Citation
A sociolinguistic and conversational analysis among second generation Moroccans in the Netherlands

Material Information

Title:
A sociolinguistic and conversational analysis among second generation Moroccans in the Netherlands
Creator:
Van Deusen-Scholl, Petronella Lyda Francisca, 1957-
Publication Date:

Subjects

Subjects / Keywords:
Conversation ( jstor )
Discourse ( jstor )
Foreign language learning ( jstor )
Immigration ( jstor )
Language ( jstor )
Schools ( jstor )
Social interaction ( jstor )
Sociolinguistics ( jstor )
Spoken communication ( jstor )
Trucks ( jstor )

Record Information

Rights Management:
Copyright [name of dissertation author]. Permission granted to the University of Florida to digitize, archive and distribute this item for non-profit research and educational purposes. Any reuse of this item in excess of fair use or other copyright exemptions requires permission of the copyright holder.
Resource Identifier:
24005885 ( ALEPH )
19508155 ( OCLC )

Downloads

This item has the following downloads:


Full Text














A SOCIOLINGUISTIC AND CONVERSATIONAL ANALYSIS
AMONG SECOND GENERATION MOROCCANS IN THE NETHERLANDS






By

PETRONELLA LYDA FRANCISCA VAN DEUSEN-SCHOLL


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

1988


UNIVKSITY OF FLORIA LIBRAIka




A SOCIOLINGUISTIC AND CONVERSATIONAL ANALYSIS
AMONG SECOND GENERATION MOROCCANS IN THE NETHERLANDS
By
PETRONELLA LYDA FRANCISCA VAN DEUSEN-SCHOLL
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
1988
9
UNIVERSITY OF FLORIDA LIBRARIES


Copyright 1988
by
Petronella Lyda Francisca Van Deusen-Scholl


ACKNOWLEDGEMENTS
I would like to express my sincere thanks to my
dissertation director, Dr. Allan Burns, for his support and
guidance over the years. Furthermore, I would like to
extend my appreciation to the members of my committee, Drs.
Aida Bamia, Norman Markel, Hernn Vera, and Jerrie Scott for
their help and insightful comments during this project.
Without the cooperation of Mr. Rob Rendering,
Principal of the Julianaschool voor MAVO in Utrecht, and Mr.
Jacques van Boven of the Internationale Schakelklassen in
Utrecht, I would not have been able to carry out my
research. Furthermore, I owe a special debt of gratitude to
the Moroccan students at the above schools and to the
members of the Association of Moroccan Migrants in Utrecht
who volunteered to participate in the research.
I am very grateful to my neighbor, Mevr. Brutel de la
Rivire, for allowing me to share in her wealth of knowledge
about Moroccan children. Verder een speciaal bedankje voor
mijn moeder voor alie gastvrijheid gedurende het onderzoek
in Utrecht. Finally, without the love and encouragement of
my husband Wayne this dissertation would never have been
written.
iii


TABLE OF CONTENTS
Page
ACKNOWLEDGEMENTS iii
LIST OF TABLES viii
ABSTRACT x
CHAPTERS
ONE INTRODUCTION AND METHODOLOGY 1
1.1 Introduction 1
1.1.1 Problem Statement 2
1.1.2 Theoretical Perspective 3
1.1.3 Terminology 4
1.2 Methodology 6
1.2.1 Research Questions 8
1.2.2 Research Design 9
1.2.3 Subjects 11
1.2.4 Data Analysis 22
1.3 Summary 2 3
1.4 Notes 24
TWO EUROPEAN LABOR MIGRATIONS: HISTORICAL
OVERVIEW AND POLICY ISSUES 26
2.1 Introduction 2 6
2.2 History of Labor Migrations 27
2.2.1 Foreign Workers in Western Europe. . 28
2.2.2 Immigration in the Netherlands .... 30
2.3 The Netherlands: Policy Formulation. . 31
2.3.1 Cultural Minorities: General
Observations 33
2.3.2 Moroccan Immigrants 3 3
2.4 The Second Generation 3 6
2.4.1 Second Generation Immigrants in
the Netherlands 39
2.4.2 Moroccans 4 0
2.5 Second Language Acquisition and
Educational Issues 43
IV


Page
2.5.1 The Education of Immigrant Children
in Europe 43
2.5.2 Educational Integration in the
Netherlands 47
2.5.3 Policy and Dutch as a Second Language. 58
2.5.4 Intercultural Education: A European
Perspective 60
2.6 Summary 61
THREE ANALYTICAL FRAMEWORK AND LITERATURE
REVIEW 64
3.1 Introduction 64
3.2 Sociolinguistics and Conversational
Interaction 68
3.3 Sociolinguistic Aspects of Discourse . 73
3.3.1 Ethnographic Observations 7 4
3.3.2 Quantitative Analysis 75
3.3.3 Discourse Strategies 76
3.4 Acquisition of Conversational Competence
by Second Language Learners 89
3.5 Child Discourse 93
3.5.1 Acquisition of Conversational
Competence 95
3.5.2 Child/Adult Differences in Second
Language Acquisition 97
3.5.3 Discourse Aspects of Child Second
Language Acquisition 101
3.6 Summary 103
3.7 Notes 103
FOUR SOCIOLINGUISTICS AND SECOND LANGUAGE
ACQUISITION 105
4.1 Introduction 105
4.2 Ethnographic Observations 107
4.3 Situational Variation in Language Use. 112
4.4 Conversational Data: Quantitative
Analysis 117
4.4.1 Differences between MAVO and ISK
Students 119
4.4.2 Conversational Data and Socio
demographic Variables 125
4.4.3 Age and Conversational Data 131
4.5 Conversational Strategies: Summary
Discussion 134
4.5.1 General Observations 135
4.5.2 Turn-taking 137
4.5.3 Simultaneous Speech 139
v


Page
4.6 Summary 14 2
4.7 Notes 14 3
FIVE SOCIOLINGUISTICS AND CONVERSATIONAL
INTERACTION 14 5
5.1 Introduction 145
5.2 Ethnographic Observations 14 6
5.3 Quantitative Analysis of Speech Data . 156
5.3.1 Total Number of Words 158
5.3.2 Total Number of Words per Participant. 159
5.3.3 Total Number of Turns and Mean Length
of Turn 163
5.3.4 Number of Turns over Time 163
5.3.5 Total Number and Percentage of Turns
per Participant 165
5.3.6 Speech Behavior per Participant
over Time 167
5.3.7 Mean Length of Turn 17 2
5.3.8 Simultaneous Speech Episodes 177
5.4 Discourse Strategies 178
5.4.1 Turn-taking 179
5.4.2 Coherence and Cohesion 185
5.4.3 Goals 194
5.4.4 Control 196
5.4.5 Topics 198
5.5 Summary 202
5.6 Notes 203
SIX CONCLUSIONS AND IMPLICATIONS FOR FURTHER
RESEARCH 2 04
6.1 Introduction 204
6.2 Policy Issues 205
6.3 Conversational Analysis: Theoretical
Issues 208
6.4 Second Language Acquisition Issues . 209
6.5 Discourse Strategies 211
6.6 Summary 212
APPENDICES
A QUESTIONNAIRE 214
B OUTLINE FOR STUDENT INTERVIEWS 216
C OUTLINE FOR TALK WITH AMMU SUBJECTS. . 218
vi


Page
BIBLIOGRAPHY 219
BIOGRAPHICAL SKETCH 239
Vll


LIST OF TABLES
Table Page
1-1 SUBJECTS 12
1-2 AGE OF SUBJECTS 13
1-3 AGE AT ARRIVAL 15
1-4 LENGTH OF RESIDENCE OF MAVO STUDENTS 16
1-5 LENGTH OF RESIDENCE OF AMMU SUBJECTS 16
1-6 LENGTH OF RESIDENCE OF ISK STUDENTS 17
1-7 GEOGRAPHIC ORIGIN OF SUBJECTS 19
1-8 FATHERS' OCCUPATIONS 20
1-9 FAMILY SIZE 21
4-1 STUDENTS' SELF-EVALUATIONS: MEAN SCORES 109
4-2 SITUATIONAL VARIATION IN LANGUAGE USE 114
4-3 MAVO AND ISK CONVERSATIONS: INTERVIEWER'S
CONTRIBUTIONS 120
4-4 MAVO AND ISK CONVERSATIONS: COMPARISONS OF
OVERALL DATA 121
4-5 MAVO AND ISK CONVERSATIONS: COMPARISON OF
SUBJECTS' DATA 12 2
4-6 CORRELATIONS BETWEEN LENGTH OF RESIDENCE AND
CONVERSATIONAL VARIABLES 126
4-7 CORRELATIONS BETWEEN AGE AT ARRIVAL AND
CONVERSATIONAL VARIABLES 129
4-8 CORRELATIONS BETWEEN AGE AND CONVERSATIONAL
VARIABLES 130
viii


Table Page
4-9 ADOLESCENTS AND YOUNG ADULTS: COMPARISON OF
OVERALL CONVERSATIONAL DATA 132
4-10 ADOLESCENTS AND YOUNG ADULTS: COMPARISON OF
SUBJECTS CONVERSATIONAL DATA 133
5-1 LANGUAGE USAGE OF AMMU SUBJECTS 148
5-2 SELF-ASSESSMENT SCORES OF AMMU SUBJECTS 149
5-3 TOTAL NUMBER OF WORDS AND PERCENTAGE OF
CONTRIBUTION PER PARTICIPANT 160
5-4 SUBJECTS' JUDGMENTS ON ORAL PROFICIENCY AND
COMPREHENSION 162
5-5 NUMBER OF TURNS OVER TIME 164
5-6 TURNS AND WORDS PER PARTICIPANT BY PERCENTAGE
AND RANK 166
5-7 NUMBER OF TURNS PER PARTICIPANT OVER TIME 168
5-8 PERCENTAGE OF TURNS PER PARTICIPANT OVER TIME. . 169
5-9 NUMBER OF WORDS PER PARTICIPANT OVER TIME 171
5-10 CONTROL BY SEGMENT 172
5-11 MEAN LENGTH OF TURN 173
5-12 MEAN LENGTH OF TURN PER PARTICIPANT OVER TIME. . 174
5-13 MEAN LENGTH OF TURN: SEGMENT 1 VS. SEGMENTS 2-8. 175
5-14 SIMULTANEOUS SPEECH EPISODES 177
5-15 TOPICS 200
IX


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
A SOCIOLINGUISTIC AND CONVERSATIONAL ANALYSIS
AMONG SECOND GENERATION MOROCCANS IN THE NETHERLANDS
By
Petronella Lyda Francisca Van Deusen-Scholl
April, 1988
Chairperson: Allan F. Burns
Major Department: Linguistics
This study investigates the use of Dutch in
conversational interactions by second generation Moroccan
immigrants. In view of the complexity of the speech
situation of particularly the older second generation, a
framework for analysis was adopted which applies a
sociolinguistic and ethnographic perspective to second
language (L2) acquisition and intercultural communication.
Speech data were obtained from a total of forty-three
subjects living in Utrecht, the Netherlands. The L2
conversational competence of two groups of nineteen
Moroccan subjects was assessed based on ten conversations
with students integrated in the Dutch school system and
eight conversations with students who attended International
Linking Classes, a transitional type of education for newly-
x


arrived immigrant children. Quantitative data were used in
addition to qualitative observations to relate
conversational and sociodemographic variables to proficiency
in spoken discourse.
Results indicate that though both groups of second
language learners were proficient in maintaining
conversational interaction, they employed different turn
taking strategies. Length of residence (LOR) and age at
arrival were found to be more strongly correlated with
conversational variables than age, which correlated with
simultaneous speech only. Cultural differences in discourse
style were observed with respect to frequency of turn-taking
and simultaneous speech episodes.
In addition, analysis of an extended conversation in
Dutch with five young adult Moroccans revealed a number of
discourse strategies which were different from those
employed by native speakers of Dutch. For instance, (1)
continuous use of back-channel utterances served to re
establish conversational control; (2) organization of
discourse topic contributed to a more formal style of
argumentation; (3) simultaneous speech functioned as a
solidarity strategy; and (4) frequent repetitions of
utterances maintained cohesion and intensified the
argumentative structure.
xi


CHAPTER ONE
INTRODUCTION AND METHODOLOGY
1.1 Introduction
While the problems of ethnic and cultural minorities in
the United States have been amply documented from a variety
of disciplinary perspectives, the status of the current
European immigrant situation is relatively new to American
researchers.
The
recent influx of
large
numbers
of
immigrants from
the
Mediterranean area
into
Northern
and
Western European countries has had a strong impact on the
host societies. A majority of the immigrant societies has
traditionally been monolingual and monocultural, which has
left them unprepared to adeguately deal with the situation.
Especially in view of the vast differences in language and
culture between the immigrants' native countries and the
host societies, many unanticipated problems of cultural and
linguistic integration have recently surfaced.
One area of research to which these problems are of
central interest is sociolinguistics, which has long been
concerned with the influence of social and cultural factors
on language use. The present study examines the language
contact situation of Moroccan immigrants in the Netherlands
1


2
from a sociolinguistic perspective. The investigation
specifically addresses the question of the usage of Dutch by
second generation Moroccans in conversational interactions.
1.1.1 Problem Statement
A relatively large number of studies have been devoted
to the social and economic consequences of the immigrant
problems in Western Europe. Only in recent years, however,
has the situation been considered from a sociolinguistic
perspective. Several large projects have addressed the
linguistic situation of the adult immigrant, such as the
Adult Language Acquisition Project of the European Science
Foundation (Perdue, 1984) the Heidelberg research project
(Heidelberger Forschungsprojekt "Pidgin Deutsch," 1975), and
the Wuppertal project "Zweisprachenerwerb Italienischer und
Spanischer Arbeiter" (ZISA).
While sociolinguistic research in the Netherlands was
initially also primarily concerned with the language
problems of the adult workers, more recently the integration
of primary school children has been of growing concern (cf.,
for instance, Appel, 1984; v. Helvert, 1985; Lalleman,
1986). The language of adolescents and young adults has not
yet received a great amount of attention, however. The
situation of the older children of immigrant families, i.e.
those who were not born in the Netherlands but reunified


3
with their fathers/parents at a later stage, has appeared
particularly problematic because of the heterogeneity of
this group. Research has shown, for example, that they tend
to experience more severe problems in adapting to a
different society than the younger children and therefore a
need exists to understand more about this group of
immigrants. Some of the social problems of the second
generation will be discussed in Chapter Two (cf. section
2.4), while Chapter Three will attempt to describe their
sociolinguistic situation in greater detail. The goal of
the present study is to examine some aspects of
conversational interaction of three groups of older second
generation Moroccan immigrants.
1.1.2 Theoretical Perspective
The field of sociolinguistics has rapidly expanded
during the past three decades. Early studies by, for
instance, Haugen (1953) and Weinreich (1953) pioneered
investigations of speech in language contact situations.
The work of Labov (e.g. Labov, 1966; 1972b) was instrumental
in establishing the systematic analysis of social
variability. His methodology depends on the correlation of a
number of salient linguistic features with certain social
variables. The anthropological tradition, represented by
specifically Gumperz and Hymes (e.g. Gumperz and Hymes,
1972; Hymes, 1974, etc.) adopted an ethnographic perspective


4
on the study of linguistic variation in society, which they
termed "ethnography of communication." An ethnographic
description of a speech situation must "apply a cultural
context and a cultural interpretation to an observed event"
(Fradd, 1983: 2). More recently, the interactive function
of communication has become a basis for investigation in
sociolinguistics. Many studies have addressed the issue of
variability in conversational situations and have focused on
analysis of discourse processes in interactions.1
The present study attempts to combine some of the
insights from both the subdisciplines of correlational
sociolinguistics and ethnography of communication to examine
the discourse patterns of second generation immigrants.
Lindenfeld (1979: 132) has suggested that a combined
approach, with a "judicious use of the better features of
each of them," may discover "the truly significant
relationships between the various speech components" in a
particular speech situation. Chapter Three will outline a
framework for analyis which will be applied to the situation
discussed in this study.
1.1.3 Terminology
It is necessary to first define a number of terms which
have been subjected to different interpretations in recent
literature on this topic.


5
1. Guest worker/foreign worker/immigrant. Various
terms have been employed to describe the workers taking part
in the labor migrations. Some examples are migrant or
international migrant. foreign employee. international
commuter. etc. The term guest worker, however, has been by
far the most frequently employed phrase, but has acquired a
number of negative connotations, conjuring up an image of a
poor, illiterate, unskilled laborer of Mediterranean
descent. Shadid (1979: 11), therefore, argues for the
rejection of this term on three specific grounds: 1) it
refers only to those people who perform the heaviest and
least desirable tasks; 2) the concept is misleading in that
it suggests altruism on the part of the receiving society;
and 3) in contradiction to the facts, it implies a temporary
stay on the part of the laborers. He suggests the concept
of foreign worker or foreign laborer, as "it indicates the
geographical, socio-economic, and legal position of these
migrants" (Shadid, 1979: 11). In this study, the more
neutral terms, such as immigrant or foreign worker will be
preferred over the more traditional usage of guest worker.
2. Second generation. The term second generation will
be used to indicate those immigrant children who are either
born in the host countries or who are born in the sending
countries but, through family reunifications, grow up in the
host countries. Several studies (cf. Brass and de Vries,
1986; de Vries, 1983) have referred to those immigrant


6
youths who were not born in the host countries as a
"transitional" generation, neither belonging to the first
nor to the second generation. De Vries (1983: 111) has
proposed the cover term allochthone youths for both the
second and transitional generation. However, as this term
does not seem to solve the problem but merely offers a
substitution of terminology, the term second generation will
be employed in this study.
1.2 Methodology
As no comprehensive data appeared to exist on the
language use and language behavior of older second
generation Moroccan immigrants in the Netherlands, several
techniques were used to gather linguistic and sociocultural
information in a variety of settings. In addition to
establishing a structured research design, which will be
discussed in section 1.2.3 below, an attempt was made to
obtain general data through direct interactions with
Moroccans in the Netherlands. For example, through the
efforts of a teacher who worked for the elementary school
system in the city of Utrecht, I was able to visit the
parents of several Moroccan elementary school students.
These families consisted of both Arabic- and Berber-speaking
Moroccans; quite freguently each of the parents spoke a
different language, so that the children were often fluent
in both Berber and Arabic. Though conversations could not


7
be recorded on tape during these visits, informal
observations could be made on the role of the various
languages in family interactions and on the variation in
the use of Dutch between the first and second generation and
between the children who were born in Morocco and those who
were born in the Netherlands. Furthermore, cultural
differences between Moroccans of Berber and of Arabic
backgrounds could be observed.
Other observational data were obtained through a
variety of activities, including attending cultural events
for immigrants, visiting continuing education centers for
immigrant women, participating in meetings with various
immigrant organizations, following the broadcasts for
Moroccan immigrants of the Islamic Broadcasting Organization
(the Islamitische Omroep Stichting, or IOS), etc.
Though not all these data are used directly in this
study, the purpose of a multi-chanelled approach to data
gathering was to get as comprehensive an understanding of
the linguistic and cultural situation of the Moroccan
immigrants as possible. Such information can then be used
to compile a "ethnography of communication" (cf. Gumperz and
Hymes, 1972), which aids in understanding the sociocultural
context for linguistic analysis.


1.2.1 Research Questions
The purpose of this study is to explore the use of
Dutch in conversational interactions by second generation
Moroccan immigrants. A detailed evaluation will be given of
the complex sociolinguistic situation of the older group of
immigrant children who were not born in the Netherlands.
The issue of conversational competence will be related to
second language acquisition and intercultural communication
and will be examined with respect to a variety of settings
and sociodemographic factors.
In addition, from a methodological perspective this
study will evaluate the significance of quantitative data in
sociolinguistics and conversational analysis as well as
suggest a possible way in which a quantitative approach may
provide a point of departure within a more comprehensive
framework of analysis.
The following questions will be considered:
1. In what way do social and situational variables
affect the use of Dutch by second generation
Moroccan immigrants?
2. What factors must be considered in the acquisition
of Dutch conversational competence by adolescent
and young adult Moroccan immigrants?
a. Which correlations can be observed between
conversational variables and sociodemographic
data?
b. Which variables are most significant in
evaluating the conversational skills of
second language learners?


9
3. What discourse strategies are employed by second
generation Moroccans in spontaneous conversation
in Dutch?
a. In what way do these strategies differ from
those of native speakers of Dutch?
b. To what extent should such strategies be
attributed to influence of the native
language and culture of the subjects?
c. What effects may such strategies have in
interethnic encounters?
4. To what extent can quantitative data contribute to
a sociolinguistic analysis of conversational
interaction?
1.2.2 Research Design
Permission to conduct research was obtained from two
secondary schools in Utrecht. Both a MAVO school (cf.
section 2.5.2.2), the Julianaschool voor MAVO, and a school
for transitional education of immigrant children, the
Internationale Schakelklassen (ISK, or 'international
linking classes'), agreed to cooperate in the project.
Students were asked to participate in the research on a
volunteer basis.
Interviews with students were usually conducted in an
empty classroom during the midmorning breaks or lunch
breaks, or after school hours, so that there was minimal
interruption of the students' schedules. First, the
participants were asked to fill out a questionnaire designed
to elicit information regarding the students' ethnic,
educational, and family backgrounds, their use of language
in the home and school environments, during peer


10
interaction, and in shops. In addition, the instrument
asked them to describe their knowledge of both spoken and
written Arabic and to evaluate their proficiency in Dutch
with respect to speech, reading, writing, and comprehension
(see Appendix A).
After students had completed the questionnaire, an
informal interview was held. The interviews were structured
to elicit information on a variety of sociocultural topics,
ranging from the educational or occupational aspirations of
the students to the role of religion and traditional values
in their lives to interactions with family and friends (see.
Appendix B) An effort was made to include more than one
student at the time in the interviews in order to create a
setting which was as comfortable as possible to the students
so that the most natural language data could be obtained.
Generally, two or three students, often classmates,
participated in an interview. The students were encouraged
to speak freely on any topic of their own choosing. Each
interview was taped using a small casette recorder. The
tape was always started while the students filled out their
questionnaires, which was intended to reduce their awareness
of the presence of the taperecorder during the interviews.
Approximately 10 hours of language data were recorded on
tape.
A slightly different procedure was followed with the
third group of subjects who were members of a Moroccan youth


11
organization, the AMMU (Association of Moroccan Migrants in
Utrecht) The subjects were also asked to fill out the
questionnaire which was adapted to elicit additional
information about the work situation of those subjects who
were employed. Rather than holding separate interviews
with the subjects, a group discussion format was adopted.
Though an outline for discussion had been prepared by the
researcher ahead of time (see Appendix C) the aim of the
session was to elicit natural language data. The role of
the researcher as "discussion moderator" was rapidly
abandoned in favor of a more backgrounded role and the
subjects were encouraged to introduce and develop topics
according to their own interests. The conversation was
recorded in the same manner as the student interviews
described above and yielded nearly two hours of language
data.
1.2.3 Subjects
Three groups of second generation Moroccans, comprising
a total number of 43 subjects, participated in the study.
Five of the subjects belonged to a Moroccan youth
organization, the Association of Moroccan Migrants in
Utrecht (AMMU). The remaining 38 subjects were students
from two secondary schools in Utrecht. Nineteen students
were integrated into the Dutch school system and attended a
school for MAVO and nineteen attended the ISK


12
('international linking classes'), which is a transitional
type of education for children of immigrants (cf. section
2.5.2). The next sections will present some of the
demographic information gathered on the subjects.
1.2.3.1 Sex
The AMMU group consisted of male participants only. Of
the student participants, approximately 60 percent was male
and 40 percent female. The distribution of the number of
male and female students per school is shown in Table 1-1.
TABLE 1-1
SUBJECTS
MAVO
M
F
M
ISK
F
Number
10
9
13
6
Percentage
52.6
47.4
68.4
31.6
1.2.3.2 Aae
All of
the subjects
in the study were
born
in Morocco
and had come to the Netherlands through family
reunification. As reunifications have been going on for
approximately a decade and are expected to continue for a
number of years to come, the newly arrived immigrant


13
children may vary widely in age range. Table 1-2 shows the
age ranges of the subjects for all three groups.
The AMMU subjects constituted the highest age group,
ranging from 19,8 to 22,11 years, with a mean age of 21,2.4
The average age of the ISK students was 17,3, ranging
between approximately 12 and 21 years, while the average age
of the MAVO students was 16,10, ranging between 13,3 and
20,8.
TABLE 1-2
AGE OF SUBJECTS
Age
12 13
14
15
16
17
18
19
20 21
22
number of
ISK students
(n=19)
1
4
4
2
4
1
1 2
number of
MAVO students
(n=17)
2
3
2
6
2
1
1
number of
AMMU subjects
(n=4)
1
1 1
1
total
(n=40)
1 2
3
4
6
8
6
3
3 3
1
The fact that the ISK students, representing a school
stage theoretically preceding that of MAVO, were actually
slightly older than the MAVO students may appear
contradictory, but in view of the immigration patterns it


14
indicates that they represent more recently reunified
families. Nearly all newly arrived immigrant children have
to attend ISK education regardless of their age, provided
that they are of compulsory school age (cf. section
2.5.2.2). In addition, because of their different
educational, ethnic, and linguistic backgrounds, second
generation Moroccans may experience a variety of problems in
adapting to their new environment. As a conseguence, some
students may be integrated relatively quickly into the Dutch
school system, while others may have to attend ISK education
for a much longer period of time. Moreover, some of the
students who are being integrated in the school system may
be placed at a relatively low grade level for their age and
background.
1.2.3.3 Age at arrival and length of residence
As stated above, none of the subjects had been born in
the Netherlands. The MAVO students in the sample represent
a group which had been reunified at a slightly earlier
stage with their parents and had already made the transition
from initial intervention programs into the regular school
system. The ISK students, on the other hand, represent the
most recently arrived group of immigrant children and are at
the initial phases of transition. The participants from the
AMMU youth center represented the oldest, most recent group
of arrivals in the Netherlands, with a mean age at arrival


15
of 19,4 years. The average age at arrival for the MAVO
students was 12,2, with a range between 2 and 18 years,
while the average age at arrival for the ISK students was
16,2, with a range of 13 to 21 years. Table 1-3 shows the
age at arrival for ISK, MAVO, and AMMU subjects
respectively.
TABLE 1-3
AGE AT ARRIVAL
Age 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21
number
of ISK
students
(n=19)
323233 11
of MAVO
students 1 12 2 2221111
(n=16)
number of
AMMU subj ects 11 2
(n=4)
total
(n=3 9) 1 112 2 2544355 31
Table 1-4 shows the length of residence of MAVO
students and indicates the distribution of the students per
year of residence. The MAVO students had stayed in the
Netherlands for an average of 5 years and 2 months, although
the range was rather wide, from 1 to 15 years. Almost half


16
of the students had been in the country for less than three
years. The overwhelming majority of the students had lived
in Holland for less than seven years, and only three of the
students had been there for ten years or more.
TABLE 1-4
LENGTH OF RESIDENCE OF MAVO STUDENTS
Length of
stay in 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
years
Number of
students 32432 11 1
(n=17)
The group of AMMU subjects had been in the Netherlands
for an average of 2,9 years, ranging from 1,2 to 6,0 years.
Four of the five subjects had a length of residence of two
years or less. In terms of age at arrival and length of
residence, these subjects constituted the oldest group among
the recent arrivals of the second generation. Table 1-5
summarizes their length of residence.
TABLE 1-5
LENGTH OF RESIDENCE OF AMMU SUBJECTS
Length of
in years
stay
1
2
3
4
5
6
Number of
(n=5)
subjects
2
2
1


17
The average length of stay of the ISK students was, as
could be expected, much shorter than that of the MAVO
students. With the exception of one student, all of the ISK
students had been in the Netherlands for less than 2 years,
with an average of 1,1 year, ranging between 5 months and 2
years.5'6 Table 1-6 shows the length of stay of ISK
students in increments of 6 months.
TABLE 1-6
LENGTH OF RESIDENCE OF ISK STUDENTS
Length of
in months
stay
0-6
7-12
13-18
19-24
Number of
students
(n=18)
ISK
2
8
3
5
Generally, the students attend transitional education
for a period of time which varies depending on their
circumstances and abilities, at the end of which they take a
diagnostic examination which helps determine in which school
type and at what grade level they can be fitted in. For
example, some of the MAVO students who had been in the
Netherlands for less than three years had apparently moved
from transitional education into regular education rather
rapidly in comparison to some of the ISK students who had
remained at the school for approximately two years. Not all


18
the children are able to make an easy transition, however.
A number of the children, for instance, may be too old to be
placed in primary education but not ready for secondary
education because either their language skills are not
developed enough or they do not have an educational
background sufficient to allow them to adapt to the Dutch
schools. Other students may be too old to be admitted to
Dutch schools and therefore remain at the ISK as long as
possible so that they can develop their language skills.
Some students who have excellent educational backgrounds
find themselves placed in a school level far below their
ability, such as vocational-technical education or non
college preparatory high schools, because they tend to be
judged on the basis of their language skills rather than
their general educational levels.
1.2.3.4 Geographic origin
The majority of the families came from the northern
part of Morocco, particularly from the area around Nador
(nearly 40% of all subjects). Sixty percent of the subjects
came from rural areas, while forty percent was of urban
origin, which corresponds closely to Shadid's (1979: 151)
findings. The subjects who reported an urban background
came mainly from the following cities in Morocco: Oujda (3),
Tetouan (3) Tnger in the north (2) Meknes (2) and Taza
(1) in the center, Casablanca on the coast (1), and


19
Marrakech in the south (1) The following table shows the
geographic origin of the subjects by general region.7
TABLE 1-7
GEOGRAPHIC ORIGIN OF SUBJECTS
Region
Number
Percentage
North
27
72.98
Center
5
13.52
East
3
8.1
Coast
1
2.7
South
1
2.7
378
100
1.2.3.5 Parents' occupations
The socio-economic position of the foreign workers in
the European host countries will be discussed in detail in
Chapter Two. The first generation, which consisted largely
of men, generally occupied unskilled positions in the labor
market and held the most undesirable jobs in the societies
that employed them (cf. Muus, 1986: 112ff.). The parents of
the students interviewed for this study conformed to those
patterns, as most of the fathers were factory laborers or
had other unskilled work. None of the mothers were employed
outside the home, although one of the mothers had been a
photographer before her marriage. One of the mothers was


20
not living in Holland, but remained in Algeria, as the
father had married a Dutch woman in addition to his first
wife. The fathers' occupations are shown in Table 1-8.
TABLE 1-8
FATHERS' OCCUPATIONS
Occupation
Number
Percentage
laborer
17
42.5
unemployed
11
27.5
printer
3
7.5
waiter
2
5.0
cook
2
5.0
WAO10
2
5.0
painter
1
2.5
bookbinder
1
2.5
baker
1
2.5
40
100
The high level of unemployment (27.5%) noted among the
fathers corresponds to that observed among the immigrants in
general. Muus (1986: 115) cites an unemployment figure of
37.2% for Moroccans in 1983. Furthermore, though exact
figures have not yet been established at this time, he also
refers to an expected increase in the percentage of Turkish


21
and Moroccan workers who will be eligible for disability
(WAO) benefits.
1.2.3.6 Family size
The average family size of particularly Moroccan
immigrants tends to be very large in comparison with Dutch
families and to other groups of immigrant (cf. v.d. Berg-
Eldering, 1983: 15; Shadid, 1979: 160). In this study, the
average number of siblings reported by the subjects was more
than 5 per family, and there were two very large families
with 10 and 13 siblings, respectively. Table 1-9 shows the
total number of children per family, including the students.
TABLE 1-9
FAMILY SIZE
Number of children
Frequency
Percentage
3
2
4.87
4
3
7.31
5
6
14.63
6
16
39.02
7
5
12.19
8
4
9.75
9
3
7.31
10 or more
2
4.87
41
100


22
The total number of siblings per family may in
actuality be even larger than reported here, as several of
the subjects commented during the interviews that they had
additional brothers or sisters (usually married) who had
remained in Morocco.
1.2.4 Data Analysis
The speech data used for this study consist of
approximately 10 hours of tape-recorded interviews with MAVO
and ISK students and approximately 90 minutes of group
discussion with the AMMU youth group. Orthographic
transcriptions were made of all the speech events and
included notations for interruptions, simultaneous speech,
and code-switching episodes. Specific examples from the
texts used in this study have been translated as literally
as possible from Dutch into English.
The student interview data will be discussed in Chapter
Four, while Chapter Five will focus on the more complex
interaction of the Moroccan youth group. The analysis of
both sets of data combines a quantitative approach with a
more descriptive methodology. The quantitative analyis
takes into account a number of conversational parameters
such as number of words, number of turns, mean length of
turn (MLT), etc. and relates these to sociolinguistic
factors. In addition, specific discourse strategies such as
control, turn-taking, repetition, etc., are discussed in


23
relation to both the specific context of the speech
situation and the general context of intercultural
coxniaunicat ion.
1.3 Summary
The present chapter has provided a rationale for
studying the speech behavior of adolescent and young adult
Moroccan immigrants. The use of Dutch by the older second
generation immigrants has not yet been discussed in any
detail, even though their sociolinguistic situation appears
more complex than that of the primary school-aged children
or of the adult immigrants. Chapter Two will evaluate the
history of the European labor migrations and relate the
problems of the second generation to current policy issues.
Chapter Three will present a theoretical framework for
analysis and will review the relevant literature in the
areas of sociolinguistics, conversational analysis and
second language acquisition. Discourse aspects of second
language acquisition will be discussed in Chapter Four.
Specifically, the conversational strategies of secondary
school-aged Moroccan immigrants will be correlated with a
number of sociolinguistic variables. Chapter Five will
focus on one extended conversation by young adult Moroccan
speakers of Dutch. A detailed analysis will be presented of
the conversational strategies employed in an intercultural
setting. The final chapter will summarize the implications


24
of the research findings with respect to the areas discussed
in the above chapters.
1.4 Notes
1 Chapter Three reviews the literature in the areas of
sociolinguistics and conversational analysis and section 3.2
in particular attempts to clarify the often conflicting use
of terminology in these fields.
p ,
In a similar manner, Wolfram (1974) employs the term
second generation to refer to children who were either born
in the U.S. or arrived during childhood and whose parents
came to the United States as adults.
"3
The questionnaire was changed from
Item 6. Which school are you attending?
Which grade?
to an item including the following options
Item 6a. Which school are you attending and which grade are
you in?
b. Are you employed? Where?
4 An abbreviated code will be followed throughout this
study to indicate year and month respectively; thus, 19,8
should be read as 19 years and 8 months; 22,11 as 22 years
and 11 months, etc.
5 Subject Ii did not technically belong in an ISK, as
he had resided in the Netherlands off and on for
approximately six years and had attended primary education
there. He had apparently been placed in the ISK for
disciplinary reasons because he had had some behavioral
problems in primary school. He stated during the interview
that he had attended Dutch primary school for about three or
four years and had been at the ISK for one year. In order
to reflect the length of residence of the ISK group more
accurately, this student will not be counted in Table 1-5.
6 If subject Ii's residence would be calculated into
this figure, the average LOR for the ISK students would be
1,4 year.
7 ....
The geographic division follows that of Shadid
(1979: 151).


25
8 ...
The following six subjects were not calculated into
the percentages: one subject came from Algeria; one subject
was from Melilla, which is a Spanish colony in the North of
Morocco; two subjects came from small villages the locations
of which could not be identified; and two subjects did not
fill out the information.
Q ....
Dutch law permits Muslim immigrants to be married to
more than one wife provided that only one wife resides in
the Netherlands with the husband.
10 The WAO ('Wet op Arbeidsongeschiktheid') is a Dutch
disability law which enables workers to retire early for
health reasons.


CHAPTER TWO
EUROPEAN LABOR MIGRATIONS:
HISTORICAL BACKGROUND AND POLICY ISSUES
2.1 Introduction
In order to provide a socio-historical context to this
study, the present chapter will trace the history of the
European labor migrations from its start in the early 1950s
and 1960s to the more recent developments of family
reunifications and the problems of the second generation.
Specifically the situation of Moroccan immigrants and their
children in the Netherlands will be addressed and,
furthermore, this chapter will attempt to assess the
implications of government policies concerning the cultural
integration of the second generation. In addition, a number
of models employed in Europe concerning specific issues
such as second language acquisition, native language and
culture teaching and intercultural education, will be
evaluated as to their relative merits and shortcomings.
Finally, the development of educational policy formulation
for cultural minorities in the Netherlands will be described
and, where appropriate, a critical assessment of the
different approaches will be included.
26


27
2.2 History of Labor Migrations
European labor migration from the economically less
developed Mediterranean and North African countries to the
industrialized countries in Northern and Western Europe
first started in the early 1950s. The sending countries
involved were Greece, Portugal, Italy, Spain, Turkey,
Yugoslavia, Algeria, Morocco, Tunisia, and Finland, while
France, the Federal Republic of Germany, Switzerland,
Austria, Belgium, the Netherlands, and Sweden functioned as
host countries. These large-scale migrations were initially
caused by gaps in the labor markets of the host countries,
for, as Rogers (1985:3) states,
the European host countries needed additional labor and
assumed that they could reap the economic benefits from
the employment of foreign workers while at the same
time keeping the social, cultural, and political
consequences of the presence of these foreign
populations within their borders to a minimum.
The assumptions behind these migrations were that both
the sending and receiving countries, and the individual
migrants themselves would benefit equally from this
arrangement (cf. v. Amersfoort, 1982: 184ff.). The host
countries would be able to temporarily supplement their
labor force and, in addition, use the guest workers to
perform those jobs perceived as unacceptable or unpleasant
by the indigenous labor force. Unemployment in the sending
countries would be alleviated and, ideally, the workers
would eventually return to their countries of origin having


28
gained useful training and experience. Finally, the
migrants themselves would benefit from working in the host
countries by receiving high salaries and training
opportunities not available in their home countries. In
reality, however, the development of labor migration turned
out to be entirely different. Both Shadid (1979: 22) and
van Amersfoort (1982: 187-88) refer to Albeda's (1970: 635)
analysis of four phases of development in the European labor
migrations: (1) Laborers are temporarily used to relieve
certain problems in the labor market; (2) they are
permanently engaged in jobs that the nationals experience as
unpleasant, inferior, or insecure; (3) they perform in
principle all unskilled jobs; (4) they perform all manual
labor in a developed economy. The various host countries,
then, move through the subsequent phases at a different
pace, according to their particular foreign worker
situations. Shadid (1979: 22) suggests, for instance, that
Switzerland had at that point reached the fourth phase,
France and Germany had passed the second, and the
Netherlands was about to enter the second phase. In all
probability, the Netherlands has by now moved through one or
more further phases.
2.2.1 Foreign Workers in Western Europe
Despite the earlier predictions, European labor
migration turned out not to be a transitory phenomenon, as


29
settlement gradually took on a more permanent character.
Though return migration did occur, an increasing number of
guest laborers had become long-term residents by the early
1970's. A number of factors may have contributed to the
permanent settlement of the guest workers in their host
countries. Van Amersfoort (1982: 190) points out that the
immigrants encountered many logistical problems when they
tried to reintegrate into their home countries. More
important, however, was the change in expectations, needs,
and ambitions on the part of the immigrants, which often
rendered the standard of living in their own countries
unacceptable in their eyes. Furthermore, the host countries
had facilitated family reunification and freguently extended
permanent resident status to workers and their families,
making it attractive for them to stay (cf. also Rogers,
1985: 16ff.).
Rogers (1985: 19ff.) addresses a number of problems
that European countries must face now as a consequence of
permanent settlement of the foreign workers. Issues that
must be raised are, for instance, the economic roles of the
migrants, the legal status of immigrant families, the
economic situations of the sending countries, and, most
importantly, the problems of the second generation.
Specifically, attention must be paid to problems of
education, maintenance of immigrants' native language and


30
culture, the occupational future of the second generation,
and other related issues.
2.2.2 Immigration in the Netherlands
Developments in the Netherlands followed those of the
other Western European countries, as the Dutch labor market
felt the need for recruitment of foreign workers
approximately a decade later than the other countries of the
European community (van der Staay, 1971: 195). From the
early 1960's onwards, the Netherlands began to encourage
labor migrations at first primarily from Spain, Italy,
Yugoslavia and Greece, but later especially from Turkey and
Morocco (cf. van Amersfoort, 1982; Entzinger, 1986).
According to van Amersfoort (1986: 24), the percentage
of foreign workers of Mediterranean origin in the
Netherlands could be estimated at 47 for Turks and 30 for
Moroccans. Entzinger (1986: 47) quotes the total number of
Turks as 152.200 in 1983 and of Moroccans as 100.500. The
Social and Cultural Planning Bureau (SCP) population
prognosis, which includes a variety of factors such as
immigration and return migration, family reunification, and
natural population growth, estimates the maximum number of
Turkish workers at 196.000 and Moroccans at 149.000 by the
year 1992 (cf. van Praag and Kool, 1982: 32).
As mentioned above, despite earlier predictions, these
immigrations turned out to be a permanent phenomenon, and in


31
the Netherlands, as in the other countries, the status of
the "guest laborers" gradually changed into that of
"immigrants." Dutch law stipulates that immigrants, after
an uninterrupted stay of at least five years, are entitled
to permanent residence status, which, naturally, contributed
significantly to settlement (cf. Entzinger, 1986: 49).
Permanent residence on the part of the foreign laborers, in
turn, led to an increase in family reunifications in the
host country. Van Amersfoort (1982: 193) suggests that
family reunifications may have started as early as 1971, and
Entzinger (1986: 50) remarks that after the oil embargo of
1973 recruitment of new workers virtually ceased, while
family reunifications gradually increased.
2.3 The Netherlands: Policy Formulation
The initial position of the Dutch government concerning
its policies regarding Mediterranean immigrants can be
characterized by two potentially contradictory principles:
1) the belief in the temporary character of labor migration
and 2) the ideology of the western welfare state (cf.
Entzinger, 1986: 48; van Amersfoort, 1986: 22). This last
principle, according to Entzinger (1986: 48), guarantees a
"humane" existence to all residents of the Netherlands
"regardless of their nationality or the duration of their
stay, and therefore also to (legally present) immigrants,
even if their stay is meant as temporary only" [tr.].


32
The government long refused to accept viewing the
Netherlands as an immigration country and this
"temporariness principle" remained in force until the late
1970's, as evidenced by a number of government and
government-related reports published during that time. The
1971 Government Report on Foreign Workers, for instance,
states twice that "the Netherlands is not a land of
immigration" (cf. van Amersfoort, 1982: 197). Van der
Staay (1971) also repeatedly refers to the fact that the
majority of the foreign workers in the Netherlands take part
in Dutch society as temporary residents with no particular
commitments to that society. Characteristic of this view is
his use of the term "international commuter," which implies
a relationship between foreign worker and host country based
on (temporary) economic ties only.
A major change in government policy was realized
through the 1979 publication of the report Ethnic Minorities
by the Scientific Council for Government Policy, which
advised the government to abandon the temporarinesss
principle and suggested the development of a comprehensive
policy on minorities for the various immigrant groups (cf.
Entzinger, 1986: 51 ff.). Both recommendations were
subseguently adopted by the Dutch government.


33
2.3.1 Cultural Minorities: General Observations
The first formulation of such a comprehensive minority
policy was published in the government report Ontwerp-
Minderhedennota ('draft for minority bill'). The principal
aim of the policy as stated in this bill was "the
realization of a society in which the members of minority
groups who reside in the Netherlands each separately and as
a group are entitled to equal opportunities" (cf. Entzinger,
1986: 55). In concrete terms, from a legal perspective the
policy ensured equal rights to minorities with respect to,
for instance, housing and employment. Moreover, the right
to maintenance of native culture and education on the part
of the immigrants was also asserted. The definitive
Minority Bill was adopted in 1983 and, according to
Entzinger (1986: 58), reflects a government policy directed
toward integration rather than assimilation. In addition to
this bill, the Ministry of Education formulated a policy
with regard to cultural minorities in the educational system
in 1981, which will be discussed in more detail below (cf.
section 2.5.2).
2.3.2 Moroccan Immigrants
While Turkish immigrants to the Netherlands came from
practically all provinces in Turkey, immigration from
Morocco had, to some extent, a more specific character.


34
Although Shadid's (1979) study shows that all regions of the
country are represented in the migration, the northern
region appeared to dominate emigration patterns. Shadid
(1979: 151) provides the following table of provinces from
which a majority of the Moroccan immigrants in the
Netherlands originates:
North: Tnger, Tetouan and A1 Hoceima, Nador
Coast: Rabat, Casablanca, El Jadida, Kenitra
South: Marrakech, Agadir, Ouarzazate
Centre: Taza, Fez, Meknes
East: Oujda
His study showed that 38.6% of the immigrants came from the
northern area and he further ranked the provinces in order
of percentage of immigrants supplied to the Netherlands as
follows: Nador (20%), A1 Hoceima and Tetouan (13.9%), Oujda
(9.3%), Casablanca (7.9%) and Ouarzazate (6.8%) (Shadid,
1979: 151).
Van Amersfoort (1982: 195; 1986: 27) agrees with Shadid
that the northern area appears to have contributed most to
emigration to the Netherlands. He observes, for instance,
that
it is principally the isolated, rural area in the
Eastern Riff that provides migrant labor for the
Netherlands. Even by Moroccan standards these people
have a low level of education (half of the Moroccans in
the Netherlands are illiterate) and they are closely
bound to the traditional rural culture in which family
and village play the central role.
(van Amersfoort, 1982: 195)


35
As mentioned earlier, many immigrants from this area come
from the provinces of Nador and A1 Hoceima, which is an area
of Morocco that belonged to Spain rather than France during
the colonial period. A great number of the inhabitants of
this area speak a Berber language, and, though the younger
men generally are able to read, speak and write Arabic, the
older men and most of the women are illiterate as Berber is
not a written language (cf. van Amersfoort, 1986: 27ff.).
Shadid's (1979: 161) findings correspond to these
observations, as 45% of his respondents had no school
education and were generally illiterate. He warns, however,
that his figures deviate somewhat from the figures guoted
for the Moroccan population in general and he refers to the
figures obtained by van Amersfoort and van der Wusten (1975:
20) which indicate a 65% illiteracy rate among the male
population between 25 and 34 years of age. Talmoudi (1984:
29) reports a 1971 illiteracy rate for the rural population
of Morocco of 78.1% for males and 98.7% for females.
Comparatively speaking, then, the foreign workers in the
Netherlands have more school education that the rest of the
Moroccan population.
Shadid (1979: 155) furthermore found that the majority
(71.8%) of the respondents in his study were younger than 39
years of age, which he explained as the most active age
period for people to be able to carry out the hard physical
labor in the industrialized countries to which the Moroccans


36
emigrate. Most of his respondents were married, with a
majority of the wives remaining in Morocco (cf. Shadid,
1979: 156ff.). Shadid's study also showed a positive
correlation between reunion with wife and children and
school attendance or educational level of the respondents.
The higher the educational level, the greater the chance of
family reunion. Moreover, he showed that "respondents
originating from urban regions show more family reunion than
those of rural regions" (Shadid, 1979: 159).
2.4 The Second Generation
As Rogers (1985: 22ff.) observes, one of the most
pressing issues facing the host countries at the present
time is the situation of the second generation. Problems
that require immediate attention include their occupational
prospects, their legal and political status, and their roles
in the educational system. Because the immigrations to
France began somewhat earlier than those to the other
European countries, France has experienced the entire
development of the second generation, which is just now
beginning in the other countries. Zehraoui's (1976) study
of second generation Algerians shows some remarkable
differences between the first and second generation. Most
of the younger immigrants no longer subscribe to their
parents' moral and religious values, but appear quite
European in their outlook. Returning to their home country


37
is no longer considered a viable option, for although most
of them would like to visit the places where they came from,
they prefer the opportunities in the West. Yet although
these youths appear largely acculturated to European
society, it is interesting to note that some of them express
a certain amount of doubt about their status; many second
generation immigrants feel in-between two cultures, neither
completely French, nor completely Algerian (cf. Zehraoui,
1976; 211ff.).
Many of the immigrant children enter the Western
countries at a great disadvantage. As shown above, their
parents frequently come from poor, rural areas, and tend to
be illiterate, or at least poorly educated by European
standards. Furthermore, the parents mostly belong to the
lowest socio-economic status groups in Europe, and this,
above all, appears to be one of the major causes of the
children's poor performance in school. In his study of
Swiss second generation immigrants, Hoffmann-Nowotny (1985:
120) concludes that while ethnic discrimination no longer
appears to play a significant role in Swiss education, "the
observed disadvantages of foreign children today are a
consequence only of the fact that they belong overwhelmingly
to the lower social strata."
Lebon (1985: 135ff.) investigated the integration of
the second generation in France from three perspectives: 1)
passage through school; 2) going through a training system;


38
and 3) participation in the life of the local community.
With respect to these factors, he observes that the second
generation immigrants either fail completely or achieve only
limited success in their schooling, that the nature of their
vocational training is both gualitatively and
guantitatively inadeguate, and that they experience a
certain amount of discrimination in seeking employment. He
concludes that these problems should be given immediate
attention as the fate of the second generation, in his
opinion, constitutes "the major problem in migration that
will confront French society, today and in the years to
come" (cf. Lebon, 1985: 155).
Mehrlnder (1985: 181) underscores the same theme in
her study of the second generation in Germany, stating that
. . long-term residence in Germany by the foreign
youths does not in itself contribute substantially to
increased integration. Instead, factors of greater
causal significance are entry into a job or access to
occupational training through apprenticeships.
From the above studies, then, it appears that formulation
and implementation of comprehensive educational policies,
availability of adequate vocational training opportunities,
and facilitation of entry into job situations are some of
the most crucial factors which might ensure successful
integration of second generation immigrants into their host
countries.


39
2.4.1 The Second Generation in the Netherlands
At the present time, the number of second generation
immigrants is still expected to grow in the years to come.
According to the 1982 report of the Social and Cultural
Planning Bureau (SCP), primary and secondary family
reunifications are still in progress. Primary reunification
is the arrival of the wives and/or children of the foreign
workers in the host country, whereas secondary reunification
is the arrival of a marriage partner from the home country
in the host country (cf. van den Berg-Eldering, 1983: 14;
van Praag and Kool, 1982: 19). Approximately two thirds of
the Moroccans have not been reunified with their families
yet through primary family reunification (van Praag and
Kool, 1982: 5). In addition the rapid population growth
among immigrants is also expected to contribute to the
growth of the second generation. Current estimates assess
the growth of the number of school children between 4 and 16
years of age at approximately 100% to 150% by the year 1990
(cf. van den Berg-Elder ing, 1983: 15). On the other hand,
return migration and a possible decline in the birth rates
of foreign workers would to some extent slow down the rate
of growth of the second generation.
De Vries (1983: 112) estimates that presently
approximately 85% of all Turkish and Moroccan children below
8 years of age were born in the Netherlands, while it is


40
expected that by the year 1990 all children up to 12 years
of age will have been born there. Therefore, Dutch
educational policies must be formulated in such a way that
they can address the problems of both the newly arrived
immigrant children and of the second generation youths who
grew up in the Netherlands, and can also deal with the older
second generation youths who are no longer of school age,
but must learn to participate in Dutch society (cf. de
Vries, 1983: 111-112).
2.4.2 Moroccans
Van den Berg-Eldering (1983: 15) points out that by
1990 the group of school-aged Turkish and Moroccan children
must be divided into two main categories. The first
category will consist of those children who were born in the
Netherlands or arrived at a very early age, while the second
consists of those children of secondary school age who
generally will have arrived in the Netherlands some time
during their primary school years. A large number of
Moroccan children in particular in this last group,
according to van den Berg-Eldering (1983: 16), has not had
any education at all in their own country.
Besides the two groups of school age children, a large
number of youths between the ages of 15 and 24 will still be
arriving; van den Berg-Eldering (1983: 16) estimates their
number at approximately 40.000. They have exceeded the


41
obligatory full-time school age and therefore do not have
easy access to further schooling in the Netherlands.
A recent report by the city of Utrecht, entitled
Moroccan and Addicted, shows that specifically Moroccan
youths of secondary school age and older suffer from
feelings of alienation and, as a "lost generation," become
easily addicted to hard drugs. The roots of their problems,
according to this study, go back to a fatherless childhood
in their home country, while the further developments of the
immigration process seem to only have exacerbated the
situation. Buurman (1987), in an article in Het Utrechts
Nieuwsblad. states that most of the addicts had problems
stemming from the reunification of the family in the
Netherlands and identifies the four of the main causes of
their problems as 1) interruption of their education in
Morocco, 2) lack of possibilities for work or education, 3)
discrimination, 4) renewed confrontation with strong
fatherly authority. As mentioned above, solutions must
extend beyond the educational problems of the second
generation proper and must incorporate the needs of the
intermediate, "lost," generation.
At first glance, several parallels appear to exist
between the problems of the Moroccan youths in the
Netherlands described above and those of the Algerians
second generation in France discussed in Zehraoui's (1976)
study (cf. section 2.4 above). Both the Algerians and the


42
Moroccans express feelings of not fully belonging to either
the culture from which they came or the culture in which
they must live, and both experience many problems as a
result of this in-between status. It must be stressed,
however, that in many respects the sources of the problems
of French Algerians and Dutch Moroccans respectively should
be distinguished carefully. Even though the Algerians who
migrated to France can be considered "guest workers" to some
degree, they were to a large extent familiar with the
language and culture of France because of the French
colonial tradition in North Africa. Therefore, their
problems may stem partially from international migration,
but the after-effect of colonialization may also have
brought with it an entirely different set of problems.
Moroccans in the Netherlands, on the other hand, could not
rely on at least some form of shared history with their
guest country, and therefore they had to adapt to a totally
unfamilar culture, which was very different from their own.
Moreover, they had to learn a language they had never been
in contact with before and which was not even remotely
related to their native Arabic or Berber language. This
difference, then, between these groups of migrants has
implications with respect to both problems of cultural
adaptation and integration and questions of education and
second language acquisition. It seems obvious that the
situation in France would require a different approach than


43
the situation in the Netherlands or other Northern European
countries.
2.5 Second Language Acquisition and Educational Issues
In the Western European countries faced with the
problems of foreign worker immigration no consensus has been
reached yet with respect to the formulation or
implementation of educational policies. Approaches to the
educational problems of the immigrant children not only vary
from country to country, but tend to differ greatly within
the various provinces or districts in each country as well.
2.5.1 The Education of Immigrant Children in Europe
Of the European countries, Sweden has frequently been
considered to be the most successful in dealing with the
immigrant situation. Though a single successful policy has
not yet been identified, a number of possible solutions have
been forwarded. Ekstrand (1983: 142) identifies four major
types of educational policies that have been tested in
Sweden:
1. Mainstream education without home language
instruction.
2. Mainstream education with continuous home language
instruction, throughout the primary and secondary
school.
3. Bilingual/bicultural education.
4. Monolingual mother tongue classes.


44
In view of the relatively unstable situation of many of the
foreign laborers in Western Europe, the first solution may
not be satisfactory for all immigrant children. Though a
large percentage of immigrants has settled permanently in
the host countries, many of them prefer, in theory at least,
to leave open the option of an eventual return home.
Education in the host language alone, then, would leave the
children of this segment of the immigrant population totally
unprepared for a possible reintegration into their own
societies. Secondly, such a form of instruction ignores the
cultural and ethnic identity of the immigrant children. It
is aimed at eradicating the mother tongue and home culture
in favor of the language and culture of the host society.
The disadvantage of the second approach, mainstream
education with continuous home language instruction, is that
it clearly establishes a dominance pattern of the host
language over the immigrant language. In this situation,
the immigrants' native language becomes reduced to the
status of a foreign language, subordinate to that of the
host culture. Moreover, home language instruction alone
would not appear sufficient for maintaining immigrants'
native culture, as many other aspects of culture, such as
religion, values, etc., would need to be taught as well.
The bilingual/bicultural approach has often been
regarded as the most equitable type of solution, as it
offers integration into the host society on the one hand and


45
maintenance of the native language and culture on the other.
In practice, however, many problems can, and do, surface.
Rogers (1985: 23), for instance, points out that such a dual
option, educating children simultaneously toward staying in
the host country and toward returning home, is not
realistic. Similarly, Hoffman-Nowotny (1985: 126) observes
that immigrant organizations tend to object to this policy
and prefer mother tongue instruction alone, as "they fear an
alienation of the children from their own language and
culture." In addition, Mehrlnder (1985: 168) found that
the dual approach often led to the children being
"functionally, illiterate in two languages," as they became
uncertain of where they belonged and what they should learn.
If not carefully applied, then, the bicultural option may
lead to a double disadvantage for minority children.
In the United States, objections have been raised to
the bicultural/bidialectal approach on the grounds that it
forces minority children to learn the language of the
dominant culture in addition to their own and thus presents
the dominant culture as the standard. In Sweden, similar
views were held by proponents of monolingual mother tongue
education for immigrant children, who argued that forced
assimilation caused many of the immigrant problems (cf.
Ekstrand, 1983: 146). However, in view of the fact that a
large number of the immigrants must be considered to have
permanently settled in the host countries, some form of


46
linguistic and cultural integration must realistically be
anticipated in order to ensure the educational and
occupational future of the second generation.
An obvious solution to the educational dilemma of the
immigrants in Europe does not exist. The most reasonable
solution appears to be the intercultural model, which is
currently being explored in Europe (cf. sections 2.5.2 and
2.5.4). Past experiences in the various countries, however,
have indicated a number of shortcomings of previous
approaches which should be avoided in other applications.
The German experiment, for instance, showed that the
immigrant children often received complementary training in
their mother tongue during school hours, at the expense of
some of their other subjects (cf. Mehrlnder, 1985: 168) .
Van Amersfoort (1982: 203) states that in the Netherlands
supplementary native culture education was sometimes taught
by teachers from the countries of origin and was often
nationalistic or ideologically colored, and gave a distorted
picture of life in the home country. The Swiss approach
appears to have attempted to integrate the children too
rapidly into the host society, which resulted too quickly in
mainstreaming education alone (cf. Hoffmann-Nowotny, 1985:
126ff.).


47
2.5.2 Educational Integration in the Netherlands
In 1974, the Ministry of Education published its report
entitled Policy Formulation for Education to Groups from
Disadvantaged Backgrounds. in which the problem of education
of immigrant children was first addressed as it appeared to
run parallel with the situation of children from lower class
environments. At the same time, however, the report
stresses the differences between the two situations in that
particularly the problems of language, culture, and religion
of the immigrant children must be addressed as a totally
separate issue. In view of the "temporariness principle"
espoused at that time, especially the uncertain role of the
immigrants played an important role in the formulation of
guidelines for educational policies. The policy, therefore,
made a distinction between children who would "stay in the
Netherlands for just a few years and those who would stay
longer" (cf. Ministry of Education, 1974: 4). While both
groups were to receive bicultural education, the emphasis
would be different. The first group was to be integrated
into the Dutch educational system, while the second group
would receive primarily native language and culture
education. In general, the statement in the Ministry's
report (1974: 35) concludes, "an integrational policy will
be conducted except for those groups that will stay in the
Netherlands for only a few years" [tr.].


48
From 1974 onwards, education in native language and
culture was instituted for immigrant children, which "both
in content and in pedagogic-didactic approach was adapted to
the educational system of the native country" (cf. v.d.
Berg-Eldering, 1986: 179 [tr.]). Education in the Dutch
language was provided by specially appointed teachers, who,
however, generally were not trained in teaching Dutch as a
second language.
According to v.d. Berg-Eldering (1986: 180), the dual
approach of the educational policies was widely criticized
towards the end of the 1970's and suggestions were made for
a more integrated approach. The report Ethnic Minorities
by the Wetenschappelijke Raad voor het Regeringsbeleid (the
WRR, or 'Scientific Council for Government Policy'), which
had been crucial in changing attitudes on general minority
policies in the Netherlands (cf. section 2.3), also
contributed much to the changes in educational policies for
immigrant children.
The 1981 report Policy Formulation concerning Cultural
Minorities in the Educational System by the Ministry of
Education largely followed the WRR's recommendations with
regard to abandoning the temporariness principle and
developing an integrated minority policy. Its two main aims
are formulated as follows:
1. Education must prepare members of minority groups
to function and participate fully in Dutch society
both socially, economically, and democratically,


49
and must provide them with the opportunities to do
so, with the possibility to accomplish this from
their own cultural background;
2. Education must, among other things through
intercultural education, encourage acculturation
of minorities and other members of Dutch society.
Acculturation is here understood to be a double-
or multi-faceted process of becoming acquainted
with, accepting and respecting each other's
culture or elements thereof, and approaching it
openmindedly.
(cf. Ministry of Education, 1981: 6; [tr.])
In order to implement these policies, the government
proposes to address four main issues: a. the initial contact
situation at arrival; b. problems of children with
disadvantaged backgrounds; c. native language and culture
teaching; d. intercultural education (cf. Ministry of
Education, 1981: 6; v.d. Berg-Eldering, 1986: 181).
The first issue, initial intervention at arrival,
according to the Ministry's report (1981: 7), deals
primarily with Dutch as a second language, a general
orientation on Dutch society, and participation in the
(future) school environment. For students between 12 and 16
years of age, a specific form of transitional education, the
Internationale Schakelklassen (ISK, or 'international
linking classes'), were developed to provide a type of
education to bridge the gap between the students' own
backgrounds and the Dutch school system. The main aim of
the ISK is to integrate the students into the regular types
of education as soon as possible (cf. section 2.5.2.1).


50
Concerning the second issue, i.e. the position of
students from disadvantaged backgrounds, the Ministry of
Education (1981: 10) lists a number of factors which may be
of influence on the educational development of minority
children:
1. low socioeconomic status of the parents;
2. sub-standard housing conditions;
3. lack of education of the parents;
4. language differences;
5. discrepancies between the norm and value system
at home and at school.
Van den Berg-Eldering (1986: 183-4) warns, however, that one
should beware of drawing such parallels between children
from lower class backgrounds and immigrant children, as the
uniqueness of the situation of cultural minorities must be
recognized and its specific problems must be properly
addressed. Furthermore, the immigrant problem is too recent
to allow accurate predictions with regard to the future
socio-economic stratification of the various immigrant
groups.
The third issue, native language and culture education
has gained much importance in recent years. The Ministry of
Education's (1981: 8 [tr.]) report provides the following
rationale.
This type of education can thus contribute to the
development and self-identity and self-awareness of the
student. Through better knowledge of and access to the
culture of the country of origin, ties with family


51
members, friends and acquaintances from and in the
native country can potentially be maintained.
Moreover, it facilitates, to a certain degree,
reintegration into the educational system of the native
country in case return migration has been decided on.
The brochure Native language and culture education (1985) of
the Ministry of Education explains the recent Law for
Primary Education, which went into effect on August 1, 1985,
and which determines that native language and culture
education can be part of the primary school curriculum.
Under this law, up to five hours a week can be devoted to
native language and culture teaching, of which two and a
half hours may maximally be fitted into the regular school
schedule. A minimum of eight students per foreign language
is necessary for the schools to acquire a foreign teacher
for the immigrant children. According to van den Berg-
Eldering (1986: 184) a total of 625 foreign teachers was
employed during the school year 1982-83, the majority of
which were Turks (351) and Moroccans (172).
Van den Berg-Eldering (1986: 185-186) raises the
question that, while the main aim of this type of education
is the development of a positive self-identity on the part
of the immigrant child, the option then remains of which
culture should be the point of reference for accomplishing
this. The focus could be placed on the role of the
immigrant child within Dutch society or on the culture of
the parents and the country of origin. The problem with the
latter approach is that often the children do not master


52
their own language sufficiently to be able to understand
their instructors' discussions on various cultural topics.
According to van den Berg-Eldering (1986: 185), emphasis is
gradually shifting toward the first approach. However, she
detects two inconsistencies between the government's stated
policy goals and their practical realizations. First, as
recent suggestions have been made to emphasize native
culture teaching within intercultural education, native
language and culture education could become reduced to
primarily language teaching. It would have been more
appropriate then, she states, to have formulated the policy
goal as learning the official language of the country of
origin and execute it consistently. Second, even though in
theory all cultures are considered equal, van den Berg-
Eldering counters that this type of education has been made
subordinate to Dutch school culture both in content and in
educational approach.
The fourth issue, intercultural education, has
increased in priority in recent years. In the Ministry of
Education's policy formulation it is carefully distinguished
from native language and culture teaching, since it is aimed
at all students, not just at cultural minorities. According
to this policy (Ministry of Education, 1981: 11 [tr.]),
students "must become acquainted with the different
cultures; they must learn to distinguish both the
differences and similarities, with as a main principle the


53
equality of the cultures." Intercultural education, it
states, is aimed at acculturation rather than assimilation.
Its main goal, as formulated by van den Berg-Eldering (1986:
187 [tr.]), is to attain a large degree of cultural
sensitivity and cultural relativism among the students"
[tr.].
The 1985 Lav for Primary Education, mentioned above, in
fact requires schools to formulate their curricula in such a
way as to provide students with education within a
multicultural context. Observing that this is not an easy
task, van den Berg-Eldering (1986: 187 [tr.]), cites a
number of reasons why intercultural education has been
difficult to realize:
- lack of concrete realization of the policy goals for
educational practice
- lack of a systematic overview of proper structure,
educational tools, and materials
- lack of knowledge of and insight in other cultures on
the part of teaching personnel
- inability to recognize and deal with symptoms of
stigmatization, discrimination and racism
She observes (1986: 188) that, as yet, intercultural
education is a "marginal activity" in the Dutch school
system.
2.5.2.1 The Moroccan school system
The current Moroccan school system consists of both
traditional Koran education and of a more general type of


54
education. In the traditional Koran schools, education in
provided by a religious teacher, a fgih. at the local
mosques. Education consists mainly of learning to read and
write Arabic, memorizing the chapters of the Koran, and, at
higher levels, specializing in a specific topic, such as
theology, Arabic literature, or muslim law.
After its independence in 1956, Morocco instituted a
new educational policy intended to 1) unify the educational
system, 2) introduce Arabic as the main language in the
schools, 3) encourage education by Moroccan teachers only,
and 4) make primary education available to everyone (cf.
Hermans, 1982: 27-28). According to Hermans (1982: 28-30),
the structure of the current system does not allow for any
preschool education, but provides obligatory primary
education for all children between seven and thirteen years
of age. Secondary education consists of a first cycle of
four years, followed by a second, more specialized cycle of
three years, and after completion of a baccalaureat, it
provides access to higher education. Hermans (1982)
stresses, however, that despite obligatory education
especially girls in rural areas tend to be underrepresented
in the primary schools. Furthermore, the lack of vocational
opportunities at the secondary school level results in an
extremely high dropout rate among those students who cannot
keep up in school. Hermans (1982: 31) finds that only one


55
half percent of the students who started primary education
obtain a baccalaureat.
2.5.2.2 The Dutch school system
The constitution of the Netherlands guarantees freedom
of education for all and all education is regulated by law.
Schooling is compulsory for everyone for a total of eleven
school years, eight of which consist of primary education.
After the eleventh year of schooling, all children must
still attend school for a minimum of two days a week for one
more year; this is called 'partial compulsory education'
(partile leerplicht). The 1985 Wet op het Basisonderwiis
('law for primary education') regulates education for
children from four through twelve years of age. This new
law is interesting in that it shows its adaptation to some
of the recent changes in Dutch society, as can be seen from
Title 8 (Artikel 8) of the law on primary education:
Primary education must provide an uninterrupted
developmental process to students, taking into
consideration the development of the individual student
(i.e. independent of the progress of other students).
Education is particularly aimed at the development of
sensitivity, sensibility, creativity, acquisition of
essential knowledge and of social, cultural and
physical capabilities.
Education must adopt the principle that the students
grow up in a society shared also by people with other
languages and cultures.
(Ministry of Education, 1986: 6-1,2; [tr.])


56
Secondary education is aimed at students from twelve to
approximately eighteen years of age. It consists of a
rather large number of different types of schooling, with a
major division between regular secondary education and
vocational education. The Ministry of Education (1986: 9-1)
divides the former types into four subcategories:
1. college preparatory education (v.w.o.); e.g.
gymnasium and atheneum; duration: 6 years.
2. higher general secondary education (h.a.v.o.);
duration: 5 years.
3. intermediate general secondary education (m.a.v.o.);
duration: 4 years.
4. lower general secondary education (l.a.v.o.);
duration: 2 years.
Vocational education consists of two major subdivisions
which each have approximately the same subcategories on
different levels:
1. lower vocational education (e.g. technical, nautical,
administrative, etc. education); duration: 4 years.
2. intermediate vocational education, which is intended
as a continuation of either intermediate general
secondary education (m.a.v.o.) or of lower vocational
education; duration: up to 4 years.
Finally, higher education consists of two major types:
university and higher vocational education (consisting of
e.g. schools of business, agriculture, education, etc.).
2.5.2.3 Immigrants in the Dutch school system
From these brief descriptions of both the Dutch and the
Moroccan school system it can be seen that the two countries


57
differ a great deal in educational approach. Brass and de
Vries (1986: 148-149) comment that, in general, the level of
education of young Turks and Moroccans in the Netherlands is
not very high. Three quarters of this group attends lower
vocational education, approximately 10% follows intermediate
secondary education (m.a.v.o.), and only a handful of youths
attend the higher school types such as havo, college
preparatory or intermediate vocational education. Brass
and de Vries (1986: 148) attribute this low level of
education mainly to a lack of education in the home
countries and not so much to the cultural and educational
transition these youths experience in moving from one
country to another. However, the present study found, in
interviews with Moroccans youths who had a higher level of
education in their native country, that better educated
students experience severe problems stemming from the
transition process as they are often judged on the basis of
their language skills rather than on their intellectual
capacities. Many of the students in this study were
attending Dutch schools that, compared to the Moroccan
schools they had previously attended, were far below their
level of ability, mainly because of insufficient language
acquisition in Dutch. Negative stereotyping, then, may play
a significant role in the educational accomplishments of
immigrant students in the Netherlands and can be compared to
what has been termed the "self-fulfilling prophecy" of


58
teacher expectations in the American context (cf. Seligman,
Tucker, and Lambert, 1972; Edwards and Giles, 1984).
2.5.3 Policy and Dutch as a Second Language
Coenen (1979) evaluates the issue of government policy
with respect to the teaching of Dutch as a second language
to immigrant children. As has been shown above as well,
Coenen finds that the "temporariness principle" was largely
responsible for the slow start in formulating policies
dealing with immigration-related problems. The article
criticizes the ad-hoc nature of the provisions with regard
to second language teaching in the Dutch school system.
Coenen (1979: 161ff) attempts to establish a link between
the educational situation, research efforts and policy
formulation and argues for increased involvement on the part
of linguistic research in outlining the target areas for
prospective policies, so that a consistent policy could be
established in the area of Dutch as a second language.
The 1981 Policy for cultural minorities in education
deals with the issue of Dutch as a second language primarily
under the heading of initial language contact situations
both within regular educational settings and in transitional
education models such as the international linking classes.
Beyond the point of first contact the issue does not seem to
play any role.


59
The 1982 advisory note by the ACLO-Moedertaal
('advisory committee on curriculum developmentnative
language') entitled Onderwiis in een Multiculturele en
Multi-Etnische Samenlevinq ('education in a multicultural
and multi-ethnic society') criticizes this approach and
points out that providing second language education should
not be restricted to the initial contact phase of the
student. The ACLO (1982: 81) reports that even though many
of the students develop communicative competences in Dutch,
they often continue to encounter problems both receptively
and productively in specific areas of language. The report
warns that the danger then exists that students are,
erroneously, considered to be able to function within the
Dutch school system, which often makes great demands on the
cognitive aspects of language (e.g. abstract concepts). In
its conclusion, the report formulates a specific
recommendation to the Ministry of Education to "expand the
opportunities for the teaching of Dutch as a second language
in such a way that attention can be given to L2-education
during the entire school career of non-native speakers of
Dutch" (ACLO, 1982: 113 [tr.]. More recent studies by, for
instance, Appel (1984) and Extra and Vallen (1984), confirm
the need for further research on the new problem of Dutch as
a second language.


60
2.5.4 Intercultural Education: A European Perspective
In section 2.5.1 some of the earlier approaches to the
situation of the immigrant children were discussed. In
concluding this chapter, some attention must be given to
current thoughts on this problem. As has been shown above,
historically, little or no cooperation between the various
countries existed in this area and each country attempted to
develop its educational and minority policies according to
the demands of its specific immigrant situation. As by now
Mediterranean immigration has been established as a
permanent phenomenon in many of the Western European
countries, a next logical step would seem to establish a
dialogue among the countries involved concerning possible
solutions to the problems they share.
One recent attempt is the 1981 report commissioned by
the Council for Cultural Cooperation by the Council of
Europe, which addresses the problem of the education of the
children of foreign laborers from an international, European
perspective. The report focuses on the intercultural
dimensions of education and calls for international
cooperation in this issue, particularly in the area of
teacher-training. The first part of the report explores the
theoretical aspects of the concept of interculturalism and
illustrates its practical realizations within the various
European countries. The second part of the report contains


61
specific recommendations for international collaboration
among the immigrant countries to coordinate their teacher
training programs.
While the report does not claim to provide any
definitive solutions to the problems, it attempts to outline
a realistic course of action for the countries involved.
Porcher (1981: 48) attempts to formulate the ultimate
objective, stating that
. . an original type of education should be worked
out, not for the children of migrant workers
specifically, but including them necessarily among the
target school population. Simultaneously, a teacher
training course suited to the achievements of this goal
should be devised that is, a course fitting teachers
to take account of the different characteristics of
their pupils and at the same time offer them conditions
of equal opportunity. To be able to handle migrants'
children as they are, without treating them as a class
apart, that is the aim. No doubt this untrammelled
type of teaching will upset certain habits, but the
course of history demands it.
2.6 Summary
This chapter has addressed the problems of immigrant
policy formulation and the implications for educational
practice. It was shown that a major cause for the initial
lack of interest in the social, cultural, and political
position of the immigrants was the "temporariness principle"
which ignored the reality of the immigration problem.
Implicit in this principle was the thought that the
immigrants had no real need to learn the languages of their
respective host countries. The first generation immigrants,


62
mostly men, were generally engaged in unskilled labor which
did not require any particular language skills.
Furthermore, it was expected that they would return to their
countries, so that even once the families began to reunify
in the host countries, no immediate pressing need was
perceived to provide comprehensive policies addressing their
problems. Only when immigration appeared to have become a
permanent phenomenon did the educational problems of
particularly the second generation become apparent.
Permanent settlement had drastically altered the function of
the languages of the host countries, as immigrants became a
part of the host societies. Policies were needed to address
the often conflicting issues of, on the one hand,
acquisition of the host languages and integration into those
societies, and, on the other hand, maintenance of the
children's native language and culture.
The next chapters will explore some aspects of second
language acquisition by Moroccan immigrants in the
Netherlands and will specifically focus on the acquisition
of conversational competence and on the strategies employed
in interethnic encounters. While a number of studies have
addressed various aspects of language acquisition,
specifically problems in morphology or syntax, little or no
attention has been paid thus far to the acquisition of
conversational competence by immigrants.


63
As has been shown in this chapter, the sociolinguistic
situation of the immigrants is extremely complex. Even
though this study is restricted to the second generation of
Moroccan immigrants only, it has been pointed out here that
this cannot be considered a homogeneous speech community.
The second generation ranges from children born in the
Netherlands who grow up speaking Dutch, to adolescents who
may have resided there for longer or shorter periods of
time, to adult or nearly adult Moroccans who joined their
parents in Holland through the family reunification process.
An analysis, then, of conversations by second generation
Moroccans must take into consideration all relevant factors,
such as ethnic and linguistic background, age at
acquisition, length of stay, etc., and relate them to the
social context of the conversational interaction. Only when
the complexities of a speech situation such as this one are
recognized, can we begin understanding variation in the
acquisition of discourse within an interethnic context.


CHAPTER THREE
ANALYTICAL FRAMEWORK AND LITERATURE REVIEW
3.1 Introduction
The study of speech in conversational interactions has
received an increasing amount of attention in the last two
decades. Researchers in a variety of fields, ranging from
sociology and psychology to anthropology and linguistics,
have applied their different perspectives to the
understanding of verbal behavior. Major contributions to
this field of study were made in the early 1970s by
ethnomethodologists, such as Sacks, Schegloff, and Goffman,
whose work on conversational openings and closings, turn
taking mechanisms, and social interaction has been the basis
for much of the later research. Their work was, however,
mainly concerned with homogeneous speech communities.
While linguistic research for a long time was primarily
concerned with systematic analysis of grammatical forms at
the sentence level, more recent studies, for example in the
areas of speech act analysis, pragmatics, functional
grammar, and sociolinguistics, have begun to pay attention
to the interactional aspects of speech. In the last few
64


65
years, the field of sociolinguistics has moved beyond
correlations of grammatical forms and social variables and
has begun to "look for new approaches to the study of
conversational processes" (Gumperz, 1982a: 3). Gumperz
(1982a: 29) expresses the current concerns of the discipline
of sociolinguistics as follows:
There is a need for a sociolinguistic theory which
accounts for the communicative functions of linguistic
variability and for its relation to the speakers7 goals
without reference to untestable functionalist
assumptions about conformity or nonconformance to
closed systems of norms. Since speaking is
interacting, such a theory must ultimately draw its
basic postulates from what we know about interaction.
A number of different approaches have been directed towards
the problems of variability at the discourse level. For
example, Labov and Fanshel (1977) and Edmondson (1981)
employ speech act analysis in their respective frameworks;
Gumperz (1982a and 1982b) is particularly concerned with
conversational interaction in an intercultural setting;
Tannen (1984) attempts to identify strategies of narrative
style in naturally occurring conversation; Ervin-Tripp and
Mitchell-Kernan (1977) as well as Ochs and Schieffelin
(1983) investigate various aspects of the acquisition of
communicative competence by children; and Hatch (1978)
applies a discourse perspective to second language
acquisition.
The present chapter will sketch the analytical
framework that will be employed in analyzing conversations


66
with second generation Moroccan immigrants in the
Netherlands and relate it to the current literature in the
field of conversational analysis. The complexity of their
specific speech situation poses a number of problems for an
analysis of conversational data and requires a multi-faceted
approach which takes into account the various factors
involved. While such an approach would base its theoretical
underpinnings in the recent work in conversational analyis,
it would need to address such additional issues as
sociolinguistic variation, second language acquisition, and
child-adult speech.
The second generation of Moroccan immigrants is, as
noted in the previous chapters, by no means a homogeneous
speech group. With respect to their ethnic background, for
example, the immigrants consist of both Arabic and Berber
speakers who may come from either country or city
backgrounds. Second, some were reunified with their
families very early in life or were born in the Netherlands,
for whom Dutch may be regarded as their primary language.
On the other extreme are the most recent arrivals who have
but the slightest knowledge of Dutch, and, naturally, there
is a broad range of levels in-between. Third, the term
"second generation" was shown to cover age levels ranging
from infants born in the Netherlands to young adults
reunified relatively late in life.


67
The conversational data in this study include the
speech of adolescents and young adults nearly all of whom
were in the process of acquiring Dutch as a second language.
Considerable variation existed with respect to, for
instance, their ages, level of education, length of stay,
ethnic backgrounds, and language usage. In order to present
an adequate analysis of such conversations, the multiple
contexts of interethnic communication, second language
acquisition, and child (or adolescent) versus adult
discourse must be recognized. The proposed framework of
analysis derives its theoretical concepts from the fields
of the ethnography of communication, conversational
analysis, sociolinguistics, and second language acquisition.
Analysis of the conversations will consist of several
interrelated parts. First, detailed ethnographic
observations on the speech event(s) are provided. This
includes both the parameters of the specific situation, such
as setting, participants, goals, role relationships, etc.,
and a general overview of the language use by the
participants in various contexts. Second, a quantitative
analysis is employed in order to capture generalizations
concerning the conversational abilities of the subjects and
to present the overall structure of speech events through,
for example, participants' total contributions, word and
turn counts, speech overlap, and progression of the
conversation over time. Third, relevant discourse


68
strategies of the event are analyzed and attention will be
paid to interethnic aspects of communication as well. In
addition, discourse aspects of second language acquisition
and differences in conversation between children
(adolescents) and (young) adults will be discussed to
explain the variations observed.
3.2 Sociolinguistics and Conversational Interaction
The field of conversational analysis is notably lacking
in a consensus on the use of its terminology. Each
different approach appears to employ a specific set of terms
reflecting its theoretical perspective. The result is that
overlapping interpretations may be applied to quite distinct
terms or, conversely, similar terms may be used in widely
divergent ways. In view of this, it is useful to clarify
some of the concepts that will be discussed in this study.
In studies of conversational interactions frequently no
distinction appears to be made between the notions of
'discourse' and 'conversation.' Peck (1978: 384), for
instance, defines discourse as "the flow and the structure
of a conversation or topics within it." Edmondson (1981),
however, first distinguishes between written language (text)
and spoken language (discourse), and then more carefully
defines conversation as "a particular type of multiple-
source spoken discourse" (Edmondson, 1981: 6). This study
will follow Edmondson's use of terminology in this respect.


69
However, as this study represents a sociolinguistic
perspective and will be primarily concerned with the
conversational aspects of discourse analysis, the terms
'discourse' and 'conversation' may at times be used
interchangeably, as is done, for instance, by Gumperz
(1982a) .
The notion of strategy is often employed in the field
of discourse analysis. Van Dijk and Kintsch (1983), for
instance, propose a comprehensive model of strategic
discourse processing, focusing, above all, on the cognitive
processes underlying this. Sociolinguistic studies
generally favor a less theoretical, more data-oriented
approach, particularly to spoken, as opposed to written,
language. As a consequence the terms used in
sociolinguistic research do not necessarily imply underlying
cognitive processes but may be seen primarily as functional
or descriptive. For example, Edmondson (1981: 115) defines
a conversational strategy as "the manipulation of
interactional structure in conversational behaviour, in the
interests of achieving conversational goals." Gumperz
(1982a: 35) presents a similar interpretation of
conversational strategies:
A speaker oriented approach to conversation [. . ]
focuses directly on the strategies that govern the
actor's use of lexical, grammatical, sociolinguistic
and other knowledge in the production and
interpretation of messages in context.


70
Edmondson (1981: 7) makes a distinction between
conversational rules and conversational strategies, where
the former relate to what people 'know,' or their
communicative competence, which is
. . a theoretical construct, and may be described in
sets of rules or conventions which may be said to
express what one can do in a conversation . ,
whereas the latter represent conversationalists' social
competence. which
. . is reflected in the use to which an individual
puts his communicative competence in his conversational
behaviour to achieve goals without endangering face -
i.e. without offending socially-accepted notions of
what is and what is not acceptable behavior.
While it is impossible to provide a simple working
definition for the notion of strategy in conversational
analysis, the discussions on 'discourse strategies' will
follow the general ideas of Gumperz and Edmondson.
Another context in which the idea of strategy plays an
important role is that of second language acquisition.
Dittmar (1984: 244), for example, refers to the underlying
rules applied by the learner, i.e. "those rules which cannot
be directly derived from the 'language product'" as
strategies. The issue of learner strategies will be
explored further in section 3.4 below.
In addition to the notion of 'strategy' the concept of
'competence' has been widely debated in linguistic analysis.
Chomsky (1965: 4), claiming that "a grammar of a language
purports to be a description of the ideal speaker-hearer's


71
intrinsic competence," focused on the innateness of language
ability as the basic objective of linguistic inquiry. Hymes
(1972), on the other hand, reacted against this view and
introduced the notion of 'communicative competence.' With
this he placed the role of language within the context of
social interaction. Examples of the sociolinguistic
perspective on communicative competence are, for instance,
Ervin-Tripp and Mitchell-Kernan (1977: 6), who state that
the concept of communicative competence is meant to be
broadly descriptive of the knowledge that underlies
socially appropriate speech. It includes, in addition
to grammatical knowledge, social knowledge, which acts
as a constraint on the communicative process, and which
shapes the way messages are realized in actual social
interaction.
or Gumperz (1982a: 209), who stresses the importance of the
context of interaction:
Communicative competence can be defined in
interactional terms as 'the knowledge of linguistic and
related communicative conventions that speakers must
have to create and sustain conversational cooperation,'
and thus involves both grammar and contextualization.
A different perspective is presented by Canale (1983)
who proposes a comprehensive framework for the study of
communicative competence, which he defines as "the
underlying systems of knowledge and skill required for
communication." He distinguishes between four areas of
knowledge and skill:
(1) grammatical competence, which is "the mastery of
the language code (verbal or non-verbal);"


72
(2) sociolinguistic competence, which includes the
mastery of sociocultural rules or "appropriateness
of utterances;"
(3) discourse competence, which is the "mastery of how
to combine grammatical forms and meanings to
achieve a unified spoken or written text in
different genres;"
(4) strategic competence, which is the "mastery of
verbal and non-verbal communication strategies."
In conversational analysis the term 'discourse competence'
is frequently used interchangeably with 'conversational
competence.' Scarcella (1983: 175) simply calls this "the
ability to participate in conversations," but adds that
"underlying this competence are the rules and mechanisms
which allow conversations to flow smoothly." Ochs and
Schieffelin (1983: xiv) consider conversational competence
to consist of the "norms underlying relatively informal
verbal interaction." In Canale's framework, on the other
hand, the term 'discourse competence' is used in a much more
restricted sense to refer to to the type of textual cohesion
discussed under 3.3.2 below and forms but a small part of
his overall definition of communicative competence.
In this study, the terms 'discourse competence' or
'conversational competence' will be employed in the broader,
more descriptive sense, represented by, for instance,
Gumperz (1982a), Scarcella (1983), or Edmondson's (1981) use
of social competence, to refer to the ability to sustain a
conversational interaction through the use of discourse
strategies.


73
3.3 Sociolinquistic Aspects of Discourse
The study of language use in conversational
interactions must take into consideration complexities of
speech at a number of different levels. Above all, an
interactional approach must be concerned with the
communicative functions of speech. Canale (1983: 3)
provides a useful outline for the notion of communication,
which, according to his characterization,
(a) is a form of social interaction, and is therefore
normally acquired and used in social interaction;
(b) involves a high degree of unpredictability and
creativity in form and message;
(c) takes place in discourse and sociocultural
contexts which provide constraints on appropriate
language use and also clues as to correct
interpretations of utterances;
(d) is carried out under limiting psychological and
other conditions such as memory constraints,
fatigue and distractions;
(e) always has a purpose (for example, to establish
social relations, to persuade, or to promise);
(f) involves authentic, as opposed to textbook-
contrived language; and
(g) is judged as successful or not on the basis of
actual outcomes.
An analysis of interactional encounters, then, must be
capable of explaining the variability of discourse within
its social context.
The present study will employ a combination of both a
quantitative approach and an analytical approach based on
the framework of the ethnography of communication. A number
of basic parameters of speech events can be quantified to


74
allow insight into the structure of interaction and such a
quantitative analysis can provide a basic framework for
further discussion of the specific strategies employed
within the speech event under consideration. This approach
is similar to that of Tannen (1984) and derives much of its
theoretical base from the work of Gumperz (1982a and 1982b).
3.3.1 Ethnographic Observations
In order to establish the contexts for the
conversations analyzed in the following chapters, a brief
ethnographic description will be presented for each speech
event. The descriptive framework derives primarily from the
work of Gumperz and Hymes (1972) and Hymes (1974) on the
ethnography of communication, although a number of
parameters have been added or changed to fit the specific
speech situations under consideration. For example, some
language acquisition variables will be discussed in order to
clarify the context of language use.
The basic vehicle for description is the notion of
speech event. which Hymes (1972: 56) defines as "activities,
or aspects of activities that are directly governed by rules
or norms for the use of speech." The speech events to be
considered here are the interviews and conversations with
second-generation Moroccans. First, the speech event as a
whole can be evaluated in terms of a number of parameters:
(1) setting, i.e. the time and place or, more generally, the


75
physical circumstances of the speech event; (2) scene, i.e.
the "psychological setting," or the "cultural definition of
an occasion" (cf. Hymes, 1972: 60), which allows the
participants to define their interaction in terms of
formality, etc.; (3) duration, i.e. whether an encounter
should be regarded as brief or extended, which may be of
significance to the level of naturalness that can be
achieved in an interaction; (4) goals, or expected outcome
of the event according to the varying perspectives of the
participants; (5) themes or topics. i.e. what the
interaction is about in terms of contents; and (6) the
status and role relationships among the participants.
Finally, more detailed observations on the participants are
necessary for an understanding of the above and will employ
the following variables: age, education, ethnic background,
length of stay, age at arrival, and language use.
3.3.2 Quantitative Analysis
The interviews obtained for this study will be
quantified as a preliminary method of analysis to gain
insight in the general structure of the speech events and in
the variability of language use among the participants. The
Moroccan-Dutch conversations are analyzed in terms of word
and turn count, simultaneous speech episodes, percentage of
contribution per participant, etc., as such information
provides a more precise indication of the progression of a


76
speech event than impressionistic observations alone.
Second, differences between child and adult speakers with
respect to, for instance, discourse strategies, can be drawn
sharper when they are presented more objectively. Finally,
the quantitative data will be used to explain variability of
language use from a second-language acquisition perspective,
as generalizations can be made on the basis of such relevant
sociodemographic variables as length of stay, age, age at
arrival, etc.
However, while quantification of data may allow us to
see some generalizations that might otherwise be obscured,
it alone is not sufficient for a thorough analysis of
conversational interactions. As Tannen (1984: 48) points
out, "counts of contributions and words can be deceptive .
., they do not reflect content or interactional purpose or
effect." A possible consequence of quantification can be
oversimplification of the speech data with the result that
the more interesting nuances of a speech situation such as,
for instance, intercultural encounters, may be lost. If the
limitations of a quantitative approach are recognized,
however, it can function as a useful tool within the total
analysis.
3.3.3 Discourse Strategies
This section will present an overview of the
sociolinguistic aspects of discourse which are most relevant


77
for the analyses of the data discussed in the next chapters.
While some strategies have been found to occur universally,
others tend to be culture-specific.1 An account of
intercultural conversations, thus, cannot be restricted to a
description of discourse strategies alone, but must explore
the context of their occurrence as well.
3.3.3.1 Goals
In any conversational interaction the purposes for
starting the encounter are generally of prime significance
to its development. In analyzing discourse, therefore, it
is useful to understand the motives of the speakers in
addition to the structure of the speech event. Bennett
(1982: 97), for instance, states that
instead of looking at discourse either as constructed
of repeated surface patterns such as adjacency pairs,
or as exchange events taking place against a formal set
of culturally specific rules, I want to make the
assumption that discourse is composed of more or less
reasonable and reasoned acts which actors perform on
their way toward achieving particular goals.
Hymes (1972: 61) uses the notion purpose in a general
sense and proposes a distinction between outcomes. which are
"conventionally recognized and expected," and goals, which
are "purely situational and personal." He warns that in a
description of a speech event the individual motives of the
participants should not be confused with what is "customary
or culturally appropriate behavior" (cf. Hymes, 1972: 62).


78
Particularly in interethnic encounters, therefore, it
is necessary to view a conversation from both its cultural
and its specific context and to distinguish its general,
often culturally-determined goals from the individual
motives of the participants.
3.3.3.2 Turn-taking
One of the most basic units for analysis of
conversational interaction is the turn-taking mechanism, or
the interplay of talk between the various participants. A
classic study of the turn-taking system is the article by
Sacks, Schegloff and Jefferson which thoroughly explores the
systematics of turn-taking. They present the following
outline of the basic set of rules which governs turn
construction:
(1) For any turn, at the initial transition-relevant
place of an initial turn-constructional unit:
(a) If the turn-so-far is so constructed so as to
involve the use of a 'current speaker selects next'
technique, then the party so selected has the right and
is obliged to take next turn to speak; no others have
such rights or obligations, and transfer occurs at that
place.
(b) If the turn-so-far is so constructed as not to
involve the use of a 'current speaker selects next'
technique, then self-selection for next speakership
may, but need not, be instituted; first starter
acquires rights to a turn, and transfer occurs at that
place.
(c) If the turn-so-far is so constructed as not to
involve the use of a 'current speaker selects next'
technique, then current speaker may, but need not
continue unless another self-selects.
(2) If, at the initial transition-relevance place of an
initial turn-constructional unit, neither la nor lb has
operated, and, following the provision of lc, current
speaker has continued, then the rule-set a-c re-applies


79
at the next transition-relevance place, and recursively
at each next transition-relevance place, until transfer
is effected.
(Sacks, Schegloff and Jefferson, 1974: 704)
Relatedness between pairs of utterances, such as greeting-
reply, question-answer, etc., is accounted for in the
ethnomethodological model by positing the concept of
adjacency pairs.
A basic rule of adjacency pair operation is: given the
recognizable production of a first pair part, on its
first possible completion its speaker should stop and a
next speaker should start and produce a second pair
part from the pair type the first is recognizably a
member of.
(Sacks and Schegloff, 1973: 239)
Other approaches have employed different terms for such turn
combinations, such as 'exchange' or 'interchange,' for
example.
Gumperz (e.g. 1982a; 1982b) generally views the issue
of turn-taking mechanisms from the somewhat broader
perspective of speaker/listener coordination. He
alternately calls this 'conversational cooperation' or
'conversational coordination.'
Conversational cooperation is commonly understood to
refer to the assumptions that conversationalists must
make about each other's contributions and to the
conversational principles on which they rely.
Cooperation, however, involves not only communication
through the use of words in their literal meanings, but
construction across time of negotiated and
situationally specific conventions for the
interpretation of discourse tasks as well as the
speaker's and listener's knowledge of how to conduct
and interpret live performances.
(Gumperz, 1982b: 17)


80
Gumperz attaches great importance to the role of contextual
factors in interpreting the meanings negotiated in
conversational interaction. By this he means that
interpretation is not only based on grammatical and lexical
knowledge, but on a variety of other factors as well. He
explains that
aside from physical setting, participants' personal
background knowledge and their attitudes toward each
other, sociocultural assumptions concerning status and
role relationships as well as social values associated
with various message components also play an important
role.
(Gumperz, 1982a: 153)
Crucial to Gumperz' understanding of such "situated" or
"context-bound process of interpretation is the notion of
contextualization cues, which may signal contextual
presuppositions in an interaction.
The code, dialect and style switching processes, some
of the prosodic phenomena we have discussed as well as
choice among lexical and syntactic options, formulaic
expressions, conversational openings, closings and
sequencing strategies can all have similar
contextualization functions.
(Gumperz, 1982a: 131)
Differences in conversational strategies and in
contextualization may be particularly problematic for
interethnic encounters, as participants would tend to make
widely divergent conversational inferences.
3.3.3.3 Cohesion and coherence
The question of how utterances produced by speakers in
a conversation are connected in a meaningful way has


81
received much attention in studies of discourse. Canale
(1983), for example, discusses the notions of coherence and
cohesion as manifestations of discourse competence, one of
the four components of communicative competence in his
approach. He defines discourse competence as ". . mastery
of how to combine grammatical forms and meanings to achieve
a unified spoken or written text in different genres
(Canale, 1983: 9). Cohesion, by his definition, "deals with
how utterances are linked structurally and facilitates
interpretation of a text" and can be accomplished through
use of pronouns, synonyms, ellipsis, and conjunctions, for
example (cf. Canale, 1983: 9). Though at first glance
Halliday's (1985: 288) interpretation appears to be in
complete agreement with Canale with regard to the
realization of cohesion through (1) reference, (2) ellipsis,
(3) conjunction, and (4) lexical organization (e.g. synonyms
and word repetition), they differ in one important aspect.
Halliday (1985: 288), in contrast to Canale, does not regard
this as belonging to structure and defines cohesion as the
"nonstructural resources for discourse." His views are
assimilated in Edmondson (1981: 5):
Cohesion will be used to indicate those devices by
means of which texture is evidenced in a
suprasentential stretch of language. . Texture is
taken to be the sum of those features of a text,
distinct from its structure, which make it a text and
not a random sequence of sentences.


82
While cohesion is concerned with form, coherence
applies to meaning, according to Canale (1983: 9) who states
that "coherence refers to the relationships among the
different meanings in a text, where these meanings may be
literal meanings, communicative functions, and attitudes."
Edmondson (1981: 5) considers coherence to refer to "a well-
formed" text or discourse and equates it with its
interpretability. He further explains that
"interpretability is a matter of possible contextualisation
and thus the notion of coherence with regard to a text is to
be equated with its possible use as a discourse"
(Edmondson, 1981: 14) .
The notion of contextualization functions centrally in
Gumperz' framework, although he does not emphasize any
distinction between cohesion and coherence. Where
Edmondson is concerned with the distinction between 'text'
and 'discourse,' Gumperz' main focus is on the interactional
nature of discourse:
. . for discourse to be cohesive, speakers must
signal and hearers interpret (1) what is the main part
of a message and what is subsidiary or qualifying
information, (2) what knowledge or attitudes are
assumed to be shared, (3) what information is old and
what is new, and (4) what is the speaker's point of
view and his/her relationship to or degree of
involvement in what is being said. In other words, an
utterance to be understood must be contextualized.
(Gumperz, Aulakh, and Kaltman, 1982: 28)


83
Tannen (1984: 152 ff.) refers to the study of coherence as
"an aesthetics of conversation" and suggests the following
outline for further investigations:
1. rhythm
2. surface linguistic structures (e.g. sound and
structural patterns)
3. contextualization
a. ellipsis (indirectness in conversation)
b. figures of speech
c. imagery and detail
In a more recent article, she relates the strategy of
repetition to the creation of coherence in discourse, noting
that
the varied purposes simultaneously served by repetition
can be subsumed under the categories of production,
comprehension, connection, and interaction. The
congruence of these levels of discourse provides a
fourth and over-arching function in the establishment
of coherence and interpersonal involvement.
(Tannen, 1987: 581)
Furthermore, Tannen (1987: 599) suggests that it is likely
that "degree and type of repetition differ with cultural and
individual style." She cites a number of sources which
demonstrate cultural differences with respect to repetition
and she refers to data that indicate that particularly
adolescents are inclined to use the strategy of repetition
in conversational interactions. This issue will be further
explored in section 5.4.2.
3.3.3.4 Topics
As Richards and Schmidt (1983: 136) point out, "the way
topics are selected for discussion within conversation and


84
the strategies speakers make use of to introduce, develop,
or change topics within conversations constitutes an
important dimension of conversational organization."
However, while it is usually not too difficult to form a
general impression of the topics discussed in a conversation
or to find out "what the conversation is about," a precise
analysis of topic organization, i.e. topic maintenance and
shift, is a much more difficult task. Many investigations
have dealt with the notion of topic, but the very nature of
the concept appears to defy a precise definition. Atkinson
and Heritage (1984: 165), in fact, suggest that "'topic' may
well prove to be among the most complex conversational
phenomena to be investigated and, correspondingly, the most
recalcitrant to systematic analysis."
Sacks proposed a two-way distinction of topical
movement in conversation between stepwise transition, where
one topic flows into another, and boundaried topical
movement, where the closure of one topic is followed by the
initiation of another (cf. Atkinson and Heritage, 1984:
165) The former, according to Sacks, appears to be more
common than the latter:
A general feature for topical organization in
conversation is movement from topic to topic, not by a
topic-close followed by a topic beginning, but by a
stepwise move, which involves linking up whatever is
being introduced to what has just been talked about,
such that, as far as anybody knows, a new topic has not
been started, though we're far from wherever we began.
(Sacks, 1972; in Jefferson, 1984: 198)


85
Tannen (1984), following Bennett (1978), also employs the
term thematic progression for topic maintenance of this
kind.
Button and Casey (1984) investigated boundaried topical
movement and found that certain sequential environments were
favorable to topic initiation. Topic-initiating utterances,
or "topic initial elicitors" in their terminology, occur
most frequently following opening components, following
closing components and following topic-bounding turns.
Tannen (1984: 41ff.), however, points out that the question
of who raises a topic is often extremely complex in natural
conversations. For instance, at times it is not possible at
all to attribute a topic to a particular person or, though
one participant may have originally raised a topic, others,
by expanding on it, may have controlled it. Often it may
not be clear where precisely one topic begins and another
one ends.
3.3.3.5 Control
The introduction of new topics in conversations has
often been considered as a measure of control in
interactions. Schegloff (1968), for instance, describes the
openings of telephone conversations in terms of rules for
summons-answer sequences, which allow the initiator of the
conversation to control the topic. Erickson (1976)
discusses control in relation to "gatekeeping" encounters,


86
such as counseling sessions, job interviews, etc., where
those in positions of authority maintain conversational
control.
The issue of control has been the center of
methodological discussions on the problems of the
sociolinguistic interview. Labov (1972c: 113) refers to the
limitations of the interview situation as the Observer's
Paradox: "to obtain the data most important for linguistic
theory, we have to observe how people speak when they are
not being observed." Wolfson (1976: 197) comments that "the
degree of solidarity between the participants will affect
the verbal
behavior of
the
subject"
and
argues
for
naturalistic
observations
only
to avoid
the
problem
of
asymmetrical
role relationship
between
interviewer
and
participant.
An example of the constraints of the interview
situation on the speech data is given by Slaughter and
Bennett (1982) who note that the conversational strategies
of the adult interviewer had a strong impact on children's
discourse in both their first and second language.
Questioning by the interviewer at times elicited merely
'yes' or 'no' answers by the children with no further reply.
Similar problems did occur in the present study.
Conversations with some of the students resulted in rigid
question-answer patterns, while other interviews produced
more natural speech data. However, rather than dismissing


87
the interview entirely as a method of observation, this
study will present interviews within the context of the
total speech situation and as such, interviews will be
regarded as speech events. A distinction will be made
between planned and unplanned discourse to differentiate
structured from spontaneous interviews. Furthermore,
through ethnographic observations each interview will be
evaluated with respect to the role relationships among the
participants. It can be seen that the issue of control
varied considerably from one speech event to another.
3.3.3.7 Style
The concept of style defies easy characterization. As
Hymes (1972: 57) points out, speech style may be expressed
in terms of "statistical frequency of elements already given
in linguistic description," but also depends on "qualitative
judgments of appropriateness." The former might involve
occurrence of specific linguistic or paralinguistic features
(e.g. pauses, rate of speech, discourse features), whereas
the latter would have to consider the context in which they
appear.
Sapir (1927: 903) related style to both personality and
to social context and described it as one of five levels of
speech behavior as "an everyday facet of speech that
characterizes both the social group and the individual."
Tannen (1984: 10) expresses a similar position:


88
Each person's individual style is a combination of
features learned in interaction with other (hence,
social) plus features developed idiosyncratically.
Perhaps the impression of individual style results from
the unique combination and deployment of socially
learned features.
In addition, Tannen (1982: 230) suggests that ethnicity
plays an important role in the development of style; she
found that "conversational style is more resistant to change
than more apparent marks of ethnicity such as retention of
the parents' or grandparents' language."
3.3.3.8 Repairs
A final area which is of interest to the study of
discourse organization is that of repairs. As one of the
primary functions of conversations is establishing
communication, speakers in an interaction must continually
check their own and other participants' speech to ensure
successful communication of the intended message.
Schegloff, Jefferson, and Sacks (1977) offer a
framework for analysis of the notion of repair in
conversations, which they employ as distinct from the term
'correction' to reflect its broader domain of occurrence.
The notion 'correction' would necessarily imply replacement
of a mistake, whereas 'repair' might, for instance, involve
cases where there is no hearable error. They further make a
distinction between self-repair and other-repair, each of
which may be the result of self-initiation or other-


Full Text

PAGE 1

$ 62&,2/,1*8,67,& $1' &219(56$7,21$/ $1$/<6,6 $021* 6(&21' *(1(5$7,21 0252&&$16 ,1 7+( 1(7+(5/$1'6 %\ 3(7521(//$ /<'$ )5$1&,6&$ 9$1 '(86(16&+2// $ ',66(57$7,21 35(6(17(' 72 7+( *5$'8$7( 6&+22/ 2) 7+( 81,9(56,7< 2) )/25,'$ ,1 3$57,$/ )8/),//0(17 2) 7+( 5(48,5(0(176 )25 7+( '(*5(( 2) '2&725 2) 3+,/2623+< 81,9(56,7< 2) )/25,'$ 81,9(56,7< 2) )/25,'$ /,%5$5,(6

PAGE 2

&RS\ULJKW E\ 3HWURQHOOD /\GD )UDQFLVFD 9DQ 'HXVHQ6FKROO

PAGE 3

$&.12:/('*(0(176 ZRXOG OLNH WR H[SUHVV P\ VLQFHUH WKDQNV WR P\ GLVVHUWDWLRQ GLUHFWRU 'U $OODQ %XUQV IRU KLV VXSSRUW DQG JXLGDQFH RYHU WKH \HDUV )XUWKHUPRUH ZRXOG OLNH WR H[WHQG P\ DSSUHFLDWLRQ WR WKH PHPEHUV RI P\ FRPPLWWHH 'UV $LGD %DPLD 1RUPDQ 0DUNHO +HUQ£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

PAGE 4

7$%/( 2) &217(176 3DJH $&.12:/('*(0(176 LLL /,67 2) 7$%/(6 YLLL $%675$&7 [ &+$37(56 21( ,1752'8&7,21 $1' 0(7+2'2/2*< ,QWURGXFWLRQ 3UREOHP 6WDWHPHQW 7KHRUHWLFDO 3HUVSHFWLYH 7HUPLQRORJ\ 0HWKRGRORJ\ 5HVHDUFK 4XHVWLRQV 5HVHDUFK 'HVLJQ 6XEMHFWV 'DWD $QDO\VLV 6XPPDU\ 1RWHV 7:2 (8523($1 /$%25 0,*5$7,216 +,6725,&$/ 29(59,(: $1' 32/,&< ,668(6 ,QWURGXFWLRQ +LVWRU\ RI /DERU 0LJUDWLRQV )RUHLJQ :RUNHUV LQ :HVWHUQ (XURSH ,PPLJUDWLRQ LQ WKH 1HWKHUODQGV 7KH 1HWKHUODQGV 3ROLF\ )RUPXODWLRQ &XOWXUDO 0LQRULWLHV *HQHUDO 2EVHUYDWLRQV 0RURFFDQ ,PPLJUDQWV 7KH 6HFRQG *HQHUDWLRQ 6HFRQG *HQHUDWLRQ ,PPLJUDQWV LQ WKH 1HWKHUODQGV 0RURFFDQV 6HFRQG /DQJXDJH $FTXLVLWLRQ DQG (GXFDWLRQDO ,VVXHV ,9

PAGE 5

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n GHPRJUDSKLF 9DULDEOHV $JH DQG &RQYHUVDWLRQDO 'DWD &RQYHUVDWLRQDO 6WUDWHJLHV 6XPPDU\ 'LVFXVVLRQ *HQHUDO 2EVHUYDWLRQV 7XUQWDNLQJ 6LPXOWDQHRXV 6SHHFK Y

PAGE 6

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

PAGE 7

3DJH %,%/,2*5$3+< %,2*5$3+,&$/ 6.(7&+ 9OO

PAGE 8

/,67 2) 7$%/(6 7DEOH 3DJH 68%-(&76 $*( 2) 68%-(&76 $*( $7 $55,9$/ /(1*7+ 2) 5(6,'(1&( 2) 0$92 678'(176 /(1*7+ 2) 5(6,'(1&( 2) $008 68%-(&76 /(1*7+ 2) 5(6,'(1&( 2) ,6. 678'(176 *(2*5$3+,& 25,*,1 2) 68%-(&76 )$7+(56n 2&&83$7,216 )$0,/< 6,=( 678'(176n 6(/)(9$/8$7,216 0($1 6&25(6 6,78$7,21$/ 9$5,$7,21 ,1 /$1*8$*( 86( 0$92 $1' ,6. &219(56$7,216 ,17(59,(:(5n6 &2175,%87,216 0$92 $1' ,6. &219(56$7,216 &203$5,6216 2) 29(5$// '$7$ 0$92 $1' ,6. &219(56$7,216 &203$5,621 2) 68%-(&76n '$7$ &255(/$7,216 %(7:((1 /(1*7+ 2) 5(6,'(1&( $1' &219(56$7,21$/ 9$5,$%/(6 &255(/$7,216 %(7:((1 $*( $7 $55,9$/ $1' &219(56$7,21$/ 9$5,$%/(6 &255(/$7,216 %(7:((1 $*( $1' &219(56$7,21$/ 9$5,$%/(6 YLLL

PAGE 9

7DEOH 3DJH $'2/(6&(176 $1' <281* $'8/76 &203$5,621 2) 29(5$// &219(56$7,21$/ '$7$ $'2/(6&(176 $1' <281* $'8/76 &203$5,621 2) 68%-(&76 n &219(56$7,21$/ '$7$ /$1*8$*( 86$*( 2) $008 68%-(&76 6(/)$66(660(17 6&25(6 2) $008 68%-(&76 727$/ 180%(5 2) :25'6 $1' 3(5&(17$*( 2) &2175,%87,21 3(5 3$57,&,3$17 68%-(&76n -8'*0(176 21 25$/ 352),&,(1&< $1' &2035(+(16,21 180%(5 2) 78516 29(5 7,0( 78516 $1' :25'6 3(5 3$57,&,3$17 %< 3(5&(17$*( $1' 5$1. 180%(5 2) 78516 3(5 3$57,&,3$17 29(5 7,0( 3(5&(17$*( 2) 78516 3(5 3$57,&,3$17 29(5 7,0( 180%(5 2) :25'6 3(5 3$57,&,3$17 29(5 7,0( &21752/ %< 6(*0(17 0($1 /(1*7+ 2) 7851 0($1 /(1*7+ 2) 7851 3(5 3$57,&,3$17 29(5 7,0( 0($1 /(1*7+ 2) 7851 6(*0(17 96 6(*0(176 6,08/7$1(286 63((&+ (3,62'(6 723,&6 ,;

PAGE 10

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f DFTXLVLWLRQ DQG LQWHUFXOWXUDO FRPPXQLFDWLRQ 6SHHFK GDWD ZHUH REWDLQHG IURP D WRWDO RI IRUW\WKUHH VXEMHFWV OLYLQJ LQ 8WUHFKW WKH 1HWKHUODQGV 7KH / FRQYHUVDWLRQDO FRPSHWHQFH RI WZR JURXSV RI QLQHWHHQ 0RURFFDQ VXEMHFWV ZDV DVVHVVHG EDVHG RQ WHQ FRQYHUVDWLRQV ZLWK VWXGHQWV LQWHJUDWHG LQ WKH 'XWFK VFKRRO V\VWHP DQG HLJKW FRQYHUVDWLRQV ZLWK VWXGHQWV ZKR DWWHQGHG ,QWHUQDWLRQDO /LQNLQJ &ODVVHV D WUDQVLWLRQDO W\SH RI HGXFDWLRQ IRU QHZO\ [

PAGE 11

DUULYHG LPPLJUDQW FKLOGUHQ 4XDQWLWDWLYH GDWD ZHUH XVHG LQ DGGLWLRQ WR TXDOLWDWLYH REVHUYDWLRQV WR UHODWH FRQYHUVDWLRQDO DQG VRFLRGHPRJUDSKLF YDULDEOHV WR SURILFLHQF\ LQ VSRNHQ GLVFRXUVH 5HVXOWV LQGLFDWH WKDW WKRXJK ERWK JURXSV RI VHFRQG ODQJXDJH OHDUQHUV ZHUH SURILFLHQW LQ PDLQWDLQLQJ FRQYHUVDWLRQDO LQWHUDFWLRQ WKH\ HPSOR\HG GLIIHUHQW WXUQn WDNLQJ VWUDWHJLHV /HQJWK RI UHVLGHQFH /25f DQG DJH DW DUULYDO ZHUH IRXQG WR EH PRUH VWURQJO\ FRUUHODWHG ZLWK FRQYHUVDWLRQDO YDULDEOHV WKDQ DJH ZKLFK FRUUHODWHG ZLWK VLPXOWDQHRXV VSHHFK RQO\ &XOWXUDO GLIIHUHQFHV LQ GLVFRXUVH VW\OH ZHUH REVHUYHG ZLWK UHVSHFW WR IUHTXHQF\ RI WXUQWDNLQJ DQG VLPXOWDQHRXV VSHHFK HSLVRGHV ,Q DGGLWLRQ DQDO\VLV RI DQ H[WHQGHG FRQYHUVDWLRQ LQ 'XWFK ZLWK ILYH \RXQJ DGXOW 0RURFFDQV UHYHDOHG D QXPEHU RI GLVFRXUVH VWUDWHJLHV ZKLFK ZHUH GLIIHUHQW IURP WKRVH HPSOR\HG E\ QDWLYH VSHDNHUV RI 'XWFK )RU LQVWDQFH f FRQWLQXRXV XVH RI EDFNFKDQQHO XWWHUDQFHV VHUYHG WR UHn HVWDEOLVK FRQYHUVDWLRQDO FRQWURO f RUJDQL]DWLRQ RI GLVFRXUVH WRSLF FRQWULEXWHG WR D PRUH IRUPDO VW\OH RI DUJXPHQWDWLRQ f VLPXOWDQHRXV VSHHFK IXQFWLRQHG DV D VROLGDULW\ VWUDWHJ\ DQG f IUHTXHQW UHSHWLWLRQV RI XWWHUDQFHV PDLQWDLQHG FRKHVLRQ DQG LQWHQVLILHG WKH DUJXPHQWDWLYH VWUXFWXUH [L

PAGE 12

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n QDWLYH FRXQWULHV DQG WKH KRVW VRFLHWLHV PDQ\ XQDQWLFLSDWHG SUREOHPV RI FXOWXUDO DQG OLQJXLVWLF LQWHJUDWLRQ KDYH UHFHQWO\ VXUIDFHG 2QH DUHD RI UHVHDUFK WR ZKLFK WKHVH SUREOHPV DUH RI FHQWUDO LQWHUHVW LV VRFLROLQJXLVWLFV ZKLFK KDV ORQJ EHHQ FRQFHUQHG ZLWK WKH LQIOXHQFH RI VRFLDO DQG FXOWXUDO IDFWRUV RQ ODQJXDJH XVH 7KH SUHVHQW VWXG\ H[DPLQHV WKH ODQJXDJH FRQWDFW VLWXDWLRQ RI 0RURFFDQ LPPLJUDQWV LQ WKH 1HWKHUODQGV

PAGE 13

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f WKH +HLGHOEHUJ UHVHDUFK SURMHFW +HLGHOEHUJHU )RUVFKXQJVSURMHNW 3LGJLQ 'HXWVFK f DQG WKH :XSSHUWDO SURMHFW =ZHLVSUDFKHQHUZHUE ,WDOLHQLVFKHU XQG 6SDQLVFKHU $UEHLWHU =,6$f :KLOH VRFLROLQJXLVWLF UHVHDUFK LQ WKH 1HWKHUODQGV ZDV LQLWLDOO\ DOVR SULPDULO\ FRQFHUQHG ZLWK WKH ODQJXDJH SUREOHPV RI WKH DGXOW ZRUNHUV PRUH UHFHQWO\ WKH LQWHJUDWLRQ RI SULPDU\ VFKRRO FKLOGUHQ KDV EHHQ RI JURZLQJ FRQFHUQ FI IRU LQVWDQFH $SSHO Y +HOYHUW /DOOHPDQ f 7KH ODQJXDJH RI DGROHVFHQWV DQG \RXQJ DGXOWV KDV QRW \HW UHFHLYHG D JUHDW DPRXQW RI DWWHQWLRQ KRZHYHU 7KH VLWXDWLRQ RI WKH ROGHU FKLOGUHQ RI LPPLJUDQW IDPLOLHV LH WKRVH ZKR ZHUH QRW ERUQ LQ WKH 1HWKHUODQGV EXW UHXQLILHG

PAGE 14

ZLWK WKHLU IDWKHUVSDUHQWV DW D ODWHU VWDJH KDV DSSHDUHG SDUWLFXODUO\ SUREOHPDWLF EHFDXVH RI WKH KHWHURJHQHLW\ RI WKLV JURXS 5HVHDUFK KDV VKRZQ IRU H[DPSOH WKDW WKH\ WHQG WR H[SHULHQFH PRUH VHYHUH SUREOHPV LQ DGDSWLQJ WR D GLIIHUHQW VRFLHW\ WKDQ WKH \RXQJHU FKLOGUHQ DQG WKHUHIRUH D QHHG H[LVWV WR XQGHUVWDQG PRUH DERXW WKLV JURXS RI LPPLJUDQWV 6RPH RI WKH VRFLDO SUREOHPV RI WKH VHFRQG JHQHUDWLRQ ZLOO EH GLVFXVVHG LQ &KDSWHU 7ZR FI VHFWLRQ f ZKLOH &KDSWHU 7KUHH ZLOO DWWHPSW WR GHVFULEH WKHLU VRFLROLQJXLVWLF VLWXDWLRQ LQ JUHDWHU GHWDLO 7KH JRDO RI WKH SUHVHQW VWXG\ LV WR H[DPLQH VRPH DVSHFWV RI FRQYHUVDWLRQDO LQWHUDFWLRQ RI WKUHH JURXSV RI ROGHU VHFRQG JHQHUDWLRQ 0RURFFDQ LPPLJUDQWV 7KHRUHWLFDO 3HUVSHFWLYH 7KH ILHOG RI VRFLROLQJXLVWLFV KDV UDSLGO\ H[SDQGHG GXULQJ WKH SDVW WKUHH GHFDGHV (DUO\ VWXGLHV E\ IRU LQVWDQFH +DXJHQ f DQG :HLQUHLFK f SLRQHHUHG LQYHVWLJDWLRQV RI VSHHFK LQ ODQJXDJH FRQWDFW VLWXDWLRQV 7KH ZRUN RI /DERY HJ /DERY Ef ZDV LQVWUXPHQWDO LQ HVWDEOLVKLQJ WKH V\VWHPDWLF DQDO\VLV RI VRFLDO YDULDELOLW\ +LV PHWKRGRORJ\ GHSHQGV RQ WKH FRUUHODWLRQ RI D QXPEHU RI VDOLHQW OLQJXLVWLF IHDWXUHV ZLWK FHUWDLQ VRFLDO YDULDEOHV 7KH DQWKURSRORJLFDO WUDGLWLRQ UHSUHVHQWHG E\ VSHFLILFDOO\ *XPSHU] DQG +\PHV HJ *XPSHU] DQG +\PHV +\PHV HWFf DGRSWHG DQ HWKQRJUDSKLF SHUVSHFWLYH

PAGE 15

RQ WKH VWXG\ RI OLQJXLVWLF YDULDWLRQ LQ VRFLHW\ ZKLFK WKH\ WHUPHG HWKQRJUDSK\ RI FRPPXQLFDWLRQ $Q HWKQRJUDSKLF GHVFULSWLRQ RI D VSHHFK VLWXDWLRQ PXVW DSSO\ D FXOWXUDO FRQWH[W DQG D FXOWXUDO LQWHUSUHWDWLRQ WR DQ REVHUYHG HYHQW )UDGG f 0RUH UHFHQWO\ WKH LQWHUDFWLYH IXQFWLRQ RI FRPPXQLFDWLRQ KDV EHFRPH D EDVLV IRU LQYHVWLJDWLRQ LQ VRFLROLQJXLVWLFV 0DQ\ VWXGLHV KDYH DGGUHVVHG WKH LVVXH RI YDULDELOLW\ LQ FRQYHUVDWLRQDO VLWXDWLRQV DQG KDYH IRFXVHG RQ DQDO\VLV RI GLVFRXUVH SURFHVVHV LQ LQWHUDFWLRQV 7KH SUHVHQW VWXG\ DWWHPSWV WR FRPELQH VRPH RI WKH LQVLJKWV IURP ERWK WKH VXEGLVFLSOLQHV RI FRUUHODWLRQDO VRFLROLQJXLVWLFV DQG HWKQRJUDSK\ RI FRPPXQLFDWLRQ WR H[DPLQH WKH GLVFRXUVH SDWWHUQV RI VHFRQG JHQHUDWLRQ LPPLJUDQWV /LQGHQIHOG f KDV VXJJHVWHG WKDW D FRPELQHG DSSURDFK ZLWK D MXGLFLRXV XVH RI WKH EHWWHU IHDWXUHV RI HDFK RI WKHP PD\ GLVFRYHU WKH WUXO\ VLJQLILFDQW UHODWLRQVKLSV EHWZHHQ WKH YDULRXV VSHHFK FRPSRQHQWV LQ D SDUWLFXODU VSHHFK VLWXDWLRQ &KDSWHU 7KUHH ZLOO RXWOLQH D IUDPHZRUN IRU DQDO\LV ZKLFK ZLOO EH DSSOLHG WR WKH VLWXDWLRQ GLVFXVVHG LQ WKLV VWXG\ 7HUPLQRORJ\ ,W LV QHFHVVDU\ WR ILUVW GHILQH D QXPEHU RI WHUPV ZKLFK KDYH EHHQ VXEMHFWHG WR GLIIHUHQW LQWHUSUHWDWLRQV LQ UHFHQW OLWHUDWXUH RQ WKLV WRSLF

PAGE 16

*XHVW ZRUNHUIRUHLJQ ZRUNHULPPLJUDQW 9DULRXV WHUPV KDYH EHHQ HPSOR\HG WR GHVFULEH WKH ZRUNHUV WDNLQJ SDUW LQ WKH ODERU PLJUDWLRQV 6RPH H[DPSOHV DUH PLJUDQW RU LQWHUQDWLRQDO PLJUDQW IRUHLJQ HPSOR\HH LQWHUQDWLRQDO FRPPXWHU HWF 7KH WHUP JXHVW ZRUNHU KRZHYHU KDV EHHQ E\ IDU WKH PRVW IUHTXHQWO\ HPSOR\HG SKUDVH EXW KDV DFTXLUHG D QXPEHU RI QHJDWLYH FRQQRWDWLRQV FRQMXULQJ XS DQ LPDJH RI D SRRU LOOLWHUDWH XQVNLOOHG ODERUHU RI 0HGLWHUUDQHDQ GHVFHQW 6KDGLG f WKHUHIRUH DUJXHV IRU WKH UHMHFWLRQ RI WKLV WHUP RQ WKUHH VSHFLILF JURXQGV f LW UHIHUV RQO\ WR WKRVH SHRSOH ZKR SHUIRUP WKH KHDYLHVW DQG OHDVW GHVLUDEOH WDVNV f WKH FRQFHSW LV PLVOHDGLQJ LQ WKDW LW VXJJHVWV DOWUXLVP RQ WKH SDUW RI WKH UHFHLYLQJ VRFLHW\ DQG f LQ FRQWUDGLFWLRQ WR WKH IDFWV LW LPSOLHV D WHPSRUDU\ VWD\ RQ WKH SDUW RI WKH ODERUHUV +H VXJJHVWV WKH FRQFHSW RI IRUHLJQ ZRUNHU RU IRUHLJQ ODERUHU DV LW LQGLFDWHV WKH JHRJUDSKLFDO VRFLRHFRQRPLF DQG OHJDO SRVLWLRQ RI WKHVH PLJUDQWV 6KDGLG f ,Q WKLV VWXG\ WKH PRUH QHXWUDO WHUPV VXFK DV LPPLJUDQW RU IRUHLJQ ZRUNHU ZLOO EH SUHIHUUHG RYHU WKH PRUH WUDGLWLRQDO XVDJH RI JXHVW ZRUNHU 6HFRQG JHQHUDWLRQ 7KH WHUP VHFRQG JHQHUDWLRQ ZLOO EH XVHG WR LQGLFDWH WKRVH LPPLJUDQW FKLOGUHQ ZKR DUH HLWKHU ERUQ LQ WKH KRVW FRXQWULHV RU ZKR DUH ERUQ LQ WKH VHQGLQJ FRXQWULHV EXW WKURXJK IDPLO\ UHXQLILFDWLRQV JURZ XS LQ WKH KRVW FRXQWULHV 6HYHUDO VWXGLHV FI %UDVV DQG GH 9ULHV GH 9ULHV f KDYH UHIHUUHG WR WKRVH LPPLJUDQW

PAGE 17

\RXWKV ZKR ZHUH QRW ERUQ LQ WKH KRVW FRXQWULHV DV D WUDQVLWLRQDO JHQHUDWLRQ QHLWKHU EHORQJLQJ WR WKH ILUVW QRU WR WKH VHFRQG JHQHUDWLRQ 'H 9ULHV f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

PAGE 18

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f HWF 7KRXJK QRW DOO WKHVH GDWD DUH XVHG GLUHFWO\ LQ WKLV VWXG\ WKH SXUSRVH RI D PXOWLFKDQHOOHG DSSURDFK WR GDWD JDWKHULQJ ZDV WR JHW DV FRPSUHKHQVLYH DQ XQGHUVWDQGLQJ RI WKH OLQJXLVWLF DQG FXOWXUDO VLWXDWLRQ RI WKH 0RURFFDQ LPPLJUDQWV DV SRVVLEOH 6XFK LQIRUPDWLRQ FDQ WKHQ EH XVHG WR FRPSLOH D HWKQRJUDSK\ RI FRPPXQLFDWLRQ FI *XPSHU] DQG +\PHV f ZKLFK DLGV LQ XQGHUVWDQGLQJ WKH VRFLRFXOWXUDO FRQWH[W IRU OLQJXLVWLF DQDO\VLV

PAGE 19

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

PAGE 20

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f WKH -XOLDQDVFKRRO YRRU 0$92 DQG D VFKRRO IRU WUDQVLWLRQDO HGXFDWLRQ RI LPPLJUDQW FKLOGUHQ WKH ,QWHUQDWLRQDOH 6FKDNHONODVVHQ ,6. RU nLQWHUQDWLRQDO OLQNLQJ FODVVHVnf DJUHHG WR FRRSHUDWH LQ WKH SURMHFW 6WXGHQWV ZHUH DVNHG WR SDUWLFLSDWH LQ WKH UHVHDUFK RQ D YROXQWHHU EDVLV ,QWHUYLHZV ZLWK VWXGHQWV ZHUH XVXDOO\ FRQGXFWHG LQ DQ HPSW\ FODVVURRP GXULQJ WKH PLGPRUQLQJ EUHDNV RU OXQFK EUHDNV RU DIWHU VFKRRO KRXUV VR WKDW WKHUH ZDV PLQLPDO LQWHUUXSWLRQ RI WKH VWXGHQWVn VFKHGXOHV )LUVW WKH SDUWLFLSDQWV ZHUH DVNHG WR ILOO RXW D TXHVWLRQQDLUH GHVLJQHG WR HOLFLW LQIRUPDWLRQ UHJDUGLQJ WKH VWXGHQWVn HWKQLF HGXFDWLRQDO DQG IDPLO\ EDFNJURXQGV WKHLU XVH RI ODQJXDJH LQ WKH KRPH DQG VFKRRO HQYLURQPHQWV GXULQJ SHHU

PAGE 21

LQWHUDFWLRQ DQG LQ VKRSV ,Q DGGLWLRQ WKH LQVWUXPHQW DVNHG WKHP WR GHVFULEH WKHLU NQRZOHGJH RI ERWK VSRNHQ DQG ZULWWHQ $UDELF DQG WR HYDOXDWH WKHLU SURILFLHQF\ LQ 'XWFK ZLWK UHVSHFW WR VSHHFK UHDGLQJ ZULWLQJ DQG FRPSUHKHQVLRQ VHH $SSHQGL[ $f $IWHU VWXGHQWV KDG FRPSOHWHG WKH TXHVWLRQQDLUH DQ LQIRUPDO LQWHUYLHZ ZDV KHOG 7KH LQWHUYLHZV ZHUH VWUXFWXUHG WR HOLFLW LQIRUPDWLRQ RQ D YDULHW\ RI VRFLRFXOWXUDO WRSLFV UDQJLQJ IURP WKH HGXFDWLRQDO RU RFFXSDWLRQDO DVSLUDWLRQV RI WKH VWXGHQWV WR WKH UROH RI UHOLJLRQ DQG WUDGLWLRQDO YDOXHV LQ WKHLU OLYHV WR LQWHUDFWLRQV ZLWK IDPLO\ DQG IULHQGV VHH $SSHQGL[ %f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

PAGE 22

RUJDQL]DWLRQ WKH $008 $VVRFLDWLRQ RI 0RURFFDQ 0LJUDQWV LQ 8WUHFKWf 7KH VXEMHFWV ZHUH DOVR DVNHG WR ILOO RXW WKH TXHVWLRQQDLUH ZKLFK ZDV DGDSWHG WR HOLFLW DGGLWLRQDO LQIRUPDWLRQ DERXW WKH ZRUN VLWXDWLRQ RI WKRVH VXEMHFWV ZKR ZHUH HPSOR\HG 5DWKHU WKDQ KROGLQJ VHSDUDWH LQWHUYLHZV ZLWK WKH VXEMHFWV D JURXS GLVFXVVLRQ IRUPDW ZDV DGRSWHG 7KRXJK DQ RXWOLQH IRU GLVFXVVLRQ KDG EHHQ SUHSDUHG E\ WKH UHVHDUFKHU DKHDG RI WLPH VHH $SSHQGL[ &f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f 7KH UHPDLQLQJ VXEMHFWV ZHUH VWXGHQWV IURP WZR VHFRQGDU\ VFKRROV LQ 8WUHFKW 1LQHWHHQ VWXGHQWV ZHUH LQWHJUDWHG LQWR WKH 'XWFK VFKRRO V\VWHP DQG DWWHQGHG D VFKRRO IRU 0$92 DQG QLQHWHHQ DWWHQGHG WKH ,6.

PAGE 23

nLQWHUQDWLRQDO OLQNLQJ FODVVHVnf ZKLFK LV D WUDQVLWLRQDO W\SH RI HGXFDWLRQ IRU FKLOGUHQ RI LPPLJUDQWV FI VHFWLRQ f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

PAGE 24

FKLOGUHQ PD\ YDU\ ZLGHO\ LQ DJH UDQJH 7DEOH VKRZV WKH DJH UDQJHV RI WKH VXEMHFWV IRU DOO WKUHH JURXSV 7KH $008 VXEMHFWV FRQVWLWXWHG WKH KLJKHVW DJH JURXS UDQJLQJ IURP WR \HDUV ZLWK D PHDQ DJH RI 7KH DYHUDJH DJH RI WKH ,6. VWXGHQWV ZDV UDQJLQJ EHWZHHQ DSSUR[LPDWHO\ DQG \HDUV ZKLOH WKH DYHUDJH DJH RI WKH 0$92 VWXGHQWV ZDV UDQJLQJ EHWZHHQ DQG 7$%/( $*( 2) 68%-(&76 $JH QXPEHU RI ,6. VWXGHQWV Q f QXPEHU RI 0$92 VWXGHQWV Q f QXPEHU RI $008 VXEMHFWV Q f WRWDO Q f 7KH IDFW WKDW WKH ,6. VWXGHQWV UHSUHVHQWLQJ D VFKRRO VWDJH WKHRUHWLFDOO\ SUHFHGLQJ WKDW RI 0$92 ZHUH DFWXDOO\ VOLJKWO\ ROGHU WKDQ WKH 0$92 VWXGHQWV PD\ DSSHDU FRQWUDGLFWRU\ EXW LQ YLHZ RI WKH LPPLJUDWLRQ SDWWHUQV LW

PAGE 25

LQGLFDWHV WKDW WKH\ UHSUHVHQW PRUH UHFHQWO\ UHXQLILHG IDPLOLHV 1HDUO\ DOO QHZO\ DUULYHG LPPLJUDQW FKLOGUHQ KDYH WR DWWHQG ,6. HGXFDWLRQ UHJDUGOHVV RI WKHLU DJH SURYLGHG WKDW WKH\ DUH RI FRPSXOVRU\ VFKRRO DJH FI VHFWLRQ f ,Q DGGLWLRQ EHFDXVH RI WKHLU GLIIHUHQW HGXFDWLRQDO HWKQLF DQG OLQJXLVWLF EDFNJURXQGV VHFRQG JHQHUDWLRQ 0RURFFDQV PD\ H[SHULHQFH D YDULHW\ RI SUREOHPV LQ DGDSWLQJ WR WKHLU QHZ HQYLURQPHQW $V D FRQVHJXHQFH VRPH VWXGHQWV PD\ EH LQWHJUDWHG UHODWLYHO\ TXLFNO\ LQWR WKH 'XWFK VFKRRO V\VWHP ZKLOH RWKHUV PD\ KDYH WR DWWHQG ,6. HGXFDWLRQ IRU D PXFK ORQJHU SHULRG RI WLPH 0RUHRYHU VRPH RI WKH VWXGHQWV ZKR DUH EHLQJ LQWHJUDWHG LQ WKH VFKRRO V\VWHP PD\ EH SODFHG DW D UHODWLYHO\ ORZ JUDGH OHYHO IRU WKHLU DJH DQG EDFNJURXQG $JH DW DUULYDO DQG OHQJWK RI UHVLGHQFH $V VWDWHG DERYH QRQH RI WKH VXEMHFWV KDG EHHQ ERUQ LQ WKH 1HWKHUODQGV 7KH 0$92 VWXGHQWV LQ WKH VDPSOH UHSUHVHQW D JURXS ZKLFK KDG EHHQ UHXQLILHG DW D VOLJKWO\ HDUOLHU VWDJH ZLWK WKHLU SDUHQWV DQG KDG DOUHDG\ PDGH WKH WUDQVLWLRQ IURP LQLWLDO LQWHUYHQWLRQ SURJUDPV LQWR WKH UHJXODU VFKRRO V\VWHP 7KH ,6. VWXGHQWV RQ WKH RWKHU KDQG UHSUHVHQW WKH PRVW UHFHQWO\ DUULYHG JURXS RI LPPLJUDQW FKLOGUHQ DQG DUH DW WKH LQLWLDO SKDVHV RI WUDQVLWLRQ 7KH SDUWLFLSDQWV IURP WKH $008 \RXWK FHQWHU UHSUHVHQWHG WKH ROGHVW PRVW UHFHQW JURXS RI DUULYDOV LQ WKH 1HWKHUODQGV ZLWK D PHDQ DJH DW DUULYDO

PAGE 26

RI \HDUV 7KH DYHUDJH DJH DW DUULYDO IRU WKH 0$92 VWXGHQWV ZDV ZLWK D UDQJH EHWZHHQ DQG \HDUV ZKLOH WKH DYHUDJH DJH DW DUULYDO IRU WKH ,6. VWXGHQWV ZDV ZLWK D UDQJH RI WR \HDUV 7DEOH VKRZV WKH DJH DW DUULYDO IRU ,6. 0$92 DQG $008 VXEMHFWV UHVSHFWLYHO\ 7$%/( $*( $7 $55,9$/ $JH QXPEHU RI ,6. VWXGHQWV Q f RI 0$92 VWXGHQWV Q f QXPEHU RI $008 VXEM HFWV Q f WRWDO Q f 7DEOH VKRZV WKH OHQJWK RI UHVLGHQFH RI 0$92 VWXGHQWV DQG LQGLFDWHV WKH GLVWULEXWLRQ RI WKH VWXGHQWV SHU \HDU RI UHVLGHQFH 7KH 0$92 VWXGHQWV KDG VWD\HG LQ WKH 1HWKHUODQGV IRU DQ DYHUDJH RI \HDUV DQG PRQWKV DOWKRXJK WKH UDQJH ZDV UDWKHU ZLGH IURP WR \HDUV $OPRVW KDOI

PAGE 27

RI WKH VWXGHQWV KDG EHHQ LQ WKH FRXQWU\ IRU OHVV WKDQ WKUHH \HDUV 7KH RYHUZKHOPLQJ PDMRULW\ RI WKH VWXGHQWV KDG OLYHG LQ +ROODQG IRU OHVV WKDQ VHYHQ \HDUV DQG RQO\ WKUHH RI WKH VWXGHQWV KDG EHHQ WKHUH IRU WHQ \HDUV RU PRUH 7$%/( /(1*7+ 2) 5(6,'(1&( 2) 0$92 678'(176 /HQJWK RI VWD\ LQ \HDUV 1XPEHU RI VWXGHQWV Q f 7KH JURXS RI $008 VXEMHFWV KDG EHHQ LQ WKH 1HWKHUODQGV IRU DQ DYHUDJH RI \HDUV UDQJLQJ IURP WR \HDUV )RXU RI WKH ILYH VXEMHFWV KDG D OHQJWK RI UHVLGHQFH RI WZR \HDUV RU OHVV ,Q WHUPV RI DJH DW DUULYDO DQG OHQJWK RI UHVLGHQFH WKHVH VXEMHFWV FRQVWLWXWHG WKH ROGHVW JURXS DPRQJ WKH UHFHQW DUULYDOV RI WKH VHFRQG JHQHUDWLRQ 7DEOH VXPPDUL]HV WKHLU OHQJWK RI UHVLGHQFH 7$%/( /(1*7+ 2) 5(6,'(1&( 2) $008 68%-(&76 /HQJWK RI LQ \HDUV VWD\ 1XPEHU RI Q f VXEMHFWV

PAGE 28

7KH DYHUDJH OHQJWK RI VWD\ RI WKH ,6. VWXGHQWV ZDV DV FRXOG EH H[SHFWHG PXFK VKRUWHU WKDQ WKDW RI WKH 0$92 VWXGHQWV :LWK WKH H[FHSWLRQ RI RQH VWXGHQW DOO RI WKH ,6. VWXGHQWV KDG EHHQ LQ WKH 1HWKHUODQGV IRU OHVV WKDQ \HDUV ZLWK DQ DYHUDJH RI \HDU UDQJLQJ EHWZHHQ PRQWKV DQG \HDUVn 7DEOH VKRZV WKH OHQJWK RI VWD\ RI ,6. VWXGHQWV LQ LQFUHPHQWV RI PRQWKV 7$%/( /(1*7+ 2) 5(6,'(1&( 2) ,6. 678'(176 /HQJWK RI LQ PRQWKV VWD\ 1XPEHU RI VWXGHQWV Q f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

PAGE 29

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n FROOHJH SUHSDUDWRU\ KLJK VFKRROV EHFDXVH WKH\ WHQG WR EH MXGJHG RQ WKH EDVLV RI WKHLU ODQJXDJH VNLOOV UDWKHU WKDQ WKHLU JHQHUDO HGXFDWLRQDO OHYHOV *HRJUDSKLF RULJLQ 7KH PDMRULW\ RI WKH IDPLOLHV FDPH IURP WKH QRUWKHUQ SDUW RI 0RURFFR SDUWLFXODUO\ IURP WKH DUHD DURXQG 1DGRU QHDUO\ b RI DOO VXEMHFWVf 6L[W\ SHUFHQW RI WKH VXEMHFWV FDPH IURP UXUDO DUHDV ZKLOH IRUW\ SHUFHQW ZDV RI XUEDQ RULJLQ ZKLFK FRUUHVSRQGV FORVHO\ WR 6KDGLGnV f ILQGLQJV 7KH VXEMHFWV ZKR UHSRUWHG DQ XUEDQ EDFNJURXQG FDPH PDLQO\ IURP WKH IROORZLQJ FLWLHV LQ 0RURFFR 2XMGD f 7HWRXDQ f 7£QJHU LQ WKH QRUWK f 0HNQHV f DQG 7D]D f LQ WKH FHQWHU &DVDEODQFD RQ WKH FRDVW f DQG

PAGE 30

0DUUDNHFK LQ WKH VRXWK f 7KH IROORZLQJ WDEOH VKRZV WKH JHRJUDSKLF RULJLQ RI WKH VXEMHFWV E\ JHQHUDO UHJLRQ 7$%/( *(2*5$3+,& 25,*,1 2) 68%-(&76 5HJLRQ 1XPEHU 3HUFHQWDJH 1RUWK &HQWHU (DVW &RDVW 6RXWK 3DUHQWVn RFFXSDWLRQV 7KH VRFLRHFRQRPLF SRVLWLRQ RI WKH IRUHLJQ ZRUNHUV LQ WKH (XURSHDQ KRVW FRXQWULHV ZLOO EH GLVFXVVHG LQ GHWDLO LQ &KDSWHU 7ZR 7KH ILUVW JHQHUDWLRQ ZKLFK FRQVLVWHG ODUJHO\ RI PHQ JHQHUDOO\ RFFXSLHG XQVNLOOHG SRVLWLRQV LQ WKH ODERU PDUNHW DQG KHOG WKH PRVW XQGHVLUDEOH MREV LQ WKH VRFLHWLHV WKDW HPSOR\HG WKHP FI 0XXV IIf 7KH SDUHQWV RI WKH VWXGHQWV LQWHUYLHZHG IRU WKLV VWXG\ FRQIRUPHG WR WKRVH SDWWHUQV DV PRVW RI WKH IDWKHUV ZHUH IDFWRU\ ODERUHUV RU KDG RWKHU XQVNLOOHG ZRUN 1RQH RI WKH PRWKHUV ZHUH HPSOR\HG RXWVLGH WKH KRPH DOWKRXJK RQH RI WKH PRWKHUV KDG EHHQ D SKRWRJUDSKHU EHIRUH KHU PDUULDJH 2QH RI WKH PRWKHUV ZDV

PAGE 31

QRW OLYLQJ LQ +ROODQG EXW UHPDLQHG LQ $OJHULD DV WKH IDWKHU KDG PDUULHG D 'XWFK ZRPDQ LQ DGGLWLRQ WR KLV ILUVW ZLIH 7KH IDWKHUVn RFFXSDWLRQV DUH VKRZQ LQ 7DEOH 7$%/( )$7+(56n 2&&83$7,216 2FFXSDWLRQ 1XPEHU 3HUFHQWDJH ODERUHU XQHPSOR\HG SULQWHU ZDLWHU FRRN :$2 SDLQWHU ERRNELQGHU EDNHU 7KH KLJK OHYHO RI XQHPSOR\PHQW bf QRWHG DPRQJ WKH IDWKHUV FRUUHVSRQGV WR WKDW REVHUYHG DPRQJ WKH LPPLJUDQWV LQ JHQHUDO 0XXV f FLWHV DQ XQHPSOR\PHQW ILJXUH RI b IRU 0RURFFDQV LQ )XUWKHUPRUH WKRXJK H[DFW ILJXUHV KDYH QRW \HW EHHQ HVWDEOLVKHG DW WKLV WLPH KH DOVR UHIHUV WR DQ H[SHFWHG LQFUHDVH LQ WKH SHUFHQWDJH RI 7XUNLVK

PAGE 32

DQG 0RURFFDQ ZRUNHUV ZKR ZLOO EH HOLJLEOH IRU GLVDELOLW\ :$2f EHQHILWV )DPLO\ VL]H 7KH DYHUDJH IDPLO\ VL]H RI SDUWLFXODUO\ 0RURFFDQ LPPLJUDQWV WHQGV WR EH YHU\ ODUJH LQ FRPSDULVRQ ZLWK 'XWFK IDPLOLHV DQG WR RWKHU JURXSV RI LPPLJUDQW FI YG %HUJ (OGHULQJ 6KDGLG f ,Q WKLV VWXG\ WKH DYHUDJH QXPEHU RI VLEOLQJV UHSRUWHG E\ WKH VXEMHFWV ZDV PRUH WKDQ SHU IDPLO\ DQG WKHUH ZHUH WZR YHU\ ODUJH IDPLOLHV ZLWK DQG VLEOLQJV UHVSHFWLYHO\ 7DEOH VKRZV WKH WRWDO QXPEHU RI FKLOGUHQ SHU IDPLO\ LQFOXGLQJ WKH VWXGHQWV 7$%/( )$0,/< 6,=( 1XPEHU RI FKLOGUHQ )UHTXHQF\ 3HUFHQWDJH RU PRUH

PAGE 33

7KH WRWDO QXPEHU RI VLEOLQJV SHU IDPLO\ PD\ LQ DFWXDOLW\ EH HYHQ ODUJHU WKDQ UHSRUWHG KHUH DV VHYHUDO RI WKH VXEMHFWV FRPPHQWHG GXULQJ WKH LQWHUYLHZV WKDW WKH\ KDG DGGLWLRQDO EURWKHUV RU VLVWHUV XVXDOO\ PDUULHGf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f HWF DQG UHODWHV WKHVH WR VRFLROLQJXLVWLF IDFWRUV ,Q DGGLWLRQ VSHFLILF GLVFRXUVH VWUDWHJLHV VXFK DV FRQWURO WXUQWDNLQJ UHSHWLWLRQ HWF DUH GLVFXVVHG LQ

PAGE 34

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

PAGE 35

RI WKH UHVHDUFK ILQGLQJV ZLWK UHVSHFW WR WKH DUHDV GLVFXVVHG LQ WKH DERYH FKDSWHUV 1RWHV &KDSWHU 7KUHH UHYLHZV WKH OLWHUDWXUH LQ WKH DUHDV RI VRFLROLQJXLVWLFV DQG FRQYHUVDWLRQDO DQDO\VLV DQG VHFWLRQ LQ SDUWLFXODU DWWHPSWV WR FODULI\ WKH RIWHQ FRQIOLFWLQJ XVH RI WHUPLQRORJ\ LQ WKHVH ILHOGV S ,Q D VLPLODU PDQQHU :ROIUDP f HPSOR\V WKH WHUP VHFRQG JHQHUDWLRQ WR UHIHU WR FKLOGUHQ ZKR ZHUH HLWKHU ERUQ LQ WKH 86 RU DUULYHG GXULQJ FKLOGKRRG DQG ZKRVH SDUHQWV FDPH WR WKH 8QLWHG 6WDWHV DV DGXOWV f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nV UHVLGHQFH ZRXOG EH FDOFXODWHG LQWR WKLV ILJXUH WKH DYHUDJH /25 IRU WKH ,6. VWXGHQWV ZRXOG EH \HDU 7KH JHRJUDSKLF GLYLVLRQ IROORZV WKDW RI 6KDGLG f

PAGE 36

7KH IROORZLQJ VL[ VXEMHFWV ZHUH QRW FDOFXODWHG LQWR WKH SHUFHQWDJHV RQH VXEMHFW FDPH IURP $OJHULD RQH VXEMHFW ZDV IURP 0HOLOOD ZKLFK LV D 6SDQLVK FRORQ\ LQ WKH 1RUWK RI 0RURFFR WZR VXEMHFWV FDPH IURP VPDOO YLOODJHV WKH ORFDWLRQV RI ZKLFK FRXOG QRW EH LGHQWLILHG DQG WZR VXEMHFWV GLG QRW ILOO RXW WKH LQIRUPDWLRQ 4 'XWFK ODZ SHUPLWV 0XVOLP LPPLJUDQWV WR EH PDUULHG WR PRUH WKDQ RQH ZLIH SURYLGHG WKDW RQO\ RQH ZLIH UHVLGHV LQ WKH 1HWKHUODQGV ZLWK WKH KXVEDQG 7KH :$2 n:HW RS $UEHLGVRQJHVFKLNWKHLGnf LV D 'XWFK GLVDELOLW\ ODZ ZKLFK HQDEOHV ZRUNHUV WR UHWLUH HDUO\ IRU KHDOWK UHDVRQV

PAGE 37

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

PAGE 38

+LVWRU\ RI /DERU 0LJUDWLRQV (XURSHDQ ODERU PLJUDWLRQ IURP WKH HFRQRPLFDOO\ OHVV GHYHORSHG 0HGLWHUUDQHDQ DQG 1RUWK $IULFDQ FRXQWULHV WR WKH LQGXVWULDOL]HG FRXQWULHV LQ 1RUWKHUQ DQG :HVWHUQ (XURSH ILUVW VWDUWHG LQ WKH HDUO\ V 7KH VHQGLQJ FRXQWULHV LQYROYHG ZHUH *UHHFH 3RUWXJDO ,WDO\ 6SDLQ 7XUNH\
PAGE 39

JDLQHG XVHIXO WUDLQLQJ DQG H[SHULHQFH )LQDOO\ WKH PLJUDQWV WKHPVHOYHV ZRXOG EHQHILW IURP ZRUNLQJ LQ WKH KRVW FRXQWULHV E\ UHFHLYLQJ KLJK VDODULHV DQG WUDLQLQJ RSSRUWXQLWLHV QRW DYDLODEOH LQ WKHLU KRPH FRXQWULHV ,Q UHDOLW\ KRZHYHU WKH GHYHORSPHQW RI ODERU PLJUDWLRQ WXUQHG RXW WR EH HQWLUHO\ GLIIHUHQW %RWK 6KDGLG f DQG YDQ $PHUVIRRUW f UHIHU WR $OEHGDnV f DQDO\VLV RI IRXU SKDVHV RI GHYHORSPHQW LQ WKH (XURSHDQ ODERU PLJUDWLRQV f /DERUHUV DUH WHPSRUDULO\ XVHG WR UHOLHYH FHUWDLQ SUREOHPV LQ WKH ODERU PDUNHW f WKH\ DUH SHUPDQHQWO\ HQJDJHG LQ MREV WKDW WKH QDWLRQDOV H[SHULHQFH DV XQSOHDVDQW LQIHULRU RU LQVHFXUH f WKH\ SHUIRUP LQ SULQFLSOH DOO XQVNLOOHG MREV f WKH\ SHUIRUP DOO PDQXDO ODERU LQ D GHYHORSHG HFRQRP\ 7KH YDULRXV KRVW FRXQWULHV WKHQ PRYH WKURXJK WKH VXEVHTXHQW SKDVHV DW D GLIIHUHQW SDFH DFFRUGLQJ WR WKHLU SDUWLFXODU IRUHLJQ ZRUNHU VLWXDWLRQV 6KDGLG f VXJJHVWV IRU LQVWDQFH WKDW 6ZLW]HUODQG KDG DW WKDW SRLQW UHDFKHG WKH IRXUWK SKDVH )UDQFH DQG *HUPDQ\ KDG SDVVHG WKH VHFRQG DQG WKH 1HWKHUODQGV ZDV DERXW WR HQWHU WKH VHFRQG SKDVH ,Q DOO SUREDELOLW\ WKH 1HWKHUODQGV KDV E\ QRZ PRYHG WKURXJK RQH RU PRUH IXUWKHU SKDVHV )RUHLJQ :RUNHUV LQ :HVWHUQ (XURSH 'HVSLWH WKH HDUOLHU SUHGLFWLRQV (XURSHDQ ODERU PLJUDWLRQ WXUQHG RXW QRW WR EH D WUDQVLWRU\ SKHQRPHQRQ DV

PAGE 40

VHWWOHPHQW JUDGXDOO\ WRRN RQ D PRUH SHUPDQHQW FKDUDFWHU 7KRXJK UHWXUQ PLJUDWLRQ GLG RFFXU DQ LQFUHDVLQJ QXPEHU RI JXHVW ODERUHUV KDG EHFRPH ORQJWHUP UHVLGHQWV E\ WKH HDUO\ nV $ QXPEHU RI IDFWRUV PD\ KDYH FRQWULEXWHG WR WKH SHUPDQHQW VHWWOHPHQW RI WKH JXHVW ZRUNHUV LQ WKHLU KRVW FRXQWULHV 9DQ $PHUVIRRUW f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f 5RJHUV IIf DGGUHVVHV D QXPEHU RI SUREOHPV WKDW (XURSHDQ FRXQWULHV PXVW IDFH QRZ DV D FRQVHTXHQFH RI SHUPDQHQW VHWWOHPHQW RI WKH IRUHLJQ ZRUNHUV ,VVXHV WKDW PXVW EH UDLVHG DUH IRU LQVWDQFH WKH HFRQRPLF UROHV RI WKH PLJUDQWV WKH OHJDO VWDWXV RI LPPLJUDQW IDPLOLHV WKH HFRQRPLF VLWXDWLRQV RI WKH VHQGLQJ FRXQWULHV DQG PRVW LPSRUWDQWO\ WKH SUREOHPV RI WKH VHFRQG JHQHUDWLRQ 6SHFLILFDOO\ DWWHQWLRQ PXVW EH SDLG WR SUREOHPV RI HGXFDWLRQ PDLQWHQDQFH RI LPPLJUDQWVn QDWLYH ODQJXDJH DQG

PAGE 41

FXOWXUH WKH RFFXSDWLRQDO IXWXUH RI WKH VHFRQG JHQHUDWLRQ DQG RWKHU UHODWHG LVVXHV ,PPLJUDWLRQ LQ WKH 1HWKHUODQGV 'HYHORSPHQWV LQ WKH 1HWKHUODQGV IROORZHG WKRVH RI WKH RWKHU :HVWHUQ (XURSHDQ FRXQWULHV DV WKH 'XWFK ODERU PDUNHW IHOW WKH QHHG IRU UHFUXLWPHQW RI IRUHLJQ ZRUNHUV DSSUR[LPDWHO\ D GHFDGH ODWHU WKDQ WKH RWKHU FRXQWULHV RI WKH (XURSHDQ FRPPXQLW\ YDQ GHU 6WDD\ f )URP WKH HDUO\ nV RQZDUGV WKH 1HWKHUODQGV EHJDQ WR HQFRXUDJH ODERU PLJUDWLRQV DW ILUVW SULPDULO\ IURP 6SDLQ ,WDO\
PAGE 42

WKH 1HWKHUODQGV DV LQ WKH RWKHU FRXQWULHV WKH VWDWXV RI WKH JXHVW ODERUHUV JUDGXDOO\ FKDQJHG LQWR WKDW RI LPPLJUDQWV 'XWFK ODZ VWLSXODWHV WKDW LPPLJUDQWV DIWHU DQ XQLQWHUUXSWHG VWD\ RI DW OHDVW ILYH \HDUV DUH HQWLWOHG WR SHUPDQHQW UHVLGHQFH VWDWXV ZKLFK QDWXUDOO\ FRQWULEXWHG VLJQLILFDQWO\ WR VHWWOHPHQW FI (QW]LQJHU f 3HUPDQHQW UHVLGHQFH RQ WKH SDUW RI WKH IRUHLJQ ODERUHUV LQ WXUQ OHG WR DQ LQFUHDVH LQ IDPLO\ UHXQLILFDWLRQV LQ WKH KRVW FRXQWU\ 9DQ $PHUVIRRUW f VXJJHVWV WKDW IDPLO\ UHXQLILFDWLRQV PD\ KDYH VWDUWHG DV HDUO\ DV DQG (QW]LQJHU f UHPDUNV WKDW DIWHU WKH RLO HPEDUJR RI UHFUXLWPHQW RI QHZ ZRUNHUV YLUWXDOO\ FHDVHG ZKLOH IDPLO\ UHXQLILFDWLRQV JUDGXDOO\ LQFUHDVHG 7KH 1HWKHUODQGV 3ROLF\ )RUPXODWLRQ 7KH LQLWLDO SRVLWLRQ RI WKH 'XWFK JRYHUQPHQW FRQFHUQLQJ LWV SROLFLHV UHJDUGLQJ 0HGLWHUUDQHDQ LPPLJUDQWV FDQ EH FKDUDFWHUL]HG E\ WZR SRWHQWLDOO\ FRQWUDGLFWRU\ SULQFLSOHV f WKH EHOLHI LQ WKH WHPSRUDU\ FKDUDFWHU RI ODERU PLJUDWLRQ DQG f WKH LGHRORJ\ RI WKH ZHVWHUQ ZHOIDUH VWDWH FI (QW]LQJHU YDQ $PHUVIRRUW f 7KLV ODVW SULQFLSOH DFFRUGLQJ WR (QW]LQJHU f JXDUDQWHHV D KXPDQH H[LVWHQFH WR DOO UHVLGHQWV RI WKH 1HWKHUODQGV UHJDUGOHVV RI WKHLU QDWLRQDOLW\ RU WKH GXUDWLRQ RI WKHLU VWD\ DQG WKHUHIRUH DOVR WR OHJDOO\ SUHVHQWf LPPLJUDQWV HYHQ LI WKHLU VWD\ LV PHDQW DV WHPSRUDU\ RQO\ >WU@

PAGE 43

7KH JRYHUQPHQW ORQJ UHIXVHG WR DFFHSW YLHZLQJ WKH 1HWKHUODQGV DV DQ LPPLJUDWLRQ FRXQWU\ DQG WKLV WHPSRUDULQHVV SULQFLSOH UHPDLQHG LQ IRUFH XQWLO WKH ODWH nV DV HYLGHQFHG E\ D QXPEHU RI JRYHUQPHQW DQG JRYHUQPHQWUHODWHG UHSRUWV SXEOLVKHG GXULQJ WKDW WLPH 7KH *RYHUQPHQW 5HSRUW RQ )RUHLJQ :RUNHUV IRU LQVWDQFH VWDWHV WZLFH WKDW WKH 1HWKHUODQGV LV QRW D ODQG RI LPPLJUDWLRQ FI YDQ $PHUVIRRUW f 9DQ GHU 6WDD\ f DOVR UHSHDWHGO\ UHIHUV WR WKH IDFW WKDW WKH PDMRULW\ RI WKH IRUHLJQ ZRUNHUV LQ WKH 1HWKHUODQGV WDNH SDUW LQ 'XWFK VRFLHW\ DV WHPSRUDU\ UHVLGHQWV ZLWK QR SDUWLFXODU FRPPLWPHQWV WR WKDW VRFLHW\ &KDUDFWHULVWLF RI WKLV YLHZ LV KLV XVH RI WKH WHUP LQWHUQDWLRQDO FRPPXWHU ZKLFK LPSOLHV D UHODWLRQVKLS EHWZHHQ IRUHLJQ ZRUNHU DQG KRVW FRXQWU\ EDVHG RQ WHPSRUDU\f HFRQRPLF WLHV RQO\ $ PDMRU FKDQJH LQ JRYHUQPHQW SROLF\ ZDV UHDOL]HG WKURXJK WKH SXEOLFDWLRQ RI WKH UHSRUW (WKQLF 0LQRULWLHV E\ WKH 6FLHQWLILF &RXQFLO IRU *RYHUQPHQW 3ROLF\ ZKLFK DGYLVHG WKH JRYHUQPHQW WR DEDQGRQ WKH WHPSRUDULQHVVV SULQFLSOH DQG VXJJHVWHG WKH GHYHORSPHQW RI D FRPSUHKHQVLYH SROLF\ RQ PLQRULWLHV IRU WKH YDULRXV LPPLJUDQW JURXSV FI (QW]LQJHU IIf %RWK UHFRPPHQGDWLRQV ZHUH VXEVHJXHQWO\ DGRSWHG E\ WKH 'XWFK JRYHUQPHQW

PAGE 44

&XOWXUDO 0LQRULWLHV *HQHUDO 2EVHUYDWLRQV 7KH ILUVW IRUPXODWLRQ RI VXFK D FRPSUHKHQVLYH PLQRULW\ SROLF\ ZDV SXEOLVKHG LQ WKH JRYHUQPHQW UHSRUW 2QWZHUS 0LQGHUKHGHQQRWD nGUDIW IRU PLQRULW\ ELOOnf 7KH SULQFLSDO DLP RI WKH SROLF\ DV VWDWHG LQ WKLV ELOO ZDV WKH UHDOL]DWLRQ RI D VRFLHW\ LQ ZKLFK WKH PHPEHUV RI PLQRULW\ JURXSV ZKR UHVLGH LQ WKH 1HWKHUODQGV HDFK VHSDUDWHO\ DQG DV D JURXS DUH HQWLWOHG WR HTXDO RSSRUWXQLWLHV FI (QW]LQJHU f ,Q FRQFUHWH WHUPV IURP D OHJDO SHUVSHFWLYH WKH SROLF\ HQVXUHG HTXDO ULJKWV WR PLQRULWLHV ZLWK UHVSHFW WR IRU LQVWDQFH KRXVLQJ DQG HPSOR\PHQW 0RUHRYHU WKH ULJKW WR PDLQWHQDQFH RI QDWLYH FXOWXUH DQG HGXFDWLRQ RQ WKH SDUW RI WKH LPPLJUDQWV ZDV DOVR DVVHUWHG 7KH GHILQLWLYH 0LQRULW\ %LOO ZDV DGRSWHG LQ DQG DFFRUGLQJ WR (QW]LQJHU f UHIOHFWV D JRYHUQPHQW SROLF\ GLUHFWHG WRZDUG LQWHJUDWLRQ UDWKHU WKDQ DVVLPLODWLRQ ,Q DGGLWLRQ WR WKLV ELOO WKH 0LQLVWU\ RI (GXFDWLRQ IRUPXODWHG D SROLF\ ZLWK UHJDUG WR FXOWXUDO PLQRULWLHV LQ WKH HGXFDWLRQDO V\VWHP LQ ZKLFK ZLOO EH GLVFXVVHG LQ PRUH GHWDLO EHORZ FI VHFWLRQ f 0RURFFDQ ,PPLJUDQWV :KLOH 7XUNLVK LPPLJUDQWV WR WKH 1HWKHUODQGV FDPH IURP SUDFWLFDOO\ DOO SURYLQFHV LQ 7XUNH\ LPPLJUDWLRQ IURP 0RURFFR KDG WR VRPH H[WHQW D PRUH VSHFLILF FKDUDFWHU

PAGE 45

$OWKRXJK 6KDGLGnV f VWXG\ VKRZV WKDW DOO UHJLRQV RI WKH FRXQWU\ DUH UHSUHVHQWHG LQ WKH PLJUDWLRQ WKH QRUWKHUQ UHJLRQ DSSHDUHG WR GRPLQDWH HPLJUDWLRQ SDWWHUQV 6KDGLG f SURYLGHV WKH IROORZLQJ WDEOH RI SURYLQFHV IURP ZKLFK D PDMRULW\ RI WKH 0RURFFDQ LPPLJUDQWV LQ WKH 1HWKHUODQGV RULJLQDWHV 1RUWK 7£QJHU 7HWRXDQ DQG $ +RFHLPD 1DGRU &RDVW 5DEDW &DVDEODQFD (O -DGLGD .HQLWUD 6RXWK 0DUUDNHFK $JDGLU 2XDU]D]DWH &HQWUH 7D]D )H] 0HNQHV (DVW 2XMGD +LV VWXG\ VKRZHG WKDW b RI WKH LPPLJUDQWV FDPH IURP WKH QRUWKHUQ DUHD DQG KH IXUWKHU UDQNHG WKH SURYLQFHV LQ RUGHU RI SHUFHQWDJH RI LPPLJUDQWV VXSSOLHG WR WKH 1HWKHUODQGV DV IROORZV 1DGRU bf $ +RFHLPD DQG 7HWRXDQ bf 2XMGD bf &DVDEODQFD bf DQG 2XDU]D]DWH bf 6KDGLG f 9DQ $PHUVIRRUW f DJUHHV ZLWK 6KDGLG WKDW WKH QRUWKHUQ DUHD DSSHDUV WR KDYH FRQWULEXWHG PRVW WR HPLJUDWLRQ WR WKH 1HWKHUODQGV +H REVHUYHV IRU LQVWDQFH WKDW LW LV SULQFLSDOO\ WKH LVRODWHG UXUDO DUHD LQ WKH (DVWHUQ 5LII WKDW SURYLGHV PLJUDQW ODERU IRU WKH 1HWKHUODQGV (YHQ E\ 0RURFFDQ VWDQGDUGV WKHVH SHRSOH KDYH D ORZ OHYHO RI HGXFDWLRQ KDOI RI WKH 0RURFFDQV LQ WKH 1HWKHUODQGV DUH LOOLWHUDWHf DQG WKH\ DUH FORVHO\ ERXQG WR WKH WUDGLWLRQDO UXUDO FXOWXUH LQ ZKLFK IDPLO\ DQG YLOODJH SOD\ WKH FHQWUDO UROH YDQ $PHUVIRRUW f

PAGE 46

$V PHQWLRQHG HDUOLHU PDQ\ LPPLJUDQWV IURP WKLV DUHD FRPH IURP WKH SURYLQFHV RI 1DGRU DQG $ +RFHLPD ZKLFK LV DQ DUHD RI 0RURFFR WKDW EHORQJHG WR 6SDLQ UDWKHU WKDQ )UDQFH GXULQJ WKH FRORQLDO SHULRG $ JUHDW QXPEHU RI WKH LQKDELWDQWV RI WKLV DUHD VSHDN D %HUEHU ODQJXDJH DQG WKRXJK WKH \RXQJHU PHQ JHQHUDOO\ DUH DEOH WR UHDG VSHDN DQG ZULWH $UDELF WKH ROGHU PHQ DQG PRVW RI WKH ZRPHQ DUH LOOLWHUDWH DV %HUEHU LV QRW D ZULWWHQ ODQJXDJH FI YDQ $PHUVIRRUW IIf 6KDGLGnV f ILQGLQJV FRUUHVSRQG WR WKHVH REVHUYDWLRQV DV b RI KLV UHVSRQGHQWV KDG QR VFKRRO HGXFDWLRQ DQG ZHUH JHQHUDOO\ LOOLWHUDWH +H ZDUQV KRZHYHU WKDW KLV ILJXUHV GHYLDWH VRPHZKDW IURP WKH ILJXUHV JXRWHG IRU WKH 0RURFFDQ SRSXODWLRQ LQ JHQHUDO DQG KH UHIHUV WR WKH ILJXUHV REWDLQHG E\ YDQ $PHUVIRRUW DQG YDQ GHU :XVWHQ f ZKLFK LQGLFDWH D b LOOLWHUDF\ UDWH DPRQJ WKH PDOH SRSXODWLRQ EHWZHHQ DQG \HDUV RI DJH 7DOPRXGL f UHSRUWV D LOOLWHUDF\ UDWH IRU WKH UXUDO SRSXODWLRQ RI 0RURFFR RI b IRU PDOHV DQG b IRU IHPDOHV &RPSDUDWLYHO\ VSHDNLQJ WKHQ WKH IRUHLJQ ZRUNHUV LQ WKH 1HWKHUODQGV KDYH PRUH VFKRRO HGXFDWLRQ WKDW WKH UHVW RI WKH 0RURFFDQ SRSXODWLRQ 6KDGLG f IXUWKHUPRUH IRXQG WKDW WKH PDMRULW\ bf RI WKH UHVSRQGHQWV LQ KLV VWXG\ ZHUH \RXQJHU WKDQ \HDUV RI DJH ZKLFK KH H[SODLQHG DV WKH PRVW DFWLYH DJH SHULRG IRU SHRSOH WR EH DEOH WR FDUU\ RXW WKH KDUG SK\VLFDO ODERU LQ WKH LQGXVWULDOL]HG FRXQWULHV WR ZKLFK WKH 0RURFFDQV

PAGE 47

HPLJUDWH 0RVW RI KLV UHVSRQGHQWV ZHUH PDUULHG ZLWK D PDMRULW\ RI WKH ZLYHV UHPDLQLQJ LQ 0RURFFR FI 6KDGLG IIf 6KDGLGnV VWXG\ DOVR VKRZHG D SRVLWLYH FRUUHODWLRQ EHWZHHQ UHXQLRQ ZLWK ZLIH DQG FKLOGUHQ DQG VFKRRO DWWHQGDQFH RU HGXFDWLRQDO OHYHO RI WKH UHVSRQGHQWV 7KH KLJKHU WKH HGXFDWLRQDO OHYHO WKH JUHDWHU WKH FKDQFH RI IDPLO\ UHXQLRQ 0RUHRYHU KH VKRZHG WKDW UHVSRQGHQWV RULJLQDWLQJ IURP XUEDQ UHJLRQV VKRZ PRUH IDPLO\ UHXQLRQ WKDQ WKRVH RI UXUDO UHJLRQV 6KDGLG f 7KH 6HFRQG *HQHUDWLRQ $V 5RJHUV IIf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nV f VWXG\ RI VHFRQG JHQHUDWLRQ $OJHULDQV VKRZV VRPH UHPDUNDEOH GLIIHUHQFHV EHWZHHQ WKH ILUVW DQG VHFRQG JHQHUDWLRQ 0RVW RI WKH \RXQJHU LPPLJUDQWV QR ORQJHU VXEVFULEH WR WKHLU SDUHQWVn PRUDO DQG UHOLJLRXV YDOXHV EXW DSSHDU TXLWH (XURSHDQ LQ WKHLU RXWORRN 5HWXUQLQJ WR WKHLU KRPH FRXQWU\

PAGE 48

LV QR ORQJHU FRQVLGHUHG D YLDEOH RSWLRQ IRU DOWKRXJK PRVW RI WKHP ZRXOG OLNH WR YLVLW WKH SODFHV ZKHUH WKH\ FDPH IURP WKH\ SUHIHU WKH RSSRUWXQLWLHV LQ WKH :HVW
PAGE 49

DQG f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f 0HKUO£QGHU f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

PAGE 50

7KH 6HFRQG *HQHUDWLRQ LQ WKH 1HWKHUODQGV $W WKH SUHVHQW WLPH WKH QXPEHU RI VHFRQG JHQHUDWLRQ LPPLJUDQWV LV VWLOO H[SHFWHG WR JURZ LQ WKH \HDUV WR FRPH $FFRUGLQJ WR WKH UHSRUW RI WKH 6RFLDO DQG &XOWXUDO 3ODQQLQJ %XUHDX 6&3f SULPDU\ DQG VHFRQGDU\ IDPLO\ UHXQLILFDWLRQV DUH VWLOO LQ SURJUHVV 3ULPDU\ UHXQLILFDWLRQ LV WKH DUULYDO RI WKH ZLYHV DQGRU FKLOGUHQ RI WKH IRUHLJQ ZRUNHUV LQ WKH KRVW FRXQWU\ ZKHUHDV VHFRQGDU\ UHXQLILFDWLRQ LV WKH DUULYDO RI D PDUULDJH SDUWQHU IURP WKH KRPH FRXQWU\ LQ WKH KRVW FRXQWU\ FI YDQ GHQ %HUJ(OGHULQJ YDQ 3UDDJ DQG .RRO f $SSUR[LPDWHO\ WZR WKLUGV RI WKH 0RURFFDQV KDYH QRW EHHQ UHXQLILHG ZLWK WKHLU IDPLOLHV \HW WKURXJK SULPDU\ IDPLO\ UHXQLILFDWLRQ YDQ 3UDDJ DQG .RRO f ,Q DGGLWLRQ WKH UDSLG SRSXODWLRQ JURZWK DPRQJ LPPLJUDQWV LV DOVR H[SHFWHG WR FRQWULEXWH WR WKH JURZWK RI WKH VHFRQG JHQHUDWLRQ &XUUHQW HVWLPDWHV DVVHVV WKH JURZWK RI WKH QXPEHU RI VFKRRO FKLOGUHQ EHWZHHQ DQG \HDUV RI DJH DW DSSUR[LPDWHO\ b WR b E\ WKH \HDU FI YDQ GHQ %HUJ(OGHU LQJ f 2Q WKH RWKHU KDQG UHWXUQ PLJUDWLRQ DQG D SRVVLEOH GHFOLQH LQ WKH ELUWK UDWHV RI IRUHLJQ ZRUNHUV ZRXOG WR VRPH H[WHQW VORZ GRZQ WKH UDWH RI JURZWK RI WKH VHFRQG JHQHUDWLRQ 'H 9ULHV f HVWLPDWHV WKDW SUHVHQWO\ DSSUR[LPDWHO\ b RI DOO 7XUNLVK DQG 0RURFFDQ FKLOGUHQ EHORZ \HDUV RI DJH ZHUH ERUQ LQ WKH 1HWKHUODQGV ZKLOH LW LV

PAGE 51

H[SHFWHG WKDW E\ WKH \HDU DOO FKLOGUHQ XS WR \HDUV RI DJH ZLOO KDYH EHHQ ERUQ WKHUH 7KHUHIRUH 'XWFK HGXFDWLRQDO SROLFLHV PXVW EH IRUPXODWHG LQ VXFK D ZD\ WKDW WKH\ FDQ DGGUHVV WKH SUREOHPV RI ERWK WKH QHZO\ DUULYHG LPPLJUDQW FKLOGUHQ DQG RI WKH VHFRQG JHQHUDWLRQ \RXWKV ZKR JUHZ XS LQ WKH 1HWKHUODQGV DQG FDQ DOVR GHDO ZLWK WKH ROGHU VHFRQG JHQHUDWLRQ \RXWKV ZKR DUH QR ORQJHU RI VFKRRO DJH EXW PXVW OHDUQ WR SDUWLFLSDWH LQ 'XWFK VRFLHW\ FI GH 9ULHV f 0RURFFDQV 9DQ GHQ %HUJ(OGHULQJ f SRLQWV RXW WKDW E\ WKH JURXS RI VFKRRODJHG 7XUNLVK DQG 0RURFFDQ FKLOGUHQ PXVW EH GLYLGHG LQWR WZR PDLQ FDWHJRULHV 7KH ILUVW FDWHJRU\ ZLOO FRQVLVW RI WKRVH FKLOGUHQ ZKR ZHUH ERUQ LQ WKH 1HWKHUODQGV RU DUULYHG DW D YHU\ HDUO\ DJH ZKLOH WKH VHFRQG FRQVLVWV RI WKRVH FKLOGUHQ RI VHFRQGDU\ VFKRRO DJH ZKR JHQHUDOO\ ZLOO KDYH DUULYHG LQ WKH 1HWKHUODQGV VRPH WLPH GXULQJ WKHLU SULPDU\ VFKRRO \HDUV $ ODUJH QXPEHU RI 0RURFFDQ FKLOGUHQ LQ SDUWLFXODU LQ WKLV ODVW JURXS DFFRUGLQJ WR YDQ GHQ %HUJ(OGHULQJ f KDV QRW KDG DQ\ HGXFDWLRQ DW DOO LQ WKHLU RZQ FRXQWU\ %HVLGHV WKH WZR JURXSV RI VFKRRO DJH FKLOGUHQ D ODUJH QXPEHU RI \RXWKV EHWZHHQ WKH DJHV RI DQG ZLOO VWLOO EH DUULYLQJ YDQ GHQ %HUJ(OGHULQJ f HVWLPDWHV WKHLU QXPEHU DW DSSUR[LPDWHO\ 7KH\ KDYH H[FHHGHG WKH

PAGE 52

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f LQ DQ DUWLFOH LQ +HW 8WUHFKWV 1LHXZVEODG VWDWHV WKDW PRVW RI WKH DGGLFWV KDG SUREOHPV VWHPPLQJ IURP WKH UHXQLILFDWLRQ RI WKH IDPLO\ LQ WKH 1HWKHUODQGV DQG LGHQWLILHV WKH IRXU RI WKH PDLQ FDXVHV RI WKHLU SUREOHPV DV f LQWHUUXSWLRQ RI WKHLU HGXFDWLRQ LQ 0RURFFR f ODFN RI SRVVLELOLWLHV IRU ZRUN RU HGXFDWLRQ f GLVFULPLQDWLRQ f UHQHZHG FRQIURQWDWLRQ ZLWK VWURQJ IDWKHUO\ DXWKRULW\ $V PHQWLRQHG DERYH VROXWLRQV PXVW H[WHQG EH\RQG WKH HGXFDWLRQDO SUREOHPV RI WKH VHFRQG JHQHUDWLRQ SURSHU DQG PXVW LQFRUSRUDWH WKH QHHGV RI WKH LQWHUPHGLDWH ORVW JHQHUDWLRQ $W ILUVW JODQFH VHYHUDO SDUDOOHOV DSSHDU WR H[LVW EHWZHHQ WKH SUREOHPV RI WKH 0RURFFDQ \RXWKV LQ WKH 1HWKHUODQGV GHVFULEHG DERYH DQG WKRVH RI WKH $OJHULDQV VHFRQG JHQHUDWLRQ LQ )UDQFH GLVFXVVHG LQ =HKUDRXLnV f VWXG\ FI VHFWLRQ DERYHf %RWK WKH $OJHULDQV DQG WKH

PAGE 53

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

PAGE 54

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f LGHQWLILHV IRXU PDMRU W\SHV RI HGXFDWLRQDO SROLFLHV WKDW KDYH EHHQ WHVWHG LQ 6ZHGHQ 0DLQVWUHDP HGXFDWLRQ ZLWKRXW KRPH ODQJXDJH LQVWUXFWLRQ 0DLQVWUHDP HGXFDWLRQ ZLWK FRQWLQXRXV KRPH ODQJXDJH LQVWUXFWLRQ WKURXJKRXW WKH SULPDU\ DQG VHFRQGDU\ VFKRRO %LOLQJXDOELFXOWXUDO HGXFDWLRQ 0RQROLQJXDO PRWKHU WRQJXH FODVVHV

PAGE 55

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n QDWLYH ODQJXDJH EHFRPHV UHGXFHG WR WKH VWDWXV RI D IRUHLJQ ODQJXDJH VXERUGLQDWH WR WKDW RI WKH KRVW FXOWXUH 0RUHRYHU KRPH ODQJXDJH LQVWUXFWLRQ DORQH ZRXOG QRW DSSHDU VXIILFLHQW IRU PDLQWDLQLQJ LPPLJUDQWVn QDWLYH FXOWXUH DV PDQ\ RWKHU DVSHFWV RI FXOWXUH VXFK DV UHOLJLRQ YDOXHV HWF ZRXOG QHHG WR EH WDXJKW DV ZHOO 7KH ELOLQJXDOELFXOWXUDO DSSURDFK KDV RIWHQ EHHQ UHJDUGHG DV WKH PRVW HTXLWDEOH W\SH RI VROXWLRQ DV LW RIIHUV LQWHJUDWLRQ LQWR WKH KRVW VRFLHW\ RQ WKH RQH KDQG DQG

PAGE 56

PDLQWHQDQFH RI WKH QDWLYH ODQJXDJH DQG FXOWXUH RQ WKH RWKHU ,Q SUDFWLFH KRZHYHU PDQ\ SUREOHPV FDQ DQG GR VXUIDFH 5RJHUV f IRU LQVWDQFH SRLQWV RXW WKDW VXFK D GXDO RSWLRQ HGXFDWLQJ FKLOGUHQ VLPXOWDQHRXVO\ WRZDUG VWD\LQJ LQ WKH KRVW FRXQWU\ DQG WRZDUG UHWXUQLQJ KRPH LV QRW UHDOLVWLF 6LPLODUO\ +RIIPDQ1RZRWQ\ f REVHUYHV WKDW LPPLJUDQW RUJDQL]DWLRQV WHQG WR REMHFW WR WKLV SROLF\ DQG SUHIHU PRWKHU WRQJXH LQVWUXFWLRQ DORQH DV WKH\ IHDU DQ DOLHQDWLRQ RI WKH FKLOGUHQ IURP WKHLU RZQ ODQJXDJH DQG FXOWXUH ,Q DGGLWLRQ 0HKUO£QGHU f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f +RZHYHU LQ YLHZ RI WKH IDFW WKDW D ODUJH QXPEHU RI WKH LPPLJUDQWV PXVW EH FRQVLGHUHG WR KDYH SHUPDQHQWO\ VHWWOHG LQ WKH KRVW FRXQWULHV VRPH IRUP RI

PAGE 57

OLQJXLVWLF DQG FXOWXUDO LQWHJUDWLRQ PXVW UHDOLVWLFDOO\ EH DQWLFLSDWHG LQ RUGHU WR HQVXUH WKH HGXFDWLRQDO DQG RFFXSDWLRQDO IXWXUH RI WKH VHFRQG JHQHUDWLRQ $Q REYLRXV VROXWLRQ WR WKH HGXFDWLRQDO GLOHPPD RI WKH LPPLJUDQWV LQ (XURSH GRHV QRW H[LVW 7KH PRVW UHDVRQDEOH VROXWLRQ DSSHDUV WR EH WKH LQWHUFXOWXUDO PRGHO ZKLFK LV FXUUHQWO\ EHLQJ H[SORUHG LQ (XURSH FI VHFWLRQV DQG f 3DVW H[SHULHQFHV LQ WKH YDULRXV FRXQWULHV KRZHYHU KDYH LQGLFDWHG D QXPEHU RI VKRUWFRPLQJV RI SUHYLRXV DSSURDFKHV ZKLFK VKRXOG EH DYRLGHG LQ RWKHU DSSOLFDWLRQV 7KH *HUPDQ H[SHULPHQW IRU LQVWDQFH VKRZHG WKDW WKH LPPLJUDQW FKLOGUHQ RIWHQ UHFHLYHG FRPSOHPHQWDU\ WUDLQLQJ LQ WKHLU PRWKHU WRQJXH GXULQJ VFKRRO KRXUV DW WKH H[SHQVH RI VRPH RI WKHLU RWKHU VXEMHFWV FI 0HKUO£QGHU f 9DQ $PHUVIRRUW f VWDWHV WKDW LQ WKH 1HWKHUODQGV VXSSOHPHQWDU\ QDWLYH FXOWXUH HGXFDWLRQ ZDV VRPHWLPHV WDXJKW E\ WHDFKHUV IURP WKH FRXQWULHV RI RULJLQ DQG ZDV RIWHQ QDWLRQDOLVWLF RU LGHRORJLFDOO\ FRORUHG DQG JDYH D GLVWRUWHG SLFWXUH RI OLIH LQ WKH KRPH FRXQWU\ 7KH 6ZLVV DSSURDFK DSSHDUV WR KDYH DWWHPSWHG WR LQWHJUDWH WKH FKLOGUHQ WRR UDSLGO\ LQWR WKH KRVW VRFLHW\ ZKLFK UHVXOWHG WRR TXLFNO\ LQ PDLQVWUHDPLQJ HGXFDWLRQ DORQH FI +RIIPDQQ1RZRWQ\ IIf

PAGE 58

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f :KLOH ERWK JURXSV ZHUH WR UHFHLYH ELFXOWXUDO HGXFDWLRQ WKH HPSKDVLV ZRXOG EH GLIIHUHQW 7KH ILUVW JURXS ZDV WR EH LQWHJUDWHG LQWR WKH 'XWFK HGXFDWLRQDO V\VWHP ZKLOH WKH VHFRQG JURXS ZRXOG UHFHLYH SULPDULO\ QDWLYH ODQJXDJH DQG FXOWXUH HGXFDWLRQ ,Q JHQHUDO WKH VWDWHPHQW LQ WKH 0LQLVWU\nV UHSRUW f FRQFOXGHV DQ LQWHJUDWLRQDO SROLF\ ZLOO EH FRQGXFWHG H[FHSW IRU WKRVH JURXSV WKDW ZLOO VWD\ LQ WKH 1HWKHUODQGV IRU RQO\ D IHZ \HDUV >WU@

PAGE 59

)URP RQZDUGV HGXFDWLRQ LQ QDWLYH ODQJXDJH DQG FXOWXUH ZDV LQVWLWXWHG IRU LPPLJUDQW FKLOGUHQ ZKLFK ERWK LQ FRQWHQW DQG LQ SHGDJRJLFGLGDFWLF DSSURDFK ZDV DGDSWHG WR WKH HGXFDWLRQDO V\VWHP RI WKH QDWLYH FRXQWU\ FI YG %HUJ(OGHULQJ >WU@f (GXFDWLRQ LQ WKH 'XWFK ODQJXDJH ZDV SURYLGHG E\ VSHFLDOO\ DSSRLQWHG WHDFKHUV ZKR KRZHYHU JHQHUDOO\ ZHUH QRW WUDLQHG LQ WHDFKLQJ 'XWFK DV D VHFRQG ODQJXDJH $FFRUGLQJ WR YG %HUJ(OGHULQJ f WKH GXDO DSSURDFK RI WKH HGXFDWLRQDO SROLFLHV ZDV ZLGHO\ FULWLFL]HG WRZDUGV WKH HQG RI WKH nV DQG VXJJHVWLRQV ZHUH PDGH IRU D PRUH LQWHJUDWHG DSSURDFK 7KH UHSRUW (WKQLF 0LQRULWLHV E\ WKH :HWHQVFKDSSHOLMNH 5DDG YRRU KHW 5HJHULQJVEHOHLG WKH :55 RU n6FLHQWLILF &RXQFLO IRU *RYHUQPHQW 3ROLF\nf ZKLFK KDG EHHQ FUXFLDO LQ FKDQJLQJ DWWLWXGHV RQ JHQHUDO PLQRULW\ SROLFLHV LQ WKH 1HWKHUODQGV FI VHFWLRQ f DOVR FRQWULEXWHG PXFK WR WKH FKDQJHV LQ HGXFDWLRQDO SROLFLHV IRU LPPLJUDQW FKLOGUHQ 7KH UHSRUW 3ROLF\ )RUPXODWLRQ FRQFHUQLQJ &XOWXUDO 0LQRULWLHV LQ WKH (GXFDWLRQDO 6\VWHP E\ WKH 0LQLVWU\ RI (GXFDWLRQ ODUJHO\ IROORZHG WKH :55nV UHFRPPHQGDWLRQV ZLWK UHJDUG WR DEDQGRQLQJ WKH WHPSRUDULQHVV SULQFLSOH DQG GHYHORSLQJ DQ LQWHJUDWHG PLQRULW\ SROLF\ ,WV WZR PDLQ DLPV DUH IRUPXODWHG DV IROORZV (GXFDWLRQ PXVW SUHSDUH PHPEHUV RI PLQRULW\ JURXSV WR IXQFWLRQ DQG SDUWLFLSDWH IXOO\ LQ 'XWFK VRFLHW\ ERWK VRFLDOO\ HFRQRPLFDOO\ DQG GHPRFUDWLFDOO\

PAGE 60

DQG PXVW SURYLGH WKHP ZLWK WKH RSSRUWXQLWLHV WR GR VR ZLWK WKH SRVVLELOLW\ WR DFFRPSOLVK WKLV IURP WKHLU RZQ FXOWXUDO EDFNJURXQG (GXFDWLRQ PXVW DPRQJ RWKHU WKLQJV WKURXJK LQWHUFXOWXUDO HGXFDWLRQ HQFRXUDJH DFFXOWXUDWLRQ RI PLQRULWLHV DQG RWKHU PHPEHUV RI 'XWFK VRFLHW\ $FFXOWXUDWLRQ LV KHUH XQGHUVWRRG WR EH D GRXEOH RU PXOWLIDFHWHG SURFHVV RI EHFRPLQJ DFTXDLQWHG ZLWK DFFHSWLQJ DQG UHVSHFWLQJ HDFK RWKHUnV FXOWXUH RU HOHPHQWV WKHUHRI DQG DSSURDFKLQJ LW RSHQPLQGHGO\ FI 0LQLVWU\ RI (GXFDWLRQ >WU@f ,Q RUGHU WR LPSOHPHQW WKHVH SROLFLHV WKH JRYHUQPHQW SURSRVHV WR DGGUHVV IRXU PDLQ LVVXHV D WKH LQLWLDO FRQWDFW VLWXDWLRQ DW DUULYDO E SUREOHPV RI FKLOGUHQ ZLWK GLVDGYDQWDJHG EDFNJURXQGV F QDWLYH ODQJXDJH DQG FXOWXUH WHDFKLQJ G LQWHUFXOWXUDO HGXFDWLRQ FI 0LQLVWU\ RI (GXFDWLRQ YG %HUJ(OGHULQJ f 7KH ILUVW LVVXH LQLWLDO LQWHUYHQWLRQ DW DUULYDO DFFRUGLQJ WR WKH 0LQLVWU\nV UHSRUW f GHDOV SULPDULO\ ZLWK 'XWFK DV D VHFRQG ODQJXDJH D JHQHUDO RULHQWDWLRQ RQ 'XWFK VRFLHW\ DQG SDUWLFLSDWLRQ LQ WKH IXWXUHf VFKRRO HQYLURQPHQW )RU VWXGHQWV EHWZHHQ DQG \HDUV RI DJH D VSHFLILF IRUP RI WUDQVLWLRQDO HGXFDWLRQ WKH ,QWHUQDWLRQDOH 6FKDNHONODVVHQ ,6. RU nLQWHUQDWLRQDO OLQNLQJ FODVVHVnf ZHUH GHYHORSHG WR SURYLGH D W\SH RI HGXFDWLRQ WR EULGJH WKH JDS EHWZHHQ WKH VWXGHQWVn RZQ EDFNJURXQGV DQG WKH 'XWFK VFKRRO V\VWHP 7KH PDLQ DLP RI WKH ,6. LV WR LQWHJUDWH WKH VWXGHQWV LQWR WKH UHJXODU W\SHV RI HGXFDWLRQ DV VRRQ DV SRVVLEOH FI VHFWLRQ f

PAGE 61

&RQFHUQLQJ WKH VHFRQG LVVXH LH WKH SRVLWLRQ RI VWXGHQWV IURP GLVDGYDQWDJHG EDFNJURXQGV WKH 0LQLVWU\ RI (GXFDWLRQ f OLVWV D QXPEHU RI IDFWRUV ZKLFK PD\ EH RI LQIOXHQFH RQ WKH HGXFDWLRQDO GHYHORSPHQW RI PLQRULW\ FKLOGUHQ ORZ VRFLRHFRQRPLF VWDWXV RI WKH SDUHQWV VXEVWDQGDUG KRXVLQJ FRQGLWLRQV ODFN RI HGXFDWLRQ RI WKH SDUHQWV ODQJXDJH GLIIHUHQFHV GLVFUHSDQFLHV EHWZHHQ WKH QRUP DQG YDOXH V\VWHP DW KRPH DQG DW VFKRRO 9DQ GHQ %HUJ(OGHULQJ f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nV >WU@f UHSRUW SURYLGHV WKH IROORZLQJ UDWLRQDOH 7KLV W\SH RI HGXFDWLRQ FDQ WKXV FRQWULEXWH WR WKH GHYHORSPHQW DQG VHOILGHQWLW\ DQG VHOIDZDUHQHVV RI WKH VWXGHQW 7KURXJK EHWWHU NQRZOHGJH RI DQG DFFHVV WR WKH FXOWXUH RI WKH FRXQWU\ RI RULJLQ WLHV ZLWK IDPLO\

PAGE 62

PHPEHUV IULHQGV DQG DFTXDLQWDQFHV IURP DQG LQ WKH QDWLYH FRXQWU\ FDQ SRWHQWLDOO\ EH PDLQWDLQHG 0RUHRYHU LW IDFLOLWDWHV WR D FHUWDLQ GHJUHH UHLQWHJUDWLRQ LQWR WKH HGXFDWLRQDO V\VWHP RI WKH QDWLYH FRXQWU\ LQ FDVH UHWXUQ PLJUDWLRQ KDV EHHQ GHFLGHG RQ 7KH EURFKXUH 1DWLYH ODQJXDJH DQG FXOWXUH HGXFDWLRQ f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f D WRWDO RI IRUHLJQ WHDFKHUV ZDV HPSOR\HG GXULQJ WKH VFKRRO \HDU WKH PDMRULW\ RI ZKLFK ZHUH 7XUNV f DQG 0RURFFDQV f 9DQ GHQ %HUJ(OGHULQJ f UDLVHV WKH TXHVWLRQ WKDW ZKLOH WKH PDLQ DLP RI WKLV W\SH RI HGXFDWLRQ LV WKH GHYHORSPHQW RI D SRVLWLYH VHOILGHQWLW\ RQ WKH SDUW RI WKH LPPLJUDQW FKLOG WKH RSWLRQ WKHQ UHPDLQV RI ZKLFK FXOWXUH VKRXOG EH WKH SRLQW RI UHIHUHQFH IRU DFFRPSOLVKLQJ WKLV 7KH IRFXV FRXOG EH SODFHG RQ WKH UROH RI WKH LPPLJUDQW FKLOG ZLWKLQ 'XWFK VRFLHW\ RU RQ WKH FXOWXUH RI WKH SDUHQWV DQG WKH FRXQWU\ RI RULJLQ 7KH SUREOHP ZLWK WKH ODWWHU DSSURDFK LV WKDW RIWHQ WKH FKLOGUHQ GR QRW PDVWHU

PAGE 63

WKHLU RZQ ODQJXDJH VXIILFLHQWO\ WR EH DEOH WR XQGHUVWDQG WKHLU LQVWUXFWRUVn GLVFXVVLRQV RQ YDULRXV FXOWXUDO WRSLFV $FFRUGLQJ WR YDQ GHQ %HUJ(OGHULQJ f HPSKDVLV LV JUDGXDOO\ VKLIWLQJ WRZDUG WKH ILUVW DSSURDFK +RZHYHU VKH GHWHFWV WZR LQFRQVLVWHQFLHV EHWZHHQ WKH JRYHUQPHQWn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nV SROLF\ IRUPXODWLRQ LW LV FDUHIXOO\ GLVWLQJXLVKHG IURP QDWLYH ODQJXDJH DQG FXOWXUH WHDFKLQJ VLQFH LW LV DLPHG DW DOO VWXGHQWV QRW MXVW DW FXOWXUDO PLQRULWLHV $FFRUGLQJ WR WKLV SROLF\ 0LQLVWU\ RI (GXFDWLRQ >WU@f VWXGHQWV PXVW EHFRPH DFTXDLQWHG ZLWK WKH GLIIHUHQW FXOWXUHV WKH\ PXVW OHDUQ WR GLVWLQJXLVK ERWK WKH GLIIHUHQFHV DQG VLPLODULWLHV ZLWK DV D PDLQ SULQFLSOH WKH

PAGE 64

HTXDOLW\ RI WKH FXOWXUHV ,QWHUFXOWXUDO HGXFDWLRQ LW VWDWHV LV DLPHG DW DFFXOWXUDWLRQ UDWKHU WKDQ DVVLPLODWLRQ ,WV PDLQ JRDO DV IRUPXODWHG E\ YDQ GHQ %HUJ(OGHULQJ >WU@f LV WR DWWDLQ D ODUJH GHJUHH RI FXOWXUDO VHQVLWLYLW\ DQG FXOWXUDO UHODWLYLVP DPRQJ WKH VWXGHQWV >WU@ 7KH /DY IRU 3ULPDU\ (GXFDWLRQ PHQWLRQHG DERYH LQ IDFW UHTXLUHV VFKRROV WR IRUPXODWH WKHLU FXUULFXOD LQ VXFK D ZD\ DV WR SURYLGH VWXGHQWV ZLWK HGXFDWLRQ ZLWKLQ D PXOWLFXOWXUDO FRQWH[W 2EVHUYLQJ WKDW WKLV LV QRW DQ HDV\ WDVN YDQ GHQ %HUJ(OGHULQJ >WU@f FLWHV D QXPEHU RI UHDVRQV ZK\ LQWHUFXOWXUDO HGXFDWLRQ KDV EHHQ GLIILFXOW WR UHDOL]H ODFN RI FRQFUHWH UHDOL]DWLRQ RI WKH SROLF\ JRDOV IRU HGXFDWLRQDO SUDFWLFH ODFN RI D V\VWHPDWLF RYHUYLHZ RI SURSHU VWUXFWXUH HGXFDWLRQDO WRROV DQG PDWHULDOV ODFN RI NQRZOHGJH RI DQG LQVLJKW LQ RWKHU FXOWXUHV RQ WKH SDUW RI WHDFKLQJ SHUVRQQHO LQDELOLW\ WR UHFRJQL]H DQG GHDO ZLWK V\PSWRPV RI VWLJPDWL]DWLRQ GLVFULPLQDWLRQ DQG UDFLVP 6KH REVHUYHV f WKDW DV \HW LQWHUFXOWXUDO HGXFDWLRQ LV D PDUJLQDO DFWLYLW\ LQ WKH 'XWFK VFKRRO V\VWHP 7KH 0RURFFDQ VFKRRO V\VWHP 7KH FXUUHQW 0RURFFDQ VFKRRO V\VWHP FRQVLVWV RI ERWK WUDGLWLRQDO .RUDQ HGXFDWLRQ DQG RI D PRUH JHQHUDO W\SH RI

PAGE 65

HGXFDWLRQ ,Q WKH WUDGLWLRQDO .RUDQ VFKRROV HGXFDWLRQ LQ SURYLGHG E\ D UHOLJLRXV WHDFKHU D IJLK DW WKH ORFDO PRVTXHV (GXFDWLRQ FRQVLVWV PDLQO\ RI OHDUQLQJ WR UHDG DQG ZULWH $UDELF PHPRUL]LQJ WKH FKDSWHUV RI WKH .RUDQ DQG DW KLJKHU OHYHOV VSHFLDOL]LQJ LQ D VSHFLILF WRSLF VXFK DV WKHRORJ\ $UDELF OLWHUDWXUH RU PXVOLP ODZ $IWHU LWV LQGHSHQGHQFH LQ 0RURFFR LQVWLWXWHG D QHZ HGXFDWLRQDO SROLF\ LQWHQGHG WR f XQLI\ WKH HGXFDWLRQDO V\VWHP f LQWURGXFH $UDELF DV WKH PDLQ ODQJXDJH LQ WKH VFKRROV f HQFRXUDJH HGXFDWLRQ E\ 0RURFFDQ WHDFKHUV RQO\ DQG f PDNH SULPDU\ HGXFDWLRQ DYDLODEOH WR HYHU\RQH FI +HUPDQV f $FFRUGLQJ WR +HUPDQV f WKH VWUXFWXUH RI WKH FXUUHQW V\VWHP GRHV QRW DOORZ IRU DQ\ SUHVFKRRO HGXFDWLRQ EXW SURYLGHV REOLJDWRU\ SULPDU\ HGXFDWLRQ IRU DOO FKLOGUHQ EHWZHHQ VHYHQ DQG WKLUWHHQ \HDUV RI DJH 6HFRQGDU\ HGXFDWLRQ FRQVLVWV RI D ILUVW F\FOH RI IRXU \HDUV IROORZHG E\ D VHFRQG PRUH VSHFLDOL]HG F\FOH RI WKUHH \HDUV DQG DIWHU FRPSOHWLRQ RI D EDFFDODXUHDW LW SURYLGHV DFFHVV WR KLJKHU HGXFDWLRQ +HUPDQV f VWUHVVHV KRZHYHU WKDW GHVSLWH REOLJDWRU\ HGXFDWLRQ HVSHFLDOO\ JLUOV LQ UXUDO DUHDV WHQG WR EH XQGHUUHSUHVHQWHG LQ WKH SULPDU\ VFKRROV )XUWKHUPRUH WKH ODFN RI YRFDWLRQDO RSSRUWXQLWLHV DW WKH VHFRQGDU\ VFKRRO OHYHO UHVXOWV LQ DQ H[WUHPHO\ KLJK GURSRXW UDWH DPRQJ WKRVH VWXGHQWV ZKR FDQQRW NHHS XS LQ VFKRRO +HUPDQV f ILQGV WKDW RQO\ RQH

PAGE 66

KDOI SHUFHQW RI WKH VWXGHQWV ZKR VWDUWHG SULPDU\ HGXFDWLRQ REWDLQ D EDFFDODXUHDW 7KH 'XWFK VFKRRO V\VWHP 7KH FRQVWLWXWLRQ RI WKH 1HWKHUODQGV JXDUDQWHHV IUHHGRP RI HGXFDWLRQ IRU DOO DQG DOO HGXFDWLRQ LV UHJXODWHG E\ ODZ 6FKRROLQJ LV FRPSXOVRU\ IRU HYHU\RQH IRU D WRWDO RI HOHYHQ VFKRRO \HDUV HLJKW RI ZKLFK FRQVLVW RI SULPDU\ HGXFDWLRQ $IWHU WKH HOHYHQWK \HDU RI VFKRROLQJ DOO FKLOGUHQ PXVW VWLOO DWWHQG VFKRRO IRU D PLQLPXP RI WZR GD\V D ZHHN IRU RQH PRUH \HDU WKLV LV FDOOHG nSDUWLDO FRPSXOVRU\ HGXFDWLRQn SDUWLOH OHHUSOLFKWf 7KH :HW RS KHW %DVLVRQGHUZLLV nODZ IRU SULPDU\ HGXFDWLRQnf UHJXODWHV HGXFDWLRQ IRU FKLOGUHQ IURP IRXU WKURXJK WZHOYH \HDUV RI DJH 7KLV QHZ ODZ LV LQWHUHVWLQJ LQ WKDW LW VKRZV LWV DGDSWDWLRQ WR VRPH RI WKH UHFHQW FKDQJHV LQ 'XWFK VRFLHW\ DV FDQ EH VHHQ IURP 7LWOH $UWLNHO f RI WKH ODZ RQ SULPDU\ HGXFDWLRQ 3ULPDU\ HGXFDWLRQ PXVW SURYLGH DQ XQLQWHUUXSWHG GHYHORSPHQWDO SURFHVV WR VWXGHQWV WDNLQJ LQWR FRQVLGHUDWLRQ WKH GHYHORSPHQW RI WKH LQGLYLGXDO VWXGHQW LH LQGHSHQGHQW RI WKH SURJUHVV RI RWKHU VWXGHQWVf (GXFDWLRQ LV SDUWLFXODUO\ DLPHG DW WKH GHYHORSPHQW RI VHQVLWLYLW\ VHQVLELOLW\ FUHDWLYLW\ DFTXLVLWLRQ RI HVVHQWLDO NQRZOHGJH DQG RI VRFLDO FXOWXUDO DQG SK\VLFDO FDSDELOLWLHV (GXFDWLRQ PXVW DGRSW WKH SULQFLSOH WKDW WKH VWXGHQWV JURZ XS LQ D VRFLHW\ VKDUHG DOVR E\ SHRSOH ZLWK RWKHU ODQJXDJHV DQG FXOWXUHV 0LQLVWU\ RI (GXFDWLRQ >WU@f

PAGE 67

6HFRQGDU\ HGXFDWLRQ LV DLPHG DW VWXGHQWV IURP WZHOYH WR DSSUR[LPDWHO\ HLJKWHHQ \HDUV RI DJH ,W FRQVLVWV RI D UDWKHU ODUJH QXPEHU RI GLIIHUHQW W\SHV RI VFKRROLQJ ZLWK D PDMRU GLYLVLRQ EHWZHHQ UHJXODU VHFRQGDU\ HGXFDWLRQ DQG YRFDWLRQDO HGXFDWLRQ 7KH 0LQLVWU\ RI (GXFDWLRQ f GLYLGHV WKH IRUPHU W\SHV LQWR IRXU VXEFDWHJRULHV FROOHJH SUHSDUDWRU\ HGXFDWLRQ YZRf HJ J\PQDVLXP DQG DWKHQHXP GXUDWLRQ \HDUV KLJKHU JHQHUDO VHFRQGDU\ HGXFDWLRQ KDYRf GXUDWLRQ \HDUV LQWHUPHGLDWH JHQHUDO VHFRQGDU\ HGXFDWLRQ PDYRf GXUDWLRQ \HDUV ORZHU JHQHUDO VHFRQGDU\ HGXFDWLRQ ODYRf GXUDWLRQ \HDUV 9RFDWLRQDO HGXFDWLRQ FRQVLVWV RI WZR PDMRU VXEGLYLVLRQV ZKLFK HDFK KDYH DSSUR[LPDWHO\ WKH VDPH VXEFDWHJRULHV RQ GLIIHUHQW OHYHOV ORZHU YRFDWLRQDO HGXFDWLRQ HJ WHFKQLFDO QDXWLFDO DGPLQLVWUDWLYH HWF HGXFDWLRQf GXUDWLRQ \HDUV LQWHUPHGLDWH YRFDWLRQDO HGXFDWLRQ ZKLFK LV LQWHQGHG DV D FRQWLQXDWLRQ RI HLWKHU LQWHUPHGLDWH JHQHUDO VHFRQGDU\ HGXFDWLRQ PDYRf RU RI ORZHU YRFDWLRQDO HGXFDWLRQ GXUDWLRQ XS WR \HDUV )LQDOO\ KLJKHU HGXFDWLRQ FRQVLVWV RI WZR PDMRU W\SHV XQLYHUVLW\ DQG KLJKHU YRFDWLRQDO HGXFDWLRQ FRQVLVWLQJ RI HJ VFKRROV RI EXVLQHVV DJULFXOWXUH HGXFDWLRQ HWFf ,PPLJUDQWV LQ WKH 'XWFK VFKRRO V\VWHP )URP WKHVH EULHI GHVFULSWLRQV RI ERWK WKH 'XWFK DQG WKH 0RURFFDQ VFKRRO V\VWHP LW FDQ EH VHHQ WKDW WKH WZR FRXQWULHV

PAGE 68

GLIIHU D JUHDW GHDO LQ HGXFDWLRQDO DSSURDFK %UDVV DQG GH 9ULHV f FRPPHQW WKDW LQ JHQHUDO WKH OHYHO RI HGXFDWLRQ RI \RXQJ 7XUNV DQG 0RURFFDQV LQ WKH 1HWKHUODQGV LV QRW YHU\ KLJK 7KUHH TXDUWHUV RI WKLV JURXS DWWHQGV ORZHU YRFDWLRQDO HGXFDWLRQ DSSUR[LPDWHO\ b IROORZV LQWHUPHGLDWH VHFRQGDU\ HGXFDWLRQ PDYRf DQG RQO\ D KDQGIXO RI \RXWKV DWWHQG WKH KLJKHU VFKRRO W\SHV VXFK DV KDYR FROOHJH SUHSDUDWRU\ RU LQWHUPHGLDWH YRFDWLRQDO HGXFDWLRQ %UDVV DQG GH 9ULHV f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

PAGE 69

WHDFKHU H[SHFWDWLRQV LQ WKH $PHULFDQ FRQWH[W FI 6HOLJPDQ 7XFNHU DQG /DPEHUW (GZDUGV DQG *LOHV f 3ROLF\ DQG 'XWFK DV D 6HFRQG /DQJXDJH &RHQHQ f HYDOXDWHV WKH LVVXH RI JRYHUQPHQW SROLF\ ZLWK UHVSHFW WR WKH WHDFKLQJ RI 'XWFK DV D VHFRQG ODQJXDJH WR LPPLJUDQW FKLOGUHQ $V KDV EHHQ VKRZQ DERYH DV ZHOO &RHQHQ ILQGV WKDW WKH WHPSRUDULQHVV SULQFLSOH ZDV ODUJHO\ UHVSRQVLEOH IRU WKH VORZ VWDUW LQ IRUPXODWLQJ SROLFLHV GHDOLQJ ZLWK LPPLJUDWLRQUHODWHG SUREOHPV 7KH DUWLFOH FULWLFL]HV WKH DGKRF QDWXUH RI WKH SURYLVLRQV ZLWK UHJDUG WR VHFRQG ODQJXDJH WHDFKLQJ LQ WKH 'XWFK VFKRRO V\VWHP &RHQHQ IIf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

PAGE 70

7KH DGYLVRU\ QRWH E\ WKH $&/20RHGHUWDDO nDGYLVRU\ FRPPLWWHH RQ FXUULFXOXP GHYHORSPHQWf§QDWLYH ODQJXDJHnf HQWLWOHG 2QGHUZLLV LQ HHQ 0XOWLFXOWXUHOH HQ 0XOWL(WQLVFKH 6DPHQOHYLQT nHGXFDWLRQ LQ D PXOWLFXOWXUDO DQG PXOWLHWKQLF VRFLHW\nf FULWLFL]HV WKLV DSSURDFK DQG SRLQWV RXW WKDW SURYLGLQJ VHFRQG ODQJXDJH HGXFDWLRQ VKRXOG QRW EH UHVWULFWHG WR WKH LQLWLDO FRQWDFW SKDVH RI WKH VWXGHQW 7KH $&/2 f UHSRUWV WKDW HYHQ WKRXJK PDQ\ RI WKH VWXGHQWV GHYHORS FRPPXQLFDWLYH FRPSHWHQFHV LQ 'XWFK WKH\ RIWHQ FRQWLQXH WR HQFRXQWHU SUREOHPV ERWK UHFHSWLYHO\ DQG SURGXFWLYHO\ LQ VSHFLILF DUHDV RI ODQJXDJH 7KH UHSRUW ZDUQV WKDW WKH GDQJHU WKHQ H[LVWV WKDW VWXGHQWV DUH HUURQHRXVO\ FRQVLGHUHG WR EH DEOH WR IXQFWLRQ ZLWKLQ WKH 'XWFK VFKRRO V\VWHP ZKLFK RIWHQ PDNHV JUHDW GHPDQGV RQ WKH FRJQLWLYH DVSHFWV RI ODQJXDJH HJ DEVWUDFW FRQFHSWVf ,Q LWV FRQFOXVLRQ WKH UHSRUW IRUPXODWHV D VSHFLILF UHFRPPHQGDWLRQ WR WKH 0LQLVWU\ RI (GXFDWLRQ WR H[SDQG WKH RSSRUWXQLWLHV IRU WKH WHDFKLQJ RI 'XWFK DV D VHFRQG ODQJXDJH LQ VXFK D ZD\ WKDW DWWHQWLRQ FDQ EH JLYHQ WR /HGXFDWLRQ GXULQJ WKH HQWLUH VFKRRO FDUHHU RI QRQQDWLYH VSHDNHUV RI 'XWFK $&/2 >WU@ 0RUH UHFHQW VWXGLHV E\ IRU LQVWDQFH $SSHO f DQG ([WUD DQG 9DOOHQ f FRQILUP WKH QHHG IRU IXUWKHU UHVHDUFK RQ WKH QHZ SUREOHP RI 'XWFK DV D VHFRQG ODQJXDJH

PAGE 71

,QWHUFXOWXUDO (GXFDWLRQ $ (XURSHDQ 3HUVSHFWLYH ,Q VHFWLRQ VRPH RI WKH HDUOLHU DSSURDFKHV WR WKH VLWXDWLRQ RI WKH LPPLJUDQW FKLOGUHQ ZHUH GLVFXVVHG ,Q FRQFOXGLQJ WKLV FKDSWHU VRPH DWWHQWLRQ PXVW EH JLYHQ WR FXUUHQW WKRXJKWV RQ WKLV SUREOHP $V KDV EHHQ VKRZQ DERYH KLVWRULFDOO\ OLWWOH RU QR FRRSHUDWLRQ EHWZHHQ WKH YDULRXV FRXQWULHV H[LVWHG LQ WKLV DUHD DQG HDFK FRXQWU\ DWWHPSWHG WR GHYHORS LWV HGXFDWLRQDO DQG PLQRULW\ SROLFLHV DFFRUGLQJ WR WKH GHPDQGV RI LWV VSHFLILF LPPLJUDQW VLWXDWLRQ $V E\ QRZ 0HGLWHUUDQHDQ LPPLJUDWLRQ KDV EHHQ HVWDEOLVKHG DV D SHUPDQHQW SKHQRPHQRQ LQ PDQ\ RI WKH :HVWHUQ (XURSHDQ FRXQWULHV D QH[W ORJLFDO VWHS ZRXOG VHHP WR HVWDEOLVK D GLDORJXH DPRQJ WKH FRXQWULHV LQYROYHG FRQFHUQLQJ SRVVLEOH VROXWLRQV WR WKH SUREOHPV WKH\ VKDUH 2QH UHFHQW DWWHPSW LV WKH UHSRUW FRPPLVVLRQHG E\ WKH &RXQFLO IRU &XOWXUDO &RRSHUDWLRQ E\ WKH &RXQFLO RI (XURSH ZKLFK DGGUHVVHV WKH SUREOHP RI WKH HGXFDWLRQ RI WKH FKLOGUHQ RI IRUHLJQ ODERUHUV IURP DQ LQWHUQDWLRQDO (XURSHDQ SHUVSHFWLYH 7KH UHSRUW IRFXVHV RQ WKH LQWHUFXOWXUDO GLPHQVLRQV RI HGXFDWLRQ DQG FDOOV IRU LQWHUQDWLRQDO FRRSHUDWLRQ LQ WKLV LVVXH SDUWLFXODUO\ LQ WKH DUHD RI WHDFKHUWUDLQLQJ 7KH ILUVW SDUW RI WKH UHSRUW H[SORUHV WKH WKHRUHWLFDO DVSHFWV RI WKH FRQFHSW RI LQWHUFXOWXUDOLVP DQG LOOXVWUDWHV LWV SUDFWLFDO UHDOL]DWLRQV ZLWKLQ WKH YDULRXV (XURSHDQ FRXQWULHV 7KH VHFRQG SDUW RI WKH UHSRUW FRQWDLQV

PAGE 72

VSHFLILF UHFRPPHQGDWLRQV IRU LQWHUQDWLRQDO FROODERUDWLRQ DPRQJ WKH LPPLJUDQW FRXQWULHV WR FRRUGLQDWH WKHLU WHDFKHUn WUDLQLQJ SURJUDPV :KLOH WKH UHSRUW GRHV QRW FODLP WR SURYLGH DQ\ GHILQLWLYH VROXWLRQV WR WKH SUREOHPV LW DWWHPSWV WR RXWOLQH D UHDOLVWLF FRXUVH RI DFWLRQ IRU WKH FRXQWULHV LQYROYHG 3RUFKHU f DWWHPSWV WR IRUPXODWH WKH XOWLPDWH REMHFWLYH VWDWLQJ WKDW DQ RULJLQDO W\SH RI HGXFDWLRQ VKRXOG EH ZRUNHG RXW QRW IRU WKH FKLOGUHQ RI PLJUDQW ZRUNHUV VSHFLILFDOO\ EXW LQFOXGLQJ WKHP QHFHVVDULO\ DPRQJ WKH WDUJHW VFKRRO SRSXODWLRQ 6LPXOWDQHRXVO\ D WHDFKHUn WUDLQLQJ FRXUVH VXLWHG WR WKH DFKLHYHPHQWV RI WKLV JRDO VKRXOG EH GHYLVHG f§ WKDW LV D FRXUVH ILWWLQJ WHDFKHUV WR WDNH DFFRXQW RI WKH GLIIHUHQW FKDUDFWHULVWLFV RI WKHLU SXSLOV DQG DW WKH VDPH WLPH RIIHU WKHP FRQGLWLRQV RI HTXDO RSSRUWXQLW\ 7R EH DEOH WR KDQGOH PLJUDQWVn FKLOGUHQ DV WKH\ DUH ZLWKRXW WUHDWLQJ WKHP DV D FODVV DSDUW WKDW LV WKH DLP 1R GRXEW WKLV XQWUDPPHOOHG W\SH RI WHDFKLQJ ZLOO XSVHW FHUWDLQ KDELWV EXW WKH FRXUVH RI KLVWRU\ GHPDQGV LW 6XPPDU\ 7KLV FKDSWHU KDV DGGUHVVHG WKH SUREOHPV RI LPPLJUDQW SROLF\ IRUPXODWLRQ DQG WKH LPSOLFDWLRQV IRU HGXFDWLRQDO SUDFWLFH ,W ZDV VKRZQ WKDW D PDMRU FDXVH IRU WKH LQLWLDO ODFN RI LQWHUHVW LQ WKH VRFLDO FXOWXUDO DQG SROLWLFDO SRVLWLRQ RI WKH LPPLJUDQWV ZDV WKH WHPSRUDULQHVV SULQFLSOH ZKLFK LJQRUHG WKH UHDOLW\ RI WKH LPPLJUDWLRQ SUREOHP ,PSOLFLW LQ WKLV SULQFLSOH ZDV WKH WKRXJKW WKDW WKH LPPLJUDQWV KDG QR UHDO QHHG WR OHDUQ WKH ODQJXDJHV RI WKHLU UHVSHFWLYH KRVW FRXQWULHV 7KH ILUVW JHQHUDWLRQ LPPLJUDQWV

PAGE 73

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nV QDWLYH ODQJXDJH DQG FXOWXUH 7KH QH[W FKDSWHUV ZLOO H[SORUH VRPH DVSHFWV RI VHFRQG ODQJXDJH DFTXLVLWLRQ E\ 0RURFFDQ LPPLJUDQWV LQ WKH 1HWKHUODQGV DQG ZLOO VSHFLILFDOO\ IRFXV RQ WKH DFTXLVLWLRQ RI FRQYHUVDWLRQDO FRPSHWHQFH DQG RQ WKH VWUDWHJLHV HPSOR\HG LQ LQWHUHWKQLF HQFRXQWHUV :KLOH D QXPEHU RI VWXGLHV KDYH DGGUHVVHG YDULRXV DVSHFWV RI ODQJXDJH DFTXLVLWLRQ VSHFLILFDOO\ SUREOHPV LQ PRUSKRORJ\ RU V\QWD[ OLWWOH RU QR DWWHQWLRQ KDV EHHQ SDLG WKXV IDU WR WKH DFTXLVLWLRQ RI FRQYHUVDWLRQDO FRPSHWHQFH E\ LPPLJUDQWV

PAGE 74

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

PAGE 75

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n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

PAGE 76

\HDUV WKH ILHOG RI VRFLROLQJXLVWLFV KDV PRYHG EH\RQG FRUUHODWLRQV RI JUDPPDWLFDO IRUPV DQG VRFLDO YDULDEOHV DQG KDV EHJXQ WR ORRN IRU QHZ DSSURDFKHV WR WKH VWXG\ RI FRQYHUVDWLRQDO SURFHVVHV *XPSHU] D f *XPSHU] D f H[SUHVVHV WKH FXUUHQW FRQFHUQV RI WKH GLVFLSOLQH RI VRFLROLQJXLVWLFV DV IROORZV 7KHUH LV D QHHG IRU D VRFLROLQJXLVWLF WKHRU\ ZKLFK DFFRXQWV IRU WKH FRPPXQLFDWLYH IXQFWLRQV RI OLQJXLVWLF YDULDELOLW\ DQG IRU LWV UHODWLRQ WR WKH VSHDNHUV JRDOV ZLWKRXW UHIHUHQFH WR XQWHVWDEOH IXQFWLRQDOLVW DVVXPSWLRQV DERXW FRQIRUPLW\ RU QRQFRQIRUPDQFH WR FORVHG V\VWHPV RI QRUPV 6LQFH VSHDNLQJ LV LQWHUDFWLQJ VXFK D WKHRU\ PXVW XOWLPDWHO\ GUDZ LWV EDVLF SRVWXODWHV IURP ZKDW ZH NQRZ DERXW LQWHUDFWLRQ $ QXPEHU RI GLIIHUHQW DSSURDFKHV KDYH EHHQ GLUHFWHG WRZDUGV WKH SUREOHPV RI YDULDELOLW\ DW WKH GLVFRXUVH OHYHO )RU H[DPSOH /DERY DQG )DQVKHO f DQG (GPRQGVRQ f HPSOR\ VSHHFK DFW DQDO\VLV LQ WKHLU UHVSHFWLYH IUDPHZRUNV *XPSHU] D DQG Ef LV SDUWLFXODUO\ FRQFHUQHG ZLWK FRQYHUVDWLRQDO LQWHUDFWLRQ LQ DQ LQWHUFXOWXUDO VHWWLQJ 7DQQHQ f DWWHPSWV WR LGHQWLI\ VWUDWHJLHV RI QDUUDWLYH VW\OH LQ QDWXUDOO\ RFFXUULQJ FRQYHUVDWLRQ (UYLQ7ULSS DQG 0LWFKHOO.HUQDQ f DV ZHOO DV 2FKV DQG 6FKLHIIHOLQ f LQYHVWLJDWH YDULRXV DVSHFWV RI WKH DFTXLVLWLRQ RI FRPPXQLFDWLYH FRPSHWHQFH E\ FKLOGUHQ DQG +DWFK f DSSOLHV D GLVFRXUVH SHUVSHFWLYH WR VHFRQG ODQJXDJH DFTXLVLWLRQ 7KH SUHVHQW FKDSWHU ZLOO VNHWFK WKH DQDO\WLFDO IUDPHZRUN WKDW ZLOO EH HPSOR\HG LQ DQDO\]LQJ FRQYHUVDWLRQV

PAGE 77

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

PAGE 78

7KH FRQYHUVDWLRQDO GDWD LQ WKLV VWXG\ LQFOXGH WKH VSHHFK RI DGROHVFHQWV DQG \RXQJ DGXOWV QHDUO\ DOO RI ZKRP ZHUH LQ WKH SURFHVV RI DFTXLULQJ 'XWFK DV D VHFRQG ODQJXDJH &RQVLGHUDEOH YDULDWLRQ H[LVWHG ZLWK UHVSHFW WR IRU LQVWDQFH WKHLU DJHV OHYHO RI HGXFDWLRQ OHQJWK RI VWD\ HWKQLF EDFNJURXQGV DQG ODQJXDJH XVDJH ,Q RUGHU WR SUHVHQW DQ DGHTXDWH DQDO\VLV RI VXFK FRQYHUVDWLRQV WKH PXOWLSOH FRQWH[WV RI LQWHUHWKQLF FRPPXQLFDWLRQ VHFRQG ODQJXDJH DFTXLVLWLRQ DQG FKLOG RU DGROHVFHQWf YHUVXV DGXOW GLVFRXUVH PXVW EH UHFRJQL]HG 7KH SURSRVHG IUDPHZRUN RI DQDO\VLV GHULYHV LWV WKHRUHWLFDO FRQFHSWV IURP WKH ILHOGV RI WKH HWKQRJUDSK\ RI FRPPXQLFDWLRQ FRQYHUVDWLRQDO DQDO\VLV VRFLROLQJXLVWLFV DQG VHFRQG ODQJXDJH DFTXLVLWLRQ $QDO\VLV RI WKH FRQYHUVDWLRQV ZLOO FRQVLVW RI VHYHUDO LQWHUUHODWHG SDUWV )LUVW GHWDLOHG HWKQRJUDSKLF REVHUYDWLRQV RQ WKH VSHHFK HYHQWVf DUH SURYLGHG 7KLV LQFOXGHV ERWK WKH SDUDPHWHUV RI WKH VSHFLILF VLWXDWLRQ VXFK DV VHWWLQJ SDUWLFLSDQWV JRDOV UROH UHODWLRQVKLSV HWF DQG D JHQHUDO RYHUYLHZ RI WKH ODQJXDJH XVH E\ WKH SDUWLFLSDQWV LQ YDULRXV FRQWH[WV 6HFRQG D TXDQWLWDWLYH DQDO\VLV LV HPSOR\HG LQ RUGHU WR FDSWXUH JHQHUDOL]DWLRQV FRQFHUQLQJ WKH FRQYHUVDWLRQDO DELOLWLHV RI WKH VXEMHFWV DQG WR SUHVHQW WKH RYHUDOO VWUXFWXUH RI VSHHFK HYHQWV WKURXJK IRU H[DPSOH SDUWLFLSDQWVn WRWDO FRQWULEXWLRQV ZRUG DQG WXUQ FRXQWV VSHHFK RYHUODS DQG SURJUHVVLRQ RI WKH FRQYHUVDWLRQ RYHU WLPH 7KLUG UHOHYDQW GLVFRXUVH

PAGE 79

VWUDWHJLHV RI WKH HYHQW DUH DQDO\]HG DQG DWWHQWLRQ ZLOO EH SDLG WR LQWHUHWKQLF DVSHFWV RI FRPPXQLFDWLRQ DV ZHOO ,Q DGGLWLRQ GLVFRXUVH DVSHFWV RI VHFRQG ODQJXDJH DFTXLVLWLRQ DQG GLIIHUHQFHV LQ FRQYHUVDWLRQ EHWZHHQ FKLOGUHQ DGROHVFHQWVf DQG \RXQJf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nGLVFRXUVHn DQG nFRQYHUVDWLRQn 3HFN f IRU LQVWDQFH GHILQHV GLVFRXUVH DV WKH IORZ DQG WKH VWUXFWXUH RI D FRQYHUVDWLRQ RU WRSLFV ZLWKLQ LW (GPRQGVRQ f KRZHYHU ILUVW GLVWLQJXLVKHV EHWZHHQ ZULWWHQ ODQJXDJH WH[Wf DQG VSRNHQ ODQJXDJH GLVFRXUVHf DQG WKHQ PRUH FDUHIXOO\ GHILQHV FRQYHUVDWLRQ DV D SDUWLFXODU W\SH RI PXOWLSOH VRXUFH VSRNHQ GLVFRXUVH (GPRQGVRQ f 7KLV VWXG\ ZLOO IROORZ (GPRQGVRQnV XVH RI WHUPLQRORJ\ LQ WKLV UHVSHFW

PAGE 80

+RZHYHU DV WKLV VWXG\ UHSUHVHQWV D VRFLROLQJXLVWLF SHUVSHFWLYH DQG ZLOO EH SULPDULO\ FRQFHUQHG ZLWK WKH FRQYHUVDWLRQDO DVSHFWV RI GLVFRXUVH DQDO\VLV WKH WHUPV nGLVFRXUVHn DQG nFRQYHUVDWLRQn PD\ DW WLPHV EH XVHG LQWHUFKDQJHDEO\ DV LV GRQH IRU LQVWDQFH E\ *XPSHU] Df 7KH QRWLRQ RI VWUDWHJ\ LV RIWHQ HPSOR\HG LQ WKH ILHOG RI GLVFRXUVH DQDO\VLV 9DQ 'LMN DQG .LQWVFK f IRU LQVWDQFH SURSRVH D FRPSUHKHQVLYH PRGHO RI VWUDWHJLF GLVFRXUVH SURFHVVLQJ IRFXVLQJ DERYH DOO RQ WKH FRJQLWLYH SURFHVVHV XQGHUO\LQJ WKLV 6RFLROLQJXLVWLF VWXGLHV JHQHUDOO\ IDYRU D OHVV WKHRUHWLFDO PRUH GDWDRULHQWHG DSSURDFK SDUWLFXODUO\ WR VSRNHQ DV RSSRVHG WR ZULWWHQ ODQJXDJH $V D FRQVHTXHQFH WKH WHUPV XVHG LQ VRFLROLQJXLVWLF UHVHDUFK GR QRW QHFHVVDULO\ LPSO\ XQGHUO\LQJ FRJQLWLYH SURFHVVHV EXW PD\ EH VHHQ SULPDULO\ DV IXQFWLRQDO RU GHVFULSWLYH )RU H[DPSOH (GPRQGVRQ f GHILQHV D FRQYHUVDWLRQDO VWUDWHJ\ DV WKH PDQLSXODWLRQ RI LQWHUDFWLRQDO VWUXFWXUH LQ FRQYHUVDWLRQDO EHKDYLRXU LQ WKH LQWHUHVWV RI DFKLHYLQJ FRQYHUVDWLRQDO JRDOV *XPSHU] D f SUHVHQWV D VLPLODU LQWHUSUHWDWLRQ RI FRQYHUVDWLRQDO VWUDWHJLHV $ VSHDNHU RULHQWHG DSSURDFK WR FRQYHUVDWLRQ > @ IRFXVHV GLUHFWO\ RQ WKH VWUDWHJLHV WKDW JRYHUQ WKH DFWRUnV XVH RI OH[LFDO JUDPPDWLFDO VRFLROLQJXLVWLF DQG RWKHU NQRZOHGJH LQ WKH SURGXFWLRQ DQG LQWHUSUHWDWLRQ RI PHVVDJHV LQ FRQWH[W

PAGE 81

(GPRQGVRQ f PDNHV D GLVWLQFWLRQ EHWZHHQ FRQYHUVDWLRQDO UXOHV DQG FRQYHUVDWLRQDO VWUDWHJLHV ZKHUH WKH IRUPHU UHODWH WR ZKDW SHRSOH nNQRZn RU WKHLU FRPPXQLFDWLYH FRPSHWHQFH ZKLFK LV D WKHRUHWLFDO FRQVWUXFW DQG PD\ EH GHVFULEHG LQ VHWV RI UXOHV RU FRQYHQWLRQV ZKLFK PD\ EH VDLG WR H[SUHVV ZKDW RQH FDQ GR LQ D FRQYHUVDWLRQ ZKHUHDV WKH ODWWHU UHSUHVHQW FRQYHUVDWLRQDOLVWVn VRFLDO FRPSHWHQFH ZKLFK LV UHIOHFWHG LQ WKH XVH WR ZKLFK DQ LQGLYLGXDO SXWV KLV FRPPXQLFDWLYH FRPSHWHQFH LQ KLV FRQYHUVDWLRQDO EHKDYLRXU WR DFKLHYH JRDOV ZLWKRXW HQGDQJHULQJ IDFH LH ZLWKRXW RIIHQGLQJ VRFLDOO\DFFHSWHG QRWLRQV RI ZKDW LV DQG ZKDW LV QRW DFFHSWDEOH EHKDYLRU :KLOH LW LV LPSRVVLEOH WR SURYLGH D VLPSOH ZRUNLQJ GHILQLWLRQ IRU WKH QRWLRQ RI VWUDWHJ\ LQ FRQYHUVDWLRQDO DQDO\VLV WKH GLVFXVVLRQV RQ nGLVFRXUVH VWUDWHJLHVn ZLOO IROORZ WKH JHQHUDO LGHDV RI *XPSHU] DQG (GPRQGVRQ $QRWKHU FRQWH[W LQ ZKLFK WKH LGHD RI VWUDWHJ\ SOD\V DQ LPSRUWDQW UROH LV WKDW RI VHFRQG ODQJXDJH DFTXLVLWLRQ 'LWWPDU f IRU H[DPSOH UHIHUV WR WKH XQGHUO\LQJ UXOHV DSSOLHG E\ WKH OHDUQHU LH WKRVH UXOHV ZKLFK FDQQRW EH GLUHFWO\ GHULYHG IURP WKH nODQJXDJH SURGXFWn DV VWUDWHJLHV 7KH LVVXH RI OHDUQHU VWUDWHJLHV ZLOO EH H[SORUHG IXUWKHU LQ VHFWLRQ EHORZ ,Q DGGLWLRQ WR WKH QRWLRQ RI nVWUDWHJ\n WKH FRQFHSW RI nFRPSHWHQFHn KDV EHHQ ZLGHO\ GHEDWHG LQ OLQJXLVWLF DQDO\VLV &KRPVN\ f FODLPLQJ WKDW D JUDPPDU RI D ODQJXDJH SXUSRUWV WR EH D GHVFULSWLRQ RI WKH LGHDO VSHDNHUKHDUHUnV

PAGE 82

LQWULQVLF FRPSHWHQFH IRFXVHG RQ WKH LQQDWHQHVV RI ODQJXDJH DELOLW\ DV WKH EDVLF REMHFWLYH RI OLQJXLVWLF LQTXLU\ +\PHV f RQ WKH RWKHU KDQG UHDFWHG DJDLQVW WKLV YLHZ DQG LQWURGXFHG WKH QRWLRQ RI nFRPPXQLFDWLYH FRPSHWHQFHn :LWK WKLV KH SODFHG WKH UROH RI ODQJXDJH ZLWKLQ WKH FRQWH[W RI VRFLDO LQWHUDFWLRQ ([DPSOHV RI WKH VRFLROLQJXLVWLF SHUVSHFWLYH RQ FRPPXQLFDWLYH FRPSHWHQFH DUH IRU LQVWDQFH (UYLQ7ULSS DQG 0LWFKHOO.HUQDQ f ZKR VWDWH WKDW WKH FRQFHSW RI FRPPXQLFDWLYH FRPSHWHQFH LV PHDQW WR EH EURDGO\ GHVFULSWLYH RI WKH NQRZOHGJH WKDW XQGHUOLHV VRFLDOO\ DSSURSULDWH VSHHFK ,W LQFOXGHV LQ DGGLWLRQ WR JUDPPDWLFDO NQRZOHGJH VRFLDO NQRZOHGJH ZKLFK DFWV DV D FRQVWUDLQW RQ WKH FRPPXQLFDWLYH SURFHVV DQG ZKLFK VKDSHV WKH ZD\ PHVVDJHV DUH UHDOL]HG LQ DFWXDO VRFLDO LQWHUDFWLRQ RU *XPSHU] D f ZKR VWUHVVHV WKH LPSRUWDQFH RI WKH FRQWH[W RI LQWHUDFWLRQ &RPPXQLFDWLYH FRPSHWHQFH FDQ EH GHILQHG LQ LQWHUDFWLRQDO WHUPV DV nWKH NQRZOHGJH RI OLQJXLVWLF DQG UHODWHG FRPPXQLFDWLYH FRQYHQWLRQV WKDW VSHDNHUV PXVW KDYH WR FUHDWH DQG VXVWDLQ FRQYHUVDWLRQDO FRRSHUDWLRQn DQG WKXV LQYROYHV ERWK JUDPPDU DQG FRQWH[WXDOL]DWLRQ $ GLIIHUHQW SHUVSHFWLYH LV SUHVHQWHG E\ &DQDOH f ZKR SURSRVHV D FRPSUHKHQVLYH IUDPHZRUN IRU WKH VWXG\ RI FRPPXQLFDWLYH FRPSHWHQFH ZKLFK KH GHILQHV DV WKH XQGHUO\LQJ V\VWHPV RI NQRZOHGJH DQG VNLOO UHTXLUHG IRU FRPPXQLFDWLRQ +H GLVWLQJXLVKHV EHWZHHQ IRXU DUHDV RI NQRZOHGJH DQG VNLOO f JUDPPDWLFDO FRPSHWHQFH ZKLFK LV WKH PDVWHU\ RI WKH ODQJXDJH FRGH YHUEDO RU QRQYHUEDOf

PAGE 83

f VRFLROLQJXLVWLF FRPSHWHQFH ZKLFK LQFOXGHV WKH PDVWHU\ RI VRFLRFXOWXUDO UXOHV RU DSSURSULDWHQHVV RI XWWHUDQFHV f GLVFRXUVH FRPSHWHQFH ZKLFK LV WKH PDVWHU\ RI KRZ WR FRPELQH JUDPPDWLFDO IRUPV DQG PHDQLQJV WR DFKLHYH D XQLILHG VSRNHQ RU ZULWWHQ WH[W LQ GLIIHUHQW JHQUHV f VWUDWHJLF FRPSHWHQFH ZKLFK LV WKH PDVWHU\ RI YHUEDO DQG QRQYHUEDO FRPPXQLFDWLRQ VWUDWHJLHV ,Q FRQYHUVDWLRQDO DQDO\VLV WKH WHUP nGLVFRXUVH FRPSHWHQFHn LV IUHTXHQWO\ XVHG LQWHUFKDQJHDEO\ ZLWK nFRQYHUVDWLRQDO FRPSHWHQFHn 6FDUFHOOD f VLPSO\ FDOOV WKLV WKH DELOLW\ WR SDUWLFLSDWH LQ FRQYHUVDWLRQV EXW DGGV WKDW XQGHUO\LQJ WKLV FRPSHWHQFH DUH WKH UXOHV DQG PHFKDQLVPV ZKLFK DOORZ FRQYHUVDWLRQV WR IORZ VPRRWKO\ 2FKV DQG 6FKLHIIHOLQ [LYf FRQVLGHU FRQYHUVDWLRQDO FRPSHWHQFH WR FRQVLVW RI WKH QRUPV XQGHUO\LQJ UHODWLYHO\ LQIRUPDO YHUEDO LQWHUDFWLRQ ,Q &DQDOHnV IUDPHZRUN RQ WKH RWKHU KDQG WKH WHUP nGLVFRXUVH FRPSHWHQFHn LV XVHG LQ D PXFK PRUH UHVWULFWHG VHQVH WR UHIHU WR WR WKH W\SH RI WH[WXDO FRKHVLRQ GLVFXVVHG XQGHU EHORZ DQG IRUPV EXW D VPDOO SDUW RI KLV RYHUDOO GHILQLWLRQ RI FRPPXQLFDWLYH FRPSHWHQFH ,Q WKLV VWXG\ WKH WHUPV nGLVFRXUVH FRPSHWHQFHn RU nFRQYHUVDWLRQDO FRPSHWHQFHn ZLOO EH HPSOR\HG LQ WKH EURDGHU PRUH GHVFULSWLYH VHQVH UHSUHVHQWHG E\ IRU LQVWDQFH *XPSHU] Df 6FDUFHOOD f RU (GPRQGVRQnV f XVH RI VRFLDO FRPSHWHQFH WR UHIHU WR WKH DELOLW\ WR VXVWDLQ D FRQYHUVDWLRQDO LQWHUDFWLRQ WKURXJK WKH XVH RI GLVFRXUVH VWUDWHJLHV

PAGE 84

6RFLROLQTXLVWLF $VSHFWV RI 'LVFRXUVH 7KH VWXG\ RI ODQJXDJH XVH LQ FRQYHUVDWLRQDO LQWHUDFWLRQV PXVW WDNH LQWR FRQVLGHUDWLRQ FRPSOH[LWLHV RI VSHHFK DW D QXPEHU RI GLIIHUHQW OHYHOV $ERYH DOO DQ LQWHUDFWLRQDO DSSURDFK PXVW EH FRQFHUQHG ZLWK WKH FRPPXQLFDWLYH IXQFWLRQV RI VSHHFK &DQDOH f SURYLGHV D XVHIXO RXWOLQH IRU WKH QRWLRQ RI FRPPXQLFDWLRQ ZKLFK DFFRUGLQJ WR KLV FKDUDFWHUL]DWLRQ Df LV D IRUP RI VRFLDO LQWHUDFWLRQ DQG LV WKHUHIRUH QRUPDOO\ DFTXLUHG DQG XVHG LQ VRFLDO LQWHUDFWLRQ Ef LQYROYHV D KLJK GHJUHH RI XQSUHGLFWDELOLW\ DQG FUHDWLYLW\ LQ IRUP DQG PHVVDJH Ff WDNHV SODFH LQ GLVFRXUVH DQG VRFLRFXOWXUDO FRQWH[WV ZKLFK SURYLGH FRQVWUDLQWV RQ DSSURSULDWH ODQJXDJH XVH DQG DOVR FOXHV DV WR FRUUHFW LQWHUSUHWDWLRQV RI XWWHUDQFHV Gf LV FDUULHG RXW XQGHU OLPLWLQJ SV\FKRORJLFDO DQG RWKHU FRQGLWLRQV VXFK DV PHPRU\ FRQVWUDLQWV IDWLJXH DQG GLVWUDFWLRQV Hf DOZD\V KDV D SXUSRVH IRU H[DPSOH WR HVWDEOLVK VRFLDO UHODWLRQV WR SHUVXDGH RU WR SURPLVHf If LQYROYHV DXWKHQWLF DV RSSRVHG WR WH[WERRN FRQWULYHG ODQJXDJH DQG Jf LV MXGJHG DV VXFFHVVIXO RU QRW RQ WKH EDVLV RI DFWXDO RXWFRPHV $Q DQDO\VLV RI LQWHUDFWLRQDO HQFRXQWHUV WKHQ PXVW EH FDSDEOH RI H[SODLQLQJ WKH YDULDELOLW\ RI GLVFRXUVH ZLWKLQ LWV VRFLDO FRQWH[W 7KH SUHVHQW VWXG\ ZLOO HPSOR\ D FRPELQDWLRQ RI ERWK D TXDQWLWDWLYH DSSURDFK DQG DQ DQDO\WLFDO DSSURDFK EDVHG RQ WKH IUDPHZRUN RI WKH HWKQRJUDSK\ RI FRPPXQLFDWLRQ $ QXPEHU RI EDVLF SDUDPHWHUV RI VSHHFK HYHQWV FDQ EH TXDQWLILHG WR

PAGE 85

DOORZ LQVLJKW LQWR WKH VWUXFWXUH RI LQWHUDFWLRQ DQG VXFK D TXDQWLWDWLYH DQDO\VLV FDQ SURYLGH D EDVLF IUDPHZRUN IRU IXUWKHU GLVFXVVLRQ RI WKH VSHFLILF VWUDWHJLHV HPSOR\HG ZLWKLQ WKH VSHHFK HYHQW XQGHU FRQVLGHUDWLRQ 7KLV DSSURDFK LV VLPLODU WR WKDW RI 7DQQHQ f DQG GHULYHV PXFK RI LWV WKHRUHWLFDO EDVH IURP WKH ZRUN RI *XPSHU] D DQG Ef (WKQRJUDSKLF 2EVHUYDWLRQV ,Q RUGHU WR HVWDEOLVK WKH FRQWH[WV IRU WKH FRQYHUVDWLRQV DQDO\]HG LQ WKH IROORZLQJ FKDSWHUV D EULHI HWKQRJUDSKLF GHVFULSWLRQ ZLOO EH SUHVHQWHG IRU HDFK VSHHFK HYHQW 7KH GHVFULSWLYH IUDPHZRUN GHULYHV SULPDULO\ IURP WKH ZRUN RI *XPSHU] DQG +\PHV f DQG +\PHV f RQ WKH HWKQRJUDSK\ RI FRPPXQLFDWLRQ DOWKRXJK D QXPEHU RI SDUDPHWHUV KDYH EHHQ DGGHG RU FKDQJHG WR ILW WKH VSHFLILF VSHHFK VLWXDWLRQV XQGHU FRQVLGHUDWLRQ )RU H[DPSOH VRPH ODQJXDJH DFTXLVLWLRQ YDULDEOHV ZLOO EH GLVFXVVHG LQ RUGHU WR FODULI\ WKH FRQWH[W RI ODQJXDJH XVH 7KH EDVLF YHKLFOH IRU GHVFULSWLRQ LV WKH QRWLRQ RI VSHHFK HYHQW ZKLFK +\PHV f GHILQHV DV DFWLYLWLHV RU DVSHFWV RI DFWLYLWLHV WKDW DUH GLUHFWO\ JRYHUQHG E\ UXOHV RU QRUPV IRU WKH XVH RI VSHHFK 7KH VSHHFK HYHQWV WR EH FRQVLGHUHG KHUH DUH WKH LQWHUYLHZV DQG FRQYHUVDWLRQV ZLWK VHFRQGJHQHUDWLRQ 0RURFFDQV )LUVW WKH VSHHFK HYHQW DV D ZKROH FDQ EH HYDOXDWHG LQ WHUPV RI D QXPEHU RI SDUDPHWHUV f VHWWLQJ LH WKH WLPH DQG SODFH RU PRUH JHQHUDOO\ WKH

PAGE 86

SK\VLFDO FLUFXPVWDQFHV RI WKH VSHHFK HYHQW f VFHQH LH WKH SV\FKRORJLFDO VHWWLQJ RU WKH FXOWXUDO GHILQLWLRQ RI DQ RFFDVLRQ FI +\PHV f ZKLFK DOORZV WKH SDUWLFLSDQWV WR GHILQH WKHLU LQWHUDFWLRQ LQ WHUPV RI IRUPDOLW\ HWF f GXUDWLRQ LH ZKHWKHU DQ HQFRXQWHU VKRXOG EH UHJDUGHG DV EULHI RU H[WHQGHG ZKLFK PD\ EH RI VLJQLILFDQFH WR WKH OHYHO RI QDWXUDOQHVV WKDW FDQ EH DFKLHYHG LQ DQ LQWHUDFWLRQ f JRDOV RU H[SHFWHG RXWFRPH RI WKH HYHQW DFFRUGLQJ WR WKH YDU\LQJ SHUVSHFWLYHV RI WKH SDUWLFLSDQWV f WKHPHV RU WRSLFV LH ZKDW WKH LQWHUDFWLRQ LV DERXW LQ WHUPV RI FRQWHQWV DQG f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

PAGE 87

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f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

PAGE 88

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f IRU LQVWDQFH VWDWHV WKDW LQVWHDG RI ORRNLQJ DW GLVFRXUVH HLWKHU DV FRQVWUXFWHG RI UHSHDWHG VXUIDFH SDWWHUQV VXFK DV DGMDFHQF\ SDLUV RU DV H[FKDQJH HYHQWV WDNLQJ SODFH DJDLQVW D IRUPDO VHW RI FXOWXUDOO\ VSHFLILF UXOHV ZDQW WR PDNH WKH DVVXPSWLRQ WKDW GLVFRXUVH LV FRPSRVHG RI PRUH RU OHVV UHDVRQDEOH DQG UHDVRQHG DFWV ZKLFK DFWRUV SHUIRUP RQ WKHLU ZD\ WRZDUG DFKLHYLQJ SDUWLFXODU JRDOV +\PHV f XVHV WKH QRWLRQ SXUSRVH LQ D JHQHUDO VHQVH DQG SURSRVHV D GLVWLQFWLRQ EHWZHHQ RXWFRPHV ZKLFK DUH FRQYHQWLRQDOO\ UHFRJQL]HG DQG H[SHFWHG DQG JRDOV ZKLFK DUH SXUHO\ VLWXDWLRQDO DQG SHUVRQDO +H ZDUQV WKDW LQ D GHVFULSWLRQ RI D VSHHFK HYHQW WKH LQGLYLGXDO PRWLYHV RI WKH SDUWLFLSDQWV VKRXOG QRW EH FRQIXVHG ZLWK ZKDW LV FXVWRPDU\ RU FXOWXUDOO\ DSSURSULDWH EHKDYLRU FI +\PHV f

PAGE 89

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f )RU DQ\ WXUQ DW WKH LQLWLDO WUDQVLWLRQUHOHYDQW SODFH RI DQ LQLWLDO WXUQFRQVWUXFWLRQDO XQLW Df ,I WKH WXUQVRIDU LV VR FRQVWUXFWHG VR DV WR LQYROYH WKH XVH RI D nFXUUHQW VSHDNHU VHOHFWV QH[Wn WHFKQLTXH WKHQ WKH SDUW\ VR VHOHFWHG KDV WKH ULJKW DQG LV REOLJHG WR WDNH QH[W WXUQ WR VSHDN QR RWKHUV KDYH VXFK ULJKWV RU REOLJDWLRQV DQG WUDQVIHU RFFXUV DW WKDW SODFH Ef ,I WKH WXUQVRIDU LV VR FRQVWUXFWHG DV QRW WR LQYROYH WKH XVH RI D nFXUUHQW VSHDNHU VHOHFWV QH[Wn WHFKQLTXH WKHQ VHOIVHOHFWLRQ IRU QH[W VSHDNHUVKLS PD\ EXW QHHG QRW EH LQVWLWXWHG ILUVW VWDUWHU DFTXLUHV ULJKWV WR D WXUQ DQG WUDQVIHU RFFXUV DW WKDW SODFH Ff ,I WKH WXUQVRIDU LV VR FRQVWUXFWHG DV QRW WR LQYROYH WKH XVH RI D nFXUUHQW VSHDNHU VHOHFWV QH[Wn WHFKQLTXH WKHQ FXUUHQW VSHDNHU PD\ EXW QHHG QRW FRQWLQXH XQOHVV DQRWKHU VHOIVHOHFWV f ,I DW WKH LQLWLDO WUDQVLWLRQUHOHYDQFH SODFH RI DQ LQLWLDO WXUQFRQVWUXFWLRQDO XQLW QHLWKHU OD QRU OE KDV RSHUDWHG DQG IROORZLQJ WKH SURYLVLRQ RI OF FXUUHQW VSHDNHU KDV FRQWLQXHG WKHQ WKH UXOHVHW DF UHDSSOLHV

PAGE 90

DW WKH QH[W WUDQVLWLRQUHOHYDQFH SODFH DQG UHFXUVLYHO\ DW HDFK QH[W WUDQVLWLRQUHOHYDQFH SODFH XQWLO WUDQVIHU LV HIIHFWHG 6DFNV 6FKHJORII DQG -HIIHUVRQ f 5HODWHGQHVV EHWZHHQ SDLUV RI XWWHUDQFHV VXFK DV JUHHWLQJ UHSO\ TXHVWLRQDQVZHU HWF LV DFFRXQWHG IRU LQ WKH HWKQRPHWKRGRORJLFDO PRGHO E\ SRVLWLQJ WKH FRQFHSW RI DGMDFHQF\ SDLUV $ EDVLF UXOH RI DGMDFHQF\ SDLU RSHUDWLRQ LV JLYHQ WKH UHFRJQL]DEOH SURGXFWLRQ RI D ILUVW SDLU SDUW RQ LWV ILUVW SRVVLEOH FRPSOHWLRQ LWV VSHDNHU VKRXOG VWRS DQG D QH[W VSHDNHU VKRXOG VWDUW DQG SURGXFH D VHFRQG SDLU SDUW IURP WKH SDLU W\SH WKH ILUVW LV UHFRJQL]DEO\ D PHPEHU RI 6DFNV DQG 6FKHJORII f 2WKHU DSSURDFKHV KDYH HPSOR\HG GLIIHUHQW WHUPV IRU VXFK WXUQ FRPELQDWLRQV VXFK DV nH[FKDQJHn RU nLQWHUFKDQJHn IRU H[DPSOH *XPSHU] HJ D Ef JHQHUDOO\ YLHZV WKH LVVXH RI WXUQWDNLQJ PHFKDQLVPV IURP WKH VRPHZKDW EURDGHU SHUVSHFWLYH RI VSHDNHUOLVWHQHU FRRUGLQDWLRQ +H DOWHUQDWHO\ FDOOV WKLV nFRQYHUVDWLRQDO FRRSHUDWLRQn RU nFRQYHUVDWLRQDO FRRUGLQDWLRQn &RQYHUVDWLRQDO FRRSHUDWLRQ LV FRPPRQO\ XQGHUVWRRG WR UHIHU WR WKH DVVXPSWLRQV WKDW FRQYHUVDWLRQDOLVWV PXVW PDNH DERXW HDFK RWKHUnV FRQWULEXWLRQV DQG WR WKH FRQYHUVDWLRQDO SULQFLSOHV RQ ZKLFK WKH\ UHO\ &RRSHUDWLRQ KRZHYHU LQYROYHV QRW RQO\ FRPPXQLFDWLRQ WKURXJK WKH XVH RI ZRUGV LQ WKHLU OLWHUDO PHDQLQJV EXW FRQVWUXFWLRQ DFURVV WLPH RI QHJRWLDWHG DQG VLWXDWLRQDOO\ VSHFLILF FRQYHQWLRQV IRU WKH LQWHUSUHWDWLRQ RI GLVFRXUVH WDVNV DV ZHOO DV WKH VSHDNHUnV DQG OLVWHQHUnV NQRZOHGJH RI KRZ WR FRQGXFW DQG LQWHUSUHW OLYH SHUIRUPDQFHV *XPSHU] E f

PAGE 91

*XPSHU] DWWDFKHV JUHDW LPSRUWDQFH WR WKH UROH RI FRQWH[WXDO IDFWRUV LQ LQWHUSUHWLQJ WKH PHDQLQJV QHJRWLDWHG LQ FRQYHUVDWLRQDO LQWHUDFWLRQ %\ WKLV KH PHDQV WKDW LQWHUSUHWDWLRQ LV QRW RQO\ EDVHG RQ JUDPPDWLFDO DQG OH[LFDO NQRZOHGJH EXW RQ D YDULHW\ RI RWKHU IDFWRUV DV ZHOO +H H[SODLQV WKDW DVLGH IURP SK\VLFDO VHWWLQJ SDUWLFLSDQWVn SHUVRQDO EDFNJURXQG NQRZOHGJH DQG WKHLU DWWLWXGHV WRZDUG HDFK RWKHU VRFLRFXOWXUDO DVVXPSWLRQV FRQFHUQLQJ VWDWXV DQG UROH UHODWLRQVKLSV DV ZHOO DV VRFLDO YDOXHV DVVRFLDWHG ZLWK YDULRXV PHVVDJH FRPSRQHQWV DOVR SOD\ DQ LPSRUWDQW UROH *XPSHU] D f &UXFLDO WR *XPSHU]n XQGHUVWDQGLQJ RI VXFK VLWXDWHG RU FRQWH[WERXQG SURFHVV RI LQWHUSUHWDWLRQ LV WKH QRWLRQ RI FRQWH[WXDOL]DWLRQ FXHV ZKLFK PD\ VLJQDO FRQWH[WXDO SUHVXSSRVLWLRQV LQ DQ LQWHUDFWLRQ 7KH FRGH GLDOHFW DQG VW\OH VZLWFKLQJ SURFHVVHV VRPH RI WKH SURVRGLF SKHQRPHQD ZH KDYH GLVFXVVHG DV ZHOO DV FKRLFH DPRQJ OH[LFDO DQG V\QWDFWLF RSWLRQV IRUPXODLF H[SUHVVLRQV FRQYHUVDWLRQDO RSHQLQJV FORVLQJV DQG VHTXHQFLQJ VWUDWHJLHV FDQ DOO KDYH VLPLODU FRQWH[WXDOL]DWLRQ IXQFWLRQV *XPSHU] D f 'LIIHUHQFHV LQ FRQYHUVDWLRQDO VWUDWHJLHV DQG LQ FRQWH[WXDOL]DWLRQ PD\ EH SDUWLFXODUO\ SUREOHPDWLF IRU LQWHUHWKQLF HQFRXQWHUV DV SDUWLFLSDQWV ZRXOG WHQG WR PDNH ZLGHO\ GLYHUJHQW FRQYHUVDWLRQDO LQIHUHQFHV &RKHVLRQ DQG FRKHUHQFH 7KH TXHVWLRQ RI KRZ XWWHUDQFHV SURGXFHG E\ VSHDNHUV LQ D FRQYHUVDWLRQ DUH FRQQHFWHG LQ D PHDQLQJIXO ZD\ KDV

PAGE 92

UHFHLYHG PXFK DWWHQWLRQ LQ VWXGLHV RI GLVFRXUVH &DQDOH f IRU H[DPSOH GLVFXVVHV WKH QRWLRQV RI FRKHUHQFH DQG FRKHVLRQ DV PDQLIHVWDWLRQV RI GLVFRXUVH FRPSHWHQFH RQH RI WKH IRXU FRPSRQHQWV RI FRPPXQLFDWLYH FRPSHWHQFH LQ KLV DSSURDFK +H GHILQHV GLVFRXUVH FRPSHWHQFH DV PDVWHU\ RI KRZ WR FRPELQH JUDPPDWLFDO IRUPV DQG PHDQLQJV WR DFKLHYH D XQLILHG VSRNHQ RU ZULWWHQ WH[W LQ GLIIHUHQW JHQUHVf &DQDOH f &RKHVLRQ E\ KLV GHILQLWLRQ GHDOV ZLWK KRZ XWWHUDQFHV DUH OLQNHG VWUXFWXUDOO\ DQG IDFLOLWDWHV LQWHUSUHWDWLRQ RI D WH[W DQG FDQ EH DFFRPSOLVKHG WKURXJK XVH RI SURQRXQV V\QRQ\PV HOOLSVLV DQG FRQMXQFWLRQV IRU H[DPSOH FI &DQDOH f 7KRXJK DW ILUVW JODQFH +DOOLGD\nV f LQWHUSUHWDWLRQ DSSHDUV WR EH LQ FRPSOHWH DJUHHPHQW ZLWK &DQDOH ZLWK UHJDUG WR WKH UHDOL]DWLRQ RI FRKHVLRQ WKURXJK f UHIHUHQFH f HOOLSVLV f FRQMXQFWLRQ DQG f OH[LFDO RUJDQL]DWLRQ HJ V\QRQ\PV DQG ZRUG UHSHWLWLRQf WKH\ GLIIHU LQ RQH LPSRUWDQW DVSHFW +DOOLGD\ f LQ FRQWUDVW WR &DQDOH GRHV QRW UHJDUG WKLV DV EHORQJLQJ WR VWUXFWXUH DQG GHILQHV FRKHVLRQ DV WKH QRQVWUXFWXUDO UHVRXUFHV IRU GLVFRXUVH +LV YLHZV DUH DVVLPLODWHG LQ (GPRQGVRQ f &RKHVLRQ ZLOO EH XVHG WR LQGLFDWH WKRVH GHYLFHV E\ PHDQV RI ZKLFK WH[WXUH LV HYLGHQFHG LQ D VXSUDVHQWHQWLDO VWUHWFK RI ODQJXDJH 7H[WXUH LV WDNHQ WR EH WKH VXP RI WKRVH IHDWXUHV RI D WH[W GLVWLQFW IURP LWV VWUXFWXUH ZKLFK PDNH LW D WH[W DQG QRW D UDQGRP VHTXHQFH RI VHQWHQFHV

PAGE 93

:KLOH FRKHVLRQ LV FRQFHUQHG ZLWK IRUP FRKHUHQFH DSSOLHV WR PHDQLQJ DFFRUGLQJ WR &DQDOH f ZKR VWDWHV WKDW FRKHUHQFH UHIHUV WR WKH UHODWLRQVKLSV DPRQJ WKH GLIIHUHQW PHDQLQJV LQ D WH[W ZKHUH WKHVH PHDQLQJV PD\ EH OLWHUDO PHDQLQJV FRPPXQLFDWLYH IXQFWLRQV DQG DWWLWXGHV (GPRQGVRQ f FRQVLGHUV FRKHUHQFH WR UHIHU WR D ZHOO IRUPHG WH[W RU GLVFRXUVH DQG HTXDWHV LW ZLWK LWV LQWHUSUHWDELOLW\ +H IXUWKHU H[SODLQV WKDW LQWHUSUHWDELOLW\ LV D PDWWHU RI SRVVLEOH FRQWH[WXDOLVDWLRQ DQG WKXV WKH QRWLRQ RI FRKHUHQFH ZLWK UHJDUG WR D WH[W LV WR EH HTXDWHG ZLWK LWV SRVVLEOH XVH DV D GLVFRXUVH (GPRQGVRQ f 7KH QRWLRQ RI FRQWH[WXDOL]DWLRQ IXQFWLRQV FHQWUDOO\ LQ *XPSHU]n IUDPHZRUN DOWKRXJK KH GRHV QRW HPSKDVL]H DQ\ GLVWLQFWLRQ EHWZHHQ FRKHVLRQ DQG FRKHUHQFH :KHUH (GPRQGVRQ LV FRQFHUQHG ZLWK WKH GLVWLQFWLRQ EHWZHHQ nWH[Wn DQG nGLVFRXUVHn *XPSHU]n PDLQ IRFXV LV RQ WKH LQWHUDFWLRQDO QDWXUH RI GLVFRXUVH IRU GLVFRXUVH WR EH FRKHVLYH VSHDNHUV PXVW VLJQDO DQG KHDUHUV LQWHUSUHW f ZKDW LV WKH PDLQ SDUW RI D PHVVDJH DQG ZKDW LV VXEVLGLDU\ RU TXDOLI\LQJ LQIRUPDWLRQ f ZKDW NQRZOHGJH RU DWWLWXGHV DUH DVVXPHG WR EH VKDUHG f ZKDW LQIRUPDWLRQ LV ROG DQG ZKDW LV QHZ DQG f ZKDW LV WKH VSHDNHUnV SRLQW RI YLHZ DQG KLVKHU UHODWLRQVKLS WR RU GHJUHH RI LQYROYHPHQW LQ ZKDW LV EHLQJ VDLG ,Q RWKHU ZRUGV DQ XWWHUDQFH WR EH XQGHUVWRRG PXVW EH FRQWH[WXDOL]HG *XPSHU] $XODNK DQG .DOWPDQ f

PAGE 94

7DQQHQ IIf UHIHUV WR WKH VWXG\ RI FRKHUHQFH DV DQ DHVWKHWLFV RI FRQYHUVDWLRQ DQG VXJJHVWV WKH IROORZLQJ RXWOLQH IRU IXUWKHU LQYHVWLJDWLRQV UK\WKP VXUIDFH OLQJXLVWLF VWUXFWXUHV HJ VRXQG DQG VWUXFWXUDO SDWWHUQVf FRQWH[WXDOL]DWLRQ D HOOLSVLV LQGLUHFWQHVV LQ FRQYHUVDWLRQf E ILJXUHV RI VSHHFK F LPDJHU\ DQG GHWDLO ,Q D PRUH UHFHQW DUWLFOH VKH UHODWHV WKH VWUDWHJ\ RI UHSHWLWLRQ WR WKH FUHDWLRQ RI FRKHUHQFH LQ GLVFRXUVH QRWLQJ WKDW WKH YDULHG SXUSRVHV VLPXOWDQHRXVO\ VHUYHG E\ UHSHWLWLRQ FDQ EH VXEVXPHG XQGHU WKH FDWHJRULHV RI SURGXFWLRQ FRPSUHKHQVLRQ FRQQHFWLRQ DQG LQWHUDFWLRQ 7KH FRQJUXHQFH RI WKHVH OHYHOV RI GLVFRXUVH SURYLGHV D IRXUWK DQG RYHUDUFKLQJ IXQFWLRQ LQ WKH HVWDEOLVKPHQW RI FRKHUHQFH DQG LQWHUSHUVRQDO LQYROYHPHQW 7DQQHQ f )XUWKHUPRUH 7DQQHQ f VXJJHVWV WKDW LW LV OLNHO\ WKDW GHJUHH DQG W\SH RI UHSHWLWLRQ GLIIHU ZLWK FXOWXUDO DQG LQGLYLGXDO VW\OH 6KH FLWHV D QXPEHU RI VRXUFHV ZKLFK GHPRQVWUDWH FXOWXUDO GLIIHUHQFHV ZLWK UHVSHFW WR UHSHWLWLRQ DQG VKH UHIHUV WR GDWD WKDW LQGLFDWH WKDW SDUWLFXODUO\ DGROHVFHQWV DUH LQFOLQHG WR XVH WKH VWUDWHJ\ RI UHSHWLWLRQ LQ FRQYHUVDWLRQDO LQWHUDFWLRQV 7KLV LVVXH ZLOO EH IXUWKHU H[SORUHG LQ VHFWLRQ 7RSLFV $V 5LFKDUGV DQG 6FKPLGW f SRLQW RXW WKH ZD\ WRSLFV DUH VHOHFWHG IRU GLVFXVVLRQ ZLWKLQ FRQYHUVDWLRQ DQG

PAGE 95

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f LQ IDFW VXJJHVW WKDW nWRSLFn PD\ ZHOO SURYH WR EH DPRQJ WKH PRVW FRPSOH[ FRQYHUVDWLRQDO SKHQRPHQD WR EH LQYHVWLJDWHG DQG FRUUHVSRQGLQJO\ WKH PRVW UHFDOFLWUDQW WR V\VWHPDWLF DQDO\VLV 6DFNV SURSRVHG D WZRZD\ GLVWLQFWLRQ RI WRSLFDO PRYHPHQW LQ FRQYHUVDWLRQ EHWZHHQ VWHSZLVH WUDQVLWLRQ ZKHUH RQH WRSLF IORZV LQWR DQRWKHU DQG ERXQGDULHG WRSLFDO PRYHPHQW ZKHUH WKH FORVXUH RI RQH WRSLF LV IROORZHG E\ WKH LQLWLDWLRQ RI DQRWKHU FI $WNLQVRQ DQG +HULWDJH f 7KH IRUPHU DFFRUGLQJ WR 6DFNV DSSHDUV WR EH PRUH FRPPRQ WKDQ WKH ODWWHU $ JHQHUDO IHDWXUH IRU WRSLFDO RUJDQL]DWLRQ LQ FRQYHUVDWLRQ LV PRYHPHQW IURP WRSLF WR WRSLF QRW E\ D WRSLFFORVH IROORZHG E\ D WRSLF EHJLQQLQJ EXW E\ D VWHSZLVH PRYH ZKLFK LQYROYHV OLQNLQJ XS ZKDWHYHU LV EHLQJ LQWURGXFHG WR ZKDW KDV MXVW EHHQ WDONHG DERXW VXFK WKDW DV IDU DV DQ\ERG\ NQRZV D QHZ WRSLF KDV QRW EHHQ VWDUWHG WKRXJK ZHnUH IDU IURP ZKHUHYHU ZH EHJDQ 6DFNV LQ -HIIHUVRQ f

PAGE 96

7DQQHQ f IROORZLQJ %HQQHWW f DOVR HPSOR\V WKH WHUP WKHPDWLF SURJUHVVLRQ IRU WRSLF PDLQWHQDQFH RI WKLV NLQG %XWWRQ DQG &DVH\ f LQYHVWLJDWHG ERXQGDULHG WRSLFDO PRYHPHQW DQG IRXQG WKDW FHUWDLQ VHTXHQWLDO HQYLURQPHQWV ZHUH IDYRUDEOH WR WRSLF LQLWLDWLRQ 7RSLFLQLWLDWLQJ XWWHUDQFHV RU WRSLF LQLWLDO HOLFLWRUV LQ WKHLU WHUPLQRORJ\ RFFXU PRVW IUHTXHQWO\ IROORZLQJ RSHQLQJ FRPSRQHQWV IROORZLQJ FORVLQJ FRPSRQHQWV DQG IROORZLQJ WRSLFERXQGLQJ WXUQV 7DQQHQ IIf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f IRU LQVWDQFH GHVFULEHV WKH RSHQLQJV RI WHOHSKRQH FRQYHUVDWLRQV LQ WHUPV RI UXOHV IRU VXPPRQVDQVZHU VHTXHQFHV ZKLFK DOORZ WKH LQLWLDWRU RI WKH FRQYHUVDWLRQ WR FRQWURO WKH WRSLF (ULFNVRQ f GLVFXVVHV FRQWURO LQ UHODWLRQ WR JDWHNHHSLQJ HQFRXQWHUV

PAGE 97

VXFK DV FRXQVHOLQJ VHVVLRQV MRE LQWHUYLHZV HWF ZKHUH WKRVH LQ SRVLWLRQV RI DXWKRULW\ PDLQWDLQ FRQYHUVDWLRQDO FRQWURO 7KH LVVXH RI FRQWURO KDV EHHQ WKH FHQWHU RI PHWKRGRORJLFDO GLVFXVVLRQV RQ WKH SUREOHPV RI WKH VRFLROLQJXLVWLF LQWHUYLHZ /DERY F f UHIHUV WR WKH OLPLWDWLRQV RI WKH LQWHUYLHZ VLWXDWLRQ DV WKH 2EVHUYHUnV 3DUDGR[ WR REWDLQ WKH GDWD PRVW LPSRUWDQW IRU OLQJXLVWLF WKHRU\ ZH KDYH WR REVHUYH KRZ SHRSOH VSHDN ZKHQ WKH\ DUH QRW EHLQJ REVHUYHG :ROIVRQ f FRPPHQWV WKDW WKH GHJUHH RI VROLGDULW\ EHWZHHQ WKH SDUWLFLSDQWV ZLOO DIIHFW WKH YHUEDO EHKDYLRU RI WKH VXEMHFW DQG DUJXHV IRU QDWXUDOLVWLF REVHUYDWLRQV RQO\ WR DYRLG WKH SUREOHP RI DV\PPHWULFDO UROH UHODWLRQVKLS EHWZHHQ LQWHUYLHZHU DQG SDUWLFLSDQW $Q H[DPSOH RI WKH FRQVWUDLQWV RI WKH LQWHUYLHZ VLWXDWLRQ RQ WKH VSHHFK GDWD LV JLYHQ E\ 6ODXJKWHU DQG %HQQHWW f ZKR QRWH WKDW WKH FRQYHUVDWLRQDO VWUDWHJLHV RI WKH DGXOW LQWHUYLHZHU KDG D VWURQJ LPSDFW RQ FKLOGUHQnV GLVFRXUVH LQ ERWK WKHLU ILUVW DQG VHFRQG ODQJXDJH 4XHVWLRQLQJ E\ WKH LQWHUYLHZHU DW WLPHV HOLFLWHG PHUHO\ n\HVn RU nQRn DQVZHUV E\ WKH FKLOGUHQ ZLWK QR IXUWKHU UHSO\ 6LPLODU SUREOHPV GLG RFFXU LQ WKH SUHVHQW VWXG\ &RQYHUVDWLRQV ZLWK VRPH RI WKH VWXGHQWV UHVXOWHG LQ ULJLG TXHVWLRQDQVZHU SDWWHUQV ZKLOH RWKHU LQWHUYLHZV SURGXFHG PRUH QDWXUDO VSHHFK GDWD +RZHYHU UDWKHU WKDQ GLVPLVVLQJ

PAGE 98

WKH LQWHUYLHZ HQWLUHO\ DV D PHWKRG RI REVHUYDWLRQ WKLV VWXG\ ZLOO SUHVHQW LQWHUYLHZV ZLWKLQ WKH FRQWH[W RI WKH WRWDO VSHHFK VLWXDWLRQ DQG DV VXFK LQWHUYLHZV ZLOO EH UHJDUGHG DV VSHHFK HYHQWV $ GLVWLQFWLRQ ZLOO EH PDGH EHWZHHQ SODQQHG DQG XQSODQQHG GLVFRXUVH WR GLIIHUHQWLDWH VWUXFWXUHG IURP VSRQWDQHRXV LQWHUYLHZV )XUWKHUPRUH WKURXJK HWKQRJUDSKLF REVHUYDWLRQV HDFK LQWHUYLHZ ZLOO EH HYDOXDWHG ZLWK UHVSHFW WR WKH UROH UHODWLRQVKLSV DPRQJ WKH SDUWLFLSDQWV ,W FDQ EH VHHQ WKDW WKH LVVXH RI FRQWURO YDULHG FRQVLGHUDEO\ IURP RQH VSHHFK HYHQW WR DQRWKHU 6W\OH 7KH FRQFHSW RI VW\OH GHILHV HDV\ FKDUDFWHUL]DWLRQ $V +\PHV f SRLQWV RXW VSHHFK VW\OH PD\ EH H[SUHVVHG LQ WHUPV RI VWDWLVWLFDO IUHTXHQF\ RI HOHPHQWV DOUHDG\ JLYHQ LQ OLQJXLVWLF GHVFULSWLRQ EXW DOVR GHSHQGV RQ TXDOLWDWLYH MXGJPHQWV RI DSSURSULDWHQHVV 7KH IRUPHU PLJKW LQYROYH RFFXUUHQFH RI VSHFLILF OLQJXLVWLF RU SDUDOLQJXLVWLF IHDWXUHV HJ SDXVHV UDWH RI VSHHFK GLVFRXUVH IHDWXUHVf ZKHUHDV WKH ODWWHU ZRXOG KDYH WR FRQVLGHU WKH FRQWH[W LQ ZKLFK WKH\ DSSHDU 6DSLU f UHODWHG VW\OH WR ERWK SHUVRQDOLW\ DQG WR VRFLDO FRQWH[W DQG GHVFULEHG LW DV RQH RI ILYH OHYHOV RI VSHHFK EHKDYLRU DV DQ HYHU\GD\ IDFHW RI VSHHFK WKDW FKDUDFWHUL]HV ERWK WKH VRFLDO JURXS DQG WKH LQGLYLGXDO 7DQQHQ f H[SUHVVHV D VLPLODU SRVLWLRQ

PAGE 99

(DFK SHUVRQnV LQGLYLGXDO VW\OH LV D FRPELQDWLRQ RI IHDWXUHV OHDUQHG LQ LQWHUDFWLRQ ZLWK RWKHU KHQFH VRFLDOf SOXV IHDWXUHV GHYHORSHG LGLRV\QFUDWLFDOO\ 3HUKDSV WKH LPSUHVVLRQ RI LQGLYLGXDO VW\OH UHVXOWV IURP WKH XQLTXH FRPELQDWLRQ DQG GHSOR\PHQW RI VRFLDOO\ OHDUQHG IHDWXUHV ,Q DGGLWLRQ 7DQQHQ f VXJJHVWV WKDW HWKQLFLW\ SOD\V DQ LPSRUWDQW UROH LQ WKH GHYHORSPHQW RI VW\OH VKH IRXQG WKDW FRQYHUVDWLRQDO VW\OH LV PRUH UHVLVWDQW WR FKDQJH WKDQ PRUH DSSDUHQW PDUNV RI HWKQLFLW\ VXFK DV UHWHQWLRQ RI WKH SDUHQWVn RU JUDQGSDUHQWVn ODQJXDJH 5HSDLUV $ ILQDO DUHD ZKLFK LV RI LQWHUHVW WR WKH VWXG\ RI GLVFRXUVH RUJDQL]DWLRQ LV WKDW RI UHSDLUV $V RQH RI WKH SULPDU\ IXQFWLRQV RI FRQYHUVDWLRQV LV HVWDEOLVKLQJ FRPPXQLFDWLRQ VSHDNHUV LQ DQ LQWHUDFWLRQ PXVW FRQWLQXDOO\ FKHFN WKHLU RZQ DQG RWKHU SDUWLFLSDQWVn VSHHFK WR HQVXUH VXFFHVVIXO FRPPXQLFDWLRQ RI WKH LQWHQGHG PHVVDJH 6FKHJORII -HIIHUVRQ DQG 6DFNV f RIIHU D IUDPHZRUN IRU DQDO\VLV RI WKH QRWLRQ RI UHSDLU LQ FRQYHUVDWLRQV ZKLFK WKH\ HPSOR\ DV GLVWLQFW IURP WKH WHUP nFRUUHFWLRQn WR UHIOHFW LWV EURDGHU GRPDLQ RI RFFXUUHQFH 7KH QRWLRQ nFRUUHFWLRQn ZRXOG QHFHVVDULO\ LPSO\ UHSODFHPHQW RI D PLVWDNH ZKHUHDV nUHSDLUn PLJKW IRU LQVWDQFH LQYROYH FDVHV ZKHUH WKHUH LV QR KHDUDEOH HUURU 7KH\ IXUWKHU PDNH D GLVWLQFWLRQ EHWZHHQ VHOIUHSDLU DQG RWKHUUHSDLU HDFK RI ZKLFK PD\ EH WKH UHVXOW RI VHOILQLWLDWLRQ RU RWKHU

PAGE 100

LQLWLDWLRQ 7KH\ IRXQG WKDW RYHUZKHOPLQJO\ SDUWLFLSDQWV RSW IRU VHOIFRUUHFWLRQ RYHU RWKHUFRUUHFWLRQ ZKLFK OHG WKHP WR FRQFOXGH WKDW WKH RUJDQL]DWLRQ RI UHSDLU LQ FRQYHUVDWLRQ SURYLGHV FHQWUDOO\ IRU VHOIFRUUHFWLRQ ZKLFK FDQ EH DUULYHG DW E\ WKH DOWHUQDWLYH URXWHV RI VHOILQLWLDWLRQ DQG RWKHULQLWLDWLRQ f§ URXWHV ZKLFK DUH WKHPVHOYHV VR RUJDQL]HG DV WR IDYRU VHOILQLWLDWHG VHOIUHSDLU 6FKHJORII -HIIHUVRQ DQG 6DFNV f 5LFKDUGV DQG 6FKPLGW f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

PAGE 101

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f +DWFK D f IRXQG IRU LQVWDQFH WKDW WKH DGXOW OHDUQHU KDV D JUHDW GHDO RI GLIILFXOW\ LQ WKH EHJLQQLQJ VWDJHV RI VHFRQG ODQJXDJH DFTXLVLWLRQ LQ LGHQWLI\LQJ WRSLFV DFFXUDWHO\ DQG VKH GLVFRYHUHG WKDW DGXOWV RQFH WKH\ UHFRJQL]H WKH WRSLF KDYH VWUDWHJLHV IRU SUHGLFWLQJ WKH GLVFRXUVH RQ WKDW WRSLF %RWK GLVFRXUVH SUHGLFWDELOLW\ DQG VHPDQWLF UHODWLRQVKLSV PD\ EH WUDQVIHUHG IURP WKH ILUVW ODQJXDJH WR PDLQWDLQ FRQYHUVDWLRQDO IORZ 6FDUFHOOD f VXJJHVWV WKDW WKH DELOLW\ WR PDQDJH FRQYHUVDWLRQV LQ DQ / LQFUHDVHV ZLWK RYHUDOO ODQJXDJH SURILFLHQF\ DQG WKDW D GHYHORSPHQWDO RUGHU H[LVWV IRU WKH DFTXLVLWLRQ RI WKH IRUPV RI FRQYHUVDWLRQDO GHYLFHV 6KH PHDVXUHG VXFK GHYLFHV DV UHVSRQVHV WR JUHHWLQJV LQWURGXFWLRQV FORVLQJV DQG UHTXHVWV IRU FODULILFDWLRQ DQG IRXQG D SRVLWLYH FRUUHODWLRQ EHWZHHQ FRQYHUVDWLRQDO VNLOOV DQG OHYHO RI DFTXLVLWLRQ (NVWUDQG f GLVFRYHUHG WKDW WKRXJK VHFRQG ODQJXDJH DFTXLVLWLRQ ZDV JHQHUDOO\ RQO\ ZHDNO\

PAGE 102

UHODWHG WR WR OHQJWK RI UHVLGHQFH DPRQJ PLJUDQW FKLOGUHQ FRQYHUVDWLRQDO DELOLW\ IUHH RUDO SURGXFWLRQ LQ KLV WHUPLQRORJ\f ZDV WKH RQO\ YDULDEOH VKRZLQJ D VWURQJ FRUUHODWLRQ $QRWKHU SHUVSHFWLYH RQ WKH DFTXLVLWLRQ RI GLVFRXUVH VNLOOV E\ VHFRQG ODQJXDJH OHDUQHUV LV SURYLGHG E\ WKH LGHQWLILFDWLRQ RI FRPPXQLFDWLRQ VWUDWHJLHV 7DURQH f VXJJHVWV WKDW D IUDPHZRUN IRU DQDO\VLV VKRXOG LQFOXGH WKUHH W\SHV RI VWUDWHJLHV Df FRPPXQLFDWLRQ VWUDWHJLHV ZKLFK FRQVLVW RI D PXWXDO DWWHPSW RI WZR LQWHUORFXWRUV WR DJUHH RQ D PHDQLQJ LQ VLWXDWLRQV ZKHUH UHTXLVLWH PHDQLQJ VWUXFWXUHV GR QRW VHHP WR EH VKDUHG Ef SURGXFWLRQ VWUDWHJLHV ZKLFK DUH DQ DWWHPSW WR XVH RQHnV OLQJXLVWLF V\VWHP HIILFLHQWO\ DQG FOHDUO\ ZLWK D PLQLPXP RI HIIRUW Ff ODQJXDJHOHDUQLQJ VWUDWHJLHV ZKLFK FRQVWLWXWH DQ DWWHPSW WR GHYHORS OLQJXLVWLF DQG VRFLROLQJXLVWLF FRPSHWHQFH LQ WKH WDUJHW ODQJXDJH :KLOH QR JHQHUDO DJUHHPHQW DSSHDUV WR H[LVW ZLWK UHJDUG WR WKH QRWLRQ RI nFRPPXQLFDWLRQ VWUDWHJ\n DQG ZKLOH RSLQLRQV DSSHDU WR EH GLYLGHG RQ ZKLFK VWUDWHJLHV PXVW EH LQFOXGHG PLQLPDOO\ LQ DQ DQDO\VLV RI OHDUQHUVn FRQYHUVDWLRQV D PDMRU GLVWLQFWLRQ FDQ EH PDGH EHWZHHQ ULVNWDNLQJ VWUDWHJLHV DQG DYRLGDQFH VWUDWHJLHV &RUGHU f H[SODLQV WKH IRUPHU ZKLFK KH WHUPV UHVRXUFH H[SDQVLRQ VWUDWHJLHV DV DQ DWWHPSW >E\ WKH ODQJXDJH OHDUQHU@ WR LQFUHDVH KLV UHVRXUFHV E\ RQH PHDQV RU DQRWKHU LQ RUGHU WR UHDOL]H KLV FRPPXQLFDWLYH LQWHQWLRQV ([DPSOHV RI ULVNWDNLQJ DUH SDUDSKUDVH RU ERUURZLQJ ZKLFK

PAGE 103

LQFOXGHV IRU LQVWDQFH FRGHVZLWFKLQJ FI &RUGHU 7DURQH f 5LVN DYRLGDQFH VWUDWHJLHV RU PHVVDJH DGMXVWPHQW VWUDWHJLHV DFFRUGLQJ WR &RUGHUnV f WHUPLQRORJ\f DUH HPSOR\HG ZKHQ WKH OHDUQHU DWWHPSWV WR WDLORU KLV PHVVDJH WR WKH UHVRXUFHV KH KDV DYDLODEOH WKDW LV DGMXVW KLV HQGV WR KLV PHDQV ([DPSOHV RI VXFK EHKDYLRU DUH WRSLF DYRLGDQFH ZKHUH WKH OHDUQHU UHIXVHV WR WDON DERXW FRQFHSWV IRU ZKLFK KH RU VKH KDV D ODFN RI OLQJXLVWLF UHVRXUFHV RU PHVVDJH DEDQGRQPHQW ZKHUH WKH OHDUQHU WULHV WR WDON DERXW D FRQFHSW EXW KDV WR JLYH XS FI &RUGHU 7DURQH f $ UHODWHG LVVXH LV WKDW RI VHOIPRQLWRULQJ RI VHFRQG ODQJXDJH OHDUQHUV .UDVKHQnV 0RQLWRU PRGHO SUHGLFWV GLIIHUHQFHV LQ SHUIRUPDQFH EHWZHHQ WKRVH ZKR VXEFRQVFLRXVO\ DFTXLUH D VHFRQG ODQJXDJH DQG WKRVH ZKR OHDUQ LW FRQVFLRXVO\ .UDVKHQ HW DO f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f

PAGE 104

,Q DGGLWLRQ WR PRQLWRULQJ WKH QRWLRQV RI UHSDLU DQG FRUUHFWLRQ DUH LPSRUWDQW WR WKH VWXG\ RI FRQYHUVDWLRQDO LQWHUDFWLRQV LQYROYLQJ VHFRQG ODQJXDJH OHDUQHUV *DVNLOO f LQYHVWLJDWHG HUURU FRUUHFWLRQ LQ QDWLYHQRQQDWLYH FRQYHUVDWLRQV DQG FRQFOXGHG WKDW RWKHUFRUUHFWLRQ LV DQ LQIUHTXHQW DQG KLJKO\ UHVWULFWHG SKHQRPHQRQ ZKLFK FRUUHVSRQGV WR WKH ILQGLQJV RI 6FKHJORII 6DFNV DQG -HIIHUVRQ RQ QDWLYH VSHDNHU FRQYHUVDWLRQV FI VHFWLRQ f 6FKZDUW] f VLPLODUO\ HVWDEOLVKHG WKDW LQ FRQYHUVDWLRQV EHWZHHQ VHFRQG ODQJXDJH OHDUQHUV SDUWLFLSDQWV JDYH WKH VSHDNHU RI D WURXEOH VRXUFH UHSHDWHG FKDQFHV WR UHSDLU KLV RZQ VSHHFK EXW WKDW UHSDLUV ZHUH PDGH ZKHQ WKH WURXEOH VRXUFH LQYROYHG ZDV D PDWWHU RI LQFRPSHWHQFH LQ V\QWD[ OH[LFRQ RU SKRQRORJ\ 9DURQLV DQG *DVV f DQDO\]LQJ PLVFRPPXQLFDWLRQV LQ QDWLYHQRQQDWLYH FRQYHUVDWLRQV VXJJHVW WKDW EUHDNGRZQV LQ FRPPXQLFDWLRQ WHQG WR EH WKH UHVXOW RI D ODFN RI FRPPRQ JRDOV VKDUHG EHOLHI VSDFH RU FXOWXUDO DQG OLQJXLVWLF V\VWHPV &KLOG 'LVFRXUVH ,W KDV EHHQ QRWHG HDUOLHU WKDW WKH VXEMHFWV LQ WKH 0RURFFDQ'XWFK VWXG\ YDULHG ZLGHO\ LQ DJH OHYHOV HYHQ WKRXJK DOO VKRXOG EH FRQVLGHUHG SDUW RI WKH VHFRQG JHQHUDWLRQ RI LPPLJUDQWV $OWKRXJK QR FKLOGUHQ RI SULPDU\ VFKRRO DJH ZHUH LQFOXGHG LQ WKH VWXG\ WKH \RXQJHVW VXEMHFWV ZHUH LQ WKHLU HDUO\ WHHQV ZKLOH VRPH RI WKH ROGHU

PAGE 105

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f ZKDW GLIIHUHQFHV H[LVW EHWZHHQ FKLOG DQG DGXOW GLVFRXUVH LQ JHQHUDO ZKDW GLIIHUHQFHV PXVW EH FRQVLGHUHG EHWZHHQ FKLOG DQG DGXOW DFTXLVLWLRQ RI D VHFRQG ODQJXDJH DQG f

PAGE 106

f ZKDW LPSOLFDWLRQV GR VXFK GLIIHUHQFHV KDYH IRU WKH DQDO\VLV RI FRQYHUVDWLRQDO GDWD LQ D VHFRQG ODQJXDJH DFJXLVLWLRQ FRQWH[W $FTXLVLWLRQ RI &RQYHUVDWLRQDO &RPSHWHQFH :KLOH UHVHDUFK LQ WKH DUHD RI FKLOGUHQnV VSHHFK ZDV ORQJ UHVWULFWHG WR SV\FKROLQJXLVWLF LQYHVWLJDWLRQV RI GHYHORSPHQWDO DVSHFWV RI ILUVW ODQJXDJH DFTXLVLWLRQ DQ LQFUHDVLQJ QXPEHU RI VRFLROLQJXLVWLF VWXGLHV KDV EHJXQ WR DGGUHVV WKH TXHVWLRQ RI FKLOGUHQnV FRQYHUVDWLRQDO DELOLWLHV .HHQDQ IRXQG IRU LQVWDQFH WKDW \RXQJ FKLOGUHQ HQJDJH LQ PHDQLQJIXO VXVWDLQHG WDONH[FKDQJHV D f DQG DUH VHQVLWLYH WR *ULFHnV f PD[LP n%H 5HOHYDQWn DQG DUH DEOH WR SURGXFH XWWHUDQFHV WKDW UHODWH WR SULRU XWWHUDQFHV DW D IDLUO\ HDUO\ SRLQW LQ WLPH F f )XUWKHUPRUH VKH VXJJHVWV WKDW WKH IXQFWLRQ RI UHSHWLWLRQ LQ FKLOGUHQnV GLVFRXUVH KDV JHQHUDOO\ EHHQ XQGHUHVWLPDWHG LQ SUHYLRXV GHYHORSPHQWDO SV\FKROLQJXLVWLF LQYHVWLJDWLRQV $QDO\VLV RI FKLOGUHQnV FRQYHUVDWLRQV KDV VKRZQ WKDW UDWKHU WKDQ VHUYLQJ PHUHO\ DQ LPLWDWLYH IXQFWLRQ UHSHWLWLRQ PD\ EH XVHG E\ FKLOGUHQ WR PHHW VSHFLILF FRPPXQLFDWLYH QHHGV VXFK DV OHDUQLQJ WR TXHU\ FRPPHQW FRQILUP PDWFK D FODLP DQG FRXQWHUFODLP DQVZHU D TXHVWLRQ UHVSRQG WR D GHPDQG DQG VR RQ FI .HHQDQ E f 7KH DUHD RI HWKQRJUDSK\ RI FRPPXQLFDWLRQ KDV H[SORUHG WKH FKLOGnV DFTXLVLWLRQ RI FRPPXQLFDWLYH FRPSHWHQFH IURP WKH

PAGE 107

FRQWH[W RI VRFLDO LQWHUDFWLRQ DV H[SUHVVHG E\ +\PHV YLf VRFLDO OLIH VKDSHV FRPPXQLFDWLYH FRPSHWHQFH DQG GRHV VR IURP LQIDQF\ RQZDUG 'HSHQGLQJ RQ JHQGHU IDPLO\ FRPPXQLW\ DQG UHOLJLRQ FKLOGUHQ DUH UDLVHG LQ WHUPV RI RQH FRQILJXUDWLRQ RI WKH XVH DQG PHDQLQJ RI ODQJXDJH UDWKHU WKDQ DQRWKHU 5RPDLQH IIf LGHQWLILHV WKH IDPLO\ SHHU JURXS DQG VFKRRO DV WKH WKUHH GRPDLQV RI VRFLDO LQWHUDFWLRQ ZKLFK FDQ EH WKRXJKW RI DV VHUYLQJ WKH IXQFWLRQ RI SULPDU\ GLVFRXUVHUHSURGXFLQJ DQG DOVR GLVFRXUVHFUHDWLQJf DJHQFLHV (UYLQ7ULSS DQG 0LWFKHOO.HUQDQ f IROORZLQJ WKLV WUDGLWLRQ UHJDUG FRPPXQLFDWLYH FRPSHWHQFH DV WKH RUDO FXOWXUH RI WKH FKLOG 7KH JRDO RI ZKDW WKH\ WHUP FKLOG VRFLROLQJXLVWLFV LV WR GHVFULEH DQG DQDO\]H WKDW NQRZOHGJH VRFLDO DQG OLQJXLVWLF WKDW DOORZV WKH FKLOG WR XVH ODQJXDJH WR SURMHFW VRFLDOO\ DSSURSULDWH LGHQWLWLHV DQG WR HQJDJH LQ SXUSRVLYH VRFLDO DFWV VXFK DV SOD\LQJ WHDFKLQJ SHUVXDGLQJ DQG GLUHFWLQJ RWKHUV DVNLQJ TXHVWLRQV QDUUDWLQJ D VWRU\ DQG EHLQJ D FRQYHUVDWLRQDO SDUWQHU f 6HYHUDO GLIIHUHQFHV KDYH EHHQ QRWHG ZLWK UHVSHFW WR WKH FRQYHUVDWLRQDO FRPSHWHQFH RI FKLOGUHQ DQG DGXOWV &RRN *XPSHU] f KDV VXJJHVWHG WKH GHYHORSPHQW RI VRFLROLQJXLVWLF VNLOOV LQ WKH FKLOGnV FRPPXQLFDWLYH V\VWHP 7KH FKLOG MXGJHV WKH VRFLDO LQWHQW RU HIIHFW RI WKH YHUEDO PHVVDJH HTXDOO\ E\ LWV VLWXDWHG FKDUDFWHU WKH PDQQHU DQG SK\VLFDO VHWWLQJ LQ ZKLFK LW LV SHUIRUPHG DV PXFK DV E\ WKH VHPDQWLFV\QWDFWLF IRUP RI WKH PHVVDJH :H VXJJHVW WKDW WKH SRVVLELOLW\ RI

PAGE 108

IRUHJURXQGLQJ WKH VHPDQWLFV\QWDFWLF FKDQQHO DV WKH GRPLQDQW DQG VRFLDOO\ UHFRJQL]HG FDUULHU RI PHDQLQJ LV D SDUWLFXODU FRPPXQLFDWLYH VNLOO ZKLFK GHYHORSV JUDGXDOO\ DIWHU WKH LQLWLDO DFJXLVLWLRQ RI VRPH VHPDQWLFV\QWDFWLF FRPSHWHQF\ &RRN*XPSHU] f $FTXLVLWLRQ RI FRPPXQLFDWLYH FRPSHWHQFH WKHQ LV DFFRPSDQLHG E\ D VKLIW IURP VWUDWHJLHV ZKLFK GHSHQG RQ VLWXDWHG PHDQLQJ WR VWUDWHJLHV RI OH[LFDOL]HG LQWHQW 6FKHJORII -HIIHUVRQ DQG 6DFNV f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f 7KLV YLHZ WKHQ ZRXOG DSSHDU WR KDYH LPSOLFDWLRQV IRU VHFRQG ODQJXDJH DFTXLVLWLRQ VLWXDWLRQV DV ZHOO DQG SDUWLFXODUO\ WKH RFFXUUHQFH RI VXFK VWUDWHJLHV LQ LQWHUFXOWXUDO HQFRXQWHUV QHHGV WR EH H[SORUHG &KLOG$GXOW 'LIIHUHQFHV LQ 6HFRQG /DQJXDJH $FTXLVLWLRQ 7KH LVVXH RI WKH LQIOXHQFH RI DJH RQ VHFRQG ODQJXDJH DFTXLVLWLRQ KDV EHHQ ZLGHO\ GHEDWHG IRU \HDUV 0DQ\ WKHRULHV KDYH EHHQ IRUZDUGHG WR H[SODLQ WKH GLIIHUHQW

PAGE 109

SURFHVVHV E\ ZKLFK DGXOWV DQG FKLOGUHQ DFTXLUH VHFRQG ODQJXDJHV (DUOLHU YLHZV KHOG WKDW FKLOGUHQ KDG D GLVWLQFW DGYDQWDJH RYHU DGXOWV LQ ODQJXDJH OHDUQLQJ EHFDXVH RI VHYHUDO GHYHORSPHQWDO IDFWRUV /HQQHEHUJ f OLQNHG FHUHEUDO ODWHUDOL]DWLRQ WR ODQJXDJH DFTXLVLWLRQ DQG IRUZDUGHG WKH FULWLFDO SHULRG K\SRWKHVLV ZKLFK FODLPHG WKDW ODQJXDJH DFTXLVLWLRQ VKRXOG RSWLPDOO\ RFFXU EHIRUH WKH HQG RI WKH GHYHORSPHQW RI FHUHEUDO GRPLQDQFH DURXQG SXEHUW\ 7KH LPSOLFDWLRQV RI WKLV WKHRU\ IRU WKH ILHOG RI VHFRQG ODQJXDJH DFTXLVLWLRQ ZHUH WKDW QDWLYHOLNH IOXHQF\ ZRXOG EH YLUWXDOO\ LPSRVVLEOH WR REWDLQ DIWHU WKLV SHULRG $VKHU DQG *DUFLD f LQYHVWLJDWHG WKH IDFWRUV LQIOXHQFLQJ SURQXQFLDWLRQ ILGHOLW\ DQG IRXQG WKDW LQ DWWDLQPHQW RI QHDUQDWLYH SURQXQFLDWLRQ UHODWHG WR WKH DJH RI WKH OHDUQHU LGHDOO\ EH EHWZHHQ DQG \HDUV RI DJHf WKH OHQJWK RI UHVLGHQFH EHWZHHQ DQG \HDUVf DQG VH[ JLUOV ZHUH JHQHUDOO\ EHWWHU WKDQ ER\Vf +RZHYHU 6HOLJHU f QRWHV WKDW H[FHSWLRQV VKRXOG EH WDNHQ LQWR DFFRXQW DV WKHUH DUH WKRVH ZKR ZHUH H[SRVHG WR D VHFRQG ODQJXDJH LQ FKLOGKRRG \HW UHWDLQHG IRUHLJQ DFFHQWV DV DGXOWV DQG WKHUH DUH WKRVH H[SRVHG WR D VHFRQG ODQJXDJH DV DGXOWV ZLWK QR DFFHQW DW DOO $ VHFRQG YLHZ SURSRVHV WKDW DIIHFWLYH IDFWRUV PD\ SOD\ D UROH LQ VHFRQG ODQJXDJH DFTXLVLWLRQ &KDQJHV LQ SHUVRQDOLW\ DQG DWWLWXGHV DURXQG SXEHUW\ PD\ KDYH DQ HIIHFW RQ IRU H[DPSOH VHOIFRQILGHQFH DQG PRWLYDWLRQ LQ ODQJXDJH

PAGE 110

OHDUQLQJ
PAGE 111

XVXDOO\ EH VXSHULRU LQ WHUPV RI XOWLPDWH DWWDLQPHQW 7KH\ SURSRVH WKUHH JHQHUDOL]DWLRQV f $GXOWV SURFHHG WKURXJK HDUO\ VWDJHV RI V\QWDFWLF DQG PRUSKRORJLFDO GHYHORSPHQW IDVWHU WKDQ FKLOGUHQ ZKHUH WLPH DQG H[SRVXUH DUH KHOG FRQVWDQWf f 2OGHU FKLOGUHQ DFTXLUH IDVWHU WKDQ \RXQJHU FKLOGUHQ DJDLQ LQ HDUO\ VWDJHV RI V\QWDFWLF DQG PRUSKRORJLFDO GHYHORSPHQW ZKHUH WLPH DQG H[SRVXUH DUH KHOG FRQVWDQWf f $FTXLUHUV ZKR EHJLQ QDWXUDO H[SRVXUH WR VHFRQG ODQJXDJHV GXULQJ FKLOGKRRG JHQHUDOO\ DFKLHYH KLJKHU VHFRQG ODQJXDJH SURILFLHQF\ WKDQ WKRVH EHJLQQLQJ DV DGXOWV .UDVKHQ HW DO f 6QRZ DQG +RHIQDJHO+KOH f FDPH WR WKH VLPLODU FRQFOXVLRQ WKDW LQ WKH VKRUW WHUP ROGHU OHDUQHUV ZHUH VXSHULRU ZKLOH LQ WKH ORQJ WHUP \RXQJHU OHDUQHUV KDG WKH DGYDQWDJH 0RUHRYHU WKH\ IRXQG WKDW ROGHU VXEMHFWV WHQGHG WR EH EHWWHU DW YRFDEXODU\ V\QWD[ DQG PRUSKRORJ\ 7KH UHVXOWV RI D VWXG\ E\ 6QRZ DQG +RHIQDJHO+KOH f GR QRW VXSSRUW WKH FULWLFDO SHULRG K\SRWKHVLV DV WKH\ IRXQG WKDW WKH IDVWHVW VHFRQG ODQJXDJH DFTXLVLWLRQ RFFXUUHG LQ VXEMHFWV DJHG WR \HDUV ZKLOH WKH VORZHVW UDWH RI DFTXLVLWLRQ RFFXUUHG LQ VXEMHFWV DJHG WR \HDUV $Q HYHQ VWURQJHU YLHZ RQ WKLV LVVXH LV H[SUHVVHG E\ 6QRZ f ZKR FODLPV WKDW DJH FRQIHUV D SRVLWLYH QRW D QHJDWLYH DGYDQWDJH RQ VHFRQG ODQJXDJH OHDUQHUV WKDW WKH DJH FRXUVH IRU VSHHG DQG HDVH RI VHFRQG ODQJXDJH DFTXLVLWLRQ LV VXFK WKDW QRWLRQV RI EUDLQ SODVWLFLW\ LQFUHDVLQJ ORFDOL]DWLRQ ODWHUDOL]DWLRQ DQG WKH FULWLFDO SHULRG DUH WRWDOO\ LUUHOHYDQW LQ H[SODLQLQJ WKH DJH GLIIHUHQFHV

PAGE 112

(NVWUDQG f VLPLODUO\ QRWHV WKDW ODQJXDJH OHDUQLQJ DELOLW\ LPSURYHV ZLWK DJH DV GRHV LQWHOOHFWXDO IXQFWLRQLQJ ZKLOH VRFLDO DQG HPRWLRQDO DGMXVWPHQW VHHPV WR EH QRQUHODWHG WR DJH 6XFK ILQGLQJV KDYH SURPSWHG QHZ UHVHDUFK WR H[SORUH WKH QDWXUH RI WKH GLIIHUHQFHV EHWZHHQ FKLOG DQG DGXOW VHFRQG ODQJXDJH OHDUQHUV LQ PRUH GHWDLO UDWKHU WKDQ WR IRFXV RQ DGXOWVn SUHVXPHG GHILFLHQFLHV LQ DFTXLVLWLRQ 'LVFRXUVH $VSHFWV RI &KLOG 6HFRQG /DQJXDJH $FTXLVLWLRQ :KLOH FRQYHUVDWLRQDO DQDO\VLV KDV EHHQ HPSOR\HG DV D JHQHUDO IUDPHZRUN IRU VHFRQG ODQJXDJH DFTXLVLWLRQ UHVHDUFK IXUWKHU TXHVWLRQV KDYH EHHQ UDLVHG ZLWK UHVSHFW WR WKH GLIIHUHQFHV EHWZHHQ WKH UXOHV RI FRQYHUVDWLRQ RI FKLOGUHQ DQG DGXOWV 6FDUFHOOD DQG +LJD IIf UHODWH FRQYHUVDWLRQDO FRPSHWHQFH WR LQSXW DQG ILQG WKDW WKH FRQYHUVDWLRQDO GHPDQGV DUH JUHDWHU RQ ROGHU VHFRQG ODQJXDJH OHDUQHUV WKDQ RQ DGROHVFHQWV DQG FKLOGUHQ DQG WKDW LQ RUGHU WR FRSH ZLWK WKHVH KHDY\ GHPDQGV IRU HDUO\ FRQYHUVDWLRQDO SHUIRUPDQFH ROGHU OHDUQHUV XWLOL]H FRQYHUVDWLRQDO VWUDWHJLHV ZKLFK DOORZ WKHP WR VWUHWFK WKHLU OLQJXLVWLF FRPSHWHQFH )DWKPDQ DQG 3UHFXS f DQDO\]HG WKH VSHHFK RI FKLOGUHQ DQG DGXOWV LQ IRUPDO DQG LQIRUPDO VHWWLQJV 7KH\ IRXQG WKDW LQ ERWK VHWWLQJV WKH DGXOWV ZHUH PRUH KHVLWDQW DQG UHSHDWHG ZRUGV DQG SKUDVHV PRUH IUHTXHQWO\ WKDQ

PAGE 113

FKLOGUHQ 7KH DGXOWV ZHUH PRUH FRQFHUQHG DERXW WKH OLVWHQHUVn UHDFWLRQV WKDQ WKH FKLOGUHQ DQG DOVR GLG PRUH PRQLWRULQJ RI VWUXFWXUDO HUURUV $GXOWV ZHUH FRQVHTXHQWO\ IRXQG WR EH PRUH SURILFLHQW LQ PRUSKRORJ\ DQG V\QWD[ ZKLOH WKH FKLOGUHQ H[FHOOHG LQ SURQXQFLDWLRQ )XUWKHUPRUH LQIRUPDO OHDUQHUV XVHG D JUHDWHU YDULHW\ RI FRPPXQLFDWLRQ VWUDWHJLHV WKDQ IRUPDO OHDUQHUV UHVXOWLQJ LQ D FRQWLQXXP ZLWK FKLOGLQIRUPDO OHDUQHUV DW RQH H[WUHPH DQG DGXOWIRUPDO OHDUQHUV DW WKH RWKHU )DWKPDQ DQG 3UHFXS f +DWFK Df QRWHG WKDW ZKLOH WKHUH DUH PDQ\ VLPLODULWLHV LQ GLVFRXUVH VWUDWHJLHV EHWZHHQ FKLOGUHQ DQG DGXOWV VRPH JHQHUDOL]DWLRQV FDQ EH PDGH ZLWK UHVSHFW WR WKHLU GLIIHUHQFHV DV ZHOO 6KH REVHUYHG IRU LQVWDQFH WKDW ZKLOH ERWK FKLOGUHQ DQG DGXOWV KDYH GLIILFXOW\ LQ SHUFHLYLQJ WRSLFV LQ GLVFRXUVH DQG LQ QRPLQDWLQJ WRSLFV IRU FRQYHUVDWLRQ DGXOWV WHQG WR XVH D PXFK ZLGHU UDQJH RI WRSLFV UHIOHFWLQJ PXFK PRUH DEVWUDFW FRQYHUVDWLRQDO DPELWLRQV +DWFK D f ,Q DGGLWLRQ GLIIHUHQW LQSXW VWUDWHJLHV FDQ EH REVHUYHG LQ DGXOWFKLOG DQG FKLOGFKLOG GLVFRXUVH IRU WKH VHFRQGODQJXDJH OHDUQLQJ FKLOG $FFRUGLQJ WR +DWFK E f IURP WKH DGXOW KH JHWV QRWLRQV RI KRZ WR RUGHU H[WUHPHO\ FRQWUROOHG VHWV RI TXHVWLRQDQVHU URXWLQHV EDVHG RQ REMHFWV SUHVHQW LQ WKH HQYLURQPHQW DQG RQJRLQJ DFWLRQV KH JHWV YRFDEXODU\ WKDW LV YLVXDOO\ UHSUHVHQWHG DV ZHOO KH JHWV VHTXHQFHG SUHVHQWDWLRQ RI VWUXFWXUHV )URP WKH FKLOG KH JHWV DPRQJ RWKHU WKLQJV DQ LPPHQVH DPRXQW RI SUDFWLFH WKDW DOORZV KLP

PAGE 114

WR UHSHDW PRGHOV RI WKH QDWLYH VSHDNHU 7KH YRFDEXODU\ LV QRW QHDUO\ DV WLJKWO\ FRQWUROOHG PDGHXS ZRUGV DUH IUHTXHQW 3HFNnV f GDWD VXJJHVW WKDW WKH VHFRQG ODQJXDJH OHDUQLQJ FKLOG LV OHDUQLQJ PRUH DERXW WKH IRUPV RI ZRUGV SKRQRORJ\ DQG V\QWD[f IURP RWKHU FKLOGUHQ ZKLOH KH LV OHDUQLQJ PRUH DERXW WKH PHDQLQJV RI XWWHUDQFHV DQG KRZ WR H[SUHVV KLPVHOI VHPDQWLFVf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nXQLYHUVDOn LV XVHG KHUH IRU WKRVH WHQGHQFLHV WKDW DW WKLV SRLQW DSSHDU WR KDYH VRPH FURVVFXOWXUDO UHOHYDQFH FI IRU H[DPSOH 6FDUFHOOD f 5HFHQW VWXGLHV VXJJHVW WKDW ZKLOH XQLYHUVDO WHQGHQFLHV H[LVW IRU PDQ\ DVSHFWV RI FRQYHUVDWLRQV IRU H[DPSOH PRVW ODQJXDJHV DUH VDLG WR KDYH

PAGE 115

JUHHWLQJV DQG OHDYH WDNLQJV WXUQWDNLQJ V\VWHPV DQG UHSDLU V\VWHPVf DQG ZKLOH VXFK WHQGHQFLHV KHOS OHDUQHUV FRQYHUVH LQ WKH / OHDUQHUV GR QRW EHJLQ WKH WDVN RI DFTXLULQJ DQ / IXOO\ HTXLSSHG ZLWK NQRZOHGJH RI WKH WDUJHW ODQJXDJH FRQYHUVDWLRQDO UXOHV DQG QRUPV

PAGE 116

&+$37(5 )285 62&,2/,1*8,67,&6 $1' 6(&21' /$1*8$*( $&48,6,7,21 ,QWURGXFWLRQ 7KH SUHVHQW FKDSWHU ZLOO HYDOXDWH 'XWFK VSHHFK GDWD IURP WZR JURXSV RI VHFRQGJHQHUDWLRQ 0RURFFDQ VWXGHQWV LQ WKH 1HWKHUODQGV 7KH ILUVW JURXS FRQVLVWHG RI VWXGHQWV LQWHJUDWHG LQ WKH 'XWFK VFKRRO V\VWHP DW D VFKRRO IRU 0$92 HGXFDWLRQ ZKLOH VWXGHQWV LQ WKH VHFRQG JURXS DWWHQGHG WUDQVLWLRQDO HGXFDWLRQ DW DQ ,6. nLQWHUQDWLRQDO OLQNLQJ FODVVHVnf $ WRWDO RI VWXGHQWV SDUWLFLSDWHG LQ WKLV SDUW RI WKH UHVHDUFK IURP HDFK VFKRRO 7KH GDWD ZHUH FROOHFWHG E\ PHDQV RI LQIRUPDO LQWHUYLHZV VHH $SSHQGL[ %f ZLWK RQH RU PRUH VWXGHQWV ZKLFK UHVXOWHG LQ UHFRUGHG VSHHFK HYHQWV ZLWK 0$92 VWXGHQWV DQG ZLWK ,6. VWXGHQWVf 7R VRPH H[WHQW WKH GDWD GLVFXVVHG LQ WKLV FKDSWHU UHSUHVHQW D GLIIHUHQW W\SH RI VSHHFK HYHQW WKDQ WKH FRQYHUVDWLRQDO LQWHUDFWLRQ XVHG DV WKH EDVLV IRU DQDO\VLV LQ &KDSWHU )LYH :KLOH WKH LQWHUYLHZV ZHUH FRQGXFWHG DV LQIRUPDOO\ DV SRVVLEOH DV ZLOO EH VKRZQ LQ EHORZ WKH VSHHFK HOLFLWHG LV QHYHUWKHOHVV TXLWH GLIIHUHQW IURP VSRQWDQHRXV FRQYHUVDWLRQ $ GLVWLQFWLRQ PD\ EH PDGH LQ

PAGE 117

2FKVn f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f WKH TXDQWLWDWLYH REVHUYDWLRQV GHULYHG IURP WKH FRPSDULVRQV EHWZHHQ WKH VSHHFK GDWD DQG f JHQHUDOL]DWLRQV DERXW VSHHFK LQ D VHFRQG ODQJXDJH DFTXLVLWLRQ FRQWH[W

PAGE 118

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n0LVVn RU n0LVWHUn IROORZHG E\ D ILUVW QDPH 5DWKHU WKDQ XVLQJ WKH WHDFKHUnV GHVN ZH DUUDQJHG D QXPEHU RI VWXGHQW GHVNV LQ D VPDOO FLUFOH DQG VDW DURXQG LW 7R UHGXFH DZDUHQHVV RI WKH WDSHUHFRUGHU XVXDOO\ VWDUWHG UXQQLQJ WKH WDSH ZKLOH WKH\ ZHUH ILOOLQJ LQ WKHLU TXHVWLRQQDLUHV VR WKDW WKH EHJLQQLQJ RI DQ LQWHUYLHZ GLG QRW KDYH WR EH DFFRPSDQLHG E\ VWDUWLQJ WKH WDSH )LQDOO\ ZKHQHYHU SRVVLEOH PRUH WKDQ RQH VWXGHQW ZRXOG EH LQWHUYLHZHG GXULQJ D VHVVLRQ 7KH QXPEHU RI VWXGHQWV SHU VSHHFK HYHQW YDULHG IURP RQH WR IRXU 7KH GXUDWLRQ RI WKH VSHHFK HYHQWV YDULHG FRQVLGHUDEO\ EHFDXVH RI D QXPEHU RI IDFWRUV $V WKH PLGPRUQLQJ EUHDN ODVWHG RQO\ WZHQW\ PLQXWHV WKH LQWHUYLHZV KHOG GXULQJ WKDW WLPH WRRN XS ILIWHHQ PLQXWHV ZLWK ILYH PLQXWHV IRU

PAGE 119

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n VHOIHYDOXDWLRQV DUH UHIOHFWHG LQ 7DEOH &RPSDULVRQV RI WKH VFRUHV UHYHDO WKDW WKH 0$92 VWXGHQWV UDWHG WKHPVHOYHV KLJKHU WKDQ WKH ,6. VWXGHQWV ZLWK UHVSHFW WR WKHLU SURGXFWLYH VNLOOV VSHDNLQJ DQG ZULWLQJf ZKHUHDV WKH ,6. VWXGHQWV UDWHG WKHPVHOYHV HTXDO WR RU HYHQ VOLJKWO\ KLJKHU WKDQ WKH 0$92 VWXGHQWV ZLWK UHVSHFW WR WKHLU UHFHSWLYH VNLOOV FRPSUHKHQVLRQ DQG UHDGLQJf 7KH YDULDEOHV RI VSHDNLQJ DQG ZULWLQJ VKRZHG WKH PRVW LPSRUWDQW

PAGE 120

GLIIHUHQFHV EHWZHHQ WKH WZR JURXSV ZKLFK FRXOG EH H[SHFWHG VLQFH WKH ,6. VWXGHQWV KDG RQO\ YHU\ UHFHQWO\ EHJXQ WR OHDUQ 'XWFK :KLOH WKH ,6. VWXGHQWV UDWHG WKHPVHOYHV PXFK ORZHU WKDQ WKH 0$92 VWXGHQWV RQ WKH DYHUDJH LW LV LQWHUHVWLQJ WR QRWH WKDW PDQ\ RI WKH LQGLYLGXDO UDWLQJV QHYHUWKHOHVV UHIOHFWHG D KLJK GHJUHH RI FRQILGHQFH LQ WKHLU VSHDNLQJ DELOLWLHV 7$%/( 678'(176n 6(/)(9$/8$7,216 0($1 6&25(6 6SHDNLQJ &RPSUHKHQVLRQ 5HDGLQJ :ULWLQJ 7RWDO 0$92 Q f Q f Q f Q f ,6. Q f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

PAGE 121

OHVV YDULDWLRQ LQ EDFNJURXQGV DV PRVW KDG DWWHQGHG SULPDU\ HGXFDWLRQ RQO\ RU FDPH IURP ORZHU VHFRQGDU\ HGXFDWLRQ ,QGLYLGXDO GDWD VKRZ WKDW ,6. VWXGHQWV ZLWK D FROOJH RU O\FH EDFNJURXQG WHQGHG WR UDWH WKHLU UHDGLQJ DQG FRPSUHKHQVLRQ DELOLWLHV UHODWLYHO\ KLJK &RPSDULVRQV RI ILHOG QRWHV RQ WKH VWXGHQWVn IOXHQF\ DQG JHQHUDO FRPPDQG RI 'XWFK ZLWK WKH VHOIUDWLQJV RI WKH VWXGHQWV LQGLFDWH WKDW PDQ\ RI WKHP HVSHFLDOO\ WKH ,6. VWXGHQWV WHQGHG WR RYHUUDWH WKHLU DELOLWLHV LQ WKHLU VHFRQG ODQJXDJH WR VRPH H[WHQW 7KH ILJXUHV WKXV GR QRW QHFHVVDULO\ JLYH DQ DFFXUDWH UHSUHVHQWDWLRQ RI WKH VWXGHQWVn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

PAGE 122

,OO WKHLU QHZ FRXQWU\ VFKRRO WKH ODQJXDJHV WKH\ XVHG UHOLJLRQ HWF VHH $SSHQGL[ %f $OWKRXJK WKHUH ZDV FRQVLGHUDEOH LQGLYLGXDO YDULDWLRQ LQ WKH EDFNJURXQGV RI WKH SDUWLFLSDQWV D JHQHUDO GLVWLQFWLRQ ZLOO EH PDGH KHUH EHWZHHQ WKH JURXS RI 0$92 VWXGHQWV DQG WKH ,6. VWXGHQWV $V VKRZQ LQ &KDSWHU 2QH WKH DYHUDJH DJH RI WKH 0$92 VWXGHQWV ZDV DQG WKDW RI WKH ,6. VWXGHQWV 7KH DYHUDJH DJH DW DUULYDO IRU WKH 0$92 VXEMHFWV ZDV \HDUV ZLWK D PHDQ OHQJWK RI UHVLGHQFH /25f RI DSSUR[LPDWHO\ \HDUV ZKLOH WKH ,6. VXEMHFWVn DYHUDJH DJH DW DUULYDO ZDV \HDUV ZLWK D PHDQ /25 RI A 7KH ,6. VWXGHQWV WKXV UHSUHVHQWHG D PRUH UHFHQW JURXS RI DUULYDOV LQ WKH IDPLO\ UHXQLILFDWLRQ SURFHVV WKDQ WKH 0$92 VWXGHQWV :LWK UHVSHFW WR HWKQLF EDFNJURXQG WKH 0$92 VWXGHQWV ZHUH b %HUEHU DQG b $UDELF ZKLOH WKH ,6. VWXGHQW ZHUH b $UDELF DQG b %HUEHU 7KHVH ILJXUHV UXQ SDUDOOHO WR WKH UHJLRQDO EDFNJURXQG RI WKH VXEMHFWV DV PRUH RI WKH 0$92 VWXGHQWV FDPH IURP WKH 1RUWK RI 0RURFFR bf WKDQ WKH ,6. VWXGHQWV bf +RZHYHU LW PXVW EH VWUHVVHG WKDW LW LV DQ RYHUVLPSOLILFDWLRQ WR LGHQWLI\ WKH VWXGHQWV DV HLWKHU %HUEHU RU $UDELF )UHTXHQWO\ RQH SDUHQW ZDV RI %HUEHU GHVFHQW DQG WKH RWKHU $UDELF VR WKDW WKH FKLOGUHQ ZHUH SURILFLHQW LQ ERWK ODQJXDJHV 7KH OLQJXLVWLF VLWXDWLRQ ZLWKLQ WKH IDPLOLHV WHQGHG WR EH TXLWH FRPSOH[ DV ZLOO EH VKRZQ LQ WKH QH[W VHFWLRQ

PAGE 123

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

PAGE 124

ZKHUHDV WKH\ ZHUH IRUFHG WR VSHDN 'XWFK ZLWK WKH VPDOO FKLOGUHQ ZKR DWWHQGHG 'XWFK NLQGHUJDUWHQ RU SULPDU\ VFKRRO ,Q RUGHU WR REWDLQ VRPH LQIRUPDWLRQ RQ WKH VHFRQG JHQHUDWLRQnV XVH RI 'XWFK LQ YDULRXV VLWXDWLRQV LWHP ZDV LQFOXGHG RQ WKH TXHVWLRQQDLUH IRUP VHH $SSHQGL[ $f 7KLV LWHP ZDV GHVLJQHG WR HOLFLW LQIRUPDWLRQ RQ WKH VWXGHQWVn XVH RI ODQJXDJH LQ IRXU GLIIHUHQW VLWXDWLRQV DW KRPH DW VFKRRO ZLWK IULHQGV DQG LQ VKRSV 7DEOH SDJH f LV D VFKHPDWLF UHSUHVHQWDWLRQ RI WKH ODQJXDJH EHKDYLRU RI ERWK f JURXSV UHIOHFWLQJ WKH VLWXDWLRQDO YDULDELOLW\ 7KH WDEOH VKRZV D QXPEHU RI GLIIHUHQFHV LQ ODQJXDJH XVH EHWZHHQ WKH WZR JURXSV RI VWXGHQWV 7KH PRVW VLJQLILFDQW GLIIHUHQFH FDQ EH REVHUYHG ZLWK UHVSHFW WR WKH XVH RI 'XWFK LQ VFKRRO $ PDMRULW\ RI WKH 0$92 VWXGHQWV bf XVHG RQO\ 'XWFK LQ VFKRRO ZKLOH WKH UHPDLQLQJ b XVHG LW LQ FRPELQDWLRQ ZLWK $UDELF DQGRU %HUEHU LH b RI WKH 0$92 VWXGHQWV XVHG 'XWFK WR YDU\LQJ GHJUHHV LQ WKH VFKRRO VLWXDWLRQ ,Q FRQWUDVW RQO\ b RI WKH ,6. VWXGHQWV HPSOR\HG 'XWFK DV WKH VROH ODQJXDJH LQ VFKRRO ZKLOH b XVHG LW LQ FRPELQDWLRQ ZLWK WKHLU QDWLYH ODQJXDJHVf ,Q WKH LQWHUYLHZV WKH ,6. VWXGHQWV VXJJHVWHG WKDW WKH\ OHDUQHG UHODWLYHO\ OLWWOH 'XWFK LQ WKH WUDQVLWLRQDO HGXFDWLRQ FODVVHV EHFDXVH WKH\ KDG DPSOH RSSRUWXQLW\ WR WDON ZLWK WKHLU SHHUV LQ WKHLU QDWLYH ODQJXDJH 7KHLU XVH RI 'XWFK ZDV UHVWULFWHG SUHGRPLQDQWO\ WR FODVVURRP XVH ZLWK WKHLU WHDFKHUV ZKLOH WKHLU QDWLYH ODQJXDJHVf IXQFWLRQHG DV WKH

PAGE 125

7$%/( 6,78$7,21$/ 9$5,$7,21 ,1 /$1*8$*( 86( +RPH 6FKRRO )ULHQGV 6KRSV 0$92 ,6. 0$92 ,6. 0$92 ,6. 0$92 ,6. b b b b b b b m b $UDELF f f f§ f§ f f f§ f§ %HUEHU f f f§ f§ f§ f f§ f§ 'XWFK f f§ f f f f f $UDELF'XWFK f f f f f f f§ f§ %HUEHU'XWFK f f f§ f f f f§ f $UDELF%HUEHU f§ f f§ f§ f§ f§ f§ f§ $UDELF%HUEHU 'XWFK f f§ f f f f f§ f§ Q f Q f Q f Q f Q f Q f Q f Q f

PAGE 126

PDLQ VRXUFH RI FRPPXQLFDWLRQ )RU WKH RWKHU JURXS WKLV VLWXDWLRQ ZDV UHYHUVHG 7KH 0$92 VWXGHQWV KDG IHZHU RSSRUWXQLWLHV WR LQWHUDFW H[FOXVLYHO\ ZLWK RWKHU 0RURFFDQV DQG XVHG 'XWFK DV WKHLU SULPDU\ ODQJXDJH ZKLOH $UDELF DQGRU %HUEHU ZHUH UHVHUYHG IRU LQWHUDFWLRQV ZLWK 0RURFFDQ IULHQGV RQO\ 7KH WKLUG PDMRU FROXPQ LQ 7DEOH UHIOHFWV SHHU LQWHUDFWLRQ DPRQJ WKH 0RURFFDQ VWXGHQWV 1HDUO\ b RI WKH 0$92 VWXGHQWV XVHG 'XWFK DV WKHLU SULPDU\ ODQJXDJH DPRQJ IULHQGV DQG DOPRVW DOO RI WKHP bf XVHG LW LQ FRPELQDWLRQ ZLWK $UDELF DQGRU %HUEHU 7KH ,6. VWXGHQWV VSRNH 'XWFK ZLWK WKHLU IULHQGV RQO\ b RI WKH WLPH DOWKRXJK LQ FRPELQDWLRQ ZLWK WKHLU QDWLYH ODQJXDJHV WKH\ WRR VSRNH LW QHDUO\ b RI WKH WLPH :KLOH RQO\ b RI WKH 0$92 VWXGHQWV XVHG 'XWFK DORQH DV WKH ODQJXDJH RI WKH KRPH b XVHG 'XWFK LQ FRPELQDWLRQ ZLWK $UDELF DQGRU %HUEHU 7KLV ILJXUH ZDV VLJQLILFDQWO\ ORZHU IRU WKH ,6. VWXGHQWV ZKHUH QRQH XVHG 'XWFK DORQH DW KRPH DQG RQO\ b XVHG LW LQ FRPELQDWLRQ ZLWK WKHLU QDWLYH ODQJXDJHVf +RPH XVDJH FRQWUDVWV PRVW VKDUSO\ ZLWK WKH XVDJH LQ WKH VKRSV ZKHUH ZLWK RQH H[FHSWLRQ 'XWFK ZDV HPSOR\HG DV WKH VROH ODQJXDJH IRU ERWK JURXSV 6RPH IXUWKHU GLIIHUHQFHV PD\ EH QRWHG EHWZHHQ WKH WZR JURXSV ZLWK UHVSHFW WR WKH IXQFWLRQV RI WKHLU QDWLYH ODQJXDJHV LQ YDULRXV VLWXDWLRQV )RU ERWK JURXSV XVH RI

PAGE 127

%HUEHU DSSHDUV WR EH SDUWLFXODUO\ DVVRFLDWHG ZLWK WKH KRPH HQYLURQPHQW )RU H[DPSOH b RI WKH 0$92 JURXS XVHG %HUEHU LQ FRPELQDWLRQ ZLWK $UDELF DQGRU 'XWFK DW KRPH EXW RQO\ b RI WKHP XVHG LW LQ WKH VFKRRO VLWXDWLRQ :LWK IULHQGV WKH XVH RI %HUEHU LV VOLJKWO\ KLJKHU bf WKDQ LQ VFKRRO EXW VWLOO VLJQLILFDQWO\ OHVV WKDQ DW KRPH :KLOH WKH ,6. VWXGHQWV VKRZHG D OHVV GUDVWLF YDULDWLRQ %HUEHU ZDV DOVR XVHG SULPDULO\ DW KRPH bf ZKLOH WKH SHUFHQWDJHV RI XVH DW VFKRRO bf DQG ZLWK IULHQGV bf ZHUH URXJKO\ VSHDNLQJ KDOI WKDW RI WKH KRPH HQYLURQPHQW 7KH VLWXDWLRQDO YDULDWLRQ LQ WKH XVH RI $UDELF ZDV QRW QHDUO\ DV JUHDW DV WKDW RI %HUEHU 7KH 0$92 VWXGHQWV XVHG $UDELF LQ FRPELQDWLRQ ZLWK 'XWFK DQGRU %HUEHU b DW KRPH b LQ VFKRRO DQG b ZLWK IULHQGV )RU WKH ,6. VWXGHQWV WKH ILJXUHV VKRZ b XVH DW KRPH b LQ VFKRRO DQG b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

PAGE 128

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f RYHUDOO QXPEHU RI ZRUGV f RYHUDOO QXPEHU RI WXUQV f RYHUDOO PHDQ OHQJWK RI WXUQ f QXPEHU DQG SHUFHQWDJH RI WXUQV WDNHQ E\ VXEMHFWV f QXPEHU DQG SHUFHQWDJH RI WXUQV WDNHQ E\ LQWHUYLHZHU f QXPEHU DQG SHUFHQWDJH RI ZRUGV VSRNHQ E\ VXEMHFWV f QXPEHU DQG SHUFHQWDJH RI ZRUGV VSRNHQ E\ LQWHUYLHZHU f PHDQ OHQJWK RI WXUQ RI VXEMHFWV f PHDQ OHQJWK RI WXUQ RI LQWHUYLHZHU fQXPEHU DQG SHUFHQWDJH RI VLPXOWDQHRXV VSHHFK HSLVRGHV ,W PXVW EH VWUHVVHG WKDW WKH VXEMHFWVn GDWD GLVFXVVHG KHUH UHSUHVHQW WKH PHDQV RI WKH YDULDEOHV SHU FRQYHUVDWLRQ UDWKHU WKDQ SHU LQGLYLGXDO FRQWULEXWLRQ DV WKH REMHFWLYH

PAGE 129

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n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

PAGE 130

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

PAGE 131

ZLWK ERWK JURXSV ,W ZDV DVVXPHG WKHUHIRUH WKDW YDULDWLRQV ZHUH SULPDULO\ WKH UHVXOW RI WKH VXEMHFWVn FRQWULEXWLRQV 7$%/( 0$92 $1' ,6. &219(56$7,216 ,17(59,(:(5n6 &2175,%87,216 9DULDEOH 4 0HDQV Q f 6WDQGDUG 'HYLDWLRQ 0$92 1XPEHU RI ZRUGV E\ LQWHUYLHZHU ,6. 0$92 1XPEHU RI WXUQV E\ LQWHUYLHZHU ,6. ,Q RUGHU WR REWDLQ D PHDVXUH RI WKH WRWDO GLIIHUHQFHV LQ WKH FRQYHUVDWLRQV WKH WZR JURXSV RI VWXGHQWV ZHUH FRPSDUHG ZLWK UHVSHFW WR WKH RYHUDOO GDWD SHU FRQYHUVDWLRQDO XQLW ZKLFK LV VKRZQ LQ 7DEOH :KLOH WKH QXOO K\SRWKHVLV FRXOG QRW EH UHMHFWHG IRU WKH WRWDO ZRUG FRXQW SHU FRQYHUVDWLRQ VLJQLILFDQW GLIIHUHQFHV ZHUH QRWHG ZLWK UHVSHFW WR ERWK RYHUDOO WXUQ FRXQW DQG RYHUDOO PHDQ OHQJWK RI WXUQ D f 7KH ,6. VWXGHQWV VSRNH DQ DYHUDJH RI DSSUR[LPDWHO\ PRUH WXUQV SHU FRQYHUVDWLRQ WKDQ WKH 0$92 VWXGHQWV ZKLFK UHVXOWHG LQ D VLJQLILFDQWO\ VKRUWHU RYHUDOO PHDQ OHQJWK RI WXUQ 3DUDOOHO WR WKH KLJK WXUQ FRXQW RI WKH ,6. VWXGHQWV ZDV WKHLU QXPEHU RI

PAGE 132

VLPXOWDQHRXV VSHHFK HSLVRGHV HYHQ WKRXJK WKLV GLG QRW UHVXOW LQ D GLIIHUHQFH LQ SHUFHQWDJH EHWZHHQ WKH WZR JURXSV 7KXV WKH QXOO K\SRWKHVLV FRXOG EH UHMHFWHG IRU WKH QXPEHU RI VLPXOWDQHRXV VSHHFK HSLVRGHV D f EXW QRW IRU WKH SHUFHQWDJH RI VLPXOWDQHRXV VSHHFK 7$%/( 0$92 $1' ,6. &219(56$7,216 &203$5,6216 2) 29(5$// '$7$ 9DULDEOH 0HDQV Q f 6WDQGDUG 'HYLDWLRQ 0$92 7RWDO QXPEHU RI ZRUGV ,6. 0$92 7RWDO QXPEHU RI WXUQV ,6. 2YHUDOO PHDQ OHQJWK RI WXUQ 0$92 rr ,6. 0$92 1XPEHU RI VLPXOWDQHRXV VSHHFK HSLVRGHV ,6. 0$92 3HUFHQWDJH RI VLPXOWDQHRXV VSHHFK HSLVRGHV ,6. rr D

PAGE 133

,Q DGGLWLRQ WR WKH FRPSDULVRQV EHWZHHQ RYHUDOO GDWD SHU FRQYHUVDWLRQDO XQLW WKH GLIIHUHQFHV EHWZHHQ WKH WZR JURXSV ZLWK UHJDUG WR FRQWULEXWLRQV RI WKH VXEMHFWV ZHUH DOVR LQYHVWLJDWHG 7DEOH VKRZV WKH UHVXOWV RI WKHVH FRPSDULVRQV 7$%/( 0$92 $1' ,6. &219(56$7,216 &203$5,621 2) 68%-(&76n '$7$ 9DULDEOH 0HDQV Q f 6WDQGDUG 'HYLDWLRQ 0$92 1XPEHU RI WXUQV E\ VXEMHFWV r ?N ,6. 0$92 3HUFHQWDJH RI WXUQV E\ VXEMHFWVrn ,6. 0$92 1XPEHU RI ZRUGV E\ VXEMHFWV ,6. 0$92 3HUFHQWDJH RI ZRUGV E\ VXEMHFWV ,6. 0$92 0HDQ OHQJWK RI WXUQ L f $ $ RI VXEMHFWV ,6. rr rrr D D

PAGE 134

6LJQLILFDQW GLIIHUHQFHV ZHUH REVHUYHG ZLWK UHVSHFW WR ERWK QXPEHU DQG SHUFHQWDJH RI WXUQV E\ VXEMHFWV D f 7KH QXOO K\SRWKHVLV FRXOG QRW EH UHMHFWHG KRZHYHU IRU QXPEHU RI ZRUGV RU SHUFHQWDJH RI ZRUGV E\ VXEMHFWV 2YHUDOO WKH ,6. VXEMHFWV WHQGHG WR KDYH D VKRUWHU PHDQ OHQJWK RI WXUQ WKDQ WKH 0$92 VWXGHQWV D f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n XWWHUDQFHV ZKLFK FDQ EH LQGLFDWHG E\ DQ DYHUDJH WXUQ OHQJWK PXVW EH WDNHQ LQWR FRQVLGHUDWLRQ DV ZHOO )RU H[DPSOH WKH RYHUDOO PHDQ OHQJWK RI WXUQ RI WKH 0$92 FRQYHUVDWLRQV f ZDV VLJQLILFDQWO\ ORQJHU WKDQ WKDW RI WKH ,6. FRQYHUVDWLRQV f DQG PRUH VSHFLILFDOO\ WKH 0/7 RI WKH VXEMHFWV DORQH VKRZHG D GLIIHUHQFH DV ZHOO IRU 0$92 VWXGHQWV DQG IRU ,6. VWXGHQWV

PAGE 135

2Q WKH RWKHU KDQG EHJLQQLQJ OHDUQHUV ZKR DUH QRW \HW IOXHQW HQRXJK WR SURGXFH FRPSOH[ XWWHUDQFHV DSSHDUHG QHYHUWKHOHVV FDSDEOH RI VXVWDLQLQJ VXFFHVVIXO FRQYHUVDWLRQDO LQWHUDFWLRQV E\ XVLQJ VXFK VWUDWHJLHV DV LQFUHDVHG WXUQ WDNLQJ HVWDEOLVKLQJ WXUQ FRQWURO DQG IUHTXHQW LQWHUUXSWLRQV 2YHUDOO WKH ,6. FRQYHUVDWLRQV FRQVLVWHG RI WXUQV DV RSSRVHG WR IRU WKH 0$92 FRQYHUVDWLRQV 7KH VXEMHFWVn WXUQ FRXQWV VLPLODUO\ UHIOHFWHG D JUHDWHU DPRXQW RI WXUQWDNLQJ IRU ,6. VWXGHQWV f WKDQ IRU 0$92 VWXGHQWV f )XUWKHUPRUH E\ PHDVXUH RI WXUQ FRXQW SHUFHQWDJH WKH ,6. VXEMHFWV ZHUH PRUH LQ FRQWURO RI WKH FRQYHUVDWLRQV bf WKDQ WKH 0$92 VXEMHFWV bf HYHQ WKRXJK WKH\ VSRNH IHZHU ZRUGV GXULQJ WKRVH WXUQV 7KH\ DOVR LQWHUUXSWHG IUHTXHQWO\ WXUQV RU b RI WKH WLPHf ZKHUHDV WKH 0$92 VWXGHQWV LQWHUUXSWHG WR D OHVVHU H[WHQW WXUQV RU b RI WKH WLPHf ,Q YLHZ RI WKH LQWHUYLHZ VLWXDWLRQ DQG LQ YLHZ RI WKHLU UHODWLYHO\ VKRUW H[SRVXUH WR WKHLU VHFRQG ODQJXDJH WKHVH ILJXUHV LQGLFDWH D YHU\ VLJQLILFDQW FRQWULEXWLRQ WR WKH FRQYHUVDWLRQV E\ WKH EHJLQQLQJ OHDUQHUV ,Q RUGHU WR DFFRPSOLVK DSSUR[LPDWHO\ HTXLYDOHQW FRQYHUVDWLRQV ZLWK UHVSHFW WR WRWDO QXPEHU RI ZRUGV WKH WZR JURXSV RI OHDUQHUV XVHG YHU\ GLIIHUHQW VWUDWHJLHV 7KH PRUH DGYDQFHG VSHDNHUV RI 'XWFK XVHG IHZHU WXUQV DQG VSRNH ORQJHU SHU WXUQ ZKHUHDV WKH EHJLQQHUV DSSHDUHG WR FRPSHQVDWH IRU WKHLU ODFN RI IOXHQF\ E\ DGRSWLQJ D VWUDWHJ\ RI LQFUHDVHG

PAGE 136

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f DYHUDJH DJH DW DUULYDO DQG DYHUDJH DJH RI WKH VWXGHQWV $JDLQ WKH GDWD ZHUH DQDO\]HG SHU FRQYHUVDWLRQDO XQLW 6RPH TXHVWLRQV VXFK DV LQIOXHQFH RI HWKQLF EDFNJURXQG UHJLRQ RI RULJLQ HWF RQ FRQYHUVDWLRQDO EHKDYLRU FRXOG QRW EH DGGUHVVHG EHFDXVH RI WKH KHWHURJHQHLW\ RI WKH GDWD ZKLOH WKH XQLIRUPLW\ RI RWKHU GDWD SUHFOXGHG IXUWKHU DQDO\VLV RI VXFK IDFWRUV DV VRFLRHFRQRPLF EDFNJURXQG 7KH 6SHDUPDQ 5DQN &RUUHODWLRQ FRHIILFLHQW ZDV XVHG WR FRUUHODWH WKH FRQYHUVDWLRQDO YDULDEOHV ZLWK WKH VRFLRGHPRJUDSKLF GDWD ,Q WRWDO VL[WHHQ FRQYHUVDWLRQV ZHUH XVHG WR FRUUHODWH DJH DW DUULYDO DQG OHQJWK RI UHVLGHQFH ZLWK WKH FRQYHUVDWLRQDO YDULDEOHV DQG VHYHQWHHQ WR

PAGE 137

7DEOH FRUUHODWH DJH ZLWK WKH FRQYHUVDWLRQDO YDULDEOHVn VKRZV WKH UHVXOWV RI WKHVH FRUUHODWLRQV 7$%/( &255(/$7,216 %(7:((1 /(1*7+ 2) 5(6,'(1&( $1' &219(56$7,21$/ 9$5,$%/(6 9DULDEOHV 6SHDUPDQ UV Q f 7RWDO QXPEHU RI ZRUGV 7RWDO QXPEHU RI WXUQV 2YHUDOO PHDQ OHQJWK RI WXUQ 1XPEHU RI VLPXOWDQHRXV WXUQV 3HUFHQWDJH RI VLPXOWDQHRXV WXUQV 1XPEHU RI WXUQV E\ VXEMHFWV 3HUFHQWDJH RI WXUQV E\ VXEMHFWV 1XPEHU RI ZRUGV E\ VXEMHFWV 3HUFHQWDJH RI ZRUGV E\ VXEMHFWV 0HDQ OHQJWK RI WXUQ RI VXEMHFWV rr fN rr rrr r r r rr r r r rrr r rr r r r D D D /HQJWK RI UHVLGHQFH RI WKH VXEMHFWV FRUUHODWHG VLJQLILFDQWO\ ZLWK RYHUDOO PHDQ OHQJWK RI WXUQ ZKLOH D ZHDNHU FRUUHODWLRQ ZDV IRXQG ZLWK UHVSHFW WR WKH VXEMHFWVn PHDQ WXUQ OHQJWK 7KH GDWD WKXV VXJJHVW WKDW ERWK WKH RYHUDOO OHQJWK RI WXUQ SHU FRQYHUVDWLRQ DQG WKH VXEMHFWVn OHQJWK RI WXUQ LH VHSDUDWHG IURP WKH LQWHUYLHZHUnV

PAGE 138

FRQWULEXWLRQVf LQFUHDVHG DFFRUGLQJ WR WKH SDUWLFLSDQWVn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

PAGE 139

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n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

PAGE 140

WKDW WKH VWXGHQWV ZKR KDG DUULYHG PRUH UHFHQWO\ WHQGHG WR VSHDN D ODUJHU SHUFHQWDJH RI WKH WXUQV SHU FRQYHUVDWLRQ 7KLV FRXOG QRW EH FRQILUPHG ZLWK UHVSHFW WR QXPEHU RI WXUQV KRZHYHU 7$%/( &255(/$7,216 %(7:((1 $*( $7 $55,9$/ $1' &219(56$7,21$/ 9$5,$%/(6 9DULDEOH 6SHDUPDQ UV Q f 7RWDO QXPEHU RI ZRUGV 7RWDO QXPEHU RI WXUQV 2YHUDOO PHDQ OHQJWK RI WXUQ 1XPEHU RI VLPXOWDQHRXV WXUQV 3HUFHQWDJH RI VLPXOWDQHRXV WXUQV 1XPEHU RI WXUQV E\ VXEMHFWV 3HUFHQWDJH RI WXUQV E\ VXEMHFWV 1XPEHU RI ZRUGV E\ VXEMHFWV 3HUFHQWDJH RI ZRUGV E\ VXEMHFWV 0HDQ OHQJWK RI WXUQ RI VXEMHFWV r rr rr rrr r r r r r r r r r r rrr D D D $ VLJQLILFDQW QHJDWLYH FRUUHODWLRQ ZDV DOVR VKRZQ IRU DJH DW DUULYDO DQG RYHUDOO PHDQ OHQJWK RI WXUQ DQG WR D VOLJKWO\ OHVVHU GHJUHH VXEMHFWVn PHDQ OHQJWK RI WXUQ 7KLV VXJJHVWV DQ LQWHUDFWLRQDO SURFHVV VLPLODU WR WKDW GLVFXVVHG

PAGE 141

ZLWK UHVSHFW WR OHQJWK RI UHVLGHQFH LH DQ LQFUHDVH LQ WXUQ FRPSOH[LW\ E\ WKH VXEMHFWV UHVXOWHG LQ DQ RYHUDOO LQFUHDVH LQ WXUQ FRPSOH[LW\ SHU FRQYHUVDWLRQ -XVW DV /25 DJH DW DUULYDO DOVR FRUUHODWHG VWURQJO\ ZLWK QXPEHU RI VLPXOWDQHRXV VSHHFK HSLVRGHV DQG OHVV VWURQJO\ ZLWK SHUFHQWDJH RI VLPXOWDQHRXV WXUQV 7KH ILQDO VRFLRGHPRJUDSKLF YDULDEOH WR EH FRQVLGHUHG KHUH LV DJH RI WKH VXEMHFWV ZKLFK LV VKRZQ LQ 7DEOH 7$%/( &255(/$7,216 %(7:((1 $*( $1' &219(56$7,21$/ 9$5,$%/(6 9DULDEOH 6SHDUPDQ UB Q f 7RWDO QXPEHU RI ZRUGV 7RWDO QXPEHU RI WXUQV 2YHUDOO PHDQ OHQJWK RI WXUQ 1XPEHU RI VLPXOWDQHRXV WXUQV 3HUFHQWDJH RI VLPXOWDQHRXV WXUQV 1XPEHU RI ZRUGV E\ VXEMHFWV 3HUFHQWDJH RI ZRUGV E\ VXEMHFWV 1XPEHU RI WXUQV E\ VXEMHFWV 3HUFHQWDJH RI WXUQV E\ VXEMHFWV 0HDQ OHQJWK RI WXUQ RI VXEMHFWV rr D

PAGE 142

:LWK WKH H[FHSWLRQ RI VLPXOWDQHRXV VSHHFK HSLVRGHV QRQH RI WKH FRQYHUVDWLRQDO YDULDEOHV VKRZHG DQ\ VLJQLILFDQW FRUUHODWLRQV ZLWK DJH 3DUWLFXODUO\ SHUFHQWDJH RI VLPXOWDQHRXV VSHHFK ZDV IRXQG WR FRUUHODWH SRVLWLYHO\ ZLWK DJH
PAGE 143

YDULDEOHV 7DEOH VKRZV WKH UHVXOWV IRU JURXS $ ZKLFK FRQVLVWHG RI WKH DGROHVFHQW VXEMHFWV XS WR \HDUV RI DJHf DQG JURXS % ZKLFK ZDV FRPSULVHG RI WKH \RXQJ DGXOW VXEMHFWV DQG XSf 7$%/( $'2/(6&(176 $1' <281* $'8/76 &203$5,621 2) 29(5$// &219(56$7,21$/ '$7$ 9DULDEOH 0HDQV 6WDQGDUG Q f 'HYLDWLRQ 7RWDO QXPEHU RI ZRUGV *URXS $ *URXS % 7RWDO QXPEHU RI WXUQV *URXS $ *URXS % 2YHUDOO PHDQ OHQJWK RI WXUQ *URXS $ *URXS % 1XPEHU RI VLPXOWDQHRXV WXUQV *URXS $ *URXS % 3HUFHQWDJH RI WXUQV VLPXOWDQHRXV *URXS $ *URXS % rrr D :LWK UHVSHFW WR WKH RYHUDOO FRQYHUVDWLRQDO YDULDEOHV WKH QXOO K\SRWKHVLV FRXOG QRW EH UHMHFWHG IRU WRWDO QXPEHU

PAGE 144

RI ZRUGV WRWDO QXPEHU RI WXUQV RU PHDQ OHQJWK RI WXUQ +RZHYHU WKH QXOO K\SRWKHVLV ZDV UHMHFWHG IRU QXPEHU DQG SHUFHQWDJH RI VLPXOWDQHRXV VSHHFK HSLVRGHV D O2f 7KH ROGHU JURXS WKXV VKRZHG D WHQGHQF\ WR LQWHUUXSW PRUH IUHTXHQWO\ GXULQJ WKH FRQYHUVDWLRQV 7$%/( $'2/(6&(176 $1' <281* $'8/76 &203$5,6216 2) 68%-(&76n &219(56$7,21$/ '$7$ 9DULDEOH 0HDQV Q f 6WDQGDUG 'HYLDWLRQ *URXS $ 1XPEHU RI ZRUGV E\ VXEMHFWV *URXS % *URXS $ 3HUFHQWDJH RI ZRUGV E\ VXEMHFWV *URXS % *URXS $ 1XPEHU RI WXUQV E\ VXEMHFWV *URXS % *URXS $ 3HUFHQWDJH RI WXUQV E\ VXEMHFWV *URXS % *URXS $ 0HDQ OHQJWK RI WXUQ RI VXEMHFWV *URXS %

PAGE 145

:LWK UHVSHFW WR VXEMHFWV 7DEOH VKRZV WKDW D VLJQLILFDQW GLIIHUHQFH ZDV IRXQG ZLWK UHJDUG WR WKH QXPEHU RI ZRUGV VSRNHQ D f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

PAGE 146

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n PHDQ OHQJWK RI WXUQ DQG VXEMHFWVn ZRUG FRXQW UHVSHFWLYHO\ LW ZDV VXJJHVWHG DERYH WKDW WKH LQWHUYLHZHU PLJKW KDYH SHUFHLYHG WKH VXEMHFWVn DV PRUH IOXHQW DQG DGDSWHG KHU VSHHFK VW\OH WR WKH OHYHO RI WKDW RI WKH VXEMHFWV 6HYHUDO FRUUHVSRQGHQFHV ZHUH IRXQG EHWZHHQ WKH FRUUHODWLRQV RI FRQYHUVDWLRQDO YDULDEOHV DQG DJH DW DUULYDO

PAGE 147

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

PAGE 148

VXEMHFWV
PAGE 149

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b RI WKH WXUQV WR WKH FRQYHUVDWLRQV ZKLOH WKH 0$92VWXGHQWV RQO\ VSRNH b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

PAGE 150

KRZHYHU ZLOO GLVFXVV VRPH DVSHFWV RI WKH WXUQWDNLQJ VWUDWHJLHV RI 0RURFFDQ'XWFK GLVFRXUVH LQ JUHDWHU GHWDLO 6LPXOWDQHRXV 6SHHFK 7KH ,6.VWXGHQWV XVHG D VLJQLILFDQWO\ JUHDWHU QXPEHU RI VLPXOWDQHRXV VSHHFK HSLVRGHV SHU FRQYHUVDWLRQDO XQLW WKDQ WKH 0$92VWXGHQWV +RZHYHU WKLV DSSHDUHG WR UXQ SDUDOOHO WR WKH JUHDWHU QXPEHU RI WXUQV WKH\ VSRNH SHU LQWHUYLHZ VLQFH WKH GLIIHUHQFH LQ SHUFHQWDJH RI VLPXOWDQHRXV WXUQV EHWZHHQ WKH WZR JURXSV ZDV QRW VLJQLILFDQW 1HYHUWKHOHVV LW ZDV LQWHUHVWLQJ WKDW WKH ,6.VWXGHQWV WHQGHG WR LQWHUUXSW VOLJKWO\ PRUH b RI WKH WLPHf WKDQ WKH 0$92VWXGHQWV b RI WKH WLPHf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

PAGE 151

HLWKHU SULPDU\ RU ORZHUOHYHO VHFRQGDU\ HGXFDWLRQDO EDFNJURXQGV ,Q RUGHU WR FRQILUP WKLV K\SRWKHVLV SHUFHQWDJH RI VLPXOWDQHRXV VSHHFK ZDV FDOFXODWHG SHU HGXFDWLRQDO OHYHO 7KH UHVXOWV VKRZHG WKDW FRQYHUVDWLRQV ZLWK VXEMHFWV UHSRUWLQJ SULPDU\ HGXFDWLRQ RQO\ KDG D PHDQ RI b VLPXOWDQHRXV VSHHFK WKRVH ZLWK D 0$92OHYHO EDFNJURXQG KDG D PHDQ RI b VLPXOWDQHRXV VSHHFK DQG WKRVH ZLWK D FROOHJH RU O\FH HGXFDWLRQ KDG D PHDQ RI b VLPXOWDQHRXV VSHHFK 'HVSLWH WKH IDFW WKDW WKH GDWD FRXOG QRW EH TXDQWLILHG WKHUH DSSHDUV WR EH D WHQGHQF\ WRZDUGV D SRVLWLYH FRUUHODWLRQ EHWZHHQ OHYHO RI HGXFDWLRQ DQG SHUFHQWDJH RI VLPXOWDQHRXV VSHHFK )XUWKHUPRUH WKH GLIIHUHQFHV EHWZHHQ WKH JURXSV RI 0$92 DQG ,6. VWXGHQWV ZLWK UHVSHFW WR SHUFHQWDJH RI VLPXOWDQHRXV VSHHFK EHFDPH QHJOLJLEOH ZKHQ WKH FROOHJH DQG O\FHHGXFDWHG VWXGHQWV DUH QRW FRXQWHG LQWR WKH ILJXUHV b YV b UHVSHFWLYHO\f :LWKRXW WKHVH VWXGHQWV ERWK JURXSV UHSUHVHQWHG VXEMHFWV RI HGXFDLWRQDO FRPSDUDEOH EDFNJURXQGV 7KH VHFRQG IDFWRU ZKLFK ZDV VKRZQ WR FRQWULEXWH WR WKH OHYHO RI VLPXOWDQHRXV VSHHFK SHU FRQYHUVDWLRQ ZDV DJH RI WKH VXEMHFWV ,W ZDV IRXQG WKDW DJH FRUUHODWHG SRVLWLYHO\ ZLWK ERWK SHUFHQWDJH DQG WRWDO QXPEHU RI VLPXOWDQHRXV VSHHFK VHFWLRQ f DQG WKDW WKHUH ZDV D WHQGHQF\ IRU WKH ROGHU DJH JURXS WR LQWHUUXSW PRUH IUHTXHQWO\ WKDQ WKH \RXQJHU VXEMHFWV ,Q WHUPV RI UROH UHODWLRQVKLSV ZLWKLQ FRQYHUVDWLRQV WKHQ VXEMHFWV ZKR ZHUH FORVHU LQ DJH DQG

PAGE 152

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

PAGE 153

7KH VWXGHQW GDWD VXJJHVW WKHUHIRUH WKDW VXEMHFWV ZKR KDG OLYHG LQ WKH 1HWKHUODQGV ORQJHU RU ZKR KDG DUULYHG DW DQ HDUO\ DJH DSSHDUHG WR KDYH DGRSWHG D PRUH 'XWFK GLVFRXUVH VW\OH ZKHUHDV WKH PRUH UHFHQW DUULYDOV WHQGHG WR KDYH UHWDLQHG WKH VWUDWHJLHV IURP WKHLU QDWLYH FXOWXUH LQ FRQYHUVDWLRQV LQ WKHLU VHFRQG ODQJXDJH 6XPPDU\ 7KLV FKDSWHU KDV FRPSDUHG VSHHFK GDWD RI WZR JURXSV RI 0RURFFDQ LPPLJUDQWV OHDUQLQJ 'XWFK 'LIIHUHQFHV ZHUH QRWHG ZLWK UHJDUG WR WKH VWXGHQWVn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f DJH DW DUULYDO DQG DJH ZHUH FRUUHODWHG ZLWK D QXPEHU RI FRQYHUVDWLRQDO SDUDPHWHUV 3DUWLFXODUO\ /25 DQG DJH DW DUULYDO DSSHDUHG WR EH RI LQIOXHQFH WR DFTXLVLWLRQ RI FRQYHUVDWLRQDO FRPSHWHQFH )RU H[DPSOH PHDQ OHQJWK RI WXUQ DQG WRWDO ZRUG FRXQW ZHUH SRVLWLYHO\ FRUUHODWHG ZLWK WKHVH YDULDEOHV $JH RQ WKH RWKHU KDQG

PAGE 154

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f 7KLV WDEOH RQO\ UHSUHVHQWV WKH VXEMHFWVn ODQJXDJH XVH LQ WKH 1HWKHUODQGV DQG GRHV QRW UHIOHFW DGGLWLRQDO YDULDWLRQV UHSRUWHG E\ WKH VXEMHFWV RQ WKHLU ODQJXDJH XVH LQ 0RURFFR )RU H[DPSOH D QXPEHU RI VWXGHQWV IURP WKH 1RUWKHUQ SDUW RI 0RURFFR DOVR VSRNH 6SDQLVK ZKLOH VWXGHQWV ZKR KDG DWWHQGHG DGYDQFHG VHFRQGDU\ HGXFDWLRQ O\FH RU FROOHJHf LQ ODUJHU FLWLHV LQ 0RURFFR XVXDOO\ VSRNH )UHQFK DW VFKRRO 7KH SURJUDP XVHG KHUH ZDV 0LFURVRIW :RUG 6HJPHQWDWLRQ RI VSHHFK GDWD IRU H[DPSOH ZDV XVHG IRU WKH DQDO\VLV RI DQ H[WHQGHG FRQYHUVDWLRQ LQ &KDSWHU )LYH

PAGE 155

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f FRXOG QRW EH DQDO\]HG DV WKH GDWD IRU /25 DQG DJH DW DUULYDO ZHUH PLVVLQJ 8QGHU WKH QXOO K\SRWKHVLV WKHUH DUH QR GLIIHUHQFHV EHWZHHQ WKH FRQYHUVDWLRQDO YDULDEOHV IRU WKH DGROHVFHQW DQG \RXQJ DGXOW DJH JURXSV

PAGE 156

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

PAGE 157

(WKQRJUDSKLF 2EVHUYDWLRQV 'XULQJ P\ VWD\ LQ 8WUHFKW KDG FRQWDFWHG WKH $VVRFLDWLRQ RI 0RURFFDQ 0LJUDQWV LQ 8WUHFKW $008f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a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

PAGE 158

PRUH DGYDQFHG WKDQ WKDW RI WKH VXEMHFWV LQWHUYLHZHG DW VHFRQGDU\ VFKRROV LQ 8WUHFKW 7ZR RI WKH VXEMHFWV ZHUH HPSOR\HG DV OLEUDULDQ DQG SULQWHU UHVSHFWLYHO\f DQG WKUHH ZHUH DWWHQGLQJ VFKRROV DW D UHODWLYHO\ DGYDQFHG OHYHO IRU H[DPSOH RQH RI WKH VWXGHQWV ZDV LQ KLV SUHSDUDWRU\ \HDU RI WHDFKHU WUDLQLQJ DQG RQH DWWHQGHG WKH IRXUWK IRUP RI D +$92 LQ 8WUHFKW $OO WKUHH ZHUH LQWHJUDWHG LQ WKH UHJXODU 'XWFK VFKRRO V\VWHP $OO ILYH VXEMHFWV KDG SUHYLRXVO\ UHFHLYHG VHFRQGDU\ HGXFDWLRQ LQ 0RURFFR 7KUHH RI WKH VXEMHFWV ZHUH RULJLQDOO\ IURP 1RUWKHUQ 0RURFFR 1DGRUf DQ DUHD IURP ZKLFK PDQ\ 0RURFFDQ LPPLJUDQWV LQ WKH 1HWKHUODQGV RULJLQDWH 7KH VXEMHFWVn OHQJWK RI VWD\ LQ WKH 1HWKHUODQGV UDQJHG IURP PRUH WKDQ VL[ \HDUV WR VOLJKWO\ RYHU RQH \HDU ZLWK DQ DYHUDJH RI DSSUR[LPDWHO\ \HDUV 7KHLU DYHUDJH DJH DW DUULYDO DSSUR[LPDWHO\ \HDUVf ZDV VLJQLILFDQWO\ KLJKHU WKDQ WKDW RI WKH WZR JURXSV GLVFXVVHG HDUOLHU $OO VXEMHFWV FDPH IURP ODUJH IDPLOLHV ZLWK DQ DYHUDJH RI DSSUR[LPDWHO\ VHYHQ VLEOLQJV HDFK 7KH IDWKHUV RI WKUHH RI WKH VXEMHFWV ZHUH XQHPSOR\HG ZKLOH RQH IDWKHU ZDV D ODERUHU DQG RQH D SULQWHU 1RQH RI WKH PRWKHUV ZRUNHG 7KH SDWWHUQ RI ODQJXDJH XVH VKRZV D QXPEHU RI FRUUHVSRQGHQFHV ZLWK WKDW RI WKH JURXSV RI VFKRRO FKLOGUHQ GLVFXVVHG LQ WKH SUHYLRXV FKDSWHU DV FDQ EH VHHQ LQ 7DEOH

PAGE 159

7$%/( /$1*8$*( 86$*( 2) $008 68%-(&76 6XEMHFW +RPH 6FKRRO:RUN )ULHQGV 6KRSV 6, %HUEHU $UDELF'XWFK $UDELF 'XWFK 6 $UDELF 'XWFK $UDELF'XWFK 'XWFK 6 %HUEHU $U%HU'XWFK f§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

PAGE 160

7$%/( 6(/)$66(660(17 6&25(6 2) $008 68%-(&76 6, 6 6 6 6 7RWDO E\ &DWHJRU\ 6SHDNLQJ &RPSUHKHQVLRQ 5HDGLQJ :ULWLQJ 7RWDO SHU 6XEMHFW $V FDQ EH H[SHFWHG WKH $008 JURXS UDQNHG WKHLU UHFHSWLYH VNLOOV UHDGLQJ DQG ZULWLQJ f KLJKHU WKDQ WKHLU SURGXFWLYH VNLOOV VSHDNLQJ DQG FRPSUHKHQVLRQ f 7KH\ HYDOXDWHG WKHLU VSHDNLQJ DELOLW\ SDUWLFXODUO\ ORZ FRPSDUHG WR WKH VWXGHQWVn VHOIHYDOXDWLRQV HYHQ WKRXJK WKH\ ZHUH QRW VLJQLILFDQWO\ OHVV IOXHQW WKDQ PDQ\ RI WKH VXEMHFWV LQ WKH VWXGHQW JURXSV ,W VHHPV OLNHO\ DV ZDV QRWHG LQ WKH SUHYLRXV FKDSWHU WKDW WKH VWXGHQWV WHQGHG WR RYHUUDWH WKHLU DELOLWLHV ZKHUHDV WKH $008 VXEMHFWV SRVVLEO\ EHFDXVH WKH\ ZHUH VRPHZKDW ROGHU DWWHPSWHG WR JLYH D UHDOLVWLF RU HYHQ VOLJKWO\ FULWLFDO HYDOXDWLRQ RI WKHLU SURILFLHQF\ LQ 'XWFK %RWK GXULQJ WKH SUHYLRXV PHHWLQJ DQG GXULQJ WKLV GLVFXVVLRQ VXEMHFW SUHVHQWHG KLPVHOI DV WKH OHDGHU RI WKH

PAGE 161

JURXS RI \RXWKV DW WKH $008 $OWKRXJK DQRWKHU 0RURFFDQ DSSDUHQWO\ KDG EHHQ DSSRLQWHG DV WKH SUHVLGHQW RI WKH RUJDQL]DWLRQ VXEMHFW KDG DFWHG DV LQWHUSUHWHU DQG GLVFXVVLRQ OHDGHU DW D JHQHUDO PHHWLQJ KDG DWWHQGHG DQG KH IXQFWLRQHG DV WKH PDLQ VSRNHVSHUVRQ RI WKH VPDOO JURXS SDUWLFLSDWLQJ LQ WKH UHVHDUFK 3HUKDSV KLV OHDGHUVKLS UROH FDQ EH DWWULEXWHG WR WKH IDFW WKDW KH ZDV VOLJKWO\ ROGHU WKDQ PDQ\ RI WKH RWKHUV ZDV TXLWH ZHOOHGXFDWHG DQG ZDV HPSOR\HG LQ D ZHOOUHVSHFWHG ZKLWH FROODU SURIHVVLRQ OLEUDULDQf ,Q WKH LQLWLDO SKDVH RI WKH GLVFXVVLRQ KRZHYHU VXEMHFW DVVXPHG FRQWURO RI WKH VLWXDWLRQ +H DWWHPSWHG WR GLUHFW WKH QDWXUDO IORZ RI WKH FRQYHUVDWLRQ LQWR DQ LQWHUYLHZ IRUPDW E\ IRUFLQJ HDFK VXEMHFW WR DQVZHU P\ ILUVW TXHVWLRQ LQ WKH RUGHU LQ ZKLFK WKH\ ZHUH VHDWHG DURXQG WKH WDEOH IRU H[DPSOH LQ WXUQ KH GHFODUHV 2N \HV KH ZLOO VWDUW :KHQ WULHG WR H[SODLQ WKDW LW ZDV QRW QHFHVVDU\ WKDW HYHU\RQH ZDLW IRU WKHLU WXUQ WR VWDUW WDONLQJ KH GLG QRW DJUHH FRQWUROOLQJ WKH SDWWHUQ IRU WKH WLPH EHLQJ 1
PAGE 162

7XUQWDNLQJ WKHQ ZDV LQLWLDOO\ DGDSWHG WR KLV GLUHFWLRQV DV FDQ EH VHHQ LQ WXUQ 1
PAGE 163

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

PAGE 164

YDULRXV SUREOHPV RI D VRFLHW\ ZKLFK LQ PDQ\ UHVSHFWV ZDV XQIDPLOLDU WR ERWK $ YDULHW\ RI WRSLFV ZDV DGGUHVVHG GXULQJ WKH GLVFXVVLRQ UDQJLQJ IURP VRFLDO DQG FXOWXUDO WR SROLWLFDO LVVXHV ,Q FRPSOLDQFH ZLWK WKH VXEMHFWVn LQLWLDO UHTXHVW IRU DQ LQWHUYLHZ D QXPEHU RI VSHFLILF TXHVWLRQV DQG WRSLFV IRU GLVFXVVLRQ KDG EHHQ SUHSDUHG LQ DGYDQFH VHH $SSHQGL[ &f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

PAGE 165

SUHPHGLWDWHG TXHVWLRQV +RZHYHU ERWK EHFDXVH RI WKH VXEMHFWVn GLUHFW LQYROYHPHQW DQG LQWHUHVW LQ WKH WRSLFV XQGHU GLVFXVVLRQ DV VKRZQ DERYH DQG EHFDXVH RI WKH UHVHDUFKHUnV FRQVFLRXV DWWHPSWV WR DEDQGRQ WKH IRUPDO LQWHUYLHZ VLWXDWLRQ DV TXLFNO\ DV SRVVLEOH LQ RUGHU WR HOLFLW PRUH QDWXUDO VSHHFK WKH HYHQW FDQ EH PRUH SURSHUO\ GHVFULEHG DV D FRQYHUVDWLRQ ,Q RUGHU WR YDOLGDWH WKH FODLP WKDW WKH HYHQW FRQVWLWXWHG D QDWXUDO VSHHFK VLWXDWLRQ KDYH DSSOLHG WKH IROORZLQJ FULWHULD VHW IRUWK LQ 6DFNV HW DO f ZKLFK FKDUDFWHUL]H WKH QRWLRQ RI nFRQYHUVDWLRQn f 6SHDNHUFKDQJH UHFXUV RU DW OHDVW RFFXUV >@ f 2YHUZKHOPLQJO\ RQH SDUW\ WDONV DW D WLPH >@ f 2FFXUUHQFHV RI PRUH WKDQ RQH VSHDNHU DW D WLPH DUH FRPPRQ EXW EULHI >@ f 7UDQVLWLRQV IURP RQH WXUQ WR D QH[Wf ZLWK QR JDS DQG QR RYHUODS DUH FRPPRQ 7RJHWKHU ZLWK WUDQVLWLRQV FKDUDFWHUL]HG E\ VOLJKW JDS RU VOLJKW RYHUODS WKH\ PDNH XS WKH YDVW PDMRULW\ RI WUDQVLWLRQV >@ f 7XUQ RUGHU LV QRW IL[HG EXW YDULHV >@ f 7XUQ VL]H LV QRW IL[HG EXW YDULHV >@ f /HQJWK RI FRQYHUVDWLRQ LV QRW VSHFLILHG LQ DGYDQFH >@ f :KDW SDUWLHV VD\ LV QRW VSHFLILHG LQ DGYDQFH >@ f 5HODWLYH GLVWULEXWLRQ RI WXUQV LV QRW VSHFLILHG LQ DGYDQFH >@ f 1XPEHU RI SDUWLHV FDQ YDU\ >@ f 7DON FDQ EH FRQWLQXRXV RU GLVFRQWLQXRXV >@ f 7XUQDOORFDWLRQ WHFKQLTXHV DUH REYLRXVO\ XVHG $ FXUUHQW VSHDNHU PD\ VHOHFW D QH[W VSHDNHU DV ZKHQ KH DGGUHVVHV D TXHVWLRQ WR DQRWKHU SDUW\f RU SDUWLHV PD\ VHOIVHOHFW LQ VWDUWLQJ WR WDON >@ f 9DULRXV nWXUQFRQVWUXFWLRQDO XQLWVn DUH HPSOR\HG HJ WXUQV FDQ EH SURMHFWHGO\ nRQH ZRUG ORQJn RU WKH\ FDQ EH VHQWHQWLDO LQ OHQJWK >@ f 5HSDLU PHFKDQLVPV H[LVW IRU GHDOLQJ ZLWK WXUQn WDNLQJ HUURUV DQG YLRODWLRQV HJ LI WZR SDUWLHV ILQG WKHPVHOYHV WDONLQJ DW WKH VDPH WLPH RQH RI

PAGE 166

WKHP ZLOO VWRS SUHPDWXUHO\ WKXV UHSDLULQJ WKH WURXEOH >@ 7KLV VSHHFK HYHQW FRQIRUPV WR WKHVH FULWHULD DV D FRQYHUVDWLRQ 3DUWLFXODUO\ WKH QH[W VHFWLRQ ZLOO LOOXVWUDWH WKH QDWXUDOQHVV RI WKH VSHHFK VLWXDWLRQ LQ WKDW WXUQ VL]H ZDV QRW IL[HG VLPXOWDQHRXV VSHHFK ZDV FRPPRQ VSHDNHUV FKDQJH IUHTXHQWO\ HWF ,Q FRQWUDVW LW GRHV QRW LQ JHQHUDO FRQIRUP WR 6DFNV HW DOnV f FKDUDFWHUL]DWLRQ RI DQ LQWHUYLHZ VLWXDWLRQ 7KH WXUQV ZKLFK DQ nLQWHUYLHZ V\VWHP RUJDQL]HV DOWHUQDWLQJO\ DUH nTXHVWLRQVn DQG nDQVZHUVn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

PAGE 167

UHVHDUFKHU DQG WKRVH RI WKH VXEMHFWV ,W DSSHDUV WKDW LQ HDFK FDVH WKH JRDOV ZHUH WZRIROG 7KH UHVHDUFKHUn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nV SUHIHUHQFH IRU D PRUH IRUPDO LQWHUYLHZ VLWXDWLRQ DQG WKH UHVHDUFKHUn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

PAGE 168

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

PAGE 169

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f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

PAGE 170

FRQYHUVDWLRQ LQ WKHLU VHFRQG ODQJXDJH 'XWFKf /DQJXDJH SUREOHPV GLG QRW DSSHDU WR LQWHUIHUH ZLWK WKH JHQHUDO SURJUHVVLRQ RI WKH FRQYHUVDWLRQ WR DQ\ JUHDW H[WHQW DV WKH HYHQW GLG QRW IRU LQVWDQFH HQG SUHPDWXUHO\ RU DSSHDUHG VWUDLQHG LQ DQ\ ZD\ +RZHYHU ZKHUH DSSURSULDWH VSHFLILF GLVFRXUVH VWUDWHJLHV ZLOO EH UHODWHG WR WKH LVVXH RI VHFRQG ODQJXDJH DFJXLVLWLRQ )LQDOO\ LW KDV EHHQ SRLQWHG RXW VHFWLRQ f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n1 n 7KH FRQWULEXWLRQV RI 6XEMHFW DUH QRW FDOFXODWHG LQWR WKH ILJXUHV DV RQO\ D VPDOO SRUWLRQ RI KLV VSHHFK FRXOG EH WUDQVFULEHG 7KH WRWDO QXPEHU RI ZRUGV WUDQVFULEHG IRU VXEMHFW FDPH WR ZKLFK ZRXOG UHIOHFW D FRQWULEXWLRQ RI b RI WKH FRQYHUVDWLRQ

PAGE 171

7$%/( 727$/ 180%(5 2) :25'6 $1' 3(5&(17$*( 2) &2175,%87,21 3(5 3$57,&,3$17 3DUWLFLSDQW 1XPEHU 3HUFHQWDJH 1 b 6 b 6, b 6 b 6 b 6 bf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b RI WKH WLPH DV ZHOO 7KH FRQWULEXWLRQ RI VXEMHFW FDQ EH FRQVLGHUHG DV DYHUDJH ZKLOH VXEMHFWV DQG SDUWLFLSDWHG RQO\ PRGHVWO\ LQ WKH FRQYHUVDWLRQ

PAGE 172

'HVSLWH WKH IDFW WKDW WKH VSHHFK HYHQW FDQ EH JHQHUDOO\ FKDUDFWHUL]HG DV D FRQYHUVDWLRQ VHH DERYHf WKH WRWDO ZRUG FRXQW SHU SDUWLFLSDQW VXJJHVWV WKDW WKH UHVHDUFKHU 1f ZDV QHYHUWKHOHVV JHQHUDOO\ LQ FRQWURO RI WKH VLWXDWLRQ 7KH GDWD VKRZ WKDW WKH UHVHDUFKHUnV FRQWULEXWLRQV DFFRXQW IRU b RI WKH ZRUGV VSRNHQ LQGLFDWLQJ SHUKDSV D PXFK JUHDWHU DPRXQW RI FRQWURO RYHU WKH VLWXDWLRQ WKDQ VXJJHVWHG HDUOLHU +RZHYHU WRWDO ZRUG FRXQW DORQH SUHVHQWV RQO\ D SDUWLDO SLFWXUH RI WKH VSHHFK HYHQW DQG RWKHU PHDVXUHV VXFK DV QXPEHU RI WXUQV DQG FRQWULEXWLRQV RYHU WLPH QHHG WR EH H[DPLQHG EHIRUH D ILQDO DVVHVVPHQW FDQ EH PDGH RI WKH YDULRXV UROH UHODWLRQVKLSV DPRQJ WKH SDUWLFLSDQWV 7KH VXEMHFWVn LQGLYLGXDO FRQWULEXWLRQV FDQ EH UHODWHG WR WKHLU VHOIHYDOXDWLRQV SDUWLFXODUO\ RI WKHLU VSHDNLQJ DQG FRPSUHKHQVLRQ DELOLWLHV 7DEOH VKRZV WKH VXEMHFWV E\ UDQNLQJ IURP KLJK WR ORZ 7KH GDWD VKRZ WKDW WKH VSHDNHUVn LQWXLWLYH MXGJPHQWV GR QRW QHFHVVDULO\ FRUUHODWH ZLWK WKHLU DFWXDO SHUIRUPDQFH LQ VSRNHQ LQWHUDFWLRQ 6XEMHFW IRU LQVWDQFH UDWHG KLPVHOI UDWKHU ORZ RQ ERWK VSHDNLQJ DQG FRPSUHKHQVLRQ \HW FRQWULEXWHG VLJQLILFDQWO\ WR WKH FRQYHUVDWLRQ 6XEMHFWV DQG HDFK UDWHG WKHPVHOYHV DV DYHUDJH LQ ERWK FDWHJRULHV EXW VXEMHFW FRQWULEXWHG VXEVWDQWLDOO\ PRUH WKDQ VXEMHFW

PAGE 173

7$%/( 68%-(&76n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

PAGE 174

7RWDO 1XPEHU RI 7XUQV DQG 0HDQ /HQJWK RI 7XUQ 7KH WRWDO QXPEHU RI WXUQV RI DOO VL[ SDUWLFLSDQWV LQ WKH FRQYHUVDWLRQ ZDV FDOFXODWHG WR EH 7KLV QXPEHU GRHV QRW UHIOHFW WKH HSLVRGHV RI VLPXOWDQHRXV VSHHFK ZKHUH D WXUQ FRXOG QRW EH DVVRFLDWHG ZLWK D SDUWLFXODU VSHDNHU RU VSHDNHUV &RPSDUHG ZLWK WKH WRWDO GXUDWLRQ RI WKH FRQYHUVDWLRQ PLQXWHVf WKH ILJXUH LQGLFDWHV D PHDQ RI PRUH WKDQ WXUQV SHU PLQXWH LH IUHTXHQW VSHDNHU FKDQJHV RFFXUUHG ZKLFK VHHP WR VXSSRUW WKH HDUOLHU REVHUYDWLRQV WKDW WKH LQWHUDFWLRQ ZDV OLYHO\ DQG LQWHQVH FI VHFWLRQ f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

PAGE 175

JUDGXDOO\ DV WKH LQWHUYLHZ IRUPDW ZDV DEDQGRQHG WKH VSHHFK EHFDPH PRUH QDWXUDO 7$%/( 180%(5 2) 78516 29(5 7,0( 6HJPHQW 1XPEHU RI WXUQV b RI WXUQV b b b b b b b b 6HJPHQW LV UHODWLYHO\ VKRUW EHFDXVH WKH WDSH ZDV EHLQJ FKDQJHG IURP RQH VLGH WR DQRWKHU ZKLFK FDXVHG VRPH RI WKH WXUQV QRW WR EH UHFRUGHG DQG ZKLFK PD\ KDYH LQWHUUXSWHG WKH IORZ RI WKH FRQYHUVDWLRQ IRU D EULHI SHULRG 7KH WXUQ FRXQW IRU VHJPHQW LV YHU\ KLJK DW +RZHYHU WKLV VHJPHQW LV VOLJKWO\ ORQJHU LQ GXUDWLRQ WKDQ WKH RWKHU VHJPHQWV DSSUR[LPDWHO\ PLQXWHVf ZKLFK QHHGV WR EH WDNHQ LQWR DFFRXQW 1HYHUWKHOHVV WKH WXUQ FRXQW LQ WKLV VHJPHQW LV VWLOO UHODWLYHO\ KLJK DQG D IHZ RWKHU IDFWRUV PXVW EH FRQVLGHUHG WKDW SOD\ D UROH LQ WKLV SDUW RI WKH

PAGE 176

FRQYHUVDWLRQ 'XULQJ WKH ILQDO VHJPHQW VLPXOWDQHRXV VSHHFK HSLVRGHV LQ ZKLFK WZR RU PRUH SDUWLFLSDQWV LQWHUUXSW HDFK RWKHUnV VSHHFK DUH YHU\ FRPPRQ 2QH H[SODQDWLRQ PD\ EH WKDW WKH SDUWLFLSDQWV KDG E\ WKDW WLPH EHFRPH YHU\ FRPIRUWDEOH ZLWK WKH FRQYHUVDWLRQ DQG ZLWK WKH UHVHDUFKHU DV ZHOO VR WKDW WKH\ IHOW IUHH WR LQWHUUXSW HDFK RWKHU WR LQGLFDWH VXSSRUW RI VRPHRQHnV VWDQGSRLQW RU WR SURYLGH DGGLWLRQDO LQIRUPDWLRQ $QRWKHU SRVVLEOH UHDVRQ IRU WKH KLJK WXUQ FRXQW PD\ EH WKH VXEMHFWVn LQYROYHPHQW ZLWK WKH WRSLF DW WKDW SRLQW $OWKRXJK WKH WRSLF ZKLFK GHDOW ZLWK 0RURFFDQ VWXGHQWVn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

PAGE 177

WKH UROH UHODWLRQVKLS EHWZHHQ UHVHDUFKHU DQG VXEMHFWV ZDV QRW TXLWH DV DV\PPHWULFDO DV D ZRUG FRXQW DORQH ZRXOG VKRZ 7$%/( 78516 $1' :25'6 3(5 3$57,&,3$17 %< 3(5&(17$*( $1' 5$1. 3DUWLFLSDQW 1XPEHU RI WXUQV 3HUFHQWDJH RI WXUQV 5DQN 3HUFHQWDJH RI ZRUGV 5DQN 1 b f b f 6 b f b f 6 b f b f 6, b f b f 6 b f b f 6 b f bf f 6HFRQG VXEMHFW UDQNV LQ WKLUG SODFH E\ SHUFHQWDJH RI WXUQV ZKHUHDV E\ SHUFHQWDJH RI ZRUGV KH UDQNHG IRXUWK UHYHUVLQJ UDQNV ERWK WLPHV ZLWK VXEMHFW 7KLV ZRXOG VXJJHVW WKDW ZKLOH VXEMHFW PD\ KDYH EHHQ VRPHZKDW ZRUGLHU WKDQ VXEMHFW LQ KLV XWWHUDQFHV VXEMHFW LQLWLDWHG PRUH WXUQV VR WKDW WKHLU UROHV DSSHDU RQ D PXFK PRUH HTXDO OHYHO WKDQ WKH ZRUG FRXQW VXJJHVWHG 7KLUG WKH WXUQ FRXQW UHYHDOV PRUH DERXW VXEMHFW nV VSHHFK EHKDYLRU WKDQ ZDV SRVVLEOH WKURXJK WKH ZRUG FRXQW DV WKH WUDQVFULSWLRQ RI KLV VSHHFK ZDV XQIRUWXQDWHO\ LQFRPSOHWH 7KRXJK KLV SUHFLVH XWWHUDQFHV FRXOG QRW EH

PAGE 178

WUDQVFULEHG KLV WXUQ EHKDYLRU FRXOG EH HDVLO\ LGHQWLILHG 7KH DERYH WDEOH VKRZV WKDW HYHQ WKRXJK VXEMHFW nV FRQWULEXWLRQ ZDV VOLJKWO\ VPDOOHU WKDQ WKDW RI VXEMHFW WKH GLIIHUHQFH ZDV YHU\ VPDOO 6XEMHFW n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f QXPEHU RI WXUQV f SHUFHQWDJH RI WXUQV DQG f QXPEHU RI ZRUGV 7DEOH VKRZV WKH QXPEHU RI WXUQV SHU SDUWLFLSDQW GLVWULEXWHG RYHU WKH HLJKW VHJPHQWV RI WKH VSHHFK HYHQW 7KLV WDEOH SUHVHQWV D PXFK PRUH G\QDPLF SLFWXUH RI WKH WXUQn WDNLQJ GXULQJ WKLV FRQYHUVDWLRQ DV LW VKRZV WKDW FRQWURO

PAGE 179

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

PAGE 180

VHJPHQW VXEMHFW LV LQ FRQWURO 7KH ILJXUHV DSSHDU WR VXEVWDQWLDWH WKH FODLP WKDW WKH UHVHDUFKHU DWWHPSWHG WR GLPLQLVK KHU UROH DQG WKDW WKH FRQYHUVDWLRQ EHFDPH OHVV IRUPDO DQG DOORZHG WKH VXEMHFWV WR FRQWULEXWH PRUH IUHHO\ DIWHU WKH RSHQLQJ VHTXHQFH 7DEOH SUHVHQWV WKH WXUQWDNLQJ EHKDYLRU RI SDUWLFLSDQWV E\ SHUFHQWDJH RI FRQWULEXWLRQ RYHU WLPH 7$%/( 3(5&(17$*( 2) 78516 3(5 3$57,&,3$17 29(5 7,0( 6HJn PHQW 1 6, 6 6 6 6 b b b b b b b b b b b b b b b b b b b b b b b b b b b b b b b b b b b b b b b b b b b b b b b b 9LHZLQJ WKH SURJUHVVLYH WXUQ FRXQW E\ SHUFHQWDJH UHYHDOV D QXPEHU RI DGGLWLRQDO LQVLJKWV LQWR WKH GHYHORSPHQW RI WKH FRQYHUVDWLRQ ZKLFK WKH WXUQ FRXQW LWVHOI GLG QRW VKRZ 7KH UHVHDUFKHUnV FRQWULEXWLRQ E\ SHUFHQWDJH VWHDGLO\

PAGE 181

GHFOLQHV RYHU WKH ILUVW IRXU VHJPHQWV WR DERXW KDOI WKH SHUFHQWDJH RI WKH ILUVW VHJPHQW HYHQ WKRXJK WKH DFWXDO WXUQ FRXQW LQFUHDVHV 6LPLODUO\ VXEMHFW OnV SHUFHQWDJH RI WXUQV GHFUHDVHV LQ WKH ILUVW IRXU VHJPHQWV DQG WKHQ OHYHOV RII DURXQG KDOI WKH OHYHO RI WKH LQLWLDO VHJPHQW 7KH FRQWULEXWLRQ RI VXEMHFW RQ WKH RWKHU KDQG LQFUHDVHV VWHDGLO\ E\ SHUFHQWDJH WR DSSUR[LPDWHO\ IRXU WLPHV WKH LQLWLDO SHUFHQWDJH E\ VHJPHQW 6XEMHFW nV SHUFHQWDJH RI WXUQV LQFUHDVHV RYHU WKH ILUVW VL[ VHJPHQWV DW ZKLFK SRLQW KH DFWXDOO\ JDLQV FRQWURO RI WKH FRQYHUVDWLRQ 7KH SDWWHUQV RI VXEMHFWV DQG DUH QRW DV FOHDUO\ GHILQDEOH DV WKHLU SHUFHQWDJH RI WXUQ FRQWULEXWLRQV YDULHV VRPHZKDW ,Q YHU\ JHQHUDO WHUPV LW FRXOG EH REVHUYHG WKDW WKHLU FRQWULEXWLRQV DUH JUHDWHVW LQ WKH PLGGOH SDUW RI WKH FRQYHUVDWLRQ 7DEOH SUHVHQWV WKH QXPEHU RI ZRUGV SHU SDUWLFLSDQW RYHU WLPH $JDLQ VXEMHFW nV ZRUG FRXQW LV QRW FRQVLGHUHG LQ WKLV WDEOH :KHQ WKH GDWD LQ WDEOH DUH FRPSDUHG ZLWK WKRVH RI WDEOH VRPH DGGLWLRQDO PRGLILFDWLRQV FDQ EH PDGH RI WKH LVVXH RI FRQWURO LQ WKH FRQYHUVDWLRQ ,Q VHJPHQW ERWK VXEMHFW DQG VXEMHFW DFWXDOO\ VSHDN D JUHDWHU QXPEHU RI ZRUGV WKDQ 1 HYHQ WKRXJK WKH UHVHDUFKHU LV LQ FRQWURO RI WKH QXPEHU RI WXUQV ,Q VHJPHQW ERWK VXEMHFW DQG 1 VSHDN WXUQV EXW 1nV ZRUG FRXQW LV VXEVWDQWLDOO\ JUHDWHU DW PRUH WKDQ WZLFH WKH QXPEHU RI ZRUGV $QG LQ WKDW VDPH VHJPHQW VXEMHFWV DQG DOVR VSHDN PRUH WKDQ VXEMHFW

PAGE 182

7$%/( 180%(5 2) :25'6 3(5 3$57,&,3$17 29(5 7,0( 6HJPHQW 1 6, 6 6 6 6 f§ ,Q VHJPHQW VXEMHFW SURGXFHV WZLFH DV PDQ\ ZRUGV DV 1 ZKR LV VHFRQG LQ QXPEHU RI WXUQV ,Q VHJPHQW VXEMHFW LV VHFRQG LQ WHUPV RI ZRUG FRXQW HYHQ WKRXJK VXEMHFW WDNHV D JUHDWHU QXPEHU RI WXUQV ,Q VHJPHQW VXEMHFW LV VHFRQG LQ WHUPV RI ZRUG FRXQW HYHQ WKRXKJ 1 WDNHV D JUHDWHU QXPEHU RI WXUQV 2YHUDOO WKHQ WKH UROH RI VXEMHFW LV VXEVWDQWLDOO\ JUHDWHU LQ WHUPV RI ZRUG FRXQW ZKLOH 1nV UROH LV VRPHZKDW VPDOOHU 7R FRPSDUH WKH LVVXH RI FRQWURO LQ WHUPV RI ERWK WXUQ FRXQW DQG ZRUG FRXQW 7DEOH OLVWV WKH WZR VXEMHFWV LQ FRQWURO RI HDFK LQGLYLGXDO VHJPHQW

PAGE 183

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

PAGE 184

7$%/( 0($1 /(1*7+ 2) 7851 3DUWLFLSDQW $YHUDJH OHQJWK RI WXUQ 6 6, 6 1 6 6 7KH ILJXUHV DUH VRPHZKDW PLVOHDGLQJ LQ WKDW VXEMHFW nV KLJK DYHUDJH WXUQ OHQJWK LV PDLQO\ WKH UHVXOW RI RQH H[WUHPHO\ ORQJ WXUQ ZRUGVf LQ WKH ILUVW VHJPHQW WKH DYHUDJH RI KLV RWKHU WXUQV FDPH WR RQO\ IDU EHORZ WKDW RI WKH RWKHU VXEMHFWV 6XEMHFW KRZHYHU VKRZHG D FRQVLVWHQW SDWWHUQ RI UDWKHU OHQJWK\ WXUQV 7KH PHDQ OHQJWK RI WXUQ SHU SDUWLFLSDQW RYHU WLPH LV SUHVHQWHG LQ 7DEOH 7KH ILUVW VHJPHQW VKRZV D YHU\ ORQJ DYHUDJH OHQJWK RI WXUQ RYHUDOO f ZKLFK LV SDUWLDOO\ WKH UHVXOW RI VXEMHFW nV ORQJ VSHHFK +RZHYHU ZLWK WKH H[FHSWLRQ RI VXEMHFW WKH RWKHU SDUWLFLSDQWV DOVR VKRZ D PXFK JUHDWHU OHQJWK RI WXUQ LQ VHJPHQW WKDQ LQ WKH RWKHU VHJPHQWV 7KH DYHUDJH OHQJWK RI WXUQ LQ VHJPHQW

PAGE 185

WKHQ VHHPV WR VLJQDO WKH KLJK GHJUHH RI IRUPDOLW\ ZLWK ZKLFK WKH VSHHFK HYHQW EHJDQ 7$%/( 0($1 /(1*7+ 2) 7851 3(5 3$57,&,3$17 29(5 7,0( 6HJn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

PAGE 186

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f§ f§ $OWKRXJK WKH GLYLVLRQ EHWZHHQ VHJPHQW DQG WKH RWKHU VHJPHQWV LV VRPHZKDW DUELWUDU\ LQ WKDW QR VKDUS OLQH FDQ EH GUDZQ DW WKH H[DFW SRLQW ZKHUH WKH FRQYHUVDWLRQ FKDQJHG IURP

PAGE 187

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nQDWXUDOQHVVn ZDV HVWDEOLVKHG DIWHU DSSUR[LPDWHO\ RQH WKLUG RI WKH FRQYHUVDWLRQ $VVHVVLQJ WKH GDWD RQ HDFK RI WKH LQGLYLGXDO SDUWLFLSDQWV UHYHDOV WKDW WKH UHVHDUFKHUnV OHQJWK RI WXUQ GHFUHDVHG VWHDGLO\ WKURXJKRXW WKH ILUVW VL[ VHJPHQWV ZKLFK VHHPV WR UHIOHFW KHU FRQVFLRXV HIIRUW WR FKDQJH WKH JRDO RI WKH FRQYHUVDWLRQ WRZDUG HVWDEOLVKLQJ D OHVV IRUPDO VLWXDWLRQ DQG WR GHFUHDVH KHU UROH IURP GLVFXVVLRQ OHDGHU WR DYHUDJH SDUWLFLSDQW DQG LGHDOO\ PHUH REVHUYHUf 6XEMHFW VKRZV D VLPLODU SDWWHUQ WKURXJK WKH ILUVW ILYH VHJPHQWV ZKLFK LV VRPHZKDW SX]]OLQJ DV XQOLNH WKH UHVHDUFKHU KH GLG QRW KDYH DQ REYLRXV UHDVRQ WR GHFUHDVH KLV UROH 2QH SRVVLEOH H[SODQDWLRQ WKRXJK UDWKHU VSHFXODWLYH PD\ EH WKDW KLV GHFUHDVH LQ OHQJWK RI WXUQ LV PHUHO\ D GLUHFW FRQVHTXHQFH RI WKH FKDQJH LQ OHYHO RI IRUPDOLW\ DQG QRW RI D FRQVFLRXV FKDQJH LQ UROH RQ KLV SDUW

PAGE 188

6LPXOWDQHRXV 6SHHFK (SLVRGHV 4XLWH IUHTXHQWO\ GXULQJ WKH FRQYHUVDWLRQ SDUWLFLSDQWV GLG QRW ZDLW IRU D VSHDNHU WR FRPSOHWH DQ HQWLUH WXUQ DV PDQ\ WXUQV ZHUH VSRNHQ VLPXOWDQHRXVO\ ZLWK RWKHU WXUQV RU ZHUH LQWHUUXSWHG DQG SDUWLDOO\ RYHUODSSHG ZLWK RWKHU WXUQV 7DEOH VKRZV WKH WRWDO QXPEHU RI VLPXOWDQHRXV VSHHFK HSLVRGHV DQG WKH SHUFHQWDJH SHU VHJPHQW FRPSDUHG WR WKH WRWDO QXPEHU RI WXUQV 7$%/( 6,08/7$1(286 63((&+ (3,62'(6 6HJPHQW 7RWDO QXPEHU RI WXUQV 7RWDO QXPEHU RI VLPXOWDQHRXV WXUQV 3HUFHQWDJH RI VLPXOWDQHRXV WXUQV b b b b b b $V WKH RSHQLQJ HSLVRGH KDV EHHQ HVWDEOLVKHG DV D UDWKHU IRUPDO SDUW RI WKH LQWHUDFWLRQ LW VHHPV ORJLFDO WKDW VXFK LQWHUUXSWLRQV ZHUH UDUH 7KURXJKRXW WKH ILUVW ILYH

PAGE 189

VHJPHQWV WKH VLPXOWDQHRXV VSHHFK HSLVRGHV VWHDGLO\ LQFUHDVHG LQ IUHTXHQF\ ZLWK D PD[LPXP SHUFHQWDJH RI QHDUO\ SHUFHQW RI WKH WXUQV $OWKRXJK WKH SHUFHQWDJH VOLJKWO\ GHFUHDVHG LQ VHJPHQWV DQG LW LQFUHDVHG DJDLQ WR b LQ WKH ILQDO VHJPHQW 2YHUDOO WKH SHUFHQWDJH RI VLPXOWDQHRXV VSHHFK LV YHU\ KLJK RXW RI WXUQV RU bf ZKLFK PD\ RQFH PRUH HQKDQFH WKH LPSUHVVLRQ RI LQIRUPDOLW\ DQG VSRQWDQHLW\ RI WKLV VSHHFK HYHQW 7KHVH ILQGLQJV VXSSRUW WKH UHVXOWV UHSRUWHG LQ &KDSWHU VHFWLRQ f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

PAGE 190

DQDO\VLV DERYH DQG SURYLGH VSHFLILF LOOXVWUDWLRQV IURP WKH WH[W 7XUQWDNLQJ ,Q WKH OLWHUDWXUH RQ WXUQWDNLQJ EHKDYLRU LW KDV EHHQ VXJJHVWHG E\ YDULRXV UHVHDUFKHUV WKDW QRW DOO XWWHUDQFH SDLUV QHFHVVDULO\ LQYROYH D FKDQJH RI VSHDNHU 0DQ\ XWWHUDQFHV VXFK DV nPPPn nXKKXKn n\HDKn HWF WHQG WR EH LQWHUSUHWHG DV DVVHUWLRQV RI WKH FXUUHQW VSHDNHUnV ULJKW WR FRQWLQXH UDWKHU WKDQ DV DWWHPSWV WR WDNH WKH IORRU 6XFK XWWHUDQFHV LW LV DUJXHG VKRXOG WKHUHIRUH EH GLVWLQJXLVKHG IURP WXUQV SURSHU 7KH\ DUH JHQHUDOO\ GHVLJQDWHG DV nEDFN FKDQQHO XWWHUDQFHVn DQG VKRXOG EH YLHZHG DV GHPRQVWUDWLRQV RI FRQWLQXHG FRRUGLQDWHG KHDUHUVKLS FI 6FKHJORII f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

PAGE 191

QDWXUDO VSHHFK IURP WKH VXEMHFWV $ ODUJH QXPEHU RI EDFN FKDQQHO XWWHUDQFHV RIWHQ XVHG DV D PHDQV WR HQFRXUDJH WKH RWKHU SDUWLFLSDQWV WR FRQWLQXH WDONLQJ FDQ WKHUHIRUH EH H[SHFWHG DV D QDWXUDO UHIOHFWLRQ RI KHU LQFUHDVHG EDFNJURXQG UROH $Q H[DPSOH RI WKLV LV VKRZQ EHORZ ([DPSOH 6 3DLQIXO 1 @ $W WKLV SRLQW VXEMHFW LQLWLDWHV WKH VXEWRSLF RI GLVFULPLQDWLRQ LQ WKH VFKRROV DQG XVHV D ORQJ WXUQ WR GLVFXVV WKLV LVVXH DW WKH HQG RI ZKLFK WKH UHVHDUFKHU RQO\ LQWHUMHFWV 5HDOO\" ZKLFK WKHQ HQFRXUDJHV VRPH RI WKH RWKHU VXEMHFWV WR FRQWLQXH WKH WRSLF 7KH H[SODQDWLRQ RI D GHFUHDVH LQ UROH KRZHYHU GRHV QRW DSSO\ WR VXEMHFW DV LW KDV EHHQ VKRZQ LQ VHFWLRQ WKDW KH DFWXDOO\ LQFUHDVHG KLV UROH GXULQJ WKH FRXUVH RI WKH FRQYHUVDWLRQ +LV ODUJH QXPEHU RI EDFNFKDQQHO XWWHUDQFHV DW ILUVW JODQFH DSSHDUV WR EH LQ GLUHFW FRQWUDGLFWLRQ WR KLV UROH DV OHDGHU ,W KDV EHHQ SRLQWHG RXW WR PH KRZHYHU 'U $LGD %DPLD SHUVRQDO FRPPXQLFDWLRQf WKDW VXEMHFW nV

PAGE 192

VWUDWHJ\ RI LQWHUMHFWLQJ IUHTXHQWO\ RIWHQ PRUH WKDQ RQFH ZLWKLQ RWKHU SDUWLFLSDQWVn VHQWHQFHV FDQ EH VHHQ DV D FRQVFLRXV HIIRUW WR PDLQWDLQ FRQWURO :LWKLQ $UDELF FXOWXUH OHDGHUVKLS LPSOLHV RFFXS\LQJ D FHQWUDO UROH 'HVSLWH WKH IDFW WKDW WKH FLUFXPVWDQFHV LQ WKLV SDUWLFXODU VLWXDWLRQ UHTXLUHG KLP WR GHIHU VRPH RI WKLV DXWKRULW\ WR WKH UHVHDUFKHU KH ZRXOG QHYHUWKHOHVV VWULYH WR UHPDLQ DV PXFK DV SRVVLEOH ZLWKLQ WKH FHQWHU RI DWWHQWLRQ +LV EDFN FKDQQHO XWWHUDQFHV VKRXOG EH LQWHUSUHWHG WKHQ QRW DV D EDFNJURXQG HIIRUW WR GHPRQVWUDWH nFRRUGLQDWHG KHDUHUVKLSn EXW UDWKHU DV D VWUDWHJ\ WR NHHS LQYROYHG LQ D WRSLF XQWLO WKH RSSRUWXQLW\ ZRXOG DULVH IRU KLP WR WDNH RYHU WKH VSHDNHU UROH 7KH IROORZLQJ WZR H[DPSOHV ZLOO LOOXVWUDWH WKHVH VWUDWHJLHV ([DPSOH 1 0PP %XW \RX VKRXOGQnW MXVW OHDUQ WR 6
PAGE 193

ILQLVKHG VXEMHFW WDNHV FRQWURO DQG FRQWLQXHV ZLWK WKH WRSLF LQ D VRPHZKDW GLIIHUHQW GLUHFWLRQ ,Q DQRWKHU H[DPSOH KH LQWHUUXSWV RQH RI WKH RWKHU VXEMHFWV LQ D VLPLODU PDQQHU ([DPSOH 6 %XW WKDW RIIHUV VL[ MREV DV ZHOO WR 6
PAGE 194

FKDQQHO XWWHUDQFHV WR PDLQWDLQ D FHQWUDO UROH PD\ EH RQH LQVWDQFH RI D GLIIHUHQFH LQ FRQWH[WXDOL]DWLRQ FRQYHQWLRQV EHWZHHQ VSHDNHUV RI $UDELF DQG VSHDNHUV RI 'XWFK 6SHDNHUV RI 'XWFK ZRXOG WHQG WR LQWHUSUHW VXFK IUHTXHQW LQWHUUXSWLRQV DV D VLJQ RI LPSROLWHQHVV RU ODFN RI LQWHUHVW LQ WKH VSHDNHUnV WRSLF 7R D VSHDNHU RI $UDELF KRZHYHU WKH LQWHUUXSWLRQV PLJKW VLJQDO DWWHPSWV DW DVVHUWLQJ D UROH DQG QRW QHFHVVDULO\ GLVLQWHUHVW LQ WKH FRQYHUVDWLRQ RU ODFN RI UHVSHFW WRZDUGV WKH VSHDNHU :KLOH VXEMHFW LQWHUUXSWHG PRUH IUHTXHQWO\ WKDQ DQ\ RI WKH RWKHU VXEMHFWV WKH IUHTXHQF\ RI VLPXOWDQHRXV VSHHFK HSLVRGHV LQ JHQHUDO LQFUHDVHG DOVR DV WKH FRQYHUVDWLRQ SURJUHVVHG DQG WKH WRWDO SHUFHQWDJH RI VLPXOWDQHRXV VSHHFK ZDV YHU\ KLJK FI 7DEOH f ,W ZDV VXJJHVWHG WKDW WKLV PLJKW KDYH EHHQ D PHDVXUH RI WKH GHFUHDVH RI IRUPDOLW\ LQ WKH VSHHFK HYHQW DV WKH FRQYHUVDWLRQ FRQWLQXHG WKH VXEMHFWV IHOW IUHH WR LQWHUUXSW HDFK RWKHU DQG FRPSOHPHQWHG HDFK RWKHUnV VWDWHPHQWV 7KLV ILQGLQJ KRZHYHU FRQWUDGLFWV WKH DVVHUWLRQ E\ 6DFNV 6FKHJORII DQG -HIIHUVRQ f WKDW RYHUZKHOPLQJO\ RQH SDUW\ WDONV DW D WLPH $ VLPLODU UHVXOW ZDV REWDLQHG LQ %XUQVn f VWXG\ RI
PAGE 195

VSHDNHUV 7KLV FHUWDLQO\ DOVR ZRXOG VHHP WR FKDUDFWHUL]H WKH 0RURFFDQ'XWFK FRQYHUVDWLRQ DV KDV EHHQ VKRZQ DERYH )UHTXHQW LQWHUUXSWLRQV GXULQJ D FRQYHUVDWLRQ DUH QRW XQFRPPRQ DPRQJ 1RUWK $IULFDQ VSHDNHUV RI %HUEHU DQG $UDELF 'U $LGD %DPLD SHUVRQDO FRPPXQLFDWLRQf $GGLWLRQV WR RU FRUUHFWLRQV RI WKH FXUUHQW VSHDNHUnV FRPPHQWV PD\ QRW EH UHJDUGHG DV LPSROLWH EXW FDQ EH SHUFHLYHG DV VLJQV RI VROLGDULW\ ZLWK WKH VSHDNHU )RU H[DPSOH GXULQJ WKH FRQYHUVDWLRQ WKH VXEMHFWV RIWHQ KHOSHG HDFK RWKHU ZLWK ODQJXDJH SUREOHPV DV FDQ EH VHHQ LQ WKH IROORZLQJ H[FHUSWV ([DPSOH 6, >@ :KHQ VRPHRQH ZDQWV WR KDYH PRUH WKDQ RQH ZLIH WKDW PHDQV WKDW HDFK ZRPDQ PXVW >JHW@ HTXDO HK HTXDO 6 WUHDWPHQW 6, HTXDO WUHDWPHQW >@ ([DPSOH 6 >@ DWWHQGHG WKDW QH[W \HDU 6, /DVW \HDU 6 /DVW \HDU > @ $GGLQJ WR RWKHU VSHDNHUVn VWDWHPHQWV ZDV DQRWKHU FRPPRQ UHDVRQ IRU LQWHUUXSWLQJ ([DPSOH 6, >@ WKHQ WKH\ KDYH WKH ULJKW WR >JR@ 6 WR WKH XQLYHUVLW\ 6, LQ VFKRRO LQ VFKRRO

PAGE 196

6 WR WKH XQLYHUVLW\ 6, WR WKH XQLYHUVLW\ DV ZHOO %HFDXVH RI WKH VROLGDULW\ SULQFLSOHV ZLWKLQ WKH JURXS VXFK DGGLWLRQV DQG FRUUHFWLRQV DUH JHQHUDOO\ FRQVLGHUHG DV D IRUP RI DVVLVWDQFH WKDW LV YDOXHG UDWKHU WKDQ IURZQHG XSRQ DQG WKH LQWHUUXSWLRQV WKXV RIWHQ VLJQDO DJUHHPHQW UDWKHU WKDQ GLVVHQW &RKHUHQFH DQG &RKHVLRQ $FFRUGLQJ WR 7DQQHQ f UHSHWLWLRQ PD\ FRQWULEXWH WR WKH FUHDWLRQ RI FRKHUHQFH LQ D WH[W ,Q VSRNHQ LQWHUDFWLRQ VKH QRWHV UHSHDWLQJ WKH ZRUGV SKUDVHV RU VHQWHQFHV RI RWKHU VSHDNHUV Df DFFRPSOLVKHV D FRQYHUVDWLRQ Ef VKRZV RQHnV UHVSRQVH WR DQRWKHUnV XWWHUDQFH Ff VKRZV DFFHSWDQFH RI RWKHUVn XWWHUDQFHV DQG WKHLU SDUWLFLSDWLRQ DQG Gf JLYHV HYLGHQFH RI RQHnV RZQ SDUWLFLSDWLRQ ,W SURYLGHV D UHVRXUFH WR NHHS WDON JRLQJ f§ ZKHUH WDON LWVHOI LV D VKRZ RI LQYROYHPHQW RI ZLOOLQJQHVV WR LQWHUDFW WR VHUYH SRVLWLYH IDFH 7DQQHQ f 6KH IXUWKHU VXJJHVWV WKDW FXOWXUDO IDFWRUV PD\ FRQWULEXWH WR WKH XVH RI UHSHWLWLRQ LQ D JLYHQ FRQWH[W 3DUWLFXODUO\ WKH UHFHQW ILQGLQJV RI -RKQVWRQH .RFK DSSHDU UHOHYDQW WR WKH SUHVHQW GDWD -RKQVWRQH f IRU LQVWDQFH REVHUYHV WKDW WKH JUDPPDWLFDO VWUXFWXUH RI $UDELF PDNHV UHSHWLWLYH VWUDWHJLHV HVSHFLDOO\ DYDLODEOH WR VSHDNHUV FI 7DQQHQ f .RFK f LQYHVWLJDWHG SHUVXDVLYH WH[WV LQ FRQWHPSRUDU\ $UDELF DQG DUJXHV WKDW

PAGE 197

UHSHWLWLRQ LV VKRZQ WR SURYLGH IDU PRUH WKDQ RUQDPHQWDO LQWHQVLILFDWLRQ LQ $UDELF SURVH" UDWKHU LW LV WKH NH\ WR WKH OLQJXLVWLF FRKHVLRQ RI WKH WH[WV DQG WR WKHLU UKHWRULFDO HIIHFWLYHQHVV ,Q FRQWUDVW WR :HVWHUQ PRGHV RI DUJXPHQW ZKLFK DUH EDVHG RQ D V\OORJLVWLF PRGHO RI SURRI DQG PDGH OLQJXLVWLFDOO\ FRKHVLYH YLD VXERUGLQDWLRQ DQG K\SRWD[LV $UDELF DUJXPHQWDWLRQ LV HVVHQWLDOO\ SDUDWDFWLF DEGXFWLYH DQG DQDORJLFDO ,W SHUVXDGHV E\ PDNLQJ LWV DUJXPHQWDWLYH FODLPV OLQJXLVWLFDOO\ SUHVHQW E\ UHSHDWLQJ WKHP SDUDSKUDVLQJ WKHP DQG FORWKLQJ WKHP LQ UHFXUUHQW VWUXFWXUDO FDGHQFHV .RFK f :KLOH .RFKn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

PAGE 198

7KH IROORZLQJ H[DPSOHV IURP WKH WH[W ZLOO LOOXVWUDWH WKLV LQ PRUH GHWDLO LQ VRPH FDVHV LUUHOHYDQW SDUWV RI WKH WH[W KDYH EHHQ RPLWWHG WR VKRZ WKH VWUXFWXUH RI WKH GLVFRXUVH PRUH FOHDUO\f ([DPSOH 6, >@ %XW PY SODQ LV DV IROORZV ZRXOG OLNH WR JHW DQ HGXFDWLRQ D JRRG HGXFDWLRQ 1H[W DP SODQQLQJ WR VWXG\ FRPSXWHU VFLHQFH :KHQ FRPSOHWH WKDW KHUH WKHQ EHOLHYH ,nOO UHWXUQ WR 0RURFFR 7KDW LV UHDOO\ PY SODQ ([DPSOH 6, )RU H[DPSOH FDQ DOVR JLYH DQ H[DPSOH )RU H[DPSOH RQ )ULGD\V )RU 0XVOLPV IRU 0RURFFDQV WKH\ KDYH WR JR WR WKH PRVJXH DW QRRQ 7KDW LV UHDOO\ REOLJDWRU\ >@ 7KDW LV DOVR DQ H[DPSOH ([DPSOH 6 @ 7KDW LV WKDW LV WKH VROXWLRQ WKLQN 7KH DUJXPHQWDWLYH VWUXFWXUH XVHG E\ WKH VXEMHFWV DSSHDUV FKDUDFWHULVWLF RI WKH $UDELF PRGH RI SHUVXDVLRQ RXWOLQHG E\ .RFK f $V VKH REVHUYHV f LW LV WKH SUHVHQWDWLRQ RI DQ LGHD f§ WKH OLQJXLVWLF IRUPV DQG WKH YHU\ ZRUGV WKDW DUH XVHG WR GHVFULEH LW f§ WKDW LV SHUVXDVLYH QRW WKH ORJLFDO VWUXFWXUH RI SURRI ZKLFK :HVWHUQHUV VHH EHKLQG WKH ZRUGV 7KH GLVFRXUVH VWUXFWXUH RI $UDELF PD\ SURYLGH VRPH IXUWKHU LQVLJKWV LQWR WKH OLQJXLVWLF IRUP RI WKHVH

PAGE 199

FRQVWUXFWLRQV DQG WKH HIIHFWV WKH\ PD\ HYRNH LQ LQWHUFXOWXUDO HQFRXQWHUV 7KRXJK $UDELF LV QRW QHFHVVDULO\ D WRSLFSURPLQHQW ODQJXDJH FI /L DQG 7KRPSVRQ f LW IUHTXHQWO\ HPSOR\V WKH WRSLFFRPPHQW FRQVWUXFWLRQ UDWKHU WKDQ D VXEMHFWSUHGLFDWH VHQWHQFH VWUXFWXUH ,Q WRSLF FRPPHQW FRQVWUXFWLRQV ROG RU SUHVXSSRVHG LQIRUPDWLRQ LV SUHVHQWHG ILUVW IROORZHG E\ QHZ RU DVVHUWHG LQIRUPDWLRQ .HHQDQ DQG 6FKLHIIHOLQ f H[WHQG WKH GLVFXVVLRQ RI JLYHQ YHUVXV QHZ LQIRUPDWLRQ EH\RQG WKH VHQWHQFH OHYHO DQG VXJJHVW WKH QRWLRQ RI GLVFRXUVH WRSLF ZKLFK WKH\ GHILQH DV WKH 352326,7,21 RU VHW RI SURSRVLWLRQVf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f ZRXOG QRW QHHG WR EH UHLQWURGXFHG LQ IDFW UHSHWLWLRQ ZRXOG EH

PAGE 200

UHJDUGHG DV VXSHUIOXRXV DQG XQQDWXUDO LQ PRVW FRQWH[WV SDUWLFXODUO\ LQ LQIRUPDO HQFRXQWHUV ,Q DGGLWLRQ WR VXFK MXGJPHQWV RQ WKH ZHOOIRUPHGQHVV RI GLVFRXUVH VWUXFWXUH KRZHYHU LQIHUHQFHV DERXW WKH VSHDNHUnV LQWHQW PD\ EH HJXDOO\ LPSRUWDQW .HHQDQ DQG 6FKLHIIHOLQ f QRWH WKDW WKH FRQWUDVW EHWZHHQ JLYHQ DQG QHZ LQIRUPDWLRQ LQ GLVFRXUVH UHTXLUHV WKDW WKH VSHDNHU VKRXOG WDNH LQWR DFFRXQW WKH OLVWHQHUnV NQRZOHGJH RU DZDUHQHVV RI D SDUWLFXODU REMHFW LQ PDNLQJ UHIHUHQFH WR WKDW REMHFW ZLWKLQ D GLVFRXUVH WRSLF ,I VSHDNHUV PDNH WKH HUURU RI XQGHUHVWLPDWLQJ WKH OLVWHQHUnV NQRZOHGJH E\ XQQHFHVVDULO\ UHSHDWLQJ ROG LQIRUPDWLRQ WKH\ PD\ DSSHDU DV WDONLQJ GRZQ WR RU LQVXOWLQJ WKH OLVWHQHU $FFRUGLQJ WR .HHQDQ DQG 6FKLHIIHOLQ f LQ nWDONLQJ GRZQn WKH VSHDNHU EHOLHYHV WKDW WKH OLVWHQHU LV QRW LQIRUPHG DERXW VRPH LQGLYLGXDO HYHQW SURFHVV HWF WR WKH H[WHQW WKDW WKH VSHDNHU LV 1DWLYH VSHDNHUV RI 'XWFK WKHQ ZKHQ OLVWHQLQJ WR 0RURFFDQV HPSOR\LQJ WKH FRQVWUXFWLRQV GHVFULEHG DERYH PD\ PDNH WKH ZURQJ FRQYHUVDWLRQDO LQIHUHQFHV 6XFK FRQVWUXFWLRQV PLJKW EH LQWHUSUHWHG DV LQVXOWV WR WKH LQWHOOLJHQFH RI WKH OLVWHQHU ZKLOH WR D QDWLYH VSHDNHU RI $UDELF WKH\ ZRXOG QRW EH LQWHQGHG WKDW ZD\ EXW IXQFWLRQ WR f VWUXFWXUH WKH VSHDNHUnV DUJXPHQWDWLRQ DQG f VLPXOWDQHRXVO\ UHIOHFW WKH OHYHO RI IRUPDOLW\ RI WKH LQWHUDFWLRQ

PAGE 201

$ VHFRQG VWUDWHJ\ IRU FRKHVLRQ ZKLFK XQOLNH WKH WRSLFFRPPHQW FRQVWUXFWLRQ ZDV PDLQWDLQHG WKURXJKRXW WKH VSHHFK HYHQW ZDV UHSHWLWLRQ RI OH[LFDO HOHPHQWV DQG YHU\ IUHTXHQWO\ HQWLUH SKUDVHV DQG VHQWHQFHV DV ZHOO 7KLV VWUDWHJ\ RI UHSHWLWLRQ VHHPHG WR IXOILOO WZR PDMRU IXQFWLRQV LQ WKH FRQYHUVDWLRQ f LW ZDV QHFHVVLWDWHG E\ WKH VHFRQG ODQJXDJH DFTXLVLWLRQ FRQWH[W IRU H[DPSOH WKH UHVHDUFKHU RIWHQ UHSHDWHG ZRUGV DQG SKUDVHV VRPHWLPHV ZLWK D TXHVWLRQLQJ LQWRQDWLRQ ZKHQ WKH SURQXQFLDWLRQ RU PHDQLQJ RI XWWHUDQFHV VHHPHG XQFOHDU DQG f PDQ\ RI WKH UHSHWLWLRQV DSSHDUHG WR KDYH D FXOWXUHVSHFLILF IXQFWLRQ DV WKH VXEMHFWV WKHPVHOYHV IUHTXHQWO\ UHSHDWHG ERWK WKHLU RZQ DQG RWKHU VSHDNHUVn XWWHUDQFHV 7KH ILUVW VWUDWHJ\ LV FRPPRQO\ XVHG LQ LQWHUDFWLRQV EHWZHHQ QDWLYH VSHDNHUV DQG VHFRQG ODQJXDJH OHDUQHUV ZKHQ WKHUH LV D FRPPXQLFDWLRQ EUHDNGRZQ ,I D PHDQLQJ RU SURQXQFLDWLRQ LV QRW FOHDUO\ XQGHUVWRRG D UHTXHVW IRU FODULILFDWLRQ LV PDGH DQG WKH VSHDNHU WKHQ FRUUHFWV RU PHUHO\ UHSHDWV WKH XWWHUDQFH WR LQVXUH RSWLPDO FRPPXQLFDWLRQ $V FDQ EH VHHQ LQ WKH IROORZLQJ H[DPSOH LI WKH OLVWHQHU LV VWLOO QRW VXUH DIWHU WKH ILUVW FRUUHFWLRQ KDV EHHQ PDGH WKH VHTXHQFH FDQ EH UHSHDWHG RQFH DJDLQ WR YHULI\ WKH LQWHUSUHWDWLRQ DQG WKH VHFRQG VSHDNHU PD\ RSWLRQDOO\ DIILUP LW D VHFRQG WLPH

PAGE 202

([DPSOH 6, IRU H[DPSOH WKHUH DUH ODZV WKDW DUH DJDLQVW IRUHLJQHUV 'LG \RX NQRZ WKDW" 1 7KHUH DUH 6, /DZV 1 /DZV 6, /DZV 7KDW DUH DJDLQVW IRUHLJQHUV 7KH VHFRQG VWUDWHJ\ KRZHYHU DSSHDUHG WR EH TXLWH GLIIHUHQW IURP WKH ILUVW DV JHQHUDOO\ WKH UHSHWLWLRQ RFFXUUHG ZKHQ WKHUH ZDV QR QHHG IRU FODULILFDWLRQ )UHTXHQWO\ DV WKH VXEMHFWV ZHUH WDONLQJ DPRQJ WKHPVHOYHV WKH\ HLWKHU UHSHDWHG HDFK RWKHUnV XWWHUDQFHV YHUEDWLP RU IRFXVHG YHU\ ULJLGO\ RQ D SDUWLFXODU WKHPH ([DPSOH 6 7KH\ WKLQN WKDW ZKHQ ZH JR LQWR D VKRS ZH GRQnW JR WR EXY EXW WR VWHDO 6 WR VWHDO \HV \HV 6 7KHY WKLQN ZH ZRQnW EXY 1 1R 6 :H DUH DRLQD WR VWHDO 1 KDYH WDONHG@ ZLWK VRPHRQH ZKR VD\V WKDW 0RURFFDQV VWHDO EXW ZH VKRXOG WKSUS FHUWDLQO\ DUH 0RURFFDQV 0RURFFDQV YRXWKV ZKR VWHDO >@ :KLOH FRQWLQXRXV UHSHWLWLRQ RI OH[LFDO HOHPHQWV DQG SKUDVHV JHQHUDOO\ FRQWULEXWHV WR WKH WKHPDWLF XQLW\ DQG FRKHVLRQ RI

PAGE 203

WKH WH[W WKH KLJK IUHTXHQF\ RI VXFK UHSHWLWLRQV DSSHDUHG WR KDYH D VSHFLILF IXQFWLRQ ZLWKLQ WKH FRQWH[W RI WKH LQWHUDFWLRQ 5HSHDWLQJ VHHPHG WR VLJQDO DJUHHPHQW ZLWK WKH VSHDNHUnV SRLQW RI YLHZ LQ D PDQQHU VLPLODU WR WKDW RI LQWHUUXSWLQJ ZLWK FRUUHFWLRQV DQG DGGLWLRQV FI f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
PAGE 204

6 $QG QHDUO\ RXW RI WKH SHUFHQW FDQnW VSHDN $UDELF EXW 6
PAGE 205

HVWDEOLVKLQJ RU PDLQWDLQLQJ FRQWURO LQ D FRQYHUVDWLRQ UHTXLUHV FRPPXQLFDWLYH IOH[LELOLW\ RQ WKH SDUW RI WKH SDUWLFLSDQWV DV ZHOO *RDOV $V GLVFXVVHG HDUOLHU FI VHFWLRQV DQG f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

PAGE 206

WKHLU VSHHFK WR DQ LQIRUPDO VW\OH )RU H[DPSOH WKH QXPEHU RI VLPXOWDQHRXV VSHHFK HSLVRGHV LQFUHDVHG DFFRPSDQLHG E\ D VLJQLILFDQWO\ VKRUWHU PHDQ OHQJWK RI WXUQ LQFUHDVH LQ WKH XVH RI EDFNFKDQQHO XWWHUDQFHV DQG UHSHWLWLRQV RI ZRUGV DQG SKUDVHV 6RPH RI WKH VXEMHFWVn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f IRU H[DPSOH DUJXH WKDW SHRSOH DGMXVW RU DFFRPPRGDWH WKHLU VSHHFK VW\OHV LQ RUGHU WR DFKLHYH VXFK JRDOV DV HYRNLQJ OLVWHQHUVn VRFLDO DSSURYDO DWWDLQLQJ FRPPXQLFDWLRQDO HIILFLHQF\ EHWZHHQ LQWHUDFWDQWV DQG PDLQWDLQLQJ SRVLWLYH VRFLDO LGHQWLWLHV 7KH LVVXH RI UROH UHODWLRQVKLSV DQG FRQWURO LQ DQ LQWHUDFWLRQ LV DQ LPSRUWDQW DVSHFW RI FRPPXQLFDWLYH IOH[LELOLW\ DPRQJ SDUWLFLSDQWV DQG ZLOO EH GLVFXVVHG LQ WKH QH[W VHFWLRQ

PAGE 207

&RQWURO ,W KDV EHHQ HVWDEOLVKHG LQ SUHYLRXV VHFWLRQV WKDW VXEMHFW DQG WKH UHVHDUFKHU ZHUH PRVWO\ LQ FRQWURO RI WKH FRQYHUVDWLRQ ERWK LQ WHUPV RI DQ HYDOXDWLRQ RI WKHLU UHVSHFWLYH VRFLDO UROHV DQG RI WKH TXDQWLWDWLYH DQDO\VLV RI WKHLU VSHHFK EHKDYLRU 7KH UHVHDUFKHUnV UROH DV LQLWLDWRU RI WKH VSHHFK HYHQW DQG VXEMHFW n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

PAGE 208

LQWHUUXSWLRQV ZHUH JHQHUDOO\ DFFHSWHG DV D VLJQ RI VXSSRUW DPRQJ WKH JURXS )XUWKHUPRUH WKH\ RIWHQ XVHG WKH VWUDWHJ\ RI UHSHWLWLRQ WR VLJQDO VROLGDULW\ ZLWK WKH VSHDNHUnV SRLQW RI YLHZ RQ D SDUWLFXODU WRSLF 7KURXJK VXFK FXOWXUH VSHFLILF VWUDWHJLHV WKHQ WKH VXEMHFWV HVWDEOLVKHG D SDWWHUQ RI FRQWURO RYHU WKH UHVHDUFKHU E\ PHDQV RI JURXS VROLGDULW\ 7KH UHVHDUFKHU KRZHYHU DWWHPSWHG WR DGDSW WR WKHVH VWUDWHJLHV FI XVH RI UHSHWLWLRQf DQG XVHG DGGLWLRQDO SROLWHQHVV VWUDWHJLHV WR EUHDN WKURXJK WKH FRQVWUDLQWV RI JURXS VROLGDULW\ DQG LGHQWLI\ ZLWK WKH VXEMHFWV %URZQ DQG /HYLQVRQ f KDYH WHUPHG VXFK VWUDWHJLHV nSRVLWLYH SROLWHQHVVn ZKLFK WKH\ H[SODLQ DV IROORZV 3RVLWLYHSROLWHQHVV XWWHUDQFHV DUH XVHG DV D NLQG RI PHWDSKRULFDO H[WHQVLRQ RI LQWLPDF\ WR LPSO\ FRPPRQ JURXQG RU VKDULQJ RI ZDQWV WR D OLPLWHG H[WHQW HYHQ EHWZHHQ VWUDQJHUV ZKR SHUFHLYH WKHPVHOYHV IRU WKH SXUSRVHV RI WKH LQWHUDFWLRQ DV VRPHKRZ VLPLODU 6FROORQ DQG 6FROORQ f GHVFULEH WKLV DV nVROLGDULW\ SROLWHQHVVn EHKLQG ZKLFK OLHV WKH DVVXPSWLRQ WKDW WKHUH LV OLWWOH GLVWDQFH 'f EHWZHHQ WKH SDUWLFLSDQWV DQG WKDW WKHUH LV DOVR DW PRVW D VOLJKW SRZHU 3f GLIIHUHQFH EHWZHHQ WKHP 6RPH H[DPSOHV RI VROLGDULW\ SROLWHQHVV ZLWKLQ WKH 0RURFFDQ'XWFK FRQYHUVDWLRQ VKRZ WKDW WKH UHVHDUFKHU DWWHPSWHG WR LGHQWLI\ ZLWK WKH VXEMHFWVn FXOWXUDO YDOXHV DQG ZLWK WKHLU SUREOHPV RI LQWHJUDWLRQ DQG DGDSWDWLRQ

PAGE 209

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

PAGE 210

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n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

PAGE 211

WKHPDWLF GLUHFWLRQV HLWKHU DV D UHDFWLRQ WR DQRWKHU VXEMHFWnV XWWHUDQFHV RU DV D FRQWLQXDWLRQ RI WKHLU RZQ FRQWULEXWLRQV DQG WKXV WKH WRSLFV FKDQJHG DV D UHVXOW RI WKH QDWXUDO IORZ RI WKH FRQYHUVDWLRQ 7KRXJK DQ\ WRSLF DQDO\VLV PXVW EH FRQVLGHUHG WR D ODUJH H[WHQW D VXEMHFWLYH LQWHUSUHWDWLRQ RI WKH SURJUHVVLRQ RI D FRQYHUVDWLRQ 7DEOH DWWHPSWV WR JLYH D VFKHPDWLF UHSUHVHQWDWLRQ RI WKH IORZ RI WRSLFV GXULQJ WKH 0RURFFDQ GLVFXVVLRQ ,Q DGGLWLRQ WKH VKLIWV LQ FRQWURO DUH SUHVHQWHG WKURXJK WKH PHDVXUHV RI f WRSLF LQLWLDWLRQ f QXPEHU RI WXUQV SHU VHJPHQW DQG f QXPEHU RI ZRUGV SHU VHJPHQW 7KH WDEOH VKRZV WKDW WRSLF FRQWURO WKRXJK LW PD\ EH D OHVV REMHFWLYH PHDVXUH DQG PD\ EH KDUGHU WR LGHQWLI\ WHQGV WR JLYH D PRUH SUHFLVH LQGLFDWLRQ RI WKH OHYHO RI FRQWURO GXULQJ WKH FRQYHUVDWLRQ 7$%/( 723,&6 7XUQV 7RSLF ,QLWLDWHG E\ &RQWURO SHU 6HJPHQW 7XUQV :RUGV 6HJn PHQW LQWURGXFWLRQ 1 1 t 6, 1 t 6, LQWHJUDWLRQ 1 1 t 6, 1 t 6, VFKRRO 6 DWWLWXGHV WRZDUGV LPPLJUDQWV 1 UROH RI ZRPHQ 1 1 t 6 1 t 6,

PAGE 212

7$%/( FRQWLQXHG 7XUQV 7RSLF ,QLWLDWHG &RQWURO E\ SHU 6HJPHQW 7XUQV :RUGV 6HJn PHQW LQWHJUDWLRQ 1 ODZV DQG FXVWRPV 1 PDUULDJH DQG UHVLGHQF\ 6 OHJLVODWLRQ DQG KRXVLQJ 1 6 t 1 6 t 1 LQHJXDOLW\ LQ OHJDO PDWWHUV 6 GLVFULPLQDWLRQ 6 SROLWLFV 1 SHUVRQDO H[SHULHQFHV ZLWK GLVFULPLQDWLRQ 1 GLVFULPLQDWLRQ LQ PHGLD 6 1 t 6 6, t 6 GLVFULPLQDWLRQ LQ VFKRRO 6 WKH 'XWFK DQG GLVFULPLQDWLRQ 6, HGXFDWRQ 1 ODQJXDJH SUREOHPV 6 FULPH 6 VFKRRO 6 6 t 6 6 t 6, ODQJXDJH DQG VFKRRO 1 1 t 6 1 t 6, XQLYHUVLW\ DGPLVVLRQ 6, VFKRRO FXUULFXOXP 1 ODQJXDJH 6 6 t 1 6 t 6 FXUULFXOXP 6

PAGE 213

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f ZDV QRW VXLWDEOH IRU WHVWV RI VLJQLILFDQFH WKH TXDQWLWDWLYH GDWD ZHUH QHYHUWKHOHVV IRXQG WR EH YDOXDEOH IRU DQDO\VLV RI DQ H[WHQGHG FRQYHUVDWLRQ 9DULRXV GLVFRXUVH VWUDWHJLHV ZHUH LQYHVWLJDWHG ERWK ZLWKLQ WKH VSHFLILF FRQWH[W RI WKLV FRQYHUVDWLRQ DQG IURP WKH SHUVSHFWLYH RI LQWHUHWKQLF FRPPXQLFDWLRQ 7KH ILQGLQJV

PAGE 214

VKRZ WKDW WKHUH ZHUH D QXPEHU RI GLIIHUHQFHV LQ FXOWXUDO VW\OH EHWZHHQ 0RURFFDQ VSHDNHUV RI 'XWFK DQG QDWLYH VSHDNHUV 7KH 0RURFFDQ'XWFK VSHDNHUV IRU LQVWDQFH XVHG EDFNFKDQQHO XWWHUDQFHV WR UHJDLQ FRQYHUVDWLRQDO FRQWURO H[SUHVVHG IRUPDOLW\ WKURXJK GLVFRXUVH WRSLF RUJDQL]DWLRQ PDGH H[WHQVLYH XVH RI UHSHWLWLRQV DV SDUW RI WKHLU DUJXPHQWDWLYH VW\OH DQG HPSOR\HG VLPXOWDQHRXV VSHHFK DV D VROLGDULW\ VWUDWHJ\ 1RWHV ,Q WKH H[DPSOHV JLYHQ LQ WKH WH[W WKH IROORZLQJ WUDQVFULSWLRQ FRQYHQWLRQV DUH XVHG f D QXPEHU DW WKH EHJLQQLQJ RI D OLQH RU RI DQ H[DPSOH LQGLFDWHV WKH WXUQ QXPEHU f SDXVHV RU SRLQWV DW ZKLFK DQ LQWHUUXSWLRQ RFFXUUHG DUH LQGLFDWHG E\ WKUHH GRWV f f EUDFNHWHG GRWV >@ LQGLFDWH DQ RPLVVLRQ IURP WKH WH[W ,Q DGGLWLRQ GLIIHUHQFHV PD\ RFFXU EHWZHHQ PDOH DQG IHPDOH VSHDNHUV ZLWK UHVSHFW WR VLPXOWDQHRXV VSHHFK 7RSLF FKDQJH RI FRXUVH GLG JHQHUDOO\ QRW FRLQFLGH ZLWK VHJPHQW WUDQVLWLRQV WKHUHIRUH WRSLFV ZKLFK ZHUH GLYLGHG RYHU WZR VHJPHQWV KDYH EHHQ FRXQWHG ZLWK WKH VHJPHQW RI ZKLFK WKH\ RFFXSLHG WKH ODUJHVW SDUW

PAGE 215

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

PAGE 216

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f LQLWLDO LQWHUYHQWLRQ DIWHU IDPLO\ UHXQLILFDWLRQ WUDQVLWLRQDO HGXFDWLRQf f UHOHYDQFH RI SROLFLHV IRU FKLOGUHQ RI GLVDGYDQWDJHG EDFNJURXQGV WR WKH VLWXDWLRQ RI LPPLJUDQW FKLOGUHQ f QDWLYH ODQJXDJH DQG FXOWXUH WHDFKLQJ DQG f LQWHUFXOWXUDO HGXFDWLRQ $ UHYLHZ RI WKH OLWHUDWXUH XQGHUVFRUHG WKH QHHG IRU DWWHQWLRQ WR WKH SUREOHPV RI WKH ROGHU VHFRQG JHQHUDWLRQ LQ WKH (XURSHDQ KRVW VRFLHWLHV :LWKLQ WKH 1HWKHUODQGV LQ SDUWLFXODU PDQ\ RI WKH 0RURFFDQ \RXWKV ZLWKLQ WKLV DJH JURXS KDYH EHHQ VKRZQ WR H[SHULHQFH IHHOLQJV RI DOLHQDWLRQ DQG FRQVLGHU WKHPVHOYHV WR EH D ORVW JHQHUDWLRQ $V DQ

PAGE 217

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f %UDVV DQG GH 9ULHV f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nV WR ORZHU VHFRQGDU\ RU

PAGE 218

YRFDWLRQDO VFKRROV DQG IHZ KDYH WKH RSSRUWXQLW\ WR FRQWLQXH DW PRUH DGYDQFHG OHYHOV 9DQ GHQ %HUJ(OGHULQJ IIf UHSRUWV YDULRXV VKRUWFRPLQJV RI ,6. HGXFDWLRQ VXFK DV SUREOHPV LQ FRQQHFWLQJ ZLWK WKH UHJXODU VFKRRO V\VWHP WRR KLJK D FRQFHQWUDWLRQ RI IRUHLJQ VWXGHQWV DQG LQDGHTXDWH DWWHQWLRQ WR VWXGHQWVn SUREOHPV 6KH FRQFOXGHV WKDW WKXV IDU ,6.n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

PAGE 219

WKH VWXGHQWVn DFTXLVLWLRQ RI 'XWFK ODQJXDJH VNLOOV DORQH EXW UROH RI ODQJXDJH VKRXOG EH VHHQ LQ WKH EURDGHU SHUVSHFWLYH RI WKH VWXGHQWVn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

PAGE 220

DGGUHVVHG DV ZHOO $Q HYDOXDWLRQ RI WKH UHVXOWV RI WKLV UHVHDUFK LQGLFDWHV WKDW TXDQWLILFDWLRQ RI FHUWDLQ FRQYHUVDWLRQDO SDUDPHWHUV FDQ IRU LQVWDQFH EH XVHG WR f JDLQ LQVLJKWV LQWR WKH EDVLF VWUXFWXUH RI D VSHFLILF VSHHFK HYHQW f REMHFWLYHO\ FRPSDUH LQGLYLGXDO FRQWULEXWLRQV f HVWDEOLVK D PHDVXUH RI SURJUHVVLRQ RYHU WLPH DQG f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

PAGE 221

LQWHUDFWLRQ ZKHUHDV WKH VWXGHQWV LQ WUDQVLWLRQDO HGXFDWLRQ WHQGHG WR UHO\ RQ WKHLU QDWLYH ODQJXDJHV 7UDQVLWLRQDO HGXFDWLRQ DSSHDUHG WR SULPDULO\ IXQFWLRQ DV DQ HQYLURQPHQW IRU OHDUQLQJ 'XWFK EXW GLG QRW FRQWULEXWH VLJQLILFDQWO\ WR WKH DFTXLVLWLRQ RI 'XWFK 7KH VRFLRGHPRJUDSKLF YDULDEOHV OHQJWK RI UHVLGHQFH /25f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

PAGE 222

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nV XVH RI EDFNFKDQQHO XWWHUDQFHV IRU LQVWDQFH FRXOG IXQFWLRQ DV D PHDQV IRU UHn HVWDEOLVKLQJ FRQWURO LQ D FRQYHUVDWLRQ UDWKHU WKDQ DV D VLJQ RI FRRUGLQDWHG KHDUHUVKLS )RUPDOLW\ RI GLVFRXUVH ZDV H[SUHVVHG WKURXJK WRSLF RUJDQL]DWLRQ 6LPXOWDQHRXV VSHHFK ZKLFK ZDV VKRZQ LQ &KDSWHU )RXU WR RFFXU PRUH ZLWK ROGHU DQG

PAGE 223

EHWWHU HGXFDWHG VSHDNHUV FRXOG EH XVHG DV D VROLGDULW\ VWUDWHJ\ 5HSHWLWLRQV RI XWWHUDQFHV VHUYHG DV D FRKHUHQFH VWUDWHJ\ EXW ZHUH DOVR FRQVLGHUHG FKDUDFWHULVWLF RI WKH $UDELF DUJXPHQWDWLYH VW\OH 7KHVH ILQGLQJV VXSSRUW .RFKnV f DQDO\VLV RI UHSHWLWLRQV ZKLFK ZDV SULPDULO\ EDVHG RQ ZULWWHQ GDWD $V *XPSHU] f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

PAGE 224

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

PAGE 225

$33(1',; $ 48(67,211$,5( 1DPH $GGUHVV 'DWH RI ELUWK 'DWH\HDU RI DUULYDO LQ WKH 1HWKHUODQGV +RPHWRZQ LQ 0RURFFR :KLFK VFKRRO DUH \RX DWWHQGLQJ" :KLFK JUDGH" 'LG \RX JR WR VFKRRO LQ 0RURFFR"
PAGE 226

'R \RX JHW H[WUD OHVVRQV WR OHDUQ $UDELF"
PAGE 227

$33(1',; % 287/,1( )25 678'(17 ,17(59,(: ,+RPH :KHUH GR \RX OLYH" ([FHSW IRU \RXU SDUHQWV DQG EURWKHUV DQG VLVWHUV DUH WKHUH RWKHU SHRSOH OLYLQJ LQ \RXU KRXVH" +RZ ORQJ GLG \RX OLYH WKHUH" +DYH \RX HYHU OLYHG LQ RWKHU SODFHV LQ +ROODQG RU (XURSHf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

PAGE 228

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

PAGE 229

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f" :KDW GR \RX GR LQ \RXU VSDUH WLPH"

PAGE 230

%,%/,2*5$3+< $GYLHVFRLUDQLVVLH YRRU GH /HHUSODQRQWZLNNHOLQJ 0RHGHUWDDO $&/2f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f 6HFRQG ODQJXDJHV $ FURVV OLQJXLVWLF SHUVSHFWLYH 5RZOH\ 0$ 1HZEXU\ +RXVH 3XEOLVKHUV ,QF $SSHO 5HQ ,PPLJUDQW FKLOGUHQ OHDUQLQJ 'XWFK 6RFLROLQJXLVWLF DQG SV\FKROLQJXLVWLF DVSHFWV RI VHFRQGODQJXDJH DFTXLVLWLRQ 'RUGUHFKW )RULV 3XEOLFDWLRQV $SSOHJDWH -RVHSK 5 7KH %HUEHU ODQJXDJHV $IURDVLDWLF $ 6XUYH\ HG E\ &DUOHWRQ 7 +RGJH 7KH +DJXH 0RXWRQ $VKHU -DPHV DQG 5DPLUR *DUFLD 7KH RSWLPDO DJH WR OHDUQ D IRUHLJQ ODQJXDJH ,Q .UDVKHQ 6FDUFHOOD DQG /RQJ

PAGE 231

$WNLQVRQ 0D[ZHOO DQG -RKQ +HULWDJH HGVf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n VWUDWHJLHV LQ WKH XVH RI \HVQR TXHVWLRQV LQ GLVFRXUVH ,Q *XPSHU] YDQ GHQ %HUJ(OGHULQJ / 0DURNNDDQVH HQ 7XUNVH NLQGHUHQ HQ KXQ RXGHUV ,Q 1HXZDKO DQG GH 5DDG HGf 9DQ JDVWDUEHLGHU WRW LPPLJUDQW 0DURNNDQHQ HQ 7XUNHQ LQ 1HGHUODQG $OSKHQ DDQ GHQ 5LMQ 6DPVRP 8LWJHYHULM )-0 GH 5LMFNH DQG /9 =XFN QG HGVf 0XOWLFXOWXUDO HGXFDWLRQ $ FKDOOHQJH IRU WHDFKHUV 'RUGUHFKW )RULV 3XEOLFDWLRQV %LOOLH] -DFTXHOLQH /HV MHXQHV LVVXHV GH nLPPLJUDWLRQ DOJULHQQH HW HVSDJQROH £ *UHQREOH 4XHOTXHV DVSHFWV VRFLROLQJXLVWLTXHV ,-6/ %RXUKLV 5LFKDUG < &URVVFXOWXUDO FRPPXQLFDWLRQ LQ 0RQWUHDO 7ZR ILHOG VWXGLHV VLQFH %LOO ,-6/

PAGE 232

%UDVV 3DXO DQG 0DUOHQH GH 9ULHV -RQJH 7XUNHQ HQ 0DURNNDQHQ +XQ SRVLWLH LQ KHW RQGHUZLMV HQ RS GH DUEHLGVPDUNW ,Q YDQ GHQ %HUJ(OGHULQJ %URZQ 3 DQG 6 /HYLQVRQ 8QLYHUVDOV LQ ODQJXDJH XVDJH 3ROLWHQHVV SKHQRPHQD 4XHVWLRQV DQG SROLWHQHVV 6WUDWHJLHV LQ VRFLDO LQWHUDFWLRQ HG E\ (1 *RRG\ &DPEULGJH &DPEULGJH 8QLYHUVLW\ 3UHVV %XUQV $OODQ ) ,QWHUDFWLYH IHDWXUHV LQ
PAGE 233

&RRN*XPSHU] -HQQ\ 7KH FKLOG DV D SUDFWLFDO UHDVRQHU 6RFLRFXOWXUDO GLPHQVLRQV RI ODQJXDJH XVH HG E\ 0DU\ 6DQFKHV DQG %HQ %ORXQW 1HZ
PAGE 234

(GXFDWLRQ 0LQLVWU\ RI %HOHLGVSODQ YRRU KHW RQGHUZLMV DDQ JURHSHQ LQ DFKWHUVWDQGV VLWXDWLHV 0DDWUHJHOHQ WRW XLWYRHULQJ YDQ KHW RQGHUZLMVVWLPXOHULQJVEHOHLG nV *UDYHQKDJH 6WDDWVXLWJHYHULM %HOHLGVSODQ FXOWUHOH PLQGHUKHGHQ LQ KHW RQGHUZLMV nV *UDYHQKDJH 6WDDWVXLWJHYHULM ,QVSHFWLH ./2f 2QGHUZLMV LQ HLJHQ WDDO HQ FXOWXXU 6DPHQYDWWHQGH UHSRUWDJH YDQ LQVSHFWLH LQGUXNNHQ RSJHGDDQ WLMGHQV EH]RHNHQ DDQ HHQ ]HVWLJWDO 2(7&OHVORNDWLHV n V *UDYHQKDYH 6WDDWVXLWJHYHULM 2QGHUZLMV LQ HLJHQ WDDO HQ FXOWXXU nV *UDYHQKDJH 6WDDWVXLWJHYHULM 2QGHUZLMV LQ HLJHQ WDDO HQ FXOWXXU ,QIRUPDWLH YRRU RQGHUZLMVJHYHQGHQ n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nV *UDYHQKDJH 6WDDWVXLWJHYHULM (NVWUDQG /+ $GMXVWPHQW DPRQJ LPPLJUDQW SXSLOV LQ 6ZHGHQ ,QWHUQDWLRQDO 5HYLHZ RI $SSOLHG 3V\FKRORJ\ 0DLQWHQDQFH RU WUDQVLWLRQ RU ERWK" $ UHYLHZ RI 6ZHGLVK LGHRORJLHV DQG HPSLULFDO UHVHDUFK ,Q +XVQ DQG 2SSHU

PAGE 235

(QW]LQJHU + 2YHUKHLGVEHOHLG YRRU LPPLJUDQWHQ ,Q YDQ GHQ %HUJ(OGHULQJ (ULFNVRQ ) *DWHNHHSLQJ HQFRXQWHUV $ VRFLDO VHOHFWLRQ SURFHVV $QWKURSRORJ\ DQG WKH SXEOLF LQWHUHVW )LHOGZRUN DQG WKHRU\ HG E\ 35 6DQGD\ 1HZ
PAGE 236

HGf 0LGGOH (DVWHUQ 0XVOLP ZRPHQ VSHDN $XVWLQ 8QLYHUVLW\ RI 7H[DV 3UHVV )LVKPDQ -RVKXD $ 6RFLROLQJXLVWLFV $ EULHI LQWURGXFWLRQ 5RZOH\ 0$ 1HZEXU\ +RXVH 3XEOLVKHUV /DQJXDJH LQ VRFLRFXOWXUDO FKDQJH 6WDQIRUG 6WDQIRUG 8QLYHUVLW\ 3UHVV )UDGG 6DQGUD + /DQJXDJH DFTXLVLWLRQ RI &XEDQ LPPLJUDQW MXQLRU KLJK VFKRRO VWXGHQWV 'LVVHUWDWLRQ 8QLYHUVLW\ RI )ORULGD *DLOO\ $ DQG /HPDQ HGVf 2QGHUZLMV WDDO HQ OHHUPRHLOLMNKHGHQ LQ GH LPPLJUDWLH /HXYHQ $FFR *DUGQHU 5REHUW & DQG :DOODFH ( /DPEHUW $WWLWXGHV DQG PRWLYDWLRQ LQ VHFRQGODQJXDJH OHDUQLQJ 5RZOH\ 0$ 1HZEXU\ +RXVH 3XEOLVKHUV *DVNLOO : &RUUHFWLRQ LQ QDWLYH VSHDNHU QRQQDWLYH VSHDNHU FRQYHUVDWLRQ ,Q /DUVHQ )UHHPDQ *LJOLROL 3LHU 3DROR /DQJXDJH DQG VRFLDO FRQWH[W 0LGGOHVH[ 3HQJXLQ %RRNV *LOHV +RZDUG DQG 5REHUW 1 6W&ODLU /DQJXDJH DQG VRFLDO SV\FKRORJ\ %DOWLPRUH 8QLYHUVLW\ 3DUN 3UHVV *LQJUDV 5RVDULR HGf 6HFRQG ODQJXDJH DFTXLVLWLRQ DQG IRUHLJQ ODQJXDJH WHDFKLQJ :DVKLQJWRQ '& &HQWHU IRU $SSOLHG /LQJXLVWLFV *RIIPDQ ( 5HSOLHV DQG UHVSRQVHV /DQJXDJH LQ 6RFLHW\ *ULFH +3 /RJLF DQG FRQYHUVDWLRQ 6SHHFK DFWV 6\QWD[ DQG VHPDQWLFV YRO HG E\ 3 &ROH DQG -3 0RUJDQ 1HZ
PAGE 237

7KH FRPPXQLFDWLYH FRPSHWHQFH RI ELOLQJXDOV 6RPH K\SRWKHVHV DQG VXJJHVWLRQV IRU UHVHDUFK /DQJXDJH LQ 6RFLHW\ 6RFLRFXOWXUDO NQRZOHGJH LQ FRQYHUVDWLRQDO LQIHUHQFH *HRUJHWRZQ 8QLYHUVLW\ 5RXQG 7DEOH RQ /DQJXDJHV DQG /LQJXLVWLFV /LQJXLVWLFV DQG DQWKURSRORJ\ HG E\ 0XULHO 6DYLOOH7URLNH :DVKLQJWRQ *HRUJHWRZQ 8QLYHUVLW\ 3UHVV 'LDOHFW DQG FRQYHUVDWLRQDO LQIHUHQFH LQ XUEDQ FRPPXQLFDWLRQ /DQJXDJH LQ 6RFLHW\ D 'LVFRXUVH VWUDWHJLHV &DPEULGJH &DPEULGJH 8QLYHUVLW\ 3UHVV E HGf /DQJXDJH DQG VRFLDO LGHQWLW\ &DPEULGJH &DPEULGJH 8QLYHUVLW\ 3UHVV DQG 'HOO +\PHV HGVf 'LUHFWLRQV LQ VRFLROLQJXLVWLFV 7KH HWKQRJUDSK\ RI FRPPXQLFDWLRQ 1HZ
PAGE 238

E 'LVFRXUVH DQDO\VLV VSHHFK DFWV DQG VHFRQG ODQJXDJH DFTXLVLWLRQ 6HFRQG ODQJXDJH DFTXLVLWLRQ ,VVXHV DQG LPSOLFDWLRQV HG E\ :LOOLDP & 5LWFKLH 1HZ
PAGE 239

+XGVRQ 5$ 6RFLROLQJXLVWLFV &DPEULGJH &DPEULGJH 8QLYHUVLW\ 3UHVV +XOVWLMQ -DQ + 'LIILFXOWLHV LQ WKH DFJXLVLWLRQ RI WZR ZRUG RUGHU UXOHV E\ DGXOW OHDUQHUV RI 'XWFK ,Q $QGHUVHQ +XVQ 7RUVWHQ DQG 6XVDQ 2SSHU 0XOWLn FXOWXUDO DQG PXOWLOLQJXDO HGXFDWLRQ LQ LPPLJUDQW FRXQWULHV 3URFHHGLQJV RI DQ ,QWHUQDWLRQDO 6\PSRVLXP KHOG DW WKH :HQQHU*UHQ &HQWHU 6WRFNKROP $XJXVW DQG 2[IRUG 3HUJDPRQ 3UHVV +\PHV 'HOO 0RGHOV RI WKH LQWHUDFWLRQ RI ODQJXDJH DQG VRFLDO OLIH ,Q *XPSHU] DQG +\PHV )RXQGDWLRQV LQ VRFLROLQJXLVWLFV $Q HWKQRJUDSKLF DSSURDFK 3KLODGHOSKLD 8QLYHUVLW\ RI 3HQQV\OYDQLD 3UHVV HGf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f 2Q VWHSZLVH WUDQVLWLRQ IURP WDON DERXW WURXEOH WR LQDSSURSULDWHO\ QH[W SRVLWLRQHG PDWWHUV ,Q $WNLQVRQ DQG +HULWDJH -RKQVWRQH %DUEDUD 3DUDWD[LV LQ $UDELF 6WXGLHV LQ /DQJXDJH IRUWKFRPLQJ

PAGE 240

.DFKUX %UDM % ,QVWLWXWLRQDOL]HG VHFRQG ODQJXDJH YDULHWLHV 8QLYHUVLW\ RI ,OOLQRLV 06 .HHQDQ ( 2FKV D &RQYHUVDWLRQDO FRPSHWHQFH LQ FKLOGUHQ ,Q 2FKV DQG 6FKLHIIHOLQ E 0DNLQJ LW ODVW 5HSHWLWLRQ LQ FKLOGUHQnV GLVFRXUVH ,Q 2FKV DQG 6FKLHIIHOLQ B F (YROYLQJ GLVFRXUVHf§7KH QH[W VWHS ,Q 2FKV DQG 6FKLHIIHOLQ B DQG %DPEL % 6FKLHIIHOLQ 7RSLF DV GLVFRXUVH QRWLRQ $ VWXG\ RI WRSLF LQ WKH FRQYHUVDWLRQV RI FKLOGUHQ DQG DGXOWV 6XEMHFW DQG WRSLF HG E\ &KDUOHV 1 /L 1HZ
PAGE 241

/DERY :LOOLDP 7KH VRFLDO VWUDWLILFDWLRQ RI (QJOLVK LQ 1HZ
PAGE 242

/X\N[ 0 DQG 3 8QLNHQ 9HQHPD :HJEOLMYHQ YDQ VFKRRO 9DNJURHS 2QGHUZLMVNXQGH 5LMNV XQLYHUVLWHLW 8WUHFKW 06 0DF'RQDOG 0DUJXHULWH &XEDQ$PHULFDQ (QJOLVK 7KH VHFRQG JHQHUDWLRQ LQ 0LDPL 'LVVHUWDWLRQ 8QLYHUVLW\ RI )ORULGD 0DF1DPDUD -RKQ 7KH ELOLQJXDOnV OLQJXLVWLF SHUIRUPDQFHf§$ SV\FKRORJLFDO RYHUYLHZ -RXUQDO RI 6RFLDO ,VVXHV ;;,,, 0HKUO£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

PAGE 243

1LFKRODV +RZDUG n7R EHn RU QRW nWR EHn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f /DQJXDJH LQ 6RFLHW\ 2Q LQSXW DQG UHVLGXDO /, WUDQVIHU HIIHFWV LQ 7XUNLVK DQG *UHHN FKLOGUHQn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

PAGE 244

5LFKDUGV -DFN & &RPPXQLFDWLYH QHHGV LQ IRUHLJQ ODQJXDJH OHDUQLQJ ,Q :ROIVRQ DQG -XGG DQG 5LFKDUG : 6FKPLGW D HGVf /DQJXDJH DQG FRPPXQLFDWLRQ /RQGRQ /RQJPDQ DQG 5LFKDUG : 6FKPLGW E &RQYHUVDWLRQDO DQDO\VLV ,Q 5LFKDUGV DQG 6FKPLGW 5LVW 5& 7KH VRFLDO FRQWH[W RI PXOWLFXOWXUDO DQG PXOWLOLQJXDO HGXFDWLRQ LQ LPPLJUDQW FRXQWULHV 6RPH SURJUDP DQG SROLF\ FRQVLGHUDWLRQV ,Q +XVQ DQG 2SSHU 5LWFKLH :LOOLDP & HGf 6HFRQG ODQJXDJH DFTXLVLWLRQ ,VVXHV DQG LPSOLFDWLRQV 1HZ
PAGE 245

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n DWWLWXGHV WRZDUGV SXSLOV /DQJXDJH LQ 6RFLHW\ 6KDGLG :. 0RURFFDQ ZRUNHUV LQ WKH 1HWKHUODQGV 'LVVHUWDWLRQ 5LMNVXQLYHUVLWHLW /HLGHQ 6KRUUDE *KD]L %LOLQJXDO SDWWHUQV RI DQ $UDELF(QJOLVK VSHHFK FRPPXQLW\ ,-6/ 6KX\ 5RJHU : 6XEMHFWLYH MXGJPHQWV LQ VRFLROLQJXLVWLF DQDO\VLV /LQJXLVWLFV DQG WKH WHDFKLQJ RI VWDQGDUG (QJOLVK WR VSHDNHUV RI RWKHU ODQJXDJHV RU GLDOHFWV HG E\ $ODWLV :DVKLQJWRQ *HRUJHWRZQ 8QLYHUVLW\ 3UHVV

PAGE 246

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f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

PAGE 247

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nFRPPXQLFDWLRQ VWUDWHJ\n 6WUDWHJLHV LQ LQWHUODQJXDJH FRPPXQLFDWLRQ HG E\ &ODXV )DHUFK DQG *DEULHOH .DVSHU /RQGRQ /RQJPDQ 7D\ORU 7DOERW DQG &DPHURQ $QDO\VLQJ FRQYHUVDWLRQ 5XOHV DQG XQLWV LQ WKH VWUXFWXUH RI WDON 2[IRUG 3HUJDPRQ 3UHVV 7LOOLRQ *HUPDLQH :RPHQnV RSSUHVVLRQ LQ 0HGLWHUUDQHDQ /RQGRQ $ 6DTL %RRNV 7LOOLRQ VRFLHW\ 7UXGJLOO 3HWHU UHY HGf 6RFLRn OLQJXLVWLFV $Q LQWURGXFWLRQ WR ODQJXDJH DQG VRFLHW\ 0LGGOHVH[ 3HQJXLQ %RRNV 9DURQLV (0 DQG 60 *DVV 0LVFRPPXQLFDWLRQ LQ QDWLYHQRQQDWLYH FRQYHUVDWLRQ /DQJXDJH LQ 6RFLHW\ 9HURQLTXH 'DQLHO 7KH DFTXLVLWLRQ RI )UHQFK PRUSKRV\QWD[ E\ QDWLYH VSHDNHUV RI $UDELF GLDOHFWV 1RUWK $IULFDf ,Q $QGHUVHQ *HUPDL

PAGE 248

9HUZH\-RQNHU +$OORFKWRQHQ LQ 1HGHUODQG n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f 7DDODWWLWXGH WDDOYDDUGLJKHLG HQ VRFLDOH RPVWDQGLJKHGHQ YDQ 0DURNNDDQVH DUEHLGHUV LQ 1HGHUODQG (HQ YHUNHQQHQG RQGHU]RHN 7RHJHSDVWH 7DDOZHWHQVFKDS LQ $UWLNHOHQ :HWHQVFKDSVZLQNHO 8QLYHUVLW\ RI $PVWHUGDP %XLWHQODQGVH NLQGHUHQ LQ GH YLMIGH HQ ]HVGH NODV WDDOYDDUGLJKHLG NODVVHLQWHUDNWLH KRXGLQJ OHHUNUDFKWHQ $PVWHUGDP :ROII (NNHKDUG QGf 'LH %HUEHUVSUDFKHQ 'LH 6SUDFKHQ $IULNDV 6WXGLHQDXVJDEH %DQG $IUR $VLDWLVFK HG E\ % +HLQH 7 6FKDGHEHUJ DQG ( :ROII +DPEXUJ +HOPXW %XVNH 9HUODJ :ROIUDP :DOW 6RFLROLQJXLVWLF DVSHFWV RI DVVLPLODWLRQ 3XHUWR 5LFDQ (QJOLVK LQ 1HZ
PAGE 249

=HKUDRXL $KVQH /HV WUDYDLOOHXUV DOJULHQV HQ )UDQFH 3DULV )UDQJRLV 0DVSHUV

PAGE 250

%,2*5$3+,&$/ 6.(7&+ 3HWURQHOOD /\GD )UDQFLVFD 1HOOHNHf 9DQ 'HXVHQ6FKROO ZDV ERUQ RQ )HEUXDU\ LQ 8WUHFKW WKH 1HWKHUODQGV 6KH JUDGXDWHG IURP WKH &KULVWHOLMN *\PQDVLXP LQ 8WUHFKW LQ $IWHU FRPSOHWLQJ KHU .DQGLGDDWVH[DPHQ %$f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

PAGE 251

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£Q 9HUD $VVRFLDWH 3URIHVVRU RI 6RFLRORJ\

PAGE 252

7KLV GLVVHUWDWLRQ ZDV VXEPLWWHG WR WKH *UDGXDWH )DFXOW\ RI WKH 3URJUDP LQ /LQJXLVWLFV LQ WKH &ROOHJH RI /LEHUDO $UWV DQG 6FLHQFHV DQG WR WKH *UDGXDWH 6FKRRO DQG ZDV DFFHSWHG DV SDUWLDO IXOILOOPHQW RI WKH UHJXLUHPHQWV IRU WKH GHJUHH RI 'RFWRU RI 3KLORVRSK\ $SULO 'HDQ *UDGXDWH 6FKRRO


This dissertation was submitted to the Graduate Faculty
of the Program in Linguistics in the College of Liberal Arts
and Sciences and to the Graduate School and was accepted as
partial fulfillment of the reguirements for the degree of
Doctor of Philosophy.
April, 1988
Dean, Graduate School