Citation
Callosal morphology in epilepsy and neuropsychological test performance

Material Information

Title:
Callosal morphology in epilepsy and neuropsychological test performance influence of early versus late seizure onset
Alternate title:
Influence of early versus late seizure onset
Creator:
Flynn, Thomas Bernard, 1963-
Publication Date:
Language:
English
Physical Description:
ix, 121 leaves : ill. ; 29 cm.

Subjects

Subjects / Keywords:
Axons ( jstor )
Corpus callosum ( jstor )
Correlations ( jstor )
Epilepsy ( jstor )
Hemispheres ( jstor )
Intelligence quotient ( jstor )
Lateral stability ( jstor )
Lesions ( jstor )
Seizures ( jstor )
Wechsler scales ( jstor )
Cognition ( mesh )
Corpus Callosum -- anatomy & histology ( mesh )
Corpus Callosum -- physiology ( mesh )
Epilepsy ( mesh )
Magnetic Resonance Imaging ( mesh )
Neuropsychological Tests ( mesh )
Genre:
bibliography ( marcgt )
theses ( marcgt )
non-fiction ( marcgt )

Notes

Thesis:
Thesis (Ph. D.)--University of Florida, 1996.
Bibliography:
Includes bibliographical references (leaves 102-120).
General Note:
Typescript.
General Note:
Vita.
Statement of Responsibility:
by Thomas Bernard Flynn.

Record Information

Source Institution:
University of Florida
Holding Location:
University of Florida
Rights Management:
Permission granted to the University of Florida to digitize, archive and distributed this item for non-profit and educational purposes only. Any reuse of this item in excess of fair use requires permission of the copyright holder.
Resource Identifier:
49349343 ( OCLC )
ocm49349343

Downloads

This item has the following downloads:


Full Text









CALLOSAL MORPHOLOGY IN EPILEPSY
AND NEUROPSYCHOLOGICAL TEST PERFORMANCE:
INFLUENCE OF EARLY VERSUS LATE SEIZURE ONSET











By

THOMAS BERNARD FLYNN


A DISSERTATION PRESENTED TO THE GRADUATE SCHOOL
OF THE UNIVERSITY OF FLORIDA IN PARTIAL FULFILLMENT
OF THE REQUIREMENTS FOR THE DEGREE OF
DOCTOR OF PHILOSOPHY

UNIVERSITY OF FLORIDA


1996













ACKNOWLEDGMENTS


It would not have been possible to complete this dissertation without the

encouragement and generous support of my committee members. I would like to express

my gratitude to Dr. Gilmore for her time as part of my committee, and for providing

access to Epilepsy Monitoring Unit records. Dr. Crosson's thoughtful comments were

always appreciated, and contributed to my conceptualization of the research. I owe a

particular debt to Dr. Leonard who made the resources or her laboratory available to me

without hesitation, and gave generously of her time, attention, and counsel. Dr. Bauer's

support has always been important to me, and I am grateful for his willingness to work

with me on this project. To Dr. Fennell, I owe thanks and appreciation for seeing me

through not only this dissertation, but a graduate career as well.













TABLE OF CONTENTS


page
ACKNOW LEDGMENTS ............................................... 11ii

LIST OF TABLES ................................................... vi

LIST OF FIGURES .................................................. viii

AB STRA CT ........................................................ ix

IN TROD U CTION .................................................... 1

Background ....................... ........................... 1
Normal Anatomy and Callosal Development ...................... 1
Abnormalities Involving the Corpus Callosum ..................... 7
Agenesis of the corpus callosum ......................... 7
Sectioning of the corpus callosum ....................... 10
Influences on Development and Morphology of the Corpus Callosum .. 13
Effects of early events and experiences on callosal development 13
Effect of gender on callosal morphology .................. 17
Effects ofhandedness and age on callosal morphology ....... 18
Relationships between Callosal Morphology and Cognitive Functioning 19
IQ and other global measures of cognitive performance ....... 19
Other neuropsychological measures ...................... 24
Attention-deficit/hyperactivity disorder ................... 26
Callosal Morphology and Intellectual Functioning ................. 28
Study Rationale and Predictions .................................... 34
Initial Study Objectives ..................................... 34
Anterior Callosal Morphology and Wisconsin Card Sorting Tes
Perform ance ....................................... 35
Posterior Callosal Morphology and Facial Recognition Test
Perform ance ....................................... 42








page
M E TH O D .......................................................... 45

Subjects ...................................................... 45
Neuropsychological M measures ..................................... 47
M orphometric M measure .......................................... 48
Statistical A analysis .............................................. 52
R liability ............................................... 52
Approach to Data Analysis .................................. 52

R E SU L T S .......................................................... 55

Neuropsychological M measures ..................................... 55
V erbal Scale IQ .......................................... 55
Performance Scale IQ ...................................... 55
Full Scale IQ ............................................ 56
Freedom from Distractibility Index ........................... 56
WCST Perseverative Error Score ............................. 56
Facial Recognition Test Score ............................... 58
Grouping Based on Age at Seizure Onset ....................... 58
M orphom etric D ata ............................................. 59
Inter-rater Reliability ...................................... 59
Intra-rater Reliability ...................................... 60
M easurements of Brain Size ................................. 60
Brain Size and Age at Seizure Onset ........................... 61
Measurements of Corpus Callosum ............................ 62
Relationship Between Morphometric and Neuropsychological Measures ..... 63
Full Scale IQ ............................................ 63
Correlation of FSIQ with area of callosal regions (R1-R7) ..... 63
Comparison of correlations for subgroups based on age at
seizure onset, sex and laterality of seizure focus ....... 65
V erbal Scale IQ .......................................... 67
Correlation of VIQ with area of callosal regions (R1-R7) ..... 67
Comparison of correlations for subgroups based on age at
seizure onset, sex and laterality of seizure focus ....... 68
Performance Scale IQ ...................................... 72
Correlations with area of callosal regions (R1-R7)........... 72
Comparison of correlations for subgroups based on age at
seizure onset, sex and laterality of seizure focus ....... 73
Freedom from Distractibility Index ............................ 74
Correlations with area of callosal regions (R1-R7)........... 74







page
Comparison of correlations for subgroups based on age at
seizure onset, sex and laterality of seizure focus ....... 75
Correlations of Anterior and Posterior Callosal Areas with Performance
on Wisconsin Card Sorting and Facial Recognition Tests ..... 76

D ISCU SSIO N ....................................................... 80

Overview and Summary .......................................... 80
Patient Sam ple ........................................... 83
Neuropsychological Measures ............................... 84
"Early" versus "Late" Seizure Onset ........................... 85
M orphom etric D ata ............................................. 85
B rain Size ............................................... 85
Area of the Corpus Callosum ................................ 86
Relationships Between Morphometric and Neuropsychological Measures ..... 87
W AIS-R M measures ........................................ 87
Results Related to Age at Seizure Onset ........................ 88
Gender Differences ........................................ 89
Other Neuropsychological Measures ........................... 90
"What Does the Corpus Callosum do for a Living?" ............... 91
Role in Attentional Regulation ............................... 91
Potential Advantages of Interhemispheric Processing .............. 92
Potential Mechanisms of Callosal Action ....................... 93
Study Lim stations ............................................... 99
Closing Sum m ary .............................................. 100

LIST OF REFERENCES ............................................. 102

BIOGRAPHICAL SKETCH ........................................... 121













LIST OF TABLES


Table page
1 Demographic Features Patient Sample (N=62) ......................... 47

2 Descriptive statistics for neuropsychological measures ................... 57

3 Demographic features and neuropsychological test performance of subjects
with "early" and "late" seizure onset ........................... 59

4 Measurements of brain size in the total sample and separately for males and
fem ales ................................................. 6 1

5 Midsagittal area (cm2) of the corpus callosum (N = 62) ................. 62

6 Correlations of Full Scale IQ with area (cm2) ofcallosal subregions (N = 62) .. 64

7 Correlations of Full Scale IQ and area (cm2) ofcallosal subregions for
subjects with "early" (n = 20) and "late" (n = 42) seizure onset ....... 66

8 Correlations of Verbal Scale IQ with area (cm2) of each callosal subregion .... 68

9 Correlations of Verbal Scale IQ and area (cm2) of callosal subregions for
subjects with "early" (n = 20) and "late" (n = 42) seizure onset ....... 69

10 Correlations of Performance Scale IQ with each of the callosal subregions .... 72

11 Correlations of Performance Scale IQ and each of the callosal subregions
for subjects with "early" (n = 20) and "late" (n = 42) seizure onset .... 74

12 Correlations between FDI scores and area of callosal regions .............. 75

13 Correlations between callosal area (anterior vs. posterior in cm2) and test
score (WCST vs. Facial Recognition) .......................... 77

14 Correlations between callosal area (anterior vs. posterior) and test score
(WCST vs. Facial Recognition) for all subjects and separately for
subjects with "early" and "late" seizure onset .................... 78












LIST OF FIGURES

Figure page
1 Diagram depicting a midsagittal brain image highlighting division of the
corpus callosum into seven subregions.......................... 51

2 Scatterplot of VIQ and area of the splenium (R7) with regression lines
plotted separately for subjects with "early" and late" seizure onset ... 71

3 Scatterplot of anterior area cm2 of the corpus callosum and Facial
Recognition Test score in subjects (n=l 1) with and "early" onset of
seizures ................................................ 79













Abstract of Dissertation Presented to the Graduate School
of the University of Florida in Partial Fulfillment of the
Requirements for the Degree of Doctor of Philosophy



CALLOSAL MORPHOLOGY IN EPILEPSY
AND NEUROPSYCHOLOGICAL TEST PERFORMANCE:
INFLUENCE OF EARLY VERSUS LATE SEIZURE ONSET

By

Thomas Bernard Flynn

December, 1996

Chairperson: Eileen Fennell
Cochairperson: Russell Bauer
Major Department: Clinical and Health Psychology

The corpus callosum is a prominent cerebral structure linking most cortical areas in

both cerebral hemispheres. Multiple lines of evidence suggest that callosal projections

may play a role in the highest-order and latest maturing neural networks in the brain. In

humans, individual differences in area of the corpus callosum have been linked to

performance on neuropsychological measures of cognitive functioning. Sixty-two right-

handed people with intractable epilepsy, left hemisphere language dominance, and a

unilateral temporal lobe seizure focus were tested with the WAIS-R, the Wisconsin Card

Sorting, and Facial Recognition Tests. Morphometric measures of the corpus callosum

and brain size were made from midsagittal magnetic resonance images, and correlations







with measures of cognitive performance were explored. A significant positive correlation

was found between size of the callosal region including fibers linking posterior association

cortex and Verbal and Full Scale, but not Performance IQ. This result replicated a finding

previously reported by Strauss, Wada, and Hunter in a similar patient sample. The finding

did not differ depending upon subject's sex or laterality of seizure focus, and were not

attributable to differences in overall brain size. However, larger area of the posterior

callosum was significantly associated with higher IQs only among subjects with an onset

of chronic seizures after age five. Among subjects with an earlier seizure onset, the

direction of the correlation appeared to be reversed. A significant sex difference was also

found, with larger area of an anterior callosal region significantly correlated with higher IQ

in females and lower scores in males. The study also demonstrated a positive correlation

between a WAIS-R measure of Freedom from Distractibility and area of the callosal

region containing fibers from posterior parietal cortex. Predicted relationships between

areas of anterior and posterior callosum and WCST Perseverative Error and Facial

Recognition Test scores were not supported. The findings are discussed in the context of

evidence that interhemispheric communication contributes to the dynamic allocation of

attentional and information processing resources. The study is limited by the fact that all

subjects had epilepsy, a chronic condition affecting the central nervous system, and by the

correlational nature of the research.













INTRODUCTION


Background


The corpus callosum is the main fiber tract interconnecting the cerebral

hemispheres. In mature brain it is heavily myelinated and distinct in appearance from

surrounding brain structures. Its size, appearance, and central location in the brain have

drawn attention since antiquity (Bogen, 1993). Harris (1995) reviewed the long history of

attempts to understand the structure and function of the corpus callosum highlighting the

importance of interactions among anatomical, physiological, and behavioral evidence.



Normal Anatomy and Callosal Development

Based on light microscopy of the human corpus callosum, Tomasch (1954)

estimated that more than 200 million fibers pass through the callosum. This figure has

been frequently cited since its publication, and continues to be referenced by some

authors. However, Koppel and Innocenti (1983) reported that in comparison to electron

microscopy, light microscopy underestimates the number of fibers in the corpus callosum

of the cat by more than four times. Reasoning by analogy, they estimated that the number

of axons in the human corpus callosum may be more than 800 million. This is consistent

with the number of axons estimated by Aboitiz, Scheibel, Fisher and Zaidel (1992) based









on examination of a human corpus callosum using electron microscopy. As noted by

Bogen (1993), the corpus callosum is larger than all the descending and ascending tracts

taken together which connect the cerebrum with the outside world.

Growth of the corpus callosum has been found to continue in humans up to the

middle twenties, making it one of the latest-maturing cerebral structures (Pujol, Vendrell,

Junque, & Marti Vilalta, 1993). Pujol et al. (1993) reported that development of the

corpus callosum parallels cognitive maturation, and suggested that the corpus callosum

may be part of the highest order, latest maturing neural network of the brain. Substantial

variability in the cross sectional area of the corpus callosum has been described in normal

human subjects (Demeter, Ringo, & Doty, 1988). Demeter et al. (1988) reported that the

variability is not simply accounted for by sex differences or variation in brain weight, and

suggested that it may reflect individual differences in cortical organization and structure.

Both genetic and non-genetic factors appear to influence individual variability

(Oppenheim, Skerry, Tramo, & Gazzaniga, 1989).

The corpus callosum contains interhemispheric fibers which connect overlying

cortex in both hemispheres. The topography of callosal connections has been established

using a variety of approaches, including the study of Wallerian degeneration of the corpus

callosum following cortical lesions in humans (DeLacoste, Kirkpatrick, & Ross, 1985) and

in monkeys (Pandya, Karol, & Heilbronn, 1971; Seltzer & Pandya, 1983); studies of the

retrograde transport of labeled tracers (Pandya & Rosene, 1985); and electrical

stimulation of the callosum in humans during surgery (Schaltenbrand, Spuler, & Wahren,

1972; Tan et al., 1991). Tan et al. (1991) studied 30 people with intractable generalized









epilepsy during surgery prior to commissurotomy. The surface of the corpus callosum

was electrically stimulated in one centimeter increments while evoked potentials were

simultaneously recorded from the cortex. Stimulation of the most anterior portion of the

corpus callosum resulted in an evoked potential only in the frontal lobe. Slightly posterior

to that point, stimulation resulted in evoked potentials in frontal and temporal lobes, but

rarely in parietal or occipital lobes. Stimulation of posterior callosal regions resulted in

evoked potentials from parietal and occipital cortices (Tan et al., 1991).

Although uniform in appearance to the naked eye, the corpus callosum has been

divided into subregions using a variety of methods. Regions differ not only in terms of the

cortical regions they interconnect, but also in terms of their axonal composition (LaMantia

& Rakic, 1990). Witelson (1989) proposed an anatomically grounded system resulting in

seven callosal segments based on the cortical regions interconnected by commissural fibers

passing through each segment. She summarized the topography of callosal fibers as

established by the primate and human anatomical literature, indicating that the rostrum

contains fibers from the caudal and orbitoprefrontal and inferior premotor cortex. The

genu includes fibers from prefrontal cortex, with fibers from premotor and supplementary

motor cortex in the rostral body (Witelson, 1989). Considering the expansion of the

frontal pole in humans, Steere and Arnsten (1995) highlighted the possibility that the

rostral body also includes prefrontal fibers. Zaidel, Aboitiz, Clark, Kaiser, and Matteson

(1995) noted that, in humans, the anterior third of the corpus callosum might include

fibers from the anterior inferior parietal lobe. Witelson (1989) described the anterior

midbody as including fibers from motor cortex, with fibers from somatosensory and









posterior parietal cortex passing through the posterior midbody. DeLacoste, Kirkpatrick,

and Ross (1985) indicated that the midbody region may also include fibers from

midtemporal cortex. Witelson (1989) reported that the isthmus contains fibers from

superior temporal and posterior parietal cortex, with the splenium including fibers from

occipital and inferior temporal cortex. Highlighting differences between rhesus monkey

and human anatomy, DeLacoste et al. (1985) indicated that, in humans, the splenium and

possibly the isthmus, contains fibers from posterior association cortex at the temporal-

parietal-occipital junction.

Small diameter fibers in anterior and posterior corpus callosum interconnect

cortical association areas. A higher percentage of small diameter fibers are found in the

callosum of macaque than in mice, and in humans than in macaque (Aboitiz, Scheibel,

Fisher, & Zaidel, 1992). In humans, small diameter fibers are unevenly distributed in the

callosum, with the highest percentage found in anterior (rostrum and genu) and posterior

(isthmus and splenium) callosal regions (Aboitiz, Scheibel, Fisher, & Zaidel, 1992). Small

diameter fibers in the anterior region of the callosum primarily interconnect prefrontal

cortex, while small diameter fibers in the posterior region interconnect posterior

association cortex. Aboitiz et al. (1992) suggested that the increased proportion of small

diameter axons in anterior and posterior callosal regions reflects the relative growth of

association areas in the human brain, areas believed responsible for the most sophisticated

behaviors (Luria, 1980).

During gestation, the fibers of the corpus callosum develop in parallel with the

lobes of the cerebral cortex (Hewitt, 1962). The earliest callosal fibers found in embryos







5

of 10-11 weeks, with growth progressing along a rostral to caudal gradient (Gilles, 1983).

Transvaginal ultrasonography of the normal human fetus suggests that growth of the

corpus callosum occurs at a relatively constant ratio to the size of the developing brain

(Malinger & Zakut, 1993). The number ofcallosal axons in rhesus monkey increases

dramatically during fetal development, with the number of axons in newborn monkeys

exceeding the number present in the adult by at least three and a half times (LaMantia &

Rakic, 1990). About 70% of those callosal axons are eliminated in two phases after birth,

a rapid phase during the first three postnatal weeks in which 50 axons a second are lost,

and a slower phase extending over a three-month period in which 5 axons per second are

lost (LaMantia & Rakic, 1990). This same phenomenon has been described in other

animals, including the cat (Koppel & Innocenti, 1983). LaMantia and Rakic (1990) stated

that axons are eliminated because they either fail to establish synaptic contacts with target

neurons or because the cortical neurons giving rise to them are lost.

Innocenti (1986) suggested that mechanisms underlying the elimination of juvenile

projections may play a role in establishing the topography ofintercortical connections

found at maturity. However, Olavarria and Van Sluyters (1986) found that neonatal rats

show the same broad topographic pattern as adult rats, with axons from restricted regions

of cortex grouped in tight bundles within the corpus callosum. The location of these

bundles along the anterior to posterior dimension of the callosum depends upon the fibers'

region of origin in the cortex. Based on studies of axon overproduction and elimination in

the developing rhesus monkey, LaMantia and Rakic (1990) argued it is unlikely that

postnatal elimination of axons plays a significant role in determining the broad pattern of









callosal terminal fields or projection zones in primates, although it may play a role in fine-

tuning the pattern of connections. LaMantia and Rakic noted a temporal relationship

between the elimination of excess callosal axons and the process of synaptogenesis in

primate cortex. They suggested that the process of axon elimination may influence the

final number and pattern of cortical synaptic connections. In association, limbic, and

motor cortex of rhesus monkey cortico-cortico fibers passing through the callosum

innervate spatially segregated columns of cortex (Goldman & Nauta, 1977).

Witelson and Kigar (1988) proposed a model of callosal growth based on

published anatomic studies of fetal, infant, and children's brains. The model posits three

stages: (1) a fetal stage with rapidly accelerating growth; (2) a stage from birth to age two

with extensive growth (approximately 13 mm2 per month); and (3) a stage beginning

around age two or three marked by a slower rate of growth. Witelson and Kigar reported

that the callosum approaches minimal adult size by age two, and suggested that its growth

rate probably slows dramatically around that age, with continued slow growth throughout

the remainder of brain maturation. The subsequent work of Pujol et al. (1993)

demonstrating continued growth of the callosum into adulthood supports Witelson and

Kigar's model.









Abnormalities Involving the Corpus Callosum
Genesis of the corpus callosum

Anomalies in the course of embryologic development can result in abnormalities or

even frank absence of the corpus callosum. Complete or partial agenesis of the corpus

callosum is a relatively common malformation of the central nervous system, with an

incidence of one to three per 100,000 (Myrianthropoulos, 1974). It is a feature of at least

12 genetic syndromes, including Aicardi's syndrome, Andermann's syndrome, Shapiro's

syndrome, and Arocallosal syndrome (Aicardi, 1992). In recent years, genes and

individual chromosomes related to callosal agenesis have been identified (Casaubon et al.,

1996; Fransen et al., 1995; Genuardi, Calvieri, Tozzi, Coslovi, & Neri, 1994; Nyberg,

Karhu, Karikoski, & Simola, 1994). Agenesis of the corpus callosum has also been

associated with a number of metabolic diseases, including hyperglycemia (Kolodny, 1989)

and hypercalcemia (Johnson & Jones, 1985), and can result from intrauterine exposure to

toxins. Riley et al. (1995) studied 13 children with histories of significant prenatal alcohol

exposure and 12 normal control children. Of the 13 alcohol-exposed children, two had

agenesis of the corpus callosum. The remaining 11 alcohol-exposed children had a smaller

total callosal area than controls, with four of five subregions significantly reduced in size.

The difference in total callosal area was no longer significant when controlling for brain

size, although three of five callosal regions were significantly smaller in the alcohol

exposed children (Riley et al., 1995).

Callosal agenesis has traditionally been classified as either partial or total, although

that dichotomy may not adequately represent observed abnormalities of callosal







8

development. Jinkins, Whittemore, and Bradley (1989) retrospectively reviewed 15 cases

involving absence or dysgenesis of callosum, and identified three distinct categories:

agenesis, hypogenesis, and hypoplasia. They suggested an embryologic basis for the

distinction, with agenesis associated with disruption of neural tube closure, hypogenesis

associated with disruption of the formation and/or maintenance of the inductive plate of

the massa commissuralis, and hypoplasia associated with abnormal migration of neuronal

elements of the cerebral cortex responsible for the projection of commissural fibers

(Jinkins, Whittemore, & Bradley, 1989). Three anatomic abnormalities are considered

hallmarks of true callosal agenesis: presence of Probst's bundle, a large ipsilateral fiber

track running anterior to posterior; a distinct radial pattern of sulci found in the medial

portion of both cerebral hemispheres; and abnormally shaped lateral ventricles (Smith &

Rourke, 1995).

Callosal agenesis is frequently associated with mental retardation, particularly

when it occurs in the context of a genetic syndrome or in association with other central

nervous system anomalies. Lacey (1985) reported on a sample of 40 children described as

having partial agenesis of the corpus callosum, concluding that neurodevelopmental

prognosis is strongly related to the age at which the initial diagnosis of callosal agenesis is

made. When early neuroimaging was prompted by macrocephaly, multiple congenital

anomalies, or seizures, agenesis was strongly associated with mental retardation or IQs in

the Borderline range. Among children with callosal agenesis identified after age four, IQs

were typically in the Average to Low Average range (Lacey, 1985). In characterizing the

neurodevelopmental correlates of callosal agenesis it appears important to distinguish









between cases identified early in life in the context of other anomalies and clinical

symptoms, and cases in which callosal agenesis is a relatively isolated anomaly. Gupta and

Lilford (1995) reviewed 70 cases in which agenesis of the corpus callosum had been

identified in utero by ultrasonography. When agenesis was not associated with other

sonographically detectable abnormalities, 85% had a "normal" developmental outcome. In

cases in which multiple anomalies were detected the prognosis was poor. As

neuroimaging has become more widely used, the incidence of "asymptomatic" callosal

agenesis has risen, with absence of the corpus callosum sometimes identified on

neuroimaging done for unrelated clinical reasons (e.g., headache, head injury).

Smith and Rourke (1995) summarized neuropsychological findings in acallosal

subjects, noting limitations imposed by the small number of cases studies and by the fact of

mental retardation or low IQ in many cases complicating neuropsychological assessment.

Despite extensive investigations of cerebral lateralization in acallosal subjects with normal

or near-normal intelligence, relatively few have received comprehensive

neuropsychological evaluations. Smith and Rourke highlighted the need for such

neuropsychological evaluations, warning that the absence of findings indicative of

disconnection on neurological examination of should not be taken as evidence of a lack of

behavioral pathology.

Fine motor and tactile perceptual deficits have been noted with some consistency

in acallosals (Smith & Rourke, 1995), along with deficits in aspects of language and verbal

functioning. Language functioning has been extensively investigated in a small number of

subjects with callosal agenesis (Dennis, 1981; Jeeves & Temple, 1987; Temple, Jeeves, &







10

Vilarroya, 1989). A common finding has across cases has been difficulty rhyming (Smith

& Rourke, 1995), which Temple, Jeeves, and Vilarroya (1989) interpreted as either

reflecting a deficit of explicit phonological processing or a defect of auditory matching.

Temple and Ilsley (1993) demonstrated impaired auditory discrimination in three acallosal

children, and suggested that impaired phonemic discrimination may have a profound effect

on language development in acallosals. In reading, impaired phonological decoding has

been described in acallosals (Temple, Jeeves, & Vilarroya, 1990), along with defects of

syntactic and pragmatic comprehension (McCardle & Wilson, 1993; Sanders, 1989).


Sectioning of the corpus callosum

In addition to acallosals, people who have sustained sectioning of the corpus

callosum, either surgically or traumatically, have been studied in an effort to understand

the role the callosum plays in brain functioning. The largest and most carefully studied

group has been patients undergoing callosotomy as a palliative treatment for certain forms

of epilepsy (Bogen, 1995). Other groups have included patients with surgical division of

portions of the callosum as an approach to tumors of the lateral or third ventricles

(Bellotti, Pappada, Sani, Oliveri, & Stangalino, 1991; Misra, Rout, Padamadan, &

Radhakrishnan, 1993; Oepen et al., 1988; Petrucci, Buchheit, Woodruff, Karian, &

DeFilipp, 1987; Woiciechowsky, Vogel, Lehmann, & Staudt, 1995), or in the process of

removing arteriovenous malformations or treating aneurysms (Dickey, Bloomgarden,

Arkins, & Spencer, 1992; Guidetti & Spallone, 1982; Kosary, Braham, Shacked, &

Kronenberg, 1978). Traumatic sectioning of the corpus callosum has also been reported









as an effect of head injury or cerebrovascular hemorrhage (Cukiert, Haddad, Mussi, &

Marino Junior, 1992; Gentry, Thompson, & Godersky, 1988; Komatsu, Sato, Kagawa,

Mori, & Namiki, 1979; Opeskin, 1995; Rubens, Geschwind, Mahowald, & Mastri, 1977;

Senegor, 1991; Vuilleumier & Assal, 1995).

Originally described in the 1930s, division of the corpus callosum is recognized as

a viable treatment for people with medically refractory epilepsy not amenable to surgical

resection (Williamson, 1995). In well selected cases, callosotomy offers the prospect of a

substantial reduction in seizure frequency with relatively few lasting neurologic or

neuropsychologic deficits. Early commissurotomies involved sectioning the entire

callosum along with other commissural pathways (Bogen, 1995). However, evidence that

partial sectioning sparing posterior callosum is effective in controlling certain seizure types

with less potential for neurobehavioral consequences than complete sectioning has lead to

the current practice in most centers of staged callosotomy (Roberts, Reeves, & Nordgren,

1995). The anterior half to two-thirds of the callosum is sectioned in an initial surgery,

and the section is completed in a second operation in patients with an unsatisfactory

seizure response.

Bogen (1993) outlined the acute effects of complete commissurotomy, including

left-arm hypotonia, abnormal grasping with the left hand, bilateral Babinski response,

mutism and akinesia, particularly acute on the left side in response to verbal commands.

The extent to which the symptoms reflect acute effects of interhemispheric disconnection

versus effects related to the trauma of surgery (e.g., traction injury, edema) remains

unclear, although the disability is usually temporary (Reeves & Risse, 1995). After









resolution of the acute syndrome, there is a striking absence of frank neurologic or

neuropsychologic consequences in most cases (Reeves & Risse, 1995). In everyday social

situations, or on cursory examination, subjects appear to function normally. However,

under laboratory conditions with lateralized presentation of stimuli, features of the "split

brain syndrome" can be elicited (Bogen, 1993). These include a lack of interhemispheric

transfer and effects related to hemispheric specialization in humans (e.g., inability of right-

handers to name objects placed in the left hand). Adults seem to progressively acquire

compensatory strategies circumventing deficits (e.g., cross cuing) (Bogen, 1993). There is

evidence of substantial functional reorganization in children, with absence the

disconnection syndrome when callosotomy is performed before puberty (Lassonde,

Sauerwein, Geoffroy, & Mercier, 1995).

Although most studies have reported that callosotomy is not associated with frank

neuropsychological deficits (Ferrell, Culver, & Tucker, 1983; Mamelak, Barbaro, Walker,

& Laxer, 1993; Oepen et al., 1988), Williamson (1995) and Reeves and Risse (1995)

outlined a growing body of evidence that, in some cases, commissurotomy causes lasting

deficits resulting in significant handicaps. Rayport, Ferguson, and Corrie (1983) reported

that complete sectioning of the corpus callosum may result in prolonged behavioral

disturbances in the areas of language, hemispheric competition, and attention/memory

significant enough to impact daily living. Sass et al. (1988) reviewed data from 18

patients tested before and after partial or total callosotomy. They found that people with

crossed language dominance on Wada testing were at increased risk of developing lasting

post-operative language deficits regardless of the extent of surgery.









Zaidel and Sperry (1974) reported significant memory impairments after

commissurotomy, although other factors including extra-callosal brain lesions, seizures,

and antiepileptic drug burden may have contributed to their findings (LeDoux, Risse,

Springer, Wilson, & Gazzaniga, 1977). In a review, Clark and Geffen (1989) failed to find

evidence of memory deficits in the absence of extra-callosal damage. Ferguson, Rayport,

and Corrie (1985) reported other persisting deficits after callosotomy, including

interhemispheric antagonism resulting in significant disability. With the advent of MRI it

became possible to verify the extent of callosal sections and identify preserved

interhemispheric connections, making it possible to study the neuropsychological

correlates of particular spared callosal pathways (Gazzaniga, Holtzman, Deck, & Lee,

1985; Gazzaniga, Kutas, Van Petten, & Fendrich, 1989; Tramo et al., 1995).



Influences on Development and Morphology of the Corpus Callosum

Effects of early events and experiences on callosal development

Juraksa and Kopcik (1988) reported that environmental experiences can have an

effect on callosal morphology in rats. They studied male and female rats raised in an

"enriched" environment including group housing, regularly changed play toys, and a 30-

minute "outing" each day in an open field. Matched litter mates were housed individually

in standard stainless steel laboratory cages. Rats raised in the "enriched" environment had

a larger cross-sectional area of the corpus callosum than rats raised in standard cages. Sex

differences were also reported, with females having more unmyelinated axons regardless

of environment, and females from the enriched environment having more myelinated axons







14

than comparably housed males. Males in the "enriched" environment demonstrated larger

myelinated axons than females raised in the same environment (Juraska & Kopcik, 1988).

There is recent evidence that environmental experience may influence callosal

morphology in humans. Schlaug, Jancke, Huang, Staiger, and Steinmetz (1995) reported

that midsagittal area of the anterior half of the corpus callosum is larger in musicians who

began their musical training before age seven than in musicians who began training after

age seven or normal controls. Schlaug et al. concluded that the early, intensive, bimanual

training required of musicians plays a role in establishing the size and fiber composition of

the corpus callosum. They interpreted the larger anterior area of the corpus callosum as a

morphometric substrate of increased interhemispheric communication. It remains

possible, however, that larger anterior callosal area is a preexisting feature of children

identified as musically talented and selected for early training.

Miller et al. (1993) also sought to study the impact of neonatal events on brain

development. Ischemia was induced in two week old kittens by bilateral surgical

occlusion of the carotid arteries. At one and two months after surgery, MRI imaging was

used to assess global brain structures. At three months post-surgery the animals were

killed and their brains examined histologically, including examination of the distribution of

visual callosal projections labeled with a retrograde tracer. The major findings of the

study concerned the gross morphology of the corpus callosum and number of surviving

callosal projections. The callosum was atrophied throughout its extent in ischemic

animals, yet the number of callosal axons interconnecting contralateral areas 17 and 18

was much higher than normal. Although apparently paradoxical, Miller et al. suggested







15

that ischemia-related dysmyelination resulted in callosal atrophy which disguised an excess

number of surviving callosal axons. Ventricular dilatation of varying degrees was also

demonstrated by MRI, and histologic examination at three months showed lower neuron

density in motor but not in occipital cortex of animals with a history of ischemia. Miller et

al. claimed their study as the first to show that connectivity of the developing brain can be

altered by ischemic insult, and speculated that neonatal ischemia may interfere with the

process of eliminating excess callosal axons.

Much of the literature concerning the effects of postnatal experience on callosal

development has involved studies of the visual system. The effects of dark rearing (Frost

& Moy, 1989), visual deprivation versus enucleation (Innocenti & Frost, 1980), and

comparisons among normal-eyed, congenitally anopthalamic, and neonatally enucleated

mice (Olavarria & Van Sluyters, 1984) have highlighted the importance of stimulation

after birth in refining and stabilizing the normal complement of callosal projections.

Based on that literature, Grigonis and Murphy (1994) started from the premise that

appropriate projections are selected for survival by correlated pre- and post-synaptic

activity, and that inappropriate projections are eliminated when that correlated stimulation

is absent. Grigonis and Murphy suggested that if epileptic activity was induced in one

cortex, the resulting hypersynchronous discharge of cells with axons through the callosum

would summate and activate their post-synaptic targets in the contralateral cortex. This

would have the effect of mimicking normal correlated activity resulting in the sparing of an

inappropriate projection which otherwise would have been eliminated. Grigonis and

Murphy described a two-millimeter band at the border of Broadman areas 17 and 18 in the









cortex of adult rabbits where interhemispheric fibers passing through the callosum

terminate. This band is reportedly twice as large in newborn rabbits, but is "fine tuned"

and attains its adult dimension through the loss of excess callosal projections in the first

two weeks after birth. Grigonis and Murphy hypothesized that induced epileptic activity

in one cortex would result in the stabilization of immature callosal projections allowing

their survival into adulthood. This would have the effect of maintaining the immature,

enlarged projection zone at the border of areas 17 and 18.

To test this hypothesis, Grigonis and Murphy (1994) implanted penicillin-

containing beads on the dorsal surface of visual cortex unilaterally in neonatal rabbits.

Sustained release of penicillin from the beads resulted in epileptic activity throughout the

cortex. This was verified in some animals with electroencephalographic recordings.

Approximately one month post-implantation, a retrograde tracer was injected in some

animals, and all the animals were subsequently killed and their brains examined.

Grigonis and Murphy (1994) found that the width of the callosal projection zone at

the border of areas 17 and 18 was two times normal size in the animals in which a

penicillin bead had been implanted. This finding supported Grigonis and Murphy's

hypothesis that epileptic activity interferes with the normal process selecting callosal axons

for survival into adulthood. The authors acknowledged the possibility that their results

could be due to delayed elimination rather than a stabilization of excess callosal

projections, but believed this an unlikely explanation since the axons were extant long after

the period in which exuberant axons are typically eliminated. Grigonis and Murphy

concluded that the cognitive deficits observed in children with epilepsy may be attributable







17

to a widespread failure in the refinement of callosal projections. Pruning of callosal axons

is temporally, and may be causally, related to cortical synaptic synaptogenesis (LaMantia

& Rakic, 1990). As Keshavan, Sanders, Pettegrew, and Dombrowsky (1993) suggested,

failure of callosal pruning may interfere with the development of cortical neurons altering

neurodevelopment and eventual neurobehavioral functioning.


Effect of gender on callosal morphology

Sex differences in callosal morphology have been reported, but the precise nature

of the differences remains controversial. Differences in the nature of the study (e.g.,

postmortem versus MRI) and dependent measures (e.g., total callosum versus some

number of regions; absolute area of callosum versus measures adjusted in some way for

brain size) have made it difficult to compare results and attempt to draw conclusions

across studies. Driesen and Raz (in press) reported results of a meta-analysis including 36

studies examining sex differences in the size of the corpus callosum. Their results

indicated that men tend to have larger absolute callosal areas, with the median corpus

callosum area for men falling at approximately the 62nd percentile for women. However,

the effect size was relatively small, with only 21% of the combined distribution of corpus

callosum areas for men and women non-overlapping (Driesen & Raz, in press). The mean

effect size did not differ between postmortem and MRI studies, and no effect was found

for age or the percentage of right-handed subjects included in the samples studied.

In contrast, across 11 studies in which corpus callosum measurements were

adjusted for brain size, women's callosal areas were found to be larger than men's (Driesen









& Raz, in press). Relative to intracranial volume, the corpus callosum was also found to

be significantly larger in females than males in a large scale MRI study of 200 healthy

normal volunteers (Johnson, Farnworth, Pinkston, Bigler, & Blatter, 1994). In a

methodological critique, Amrndt, Cohen, Alliger, Swayze and Andreasen (1991) criticized

the use of such ratio and proportion measures, like those used by Johnson et al. (1994)

and in the studies reviewed by Driesen and Raz (in press), suggesting that they are less

reliable than absolute volume measures. In situations in which it is meaningful to control

for brain size, Arndt et al. recommended using multivariate statistical methods rather than

ratio or proportion measures.

DeLacoste-Utamsing and Holloway (1982) reported that splenium of female's

corpus callosum is larger and more bulbous than male's, and suggested that the difference

might be related to sex differences in the degree of cerebral laterality. However, Driesen

and Raz (in press) found the effect size in DeLacoste-Utamsing and Holloway's study to

be an outlier in a meta-analysis of 21 studies comparing area of the splenium in men and

women. Excluding DeLacoste-Utamsing and Holloway's report, they found no significant

sex difference in size of the splenium (Driesen & Raz, in press).


Effects of handedness and age on callosal morphology

Differences in morphology of the corpus callosum have also been linked to hand

preference. Research in this area is complicated by many of the same factors which

complicate interpretation of studies examining sex differences in callosal morphology.

Witelson (1985), Witelson and Goldsmith (1991), and Habib et al. (1991) have reported









that the callosum is larger in non-right-handed than in right-handed people. However,

other investigators have failed to find differences related to hand preference (Kertesz,

Polk, Howell, & Black, 1987; O'Kusky et al., 1988; Steinmetz et al., 1992; Yoshii et al.,

1986). Based on a meta-analysis of seven studies which examined the effects of

handedness on corpus callosum area, Driesen and Raz (in press) concluded that the corpus

callosum is larger in non-right handers than in right-handers. Cowell, Kertesz, and

Dennenberg (1993) reported that consistency of hand preference, and not direction of

hand preference alone, is a significant factor in understanding differences in callosal

morphology.

Witelson (1989), Denenberg, Kertesz, and Cowell (1991), and Burke and Yeo

(1994) have reported significant interactions between sex and handedness. Age-related

changes have also been described. Weiss, Kimbacher, Wenger, and Neuhold (1993)

reported that the genu and anterior body of the corpus callosum decreases in size as a

function of normal aging. Sex, handedness, and age-related differences in callosal

morphology have all been reported, although the existence, nature, and relationship among

their effects on callosal morphology remains controversial.



Relationships between Callosal Morphology and Cognitive Functioning

Q10 and other global measures of cognitive performance

The relationship between callosal morphology and measures of cognitive

functioning has been studied in a number of pathologic conditions, including diseases

which primarily affect white matter (e.g., multiple sclerosis) or gray matter (e.g.,









Alzheimer's disease). Barnard and Triggs (1974) observed that mental deterioration and

atrophy of the corpus callosum are common findings in people with multiple sclerosis, but

noted that little effort had been made to link callosal atrophy with clinical features of the

disorder. Barnard and Triggs studied at autopsy the brains of 20 people who had multiple

sclerosis. Marked mental deterioration was a common feature in the clinical histories of

cases with severe atrophy of the callosum (Barnard & Triggs, 1974). The authors

acknowledged limitations imposed on their conclusions by the lack of formal testing of

intellectual performance or callosal functioning.

Brodensteiner, Schaefer, Breeding, and Cowan (1994) studied 445 children less

than 17 years of age who presented consecutively for MRI scans for a variety of clinical

reasons. Fifty children were identified as having a small corpus callosum based on visual

inspection of the scans. Seven cases ofhypoplasia of the corpus callosum, defined as

having a callosum more than two standard deviations smaller than age-appropriate

normative values, were identified. Seventy-one percent of the children with a hypoplastic

corpus callosum versus 29% of a control sample were found to have an "impaired

functional level" as inferred from medical records. An impaired functional level was

defined as failing in school, demonstrating mild-to-moderate developmental delay or

mental retardation.

With the development of neuroimaging, it became possible to study the

relationship in living subjects between callosal morphometry and performance on

psychometric and neurobehavioral tests. Aboitiz et al. (1992) noted that callosal area

provides a good estimate of the number if small diameter fibers passing through the







21

callosum, although the relationship between callosal area and large diameter fibers is less

clear. Coffinan, Bornstein, Olson, Schwarzkopf, and Nasrallah (1990) explored the

relationship between callosal morphology and neuropsychological test performance in 30

outpatients diagnosed with bipolar affective disorder and a group of 52 controls. Both

groups had comparable IQ levels, although the bipolar group had, on average, a smaller

corpus callosum. Across groups, area of the corpus callosum had a significant positive

correlation with neuropsychological summary indices of left-hemisphere, right-hemisphere,

and generalized cognitive functioning.

Huber et al. (1987) examined MRI correlates of dementia in a sample of 32

patients diagnosed clinically with multiple sclerosis. Comparisons were made to the

performance of 12 normal controls, many of whom were spouses of the patients. A 30-

minute neuropsychological battery was administered, including mental status examination

and tests of language, memory, apraxia, and visuospatial ability. "Dementia" was defined

as impairment two standard deviations or more below normal controls' performance on at

least three measures, including the Zung Depression inventory administered as a measure

of personality change sometimes accompanying dementia. Huber et al. (1987) found that

atrophy of the corpus callosum, rated on a scale from one to five, was more extreme in

"demented" than non-demented patients.

Huber, Bornstein, Rammohan, and Christy (1992) subsequently studied 35 people

with clinically probable or definitive multiple sclerosis. Subjects received MRI imaging

and neuropsychological testing, including tests of executive functioning, memory,

interhemispheric transfer, and psychomotor speed. Summary scores of







22

neuropsychological test performance were calculated and patients classified as "normal to

mildly impaired," "moderately impaired," or "severely impaired." Total lesion area in the

left- and right-hemisphere, surface area of the cortical lobes, and midsagittal surface area

of the corpus callosum were measured. Huber et al. (1992) reported that total lesion area,

regardless its distribution, correlated with most neuropsychological measures. Patients

with "severe impairment" demonstrated a greater total lesion area and had significantly

smaller callosal areas than other subjects. Reduced area of the corpus callosum was found

to be highly correlated with slower performance on tests involving speed of information

processing (e.g., Trails B, Tactual Performance Test) and poorer performance on tasks

requiring interhemispheric transfer of information (e.g., Tactile Forms). Huber et al.

(1992) interpreted the findings as evidence that atrophy of the corpus callosum reflects

global disease processes and provides a focal morphologic marker of severe cognitive

impairment in multiple sclerosis.

Rao, Leo, Haughton, St. Aubin-Faubert, and Bernadin (1989) studied the

relationship between neuropsychological test performance and MRI findings in 53 people

with multiple sclerosis. The neuropsychological battery included measures of verbal

intelligence, memory, abstract reasoning, attention/concentration, language, and

visuospatial skills. Three morphometric variables were derived from the MRI images:

total lesion area, ventricle to brain ratio, and midsagittal area of the corpus callosum.

Using stepwise multiple regression, they found area of the callosum to be a significant

predictor beyond age and education of performance on measures of information

processing speed and rapid problem solving. Total lesion area was a robust predictor of









cognitive dysfunction, while ventricle to brain ratio did not independently predict any

cognitive test finding. Based on the relationship between callosal area and test

performance, Rao et al. suggested that specific cognitive processes may be disrupted by

demyelinating lesions involving relatively focal morphological structures.

Fletcher et al. (1992) reported a significant relationship between size of the corpus

callosum measured from MRI and cognitive skills in 35 children with meningomyelocele,

meningocele, or aqueductal stenosis and a control group of 12 normal children. Total area

of the corpus callosum was measured, and a verbal and nonverbal composite of

neuropsychological measures was constructed. Both verbal and nonverbal measures

correlated positively with area of the corpus callosum, with a higher correlation reported

for nonverbal measures. Pathology outside the corpus callosum was observed in the

patient group, including hydrocephalus-related changes in the lateral ventricles and

cerebral white matter tracts.

In a study of 39 healthy, right-handed subjects Schultz and Staib (1995) reported a

positive correlation between the size of the splenium and Full Scale and Verbal Scale IQs,

but the direction of the relationship was mediated by sex. For females, a larger area of

the splenium was correlated with a higher FSIQ (r = .50) and higher VIQ (r = .55). For

males the direction of the relationship was reversed, with a larger area of the splenium

correlated with a lower FSIQ (r = -.62) and lower VIQ (r = -.66).

In a significant contribution, Yamauchi, Fukuyama, Harada, and Nabatame (1993)

demonstrated parallels between callosal area measured from MRI, cortical oxygen

metabolism, and intellectual impairment in people with Alzheimer's disease. Ten right-









handed male patients with early Alzheimer's disease and 14 age- and sex-matched right-

handed control subjects were tested. Using a midsagittal MRI image, the callosum was

divided into four segments from front to back, and "resting" blood flow was measured

with positron emission tomography. The Wechsler Adult Intelligence Scale was used to

estimate IQ. Yamauchi et al. (1993) reported that, relative to normal controls,

Alzheimer's patients had significantly smaller callosi, particularly in the posterior region.

Total area of the corpus callosum was significantly correlated with Full and Verbal Scale

IQs, but not Performance Scale IQ. Area of the anterior half of the callosum correlated

significantly with oxygen metabolism in frontal cortex. Area of the posterior half of the

callosum correlated significantly with oxygen metabolism in posterior association cortex.

In a second study Yamauchi, Fukuyama, Ogawa, Ouchi, and Kimura (1994) demonstrated

a positive correlation between callosal area and IQ in 11 right-handed male subjects with

lacunar infarcts and evidence of diffuse white matter abnormalities. In eight of the 11

patients with dementia, area of the corpus callosum was significantly correlated with the

mean level of oxygen metabolism in cerebral white matter. Yamauchi et al. (1994)

suggested that callosal atrophy may reflect the extent of white matter damage which plays

a role in determining the severity of dementia.


Other neuropsychological measures

Pozzili, Bastianello, Padovani, and Passafiume (1991) reported that anterior

callosal area was strongly correlated with performance on a measure of verbal fluency,

even when the effect of total area ofdemyelinating lesions was controlled for, in a group









of 18 women with multiple sclerosis. Other cognitive measures did not show a specific

relationship with anterior or posterior callosal atrophy. Pozzilli et al. (1991) suggested

that the cognitive mechanisms underlying performance on verbal fluency depend upon

interhemispheric transfer of information accomplished through anterior portions of the

corpus callosum.

Hines, Chiu, McAdams, and Bentler (1992) examined the relationship between the

midsagittal surface area of anterior and posterior segments of the corpus callosum and

measures of verbal fluency, visuospatial ability, and language lateralization. They studied

28 healthy women and found that verbal fluency correlated significantly with area of the

posterior callosum, particularly the region of the splenium. No other consistent

relationships were found between callosal morphology and test performance. The

correlation of verbal fluency and posterior callosal area appears at odds with the

relationship between anterior corpus callosum and verbal fluency reported by Pozzilli,

Bastianello, Padovani and Passafiume (1991). This discrepancy may be accounted for by

differences in the "verbal fluency" measure studied. Pozzilli et al. (1991) used a word

fluency task in which subjects were asked to generate words to target letters of the

alphabet. Hines et al. (1992) constructed a verbal fluency index representing performance

on a semantically guided word generation task, a sentence generation task, and word

fluency to a target letter of the alphabet. There were also differences in the populations

studied. Hines et al. tested healthy females while Pozzilli et al. (1991) tested women with

multiple sclerosis.









Wang, Doherty, Hesselink, and Bellugi (1992) described relationships among

callosal morphology, neurobehavioral functioning, and neuropathology in children with

Down and Williams syndromes. The callosi of children with Down syndrome were found

to be rounded with a smaller anterior region than in children with Williams syndrome. The

authors noted a convergence between this finding and previously reported hypocellularity

of frontal lobes in Down syndrome and neuropsychological profiles including prominent

frontal lobe dysfunction. They also cite unpublished findings showing that, relative to age-

and IQ-matched subjects with Williams syndrome, children with Down syndrome

demonstrate deficits including poor verbal memory, a tendency toward perseveration on a

test of verbal memory, and greater difficulty on a task requiring flexible problem solving

(Wang, Doherty, Hesselink, & Bellugi, 1992).


Attention-deficit/hyperactivity disorder

Hynd et al. (1991) reported a relationship between callosal morphology measured

from MRI images and behavioral ratings of children with attention-deficit/hyperactivity

disorder (ADHD) and normal controls. They compared seven children with a primary

diagnosis of ADHD to a sample often nondisabled controls. Although all MRI scans

were clinically read as normal, ADHD children had smaller corpus callosi, particularly in

the anterior (genu) and posterior (isthmus and splenium) regions compared to controls

(Hynd, Semrud-Clikeman, Lorys, & Novey, 1991). The authors interpreted their findings

with reference to interhemispheric fibers which pass through anterior and posterior

portions of the callosum interconnecting frontal and posterior association cortex.









Following Hynd et al. (1991), Geidd et al. (1994) examined the relationship

between callosal morphology and ADHD. They measured the area of the corpus callosum

on midsagittal MRI sections in 18 boys with ADHD and 18 age-, height-, handedness- and

Tanner stage-matched controls. They found that two anterior regions of the callosum, the

rostrum and the rostral body, were significantly smaller in the ADHD group. The size of

these regions also correlated significantly with teacher and parent ratings of hyperactivity/

impulsivity, with smaller anterior callosal areas associated with poorer behavioral ratings

(Giedd et al., 1994). Geidd et al. interpreted the relationship between area of the rostral

body of the corpus callosum and hyperactivity/impulsivity in terms of premotor and

supplementary motor commissural connections passing through that callosal region.

However, citing anatomical work done in primates, Steere and Amsten (1995) noted that

the rostral body of the corpus callosum is likely to also contain fibers from the anterior

cingulate and prefrontal cortices, regions they suggested are likely involved with

attentional regulation.

Semrud-Clikeman et al. (1994) reported significantly smaller posterior but not

anterior callosal area in a sample of 15 right-handed males diagnosed with ADHD in

comparison to age and IQ-matched controls. Citing methodological differences in subject

selection, imaging, and mensuration technique, Semrud-Clikeman et al. attempted to

reconcile their failure to find differences in anterior callosal regions with the previously

reported findings. They suggested that posterior cortex may be part of a functional system

involved with sustained attention, and that smaller area of posterior callosum reflects









fewer callosal connections in that region of brain negatively affecting children's ability to

sustain attention.

It is important to note that many attempts to correlate morphologic features of the

corpus callosum with behavior have not found a significant relationship. For example,

Johnson, Bigler, Burr, and Blatter (1994) failed to find a significant relationship between

midsagittal surface area of the corpus callosum and IQ among brain injury survivors.

Although the callosum was significantly atrophied, callosal area was not significantly

related to any of the IQ variables studied. The degree of atrophy was related to trauma

severity and the extent of ventricular enlargement. They described the lack of a systematic

relationship between area of the corpus callosum and performance on intellectual testing

as an "enigma." The failure may be related to the use of total area as the sole measure of

callosal morphology.



Callosal Morphology and Intellectual Functioning

Strauss, Wada, and Hunter (1994) studied the relationship between midsagittal

surface area of the callosum measured from MRI and performance on intelligence testing.

They tested 47 patients with medically refractory seizures undergoing evaluation as

candidates for neurosurgical treatment. Intelligence was assessed with the WAIS-R,

although Full Scale IQ scores were prorated from two administered subtests (Vocabulary

and Block Design) in approximately 28% of the subjects. The IQs ranged from 40 to 114,

with a mean of 86 and a standard deviation of 14. The callosum was measured from the

tip of the genu to the end of the splenium and divided into five equal segments. The area







29

of each segment, and aggregate total callosal area, was measured from a midsagittal MRI

image. Strauss et al. (1994) found that the area of the fifth segment, corresponding to the

region of the splenium, had a significant correlation with Full Scale IQ. The partial

correlation between area of the splenium and Full Scale IQ remained significant when

controlling for cerebral speech pattern and attempting to control for language

lateralization.

Following the report by Strauss et al. (1994) of a positive correlation between area

of the splenium and Full Scale IQ, the current study examined the relationship between

area of subregions of the corpus callosum and performance on measures of intellectual

functioning. Aside from the significance of potential replication, the proposed study

improves upon the work of Strauss et al. (1994) in several important ways.

The sample studied by Strauss et al. (1994) was identified as patients with

medically refractory epilepsy. This presumably included people with temporal or frontal

foci, multiple foci, as well as patients with partial complex or primary generalized epilepsy.

They acknowledged the limitation their heterogeneous sample imposed on interpretation

of their results, and called for replication with a more homogeneous group of patients with

well-defined focal lesions (Strauss, Wada, & Hunter, 1994). In addition to differences in

epileptogenic focus, Strauss et al. (1994) included subjects differing on handedness and

language laterality. Speech dominance and handedness have both been identified as

factors potentially affecting callosal morphology. Driesen and Raz (in press) concluded

that the callosum is larger in non-right handers, and O'Kusky et al. (1988) found that







30

people with right hemisphere speech dominance have a larger corpus callosum than people

with left hemisphere language dominance.

The current study included only right-handed subjects with left-hemisphere speech

dominance and a unilateral anterior temporal lobe epileptogenic focus. Limiting the study

to people with an epileptic focus in anterior temporal lobe lessened the possibility that

subject's epileptogenic lesion exerted a direct effect on callosum. The region of the

temporal pole sends interhemispheric fibers primarily through the anterior commissure,

and not through the corpus callosum (Pandya & Rosene, 1985).

Strauss et al. (1994) were also limited by the intelligence test data available to

them. While the majority of their subjects received the full Wechsler intelligence test

appropriate for their age, approximately 28% were given only the Vocabulary and Block

Design subtests. Full Scale IQs were estimated based on their performance on these

subtests. This is problematic because estimating IQ from scores on the Vocabulary and

Block Design subtests may systematically overestimate IQ (Thompson, Howard, &

Anderson, 1986). Evidence from research with other short forms of the WAIS-R suggests

that short forms may also lead to a biased estimate of IQ based on lesion laterality

(Massad, Bobbitt, Kelly, & Beasley, 1988). Because they are based on fewer administered

items, prorated scores are also a less reliable estimate of the underlying construct

(Nunnally, 1978), weakening observed correlations relative to the strength of the

underlying association. Strauss et al. (1994) reported a range of scores including a FSIQ

of 40. That extreme low score presumably reflects an artifact of estimating FSIQ scores

because an IQ score of 40 is not valid on the WAIS-R (Wechsler, 1981, p. 89). The







31

existence of extreme values extending the range of scores may have artificially inflated the

correlation coefficient reported by Strauss et al. (1994). The current study used data from

the full WAIS-R, avoiding problems associated with estimated Full Scale IQ scores, and

making it possible to explore the relationship between area of the callosum and

performance on the WAIS-R Verbal and Performance Scales.

Bomrnstein, Drake, and Pakalnis (1988) conducted a factor analysis of the WAIS-R

in a sample of 107 patients with a variety of seizure disorders, the majority having

intractable epilepsy. Using oblique rotation, the results demonstrated a three-factor

solution with Verbal/Comprehension, Perceptual/Organizational, and Freedom from

Distractibility factors extracted. Together these factors accounted for 73% of the total

variance in FSIQ. The most prominent difference between the factor structure of the

WAIS-R in the standardization sample and epileptics was the greater prominence of the

Freedom from Distractibility factor in the epileptic group. Bornstein et al. (1988) reported

that the Freedom from Distractibility factor accounted for more variance than the

Perceptual/Organization factor. Leckliter, Matzrazzo, and Silverstein (1986) reviewed

factor analytic studies of the WAIS-R. Most of the studies were done with data from the

original normative sample, but some included patient groups. They concluded that the

Freedom from Distractibility factor may be more salient in clinical populations, and

suggested that a three-factor solution provides a richer set of hypotheses in patient groups

than interpretations based on a two-factor solution.

The impact of early brain damage on subsequent cognitive and behavioral

development has been studied in a range of conditions, including people with epilepsy.







32

Dikeman, Matthews, and Harley (1975) reported a study of the differential effect of early

versus late onset of major motor epilepsy on IQ and neuropsychological test performance.

People with an early onset of major motor epilepsy were found to have significantly more

impairment on psychometric testing as adults than people with later onset of major motor

seizures. People with an early onset of seizures also demonstrated significantly greater

impairment than comparison groups with early and late onset of brain damage without

seizures.

Saykin, Gur, Sussman, O'Connor, and Gur (1989) examined the effects of age at

the onset of seizures and laterality of seizure focus on memory deficits after temporal

lobectomy. They found that seizure onset before five years of age was associated with

lower IQ and poorer memory scores. Regardless of the age at onset, right temporal

lobectomy patients demonstrated improved semantic and figural memory after surgery,

while left temporal lobectomy patients showed a worsening of semantic memory.

Unexpectedly, the early onset left hemisphere patients also showed a marked decline of

figural memory after surgery. Saykin et al. (1989) discussed their findings in terms of the

impact early brain damage has on cortical development and hemispheric specialization.

Stafiniak et al. (1988) reported that age at first risk for seizures was a significant

predictor of anomia in the acute period following dominant anterior temporal lobectomy.

Early risk for seizures was defined as including a history of febrile convulsions, tumors,

perinatal distress, encephalitis, meningitis or head trauma. Although there was no

difference between the early and late onset groups on confrontation naming performance

prior to surgery, significant differences emerged in the period immediately after surgery.









None of the patient's with an early risk for seizures showed anomia, defined as

performance more than 25% below pre-surgical baseline. In contrast, 60% of patients

without early risk for seizures demonstrated post-surgical anomia. Stafiniak et al.

interpreted this finding as evidence that the cerebral representation of naming may be

atypical in patients with a history including early risk factors for seizures.

O'Leary et al. (1983) studied the effect of age at onset of partial or generalized

seizures on intellectual and neuropsychological test performance in children. Children

with seizures beginning before five years of age performed significantly worse on

measures of Verbal and Performance IQ and on tests of attention and mental flexibility

than children with later seizure onset. Similar patterns of performance were found for

children with partial and generalized seizures. The authors interpreted their findings in the

context of reports that brain damage can result in widespread and permanent changes in

brain structures if the damage occurs early in the course of development. Early seizure

activity has been shown to alter the normal process of pruning excess callosal axons

(Grigonis & Murphy, 1994), a process which appears to be related to cortical

synaptogenesis (LaMantia & Rakic, 1990). It has been speculated that a failure of callosal

pruning alters the course of neurodevelopment (Keshavan, Sanders, Pettegrew, &

Dombrowsky, 1993), and may play a role in the cognitive and neurobehavioral deficits

observed in children with early onset of epilepsy (Grigonis & Murphy, 1994).









Study Rationale and Predictions


Initial Study Objectives

The study's first goal was to determine if the significant correlation between

splenial area and FSIQ reported by Strauss et al. (1994) was replicable. Positive

correlations between VIQ, PIQ, and FSIQ and area of the callosal regions were predicted,

with the strongest correlation expected with area of the splenium.

Following the report of a prominent freedom from distractibility factor in the

WAIS-R data of subjects with epilepsy (Bornstein, Drake, & Pakalnis, 1988), and reports

of significant correlation between ADHD symptomatology and anterior (Hynd et al.,

1991) and posterior callosal areas (Semrud-Clikeman et al., 1994), the study planned to

examine the correlation between freedom from distractibility factor scores and callosal

morphology. Based on findings in children with ADHD, significant positive correlations

were predicted with anterior and posterior callosal areas.

Because early seizures interfere with the process of pruning callosal projections, it

was predicted that the relationship between callosal area and WAIS-R IQ scores and

Freedom from Distractibility Index score would differ for people with seizures beginning

before age five and people with later seizure onset. Early epileptic activity may result in

the survival of an excess number of callosal projections (Grigonis & Murphy, 1994). The

excess number oftranscallosal fibers may result in larger cross-sectional areas, particularly

in the anterior and posterior regions where small diameter fibers predominate (Aboitiz,







35

Scheibel, Fisher, & Zaidel, 1992), although decreased area can disguise an excess number

of axons.



Anterior Callosal Morphology and Wisconsin Card Sorting Test Performance

The Wisconsin Card Sorting Test (WCST) has traditionally been among the most

commonly used measures for assessing frontal lobe functioning (Spreen & Strauss, 1991).

Introduced by Berg (1948), and originally formalized by Grant and Berg (1948), the test

requires the subject to sort a deck of response cards according to various stimulus

dimensions. The subject is not informed of the sorting principle, which changes in the

course of testing and must be inferred on the basis of feedback from the examiner

(Damasio & Anderson, 1993). Heaton (1981) and Heaton, Chelune, Talley, Kay, and

Curtiss (1993) formalized administration and scoring criteria, and reported normative,

reliability, and validity data for a version of the WCST.

Milner (1963) used a form of the WCST with people who had unilateral cortical

excisions for the relief of focal epilepsy. She concluded that impaired performance on the

WCST was related to damage of the frontal lobes, and identified the fundamental deficit as

a failure to shift from one category to another due to perseverative interference from prior

response sets. The finding was specific to people with dorsolateral prefrontal lesions;

people with orbitofrontal lesions did not show the same impairment. Milner's total sample

of 94 subjects was divided into two groups: 71 people tested before and approximately

18-days after surgery; and 23 people tested only postoperatively, from two weeks to 15-

years after surgery. The pattern of results for both groups was the same. The role of the







36

frontal lobes, particularly the left frontal lobe, in WCST performance was also highlighted

by Drewe (1974) in a study of 91 people with either unilateral frontal or non-frontal

lesions.

Robinson, Heaton, Lehman, and Stilson (1980) studied 107 people with structural

cerebral lesions and 123 normal controls. Sixty-nine of the patients were judged to have

focal lesions in either the left- or right-frontal, non-frontal, or frontal plus other cortical

areas. They reported findings consistent with those of Milner (1963) and Drewe (1974),

concluding that people with frontal lesions are significantly impaired on the WCST in

comparison with people who have non-frontal lesions.

Data from functional imaging has also highlighted the role of prefrontal cortex in

performance on the WCST. Weinberger, Bernam, and Zee (1986) tested 20 medication-

free schizophrenics and 25 normal controls using an automated version of the WCST

while measuring regional cerebral blood flow. The authors reported that normals showed

an increase in flow to the dorsolateral prefrontal cortex during WCST performance

relative to flow during a number matching control task. The reported change in blood

flow was specific to the dorsolateral prefrontal cortex, and was not observed in the

schizophrenic group. In the patients, but not the controls, the level of blood flow in the

dorsolateral prefrontal cortex was significantly correlated with level of performance on the

WCST. As summarized by Weinberger, Berman, and Daniel (1992), similar results have

been reported by Weinberger, Berman and Illowsky (1988) and Berman, Torrey, Daniel,

and Weinberger (1989).









Berman et al. (1995) reported that WCST performance results in significant

physiological activation of dorsolateral prefrontal cortex even after training and practice

on the test. The authors highlighted the role of working memory in WCST performance,

emphasizing the bilateral activation of a network including dorsolateral prefrontal cortex

and inferior parietal lobule (Berman et al., 1995).

Heaton (1981) and Heaton et al. (1993) reported on the performance of patients

with structural brain lesions and normal controls on the WCST. Heaton (1981) and

Heaton et al. (1993) found that all brain damaged groups performed worse than normal

controls on the test, and that subjects with lesions involving the frontal lobes performed

worse than subjects with lesions not involving the frontal lobes. Heaton et al. cautioned,

however, that the WCST is not sufficiently specific to frontal lobe lesions to warrant

interpreting poor performance on the test as diagnostic of frontal lobe damage

independent of other evidence.

This caution is given prominence by reports that, in some instances, people with

frontal and non-frontal lesions can not be differentiated on the basis of WCST

performance. Graffminan, Jones, and Salazar (1990) failed to find differences in WCST

performance between open head injured Vietnam veterans with frontal lobe or non-frontal

damage. Anderson, Damasio, Jones, and Tranel (1991) studied the specificity of the

WCST as a measure of frontal lobe damage in patients with stable, focal brain lesions.

Their primary comparison was between 49 subjects with frontal lobe lesions and 24

subjects with lesions outside the frontal lobes, including some with lesions of the thalamus

and basal ganglia. They reported no significant differences between the frontal and non-







38

frontal groups on any of the WCST variables examined. Anderson et al. (1991) concluded

that performance on the WCST likely reflects coordinated interaction among multiple

brain regions, and that poor performance alone is not an adequate basis on which to

diagnose frontal versus non-frontal damage.

The performance of people with epilepsy on the WCST has also been studied.

Hermann, Wyler, and Richey (1988) compared the performance of 35 people with

complex partial seizures and an established temporal lobe focus to an epilepsy control

group of six people with primary generalized seizures. Relative to the epilepsy controls,

patients with a non-dominant temporal lobe focus showed significantly more total errors

and perseverative responses. Patients with a dominant temporal lobe focus made

significantly more perseverative errors than epilepsy controls. Seventeen consecutive

cases were followed and tested after surgery; a significant decrease in perseverative

responses was found. Hermann et al. (1988) cautioned interpretation of the WCST in

patients with temporal lobe epilepsy, and suggested the possibility that "neural noise" from

temporal lobe/hippocampus might propagate along pathways linking temporal lobe with

frontal cortex leading to frontal dysfunction and impaired WCST performance. The

functional connection between hippocampus and frontal lobe was highlighted by the report

ofMeador et al. (1991) that forebrain mechanisms involved in the organization and

initiation of voluntary responses play a role in generating hippocampal theta activity.

Corcoran and Upton (1993) examined performance on a modified version of the

WCST in three groups of people with epilepsy: 16 with hippocampal sclerosis; 13 with a

unilateral temporal lobe focus; and 18 people with a unilateral focus in various frontal lobe







39

regions. Patients with hippocampal sclerosis performed worse than either the temporal or

frontal lobe groups. They took longer to complete the task, completed fewer categories,

and made more perseverative errors. The group with hippocampal sclerosis was not

significantly impaired relative to the other patient groups on other tests typically

associated with frontal lobe functioning (e.g., verbal fluency and Stroop testing).

Corcoran and Upton criticized Hermann, Wyler, and Richey's (1988) "neural noise"

hypothesis, and suggested that hippocampal damage results in poor card sorting

performance because of heavy working memory demands of the task. However, Corcoran

and Upton fail to address the potential impact their use of the modified WCST (Nelson,

1976) may have had on their findings. This version of the test reduces the ambiguity of

the task by providing subjects with considerably more structure. It uses response cards

which share one and only one attribute with each of the stimulus cards, and calls for

informing the subject when the sorting principle is changed. These differences may have

diminished the sensitivity of the task to frontal lobe dysfunction, and contributed to

Corcoran and Upton's results and conclusions.

Strauss, Hunter, and Wada (1993) studied 77 people with complex partial seizures

and clear evidence of a unilateral right- or left-temporal lobe focus. Twenty-six of the

patients had a history of damage before one year of age and 51 had a history of damage

after that time. It is unclear from the report if "damage" refers to the onset of seizures, a

risk factor for seizures, or some combination of both. Strauss et al. (1993) reported that

people with early damage and a left sided focus demonstrated significantly more

perseverative errors and perseverative responses on the WCST than people with a left









sided focus and a later onset of damage. The effects were still observed when the

contribution of language laterality was partialled out. Age at time of damage did not

predict the performance of people with right temporal lobe foci. The group with a right

sided focus also demonstrated impaired performance, but was not as severely impaired as

the early left sided patients. Strauss et al. (1993) suggested that the cognitive

consequences of brain damage may depend upon laterality and age at the time of damage.

Demonstrations that WCST performance can be impaired in people with non-

frontal seizure foci reinforce Heaton, Chelune, Talley, Kay, and Curtiss' (1993) caution

against reflexive interpretation of impaired performance as indicative of frontal lobe

damage. Impaired WCST performance is not specific to frontal lobe damage, particularly

with chronic lesions. As suggested by research with epileptic subjects, dysfunction in

other parts of the brain can interfere with the ability of the frontal lobes to perform the

task. However, this vulnerability to interference from other brain regions, including the

temporal lobes, does not mitigate the importance of the frontal lobes in performance on

the WCST. While it is clear that performance likely involves the integrated activity of

multiple brain regions, a significant contribution is made by the frontal lobes, particularly

the dorsolateral region. The WCST can be viewed as a sensitive, but not specific, measure

of frontal lobe functioning.

Anatomical studies have demonstrated that interhemispheric fibers from prefrontal

cortex pass through the anterior portion of the corpus callosum, including the rostrum and

genu (DeLacoste, Kirkpatrick, & Ross, 1985; Pandya & Rosene, 1985). Although she

acknowledged that the evidence was not unambiguous, Witelson (1989) indicated that the







41

rostrum likely contains fibers from the orbital prefrontal and inferior premotor areas while

the genu contains fibers from prefrontal cortex, including the dorsolateral prefrontal area.

Based on the important role of prefrontal cortex in performance on the WCST, and the

anatomy of its interhemispheric connections through anterior callosum, the anterior

callosum may be considered part of the integrated brain system subtending WCST

performance. The morphology of anterior callosum has not been directly studied with

respect to WCST performance, but Kapur (1985) reported a case which bears on this

issue. Kapur described a double dissociation between perseverative responses on a short-

term verbal memory test and perseveration on a modified version of the WCST. A patient

with a craniopharyngioma and dilatation of the third ventricle showed perseveration on a

test of short-term verbal memory, but not on the card sorting task. In contrast, a patient

with a midline subfrontal tumor described as an astrocytoma of the anterior corpus

callosum perseverated on the card sorting task and not on the test of verbal short-term

memory. Although the tumor likely affected more than anterior callosum, this finding is

consistent with the suggestions that the interhemispheric connections between prefrontal

cortices may play a role in performance on the WCST.

Based on the role of frontal cortex on WCST performance, it was predicted that

WCST perseverative error score would be more strongly correlated with anterior area of

the corpus callosum than posterior callosal area. The correlation was expected to be

negative, with higher perseverative error scores associated with smaller callosal areas.









Posterior Callosal Morphology and Facial Recognition Test Performance

The Facial Recognition Test (Benton, des. Hamsher, Varney, & Spreen, 1983) is a

test involving matching photographs of faces. Some of the items involve matching

identical images, while others involve matching to faces seen in side view or in shadow

under varying lighting conditions. Originally developed by Benton and Van Allen (1968),

Hamsher, Levin, and Benton (1979) studied the performance of 145 right-handed people

with unilateral focal cerebral lesions on the Facial Recognition Test. They concluded that

the performance of patients with right hemisphere lesions is more frequently impaired than

the performance of patients with left hemisphere lesions, and that people with posterior

damage have a higher frequency of defective performance than those with anterior lesions.

Among patients with left hemisphere disease, only those with substantial impairment of

oral language comprehension showed defective levels of performance on the Facial

Recognition test. Among this subgroup, the majority had posterior lesions (Benton, des.

Hamsher, Varney, & Spreen, 1983). Dricker, Butters, Samuels, and Carey (1978)

reported that people with right hemisphere lesions made more errors on a face-matching

task than controls, perhaps relying on "paraphernalia and expressions" rather than

underlying visuospatial features of the faces to guide their responses. Egelko et al. (1988)

reported that performance on the Facial Recognition test was uncorrelated with frontal

lobe damage, and closely associated with parietal lobe damage in a sample of right

hemisphere stroke patients. Impaired performance has also been reported with diffuse

damage following closed head injury (Levin, Grossman, & Kelly, 1977).









Sergent and Corballis (1989) suggested that both the left and right hemisphere

have the capacity to process facial stimuli, but that the right hemisphere has an advantage

in processing spatially rotated or disoriented faces. Based on the faster response times of

normal subjects than commissurotomized patients, Sergent and Corballis suggested that

corpus callosum allows for the joint participation of the hemispheres in the processing of

facial information initially received by one hemisphere, facilitating performance in normals.

Reviewing data from lesion and PET research with prosopagnosics, and visual field study

with normal subjects, Sergent (1995) suggested that the essential question is not which

hemisphere is better at carrying out a particular function, but how the two hemispheres

coordinate their separate operations to accomplish normal performance (Sergent, 1995).

Based on work with rhesus monkeys, Pandya and Rosene (1985) reported that

interhemispheric fibers from posterior parietal association areas pass through the posterior

body of the corpus callosum. Although there is some overlap, they indicated that fibers

from the superior parietal lobule generally pass through the dorsal portion of the callosum

while fibers from the inferior parietal lobule pass through the ventral portion of the

callosum. In humans, DeLacoste, Kirkpatrick and Ross (1985) reported that fibers from

the temporal-parietal-occipital region pass through posterior regions of the callosum.

Based on its relationship with posterior regions of cortex, it was predicted that

Facial Recognition Test scores would be more strongly correlated with posterior area of

the corpus callosum than anterior callosal area. The correlation was expected to be

positive, with higher Facial Recognition Test scores associated with larger callosal areas.








44

Differences in the strength of correlations were predicted between subjects with early and

late onset of seizures.













METHOD


Subjects


Two-hundred thirty-three individuals treated at Shands Teaching Hospital at the

University of Florida for intractable seizures were screened through record review as

potential study participants. Because the study relied on existing clinical records and data,

and did not impose any expense, risk, or time demands upon study participants, the Health

Center Institutional Review Board granted an exemption from the need for participant's

informed consent (F. N. Tompson, personal communication, February 10, 1995).

Records were reviewed with the goal of identifying right-handed subjects, 16-years

or older, with a unilateral left- or right-temporal lobe seizure focus and left-hemisphere

language dominance as demonstrated by Wada testing. A number of criteria were used

with the goal of excluding subjects with acquired pathologic changes in the central

nervous system which might affect callosum. Potential participants were excluded if they

had a history of head injury resulting in a loss of consciousness >30-minutes or if their

MRI revealed intracranial masses larger than 3-cm3 or evidence of other gross pathology

not including mesial temporal sclerosis. Potential participants with a history of cranial

irradiation or intracranial neurosurgery, not including grid or depth electrode placement as

part of the process of evaluation as candidates for epilepsy surgery, were excluded. Valid







46

data from presurgical neuropsychological testing and a presurgical MRI acquired using a

protocol that permitted subsequent volumetric analysis were also required for inclusion.

One-hundred thirty-seven subjects were excluded based on the criteria outlined

above. Some subjects might have met more than one exclusionary criterion, with the

reported reason for exclusion simply the first criterion identified. Twenty percent of the

excluded subjects were eliminated because either no epileptogenic focus had been found

or because an extra-temporal or bilateral foci were identified. Fourteen percent were

excluded because they were left-handed, with an additional 14% excluded because of

significant structural abnormalities noted on MRI. Thirteen percent had prior

neurosurgery, with 10% excluded for a history of head injury. Ten percent were younger

than 16-years of age at the time of their evaluation, with the remainder excluded because

an MRI image was not available for analysis (7%), because they were found to have non-

epileptic convulsive episodes (7%), because results of neuropsychological testing were

considered invalid (3%), or because right-hemisphere or mixed language dominance was

demonstrated on Wada testing (2%). An additional 34 subjects were excluded because

inadequate information was available to determine if they met criterion for inclusion as

study participants.

The final sample included 62 subjects evaluated as candidates for epilepsy surgery.

Descriptive information about the subjects is presented in Table 1. The total sample

included more females than males. Subjects had, on average, a high school education,

with a range from eight to 16-years of schooling. The sample included comparable

percentages of left- and right-temporal lobe epileptics. All subjects had a history of








47

chronic seizures, with a mean age at the onset of chronic seizures in the early teens. The

distribution of age at the onset of chronic seizures had a marked positive skew (z-score =

6.40, p < .001). Chronic seizures began before age ten for 50% of subjects, with the

remaining 50% beginning between age 11 and 62-years. The sample was equally divided

into subjects with a history of febrile seizures (44%, n = 27) and no history of febrile

seizures (45%, n = 28); medical records for 11% of subjects (n = 7) were inconclusive

regarding the presence or absence of febrile seizures.

Table 1
Demographic Features Patient Sample (N=62)


Mean or Percentage Standard Deviation or Percentage
Gender 58% Female (n = 36) 42% Male, (n = 26)
Age (years) Mean =36 SD = 10.9
Education (years) Mean = 12.3 SD = 02.0
Laterality of Seizure Focus 55% Left-temporal (n = 34) 45% Right-temporal (n = 28)
Age at Onset of Chronic Seizures Mean = 12.8 SD = 12.0


Neuropsychological Measures


All subjects had completed a comprehensive neuropsychological assessment as

part of the process of evaluation as candidates for epilepsy surgery. Most subjects had

been evaluated through the Neuropsychology Service of the Psychology Clinic, Shands

Teaching Hospital. Subjects' clinic charts were reviewed, with data recorded directly from

test protocols. In two cases, the subject's neuropsychological evaluation had been

completed elsewhere. In those cases, scores contained in the report of the









neuropsychological evaluation were entered as data. Results from testing with the

Wechsler Adult Intelligence Scale-Revised (WAIS-R) (Wechsler, 1981), the Wisconsin

Card Sorting Test (WCST) (Heaton, Chelune, Talley, Kay, & Curtiss, 1993), and the

Facial Recognition Test (Benton, des. Hamsher, Vamrney, & Spreen, 1983) were used as

data.

Based on testing with the WAIS-R, each subject's Verbal, Performance, and Full

Scale Intelligence Quotients had been determined (Wechsler, 1981). Freedom from

Distractibility index scores were calculated for each subject using the factor loadings

reported by Bornstein, Drake, and Pakalnis (1988). The Wisconsin Card Sorting Test was

administered and scored by a standardized method (Heaton, Chelune, Talley, Kay, &

Curtiss, 1993). The WCST perseverative error score was entered as data. The Facial

Recognition Test (FRT) was administered and scored by the standardized method

(Benton, des. Hamsher, Vamrney, & Spreen, 1983). Age and education corrected FRT raw

scores were used as data in this study.



Morphometric Measures


Magnetic resonance images were collected using a quadrature head coil in a

Seimens 1-T Magnetom. The scans were acquired using a volumetric MP-RAGE

sequence (Mugler & Bookeman, 1991) (repetition time, 10ms; echo time, 4ms; 10 flip

angle; FOV = 25.5; 160-mm excited volume; 130 x 256 matrix) as described by Leonard

et al. (1993). The procedure generated a series of artifact-free, high-contrast, gapless







49

sagittal sections. For most subjects (n = 50) images were collected with a 1.25-mm slice

thickness. Images for the remainder of the subjects (n = 12) had been collected using the

same machine with slightly different acquisition parameters resulting in 1.406-mm thick

slices. Image files were identified with a unique subject number. Morphometric

measurements were made blindly with respect to data on neuropsychological measures.

MRI data was downloaded from archival storage and transferred to a SUN-

workstation for image analysis. All images remained as digital data throughout the

analysis process. Consecutive sagittal slices were inspected to identify the slice

corresponding most closely to a midsagittal image based principally on patency of the

cerebral aqueduct. Comparisons were made among adjacent slices in the process of

selecting the best midsagittal image. All midsagittal slices were chosen by a single rater.

Using the MRI slice identified as the midsagittal image, several estimates of total

brain size (brain length, total midsagittal intracranial area, midsagittal area of cortex) and a

measure of total area of the corpus callosum were made by a single rater using software

written for this purpose. To determine the length of brain, a cursor was placed at its most

anterior and posterior points. The distance between the points was calculated, and the

result reported as a measure of the brain's length in centimeters.

A manual tracing routine was used to estimate the total midsagittal intracranial

area of the brain. The rater began tracing the dorsal surface, marking the contours of the

dura with cursor points. Tracing followed the dura from anterior to posterior, tracing

above the cortex and cerebellum. A straight line was followed at the level of the foramen

magnum, with tracing continuing along the dura on the ventral surface of the brain stem







50

and midbrain to the level of the infundibular stalk and pituitary. Tracing continued along

the ventral surface of the frontal lobe eventually connecting with the initial point on the

dorsal surface of the brain. Software calculated the area enclosed by the tracing and

reported the total area in square centimeters.

A similar procedure was used to measure the midsagittal area of cortex by tracing

its dorsal surface with a line parallel and slightly inferior to the surface of the dura. At the

tip of the occipital lobe, tracing proceeded rostrally following the ventral surface of cortex

at the superior margin of the straight sinus. Tracing continued rostrally along the superior

margin of the corpus callosum following the contours of its genu and rostrum. Tracing

continued along the ventral surface of the frontal lobe eventually connecting with the

starting point on the dorsal surface of the cortex. The total area enclosed by the tracing

was calculated and reported as the midsagittal area of cortex in square centimeters.

The total area of the corpus callosum on midsagittal section was measured by

manually tracing the surface of the callosum beginning at an anterior point on the dorsal

surface tracing posteriorly, continuing along the ventral surface anteriorly eventually

connecting with the starting point. The total area of the corpus callosum was calculated

and reported in square centimeters.

Using a separate program, the corpus callosum was divided into seven regions

following the method originally described by Witelson (1989). The rater selected the most

anterior and posterior points of the callosum, as well as at the most anterior point on the

inner convexity of the anterior callosum. Using those landmarks, and following the

algorithm reported by Witelson (1989), the program automatically generated lines marking










the borders between callosal regions. The rater manually traced the margin of each

segment resulting in a measure of the area of each region in square centimeters. A second

estimate of total midsagittal area of the corpus callosum was made by adding the area of

all segments. The corpus callosum of each subject was measured by the primary rater

using this program. A second rater measured the seven subregions of the corpus callosum

in 85% of the total sample. Figure 1 depicts a midsagittal section of brain highlighting

division of the corpus callosum into seven subregions as described by Witelson (1989).


Figure 1. Diagram depicting a midsagittal brain image highlighting division of the corpus callosum into seven
subregions.









Statistical Analysis


Neuropsychological and morphometric data were summarized using descriptive

statistics. The total sample was divided into two groups based on age at the onset of

chronic seizures. Group means on neuropsychological and morphometric measures were

compared using independent sample t-tests.


Reliability

The reliability of morphometric measurements was assessed in several ways. For a

sample including 85% (n = 53) of subjects, measurements of callosal area were made

separately by the primary and a secondary rater. A difference score between the primary

and secondary rater's measurement of total callosal area was calculated and tested against

the null hypothesis that the mean difference score was equal to zero. Pearson correlation

coefficients were calculated for the primary and secondary rater's measurements of each

callosal region. Intra-rater reliability was assessed by correlating separate measures of

total callosal area made by the primary rater using separate programs. Measurements

made by the primary rater were used in all subsequent analyses.


Approach to Data Analysis

Univariate distributions of neuropsychological and morphometric data were

screened for outliers using standardized scores and inspection of box plots of the data.

The assumption of normality was checked by inspection of histograms of data and by

testing for the significance of statistics for skewness and kurtosis. A conservative alpha







53

level of .001 was used to evaluate the significance of skewness and kurtosis (Tabachnick

& Fidell, 1996, p. 73). Unless otherwise indicated, distributions were free ofunivariate

outliers and did not deviate significantly from a normal distribution. The strength of

association between morphometric and neuropsychological measures was assessed using

Pearson correlation coefficients with significance tests at the a = .05-level (two-tailed)

unless otherwise indicated. In the total sample, power was approximately .80 to detect an

effect comparable in magnitude to that reported by Strauss, Wada, and Hunter (1994).

Calculations of power were made using a computer program written for the purpose

(Borenstein & Cohen, 1988). Screening for bivariate outliers was done using Mahalanobis

distances as recommended by Tabachnick and Fidell (1996, p. 67-68). Mahalanobis

distances represent the distance of each case from the centroid of remaining cases where

the centroid is the point created by the means of all the variables (Tabachnick & Fidell,

1996, p. 67). Data were screened for outliers in solution by examination of standardized

residuals. Significance testing for differences between correlation coefficients were

conducted using r to z transformations and procedures appropriate for either independent

or non-independent correlation coefficients.

Correlations between morphometric and neuropsychological measures were

calculated for the entire sample and separately for subjects with "early" and "late" seizure

onset. When results suggested a difference between groups in terms of the relationship

between morphometric and neuropsychological measures, the possibility of other between

group differences (e.g., males vs. females, L-temporal vs. R-temporal seizure focus) were








54

evaluated by testing the significance of differences between independent correlation

coefficients and by examination of scatterplots of data graphed separately by subgroup.













RESULTS


Neuropsychological Measures


Table 2 summarizes data from neuropsychological measures for the total sample,

and separately based on the laterality of subjects' seizure focus. Data from every measure

was not available for all subjects because of differences in practice among

neuropsychologists supervising subjects' clinical evaluations.



Verbal Scale Q10

Subjects' mean VIQ was at the low end of the Average range (M = 90.2, SD =

10.5). A single extreme score was identified (VIQ = 116, z-score = 2.5), although the

case was not a true univariate outlier as defined by Tabachnick and Fidel (1996, p. 67), p

>.001. Subjects with left-temporal lobe epilepsy had significantly lower VIQ scores than

subjects with a right sided focus, t (60) = -.3.53, p < .01.



Performance Scale IQ

Subjects' mean PIQ was at the low end of the Average range (M = 89.7, SD =

11.1). A single extreme score was identified (PIQ = 118, z-score = 2.6), although the case

was not a true univariate outlier (p > .001). The difference in PIQ scores between







56

subjects with left- and right-temporal lobe epilepsy was not significant, t (60) = -1.48, P >

.05.



Full Scale IQ

Subjects' mean FSIQ was in the Low Average range (M = 88.9, SD = 10.1). A

single extreme score was identified (FSIQ = 117, z-score = 2.8), although the case was

not a true univariate outlier (p > .001). Subjects with left-temporal lobe epilepsy had

significantly lower FSIQ scores than subjects with a right sided seizure focus, t (60) = -

3.01, p <.01.



Freedom from Distractibility Index

Freedom from distractibility factor scores were approximated for each subject

using a method to compute factor scores described by Comrey and Lee (1992). Scaled

scores from all WAIS-R subtests were multiplied by the factor loadings reported by

Bornstein, Drake, Pakalnis (1988) and summed. Digit Span (.76) and Arithmetic (.59)

had the heaviest loadings, with factor loading below .50 for other subtests. Mean FDI

scores are presented in Table 2. Subjects with left temporal lobe epilepsy had significantly

lower FDI scores than subjects with a right sided seizure focus, t (60) = -2.53, p < .05.



WCST Perseverative Error Score

A perseverative error score for the full 128-card administration of the Wisconsin

Card Sorting Test was available for 47 subjects. Five additional subjects had received an











Table 2
Descriptive statistics for neuropsvchological measures


WAIS-R VIQ
All Subjects
L-temporal
R-temporal
WAIS-R PIQ
All Subjects
L-temporal
R-temporal
WAIS-R FSIQ
All Subjects
L-temporal
R-temporal
FDI Factor Score
All Subjects
L-temporal
R-temporal
WCST Perseverative Errors
All Subjects
L-temporal
R-temporal
FRT Long Form Score
All Subjects
L-temporal
R-temporal


Mean


90.2
86.3
95.0

89.7
87.8
91.9

88.9
85.6
92.9

13.1
12.1
14.2

18.0
20.0
15.4

44.4
43.9
45.0


Standard Deviation Minimum


10.5 75
08.8 74
10.5 78

11.1 64
11.1 64
10.7 75

10.1 71
09.0 71
10.1 78

03.4 6.1
03.1 6.1
03.4 7.8

10.5 05
11.5 05
08.5 05

03.6 36
03.4 36
03.8 38


abbreviated 64-card administration of the WCST. A perseverative error score for a full

128-card administration was prorated for those five subjects by doubling the number of

perseverative errors made over 64-trials. Subjects had a mean perseverative error score of

18.0 (SD = 10.5; range 5 42). As a point of reference, this is a perseverative error score

approximately one standard deviation higher than average for adults less than 40 years of

age (Heaton, 1981). The difference in WCST perseverative error score between subjects

with L- and R-temporal lobe epilepsy was not significant, t (50) = 1.58, p > .05.


Maximum


116
109
116

118
110
118

117
105
117

20.9
17.6
20.9

42
42
32

50
49
50









Facial Recognition Test Score

Facial Recognition Test scores were available for 36 subjects. Twenty-eight

subjects had received the short form of the test. Short form scores were converted to long

form equivalents using standardized procedures (Benton, des. Hamsher, Vamrney, &

Spreen, 1983). Age and education corrections were made as described by Benton (1983),

although in most cases no correction applied. The mean score for all subjects on the

Facial Recognition Test was 44.4 (SD = 3.63; range 36 50). Although normally

distributed, the scores fell within a markedly restricted range. Only two subjects obtained

scores in the "defective" or "severely defective" ranges as defined by Benton (1983).

However, comparison of the score equivalents of percentile ranks reported by Benton

(1983) and those achieved by subjects in this study suggested a similar distribution of

scores. The difference in FRT score between subjects with L-ATL and R-ATL epilepsy

was not significant, t (34) = -0.92, p > .05.



Grouping Based on Age at Seizure Onset

The total sample (N = 62) was divided into two groups based on age at the onset

of chronic seizures. The "early" group included subjects with chronic seizures beginning

before age five (n = 20); the "late" group (n = 42) included subjects with a later seizure

onset. Subjects with isolated febrile seizures at a young age were not included in the

"early" group unless their chronic seizures began before age five. As shown in Table 3,

the groups did not differ in terms of age at the time of neuropsychological evaluation.

However, the "early" group had completed significantly fewer years of schooling, and had








59

significantly lower scores on all WAIS-R IQ measures. The difference between groups in

terms of FDI score was not significant. There were no significant between-group

differences in performance on the Facial Recognition Test, or in perseverative errors on

the Wisconsin Card Sorting Test. The "early" and "late" groups did not differ significantly

in terms of the percentage of included males and females (x2 (1, N = 62) = 1.73, p > .05).

Although there were a small number of subjects with a right sided seizure focus in the

"early" group, there was no significant difference in terms of the laterality of subjects'

seizure focus (x2 (1, N = 62) = 2.74, p > .05).


Table 3
Demographic features and neuropsychological test performance of subjects with "early"
and "late" seizure onset


Age (years)

Education (years)

WAIS-R VIQ
WAIS-R PIQ

WAIS-R FSIQ

FDI Score

WCST PE Score

FRT Long Form Score


Early

M = 36.0, SD= 09.0

M = 11.6, SD= 01.5

M = 84.5, SD = 08.3

M = 85.7, SD= 09.0

M= 83.8, SD = 07.7

M=12.1, SD = 03.3

M = 20.6, SD= 10.6

M = 44.7, SD= 04.2


Late

M=36.0, SD= 11.8

M = 12.6, SD= 02.1

M = 93.0, SD= 10.4
M=91.6, SD= 11.5

M=91.3, SD = 10.3

M = 13.5, SD= 03.4

M = 16.8, SD= 10.4

M = 44.3, SD= 03.5


Significance Test

t (60) = -.002, p > .05

t (52.1) = -2.11, p < .05"

t (60) = -3.19, p < .01*
t (60) = -2.02, p < .05"

t (60) = -2.89, p < .01*

t (60) = -1.52, p> .05

t (50) = 1.23, p > .05

t (34) = 0.31, p > .05


Morphometric Data


Inter-rater Reliability

A primary rater measured the callosum of all subjects, including measurement of

the seven callosal regions (R1-R7). Measurements made by a secondary rater were









available for 85% (n = 53) of the total sample. A difference score between the primary

and secondary rater's measurements of total area of the corpus callosum (sum of all

subregions) was calculated for each subject. The mean difference score (M = 0.02, SD =

.39) did not differ significantly from zero, (t (52) = 0.371, p = .712).

Pearson correlation coefficients were calculated between the primary and

secondary rater's measurements of total area of the callosum, and separately for each of

the seven subregions. The primary and secondary rater's measurements of total callosal

area were highly correlated (r = 0.92, p < .0001). Correlations between measurements of

the seven subregions were all significant at the p < .0001 level, (RI: r = .91; R2: r = .92;

R3: r = .86; R4: r = .86; R5: r = .86; R6: r = .90; R7: r = .93).



Intra-rater Reliability

The primary rater measured the corpus callosum of all subjects twice, once

measuring total area of the corpus callosum and once measuring the area of the seven

subregions. The correlation between the measurement of total area and the sum of area

measurements RI through R7 was high (r = .94, p < .0001).



Measurements of Brain Size

Table 4 summarizes measurements of subjects' brain size, including brain length,

total intracranial area, and total area of cortex on the midsagittal MRI slice. Significant

sex differences were found, with males having greater brain length (t (60) = 5.7, p <.001),








61

greater midsagittal intracranial area (t (60) = 6.3, p <.001, and greater midsagittal area of

cortex (t (60) = 5.5, p <.001) than females.


Table 4
Measurements of brain size in the total sample and separately for males and females


Mean Standard Deviation Minimum Maximum
Brain Length (cm)
All Subjects 16.5 0.93 14.5 18.8
Males (n=26) 17.1 0.82 15.6 18.8
Females (n=36) 16.0 0.71 14.5 17.8

Midsagittal Intracranial Area (cm2)
All Subjects 153.6 13.51 126.8 186.7
Males (n=26) 163.5 10.7 142.8 186.7
Females (n=36) 146.4 10.6 126.8 175.5

Midsagittal Area of Cortex (cm2)
All Subjects 90.0 11.1 61.5 115.0
Males (n=26) 97.5 9.7 83.6 115.0
Females (n=36) 84.6 8.6 61.5 101.0


Brain Size and Age at Seizure Onset

There was no significant between-group difference in midsagittal area of cortex (t

(60) = -1.43, p > .05), although there was a trend toward a larger midsagittal intracranial

area in the "late" (M = 155.86, SD = 14.07) versus "early" group (M = 148.86, SD =

11.14), (t (60)= -1.95, p = .06). Brain length was significantly greater in the "late" group,

(t (60) = -2.14, p < .05). However, the absolute magnitude of the difference was

extremely small: "early" (M = 16.63, SD = 0.94) vs. "late" (M = 16.11, SD = 0.83).

Measurements of Corpus Callosum

Table 5 summarizes measurements of the corpus callosum, including total area and

area of subregions (R1-R7) for all subjects.










Table 5
Midsagittal area (cm2) of the corpus callosum (N = 62)


Mean Standard Deviation Minimum Maximum
Total Area 6.20 0.96 4.14 8.67
RI (Rostrum) 0.27 0.11 0.05 0.63
R2 (Genu) 1.30 0.29 0.81 2.01
R3 (Rostral Body) 0.87 0.19 0.50 1.31
R4 (Ant. Midbody) 0.77 0.15 0.50 1.11
R5 (Post. Midbody) 0.67 0.16 0.38 1.06
R6 (Isthmus) 0.59 0.15 0.30 1.00
R7 (Splenium) 1.73 0.28 1.02 2.36


Standard scores were calculated representing each subject's total callosal area; no

univariate outliers were identified. The distribution of measurements appeared normally

distributed, and was not marked by excessive skewness or kurtosis.

Examination of standardized scores revealed an outlier among measurements of

the rostrum (RI). The value was a true univariate outlier (z-score = 3.35, P < .001). With

the outlier included the distribution of RI measurements was marked by a substantial

positive skew skewnesss = 0.98, z-score = 3.22). The midsagittal image for the subject in

question was reviewed. The subject's rostrum appeared larger than other subject's, with

comparable area measurements made by both the primary and secondary rater. Because

extreme scores can distort correlation coefficients, the data point was dropped from

subsequent analyses. Removal of the outlier reduced the distribution's positive skew

skewnesss = 0.65, z-score = 2.13, p > .01)

The remaining distributions of area measurements for callosal regions (R2-R7)

were checked for the presence of univariate outliers and violations of the assumption of









normality. No univariate outliers were identified. The distributions appeared normally

distributed; none were marked by excessive skewness or kurtosis.

Subjects' age at the onset of chronic seizures ("early" versus "late") did not affect

area of callosal regions (R1-R7) in a one-way MANOVA, F (7,53) = 0.273, p > .05.

There was a significant main effect of sex on total callosal area in a one-way

MANOVA, F (7,53) =4.1, p < .01. Each of the seven callosal regions was significantly

larger in males than females, pg < .01. However, the main effect of sex was no longer

significant in a one-way MANCOVA entering midsagittal intracranial area (F (7,52) =

1.5, p > .05) or midsagittal area of cortex as covariates (F (7,52) = 2.0, p> .05).

Laterality of subjects' seizure focus (L-temporal versus R-temporal lobe) did not

affect area of callosal regions (R1-R7) in a one-way MANOVA, F (7,53) = 0.345, p > .05.



Relationship Between Morphometric and Neuropsychological Measures


Full Scale 10

Correlation of FSIO with area of callosal regions (R1-R7)

Significant positive correlations were predicted between FSIQ and area of callosal

subregions, particularly area of the splenium, based on Strauss, Wada, and Hunter's (1994)

findings in a comparable patient sample. To test that prediction, correlations were

calculated between FSIQ and area of callosal regions (R1-R7), and are presented in Table

6.










Table 6
Correlations of Full Scale IQ with area (cm2) of callosal subregions (N = 62)


RI R2 R3 R4 R5 R6 R7
FSIQ r=.16 r=.13 r=.15 r=.19 r=.13 r=.15 r=.23
*
ns ns ns ns ns ns ns
Two-tailed


Because bivariate outliers can distort correlation coefficients, data were screened

for the presence of bivariate outliers using Mahalanobis distances for each case as

recommended by Tabachnick and Fidel (1996, p. 57). The Mahalanobis distances were

evaluated using the chi-square distribution with two degrees of freedom at the 1 < .001

level (Tabachnick & Fidell, 1996, p. 94). Using that criteria, no bivariate outliers were

found among data for the relationship between FSIQ and area of each of the seven callosal

subregions.

Although the correlation between FSIQ and R7 area was not significant at the a =

.05 level as a two-tailed test, Strauss, Wada, and Hunter's (1994) report of a significant

positive correlation between area of the splenium and Full Scale IQ provided a basis for

one-tailed significance testing. As a one-tailed test, the null hypothesis of no relationship

between FSIQ and midsagittal area of R7 was rejected, p < .05.

A potential outlier in solution was identified among standardized residuals for the

correlation of FSIQ and areas R3, R5, and R7. The residuals were not significant at the a

= .001 level, although they were extreme (p < .01). A single case accounted for each

extreme residual. With data from that case excluded, the following correlations of FSIQ

and callosal area were obtained: R3 r = .26, p = .05); R5 r = .23, p > .05); and R7 r = .35,









p < .01). The correlation between FSIQ and area of the splenium remained significant

when controlling for brain size using midsagittal area of cortex, and did not differ

significantly between males and females or between subjects with L-temporal and R-

temporal lobe epilepsy.

The prediction that area of the splenium would have a significant positive

correlation with FSIQ was supported. The correlation of FSIQ and area of the splenium

was significant as a one-tailed test, and as a two-tailed test after data from a potential

outlier in solution was excluded. However, the correlation between FSIQ and R7 area

was not significantly different (p < .05) from the correlations between FSIQ and callosal

areas R1-R6 using the technique proposed by Meng, Rosenthal, and Rubin (1992) to

compare non-independent correlation coefficients.


Comparison of correlations for subgroups based on age at seizure onset, sex and laterality

of seizure focus

Influence of age at seizure onset. The question of whether age at seizure onset

influences correlations between morphometric and neuropsychological measures was

approached by comparing correlation coefficients calculated separately for subjects with

"early" and "late" seizure onset. Table 7 presents correlation coefficients between FSIQ

and area of callosal regions (R1-R7) calculated separately for subjects with "early" and

"late" seizure onset. Mahalanobis distances were examined separately for each group; no

bivariate outliers were identified.










Table 7
Correlations of Full Scale IQ and area (cm2) of callosal subregions for subjects with
"early" (n = 20) and "late" (n = 42) seizure onset


RI R2 R3 R4 R5 R6 R7
"Early"
FSIQ r = -.25 r = -.23 r = -.01 r=.17 r =-.12 r=.004 r=-.16
S=ns 2 = ns = ns = ns = ns p2 = ns I = ns
"Late"
FSIQ r=.28 r=.22 r=.22 r=.18 r=.21 r=.15 r=.29
12 = n1s p = ns = ns p = ns = ns = ns = ns
Two-tailed


None of the differences between correlation coefficients for the "early" and "late"

groups were statistically significant. However, there was a trend toward between group

differences for regions RI (p = .06), R2 (p =. 12), and R7 (p =. 11). For each of these

regions, larger callosal areas in the "early" group were associated with lower FSIQ scores

while in the "late" group larger areas were associated with higher FSIQ scores. The

difference between correlation coefficients did not approach significance for regions R3 (p

= .42), R4 (p = .97), R5 (p = .25) and R6 (p = .61).

A single case in the "late" group with an extreme standardized residual (p < .01)

from the regression line relating FSIQ and R7 area was identified. Excluding that case,

the correlation between FSIQ and R7 area in the "late" group was significant (r = .45, p <

.01), with variation in area of the splenium accounting from approximately 20% of the

variance in FSIQ. The difference between that correlation and the correlation for the

"early" group (r = -. 16) was significant, p < .05.









The prediction that age at seizure onset would influence correlations between

FSIQ and callosal areas was supported. With data from a potential outlier in solution

excluded, there was a significant positive correlation in the "late" group between area of

the splenium and FSIQ, and a negative correlation in the "early" group. The difference

between correlations for the "early" and "late" groups was significant. Including data from

all subjects, there was a trend toward negative weak-moderate correlations between FSIQ

and area of anterior (rostrum, genu) and posterior (splenium) callosum in subjects with

"early" seizure onset, and positive weak-moderate positive correlations between FSIQ and

anterior and posterior callosal areas in subjects with "late" seizure onset.

Effects of sex and laterality of seizure focus. There were no significant differences

in correlations of FSIQ and area of callosal regions R1-R7 between subjects with L-

temporal and R-temporal lobe epilepsy. However, there was a significant difference

between males and females in the partial correlations of FSIQ and area of the rostrum

controlling for midsagittal intracranial area. Among females there was a significant

positive correlation (r = .46, p < .01), while for males there was a non-significant negative

correlation (r = -.33, > .05). The difference between correlations for males and females

was significant, p < .01.



Verbal Scale 10

Correlation of VIO with area of callosal regions (R1-R7)

Significant positive correlations were predicted between VIQ and area of callosal

regions, particularly area of the splenium. Table 8 presents correlation coefficient between

Verbal Scale IQ and midsagittal area of each callosal subregion.










Table 8
Correlations of Verbal Scale IQ with area (cm2) of each callosal subregion (N = 62)

RI R2 R3 R4 R5 R6 R7
VIQ r=.22 r=.16 r=.21 r=.19 r=.19 r=.17 r=.32
P ns ns ns ns ns ns <.05
* Two-tailed

A significant correlation was identified between VIQ and area of the splenium,

with larger splenial area associated with higher VIQ. The correlation remained significant

when controlling for brain size using midsagittal area of the cortex (r = .27, p < .05).

However, the correlation between VIQ and R7 area was not significantly different from

the correlations between VIQ and callosal areas R1-R6, p > .05.


Comparison of correlations for subgroups based on age at seizure onset, sex and laterality

of seizure focus

Effect of laterality of seizure focus. The relationship between VIQ and splenial

area did not differ depending upon the laterality of subject's seizure focus. For subjects

with a left temporal lobe focus the correlation was r = .44, p < .01. Among subjects with

a right temporal lobe focus, two cases were identified with extreme residuals (P < .01).

Excluding those cases, the correlation between VIQ and splenial area was significant (r =

.51, p < .01), although with data from the two cases included the correlation was not

significant, r = .24, p > .05.

Influence of gender. The relationship between VIQ and splenial area did differ

depending upon subject's sex. For males the correlation was significant, (r = .41, P < .05),

with a comparable correlation for women (r = .35, p < .05) after data from two cases with










extreme residuals (p < .01) were removed. The cases are the same individuals identified

above. With the cases included, the correlation between VIQ and splenial area was not

significant, (r = 18, p > .05).

Effect of age at seizure onset. Correlation coefficients were calculated separately

for subjects with "early" and "late" seizure onset. Mahalanobis distances were examined

separately for each group; no bivariate outliers were identified. Table 9 presents

correlations between VIQ and area of callosal regions (R1-R7) separately for subjects with

"early" and "late" seizure onset.


Table 9
Correlations of Verbal Scale IQ and area (cm2) ofcallosal subregions for subjects with
"early" (n = 20) and "late" (n = 42) seizure onset

RI R2 R3 R4 R5 R6 R7
"Early"
VIQ r=-.14 r=-.25 r=.16 r=.001 r=-.16 r = -.09 r = -.04
S= ns p = ns = ns = ns = ns = ns I2 = ns
"Late"
VIQ r=.35 r=.27 r=.27 r=.24 r=.31 r=.22 r =.39
p <.05 p = ns p = ns 1 = ns P <.05 p = ns p <.05
* Two-tailed


None of the differences between correlation coefficients for the "early" and "late"

groups were statistically significant. However, there was a trend toward between group

differences for RI (p = .08), R2 (p = .07), R5 (p =. 10), and R7 (p =. 12). Larger areas

for each subregion in the "early" group were associated with lower VIQ scores, while in

the "late" group larger areas were associated with higher VIQ scores. The difference









between correlation coefficients did not approach significance for R3 (p = .69), R4 (p =

.40), or R6 (p =.28).

For subjects with a "late" onset of seizures, larger midsagittal areas of RI (genu),

R5 (posterior midbody), and R7 (splenium) were significantly correlated with higher VIQ

scores. The correlation between R5 (posterior midbody) and VIQ appeared related to

brain size; the partial correlation controlling for midsagittal intracranial area (r = .25, p =

.13) was not significant. The correlations between VIQ and area of the rostrum (RI) and

splenium (R7) were reduced by controlling for total midsagittal area, but generally

remained significant. The partial correlation of Ri and VIQ controlling for midsagittal

area was marginally significant (r = .32, p = .05), while the partial correlation of R7 and

VIQ controlling for midsagittal area was significant (r = .36, p < .05).

Area of the rostrum (R1) and splenium (R7) were intercorrelated (r = .45), and

were not independent predictors of VIQ. In stepwise multiple regression modeling VIQ

entering Rl- and R7-areas as potential predictors, area of the rostrum was eliminated from

the model. The model including area of the splenium (R7) was significant (F (1,39) =

7.24, p = .01), accounting for 15% of the variance in VIQ.

Figure 2 is a scatterplot of VIQ and area of the splenium (R7) with linear

regression lines plotted separately for subjects with "early" and "late" seizure onset.









71



120




110'
o3 0
o 0

E3
100' a a -E"
0' 0 -[



DO O Seiur O se
El

0 0 E3t (
0)
90. 3 0 0
E3


0 0 --- ezure Onset
80 C3 0 Late (>5-yrs)
o 0 Rsq = 0.1535
0 00 E ~~3
0 Early (<5-yrs)
70 Rsq = 0.0012
1.0 1.2 1.4 1.6 1.8 2.0 2.2 2.4

Area of Splenium (R7) cm/sq

Figure 2. Scatterplot of VIQ and area of the splenium (R7) with regression lines plotted
separately for subjects with "early" and "late" seizure onset.



As suggested by Figure 2, data contributed by two subjects ("late" onset with VIQ

> 110) may have had a disproportionate influence on the correlation coefficient for the

"late" subgroup. It is important to note that the cases were not identified as bivariate

outliers based on Mahalanobis distances, and do not represent true outliers in solution (p <

.001) (Tabachnick & Fidell, 1996, p. 139). However, the two cases did have extreme

residuals, p2 < .01. With data from the two cases excluded, the correlation for the "late"

group between area of the splenium and VIQ was strengthened (r = .56, p < .001). The








72

difference between that correlations for the "late" group and the correlation for the "early"

group (r = -.04, > .05) was significant, p < .05.

There was a significant difference between partial correlations of VIQ and area of

the rostrum controlling for midsagittal intracranial between males and females. Among

females there was a significant positive correlation (r = .47, p < .01), while for males

there was a non-significant negative correlation (r =-. 21, p > .05). The difference

between correlations for males and females was significant, p < .01.



Performance Scale IQ

Correlations with area of callosal regions (R1-R7)

Significant positive correlations were predicted between PIQ and area of callosal

regions, although the results did not support that conclusion. Table 10 presents

correlation coefficients between Performance Scale IQ and midsagittal area of each

callosal subregion. None of the correlations between PIQ and area of callosal regions

were significant.

Table 10
Correlations of Performance Scale Q10 with each of the callosal subregions


RI R2 R3 R4 R5 R6 R7
VIQ r=.04 r=.10 r=.01 r=.17 r=.06 r=.16 r=.10
*
p* ns ns ns ns ns ns ns
Two-tailed







73

Comparison of correlations for subgroups based on age at seizure onset, sex and laterality

of seizure focus

Influence of age at seizure onset. The prediction that age at seizure onset would

influence correlations between PIQ and area of callosal regions was not directly

supported. Correlation coefficients were calculated separately for subjects with an onset

of chronic seizures before age five ("early") and subjects with later onset ("late") and are

presented in Table 11. None of the differences between correlation coefficients for the

"early" and "late" groups were statistically significant. However, there was a trend toward

between group differences for regions RI (p = .05), R2 (p =. 13), R3 (p =. 12) and R7 (P

=.11). Larger areas for each of these regions in the "early" group was associated with

lower PIQ scores, while in the "late" group larger areas were associated with higher PIQ

scores. The difference between correlation coefficients did not approach significance for

regions R4 (p = .57), R5 (p = .47), or R6 (p = .89).

Effects of sex and laterality of seizure focus. There were no significant differences

in correlations of PIQ and area ofcallosal regions R1-R7 between subjects with L-

temporal and R-temporal lobe epilepsy. However, there was a significant difference

between males and females in the partial correlation of FSIQ and area of the rostrum

controlling for midsagittal intracranial area. Among females there was a significant

positive correlation (r = .35, p < .05), while for males there was a marginally significant

negative correlation (r = -.41, p = .05). The difference between correlations for males

and females was significant, p < .01.










Table 11
Correlations of Performance Scale Q10 and each of the callosal subregions for subjects
with "early" (n = 20) and "late" (n = 42) seizure onset

RI R2 R3 R4 R5 R6 R7
"Early"
PIQ r=-.37 r=-.24 r=-.23 r=.28 r= -.10 r=.10 r= -.29
p=ns ==ns l=ns =nfs p =ns p =ns p =ns
"Late"
PIQ K=.18 r=.19 r=.21 r=.12 r=.ll r=.14 r=.16
P = ns p = ns = ns = ns = ns p = ns p=ns
Two-tailed


Effects of sex and laterality of seizure focus. There were no significant differences

in correlations of PIQ and area of callosal regions R1-R7 between subjects with L-

temporal and R-temporal lobe epilepsy. However, there was a significant difference

between males and females in the partial correlation of FSIQ and area of the rostrum

controlling for midsagittal intracranial area. Among females there was a significant

positive correlation (r = .35, p < .05), while for males there was a marginally significant

negative correlation (r = -.41, p = .05). The difference between correlations for males

and females was significant, p < .01.


Freedom from Distractibility Index

Correlations with area of callosal regions (RI-R7)

Based on research in children with ADHD, it was predicted that anterior and

posterior regions of callosum would have significant positive correlations with FDI score.

Table 12 presents the correlations between FDI score and area of callosal regions (R1-R7)

for the total sample, and separately for subjects with "early" and "late" seizure onset. For








75

the total sample, area of region R5 had a significant positive correlation with FDI score, (r

= .27, p < .05). The correlation between area of region R4 (anterior midbody) and FDI

score approached significance.

Table 12
Correlations between FDI scores and area ofcallosal regions


RI R2 R3 R4 R5 R6 R7
All Subjects (n= 62) r=.18 r=.17 r=.17 r=.24 r=.27 r=.18 r=.19
p = ns = ns P = ns p =.06 12 <.05 p = ns p = ns
"Early" (n = 20) r=-.ll r=-.ll r=-.10 r =-.05 r=-.32 r=-.12 r =-.44
p = ns p = ns p = ns p = ns p = ns p = ns p =.06
"Late" (n= 42) r =.31 r=.27 r =.28 r=.36 r=.50 r=.29 r=.34
p <.05 p = ns p=ns p <.05 P <.O1 p= .07 p <.05
Two-tailed


Comparison of correlations for subgroups based on age at seizure onset, sex and laterality
of seizure focus

Influence of age at seizure onset. Among subjects with "early" seizure onset, none

of the correlations between FDI score and area of callosal regions was significant (p >

.05), although the correlation between FDI score and area of the splenium did approach

significance, (r = -.44, p = .06). In the "early" group, there was a trend toward larger

splenial areas being associated with lower FDI scores.

Among subjects with "late" seizure onset, correlations between FDI scores and the

area ofcallosal regions RI (r = .31, p < .05), R4 (r = .36, p < .05), R5 (r = .50, p < .01)

and R7 (r = .34, p < .05) were significant, and the correlation with R6 (r = .29, p = .07)

approached significance. In a stepwise multiple regression modeling FDI score and

entering the area of each callosal region as a potential predictor, only the area of the

posterior midbody was retained. The equation relating area of the posterior midbody (R5)









and FDI score was significant, F (1, 39) = 11.89, p < .001. The area of other callosal

regions were excluded as nonsignificant predictors from the regression model including R5

area.

The difference between correlations for the "early" and "late" groups were

significant for regions R5, posterior midbody (p < .01) and R7, splenium (p < .01). For

both regions, larger callosal regions in the "early" group were associated with lower FDI

scores, while in the "late" group larger areas were associated with higher FDI scores.

Effects of sex and laterality of seizure focus. There were no significant differences

between males and females or based on the laterality of subject's seizure focus in terms of

correlations of FDI score and area of callosal regions (R1-R7).



Correlations of Anterior and Posterior Callosal Areas with Performance on Wisconsin

Card Sorting and Facial Recognition Tests

It was predicted that WCST perseverative error score would be more strongly

correlated with area of the anterior portion of callosum which contains fibers

interconnecting frontal lobes than with area of posterior callosum. To test this

hypothesis, a variable reflecting area of the anterior portion of the callosum was created by

adding the areas of the rostrum (RI) and genu (R2). A variable reflecting area of the

posterior callosum was created by adding the areas of the isthmus (R6) and splenium (R7).

The distributions of anterior and posterior callosal areas appeared normally distributed,

without significant skewness or kurtosis. No univariate outliers were identified. Table 13

presents correlations of anterior and posterior callosal areas with WCST perseverative

error and FRT score.










Table 13
Correlations between callosal area (anterior vs. posterior in cm2) and test score (WCST
vs. Facial Recognition)

Anterior Callosal Area Posterior Callosal Area
(Rostrum + Genu) (Isthmus + Splenium)
WCST Perseverative Error Score r =-.20 r = -.15

p =. 16 p =.30

n=51 n=52
Facial Recognition Test r = -.21 r=. 14
Corrected Long Form Score
2 =.24 12 =.42

n=35 n=36
STwo-tailed


The correlation of anterior callosal area with WCST perseverative error score (r =

-.20, p > .05) was not significantly different from the correlation between posterior

callosal area and WCST performance (r = -. 15, p > .05), p > .05. The correlation between

posterior callosal area and FRT score (r =. 14, p > .05) was not significantly different from

the correlation between anterior callosal area and FRT score (r = -.21, p > .05), p >.05.

Table 14 presents correlations of anterior and posterior callosal areas with WCST

perseverative error and FRT separately for subjects with "early" and "late" seizure onset.

In the subsample of subjects with an "early" onset of seizures, the correlation between

anterior callosal area and WCST perseverative error score (r = -.01, 1 > .05) was not

significantly different from the correlation between posterior callosal area and WCST

performance (r = -.36, p > .05), p > .05. The correlation of posterior callosal area with

FRT score (r = -.47, p > .05) was not significantly different from the correlation between

anterior callosal area and FRT score (r = -.83, p < .01), p > .05.











Table 14
Correlations between callosal area (anterior vs. posterior) and test score (WCST vs.
Facial Recognition) for all subjects and separately for subjects with "early" and "late"
seizure onset


Anterior Callosal Area Posterior Callosal Area
(Rostrum + Genu) (Isthmus + Splenium)

WCST Perseverative Error "Early" r= -.01 r = .36
Score p =.97 =.16
n=17 n=17
"Late" r = -.23 r = -.08
p =.20 12 =.67
n=34 Dn=35
Facial Recognition Test "Early" r = -.83 r =.-.47
Corrected Long Form Score P = <.01 p =.15
n=ll n=ll

"Late" r=.16 r =.31
p =.45 p =.13
n 24 nR=25
* Two-tailed


As suggested by Figure 3, the very strong correlation between anterior callosal

area and FRT score may have been influenced by data from two cases with relatively large

anterior callosal areas. Excluding those two cases, the correlation of FRT performance

with area of anterior callosum fell from r = -.83 to r = -.63 (p = .05). Among subjects

with "late" seizure onset, the correlation of WCST perseverative error score with anterior

callosal area (r = -.23, p > .05) was not significantly different from the correlation of

WCST score with posterior callosal area (r = -.08, p > .05), p > .05. The correlation

between FRT score and posterior callosal area (r = .31, p > .05) was not significantly

different from the correlation between FRT score and anterior callosal area (r =. 16, 1 >

.05), > .05.










79


There were no significant differences between correlations ofWCST perseverative


error score and FRT score with anterior and posterior callosal areas based on either


subjects' sex or the laterality of their seizure focus.


50,


48"


S46-


I-4 44-


I 42-

41
400


1.0 1.2 1.4 1.6 1.8 2. .2 2.4 2.6

Anterior Callosal Area (cm/sq)

Figure 3. Scatterplot of anterior area (cm/sq) of the corpus callosum and Facial
Recognition Test score in subjects (n=l 1) with an "early" onset of seizures.


a
a


D a a


a a
a
a





a



D













DISCUSSION


Overview and Summary


Because the corpus callosum appears late in phylogeny, becomes apparent

relatively late in the course of ontogeny, and does not become fully myelinated, or

presumably fully functional, until relatively late in life, Hoptman and Davidson (1994)

advanced the hypothesis that callosal connections have cognitive consequences, and that

the functional significant of the corpus callosum may be in terms of the highest order, most

complex, and recently evolved cognitive capabilities. This view is bolstered by findings

that growth of the callosum continues beyond the point at which most other cerebral

structures have reached maturity (Pujol, Vendrell, Junque, Marti Vilalta, 1993), and can

be influenced by environmental experiences (Juraksa & Kopcik, 1988; Schlaug, Jancke,

Huang, Staiger & Steinmetz, 1995).

Relationships between the size of the corpus callosum and global measures of

cognitive functioning have been demonstrated in a number of clinical samples, with the

typical finding that atrophy of the corpus callosum is associated with impaired cognitive

functioning. Decreased callosal size in some patient groups may be attributable to disease

processes primarily affecting white matter tracts (e.g., multiple sclerosis) while in other

groups, like those with dementia, decreased callosal size may reflect damage to the cortex.

The extent to which callosal size and cognitive functioning are associated in normals is

80









unsettled. In a heterogenous group of patients with intractable epilepsy, Strauss et al.

(1994) demonstrated a positive correlation between area of the posterior region of the

callosum corresponding to the splenium and Full Scale IQ. They suggested that area of

posterior callosum may serve as a marker for the number of interhemispheric connections

linking posterior brain regions particularly important for the type of problem solving

required in intelligence tests (Strauss et al., 1994).

This study demonstrated a significant positive correlation between area of the

splenium and measures of intellectual ability in epileptics, replicating the result previously

reported by Strauss et al. (1994). The relationship was not accounted for by differences in

brain size as indexed by midsagittal area of cortex, and did not differ depending upon

subject's sex or the laterality of their temporal lobe seizure focus. However, the age at

which subjects began to experience chronic seizures did affect the nature of the

relationship. The significant positive correlation between area of the splenium and

measures of Verbal and Full Scale IQ was only true for subjects with chronic seizures

beginning after age five. In contrast, for subjects with earlier seizure onset, correlations

between measured IQ and splenial area were in the opposite direction (i.e., negative),

although not statistically different from zero. The difference between correlations for the

"early and "late" groups was significant, consistent with predictions based animal research

indicating that early seizure activity may result in the sparing of inappropriate callosal

projections. Correlations between measures of callosal morphology and PIQ were not

significant.

Although not predicted, a significant sex difference was found in the relationship

between area of the callosum's rostrum and measured IQ. For females, larger rostral areas









were significantly associated with higher Verbal, Performance, and Full Scale IQs, while

for males the correlations were negative. This finding is discussed in the context of a

previously reported sex difference in the relationship of callosal morphology and measured

IQ, and suggestions that cognitive processes may be less highly lateralized in females and

more dependent upon interhemispheric communication.

Based on reports that children with attention-deficit/hyperactivity disorder have

smaller anterior and posterior callosal areas than normal controls (Hynd et al., 1991;

Geidd et al., 1994; Semrud-Clikeman, et al. 1994), and that the Freedom from

Distractibility factor is especially prominent in WAIS-R data of people with epilepsy

(Bomrnstein & Cohen, 1988), positive correlations were predicted between the area of

anterior and posterior callosal regions and FDI score. Examining data from all subjects,

the predicted relationships between FDI score and measures of anterior and posterior

callosal morphology were not found. However, a larger area of the callosal region

including fibers from posterior parietal cortex was found to have a significant association

with higher FDI scores.

As with other correlations between callosal morphology and IQ measures, the

significant positive correlation in the total sample appeared to only reflect the nature of the

relationship for the subgroup of subjects with chronic seizures beginning after age five.

The direction of the relationship appeared to be reversed for subjects with earlier seizure

onset. The difference between the significant positive correlation of area of the posterior

midbody and FDI score for subjects in the "late" seizure onset group and the negative

correlation for subjects in the "early" group was significant. For subjects with "late"

seizure onset, significant positive correlations were also found, as had been predicted for









the total sample, between FDI score and area of the callosal regions interconnecting

anterior and posterior association cortex. The results did not support predictions made

about differential relationships between area of anterior and posterior callosum and WCST

Perseverative Error and Facial Recognition Test scores.

The discussion begins with a comparison of demographic features,

neuropsychological test performance, and size of the corpus callosum between this study's

sample and other groups with intractable epilepsy described in the literature. The

discussion proceeds, attempting to place the study's findings in the context of empirical

and theoretical accounts of the role and mechanism of interhemispheric communication in

cognitive processing. Finally, limits to external validity imposed by the nature of the

population studied, correlational design, reliance on archival test data, and limited power

to test some potential associations will be discussed.



Patient Sample

On basic demographic features, the subjects included in this study were similar to

other samples of patients with intractable epilepsy described in the literature. The subjects'

average age and number of years of education was comparable to that reported for other

groups tested in the process of evaluation as candidates for surgical treatment (Bornstein,

Drake, & Pakalnis, 1988; Chelune, Naugle, Luders, & Awad, 1991). Their average age at

seizure onset was nearly identical to those reported by Chelune, Naugle, Luders, and Iwad

(1991) for left and right temporal lobectomy patients. In comparison to the patients tested

by Strauss et al. (1994), the subjects included in this study were older, with a difference of

approximately six years between the groups' mean age. Other demographic comparisons









were not possible because Strauss et al. (1994) did not report the gender composition,

number of years of education, age at seizure onset, or other information concerning the

nature of their subjects' medically refractory seizures.



Neuropsychological Measures

Subjects' average FSIQ on the WAIS-R was in the Low Average range of

intellectual functioning, in the same range as scores reported for other samples of patients

with intractable epilepsy (Bornstein, Drake, & Pakalnis, 1988; Chelune, Naugle, LUiders &

Awad, 1991; Strauss, Wada, & Hunter, 1994). Subjects with right temporal lobe epilepsy

had a significantly higher FSIQ, and had completed more years of schooling on average

than the left temporal lobe group. These same differences were also reported by Chelune

et al. (1991). As anticipated (Kaufman, 1990), subjects with a left temporal lobe seizure

focus scored significantly lower on the Verbal than Performance Scale of the WAIS-R.

However, there was no significant difference in PIQ based on laterality of seizure focus.

Subjects with left temporal lobe epilepsy also scored significantly lower on the Freedom

from Distractibility Index than subjects with a right sided focus. This likely reflects the

fact that the heaviest loadings on the index came on two Verbal Scale subtests (i.e., Digit

Span and Arithmetic).

No significant difference in WCST Perseverative Error score was found between

subjects with left and right temporal lobe epilepsy. This is not surprising in light of the

somewhat contradictory reports in the literature. Hermann, Wyler, and Richey (1988)

reported the highest rate of perseverative errors in patients with non-dominant temporal

lobe epilepsy, while Strauss et al. (1993) reported that subjects with dominant temporal









lobe epilepsy and damage before 12 months of age showed the greatest level of

impairment.

Virtually all subjects performed within normal limits on the Facial Recognition

Test, with only two subjects scoring within the impaired range. As discussed below, this

ceiling-effect limited the study's potential to demonstrate correlations.


"Early" versus "Late" Seizure Onset

Subjects with an onset of chronic seizures before age five obtained significantly

lower VIQ, PIQ, and consequently FSIQ scores, than subjects with a later seizure onset.

Subjects in the "early" group had also completed significantly fewer years of education

than subjects in the "late" group. There was no significant difference between groups in

terms of performance on the WAIS-R Freedom from Distractibility index, WCST

Perseverative Error, or Facial Recognition Test scores.



Morphometric Data


Brain Size

On all measures of brain size (e.g., brain length, total intracranial area, total area of

cortex), males were found to have significantly larger brains than females. Similar sex

differences in brain size have been frequently reported, for examples see Johnson et al.

(1994) or Rauch and Jinkins (1994). Although the magnitude of the difference was not

nearly as large, the results suggested that subjects with an "early" onset of seizures had

slightly shorter and smaller brains than subjects in the "late" group. This could reflect a

subtle morphologic effect of seizure activity beginning at an earlier point in the course of









development, or an effect of the presumably longer duration of epilepsy and history of

treatment with antiepileptic drugs. It is important to note that the magnitude of the effect

was slight, with grouping based on age at seizure onset accounting for only 6% of the

variance in brain length.



Area of the Corpus Callosum

In this study, the average total midsagittal area of the corpus callosum was 620-

mm2 (SD = 96). Strauss et al. (1994) reported an average midsagittal area of the corpus

callosum for their epilepsy subjects of634-mm2 (SD = 119), which they stated was not

significantly different from the average area for their 55 normal controls (M = 644-mm2,

SD = 93). The average total callosal area for subjects in this study did not differ

significantly in one-sample t-tests from the mean values reported by Strauss et al. (1994)

for their patient or control subjects. Johnson et al. (1994) summarized data from 26 MRI

and post-mortem studies of callosal morphology in normal subjects, and reported a grand

mean of midsagittal areas of 667-mm2, with a standard deviation for sample means of 81.

Although the mean for this study's subjects was significantly smaller than that average, it is

well within the broad range (545-mm2 to 890-mm2) of average callosal areas reported for

normals in the studies summarized by Johnson et al. (1994).

The area of each of the seven callosal regions was found to be significantly larger

in males than females, a finding consistent with previous reports in the literature (Johnson,

Bigler, Burr, & Blatter, 1994). However, after accounting for variance associated with

brain size using an approach consistent with recommendations made by Arndt et al.

(1991), differences between males and females in terms of callosal areas were no longer









significant. Parashos, Wilkinson, and Coffey (1995) reported that, beyond age and an

estimate of brain size, gender was not a significant predictor of midsagittal callosal area.

No between group differences were found for the area of any callosal region based the

laterality of subject's seizure focus, or with grouping based on age at seizure onset.

The fact that the callosum was not significantly larger in subjects with "early"

seizure onset raises questions about the nature of the impact seizure activity beginning

before age five has on callosal development. The lack of a difference suggests that it does

not result in an excess number of surviving callosal projections, unless, for some reason,

the number of surviving axons is poorly indexed by midsagittal area. It remains possible

that early seizures may result in the fixation of inappropriate callosal projections

potentially supplanting more functional connections. It is also possible that seizures

during the period of rapid callosal growth before age two identified by Witelson and Kigar

(1988) may not alter the number of axons, but rather, may alter the nature of connections

they establish.



Relationships Between Morphometric and Neuropsychological Measures


WAIS-R Measures


This study demonstrated a significant positive correlation between area of the

posterior callosal region corresponding to the splenium and both Verbal and Full Scale IQ

in a sample of 62 right-handed subjects with intractable epilepsy. The significant

correlation between splenial area and Full Scale IQ replicates the previously reported

finding of Strauss et al (1994). In fact, after excluding data from a potential outlier, a







88

correlation identical to that reported by Strauss et al. (1994) was found. This replication

was obtained despite a number of methodological differences, including differences in

subject selection criteria, MRI acquisition parameters (e.g., 8.5-mm versus 1.25 or 1.406-

mm slice thickness), technique used to subdivide the callosum, and available test data

(e.g., prorated IQ scores versus scores based on the complete WAIS-R administration).

However, unlike the work of Strauss et al. (1994), in this study the correlation between

splenial area and FSIQ was not significantly stronger than correlations between FSIQ and

area of the remaining callosal regions.



Results Related to Age at Seizure Onset

Consistent with the prediction that early seizure activity would affect the

relationship between callosal morphology and measured IQ, a significant difference was

found between the positive correlation of splenial area and FSIQ for subjects with seizure

onset after age five and the negative correlation for subjects with an earlier age at seizure

onset. The "early" and "late" groups did not differ in terms of total callosal area or area of

any of the callosum's regions. However, the "early" group did have significantly lower IQ

scores, and demonstrated significantly less variation in area of the splenium but not other

callosal regions. These differences may have influenced the finding, although both

truncation of range and restricted variability of scores would be expected to effect the

magnitude, but not direction, of the correlation.

No significant differences were found in the correlation of IQ scores and area of

callosal regions based on the laterality of subjects' temporal lobe seizure focus. Strauss et

al. (1994) called for replication of their study with a more homogeneous sample to address









potential effects related to the site and laterality of subjects' epileptogenic disturbance.

Limiting this study to subjects with temporal lobe epilepsy was a step toward addressing

the first concern, while knowledge of subjects' epileptogenic focus made it possible to test

and exclude an effect of laterality on the relationship between callosal morphology and

measured IQ. Unlike subjects with epileptogenic lesions in extratemporal areas which

could exert a direct effect on callosal morphology, the seizure focus of all subjects in this

study was in anterior temporal lobe, a region relatively free of callosal projections.



Gender Differences

Although the correlation between splenial area and measured IQ did not differ

depending upon subject's gender, a consistent sex significant difference involving anterior

callosal area was found. For females, larger area of the rostrum was significantly

correlated with higher Verbal, Performance, and Full Scale IQ scores. While not

significant, correlations for males were in the opposite direction, with larger rostral area

associated with lower measured IQs. Schultz and Staib (1995) have reported similar sex

differences with respect to the relationship between callosal area and measured IQ.

In a study of 23 females and 16 males, largely comprised of twin pairs, Schultz and

Staib (1995) reported that area of the splenium was positively correlated with Full and

Verbal Scale IQ in females, but negatively correlated in males. Although the region of

callosum involved in the sex difference is not the same, this study's finding and Schultz and

Staib's (1995) report both involve positive correlations between regions of callosum

interconnecting association cortex and IQ for females and negative correlations for males.

These findings are consistent with literature suggesting that cognitive functions are more









highly lateralized in males, making interhemispheric communication more critical for

females (Clarke & Zaidel, 1994; Witelson, 1989; Witelson & Nowakowski, 1991; Zaidel,

Aboitiz, Clarke, Kaiser, & Matteson, 1995).



Other Neuropsychological Measures

Predictions made about associations among anterior and posterior callosal areas

and performance on the Wisconsin Card Sorting and Facial Recognition Tests were not

supported. No significant correlation was found between WCST Perseverative Error

score and either anterior or posterior callosal areas in the total sample, or separately for

subjects with "early" or "late" seizure onset. Assuming a correlation equal to that reported

by Strauss et al. (1994), with WCST data available for 52 subjects, power was .73 to

detect a significant relationship between WCST perseverative error score and callosal

area.

Making the same assumption about the strength of the underlying association, with

data available for fewer subjects, power to detect a significant correlation between FRT

score and callosal area was lower. With power equal to .53, there was a 44% chance that

if a significant correlation did exist between callosal area and FRT performance this study

would have been unable to detect it. Inadequate power is not the only factor which might

account for the failure to find a significant association between callosal morphology and

FRT performance. Aside from the obvious possibility that area of the callosum is not a

good marker for interhemispheric processes involved in face matching, the truncated range

and lack of variability in FRT scores would have made it difficult it difficult to

demonstrate potentially significant associations if they had existed. The significant







91

negative correlation between anterior callosal area and FRT score for subjects with "early"

seizure onset should be interpreted with caution. The correlation was based on data from

a small number of subjects (n = 11), and appeared to be unduly influenced by data from

two subjects. Their presence in the data may have inflated the observed correlations by

artificially stretching the range of observed values.



"What Does the Corpus Callosum do for a Living?"

After reporting the empirical observation that aspects of callosal morphology are

significantly associated with performance on behavioral measures of cognitive functioning,

the question quickly comes to focus on the functional significance of interhemispheric

pathways coursing through the callosum. As Hoptman and Davidson (1994, p. 205)

posed the question, "What does the corpus callosum do for a living?"



Role in Attentional Regulation

Hoptman and Davidson (1994) reviewed evidence concerning the role of the

corpus callosum in attentional systems, including results demonstrating that split-brain

patients show deficits in selective, sustained, divided, and focused attention which may be

due to disruption of an interhemispheric mechanism responsible for maintaining bilateral

cerebral arousal (Hoptman & Davidson, 1994). Citing work by Levy, Wagner, and Luh

(1990), Posner, Walker, Friedrich, and Rafal (1984), and Heilman and Van Den Abell

(1979), Hoptman and Davidson (1994) suggested that the parietal lobes, and especially

the right parietal lobe, may be critical to processes involved with the meta-control and

allocation of attentional resources. Callosal projections from posterior cortex pass




Full Text

PAGE 1

&$//26$/ 0253+2/2*< ,1 (3,/(36< $1' 1(85236<&+2/2*,&$/ 7(67 3(5)250$1&( ,1)/8(1&( 2) ($5/< 9(5686 /$7( 6(,=85( 216(7 %\ 7+20$6 %(51$5' )/<11 $ ',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,'$

PAGE 2

$&.12:/('*0(176 ,W ZRXOG QRW KDYH EHHQ SRVVLEOH WR FRPSOHWH WKLV GLVVHUWDWLRQ ZLWKRXW WKH HQFRXUDJHPHQW DQG JHQHURXV VXSSRUW RI P\ FRPPLWWHH PHPEHUV ZRXOG OLNH WR H[SUHVV P\ JUDWLWXGH WR 'U *LOPRUH IRU KHU WLPH DV SDUW RI P\ FRPPLWWHH DQG IRU SURYLGLQJ DFFHVV WR (SLOHSV\ 0RQLWRULQJ 8QLW UHFRUGV 'U &URVVRQnV WKRXJKWIXO FRPPHQWV ZHUH DOZD\V DSSUHFLDWHG DQG FRQWULEXWHG WR P\ FRQFHSWXDOL]DWLRQ RI WKH UHVHDUFK RZH D SDUWLFXODU GHEW WR 'U /HRQDUG ZKR PDGH WKH UHVRXUFHV RU KHU ODERUDWRU\ DYDLODEOH WR PH ZLWKRXW KHVLWDWLRQ DQG JDYH JHQHURXVO\ RI KHU WLPH DWWHQWLRQ DQG FRXQVHO 'U %DXHUnV VXSSRUW KDV DOZD\V EHHQ LPSRUWDQW WR PH DQG DP JUDWHIXO IRU KLV ZLOOLQJQHVV WR ZRUN ZLWK PH RQ WKLV SURMHFW 7R 'U )HQQHOO RZH WKDQNV DQG DSSUHFLDWLRQ IRU VHHLQJ PH WKURXJK QRW RQO\ WKLV GLVVHUWDWLRQ EXW D JUDGXDWH FDUHHU DV ZHOO

PAGE 3

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

PAGE 4

SDJH 0(7+2' 6XEMHFWV 1HXURSV\FKRORJLFDO 0HDVXUHV 0RUSKRPHWULF 0HDVXUH 6WDWLVWLFDO $QDO\VLV 5HOLDELOLW\ $SSURDFK WR 'DWD $QDO\VLV 5(68/76 1HXURSV\FKRORJLFDO 0HDVXUHV 9HUEDO 6FDOH ,4 3HUIRUPDQFH 6FDOH ,4 )XOO 6FDOH ,4 )UHHGRP IURP 'LVWUDFWLELOLW\ ,QGH[ :&67 3HUVHYHUDWLYH (UURU 6FRUH )DFLDO 5HFRJQLWLRQ 7HVW 6FRUH *URXSLQJ %DVHG RQ $JH DW 6HL]XUH 2QVHW 0RUSKRPHWULF 'DWD ,QWHUUDWHU 5HOLDELOLW\ ,QWUDUDWHU 5HOLDELOLW\ 0HDVXUHPHQWV RI %UDLQ 6L]H %UDLQ 6L]H DQG $JH DW 6HL]XUH 2QVHW 0HDVXUHPHQWV RI &RUSXV &DOORVXP 5HODWLRQVKLS %HWZHHQ 0RUSKRPHWULF DQG 1HXURSV\FKRORJLFDO 0HDVXUHV )XOO 6FDOH ,4 &RUUHODWLRQ RI )6,4 ZLWK DUHD RI FDOORVDO UHJLRQV 55f &RPSDULVRQ RI FRUUHODWLRQV IRU VXEJURXSV EDVHG RQ DJH DW VHL]XUH RQVHW VH[ DQG ODWHUDOLW\ RI VHL]XUH IRFXV 9HUEDO 6FDOH ,4 &RUUHODWLRQ RI 9,4 ZLWK DUHD RI FDOORVDO UHJLRQV 55f &RPSDULVRQ RI FRUUHODWLRQV IRU VXEJURXSV EDVHG RQ DJH DW VHL]XUH RQVHW VH[ DQG ODWHUDOLW\ RI VHL]XUH IRFXV 3HUIRUPDQFH 6FDOH ,4 &RUUHODWLRQV ZLWK DUHD RI FDOORVDO UHJLRQV 55f &RPSDULVRQ RI FRUUHODWLRQV IRU VXEJURXSV EDVHG RQ DJH DW VHL]XUH RQVHW VH[ DQG ODWHUDOLW\ RI VHL]XUH IRFXV )UHHGRP IURP 'LVWUDFWLELOLW\ ,QGH[ &RUUHODWLRQV ZLWK DUHD RI FDOORVDO UHJLRQV 55f LY

PAGE 5

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

PAGE 6

/,67 2) 7$%/(6 7DEOH SDJH 'HPRJUDSKLF )HDWXUHV 3DWLHQW 6DPSOH 1 f 'HVFULSWLYH VWDWLVWLFV IRU QHXURSV\FKRORJLFDO PHDVXUHV 'HPRJUDSKLF IHDWXUHV DQG QHXURSV\FKRORJLFDO WHVW SHUIRUPDQFH RI VXEMHFWV ZLWK HDUO\ DQG ODWH VHL]XUH RQVHW 0HDVXUHPHQWV RI EUDLQ VL]H LQ WKH WRWDO VDPSOH DQG VHSDUDWHO\ IRU PDOHV DQG IHPDOHV 0LGVDJLWWDO DUHD FPf RI WKH FRUSXV FDOORVXP 1 f &RUUHODWLRQV RI )XOO 6FDOH ,4 ZLWK DUHD FPf RI FDOORVDO VXEUHJLRQV 1 f &RUUHODWLRQV RI )XOO 6FDOH ,4 DQG DUHD FPf RI FDOORVDO VXEUHJLRQV IRU VXEMHFWV ZLWK HDUO\ Q f DQG ODWH Q f VHL]XUH RQVHW &RUUHODWLRQV RI 9HUEDO 6FDOH ,4 ZLWK DUHD FPf RI HDFK FDOORVDO VXEUHJLRQ &RUUHODWLRQV RI 9HUEDO 6FDOH ,4 DQG DUHD FPf RI FDOORVDO VXEUHJLRQV IRU VXEMHFWV ZLWK HDUO\ Q f DQG ODWH Q f VHL]XUH RQVHW &RUUHODWLRQV RI 3HUIRUPDQFH 6FDOH ,4 ZLWK HDFK RI WKH FDOORVDO VXEUHJLRQV &RUUHODWLRQV RI 3HUIRUPDQFH 6FDOH ,4 DQG HDFK RI WKH FDOORVDO VXEUHJLRQV IRU VXEMHFWV ZLWK HDUO\ Q f DQG ODWH Q f VHL]XUH RQVHW &RUUHODWLRQV EHWZHHQ )', VFRUHV DQG DUHD RI FDOORVDO UHJLRQV &RUUHODWLRQV EHWZHHQ FDOORVDO DUHD DQWHULRU YV SRVWHULRU LQ FPf DQG WHVW VFRUH :&67 YV )DFLDO 5HFRJQLWLRQf &RUUHODWLRQV EHWZHHQ FDOORVDO DUHD DQWHULRU YV SRVWHULRUf DQG WHVW VFRUH :&67 YV )DFLDO 5HFRJQLWLRQf IRU DOO VXEMHFWV DQG VHSDUDWHO\ IRU VXEMHFWV ZLWK HDUO\ DQG ODWH VHL]XUH RQVHW YL

PAGE 7

/,67 2) ),*85(6 )LJXUH SDJH 'LDJUDP GHSLFWLQJ D PLGVDJLWWDO EUDLQ LPDJH KLJKOLJKWLQJ GLYLVLRQ RI WKH FRUSXV FDOORVXP LQWR VHYHQ VXEUHJLRQV 6FDWWHUSORW RI 9,4 DQG DUHD RI WKH VSOHQLXP 5f ZLWK UHJUHVVLRQ OLQHV SORWWHG VHSDUDWHO\ IRU VXEMHFWV ZLWK HDUO\ DQG ODWH VHL]XUH RQVHW 6FDWWHUSORW RI DQWHULRU DUHD FP RI WKH FRUSXV FDOORVXP DQG )DFLDO 5HFRJQLWLRQ 7HVW VFRUH LQ VXEMHFWV Q O f ZLWK DQG HDUO\ RQVHW RI VHL]XUHV 9OO

PAGE 8

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

PAGE 9

ZLWK PHDVXUHV RI FRJQLWLYH SHUIRUPDQFH ZHUH H[SORUHG $ VLJQLILFDQW SRVLWLYH FRUUHODWLRQ ZDV IRXQG EHWZHHQ VL]H RI WKH FDOORVDO UHJLRQ LQFOXGLQJ ILEHUV OLQNLQJ SRVWHULRU DVVRFLDWLRQ FRUWH[ DQG 9HUEDO DQG )XOO 6FDOH EXW QRW 3HUIRUPDQFH ,4 7KLV UHVXOW UHSOLFDWHG D ILQGLQJ SUHYLRXVO\ UHSRUWHG E\ 6WUDXVV :DGD DQG +XQWHU LQ D VLPLODU SDWLHQW VDPSOH 7KH ILQGLQJ GLG QRW GLIIHU GHSHQGLQJ XSRQ VXEMHFWn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

PAGE 10

,1752'8&7,21 %DFNJURXQG 7KH FRUSXV FDOORVXP LV WKH PDLQ ILEHU WUDFW LQWHUFRQQHFWLQJ WKH FHUHEUDO KHPLVSKHUHV ,Q PDWXUH EUDLQ LW LV KHDYLO\ P\HOLQDWHG DQG GLVWLQFW LQ DSSHDUDQFH IURP VXUURXQGLQJ EUDLQ VWUXFWXUHV ,WV VL]H DSSHDUDQFH DQG FHQWUDO ORFDWLRQ LQ WKH EUDLQ KDYH GUDZQ DWWHQWLRQ VLQFH DQWLTXLW\ %RJHQ f +DUULV f UHYLHZHG WKH ORQJ KLVWRU\ RI DWWHPSWV WR XQGHUVWDQG WKH VWUXFWXUH DQG IXQFWLRQ RI WKH FRUSXV FDOORVXP KLJKOLJKWLQJ WKH LPSRUWDQFH RI LQWHUDFWLRQV DPRQJ DQDWRPLFDO SK\VLRORJLFDO DQG EHKDYLRUDO HYLGHQFH 1RUPDO $QDWRP\ DQG &DOORVDO 'HYHORSPHQW %DVHG RQ OLJKW PLFURVFRS\ RI WKH KXPDQ FRUSXV FDOORVXP 7RPDVFK f HVWLPDWHG WKDW PRUH WKDQ PLOOLRQ ILEHUV SDVV WKURXJK WKH FDOORVXP 7KLV ILJXUH KDV EHHQ IUHTXHQWO\ FLWHG VLQFH LWV SXEOLFDWLRQ DQG FRQWLQXHV WR EH UHIHUHQFHG E\ VRPH DXWKRUV +RZHYHU .RSSHO DQG ,QQRFHQWL f UHSRUWHG WKDW LQ FRPSDULVRQ WR HOHFWURQ PLFURVFRS\ OLJKW PLFURVFRS\ XQGHUHVWLPDWHV WKH QXPEHU RI ILEHUV LQ WKH FRUSXV FDOORVXP RI WKH FDW E\ PRUH WKDQ IRXU WLPHV 5HDVRQLQJ E\ DQDORJ\ WKH\ HVWLPDWHG WKDW WKH QXPEHU RI D[RQV LQ WKH KXPDQ FRUSXV FDOORVXP PD\ EH PRUH WKDQ PLOOLRQ 7KLV LV FRQVLVWHQW ZLWK WKH QXPEHU RI D[RQV HVWLPDWHG E\ $ERLWL] 6FKHLEHO )LVKHU DQG =DLGHO f EDVHG

PAGE 11

RQ H[DPLQDWLRQ RI D KXPDQ FRUSXV FDOORVXP XVLQJ HOHFWURQ PLFURVFRS\ $V QRWHG E\ %RJHQ f WKH FRUSXV FDOORVXP LV ODUJHU WKDQ DOO WKH GHVFHQGLQJ DQG DVFHQGLQJ WUDFWV WDNHQ WRJHWKHU ZKLFK FRQQHFW WKH FHUHEUXP ZLWK WKH RXWVLGH ZRUOG *URZWK RI WKH FRUSXV FDOORVXP KDV EHHQ IRXQG WR FRQWLQXH LQ KXPDQV XS WR WKH PLGGOH WZHQWLHV PDNLQJ LW RQH RI WKH ODWHVWPDWXULQJ FHUHEUDO VWUXFWXUHV 3XMRO 9HQGUHOO -XQTXH t 0DUWL 9LODOWD f 3XMRO HW DO f UHSRUWHG WKDW GHYHORSPHQW RI WKH FRUSXV FDOORVXP SDUDOOHOV FRJQLWLYH PDWXUDWLRQ DQG VXJJHVWHG WKDW WKH FRUSXV FDOORVXP PD\ EH SDUW RI WKH KLJKHVW RUGHU ODWHVW PDWXULQJ QHXUDO QHWZRUN RI WKH EUDLQ 6XEVWDQWLDO YDULDELOLW\ LQ WKH FURVV VHFWLRQDO DUHD RI WKH FRUSXV FDOORVXP KDV EHHQ GHVFULEHG LQ QRUPDO KXPDQ VXEMHFWV 'HPHWHU 5LQJR t 'RW\ f 'HPHWHU HW DO f UHSRUWHG WKDW WKH YDULDELOLW\ LV QRW VLPSO\ DFFRXQWHG IRU E\ VH[ GLIIHUHQFHV RU YDULDWLRQ LQ EUDLQ ZHLJKW DQG VXJJHVWHG WKDW LW PD\ UHIOHFW LQGLYLGXDO GLIIHUHQFHV LQ FRUWLFDO RUJDQL]DWLRQ DQG VWUXFWXUH %RWK JHQHWLF DQG QRQJHQHWLF IDFWRUV DSSHDU WR LQIOXHQFH LQGLYLGXDO YDULDELOLW\ 2SSHQKHLP 6NHUU\ 7UDPR t *D]]DQLJD f 7KH FRUSXV FDOORVXP FRQWDLQV LQWHUKHPLVSKHULF ILEHUV ZKLFK FRQQHFW RYHUO\LQJ FRUWH[ LQ ERWK KHPLVSKHUHV 7KH WRSRJUDSK\ RI FDOORVDO FRQQHFWLRQV KDV EHHQ HVWDEOLVKHG XVLQJ D YDULHW\ RI DSSURDFKHV LQFOXGLQJ WKH VWXG\ RI :DOOHULDQ GHJHQHUDWLRQ RI WKH FRUSXV FDOORVXP IROORZLQJ FRUWLFDO OHVLRQV LQ KXPDQV 'H/DFRVWH .LUNSDWULFN t 5RVV f DQG LQ PRQNH\V 3DQG\D .DURO t +HLOEURQQ 6HOW]HU t 3DQG\D f VWXGLHV RI WKH UHWURJUDGH WUDQVSRUW RI ODEHOHG WUDFHUV 3DQG\D t 5RVHQH f DQG HOHFWULFDO VWLPXODWLRQ RI WKH FDOORVXP LQ KXPDQV GXULQJ VXUJHU\ 6FKDOWHQEUDQG 6SXOHU t :DKUHQ 7DQ HW DO f 7DQ HW DO f VWXGLHG SHRSOH ZLWK LQWUDFWDEOH JHQHUDOL]HG

PAGE 12

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f $OWKRXJK XQLIRUP LQ DSSHDUDQFH WR WKH QDNHG H\H WKH FRUSXV FDOORVXP KDV EHHQ GLYLGHG LQWR VXEUHJLRQV XVLQJ D YDULHW\ RI PHWKRGV 5HJLRQV GLIIHU QRW RQO\ LQ WHUPV RI WKH FRUWLFDO UHJLRQV WKH\ LQWHUFRQQHFW EXW DOVR LQ WHUPV RI WKHLU D[RQDO FRPSRVLWLRQ /D0DQWLD t 5DNLF f :LWHOVRQ f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f &RQVLGHULQJ WKH H[SDQVLRQ RI WKH IURQWDO SROH LQ KXPDQV 6WHHUH DQG $PVWHQ f KLJKOLJKWHG WKH SRVVLELOLW\ WKDW WKH URVWUDO ERG\ DOVR LQFOXGHV SUHIURQWDO ILEHUV =DLGHO $ERLWL] &ODUN .DLVHU DQG 0DWWHVRQ f QRWHG WKDW LQ KXPDQV WKH DQWHULRU WKLUG RI WKH FRUSXV FDOORVXP PLJKW LQFOXGH ILEHUV IURP WKH DQWHULRU LQIHULRU SDULHWDO OREH :LWHOVRQ f GHVFULEHG WKH DQWHULRU PLGERG\ DV LQFOXGLQJ ILEHUV IURP PRWRU FRUWH[ ZLWK ILEHUV IURP VRPDWRVHQVRU\ DQG

PAGE 13

SRVWHULRU SDULHWDO FRUWH[ SDVVLQJ WKURXJK WKH SRVWHULRU PLGERG\ 'H/DFRVWH .LUNSDWULFN DQG 5RVV f LQGLFDWHG WKDW WKH PLGERG\ UHJLRQ PD\ DOVR LQFOXGH ILEHUV IURP PLGWHPSRUDO FRUWH[ :LWHOVRQ f UHSRUWHG WKDW WKH LVWKPXV FRQWDLQV ILEHUV IURP VXSHULRU WHPSRUDO DQG SRVWHULRU SDULHWDO FRUWH[ ZLWK WKH VSOHQLXP LQFOXGLQJ ILEHUV IURP RFFLSLWDO DQG LQIHULRU WHPSRUDO FRUWH[ +LJKOLJKWLQJ GLIIHUHQFHV EHWZHHQ UKHVXV PRQNH\ DQG KXPDQ DQDWRP\ 'H/DFRVWH HW DO f LQGLFDWHG WKDW LQ KXPDQV WKH VSOHQLXP DQG SRVVLEO\ WKH LVWKPXV FRQWDLQV ILEHUV IURP SRVWHULRU DVVRFLDWLRQ FRUWH[ DW WKH WHPSRUDO SDULHWDORFFLSLWDO MXQFWLRQ 6PDOO GLDPHWHU ILEHUV LQ DQWHULRU DQG SRVWHULRU FRUSXV FDOORVXP LQWHUFRQQHFW FRUWLFDO DVVRFLDWLRQ DUHDV $ KLJKHU SHUFHQWDJH RI VPDOO GLDPHWHU ILEHUV DUH IRXQG LQ WKH FDOORVXP RI PDFDTXH WKDQ LQ PLFH DQG LQ KXPDQV WKDQ LQ PDFDTXH $ERLWL] 6FKHLEHO )LVKHU t =DLGHO f ,Q KXPDQV VPDOO GLDPHWHU ILEHUV DUH XQHYHQO\ GLVWULEXWHG LQ WKH FDOORVXP ZLWK WKH KLJKHVW SHUFHQWDJH IRXQG LQ DQWHULRU URVWUXP DQG JHQXf DQG SRVWHULRU LVWKPXV DQG VSOHQLXPf FDOORVDO UHJLRQV $ERLWL] 6FKHLEHO )LVKHU t =DLGHO f 6PDOO GLDPHWHU ILEHUV LQ WKH DQWHULRU UHJLRQ RI WKH FDOORVXP SULPDULO\ LQWHUFRQQHFW SUHIURQWDO FRUWH[ ZKLOH VPDOO GLDPHWHU ILEHUV LQ WKH SRVWHULRU UHJLRQ LQWHUFRQQHFW SRVWHULRU DVVRFLDWLRQ FRUWH[ $ERLWL] HW DO f VXJJHVWHG WKDW WKH LQFUHDVHG SURSRUWLRQ RI VPDOO GLDPHWHU D[RQV LQ DQWHULRU DQG SRVWHULRU FDOORVDO UHJLRQV UHIOHFWV WKH UHODWLYH JURZWK RI DVVRFLDWLRQ DUHDV LQ WKH KXPDQ EUDLQ DUHDV EHOLHYHG UHVSRQVLEOH IRU WKH PRVW VRSKLVWLFDWHG EHKDYLRUV /XULD f 'XULQJ JHVWDWLRQ WKH ILEHUV RI WKH FRUSXV FDOORVXP GHYHORS LQ SDUDOOHO ZLWK WKH OREHV RI WKH FHUHEUDO FRUWH[ +HZLWW f 7KH HDUOLHVW FDOORVDO ILEHUV IRXQG LQ HPEU\RV

PAGE 14

RI ZHHNV ZLWK JURZWK SURJUHVVLQJ DORQJ D URVWUDO WR FDXGDO JUDGLHQW *LOHV f 7UDQVYDJLQDO XOWUDVRQRJUDSK\ RI WKH QRUPDO KXPDQ IHWXV VXJJHVWV WKDW JURZWK RI WKH FRUSXV FDOORVXP RFFXUV DW D UHODWLYHO\ FRQVWDQW UDWLR WR WKH VL]H RI WKH GHYHORSLQJ EUDLQ 0DOLQJHU t =DNXW f 7KH QXPEHU RI FDOORVDO D[RQV LQ UKHVXV PRQNH\ LQFUHDVHV GUDPDWLFDOO\ GXULQJ IHWDO GHYHORSPHQW ZLWK WKH QXPEHU RI D[RQV LQ QHZERUQ PRQNH\V H[FHHGLQJ WKH QXPEHU SUHVHQW LQ WKH DGXOW E\ DW OHDVW WKUHH DQG D KDOI WLPHV /D0DQWLD t 5DNLF f $ERXW b RI WKRVH FDOORVDO D[RQV DUH HOLPLQDWHG LQ WZR SKDVHV DIWHU ELUWK D UDSLG SKDVH GXULQJ WKH ILUVW WKUHH SRVWQDWDO ZHHNV LQ ZKLFK D[RQV D VHFRQG DUH ORVW DQG D VORZHU SKDVH H[WHQGLQJ RYHU D WKUHHPRQWK SHULRG LQ ZKLFK D[RQV SHU VHFRQG DUH ORVW /D0DQWLD t 5DNLF f 7KLV VDPH SKHQRPHQRQ KDV EHHQ GHVFULEHG LQ RWKHU DQLPDOV LQFOXGLQJ WKH FDW .RSSHO t ,QQRFHQWL f /D0DQWLD DQG 5DNLF f VWDWHG WKDW D[RQV DUH HOLPLQDWHG EHFDXVH WKH\ HLWKHU IDLO WR HVWDEOLVK V\QDSWLF FRQWDFWV ZLWK WDUJHW QHXURQV RU EHFDXVH WKH FRUWLFDO QHXURQV JLYLQJ ULVH WR WKHP DUH ORVW ,QQRFHQWL f VXJJHVWHG WKDW PHFKDQLVPV XQGHUO\LQJ WKH HOLPLQDWLRQ RI MXYHQLOH SURMHFWLRQV PD\ SOD\ D UROH LQ HVWDEOLVKLQJ WKH WRSRJUDSK\ RI LQWHUFRUWLFDO FRQQHFWLRQV IRXQG DW PDWXULW\ +RZHYHU 2ODYDUULD DQG 9DQ 6OX\WHUV f IRXQG WKDW QHRQDWDO UDWV VKRZ WKH VDPH EURDG WRSRJUDSKLF SDWWHUQ DV DGXOW UDWV ZLWK D[RQV IURP UHVWULFWHG UHJLRQV RI FRUWH[ JURXSHG LQ WLJKW EXQGOHV ZLWKLQ WKH FRUSXV FDOORVXP 7KH ORFDWLRQ RI WKHVH EXQGOHV DORQJ WKH DQWHULRU WR SRVWHULRU GLPHQVLRQ RI WKH FDOORVXP GHSHQGV XSRQ WKH ILEHUVn UHJLRQ RI RULJLQ LQ WKH FRUWH[ %DVHG RQ VWXGLHV RI D[RQ RYHUSURGXFWLRQ DQG HOLPLQDWLRQ LQ WKH GHYHORSLQJ UKHVXV PRQNH\ /D0DQWLD DQG 5DNLF f DUJXHG LW LV XQOLNHO\ WKDW SRVWQDWDO HOLPLQDWLRQ RI D[RQV SOD\V D VLJQLILFDQW UROH LQ GHWHUPLQLQJ WKH EURDG SDWWHUQ RI

PAGE 15

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t 1DXWD f :LWHOVRQ DQG .LJDU f SURSRVHG D PRGHO RI FDOORVDO JURZWK EDVHG RQ SXEOLVKHG DQDWRPLF VWXGLHV RI IHWDO LQIDQW DQG FKLOGUHQnV EUDLQV 7KH PRGHO SRVLWV WKUHH VWDJHV f D IHWDO VWDJH ZLWK UDSLGO\ DFFHOHUDWLQJ JURZWK f D VWDJH IURP ELUWK WR DJH WZR ZLWK H[WHQVLYH JURZWK DSSUR[LPDWHO\ PP SHU PRQWKf DQG f D VWDJH EHJLQQLQJ DURXQG DJH WZR RU WKUHH PDUNHG E\ D VORZHU UDWH RI JURZWK :LWHOVRQ DQG .LJDU UHSRUWHG WKDW WKH FDOORVXP DSSURDFKHV PLQLPDO DGXOW VL]H E\ DJH WZR DQG VXJJHVWHG WKDW LWV JURZWK UDWH SUREDEO\ VORZV GUDPDWLFDOO\ DURXQG WKDW DJH ZLWK FRQWLQXHG VORZ JURZWK WKURXJKRXW WKH UHPDLQGHU RI EUDLQ PDWXUDWLRQ 7KH VXEVHTXHQW ZRUN RI 3XMRO HW DO f GHPRQVWUDWLQJ FRQWLQXHG JURZWK RI WKH FDOORVXP LQWR DGXOWKRRG VXSSRUWV :LWHOVRQ DQG .LJDUnV PRGHO

PAGE 16

$EQRUPDOLWLHV ,QYROYLQJ WKH &RUSXV &DOORVXP $JHQHVLV RI WKH FRUSXV FDOORVXP $QRPDOLHV LQ WKH FRXUVH RI HPEU\RORJLF GHYHORSPHQW FDQ UHVXOW LQ DEQRUPDOLWLHV RU HYHQ IUDQN DEVHQFH RI WKH FRUSXV FDOORVXP &RPSOHWH RU SDUWLDO DJHQHVLV RI WKH FRUSXV FDOORVXP LV D UHODWLYHO\ FRPPRQ PDOIRUPDWLRQ RI WKH FHQWUDO QHUYRXV V\VWHP ZLWK DQ LQFLGHQFH RI RQH WR WKUHH SHU 0\ULDQWKURSRXORV f ,W LV D IHDWXUH RI DW OHDVW JHQHWLF V\QGURPHV LQFOXGLQJ $LFDUGLnV V\QGURPH $QGHUPDQQnV V\QGURPH 6KDSLURnV V\QGURPH DQG $URFDOORVDO V\QGURPH $LFDUGL f ,Q UHFHQW \HDUV JHQHV DQG LQGLYLGXDO FKURPRVRPHV UHODWHG WR FDOORVDO DJHQHVLV KDYH EHHQ LGHQWLILHG &DVDXERQ HW DO )UDQVHQ HW DO *HQXDUGL &DOYLHUL 7R]]L &RVORYL t 1HUL 1\EHUJ .DUKX .DULNRVNL t 6LPOD f $JHQHVLV RI WKH FRUSXV FDOORVXP KDV DOVR EHHQ DVVRFLDWHG ZLWK D QXPEHU RI PHWDEROLF GLVHDVHV LQFOXGLQJ K\SHUJO\FHPLD .RORGQ\ f DQG K\SHUFDOFHPLD -RKQVRQ t -RQHV f DQG FDQ UHVXOW IURP LQWUDXWHULQH H[SRVXUH WR WR[LQV 5LOH\ HW DO f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f &DOORVDO DJHQHVLV KDV WUDGLWLRQDOO\ EHHQ FODVVLILHG DV HLWKHU SDUWLDO RU WRWDO DOWKRXJK WKDW GLFKRWRP\ PD\ QRW DGHTXDWHO\ UHSUHVHQW REVHUYHG DEQRUPDOLWLHV RI FDOORVDO

PAGE 17

GHYHORSPHQW -LQNLQV :KLWWHPRUH DQG %UDGOH\ f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t %UDGOH\ f 7KUHH DQDWRPLF DEQRUPDOLWLHV DUH FRQVLGHUHG KDOOPDUNV RI WUXH FDOORVDO DJHQHVLV SUHVHQFH RI 3UREVWnV EXQGOH D ODUJH LSVLODWHUDO ILEHU WUDFN UXQQLQJ DQWHULRU WR SRVWHULRU D GLVWLQFW UDGLDO SDWWHUQ RI VXOFL IRXQG LQ WKH PHGLDO SRUWLRQ RI ERWK FHUHEUDO KHPLVSKHUHV DQG DEQRUPDOO\ VKDSHG ODWHUDO YHQWULFOHV 6PLWK t 5RXUNH f &DOORVDO DJHQHVLV LV IUHTXHQWO\ DVVRFLDWHG ZLWK PHQWDO UHWDUGDWLRQ SDUWLFXODUO\ ZKHQ LW RFFXUV LQ WKH FRQWH[W RI D JHQHWLF V\QGURPH RU LQ DVVRFLDWLRQ ZLWK RWKHU FHQWUDO QHUYRXV V\VWHP DQRPDOLHV /DFH\ f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f ,Q FKDUDFWHUL]LQJ WKH QHXURGHYHORSPHQWDO FRUUHODWHV RI FDOORVDO DJHQHVLV LW DSSHDUV LPSRUWDQW WR GLVWLQJXLVK

PAGE 18

EHWZHHQ FDVHV LGHQWLILHG HDUO\ LQ OLIH LQ WKH FRQWH[W RI RWKHU DQRPDOLHV DQG FOLQLFDO V\PSWRPV DQG FDVHV LQ ZKLFK FDOORVDO DJHQHVLV LV D UHODWLYHO\ LVRODWHG DQRPDO\ *XSWD DQG /LOIRUG f UHYLHZHG FDVHV LQ ZKLFK DJHQHVLV RI WKH FRUSXV FDOORVXP KDG EHHQ LGHQWLILHG LQ WHUR E\ XOWUDVRQRJUDSK\ :KHQ DJHQHVLV ZDV QRW DVVRFLDWHG ZLWK RWKHU VRQRJUDSKLFDOO\ GHWHFWDEOH DEQRUPDOLWLHV b KDG D QRUPDO GHYHORSPHQWDO RXWFRPH ,Q FDVHV LQ ZKLFK PXOWLSOH DQRPDOLHV ZHUH GHWHFWHG WKH SURJQRVLV ZDV SRRU $V QHXURLPDJLQJ KDV EHFRPH PRUH ZLGHO\ XVHG WKH LQFLGHQFH RI DV\PSWRPDWLF FDOORVDO DJHQHVLV KDV ULVHQ ZLWK DEVHQFH RI WKH FRUSXV FDOORVXP VRPHWLPHV LGHQWLILHG RQ QHXURLPDJLQJ GRQH IRU XQUHODWHG FOLQLFDO UHDVRQV HJ KHDGDFKH KHDG LQMXU\f 6PLWK DQG 5RXUNH f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t 5RXUNH f DORQJ ZLWK GHILFLWV LQ DVSHFWV RI ODQJXDJH DQG YHUEDO IXQFWLRQLQJ /DQJXDJH IXQFWLRQLQJ KDV EHHQ H[WHQVLYHO\ LQYHVWLJDWHG LQ D VPDOO QXPEHU RI VXEMHFWV ZLWK FDOORVDO DJHQHVLV 'HQQLV -HHYHV t 7HPSOH 7HPSOH -HHYHV t

PAGE 19

9LODUUR\D f $ FRPPRQ ILQGLQJ KDV DFURVV FDVHV KDV EHHQ GLIILFXOW\ UK\PLQJ 6PLWK t 5RXUNH f ZKLFK 7HPSOH -HHYHV DQG 9LODUUR\D f LQWHUSUHWHG DV HLWKHU UHIOHFWLQJ D GHILFLW RI H[SOLFLW SKRQRORJLFDO SURFHVVLQJ RU D GHIHFW RI DXGLWRU\ PDWFKLQJ 7HPSOH DQG ,OVOH\ f GHPRQVWUDWHG LPSDLUHG DXGLWRU\ GLVFULPLQDWLRQ LQ WKUHH DFDOORVDO FKLOGUHQ DQG VXJJHVWHG WKDW LPSDLUHG SKRQHPLF GLVFULPLQDWLRQ PD\ KDYH D SURIRXQG HIIHFW RQ ODQJXDJH GHYHORSPHQW LQ DFDOORVDOV ,Q UHDGLQJ LPSDLUHG SKRQRORJLFDO GHFRGLQJ KDV EHHQ GHVFULEHG LQ DFDOORVDOV 7HPSOH -HHYHV t 9LODUUR\D f DORQJ ZLWK GHIHFWV RI V\QWDFWLF DQG SUDJPDWLF FRPSUHKHQVLRQ 0F&DUGOH t :LOVRQ 6DQGHUV f 6HFWLRQLQJ RI WKH FRUSXV FDOORVXP ,Q DGGLWLRQ WR DFDOORVDOV SHRSOH ZKR KDYH VXVWDLQHG VHFWLRQLQJ RI WKH FRUSXV FDOORVXP HLWKHU VXUJLFDOO\ RU WUDXPDWLFDOO\ KDYH EHHQ VWXGLHG LQ DQ HIIRUW WR XQGHUVWDQG WKH UROH WKH FDOORVXP SOD\V LQ EUDLQ IXQFWLRQLQJ 7KH ODUJHVW DQG PRVW FDUHIXOO\ VWXGLHG JURXS KDV EHHQ SDWLHQWV XQGHUJRLQJ FDOORVRWRP\ DV D SDOOLDWLYH WUHDWPHQW IRU FHUWDLQ IRUPV RI HSLOHSV\ %RJHQ f 2WKHU JURXSV KDYH LQFOXGHG SDWLHQWV ZLWK VXUJLFDO GLYLVLRQ RI SRUWLRQV RI WKH FDOORVXP DV DQ DSSURDFK WR WXPRUV RI WKH ODWHUDO RU WKLUG YHQWULFOHV %HOORWWL 3DSSDGD 6DQL 2OLYHUL t 6WDQJDOLQR 0LVUD 5RXW 3DGDPDGDQ t 5DGKDNULVKQDQ 2HSHQ HW DO 3HWUXFFL %XFKKHLW :RRGUXII .DULDQ t 'H)LOLSS :RLFLHFKRZVN\ 9RJHO /HKPDQQ t 6WDXGW f RU LQ WKH SURFHVV RI UHPRYLQJ DUWHULRYHQRXV PDOIRUPDWLRQV RU WUHDWLQJ DQHXU\VPV 'LFNH\ %ORRPJDUGHQ $UNLQV t 6SHQFHU *XLGHWWL t 6SDOORQH .RVDU\ %UDKDP 6KDFNHG t .URQHQEHUJ f 7UDXPDWLF VHFWLRQLQJ RI WKH FRUSXV FDOORVXP KDV DOVR EHHQ UHSRUWHG

PAGE 20

DV DQ HIIHFW RI KHDG LQMXU\ RU FHUHEURYDVFXODU KHPRUUKDJH &XNLHUW +DGGDG 0XVVL t 0DULQR -XQLRU *HQWU\ 7KRPSVRQ t *RGHUVN\ .RPDWVX 6DWR .DJDZD 0RUL t 1DPLNL 2SHVNLQ 5XEHQV *HVFKZLQG 0DKRZDOG t 0DVWUL 6HQHJRU 9XLOOHXPLHU t $VVDO f 2ULJLQDOO\ GHVFULEHG LQ WKH V GLYLVLRQ RI WKH FRUSXV FDOORVXP LV UHFRJQL]HG DV D YLDEOH WUHDWPHQW IRU SHRSOH ZLWK PHGLFDOO\ UHIUDFWRU\ HSLOHSV\ QRW DPHQDEOH WR VXUJLFDO UHVHFWLRQ :LOOLDPVRQ f ,Q ZHOO VHOHFWHG FDVHV FDOORVRWRP\ RIIHUV WKH SURVSHFW RI D VXEVWDQWLDO UHGXFWLRQ LQ VHL]XUH IUHTXHQF\ ZLWK UHODWLYHO\ IHZ ODVWLQJ QHXURORJLF RU QHXURSV\FKRORJLF GHILFLWV (DUO\ FRPPLVVXURWRPLHV LQYROYHG VHFWLRQLQJ WKH HQWLUH FDOORVXP DORQJ ZLWK RWKHU FRPPLVVXUDO SDWKZD\V %RJHQ f +RZHYHU HYLGHQFH WKDW SDUWLDO VHFWLRQLQJ VSDULQJ SRVWHULRU FDOORVXP LV HIIHFWLYH LQ FRQWUROOLQJ FHUWDLQ VHL]XUH W\SHV ZLWK OHVV SRWHQWLDO IRU QHXUREHKDYLRUDO FRQVHTXHQFHV WKDQ FRPSOHWH VHFWLRQLQJ KDV OHDG WR WKH FXUUHQW SUDFWLFH LQ PRVW FHQWHUV RI VWDJHG FDOORVRWRP\ 5REHUWV 5HHYHV t 1RUGJUHQ f 7KH DQWHULRU KDOI WR WZRWKLUGV RI WKH FDOORVXP LV VHFWLRQHG LQ DQ LQLWLDO VXUJHU\ DQG WKH VHFWLRQ LV FRPSOHWHG LQ D VHFRQG RSHUDWLRQ LQ SDWLHQWV ZLWK DQ XQVDWLVIDFWRU\ VHL]XUH UHVSRQVH %RJHQ f RXWOLQHG WKH DFXWH HIIHFWV RI FRPSOHWH FRPPLVVXURWRP\ LQFOXGLQJ OHIWDUP K\SRWRQLD DEQRUPDO JUDVSLQJ ZLWK WKH OHIW KDQG ELODWHUDO %DELQVNL UHVSRQVH PXWLVP DQG DNLQHVLD SDUWLFXODUO\ DFXWH RQ WKH OHIW VLGH LQ UHVSRQVH WR YHUEDO FRPPDQGV 7KH H[WHQW WR ZKLFK WKH V\PSWRPV UHIOHFW DFXWH HIIHFWV RI LQWHUKHPLVSKHULF GLVFRQQHFWLRQ YHUVXV HIIHFWV UHODWHG WR WKH WUDXPD RI VXUJHU\ HJ WUDFWLRQ LQMXU\ HGHPDf UHPDLQV XQFOHDU DOWKRXJK WKH GLVDELOLW\ LV XVXDOO\ WHPSRUDU\ 5HHYHV t 5LVVH f $IWHU

PAGE 21

UHVROXWLRQ RI WKH DFXWH V\QGURPH WKHUH LV D VWULNLQJ DEVHQFH RI IUDQN QHXURORJLF RU QHXURSV\FKRORJLF FRQVHTXHQFHV LQ PRVW FDVHV 5HHYHV t 5LVVH f ,Q HYHU\GD\ VRFLDO VLWXDWLRQV RU RQ FXUVRU\ H[DPLQDWLRQ VXEMHFWV DSSHDU WR IXQFWLRQ QRUPDOO\ +RZHYHU XQGHU ODERUDWRU\ FRQGLWLRQV ZLWK ODWHUDOL]HG SUHVHQWDWLRQ RI VWLPXOL IHDWXUHV RI WKH VSOLW EUDLQ V\QGURPH FDQ EH HOLFLWHG %RJHQ f 7KHVH LQFOXGH D ODFN RI LQWHUKHPLVSKHULF WUDQVIHU DQG HIIHFWV UHODWHG WR KHPLVSKHULF VSHFLDOL]DWLRQ LQ KXPDQV H J LQDELOLW\ RI ULJKWn KDQGHUV WR QDPH REMHFWV SODFHG LQ WKH OHIW KDQGf $GXOWV VHHP WR SURJUHVVLYHO\ DFTXLUH FRPSHQVDWRU\ VWUDWHJLHV FLUFXPYHQWLQJ GHILFLWV HJ FURVV FXLQJf %RJHQ f 7KHUH LV HYLGHQFH RI VXEVWDQWLDO IXQFWLRQDO UHRUJDQL]DWLRQ LQ FKLOGUHQ ZLWK DEVHQFH WKH GLVFRQQHFWLRQ V\QGURPH ZKHQ FDOORVRWRP\ LV SHUIRUPHG EHIRUH SXEHUW\ /DVVRQGH 6DXHUZHLQ *HRIIUR\ t 0HUFLHU f $OWKRXJK PRVW VWXGLHV KDYH UHSRUWHG WKDW FDOORVRWRP\ LV QRW DVVRFLDWHG ZLWK IUDQN QHXURSV\FKRORJLFDO GHILFLWV )HUUHOO &XOYHU t 7XFNHU 0DPHODN %DUEDUD :DONHU t /D[HU 2HSHQ HW DO f :LOOLDPVRQ f DQG 5HHYHV DQG 5LVVH f RXWOLQHG D JURZLQJ ERG\ RI HYLGHQFH WKDW LQ VRPH FDVHV FRPPLVVXURWRP\ FDXVHV ODVWLQJ GHILFLWV UHVXOWLQJ LQ VLJQLILFDQW KDQGLFDSV 5D\SRUW )HUJXVRQ DQG &RUULH f UHSRUWHG WKDW FRPSOHWH VHFWLRQLQJ RI WKH FRUSXV FDOORVXP PD\ UHVXOW LQ SURORQJHG EHKDYLRUDO GLVWXUEDQFHV LQ WKH DUHDV RI ODQJXDJH KHPLVSKHULF FRPSHWLWLRQ DQG DWWHQWLRQPHPRU\ VLJQLILFDQW HQRXJK WR LPSDFW GDLO\ OLYLQJ 6DVV HW DO f UHYLHZHG GDWD IURP SDWLHQWV WHVWHG EHIRUH DQG DIWHU SDUWLDO RU WRWDO FDOORVRWRP\ 7KH\ IRXQG WKDW SHRSOH ZLWK FURVVHG ODQJXDJH GRPLQDQFH RQ :DGD WHVWLQJ ZHUH DW LQFUHDVHG ULVN RI GHYHORSLQJ ODVWLQJ SRVWRSHUDWLYH ODQJXDJH GHILFLWV UHJDUGOHVV RI WKH H[WHQW RI VXUJHU\

PAGE 22

=DLGHO DQG 6SHUU\ f UHSRUWHG VLJQLILFDQW PHPRU\ LPSDLUPHQWV DIWHU FRPPLVVXURWRP\ DOWKRXJK RWKHU IDFWRUV LQFOXGLQJ H[WUDFDOORVDO EUDLQ OHVLRQV VHL]XUHV DQG DQWLHSLOHSWLF GUXJ EXUGHQ PD\ KDYH FRQWULEXWHG WR WKHLU ILQGLQJV /H'RX[ 5LVVH 6SULQJHU :LOVRQ t *D]]DQLJD f ,Q D UHYLHZ &ODUN DQG *HIIHQ f IDLOHG WR ILQG HYLGHQFH RI PHPRU\ GHILFLWV LQ WKH DEVHQFH RI H[WUDFDOORVDO GDPDJH )HUJXVRQ 5D\SRUW DQG &RUULH f UHSRUWHG RWKHU SHUVLVWLQJ GHILFLWV DIWHU FDOORVRWRP\ LQFOXGLQJ LQWHUKHPLVSKHULF DQWDJRQLVP UHVXOWLQJ LQ VLJQLILFDQW GLVDELOLW\ :LWK WKH DGYHQW RI 05, LW EHFDPH SRVVLEOH WR YHULI\ WKH H[WHQW RI FDOORVDO VHFWLRQV DQG LGHQWLI\ SUHVHUYHG LQWHUKHPLVSKHULF FRQQHFWLRQV PDNLQJ LW SRVVLEOH WR VWXG\ WKH QHXURSV\FKRORJLFDO FRUUHODWHV RI SDUWLFXODU VSDUHG FDOORVDO SDWKZD\V *D]]DQLJD +ROW]PDQ 'HFN t /HH *D]]DQLJD .XWDV 9DQ 3HWWHQ t )HQGULFK 7UDPR HW DO f ,QIOXHQFHV RQ 'HYHORSPHQW DQG 0RUSKRORJ\ RI WKH &RUSXV &DOORVXP (IIHFWV RI HDUO\ HYHQWV DQG H[SHULHQFHV RQ FDOORVDO GHYHORSPHQW -XUDNVD DQG .RSFLN f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

PAGE 23

WKDQ FRPSDUDEO\ KRXVHG PDOHV 0DOHV LQ WKH HQULFKHG HQYLURQPHQW GHPRQVWUDWHG ODUJHU P\HOLQDWHG D[RQV WKDQ IHPDOHV UDLVHG LQ WKH VDPH HQYLURQPHQW -XUDVND t .RSFLN f 7KHUH LV UHFHQW HYLGHQFH WKDW HQYLURQPHQWDO H[SHULHQFH PD\ LQIOXHQFH FDOORVDO PRUSKRORJ\ LQ KXPDQV 6FKODXJ -DQFNH +XDQJ 6WDLJHU DQG 6WHLQPHW] f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f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

PAGE 24

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t 0R\ f YLVXDO GHSULYDWLRQ YHUVXV HQXFOHDWLRQ ,QQRFHQWL t )URVW f DQG FRPSDULVRQV DPRQJ QRUPDOH\HG FRQJHQLWDOO\ DQRSWKDODPLF DQG QHRQDWDOO\ HQXFOHDWHG PLFH 2ODYDUULD t 9DQ 6OX\WHUV f KDYH KLJKOLJKWHG WKH LPSRUWDQFH RI VWLPXODWLRQ DIWHU ELUWK LQ UHILQLQJ DQG VWDELOL]LQJ WKH QRUPDO FRPSOHPHQW RI FDOORVDO SURMHFWLRQV %DVHG RQ WKDW OLWHUDWXUH *ULJRQLV DQG 0XUSK\ f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

PAGE 25

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f LPSODQWHG SHQLFLOOLQ FRQWDLQLQJ EHDGV RQ WKH GRUVDO VXUIDFH RI YLVXDO FRUWH[ XQLODWHUDOO\ LQ QHRQDWDO UDEELWV 6XVWDLQHG UHOHDVH RI SHQLFLOOLQ IURP WKH EHDGV UHVXOWHG LQ HSLOHSWLF DFWLYLW\ WKURXJKRXW WKH FRUWH[ 7KLV ZDV YHULILHG LQ VRPH DQLPDOV ZLWK HOHFWURHQFHSKDORJUDSKLF UHFRUGLQJV $SSUR[LPDWHO\ RQH PRQWK SRVWLPSODQWDWLRQ D UHWURJUDGH WUDFHU ZDV LQMHFWHG LQ VRPH DQLPDOV DQG DOO WKH DQLPDOV ZHUH VXEVHTXHQWO\ NLOOHG DQG WKHLU EUDLQV H[DPLQHG *ULJRQLV DQG 0XUSK\ f IRXQG WKDW WKH ZLGWK RI WKH FDOORVDO SURMHFWLRQ ]RQH DW WKH ERUGHU RI DUHDV DQG ZDV WZR WLPHV QRUPDO VL]H LQ WKH DQLPDOV LQ ZKLFK D SHQLFLOOLQ EHDG KDG EHHQ LPSODQWHG 7KLV ILQGLQJ VXSSRUWHG *ULJRQLV DQG 0XUSK\n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

PAGE 26

WR D ZLGHVSUHDG IDLOXUH LQ WKH UHILQHPHQW RI FDOORVDO SURMHFWLRQV 3UXQLQJ RI FDOORVDO D[RQV LV WHPSRUDOO\ DQG PD\ EH FDXVDOO\ UHODWHG WR FRUWLFDO V\QDSWLF V\QDSWRJHQHVLV /D0DQWLD t 5DNLF f $V .HVKDYDQ 6DQGHUV 3HWWHJUHZ DQG 'RPEURZVN\ f VXJJHVWHG IDLOXUH RI FDOORVDO SUXQLQJ PD\ LQWHUIHUH ZLWK WKH GHYHORSPHQW RI FRUWLFDO QHXURQV DOWHULQJ QHXURGHYHORSPHQW DQG HYHQWXDO QHXUREHKDYLRUDO IXQFWLRQLQJ (IIHFW RI JHQGHU RQ FDOORVDO PRUSKRORJ\ 6H[ GLIIHUHQFHV LQ FDOORVDO PRUSKRORJ\ KDYH EHHQ UHSRUWHG EXW WKH SUHFLVH QDWXUH RI WKH GLIIHUHQFHV UHPDLQV FRQWURYHUVLDO 'LIIHUHQFHV LQ WKH QDWXUH RI WKH VWXG\ HJ SRVWPRUWHP YHUVXV 05,f DQG GHSHQGHQW PHDVXUHV HJ WRWDO FDOORVXP YHUVXV VRPH QXPEHU RI UHJLRQV DEVROXWH DUHD RI FDOORVXP YHUVXV PHDVXUHV DGMXVWHG LQ VRPH ZD\ IRU EUDLQ VL]Hf KDYH PDGH LW GLIILFXOW WR FRPSDUH UHVXOWV DQG DWWHPSW WR GUDZ FRQFOXVLRQV DFURVV VWXGLHV 'ULHVHQ DQG 5D] LQ SUHVVf UHSRUWHG UHVXOWV RI D PHWDDQDO\VLV LQFOXGLQJ VWXGLHV H[DPLQLQJ VH[ GLIIHUHQFHV LQ WKH VL]H RI WKH FRUSXV FDOORVXP 7KHLU UHVXOWV LQGLFDWHG WKDW PHQ WHQG WR KDYH ODUJHU DEVROXWH FDOORVDO DUHDV ZLWK WKH PHGLDQ FRUSXV FDOORVXP DUHD IRU PHQ IDOOLQJ DW DSSUR[LPDWHO\ WKH QG SHUFHQWLOH IRU ZRPHQ +RZHYHU WKH HIIHFW VL]H ZDV UHODWLYHO\ VPDOO ZLWK RQO\ b RI WKH FRPELQHG GLVWULEXWLRQ RI FRUSXV FDOORVXP DUHDV IRU PHQ DQG ZRPHQ QRQRYHUODSSLQJ 'ULHVHQ t 5D] LQ SUHVVf 7KH PHDQ HIIHFW VL]H GLG QRW GLIIHU EHWZHHQ SRVWPRUWHP DQG 05, VWXGLHV DQG QR HIIHFW ZDV IRXQG IRU DJH RU WKH SHUFHQWDJH RI ULJKWKDQGHG VXEMHFWV LQFOXGHG LQ WKH VDPSOHV VWXGLHG ,Q FRQWUDVW DFURVV VWXGLHV LQ ZKLFK FRUSXV FDOORVXP PHDVXUHPHQWV ZHUH DGMXVWHG IRU EUDLQ VL]H ZRPHQnV FDOORVDO DUHDV ZHUH IRXQG WR EH ODUJHU WKDQ PHQnV 'ULHVHQ

PAGE 27

t 5D] LQ SUHVVf 5HODWLYH WR LQWUDFUDQLDO YROXPH WKH FRUSXV FDOORVXP ZDV DOVR IRXQG WR EH VLJQLILFDQWO\ ODUJHU LQ IHPDOHV WKDQ PDOHV LQ D ODUJH VFDOH 05, VWXG\ RI KHDOWK\ QRUPDO YROXQWHHUV -RKQVRQ )DPZRUWK 3LQNVWRQ %LJOHU t %ODWWHU f ,Q D PHWKRGRORJLFDO FULWLTXH $UQGW &RKHQ $OOLJHU 6ZD\]H DQG $QGUHDVHQ f FULWLFL]HG WKH XVH RI VXFK UDWLR DQG SURSRUWLRQ PHDVXUHV OLNH WKRVH XVHG E\ -RKQVRQ HW DO f DQG LQ WKH VWXGLHV UHYLHZHG E\ 'ULHVHQ DQG 5D] LQ SUHVVf VXJJHVWLQJ WKDW WKH\ DUH OHVV UHOLDEOH WKDQ DEVROXWH YROXPH PHDVXUHV ,Q VLWXDWLRQV LQ ZKLFK LW LV PHDQLQJIXO WR FRQWURO IRU EUDLQ VL]H $UQGW HW DO UHFRPPHQGHG XVLQJ PXOWLYDULDWH VWDWLVWLFDO PHWKRGV UDWKHU WKDQ UDWLR RU SURSRUWLRQ PHDVXUHV 'H/DFRVWH8WDPVLQJ DQG +ROORZD\ f UHSRUWHG WKDW VSOHQLXP RI IHPDOHnV FRUSXV FDOORVXP LV ODUJHU DQG PRUH EXOERXV WKDQ PDOHnV DQG VXJJHVWHG WKDW WKH GLIIHUHQFH PLJKW EH UHODWHG WR VH[ GLIIHUHQFHV LQ WKH GHJUHH RI FHUHEUDO ODWHUDOLW\ +RZHYHU 'ULHVHQ DQG 5D] LQ SUHVVf IRXQG WKH HIIHFW VL]H LQ 'H/DFRVWH8WDPVLQJ DQG +ROORZD\nV VWXG\ WR EH DQ RXWOLHU LQ D PHWDDQDO\VLV RI VWXGLHV FRPSDULQJ DUHD RI WKH VSOHQLXP LQ PHQ DQG ZRPHQ ([FOXGLQJ 'H/DFRVWH8WDPVLQJ DQG +ROORZD\nV UHSRUW WKH\ IRXQG QR VLJQLILFDQW VH[ GLIIHUHQFH LQ VL]H RI WKH VSOHQLXP 'ULHVHQ t 5D] LQ SUHVVf (IIHFWV RI KDQGHGQHVV DQG DJH RQ FDOORVDO PRUSKRORJ\ 'LIIHUHQFHV LQ PRUSKRORJ\ RI WKH FRUSXV FDOORVXP KDYH DOVR EHHQ OLQNHG WR KDQG SUHIHUHQFH 5HVHDUFK LQ WKLV DUHD LV FRPSOLFDWHG E\ PDQ\ RI WKH VDPH IDFWRUV ZKLFK FRPSOLFDWH LQWHUSUHWDWLRQ RI VWXGLHV H[DPLQLQJ VH[ GLIIHUHQFHV LQ FDOORVDO PRUSKRORJ\ :LWHOVRQ f :LWHOVRQ DQG *ROGVPLWK f DQG +DELE HW DO f KDYH UHSRUWHG

PAGE 28

WKDW WKH FDOORVXP LV ODUJHU LQ QRQULJKWKDQGHG WKDQ LQ ULJKWKDQGHG SHRSOH +RZHYHU RWKHU LQYHVWLJDWRUV KDYH IDLOHG WR ILQG GLIIHUHQFHV UHODWHG WR KDQG SUHIHUHQFH .HUWHV] 3RON +RZHOO t %ODFN 2n.XVN\ HW DO 6WHLQPHW] HW DO
PAGE 29

$O]KHLPHUnV GLVHDVHf %DUQDUG DQG 7ULJJV f REVHUYHG WKDW PHQWDO GHWHULRUDWLRQ DQG DWURSK\ RI WKH FRUSXV FDOORVXP DUH FRPPRQ ILQGLQJV LQ SHRSOH ZLWK PXOWLSOH VFOHURVLV EXW QRWHG WKDW OLWWOH HIIRUW KDG EHHQ PDGH WR OLQN FDOORVDO DWURSK\ ZLWK FOLQLFDO IHDWXUHV RI WKH GLVRUGHU %DUQDUG DQG 7ULJJV VWXGLHG DW DXWRSV\ WKH EUDLQV RI SHRSOH ZKR KDG PXOWLSOH VFOHURVLV 0DUNHG PHQWDO GHWHULRUDWLRQ ZDV D FRPPRQ IHDWXUH LQ WKH FOLQLFDO KLVWRULHV RI FDVHV ZLWK VHYHUH DWURSK\ RI WKH FDOORVXP %DUQDUG t 7ULJJV f 7KH DXWKRUV DFNQRZOHGJHG OLPLWDWLRQV LPSRVHG RQ WKHLU FRQFOXVLRQV E\ WKH ODFN RI IRUPDO WHVWLQJ RI LQWHOOHFWXDO SHUIRUPDQFH RU FDOORVDO IXQFWLRQLQJ %URGHQVWHLQHU 6FKDHIHU %UHHGLQJ DQG &RZDQ f VWXGLHG FKLOGUHQ OHVV WKDQ \HDUV RI DJH ZKR SUHVHQWHG FRQVHFXWLYHO\ IRU 05, VFDQV IRU D YDULHW\ RI FOLQLFDO UHDVRQV )LIW\ FKLOGUHQ ZHUH LGHQWLILHG DV KDYLQJ D VPDOO FRUSXV FDOORVXP EDVHG RQ YLVXDO LQVSHFWLRQ RI WKH VFDQV 6HYHQ FDVHV RI K\SRSODVLD RI WKH FRUSXV FDOORVXP GHILQHG DV KDYLQJ D FDOORVXP PRUH WKDQ WZR VWDQGDUG GHYLDWLRQV VPDOOHU WKDQ DJHDSSURSULDWH QRUPDWLYH YDOXHV ZHUH LGHQWLILHG 6HYHQW\RQH SHUFHQW RI WKH FKLOGUHQ ZLWK D K\SRSODVWLF FRUSXV FDOORVXP YHUVXV b RI D FRQWURO VDPSOH ZHUH IRXQG WR KDYH DQ LPSDLUHG IXQFWLRQDO OHYHO DV LQIHUUHG IURP PHGLFDO UHFRUGV $Q LPSDLUHG IXQFWLRQDO OHYHO ZDV GHILQHG DV IDLOLQJ LQ VFKRRO GHPRQVWUDWLQJ PLOGWRPRGHUDWH GHYHORSPHQWDO GHOD\ RU PHQWDO UHWDUGDWLRQ :LWK WKH GHYHORSPHQW RI QHXURLPDJLQJ LW EHFDPH SRVVLEOH WR VWXG\ WKH UHODWLRQVKLS LQ OLYLQJ VXEMHFWV EHWZHHQ FDOORVDO PRUSKRPHWU\ DQG SHUIRUPDQFH RQ SV\FKRPHWULF DQG QHXUREHKDYLRUDO WHVWV $ERLWL] HW DO f QRWHG WKDW FDOORVDO DUHD SURYLGHV D JRRG HVWLPDWH RI WKH QXPEHU LI VPDOO GLDPHWHU ILEHUV SDVVLQJ WKURXJK WKH

PAGE 30

FDOORVXP DOWKRXJK WKH UHODWLRQVKLS EHWZHHQ FDOORVDO DUHD DQG ODUJH GLDPHWHU ILEHUV LV OHVV FOHDU &RIIPDQ %RPVWHLQ 2OVRQ 6FKZDU]NRSI DQG 1DVUDOODK f H[SORUHG WKH UHODWLRQVKLS EHWZHHQ FDOORVDO PRUSKRORJ\ DQG QHXURSV\FKRORJLFDO WHVW SHUIRUPDQFH LQ RXWSDWLHQWV GLDJQRVHG ZLWK ELSRODU DIIHFWLYH GLVRUGHU DQG D JURXS RI FRQWUROV %RWK JURXSV KDG FRPSDUDEOH ,4 OHYHOV DOWKRXJK WKH ELSRODU JURXS KDG RQ DYHUDJH D VPDOOHU FRUSXV FDOORVXP $FURVV JURXSV DUHD RI WKH FRUSXV FDOORVXP KDG D VLJQLILFDQW SRVLWLYH FRUUHODWLRQ ZLWK QHXURSV\FKRORJLFDO VXPPDU\ LQGLFHV RI OHIWKHPLVSKHUH ULJKWKHPLVSKHUH DQG JHQHUDOL]HG FRJQLWLYH IXQFWLRQLQJ +XEHU HW DO f H[DPLQHG 05, FRUUHODWHV RI GHPHQWLD LQ D VDPSOH RI SDWLHQWV GLDJQRVHG FOLQLFDOO\ ZLWK PXOWLSOH VFOHURVLV &RPSDULVRQV ZHUH PDGH WR WKH SHUIRUPDQFH RI QRUPDO FRQWUROV PDQ\ RI ZKRP ZHUH VSRXVHV RI WKH SDWLHQWV $ PLQXWH QHXURSV\FKRORJLFDO EDWWHU\ ZDV DGPLQLVWHUHG LQFOXGLQJ PHQWDO VWDWXV H[DPLQDWLRQ DQG WHVWV RI ODQJXDJH PHPRU\ DSUD[LD DQG YLVXRVSDWLDO DELOLW\ 'HPHQWLD ZDV GHILQHG DV LPSDLUPHQW WZR VWDQGDUG GHYLDWLRQV RU PRUH EHORZ QRUPDO FRQWUROVn SHUIRUPDQFH RQ DW OHDVW WKUHH PHDVXUHV LQFOXGLQJ WKH =XQJ 'HSUHVVLRQ LQYHQWRU\ DGPLQLVWHUHG DV D PHDVXUH RI SHUVRQDOLW\ FKDQJH VRPHWLPHV DFFRPSDQ\LQJ GHPHQWLD +XEHU HW DO f IRXQG WKDW DWURSK\ RI WKH FRUSXV FDOORVXP UDWHG RQ D VFDOH IURP RQH WR ILYH ZDV PRUH H[WUHPH LQ GHPHQWHG WKDQ QRQGHPHQWHG SDWLHQWV +XEHU %RPVWHLQ 5DPPRKDQ DQG &KULVW\ f VXEVHTXHQWO\ VWXGLHG SHRSOH ZLWK FOLQLFDOO\ SUREDEOH RU GHILQLWLYH PXOWLSOH VFOHURVLV 6XEMHFWV UHFHLYHG 05, LPDJLQJ DQG QHXURSV\FKRORJLFDO WHVWLQJ LQFOXGLQJ WHVWV RI H[HFXWLYH IXQFWLRQLQJ PHPRU\ LQWHUKHPLVSKHULF WUDQVIHU DQG SV\FKRPRWRU VSHHG 6XPPDU\ VFRUHV RI

PAGE 31

QHXURSV\FKRORJLFDO WHVW SHUIRUPDQFH ZHUH FDOFXODWHG DQG SDWLHQWV FODVVLILHG DV QRUPDO WR PLOGO\ LPSDLUHG PRGHUDWHO\ LPSDLUHG RU VHYHUHO\ LPSDLUHG 7RWDO OHVLRQ DUHD LQ WKH OHIW DQG ULJKWKHPLVSKHUH VXUIDFH DUHD RI WKH FRUWLFDO OREHV DQG PLGVDJLWWDO VXUIDFH DUHD RI WKH FRUSXV FDOORVXP ZHUH PHDVXUHG +XEHU HW DO f UHSRUWHG WKDW WRWDO OHVLRQ DUHD UHJDUGOHVV LWV GLVWULEXWLRQ FRUUHODWHG ZLWK PRVW QHXURSV\FKRORJLFDO PHDVXUHV 3DWLHQWV ZLWK VHYHUH LPSDLUPHQW GHPRQVWUDWHG D JUHDWHU WRWDO OHVLRQ DUHD DQG KDG VLJQLILFDQWO\ VPDOOHU FDOORVDO DUHDV WKDQ RWKHU VXEMHFWV 5HGXFHG DUHD RI WKH FRUSXV FDOORVXP ZDV IRXQG WR EH KLJKO\ FRUUHODWHG ZLWK VORZHU SHUIRUPDQFH RQ WHVWV LQYROYLQJ VSHHG RI LQIRUPDWLRQ SURFHVVLQJ HJ 7UDLOV % 7DFWXDO 3HUIRUPDQFH 7HVWf DQG SRRUHU SHUIRUPDQFH RQ WDVNV UHTXLULQJ LQWHUKHPLVSKHULF WUDQVIHU RI LQIRUPDWLRQ HJ 7DFWLOH )RUPVf +XEHU HW DO f LQWHUSUHWHG WKH ILQGLQJV DV HYLGHQFH WKDW DWURSK\ RI WKH FRUSXV FDOORVXP UHIOHFWV JOREDO GLVHDVH SURFHVVHV DQG SURYLGHV D IRFDO PRUSKRORJLF PDUNHU RI VHYHUH FRJQLWLYH LPSDLUPHQW LQ PXOWLSOH VFOHURVLV 5DR /HR +DXJKWRQ 6W $XELQ)DXEHUW DQG %HPDGLQ f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

PAGE 32

FRJQLWLYH G\VIXQFWLRQ ZKLOH YHQWULFOH WR EUDLQ UDWLR GLG QRW LQGHSHQGHQWO\ SUHGLFW DQ\ FRJQLWLYH WHVW ILQGLQJ %DVHG RQ WKH UHODWLRQVKLS EHWZHHQ FDOORVDO DUHD DQG WHVW SHUIRUPDQFH 5DR HW DO VXJJHVWHG WKDW VSHFLILF FRJQLWLYH SURFHVVHV PD\ EH GLVUXSWHG E\ GHP\HOLQDWLQJ OHVLRQV LQYROYLQJ UHODWLYHO\ IRFDO PRUSKRORJLFDO VWUXFWXUHV )OHWFKHU HW DO f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f UHSRUWHG D SRVLWLYH FRUUHODWLRQ EHWZHHQ WKH VL]H RI WKH VSOHQLXP DQG )XOO 6FDOH DQG 9HUEDO 6FDOH ,4V EXW WKH GLUHFWLRQ RI WKH UHODWLRQVKLS ZDV PHGLDWHG E\ VH[ )RU IHPDOHV D ODUJHU DUHD RI WKH VSOHQLXP ZDV FRUUHODWHG ZLWK D KLJKHU )6,4 U f DQG KLJKHU 9,4 U f )RU PDOHV WKH GLUHFWLRQ RI WKH UHODWLRQVKLS ZDV UHYHUVHG ZLWK D ODUJHU DUHD RI WKH VSOHQLXP FRUUHODWHG ZLWK D ORZHU )6,4 U f DQG ORZHU 9,4 U f ,Q D VLJQLILFDQW FRQWULEXWLRQ
PAGE 33

KDQGHG PDOH SDWLHQWV ZLWK HDUO\ $O]KHLPHUnV GLVHDVH DQG DJH DQG VH[PDWFKHG ULJKW KDQGHG FRQWURO VXEMHFWV ZHUH WHVWHG 8VLQJ D PLGVDJLWWDO 05, LPDJH WKH FDOORVXP ZDV GLYLGHG LQWR IRXU VHJPHQWV IURP IURQW WR EDFN DQG UHVWLQJ EORRG IORZ ZDV PHDVXUHG ZLWK SRVLWURQ HPLVVLRQ WRPRJUDSK\ 7KH :HFKVOHU $GXOW ,QWHOOLJHQFH 6FDOH ZDV XVHG WR HVWLPDWH ,4
PAGE 34

RI ZRPHQ ZLWK PXOWLSOH VFOHURVLV 2WKHU FRJQLWLYH PHDVXUHV GLG QRW VKRZ D VSHFLILF UHODWLRQVKLS ZLWK DQWHULRU RU SRVWHULRU FDOORVDO DWURSK\ 3R]]LOOL HW DO f VXJJHVWHG WKDW WKH FRJQLWLYH PHFKDQLVPV XQGHUO\LQJ SHUIRUPDQFH RQ YHUEDO IOXHQF\ GHSHQG XSRQ LQWHUKHPLVSKHULF WUDQVIHU RI LQIRUPDWLRQ DFFRPSOLVKHG WKURXJK DQWHULRU SRUWLRQV RI WKH FRUSXV FDOORVXP +LQHV &KLX 0F$GDPV DQG %HQWOHU f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f 7KLV GLVFUHSDQF\ PD\ EH DFFRXQWHG IRU E\ GLIIHUHQFHV LQ WKH YHUEDO IOXHQF\ PHDVXUH VWXGLHG 3R]]LOOL HW DO f XVHG D ZRUG IOXHQF\ WDVN LQ ZKLFK VXEMHFWV ZHUH DVNHG WR JHQHUDWH ZRUGV WR WDUJHW OHWWHUV RI WKH DOSKDEHW +LQHV HW DO f FRQVWUXFWHG D YHUEDO IOXHQF\ LQGH[ UHSUHVHQWLQJ SHUIRUPDQFH RQ D VHPDQWLFDOO\ JXLGHG ZRUG JHQHUDWLRQ WDVN D VHQWHQFH JHQHUDWLRQ WDVN DQG ZRUG IOXHQF\ WR D WDUJHW OHWWHU RI WKH DOSKDEHW 7KHUH ZHUH DOVR GLIIHUHQFHV LQ WKH SRSXODWLRQV VWXGLHG +LQHV HW DO WHVWHG KHDOWK\ IHPDOHV ZKLOH 3R]]LOOL HW DO f WHVWHG ZRPHQ ZLWK PXOWLSOH VFOHURVLV

PAGE 35

:DQJ 'RKHUW\ +HVVHOLQN DQG %HOOXJL f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t %HOOXJL f $WWHQWLRQGHILFLWKYSHUDFWLYLWY GLVRUGHU +\QG HW DO f UHSRUWHG D UHODWLRQVKLS EHWZHHQ FDOORVDO PRUSKRORJ\ PHDVXUHG IURP 05, LPDJHV DQG EHKDYLRUDO UDWLQJV RI FKLOGUHQ ZLWK DWWHQWLRQGHILFLWK\SHUDFWLYLW\ GLVRUGHU $'+'f DQG QRUPDO FRQWUROV 7KH\ FRPSDUHG VHYHQ FKLOGUHQ ZLWK D SULPDU\ GLDJQRVLV RI $'+' WR D VDPSOH RI WHQ QRQGLVDEOHG FRQWUROV $OWKRXJK DOO 05, VFDQV ZHUH FOLQLFDOO\ UHDG DV QRUPDO $'+' FKLOGUHQ KDG VPDOOHU FRUSXV FDOORVL SDUWLFXODUO\ LQ WKH DQWHULRU JHQXf DQG SRVWHULRU LVWKPXV DQG VSOHQLXPf UHJLRQV FRPSDUHG WR FRQWUROV +\QG 6HPUXG&OLNHPDQ /RU\V t 1RYH\ f 7KH DXWKRUV LQWHUSUHWHG WKHLU ILQGLQJV ZLWK UHIHUHQFH WR LQWHUKHPLVSKHULF ILEHUV ZKLFK SDVV WKURXJK DQWHULRU DQG SRVWHULRU SRUWLRQV RI WKH FDOORVXP LQWHUFRQQHFWLQJ IURQWDO DQG SRVWHULRU DVVRFLDWLRQ FRUWH[

PAGE 36

)ROORZLQJ +\QG HW DO f *HLGG HW DO f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f *HLGG HW DO LQWHUSUHWHG WKH UHODWLRQVKLS EHWZHHQ DUHD RI WKH URVWUDO ERG\ RI WKH FRUSXV FDOORVXP DQG K\SHUDFWLYLW\LPSXOVLYLW\ LQ WHUPV RI SUHPRWRU DQG VXSSOHPHQWDU\ PRWRU FRPPLVVXUDO FRQQHFWLRQV SDVVLQJ WKURXJK WKDW FDOORVDO UHJLRQ +RZHYHU FLWLQJ DQDWRPLFDO ZRUN GRQH LQ SULPDWHV 6WHHUH DQG $UQVWHQ f QRWHG WKDW WKH URVWUDO ERG\ RI WKH FRUSXV FDOORVXP LV OLNHO\ WR DOVR FRQWDLQ ILEHUV IURP WKH DQWHULRU FLQJXODWH DQG SUHIURQWDO FRUWLFHV UHJLRQV WKH\ VXJJHVWHG DUH OLNHO\ LQYROYHG ZLWK DWWHQWLRQDO UHJXODWLRQ 6HPUXG&OLNHPDQ HW DO f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

PAGE 37

IHZHU FDOORVDO FRQQHFWLRQV LQ WKDW UHJLRQ RI EUDLQ QHJDWLYHO\ DIIHFWLQJ FKLOGUHQnV DELOLW\ WR VXVWDLQ DWWHQWLRQ ,W LV LPSRUWDQW WR QRWH WKDW PDQ\ DWWHPSWV WR FRUUHODWH PRUSKRORJLF IHDWXUHV RI WKH FRUSXV FDOORVXP ZLWK EHKDYLRU KDYH QRW IRXQG D VLJQLILFDQW UHODWLRQVKLS )RU H[DPSOH -RKQVRQ %LJOHU %XUU DQG %ODWWHU f IDLOHG WR ILQG D VLJQLILFDQW UHODWLRQVKLS EHWZHHQ PLGVDJLWWDO VXUIDFH DUHD RI WKH FRUSXV FDOORVXP DQG ,4 DPRQJ EUDLQ LQMXU\ VXUYLYRUV $OWKRXJK WKH FDOORVXP ZDV VLJQLILFDQWO\ DWURSKLHG FDOORVDO DUHD ZDV QRW VLJQLILFDQWO\ UHODWHG WR DQ\ RI WKH ,4 YDULDEOHV VWXGLHG 7KH GHJUHH RI DWURSK\ ZDV UHODWHG WR WUDXPD VHYHULW\ DQG WKH H[WHQW RI YHQWULFXODU HQODUJHPHQW 7KH\ GHVFULEHG WKH ODFN RI D V\VWHPDWLF UHODWLRQVKLS EHWZHHQ DUHD RI WKH FRUSXV FDOORVXP DQG SHUIRUPDQFH RQ LQWHOOHFWXDO WHVWLQJ DV DQ HQLJPD 7KH IDLOXUH PD\ EH UHODWHG WR WKH XVH RI WRWDO DUHD DV WKH VROH PHDVXUH RI FDOORVDO PRUSKRORJ\ &DOORVDO 0RUSKRORJ\ DQG ,QWHOOHFWXDO )XQFWLRQLQJ 6WUDXVV :DGD DQG +XQWHU f VWXGLHG WKH UHODWLRQVKLS EHWZHHQ PLGVDJLWWDO VXUIDFH DUHD RI WKH FDOORVXP PHDVXUHG IURP 05, DQG SHUIRUPDQFH RQ LQWHOOLJHQFH WHVWLQJ 7KH\ WHVWHG SDWLHQWV ZLWK PHGLFDOO\ UHIUDFWRU\ VHL]XUHV XQGHUJRLQJ HYDOXDWLRQ DV FDQGLGDWHV IRU QHXURVXUJLFDO WUHDWPHQW ,QWHOOLJHQFH ZDV DVVHVVHG ZLWK WKH :$,65 DOWKRXJK )XOO 6FDOH ,4 VFRUHV ZHUH SURUDWHG IURP WZR DGPLQLVWHUHG VXEWHVWV 9RFDEXODU\ DQG %ORFN 'HVLJQf LQ DSSUR[LPDWHO\ b RI WKH VXEMHFWV 7KH ,4V UDQJHG IURP WR ZLWK D PHDQ RI DQG D VWDQGDUG GHYLDWLRQ RI 7KH FDOORVXP ZDV PHDVXUHG IURP WKH WLS RI WKH JHQX WR WKH HQG RI WKH VSOHQLXP DQG GLYLGHG LQWR ILYH HTXDO VHJPHQWV 7KH DUHD

PAGE 38

RI HDFK VHJPHQW DQG DJJUHJDWH WRWDO FDOORVDO DUHD ZDV PHDVXUHG IURP D PLGVDJLWWDO 05, LPDJH 6WUDXVV HW DO f IRXQG WKDW WKH DUHD RI WKH ILIWK VHJPHQW FRUUHVSRQGLQJ WR WKH UHJLRQ RI WKH VSOHQLXP KDG D VLJQLILFDQW FRUUHODWLRQ ZLWK )XOO 6FDOH ,4 7KH SDUWLDO FRUUHODWLRQ EHWZHHQ DUHD RI WKH VSOHQLXP DQG )XOO 6FDOH ,4 UHPDLQHG VLJQLILFDQW ZKHQ FRQWUROOLQJ IRU FHUHEUDO VSHHFK SDWWHUQ DQG DWWHPSWLQJ WR FRQWURO IRU ODQJXDJH ODWHUDOL]DWLRQ )ROORZLQJ WKH UHSRUW E\ 6WUDXVV HW DO f RI D SRVLWLYH FRUUHODWLRQ EHWZHHQ DUHD RI WKH VSOHQLXP DQG )XOO 6FDOH ,4 WKH FXUUHQW VWXG\ H[DPLQHG WKH UHODWLRQVKLS EHWZHHQ DUHD RI VXEUHJLRQV RI WKH FRUSXV FDOORVXP DQG SHUIRUPDQFH RQ PHDVXUHV RI LQWHOOHFWXDO IXQFWLRQLQJ $VLGH IURP WKH VLJQLILFDQFH RI SRWHQWLDO UHSOLFDWLRQ WKH SURSRVHG VWXG\ LPSURYHV XSRQ WKH ZRUN RI 6WUDXVV HW DO f LQ VHYHUDO LPSRUWDQW ZD\V 7KH VDPSOH VWXGLHG E\ 6WUDXVV HW DO f ZDV LGHQWLILHG DV SDWLHQWV ZLWK PHGLFDOO\ UHIUDFWRU\ HSLOHSV\ 7KLV SUHVXPDEO\ LQFOXGHG SHRSOH ZLWK WHPSRUDO RU IURQWDO IRFL PXOWLSOH IRFL DV ZHOO DV SDWLHQWV ZLWK SDUWLDO FRPSOH[ RU SULPDU\ JHQHUDOL]HG HSLOHSV\ 7KH\ DFNQRZOHGJHG WKH OLPLWDWLRQ WKHLU KHWHURJHQHRXV VDPSOH LPSRVHG RQ LQWHUSUHWDWLRQ RI WKHLU UHVXOWV DQG FDOOHG IRU UHSOLFDWLRQ ZLWK D PRUH KRPRJHQHRXV JURXS RI SDWLHQWV ZLWK ZHOOGHILQHG IRFDO OHVLRQV 6WUDXVV :DGD t +XQWHU f ,Q DGGLWLRQ WR GLIIHUHQFHV LQ HSLOHSWRJHQLF IRFXV 6WUDXVV HW DO f LQFOXGHG VXEMHFWV GLIIHULQJ RQ KDQGHGQHVV DQG ODQJXDJH ODWHUDOLW\ 6SHHFK GRPLQDQFH DQG KDQGHGQHVV KDYH ERWK EHHQ LGHQWLILHG DV IDFWRUV SRWHQWLDOO\ DIIHFWLQJ FDOORVDO PRUSKRORJ\ 'ULHVHQ DQG 5D] LQ SUHVVf FRQFOXGHG WKDW WKH FDOORVXP LV ODUJHU LQ QRQULJKW KDQGHUV DQG 2n.XVN\ HW DO f IRXQG WKDW

PAGE 39

SHRSOH ZLWK ULJKW KHPLVSKHUH VSHHFK GRPLQDQFH KDYH D ODUJHU FRUSXV FDOORVXP WKDQ SHRSOH ZLWK OHIW KHPLVSKHUH ODQJXDJH GRPLQDQFH 7KH FXUUHQW VWXG\ LQFOXGHG RQO\ ULJKWKDQGHG VXEMHFWV ZLWK OHIWKHPLVSKHUH VSHHFK GRPLQDQFH DQG D XQLODWHUDO DQWHULRU WHPSRUDO OREH HSLOHSWRJHQLF IRFXV /LPLWLQJ WKH VWXG\ WR SHRSOH ZLWK DQ HSLOHSWLF IRFXV LQ DQWHULRU WHPSRUDO OREH OHVVHQHG WKH SRVVLELOLW\ WKDW VXEMHFWnV HSLOHSWRJHQLF OHVLRQ H[HUWHG D GLUHFW HIIHFW RQ FDOORVXP 7KH UHJLRQ RI WKH WHPSRUDO SROH VHQGV LQWHUKHPLVSKHULF ILEHUV SULPDULO\ WKURXJK WKH DQWHULRU FRPPLVVXUH DQG QRW WKURXJK WKH FRUSXV FDOORVXP 3DQG\D t 5RVHQH f 6WUDXVV HW DO f ZHUH DOVR OLPLWHG E\ WKH LQWHOOLJHQFH WHVW GDWD DYDLODEOH WR WKHP :KLOH WKH PDMRULW\ RI WKHLU VXEMHFWV UHFHLYHG WKH IXOO :HFKVOHU LQWHOOLJHQFH WHVW DSSURSULDWH IRU WKHLU DJH DSSUR[LPDWHO\ b ZHUH JLYHQ RQO\ WKH 9RFDEXODU\ DQG %ORFN 'HVLJQ VXEWHVWV )XOO 6FDOH ,4V ZHUH HVWLPDWHG EDVHG RQ WKHLU SHUIRUPDQFH RQ WKHVH VXEWHVWV 7KLV LV SUREOHPDWLF EHFDXVH HVWLPDWLQJ ,4 IURP VFRUHV RQ WKH 9RFDEXODU\ DQG %ORFN 'HVLJQ VXEWHVWV PD\ V\VWHPDWLFDOO\ RYHUHVWLPDWH ,4 7KRPSVRQ +RZDUG t $QGHUVRQ f (YLGHQFH IURP UHVHDUFK ZLWK RWKHU VKRUW IRUPV RI WKH :$,65 VXJJHVWV WKDW VKRUW IRUPV PD\ DOVR OHDG WR D ELDVHG HVWLPDWH RI ,4 EDVHG RQ OHVLRQ ODWHUDOLW\ 0DVVDG %REELWW .HOO\ t %HDVOH\ f %HFDXVH WKH\ DUH EDVHG RQ IHZHU DGPLQLVWHUHG LWHPV SURUDWHG VFRUHV DUH DOVR D OHVV UHOLDEOH HVWLPDWH RI WKH XQGHUO\LQJ FRQVWUXFW 1XQQDOO\ f ZHDNHQLQJ REVHUYHG FRUUHODWLRQV UHODWLYH WR WKH VWUHQJWK RI WKH XQGHUO\LQJ DVVRFLDWLRQ 6WUDXVV HW DO f UHSRUWHG D UDQJH RI VFRUHV LQFOXGLQJ D )6,4 RI 7KDW H[WUHPH ORZ VFRUH SUHVXPDEO\ UHIOHFWV DQ DUWLIDFW RI HVWLPDWLQJ )6,4 VFRUHV EHFDXVH DQ ,4 VFRUH RI LV QRW YDOLG RQ WKH :$,65 :HFKVOHU S f 7KH

PAGE 40

H[LVWHQFH RI H[WUHPH YDOXHV H[WHQGLQJ WKH UDQJH RI VFRUHV PD\ KDYH DUWLILFLDOO\ LQIODWHG WKH FRUUHODWLRQ FRHIILFLHQW UHSRUWHG E\ 6WUDXVV HW DO f 7KH FXUUHQW VWXG\ XVHG GDWD IURP WKH ILLOO :$,65 DYRLGLQJ SUREOHPV DVVRFLDWHG ZLWK HVWLPDWHG )XOO 6FDOH ,4 VFRUHV DQG PDNLQJ LW SRVVLEOH WR H[SORUH WKH UHODWLRQVKLS EHWZHHQ DUHD RI WKH FDOORVXP DQG SHUIRUPDQFH RQ WKH :$,65 9HUEDO DQG 3HUIRUPDQFH 6FDOHV %RPVWHLQ 'UDNH DQG 3DNDOQLV f FRQGXFWHG D IDFWRU DQDO\VLV RI WKH :$,65 LQ D VDPSOH RI SDWLHQWV ZLWK D YDULHW\ RI VHL]XUH GLVRUGHUV WKH PDMRULW\ KDYLQJ LQWUDFWDEOH HSLOHSV\ 8VLQJ REOLTXH URWDWLRQ WKH UHVXOWV GHPRQVWUDWHG D WKUHHIDFWRU VROXWLRQ ZLWK 9HUEDO&RPSUHKHQVLRQ 3HUFHSWXDO2UJDQL]DWLRQDO DQG )UHHGRP IURP 'LVWUDFWLELOLW\ IDFWRUV H[WUDFWHG 7RJHWKHU WKHVH IDFWRUV DFFRXQWHG IRU b RI WKH WRWDO YDULDQFH LQ )6,4 7KH PRVW SURPLQHQW GLIIHUHQFH EHWZHHQ WKH IDFWRU VWUXFWXUH RI WKH :$,65 LQ WKH VWDQGDUGL]DWLRQ VDPSOH DQG HSLOHSWLFV ZDV WKH JUHDWHU SURPLQHQFH RI WKH )UHHGRP IURP 'LVWUDFWLELOLW\ IDFWRU LQ WKH HSLOHSWLF JURXS %RUQVWHLQ HW DO f UHSRUWHG WKDW WKH )UHHGRP IURP 'LVWUDFWLELOLW\ IDFWRU DFFRXQWHG IRU PRUH YDULDQFH WKDQ WKH 3HUFHSWXDO2UJDQL]DWLRQ IDFWRU /HFNOLWHU 0DW]UD]]R DQG 6LOYHUVWHLQ f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

PAGE 41

'LNHPDQ 0DWWKHZV DQG +DUOH\ f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n&RQQRU DQG *XU f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f GLVFXVVHG WKHLU ILQGLQJV LQ WHUPV RI WKH LPSDFW HDUO\ EUDLQ GDPDJH KDV RQ FRUWLFDO GHYHORSPHQW DQG KHPLVSKHULF VSHFLDOL]DWLRQ 6WDILQLDN HW DO f UHSRUWHG WKDW DJH DW ILUVW ULVN IRU VHL]XUHV ZDV D VLJQLILFDQW SUHGLFWRU RI DQRPLD LQ WKH DFXWH SHULRG IROORZLQJ GRPLQDQW DQWHULRU WHPSRUDO OREHFWRP\ (DUO\ ULVN IRU VHL]XUHV ZDV GHILQHG DV LQFOXGLQJ D KLVWRU\ RI IHEULOH FRQYXOVLRQV WXPRUV SHULQDWDO GLVWUHVV HQFHSKDOLWLV PHQLQJLWLV RU KHDG WUDXPD $OWKRXJK WKHUH ZDV QR GLIIHUHQFH EHWZHHQ WKH HDUO\ DQG ODWH RQVHW JURXSV RQ FRQIURQWDWLRQ QDPLQJ SHUIRUPDQFH SULRU WR VXUJHU\ VLJQLILFDQW GLIIHUHQFHV HPHUJHG LQ WKH SHULRG LPPHGLDWHO\ DIWHU VXUJHU\

PAGE 42

1RQH RI WKH SDWLHQWnV ZLWK DQ HDUO\ ULVN IRU VHL]XUHV VKRZHG DQRPLD GHILQHG DV SHUIRUPDQFH PRUH WKDQ b EHORZ SUHVXUJLFDO EDVHOLQH ,Q FRQWUDVW b RI SDWLHQWV ZLWKRXW HDUO\ ULVN IRU VHL]XUHV GHPRQVWUDWHG SRVWVXUJLFDO DQRPLD 6WDILQLDN HW DO LQWHUSUHWHG WKLV ILQGLQJ DV HYLGHQFH WKDW WKH FHUHEUDO UHSUHVHQWDWLRQ RI QDPLQJ PD\ EH DW\SLFDO LQ SDWLHQWV ZLWK D KLVWRU\ LQFOXGLQJ HDUO\ ULVN IDFWRUV IRU VHL]XUHV 2n/HDU\ HW DO f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t 0XUSK\ f D SURFHVV ZKLFK DSSHDUV WR EH UHODWHG WR FRUWLFDO V\QDSWRJHQHVLV /D0DQWLD t 5DNLF f ,W KDV EHHQ VSHFXODWHG WKDW D IDLOXUH RI FDOORVDO SUXQLQJ DOWHUV WKH FRXUVH RI QHXURGHYHORSPHQW .HVKDYDQ 6DQGHUV 3HWWHJUHZ t 'RPEURZVN\ f DQG PD\ SOD\ D UROH LQ WKH FRJQLWLYH DQG QHXUREHKDYLRUDO GHILFLWV REVHUYHG LQ FKLOGUHQ ZLWK HDUO\ RQVHW RI HSLOHSV\ *ULJRQLV t 0XUSK\ f

PAGE 43

6WXG\ 5DWLRQDOH DQG 3UHGLFWLRQV ,QLWLDO 6WXG\ 2EMHFWLYHV 7KH VWXG\nV ILUVW JRDO ZDV WR GHWHUPLQH LI WKH VLJQLILFDQW FRUUHODWLRQ EHWZHHQ VSOHQLDO DUHD DQG )6,4 UHSRUWHG E\ 6WUDXVV HW DO f ZDV UHSOLFDEOH 3RVLWLYH FRUUHODWLRQV EHWZHHQ 9,4 3,4 DQG )6,4 DQG DUHD RI WKH FDOORVDO UHJLRQV ZHUH SUHGLFWHG ZLWK WKH VWURQJHVW FRUUHODWLRQ H[SHFWHG ZLWK DUHD RI WKH VSOHQLXP )ROORZLQJ WKH UHSRUW RI D SURPLQHQW IUHHGRP IURP GLVWUDFWLELOLW\ IDFWRU LQ WKH :$,65 GDWD RI VXEMHFWV ZLWK HSLOHSV\ %RPVWHLQ 'UDNH t 3DNDOQLV f DQG UHSRUWV RI VLJQLILFDQW FRUUHODWLRQ EHWZHHQ $'+' V\PSWRPDWRORJ\ DQG DQWHULRU +\QG HW DO f DQG SRVWHULRU FDOORVDO DUHDV 6HPUXG&OLNHPDQ HW DO f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t 0XUSK\ f 7KH H[FHVV QXPEHU RI WUDQVFDOORVDO ILEHUV PD\ UHVXOW LQ ODUJHU FURVVVHFWLRQDO DUHDV SDUWLFXODUO\ LQ WKH DQWHULRU DQG SRVWHULRU UHJLRQV ZKHUH VPDOO GLDPHWHU ILEHUV SUHGRPLQDWH $ERLWL]

PAGE 44

6FKHLEHO )LVKHU t =DLGHO f DOWKRXJK GHFUHDVHG DUHD FDQ GLVJXLVH DQ H[FHVV QXPEHU RI D[RQV $QWHULRU &DOORVDO 0RUSKRORJ\ DQG :LVFRQVLQ &DUG 6RUWLQJ 7HVW 3HUIRUPDQFH 7KH :LVFRQVLQ &DUG 6RUWLQJ 7HVW :&67f KDV WUDGLWLRQDOO\ EHHQ DPRQJ WKH PRVW FRPPRQO\ XVHG PHDVXUHV IRU DVVHVVLQJ IURQWDO OREH IXQFWLRQLQJ 6SUHHQ t 6WUDXVV f ,QWURGXFHG E\ %HUJ f DQG RULJLQDOO\ IRUPDOL]HG E\ *UDQW DQG %HUJ f WKH WHVW UHTXLUHV WKH VXEMHFW WR VRUW D GHFN RI UHVSRQVH FDUGV DFFRUGLQJ WR YDULRXV VWLPXOXV GLPHQVLRQV 7KH VXEMHFW LV QRW LQIRUPHG RI WKH VRUWLQJ SULQFLSOH ZKLFK FKDQJHV LQ WKH FRXUVH RI WHVWLQJ DQG PXVW EH LQIHUUHG RQ WKH EDVLV RI IHHGEDFN IURP WKH H[DPLQHU 'DPDVLR t $QGHUVRQ f +HDWRQ f DQG +HDWRQ &KHOXQH 7DOOH\ .D\ DQG &XUWLVV f IRUPDOL]HG DGPLQLVWUDWLRQ DQG VFRULQJ FULWHULD DQG UHSRUWHG QRUPDWLYH UHOLDELOLW\ DQG YDOLGLW\ GDWD IRU D YHUVLRQ RI WKH :&67 0LOQHU f XVHG D IRUP RI WKH :&67 ZLWK SHRSOH ZKR KDG XQLODWHUDO FRUWLFDO H[FLVLRQV IRU WKH UHOLHI RI IRFDO HSLOHSV\ 6KH FRQFOXGHG WKDW LPSDLUHG SHUIRUPDQFH RQ WKH :&67 ZDV UHODWHG WR GDPDJH RI WKH IURQWDO OREHV DQG LGHQWLILHG WKH IXQGDPHQWDO GHILFLW DV D IDLOXUH WR VKLIW IURP RQH FDWHJRU\ WR DQRWKHU GXH WR SHUVHYHUDWLYH LQWHUIHUHQFH IURP SULRU UHVSRQVH VHWV 7KH ILQGLQJ ZDV VSHFLILF WR SHRSOH ZLWK GRUVRODWHUDO SUHIURQWDO OHVLRQV SHRSOH ZLWK RUELWRIURQWDO OHVLRQV GLG QRW VKRZ WKH VDPH LPSDLUPHQW 0LOQHUnV WRWDO VDPSOH RI VXEMHFWV ZDV GLYLGHG LQWR WZR JURXSV SHRSOH WHVWHG EHIRUH DQG DSSUR[LPDWHO\ GD\V DIWHU VXUJHU\ DQG SHRSOH WHVWHG RQO\ SRVWRSHUDWLYHO\ IURP WZR ZHHNV WR \HDUV DIWHU VXUJHU\ 7KH SDWWHUQ RI UHVXOWV IRU ERWK JURXSV ZDV WKH VDPH 7KH UROH RI WKH

PAGE 45

IURQWDO OREHV SDUWLFXODUO\ WKH OHIW IURQWDO OREH LQ :&67 SHUIRUPDQFH ZDV DOVR KLJKOLJKWHG E\ 'UHZH f LQ D VWXG\ RI SHRSOH ZLWK HLWKHU XQLODWHUDO IURQWDO RU QRQIURQWDO OHVLRQV 5RELQVRQ +HDWRQ /HKPDQ DQG 6WLOVRQ f VWXGLHG SHRSOH ZLWK VWUXFWXUDO FHUHEUDO OHVLRQV DQG QRUPDO FRQWUROV 6L[W\QLQH RI WKH SDWLHQWV ZHUH MXGJHG WR KDYH IRFDO OHVLRQV LQ HLWKHU WKH OHIW RU ULJKWIURQWDO QRQIURQWDO RU IURQWDO SOXV RWKHU FRUWLFDO DUHDV 7KH\ UHSRUWHG ILQGLQJV FRQVLVWHQW ZLWK WKRVH RI 0LOQHU f DQG 'UHZH f FRQFOXGLQJ WKDW SHRSOH ZLWK IURQWDO OHVLRQV DUH VLJQLILFDQWO\ LPSDLUHG RQ WKH :&67 LQ FRPSDULVRQ ZLWK SHRSOH ZKR KDYH QRQIURQWDO OHVLRQV 'DWD IURP IXQFWLRQDO LPDJLQJ KDV DOVR KLJKOLJKWHG WKH UROH RI SUHIURQWDO FRUWH[ LQ SHUIRUPDQFH RQ WKH :&67 :HLQEHUJHU %HUQDP DQG =HH f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f VLPLODU UHVXOWV KDYH EHHQ UHSRUWHG E\ :HLQEHUJHU %HUPDQ DQG ,OORZVN\ f DQG %HUPDQ 7RUUH\ 'DQLHO DQG :HLQEHUJHU f

PAGE 46

%HUPDQ HW DO f UHSRUWHG WKDW :&67 SHUIRUPDQFH UHVXOWV LQ VLJQLILFDQW SK\VLRORJLFDO DFWLYDWLRQ RI GRUVRODWHUDO SUHIURQWDO FRUWH[ HYHQ DIWHU WUDLQLQJ DQG SUDFWLFH RQ WKH WHVW 7KH DXWKRUV KLJKOLJKWHG WKH UROH RI ZRUNLQJ PHPRU\ LQ :&67 SHUIRUPDQFH HPSKDVL]LQJ WKH ELODWHUDO DFWLYDWLRQ RI D QHWZRUN LQFOXGLQJ GRUVRODWHUDO SUHIURQWDO FRUWH[ DQG LQIHULRU SDULHWDO OREXOH %HUPDQ HW DO f +HDWRQ f DQG +HDWRQ HW DO f UHSRUWHG RQ WKH SHUIRUPDQFH RI SDWLHQWV ZLWK VWUXFWXUDO EUDLQ OHVLRQV DQG QRUPDO FRQWUROV RQ WKH :&67 +HDWRQ f DQG +HDWRQ HW DO f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f IDLOHG WR ILQG GLIIHUHQFHV LQ :&67 SHUIRUPDQFH EHWZHHQ RSHQ KHDG LQMXUHG 9LHWQDP YHWHUDQV ZLWK IURQWDO OREH RU QRQIURQWDO GDPDJH $QGHUVRQ 'DPDVLR -RQHV DQG 7UDQHO f VWXGLHG WKH VSHFLILFLW\ RI WKH :&67 DV D PHDVXUH RI IURQWDO OREH GDPDJH LQ SDWLHQWV ZLWK VWDEOH IRFDO EUDLQ OHVLRQV 7KHLU SULPDU\ FRPSDULVRQ ZDV EHWZHHQ VXEMHFWV ZLWK IURQWDO OREH OHVLRQV DQG VXEMHFWV ZLWK OHVLRQV RXWVLGH WKH IURQWDO OREHV LQFOXGLQJ VRPH ZLWK OHVLRQV RI WKH WKDODPXV DQG EDVDO JDQJOLD 7KH\ UHSRUWHG QR VLJQLILFDQW GLIIHUHQFHV EHWZHHQ WKH IURQWDO DQG QRQ

PAGE 47

IURQWDO JURXSV RQ DQ\ RI WKH :&67 YDULDEOHV H[DPLQHG $QGHUVRQ HW DO f FRQFOXGHG WKDW SHUIRUPDQFH RQ WKH :&67 OLNHO\ UHIOHFWV FRRUGLQDWHG LQWHUDFWLRQ DPRQJ PXOWLSOH EUDLQ UHJLRQV DQG WKDW SRRU SHUIRUPDQFH DORQH LV QRW DQ DGHTXDWH EDVLV RQ ZKLFK WR GLDJQRVH IURQWDO YHUVXV QRQIIRQWDO GDPDJH 7KH SHUIRUPDQFH RI SHRSOH ZLWK HSLOHSV\ RQ WKH :&67 KDV DOVR EHHQ VWXGLHG +HUPDQQ :\OHU DQG 5LFKH\ f FRPSDUHG WKH SHUIRUPDQFH RI SHRSOH ZLWK FRPSOH[ SDUWLDO VHL]XUHV DQG DQ HVWDEOLVKHG WHPSRUDO OREH IRFXV WR DQ HSLOHSV\ FRQWURO JURXS RI VL[ SHRSOH ZLWK SULPDU\ JHQHUDOL]HG VHL]XUHV 5HODWLYH WR WKH HSLOHSV\ FRQWUROV SDWLHQWV ZLWK D QRQGRPLQDQW WHPSRUDO OREH IRFXV VKRZHG VLJQLILFDQWO\ PRUH WRWDO HUURUV DQG SHUVHYHUDWLYH UHVSRQVHV 3DWLHQWV ZLWK D GRPLQDQW WHPSRUDO OREH IRFXV PDGH VLJQLILFDQWO\ PRUH SHUVHYHUDWLYH HUURUV WKDQ HSLOHSV\ FRQWUROV 6HYHQWHHQ FRQVHFXWLYH FDVHV ZHUH IROORZHG DQG WHVWHG DIWHU VXUJHU\ D VLJQLILFDQW GHFUHDVH LQ SHUVHYHUDWLYH UHVSRQVHV ZDV IRXQG +HUPDQQ HW DO f FDXWLRQHG LQWHUSUHWDWLRQ RI WKH :&67 LQ SDWLHQWV ZLWK WHPSRUDO OREH HSLOHSV\ DQG VXJJHVWHG WKH SRVVLELOLW\ WKDW QHXUDO QRLVH IURP WHPSRUDO OREHKLSSRFDPSXV PLJKW SURSDJDWH DORQJ SDWKZD\V OLQNLQJ WHPSRUDO OREH ZLWK IURQWDO FRUWH[ OHDGLQJ WR IURQWDO G\VIXQFWLRQ DQG LPSDLUHG :&67 SHUIRUPDQFH 7KH IXQFWLRQDO FRQQHFWLRQ EHWZHHQ KLSSRFDPSXV DQG IURQWDO OREH ZDV KLJKOLJKWHG E\ WKH UHSRUW RI 0HDGRU HW DO f WKDW IRUHEUDLQ PHFKDQLVPV LQYROYHG LQ WKH RUJDQL]DWLRQ DQG LQLWLDWLRQ RI YROXQWDU\ UHVSRQVHV SOD\ D UROH LQ JHQHUDWLQJ KLSSRFDPSDO WKHWD DFWLYLW\ &RUFRUDQ DQG 8SWRQ f H[DPLQHG SHUIRUPDQFH RQ D PRGLILHG YHUVLRQ RI WKH :&67 LQ WKUHH JURXSV RI SHRSOH ZLWK HSLOHSV\ ZLWK KLSSRFDPSDO VFOHURVLV ZLWK D XQLODWHUDO WHPSRUDO OREH IRFXV DQG SHRSOH ZLWK D XQLODWHUDO IRFXV LQ YDULRXV IURQWDO OREH

PAGE 48

UHJLRQV 3DWLHQWV ZLWK KLSSRFDPSDO VFOHURVLV SHUIRUPHG ZRUVH WKDQ HLWKHU WKH WHPSRUDO RU IURQWDO OREH JURXSV 7KH\ WRRN ORQJHU WR FRPSOHWH WKH WDVN FRPSOHWHG IHZHU FDWHJRULHV DQG PDGH PRUH SHUVHYHUDWLYH HUURUV 7KH JURXS ZLWK KLSSRFDPSDO VFOHURVLV ZDV QRW VLJQLILFDQWO\ LPSDLUHG UHODWLYH WR WKH RWKHU SDWLHQW JURXSV RQ RWKHU WHVWV W\SLFDOO\ DVVRFLDWHG ZLWK IURQWDO OREH IXQFWLRQLQJ HJ YHUEDO IOXHQF\ DQG 6WURRS WHVWLQJf &RUFRUDQ DQG 8SWRQ FULWLFL]HG +HUPDQQ :\OHU DQG 5LFKH\nV f QHXUDO QRLVH K\SRWKHVLV DQG VXJJHVWHG WKDW KLSSRFDPSDO GDPDJH UHVXOWV LQ SRRU FDUG VRUWLQJ SHUIRUPDQFH EHFDXVH RI KHDY\ ZRUNLQJ PHPRU\ GHPDQGV RI WKH WDVN +RZHYHU &RUFRUDQ DQG 8SWRQ IDLO WR DGGUHVV WKH SRWHQWLDO LPSDFW WKHLU XVH RI WKH PRGLILHG :&67 1HOVRQ f PD\ KDYH KDG RQ WKHLU ILQGLQJV 7KLV YHUVLRQ RI WKH WHVW UHGXFHV WKH DPELJXLW\ RI WKH WDVN E\ SURYLGLQJ VXEMHFWV ZLWK FRQVLGHUDEO\ PRUH VWUXFWXUH ,W XVHV UHVSRQVH FDUGV ZKLFK VKDUH RQH DQG RQO\ RQH DWWULEXWH ZLWK HDFK RI WKH VWLPXOXV FDUGV DQG FDOOV IRU LQIRUPLQJ WKH VXEMHFW ZKHQ WKH VRUWLQJ SULQFLSOH LV FKDQJHG 7KHVH GLIIHUHQFHV PD\ KDYH GLPLQLVKHG WKH VHQVLWLYLW\ RI WKH WDVN WR IURQWDO OREH G\VIXQFWLRQ DQG FRQWULEXWHG WR &RUFRUDQ DQG 8SWRQnV UHVXOWV DQG FRQFOXVLRQV 6WUDXVV +XQWHU DQG :DGD f VWXGLHG SHRSOH ZLWK FRPSOH[ SDUWLDO VHL]XUHV DQG FOHDU HYLGHQFH RI D XQLODWHUDO ULJKW RU OHIWWHPSRUDO OREH IRFXV 7ZHQW\VL[ RI WKH SDWLHQWV KDG D KLVWRU\ RI GDPDJH EHIRUH RQH \HDU RI DJH DQG KDG D KLVWRU\ RI GDPDJH DIWHU WKDW WLPH ,W LV XQFOHDU IURP WKH UHSRUW LI GDPDJH UHIHUV WR WKH RQVHW RI VHL]XUHV D ULVN IDFWRU IRU VHL]XUHV RU VRPH FRPELQDWLRQ RI ERWK 6WUDXVV HW DO f UHSRUWHG WKDW SHRSOH ZLWK HDUO\ GDPDJH DQG D OHIW VLGHG IRFXV GHPRQVWUDWHG VLJQLILFDQWO\ PRUH SHUVHYHUDWLYH HUURUV DQG SHUVHYHUDWLYH UHVSRQVHV RQ WKH :&67 WKDQ SHRSOH ZLWK D OHIW

PAGE 49

VLGHG IRFXV DQG D ODWHU RQVHW RI GDPDJH 7KH HIIHFWV ZHUH VWLOO REVHUYHG ZKHQ WKH FRQWULEXWLRQ RI ODQJXDJH ODWHUDOLW\ ZDV SDUWLDOOHG RXW $JH DW WLPH RI GDPDJH GLG QRW SUHGLFW WKH SHUIRUPDQFH RI SHRSOH ZLWK ULJKW WHPSRUDO OREH IRFL 7KH JURXS ZLWK D ULJKW VLGHG IRFXV DOVR GHPRQVWUDWHG LPSDLUHG SHUIRUPDQFH EXW ZDV QRW DV VHYHUHO\ LPSDLUHG DV WKH HDUO\ OHIW VLGHG SDWLHQWV 6WUDXVV HW DO f VXJJHVWHG WKDW WKH FRJQLWLYH FRQVHTXHQFHV RI EUDLQ GDPDJH PD\ GHSHQG XSRQ ODWHUDOLW\ DQG DJH DW WKH WLPH RI GDPDJH 'HPRQVWUDWLRQV WKDW :&67 SHUIRUPDQFH FDQ EH LPSDLUHG LQ SHRSOH ZLWK QRQ IIRQWDO VHL]XUH IRFL UHLQIRUFH +HDWRQ &KHOXQH 7DOOH\ .D\ DQG &XUWLVVn f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t 5RVV 3DQG\D t 5RVHQH f $OWKRXJK VKH DFNQRZOHGJHG WKDW WKH HYLGHQFH ZDV QRW XQDPELJXRXV :LWHOVRQ f LQGLFDWHG WKDW WKH

PAGE 50

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f UHSRUWHG D FDVH ZKLFK EHDUV RQ WKLV LVVXH .DSXU GHVFULEHG D GRXEOH GLVVRFLDWLRQ EHWZHHQ SHUVHYHUDWLYH UHVSRQVHV RQ D VKRUWn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

PAGE 51

3RVWHULRU &DOORVDO 0RUSKRORJ\ DQG )DFLDO 5HFRJQLWLRQ 7HVW 3HUIRUPDQFH 7KH )DFLDO 5HFRJQLWLRQ 7HVW %HQWRQ GHV +DPVKHU 9DUQH\ t 6SUHHQ f LV D WHVW LQYROYLQJ PDWFKLQJ SKRWRJUDSKV RI IDFHV 6RPH RI WKH LWHPV LQYROYH PDWFKLQJ LGHQWLFDO LPDJHV ZKLOH RWKHUV LQYROYH PDWFKLQJ WR IDFHV VHHQ LQ VLGH YLHZ RU LQ VKDGRZ XQGHU YDU\LQJ OLJKWLQJ FRQGLWLRQV 2ULJLQDOO\ GHYHORSHG E\ %HQWRQ DQG 9DQ $OOHQ f +DPVKHU /HYLQ DQG %HQWRQ f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t 6SUHHQ f 'ULFNHU %XWWHUV 6DPXHOV DQG &DUH\ f UHSRUWHG WKDW SHRSOH ZLWK ULJKW KHPLVSKHUH OHVLRQV PDGH PRUH HUURUV RQ D IDFHPDWFKLQJ WDVN WKDQ FRQWUROV SHUKDSV UHO\LQJ RQ SDUDSKHUQDOLD DQG H[SUHVVLRQV UDWKHU WKDQ XQGHUO\LQJ YLVXRVSDWLDO IHDWXUHV RI WKH IDFHV WR JXLGH WKHLU UHVSRQVHV (JHONR HW DO f UHSRUWHG WKDW SHUIRUPDQFH RQ WKH )DFLDO 5HFRJQLWLRQ WHVW ZDV XQFRUUHODWHG ZLWK IURQWDO OREH GDPDJH DQG FORVHO\ DVVRFLDWHG ZLWK SDULHWDO OREH GDPDJH LQ D VDPSOH RI ULJKW KHPLVSKHUH VWURNH SDWLHQWV ,PSDLUHG SHUIRUPDQFH KDV DOVR EHHQ UHSRUWHG ZLWK GLIIXVH GDPDJH IROORZLQJ FORVHG KHDG LQMXU\ /HYLQ *URVVPDQ t .HOO\ f

PAGE 52

6HUJHQW DQG &RUEDOOLV f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f VXJJHVWHG WKDW WKH HVVHQWLDO TXHVWLRQ LV QRW ZKLFK KHPLVSKHUH LV EHWWHU DW FDUU\LQJ RXW D SDUWLFXODU IXQFWLRQ EXW KRZ WKH WZR KHPLVSKHUHV FRRUGLQDWH WKHLU VHSDUDWH RSHUDWLRQV WR DFFRPSOLVK QRUPDO SHUIRUPDQFH 6HUJHQW f %DVHG RQ ZRUN ZLWK UKHVXV PRQNH\V 3DQG\D DQG 5RVHQH f UHSRUWHG WKDW LQWHUKHPLVSKHULF ILEHUV IURP SRVWHULRU SDULHWDO DVVRFLDWLRQ DUHDV SDVV WKURXJK WKH SRVWHULRU ERG\ RI WKH FRUSXV FDOORVXP $OWKRXJK WKHUH LV VRPH RYHUODS WKH\ LQGLFDWHG WKDW ILEHUV IURP WKH VXSHULRU SDULHWDO OREXOH JHQHUDOO\ SDVV WKURXJK WKH GRUVDO SRUWLRQ RI WKH FDOORVXP ZKLOH ILEHUV IURP WKH LQIHULRU SDULHWDO OREXOH SDVV WKURXJK WKH YHQWUDO SRUWLRQ RI WKH FDOORVXP ,Q KXPDQV 'H/DFRVWH .LUNSDWULFN DQG 5RVV f UHSRUWHG WKDW ILEHUV IURP WKH WHPSRUDOSDULHWDORFFLSLWDO UHJLRQ SDVV WKURXJK SRVWHULRU UHJLRQV RI WKH FDOORVXP %DVHG RQ LWV UHODWLRQVKLS ZLWK SRVWHULRU UHJLRQV RI FRUWH[ LW ZDV SUHGLFWHG WKDW )DFLDO 5HFRJQLWLRQ 7HVW VFRUHV ZRXOG EH PRUH VWURQJO\ FRUUHODWHG ZLWK SRVWHULRU DUHD RI WKH FRUSXV FDOORVXP WKDQ DQWHULRU FDOORVDO DUHD 7KH FRUUHODWLRQ ZDV H[SHFWHG WR EH SRVLWLYH ZLWK KLJKHU )DFLDO 5HFRJQLWLRQ 7HVW VFRUHV DVVRFLDWHG ZLWK ODUJHU FDOORVDO DUHDV

PAGE 53

'LIIHUHQFHV LQ WKH VWUHQJWK RI FRUUHODWLRQV ZHUH SUHGLFWHG EHWZHHQ VXEMHFWV ZLWK HDUO\ DQG ODWH RQVHW RI VHL]XUHV

PAGE 54

0(7+2' 6XEMHFWV 7ZRKXQGUHG WKLUW\WKUHH LQGLYLGXDOV WUHDWHG DW 6KDQGV 7HDFKLQJ +RVSLWDO DW WKH 8QLYHUVLW\ RI )ORULGD IRU LQWUDFWDEOH VHL]XUHV ZHUH VFUHHQHG WKURXJK UHFRUG UHYLHZ DV SRWHQWLDO VWXG\ SDUWLFLSDQWV %HFDXVH WKH VWXG\ UHOLHG RQ H[LVWLQJ FOLQLFDO UHFRUGV DQG GDWD DQG GLG QRW LPSRVH DQ\ H[SHQVH ULVN RU WLPH GHPDQGV XSRQ VWXG\ SDUWLFLSDQWV WKH +HDOWK &HQWHU ,QVWLWXWLRQDO 5HYLHZ %RDUG JUDQWHG DQ H[HPSWLRQ IURP WKH QHHG IRU SDUWLFLSDQWnV LQIRUPHG FRQVHQW ) 1 7RPSVRQ SHUVRQDO FRPPXQLFDWLRQ )HEUXDU\ f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

PAGE 55

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b H[FOXGHG EHFDXVH RI VLJQLILFDQW VWUXFWXUDO DEQRUPDOLWLHV QRWHG RQ 05, 7KLUWHHQ SHUFHQW KDG SULRU QHXURVXUJHU\ ZLWK b H[FOXGHG IRU D KLVWRU\ RI KHDG LQMXU\ 7HQ SHUFHQW ZHUH \RXQJHU WKDQ \HDUV RI DJH DW WKH WLPH RI WKHLU HYDOXDWLRQ ZLWK WKH UHPDLQGHU H[FOXGHG EHFDXVH DQ 05, LPDJH ZDV QRW DYDLODEOH IRU DQDO\VLV bf EHFDXVH WKH\ ZHUH IRXQG WR KDYH QRQn HSLOHSWLF FRQYXOVLYH HSLVRGHV bf EHFDXVH UHVXOWV RI QHXURSV\FKRORJLFDO WHVWLQJ ZHUH FRQVLGHUHG LQYDOLG bf RU EHFDXVH ULJKWKHPLVSKHUH RU PL[HG ODQJXDJH GRPLQDQFH ZDV GHPRQVWUDWHG RQ :DGD WHVWLQJ bf $Q DGGLWLRQDO VXEMHFWV ZHUH H[FOXGHG EHFDXVH LQDGHTXDWH LQIRUPDWLRQ ZDV DYDLODEOH WR GHWHUPLQH LI WKH\ PHW FULWHULRQ IRU LQFOXVLRQ DV VWXG\ SDUWLFLSDQWV 7KH ILQDO VDPSOH LQFOXGHG VXEMHFWV HYDOXDWHG DV FDQGLGDWHV IRU HSLOHSV\ VXUJHU\ 'HVFULSWLYH LQIRUPDWLRQ DERXW WKH VXEMHFWV LV SUHVHQWHG LQ 7DEOH 7KH WRWDO VDPSOH LQFOXGHG PRUH IHPDOHV WKDQ PDOHV 6XEMHFWV KDG RQ DYHUDJH D KLJK VFKRRO HGXFDWLRQ ZLWK D UDQJH IURP HLJKW WR \HDUV RI VFKRROLQJ 7KH VDPSOH LQFOXGHG FRPSDUDEOH SHUFHQWDJHV RI OHIW DQG ULJKWWHPSRUDO OREH HSLOHSWLFV $OO VXEMHFWV KDG D KLVWRU\ RI

PAGE 56

FKURQLF VHL]XUHV ZLWK D PHDQ DJH DW WKH RQVHW RI FKURQLF VHL]XUHV LQ WKH HDUO\ WHHQV 7KH GLVWULEXWLRQ RI DJH DW WKH RQVHW RI FKURQLF VHL]XUHV KDG D PDUNHG SRVLWLYH VNHZ ]VFRUH S f &KURQLF VHL]XUHV EHJDQ EHIRUH DJH WHQ IRU b RI VXEMHFWV ZLWK WKH UHPDLQLQJ b EHJLQQLQJ EHWZHHQ DJH DQG \HDUV 7KH VDPSOH ZDV HTXDOO\ GLYLGHG LQWR VXEMHFWV ZLWK D KLVWRU\ RI IHEULOH VHL]XUHV b Q f DQG QR KLVWRU\ RI IHEULOH VHL]XUHV b Q f PHGLFDO UHFRUGV IRU b RI VXEMHFWV Q f ZHUH LQFRQFOXVLYH UHJDUGLQJ WKH SUHVHQFH RU DEVHQFH RI IHEULOH VHL]XUHV 7DEOH 'HPRJUDSKLF )HDWXUHV 3DWLHQW 6DPSOH I1 f 0HDQ RU 3HUFHQWDJH 6WDQGDUG 'HYLDWLRQ RU 3HUFHQWDJH *HQGHU b )HPDOH Q f b 0DOH Q f $JH \HDUVf 0HDQ 6' (GXFDWLRQ \HDUVf 0HDQ 6' /DWHUDOLW\ RI 6HL]XUH )RFXV b /HIWWHPSRUDO Q f b 5LJKWWHPSRUDO Q f $JH DW 2QVHW RI &KURQLF 6HL]XUHV 0HDQ 6' 1HXURSV\FKRORJLFDO 0HDVXUHV $OO VXEMHFWV KDG FRPSOHWHG D FRPSUHKHQVLYH QHXURSV\FKRORJLFDO DVVHVVPHQW DV SDUW RI WKH SURFHVV RI HYDOXDWLRQ DV FDQGLGDWHV IRU HSLOHSV\ VXUJHU\ 0RVW VXEMHFWV KDG EHHQ HYDOXDWHG WKURXJK WKH 1HXURSV\FKRORJ\ 6HUYLFH RI WKH 3V\FKRORJ\ &OLQLF 6KDQGV 7HDFKLQJ +RVSLWDO 6XEMHFWVn FOLQLF FKDUWV ZHUH UHYLHZHG ZLWK GDWD UHFRUGHG GLUHFWO\ IURP WHVW SURWRFROV ,Q WZR FDVHV WKH VXEMHFWnV QHXURSV\FKRORJLFDO HYDOXDWLRQ KDG EHHQ FRPSOHWHG HOVHZKHUH ,Q WKRVH FDVHV VFRUHV FRQWDLQHG LQ WKH UHSRUW RI WKH

PAGE 57

QHXURSV\FKRORJLFDO HYDOXDWLRQ ZHUH HQWHUHG DV GDWD 5HVXOWV IURP WHVWLQJ ZLWK WKH :HFKVOHU $GXOW ,QWHOOLJHQFH 6FDOH5HYLVHG :$,65f :HFKVOHU f WKH :LVFRQVLQ &DUG 6RUWLQJ 7HVW :&67f +HDWRQ &KHOXQH 7DOOH\ .D\ t &XUWLVV f DQG WKH )DFLDO 5HFRJQLWLRQ 7HVW %HQWRQ GHV +DPVKHU 9DUQH\ t 6SUHHQ f ZHUH XVHG DV GDWD %DVHG RQ WHVWLQJ ZLWK WKH :$,65 HDFK VXEMHFWnV 9HUEDO 3HUIRUPDQFH DQG )XOO 6FDOH ,QWHOOLJHQFH 4XRWLHQWV KDG EHHQ GHWHUPLQHG :HFKVOHU f )UHHGRP IURP 'LVWUDFWLELOLW\ LQGH[ VFRUHV ZHUH FDOFXODWHG IRU HDFK VXEMHFW XVLQJ WKH IDFWRU ORDGLQJV UHSRUWHG E\ %RUQVWHLQ 'UDNH DQG 3DNDOQLV f 7KH :LVFRQVLQ &DUG 6RUWLQJ 7HVW ZDV DGPLQLVWHUHG DQG VFRUHG E\ D VWDQGDUGL]HG PHWKRG +HDWRQ &KHOXQH 7DOOH\ .D\ t &XUWLVV f 7KH :&67 SHUVHYHUDWLYH HUURU VFRUH ZDV HQWHUHG DV GDWD 7KH )DFLDO 5HFRJQLWLRQ 7HVW )57f ZDV DGPLQLVWHUHG DQG VFRUHG E\ WKH VWDQGDUGL]HG PHWKRG %HQWRQ GHV +DPVKHU 9DUQH\ t 6SUHHQ f $JH DQG HGXFDWLRQ FRUUHFWHG )57 UDZ VFRUHV ZHUH XVHG DV GDWD LQ WKLV VWXG\ 0RUSKRPHWULF 0HDVXUHV 0DJQHWLF UHVRQDQFH LPDJHV ZHUH FROOHFWHG XVLQJ D TXDGUDWXUH KHDG FRLO LQ D 6HLPHQV 7 0DJQHWRP 7KH VFDQV ZHUH DFTXLUHG XVLQJ D YROXPHWULF 035$*( VHTXHQFH 0XJOHU t %RRNHPDQ f UHSHWLWLRQ WLPH PV HFKR WLPH PV r IOLS DQJOH )29 PP H[FLWHG YROXPH [ PDWUL[f DV GHVFULEHG E\ /HRQDUG HW DO f 7KH SURFHGXUH JHQHUDWHG D VHULHV RI DUWLIDFWIUHH KLJKFRQWUDVW JDSOHVV

PAGE 58

VDJLWWDO VHFWLRQV )RU PRVW VXEMHFWV Q f LPDJHV ZHUH FROOHFWHG ZLWK D PP VOLFH WKLFNQHVV ,PDJHV IRU WKH UHPDLQGHU RI WKH VXEMHFWV Q f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f DQG D PHDVXUH RI WRWDO DUHD RI WKH FRUSXV FDOORVXP ZHUH PDGH E\ D VLQJOH UDWHU XVLQJ VRIWZDUH ZULWWHQ IRU WKLV SXUSRVH 7R GHWHUPLQH WKH OHQJWK RI EUDLQ D FXUVRU ZDV SODFHG DW LWV PRVW DQWHULRU DQG SRVWHULRU SRLQWV 7KH GLVWDQFH EHWZHHQ WKH SRLQWV ZDV FDOFXODWHG DQG WKH UHVXOW UHSRUWHG DV D PHDVXUH RI WKH EUDLQnV OHQJWK LQ FHQWLPHWHUV $ PDQXDO WUDFLQJ URXWLQH ZDV XVHG WR HVWLPDWH WKH WRWDO PLGVDJLWWDO LQWUDFUDQLDO DUHD RI WKH EUDLQ 7KH UDWHU EHJDQ WUDFLQJ WKH GRUVDO VXUIDFH PDUNLQJ WKH FRQWRXUV RI WKH GXUD ZLWK FXUVRU SRLQWV 7UDFLQJ IROORZHG WKH GXUD IURP DQWHULRU WR SRVWHULRU WUDFLQJ DERYH WKH FRUWH[ DQG FHUHEHOOXP $ VWUDLJKW OLQH ZDV IROORZHG DW WKH OHYHO RI WKH IRUDPHQ PDJQXP ZLWK WUDFLQJ FRQWLQXLQJ DORQJ WKH GXUD RQ WKH YHQWUDO VXUIDFH RI WKH EUDLQ VWHP

PAGE 59

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f 7KH UDWHU VHOHFWHG WKH PRVW DQWHULRU DQG SRVWHULRU SRLQWV RI WKH FDOORVXP DV ZHOO DV DW WKH PRVW DQWHULRU SRLQW RQ WKH LQQHU FRQYH[LW\ RI WKH DQWHULRU FDOORVXP 8VLQJ WKRVH ODQGPDUNV DQG IROORZLQJ WKH DOJRULWKP UHSRUWHG E\ :LWHOVRQ f WKH SURJUDP DXWRPDWLFDOO\ JHQHUDWHG OLQHV PDUNLQJ

PAGE 60

WKH ERUGHUV EHWZHHQ FDOORVDO UHJLRQV 7KH UDWHU PDQXDOO\ WUDFHG WKH PDUJLQ RI HDFK VHJPHQW UHVXOWLQJ LQ D PHDVXUH RI WKH DUHD RI HDFK UHJLRQ LQ VTXDUH FHQWLPHWHUV $ VHFRQG HVWLPDWH RI WRWDO PLGVDJLWWDO DUHD RI WKH FRUSXV FDOORVXP ZDV PDGH E\ DGGLQJ WKH DUHD RI DOO VHJPHQWV 7KH FRUSXV FDOORVXP RI HDFK VXEMHFW ZDV PHDVXUHG E\ WKH SULPDU\ UDWHU XVLQJ WKLV SURJUDP $ VHFRQG UDWHU PHDVXUHG WKH VHYHQ VXEUHJLRQV RI WKH FRUSXV FDOORVXP LQ b RI WKH WRWDO VDPSOH )LJXUH GHSLFWV D PLGVDJLWWDO VHFWLRQ RI EUDLQ KLJKOLJKWLQJ GLYLVLRQ RI WKH FRUSXV FDOORVXP LQWR VHYHQ VXEUHJLRQV DV GHVFULEHG E\ :LWHOVRQ f )LJXUH 'LDJUDP GHSLFWLQJ D PLGVDJLWWDO EUDLQ LPDJH KLJKOLJKWLQJ GLYLVLRQ RI WKH FRUSXV FDOORVXP LQWR VHYHQ VXEUHJLRQV

PAGE 61

6WDWLVWLFDO $QDO\VLV 1HXURSV\FKRORJLFDO DQG PRUSKRPHWULF GDWD ZHUH VXPPDUL]HG XVLQJ GHVFULSWLYH VWDWLVWLFV 7KH WRWDO VDPSOH ZDV GLYLGHG LQWR WZR JURXSV EDVHG RQ DJH DW WKH RQVHW RI FKURQLF VHL]XUHV *URXS PHDQV RQ QHXURSV\FKRORJLFDO DQG PRUSKRPHWULF PHDVXUHV ZHUH FRPSDUHG XVLQJ LQGHSHQGHQW VDPSOH WWHVWV 5HOLDELOLW\ 7KH UHOLDELOLW\ RI PRUSKRPHWULF PHDVXUHPHQWV ZDV DVVHVVHG LQ VHYHUDO ZD\V )RU D VDPSOH LQFOXGLQJ b Q f RI VXEMHFWV PHDVXUHPHQWV RI FDOORVDO DUHD ZHUH PDGH VHSDUDWHO\ E\ WKH SULPDU\ DQG D VHFRQGDU\ UDWHU $ GLIIHUHQFH VFRUH EHWZHHQ WKH SULPDU\ DQG VHFRQGDU\ UDWHUnV PHDVXUHPHQW RI WRWDO FDOORVDO DUHD ZDV FDOFXODWHG DQG WHVWHG DJDLQVW WKH QXOO K\SRWKHVLV WKDW WKH PHDQ GLIIHUHQFH VFRUH ZDV HTXDO WR ]HUR 3HDUVRQ FRUUHODWLRQ FRHIILFLHQWV ZHUH FDOFXODWHG IRU WKH SULPDU\ DQG VHFRQGDU\ UDWHUn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

PAGE 62

OHYHO RI ZDV XVHG WR HYDOXDWH WKH VLJQLILFDQFH RI VNHZQHVV DQG NXUWRVLV 7DEDFKQLFN t )LGHOO S f 8QOHVV RWKHUZLVH LQGLFDWHG GLVWULEXWLRQV ZHUH IUHH RI XQLYDULDWH RXWOLHUV DQG GLG QRW GHYLDWH VLJQLILFDQWO\ IURP D QRUPDO GLVWULEXWLRQ 7KH VWUHQJWK RI DVVRFLDWLRQ EHWZHHQ PRUSKRPHWULF DQG QHXURSV\FKRORJLFDO PHDVXUHV ZDV DVVHVVHG XVLQJ 3HDUVRQ FRUUHODWLRQ FRHIILFLHQWV ZLWK VLJQLILFDQFH WHVWV DW WKH D OHYHO WZRWDLOHGf XQOHVV RWKHUZLVH LQGLFDWHG ,Q WKH WRWDO VDPSOH SRZHU ZDV DSSUR[LPDWHO\ WR GHWHFW DQ HIIHFW FRPSDUDEOH LQ PDJQLWXGH WR WKDW UHSRUWHG E\ 6WUDXVV :DGD DQG +XQWHU f &DOFXODWLRQV RI SRZHU ZHUH PDGH XVLQJ D FRPSXWHU SURJUDP ZULWWHQ IRU WKH SXUSRVH %RUHQVWHLQ t &RKHQ f 6FUHHQLQJ IRU ELYDULDWH RXWOLHUV ZDV GRQH XVLQJ 0DKDODQRELV GLVWDQFHV DV UHFRPPHQGHG E\ 7DEDFKQLFN DQG )LGHOO S f 0DKDODQRELV GLVWDQFHV UHSUHVHQW WKH GLVWDQFH RI HDFK FDVH IURP WKH FHQWURLG RI UHPDLQLQJ FDVHV ZKHUH WKH FHQWURLG LV WKH SRLQW FUHDWHG E\ WKH PHDQV RI DOO WKH YDULDEOHV 7DEDFKQLFN t )LGHOO S f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f ZHUH

PAGE 63

HYDOXDWHG E\ WHVWLQJ WKH VLJQLILFDQFH RI GLIIHUHQFHV EHWZHHQ LQGHSHQGHQW FRUUHODWLRQ FRHIILFLHQWV DQG E\ H[DPLQDWLRQ RI VFDWWHUSORWV RI GDWD JUDSKHG VHSDUDWHO\ E\ VXEJURXS

PAGE 64

5(68/76 1HXURSV\FKRORJLFDO 0HDVXUHV 7DEOH VXPPDUL]HV GDWD IURP QHXURSV\FKRORJLFDO PHDVXUHV IRU WKH WRWDO VDPSOH DQG VHSDUDWHO\ EDVHG RQ WKH ODWHUDOLW\ RI VXEMHFWVn VHL]XUH IRFXV 'DWD IURP HYHU\ PHDVXUH ZDV QRW DYDLODEOH IRU DOO VXEMHFWV EHFDXVH RI GLIIHUHQFHV LQ SUDFWLFH DPRQJ QHXURSV\FKRORJLVWV VXSHUYLVLQJ VXEMHFWVn FOLQLFDO HYDOXDWLRQV 9HUEDO 6FDOH ,4 6XEMHFWVn PHDQ 9,4 ZDV DW WKH ORZ HQG RI WKH $YHUDJH UDQJH 0 6' f $ VLQJOH H[WUHPH VFRUH ZDV LGHQWLILHG 9,4 ]VFRUH f DOWKRXJK WKH FDVH ZDV QRW D WUXH XQLYDULDWH RXWOLHU DV GHILQHG E\ 7DEDFKQLFN DQG )LGHO S f S 6XEMHFWV ZLWK OHIWWHPSRUDO OREH HSLOHSV\ KDG VLJQLILFDQWO\ ORZHU 9,4 VFRUHV WKDQ VXEMHFWV ZLWK D ULJKW VLGHG IRFXV W f S 3HUIRUPDQFH 6FDOH ,4 6XEMHFWVn PHDQ 3,4 ZDV DW WKH ORZ HQG RI WKH $YHUDJH UDQJH 0 6' f $ VLQJOH H[WUHPH VFRUH ZDV LGHQWLILHG 3,4 ]VFRUH f DOWKRXJK WKH FDVH ZDV QRW D WUXH XQLYDULDWH RXWOLHU S f 7KH GLIIHUHQFH LQ 3,4 VFRUHV EHWZHHQ

PAGE 65

VXEMHFWV ZLWK OHIW DQG ULJKWWHPSRUDO OREH HSLOHSV\ ZDV QRW VLJQLILFDQW W f S )XOO 6FDOH ,4 6XEMHFWVn PHDQ )6,4 ZDV LQ WKH /RZ $YHUDJH UDQJH 0 6' f $ VLQJOH H[WUHPH VFRUH ZDV LGHQWLILHG )6,4 ]VFRUH f DOWKRXJK WKH FDVH ZDV QRW D WUXH XQLYDULDWH RXWOLHU J f 6XEMHFWV ZLWK OHIWWHPSRUDO OREH HSLOHSV\ KDG VLJQLILFDQWO\ ORZHU )6,4 VFRUHV WKDQ VXEMHFWV ZLWK D ULJKW VLGHG VHL]XUH IRFXV W f J )UHHGRP IURP 'LVWUDFWLELOLWY ,QGH[ )UHHGRP IURP GLVWUDFWLELOLW\ IDFWRU VFRUHV ZHUH DSSUR[LPDWHG IRU HDFK VXEMHFW XVLQJ D PHWKRG WR FRPSXWH IDFWRU VFRUHV GHVFULEHG E\ &RPUH\ DQG /HH f 6FDOHG VFRUHV IURP DOO :$,65 VXEWHVWV ZHUH PXOWLSOLHG E\ WKH IDFWRU ORDGLQJV UHSRUWHG E\ %RPVWHLQ 'UDNH 3DNDOQLV f DQG VXPPHG 'LJLW 6SDQ f DQG $ULWKPHWLF f KDG WKH KHDYLHVW ORDGLQJV ZLWK IDFWRU ORDGLQJ EHORZ IRU RWKHU VXEWHVWV 0HDQ )', VFRUHV DUH SUHVHQWHG LQ 7DEOH 6XEMHFWV ZLWK OHIW WHPSRUDO OREH HSLOHSV\ KDG VLJQLILFDQWO\ ORZHU )', VFRUHV WKDQ VXEMHFWV ZLWK D ULJKW VLGHG VHL]XUH IRFXV W f J :&67 3HUVHYHUDWLYH (UURU 6FRUH $ SHUVHYHUDWLYH HUURU VFRUH IRU WKH IXOO FDUG DGPLQLVWUDWLRQ RI WKH :LVFRQVLQ &DUG 6RUWLQJ 7HVW ZDV DYDLODEOH IRU VXEMHFWV )LYH DGGLWLRQDO VXEMHFWV KDG UHFHLYHG DQ

PAGE 66

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f $V D SRLQW RI UHIHUHQFH WKLV LV D SHUVHYHUDWLYH HUURU VFRUH DSSUR[LPDWHO\ RQH VWDQGDUG GHYLDWLRQ KLJKHU WKDQ DYHUDJH IRU DGXOWV OHVV WKDQ \HDUV RI DJH +HDWRQ f 7KH GLIIHUHQFH LQ :&67 SHUVHYHUDWLYH HUURU VFRUH EHWZHHQ VXEMHFWV ZLWK / DQG 5WHPSRUDO OREH HSLOHSV\ ZDV QRW VLJQLILFDQW W f S

PAGE 67

)DFLDO 5HFRJQLWLRQ 7HVW 6FRUH )DFLDO 5HFRJQLWLRQ 7HVW VFRUHV ZHUH DYDLODEOH IRU VXEMHFWV 7ZHQW\HLJKW VXEMHFWV KDG UHFHLYHG WKH VKRUW IRUP RI WKH WHVW 6KRUW IRUP VFRUHV ZHUH FRQYHUWHG WR ORQJ IRUP HTXLYDOHQWV XVLQJ VWDQGDUGL]HG SURFHGXUHV %HQWRQ GHV +DPVKHU 9DUQH\ t 6SUHHQ f $JH DQG HGXFDWLRQ FRUUHFWLRQV ZHUH PDGH DV GHVFULEHG E\ %HQWRQ f DOWKRXJK LQ PRVW FDVHV QR FRUUHFWLRQ DSSOLHG 7KH PHDQ VFRUH IRU DOO VXEMHFWV RQ WKH )DFLDO 5HFRJQLWLRQ 7HVW ZDV 6' UDQJH f $OWKRXJK QRUPDOO\ GLVWULEXWHG WKH VFRUHV IHOO ZLWKLQ D PDUNHGO\ UHVWULFWHG UDQJH 2QO\ WZR VXEMHFWV REWDLQHG VFRUHV LQ WKH GHIHFWLYH RU VHYHUHO\ GHIHFWLYH UDQJHV DV GHILQHG E\ %HQWRQ f +RZHYHU FRPSDULVRQ RI WKH VFRUH HTXLYDOHQWV RI SHUFHQWLOH UDQNV UHSRUWHG E\ %HQWRQ f DQG WKRVH DFKLHYHG E\ VXEMHFWV LQ WKLV VWXG\ VXJJHVWHG D VLPLODU GLVWULEXWLRQ RI VFRUHV 7KH GLIIHUHQFH LQ )57 VFRUH EHWZHHQ VXEMHFWV ZLWK /$7/ DQG 5$7/ HSLOHSV\ ZDV QRW VLJQLILFDQW W f S *URXSLQJ %DVHG RQ $JH DW 6HL]XUH 2QVHW 7KH WRWDO VDPSOH 1 f ZDV GLYLGHG LQWR WZR JURXSV EDVHG RQ DJH DW WKH RQVHW RI FKURQLF VHL]XUHV 7KH HDUO\ JURXS LQFOXGHG VXEMHFWV ZLWK FKURQLF VHL]XUHV EHJLQQLQJ EHIRUH DJH ILYH Q f WKH ODWH JURXS Q f LQFOXGHG VXEMHFWV ZLWK D ODWHU VHL]XUH RQVHW 6XEMHFWV ZLWK LVRODWHG IHEULOH VHL]XUHV DW D \RXQJ DJH ZHUH QRW LQFOXGHG LQ WKH HDUO\ JURXS XQOHVV WKHLU FKURQLF VHL]XUHV EHJDQ EHIRUH DJH ILYH $V VKRZQ LQ 7DEOH WKH JURXSV GLG QRW GLIIHU LQ WHUPV RI DJH DW WKH WLPH RI QHXURSV\FKRORJLFDO HYDOXDWLRQ +RZHYHU WKH HDUO\ JURXS KDG FRPSOHWHG VLJQLILFDQWO\ IHZHU \HDUV RI VFKRROLQJ DQG KDG

PAGE 68

VLJQLILFDQWO\ ORZHU VFRUHV RQ DOO :$,65 ,4 PHDVXUHV 7KH GLIIHUHQFH EHWZHHQ JURXSV LQ WHUPV RI )', VFRUH ZDV QRW VLJQLILFDQW 7KHUH ZHUH QR VLJQLILFDQW EHWZHHQJURXS GLIIHUHQFHV LQ SHUIRUPDQFH RQ WKH )DFLDO 5HFRJQLWLRQ 7HVW RU LQ SHUVHYHUDWLYH HUURUV RQ WKH :LVFRQVLQ &DUG 6RUWLQJ 7HVW 7KH HDUO\ DQG ODWH JURXSV GLG QRW GLIIHU VLJQLILFDQWO\ LQ WHUPV RI WKH SHUFHQWDJH RI LQFOXGHG PDOHV DQG IHPDOHV [ 1 f S f $OWKRXJK WKHUH ZHUH D VPDOO QXPEHU RI VXEMHFWV ZLWK D ULJKW VLGHG VHL]XUH IRFXV LQ WKH HDUO\ JURXS WKHUH ZDV QR VLJQLILFDQW GLIIHUHQFH LQ WHUPV RI WKH ODWHUDOLW\ RI VXEMHFWVn VHL]XUH IRFXV [ 1 f S f 7DEOH 'HPRJUDSKLF IHDWXUHV DQG QHXURSV\FKRORJLFDO WHVW SHUIRUPDQFH RI VXEMHFWV ZLWK HDUO\ DQG ODWH VHL]XUH RQVHW (DUO\ /DWH 6LJQLILFDQFH 7HVW W f H W f H r W f H r W f H r W f H r W f S W f H W f H $JH \HDUVf (GXFDWLRQ \HDUVf :$,65 9,4 :$,65 3,4 :$,65 )6,4 )', 6FRUH :&67 3( 6FRUH )57 /RQJ )RUP 6FRUH 0 6' 0 6' 0 6' 0 6' 0 6' 0 6' 0 6' 0 6' 0 6' 0 6' 0 6' 0 6' 0 6' 0 6' 0 6' 0 6' 0RUSKRPHWULF 'DWD ,QWHUUDWHU 5HOLDELOLW\ $ SULPDU\ UDWHU PHDVXUHG WKH FDOORVXP RI DOO VXEMHFWV LQFOXGLQJ PHDVXUHPHQW RI WKH VHYHQ FDOORVDO UHJLRQV 55f 0HDVXUHPHQWV PDGH E\ D VHFRQGDU\ UDWHU ZHUH

PAGE 69

DYDLODEOH IRU b Q f RI WKH WRWDO VDPSOH $ GLIIHUHQFH VFRUH EHWZHHQ WKH SULPDU\ DQG VHFRQGDU\ UDWHUnV PHDVXUHPHQWV RI WRWDO DUHD RI WKH FRUSXV FDOORVXP VXP RI DOO VXEUHJLRQVf ZDV FDOFXODWHG IRU HDFK VXEMHFW 7KH PHDQ GLIIHUHQFH VFRUH 0 6' f GLG QRW GLIIHU VLJQLILFDQWO\ IURP ]HUR W f J f 3HDUVRQ FRUUHODWLRQ FRHIILFLHQWV ZHUH FDOFXODWHG EHWZHHQ WKH SULPDU\ DQG VHFRQGDU\ UDWHUnV PHDVXUHPHQWV RI WRWDO DUHD RI WKH FDOORVXP DQG VHSDUDWHO\ IRU HDFK RI WKH VHYHQ VXEUHJLRQV 7KH SULPDU\ DQG VHFRQGDU\ UDWHUnV PHDVXUHPHQWV RI WRWDO FDOORVDO DUHD ZHUH KLJKO\ FRUUHODWHG U J f &RUUHODWLRQV EHWZHHQ PHDVXUHPHQWV RI WKH VHYHQ VXEUHJLRQV ZHUH DOO VLJQLILFDQW DW WKH J OHYHO 5 U 5 U 5 U 5 U 5 U 5 U 5 U f ,QWUDUDWHU 5HOLDELOLW\ 7KH SULPDU\ UDWHU PHDVXUHG WKH FRUSXV FDOORVXP RI DOO VXEMHFWV WZLFH RQFH PHDVXULQJ WRWDO DUHD RI WKH FRUSXV FDOORVXP DQG RQFH PHDVXULQJ WKH DUHD RI WKH VHYHQ VXEUHJLRQV 7KH FRUUHODWLRQ EHWZHHQ WKH PHDVXUHPHQW RI WRWDO DUHD DQG WKH VXP RI DUHD PHDVXUHPHQWV 5 WKURXJK 5 ZDV KLJK U J f 0HDVXUHPHQWV RI %UDLQ 6L]H 7DEOH VXPPDUL]HV PHDVXUHPHQWV RI VXEMHFWVn EUDLQ VL]H LQFOXGLQJ EUDLQ OHQJWK WRWDO LQWUDFUDQLDO DUHD DQG WRWDO DUHD RI FRUWH[ RQ WKH PLGVDJLWWDO 05, VOLFH 6LJQLILFDQW VH[ GLIIHUHQFHV ZHUH IRXQG ZLWK PDOHV KDYLQJ JUHDWHU EUDLQ OHQJWK W f J f

PAGE 70

JUHDWHU PLGVDJLWWDO LQWUDFUDQLDO DUHD W f e DQG JUHDWHU PLGVDJLWWDO DUHD RI FRUWH[ W f S f WKDQ IHPDOHV 7DEOH 0HDVXUHPHQWV RI EUDLQ VL]H LQ WKH WRWDO VDPSOH DQG VHSDUDWHO\ IRU PDOHV DQG IHPDOHV 0HDQ 6WDQGDUG 'HYLDWLRQ 0LQLPXP 0D[LPXP %UDLQ /HQJWK FPf $OO 6XEMHFWV 0DOHV Q f )HPDOHV Q f 0LGVDJLWWDO ,QWUDFUDQLDO $UHD FPf $OO 6XEMHFWV 0DOHV Q f )HPDOHV Q f 0LGVDJLWWDO $UHD RI &RUWH[ FPf $OO 6XEMHFWV 0DOHV Q f )HPDOHV Q f %UDLQ 6L]H DQG $JH DW 6HL]XUH 2QVHW 7KHUH ZDV QR VLJQLILFDQW EHWZHHQJURXS GLIIHUHQFH LQ PLGVDJLWWDO DUHD RI FRUWH[ W f S f DOWKRXJK WKHUH ZDV D WUHQG WRZDUG D ODUJHU PLGVDJLWWDO LQWUDFUDQLDO DUHD LQ WKH ODWH 0 6' f YHUVXV HDUO\ JURXS 0 6' f W f S f %UDLQ OHQJWK ZDV VLJQLILFDQWO\ JUHDWHU LQ WKH ODWH JURXS W f S f +RZHYHU WKH DEVROXWH PDJQLWXGH RI WKH GLIIHUHQFH ZDV H[WUHPHO\ VPDOO HDUO\ 0 6' f YV ODWH 0 6' f 0HDVXUHPHQWV RI &RUSXV &DOORVXP 7DEOH VXPPDUL]HV PHDVXUHPHQWV RI WKH FRUSXV FDOORVXP LQFOXGLQJ WRWDO DUHD DQG DUHD RI VXEUHJLRQV 55f IRU DOO VXEMHFWV

PAGE 71

7DEOH 0LGVDJLWWDO DUHD FPf RI WKH FRUSXV FDOORVXP 1 f 0HDQ 6WDQGDUG 'HYLDWLRQ 0LQLPXP 0D[LPXP 7RWDO $UHD 5O 5RVWUXPf 5 *HQXf 5 5RVWUDO %RG\f 5 $QW 0LGERG\f 5 3RVW 0LGERG\f 5 ,VWKPXVf 5 6SOHQLXPf 6WDQGDUG VFRUHV ZHUH FDOFXODWHG UHSUHVHQWLQJ HDFK VXEMHFWnV WRWDO FDOORVDO DUHD QR XQLYDULDWH RXWOLHUV ZHUH LGHQWLILHG 7KH GLVWULEXWLRQ RI PHDVXUHPHQWV DSSHDUHG QRUPDOO\ GLVWULEXWHG DQG ZDV QRW PDUNHG E\ H[FHVVLYH VNHZQHVV RU NXUWRVLV ([DPLQDWLRQ RI VWDQGDUGL]HG VFRUHV UHYHDOHG DQ RXWOLHU DPRQJ PHDVXUHPHQWV RI WKH URVWUXP 5Of 7KH YDOXH ZDV D WUXH XQLYDULDWH RXWOLHU ]VFRUH S f :LWK WKH RXWOLHU LQFOXGHG WKH GLVWULEXWLRQ RI 5O PHDVXUHPHQWV ZDV PDUNHG E\ D VXEVWDQWLDO SRVLWLYH VNHZ VNHZQHVV ]VFRUH f 7KH PLGVDJLWWDO LPDJH IRU WKH VXEMHFW LQ TXHVWLRQ ZDV UHYLHZHG 7KH VXEMHFWnV URVWUXP DSSHDUHG ODUJHU WKDQ RWKHU VXEMHFWnV ZLWK FRPSDUDEOH DUHD PHDVXUHPHQWV PDGH E\ ERWK WKH SULPDU\ DQG VHFRQGDU\ UDWHU %HFDXVH H[WUHPH VFRUHV FDQ GLVWRUW FRUUHODWLRQ FRHIILFLHQWV WKH GDWD SRLQW ZDV GURSSHG IURP VXEVHTXHQW DQDO\VHV 5HPRYDO RI WKH RXWOLHU UHGXFHG WKH GLVWULEXWLRQnV SRVLWLYH VNHZ VNHZQHVV ]VFRUH S f 7KH UHPDLQLQJ GLVWULEXWLRQV RI DUHD PHDVXUHPHQWV IRU FDOORVDO UHJLRQV 55f ZHUH FKHFNHG IRU WKH SUHVHQFH RI XQLYDULDWH RXWOLHUV DQG YLRODWLRQV RI WKH DVVXPSWLRQ RI

PAGE 72

QRUPDOLW\ 1R XQLYDULDWH RXWOLHUV ZHUH LGHQWLILHG 7KH GLVWULEXWLRQV DSSHDUHG QRUPDOO\ GLVWULEXWHG QRQH ZHUH PDUNHG E\ H[FHVVLYH VNHZQHVV RU NXUWRVLV 6XEMHFWVn DJH DW WKH RQVHW RI FKURQLF VHL]XUHV HDUO\ YHUVXV ODWHf GLG QRW DIIHFW DUHD RI FDOORVDO UHJLRQV 55f LQ D RQHZD\ 0$129$ ) f S 7KHUH ZDV D VLJQLILFDQW PDLQ HIIHFW RI VH[ RQ WRWDO FDOORVDO DUHD LQ D RQHZD\ 0$129$ ) f S (DFK RI WKH VHYHQ FDOORVDO UHJLRQV ZDV VLJQLILFDQWO\ ODUJHU LQ PDOHV WKDQ IHPDOHV SV +RZHYHU WKH PDLQ HIIHFW RI VH[ ZDV QR ORQJHU VLJQLILFDQW LQ D RQHZD\ 0$1&29$ HQWHULQJ PLGVDJLWWDO LQWUDFUDQLDO DUHD ) f S f RU PLGVDJLWWDO DUHD RI FRUWH[ DV FRYDULDWHV ) f S f /DWHUDOLW\ RI VXEMHFWVn VHL]XUH IRFXV /WHPSRUDO YHUVXV 5WHPSRUDO OREHf GLG QRW DIIHFW DUHD RI FDOORVDO UHJLRQV 55f LQ D RQHZD\ 0$129$ ) f S 5HODWLRQVKLS %HWZHHQ 0RUSKRPHWULF DQG 1HXURSV\FKRORJLFDO 0HDVXUHV )XOO 6FDOH ,4 &RUUHODWLRQ RI )6,2 ZLWK DUHD RI FDOORVDO UHJLRQV 55 6LJQLILFDQW SRVLWLYH FRUUHODWLRQV ZHUH SUHGLFWHG EHWZHHQ )6,4 DQG DUHD RI FDOORVDO VXEUHJLRQV SDUWLFXODUO\ DUHD RI WKH VSOHQLXP EDVHG RQ 6WUDXVV :DGD DQG +XQWHUnV f ILQGLQJV LQ D FRPSDUDEOH SDWLHQW VDPSOH 7R WHVW WKDW SUHGLFWLRQ FRUUHODWLRQV ZHUH FDOFXODWHG EHWZHHQ )6,4 DQG DUHD RI FDOORVDO UHJLRQV 55f DQG DUH SUHVHQWHG LQ 7DEOH

PAGE 73

7DEOH &RUUHODWLRQV RI )XOO 6FDOH ,4 ZLWK DUHD FPf RI FDOORVDO VXEUHJLRQV 1 f 5 5 5 5 5 5 5 )6,4 U FR ,, 8O U U U U U r 3 QV QV QV QV QV QV QV n 7ZRWDLOHG %HFDXVH ELYDULDWH RXWOLHUV FDQ GLVWRUW FRUUHODWLRQ FRHIILFLHQWV GDWD ZHUH VFUHHQHG IRU WKH SUHVHQFH RI ELYDULDWH RXWOLHUV XVLQJ 0DKDODQRELV GLVWDQFHV IRU HDFK FDVH DV UHFRPPHQGHG E\ 7DEDFKQLFN DQG )LGHO S f 7KH 0DKDODQRELV GLVWDQFHV ZHUH HYDOXDWHG XVLQJ WKH FKLVTXDUH GLVWULEXWLRQ ZLWK WZR GHJUHHV RI IUHHGRP DW WKH S OHYHO 7DEDFKQLFN t )LGHOO S f 8VLQJ WKDW FULWHULD QR ELYDULDWH RXWOLHUV ZHUH IRXQG DPRQJ GDWD IRU WKH UHODWLRQVKLS EHWZHHQ )6,4 DQG DUHD RI HDFK RI WKH VHYHQ FDOORVDO VXEUHJLRQV $OWKRXJK WKH FRUUHODWLRQ EHWZHHQ )6,4 DQG 5 DUHD ZDV QRW VLJQLILFDQW DW WKH D OHYHO DV D WZRWDLOHG WHVW 6WUDXVV :DGD DQG +XQWHUnV f UHSRUW RI D VLJQLILFDQW SRVLWLYH FRUUHODWLRQ EHWZHHQ DUHD RI WKH VSOHQLXP DQG )XOO 6FDOH ,4 SURYLGHG D EDVLV IRU RQHWDLOHG VLJQLILFDQFH WHVWLQJ $V D RQHWDLOHG WHVW WKH QXOO K\SRWKHVLV RI QR UHODWLRQVKLS EHWZHHQ )6,4 DQG PLGVDJLWWDO DUHD RI 5 ZDV UHMHFWHG S $ SRWHQWLDO RXWOLHU LQ VROXWLRQ ZDV LGHQWLILHG DPRQJ VWDQGDUGL]HG UHVLGXDOV IRU WKH FRUUHODWLRQ RI )6,4 DQG DUHDV 5 5 DQG 5 7KH UHVLGXDOV ZHUH QRW VLJQLILFDQW DW WKH D OHYHO DOWKRXJK WKH\ ZHUH H[WUHPH S f $ VLQJOH FDVH DFFRXQWHG IRU HDFK H[WUHPH UHVLGXDO :LWK GDWD IURP WKDW FDVH H[FOXGHG WKH IROORZLQJ FRUUHODWLRQV RI )6,4 DQG FDOORVDO DUHD ZHUH REWDLQHG 5 U S f 5 U S f DQG 5 U

PAGE 74

S f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f IURP WKH FRUUHODWLRQV EHWZHHQ )6,4 DQG FDOORVDO DUHDV 55 XVLQJ WKH WHFKQLTXH SURSRVHG E\ 0HQJ 5RVHQWKDO DQG 5XELQ f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f FDOFXODWHG VHSDUDWHO\ IRU VXEMHFWV ZLWK HDUO\ DQG ODWH VHL]XUH RQVHW 0DKDODQRELV GLVWDQFHV ZHUH H[DPLQHG VHSDUDWHO\ IRU HDFK JURXS QR ELYDULDWH RXWOLHUV ZHUH LGHQWLILHG

PAGE 75

7DEOH &RUUHODWLRQV RI )XOO 6FDOH ,4 DQG DUHD FPf RI FDOORVDO VXEUHJLRQV IRU VXEMHFWV ZLWK HDUO\ Q f DQG ODWH Q f VHL]XUH RQVHW 5 5 5 5 5 5 5 (DUO\ )6,4 r} ,, N! U U U U U U e QV A QV QV c QV e QV c QV e QV /DWH )6,4 U U U U U e U e QV e QV e QV c QV c QV e QV WR LL &$ r 7ZRWDLOHG 1RQH RI WKH GLIIHUHQFHV EHWZHHQ FRUUHODWLRQ FRHIILFLHQWV IRU WKH HDUO\ DQG ODWH JURXSV ZHUH VWDWLVWLFDOO\ VLJQLILFDQW +RZHYHU WKHUH ZDV D WUHQG WRZDUG EHWZHHQ JURXS GLIIHUHQFHV IRU UHJLRQV 5 S f 5 S f DQG 5 S f )RU HDFK RI WKHVH UHJLRQV ODUJHU FDOORVDO DUHDV LQ WKH HDUO\ JURXS ZHUH DVVRFLDWHG ZLWK ORZHU )6,4 VFRUHV ZKLOH LQ WKH ODWH JURXS ODUJHU DUHDV ZHUH DVVRFLDWHG ZLWK KLJKHU )6,4 VFRUHV 7KH GLIIHUHQFH EHWZHHQ FRUUHODWLRQ FRHIILFLHQWV GLG QRW DSSURDFK VLJQLILFDQFH IRU UHJLRQV 5 S f 5 S f 5 S f DQG 5 S f $ VLQJOH FDVH LQ WKH ODWH JURXS ZLWK DQ H[WUHPH VWDQGDUGL]HG UHVLGXDO S f IURP WKH UHJUHVVLRQ OLQH UHODWLQJ )6,4 DQG 5 DUHD ZDV LGHQWLILHG ([FOXGLQJ WKDW FDVH WKH FRUUHODWLRQ EHWZHHQ )6,4 DQG 5 DUHD LQ WKH ODWH JURXS ZDV VLJQLILFDQW U S f ZLWK YDULDWLRQ LQ DUHD RI WKH VSOHQLXP DFFRXQWLQJ IURP DSSUR[LPDWHO\ b RI WKH YDULDQFH LQ )6,4 7KH GLIIHUHQFH EHWZHHQ WKDW FRUUHODWLRQ DQG WKH FRUUHODWLRQ IRU WKH HDUO\ JURXS U f ZDV VLJQLILFDQW S

PAGE 76

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f DQG SRVWHULRU VSOHQLXPf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f ZKLOH IRU PDOHV WKHUH ZDV D QRQVLJQLILFDQW QHJDWLYH FRUUHODWLRQ U S f 7KH GLIIHUHQFH EHWZHHQ FRUUHODWLRQV IRU PDOHV DQG IHPDOHV ZDV VLJQLILFDQW S 9HUEDO 6FDOH ,4 &RUUHODWLRQ RI 9,2 ZLWK DUHD RI FDOORVDO UHJLRQV 55 6LJQLILFDQW SRVLWLYH FRUUHODWLRQV ZHUH SUHGLFWHG EHWZHHQ 9,4 DQG DUHD RI FDOORVDO UHJLRQV SDUWLFXODUO\ DUHD RI WKH VSOHQLXP 7DEOH SUHVHQWV FRUUHODWLRQ FRHIILFLHQW EHWZHHQ 9HUEDO 6FDOH ,4 DQG PLGVDJLWWDO DUHD RI HDFK FDOORVDO VXEUHJLRQ

PAGE 77

7DEOH &RUUHODWLRQV RI 9HUEDO 6FDOH ZLWK DUHD FPf RI HDFK FDOORVDO VXEUHJLRQ I1 f 5 5 5 5 5 5 5 9,4 U ,, U U U U U r ( QV QV QV QV QV QV n 7ZRWDLOHG $ VLJQLILFDQW FRUUHODWLRQ ZDV LGHQWLILHG EHWZHHQ 9,4 DQG DUHD RI WKH VSOHQLXP ZLWK ODUJHU VSOHQLDO DUHD DVVRFLDWHG ZLWK KLJKHU 9,4 7KH FRUUHODWLRQ UHPDLQHG VLJQLILFDQW ZKHQ FRQWUROOLQJ IRU EUDLQ VL]H XVLQJ PLGVDJLWWDO DUHD RI WKH FRUWH[ U S f +RZHYHU WKH FRUUHODWLRQ EHWZHHQ 9,4 DQG 5 DUHD ZDV QRW VLJQLILFDQWO\ GLIIHUHQW IURP WKH FRUUHODWLRQV EHWZHHQ 9,4 DQG FDOORVDO DUHDV 55 S &RPSDULVRQ RI FRUUHODWLRQV IRU VXEJURXSV EDVHG RQ DJH DW VHL]XUH RQVHW VH[ DQG ODWHUDOLW\ RI VHL]XUH IRFXV (IIHFW RI ODWHUDOLW\ RI VHL]XUH IRFXV 7KH UHODWLRQVKLS EHWZHHQ 9,4 DQG VSOHQLDO DUHD GLG QRW GLIIHU GHSHQGLQJ XSRQ WKH ODWHUDOLW\ RI VXEMHFWnV VHL]XUH IRFXV )RU VXEMHFWV ZLWK D OHIW WHPSRUDO OREH IRFXV WKH FRUUHODWLRQ ZDV U S $PRQJ VXEMHFWV ZLWK D ULJKW WHPSRUDO OREH IRFXV WZR FDVHV ZHUH LGHQWLILHG ZLWK H[WUHPH UHVLGXDOV S f ([FOXGLQJ WKRVH FDVHV WKH FRUUHODWLRQ EHWZHHQ 9,4 DQG VSOHQLDO DUHD ZDV VLJQLILFDQW U S f DOWKRXJK ZLWK GDWD IURP WKH WZR FDVHV LQFOXGHG WKH FRUUHODWLRQ ZDV QRW VLJQLILFDQW U S ,QIOXHQFH RI JHQGHU 7KH UHODWLRQVKLS EHWZHHQ 9,4 DQG VSOHQLDO DUHD GLG GLIIHU GHSHQGLQJ XSRQ VXEMHFWnV VH[ )RU PDOHV WKH FRUUHODWLRQ ZDV VLJQLILFDQW U S f ZLWK D FRPSDUDEOH FRUUHODWLRQ IRU ZRPHQ U S f DIWHU GDWD IURP WZR FDVHV ZLWK

PAGE 78

H[WUHPH UHVLGXDOV f ZHUH UHPRYHG 7KH FDVHV DUH WKH VDPH LQGLYLGXDOV LGHQWLILHG DERYH :LWK WKH FDVHV LQFOXGHG WKH FRUUHODWLRQ EHWZHHQ 9,4 DQG VSOHQLDO DUHD ZDV QRW VLJQLILFDQW U S f (IIHFW RI DJH DW VHL]XUH RQVHW &RUUHODWLRQ FRHIILFLHQWV ZHUH FDOFXODWHG VHSDUDWHO\ IRU VXEMHFWV ZLWK HDUO\ DQG ODWH VHL]XUH RQVHW 0DKDODQRELV GLVWDQFHV ZHUH H[DPLQHG VHSDUDWHO\ IRU HDFK JURXS QR ELYDULDWH RXWOLHUV ZHUH LGHQWLILHG 7DEOH SUHVHQWV FRUUHODWLRQV EHWZHHQ 9,4 DQG DUHD RI FDOORVDO UHJLRQV 55f VHSDUDWHO\ IRU VXEMHFWV ZLWK HDUO\ DQG ODWH VHL]XUH RQVHW 7DEOH &RUUHODWLRQV RI 9HUEDO 6FDOH ,4 DQG DUHD FPf RI FDOORVDO VXEUHJLRQV IRU VXEMHFWV ZLWK HDUO\ Q DQG ODWH Q VHL]XUH RQVHW 5 5 5 5 5 5 5 (DUO\ 9,4 U r ,, N! U U U U U J QV e QV e QV e QV e QV WR ,, e QV /DWH 9,4 U U U U U U U e e QV e QV e QV e A QV e r 7ZRWDLOHG 1RQH RI WKH GLIIHUHQFHV EHWZHHQ FRUUHODWLRQ FRHIILFLHQWV IRU WKH HDUO\ DQG ODWH JURXSV ZHUH VWDWLVWLFDOO\ VLJQLILFDQW +RZHYHU WKHUH ZDV D WUHQG WRZDUG EHWZHHQ JURXS GLIIHUHQFHV IRU 5 S f 5 S f 5 S f DQG 5 S f /DUJHU DUHDV IRU HDFK VXEUHJLRQ LQ WKH HDUO\ JURXS ZHUH DVVRFLDWHG ZLWK ORZHU 9,4 VFRUHV ZKLOH LQ WKH ODWH JURXS ODUJHU DUHDV ZHUH DVVRFLDWHG ZLWK KLJKHU 9,4 VFRUHV 7KH GLIIHUHQFH

PAGE 79

EHWZHHQ FRUUHODWLRQ FRHIILFLHQWV GLG QRW DSSURDFK VLJQLILFDQFH IRU 5 S f 5 S f RU 5 S f )RU VXEMHFWV ZLWK D ODWH RQVHW RI VHL]XUHV ODUJHU PLGVDJLWWDO DUHDV RI 5 JHQXf 5 SRVWHULRU PLGERG\f DQG 5 VSOHQLXPf ZHUH VLJQLILFDQWO\ FRUUHODWHG ZLWK KLJKHU 9,4 VFRUHV 7KH FRUUHODWLRQ EHWZHHQ 5 SRVWHULRU PLGERG\f DQG 9,4 DSSHDUHG UHODWHG WR EUDLQ VL]H WKH SDUWLDO FRUUHODWLRQ FRQWUROOLQJ IRU PLGVDJLWWDO LQWUDFUDQLDO DUHD U S f ZDV QRW VLJQLILFDQW 7KH FRUUHODWLRQV EHWZHHQ 9,4 DQG DUHD RI WKH URVWUXP 5Of DQG VSOHQLXP 5f ZHUH UHGXFHG E\ FRQWUROOLQJ IRU WRWDO PLGVDJLWWDO DUHD EXW JHQHUDOO\ UHPDLQHG VLJQLILFDQW 7KH SDUWLDO FRUUHODWLRQ RI 5O DQG 9,4 FRQWUROOLQJ IRU PLGVDJLWWDO DUHD ZDV PDUJLQDOO\ VLJQLILFDQW U S f ZKLOH WKH SDUWLDO FRUUHODWLRQ RI 5 DQG 9,4 FRQWUROOLQJ IRU PLGVDJLWWDO DUHD ZDV VLJQLILFDQW U S f $UHD RI WKH URVWUXP 5Of DQG VSOHQLXP 5f ZHUH LQWHUFRUUHODWHG U f DQG ZHUH QRW LQGHSHQGHQW SUHGLFWRUV RI 9,4 ,Q VWHSZLVH PXOWLSOH UHJUHVVLRQ PRGHOLQJ 9,4 HQWHULQJ 5O DQG 5DUHDV DV SRWHQWLDO SUHGLFWRUV DUHD RI WKH URVWUXP ZDV HOLPLQDWHG IURP WKH PRGHO 7KH PRGHO LQFOXGLQJ DUHD RI WKH VSOHQLXP 5f ZDV VLJQLILFDQW ) f S f DFFRXQWLQJ IRU b RI WKH YDULDQFH LQ 9,4 )LJXUH LV D VFDWWHUSORW RI 9,4 DQG DUHD RI WKH VSOHQLXP 5f ZLWK OLQHDU UHJUHVVLRQ OLQHV SORWWHG VHSDUDWHO\ IRU VXEMHFWV ZLWK HDUO\ DQG ODWH VHL]XUH RQVHW

PAGE 80

6HL]XUH 2QVHW /DWH !\UVf 5VT 2 (DUO\ \UVf 5VT $UHD RI 6SOHQLXP 5f FPVT )LJXUH 6FDWWHUSORW RI 9,4 DQG DUHD RI WKH VSOHQLXP 5f ZLWK UHJUHVVLRQ OLQHV SORWWHG VHSDUDWHO\ IRU VXEMHFWV ZLWK HDUO\ DQG ODWH VHL]XUH RQVHW $V VXJJHVWHG E\ )LJXUH GDWD FRQWULEXWHG E\ WZR VXEMHFWV ODWH RQVHW ZLWK 9,4 !f PD\ KDYH KDG D GLVSURSRUWLRQDWH LQIOXHQFH RQ WKH FRUUHODWLRQ FRHIILFLHQW IRU WKH ODWH VXEJURXS ,W LV LPSRUWDQW WR QRWH WKDW WKH FDVHV ZHUH QRW LGHQWLILHG DV ELYDULDWH RXWOLHUV EDVHG RQ 0DKDODQRELV GLVWDQFHV DQG GR QRW UHSUHVHQW WUXH RXWOLHUV LQ VROXWLRQ S f 7DEDFKQLFN t )LGHOO S f +RZHYHU WKH WZR FDVHV GLG KDYH H[WUHPH UHVLGXDOV S :LWK GDWD IURP WKH WZR FDVHV H[FOXGHG WKH FRUUHODWLRQ IRU WKH ODWH JURXS EHWZHHQ DUHD RI WKH VSOHQLXP DQG 9,4 ZDV VWUHQJWKHQHG U S f 7KH

PAGE 81

GLIIHUHQFH EHWZHHQ WKDW FRUUHODWLRQV IRU WKH ODWH JURXS DQG WKH FRUUHODWLRQ IRU WKH HDUO\ JURXS U S f ZDV VLJQLILFDQW S 7KHUH ZDV D VLJQLILFDQW GLIIHUHQFH EHWZHHQ SDUWLDO FRUUHODWLRQV RI 9,4 DQG DUHD RI WKH URVWUXP FRQWUROOLQJ IRU PLGVDJLWWDO LQWUDFUDQLDO EHWZHHQ PDOHV DQG IHPDOHV $PRQJ IHPDOHV WKHUH ZDV D VLJQLILFDQW SRVLWLYH FRUUHODWLRQ U S f ZKLOH IRU PDOHV WKHUH ZDV D QRQVLJQLILFDQW QHJDWLYH FRUUHODWLRQ U S f 7KH GLIIHUHQFH EHWZHHQ FRUUHODWLRQV IRU PDOHV DQG IHPDOHV ZDV VLJQLILFDQW S 3HUIRUPDQFH 6FDOH ,4 &RUUHODWLRQV ZLWK DUHD RI FDOORVDO UHJLRQV 55 6LJQLILFDQW SRVLWLYH FRUUHODWLRQV ZHUH SUHGLFWHG EHWZHHQ 3,4 DQG DUHD RI FDOORVDO UHJLRQV DOWKRXJK WKH UHVXOWV GLG QRW VXSSRUW WKDW FRQFOXVLRQ 7DEOH SUHVHQWV FRUUHODWLRQ FRHIILFLHQWV EHWZHHQ 3HUIRUPDQFH 6FDOH ,4 DQG PLGVDJLWWDO DUHD RI HDFK FDOORVDO VXEUHJLRQ 1RQH RI WKH FRUUHODWLRQV EHWZHHQ 3,4 DQG DUHD RI FDOORVDO UHJLRQV ZHUH VLJQLILFDQW 7DEOH &RUUHODWLRQV RI 3HUIRUPDQFH 6FDOH ,4 ZLWK HDFK RI WKH FDOORVDO VXEUHJLRQV 5 5 5 5 5 5 5 9,4 U U U U U U U r 5 QV QV QV QV QV QV QV r 7ZRWDLOHG

PAGE 82

&RPSDULVRQ RI FRUUHODWLRQV IRU VXEJURXSV EDVHG RQ DJH DW VHL]XUH RQVHW VH[ DQG ODWHUDOLW\ RI VHL]XUH IRFXV ,QIOXHQFH RI DJH DW VHL]XUH RQVHW 7KH SUHGLFWLRQ WKDW DJH DW VHL]XUH RQVHW ZRXOG LQIOXHQFH FRUUHODWLRQV EHWZHHQ 3,4 DQG DUHD RI FDOORVDO UHJLRQV ZDV QRW GLUHFWO\ VXSSRUWHG &RUUHODWLRQ FRHIILFLHQWV ZHUH FDOFXODWHG VHSDUDWHO\ IRU VXEMHFWV ZLWK DQ RQVHW RI FKURQLF VHL]XUHV EHIRUH DJH ILYH HDUO\f DQG VXEMHFWV ZLWK ODWHU RQVHW ODWHf DQG DUH SUHVHQWHG LQ 7DEOH 1RQH RI WKH GLIIHUHQFHV EHWZHHQ FRUUHODWLRQ FRHIILFLHQWV IRU WKH HDUO\ DQG ODWH JURXSV ZHUH VWDWLVWLFDOO\ VLJQLILFDQW +RZHYHU WKHUH ZDV D WUHQG WRZDUG EHWZHHQ JURXS GLIIHUHQFHV IRU UHJLRQV 5 S f 5 S f 5 S f DQG 5 S f /DUJHU DUHDV IRU HDFK RI WKHVH UHJLRQV LQ WKH HDUO\ JURXS ZDV DVVRFLDWHG ZLWK ORZHU 3,4 VFRUHV ZKLOH LQ WKH ODWH JURXS ODUJHU DUHDV ZHUH DVVRFLDWHG ZLWK KLJKHU 3,4 VFRUHV 7KH GLIIHUHQFH EHWZHHQ FRUUHODWLRQ FRHIILFLHQWV GLG QRW DSSURDFK VLJQLILFDQFH IRU UHJLRQV 5 S f 5 S f RU 5 S f (IIHFWV RI VH[ DQG ODWHUDOLW\ RI VHL]XUH IRFXV 7KHUH ZHUH QR VLJQLILFDQW GLIIHUHQFHV LQ FRUUHODWLRQV RI 3,4 DQG DUHD RI FDOORVDO UHJLRQV 55 EHWZHHQ VXEMHFWV ZLWK / WHPSRUDO DQG 5WHPSRUDO OREH HSLOHSV\ +RZHYHU WKHUH ZDV D VLJQLILFDQW GLIIHUHQFH EHWZHHQ PDOHV DQG IHPDOHV LQ WKH SDUWLDO FRUUHODWLRQ RI )6,4 DQG DUHD RI WKH URVWUXP FRQWUROOLQJ IRU PLGVDJLWWDO LQWUDFUDQLDO DUHD $PRQJ IHPDOHV WKHUH ZDV D VLJQLILFDQW SRVLWLYH FRUUHODWLRQ U S f ZKLOH IRU PDOHV WKHUH ZDV D PDUJLQDOO\ VLJQLILFDQW QHJDWLYH FRUUHODWLRQ U S f 7KH GLIIHUHQFH EHWZHHQ FRUUHODWLRQV IRU PDOHV DQG IHPDOHV ZDV VLJQLILFDQW S

PAGE 83

7DEOH &RUUHODWLRQV RI 3HUIRUPDQFH 6FDOH ,4 DQG HDFK RI WKH FDOORVDO VXEUHJLRQV IRU VXEMHFWV ZLWK HDUO\ Q DQG ODWH Q VHL]XUH RQVHW 5 5 5 5 5 5 5 (DUO\ 3,4 U U U U U U U J QV cf QV e QV e QV e QV e QV e QV /DWH 3,4 U U U U U U U e QV c QV e QV e QV QV e QV ( QV r 7ZRWDLOHG (IIHFWV RI VH[ DQG ODWHUDOLW\ RI VHL]XUH IRFXV 7KHUH ZHUH QR VLJQLILFDQW GLIIHUHQFHV LQ FRUUHODWLRQV RI 3,4 DQG DUHD RI FDOORVDO UHJLRQV 55 EHWZHHQ VXEMHFWV ZLWK / WHPSRUDO DQG 5WHPSRUDO OREH HSLOHSV\ +RZHYHU WKHUH ZDV D VLJQLILFDQW GLIIHUHQFH EHWZHHQ PDOHV DQG IHPDOHV LQ WKH SDUWLDO FRUUHODWLRQ RI )6,4 DQG DUHD RI WKH URVWUXP FRQWUROOLQJ IRU PLGVDJLWWDO LQWUDFUDQLDO DUHD $PRQJ IHPDOHV WKHUH ZDV D VLJQLILFDQW SRVLWLYH FRUUHODWLRQ U S f ZKLOH IRU PDOHV WKHUH ZDV D PDUJLQDOO\ VLJQLILFDQW QHJDWLYH FRUUHODWLRQ U S f 7KH GLIIHUHQFH EHWZHHQ FRUUHODWLRQV IRU PDOHV DQG IHPDOHV ZDV VLJQLILFDQW S )UHHGRP IURP 'LVWUDFWLELOLWY ,QGH[ &RUUHODWLRQV ZLWK DUHD RI FDOORVDO UHJLRQV 55f %DVHG RQ UHVHDUFK LQ FKLOGUHQ ZLWK $'+' LW ZDV SUHGLFWHG WKDW DQWHULRU DQG SRVWHULRU UHJLRQV RI FDOORVXP ZRXOG KDYH VLJQLILFDQW SRVLWLYH FRUUHODWLRQV ZLWK )', VFRUH 7DEOH SUHVHQWV WKH FRUUHODWLRQV EHWZHHQ )', VFRUH DQG DUHD RI FDOORVDO UHJLRQV 55f IRU WKH WRWDO VDPSOH DQG VHSDUDWHO\ IRU VXEMHFWV ZLWK HDUO\ DQG ODWH VHL]XUH RQVHW )RU

PAGE 84

WKH WRWDO VDPSOH DUHD RI UHJLRQ 5 KDG D VLJQLILFDQW SRVLWLYH FRUUHODWLRQ ZLWK )', VFRUH U S f 7KH FRUUHODWLRQ EHWZHHQ DUHD RI UHJLRQ 5 DQWHULRU PLGERG\f DQG )', VFRUH DSSURDFKHG VLJQLILFDQFH 7DEOH &RUUHODWLRQV EHWZHHQ )', VFRUHV DQG DUHD RI FDOORVDO UHJLRQV 5 5 5 5 5 5 5 $OO 6XEMHFWV Q f U U U U U U QV e QV e QV e e QV QV (DUO\ Q f U U U Orf ,, O E U U U e QV e QV QV e QV e QV e QV e /DWH Q f U U U U R LQ ,, 8, U U e e QV QV e e e e f 7ZRWDLOHG &RPSDULVRQ RI FRUUHODWLRQV IRU VXEJURXSV EDVHG RQ DJH DW VHL]XUH RQVHW VH[ DQG ODWHUDOLW\ RI VHL]XUH IRFXV ,QIOXHQFH RI DJH DW VHL]XUH RQVHW $PRQJ VXEMHFWV ZLWK HDUO\ VHL]XUH RQVHW QRQH RI WKH FRUUHODWLRQV EHWZHHQ )', VFRUH DQG DUHD RI FDOORVDO UHJLRQV ZDV VLJQLILFDQW S f DOWKRXJK WKH FRUUHODWLRQ EHWZHHQ )', VFRUH DQG DUHD RI WKH VSOHQLXP GLG DSSURDFK VLJQLILFDQFH U S f ,Q WKH HDUO\ JURXS WKHUH ZDV D WUHQG WRZDUG ODUJHU VSOHQLDO DUHDV EHLQJ DVVRFLDWHG ZLWK ORZHU )', VFRUHV $PRQJ VXEMHFWV ZLWK ODWH VHL]XUH RQVHW FRUUHODWLRQV EHWZHHQ )', VFRUHV DQG WKH DUHD RI FDOORVDO UHJLRQV 5 U S f 5 U S f 5 U S f DQG 5 U S f ZHUH VLJQLILFDQW DQG WKH FRUUHODWLRQ ZLWK 5 U S f DSSURDFKHG VLJQLILFDQFH ,Q D VWHSZLVH PXOWLSOH UHJUHVVLRQ PRGHOLQJ )', VFRUH DQG HQWHULQJ WKH DUHD RI HDFK FDOORVDO UHJLRQ DV D SRWHQWLDO SUHGLFWRU RQO\ WKH DUHD RI WKH SRVWHULRU PLGERG\ ZDV UHWDLQHG 7KH HTXDWLRQ UHODWLQJ DUHD RI WKH SRVWHULRU PLGERG\ 5f

PAGE 85

DQG )', VFRUH ZDV VLJQLILFDQW ) f S 7KH DUHD RI RWKHU FDOORVDO UHJLRQV ZHUH H[FOXGHG DV QRQVLJQLILFDQW SUHGLFWRUV IURP WKH UHJUHVVLRQ PRGHO LQFOXGLQJ 5 DUHD 7KH GLIIHUHQFH EHWZHHQ FRUUHODWLRQV IRU WKH HDUO\ DQG ODWH JURXSV ZHUH VLJQLILFDQW IRU UHJLRQV 5 SRVWHULRU PLGERG\ S f DQG 5 VSOHQLXP S f )RU ERWK UHJLRQV ODUJHU FDOORVDO UHJLRQV LQ WKH HDUO\ JURXS ZHUH DVVRFLDWHG ZLWK ORZHU )', VFRUHV ZKLOH LQ WKH ODWH JURXS ODUJHU DUHDV ZHUH DVVRFLDWHG ZLWK KLJKHU )', VFRUHV (IIHFWV RI VH[ DQG ODWHUDOLW\ RI VHL]XUH IRFXV 7KHUH ZHUH QR VLJQLILFDQW GLIIHUHQFHV EHWZHHQ PDOHV DQG IHPDOHV RU EDVHG RQ WKH ODWHUDOLW\ RI VXEMHFWnV VHL]XUH IRFXV LQ WHUPV RI FRUUHODWLRQV RI )', VFRUH DQG DUHD RI FDOORVDO UHJLRQV 55f &RUUHODWLRQV RI $QWHULRU DQG 3RVWHULRU &DOORVDO $UHDV ZLWK 3HUIRUPDQFH RQ :LVFRQVLQ &DUG 6RUWLQJ DQG )DFLDO 5HFRJQLWLRQ 7HVWV ,W ZDV SUHGLFWHG WKDW :&67 SHUVHYHUDWLYH HUURU VFRUH ZRXOG EH PRUH VWURQJO\ FRUUHODWHG ZLWK DUHD RI WKH DQWHULRU SRUWLRQ RI FDOORVXP ZKLFK FRQWDLQV ILEHUV LQWHUFRQQHFWLQJ IURQWDO OREHV WKDQ ZLWK DUHD RI SRVWHULRU FDOORVXP 7R WHVW WKLV K\SRWKHVLV D YDULDEOH UHIOHFWLQJ DUHD RI WKH DQWHULRU SRUWLRQ RI WKH FDOORVXP ZDV FUHDWHG E\ DGGLQJ WKH DUHDV RI WKH URVWUXP 5Of DQG JHQX 5f $ YDULDEOH UHIOHFWLQJ DUHD RI WKH SRVWHULRU FDOORVXP ZDV FUHDWHG E\ DGGLQJ WKH DUHDV RI WKH LVWKPXV 5f DQG VSOHQLXP 5f 7KH GLVWULEXWLRQV RI DQWHULRU DQG SRVWHULRU FDOORVDO DUHDV DSSHDUHG QRUPDOO\ GLVWULEXWHG ZLWKRXW VLJQLILFDQW VNHZQHVV RU NXUWRVLV 1R XQLYDULDWH RXWOLHUV ZHUH LGHQWLILHG 7DEOH SUHVHQWV FRUUHODWLRQV RI DQWHULRU DQG SRVWHULRU FDOORVDO DUHDV ZLWK :&67 SHUVHYHUDWLYH HUURU DQG )57 VFRUH

PAGE 86

7DEOH &RUUHODWLRQV EHWZHHQ FDOORVDO DUHD DQWHULRU YV SRVWHULRU LQ FPf DQG WHVW VFRUH :&67 YV )DFLDO 5HFRJQLWLRQ $QWHULRU &DOORVDO $UHD 5RVWUXP *HQXf 3RVWHULRU &DOORVDO $UHD ,VWKPXV 6SOHQLXPf :&67 3HUVHYHUDWLYH (UURU 6FRUH U U c Q Q )DFLDO 5HFRJQLWLRQ 7HVW U U &RUUHFWHG /RQJ )RUP 6FRUH FV ,, 2O ,, 4O Q Q n 7ZRWDLOHG 7KH FRUUHODWLRQ RI DQWHULRU FDOORVDO DUHD ZLWK :&67 SHUVHYHUDWLYH HUURU VFRUH U S f ZDV QRW VLJQLILFDQWO\ GLIIHUHQW IURP WKH FRUUHODWLRQ EHWZHHQ SRVWHULRU FDOORVDO DUHD DQG :&67 SHUIRUPDQFH U S f S 7KH FRUUHODWLRQ EHWZHHQ SRVWHULRU FDOORVDO DUHD DQG )57 VFRUH U S f ZDV QRW VLJQLILFDQWO\ GLIIHUHQW IURP WKH FRUUHODWLRQ EHWZHHQ DQWHULRU FDOORVDO DUHD DQG )57 VFRUH U S f S 7DEOH SUHVHQWV FRUUHODWLRQV RI DQWHULRU DQG SRVWHULRU FDOORVDO DUHDV ZLWK :&67 SHUVHYHUDWLYH HUURU DQG )57 VHSDUDWHO\ IRU VXEMHFWV ZLWK HDUO\ DQG ODWH VHL]XUH RQVHW ,Q WKH VXEVDPSOH RI VXEMHFWV ZLWK DQ HDUO\ RQVHW RI VHL]XUHV WKH FRUUHODWLRQ EHWZHHQ DQWHULRU FDOORVDO DUHD DQG :&67 SHUVHYHUDWLYH HUURU VFRUH U S f ZDV QRW VLJQLILFDQWO\ GLIIHUHQW IURP WKH FRUUHODWLRQ EHWZHHQ SRVWHULRU FDOORVDO DUHD DQG :&67 SHUIRUPDQFH U S f S 7KH FRUUHODWLRQ RI SRVWHULRU FDOORVDO DUHD ZLWK )57 VFRUH U S f ZDV QRW VLJQLILFDQWO\ GLIIHUHQW IURP WKH FRUUHODWLRQ EHWZHHQ DQWHULRU FDOORVDO DUHD DQG )57 VFRUH ^U S f S

PAGE 87

7DEOH &RUUHODWLRQV EHWZHHQ FDOORVDO DUHD DQWHULRU YV SRVWHULRUf DQG WHVW VFRUH :&67 YV )DFLDO 5HFRJQLWLRQ IRU DOO VXEMHFWV DQG VHSDUDWHO\ IRU VXEMHFWV ZLWK HDUO\ DQG ODWH VHL]XUH RQVHW $QWHULRU &DOORVDO $UHD 3RVWHULRU &DOORVDO $UHD 5RVWUXP *HQXf ,VWKPXV 6SOHQLXPf :&67 3HUVHYHUDWLYH (UURU (DUO\f U U 6FRUH ( ( Q Q /DWH U U ( ( Q Q )DFLDO 5HFRJQLWLRQ 7HVW (DUO\ rf§} ,, O RR X! U &RUUHFWHG /RQJ )RUP 6FRUH ( ( Q Q /DWH U U ( ( Q Q r 7ZRWDLOHG $V VXJJHVWHG E\ )LJXUH WKH YHU\ VWURQJ FRUUHODWLRQ EHWZHHQ DQWHULRU FDOORVDO DUHD DQG )57 VFRUH PD\ KDYH EHHQ LQIOXHQFHG E\ GDWD IURP WZR FDVHV ZLWK UHODWLYHO\ ODUJH DQWHULRU FDOORVDO DUHDV ([FOXGLQJ WKRVH WZR FDVHV WKH FRUUHODWLRQ RI )57 SHUIRUPDQFH ZLWK DUHD RI DQWHULRU FDOORVXP IHOO IURP U WR U S f $PRQJ VXEMHFWV ZLWK ODWH VHL]XUH RQVHW WKH FRUUHODWLRQ RI :&67 SHUVHYHUDWLYH HUURU VFRUH ZLWK DQWHULRU FDOORVDO DUHD U S f ZDV QRW VLJQLILFDQWO\ GLIIHUHQW IURP WKH FRUUHODWLRQ RI :&67 VFRUH ZLWK SRVWHULRU FDOORVDO DUHD U S f S 7KH FRUUHODWLRQ EHWZHHQ )57 VFRUH DQG SRVWHULRU FDOORVDO DUHD U S f ZDV QRW VLJQLILFDQWO\ GLIIHUHQW IURP WKH FRUUHODWLRQ EHWZHHQ )57 VFRUH DQG DQWHULRU FDOORVDO DUHD U S f S

PAGE 88

7KHUH ZHUH QR VLJQLILFDQW GLIIHUHQFHV EHWZHHQ FRUUHODWLRQV RI :&67 SHUVHYHUDWLYH HUURU VFRUH DQG )57 VFRUH ZLWK DQWHULRU DQG SRVWHULRU FDOORVDO DUHDV EDVHG RQ HLWKHU VXEMHFWVn VH[ RU WKH ODWHUDOLW\ RI WKHLU VHL]XUH IRFXV $QWHULRU &DOORVDO $UHD FPVTf )LJXUH 6FDWWHUSORW RI DQWHULRU DUHD FPVTf RI WKH FRUSXV FDOORVXP DQG )DFLDO 5HFRJQLWLRQ 7HVW VFRUH LQ VXEMHFWV Q O f ZLWK DQ HDUO\ RQVHW RI VHL]XUHV

PAGE 89

',6&866,21 2YHUYLHZ DQG 6XPPDU\ %HFDXVH WKH FRUSXV FDOORVXP DSSHDUV ODWH LQ SK\WRJHQ\ EHFRPHV DSSDUHQW UHODWLYHO\ ODWH LQ WKH FRXUVH RI RQWRJHQ\ DQG GRHV QRW EHFRPH IXOO\ P\HOLQDWHG RU SUHVXPDEO\ IXOO\ IXQFWLRQDO XQWLO UHODWLYHO\ ODWH LQ OLIH +RSWPDQ DQG 'DYLGVRQ f DGYDQFHG WKH K\SRWKHVLV WKDW FDOORVDO FRQQHFWLRQV KDYH FRJQLWLYH FRQVHTXHQFHV DQG WKDW WKH IXQFWLRQDO VLJQLILFDQW RI WKH FRUSXV FDOORVXP PD\ EH LQ WHUPV RI WKH KLJKHVW RUGHU PRVW FRPSOH[ DQG UHFHQWO\ HYROYHG FRJQLWLYH FDSDELOLWLHV 7KLV YLHZ LV EROVWHUHG E\ ILQGLQJV WKDW JURZWK RI WKH FDOORVXP FRQWLQXHV EH\RQG WKH SRLQW DW ZKLFK PRVW RWKHU FHUHEUDO VWUXFWXUHV KDYH UHDFKHG PDWXULW\ 3XMRO 9HQGUHOO -XQTXH 0DUWL 9LODOWD f DQG FDQ EH LQIOXHQFHG E\ HQYLURQPHQWDO H[SHULHQFHV -XUDNVD t .RSFLN 6FKODXJ -DQFNH +XDQJ 6WDLJHUt 6WHLQPHW] f 5HODWLRQVKLSV EHWZHHQ WKH VL]H RI WKH FRUSXV FDOORVXP DQG JOREDO PHDVXUHV RI FRJQLWLYH IXQFWLRQLQJ KDYH EHHQ GHPRQVWUDWHG LQ D QXPEHU RI FOLQLFDO VDPSOHV ZLWK WKH W\SLFDO ILQGLQJ WKDW DWURSK\ RI WKH FRUSXV FDOORVXP LV DVVRFLDWHG ZLWK LPSDLUHG FRJQLWLYH IXQFWLRQLQJ 'HFUHDVHG FDOORVDO VL]H LQ VRPH SDWLHQW JURXSV PD\ EH DWWULEXWDEOH WR GLVHDVH SURFHVVHV SULPDULO\ DIIHFWLQJ ZKLWH PDWWHU WUDFWV HJ PXOWLSOH VFOHURVLVf ZKLOH LQ RWKHU JURXSV OLNH WKRVH ZLWK GHPHQWLD GHFUHDVHG FDOORVDO VL]H PD\ UHIOHFW GDPDJH WR WKH FRUWH[ 7KH H[WHQW WR ZKLFK FDOORVDO VL]H DQG FRJQLWLYH IXQFWLRQLQJ DUH DVVRFLDWHG LQ QRUPDOV LV

PAGE 90

XQVHWWOHG ,Q D KHWHURJHQRXV JURXS RI SDWLHQWV ZLWK LQWUDFWDEOH HSLOHSV\ 6WUDXVV HW DO f GHPRQVWUDWHG D SRVLWLYH FRUUHODWLRQ EHWZHHQ DUHD RI WKH SRVWHULRU UHJLRQ RI WKH FDOORVXP FRUUHVSRQGLQJ WR WKH VSOHQLXP DQG )XOO 6FDOH ,4 7KH\ VXJJHVWHG WKDW DUHD RI SRVWHULRU FDOORVXP PD\ VHUYH DV D PDUNHU IRU WKH QXPEHU RI LQWHUKHPLVSKHULF FRQQHFWLRQV OLQNLQJ SRVWHULRU EUDLQ UHJLRQV SDUWLFXODUO\ LPSRUWDQW IRU WKH W\SH RI SUREOHP VROYLQJ UHTXLUHG LQ LQWHOOLJHQFH WHVWV 6WUDXVV HW DO f 7KLV VWXG\ GHPRQVWUDWHG D VLJQLILFDQW SRVLWLYH FRUUHODWLRQ EHWZHHQ DUHD RI WKH VSOHQLXP DQG PHDVXUHV RI LQWHOOHFWXDO DELOLW\ LQ HSLOHSWLFV UHSOLFDWLQJ WKH UHVXOW SUHYLRXVO\ UHSRUWHG E\ 6WUDXVV HW DO f 7KH UHODWLRQVKLS ZDV QRW DFFRXQWHG IRU E\ GLIIHUHQFHV LQ EUDLQ VL]H DV LQGH[HG E\ PLGVDJLWWDO DUHD RI FRUWH[ DQG GLG QRW GLIIHU GHSHQGLQJ XSRQ VXEMHFWn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f DOWKRXJK QRW VWDWLVWLFDOO\ GLIIHUHQW IURP ]HUR 7KH GLIIHUHQFH EHWZHHQ FRUUHODWLRQV IRU WKH HDUO\ DQG ODWH JURXSV ZDV VLJQLILFDQW FRQVLVWHQW ZLWK SUHGLFWLRQV EDVHG DQLPDO UHVHDUFK LQGLFDWLQJ WKDW HDUO\ VHL]XUH DFWLYLW\ PD\ UHVXOW LQ WKH VSDULQJ RI LQDSSURSULDWH FDOORVDO SURMHFWLRQV &RUUHODWLRQV EHWZHHQ PHDVXUHV RI FDOORVDO PRUSKRORJ\ DQG 3,4 ZHUH QRW VLJQLILFDQW $OWKRXJK QRW SUHGLFWHG D VLJQLILFDQW VH[ GLIIHUHQFH ZDV IRXQG LQ WKH UHODWLRQVKLS EHWZHHQ DUHD RI WKH FDOORVXPnV URVWUXP DQG PHDVXUHG ,4 )RU IHPDOHV ODUJHU URVWUDO DUHDV

PAGE 91

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f DQG WKDW WKH )UHHGRP IURP 'LVWUDFWLELOLW\ IDFWRU LV HVSHFLDOO\ SURPLQHQW LQ :$,65 GDWD RI SHRSOH ZLWK HSLOHSV\ %RPVWHLQ t &RKHQ f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

PAGE 92

WKH WRWDO VDPSOH EHWZHHQ )', VFRUH DQG DUHD RI WKH FDOORVDO UHJLRQV LQWHUFRQQHFWLQJ DQWHULRU DQG SRVWHULRU DVVRFLDWLRQ FRUWH[ 7KH UHVXOWV GLG QRW VXSSRUW SUHGLFWLRQV PDGH DERXW GLIIHUHQWLDO UHODWLRQVKLSV EHWZHHQ DUHD RI DQWHULRU DQG SRVWHULRU FDOORVXP DQG :&67 3HUVHYHUDWLYH (UURU DQG )DFLDO 5HFRJQLWLRQ 7HVW VFRUHV 7KH GLVFXVVLRQ EHJLQV ZLWK D FRPSDULVRQ RI GHPRJUDSKLF IHDWXUHV QHXURSV\FKRORJLFDO WHVW SHUIRUPDQFH DQG VL]H RI WKH FRUSXV FDOORVXP EHWZHHQ WKLV VWXG\nV VDPSOH DQG RWKHU JURXSV ZLWK LQWUDFWDEOH HSLOHSV\ GHVFULEHG LQ WKH OLWHUDWXUH 7KH GLVFXVVLRQ SURFHHGV DWWHPSWLQJ WR SODFH WKH VWXG\n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n DYHUDJH DJH DQG QXPEHU RI \HDUV RI HGXFDWLRQ ZDV FRPSDUDEOH WR WKDW UHSRUWHG IRU RWKHU JURXSV WHVWHG LQ WKH SURFHVV RI HYDOXDWLRQ DV FDQGLGDWHV IRU VXUJLFDO WUHDWPHQW %RUQVWHLQ 'UDNH t 3DNDOQLV &KHOXQH 1DXJOH /XGHUV t $ZDG f 7KHLU DYHUDJH DJH DW VHL]XUH RQVHW ZDV QHDUO\ LGHQWLFDO WR WKRVH UHSRUWHG E\ &KHOXQH 1DXJOH /GHUV DQG ,ZDG f IRU OHIW DQG ULJKW WHPSRUDO OREHFWRP\ SDWLHQWV ,Q FRPSDULVRQ WR WKH SDWLHQWV WHVWHG E\ 6WUDXVV HW DO f WKH VXEMHFWV LQFOXGHG LQ WKLV VWXG\ ZHUH ROGHU ZLWK D GLIIHUHQFH RI DSSUR[LPDWHO\ VL[ \HDUV EHWZHHQ WKH JURXSVn PHDQ DJH 2WKHU GHPRJUDSKLF FRPSDULVRQV

PAGE 93

ZHUH QRW SRVVLEOH EHFDXVH 6WUDXVV HW DO f GLG QRW UHSRUW WKH JHQGHU FRPSRVLWLRQ QXPEHU RI \HDUV RI HGXFDWLRQ DJH DW VHL]XUH RQVHW RU RWKHU LQIRUPDWLRQ FRQFHUQLQJ WKH QDWXUH RI WKHLU VXEMHFWVn PHGLFDOO\ UHIUDFWRU\ VHL]XUHV 1HXURSV\FKRORJLFDO 0HDVXUHV 6XEMHFWVn DYHUDJH )6,4 RQ WKH :$,65 ZDV LQ WKH /RZ $YHUDJH UDQJH RI LQWHOOHFWXDO IXQFWLRQLQJ LQ WKH VDPH UDQJH DV VFRUHV UHSRUWHG IRU RWKHU VDPSOHV RI SDWLHQWV ZLWK LQWUDFWDEOH HSLOHSV\ %RPVWHLQ 'UDNH t 3DNDOQLV &KHOXQH 1DXJOH /GHUV t $ZDG 6WUDXVV :DGD t +XQWHU f 6XEMHFWV ZLWK ULJKW WHPSRUDO OREH HSLOHSV\ KDG D VLJQLILFDQWO\ KLJKHU )6,4 DQG KDG FRPSOHWHG PRUH \HDUV RI VFKRROLQJ RQ DYHUDJH WKDQ WKH OHIW WHPSRUDO OREH JURXS 7KHVH VDPH GLIIHUHQFHV ZHUH DOVR UHSRUWHG E\ &KHOXQH HW DO f $V DQWLFLSDWHG .DXIPDQ f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f 1R VLJQLILFDQW GLIIHUHQFH LQ :&67 3HUVHYHUDWLYH (UURU VFRUH ZDV IRXQG EHWZHHQ VXEMHFWV ZLWK OHIW DQG ULJKW WHPSRUDO OREH HSLOHSV\ 7KLV LV QRW VXUSULVLQJ LQ OLJKW RI WKH VRPHZKDW FRQWUDGLFWRU\ UHSRUWV LQ WKH OLWHUDWXUH +HUPDQQ :\OHU DQG 5LFKH\ f UHSRUWHG WKH KLJKHVW UDWH RI SHUVHYHUDWLYH HUURUV LQ SDWLHQWV ZLWK QRQGRPLQDQW WHPSRUDO OREH HSLOHSV\ ZKLOH 6WUDXVV HW DO f UHSRUWHG WKDW VXEMHFWV ZLWK GRPLQDQW WHPSRUDO

PAGE 94

OREH HSLOHSV\ DQG GDPDJH EHIRUH PRQWKV RI DJH VKRZHG WKH JUHDWHVW OHYHO RI LPSDLUPHQW 9LUWXDOO\ DOO VXEMHFWV SHUIRUPHG ZLWKLQ QRUPDO OLPLWV RQ WKH )DFLDO 5HFRJQLWLRQ 7HVW ZLWK RQO\ WZR VXEMHFWV VFRULQJ ZLWKLQ WKH LPSDLUHG UDQJH $V GLVFXVVHG EHORZ WKLV FHLOLQJHIIHFW OLPLWHG WKH VWXG\n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f PDOHV ZHUH IRXQG WR KDYH VLJQLILFDQWO\ ODUJHU EUDLQV WKDQ IHPDOHV 6LPLODU VH[ GLIIHUHQFHV LQ EUDLQ VL]H KDYH EHHQ IUHTXHQWO\ UHSRUWHG IRU H[DPSOHV VHH -RKQVRQ HW DO f RU 5DXFK DQG -LQNLQV f $OWKRXJK WKH PDJQLWXGH RI WKH GLIIHUHQFH ZDV QRW QHDUO\ DV ODUJH WKH UHVXOWV VXJJHVWHG WKDW VXEMHFWV ZLWK DQ HDUO\ RQVHW RI VHL]XUHV KDG VOLJKWO\ VKRUWHU DQG VPDOOHU EUDLQV WKDQ VXEMHFWV LQ WKH ODWH JURXS 7KLV FRXOG UHIOHFW D VXEWOH PRUSKRORJLF HIIHFW RI VHL]XUH DFWLYLW\ EHJLQQLQJ DW DQ HDUOLHU SRLQW LQ WKH FRXUVH RI

PAGE 95

GHYHORSPHQW RU DQ HIIHFW RI WKH SUHVXPDEO\ ORQJHU GXUDWLRQ RI HSLOHSV\ DQG KLVWRU\ RI WUHDWPHQW ZLWK DQWLHSLOHSWLF GUXJV ,W LV LPSRUWDQW WR QRWH WKDW WKH PDJQLWXGH RI WKH HIIHFW ZDV VOLJKW ZLWK JURXSLQJ EDVHG RQ DJH DW VHL]XUH RQVHW DFFRXQWLQJ IRU RQO\ b RI WKH YDULDQFH LQ EUDLQ OHQJWK $UHD RI WKH &RUSXV &DOORVXP ,Q WKLV VWXG\ WKH DYHUDJH WRWDO PLGVDJLWWDO DUHD RI WKH FRUSXV FDOORVXP ZDV PP 6' f 6WUDXVV HW DO f UHSRUWHG DQ DYHUDJH PLGVDJLWWDO DUHD RI WKH FRUSXV FDOORVXP IRU WKHLU HSLOHSV\ VXEMHFWV RI PP 6' f ZKLFK WKH\ VWDWHG ZDV QRW VLJQLILFDQWO\ GLIIHUHQW IURP WKH DYHUDJH DUHD IRU WKHLU QRUPDO FRQWUROV 0 PP 6' f 7KH DYHUDJH WRWDO FDOORVDO DUHD IRU VXEMHFWV LQ WKLV VWXG\ GLG QRW GLIIHU VLJQLILFDQWO\ LQ RQHVDPSOH WWHVWV IURP WKH PHDQ YDOXHV UHSRUWHG E\ 6WUDXVV HW DO f IRU WKHLU SDWLHQW RU FRQWURO VXEMHFWV -RKQVRQ HW DO f VXPPDUL]HG GDWD IURP 05, DQG SRVWPRUWHP VWXGLHV RI FDOORVDO PRUSKRORJ\ LQ QRUPDO VXEMHFWV DQG UHSRUWHG D JUDQG PHDQ RI PLGVDJLWWDO DUHDV RI PP ZLWK D VWDQGDUG GHYLDWLRQ IRU VDPSOH PHDQV RI $OWKRXJK WKH PHDQ IRU WKLV VWXG\nV VXEMHFWV ZDV VLJQLILFDQWO\ VPDOOHU WKDQ WKDW DYHUDJH LW LV ZHOO ZLWKLQ WKH EURDG UDQJH PP WR PPf RI DYHUDJH FDOORVDO DUHDV UHSRUWHG IRU QRUPDOV LQ WKH VWXGLHV VXPPDUL]HG E\ -RKQVRQ HW DO f 7KH DUHD RI HDFK RI WKH VHYHQ FDOORVDO UHJLRQV ZDV IRXQG WR EH VLJQLILFDQWO\ ODUJHU LQ PDOHV WKDQ IHPDOHV D ILQGLQJ FRQVLVWHQW ZLWK SUHYLRXV UHSRUWV LQ WKH OLWHUDWXUH -RKQVRQ %LJOHU %XUU t %ODWWHU f +RZHYHU DIWHU DFFRXQWLQJ IRU YDULDQFH DVVRFLDWHG ZLWK EUDLQ VL]H XVLQJ DQ DSSURDFK FRQVLVWHQW ZLWK UHFRPPHQGDWLRQV PDGH E\ $UQGW HW DO f GLIIHUHQFHV EHWZHHQ PDOHV DQG IHPDOHV LQ WHUPV RI FDOORVDO DUHDV ZHUH QR ORQJHU

PAGE 96

VLJQLILFDQW 3DUDVKRV :LONLQVRQ DQG &RIIH\ f UHSRUWHG WKDW EH\RQG DJH DQG DQ HVWLPDWH RI EUDLQ VL]H JHQGHU ZDV QRW D VLJQLILFDQW SUHGLFWRU RI PLGVDJLWWDO FDOORVDO DUHD 1R EHWZHHQ JURXS GLIIHUHQFHV ZHUH IRXQG IRU WKH DUHD RI DQ\ FDOORVDO UHJLRQ EDVHG WKH ODWHUDOLW\ RI VXEMHFWn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f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f ,Q IDFW DIWHU H[FOXGLQJ GDWD IURP D SRWHQWLDO RXWOLHU D

PAGE 97

FRUUHODWLRQ LGHQWLFDO WR WKDW UHSRUWHG E\ 6WUDXVV HW DO f ZDV IRXQG 7KLV UHSOLFDWLRQ ZDV REWDLQHG GHVSLWH D QXPEHU RI PHWKRGRORJLFDO GLIIHUHQFHV LQFOXGLQJ GLIIHUHQFHV LQ VXEMHFW VHOHFWLRQ FULWHULD 05, DFTXLVLWLRQ SDUDPHWHUV HJ PP YHUVXV RU PP VOLFH WKLFNQHVVf WHFKQLTXH XVHG WR VXEGLYLGH WKH FDOORVXP DQG DYDLODEOH WHVW GDWD HJ SURUDWHG ,4 VFRUHV YHUVXV VFRUHV EDVHG RQ WKH FRPSOHWH :$,65 DGPLQLVWUDWLRQf +RZHYHU XQOLNH WKH ZRUN RI 6WUDXVV HW DO f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n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n WHPSRUDO OREH VHL]XUH IRFXV 6WUDXVV HW DO f FDOOHG IRU UHSOLFDWLRQ RI WKHLU VWXG\ ZLWK D PRUH KRPRJHQHRXV VDPSOH WR DGGUHVV

PAGE 98

SRWHQWLDO HIIHFWV UHODWHG WR WKH VLWH DQG ODWHUDOLW\ RI VXEMHFWVn HSLOHSWRJHQLF GLVWXUEDQFH /LPLWLQJ WKLV VWXG\ WR VXEMHFWV ZLWK WHPSRUDO OREH HSLOHSV\ ZDV D VWHS WRZDUG DGGUHVVLQJ WKH ILUVW FRQFHUQ ZKLOH NQRZOHGJH RI VXEMHFWVn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nV JHQGHU D FRQVLVWHQW VH[ VLJQLILFDQW GLIIHUHQFH LQYROYLQJ DQWHULRU FDOORVDO DUHD ZDV IRXQG )RU IHPDOHV ODUJHU DUHD RI WKH URVWUXP ZDV VLJQLILFDQWO\ FRUUHODWHG ZLWK KLJKHU 9HUEDO 3HUIRUPDQFH DQG )XOO 6FDOH ,4 VFRUHV :KLOH QRW VLJQLILFDQW FRUUHODWLRQV IRU PDOHV ZHUH LQ WKH RSSRVLWH GLUHFWLRQ ZLWK ODUJHU URVWUDO DUHD DVVRFLDWHG ZLWK ORZHU PHDVXUHG ,4V 6FKXOW] DQG 6WDLE f KDYH UHSRUWHG VLPLODU VH[ GLIIHUHQFHV ZLWK UHVSHFW WR WKH UHODWLRQVKLS EHWZHHQ FDOORVDO DUHD DQG PHDVXUHG ,4 ,Q D VWXG\ RI IHPDOHV DQG PDOHV ODUJHO\ FRPSULVHG RI WZLQ SDLUV 6FKXOW] DQG 6WDLE f UHSRUWHG WKDW DUHD RI WKH VSOHQLXP ZDV SRVLWLYHO\ FRUUHODWHG ZLWK )XOO DQG 9HUEDO 6FDOH ,4 LQ IHPDOHV EXW QHJDWLYHO\ FRUUHODWHG LQ PDOHV $OWKRXJK WKH UHJLRQ RI FDOORVXP LQYROYHG LQ WKH VH[ GLIIHUHQFH LV QRW WKH VDPH WKLV VWXG\nV ILQGLQJ DQG 6FKXOW] DQG 6WDLEnV f UHSRUW ERWK LQYROYH SRVLWLYH FRUUHODWLRQV EHWZHHQ UHJLRQV RI FDOORVXP LQWHUFRQQHFWLQJ DVVRFLDWLRQ FRUWH[ DQG ,4 IRU IHPDOHV DQG QHJDWLYH FRUUHODWLRQV IRU PDOHV 7KHVH ILQGLQJV DUH FRQVLVWHQW ZLWK OLWHUDWXUH VXJJHVWLQJ WKDW FRJQLWLYH IXQFWLRQV DUH PRUH

PAGE 99

KLJKO\ ODWHUDOL]HG LQ PDOHV PDNLQJ LQWHUKHPLVSKHULF FRPPXQLFDWLRQ PRUH FULWLFDO IRU IHPDOHV &ODUNH t =DLGHO :LWHOVRQ :LWHOVRQ t 1RZDNRZVNL =DLGHO $ERLWL] &ODUNH .DLVHU t 0DWWHVRQ f 2WKHU 1HXURSV\FKRORJLFDO 0HDVXUHV 3UHGLFWLRQV PDGH DERXW DVVRFLDWLRQV DPRQJ DQWHULRU DQG SRVWHULRU FDOORVDO DUHDV DQG SHUIRUPDQFH RQ WKH :LVFRQVLQ &DUG 6RUWLQJ DQG )DFLDO 5HFRJQLWLRQ 7HVWV ZHUH QRW VXSSRUWHG 1R VLJQLILFDQW FRUUHODWLRQ ZDV IRXQG EHWZHHQ :&67 3HUVHYHUDWLYH (UURU VFRUH DQG HLWKHU DQWHULRU RU SRVWHULRU FDOORVDO DUHDV LQ WKH WRWDO VDPSOH RU VHSDUDWHO\ IRU VXEMHFWV ZLWK HDUO\ RU ODWH VHL]XUH RQVHW $VVXPLQJ D FRUUHODWLRQ HTXDO WR WKDW UHSRUWHG E\ 6WUDXVV HW DO f ZLWK :&67 GDWD DYDLODEOH IRU VXEMHFWV SRZHU ZDV WR GHWHFW D VLJQLILFDQW UHODWLRQVKLS EHWZHHQ :&67 SHUVHYHUDWLYH HUURU VFRUH DQG FDOORVDO DUHD 0DNLQJ WKH VDPH DVVXPSWLRQ DERXW WKH VWUHQJWK RI WKH XQGHUO\LQJ DVVRFLDWLRQ ZLWK GDWD DYDLODEOH IRU IHZHU VXEMHFWV SRZHU WR GHWHFW D VLJQLILFDQW FRUUHODWLRQ EHWZHHQ )57 VFRUH DQG FDOORVDO DUHD ZDV ORZHU :LWK SRZHU HTXDO WR WKHUH ZDV D b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

PAGE 100

QHJDWLYH FRUUHODWLRQ EHWZHHQ DQWHULRU FDOORVDO DUHD DQG )57 VFRUH IRU VXEMHFWV ZLWK HDUO\ VHL]XUH RQVHW VKRXOG EH LQWHUSUHWHG ZLWK FDXWLRQ 7KH FRUUHODWLRQ ZDV EDVHG RQ GDWD IURP D VPDOO QXPEHU RI VXEMHFWV Q f DQG DSSHDUHG WR EH XQGXO\ LQIOXHQFHG E\ GDWD IURP WZR VXEMHFWV 7KHLU SUHVHQFH LQ WKH GDWD PD\ KDYH LQIODWHG WKH REVHUYHG FRUUHODWLRQV E\ DUWLILFLDOO\ VWUHWFKLQJ WKH UDQJH RI REVHUYHG YDOXHV :KDW 'RHV WKH &RUSXV &DOORVXP GR IRU D /LYLQJ" $IWHU UHSRUWLQJ WKH HPSLULFDO REVHUYDWLRQ WKDW DVSHFWV RI FDOORVDO PRUSKRORJ\ DUH VLJQLILFDQWO\ DVVRFLDWHG ZLWK SHUIRUPDQFH RQ EHKDYLRUDO PHDVXUHV RI FRJQLWLYH IXQFWLRQLQJ WKH TXHVWLRQ TXLFNO\ FRPHV WR IRFXV RQ WKH IXQFWLRQDO VLJQLILFDQFH RI LQWHUKHPLVSKHULF SDWKZD\V FRXUVLQJ WKURXJK WKH FDOORVXP $V +RSWPDQ DQG 'DYLGVRQ S f SRVHG WKH TXHVWLRQ :KDW GRHV WKH FRUSXV FDOORVXP GR IRU D OLYLQJ" 5ROH LQ $WWHQWLRQDO 5HJXODWLRQ +RSWPDQ DQG 'DYLGVRQ f UHYLHZHG HYLGHQFH FRQFHUQLQJ WKH UROH RI WKH FRUSXV FDOORVXP LQ DWWHQWLRQDO V\VWHPV LQFOXGLQJ UHVXOWV GHPRQVWUDWLQJ WKDW VSOLWEUDLQ SDWLHQWV VKRZ GHILFLWV LQ VHOHFWLYH VXVWDLQHG GLYLGHG DQG IRFXVHG DWWHQWLRQ ZKLFK PD\ EH GXH WR GLVUXSWLRQ RI DQ LQWHUKHPLVSKHULF PHFKDQLVP UHVSRQVLEOH IRU PDLQWDLQLQJ ELODWHUDO FHUHEUDO DURXVDO +RSWPDQ t 'DYLGVRQ f &LWLQJ ZRUN E\ /HY\ :DJQHU DQG /XK f 3RVQHU :DONHU )ULHGULFK DQG 5DIDO f DQG +HLOPDQ DQG 9DQ 'HQ $EHOO f +RSWPDQ DQG 'DYLGVRQ f VXJJHVWHG WKDW WKH SDULHWDO OREHV DQG HVSHFLDOO\ WKH ULJKW SDULHWDO OREH PD\ EH FULWLFDO WR SURFHVVHV LQYROYHG ZLWK WKH PHWDFRQWURO DQG DOORFDWLRQ RI DWWHQWLRQDO UHVRXUFHV &DOORVDO SURMHFWLRQV IURP SRVWHULRU FRUWH[ SDVV

PAGE 101

WKURXJK WKH SRVWHULRU PLGERG\ RI WKH FRUSXV FDOORVXP D VHJPHQW GHILQHG E\ :LWHOVRQnV f PHWKRG IRU GHILQLQJ VXEUHJLRQV $OWKRXJK UHODWLRQVKLSV SUHGLFWHG EDVHG RQ ILQGLQJV LQ FKLOGUHQ ZLWK $'+' EHWZHHQ SHUIRUPDQFH RQ WKH :$,65nV )UHHGRP IURP 'LVWUDFWLELOLW\ ,QGH[ DQG DQWHULRU DQG SRVWHULRU FDOORVDO DUHDV ZHUH QRW IRXQG D VLJQLILFDQW SRVLWLYH FRUUHODWLRQ ZDV IRXQG EHWZHHQ DUHD RI WKH SRVWHULRU PLGERG\ RI WKH FDOORVXP DQG )', VFRUH 7KHUH ZDV DOVR D WUHQG WRZDUG D VLJQLILFDQW FRUUHODWLRQ EHWZHHQ DUHD RI WKH QHLJKERULQJ FDOORVDO UHJLRQ DQWHULRU PLGERG\f DQG )', VFRUH ,I LQFUHDVHG DUHD RI SRVWHULRU PLGERG\ UHVXOWV IURP DQ LQFUHDVH LQ WKH QXPEHU RI D[RQV FRQQHFWLQJ OHIW DQG ULJKW SDULHWDO OREHV WKH SRVLWLYH FRUUHODWLRQ EHWZHHQ WKLV FDOORVDO UHJLRQ DQG )', VFRUH PD\ UHIOHFW DQ DGYDQWDJH RI LQFUHDVHG LQWHUKHPLVSKHULF FRPPXQLFDWLRQ LQ WHUPV RI LPSURYHG WHVW SHUIRUPDQFH 3RWHQWLDO $GYDQWDJHV RI ,QWHUKHPLVSKHULF 3URFHVVLQJ %DQLFK f DQG +RSWPDQ DQG 'DYLGVRQ f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nV WDVN ZDV WR GHFLGH DV TXLFNO\ DV SRVVLEOH ZLWKRXW PDNLQJ HUURUV ZKHWKHU WKH ERWWRP LWHP PDWFKHG HLWKHU RI WKH WRS WZR +DOI RI WKH WULDOV FRQWDLQHG PDWFKHV b RI WKH PDWFKHV ZHUH LQ WKH VDPH YLVXDO

PAGE 102

ILHOG ZLWKLQKHPLVSKHUHf DQG KDOI ZHUH LQ WKH RSSRVLWH YLVXDO ILHOG DFURVVKHPLVSKHUHf 7DVN GLIILFXOW\ ZDV PDQLSXODWHG E\ YDU\LQJ WKH QXPEHU RI HOHPHQWV LQ HDFK DUUD\ DQG E\ PDQLSXODWLQJ WKH FRPSOH[LW\ RI WKH GHFLVLRQ SURFHVV E\ UHTXLULQJ PRUH WKDQ VLPSOH VWLPXOXV PDWFKLQJ %DQLFK UHSRUWHG WKDW WKH JUHDWHVW DGYDQWDJHV RI LQWHUKHPLVSKHULF SURFHVVLQJ ZHUH IRXQG DV WKH FRPSOH[LW\ RI GHFLVLRQ PDNLQJ LQFUHDVHG DQG FRQFOXGHG WKDW LQWHUDFWLRQ EHWZHHQ KHPLVSKHUHV DOORZV IRU IOH[LELOLW\ LQ SUREOHP VROYLQJ DQG KDV LWV PRVW VLJQLILFDQW DGYDQWDJH XQGHU FRQGLWLRQV ZLWK WKH JUHDWHVW WDVN GLIILFXOW\ DOORZLQJ WKH KHDYLHVW SURFHVVLQJ ORDGV WR EH GLVWULEXWHG DFURVV WKH JUHDWHVW H[SDQVH RI QHXUDO WLVVXH %DQLFK f 7KHUH LV HYLGHQFH WKDW HPHUJHQFH RI DQ DGYDQWDJH RI GXDO KHPLVSKHULF SURFHVVLQJ PLUURUV GHYHORSPHQW RI WKH FDOORVXP LWVHOI +RSWPDQ t 'DYLGVRQ f 0HUROD DQG /LGHUPDQ f UHSRUWHG WKDW GXDO KHPLVSKHULF SURFHVVLQJ KDG QR DFFXUDF\ DGYDQWDJH IRU \HDU ROGV EXW IRXQG VXFK DQ HIIHFW IRU DQG \HDU ROGV /LGHUPDQ 0HUROD DQG +RIIPDQ f VXEVHTXHQWO\ UHWHVWHG D VXEJURXS RI VXEMHFWV DQG IRXQG WKDW DOPRVW DOO RI WKH \HDU ROGV VKRZHG D ELODWHUDO DGYDQWDJH WZR \HDUV ODWHU DQG WKDW DOPRVW DOO VXEMHFWV LQLWLDOO\ VKRZLQJ WKH GXDO KHPLVSKHUH SURFHVVLQJ DGYDQWDJH UHWDLQHG LW DIWHU WZR \HDUV 3RWHQWLDO 0HFKDQLVPV RI &DOORVDO $FWLRQ 'HVSLWH WKH IDFW WKDW WKH FDOORVXP LV WKH PRVW SURPLQHQW ILEHU WUDFW LQ WKH KXPDQ EUDLQ DQG KDV EHHQ WKH IRFXV RI LQWHQVH VFUXWLQ\ IRU GHFDGHV &KLDUHOOR f QRWHG WKDW RXU XQGHUVWDQGLQJ RI WKH IXQFWLRQDO VLJQLILFDQFH RI LWV LQWHUKHPLVSKHULF FRQQHFWLRQV LV PLQLPDO 7KHUH LV FOHDU DQDWRPLF HYLGHQFH WKDW WKH ODUJH PDMRULW\ RI FDOORVDOO\ SURMHFWLQJ QHXURQV DULVH IURP S\UDPLGDO FHOOV XVH JOXWDPDWH DV WKHLU QHXURWUDQVPLWWHU DQG LQGXFH DW

PAGE 103

OHDVW LQLWLDOO\ H[FLWDWRU\ SRVWV\QDSWLF SRWHQWLDOV LQ WKH FRQWUDODWHUDO KHPLVSKHUH &RQWL DQG 0DQ]RQL f &RRN f QRWHG WKDW UHVHDUFK FRQFHUQLQJ WKH IXQFWLRQDO UROH RI FDOORVDO FRQQHFWLRQV KDV WUDGLWLRQDOO\ IRFXVHG RQ WZR SRWHQWLDO HIIHFWV f LQVXULQJ WKDW LQIRUPDWLRQ SUHVHQW LQ RQH KHPLVSKHUH LV PDGH DYDLODEOH WR WKH RWKHU DQG f LQKLELWLQJ SURFHVVLQJ LQ WKH RSSRVLWH KHPLVSKHUH ZKHQ D FRUWLFDO DUHD LQ RQH KHPLVSKHUH LV HQJDJHG LQ D SDUWLFXODU W\SH RI SURFHVVLQJ IRU ZKLFK LW LV VSHFLDOL]HG &KLDUHOOR f 7KH IXQFWLRQ RI WUDQVIHUULQJ LQIRUPDWLRQ IURP RQH KHPLVSKHUH WR WKH RWKHU KDV WUDGLWLRQDOO\ EHHQ DWWULEXWHG WR DFWLRQ RI H[FLWDWRU\ FDOORVDO FRQQHFWLRQV )RU H[DPSOH KHDYLO\ P\HOLQDWHG FDOORVDO SURMHFWLRQV FOXVWHUHG LQ WKH PLGUHJLRQ RI WKH FDOORVXP DUH LPSRUWDQW IRU LQVXULQJ WKDW VHQVRU\ GDWD LV KHOG LQ FRPPRQ DOORZLQJ IRU WKH VPRRWK WUDQVLWLRQ RI VHQVRU\ UHSUHVHQWDWLRQV DV VWLPXOL DSSURDFK DQG FURVV PLGOLQH ,Q DGGLWLRQ WR WKHLU UROH LQ VHQVRU\ SURFHVVLQJ &RRN f VXJJHVWHG WKDW KRPRWRSLF H[FLWDWRU\ SDWKZD\V DOVR SOD\ D UROH LQ FRJQLWLRQ E\ OLQNLQJ LQIRUPDWLRQ SURFHVVLQJ FROXPQV LQ ERWK KHPLVSKHUHV 7KH VHFRQG HIIHFW WKDW RI GLIIXVH LQKLELWLRQ SUHVXPDEO\ PHGLDWHG E\ QRQKRPRWRSLF FDOORVDO SURMHFWLRQV KDV EHHQ SURSRVHG DV D PHFKDQLVP DOORZLQJ RQH KHPLVSKHUH VSHFLDOL]HG IRU D KLJKO\ ODWHUDOL]HG DFWLYLW\ HJ ODQJXDJHf WR LQKLELW LQ D QRQVSHFLILF ZD\ DFWLYLW\ LQ WKH RSSRVLWH KHPLVSKHUH &RRN f SURSRVHG DQ DOWHUQDWLYH PRGHO RI WKH UROH LQKLELWRU\ FDOORVDO FRQQHFWLRQV PD\ SOD\ LQ FRJQLWLYH SURFHVVHV ,Q FRQWUDVW WR WKH DVVXPSWLRQ WKDW LQKLELWRU\ FDOORVDO SURMHFWLRQV DUH GLIIXVHO\ RUJDQL]HG &RRN f RXWOLQHG D WKHRU\ RI KRPRWRSLF FDOORVDO LQKLELWLRQ KLJKOLJKWLQJ LWV SRWHQWLDO LQIRUPDWLRQ SURFHVVLQJ DGYDQWDJHV &RRN VXJJHVWHG WKDW WKH UROH RI DW OHDVW D VXESRSXODWLRQ RI FDOORVDO FRQQHFWLRQV PD\ EH WR

PAGE 104

LQVXUH WKDW ZKDWHYHU LQIRUPDWLRQ LV KLJKO\ DFFHVVLEOH LQ RQH KHPLVSKHUH ZLOO EH KLJKO\ LQDFFHVVLEOH LQ WKH RWKHU &KLDUHOOR f &KLDUHOOR f GLVFXVVHG SRWHQWLDO DGYDQWDJHV VXFK DQ DUUDQJHPHQW PLJKW KDYH LQ WHUPV RI LQIRUPDWLRQ SURFHVVLQJ ,Q WKH FDVH RI SURFHVVLQJ WKH PHDQLQJ RI DPELJXRXV ZRUGV DV DQ H[DPSOH VKH VXJJHVWHG WKDW WKH OHIW KHPLVSKHUH LV VSHFLDOL]HG WR VHOHFW WKH FRQWH[WXDOO\ DSSURSULDWH PHDQLQJ ZKLOH WKH ULJKW KHPLVSKHUH PD\ PDLQWDLQ LUUHOHYDQW GLIIHUHQW PHDQLQJV &RQVLGHULQJ SRWHQWLDO DPELJXLW\ SUHVHQW DW DOO OHYHOV RI ODQJXDJH &KLDUHOOR KLJKOLJKWHG WKH EHQHILWV VXFK DQ DUUDQJHPHQW ZRXOG KDYH LQ WHUPV RI FRJQLWLYH IOH[LELOLW\ $V DQ H[DPSOH &KLDUHOOR f SURSRVHG WKH IROORZLQJ VHQWHQFH 7KH DFFRXQWDQW KDG QR OXFN DW DOO DW WKLV EDQN VR KH GHFLGHG WR WU\ ILVKLQJ IURP WKH RWKHU VLGH ,Q WKH LQLWLDO FRQWH[W RI WKH VHQWHQFH LH DFFRXQWDQWf &KLDUHOOR VXJJHVWHG WKDW WKH OH[LFDO UHSUHVHQWDWLRQ RI EDQN DV D ILQDQFLDO LQVWLWXWLRQ ZRXOG EH DFWLYDWHG $FWLYDWLRQ RI WKH PHDQLQJ RI EDQN DV D ILQDQFLDO LQVWLWXWLRQ PLJKW VLPXOWDQHRXVO\ LQKLELW DFWLYDWLRQ RI DOWHUQDWLYH ZRUG PHDQLQJV ZLWKLQ WKH OHIW KHPLVSKHUH 0HDQZKLOH YLD KRPRWRSLF FDOORVDO LQKLELWLRQ WKH ULJKW KHPLVSKHUHnV UHSUHVHQWDWLRQ RI EDQN DV D ILQDQFLDO LQVWLWXWLRQ ZRXOG EH LQKLELWHG ZKLOH VXUURXQGLQJ UHSUHVHQWDWLRQV RI WKH ZRUGnV RWKHU SRWHQWLDO PHDQLQJV ZRXOG EH DFWLYDWHG &KLDUHOOR GLVFXVVHG WKH DGYDQWDJHV RI KDYLQJ WKH ULJKW KHPLVSKHUH PDLQWDLQ DOWHUQDWLYH PHDQLQJV LQ D KLJK VWDWH RI DFFHVVLELOLW\ 6KH VXJJHVWHG WKDW RQFH D VHPDQWLF DQRPDO\ ZDV GHWHFWHG DV LQ WKH H[DPSOH VHQWHQFH LW FRXOG EH UDSLGO\ UHSDLUHG E\ DFFHVVLQJ WKH ULJKW KHPLVSKHUH V\VWHP UDWKHU WKDQ E\ VRPHKRZ XQGRLQJ LQKLELWLRQ LQ WKH OHIW KHPLVSKHUH 7R WHVW SUHGLFWLRQV PDGH E\ &RRNnV KRPRWRSLF LQKLELWLRQ WKHRU\ &KLDUHOOR &KLDUHOOR f WHVWHG QRUPDO VXEMHFWV LQ D SULPLQJ SDUDGLJP ZLWK ODWHUDOL]HG

PAGE 105

SUHVHQWDWLRQ RI VWLPXOL DQG PHDVXUHV RI WKH DFWLYDWLRQ RU VXSSUHVVLRQ RI DPELJXRXV ZRUG PHDQLQJV $OWKRXJK SUHOLPLQDU\ UHVXOWV ZLWK D VPDOO QXPEHU RI VXEMHFWV GLG QRW GLUHFWO\ VXSSRUW SUHGLFWLRQV PDGH E\ KRPRWRSLF LQKLELWLRQ WKHRU\ &KLDUHOOR f FRQFOXGHG WKDW WKH WKHRU\ ZDV WHVWDEOH DQG ZRUWK FRQVLGHULQJ DV D SRVVLEOH RSHUDWLQJ FKDUDFWHULVWLF RI KXPDQ FHUHEUDO FRPPLVVXUHV 7KHRUHWLFDO PRGHOV GHDOLQJ ZLWK WKH SRWHQWLDO FRJQLWLYH DGYDQWDJHV RI FDOORVDOO\ PHGLDWHG LQKLELWLRQ DUH UHOHYDQW WR WKLV VWXG\nV ILQGLQJV LQ OLJKW RI D JURZLQJ ERG\ RI DQDWRPLFDO HYLGHQFH DERXW WKH H[LVWHQFH DQG RUJDQL]DWLRQ RI FDOORVDO SURMHFWLRQV ZLWK D SULPDULO\ LQKLELWRU\ HIIHFW &RQWL DQG 0DQ]RQL f VXJJHVWHG WKDW WKH WUDGLWLRQDO YLHZ WKDW YLUWXDOO\ DOO FDOORVDO SURMHFWLRQV DULVH IURP S\UDPLGDO FHOOV DQG KDYH DQ H[FLWDWRU\ HIIHFW FDQ QR ORQJHU EH FRQVLGHUHG DQ DGHTXDWH UHSUHVHQWDWLRQ RI WKH HQWLUH FDOORVDO V\VWHP 7KH\ QRWHG WKDW D SUHYLRXVO\ XQVXVSHFWHGO\ ODUJH SHUFHQWDJH RI FDOORVDOO\ SURMHFWLQJ QHXURQV DULVH IURP DVSLQ\ QRQS\UDPLGDO QHXURQV XVH JDPPD DPLQR EXW\ULF DFLG *$%$f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

PAGE 106

EH VLJQLILFDQWO\ DVVRFLDWHG ZLWK PHDVXUHG LQWHOOLJHQFH IRU VRPH JURXSV RI VXEMHFWV 7KH IDFW WKDW LQKLELWRU\ FDOORVDO SURMHFWLRQV PD\ EH FRQFHQWUDWHG LQ UHJLRQV ZKLFK LQWHUFRQQHFW DVVRFLDWLRQ FRUWH[ KLJKOLJKWV WKH SRVVLELOLW\ WKDW WKH FRQWULEXWLRQ RI LQWHUKHPLVSKHULF FRPPXQLFDWLRQ WR FRJQLWLRQ LV PHGLDWHG E\ LQKLELWLRQ DQG QRW H[FLWDWLRQ ,Q WKLV FRQWH[W FRQVLGHU WKH VWXG\n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nV FDSDFLW\ IRU DEVWUDFW UHDVRQLQJ FRQFHSWXDOL]DWLRQ DQG SUREOHP VROYLQJ 7KH GLIIHUHQFH LQ GLUHFWLRQ RI WKH FRUUHODWLRQ RI VSOHQLDO DUHD DQG PHDVXUHG LQWHOOLJHQFH EHWZHHQ VXEMHFWV ZLWK HDUO\ DQG ODWH VHL]XUH RQVHW LV DQ LQWULJXLQJ DVSHFW RI WKH VWXG\nV ILQGLQJV :LWK GDWD IURP D SRWHQWLDO RXWOLHU UHPRYHG D PRGHUDWH SRVLWLYH FRUUHODWLRQ U S f ZDV IRXQG EHWZHHQ VSOHQLDO DUHD DQG )6,4 IRU VXEMHFWV ZLWK ODWH VHL]XUH RQVHW DQG D ZHDN QHJDWLYH FRUUHODWLRQ U S f ZDV IRXQG IRU VXEMHFWV ZLWK DQ HDUO\ VHL]XUH RQVHW )RU FDOORVDO UHJLRQV LQWHUFRQQHFWLQJ SUHIURQWDO SRVWHULRU SDULHWDO DQG SRVWHULRU DVVRFLDWLRQ FRUWH[ WKHUH ZDV D QRQVLJQLILFDQW WUHQG IRU FRUUHODWLRQV ZLWK ,4 LQ WKH HDUO\ JURXS WR EH QHJDWLYH ZKLOH FRUUHODWLRQV IRU WKH ODWH

PAGE 107

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f WKDW LQDSSURSULDWH FDOORVDO D[RQV VSDUHG DV D UHVXOW RI HDUO\ VHL]XUH DFWLYLW\ PD\ LQWHUIHUH ZLWK FRJQLWLYH IXQFWLRQLQJ RU WKDW VHL]XUH DFWLYLW\ GXULQJ WKH SHULRG RI UDSLG FDOORVDO JURZWK GLVUXSWV WKH IRUPDWLRQ RI PRUH IXQFWLRQDO LQWHUKHPLVSKHULF FRQQHFWLRQV 7KH SK\VLRORJLF HIIHFW HJ H[FLWDWRU\ YHUVXV LQKLELWRU\f DQG RUJDQL]DWLRQDO FKDUDFWHULVWLFV HJ KRPRWRSLF YHUVXV KHWHURWRSLF YHUVXV GLIIXVHO\ RUJDQL]HGf RI FDOORVDO SURMHFWLRQV LQYROYHG LQ LQIRUPDWLRQ SURFHVVLQJ KDV QRW EHHQ FOHDUO\ HVWDEOLVKHG DQG WKH DUJXPHQW DGYDQFHG KHUH GHSHQGV XSRQ WKH DVVXPSWLRQ WKDW LQFUHDVHG FDOORVDO DUHD UHIOHFWV DQ LQFUHDVHG QXPEHU RI FDOORVDO SURMHFWLRQV 5HFHQW HYLGHQFH VXSSRUWV WKLV DVVXPSWLRQ SDUWLFXODUO\ IRU DQWHULRU DQG SRVWHULRU FDOORVDO UHJLRQV ZLWK D KLJK SHUFHQWDJH RI VPDOO GLDPHWHU ILEHUV $ERLWL] 6FKHLEHO )LVKHU t =DLGHO f 2XWVLGH WKRVH DUHDV IDFWRUV RWKHU WKDQ QXPEHU RI D[RQV HJ D[RQ WKLFNQHVV WKLFNQHVV RI P\HOLQ VKHDWK QRQQHXUDO VXSSRUWLQJ FHOOVf PD\ DFFRXQW IRU VRPH GLIIHUHQFHV LQ PLGVDJLWWDO FDOORVDO DUHD

PAGE 108

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f RU WKDW ERWK DUH DVVRFLDWHG EHFDXVH RI WKHLU UHODWLRQVKLS WR D WKLUG YDULDEOH HJ DGHTXDF\ RI HDUO\ QXWULWLRQ RU HQYLURQPHQWDO VWLPXODWLRQ DV SRWHQWLDO H[DPSOHVf +RZHYHU ZLWK WKLV UHSOLFDWLRQ RI WKH ILQGLQJ UHSRUWHG E\ 6WUDXVV :DGD DQG +XQWHU f DQG VLPLODU ILQGLQJV UHSRUWHG E\ RWKHU LQYHVWLJDWRUV LW LV UHDVRQDEOH VSHFXODWH WKDW LQGLYLGXDO GLIIHUHQFHV LQ LQWHUKHPLVSKHULF FRPPXQLFDWLRQ SOD\ D UROH LQ SHUIRUPDQFH RQ PHDVXUHV RI FRJQLWLYH IXQFWLRQLQJ $V QRWHG E\ +DUULV f PXFK RI WKH QHXURSV\FKRORJ\nV HDUO\ KLVWRU\ ZDV

PAGE 109

IRFXVHG RQ XQGHUVWDQGLQJ WKH XQLTXH FRQWULEXWLRQ RI HDFK KHPLVSKHUH WR FRJQLWLYH SURFHVVLQJ ZLWK D UHFHQW WUHQG WRZDUG UHFRJQLWLRQ RI WKH LPSRUWDQW UROH SOD\HG E\ LQWHUKHPLVSKHULF FRPPXQLFDWLRQ 7KH DELOLW\ WR JHQHUDOL]H WKLV VWXG\n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f ZRXOG SHUPLW D PRUH ULJRURXV WHVW RI WKH HIIHFW HDUO\ VHL]XUHV KDYH RQ WKH IXQFWLRQLQJ RI FDOORVDO SURMHFWLRQV $FFHSWLQJ WKH SUHPLVH WKDW HDUO\ VHL]XUH DFWLYLW\ GLVUXSWV FDOORVDO SUXQLQJ RU LQWHUIHUHV LQ VRPH ZD\ ZLWK QRUPDO LQWHUKHPLVSKHULF FRPPXQLFDWLRQ OHDGV WR WKH SUHGLFWLRQ WKDW VXEMHFWV ZLWK D KLVWRU\ RI HDUO\ VHL]XUHV VKRXOG QRW VKRZ WKH EHQHILW RI LQWHUKHPLVSKHULF SURFHVVLQJ IRXQG LQ KHDOWK\ DGXOWV &ORVLQJ 6XPPDU\ ,Q VXPPDU\ WKLV VWXG\ UHSOLFDWHG WKH ILQGLQJ RI 6WUDXVV :DGD t +XQWHU f WKDW IRU HSLOHSWLF SDWLHQWV WKHUH LV FRUUHODWLRQ EHWZHHQ VL]H RI WKH VSOHQLXP DQG PHDVXUHG ,4 7KH ILQGLQJV GLG QRW GLIIHU GHSHQGLQJ XSRQ VXEMHFWnV VH[ RU ODWHUDOLW\ RI VHL]XUH IRFXV

PAGE 110

DQG ZHUH QRW DWWULEXWDEOH WR GLIIHUHQFHV LQ RYHUDOO EUDLQ VL]H +RZHYHU WKH UHVXOWV GLG LQGLFDWH WKDW D ODUJHU VSOHQLXP ZDV DVVRFLDWHG ZLWK KLJKHU ,4 VFRUHV RQO\ IRU VXEMHFWV ZLWK VHL]XUH RQVHW DIWHU DJH ILYH DQG WKDW WKH QDWXUH RI WKH UHODWLRQVKLS PD\ EH UHYHUVHG IRU VXEMHFWV ZLWK HDUOLHU VHL]XUH RQVHW 7KLV ILQGLQJ LV FRQVLVWHQW ZLWK VXJJHVWLRQV WKDW HDUO\ VHL]XUH DFWLYLW\ LQWHUIHUHV ZLWK QRUPDO FDOORVDO SUXQLQJ DQG PD\ UHVXOW LQ WKH IRUPDWLRQ RI LQDSSURSULDWH FRQQHFWLRQV GXULQJ GHYHORSPHQW 6H[ GLIIHUHQFHV ZHUH DOVR IRXQG LQ WHUPV RI WKH UHODWLRQVKLS EHWZHHQ VL]H RI WKH URVWUXP DQG ,4 VFRUHV ZLWK ODUJHU DUHD DVVRFLDWHG ZLWK KLJKHU ,4V IRU IHPDOHV DQG ORZHU ,4V IRU PDOHV 7KLV ILQGLQJ LV FRQVLVWHQW ZLWK VXJJHVWLRQV WKDW LQIRUPDWLRQ SURFHVVLQJ LV OHVV ODWHUDOL]HG DQG PRUH GHSHQGHQW XSRQ LQWHUKHPLVSKHULF FRPPXQLFDWLRQ LQ IHPDOHV 7KH UHVXOWV DOVR VXJJHVWHG D FRUUHODWLRQ EHWZHHQ D :$,65 PHDVXUH RI DWWHQWLRQ DQG FRQFHQWUDWLRQ DQG DUHD RI WKH FDOORVDO UHJLRQ FRQWDLQLQJ ILEHUV IURP SRVWHULRU SDULHWDO FRUWH[ 3UHGLFWLRQV DERXW GLIIHUHQWLDO UHODWLRQVKLSV EHWZHHQ DUHD RI DQWHULRU DQG SRVWHULRU FDOORVXP DQG :&67 3HUVHYHUDWLYH (UURU DQG )DFLDO 5HFRJQLWLRQ 7HVW VFRUH ZHUH QRW VXSSRUWHG

PAGE 111

/,67 2) 5()(5(1&(6 $ERLWL] ) 6FKHLEHO $ % )LVKHU 5 6 t =DLGHO ( f )LEHU FRPSRVLWLRQ RI WKH KXPDQ FRUSXV FDOORVXP %UDLQ 5HVHDUFK $LFDUGL f 'LVHDVHV RI WKH QHUYRXV V\VWHP LQ FKLOGKRRG 2[IRUG 0DF.HLWK 3UHVV $QGHUVRQ 6 : 'DPDVLR + -RQHV 5 t 7UDQHO f :LVFRQVLQ &DUG 6RUWLQJ 7HVW SHUIRUPDQFH DV D PHDVXUH RI IURQWDO OREH GDPDJH -RXUQDO RI &OLQLFDO DQG ([SHULPHQWDO 1HXURSV\FKRORJ\ $UQGW 6 &RKHQ $OOLJHU 5 6ZD\]H 9 0 t $QGUHDVHQ 1 & f 3UREOHPV ZLWK UDWLR DQG SURSRUWLRQ PHDVXUHV RI LPDJHG FHUHEUDO VWUXFWXUHV 3V\FKLDWU\ 5HVHDUFK 1HXURLPDJLQJ %DQLFK 0 7 f ,QWHUKHPLVSKHULF LQWHUDFWLRQ 0HFKDQLVPV RI XQLILHG SURFHVVLQJ ,Q )UHGHULFN / .LWWHUOH (Gf +HPLVSKHULF LQWHUDFWLRQ 0HFKDQLVPV DQG PRGHOV SS f +LOOVGDOH 1/DZUHQFH (UOEDXP $VVRFLDWHV ,QF %DUQDUG 5 2 t 7ULJJV 0 f &RUSXV FDOORVXP LQ PXOWLSOH VFOHURVLV -RXUQDO RI 1HXURORJ\ 1HXURVXUJHU\ DQG 3V\FKLDWU\ %HOORWWL & 3DSSDGD 6DQL 5 2OLYHUL t 6WDQJDOLQR & f 7KH WUDQVFDOORVDO DSSURDFK IRU OHVLRQV DIIHFWLQJ WKH ODWHUDO DQG WKLUG YHQWULFOHV 6XUJLFDO FRQVLGHUDWLRQV DQG UHVXOWV LQ D VHULHV RI FDVHV $FWD1HXURFKLU :LHQ %HQWRQ $ / GHV +DPVKHU 9DUQH\ 1 5 t 6SUHHQ 2 f &RQWULEXWLRQV WR QHXURSV\FKRORJLFDO DVVHVVPHQW 1HZ
PAGE 112

%HUJ ( $ f $ VLPSOH REMHFWLYH WHVW IRU PHDVXULQJ IOH[LELOLW\ LQ WKLQNLQJ -RXUQDO RI *HQHUDO 3V\FKRORJ\ %HUPDQ ) 2VWUHP / 5DQGROSK & *ROG *ROGEHUJ 7 ( &RSSROD 5 &DUVRQ 5 ( +HUVFRYLWFK 3 t :HLQEHUJHU 5 f 3K\VLRORJLFDO DFWLYDWLRQ RI D FRUWLFDO QHWZRUN GXULQJ SHUIRUPDQFH RI WKH :LVFRQVLQ &DUG 6RUWLQJ 7HVW $ SRVLWURQ HPLVVLRQ WRPRJUDSK\ VWXG\ 1HXURSVYFKRORJLD %HUPDQ .) 7RUUH\ () 'DQLHO '* t :HLQEHUJHU '5 f 3UHIURQWDO FRUWLFDO EORRG IORZ LQ PRQR]\JRWLF WZLQV FRQFRUGDQW DQG GLVFRUGDQW IRU VFKL]RSKUHQLD 6FKL]RSKUHQLD 5HVHDUFK %RGHQVWHLQHU 6FKDHIHU % %UHHGLQJ / t &RZDQ / f +\SRSODVLD RI WKH FRUSXV FDOORVXP D VWXG\ RI FRQVHFXWLYH 05, VFDQV -RXUQDO RI &KLOG 1HXURORJ\ %RJHQ ( f 7KH FDOORVDO V\QGURPHV ,Q .HQQHWK 0 +HLOPDQ t (GZDUG 9DOHQVWHLQ (GVf &OLQLFDO 1HXURSV\FKRORJ\ SS f 1HZ &RPSXWHU 6RIWZDUH@ +LOOVGDOH 1/DZUHQFH (UOEDXP $VVRFLDWHV ,QF %RPVWHLQ 5 $ 'UDNH 0 ( t 3DNDOQLV $ f :$,65 IDFWRU VWUXFWXUH LQ HSLOHSWLF SDWLHQWV (SLOHSVLD %XUNH + / t

PAGE 113

* $ f 7KH JHQH UHVSRQVLEOH IRU D VHYHUH IRUP RI SHULSKHUDO QHXURSDWK\ DQG DJHQHVLV RI WKH FRUSXV FDOORVXP PDSV WR FKURPRVRPH T $PHULFDQ -RXUQDO RI +XPDQ *HQHWLFV &KHOXQH 1DXJOH 5 /XGHUV + t $ZDG $ f 3UHGLFWLRQ RI FRJQLWLYH FKDQJH DV D IXQFWLRQ RI SUHRSHUDWLYH DELOLW\ VWDWXV DPRQJ WHPSRUDO OREHFWRP\ SDWLHQWV VHHQ DW PRQWK IROORZXS 1HXURORJ\ &KLDUHOOR & f 'RHV WKH FRUSXV FDOORVXP SOD\ D UROH LQ WKH DFWLYDWLRQ DQG VXSSUHVVLRQ RI DPELJXRXV ZRUG PHDQLQJV" ,Q )UHGHULFN / .LWWHUOH (Gf +HPLVSKHULF FRPPXQLFDWLRQ 0HFKDQLVPV DQG PRGHOV SS f +LOOVGDOH 186 /DZUHQFH (UOEDXP $VVRFLDWHV &ODUN & 5 t *HIIHQ 0 f &RUSXV FDOORVXP VXUJHU\ DQG UHFHQW PHPRU\ $ UHYLHZ %UDLQ &ODUNH 0 t =DLGHO ( f $QDWRPLFDOEHKDYLRUDO UHODWLRQVKLSV &RUSXV FDOORVXP PRUSKRPHWU\ DQG KHPLVSKHULF VSHFLDOL]DWLRQ %HKDYLRUDO %UDLQ 5HVHDUFK &RIIPDQ $ %RPVWHLQ 5 $ 2OVRQ 6 & 6FKZDU]NRSI 6 % t 1DVUDOODK + $ f &RJQLWLYH LPSDLUPHQW DQG FHUHEUDO VWUXFWXUH E\ 05, LQ ELSRODU GLVRUGHU %LRORJLFDO 3V\FKLDWU\ &RPUH\ $ / t /HH + % f $ ILUVW FRXUVH LQ IDFWRU DQDO\VLV +LOOVGDOH 1(UOEDXP &RQWL ) t 0DQ]RQL 7 f 7KH QHXURWUDQVPLWWHUV DQG SRVWV\QDSWLF DFWLRQV RI FDOORVDOO\ SURMHFWLQJ QHXURQV %HKDYLRUDO %UDLQ 5HVHDUFK &RRN 1 f +RPRWRSLF FDOORVDO LQKLELWLRQ %UDLQ DQG /DQJXDJH &RRN 1 f 7KH EUDLQ FRGH 0HFKDQLVPV RI LQIRUPDWLRQ WUDQVIHU DQG WKH UROH RI WKH FRUSXV FDOORVXP /RQGRQ 0HWKXHQ

PAGE 114

&RUFRUDQ 5 t 8SWRQ f $ UROH IRU WKH KLSSRFDPSXV LQ FDUG VRUWLQJ" &RUWH[ &RZHOO 3 ( .HUWHV] $ t 'HQHQEHUJ 9 + f 0XOWLSOH GLPHQVLRQV RI KDQGHGQHVV DQG WKH KXPDQ FRUSXV FDOORVXP 1HXURORJ\ &XNLHUW $ +DGGDG 0 6 0XVVL $ t 0DULQR -XQLRU 5 f 7UDXPDWLF FDOORVRWRP\ $UT 1HXURSVLTXLDWU 'DPDVLR $ 5 t $QGHUVRQ 6 : f 7KH IURQWDO OREHV ,Q .HQQHWK 0 +HLOPDQ t (GZDUG 9DOHQVWHLQ (GVf &OLQLFDO 1HXURSV\FKRORJ\ SS f 1HZ
PAGE 115

'UHZH ( $ f 7KH HIIHFW RI W\SH DQG DUHD RI EUDLQ OHVLRQ RQ :LVFRQVLQ &DUG 6RUWLQJ 7HVW SHUIRUPDQFH &RUWH[ 'ULFNHU %XWWHUV 1 %HUPDQ 6DPXHOV t &DUH\ 6 f 7KH UHFRJQLWLRQ DQG HQFRGLQJ RI IDFHV E\ DOFRKROLF .RUVDNRII DQG ULJKW KHPLVSKHUH SDWLHQWV 1HXRSVYFKRORJLD 'ULHVHQ 1 5 t 5D] 1 LQ SUHVVf 7KH LQIOXHQFH RI VH[ DJH DQG KDQGHGQHVV RQ FRUSXV FDOORVXP PRUSKRORJ\ $ PHWDDQDO\VLV 3V\FKRELRORJ\ (JHONR 6 *RUGRQ : $ +LEEDUG 0 5 'LOOHU / /LHEHUPDQ $ 1 +ROOLGD\ 5 5DJQDUVVRQ 6KDYHU 0 6 t 2UD]HP f 5HODWLRQVKLS DPRQJ &7 VFDQV QHXURORJLF H[DP DQG QHXURSV\FKRORJLFDO WHVW SHUIRUPDQFH LQ ULJKWEUDLQGDPDJHG VWURNH SDWLHQWV -RXUQDO RI &OLQLFDO DQG ([SHULPHQWDO 1HXURSV\FKRORJ\ )HUJXVRQ 60 5D\SRUW 0 t &RUULH :6 f 1HXURSV\FKLDWULF REVHUYDWLRQV RQ EHKDYLRUDO FRQVHTXHQFHV RI FRUSXV FDOORVXP VHFWLRQ IRU VHL]XUH FRQWURO ,Q $* 5HHYHV (Gf (SLOHSV\ DQG WKH FRUSXV FDOORVXP SS f 1HZ
PAGE 116

*D]]DQLJD 0 6 +ROW]PDQ 'HFN 0 t /HH % & f 05, DVVHVVPHQW RI KXPDQ FDOORVDO VXUJHU\ ZLWK QHXURSV\FKRORJLFDO FRUUHODWHV 1HXURORJ\ *D]]DQLJD 0 6 .XWDV 0 9DQ 3HWWHQ & t )HQGULFK 5 f +XPDQ FDOORVDO IXQFWLRQ 05,YHULILHG QHXURSV\FKRORJLFDO IXQFWLRQV 1HXURORJ\ *HQWU\ / 5 7KRPSVRQ % t *RGHUVN\ & f 7UDXPD WR WKH FRUSXV FDOORVXP 05 IHDWXUHV $PHULFDQ -RXUQDO RI 1HXURUDGLRORJY *HQXDUGL 0 &DOYLHUL ) 7R]]L & &RVORYL 5 t 1HUL f $ QHZ FDVH RI LQWHUVWLWLDO GHOHWLRQ RI FKURPRVRPH T GHOTfTOTf ZLWK DJHQHVLV RI WKH FRUSXV FDOORVXP &OLQLFDO '\VPRUSKRORJY *LHGG 1 &DVWHOODQRV ) ; &DVH\ % .R]XFK 3 .LQJ $ & +DPEXUJHU 6 t 5DSRSRUW / f 4XDQWLWDWLYH PRUSKRORJ\ RI WKH FRUSXV FDOORVXP LQ DWWHQWLRQ GHILFLW K\SHUDFWLYLW\ GLVRUGHU $PHULFDQ -RXUQDO RI 3V\FKLDWU\ *LOHV ) + f 7HOHQFHSKDORQ PHGLXP DQG WKH ROIDFWRFHUHEUDO RXWSRXFKLQJ ,Q )+ *ULOOHV $ /HYLWQ t (& 'RROLQJ (GVf 7KH GHYHORSLQJ KXPDQ EUDLQ *URZWK DQG HSLGHPLRORJLFDO QHXURSDWKRORJ\ SS f %RVWRQ -RKQ :ULJKW *ROGPDQ 3 6 t 1DXWD : f &ROXPQDU GLVWULEXWLRQ RI FRUWLFRFRUWLFDO ILEHUV LQ WKH IURQWDO DVVRFLDWLRQ OLPELF DQG PRWRU FRUWH[ RI WKH GHYHORSLQJ UKHVXV PRQNH\ %UDLQ 5HVHDUFK *UDIPDQ -RQDV % t 6DOD]DU $ f :LVFRQVLQ &DUG 6RUWLQJ 7HVW SHUIRUPDQFH EDVHG RQ ORFDWLRQ DQG VL]H RI QHXURDQDWRPLFDO OHVLRQ LQ 9LHWQDP YHWHUDQV ZLWK SHQHWUDWLQJ KHDG LQMXU\ 3HUFHSWXDO DQG 0RWRU 6NLOOV *UDQW $ t %HUJ ( $ f $ EHKDYLRUDO DQDO\VLV RI GHJUHH RI UHLQIRUFHPHQW DQG HDVH RI VKLIWLQJ WR QHZ UHVSRQVHV LQ D :HLJHOW\SH FDUG VRUWLQJ WHVW -RXUQDO RI ([SHULPHQWDO 3V\FKRORJ\ *ULJRQLV $ 0 t 0XUSK\ ( + f 7KH HIIHFWV RI HSLOHSWLF FRUWLFDO DFWLYLW\ RQ WKH GHYHORSPHQW RI FDOORVDO SURMHFWLRQV 'HYHORSPHQWDO %UDLQ 5HVHDUFK

PAGE 117

*XLGHWWL % t 6SDOORQH $ f 7KH PDQDJHPHQW RI DUWHULRYHQRXV PDOIRUPDWLRQV RI WKH FRUSXV FDOORVXP 1HXURORJ\ 5HVHDUFK *XSWD t /LOIRUG 5 f $VVHVVPHQW DQG PDQDJHPHQW RI IHWDO DJHQHVLV RI WKH FRUSXV FDOORVXP 3UHQDWDO 'LDJQRVWLFV +DELE 0 *D\UDXG 2OLYD $ t 5HJLV f (IIHFWV RI KDQGHGQHVV DQG VH[ RQ WKH PRUSKRORJ\ RI WKH FRUSXV FDOORVXP $ VWXG\ ZLWK EUDLQ PDJQHWLF UHVRQDQFH LPDJLQJ %UDLQ DQG &RJQLWLRQ +DPVKHU /HYLQ + 6 t %HQWRQ $ / f )DFLDO UHFRJQLWLRQ LQ SDWLHQWV ZLWK IRFDO EUDLQ OHVLRQV $UFKLYHV RI 1HXURORJ\ +DUULV / f 7KH FRUSXV FDOORVXP DQG KHPLVSKHULF FRPPXQLFDWLRQ $Q KLVWRULFDO VXUYH\ RI WKHRU\ DQG UHVHDUFK ,Q )UHGHULFN / .LWWHUOH (Gf +HPLVSKHULF FRPPXQLFDWLRQ 0HFKDQLVPV DQG PRGHOV SS f +LOOVGDOH 186 /DZUHQFH (UOEDXP $VVRFLDWHV +HDWRQ 5 f $ PDQXDO IRU WKH :LVFRQVLQ &DUG 6RUWLQJ 7HVW 2GHVVD )/ 3V\FKRORJLFDO $VVHVVPHQW +HDWRQ 5 &KHOXQH 7DOOH\ / .D\ * t &XUWLVV f :LVFRQVLQ &DUG 6RUWLQJ 7HVW 0DQXDO 5HYLVHG DQG H[SDQGHG 2GHVVD )/ 3V\FKRORJLFDO $VVHVVPHQW +HLOPDQ 0 t 9DQ 'HQ $EHOO 7 f 5LJKW KHPLVSKHULF GRPLQDQFH IRU PHGLDWLQJ FHUHEUDO DFWLYDWLRQ 1HXURSVYFKRORHLD +HUPDQQ % 3 :\OHU $ 5 t 5LFKH\ ( 7 f :LVFRQVLQ &DUG 6RUWLQJ 7HVW SHUIRUPDQFH LQ SDWLHQWV ZLWK FRPSOH[ SDUWLDO VHL]XUHV RI WHPSRUDOOREH RULJLQ -RXUQDO RI &OLQLFDO DQG ([SHULPHQWDO 1HXURSV\FKRORJ\ +HZLWW : f 7KH GHYHORSPHQW RI WKH KXPDQ FRUSXV FDOORVXP -RXUQDO RI $QDWRP\

PAGE 118

+LQHV 0 &KLX / 0F$GDPV / $ t %HQWOHU 3 0 f &RJQLWLRQ DQG WKH FRUSXV FDOORVXP 9HUEDO IOXHQF\ YLVXRVSDWLDO DELOLW\ DQG ODQJXDJH ODWHUDOL]DWLRQ UHODWHG WR PLGVDJLWWDO VXUIDFH DUHDV RI FDOORVDO VXEUHJLRQV %HKDYLRUDO 1HXURVFLHQFH +RSWPDQ 0 t 'DYLGVRQ 5 f +RZ DQG ZK\ GR WKH WZR FHUHEUDO KHPLVSKHUHV LQWHUDFW" 3V\FKRORJLFDO %XOOHWLQ +XEHU 6 3DXOVRQ : 6KXWWOHZRUWK ( & &KDNHUHV &ODSS / ( 3DNDOQLV $ :HLVV t 5DPPRKDQ f 0DJQHWLF UHVRQDQFH LPDJLQJ FRUUHODWHV RI GHPHQWLD LQ PXOWLSOH VFOHURVLV $UFKLYHV RI 1HXURORJ\ +XEHU 6 %RPVWHLQ 5 $ 5DPPRKDQ : t &KULVW\ $ f 0DJQHWLF UHVRQDQFH LPDJLQJ FRUUHODWHV RI H[HFXWLYH IXQFWLRQ LPSDLUPHQWV LQ PXOWLSOH VFOHURVLV 1HXURSV\FKLDWU\ 1HXURSV\FKRORJ\ DQG %HKDYLRUDO 1HXURORJ\ +\QG : 6HPUXG&OLNHPDQ 0 /RU\V $ 5 1RYH\ ( 6 (OLRSXORV t /\\WLQHQ + f &RUSXV FDOORVXP PRUSKRORJ\ LQ DWWHQWLRQ GHILFLWK\SHUDFWLYLW\ GLVRUGHU PRUSKRPHWULF DQDO\VLV RI 05, -RXUQDO RI /HDUQLQJ 'LVDELOLWLHV ,QQRFHQWL 0 f *HQHUDO RUJDQL]DWLRQ RI FDOORVDO FRQQHFWLRQV LQ WKH FHUHEUDO FRUWH[ ,Q (* -RQHV t $ 3HWHUV (GVf &HUHEUDO &RUWH[ 1HZ
PAGE 119

-RKQVRQ 6 & %LJOHU ( %XUU 5 % t %ODWWHU ' f :KLWH PDWWHU DWURSK\ YHQWULFXODU GLODWDWLRQ DQG LQWHOOHFWXDO IXQFWLRQLQJ IROORZLQJ WUDXPDWLF EUDLQ LQMXU\ 1HXURSV\FKRORJ\ -RKQVRQ 6 & )DPZRUWK 7 3LQNVWRQ % %LJOHU ( t %ODWWHU ' f &RUSXV FDOORVXP VXUIDFH DUHD DFURVV WKH KXPDQ DGXOW OLIH VSDQ HIIHFW RI DJH DQG JHQGHU %UDLQ 5HVHDUFK %XOOHWLQ -XUDVND 0 t .RSFLN 5 f 6H[ DQG HQYLURQPHQWDO LQIOXHQFHV RQ WKH VL]H DQG XOWUDVWUXFWXUH RI WKH UDW FRUSXV FDOORVXP %UDLQ 5HVHDUFK .DSXU 1 f 'RXEOH GLVVRFLDWLRQ EHWZHHQ SHUVHYHUDWLRQ LQ PHPRU\ DQG SUREOHP VROYLQJ WDVNV &RUWH[ .DXIPDQ $ 6 f 93 'LVFUHSDQFLHV LQ EUDLQGDPDJHG DGXOWV ,QWHUDFWLRQV ZLWK JHQGHU UDFH DQG RWKHU SDWLHQW YDULDEOHV ,Q $VVHVVLQJ $GROHVFHQW DQG DGXOW LQWHOOLJHQFH SS f %RVWRQ 0$ $OO\Q DQG %DFRQ ,QF .HUWHV] $ 3RON 0 +RZHOO t %ODFN 6 ( f &HUHEUDO GRPLQDQFH VH[ DQG FDOORVDO VL]H LQ 05, 1HXURORJ\ .HVKDYDQ 0 6 6DQGHUV 5 3HWWHJUHZ : t 'RPEURZVN\ 6 0 f )URQWDO OREH PHWDEROLVP DQG FHUHEUDO PRUSKRORJ\ LQ VFKL]RSKUHQLD VXSVXS,3 06 DQG 05, VWXGLHV 6FKL]RSKUHQLD 5HVHDUFK .RORGQ\ ( + f $JHQHVLV RI WKH FRUSXV FDOORVXP D PDUNHU IRU LQKHULWHG PHWDEROLF GLVHDVH" 1HXURORJ\ .RPDWVX 6 6DWR 7 .DJDZD 6 0RUL 7 t 1DPLNL 7 f 7UDXPDWLF OHVLRQV RI WKH FRUSXV FDOORVXP 1HXURVXUJHU\ .RSSHO + t ,QQRFHQWL 0 f ,V WKHUH D JHQXLQH H[XEHUDQF\ RI FDOORVDO SURMHFWLRQV LQ GHYHORSPHQW" $ TXDQWLWDWLYH HOHFWURQ PLFURVFRSLF VWXG\ LQ WKH FDW 1HXURVFLHQFH /HWWHUV

PAGE 120

,OO .RVDU\ = %UDKDP 6KDFNHG t .URQHQEHUJ < f 9DVFXODU PDOIRUPDWLRQ RI WKH SRVWHULRU FRUSXV FDOORVXP VXUJLFDO WUHDWPHQW 6XUJLFDO 1HXURORJ\ /DFH\ f $JHQHVLV RI WKH FRUSXV FDOORVXP &OLQLFDO IHDWXUHV LQ FKLOGUHQ $PHULFDQ -RXUQDO RI 'LVHDVHV RI &KLOGUHQ /D0DQWLD $ 6 t 5DNLF 3 f $[RQ RYHUSURGXFWLRQ DQG HOLPLQDWLRQ LQ WKH FRUSXV FDOORVXP RI WKH GHYHORSLQJ UKHVXV PRQNH\ -RXUQDO RI 1HXURVFLHQFH /DVVRQGH 0 6DXHUZHLQ + *HRIIUR\ t 0HUFLHU & f $EVHQFH RI GLVFRQQHFWLRQ V\QGURPH DIWHU HDUO\ FDOORVRWRP\ ,Q $* 5HHYHV t ': 5REHUWV (GVf (SLOHSV\ DQG WKH FRUSXV FDOORVXP ,, SS f 1HZ
PAGE 121

/XQD $ 5 f +LJKHU FRUWLFDO IXQFWLRQV LQ PDQ 6HFRQG HGLWLRQf 1HZ
PAGE 122

0LVUD % 5RXW 3DGDPDGDQ t 5DGKDNULVKQDQ 9 9 f 7UDQVFDOORVDO DSSURDFK WR DQWHULRU DQG PLGWKLUG YHQWULFXODU WXPRUVD UHYLHZ RI FDVHV $QQXDO $FDGHP\ RI 0HGLFLQH 6LQJDSRUH 0XJOHU 3 t %RRNHPDQ 5 f (YDOXDWLRQ RI D VLPSOH PHWKRG IRU UHFRQVWUXFWLQJ DV\PPHWULFDOO\ VDPSOHG HFKR GDWD -RXUQDO RI 0DJQHWLF 5HVRQDQFH ,PDJLQJ 0\ULDQWKURSRXORV 1 & f (SLGHPLRORJ\ RI FHQWUDO QHUYRXV V\VWHP PDOIRUPDWLRQV ,Q 3 9LQNHQ *: %UX\Q t +/ .ODZDQV (GVf +DQGERRN RI FOLQLFDO QHXURORJ\ SS f 1HZ
PAGE 123

2ODYDUULD t 9DQ 6OX\WHUV 5 & f &DOORVDO FRQQHFWLRQV RI WKH SRVWHULRU QHRFRUWH[ LQ QRUPDOH\HG FRQJHQLWDOO\ DQRSKWKDOPLF DQG QHRQDWDOO\ HQXFOHDWHG PLFH -RXUQDO RI &RPSDUDWLYH 1HXURORJ\ 2ODYDUULD t 9DQ 6OX\WHUV 5 & f $[RQV IURP UHVWULFWHG UHJLRQV RI WKH FRUWH[ SDVV WKURXJK UHVWULFWHG SRUWLRQV RI WKH FRUSXV FDOORVXP LQ DGXOW DQG QHRQDWDO UDWV %UDLQ 5HVHDUFK 2SHVNLQ f 7UDXPDWLF SHULFDOORVDO DUWHU\ DQHXU\VP $PHULFDQ -RXUQDO RI )RUHQVLF 0HGLFLQH DQG 3DWKRORJ\ 2SSHQKHLP 6 6NHUU\ ( 7UDPR 0 t *D]]DQLJD 0 6 f 0DJQHWLF UHVRQDQFH LPDJLQJ PRUSKRORJ\ RI WKH FRUSXV FDOORVXP LQ PRQR]\JRWLF WZLQV $QQDOV RI 1HXURORJ\ 3DQG\D t 5RVHQH / f (SLOHSV\ DQG WKH FRUSXV FDOORVXP 1HZ
PAGE 124

3XMRO 9HQGUHOO 3 -XQTXH & t 0DUWL 9LODOWD / f :KHQ GRHV KXPDQ EUDLQ GHYHORSPHQW HQG" (YLGHQFH RI FRUSXV FDOORVXP JURZWK XS WR DGXOWKRRG $QQDOV RI 1HXURORJ\ 5DR 6 0 /HR +DXJKWRQ 9 0 6W $XELQ)DXEHUW 3 t %HPDUGLQ / f &RUUHODWLRQ RI PDJQHWLF UHVRQDQFH LPDJLQJ ZLWK QHXURSV\FKRORJLFDO WHVWLQJ LQ PXOWLSOH VFOHURVLV 1HXURORJ\ 5DXFK 5 $ t -LQNLQV 5 f $QDO\VLV RI FURVVVHFWLRQDO DUHD PHDVXUHPHQWV RI WKH FRUSXV FDOORVXP DGMXVWHG IRU EUDLQ VL]H LQ PDOH DQG IHPDOH VXEMHFWV IURP FKLOGKRRG WR DGXOWKRRG %HKDYLRUDO %UDLQ 5HVHDUFK 5D\SRUW 0 )HUJXVRQ 6 0 t &RUULH : 6 f 2XWFRPHV DQG LQGLFDWLRQV RI FRUSXV FDOORVXP VHFWLRQ IRU LQWUDFWDEOH VHL]XUH FRQWURO $SSOLHG 1HXURSK\VLRORJ\ 5HHYHV $ t 5LVVH f 1HXURORJLF HIIHFWV RI FDOORVRWRP\ ,Q $* 5HHYHV t ': 5REHUWV (GVf (SLOHSV\ DQG WKH FRUSXV FDOORVXP ,, SS f 1HZ
PAGE 125

6DQGHUV 5 f 6HQWHQFH FRPSUHKHQVLRQ IROORZLQJ DJHQHVLV RI WKH FRUSXV FDOORVXP %UDLQ DQG /DQJXDJH 6DVV 6SHQFHU ' 6SHQFHU 6 6 1RYHOO\ 5 $ :LOOLDPVRQ 3 t 0DWWVRQ 5 + f &RUSXV FDOORVRWRP\ IRU HSLOHSV\ ,, 1HXURORJLF DQG QHXURSV\FKRORJLFDO RXWFRPH 1HXURORJ\ 6D\NLQ $ *XU 5 & 6XVVPDQ 1 0 2n&RQQRU ) t *XU 5 f 0HPRU\ GHILFLWV EHIRUH DQG DIWHU WHPSRUDO OREHFWRP\ (IIHFWV RI ODWHUDOLW\ DQG DJH RI RQVHW %UDLQ DQG &RJQLWLRQ 6FKDOWHQEUDQG 6SXOHU + t :DKUHQ : f 7KH DQDWRP\ RI WKH FRUSXV FDOORVXP GHWHUPLQHG HOHFWULFDOO\ GXULQJ VWHUHRWDFWLF VWLPXODWLRQ LQ PDQ &RQIQ 1HXURO 6FKODXJ -DQFNH / +XDQJ < 6WDLJHU ) t 6WHLQPHW] + f ,QFUHDVHG FRUSXV FDOORVXP VL]H LQ PXVLFLDQV 1HXURSV\FKRORHLD 6FKXOW] 5 7 t 6WDLE / + f &RUSXV FDOORVXP PRUSKRORJ\ LQ WZLQV (YLGHQFH IRU KHULWDELOLW\ DQG VH[ GLIIHUHQFHV LQ VWUXFWXUHIXQFWLRQ UHODWLRQVKLSV -RXUQDO RI WKH ,QWHUQDWLRQDO 1HXURSV\FKRORJLFDO 6RFLHW\ 6HOW]HU % t 3DQG\D 1 f 7KH GLVWULEXWLRQ RI SRVWHULRU SDULHWDO ILEHUV LQ WKH FRUSXV FDOORVXP RI WKH UKHVXV PRQNH\ ([SHULPHQWDO %UDLQ 5HVHDUFK 6HPUXG&OLNHPDQ 0 )LOLSHN 3 $ %LHGHUPDQ 6WHLQJDUG 5 .HQQHG\ 5HQVKDZ 3 t %HNNHQ f $WWHQWLRQGHILFLW K\SHUDFWLYLW\ GLVRUGHU PDJQHWLF UHVRQDQFH LPDJLQJ PRUSKRPHWULF DQDO\VLV RI WKH FRUSXV FDOORVXP -RXUQDO RI WKH $PHULFDQ $FDGHP\ RI &KLOG DQG $GROHVFHQW 3V\FKLDWU\ 6HQHJRU 0 f 7UDXPDWLF SHULFDOORVDO DQHXU\VP LQ D SDWLHQW ZLWK QR PDMRU WUDXPD &DVH UHSRUW -RXUQDO RI 1HXURVXUJHU\ 6HUJHQW f 9LVXDOL]LQJ WKH ZRUNLQJ FHUHEUDO KHPLVSKHUHV ,Q )UHGHULFN / .LWWHUOH (Gf +HPLVSKHULF FRPPXQLFDWLRQ 0HFKDQLVPV DQG PRGHOV SS f +LOOVGDOH 1/DZUHQFH (UOEDXP

PAGE 126

6HUJHQW t &RUEDOOLV 0 & f &DWHJRUL]DWLRQ RI GLVRULHQWHG IDFHV LQ WKH FHUHEUDO KHPLVSKHUHV RI QRUPDO DQG FRPPLVVXURWRPL]HG VXEMHFWV -RXUQDO RI ([SHULPHQWDO 3V\FKRORJ\ +XPDQ 3HUFHSWLRQ DQG 3HUIRUPDQFH 6PLWK / $ t 5RXUNH % 3 f &DOORVDO DJHQHVLV ,Q %\URQ 3 5RXUNH (Gf 6\QGURPH RI QRQYHUEDO OHDUQLQJ GLVDELOLWLHV 1HXURGHYHORSPHQWDO PDQLIHVWDWLRQV SS f 1HZ
PAGE 127

7HPSOH & 0 t ,OVOH\ f 3KRQHPLF GLVFULPLQDWLRQ LQ FDOORVDO DJHQHVLV &RUWH[ 7HPSOH & 0 -HHYHV 0 $ t 9LODUUR\D 2 f 7HQ SHQ PHQ 5K\PLQJ VNLOOV LQ WZR FKLOGUHQ ZLWK FDOORVDO DJHQHVLV %UDLQ DQG /DQJXDJH 7HPSOH & 0 -HHYHV 0 $ t 9LODUUR\D 2 2 f 5HDGLQJ LQ FDOORVDO DJHQHVLV %UDLQ DQG /DQJXDJH 7KRPSVRQ $ 3 +RZDUG t $QGHUVRQ f 7ZR DQG IRXUVXEWHVW VKRUW IRUPV RI WKH :$,65 9DOLGLW\ LQ D SV\FKLDWULF VDPSOH &DQDGLDQ -RXUQDO RI %HKDYLRUDO 6FLHQFH 7RPDVFK f 6L]H GLVWULEXWLRQ DQG QXPEHU RI ILEHUV LQ WKH KXPDQ FRUSXV FDOORVXP $QDWRPLFDO 5HFRUG 7UDPR 0 %D\QHV )HQGULFK 5 0DQJXQ 5 3KHOSV ( $ 5HXWHU/RUHQ] 3 $ t *D]]DQLJD 0 6 f +HPLVSKHULF VSHFLDOL]DWLRQ DQG LQWHUKHPLVSKHULF LQWHJUDWLRQ ,QVLJKWV IURP H[SHULPHQWV ZLWK FRPPLVVXURWRP\ SDWLHQWV ,Q $* 5HHYHV t ': 5REHUWV (GVf (SLOHSV\ DQG WKH FRUSXV FDOORVXP ,, SS f 1HZ
PAGE 128

:HLQEHUJHU 5 %HUPDQ ) t ,OORZVN\ % 3 f 3K\VLRORJLF G\VIXQFWLRQ RI GRUVRODWHUDO SUHIURQWDO FRUWH[ LQ VFKL]RSKUHQLD $ QHZ FRKRUW DQG HYLGHQFH IRU D PRQRDPLQHUJLF PHFKDQLVP $UFKLYHV RI *HQHUDO 3V\FKLDWU\ :HLQEHUJHU 5 %HUPDQ ) t =HH 5 ) f 3K\VLRORJLF G\VIXQFWLRQ RI GRUVRODWHUDO SUHIURQWDO FRUWH[ LQ VFKL]RSKUHQLD $UFKLYHV RI *HQHUDO 3V\FKLDWU\ :HLV 6 .LPEDFKHU 0 :HQJHU ( t 1HXKROG $ f 0RUSKRPHWULF DQDO\VLV RI WKH FRUSXV FDOORVXP XVLQJ 05 FRUUHODWLRQ RI PHDVXUHPHQWV ZLWK DJLQJ LQ KHDOWK\ LQGLYLGXDOV $PHULFDQ -RXUQDO RI 1HXURUDGLRORJY :LOOLDPVRQ 3 f &RUSXV FDOORVXP VHFWLRQ 3UHRSHUDWLYH HYDOXDWLRQ ,Q $* 5HHYHV t ': 5REHUWV (GVf (SLOHSV\ DQG WKH FRUSXV FDOORVXP ,, SS f 1HZ
PAGE 129

:RLFLHFKRZVN\ & 9RJHO 6 /HKPDQQ 5 t 6WDXGW f 7UDQVFDOORVDO UHPRYDO RI OHVLRQV DIIHFWLQJ WKH WKLUG YHQWULFOH DQ DQDWRPLF DQG FOLQLFDO VWXG\ 1HXURVXUJHU\
PAGE 130

%,2*5$3+,&$/ 6.(7&+ 7KRPDV % )O\QQ ZDV ERP LQ LQ 3KLODGHOSKLD 3HQQV\OYDQLD DQG JUDGXDWHG IURP )UDQNOLQ t 0DUVKDOO &ROOHJH LQ ZLWK D EDFKHORUnV GHJUHH ZLWK KRQRUV LQ SV\FKRORJ\ +H EHJDQ JUDGXDWH VWXG\ DW WKH 8QLYHUVLW\ RI )ORULGD LQ DQG UHFHLYHG D PDVWHUnV GHJUHH LQ FOLQLFDO DQG KHDOWK SV\FKRORJ\ LQ +H FRPSOHWHG D SUHGRFWRUDO LQWHUQVKLS ZLWK VSHFLDOW\ WUDLQLQJ LQ QHXURSV\FKRORJ\ LQ DW /RQJ ,VODQG -HZLVK 0HGLFDO &HQWHU *OHQ 2DNV 1< 0U )O\QQ ZDV WKH UHFLSLHQW RI D SUHGRFWRUDO WUDLQLQJ IHOORZVKLS IURP WKH 1DWLRQDO ,QVWLWXWH RI 0HQWDO +HDOWK 1DWLRQDO ,QVWLWXWHV RI +HDOWK +LV DUHD RI FOLQLFDO DQG UHVHDUFK LQWHUHVW LV FOLQLFDO QHXURSV\FKRORJ\

PAGE 131

, FHUWLI\ WKDW KDYH UHDG WKLV VWXG\ DQG WKDW LQ P\ RSLQLRQ LW FRQIRUPV WR DFFHSWDEOH VWDQGDUGV RI VFKRODUO\ SUHVHQWDWLRQ DQG LV IXOO\ DGHTXDWH LQ VFRSH DQG TXDOLW\ DV D GLVVHUWDWLRQ IRU WKH GHJUHH RI 'RFWRU RI 3KLORVRSK\ /LXr &acWf &U?
PAGE 132

7KLV GLVVHUWDWLRQ ZDV VXEPLWWHG WR WKH *UDGXDWH )DFXOW\ RI WKH &ROOHJH RI +HDOWK 3URIHVVLRQV DQG WR WKH *UDGXDWH 6FKRRO DQG ZDV DFFHSWHG DV SDUWLDO IXOILOOPHQW RI WKH UHTXLUHPHQWV IRU WKH GHJUHH RI 'RFWRU RI 3KLORVRSK\ 'HFHPEHU 'HDQ &ROOHJH RI +HDOWK 3URIHVVLRQV 'HDQ *UDGXDWH 6FKRRO


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 EM1HW22R1_I04GTZ INGEST_TIME 2014-03-24T17:02:34Z PACKAGE AA00020007_00001
AGREEMENT_INFO ACCOUNT UF PROJECT UFDC
FILES