD UHVXOWV IURP GDPDJH WR WKH FHUHEHOOXP %DODQFH DQG HTXLOLEULXP DUH DIIHFWHG $WKHWRVLV LV D FRQGLWLRQ LQ ZKLFK WKHUH LV D FRQVWDQW VXFFHVVLRQ RI VORZ ZULWKLQJ LQYROXQWDU\ PRYHPHQWV RI IOH[LRQ H[WHQVLRQ SURQDWLRQ DQG VXSLQDWLRQ RI WKH ILQJHUV DQG KDQGV DQG VRPHWLPHV RI WKH WRHV DQG IHHW 6WHGPDQnV S f %HOOnV SDOV\ UHIHUV WR D SDUWLDO SDUDO\VLV RI WKH IDFH 6WHGPDQnV f &HUHEUDO SDOV\ &3f LV D QRQSURJUHVVLYH GLVRUGHU RI PRYHPHQW DQG SRVWXUH ZKLFK LV FDXVHG E\ WUDXPD WR RU PDOIXQFWLRQ RI WKH EUDLQ DQG RFFXUV GXULQJ WKH GHYHORSPHQWDO SHULRG %OHFN t 1DJHO f &HUHEULWLV LV QRQORFDOL]HG LQIODPPDWLRQ RI WKH EUDLQ ZLWKRXW >DEVFHVV@ 6WHGPDQnV S f

PAGE 27

&RQFXUUHQW JHQHUDOL]DWLRQ LV JHQHUDOL]DWLRQ RI D VNLOO ZKLOH WKH VWXGHQW LV VWLOO UHFHLYLQJ LQVWUXFWLRQ IRU VNLOO DFTXLVLWLRQ (OOLV /HQ] t 6DERUQLH D Ef +HPLSDUHVLV LV D VOLJKW SDUDO\VLV DIIHFWLQJ RQH VLGH >RI WKH ERG\@ RQO\ 6WHGPDQnV S f *HQHUDOL]DWLRQ LV WKH H[WHQW WR ZKLFK D VWXGHQW XVHV DQG HIIHFWLYHO\ DGDSWV D VNLOO RXWVLGH WKH VHWWLQJ LQ ZKLFK LW ZDV OHDUQHG /HQ] $OOH\ 6FKXPDNHU t 'HVKOHU FLWHG LQ (OOLV /HQ] t 6DERUQLH D S f 0RUH VSHFLILFDOO\ JHQHUDOL]DWLRQ UHIHUV WR WKH RFFXUUHQFH RI UHOHYDQW EHKDYLRU XQGHU GLIIHUHQW QRQWUDLQLQJ FRQGLWLRQV LH DFURVV VXEMHFWV VHWWLQJV SHRSOH EHKDYLRUV DQGRU WLPHf ZLWKRXW WKH VFKHGXOLQJ RI WKH VDPH HYHQWV LQ WKRVH FRQGLWLRQV DV KDG EHHQ VFKHGXOHG LQ WKH WUDLQLQJ FRQGLWLRQV 6WRNHV t %DHU S f -XYHQLOH UKHXPDWRLG DUWKULWLV -5$f LV FKDUDFWHUL]HG E\ FKURQLF RU FKURQLFDOO\ UHFXUUHQW LQIODPPDWLRQ RI WKH MRLQWV DQG WR D OHVVHU H[WHQW RWKHU WLVVXHV RI WKH ERG\ +DQVRQ S f ([WHQVLYH LQIODPPDWLRQ PDQLIHVWV LQ IDWLJXH ZKLFK OLPLWV RUGLQDU\ DFWLYLWLHV 3URIXVH VZHDWLQJ LQWHUPLWWHQW PLOG IHYHU DQG DQHPLD PD\ DOVR EH H[KLELWHG 6WHGPDQnV f /HDVW UHVWULFWLYH HQYLURQPHQW PHDQV WKDW VWXGHQWV ZLWK KDQGLFDSV VKRXOG UHFHLYH HGXFDWLRQDO VHUYLFHV LQ UHJXODU FODVVURRPV ZLWK UHJXODU VWXGHQWV WR WKH PD[LPXP H[WHQW SRVVLEOH :KHQ WKLV LV QRW SRVVLEOH WKH GHOLYHU\ RI VHUYLFHV VKRXOG YDU\ WR WKH OHDVW SRVVLEOH GHJUHH UHTXLUHG WR PHHW WKH FKLOGnV XQLTXH QHHGV 0RUVLQN f

PAGE 28

0DLQVWUHDP UHIHUV WR WKH IXOO RU SDUWWLPH SODFHPHQW RI KDQGLFDSSHG FKLOGUHQ LQ UHJXODU HGXFDWLRQ FODVVHV ZLWK QRQKDQGLFDSSHG SHHUV (LFKVWDHGW t .DODNLDQ f 7KHVH FODVVHV DUH WDXJKW E\ UHJXODU FODVVURRP WHDFKHUV :DOODFH t 0F/RXJKOLQ f 0\HO RPHQLQJRFHOH LV D FRQJHQLWDO GHIHFW LQ >WKH@ ZDOOV RI WKH VSLQDO FDQDO FDXVHG E\ ODFN RI XQLRQ EHWZHHQ WKH ODPLQDH RI WKH YHUWHEUDH 7KRPDV S f ZLWK D SRUWLRQ RI >WKH@ FRUG DQG >LWV@ PHPEUDQHV SURWUXGLQJ 7KRPDV S f 7KH VSLQDO FRUG LV DEQRUPDO EHORZ DQG XVXDOO\ VHYHUDO VSLQDO VHJPHQWV DERYH WKH OHYHO RI WKH VDF FDXVLQJ SDUDO\VLV RU ORZHU H[WUHPLW\ LPSDLUPHQW %RZHO DQG EODGGHU FRQWURO DUH DIIHFWHG 7KH FKLOG PD\ KDYH K\GURFHSKDOXV DQGRU VSHFLILF GLIILFXOWLHV LQ OHDUQLQJ +\SHUYHUEDO EHKDYLRU RU WKH FRFNWDLO SDUW\ V\QGURPH LV RIWHQ H[KLELWHG :LOOLDPVRQ f 1RQKDQGLFDSSHG 1+f UHIHUV WR DQ\ LQGLYLGXDO ZKR GHPRQVWUDWHV FRJQLWLYH FRPPXQLFDWLYH PRWRU VHQVRU\ DQG VRFLDO EHKDYLRUV DW DSSURSULDWH OHYHOV IRU SHHUV RI WKH VDPH DJH 1RQYHUEDO FRPPXQLFDWLRQ EHKDYLRUV 1&%Vf LQFOXGH f ERG\ PRWLRQV RU NLQHVLFV f SK\VLFDO FKDUDFWHULVWLFV f WRXFKLQJ EHKDYLRU f SDUDODQJXDJH YRFDO TXDOLWLHV VXFK DV WRQH DQG SLWFKf f SUR[HPLFV WKH GLVWDQFH EHWZHHQ WZR SHUVRQV LQWHUDFWLQJf f DUWLIDFWV DUWLFOHV DGRULQJ RQHnV SHUVRQf DQG f HQYLURQPHQW .QDSS SS f 7KH QRQYHUEDO EHKDYLRUV WR EH XVHG LQ WKLV VWXG\ DUH VLWWLQJXS VWUDLJKW OHDQLQJ IRUZDUG SRVLWLRQLQJ RI DUPV DQG KDQGV H\H

PAGE 29

FRQWDFW VPLOLQJ DQG KHDG QRGGLQJ 7KH RSHUDWLRQDO GHILQLWLRQV RI WKHVH VSHFLILF QRQYHUEDO EHKDYLRUV DUH LQFOXGHG LQ &KDSWHU ,,, 0HWKRGV 1\VWDJPXV UHIHUV WR D UK\WKPLFDO RVFLOODWLRQ RI WKH H\H EDOOV HLWKHU KRUL]RQWDO URWDU\ RU YHUWLFDO 6WHGPDQnV S f 2FXODU G\VPHWULD LV D ODFN RI KDUPRQLRXV DFWLRQ EHWZHHQ WKH H\H PXVFOHV LQ ZKLFK WKH VXEMHFW LV XQDEOH WR DUUHVW D PXVFXODU PRYHPHQW DW WKH GHVLUHG SRLQW 6WHGPDQnV S f 2UWKRSHGLFDOO\ LPSDLUHG UHIHUV WR D VHYHUH LPSDLUPHQW LQ VWUXFWXUH IXQFWLRQ RU PRELOLW\ ZKLFK DGYHUVHO\ DIIHFWV D FKLOGnV HGXFDWLRQDO SHUIRUPDQFH 7KH WHUP LQFOXGHV LPSDLUPHQWV FDXVHG E\ FRQJHQLWDO DQRPDO\ HJ RSHQ VSLQH FOXEIRRW DEVHQFH RI VRPH PHPEHU HWFf LPSDLUPHQWV FDXVHG E\ GLVHDVH HJ SROLRP\HOLWLV DUWKULWLV PXVFXODU G\VWURSK\ ERQH WXEHUFXORVLV HWFf DQG LPSDLUPHQWV IURP RWKHU FDXVHV HJ FHUHEUDO SDOV\ DPSXWDWLRQ FORVHG KHDG WUDXPD DQG IUDFWXUHV RU EXUQV ZKLFK FDXVH FRQWUDFWXUHVf )HGHUDO 5HJLVWHU f 2WKHU KHDOWK LPSDLUHG PHDQV OLPLWHG VWUHQJWK YLWDOLW\ VWDPLQD RU DOHUWQHVV GXH WR FKURQLF RU DFXWH KHDOWK SUREOHPV VXFK DV D KHDUW FRQGLWLRQ WXEHUFXORVLV UKHXPDWLF IHYHU QHSKULWLV DVWKPD VLFNOH FHOO DQHPLD KHPRSKLOLD HSLOHSV\ OHDG SRLVRQLQJ OHXNHPLD RU GLDEHWHV ZKLFK DGYHUVHO\ DIIHFW D FKLOGnV HGXFDWLRQDO SHUIRUPDQFH )HGHUDO 5HJLVWHU f 7KH FKLOG PD\ UHTXLUH DGYDQFHG OLIH VXSSRUW RU EH WHFKQRORJ\ GHSHQGHQW 6LUYLV f

PAGE 30

3K\VLFDO LPSDLUPHQWV 3,f UHIHU WR WKH FRQGLWLRQV LQFOXGHG LQ WKH )HGHUDO 5HJLVWHU GHILQLWLRQV RI RUWKRSHGLFDOO\ LPSDLUHG DQG RWKHU KHDOWK LPSDLUHG DV ZHOO DV WKH )ORULGD 6WDWXWHV DQG 6WDWH %RDUG RI (GXFDWLRQ 5XOHV 6%(5f f )XUWKHUPRUH :HVW :LOOLDPV :KLWH &DSSHOODUL +LOO DQG '\NHV f QRWHG WKDW WKH SK\VLFDOO\ LPSDLUHG FKLOG RIWHQ UHTXLUHV VSHFLDO KDQGOLQJ DQG SRVLWLRQLQJ SURFHGXUHV DV ZHOO DV FRPPXQLFDWLRQ DQGRU PRELOLW\HQKDQFLQJ HTXLSPHQW LQ RUGHU WR SDUWLFLSDWH LQ OHDUQLQJ YRFDWLRQDO DQG VRFLDO DFWLYLWLHV ZLWKLQ WKH VFKRRO /HDUQLQJ LV DIIHFWHG E\ WKH GHJUHH WR ZKLFK WKH HQYLURQPHQW SHUPLWV LQWHJUDWLRQ RI WKH FKLOG ZLWK QRQKDQGLFDSSHG SHHUV LQWR DOO DFWLYLWLHV DQG VSDFHV 6WXGHQWV PD\ UHTXLUH LQVWUXFWLRQ LQ DFWLYLWLHV RI GDLO\ OLYLQJ IHHGLQJ GUHVVLQJ HWFf PRYHPHQW KHDOWK PDLQWHQDQFH DQGRU FRPPXQLFDWLRQ 0DQ\ VWXGHQWV ZLWK SK\VLFDO LPSDLUPHQWV DOVR KDYH VSHFLILF QHHGV IRU LQWHUYHQWLRQ UHODWHG WR OHDUQLQJ ODQJXDJH GLVRUGHUV EHKDYLRUDO G\VIXQFWLRQ RU VHQVRU\ GHILFLW 7KH FKLOG LQ D 3, SURJUDP WHVWV LQ WKH DYHUDJH WR JLIWHG UDQJH RI JHQHUDO LQWHOOHFWXDO IXQFWLRQLQJ S f 4XDGULSDUHVLV LV D VOLJKW SDUDO\VLV DIIHFWLQJ DOO IRXU OLPEV RI WKH ERG\ 6WHHOPDQ V f 6FROLRVLV LV ODWHUDO FXUYDWXUH RI WKH VSLQH 6WHGPDQnV S f 6SDVWLFLW\ UHIHUV WR D VWDWH RI LQFUHDVHG PXVFXODU WRQH ZLWK H[DJJHUDWLRQ RI WKH WHQGRQ UHIOH[HV 6WHGPDQnV S f 6WUDELVPXV UHIHUV WR D FRQVWDQW ODFN RI SDUDOOHOLVP RI WKH YLVXDO D[HV RI WKH H\HV 6WHGPDQnV S f 6XEVHTXHQW JHQHUDOL]DWLRQ LV DSSO\LQJ WKH VNLOO WR YDULRXV FRQWH[WV VLWXDWLRQV DQG VHWWLQJV (OOLV /HQ] t 6DERUQLH D S f DIWHU WKH VWXGHQW KDV PDVWHUHG WKH >VNLOO@ EXW LV QRW KDELWXDOO\ XVLQJ RU DGDSWLQJ WKH >VNLOO@ LQ RWKHU HQYLURQPHQWV (OOLV /HQ] t 6DERUQLH E S f

PAGE 31

7KRUDFROXPEDU UHIHUV WR WKH WKRUDFLF DQG OXPEDU SRUWLRQV RI WKH VSLQH 6WHGPDQnV S f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n EHKDYLRUV PD\ QRW KDYH EHHQ UHSUHVHQWDWLYH RI WKRVH WKDW ZRXOG RFFXU LQ QDWXUDO VLWXDWLRQV 7R PLQLPL]H WKH HIIHFWV RI WKLV OLPLWDWLRQ WKH VXEMHFWV ZHUH YLGHRWDSHG WKH ZHHN SULRU WR LQLWLDO GDWD FROOHFWLRQ GXULQJ UHJXODU FODVVURRP DFWLYLWLHV $OWKRXJK QRQUDQGRP VHOHFWLRQ DQG VPDOO QXPEHUV RI VXEMHFWV VRPHWLPHV OLPLW WKH H[WHUQDO YDOLGLW\ RI UHVHDUFK ILQGLQJV WKH

PAGE 32

SURFHGXUHV XVHG LQ WKLV VWXG\ DGKHUHG WR WKRVH UHFRPPHQGHG E\ 7DZQH\ DQG *DVW f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

PAGE 33

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

PAGE 34

&+$37(5 ,, 5(9,(: 2) /,7(5$785( ,Q WKLV FKDSWHU OLWHUDWXUH KDV EHHQ UHYLHZHG ZKLFK VXSSRUWV WKH QHHG Df WR H[SOLFLWO\ WUDLQ DGROHVFHQWV ZLWK SK\VLFDO LPSDLUPHQWV 3,f WR HQKDQFH QRQYHUEDO FRPPXQLFDWLRQ EHKDYLRUV DQG Ef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f LQGLYLGXDOV WRZDUGV SHUVRQV ZLWK 3, DQG WKH VHOIFRQFHSW RI LQGLYLGXDOV ZLWK 3, KDYH EHHQ SUHVHQWHG %RWK VHWV RI DWWLWXGHV KDYH KDG DQ LPSDFW RQ Df WKH H[SHFWDQFLHV WKDW 1+ LQGLYLGXDOV KDYH IRU WKH EHKDYLRU RI SHUVRQV ZLWK 3, DQG Ef WKH VHOIHIILFDF\ RI LQGLYLGXDOV ZLWK 3,

PAGE 35

7KHUHIRUH WKH DOWHUHG LQWHUDFWLRQ SDWWHUQV WKDW KDYH EHHQ UHSRUWHG WR RFFXU DV WKH UHVXOW RI QHJDWLYH DWWLWXGHV KDYH EHHQ UHYLHZHG )LQDOO\ WKH FRPPXQLFDWLRQ SDWWHUQV EHWZHHQ 1+ SHUVRQV DQG LQGLYLGXDOV ZLWK 3, KDYH EHHQ H[DPLQHG 1RQYHUEDO DV ZHOO DV YHUEDO EHKDYLRUV KDYH EHHQ LGHQWLILHG DV FUXFLDO WR WKH FRPPXQLFDWLRQ SURFHVV 7KH QHHG WR GHYHORS LQGHSHQGHQFH DQG DXWRQRP\ LQ WKH LQGLYLGXDO ZKR LV SK\VLFDOO\ LPSDLUHG KDV EHHQ D FRPPRQ HOHPHQW WKURXJKRXW 7KHRUHWLFDO 2ULHQWDWLRQV 0RWLYDWLRQ DQG 3HUFHLYHG 3HUVRQDO &RQWURO 3HUFHLYHG SHUVRQDO FRQWURO KDV EHHQ UHSRUWHG WR DIIHFW FKLOGUHQnV VHOIHVWHHP 6HOLJPDQ t 0LOOHU f PRWLYDWLRQ 6WLSHN t :HLV] f SHUVLVWHQFH VHOIHIILFDF\ %DQGXUD :LOVRQ f WDVN SHUIRUPDQFH 5\FNPDQ f DQG DFDGHPLF DFKLHYHPHQW 6WLSHN t :HLV] :LOVRQ f $OWKRXJK VWLOO QRW IXOO\ XQGHUVWRRG WKH UROH RI SHUVRQDO FRQWURO LQ FKLOGUHQnV GHYHORSPHQW KDV HYROYHG IURP LQVXODU RULJLQV LQ ZKLFK WKH WHUP FRQWURO ZDV XVHG VLPSLVWLFDOO\ WR GHVFULEH GLVSDUDWH LGHDV $ FOHDU XQGHUVWDQGLQJ DQG GHOLQHDWLRQ RI WKH FRPSRQHQWV RI SHUFHLYHG SHUVRQDO FRQWURO DUH QHFHVVDU\ WR DOOHYLDWH DPELJXLW\ LQ WKH PHDVXUHPHQW LQWHUSUHWDWLRQ DQG DSSOLFDWLRQ RI UHVHDUFK ILQGLQJV 7DVN VHOHFWLRQ 3HUOPXWHU t 0RQW\ f WDVN FRQWLQJHQF\ ORFXV VWDELOLW\ VSHFLILFLW\ 'HFL /HIFRXUW 3HUOPXWHU t 0RQW\ 6WLSHN t :HLV] f DQG PRUH UHFHQWO\ WKH

PAGE 36

LQIRUPDWLRQDO QDWXUH RI HYHQWV 'HFL t 5\DQ f KDYH EHHQ GHWHUPLQHG WR EH UHOHYDQW WR SHUFHSWLRQV RI SHUVRQDO FRQWURO /RFXV RI FRQWURO KDV EHHQ GHILQHG JHQHUDOO\ DV D FLUFXPVFULEHG VHOIDSSUDLVDO SHUWDLQLQJ WR WKH GHJUHH WR ZKLFK LQGLYLGXDOV YLHZ WKHPVHOYHV DV KDYLQJ VRPH FDXVDO UROH LQ GHWHUPLQLQJ VSHFLILHG HYHQWV /HIFRXUW S f 6WLSHN DQG :HLV] f LGHQWLILHG WKUHH WKHRUHWLFDO SHUVSHFWLYHV RI SHUFHLYHG SHUVRQDO FRQWURO VRFLDO OHDUQLQJ WKHRU\ 6/7f DWWULEXWLRQ WKHRU\ $7f DQG LQWULQVLF PRWLYDWLRQ WKHRULHV ,07Vf $OO WKUHH WKHRULHV SHUWDLQ WR DQ LQGLYLGXDOnV SHUFHSWLRQV RI ZKR FRQWUROV HYHQWV EXW GLIIHU RQ WKHLU HPSKDVLV RI WKH HYHQW FRQWH[W YHUVXV WKH HYHQW RXWFRPH (YHQW FRQWH[W UHIHUV WR WKH VHOHFWLRQ RI WDVNV RU FKRLFH /HIFRXUW 3HUOPXWHU t 0RQW\ 6WLSHN t :HLV] f (YHQW RXWFRPH SHUWDLQV WR WKH SHUFHLYHG FRQWLQJHQF\ LQ RSHUDWLRQ /HIFRXUW 6WLSHN t :HLV] f 6RFLDO OHDUQLQJ WKHRU\ 7KH IRFXV LQ 6/7 5RWWHU f KDV EHHQ RQ WKH VXEMHFWnV EHOLHI DERXW WKH FRQWLQJHQF\ RI RXWFRPHV LQ UHODWLRQ WR WKH VXEMHFWnV RZQ EHKDYLRU /HIFRXUW 6WLSHN t :HLV] f 7KH EHOLHI WKDW DQ HYHQW LV FRQWLQJHQW RQ IDFWRUV VXFK DV DELOLW\ RU HIIRUW WKDW DUH ZLWKLQ WKH VXEMHFWnV EHKDYLRUDO UHSHUWRLUH KDYH EHHQ ODEHOHG LQWHUQDO FRQWURO &RQYHUVHO\ H[WHUQDO FRQWURO KDV EHHQ UHIHUUHG WR DV WKH SHUFHSWLRQ WKDW DQ HYHQW LV FRQWLQJHQW RQ IDFWRUV EH\RQG WKH VXEMHFWnV FRQWURO VXFK DV OXFN RU WDVN GLIILFXOW\ /HIFRXUW 5\FNPDQ 6WLSHN t :HLV] f

PAGE 37

$WWULEXWLRQ WKHRU\ 6LPLODU WR 6/7 WKH IRFXV LQ $7 KDV EHHQ RQ WKH FRQWLQJHQF\ DVSHFW RI RXWFRPHV LQ UHODWLRQ WR WKH VXEMHFWnV RZQ EHKDYLRU RU FKDUDFWHULVWLFV 6WLSHN t :HLV] f +RZHYHU :HLQHU f ODEHOHG WKH SHUFHSWLRQ RI RXWFRPH FRQWLQJHQF\ DV ORFXV RI FDXVDOLW\ DQG GLIIHUHQWLDWHG LW IURP FRQWURO :KHUHDV ORFXV RI FDXVDOLW\ PD\ EH LQWHUQDO RU H[WHUQDO LQWHUQDO FDXVHV PD\ EH Df FRQWUROODEOH IDFWRUV VXFK DV HIIRUW RU Ef XQFRQWUROODEOH IDFWRUV VXFK DV DELOLW\ ([WHUQDO FDXVHV KDYH EHHQ VLPLODUO\ GHVLJQDWHG DV FRQWUROODEOH RU XQFRQWUROODEOH +HQFH WKH FRQWURO GLPHQVLRQ FRQFHUQV WKH VXEMHFWnV SHUFHSWLRQ RI KLV RU KHU DELOLW\ WR DOWHU WKH IDFWRU WKDW FDXVHV WKH RXWFRPH 6WLSHN t :HLV] S f :HLQHU KDV GLVWLQJXLVKHG IXUWKHU EHWZHHQ FDXVDO IDFWRUV WKDW DUH VWDEOH LQWHOOLJHQFH RU WDVN GLIILFXOW\ DQG XQVWDEOH PRRG RU HIIRUW 6WLSHN t :HLV] f ,QWULQVLF PRWLYDWLRQ WKHRULHV %DVLF WR ,07V KDV EHHQ WKH QRWLRQ WKDW LQGLYLGXDOV KDYH DQ LQWULQVLF QHHG WR LQWHUDFW HIIHFWLYHO\ ZLWK WKHLU HQYLURQPHQW DQG WKDW WDVN PDVWHU\ UHVXOWV LQ SHUVRQDO VDWLVIDFWLRQ WKDW LQ WXUQ UHLQIRUFHV FRPSHWHQW EHKDYLRU 6WLSHN t :HLV] f 'HFL f GHILQHG LQWULQVLFDOO\ PRWLYDWHG EHKDYLRUV DV EHKDYLRUV ZKLFK D SHUVRQ HQJDJHV LQ WR IHHO FRPSHWHQW DQG VHOIGHWHUPLQLQJ S f 7KH HPSKDVLV LQ ,07V KDV EHHQ RQ WKH HYHQW FRQWH[W WKH FRQWURO HOHPHQW UHIHUULQJ WR FKRLFH RU VHOIGHWHUPLQDWLRQ 'HFL t 5\DQ f (YHQW RXWFRPH LV LPSRUWDQW EXW RQO\ LQ WKDW D FRQVHTXHQFH RI EHFRPLQJ VHOIGHWHUPLQLQJ LV WDNLQJ PRUH UHVSRQVLELOLW\ IRU

PAGE 38

RXWFRPHV 6WLSHN t :HLV] f $V PRUH UHVSRQVLELOLW\ IRU RXWFRPHV LV DFFHSWHG IHHOLQJV RI SHUVRQDO FDXVDWLRQ DUH HQKDQFHG GH &KDUPV f 3HUFHSWLRQV RI OHDUQHG KHOSOHVVQHVV RFFXU ZKHQ LQGLYLGXDOV IHHO WKH\ FDQQRW RYHUFRPH IDLOXUH 'ZHFN :LWWURFN f 7KXV RXWFRPHV DUH LPSRUWDQW IRU WKHLU IHHGEDFN UHODWLRQVKLS WR SHUFHSWLRQV RI VHOIGHWHUPLQDWLRQ EXW DUH QRW DVVRFLDWHG ZLWK WKH FRQWLQJHQF\ GLPHQVLRQ IRXQG ZLWKLQ 6/7 DQG $7 LQ ZKLFK LQWHUQDO RU H[WHUQDO IDFWRUV DUH YLHZHG DV UHVSRQVLEOH IRU RXWFRPHV 6WLSHN t :HLV] f 'HFL DQG 5\DQ f HODERUDWHG RQ WKH VLJQLILFDQFH RI LQLWLDWLQJ RU UHJXODWLQJ HYHQWV 7KUHH W\SHV RI HYHQWV ZHUH GHVFULEHG RQ WKH EDVLV RI ZKHWKHU WKH\ DUH SHUFHLYHG Df WR VXSSRUW DXWRQRP\ YHUVXV FRQWURO EHKDYLRU DQG Ef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f SUHVHQWHG D FRQWLQXXP RI FDXVDOLW\ RULHQWDWLRQV ODEHOHG DXWRQRP\ FRQWURO RU LPSHUVRQDO

PAGE 39

WKDW KDYH EHHQ SXUSRUWHG WR EH SUHVHQW ZLWKLQ HDFK SHUVRQ :KHUHDV DXWRQRP\ DQG FRQWURO RULHQWDWLRQV DUH DVVRFLDWHG ZLWK LQIRUPDWLRQDO DQG FRQWUROOLQJ HYHQWV UHVSHFWLYHO\ WKH LPSHUVRQDO RULHQWDWLRQ LV DVVRFLDWHG ZLWK DPRWLYDWLQJ HYHQWV 7KH LPSHUVRQDO RULHQWDWLRQ LV EDVHG LQ D VHQVH RI RQHnV EHLQJ LQFRPSHWHQW WR GHDO ZLWK OLIHnV FKDOOHQJHV >,W@ LQYROYHV WKH EHOLHIV WKDW EHKDYLRU DQG RXWFRPHV DUH LQGHSHQGHQW DQG WKDW IRUFHV DUH XQFRQWUROODEOH DQG LW UHVXOWV LQ WKH H[SHULHQFH RI LQFRPSHWHQFH 'HFL t 5\DQ S f 7KH LPSHUVRQDO RULHQWDWLRQ UHVHPEOHV WKH FRQFHSW RI SHUFHLYHG FRQWLQJHQF\ RI RXWFRPHV LQ 6/7 DQG $7 EXW PD\ EH PRVW FRPSDUDEOH WR WKH IORZ RI HYHQWV WKDW OHDG WR V\PSWRPV RI KHOSOHVVQHVV 6HOLJPDQ t 0LOOHU f $FFRUGLQJO\ REMHFWLYH QRQFRQWLQJHQF\ LV UHLQIRUFHG E\ Df SHUFHSWLRQV RI SUHVHQW DQG SDVW QRQFRQWLQJHQF\ Ef DWWULEXWLRQV IRU SUHVHQW RU SDVW QRQFRQWLQJHQF\ DQG Ff H[SHFWDWLRQV RI IXWXUH QRQFRQWLQJHQF\ 'LIIHUHQW DVSHFWV RI SHUVRQDO FRQWURO DUH SUHVHQW LQ 6/7 $7 DQG ,07V $OWKRXJK WKH SUHFLVH UHODWLRQVKLS EHWZHHQ FKRLFH DQG FRQWLQJHQF\ RI RXWFRPHV KDV QRW EHHQ HVWDEOLVKHG WKH FRPSRQHQWV ZLWKLQ D FRQVWUXFW RI SHUFHLYHG SHUVRQDO FRQWURO PD\ EH FRUUHODWHG /HIFRXUW f VXJJHVWHG WKDW D FRQWLQXXP RI FRQWURO UDQJHV IURP LQWHUQDO WR H[WHUQDO +H IXUWKHU FKDUDFWHUL]HG WKH SHUFHSWLRQ RI FRQWURO DV D SURFHVV ZKLFK LQFOXGHV WKH SHUFHLYHG FRQWLQJHQF\ RI HYHQWV DQG RQHnV SHUFHLYHG UROH LQ JRDO VHOHFWLRQ 6WLSHN DQG :HLV] f UHFRPPHQGHG WKDW DVSHFWV RI DOO WKHRULHV EH DVVLPLODWHG IRU D EHWWHU XQGHUVWDQGLQJ RI WKH HIIHFWV RI SHUFHLYHG SHUVRQDO FRQWURO RQ FKLOG GHYHORSPHQW $FFRUGLQJO\

PAGE 40

LQWULQVLF PRWLYDWLRQ WKHRULVWV KDYH EHJXQ WR H[DPLQH WKH QDWXUH DQG FRQVHTXHQFHV RI LQLWLDWLQJ RU UHJXODWRU\ HYHQWV LQ UHODWLRQ WR VHOIGHWHUPLQDWLRQ 0HWDFRJQLWLRQ DQG /HDUQLQJ 6WUDWHJLHV 7KH GHYHORSPHQWDO SDWWHUQ RI PHWDFRJQLWLYH WKHRU\ KDV UHVHPEOHG WKDW RI PRWLYDWLRQ WKHRULHV LQ WKDW DPELJXLW\ RI WHUPLQRORJ\ KDV EHHQ FKDUDFWHULVWLF RI ERWK *HQHUDO WHUPLQRORJ\ KDV EHHQ XVHG WR UHSUHVHQW EURDG FRQFHSWV WKDW KDYH VXEWOH GLIIHUHQFHV +DJHQ %DUFOD\ t 1HZPDQ f 7KH GLIIHUHQFHV LQ WKH PHDQLQJ RI WKH WHUPV VHHP WR DULVH ZKHQ WKHRULVWV DWWHPSW WR LGHQWLI\ WKH YDULRXV FRPSRQHQWV RI WKH EURDGHU FRQVWUXFW RI PHWDFRJQLWLRQ &RQVHTXHQWO\ WKH FRQVWUXFW RI PHWDFRJQLWLRQ KDV KDG D JHQHUDOO\ DFFHSWHG GHILQLWLRQ WKDW KDV EHHQ H[SODLQHG LQ YDU\LQJ ZD\V ,Q RUGHU WR XQGHUVWDQG WKH WKHRU\ RI PHWDFRJQLWLRQ LW LV QHFHVVDU\ WR H[DPLQH D JHQHUDO GHILQLWLRQ RI WKH FRQFHSW DV ZHOO DV WKH YDULRXV SHUVSHFWLYHV FRQFHUQLQJ Df WKH XQGHUO\LQJ FRPSRQHQWV RI PHWDFRJQLWLRQ DQG Ef WKH LPSOLFDWLRQV IRU VWXGHQW LQVWUXFWLRQ 'HILQLWLRQ RI PHWDFRJQLWLRQ 0HWDFRJQLWLRQ KDV EHHQ EURDGO\ GHILQHG DV NQRZOHGJH WKDW OHDUQHUV KDYH DERXW YDULRXV DVSHFWV RI WKH OHDUQLQJ VLWXDWLRQ 5H\QROGV t :DGH S f DQG FRJQLWLYH SURFHVVHV 0RUHRYHU PHWDFRJQLWLRQ KDV EHHQ GLIIHUHQWLDWHG IURP FRJQLWLRQ &RJQLWLRQ UHIHUV WR WKRVH SURFHVVHV WKDW DUH XVHG E\ LQGLYLGXDOV LQ WKH DFTXLVLWLRQ RI NQRZOHGJH VXFK DV Df DWWHQWLRQ PHPRU\ DQG FRPSUHKHQVLRQ

PAGE 41

5H\QROGV t :DGH f RU Ef WKH ,QGLYLGXDOnV DFWXDO NQRZOHGJH JRDOV H[SHULHQFHV DQG VWUDWHJLHV )U\ t /XSDUW f 0HWDFRJQLWLRQ KDV EHHQ GHILQHG PRUH VSHFLILFDOO\ DV WKH OHDUQHUnV FRQVFLRXV NQRZOHGJH DERXW DQG FRQWURO RYHU WKHLU FRJQLWLYH SURFHVVHV )ODYHOO )U\ t /XSDUW +DJHQ HW DO 0HLFKHQEDXP t $VDUQRZ 5H\QROGV t :DGH 5H\QROGV :DGH 7UDWKHQ t /DSDQ 7HQQ\VRQ t 5DVFK :LWWURFN f )ODYHOO f VXPPDUL]HG RQH SHUVSHFWLYH RI WKH GLIIHUHQFH EHWZHHQ FRJQLWLRQ DQG PHWDFRJQLWLRQ LQ WHUPV RI WKH SXUSRVH RI WKH UHVSHFWLYH VWUDWHJLHV &RJQLWLYH VWUDWHJLHV DUH LQYRNHG WR PDNH FRJQLWLYH SURJUHVV PHWDFRJQLWLYH VWUDWHJLHV WR PRQLWRU LW )ODYHOO S f 7ZR FRQFHSWV KDYH EHHQ EDVLF WR PRVW GHILQLWLRQV RI PHWDFRJQLWLRQ Df WKH OHDUQHUnV FRQVFLRXVQHVV RI WKH FRJQLWLYH SURFHVVHV DQG Ef WKH GLIIHUHQFH EHWZHHQ NQRZOHGJH RI DQG FRQWURO RYHU FRJQLWLYH SURFHVVHV )U\ t /XSDUW 5H\QROGV t :DGH f .QRZOHGJH RI FRJQLWLYH SURFHVVHV UHIHUV WR WKH OHDUQHUnV VHQVLWLYLW\ WR VLWXDWLRQV UHTXLULQJ VSHFLILF FRJQLWLYH DFWLYLWLHV )U\ t /XSDUW +DJHQ HW DO f RU WKH GHJUHH RI DZDUHQHVV RI WKH VNLOOV VWUDWHJLHV DQG UHVRXUFHV QHHGHG WR SHUIRUP D WDVN HIIHFWLYHO\ 5H\QROGV t :DGH S f &RQWURO RYHU FRJQLWLYH SURFHVVHV LQYROYHV WKH SURFHGXUDO NQRZOHGJH RI WDFWLFV RU VHOIUHJXODWRU\ PHFKDQLVPV LQ ZKLFK OHDUQHUV HQJDJH WR LQVXUH VXFFHVV LQ WKH VLWXDWLRQ )ODYHOO )U\ t /XSDUW +DJHQ HW DO 0RVHQWKDO 5H\QROGV t :DGH f

PAGE 42

6XEVXPLQJ WKH GLIIHUHQFH EHWZHHQ NQRZOHGJH DQG FRQWURO RI FRJQLWLYH SURFHVVHV WKHRULVWV KDYH DWWHPSWHG WR IXUWKHU H[SOLFDWH PHWDFRJQLWLRQ E\ SUHVHQWLQJ YDULRXV FRPSRQHQWV RI WKH PHWDFRJQLWLYH SURFHVV &RPSRQHQWV RI PHWDFRJQLWLRQ )ODYHOO f SUHVHQWHG D JOREDO PRGHO RI PHWDFRJQLWLRQ WKDW LQFRUSRUDWHV WKH UHODWLRQVKLSV EHWZHHQ PHWDFRJQLWLYH NQRZOHGJH PHWDFRJQLWLYH H[SHULHQFHV JRDOV RU WDVNVf DQG DFWLRQV RU VWUDWHJLHVf )U\ t /XSDUW +DJHQ HW DO f *RDOV DQG DFWLRQV UHIHU WR WKH FRJQLWLYH REMHFWLYHV DQG WKH EHKDYLRUV QHHGHG WR DFKLHYH WKH REMHFWLYHV UHVSHFWLYHO\ *RDOV DQG DFWLRQV DUH LQWHUUHODWHG ZLWK PHWDFRJQLWLYH NQRZOHGJH DQG H[SHULHQFHV 0HWDFRJQLWLYH NQRZOHGJH LQFOXGHV NQRZOHGJH DERXW WKH SHUVRQ WDVN DQG VWUDWHJ\ YDULDEOHV WKDW DIIHFW FRJQLWLYH HQGHDYRUV +DJHQ HW DO f ,QWHULQGLYLGXDO DQG LQWUDLQGLYLGXDO OHDUQLQJ GLIIHUHQFHV DV ZHOO DV XQLYHUVDO OHDUQLQJ SULQFLSOHV DUH LQFOXGHG LQ SHUVRQ YDULDEOHV 7KH WDVN FDWHJRU\ HQFRPSDVVHV WKH LQIRUPDWLRQ DYDLODEOH GXULQJ D FRJQLWLYH HQGHDYRU LQFOXGLQJ VLWXDWLRQ YDULDWLRQV DQG VSHFLILF WDVN GHPDQGV RU JRDOV )ODYHOO f 6WUDWHJ\ YDULDEOHV UHIHU WR VWRUHG NQRZOHGJH DERXW VSHFLILF WDFWLFV WKDW FDQ EH XVHG WR LQWHUSUHW DQG XQGHUVWDQG D OHDUQLQJ DFWLYLW\ )U\ t /XSDUW f 0HWDFRJQLWLYH H[SHULHQFH UHSUHVHQWV DQ DIIHFWLYH FRPSRQHQW WKDW FRQVLVWV RI WKH OHDUQHUnV DZDUHQHVV RI SHUVRQDO IHHOLQJV DERXW D VLWXDWLRQ )ODYHOO )U\ t /XSDUW f

PAGE 43

,QYHVWLJDWLRQV RI PHWDFRJQLWLYH SURFHVVHV KDYH LQFOXGHG VWXGLHV DERXW WKH SUHVHQFH QDWXUH DQG GHYHORSPHQW RI VWUDWHJLHV LQ FKLOGUHQ IRU DSSURDFKLQJ FRJQLWLYH HQWHUSULVHV 0HLFKHQEDXP t $VDUQRZ 0LVFKHO t 0LVFKHO f :RQJ f VWDWHG WKDW PHWDFRJQLWLRQ HQDEOHV WKH OHDUQHU WR XVH VXLWDEOH VWUDWHJLHV WR GHDO HIIHFWLYHO\ ZLWK WDVN GHPDQGV S f )ODYHOOnV VWUDWHJ\ YDULDEOHV f KDYH EHHQ IXUWKHU GHYHORSHG LQWR D FRQVWUXFW UHIHUUHG WR DV PHWDPHPRU\ DERXW VWUDWHJLHV 3UHVVOH\ %XUNRZVNL t 2n6XOOLYDQ FLWHG LQ 5H\QROGV t :DGH f 0HWDPHPRU\ DERXW VWUDWHJLHV LQFOXGHV VL[ FRPSRQHQWV UHOHYDQW WR WKH OHDUQHUnV IDFWXDO DQG DSSOLFDWLRQ NQRZOHGJH DERXW VWUDWHJLHV Df JHQHUDO VWUDWHJ\ NQRZOHGJH Ef VSHFLILF VWUDWHJ\ NQRZOHGJH Ff OHDUQHU VWUDWHJLHV Gf UHODWLRQDO PHPRU\ DFTXLVLWLRQ SURFHGXUHV Hf UHODWLRQDO PHPRU\ VWUDWHJ\ NQRZOHGJH DQG If PHWDPHPRU\ DFTXLVLWLRQ SURFHGXUHV 5H\QROGV t :DGH f 7KH LQWHUUHODWLRQVKLS EHWZHHQ NQRZOHGJH DERXW DQG LPSOHPHQWDWLRQ RI VWUDWHJLHV KDYH EHHQ IXQGDPHQWDO WR PDQ\ H[SODQDWLRQV RI PHWDFRJQLWLYH SURFHVVHV +DJHQ HW DO f 2WKHU UHVHDUFKHUV KDYH HPSKDVL]HG WKH G\QDPLF DVSHFWV RI PHWDFRJQLWLRQ +DJHQ HW DO f 7KHVH UHVHDUFKHUV KDYH LQYHVWLJDWHG WKH H[HFXWLYH FRQWURO DVSHFWV RI PHWDFRJQLWLRQ DV UHODWHG WR Df WKH VHOHFWLRQ RI WDVNDSSURSULDWH SUREOHPVROYLQJ VWUDWHJLHV Ef LPSOHPHQWDWLRQ DQG XVH RI VHOHFWHG URXWLQHV IRU SUREOHPV RI D VLPLODU W\SH DQG Ff RQOLQH DGMXVWPHQWV DQG UHYLVLRQV RI VWUDWHJLF EHKDYLRUV WR DFFRPPRGDWH FKDQJHV LQ WDVN

PAGE 44

GHPDQGV +DJHQ HW DO S f 6HOHFWLRQ LPSOHPHQWDWLRQ DQG DGMXVWPHQWV RI VWUDWHJLHV DUH FRRUGLQDWHG E\ VHOIPRQLWRULQJ SURFHVVHV 0HWDFRJQLWLYH VWUDWHJLHV :KHUHDV PHWDFRJQLWLRQ KDV EHHQ GHILQHG DV WKH DZDUHQHVV DQG FRQWURO RI FRJQLWLYH SURFHVVHV VWUDWHJLHV KDYH EHHQ GHVFULEHG DV WKH SURFHGXUHV WKDW WKH OHDUQHU XVHV WR IDFLOLWDWH SHUIRUPDQFH 3UHVVOH\ *RRGFKLOG )OHHW =DMFKRZVNL t (YDQV f 6WUDWHJLHV KDYH EHHQ FDWHJRUL]HG EDVHG RQ Df WKH GRPDLQ VSHFLILFLW\ RI WKH VWUDWHJ\ 3UHVVOH\ HW DO f Ef WKH OHDUQHUnV EHKDYLRU GXULQJ VWUDWHJ\ XVH :HLQVWHLQ t 0D\HU f DQG Ff WKH JRDOV WR EH DFFRPSOLVKHG XVLQJ WKH VWUDWHJ\ DV GLVWLQJXLVKHG E\ WKUHH DUHDV RI UHVHDUFK GH%HWWHQFRXUW f 3UHVVOH\ HW DO f UHIHUUHG WR WDVNOLPLWHG DQG DFURVV GRPDLQ VWUDWHJLHV 7DVNOLPLWHG VWUDWHJLHV DUH XVHG IRU VSHFLILF SXUSRVHV LQ VSHFLILF GRPDLQV $Q H[DPSOH RI D WDVNOLPLWHG VWUDWHJ\ LV D OHDUQHUnV XVH RI D ILUVW OHWWHU PQHPRQLF DV D VSHFLILF PHPRU\ GHYLFH ZLWKRXW NQRZLQJ D UXOH WR JHQHUDOL]H WKLV WHFKQLTXH WR RWKHU VLWXDWLRQV $FURVVGRPDLQ VWUDWHJLHV LQFOXGH WKH VXEFDWHJRULHV RI JRDOOLPLWHG DQG JHQHUDO VWUDWHJLHV %RWK RI WKHVH DFURVVGRPDLQ VWUDWHJLHV KDYH WKH SRWHQWLDO WR EH XVHG LQ YDULRXV FRQWHQW DUHDV +RZHYHU JRDOOLPLWHG VWUDWHJLHV DUH XVHG IRU D VSHFLILF SXUSRVH LH FRPSUHKHQVLRQ RI UHDGLQJ PDWHULDOf DFURVV D OLPLWHG QXPEHU RI FRQWHQW DUHDV *HQHUDO VWUDWHJLHV VXFK DV FKHFNLQJ IRU FRUUHFW SHUIRUPDQFH FDQ EH XVHG DFURVV PRVW

PAGE 45

GRPDLQV $OWKRXJK 3UHVVOH\ HW DO f KDYH GHVLJQDWHG VWUDWHJLHV DV HLWKHU WDVNOLPLWHG RU DFURVVGRPDLQ WKH WZR FDWHJRULHV DUH QRW PXWXDOO\ H[FOXVLYH 7DVNOLPLWHG VWUDWHJLHV PD\ EHFRPH DFURVVGRPDLQ VWUDWHJLHV LI WKH OHDUQHU JHQHUDOL]HV WKH VWUDWHJ\ FRQFHSW WR QHZ DSSOLFDWLRQV :HLQVWHLQ DQG 0D\HU f LGHQWLILHG HLJKW FDWHJRULHV RI OHDUQLQJ VWUDWHJLHV 7KH FDWHJRULHV DUH GHVFULSWLYH RI OHDUQHU EHKDYLRUV WKH PHWKRGV GHVLJQHG WR LQIOXHQFH OHDUQLQJ RXWFRPHV DQGRU SHUIRUPDQFH DQG WKH OHYHO RU FRPSOH[LW\ RI WKH VWUDWHJ\ 7KH FDWHJRULHV LQFOXGH EDVLF DQG FRPSOH[ UHKHDUVDO VWUDWHJLHV EDVLF DQG FRPSOH[ HODERUDWLRQ VWUDWHJLHV EDVLF DQG FRPSOH[ RUJDQL]DWLRQDO VWUDWHJLHV DIIHFWLYH DQG PRWLYDWLRQDO VWUDWHJLHV DQG FRPSUHKHQVLRQ PRQLWRULQJ VWUDWHJLHV 'H%HWWHQFRXUW f LGHQWLILHG VWUDWHJ\ WUDLQLQJ PRGHOV EDVHG RQ WKUHH UHVHDUFK SHUVSHFWLYHV DQG JRDOV IRU VWXGHQW OHDUQLQJ /OR\GnV $FDGHPLF 6WUDWHJ\ 7UDLQLQJ IRU VSHFLILF DFDGHPLF SUREOHPV ZDV DVVRFLDWHG ZLWK PHPRU\ UHVHDUFK 5HVHDUFK LQ VHOHFWLYH DWWHQWLRQ ZDV UHODWHG WR 7RUJHVRQnV 6WUDWHJ\ 7UDLQLQJ LQ ZKLFK VWXGHQWnV DUH WDXJKW WR DSSO\ JHQHUDO VWUDWHJLHV WKDW DUH DOUHDG\ LQ WKHLU UHSHUWRLUH &RQVLVWHQW ZLWK UHVHDUFK RQ PHWDFRJQLWLRQ LQGHSHQGHQW OHDUQLQJ VNLOOV 7HQQ\VRQ t 5DVFK f DUH WKH JRDO RI 'HVKOHUnV /HDUQLQJ 6WUDWHJLHV 0RGHO DW WKH 8QLYHUVLW\ RI .DQVDV ,QVWLWXWH RI 5HVHDUFK RQ /HDUQLQJ 'LVDELOLWLHV .8,5/'f GH%HWWHQFRXUW f 7KH JHQHUDOL]DELOLW\ DQG PDLQWHQDQFH RI PHWDFRJQLWLYH VWUDWHJLHV KDYH EHHQ UHFRJQL]HG DV WKH PRVW

PAGE 46

LPSRUWDQW FULWHULD IRU HYDOXDWLQJ WKH VXFFHVV RI VWUDWHJ\ WUDLQLQJ SURJUDPV 5H\QROGV t :DGH f *HQHUDOL]DWLRQ ,Q RUGHU IRU D VNLOO RU EHKDYLRU WR EH XVHG RXWVLGH RI WKH VSHFLILF FRQWH[WV DQG FRQWLQJHQFLHV RI D WUDLQLQJ VLWXDWLRQ JHQHUDOL]DWLRQ PXVW RFFXU 0HLFKHQEDXP t $VDUQRZ 6WRNHV t %DHU f &RPSUHKHQVLYHO\ GHILQHG JHQHUDOL]DWLRQ LV WKH RFFXUUHQFH RI UHOHYDQW EHKDYLRU XQGHU GLIIHUHQW QRQWUDLQLQJ FRQGLWLRQV LH DFURVV VXEMHFWV VHWWLQJV SHRSOH EHKDYLRUV DQGRU WLPHf ZLWKRXW WKH VFKHGXOLQJ RI WKH VDPH HYHQWV LQ WKRVH FRQGLWLRQV DV KDG EHHQ VFKHGXOHG LQ WKH WUDLQLQJ FRQGLWLRQV 6WRNHV t %DHU S f 6WLPXOXV JHQHUDOL]DWLRQ UHVSRQVH JHQHUDOL]DWLRQ DQG DGDSWDWLRQ DUH VXEW\SHV ZLWKLQ WKH FRQFHSW RI JHQHUDOL]DWLRQ (OOLV /HQ] 6DERUQLH Df 6WLPXOXV JHQHUDOL]DWLRQ RFFXUV ZKHQ D OHDUQHG VNLOO LV H[KLELWHG LQ GLIIHUHQW FRQGLWLRQV WKDQ ZHUH SUHVHQW GXULQJ VNLOO LQVWUXFWLRQ $OWKRXJK WKH VWLPXOL FKDQJH WKH UHVSRQVH UHPDLQV WKH VDPH 5HVSRQVH JHQHUDOL]DWLRQ RFFXUV ZKHQ WKH WUDLQLQJ RI RQH VNLOO FDXVHV D FKDQJH LQ DQRWKHU XQWUDLQHG VNLOO (OOLV HW DO D S f $GDSWDWLRQ RFFXUV DV D IXQFWLRQ RI LQWHUUHODWHG VWLPXOXV DQG UHVSRQVH FKDQJHV $V WKH VWLPXOL GLIIHU PRUH PDUNHGO\ IURP WKRVH XVHG LQ WUDLQLQJ DGDSWDWLRQ RI WKH VNLOO LV UHTXLUHG IRU PDNLQJ WKH UHVSRQVH (OOLV HW DO D S f 6WRNHV DQG %DHU f DGYRFDWHG DFWLYH SURJUDPPLQJ IRU JHQHUDOL]DWLRQ 6HYHUDO FDWHJRULHV RI LQVWUXFWLRQ WKDW SURPRWHG JHQHUDOL]DWLRQ ZHUH SUHVHQWHG LQFOXGLQJ WUDLQLQJ VXIILFLHQW

PAGE 47

H[HPSODUV PHGLDWHG JHQHUDOL]DWLRQ DQG V\VWHPDWLF XVH RI LQVWUXFWLRQ ,Q RUGHU WR WUDLQ VXIILFLHQW H[HPSODUV LQVWUXFWLRQ RFFXUV DFURVV D QXPEHU RI VHWWLQJ FRQGLWLRQV DQGRU SHUVRQV 6WRNHV DQG %DHU QRWHG WKDW RIWHQ WUDLQLQJ LQ MXVW WZR FRQGLWLRQV LQFUHDVHG WKH OLNHOLKRRG RI JHQHUDOL]DWLRQ WR D WKLUG FRQGLWLRQ ,Q PHGLDWHG JHQHUDOL]DWLRQ WKH OHDUQHU LV DFWLYHO\ LQYROYHG LQ WKH JHQHUDOL]DWLRQ SURFHVV WKURXJK WKH XVH RI D YDULHW\ RI VHOIn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t 6FKXPDNHU 6FKXPDNHU 'HVKOHU $OOH\ t :DUQHU 6FKXPDNHU t (OOLV f +RZHYHU WKH SULPDU\ SUHFHSW RI WKH .8,5/' JHQHUDOL]DWLRQ SURJUDPPLQJ KDV EHHQ WKH V\VWHPDWLF XVH RI LQVWUXFWLRQ WR IDFLOLWDWH JHQHUDOL]DWLRQ (OOLV HW DO D Ef SURSRVHG D PRGHO LQ ZKLFK JHQHUDOL]DWLRQ LQVWUXFWLRQ RFFXUUHG DORQJ D FRQWLQXXP DQG ZDV LQIXVHG LQWR VNLOO LQVWUXFWLRQ )RXU OHYHOV RI JHQHUDOL]DWLRQ LQVWUXFWLRQ ZHUH LGHQWLILHG E\ (OOLV HW DO D Ef DQWHFHGHQW FRQFXUUHQW VXEVHTXHQW DQG LQGHSHQGHQW JHQHUDOL]DWLRQ $QWHFHGHQW JHQHUDOL]DWLRQ RFFXUV

PAGE 48

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f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f DQG SUHVXPDEO\ RFFXUV DIWHU VXEVHTXHQW JHQHUDOL]DWLRQ $FWLYLWLHV IRU LQGHSHQGHQW JHQHUDOL]DWLRQ LQFOXGH VHOIPDQDJHPHQW SURFHGXUHV

PAGE 49

VLPLODU WR WKRVH SUHVHQWHG E\ 6WRNHV DQG %DHU f IRU PHGLDWHG JHQHUDOL]DWLRQ SURJUDPPLQJ 1HFHVVDU\ FRPSRQHQWV RI VWUDWHJ\ LQVWUXFWLRQ 7KH JHQHUDO SXUSRVH RI PHWDFRJQLWLYH WUDLQLQJ SURJUDPV KDV EHHQ WR IDFLOLWDWH VWXGHQWVn SUREOHPVROYLQJ EHKDYLRU E\ SURYLGLQJ WKHP ZLWK D YDULHW\ RI FRQVFLRXV VWUDWHJLHV VR WKDW WKH\ FDQ SURFHVV LQIRUPDWLRQ PRUH HIILFLHQWO\ XQGHU D YDULHW\ RI WDVNV DQG PDWHULDO FRQGLWLRQV 0RVHQWKDO S f 7KH XVH RI OHDUQLQJ VWUDWHJLHV KDV EHHQ DVVRFLDWHG ZLWK LPSURYHG VWXGHQW SHUIRUPDQFH ZLWK UHJDUG WR DFDGHPLF DQG LQWHUSHUVRQDO WDVN GHPDQGV IRU VWXGHQWV ZLWK DQG ZLWKRXW OHDUQLQJ SUREOHPV &ODUN 'HVKOHU 6FKXPDNHU $OOH\ t :DUQHU (OOLV (OOLV 'HVKOHU t 6FKXPDNHU *DJQHn 6FKXPDNHU 'HVKOHU $OOH\ :DUQHU t 'HQWRQ 9DQ 5HXVHQ :HLQVWHLQ t 0D\HU :LWWURFN f $OWKRXJK WKH H[DFW SURFHVVHV LQYROYHG LQ PHWDFRJQLWLRQ KDYH QRW EHHQ XQHTXLYRFDOO\ GHWHUPLQHG 5H\QROGV t :DGH f VHYHUDO FRUUHODWHV RI VWXGHQWVn DFTXLVLWLRQ DQG JHQHUDOL]DWLRQ RI OHDUQLQJ VWUDWHJLHV KDYH EHHQ LGHQWLILHG )U\ t /XSDUW +DJHQ HW DO 0HLFKHQEDXP t $VDUQRZ 3UHVVOH\ HW DO 5H\QROGV t :DGH 6\PRQV 6Q\GHU &DULJOLD%XOO t 3UHVVOH\ f 7KH VWXGHQWVn DFTXLVLWLRQ RI PHWDFRJQLWLYH VWUDWHJLHV KDYH EHHQ IDFLOLWDWHG E\ LQWHUDFWLYH DQG GLUHFW WHDFKLQJ WHFKQLTXHV 6\PRQV HW DO f 7KHVH WHFKQLTXHV LQFOXGH Df H[SOLFLW H[SODQDWLRQV RI WKH FRJQLWLYH SURFHVVHV LQYROYHG LQ WKH VWUDWHJ\

PAGE 50

Ef PDNLQJ WKH FRJQLWLYH SURFHVVHV YLVLEOH DQG REVHUYDEOH WKURXJK WHDFKHU PRGHOLQJ 3UHVVOH\ HW DO 5H\QROGV t :DGH f Ff UHFLSURFDO WHDFKLQJ WKDW LQFOXGHV RSSRUWXQLWLHV IRU RYHUW DQG FRYHUW VWXGHQW UHKHDUVDO RI WKH VWUDWHJ\ Gf SURYLGLQJ SHUIRUPDQFH IHHGEDFN WR WKH VWXGHQW DQG Hf WUDLQLQJ WKH VWXGHQW WR JHQHUDWH VHOIIHHGEDFN DERXW WKH HIIHFWLYHQHVV RI WKH VWUDWHJ\ 0HLFKHQEDXP t $VDUQRZ 3UHVVOH\ HW DO 5H\QROGV t :DGH f 7KH W\SH RI VWUDWHJ\ WKDW V WDXJKW KDV EHHQ UHODWHG WR WKH JHQHUDOL]DELOLW\ RI WKH VWUDWHJ\ VNLOO )U\ $ /XSDUW 5H\QROGV t :DGH f 7KH SRWHQWLDO WR HQKDQFH VWXGHQW SHUIRUPDQFH LV JUHDWHU ZLWK JHQHUDO VNLOOV WKDW FDQ EH XVHG DFURVV VHYHUDO GRPDLQV 7DVN VSHFLILF VWUDWHJLHV SURYLGH IHZHU RSSRUWXQLWLHV IRU WKH VWXGHQW WR XVH WKH VWUDWHJ\ DQG KHQFH OHVV LPSDFW RQ RYHUDOO VWXGHQW SHUIRUPDQFH 7KH PDLQWHQDQFH DQG JHQHUDOL]DWLRQ RI VWUDWHJ\ XVH LV DOVR LQFUHDVHG ZKHQ LQVWUXFWLRQ LV LQ GHSWK DQG ODVWV IRU SURORQJHG SHULRGV RI WLPH 0HLFKHQEDXP t $VDUQRZ 6\PRQV HW DO f 6XSHUILFLDO WHDFKLQJ RI PDQ\ VWUDWHJLHV FRQFXUUHQWO\ KDV QRW EHHQ UHSRUWHG WR UHVXOW LQ GXUDEOH FKDQJHV LQ PHWDFRJQLWLYH EHKDYLRUV 6\PRQV HW DO f UHSRUWHG WKDW NQRZOHGJH DQG H[SHULHQFH HOHPHQWV DUH FUXFLDO WR VWXGHQWVn PHWDFRJQLWLRQ DERXW VWUDWHJLHV 6WXGHQWV PXVW NQRZ ZKHQ DQG ZKHUH WR XVH D JLYHQ VWUDWHJ\ 3UHVVOH\ HW DO 6\PRQV HW DO f +RZHYHU WUDLQLQJ DFURVV VHWWLQJV FRQGLWLRQV DQG SHUVRQV LQFUHDVHV WKH OLNHOLKRRG

PAGE 51

WKDW WKH VWXGHQW ZLOO XVH WKH VWUDWHJ\ DFURVV VLWXDWLRQV 0HLFKHQEDXP t $VDUQRZ 3UHVVOH\ HW DO 6\PRQV HW DOW f $QRWKHU VLWXDWLRQDO DVSHFW WKDW KDV EHHQ DGGUHVVHG DV LPSRUWDQW WR VWUDWHJ\ WUDLQLQJ LV WKH FRQWH[W RI LQVWUXFWLRQ 'HVKOHU t 6FKXPDNHU 6\PRQV HW DO f 6WUDWHJLHV KDYH EHHQ IRXQG WR EH PRVW UHOHYDQW WR FXUUHQW DQG IXWXUH WDVNV ZKHQ WKH VWXGHQWVn DFWXDO FXUULFXOXP PDWHULDOV ZHUH XVHG LQ WUDLQLQJ 6WUDWHJ\ ,QWHUYHQWLRQ 0RGHO 6,0f $ PRGHO IRU WHDFKLQJ OHDUQLQJ VWUDWHJLHV WR ORZ DFKLHYLQJ DGROHVFHQWV KDV EHHQ GHYHORSHG DW WKH 8QLYHUVLW\ RI .DQVDV E\ 'RQDOG 'HVKOHU DQG KLV FROOHDJXHV 'HVKOHU t 6FKXPDNHU 6FKXPDNHU 'HVKOHU $OOH\ t :DUQHU 6FKXPDNHU 'HVKOHU t (OOLV 3UHVVOH\ 6\PRQV 6Q\GHU t &DULJOLD%XOO 6\PRQV HW DO f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f ,QVWUXFWLRQ LQ HDFK OHDUQLQJ VWUDWHJ\ LQFOXGHV D GHVFULSWLRQ RI WKH VWUDWHJ\ VWXGHQW JRDO VHWWLQJ IRU VWUDWHJ\ PDVWHU\ UHFLSURFDO WHDFKLQJ WHFKQLTXHV

PAGE 52

DQG PRGHOLQJ YHUEDO UHKHDUVDO H[WHQVLYH SUDFWLFH LQ FRQWUROOHG DQG DGYDQFHG PDWHULDOV IHHGEDFN VWXGHQW SHUIRUPDQFH PRQLWRULQJ DQG GDWD GLVSOD\ PDVWHU\ OHDUQLQJ DQG JHQHUDOL]DWLRQ DQG PDLQWHQDQFH DFWLYLWLHV ,QGLYLGXDOV ZLWK 3K\VLFDO ,PSDLUPHQWV 0RWLYDWLRQ DQG 3HUFHLYHG 3HUVRQDO &RQWURO 0RWLYDWLRQ RU ORFXV RI FRQWURO /2&f RULHQWDWLRQV PD\ EH UHODWHG WR OHYHOV RI LQGHSHQGHQFH DQG DVSLUDWLRQV IRU DGROHVFHQWV ZLWK 3, 5HVHDUFKHUV KDYH UHSRUWHG WKDW DQ LQWHUQDO /2& DQG LQWULQVLF PRWLYDWLRQ DUH SRVLWLYHO\ DVVRFLDWHG ZLWK WDVN SHUIRUPDQFH DQG DFDGHPLF DFKLHYHPHQW %ULJKDP 5\FNPDQ f +RZHYHU UHVHDUFK UHVXOWV DERXW WKH /2& RULHQWDWLRQV RI \RXWK ZLWK 3, KDYH EHHQ DPELJXRXV VHH 7DEOH f $OWKRXJK FRQIOLFWLQJ UHVXOWV PD\ EH DWWULEXWHG WR GLIIHUHQFHV LQKHUHQW WR WKH VWXGLHV XQHTXLYRFDO UHODWLRQVKLSV DPRQJ YDULDEOHV KDYH QRW EHHQ GHOLQHDWHG 'LIIHUHQFHV LQ WKH LQWHUQDOLW\ RU H[WHUQDOLW\ UHSRUWHG IRU VWXGHQWV ZLWK 3, PD\ KDYH EHHQ GXH WR WKH LQWHUVWXG\ YDULDELOLW\ RI WKH VXEMHFWVnV DJHV W\SH DQG VHYHULW\ RI KDQGLFDSV HGXFDWLRQDO SODFHPHQWV GDWD JDWKHULQJ SURFHGXUHV DQG SURJUDP FRQWHQW 6WXGHQWV ZLWK 3, LQ PDLQVWUHDP SODFHPHQWV GLVSOD\HG JUHDWHU H[WHUQDO /2& RULHQWDWLRQV WKDQ 3, VWXGHQWV LQ VHJUHJDWHG VHWWLQJV 0RUJDQ 3DOPHU 6WLHJOLW] /RPEDUGL t +HQILHOG f DQG 1+ VWXGHQWV *UHJRU\ 6KDQDKDQ t :DOEHUJ E 3DOPHU HW DO f

PAGE 53

7DEOH /RFXV RI &RQWURO /2&f DQG 0RWLYDWLRQ LQ 6WXGHQWV ZLWK 3K\VLFDO ,PSDLUPHQWV 6XEMHFWV ,QVWUXPHQWV 3DOPHU 6WHLJOLW] /RPEDUGL t &3 0' t 0< 3, 66 Q 06 Q r *UDGHV +HQILHOG r 1+ 1RUP YDOXHV XVHG 7KH 1RZLFNL 6WULFNODQG /2& 6FDOH IRU &KLOGUHQ 3LHUV+DUULV &KLOGUHQnV 6HOI&RQFHSW 6FDOH $WWLWXGH FRPSRQHQW &DUHHU 0DWXULW\ ,QYHQWRU\ D 5HVXOWV *UDGHV RQO\f ,QWHUQDO /2& 661+ 061+ 66!06 6HOIFRQFHSW 66!1+ D 66!06 06 RU !1+ ,QGHSHQGHQFH *U 66!06 66!1+ 06 1+ *U 66 06 661+ 061+ :KHHOFKDLU:&f YV QRQ:& XVHUV :& KDYH JUHDWHU GHFLVLYHQHVV VHOI FRQFHSW DQG LQWHUQDO /2& *UHJRU\ 2+ 06 1+ 1DWLRQDO +LJK 6FKRRO DQG %H\RQG 6XUYH\ 6KDQDKDQ t *UDGH Q *UDGH Q HDUO\ nVf :DOEHUJ D E *UDGH Q *UDGH Q 5HVXOWV O /RFXV RI &RQWUROf§*U + 1+ *U +!1+ ([WHUQDO /2& ,QGHSHQGHQFHf§*U + 1+ *U QRW UHSRUWHG 0RWLYDWLRQ DQG :RUN 2ULHQWDWLRQf§*U +1+ *U +1+ &2

PAGE 54

7DEOH O&RQWLQXHG 6XEMHFWV ,QVWUXPHQWV 0RUJDQ 3, VHYHUH 3, VHYHUH 0LOOHUV &KLOGUHQnV /RFXV RI (YDOXDWLRQ 56 Q 06 Q DQG &RQWURO 6FDOH r $JHV \UV 0HDQ ,4 +D\NX 3LFWXUH 0RWLYDWLRQ ,QYHQWRU\ 5HVXOWV ,QWHUQDO /RFXV RI FRQWURO 56!06D ,QFHQWLYH 2ULHQWDWLRQ 56!06D &HQWHU t :DUG &3 06 Q 1+ Q 7KH 1RZLFNL6WULFNODQG /2& VFDOH IRU r $JHV \UV r *UDGHV &KLOGUHQ 3UHVFKRRO 3ULPDU\ r &3 PLOG PRGHUDWH ,QWHUQDO([WHUQDO &RQWURO 6FDOH 5HVXOWV /RFXV RI FRQWURO /2&f QR UHODWDWLRQVKLS WR DFDGHPLFVRFLDO VXFFHVV 1+ &3 /2& QR UHODWLRQVKLS WR DFDGHPLF QRU VRFLDO VXFFHVV 1RWH 6\PEROV D f§VLJQLILFDQW DW S f§JUHDWHU WKDQ f§OHVV WKDQ f§HTXDO 6XEMHFWV 1+f§QRQKDQGLFDSSHG 3,f§SK\VLFDO LPSDLUPHQW 2+f§RUWKRSHGLF KDQGLFDS &3f§FHUHEUDO SDOV\ 0'f§PXVFXODU G\VWURSK\ 0
PAGE 55

7HQWK JUDGH PDLQVWUHDP VWXGHQWV ZLWK RUWKRSHGLF LPSDLUPHQWV *UHJRU\ 6KDQDKDQ t :DOEHUJ Df DQG PDLQVWUHDP VWXGHQWV ZLWK FHUHEUDO SDOV\ LQ JUDGHV RQH WKURXJK WHQ &HQWHU t :DUG f KDG /2& RULHQWDWLRQV VLPLODU WR 1+ VWXGHQWV 5LFK /LQRU DQG 6KDOHY f UHSRUWHG WKDW VWXGHQWVn IHHOLQJV DERXW VFKRRO YDULHG DFFRUGLQJ WR WKH W\SH RI SK\VLFDO KDQGLFDS SUHVHQW ,W PD\ EH GLIILFXOW WR GHWHUPLQH D JHQHUDOL]HG GHVFULSWLRQ RI WKH /2& IRU VWXGHQWV ZLWK 3, DFURVV DOO KDQGLFDSSLQJ FRQGLWLRQV 0RUJDQ f QRWHG WKDW SURJUDP HPSKDVHV DQG IDPLO\ VLWXDWLRQV WKDW YDULHG DFURVV SODFHPHQW VHWWLQJV FRXOG FRQWULEXWH WR VXEMHFWVn GLIIHUHQFHV LQ /2& &RQWUDGLFWRU\ ILQGLQJV DERXW WKH /2& RI VWXGHQWV ZLWK 3, PD\ KDYH EHHQ GXH WR DVVHVVPHQW IDFWRUV 1RW RQO\ GLG WKH VFDOHV XVHG WR PHDVXUH /2& YDU\ VHH 7DEOH f EXW &HQWHU DQG :DUG f QRWHG WKDW WKHUH ZHUH SV\FKRPHWULF SUREOHPV ZLWK WKH VFDOHV WKH\ XVHG WR PHDVXUH /2& 9DULDEOH UHOLDELOLWLHV LQ JHQHUDO DQG SDUWLFXODUO\ ORZ UHOLDELOLWLHV IRU VRPH VXEJURXSV RI FKLOGUHQ 6WLSHN DQG :HLV] f FRUURERUDWH WKH LPSOLFDWLRQ RI SV\FKRPHWULF SUREOHPV LQ VRPH /2& PHDVXUHV 5HJLRQDO GLIIHUHQFHV PD\ EH UHVSRQVLEOH IRU GLIIHUHQWLDO UHVXOWV REWDLQHG E\ UHVHDUFKHUV IRU VWXGHQWV LQ GLIIHUHQW VHWWLQJV 3DOPHU HW DO f *HQHUDO GLIIHUHQFHV GXH WR XUEDQ DQG UXUDO LQIOXHQFHV KDYH EHHQ UHSRUWHG IRU VRPH VSHFLDO SRSXODWLRQV GH%HWWHQFRXUW =LJPRQG t 7KRUQWRQ +DUQLVFK )LVKHU t

PAGE 56

&DUUROO f /2& ILQGLQJV IRU DQ $XVWUDOLDQ VDPSOH ZHUH LQFRQVLVWHQW ZLWK UHVXOWV IRXQG IRU $PHULFDQ VDPSOHV &HQWHU t :DUG f 5HJLRQDO HIIHFWV RQ /2& DVVHVVPHQWV UDWKHU WKDQ HGXFDWLRQDO SODFHPHQW GLIIHUHQFHV PD\ KDYH EHHQ UHVSRQVLEOH IRU WKH /2& YDULDWLRQV IRXQG E\ 3DOPHU HW DO f EHWZHHQ UHJXODU DQG VHSDUDWH VFKRRO VWXGHQWV 7KH PDLQVWUHDP VDPSOH ZDV WDNHQ IURP D PLGZHVWHUQ VFKRRO DQG WKH VHJUHJDWHG VDPSOH IURP D VFKRRO LQ $OEHUWVRQ 1HZ
PAGE 57

UHWDUGDWLRQ ZHUH H[FOXGHG IURP WKH VWXG\ 7KH ILQGLQJV ZHUH DWWULEXWHG WR GLIIHUHQWLDO SURJUDP HPSKDVHV (GXFDWLRQDO JRDOV LQ WKH PRUH UHVWULFWLYH SODFHPHQWV LQFOXGHG DFKLHYLQJ WRWDO LQGHSHQGHQFH DV ZHOO DV DFDGHPLF JDLQV $FDGHPLFV ZHUH HPSKDVL]HG LQ WKH PDLQVWUHDP SURJUDPV DQG DVVLVWDQFH ZDV UHQGHUHG E\ 1+ WHDFKHUV DQG SHHUV IRU SK\VLFDOO\ RULHQWHG WDVNV 7KHUH ZDV OLWWOH HPSKDVLV RQ DFKLHYLQJ LQGHSHQGHQFH LQ WHUPV RI RSSRUWXQLWLHV WR RYHUFRPH SK\VLFDO OLPLWDWLRQV RU WR FDSLWDOL]H RQ DELOLWLHV
PAGE 58

DVSHFWV RI VWXGHQWVn OLYHV RYHU ZKLFK WKH\ KDYH FRQWURO /HYHQVRQ t &RRSHU f $WWLWXGHV $WWLWXGHV PD\ EH UHSUHVHQWDWLYH RI OLNHV DQG GLVOLNHV +RUQH f RU HPRWLRQV DURXVHG E\ FHUWDLQ FLUFXPVWDQFHV 0RUJDQ f 1HJDWLYH DWWLWXGHV WRZDUG D JLYHQ JURXS EDVHG RQ LQDFFXUDWH LQIRUPDWLRQ RU FRXQWHUSURGXFWLYH LQWHUDFWLRQV KDYH ORQJ WHUP UDPLILFDWLRQV IRU SV\FKRVRFLDO IXQFWLRQLQJ DQG DXWRQRPRXV EHKDYLRU RI WKH GLVFULPLQDWHG JURXS /HIFRXUW f 7KH DWWLWXGHV RI 1+ LQGLYLGXDOV WRZDUGV SHUVRQV ZLWK 3, KDYH EHHQ LQIOXHQFHG E\ QXPHURXV IDFWRUV VHH &DUSHQWHU f LQFOXGLQJ WKH YLVLELOLW\ RI WKH LPSDLUPHQW *RIIPDQ 5LFKDUGVRQ f WKH VLWXDWLRQDO DVSHFWV RI LQWHUDFWLRQV 5RVHQEDXP t .DW] f DQG WKH VHYHULW\ RI WKH KDQGLFDS +LUVKRUHQ t %XUWRQ f 7KH VHOIDWWLWXGH RI DQ LQGLYLGXDO RIWHQ KDV EHHQ UHIHUUHG WR DV VHOIFRQFHSW RU VHOIHVWHHP 7KLV FRQFHSW RI VHOI LV IRUPHG LQ UHODWLRQ WR WKH LQGLYLGXDOnV HQYLURQPHQW DQG LV D GHWHUPLQDQW RI EHKDYLRU 0DVRQ f )LQGLQJV DERXW WKH VHOIFRQFHSW RI VWXGHQWV ZLWK 3, KDYH YDULHG VHH &DUSHQWHU f $OWKRXJK VRPH VWXGHQWV ZLWK 3, KDYH H[SHULHQFHG SV\FKRVRFLDO SUREOHPV UHODWHG WR VHOIHVWHHP PRUH RIWHQ WKDQ WKHLU 1+ SHHUV +DUYH\ t *UHHQZD\ 0F$QGUHZ :HLW]PDQ f RWKHU VWXGHQWV ZLWK LPSDLUPHQWV KDYH KDG D SRVLWLYH VHOIFRQFHSWV 2VWULQJ t 1LHPLQHQ 9DQ 3XWWH f 7KH VHOIFRQFHSW RI VWXGHQWV ZLWK 3, PD\

PAGE 59

EH UHODWHG WR WKHLU SHUFHSWLRQ RI SHUVRQDO FRQWURO 6HOLJPDQ t 0LOOHU f SURSRVH WKDW ORZHUHG VHOIHVWHHP LV GHSHQGHQW RQ PDNLQJ DQ LQWHUQDO DWWULEXWLRQ IRU KHOSOHVVQHVV S f &RQVHTXHQFHV RI $WWLWXGHV 5ROH H[SHFWDWLRQV 1RQKDQGLFDSSHG LQGLYLGXDOV KROG FHUWDLQ UROH H[SHFWDQFLHV IRU LQGLYLGXDOV ZLWK 3, WKDW QRW RQO\ UHIOHFW WKH DWWLWXGHV RI WKH 1+ LQGLYLGXDO ZKLFK PD\ KDYH OLWWOH UHODWLRQVKLS WR UHDOLW\ $X[WHU t 3\IHU S f EXW DOVR GHPDQG FRQIRUPLQJ EHKDYLRUV IURP WKH LQGLYLGXDO ZLWK 3, 6RFLHWDO H[SHFWDWLRQV IRU SHUVRQV ZLWK 3, PD\ UHVHPEOH WKH H[SHFWDWLRQV KHOG IRU RWKHU LQ WDFW JURXSV RQ WKH EDVLV RI JURXS PHPEHUVKLS UDWKHU WKDQ RQ FKDUDFWHULVWLFV RI WKH LQGLYLGXDO $QGHUVRQ f )RU WKH LQGLYLGXDO ZLWK 3, VWLJPDWL]DWLRQ *RIIPDQ f RU UHOHJDWLRQ WR D PLQRULW\ JURXS VWDWXV :ULJKW f UHVXOWV LQ FRQFRPLWDQW H[SHFWDQFLHV E\ 1+ LQGLYLGXDOV WKDW WKH SHUVRQ ZLWK 3, LV UHOLHYHG IURP QRUPDO UHVSRQVLELOLWLHV DQG PXVW DFW VLFN DQG GHSHQGHQW GHVSLWH SRVVLEOH GHVLUHV WR GR RWKHUZLVH %DUWHO t *XVNLQ 6KRQW] f 6HOI(IILFDF\ (IILFDF\ H[SHFWDWLRQV UHIOHFW WKH LQGLYLGXDOnV VXEMHFWLYH HVWLPDWH WKDW KH RU VKH KDV WKH FDSDFLW\ WR FRSH VXFFHVVIXOO\ ZLWK D WKUHDWHQLQJ VLWXDWLRQ :LOVRQ S f (IILFDF\ H[SHFWDWLRQV DUH DQ LPSRUWDQW DVSHFW RI WKH LQLWLDWLRQ JHQHUDOL]DWLRQ DQG PDLQWHQDQFH RI FRSLQJ EHKDYLRU DV UHODWHG WR WKH VLFN RU PLQRULW\ JURXS UROHV 7KH DWWLWXGHV

PAGE 60

SURMHFWHG E\ RWKHUV PD\ DIIHFW WKH VHOIHIILFDF\ RI WKH LQGLYLGXDO ZLWK 3, *UHVKDP 5LFK t :XHVW 6FKXQN f ,QWHUQDO DWWULEXWLRQV IRU RXWFRPHV PD\ DOVR EH UHODWHG WR IHHOLQJV RI VHOIHIILFDF\ :LOVRQ f SURSRVHG WKDW WKH GHYHORSPHQW RI VWURQJ VHOIHIILFDF\ LV GHSHQGHQW RQ VHOIDWWULEXWLRQV IRU PDVWHU\ EHKDYLRU 'HFL f VXJJHVWHG WKDW VRPHRQH ZKR LV VHOI GHWHUPLQLQJ ZLOO IHHO HIILFDF\ ,QWHUDFWLRQ SDWWHUQV 7KH QRQIDFLOLWDWLYH DWWLWXGHV RI 1+ SHUVRQV RIWHQ KDYH EHHQ PDQLIHVWHG DV QHJDWLYHO\ DOWHUHG LQWHUDFWLRQ SDWWHUQV VHH &DUSHQWHU f WKXV VXEWO\ FRPPXQLFDWLQJ ORZHU H[SHFWDQFLHV WR WKH LQGLYLGXDO ZLWK 3, WKDW HQFRXUDJH GHSHQGHQF\ DQG KHQFH LQKLELW SURJUHVV WRZDUG VHOI VXIILFLHQF\ +HJDUW\ 3RFNOLQJWRQ t /XFDV 5DQGROSK t +DUULQJWRQ f 0RGLILHG H[SHFWDQFLHV DQG LQWHUDFWLRQ SDWWHUQV PD\ EH HYLGHQW LQ LQGLVFULPLQDWH DVVLVWDQFH &UXLFNVKDQN +DOODEDQ t %LFH +DOO t 3RUWHU f GLPLQLVKHG HGXFDWLRQDO RSSRUWXQLWLHV 'RZQLQJ +DFNQH\ f DQG OLPLWHG VRFLDOL]DWLRQ RSSRUWXQLWLHV %URZQ t *RUGRQ 0F$QDUQH\ 7LQ t 7HDVGDOH :HLW]PDQ f $OWKRXJK VRPH DGROHVFHQWV ZLWK 3, KDYH EHHQ ZHOO DFFHSWHG E\ WKHLU SHHUV DW VFKRRO 'H$SRGDFD :DWVRQ 0XHOOHU t ,VDDFVRQ .DLOHV *LOOLHV t 6KDFNOH\ f RWKHUV PD\ KDYH KDG SDUWLFXODU GLIILFXOWLHV ZLWK LQWHUSHUVRQDO UHODWLRQVKLSV 6WXGHQWV ZLWK 3, RIWHQ KDYH EHHQ SDVVLYH SDUWLFLSDQWV LQ

PAGE 61

LQWHUSHUVRQDO LQWHUDFWLRQV DW KRPH %URZQ t *RUGRQ f DQG DW VFKRRO 0F$QDUQH\ 7LQ t 7HDVGDOH f $GROHVFHQWV ZLWK 3, KDYH EHHQ UHSRUWHG WR VSHQG PRUH WLPH LQ VRFLDO LVRODWLRQ DQG OHVV WLPH LQ RXWRIKRPH DFWLYLWLHV WKDQ 1+ VWXGHQWV %URZQ t *RUGRQ f 7KHVH GLIIHUHQFHV LQ VRFLDO H[SHULHQFHV Df IXUWKHU LVRODWH WKH VWXGHQW IURP SHHUV DQG Ef FRPSRXQG GLIILFXOWLHV LQ DFKLHYLQJ DSSURSULDWH VRFLDO EHKDYLRUV :HLW]PDQ f DV ZHOO DV WKH VNLOOV QHFHVVDU\ WR GHYHORS LQGHSHQGHQFH DQG SRVLWLYH VHOIFRQFHSWV ,W LV QRW VXUSULVLQJ WKDW VRFLDO VNLOO WUDLQLQJ ZDV GHHPHG VHFRQG LQ LPSRUWDQFH LQ HYDOXDWLRQV RI VFKRRO H[SHULHQFHV E\ LQGLYLGXDOV ZLWK FHUHEUDO SDOV\ 0DUJDOLW t &DVVHO 6HLGHQPDQ f :KHUHDV LQDGHTXDWH H[SHULHQFHV RU RSSRUWXQLWLHV PD\ EH SDUWLDOO\ UHVSRQVLEOH IRU VRFLDOL]DWLRQ SUREOHPV RI \RXWK ZLWK 3, G\VIXQFWLRQDO FRPPXQLFDWLRQ SDWWHUQV EHWZHHQ SHUVRQV ZLWK 3, DQG 1+ LQGLYLGXDOV &RPHU t 3LOLDYLQ .OHFN .OHFN 2QR t +DVWRUI f KDYH EHHQ UHSRUWHG WR FRQWULEXWH WR VWUDLQV LQ VRFLDO LQWHUDFWLRQV &RNHU t &RNHU f &RPPXQLFDWLRQ 3DWWHUQV ,QWHUSHUVRQDO LQWHUDFWLRQV EHWZHHQ 1+ LQGLYLGXDOV DQG SHUVRQV ZLWK 3, KDYH EHHQ FKDUDFWHUL]HG DV FRQVLVWLQJ RI G\VIXQFWLRQDO FRPPXQLFDWLRQ SDWWHUQV :LVHPDQ (PU\ 0RUJDQ t 0HVVDPHU f $GMXVWPHQWV LQ FRQYHUVDWLRQ FRQWHQW DQG QRQYHUEDO EHKDYLRUV KDYH EHHQ UHSRUWHG &RPHU t 3LOLDYLQ +DFNQH\ .OHFN .OHFN 2QR t +DVWRUI f 3HUVRQ DQG VRFLHWDO IDFWRUV

PAGE 62

KDYH EHHQ DVVRFLDWHG ZLWK WKH DOWHUHG FRPPXQLFDWLRQ EHKDYLRUV WKDW RFFXU EHWZHHQ LQGLYLGXDOV ZLWK 3, DQG WKRVH ZLWKRXW 3, %UDLWKZDLWH (PU\ t :LVHPDQ :LVHPDQ HW DO f $OWKRXJK FRPPXQLFDWLRQ LQFOXGHV YHUEDO DQG QRQYHUEDO FRQYHUVDWLRQDO EHKDYLRUV &RNHU t &RNHU 'H/RDFK t *UHHU )DVW :LVHPDQ HW DO f D OLPLWHG DPRXQW RI UHVHDUFK KDV EHHQ UHSRUWHG DERXW QRQYHUEDO FRPPXQLFDWLRQ EHKDYLRUV 7KH SUHVHQFH RI D SK\VLFDO LPSDLUPHQW FDQ KDYH GELOLWDWLYH HIIHFWV RQ FRPPXQLFDWLRQ %UDLWKZDLWH HW DO &RNHU t &RNHU 'H/RDFK t *UHHU f &RNHU DQG &RNHU PDLQWDLQHG WKDW WKH FRPPXQLFDWLRQ SDWWHUQV RI LQGLYLGXDOV ZLWK 3, UHVHPEOH WKRVH RI DSSUHKHQVLYH FRPPXQLFDWRUV $SSUHKHQVLYH FRPPXQLFDWRUV DUH FKDUDFWHUL]HG E\ Df YDULDQFH LQ WKHLU FRPPXQLFDWLRQ DSSUHKHQVLYHQHVV Ef DYRLGDQFH RU SDVVLYH SDUWLFLSDWLRQ LQ VRFLDO VLWXDWLRQV UHTXLULQJ RUDO FRPPXQLFDWLRQ DQG Ff QHJDWLYH VHOIn SHUFHSWLRQV DV ZHOO DV QHJDWLYH SHUFHSWLRQV E\ RWKHUV GXULQJ FRPPXQLFDWLRQ $V WKH UHVXOW RI LQDGHTXDWH FRPPXQLFDWLRQ LQWHUDFWLRQV DSSUHKHQVLYH FRPPXQLFDWRUV DUH SHUFHLYHG DV JHQHUDOO\ OHVV FRPSHWHQW WKDQ OHVV UHWLFHQW FRPPXQLFDWRUV &RPSHWHQW FRPPXQLFDWRUV DUH FKDUDFWHUL]HG E\ WKH DELOLW\ WR FKRRVH DPRQJ DYDLODEOH FRPPXQLFDWLRQ EHKDYLRUV LQ RUGHU WKDW >WKH\@ PD\ VXFFHVVIXOO\ DFFRPSOLVK >WKHLU@ RZQ LQWHUSHUVRQDO JRDOV GXULQJ DQ HQFRXQWHU &RNHU t &RNHU S f 6RFLDO

PAGE 63

LPSUHVVLRQ PDQDJHPHQW LV D VLPLODU FRQFHSW WKDW LV GHILQHG DV D VWUDWHJ\ IRU PDQLSXODWLQJ DOWHULQJ RU LQ RWKHU ZD\V FRQWUROOLQJ FHUWDLQ DVSHFWV RI QRQYHUEDO EHKDYLRU IRU WKH VDNH RI SHUIRUPLQJ PRUH FUHGLWDEO\ 'H/RDFK t *UHHU S f 9HUEDO DQG QRQYHUEDO EHKDYLRUV DUH HVVHQWLDO WR WKH FRPPXQLFDWLRQ SURFHVV &RNHU t &RNHU 'H/RDFK t *UHHU )DVW :LVHPDQ HW DO f 9HUEDO FRQYHUVDWLRQ EHKDYLRUV UHOHYDQW WR DOO FRPPXQLFDWRUV LQFOXGH DVNLQJ TXHVWLRQV LQLWLDWLQJ DQG PDLQWDLQLQJ FRQYHUVDWLRQV SDUDSKUDVLQJ DJUHHLQJ GLVDJUHHLQJ JLYLQJ DQG UHFHLYLQJ FRPSOLPHQWV DQG DVNLQJ IRU EHKDYLRU FKDQJH &RNHU t &RNHU SS f 9HUEDO VNLOOV WKDW DUH SDUWLFXODUO\ UHOHYDQW WR WKH LQWHUDFWLRQV RI LQGLYLGXDOV ZLWK SK\VLFDO LPSDLUPHQWV DUH VHOIGLVFORVXUH DERXW WKH GLVDELOLW\ UHTXHVWLQJ UHDVVXUDQFH DQG HPRWLRQDO VXSSRUW DQG DVVLVWLQJ WKH 1+ LQGLYLGXDO WR RYHUFRPH VWHUHRW\SLF ELDVHV &RNHU t &RNHU :LVHPDQ HW DO f 1RQYHUEDO FRPPXQLFDWLRQ EHKDYLRUV HTXDO RU H[FHHG WKH LPSRUWDQFH RI YHUEDO FRPPXQLFDWLRQ EHKDYLRUV LQ LQWHUDFWLRQV EHWZHHQ SHUVRQV ZLWK GLVDELOLWLHV DQG 1+ LQGLYLGXDOV &RNHU t &RNHU f 5HOHYDQW QRQYHUEDO FRPPXQLFDWLRQ EHKDYLRUV 1&%Vf LQFOXGH IDFLDO H[SUHVVLRQV H\H EHKDYLRU SRVWXUH DQG ERG\ PRYHPHQWV SK\VLFDO DSSHDUDQFH WRXFK SK\VLFDO GLVWDQFH DQG YRFDO TXDOLWLHV VXFK DV WRQH DQG SLWFK &RNHU t &RNHU 'H/RDFK t *UHHU .QDSS f

PAGE 64

5HVHDUFKHUV KDYH LQYHVWLJDWHG YHUEDO EHKDYLRUV UHOHYDQW WR SHUVRQV ZLWK 3, %UDLWKZDLWH HW DO f DV ZHOO DV WKH HIIHFWV RI WUDLQLQJ RQ YHUEDO EHKDYLRUV VXFK DV VHOI GLVFORVXUH &RNHU t &RNHU f $ OLPLWHG DPRXQW RI UHVHDUFK KDV EHHQ FRQGXFWHG WR LQYHVWLJDWH WKH QRQYHUEDO FRPPXQLFDWLRQ SDWWHUQV EHWZHHQ LQGLYLGXDOV ZLWK 3, DQG 1+ LQGLYLGXDOV 7KH PRVW FXUUHQW QRQYHUEDO FRPPXQLFDWLRQ VWXGLHV IRFXVHG RQ SHUFHSWLRQV DERXW FRPPXQLFDWLRQ SDWWHUQV XVLQJ TXHVWLRQQDLUH IRUPDWV %UDLWKZDLWH HW DO :LVHPDQ HW DO f (DUOLHU VWXGLHV XVHG REVHUYDWLRQDO SURFHGXUHV LQ FRQWULYHG VLWXDWLRQV WR H[DPLQH GLIIHUHQFHV LQ EHKDYLRUV GXULQJ LQWHUDFWLRQV EHWZHHQ 1+ LQGLYLGXDOV DQG SHUVRQV ZLWK 3, &RPHU t 3LOLDYLQ .OHFN .OHFN 2QR t +DVWRUI f %UDLWKZDLWH HW DO f XVHG D TXHVWLRQQDLUH WR DVFHUWDLQ ZKHWKHU VXEMHFWV ZLWK RUWKRSHGLF KDQGLFDSV Q f SHUFHLYHG WKHLU FRPPXQLFDWLRQ ZLWK 1+ LQGLYLGXDOV DV GLIIHUHQW WKDQ WKHLU FRPPXQLFDWLRQ ZLWK LQGLYLGXDOV ZLWK 3, 6XEMHFWV UHVSRQGHG WR VL[ QHJDWLYH FRPPXQLFDWLRQ EHKDYLRUV FKDUDFWHULVWLF RI LQWHUDFWLRQV 7KH VXEMHFWV IHOW WKDW FRPSDUHG WR FRPPXQLFDWRUV ZLWK 3, 1+ FRPPXQLFDWRUV PRUH IUHTXHQWO\ JODQFHG DZD\ VWRRG IXUWKHU DZD\ DFWHG QHUYRXV HQGHG WKH FRQYHUVDWLRQ HDUO\ SUHWHQGHG WR LJQRUH WKH GLVDELOLW\ DQG DVVXPHG D JUHDWHU GLVDELOLW\ WKDQ DFWXDOO\ H[LVWHG LQ WKH VXEMHFW

PAGE 65

:LVHPDQ HW DO f GHVLJQHG D TXHVWLRQQDLUH DERXW D KHOSLQJ VLWXDWLRQ LQ ZKLFK D 1+ LQGLYLGXDO UHQGHUHG XQVROLFLWHG DVVLVWDQFH WR DQ LQGLYLGXDO ZLWK 3, 7KH SXUSRVH ZDV WR GHWHUPLQH Df LI VXEMHFWV SHUFHLYHG QRUPDWLYH GHPDQGV RQ WKHLU EHKDYLRU DQG Ef LI WKHUH ZHUH GLIIHUHQFHV LQ WKH QRUPDWLYH GHPDQGV LGHQWLILHG E\ VXEMHFWV EDVHG RQ WKHLU JURXS PHPEHUVKLS 1RQKDQGLFDSSHG Q f DQG RUWKRSHGLFDOO\ KDQGLFDSSHG Q f DGXOWV FRPSOHWHG TXHVWLRQQDLUHV %RWK JURXSV RI VXEMHFWV SHUFHLYHG WKDW QRUPDWLYH GHPDQGV LQIOXHQFHG WKH EHKDYLRUV RI WKH SDUWLFLSDQWV LQ WKH KHOSLQJ VFHQDULR :KHUHDV SHUFHSWLRQ RI VHOI DQG DFWLRQV WR PDLQWDLQ D IDYRUDEOH VHOILPDJH ZHUH GHHPHG WR LQIOXHQFH WKH KHOSLQJ EHKDYLRU RI WKH 1+ LQGLYLGXDO SHUFHSWLRQV RI VHOI DQG DFWLRQV WR HQKDQFH WKH UHODWLRQVKLS ZLWK WKH 1+ LQGLYLGXDO ZHUH VHHQ DV UHVSRQVLEOH IRU WKH DFTXLHVFHQFH RI WKH LQGLYLGXDO ZLWK 3, &RPSDUHG WR WKH 1+ VXEMHFWV WKH VXEMHFWV ZLWK 3, SHUFHLYHG JUHDWHU VLWXDWLRQDO DQG VRFLHWDO GHPDQGV RQ WKH GLVDEOHG DFWRUnV EHKDYLRU 7KH UHSRUWHG SHUFHSWLRQV RI GLIIHUHQFHV LQ QRQYHUEDO FRPPXQLFDWLRQ SDWWHUQV FRUURERUDWH EHKDYLRUDO GLVFUHSDQFLHV SUHYLRXVO\ LGHQWLILHG E\ UHVHDUFKHUV LQ REVHUYDWLRQDO VHWWLQJV VHH 7DEOH f 6RPH ILQGLQJV ZHUH SUHVHQW ZKHWKHU VXEMHFWV ZHUH 1+ RU KDG 3, ZKHQ LQWHUDFWLRQV RFFXUUHG EHWZHHQ 1+ LQGLYLGXDOV DQG LQGLYLGXDOV ZLWK 3, 7KH LQWHUDFWLRQ GLVWDQFH ZDV JUHDWHU PRWRU DFWLYLW\ ZDV OHVV YDULDEOH DQG LQWHUDFWLRQV ZHUH WHUPLQDWHG

PAGE 66

7DEOH 6WXGLHV RI 1RQYHUEDO &RPPXQLFDWLRQ 3DWWHUQV 6XEMHFWV 5HVHDUFK 6FHQDULR 1RQYHUEDO %HKDYLRUV .OHFN 2QR t 1RQKDQGLFDSSHG 1+f 6XEMHFWV FRQYHUVLQJ ZLWK D 6NLQ UHVSRQVH +DVWRUI Q FRQIHGHUDWH SRVLQJ DV 1+ RU ,QWHUDFWLRQ OHQJWK +HDG +LJK 6FKRRO 0DOHV SK\VLFDOO\ LPSDLUHG 3,f DQG KDQG PRYHPHQWV .OHFN 1+ Q 0DOHV 6XEMHFWV FRQYHUVLQJ ZLWK D +HDG DQG KDQG PRYHPHQWV -XQLRU6HQLRU +LJK FRQIHGHUDWH SRVLQJ DV 3, RU 1+ (\H FRQWDFW (&f .OHFN 1+ Q 6XEMHFWV WHDFKLQJ D SDSHU 3UR[HPLW\ &ROOHJH )HPDOHV IROGLQJ WDVN WR D FRQIHGHUDWH SRVLQJ DV 3, RU 1+ &RPHU t 3, Q ,QWHUYLHZ E\ D FRQIHGHUDWH ,QWHUDFWLRQ OHQJWK (& 3LOLDYLQ $JHV SRVLQJ DV 3, RU 1+ 3UR[HPLW\ 6PLOLQJ &UR

PAGE 67

VRRQHU WKDQ LQ LQWHUDFWLRQV EHWZHHQ SHUVRQV ZLWK VLPLODU SK\VLFDO DWWULEXWHV &RPHU t 3LOLDYLQ .OHFN .OHFN 2QR t +DVWRUI f 6RPH ILQGLQJV YDULHG IRU FRPPXQLFDWRUV ZLWK DQG ZLWKRXW 3, :KHUHDV H\H FRQWDFW ZDV JUHDWHU IRU 1+3, LQWHUDFWLRQV WKDQ IRU 1+1+ LQWHUDFWLRQV .OHFN f H\H FRQWDFW LQ 3,1+ LQWHUDFWLRQV ZDV OHVV WKDQ LQ 3,3, FRQYHUVDWLRQV &RPHU t 3LOLDYLQ f .OHFN f QRWHG WKDW GLIIHUHQFHV LQ KLV 1+ VXEMHFWVn EHKDYLRUV ZHUH JUHDWHU ZKHQ WKH VXEMHFW ZDV OLVWHQLQJ WR WKH FRQIHGHUDWH VSHDN WKDQ ZKHQ WKH VXEMHFW ZDV WDONLQJ .OHFN SRVWXODWHG WKDW WKH JUHDWHU H\H FRQWDFW GXULQJ 1+ 3, LQWHUDFWLRQV ZDV DQ LQGLFDWLRQ RI LQIRUPDWLRQ VHHNLQJ EHKDYLRU RQ WKH SDUW RI WKH 1+ VXEMHFW .OHFN HW DO f UHSRUWHG WKDW HPRWLRQDO DURXVDO DV PHDVXUHG E\ SV\FKRJDOYDQLF VNLQ UHVSRQVH ZDV JUHDWHU LQ 1+3, LQWHUDFWLRQV &RPHU DQG 3LOLDYLQ f IRXQGWKDW VXEMHFWV ZLWK 3, VPLOHG PRUH LQ LQWHUYLHZV LQ ZKLFK WKH FRQIHGHUDWH KDG DQ RUWKRSHGLF KDQGLFDS WKDQ LQ WKH 1+ LQWHUYLHZHU VFHQDULR $V FRPPXQLFDWRUV LW VKRXOG EH QRWHG WKDW LQGLYLGXDOV ZLWK 3, DUH QRW FRPSHWHQW RU LQFRPSHWHQW &RNHU t &RNHU f 6LPLODU WR 1+ LQGLYLGXDOV WKHLU HIIHFWLYHQHVV LQ LQWHUSHUVRQDO LQWHUDFWLRQV YDULHV ZLWK WKH VLWXDWLRQ 0DQ\ SHUVRQV ZLWK SK\VLFDO LPSDLUPHQWV GR QRW SRVVHVV DQ DGHTXDWH UHSHUWRLUH RI VNLOOV WKDW SHUPLW WKHP WR FKRRVH VLWXDWLRQDOO\ VSHFLILF

PAGE 68

FRPPXQLFDWLRQ VWUDWHJLHV WKDW DUH DSSURSULDWH DQG EHQHILFLDO 'H/RDFK t *UHHU f $OWKRXJK SURFHGXUHV WR WUDLQ 1&%V KDYH EHHQ DGYRFDWHG WR HQKDQFH WKH FRPPXQLFDWLRQ FRPSHWHQFH DQG VRFLDO VNLOOV RI LQGLYLGXDOV ZLWK 3, &RNHU t &RNHU 'H/RDFK t *UHHU f UHVHDUFK VSHFLILF WR WKH HIILFDF\ RI WUDLQLQJ 1&%V IRU LQGLYLGXDOV ZLWK 3, KDV QRW EHHQ FRQGXFWHG ,QGLYLGXDOV ZLWK 3, KDYH EHHQ VXFFHVVIXO LQ LPSURYLQJ WKHLU YHUEDO LQWHUDFWLRQV ZLWK 1+ SHUVRQV IROORZLQJ WUDLQLQJ LQ VHOIGLVFORVXUH DQG EUHDN WKURXJK WHFKQLTXHV %HOJUDYH (YDQV 0LOOV %HO JUDYH t %R\HU f 7UDLQLQJ LQ 1&%V PD\ \LHOG HTXDOO\ SRVLWLYH UHVXOWV 1RQYHUEDO FRPPXQLFDWLRQ EHKDYLRUV KDYH EHHQ UHFRJQL]HG DV DQ LPSRUWDQW FRPSRQHQW RI WKH RYHUW VRFLDO VNLOOV QHFHVVDU\ IRU VWXGHQWV ZLWK OHDUQLQJ GLVDELOLWLHV WR HIIHFWLYHO\ SDUWLFLSDWH LQ LQWHUSHUVRQDO LQWHUDFWLRQV 6FKXPDNHU t +D]HO D Ef 0RUHRYHU 1&% WUDLQLQJ KDV EHHQ LQFRUSRUDWHG LQ SURJUDPV GHVLJQHG WR HQKDQFH WKH HGXFDWLRQ FRQIHUHQFH
PAGE 69

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f FRPELQHG WUHDWPHQW PRGHOV W\SLFDOO\ XVHG WR DSSURDFK WKH LQHIIHFWLYH FRPPXQLFDWLRQ RI DSSUHKHQVLYH FRPPXQLFDWRUV DQG LQGLYLGXDOV ZLWK 3, 7KH\ SRVLWHG WKDW SK\VLFDO GLVDELOLW\ FDXVHV FRPPXQLFDWLRQ DSSUHKHQVLRQ ZKLFK FDXVHV LQHIIHFWLYH FRPPXQLFDWLRQ 1HJDWLYH SHUVRQDO DQG VRFLDO FRQVHTXHQFHV DUH WKH UHVXOW 6XJJHVWHG WUHDWPHQW SURFHGXUHV LQFOXGHG VRFLDO VNLOOV WUDLQLQJ LQFOXGLQJ QRQYHUEDO EHKDYLRUVf FRXQVHOLQJ DQG HGXFDWLRQDOYRFDWLRQDO UHKDELOLWDWLRQ 'H/RDFK DQG *UHHU f VXJJHVWHG SKDVHV WKDW VKRXOG EH LQFOXGHG LQ WKH WUDLQLQJ RI QRQYHUEDO FRPPXQLFDWLRQ VNLOOV 2ULHQWDWLRQ WR WKH UROH RI JHVWXUHV LQ LPSUHVVLRQ PDQDJHPHQW WKH XVH DQG PLVXVH RI VSHFLILF JHVWXUHV DV ZHOO DV JHVWXUH FOXVWHUV VLWXDWLRQDO UROHSOD\LQJ SUDFWLFH XVLQJ WKHVH EHKDYLRUV >LQFOXGLQJ YLGHRWDSLQJ@ IHHGEDFN RQ WKH HIIHFWLYHQHVV RI UROHSOD\LQJ DQG ILQDOO\ DFWXDO SUDFWLFH LQ UHDO VLWXDWLRQV ZLWK IROORZXS FULWLTXHV DQG GLVFXVVLRQ RI RXWFRPHV S f

PAGE 70

6XPPDU\ 0RWLYDWLRQ WKHRULVWV KDYH HPSKDVL]HG WKH LPSRUWDQFH RI LQWULQVLF PRWLYDWLRQ WKH QHHG WR IHHO FRPSHWHQW DQG VHOI GHWHUPLQLQJ LQ UHODWLRQ WR FKLOGUHQnV OHDUQLQJ DQG DFKLHYHPHQW $GHOPDQ 'HFL 'HFL t 5\DQ :LWWURFN f 'HFL f H[SDQGHG RQ WKH FRQVHTXHQFH RI LQWULQVLF PRWLYDWLRQ $ SHUVRQnV LQWULQVLF QHHG IRU IHHOLQJV RI FRPSHWHQFH DQG VHOI GHWHUPLQDWLRQ PDNHV KLP DZDUH RI SRWHQWLDO VDWLVIDFWLRQ ZKLFK LQ WXUQ SURYLGHV WKH HQHUJ\ IRU KLP WR VHW JRDOV LH WR GHFLGH ZKDW WR GRf DQG WR EHKDYH LQ VXFK D ZD\ DV WR WU\ WR DFKLHYH WKHVH JRDOV S f /HDUQLQJ VWUDWHJLHV KDYH EHHQ GHILQHG DV DFWLRQV DQG WKRXJKWV WKDW RFFXU GXULQJ OHDUQLQJ ZKLFK DIIHFW PRWLYDWLRQ DV ZHOO DV WKH VHOHFWLRQ DFTXLVLWLRQ RUJDQL]DWLRQ DQG LQWHJUDWLRQ RI QHZ NQRZOHGJH :HLQVWHLQ t 0D\HU f 0HWDFRJQLWLRQ WKHRULVWV KDYH DVVRFLDWHG VWXGHQWVn XVH RI OHDUQLQJ VWUDWHJLHV WR LPSURYHG SHUIRUPDQFH RQ DFDGHPLF WDVNV DQG LQWHUSHUVRQDO EHKDYLRUV 6WXGHQWVn DFTXLVLWLRQ DQG JHQHUDOL]DWLRQ RI OHDUQLQJ VWUDWHJLHV KDYH EHHQ UHODWHG WR LQVWUXFWLRQ FRPSRQHQWV LQFRUSRUDWHG LQ VWUDWHJ\ WUDLQLQJ SURJUDPV 7KHUH LV HYLGHQFH WKDW VRPH LQGLYLGXDOV ZLWK 3, DUH DWULVN IRU /2& RULHQWDWLRQV DQG VHOIDWWLWXGHV WKDW KDYH EHHQ QHJDWLYHO\ DVVRFLDWHG ZLWK DXWRQRPRXV EHKDYLRU 0XWXDO H[SHFWDWLRQV EHWZHHQ 1+ LQGLYLGXDOV DQG LQGLYLGXDOV ZLWK 3, WKDW DUH EDVHG RQ LQDSSURSULDWH SHUFHSWLRQV RI DELOLWLHV DQGRU LQWHQWLRQV KDYH FRQWULEXWHG WR GLIIHUHQWLDO LQWHUSHUVRQDO LQWHUDFWLRQV 1RQYHUEDO FRPPXQLFDWLRQ EHKDYLRUV DUH RQH DUHD RI LQWHUSHUVRQDO LQWHUDFWLRQV

PAGE 71

LQ ZKLFK DOWHUHG EHKDYLRU SDWWHUQV PD\ KLQGHU WKH GHYHORSPHQW RI LQGHSHQGHQFH DQG DXWRQRP\ LQ WKH SHUVRQ ZLWK 3, 3ULQFLSOHV GHULYHG IURP PRWLYDWLRQ DQG PHWDFRJQLWLRQ WKHRULHV DUH SHUWLQHQW WR D UDWLRQDOH IRU SURYLGLQJ VWXGHQWV ZLWK VSHFLILFDOO\ GHVLJQHG VWUDWHJLHV WR HQKDQFH 1&%V $FWLYH YHUVXV SDVVLYH VWXGHQW LQYROYHPHQW LQ WKH DFTXLVLWLRQ RI QRQYHUEDO FRPPXQLFDWLRQ VNLOOV LV UHODWHG WR JRDO RULHQWHG EHKDYLRUV DQG KHQFH WR XOWLPDWH JRDO DWWDLQPHQW

PAGE 72

&+$37(5 ,,, 0(7+2' 7KH PDWHULDOV DQG PHWKRGV IRU WKH LQYHVWLJDWLRQ RI D QRQYHUEDO FRPPXQLFDWLRQ WUDLQLQJ SURFHGXUH IRU DGROHVFHQWV ZLWK SK\VLFDO LPSDLUPHQWV 3,f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f E\ DGROHVFHQWV ZLWK 3, 7KH DUHDV DGGUHVVHG LQ WKH TXHVWLRQV LQFOXGH WKH VWXGHQWVn XVH RI 1&%V GXULQJ WUDLQLQJ SUDFWLFH VHVVLRQV VLPXODWHG HGXFDWLRQ FRQIHUHQFHV DQG DFWXDO HGXFDWLRQ FRQIHUHQFHV WKH VWXGHQWVn VDWLVIDFWLRQ ZLWK WKHLU 1&%V DQG WHDFKHUVn VDWLVIDFWLRQ ZLWK WKH VWXGHQWVn XVH RI 1&%V 7KH IROORZLQJ TXHVWLRQV ZHUH HYDOXDWHG XVLQJ D PXOWLSOH EDVHOLQH VLQJOH VXEMHFW H[SHULPHQWDO UHVHDUFK GHVLJQ DFURVV EHKDYLRUV

PAGE 73

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nV QRQYHUEDO FRPPXQLFDWLRQ EHKDYLRU SHUIRUPDQFH GXULQJ VLPXODWHG HGXFDWLRQ FRQIHUHQFHV DIWHU WUDLQLQJ" 4 'R VSHFLDO HGXFDWLRQ WHDFKHUV UHSRUW VDWLVIDFWLRQ ZLWK WKH WUDLQLQJ SURFHGXUHV"

PAGE 74

'HVFULSWLRQ RI WKH 6XEMHFWV 0LGGOH VFKRRO VWXGHQWV ZLWK 3, 1 f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

PAGE 75

ZKR ZRUNHG ZLWK WKH VWXGHQWV DW WKH VFKRRO YHULILHG WKDW WKHUH ZHUH QR FRQWUDLQGLFDWLRQV IRU WKH VXEMHFWV DVVRFLDWHG ZLWK WKH 1&V VHOHFWHG IRU LQVWUXFWLRQ $SSURYDO IRU WKH \RXWK WR EH WUDLQHG YLGHRWDSHG DQG REVHUYHG ZDV REWDLQHG IURP WKH 8QLYHUVLW\ RI )ORULGD ,QVWLWXWLRQDO 5HYLHZ %RDUG VHH $SSHQGL[ $f WKH 6FKRRO %RDUG RI $ODFKXD &RXQW\ WKH VWXGHQWV WKHPVHOYHV DQG WKH VWXGHQWVn SDUHQWV VHH $SSHQGL[ %f 6XEMHFW 2QH 6XEMHFW 2QH 6,f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f VHUYLFHV DW VFKRRO )LQH PRWRU DELOLWLHV ZHUH LQWDFW +HDULQJ ZDV ZLWKLQ QRUPDO OLPLWV 9LVLRQ ZDV DSSUR[LPDWHO\ QRUPDO DQG XQFRUUHFWHG

PAGE 76

6XEMHFW ZDV ILUVW LGHQWLILHG IRU VSHFLDO HGXFDWLRQ VHUYLFHV DW DERXW \HDUV RI DJH DQG ZDV SODFHG LQ D SK\VLFDO DQG RFFXSDWLRQDO WKHUDS\ SURJUDP IRU FKLOGUHQ ZLWK 3, 6XEMHFW KDG EHHQ PDLQVWUHDPHG RII DQG RQ VLQFH WKH ILUVW JUDGH IRU PXVLF VFLHQFH VRFLDO VWXGLHV DQGRU SK\VLFDO HGXFDWLRQ 7KH PD[LPXP DPRXQW RI PDLQVWUHDP SODFHPHQW ZDV IRXU WR ILYH KRXUV SHU ZHHN 'XULQJ KHU VL[WK JUDGH \HDU VKH ZDV PDLQVWUHDPHG IRU KRPHURRP DQG PXVLF RQO\ ,QWHOOHFWXDO IXQFWLRQ ZDV ZLWKLQ QRUPDO OLPLWV VHH 7DEOH f )RXUWK JUDGH VWDQGDUGL]HG DFKLHYHPHQW WHVW VFRUHV ZHUH WKH PRVW FXUUHQW DYDLODEOH VHH 7DEOH f 6XEMHFW ZDV DFKLHYLQJ EHORZ JUDGH OHYHO DW WKDW WLPH 7KH FODVVURRP WHDFKHU LQGLFDWHG WKDW 6, ZDV UHDGLQJ RQ DSSUR[LPDWHO\ D IRXUWK JUDGH OHYHO DW WKH WLPH RI WKH SURMHFW DQG FRQWLQXHG WR SHUIRUP EHORZ JUDGH OHYHO LQ PDWK 6XEMHFW 7ZR 6XEMHFW 7ZR 6f ZDV D VL[WK JUDGH ZKLWH IHPDOH DJH \HDUV PRQWKV 6XEMHFW KDG FHUHEUDO SDOV\ DQG H[KLELWHG TXDGULSDUHWLF DWD[LF VSDVWLF SDWWHUQV 6RPH DWKHWRWLF PRYHPHQWV ZHUH DOVR SUHVHQW LQ XSSHU DQG ORZHU H[WUHPLWLHV 7KHUH ZDV D SURIRXQG DQG HDVLO\ VROLFLWHG SULPLWLYH VWDUWOH UHIOH[ DV ZHOO DV DQ DEVHQFH RI ULJKWLQJ UHDFWLRQV LQ WKH HYHQW RI D IDOOf 6XEMHFW ZDV XQFRRUGLQDWHG ZKHQ ZDONLQJ DQG XVHG D ZLGH EDVH IRU EDODQFH GXULQJ DPEXODWLRQ 6XEMHFW UHFHLYHG 37 DQG RFFXSDWLRQDO WKHUDS\ 27f VHUYLFHV DW VFKRRO 'XULQJ WKH VL[WK JUDGH VKH EHJDQ XVLQJ D PDQXDO ZKHHOFKDLU IRU D SRUWLRQ RI WKH VFKRRO GD\ DQG XVHG

PAGE 77

7DEOH 7HVW 6FRUHV IRU 6XEMHFWVn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f§$VVHVVPHQW %DWWHU\ IRU &KLOGUHQ

PAGE 78

7DEOH 6XEMHFWVn 0RVW 5HFHQW &DOLIRUQLD $FKLHYHPHQW 7HVW 6FRUHV *UDGH LQ 6XEMHFW 'DWH 6FKRRO 6XEWHVW 3HUFHQWLOH 6WDQLQH 5HDGLQJ /DQJXDJH 0DWK 5HDGLQJ /DQJXDJH 0DWK 5HDGLQJ /DQJXDJH 0DWK 5HDGLQJ /DQJXDJH 0DWK 5HDGLQJ /DQJXDJH 0DWK

PAGE 79

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

PAGE 80

IRU 6 WR SDUWLFLSDWH LQ VFLHQFH LQ D UHJXODU FODVVURRP LQ WKH ILIWK JUDGH VFKRRO \HDUf 'XULQJ WKH VL[WK JUDGH VFKRRO \HDU VKH ZDV PDLQVWUHDPHG IRU KRPHURRP RQO\ DQG ,QLWLDOO\ H[SHULHQFHG GLIILFXOW\ FRQWUROOLQJ KHU HPRWLRQDO UHDFWLRQV GXULQJ KRPHURRP ,QWHOOHFWXDO IXQFWLRQ ZDV ZLWKLQ QRUPDO OLPLWV VHH 7DEOH f 7KLUG JUDGH VWDQGDUGL]HG DFKLHYHPHQW WHVW VFRUHV ZHUH WKH PRVW UHFHQW JURXS WHVW VFRUHV DYDLODEOH VHH 7DEOH f 6XEMHFW ZDV DFKLHYLQJ EHORZ JUDGH OHYHO DW WKDW WLPH 7KH FODVVURRP WHDFKHU LQGLFDWHG WKDW 6 ZDV UHDGLQJ RQ DSSUR[LPDWHO\ D IRXUWK JUDGH OHYHO DW WKH WLPH RI WKH SURMHFW DQG FRQWLQXHG WR SHUIRUP EHORZ JUDGH OHYHO LQ PDWK 7KH JUDGH HTXLYDOHQWV IRU WKH DFKLHYHPHQW VXEWHVWV RI WKH .DXIPDQ$VVHVVPHQW %DWWHU\ IRU &KLOGUHQ .$%&f LQ UHDGLQJ FRPSUHKHQVLRQ GHFRGLQJ DQG DULWKPHWLF ZHUH DQG UHVSHFWLYHO\ 6XEMHFW 7KUHH 6XEMHFW 7KUHH 6f ZDV DQ HLJKWK JUDGH EODFN PDOH DJH \HDUV PRQWKV 6XEMHFW KDG ORQJ VWDQGLQJ MXYHQLOH UKHXPDWRLG DUWKULWLV DV ZHOO DV %HOOnV SDOV\ RI WKH OHIW VLGH DQG OHIW KHPLSDUHVLV 6XEMHFW ZDV REHVH DQG KDG OLPLWHG PRYHPHQW RI KLV DUPV DQG OHJV $PEXODWLRQ ZDV XVXDOO\ ODERUHG DQG VKXIIOLQJ 6XEMHFW ZDV UHFRYHULQJ IURP DQNOH VXUJHU\ DQG RFFDVLRQDOO\ XVHG D PDQXDO ZKHHOFKDLU DW VFKRRO +RZHYHU ZKHHOFKDLU XVDJH KDG EHHQ PRVWO\ GLVFRQWLQXHG E\ WKH HQG RI WKH SURMHFW 6XEMHFW GLG QRW XVH D ZKHHOFKDLU GXULQJ DQ\ SURMHFW VHVVLRQV %LPDQXDO GH[WHULW\

PAGE 81

ZDV SRRU &RQVHTXHQWO\ WKH SHUIRUPDQFH SRUWLRQ RI WHVWV UHSRUWHG LQ VFKRRO UHFRUGV ZHUH URXWLQHO\ RPLWWHG 3K\VLFDO VWUHQJWK ZDV PDUNHGO\ ORZ 6XEMHFW UHFHLYHG 37 DQG 27 VHUYLFHV DW VFKRRO 6RPH VWUDELVPXV ZDV SUHVHQW DQG JODVVHV KDG EHHQ SUHVFULEHG EXW ZHUH QRW ZRUQ 6SHHFK DQG ODQJXDJH ZDV ZLWKLQ QRUPDO OLPLWV +HDULQJ ZDV DSSUR[LPDWHO\ QRUPDO 6XEMHFW ZDV ILUVW LGHQWLILHG IRU VSHFLDO HGXFDWLRQ VHUYLFHV LQ DQG ZDV SODFHG LQ D VSHFLILF OHDUQLQJ GLVDELOLWLHV 6/'f SURJUDP WKH IROORZLQJ \HDU LQ DSSUR[LPDWHO\ WKH WKLUG JUDGHf ,Q WKH VL[WK JUDGH 6 ZDV GLVPLVVHG IURP WKH 6/' SURJUDP DQG SODFHG LQ WKH SURJUDP IRU VWXGHQWV ZLWK SK\VLFDO LPSDLUPHQWV 0DLQVWUHDPHG FODVVHV GXULQJ WKH HLJKWK JUDGH LQFOXGHG VRFLDO VWXGLHV UHDGLQJ KRPH HFRQRPLFV DQG KRPHURRP ,QWHOOHFWXDO IXQFWLRQ ZDV ZLWKLQ QRUPDO OLPLWV VHH 7DEOH f 6HYHQWK JUDGH VWDQGDUGL]HG DFKLHYHPHQW WHVW VFRUHV ZHUH WKH PRVW FXUUHQW DYDLODEOH VHH 7DEOH f 7KH FODVVURRP WHDFKHU LQGLFDWHG WKDW 6 ZDV UHDGLQJ RQ JUDGH OHYHO HLJKWKf DW WKH WLPH RI WKH SURMHFW EXW FRQWLQXHG WR SHUIRUP EHORZ JUDGH OHYHO LQ PDWK 6XEMHFW )RXU 6XEMHFW )RXU 6f ZDV DQ HLJKWK JUDGH ZKLWH PDOH DJH \HDUV PRQWKV 6XEMHFW KDG FHUHEUDO SDOV\ DQG H[KLELWHG OHIWVLGHG KHPLSDUHVLV +H ZDV VOLJKWO\ RYHUZHLJKW DQG KDG SRRU PXVFOH WRQH 8VH RI WKH OHIW DUP DQG KDQG ZDV PLQLPDO DOWKRXJK SRVVLEOH 6XEMHFW ZDV FRPSOHWHO\ DPEXODWRU\ EXW KDG D VOLJKW OLPS *URVV PRWRU SDWWHUQV ZHUH FOXPV\ DOWKRXJK WKH VWXGHQW FRXOG UXQ DQG MXPS

PAGE 82

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f 6HYHQWK JUDGH VWDQGDUGL]HG DFKLHYHPHQW WHVW VFRUHV ZHUH WKH PRVW FXUUHQW DYDLODEOH VHH 7DEOH f 6XEMHFW ZDV DFKLHYLQJ EHORZ JUDGH OHYHO DW WKDW WLPH 7KH FODVVURRP WHDFKHU LQGLFDWHG WKDW 6 ZDV UHDGLQJ RQ DSSUR[LPDWHO\ D WKLUG JUDGH OHYHO DQG FRQWLQXHG WR SHUIRUP EHORZ JUDGH OHYHO LQ PDWK 6XEMHFW )LYH 6XEMHFW )LYH 6f ZDV DQ HLJKWK JUDGH ZKLWH IHPDOH DJH \HDUV PRQWKV 6XEMHFW KDG FKURQLF QRQSURJUHVVLYH DWD[LF V\QGURPH UHVXOWLQJ IURP YLUDO FHUHEULWLV DW \HDUV RI DJH +HU

PAGE 83

JURVV PRWRU SDWWHUQV ZHUH FOXPV\ DV HYLGHQFHG LQ KHU JDLW $PEXODWLRQ ZDV FKDUDFWHUL]HG E\ DQ LQFUHDVH LQ EDVH XQVWHDGLQHVV DQG GLIILFXOWO\ LQ FKDQJLQJ GLUHFWLRQV WRR TXLFNO\ 6XEMHFW n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f 6HYHQWK JUDGH VWDQGDUGL]HG DFKLHYHPHQW WHVW VFRUHV ZHUH WKH PRVW FXUUHQW DYDLODEOH VHH 7DEOH f 7KH FODVVURRP WHDFKHU LQGLFDWHG WKDW 6 ZDV UHDGLQJ DWRU DERYH JUDGH OHYHO DW WKH WLPH RI WKH SURMHFW EXW FRQWLQXHG WR SHUIRUP EHORZ JUDGH OHYHO LQ PDWK 'HVFULSWLRQ RI 1&% $FTXLVLWLRQ DQG *HQHUDOL]DWLRQ 6WUDWHJ\ (DFK VXEMHFW ZDV WUDLQHG LQ D PHWDFRJQLWLYH SURFHGXUH GHVLJQHG WR LPSURYH 1&%V DSSURSULDWH IRU DQ HGXFDWLRQ FRQIHUHQFH 7KH VXEMHFWV ZHUH LQVWUXFWHG WR Df LQYHQWRU\ WKHLU SK\VLFDO VWUHQJWKV

PAGE 84

DQG OLPLWDWLRQV Ef OLVW LPSRUWDQW SHUIRUPDQFH FRPSRQHQWV RI WKH WDUJHWHG 1&% Ff EDVHG RQ WKH LQYHQWRU\ GHFLGH LI WKH\ ZHUH DEOH WR SHUIRUP WKH JLYHQ 1&% RU LI DQ DSSUR[LPDWLRQ RI WKH EHKDYLRU ZDV QHFHVVDU\ Gf LI ZDUUDQWHG LGHQWLI\ SRVVLEOH VNLOO LPSURYHPHQWV RU PRGLILFDWLRQV DV ZHOO DV UHOHYDQW FXHV IRU UHPHPEHULQJ KRZ WR XVH WKH VNLOO Hf HYDOXDWH WKH HIIHFWLYHQHVV RI WKHLU EHKDYLRU SHUIRUPDQFH DQG If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

PAGE 85

,Q WKH ILUVW VWHS WKH VWXGHQWV FRPSOHWHG DQ LQYHQWRU\ RI WKHLU SK\VLFDO DELOLWLHV E\ DQVZHULQJ TXHVWLRQV DERXW WKHLU SK\VLFDO DWWULEXWHV DQG OLVWLQJ WKHLU SK\VLFDO VWUHQJWKV ZLWKLQ VHYHUDO DUHDV 1H[W WKH VWXGHQWV OLVWHG WKH WDUJHWHG 1&% DQG WKH SK\VLFDO VNLOOV QHHGHG IRU VXFFHVVIXO SHUIRUPDQFH RI WKH 1&% LH D GHILQLWLRQ RI WKH 1&%f 7KH VWXGHQW WKHQ FRPSDUHG WKH SK\VLFDO VNLOOV QHHGHG IRU VXFFHVV WR KLVKHU SHUVRQDO LQYHQWRU\ RI SK\VLFDO VWUHQJWKV WR GHWHUPLQH LI KHVKH KDG WKH SK\VLFDO UHTXLVLWHV WR SHUIRUP WKH 1&% DSSURSULDWHO\ ,I WKH VWXGHQW KDG WKH UHTXLVLWH VNLOOV WKHQ RQO\ LPSURYHPHQW ZDV QHFHVVDU\ IRU 1&% SHUIRUPDQFH ,I D GLVFUHSDQF\ H[LVWHG EHWZHHQ WKH UHTXLVLWH VNLOOV DQG WKH VWXGHQWn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nV GLVFUHWLRQ

PAGE 86

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f WKH VWHSV RI WKH VWUDWHJ\ Ef LQVWUXFWLRQV IRU FRPSOHWLQJ HDFK VWHS DQG Ff QRQYHUEDO FRPPXQLFDWLRQ EHKDYLRUV DQG WKHLU GHILQLWLRQV 6WXGHQW ZRUNVKHHWV ZKLFK LQFOXGHG Df D SK\VLFDO DELOLWLHV TXHVWLRQQDLUH Ef DQ LQYHQWRU\ RI SK\VLFDO DELOLWLHV IRUP Ff DQ ,0$*(6 SURPSW VKHHW IRU YHUEDO UHKHDUVDO Gf D ZRUNVKHHW WR DVVLVW WKH VWXGHQW LQ OLVWLQJ WKH 1&% UHTXLUHPHQWV GHFLGLQJ LI EHKDYLRU PRGLILFDWLRQV ZHUH QHFHVVDU\ DQG JDWKHULQJ LGHDV IRU SHUIRUPLQJ WKH 1&% Hf FXH FDUGV WR DLG LQ UHPHPEHULQJ WR SHUIRUP WKH 1&% DQG If D IRUP IRU ZULWLQJ 1&% JRDOV

PAGE 87

6WXGHQW SHUIRUPDQFH IRUPV ZKLFK LQFOXGHG Df D VWUDWHJ\ JRDO VWDWHPHQW DQG VLJQDWXUH SDJH Ef D VWUDWHJ\ FRPSOHWLRQ SODQ DQG Ff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n SHUFHSWLRQV DERXW GLIIHUHQW DVSHFWV RI WKH QRQYHUEDO FRPPXQLFDWLRQ WUDLQLQJ SURJUDP 6WXGHQW 1RQYHUEDO %HKDYLRU 3HUIRUPDQFH 0HDVXUHV 7KH 1&%V WR EH REVHUYHG DQG WUDLQHG ZHUH LQ WZR RI WKH JHQHUDO FDWHJRULHV LGHQWLILHG E\ 'H/RDFK DQG *UHHU f DV SDUWLFXODUO\ UHOHYDQW WR WKH LPSURYHPHQW RI WKH QRQYHUEDO FRPPXQLFDWLRQ RI LQGLYLGXDOV ZLWK 3, SK\VLFDO GHPHDQRU DQG IDFLDO H[SUHVVLRQ 7KUHH GLVFUHWH REVHUYDEOH EHKDYLRUV IURP HDFK FDWHJRU\ DUH IXUWKHU GHILQHG EHORZ DQG WKH GDWD FROOHFWLRQ SDUDPHWHUV DUH RXWOLQHG

PAGE 88

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f DUPV XQIROGHG Ef XSSHU DUPV DGGXFWHG DQG DSSUR[LPDWHO\ SHUSHQGLFXODU WR WKH IORRU RU VKRXOGHU IOH[LRQ RI QR PRUH WKDQ GHJUHHV Ff HOERZV VOLJKWO\ IOH[HG EHWZHHQ DSSUR[LPDWHO\ DQG GHJUHHV Gf SDOPV VOLJKWO\ H[WHQGHG DQG IDFLQJ XS ZLWK ILQJHUV UHOD[HG RU SDOPV DUH IDFLQJ HDFK RWKHU ZLWK ILQJHUV VOLJKWO\ WRXFKLQJ EXW QRW FODVSHG DQG Hf KDQGV UHVWLQJ RQ WKH WDEOH +DQGV LQ WKH VXEMHFWnV ODS ZDV GLVWLQJXLVKHG IURP KDQGV RQ WDEOH IRU VFRULQJ &RQVHTXHQWO\ KDQGV RQ WKH WDEOH DQG KDQGV LQ WKH VXEMHFWnV ODS ZHUH PXWXDOO\ H[FOXVLYH EHKDYLRUV 6LWWLQJXSVWUDLJKW LQYROYHV DOLJQPHQW RI WKH WRUVR VKRXOGHUV DQG KHDG ,W ZDV DVVXPHG WKDW WKH VXEMHFW ZDV VLWWLQJ LQ D VWUDLJKW EDFN FKDLU ZLWK D ILUP VHDW RU LQ D VLPLODUO\ VWUXFWXUHG ZKHHOFKDLU 6LWWLQJXSVWUDLJKW ZDV GHILQHG DV Df

PAGE 89

WRUVR VWUDLJKW Ef KLSV DQG EXWWRFNV SXVKHG EDFN LQ FKDLU VHDW Ff VKRXOGHUV SDUDOOHO WR KLSV QRW KXQFKHG RU URXQGHG DQG VFDSXODH WRXFKLQJ FKDLU EDFN DQG Gf KHDG SRVLWLRQHG RYHU VKRXOGHUV HUHFW RU VOLJKWO\ WLOWHG WR WKH VLGH /HDQLQJ IRUZDUG LQFOXGHG WKH FRPSRQHQWV RI VLWWLQJXSVWUDLJKW ZLWK WKH H[FHSWLRQ WKDW WKH VKRXOGHU SRVLWLRQ ZDV VOLJKWO\ IRUZDUG RI WKH KLSV DQG VFDSXODH ZHUH QRW WRXFKLQJ WKH FKDLU EDFN ,Q WKLV SRVLWLRQ WKH VFDSXODH ZHUH DSSUR[LPDWHO\ WKUHH RU PRUH LQFKHV IURP WKH EDFN RI WKH FKDLU DQG WKH VXEMHFWnV ZDLVW RU OXPEDU UHJLRQ ZRXOG EH DZD\ IURP WKH FKDLU EDFN DV ZHOO 7KH IRUZDUG OHDQ VKRXOG QRW H[FHHG GHJUHHV ,Q DQ DOWHUQDWLYH SRVLWLRQ WKH VXEMHFW ZDV VLWWLQJ WRZDUG WKH IURQW RI WKH FKDLU DQG QR SDUW RI WKH VXEMHFWVn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nV f PHWKRG ZDV XVHG WR GHILQH WKH EHKDYLRU 7KH YLGHR FDPHUD ZDV SRVLWLRQHG MXVW EHKLQG DQG WR WKH OHIW RI WKH LQWHUYLHZHU VR WKDW ERG\ OHQJWK SLFWXUHV RI WKH VXEMHFW ZHUH REWDLQHG 7KH

PAGE 90

LQWHUYLHZHU ZDV LQVWUXFWHG WR JD]H QDWXUDOO\ DQG FRQWLQXDOO\ DW WKH VXEMHFW 7KHUHIRUH H\H FRQWDFW ZDV DVVXPHG WR RFFXU DQ\ WLPH WKH VXEMHFW ORRNHG H\HV RSHQf WRZDUG WKH LQWHUYLHZHU ZLWK KHDG SRVLWLRQHG LQ WKH PLGOLQH RI WKH ERG\ DQG FKLQ OHYHO 'H/RDFK DQG *UHHU f GHILQHG VHYHUDO W\SHV RI VPLOHV 7KH VLPSOH VPLOH DQG WKH XSSHU VPLOH ZHUH XVHG IRU WKH SXUSRVHV RI WKLV VWXG\ 7KHUHIRUH VPLOLQJ ZDV GHILQHG DV WKH FRUQHUV RI WKH PRXWK DUH SXOOHG VOLJKWO\ EDFN EXW WKH WHHWK DUH QRW H[SRVHG >RU@ WKH FRUQHUV RI WKH PRXWK DUH SXOOHG EDFN DQG WKH XSSHU OLS H[SRVHV SRUWLRQV RI WKH WHHWK 'H/RDFK t *UHHU S f +HDG QRGV ZHUH GHILQHG DV YHUWLFDO PRYHPHQWV RI WKH KHDG 'H/RDFK t *UHHU f ZKLOH WKH LQWHUYLHZHU RU WHDFKHU ZDV VSHDNLQJ RU LQ LPPHGLDWH UHVSRQVH WR WKH LQWHUYLHZHU RU WHDFKHU VSHDNLQJ )RU WKH SXUSRVHV RI WKLV VWXG\ KHDG QRGV FRXOG EH Df D VLQJOH TXLFN QRG Ef D VORZ UHSHDWHG QRG RU Ff VHYHUDO TXLFN QRGV +RUL]RQWDO URWDWLRQ RI WKH KHDG VKDNLQJ WKH KHDG ZDV QRW LQFOXGHG LQ WKH GHILQLWLRQ 'DWD FROOHFWLRQ SDUDPHWHUV IRU EDVHOLQH DQG JHQHUDOL]DWLRQ 6HYHUDO IDFWRUV ZHUH SHUWLQHQW WR WKH FROOHFWLRQ RI EHKDYLRUDO PHDVXUHV 9LGHRWDSHG EHKDYLRUDO PHDVXUHV ZHUH REWDLQHG GXULQJ WKH EDVHOLQH FRQFXUUHQW JHQHUDOL]DWLRQ DQG VXEVHTXHQW JHQHUDOL]DWLRQ SKDVHV RI WKH LQYHVWLJDWLRQ VHH 3URFHGXUHV WKLV FKDSWHU IRU D GHVFULSWLRQ RI WKHVH SKDVHVf 7KH GDWD FROOHFWLRQ V\VWHP ZDV WKH VDPH IRU EDVHOLQH FRQFXUUHQW JHQHUDOL]DWLRQ DQG VXEVHTXHQW

PAGE 91

JHQHUDOL]DWLRQ SKDVHV +RZHYHU LQ RUGHU WR REWDLQ D FRQFXUUHQW JHQHUDOL]DWLRQ PHDVXUH QRQYHUEDO EHKDYLRUDO GDWD ZDV REWDLQHG IRU HDFK VXEMHFW GXULQJ D YLGHR UHFRUGHG VLPXODWHG HGXFDWLRQ FRQIHUHQFH IROORZLQJ HDFK VHVVLRQ RI LQVWUXFWLRQ 3KDVH 7KUHHf§VHH SURFHGXUHV WKLV FKDSWHUf 7KHUH ZDV XVXDOO\ D WLPH ODSVH RI RQH KRXU RU PRUH EHWZHHQ WKH VWUDWHJ\ LQVWUXFWLRQ VHVVLRQ DQG WKH VLPXODWHG HGXFDWLRQ FRQIHUHQFH 'XH WR VFKHGXOLQJ FRQVWUDLQWV WKH DPRXQW RI WLPH EHWZHHQ LQVWUXFWLRQ DQG WKH VLPXODWHG FRQIHUHQFH ZDV QRW KHOG FRQVWDQW 6LPXODWHG HGXFDWLRQ FRQIHUHQFH VHWWLQJ 'XULQJ EDVHOLQH DQG FRQFXUUHQW JHQHUDOL]DWLRQ SKDVH YLGHRWDSHG EHKDYLRUDO PHDVXUHV ZHUH REWDLQHG GXULQJ D VLPXODWHG HGXFDWLRQ FRQIHUHQFH 6(&f EHWZHHQ WKH VXEMHFW DQG DQ LQWHUYLHZHU 7KH LQWHUYLHZHU ZDV D YROXQWHHU QRW SUHYLRXVO\ NQRZQ E\ WKH VWXGHQW 2QO\ RQH VXEMHFW SDUWLFLSDWHG LQ D FRQIHUHQFH DW D WLPH 2WKHU VXEMHFWV ZHUH QRW SUHVHQW GXULQJ 6(&V 2EVHUYHUV ZHUH SUHVHQW GXULQJ VRPH VLPXODWHG FRQIHUHQFHV WR VFRUH WKH LQWHUYLHZHU IRU FRQVLVWHQF\ RI EHKDYLRUV 7KH 6(& RFFXUUHG LQ D IW LQ ; IW LQ URRP IUHH RI GLVWUDFWLRQV 7KH LQWHUYLHZHU VDW EHKLQG D VPDOO VTXDUH IW LQ ; IW LQf WDEOH WKDW ZDV LQFKHV KLJK 7KH KHLJKW RI WKH WDEOH ZDV VLPLODU WR WKH WDEOH KHLJKWV XVHG LQ WKH VXEMHFWVn FODVVURRP 7KLV IHDWXUH ZDV QHFHVVDU\ LQ RUGHU WR DFFRPPRGDWH WKH VXEMHFWVn ZKHHOFKDLUV 7KH VXEMHFW VDW LQ D GHVLJQDWHG VWUDLJKW EDFN ZRRGHQ FKDLU RU WKH VXEMHFWnV ZKHHOFKDLUf DW WKH RSSRVLWH VLGH RI WKH WDEOH IURP WKH LQWHUYLHZHU 7KH ORFDWLRQ RI WKH

PAGE 92

WDEOH WKH LQWHUYLHZHU DQG WKH VXEMHFW UHPDLQHG WKH VDPH IRU DOO EDVHOLQH DQG FRQFXUUHQW JHQHUDOL]DWLRQ GDWD FROOHFWLRQ VHVVLRQV 7ZR DGGLWLRQDO FKDLUV ZHUH SODFHG EHKLQG DQG WR WKH ULJKW RI WKH VXEMHFW WR SURYLGH VHDWLQJ IRU REVHUYHUV 6RPH RWKHU IXUQLWXUH ZDV LQ WKH URRP EXW UHPDLQHG WKH VDPH IRU WKH GXUDWLRQ RI WKH SURMHFW $Q 5&$ &DPFRUGHU YLGHR FDPHUD RQ D WULSRG ZDV SODFHG VOLJKWO\ EHKLQG DQG GHJUHHV WR WKH OHIW RI WKH LQWHUYLHZHU VR WKDW SLFWXUHV RI WKH VXEMHFWnV WRUVR ZHUH REWDLQHG 7KH VOLJKW DQJOH ZDV QHFHVVDU\ LQ RUGHU WR DGHTXDWHO\ VHH WKH VXEMHFWnV SRVWXUH DQG H\H JD]H IRU VFRULQJ SXUSRVHV 7KH FDPHUD OHQV ZDV DSSUR[LPDWHO\ DW WKH VXEMHFWnV H\H OHYHO ZKHQ WKH VXEMHFW ZDV VHDWHG 7KH GLVWDQFH IURP WKH VXEMHFW WR WKH FDPHUD ZDV IW LQ 7KH DUHD ILOPHG LH WKH OHQV DQJOH DQG ZLGWKf UHPDLQHG FRQVWDQW WKURXJKRXW DOO 6(& VHVVLRQV 7KH VHVVLRQ QXPEHU ZDV UHFRUGHG IRU HDFK QHZ VHVVLRQ 7KH VHVVLRQ GDWH DQG WLPH ZHUH DOVR UHFRUGHG $ VHSDUDWH YLGHRWDSH ZDV XVHG IRU HDFK VXEMHFW 7KH 6(& ODVWHG DSSUR[LPDWHO\ PLQ IRU HDFK VHVVLRQ 7KH LQWHUYLHZHU DVNHG WKH VXEMHFW RSHQHQGHG TXHVWLRQV UHODWHG WR DVSHFWV RI WKH VWXGHQWV VFKRRO H[SHULHQFHV 7KH TXHVWLRQV ZHUH VHOHFWHG IURP D SRRO RI TXHVWLRQV VHH $SSHQGL[ 'f DQG YDULHG GDLO\ 7KH LQWHUYLHZHU SURPSWHG WKH VXEMHFW DV QHFHVVDU\ WR JHW D YHUEDO UHVSRQVH EXW WKH VWXGHQWVn QRQYHUEDO EHKDYLRUV QRW WKH YHUEDO FRQWHQW RI WKHLU DQVZHUV ZHUH RI LQWHUHVW $FWXDO HGXFDWLRQ FRQIHUHQFH VHWWLQJ 'XULQJ WKH VXEVHTXHQW JHQHUDOL]DWLRQ SKDVH YLGHRWDSHG EHKDYLRUDO PHDVXUHV ZHUH REWDLQHG

PAGE 93

GXULQJ DQ DFWXDO HGXFDWLRQ FRQIHUHQFH EHWZHHQ WKH VXEMHFW DQG WZR VSHFLDO HGXFDWLRQ WHDFKHUV 7KH WHDFKHUV KDG FODVVURRP H[SHULHQFH ZLWK WKH VWXGHQWV IRU DW OHDVW RQH VFKRRO \HDU 2QO\ RQH VXEMHFW SDUWLFLSDWHG LQ DQ DFWXDO FRQIHUHQFH DW D WLPH 2WKHU VXEMHFWV DQG REVHUYHUV ZHUH QRW SUHVHQW GXULQJ WKH HGXFDWLRQ FRQIHUHQFH 7KH DFWXDO HGXFDWLRQ FRQIHUHQFH $(&f RFFXUUHG LQ WKH VFKRRO LQ D ODUJH FODVVURRP LQ WKH XQLW IRU VWXGHQWV ZLWK 3, 7KH WHDFKHUV VDW EHVLGH HDFK RWKHU RQ RQH VLGH RI D UHFWDQJXODU WDEOH DSSUR[LPDWHO\ IW LQ ZLGH IW ORQJ DQG LQFKHV KLJK 2QH WHDFKHU 7Of ZDV VHDWHG FORVH WR WKH HQG RI WKH WDEOH DQG WKH RWKHU WHDFKHU 7f ZDV VHDWHG DSSUR[LPDWHO\ DW WKH PLGSRLQW RI WKH OHQJWK RI WKH WDEOH 7KH VXEMHFW VDW LQ D VWUDLJKWEDFN ZRRGHQ FKDLU RU WKH VXEMHFWnV ZKHHOFKDLUf DW WKH RSSRVLWH VLGH RI WKH WDEOH IURP 7O 7KLV SRVLWLRQ ZDV QHFHVVDU\ LQ RUGHU WR DGHTXDWHO\ VHH WKH VXEMHFWnV SRVWXUH DQG H\H JD]H IRU VFRULQJ SXUSRVHV 7KH $(& ZDV YLGHR UHFRUGHG XVLQJ WKH VDPH 5&$ &DPFRUGHU YLGHR FDPHUD DQG WULSRG WKDW ZHUH XVHG GXULQJ WKH 6(&V 7KH FDPHUD ZDV SODFHG VOLJKWO\ EHKLQG DQG GHJUHHV WR WKH OHIW RI 7O VR WKDW SLFWXUHV RI WKH VXEMHFWnV WRUVR ZHUH REWDLQHG 7KH KHLJKW RI WKH FDPHUD OHQV ZDV WKH VDPH DV WKH KHLJKW GXULQJ 6(&V LH DSSUR[LPDWHO\ DW WKH VXEMHFWnV H\H OHYHO ZKHQ VHDWHG 7KH GLVWDQFH IURP WKH VXEMHFW WR WKH FDPHUD ZDV IW LQ 7KH OHQJWK RI WKH $(& YDULHG EXW ZDV D PLQLPXP RI PLQ IRU HDFK VXEMHFW 7KH WHDFKHUV UHYLHZHG WKH VWXGHQWnV LQGLYLGXDOL]HG HGXFDWLRQ SODQ ,(3f IRU WKH IROORZLQJ VFKRRO \HDU ZLWK WKH

PAGE 94

VXEMHFW 7KH WHDFKHUV ZHUH UHTXHVWHG E\ WKH SULQFLSOH LQYHVWLJDWRU WR LQFOXGH RSSRUWXQLWLHV IRU VWXGHQWV WR UHVSRQG WR RSHQHQGHG TXHULHV 6RPH RSHQHQGHG TXHVWLRQV VLPLODU WR WKH 6(& TXHVWLRQV VHH $SSHQGL[ 'f ZHUH SURYLGHG IRU WKH WHDFKHUV +RZHYHU WKH DFWXDO FRQWHQW DQG VHTXHQFH RI WRSLFV RI WKH $(& ZDV GHWHUPLQHG E\ WKH WHDFKHUV WKHPVHOYHV 6FRULQJ V\VWHP IRU VXEMHFW SHUIRUPDQFHV 7UDLQHG YROXQWHHUV YLHZHG WKH YLGHRWDSHV RI WKH VLPXODWHG FRQIHUHQFHV GDLO\ DQG WKH DFWXDO HGXFDWLRQ FRQIHUHQFH DW WKH HQG RI WKH SURMHFW 7KH VFRUHUV GLG QRW NQRZ ZKLFK 1&%V ZHUH UHFHLYLQJ LQVWUXFWLRQ DQG ZKLFK ZHUH QRW $ WLPH VDPSOLQJ PHWKRG ZDV XVHG WR SURYLGH DQ HVWLPDWH RI QRQYHUEDO EHKDYLRU IUHTXHQF\ +DOO 7DZQH\ t *DVW f 2SHUDWLRQDO GHILQLWLRQV IRU WKH VFRUHUV DUH ORFDWHG LQ $SSHQGL[ ( $ GDWD FROOHFWLRQ GHYLFH WKH $VVLVWDQW WPf 'DWD $FTXLVLWLRQ &RPSXWHU ZDV XVHG E\ WKH REVHUYHUV DV D WLPLQJ GHYLFH :KHQ D WRQH IURP WKH GHYLFH VRXQGHG DW WKH HQG RI D V LQWHUYDO WKH REVHUYHU SDXVHG WKH YLGHRWDSH DQG UHFRUGHG WKH QRQYHUEDO EHKDYLRUV H[FHSW KHDG QRGV RFFXUULQJ DW WKDW PRPHQW RQ D GDWD FROOHFWLRQ IRUP VHH $SSHQGL[ )f 7KH RFFXUUHQFH RU QRQRFFXUUHQFH RI DSSURSULDWH KHDG QRGV ZHUH UHFRUGHG GXULQJ WKH V LQWHUYDO EHWZHHQ SDXVHV LQ WKH YLGHRWDSH ,Q RUGHU WR REWDLQ D PHDVXUH RI WKH DPRXQW RI WLPH WKDW WKH LQWHUYLHZHU RU WHDFKHUV VSHQW WDONLQJ YHUVXV WKH RSSRUWXQLWLHV IRU WKH VXEMHFW WR UHVSRQG WKH REVHUYHUVf DOVR UHFRUGHG ZKHWKHU RU QRW WKH LQWHUYLHZHU ZDV VSHDNLQJ DW WKH HQG RI HDFK V LQWHUYDO ZKHQ 1&%V ZHUH UHFRUGHG

PAGE 95

7KH REVHUYDWLRQ LQWHUYDOV ZHUH OLPLWHG WR LQWHUYDOV IRU HDFK VHVVLRQ DQG VXEMHFW 7KH UHFRUGHG EHKDYLRU IUHTXHQFLHV ZHUH FRQYHUWHG WR SHUFHQWDJHV RI REVHUYDWLRQ LQWHUYDOV %HKDYLRU b 2I 2EVHUYDWLRQ EHKDYLRU RFFXUUHQFHV ; VHVVLRQ LQWHUYDOV H f 7KH UHVXOWV IRU WKH VXEMHFWVn QRQYHUEDO EHKDYLRU SHUIRUPDQFHV DUH UHSRUWHG LQ &KDSWHU ,9 ,QWHUREVHUYHU UHOLDELOLW\ ,QWHUREVHUYHU UHOLDELOLW\ FKHFNV ZHUH FRQGXFWHG IRU b RI WKH 6(& GDWD FROOHFWLRQ VHVVLRQV DQG WKHUHIRUH H[FHHGHG WKH PLQLPXP SHUFHQWDJH LH bf RI UHOLDELOLW\ FKHFNV XVXDOO\ UHFRPPHQGHG IRU VLQJOH VXEMHFW UHVHDUFK GHVLJQV :RONLQJ SHUVRQDO FRPPXQLFDWLRQ f 7KUHH UHOLDELOLW\ FRHIILFLHQWV ZHUH FDOFXODWHG Df WRWDO SHUFHQW DJUHHPHQW Ef RFFXUUHQFH DJUHHPHQW DQG Ff QRQRFFXUUHQFH DJUHHPHQW 7DZQH\ t *DVW f 7RWDO SHUFHQW DJUHHPHQW XVLQJ WKH SRLQWE\SRLQW PHWKRG ZDV FDOFXODWHG ZLWK WKH IRUPXOD 7RWDO b DJUHHPHQW DJUHHPHQWV ; DJUHHPHQWV GLVDJUHHPHQWV 2FFXUUHQFH DJUHHPHQW ZDV FDOFXODWHG ZLWK WKH VDPH IRUPXOD EXW XVLQJ RQO\ WKRVH LQWHUYDOV LQ ZKLFK RQH RU ERWK RI WKH REVHUYHUV UHFRUGHG DQ RFFXUUHQFH /LNHZLVH QRQRFFXUUHQFH DJUHHPHQW ZDV FDOFXODWHG H[FHSW WKDW RQO\ WKRVH LQWHUYDOV IRU ZKLFK WKH EHKDYLRU GLG QRW RFFXU ZHUH XVHG $Q b DJUHHPHQW ZDV GHVLUHG ,QWHUREVHUYHU UHOLDELOLW\ IRU WKH QRQYHUEDO EHKDYLRUDO PHDVXUHV LV UHSRUWHG LQ &KDSWHU ,9

PAGE 96

'DWD FROOHFWLRQ SDUDPHWHUV GXULQJ LQVWUXFWLRQDO VHVVLRQV 7KH GDWD FROOHFWLRQ V\VWHP IRU VXEMHFWVn 1&% SHUIRUPDQFHV GXULQJ LQVWUXFWLRQDO VHVVLRQV GLIIHUHG IURP WKH GDWD FROOHFWLRQ PHWKRGV XVHG IRU WKH YLGHRWDSHG EDVHOLQH DQG JHQHUDOL]DWLRQ VHVVLRQV 6WXGHQW 1&% SHUIRUPDQFH PHDVXUHV ZHUH REWDLQHG RQO\ GXULQJ WKH VNLOO SUDFWLFH VWHSV RI WKH LQVWUXFWLRQDO VHVVLRQV VHH 6WUDWHJ\ ,QVWUXFWLRQDO 3URFHGXUHV LQ WKLV FKDSWHUf DQG RQO\ IRU WKH 1&% WDXJKW GXULQJ D SDUWLFXODU VHVVLRQ 1RQYHUEDO FRPPXQLFDWLRQ EHKDYLRU SHUIRUPDQFH PHDVXUHV GXULQJ SUDFWLFH VHVVLRQV ZHUH REWDLQHG LQ WKH LQVWUXFWLRQDO VHWWLQJ DQG ZHUH QRW YLGHRWDSHG ,Q RUGHU WR HYDOXDWH WKH VXEMHFWnV SHUIRUPDQFH RI WKH WDUJHWHG 1&% WKH VWUDWHJ\ WUDLQHU DVNHG WKH VWXGHQW D VHULHV RI RSHQHQGHG TXHVWLRQV 7KH TXHVWLRQV ZHUH LGHQWLFDO WR WKH TXHVWLRQV XVHG E\ WKH LQWHUYLHZHU LQ WKH VLPXODWHG HGXFDWLRQ FRQIHUHQFH VHH $SSHQGL[ 'f 7KH 1&% RSHUDWLRQDO GHILQLWLRQV XVHG E\ WKH VWUDWHJ\ WUDLQHU ZHUH LGHQWLFDO WR WKH GHILQLWLRQV XVHG E\ WKH REVHUYHUV ZKR VFRUHG WKH VXEMHFWVn YLGHRWDSH 1&% SHUIRUPDQFHV VHH $SSHQGL[ (f +RZHYHU LQVWHDG RI HYDOXDWLQJ WKH 1&% SHUIRUPDQFH DW V LQWHUYDOV WKH VWUDWHJ\ WUDLQHU VFRUHG WKH VXEMHFWnV SHUIRUPDQFH IRU HDFK TXHVWLRQDQVZHU LQWHUYDO ,I WKH VWXGHQW H[KLELWHG WKH WDUJHW 1&% PRVW RI WKH WLPH ZKLOH D TXHVWLRQ ZDV DVNHG DQG DQVZHUHG WKH VWXGHQW UHFHLYHG D SRVLWLYH VFRUH IRU WKDW TXHVWLRQDQVZHU LQWHUYDO

PAGE 97

7KH VWUDWHJ\ WUDLQHU UHFRUGHG WKH VXEMHFWnV VFRUHV RQ D SUDFWLFH DQG IHHGEDFN VFRUH VKHHW VHH $SSHQGL[ *f 7KH TXHVWLRQV ZHUH DVNHG LQ VHWV RI ILYH TXHVWLRQV SHU VHW 7KH VXEMHFWnV VFRUH IRU D TXHVWLRQ VHW ZDV FRQYHUWHG WR D SHUFHQW RI FRUUHFW SHUIRUPDQFHV IRU WKDW VHW XVLQJ WKH IRUPXOD 6HW VFRUHf§b $ ; :KHUH $ DQG % DUH GHILQHG DV $ RI TXHVWLRQV DQVZHUHG ZKLOH FRUUHFWO\ SHUIRUPLQJ WKH 1&% % RI TXHVWLRQV LQ VHW LH f 0DVWHU\ FULWHULD IRU D JLYHQ TXHVWLRQ VHW UHTXLUHG D SRVLWLYH VFRUH RQ IRXURXWRIILYH TXHVWLRQV LQ WKH VHW $W WKH HQG RI WKH SUDFWLFH VHVVLRQ D SHUFHQW VFRUH ZDV FDOFXODWHG XVLQJ WKH VFRUHV IURP WKH ODVW WZR TXHVWLRQ VHWV RI WKH VHVVLRQ XVLQJ WKH IRUPXOD 6HVVLRQ VFRUHf§b VHW VFRUHf§b VHW VFRUHf§b 7KH VHVVLRQ VFRUH SHUFHQWDJH ZDV WKHQ SORWWHG E\ WKH VWXGHQW RQ D VWXGHQW SURJUHVV FKDUW VHH 6WXGHQW 0DWHULDOV LQ WKLV FKDSWHUf 7KH VHVVLRQ ZDV WHUPLQDWHG Df ZKHQ WKH VWXGHQW DFKLHYHG TXHVWLRQ VHW PDVWHU\ IRU WZR FRQVHFXWLYH TXHVWLRQ VHWV RU Ef ZKHQ WKH VHVVLRQ WLPH OLPLW DSSUR[LPDWHO\ PLQ KDG HODSVHG ,I VNLOO SUDFWLFH PDVWHU\ ZDV QRW DFKLHYHG GXULQJ D VHVVLRQ WKH VWXGHQW UHSHDWHG WKH VNLOO SUDFWLFH GXULQJ WKH QH[W VHVVLRQ DQG VXEVHTXHQW VHVVLRQV XQWLO VNLOO SUDFWLFH PDVWHU\ ZDV DFKLHYHG IRU D WRWDO RI WKUHH FRQVHFXWLYH VHVVLRQVf§ZLWK D PLQLPXP RI RQH VHVVLRQ RI JXLGHG SUDFWLFH PDVWHU\ DQG WZR VHVVLRQV RI DGYDQFHG SUDFWLFH PDVWHU\ VHH ,QVWUXFWLRQDO SURFHGXUHV LQ WKLV FKDSWHUf

PAGE 98

6RFLDO 9DOLGDWLRQ 0HDVXUHV 6RFLDO YDOLGDWLRQ ZDV RI LQWHUHVW DV D PHDQV RI HVWDEOLVKLQJ WKH VRFLDO LPSRUWDQFH RI WKH LQWHUYHQWLRQ 7DZQH\ t *DVW f 7KUHH OHYHOV RI VRFLDO YDOLGDWLRQ W\SLFDOO\ LQFOXGH Df WKH JRDOV RU LQWHQGHG RXWFRPHV RI WKH UHVHDUFK Ef WKH SURFHGXUHV XVHG LQ WKH LQWHUYHQWLRQ DQG Ff WKH SUDFWLFDO HIIHFWV 4XHVWLRQQDLUHV GHVLJQHG WR DVVHVV WKH SDUWLFLSDQWV VDWLVIDFWLRQ ZLWK WKH LQVWUXFWLRQDO SURJUDP ZHUH JLYHQ WR VXEMHFWV VHH $SSHQGL[ +f DQG WKHLU WHDFKHUV VHH $SSHQGL[ ,f 7KH DQVZHU IRUPDW ZDV VLPLODU WR WKH IRUPDW XVHG E\ 0DKHDG\ +DUSHU DQG 6DFFD f WR DVVHVV VWXGHQW VDWLVIDFWLRQ ZLWK D SHHU WXWRULQJ SURJUDP 3ULRU WR FRPSOHWLQJ WKH TXHVWLRQQDLUH WHDFKHUV Df FRQGXFWHG DQ DFWXDO HGXFDWLRQ FRQIHUHQFH ZLWK HDFK VXEMHFW DQG Ef YLHZHG D YLGHRWDSH RI WKH VWXGHQWnV SHUIRUPDQFH IURP D EDVHOLQH VHVVLRQ DQG DQ HQG RIWUDLQLQJ GDWD FROOHFWLRQ VHVVLRQ 7KH VSHFLILF LQIRUPDWLRQ RI LQWHUHVW LQ WKLV VWXG\ ZDV WKH SDUWLFLSDQWVn IHHOLQJV DERXW WKH JHQHUDO LPSRUWDQFH RI QRQYHUEDO FRPPXQLFDWLRQ EHKDYLRUV WKH IHDVLELOLW\ RI WKH LQVWUXFWLRQDO SURJUDP DQG WKH HIIHFWV RI WUDLQLQJ RQ WKH VXEMHFWVn QRQYHUEDO EHKDYLRUV 6XEMHFW DQG WHDFKHU VDWLVIDFWLRQ UHVXOWV DUH UHSRUWHG LQ &KDSWHU ,9 3HUVRQQHO 3HUIRUPDQFH 0HDVXUHV 6SHFLILHG SHUVRQQHO EHKDYLRUV ZHUH GHHPHG WR EH UHOHYDQW WR WKH FRQVLVWHQF\ RI WKH LQWHUYHQWLRQ DQG GDWD FROOHFWLRQ FRQGLWLRQV $ PLQLPXP OHYHO RI SHUIRUPDQFH RQ WKH DSSURSULDWH EHKDYLRUV ZDV GHVLUHG IRU ERWK WKH VWUDWHJ\ WUDLQHU DQG WKH

PAGE 99

LQWHUYLHZHU 3ULRU WR EHJLQQLQJ LQVWUXFWLRQ RI HDFK VWHS RI WKH VWUDWHJ\ WKH VWUDWHJ\ WUDLQHU ZDV UHTXLUHG WR GHPRQVWUDWH Df DQ XQGHUVWDQGLQJ RI WKH LQWHQW RI LQVWUXFWLRQ IRU WKH VWHS DQG Ef DSSURSULDWH XVH RI WKH VFULSW DQG PDWHULDOV 7KH UHOHYDQW EHKDYLRUV IRU WKH VWUDWHJ\ WUDLQHU LQFOXGHG IROORZLQJ WKH VFULSW IROORZLQJ WKH VHTXHQFLQJ RI WKH VFULSW XVLQJ WKH PDWHULDOV FRUUHFWO\ DQG IOXHQW SDFLQJ RI WKH LQVWUXFWLRQ .LQJ6HDUV f 7KH LQWHUYLHZHUV ZHUH UHTXLUHG WR GLVSOD\ WKH FRPSRVLWH RI VSHFLILHG EHKDYLRUV IRU DW OHDVW b RI WKH REVHUYDWLRQ LQWHUYDOV 7KH PLQLPXP SHUIRUPDQFH OHYHO GHVLUHG IRU VPLOLQJ ZDV b 7KH SHUWLQHQW EHKDYLRUV IRU WKH LQWHUYLHZHU ZHUH ORRNLQJ DW WKH VXEMHFW VPLOLQJ IROORZLQJ WKH VFULSWHG TXHVWLRQV DQG IOXHQW SDFLQJ GXULQJ WKH FRQIHUHQFH 'XULQJ WKH FRXUVH RI WKH LQYHVWLJDWLRQ DQ b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f

PAGE 100

7KH LQWHUYDO ER[ ZDV FKHFNHG WR LQGLFDWH RFFXUUHQFH RI WKH EHKDYLRU DW WKH VRXQG RI D SUHUHFRUGHG WRQH %HKDYLRU IUHTXHQFLHV ZHUH FRQYHUWHG WR SHUFHQWDJHV XVLQJ WKH IRUPXOD %HKDYLRU b EHKDYLRU RFFXUUHQFHV ; REVHUYDWLRQ LQWHUYDOV ,QWHUREVHUYHU UHOLDELOLW\ ZDV FDOFXODWHG IRU WRWDO SHUFHQW DJUHHPHQW SRLQWE\SRLQW PHWKRGf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t 6DERUQLH D Ef GDWD ZHUH FROOHFWHG RQ WKH VXEMHFWVn SHUIRUPDQFH RI 1&%V GXULQJ YLGHRWDSHG VLPXODWHG HGXFDWLRQ FRQIHUHQFHV ZLWK WKH LQWHUYLHZHU )RU FRQFXUUHQW JHQHUDOL]DWLRQ PHDVXUHV WKH VXEMHFWVn 1&%V ZHUH YLGHR UHFRUGHG LQ D VLPXODWHG HGXFDWLRQ FRQIHUHQFH IROORZLQJ GDLO\ LQVWUXFWLRQ 3KDVH 7KUHHf IRU WKH GXUDWLRQ RI WKH WUDLQLQJ 7KH LQVWUXFWLRQDO LQWHUYHQWLRQ ZDV LPSOHPHQWHG LQ 3KDVH 7KUHH 'XULQJ WKLV SKDVH WKH VXEMHFWVn 1&%V ZHUH HYDOXDWHG GXULQJ WKH SUDFWLFH

PAGE 101

VWHSV RI WKH LQVWUXFWLRQDO SURFHGXUHV ,Q 3KDVH )RXU WKH VXEMHFWVn VXEVHTXHQW JHQHUDOL]DWLRQ RI 1&%V WR DQ DFWXDO HGXFDWLRQ FRQIHUHQFH ZLWK WHDFKHUV ZKR ZHUH QRW SUHVHQW GXULQJ WUDLQLQJ QRU VLPXODWHG FRQIHUHQFHV ZDV HYDOXDWHG $GGLWLRQDOO\ WKH VDWLVIDFWLRQ RI WKH VXEMHFWV DQG WHDFKHUV ZDV DVVHVVHG LQ 3KDVH )RXU 3HUVRQQHO 7UDLQLQJ 3KDVH 2QHf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f§ ,QVWLWXWH RI 5HVHDUFK RQ /HDUQLQJ 'LVDELOLWLHV $OO SHUVRQQHO ZHUH FRQVLGHUHG DQ LQWHJUDO FRPSRQHQW RI WKH VWXG\ LQ RUGHU WR DYRLG SRWHQWLDO ELDVHV LQ GDWD FROOHFWLRQ DQG LQWHUYHQWLRQ 7KH SHUVRQQHO DWWHQGHG VHYHUDO WUDLQLQJ VHVVLRQV LQFOXGLQJ DQ RULHQWDWLRQ 7KH WUDLQLQJ ZDV FRQGXFWHG DW WKH 8QLYHUVLW\ RI )ORULGD DQG DW WKH VFKRRO VLWH 7KH WUDLQLQJ DJHQGD LV RXWOLQHG LQ $SSHQGL[ / 7UDLQLQJ FRQWLQXHG RQ DQ DV QHHGHG EDVLV XQWLO

PAGE 102

FULWHULRQ ZDV UHDFKHG RQ LGHQWLILHG FRPSHWHQFLHV DV VSHFLILHG SUHYLRXVO\ 7KH SULQFLSOH LQYHVWLJDWRU DQG SHUVRQQHO REVHUYHU REVHUYHG DQG UHFRUGHG WKH LQWHUYLHZHUVn DQG WKH VWUDWHJ\ WUDLQHUnV SHUIRUPDQFH RI VSHFLILHG EHKDYLRUV 7KH LQWHUYLHZHUV GLG QRW NQRZ WKDW WKH VWXGHQWV ZHUH UHFHLYLQJ LQVWUXFWLRQ RQ 1&%V 2QH LQWHUYLHZHU SDUWLFLSDWHG IRU RQO\ WZR FRQVHFXWLYH VLPXODWHG HGXFDWLRQ FRQIHUHQFH VHVVLRQV IRU VRPH RI WKH VXEMHFWV GXULQJ WKH ODVW ZHHN RI WKH LQYHVWLJDWLRQ VHH &KDSWHU ,9 UHVXOWVf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nV H\H FKDUDFWHULVWLFV DQG UHFRQFLOH WKH H\H PRYHPHQWV DQG FKDUDFWHULVWLFV ZLWK WKH RSHUDWLRQDO GHILQLWLRQ )RU H[DPSOH

PAGE 103

VRPH VXEMHFWVn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nV WKURXJKRXW WKH YDULRXV VWDJHV RI LQVWUXFWLRQ VHH ,QVWUXFWLRQDO 3URFHGXUHV LQ WKLV FKDSWHUf 7KH VWUDWHJ\ WUDLQHU DOVR UHFHLYHG IHHGEDFN EHIRUH HDFK GDLO\ LQVWUXFWLRQ VHVVLRQ DERXW WKH VXEMHFWVn VLPXODWHG HGXFDWLRQ FRQIHUHQFH 1&% SHUIRUPDQFH VFRUHV IURP WKH SUHYLRXV VHVVLRQ %DVHOLQH &RQGLWLRQ DQG &RQFXUUHQW *HQHUDOL]DWLRQ 3KDVH 7ZRf 6XEMHFWV SDUWLFLSDWHG LQGLYLGXDOO\ LQ VLPXODWHG HGXFDWLRQ FRQIHUHQFHV 7KH LQWHUYLHZHU DVNHG WKH VXEMHFW RSHQHQGHG TXHVWLRQV &RPHU t 3LOLDYLQ .OHFN .OHFN 2QR t +DVWRUI 9DQ 5HXVHQ f SHUWDLQLQJ WR VFKRRO H[SHULHQFHV VHH $SSHQGL[ 'f 7KH VXEMHFWnV SHUIRUPDQFH ZDV YLGHR UHFRUGHG IRU ODWHU VFRULQJ 1HLWKHU IHHGEDFN QRU LQVWUXFWLRQ ZDV JLYHQ WR WKH VXEMHFWV E\ WKH LQWHUYLHZHU UHJDUGLQJ WKHLU SHUIRUPDQFHV RQ DQ\ EHKDYLRU GXULQJ WKH EDVHOLQH DQG FRQFXUUHQW JHQHUDOL]DWLRQ SKDVH %DVHOLQH FRQGLWLRQV ZHUH FRQWLQXHG IRU D PLQLPXP RI WKUHH VHVVLRQV RU XQWLO D VWDEOH EDVHOLQH WUHQG RU GHFHOHUDWLQJ WUHQG

PAGE 104

7DZQH\ *DVW f EHORZ PDVWHU\ FULWHULD ZDV HYLGHQFHG RQ DW OHDVW RQH RI WKH QRQYHUEDO EHKDYLRUV WDUJHWHG IRU WKH LQYHVWLJDWLRQ %DVHOLQH SHUIRUPDQFH EHORZ PDVWHU\ FULWHULD DV VWLSXODWHG LQ LQVWUXFWLRQDO SURFHGXUHVf ZDV UHTXLUHG LQ RUGHU IRU DQ 1&% WR EH HOLJLEOH IRU LQVWUXFWLRQ EHFDXVH RI WKH UHFRPPHQGDWLRQV ZLWKLQ HIIHFWLYH WHDFKLQJ OLWHUDWXUH WKDW WKHUH VKRXOG EH D PDWFK EHWZHHQ LQVWUXFWLRQDO QHHGV DQG WKH LQVWUXFWLRQ GHOLYHUHG %URSK\ *RRG &KULVWHQVRQ
PAGE 105

6HVVLRQV %HKDYLRU 6LW XS r r r 6PLOH (\H &RQWDFW /HDQ )RUZDUG $UPV+DQGV +HDG 1RGV 1RWH %DVHOLQH r 0DVWHU\0DLQWHQDQFH ,QVWUXFWLRQDO ,QWHUYHQWLRQV 6XEVHTXHQW *HQHUDOL]DWLRQ )LJXUH 6DPSOH WLPH OLQH IRU EDVHOLQH LQWHUYHQWLRQ PDVWHU\PDLQWHQDQFH DQG VXEVHTXHQW JHQHUDOL]DWLRQ FRQGLWLRQV IRU QRQYHUEDO FRPPXQLFDWLRQ EHKDYLRUV 6DPSOH LQWHUYHQWLRQ EHKDYLRUV DUH VLWXS VPLOH DQG H\H FRQWDFWf WKH SUHYLRXVO\ WUDLQHG 1&%V EXW VROHO\ RQ WUDLQLQJ VHVVLRQ SHUIRUPDQFH RI WKH WDUJHWHG 1&% :KHQ DQ DFFHOHUDWLQJ WUHQG RU PDVWHU\ OHYHO SHUIRUPDQFH ZDV DWWDLQHG RQ WKH VHFRQG WDUJHWHG 1&% IRU WKUHH FRQVHFXWLYH WUDLQLQJ VHVVLRQV WUDLQLQJ EHJDQ RQ D WKLUG 1&% ZLWK EDVHOLQH FRQGLWLRQV FRQWLQXLQJ IRU WKH UHPDLQLQJ 1&%V VHH )LJXUH f 7KHUHIRUH WKH QRQYHUEDO EHKDYLRUV LQFOXGHG GXULQJ LQVWUXFWLRQDO LQWHUYHQWLRQ ZHUH VHOHFWHG IRU HDFK VXEMHFW EDVHG RQ WKH EDVHOLQH SHUIRUPDQFH RI WKH 1&%V %DVHG RQ WKH SULRULW\ RI WKH 1&% D WRWDO RI WKUHH EHKDYLRUV RQ ZKLFK WKH VXEMHFW VFRUHG EHORZ PDVWHU\ OHYHO GXULQJ

PAGE 106

EDVHOLQH ZHUH VHOHFWHG E\ WKH SULQFLSOH LQYHVWLJDWRU DQG WKH FODVVURRP WHDFKHU IRU LQVWUXFWLRQDO LQWHUYHQWLRQ 6LWWLQJXS VWUDLJKW DQG WKHQ H\H FRQWDFW ZHUH WKH ILUVW WUDLQLQJ SULRULWLHV IRU DOO VXEMHFWV 7KHUHDIWHU WKH 1&% WUDLQLQJ SULRULW\ ZDV GHWHUPLQHG IRU HDFK VXEMHFW LQGLYLGXDOO\ EDVHG RQ WKH EDVHOLQH 1&% WKDW VHHPHG WR EH WKH PRVW GHWULPHQWDO WR WKH VXEMHFWnV RYHUDOO LPDJH ,W VKRXOG EH QRWHG WKDW LI WKHUH KDG EHHQ QR RU PLQLPDO HYLGHQFH RI 1&% SHUIRUPDQFH LPSURYHPHQW DIWHU ILYH VHVVLRQV LQ ZKLFK SUDFWLFH DQG IHHGEDFN RFFXUUHG LQVWUXFWLRQ ZRXOG KDYH EHJXQ IRU DQRWKHU 1&% RQ WKH EDVLV RI WKH EDVHOLQH FULWHULD VHW IRUWK DERYH +RZHYHU DOO VXEMHFWV LQ WKH SUHVHQW LQYHVWLJDWLRQ HYLGHQFHG LPSURYHPHQW LQ 1&% SHUIRUPDQFH GXULQJ WUDLQLQJ VHVVLRQV ,QVWUXFWLRQDO ,QWHUYHQWLRQ 3KDVH 7KUHHf 7KH JHQHUDO IRUPDW RI WKH LQVWUXFWLRQDO LQWHUYHQWLRQ IROORZHG WKH VWHSV RI DFTXLVLWLRQ DQG JHQHUDOL]DWLRQ XVHG ZLWKLQ WKH OHDUQLQJ VWUDWHJLHV FXUULFXOXP DW WKH .DQVDV 8QLYHUVLW\,QVWLWXWH RI 5HVHDUFK RQ /HDUQLQJ 'LVDELOLWLHV 'HVKOHU t 6FKXPDNHU 6FKXPDNHU 'HVKOHU $OOH\ t :DUQHU f 7KHVH SURFHGXUHV KDYH EHHQ GHWHUPLQHG WR EH HIIHFWLYH ZLWK ORZ DFKLHYLQJ VWXGHQWV )XUWKHUPRUH WKH LQVWUXFWLRQDO VHTXHQFH LQFRUSRUDWHG WKH HOHPHQWV UHFRPPHQGHG E\ 'H/RDFK DQG *UHHU f IRU IDFLOLWDWLQJ SK\VLFDOO\ LPSDLUHG LQGLYLGXDOVn DFTXLVLWLRQ RI 1&%V JHVWXUH RULHQWDWLRQ UROH SOD\LQJ YLGHRWDSLQJ 1&% SHUIRUPDQFH IHHGEDFN RQ SHUIRUPDQFH DQG SUDFWLFH LQ UHDO VLWXDWLRQV )LQDOO\

PAGE 107

HIIHFWLYH WHDFKLQJ SULQFLSOHV WKDW KDYH EHHQ SRVLWLYHO\ DVVRFLDWHG ZLWK VWXGHQW DFKLHYHPHQW ZHUH LQFOXGHG LQ WKH LQVWUXFWLRQDO PHWKRGRORJ\ 7KHVH LQVWUXFWLRQDO SUHFHSWV LQFOXGH Df FOHDU DQG VSHFLILF JRDOV RI LQVWUXFWLRQ Ef PRQLWRULQJ IRU VWXGHQW XQGHUVWDQGLQJ Ff SHUIRUPDQFH IHHGEDFN WKDW LV LPPHGLDWH H[SOLFLW DQG FRUUHFWLYH %URSK\ %URSK\ t *RRG &KULVWHQVRQ HW DO 3RUWHU t %URSK\ 5RVHQVKLQH t 6WHYHQV f Gf DFWLYH VWXGHQW SDUWLFLSDWLRQ DQG IUHTXHQW VWXGHQWWHDFKHU LQWHUDFWLRQ %URSK\ %URSK\ t *RRG &KULVWHQVRQ HW DO 5RVHQVKLQH t 6WHYHQV f Hf LQVWUXFWLRQDO GHFLVLRQV EDVHG RQ SHUIRUPDQFH GDWD DQG VWXGHQWnV SHUIRUPDQFH IOXHQF\ &KULVWHQVRQ HW DO 5RVHQVKLQH t 6WHYHQV f If IRUPDWLYH HYDOXDWLRQV &KULVWHQVRQ HW DO )XFKV f Jf JUDSKLF GLVSOD\ RI SHUIRUPDQFH GDWD )XFKV f DQG Kf IUHTXHQW UHYLHZ RI SUHYLRXV PDWHULDO &KULVWHQVRQ HW DO 5RVHQVKLQH t 6WHYHQV f 6WUDWHJ\ LQVWUXFWLRQDO SURFHGXUHV 7KH UROH RI WKH VWUDWHJ\ WUDLQHU ZDV WR LQVWUXFW DQG DVVLVW WKH VXEMHFWV LQ WKH 1&% DFTXLVLWLRQ DQG JHQHUDOL]DWLRQ SURFHVV DQG WR JLYH VSHFLILF IHHGEDFN RQ 1&% SUDFWLFH WULDOV 7KH LQVWUXFWLRQDO VHVVLRQV ZHUH FRQGXFWHG IRU WR PLQ SHU VFKRRO GD\ IRU WKH GXUDWLRQ RI WKH LQYHVWLJDWLRQ (DFK VXEMHFW UHFHLYHG DSSUR[LPDWHO\ KUV RI LQVWUXFWLRQ DQG VNLOO SUDFWLFH DFURVV VFKRRO GD\V ,QVWUXFWLRQ RFFXUUHG GXULQJ WLPH WKDW WKH VWXGHQW

PAGE 108

ZDV VFKHGXOHG WR EH LQ WKH VSHFLDO HGXFDWLRQ FODVVURRP DQG VXSSOHPHQWHG WKH UHJXODU FXUULFXOXP IRU WKH GXUDWLRQ RI WKH VWXG\ 7KHUH ZHUH WZR VWDJHV RI WUDLQLQJ IRU HDFK 1&% IRU HDFK VWXGHQW Df VWUDWHJ\ LQVWUXFWLRQ DQG Ef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n H[SRVXUH WR LQVWUXFWLRQ RQ WKH VSHFLILF 1&%V 7KH VWUDWHJ\ WUDLQHU 67f EHJDQ LQVWUXFWLRQ E\ LQWURGXFLQJ WKH VWXGHQW WR WKH LPSRUWDQFH RI 1&%V DQG REWDLQLQJ WKH VXEMHFWnV FRPPLWPHQW WR OHDUQ WKH 1&% DFTXLVLWLRQ VWUDWHJ\ 1H[W WKH 67 GHVFULEHG HDFK FRPSRQHQW RI WKH ,0$*(6 VWUDWHJ\ DQG DVVLVWHG WKH VWXGHQW LQ VHWWLQJ FRPSOHWLRQ GDWHV IRU WKH LQVWUXFWLRQDO VWHSV 7KH 67 PRGHOHG DSSO\LQJ WKH ,0$*(6 VWUDWHJ\ WR D 1&% 1H[W WKH VWXGHQW FRPPLWWHG WKH VWUDWHJ\ FRPSRQHQWV WR PHPRU\ WKURXJK YHUEDO UHKHDUVDO RI WKH ,0$*(6 FRPSRQHQWV :LWK 67 DVVLVWDQFH DQG IHHGEDFN GXULQJ WKH LQVWUXFWLRQ RI VWHS ILYHf§3UHSDUH WKH VWXGHQW DSSOLHG WKH ,0$*(6 VWUDWHJ\ WR WKH WDUJHWHG 1&% ,QVWUXFWLRQDO

PAGE 109

25,(17 '(6&5,%( 9(5%$/ 5(+($56$/ 35(3$5( *8,'(' 35$&7,&( t )(('%$&. $'9$1&(' 35$&7,&( t )(('%$&. 6(/(&7 1(;7 1&% 1R
PAGE 110

VWHSV VL[ DQG VHYHQ FRQVLVWHG RI VWXGHQW VNLOO SUDFWLFH DQG IHHGEDFN SURYLGHG E\ WKH 67 ,Q VWHS ILYHf§3UHSDUH DQG LQ VWHS VHYHQf§$GYDQFHG 3UDFWLFH WKH 67 SURPSWHG WKH VWXGHQW WR HYDOXDWH KLVKHU XVH RI WKH WDUJHWHG 1&% GXULQJ WKH YLGHRWDSHG VLPXODWHG HGXFDWLRQ FRQIHUHQFH 6(&f WKDW IROORZHG WKH SUHYLRXV LQVWUXFWLRQDO VHVVLRQ 7KH 67 IHHGEDFN WR WKH VXEMHFWV DERXW 6(& SHUIRUPDQFHV ZDV TXDOLWDWLYH LQ QDWXUH 6SHFLILF TXDQWLWDWLYH IHHGEDFN LQ WKH IRUP RI IUHTXHQF\ RU SHUFHQWDJH RI EHKDYLRU RFFXUUHQFH GXULQJ WKH 6(& ZDV QRW SURYLGHG 7UDLQLQJ GDWD RQ WKH VWXGHQWnV SHUIRUPDQFH RI WKH WDUJHWHG 1&% ZHUH FROOHFWHG LQ VWHSV VL[ DQG VHYHQ $Q DFWXDO HGXFDWLRQ FRQIHUHQFH WR HYDOXDWH VXEVHTXHQW JHQHUDOL]DWLRQ VHH 3KDVH )RXUf ZDV FRQGXFWHG ZKHQ PDVWHU\ SHUIRUPDQFH RQ WKUHH 1&%V KDG EHHQ DFKLHYHG GXULQJ VNLOO SUDFWLFH $Q RXWOLQH RI WKH VSHFLILF FRQWHQW DQG VHTXHQFH RI LQVWUXFWLRQ IRU WKLV LQYHVWLJDWLRQ LV SUHVHQWHG LQ $SSHQGL[ 0 ,QVWUXFWLRQDO PDWHULDOV 7KH VWUDWHJ\ WUDLQHU 67f XVHG D VFULSWHG OHVVRQ IRUPDW WR HQVXUH FRQVLVWHQF\ RI LQVWUXFWLRQDO FRQWHQW IRU DOO VXEMHFWV $ SRUWLRQ RI WKH VFULSW LV LQFOXGHG LQ $SSHQGL[ 1 7KH ,0$*(6 7HDFKHUnV 0DQXDO ZLWK WKH HQWLUH OHVVRQ VFULSW DQG PDWHULDOV DV GHYHORSHG IRU WKLV SURMHFW LV DYDLODEOH IURP WKH SULQFLSOH LQYHVWLJDWRU ,Q DGGLWLRQ WR WKH VFULSWHG OHVVRQV WKH 67 XVHG HIIHFWLYH LQVWUXFWLRQ WHFKQLTXHV VXFK DV UDSLG SDFLQJ DFWLYH VWXGHQW LQYROYHPHQW WKURXJK TXHVWLRQLQJ SRVLWLYH UHLQIRUFHPHQW DQG LPPHGLDWH FRUUHFWLYH IHHGEDFN 7KH 67 XVHG WKH PDWHULDOV

PAGE 111

LQFOXGHG LQ $SSHQGL[ WR DVVLVW LQ WKH GHOLYHU\ RI WKH ,0$*(6 VWUDWHJ\ LQVWUXFWLRQ 7KH 67 XVHG D YHUEDO UHKHDUVDO FKHFNOLVW WR HYDOXDWH WKH VWXGHQWV NQRZOHGJH RI WKH ,0$*(6 VWUDWHJ\ VWHSV VHH $SSHQGL[ *f 7KH 67 XVHG VFRUH VKHHWV LQ VWHS VL[ DQG VWHS VHYHQ WR DVVLVW LQ REVHUYDWLRQ DQG IHHGEDFN RI WKH VXEMHFWnV SUDFWLFH RI WKH 1&% VHH $SSHQGL[ *f ,QVWUXFWLRQDO VHWWLQJ ,QVWUXFWLRQDO VHVVLRQV DQG 1&% SHUIRUPDQFH PHDVXUHV ZHUH FRQGXFWHG LQ D SRUWLRQ RI D FODVVURRP ZLWKLQ WKH XQLW IRU VWXGHQWV ZLWK 3, 2WKHU WHDFKHUV DQG VWXGHQWV ZHUH SUHVHQW LQ DGMDFHQW DUHDV RI WKH FODVVURRP 7KH 67 VDW RQ RQH VLGH RI D LQFK KLJK WDEOH DQG WKH VWXGHQW VDW RQ WKH RWKHU VLGH HLWKHU LQ D VWUDLJKW EDFN FKDLU RU LQ WKH VXEMHFWnV ZKHHOFKDLU $ WHOHYLVLRQ DQG YLGHR FDVVHWWH UHFRUGHU ZHUH XVHG WR JLYH WKH VXEMHFWV IHHGEDFN DERXW WKHLU WDUJHWHG 1&% SHUIRUPDQFH GXULQJ VLPXODWHG HGXFDWLRQ FRQIHUHQFHV 7KH WHOHYLVLRQ ZDV SRVLWLRQHG VR WKDW WKH VFUHHQ ZDV YLVLEOH RQO\ WR WKH 67 DQG WKH VXEMHFW UHFHLYLQJ LQVWUXFWLRQ 6XEVHTXHQW *HQHUDOL]DWLRQ 3KDVH )RXUf 7KH VXEVHTXHQW JHQHUDOL]DWLRQ SKDVH FRQVLVWHG RI ERWK UHYLHZ DQG SDUWLFLSDWLRQ FRPSRQHQWV 2Q WKH PRUQLQJ RI WKH HGXFDWLRQ FRQIHUHQFH ZLWK WKH FODVVURRP WHDFKHUV WKH VWXGHQW UHYLHZHG WKH 1&%V OHDUQHG GXULQJ VWUDWHJ\ LQVWUXFWLRQ ZLWK WKH VWUDWHJ\ WUDLQHU 7KHQ WKH VWXGHQW SDUWLFLSDWHG LQ WKH FRQIHUHQFH XVLQJ WKH DSSURSULDWH QHZO\ DFTXLUHG 1&%V

PAGE 112

6RFLDO YDOLGDWLRQ PHDVXUHV ZHUH REWDLQHG IROORZLQJ WKH DFWXDO HGXFDWLRQ FRQIHUHQFH 7KH VWXGHQW TXHVWLRQQDLUH ZDV LQGLYLGXDOO\ UHDG WR HDFK VXEMHFW DQG WKH VXEMHFW PDUNHG D UHVSRQVH RI KLVKHU FKRLFH IRU HDFK TXHVWLRQ $IWHU WKH DFWXDO HGXFDWLRQ FRQIHUHQFH KDG EHHQ FRPSOHWHG IRU DOO VXEMHFWV WKH WHDFKHUV YLHZHG WKH VXEMHFWV YLGHRWDSHV RI VLPXODWHG HGXFDWLRQ FRQIHUHQFHV DQG FRPSOHWHG D WHDFKHU VDWLVIDFWLRQ TXHVWLRQQDLUH IRU HDFK VXEMHFW ([SHULPHQWDO 'HVLJQ DQG $QDO\VLV ([SHULPHQWDO 'HVLJQ $ PXOWLSOH EDVHOLQH GHVLJQ DFURVV EHKDYLRUV 0%'$%f 7DZQH\ t *DVW f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f IRU WDUJHWHG EHKDYLRUV Df D VWDEOH EDVHOLQH ZDV SRVVLEOH EHFDXVH WKH 1&%V ZHUH IXQFWLRQDOO\ LQGHSHQGHQW RI RQH DQRWKHU DQG Ef WKH EHKDYLRUV ZHUH VLPLODU HQRXJK WR UHVSRQG WR WKH VDPH LQWHUYHQWLRQ 7KH 0%'$% KDV VHYHUDO DGYDQWDJHV SHUWLQHQW WR WKH SUHVHQW LQYHVWLJDWLRQ )LUVW UHWXUQ WR EDVHOLQH FRQGLWLRQV

PAGE 113

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f RI OHYHO YDULDELOLW\ DQG WUHQG ZDV PDGH RI WKH 1&% VNLOOV GHPRQVWUDWHG E\ HDFK VXEMHFW 1 f GXULQJ HDFK FRQGLWLRQ RI WKH LQWHUYHQWLRQ EDVHOLQH LQVWUXFWLRQ FRQFXUUHQW JHQHUDOL]DWLRQ DQG VXEVHTXHQW JHQHUDOL]DWLRQ $VSHFWV RI WKH GDWD PDJQLWXGH WKDW ZHUH HYDOXDWHG LQFOXGHG OHYHO VWDELOLW\ DQG OHYHO FKDQJH 7KH FULWHULRQ IRU OHYHO VWDELOLW\ ZDV WKH RFFXUUHQFH RI b RI WKH FRQGLWLRQ GDWD SRLQWV ZLWKLQ D b UDQJH RI WKH FRQGLWLRQ PHDQ OHYHO /HYHO FKDQJH ZLWKLQ D FRQGLWLRQ DQG EHWZHHQ DGMDFHQW FRQGLWLRQV ZHUH UHSRUWHG 7KH VSOLWPLGGOH PHWKRG ZDV XVHG WR GHWHUPLQH RYHUDOO WUHQG GLUHFWLRQ DFFHOHUDWLQJ OHYHO RU GHFHOHUDWLQJf &ULWHULRQ IRU WUHQG VWDELOLW\ ZDV WKH RFFXUUHQFH RI b RI WKH FRQGLWLRQ GDWD SRLQWV ZLWKLQ D b UDQJH RI WKH WUHQG OLQH 7KH QXPEHU RI GDWD

PAGE 114

SDWKV ZLWKLQ D WUHQG ZDV QRWHG DV ZHOO DV FKDQJHV LQ WUHQG GLUHFWLRQ DQG VWDELOLW\ EHWZHHQ FRQGLWLRQV )LQDOO\ WKH SHUFHQWDJH RI RYHUODS RI GDWD SRLQW YDOXHV EHWZHHQ DGMDFHQW FRQGLWLRQV ZDV FDOFXODWHG $ VXQPDU\ RI WKH YLVXDO DQDO\VLV IRU WKH EDVHOLQH DQG FRQFXUUHQW JHQHUDOL]DWLRQ GDWD SORWWHG LQ OLQH JUDSKV ZDV LQFOXGHG IRU HDFK VXEMHFW 7KH VXPPDU\ ZDV SUHVHQWHG LQ D WDEOH DQG LQFOXGHG WKH IROORZLQJ LQIRUPDWLRQ IRU Df WKH OHQJWK RI EDVHOLQH DQG FRQFXUUHQW JHQHUDOL]DWLRQ FRQGLWLRQV Ef WKH PHDQ OHYHO ZLWKLQ EDVHOLQH DQG FRQFXUUHQW JHQHUDOL]DWLRQ FRQGLWLRQ Ff OHYHO VWDELOLW\ UDQJH DQG SHUFHQWDJH RI RYHUODS Gf OHYHO FKDQJHV ZLWKLQ DQG EHWZHHQ FRQGLWLRQV Hf WUHQG GLUHFWLRQ DQG WKH QXPEHU RI GDWD SDWKV ZLWKLQ WKH WUHQG DQG If WUHQG VWDELOLW\ 0HDQ LQWHUREVHUYHU UHOLDELOLW\ GDWD ZHUH UHSRUWHG IRU HDFK VXEMHFWVn QRQYHUEDO FRPPXQLFDWLRQ EHKDYLRUV GXULQJ VLPXODWHG HGXFDWLRQ FRQIHUHQFHV DV ZHOO DV IRU WKH SHUVRQQHO PHDVXUHV 7KH SHUFHQWDJH RI REVHUYDWLRQ LQWHUYDOV LQ ZKLFK WKH LQWHUYLHZHU RU WHDFKHUV ZHUH VSHDNLQJ GXULQJ WKH VLPXODWHG DQG DFWXDO HGXFDWLRQ FRQIHUHQFHV ZDV GLVSOD\HG RQ D EDU FKDUW IRU DOO VXEMHFWV )URP WKLV LQIRUPDWLRQ D FRPSDULVRQ ZDV SRVVLEOH IRU WKH VXEMHFWVn UHVSRQVH RSSRUWXQLWLHV LQ VLPXODWHG DQG DFWXDO HGXFDWLRQ FRQIHUHQFHV 7KH UDWLR RI VXEMHFW H\H FRQWDFW ZKLOH WKH LQWHUYLHZHU ZDV VSHDNLQJf WR WKH IUHTXHQF\ RI LQWHUYLHZHU VSHDNLQJ

PAGE 115

ZDV FRQYHUWHG WR D SHUFHQWDJH DQG GLVSOD\HG LQ D EDU JUDSK 7KH IRUPXOD ZDV b (\H FRQWDFW (&f ZKLOH LQWHUYLHZHU (& ,6 ; LV VSHDNLQJ ,6f 7 )LQDOO\ WKH SHUFHQWDJH RI REVHUYDWLRQ LQWHUYDOV LQ ZKLFK HDFK VXEMHFW H[KLELWHG WKH QHZO\ DFTXLUHG 1&%V GXULQJ WKH DFWXDO HGXFDWLRQ FRQIHUHQFH ZDV SUHVHQWHG RQ D EDU FKDUW 5HVXOWV RI WKH LQYHVWLJDWLRQ KDYH EHHQ SUHVHQWHG LQ &KDSWHU ,9

PAGE 116

&+$37(5 ,9 5(68/76 7KH UHVXOWV RI WKH LQYHVWLJDWLRQ RI WKH HIIHFWV RI D PHWDFRJQLWLYH VWUDWHJ\ ,0$*(6 RQ WKH DFTXLVLWLRQ DQG JHQHUDOL]DWLRQ RI QRQYHUEDO FRPPXQLFDWLRQ EHKDYLRUV 1&%Vf E\ DGROHVFHQWV ZLWK SK\VLFDO LPSDLUPHQWV 3,f KDYH EHHQ SUHVHQWHG LQ WKLV FKDSWHU ,QIRUPDWLRQ DERXW SHUVRQQHO SHUIRUPDQFH PHDVXUHV KDYH EHHQ SUHVHQWHG ILUVW 7KHUHDIWHU WKH GDWD SHUWDLQLQJ WR WKH PHDVXUHV RI WKH VXEMHFWVn 1&% SHUIRUPDQFHV DUH HYDOXDWHG 7KH UHVHDUFK TXHVWLRQV GLUHFWO\ UHODWHG WR WKH DFTXLVLWLRQ DQG JHQHUDOL]DWLRQ RI WKH 1&%V KDYH EHHQ DGGUHVVHG IRU HDFK VXEMHFW LQGLYLGXDOO\ )LQDOO\ WKH UHVXOWV UHOHYDQW WR WKH VRFLDO YDOLGDWLRQ PHDVXUHV KDYH EHHQ LQFOXGHG 7KH VXEMHFWV ZKR ZHUH GHVFULEHG LQ &KDSWHU ,,, KDYH EHHQ UHIHUUHG WR E\ WKHLU VXEMHFW QXPEHU LH 6, 6 6 6 DQG 6f WKURXJKRXW &KDSWHU ,9 1RQYHUEDO FRPPXQLFDWLRQ EHKDYLRUV KDYH EHHQ UHIHUUHG WR E\ WKH RUGHU LQ ZKLFK WKH\ ZHUH LQWURGXFHG WR WKH VXEMHFWV IRU WUDLQLQJ SXUSRVHV LH 1&% 1&% DQG 1&%f 0HDVXUHPHQW 6\VWHPV 6HYHUDO W\SHV RI GDWD ZHUH REWDLQHG GXULQJ WKH LQYHVWLJDWLRQ SHUVRQQHO SHUIRUPDQFH PHDVXUHV VXEMHFW 1&% PHDVXUHV DQG VRFLDO YDOLGDWLRQ PHDVXUHV 3HUVRQQHO SHUIRUPDQFH PHDVXUHV ZHUH REWDLQHG

PAGE 117

IRU WKH VWUDWHJ\ WUDLQHU DQG WKH LQWHUYLHZHUV LQ RUGHU WR PRQLWRU WKH FRQVLVWHQF\ RI WKH LQWHUYHQWLRQ DQG GDWD FROOHFWLRQ FRQGLWLRQV 5HOHYDQW SHUIRUPDQFH EHKDYLRUV IRU WKH VWUDWHJ\ WUDLQHU LQFOXGHG IROORZLQJ WKH ZRUGLQJ RI WKH VFULSW SURYLGHG LQ WKH ,0$*(6 WHDFKHUnV PDQXDO IROORZLQJ WKH VHTXHQFLQJ RI WKH VFULSW XVLQJ WKH PDWHULDOV FRUUHFWO\ DQG IOXHQW SDFLQJ RI WKH LQVWUXFWLRQ 3HUIRUPDQFH EHKDYLRUV IRU WKH LQWHUYLHZHUV LQFOXGHG ORRNLQJ DW WKH VXEMHFW VPLOLQJ IROORZLQJ WKH VFULSWHG TXHVWLRQV DQG IOXHQW SDFLQJ GXULQJ WKH VLPXODWHG HGXFDWLRQ FRQIHUHQFH 7KH VXEMHFWVn SHUIRUPDQFHV RI 1&%V GXULQJ VWUXFWXUHG FRQIHUHQFH VLWXDWLRQV ZHUH WKH GHSHQGHQW YDULDEOHV 7KH PHDVXUHV RI WKH VXEMHFWVn 1&%V ZHUH REWDLQHG LQ WKUHH VHWWLQJV DQG LQ WKH SUHVHQFH RI GLIIHUHQW LQGLYLGXDOV Df VLPXODWHG HGXFDWLRQ FRQIHUHQFHV ZLWK WKH LQWHUYLHZHU Ef VWUDWHJ\ WUDLQLQJ VHVVLRQV ZLWK WKH VWUDWHJ\ WUDLQHU DQG Ff DFWXDO HGXFDWLRQ FRQIHUHQFHV ZLWK VSHFLDO HGXFDWLRQ WHDFKHUV 7KH VXEMHFWV ZHUH DGROHVFHQWV ZKR DWWHQGHG VRPH RI WKHLU FODVVHV LQ D SURJUDP IRU VWXGHQWV ZLWK 3, 7KH SK\VLFDO LPSDLUPHQWV UHSUHVHQWHG LQ WKH VXEMHFW VDPSOH LQFOXGHG P\HORPHQLQJRFHOH 6,f MXYHQLOH UKHXPDWRLG DUWKULWLV 6f DQG FHUHEUDO SDOV\ 6 6 DQG 6f 7KH 1&%V RI LQWHUHVW LQ WKLV LQYHVWLJDWLRQ ZHUH VLWWLQJXSVWUDLJKW H\H FRQWDFW VPLOLQJ KHDG QRGV IRUZDUG OHDQ DQG SRVLWLRQ RI DUPV DQG KDQGV 7KH VRFLDO YDOLGDWLRQ PHDVXUHV ZHUH REWDLQHG LQ RUGHU WR DVVHVV WKH VDWLVIDFWLRQ RI VXEMHFWV DQG WHDFKHUV ZLWK WKH VWUDWHJ\ WUDLQLQJ SURFHGXUHV 7KH VXEMHFWV DQG WHDFKHUV UHVSRQGHG WR

PAGE 118

TXHVWLRQQDLUH LWHPV DERXW WKH LPSRUWDQFH HIIHFWLYHQHVV DQG SUDFWLFDOLW\ RI WKH VWUDWHJ\ WUDLQLQJ SURFHGXUHV 3HUVRQQHO 3HUIRUPDQFH 0HDVXUHV 'XULQJ WKH FRXUVH RI WKH LQYHVWLJDWLRQ SHUIRUPDQFH PHDVXUHV ZHUH REWDLQHG IRU WKH VWUDWHJ\ WUDLQHU 67f DQG WKH VLPXODWHG HGXFDWLRQ FRQIHUHQFH 6(&f LQWHUYLHZHUV 7KH FULWHULD IRU HYDOXDWLQJ SHUVRQQHO SHUIRUPDQFH DQG IRUPXODV IRU SHUFHQWDJHV RI DSSURSULDWH EHKDYLRU RFFXUUHQFHV DQG LQWHUREVHUYHU UHOLDELOLW\ ZHUH SUHVHQWHG LQ &KDSWHU ,,, 6WUDWHJ\ 7UDLQHU 7KH SHUIRUPDQFH UHVXOWV IRU WKH 67 LQFOXGHG WKH FRQVLVWHQF\ RI LQVWUXFWLRQDO WLPH VHH 7DEOH f DQG LQVWUXFWLRQDO EHKDYLRUV VHH $SSHQGL[ .f 'XULQJ WKH FRXUVH RI WKH LQYHVWLJDWLRQ VWUDWHJ\ WUDLQLQJ VHVVLRQV ZHUH FRQGXFWHGf§ IRU HDFK VXEMHFW ,Q DOO EXW ILYH VHVVLRQV WKH DPRXQW RI WLPH VSHQW IRU HDFK VWHS RI LQVWUXFWLRQ ZDV FRQVLVWHQW DFURVV DOO VXEMHFWV VHH 7DEOH f ([FHSWLRQV ZHUH QRWHG IRU 6, 6 DQG 6 ,QVWUXFWLRQDO WLPH IRU 6, IRU WKH PRGHO VWHS LQ 6HVVLRQ H[FHHGHG WKDW RI WKH RWKHU VXEMHFWV 7KH LQVWUXFWLRQDO VWHS PRGHO ZDV RQH RI WKH PRVW FRPSOH[ LQVWUXFWLRQDO VWHSV ZLWKLQ WKH ,0$*(6 VWUDWHJ\ &RQVHTXHQWO\ WKH LQLWLDO SUHVHQWDWLRQ RI PRGHO LQ 6HVVLRQ ZLWK 6, UHTXLUHG PRUH WLPH WKDQ VXEVHTXHQW SUHVHQWDWLRQV 7KH LQFUHDVHG LQVWUXFWLRQDO WLPH IRU 6 LQ 6HVVLRQV DQG ZDV GXH WR WKH VXEMHFWnV GLIILFXOW\ LQ UHDGLO\ GHPRQVWUDWLQJ 1&f§VLWXS VWUDLJKW DQG 1&%f§H\H FRQWDFW %RWK RI WKHVH 1&%V UHTXLUHG WKH

PAGE 119

7DEOH 6XPPDU\ RI ,QVWUXFWLRQDO DQG 3HUVRQQHO &RQGLWLRQV 'XULQJ 6WUDWHJ\ 7UDLQLQJ DQG 6LPXODWHG (GXFDWLRQ &RQIHUHQFHV 6HVVLRQ Q 6XEMHFW 7UDLQLQJ 6HVVLRQV 0LQXWHV ( ) ) + ,QWURGXFWLRQ 2t' 1&% f f§ 0 95 3 *3 $3, $3 1&% 0953 *3 $3, $3r 1&% 9 ,<53 *3 $3, $3r 6LPXODWHG (GXFDWLRQ &RQIHUHQFHV PLQXWHV HDFKf r r $D %D ,QWHUYLHZHU $ $ $ $ $ $ $ $ $$$ $ % $ $ 1RWH 6HH QH[W SDJH

PAGE 120

7DEOH f§&RQWLQXHG 1RWH 1&% 1RQYHUEDO &RPPXQLFDWLRQ %HKDYLRU ([FHSWLRQV $ ,QWHUYLHZHU % ,QWHUYLHZHU $D 6XEMHFW ,,f f %D 6XEMHFW f ,,f r 6WUDWHJ\ 7UDLQHU,QWHUYLHZHU EHKDYLRUV REVHUYHG 6WUDWHJ\ 7UDLQLQJ 6WHSV 6XEMHFW 7LPH 2ULHQW ( 6,f§ PLQ 'HVFULEH ) 6f§ PLQ 0 0RGHO 6f§ PLQ 95 9HUEDO 5HKHDUVDO + 6f§ PLQ 3 3UHSDUH *3 *XLGHG 3UDFWLFH $3 $GYDQFHG 3UDFWLFH RU f

PAGE 121

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f EHFDXVH WKH VXEMHFW ZDV GURZV\ DQG LQDWWHQWLYH :KHQ WKH LQVWUXFWLRQDO VHVVLRQ UHFRQYHQHG ODWHU WKH VDPH PRUQLQJ WKH VXEMHFW ZDV DOHUW DQG FRRSHUDWLYH 5HOHYDQW 67 LQVWUXFWLRQDO EHKDYLRUV ZHUH REVHUYHG DQG UHFRUGHG IRU b RI WKH VXEMHFW WUDLQLQJ VHVVLRQV VHH 7DEOH f 7KH 67 H[KLELWHG WKH LQVWUXFWLRQDO EHKDYLRUV DW RU DERYH WKH b SHUIRUPDQFH FULWHULD DFURVV VXEMHFWV DQG VHVVLRQV LQ DOO EXW RQH LQVWDQFH VHH 7DEOH f 'XULQJ VHVVLRQ IOXHQW SDFLQJ RI LQVWUXFWLRQ ZDV DW D b OHYHO IRU 6, ,QWHUREVHUYHU UHOLDELOLW\ PHDVXUHV ZHUH REWDLQHG IRU b RI WKH VXEMHFW WUDLQLQJ VHVVLRQV IRU IRXU RI WKH VL[ IRUPDO SHUIRUPDQFH REVHUYDWLRQVf ,QWHUREVHUYHU UHOLDELOLW\ ZDV b XVLQJ WRWDO RFFXUUHQFH DQG QRQRFFXUUHQFH FDOFXODWLRQ PHWKRGV

PAGE 122

7DEOH 3HUFHQWDJH RI 6WUDWHJ\ 7UDLQHU ,QVWUXFWLRQDO %HKDYLRUV ([KLELWHG $FURVV 6XEMHFWV DQG 6HVVLRQV ,QVWUXFWLRQDO %HKDYLRU [f§b 5DQJHf§b )ROORZLQJ 6FULSW )ROORZLQJ 6HTXHQFH f§ )OXHQW 3DFLQJ 8VLQJ 0DWHULDOV ,QWHUYLHZHUV 'XULQJ WKH FRXUVH RI WKH LQYHVWLJDWLRQ 6(&V ZHUH FRQGXFWHGf§ E\ WKH SULPDU\ LQWHUYLHZHU ,,f 5HOHYDQW LQWHUYLHZHU EHKDYLRUV ZHUH REVHUYHG DQG UHFRUGHG WKURXJKRXW WKH LQYHVWLJDWLRQ VHH 7DEOH f IRU b RI WKH WRWDO 6(&V 7KH LQWHUYLHZHUVn SHUIRUPDQFH OHYHOV ZLWK HDFK VXEMHFW DUH SUHVHQWHG LQ 7DEOH 6PLOLQJ ZDV DERYH WKH GHVLUHG b OHYHO LQ DOO LQVWDQFHV 6LPLODUO\ IROORZLQJ WKH VFULSW DQG IOXHQW SDFLQJ ZHUH JUHDWHU WKDQ WKH GHVLUHG b OHYHO LQ DOO LQVWDQFHV /RRNLQJ DW WKH VXEMHFW ZDV EHORZ WKH GHVLUHG b OHYHO IRU WKUHH VXEMHFWV IRU D WRWDO RI IRXU 6(&V ,W VKRXOG EH QRWHG WKDW WKH LQWHUYLHZHU ZDV JODQFLQJ DW WKH VFULSW LQ SUHSDUDWLRQ IRU WKH QH[W LQWHUYLHZHU TXHVWLRQ DQG WKDW WKH LQWHUYLHZHUnV JD]H ZDV SURPSWO\ UHGLUHFWHG WRZDUG WKH VXEMHFW 7KHVH LQVWDQFHV RI ORRNLQJ DZD\ IURP WKH VXEMHFW ZHUH EULHI DQG

PAGE 123

7DEOH 3HUFHQWDJH RI $SSURSULDWH ,QWHUYLHZHU %HKDYLRUV ([KLELWHG $FURVV 6HVVLRQV IRU (DFK 6XEMHFW ,QWHUYLHZHU 6, 6 6XEMHFW 6 6 6 ; 5DQJH ; 5DQJH ; 5DQJH ; 5DQJH ; 5DQJH /RRNLQJ DW 6XEMHFW 6PLOLQJ )ROORZLQJ 6FULSW f§ f§ f§ f§ )OXHQW 3DFLQJ f§ f§ f§ f§ f§ RI 6HVVLRQV

PAGE 124

QR QRW QHFHVVDULO\ LQDSSURSULDWH ,QWHUREVHUYHU UHOLDELOLW\ PHDVXUHV ZHUH REWDLQHG IRU b RI WKH WRWDO 6(&V DQG ZHUH b IRU WRWDO RFFXUUHQFH DQG QRQRFFXUUHQFH FDOFXODWLRQ PHWKRGV 6XEMHFW 1RQYHUEDO &RPPXQLFDWLRQ %HKDYLRU 0HDVXUHV $ PXOWLSOH EDVHOLQH GHVLJQ DFURVV EHKDYLRUV 7DZQH\ t *DVW f ZDV XVHG WR HYDOXDWH WKH HIIHFWV RI D PHWDFRJQLWLYH WUDLQLQJ VWUDWHJ\ ,0$*(6 RQ WKH DFTXLVLWLRQ DQG JHQHUDOL]DWLRQ RI 1&%V E\ DGROHVFHQWV ZLWK 3, 7KH GHSHQGHQW YDULDEOHV LQ WKH LQYHVWLJDWLRQ ZHUH WKH 1&%V H[KLELWHG E\ WKH VXEMHFWV GXULQJ EDVHOLQH DQG FRQFXUUHQW JHQHUDOL]DWLRQ 6(&V VWUDWHJ\ WUDLQLQJ VHVVLRQV DQG DFWXDO HGXFDWLRQ FRQIHUHQFHV $(&Vf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f VSHDNLQJ KDYH EHHQ SUHVHQWHG ILUVW 1H[W WKH UHVHDUFK TXHVWLRQV DGGUHVVHG E\ WKH

PAGE 125

,OO GHSHQGHQW YDULDEOHV KDYH EHHQ VWDWHG /DVWO\ WKH GDWD DQDO\VHV IRU HDFK VXEMHFW KDYH EHHQ SUHVHQWHG ,QWHUREVHUYHU 5HOLDELOLW\ IRU 6(&V ,QWHUREVHUYHU UHOLDELOLW\ PHDVXUHV ZHUH REWDLQHG IRU b RI WKH YLGHRWDSHG 6(&V IRU DOO VXEMHFWV DFURVV EDVHOLQH DQG FRQFXUUHQW JHQHUDOL]DWLRQ VHVVLRQV ,QWHUREVHUYHU UHOLDELOLW\ ZDV b IRU DOO VXEMHFWV DQG EHKDYLRUV DV GHWHUPLQHG E\ XVLQJ WRWDO RFFXUUHQFH DQG QRQRFFXUUHQFH PHWKRGV ,QWHUYLHZHU7HDFKHUV 6SHDNLQJ 7KH SHUFHQW RI REVHUYDWLRQ LQWHUYDOV GXULQJ YLGHRWDSHG FRQIHUHQFHV LQ ZKLFK WKH ,7V ZHUH VSHDNLQJ ZDV RI LQWHUHVW DV DQ LQGLFDWRU RI WKH RSSRUWXQLWLHV WKDW WKH VXEMHFWV KDG WR PDNH YHUEDO UHVSRQVHV VHH )LJXUH f 'XULQJ WKH PDMRULW\ RI WKH 6(&V 6HVVLRQV f WKH LQWHUYLHZHU ZDV VSHDNLQJ IRU OHVV WKDQ b RI WKH REVHUYDWLRQ LQWHUYDOV 'XULQJ WKH $(& 6HVVLRQ f WKH WHDFKHUV ZHUH VSHDNLQJ IRU JUHDWHU WKDQ b RI WKH REVHUYDWLRQ LQWHUYDOV GXULQJ WKH ILUVW PLQ RI WKH FRQIHUHQFHf IRU DOO VXEMHFWV $GGLWLRQDOO\ WKH QDWXUH RI WKH TXHVWLRQV GLIIHUHG GXULQJ 6(&V DQG $(&V 7KH LQWHUYLHZHU SULPDULO\ DVNHG RSHQHQGHG TXHVWLRQV 7KH WHDFKHUV DVNHG SULPDULO\ GLFKRWRPRXV TXHVWLRQV ZKLFK LQ VRPH FDVHV HOLFLWHG VXEMHFW KHDG PRYHPHQWV WKDW ZHUH FRQVLVWHQW ZLWK SRVLWLYH RU QHJDWLYH UHVSRQVHV $OVR RI LQWHUHVW ZDV ZKHWKHU VRPH 1&%V RFFXUUHG PRUH RU OHVV RIWHQ DV D IXQFWLRQ RI WKH ,7V VSHDNLQJ (\H FRQWDFW ZDV WKH 1&% WKDW PLJKW KDYH KDG WKH PRVW UHOHYDQFH WR WKH LQWHUYLHZHU VSHDNLQJ

PAGE 126

,17(59,(:(5 63($.,1* 6 b 6 6 6 ’ 6 6(66,21 +JXUHB 3HUFHQWDJH RI VHVVLRQ REVHUYDWLRQ ,QWHUYDOV Q ZKLFK WKH ,QWHUYLHZHU RU WHDFKHU ZDV VSHDNLQJ 6 6XEMHFW 6HVVLRQV ZHUH LQWHUYLHZHU GLUHFWHGf§ PLQ HDFK 6HVVLRQ f§ILUVW PP RI FRQIHUHQFHf§ZDV WHDFKHU GLUHFWHG 6HVVLRQ f§QR GDWD IRU 6f

PAGE 127

.OHFN 2QR t +DVWRUI f %DVHG RQ YLVXDO LQVSHFWLRQ WKHUH ZDV QR UHDGLO\ DSSDUHQW UHODWLRQVKLS EHWZHHQ WKH RFFXUUHQFH RI H\H FRQWDFW DQG ,7V VSHDNLQJ XQWLO DIWHU H\H FRQWDFW UHDFKHG D KLJK SHUFHQWDJH RI RFFXUUHQFH IROORZLQJ LQWHUYHQWLRQ VHH )LJXUH f ,Q RWKHU ZRUGV RQFH D KLJK RFFXUUHQFH RI H\H FRQWDFW KDG EHHQ HVWDEOLVKHG WKURXJKRXW WKH VHVVLRQ WKH UDWLR RI H\H FRQWDFW ZKLOH WKH ,7V ZHUH VSHDNLQJf WR WKH IUHTXHQF\ RI ,7V VSHDNLQJ DOVR LQFUHDVHG 6LPLODUO\ IXQFWLRQDO UHODWLRQVKLSV EHWZHHQ WKH RWKHU 1&%V DQG WKH RFFXUUHQFHV RI ,7V VSHDNLQJ ZHUH QRW GHWHFWHG 5HVHDUFK 4XHVWLRQV 7KUHH UHVHDUFK TXHVWLRQV ZHUH DGGUHVVHG LQ UHODWLRQ WR HDFK VXEMHFWn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

PAGE 128

(<( &217$&7 :+,/( ,17(59,(:(5f6 63($.,1* 6(66,21 6 6 6 6 6 0JXUHB 'XULQJ LQWHUYLHZHU VSHDNLQJ WLPH WKH SHUFHQWDJH RI WKH UDWLR RI H\H FRQWDFW WR WKH IUHTXHQF\ RI LQWHUYLHZHU VSHDNLQJ 6 6XEMHFW 6HVVLRQ QR GDWD IRU 6O ,Q DOO RWKHU ]HUR OHYHO VHVVLRQV H\H FRQWDFW GLG QRW RFFXU ZKLOH WKH LQWHUYLHZHU ZDV VSHDNLQJf

PAGE 129

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nV JUDSKV )LJXUH DQG )LJXUHV f 6XEVHTXHQW JHQHUDOL]DWLRQ GDWD IRU DOO VXEMHFWVn KDYH EHHQ GLVSOD\HG IRU WKH HQWLUH $(& LQ )LJXUH 6XEMHFW 2QH 'XULQJ WKH LQLWLDO EDVHOLQH VHVVLRQV 6HVVLRQV f 6, GLVSOD\HG QRQYHUEDO EHKDYLRUV WKDW ZHUH SHUWLQHQW WR WKH 1&%V VHOHFWHG IRU VWUDWHJ\ WUDLQLQJ 6KH VDW HLWKHU LQ D VOXPSHG

PAGE 130

SRVLWLRQ ZLWK KHU VKRXOGHUV URXQGHG DQG KHU DUPV RQ WKH WDEOH RU SURSSHG RQ KHU IRUHDUPV ZLWK KHU VKRXOGHUV HOHYDWHG 6KH UDUHO\ VXVWDLQHG H\H FRQWDFW ZLWK WKH LQWHUYLHZHU 6KH RIWHQ ORRNHG DW KHU KDQGV RU UROOHG KHU H\HV XSZDUG DQG WR WKH VLGH +HU IDFLDO H[SUHVVLRQ ZDV SDVVLYH DQG VKRZHG OLWWOH HPRWLRQ 6XEMHFW UHFHLYHG VWUDWHJ\ WUDLQLQJ IRU VLWWLQJXSVWUDLJKW 1&%f H\H FRQWDFW 1&%f DQG KHDG QRGV 1&%f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f§VLWWLQJXSVWUDLJKW 686f %DVHOLQH YHUVXV WUDLQLQJ GDWD $ SRVLWLYH FKDQJH RFFXUUHG LQ WKH SHUFHQWDJH RI 686 IURP EDVHOLQH WR VWUDWHJ\ WUDLQLQJ FRQGLWLRQV 'XULQJ WKH ILUVW VHVVLRQ LQ ZKLFK WUDLQLQJ GDWD ZHUH REWDLQHG 6HVVLRQ f PRUH 686 ZDV REVHUYHG ZKHQ FRPSDUHG WR WKH ODVW GD\ RI WKH EDVHOLQH FRQGLWLRQV 6HVVLRQ f 7KHUH ZDV QR RYHUODS LQ WKH GDWD SRLQWV EHWZHHQ FRQGLWLRQV 6XEMHFW

PAGE 131

%$6(/,1( 68%-(&7 '$7$ &21&855(17 *(1(5$/,=$7,21 25 75$,1,1* 68%6(48(17 *(1(5$/,=$7,21 6,7 83 /($1 7' 6,7 7' 75$,1,1* '$7$ (<( &217$&7 7' (<( +($' 12' +1f 7' +1 60,/( ; $ t + /f $ $ t + 7f t + $506 t +$1'6 7 7$%/( / /$3 L 6(66,21 )LJXUH 3HUFHQWDJH RI VHFRQG LQWHUYDOV LQ ZKLFK WKH QRQYHUEDO FRPPXQLFDWLRQ EHKDYLRUV ZHUH REVHUYHG IRU 6XEMHFW $OO GDWD DUH IRU PLQ VHVVLRQVf

PAGE 132

7DEOH 6XPPDU\ RI 9LVXDO $QDO\VLV RI %DVHOLQH %/f DQG &RQFXUUHQW *HQHUDOL]DWLRQ &*f 'DWD 3ORWWHG LQ 1&% 1&% 1&% :LWKLQ %HWZHHQ :LWKLQ %HWZHHQ :LWKLQ %HWZHHQ &RQGLWLRQ &KDQJH &RQGLWLRQ &KDQJH &RQGLWLRQ &KDQJH $QDO\VLV %/ &* %/&* %/ &* %/&* %/ &* %/&* /HQJWK LQ VHVVLRQVf 0HDQ &[f /HYHO /HYHO 6WDELOLW\ 6 6 QRQH 9 6 9!6 6 9 6!9 t 5DQJH r r /HYHO &KDQJH 7UHQG 'LUHFWLRQA 0 f QRQH f f f!f f f QRQH 7UHQG 6WDELOLW\ V 6 QRQH 9 6 9!6 9 6 9!6 1RWH 6 6WDEOH 9 9DULDEOH r b RI RYHUODS f $FFHOHUDWLQJ RU SRVLWLYH f 'HFHOHUDWLQJ RU QHJDWLYH f /HYHO RU QR FKDQJH 1XPEHU RI GDWD SDWKV LQ WUHQG

PAGE 133

3(5&(17$*( 68%6(48(17 *(1(5$/,=$7,21 '$7$ ‘ 1&% ’ 1&% 1&% 0,1f 0,1f 0,1f 68%-(&7 0,1f 0,1f 1&% 6,7 83 1&% (<( &217$&7 1&% +($' 12' 6f 60,/( 6 6f $506 t +$1'6 7$%/(f 6 6f )LJXUH 3HUFHQWDJH RI DFWXDO HGXFDWLRQ FRQIHUHQFH REVHUYDWLRQ LQWHUYDOV LQ ZKLFK QRQYHUEDO FRPPXQLFDWLRQ EHKDYLRUV 1&%Vf ZHUH H[KLELWHG E\ 6XEMHFWV 1&% ZDV QRW H[KLELWHG E\ 6f

PAGE 134

VDWXSVWUDLJKW IRU b RI WKH REVHUYDWLRQ LQWHUYDOV DFURVV DOO WKUHH WUDLQLQJ GDWD VHVVLRQV 6HVVLRQV f %DVHOLQH YHUVXV FRQFXUUHQW JHQHUDOL]DWLRQ GDWD $ SRVLWLYH FKDQJH RFFXUUHG LQ WKH SHUFHQWDJH RI 686 IURP EDVHOLQH WR FRQFXUUHQW JHQHUDOL]DWLRQ FRQGLWLRQV 'XULQJ WKH ILUVW VHVVLRQ LQ ZKLFK FRQFXUUHQW JHQHUDOL]DWLRQ GDWD ZHUH REWDLQHG 6HVVLRQ f 686 ZDV b JUHDWHU ZKHQ FRPSDUHG WR WKH ODVW VHVVLRQ RI WKH EDVHOLQH FRQGLWLRQ 6HVVLRQ f 7KLV UHVXOW ZDV XQH[SHFWHG EHFDXVH DOWKRXJK 6, ZDV LQWURGXFHG WR WKH EHKDYLRU LQ 6HVVLRQ VHH 7DEOH f VKH KDG QRW SUDFWLFHG QRU UHFHLYHG IHHGEDFN RQ WKH EHKDYLRU XQWLO 6HVVLRQ 6XEMHFW ZDV WKH RQO\ VXEMHFW IRU ZKLFK PRGHOLQJ DORQH KDG DQ HIIHFW RQ 686 VHH )LJXUH DQG )LJXUHV f 3HUIRUPDQFH UHWXUQHG WR EDVHOLQH OHYHOV LQ 6HVVLRQ UHVXOWLQJ LQ DQ b RYHUODS LQ WKH GDWD SRLQWV EHWZHHQ FRQGLWLRQV 6HVVLRQ ZDV D YHUEDO UHKHDUVDO VHVVLRQ DQG QHLWKHU PRGHOLQJ QRU SUDFWLFH RI 1&% RFFXUUHG ,Q 6HVVLRQ WKH VXEMHFW YLHZHG D YLGHRWDSHG VHJPHQW RI D EDVHOLQH 6(& $ OLPLWHG DPRXQW RI SUDFWLFH DQG IHHGEDFN DOVR RFFXUUHG 7KH VXEMHFWnV 686 LPPHGLDWHO\ URVH WR D b OHYHO GXULQJ 6(&V DQG ZDV PDLQWDLQHG DW WKDW OHYHO IRU DOO UHPDLQLQJ FRQFXUUHQW JHQHUDOL]DWLRQ VHVVLRQV 6XEVHTXHQW JHQHUDOL]DWLRQ GDWD 7KHUH ZDV OLWWOH FKDQJH LQ WKH OHYHO RI 686 EHWZHHQ WKH FRQFXUUHQW JHQHUDOL]DWLRQ DQG WKH VXEVHTXHQW JHQHUDOL]DWLRQ FRQGLWLRQV VHH )LJXUH f 0RUHRYHU D KLJK OHYHO RI 686 ZDV VXVWDLQHG IRU PLQ WKH GXUDWLRQ RI WKH DFWXDO HGXFDWLRQ FRQIHUHQFH VHH )LJXUH f

PAGE 135

1&H\H FRQWDFW (&f %DVHOLQH YHUVXV WUDLQLQJ GDWD $ SRVLWLYH FKDQJH ZDV QRWHG LQ WKH SHUFHQWDJH RI (& IURP EDVHOLQH WR VWUDWHJ\ WUDLQLQJ FRQGLWLRQV 7KH EDVHOLQH WUHQG ZDV VOLJKWO\ DFFHOHUDWLQJ +RZHYHU (& H[FHHGHG D b OHYHO RQO\ WZLFH GXULQJ EDVHOLQH VHVVLRQV 'XULQJ WKH ILUVW VHVVLRQ LQ ZKLFK WUDLQLQJ GDWD ZDV REWDLQHG 6HVVLRQ f b PRUH (& ZDV REVHUYHG ZKHQ FRPSDUHG WR WKH ODVW GD\ RI WKH EDVHOLQH FRQGLWLRQ 6HVVLRQ f 7KHUH ZDV QR RYHUODS LQ WKH GDWD SRLQWV EHWZHHQ FRQGLWLRQV 6XEMHFW PDGH (& IRU b RI WKH REVHUYDWLRQ LQWHUYDOV DFURVV DOO WKUHH WUDLQLQJ GDWD VHVVLRQV 6HVVLRQV f %DVHOLQH YHUVXV FRQFXUUHQW JHQHUDOL]DWLRQ GDWD 'HVSLWH WKH VOLJKWO\ DFFHOHUDWLQJ WUHQG REVHUYHG GXULQJ EDVHOLQH D VXEVWDQWLDO SRVLWLYH FKDQJH RFFXUUHG LQ WKH SHUFHQWDJH RI (& IURP EDVHOLQH WR FRQFXUUHQW JHQHUDOL]DWLRQ FRQGLWLRQV 'XULQJ WKH ILUVW VHVVLRQ LQ ZKLFK FRQFXUUHQW JHQHUDOL]DWLRQ GDWD ZHUH REWDLQHG 6HVVLRQ f (& ZDV b JUHDWHU ZKHQ FRPSDUHG WR WKH ODVW VHVVLRQ RI WKH EDVHOLQH FRQGLWLRQ 6HVVLRQ f 7KHUH ZDV QR RYHUODS LQ WKH GDWD SRLQWV EHWZHHQ WKH FRQGLWLRQV $OWKRXJK WKH RYHUDOO WUHQG ZLWKLQ WKH FRQFXUUHQW JHQHUDOL]DWLRQ FRQGLWLRQ ZDV VOLJKWO\ GHFHOHUDWLQJ WKH ODVW GDWD SDWK ZDV DFFHOHUDWLQJ 7KH OHYHO RI (& ZDV VWDEOH ZLWKLQ FRQFXUUHQW JHQHUDOL]DWLRQ YDU\LQJ EHWZHHQ bb 6XEVHTXHQW JHQHUDOL]DWLRQ GDWD $ QHJDWLYH FKDQJH RFFXUUHG LQ WKH SHUFHQWDJH RI (& IURP FRQFXUUHQW JHQHUDOL]DWLRQ WR VXEVHTXHQW

PAGE 136

JHQHUDOL]DWLRQ FRQGLWLRQV VHH )LJXUH f +RZHYHU WKH SHUFHQWDJH RI (& GXULQJ VXEVHTXHQW JHQHUDOL]DWLRQ UHPDLQHG DERYH EDVHOLQH OHYHOV 6XEMHFW VXVWDLQHG (& IRU JUHDWHU WKDQ b RI WKH REVHUYDWLRQ LQWHUYDOV GXULQJ WKH PLQ DFWXDO HGXFDWLRQ FRQIHUHQFH VHH )LJXUH f 1&%f§KHDG QRGV +1Vf %DVHOLQH YHUVXV WUDLQLQJ GDWD $ SRVLWLYH FKDQJH RFFXUUHG LQ WKH SHUFHQWDJH RI +1V IURP EDVHOLQH WR VWUDWHJ\ WUDLQLQJ FRQGLWLRQV 'XULQJ WKH ILUVW VHVVLRQ LQ ZKLFK WUDLQLQJ GDWD ZHUH REWDLQHG 6HVVLRQ f PRUH +1V ZHUH REVHUYHG ZKHQ FRPSDUHG WR WKH ODVW GD\ RI WKH EDVHOLQH FRQGLWLRQ 6HVVLRQ f 7KHUH ZDV QR RYHUODS LQ WKH GDWD SRLQWV EHWZHHQ FRQGLWLRQV 6XEMHFW QRGGHG KHU KHDG DW DSSURSULDWH WLPHV IRU b RI WKH REVHUYDWLRQ LQWHUYDOV DFURVV DOO WKUHH WUDLQLQJ GDWD VHVVLRQV 6HVVLRQV f %DVHOLQH YHUVXV FRQFXUUHQW JHQHUDOL]DWLRQ GDWD $ GHOD\HG EXW SRVLWLYH FKDQJH RFFXUUHG LQ WKH SHUFHQWDJH RI +1V IURP EDVHOLQH WR FRQFXUUHQW JHQHUDOL]DWLRQ FRQGLWLRQV 'XULQJ WKH ILUVW VHVVLRQ LQ ZKLFK FRQFXUUHQW JHQHUDOL]DWLRQ GDWD ZHUH REWDLQHG 6HVVLRQ f WKHUH ZDV QR FKDQJH LQ WKH SHUFHQWDJH RI +1V ZKHQ FRPSDUHG WR WKH ODVW GD\ RI WKH EDVHOLQH FRQGLWLRQ 6HVVLRQ f 7KHUH ZDV D b RYHUODS RI GDWD EHWZHHQ WKH FRQGLWLRQV $ VWHHS DFFHOHUDWLQJ WUHQG ZDV REVHUYHG ZLWKLQ WKH FRQFXUUHQW JHQHUDOL]DWLRQ FRQGLWLRQ ZLWK D b OHYHO FKDQJH IURP WKH EHJLQQLQJ WR WKH HQG RI FRQFXUUHQW JHQHUDOL]DWLRQ 6HVVLRQV f

PAGE 137

6XEVHTXHQW JHQHUDOL]DWLRQ GDWD $ QHJDWLYH FKDQJH RFFXUUHG LQ WKH SHUFHQWDJH RI +1V IURP FRQFXUUHQW JHQHUDOL]DWLRQ WR VXEVHTXHQW JHQHUDOL]DWLRQ FRQGLWLRQV VHH )LJXUH f 7KH OHYHO RI +1V GXULQJ WKH ILUVW PLQ RI WKH $(& ZDV KLJKHU WKDQ WKH b PHDQ EDVHOLQH OHYHO RI +1V +QV ZHUH REVHUYHG GXULQJ b RI WKH REVHUYDWLRQ LQWHUYDOV IRU WKH HQWLUH $(& VHH )LJXUH f 7KH GLFKRWRPRXV QDWXUH RI WKH WHDFKHUV TXHVWLRQV GXULQJ WKH $(& PD\ KDYH LQIOXHQFHG WKH VXEMHFWnV XVH RI +1V 6XEMHFW UHVSRQGHG QHJDWLYHO\ WR PDQ\ RI WKH GLFKRWRPRXV TXHULHV DQG ZDV REVHUYHG VKDNLQJ KHU KHDG IURP VLGH WR VLGH LQ FRQMXQFWLRQ ZLWK KHU QHJDWLYH UHVSRQVHV $OWKRXJK +1V ZHUH WDXJKW DV D EHKDYLRU ZLWK ZKLFK WR FRPPXQLFDWH XQGHUVWDQGLQJf§YHUVXV DJUHHPHQWf§D +1 UHVSRQVH WR QHJDWLYH LQIRUPDWLRQ ZRXOG KDYH EHHQ D VRSKLVWLFDWHG 1&% IRU D \RXQJ DGROHVFHQW 8QGHU WKH FLUFXPVWDQFHV D b OHYHO RI +1V PD\ QRW KDYH EHHQ LQDSSURSULDWH $Q DOWHUQDWLYH YLHZSRLQW ZDV WKDW WKH GDWD IRU $(& +1V DUH XQLQWHUSUHWDEOH GXH WR WKH QDWXUH RI WKH TXHVWLRQV :KHQ +1 GDWD GXULQJ $(&V IRU RWKHU VXEMHFWV ZHUH H[DPLQHG VHH )LJXUH DQG )LJXUHV f OHYHOV ZHUH DERYH EDVHOLQH OHYHOV IRU WKUHH RI WKH IRXU VXEMHFWV ,QVSHFWLRQ RI WKH $(& YLGHRWDSHV UHYHDOHG WKDW 6 6 DQG 6 KDG D KLJK SURSRUWLRQ RI SRVLWLYH UHVSRQVHV WR WKH GLFKRWRPRXV TXHULHV +HDG QRGV ZHUH QRWHG LQ FRQMXQFWLRQ ZLWK WKH SRVLWLYH UHVSRQVHV

PAGE 138

6XPPDU\ $ YLVXDO DQDO\VLV RI WKH GDWD IRU 686 (& DQG +1V ZDV FRQGXFWHG 1RWDEOH LQFUHDVHV LQ 1&%V ZHUH QRW REVHUYHG XQWLO DIWHU VWUDWHJ\ WUDLQLQJ ZDV LPSOHPHQWHG IRU HDFK /HYHOV RI XQWUDLQHG 1&%V LH VPLOLQJ OHDQLQJ IRUZDUG DQG SRVLWLRQV RI WKH DUPV DQG KDQGVf UHPDLQHG YLUWXDOO\ XQFKDQJHG IRU WKH GXUDWLRQ RI WKH LQYHVWLJDWLRQ 6WUDWHJ\ WUDLQLQJ ZDV DVVRFLDWHG ZLWK SRVLWLYH FKDQJHV GXULQJ WUDLQLQJ VHVVLRQV DQG FRQFXUUHQW JHQHUDOL]DWLRQ 6(&V IRU WKH WKUHH WUDLQHG 1&%V 6XEMHFW JHQHUDOL]HG WKH XVH RI 686 DQG (& WR DQ DFWXDO HGXFDWLRQ FRQIHUHQFH 'DWD IRU +1V GXULQJ WKH $(& ZHUH FRQIRXQGHG E\ WKH QDWXUH RI WKH TXHVWLRQV DVNHG E\ WKH WHDFKHUV )ROORZLQJ WKH ILQDO FRQFXUUHQW JHQHUDOL]DWLRQ VHVVLRQ 6HVVLRQ QR GDWDf WKH 6(& LQWHUYLHZHU QRWHG WKDW 6, ZDV PRUH UHVSRQVLYH GXULQJ 6HVVLRQV DQG DQG WKURXJK KHU DFWLRQV ZDV VKRZLQJ PRUH XQGHUVWDQGLQJ RI WKH FRQIHUHQFH TXHVWLRQV 7KH LQWHUYLHZHU ZDV XQDZDUH RI WKH 1&%V IRU ZKLFK 6, KDG UHFHLYHG VWUDWHJ\ WUDLQLQJ 7KH LQWHUYLHZHUnV FRPPHQWV FRUUHVSRQGHG WR DQ LQFUHDVH LQ UHFRUGHG +1V IROORZLQJ 6HVVLRQ 3UHVXPDEO\ +1V DERYH EDVHOLQH OHYHOV PD\ KDYH RFFXUUHG GXULQJ 6HVVLRQ 6XEMHFW 7ZR 'XULQJ WKH LQLWLDO EDVHOLQH VHVVLRQV 6HVVLRQV f 6 GLVSOD\HG QRQYHUEDO EHKDYLRUV WKDW ZHUH SHUWLQHQW WR WKH 1&%V VHOHFWHG IRU VWUDWHJ\ WUDLQLQJ 6KH VDW LQ D VOXPSHG SRVLWLRQ ZLWK KHU VKRXOGHUV URXQGHG 6KH OHDQHG RQ WKH WDEOH ZLWK KHU

PAGE 139

DUPV +DQGV ZHUH WHQVH RU PRYLQJ LQ WKH DLU ZLWK HOERZV RQ WKH WDEOH +HU WRUVR IROORZHG KHU KHDG SRVLWLRQ 7RWDO ERG\ FRQWURO ZDV EHWWHU ZKHQ KHU DUPV ZHUH LQ WKH PLGOLQH RI WKH ERG\ 6KH GLVSOD\HG VRPH H[WUDQHRXV KHDG PRYHPHQWV LQ ZKLFK VKH SXOOHG KHU KHDG WR WKH VLGH DQG EDFN DV LI WRVVLQJ KHU KDLU RII RI KHU IDFH H[FHSW WKDW KHU KDLU ZDV QRW RQ KHU IDFHf +\SHUH[WHQVLRQ RI WKH QHFN DQG FRQFRPLWDQW FKLQ HOHYDWLRQ RFFXUUHG LQWHUPLWWHQWO\ 6KH GLVSOD\HG VLGHZDUGV JODQFLQJ DW WKH LQWHUYLHZHU EXW KDG OLWWOH VXVWDLQHG H\H FRQWDFW 6 VPLOHG UHDGLO\ 6XEMHFW UHFHLYHG VWUDWHJ\ WUDLQLQJ IRU VLWWLQJXSVWUDLJKW 1&%f H\H FRQWDFW 1&%f DQG SRVLWLRQ RI DUPV DQG KDQGV RQ WKH WDEOH 1&%f 6LWWLQJXSVWUDLJKW DQG H\H FRQWDFW ZHUH ILUVW VWUDWHJ\ WUDLQLQJ SULRULWLHV IRU DOO VXEMHFWV )RU 1&% D UHOD[HG DUPV DQG KDQGV SRVLWLRQ RQ WDEOHf ZDV FKRVHQ IRU 6 DV D EHKDYLRU WKDW ZRXOG IDFLOLWDWH UHOD[DWLRQ DQG D PLGOLQH RULHQWDWLRQ %DVHOLQH FRQGLWLRQV FRQWLQXHG IRU XQWUDLQHG 1&%V IRU WKH GXUDWLRQ RI WKH LQYHVWLJDWLRQ 'DWD IRU DOO 1&%V KDYH EHHQ GLVSOD\HG JUDSKLFDOO\ LQ )LJXUH 7DEOH FRQWDLQV D VXPPDU\ RI WKH YLVXDO DQDO\VLV RI EDVHOLQH DQG FRQFXUUHQW JHQHUDOL]DWLRQ GDWD IRU WKH WUDLQHG 1&%V 1&f§VLWWLQJXSVWUDLJKW 686f %DVHOLQH YHUVXV WUDLQLQJ GDWD $ SRVLWLYH FKDQJH RFFXUUHG LQ WKH SHUFHQWDJH RI 686 IURP EDVHOLQH WR VWUDWHJ\ WUDLQLQJ FRQGLWLRQV 'XULQJ WKH ILUVW VHVVLRQ LQ ZKLFK WUDLQLQJ GDWD ZHUH REWDLQHG 6HVVLRQ f b PRUH 686 ZDV REVHUYHG ZKHQ FRPSDUHG WR

PAGE 140

3(5&(17$*( 3(5&(17$*( 3(5&(17$*( 3(5&(17$*( %$6(/,1( 68%-(&7 '$7$ &21&855(17 *(1(5$/,=$7,21 25 75$,1,1* ORR Q , Q 9 9 9 9 68%6(48(17 *(1(5$/,=$7,21 6,7 83 ; /($1 Â’ 7' 6,7 7' 75$,1,1* '$7$ (<( &217$&7 7' (<( $ t + 7f $ t + /f 7' $ t + 7f $ t + $506 t +$1'6 7 7$%/( / /$3 60,/( +($' 12' 6(66,21 )LJXUH 3HUFHQWDJH RI VHFRQG LQWHUYDOV LQ ZKLFK WKH QRQYHUEDO FRPPXQLFDWLRQ EHKDYLRUV ZHUH REVHUYHG IRU 6XEMHFW $OO GDWD DUH IRU PLQ VHVVLRQVf

PAGE 141

7DEOH 6XPPDU\ RI 9LVXDO $QDO\VLV RI %DVHOLQH %/f DQG &RQFXUUHQW *HQHUDOL]DWLRQ &*f 'DWD 3ORWWHG LQ )LJXUH n IRU 6XEMHFW 1RQYHU $QDO\VLV 1&% 1&% 1&% :LWKLQ &RQGLWLRQ %/ &* %HWZHHQ &KDQJH %/&* :LWKLQ &RQGL WLRQ %/ &* %HWZHHQ &KDQJH %/&* :LWKLQ &RQGL WLRQ %/ &* %HWZHHQ &KDQJH %/&* /HQJWK LQ VHVVLRQVf 0HDQ &[f /HYHO /HYHO 6WDELOLW\ 6 9 6!9 9 9 QRQH 6 6 QRQH t 5DQJH r r r /HYHO &KDQJH 7UHQG 'LUHFWLRQA 0 f f!f f f f!f f 0 f! f 7UHQG 6WDELOLW\ V 9 6!9 9 9 QRQH 6 V QRQH 1RWH 6 6WDEOH 9 9DULDEOH r b RI RYHUODS f $FFHOHUDWLQJ RU SRVLWLYH f f 'HFHOHUDWLQJ RU QHJDWLYH f /HYHO RU QR FKDQJH 1XPEHU RI GDWD SDWKV LQ WUHQG r

PAGE 142

WKH ODVW VHVVLRQ RI WKH EDVHOLQH FRQGLWLRQ 6HVVLRQ f 7KHUH ZDV QR RYHUODS LQ WKH GDWD SRLQWV EHWZHHQ FRQGLWLRQV 7KH OHYHO RI 686 ZDV VWDEOH UDQJLQJ IURP bb DFURVV WKH WKUHH WUDLQLQJ GDWD VHVVLRQV 6HVVLRQV f %DVHOLQH YHUVXV FRQFXUUHQW JHQHUDOL]DWLRQ GDWD $ SRVLWLYH FKDQJH RFFXUUHG LQ WKH SHUFHQWDJH RI 686 IURP EDVHOLQH WR FRQFXUUHQW JHQHUDOL]DWLRQ FRQGLWLRQV 'XULQJ WKH ILUVW VHVVLRQ LQ ZKLFK FRQFXUUHQW JHQHUDOL]DWLRQ GDWD ZHUH REWDLQHG 6HVVLRQ f WKH SHUFHQWDJH RI 686 UHPDLQHG DW EDVHOLQH OHYHOV 7KH RYHUDOO WUHQG ZLWKLQ FRQFXUUHQW JHQHUDOL]DWLRQ ZDV SRVLWLYH EXW YDULDEOH ZLWK IRXU GDWD SDWKV 'XULQJ 6HVVLRQV DQG VRPH DSSURSULDWH IRUZDUG OHDQV ZHUH REVHUYHG LQ FRQMXQFWLRQ ZLWK 686 'XULQJ 6HVVLRQV DQG WKH SHUFHQWDJH RI 686 GURSSHG WR b DQG b UHVSHFWLYHO\ IURP D SHDN RI b LQ 6HVVLRQ 7KH GHFOLQH LQ 686 FRQFXUUHQW JHQHUDOL]DWLRQ FRUUHVSRQGHG WR WKH LQWURGXFWLRQ RI VWUDWHJ\ WUDLQLQJ IRU 1&% LQ 6HVVLRQ $V QRWHG LQ 7DEOH 6 UHTXLUHG PRUH WUDLQLQJ WLPH IRU 1&% DQG 1&% WKDQ WKH RWKHU VXEMHFWV $ FDUHIXO DQDO\VLV RI WKH EHKDYLRU FRPSRQHQWV ZHUH UHTXLUHG IRU ERWK 1&% DQG 1&% LQ RUGHU IRU 6 WR SHUIRUP WKH EHKDYLRUV WR FULWHULD 7KHUH ZDV D b RYHUODS LQ WKH GDWD SRLQWV EHWZHHQ FRQGLWLRQV ZLWK WKH OHYHO VWDELOL]LQJ DW RU DERYH b EHJLQQLQJ LQ 6HVVLRQ RI FRQFXUUHQW JHQHUDOL]DWLRQ 6XEVHTXHQW JHQHUDOL]DWLRQ GDWD 7KH OHYHO RI 686 UHPDLQHG DW b EHWZHHQ WKH FRQFXUUHQW JHQHUDOL]DWLRQ DQG VXEVHTXHQW JHQHUDOL]DWLRQ FRQGLWLRQV VHH )LJXUH f 0RUHRYHU 6 VDWXS

PAGE 143

VWUDLJKW IRU b RI WKH LQWHUYDOV LQ WKH PLQ DFWXDO HGXFDWLRQ FRQIHUHQFH VHH )LJXUH f 1&%H\H FRQWDFW (&f %DVHOLQH YHUVXV WUDLQLQJ GDWD $ SRVLWLYH FKDQJH ZDV QRWHG LQ WKH SHUFHQWDJH RI (& IURP EDVHOLQH WR VWUDWHJ\ WUDLQLQJ FRQGLWLRQV 'XULQJ WKH ILUVW VHVVLRQ LQ ZKLFK WUDLQLQJ GDWD ZHUH REWDLQHG 6HVVLRQ f b PRUH (& ZDV REVHUYHG ZKHQ FRPSDUHG WR WKH ODVW VHVVLRQ RI WKH EDVHOLQH FRQGLWLRQV 6HVVLRQ f 7KHUH ZDV QR RYHUODS LQ WKH GDWD SRLQWV EHWZHHQ FRQGLWLRQV (\H FRQWDFW ZDV PDLQWDLQHG DW WKH bb OHYHO DFURVV WKUHH WUDLQLQJ GDWD VHVVLRQV 6HVVLRQV f %DVHOLQH YHUVXV FRQFXUUHQW JHQHUDOL]DWLRQ GDWD $ SRVLWLYH FKDQJH RFFXUUHG LQ WKH SHUFHQWDJH RI (& IURP EDVHOLQH WR FRQFXUUHQW JHQHUDOL]DWLRQ FRQGLWLRQV 'XULQJ WKH ILUVW VHVVLRQ LQ ZKLFK FRQFXUUHQW JHQHUDOL]DWLRQ GDWD ZHUH REWDLQHG 6HVVLRQ f (& ZDV b JUHDWHU ZKHQ FRPSDUHG WR WKH ODVW VHVVLRQ RI WKH EDVHOLQH FRQGLWLRQ 6HVVLRQ f 7KHUH ZDV D b RYHUODS LQ WKH GDWD SRLQWV EHWZHHQ FRQGLWLRQV ZLWK D VWDEOH DFFHOHUDWLQJ WUHQG GXULQJ FRQFXUUHQW JHQHUDOL]DWLRQ %HJLQQLQJ ZLWK 6HVVLRQ (& ZDV PDLQWDLQHG DERYH WKH b OHYHO IRU WKH GXUDWLRQ RI WKH LQYHVWLJDWLRQ 6XEVHTXHQW JHQHUDOL]DWLRQ GDWD (\H FRQWDFW UHPDLQHG DW D KLJK OHYHO EHWZHHQ WKH FRQFXUUHQW DQG VXEVHTXHQW JHQHUDOL]DWLRQ FRQGLWLRQV VHH )LJXUH f 0RYHRYHU (& ZDV VXVWDLQHG IRU PRUH

PAGE 144

WKDQ b RI WKH REVHUYDWLRQ LQWHUYDOV GXULQJ WKH PLQ DFWXDO HGXFDWLRQ FRQIHUHQFH VHH )LJXUH f 1&%f§DUPV DQG KDQGV RQ WDEOH $+7f %DVHOLQH YHUVXV WUDLQLQJ GDWD $ SRVLWLYH FKDQJH RFFXUUHG LQ WKH SHUFHQWDJH RI DSSURSULDWH $+7 IURP EDVHOLQH WR VWUDWHJ\ WUDLQLQJ FRQGLWLRQV 'XULQJ WKH ILUVW VHVVLRQ LQ ZKLFK WUDLQLQJ GDWD ZHUH REWDLQHG 6HVVLRQ f b PRUH $+7 ZDV REVHUYHG ZKHQ FRPSDUHG WR WKH ODVW VHVVLRQ RI WKH EDVHOLQH FRQGLWLRQV 6XEMHFW KDG DSSURSULDWH $+7 IRU PRUH WKDQ b RI WKH REVHUYDWLRQ LQWHUYDOV DFURVV WKH WKUHH WUDLQLQJ GDWD VHVVLRQV 6HVVLRQV f %DVHOLQH YHUVXV FRQFXUUHQW JHQHUDOL]DWLRQ GDWD $ SRVLWLYH FKDQJH RFFXUUHG LQ WKH SHUFHQWDJH RI $+7 IURP EDVHOLQH WR FRQFXUUHQW JHQHUDOL]DWLRQ FRQGLWLRQV 'XULQJ WKH ILUVW VHVVLRQ LQ ZKLFK FRQFXUUHQW JHQHUDOL]DWLRQ GDWD ZHUH REWDLQHG 6HVVLRQ f $+7 ZDV b JUHDWHU ZKHQ FRPSDUHG WR WKH ODVW VHVVLRQ RI WKH EDVHOLQH FRQGLWLRQ 6HVVLRQ f 7KHUH ZDV QR RYHUODS LQ WKH GDWD SRLQWV EHWZHHQ FRQGLWLRQV 7KH RFFXUUHQFH RI $+7 ZDV DW WKH b OHYHO IRU DOO FRQFXUUHQW JHQHUDOL]DWLRQ VHVVLRQV 6HVVLRQV f 6XEVHTXHQW JHQHUDOL]DWLRQ GDWD 7KH OHYHO RI $+7 UHPDLQHG DW b EHWZHHQ WKH FRQFXUUHQW JHQHUDOL]DWLRQ DQG VXEVHTXHQW JHQHUDOL]DWLRQ FRQGLWLRQV VHH )LJXUH f 0RUHRYHU 6 H[KLELWHG $+7 IRU PRUH WKDQ b RI WKH REVHUYDWLRQ LQWHUYDOV LQ WKH PLQ DFWXDO HGXFDWLRQ FRQIHUHQFH VHH )LJXUH f

PAGE 145

6XPPDU\ $ YLVXDO DQDO\VLV RI WKH GDWD IRU 686 (& DQG $+7 ZDV FRQGXFWHG 1RWDEOH LQFUHDVHV LQ 1&%V ZHUH QRW REVHUYHG XQWLO DIWHU VWUDWHJ\ WUDLQLQJ ZDV LPSOHPHQWHG IRU HDFK /HYHOV RI XQWUDLQHG 1&%V LH OHDQLQJ IRUZDUG VPLOLQJ DQG KHDG QRGVf ZHUH XQDIIHFWHG E\ WKH VWUDWHJ\ WUDLQLQJ IRU 686 (& DQG $+7 6WUDWHJ\ WUDLQLQJ ZDV DVVRFLDWHG ZLWK SRVLWLYH FKDQJHV GXULQJ WUDLQLQJ VHVVLRQV FRQFXUUHQW JHQHUDOL]DWLRQ 6(&V DQG WKH VXEVHTXHQW JHQHUDOL]DWLRQ $(& IRU DOO WKUHH WUDLQHG 1&%V 7KH VSHFLDO HGXFDWLRQ WHDFKHUV QRWHG WKDW WKH VXEMHFW VHHPHG EHWWHU LQ FRQWURO RI KHU ERG\ PRYHPHQWV ZKLOH VHDWHG DQG DWWULEXWHG WKH LQFUHDVH LQ FRQWURO WR WKH UHOD[HG SRVLWLRQ RI WKH DUPV DQG KDQGV 6XEMHFW 7KUHH 'XULQJ WKH LQLWLDO EDVHOLQH VHVVLRQV 6HVVLRQV f 6 GLVSOD\HG QRQYHUEDO EHKDYLRUV WKDW ZHUH SHUWLQHQW WR WKH 1&%V VHOHFWHG IRU VWUDWHJ\ WUDLQLQJ +H VDW LQ D VOXPSHG SRVLWLRQ ZLWK VKRXOGHUV URXQGHG DQG FKLQ VOLJKWO\ WXFNHG 7KHUH ZHUH QR H[WUDQHRXV PRYHPHQWV RI DUPV DQG KDQGV 7KH VXEMHFWnV H\HOLGV ZHUH VRPHZKDW GURRS\ +H KDG OLPLWHG H\H FRQWDFW ZLWK WKH LQWHUYLHZHU ORRNLQJ HLWKHU GRZQ RU DZD\ +H VPLOHG LQIUHTXHQWO\ DQG KLV IDFLDO H[SUHVVLRQ ZDV SDVVLYH 6XEMHFW UHFHLYHG VWUDWHJ\ WUDLQLQJ IRU VLWWLQJXSVWUDLJKW 1&%f H\H FRQWDFW 1&%f DQG VPLOLQJ 1&%f 6LWWLQJXS VWUDLJKW DQG H\H FRQWDFW ZHUH WKH ILUVW WUDLQLQJ SULRULWLHV IRU DOO VXEMHFWV )RU 1&% VPLOLQJ ZDV FKRVHQ IRU 6 DV D EHKDYLRU

PAGE 146

WKDW ZRXOG FRQYH\ UHVSRQVLYHQHVV DQG ,QWHUHVW WR WKH LQWHUYLHZHU %DVHOLQH FRQGLWLRQV FRQWLQXHG IRU XQWUDLQHG 1&%V IRU WKH GXUDWLRQ RI WKH LQYHVWLJDWLRQ 'DWD IRU DOO 1&%V KDYH EHHQ GLVSOD\HG JUDSKLFDOO\ LQ )LJXUH 7DEOH FRQWDLQV D VXPPDU\ RI WKH YLVXDO DQDO\VLV RI EDVHOLQH DQG FRQFXUUHQW JHQHUDOL]DWLRQ GDWD IRU WKH WUDLQHG 1&%V 1&%f§VLWWLQJXSVWUDLJKW 686f %DVHOLQH YHUVXV WUDLQLQJ GDWD $ SRVLWLYH FKDQJH RFFXUUHG LQ WKH SHUFHQWDJH RI 686 IURP EDVHOLQH WR VWUDWHJ\ WUDLQLQJ FRQGLWLRQV 'XULQJ WKH ILUVW VHVVLRQ LQ ZKLFK WUDLQLQJ GDWD ZHUH REWDLQHG 6HVVLRQ f b PRUH 686 ZDV REVHUYHG ZKHQ FRPSDUHG WR WKH ODVW VHVVLRQ RI WKH EDVHOLQH FRQGLWLRQ 6HVVLRQ f 7KHUH ZDV QR RYHUODS LQ WKH GDWD SRLQWV EHWZHHQ FRQGLWLRQV 7KH OHYHO RI 686 ZDV PDLQWDLQHG DW b DFURVV WKH WKUHH WUDLQLQJ GDWD VHVVLRQV 6HVVLRQV f %DVHOLQH YHUVXV FRQFXUUHQW JHQHUDOL]DWLRQ $ SRVLWLYH FKDQJH RFFXUUHG LQ WKH SHUFHQWDJH RI 686 IURP EDVHOLQH WR FRQFXUUHQW JHQHUDOL]DWLRQ FRQGLWLRQV 'XULQJ WKH ILUVW VHVVLRQ LQ ZKLFK FRQFXUUHQW JHQHUDOL]DWLRQ GDWD ZHUH REWDLQHG 6HVVLRQ f WKH SHUFHQWDJH RI 686 UHPDLQHG DW EDVHOLQH OHYHOV 7KHUH ZDV D b RYHUODS LQ WKH GDWD SRLQWV EHWZHHQ FRQGLWLRQV %HJLQQLQJ LQ WKH WKLUG VHVVLRQ RI FRQFXUUHQW JHQHUDOL]DWLRQ 6HVVLRQ f 686 DFFHOHUDWHG WR D OHYHO RI b DQG ZDV PDLQWDLQHG DW WKDW OHYHO WKURXJK 6HVVLRQ ,Q 6HVVLRQ 686 GHFHOHUDWHG WR ]HUR ZLWK D

PAGE 147

3(5&(17$*( 3(5&(17$*( 3(5&(17$*( 3(5&(17$*( %$6(/,1( 68%-(&7 '$7$ &21&855(17 *(1(5$/,=$7,21 25 75$,1,1* @ f f f f 68%6(48(17 *(1(5$/,=$7,21 A 6,7 83 ; /($1 Â’ 7' 6,7 7' 75$,1,1* '$7$ (<( &217$&7 Â’ 7' (<( 60,/( Â’ 7' 60,/( $ t + /f ; $ t + 7f $ +($' 12' $ t + $506 t +$1'6 7 7$%/( / /$3 n ,, 6(66,21 )LJXUH 3HUFHQWDJH RI VHFRQG LQWHUYDOV LQ ZKLFK WKH QRQYHUEDO FRPPXQLFDWLRQ EHKDYLRUV ZHUH REVHUYHG IRU 6XEMHFW $OO GDWD DUH IRU PLQ VHVVLRQVf

PAGE 148

7DEOH 6XPPDU\ RI 9LVXDO $QDO\VLV RI %DVHOLQH %/f DQG &RQFXUUHQW *HQHUDOL]DWLRQ &*f 'DWD 3ORWWHG LQ )7&)VO $QDO\VLV 1&% 1&% 1&% :LWKLQ &RQGLWLRQ %/ &* %HWZHHQ &KDQJH %/&* :LWKLQ &RQGLWLRQ %/ &* %HWZHHQ &KDQJH %/&* :LWKLQ &RQGLWLRQ %/ &* %HWZHHQ &KDQJH %/&* /HQJWK LQ VHVVLRQVf 0HDQ /HYHO /HYHO 6WDELOLW\ 9 9 QRQH 9 6 9!6 6 9 6!9 t 5DQJH r r r /HYHO &KDQJH 7UHQG 'LUHFWLRQA f f f! f f f f!f f f f!f 7UHQG 6WDELOLW\ 9 9 QRQH 9 6 9!6 6 9 6!9 1RWH 6 6WDEOH 9 9DULDEOH r b RI RYHUODS f $FFHOHUDWLQJ RU SRVLWLYH f f 'HFHOHUDWLQJ RU QHJDWLYH f /HYHO RU QR FKDQJH 1XPEHU RI GDWD SDWKV LQ WUHQG

PAGE 149

FRQFRPLWDQW ULVH LQ DSSURSULDWH IRUZDUG OHDQ WR D OHYHO RI b ,Q 6HVVLRQ DQG 686 UHWXUQHG WR WKH b OHYHO 6XEVHTXHQW JHQHUDOL]DWLRQ GDWD 7KH OHYHO RI 686 UHPDLQHG DW b EHWZHHQ FRQFXUUHQW JHQHUDOL]DWLRQ DQG VXEVHTXHQW JHQHUDOL]DWLRQ FRQGLWLRQV VHH )LJXUH f 0RUHRYHU 6 VDWXS VWUDLJKW IRU b RI WKH LQWHUYDOV LQ WKH PLQ DFWXDO HGXFDWLRQ FRQIHUHQFH VHH )LJXUH f 1&f§H\H FRQWDFW (&f %DVHOLQH YHUVXV WUDLQLQJ GDWD $ SRVLWLYH FKDQJH RFFXUUHG LQ WKH SHUFHQWDJH RI (& IURP EDVHOLQH WR VWUDWHJ\ WUDLQLQJ FRQGLWLRQV 7KH EDVHOLQH WUHQG ZDV YDULDEOH DQG DFFHOHUDWLQJ ZLWK WKUHH GDWD SDWKV $ UHODWLYHO\ ODUJH LQFUHDVH RFFXUUHG LQ WKH ODVW VHVVLRQ RI WKH EDVHOLQH FRQGLWLRQ 6HVVLRQ f 'XH WR DEVHQFHV IURP VFKRRO 6nV WUDLQLQJ VFKHGXOH ZDV VOLJKWO\ EHKLQG WKDW RI WKH RWKHU VXEMHFWV 2Q WKH GD\ WKDW 6 ZDV UHFHLYLQJ WKH ILQDO WUDLQLQJ VHVVLRQ IRU 686 6HVVLRQ f WKH RWKHU VXEMHFWV ZHUH UHFHLYLQJ WUDLQLQJ IRU (& 6XEMHFW ZDV LQ WKH URRP IRU SRUWLRQV RI WKH RWKHU VXEMHFWnV WUDLQLQJ VHVVLRQV DQG PD\ KDYH EHHQ H[SRVHG WR (& WUDLQLQJ SUHPDWXUHO\ &RQVLGHULQJ WKH OHQJWK RI WKH (& EDVHOLQH WKH SRVVLELOLW\ RI PRUH VFKRRO DEVHQFHV IRU 6 DQG WKH EHORZ PDVWHU\ SHUIRUPDQFH RI (& D GHFLVLRQ ZDV PDGH WR EHJLQ (& VWUDWHJ\ WUDLQLQJ ZLWK 6 LQ 6HVVLRQ GHVSLWH WKH DFFHOHUDWLRQ RI (& LQ 6HVVLRQ 'XULQJ WKH ILUVW VHVVLRQ LQ ZKLFK WUDLQLQJ GDWD ZHUH REWDLQHG 6HVVLRQ f (& ZDV b JUHDWHU ZKHQ FRPSDUHG WR WKH ODVW VHVVLRQ

PAGE 150

RI WKH EDVHOLQH FRQGLWLRQ 7KHUH ZDV QR RYHUODS LQ WKH GDWD SRLQWV EHWZHHQ FRQGLWLRQV 6XEMHFW KDG (& IRU bb RI WKH REVHUYDWLRQ LQWHUYDOV DFURVV WKH WKUHH WUDLQLQJ GDWD VHVVLRQV 6HVVLRQV f %DVHOLQH YHUVXV FRQFXUUHQW JHQHUDOL]DWLRQ GDWD $ SRVLWLYH FKDQJH RFFXUUHG LQ WKH SHUFHQWDJH RI (& IURP EDVHOLQH WR FRQFXUUHQW JHQHUDOL]DWLRQ FRQGLWLRQV 'XULQJ WKH ILUVW VHVVLRQ LQ ZKLFK FRQFXUUHQW JHQHUDOL]DWLRQ GDWD ZHUH REWDLQHG 6HVVLRQ f WKH SHUFHQWDJH RI (& ZDV b JUHDWHU WKDQ ZKHQ FRPSDUHG WR WKH ODVW VHVVLRQ RI WKH EDVHOLQH FRQGLWLRQ 6HVVLRQ f 7KHUH ZDV QR RYHUODS LQ WKH GDWD SRLQWV EHWZHHQ FRQGLWLRQV %HJLQQLQJ LQ 6HVVLRQ FRQFXUUHQW JHQHUDOL]DWLRQ (& ZDV PDLQWDLQHG DERYH D b OHYHO IRU WKH UHPDLQGHU RI WKH LQYHVWLJDWLRQ 6XEVHTXHQW JHQHUDOL]DWLRQ GDWD (\H FRQWDFW UHPDLQHG DW b EHWZHHQ WKH FRQFXUUHQW JHQHUDOL]DWLRQ DQG VXEVHTXHQW JHQHUDOL]DWLRQ FRQGLWLRQV VHH )LJXUH f 0RUHRYHU (& ZDV VXVWDLQHG IRU WKH HQWLUHW\ RI WKH PLQ DFWXDO HGXFDWLRQ FRQIHUHQFH VHH )LJXUH f 1&%f§VPLOLQJ 60f %DVHOLQH YHUVXV WUDLQLQJ GDWD $ SRVLWLYH FKDQJH RFFXUUHG LQ WKH SHUFHQWDJH RI 60 IURP EDVHOLQH WR VWUDWHJ\ WUDLQLQJ FRQGLWLRQV 'XULQJ WKH ILUVW VHVVLRQ LQ ZKLFK WUDLQLQJ GDWD ZHUH REWDLQHG 6HVVLRQ f b PRUH 60 ZDV REVHUYHG ZKHQ FRPSDUHG WR WKH ODVW VHVVLRQ RI WKH EDVHOLQH FRQGLWLRQ 6HVVLRQ f 7KHUH ZDV QR RYHUODS LQ WKH GDWD SRLQWV EHWZHHQ FRQGLWLRQV 7KH OHYHO

PAGE 151

RI 60 ZDV VWDEOH DQG UDQJHG IURP bb DFURVV WKH WKUHH WUDLQLQJ GDWD VHVVLRQV 6HVVLRQV f %DVHOLQH YHUVXV FRQFXUUHQW JHQHUDOL]DWLRQ GDWD $ VOLJKWO\ SRVLWLYH FKDQJH ZDV REVHUYHG LQ WKH SHUFHQWDJH RI 60 IURP EDVHOLQH WR FRQFXUUHQW JHQHUDOL]DWLRQ FRQGLWLRQV +RZHYHU GXULQJ WKH ILUVW WZR VHVVLRQV LQ ZKLFK FRQFXUUHQW JHQHUDOL]DWLRQ GDWD ZHUH REWDLQHG 6HVVLRQV DQG f 60 UHPDLQHG DW EDVHOLQH OHYHOV 7KHUH ZDV D b RYHUODS LQ WKH GDWD SRLQWV EHWZHHQ FRQGLWLRQV ZLWK D ILQDO GDWD SDWK ZLWKLQ FRQFXUUHQW JHQHUDOL]DWLRQ WKDW ZDV DFFHOHUDWLQJ 6PLOLQJ ZDV REVHUYHG DW D SHDN RI b GXULQJ WKH ILQDO VHVVLRQ RI WKH FRQFXUUHQW JHQHUDOL]DWLRQ FRQGLWLRQ 6HVVLRQ f 6XEVHTXHQW JHQHUDOL]DWLRQ GDWD $ QHJDWLYH FKDQJH RFFXUUHG LQ WKH SHUFHQWDJH RI 60 IURP FRQFXUUHQW JHQHUDOL]DWLRQ WR VXEVHTXHQW JHQHUDOL]DWLRQ FRQGLWLRQV VHH )LJXUH f 7KH b OHYHO RI 60 GXULQJ WKH ILUVW PLQ RI WKH $(& ZDV KLJKHU WKDQ WKH b PHDQ EDVHOLQH OHYHO RI 60 6XEMHFW VXVWDLQHG 60 IRU PRUH WKDQ b RI WKH PLQ DFWXDO HGXFDWLRQ FRQIHUHQFH VHH )LJXUH f 6XPPDU\ $ YLVXDO DQDO\VLV RI WKH GDWD IRU 686 (& DQG 60 ZDV FRQGXFWHG 1RWDEOH LQFUHDVHV LQ 686 DQG 60 ZHUH QRW REVHUYHG XQWLO DIWHU VWUDWHJ\ WUDLQLQJ ZDV LPSOHPHQWHG IRU HDFK $Q LQFUHDVH LQ (& WKDW ZDV REVHUYHG SULRU WR VWUDWHJ\ WUDLQLQJ IRU (& ZDV DWWULEXWHG WR WKH VXEMHFWnV SUHPDWXUH H[SRVXUHV WR VWUDWHJ\ WUDLQLQJ IRU (& $Q H[WHQVLRQ RI WKH EDVHOLQH FRQGLWLRQV PLJKW

PAGE 152

KDYH FODULILHG ZKHWKHU WKH LQFUHDVH ZDV VSXULRXV RU ZKHWKHU DFFHOHUDWLRQ ZRXOG KDYH FRQWLQXHG $Q HYDOXDWLRQ RI VLWXDWLRQV DVVRFLDWHG ZLWK WUDLQLQJ FRQGLWLRQV UHVXOWHG LQ WKH GHFLVLRQ WR EHJLQ (& WUDLQLQJ ZLWKRXW IXUWKHU EDVHOLQH PHDVXUHV 3ULPDULO\ OHYHOV RI XQWUDLQHG 1&%V LH OHDQLQJ IRUZDUG SRVLWLRQ RI DUPV DQG KDQGV DQG KHDG QRGVf ZHUH QRW DIIHFWHG E\ WKH VWUDWHJ\ WUDLQLQJ IRU 686 (& DQG 60 7KH SHUIRUPDQFH RI DSSURSULDWH IRUZDUG OHDQV DERYH D PDVWHU\ OHYHO GXULQJ WKH FRQFXUUHQW JHQHUDOL]DWLRQ FRQGLWLRQ RI 686 6HVVLRQ f PD\ KDYH EHHQ D FDVH RI JHQHUDOL]DWLRQ WR D UHODWHG EHKDYLRU 7KH FRPSRQHQWV RI 686 DQG IRUZDUG OHDQ DUH VLPLODU DQG RQO\ RQH LQVWDQFH RI DQ DSSURSULDWH IRUZDUG OHDQ KDG EHHQ SUHYLRXVO\ REVHUYHG 6HVVLRQ f &RQFXUUHQW DQG VXEVHTXHQW JHQHUDOL]DWLRQ RI 60 ZDV OLPLWHG 6XEMHFW H[SUHVVHG FRQFHUQ GXULQJ WUDLQLQJ VHVVLRQV DERXW WKH VKDSH RI KLV VPLOH GXH WR IDFLDO QHUYH GDPDJH RQ WKH OHIW VLGH :KLOH UHVSRQGLQJ WR WKH VDWLVIDFWLRQ TXHVWLRQQDLUH VHH 6RFLDO 9DOLGDWLRQ 0HDVXUHV LQ WKLV FKDSWHUf 6 UHPDUNHG WKDW KH ZDV VPLOLQJ PRUH WKDQ SUHYLRXVO\ DQG VHHPHG SOHDVHG ZLWK WKH FRUUHVSRQGLQJ UHVSRQVHV KH ZDV UHFHLYLQJ IURP RWKHU LQGLYLGXDOV 6WUDWHJ\ WUDLQLQJ ZDV DVVRFLDWHG ZLWK SRVLWLYH FKDQJHV RI YDU\LQJ GHJUHH GXULQJ WKH WUDLQLQJ VHVVLRQV FRQFXUUHQW JHQHUDOL]DWLRQ 6(&V DQG WKH VXEVHTXHQW JHQHUDOL]DWLRQ $(& IRU DOO WKUHH WUDLQHG 1&%V )ROORZLQJ WKH ILQDO FRQFXUUHQW JHQHUDOL]DWLRQ VHVVLRQ 6HVVLRQ f WKH 6(& LQWHUYLHZHU UHPDUNHG WKDW 6 ZDV PRUH

PAGE 153

UHVSRQVLYH GXULQJ 6HVVLRQV DQG DQG VHHPHG WR EH HQMR\LQJ WKH 6(& PRUH WKDQ GXULQJ SUHYLRXV VHVVLRQV 7KH LQWHUYLHZHU ZDV XQDZDUH RI WKH 1&%V IRU ZKLFK 6 KDG UHFHLYHG WUDLQLQJ 7KH LQWHUYLHZHUnV FRQPHQWV FRUUHVSRQGHG WR WKH LQFUHDVH LQ 6nV 60 EHKDYLRU GXULQJ 6(&V LQ 6HVVLRQV DQG 6XEMHFW )RXU 'XULQJ WKH LQLWLDO EDVHOLQH VHVVLRQV 6HVVLRQV f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f H\H FRQWDFW 1&%f DQG VPLOLQJ 1&%f 6LWWLQJXS VWUDLJKW DQG H\H FRQWDFW ZHUH WKH ILUVW WUDLQLQJ SULRULWLHV IRU DOO VXEMHFWV )RU 1&% VPLOLQJ ZDV FKRVHQ IRU 6 DV D EHKDYLRU WKDW ZRXOG FRQYH\ UHVSRQVLYHQHVV DQG LQWHUHVW WR WKH LQWHUYLHZHU %DVHOLQH FRQGLWLRQV FRQWLQXHG IRU XQWUDLQHG 1&%V IRU WKH GXUDWLRQ RI WKH LQYHVWLJDWLRQ 'DWD IRU DOO 1&%V KDYH EHHQ GLVSOD\HG JUDSKLFDOO\ LQ )LJXUH 7DEOH FRQWDLQV D VXPPDU\ RI WKH YLVXDO DQDO\VLV RI EDVHOLQH DQG FRQFXUUHQW JHQHUDOL]DWLRQ GDWD IRU WKH WUDLQHG 1&%V

PAGE 154

3(5&(17$*( B 3(5&(17$*( 3(5&(17$*( B 3(5&(17$*( %$6(/,1( 68%-(&7 '$7$ &21&855(17 *(1(5$/,=$7,21 25 75$,1,1* 68%6(48(17 *(1(5$/,=$7,21 ORR Q Q f f f 9 )LJXUH 6,7 83 ; /($1 Â’ 7' 6,7 7' 75$,1,1* '$7$ (<( &217$&7 7' (<( 60,/( 7' 60,/( $ t + /f $ t + 7f $ +($' 12' $ N + $506 t +$1'6 7 7$%/( / /$3 6 ,, 6(66,21 3HUFHQWDJH RI FRPPXQLFDWLRQ VHFRQG LQWHUYDOV LQ ZKLFK WKH QRQYHUEDO EHKDYLRUV ZHUH REVHUYHG IRU 6XEMHFW $OO GDWD DUH IRU PLQ VHVVLRQVf

PAGE 155

7DEOH 6XPPDU\ RI 9LVXDO $QDO\VLV RI %DVHOLQH %/f DQG &RQFXUUHQW *HQHUDOL]DWLRQ &*f 'DWD 3ORWWHG LQ 1&% 1&% 1&% :LWKLQ %HWZHHQ :LWKLQ %HWZHHQ :LWKLQ %HWZHHQ &RQGLWLRQ &KDQJH &RQGLWLRQ &KDQJH &RQGLWLRQ &KDQJH $QDO\VLV %/ &* %/&* %/ &* %/&* %/ &* %/&* /HQJWK LQ VHVVLRQVf 0HDQ I[f /HYHO /HYHO 6WDELOLW\ 6 9 6!9 9 9 QRQH 6 9 V!Y t 5DQJH r r r /HYHO &KDQJH 7UHQG 'LUHFWLRQA f f f!f f 0 f!f 0 f f!f 7UHQG 6WDELOLW\ V 9 V!Y 9 9 QRQH V 6 QRQH 1RWH 6 6WDEOH 9 9DULDEOH r b RI RYHUODS f $FFHOHUDWLQJ RU SRVLWLYH f 'HFHOHUDWLQJ RU QHJDWLYH f /HYHO RU QR FKDQJH 1XPEHU RI GDWD SDWKV LQ WUHQG

PAGE 156

1&%f§VLWWLQJXSVWUDLJKW 686f %DVHOLQH YHUVXV WUDLQLQJ GDWD $ SRVLWLYH FKDQJH RFFXUUHG LQ WKH SHUFHQWDJH RI 686 IURP EDVHOLQH WR VWUDWHJ\ WUDLQLQJ FRQGLWLRQV 'XULQJ WKH ILUVW VHVVLRQ LQ ZKLFK WUDLQLQJ GDWD ZHUH REWDLQHG 6HVVLRQ f b PRUH 686 ZDV REVHUYHG ZKHQ FRPSDUHG WR WKH ODVW VHVVLRQ RI WKH EDVHOLQH FRQGLWLRQ 6HVVLRQ f 7KHUH ZDV QR RYHUODS LQ WKH GDWD SRLQWV EHWZHHQ FRQGLWLRQV 7KH OHYHO RI 686 GXULQJ WKH WKUHH WUDLQLQJ GDWD VHVVLRQV ZDV PDLQWDLQHG DW b 6HVVLRQV f %DVHOLQH YHUVXV FRQFXUUHQW JHQHUDOL]DWLRQ GDWD $ SRVLWLYH FKDQJH RFFXUUHG LQ WKH SHUFHQWDJH RI 686 IURP EDVHOLQH WR FRQFXUUHQW JHQHUDOL]DWLRQ FRQGLWLRQV 'XULQJ WKH ILUVW WKUHH VHVVLRQV LQ ZKLFK FRQFXUUHQW JHQHUDOL]DWLRQ GDWD ZHUH REWDLQHG 6HVVLRQ f WKH SHUFHQWDJH RI 686 UHPDLQHG DW EDVHOLQH OHYHOV 7KH RYHUDOO WUHQG ZLWKLQ FRQFXUUHQW JHQHUDOL]DWLRQ ZDV SRVLWLYH EXW YDULDEOH ZLWK ILYH GDWD SDWKV 1HLWKHU OHYHO QRU WUHQG VWDELOLW\ ZHUH REWDLQHG GXULQJ FRQFXUUHQW JHQHUDOL]DWLRQ 7KHUH ZDV D b RYHUODS LQ WKH GDWD SRLQWV EHWZHHQ FRQGLWLRQV ZLWK SHUIRUPDQFH GXULQJ WKH ILQDO VL[ VHVVLRQV RI FRQFXUUHQW JHQHUDOL]DWLRQ UDQJLQJ IURP b WR b 6XEVHTXHQW JHQHUDOL]DWLRQ GDWD 7KH OHYHO RI 686 UHWXUQHG WR EDVHOLQH OHYHOV GXULQJ VXEVHTXHQW JHQHUDOL]DWLRQ IRU WKH ILUVW PLQ RI WKH $(& VHH )LJXUH f DQG UHPDLQHG DW ]HUR IRU WKH GXUDWLRQ RI WKH PLQ DFWXDO HGXFDWLRQ FRQIHUHQFH VHH )LJXUH f

PAGE 157

1&%f§H\H FRQWDFW (&f %DVHOLQH YHUVXV WUDLQLQJ GDWD $ SRVLWLYH FKDQJH ZDV REVHUYHG LQ WKH SHUFHQWDJH RI (& IURP EDVHOLQH WR VWUDWHJ\ WUDLQLQJ FRQGLWLRQV 'XULQJ WKH ILUVW VHVVLRQ LQ ZKLFK WUDLQLQJ GDWD ZHUH REWDLQHG 6HVVLRQ f b PRUH (& ZDV REVHUYHG ZKHQ FRPSDUHG WR WKH ODVW VHVVLRQ RI WKH EDVHOLQH FRQGLWLRQV 6HVVLRQ f 7KHUH ZDV QR RYHUODS LQ WKH GDWD SRLQWV EHWZHHQ FRQGLWLRQV 7KH SHUFHQWDJH RI (& UDQJHG IURP b WR b GXULQJ WUDLQLQJ GDWD VHVVLRQV 6HVVLRQV f %DVHOLQH YHUVXV FRQFXUUHQW JHQHUDOL]DWLRQ GDWD $ SRVLWLYH FKDQJH RFFXUUHG LQ WKH SHUFHQWDJH RI (& IURP EDVHOLQH WR FRQFXUUHQW JHQHUDOL]DWLRQ FRQGLWLRQV 'XULQJ WKH ILUVW VHVVLRQ LQ ZKLFK FRQFXUUHQW JHQHUDOL]DWLRQ GDWD ZHUH REWDLQHG 6HVVLRQ f (& ZDV b JUHDWHU ZKHQ FRPSDUHG WR WKH ODVW VHVVLRQ RI WKH EDVHOLQH FRQGLWLRQ 6HVVLRQ f 7KHUH ZDV QR RYHUODS LQ WKH GDWD SRLQWV EHWZHHQ FRQGLWLRQV +RZHYHU WKHUH ZHUH WZR GDWD SDWKV ZLWKLQ FRQFXUUHQW JHQHUDOL]DWLRQ 7KH ILQDO WUHQG ZDV GHFHOHUDWLQJ 7KH GRZQZDUG WUHQG EHJDQ GXULQJ WKH VHVVLRQ LQ ZKLFK 1&%f§VPLOLQJf§ZDV LQWURGXFHG 6XEVHTXHQW JHQHUDOL]DWLRQ GDWD (\H FRQWDFW ZDV DW D KLJKHU OHYHO GXULQJ WKH ILUVW PLQ RI WKH $(& ZKHQ FRPSDUHG ZLWK WKH ODVW VHVVLRQ RI WKH FRQFXUUHQW JHQHUDOL]DWLRQ FRQGLWLRQ VHH )LJXUH f 7KH SHUFHQWDJH RI (& GXULQJ VXEVHTXHQW JHQHUDOL]DWLRQ ZDV KLJKHU WKDQ WKH b PHDQ (& GXULQJ FRQFXUUHQW JHQHUDOL]DWLRQ

PAGE 158

0RUHRYHU (& ZDV VXVWDLQHG DERYH D b OHYHO IRU WKH PLQ DFWXDO HGXFDWLRQ FRQIHUHQFH VHH )LJXUH f 1&%f§VPLOLQJ 60f %DVHOLQH YHUVXV WUDLQLQJ GDWD $ SRVLWLYH FKDQJH RFFXUUHG LQ WKH SHUFHQWDJH RI 60 IURP EDVHOLQH WR VWUDWHJ\ WUDLQLQJ FRQGLWLRQV 'XULQJ WKH ILUVW VHVVLRQ LQ ZKLFK WUDLQLQJ GDWD ZHUH REWDLQHG 6HVVLRQ f b PRUH 60 ZDV REVHUYHG ZKHQ FRPSDUHG WR WKH ODVW VHVVLRQ RI WKH EDVHOLQH FRQGLWLRQ 6HVVLRQ f 7KHUH ZDV QR RYHUODS LQ WKH GDWD SRLQWV EHWZHHQ FRQGLWLRQV 7KH OHYHO RI 60 ZDV VWDEOH DQG UDQJHG IURP bb DFURVV WKH WKUHH WUDLQLQJ GDWD VHVVLRQV 6HVVLRQV f %DVHOLQH YHUVXV FRQFXUUHQW JHQHUDOL]DWLRQ GDWD 7KHUH ZDV QR FKDQJH REVHUYHG LQ WKH SHUFHQWDJH RI 60 IURP EDVHOLQH WR FRQFXUUHQW JHQHUDOL]DWLRQ FRQGLWLRQV 7KH GDWD RYHUODS EHWZHHQ WKH WZR FRQGLWLRQV ZDV b 6XEVHTXHQW JHQHUDOL]DWLRQ GDWD 7KHUH ZHUH QR RFFXUUHQFHV RI 60 DW WKH REVHUYDWLRQ SRLQWV GXULQJ WKH ILUVW PLQ RI WKH $(& VHH )LJXUH f 6PLOLQJ RFFXUUHG IRU OHVV WKDQ b RI WKH REVHUYDWLRQV GXULQJ WKH HQWLUH PLQ DFWXDO HGXFDWLRQ FRQIHUHQFH VHH )LJXUH f 6XPPDU\ $ YLVXDO DQDO\VLV RI WKH GDWD IRU 686 (& DQG 60 ZDV FRQGXFWHG ,QFUHDVHV LQ 1&%V ZHUH QRW REVHUYHG XQWLO DIWHU VWUDWHJ\ WUDLQLQJ ZDV LPSOHPHQWHG IRU HDFK &RQVLVWHQW FKDQJHV LQ WKH OHYHOV RI XQWUDLQHG 1&%V LH OHDQLQJ IRUZDUG SRVLWLRQ RI

PAGE 159

DUUDV DQG KDQGV DQG KHDG QRGVf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f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f H\H FRQWDFW 1&%f DQG SRVLWLRQ RI DUPV DQG KDQGV RQ WKH

PAGE 160

WDEOH 1&%f 6LWWLQJXSVWUDLJKW DQG H\H FRQWDFW ZHUH WKH ILUVW WUDLQLQJ SULRULWLHV IRU DOO VXEMHFWV )RU 1&% D UHOD[HG SRVLWLRQ RI DUPV DQG KDQGV WDEOHf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f§VLWWLQJXSVWUDLJKW 686f %DVHOLQH YHUVXV WUDLQLQJ GDWD $ SRVLWLYH FKDQJH RFFXUUHG LQ WKH SHUFHQWDJH RI 686 IURP EDVHOLQH WR VWUDWHJ\ WUDLQLQJ FRQGLWLRQV 'XULQJ WKH ILUVW VHVVLRQ LQ ZKLFK WUDLQLQJ GDWD ZHUH REWDLQHG 6HVVLRQ f b PRUH 686 ZDV REVHUYHG ZKHQ FRPSDUHG WR WKH ODVW VHVVLRQ RI WKH EDVHOLQH FRQGLWLRQ 6HVVLRQ f 7KHUH ZDV QR RYHUODS LQ WKH GDWD SRLQWV EHWZHHQ FRQGLWLRQV 7KH OHYHO RI 686 ZDV PDLQWDLQHG DW b IRU WKH WKUHH WUDLQLQJ GDWD VHVVLRQV %DVHOLQH YHUVXV FRQFXUUHQW JHQHUDOL]DWLRQ GDWD $ SRVLWLYH FKDQJH RFFXUUHG LQ WKH SHUFHQWDJH RI 686 IURP EDVHOLQH WR FRQFXUUHQW JHQHUDOL]DWLRQ FRQGLWLRQV 'XULQJ WKH ILUVW WZR VHVVLRQV LQ ZKLFK FRQFXUUHQW JHQHUDOL]DWLRQ GDWD ZHUH REWDLQHG 6HVVLRQV DQG f WKH SHUFHQWDJH RI 686 UHPDLQHG DW EDVHOLQH

PAGE 161

3(5&(17$*( 3(5&(17$*( 3(5&(17$*( 3(5&(17$*( %$6(/,1( 68%-(&7 '$7$ &21&855(17 *(1(5$/,=$7,21 25 75$,1,1* HR L 68%6(48(17 *(1(5$/,=$7,21 9 ,, 6(66,21 6,7 83 /($1 7' 6,7 83 7' 75$,1,1* '$7$ (<( &217$&7 7' (<( $ t + 7f $ 6F + /f 7' $ t + 7f $ 6F + $506 6F +$1'6 7 7$%/( / /$3 60,/( +($' 12' )LJXUH 3HUFHQWDJH RI VHFRQG LQWHUYDOV LQ ZKLFK WKH QRQYHUEDO FRPPXQLFDWLRQ EHKDYLRUV ZHUH REVHUYHG 6XEMHFW $OO GDWD DUH IRU PLQ VHVVLRQVf IRU

PAGE 162

7DEOH 6XPPDU\ 1&% 1&% 1&% :LWKLQ %HWZHHQ :LWKLQ %HWZHHQ :LWKLQ %HWZHHQ &RQGLWLRQ &KDQJH &RQGLWLRQ &KDQJH &RQGLWLRQ &KDQJH $QDO\VLV %/ &* %/&* %/ &* %/&* %/ &* %/&* /HQJWK LQ VHVVLRQVf 0HDQ &[f /HYHO /HYHO 6WDELOLW\ 9 9 QRQH 9 9 QRQH 6 6 QRQH t 5DQJH r r r /HYHO &KDQJH 7UHQG 'LUHFWLRQA f f f!f f f f!f f 0 QRQH 7UHQG 6WDELOLW\ 9 9 QRQH 9 9 QRQH V V QRQH 1RWH 6 6WDEOH 9 9DULDEOH r b RI RYHUODS f $FFHOHUDWLQJ RU SRVLWLYH f 'HFHOHUDWLQJ RU QHJDWLYH f /HYHO RU QR FKDQJH 1XPEHU RI GDWD SDWKV LQ WUHQG

PAGE 163

OHYHOV 7KH RYHUDOO WUHQG ZLWKLQ FRQFXUUHQW JHQHUDOL]DWLRQ ZDV SRVLWLYH %HJLQQLQJ Q 6HVVLRQ D b OHYHO RI 686 ZDV REVHUYHG IRU DOO EXW RQH RI WKH UHPDLQLQJ VHVVLRQV ,Q 6HVVLRQ FRUUHVSRQGLQJ WR WKH LQWURGXFWLRQ RI VWUDWHJ\ WUDLQLQJ IRU H\H FRQWDFW WKH SHUFHQWDJH RI 686 GHFUHDVHG WR b DQG IRUZDUG OHDQ LQFUHDVHG WR b 6HVVLRQ ZDV WKH RQO\ VHVVLRQ LQ ZKLFK IRUZDUG OHDQ ZDV REVHUYHG 7KHUH ZDV D b RYHUODS LQ WKH GDWD SRLQWV EHWZHHQ FRQGLWLRQV 6XEVHTXHQW JHQHUDOL]DWLRQ GDWD 7KH OHYHO RI 686 UHPDLQHG DW b EHWZHHQ WKH FRQFXUUHQW JHQHUDOL]DWLRQ DQG VXEVHTXHQW JHQHUDOL]DWLRQ FRQGLWLRQV VHH )LJXUH f 0RUHRYHU 6 VDWXS VWUDLJKW IRU b RI WKH LQWHUYDOV LQ WKH PLQ DFWXDO HGXFDWLRQ FRQIHUHQFH VHH )LJXUH f 1&%f§H\H FRQWDFW (&f %DVHOLQH YHUVXV WUDLQLQJ GDWD $ SRVLWLYH FKDQJH RFFXUUHG LQ WKH SHUFHQWDJH RI (& IURP EDVHOLQH WR VWUDWHJ\ WUDLQLQJ FRQGLWLRQV 'XULQJ WKH ILUVW VHVVLRQ LQ ZKLFK WUDLQLQJ GDWD ZHUH REWDLQHG 6HVVLRQ f b PRUH (& ZDV REVHUYHG ZKHQ FRPSDUHG WR WKH ODVW VHVVLRQ RI WKH EDVHOLQH FRQGLWLRQV 6HVVLRQ f 7KHUH ZDV QR RYHUODS LQ WKH GDWD SRLQWV EHWZHHQ FRQGLWLRQV (\H FRQWDFW ZDV PDLQWDLQHG DW WKH b OHYHO DFURVV WKH WKUHH WUDLQLQJ GDWD VHVVLRQV %DVHOLQH YHUVXV FRQFXUUHQW JHQHUDOL]DWLRQ GDWD $ SRVLWLYH FKDQJH RFFXUUHG LQ WKH SHUFHQWDJH RI (& IURP EDVHOLQH WR FRQFXUUHQW JHQHUDOL]DWLRQ FRQGLWLRQV 'XULQJ WKH ILUVW VHVVLRQ LQ

PAGE 164

ZKLFK FRQFXUUHQW JHQHUDOL]DWLRQ GDWD ZHUH REWDLQHG 6HVVLRQ f (& ZDV b JUHDWHU ZKHQ FRPSDUHG WR WKH ODVW VHVVLRQ RI WKH EDVHOLQH FRQGLWLRQ 6HVVLRQ f 7KHUH ZDV QR RYHUODS Q WKH GDWD SRLQWV EHWZHHQ FRQGLWLRQV 7KH WUHQG RI (& ZDV YDULDEOH EXW DFFHOHUDWLQJ GXULQJ FRQFXUUHQW JHQHUDOL]DWLRQ (\H FRQWDFW ZDV PDLQWDLQHG DERYH b IRU WKH ODVW IRXU VHVVLRQV RI FRQFXUUHQW JHQHUDOL]DWLRQ 6HVVLRQV f 6XEVHTXHQW JHQHUDOL]DWLRQ GDWD (\H FRQWDFW UHPDLQHG DW D KLJK OHYHO EHWZHHQ WKH FRQFXUUHQW JHQHUDOL]DWLRQ DQG VXEVHTXHQW JHQHUDOL]DWLRQ FRQGLWLRQV VHH )LJXUH f 0RUHRYHU (& ZDV JUHDWHU WKDQ b IRU WKH GXUDWLRQ RI WKH PLQ DFWXDO HGXFDWLRQ FRQIHUHQFH VHH )LJXUH f 1&%f§DUPV DQG KDQGV RQ WDEOH $+7f %DVHOLQH YHUVXV WUDLQLQJ GDWD $ SRVLWLYH FKDQJH RFFXUUHG LQ WKH SHUFHQWDJH RI DSSURSULDWH $+7 IURP EDVHOLQH WR VWUDWHJ\ WUDLQLQJ FRQGLWLRQV 'XULQJ WKH ILUVW VHVVLRQ LQ ZKLFK WUDLQLQJ GDWD ZHUH REVHUYHG 6HVVLRQ f b PRUH $+7 ZDV REVHUYHG ZKHQ FRPSDUHG WR WKH ODVW VHVVLRQ RI WKH EDVHOLQH FRQGLWLRQ 6HVVLRQ f 7KHUH ZDV QR RYHUODS LQ WKH GDWD SRLQWV EHWZHHQ FRQGLWLRQV 6XEMHFW PDLQWDLQHG DSSURSULDWH $+7 IRU b RI WKH REVHUYDWLRQ LQWHUYDOV DFURVV WKH WKUHH WUDLQLQJ GDWD VHVVLRQV 6HVVLRQV f %DVHOLQH YHUVXV FRQFXUUHQW JHQHUDOL]DWLRQ GDWD $ SRVLWLYH FKDQJH RFFXUUHG LQ WKH SHUFHQWDJH RI $+7 IURP EDVHOLQH WR

PAGE 165

FRQFXUUHQW JHQHUDOL]DWLRQ FRQGLWLRQV 'XULQJ WKH ILUVW VHVVLRQ LQ ZKLFK FRQFXUUHQW JHQHUDOL]DWLRQ GDWD ZHUH REWDLQHG 6HVVLRQ f $+7 ZDV b JUHDWHU ZKHQ FRPSDUHG WR WKH ODVW VHVVLRQ RI WKH EDVHOLQH FRQGLWLRQ 6HVVLRQ f $UPV DQG KDQGV RQ WDEOH UHPDLQHG DW WKH b OHYHO IRU DOO FRQFXUUHQW JHQHUDOL]DWLRQ VHVVLRQV 6XEVHTXHQW JHQHUDOL]DWLRQ GDWD 7KH SHUFHQWDJH RI $+7 UHPDLQHG DW D KLJK OHYHO EHWZHHQ WKH FRQFXUUHQW JHQHUDOL]DWLRQ DQG VXEVHTXHQW JHQHUDOL]DWLRQ FRQGLWLRQV VHH )LJXUH f 0RUHRYHU $+7 ZDV JUHDWHU WKDQ b IRU WKH GXUDWLRQ RI WKH PLQ DFWXDO HGXFDWLRQ FRQIHUHQFH VHH )LJXUH f 6XPPDU\ $ YLVXDO DQDO\VLV RI WKH GDWD IRU 686 (& DQG $+7 ZDV FRQGXFWHG 6WUDWHJ\ WUDLQLQJ ZDV DVVRFLDWHG ZLWK SRVLWLYH FKDQJHV GXULQJ WUDLQLQJ VHVVLRQV FRQFXUUHQW JHQHUDOL]DWLRQ 6(&V DQG WKH VXEVHTXHQW JHQHUDOL]DWLRQ $(& IRU DOO WKUHH WUDLQHG 1&%V ,QFUHDVHV LQ WKH WUDLQHG 1&%V ZHUH QRW REVHUYHG XQWLO DIWHU VWUDWHJ\ WUDLQLQJ ZDV LPSOHPHQWHG IRU HDFK /HYHOV RI XQWUDLQHG 1&%V LH OHDQLQJ IRUZDUG VPLOLQJ DQG KHDG QRGVf ZHUH XQDIIHFWHG E\ WKH VWUDWHJ\ WUDLQLQJ IRU 686 (& DQG $+7 +RZHYHU D ODUJH LQFUHDVH LQ WKH SHUFHQWDJH RI WKH DSSURSULDWH DUPV DQG KDQGV LQ ODS $+/f SRVLWLRQ RFFXUUHG EHJLQQLQJ LQ 6HVVLRQ ZKHQ 686 ILUVW DFFHOHUDWHG GXULQJ FRQFXUUHQW JHQHUDOL]DWLRQ ,Q 6HVVLRQ $+/ UHWXUQHG WR D ORZ OHYHO DQG GLG QRW RFFXU GXULQJ WKH ILQDO WKUHH EDVHOLQH VHVVLRQV IRU WKH SRVLWLRQ RI DUPV DQG KDQGV 6HVVLRQV f 'XULQJ WUDLQLQJ

PAGE 166

6HVVLRQ IRU 686 WKH VWUDWHJ\ WUDLQHU DQG 6 GHWHUPLQHG WKDW 6 KDG EHHQ O\LQJ RQ WKH WDEOH GXULQJ WKH EDVHOLQH 6(&V 7KH VWUDWHJ\ WUDLQHU MRNLQJO\ UHPDUNHG WR WKH VXEMHFW WKDW LW ZDV LPSRVVLEOH WR OLH RQ WKH WDEOH DQG WR VLWXSVWUDLJKW DW WKH VDPH WLPH 6XEMHFW nV XQSURPSWHG UHVSRQVH WR WKH VWUDWHJ\ WUDLQHUnV IHHGEDFN ZDV WR SODFH KHU KDQGV LQ KHU ODS 6RFLDO 9DOLGDWLRQ 0HDVXUHV $W WKH FRQFOXVLRQ RI WKH LQYHVWLJDWLRQ VXEMHFWV DQG WKHLU VSHFLDO HGXFDWLRQ WHDFKHUV H[SUHVVHG WKHLU RSLQLRQV DERXW WKH LPSRUWDQFH HIIHFWLYHQHVV DQG SUDFWLFDOLW\ RI WKH ,0$*(6 1&% DFTXLVLWLRQ VWUDWHJ\ 7KH LPSRUWDQFH RI WKH 1&% DFTXLVLWLRQ VWUDWHJ\ ZDV DVVHVVHG E\ DVNLQJ WKH SDUWLFLSDQWV WR UDWH WKH LPSRUWDQFH RI 1&% XVDJH LQ HGXFDWLRQ FRQIHUHQFHV DQG LQ FODVVURRP SDUWLFLSDWLRQ 4XHVWLRQV DERXW LPSURYHPHQWV LQ WKH VXEMHFWVn 1&%V LQ YDULRXV VHWWLQJV ZHUH XVHG WR HYDOXDWH SHUFHSWLRQV RI WKH HIIHFWLYHQHVV RI WKH SURFHGXUHV ,QGLFDWRUV RI VDWLVIDFWLRQ ZLWK WKH SURFHGXUHV ZHUH WKH VXEMHFWVn DQG WHDFKHUV H[SUHVVHG Df LQWHQW WR SHUVRQDOO\ XVH WKH ,0$*(6 VWUDWHJ\ DQG Ef UHFRPPHQGDWLRQV WKDW RWKHU VWXGHQWV OHDUQ WKH ,0$*(6 VWUDWHJ\ 6DWLVIDFWLRQ ZLWK WKH SURFHGXUHV ZDV XVHG DV DQ LQGLFDWRU RI WKH SUDFWLFDOLW\ RI WKH LQWHUYHQWLRQ 3URFHGXUHV SHUWDLQLQJ WR WKH DGPLQLVWUDWLRQ RI WKH VRFLDO YDOLGDWLRQ PHDVXUHV ZHUH GHVFULEHG LQ &KDSWHU ,,, 6DWLVIDFWLRQ TXHVWLRQQDLUHV ZHUH FRPSOHWHG E\ DOO VXEMHFWV 1 f (DFK WHDFKHU 1 f FRPSOHWHG ILYH VDWLVIDFWLRQ TXHVWLRQQDLUHVf§RQH IRU HDFK VXEMHFW

PAGE 167

6XEMHFW 6DWLVIDFWLRQ 7ZR UHVHDUFK TXHVWLRQV ZHUH DGGUHVVHG XVLQJ UHVSRQVHV IURP WKH VXEMHFWVn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nV SHUFHSWLRQV RI KLV 1&%V VHH )LJXUH f 7KH VXEMHFWVn YLHZV DERXW LPSURYHG 1&% SHUIRUPDQFH LQ VFKRRO ZHUH PRVWO\ SRVLWLYH 7KH VXEMHFWVn YLHZV ZHUH YDULDEOH ZLWK UHVSHFW WR WKHLU SHUFHSWLRQV RI IULHQGV DQG IDPLO\ UHFRJQLWLRQ RI 1&% LPSURYHPHQW +RZHYHU PRUH WKDQ KDOI RI WKH VXEMHFWV WKRXJKW WKDW RWKHU LQGLYLGXDOV KDG QRWLFHG WKHLU LPSURYHG 1&%V DW OHDVW

PAGE 168

7DEOH 6XPPDU\ RI 6XEMHFW 1 f 6DWLVIDFWLRQ 5HVSRQVHV 4XHVWLRQ &RQWHQW 5HVSRQVH '1 631 '3 1RQYHUEDO &RPPXQLFDWLRQ %HKDYLRU ,PSRUWDQFH (GXFDWLRQ FRQIHUHQFH 1&%f &ODVVURRP SDUWLFLSDWLRQ 6WUDWHJ\ (IIHFWLYHQHVV ,PSURYHG 1&%Vf *OREDO (GXFDWLRQ FRQIHUHQFH &O DVVHV ,PSURYHPHQW 5HFRJQL]HG E\ 7HDFKHU )ULHQGV )DPLO\ 6DWLVIDFWLRQ ZLWK 3URFHGXUHV 5HFRPPHQG IRU RWKHU VWXGHQWV ,QGHSHQGHQW XVH 1&%V ,QGHSHQGHQW XVH RWKHU SK\VLFDO VNLOOV ,QVWUXFWLRQ IRU XVH ZLWK RWKHU SK\VLFDO VNLOOV 1RWH '3 'HILQLWHO\ SRVLWLYH UHVSRQVH 631 6OLJKWO\ SRVLWLYH RU QHXWUDO UHVSRQVH '1 'HILQLWHO\ QHJDWLYH UHVSRQVH

PAGE 169

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nV QRQYHUEDO FRPPXQLFDWLRQ EHKDYLRU SHUIRUPDQFH GXULQJ VLPXODWHG HGXFDWLRQ FRQIHUHQFHV DIWHU WUDLQLQJ" 4 'R VSHFLDO HGXFDWLRQ WHDFKHUV UHSRUW VDWLVIDFWLRQ ZLWK WKH WUDLQLQJ SURFHGXUHV" 6XPPDULHV RI WKH UHVSRQVHV WR WKH WHDFKHU VDWLVIDFWLRQ TXHVWLRQQDLUHV DUH SUHVHQWHG LQ 7DEOH DQG 7DEOH 7KH WHDFKHUV YHULILHG WKH LPSRUWDQFH RI 1&%V IRU HGXFDWLRQ FRQIHUHQFHV DQG FODVVURRP SDUWLFLSDWLRQ 'HILQLWH LPSURYHPHQW LQ 6(& SHUIRUPDQFH RI 1&%V ZDV QRWHG LQ QLQH LQVWDQFHV 6XEMHFW nV 1&%V ZHUH MXGJHG WR KDYH LPSURYHG RQO\ D OLWWOH GXULQJ 6(&V 7KH WHDFKHUV UHVSRQVHV SHUWDLQLQJ WR JHQHUDO HYLGHQFH RI 1&% LPSURYHPHQW DQG 1&% LPSURYHPHQW GXULQJ FODVVHV ZHUH SULPDULO\

PAGE 170

7DEOH 6XPPDU\ RI 7HDFKHU 6DWLVIDFWLRQ 5HVSRQVHV 4XHVWLRQ &RQWHQW '1 5HVSRQVH 631 '3 1RQYHUEDO &RPPXQLFDWLRQ %HKDYLRU ,PSRUWDQFH 7HDFKHUV f 1&%f (GXFDWLRQ FRQIHUHQFH &ODVVURRP SDUWLFLSDWLRQ 6WUDWHJ\ (IIHFWLYHQHVV ,PSURYHG 1&%Vf WHDFKHUVn UHVSRQVHV IRU VXEMHFWVf *OREDO 6LPXODWHG HGXFDWLRQ FRQIHUHQFH &ODVVHV 6DWLVIDFWLRQ ZLWK 3URFHGXUHV 7HDFKHUV f 5HFRPPHQG IRU RWKHU VWXGHQWV :RXOG OLNH WR WHDFK ,0$*(6 &RQIHUHQFH 1&%Vf f§ r :RXOG OLNH WR WHDFK ,0$*(6 &ODVVURRP 1&%Vf f§ :RXOG OLNH WR WHDFK ,0$*(6 2WKHU SK\VLFDO VNLOOVf 1RWH '3 'HILQLWHO\ SRVLWLYH UHVSRQVH 631 6OLJKWO\ SRVLWLYH RU QHXWUDO UHVSRQVH '1 'HILQLWHO\ QHJDWLYH UHVSRQVH

PAGE 171

7DEOH 6XPPDU\ RI 7HDFKHU 1 f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

PAGE 172

WKH WHDFKHUV ZHUH DZDUH WKDW 1&%V ZHUH EHLQJ WUDLQHG +RZHYHU WKH UHVSRQVHV PD\ KDYH EHHQ LQGLFDWLYH RI WKH WHDFKHUVn DZDUHQHVV RI WKH VXEMHFWVn 1&%V LQ WKH FODVVURRP DQG WKH SRWHQWLDO IRU SRVLWLYH FKDQJH RI LQDSSURSULDWH 1&%V 5HVSRQVH WDOOLHV ZHUH LQGLFDWLYH RI PL[HG YLHZV DERXW WHDFKHUVn VDWLVIDFWLRQ ZLWK WKH VWUDWHJ\ SURFHGXUHV +RZHYHU WKH WHDFKHUVn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

PAGE 173

$IWHU ZDWFKLQJ YLGHRWDSHG FRQIHUHQFHV GXULQJ EDVHOLQH DQG FRQFXUUHQW JHQHUDOL]DWLRQ WKH WHDFKHUV ZHUH DOVR DVNHG WR LQGLFDWH ZKHWKHU WKH\ QRWLFHG LPSURYHPHQWV LQ VSHFLILF 1&%V IRU HDFK VXEMHFW VHH 7DEOH f )RU VXEMHFWV 6, 6 6 DQG 6 ERWK WHDFKHUV UHSRUWHG WKDW LPSURYHPHQWV KDG RFFXUUHG IRU DOO RI WKH OLVWHG 1&%Vf§WUDLQHG DQG XQWUDLQHG )RU 6 WKH WHDFKHUV FRQFXUUHG WKDW H\H FRQWDFW KDG LPSURYHG EXW GLVDJUHHG DERXW LPSURYHPHQWV LQ VPLOLQJ KHDG QRGV DQG SRVLWLRQ RI DUPV DQG KDQGV 1HLWKHU WHDFKHU UHSRUWHG LPSURYHPHQWV LQ VLWWLQJXSVWUDLJKW RU IRUZDUG OHDQ IRU 6 6XPPDU\ 7KH SXUSRVH RI WKLV LQYHVWLJDWLRQ ZDV WR HYDOXDWH WKH HIIHFWV RI D PHWDFRJQLWLYH VWUDWHJ\ ,0$*(6 RQ WKH DFTXLVLWLRQ DQG JHQHUDOL]DWLRQ RI 1&%V E\ DGROHVFHQWV ZLWK 3, $OVR RI LQWHUHVW ZHUH WKH VXEMHFWVn DQG WHDFKHUVn SHUFHSWLRQV DERXW WKH HIIHFWLYHQHVV DQG SUDFWLFDOLW\ RI WKH WUDLQLQJ SURFHGXUHV 7KH VXEMHFWV 1 f UHFHLYHG WUDLQLQJ IRU XVLQJ WKH ,0$*(6 VWUDWHJ\ WR LPSURYH 1&%V 7KH SRVVLEOH 1&%V LQFOXGHG VLWWLQJXSVWUDLJKW OHDQLQJ IRUZDUG H\H FRQWDFW VPLOLQJ KHDG QRGV DQG SRVLWLRQ RI DUPV DQG KDQGV (DFK VXEMHFW UHFHLYHG VWUDWHJ\ WUDLQLQJ IRU WKUHH 1&%V 7KH 1&%V ZHUH VHOHFWHG IRU LQFOXVLRQ LQ VWUDWHJ\ WUDLQLQJ RQ WKH EDVLV RI WKH VXEMHFWnV SHUIRUPDQFH RI WKH 1&%V GXULQJ 6(&V SULRU WR UHFHLYLQJ LQVWUXFWLRQ DQG SHUIRUPDQFH SULRULWLHV IRU WKH LQGLYLGXDO VXEMHFWV

PAGE 174

1RQYHUEDO &RPPXQLFDWLRQ %HKDYLRUV 1RQH RI WKH VXEMHFWV UHFHLYHG WUDLQLQJ LQ OHDQLQJ IRUZDUG /HDQLQJ IRUZDUG KDG EHHQ LQFOXGHG DV D SRVVLEOH 1&% LQ WKH HYHQW WKDW EDVHOLQH SHUIRUPDQFHV RI VLWWLQJXSVWUDLJKW ZHUH DW KLJK OHYHOV IRU VRPH VXEMHFWV $ IRUZDUG OHDQ ZRXOG KDYH EHHQ WKH QH[W SRVWXUDO EHKDYLRU LQWURGXFHG LQWR WKH VXEMHFWV 1&% UHSHUWRLUH ,I VXEMHFWV KDG EHJXQ WKH LQYHVWLJDWLRQ ZLWK KLJK OHYHOV RI VLWWLQJ XSVWUDLJKW D IRUZDUG OHDQ ZRXOG KDYH EHHQ WKH QH[W SRVWXUDO EHKDYLRU LQWURGXFHG LQWR WKH VXEMHFWn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n SRRU SRVWXUH ZDV FRQWULEXWLQJ WR WKHLU ODFN RI H\H FRQWDFW ,W ZDV WKRXJKW WKDW LPSURYHPHQWV LQ SRVWXUH PLJKW EH DFFRPSDQLHG E\ LPSURYHPHQWV LQ H\H FRQWDFW +RZHYHU H\H FRQWDFW GLG QRW FKDQJH LQ UHODWLRQ WR WKH LQFUHDVHV LQ VLWWLQJXSVWUDLJKW 6LPLODUO\ H\H FRQWDFW ZDV WKH VHFRQG 1&% LQWURGXFHG WR DOO VXEMHFWV LQ RUGHU WR DGGUHVV WKH SRVVLELOLW\ WKDW WKH VXEMHFWVn

PAGE 175

ORZ OHYHOV RI H\H FRQWDFW ZHUH FRQWULEXWLQJ WR ORZ OHYHOV RI VPLOLQJ RU KHDG QRGV ,W ZDV WKRXJKW WKDW LQWHUDFWLYH RU UHVSRQVLYH EHKDYLRUV LH VPLOLQJ DQG KHDG QRGVf PLJKW LQFUHDVH QDWXUDOO\ LI WKH VXEMHFWV LQFUHDVHG WKHLU H\H FRQWDFW ZLWK WKH LQWHUYLHZHU ZKR ZDV VPLOLQJf +RZHYHU LQFUHDVHG OHYHOV LQ H\H FRQWDFW ZHUH QRW DFFRPSDQLHG E\ LQFUHDVHV LQ LQWHUDFWLYH EHKDYLRUV 5HVHDUFK 4XHVWLRQV 7KUHH UHVHDUFK TXHVWLRQV DGGUHVVHG WKH HIIHFWLYHQHVV RI WKH ,0$*(6 VWUDWHJ\ LQ WHUPV RI WKH VXEMHFWVn DFTXLVLWLRQ DQG JHQHUDOL]DWLRQ RI 1&%V ,Q WKH ILUVW TXHVWLRQ WKH HIIHFWV RI VWUDWHJ\ WUDLQLQJ RQ WKH OHYHO RI 1&%V GXULQJ WUDLQLQJ VHVVLRQV DV FRPSDUHG WR EDVHOLQH 6(&V ZHUH DGGUHVVHG )ROORZLQJ ORZ OHYHOV RI WKH WDUJHWHG 1&%V GXULQJ EDVHOLQH DOO VXEMHFWV H[KLELWHG KLJK OHYHOV RI 1&% SHUIRUPDQFHV GXULQJ WUDLQLQJ VHVVLRQV LQ ZKLFK GDWD ZHUH FROOHFWHG 7UDLQLQJ VHVVLRQ 1&% SHUIRUPDQFHV ZHUH VWDEOH IRU DOO VXEMHFWV DQG UDQJHG EHWZHHQ bb SHUIRUPDQFH OHYHOV 7KH UHVXOWV ZHUH WKH VDPH IRU DOO WKUHH 1&%V IRU HDFK VXEMHFW 7KH VHFRQG TXHVWLRQ SHUWDLQHG WR FRQFXUUHQW JHQHUDOL]DWLRQ RI WKH 1&%V 7KH HIIHFWV RI VWUDWHJ\ WUDLQLQJ RQ WKH OHYHO YDULDELOLW\ DQG WUHQG RI 1&%V GXULQJ 6(&V IROORZLQJ LQVWUXFWLRQ DV FRPSDUHG WR EDVHOLQH 6(&V ZHUH DGGUHVVHG 2YHUDOO WKH HIIHFWV RI WUDLQLQJ RQ WKH FRQFXUUHQW JHQHUDOL]DWLRQ RI 1&%V ZHUH SRVLWLYH ,Q DOO LQVWDQFHV H[FHSW RQH LH 1&% IRU 6XEMHFW f WKHUH ZHUH SRVLWLYH FKDQJHV LQ WKH OHYHO DQGRU WUHQG RI WKH 1&%

PAGE 176

SHUIRUPDQFH LQ 6(&V DIWHU VWUDWHJ\ WUDLQLQJ ZDV LPSOHPHQWHG IRU WKH EHKDYLRU 7KHUH ZHUH QR GLVWLQFW SDWWHUQV REVHUYHG LQ WKH VWDELOLW\ RI 1&% SHUIRUPDQFH DFURVV VXEMHFWV DQG EHKDYLRUV +RZHYHU KLJK OHYHOV RI SHUIRUPDQFH ZHUH FKDUDFWHULVWLF RI PRVW VXEMHFWV GXULQJ WKH ILQDO FRQFXUUHQW JHQHUDOL]DWLRQ VHVVLRQV IRU VLWWLQJXSVWUDLJKW 1&%f§VDPH IRU DOO VXEMHFWVf DQG H\H FRQWDFW 1&%f§VDPH IRU DOO VXEMHFWVf &RQFXUUHQW JHQHUDOL]DWLRQ IRU WKH WKLUG 1&% 1&%f§YDULDEOH DFURVV WKH VXEMHFWVf ZDV QRW DV FRQVLVWHQW DFURVV VXEMHFWV DV FRQFXUUHQW JHQHUDOL]DWLRQ IRU 1&% DQG 1&% 7KH WKLUG UHVHDUFK TXHVWLRQ SHUWDLQHG WR VXEVHTXHQW JHQHUDOL]DWLRQ RI WKH 1&%V 7KH HIIHFWV RI VWUDWHJ\ WUDLQLQJ RQ WKH JHQHUDOL]DWLRQ RI QHZO\ DFTXLUHG 1&%V WR DQ $(& DWWHQGHG E\ VSHFLDO HGXFDWLRQ WHDFKHUV ZDV RI LQWHUHVW 2I WKH WKUHH 1&%V WUDLQHG DFURVV ILYH VXEMHFWV WRWDO 1&%Vf WKHUH ZHUH WZR LQVWDQFHV LQ ZKLFK WKH 1&% ZDV QRW JHQHUDOL]HG WR WKH $(& RQH FDVH LQ ZKLFK OLPLWHG VXEVHTXHQW JHQHUDOL]DWLRQ RFFXUUHG DQG RQH FDVH LQ ZKLFK WKH UHVXOWV ZHUH FRQIRXQGHG 6XEMHFW GLG QRW JHQHUDOL]H VLWWLQJXSVWUDLJKW ZKLFK KDG EHHQ JHQHUDOL]HG YDULDEO\ WR 6(&Vf QRU VPLOLQJ ZKLFK KDG QRW EHHQ JHQHUDOL]HG WR 6(&Vf WR WKH $(& $ KLJK OHYHO RI H\H FRQWDFW ZDV H[KLELWHG E\ 6 GXULQJ WKH $(& 7KH JHQHUDOL]DWLRQ RI VPLOLQJ 1&%f WR WKH $(& E\ 6 ZDV OLPLWHG DOWKRXJK DERYH EDVHOLQH OHYHOV &RQVLGHULQJ WKDW 6 KDG GHPRQVWUDWHG RQO\ PRGHUDWH JHQHUDOL]DWLRQ RI VPLOLQJ WR WKH 6(& WKH $(& UHVXOWV ZHUH DFFHSWDEOH 7KH JHQHUDOL]DWLRQ

PAGE 177

RI KHDG QRGV 1&%f E\ 6, WR WKH $(& FRXOG QRW EH YDOLGO\ GHWHUPLQHG EHFDXVH WKH TXHVWLRQV WKDW ZHUH DVNHG E\ WKH WHDFKHUV HOLFLWHG SRVLWLYH RU QHJDWLYH UHVSRQVHV DQG FRUUHVSRQGLQJ KHDG PRYHPHQWVf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

PAGE 178

LPSURYHPHQWV LQ VLWWLQJXSVWUDLJKW DQG VPLOLQJ +RZHYHU KH VWDWHG WKDW KLV H\H FRQWDFW KDG LPSURYHG 7KH WHDFKHUVn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n SDUWLFLSDWLRQ LQ WKH LQYHVWLJDWLRQ DQG ZLWK WKH SURFHGXUHV XVHG ,PSOLFDWLRQV IRU WKHVH ILQGLQJV ZLOO EH GLVFXVVHG LQ &KDSWHU 9

PAGE 179

&+$37(5 9 ',6&866,21 7KH ILQGLQJV DQG LPSOLFDWLRQV IRU WKH LQYHVWLJDWLRQ RI D QRQYHUEDO FRPPXQLFDWLRQ WUDLQLQJ SURFHGXUH IRU DGROHVFHQWV ZLWK SK\VLFDO LPSDLUPHQWV 3,f WKDW LQFRUSRUDWHV PRWLYDWLRQDO WKHRU\ DQG PHWDFRJQLWLYH SULQFLSOHV KDYH EHHQ SUHVHQWHG LQ WKLV FKDSWHU 7KH FKDSWHU KDV EHHQ GLYLGHG LQWR ILYH PDMRU VHFWLRQV $ UHYLHZ RI WKH SXUSRVH OLWHUDWXUH DQG PHWKRGV KDV EHHQ SUHVHQWHG ILUVW 6HFRQG D VXPPDU\ DQG DQDO\VLV RI UHVXOWV UHODWHG WR WKH UHVHDUFK TXHVWLRQV KDV EHHQ LQFOXGHG 'LVFXVVLRQ DQG LPSOLFDWLRQV RI WKH UHVHDUFK ILQGLQJV DV UHODWHG WR DGROHVFHQWV ZLWK 3, LQVWUXFWLRQDO SURFHGXUHV DQG JHQHUDOL]DWLRQ LVVXHV KDYH EHHQ SUHVHQWHG QH[W )RXUWK OLPLWDWLRQV WR WKH SUHVHQW UHVHDUFK KDYH EHHQ GLVFXVVHG )LQDOO\ VXJJHVWLRQV IRU IXWXUH UHVHDUFK KDYH EHHQ SUHVHQWHG 5HYLHZ RI 3XUSRVH /LWHUDWXUH DQG 0HWKRGV 5HYLHZ RI 3XUSRVH 7ZR SXUSRVHV ZHUH FHQWUDO WR WKLV LQYHVWLJDWLRQ 7KH ILUVW SXUSRVH ZDV WR GHYHORS DQ LQGLYLGXDOL]HG QRQYHUEDO FRPPXQLFDWLRQ WUDLQLQJ SURFHGXUH IRU DGROHVFHQWV ZLWK 3, WKDW LQFRUSRUDWHV PRWLYDWLRQDO WKHRU\ DQG PHWDFRJQLWLYH SULQFLSOHV 7KH VHFRQG SXUSRVH ZDV WR HYDOXDWH WKH HIIHFWLYHQHVV RI WKH SURFHGXUH RQ WKH DFTXLVLWLRQ DQG JHQHUDOL]DWLRQ RI QRQYHUEDO FRPPXQLFDWLRQ

PAGE 180

EHKDYLRUV 1&%Vf E\ DGROHVFHQWV ZLWK 3, 7KH VDWLVIDFWLRQ RI VWXGHQWVn DQG WHDFKHUVn ZLWK QHZO\ DFTXLUHG 1&%V DQG ZLWK WKH WUDLQLQJ SURFHGXUHV ZDV DOVR RI LQWHUHVW 5HYLHZ RI /LWHUDWXUH $GROHVFHQWV ZLWK 3, H[KLELW D GLYHUVH UDQJH RI SK\VLFDO KHDOWK FRJQLWLYH FRPPXQLFDWLYH VHQVRU\ DQG SV\FKRVRFLDO DELOLWLHV ,Q DGGLWLRQ WR DFDGHPLF VNLOOV HGXFDWLRQDO SURJUDPPLQJ IRU VWXGHQWV ZLWK 3, PXVW DGGUHVV VHOIHVWHHP DFWLYLW\ OHYHO PRELOLW\ DQG LQGHSHQGHQFH VRFLDO UROH SHUIRUPDQFH FRPSHWHQF\ DQG DXWRQRP\ DQG FRPPXQLFDWLRQ VNLOOV %UXQVZLFN 7XUQEXOO t 7XUQEXOO f &RPPXQLFDWLRQ VNLOOV DUH RQH DVSHFW RI HGXFDWLRQDO SURJUDPPLQJ WKDW PD\ KDYH D GLUHFW LPSDFW RQ RWKHU DUHDV (IIHFWLYH FRPPXQLFDWLRQ VNLOOV KDYH EHHQ LGHQWLILHG DV D PHDQV IRU VWXGHQWV WR LPSURYH VFKRRO H[SHULHQFHV ZLWK WHDFKHUV DQG SHHUV 6FKXPDNHU t +D]HO D E (OOLV f SHUFHSWLRQV WKDW RWKHUV KDYH DERXW WKHLU SHUIRUPDQFH FDSDELOLWLHV 'H/RDFK t *UHHU f DQG VHOI DGYRFDF\ RXWFRPHV 9DQ 5HXVHQ 9DQ 5HXVHQ %RV 6FKXPDNHU t 'HVKOHU f $OWKRXJK HIIHFWLYH FRPPXQLFDWLRQ VNLOOV DUH LPSRUWDQW IRU DOO LQGLYLGXDOV SHUVRQV ZLWK 3, PD\ EH DW DQ LQFUHDVHG ULVN IRU GLIILFXOWLHV LQ FRPPXQLFDWLYH LQWHUDFWLRQV %UDLWKZDLWH (PU\ t :LVHPDQ &RNHU t &RNHU 'H/RDFK t *UHHU f '\VIXQFWLRQDO FRPPXQLFDWLRQ SDWWHUQV KDYH EHHQ UHSRUWHG WR H[LVW EHWZHHQ LQGLYLGXDOV ZLWK 3, DQG QRQKDQGLFDSSHG 1+f LQGLYLGXDOV

PAGE 181

&RPHU t 3LOLDYLQ .OHFN .OHFN 2QR t +DVWRUI :LVHPDQ (PU\ 0RUJDQ t 0HVVDPHU f 3HUVRQV ZLWK 3, KDYH EHHQ FRPSDUHG WR DSSUHKHQVLYH FRPPXQLFDWRUV ZKR DYRLG VRFLDO VLWXDWLRQV DQG FRPPXQLFDWLRQ LQWHUDFWLRQV &RNHU t &RNHU f /RZ VHOIHVWHHP GLPLQLVKHG VHOIHIILFDF\ &RNHU t &RNHU f PRYHPHQW DQG FRRUGLQDWLRQ LUUHJXODULWLHV DVVRFLDWHG ZLWK D SK\VLFDO LPSDLUPHQW 'H/RDFK t *UHHU :LVHPDQ HW DO f DQG PXWXDO PLVSHUFHSWLRQV UHJDUGLQJ FRPPXQLFDWLYH LQWHQW EHWZHHQ LQGLYLGXDOV ZLWK 3, DQG 1+ LQGLYLGXDOV %UDLWKZDLWH HW DO &RNHU t &RNHU :LVHPDQ HW DO f KDYH EHHQ DVVRFLDWHG ZLWK SUREOHPDWLF SDWWHUQV RI FRPPXQLFDWLRQ IRU LQGLYLGXDOV ZLWK 3, )XUWKHUPRUH SHUVRQV ZLWK 3, PD\ QRW SRVVHVV DQ DGHTXDWH UHSHUWRLUH RI FRPPXQLFDWLRQ VNLOOV WKDW SHUPLWV WKHP WR IXQFWLRQ IOH[LEO\ DFURVV D YDULHW\ RI VLWXDWLRQDO DQG FRQWH[WXDO GHPDQGV 'H/RDFK t *UHHU f &RPPXQLFDWLRQ FRQVLVWV RI ERWK YHUEDO DQG QRQYHUEDO FRQYHUVDWLRQDO EHKDYLRUV &RNHU t &RNHU 'H/RDFK t *UHHU )DVW :LVHPDQ HW DO f 1RQYHUEDO FRPPXQLFDWLRQ EHKDYLRUV WKDW KDYH EHHQ LGHQWLILHG DV UHOHYDQW WR LQWHUSHUVRQDO LQWHUDFWLRQV LQFOXGH IDFLDO H[SUHVVLRQV H\H EHKDYLRU SRVWXUH DQG ERG\ PRYHPHQWV &RNHU t &RNHU 'H/RDFK t *UHHU )DVW .QDSS f 5HVHDUFK RQ WKH QRQYHUEDO FRPPXQLFDWLRQ EHKDYLRUV RI LQGLYLGXDOV ZLWK 3, LV OLPLWHG $OWKRXJK VSHFLILF WUDLQLQJ LQ QRQYHUEDO FRPPXQLFDWLRQ VNLOOV KDV EHHQ DGYRFDWHG &RNHU t &RNHU 'H/RDFK t *UHHU f 1&% WUDLQLQJ RI

PAGE 182

VWXGHQWV ZLWK 3, DQG WKH SRWHQWLDO LPSDFW RI WKHLU XQLTXH FKDUDFWHULVWLFV RQ VNLOO DFTXLVLWLRQ DQG JHQHUDOL]DWLRQ KDYH QRW EHHQ UHSRUWHG 3ULQFLSOHV IURP PRWLYDWLRQ DQG PHWDFRJQLWLYH WKHRULHV KDYH EHHQ LQFRUSRUDWHG LQ 1&% WUDLQLQJ SURFHGXUHV IRU VWXGHQWV ZLWK OHDUQLQJ GLVDELOLWLHV (OOLV 6FKXPDNHU t +D]HO D E 9DQ 5HXVHQ 9DQ 5HXVHQ HW DO f 0RWLYDWLRQ WKHRULVWV KDYH HPSKDVL]HG WKH LPSRUWDQFH RI LQWULQVLF PRWLYDWLRQ LH WKH QHHG WR IHHO FRPSHWHQW DQG VHOIGHWHUPLQLQJf LQ UHODWLRQ WR FKLOGUHQnV OHDUQLQJ DQG DFKLHYHPHQW $GHOPDQ 'HFL 'HFL t 5\DQ :LWWURFN f ,Q WKLV VWXG\ PHWDFRJQLWLRQ ZDV GHILQHG DV DQ LQGLYLGXDOnV NQRZOHGJH DQG FRQWURO RYHU FRJQLWLYH SURFHVVHV )ODYHOO 5H\QROGV t :DGH f 3URFHGXUHV WKDW LQFRUSRUDWH PRWLYDWLRQ DQG PHWDFRJQLWLYH SULQFLSOHV KDYH EHHQ LGHQWLILHG DV D PHDQV RI LQFUHDVLQJ VWXGHQWVn VLWXDWLRQDO SHUIRUPDQFH DV ZHOO DV WKH OLNHOLKRRG RI WUDQVIHUULQJ WKH OHDUQHG EHKDYLRUV WR QHZ VLWXDWLRQV 6XFK SURFHGXUHV KDYH EHHQ FRQVLVWHQW ZLWK HGXFDWLRQDO JRDOV RI SURPRWLQJ LQGLYLGXDO DXWRQRP\ LQ VWXGHQWV ZLWK 3, 5HYLHZ RI 0HWKRGV )LYH DGROHVFHQWV ZLWK 3, ZHUH LQFOXGHG LQ WKLV VWXG\ 7KH VWXGHQWV DWWHQGHG D PLGGOH VFKRRO LQ ZKLFK D SURJUDP IRU VWXGHQWV ZLWK 3, ZDV ORFDWHG $OWKRXJK WKH VXEMHFWV 66f ZHUH SK\VLFDOO\ FDSDEOH RI SHUIRUPLQJ WKH 1&%V WKDW ZHUH LQFOXGHG LQ WKH LQYHVWLJDWLRQ WKH\ ODFNHG FRQVLVWHQW XVDJH RI DSSURSULDWH

PAGE 183

1&%V 2QH VXEMHFW KDG DQ / OHYHO P\HORPHQLQJRFHOH DQG DVVRFLDWHG SDUDO\VLV RI KHU OHJV DQG IHHW 2QH VXEMHFW KDG FKURQLF MXYHQLOH UKHXPDWRLG DUWKULWLV 7KUHH VXEMHFWV KDG FHUHEUDO SDOV\ DQG H[KLELWHG HLWKHU Df TXDGULSDUHWLF DWD[LF VSDVWLF SDWWHUQV ZLWK VRPH DWKHWRWLF PRYHPHQWV Ef KHPLSDUHVLV RU Ff DWD[LD ,QWHOOHFWXDO IXQFWLRQLQJ RI DOO VXEMHFWV ZDV ZLWKLQ QRUPDO OLPLWV DOWKRXJK OHYHOV RI DFDGHPLF DFKLHYHPHQW ZHUH YDULDEOH $ PXOWLSOH EDVHOLQH GHVLJQ DFURVV EHKDYLRUV ZDV XVHG WR HYDOXDWH WKH HIIHFWV RI WKH XVH RI D PHWDFRJQLWLYH VWUDWHJ\ RQ WKH DFTXLVLWLRQ DQG JHQHUDOL]DWLRQ RI 1&%V E\ WKH VXEMHFWV 7KH VWUDWHJ\ FRQVLVWHG RI VWHSV LQ ZKLFK WKH VWXGHQW XVHG SUREOHPn VROYLQJ EHKDYLRUV WR GHWHUPLQH DQ LQGLYLGXDOL]HG PDQQHU RI SHUIRUPLQJ WKH 1&% EDVHG RQ SHUVRQDO SK\VLFDO DELOLWLHV DQG WKH FRPSRQHQWV RI WKH VNLOO LH 1&%f 7KH LQVWUXFWLRQDO SURFHGXUHV ZHUH GLYLGHG LQWR WZR VWDJHV RI WUDLQLQJ IRU HDFK 1&% 7KH OHYHOV RI WKH VWUDWHJ\ LQVWUXFWLRQ ZHUH RULHQW GHVFULEH PRGHO YHUEDO UHKHDUVDO DQG SUHSDUH 6NLOO SUDFWLFH FRQVLVWHG RI JXLGHG SUDFWLFH DQG IHHGEDFN DGYDQFHG SUDFWLFH DQG IHHGEDFN DQG JHQHUDOL]DWLRQ 'HVKOHU t 6FKXPDNHU f 7KH GHSHQGHQW YDULDEOHV ZHUH WKH VXEMHFWVn SHUIRUPDQFHV RI 1&%V LQ WKUHH VHWWLQJV VLPXODWHG HGXFDWLRQ FRQIHUHQFHV 6(&Vf VWUDWHJ\ WUDLQLQJ VHVVLRQV DQG DFWXDO HGXFDWLRQ FRQIHUHQFHV $(&Vf %HKDYLRUDO REVHUYDWLRQ PHWKRGV ZHUH XVHG WR UHFRUG WKH RFFXUUHQFH RI WKH 1&%V LQFOXGLQJ H\H FRQWDFW VPLOLQJ KHDG QRGV VLWWLQJXSVWUDLJKW IRUZDUG OHDQ DQG SRVLWLRQ RI DUPV DQG KDQGV

PAGE 184

7KH LQYHVWLJDWLRQ ZDV GLYLGHG LQWR IRXU JHQHUDO SKDVHV 3KDVH 2QHf§SHUVRQQHO WUDLQLQJ 3KDVH 7ZRf§EDVHOLQH FRQGLWLRQ DQG FRQFXUUHQW JHQHUDOL]DWLRQ 3KDVH 7KUHHf§LQVWUXFWLRQDO LQWHUYHQWLRQ 3KDVH )RXUf§VXEVHTXHQW JHQHUDOL]DWLRQ DQG VRFLDO YDOLGDWLRQ 6RFLDO YDOLGDWLRQ FRQVLVWHG RI VXEMHFWVn DQG WHDFKHUVn UHVSRQVHV WR VDWLVIDFWLRQ TXHVWLRQQDLUHV 6XPPDU\ DQG $QDO\VLV RI 5HVXOWV 7ZR W\SHV RI UHVHDUFK TXHVWLRQV ZHUH LQYHVWLJDWHG LQ WKLV VWXG\ 7KUHH TXHVWLRQV DGGUHVVHG WKH HIIHFWLYHQHVV RI WKH ,0$*(6 VWUDWHJ\ LQ WHUPV RI WKH VXEMHFWVn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f WKHUH ZHUH SRVLWLYH FKDQJHV LQ WKH OHYHO DQGRU WUHQG RI WKH 1&%

PAGE 185

SHUIRUPDQFH LQ 6(&V DIWHU VWUDWHJ\ WUDLQLQJ ZDV LPSOHPHQWHG IRU WKH EHKDYLRU &RQFXUUHQW JHQHUDOL]DWLRQ IRU WKH WKLUG 1&% ZDV QRW DV FRQVLVWHQW DFURVV VXEMHFWV DV FRQFXUUHQW JHQHUDOL]DWLRQ IRU 1&% DQG 1&% 7KH UHVXOWV IRU 1&% DSSHDUHG WR EH UHODWHG WR WKH QDWXUH RI WKH WKLUG EHKDYLRU WDUJHWHG IRU LQWHUYHQWLRQ 3RVLWLRQ RI DUPV DQG KDQGV WDEOHf D SRVWXUDO UHVSRQVH ZDV JHQHUDOL]HG LQPLHGLDWHO\ IRU ERWK VXEMHFWV ZKR UHFHLYHG WUDLQLQJ 1RQYHUEDO FRPPXQLFDWLRQ EHKDYLRUV WKDW KDG DQ LQWHUDFWLYH QDWXUH VPLOLQJ DQG KHDG QRGVf ZHUH PRUH UHVLVWDQW WR JHQHUDOL]DWLRQ +RZHYHU VRPH LPSURYHPHQWV LQ WKH WUHQG ZHUH REVHUYHG IRU VPLOLQJ IRU 6 DQG IRU KHDG QRGV IRU 6, 7KH FRQFXUUHQW JHQHUDOL]DWLRQ FRQGLWLRQ ZDV VKRUWHU IRU 1&% WKDQ IRU 1&% RU 1&% $ ORQJHU FRQGLWLRQ PD\ KDYH HYLGHQFHG DGGLWLRQDO LPSURYHPHQW LQ 1&% IRU 6, DQG 6 6XEMHFW GLG QRW H[KLELW 1&% VPLOLQJf DERYH EDVHOLQH OHYHOV GXULQJ FRQFXUUHQW JHQHUDOL]DWLRQ 1HYHUWKHOHVV IRU PRVW RI WKH 1&%V WKH HIIHFWV RI VWUDWHJ\ WUDLQLQJ RQ FRQFXUUHQW JHQHUDOL]DWLRQ ZHUH SRVLWLYH 7KH WKLUG UHVHDUFK TXHVWLRQ SHUWDLQHG WR VXEVHTXHQW JHQHUDOL]DWLRQ RI WKH 1&%V 7KH HIIHFWV RI VWUDWHJ\ WUDLQLQJ RQ WKH JHQHUDOL]DWLRQ RI QHZO\ DFTXLUHG 1&%V WR DQ $(& DWWHQGHG E\ VSHFLDO HGXFDWLRQ WHDFKHUV ZDV RI LQWHUHVW 2I WKH WKUHH 1&%V WUDLQHG DFURVV ILYH VXEMHFWV WRWDO 1&%Vf WKHUH ZHUH WZR LQVWDQFHV LQ ZKLFK WKH 1&% ZDV QRW JHQHUDOL]HG WR WKH $(& RQH FDVH LQ ZKLFK OLPLWHG VXEVHTXHQW JHQHUDOL]DWLRQ RFFXUUHG DQG RQH

PAGE 186

FDVH LQ ZKLFK WKH UHVXOWV ZHUH FRQIRXQGHG 7KH UHPDLQGHU RI WKH 1&%V WRWDOf IRU WKH VXEMHFWV ZHUH PDLQWDLQHG DW OHYHOV FRPPHQVXUDWH ZLWK FRQFXUUHQW JHQHUDOL]DWLRQ OHYHOV 2YHUDOO WKH HIIHFWV RI VWUDWHJ\ WUDLQLQJ RQ VXEVHTXHQW JHQHUDOL]DWLRQ RI 1&% SHUIRUPDQFHV ZHUH SRVLWLYH 7KH ILQDO IRXU UHVHDUFK TXHVWLRQV DGGUHVVHG WKH VDWLVIDFWLRQ RI VXEMHFWV DQG WHDFKHUV ZLWK WKH ,0$*(6 VWUDWHJ\ WUDLQLQJ 6XEMHFWV DQG WHDFKHUV UHVSRQGHG WR TXHVWLRQV DERXW WKH LPSRUWDQFH RI WKH VWUDWHJ\ WUDLQLQJ WKH HIIHFWLYHQHVV RI VWUDWHJ\ WUDLQLQJ IRU LPSURYLQJ WKH VXEMHFWVn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

PAGE 187

7KH UHVXOWV RI WKLV LQYHVWLJDWLRQ RI WKH DFTXLVLWLRQ DQG JHQHUDOL]DWLRQ RI 1&%V KDYH LPSOLFDWLRQV UHODWHG WR Df DGROHVFHQWV ZLWK 3, Ef IDFWRUV DVVRFLDWHG ZLWK 1&% LQVWUXFWLRQ DQG Ff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

PAGE 188

EHFRPH LQGHSHQGHQW OHDUQHUV 'HVKOHU t 6FKXPDNHU f 7KH DGYDQWDJHV RI WHDFKLQJ VWXGHQWV ZLWK 3, WR XVH D PHWDFRJQLWLYH VWUDWHJ\ LQ WKH DFTXLVLWLRQ RI VSHFLILF 1&%V DUH WZRIROG )LUVW WKH VWXGHQW OHDUQV D PHWKRG WKDW FDQ EH XVHG WR DSSURDFK RWKHU 1&%V 7KH VWXGHQW KDV WKH VNLOOV WR EHFRPH DQ LQGHSHQGHQW OHDUQHU DFURVV VLWXDWLRQV DQG VHWWLQJV 6HFRQG DV DQ LQGHSHQGHQW OHDUQHU WKH LQGLYLGXDO LV H[KLELWLQJ EHKDYLRUV WKDW DUH FKDUDFWHULVWLF RI VHOIGHWHUPLQDWLRQ 'HFL 'HFL t 5\DQ f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

PAGE 189

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f HYLGHQFHG WHPSRUDU\ GRZQZDUG WUHQGV LQ 1&% VLWWLQJXSVWUDLJKWf FRQFXUUHQW JHQHUDOL]DWLRQ SHUIRUPDQFHV WKDW FRUUHVSRQGHG ZLWK WKH LQLWLDO WUDLQLQJ VHVVLRQV RI WKH VHFRQG 1&% H\H FRQWDFWf $V LQFUHDVHV ZHUH REVHUYHG LQ 1&% FRQFXUUHQW JHQHUDOL]DWLRQ SHUIRUPDQFHV 1&% SHUIRUPDQFH DFFHOHUDWHG DQG UHPDLQHG DERYH EDVHOLQH OHYHOV 6LPLODU 1&% SHUIRUPDQFH GHFUHPHQWV DW WKH LQWURGXFWLRQ RI 1&% ZHUH QRW REVHUYHG IRU 6, QRU 6 7KHVH SHUIRUPDQFH GDWD ZHUH LQWHUSUHWHG DV HYLGHQFH WKDW WHDFKLQJ 1&%V VLPXOWDQHRXVO\ DV D FRPSRVLWH RI VNLOOV PD\ EH SUREOHPDWLF IRU VRPH VWXGHQWV ZLWK 3, SDUWLFXODUO\ LQ WKH SUHVHQFH RI DEQRUPDO PRWRU DFWLYLW\ RU WRQH 6HFRQG IRU WZR VXEMHFWV 6 DQG 6f KLJK EDVHOLQH OHYHOV RI VLWWLQJXSVWUDLJKW 1&%f ZHUH REVHUYHG GXULQJ VHYHUDO VHVVLRQV

PAGE 190

LQ FRQMXQFWLRQ ZLWK KLJK OHYHOV RI DUPV DQG KDQGV LQ ODS $+/f 7KH FRYDULDWLRQ RI VLWWLQJXSVWUDLJKW DQG $+/ ZDV DQ LQGLFDWLRQ WKDW $+/ FRXOG KDYH EHHQ WDXJKW LQ FRQMXQFWLRQ ZLWK VLWWLQJXS VWUDLJKW :KHQ VXEMHFWV SODFHG WKHLU DUPV DQG KDQGV RQ WKH WDEOH WKH\ OHDQHG RQ WKHLU HOERZV IRU VXSSRUW DQG XVXDOO\ VOXPSHG WKHLU VKRXOGHUV DV ZHOO :KLOH H[KLELWLQJ $+/ WKH VXEMHFWVn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t %DHU f PD\ EH QHFHVVDU\ LQ RUGHU IRU JHQHUDOL]DWLRQ RI LQWHUDFWLYH 1&%V WR RFFXU )RU \RXWK ZLWK 3, SUDFWLFH ZLWK DQG LPPHGLDWH IHHGEDFN IURP DGGLWLRQDO SHUVRQV LQ WKH WUDLQLQJ VHWWLQJ PD\ IDFLOLWDWH WKH JHQHUDOL]DWLRQ RI LQWHUDFWLYH 1&%V ,QVWUXFWLRQDO SURFHGXUHV 6HYHUDO RI WKH 1&% WUDLQLQJ FRPSRQHQWV VXJJHVWHG E\ 'H/RDFK DQG *UHHU f ZHUH LQFOXGHG LQ WKH ,0$*(6 LQVWUXFWLRQDO SURFHGXUHV LQFOXGLQJ WKH UROH RI QRQYHUEDO FRLUPXQLFDWLRQ EHKDYLRUV LQ LPSUHVVLRQ PDQDJHPHQW

PAGE 191

H[DPSOHV DQG QRQH[DPSOHV RI VSHFLILF 1&%V VLWXDWLRQDO UROH SOD\LQJ SUDFWLFH XVLQJ 1&%V LQFOXGLQJ YLGHRWDSLQJ IHHGEDFN RQ WKH HIIHFWLYHQHVV RI UROHSOD\LQJ DQG DFWXDO SUDFWLFH LQ UHDO VLWXDWLRQV ZLWK IROORZXS FULWLTXHV DQG GLVFXVVLRQ RI RXWFRPHV 7KH SURFHGXUHV IRU LPSURYLQJ 1&% ZHUH HIIHFWLYH LQ WKH SUHVHQW LQYHVWLJDWLRQ 9LGHRWDSLQJ RI WKH VXEMHFWVn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f 1RQYHUEDO FRPPXQLFDWLRQ WUDLQLQJ FRXOG EH LQWHJUDWHG LQWR H[LVWLQJ FXUULFXOXP FRQWHQW IRU VRFLDO YRFDWLRQDO GDLO\ OLYLQJ DQGRU OLIH VNLOOV 1RQYHUEDO FRPPXQLFDWLRQ EHKDYLRU WUDLQLQJ PD\ EH FRQVLVWHQW ZLWK JRDOV RI SK\VLFDO DQGRU RFFXSDWLRQDO WKHUDS\ IRU VWXGHQWV ZLWK 3,

PAGE 192

/DVWO\ WKH 1&% WUDLQLQJ SURFHGXUH FRXOG EH XVHG DV D SUHUHTXLVLWH IRU RWKHU DUHDV RI LQVWUXFWLRQ WKDW DGGUHVV 1&%V (OOLV 9DQ 5HXVHQ HW DO f EXW GR QRW LQFOXGH VSHFLILF SURFHGXUHV IRU 1&% WUDLQLQJ IRU VWXGHQWV ZLWK 3, 7LPH FRQVWUDLQWV KDYH EHHQ D VHULRXV FRQVLGHUDWLRQ ZKHQ DGGLQJ FXUULFXOXP FRPSRQHQWV WR WKH HGXFDWLRQ SURJUDP IRU VWXGHQWV ZLWK 3, 2IWHQ KHDOWK PDQDJHPHQW DQG WKHUDS\ QHHGV UHODWHG WR WKH SK\VLFDO LPSDLUPHQW KDYH SODFHG WLPH GHPDQGV RQ WKH VWXGHQWVn VFKRRO VFKHGXOHV WKDW UHGXFH WKH WLPH DYDLODEOH IRU DFDGHPLFV 6LUYLV f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n DSSOLFDWLRQ RI WKH VWUDWHJ\ WR WKH 1&%V UHTXLUHG OHVV GLUHFWLRQ IURP WKH VWUDWHJ\ WUDLQHU ZLWK HDFK VXFFHVVLYH 1&% 7KH

PAGE 193

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t %DHU 'HVKOHU t 6FKXPDNHU f ,W LV LQWHUHVWLQJ WR QRWH WKDW VWXGHQWV DOVR VHW JRDOV WR XVH WKH 1&%V GXULQJ WKHLU FODVVHV EXW GLG QRW UHFHLYH FODVVURRP 1&% IHHGEDFN 7HDFKHUV VWDWHG WKDW WKHUH ZDV OLPLWHG WUDQVIHU RI WKH 1&%V WR FODVVURRP SDUWLFLSDWLRQ KRZHYHU QR GDWD ZHUH FROOHFWHGf )HHGEDFN YHUEDO DQG YLVXDO DERXW SHUIRUPDQFH LQ WKH JHQHUDOL]DWLRQ VHWWLQJ PD\ EH D QHFHVVDU\ FRPSRQHQW LI WUDLQLQJ SURFHGXUHV DUH WR UHVXOW LQ VNLOO JHQHUDOL]DWLRQ /LPLWDWLRQV

PAGE 194

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f WKDW ZHUH GLVFXVVHG ZLWK WKH VWXGHQWV ZHUH EHLQJ GHYHORSHG WR XVH DW ,(3 FRQIHUHQFHV DW WKH EHJLQQLQJ RI WKH IROORZLQJ VFKRRO \HDU ,W LV QRW NQRZQ ZKHWKHU WKH VXEMHFWV ZRXOG KDYH GLVSOD\HG VLPLODU 1&%V LQ WKH SUHVHQFH RI RWKHU SHUVRQQHO ZLWK ZKRP WKH\ ZHUH OHVV IDPLOLDU

PAGE 195

7KLUG WKH VXEMHFWV ,QFOXGHG LQ WKLV LQYHVWLJDWLRQ ZHUH DOO FDSDEOH RI SHUIRUPLQJ WKH 1&%V FKRVHQ IRU VWXG\ 'XH WR WKH ODFN RI SUHYLRXV UHVHDUFK UHODWHG WR VSHFLILF 1&% WUDLQLQJ SURFHGXUHV WKDW KDYH EHHQ XVHG ZLWK LQGLYLGXDOV ZLWK 3, LW ZDV QHFHVVDU\ LQ WKLV VWXG\ WR VHOHFW VXEMHFWV FDSDEOH RI SHUIRUPLQJ WKH 1&%V VR WKDW WKH HIIHFWV RI WKH WUDLQLQJ SURFHGXUHV FRXOG EH HYDOXDWHG ,W LV QRW NQRZQ ZKHWKHU WKH ,0$*(6 VWUDWHJ\ WUDLQLQJ ZRXOG EH HIIHFWLYH IRU LQGLYLGXDOV ZLWK PRUH VHYHUH RU PXOWLSOH KDQGLFDSV 6XJJHVWLRQV IRU )XWXUH 5HVHDUFK 1RQYHUEDO FRPPXQLFDWLRQ EHKDYLRU WUDLQLQJ LV D SURPLVLQJ DUHD RI UHVHDUFK IRU LPSURYLQJ WKH GHJUHH DQG TXDOLW\ RI WKH LQWHUSHUVRQDO LQWHUDFWLRQV RI DGROHVFHQWV ZLWK 3, 7KH LQFRUSRUDWLRQ RI PHWDFRJQLWLYH DQG PRWLYDWLRQDO SULQFLSOHV LQWR 1&% WUDLQLQJ SURFHGXUHV LV D PHDQV RI IDFLOLWDWLQJ WKH DFTXLVLWLRQ DQG JHQHUDOL]DWLRQ RI 1&%V DQG FRQFXUUHQWO\ SURPRWLQJ LQGLYLGXDO DXWRQRP\ IRU WKH DGROHVFHQW ZLWK 3, $GGLWLRQDO VWXG\ LQ WKH DUHD RI QRQYHUEDO FRPPXQLFDWLRQ WUDLQLQJ SURFHGXUHV IRU LQGLYLGXDOV ZLWK 3, WKDW LQFOXGH SULQFLSOHV IURP PRWLYDWLRQ DQG PHWDFRJQLWLRQ UHVHDUFK ZLOO FRQWULEXWH WR WKH NQRZOHGJH EDVH RI SURYLGLQJ HIIHFWLYH SURJUDPPLQJ WKDW IRVWHUV LQGHSHQGHQFH ,QLWLDOO\ UHVHDUFKHUV QHHG WR LGHQWLI\ ZKHWKHU WKH VHTXHQFH LQ ZKLFK WKH 1&%V DUH SUHVHQWHG KDV DQ HIIHFW RQ WKH DFTXLVLWLRQ DQG JHQHUDOL]DWLRQ RI 1&%V 5HODWHG LVVXHV DUH ZKHWKHU WKH HIIHFWV RI WUDLQLQJ YDU\ IRU LQWHUDFWLYH YHUVXV SRVWXUDO 1&%V DQG ZKHWKHU GLIIHUHQW WHDFKLQJ DQG SURPSWLQJ VWUDWHJLHV DUH QHHGHG IRU

PAGE 196

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f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

PAGE 197

1&% VWUDWHJ\ XVDJH UHTXLUHV PRUH UHVHDUFK UHODWHG WR VXEVHTXHQW DQG LQGHSHQGHQW JHQHUDOL]DWLRQ RI WKH VWUDWHJ\ VWHSV DV ZHOO DV DGDSWDWLRQ RI WKH VWUDWHJ\ IRU DSSOLFDWLRQ ZLWK RWKHU VNLOOV WKDW LQYROYH WKH LQGLYLGXDOnV SK\VLFDO DELOLWLHV 2WKHU W\SHV RI SK\VLFDO VNLOOV DSSURSULDWH IRU XVH ZLWK DQ DGDSWDWLRQ RI WKH VWUDWHJ\ PLJKW LQFOXGH GDLO\ OLYLQJ VHOIFDUH PRELOLW\ FRPPXQLFDWLYH PRWRU UHFUHDWLRQOHLVXUH DQGRU YRFDWLRQDO VNLOOV %LJJH f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

PAGE 198

JHQHUDOL]DWLRQ RI 1&%V E\ DGROHVFHQWV ZLWK 3, ZHUH SRVLWLYH 6XEMHFWV H[KLELWHG LPSURYHPHQWV LQ 1&%V GXULQJ WUDLQLQJ VHVVLRQV DQG VLPXODWHG HGXFDWLRQ FRQIHUHQFHV 0RUHRYHU WKH VXEMHFWV WUDQVIHUUHG WKH XVH RI QHZO\ DFTXLUHG 1&%V WR DQ DFWXDO HGXFDWLRQ FRQIHUHQFH DWWHQGHG E\ VSHFLDO HGXFDWLRQ WHDFKHUV ZKR ZHUH QRW LQYROYHG LQ WKH WUDLQLQJ SURFHVV 7KH VXEMHFWV JHQHUDOL]HG XVH RI WKH ,0$*(6 VWUDWHJ\ DFURVV WKUHH 1&%V )XUWKHUPRUH WKH SURFHGXUH ZDV VRFLDOO\ YDOLG 7KH VXEMHFWV DQG WHDFKHUV H[SUHVVHG VDWLVIDFWLRQ ZLWK WKH VXEMHFWVn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

PAGE 199

, $33(1',&(6

PAGE 200

$33(1',; $ ,167,787,21$/ 5(9,(: %2$5'

PAGE 201

81,9(56,7< 2) )/25,'$ ,167,787,21$/ 5(9,(: %2$5' 36<&+2/2*< %8,/',1* *$,1(69,//( )/ f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nV SDUHQW RU OHJDO JXDUGLDQ :KHQ LW LV IHDVLEOH \RX VKRXOG REWDLQ VLJQDWXUHV IURP ERWK SDUHQWV ,I \RX ZLVK WR PDNH DQ\ FKDQJHV LQ WKLV SURWRFRO \RX PXVW GLVFORVH \RXU SODQV EHIRUH \RX LPSOHPHQW WKHP VR WKDW WKH %RDUG FDQ DVVHVV WKHLU LPSDFW RQ \RXU SURMHFW ,Q DGGLWLRQ \RX PXVW UHSRUW WR WKH %RDUG DQ\ XQH[SHFWHG FRPSOLFDWLRQV DULVLQJ IURP WKH SURMHFW ZKLFK DIIHFW \RXU VXEMHFWV ,I \RX KDYH QRW FRPSOHWHG WKLV SURMHFW E\ 0DUFK SOHDVH WHOHSKRQH RXU RIILFH f DQG ZH ZLOO WHOO \RX KRZ WR REWDLQ D UHQHZDO %\ D FRS\ RI WKLV PHPRUDQGXP \RXU &KDLU LV UHPLQGHG RI WKH LPSRUWDQFH RI EHLQJ IXOO\ LQIRUPHG DERXW WKH VWDWXV RI DOO SURMHFWV LQYROYLQJ KXPDQ VXEMHFWV LQ \RXU GHSDUWPHQW DQG IRU UHYLHZLQJ WKHVH SURMHFWV DV RIWHQ DV QHFHVVDU\ WR LQVXUH WKDW HDFK SURMHFW LV EHLQJ FRQGXFWHG LQ WKH PDQQHU DSSURYHG E\ WKLV PHPRUDQGXP &0/KHU FF 9LFH 3UHVLGHQW IRU 5HVHDUFK 8QIXQGHG &ROOHJH 'HDQ 5 6LQJHU 'U 0DU\ '\NHV

PAGE 202

$33(1',; % 3$5(17 $1' 678'(17 ,1)250(' &216(17

PAGE 203

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n WUDLQLQJ WKH\ ZLOO f LGHQWLI\ WKHLU DELOLWLHV LQ FRPPXQLFDWLRQ DQG f GHWHUPLQH ZD\V WR SHUIRUP QRQYHUEDO FRPPXQLFDWLRQ EHKDYLRUV WKDW ZLOO PDNH D JRRG LPSUHVVLRQ RQ HPSOR\HUV RU WHDFKHUV ,W LV EHOLHYHG WKDW VWXGHQWV ZKR SDUWLFLSDWH LQ WKLV VWXG\ ZLOO JDLQ VNLOOV LQ FRPPXQLFDWLRQ WKDW WKH\ ZLOO XVH WKURXJKRXW D OLIHWLPH 6SHFLILFDOO\ DP DVNLQJ IRU \RXU SHUPLVVLRQ WR f LQFOXGH \RXU FKLOG LQ WKLV SURMHFW f REWDLQ DFKLHYHPHQW DQG RWKHU GHVFULSWLYH LQIRUPDWLRQ IURP VFKRRO UHFRUGV DQG f YLGHRWDSH \RXU FKLOG $OO VWXGHQWV ZKRVH SDUHQWV SURYLGH SHUPLVVLRQ ZLOO SDUWLFLSDWH LQ PLQLHGXFDWLRQDO LQWHUYLHZV IRU DSSUR[LPDWHO\ VHVVLRQV SULRU WR EHJLQQLQJ LQVWUXFWLRQ DQG RQ HDFK GD\ WKDW LQVWUXFWLRQ RFFXUV (DFK LQWHUYLHZ ZLOO WDNH DSSUR[LPDWHO\ PLQXWHV 7KH VWXGHQWV ZLOO EH DVNHG WR UHVSRQG WR D YDULHW\ RI TXHVWLRQV UHODWHG WR WKHLU H[SHULHQFHV SHUIRUPDQFHV DQG JRDOV LQ VFKRRO 7KH VWXGHQWVn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nV FODVVURRP DQG ZLOO QRW RWKHUZLVH DIIHFW WKH VWXGHQWVn VFKHGXOH RU JUDGHV $ GRFWRUDO VWXGHQW LQ VSHFLDO HGXFDWLRQ ZKR KDV FHUWLILFDWLRQ WR WHDFK VSHFLDO HGXFDWLRQ ZLOO EH WUDLQLQJ WKH VWXGHQWV

PAGE 204

3$5(17 ,1)250$7,21 /(77(5 &RQWLQXHGf 3DUWLFLSDWLRQ LQ WKLV SURMHFW LV LQ FRRSHUDWLRQ ZLWK 0UV 6LGHUV $OO LQIRUPDWLRQ ZLOO EH KHOG LQ WKH VWULFWHVW FRQILGHQFH 1R QDPHV ZLOO EH UHFRUGHG DQG VXEMHFWV ZLOO EH UHIHUUHG WR E\ QXPEHU LQ DOO ZULWWHQ UHSRUWV ,I \RX KDYH DQ\ TXHVWLRQV DERXW DQ\ DVSHFW RI WKLV SURMHFW SOHDVH FDOO RU ZULWH WR 6WHSKDQLH &DUSHQWHU 1: WK 3ODFH *DLQHVYLOOH )/ 3KRQH 6LQFHUHO\ 6WHSKDQLH / &DUSHQWHU 3ULQFLSDO ,QYHVWLJDWRU

PAGE 205

3$5(17 3(50,66,21 )250 $ JLYH SHUPLVVLRQ f IRU P\ FKLOG WR SDUWLFLSDWH DV D YROXQWHHU LQ WKH VWXG\ RI FRPPXQLFDWLRQ VNLOO GHYHORSPHQW f IRU DFKLHYHPHQW VFRUHV DQG GHVFULSWLYH LQIRUPDWLRQ WR EH REWDLQHG IURP P\ FKLOGnV VFKRRO UHFRUGV IRU XVH LQ WKH VWXG\ DQG f IRU P\ FKLOG WR EH YLGHRWDSHG IRU XVH GXULQJ WKH VWXG\ % JLYH P\ SHUPLVVLRQ IRU WKH YLGHRWDSHV RI P\ FKLOG WR EH NHSW E\ WKH 3ULQFLSOH ,QYHVWLJDWRU DQGRU WKH 8QLYHUVLW\ RI )ORULGD 'HSDUWPHQW RI 6SHFLDO (GXFDWLRQ DIWHU WKH SURMHFW HQGV VR WKDW WKH\ PD\ EH XVHG LQ SUHVHQWDWLRQV DERXW WKH SURMHFW UHVXOWV DQG IRU WHDFKHU WUDLQLQJ SXUSRVHV <(6 12 rr,I 12 LV PDUNHG RQ LWHP % WKH YLGHRWDSHV ZLOO EH GHVWUR\HG DW WKH FRQFOXVLRQ RI WKH SURMHFW 7KH YLGHRWDSHV ZLOO RQO\ EH XVHG GXULQJ WKH SURMHFW VR WKDW WKH FKLOG PD\ VHH WKHLU FRPPXQLFDWLRQ VNLOOV DQG IRU VFRULQJ SXUSRVHV & KDYH UHDG DQG XQGHUVWDQG WKH GHVFULSWLRQ RI P\ FKLOGnV SDUWLFLSDWLRQ LQ WKH SURMHFW QDPHG DERYH DQG KDYH UHFHLYHG D FRS\ RI WKLV GHVFULSWLRQ XQGHUVWDQG WKDW DOO LQIRUPDWLRQ ZLOO UHPDLQ FRQILGHQWLDO ZLWK UHVSHFW WR WKH LGHQWLW\ RI P\ FKLOG XQGHUVWDQG WKDW PD\ ZLWKGUDZ P\ FRQVHQW IRU P\ FKLOGnV SDUWLFLSDWLRQ LQ WKH DERYH QDPHG SURMHFW DW DQ\ WLPH ZLVK <(6 12 HFRQD .DUHQ

PAGE 206

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rr,I 12 LV PDUNHG RQ LWHP % WKH YLGHRWDSHV ZLOO EH GHVWUR\HG DW WKH FRQFOXVLRQ RI WKH SURMHFW 7KH YLGHRWDSHV ZLOO RQO\ EH XVHG GXULQJ WKH SURMHFW VR WKDW \RX PD\ VHH \RXU FRPPXQLFDWLRQ VNLOOV DQG IRU VFRULQJ SXUSRVHV 'DWHf +-D7H3ULQFLSDO ,QYHVWLJDWRU 6LJQDWXUHf 6WHSKDQLH / &DUSHQWHU 'DWHf

PAGE 207

$33(1',; & 678'(17 0$7(5,$/6

PAGE 208

675$7(*< 29(59,(: 6+((76

PAGE 209

,0$*(6 6WHSVf ,QYHQWRU\ \RXU SK\VLFDO DELOLWLHV 0 0DNH D QRWH RI VNLOO UHTXLUHPHQWV $ $VN LI WKHUH DUH GLIIHUHQFHV *DWKHU LGHDV IRU GRLQJ WKH VNLOO ( (YDOXDWH \RXU SHUIRUPDQFH 6 6HW JRDOV WR XVH WKH VNLOO 6WXGHQW 6WHSV t 7HDFKHU 6WHSV t

PAGE 210

,0$*(6 352&('85(6f ,QYHQWRU\ \RXU SK\VLFDO DELOLWLHV $QVZHU WKH TXHVWLRQV RQ WKH 3K\VLFDO $ELOLWLHV 4XHVWLRQQDLUH :ULWH WKH WKLQJV \RX FDQ GR ZHOO RQ WKH ,QYHQWRU\ RI 3K\VLFDO $ELOLWLHV XQGHU 6WUHQJWKV 0 0DNH D QRWH RI VNLOO UHTXLUHPHQWV :ULWH WKH QDPH RI WKH QRQYHUEDO FRPPXQLFDWLRQ EHKDYLRU 1&%f RQ WKH :RUNVKHHWf§1RQYHUEDO &RPPXQLFDWLRQ 6NLOOV EHVLGH 6NLOO 2Q WKH :RUNVKHHWf§1RQYHUEDO &RPPXQLFDWLRQ 6NLOOV 3DUW $f OLVW WKH SDUWV RI WKH QRQYHUEDO FRPPXQLFDWLRQ EHKDYLRU IURP WKH EHKDYLRU ,0$*(6 ,QIRUPDWLRQ 6KHHW $ $VN LI WKHUH DUH GLIIHUHQFHV &RPSDUH WKH VNLOO UHTXLUHPHQWV RU GHILQLWLRQ WR \RXU VWUHQJWKV WKDW \RX OLVWHG RQ \RXU ,QYHQWRU\ RI 3K\VLFDO $ELOLWLHV $UH WKHUH DQ\ GLIIHUHQFHV EHWZHHQ \RXU DELOLWLHV DQG WKH VNLOOV QHHGHG WR SHUIRUP WKH QRQYHUEDO EHKDYLRU" $QVZHU TXHVWLRQV % & RQ WKH :RUNVKHHWf§1RQYHUEDO &RPPXQLFDWLRQ 6NLOOVf *DWKHU LGHDV IRU GRLQJ WKH VNLOO ,I WKHUH DUH QRW DQ\ GLIIHUHQFHV EHWZHHQ \RXU DELOLWLHV DQG WKH VNLOO UHTXLUHPHQWV

PAGE 211

,0$*(6 352&('85(6f &RQWLQXHG Df $UH WKHUH DQ\ RWKHU UHDVRQV WKDW \RX DUH QRW DEOH WR SHUIRUP WKH QRQYHUEDO VNLOO" Ef :KDW ZLOO \RX QHHG WR GR WR SHUIRUP WKH QRQYHUEDO EHKDYLRU" :ULWH LQVWUXFWLRQV RQ WKH :RUNVKHHW 1RQYHUEDO &RPPXQLFDWLRQ 6NLOOV 3DUW (f Ff 0DNH D FXH FDUG XVLQJ &XH &DUGV IRU **DWKHU LGHDV IRU GRLQJ WKH VNLOO ,I WKHUH DUH GLIIHUHQFHV EHWZHHQ \RXU DELOLWLHV DQG WKH VNLOO UHTXLUHPHQWV Df $UH WKHUH DQ\ SDUWV RI WKH VNLOO UHTXLUHPHQWV WKDW \RX FDQ GR" :ULWH WKH SDUWV RI WKH QRQYHUEDO VNLOO WKDW \RX FDQ GR RQ \RXU :RUNVKHHWf§1RQYHUEDO &RPPXQLFDWLRQ 6NLOOV Ef :KDW FDQ \RX GR LQVWHDG RI WKH VNLOO SDUWV WKDW DUH RXWVLGH RI \RXU DELOLW\" :ULWH LQVWUXFWLRQV RQ WKH :RUNVKHHWf§1RQYHUEDO &RPPXQLFDWLRQ 6NLOOV 3DUW (f Ff 0DNH D FXH FDUG XVLQJ &XH &DUGV IRU *f§*DWKHU LGHDV IRU GRLQJ WKH VNLOO ( (YDOXDWH \RXU SHUIRUPDQFH 8VH (GXFDWLRQ &RQIHUHQFH 5ROH 3OD\ &DUGV (DFK VWXGHQW VKRXOG SUDFWLFH ZLWK WKUHH WR ILYH FDUGVf :KHQ WKH WHDFKHU DVNV \RX D TXHVWLRQ DQVZHU WKH TXHVWLRQ XVLQJ WKH VNLOO OLVWHG RQ \RXU :RUNVKHHWf§1RQYHUEDO &RPPXQLFDWLRQ 6NLOOV

PAGE 212

,0$*(6 352&('85(6f &RQWLQXHG &DQ \RX SHUIRUP WKH QRQYHUEDO EHKDYLRU IROORZLQJ WKH LQVWUXFWLRQV RQ \RXU :RUNVKHHWf§1RQYHUEDO &RPPXQLFDWLRQ 6NLOOV" Df ,I \RX FDQ JR RQ WR WKH QH[W 6WHS 6 Ef ,I \RX FDQQRW JR EDFN WR 6WHS DQG ZULWH QHZ LQVWUXFWLRQV IRU WKH EHKDYLRU RQ WKH :RUNVKHHW 1RQYHUEDO &RPPXQLFDWLRQ 6NLOOV 6 6HW JRDOV WR XVH WKH VNLOO 2Q \RXU *RDO 6KHHW XQGHU 6NLOOV WR ,PSURYH RU 0RGLI\ ZULWH WKH QDPH RI WKH QRQYHUEDO VNLOO 8QGHU *RDOV ZULWH D JRDO WR XVH WKH QRQYHUEDO FRPPXQLFDWLRQ EHKDYLRU LQ HGXFDWLRQ FRQIHUHQFHV $UH WKHUH RWKHU SODFHV ZKHUH WKH QRQYHUEDO EHKDYLRU ZRXOG EH XVHIXO" ,I VR ZULWH D JRDO

PAGE 213

1219(5%$/ &20081,&$7,21 %(+$9,256 1&%Vf 6,7 83 675$,*+7 5(/$; +$1'6 $1' $506 /($1 )25:$5' 60,/( (<( &217$&7 12' <285 +($' 1RWH 6WXGHQW 6WHS 7HDFKHU 6WHSV t

PAGE 214

'(),1,7,216 2) 1219(5%$/ &20081,&$7,21 %(+$9,256 $//f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

PAGE 215

'(),1,7,216 2) 1219(5%$/ &20081,&$7,21 %(+$9,256 $//f &RQWLQXHGf /HDQ IRUZDUG 6DPH DV VLWWLQJXSVWUDLJKW H[FHSW D 6KRXOGHUV DUH VOLJKWO\ IRUZDUGf§QRW WRXFKLQJ EDFN RI FKDLU E :DLVW LV DZD\ IURP FKDLU EDFN F )RUZDUG VODQW LV QRW PRUH WKDQ GHJUHHV e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

PAGE 216

678'(17 :25.6+((76

PAGE 217

3+<6,&$/ $%,/,7,(6 48(67,211$,5( 'LUHFWLRQV &KHFN WKH WKLQJV \RX WKLQN \RX FDQ GR :ULWH WKH XQGHUOLQHG ZRUGV RQ \RXU LQYHQWRU\ 3DUW 3RVWXUH &DQ \RX /RZHU H[WUHPLWLHV .HHS \RXU IHHW IODW RLQ WKH IORRU" 6LW ZLWK KLSV DOO WKH ZD\ WR WKH EDFN RI D VHDW" .HHS \RXU IHHW VWLOO" .HHS \RXU OHJV VWLOO" 'R DOO RI WKH DERYH" )HHW OHJV KLSVf§DOOf %DFN DQG 6KRXOGHUV .HHS \RXU EDFN VWUDLJKW XS ZKHQ VLWWLQJ LQ D FKDLU" .HHS \RXU VKRXOGHUV DJDLQVW WKH FKDLU EDFN" 5HOD[ \RXU VKRXOGHUV" 5DLVH \RXU VKRXOGHUV" /HDQ IRUZDUG VOLJKWO\ ZKLOH VLWWLQJ LQ D FKDLU VR WKDW \RX DUH VLWWLQJ XS EXW \RXU EDFN LV QRW WRXFKLQJ WKH FKDLU EDFNf" 'R DOO RI WKH DERYH" %DFN DQG VKRXOGHUVf§DOOf 1RWH 6WXGHQW 6WHS 7HDFKHU 6WHSV t

PAGE 218

3+<6,&$/ $%,/,7,(6 48(67,211$,5( &RQWLQXHGf +DQGV DQG $UPV .HHS \RXU KDQGV VWLOO" 5LJKW" /HIW" 2SHQ \RXU KDQGV" 5LJKW" /HIW" &ORVH \RXU KDQGV" 5LJKW" /HIW" +ROG \RXU DUPV RXW WR WKH VLGH" 5LJKW" /HIW" +ROG \RXU DUPV GRZQ" 5LJKW" /HIW" 0RYH \RXU DUPV IRUZDUG" ,5LJKW" /HIW" %HQG \RXU HOERZV" 5LJKW" /HIW" 'R DOO RI WKH DERYH" +DQGV DQG DUPVf§DOOf +HDG DQG 1HFN .HHS \RXU KHDG VWUDLJKW XS" .HHS \RXU KHDG LQ WKH FHQWHU RI \RXU VKRXOGHUV" 7XFN \RXU FKLQ" 336093A +ROG \RXU KHDG VWLOO" 7XUQ \RXU KHDG WR WKH ULJKW GHJUHHV" .HHS \RXU QHFN VWUDLJKW XS" 7XUQ \RXU KHDG WR WKH OHIW GHJUHHV" %HQG \RXU QHFN IRUZDUG" %DFNZDUG" %HQG \RXU QHFN WR WKH HIW" 7R WKH ULJKW" 0RYH KHDG XS DQG GRZQ" 'R DOO RI WKH DERYH" +HDG DQG QHFNf§DOOf

PAGE 219

3+<6,&$/ $%,/,7,(6 48(67,211$,5( &RQWLQXHGf 3DUW )DFLDO ([SUHVVLRQ &DQ \RX 0RXWK DQG )DFH 2SHQ \RXU PRXWK" &ORVH \RXU PRXWK" .HHS \RXU OLSV WRJHWKHU DQG UHOD[HG" /LFN \RXU OLSV" 6ZDOORZ" 6PLOH ZKHQ \RX IHHO JRRG RU UHOD[HG" 'R DOO RI WKH DERYH" 0RXWK DQG IDFHDOOf (\HV 2SHQ \RXU H\HV" /RRN DW RQH SHUVRQ RU WKLQJ IRU VHYHUDO PLQXWHV" EOLQNLQJ LV RND\f 6TXLQW \RXU H\HV" %OLQN \RXU H\HV" 6KRZ DSSURYDO RU GLVDSSURYDO XVLQJ \RXU H\HV" (\HV DSSURYDO (\HV GLVDSSURYDOf 6KRZ TXHVWLRQLQJ ZLWK \RXU H\HV" /RRN WR WKH ULJKW" /HIW" 8S" 'RZQ" )ROORZ D PRYLQJ REMHFW ZLWK \RXU H\HV ZLWKRXW PRYLQJ \RXU KHDG QHFN RU ERG\" 'R DOO RI WKH DERYH" (\HVf§DO f

PAGE 220

,19(1725< 2) 3+<6,&$/ $%,/,7,(6 ,, M ,, 1DPH 'DWH $ 675(1*7+6 3RVWXUH +LSV /HJV )HHWf§ %DFN DQG 6KRXOGHUVf§ +DQGV DQG $UPVf§ +HDG DQG 1HFNf§ )DFLDO ([SUHVVLRQ 0RXWK DQG )DFH 1RWH 6WXGHQW 6WHS t 7HDFKHU 6WHS

PAGE 221

,0$*(6 352037 6+((7 )25 9(5%$/ 5(+($56$/ 0 $ 1RWH 6WXGHQW 6WHS

PAGE 222

:25.6+((7f§1219(5%$/ &20081,&$7,21 6.,//6 1DPH 'DWH 6.,// 0 $/,67 SK\VLFDO VNLOO UHTXLUHPHQWV QHHGHG IRU VXFFHVV RU D GHILQLWLRQ RI WKH VNLOO ‘$ % ,V WKHUH DQ DELOLW\ VNLOO 0DWFK" <(6 RU 12 & 'RHV WKH VNLOO QHHG WR EH PRGLILHG" <(6 RU 12 'RHV WKH ZD\ GR WKH VNLOO QHHG WR EH LPSURYHG" <(6 RU 12 ( +RZ ZLOO LPSURYH RU PRGLI\ WKLV VNLOO" [ ,QVWUXFWLRQVf§7+,1. :+$7" +2:" PL A f§ f§ PaUP f§ a a L ‘ 0 ‘ ‘ _0L aaIF ‘ ‘ L ‘ ‘ ‘ f§0 % 0 L :+(5(" :+(1"B :+<" 1RWH 6WXGHQW 6WHS 7HDFKHU 6WHS

PAGE 223

&8( &$5'6 )25 *a*$7+(5 ,'($6 )25 '2,1* 7+( 6.,// 72 ,03529( 0< ,0$*( 7+,1. :+$7" +2:" :+$7" +2:" 72 ,03529( 0< ,0$*( 7+,1. :+$7" +2:" :+$7" +2:" 1RWH 6WXGHQW 6WHS 7HDFKHU 6WHS

PAGE 224

*2$/ 6+((7 6 1DPH 'DWH $ 6.,//6 72 ,03529( 25 02',)< % *2$/6 6NLOO 6NLOO 1RWH 6WXGHQW 6WHS 7HDFKHU 6WHS

PAGE 225

*2$/ 6+((7 &RQWLQXHGf 6NLOO 6NLOO 27+(5 &200(176

PAGE 226

678'(17 3(5)250$1&( )2506

PAGE 227

,0$*(6 *2$/ 67$7(0(17 :$17 72 /($51 $ 675$7(*< 72 ,03529( 0< 1219(5%$/ &20081,&$7,21 $1' 0< ,0$*( 6,*1$785( '$7( 1RWH 6WXGHQW 6WHS

PAGE 228

675$7(*< &203/(7,21 3/$1 1DPH 'DWH &RPSOHWLRQ 'DWHV 3KDVH %HKDYLRU $ *RDO 3KDVH ,, %HKDYLRU % &RPSOHWHG 3KDVH ,,, %HKDYLRU 3KDVH 2ULHQW 'HVFULEH 0RGHO 9HUEDO 5HK 3UHSDUH *XLGHG 3UDF $GYDQFH 3UDF 3KDVH ,, 0RGHO 9HUEDO 5HK 3UHSDUH *XLGHG 3UDF $GYDQFH 3UDF $ % 3KDVH ,,, 0RGHO 9HUEDO 5HK 3UHSDUH *XLGHG 3UDF $GYDQFH 3UDF *HQHUDOL]DWLRQ $ % 1RWH 6WXGHQW 6WHSV $OO

PAGE 229

$33(1',; 6,08/$7(' ('8&$7,21 &21)(5(1&( 6&5,37 2ULHQW 6WXGHQWV WR :HHN $FWLYLWLHV DQG 3URFHGXUHV IRU WKH 6LPXODWHG (GXFDWLRQ &RQIHUHQFH 6WXGHQWnV 1DPHf WKLV LV ,QWHUYLHZHUf ,QWHUYLHZHUf ZLOO EH P ‘ ‘ L } AM f§ A f§ Q f§ KHOSLQJ ZLWK RQH SDUW RI WKLV SURMHFW FDOOHG WKH HGXFDWLRQ FRQIHUHQFH ,QWHUYLHZHUnVf MRE LV WR DVN \RX TXHVWLRQV DERXW \RXU VFKRRO H[SHULHQFHV 7KLV ZHHN \RX ZLOO PHHW IRU DERXW ILYH PLQXWHV HYHU\GD\ 6RPH RI WKH FRQIHUHQFHV ZLOO EH YLGHRWDSHG :H ZDQW WR JHW XVHG WR WKH YLGHR FDPHUD DQG ILQG RXW ZKDW FRPPXQLFDWLRQ VNLOOV \RX KDYH ,W LV LPSURWDQW WKDW \RX UHOD[ DQG SUHWHQG WKDW WKH FDPHUD LV QRW LQ WKH URRP /DWHU \RX ZLOO JHW WR VHH WKH YLGHRWDSHV RI WKHVH FRQIHUHQFHV
PAGE 230

9HUEDOO\ SURPSW VWXGHQWV VSRQWDQHRXVO\ ZLWK QR PRUH WKDQ SURPSWV SHU TXHVWLRQf DV DSSURSULDWH VR WKDW WKH VWXGHQW DQVZHUV HDFK TXHVWLRQ XVLQJ VHYHUDO VHQWHQFHV 7KH FRQIHUHQFH VKRXOG ODVW D PLQLPXP RI PLQXWHV 6WRS WKH FRQIHUHQFH DV VRRQ DV SRVVLEOH DIWHU PLQXWHV KDYH HODSVHG ZLWKRXW LQWHUUXSWLQJ WKH VWXGHQWf &ORVLQJ VWDWHPHQW 2SHQLQJ 6WDWHPHQW 1RWH 6WDUW WKH WLPHU *RRG PRUQLQJDIWHUQRRQf VWXGHQWnV QDPHf 7KDQN \RX IRU FRPLQJ WR WKLV HGXFDWLRQ FRQIHUHQFH ,nG OLNH WR NQRZ VRPH RI \RXU RSLQLRQV DERXW VFKRRO ZLOO DVN \RX VHYHUDO TXHVWLRQV ,I DVN \RX D TXHVWLRQ WKDW \RX KDYH DQVZHUHG EHIRUH SOHDVH DQVZHU LW DJDLQ ,W LV RND\ LI \RXU DQVZHUV DUH GLIIHUHQW HDFK WLPH 7KHUH LV QRW D WLPH OLPLW RQ \RXU DQVZHUV EXW SOHDVH DQVZHU WKH TXHVWLRQV LQ FRPSOHWH VHQWHQFHV %HIRUH ZH EHJLQ GR \RX KDYH DQ\ TXHVWLRQV DERXW ZKDW ZH DUH GRLQJ" 2ND\ OHWnV EHJLQ &ORVLQJ 6WDWHPHQW 7KDW LV DOO IRU WRGD\ 7KDQN \RX IRU SDUWLFLSDWLQJ
PAGE 231

6LPXODWHG (GXFDWLRQ &RQIHUHQFH 4XHVWLRQV $FDGHPLF $FKLHYHPHQW :+$7 /($51,1* 0$7(5,$/6 +$9( <28 )281' +(/3 <28 /($51 %(67" ,( /$5*( 35,17 7(;7%22.6 678'< *8,'(6 0$'( 83 %< 7+( 7($&+(5f :+$7 7<3(6 2) $&7,9,7,(6 +(/3 <28 /($51 %(67" ,( 7($&+(5 35(6(17$7,216 *5283 $66,*10(176 60$// *52836 7($06 3$571(56f ),/06 5($',1* $/28' +20(:25. f +2: '2 <28 678'< )25 $ 7(67" ,( 5($' (9(5<7+,1* 21&( 0(025,=( )5,(1'6 $6. 48(67,216f :+$7 '2 <28 :$17 72 :25. 21 1(;7 <($5 72 +(/3 <28 '2 %(77(5 ,1 6&+22/" :+$7 .,1' 2) 7(67 48(67,216 '2 <28 35()(5" '2 <28 86( $ 3$57,&8/$5 0(7+2' 72 +(/3 <28 '2 $ %(77(5 -2% 21 7(676" :+$7 0$7+ 6.,// '2 <28 7+,1. <28 +$9( ,03529(' 21 0267 7+,6 <($5" 5($',1*" :5,7,1*" :+$7 +$9( <28 /($51(' 7+( 0267 $%287 ,1 6&,(1&(" :+$7 +$9( <28 /($51(' 7+( 0267 $%287 ,1 62&,$/ 678',(6" +2: ,03257$17 $5( *22' *5$'(6" $5( *22' *5$'(6 025( ,03257$17 ,1 620( &/$66(6 7+$1 27+(56" :+<" :+$7 '2 <28 7+,1. $5( <285 67521*(67 /($51,1* 6.,//6" )25 (;$03/( :+$7 $5( 6(9(5$/ 7+,1*6 <28 '2 :(// ,1 0$7+" $'',7,21 )$&76 08/7,3/,&$7,21 :25' 352%/(06f 5($',1*"

PAGE 232

25$/ 5($',1* 5($' )$67 81'(567$1',1* /($51,1* 92&$%8/$5
PAGE 233

:+$7 '2 <28 /,.( $%287 <285 )$925,7( 7($&+(5" :+$7 &+$5$&7(5,67,&6 '2 <28 ',6/,.( ,1 7($&+(56" 6SRUWV :+$7 63257 '2 <28 /,.( 72 3/$<" :+<" :+$7 $5( <285 )$925,7( 632576 72 :$7&+" :+<" )25 7((1$*(56 +2: ,03257$17 ,6 ,7 72 3$57,&,3$7( ,1 632576" :+<" &ODVVHV :+$7 ,6 <285 )$925,7( &/$66" :+< '2 <28 /,.( ,7" :+$7 $5( <285 %(67 6&+22/ 68%-(&76" :+,&+ 68%-(&76 $5( 7+( 0267 ',)),&8/7 )25 <28" &ODVVURRPV :+(5( ,1 7+( &/$665220 '2 <28 /,.( 72 6,7 '85,1* &/$66" '2 <28 6,7 ,1 7+( 6$0( 3/$&( ,1 7+( &/$665220 ,1 $// 2) <285 &/$66(6" )25 (;$03/( '2 <28 $/:$<6 6,7 21 7+( )5217 52: 25 21 7+( %$&. 52:"f '(6&5,%( 7+,1*6 $%287 $ &/$665220 7+$7 0$.( ,7 ($6< )25 <28 72 '2 <285 %(67 :25. ,( 48,(7 /,*+7,1* 63$&( 7$%/(6 &+$,56f '(6&5,%( 7+,1*6 $%287 $ &/$665220 7+$7 0$.( ,7 ',)),&8/7 )25 <28 72 '2 <285 %(67 :25.

PAGE 234

6FKRRO :+< ,6 6&+22/ ,03257$17 72 <28" RU :+< '2 <28 /,.( 6&+22/" RU :+$7 '2 <28 /,.( $%287 6&+22/" :+$7 '2 <28 ',6/,.( $%287 6&+22/" RU :+< '21n7 <28 /,.( 6&+22/" :+$7 :28/' <28 /,.( 72 &+$1*( $%287 <285 6&+22/"
PAGE 235

$33(1',; ( 6&25(5 23(5$7,21$/ '(),1,7,216 2) 1219(5%$/ &20081,&$7,21 %(+$9,256 6,77,1*83675$,*+7 ,QYROYHV SRVLWLRQLQJ RI WKH WRUVR VKRXOGHUV DQG KHDG ,W LV DVVXPHG WKDW WKH VXEMHFW LV VLWWLQJ LQ D VWUDLJKW EDFN FKDLU ZLWK D ILUP VHDW RU LQ D ZKHHO FKDLU 6LWWLQJ XS VWUDLJKW LV GHILQHG DV Df WRUVR VWUDLJKW Ef KLSV DQG EXWWRFNV SXVKHG EDFN LQ FKDLU VHDW Ff VKRXOGHUV SDUDOOHO WR KLSV QRW KXQFKHG RU URXQGHG DQG VFDSXODH WRXFKLQJ FKDLU EDFN Gf KHDG SRVLWLRQHG RYHU VKRXOGHUV HUHFW RU VOLJKWO\ WLOWHG WR WKH VLGH $506 $1' +$1'6 3RVLWLRQV LQFOXGH Df DUPV XQIROGHG Ef XSSHU DUPV DGGXFWHG DQG DSSUR[LPDWHO\ SHUSHQGLFXODU WR WKH IORRU RU VKRXOGHU IOH[LRQ RI QR PRUH WKDQ GHJUHHV Ff HOERZV VOLJKWO\ IOH[HG EHWZHHQ DSSUR[LPDWHO\ DQG GHJUHHV Gf SDOPV VOLJKWO\ H[WHQGHG DQG IDFLQJ XS ZLWK ILQJHUV UHOD[HG RU SDOPV IDFLQJ HDFK RWKHU ILQJHUV PD\ EH WRXFKLQJ EXW QRW ODFHGf

PAGE 236

Hf KDQGV UHVWLQJ RQ WDEOH RU If KDQGV UHVWLQJ LQ WKH VXEMHFWnV ODS /($1,1* )25:$5' ,QFOXGHV WKH FRPSRQHQWV RI VLWWLQJXSVWUDLJKW ZLWK WKH H[FHSWLRQ WKDW WKH VKRXOGHU SRVLWLRQ LV VOLJKWO\ IRUZDUG RI WKH KLSV DQG VFDSXODH DUH QRW WRXFKLQJ WKH FKDLU EDFN Df WKH VFDSXODH DUH DSSUR[LPDWHO\ WKUHH RU PRUH LQFKHV IURP WKH EDFN RI WKH FKDLU Ef WKH ZDLVW RU OXPEDU UHJLRQ ZLOO EH DZD\ IURP WKH FKDLU Ff WKH IRUZDUG OHDQ VKRXOG QRW H[FHHG GHJUHHV Gf LQ DQ DOWHUQDWLYH SRVLWLRQ WKH VXEMHFW LV VLWWLQJ WRZDUG WKH IURQW RI WKH FKDLU DQG QR SDUW RI WKH VXEMHFWVn EDFN LV WRXFKLQJ WKH FKDLU EDFN (<( &217$&7 ,PSOLHV PXWXDO JODQFLQJ 7KH LQWHUYLHZHU ZLOO EH LQVWUXFWHG WR JD]H FRQWLQXDOO\ DW WKH VXEMHFW (\H FRQWDFW RFFXUV Df DQ\ WLPH WKH VXEMHFW ORRNV H\HV RSHQf WRZDUG WKH LQWHUYLHZHU Ef ZLWK KHDG SRVLWLRQHG LQ WKH PLGOLQH RI WKH ERG\ DQG FKLQ OHYHO 60,/( ,V GHILQHG DV Df WKH FRUQHUV RI WKH PRXWK DUH SXOOHG VOLJKWO\ EDFN EXW WKH WHHWK DUH QRW H[SRVHG RU Ef WKH FRUQHUV RI WKH PRXWK DUH SXOOHG EDFN DQG WKH XSSHU OLS H[SRVHV SRUWLRQV RI WKH WHHWK

PAGE 237

+($' 12'6 $UH GHILQHG DV YHUWLFDO PRYHPHQWV RI WKH KHDG ZKLOH WKH LQWHUYLHZHU RU WHDFKHU LV VSHDNLQJ RU LQ LPPHGLDWH UHVSRQVH WR WKH LQWHUYLHZHU RU WHDFKHU VSHDNLQJ +RUL]RQWDO URWDWLRQ RI WKH KHDG VKDNLQJ WKH KHDG LV QRW LQFOXGHG LQ WKH GHILQLWLRQ +HDG QRGV PD\ EH Df D VLQJOH TXLFN QRG RU Ef D VORZ UHSHDWHG QRG RU Ff VHYHUDO TXLFN QRGV

PAGE 238

1RQYHUEDO &RPPXQLFDWLRQ %HKDYLRU 5HFRUGLQJ )RUP 6XEMHFW 2EVHUYHU 2EVHUYHU 'DWH 7LPH 6DPSOLQJ 2FFXUUHQFH 1RQRFFXUUHQFH %ODQNf 7LPH LQ V LQWHUYDOV ,QWHUYLHZHU 6SHDNLQJ (\H &RQWDFW 6PLOH $UPV t +DQGV /DSf $UPV t +DQGV 7DEOHf 6LWXS /HDQ ,QWHUYDO 6DPSOLQJ 2FFXUUHQFH 1RQRFFXUUHQFH %ODQNf $33(1',; ) 1219(5%$/ &20081,&$7,21 %(+$9,25 5(&25',1* )250

PAGE 239

$33(1',; 675$7(*< 75$,1,1* 6&25( 6+((76

PAGE 240

,0$*(6 <(5%$/ 5(+($56$/ &+(&./,67 1DPH ,0$*(6 67(36 ,QYHQWRU\ \RXU SK\VLFDO DELOLWLHV 0DNH D QRWH RI VNLOO UHTXLUHPHQWV $VN LI WKHUH DUH GLIIHUHQFHV *DWKHU LGHDV IRU GRLQJ WKH VNLOO (YDOXDWH \RXU SHUIRUPDQFH 6HW JRDOV WR XVH WKH VNLOO 7RWDO 3HUFHQWDJH &RUUHFW 'DWH :KDW LV DQ LPDJH" :KDW LV QRQYHUEDO FRPPXQLFDWLRQ" *LYH H[DPSOHVf RI QRQYHUEDO FRPPXQLFDWLRQ EHKDYLRUV" 7RWDO 3HUFHQWDJH &RUUHFW 'DWH 1RWH 6WXGHQW 6WHS

PAGE 241

67(3 *8,'(' 35$&7,&( $1' )(('%$&. 6&25( 6+((7 1DPH 6HVVLRQ 'DWH %HKDYLRU 6FRULQJ 6WXGHQW UHFHLYHV f LI WKH EHKDYLRU LV GLVSOD\HG PRVW RI WKH WLPH ZKLOH WKH TXHVWLRQ LV EHLQJ DVNHG DQG DQVZHUHG 1RWH +HDG QRGV VKRXOG RFFXU ZKLOH WKH LQVWUXFWRU LV DVNLQJ WKH TXHVWLRQ RU LQ LPPHGLDWH UHVSRQVH WR WKH LQVWUXFWRU DVNLQJ WKH TXHVWLRQ EXW QRW FRQWLQXDOO\f 3HUIRUPDQFH IHHGEDFN DIWHU L "YHU\ TXHVWLRQ !! 'LUHFWLRQV Df L 4XHVWLRQ VHW PDVWHU\ UHTXLUHV D SRVLWLYH VFRUH f RQ RI TXHVWLRQV Ef :KHQ PDVWHU\ LV DFKLHYHG RQ WZR FRQVHFXWLYH TXHVWLRQ VHWV VWRS LQVWUXFWLRQ IRU WKH GD\ 4XHVWLRQ 6HWV $ % & ( 4XHVWLRQ 4XHVWLRQ 4XHVWLRQ 4XHVWLRQ 4XHVWLRQ 7RWDO 3HUFHQW &RUUHFW

PAGE 242

67(3 $'9$1&(' 35$&7,&( $1' )(('%$&. 6&25( 6+((7 1DPH 6HVVLRQ 'DWH %HKDYLRU 6FRULQJ 6WXGHQW UHFHLYHV f LI WKH EHKDYLRU LV GLVSOD\HG PRVW RI WKH WLPH ZKLOH WKH TXHVWLRQ LV EHLQJ DVNHG DQG DQVZHUHG } 1RWH +HDG QRGV VKRXOG RFFXU LQ UHVSRQVH WR WKH LQVWUXFWRU DVNLQJ WKH TXHVWLRQ EXW QRW FRQWLQXDOO\f 3HUIRUPDQFH IHHGEDFN DIWHU HYHU\ TXHVWLRQV 'LUHFWLRQV Df 4XHVWLRQ f RQ VHW PDVWHU\ UHTXLUHV D RI TXHVWLRQV SRVLWLYH VFRUH Ef :KHQ PDVWHU\ LV DFKLHYHG RQ WZR TXHVWLRQ VHWV VWRS LQVWUXFWLRQ FRQVHFXWLYH IRU WKH GD\ 4XHVWLRQ 6HWV $ % & ( 4XHVWLRQ 4XHVWLRQ 4XHVWLRQ 4XHVWLRQ 4XHVWLRQ 7RWDO 3HUFHQW &RUUHFW

PAGE 243

3(5&(17$*( 6&25( 678'(17 352*5(66 &+$57 1$0( 1&% f 1&% $ 6(66,216 1&% Â’

PAGE 244

$33(1',; + 678'(17 6$7,6)$&7,21 48(67,211$,5( 6DWLVIDFWLRQ 4XHVWLRQQDLUH 6WXGHQW 1DPH 'DWH 'LUHFWLRQV 3ODFH D FKHFN EHVLGH WKH UHVSRQVH WKDW EHVW GHVFULEHV \RXU RSLQLRQ :ULWH DQ\ DGGLWLRQDO FRPPHQWV WKDW VXSSRUW \RXU RSLQLRQV LQ WKH VSDFH SURYLGHG DW WKH HQG RI WKH TXHVWLRQQDLUH 1RQYHUEDO FRPPXQLFDWLRQ LV LPSRUWDQW GXULQJ DQ HGXFDWLRQ FRQIHUHQFH GHILQLWHO\ QRW VRPHWLPHV GHILQLWHO\ LV 1RQYHUEDO FRPPXQLFDWLRQ LV LPSRUWDQW GXULQJ FODVVURRP SDUWLFLSDWLRQ GHILQLWHO\ QRW VRPHWLPHV GHILQLWHO\ LV 7KH ,0$*(6 VWUDWHJ\ KHOSHG PH LPSURYH P\ QRQYHUEDO FRPPXQLFDWLRQ GHILQLWHO\ GLGQnW GLG D OLWWOH GHILQLWHO\ GLG LPSURYHG Q\ QRQYHUEDO FRPPXQLFDWLRQ GXULQJ DQ HGXFDWLRQ FRQIHUHQFH GHILQLWHO\ GLGQnW GLG D OLWWOH GHILQLWHO\ GLG LPSURYHG P\ QRQYHUEDO FRPPXQLFDWLRQ GXULQJ DW OHDVW RQH RI P\ FODVVHV GHILQLWHO\ GLGQnW GLG D OLWWOH GHILQLWHO\ GLG 0\ WHDFKHUV KDYH QRWLFHG WKDW KDYH LPSURYHG P\ QRQYHUEDO FRPPXQLFDWLRQ VNLOOV GHILQLWHO\ KDYH QRW KDYH D OLWWOH GHILQLWHO\ KDYH

PAGE 245

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

PAGE 246

$33(1',; 7($&+(5 6$7,6)$&7,21 48(67,211$,5( 6DWLVIDFWLRQ 4XHVWLRQQDLUH 7HDFKHU 1DPH 'DWH 6WXGHQWnV 1DPH 'LUHFWLRQV 3ODFH D FKHFN EHVLGH WKH UHVSRQVH WKDW EHVW GHVFULEHV \RXU RSLQLRQ $ VWXGHQWnV QRQYHUEDO FRPPXQLFDWLRQ VNLOOV DUH LPSRUWDQW GXULQJ DQ HGXFDWLRQ FRQIHUHQFH GHILQLWHO\ DUH QRW DUH D OLWWOH GHILQLWHO\ DUH B 7KH VWXGHQW LPSURYHG KLVKHU QRQYHUEDO FRPPXQLFDWLRQ GXULQJ VLPXODWHG HGXFDWLRQ FRQIHUHQFHV GHILQLWHO\ GLGQnW GLG D OLWWOH GHILQLWHO\ GLG $ VWXGHQWnV QRQYHUEDO FRPPXQLFDWLRQ VNLOOV DUH LPSRUWDQW GXULQJ FODVV SDUWLFLSDWLRQ GHILQLWHO\ DUH QRW DUH D OLWWOH GHILQLWHO\ DUH KDYH QRWLFHG DQ LPSURYHPHQW LQ WKH VWXGHQWnV QRQYHUEDO FRPPXQLFDWLRQ VNLOOV GXULQJ DW OHDVW RQH FODVV GHILQLWHO\ KDYH QRW KDYH D OLWWOH GHILQLWHO\ KDYH 7KH ,0$*(6 VWUDWHJ\ ZDV KHOSIXO IRU LPSURYLQJ WKH VWXGHQWnV QRQYHUEDO FRPPXQLFDWLRQ GHILQLWHO\ ZDV QRW ZDV D OLWWOH GHILQLWHO\ ZDV B ZRXOG UHFRPPHQG WKDW RWKHU VWXGHQWV OHDUQ WKH ,0$*(6 VWUDWHJ\ WR LPSURYH WKHLU QRQYHUEDO FRPPXQLFDWLRQ GHILQLWHO\ ZRXOG QRW PD\EH GHILQLWHO\ ZRXOG ,I QR SOHDVH H[SODLQ

PAGE 247

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f§, QRWLFHG LPSURYHPHQWV LQ WKH IROORZLQJ QRQYHUEDO FRPPXQLFDWLRQ VNLOOV SOHDVH FKHFNf 6PLOLQJ +HDG QRGV 6LWWLQJXSVWUDLJKW /HDQLQJ IRUZDUG $SSURSULDWH SRVLWLRQLQJ RI KDQGV DQG DUPV (\H FRQWDFW ZLWK WKH LQWHUYLHZHU 2WKHU

PAGE 248

$33(1',; ,17(59,(:(5 7,0( 6$03/,1* 5(&25',1* )250 2EVHUYHU 'DWH ,QWHUYLHZHU 6XEMHFW 6HVVLRQ /RRNLQJ DW 6XEMHFW 6PLLQJ )ROORZLQJ 6FULSW )OXHQW 3DFLQJ b ,QWHUREVHUYHU UHOLDELOLW\ b 7RWDO 2FFXUUHQFH 1RQRFFXUUHQFH 6XEMHFW 6HVVLRQ /RRNLQJ DW 6XEMHFW 6PLOLQJ )ROORZLQJ 6FULSW )OXHQW 3DFLQJ ,QWHUREVHUYHU UHOLDELOLW\ b 7RWDO 2FFXUUHQFH 1RQRFFXUUHQFH

PAGE 249

$33(1',; 675$7(*< 75$,1(5 7,0( 6$03/,1* 5(&25',1* )250 2EVHUYHU 'DWH 7HDFKHU 6XEMHFW 1&% )ROORZLQJ 6FULSW )ROORZLQJ 6HTXHQFH )OXHQW 3DFLQJ 8VLQJ 0DWHULDOV ,QWHUREVHUYHU UHOLDELOLW\ b 7RWDO 2FFXUUHQFH 1RQRFFXUUHQFH 6XEMHFW 1&% )ROORZLQJ 6FULSW )ROORZLQJ 6HTXHQFH )OXHQW 3DFLQJ 8VLQJ 0DWHULDOV ,QWHUREVHUYHU UHOLDELOLW\ b 7RWDO 2FFXUUHQFH 1RQRFFXUUHQFH

PAGE 250

$33(1',; / 3(56211(/ 75$,1,1* $*(1'$ ,QGLYLGXDO WUDLQLQJ RI SHUVRQQHO ,QWHUYLHZHUf§FRQGXFW VLPXODWHG HGXFDWLRQ FRQIHUHQFHV 6WUDWHJ\ WUDLQHUf§FRQGXFW VWUDWHJ\ LQVWUXFWLRQ VHVVLRQV 6XEMHFW REVHUYHUVf§VFRUH YLGHRWDSHV RI VLPXODWHG HGXFDWLRQ FRQIHUHQFHV 3HUVRQQHO REVHUYHUVf§VFRUH LQWHUYLHZHU DQG VWUDWHJ\ WUDLQHU RQ LPSOHPHQWDWLRQ JXLGHOLQHV 2YHUYLHZ RI SHUVRQQHO UROHV DQG SURMHFW $ 7LPH FRPPLWPHQWV % 'XWLHV & *HQHUDO SHUIRUPDQFH H[SHFWDWLRQV 6XEMHFW FKDUDFWHULVWLFV ( 6LWH DUUDQJHPHQWV DQG LQWURGXFWLRQ WR UHJXODU VFKRRO SHUVRQQHO ,, ,QWURGXFH PDWHULDOV DQG SURFHGXUHV ,,, ,GHQWLI\ VSHFLILF SHUVRQQHO EHKDYLRUV $ 2YHUYLHZ % 'HPRQVWUDWLRQ & *XLGHG SUDFWLFH DQG IHHGEDFN ,QGHSHQGHQW SUDFWLFH DQG IHHGEDFN

PAGE 251

,9 2EVHUYH DQG HYDOXDWH SHUVRQQHO SHUIRUPDQFH $ )RUPDO REVHUYDWLRQV DQG IHHGEDFN XVLQJ 7LPH 6DPSOLQJ UHFRUGLQJ IRUP $SSHQGL[ DQG $SSHQGL[ .f ,QWHUYLHZHU 6WUDWHJ\ WUDLQHU % ,QIRUPDO REVHUYDWLRQV DQG IHHGEDFN 6XEMHFW REVHUYHUV 3HUVRQQHO REVHUYHUV 9 2QJRLQJ UHYLHZ RI EHKDYLRU DQG SHUIRUPDQFH H[SHFWDWLRQV IRU DOO SHUVRQQHO

PAGE 252

$33(1',; 0 287/,1( 2) ,0$*(6 ,16758&7,21$/ 352&('85(6 )LUVW 1RQYHUEDO &RPPXQLFDWLRQ %HKDYLRU 1&%f 127( 6NLOO SUDFWLFH UDWHV PD\ YDU\ IRU LQGLYLGXDO VWXGHQWV 0RUH WKDQ RQH VWHS PD\ EH FRPSOHWHG SHU VHVVLRQ IRU VWXGHQWV FRPSOHWLQJ VWHS FULWHULD TXLFNO\ HQRXJK WR JR RQ WR WKH QH[W WUDLQLQJ VWHS +RZHYHU RQO\ RQH SUDFWLFH VWHS IRU DQ 1&% VKRXOG EH FRPSOHWHG SHU VHVVLRQ SHU GD\ 2QFH WKH VWXGHQW PDLQWDLQV D PLQLPXP b SHUIRUPDQFH OHYHO IRU WKUHH FRQVHFXWLYH SUDFWLFH VHVVLRQV JXLGHG DQG DGYDQFHGf WUDLQLQJ LQ WKH FXUUHQW 1&% LV GLVFRQWLQXHG DQG WUDLQLQJ LQ WKH QH[W 1&% PD\ EHJLQ 7KH VHVVLRQ LQ ZKLFK HDFK VWHS LV FRPSOHWHG VKRXOG EH GRFXPHQWHG IRU HDFK VWXGHQW RQ WKH 6WUDWHJ\ &RPSOHWLRQ 3ODQ 67$*( 6WUDWHJ\ ,QVWUXFWLRQ 6WHS 25,(17 WKH VWXGHQW WR WKH SXUSRVH RI DQ 1&% DFTXLVLWLRQ VWUDWHJ\ DQG WKH FRQFHSW RI DQ LPDJH 2EWDLQ VWXGHQWnV FRPPLWPHQW WR OHDUQ WKH 1&% DFTXLVLWLRQ VWUDWHJ\ 6WHS '(6&5,%( ,0$*(6 VWUDWHJ\ $GYDQFH RUJDQL]HU 'R QRW PHQWLRQ VSHFLILF EHKDYLRU WR EH WUDLQHG XQWLO 6WHS 0RGHO EXW OHW VWXGHQW NQRZ WKDW D WRWDO RI WKUHH QRQYHUEDO FRPPXQLFDWLRQ EHKDYLRUV ZLOO EH SDUW RI OHDUQLQJ WKH VWUDWHJ\ VHW JRDOV IRU VWUDWHJ\

PAGE 253

FRPSOHWLRQ GDWHV RI DOO VWHSV DQG WDUJHW EHKDYLRUV DQG GHVFULEH ,0$*(6 1&% DFTXLVLWLRQ VWUDWHJ\ ,QYHQWRU\ \RXU SK\VLFDO DELOLWLHV 0 0DNH D QRWH RI VNLOO UHTXLUHPHQWV $ $VN LI WKHUH DUH GLIIHUHQFHV *DWKHU LGHDV IRU GRLQJ WKH VNLOO ( (YDOXDWH \RXU SHUIRUPDQFH 6 6HW JRDOV WR XVH WKH VNLOO 6WHS 02'(/ $GYDQFH RUJDQL]HU DQG UHYLHZ WKH SXUSRVH RI D 1&% DFTXLVLWLRQ VWUDWHJ\ 8VLQJ WKH ,0$*(6 VWUDWHJ\ PRGHO SUREOHP VROYLQJ EHKDYLRU WR LPSURYH D VSHFLILF 1&% WKH VWXGHQWnV WDUJHW VNLOO 1&%f 7KH VWXGHQW ZLOO FRPSOHWH GXULQJ 6WHS 0RGHO ZLWK WKH WHDFKHUnV JXLGDQFH 8VH WKH ,QYHQWRU\ RI 3K\VLFDO $ELOWLHV DQG WKH 3K\VLFDO $ELOLWLHV 4XHVWLRQQDLUH WR LGHQWLI\ DQG OLVW VWUHQJWKV ZLWKLQ HDFK DUHD 0 8VH WKH :RUNVKHHWf§1RQYHUEDO &RPPXQLFDWLRQ 6NLOOV WR ZULWH VNLOO UHTXLUHPHQWV D GHILQLWLRQf IRU WKH ILUVW 1&% XQGHU 3DUW $ $ 'HPRQVWUDWH FRPSDULQJ :RUNVKHHWf§1RQYHUEDO &RPPXQLFDWLRQ 6NLOOV WR WKH ,QYHQWRU\ RI 3K\VLFDO $ELOLWLHV WR GHFLGH ZKHWKHU PRGLILFDWLRQV RU LPSURYHPHQWV DUH QHHGHG WR DFFRPSOLVK WKH WDVNVNLOO $QVZHU TXHVWLRQV %

PAGE 254

& DQG RQ WKH :RUNVKHHWf§1RQYHUEDO &RPPXQLFDWLRQ 6NLOOV :ULWH LQVWUXFWLRQV IRU PRGLI\LQJ RU LPSURYLQJ WKH QRQYHUEDO VNLOO XQGHU 3DUW ( RQ WKH :RUNVKHHWf§1RQYHUEDO &RPPXQLFDWLRQ 6NLOOV $QVZHU WKH TXHVWLRQV :KDW" +RZ" :KHUH" :KHQ" DQG :K\" 0DNH D FXH FDUG IRU WKH LQVWUXFWLRQV XVLQJ WKH &XH &DUGV IRU f§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

PAGE 255

RQH EHKDYLRU ,QVWUXFW WKH VWXGHQW WR FRPSOHWH DOO VWHSV LQ WKH VWUDWHJ\ IRU WKH ILUVW 1&% ,0 ZDV FRPSOHWHG GXULQJ 6WHS 0RGHO EXW ZLOO EH UHYLHZHG KHUHf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n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f 6WRS IRU WKH VHVVLRQ 5HFRUG GDWH JRDO FRPSOHWHG IRU 6WHS RQ

PAGE 256

WKH 6WUDWHJ\ &RPSOHWLRQ 3ODQ ,QVWUXFW VWXGHQW WR JUDSK SHUFHQWDJH VFRUH IRU WKH ODVW WZR TXHVWLRQ VHWV RQ WKH 6WXGHQW 3URJUHVV &KDUW ,I VWXGHQW FRPSOHWHV WKUHH FRQVHFXWLYH WULDOV ZLWKRXW GLVSOD\LQJ WKH DSSURSULDWH 1&% RQ DQ\ JR EDFN WR 6WHS Df VWRS DQG UHHYDOXDWH VWXGHQWnV SRWHQWLDO IRU SK\VLFDOO\ DFKLHYLQJ WKH VSHFLILHG EHKDYLRUV DV ZULWWHQ Ef PRGLI\ LQVWUXFWLRQV IRU SHUIRUPLQJ WDUJHW EHKDYLRU RU UHWDLQ WDUJHW EHKDYLRU DV SUHYLRXVO\ VWDWHG Ff UHSHDW *XLGHG 3UDFWLFH DQG )HHGEDFN 6WHS $'9$1&(' 35$&7,&( DQG )(('%$&. 8VH FRQIHUHQFH TXHVWLRQV XVHG LQ *XLGHG 3UDFWLFH 6WHS *LYH IHHGEDFN WR VWXGHQW DIWHU HYHU\ TXHVWLRQV LQVWHDG RI DIWHU HDFK TXHVWLRQf 6WHS PDVWHU\ UHTXLUHV FRUUHFW EHKDYLRU SHUIRUPDQFH RQ b RI WKH TXHVWLRQV LQ D VHW RI f IRU WZR FRQVHFXWLYH TXHVWLRQ VHWV 8VH VFRUH VKHHW IRU 6WHS $GYDQFHG 3UDFWLFH ,QVWUXFW VWXGHQW WR JUDSK SHUFHQWDJH VFRUH RQ WKH 6WXGHQW 3URJUHVV &KDUW IRU WKH ODVW WZR TXHVWLRQ VHWV RI WKH VHVVLRQ 5HSHDW 6WHS IRU DW OHDVW RQH VHVVLRQ EH\RQG PDVWHU\ SHUIRUPDQFH IRU 6WHS WR GHPRQVWUDWH VWDELOLW\ RU LPSURYHPHQW RI WKH 1&% SHUIRUPDQFH

PAGE 257

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f ,QVWUXFW WKH VWXGHQW WR FRPSOHWH WKH VWHSV LQ WKH VWUDWHJ\ IRU WKH VHFRQG 1&% 8VH WKH ,QYHQWRU\ RI 3K\VLFDO $ELOLWLHV IURP 1&% 6WUHQJWKV VKRXOG EH WKH VDPH 7KH VHFRQG WDUJHW EHKDYLRU VKRXOG EH FRPSOHWHG RQ DQRWKHU :RUNVKHHWf§1RQYHUEDO &RPPXQLFDWLRQ 6NLOOV DQG VWUDWHJ\ FRPSRQHQWV IRU 0$*(6 FRPSOHWHG $VVLVW DQG JXLGH LQ VWUDWHJ\ VWHSV DV QHFHVVDU\ 7KH WHDFKHU PD\ JLYH IHHGEDFN DERXW SURSRVHG PRGLILFDWLRQV RU LPSURYHPHQWV DV UHTXHVWHG EXW VWXGHQW VKRXOG SULPDULO\ EH UHVSRQVLEOH IRU GHWHUPLQLQJ WKH PRGLILFDWLRQV RU LPSURYHPHQWV 5HFRUG DQ\ PRGLILFDWLRQV RU LPSURYHPHQWV RQ WKH :RUNVKHHWf§1RQYHUEDO &RPPXQLFDWLRQ 6NLOOV (YDOXDWH

PAGE 258

VWXGHQWn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f 6WRS IRU WKH VHVVLRQ 5HFRUG GDWH JRDO FRPSOHWHG IRU 6WHS RQ WKH 6WUDWHJ\ &RPSOHWLRQ 3ODQ ,QVWUXFW VWXGHQW WR JUDSK SHUFHQWDJH VFRUH IRU WKH ODVW WZR TXHVWLRQ VHWV RQ WKH 6WXGHQW 3URJUHVV &KDUW ,I VWXGHQW FRPSOHWHV WKUHH FRQVHFXWLYH WULDOV ZLWKRXW GLVSOD\LQJ WKH DSSURSULDWH 1&% RQ DQ\ JR EDFN WR 6WHS Df VWRS DQG UHHYDOXDWH VWXGHQWnV SRWHQWLDO IRU SK\VLFDOO\ DFKLHYLQJ WKH VSHFLILHG EHKDYLRUV DV ZULWWHQ Ef PRGLI\ LQVWUXFWLRQV IRU SHUIRUPLQJ WDUJHW EHKDYLRU RU UHWDLQ WDUJHW EHKDYLRU DV SUHYLRXVO\ VWDWHG Ff UHSHDW *XLGHG 3UDFWLFH DQG )HHGEDFN

PAGE 259

6WHS $'9$1&(' 35$&7,&( DQG )(('%$&. (PSKDVLV IRU VFRULQJ DQG IHHGEDFN LV 1&% EXW YHUEDO IHHGEDFN VKRXOG EH JLYHQ IRU 1&% 8VH 6LPXODWHG (GXFDWLRQ &RQIHUHQFH DQG 3UDFWLFH 4XHVWLRQV XVHG LQ *XLGHG 3UDFWLFH 6WHS *LYH IHHGEDFN WR VWXGHQW DIWHU HYHU\ TXHVWLRQV LQVWHDG RI DIWHU HDFK TXHVWLRQf 6WHS PDVWHU\ UHTXLUHV FRUUHFW EHKDYLRU SHUIRUPDQFH RQ b RI WKH TXHVWLRQV LQ D VHW RI f IRU WZR FRQVHFXWLYH TXHVWLRQ VHWV 8VH VFRUH VKHHW IRU 6WHS $GYDQFHG 3UDFWLFH ,QVWUXFW VWXGHQW WR JUDSK SHUFHQWDJH VFRUH RQ WKH 6WXGHQW 3URJUHVV &KDUW IRU WKH ODVW WZR TXHVWLRQ VHWV RI WKH VHVVLRQ 5HSHDW 6WHS IRU DW OHDVW RQH VHVVLRQ EH\RQG PDVWHU\ SHUIRUPDQFH IRU 6WHS WR GHPRQVWUDWH VWDELOLW\ RU LPSURYHPHQW RI WKH 1&% SHUIRUPDQFH 7KLUG 1&% 6WHSV DUH WKH VDPH DV WKRVH LQ 1&%f 67$*( 6WUDWHJ\ ,QVWUXFWLRQ 6WHS 02'(/ $GYDQFH RUJDQL]HU DQG UHYLHZ SXUSRVH RI D 1&% DFTXLVLWLRQ VWUDWHJ\ DV ZHOO DV ,0$*(6 VWHSV 5HYLVH JRDOV IRU VWUDWHJ\ FRPSOHWLRQ GDWHV 0RGHO XVLQJ WKH ,0$*(6 VWUDWHJ\ ZLWK D WKLUG EHKDYLRU (QFRXUDJH VWXGHQW WR SURPSW WHDFKHU DFWLRQV 6WHS 9(5%$/ 5(+($56$/ %ULHI UHYLHZ 8VH 9HUEDO 5HKHDUVDO &KHFNOLVW 6WHS 35(3$5( $GYDQFH RUJDQL]HU *LYH VWXGHQW IHHGEDFN RQ WKH WKLUG WDUJHW 1&% VFRUH GXULQJ EDVHOLQH SUREHV

PAGE 260

9LHZ YLGHRWDSH RI RQH EDVHOLQH VHVVLRQ XVH WKH PRVW UHFHQW YLGHRWDSHf ,QVWUXFW WKH VWXGHQW WR FRPSOHWH WKH VWHSV LQ WKH VWUDWHJ\ IRU WKH WKLUG 1&% 8VH WKH ,QYHQWRU\ RI 3K\VLFDO $ELOLWLHV IURP 1&% 6WUHQJWKV VKRXOG EH WKH VDPH 7KH WKLUG WDUJHW EHKDYLRU VKRXOG EH FRPSOHWHG RQ DQRWKHU :RUNVKHHWf§1RQYHUEDO &RPPXQLFDWLRQ 6NLOOV DQG VWUDWHJ\ FRPSRQHQWV IRU 0 $*(6 FRPSOHWHG $VVLVW DQG JXLGH LQ VWUDWHJ\ VWHSV DV QHFHVVDU\ 7KH WHDFKHU PD\ JLYH IHHGEDFN DERXW SURSRVHG PRGLILFDWLRQV RU LPSURYHPHQWV DV UHTXHVWHG EXW VWXGHQW VKRXOG SULPDULO\ EH UHVSRQVLEOH IRU GHWHUPLQLQJ WKH PRGLILFDWLRQV 5HFRUG DQ\ PRGLILFDWLRQV RQ WKH :RUNVKHHWf§1RQYHUEDO &RPPXQLFDWLRQ 6NLOOV (YDOXDWH VWXGHQWn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f 6WRS IRU WKH

PAGE 261

VHVVLRQ 5HFRUG GDWH JRDO FRPSOHWHG IRU 6WHS RQ WKH 6WUHDWHJ\ &RPSOHWLRQ 3ODQ ,QVWUXFW VWXGHQW WR JUDSK SHUFHQWDJH VFRUH IRU WKH ODVW WZR TXHVWLRQ VHWV RQ WKH 6WXGHQW 3URJUHVV &KDUW ,I VWXGHQW FRPSOHWHV WKUHH FRQVHFXWLYH WULDOV ZLWKRXW GLVSOD\LQJ WKH DSSURSULDWH 1&% RQ DQ\ JR EDFN WR 6WHS Df VWRS DQG UHHYDOXDWH VWXGHQWnV SRWHQWLDO IRU SK\VLFDOO\ DFKLHYLQJ WKH VSHFLILHG EHKDYLRUV DV ZULWWHQ Ef PRGLI\ LQVWUXFWLRQV IRU SHUIRUPLQJ WDUJHW EHKDYLRU RU UHWDLQ WDUJHW EHKDYLRU DV SUHYLRXVO\ VWDWHG Ff UHSHDW *XLGHG 3UDFWLFH DQG )HHGEDFN 6WHS $'9$1&(' 35$&7,&( DQG )(('%$&. (PSKDVLV IRU VFRULQJ DQG IHHGEDFN LV 1&% EXW YHUEDO IHHGEDFN VKRXOG EH JLYHQ IRU 1&% DQG 1&% 8VH 6LPXODWHG (GXFDWLRQ &RQIHUHQFH DQG 3UDFWLFH 4XHVWLRQV XVHG LQ *XLGHG 3UDFWLFH 6WHS *LYH IHHGEDFN WR VWXGHQW DIWHU HYHU\ TXHVWLRQV LQVWHDG RI DIWHU HDFK TXHVWLRQf 6WHS PDVWHU\ UHTXLUHV FRUUHFW EHKDYLRU SHUIRUPDQFH RQ b RI WKH TXHVWLRQV LQ D VHW RI f IRU WZR FRQVHFXWLYH TXHVWLRQ VHWV 8VH VFRUH VKHHW IRU 6WHS $GYDQFHG 3UDFWLFH ,QVWUXFW VWXGHQW WR JUDSK SHUFHQWDJH VFRUH RQ WKH 6WXGHQW 3URJUHVV &KDUW IRU WKH ODVW WZR TXHVWLRQ VHWV RI WKH VHVVLRQ 5HSHDW 6WHS IRU DW OHDVW RQH VHVVLRQ EH\RQG PDVWHU\ SHUIRUPDQFH IRU 6WHS WR GHPRQVWUDWH VWDELOLW\ RU LPSURYHPHQW RI WKH 1&% SHUIRUPDQFH

PAGE 262

6WHS *(1(5$/,=$7,21 3DUW %ULHIO\ UHYLHZ DOO EHKDYLRUV DQG PDWHULDO OHDUQHG GXULQJ WKH ,0$*(6 VWUDWHJ\ WUDLQLQJ *XLGH WKH VWXGHQWV LQ VHWWLQJ D JRDO WR XVH DOO RI WKH QHZO\ DFTXLUHG QRQYHUEDO FRPPXQLFDWLRQ VNLOOV GXULQJ HGXFDWLRQ FRQIHUHQFHV DQG DOVR GXULQJ WKHLU FODVVHV 3DUW ,, ,PPHGLDWHO\ EHIRUH RU RQ WKH GD\ RI DQ DFWXDO HGXFDWLRQ FRQIHUHQFH EULHIO\ UHYLHZ WKH VWXGHQWnV JRDO WR XVH VSHFLILF QRQYHUEDO FRPPXQLFDWLRQ VNLOOV GXULQJ DQ HGXFDWLRQ FRQIHUHQFH 7HOO WKH VWXGHQW WKDW KHVKH ZLOO KDYH WKH RSSRUWXQLW\ WR DFFRPSOLVKPHHW KLVKHU JRDOV GXULQJ WKH HGXFDWLRQ FRQIHUHQFH WR EH KHOG WKDW GD\ $VN LI WKH VWXGHQW KDV DQ\ TXHVWLRQV DERXW WKH XSFRPLQJ FRQIHUHQFH (OLFLW WKH VWXGHQWnV FRPPLWPHQW WR XVH WKH QRQYHUEDO VNLOOV GXULQJ WKH DFWXDO HGXFDWLRQ FRQIHUHQFH $VN LI WKH VWXGHQW KDV DQ\ TXHVWLRQV DERXW WKH XSFRPLQJ FRQIHUHQFH

PAGE 263

$33(1',; 1 ,0$*(6 6&5,37(' /(6621 6$03/( 67(3 02'(/ 0$7(5,$/6 ,0$*(6 ,QIRUPDWLRQ 6KHHWV 1RQYHUEDO EHKDYLRU GHILQLWLRQV DV DSSURSULDWH IRU WDUJHW EHKDYLRUf ,0$*(6 ,QIRUPDWLRQ 6KHHW 3K\VLFDO $ELOLWLHV 4XHVWLRQQDLUH ,QYHQWRU\ RI 3K\VLFDO $ELOLWLHV ,0$*(6 ,QIRUPDWLRQ 6KHHW 0 :RUNVKHHWf§1RQYHUEDO FRPPXQLFDWLRQ 6NLOOV ,0$*(6 ,QIRUPDWLRQ 6KHHW $ ,0$*(6 ,QIRUPDWLRQ 6KHHW ,0$*(6 ,QIRUPDWLRQ 6KHHW FRQWLQXHGf ,0$*(6 ,QIRUPDWLRQ 6KHHW &XH FDUG IRU 6WHS ,0$*(6 ,QIRUPDWLRQ 6KHHW ( (GXFDWLRQ &RQIHUHQFH 5ROH 3OD\ &DUGV ,0$*(6 ,QIRUPDWLRQ 6KHHW 6 *RDO 6KHHW 5(9,(: 7+( 35(9,286 /(66216 $6. 7+( 678'(176f 72 $ '(),1( ,0$*( % (;3/$,1 :+< $ 3(5621n6 ,0$*( ,6 ,03257$17 & '(),1( 1219(5%$/ &20081,&$7,21

PAGE 264

' (;3/$,1 :+< 1219(5%$/ &20081,&$7,21 ,6 ,03257$17 ,1&/8'( ('8&$7,21 &21)(5(1&(f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f $GMXVW VFULSW DV QHFHVVDU\ WR UHIOHFW WKDW D VHFRQG RU WKLUG WDUJHW EHKDYLRU LV EHLQJ WDXJKW 5HLQIRUFH SUHYLRXVO\ OHDUQHG EHKDYLRUV DV QHZ EHKDYLRUV DUH WDXJKW@ ,1752'8&( 63(&,),& 1219(5%$/ &20081,&$7,21 %(+$9,25 7KH ILUVW WKLQJ QHHG WR GR LV VHOHFW D QRQYHUEDO EHKDYLRU WKDW ZDQW WR LPSURYH >8VH RQH RI WKH VWXGHQWnV WDUJHW EHKDYLRUV IRU WKH GHPRQVWUDWLRQ@ 7DUJHW EHKDYLRUf LV LQARUWDQW GXULQJ DQ HGXFDWLRQDO FRQIHUHQFH VR ZDQW WR XVH WKH ,0$*(6 VWUDWHJ\ WR KHOS

PAGE 265

PH LPSURYH A\ WDUJHW EHKDYLRUf :K\ ZRXOG WDUJHW EHKDYLRUf EH LPSRUWDQW GXULQJ DQ HGXFDWLRQDO FRQIHUHQFH" >(OLFLW DSSURSULDWH UHVSRQVHV IRU SRVWXUH RU IDFLDO H[SUHVVLRQV VXFK DV VLWWLQJ XS VWUDLJKWOHDQLQJ IRUZDUG VHQGV D PHVVDJH WR WKH WHDFKHU WKDW DP DOHUW ,QWHUHVWHG FRQILGHQW DQG UHDG\ WR SDUWLFLSDWH H\H FRQWDFWKHDG QRGVVPLOLQJ VHQG WKH PHVVDJH WKDW DP SD\LQJ DWWHQWLRQ RU LQWHUHVWHG RU DOHUW RU XQGHUVWDQG ZKDW LV EHLQJ PHVVDJH DP EHLQJ KRQHVW RSHQ RU WKDW DP UHOD[HG QRW WHQVH@ $ GHILQLWLRQ IRU WDUJHW EHKDYLRUf ,V >8VH ,0$*(6 ,QIRUPDWLRQ 6KHHWV DV DSSURSULDWH ([SODLQ WKH FRPSRQHQWV RI WKH GHILQLWLRQ DV QHFHVVDU\ IRU VWXGHQW XQGHUVWDQGLQJ IRU H[DPSOH H\H FRQWDFW PHDQV H\HV WRXFKLQJ PHHWLQJ HWF@ :ULWH WKH GHILQLWLRQ RI WDUJHW EHKDYLRUf LQ \RXU QRWHV >RU \RX FDQ UHIHU WR WKH LQIRUPDWLRQ VKHHW LQ \RXU IROGHU@ '(021675$7( ,0$*(6 675$7(*< >3DXVH SHULRGLFDOO\ DQG FKHFN IRU VWXGHQW XQGHUVWDQGLQJ *UDGXDOO\ KDYH WKH VWXGHQWVf GLUHFW \RXU DFWLRQV ,QVWUXFW VWXGHQW WR WDNH 3K\VLFDO $ELOLWLHV DQG ,QYHQWRU\ RI 3K\VLFDO $ELOLWLHV VKHHWV RXW RI WKHLU IROGHUV@ D 1RZ ZLOO GHPRQVWUDWH KRZ WR XVH WKH ,0$*(6 6WUDWHJ\ WR LPSURYH r\ WDUJHW EHKDYLRUf ZLOO WKLQN DORXG VR \RX ZLOO NQRZ ZKDW WR GR ZKHQ \RX XVH WKH VWUDWHJ\ )ROORZ DORQJ RQ \RXU ZRUNVKHHWV DQG ZHnOO GR WKH ILUVW VWHS RI WKH VWUDWHJ\ WRJHWKHU 7KH ILUVW VWHS RI WKH VWUDWHJ\ LV ,QYHQWRU\ \RXU SK\VLFDO

PAGE 266

DELOLWLHV $V ZULWH RQ P\ 3K\VLFDO $ELOLWLHV DQG ,QYHQWRU\ VKHHWV \RX ZLOO ZULWH RQ \RXUV >8VH ,0$*(6 ,QIRUPDWLRQ 6KHHW 1RWH ,I WKLV LV WKH VHFRQG RU WKLUG WDUJHW EHKDYLRU UHYLHZ WKH 3K\VLFDO $ELOLWLHV ,QYHQWRU\ FRPSOHWHG SUHYLRXVO\ (PSKDVL]H DUHD RI IXQFWLRQLQJ RQ WKH ,QYHQWRU\ WKDW LV SHUWLQHQW WR WKH QHZ WDUJHW EHKDYLRU 7KHQ JR GLUHFWO\ WR %f§0 0DNH D QRWH RI VNLOO UHTXLUHPHQWV@ QHHG P\ ,QYHQWRU\ RI 3K\VLFDO $ELOLWLHV VKHHW DQG WKH 3K\VLFDO $ELOLWLHV 4XHVWLRQQDLUH >5HIHU WR 3K\VLFDO $ELOLWLHV 6KHHW@ 7KH SK\VLFDO DELOLWLHV VKHHW KDV D OLVW RI TXHVWLRQV DERXW WKLQJV WKDW FDQ GR SK\VLFDOO\ :KDW GRHV SK\VLFDOO\ VHDQ" >(OLFLW UHVSRQVH@ 5LJKW 3K\VLFDOO\ ZHDQV WKLQJV FDQ GR ZLWK P\ ERG\ 7KH VKHHW KDV WZR SDUWVf§326785( DQG )$&,$/ (;35(66,21 :KDW LV 326785(" >(OLFLW UHVSRQVH@ :KDW LV ZHDQW E\ )$&,$/ (;35(66,21" >(OLFLW UHVSRQVH WKHQ FRQWLQXH@ 7KH VHFWLRQ RQ SRVWXUH KDV TXHVWLRQV DERXW \RXU IHHW DQG OHJV EDFN DQG VKRXOGHUV KDQGV DQG DUDV DQG KHDG DQG QHFN 7KH VHFWLRQ RQ IDFLDO H[SUHVVLRQ KDV TXHVWLRQV DERXW \RXU ZRXWK IDFH DQG H\HV :K\ LV LW LQSRUWDQW WR LQYHQWRU\ \RXU SK\VLFDO DELOLWLHV EHIRUH \RX EHJLQ WR OHDUQ D QRQYHUEDO FRZXQLFDWLRQ VNLOO OLNH WDUJHW EHKDYLRUf RU RWKHU SK\VLFDO VNLOOV" >(OLFLW UHVSRQVH@ 7KDWnV ULJKW \RX QHHG WR NQRZ LI WKHUH DUH VRDH WKLQJV WKDW ZD\ FDXVH SUREOHPV ZKHQ \RX WU\ WR GR WKH QHZ VNLOO ,Q RWKHU ZRUGV \RX ZLOO NQRZ LI \RXnUH DEOH WR GR WKDW VNLOO )RU H[DQSOH ,fZ QRW YHU\ WDOO KDYH GLIILFXOW\ UHDFKLQJ WKLQJV RQ KLJK VKHOYHV ,I D MRE ZDQW WR GR UHTXLUHV WKDW JHW WKLQJV RII KLJK VKHOYHV ZRXOG ZDQW WR NQRZ

PAGE 267

WKDW EHFDXVH DP QRW YHU\ WDOO mD\ KDYH SUREOHPV %XW DOVR PLJKW EH DEOH WR WKLQN RI D ZD\ WKDW FDQ UHDFK KLJK SODFHV )RU LQVWDQFH FRXOG XVH D VWRRO RU D ODGGHU %HFDXVH NQRZ m\ SK\VLFDO DELOLWLHV FDQ DOVR WKLQN RI ZD\V WKDW FDQ GR FHUWDLQ WKLQJV HYHQ 7KRXJK ,nm QRW YHU\ WDOO FDQ QRGLI\ WKH ZD\ JHW WKLQJV IURm KLJK SODFHV >(ODERUDWH RQ WKLV H[DPSOH DV QHFHVVDU\ ,QYROYH WKH VWXGHQW ZKHUH SRVVLEOHf§IRU H[DPSOH WKH VWXGHQWV FRXOG PDNH VXJJHVWLRQV IRU UHDFKLQJ WKLQJV LQ KLJK SODFHV@ 2ND\ KDYH WR UHDG WKH TXHVWLRQV DERXW P\ SK\VLFDO DELOLWLHV DQG WKHQ ZULWH WKH WKLQJV FDQ GR ZHOO XQGHU 6WUHQJWKV RQ m\ LQYHQWRU\ ,nOO EHJLQ ZLWK 3RVWXUH /HWV VHH /RZHU ([WUHPLWLHV WKDW mXVW PHDQ P\ IHHWOHJV DQG KLSV ,nm JRLQJ WR UHDG DOO WKH TXHVWLRQV LQ WKLV VHFWLRQ DQG FKHFN WKH WKLQJV FDQ GR 7KHQ ,nOO ZULWH P\ VWUHQJWKV RQ WKH LQYHQWRU\ 2ND\ QXPEHU RQH LV &DQ NHHS P\ IHHW IODW RQ WKH IORRU" &RQWLQXH LQ D OLNH PDQQHU IRU TXHVWLRQV 7KH VWXGHQWVf VKRXOG FKHFN WKHLU VKHHW IRU WKHLU RZQ DELOLWLHV@ 1XPEHU &DQ GR DOO RI WKH DERYH" FKHFNHG WKHP DOO VR DP JRLQJ WR ZULWH EHVLGH +LSV )HHW DQG /HJV RQ P\ LQYHQWRU\ EHFDXVH WKDW LV ZKDW LV XQGHUOLQHG >:ULWH RQ LQYHQWRU\@ 1RZ ,nP UHDFI\ WR GR %DFN DQG 6KRXOGHUV 7KH ILUVW TXHVWLRQ LV &DQ NHHS P\ EDFN VWUDLJKW XS ZKHQ VLWWLQJ LQ D FKDLU" (OLFLW UHVSRQVH IURP VWXGHQW VXFK DV SXW D FKHFN E\ QXPEHU RQH (QFRXUDJH WKH VWXGHQWVf WR DQVZHU WKHLU

PAGE 268

TXHVWLRQV DV \RX JR ,I WKH VWXGHQW XQGHUVWDQGV WKH SURFHVV WKH LQVWUXFWRU PD\ GLVFRQWLQXH XVLQJ SHUVRQDO UHVSRQVHV DQG IRFXV RQO\ RQ WKH VWXGHQWnV UHVSRQVH 7KH VWXGHQWVf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f LV >6HH ,0$*(6 ,QIRUPDWL KDYH ILQLVKHG 6WHS 0 0DNH D QRWH RI VNLOO UHTXLUHQHQWV KDYH QDGH D QRWH RI WKH UHTXLUHQHQWV IRU WDUJHW EHKDYLRUf DP UHDG\ WR JR WR 6WHS $ :KDW GRHV WKH $ VWDQG IRU" >(OLFLW UHVSRQVH 8VH ,0$*(6 ,QIRUPDWLRQ 6KHHW @ F 7KDW LV FRUUHFW 6WHS $ LV $VN LI WKHUH DUH GLIIHUHQFHV +QQ KDYH WR FRPSDUH WKH UHTXLUHQHQWV RI WDUJHW EHKDYLRUf WR P\ VWUHQJWKV VWLOO QHHG WKH :RUNVKHHW DQG DOVR QHHG P\

PAGE 269

,QYHQWRU\ RI 3K\VLFDO $ELOLWLHV >$QVZHU TXHVWLRQV % & DQG \HV QR \HV E\ FRPSDULQJ WKH VNLOO UHTXLUHPHQWV IRU WDUJHW EHKDYLRUf ZLWK WKH VWUHQJWKV OLVWHG RQ WKH LQYHQWRU\ VKHHW )RU H[DPSOH @ :KHQ ORRN DW WKH GHILQLWLRQ RI WKH VNLOO DQG FRPSDUH LW WR P\ ,QYHQWRU\ RI 3K\VLFDO $ELOLWLHV V WKHUH DQ\ UHDVRQ ZK\ FDQnW GR WKLV VNLOO" ,Q RWKHU ZRUGV GR KDYH ZKDW QHHG WR WDUJHW EHKDYLRUf ,I KDYH ZKDW QHHG WKHQ WKHUH LV DQ $ELOLW\VNLOO 0DWFK DQG ZLOO FLUFOH \HV IRU TXHVWLRQ e ,I WKHUH LV DQ $ELOLW\6NLOO 0DWFK WKHQ GR QRW KDYH WR PRGLI\ WKH VNLOO VR ZLOO FLUFOH 1R IRU TXHVWLRQ & >5HIHU WR SUHYLRXV H[DPSOH RI PRGLILFDWLRQ IRU VKRUW SHUVRQ WR UHDFK KLJK VKHOYHVf§LI QHFHVVDU\ IRU VWXGHQW XQGHUVWDQGLQJ RI TXHVWLRQ e @ 'RHV WKH ZD\ WDUJHW EHKDYLRUf QHHG WR EH LPSURYHG" :KHQ ZDWFKHG D YLGHR RI P\VHOI GXULQJ DQ HGXFDWLRQ FRQIHUHQFH QRWLFHG WKDW ZDV QRW WDUJHW EHKDYLRUQJf YHU\ ZHOO VR \HV WKLQN QHHG WR LPSURYH WKH ZD\ WKDW WDUJHW EHKDYLRUf ZLOO FLUFOH \HV WR DQVZHU TXHVWLRQ >8VH D VLPLODU SURFHGXUH WR FRPSDUH VNLOO UHTXLUHPHQWV ZLWK VWUHQJWKV LI WKHUH LV QRW DQ DELOLW\VNLOO PDWFK +RZHYHU LI DQVZHU WR e LV QR WKHQ DQVZHU WR e LV \HV $QVZHU WR LV SUREDEO\ DOZD\V \HVf§RWKHUZLVH WKHUH LV QR QHHG IRU VWXGHQW WR OHDUQ WKH WDUJHW EHKDYLRUf@ KDYH FRPSOHWHG 6WHS $ $VN LI WKHUH DUH GLIIHUHQFHV G 1RZ ,nP UHDG\ IRU VWHS :KDW LV 6WHS *" >(OLFLW UHVSRQVH@ 7KDWnV ULJKW 6WHS LV *DWKHU LGHDV IRU GRLQJ WKH VNLOO >8VH ,0$*(6 ,QIRUPDWLRQ 6KHHW @ 7KHUH DUHQnW DQ\ GLIIHUHQFHV EHWZHHQ

PAGE 270

Z\ DELOLWLHV DQG WKH VNLOO UHTXLUHPHQWV $UH WKHUH DQ\ RWKHU UHDVRQV WKDW ,nP QRW DEOH WR SHUIRUP WKH WDUJHW EHKDYLRUf +HOO KDYH D KHDGDFKH EXW WKDW VKRXOGQnW NHHS PH IURP WDUJHW EHKDYLRUf DQG GR QHHG WR LPSURYH P\ WDUJHW EHKDYLRUf VR ,nOO MXVW ZULWH VRPH LQVWUXFWLRQV WR P\VHOI WR KHOS PH UHPHPEHU WR XVH WDUJHW EHKDYLRUf GXULQJ DQ HGXFDWLRQ FRQIHUHQFH 7KHVH TXHVWLRQV :KDW" +RZ" :KHUH" :KHQ" DQG :K\"f§ZLOO KHOS PH ZULWH LQVWUXFWLRQV IRU WDUJHW EHKDYLRULQJf 7KH ILUVW TXHVWLRQ LV :KDW" ,nOO ZULWH WDUJHW EHKDYLRUf RQ WKLV OLQH EHFDXVH LW LV WKH QHZ QRQYHUEDO FRPPXQLFDWLRQ VNLOO WKDW ZKDW WR OHDUQ /HWnV VHH QH[W QHHG WR ZULWH +RZ" WR WDUJHW EHKDYLRUf QHHG WR ZULWH D IHZ ZRUGV WKDW ZLOO EH D FXH WR PH WKDW ZLOO KHOS PH WKLQN DERXW +RZ WR WDUJHW EHKDYLRUf 7KH WKLQJ ZDQW WR WKLQN DERXW WKH PRVW ZKHQ ,nP WDUJHW EHKDYLRULQJf LV IRU H[DPSOH VKRXOGHUV IRU VLWXSVWUDLJKWf VR ,nP JRLQJ WR ZULWH IRU H[DPSOH VKRXOGHUVf RQ LT\ :RUNVKHHW EHVLGH +RZ" ,nP DOVR JRLQJ WR ZULWH WKH FXH RQ WKLV FXH FDUG FDQ WDNH WKLV FXH FDUG ZLWK PH WR KHOS PH WKLQN DERXW WDUJHW EHKDYLRULQJf LQ DQ HGXFDWLRQ FRQIHUHQFH :KHQ VHH WKLV FXH LW UHPLQGV PH WR IRU H[DPSOH NHHS P\ VKRXOGHUV EDFNf >0DNH SK\VLFDO UHVSRQVH WR WKH FXH DV \RX VD\ LW@ 1H[W QHHG WR GHFLGH :KHUH" ZDQW WR EH VXUH WR WDUJHW EHKDYLRUf ZDQW WR WDUJHW EHKDYLRUf DW DQ HGXFDWLRQ FRQIHUHQFH VR ,nOO ZULWH HGXFDWLRQ FRQIHUHQFH LQ LQVWUXFWLRQV EHVLGH :KHUH" 2ND\ ,nYH GHFLGHG :KDW +RZ DQG :KHUH WR WDUJHW EHKDYLRUf EXW ,P QRW ILQLVKHG \HW VWLOO KDYH WR GHFLGH :KHQ

PAGE 271

GXULQJ DQ HGXFDWLRQ FRQIHUHQFH WKDW LW LV SDUWLFXODUO\ LPSRUWDQW WR WDUJHW EHKDYLRUf /HWnV VHH LWnV LDARUWDQW WR WDUJHW EHKDYLRUf ZKHQ IRU H[DPSOH VRPHRQH LV VSHDNLQJ WR DQG ZKHQ DZ VSHDNLQJ WR WKHPf VR ,nD JRLQJ WR ZULWH ZKLOH OLVWHQ DQG WDON LQ Z\ LQVWUXFWLRQV EHVLGH :KHQ" >7KLV DQVZHU PD\ YDU\ VRPHZKDWf§FRXOG DOVR EH GXULQJ TXHVWLRQV DQG DQVZHUV HWF )RU +HDG QRGV WKLV VKRXOG EH RQO\ :KHQ ,nP OLVWHQLQJ RU :KHQ VRPHRQH VSHDNV WR PH@ 1RZ NQRZ :KDW" >(OLFLW UHVSRQVH@ +RZ" >(OLFLW UHVSRQVH@ :KHUH" >(OLFLW UHVSRQVH@ DQG :KHQ" >(OLFLW UHVSRQVH@ DOVR ZDQW WR UHDHDEHU :K\" ,WnV LPSRUWDQW WR WDUJHW EHKDYLRUf GXULQJ DQ HGXFDWLRQ FRQIHUHQFH >(OLFLW UHVSRQVH RU FRQWLQXH@ ZDQW WR WDUJHW EHKDYLRUf GXULQJ DQ HGXFDWLRQ FRQIHUHQFH VR WKDW FDQ LDSURYH D\ LPDJH ,nOO ZULWH WR LPSURYH P\ LPDJH EHVLGH :K\" >(ODERUDWH RQ WKLV DV DSSURSULDWH IRU WKH VWXGHQWVf 'LVFXVV EULHIO\ ZK\ KDYLQJ D JRRG LPDJH LV LPSRUWDQW DW DQ HGXFDWLRQ FRQIHUHQFH@ *UHDW KDYH ILQLVKHG 6WHS *DWKHU LGHDV IRU GRLQJ WKH VNLOO >8VH ,PDJHV ,QIRUPDWLRQ 6KHHW DQG SRLQW WR HDFK TXHVWLRQ DV \RX VD\ @ NQRZ WKDW ZDQW WR WDUJHW EHKDYLRUf E\ WKLQNLQJ DERXW LM\ FXHf GXULQJ DQ HGXFDWLRQ FRQIHUHQFH ZKLOH DP OLVWHQLQJ DQG VSHDNLQJ VR WKDW FDQ LPSURYH P\ LPDJH >(OLFLW LQVWUXFWLRQV WR ZULWH LQ 3DUW ( RI WKH ZRUNVKHHW IURP WKH VWXGHQW $ SDUDSKUDVH RI WKH WDUJHW EHKDYLRUf UHTXLUHPHQWV RU RWKHU VSHFLDO UHPLQGHU LV DSSURSULDWH@

PAGE 272

H 1RZ KDYH VRPH LGHDV DERXW KRZ WR WDUJHW EHKDYLRUf DQ UHDG\ IRU 6WHS ( :KDW GRHV WKH ( WHOO WR GR" >(OLFLW UHVSRQVH ,0$*(6 *UHDW WHOO HYDOXDWH LT\ SHUIRUPDQFH :KDW GRHV HYDOXDWH PHDQ" >(OLFLW UHVSRQVH MXGJH WKH YDOXH RI VRPHWKLQJ RU KRZ JRRG LW LV@ 7KDWnV ULJKW QHHG WR MXGJH KRZ ZHOO FDQ WDUJHW EHKDYLRUf LI IROORZ WKH GLUHFWLRQV WKDW ,nYH ZULWWHQ ,nG EHWWHU WU\ RXW Y\ LQVWUXFWLRQV IRU WDUJHW EHKDYLRUf 8VH WZR RU WKUHH (GXFDWLRQ &RQIHUHQFH 5ROH 3OD\ FDUGV (YDOXDWH \RXU SHUIRUPDQFH DQG DOVR DVN IRU WKH VWXGHQWnV IHHGEDFN 8VH H[DPSOHV DQG QRQn H[DPSOHV RI WKH WDUJHW EHKDYLRU WR GHPRQVWUDWH HYDOXDWLQJ SHUIRUPDQFH 2ND\ U WKDW WKLQN UHDG\ WR JR RQ WR 6WHS 6 :KDW LI FRXOGQnW GR WDUJHW EHKDYLRUf \HW" :KDW ZRXOG GR" >(OLFLW UHVSRQVH *R EDFN WR 6WHS *DWKHU PRUH LGHDV RQ KRZ WR 7DUJHW EHKDYLRUf :ULWH GLIIHUHQW LQVWUXFWLRQV@ I :KDW GR GR LQ 6WHS 6" >(OLFLW UHVSRQVH 8VH ,0$*(6 ,QIRUPDWLRQ 6KHHW @ 7KDWnV ULJKW VHW JRDOV WR WDUJHW EHKDYLRUf GXULQJ HGXFDWLRQ FRQIHUHQFHV RQO\ QHHG WKH *RDO 6KHHW ,Q 3DUW $ 6NLOOV WR ,PSURYH RU 0RGLI\ ZULWH WDUJHW EHKDYLRUf 1H[W ZULWH D JRDO IRU WDUJHW EHKDYLRUf LQ 3DUW % >:ULWH ZLOO WDUJHW EHKDYLRUf GXULQJ HGXFDWLRQ FRQIHUHQFHV@ QHHG WR VHW D JRDO WR XVH P\ QHZ QRQYHUEDO FRPPXQLFDWLRQ EHKDYLRUf§

PAGE 273

WDUJHW EHKDYLRUff§ ,Q HGXFDWLRQ FRQIHUHQFHV VR WKDW FDQ ,PSURYH WKH LPDJH P\ WHDFKHUV KDYH RI PH %XW ZDLW ,nP QRW ILQLVKHG $UH WKHUH RWKHU SODFHV ZKHUH FRXOG LPSURYH Q\ LPDJH E\ WDUJHW EHKDYLRULQJf" > (OLFLW UHVSRQVHV VXFK DV GXULQJ FODVV ZKHQ ZDQW WR PDNH D JRRG LPSUHVVLRQ ZKHQ DVN P\ WHDFKHU HWFf IRU VRPHWKLQJ VSHFLDO HWF@ ,nP JRLQJ WR ZULWH D JRDO WR WDUJHW EHKDYLRUf ZKHQ >8VH RQH RI WKH VWXGHQWnV UHVSRQVHV@ 5(9,(: 675$7(*< 67(36 $1' 48(67,216 21 9(5%$/ 5(+($56$/ 48,= 6+((7 >:ULWH WKH GDWH RQ WKH 6WXGHQWnV 6WUDWHJ\ &RPSOHWLRQ 3ODQ IRU FRPSOHWLQJ 0RGHO 7HOO VWXGHQWVf WKDW WKH QH[W VWHS LV 9HUEDO 5HKHDUVDO DQG WKH\ QHHG WR SUDFWLFH VD\LQJ WKH VWHSV RI ,0$*(6

PAGE 274

$33(1',; 2 ,0$*(6 ,1)250$7,21 6+((76

PAGE 275

,0$*(6 ,1)2 f

PAGE 276

,0$*( r $ 0(17$/ 3,&785( 2) 620(21( r +$6 $ 0(66$*( ,0$*(6 ,1)2 f

PAGE 277

&20081,&$7,21 r 9(5%$/ :,7+ :25'6 r 1219(5%$/ :,7+287 :25'6 ,0$*(6 ,1)2 f

PAGE 278

,0$*(6 *2$/ 67$7(0(17 :$17 72 /($51 $ 675$7(*< 72 ,03529( 0< 1219(5%$/ &20081,&$7,21 $1' 0< ,0$*( ,0$*(6 ,1)2 f

PAGE 279

, 0 $ ,0$*(6 ,1)2 f

PAGE 280

,0$*(6 ,19(1725< <285 3+<6,&$/ $%,/,7,(6 0 0$.( $ 127( 2) 6.,// 5(48,5(0(176 $ $6. ,) 7+(5( $5( ',))(5(1&(6 *$7+(5 ,'($6 )25 '2,1* 7+( 6.,// (9$/8$7( <285 3(5)250$1&( 6(7 *2$/6 72 86( 7+( 6.,// ,0$*(6 ,1)2 f

PAGE 281

,0$*(6 19(1725< <285 3+<6,&$/ $%,/,7,(6 r $16:(5 7+( 3+<6,&$/ $%,/,7,(6 48(67,216 r :5,7( 7+( 7+,1*6 <28 &$1 '2 :(// ,0$*(6 ,1)2 f

PAGE 282

, 0$* (6 0 $.( $ 127( 2) 6.,// 5(48,5(0(176 r :5,7( 7+( 1$0( 2) 7+( 1219(5%$/ &20081,&$7,21 %(+$9,25 r /,67 7+( 3$576 2) 7+( 1219(5%$/ &20081,&$7,21 %(+$9,25 ,0$*(6 ,1)2 f

PAGE 283

r &203$5( 7+( 1219(5%$/ %(+$9,25 6.,// 5(48,5(0(176 72 <285 675(1*7+6 r $6. $5( 7+(5( $1< ',))(5(1&(6 %(7:((1 <285 $%,/,7,(6 $1' 7+( 6.,//6 1(('(' 72 3(5)250 7+( 1219(5%$/ %(+$9,25" ,0$*(6 ,1)2 f

PAGE 284

,0$*(6 $7+(5 ,'($6 )25 '2,1* 7+( 6.,// r ,) 7+(5( $5( 127 $1< ',))(5(1&(6 %(7:((1 <285 $%,/,7,(6 $1' 7+( 6.,// 5(48,5(0(176 $5( 7+(5( $1< 27+(5 5($6216 7+$7 <28 $5( 127 $%/( 72 3(5)250 7+( 1219(5%$/ 6.,//" :+$7 :,// <28 1((' 72 '2 72 3(5)250 7+( 1219(5%$/ %(+$9,25" :5,7( ,16758&7,216 ,0$*(6 ,1)2 f

PAGE 285

,0$*(6 $7+(5 ,'($6 )25 '2,1* 7+( 6.,// &217,18('f r ,) 7+(5( $5( ',))(5(1&(6 %(7:((1 <285 $%,/,7,(6 $1' 7+( 6.,// 5(48,5(0(176 $5( 7+(5( $1< 3$576 2) 7+( 6.,// 5(48,5(0(176 7+$7 <28 &$1 '2" :+$7 &$1 <28 '2 ,167($' 2) 7+( 6.,// 3$576 7+$7 $5( 2876,'( 2) <285 $%,/,7<" :5,7( ,16758&7,216 ,0$*(6 ,1)2 f

PAGE 286

1219(5%$/ &20081,&$7,21 7+,1. :+$7" +2:" :+(5(" :+(1" :+<" ,0$*(6 ,1)2 f

PAGE 287

,0$*(6 ( 9$/8$7( <285 3(5)250$1&( &$1 <28 3(5)250 7+( 1219(5%$/ %(+$9,25 )2//2:,1* 7+( ,16758&7,216 21 <285 :25.6+((7" r ,) <28 &$1 *2 21 72 7+( 1(;7 67(3 6n r ,) <28 &$1127 *2 %$&. 72 67(3 $1' :5,7( 1(: ,16758&7,216 )25 %(+$9,25 ,0$*(6 ,1)2 f

PAGE 288

,0$*(6 6 (7 *2$/6 72 86( 7+( 6.,// r :5,7( 7+( 1$0( 2) 7+( 1219(5%$/ 6.,// r :5,7( $ *2$/ 72 86( 7+( 1219(5%$/ &20081,&$7,21 %(+$9,25 ,1 ('8&$7,21 &21)(5(1&(6 r $5( 7+(5( 27+(5 3/$&(6 :+(5( 7+( 1219(5%$/ %(+$9,25 :28/' %( 86()8/" ,) 62 :5,7( $ *2$/ ,0$*(6 ,1)2 f

PAGE 289

1219(5%$/ %(+$9,25 '(),1,7,21 6,7 83 675$,*+7 D +LSV DQG EXWWRFNV SXVKHG EDFN LQ FKDLU VHDW E %DFN LV VWUDLJKW F 6KRXOGHUV DUH VTXDUHG 1RW KXQFKHG RU URXQGHGf G 6KRXOGHU EODGHV WRXFK WKH FKDLU EDFN H +HDG LV r RYHU VKRXOGHUV r VWUDLJKW XS RU VOLJKWO\ WLOWHG ,0$*(6 ,1)2 f

PAGE 290

1219(5%$/ %(+$9,25 '(),1,7,21 /($1 )25:$5' 6DPH DV VLWWLQJ XS VWUDLJKW H[FHSW D 6KRXOGHUV DUH VOLJKWO\ IRUZDUGQRW WRXFKLQJ EDFN RI FKDLU E :DLVW LV DZD\ IURP FKDLU EDFN F )RUZDUG VODQW LV QRW PRUH WKDQ GHJUHHV RU D 6LWWLQJ WRZDUG IURQW HGJH RI FKDLU DQG E 1R SDUW RI EDFN DQG VKRXOGHUV LV WRXFKLQJ WKH FKDLU EDFN ,0$*(6 ,1)2 f

PAGE 291

1219(5%$/ %(+$9,25 '(),1,7,21 5(/$; +$1'6 $1' $506 D $UPV DUH XQIROGHG E 8SSHU DUPV DUH KDQJLQJ GRZQ RU UHDFKLQJ VOLJKWO\ IRUZDUG F (OERZV DUH VOLJKWO\ EHQW DQG QRW RQ WKH WDEOH G 3DOPV DUH VOLJKWO\ H[WHQGHG DQG r IDFLQJ XS ZLWK ILQJHUV UHOD[HG RU r IDFLQJ HDFK RWKHU ZLWK ILQJHUV VOLJKWO\ WRXFKLQJ H +DQGV DUH UHVWLQJ RQ WDEOH RU LQ ODS ,0$*(6 ,1)2 f

PAGE 292

1219(5%$/ %(+$9,25 '(),1,7,21 60,/( D :LWK OLSV WRJHWKHU RU E :LWK OLSV DSDUW DQG WHHWK VKRZLQJ ,0$*(6 ,1)2 f

PAGE 293

1219(5%$/ %(+$9,25 '(),1,7,21 (<( &217$&7 D .HHS KHDG LQ PLGOLQH E &KLQ OHYHO F 2SHQ H\HV G /RRN DW WKH LQWHUYLHZHU ,0$*(6 ,1)2 f

PAGE 294

1219(5%$/ %(+$9,25 '(),1,7,21 12' <285 +($' D +HDG PRYHV XS DQG WKHQ GRZQ E 0D\ EH RQH TXLFN QRG F 0D\ EH VORZ DQG UHSHDWHG VHYHUDO WLPHV G 0D\ EH VHYHUDO TXLFN QRGV ,0$*(6 ,1)2 f

PAGE 295

5()(5(1&(6 $EHVRQ $ t :HLQWUDXE ) f 8QGHUVWDQGLQJ WKH LQGLYLGXDOL]HG HGXFDWLRQ SURJUDP ,Q 6 7RUUHV (Gf $ SULPHU RQ LQGLYLGXDOL]HG HGXFDWLRQ SURJUDPV IRU KDQGLFDSSHG FKLOGUHQ SSf 5HVWRQ 9$ 7KH )RXQGDWLRQ IRU ([FHSWLRQDO &KLOGUHQ $GHOPDQ +6 f 7KH FRQFHSW RI LQWULQVLF PRWLYDWLRQ ,PSOLFDWLRQV IRU SUDFWLFH DQG UHVHDUFK ZLWK WKH OHDUQLQJ GLVDEOHG /HDUQLQJ 'LVDELOLW\ 4XDUWHUO\ -f $QGHUVRQ (0 f 7KH GLVDEOHG VFKRRO FKLOG $ VWXG\ RI LQWHJUDWLRQ LQ SULPDU\ VFKRROV /RQGRQ 0HWKXHQ $WNLQVRQ -: f $Q LQWURGXFWLRQ WR PRWLYDWLRQ 3ULQFHWRQ 1' 9DQ 1RVWUDQG $X[WHU t 3\IHU f 3ULQFLSOHV DQG PHWKRGV RI DGDSWHG SK\VLFDO HGXFDWLRQ DQG UHFUHDWLRQ WK HGf 6W /RXLV 7LPHV 0LUURU0RVE\ &ROOHJH %DQGXUD $ f 6HOIHIILFDF\ 7RZDUG D XQLI\LQJ WKHRU\ RI EHKDYLRUDO FKDQJH 3V\FKRORJLFDO 5HYLHZ %DUWHO 15 t *XVNLQ 6/ f $ KDQGLFDS DV D VRFLDO SKHQRPHQRQ ,Q :0 &UXLFNVKDQN (Gf 3V\FKRORJ\ RI H[FHSWLRQDO FKLOGUHQ DQG \RXWK WK HGf SS Ef (QJOHZRRG &OLIIV 13UHQWLFH+DO %HOJUDYH )= f 7KH HIIHFWLYHQHVV RI VWUDWHJLHV IRU LQFUHDVLQJ VRFLDO LQWHUDFWLRQ ZLWK D SK\VLFDOO\ GLVDEOHG SHUVRQ -RXUQDO RI $SSOLHG 6RFLDO 3V\FKRORJ\ Bf %HOODP\ *7 :LOFR[ % 5RVH + t 0F'RQQHOO f (GXFDWLRQ DQG FDUHHU SUHSDUDWLRQ IRU \RXWK ZLWK GLVDELOLWLHV -RXUQDO RI $GROHVFHQW +HDOWK &DUH %LJJH -/ f 7HDFKLQJ LQGLYLGXDOV ZLWK SK\VLFDO DQG PXOWLSOH GLVDELOL 0HUULO

PAGE 296

%LJJH t 6LUYLV % f &KLOGUHQ ZLWK SK\VLFDO DQG PXOWLSOH GLVDELOLWLHV ,Q 1* +DULQJ (Gf %HKDYLRU RI H[FHSWLRQDO FKLOGUHQ QG HGf SS f &ROXPEXV %OHFN (( t 1DJHO '$ f 3K\VLFDOO\ KDQGLFDSSHG FKLOGUHQ $ PHGLFDO DWODV IRU WHDFKHUV 1HZ
PAGE 297

t :DUG f 7KH 1RZLFNL /RFXV RI FRQWURO $Q $XVWUDOLDQ VWXG\ RI QRUPDO DQG FHUHEUDO SDOVLHG &HQWHU < VFDOHV VFKRRO FKLOGUHQ 7KH ([FHSWLRQDO &KLOG f &KULVWHQVRQ 6/
PAGE 298

GH%HWWHQFRXUW /8 =LJPRQG 1 t 7KRUQWRQ + f )ROORZXS RI SRVWVHFRQGDU\DJH UXUDO OHDUQLQJ GLVDEOHG JUDGXDWHV DQG GURSRXWV ([FHSWLRQDO &KLOGUHQ f GH&KDUPV 5 f 3HUVRQDO FDXVDWLRQ DQG SHUFHLYHG FRQWURO ,Q /& 3HUOPXWHU t 5$ 0RQW\ (GVf &KRLFH DQG SHUFHLYHG FRQWURO SS f +LOOVGDOH 1/DZUHQFH (UOEDXP $VVRFLDWHV 'HFL (/ f ,QWULQVLF PRWLYDWLRQ 1HZ 0RQRJUDSK@ %XOOHWLQ RI WKH &RXQFLO IRU (GXFDWLRQDO 'LDJQRVWLF 6HUYL

PAGE 299

(OFKVWDHGW &' t .DODNLDQ /+ f 'HYHORSPHQWDO$GDSWHG SK\VLFDO HGXFDWLRQ 0DNLQJ DELOLW\ FRXQW QG HGf 1HZ
PAGE 300

)U\ 36 t /XSDUW -/ f &RJQLWLYH SURFHVVHV LQ FKLOGUHQnV OHDUQLQJ 3UDFWLFDO DSSOLFDWLRQV LQ HGXFDWLRQDO SUDFWLFH DQG FODVVURRP PDQDJHPHQW 6SULQJILHOG / 7KRPDV )XFKV /6 f 0RQLWRULQJ SURJUHVV DPRQJ PLOGO\ KDQGLFDSSHG SXSLOV 5HYLHZ RI FXUUHQW SUDFWLFH DQG UHVHDUFK 5HPHGLDO DQG 6SHFLDO (GXFDWLRQ -f *DJQHn 50 f 6RPH UHIOHFWLRQV RQ WKLQNLQJ VNLOOV ,QVWUXFWLRQDO 6FLHQFH *LOOHVSLH (% f 6HOIDGYRFDF\ 7LPH IRU SURIHVVLRQDOV WR OLVWHQ (GXFDWLRQ 8QOLPLWHG +f *LOOHVSLH (% t 7XUQEXOO $3 f ,WV Q\ ,(3 ,QYROYLQJ VWXGHQWV LQ WKH SODQQLQJ SURFHVV 7HDFKLQJ ([FHSWLRQDO &KLOGUHQ f *LOOLHV 3 t 6KDFNOH\ 7 f $GROHVFHQWVn YLHZV RI WKHLU SK\VLFDOO\ KDQGLFDSSHG SHHUV f§ D FRPSDUDWLYH VWXG\ (GXFDWLRQDO 5HVHDUFK f *RIIPDQ ( f 6WLJPD 1RWHV RQ WKH PDQDJHPHQW RI VSRLOHG LGHQWLW\ 1HZ
PAGE 301

+DJHQ -: %DUFOD\ &5 t 1HZPDQ 56 f 0HWDFRJQLWLRQ VHOINQRZOHGJH DQG OHDUQLQJ GLVDELOLWLHV 6RPH WKRXJKWV RQ NQRZLQJ DQG GRLQJ 'LVDELOLWLHV f 7RSLFV LQ /HDUQLQJ DQG /HDUQLQJ +DOO &' t 3RUWHU 3 f 6FKRRO LQWHUYHQWLRQ IRU WKH QHXURPXVFXODUO\ KDQGLFDSSHG FKLOG 7KH -RXUQDO RI 3HGLDWULFV +DOO 95 f 0DQDJLQJ EHKDYLRU 3DUW %HKDYLRU PRGLILFDWLRQ 7KH PHDVXUHPHQ HUSQVHV DYL DZUHQFH .6 + t + +DQVRQ 9 f -XYHQLOH UKHXPDWRLG DUWKULWLV ,Q 8PEUHLW (Gf 3K\VLFDO GLVDELOLWLHV DQG KHDOWK LPSDLUPHQWV $Q f $QDO\VLV RI GRPDLQV RI LQGHSHQGHQW OLYLQJ 5HSRUW 1R (' XUDO 6SHFLDO +DUQLVFK '/ )LVKHU $7 t &DUUROO & VHYHQ EHKDYLRUDO QFDQ /RXQFL (GXFDWLRQ $QQXDO &RQIHUHQFH (5,& 'RFXPHQW 5HSURGXFWLRQ 6HUYLFH 1R (' f +DUYH\ '+3 t *UHHQZD\ $3 f 7KH VHOIFRQFHSW RI SK\VLFDOO\ KDQGLFDSSHG FKLOGUHQ DQG WKHLU QRQKDQGLFDSSHG VLEOLQJV $Q HPSLULFDO LQYHVWLJDWLRQ -RXUQDO RI &KLOG 3V\FKRORJ\ DQG 3V\FKLDWU\ f +HJDUW\ 6 3RFNOLQJWRQ t /XFDV f ,QWHJUDWLRQ LQ DFWLRQ &DVH VWXGLHV LQ WKH ,QWHJUDWLRQ RI SXSLOV ZLWK VSHFLDO QHHGV 3ULQFHWRQ 1+XPDQLWLHV 3UHVV +LUVKRUHQ $ t %XUWRQ 7 f :LOOLQJQHVV RI UHJXODU WHDFKHUV WR SDUWLFLSDWH LQ PDLQVWUHDPLQJ KDQGLFDSSHG FKLOGUHQ -RXUQDO RI 5HVHDUFK DQG 'HYHORSPHQW LQ (GXFDWLRQ f OXFQ +RUQH 0' f $WWLWXGHV WRZDUG KDQGLFDSSHG VWXGHQWV 3URIHVVLRQDO SHHU DQG SDUHQW UHDFWLRQV +LOOVGDOH 1HZ -HUVH\ DZUHQFH DXP $VVRFLDWHV -RQHV 0+ f &HUHEUDO 3DOV\ ,Q 8PEUHLW (Gf 3K\VLFDO GLVDELOLWLHV DQG KHDOWK LPSDLUPHQWV $Q LQWURGXFWLRQ GG .HQQHG\ ( f (GXFDWLRQ RI LQGLYLGXDOV ZLWK GLVDELOLWLHV $FW RI 5HSRUW .OHFN 5 f 3K\VLFDO VWLJPD DQG QRQYHUEDO FXHV HPLWWHG LQ IDFHWRIDFH LQWHUDFWLRQ +XPDQ 5HODWLRQV

PAGE 302

.OHFN 5 f 3K\VLFDO VWLJPD DQG WDVN RULHQWHG LQWHUDFWLRQV +XPDQ 5HODWLRQV .OHFN 5 2QR + t +DVWRUI $+ f 7KH HIIHFWV RI SK\VLFDO GHYLDQFH XSRQ IDFHWRIDFH LQWHUDFWLRQ +XPDQ 5HODWLRQV e .QDSS 0 f 1RQYHUEDO FRPPXQLFDWLRQV DQG KXPDQ LQWHUDFWLRQ 1HZ
PAGE 303

0LOOV %HOJUDYH )= t %R\HU .0 f 5HGXFLQJ DYRLGDQFH RI VRFLDO LQWHUDFWLRQ ZLWK D SK\VLFDOO\ GLVDEOHG SHUVRQ E\ PHQWLRQLQJ WKH GLVDELOLW\ IROORZLQJ D UHTXHVW IRU DLG -RXUQDO RI $SSOLHG 6RFLDO 3V\FKRORJ\ f 0LVFKHO +1 t 0LVFKHO : f 7KH GHYHORSPHQW RI FKLOGUHQnV NQRZOHGJH RI VHOIFRQWURO VWUDWHJLHV &KLOG 'HYHORSPHQW a 0RUJDQ 05 f 6RFLDO DVSHFWV RI ,QWHJUDWLRQ ,Q /RULQJ t %XUQ (GVf ,QWHJUDWLRQ RI KDQGLFDSSHG FKLOGUHQ LQ VRFLHW\ SS f /RQGRQ 0RUJDQ 65 f 'HLQVWLWXWLRQDOL]DWLRQ RI VHYHUHO\ KDQGLFDSSHG FKLOGUHQ /RFXV RI FRQWURO LQFHQWLYH RULHQWDWLRQV DV LPSRUWDQW LQGLFDWRUV 7KH ([FHSWLRQDO &KLOG f 0RUVLQN &9 f 7HDFKLQJ V FODVVURRPV %RVWRQ QHHGV VWXGHQWV LQ UHJXODU URZQ RPSDQ\ 0RVHQWKDO 3 f 'HVLJQLQJ WUDLQLQJ SURJUDPV IRU OHDUQLQJ GLVDEOHG FKLOGUHQ $Q LGHRORJLFDO SHUVSHFWLYH 7RSLFV LQ /HDUQLQJ DQG /HDUQLQJ 'LVDELOLWLHV -f n 0XONH\ 6: t %UHFKLQ && f 7UDQVLWLRQWRZRUN 7KH SK\VLFDO SXUVXLW -RXUQDO RI 5HKDELOLWDWLRQ f 1HOVRQ 53 )LVFKHU t 5XEHQVWHLQ f (GXFDWLRQ DQG FDUHHU SUHSDUDWLRQ :RUN JURXS SURFHHGLQJV -RXUQDO RI $GROHVFHQW +HDOWK &DUH 2UHORYH )3 t 6REVH\ f (GXFDWLRQ FKLOGUHQ ZLWK PXOWLSOH GLVDELOLWLHV $ WUDQVGLVFLSOLQDU\ DSSURDF D7WLPRUH URR 2VWULQJ + t 1LHPLQHQ 6 f &RQFHSW RI VHOI DQG WKH DWWLWXGH RI VFKRRO DJH &3 FKLOGUHQ WRZDUGV WKHLU KDQGLFDS ,QWHUQDWLRQDO -RXUQDO RI 5HKDELOLWDWLRQ 5HVHDUFK B 3DOPHU -7 6WLHJOLW] 0 /RPEDUGL & t +HQILHOG 3 f $ FDUHHU HGXFDWLRQ SURJUDP IRU VWXGHQWV ZLWK SK\VLFDO GLVDELOLWLHV &DUHHU 'HYHORSPHQW IRU ([FHSWLRQDO ,QGLYLGXDOV 3HUOPXWHU /& t 0RQW\ 5$ f 7KH LPSRUWDQFH RI SHUFHLYHG FRQWURO )DFW RU )DQWDV\" $PHULFDQ 6FLHQWLVW e 3RUWHU $& t %URSK\ f 6\QWKHVLV RI UHVHDUFK RQ JRRG WHDFKLQJ ,QVLJKWV IURP WKH ZRUN RI WKH LQVWLWXWH IRU UHVHDUFK RQ WHDFKLQJ (GXFDWLRQDO /HDGHUVKLS f

PAGE 304

3UHVVOH\ 0 *RRGFKLOG ) )OHHW =DMFKRZVNL 5 t (YDQV (' LQ SUHVVf 7KH FKDOOHQJHV RI FODVVURRP VWUDWHJ\ LQVWUXFWLRQ 7KH (OHPHQWDU\ 6FKRRO -RXUQDO 3UHVVOH\ 0 6\PRQV 6 6Q\GHU %/ t &DULJOLD%XOO 7 f 6WUDWHJ\ LQVWUXFWLRQ UHVHDUFK FRPHV RI DJH /HDUQLQJ 'LVDELOLW\ 4XDUWHUO\ 5DQGROSK $+ t +DUULQJWRQ 50 f )LIWK JUDGHUV SURMHFWHG UHVSRQVHV WR D SK\VLFDOO\ KDQGLFDSSHG FODVVPDWH (OHPHQWDU\ 6FKRRO *XLGDQFH &RXQVHOLQJ f 5H\QROGV 5( t :DGH 6( f 7KLQNLQJ DERXW WKLQNLQJ DQG WKLQNLQJ 5HIOHFWLRQV RQ PHWDFRJQLWLRQ +DUYDUG (GXFDWLRQDO 5HYLHZ f 5H\QROGV 5( :DGH 6( 7UDWKHQ : t /DSDQ 5 f 7KH VHOHFWLYH DWWHQWLRQ VWUDWHJ\ DQG SURVH OHDUQLQJ ,Q &% 0F&RUPLFN *( 0LOOHU t 0 3UHVVOH\ (GVf &RJQLWLYH VWUDWHJ\ UHVHDUFK )URP EDVLF UHVHDUFK WR HGXFDWLRQDO 5LFK 60 t :XHVW '$ f 6HOIFRQILGHQFH DQG WKH SK\VLFDOO\ KDQGLFDSSHG PDLQVWUHDPHG FKLOG 7KH 3K\VLFDO (GXFDWRU f 5LFK < /LQRU 0 t 6KDOHY 0 f 3HUFHSWLRQV RI VFKRRO OLIH DPRQJ SK\VLFDOO\ GLVDEOHG PDLQVWUHDPHG SXSLOV (GXFDWLRQDO 5HVHDUFK f 5LFKDUGVRQ 6$ f $WWLWXGHV DQG EHKDYLRU WRZDUG WKH SK\VLFDOO\ KDQGLFDSSHG ,Q %HUJVPD t $( 3XOYHU (GVf %LUWK 'HIHFWV 2ULJLQDO $UWLFOH 6HULHV f 5RVHQEDXP & t .DW] 6 f $WWLWXGHV WRZDUG WKH SK\VLFDOO\ GLVDEOHG %HOLHIV DQG WKHLU HYDOXDWLRQ ,QWHUQDWLRQDO -RXUQDO RI 5HKDELOLWDWLRQ 5HVHDUFK 5RVHQVKLQH % t 6WHYHQV 5 f 7HDFKLQJ IXQFWLRQV ,Q 0& :LWWURFN (Gf +DQGERRN RI UHVHDUFK RQ WHDFKLQJ UG HG+SS f 1HZ
PAGE 305

6DLORU : t *XHVV f 6HYHUHO\ KDQGLFDSSHG VWXGHQWV $Q LQVWUXFWLRQ GHVLJQ %RVWRQ 0$f +RXJKWRQ 0LIIOLQ 6FKXO] 5 t +DQXVD %+ f (QYLURQPHQW LQIOXHQFHV RQ WKH HIIHFWLYHQHVV RI FRQWURO DQG FRPSHWHQFHHQKDQFLQJ LQWHUYHQWLRQV ,Q /& 3HUOPXWHU t 5$ 0RQW\ (GVf &KRLFH DQG SHUFHLYHG FRQWURO SS f +LOOVGDOH 1/DZUHQFH (UOEDXP $VVRFLDWHV 6FKXPDNHU 'HVKOHU '' $OOH\ *5 :DUQHU 00 t 'HQWRQ 3+ f 0XOWLSDVV $ OHDUQLQJ VWUDWHJ\ IRU LPSURYLQJ UHDGLQJ FRPSUHKHQVLRQ /HDUQLQJ 'LVDELOLW\ 4XDUWHUO\ 6FKXPDNHU -% 'HVKOHU '' $OOH\ *5 t :DUQHU 00 f 7RZDUG WKH GHYHORSPHQW RI DQ LQWHUYHQWLRQ PRGHO IRU OHDUQLQJ GLVDEOHG DGROHVFHQWV 7KH 8QLYHUVLW\ RI .DQVDV ,QVWLWXWH ([FHSWLRQDO (GXFDWLRQ 4XDUWHUO\ f 6FKXPDNHU -% 'HVKOHU '' t (OOLV (6 f ,QWHUYHQWLRQ LVVXHV UHODWHG WR WKH HGXFDWLRQ RI /' DGROHVFHQWV ,Q -. 7RUJHVRQ t E/ :RQJ (GVf /HDUQLQJ GLVDELOLWLHV 6RPH QHZ SHUVSHFWLYHV 1HZ
PAGE 306

6LPHRQVVRQ 5f 3V\FKRORJLFDO DQG GHYHORSPHQW DVVHVVPHQW RI VSHFLDO FKLOGUHQ 1HZWRQ 0$ $+\Q DQG EDFRQ 6LUYLV % f 'HYHORSLQJ ,(3nV IRU SK\VLFDOO\ KDQGLFDSSHG VWXGHQWV $ WUDQVGLVFL SL LQDU\ YLHZSRLQW 7HDFKLQJ ([FHSWLRQDO &KLOGUHQ f 6LUYLV % f 6WXGHQWV ZLWK VSHFLDO KHDOWK FDUH QHHGV 7HDFKLQJ ([FHSWLRQDO &KLOGUHQ f 6WHGPDQnV 0HGLFDO 'LFWLRQDU\ QG (GLWLRQf f %DOWLPRUH 0' 7KH :LOOLDPV t :LONLQV &RPSDQ\ 6WLSHN 't :HLV] -5 f 3HUFHLYHG SHUVRQDO FRQWURO DQG DFDGHPLF DFKLHYHPHQW 5HYLHZ RI (GXFDWLRQDO 5HVHDUFK f f 6WRNHV 7) t %DHU '0 f $Q LPSOLFLW WHFKQRORJ\ RI JHQHUDOL]DWLRQ -RXUQDO RI $SSOLHG %HKDYLRU $QDO\VLV f§ 6\PRQV 6 6Q\GHU %/ &DULJOLD%XOO 7 t 3UHVVOH\ 0 f :K\ EH RSWLPLVWLF DERXW FRJQLWLYH VWUDWHJ\ LQVWUXFWLRQ" ,Q &% 0F&RUPLFN *( 0LOOHU t 0 3UHVVOH\ (GVf &RJQLWLYH VWUDWHJ\ UHVHDUFK )URP EDVLF UHVHDUFK WR HGXFDWLRQDO 1HZ \RUN 6SULQJHU9HUODJ 7DZQH\ -: t *DVW '/ f 6LQJOH VXEMHFW UHVHDUFK LQ VSHFLDO HGXFDWLRQ &ROXPEXV 2+ &KDUOHV ‹ 7HQQ\VRQ 5' t 5DVFK 0 f /LQNLQJ FRJQLWLYH OHDUQLQJ WKHRU\ WR LQVWUXFWLRQDO SUHVFULSWLRQV ,QVWUXFWLRQDO 6FLHQFH  7KRPDV &/ (Gf f 7DEHUnV F\FORSHGLF PHGLFDO GLFWLRQDU\ WK HGf 3KLODGHOSKLD )$ 'DYLV 7KRPSVRQ 7/ f 7KH GHYHORSPHQW RI FRPPXQLFDWLRQ VNLOOV LQ SK\VLFDOO\ KDQGLFDSSHG FKLOGUHQ +XPDQ &RPPXQLFDWLRQ 5HVHDUFK f 7KRPSVRQ 7/ f &RPPXQLFDWLRQ ZLWK WKH KDQGLFDSSHG $ WKUHH \HDU VWXG\ RI WKH HIIHFWLYHQHVV RI PDLQVWUHDPLQJ &RPPXQLFDWLRQ (GXFDWLRQ f 7LQ /* t 7HDVGDOH *5 f $Q REVHUYDWLRQDO VWXG\ RI WKH VRFLDO DGMXVWPHQW RI VSLQD ELILGD FKLOGUHQ LQ LQWHJUDWHG VHWWLQJV %ULWLVK -RXUQDO RI (GXFDWLRQDO 3V\FKRORJ\

PAGE 307

7XUQEXOO $3 t 7XUQEXOO ,,, +5 f 'HYHORSLQJ ,QGHSHQGHQFH -RXUQDO RI $GROHVFHQW +HDOWK &DUH A 8PEUHOW (Gf f 3K\VLFDO GLVDELOLWLHVADQG KHDOWK\ 9DQ 3XWWH $: f 5HODWLRQVKLS RI VFKRRO VHWWLQJ WR VHOI FRQFHSW LQ SK\VLFDOO\ GLVDEOHG FKLOGUHQ 7KH -RXUQDO RI 6FKRRO +HDOWK f 9DQ 5HXVHQ $. f $ VWXG\ RI WKH HIIHFWV RI WUDLQLQJ OHDUQLQJ GLVDEOHG DGROHVFHQWV LQ VHOIDGYRFDF\ SURFHGXUHV IRU XVH LQ WKH ,(3 FRQIHUHQFH 'RFWRUDO GLVVHUWDWLRQ 8QLYHUVLW\ RI .DQVDV f 'LVVHUWDWLRQ $EVWUDFWV ,QWHUQDWLRQDO f $ 9DQ 5HXVHQ $. %RV &6 6FKXPDNHU -% t 'HVKOHU '' f 7KH HGXFDWLRQ SODQQLQJ VWUDWHJ\ /DZUHQFH .6 ([FHO HQWHUSULVHV :DONHU '. f &DUH RI FKURQLFDOO\ LOO FKLOGUHQ LQ VFKRROV 3HGLDWULF &OLQLFV RI 1RUWK $PHULFD f :DOODFH t 0F/RXJKOLQ -$ f /HDUQLQJ GLVDELOLWLHV &RQFHSWV DQG FKDUDFWHULVWLFV QG HG :HLQHU % f $ WKHRU\ RI PRWLYDWLRQ IRU VRPH FODVVURRP H[SHULHQFHV -RXUQDO RI (GXFDWLRQDO RJ\ :HLQVWHLQ &( t 0D\HU 5( f 7KH WHDFKLQJ RI OHDUQLQJ VWUDWHJLHV ,Q 0& :LWWURFN (Gf +DQGERRN RI UHVHDUFK RQ WHDFKLQJ UG HGfSS f 1HZ
PAGE 308

:LVHPDQ 5/ (PU\ 5 0RUJDQ 't 0HVVDPHU f $ QRUPDWLYH DQDO\VLV RI WKH FRPPXQLFDWLRQ EHWZHHQ GLVDEOHG DQFI QRQGL LRQ 'LYLVLRQ RI WKH 6SHHFK &RPPXQLFDWLRQ $VVRFLDWLRQ (5,& 'RFXPHQW 5HSURGXFWLRQ 6HUYLFH 1R (' f :LWWURFN 0& f 6WXGHQWVn WKRXJKW SURFHVVHV ,Q 0& :LWWURFN (Gf +DQGERRN RI UHVHDUFK RQ WHDFKLQJ UG HG0SS f 1HZ
PAGE 309

%,2*5$3+,&$/ 6.(7&+ 6WHSKDQLH / &DUSHQWHU ZDV ERUQ LQ
PAGE 310

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

PAGE 311

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

PAGE 312

81,9(56,7< 2) )/25,'$