Citation
Role orientation, expected lifestyle and anxiety

Material Information

Title:
Role orientation, expected lifestyle and anxiety implications for psychological androgyny
Creator:
Steinberger, Judith Laura, 1951-
Publication Date:
Language:
English
Physical Description:
ix, 75 leaves : ; 28 cm.

Subjects

Subjects / Keywords:
Androgyny ( jstor )
Anxiety ( jstor )
Clinical psychology ( jstor )
Femininity ( jstor )
Gender roles ( jstor )
Masculinity ( jstor )
Psychology ( jstor )
Social psychology ( jstor )
Social roles ( jstor )
Women ( jstor )
Androgyny (Psychology) ( lcsh )
Anxiety ( lcsh )
Dissertations, Academic -- Psychology -- UF ( lcsh )
Psychology thesis Ph. D ( lcsh )
Sex role ( lcsh )
Social role ( lcsh )

Notes

Thesis:
Thesis--University of Florida.
Bibliography:
Bibliography: leaves 71-74.
General Note:
Typescript.
General Note:
Vita.
Statement of Responsibility:
by Judith L. Steinberger.

Record Information

Source Institution:
University of Florida
Holding Location:
University of Florida
Rights Management:
Copyright [name of dissertation author]. Permission granted to the University of Florida to digitize, archive and distribute this item for non-profit research and educational purposes. Any reuse of this item in excess of fair use or other copyright exemptions requires permission of the copyright holder.
Resource Identifier:
000085694 ( ALEPH )
05341573 ( OCLC )
AAK1047 ( NOTIS )

Downloads

This item has the following downloads:


Full Text










ROLE ORIENTATION, EXPECTED LIFESTYLE AND ANXIETY:
IMPLICATIONS FOR PSYCHOLOGICAL ANDROGYNY






by


Judith L.


Steinberger


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



UNIVERSITY OF FLORIDA















ACKNOWLEDGMENTS


First of all


, I would like to express my deep appreciation to


Dr. Mary McCaulley, who stimulated and encouraged my interest in this


area.


A gracious


ly available and helpful


person, her continued


support


and guidance helped ease this task.


Everette Hall

insights, and


I am most grateful


likewise provided consistent feedback


I warm friendship.


to her.


critical


I particularly want to thank him for


interrupting his vacation to attend my oral


his generosity is much


appreciated.


I also want to express sincere thanks to Dr. Franz Epting, who

became the chairman of my committee at a critical time and provided


invaluable assistance in the final organization of this work.


I also


owe many thanks to Dr

tical, methodological


George Rekers, who


and theoretical


likewise contributed prac-


insights and to Dr. Ann Lynch,


whose interest in the psychology of women and in my dissertation helped


me to retain my own excitement while working on thi


tudy


As well,


I want to thank Dr.


Randy Carter of the Biostatisti


Department,


whose


statistical


advice proved to be invaluable.


Finally,


I want to thank my husband Stephan,


for hi


encouragement,


and his continued patience and tolerance.


He truly made this task


easier.

















TABLE OF CONTENTS


Page


ACKNOWLEDGMENTS

LIST OF TABLES

LIST OF FIGURES


ABSTRACT

CHAPTER ONE
INTRODUCTION


Backgre


* S S S SS S S S S a i


S S Sa a S S S S a


S S S S S S S S S S S 5 5 5 5 S


S S S S S S S SSSS


Androgyny and Personal Adjustment


tudy


* a 15


S a a S S S S a S S S S S 5 22


CHAPTER TWO .... 26
METHODOLOGY . 26

Subjects .. 26
M measures 26
Procedure 28

CHAPTER THREE .. 29


RESULTS


a S S S S S S S S S S S S S SS S S S S 5 29


CHAPTER FOUR
DISCUSSION


S S S C S S S S S S S S S S S S S S S S a a a 45
S S S S S S S S S S S S S S S S S S S S S S S 5 45


Sex Role Orientation
Implications for the


Androgyny and Social
Clinical Implication
The Split-Half Versu


and Anxiety 4
Interpretation of Androgyny 4


Role Choice


8


. S S S S 5


S S S S S S S S S S S S S S55


the Balance Procedure


. 54


CHAPTER FIVE


SUMMARY


S S S S S S S S S S SS S S S S 58


S S S S S S S S S S S S S S S S S S S 58


* r%~r..r .4. 5 S S


rrir












APPENDIX IV


- SUPPLEMENTARY DATA TABLES


a S S S 5 9 S S S S U 5 65


REFERENCE NOTES

REFERENCES


BIOGRAPHICAL SKETCH


S S S SS S a a S S S 70


p a S S S 5 5 5 S S S S S S S p p 71


S S S S S U S S S S S S S Sa a 75


Page
















LIST OF TABLES


Table


Page


Summary of the Two Way Ana


yses


of Variance of


Anxiety Scores

Mean Anxiety Scores of the Four


Role Categories


Trait Anxiety Scores Predicted by the BSRI Actual


and Ideal


res and Social Rol


Scores


Prediction of Anxiety Acores by BSRI Discrepancy Scores
and Social Role Scores


Comparison of
Orientation


subjects


Actual and Ideal


Role


Correlated t-tests for the


- Ideal Self Difference


Scores on the Masculinity and Femininity Scal
Role Categories ..


Mean Anxiety Scores of the Three Sex Role Ca
Defined by the Difference Method

Prediction of Anxiety Scores by Androgyny t-
Social Role


tegori


scores and


Prediction of Social Role Scores by Actual and Ideal
Masculinity and Femininity Scores


Intercorrelation Matrix of the Four Anxiety Measures


Anxiety


and Social Rol


ores Predicted by BSRI Actual and Ideal Scores


Scores


Prediction of Anxiety Scores by BSRI Discrepancy


and Social Rol


Scores


Scores for Androgynous Subjects


Summary of the Manova Analysis of Anxiety Scores for


RnYv Rnl


rFtannril


t*III ,~fl *~ fl *uIu t.. It It%4~ It


Defined by the Androavnv t-score















LIST OF FIGURES


Figure


Page


Mea n
Sex


- Self Ideal
Role Groups


Self Discrepancy


ores for th


Mean Social


Role Scores of the


Role Groups


Categorized by the Split-Half and the t-score
Procedures















Abstract of Dissertation Presented to the Graduate Council


University of Florida


in Partial


of the


Fulfillment of the Requirements


for the Degree of Doctor of Philosophy


ROLE ORIENTATION, EXPECTED LIFESTYLE AND ANXIETY
IMPLICATIONS FOR PSYCHOLOGICAL ANDROGYNY

By


Judith L.


Steinberger


August 1978


Chairperson: Fra
Major Department:


inz Epting
Psychology


The relationship between


sex role orientation and anxiety as


mediated by self


- ideal


self discrepancies and anticipated lifestyle


was examined in this


tudy.


The Bemr


Role


Inventory (BSRI) with


instructions


for actual


and ideal


self descriptions


Trait


cale


of the State


Trait Anxiety


cale,


the Cattell


IPAT


Anxiety


Scale and


the Lifestyl


for Women


Scale were admini


tered to


college women.


The results indicated that the relationship between


sex role orienta-


tion and anxiety appeared to be accounted for solely by the mascu-


linity scores.


Thus, androgynous and masculine individual


reported


lower anxiety scores than did the undifferentiated and feminine sub-


jects


. It was concluded that the concept of androgyny


as construed


hv the RSRT. wa< nont rplatpd tn mpaijrpd anxiptv


S~1f


- idrpal


cplf









masculinity ratings.


These findings were interpreted in terms of the


demonstrated significance of the masculine items in relation to anxiety,

rather than evidence of a relationship between general self dissatis-


faction and anxiety.


Social role scores were found to be strongly


related to anxiety scores such that a tendency to anticipate a tra-

ditional social role after graduation was associated with lower


anxiety scores.


These findings were interpreted in terms of the


relative salience academic success has for the traditional and nontra-


ditionally oriented female


Exploring subjects


' perceptions of


deal


sex role orientation


80% of the subjects indicated a desire to be androgynous.


All subjects


reported wanting significant increases on BSRI masculinity scores,

and all but the feminine subjects reported desired increases on the


femininity scale.


Androgynous women reported the smallest discrepancy


score, undifferentiated women the largest


Further examination of


the ideal ratings indicated that several feminine items were not con-


sidered desirable by any of the subjects


any masculine item.


while this was not true for


It was concluded that the BSRI contains an arti-


ficial factor which may contribute to lower femininity scores and


misinterpretations concerning ideal self rating


A comparison of the balance and split half scoring procedures


for the BSRI was made.


It was found that the largest discrepancies


occur between categorizing subjects as androgynous according to the


split half method or as feminine by the balance Drocedure.


Comoarina










subjects.


It was concluded, however, that the balance procedure does


not allow sufficient understanding of the factors contributing to the


differential scores of the androgynous subjects.


The split-half method


of categorizing subjects and the examination of masculinity and femin-

inity factors as they influence test outcome was proposed as essential

for further androgyny research.

Further examination of the findings suggested a distinction be-

tween statistically significant and clinically significant findings.

It was suggested that no clinical implications concerning the rela-

tionship between androgyny and psychological adjustment be drawn from

this study.














CHAPTER ONE
INTRODUCTION

role orientation has traditionally been associated with personal


adjustment.


Well adjusted individuals were presumed to adhere to the


stereotypic patterns of behavior associated with their gender while


deviance from these patterns was

"crossed sex" identification.


interpreted to

Recently the co


signify "weak" or


ncept of psychological


androgyny,

individual


the possession of both masculine and feminine traits by an


received considerable attention in the psychological


literature and appears


to have renewed empirical


interest in the area


sex typing and


sex role adjustment.


Wakefeld, Sasek


Friedman and


Bowden (1976) describe androgyny


as "freedom from rigid


sex roles"


while Bem (Bem and Lenney,


1976) carries the concept much further,


establishing androgyny as a model


for mental


health:


. for full


tioning,


effective and healthy func-


both femininity and masculinity must


each be tempered by the


other, and the two


must be integrated into a more balanced, a more


fully human, a
(p. 51)


truly androgynous


individual


She assumes,


in this definition


, the integration of both instrumental


and expressive functioning, as well as the individual


employ these traits with


ability to


situation appropriateness.


However, her measure of psychological androgyny,


the Bemr


Role









situation appropriateness or effectiveness


of the subject.


Neverthe-


less


, the majority of studio


investigating psychological


androgyny re-


port findings consistent with the "mental


health ideal"


definition


(Bem,


1977


Heilbrun,


1976


pence, Helmrich &


tapp,


1975).


One study


approached this issue from a different perspective


and found


, instead,


a positive correlation between androgyny and anxiety (Jordan-Viola,


Fassberg & Viola,


1976)


This study provided an alternative lens for


exploring the relationship of androgyny and personal adjustment.


Further investigations of the anxiety scores of androgynous


vidual


indi-


can be a valuable contribution to our understanding of the cor-


relates and consequences of androgyny


In their critical


review of


androgyny research


, Kelly and Worrell


(1977) affirmed the need for


further explorations of possible negative


consequences of androgyny


They


suggested that a wide behavioral


repertoire, such


as that available


to androgynous individuals might,


for some


, produce competing response


patterns


leading to internal


conflict.


Variable


possibly mediating the


adaptability of psychological androgyny included unspecified individual


differences


and the particular social


role or


situation an individual


might choose or encounter.


There is slight evidence to suggest that social


role may indeed medi-


ate the adaptive qualities


of androgyny (Jordan-Viola et al.,


1976)


study,


the BSRI and the


Taylor Manifest Anxiety Scale were administered


large sample


of female undergraduates,


feminists


, working women,


and housewives.


Positive correlations between androgyny and anxiety were








androgynous


subjects


scoring


high on


both


masculinity


femininity,


those


scoring


low on


both


these


attributes


ssible


that


increased


anxi


androgynous


was a


tion


level


androgynou


parti


cipants.


These


finding


need


to be


reex


amined


comparing


scores


high


evel


androgynous


ects


third


hypothes


hese


finding


p055


ibility


that


some


individual


scored


androgynou


on Bemr


measure were


com-


fortabl e


possessing


havioral


repertoi re,


teinmann


(1975)


wrote


that many


therapy


patient


report


consid


rabi


stress


over


the di


crepancy whi


between


perc


ption


ternalized


stations


standards


their


they


behavior markedly


should


diff


erent


Individual


from


hold


expec-


perceptions,


whether


androgynous


or sex typed,


erience


greater


anxiety


than


those


individual


signifi


compatible


cant


variabi


with


influencing


their


ideal


androgynou


elf.


adju


stment.


goal


tudy


expand


current


knowledge


androgyny


cons


equences


ychologi


adju


tment


exploring


some


poss


ible


variable


influen


anxie


scores


androgynou


subject


call


, the


relation


primary


tween


objectives


androgyny


anxi


tudy


are to (1)


determine


reexamine


whether


entation


hosen


social


roles


intera


influ


ence


anxiety


scores


termin


internal


standards


their


havior


screpanc


ect anxiety


between


scores.


perception


Secondary


jective


tudy


to (4)


rmine


ether


androgynou


subject





4



Background


Although both Freud and Jung each postulated that all


individual


possessed characteristics of both


sexes


, it is only recently that


role research has shifted its emphasis from the


tudy of intersex dif-


ferences to the


exploration of intrasex


variation of


sex role attributes.


Reviewing earlier


sex rol


research,


Constantinople (1973) concluded


that


sex rol


attributes had been assessed by a .variety of Masculinity


Femininity (M-F) scal


representing M-F as


a single,


bipolar dimension


which tended to


assess


the individual


adherence or deviance from the


modal male or female.


Deviance was interpreted to


ignify "weak"


"crossed


sex"


of personal


identification while adherence wa


adjustment (Heilbrun,


1968)


regarded as indicative


Employing bipolar M-F scales


both clinicians


(Broverman,Broverman


Clarkson


, Rosenkrantz & Vogel


,1970)


and college student


(Nowicki


& Poe,


1973) described emotional,


pass


ive,


dependent women as healthy, mature individuals.


Deviations from th


tereotyped expectation were associated with mental


illness


(Garai,


1970).


with schizophrenia


(Reed,


1957; McClelland and Watt


, 1968) and with


female alcoholism (Parker


1972


Wilsnack


, 1973)


However,


other empirical


evidence has


suggested that


at least for


women


, strong adherence to these


traditional role attributes and behaviors


was not adaptive, and instead,


was frequently


associated with anxiety


and low social acceptance (Cosentino & Heilbrun,


1964), with poor self


concept


(Rosenkrantz,


Vogel


, Broverman & Broverman,


McKee


Sheriffs


, 1957) and with


low level


of achievement


(Horner,


1968;


Stein








Currently, psychological


theory is focusing on the adaptive capa-


cities of the individual who possesses both "masculine" and "feminine,"

both instrumental and expressive attributes --the androgynous individual.

The integration of these attributes has been presented in theoretical


scuss


ions as a developmental


task of the adult,


the accomplishment of


which i


frequently


associated with


higher ego functioning (Bakan,


1966;


Block,


1973; Carlson,


1971


Heffner


Rebecca & 01


eshansky


, 1975).


(note


1) argued for the


scientific investigation of th


androgynous


individual and initiated a research program for that end


accomplishment was the development of the Bemrn


Her first


Role Inventory (BSRI)


which conceptualizes masculinity and femininity as separate dimensions,


and therefore i


able to as


sess


psychological androgyny.


Theoreti


cal and Operational


Definitions of Androgyny.


Bem initially


1974) defined androgyny as the capacity to respond in


either a masculine or feminine mode, according to the demands of any


situation.


Operationally,


this was interpreted to mean the possession


of a relatively equal


number of masculine and feminine attributes


measured by the BSRI.


This


inventory contains both a masculinity and


a femininity scale,


each consisting of 20 personality attributes selected


on the basi


of their


sex typed social


desirability, plus an additional


20 filler items.


A respondent describes herself along a 7-point scale


for each of these attribute


and a femininity score.


s, and subsequently receives a masculinity

significant endorsement of one scale over the


other was indicative of either a sex-typed or sex-reversed orien-









and nurturant potential


responses, or modes of behaving,


to be the hallmark of the androgynous


individual


was regarded


Implicit in this


conceptualization was the notion that a balance between instrumental and


expressive behaviors would promote


ituation-appropriate responses,


and that instrumental and expressive behaviors were equally essential


for all


individuals, regard


ess


of their


sex or life


situation.


oon after Bern published her


scale


, Spence, Helmri


ch and Stapp (1975)


developed a measure of androgyny which they employed in a


tudy concerning


the relationship of M-F to


stereotypic


self ratings.


They based their


scale on 55 bipolar adj


ectives


from the


Role


stereotype


Questionaire


of Rosenkrantz et al


into three scal


(. 1968


These items were subsequently divided


according to college students


' ratings of these items


on a five point scale, describing the ideal male and female.


Eighteen


items defined the Female Valued


ale.


These items obtained ratings with


means closer to the feminine side of the polar adjective for both


sexes.


Twenty-three items were


classified as male valued according to


a parallel


procedure.


Analyzing their


subjects'


self ratings on the scale,


the authors


concluded that "masculinity and femininity


are orthogonal,


if not


positively related "(p


35.)


They also reported a strong,


positive


relationship between the mal


and female- valued items and with self


esteem as measured by the


Texas Social Behavior


Inventory (Helmrich et al,


1974),


leading them to hypothesis


that both masculinity and femininity may


function in an additive fashion to determine an individual's


self concept









attributes was additive,


it was not


linear.


The M-F-Androgyny


continuum was thus operationally defined by splitting the


subject popu-


lation at the median points of both the mal


and female valued


cales


and forming four groups: Group


low mal


valued,


low female valued;


Group II, low male valued, high female valued; Group III, high male valued,


low female valued; and Group


IV, high male and female


valued.


The groups,


respectively


defined undifferentiated


, feminine, masculine, and andro-


gynous individual


model, of course, differed from Bemr's


(1974) operational


defi-


nation of androgyny which allowed individuals

to be termed androgynous, along with individual


possession of high amounts of these valued attrib


the implication


low on both valued traits


characterized by their

utes. To investigate


of these discrepant definitions, Spence and her coworkers


rescored their data according to Bemrn


sults of both these procedures, using self


s method and compared the


esteem as the dependent


variable.


When the data were restored according to Bem's method,


esteem increased directly across


groups, with feminine


self


ects


biting the


least amount of self esteem


masculine


the most


androgynous subjects a moderate amount


With the additive (split-half)


scoring procedure, undifferentiated individual


reported the


lowest


self


esteem, and androgynous part


ipants the highest.


The authors


concluded that masculinity and femininity represented "separate socially


desirable components present in both


sexes"


36) and that androgyny,


when defined as the possession of high amounts of both these valued









plit-half method which had been advocated, at


least partially


because it reinforced the assumption that androgyny represents the


healthiest


ex role orientation, was widely adopted.


Heilbrun (1976)


incorporated the split-half method into hi


androgyny measure, and


Bem (1977)


like


accepted this method, concurring with the position


that undifferentiated and androgynous individual


represent two distinct


personalities which need to be studied separately.


Neverthel


ess,


a controversy continues among current researchers


regarding the theoretical


implications, and thu


, the validity of the


balance v


. the split-half


method of


assess


ing/defining androgyny.


Although the androgyny construct continues


to receive


considerable


empirical attention, a preci


theoretical


and methodological definition


of thi


concept has not yet been established.


Methodological


Difficult


with the BSRI


Although the BSRI

chological androgyny,

in little consistency


the primary research instrument assessing psy-


it is employed in a wide variety of ways, resulting

amona research designs or data analysis. Some


-.4 ,.


of th


variations occur for theoretical


reasons, others for


statistical


purposes.


The theoretical distinction between a balance of masculinity


and femininity, and the possession of high (although perhaps,


unbalanced)


amounts of these attributes is the most debated issue among androgyny


researchers


Perhaps it i


because thi


distinction determines the


operational definition of androgyny, and hence,

androgyny research. Although Bem herself (1977


methodology of


) acknowledged that the


I








continue to employ the t-score or difference method.


The adherence


to this definition is further complicated by numerous "modifications"


of Bemrn


original


scoring procedures.


Some researchers employ t-scores


as continuous


data


(Jordan-Viola et al., note


Bem,


1977) while others


category


their subjects into three, rather than Bemrn


original


five


sex rol


calssifications


(Jones et al.,


1978).


Despite the


lack of


consistent methodology


"balance" advocates maintain that this approach


is merited because the procedure provides


an androgyny score which


allows for


statistical


analysis


(Wiggins


& Holzmuller,


1978) and also


allows the investigators to determine the


amounts of instrumental and


significance of the relative


expressive traits in determining test


outcomes


(Jones et al


., 1978)


The uniqueness


of undifferentiated sub-


jects is frequently dismissed by balance proponents.


For other researchers, separate analysis


of androgynous and undif-


ferentiated


subjects i


considered essential


(Bem


, 1977


Heilbrun,


1976;


Spence et al


.,1975).


The split-half procedure is able to di


tingui


these two subject populations,


but presents several difficulties of its


own.


First,


this method does not yield norms for categorizing subjects.


Each subject population defines its median points


and categorizes


subjects accordingly


. Hence,


this procedure allows for uncontrolled


variation across


studi


It i


possible that an individual


termed


androgynou


in one study might be


classified as undifferentiated or


sex typed in another.

A second difficulty related to this procedure is the absence of










variables.


While this method allows for the comparison of androgynous


and non androgynous subjects,


it does not provide a means of exploring


possible factors,


i.e., masculinity


scores,


femininity


scores,


or the


interaction of these scores which might have contributed to these

found differences.


several methods have been proposed to ameliorate some of these


difficulties.


Orlofsky et al.


1977)


suggested employing androgyny


scores for those individuals who meet the


split-half criteria.


This


might be an appropriate procedure if one were interested in the


igni-


finance of the relative balance between the masculinity and femininity


scores.


A popular supplementary analysis


at the present time


involves


the separate analysis of the contribution of the masculinity and


femininity scores to the dependent variabi


either by correlation


(Jordan-Viola,


Fass


berg & Viola,


1976) or by multiple regression


anal


is (Bem,


1977


Hoffman & Fidell, note


Most recently, a


third


method for analyzing BSRI data has been proposed (De Fronzo & Bou-


dreau,


1977)


The investigators maintain that by employing a


two -way


analysis


factors,


of variance of the two category masculinity and femininity


resulting data would provide mean values of the depen-


dent variables for each of the four BSRI categories,


tests


of the


main effects of these


factors, and a


test for a possible interaction


effect of masculinity and femininity on the dependent variable.

illustrated their assessment procedure in an investigation of the


rpla-tinnchin nf


They


co0 rnl nrinf-atinn and wnman 'c ovnr t-Pd ntimhbr nof





11



femininity factor exerted a positive effect on the dependent variable,


while the masculinity factor did not.


The two way analysis


of variance


likewise demonstrated that femininity but not masculinity had a sign


ficant effect on expected family size


but also indicated that -masculin-


ity and femininity had an interaction effect, explaining why androgy-

nous women had family plans more similar to the masculine and undif-

ferentiated women, despite their high femininity scores.

This method of analysis may provide a procedure which will allow

researchers to conceptualize androgyny as a psychological trait which

is more than the possession of a certain number of characteristics

by testing for the possibility that somehow these traits interact to


contribute to the uniqueness of the androgynous individual


It is


the opinion of this writer that the exploration of the possible factors


contributing to the differential functioning of androgynous individual


is a necessary step toward furthering our understanding of psychological

androgyny.

Theoretical Interpretations of the Androgyny Construct


The original operational definition of androgyny stressed the


significance of the balance between an individual'


expressive capabilities (Bem, 1974).


instrumental and


The balanced individual was


presented as the alternative to the person characterized by a rigid

sex role orientation without further elaboration regarding the signi-


ficance of the balanced attributes.


Current proponents of the balance


definition maintain that a balance of sex typed characteristics would









The balance definition was modified several


years ago when


self


esteem, a presumed consequence of behavioral


to validate Spence et al


adaptability, was employed


(1975) operational conceptualization of


androgyny.


Androgynous


individual


were described as consistently


healthier


, better adjusted individual


capable of behavioral


exibility.


, rather than as people who were


construct of androgyny was


interpreted to mean the possession of positively valued ma


sculine and


feminine traits which interact in a nonlinear fashion to contribute to


increased psychological

expressive attributes,


functioning


The quantity of instrumental


rather than their relative


proportions,


identified


the androgynous person and a distinction was made between individuals


p055s


essing relatively equal


low amounts of masculine and feminine


traits


undifferentiated persons


amounts of these traits

reified the mental heal


and those possessing equal


androgynous people)


th perspective of androgy


While thi

ny, it is


and high


distinction


not necessarily


inconsi


stent with the behavioral


Psychological


flexibility interpretation.


androgyny has been construed in


absolute terms.


Wakefeld et al


sex roles"


. (1976)

766).


imply define androgyny as


Kaplan (1976)


"freedom from rigid


, interpreting the androgyny construct


as it appli


possession of suffi


to her work as a psychotherapist


ient nontraditional


regards androgyny a


traits to enable the individual


to respond appropriately when a


situation demands a nontraditional


approach.


These interpretations do not assume that all


individual


significantly involved in both masculine and feminine rol


activity


are










However, all


these definitions or interpretations of androgyny


focus solely on the adaptive qualities of traditional masculine and


feminine attributes,


ignoring possible nonadaptive consequences asso-


ciated with these same traits


uch an interpretation appears


logical,


given that Bem reported including only those items which were found


to be socially desirable traits.


However


, later research has sug-


gested that perhaps the masculine and feminine traits are not of


equal


desirability, or are not perceived by individual


contributory to an individual'


Jones et al.


ability to deal with


(1978) reported that both males and female


to be equally


life circumstances.


indicated


a strong preference for increased masculinity, as defined by the BSRI.

On the other hand, most subjects indicated relatively little desire


to change in either direction on the femininity scale


interpreted these results as indicative of either


The authors


subject satisfaction


or disinterest in the areas of nurturance and emotionality


They


also suggested that the masculine items represented traits which are

more salient to the college student population.

If subjects do perceive instrumentality as being more important


for their adaptive behavior, th

the concept of androgyny, which


is represents a seroios challenge to

, as originally stated, proposed that


both instrumentality and expressiveness were essential


for optimal


functioning.


An important


line of inquiry would then be to determine


whether this perception i


accurate or if both masculinity and femin-


ini f, r-rnn+-tha- f-n a h'inh- a


10\IP1


n~ n~ ~ir hnl nn; r~l


fiinr+;nninn






14



masculinity score was, in many cases, more important than the


feminine score in determining the relationship


, although femininity


scores did contribute to some of the explained variance in the rela-


tionship between androgyny and self esteem and extroversion.


authors hypothesized that the masculinity scores may have contributed

more to the total variability among subjects because of the greater

variance of the masculinity scores, rather than the content of the


masculinity items per


An alternative hypothesis is that mascu-


linity items are more salient traits for indices of psychological


well-being.


On the other hand, femininity appears to manifest a


stronger influence on such characteristics a


expected family


(DeFronzo & Boudreau, 1977) although masculinity did interact with

femininity to influence the overall relationship.

These findings suggest that there may not be one salient aspect

of psychological androgyny, but rather that the relationship between


androgyny and other psychological and demographic variabi


may be a


function of different aspects of androgyny for different variabi


For some traits, only masculinity may be significant, for others,

the interaction between masculinity and femininity may determine the


relationship with androgyny.


Clearly, the construct is beginning to


appear more complicated than its original presentation.


In response,


more studies are now beginning to explore the characteristics of

androgynous subjects which contribute to significant research findings.


a S S I I I i S L *









Androgyny


Personal


Adjustment


Most


initial


androgyny


research,


however


caused


differentiating


performances


androgynou


nonandrogynou


ubje


tudi


were


designed


to demonstrate


havioral


evidence


wider


response


repertoire


available


to androgynou


individual


or to


obtain


psyc


hometri


indi


hological


well


-being.


Initially,


lite


rature


reported


validation


androgyny


construct.


Androgynou


reported higher


rol e


consistency,


suggest


tive


greater p


rsonal


adju


tment


ilbrun


higher


esteem


(Spence


, 1975)


greater


self


sure


(Bem


, 1977)


overall


program of


research


(Bemr


Bem Martyna


Watson


, 1976)


indi


ated


that


androgynous


individual


both


sexes


were


able


play


masc


line


independent


e when


under


pres


sure


conform,


well


as f


minine


nurturance when


interacting with


human


infant


student.


contra


masculine


males


male


were


found


nurturance


high


independence


while


feminine


female


exhibited


high


nurturance


limited


independence.


Androgynou


individual


were


able


function


more


effe


actively


across


variety


situation


while


sex-


typed


individual


only


preferred


appropri ate


activity


tended


resist "inappropriate"


typed


as masculine


feminine


frequently


reported


increase


discomfort


reduced


esteem


as a


func


tion


gaging


in cross


exed behaviors


as winding


a ball


yarn


hammering


nail


into


a board


(Bem &


enney


1976)


authors


Bem'









While androgynous and sex-typed


,sex reversed, and undifferentiated


individuals do exhibit psychological and behavioral


di fferen


ces


, cur-


rent research has


androgynous


provided some


individual


evidence


which disputes claims that


consistently function more effectively.


Hoffman


and Fidell


(note


investigated the relationship of sex-role orientation


and a wide range of psychological


and demographic variables for


middle class women.


They report that while


feminine


women had lower self


esteem than the masculine or androgynous women,


they did not differ


significantly from the other subject


on measures of physical


or mental


health,


locus of control


or neuroticism


However


the undifferentiated


women appeared to be the


least adjusted, manifesting the


lowest self


esteem,


the most external


locus of control


(differing


significantly


from the masculine and androgynous women),


and the most neuroticism.


the most introversion,


Similar findings have been reported for the


college population.


of study


Summarizing the results of a


large program


exploring psychological androgyny, Jones et al


that while androgynous females were


conventional


. (1978) report

more out-


going, politically aware,


creative, and less


awkward


, shy and sensitive


to criticism than were feminine typed females, masculine oriented


women


cored even more positively in that direction.


The authors con-


clouded that "the more masculine in orientation,


the more adaptive,


competent, and


secure the female


subject was"


310)


They hypo-


thesized that the instrumental quality


compri


sing the masculinity


scale reflect traits which are valued more by society in general and








value expressive functioning, and for these roles, a feminine rather


than a masculine orientation would probably be more adaptive.


Feminine


women who choose


such roles were found not to differ


significantly in


overall adjustment from their androgynous or masculine peers


(Hoffman


& Fidell, note 3)


The relationship between


sex role orientation and


adjustment may be dependent upon the individual


s life


situation.


The Other Side of Androgyny


light of the continued interest in the androgyny construct, and


additional


research which qu


estions the initial


assumptions regarding


this construct, an expanded focus of research seems warranted.


their critical


review of the androgyny


literature,


Kelly and Worrell


(1977) affirmed the need for further explorations into


the possible nega-


tive consequences of androgyny.


androgyny as a unique


Accepting the essential


sex role orientation


premi


, they suggested that a wide


behavioral


repertoire such as that available to androgynous individuals


might,


for some,


produce competing response patterns


leading to internal


conflict and indecisiveness.


They hypothesized


several


variables which


might influence the adaptability or nonadaptability of androgyny,


including


unspecified individual differences and the particular roles or social


situation an individual might choose or encounter.


Although Bem'


studies


(Bem


, 1974;


Bemr, Martyna & Watson,


1976) of adaptive behavior did


demonstrate behavioral differences between androgynou


subjects, perhaps the experimental


and nonandrogynous


situations were not sufficiently


salient for androgynous subjects to experience conflicting potential









on questionable grounds.


Since androgynous individuals are defined


as those people who ascribe to themselves high amounts of positively


valued masculine and feminine traits,


and therefore possess


number of these traits than their nonandrogynous peers,


it i


a greater


p05-


sible that androgyny and paper and pencil measures of psychological


adjustment may be


assess


ing the same attribute rather than two dis-


tinct but related personality variables.


Clearly a different approach


is required.


study inadvertently provided a new approach through which


to examine the


psychological


consequences of androgyny.


king to


compare feminists to nonfeminist women, Jordan-Viola et al


(1976)


administered the BSRI and th


Taylor Manifest Anxiety Scal


(TMAS)


female


undergraduates


, feminists, working women and housewives.


Posi


tive correlations between androgyny and anxiety were reported for

both college and working women while feminists, more androgynous than


the other groups,


did not exhibit this relationship.


These data


suggest that androgyny may have some nonadaptive components.


Androgyny and Anxiety


Currently the relationship between androgyny and anxiety remains


unclear


. Several


theoretical and methodological


factors may have con-


tribute to these findings


according to the balance procedure.


between androgynous individual


First, Jordan-Viola defined androgyny


In doing so she did not distinguish


scoring high on both masculinity and


femininity and those


scoring


low on both these valued traits


-- the





19



Undifferentiated subjects, perceiving themselves to possess few


valued male or female traits,


tend to report lower


self esteeem


(Hoffman & Fidell, note 3


Spence et al.,


1975)


A review of the research


on anxiety reveal


that individual


reporting


low self


esteem have been


found to report higher anxiety scores than individual


exhibiting


high


steem (Blum


Giddings,


1971


Wheeler


, 1965)


differentiated subjects,


therefore, might be expected to hav


higher


anxiety


scores than other subjects since they tend to report the


lowest


elf esteem


scores


A second possible explanation for Jordan-Viola et al


findings


is that some individuals who scored androgynous on the BSRI were not


comfortable with their


sex role orientation,


they may have wanted to be


more balanced in their


sex rol


orientations or to hav


greater or


lesser amounts of instrumental or expressive traits


, Individuals


hold internal


expectations of themselves whi


self perceptions may


experience greater anxi


h differ markedly from their


ety than those individuals


who feel more congruent with their


ideal


self


Howe (1972) reports


that anxiety


scores


on the


IPAT Anxiety Scale,


a measure highly correlated


with the


TMAS


, were related to discrepancies between self and ideal


self perceptions.


androgyny


In a study designed to


as the "most desirable


assess


the validity of


tate of orientation,"


Jones et al.


(1978) had


subject


take the BSRI


twice.


The first time they followed


the normal


instructions;


the second time subjects rated each item for


the extent to which they would want to have more


or the same of


. Un-









items between the masculine and androgynous subjects.


no s


There were


significant trends or differences among the female subjects regard-


ing desired changes


in femininity scores.


We might expect,


therefore,


that feminine and undifferentiated women


as well


as perhaps, andro-


gynous women with relatively


low masculinity scores, would experience


larger discrepancies between their self and ideal


self perceptions,


and thus also higher anxiety scores than their androgynous and mascu-


line peers


. S


supporting this hypothesis, Jordan-Viola et al


(1976)


reported that anxiety and masculinity scores were negatively corre-

lated for both the feminists and the university women suggesting that


higher masculinity


In their study


cores were related to


lower anxiety scores


Jordan-Viola and her coworkers analyzed th


data


from each of their groups


-- the


students, working women


housewives


and femini


-- separately.


It is


interesting to note that the


significant findings concerning androgyny and anxiety scores,


masculinity and anxiety scores exi

Positive correlations between anxi

for working women and students, wh


ted only for some of these groups.


ety and androgyny were found only


negative correlations between


anxiety and masculinity were found only for the feminists and


One possible explanation for these findings


students.


is the age differences


among the groups.


While the femininists


, working women and house-


wives were of a similar age (median age 29, 34


ively)


and 34 years


the university women were significantly younger


respect-


their median


aqe beina only


17 vParc


To control


for the Dossible influences on


* .t at %'eI4 I*









Social


Role


as a


Mediating


Variable


Research


sex role


evidence


orientation


suggest


social


that


rol e


there


choice.


relationship


Fronzo


between


Boudreau


(1977)


asked


large


sample


undergraduate


female


report


number of


indicated


children


that


they


feminine


expected


women


have


anticipated


after marriage.


most


results


children while


undifferentiated


anticipating


anticipated


family


approximate


least.

ng the


Androgynou


women


esired


reported


the ma


culine


undifferentiated


subject


same


pattern


of relation


found


er women


as well


sculine


androgynou


middle


women


exhibited


tendency


to work


home,


while


feminine


undifferentiated women


(Hoffman


Fide


note


Among


those women who


do work


masculine


androgynou


women


tend


to work


full


time


while


feminine


undifferentiated women


work


part


time.


Furthermore


, the


feminine women


tended


have


conse


rvative


attitudes


about


role


women


like


housework


take


full


response


ability


childcare


homemaking


Although


more


liberal


their


attitudes


toward women'


entiated women


were


role


liking


similar


life


sework


situation


undiffer-


feminine


women.


Consistency


behavior may


between


contribute


sex role


incre a


orientation


psychological


or attitudes


adju


tment.


role

Hoffman


Fidell


(note


reported


that


feminine women who


hosen


to be


homemaker


differ


their


overall


adjustment


from


their


w


.


. .









On the other hand, Kelly and Worrell


(1977) have


suggested that


social


situations or social


roles may have the potential


to create


conflicting response patterns for androgynous individual


women,


For college


uch a situation might be characterized by their expressed com-


mitment to a domestic and/or career role orientation.


It has been


suggested that the college years are a time of courtship as well


career preparation


Maccoby& Jacklin,


1974).


For some college women


their college experiences may represent a situation which brings their


instrumental


expressive response traits


into conflict


while for


other women thi


might not be so.


Because


social


role choice in the


college years i


likely to be a salient social


situation for women,


it represents a variable which may have a


significant mediating in-


fluence on the anxiety


cores of women.


Overall


literature


indicates that social


role choice may not only be


related to


sex role


orientation, but may mediate the relationship between


station and indices of psychological


sex role orien-


adjustment such as anxiety.

tudy


The main objectives of this study were to further explore the

relationship between psychological androgyny and measures of anxiety


for college women.


Anticipated


social


roles and subjects


' inter-


nalized expectations of


sex rol


behavior were perceived as potentially


significant variables influencing this relationship, and these


iables were included in the experimental design.


var-


A second major goal


of this study was to further examine the construct of androgyny and










individual


manifested a unique pattern as had been intimated in early


androgyny interpretations.


Taking further steps to both map out the


relationship between sex role orientation in general, androgyny as a


specific ca


anxiety scales, the


alience of masculinity


scores, femininity scores, their relative balance or imbalance and

their possible interaction was explored for each of the research


questions


The specific research questions guiding this study are


discussed below.


Is there a


significant relationship between


sex role orien-


station, as categorized by the BSRI, and anxiety scores?

While Bem's "mental health ideal' definition of androgyny would


predict that androgynous


scores, Jordan-Viola et al


gynous


subjects will exhibit the lowest anxiety


(1976) research suggests that andro-


subjects might report high anxiety scores, assuming that the


results based on balance-defined androgynous subjects are predictive


for androgynous subjects defined by the split-half method


Based on


the anxiety research, however, it was hypothesized that feminine and

undifferentiated subjects would report the highest anxiety scores, an-

drogynous subjects moderate scores, and masculine subjects the lowest

scores.

It was also hypothesized that masculinity scores as measured by

the BSRI would exhibit a negative relationship with anxiety, while

BSRI femininity scores would be positively related.


S T nt ; e 4nn ir~ ntf raltnnchin hotl,.,oan cnr i1 mnl


3 TF f~nrn ~ r










On the basis of the conclusions reported by Fidell


(note 4)


and Hoffman and Fidell


(note


it was hypothesized that consistency


between sex role orientation and social


rol e


choice would be related


to lower anxiety scores.


Thus


, it wa


predicted that androgynous


women who subscribed to a more domestic role would manifest higher

anxiety scores than those who anticipated a more career oriented role.


. Is there a significant relationship between


self


- ideal


self discrepancy scores on the BSRI and anxiety scores for all


jects?


sub-


For androgynous subjects?


On the basis


of the previously cited anxiety research,


it was


hypothesized that


large di


screpancy scores


would be associated with


higher anxiety scores for all


subjects including androgynous


individ-


uals.


there a relationship between


sex role orientation and


sel f


- ideal


self discrepancy


scores


light of empirical


evidence relating masculinity score


high


esteem (Spence et al.,


1975) and positive well-being


(Jones


et al


, 1978),


it was


hypothesized that undifferentiated women would


report the


largest discrepancy scores with feminine subjects following


a similar trend

to report small


Androgynou


- ideal


women, on the other hand


self discrepancy scores.


were expected


ince the


discrepancy scores are not independent from the actual


scores and


therefore are not statistically independent from subject categoriza-


- ~ ~ ~ ~ i ---


II


I I II


L L -L1 L- L L~~L~ -I-L?-LI,-11


Ir


L IL








Initially, androgyny was defined


as the most adaptive


sex role


orientation (Bem


, 1974; Bemr, Martyna & Watson,


1976; Spence et al.


, 1975).


However


, Jones


maintain that college women perceive instrumental


traits as


being far more


salient to their li


ves,


suggesting that perhaps


college women would prefer to be more masculine in their orientation.


This study explored women


ideal


self as defined by the BSRI and attempted


to clarify some of the issues concerning the desirability of an andro-

gynous orientation. However, no hypotheses were made for this question.















CHAPTER TWO
METHODOLOGY

Subjects


Participants in this study were 152 female undergraduate students


participating in this experiment for


class credit.


The median age


of this population was


18 years and the students represented a wide


range of coll


ge majors


population was chosen to:


(1) control


for a variety of poss


social


ible confounding variable


position and (2) maintain consistency wit


including age and

h, and build upon


previous


research which has generally employed a similar population.


Measures


BSRI


The BSRI was used to as


sess


subjects


sex role orientation


This


measure i


the most consistently employed androgyny measure and has


adequately demonstrated its reliability and validity


Subjects were


categorized according to the median m


asculinity and femininity


scores


reported for Bemr's


large normati v


sample (N=664)


(Bem,


1977).


These


median points were employed in place of median point


population in an attempt to begin standardization of B


generated from this

SRI categorization.


Lifestyles for Women Scale


The Lifestyl


for Women


le (Burns,


1974) was employed to


assess








range from 20 to


100.


Burns


(1974) established some validity for this


scal


by demonstrating positive relationships between scale scores and


attitudes toward women

or living partner. Ca


liberation and attitudes toward potential


reer oriented women tended to picture a


spouse


living


partner a


equal


lished by Burns

.889 for women.


or subiissive.


(1974) was high,

Furthermore. ea


Reliability for thi


measure


with a coefficient alpha


ch of the 20 items


, as estab-


index of


in this scale was found


to be


significantly


correlated with the overall


scale score suggesting


each item affected the total


score.


No significant relationships were


found for other factors


as age


year in college, marital


status


intended college major.


The items in this scale are easy to comprehend


and the


scal


an advantage in being relatively brief.


IPAT Anxiety


Cattell'


IPAT Scale


Cattell


) was employed


as one measure of


anxiety.


measure consi


sts of 40 items which the respondent may or


may not ascribe to herself


These items were


selected for their ability


to measure an individual


s level of free anxiety


scal


yields a


total


total


score,


in addition to measures of overt and covert anxiety.


score of this measure has high rest-retest reliability


r=.93)


Although the reliability for the overt and covert


not as high


for each


scal


Cattell


Krug,


cheier & Cattell) maintains that


their reliability is suffic


lent for empirical


use.


three


scores


will


be employed separately in the data anal


measures of anxiety


, termed Overt, Covert and


is providing three

Total in the analysis of









Spielberger (1972)


this scale is highly correlated with both the


Taylor


Manifest Anxiety Scale and withthe IPAT Anxiety Scale.


Trait Scale were selected on the basi


The items for the


significant correlations with


oethr anxiety scal


including the


Taylor Mainifest Anxiety and th


IPAT


scales


Research with this


cale suggests that the items are


table


over


time (


test


- retest reliability r


=.80)


(Spielberger et al


., 1970)


Overall


, the scale purports to measure "anxiety proneness


social


situa-


tions."


Individual


with high trait anxiety are considered to be more


likely to become anxious


in social


situations.


Procedure


subjects were told they were participating in a study


exploring how


women


see themsel


and their choices for the future and informed consent


was obtained from all


subjects


see Appendix


Subjects then received


the questionnaire which contained


, in the following order


background information including age, year in


school


, a request for

hosen major,


chosen career and extent of career information seeking behavior (


Appendi


the BSRI with instructions


to respond to the


items


"as you


would d


describe yourself"


Trait Anxiety Scale;


the Lifestyles


Women Scale;


the BSRI with instructions to "respond to these traits so


that they describe your


'ideal


self'"; and the Cattell


IPAT Anxiety Scale.


The order of these items was fixed for all


subj


ects and was determined


to allow for the separation of the two anxiety scal


and the two forms


of the BSRI.


Following the experimental


procedures, all


subjects were asked to














CHAPTER THREE
RESULTS

the data were scored by hand and coded and analyzed in accordance


with the requirements of the Statistical Analysis


System (Barr, Goodnight,


Sail & Helwig,


1976).


Subjects were categorized


as masculine


feminine,


androgynous or undifferentiated according to the


plit-half method


playing the median norms


(Masculinity


Femininity


= 4.89) sup-


plied by Bem (1977).


By this procedure


almost half of the


subjects


(48%)


were cla


ssified as androgynou


Precisely,


there were


3 androgynous


women


, 40 feminine,


masculine subjects and


undifferentiated women..


The first research question focused on the


relationship between


orientation


as defined by the BSRI, and anxiety


scores.


In order


to answer this question,


the four


sex rol


category


were conceptualized


as the end products of a two by two contingency table based on their high


and low masculinity and high and low femininity scores


h resulted in


four cell


Androgynous


subjects possessed high masculinity and femininity


scores; masc


line subjects


high masculinity and low


femininity;


feminine


subjects, high femininity and low masculinity, and


undifferentiated subjects


possessed both


low masculinity and femininity.


These four


sex rol


groups


were then compared on their anxiety scores for each of the four anxiety

measures by a series of two way analyses of variance examining the effects


of the masculinity and femininity


cores and their interaction.


Table





30



Table 1

Summary of the Two Way Analyses of Variance of Anxiety Scores


Trait Anxiety


Source


Model
Masculinity (M)
Femininity (F)
Mx F
Error
Total


1318
1258
27
32
10336
11655


439.46


< .0006
< .0001


flus'.
n- s.


69.84


Overt Anxiety


Source


Model


669
659
0
9
6322
6991


Error
Total


223.22


5.23
13.24


< .002


p < .0004
n.s.
n.s.


42.71


Covert Anxiety


Source


Model
M


41.42
38.85
2.87


MxF


Error
Total


.20
4872.16
4914.08


13.97


.42
1.18


n.s.
n.s.
n.s.
n.s.


32.91


Total Anxiety


Source


Model
M


1072
1066


357.52


2.85
8.51


< .04
<.004








Scale did correlate highly with the other anxiety scales


(see Appendix IV)


in this study


it did not exhibit similar relationships with the inde-


pendent variables


Independent F


tests for the main effects of these two way analyses of


variance indicated that masculinity scores contributed almost


exclusive


to the overall group tests


Tabi


Femininity scores exhibited


no relationship with any of the anxiety measures and there was no inter-


action effect between masculinity and femininity scores.


Examining the


mean anxiety scores for each of the four


it becomes apparent that the mean


of androgynous and masculine women are very


sex role groups


Trait, Overt and Total


see Table 2),


anxiety scores


similar as are the


anxiety


scores for the feminine and undifferentiated individuals.


This would


be expected due to the strong effect of the masculinity scores.


Table


Mean Anxiety Scores of the Four


Role Categories


Androgynous


sculine


Feminine


Undifferentiated


Trait Anxiety


36.34


36.24


41.45


43.50


Overt Anxi


*13.34


17.91


Covert Anxiety


15.82


15.59


16.95


16.55


Total


Anxiety


29.01


28.41


34.20


34.45


Thus far the results indicate that androgynous and masculine women


reported


significantly


lower anxiety scores than did the feminine and un-


differentiated women.


predicted,


high masculine


subjects had signifi-








second


research


question


focused


on the


relationship


between


social


role


choice


college women'


reported


anxiety


scores


while


third


rese


arch


question


considered


relation


between


ideal


self


screpancy


scores


on the


anxi


scores.


relation


hese


variable


masculinity


femininity,


explored


multiple


linear


regrets


analyses


predi


ting


subjects


anxi


scores


. Thi


method


analysis


was


osen


order


examine


masc


ulinity


emininity


scores


BSRI


continuous


data.


Therefore


findings


anal


yses


were


inter-


preted


solely


terms


predictive


ability


independent


variable


anxiety mea


sures.


These


analyses


were


run for


then


second


time


employing


only


from


androgynous


ects.


Initially


wide


range


variables


entered


into


regress


equation


with


each


anxiety


scal


representing,


turn


ndent


variable.


asculinity


femininit


scores


were


ered


as were


variable


testing


p055s


curvilinearity


relationship


between


these


variables


enden


variable


social


role


scores


were


equation


and were


tested


curvilinearity


Ideal


masculinity


emininity


scores


were


also


entered


as were


interaction


terms


ossibi


interaction


among


these


variable


initial


result


indi


cated


that


there


were


'los


significant


curvilinear


relation


between


inde-


endent


variabi


anxiety


scores


that


none


interaction


terms


contributed


predictive


value


model


-









and social


role scores.


The second round regression analyses yielded


consistent results


for three of the dependent'variables


-- the


Trait,


Overt and Total scales,

ferent pattern. Since

the other three scales,


but again the Covert scale exhibited a dif-


the pattern of relationships was


for the sake of


similar for


implicity the results will


be discussed in terms of the regression on the trait anxiety scores.


Table 3 summary


these findings.


A complete summary of the remain-


ing regression analyses may be found in Appendix IV.



Table 3


Trait Anxiety Scores Predicted by the BSRI Actual


Scores and Social


and Ideal


Role Scor


Variable


Masculinity (M)

Femininity (F)


-5.84


1,146


-1.55


Ideal M


1,146


1.55


1,146


< .0001

n.s.


Its.


Ideal


1.69


1,146


Social


Role


-0.16


6.91


1,146


Note:


R' = .19



Again, masculinity was found to be the most significant variable


contributing to the effectiveness of the regression model.


Social


role


scores were also very significant in thi


model.


The estimated inter-










and femininity scores, and reported anxiety.


It must be emphasized


here that as noted in


regression model


Table 3


is minimal


the total


However,


predictive ability of this


the purpose of these analyses


was not to build or propose a model of anxiety, but to explore the

relationship between the continuous data of the independent variables


and the anxiety measure


To answer the third research question and determine whether self


ideal self discrepancy scores were significantly related to anxiety

scores, the difference scores were computed for both masculinity and


femininity


. These


cores were then entered as independent variabi


along with social


role,


into a regression equation which again pre-


dicted,


in turn


, to each of the four anxiety measures


The results of


these analyses


are summarized in


Table 4.


Consistently


, the discrepancy


scores for the masculinity scale were


significantly related to anxiety


scores


. The


larger the discrepancy,


the higher the anxiety scores.


coial


role remained a significant variable in this model, but feminin-


ity differences scores were not found to be related to anxiety scores.

Exploring the consistency of these relationship patterns as they


apply to a androgynous subject,


these same regression model


were applied


only to the


scores of the androgynous


subjects.


The discrepancy scores


did not exhibit a


significant relationship with the dependent variable,


but social role choice remained a significant variable


in relation to


the reported anxiety scores, F


1, 68)


= 4.81, p


.05 (for


Trait


A 4r .a-: Ci


a rnmnla+l cEimmnvw nf thoCo finrlinn


in fnnonA v TTV


Inna~r


U Ilr 101 \I


r


C





35




Table 4

Prediction of Anxiety Scores by BSRI Discrepancy
Scores and Social Role Scores

Trait Anxiety


Variable


M Discrepancy
F Discrepancy
Social Role


5.24
.74
-.11


17.75


1,147
1,147
1,147


.0001
n.s.
: .06


Note


Overt Anxiety


Variable


M Discrepancy
F Discrepancy
Social Role


3.47
-4.59
-0.11


12.50
.83
4.87


1,147
1,147
1,147


< .0005


n.s.
p < .03


Note


Covert Anxiety


Variable


M Discrepancy
F Discrepancy
Social Role


1.71
-3.85
-.13


1,147
1,147
1,147


< .04


n.s.
p < .002


Note:


Total Anxiety


Variable


M Discrepancy
F Discrepancy
Social Role


5.21
-8.27
-0.27


10.16
.97
8.25


1,147
1,147
1,147


< .002
n.s.
<.005


Note:










social


role scores for all


subjects regardless of sex role classifi-


cation.

The fourth research question focused on the relationship between


sex role orientation and


- idea


self discrepancy score


Because


the mean discrepancy scores were not independent from the subject's


actual


BSRI


scores and therefore were not independent from subject


sex role categorization,


it was not possible to stati


stically test


the hypothesized group differences.


concerned, essentially


This research question was


with the relative satisfaction individual


report concerning their


sex role orientation.


As such,


it i


related


to the


last research question which explores the internalized stan-


dard


of desirable


sex role orientation.


These questions were ex-


amined via several


indirect approaches


First,


subjects were category


zed into actual


and ideal


role groups


according to the split-half procedure based on their


actual and ideal


self BSRI


scores.


Table 5 indicates the actual


desired sex role categorization for the entire sample population.


can be seen in the table,


few subject


indicated they would like to


be classified as either undifferentiated


(only


1 subject) or feminine


subjects)


On the other hand,


122 or 80% of the


subjects


indi-


cated they would like to be androgynous.


Examining


Table 5,


it 1


obvious that few of the sul

ferentiated, while all of t

of the masculine individual


jects wanted to remain feminine or undif-


;he androgynous subjects, and the majority


-3


reported they would remain classified


sex





37


their conclusions on experiments employing the t-score procedure.


Thus,


it seemed necessary to investigate the significance of androgyny


scoring procedures for ideal


sex role orientation.


The ideal


self


ratings of all


subjects were restored according to the t-score method,


subjects were categorized into three group


-- androgynous


ma s -


culine and feminine


-- according to the cutoff scores proposed by


Jone


and hi


coworkers.


Thus, androgynous


ects were those indi


viduals


who obtained t-scores between +1 and


Subjects who received


scores higher than +1 were termed feminine,


while those


subjects with


t-scores


less than


-1 were categorized as masculine.


Defined by this


method, only 68 of the


152 subjects


ideally wanted to be androgynous.


Twenty-six indicated a desire to be


assified as feminine according


to the


t-score method, while


the remaining


5 subjects


indicated


they wi


shed to be masculine.


Table 5


Comparison of Subjects'


Actual


and Ideal


Orientation


Actual


Role


Orientation


Ideal


Role Orientation


Androgynous


Masculine


Feminine


Undifferentiated


Androgynous

Masculine

Feminine






38



To further explore the salience of masculinity and femininity

for this population, the mean ideal masculinity and ideal femininity

scores were computed for each sex role group and the differences

between the actual and ideal scores were submitted to a correlated


t-test.


Table 6 presents the mean masculinity and mean femininity


discrepancy scores and the computed t-tests for the four sex role


All subjects, except those categorized as feminine reported


ideal femininity scores which were

actual femininity scores. Similar


ficantly higher ideal masculinity scores.



Table 6


Correlated t-tests for the Self


significantly higher than their


ly, all subjects reported signi-


- Ideal Self Difference Scores


on the Masculinity and Femininity Scales by


Categories


Mean Masculinity Scores


Actual


Ideal


Difference


Androgynous


5.46


5.76


10.78


<.0005


Masculine


5.45


5.73


< .01


Feminine


4.24


5.33


1.09


10.95


< .0005


Undifferentiated


4.19


5.11


10.24


< .0005


Mean Femininity Scores


Actual


Ideal


Difference


groups.





39


When the mean masculinity and femininity discrepancy scores are


added and averaged for each


subject group, a trend emerges


in which


androgynou


women report the


lowest mean discrepancy scores, while


undifferentiated


women report the highest, a


predicted.


Figure


illustrate


this pattern.


As indicated previous


these differences


could not be tested statistically because of the

between the difference score and subjects' sex r



.80

.70


lack of independence


ole categorization.


Androgynous
Subjects


Masculine


subjects


Feminine
Subjects


Undifferentiated
Subjects


Figure


Mean Self


- Ideal Self Discrepancy Scores for the Sex Role


Groups


One of the major issues in the androgyny


possible conflicting result

different procedures. To d


literature concerns the


between sample populations categorized by


determine the relative contribution of bal


anced masculine and feminine traits, subjects


' BSRI


data were rescored





40



for their mean anxiety scores on each of the four anxiety scal


means of a Manova analysis.


The results indicated that there was an


overall


effect due to the


sex role group


, 147 )


- 3.09,


A complete summary of the Manova analysis


in Appendix


hown in


Table 7


, the masculinity group reported the


lowest anxiety


scores


, androgynous subjects moderate amounts and the feminine subjects


the highest anxiety scores on all


four


scal


Table 7


Mean Anxiety Scores of the


Defined by th


Masculine


Trait Anxiety


Three


Difference


Androgynous


7.55


Categories


Method


Feminine


40.50


Overt Anxiety


16.44


Covert Anxiety


13.48


14.24


16.21


Total Anxiety


Bem (1977)


suggested that the androgyny score could be employed


as continuous data


linear model


procedures.


Thus,


the t-score,


along with social


role scores as a second independent variable, was


entered into a regression model


predicting th


anxiety scores of all


subj


ects.


This was a


significant model with both the t-


score and


social


role scores contributing


significantly to the model


Table


The estimated intercepts of the


independent variables indicate


- .





41



t-score did not add a significant contribution to the regression


model. Thus, for subjects

masculinity and femininity


possessing relatively high amounts of


, the relative balance or imbalance of these


attributes does not significantly affect the relationship between

sex role orientation and anxiety scores.



Table 8

Prediction of Anxiety Scores by Androgyny t-scores and Social Role

Trait Anxiety


Variable


t-score


12.81


1.149


.0005


Social Role


-0.20


12.37


1.149


.0006


Note:


Overt Anxiety


Variabi


t-score


11.69


1.149


p< .0008


Social Role


-0.15


11.66


1.149


p< .0008


Note:


Covert Anxiety


Variable


t-score


0.77


1,149


n.s.


Social Role


-0.14


13.21


1,149


.0004


Note:


.Y.1 A






42



Since social role scores were found to be a highly significant


variable in relation to anxiety scores, the relationship between


role orientation and social role choice was examined.

role scores for the four sex role groups are illustra


Ite


The mean social

d in Figure 2.


- a


The masculine and undifferentiated groups reported the lowest, or least

traditional social role choices, while feminine subjects reported the


most traditional choices.


Androgynous subjects reported social role


choices somewhere between these two extremes.


= scoring by the split-half method


a ----X


= scoring by the t-score method


Undifferentiated
Subjects


Feminine Masculine


Subjects


Subjects


Androgynous
Subjects


Figure


Mean Social Role Scores of the Sex Role Groups Categorized


by the Split-Half and the t-score Procedures



A two way analysis of variance indicated that there were signi-


ficant group differences in social role choice


F (3, 148 )


- 6.38,


p< .001.


Analysis of the


main


effects indicated that femininity








and femininity scores, F (1


, 148)


= 2.93, P< .09,


to be related to social


role


cores as well.


Duncan'


Multiple Range Test indicated that


masculinity scores were significantly related to high social


role


scores,


<.05, and that high femininity scores were


significantly related to


high social


role scores, p


<.05.


A complete summary of these


findings


may be found in Appendi


Regression analysis predicting social


role


scores was employed to allow for the exploration of the relationship be-


tween masculinity and femininity as continuous data and social


role scores.


Again,


it must be stated that the regression model


were not seeking to


lop a model


for understanding social


role


regress


model


summarized in


Table 9.


The results


indicated that ideal


masculinity and ideal


femininity were both


significantly related to


social


scores and that femininity exhibited a strong, but nonsigni-


ficant relationship with social


role scores as well.


Table 9


Prediction of


social


Role Scores by Actual and Ideal


Masculinity and Femininity Score


Variable


Masculinity (M)


19.80


Femininity (F)


Ideal M


3.69


-11.69


9.50


1,146


< .06


< .0001


Ideal


5.95


5.61


-3.37


2.24


n.s.










Subjects were also categorized into


sex role groups based on


their t-scores.


The mean social


role


cores for these groups


were


virtually identical


to the mean social


role scores


exhibited by the


split half defined androgynous, masculine and feminine subjects (


Table 2)


Thus,


for social


role scores


, the split half and t-score


procedures for defining sex role orientation do not differ.














CHAPTER


FOUR
ION


essential


goal


this


tudy was


to explore


relationship


between


sex role


anxiety


orientation


early


as defined


definitions


several


theoreti


interpret


measures


station


androgyny


suggested


that


androgynou


individual


those


haracteri


high


amounts


both


instrumental


express


traits


would


exhibit


highest


esteem


best


sychologica


adju


stment.


Extending


interpretation


one would


predict


that


androgynous


subj


ects


would


report


lowest


anxi


scores.


Contrary


to these


expect


finding


Jordan-Viola


. (1976)


report


that


androgyny wa


assoc


iated with


high


anxiety


scores


signifi


cancer


these


findings


was debatable


however


to many methodological


flaw


associated with


that


research


design.


study


therefore


was to clarify


relation


between


anxiety


androgyny.


Rol e


Orientation


Anx


iety


results


current


study


support Jordan


-Viola


(1976)


conclu


instead,


high


anxi


ty wa


found


reported


feminine


undifferentiated women,


while


androgynou


masculine


women


reported


lower


anxiety


scores.


Although


these


findings


appear


support


theoretical


interpretation


androgyny which


assumes


that


and rogynou


individual


would


report


lowest


anxi


'p


scores


further


S.


-- m


w









have no relationship with anxiety.


In fact, numerous analyses consist-


ently indicated that only masculinity scores differentiated the


sex role


groups.


Femininity scores, either alone,


or in interaction with mascu-


line traits failed to account for a


significant amount of th


anxiety


score variance.


For thi


reason


, the masculine subjects and the andro-


gynou


subjects reported almost identical mean anxiety


scores.


feminine and undifferentiated groups reported


similar anxiety scores.


These finding


suggest several


relationship between


interpretations, concerning both the


sex role attributes and anxiety, and the


implications


of those findings for our understanding and interpretation of psychological

androgyny.


First,


the question of the


relationship between


sex rol


attributes


and measures of anxiety will


be explored.


One hypothesis for the current


findings is that feminine women are more prone to


express


their feelings,


including their feelings of worry, concern, and stress


while the masculine


women might be more


likely to deny such feelings.


However


, the femininity


items,


items of emotional


sensitivity and expressiveness, manifested no


relationship with anxiety scores


Thus,


seems unlikely that the


willingness to


express negative feelings would account for these findings.


It remains possible,


however


that the masculine


subjects tended to deny


feelings of worry and stress, a


it was not possibi


to empirically


assess


subjects


' tendency to deny such feelings


since the masculinity items


were highly and negatively correlated with anxiety score


thesis


, a second hypo-


might be that masculinity items were directly and inversely re-





47



scores on the masculinity scale describe an individual who feels able to


meet


life's demands confidently, directly and successfully.


In contrast,


the anxiety scales contain items regarding psychosomati


symptoms and


expressions of worry and concerns.


is composed of fiv


The IPAT Anxiety


components; apprehension,


, for example


tension


control


Cattell


emotional


, 1976).


instability


Individual


suspiciousness


(Krug,


coring high on these


heier &


are de


scri bed


as easily depressed,


"unequal


to the challenge of daily


life"


6) and


lacking in foresight


Although the specific trait item


were not directly


related


, an individual generally described by high anxiety


scores


seems


to be the


opposite of an individual described by high


scores


on the


masculinity


scal


of the BSRI


It seems reasonable


to conclude,


there-


fore


, that anxiety appears to be


ely related to the absolute amount


of instrumental


attributes possessed by an individual, and that anxiety


is not related to androgyny when that concept i


regarded


as the possession


of both instrumental and expressive qualities.

Further evidence for this conclusion can be found when examining the


results of the analyses


concerning th


relationship between self


- ideal


self scores and anxiety


cores.


Previous


research (Howe,


1972) had


indicated that individual


who report


large ideal-s


If discrepancy


scores also tend to report higher anxiety scores.


However


when the


masculinity difference scores and the femininity difference scores were


examined separately,


that is, when the masculinity difference scores


and femininity


scores were entered separately into a regression analy


sis,








with anxiety.


Additionally, when both the ideal and actual masculinity


scores were entered into a regression model, the masculinity factor


accounted for a greater proportion of the variance,


suggesting that the


presence or absence of instrumental behavioral attributes is the salient


variable with regard to anxiety


scores.


Thus, it appears that anxiety


scores were not related to overall feelings of


specifically, to subjects


self dissatisfaction, but


' feelings of inadequacy regarding their instru-


mental behaviors.

Implications for the Interpretation of Androgyny


This conclusion is consistent with previous research reporting the

greater importance of masculinity scores for determining data outcome.


Hoffman and Fidell (note 3) reported


based on the results of both


discriminant and Chi-Square analyses exploring the relationship between

androgyny and numerous variables, that the masculine score was more


important in determining the results outcome.


Jones et al. (1978)


concluded that masculinity scores were most important in determining


the extent to which female college


reaction on numerous personality means


taken at face value,


students scored in the adaptive di-

ures. If these findings are to be


it would suggest that masculinity, rather than


androgyny would be considered the most rewarding and therefore, most


desirabi


sex role orientation.


Several separate data anal


yses


suggested, however, that this was


not the case.


When subjects' ideal BSRI ratings were categorized according


to the split-half method, the majority of subjects (80%) indicated they








feminine


subjects


reported


desiring


ignifi


cant


increase


their


femininity


scores.


These


finding


further


suggest


that


college


women


believe


both


instrumental


express


traits


are de


sirable.


androgyny


regarded


most


irabi


entation


ege women


then


one would


expect


that


androgynou


women


would


most


sati


d with


thems


Gives


expectation


was confirmed


, as th


androgynou


women


reported


lowest


screpancy


scores


while


undif-


ferenti ated


subjects


reported


highest.


sculine


women


reported


lower


discrepancy


scores


than


nine


women.


androgynou


women


are defined


high


masculinity


mininity


while


undif-


ferentiat


are defin


amounts


these


traits


possible


that


ceiling


effect


contribute


to these


finding


rall


these


result


early


indicate


that


androgyny


as defined


plit-


half


method


perc


ived


y college


stud


ents to be


most


irable


sex role


orientation.


Androgynou


women


report


lower


anxiety


scores


lowest


self


- ideal


discrepancy


scores.


ever


masculine women


also


report


low anxiety


scores


report


lower


- ideal


self


screpancy


scores


than


minine women


. S


findings


strongly


that


women may


perc


masculine


traits


as more


irable


than


feminine


trait


A more


statement


that mas


culinity


items


on t


BSRI


appear to


be more


desirabi


as a


group


trait


than


femininity


items.


was evident


Looking


that


several


over


items


ideal


were


scores


cons


items


ly today


lege women


to be


irable


trait


,while


there may


numerous


QYnraocc i u


"fami ni n


traiit


:whi rh


rnllp n wnman


find


;1tfr rc


tiwP.


I


m


. l


.


.





50


the 152 subjects wanted to be described by either of these traits more


than "infrequently."


Several other traits


("flatterable," "yi


Hiding"


and "shy") also received very


low ideal


ratings, while no masculine BSRI


items received unanimous


disapproval


Such obvious differences


in the


desirability of scale items contradicts Bemrn


1974


definition of the


BSRI and demonstrates the need to


reassess


scal


BSRI


items inl-


tially were


elected on the basis of gender related desirability, al-


though these items were


later identified as


instrumental


and exp


ress


behaviors.


This


tudy indicate


that some BSRI


items are neither gender-


desirable


, nor are they particularly representative of instrumentality


or expressiveness.


regarding subject


therefore recommended that interpretations


relative evaluations of masculine versus feminine


traits


be made with caution, as the conclusions are


function of the BSRI rather than these


behavioral


likely to be a


patterns.


Androgyny and Social


Role Choice


Social


role choice was hypothesized as a potentially significant


variable mediating the relationship between


sex role orientation and anx-


iety scores.


hypothesis


was only partially confirmed.


Although


social

scores,


role scores were found to be significantly related to anxiety

they did not interact with either masculinity or femininity to in-


fluence the relationship of these variables with anxiety.


The data anal-


yses


indicated that an increase


in social


role scores


or a tendency toward


a more traditional


social


role orientation was associated with


lower anx-


iety scores.


This


relationship was consistent for androgynous subjects,


rnntrarv an what wac nrodirtp r


I np nncc


i hi onlanatinn fnr thcn


fi nd-.


.









More


specifically,


social


role


score describes


an individual


to rely

Career


determined

upon hers

success is


to be


e


If for

deemed


strongly


financial,


highly


-defined.


perhaps

to her


alient


an individual


emotional


expect


support.


image


esteem


Thus,


an individual


with


low


social


rol e


scores


might


feel


significant


amounts


pressure


succeed


academic


career


related


activities.


these


women,


college may


more


stressful


hence


more


anxiety


producing


experience.


other


hand


woman


expect


to be


homemaker


for much


life


might


feel


ess


compel ed


to d


well


school


might


find


school


less


threatening


less


anxiety


producing


than


career oriented


women.


unclear whether


rela-


tionship


tween


social


role


choice


anxiety would


hold


true


women


outsi


college


setting


It might


that


more


traditionally


oriented


social


role would


anxiety


producing


stage


in a


woman'


life,


or it might


that


relation


unique


stressful


erience


adolescence


college.


relationship


needs


explored


further


Previous

social ro


research


le choice


indicate


(DeFronzo


that


Boudreau,


sex role


1977


orientation


Hoffman


was related


Fidell,


note


data


from


tudy


further


support


to those


findings.


Femininity was


found


to be


significantly


related


social


role


scores


Masculinity


exhi bi ted


trong,


tati


tically


significant


rela-


tion


hip with


social


role


scores


as did


interaction


between


these


sex role


traits.


general,


relatively


high


express


iveness


(femi


w









social


role choice such that relatively


low ideal masculinity scores


and relatively high ideal


femininity scores were associated with tradi-


tional social


role choices.


In fact, when both ideal and actual masculin-


ity and femininity


scores were entered into a regression model with social


role choice a


the dependent variable,


the ideal


scores


exhibited a


stronger relationship with the dependent variable


than did the actual


scores.


It i


possible that college women anticipated a


lifestyle which


reflects the type of person they would like to be.


In addition to documenting the relationship between


sex role


social


role orientation,


these findings also confirm that


sex role orien-


station, as conceptualized by the androgyny theory,


is a meaningful con-


struct with regard to the social


role


variabi


Unlike the


measures of


anxiety which appeared to be related


social


olely to instrumental attributes,


role orientation scores varied as a function of both masculinity


and femininity.


Contrary to recent interpretations that masculinity


scores alone account for much of the variance among


sex role categories


(Hoffman & Fidell


note 3


Jones et al.,


1978)


, these findings


suggest


that both masculinity and femininity contribute to the differential


characteristics of the


sex role groups


It seems


likely that any con-


clusion concerning the


significance of androgyny as a unique combination


of both instrumental


and expressive attributes will


be a function of the


particular demographic or personality variables being examined in the


context of

anxiety, fo


sex role orientation.


icus solely on instrumental


Some variables,


like measures of trait


trait behaviors, while


others,





53



expressive behaviors such that when a role or situation requires only one


or the other,


they are as prepared for either rol


as they would be for


a particular role requiring a blend of the


Clinical


Implications


light of this assumption regarding the adaptability of andro-


gynous individual


one might expect that the focu


of much therapeu-


tic intervention would be towards the encouragement of the adoption of


an androgynous orientation.


to make the leap

limited empirical


However,


from theoretical


it would be unwise at this time


interpretations of androgyny and


studies to therapeutic formulations.


Early theoret-


ical


formulations had maintained that psychologically adjusted individuals


would be characterized mainly by


sex appropriate traits.


Thus


thera-


peutic efforts were frequently exerted to maintain or encourage stereo-


typic


sex role orientation.


The androgyny theory


on the other hand,


has maintained that it is appropriate for individuals to be charac-

terized by both masculine and feminine attributes, and has generated


empirical


evidence to support thi


assumption (Bem,


1976


1977


Heil-


brun,


1976


pence et al


1975)


However


evidence has al


o indi


cated that


sex typed orientation i


not necessarily maladaptive (Hoffman


and Fidell


note


Fidell


, note 4)


One of the difficulties


drawing


clinical conclusions from personality research is that


statistically


significant findings are not necessarily clinically significant.


example,


although the regression analy


in thi


study indicated that


masculinity scores were highly related to anxiety scores,


the total









college women


reported expecting significantly different family sizes,


according to their


ex role categorization.


However,


the mean number


of children expected by these


subjects ranged from 1.85 children for the


undifferentiated subjects,


to 2.


51 children for the feminine subj


ects


hardly significant from a family planning perspective.


At the present


time there does


not seem to be


sufficient evidence to warrant drawing


clinical


implications either


from thi


particular study, or from other


studi


investigating the construct of androgyny as measured by the BSRI.


It can be concluded from this


study that the BSRI has greater


heuristic value as a research tool


than as a


clinical


assessment measure.


The BSRI scores, whether as t-scores, or mean femininity and masculinity

scores, obscure much of the information pertinent to understanding a


particular individual.


For example, a mean masculinity score of 5


does


not indicate whether that individual


has consistently rated herself


as "often being characterized" by each of the


0 masculinity items, or


whether the same individual was "almost always" characterized by ten of


those traits, and "infrequently"


characterized by the other ten.


These


two possibilities represent two distinct personality profiles, and would


have further implications

outcome assessment. A cl


if they were,


inician would need to


for example, criteria for therapy


look at the responses


each of the trait items.


As such


the androgyny scal


would have to be


employed much


like any other


adjective checklist measure.


The Split-Half Versus


the Balance Procedure


One of the major issues


in the androgyny literature concerns the rel-








both


procedures


Thirty-nine


feminine


subject


as defined


split-half


method


retained


their


ssification


under


t-score


procedure.


However,


Likewi


masc


plit-half


defined


line


subjects


androgynou


not change


women


, only


groups


were


class


ified


androgynou


balance method, while 19 were


determined


to b


feminine


remaining


masc


line


undifferentiated


subject


were


equally


plit


tween


androgynou


feminine


groups.


evident


that


largest


crepancies


between


two method


emerge ov


definition


androgynou


individual


Unlike


pre-


V1oUS


tudi


suggest


that


difference


a function


separation


or inclu


undifferentiated


subject


data


from


tudy


suggest


that


confu


between


class


ifying


subjects


as feminine


or androgynous.


Most


androgyny


research


relies


on group


differ


ences


qroup mean


procedure


tend


average


ible confounding


influen


ces.


, although


numerous


tudi


have


pointed


to the


unique


behavioral


character


undifferentiated


subject


pence


1975


Hoffman &


Fidell


note


Manning


, note


when


scores


subjects


added


androgynous


group


scores


overall


result


frequently


are not altered


(Jones


et al


., 1978)


Hence


likely


that


differences


categorization


efficient


interfere with


cautiou


rali


action


across


tudie


employing


different


scoring


procedures.


analy


relationship


between


sex role


nation


- -~, a4- a -n ~n A *'. *. ,


A 4 CC,.nnnn4.


-I.,~ n-


- be% r ~ nf


n ~~I~


~L~V:hCII


B A .


1 H f


b


a





56


equal anxiety scores, while the feminine and undifferentiated subjects


reported higher anxiety,


On the other hand,


the results from the


difference method indicated that masculine subjects report the


anxiety, androgynou


lowest


subjects moderate amounts, and feminine subjects the


highest


Essentially,


the findings


of both these procedures suggest


that androgynous subjects are much


anxious than their


sex typed


(feminine) peers.


Likewi


, a comparison of the results for the mean


social


role


cores revealed no difference between the two scoring


procedures.


Thus,


if the goal


of a particular study is to determine


the relative functioning of androgynous versus nonandrogynous subjects,


there may be


little difference in


study outcome as a function of the


scoring procedure employed to categorize subjects.


However,


it has been advocated in this paper that it i


important


to understand the properties


these differences


of the androgyny construct which account for


The relative merits of the two scoring procedures


may not


lie in their ability to predict differences among


sex rol


groups, but in their ability to explain the differential


findings.


the data anal


yses


concerning the relationship of the


t-score and


anxiety scores for all


subjects,


the regression analysis indicated that


the t-score was positively related to anxiety scores,


that is a


higher androgyny score indicating an increased tendency toward femininity


was associated with higher anxiety scores.


determine whether thi


However,there was


was a function of femininity scores,


no way to


the absence


of masculinity scores, or of some relative balance between the two traits.









no relationship at


with


anxiety measures,


seems


evident


that


balance or


score


procedure


loses


significant


information


con-


cerni ng


nature of


relation


between


androgyny


other


variable.


Furthermore,


when


comparing


the con


struct


relation


between


e; role


orientation


social


role choice,


evident


that


androgyny


does


not interact


cons


stent manner


understand


nature


androgyny


sex role


orientation


as c


onceptuali


exible method


examining


interrelation


between


other


variable


important


To


end,


evidence


appear


indicate


that


split-


half


method


determining


sex role


categorization


examination


the ma


sculinity


femininity


factors


well


as th


interaction


relative


balance


essential


androgyny


research


However


also


recommended


that


BSRI


reass


essed


even-


tually


modified.


items


not all


socially


esirable


, as intended,


nor d


they


adequately


represent


nder


appropriate


traits.


The ma


culin-


femininity


specifically


scal


appear


instrumental


to contain


masc


uline)


both

and e


sex s


xpre


tereotypi c


ssive


haviors


feminine)


attributes.


difficult


to determine


whether


sex stereo-


typic


attribute


or th


trumental


-express


continuum which


actually


define


scales.


Because


difficult


ascertain


exactly


what


androgyny


supposed


repr


esent


therefore


recommended


that


a more


complete


specific


definition


ychological


androgyny


developed,


that


BSRI


or another mea


sure


revi


to adequately














CHAPTER FIVE
SUMMARY


The following results and conclusions were drawn from thi


study:


First,


the relationship between


sex role orientation and anxiety


appears to be accounted for solely by an individual'


masculinity score


on the BSRI


The higher the masculinity


score,


lower the anxiety


score tended to be.

lower anxiety score


Thus, androgynous and masculine individual


.s than did the undifferentiated and feminine


reported

subjects.


The two groups high in masculinity had almost identical mean anxiety


scores, as did the two groups


low in ma


sculinity


These results were


interpreted in terms of the


likelihood that an individual with a high


degree of instrumental

unable to cope with dai


characteristics would be


life stores


likely to deny feeling


and difficult


Social


role scores were found to be strongly related to anxiety


scores such that a tendency to anticipate a traditional


social


role after


college wa


associated with lower anxiety scores for these college women.


These findings were interpreted in terms of the relative salience


academic


success


for high and low social


role female


Women who do not


opt for a traditional

and thus might feel i


role might be more concerned with success in school,


increased pressure and anxiety during their college


years.


These findings may only be relevant to thi


population, -and con-


clusions regarding the relationship between social


role choice and anxiety








actual and ideal masculinity ratings.

scores did not influence this relations


Differences for the femininity

hip. It was suggested that these


findings reflected the strong salience of the instrumental (masculine)


items for subjects


between


Anxiety scores, rather than evidence of a relationship


self dissatisfaction in general, and high anxiety scores.


Androgyny was found to be the most desirable


for the majority of college women.


sex role orientation


These women indicated that both


masculine and feminine items were considered to be desirable.


However,


an examination of the ideal ratings for the feminine items indicated


there were several


items which no subject considered to be desirable,


while this was not true for any masculine items.


As such, the BSRI


contains an artificial factor which may contribute to lower femininity


scores and misinterpretations concerning ideal self ratings.


A revision


of the BSRI appears to be warranted.


Sex role orientation and social role choice were significantly related.


Femininity was found to be the significant factor influencing thi


rela-


tionship, although masculinity and an interaction of masculinity and

femininity exhibited strong, but nonsignificant trends in that direction.


Since social role scores reflect the individual


compromise between a


traditional and nontraditional role, or between a more instrumentally

oriented, and a more expressively oriented social role, this relationship


pattern seems appropriate.


These findings also support the previous


findings concerning the relationship between


sex role and social role


orientation.





60


procedure, or categorizing these same subjects as feminine, according


to the balance procedure.


Comparing the results of the data analyses


of the relationship between sex role orientation and anxiety,


and sex


role orientation and social


role scores,


it was concluded that there was


little


significant difference in study outcome, when the findings are


concerned with comparing androgynou


However,


with nonandrogynous subjects.


it was concluded that the balance procedure does not allow suf-


ficient understanding of the factors contributing to the differential


scoring of the androgynous subjects.


subjects


plit-half method of categorizing


and the examination of the masculinity and femininity factors


as they influence the test outcome were proposed as essential


for further


androgyny research.














APPENDIX I
INFORMED CONSENT


Subjects'

Subjects'


name

address


Project Number


Project


Title


"Personality Correlates of


College Women


Future Role Choi


ces"


Principal


Investigator:


Judy Steinberger


Date:


I agree to participate in the research as explained to me below:


experiment is


interested in studying personality attributes


associated with different women's


expectations


of their future roles.


We will


be asking you to fill


out several


personality inventories,


to answer several questions concerning your plans for the future.
There are no anticipated risks or discomforts involved in your parti-


cipation.


However,


the experiment
All answers will


if at any time


for whatever reasons


be kept


confidential


you do not wish to continue with


, you may feel


there


free to


leave.


is no need for you


to place any identifying information on any of these forms


(except


for this one,


which will


in no way be a


associated with your answers


to the questionnaire)


Any question


The above stated nature and purpose


of thi


research


, including discomforts


and risks involved (if any) have been explained to me verbally by


Judy Steinberger.


Furthermore,


it 1


agreed that the


information


gained from this investigation may be used for educational


purposes


which


may include publication.


understand that I may withdraw my consent


at any time without prejudice.


signed


I have defined and fully explained this research to the participant whose
signature appears above.
Signed














APPENDIX


SUBJECT BACKGROUND INFORMATION


Please fill
CHOSEN MAJOR


in your AGE


YEAR IN


SCHOOL and
If undecided about your


major,


please indicate.


Do you expect to have an occupation for the major portion of your


life?


If you said "NO"


to question


ease


go on to question


How likely i
your answer.


it that your ambitions will


be realized


Please circle


Very
Unlikely


Somewhat
Unlikely


No
Opinion


Somewha t
Likely


Very
Likely


4. How likely is
of your energy and


Very
Unlikely


Ideally


it that thi


source


Somewhat
Unlikely


for how


occupation will be
satisfaction in your


come the primary focus
life?


Somewha t


Opinion


Likely


long do you want to work


statement which best describe


Very
Likely


Place a chec


k in front of


your answer.


Not at all


Until I get married
Until my husband can


support our family


I plan to work except when my children are still
I plan to work except when my children are pre s


plan to work until


retirement,


my childrearing responsibilities


full


or part time


living at home
schooll aqe


depending on


I plan to work full
Other


time until


retirement


Realistically, how likely are you to work the


length of time you specified?


I LI


I


/I








The following is
about careers.


a


list of emotions people experience when thinking


How often have you felt each of them?


answer for each emotion.


Circle your


Never


idom


Excited
Confused


Depressed
Ambivalent
Overwhelmed


Self Confident


Apprehensive
Adequate
Inadequate
In control of things


Sometimes
3
3
3
3
3
3
3
3
3
3


Often
4
4
4
4
4
4
4
4
4
4


Very Often
5
5
5
5
5
5
5
5
5
5


. In trying to decide about a future occupation


how often have you


following?


decision making process)


(If your decision is made


, try to recall


your


Never


a) Talk to friends
b) Talk to parents
c) Talk to faculty mem-
bers
d) Talk to someone in
that field


Idom


Sometimes
3


Often


Very Often


Talk to career


counselor














APPENDIX III
DEBRIEFING

EXPERIMENT 913

The explanation given to you at the beginning of the experiment was


accurate but


lacking in detail.


The first questionnaire you were given


assessed your perception of your


sex role identity- how instrumental


expressive,


expressiveness)


or androgynous


characterized by both instrumentality and


see yourself as being.


Aside from the questions


concerning your plans for future work, and your attitudes


towards


possible


lifestyle


the remaining parts of the questionnaire contained


two separate anxiety measures.


of the purposes


of this


experiment


was to evaluate th


relationship between an individual


sex role


orientation and their scores on anxiety measures.


A second purpose of


study was to


explore the relationship between the


anxiety measures, and women'


You are asked not to reveal

friends or fellow classmates.


future rol e


sex role and


choices


the purpose of thi

The validity of thi


experiment to your

research rests on


your willingness not to discuss this experiment.


for your cooperation in this


THANK YOU very much


experiment.


I have read the above explanation of Experiment 913 and have no further
naiclmnnc rnnrr ;c nrnn +he avnnm mnnf















APPENDIX IV
SUPPLEMENTARY DATA TABLES





Table 10

Intercorrelation Matrix of the Four Anxiety Measures


Trait


Overt


Covert


Total


Trait


1.00


Overt


1.00


Covert


1.00


.89


Total


1.00






66





Table 11

Anxiety Scores Predicted by BSRI Actual and Ideal Scores
and Social Role Scores


Overt Anxiety


Variable


-4.07


17.16


1.146


p< .0001


0.24


Ideal M


1.05


Ideal F


1,146


1,146

1,146


-1.40


n.s.


n.s.

n.s.


Social Role


-0.11


5.61


1.146


p< .02


Note:


Covert Anxiety


Variable


-1.65


3.67


1,146


p< .06


0.08


Ideal M


1.60


Ideal F


-0.02


Social Role


-0.11


1.85

0.00

7.04


1.146


1,146

1,146

1.146


n.s.


n.s.

n.s.

p < .009


Note:


Total Anxiety


Variable


-5.74

n 95


I


11.77

n nl


1,146

1 14AI


p < .0008

n c





68



Table 13


Summary of the Manova Analysis of Anxiety Scores for the S
Role Categories Defined by the Androgyny t-score Method


Dependent Variable:


Source


Trait Anxiety

SS


Model
Error
Total


509.19


11146.08


509.19


< .01


74.31


11655


Dependent Variable:


Source


Overt Anxiety

SS


Model
Error
Total


Dependent Variable:


Source


277.


6713.97


6.21


< .01


44.76


6991.89

Covert Anxiety

SS


Model
Error
Total


Dependent Variable:


Source


5.76


5.76


n.s.


4908


4914.08

Total Anxiety

SS


Model
Error
Total


379.29


19248
19627


379.29
128.32


2.96


nt~s.


Manova Test for the Hypothesis of No Overall Group Effect yielded


F (4, 147)


= 3.09, p <.02.





67



Table 12

Prediction of Anxiety Scores by BSRI Discrepancy Scores
and Social Role Scores for Androgynous Subjects

Trait Anxiety


Variable


M Discrepancy
F Discrepancy
Social .Role


.74
-9.32
-0.18


.08
.46
4.18


1,68
1,68
1,68


n.s.


n.s.
< .04


Note:


Overt Anxiety


Variable


M Discrepancy
F Discrepancy
Social Role


.07
-19.11
-0.18


0.00
3.58
7.87


1,68
1,68
1,68


n.s.
<.06
< .006


Note:


Covert Anxiety


Variable


M Discrepancy
F Discrepancy
Social Role


0.69
-12.44
-0.11


.15
1.71
3.17


1,68
1,68
1,68


n.s.
n.s.
n.s.


Note:


Total Anxiety


Variable


M Discrepancy
F Discrepancy
Social Role


0.64
-31.77
-0.29


.04
3.15
6.33


1,68
1,68
1,68


n.s.
n.s.
p< .01


Note:





69



Table 14


Means and Summary of the
of Social


Two Way Analysi
Role Scores


of Variance


Androgynous


Masculine


Feminine


Undifferentiated


Social


Role Score


52.86


60.70


49.50


Source


Model


2702


900.76


6.38


< .0005


Masculinity(M)


751.94


< .02


Femininity(F


1536.73


10.88


< .001


413.60


2.93


n.s.


Error


20900.41


141.22


Total


23602.68















REFERENCE NOTES


Bem,


Psychology looks at


nous people gone?
1972.


sex roles: Where have all the androgy-


Paper presented at the UCLA Symposium on Women,


Jordan-Viola, E., Hosford, R. and Anderson, W.
sex role identity, and sematic measurement of


Paper presented at APA, San Francsico,

Hoffman, D. and Fidell, L.S. Character


Cognitive complexity,
sex typed occupations.


1977.


*ristics of androgynous


undifferentiated, masculine and feminine middle class women.
presented at APA, San Francisco, 1977.


Fidell, L
housewife


Paper


Employment status, role dissatisfaction, and the


yndrome.


Unpublished manuscript.


California State


University, Northridge, 1976.


Manning, T


. Sex


typed and androgynous ma


and females: Personality


and ego development differences.
Francisco, 1977.


Paper presented at APA













REFERENCES


Bakan,


The duality of human existence.


New York:


Rand McNally,


1966.


Barr, A., Goodnight, J., Sall, J. and Helwig, J.
Raleigh, North Carolina: SAS Institute, 1976


A users guide to


Bem,


S. The measurement of psychological androgyny.
and Clinical Psychology, 1974, 42, 155-162.


Journal


of Consulting


Bem,


Bem,


S. On the utility of alternative procedures for assessing psycho-
logical androgyny. Journal of Consulting and Clinical Psychology,
1977, 45, 196-205.


S. and Lenney, E. Sex typing and the avoidance of cross sex behavior.
Journal of Personality and Social Psychology, 1976, 33, 48-54.


Bem,


S., Martyna, and Watson, C. Sex
rations of the expressive domain.
Psychology, 1976, 34, 1016-1023.


typing and androgyny:Further explo-
Journal of Personality and Social


Block, J.


Conceptions of


perspectives.


sex role


- S


American Psychologi


ome cross cultural and longitudinal
t, 1973, 28, 512-526.


Blum, R.E. Personality correlates of adolescents
nonconformity in visual judgments. Doctoral
Illinois Institute of Technology, 1972.


Broverman, I.
Sex role
and Clini


showing conformity/
Dissertation.


, Broverman, D., Clarkson, Rosenkrantz, P. and Vogel, S.
stereotypes and clinical judgment. Journal of Consulting
cal Psychology, 1970, 34, 1-7.


Burns, M. Lif
1974, 35,


tyles for women:
7-230.


An attitudinal


scale.


Psychology Reports,


Carlson,


ex difference


agency and communion.
1971, 37, 267-277.


s in ego functioning: Exploratory studies of
Journal of Personality and Social Psychology,


Cattell, R.B.
New York:
Cnnc tni nnnln


Personality and motivation structure and measurement.
World Book CO., 1957.
A Me nm ir,-n4rAmm mnm4+% An nvnrnn-4nn *~fl 2 'f 1Cn dir'tiim2









Garai, J.


differences in mental health.


Genetic Psychology Monographs,


1970, 81, 123-142.


Giddings, W.


An investigation of the relationship between self-concepts


and anxiety levels in counselor-candidates and their performance in


counseling interviews.


Doctoral. Dissertation


Northern Illinois


University.


1971.


Heffner, R., Rebecca, M. and Oleshansky, B.


The development of


sex role


transcendence.


Human Development, 1975, 18, 143-


Heilbrun, A.B.
cal paradox.


role identification in adolescent female


Adolescence, 1968,


A theoreti-


79-92.


Heilbrun, A.B.


Measurement of masculine and feminine


sex role identi-


fiction as independent dimensions.


Journal of Consulting and


Clinical Psychology, 1976,


44, 183-190.


Helmrich, R


Stapp, J. and Ervin,C.


(TSBI): An objective


measure of


The texas social behavior inventory
self-esteem or social competence.


Journal Supplement Abstract Servi


Catalogue of Selected Documents


in Psychology, 1974,


4, 79.


(Ms. No. 681).


Horner, M.


differences in achievement motivation and performance in


competitive situations.


of Michigan


Doctoral Dissertation.


University


1968.


Howe, R.


Relationship between female rol


concepts and anxiety in employed


and nonemployed mothers of pre-school-age children.


Dissertation.


Wayne State University


Doctoral


1972.


Jones, W., Charnovetz, M. and Hanson, R.
ferential implications for males and f
sulting and Clinical Psychology, 1978,


The enigma of androgyny: Dif-
emales? Journal of Con-
46, 298-313.


Jordan-Viola,
anxiety.


E., Fassberg, S. and Viola,M. Feminism, androgyny and
Journal of Consulting and Clinical Psychology, 1976,


44, 870-871.


Kaplan, A.


Androgyny as a model of mental health for women: From theory


to therapy.


In A.G. Kaplan and J.P. Bean (Eds'.)


stereotypes: Reading


Little


e, Brown and Co., 1976,


Beyond


toward a psychology of androgyny.


sex rol
Boston:


352-262.


Kelly, J. and Worrell, J
A critical review.


New formulations of


sex roles and androgyny:


Journal of Consulting and CLinical Psychology,


1977


, 45, 1101-1115.








McClelland, D.C.


and Watt.


Sex role alienation in schizophrenia.


Journal of Abnormal


Psychology,


1968,


226-239.


McKee, J.P. and
and females


herrifs, A.L.


The differential evaluation of males


Journal of Personality,


1957


, 25,


452-464


Nowicki, C. and Poe,


The concept of mental


health a


it relates to


sex of person perceived.


Journal


of Consulting and Clinical


hology,


1973


, 40,


160-165.


Orlofsky, J.L., Aslin, A.L. and Ginsberg,


Differential effectiveness


of two


lassification procedures on the Bemr


Journal of Personality Assessment,


1977


, 41


ex Role Inventory
414-416.


Parker, F.B.
Journal


role adjustment in women alcoholics,


of Studies in Alcohol,


1972,


Quarterly


647-657.


Rebecca, M.,


scendance.


Hefner


In A.G.


, R. and Oleshansky, B.


Kaplan and J.P.


A model


Bean (Eds.)


sex role tran-


Beyond


stereotypes: Readings toward a psychology of androgyny.
Little, Brown and Co., 1976, 89-97.


sex role
Boston:


Reed, M.R.


The M-F dimension in normal


and psychotic subjects.


Journal


of Abnormal


social


Psychology,


1957


, 55,


284-294.


Rosenkrantz


, P. ,


Vogel


, Bee, H., Broverman,


role stereotypes and self concepts


and Broverman, D.


in college students.


Journal


of Consulting and Clinical


1968,


287-296,


Spence, J., Helmrich, R. and Stapp, J.


sex role attributes and their relation to


Ratings of self and peers on


esteem and conceptions


of masculinity and femininity


Psychology,


1975,


- Journal


of Personality and Social


29-37.


Spielberger
(Vol. 2


, C.D. (Ed
) New York


Anxiety:


Current trends in theory and research.


Academic Press,


Spielberge
Al to:


r


C.D., Gorusch, R.L.


and Lushene, R.G.


Consulting Psychologists Press,


STAI manual.


Palo


1970.


Stein, A.H.


and Smithells,L.


Age and


sex role standards about achievement.


sex differences


Developmental


in children


Psychology


1969,


252-


Steinmann, A.
therapy:


Studi


in male-female sex role identification.


Theory,Research and Practice,


1975,


Psycho-


412-416.


W~ ellfcP1 .1 A ,Z1o~ .1 Fricrrmb A1Filr


anA Rnwdnn .1


Anrhnnvnv and


P sye hol ogy ,





74




Wheeler, E.E. Anxiety, mental ability and reported views of self.
The School Counselor, 1965 (October), 33-35.

Wiggins, J. and Holzmuller, A. Psychological androgyny and interper-
sonal behavior. Journal of Consulting and Clinical Psychology,
1978, 46, 1052-1062.


Wilsnack, S. Sex role identity in female alcoholics.
Abnormal Psychology, 1975, 82, 153-160.


Journal of















BIOGRAPHICAL


KETCH


Judith


Laura


Steinberger wa


born


York


City


on D


ecember


1951


attended


Brooklyn


College of


City University


York


where


he majored


humanities


hology


graduated


summa


cum


laude with


honors


in psychology


May,


also


elected


to Phi


Beta


Kappa.


After


three


month


traveling,


entered


graduate


program at


Univers


Florida


pursue


degree


clinical


community


psyc


hology.


received


Master


s Degree


n 1974.


Upon


completing


doctorate,


plans


pursue


her career


as a


clinical


consulting


psychologist.


was












I certify that I have read this study and that in my opinion it


conforms to acceptable standard


adequate,


in scope and quality


of scholarly presentation and is fully
as a dissertation for the degree of


Doctor of Philosophy.


Franz E/ting, Ch
Associate Profes


airpe
sor 9


Psychology


I certify that I have read thi
conforms to acceptable standards of


study and that in my opinion it


cholarly presentation and i


fully


adequate,


in scope and quality, as a di


ssertation for the degree of


Doctor of Philosophy.


Mary
Assis


~~~LA~


ifCaulley, Cochairpers
ant Professor of Clin


Psychology


I certify that I have read thi
conforms to acceptable standards.of


adequate,


in scope and quality, as


study and that in my opinion it


cholarly presentation and i


a dis


fully


sertation for the degree of


Doctor of Philosophy.


~/I


c AtZ


C-


Everette Hall
Associate Professor of Psychology


I certify that I have read thi
conforms to acceptable standards of


adequate,


in scope and quality, as a di


Doctor of Philosophy.


study and that in my opinion it
cholarly presentation and is fully


sertation for the degree of


~tt~~Z/


I












certify that I have read thi


study and that in my opinion it


conforms to acceptable standards of scholarly presentation and is


adequate,


fully


in scope and quality, as a dissertation for the degree of


Doctor of Philosophy.


Sit


1k EC"


I `-*


Ann Lynch


Coun


This dissertation was submitted to the Graduate Faculty of the


Department of Psychology in the College of Arts and


sciences and to


the Graduate Council, and was accepted as


partial


fulfillment of the


requirements for the degree of Doctor of Philosophy

August 1978


Dean, Graduate School


selling Psychologist






































UNIVERSITY OF FLORIDA
II III 18 I I I I I2I I
3 1262 08554 1240




Full Text
xml version 1.0 encoding UTF-8
REPORT xmlns http:www.fcla.edudlsmddaitss xmlns:xsi http:www.w3.org2001XMLSchema-instance xsi:schemaLocation http:www.fcla.edudlsmddaitssdaitssReport.xsd
INGEST IEID EP6VRZ9RP_XI7687 INGEST_TIME 2011-08-09T14:32:34Z PACKAGE AA00002206_00001
AGREEMENT_INFO ACCOUNT UF PROJECT UFDC
FILES



PAGE 1

m t U Z  r nL r f9 Y r Y r ? @ r f m r  ILfr 6 $n IW

PAGE 2

52/( 25,(17$7,21 (;3(&7(' /,)(67
PAGE 3

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n WLFDO PHWKRGRORJLFDO DQG WKHRUHWLFDO LQVLJKWV DQG WR 'U $QQ /\QFK ZKRVH LQWHUHVW LQ WKH SV\FKRORJ\ RI ZRPHQ DQG LQ P\ GLVVHUWDWLRQ KHOSHG PH WR UHWDLQ P\ RZQ H[FLWHPHQW ZKLOH ZRUNLQJ RQ WKLV VWXG\ $V ZHOO ZDQW WR WKDQN 'U 5DQG\ &DUWHU RI WKH %LRVWDWLVWLFV 'HSDUWPHQW ZKRVH VWDWLVWLFDO DGYLFH SURYHG WR EH LQYDOXDEOH )LQDOO\ ZDQW WR WKDQN P\ KXVEDQG 6WHSKDQ IRU KLV HQFRXUDJHPHQW DQG KLV FRQWLQXHG SDWLHQFH DQG WROHUDQFH +H WUXO\ PDGH WKLV WDVN HDVLHU

PAGE 4

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

PAGE 5

3DJH $33(1',; ,9 6833/(0(17$5< '$7$ 7$%/(6 5()(5(1&( 127(6 5()(5(1&(6 %,2*5$3+,&$/ 6.(7&+ L Z

PAGE 6

/,67 2) 7$%/(6 7DEOH 3DJH 6XPPDU\ RI WKH 7ZR :D\ $QDO\VHV RI 9DULDQFH RI $Q[LHW\ 6FRUHV 0HDQ $Q[LHW\ 6FRUHV RI WKH )RXU 6H[ 5ROH &DWHJRULHV 7UDLW $Q[LHW\ 6FRUHV 3UHGLFWHG E\ WKH %65, $FWXDO DQG ,GHDO 6FRUHV DQG 6RFLDO 5ROH 6FRUHV 3UHGLFWLRQ RI $Q[LHW\ $FRUHV E\ %65, 'LVFUHSDQF\ 6FRUHV DQG 6RFLDO 5ROH 6FRUHV &RPSDULVRQ RI 6XEMHFWVn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

PAGE 7

/,67 2) ),*85(6 )LJXUH 3DJH 0HDQ 6HOI ,GHDO 6HOI 'LVFUHSDQF\ 6FRUHV IRU WKH 6H[ 5ROH *URXSV 0HDQ 6RFLDO 5ROH 6FRUHV RI WKH 6H[ 5ROH *URXSV &DWHJRUL]HG E\ WKH 6SOLW+DOI DQG WKH WVFRUH 3URFHGXUHV YL

PAGE 8

$EVWUDFW RI 'LVVHUWDWLRQ 3UHVHQWHG WR WKH *UDGXDWH &RXQFLO RI WKH 8QLYHUVLW\ RI )ORULGD LQ 3DUWLDO )XOILOOPHQW RI WKH 5HTXLUHPHQWV IRU WKH 'HJUHH RI 'RFWRU RI 3KLORVRSK\ 52/( 25,(17$7,21 (;3(&7(' /,)(67
PAGE 9

PDVFXOLQLW\ UDWLQJV 7KHVH ILQGLQJV ZHUH LQWHUSUHWHG LQ WHUPV RI WKH GHPRQVWUDWHG VLJQLILFDQFH RI WKH PDVFXOLQH LWHPV LQ UHODWLRQ WR DQ[LHW\ UDWKHU WKDQ HYLGHQFH RI D UHODWLRQVKLS EHWZHHQ JHQHUDO VHOI GLVVDWLVn IDFWLRQ DQG DQ[LHW\ 6RFLDO UROH VFRUHV ZHUH IRXQG WR EH VWURQJO\ UHODWHG WR DQ[LHW\ VFRUHV VXFK WKDW D WHQGHQF\ WR DQWLFLSDWH D WUDn GLWLRQDO VRFLDO UROH DIWHU JUDGXDWLRQ ZDV DVVRFLDWHG ZLWK ORZHU DQ[LHW\ VFRUHV 7KHVH ILQGLQJV ZHUH LQWHUSUHWHG LQ WHUPV RI WKH UHODWLYH VDOLHQFH DFDGHPLF VXFFHVV KDV IRU WKH WUDGLWLRQDO DQG QRQWUD GLWLRQDOO\ RULHQWHG IHPDOH ([SORULQJ VXEMHFWVn SHUFHSWLRQV RI LGHDO VH[ UROH RULHQWDWLRQ $ b RI WKH VXEMHFWV LQGLFDWHG D GHVLUH WR EH DQGURJ\QRXV $OO VXEMHFWV UHSRUWHG ZDQWLQJ VLJQLILFDQW LQFUHDVHV RQ %65, PDVFXOLQLW\ VFRUHV DQG DOO EXW WKH IHPLQLQH VXEMHFWV UHSRUWHG GHVLUHG LQFUHDVHV RQ WKH IHPLQLQLW\ VFDOH $QGURJ\QRXV ZRPHQ UHSRUWHG WKH VPDOOHVW GLVFUHSDQF\ VFRUH XQGLIIHUHQWLDWHG ZRPHQ WKH ODUJHVW )XUWKHU H[DPLQDWLRQ RI WKH LGHDO UDWLQJV LQGLFDWHG WKDW VHYHUDO IHPLQLQH LWHPV ZHUH QRW FRQn VLGHUHG GHVLUDEOH E\ DQ\ RI WKH VXEMHFWV ZKLOH WKLV ZDV QRW WUXH IRU DQ\ PDVFXOLQH LWHP ,W ZDV FRQFOXGHG WKDW WKH %65, FRQWDLQV DQ DUWLn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

PAGE 10

VXEMHFWV ,W ZDV FRQFOXGHG KRZHYHU WKDW WKH EDODQFH SURFHGXUH GRHV QRW DOORZ VXIILFLHQW XQGHUVWDQGLQJ RI WKH IDFWRUV FRQWULEXWLQJ WR WKH GLIIHUHQWLDO VFRUHV RI WKH DQGURJ\QRXV VXEMHFWV 7KH VSOLWKDOI PHWKRG RI FDWHJRUL]LQJ VXEMHFWV DQG WKH H[DPLQDWLRQ RI PDVFXOLQLW\ DQG IHPLQn LQLW\ IDFWRUV DV WKH\ LQIOXHQFH WHVW RXWFRPH ZDV SURSRVHG DV HVVHQWLDO IRU IXUWKHU DQGURJ\Q\ UHVHDUFK )XUWKHU H[DPLQDWLRQ RI WKH ILQGLQJV VXJJHVWHG D GLVWLQFWLRQ EHn WZHHQ VWDWLVWLFDOO\ VLJQLILFDQW DQG FOLQLFDOO\ VLJQLILFDQW ILQGLQJV ,W ZDV VXJJHVWHG WKDW QR FOLQLFDO LPSOLFDWLRQV FRQFHUQLQJ WKH UHODn WLRQVKLS EHWZHHQ DQGURJ\Q\ DQG SV\FKRORJLFDO DGMXVWPHQW EH GUDZQ IURP WKLV VWXG\

PAGE 11

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f GHVFULEH DQGURJ\Q\ DV IUHHGRP IURP ULJLG VH[ UROHV ZKLOH %HUQ %HUQ DQG /HQQH\ f FDUULHV WKH FRQFHSW PXFK IXUWKHU HVWDEOLVKLQJ DQGURJ\Q\ DV D PRGHO IRU PHQWDO KHDOWK IRU IXOO HIIHFWLYH DQG KHDOWK\ IXQFn WLRQLQJ ERWK IHPLQLQLW\ DQG PDVFXOLQLW\ PXVW HDFK EH WHPSHUHG E\ WKH RWKHU DQG WKH WZR PXVW EH LQWHJUDWHG LQWR D PRUH EDODQFHG D PRUH IXOO\ KXPDQ D WUXO\ DQGURJ\QRXV LQGLYLGXDO S f 6KH DVVXPHV LQ WKLV GHILQLWLRQ WKH LQWHJUDWLRQ RI ERWK LQVWUXPHQWDO DQG H[SUHVVLYH IXQFWLRQLQJ DV ZHOO DV WKH LQGLYLGXDOnV DELOLW\ WR HPSOR\ WKHVH WUDLWV ZLWK VLWXDWLRQ DSSURSULDWHQHVV +RZHYHU KHU PHDVXUH RI SV\FKRORJLFDO DQGURJ\Q\ WKH %HUQ 6H[ 5ROH ,QYHQWRU\ %65,f RQO\ GHWHUPLQHV WKH GHJUHH WR ZKLFK UHVSRQGHHV DVFULEH WR WKHPVHOYHV D VHULHV RI SRVLWLYHO\ YDOXHG PDOH DQG IHPDOH DWWULEXWHV 7KLV LQVWUXPHQW LV QRW DEOH WR DVFHUWDLQ WKH DFWXDO IOH[LELOLW\

PAGE 12

VLWXDWLRQ DSSURSULDWHQHVV RU HIIHFWLYHQHVV RI WKH VXEMHFW 1HYHUWKHn OHVV WKH PDMRULW\ RI VWXGLHV LQYHVWLJDWLQJ SV\FKRORJLFDO DQGURJ\Q\ UHn SRUW ILQGLQJV FRQVLVWHQW ZLWK WKH PHQWDO KHDOWK LGHDO GHILQLWLRQ %HUQ +HLOEUXQ 6SHQFH +HOPULFK t 6WDSS f 2QH VWXG\ DSSURDFKHG WKLV LVVXH IURP D GLIIHUHQW SHUVSHFWLYH DQG IRXQG LQVWHDG D SRVLWLYH FRUUHODWLRQ EHWZHHQ DQGURJ\Q\ DQG DQ[LHW\ -RUGDQ9LROD )DVVEHUJ t 9LROD f 7KLV VWXG\ SURYLGHG DQ DOWHUQDWLYH OHQV IRU H[SORULQJ WKH UHODWLRQVKLS RI DQGURJ\Q\ DQG SHUVRQDO DGMXVWPHQW )XUWKHU LQYHVWLJDWLRQV RI WKH DQ[LHW\ VFRUHV RI DQGURJ\QRXV LQGLn YLGXDOV FDQ EH D YDOXDEOH FRQWULEXWLRQ WR RXU XQGHUVWDQGLQJ RI WKH FRUn UHODWHV DQG FRQVHTXHQFHV RI DQGURJ\Q\ ,Q WKHLU FULWLFDO UHYLHZ RI DQGURJ\Q\ UHVHDUFK .HOO\ DQG :RUUHOO f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n DWH WKH DGDSWLYH TXDOLWLHV RI DQGURJ\Q\ -RUGDQ9LROD HW DO f ,Q WKLV VWXG\ WKH %65, DQG WKH 7D\ORU 0DQLIHVW $Q[LHW\ 6FDOH ZHUH DGPLQLVWHUHG WR ODUJH VDPSOHV RI IHPDOH XQGHUJUDGXDWHV IHPLQLVWV ZRUNLQJ ZRPHQ DQG KRXVHZLYHV 3RVLWLYH FRUUHODWLRQV EHWZHHQ DQGURJ\Q\ DQG DQ[LHW\ ZHUH UHSRUWHG IRU ERWK WKH FROOHJH DQG ZRUNLQJ ZRPHQ ZKLOH WKH IHPLQLVWV GLG QRW H[KLELW WKLV UHODWLRQVKLS +RZHYHU PHWKRGRORJLFDO IODZV PD\ KDYH FRQWULEXWHG WR WKHVH ILQGLQJV DV WKH DXWKRUV GLG QRW GLIIHUHQWLDWH EHWZHHQ

PAGE 13

DQGURJ\QRXV VXEMHFWV VFRULQJ KLJK RQ ERWK PDVFXOLQLW\ DQG IHPLQLQLW\ DQG WKRVH VFRULQJ ORZ RQ ERWK WKHVH DWWULEXWHV ,W LV SRVVLEOH WKDW WKH LQFUHDVHG DQ[LHW\ RI WKH DQGURJ\QRXV VXEMHFWV ZDV D IXQFWLRQ RI WKH ORZ OHYHO DQGURJ\QRXV SDUWLFLSDQWV 7KHVH ILQGLQJV QHHG WR EH UHH[DPLQHG FRPSDULQJ WKH VFRUHV RI WKH KLJK DQG ORZ OHYHO DQGURJ\QRXV VXEMHFWV
PAGE 14

%DFNJURXQG $OWKRXJK ERWK )UHXG DQG -XQJ HDFK SRVWXODWHG WKDW DOO LQGLYLGXDOV SRVVHVVHG FKDUDFWHULVWLFV RI ERWK VH[HV LW LV RQO\ UHFHQWO\ WKDW VH[ UROH UHVHDUFK KDV VKLIWHG LWV HPSKDVLV IURP WKH VWXG\ RI LQWHUVH[ GLIn IHUHQFHV WR WKH H[SORUDWLRQ RI LQWUDVH[ YDULDWLRQ RI VH[ UROH DWWULEXWHV 5HYLHZLQJ HDUOLHU VH[ UROH UHVHDUFK &RQVWDQWLQRSOH f FRQFOXGHG WKDW VH[ UROH DWWULEXWHV KDG EHHQ DVVHVVHG E\ D YDULHW\ RI 0DVFXOLQLW\ )HPLQLQLW\ 0)f VFDOHV UHSUHVHQWLQJ 0) DV D VLQJOH ELSRODU GLPHQVLRQ ZKLFK WHQGHG WR DVVHVV WKH LQGLYLGXDOnV DGKHUHQFH RU GHYLDQFH IURP WKH PRGDO PDOH RU IHPDOH 'HYLDQFH ZDV LQWHUSUHWHG WR VLJQLI\ ZHDN RU FURVVHG VH[ LGHQWLILFDWLRQ ZKLOH DGKHUHQFH ZDV UHJDUGHG DV LQGLFDWLYH RI SHUVRQDO DGMXVWPHQW +HLOEUXQ f (PSOR\LQJ ELSRODU 0) VFDOHV ERWK FOLQLFLDQV %URYHUPDQ%URYHUPDQ &ODUNVRQ 5RVHQNUDQW] t 9RJHOf DQG FROOHJH VWXGHQWV 1RZLFNL t 3RH f GHVFULEHG HPRWLRQDO SDVVLYH GHSHQGHQW ZRPHQ DV KHDOWK\ PDWXUH LQGLYLGXDOV 'HYLDWLRQV IURP WKH VWHUHRW\SHG H[SHFWDWLRQ ZHUH DVVRFLDWHG ZLWK PHQWDO LOOQHVV *DUDL f ZLWK VFKL]RSKUHQLD 5HHG 0F&OHOODQG DQG :DWW f DQG ZLWK IHPDOH DOFRKROLVP 3DUNHU :LOVQDFN f +RZHYHU RWKHU HPSLULFDO HYLGHQFH KDV VXJJHVWHG WKDW DW OHDVW IRU ZRPHQ VWURQJ DGKHUHQFH WR WKHVH WUDGLWLRQDO UROH DWWULEXWHV DQG EHKDYLRUV ZDV QRW DGDSWLYH DQG LQVWHDG ZDV IUHTXHQWO\ DVVRFLDWHG ZLWK DQ[LHW\ DQG ORZ VRFLDO DFFHSWDQFH &RVHQWLQR t +HLOEUXQ f ZLWK SRRU VHOI FRQFHSW 5RVHQNUDQW] 9RJHO %HH %URYHUPDQ t %URYHUPDQ 0F.HH t 6KHULIIV f DQG ZLWK ORZ OHYHOV RI DFKLHYPHQW +RUQHU 6WHLQ DQG 6PLWKHOOV f :KLOH FRQWURO JURXSV LQ VHYHUDO VWXGLHV VXJJHVWHG WKDW ZRPHQ FDQ H[KLELW D SURDFWLYH PDVFXOLQHf DSSURDFK WR OLIH DQG UHn PDLQ DGMXVWHG HIIHFWLYH KXPDQ EHLQJV 5HHG 0F&OHOODQG DQG :DWW f WKHVH ILQGLQJV ZHUH GLVPLVVHG DV DQRPDOLHV

PAGE 15

&XUUHQWO\ SV\FKRORJLFDO WKHRU\ LV IRFXVVLQJ RQ WKH DGDSWLYH FDSDn FLWLHV RI WKH LQGLYLGXDO ZKR SRVVHVVHV ERWK PDVFXOLQH DQG IHPLQLQH ERWK LQVWUXPHQWDO DQG H[SUHVVLYH DWWULEXWHV f§WKH DQGURJ\QRXV LQGLYLGXDO 7KH LQWHJUDWLRQ RI WKHVH DWWULEXWHV KDV EHHQ SUHVHQWHG LQ WKHRUHWLFDO GLVFXVVLRQV DV D GHYHORSPHQWDO WDVN RI WKH DGXOW WKH DFFRPSOLVKPHQW RI ZKLFK LV IUHTXHQWO\ DVVRFLDWHG ZLWK KLJKHU HTR IXQFWLRQLQJ %DNDQ %ORFN &DUOVRQ +HIIQHU 5HEHFFD t 2OHVKDQVN\ f %HUQ QRWH f DUJXHG IRU WKH VFLHQWLILF LQYHVWLJDWLRQ RI WKH DQGURJ\QRXV LQGLYLGXDO DQG LQLWLDWHGD UHVHDUFK SURJUDP IRU WKDW HQG +HU ILUVW DFFRPSOLVKPHQW ZDV WKH GHYHORSPHQW RI WKH %HUQ 6H[ 5ROH ,QYHQWRU\ %65,f ZKLFK FRQFHSWXDOL]HV PDVFXOLQLW\ DQG IHPLQLQLW\ DV VHSDUDWH GLPHQVLRQV DQG WKHUHIRUH LV DEOH WR DVVHVV SV\FKRORJLFDO DQGURJ\Q\ 7KHRUHWLFDO DQG 2SHUDWLRQDO 'HILQLWLRQV RI $QGURJ\Q\ %HUQ LQLWLDOO\ f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n WDWLRQ ,QGLYLGXDOV ZLWK DQ LQVLJQLILFDQW GLIIHUHQFH GHWHUPLQHG E\ D WVFRUH EHWZHHQ WKHLU PDVFXOLQLW\ DQG IHPLQLQLW\ VFRUHV ZHUH WHUPHG DQGURJ\QRXV 7KXV WKH FRQFHSW RI D EDODQFH EHWZHHQ RQHnV LQVWUXPHQWDO

PAGE 16

DQG QXUWXUDQW SRWHQWLDO UHVSRQVHV RU PRGHV RI EHKDYLQJ ZDV UHJDUGHG WR EH WKH KDOOPDUN RI WKH DQGURJ\QRXV LQGLYLGXDO ,PSOLFLW LQ WKLV FRQFHSWXDOL]DWLRQ ZDV WKH QRWLRQ WKDW D EDODQFH EHWZHHQ LQVWUXPHQWDO DQG H[SUHVVLYH EHKDYLRUV ZRXOG SURPRWH VLWXDWLRQDSSURSULDWH UHVSRQVHV DQG WKDW LQVWUXPHQWDO DQG H[SUHVVLYH EHKDYLRUV ZHUH HTXDOO\ HVVHQWLDO IRU DOO LQGLYLGXDOV UHJDUGOHVV RI WKHLU VH[ RU OLIH VLWXDWLRQ 6RRQ DIWHU %HUQ SXEOLVKHG KHU VFDOH 6SHQFH +HOPULFK DQG 6WDSS f GHYHORSHG D PHDVXUH RI DQGURJ\Q\ ZKLFK WKH\ HPSOR\HG LQ D VWXG\ FRQFHUQLQJ WKH UHODWLRQVKLS RI 0) WR VWHUHRW\SLF VHOI UDWLQJV 7KH\ EDVHG WKHLU VFDOH RQ ELSRODU DGMHFWLYHV IURP WKH 6H[ 5ROH 6WHUHRW\SH 4XHVWLRQDLUH RI 5RVHQNUDQW] HW DO f 7KHVH LWHPV ZHUH VXEVHTXHQWO\ GLYLGHG LQWR WKUHH VFDOHV DFFRUGLQJ WR FROOHJH VWXGHQWVn UDWLQJV RI WKHVH LWHPV RQ D ILYH SRLQW VFDOH GHVFULELQJ WKH LGHDO PDOH DQG IHPDOH (LJKWHHQ LWHPV GHILQHG WKH )HPDOH 9DOXHG 6FDOH 7KHVH LWHPV REWDLQHG UDWLQJV ZLWK PHDQV FORVHU WR WKH IHPLQLQH VLGH RI WKH SRODU DGMHFWLYH IRU ERWK VH[HV 7ZHQW\WKUHH LWHPV ZHUH FODVVLILHG DV PDOH YDOXHG DFFRUGLQJ WR D SDUDOOHO SURFHGXUH $QDO\]LQJ WKHLU VXEMHFWVn VHOI UDWLQJV RQ WKH VFDOH WKH DXWKRUV FRQFOXGHG WKDW PDVFXOLQLW\ DQG IHPLQLQLW\ DUH RUWKRJRQDO LI QRW SRVLWLYHO\ UHODWHG S f 7KH\ DOVR UHSRUWHG D VWURQJ SRVLWLYH UHODWLRQVKLS EHWZHHQ WKH PDOH DQG IHPDOH YDOXHG LWHPV DQG ZLWK VHOI HVWHHP DV PHDVXUHG E\ WKH 7H[DV 6RFLDO %HKDYLRU ,QYHQWRU\ +HOPULFK HW DO f OHDGLQJ WKHP WR K\SRWKHVL]H WKDW ERWK PDVFXOLQLW\ DQG IHPLQLQLW\ PD\ IXQFWLRQ LQ DQ DGGLWLYH IDVKLRQ WR GHWHUPLQH DQ LQGLYLGXDOnV VHOI FRQFHSW DQG EHKDYLRU $QGURJ\Q\ ZDV UHFRQFHSWXDOL]HG DV WKH SRVVHVVLRQ RI D KLJK GHWUHH RI ERWK PDVFXOLQLW\ DQG IHPLQLQLW\S f )XUWKHU DQDO\VLV RI WKH GDWD VXJJHVWHG WKDW ZKLOH WKH FRPELQDWLRQ RI PDOH DQG IHPDOH YDOXHG

PAGE 17

DWWULEXWHV ZDV DGGLWLYH LW ZDV QRW OLQHDU 7KH 0)$QGURJ\Q\ FRQWLQXXP ZDV WKXV RSHUDWLRQDOO\ GHILQHG E\ VSOLWWLQJ WKH VXEMHFW SRSXn ODWLRQ DW WKH PHGLDQ SRLQWV RI ERWK WKH PDOH DQG IHPDOH YDOXHG VFDOHV DQG IRUPLQJ IRXU JURXSV *URXS ORZ PDOH YDOXHG ORZ IHPDOH YDOXHG *URXS ,, ORZ PDOH YDOXHG KLJK IHPDOH YDOXHG *URXS ,,, KLJK PDOH YDOXHG ORZ IHPDOH YDOXHG DQG *URXS ,9 KLJK PDOH DQG IHPDOH YDOXHG 7KH JURXSV UHVSHFWLYHO\ GHILQHG XQGLIIHUHQWLDWHG IHPLQLQH PDVFXOLQH DQG DQGURn J\QRXV LQGLYLGXDOV 7KLV PRGHO RI FRXUVH GLIIHUHG IURP %HUQnV f RSHUDWLRQDO GHILn QLWLRQ RI DQGURJ\Q\ ZKLFK DOORZHG LQGLYLGXDOV ORZ RQ ERWK YDOXHG WUDLWV WR EH WHUPHG DQGURJ\QRXV DORQJ ZLWK LQGLYLGXDOV FKDUDFWHUL]HG E\ WKHLU SRVVHVVLRQ RI KLJK DPRXQWV RI WKHVH YDOXHG DWWULEXWHV 7R LQYHVWLJDWH WKH LPSOLFDWLRQV RI WKHVH GLVFUHSDQW GHILQLWLRQV 6SHQFH DQG KHU FRZRUNHUV UHVFRUHG WKHLU GDWD DFFRUGLQJ WR %HUQnV PHWKRG DQG FRPSDUHG WKH UHn VXOWV RI ERWK WKHVH SURFHGXUHV XVLQJ VHOI HVWHHP DV WKH GHSHQGHQW YDULDEOH :KHQ WKH GDWD ZHUH UHVFRUHG DFFRUGLQJ WR %HUQnV PHWKRG VHOI HVWHHP LQFUHDVHG GLUHFWO\ DFURVV JURXSV ZLWK IHPLQLQH VXEMHFWV H[KLn ELWLQJ WKH OHDVW DPRXQW RI VHOI HVWHHP PDVFXOLQH VXEMHFWV WKH PRVW DQG DQGURJ\QRXV VXEMHFWV D PRGHUDWH DPRXQW :LWK WKH DGGLWLYH VSOLWKDOIf VFRULQJ SURFHGXUH XQGLIIHUHQWLDWHG LQGLYLGXDOV UHSRUWHG WKH ORZHVW VHOI HVWHHP DQG DQGURJ\QRXV SDUWLFLSDQWV WKH KLJKHVW 7KH DXWKRUV FRQFOXGHG WKDWPDVFXOLQLW\ DQG IHPLQLQLW\ UHSUHVHQWHG VHSDUDWH VRFLDOO\ GHVLUDEOH FRPSRQHQWV SUHVHQW LQ ERWK VH[HV S f DQG WKDW DQGURJ\Q\ ZKHQ GHILQHG DV WKH SRVVHVVLRQ RI KLJK DPRXQWV RI ERWK WKHVH YDOXHG WUDLWV UHIOHFWHG WKH PRVW GHVLUDEOH VWDWH $QGURJ\Q\ WKXV EHFDPH DVVRFLDWHG ZLWK SRVLWYH PHQWDO KHDOWK DQG HIIHFWLYH IXQFWLRQLQJ

PAGE 18

7KH VSOLWKDOI PHWKRG ZKLFK KDG EHHQ DGYRFDWHG DW OHDVW SDUWLDOO\ EHFDXVH LW UHLQIRUFHG WKH DVVXPSWLRQ WKDW DQGURJ\Q\ UHSUHVHQWV WKH KHDOWKLHVW VH[ UROH RULHQWDWLRQ ZDV ZLGHO\ DGRSWHG +HLOEUXQ f LQFRUSRUDWHG WKH VSOLWKDOI PHWKRG LQWR KLV DQGURJ\Q\ PHDVXUH DQG %HUQ f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n FKRORJLFDO DQGURJ\Q\ LW LV HPSOR\HG LQ D ZLGH YDULHW\ RI ZD\V UHVXOWLQJ LQ OLWWOH FRQVLVWHQF\ DPRQJ UHVHDUFK GHVLJQV RU GDWD DQDO\VLV 6RPH RI WKH YDULDWLRQV RFFXU IRU WKHRUHWLFDO UHDVRQV RWKHUV IRU VWDWLVWLFDO SXUSRVHV 7KH WKHRUHWLFDO GLVWLQFWLRQ EHWZHHQ D EDODQFH RI PDVFXOLQLW\ DQG IHPLQLQLW\ DQG WKH SRVVHVVLRQ RI KLJK DOWKRXJK SHUKDSV XQEDODQFHGf DPRXQWV RI WKHVH DWWULEXWHV LV WKH PRVW GHEDWHG LVVXH DPRQJ DQGURJ\Q\ UHVHDUFKHUV 3HUKDSV LW LV EHFDXVH WKLV GLVWLQFWLRQ GHWHUPLQHV WKH RSHUDWLRQDO GHILQLWLRQ RI DQGURJ\Q\ DQG KHQFH WKH PHWKRGRORJ\ RI DQGURJ\Q\ UHVHDUFK $OWKRXJK %HUQ KHUVHOI f DFNQRZOHGJHG WKDW WKH VSOLWKDOI SURFHGXUH SURYLGHV D VLJQLILFDQW VXEMHFW GLVWLQFWLRQ DQG DGYRFDWHG LWV DGRSWLRQ QXPHURXV UHVHDUFKHUV -RQHV HW DO -RUGDQ9LROD +RVIRUG t $QGHUVRQ QRWH :LJJLQV t +RO]PXOOHU f

PAGE 19

FRQWLQXH WR HPSOR\ WKH WVFRUH RU GLIIHUHQFH PHWKRG 7KH DGKHUHQFH WR WKLV GHILQLWLRQ LV IXUWKHU FRPSOLFDWHG E\ QXPHURXV PRGLILFDWLRQV RI %HUQnV RULJLQDO VFRULQJ SURFHGXUHV 6RPH UHVHDUFKHUV HPSOR\ AVFRUHV DV FRQWLQXRXV GDWD -RUGDQ9LROD HW DO QRWH %HUQ f ZKLOH RWKHUV FDWHJRUL]H WKHLU VXEMHFWV LQWR WKUHH UDWKHU WKDQ %HUQnV RULJLQDO ILYH VH[ UROH FDOVVLILFDWLRQV -RQHV HW DO f 'HVSLWH WKH ODFN RI FRQVLVWHQW PHWKRGRORJ\ EDODQFH DGYRFDWHV PDLQWDLQ WKDW WKLV DSSURDFK LV PHULWHG EHFDXVH WKH SURFHGXUH SURYLGHV DQ DQGURJ\Q\ VFRUH ZKLFK DOORZV IRU VWDWLVWLFDO DQDO\VLV :LJJLQV t +RO]PXOOHU f DQG DOVR DOORZV WKH LQYHVWLJDWRUV WR GHWHUPLQH WKH VLJQLILFDQFH RI WKH UHODWLYH DPRXQWV RI LQVWUXPHQWDO DQG H[SUHVVLYH WUDLWV LQ GHWHUPLQLQJ WHVW RXWFRPHV -RQHV HW DO f 7KH XQLTXHQHVV RI XQGLIIHUHQWLDWHG VXEn MHFWV LV IUHTXHQWO\ GLVPLVVHG E\ EDODQFH SURSRQHQWV )RU RWKHU UHVHDUFKHUV VHSDUDWH DQDO\VLV RI DQGURJ\QRXV DQG XQGLIn IHUHQWLDWHG VXEMHFWV LV FRQVLGHUHG HVVHQWLDO %HUQ +HLOEUXQ 6SHQFH HW DO f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

PAGE 20

YDULDEOHV :KLOH WKLV PHWKRG DOORZV IRU WKH FRPSDULVRQ RI DQGURJ\QRXV DQG QRQ DQGURJ\QRXV VXEMHFWV LW GRHV QRW SURYLGH D PHDQV RI H[SORULQJ SRVVLEOH IDFWRUV LH PDVFXOLQLW\ VFRUHV IHPLQLQLW\ VFRUHV RU WKH LQWHUDFWLRQ RI WKHVH VFRUHV ZKLFK PLJKW KDYH FRQWULEXWHG WR WKHVH IRXQG GLIIHUHQFHV 6HYHUDO PHWKRGV KDYH EHHQ SURSRVHG WR DPHOLRUDWH VRPH RI WKHVH GLIILFXOWLHV 2UORIVN\ HW DO f VXJJHVWHG HPSOR\LQJ DQGURJ\Q\ VFRUHV IRU WKRVH LQGLYLGXDOV ZKR PHHW WKH VSOLWKDOI FULWHULD 7KLV PLJKW EH DQ DSSURSULDWH SURFHGXUH LI RQH ZHUH LQWHUHVWHG LQ WKH VLJQLn ILFDQFH RI WKH UHODWLYH EDODQFH EHWZHHQ WKH PDVFXOLQLW\ DQG IHPLQLQLW\ VFRUHV $ SRSXODU VXSSOHPHQWDU\ DQDO\VLV DW WKH SUHVHQW WLPH LQYROYHV WKH VHSDUDWH DQDO\VLV RI WKH FRQWULEXWLRQ RI WKH PDVFXOLQLW\ DQG IHPLQLQLW\ VFRUHV WR WKH GHSHQGHQW YDULDEOH HLWKHU E\ FRUUHODWLRQ -RUGDQ9LROD )DVVEHUJ t 9LROD f RU E\ PXOWLSOH UHJUHVVLRQ DQDO\VLV %HUQ +RIIPDQ t )LGHO QRWH f 0RVW UHFHQWO\ D WKLUG PHWKRG IRU DQDO\]LQJ %65, GDWD KDV EHHQ SURSRVHG 'H )URQ]R t %RXn GUHDX f 7KH LQYHVWLJDWRUV PDLQWDLQ WKDW E\ HPSOR\LQJ D WZRZD\ DQDO\VLV RI YDULDQFH RI WKH WZR FDWHJRU\ PDVFXOLQLW\ DQG IHPLQLQLW\ IDFWRUV WKH UHVXOWLQJ GDWD ZRXOG SURYLGH PHDQ YDOXHV RI WKH GHSHQn GHQW YDULDEOHV IRU HDFK RI WKH IRXU %65, FDWHJRULHV WHVWV RI WKH PDLQ HIIHFWV RI WKHVH IDFWRUV DQG D WHVW IRU D SRVVLEOH LQWHUDFWLRQ HIIHFW RI PDVFXOLQLW\ DQG IHPLQLQLW\ RQ WKH GHSHQGHQW YDULDEOH 7KH\ LOOXVWUDWHG WKHLU DVVHVVPHQW SURFHGXUH LQ DQ LQYHVWLJDWLRQ RI WKH UHODWLRQVKLS RI VH[ UROH RULHQWDWLRQ DQG ZRPHQnV H[SHFWHG QXPEHU RI FKLOGUHQ $ RQH ZD\ DQDO\VLV RI YDULDQFH WKH W\SLFDO SURFHGXUHf LQn GLFDWHG WKDW HDFK RI WKH %65, FDWHJRULHV ZHUH UHODWHG WR H[SHFWHG IDPLO\ VL]H DQG D PXOWLSOH UHJUHVVLRQ DQDO\VLV LQGLFDWHG WKDW WKH

PAGE 21

IHPLQLQLW\ IDFWRU H[HUWHG D SRVLWLYH HIIHFW RQ WKH GHSHQGHQW YDULDEOH ZKLOH WKH PDVFXOLQLW\ IDFWRU GLG QRW 7KH WZR ZD\ DQDO\VLV RI YDULDQFH OLNHZLVH GHPRQVWUDWHG WKDW IHPLQLQLW\ EXW QRW PDVFXOLQLW\ KDG D VLJQLn ILFDQW HIIHFW RQ H[SHFWHG IDPLO\ VL]H EXW DOVR LQGLFDWHG WKDW PDVFXOLQ LW\ DQG IHPLQLQLW\ KDG DQ LQWHUDFWLRQ HIIHFW H[SODLQLQJ ZK\ DQGURJ\n QRXV ZRPHQ KDG IDPLO\ SODQV PRUH VLPLODU WR WKH PDVFXOLQH DQG XQGLIn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nV LQVWUXPHQWDO DQG H[SUHVVLYH FDSDELOLWLHV %HUQ f 7KH EDODQFHG LQGLYLGXDO ZDV SUHVHQWHG DV WKH DOWHUQDWLYH WR WKH SHUVRQ FKDUDFWHUL]HG E\ D ULJLG VH[ UROH RULHQWDWLRQ ZLWKRXW IXUWKHU HODERUDWLRQ UHJDUGLQJ WKH VLJQLn ILFDQFH RI WKH EDODQFHG DWWULEXWHV &XUUHQW SURSRQHQWV RI WKH EDODQFH GHILQLWLRQ PDLQWDLQ WKDW D EDODQFH RI VH[ W\SHG FKDUDFWHULVWLFV ZRXOG UHGXFH WKH FRQYHQWLRQDO OLPLWDWLRQV RQ EHKDYLRU DQG DOORZ IRU LQFUHDVHG EHKDYLRUDO IOH[LELOLW\ -RQHV &KDUQRYHW] t +DQVRQ f

PAGE 22

7KH EDODQFH GHILQLWLRQ ZDV PRGLILHG VHYHUDO \HDUV DJR ZKHQ VHOI HVWHHP D SUHVXPHG FRQVHTXHQFH RI EHKDYLRUDO DGDSWDELOLW\ ZDV HPSOR\HG WR YDOLGDWH 6SHQFH HW DOnV f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f DQG WKRVH SRVVHVVLQJ HTXDO DQG KLJK DPRXQWV RI WKHVH WUDLWV DQGURJ\QRXV SHRSOHf :KLOH WKLV GLVWLQFWLRQ UHLILHG WKH PHQWDO KHDOWK SHUVSHFWLYH RI DQGURJ\Q\ LW LV QRW QHFHVVDULO\ LQFRQVLVWHQW ZLWK WKH EHKDYLRUDO IOH[LELOLW\ LQWHUSUHWDWLRQ 3V\FKRORJLFDO DQGURJ\Q\ KDV EHHQ FRQVWUXHG LQ OHVV DEVROXWH WHUPV :DNHIHOG HW DO f VLPSO\ GHILQH DQGURJ\Q\ DV IUHHGRP IURP ULJLG VH[ UROHV S f .DSODQ f LQWHUSUHWLQJ WKH DQGURJ\Q\ FRQVWUXFW DV LW DSSOLHV WR KHU ZRUN DV D SV\FKRWKHUDSLVW UHJDUGV DQGURJ\Q\ DV WKH SRVVHVVLRQ RI VXIILFLHQW QRQWUDGLWLRQDO WUDLWV WR HQDEOH WKH LQGLYLGXDO WR UHVSRQG DSSURSULDWHO\ ZKHQ D VLWXDWLRQ GHPDQGV D QRQWUDGLWLRQDO DSSURDFK 7KHVH LQWHUSUHWDWLRQV GR QRW DVVXPH WKDW DOO LQGLYLGXDOV DUH VLJQLILFDQWO\ LQYROYHG LQ ERWK PDVFXOLQH DQG IHPLQLQH UROH DFWLYLWLHV EXW LQVWHDG VXJJHVW WKDW DQGURJ\Q\ DIIRUGV DQ DGYDQWDJH IRU WKRVH VLWD WLRQV ZKHQ DW\SLFDO UROHV DUH UHTXLUHG

PAGE 23

+RZHYHU DOO WKHVH GHILQLWLRQV RU LQWHUSUHWDWLRQV RI DQGURJ\Q\ IRFXV VROHO\ RQ WKH DGDSWLYH TXDOLWLHV RI WUDGLWLRQDO PDVFXOLQH DQG IHPLQLQH DWWULEXWHV LJQRULQJ SRVVLEOH QRQDGDSWLYH FRQVHTXHQFHV DVVRn FLDWHG ZLWK WKHVH VDPH WUDLWV 6XFK DQ LQWHUSUHWDWLRQ DSSHDUV ORJLFDO JLYHQ WKDW %HUQ UHSRUWHG LQFOXGLQJ RQO\ WKRVH LWHPV ZKLFK ZHUH IRXQG WR EH VRFLDOO\ GHVLUDEOH WUDLWV +RZHYHU ODWHU UHVHDUFK KDV VXJn JHVWHG WKDW SHUKDSV WKH PDVFXOLQH DQG IHPLQLQH WUDLWV DUH QRW RI HTXDO GHVLUDELLW\ RU DUH QRW SHUFHLYHG E\ LQGLYLGXDOV WR EH HTXDOO\ FRQWULEXWRU\ WR DQ LQGLYLGXDOnV DELOLW\ WR GHDO ZLWK OLIH FLUFXPVWDQFHV r -RQHV HW DO f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n LQLW\ FRQWULEXWH WR D KLJKHU OHYHO RI SV\FKRORJLFDO IXQFWLRQLQJ +RIIPDQ DQG )LGHO QRWH f DQDO\]HG WKH UHODWLRQVKLS EHWZHHQ SV\FKROn RJLFDO DQGURJ\Q\ GHILQHG E\ WKH VSOLWKDOI PHWKRG DQG D ODUJH QXPEHU RI GHPRJUDSKLF DQG SV\FKRORJLFDO YDULDEOHV 7KH\ UHSRUWHG WKDW WKH

PAGE 24

PDVFXOLQLW\ VFRUH ZDV LQ PDQ\ FDVHV PRUH LPSRUWDQW WKDQ WKH IHPLQLQH VFRUH LQ GHWHUPLQLQJ WKH UHODWLRQVKLS DOWKRXJK IHPLQLQLW\ VFRUHV GLG FRQWULEXWH WR VRPH RI WKH H[SODLQHG YDULDQFH LQ WKH UHODn WLRQVKLS EHWZHHQ DQGURJ\Q\ DQG VHOI HVWHHP DQG H[WURYHUVLRQ 7KH DXWKRUV K\SRWKHVL]HG WKDW WKH PDVFXOLQLW\ VFRUHV PD\ KDYH FRQWULEXWHG PRUH WR WKH WRWDO YDULDELOLW\ DPRQJ VXEMHFWV EHFDXVH RI WKH JUHDWHU YDULDQFH RI WKH PDVFXOLQLW\ VFRUHV UDWKHU WKDQ WKH FRQWHQW RI WKH PDVFXOLQLW\ LWHPV SHU VH $Q DOWHUQDWLYH K\SRWKHVLV LV WKDW PDVFXn OLQLW\ LWHPV DUH PRUH VDOLHQW WUDLWV IRU LQGLFHV RI SV\FKRORJLFDO ZHOOEHLQJ 2Q WKH RWKHU KDQG IHPLQLQLW\ DSSHDUV WR PDQLIHVW D VWURQJHU LQIOXHQFH RQ VXFK FKDUDFWHULVWLFV DV H[SHFWHG IDPLO\ VL]H 'H)URQ]R t %RXGUHDX f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

PAGE 25

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f KLJKHU VHOI HVWHHP 6SHQFH HW DO f DQG JUHDWHU VHOI GLVFORVXUH %HUQ f %HUQnV RYHUDOO SURJUDP RI UHVHDUFK %HUQ %HUQ 0DUW\QD t :DWVRQ f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n JDJLQJ LQ FURVV VH[HG EHKDYLRUV VXFK DV ZLQGLQJ D EDOO RI \DUQ RU KDPPHULQJ D QDLO LQWR D ERDUG %HUQ t /HQQH\ f 7KH DXWKRUV VXJJHVWHG WKDW DQGURJ\QRXV LQGLYLGXDOV PD\ KDYH EHHQ DEOH WR RYHU FRPH WKH LQWHUQDOO\ PHGLDWHG VDQFWLRQV H[SHULHQFHG E\ WKH VH[HG W\SHG VXEMHFWV VXFK WKDW FURVV VH[HG EHKDYLRUV ZHUH H[SHULHQFHG DV FRQJUXHQW ZLWK WKHLU VHOI LPDJH

PAGE 26

:KLOH DQGURJ\QRXV DQG VH[W\SHG VH[ UHYHUVHG DQG XQGLIIHUHQWLDWHG LQGLYLGXDOV GR H[KLELW SV\FKRORJLFDO DQG EHKDYLRUDO GLIIHUHQFHV FXUn UHQW UHVHDUFK KDV SURYLGHG VRPH HYLGHQFH ZKLFK GLVSXWHV FODLPV WKDW DQGURJ\QRXV LQGLYLGXDOV FRQVLVWHQWO\ IXQFWLRQ PRUH HIIHFWLYHO\ +RIIPDQ DQG )LGHOO QRWH f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f WKH PRVW LQWURYHUVLRQ DQG WKH PRVW QHXURWLFLVP 6LPLODU ILQGLQJV KDYH EHHQ UHSRUWHG IRU WKH W FROOHJH SRSXODWLRQ 6XPPDUL]LQJ WKH UHVXOWV RI D ODUJH SURJUDP RI VWXG\ H[SORULQJ SV\FKRORJLFDO DQGURJ\Q\ -RQHV HW DO f UHSRUW WKDW ZKLOH DQGURJ\QRXV IHPDOHV ZHUH OHVV FRQYHQWLRQDO PRUH RXWn JRLQJ SROLWLFDOO\ DZDUH FUHDWLYH DQG OHVV DZNZDUG VK\ DQG VHQVLWLYH WR FULWLFLVP WKDQ ZHUH IHPLQLQH W\SHG IHPDOHV PDVFXOLQH RULHQWHG ZRPHQ VFRUHG HYHQ PRUH SRVLWLYHO\ LQ WKDW GLUHFWLRQ 7KH DXWKRUV FRQn FOXGHG WKDW WKH PRUH PDVFXOLQH LQ RULHQWDWLRQ WKH PRUH DGDSWLYH FRPSHWHQW DQG VHFXUH WKH IHPDOH VXEMHFW ZDV S f 7KH\ K\SRn WKHVL]HG WKDW WKH LQVWUXPHQWDO TXDOLWLHV FRPSULVLQJ WKH PDVFXOLQLW\ VFDOH UHIOHFW WUDLWV ZKLFK DUH YDOXHG PRUH E\ VRFLHW\ LQ JHQHUDO DQG ZKLFK DUH PRUH FRQGXFLYH WR VRFLDO UHZDUGV :KLOH LW LV WUXH WKDW LQVWUXPHQWDO TXDOLWLHV DUH VRFLDOO\ YDOXHG DQG PD\ EH PRUH LPSRUWDQW IRU VXFFHVVIXO FROOHJH OLIH WKHUH DUH VRFLDO UROHV ZKLFK UHTXLUH DQG

PAGE 27

YDOXH H[SUHVVLYH IXQFWLRQLQJ DQG IRU WKHVH UROHV D IHPLQLQH UDWKHU WKDQ D PDVFXOLQH RULHQWDWLRQ ZRXOG SUREDEO\ EH PRUH DGDSWLYH )HPLQLQH ZRPHQ ZKR FKRRVH VXFK UROHV ZHUH IRXQG QRW WR GLIIHU VLJQLILFDQWO\ LQ RYHUDOO DGMXVWPHQW IURP WKHLU DQGURJ\QRXV RU PDVFXOLQH SHHUV +RIIPDQ t )LGHO QRWH f 7KH UHODWLRQVKLS EHWZHHQ VH[ UROH RULHQWDWLRQ DQG DGMXVWPHQW PD\ EH GHSHQGHQW XSRQ WKH LQGLYLGXDOnV OLIH VLWXDWLRQ 7KH 2WKHU 6LGH RI $QGURJ\Q\ ,Q OLJKW RI WKH FRQWLQXHG LQWHUHVW LQ WKH DQGURJ\Q\ FRQVWUXFW DQG DGGLWLRQDO UHVHDUFK ZKLFK TXHVWLRQV WKH LQLWLDO DVVXPSWLRQV UHJDUGLQJ WKLV FRQVWUXFW DQ H[SDQGHG IRFXV RI UHVHDUFK VHHPV ZDUUDQWHG ,Q WKHLU FULWLFDO UHYLHZ RI WKH DQGURJ\Q\ OLWHUDWXUH .HOO\ DQG :RUUHOO f DIILUPHG WKH QHHG IRU IXUWKHU H[SORUDWLRQV LQWR WKH SRVVLEOH QHJDn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nV VWXGLHV %HUQ %HUQ 0DUW\QD t :DWVRQ f RI DGDSWLYH EHKDYLRU GLG GHPRQVWUDWH EHKDYLRUDO GLIIHUHQFHV EHWZHHQ DQGURJ\QRXV DQG QRQDQGURJ\QRXV VXEMHFWV SHUKDSV WKH H[SHULPHQWDO VLWXDWLRQV ZHUH QRW VXIILFLHQWO\ VDOLHQW IRU DQGURJ\QRXV VXEMHFWV WR H[SHULHQFH FRQIOLFWLQJ SRWHQWLDO UHVSRQVHV 2Q WKH RWKHU KDQG SUHYLRXV UHVHDUFK SURJUDPV ZKLFK FRPSDUHG %65, VFRUHV WR SV\FKRPHWULF LQGLFHV RI ZHOOEHLQJ PD\ KDYH EHHQ IRXQGHG

PAGE 28

RQ TXHVWLRQDEOH JURXQGV 6LQFH DQGURJ\QRXV LQGLYLGXDOV DUH GHILQHG DV WKRVH SHRSOH ZKR DVFULEH WR WKHPVHOYHV KLJK DPRXQWV RI SRVLWLYHO\ YDOXHG PDVFXOLQH DQG IHPLQLQH WUDLWV DQG WKHUHIRUH SRVVHVV D JUHDWHU QXPEHU RI WKHVH WUDLWV WKDQ WKHLU QRQDQGURJ\QRXV SHHUV LW LV SRVn VLEOH WKDW DQGURJ\Q\ DQG SDSHU DQG SHQFLO PHDVXUHV RI SV\FKRORJLFDO DGMXVWPHQW PD\ EH DVVHVVLQJ WKH VDPH DWWULEXWH UDWKHU WKDQ WZR GLVn WLQFW EXW UHODWHG SHUVRQDOLW\ YDULDEOHV &OHDUO\ D GLIIHUHQW DSSURDFK LV UHTXLUHG 2QH VWXG\ LQDGYHUWHQWO\ SURYLGHG D QHZ DSSURDFK WKURXJK ZKLFK WR H[DPLQH WKH SV\FKRORJLFDO FRQVHTXHQFHV RI DQGURJ\Q\ 6HHNLQJ WR FRPSDUH IHPLQLVWV WR QRQIHPLQLVW ZRPHQ -RUGDQ9LROD HW DO f DGPLQLVWHUHG WKH %65, DQG WKH 7D\ORU 0DQLIHVW $Q[LHW\ 6FDOH 70$6f WR IHPDOH XQGHUJUDGXDWHV IHPLQLVWV ZRUNLQJ ZRPHQ DQG KRXVHZLYHV 3RVLn WLYH FRUUHODWLRQV EHWZHHQ DQGURJ\Q\ DQG DQ[LHW\ ZHUH UHSRUWHG IRU ERWK FROOHJH DQG ZRUNLQJ ZRPHQ ZKLOH IHPLQLVWV PRUH DQGURJ\QRXV WKDQ WKH RWKHU JURXSV GLG QRW H[KLELW WKLV UHODWLRQVKLS 7KHVH GDWD VXJJHVW WKDW DQGURJ\Q\ PD\ KDYH VRPH QRQDGDSWLYH FRPSRQHQWV $QGURJ\Q\ DQG $Q[LHW\ &XUUHQWO\ WKH UHODWLRQVKLS EHWZHHQ DQGURJ\Q\ DQG DQ[LHW\ UHPDLQV XQFOHDU 6HYHUDO WKHRUHWLFDO DQG PHWKRGRORJLFDO IDFWRUV PD\ KDYH FRQn WULEXWHG WR WKHVH ILQGLQJV )LUVW -RUGDQ9LROD GHILQHG DQGURJ\Q\ DFFRUGLQJ WR WKH EDODQFH SURFHGXUH ,Q GRLQJ VR VKH GLG QRW GLVWLQJXLVK EHWZHHQ DQGURJ\QRXV LQGLYLGXDOV VFRULQJ KLJK RQ ERWK PDVFXOLQLW\ DQG IHPLQLQLW\ DQG WKRVH VFRULQJ ORZ RQ ERWK WKHVH YDOXHG WUDLWV WKH XQGLIIHUHQWLDWHG VXEMHFWV ,W LV SRVVLEOH WKDW WKH LQFUHDVHG DQ[LHW\ DWWULEXWHG WR VRPH RI WKH DQGURJ\QRXV VXEMHFWV ZDV LQGLFDWLYH RI WKH ORZ OHYHO IXQFWLRQLQJ RI VRPH RI WKH XQGLIIHUHQWLDWHG SDUWLFLSDQWV

PAGE 29

8QGLIIHUHQWLDWHG VXEMHFWV SHUFHLYLQJ WKHPVHOYHV WR SRVVHVV IHZ YDOXHG PDOH RU IHPDOH WUDLWV WHQG WR UHSRUW ORZHU VHOI HVWHHHP +RIIPDQ t )LGHO QRWH 6SHQFH HW DO f $ UHYLHZ RI WKH UHVHDUFK RQ DQ[LHW\ UHYHDOV WKDW LQGLYLGXDOV UHSRUWLQJ ORZ VHOI HVWHHP KDYH EHHQ IRXQG WR UHSRUW KLJKHU DQ[LHW\ VFRUHV WKDQ LQGLYLGXDOV H[KLELWLQJ KLJK VHOI HVWHHP %OXP *LGGLQJV :KHHOHU f 8Qn GLIIHUHQWLDWHG VXEMHFWV WKHUHIRUH PLJKW EH H[SHFWHG WR KDYH KLJKHU DQ[LHW\ VFRUHV WKDQ RWKHU VXEMHFWV VLQFH WKH\ WHQG WR UHSRUW WKH ORZHVW VHOI HVWHHP VFRUHV $ VHFRQG SRVVLEOH H[SODQDWLRQ IRU -RUGDQ9LROD HW DOnV ILQGLQJV LV WKDW VRPH LQGLYLGXDOV ZKR VFRUHG DQGURJ\QRXV RQ WKH %65, ZHUH QRW FRPIRUWDEOH ZLWK WKHLU VH[ UROH RULHQWDWLRQ WKH\ PD\ KDYH ZDQWHG WR EH PRUH EDODQFHG LQ WKHLU VH[ UROH RULHQWDWLRQV RU WR KDYH JUHDWHU RU OHVVHU DPRXQWV RI LQVWUXPHQWDO RU H[SUHVVLYH WUDLWV ,QGLYLGXDOV ZKR KROG LQWHUQDO H[SHFWDWLRQV RI WKHPVHOYHV ZKLFK GLIIHU PDUNHGO\ IURP WKHLU VHOI SHUFHSWLRQV PD\ H[SHULHQFH JUHDWHU DQ[LHW\ WKDQ WKRVH LQGLYLGXDOV ZKR IHHO PRUH FRQJUXHQW ZLWK WKHLU LGHDO VHOI +RZH f UHSRUWV WKDW DQ[LHW\ VFRUHV RQ WKH ,3$7 $Q[LHW\ 6FDOH D PHDVXUH KLJKO\ FRUUHODWHG ZLWK WKH 70$6 ZHUH UHODWHG WR GLVFUHSDQFLHV EHWZHHQ VHOI DQG LGHDO VHOI SHUFHSWLRQV ,Q D VWXG\ GHVLJQHG WR DVVHVV WKH YDOLGLW\ RI DQGURJ\Q\ DV WKH PRVW GHVLUDEOH VWDWH RI RULHQWDWLRQ -RQHV HW DO f KDG VXEMHFWV WDNH WKH %65, WZLFH 7KH ILUVW WLPH WKH\ IROORZHG WKH QRUPDO LQVWUXFWLRQV WKH VHFRQG WLPH VXEMHFWV UDWHG HDFK LWHP IRU WKH H[WHQW WR ZKLFK WKH\ ZRXOG ZDQW WR KDYH PRUH OHVV RU WKH VDPH RI HDFK RI WKH WUDLW LWHPV )HPLQLQH IHPDOH VXEMHFWV GHVLUHG D VLJQLILn FDQWO\ JUHDWHU LQFUHDVH RQ WKH PDVFXOLQH LWHPV WKDQ GLG DQGURJ\QRXV DQG PDVFXOLQH IHPDOH VXEMHFWV ZKLOH WKHUH ZDV QR GLIIHUHQFH RQ WKH PDVFXOLQH

PAGE 30

LWHPV EHWZHHQ WKH PDVFXOLQH DQG DQGURJ\QRXV VXEMHFWV 7KHUH ZHUH QR VLJQLILFDQW WUHQGV RU GLIIHUHQFHV DPRQJ WKH IHPDOH VXEMHFWV UHJDUGn LQJ GHVLUHG FKDQJHV LQ IHPLQLQLW\ VFRUHV :H PLJKW H[SHFW WKHUHIRUH WKDW IHPLQLQH DQG XQGLIIHUHQWLDWHG ZRPHQ DV ZHOO DV SHUKDSV DQGURn J\QRXV ZRPHQ ZLWK UHODWLYHO\ ORZ PDVFXOLQLW\ VFRUHV ZRXOG H[SHULHQFH ODUJHU GLVFUHSDQFLHV EHWZHHQ WKHLU VHOI DQG LGHDO VHOI SHUFHSWLRQV DQG WKXV DOVR KLJKHU DQ[LHW\ VFRUHV WKDQ WKHLU DQGURJ\QRXV DQG PDVFXn OLQH SHHUV 6XSSRUWLQJ WKLV K\SRWKHVLV -RUGDQ9LROD HW DO f UHSRUWHG WKDW DQ[LHW\ DQG PDVFXOLQLW\ VFRUHV ZHUH QHJDWLYHO\ FRUUHn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n ZLYHV ZHUH RI D VLPLODU DJH PHGLDQ DJH DQG \HDUV UHVSHFWn LYHO\f WKH XQLYHUVLW\ ZRPHQ ZHUH VLJQLILFDQWO\ \RXQJHU WKHLU PHGLDQ DJH EHLQJ RQO\ \HDUV 7R FRQWURO IRU WKH SRVVLEOH LQIOXHQFHV RQ WKH DQ[LHW\ VFRUHV WKLV VWXG\ ZLOO H[DPLQH WKH UHODWLRQVKLS EHWZHHQ DQ[LHW\ DQG VH[ UROH RULHQWDWLRQ RQO\ IRU FROOHJHDJH ZRPHQ $ VHFRQG SRVVLEOH H[SODQDWLRQ IRU WKHVH ILQGLQJV LW WKDW VRFLDO UROHV PD\ PHGLDWH WKH DGDSWLYH TXDOLWLHV RI VH[ UROH RULHQWDWLRQ

PAGE 31

6RFLDO 5ROH DV D 0HGLDWLQJ 9DULDEOH 5HVHDUFK HYLGHQFH VXJJHVWV WKDW WKHUH LV D UHODWLRQVKLS EHWZHHQ VH[ UROH RULHQWDWLRQ DQG VRFLDO UROH FKRLFH 'H )URQ]R DQG %RXGUHDX f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t )LGH QRWH f $PRQJ WKRVH ZRPHQ ZKR GR ZRUN PDVFXOLQH DQG DQGURJ\QRXV ZRPHQ WHQG WR ZRUN IXOO WLPH ZKLOH IHPLQLQH DQG XQGLIIHUHQWLDWHG ZRPHQ ZRUN SDUW WLPH )XUWKHUPRUH WKH IHPLQLQH ZRPHQ WHQGHG WR KDYH FRQVHUYDWLYH DWWLWXGHV DERXW WKH UROH RI ZRPHQ WR OLNH KRXVHZRUN DQG WR WDNH IXOO UHVSRQVLn ELOLW\ IRU FKLOGFDUH DQG KRPHPDNLQJ $OWKRXJK PRUH OLEHUDO LQ WKHLU DWWLWXGHV WRZDUG ZRPHQnV UROHV DQG OLNLQJ KRXVHZRUN OHVV XQGLIIHUn HQWLDWHG ZRPHQ ZHUH VLPLODU LQ WKHLU OLIH VLWXDWLRQV WR WKH IHPLQLQH ZRPHQ &RQVLVWHQF\ EHWZHHQ VH[ UROH RULHQWDWLRQ RU DWWLWXGHV DQG UROH EHKDYLRU PD\ FRQWULEXWH WR LQFUHDVHG SV\FKRORJLFDO DGMXVWPHQW +RIIPDQ DQG )LGHO QRWH f UHSRUWHG WKDW IHPLQLQH ZRPHQ ZKR KDG FKRVHQ WR EH KRPHPDNHUV GLG QRW GLIIHU LQ WKHLU RYHUDOO DGMXVWPHQW IURP WKHLU PDVFXOLQH RU DQGURJ\QRXV SHHUV +RZHYHU KRPHPDNHUV ZKR ZDQWHG WR EH ZRUNLQJ RXWVLGH WKH KRXVH ZHUH OHVV KHDOWK\ DQG OHVV DGMXVWHG WKDQ WKHLU SHHUV ZKR ZDQWHG WR VWD\ KRPH )LGHO QRWH f

PAGE 32

2Q WKH RWKHU KDQG .HOO\ DQG :RUUHOO f KDYH VXJJHVWHG WKDW VRFLDO VLWXDWLRQV RU VRFLDO UROHV PD\ KDYH WKH SRWHQWLDO WR FUHDWH FRQIOLFWLQJ UHVSRQVH SDWWHUQV IRU DQGURJ\QRXV LQGLYLGXDOV )RU FROOHJH ZRPHQ VXFK D VLWXDWLRQ PLJKW EH FKDUDFWHUL]HG E\ WKHLU H[SUHVVHG FRPn PLWPHQW WR D GRPHVWLF DQGRU FDUHHU UROH RULHQWDWLRQ ,W KDV EHHQ VXJJHVWHG WKDW WKH FROOHJH \HDUV DUH D WLPH RI FRXUWVKLS DV ZHOO DV FDUHHU SUHSDUDWLRQ 0DFFRE\ t -DFNOLQ f )RU VRPH FROOHJH ZRPHQ WKHLU FROOHJH H[SHULHQFHV PD\ UHSUHVHQW D VLWXDWLRQ ZKLFK EULQJV WKHLU LQVWUXPHQWDO DQG H[SUHVVLYH UHVSRQVH WUDLWV LQWR FRQIOLFW ZKLOH IRU RWKHU ZRPHQ WKLV PLJKW QRW EH VR %HFDXVH VRFLDO UROH FKRLFH LQ WKH FROOHJH \HDUV LV OLNHO\ WR EH D VDOLHQW VRFLDO VLWXDWLRQ IRU ZRPHQ LW UHSUHVHQWV D YDULDEOH ZKLFK PD\ KDYH D VLJQLILFDQW PHGLDWLQJ LQn IOXHQFH RQ WKH DQ[LHW\ VFRUHV RI ZRPHQ 2YHUDOO WKH OLWHUDWXUH LQGLFDWHV WKDW VRFLDO UROH FKRLFH PD\ QRW RQO\ EH UHODWHG WR VH[ UROH RULHQWDWLRQ EXW PD\ PHGLDWH WKH UHODWLRQVKLS EHWZHHQ VH[ UROH RULHQn WDWLRQ DQG LQGLFHV RI SV\FKRORJLFDO DGMXVWPHQW VXFK DV DQ[LHW\ 7KH 6WXG\ 7KH PDLQ REMHFWLYHV RI WKLV VWXG\ ZHUH WR IXUWKHU H[SORUH WKH UHODWLRQVKLS EHWZHHQ SV\FKRORJLFDO DQGURJ\Q\ DQG PHDVXUHV RI DQ[LHW\ IRU FROOHJH ZRPHQ $QWLFLSDWHG VRFLDO UROHV DQG VXEMHFWVn LQWHUn QDOL]HG H[SHFWDWLRQV RI VH[ UROH EHKDYLRU ZHUH SHUFHLYHG DV SRWHQWLDOO\ VLJQLILFDQW YDULDEOHV LQIOXHQFLQJ WKLV UHODWLRQVKLS DQG WKHVH YDUn LDEOHV ZHUH LQFOXGHG LQ WKH H[SHULPHQWDO GHVLJQ $ VHFRQG PDMRU JRDO RI WKLV VWXG\ ZDV WR IXUWKHU H[DPLQH WKH FRQVWUXFW RI DQGURJ\Q\ DQG WR GHWHUPLQH ZKHWKHU WKH SDWWHUQ RI LQWHUUHODWLRQVKLSV EHWZHHQ DQGURn J\Q\ DQ[LHW\ DQG VRFLDO UROH ZDV VLPLODU WR WKH SDWWHUQV H[KLELWHG E\ WKH VH[ UROH RULHQWDWLRQ FRQVWUXFW LQ JHQHUDO RU ZKHWKHU DQGURJ\QRXV

PAGE 33

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n WDWLRQ DV FDWHJRUL]HG E\ WKH %65, DQG DQ[LHW\ VFRUHV" :KLOH %HUQnV fPHQWDO KHDOWK LGHDO GHILQLWLRQ RI DQGURJ\Q\ ZRXOG SUHGLFW WKDW DQGURJ\QRXV VXEMHFWV ZLOO H[KLELW WKH ORZHVW DQ[LHW\ VFRUHV -RUGDQ9LROD HW DOnV f UHVHDUFK VXJJHVWV WKDW DQGURn J\QRXV VXEMHFWV PLJKW UHSRUW KLJK DQ[LHW\ VFRUHV DVVXPLQJ WKDW WKH UHVXOWV EDVHG RQ EDODQFHGHILQHG DQGURJ\QRXV VXEMHFWV DUH SUHGLFWLYH IRU DQGURJ\QRXV VXEMHFWV GHILQHG E\ WKH VSOLWKDOI PHWKRG %DVHG RQ WKH DQ[LHW\ UHVHDUFK KRZHYHU LW ZDV K\SRWKHVL]HG WKDW IHPLQLQH DQG XQGLIIHUHQWLDWHG VXEMHFWV ZRXOG UHSRUW WKH KLJKHVW DQ[LHW\ VFRUHV DQn GURJ\QRXV VXEMHFWV PRGHUDWH VFRUHV DQG PDVFXOLQH VXEMHFWV WKH ORZHVW VFRUHV ,W ZDV DOVR K\SRWKHVL]HG WKDW PDVFXOLQLW\ VFRUHV DV PHDVXUHG E\ WKH %65, ZRXOG H[KLELW D QHJDWLYH UHODWLRQVKLS ZLWK DQ[LHW\ ZKLOH %65, IHPLQLQLW\ VFRUHV ZRXOG EH SRVLWLYHO\ UHODWHG ,V WKHUH D VLJQLILFDQW UHODWLRQVKLS EHWZHHQ VRFLDO UROH FKRLFH DV PHDVXUHG E\ WKH /LIHVW\OH IRU :RPHQ 6FDOH DQG WKH DQ[LHW\ VFRUHV RI FROOHJH ZRPHQ" 'RHV WKLV UHODWLRQVKLS KROG WUXH IRU DQGURn J\QRXV VXEMHFWV"

PAGE 34

2Q WKH EDVLV RI WKH FRQFOXVLRQV UHSRUWHG E\ )LGHOO QRWH f DQG +RIIPDQ DQG )LGHOO QRWH f LW ZDV K\SRWKHVL]HG WKDW FRQVLVWHQF\ EHWZHHQ VH[ UROH RULHQWDWLRQ DQG VRFLDO UROH FKRLFH ZRXOG EH UHODWHG WR ORZHU DQ[LHW\ VFRUHV 7KXV LW ZDV SUHGLFWHG WKDW DQGURJ\QRXV ZRPHQ ZKR VXEVFULEHG WR D PRUH GRPHVWLF UROH ZRXOG PDQLIHVW KLJKHU DQ[LHW\ VFRUHV WKDQ WKRVH ZKR DQWLFLSDWHG D PRUH FDUHHU RULHQWHG UROH ,V WKHUH D VLJQLILFDQW UHODWLRQVKLS EHWZHHQ VHOI LGHDO VHOI GLVFUHSDQF\ VFRUHV RQ WKH %65, DQG DQ[LHW\ VFRUHV IRU DOO VXEn MHFWV" )RU DQGURJ\QRXV VXEMHFWV" 2Q WKH EDVLV RI WKH SUHYLRXVO\ FLWHG DQ[LHW\ UHVHDUFK LW ZDV K\SRWKHVL]HG WKDW ODUJH GLVFUHSDQF\ VFRUHV ZRXOG EH DVVRFLDWHG ZLWK KLJKHU DQ[LHW\ VFRUHV IRU DOO VXEMHFWV LQFOXGLQJ DQGURJ\QRXV LQGLYLGn XDOV ,V WKHUH D UHODWLRQVKLS EHWZHHQ VH[ UROH RULHQWDWLRQ DQG VHOI LGHDO VHOI GLVFUHSDQF\ VFRUHV" ,Q OLJKW RI HPSLULFDO HYLGHQFH UHODWLQJ PDVFXOLQLW\ VFRUHV WR KLJK VHOI HVWHHP 6SHQFH HW DO f DQG SRVLWLYH ZHOOEHLQJ -RQHV HW DO f LW ZDV K\SRWKHVL]HG WKDW XQGLIIHUHQWLDWHG ZRPHQ ZRXOG UHSRUW WKH ODUJHVW GLVFUHSDQF\ VFRUHV ZLWK IHPLQLQH VXEMHFWV IROORZLQJ D VLPLODU WUHQG $QGURJ\QRXV ZRPHQ RQ WKH RWKHU KDQG ZHUH H[SHFWHG WR UHSRUW VPDOO VHOI LGHDO VHOI GLVFUHSDQF\ VFRUHV 6LQFH WKH GLVFUHSDQF\ VFRUHV DUH QRW LQGHSHQGHQW IURP WKH DFWXDO VFRUHV DQG WKHUHIRUH DUH QRW VWDWLVWLFDOO\ LQGHSHQGHQW IURP VXEMHFW FDWHJRUL]Dn WLRQ WKHVH K\SRWKHVHV ZLOO QRW EH DEOH WR EH WHVWHG VWDWLVWLFDOO\ +RZHYHU WKH GDWD ZLOO EH FDUHIXOO\ VFUXWLQL]HG ZLWK UHJDUG WR WKLV TXHVWLRQ 'R FROOHJH ZRPHQ SHUFHLYH DQGURJ\Q\ DV PHDVXUHG E\ WKH VSOLW KDOI PHWKRG WR EH WKH PRVW GHVLUDEOH PRGH RI RULHQWDWLRQ"

PAGE 35

,QLWLDOO\ DQGURJ\Q\ ZDV GHILQHG DV WKH PRVW DGDSWLYH VH[ UROH RULHQWDWLRQ %HUQ %HUQ 0DUW\QD t :DWVRQ 6SHQFH HW DO f +RZHYHU -RQHV HW DO PDLQWDLQ WKDW FROOHJH ZRPHQ SHUFHLYH LQVWUXPHQWDO WUDLWV DV EHLQJ IDU PRUH VDOLHQW WR WKHLU OLYHV VXJJHVWLQJ WKDW SHUKDSV FROOHJH ZRPHQ ZRXOG SUHIHU WR EH PRUH PDVFXOLQH LQ WKHLU RULHQWDWLRQ 7KLV VWXG\ H[SORUHG ZRPHQnV LGHDO VHOI DV GHILQHG E\ WKH %65, DQG DWWHPSWHG WR FODULI\ VRPH RI WKH LVVXHV FRQFHUQLQJ WKH GHVLUDELOLW\ RI DQ DQGURn J\QRXV RULHQWDWLRQ +RZHYHU QR K\SRWKHVHV ZHUH PDGH IRU WKLV TXHVWLRQ

PAGE 36

&+$37(5 7:2 0(7+2'2/2*< 6XEMHFWV 3DUWLFLSDQWV LQ WKLV VWXG\ ZHUH IHPDOH XQGHUJUDGXDWH VWXGHQWV SDUWLFLSDWLQJ LQ WKLV H[SHULPHQW IRU FODVV FUHGLW 7KH PHGLDQ DJH RI WKLV SRSXODWLRQ ZDV \HDUV DQG WKH VWXGHQWV UHSUHVHQWHG D ZLGH UDQJH RI FROOHJH PDMRUV 7KLV SRSXODWLRQ ZDV FKRVHQ WR f FRQWURO IRU D YDULHW\ RI SRVVLEOH FRQIRXQGLQJ YDULDEOHV LQFOXGLQJ DJH DQG VRFLDO SRVLWLRQ DQG f PDLQWDLQ FRQVLVWHQF\ ZLWK DQG EXLOG XSRQ SUHYLRXV UHVHDUFK ZKLFK KDV JHQHUDOO\ HPSOR\HG D VLPLODU SRSXODWLRQ 0HDVXUHV %65, 7KH %65, ZDV XVHG WR DVVHVV VXEMHFWVn VH[ UROH RULHQWDWLRQ 7KLV PHDVXUH LV WKH PRVW FRQVLVWHQWO\ HPSOR\HG DQGURJ\Q\ PHDVXUH DQG KDV DGHTXDWHO\ GHPRQVWUDWHG LWV UHOLDELOLW\ DQG YDOLGLW\ 6XEMHFWV ZHUH FDWHJRUL]HG DFFRUGLQJ WR WKH PHGLDQ PDVFXOLQLW\ DQG IHPLQLQLW\ VFRUHV UHSRUWHG IRU %HUQnV ODUJH QRUPDWLYH VDPSOH 1 f %HUQ f 7KHVH PHGLDQ SRLQWV ZHUH HPSOR\HG LQ SODFH RI PHGLDQ SRLQWV JHQHUDWHG IURP WKLV SRSXODWLRQ LQ DQ DWWHPSW WR EHJLQ VWDQGDUGL]DWLRQ RI %65, FDWHJRUL]DWLRQ /LIHVW\OHV IRU :RPHQ 6FDOH 7KH /LIHVW\OHV IRU :RPHQ 6FDOH %XUQV f ZDV HPSOR\HG WR DVVHVV DQWLFLSDWHG VRFLDO UROH 7KLV PHDVXUH ZDV GHVLJQHG WR DVVHVV FROOHJH ZRPHQnV RULHQWDWLRQ WR HLWKHU D GRPHVWLF FDUHHU RU FRPELQDWLRQ OLIHVW\OH +LJK VFRUHV DUH DVVRFLDWHG ZLWK D GRPHVWLF RU WUDGLWLRQDO OLIHVW\OH ZKLOH ORZHU VFRUHV DUH LQGLFDWLYH RI D FDUHHU RULHQWDWLRQ 7KH VFRUHV PD\

PAGE 37

UDQJH IURP WR %XUQV f HVWDEOLVKHG VRPH YDOLGLW\ IRU WKLV VFDOH E\ GHPRQVWUDWLQJ SRVLWLYH UHODWLRQVKLSV EHWZHHQ VFDOH VFRUHV DQG DWWLWXGHV WRZDUG ZRPHQnV OLEHUDWLRQ DQG DWWLWXGHV WRZDUG SRWHQWLDO VSRXVH RU OLYLQJ SDUWQHU &DUHHU RULHQWHG ZRPHQ WHQGHG WR SLFWXUH D OLYLQJ SDUWQHU DV HTXDO RU VXEPLVVLYH 5HOLDELOLW\ IRU WKLV PHDVXUH DV HVWDEn OLVKHG E\ %XUQV f ZDV KLJK ZLWK D FRHIILFLHQW DOSKD LQGH[ RI IRU ZRPHQ )XUWKHUPRUH HDFK RI WKH LWHPV LQ WKLV VFDOH ZDV IRXQG WR EH VLJQLILFDQWO\ FRUUHODWHG ZLWK WKH RYHUDOO VFDOH VFRUH VXJJHVWLQJ HDFK LWHP DIIHFWHG WKH WRWDO VFRUH 1R VLJQLILFDQW UHODWLRQVKLSV ZHUH IRXQG IRU RWKHU IDFWRUV VXFK DV DJH \HDU LQ FROOHJH PDULWDO VWDWXV RU LQWHQGHG FROOHJH PDMRU 7KH LWHPV LQ WKLV VFDOH DUH HDV\ WR FRPSUHKHQG DQG WKH VFDOH KDV DQ DGYDQWDJH LQ EHLQJ UHODWLYHO\ EULHI ,3$7 $Q[LHW\ 6FDOH &DWWHOOnV ,3$7 6FDOH &DWWHOO f ZDV HPSOR\HG DV RQH PHDVXUH RI DQ[LHW\ 7KLV PHDVXUH FRQVLVWV RI LWHPV ZKLFK WKH UHVSRQGHQW PD\ RU PD\ QRW DVFULEH WR KHUVHOI 7KHVH LWHPV ZHUH VHOHFWHG IRU WKHLU DELOLW\ WR PHDVXUH DQ LQGLYLGXDOnV OHYHO RI IUHH DQ[LHW\ 7KH VFDOH \LHOGV D WRWDO VFRUH LQ DGGLWLRQ WR PHDVXUHV RI RYHUW DQG FRYHUW DQ[LHW\ 7KH WRWDO VFRUH RI WKLV PHDVXUH KDV KLJK UHVWUHWHVW UHOLDELOLW\ U f $OWKRXJK WKH UHOLDELOLW\ IRU WKH RYHUW DQG FRYHUW VFDOHV LV QRW DV KLJK U IRU HDFK VFDOHf &DWWHOO .UXJ 6FKHLHU t &DWWHOOf PDLQWDLQV WKDW WKHLU UHOLDELOLW\ LV VXIILFLHQW IRU HPSLULFDO XVH $OO WKUHH VFRUHV ZLOO EH HPSOR\HG VHSDUDWHO\ LQ WKH GDWD DQDO\VLV SURYLGLQJ WKUHH PHDVXUHV RI DQ[LHW\ WHUPHG 2YHUW &RYHUW DQG 7RWDO LQ WKH DQDO\VLV RI WKH GDWD 6WDWH7UDLW $Q[LHW\ ,QYHQWRU\ 6SLHOEHUJHUnV 7UDLW 6FDOH RI WKH 6WDWH7UDLW $Q[LHW\ ,QYHQWRU\ 6SLHO EHUJHU f ZDV HPSOR\HG DV D VHFRQG PHDVXUH RI DQ[LHW\ $FFRUGLQJ WR

PAGE 38

6SLHOEHUJHU f WKLV VFDOH LV KLJKO\ FRUUHODWHG ZLWK ERWK WKH 7D\ORU 0DQLIHVW $Q[LHW\ 6FDOH DQG ZLWKWKH ,3$7 $Q[LHW\ 6FDOH 7KH LWHPV IRU WKH 7UDLW 6FDOH ZHUH VHOHFWHG RQ WKH EDVLV RI VLJQLILFDQW FRUUHODWLRQV ZLWK RHWKU DQ[LHW\ VFDOHV LQFOXGLQJ WKH 7D\ORU 0DLQLIHVW $Q[LHW\ DQG WKH ,3$7 VFDOHV 5HVHDUFK ZLWK WKLV VFDOH VXJJHVWV WKDW WKH LWHPV DUH VWDEOH RYHU WLPH WHVW UHWHVW UHOLDELOLW\ U f 6SLHOEHUJHU HW DO f 2YHUDOO WKH VFDOH SXUSRUWV WR PHDVXUH DQ[LHW\ SURQHQHVV LQ VRFLDO VLWXDn WLRQV ,QGLYLGXDOV ZLWK KLJK WUDLW DQ[LHW\ DUH FRQVLGHUHG WR EH PRUH OLNHO\ WR EHFRPH DQ[LRXV LQ VRFLDO VLWXDWLRQV 3URFHGXUH 6XEMHFWV ZHUH WROG WKH\ ZHUH SDUWLFLSDWLQJ LQ D VWXG\ H[SORULQJ KRZ ZRPHQ VHH WKHPVHOYHV DQG WKHLU FKRLFHV IRU WKH IXWXUH DQG LQIRUPHG FRQVHQW ZDV REWDLQHG IURP DOO VXEMHFWV VHH $SSHQGL[ ,f 6XEMHFWV WKHQ UHFHLYHG WKH TXHVWLRQDLUH ZKLFK FRQWDLQHG LQ WKH IROORZLQJ RUGHU D UHTXHVW IRU EDFNJURXQG LQIRUPDWLRQ LQFOXGLQJ DJH \HDU LQ VFKRRO FKRVHQ PDMRU FKRVHQ FDUHHU DQG H[WHQW RI FDUHHU LQIRUPDWLRQ VHHNLQJ EHKDYLRU VHH $SSHQGL[ ,,f WKH %65, ZLWK LQVWUXFWLRQV WR UHVSRQG WR WKH LWHPV DV \RX ZRXOG GHVFULEH \RXUVHOI WKH 7UDLW $Q[LHW\ 6FDOH WKH /LIHVW\OHV IRU :RPHQ 6FDOH WKH %65, ZLWK LQVWUXFWLRQV WR UHVSRQG WR WKHVH WUDLWV VR WKDW WKH\ GHVFULEH \RXU nLGHDO VHOI DQG WKH &DWWHOO ,3$7 $Q[LHW\ 6FDOH 7KH RUGHU RI WKHVH LWHPV ZDV IL[HG IRU DOO VXEMHFWV DQG ZDV GHWHUPLQHG WR DOORZ IRU WKH VHSDUDWLRQ RI WKH WZR DQ[LHW\ VFDOHV DQG WKH WZR IRUPV RI WKH %65, )ROORZLQJ WKH H[SHULPHQWDO SURFHGXUHV DOO VXEMHFWV ZHUH DVNHG WR UHDG DQG VLJQ D GHEULHILQJ IRUP H[SODLQLQJ WKH QDWXUH RI WKH H[SHULPHQW DQG D UHTXHVW IRU WKH FRQILGHQWLDOLW\ RI WKH SXUSRVH RI WKH H[SHULPHQW WR LQVXUH WKH QDLYHWH RI VXEVHTXHQW VXEMHFWV VHH $SSHQGL[ ,,,f

PAGE 39

&+$37(5 7+5(( 5(68/76 $OO WKH GDWD ZHUH VFRUHG E\ KDQG DQG FRGHG DQG DQDO\]HG LQ DFFRUGDQFH ZLWK WKH UHTXLUHPHQWV RI WKH 6WDWLVWLFDO $QDO\VLV 6\VWHP %DUU *RRGQLJKW 6DLO t +HOZLJ f 6XEMHFWV ZHUH FDWHJRUL]HG DV PDVFXOLQH IHPLQLQH DQGURJ\QRXV RU XQGLIIHUHQWLDWHG DFFRUGLQJ WR WKH VSOLWKDOI PHWKRG HPn SOR\LQJ WKH PHGLDQ QRUPV 0DVFXOLQLW\ )HPLQLQLW\ f VXSn SOLHG E\ %HUQ f %\ WKLV SURFHGXUH DOPRVW KDOI RI WKH VXEMHFWV bf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n GLFDWHG D VLJQLILFDQW GLIIHUHQFH DPRQJ WKH IRXU VH[ UROH JURXSV RQ DOO WKH DQ[LHW\ PHDVXUHV H[FHSW WKH &RYHUW $Q[LHW\ 6FDOH $OWKRXJK WKH &RYHUW

PAGE 40

7DEOH 6XPPDU\ RI WKH 7ZR 6RXUFH GI 0RGHO 0DVFXOLQLW\ 0f )HPLQLQLW\ )f 0 [ ) (UURU 7RWDO 6RXUFH GI 0RGHO 0 ) 0 [ ) (UURU 7RWDO 6RXUFH GI 0RGHO 0 ) 0 [ ) (UURU 7RWDO 6RXUFH GI 0RGHO 0 ) 0 [ ) (UURU 7RWDO $QDO\VHV RI 9DULDQFH 7UDLW $Q[LHW\ VV 06 2YHUW $Q[LHW\ 66 06 &RYHUW $Q[LHW\ 66 06 7RWDO $Q[LHW\ 66 06 RI $Q[LHW\ 6FRUHV ) S S Q V Q V ) 3 r 3 Q V Q V ) Q V Q V Q V Q V ) S S Q V Q V

PAGE 41

6FDOH GLG FRUUHODWH KLJKO\ ZLWK WKH RWKHU DQ[LHW\ VFDOHV LQ WKLV VWXG\ VHH $SSHQGL[ ,9f LW GLG QRW H[KLELW VLPLODU UHODWLRQVKLSV ZLWK WKH LQGHn SHQGHQW YDULDEOHV ,QGHSHQGHQW ) WHVWV IRU WKH PDLQ HIIHFWV RI WKHVH WZR ZD\ DQDO\VHV RI YDULDQFH LQGLFDWHG WKDW PDVFXOLQLW\ VFRUHV FRQWULEXWHG DOPRVW H[FOXVLYHO\ WR WKH RYHUDOO JURXS WHVWV VHH 7DEOH f )HPLQLQLW\ VFRUHV H[KLELWHG QR UHODWLRQVKLS ZLWK DQ\ RI WKH DQ[LHW\ PHDVXUHV DQG WKHUH ZDV QR LQWHUn DFWLRQ HIIHFW EHWZHHQ PDVFXOLQLW\ DQG IHPLQLQLW\ VFRUHV ([DPLQLQJ WKH PHDQ DQ[LHW\ VFRUHV IRU HDFK RI WKH IRXU VH[ UROH JURXSV VHH 7DEOH f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n GLIIHUHQWLDWHG ZRPHQ $V SUHGLFWHG KLJK PDVFXOLQH VXEMHFWV KDG VLJQLILn FDQWO\ ORZHU DQ[LHW\ VFRUHV WKDQ GLG ORZ PDVFXOLQH VXEMHFWV EXW FRQWUDU\ WR SUHGLFWLRQ WKHUH ZDV QR VLJQLILFDQW GLIIHUHQFH EHWZHHQ KLJK DQG ORZ IHPLQLQH VXEMHFWV

PAGE 42

7KH VHFRQG UHVHDUFK TXHVWLRQ IRFXVHG RQ WKH UHODWLRQVKLS EHWZHHQ VRFLDO UROH FKRLFH DQG FROOHJH ZRPHQnV UHSRUWHG DQ[LHW\ VFRUHV ZKLOH WKH WKLUG UHVHDUFK TXHVWLRQ FRQVLGHUHG WKH UHODWLRQVKLS EHWZHHQ VHOI DQG LGHDO VHOI GLVFUHSDQF\ VFRUHV RQ WKH %65, DQG DQ[LHW\ VFRUHV 7KH UHODWLRQVKLS RI WKHVH YDULDEOHV DQG PDVFXOLQLW\ DQG IHPLQLQLW\ ZDV H[SORUHG E\ D VHULHV RI PXOWLSOH OLQHDU UHJUHVVLRQ DQDO\VHV SUHGLFWLQJ WKH VXEMHFWVn DQ[LHW\ VFRUHV 7KLV PHWKRG RI DQDO\VLV ZDV FKRVHQ LQ RUGHU WR H[DPLQH WKH PDVFXOLQLW\ DQG IHPLQLQLW\ VFRUHV RI WKH %65, DV FRQWLQXRXV GDWD 7KHUHIRUH WKH ILQGLQJV RI WKHVH DQDO\VHV ZHUH LQWHUn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n SHQGHQW YDULDEOHV DQG DQ\ RI WKH DQ[LHW\ VFRUHV DQG WKDW QRQH RI WKH LQWHUDFWLRQ WHUPV FRQWULEXWHG WR WKH SUHGLFWLYH YDOXH RI WKH PRGHO 7KH LQWHUDFWLRQ DQG FXUYLOLQHDU WHUPV ZHUH WKHQ GURSSHG IURP WKH UHn JUHVVLRQ PRGHO OHDYLQJ ILYH LQGHSHQGHQW YDULDEOHV PDVFXOLQLW\ VFRUHV IHPLQLQLW\ VFRUHV LGHDO PDVFXOLQLW\ VFRUHV LGHDO IHPLQLQLW\ VFRUHV

PAGE 43

DQG VRFLDO UROH VFRUHV 7KH VHFRQG URXQG UHJUHVVLRQ DQDO\VHV \LHOGHG FRQVLVWHQW UHVXOWV IRU WKUHH RI WKH GHSHQGHQW YDULDEOHV WKH 7UDLW 2YHUW DQG 7RWDO VFDOHV EXW DJDLQ WKH &RYHUW VFDOH H[KLELWHG D GLIn IHUHQW SDWWHUQ 6LQFH WKH SDWWHUQ RI UHODWLRQVKLSV ZDV VLPLODU IRU WKH RWKHU WKUHH VFDOHV IRU WKH VDNH RI VLPSOLFLW\ WKH UHVXOWV ZLOO EH GLVFXVVHG LQ WHUPV RI WKH UHJUHVVLRQ RQ WKH WUDLW DQ[LHW\ VFRUHV 7DEOH VXPPDUL]HV WKHVH ILQGLQJV $ FRPSOHWH VXPPDU\ RI WKH UHPDLQn LQJ UHJUHVVLRQ DQDO\VHV PD\ EH IRXQG LQ $SSHQGL[ ,9 7DEOH 7UDLW $Q[LHW\ 6FRUHV 3UHGLFWHG E\ WKH %65, $FWXDO DQG ,GHDO 6FRUHV DQG 6RFLDO 5ROH 6FRUHV 9DULDEOH % -( GI 0DVFXOLQLW\ 0f S )HPLQLQLW\ )f /2 /2 f QV ,GHDO 0 Q V ,GHDO ) QV 6RFLDO 5ROH S 1RWH 5 $JDLQ PDVFXOLQLW\ ZDV IRXQG WR EH WKH PRVW VLJQLILFDQW YDULDEOH FRQWULEXWLQJ WR WKH HIIHFWLYHQHVV RI WKH UHJUHVVLRQ PRGHO 6RFLDO UROH VFRUHV ZHUH DOVR YHU\ VLJQLILFDQW LQ WKLV PRGHO 7KH HVWLPDWHG LQWHUn FHSWV RI WKH UHJUHVVLRQ PRGHO LQGLFDWHG WKDW DQ LQFUHDVH LQ VRFLDO UROH FKRLFH WKDW LV D FKRLFH RI D PRUH WUDGLWLRQDO VRFLDO UROH ZDV OLNHn ZLVH VLJQLILFDQWO\ UHODWHG WR D GHFUHDVH LQ WUDLW DQ[LHW\ VFRUHV 1R UHODWLRQVKLS ZDV IRXQG EHWZHHQ IHPLQLQLW\ VFRUHV LGHDO PDVFXOLQLW\

PAGE 44

DQG IHPLQLQLW\ VFRUHV DQG UHSRUWHG DQ[LHW\ ,W PXVW EH HPSKDVL]HG KHUH WKDW DV QRWHG LQ 7DEOH WKH WRWDO SUHGLFWLYH DELOLW\ RI WKLV UHJUHVVLRQ PRGHO LV PLQLPDO +RZHYHU WKH SXUSRVH RI WKHVH DQDO\VHV ZDV QRW WR EXLOG RU SURSRVH D PRGHO RI DQ[LHW\ EXW WR H[SORUH WKH UHODWLRQVKLS EHWZHHQ WKH FRQWLQXRXV GDWD RI WKH LQGHSHQGHQW YDULDEOHV DQG WKH DQ[LHW\ PHDVXUHV 7R DQVZHU WKH WKLUG UHVHDUFK TXHVWLRQ DQG GHWHUPLQH ZKHWKHU VHOI LGHDO VHOI GLVFUHSDQF\ VFRUHV ZHUH VLJQLILFDQWO\ UHODWHG WR DQ[LHW\ VFRUHV WKH GLIIHUHQFH VFRUHV ZHUH FRPSXWHG IRU ERWK PDVFXOLQLW\ DQG IHPLQLQLW\ 7KHVH VFRUHV ZHUH WKHQ HQWHUHG DV LQGHSHQGHQW YDULDEOHV DORQJ ZLWK VRFLDO UROH LQWR D UHJUHVVLRQ HTXDWLRQ ZKLFK DJDLQ SUHn GLFWHG LQ WXUQ WR HDFK RI WKH IRXU DQ[LHW\ PHDVXUHV 7KH UHVXOWV RI WKHVH DQDO\VHV DUH VXPPDUL]HG LQ 7DEOH &RQVLVWHQWO\ WKH GLVFUHSDQF\ VFRUHV IRU WKH PDVFXOLQLW\ VFDOH ZHUH VLJQLILFDQWO\ UHODWHG WR DQ[LHW\ VFRUHV 7KH ODUJHU WKH GLVFUHSDQF\ WKH KLJKHU WKH DQ[LHW\ VFRUHV 6FRLDO UROH UHPDLQHG D VLJQLILFDQW YDULDEOH LQ WKLV PRGHO EXW IHPLQLQn LW\ GLIIHUHQFHV VFRUHV ZHUH QRW IRXQG WR EH UHODWHG WR DQ[LHW\ VFRUHV ([SORULQJ WKH FRQVLVWHQF\ RI WKHVH UHODWLRQVKLS SDWWHUQV DV WKH\ DSSO\ WR D DQGURJ\QRXV VXEMHFW WKHVH VDPH UHJUHVVLRQ PRGHOV ZHUH DSSOLHG RQO\ WR WKH VFRUHV RI WKH DQGURJ\QRXV VXEMHFWV 7KH GLVFUHSDQF\ VFRUHV GLG QRW H[KLELW D VLJQLILFDQW UHODWLRQVKLS ZLWK WKH GHSHQGHQW YDULDEOH EXW VRFLDO UROH FKRLFH UHPDLQHG D VLJQLILFDQW YDULDEOH LQ UHODWLRQ WR WKH UHSRUWHG DQ[LHW\ VFRUHV gB f e IRU 7UDLW $Q[LHW\f $ FRPSOHWH VXPPDU\ RI WKHVH ILQGLQJV DSSHDUV LQ $SSHQGL[ ,9 7KH PRUH WUDGLWLRQDO WKH VRFLDO UROH RULHQWDWLRQ RI WKH DQGURJ\QRXV VXEn MHFWV WKH ORZHU WKHLU DQ[LHW\ VFRUHV WHQGHG WR EH 7KLV ILQGLQJ ZDV FRQVLVWHQW ZLWK WKH LQWHUUHODWLRQVKLS SDWWHUQ RI DQ[LHW\ VFRUHV DQG

PAGE 45

7DEOH 3UHGLFWLRQ RI $Q[LHW\ 6FRUHV E\ %65, 'LVFUHSDQF\ 6FRUHV DQG 6RFLDO 5ROH 6FRUHV 7UDLW $Q[LHW\ 9DULDEOH H ) GI 0 'LVFUHSDQF\ S ) 'LVFUHSDQF\ Q V 6RFLDO 5ROH S 1RWH 5 2YHUW $Q[LHW\ 9DULDEOH ) GI 0 'LVFUHSDQF\ S ) 'LVFUHSDQF\ f Q V 6RFLDO 5ROH Q f S 1RWH 5 &RYHUW $Q[LHW\ 9DULDEOH ) GI 0 'LVFUHSDQF\ S ) 'LVFUHSDQF\ Q V 6RFLDO 5ROH S 1RWH 5A 7RWDO $Q[LHW\ 9DULDEOH ) GI 0 'LVFUHSDQF\ S ) 'LVFUHSDQF\ Q V 6RFLDO 5ROH S 1RWH 5A

PAGE 46

VRFLDO UROH VFRUHV IRU DOO VXEMHFWV UHJDUGOHVV RI VH[ UROH FODVVLILn FDWLRQ 7KH IRXUWK UHVHDUFK TXHVWLRQ IRFXVHG RQ WKH UHODWLRQVKLS EHWZHHQ VH[ UROH RULHQWDWLRQ DQG VHOI LGHDO VHOI GLVFUHSDQF\ VFRUHV %HFDXVH WKH PHDQ GLVFUHSDQF\ VFRUHV ZHUH QRW LQGHSHQGHQW IURP WKH VXEMHFWnV DFWXDO %65, VFRUHV DQG WKHUHIRUH ZHUH QRW LQGHSHQGHQW IURP VXEMHFWnV VH[ UROH FDWHJRUL]DWLRQ LW ZDV QRW SRVVLEOH WR VWDWLVWLFDOO\ WHVW WKH K\SRWKHVL]HG JURXS GLIIHUHQFHV 7KLV UHVHDUFK TXHVWLRQ ZDV FRQFHUQHG HVVHQWLDOO\ ZLWK WKH UHODWLYH VDWLVIDFWLRQ LQGLYLGXDOV UHSRUW FRQFHUQLQJ WKHLU VH[ UROH RULHQWDWLRQ $V VXFK LW LV UHODWHG WR WKH ODVW UHVHDUFK TXHVWLRQ ZKLFK H[SORUHV WKH LQWHUQDOL]HG VWDQn GDUGV RI GHVLUDEOH VH[ UROH RULHQWDWLRQ 7KHVH TXHVWLRQV ZHUH H[n DPLQHG YLD VHYHUDO LQGLUHFW DSSURDFKHV )LUVW VXEMHFWV ZHUH FDWHJRUL]HG LQWR DFWXDO DQG LGHDO VH[ UROH JURXSV DFFRUGLQJ WR WKH VSOLWKDOI SURFHGXUH EDVHG RQ WKHLU DFWXDO DQG LGHDO VHOI %65, VFRUHV 7DEOH LQGLFDWHV WKH DFWXDO DQG GHVLUHG VH[ UROH FDWHJRUL]DWLRQ IRU WKH HQWLUH VDPSOH SRSXODWLRQ $V FDQ EH VHHQ LQ WKH WDEOH IHZ VXEMHFWV LQGLFDWHG WKH\ ZRXOG OLNH WR EH FODVVLILHG DV HLWKHU XQGLIIHUHQWLDWHG RQO\ VXEMHFWf RU IHPLQLQH VXEMHFWVf 2Q WKH RWKHU KDQG RU b RI WKH VXEMHFWV LQGLn FDWHG WKH\ ZRXOG OLNH WR EH DQGURJ\QRXV ([DPLQLQJ 7DEOH LW LV REYLRXV WKDW IHZ RI WKH VXEMHFWV ZDQWHG WR UHPDLQ IHPLQLQH RU XQGLIn IHUHQWLDWHG ZKLOH DOO RI WKH DQGURJ\QRXV VXEMHFWV DQG WKH PDMRULW\ RI WKH PDVFXOLQH LQGLYLGXDOV UHSRUWHG WKH\ ZRXOG UHPDLQ FODVVLILHG b DV WKH\ DFWXDOO\ ZHUH -RQHV HW DO f UHSRUWHG WKDW FROOHJH VWXGHQWV GR QRW H[SUHVV DQ\ GHVLUH WR LQFUHDVH WKHLU IHPLQLQLW\ VFRUHV 7KH\ EDVHG

PAGE 47

WKHLU FRQFOXVLRQV RQ H[SHULPHQWV HPSOR\LQJ WKH WVFRUH SURFHGXUH 7KXV LW VHHPHG QHFHVVDU\ WR LQYHVWLJDWH WKH VLJQLILFDQFH RI DQGURJ\Q\ VFRULQJ SURFHGXUHV IRU LGHDO VH[ UROH RULHQWDWLRQ 7KH LGHDO VHOI UDWLQJV RI DOO VXEMHFWV ZHUH UHVFRUHG DFFRUGLQJ WR WKH WVFRUH PHWKRG DQG VXEMHFWV ZHUH FDWHJRUL]HG LQWR WKUHH JURXSV DQGURJ\QRXV PDVn FXOLQH DQG IHPLQLQH DFFRUGLQJ WR WKH FXWRII VFRUHV SURSRVHG E\ -RQHV DQG KLV FRZRUNHUV 7KXV DQGURJ\QRXV VXEMHFWV ZHUH WKRVH LQGLn YLGXDOV ZKR REWDLQHG WVFRUHV EHWZHHQ DQG 6XEMHFWV ZKR UHFHLYHG VFRUHV KLJKHU WKDQ ZHUH WHUPHG IHPLQLQH ZKLOH WKRVH VXEMHFWV ZLWK AVFRUHV OHVV WKDQ ZHUH FDWHJRUL]HG DV PDVFXOLQH 'HILQHG E\ WKLV PHWKRG RQO\ RI WKH VXEMHFWV LGHDOO\ ZDQWHG WR EH DQGURJ\QRXV 7ZHQW\VL[ LQGLFDWHG D GHVLUH WR EH FODVVLILHG DV IHPLQLQH DFFRUGLQJ WR WKH WVFRUH PHWKRG ZKLOH WKH UHPDLQLQJ VXEMHFWV LQGLFDWHG WKH\ ZLVKHG WR EH PDVFXOLQH 7DEOH &RPSDULVRQ RI 6XEMHFWVn $FWXDO DQG ,GHDO 6H[ 5ROH 2ULHQWDWLRQ $FWXDO 6H[ 5ROH 2ULHQWDWLRQ ,GHDO 6H[ 5ROH 2ULHQWDWLRQ $QGURJ\QRXV 0DVFXOLQH )HPLQLQH 8QGLIIHUHQWLDWHG 1 $QGURJ\QRXV 0DVFXOLQH )HPLQLQH 8QGLIIHUHQWLDWHG 1

PAGE 48

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n ILFDQWO\ KLJKHU LGHDO PDVFXOLQLW\ VFRUHV 7DEOH &RUUHODWHG /WHVWV IRU WKH 6HOI ,GHDO 6HOI 'LIIHUHQFH 6FRUHV RQ WKH 0DVFXOLQLW\ DQG )HPLQLQLW\ 6FDOHV E\ 6H[ 5ROH &DWHJRULHV 0HDQ 0DVFXOLQLW\ 6FRUHV $FWXDO ,GHDO 'LIIHUHQFH GI W $QGURJ\QRXV S 0DVFXOLQH f UR &' S )HPLQLQH S 8QGLIIHUHQWLDWHG S 0HDQ )HPLQLQLW\ 6FRUHV $FWXDO ,GHDO 'LIIHUHQFH GI W $QGURJ\QRXV S 0DVFXOLQH S )HPLQLQH Q V 8QGLIIHUHQWLDWHG S

PAGE 49

:KHQ WKH PHDQ PDVFXOLQLW\ DQG IHPLQLQLW\ GLVFUHSDQF\ VFRUHV DUH DGGHG DQG DYHUDJHG IRU HDFK VXEMHFW JURXS D WUHQG HPHUJHV LQ ZKLFK DQGURJ\QRXV ZRPHQ UHSRUW WKH ORZHVW PHDQ GLVFUHSDQF\ VFRUHV ZKLOH XQGLIIHUHQWLDWHG ZRPHQ UHSRUW WKH KLJKHVW DV SUHGLFWHG )LJXUH LOOXVWUDWHV WKLV SDWWHUQ $V LQGLFDWHG SUHYLRXVO\ WKHVH GLIIHUHQFHV FRXOG QRW EH WHVWHG VWDWLVWLFDOO\ EHFDXVH RI WKH ODFN RI LQGHSHQGHQFH EHWZHHQ WKH GLIIHUHQFH VFRUH DQG VXEMHFWVn VH[ UROH FDWHJRUL]DWLRQ $QGURJ\QRXV 0DVFXOLQH )HPLQLQH 8QGLIIHUHQWLDWHG 6XEMHFWV 6XEMHFWV 6XEMHFWV 6XEMHFWV )LJXUH 0HDQ 6HOI ,GHDO 6HOI 'LVFUHSDQF\ 6FRUHV IRU WKH 6H[ 5ROH *URXSV 2QH RI WKH PDMRU LVVXHV LQ WKH DQGURJ\Q\ OLWHUDWXUH FRQFHUQV WKH SRVVLEOH FRQIOLFWLQJ UHVXOWV EHWZHHQ VDPSOH SRSXODWLRQV FDWHJRUL]HG E\ GLIIHUHQW SURFHGXUHV 7R GHWHUPLQH WKH UHODWLYH FRQWULEXWLRQ RI EDOn DQFHG PDVFXOLQH DQG IHPLQLQH WUDLWV VXEMHFWVn %65, GDWD ZHUH UHVFRUHG DFFRUGLQJ WR WKH WVFRUH PHWKRG DQG ZHUH FDWHJRUL]HG DFFRUGLQJ WR WKH SUHYLRXVO\ LQGLFDWHG QRUPV 7KHVH WKUHH JURXSV ZHUH WKHQ FRPSXWHG

PAGE 50

IRU WKHLU PHDQ DQ[LHW\ VFRUHV RQ HDFK RI WKH IRXU DQ[LHW\ VFDOHV E\ PHDQV RI D 0DQRYD DQDO\VLV 7KH UHVXOWV LQGLFDWHG WKDW WKHUH ZDV DQ RYHUDOO HIIHFW GXH WR WKH VH[ UROH JURXSV e f S $ FRPSOHWH VXPPDU\ RI WKH 0DQRYD DQDO\VLV LV LQ $SSHQGL[ ,9 $V VKRZQ LQ 7DEOH WKH PDVFXOLQLW\ JURXS UHSRUWHG WKH ORZHVW DQ[LHW\ VFRUHV DQGURJ\QRXV VXEMHFWV PRGHUDWH DPRXQWV DQG WKH IHPLQLQH VXEMHFWV WKH KLJKHVW DQ[LHW\ VFRUHV RQ DOO IRXU VFDOHV 7DEOH 0HDQ $Q[LHW\ 6FRUHV RI WKH 7KUHH 6H[ 5ROH &DWHJRULHV 'HILQHG E\ WKH 'LIIHUHQFH 0HWKRG 0DVFXOLQH $QGURJ\QRXV )HPLQLQH 7UDLW $Q[LHW\ 2YHUW $Q[LHW\ &RYHUW $Q[LHW\ 7RWDO $Q[LHW\ %HUQ f VXJJHVWHG WKDW WKH DQGURJ\Q\ VFRUH FRXOG EH HPSOR\HG DV FRQWLQXRXV GDWD LQ OLQHDU PRGHOV SURFHGXUHV 7KXV WKH WVFRUH DORQJ ZLWK VRFLDO UROH VFRUHV DV D VHFRQG LQGHSHQGHQW YDULDEOH ZDV HQWHUHG LQWR D UHJUHVVLRQ PRGHO SUHGLFWLQJ WKH DQ[LHW\ VFRUHV RI DOO VXEMHFWV 7KLV ZDV D VLJQLILFDQW PRGHO ZLWK ERWK WKH eVFRUH DQG VRFLDO UROH VFRUHV FRQWULEXWLQJ VLJQLILFDQWO\ WR WKH PRGHO VHH 7DEOH f 7KH HVWLPDWHG LQWHUFHSWV RI WKH LQGHSHQGHQW YDULDEOHV LQGLFDWH WKDW KLJKHU WVFRUHV LQGLFDWLYH RI D WUHQG WRZDUG LQFUHDVHG IHPLQn LQLW\ ZHUH UHODWHG WR KLJKHU DQ[LHW\ VFRUHV :KHQ WKH VDPH UHJUHVVLRQ HTXDWLRQ ZDV DSSOLHG WR WKH GDWD RI RQO\ WKH DQGURJ\QRXV VXEMHFWV WKH

PAGE 51

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

PAGE 52

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n ILFDQW JURXS GLIIHUHQFHV LQ VRFLDO UROH FKRLFH e f e $QDO\VLV RI WKH PDLQ HIIHFWV LQGLFDWHG WKDW IHPLQLQLW\ VFRUHV ZHUH VWURQJO\ UHODWHG WR VRFLDO UROH FKRLFH e f e DQG WKHUH ZDV D QRQVLJQLILFDQW WUHQG IRU PDVFXOLQLW\ VFRUHV e f e DQG WKH LQWHUDFWLRQ EHWZHHQ WKH PDVFXOLQLW\

PAGE 53

DQG IHPLQLQLW\ VFRUHV e f e WR EH UHODWHG WR VRFLDO UROH VFRUHV DV ZHOO 'XQFDQnV 0XOWLSOH 5DQJH 7HVW LQGLFDWHG WKDW ORZ PDVFXOLQLW\ VFRUHV ZHUH VLJQLILFDQWO\ UHODWHG WR KLJK VRFLDO UROH VFRUHV e DQG WKDW KLJK IHPLQLQLW\ VFRUHV ZHUH VLJQLILFDQWO\ UHODWHG WR KLJK VRFLDO UROH VFRUHV e $ FRPSOHWH VXPPDU\ RI WKHVH ILQGLQJV PD\ EH IRXQG LQ $SSHQGL[ ,9 5HJUHVVLRQ DQDO\VLV SUHGLFWLQJ VRFLDO UROH VFRUHV ZDV HPSOR\HG WR DOORZ IRU WKH H[SORUDWLRQ RI WKH UHODWLRQVKLS EHn WZHHQ PDVFXOLQLW\ DQG IHPLQLQLW\ DV FRQWLQXRXV GDWD DQG VRFLDO UROH VFRUHV $JDLQ LW PXVW EH VWDWHG WKDW WKH UHJUHVVLRQ PRGHOV ZHUH QRW VHHNLQJ WR GHYHORS D PRGHO IRU XQGHUVWDQGLQJ VRFLDO UROH FKRLFH 7KH UHJUHVVLRQ PRGHO LV VXPPDUL]HG LQ 7DEOH 7KH UHVXOWV LQGLFDWHG WKDW LGHDO PDVFXOLQLW\ DQG LGHDO IHPLQLQLW\ ZHUH ERWK VLJQLILFDQWO\ UHODWHG WR VRFLDO UROH VFRUHV DQG WKDW IHPLQLQLW\ H[KLELWHG D VWURQJ EXW QRQVLJQLn ILFDQW UHODWLRQVKLS ZLWK VRFLDO UROH VFRUHV DV ZHOO 7DEOH 3UHGLFWLRQ RI 6RFLDO 5ROH 6FRUHV E\ $FWXDO DQG ,GHDO 0DVFXOLQLW\ DQG )HPLQLQLW\ 6FRUHV 9DULDEOH H ) GI 0DVFXOLQLW\ 0f Q V )HPLQLQLW\ )f 3 ,GHDO 0 3 ,GHDO ) 3 0 [ ) 1RWH 5 QV

PAGE 54

6XEMHFWV ZHUH DOVR FDWHJRUL]HG LQWR VH[ UROH JURXSV EDVHG RQ WKHLU WVFRUHV 7KH PHDQ VRFLDO UROH VFRUHV IRU WKHVH JURXSV ZHUH YLUWXDOO\ LGHQWLFDO WR WKH PHDQ VRFLDO UROH VFRUHV H[KLELWHG E\ WKH VSOLW KDOI GHILQHG DQGURJ\QRXV PDVFXOLQH DQG IHPLQLQH VXEMHFWV VHH 7DEOH f 7KXV IRU VRFLDO UROH VFRUHV WKH VSOLW KDOI DQG WVFRUH SURFHGXUHV IRU GHILQLQJ VH[ UROH RULHQWDWLRQ GR QRW GLIIHU

PAGE 55

&+$37(5 )285 ',6&866,21 7KH HVVHQWLDO JRDO RI WKLV VWXG\ ZDV WR H[SORUH WKH UHODWLRQVKLS EHWZHHQ VH[ UROH RULHQWDWLRQ DV GHILQHG E\ WKH %65, DQG VHYHUDO PHDVXUHV RI DQ[LHW\ 7KH HDUO\ GHILQLWLRQV DQG WKHRUHWLFDO LQWHUSUHWDWLRQV RI DQGURJ\Q\ VXJJHVWHG WKDW DQGURJ\QRXV LQGLYLGXDOV WKRVH FKDUDFWHUL]HG E\ KLJK DPRXQWV RI ERWK LQVWUXPHQWDO DQG H[SUHVVLYH WUDLWV ZRXOG H[KLELW WKH KLJKHVW VHOI HVWHHP DQG WKH EHVW SV\FKRORJLFDO DGMXVWPHQW ([WHQGLQJ WKLV LQWHUSUHWDWLRQ RQH ZRXOG SUHGLFW WKDW DQGURJ\QRXV VXEMHFWV ZRXOG UHSRUW WKH ORZHVW DQ[LHW\ VFRUHV &RQWUDU\ WR WKHVH H[SHFWHG ILQGLQJV -RUGDQ9LROD HW DO f UHSRUWHG WKDW DQGURJ\Q\ ZDV DVVRFLDWHG ZLWK KLJK DQ[LHW\ VFRUHV 7KH VLJQLILFDQFH RI WKHVH ILQGLQJV ZDV GHEDWDEOH KRZHYHU GXH WR PDQ\ PHWKRGRORJLFDO IODZV DVVRFLDWHG ZLWK WKDW UHVHDUFK GHVLJQ 2QH RI WKH DLPV RI WKLV VWXG\ WKHUHIRUH ZDV WR FODULI\ WKH UHODWLRQVKLS EHWZHHQ DQ[LHW\ DQG DQGURJ\Q\ 6H[ 5ROH 2ULHQWDWLRQ DQG $Q[LHW\ 7KH UHVXOWV RI WKLV FXUUHQW VWXG\ GR QRW VXSSRUW -RUGDQ9LROD HW DOnV f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

PAGE 56

KDYH QR UHODWLRQVKLS ZLWK DQ[LHW\ ,Q IDFW QXPHURXV DQDO\VHV FRQVLVWn HQWO\ LQGLFDWHG WKDW RQO\ PDVFXOLQLW\ VFRUHV GLIIHUHQWLDWHG WKH VH[ UROH JURXSV )HPLQLQLW\ VFRUHV HLWKHU DORQH RU LQ LQWHUDFWLRQ ZLWK PDVFXn OLQH WUDLWV IDLOHG WR DFFRXQW IRU D VLJQLILFDQW DPRXQW RI WKH DQ[LHW\ VFRUH YDULDQFH )RU WKLV UHDVRQ WKH PDVFXOLQH VXEMHFWV DQG WKH DQGURn J\QRXV VXEMHFWV UHSRUWHG DOPRVW LGHQWLFDO PHDQ DQ[LHW\ VFRUHV 7KH IHPLQLQH DQG XQGLIIHUHQWLDWHG JURXSV UHSRUWHG VLPLODU DQ[LHW\ VFRUHV 7KHVH ILQGLQJV VXJJHVW VHYHUDO LQWHUSUHWDWLRQV FRQFHUQLQJ ERWK WKH UHODWLRQVKLS EHWZHHQ VH[ UROH DWWULEXWHV DQG DQ[LHW\ DQG WKH LPSOLFDWLRQV RI WKRVH ILQGLQJV IRU RXU XQGHUVWDQGLQJ DQG LQWHUSUHWDWLRQ RI SV\FKRORJLFDO DQGURJ\Q\ )LUVW WKH TXHVWLRQ RI WKH UHODWLRQVKLS EHWZHHQ VH[ UROH DWWULEXWHV DQG PHDVXUHV RI DQ[LHW\ ZLOO EH H[SORUHG 2QH K\SRWKHVLV IRU WKH FXUUHQW ILQGLQJV LV WKDW IHPLQLQH ZRPHQ DUH PRUH SURQH WR H[SUHVV WKHLU IHHOLQJV LQFOXGLQJ WKHLU IHHOLQJV RIZRUU\ FRQFHUQ DQG VWUHVV ZKLOH WKH PDVFXOLQH ZRPHQ PLJKW EH PRUH OLNHO\ WR GHQ\ VXFK IHHOLQJV +RZHYHU WKH IHPLQLQLW\ LWHPV LWHPV RI HPRWLRQDO VHQVLWLYLW\ DQG H[SUHVVLYHQHVV PDQLIHVWHG QR UHODWLRQVKLS ZLWK DQ[LHW\ VFRUHV 7KXV LW VHHPV XQOLNHO\ WKDW WKH ZLOOLQJQHVV WR H[SUHVV QHJDWLYH IHHOLQJV ZRXOG DFFRXQW IRU WKHVH ILQGLQJV ,W UHPDLQV SRVVLEOH KRZHYHU WKDW WKH PDVFXOLQH VXEMHFWV WHQGHG WR GHQ\ IHHOLQJV RI ZRUU\ DQG VWUHVV DV LW ZDV QRW SRVVLEOH WR HPSLULFDOO\ DVVHVV VXEMHFWVn WHQGHQF\ WR GHQ\ VXFK IHHOLQJV 6LQFH WKH PDVFXOLQLW\ LWHPV ZHUH KLJKO\ DQG QHJDWLYHO\ FRUUHODWHG ZLWK DQ[LHW\ VFRUHV D VHFRQG K\SRn WKHVLV PLJKW EH WKDW PDVFXOLQLW\ LWHPV ZHUH GLUHFWO\ DQG LQYHUVHO\ UHn ODWHG WR VSHFLILF DQ[LHW\ VFDOH LWHPV +RZHYHU DQ H[DPLQDWLRQ RI WKH VFDOH LWHPV VXJJHVWHG WKDW WKLV ZDV QRW WKH FDVH 7KH PDVFXOLQLW\ WUDLW LWHPV IRFXVVHG RQ VHOI VXIILFLHQF\ DQG LQFOXGHG VXFK LWHPV DV VHOI UHOLDQW PDNHV GHFLVLRQV HDVLO\ DQG DFWV DV D OHDGHU +LJK

PAGE 57

VFRUHV RQ WKH PDVFXOLQLW\ VFDOH GHVFULEH DQ LQGLYLGXDO ZKR IHHOV DEOH WR PHHW OLIHfV GHPDQGV FRQILGHQWO\ GLUHFWO\ DQG VXFFHVVIXOO\ ,Q FRQWUDVW WKH DQ[LHW\ VFDOHV FRQWDLQ LWHPV UHJDUGLQJ SV\FKRVRPDWLF V\PSWRPV DQG H[SUHVVLRQV RI ZRUU\ DQG FRQFHUQV 7KH ,3$7 $Q[LHW\ 6FDOH IRU H[DPSOH LV FRPSRVHG RI ILYH FRPSRQHQWV DSSUHKHQVLRQ WHQVLRQ ORZ VHOI FRQWURO HPRWLRQDO LQVWDELOLW\ DQG VXVSLFLRXVQHVV .UXJ 6FKHLHU t &DWWHOO f ,QGLYLGXDOV VFRULQJ KLJK RQ WKHVH VFDOHV DUH GHVFULEHG DV HDVLO\ GHSUHVVHG XQHTXDO WR WKH FKDOOHQJH RI GDLO\ OLIH S f DQG ODFNLQJ LQ IRUHVLJKW $OWKRXJK WKH VSHFLILF WUDLW LWHPV ZHUH QRW GLUHFWO\ UHODWHG DQ LQGLYLGXDO JHQHUDOO\ GHVFULEHG E\ KLJK DQ[LHW\ VFRUHV VHHPV WR EH WKH RSSRVLWH RI DQ LQGLYLGXDO GHVFULEHG E\ KLJK VFRUHV RQ WKH PDVFXOLQLW\ VFDOH RI WKH %65, ,W VHHPV UHDVRQDEOH WR FRQFOXGH WKHUHn IRUH WKDW DQ[LHW\ DSSHDUV WR EH VROHO\ UHODWHG WR WKH DEVROXWH DPRXQW RI LQVWUXPHQWDO DWWULEXWHV SRVVHVVHG E\ DQ LQGLYLGXDO DQG WKDW DQ[LHW\ LV QRW UHODWHG WR DQGURJ\Q\ ZKHQ WKDW FRQFHSW LV UHJDUGHG DV WKH SRVVHVVLRQ RI ERWK LQVWUXPHQWDO DQG H[SUHVVLYH TXDOLWLHV )XUWKHU HYLGHQFH IRU WKLV FRQFOXVLRQ FDQ EH IRXQG ZKHQ H[DPLQLQJ WKH UHVXOWV RI WKH DQDO\VHV FRQFHUQLQJ WKH UHODWLRQVKLS EHWZHHQ VHOI LGHDO VHOI VFRUHV DQG DQ[LHW\ VFRUHV 3UHYLRXV UHVHDUFK +RZH f KDG LQGLFDWHG WKDW LQGLYLGXDOV ZKR UHSRUW ODUJH LGHDOVHOI GLVFUHSDQF\ VFRUHV DOVR WHQG WR UHSRUW KLJKHU DQ[LHW\ VFRUHV +RZHYHU ZKHQ WKH PDVFXOLQLW\ GLIIHUHQFH VFRUHV DQG WKH IHPLQLQLW\ GLIIHUHQFH VFRUHV ZHUH H[DPLQHG VHSDUDWHO\ WKDW LV ZKHQ WKH PDVFXOLQLW\ GLIIHUHQFH VFRUHV DQG IHPLQLQLW\ VFRUHV ZHUH HQWHUHG VHSDUDWHO\ LQWR D UHJUHVVLRQ DQDO\VLV WKH GDWD LQGLFDWHG WKDW RQO\ ODUJH PDVFXOLQLW\ GLIIHUHQFHV ZHUH VLJQLn ILFDQWO\ UHODWHG WR KLJK DQ[LHW\ VFRUHV 'LIIHUHQFHV EHWZHHQ DFWXDO DQG LGHDO IHPLQLQLW\ VFRUHV ZHUH QRW FRQWULEXWRU\ WR WKH UHODWLRQVKLS

PAGE 58

ZLWK DQ[LHW\ $GGLWLRQDOO\ ZKHQ ERWK WKH LGHDO DQG DFWXDO PDVFXOLQLW\ VFRUHV ZHUH HQWHUHG LQWR D UHJUHVVLRQ PRGHO WKH PDVFXOLQLW\ IDFWRU DFFRXQWHG IRU D JUHDWHU SURSRUWLRQ RI WKH YDULDQFH VXJJHVWLQJ WKDW WKH SUHVHQFH RU DEVHQFH RI LQVWUXPHQWDO EHKDYLRUDO DWWULEXWHV LV WKH VDOLHQW YDULDEOH ZLWK UHJDUG WR DQ[LHW\ VFRUHV 7KXV LW DSSHDUV WKDW DQ[LHW\ VFRUHV ZHUH QRW UHODWHG WR RYHUDOO IHHOLQJV RI VHOI GLVVDWLVIDFWLRQ EXW VSHFLILFDOO\ WR VXEMHFWVn IHHOLQJV RI LQDGHTXDF\ UHJDUGLQJ WKHLU LQVWUXn PHQWDO EHKDYLRUV ,PSOLFDWLRQV IRU WKH ,QWHUSUHWDWLRQ RI $QGURJ\Q\ 7KLV FRQFOXVLRQ LV FRQVLVWHQW ZLWK SUHYLRXV UHVHDUFK UHSRUWLQJ WKH JUHDWHU LPSRUWDQFH RI PDVFXOLQLW\ VFRUHV IRU GHWHUPLQLQJ GDWD RXWFRPH +RIIPDQ DQG )LGHOO QRWH f UHSRUWHG EDVHG RQ WKH UHVXOWV RI ERWK GLVFULPLQDQW DQG &KL6TXDUH DQDO\VHV H[SORULQJ WKH UHODWLRQVKLS EHWZHHQ DQGURJ\Q\ DQG QXPHURXV YDULDEOHV WKDW WKH PDVFXOLQH VFRUH ZDV PRUH LPSRUWDQW LQ GHWHUPLQLQJ WKH UHVXOWV RXWFRPH -RQHV HW DO f FRQFOXGHG WKDW PDVFXOLQLW\ VFRUHV ZHUH PRVW LPSRUWDQW LQ GHWHUPLQLQJ WKH H[WHQW WR ZKLFK IHPDOH FROOHJH VWXGHQWV VFRUHG LQ WKH DGDSWLYH GLn UHFWLRQ RQ QXPHURXV SHUVRQDOLW\ PHDVXUHV ,I WKHVH ILQGLQJV DUH WR EH WDNHQ DW IDFH YDOXH LW ZRXOG VXJJHVW WKDW PDVFXOLQLW\ UDWKHU WKDQ DQGURJ\Q\ ZRXOG EH FRQVLGHUHG WKH PRVW UHZDUGLQJ DQG WKHUHIRUH PRVW GHVLUDEOH VH[ UROH RULHQWDWLRQ 6HYHUDO VHSDUDWH GDWD DQDO\VHV VXJJHVWHG KRZHYHU WKDW WKLV ZDV QRW WKH FDVH :KHQ VXEMHFWVn LGHDO %65, UDWLQJV ZHUH FDWHJRUL]HG DFFRUGLQJ WR WKH VSOLWKDOI PHWKRG WKH PDMRULW\ RI VXEMHFWV bf LQGLFDWHG WKH\ ZDQWHG WR SRVVHVV KLJK DPRXQWV RI ERWK PDVFXOLQLW\ DQG IHPLQLQLW\ WKDW WKH\ ZDQWHG WR EH DQGURJ\QRXV $GGLWLRQDOO\ ZKHQ VXEMHFWVn LGHDO PDVFXn OLQLW\ DQG IHPLQLQLW\ VFRUHV ZHUH FRPSDUHG WR WKHLU DFWXDO VFRUHV

PAGE 59

DOO EXW WKH IHPLQLQH VXEMHFWV UHSRUWHG GHVLULQJ D VLJQLILFDQW LQFUHDVH LQ WKHLU IHPLQLQLW\ VFRUHV 7KHVH ILQGLQJV IXUWKHU VXJJHVW WKDW FROOHJH ZRPHQ EHOLHYH ERWK LQVWUXPHQWDO DQG H[SUHVVLYH WUDLWV DUH GHVLUDEOH ,I DQGURJ\Q\ LV UHJDUGHG DV WKH PRVW GHVLUDEOH UROH RULHQWDWLRQ IRU FROn OHJH ZRPHQ WKHQ RQH ZRXOG H[SHFW WKDW DQGURJ\QRXV ZRPHQ ZRXOG EH WKH PRVW VDWLVILHG ZLWK WKHPVHOYHV 7KLV H[SHFWDWLRQ ZDV FRQILUPHG DV WKH DQGURJ\QRXV ZRPHQ UHSRUWHG WKH ORZHVW GLVFUHSDQF\ VFRUHV ZKLOH WKH XQGLIn IHUHQWLDWHG VXEMHFWV UHSRUWHG WKH KLJKHVW 0DVFXOLQH ZRPHQ UHSRUWHG ORZHU GLVFUHSDQF\ VFRUHV WKDQ GLG IHPLQLQH ZRPHQ 6LQFH WKH DQGURJ\QRXV ZRPHQ DUH GHILQHG E\ KLJK PDVFXOLQLW\ DQG IHPLQLQLW\ ZKLOH WKH XQGLIn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nV FROn OHJH ZRPHQ WR EH GHVLUDEOH WUDLWV 7KXVZKLOH WKHUH PD\ EH QXPHURXV H[SUHVVLYH IHPLQLQH WUDLWV ZKLFK DOO FROOHJH ZRPHQ ILQG DWWUDFWLYH r WKH\ PD\ QRW EH RQ WKH %65, ZKLOH VRPH XQGHVLUDEOH WUDLWV FRQWULEXWH WR DQ LQGLYLGXDOnV IHPLQLQLW\ VFRUH )RU H[DPSOH ERWK FKLOGOLNH DQG JXOOLEOH DUH IHPLQLQH %65, LWHPV +RZHYHU QRW RQH RI

PAGE 60

WKH VXEMHFWV ZDQWHG WR EH GHVFULEHG E\ HLWKHU RI WKHVH WUDLWV PRUH WKDQ LQIUHTXHQWO\ 6HYHUDO RWKHU WUDLWV IODWWHUDEOH \LHOGLQJ DQG VK\f DOVR UHFHLYHG YHU\ ORZ LGHDO UDWLQJV ZKLOH QR PDVFXOLQH %65, LWHPV UHFHLYHG XQDQLPRXV GLVDSSURYDO 6XFK REYLRXV GLIIHUHQFHV LQ WKH GHVLUDELOLW\ RI VFDOH LWHPV FRQWUDGLFWV %HUQnV f GHILQLWLRQ RI WKH %65, DQG GHPRQVWUDWHV WKH QHHG WR UHDVVHVV WKLV VFDOH %65, LWHPV LQLn WLDOO\ ZHUH VHOHFWHG RQ WKH EDVLV RI JHQGHU UHODWHG GHVLUDELOLW\ DOn WKRXJK WKHVH LWHPV ZHUH ODWHU LGHQWLILHG DV LQVWUXPHQWDO DQG H[SUHVVLYH EHKDYLRUV 7KLV VWXG\ LQGLFDWHV WKDW VRPH %65, LWHPV DUH QHLWKHU JHQGHU GHVLUDEOH QRU DUH WKH\ SDUWLFXODUO\ UHSUHVHQWDWLYH RI LQVWUXPHQWDOLW\ RU H[SUHVVLYHQHVV ,W LV WKHUHIRUH UHFRPPHQGHG WKDW LQWHUSUHWDWLRQV UHJDUGLQJ VXEMHFWVn UHODWLYH HYDOXDWLRQV RI PDVFXOLQH YHUVXV IHPLQLQH WUDLWV EH PDGH ZLWK FDXWLRQ DV WKH FRQFOXVLRQV DUH OLNHO\ WR EH D IXQFWLRQ RI WKH %65, UDWKHU WKDQ WKHVH EHKDYLRUDO SDWWHUQV $QGURJ\Q\ DQG 6RFLDO 5ROH &KRLFH 6RFLDO UROH FKRLFH ZDV K\SRWKHVL]HG DV D SRWHQWLDOO\ VLJQLILFDQW YDULDEOH PHGLDWLQJ WKH UHODWLRQVKLS EHWZHHQ VH[ UROH RULHQWDWLRQ DQG DQ[n LHW\ VFRUHV 7KLV K\SRWKHVLV ZDV RQO\ SDUWLDOO\ FRQILUPHG $OWKRXJK VRFLDO UROH VFRUHV ZHUH IRXQG WR EH VLJQLILFDQWO\ UHODWHG WR DQ[LHW\ VFRUHV WKH\ GLG QRW LQWHUDFW ZLWK HLWKHU PDVFXOLQLW\ RU IHPLQLQLW\ WR LQn IOXHQFH WKH UHODWLRQVKLS RI WKHVH YDULDEOHV ZLWK DQ[LHW\ 7KH GDWD DQDOn \VHV LQGLFDWHG WKDW DQ LQFUHDVH LQ VRFLDO UROH VFRUHV RU D WHQGHQF\ WRZDUG D PRUH WUDGLWLRQDO VRFLDO UROH RULHQWDWLRQ ZDV DVVRFLDWHG ZLWK ORZHU DQ[n LHW\ VFRUHV 7KLV UHODWLRQVKLS ZDV FRQVLVWHQW IRU DQGURJ\QRXV VXEMHFWV FRQWUDU\ WR ZKDW ZDV SUHGLFWHG 2QH SRVVLEOH H[SODQDWLRQ IRU WKHVH ILQGn LQJV LV WKDW D EDODQFHG VRFLDO UROH FKRLFH WKDW LV RQH ZKLFK LQFOXGHV PDUULDJH FRPPLWPHQW WR IDPLO\ JRDOV DV ZHOO DV LQGLYLGXDO VWULYLQJV LV IRU PRVW FROOHJH VWXGHQWV KHDOWKLHU RU OHVV VWUHVVIXO WKDQ DQ H[WUHPH VRFLDO UROH ZKLFK IRFXVHV VROHO\ RQ LQGLYLGXDO DFFRPSOLVKPHQWV

PAGE 61

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n WLRQVKLS EHWZHHQ VRFLDO UROH FKRLFH DQG DQ[LHW\ ZRXOG KROG WUXH IRU ZRPHQ RXWVLGH RI D FROOHJH VHWWLQJ ,W PLJKW EH WKDW D PRUH WUDGLWLRQDOO\ RULHQWHG VRFLDO UROH ZRXOG EH OHVV DQ[LHW\ SURGXFLQJ DW DQ\ VWDJH LQ D ZRPDQnV OLIH RU LW PLJKW EH WKDW WKLV UHODWLRQVKLS LV XQLTXH WR WKH VWUHVVIXO H[SHULHQFH RI DGROHVFHQFH DQG FROOHJH 7KLV UHODWLRQVKLS QHHGV WR EH H[SORUHG IXUWKHU 3UHYLRXV UHVHDUFK KDG LQGLFDWHG WKDW VH[ UROH RULHQWDWLRQ ZDV UHODWHG WR VRFLDO UROH FKRLFH 'H)URQ]R t %RXGUHDX +RIIPDQ t )LGHOO QRWH f 7KH GDWD IURP WKLV VWXG\ DGG IXUWKHU VXSSRUW WR WKRVH ILQGLQJV )HPLQLQLW\ ZDV IRXQG WR EH VLJQLILFDQWO\ UHODWHG WR VRFLDO UROH VFRUHV 0DVFXOLQLW\ H[KLELWHG D VWURQJ EXW VWDWLVWLFDOO\ LQVLJQLILFDQW UHODn WLRQVKLS ZLWK VRFLDO UROH VFRUHV DV GLG WKH LQWHUDFWLRQ EHWZHHQ WKHVH WZR VH[ UROH WUDLWV ,Q JHQHUDO UHODWLYHO\ KLJK H[SUHVVLYHQHVV IHPLn QLQLW\f DQG UHODWLYHO\ ORZ LQVWUXPHQWDOLW\ PDVFXOLQLW\f DSSHDUHG WR EH UHODWHG WR D PRUH WUDGLWLRQDO VRFLDO UROH RULHQWDWLRQ ,GHDO PDVFXOLQLW\ DQG IHPLQLQLW\ VFRUHV ZHUH DOVR IRXQG WR EH VLJQLILFDQWO\ UHODWHG WR

PAGE 62

VRFLDO UROH FKRLFH VXFK WKDW UHODWLYHO\ ORZ LGHDO PDVFXOLQLW\ VFRUHV DQG UHODWLYHO\ KLJK LGHDO IHPLQLQLW\ VFRUHV ZHUH DVVRFLDWHG ZLWK WUDGLn WLRQDO VRFLDO UROH FKRLFHV ,Q IDFW ZKHQ ERWK LGHDO DQG DFWXDO PDVFXOLQn LW\ DQG IHPLQLQLW\ VFRUHV ZHUH HQWHUHG LQWR D UHJUHVVLRQ PRGHO ZLWK VRFLDO UROH FKRLFH DV WKH GHSHQGHQW YDULDEOH WKH LGHDO VFRUHV H[KLELWHG D VWURQJHU UHODWLRQVKLS ZLWK WKH GHSHQGHQW YDULDEOH WKDQ GLG WKH DFWXDO VFRUHV ,W LV SRVVLEOH WKDW FROOHJH ZRPHQ DQWLFLSDWHG D OLIHVW\OH ZKLFK UHIOHFWV WKH W\SH RI SHUVRQ WKH\ ZRXOG OLNH WR EH ,Q DGGLWLRQ WR GRFXPHQWLQJ WKH UHODWLRQVKLS EHWZHHQ VH[ UROH DQG VRFLDO UROH RULHQWDWLRQ WKHVH ILQGLQJV DOVR FRQILUP WKDW VH[ UROH RULHQn WDWLRQ DV FRQFHSWXDOL]HG E\ WKH DQGURJ\Q\ WKHRU\ LV D PHDQLQJIXO FRQn VWUXFW ZLWK UHJDUG WR WKH VRFLDO UROH YDULDEOH 8QOLNH WKH PHDVXUHV RI DQ[LHW\ ZKLFK DSSHDUHG WR EH UHODWHG VROHO\ WR LQVWUXPHQWDO DWWULEXWHV VRFLDO UROH RULHQWDWLRQ VFRUHV YDULHG DV D IXQFWLRQ RI ERWK PDVFXOLQLW\ DQG IHPLQLQLW\ &RQWUDU\ WR UHFHQW LQWHUSUHWDWLRQV WKDW PDVFXOLQLW\ VFRUHV DORQH DFFRXQW IRU PXFK RI WKH YDULDQFH DPRQJ VH[ UROH FDWHJRULHV +RIIPDQ t )LGHO QRWH -RQHV HW DO f WKHVH ILQGLQJV VXJJHVW WKDW ERWK PDVFXOLQLW\ DQG IHPLQLQLW\ FRQWULEXWH WR WKH GLIIHUHQWLDO FKDUDFWHULVWLFV RI WKH VH[ UROH JURXSV ,W VHHPV OLNHO\ WKDW DQ\ FRQn FOXVLRQ FRQFHUQLQJ WKH VLJQLILFDQFH RI DQGURJ\Q\ DV D XQLTXH FRPELQDWLRQ RI ERWK LQVWUXPHQWDO DQG H[SUHVVLYH DWWULEXWHV ZLOO EH D IXQFWLRQ RI WKH SDUWLFXODU GHPRJUDSKLF RU SHUVRQDOLW\ YDULDEOHV EHLQJ H[DPLQHG LQ WKH FRQWH[W RI VH[ UROH RULHQWDWLRQ 6RPH YDULDEOHV OLNH PHDVXUHV RI WUDLW DQ[LHW\ IRFXV VROHO\ RQ LQVWUXPHQWDO WUDLW EHKDYLRUV ZKLOH RWKHUV OLNH VRFLDO UROH HQWDLO D FRPELQDWLRQ RI ERWK LQVWUXPHQWDO DQG H[SUHVn VLYH DWWULEXWHV 7KH DGYDQWDJH WKDW DQGURJ\QRXV LQGLYLGXDOV DSSHDU WR KDYH LV WKDW WKH\ SRVVHVV VXIILFLHQW DPRXQWV RI ERWK LQVWUXPHQWDO DQG

PAGE 63

H[SUHVVLYH EHKDYLRUV VXFK WKDW ZKHQ D UROH RU VLWXDWLRQ UHTXLUHV RQO\ RQH RU WKH RWKHU WKH\ DUH DV SUHSDUHG IRU HLWKHU UROH DV WKH\ ZRXOG EH IRU D SDUWLFXODU UROH UHTXLULQJ D EOHQG RI WKH WZR &OLQLFDO ,PSOLFDWLRQV ,Q OLJKW RI WKLV DVVXPSWLRQ UHJDUGLQJ WKH DGDSWDELOLW\ RI DQGURn J\QRXV LQGLYLGXDOV RQH PLJKW H[SHFW WKDW WKH IRFXV RI PXFK WKHUDSHXn WLF LQWHUYHQWLRQ ZRXOG EH WRZDUGV WKH HQFRXUDJHPHQW RI WKH DGRSWLRQ RI DQ DQGURJ\QRXV RULHQWDWLRQ +RZHYHU LW ZRXOG EH XQZLVH DW WKLV WLPH WR PDNH WKH OHDS IURP WKHRUHWLFDO LQWHUSUHWDWLRQV RI DQGURJ\Q\ DQG OLPLWHG HPSLULFDO VWXGLHV WR WKHUDSHXWLF IRUPXODWLRQV (DUO\ WKHRUHWn LFDO IRUPXODWLRQV KDG PDLQWDLQHG WKDW SV\FKRORJLFDOO\ DGMXVWHG LQGLYLGXDOV ZRXOG EH FKDUDFWHUL]HG PDLQO\ E\ VH[ DSSURSULDWH WUDLWV 7KXV WKHUDn SHXWLF HIIRUWV ZHUH IUHTXHQWO\ H[HUWHG WR PDLQWDLQ RU HQFRXUDJH VWHUHRn W\SLF VH[ UROH RULHQWDWLRQ 7KH DQGURJ\Q\ WKHRU\ RQ WKH RWKHU KDQG KDV PDLQWDLQHG WKDW LW LV DSSURSULDWH IRU LQGLYLGXDOV WR EH FKDUDFn WHUL]HG E\ ERWK PDVFXOLQH DQG IHPLQLQH DWWULEXWHV DQG KDV JHQHUDWHG HPSLULFDO HYLGHQFH WR VXSSRUW WKLV DVVXPSWLRQ %HUQ +HL EUXQ 6SHQFH HW DO f +RZHYHU HYLGHQFH KDV DOVR LQGLn FDWHG WKDW VH[ W\SHG RULHQWDWLRQ LV QRW QHFHVVDULO\ PDODGDSWLYH +RIIPDQ DQG )LGHOO QRWH )LGHOO QRWH f 2QH RI WKH GLIILFXOWLHV GUDZLQJ FOLQLFDO FRQFOXVLRQV IURP SHUVRQDOLW\ UHVHDUFK LV WKDW VWDWLVWLFDOO\ VLJQLILFDQW ILQGLQJV DUH QRW QHFHVVDULO\ FOLQLFDOO\ VLJQLILFDQW )RU H[DPSOH DOWKRXJK WKH UHJUHVVLRQ DQDO\VHV LQ WKLV VWXG\ LQGLFDWHG WKDW PDVFXOLQLW\ VFRUHV ZHUH KLJKO\ UHODWHG WR DQ[LHW\ VFRUHV WKH WRWDO DQ[LHW\ VFRUH YDULDQFH DFFRXQWHG IRU E\ WKH %65, VFRUHV ZDV PLQLPDO ,Q D GLIIHUHQW VWXG\ 'H )URQ]R DQG %RXGUHDX f UHSRUWHG WKDW WKH

PAGE 64

FROOHJH ZRPHQ UHSRUWHG H[SHFWLQJ VLJQLILFDQWO\ GLIIHUHQW IDPLO\ VL]HV DFFRUGLQJ WR WKHLU VH[ UROH FDWHJRUL]DWLRQ +RZHYHU WKH PHDQ QXPEHU RI FKLOGUHQ H[SHFWHG E\ WKHVH VXEMHFWV UDQJHG IURP FKLOGUHQ IRU WKH XQGLIIHUHQWLDWHG VXEMHFWV WR FKLOGUHQ IRU WKH IHPLQLQH VXEMHFWV f§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n DWLYH PHULWV RI HDFK RI WKH VFRULQJ SURFHGXUHV DQG WKH SRVVLEOH FRQIOLFWLQJ UHVXOWV EHWZHHQ VDPSOH SRSXODWLRQV FDWHJRUL]HG E\ GLIIHUHQW PHWKRGV 6XEMHFWV LQ WKLV VWXG\ ZHUH FDWHJRUL]HG LQWR VH[ UROH JURXSV DFFRUGLQJ

PAGE 65

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n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t )LGHO QRWH 0DQQLQJ QRWH fZKHQ WKH VFRUHV RI WKH VXEMHFWV DUH DGGHG WR WKH DQGURJ\QRXV JURXS VFRUHV WKH RYHUDOO UHVXOWV IUHTXHQWO\ DUH QRW DOWHUHG -RQHV HW DO f +HQFH LW LV OLNHO\ WKDW WKH GLIIHUHQFHV LQ FDWHJRUL]DWLRQ DUH QRW VXIILFLHQW WR LQWHUIHUH ZLWK FDXWLRXV JHQHUDOL]DWLRQV DFURVV VWXGLHV HPSOR\LQJ GLIIHUHQW VFRULQJ SURFHGXUHV ,Q WKH DQDO\VLV RI WKH UHODWLRQVKLS EHWZHHQ VH[ UROH RULHQWDWLRQ DQG DQ[LHW\ GLIIHUHQW FRQFOXVLRQV ZHUH GUDZQ ZKHQ DQDO\]LQJ WKH GDWD FDWHJRUL]HG E\ WKH WZR PHWKRGV 7KH UHVXOWV IURP WKH VSOLWKDOI PHWKRG LQGLFDWHG WKDW DQGURJ\QRXV DQG PDVFXOLQH VXEMHFWV UHSRUWHG ORZHU DQG

PAGE 66

HTXDO DQ[LHW\ VFRUHV ZKLOH WKH IHPLQLQH DQG XQGLIIHUHQWLDWHG VXEMHFWV UHSRUWHG KLJKHU DQ[LHW\ 2Q WKH RWKHU KDQG WKH UHVXOWV IURP WKH GLIIHUHQFH PHWKRG LQGLFDWHG WKDW PDVFXOLQH VXEMHFWV UHSRUW WKH ORZHVW DQ[LHW\ DQGURJ\QRXV VXEMHFWV PRGHUDWH DPRXQWV DQG IHPLQLQH VXEMHFWV WKH KLJKHVW (VVHQWLDOO\ WKH ILQGLQJV RI ERWK WKHVH SURFHGXUHV VXJJHVW WKDW DQGURJ\QRXV VXEMHFWV DUH PXFK OHVV DQ[LRXV WKDQ WKHLU VH[ W\SHG IHPLQLQHf SHHUV /LNHZLVH D FRPSDULVRQ RI WKH UHVXOWV IRU WKH PHDQ VRFLDO UROH VFRUHV UHYHDOHG QR GLIIHUHQFH EHWZHHQ WKH WZR VFRULQJ SURFHGXUHV 7KXV LI WKH JRDO RI D SDUWLFXODU VWXG\ LV WR GHWHUPLQH WKH UHODWLYH IXQFWLRQLQJ RI DQGURJ\QRXV YHUVXV QRQDQGURJ\QRXV VXEMHFWV WKHUH PD\ EH OLWWOH GLIIHUHQFH LQ VWXG\ RXWFRPH DV D IXQFWLRQ RI WKH VFRULQJ SURFHGXUH HPSOR\HG WR FDWHJRUL]H VXEMHFWV +RZHYHU LW KDV EHHQ DGYRFDWHG LQ WKLV SDSHU WKDW LW LV LPSRUWDQW WR XQGHUVWDQG WKH SURSHUWLHV RI WKH DQGURJ\Q\ FRQVWUXFW ZKLFK DFFRXQW IRU I WKHVH GLIIHUHQFHV 7KH UHODWLYH PHULWV RI WKH WZR VFRULQJ SURFHGXUHV PD\ QRW OLH LQ WKHLU DELOLW\ WR SUHGLFW GLIIHUHQFHV DPRQJ VH[ UROH JURXSV EXW LQ WKHLU DELOLW\ WR H[SODLQ WKH GLIIHUHQWLDO ILQGLQJV ,Q WKH GDWD DQDO\VHV FRQFHUQLQJ WKH UHODWLRQVKLS RI WKH WVFRUH DQG DQ[LHW\ VFRUHV IRU DOO VXEMHFWV WKH UHJUHVVLRQ DQDO\VLV LQGLFDWHG WKDW WKH WVFRUH ZDV SRVLWLYHO\ UHODWHG WR DQ[LHW\ VFRUHV WKDW LV D KLJKHU DQGURJ\Q\ VFRUH LQGLFDWLQJ DQ LQFUHDVHG WHQGHQF\ WRZDUG IHPLQLQLW\ ZDV DVVRFLDWHG ZLWK KLJKHU DQ[LHW\ VFRUHV +RZHYHUWKHUH ZDV QR ZD\ WR GHWHUPLQH ZKHWKHU WKLV ZDV D IXQFWLRQ RI IHPLQLQLW\ VFRUHV WKH DEVHQFH RI PDVFXOLQLW\ VFRUHV RU RI VRPH UHODWLYH EDODQFH EHWZHHQ WKH WZR WUDLWV 2Q WKH RWKHU KDQG HPSOR\LQJ WKH VHSDUDWH PDVFXOLQLW\ DQG IHPLQLQLW\ VFRUHV \LHOGHG E\ WKH VSOLWKDOI PHWKRG LW EHFDPH HYLGHQW WKDW PDVFXOLQLW\ LWVHOI ZDV VLJQLILFDQWO\ DQG QHJDWLYHO\ UHODWHG WR DQ[LHW\ ZKLOH IHPLQLQLW\

PAGE 67

KDG QR UHODWLRQVKLS DW DOO ZLWK WKH DQ[LHW\ PHDVXUHV ,W VHHPV HYLGHQW WKDW WKH EDODQFH RU WVFRUH SURFHGXUH ORVHV VLJQLILFDQW LQIRUPDWLRQ FRQn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n WXDOO\ PRGLILHG ,WV LWHPV DUH QRW DOO VRFLDOO\ GHVLUDEOH DV LQWHQGHG QRU GR WKH\ DGHTXDWHO\ UHSUHVHQW JHQGHU DSSURSULDWH WUDLWV 7KH PDVFXOLQn LW\ DQG IHPLQLQLW\ VFDOHV DSSHDU WR FRQWDLQ ERWK VH[ VWHUHRW\SLF EHKDYLRUV DQG VSHFLILFDOO\ LQVWUXPHQWDO PDVFXOLQHf DQG H[SUHVVLYH IHPLQLQHf DWWULEXWHV ,W LV GLIILFXOW WR GHWHUPLQH ZKHWKHU LW LV WKH VH[ VWHUHRn W\SLF DWWULEXWHV RU WKH LQVWUXPHQWDOH[SUHVVLYH FRQWLQXXP ZKLFK DFWXDOO\ GHILQH WKH VFDOHV HFDXVH RI WKLV LW LV GLIILFXOW WR DVFHUWDLQ H[DFWO\ ZKDW DQGURJ\Q\ LV VXSSRVHG WR UHSUHVHQW UHFRPPHQGHG D PRUH FRPSOHWH DQG VSHFLILF GHILQLWLRQ RI SV\FKRORJLFDO DQGURJ\Q\ EH GHYHORSHG DQG WKDW WKH %65, RU DQRWKHU PHDVXUH EH UHYLVHG WR DGHTXDWHO\ DVVHVV WKH UHGHILQHG FRQVWUXFW RI SV\FKRORJLFDO DQGURJ\Q\

PAGE 68

&+$37(5 ),9( 6800$5< 7KH IROORZLQJ UHVXOWV DQG FRQFOXVLRQV ZHUH GUDZQ IURP WKLV VWXG\ )LUVW WKH UHODWLRQVKLS EHWZHHQ VH[ UROH RULHQWDWLRQ DQG DQ[LHW\ DSSHDUV WR EH DFFRXQWHG IRU VROHO\ E\ DQ LQGLYLGXDOn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n FOXVLRQV UHJDUGLQJ WKH UHODWLRQVKLS EHWZHHQ VRFLDO UROH FKRLFH DQG DQ[LHW\ VKRXOG QRW EH JHQHUDOL]HG WR SRSXODWLRQV RWKHU WKDQ FROOHJH VWXGHQWV 6HOI LGHDO VHOI GLVFUHSDQF\ VFRUHV ZHUH IRXQG WR EH D VLJQLILFDQW YDULDEOH LQ UHODWLRQ WR DQ[LHW\ VFRUHV RQO\ IRU GLIIHUHQFHV EHWZHHQ

PAGE 69

DFWXDO DQG LGHDO PDVFXOLQLW\ UDWLQJV 'LIIHUHQFHV IRU WKH IHPLQLQLW\ VFRUHV GLG QRW LQIOXHQFH WKLV UHODWLRQVKLS ,W ZDV VXJJHVWHG WKDW WKHVH ILQGLQJV UHIOHFWHG WKH VWURQJ VDOLHQFH RI WKH LQVWUXPHQWDO PDVFXOLQHf LWHPV IRU VXEMHFWVn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n WLRQVKLS DOWKRXJK PDVFXOLQLW\ DQG DQ LQWHUDFWLRQ RI PDVFXOLQLW\ DQG IHPLQLQLW\ H[KLELWHG VWURQJ EXW QRQVLJQLILFDQW WUHQGV LQ WKDW GLUHFWLRQ 6LQFH VRFLDO UROH VFRUHV UHIOHFW WKH LQGLYLGXDOnV FRPSURPLVH EHWZHHQ D WUDGLWLRQDO DQG QRQWUDGLWLRQDO UROH RU EHWZHHQ D PRUH LQVWUXPHQWDOO\ RULHQWHG DQG D PRUH H[SUHVVLYHO\ RULHQWHG VRFLDO UROH WKLV UHODWLRQVKLS SDWWHUQ VHHPV DSSURSULDWH 7KHVH ILQGLQJV DOVR VXSSRUW WKH SUHYLRXV ILQGLQJV FRQFHUQLQJ WKH UHODWLRQVKLS EHWZHHQ VH[ UROH DQG VRFLDO UROH RULHQWDWLRQ &RPSDULQJ WKH VFRULQJ SURFHGXUHV IRU GHWHUPLQLQJ WKH VH[ UROH FDWHn JRUL]DWLRQ RI VXEMHFWV LW ZDV IRXQG WKDW WKH ODUJHVW GLVFUHSDQFLHV RFFXU EHWZHHQ FDWHJRUL]LQJ VXEMHFWV DV DQGURJ\QRXV DFFRUGLQJ WR WKHLU VSOLWKDOI

PAGE 70

SURFHGXUH RU FDWHJRUL]LQJ WKHVH VDPH VXEMHFWV DV IHPLQLQH DFFRUGLQJ WR WKH EDODQFH SURFHGXUH &RPSDULQJ WKH UHVXOWV RI WKH GDWD DQDO\VHV RI WKH UHODWLRQVKLS EHWZHHQ VH[ UROH RULHQWDWLRQ DQG DQ[LHW\ DQG VH[ UROH RULHQWDWLRQ DQG VRFLDO UROH VFRUHV LW ZDV FRQFOXGHG WKDW WKHUH ZDV OLWWOH VLJQLILFDQW GLIIHUHQFH LQ VWXG\ RXWFRPH ZKHQ WKH ILQGLQJV DUH FRQFHUQHG ZLWK FRPSDULQJ DQGURJ\QRXV ZLWK QRQDQGURJ\QRXV VXEMHFWV +RZHYHU LW ZDV FRQFOXGHG WKDW WKH EDODQFH SURFHGXUH GRHV QRW DOORZ VXIn ILFLHQW XQGHUVWDQGLQJ RI WKH IDFWRUV FRQWULEXWLQJ WR WKH GLIIHUHQWLDO VFRULQJ RI WKH DQGURJ\QRXV VXEMHFWV 7KH VSOLWKDOI PHWKRG RI FDWHJRUL]LQJ VXEMHFWV DQG WKH H[DPLQDWLRQ RI WKH PDVFXOLQLW\ DQG IHPLQLQLW\ IDFWRUV DV WKH\ LQIOXHQFH WKH WHVW RXWFRPH ZHUH SURSRVHG DV HVVHQWLDO IRU IXUWKHU DQGURJ\Q\ UHVHDUFK W

PAGE 71

$33(1',; ,1)250(' &216(17 6XEMHFWVn QDPH 6XEMHFWVn DGGUHVV 3URMHFW 1XPEHU 3URMHFW 7LWOH f3HUVRQDOLW\ &RUUHODWHV RI &ROOHJH :RPHQnV )XWXUH 5ROH &KRLFHV 3ULQFLSDO ,QYHVWLJDWRU -XG\ 6WHLQEHUJHU 'DWH DJUHH WR SDUWLFLSDWH LQ WKH UHVHDUFK DV H[SODLQHG WR PH EHORZ 7KLV H[SHULPHQW LV LQWHUHVWHG LQ VWXG\LQJ SHUVRQDOLW\ DWWULEXWHV DVVRFLDWHG ZLWK GLIIHUHQW ZRPHQnV H[SHFWDWLRQV RI WKHLU IXWXUH UROHV :H ZLOO EH DVNLQJ \RX WR ILOO RXW VHYHUDO SHUVRQDOLW\ LQYHQWRULHV DQG WR DQVZHU VHYHUDO TXHVWLRQV FRQFHUQLQJ \RXU SODQV IRU WKH IXWXUH 7KHUH DUH QR DQWLFLSDWHG ULVNV RU GLVFRPIRUWV LQYROYHG LQ \RXU SDUWLn FLSDWLRQ +RZHYHU LI DW DQ\ WLPH \RX GR QRW ZLVK WR FRQWLQXH ZLWK WKH H[SHULPHQW IRU ZKDWHYHU UHDVRQV \RX PD\ IHHO IUHH WR OHDYH $OO DQVZHUV ZLOO EH NHSW FRQILGHQWLDO WKHUH LV QR QHHG IRU \RX WR SODFH DQ\ LGHQWLI\LQJ LQIRUPDWLRQ RQ DQ\ RI WKHVH IRUPV H[FHSW IRU WKLV RQH ZKLFK ZLOO LQ QR ZD\ EH DVVRFLDWHG ZLWK \RXU DQVZHUV WR WKH TXHVWLRQDLUHf $Q\ TXHVWLRQV" 7KH DERYH VWDWHG QDWXUH DQG SXUSRVH RI WKLV UHVHDUFK LQFOXGLQJ GLVFRPIRUWV DQG ULVNV LQYROYHG LI DQ\f KDYH EHHQ H[SODLQHG WR PH YHUEDOO\ E\ -XG\ 6WHLQEHUJHU )XUWKHUPRUH LW LV DJUHHG WKDW WKH LQIRUPDWLRQ JDLQHG IURP WKLV LQYHVWLJDWLRQ PD\ EH XVHG IRU HGXFDWLRQDO SXUSRVHV ZKLFK PD\ LQFOXGH SXEOLFDWLRQ XQGHUVWDQG WKDW PD\ ZLWKGUDZ P\ FRQVHQW DW DQ\ WLPH ZLWKRXW SUHMXGLFH 6LJQHG KDYH GHILQHG DQG IXOO\ H[SODLQHG WKLV UHVHDUFK WR WKH SDUWLFLSDQW ZKRVH VLJQDWXUH DSSHDUV DERYH 6LJQHG

PAGE 72

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

PAGE 73

7KH IROORZLQJ LV D OLVW RI HPRWLRQV SHRSOH H[SHULHQFH ZKHQ WKLQNLQJ DERXW FDUHHUV +RZ RIWHQ KDYH \RX IHOW HDFK RI WKHP" &LUFOH \RXU DQVZHU IRU HDFK HPRWLRQ 1HYHU 6HOGRP 6RPHWLPHV 2IWHQ 9HU\ 2IWHQ Df ([FLWHG Ef &RQIXVHG Ff 'HSUHVVHG Gf $PELYDOHQW Hf 2YHUZKHOPHG If 6HOI &RQILGHQW Jf $SSUHKHQVLYH Kf $GHTXDWH Lf ,QDGHTXDWH Mf ,Q FRQWURO RI WKLQJV ,Q WU\LQJ WR GHFLGH DERXW D IXWXUH RFFXSDWLRQ KRZ RIWHQ KDYH \RX GRQH WKH IROORZLQJ" ,I \RXU GHFLVLRQ LV PDGH WU\ WR UHFDO \RXU GHFLVLRQ PDNLQJ SURFHVVf 1HYHU 6HOGRP 6RPHWLPHV 2IWHQ 9HU\ 2IWHQ Df 7DON WR IULHQGV Ef 7DON WR SDUHQWV Ff 7DON WR IDFXOW\ PHPn EHUV Gf 7DON WR VRPHRQH LQ WKDW ILHOG Hf 7DON WR FDUHHU FRXQVHORU

PAGE 74

$33(1',; ,,, '(%5,(),1* (;3(5,0(17 7KH H[SODQDWLRQ JLYHQ WR \RX DW WKH EHJLQQLQJ RI WKH H[SHULPHQW ZDV DFFXUDWH EXW ODFNLQJ LQ GHWDLO 7KH ILUVW TXHVWLRQDLUH \RX ZHUH JLYHQ DVVHVVHG \RXU SHUFHSWLRQ RI \RXU VH[ UROH LGHQWLW\ f§KRZ LQVWUXPHQWDO H[SUHVVLYH RU DQGURJ\QRXV FKDUDFWHUL]HG E\ ERWK LQVWUXPHQWDOLW\ DQG H[SUHVVLYHQHVVf \RX VHH \RXUVHOI DV EHLQJ $VLGH IURP WKH TXHVWLRQV FRQFHUQLQJ \RXU SODQV IRU IXWXUH ZRUN DQG \RXU DWWLWXGHV WRZDUGV SRVVLEOH OLIHVW\OHV WKH UHPDLQLQJ SDUWV RI WKH TXHVWLRQDLUH FRQWDLQHG WZR VHSDUDWH DQ[LHW\ PHDVXUHV 2QH RI WKH SXUSRVHV RI WKLV H[SHULPHQW ZDV WR HYDOXDWH WKH UHODWLRQVKLS EHWZHHQ DQ LQGLYLGXDOnV VH[ UROH RULHQWDWLRQ DQG WKHLU VFRUHV RQ DQ[LHW\ PHDVXUHV $ VHFRQG SXUSRVH RI WKLV VWXG\ ZDV WR H[SORUH WKH UHODWLRQVKLS EHWZHHQ WKH VH[ UROH DQG DQ[LHW\ PHDVXUHV DQG ZRPHQnV IXWXUH UROH FKRLFHV
PAGE 75

$33(1',; ,9 6833/(0(17$5< '$7$ 7$%/(6 7DEOH ,QWHUFRUUHODWLRQ 0DWUL[ RI WKH )RXU $Q[LHW\ 0HDVXUHV 7UDLW 2YHUW &RYHUW 7RWDO 7UDLW 2YHUW &RYHUW /2 /2 f 7RWDO f /2

PAGE 76

7DEOH $Q[LHW\ 6FRUHV 3UHGLFWHG E\ %65, $FWXDO DQG ,GHDO 6FRUHV DQG 6RFLDO 5ROH 6FRUHV 2YHUW $Q[LHW\ 9DULDEOH ) GI 0 S ) QV ,GHDO 0 Q V ,GHDO ) QV 6RFLDO 5ROH S 1RWH 5 &RYHUW $Q[LHW\ 9DULDEOH ) GI 0 S ) QV ,GHDO 0 QV ,GHDO ) QV 6RFLDO 5ROH S 1RWH 5 7RWDO $Q[LHW\ 9DULDEOH ) GI 0 S ) QV ,GHDO 0 QV ,GHDO ) fQV 6RFLDO 5ROH S

PAGE 77

7DEOH 6XPPDU\ RI WKH 0DQRYD $QDO\VLV RI $Q[LHW\ 6FRUHV IRU WKH 6H[ 5ROH &DWHJRUL HV 'HILQHG E\ WKH $QGURJ\Q\ WVFRUH 0HWKRG 'HSHQGHQW 9DULDEOH 7UDLW $Q[LHW\ 6RXUFH GI 66 06 ) 0RGHO S (UURU 7RWDO 'HSHQGHQW 9DULDEOH 2YHUW $Q[LHW\ 6RXUFH GI 66 06 ) 0RGHO S (UURU 7RWDO 'HSHQGHQW 9DULDEOH &RYHUW $Q[LHW\ 6RXUFH GI 66 06 ) 0RGHO QV (UURU 7RWDO 'HSHQGHQW 9DULDEOH 7RWDO $Q[LHW\ 6RXUFH GI 66 06 ) 0RGHO QV (UURU 7RWDO 0DQRYD 7HVW IRU WKH +\SRWKHVLV RI 1R 2YHUDOO *URXS (IIHFW \LHOGHG ) f e

PAGE 78

7DEOH 3UHGLFWLRQ RI $Q[LHW\ 6FRUHV E\ %65, 'LVFUHSDQF\ 6FRUHV DQG 6RFLDO 5ROH 6FRUHV IRU $QGURJ\QRXV 6XEMHFWV 7UDLW $Q[LHW\ 9DULDEOH ) GI 0 'LVFUHSDQF\ QV ) 'LVFUHSDQF\ Q V 6RFLDO 5ROH S 1RWH 5 2YHUW $Q[LHW\ 9DULDEOH ) GI 0 'LVFUHSDQF\ QV ) 'LVFUHSDQF\ S 6RFLDO 5ROH S 1RWH 5 &RYHUW $Q[LHW\ 9DULDEOH ) GI 0 'LVFUHSDQF\ QV ) 'LVFUHSDQF\ QV 6RFLDO 5ROH Q QV 1RWH 5 7RWDO $Q[LHW\ 9DULDEOH ) GI 0 'LVFUHSDQF\ QV ) 'LVFUHSDQF\ QV 6RFLDO 5ROH S 1RWH 5

PAGE 79

7DEOH 0HDQV DQG 6XPPDU\ RI WKH 7ZR :D\ $QDO\VLV RI 9DULDQFH RI 6RFLDO 5ROH 6FRUHV 6RFLDO 5ROH 6FRUH $QGURJ\QRXV 0DVFXOLQH )HPLQLQH 8QGLIIHUHQWLDWHG 6RXUFH GI 66 06 ) 0RGHO S 0DVFXOLQLW\0f S )HPLQLQLW\)f S 0 [ ) QV (UURU 7RWDO

PAGE 80

5()(5(1&( 127(6 %HUQ 6 3V\FKRORJ\ ORRNV DW VH[ UROHV :KHUH KDYH DOO WKH DQGURJ\n QRXV SHRSOH JRQH" 3DSHU SUHVHQWHG DW WKH 8&/$ 6\PSRVLXP RQ :RPHQ -RUGDQ9LROD ( +RVIRUG 5 DQG $QGHUVRQ : &RJQLWLYH FRPSOH[LW\ VH[ UROH LGHQWLW\ DQG VHPDWLF PHDVXUHPHQW RI VH[ W\SHG RFFXSDWLRQV 3DSHU SUHVHQWHG DW $3$ 6DQ )UDQFVLFR +RIIPDQ DQG )LGHO /6 &KDUDFWHULVWLFV RI DQGURJ\QRXV XQGLIIHUHQWLDWHG PDVFXOLQH DQG IHPLQLQH PLGGOH FODVV ZRPHQ 3DSHU SUHVHQWHG DW $3$ 6DQ )UDQFLVFR )LGHO /6 (PSOR\PHQW VWDWXV UROH GLVVDWLVIDFWLRQ DQG WKH KRXVHZLIH V\QGURPH 8QSXEOLVKHG PDQXVFULSW &DOLIRUQLD 6WDWH 8QLYHUVLW\ 1RUWKULGJH 0DQQLQJ 7 6H[ W\SHG DQG DQGURJ\QRXV PDOHV DQG IHPDOHV 3HUVRQDOLW\ DQG HJR GHYHORSPHQW GLIIHUHQFHV 3DSHU SUHVHQWHG DW $3$ 6DQ )UDQFLVFR '

PAGE 81

5()(5(1&(6 %DNDQ 7KH GXDOLW\ RI KXPDQ H[LVWHQFH 1HZ
PAGE 82

*DUDL 6H[ GLIIHUHQFHV LQ PHQWDO KHDOWK *HQHWLF 3V\FKRORJ\ 0RQRTUDSKV *LGGLQJV : $Q LQYHVWLJDWLRQ RI WKH UHODWLRQVKLS EHWZHHQ VHOIFRQFHSWV DQG DQ[LHW\ OHYHOV LQ FRXQVHORUFDQGLGDWHV DQG WKHLU SHUIRUPDQFH LQ FRXQVHOLQJ LQWHUYLHZV 'RFWRUDO 'LVVHUWDWLRQ 1RUWKHUQ ,OOLQRLV 8QLYHUVLW\ +HIIQHU 5 5HEHFFD 0 DQG 2OHVKDQVN\ % 7KH GHYHORSPHQW RI VH[ UROH WUDQVFHQGDQFH +XPDQ 'HYHORSPHQW > +HLOEUXQ $% 6H[ UROH LGHQWLILFDWLRQ LQ DGROHVFHQW IHPDOHV $ WKHRUHWLn FDO SDUDGR[ $GROHVFHQFH +HLOEUXQ $% 0HDVXUHPHQW RI PDVFXOLQH DQG IHPLQLQH VH[ UROH LGHQWLn ILFDWLRQ DV LQGHSHQGHQW GLPHQVLRQV -RXUQDO RI &RQVXOWLQJ DQG &OLQLFDO 3V\FKRORJ\ +HOPULFK 5 6WDSS DQG (UYLQ& 7KH WH[DV VRFLDO EHKDYLRU LQYHQWRU\ 76%,f $Q REMHFWLYH PHDVXUH RI VHOIHVWHHP RU VRFLDO FRPSHWHQFH -RXUQDO 6XSSOHPHQW $EVWUDFW 6HUYLFH &DWDORJXH RI 6HOHFWHG 'RFXPHQWV LQ 3V\FKRORJ\ 0V 1R f +RUQHU 0 6H[ GLIIHUHQFHV LQ DFKLHYPHQW PRWLYDWLRQ DQG SHUIRUPDQFH LQ FRPSHWLWLYH VLWXDWLRQV 'RFWRUDO 'LVVHUWDWLRQ 8QLYHUVLW\ RI 0LFKLJDQ +RZH 5 5HODWLRQVKLS EHWZHHQ IHPDOH UROH FRQFHSWV DQG DQ[LHW\ LQ HPSOR\HG DQG QRQHPSOR\HG PRWKHUV RI SUHVFKRRODJH FKLOGUHQ 'RFWRUDO 'LVVHUWDWLRQ :D\QH 6WDWH 8QLYHUVLW\ -RQHV : &KDUQRYHW] 0 DQG +DQVRQ 5 7KH HQLJPD RI DQGURJ\Q\ 'LIn IHUHQWLDO LPSOLFDWLRQV IRU PDOHV DQG IHPDOHV" -RXUQDO RI &RQn VXOWLQJ DQG &OLQLFDO 3V\FKRORJ\ -RUGDQ9LROD ( )DVVEHUJ 6 DQG 9LROD0 )HPLQLVP DQGURJ\Q\ DQG DQ[LHW\ -RXUQDO RI &RQVXOWLQJ DQG &OLQLFDO 3V\FKRORJ\ .DSODQ $ $QGURJ\Q\ DV D PRGHO RI PHQWDO KHDOWK IRU ZRPHQ )URP WKHRU\ WR WKHUDS\ ,Q $* .DSODQ DQG -3 %HDQ (GVf %H\RQG VH[ UROH VWHUHRW\SHV 5HDGLQJV WRZDUG D SV\FKRORJ\ RI DQGURJ\Q\ %RVWRQ /LWWOH %URZQ DQG &R .HOO\ DQG :RUUHOO 1HZ IRUPXODWLRQV RI VH[ UROHV DQG DQGURJ\Q\ $ FULWLFDO UHYLHZ -RXUQDO RI &RQVXOWLQJ DQG &/LQLFDO 3V\FKRORJ\ .UXJ 6 6FKHLHU DQG &DWWHOO 5% +DQGERRN IRU WKH ,3$7 DQ[LHW\ VFDOH &KDPSDLJQ ,OOLQRLV ,QVWLWXWH IRU 3HUVRQDOLW\ DQG $ELOLW\ 7HVWLQJ 0DFFRE\ (( DQG -DFNOLQ &1 7KH SV\FKRORJ\ RI VH[ GLIIHUHQFHV 6WDQIRUG 6WDQIRUG 8QLYHUVLW\ 3UHVV

PAGE 83

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f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f $Q[LHW\ &XUUHQW WUHQGV LQ WKHRU\ DQG UHVHDUFK 9RO f 1HZ
PAGE 84

:KHHOHU (( $Q[LHW\ PHQWDO DELOLW\ DQG UHSRUWHG YLHZV RI VHOI 7KH 6FKRRO &RXQVHORU 2FWREHUf :LJJLQV DQG +RO]PXOOHU $ 3V\FKRORJLFDO DQGURJ\Q\ DQG LQWHUSHUn VRQDO EHKDYLRU -RXUQDO RI &RQVXOWLQJ DQG &OLQLFDO 3V\FKRORJ\ :LOVQDFN 6 6H[ UROH LGHQWLW\ LQ IHPDOH DOFRKROLFV -RXUQDO RI $EQRUPDO 3V\FKRORJ\ A

PAGE 85

%,2*5$3+,&$/ 6.(7&+ -XGLWK /DXUD 6WHLQEHUJHU ZDV ERUQ LQ 1HZ
PAGE 86

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

PAGE 87

, FHUWLI\ WKDW KDYH UHDG WKLV VWXG\ DQG WKDW LQ P\ RSLQLRQ LW FRQIRUPV WR DFFHSWDEOH VWDQGDUGV RI VFKRODUO\ SUHVHQWDWLRQ DQG LV IXOO\ DGHTXDWH LQ VFRSH DQG TXDOLW\ DV D GLVVHUWDWLRQ IRU WKH GHJUHH RI 'RFWRU RI 3KLORVRSK\ U 9 U F Un $ $ L $QQ /\QFK &RXQVHOLQJ 3V\FKRORJLVW 7KLV GLVVHUWDWLRQ ZDV VXEPLWWHG WR WKH *UDGXDWH )DFXOW\ RI WKH 'HSDUWPHQW RI 3V\FKRORJ\ LQ WKH &ROOHJH RI $UWV DQG 6FLHQFHV DQG WR WKH *UDGXDWH &RXQFLO DQG ZDV DFFHSWHG DV SDUWLDO IXOILOOPHQW RI WKH UHTXLUHPHQWV IRU WKH GHJUHH RI 'RFWRU RI 3KLORVRSK\ $XJXVW 'HDQ *UDGXDWH 6FKRRO

PAGE 88

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