Citation
Using the threat index to predict death anxiety, sense of purpose, and performance of hospice volunteer personnel

Material Information

Title:
Using the threat index to predict death anxiety, sense of purpose, and performance of hospice volunteer personnel
Creator:
Gillaspie, Michael, 1962-
Publication Date:
Language:
English
Physical Description:
vi, 125 leaves : ill. ; 29 cm.

Subjects

Subjects / Keywords:
Anxiety ( jstor )
Caregivers ( jstor )
Death ( jstor )
Fear ( jstor )
Hospitals ( jstor )
Nurses ( jstor )
Psychology ( jstor )
Psychometrics ( jstor )
Test scores ( jstor )
Volunteerism ( jstor )
Hospice care -- Psychological aspects ( lcsh )
Volunteer workers in terminal care -- Psychological testing ( lcsh )
Genre:
bibliography ( marcgt )
theses ( marcgt )
non-fiction ( marcgt )

Notes

Thesis:
Thesis (Ph. D.)--University of Florida, 1993.
Bibliography:
Includes bibliographical references (leaves 111-124).
General Note:
Typescript.
General Note:
Vita.
Statement of Responsibility:
by Michael Gillaspie.

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:
001942944 ( ALEPH )
AKB9182 ( NOTIS )
31054353 ( OCLC )

Downloads

This item has the following downloads:


Full Text









USING THE THREAT INDEX TO PREDICT DEATH ANXIETY, SENSE
OF PURPOSE, AND PERFORMANCE OF HOSPICE VOLUNTEER PERSONNEL













By

MICHAEL GILLASPIE


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


UNIVERSITY OF FLORIDA

1993


UNIVERSITY OF FLORIDA LIBRARIES












ACKNOWLEDGEMENTS

Many thanks go to Dr. Dorothy Nevill who chaired this

project and enthusiastically contributed her knowledge and

time. Thanks also go to Drs. Robin West, Martin Heesacker,

Franz Epting, and Jim Pitts who encouraged and challenged me

to excel. Finally, loving appreciation goes to my wife,

family, and friends for their forbearance and humor in

urging me to get PhinisheD. It never could have happened

without you!













TABLE OF CONTENTS


page

ACKNOWLEDGEMENTS.......................................ii

ABSTRACT.................................................

CHAPTERS

I INTRODUCTION ...................................... 1

Hospice Volunteers...............................1
Thanatological Research.........................4
Personal Construct Theory........................ 6
Hypotheses.........................................9

II REVIEW OF THE LITERATURE.........................11

Effectiveness of Hospice Programs................11
The Role of Hospice Volunteers...................16
Theoretical Origins of Death Anxiety............19
Research on Death Anxiety.......................22
Instruments Used in this Study...................26
Death Anxiety Scale...........................27
Threat Index..................................28
Purpose in Life Test...........................29
Death Anxiety and Health Care Providers.........30
Death Anxiety and Hospice Volunteers.............40

III METHOD...........................................44

Instruments......................................44
Death Anxiety Scale........................... 44
Purpose in Life Test...........................47
Threat Index.............. ....................52
Subjects.................................... 58
Hospice Trainees ...............................58
Experienced Hospice Volunteers.................59
Non-hospice Volunteers.........................60
Group Differences..............................60
Procedure...........................................67
Statistical Analyses...........................71


iii









IV RESULTS......................... ......... ...... 74

General Findings................................74
Administrative Effects ........................... 77
Demographic Effects on Test Scores...............78
Hypothesis One..................................83
Hypothesis Two..................................85
Hypothesis Three................................. 87
Summary of Findings For the Three Hypotheses.....88

V DISCUSSION...... .. ....... .......... ............ 91

Rationale for the Study........................91
Relationships Between the Test Scores............93
Using Tests to Differentiate Groups.............94
Threat Index and Volunteer Performance...........96
Using the Threat Index in Hospice Populations....98
Possible Reasons for No Group Differences........99
Limitations of the Study........................102
Future Directions...............................103

APPENDICES

A PARTICIPANT INFORMED CONSENT..................105

B DEMOGRAPHIC INFORMATION...........................106

C DEATH ANXIETY SCALE (DAS)....................107

D THREAT INDEX (PPQ, PPQ2, PPQ3)................. 108

REFERENCES ............................... ...... ....111

BIOGRAPHICAL SKETCH ............................. .....125













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



USING THE THREAT INDEX TO PREDICT DEATH ANXIETY, SENSE OF
PURPOSE, AND PERFORMANCE OF HOSPICE VOLUNTEER PERSONNEL


By

MICHAEL GILLASPIE

December 1993


Chairperson: Dorothy D. Nevill, Ph.D.
Major Department: Psychology

The present investigation examined the efficacy of

using the Threat Index to predict the death anxiety,

purpose-in-life, and caregiver performance in a sample of

144 hospice and non-hospice volunteer personnel. This study

proposed that Threat Index scores could be usefully employed

to screen and evaluate hospice volunteers.

The results of the first hypothesis indicated that the

two primary Threat Index scores (TI-actualization, TI-death

threat) could be used to predict subsequent Death Anxiety

Scale and Purpose-in-Life Test scores in the global sample

of 144 hospice trainees, experienced hospice volunteers, and

non-hospice volunteers. Two of the significant correlations

had modest predictive power. The third significant







correlation indicated that TI-actualization scores were

especially good predictors of Purpose-in Life scores.

The results of the second hypothesis indicated that

none of the scores based on the three tests could

differentiate the hospice trainees from the non-hospice

volunteers. The results of the third hypothesis indicated

that neither of the two primary Threat Index scores (TI-

actualization, TI-death threat) was significantly related to

the performance ratings of experienced hospice volunteers,

although one supplemental Threat Index score was a powerful

predictor of volunteer performance ratings.

The current investigation raised questions concerning

the feasibility and relevence of using only primary Threat

Index scores in a population of hospice volunteers. Clearly

factors other than those measured by the Threat Index are

important in the screening and evaluation of hospice

volunteers.












CHAPTER I
INTRODUCTION


Hospice Volunteers

Hospice programs in the United States have served the

multifaceted needs of the terminally ill and their families

since 1974 (Knecht, 1980) and volunteers have played an

increasingly important role in hospice's dramatic growth.

Begun as a grassroots reaction against institutionalized

medical care (Finn Paradis & Cummings, 1986; Longest, 1980),

hospice has quickly expanded nationwide and has, itself,

become a somewhat "bureaucratic" structure (Russell, 1989).

Because of its phenomenal growth, hospice has attracted

government attention in the form of federal regulations and

Congressional acts (Bayer & Feldman, 1982; Knecht, 1980).

In fact the 1983 Medicare reimbursement guidelines required

hospice to utilize volunteers as part of a patient's

interdisciplinary team (Mantell & Ell, 1985). Despite the

regulations and federal mandates, hospice strives to provide

individualized care and seeks to "maximize a comfortable fit

between dying persons and their physical and social

environments" (Mantell & Ell, 1985, pp. 86-87).

This interactionall" perspective is consistent with the

research that demonstrates that individual health and life-








stress adaptation are enhanced through social support

(Steele, 1990; Ferrell, 1985; Ell, 1984; Rando, 1984;

Gottlieb, 1983). The volunteer's role in hospice is to be

supportive of patients and families within their own

environment and to provide the foundation from which other,

professionally provided, hospice services come.

Because of the emotional demands inherent in assisting

dying patients and their families, hospice volunteers

require substantial screening and training prior to

interacting with patients. The costs incurred by hospice in

training volunteers mandate that volunteers remain active in

hospice for an extended period of time (Silbert, 1985).

Hospice administrators have a stake in seeing that

their volunteers both help terminally-ill patients and their

families and receive significant satisfaction for the work

that they do. Surprisingly, with over 1600 hospice programs

in this country (Mor, 1987), relatively few empirical

studies have been conducted on hospice programs in general

or on hospice volunteers in particular.

Volunteers are increasingly performing a wide variety

of duties in their roles at hospice, ranging from assisting

with household chores and daily living tasks to taking part

in recreational activities to counseling patients and their

families (Magnusen Hughes, 1988; De Vries, 1983).

Considering the intense and stressful nature of these

emotionally charged hospice relationships, it seems









beneficial to more closely explore the feelings and

attitudes of this population of health-care providers.

Loneliness, depression, anxiety, and fear are recurrent

themes in the literature on death and dying (Downe-Wamboldt

& Ellerton, 1986; Smith & Bohnet, 1983; Dupee, 1982;

Davidson, 1979), yet these themes have been investigated

primarily from the patient's point of view. Few empirical

studies have explored whether these or any other symptoms

are present in the volunteers who work at hospice.

According to Krant (1979), terminally ill patients

symbolize death, a universally feared concept. Perhaps

because of this phenomenon, dying patients are typically

ignored and ostracized by friends, medical staff, and clergy

(Price & Higgins, 1985; Telban, 1981; Feifel, 1969). Fear

of abandonment has long been shown to be a salient concern

of those who are dying (Davidson, 1979; Kubler-Ross, 1969).

Indeed, a sizable amount of research has shown death

anxiety to contribute negatively to the care provided by

doctors and nurses (Field & Howells, 1988; Eakes, 1985;

Stoller, 1980-81). If these negative reactions to seriously

ill patients occur because of death anxiety, to what extent

are hospice volunteers able to combat their own fears and

function effectively in their roles as caregivers? One

might hypothesize that excessive levels of death anxiety in

volunteers would negatively influence the care that they are

able to provide hospice patients.









Frequently described as "the backbone" of any hospice,

volunteers provide immeasureable support for patients and

families (Dush, 1988; Finn Paradis & Usui, 1987; Kavanaugh,

1983; Mor & Laliberte, 1983). Given the increasing

recognition that hospice volunteers have received, both by

medical and governmental bodies, anything which might

detract from, or be predictive of, their effectiveness as

caregivers would seem to be worthy of investigation.

ThanatoloQical Research

Death anxiety is a frequently debated concept whose

origins lie in the psychoanalytic notions of Freud (1926),

Rank (1912), and Stekel (1908). Phobic reactions and

cultural sublimation are two of the earliest theorized

responses to anxiety resulting from death and dying. More

recently, death anxiety has sparked interest from

researchers and has been studied quite extensively in the

literatures of psychology, medicine, and education. Not

satisfied with the nebulous "analytic" notions of earlier

theorists, later investigators devised instruments in an

attempt to operationalize death anxiety.

As the number of instruments measuring death "concerns"

increased (i.e., Bugen's Coping with Death Scale, 1980-1981;

Krieger, Epting, and Leitner's Threat Index, 1974; Templer's

Death Anxiety Scale, 1970; the Collett-Lester Fear of Death

Scale, 1969), an empirical basis was found for the long

asserted claims of analytic writers. Consistent with the








writings of early theorists, people did seem to have fears

and worries surrounding death. However, many tests

frequently exhibited only moderate correlations with each

other and some authors have suggested that significant

methodological problems continue to plague attempts to

measure death anxiety (Vargo, 1980; Dickstein, 1972).

With the continued diversity of death anxiety measures,

it is now generally recognized that this concept is much

more complex than was originally conceived. Death anxiety

is currently conceptualized to be a multi-, rather than a

unidimensional concept (Rigdon & Epting, 1985; Littlefield &

Fleming, 1984-1985; Kastenbaum & Aisenberg, 1972; Vernon,

1970). Many attempts have been made to untangle the various

responses toward death and it now appears that death anxiety

is but one component of a whole constellation of death

responses which includes death fear, death threat, and death

attitudes (Neimeyer, Bagley & Moore, 1986).

Some investigators have posited that death concerns are

present at several levels of consciousness (Feifel &

Branscomb, 1973; Feifel & Hermann, 1973). Self-reports,

projective tests, word associations, and galvanic skin

responses were some of the methods utilized to tap into

progressively deeper layers of death anxiety and fears

(Littlefield & Fleming, 1984-1985; Pollak, 1979).

Inconsistent findings using these techniques, however, gave

rise to the hypotheses that social desirability, denial, or







6

repression were responsible for skewing the results of death

anxiety research (Dickstein, 1975; Nelson & Nelson, 1975;

Durlak, 1972).

Still other investigators have found that differences

in measured levels of death anxiety and fear existed

depending upon factors such as the amount of satisfaction

obtained in life, the degree of pain experienced, or whose

death was being considered (Amenta, 1984; Trent, Glass, Jr.

& Magee, 1981; Collett & Lester, 1969).

Neimeyer, Epting, and Krieger (1984) reviewed the

fragmented literature of death and dying and concluded that

the field was in dire need of a coherent, testable theory to

conceptualize these phenomena. With so many disciplines

contributing to thanatology (medicine, sociology, education,

religion) the above authors suggest that psychology is best

equipped to provide a theoretical framework for further

empirical studies. In searching for a unifying theory to

organize thanatology, some researchers have increasingly

utilized Personal Construct Psychology, as first proposed by

George Kelly (1955).

Personal Construct Theory

According to Kelly (1955), people organize experiences

through a personally unique system of knowledge structures

called personal constructs. Shunning the more positivistic

approaches in psychology, Kelly saw individuals as "personal

scientists" who actively construed their environments








through idiosyncratic personal construct systems. People

used these knowledge structures (or personal constructs) to

create, test, and modify personal theories which helped them

organize their lives and anticipate future events.

Personal constructs can be thought of as individual

interpretive structures whereby "some things are seen as

alike and yet different from others" (Bannister & Hair,

1968, p. 489). These structures determine both a person's

perceptions of, and reactions to, their environment.

Personal constructs also enable people to interpret past

experience and to make predictions about the future.

These personal constructs, or interpretive structures,

are thought to develop over time into complex hierarchies

enabling us to order our experience through bipolar

constructs such as happy-sad, friend-enemy, male-female,

silly-serious, etc. A person's construction of reality

ultimately hinges upon a small number of "core" constructs

which are central to that person's belief system and under

which the vast matrix of other, more "peripheral" constructs

are organized.

Kelly believed that people continually modified the

secondary or peripheral constructs in response to

conflicting environmental data. However core constructs are

highly resistant to change. If the core constructs of a

person's belief system become obsolete or defective, the

whole matrix of constructs is jeopardized and previously








meaningful constructions of the world become chaotic and

indecipherable.

Kelly theorized that threat occurs when a person's

fundamental assumptions (core constructs) about reality are

seriously challenged by experience. In fact, threat was

defined by Kelly as "the awareness of imminent comprehensive

change in one's core structures" (Kelly, 1955, p. 1).

Death, according to Neimeyer and Chapman (1980), was just

such a threatening event to many people:

A given person would regard death as threatening to the
extent that they viewed their primary life projects as
incomplete or "unfinished." To the individual whose
central ideals remain unactualized, death threatens to
destroy those expectations that granted life its
significance; it aborts the development of a cherished
identity still unborn. In contrast, to the individual
whose major projects have been fulfilled, death is a
source of less anxiety; it appropriately punctuates a
meaningful life which has permitted the self to
approximate its chosen ideals. (p. 234)

In 1974, Krieger, Epting, and Leitner developed the

Threat Index, which is theoretically based on the Personal

Construct Theory of George Kelly. During the past twenty

years, the Threat Index has been utilized in both research

and clinical contexts and is one of the most promising death

orientation instruments in the literature today (Robinson &

Wood, 1984; Simpson, 1980).

Despite its many applications, the Threat Index has not

been administered in a hospice setting. Little is known

about the death attitudes of hospice volunteers, yet they

work intimately with terminally ill patients and families,









on a weekly, if not daily basis. Hospice volunteers would

seem to be an "at-risk" population for the debilitating

effects of death anxiety (i.e., poor patient care). Dying

patients and their families need volunteers who are

emotionally available and willing to help them physically

and psychologically during this difficult time.

The Threat Index currently can yield two primary scores

and four supplemental scores. It will be the main measure

used in this study. Two other instruments have been used

extensively in thanatological research and will also be used

during this investigation (Death Anxiety Scale, 1970;

Purpose in Life Test, 1969). The self-report responses of

hospice trainees, experienced hospice volunteers, and non-

hospice volunteers (144 subjects total) will be evaluated.

The primary purpose of this study is to show whether

the Threat Index can be effectively used in a hospice

volunteer setting to screen and evaluate hospice trainees

and hospice volunteers. To this end, three hypotheses will

be tested using the Threat Index (TI), the Death Anxiety

Scale (DAS), and the Purpose in Life Test (PIL).

Hypotheses

The first hypothesis states that significant

relationships exist between the two primary scores of the

Threat Index (TI-actualization and TI-death threat) and the

obtained scores on the Death Anxiety Scale (DAS) and the

Purpose in Life Test (PIL) in this study's sample of 144









hospice trainees, experienced hospice volunteers, and non-

hospice volunteers. This hypothesis will test whether death

anxiety or sense of purpose can be predicted using the

Threat Index.

The second hypothesis states that significant

differences in DAS, PIL, or Threat Index scores (primary and

supplementary scores) exist between hospice trainees and

non-hospice volunteers. This hypothesis will test whether

any of these tests could be used as a screening instrument

for potential hospice volunteers.

The third hypothesis states that significant

relationships exist between the two primary Threat Index

scores (TI-actualization and TI-death threat) and the

supervisory performance ratings given to experienced hospice

volunteers. This hypothesis will test whether the Threat

Index could be used as an evaluative instrument with

volunteers currently involved in patient care.











CHAPTER II
REVIEW OF THE LITERATURE


Effectiveness of Hospice Programs

In American society people typically die alone in large

and unfamiliar environments. Is this the choice of the dying

person? Is this preferable for the families involved? What

are the ramifications of treating seriously ill people in

this manner? In any given year, more than 75% of the deaths

in the United States occur outside the home despite studies

showing that 80% of the population prefers to die at home

(Hine, 1979-80). The hospice movement has evolved in this

country specifically in response to such troubling questions

and statistics.

The growth of hospice programs in this country over the

past two decades vividly demonstrates that traditional

treatment options for terminally ill patients were sadly

limited (Mor, 1987). Healthcare providers are beginning to

acknowledge that factors surrounding the death of a loved

one determine the quality of this natural experience, both

for the patients and their families.

The "death surround" was a phrase coined by Rando

(1984) to describe such things as the location of death, the

presence of loved ones, the type and cause of death, and the

degree of family preparation for death. Although the "death
11









surround" is important for the dying patient's comfort and

peace of mind, it is also seen as playing an absolutely

vital role afterwards in the family grieving process

(Steele, 1990).

Canadian researchers with the Royal Victoria Palliative

Care Unit (1976) conducted follow-up research on the

survivors of terminally ill patients who had died during a

six month period. One year after experiencing a loved one's

death, the palliative care unit's families showed

consistently fewer manifestations of grief when compared to

the control families.

Buckingham and Foley (1978) evaluated the homecare

services provided by the New Haven Hospice. Over a two year

period, anxiety, depression, and social adjustment scores of

hospice and non-hospice patients and families were compared.

Hospice patients and families exhibited lower levels of

anxiety and depression than did the non-hospice comparison

group. The hospice group also had higher adjustment levels

than those patients and families not involved in hospice

care.

Parkes (1979) interviewed the surviving spouses of

patients who had died of cancer in London. He eventually

matched 34 patients from St. Christopher's Hospice with 34

patients from other area hospitals and interviewed the

spouses of each patient. During their inpatient stays,

significantly more hospital patients suffered "severe pain








and distress" than did the hospice patients. The patients

at St. Christopher's Hospice were significantly more likely

to be "out of bed" during the majority of their inpatient

stay, and were twice as likely to know their diagnosis and

prognosis. Finally, compared to their hospital cohorts,

hospice patients endorsed "talking to other patients and

visitors" as an important facet of their treatment.

In order to understand the factors involved in

selecting an acceptable "death surround," Putnam, McDonald,

and Miller (1980) surveyed 44 patient and family pairs.

Half of the pairs chose to die at home and cited that being

with family and friends, and playing an active role in

treatment were critical determinants in their decision. The

other half of pairs chose to die in the hospital and cited

superior medical care and not burdening the family as

important factors in their decision. When given the

hypothetical situation of a nurse coming out to the home

several times per week, 60-70% of the hospital-choosing

pairs would choose to die at home.

Cameron and Parkes (1983) interviewed 40 close

relatives of cancer patients who had either died in a

Palliative Care Unit (PCU) or in other wards of the same

hospital. One year after the deaths, relatives of PCU

patients reported significantly fewer psychological symptoms

and less persistent grief than the hospital control

relatives. The relatives of the hospitalized control








patients were especially differentiated from the PCU

families in their continued irritability, hostility toward

others, and distressing memories of the patient's pain.

Kane, Wales, Bernstein, Leibowitz, and Kaplan (1984)

randomly assigned terminally ill cancer patients to hospice

and hospital treatment at a Veterans Administration

hospital. The researchers matched 250 cancer patients on

such things as age, race, occupation, and primary cancer

site. The hospice patients and their families felt more

satisfaction with the quality of care received, and families

of the hospice patients felt less anxiety than their

hospital family cohorts. The hospital-based controls were

consistently more depressed than hospice patients and no

significant differences were found between the two groups on

symptom relief or cost effectiveness.

Ferrell (1985) interviewed families of terminally ill

patients who had recently died both in hospitals and at home

under the care of a hospice. Most of the "hospital

families" interviewed expressed "serious dissatisfaction"

with the care administered to their family member prior to

death. Families enrolled in hospice programs prior to the

death felt that both they and their family member had

received "sensitive and personal attention." Ferrell

further discovered that the spouses of those who died in the

home felt less guilt, shock, confusion, and numbness than

spouses of those who died in the hospital. Lastly, the







15

"hospital spouses" also showed a strong tendency to dwell on

the negative circumstances of the death.

Using the Grief Experience Inventory (Sanders, 1979),

Steele (1990) tested 60 relatives of patients who had died,

half of whom participated in a hospice program prior to the

loved one's death. She found that the relatives of hospice

patients scored lower on the bereavement subscales of guilt,

loss of control, despair, and depersonalization when

compared to the relatives of non-hospice patients. Dying at

home was also correlated with lower subscale scores of

denial and death anxiety, regardless of the length of time

the patient and family were involved in hospice.

Although a recent phenomenon, the hospice movement is

quickly gaining acceptance among both the medical profession

and the general public. Hospice's explosive growth (Mor,

1987; Price & Higgins, 1985) seems to reflect a deep

dissatisfaction with traditional approaches aimed at caring

for terminal patients. This needy population and their

troubled families have been poorly served by years of

institutionalized medicine. Research such as the studies

cited above lends credence to hospice's assertion that

palliative care can result in a higher quality of life for

the terminally ill patient. Hospice can also play a major

role in the long-term process of recovery for survivors'

following the loved one's death.









The Role of Hospice Volunteers

According to a number of researchers (Cameron & Parkes,

1983; Krant, 1979; Williams, 1976), general hospital care is

frequently unsuited for meeting the many needs of dying

patients and families. Foremost among the problems cited by

patients and families are difficulties in communicating

fear, sadness, anger, resentment, and love (Krant, 1979). A

review of the literature suggests that volunteers at hospice

are increasingly being utilized to address the difficult

psychological demands of the terminally ill and their

families (Downe-Wamboldt & Ellerton, 1986; Caty & Tamlyn,

1983; DeVries, 1983).

Downe-Wamboldt and Ellerton (1986) investigated the

activities of volunteers interacting with 144 terminal

cancer patients. After each patient/family visit,

volunteers endorsed one of six activities: listening and

responding; socializing; providing physical comfort;

providing spiritual comfort; information exchange; and

referral. The activity most engaged in by volunteers when

interacting with patients and families was listening and

responding (58%). Although physical symptoms were cited by

patients as their most prevalent concern (51%), emotional

and social concerns were also heavily endorsed (33%). The

researchers believe that volunteers can be invaluable in

serving as liaisons between patients and medical staff.








Basile and Stone (1986-87) surveyed hospice

practitioners for the emotional, interpersonal, and

professional attributes characteristic of effective hospice

personnel. The practitioners felt that maturity, warmth,

tolerance, and a nonjudgmental attitude were the most

important traits of hospice volunteers and nurses. Having

previously experienced the death of a loved one was not

universally seen as an important screening criterion for

hospice personnel. The authors believe that hospice

administrators need to focus attention on the emotional and

interpersonal competencies of their volunteers.

Surveying 150 hospice volunteers at a midwestern

hospice, Seibold, Rossi, Berteotti, Soprych, and McQuillan

(1987) found that volunteers were engaged primarily in five

activities: palliative care; administration; bereavement;

in-home care; and community outreach. The researchers found

that 80% of the volunteers felt that their strengths and

talents were being well-utilized by hospice. However,

volunteers found palliative care the most stressful activity

and, along with bereavement, the least satisfying activities

they perform. The authors suggest that working in pairs,

offering volunteer support groups, and encouraging more

interaction with paid hospice staff might help volunteers

cope while performing these difficult activities.

Magnusen Hughes (1988) surveyed 125 volunteers from

four Wisconsin hospices to identify volunteer activities and








assess how they perceived the needs of the patients and

families that they serve. Volunteers overwhelmingly felt

that patients and families have heavy emotional (fear,

isolation, fatigue) and physical concerns (pain, nausea,

constipation). The five most frequently provided services

(and the five services seen as most valuable by volunteers)

were friendly visiting; caregiver respite; bereavement

visits; telephone contacts; and hospital visits. Volunteers

also engaged in more task-oriented services such as bathing,

transportation, shopping, and feeding. A sizeable minority

of volunteers (22%) even performed technical procedures

(wound care, oxygen therapy, and assistance in elimination).

The author claims that an intense attachment develops

between volunteers, hospice patients, and families that paid

staff cannot duplicate.

Volunteers obviously fulfill many duties in their role

as supportive caregivers for hospice patients and families.

As hospice volunteers, their interactions with patients and

families can take many forms because the needs of this

population are so diverse. Addressing the emotional and

interpersonal needs of hospice patients and families seems

to be a vital function of hospice volunteers. The heavy

emotional investment in these families by volunteers, while

very rewarding, can also be overwhelming and lead to a

premature withdrawal from the program (Finn Paradis, Miller

& Runnion, 1987; Basile & Stone, 1986-87). Death anxiety is






19

thought to negatively influence this patient-caregiver bond

(Waltman, 1990; Scanlon, 1989; Gadow, 1980; Feifel, 1967)

and to be a significant contributor to "burn-out" in the

health professions (Price & Bergen, 1977; Hay & Oken, 1972;

Vreeland & Ellis, 1969).

Theoretical Oricins of Death Anxiety

Prior to 1918, Freud (1915, 1918) maintained that death

is unimaginable to the unconscious. As a result, because of

their innate narcissism, people truly believe that they are

immortal and are unable to fathom nonexistence. People who

complained of death anxieties or fears were, in fact,

suffering from castration anxiety or separation anxiety. If

death anxiety truly existed, it would necessarily overwhelm

any psyche. According to Freud, death anxiety and death

fears were merely derivatives of more germane oedipal

phenomena.

With the end of the Great War and its terrible

destruction, Freud (1920) became more pessimistic and he

revised a number of his beliefs. Taking cues from some of

the contemporary findings in the physical sciences, he felt

that the basic aim of all life forms was to return to

simpler states. Freud felt that a basic tendency for humans

was to strive toward death. Oedipal conflicts alone were

insufficient to explain the human proclivity toward war and

mass annihilation. Freud believed that a death instinct

(Freud, 1920) must serve as the basis for a wide range of









troubling behaviors such as aggression, sadism, and

masochism.

This later view of Freud's was not well-accepted by his

analytic peers (Greenberger, 1965; McClelland, 1963;

Brodsky, 1959; Fenichel, 1945) who continued to posit that

death anxiety was merely a defensive attempt by patients to

avoid oedipal issues. Reunion with the mother, separation

from the mother, punishment for aggression, and punishment

for incestuous wishes were just some of the examples of how

these analytic writers continued to view death anxiety

(Lonetto & Templer, 1986).

Jung (1933, 1959) did not believe in such a

negativistic view of death. Instead he felt that people

could have a wide range of beliefs about death and that

these beliefs shaped people's daily lives. What was

important was how these beliefs were integrated into daily

living. He adhered to a type of developmental model of

existence: the first half of life was concerned with

preparing for life's primary activities (marriage,

parenting, careers); the second half of life dealt with

preparing for death (Lonetto & Templer, 1986).

This life and death duality was further explored by the

works of Erik Fromm (1964). Fromm believed that all people

have vestiges of biophilia (love of life) and necrophilia

(love of death), but he was particularly interested in

necrophiliacss" who were inexplicably drawn toward death,









corpses, and decay. Fromm likened these "lovers of death"

to Freudian "anal characters" who were orderly, forceful,

emotionally cold, and ruminative. Fromm explored the lives

of characters such as Hitler and Stalin and concluded that

they were extreme necrophiliacs with a frightening capacity

and willingness to destroy.

Adler (1927) and Frankl (1955) both downplayed the

deleterious nature of death anxiety and refused to let their

patients use fear of death as excuses for unproductive

living. Adler claimed that people run away from life and

its responsibilities by "fearing death" and, as a result,

forego the rewards and fulfillment that come with living.

Frankly was a World War II concentration camp survivor who

urged his patients to seek meaning in all facets of life,

even suffering and death. Frankly believed that life was

made richer and actions were rendered more meaningful

because humans were destined to die, realized it, and could

prepare for it.

Finally, writers such as Becker (1973), Weisman (1972),

and Zilboorg (1943) viewed death denial as extremely

important, both for individuals and society as a whole. In

order to lead productive lives, people must constantly deny

death or the anxiety will become both terrifying and

overwhelming. Mental illness and societal breakdown are the

necessary outcomes of failing to effectively deny death.









No longer the sole domain of analytic and existential

writers, the study of death and its psychological impact on

humanity is now a field of inquiry in its own right.

Researchers have approached death anxiety empirically to

better understand this theorized phenomenon. The next

section will explore some of the important research findings

that have shaped current ideas about death anxiety.

Research on Death Anxiety

Religious thinkers, philosophers, dramatists, and

writers have addressed the topic of death for millennia and

have failed to agree on just what death entails or what a

healthy approach to death should be. Not until recently

have psychological researchers begun to systematically study

death and its many cognitive, affective, and behavioral

components. Predictably, few universally accepted truths

have been uncovered, but researchers have gained important

insights about death anxiety and the field has flourished.

Rando (1981), Feifel (1971, 1968, 1959), and others

have written that human thoughts and behaviors are uniquely

future-oriented and that death is the ultimate threat.

Feifel was an early pioneer in the psychological study of

death and was one of the first to demonstrate that a

person's current behavior was largely influenced by their

beliefs and attitudes about the future and their own

mortality:









The underemphasis on the place of the future in
psychological thinking is surprising because, in many
moments, man responds much more to what is coming than
to what has been. Indeed, what a person seeks to
become may, at times, well decide what he attends to in
his past. The past is an image that changes with our
image of ourselves. It has been said that we may learn
looking backward. we live looking forward. A
person's thinking and behavior may be influenced more
than we recognize by his views, hopes, and fears
concerning the nature and meaning of death. (Feifel,
1959, p. 116)

Many psychologists (Durlak, 1973; Dickstein, 1972;

Templer, 1970; Boyer, 1964; Brodsky, 1959; Feifel, 1959)

painstakingly uncovered a wealth of interesting, but

disorganized findings using empirical methods. The massive

volume of death studies in the 1970s and 1980s was the

catalyst for the creation of more specialized research and

scientific journals. One of the first "facts" uncovered was

that death had many meanings for different people.

Feifel (1968, 1959) wrote that death can represent "a

teacher of universal truths," the "gentle night," "peaceful

sleep," an "adventure," a "great destroyer," reunion with

family, loss of control, etc. Kastenbaum (1977) viewed

death from four broad perspectives: the great leveler or

equalizer; the great validator; an event that radically

alters relationships with others (either uniting or

separating); and as an end to an opportunity of achievement

and experience. Death is universal, but its meaning is

highly idiosyncratic.

One aspect of death which has fascinated poets,

Freudians, and thanatologists alike is the anxiety







24

associated with death. Even this seemingly unitary concept

has been shown to have multidimensional features (Lonetto &

Templer, 1986). Gilliland and Templer (1985-86), Ramos

(1982), Schulz (1978), Nelson (1978), and others have shown

that death anxiety can generally be conceptualized as

containing four independent components:

1. Concern about both the cognitive and emotional
impact of dying and death.

2. Anticipation and fear of the physical alterations
brought about by dying and death.

3. Awareness of the finite time between birth and
death and of the rapidity of its passage.

4. Concern about the stress and pain accompanying
illness, disease, and dying.

Researchers are convinced that these factors, either singly

or in combination, determine the level of death anxiety

present in an individual. These factors are also thought to

determine the strength of the relationship between death

anxiety and a number of other psychological variables

(Pollack, 1979-80).

Further complications regarding the understanding of

death anxiety have arisen with the finding that death

attitudes and responses to death change within an individual

and across groups over time (Rando, 1987). Feifel (1977,

1971) has even shown that people can have contradictory

attitudes about death simultaneously. Although researchers

have made huge inroads in the understanding of death

attitudes, it is quite clear that many questions remain.









One of the most troubling problems in thanatology has

been the failure to consistently delineate the difference

between death anxiety and death fear in the scholarly

literature and in various assessment instruments (Kalish,

1981). Although writers frequently use death anxiety and

death fear interchangeably, these terms are not thought to

be synonymous (Kastenbaum & Kastenbaum, 1989; Neimeyer,

Behnke & Reiss, 1983; May, 1977). Both terms imply a state

of discomfort, yet death fears are very specific and can

easily be articulated (fear of slow, painful death; fear of

being alone; fear of decomposing, etc.).

Death anxiety, on the other hand, is thought to be a

more global feeling that does not lend itself to easy

articulation (Kastenbaum & Kastenbaum, 1989). Death anxiety

is partly comprised of specific death fears, but most of its

debilitating effect comes because its source cannot be

pinpointed. According to a large number of researchers,

(Kastenbaum & Kastenbaum, 1989; Feifel, 1977; May, 1977;

Lifton, 1975; Kubler-Ross; 1969; Wahl, 1959) death anxiety

can result in psychosis, depression, fatigue, self-

destructive behavior, violence, substance abuse, and a host

of other physiological and cognitive symptoms.

Perhaps the most compelling definition of death anxiety

comes from the research of Personal Construct Psychology.

Neimeyer, Behnke, and Reiss (1983) theorized that "death

anxiety reflects the inability to understand or meaningfully








construe death" (page 249). Or put another way, an

individual does not have the constructs in place to

assimilate "death." A person is left uneasy because "pieces

do not fit." This uneasiness may necessitate some minor

adjustments in that individual's construct system. If minor

adjustments are unable to resolve the incongruence between

the way a person sees "themselves" and "death," more

comprehensive change is required and death threat is the

result. Death anxiety seems to be a natural precursor to

the more debilitating death threat.

Clearly the field of thanatology has much to learn

about humanity's attitudes about death. To a large extent,

people appear to create their own meanings about death. It

can be a terrifying, mysterious cloud on the horizon of life

or it can be a driving force which empowers people to

create, to achieve, and to love. One of the most important

findings by researchers has been that death is finally being

recognized as the complex phenomenon that it is. The

current research project was devised with this

multidimensionality in mind.

Instruments Used in this Study

The current study utilizes the two most popular

instruments in thanatology, the Death Anxiety Scale

(Templer, 1970) and the Threat Index (Krieger, Epting &

Leitner, 1974). Both tests are empirically sound and have

proven quite useful to researchers in this field. The third







27

instrument used is Crumbaugh and Maholick's Purpose in Life

Test (1969). This test is based upon Viktor Frankl's belief

that finding meaning and purpose are main motivations in

life. The three tests were grouped in a packet containing

an informed consent form (Appendix A) and a general

demographics page (Appendix B). The tests will be discussed

in more detail below.

Death Anxiety Scale

Templer's Death Anxiety Scale (1970) is the most widely

used and researched psychometric instrument in thanatology

(Kastenbaum & Kastenbaum, 1989). Templer devised this scale

as an improvement over what was probably the first death

anxiety measure, Boyar's Fear of Death Scale (1964).

Templer felt that Boyar's 18-item test had construct

validity problems and did not cover a sufficiently wide

array of life experiences. After validity and internal

consistency checks were made, Templer's 40-item, rationally-

devised, true-false test was pared down to its current 15

items (see Appendix C). In the present study, this test

will be used to measure volunteers' "unpleasant emotional

state precipitated by contemplation of their own deaths"

(Templer, 1970, p. 166).

The Death Anxiety Scale has been correlated with dozens

of physical and psychological variables, ranging from

demographic information (age, sex, race), physical health,

risk-taking behavior, depression, locus of control, to self-








concept (Lonetto & Templer, 1986; Pollack, 1979-80).

Generally speaking, high death anxiety scores are almost

invariably associated with both physical and psychological

pathology (Lonetto & Templer, 1986). This scale has also

been correlated with every other published death anxiety

scale and with most of the currently used personality

inventories. For the past 20 years, the Death Anxiety Scale

has served as the standard by which other death anxiety

instruments are measured and has served as a catalyst for

the continued refinement of our understanding of death

anxiety.

Threat Index

Second only to the Death Anxiety Scale (Templer, 1970)

in thanatological research prevalence, the Threat Index

(Krieger, Epting & Leitner, 1974) represents a significant

development in the study of death. Because of its strong

foundation in the Personal Construct Theory of George Kelly

(1955), the Threat Index represents a theoretically grounded

instrument which provides a unique format from which cogent,

testable definitions and hypotheses can be investigated.

Since its inception, this instrument has greatly contributed

to the improvement in the calibre of research in this

fragmented field (Neimeyer & Epting, 1992; Simpson, 1980;

Kastenbaum & Costa, 1977).

A number of formats for the Threat Index have been

developed in order to best understand the intensely personal







29

and varied conceptualizations of death. A number of scoring

procedures have also been reported with several more holding

promise for further exploration (Neimeyer & Epting, 1992).

Originally in a lengthy interview format, the 40 most

popular constructs of the Threat Index were transformed into

a self-administered questionnaire (Krieger, Epting & Hays,

1979) which made group administrations possible (see

Appendix D).

The Threat Index has been used to study the sick

(Robinson & Wood, 1983; Viney, 1983), health care providers

(Neimeyer, Behnke & Reiss, 1984; Rainey, 1984), the

religious (Powell & Thorson, 1991), the elderly (DePaola &

Neimeyer, 1992; Myers, Wass & Murphy, 1980), and the

depressed (Rigdon, 1983). The Threat Index has also been

used in comparing hospice patients with ill and recovering

patients (Hendon & Epting, 1989).

Purpose in Life Test

The Purpose in Life Test (1969) is an attitude scale

based upon the existential works of Viktor Frankl. This

self-administered questionnaire is protected by copyright

laws and not included in the Appendices. According to

Frankl (1969), the primary motive in life is "the will to

meaning." This uniquely human characteristic represents a

search for significance which is particularly salient in a

materialistic, mechanistic society. A person who finds

little meaning or purpose in life lacks personal identity








and experiences "existential vacuum" which may lead to

further psychological impairment (Crumbaugh & Maholik,

1981). In the present study, the Purpose in Life Test will

measure the extent to which hospice trainees, volunteers,

and non-hospice volunteers/workshop attendees feel that

their lives are fulfilled, meaningful, and full of purpose.

Used in over 110 published studies, the Purpose in Life

Test has assessed the "purposefulness" of such diverse

populations as substance abusers (Mueller, 1977),

hospitalized patients (Henrion, 1983), adolescents (Barber,

1982), the elderly (Baum & Boxley, 1983), the mentally ill

(Pearson & Sheffield, 1989), health care providers (Amenta,

1984), prisoners (Whiddon, 1983), correctional officers

(Miller & Adwell, 1984), the bereaved (Florian, 1989-90),

the religious (Stones, 1980), and the suicidal (Kukian &

Madison, 1987-88).

The Purpose in Life Test has shown significant

correlations with self-acceptance, achievement, confidence,

responsibility, and emotional stability, and has been

negatively correlated with depression, poor ego strength,

neuroticism, anxiety, and acting out behaviors (Crumbaugh &

Maholick, 1981). This test has also appeared in 13 studies

specifically exploring death attitudes and beliefs.

Death Anxiety and Health Care Providers

Researchers have long theorized that death anxiety

would necessarily have a negative impact on those people who







31

treat and care for the sick and dying. According to Howells

and Field (1982) the death anxiety of health professionals

can result in significant interpersonal stress for them and

can further isolate and alienate patients and families

coping with a terminal illness. Herman Feifel (1959) again

was an early catalyst for this area of research.

Feifel (1965) conducted a survey with professionals and

found that physicians had significantly high death anxiety

(compared to other nonmedical professionals) and that their

death anxiety was even higher than that of their patients.

Feifel hypothesized that the choice of a medical career

reflects a doctor's attempt to master a high level of death

anxiety by being in a position to combat death. Needless to

say this was a surprising discovery and led to a rash of

studies on the death anxiety of health care professionals.

Caldwell and Mishara (1972) arranged standardized

interviews with 73 practicing physicians on the topic of

death and dying. Only 13 completed the interview after

being informed that the the ten minute task was focused on

their personal attitudes and feelings regarding dying

patients. Most doctors simply aborted the interview without

further discussion, but some stated that their feelings

"interfered" with effective treatment. The authors question

how widespread this type of reaction is in the medical

profession and how prepared physicians are to deal with the








psychological and interpersonal concerns of their terminal

patients.

Schulz and Aderman (1978-79) tested the assumption that

the patients of highly death anxious physicians would

survive longer than those with low death anxious physicians.

The authors hypothesized that doctors with high death

anxiety would deny death and take heroic measures to save

the patient. The study showed that the terminal patients of

highly death anxious doctors were in the hospital

significantly longer than those with low or medium death

anxiety. The authors suggest that physicians' professional

behavior may be influenced by death anxiety with important

financial and emotional consequences for their patients and

families.

Shady, Brodsky, and Staley (1979) asked over 200

Canadian nursing students to complete a test packet

(containing Templer's Death Anxiety Scale, 1970) and report

later for a personal interview. The authors found only half

of the students willing to return for the second part of the

study (41 failed to follow through and about 50 could not be

contacted). Those students who took part in the interview

had significantly lower death anxiety scores (7.23) than

those who failed to follow through (8.05) or those who could

not be contacted (9.22). The authors concluded that the

Death Anxiety Scale accurately predicted those students who








would not expose themselves to further death-related

stimuli.

Stoller (1980-81) distributed questionnaires to 62

nurses assessing the death-related fears and the uneasiness

experienced in working with the terminally ill. Nurses

apparently utilize avoidance strategies in situations

bringing them in contact with death (i.e., avoiding a dead

body, treating the patient as an object, interacting only

when a specific nursing task is necessary). In these cases,

avoidance decreases the anxiety and uneasiness experienced

by the nurses. No such strategy was helpful when the nurse

had to interact with the patient in an "unstructured" task

(a patient approaches them about death). The author found

that death fears did affect interactions with dying patients

and that nurses were much more comfortable engaging in

depersonalized, hospital-structured tasks.

Neimeyer, Behnke, and Reiss (1984) used the Threat

Index (1974) and clinical vignettes to predict physicians'

physiological and behavioral reactions to death. They found

that, when confronted with patient death, doctors with high

levels of death threat and death anxiety significantly

utilized maladaptive coping responses (overinvolvement in

work, meticulously looking for medical mistakes, not

attending the funeral, not talking about the death, alcohol

and drug use). The authors concluded that interventions

should address the costs and benefits of these coping






34

responses and should help doctors with high death threat and

death anxiety assimilate death into their personal and

professional identities. If they could assimilate death

into their identities, doctors might be able to anticipate

and accept patient deaths more effectively.

A group of researchers in Canada (Hatfield, Hatfield,

Geggie, Taylor, Soti, Winthers, Harris & Greenley, 1983-84)

questioned over 1000 hospital staff (doctors, nurses,

chaplains, social workers, aides, orderlies) about death and

terminal care. Compared to all the other hospital groups,

physicians felt that patients and families should not share

in most treatment decisions. Physicians did not believe

that patients would want to know their prognosis, nor did

they feel that telling patients their prognosis was as

important as did the other hospital groups. Finally,

physicians were less enthusiastic about encouraging patients

to talk about their illness. The authors concluded that

physicians seem less attuned to the emotional and

psychological needs of their terminally ill patients than

other hospital employees and that death anxiety may result

in hospital staff working at cross-purposes.

Campbell, Abernethy, and Waterhouse (1983-84) mailed

out questionnaires to 25 physicians and 31 nurses at

Vanderbilt University Medical Center. Nurses consistently

viewed death more positively (birth, safety) than did

doctors (frightening, cold). Doctors saw their roles






35

primarily in terms of "responsibility" whereas nurses viewed

their roles in terms of "caring." Professional orientation,

not gender, was responsible for the observed differences in

death attitudes. The authors question whether physicians'

heavy sense of responsibility invokes a sense of blame and

failure that tinges their perceptions of death. This

emphasis on the "cure" versus the "care" may result in

emotionally-distant physicians who utilize suppression and

intellectualization to combat death anxiety.

Neimeyer and Neimeyer (1984) examined the death anxiety

of suicide counselors as it related to their ability to

respond to suicidal clients. Compared to the control group,

suicide interventionists had significantly lower death

anxiety and no relationship existed between death anxiety

and competence in handling suicidal crises. These findings

contradict an earlier study by Neimeyer and Dingemans (1980)

that showed suicide workers having higher levels of death

anxiety than comparable control groups. The authors believe

that the present results dispel the notion of Feifel, et al.

(1967) that suicide workers are merely combatting their own

death anxieties with their chosen line of work.

Eakes (1985) investigated the relationship between

death anxiety and attitudes toward the elderly among 159

nursing home staff (RNs, LPNs, nurse aides). Her hypothesis

that staff members with high levels of death anxiety would

endorse more negative views of the elderly was confirmed.









Neither death anxiety scores nor attitudes toward the

elderly differed significantly with age, race, nursing home

experience, professional position, personal experience with

death, or religious beliefs. According to the author, this

study shows that the death anxiety levels of staff members

have a direct influence on the quality of nursing home care

given to the elderly.

Eggerman and Dustin (1985) studied the relationship

between personal death orientation (as measured by the

Threat Index) and the behaviors of physicians and medical

students. They found that, compared to those with low death

threat, medical students with high death threat were less

likely to directly inform a patient of a terminal diagnosis.

This "circumspect" approach was in the form of considering

extenuating circumstances of the patient. Compared to low

death threat physicians, doctors with high death threat were

more likely to consider "psychological factors" before

speaking to a seriously ill patient about death.

Kane and Hogan (1985-86) attempted to compare the

conscious death anxiety of physicians (surgeons, internists,

psychiatrists) with a measure of repression and a projective

test (measuring covert death anxiety). Based on each

groups' exposure to death, they hypothesized that high-

repressors (surgeons) should report less overt death anxiety

but show more covert death anxiety on the projective test.

Psychiatrists were expected to be low-repressors. The







37

authors did find an inverse relationship between overt death

anxiety and the tendency to repress feelings, but the

expected inverse relationship between overt and covert death

anxiety did not develop. Those physicians endorsing many

death anxiety items did not utilize repression and had many

death references on the projective instrument. The authors

concluded that little useful information was obtained by

incorporating a measure of covert death anxiety in this

study.

Thompson, Jr. (1985-86) compared the death anxiety and

attitudes toward the dying of palliative, surgical, and

pediatric nurses. He found that palliative nurses had

higher levels of death anxiety than the other two nursing

groups, but also felt significantly less uneasy around the

dying, more useful to the patient, more emotionally

expressive, and more fulfilled in their job. The author

contends that these findings reflect primarily the influence

of the work setting on nurses, not their personal

characteristics or experience.

Field and Howells (1988) questioned graduating medical

students relative to their attitudes about dying patients

(all had experienced patient death). The authors predicted

that death anxious students would view dying patients as

more difficult and problematic, utilize more avoidance

strategies, and keep personal concerns concealed from

others. The results showed that most medical students









viewed personal interactions with dying patients as much

more difficult tasks than with other patients and most

students prefer more "structured" interactions with this

population (conducting case histories). Death anxious

students were less likely than other students to discuss the

patient's prognosis with the patient or family and were more

likely to experience more psychological problems in dealing

with dying patients.

Hare and Pratt (1989) questioned 203 professional

nurses and 106 nursing aides on their fear of death and

comfort with patients with a "poor prognosis for survival."

A significant negative relationship was found between fear

of death and comfort with poor prognosis patients. Exposure

to death played an important role in comfort levels.

Compared to nurses with infrequent exposure to death, nurses

with high death exposure had higher levels of comfort when

dealing with the dying and were less afraid of the death of

a loved one or of suffering a premature death themselves.

The authors suggest that future studies incorporate

behavioral measures into research designs to assess the

relevance of self-reports.

Cochrane, Levy, Fryer, and Oglesby (1990-91) explored

the death anxiety, behaviors, and attitudes of 99 New Jersey

oncologists. Significant positive relationships were found

between death anxiety scores and difficulties with

disclosing diagnoses to patients, difficulties interacting









with dying patients' families, and lingering doubts about

the patient's treatment. Elevated death anxiety scores were

highly predictive of maladjustment scores and general life

dissatisfaction. Death anxiety was not related to years of

experience or chosen medical field as three of the four

groups were within the high-normal range of scores.

Brockopp, King, and Hamilton (1991) explored the

differences between two types of nurses (palliative and non-

palliative) on death anxiety, death attitudes, and

perceptions of control. The study utilized two types of

non-palliative nurses (psychiatric, orthopedic). The

researchers found that palliative nurses experienced

significantly less death anxiety and more positive death

attitudes than the other two groups of nurses. No

differences between the nursing groups were found on

perceptions of control. Even though differences in death

anxiety and death attitudes exist, no effort was made to

determine the importance of such variables relative to

patient care.

Many studies have been conducted on the death anxiety

of selected medical and professional staff. In general, the

more groups are exposed to death, the less death anxiety

they report. Those with high levels of death anxiety

utilize maladaptive coping responses (Field & Howells, 1988;

Neimeyer, et al., 1983; Shady, et al., 1979; Caldwell &

Mishara, 1972), have difficulty in interacting with terminal







40

patients and their families (Cochrane, et al., 1990-91; Hare

& Pratt, 1989; Hatfield, et al., 1983-84), and endorse

negative attitudes toward the elderly and dying (Eakes,

1985; Campbell et. al, 1983-84). These studies and many

others lend credence to the claim that death anxiety plays

an important role in the care afforded to the sick and

dying.

Death Anxiety and Hospice Volunteers

Despite the major role that hospice volunteers perform

in the service of terminally ill patients and their

families, few empirical studies have been conducted on this

vital component of hospice care. The scarce research that

has been conducted on volunteers has primarily focused on

training, implementation, and utilization strategies

(Dershimer, 1988; Dush, 1988; Seibold, Rossi, Berteotti,

Soprych & McQuillan, 1987; Mantell & Ell, 1985; Buckingham &

Lupu, 1982; Dorang, 1981).

How do hospice volunteers feel about death and dying?

Do they fear death as much as the general population? Can a

volunteer with elevated death anxiety perform as an

effective caregiver to someone who is dying? Research

questions such as these have been generally neglected by

current researchers.

Amenta and Weiner (1981) administered the Death Anxiety

Scale (Templer, 1970) and the Purpose in Life test

(Crumbaugh & Maholick, 1969) to 98 hospice workers in







41

Pittsburgh (59 of whom were volunteers). The authors found

a significant inverse relationship between scores on the two

tests. Those participants who showed little death anxiety

had a higher sense of purpose in life. Amenta and Weiner

suggest using these instruments as an aid in screening

potential volunteers.

In a study of 42 experienced volunteers, Amenta (1984)

examined differences between those who withdrew from hospice

(after less than one year) and those who persisted. Both

groups had been screened for suitable personality

characteristics (empathy, expressiveness, open-mindedness,

patience) and were given the Death Anxiety Scale (Templer,

1970) and the Purpose in Life test (Crumbaugh & Maholick,

1969). Persisters showed significantly less death anxiety

and more purpose in life than their "withdrawing" cohorts.

Amenta uses her findings to support Schulz's (1978) claim

that low death anxiety (having faced the reality of one's

own death) is characteristic of effective hospice workers.

Finn Paradis and Usui (1987) examined the personality

traits of successful hospice volunteers in hopes of

identifying key traits to look for in volunteer recruits.

The results of this study confirmed other research findings

showing that hospice volunteers have higher levels of

empathy and lower levels of death anxiety than do other

volunteers (Amenta & Weiner, 1981; Newell, 1980; Gotsch,

Donaldson & Hamilton, 1979). However, using ratings







42

elicited by the volunteer coordinators, the authors found no

positive relationship between volunteers possessing these

traits and subsequent effectiveness as volunteers. Although

not useful in predicting current volunteers' performance,

the absence of these traits did accurately predict whether

volunteer recruits would complete hospice training.

Lafer (1989) investigated the personality

characteristics of 75 prospective hospice volunteers in

order to predict which volunteers would remain active after

completion of training. The group was then rated by

volunteer directors six months after training. Low death

anxiety correlated strongly with volunteers who persisted

after training. Those volunteers rated "satisfactory

persisters" exhibited the lowest levels of death anxiety,

followed by "unsatisfactory persisters" and "dropouts." The

author cited the results as corroborating support for

Amenta's (1984) belief that death anxiety can help predict

who will become a successful hospice volunteer.

Clearly the impact of death attitudes on volunteers at

hospice has received scant attention in the thanatological

literature. The limited research that has been done in this

area suggests that death anxiety (as measured by the Death

Anxiety Scale) is inversely related to purpose in life. The

few relevent studies seem to indicate that volunteers are

more likely to remain active in hospice if they exhibit low

death anxiety and high purpose in life. At the present









time, no study has utilized the Threat Index in volunteer

samples or uncovered correlations between any of these three

instruments and the ability of hospice volunteers to perform

their tasks as caregivers.

The current study will attempt to demonstrate that the

Threat Index can be used both as an effective screening

instrument for hospice trainees and as a helpful evaluative

instrument with which to measure active hospice volunteer

performance. It is further hoped that this study will be

seen as making an important contribution to the growing

literature on the efficacy of the Threat Index as a viable

thanatological research tool.

Relatively little is known about the death attitudes of

hospice volunteers, nor has the Threat Index been

administered to this population. Death attitudes, self-

actualization, and purposefulness in hospice volunteers

appear to be potentially fruitful areas of investigation

with both intuitive appeal and clinical relevance. Given

the recent nationwide emphasis on making health care more

affordable, research focusing on volunteer characteristics

might play a useful role in helping hospice obtain this

elusive goal.













CHAPTER III
METHOD


Instruments

Prior to 1970, the only empirically derived method for

assessing death attitudes was Boyar's Fear of Death Scale

(Boyar, 1964). Earlier questionnaires, checklists,

interview formats, and projective techniques used to assess

"death anxiety" were either methodologically biased or had

serious validity and reliability concerns. The measures in

this study will be the previously described Death Anxiety

Scale (Templer, 1970), the Purpose in Life Test (Crumbaugh &

Maholick, 1969), and the Threat Index (Krieger, Epting &

Leitner, 1974).

Death Anxiety Scale

The Death Anxiety Scale (Templer, 1970) is a 15-item

true-false test that has been shown to be effective in

quantifying death anxiety in a wide variety of populations

(Appendix C). Nine of the items are keyed "true" with six

items keyed "false" for a total possible score ranging from

zero (low death anxiety) to 15 (high death anxiety). The

test can be administered to individuals or to groups and the

written directions are located at the top of the one-page

form. A fourth grade reading ability is necessary to









understand the instructions and the items. Total time

required for administering and completing the scale is five

minutes.

The Death Anxiety Scale (DAS) initially had 40

rationally devised items which a panel of seven independent

judges (a clinical psychologist, two graduate students and

four chaplains in a state mental hospital) rated on a five-

point basis (1 = irrelevant to death anxiety and 5 = very

greatly associated with death anxiety). Those items

receiving an average rating below 3.0 (3 = moderately

associated with death anxiety) were discarded (nine items).

The remaining 31 items were imbedded in 200 filler items

from the Minnesota Multiphasic Personality Inventory

(Hathaway & McKinley, 1943).

The resulting 231 item questionnaire was given to three

groups of university students from universities in Tennessee

and Kentucky to determine internal consistency. Only those

DAS items that had point biserial coefficients significant

at the .01 level in two out of three analyses were retained

(15 items). The probability of obtaining .01 significance

in two out of three analyses where no correlations truly

existed is .028. Relative independence of items was

determined by computing phi coefficients. No correlation

coefficients between the retained items exceeded r = .65 so

little inter-item redundancy was inferred.







46

Reliability of the 15 item DAS instrument was tested by

readministering the items to a group of college students

three weeks later. The obtained Pearson product-moment

correlation coefficient of .83 and the obtained Kuder-

Richardson correlation coefficient of .76 demonstrated

reasonable internal consistency.

The DAS was also tested for a response bias toward

over-agreement with the items. No significance at the .05

level was found suggesting that an agreement response set

accounts for little, if any, of the DAS score variability.

The Pearson correlation between the DAS and the Marlowe-

Crowne Social Desirability Scale also failed to reach

significance (r = .03).

Construct validity of the DAS was established in two

separate procedures at a Kentucky State Hospital. First,

psychiatric patients with high death anxiety (those who had

spontaneously verbalized a fear or preoccupation with death)

were matched with a control group of psychiatric patients

with low death anxiety in terms of diagnosis, sex, and age.

Mean DAS score of the death anxious patient group was 11.62

compared to the control group mean of 6.77. This result was

significant at the .01 level (two-tailed t of 5.79).

A second attempt at establishing DAS construct validity

involved administering the DAS to college undergraduates at

two Kentucky universities and correlating each students'

score with obtained scores on the Fear of Death Scale







47

(Boyer, 1964), a death association task, and the MMPI scales

of anxiety. A correlation coefficient of .74 was found

between the DAS and the Fear of Death Scale resulting in

significance at the .01 level. Scores on the DAS were also

significantly correlated (at the .01 level) with the

Manifest Anxiety Scale (r = .39), the Welsh Anxiety Scale (r

= .36), and with the number of emotional words elicited by

the death association task (r = .25; p < .05).

Although the DAS has no formally established normative

data, extensive research was conducted (23 groups, 3600

subjects) during the test's construction and validation

(Templer, 1970). According to Templer and Ruff (1971), mean

DAS scores for nonpsychiatric subjects typically range from

4.5 to 7.0 with a standard deviation of 3.0. Females

consistently score higher on the DAS than do males and

psychiatric populations obtain higher scores than do

nonpsychiatric populations (Templer & Ruff, 1971). A major

study comparing the scores of 2500 subjects between the ages

of 18 and 85 (Templer, Ruff & Franks, 1971) found no

significant relationship between age and DAS scores.

Purpose in Life Test

The Purpose in Life Test (Crumbaugh & Maholick, 1969)

is a 20 item, Likert scale test that purportedly measures

the degree of meaning and purpose that each respondent

feels. All 20 questions are scored on a "1" to "7" basis,

resulting in a range of scores between 20 140. Higher







48

scores reflect a stronger sense of purpose and meaning. The

Purpose in Life Test (PIL) can be administered both to

individuals and groups without lengthy explanation or

elaboration. A fourth grade reading ability is necessary to

comprehend the items and the instrument typically takes less

than ten minutes to administer and complete.

The PIL has its origins in the existential theory of

Viktor Frankl (1969) and was developed to measure the degree

to which respondents view their lives as full of purpose and

meaning. Frankly claimed that one of the unfortunate

consequences of a highly mechanized society is loss of human

initiative and personal meaning. He hypothesized that lack

of purpose (i.e. existential vacuum, noogenic neurosis) is a

universal trait in modern times and present, to varying

degrees, in all people (not just the psychotic or abnormal).

However, the incidence of lack of purpose would be expected

to be higher in psychiatric populations.

Crumbaugh (1968) administered the PIL to nearly 1200

subjects (six psychiatric groups and four nonpsychiatric

groups) in an attempt to assess the construct validity of

this instrument. He was able to correctly predict the order

of mean PIL scores for the ten groups. The difference

between the psychiatric mean (M = 92.60, SD = 21.34) and

nonpsychiatric mean (M = 112.42, SD = 14.07) yielded a

significant t value (two-tailed) at the .001 level.









A significant difference in score variability between

psychiatric and nonpsychiatric groups (at the .01 level) was

taken by Crumbaugh (1968) as confirmation of the logotherapy

hypothesis that psychiatric patients would experience an

overall wider range of PIL scores than would nonpsychiatric

subjects.

Concurrent validity of the PIL was evaluated in two

ways. First, therapists were to estimate each of their

clients' responses to the PIL. These scores were then

correlated to each clients' (N = 50) actual PIL responses.

The Pearson product-moment correlations between patient and

therapist scores was .38.

In a related study, ministers completed the PIL for

each of their parishioners (N = 120) based on the purpose

and meaning exhibited by each church member. Each church

member also completed the PIL and the Pearson product-moment

correlations between both groups' scores was .47. Both

studies are in line with the level of criterion validity

typically demonstrated from a single measure of a complex

trait.

Split-half reliability of the PIL was found to be .81

in a group of 105 nonpatients and 120 patients (Crumbaugh &

Maholick, 1964). Using the Spearman-Brown procedure, the

researchers corrected this figure to .90. In 1968 Crumbaugh

obtained a split-half reliability of .85 (Pearson product-









moment) for 120 Protestant parishioners and the Spearman-

Brown procedure corrected this figure to .92.

Crumbaugh and Maholick (1964) correlated the PIL with

an informal questionnaire used by Frankl (1958) to estimate

the presence of existential vacuum in 136 patients and

nonpatients. They quantified the questionnaire and found a

Pearson product-moment correlation of .68 between the two

instruments.

Crumbaugh (1968), Elmore and Chambers (1967), Nyholm

(1966) and Crumbaugh and Maholick (1964) have tested various

groups of undergraduates and outpatients and have found

negative correlations between the PIL and the Depression

scale of the MMPI in the range of -.42 to -.65. These

researchers have also correlated the PIL with the MMPI K

validity scale (.39), Psychaesthenia scale (-.44), and the

Social Isolation scale (-.45). Crumbaugh (1968) and Elmore

and Chambers (1967) both tested college students and found

negative correlations between the PIL and separate measures

of anomie in the range of -.32 to -.51.

Snavely (1963) found an initial correlation of .57

between the PIL and the Crowne-Marlow Social Desirability

Scale. Afterwards, subjects were randomly assigned

"acceptable" and "unacceptable" scores, and a retest

indicated correlations between the two measures had dropped

to .36 with little or no movement in the unacceptable

group's scores. The author suggested that the PIL and the






51

Crowne-Marlow Social Desirability Scale were responding to

social desirability in qualitatively different ways. He

concluded that the PIL was not highly influenced by social

desirability. The author does caution against the use of

the PIL in competitive situations where social desirability

may be aroused.

Other studies using nonpsychiatric populations

(Crumbaugh, Lozes & Shrader, 1968; Nyholm, 1966) have found

significant positive correlations between the PIL and a

number of subscales of the California Personality Inventory,

the Cattell 16 Personality-Factor Test, and the Gordon

Personal Profile (achievement, emotional stability, self-

acceptance, self-control, responsibility). Significant

negative correlations were found on such things as anxiety,

insecurity, neuroticism, and suspiciousness. These authors

failed to find any significant correlations between the PIL

and empathy, intelligence, sex, age, or education.

Crumbaugh (1968) determined that a cutoff score of 102

(out of 140 total) with a standard deviation of 19 was an

appropriate estimate of mean purpose-in-life for most

groups. He suggested that raw scores ranging from 92 to 112

on the PIL are suggestive of "average" purposefulness and

are not easily interpretable. Raw scores of 113 and above

suggest the presence of high levels of purpose and meaning,

while raw scores 91 and below suggest the lack of clear

purpose and meaning in life.









Threat Index

The Threat Index (Krieger, Epting & Leitner, 1974) is

arguably the most methodologically sound instrument used in

death and dying research. Psychometric and administrative

modifications have continued since its inception until today

it is widely recognized as a model in the field (Simpson,

1980; Kastenbaum & Costa, 1977).

The self-administered Threat Index (Krieger, Epting &

Hays, 1979) that is used in this study contains 40 of the

most popular bipolar constructs (e.g., empty vs. meaningful;

pleasure vs. pain; calm vs. anxious) elicited by the older

interview format Threat Index. These 40 dimensions are

printed on three test pages (Appendix D) and respondents are

to circle the end of each bipolar dimension that corresponds

to "self" (page 1), "ideal self" (page 2), and "own death"

(page 3). The Threat Index takes 15-30 minutes to complete.

Discrepencies on "self-ideal self" dimensions (or

splits) are regarded as a quantified measure of the

"actualization" that the respondent feels on a 0-40 point

scale (Neimeyer & Chapman, 1980). Low scores (few splits)

reflect a strong sense of actualization in the respondent

and high scores indicate that little actualization is

present. Likewise, discrepencies between "self-own death"

ratings yields a 0-40 point score that quantifies the extent

to which a respondent has integrated "death" into his world

view. Again, as splits increase, so does the estimated









level of death threat. Thus, the traditional method of

scoring the Threat Index results in a TI-actualization score

and a TI-death threat score. Normative data for these two

primary scores of the Threat Index have been published

(Krieger, Epting, & Hays, 1979) with 20 TI-actualization

splits and 20 TI-death threat splits approximating average

levels of self-actualization and death threat.

In addition to the above traditional method of scoring

the Threat Index, the current study will also explore an

additional Threat Index scoring procedure recently devised

by Pritchard, Epting, and Beagle (1991). Using construct

responses from all three pages of the Threat Index

simultaneously, four supplemental scores can be generated

for each subject based upon whether the person considers

themselves and death in a positive or negative manner.

These four supplemental scores are the Death-accepting

score, the Death-threatened score, the Depressed score, and

the Death-attracted score. The four supplemental scores

could each conceivably range from a score of 0 40, but the

sum of all four scores has to equal 40. Each of the

supplemental scores are described below.

The Death-accepting score is characterized by having

"self," "ideal self," and "death" along the same positive

pole of a construct (e.g., happy vs. sad; meaningful vs.

empty). High scores reflect both a positive view of the

self, and of death. This score is hypothesized to be







54

positively related to optimal functioning (Rigdon & Epting,

1985).

The Death-threatened score is characterized by having

"self" and "ideal self" along the same positive pole of a

construct and "death" identified with the opposite end of

the construct (e.g., self and ideal self = meaningful; death

= empty). High scores reflect a positive view of self, a

negative view of death, and are thought to be predictive of

those variables commonly associated with death threat

(Neimeyer, 1988).

The Depressed score is characterized by having a split

between "self" and "ideal self" (e.g., self = empty; ideal

self = meaningful) along with a negatively-valenced

construct pole for death (e.g., death = empty). High scores

reflect a negative view of both self and death and is

thought to be related to a number of depression correlates

(Rowe, 1983; Beck, 1967).

Lastly, the Death-attracted score is also characterized

by a discrepency between "self" and "ideal self" constructs.

However, "death" is viewed with the positively-valenced

construct pole (e.g., self = sad; ideal self = happy; death

= happy). This profile is thought to be related to suicidal

preoccupation (Neimeyer, 1985; Beck, 1967).

These four supplemental scores from the Threat Index

will complement the two primary scores discussed earlier

(TI-actualization, TI-death threat). In contrast to the







55
primary scores, no normative data have been established for

the four supplemental Threat Index scores.

Internal consistency of the traditional method of

scoring the Threat Index was demonstrated on college

students and mixed adults by a number of independent studies

(Moore & Neimeyer, 1991; MacInnes & Neimeyer, 1980; Krieger,

Epting & Hays, 1979; Krieger, Epting & Leitner, 1974).

Split-half and Cronbach's Alpha correlations ranged from .88

to .96.

Test-retest reliabilities on college students by the

aforementioned authors and two other research groups (Rigdon

& Epting, 1985; Rainey & Epting, 1977) were performed over

periods of four to nine weeks. Correlations on all of the

studies ranged from .64 to .90 indicating that the Threat

Index yields scores which are stable over one and two month

periods of time.

Three separate studies demonstrated that the Threat

Index is largely free of social desirability bias and

extreme attempts to appear well-adjusted (Moore & Neimeyer,

1991; Dattel & Neimeyer, 1990; Krieger, et al., 1979).

Discriminant validity correlations between the tests had

values ranging from -.01 to -.08 for populations of college

students and mixed adult samples.

Convergent validity between the Threat Index and a

number of commonly used death and dying measures was

demonstrated in eleven studies from 1977 to 1990 (Neimeyer &









Epting, 1992). In varying populations (high school and

college students, crisis workers, adults, ministers, and

community agency groups) the Threat Index showed convergent

validity correlations of .21 and .58 with eight frequently

utilized tests of death and dying.

Construct validity concerns were addressed in eleven

studies dating between 1977 and 1989. College students,

medical and hospice patients, physicians, medical students,

death pre-planners, and students of death education courses

scored in the predictable direction based on religious

orientation (Tobacyk, 1984), disclosive behaviors (Eggerman

& Dustin, 1985) severity of illness (Hendon & Epting, 1989),

presence of denial (Neimeyer, Behnke & Reiss, 1984),

occupation (Rainey & Epting, 1977), and after exposure to

threatening situations (Lantzy & Thornton. 1982).

Unlike the Fear of Death Scale (Collett-Lester, 1969)

and the Death Anxiety Scale (Templer, 1970), the Threat

Index has shown no consistent gender differences on death

attitudes (Neimeyer & Epting, 1992). In fact, the Threat

Index has been utilized as a tool to allow researchers to

explore potential reasons why females obtain higher death

anxiety/fear scores than males on most tests.

The Threat Index was used to test for emotional versus

cognitive responses to death stimuli (Lantzy & Thornton,

1982) and to test for gender differences in "emotional

expressiveness" (Dattel & Neimeyer, 1990). Thus far, the









results have been inconclusive but suggest that other

factors (i.e. locus of control) may account for the obtained

gender differences in scores (Neimeyer, 1988).

The Threat Index has been correlated to traditional

Judeo-Christian religious orientations in some studies

(Ingram & Leitner, 1989; Tobacyk, 1984) but studies have

largely ignored alternative religious beliefs (i.e. Muslim,

Hindu). Other researchers are even focusing on strength of

religious (or atheist) belief as the key predictor of death

threat (Moore & Neimeyer, 1991; Ingram & Leitner, 1989).

Furthermore, researchers (Neimeyer, Bagley & Moore, 1986)

seem to be moving away from simply assessing the positive or

negative valence of death beliefs and are moving toward

using the Threat Index to explore more qualitative research

questions such as, "What is the actual structure of this

individual's death beliefs?"

The Threat Index has also been utilized to assess the

sense of self-actualization that respondents feel.

Researchers (Wood & Robinson, 1982; Neimeyer & Chapman,

1980) have correlated high TI-actualization scores on the

Threat Index (few self-ideal self splits) with the Death

Anxiety Scale and to three of the four subscales of the

Collett-Lester Fear of Death Scale. Results from later

studies using both TI-actualization and TI-death threat

scores (Robinson & Wood, 1983; Neimeyer, 1985) showed that

using both scores did not appreciably add to the prediction







58

of death attitudes (although both were significantly related

to different aspects of death anxiety).

Subjects

Three distinct, naturally occurring groups composed of

144 people participated in this study. Group 1 consisted of

38 hospice trainees. Group 2 contained 73 experienced

hospice volunteers and Group 3 was composed of 33 non-

hospice volunteers.

Hospice Trainees

Thirty-eight hospice volunteers-in-training comprised

the first grouping in this study and were defined as those

people currently attending hospice training workshops for

the purpose of becoming hospice volunteers. Hospice of

North Central Florida recruits volunteers through media

advertising, outreach programs, and word-of-mouth, and

conducts monthly volunteer training workshops at various

locations in northern Florida. Typically trained in classes

of 10 25, trainees first complete application forms and

are personally interviewed to assess motivation, emotional

maturity, and philosophical compatibility.

Hospice trainees are educated over an extended period

of time using audiovisual, didactic, and experiential

methods. They are taught the hospice philosophy, as well as

the physical and psychological issues involved in caring for

the terminally ill. Somewhat surprisingly, only 6 of 38

hospice trainees in this investigation cited salient









personal experience with death (i.e., cancer diagnosis,

death of family member) as a factor in their decision to

become hospice volunteers (15.8%).

Experienced Hospice Volunteers

Seventy-three experienced hospice volunteers made up

the largest grouping in this study. These experienced

hospice volunteers were operationally defined as those

volunteers with at least one year of patient care experience

and at least one patient served. As a group, a wide

spectrum of hospice experience was represented with the

number of patients seen varying from 1 to 80 and length of

service up to 10 years. The median values were six patients

seen and two years of service. Two-thirds of this group had

been hospice volunteers for less than four years.

Only those volunteers whose work was familiar to both

the hospice volunteer coordinator and assistant volunteer

coordinator were used in this study. Hospice of North

Central Florida currently has over 200 trained volunteers to

serve the terminally ill from 11 counties in northern

Florida. At any one time, roughly half of them are active

within the hospice system.

Volunteers are assigned one primary patient and work as

part of a hospice team (nurse, social worker, chaplain,

bereavement counselor) in providing services to that patient

and family. Thirty-five of 73 experienced volunteers in

this study cited salient, personal experience with death as







60

a precipitating factor in their decision to become involved

with hospice (47.9%).

Non-Hospice Volunteers

The final group was a general community volunteer group

of 33 people who served in non-hospice related agencies and

who attended hospice-sponsored presentations. Hospice is

frequently invited by community agencies to present

educational information pertaining to terminal illness,

bereavement, and support resources. This group of

volunteers attended these hospice presentations.

These non-hospice volunteers provide services to

citizens who are sick, shut-in, or recently bereaved. They

were selected to participate in this study based on the

shared similarities of clientele and volunteer activities

with the hospice volunteers. The non-hospice volunteer

group served primarily as a control group for hospice

trainees.

Group Differences

The groups were compared on a number of non-test score

variables (test administration differences, demographic

differences) to assess for any significant group differences

that potentially could confound the test results. First,

comparisons were made between the groups on test

administration method.

Data from these three subject groups were collected

between April 1992 and March 1993 incorporating both group









administrations and bulk mailings of the test packets.

Group administrations took place at various locations in and

around Gainesville, Florida. Table 1 describes the three

groups of research participants, the data collection dates,

the number of subjects taking part in each procedure, and

the administrative method used to collect the data.


Table 1

Subject Groups and Methods of Test Administration

GROUPS (subgroups) N METHOD

Hospice Trainees
Gainesville Training (4/92) 19 Group
Gainesville Training (3/93) 5 Mail
Palatka Training (4/92) 6 Group
Satsumo Training (6/92) 8 Group
Total Hospice Trainees 38

Experienced Hospice Volunteers
Mailouts (8/92) 46 Mail
Gainesville Volunteer Meeting (4/92) 12 Group
Keystone Heights Meeting (4/92) 8 Group
Satsumo Volunteer Meeting (5/92) 7 Group
Total Experienced Volunteers 73

Non-Hospice Volunteers
Lake City Medical Club (7/92) 8 Group
Lake City Hospital Group (7/92) 6 Group
Meals on Wheels-Gainesville (8/92) 10 Mail
Widowed Persons-Gainesville (6/92) 9 Group
Total Non-Hospice Volunteers 33



A large discrepency in the method by which data were

collected was noted between the three groups. Whereas the

majority of experienced hospice volunteers (46 out of 73)

were sampled by mailed test packets (63.0%) rather than in a

group situation, only 5 out of 38 hospice trainees (13.2%)







62

and 10 out of 33 non-hospice volunteers (30.3%) were sampled

by mail.

A Chi-square procedure was performed comparing the

three groups on test administration rates. The resulting

'2(2, N = 144) = 28.4, p < .001 indicated strong evidence

that test administration differences were associated with

the three groups. Compared to hospice trainees and non-

hospice volunteers, significantly more experienced hospice

volunteers responded to mailed test packets rather than

group-administered test packets.

As noted previously, hospice trainees and experienced

hospice volunteers appeared to differ in the percentage who

cited personal death experience as a key factor in the

decision to become involved with hospice (hospice trainees =

15.8%; experienced hospice volunteers = 47.9%). No attempt

was made to assess non-hospice volunteers on this issue.

The resulting )2(1, N = 111) = 11.1, E < .001 indicated that

group membership was significantly associated with how

important prior death experience was in deciding to become

involved with hospice.

Using a demographic information page (see Appendix B),

seven demographic variables were obtained from each research

participant: marital status; gender; household income;

education level; religiosity; age; and occupation.

Descriptive statistics were computed for each group to

determine whether any obvious group differences existed









on any of these seven variables. The simple frequencies and

percentages for all demographic variables except age and

occupation are included in Table 2.


Table 2

Descriptive Group Demographic Information

VARIABLE GROUP 1 GROUP 2 GROUP 3
N % % %
Marital Status
Married 19 50.0 42 57.5 19 57.6
Divorced 4 10.5 7 9.6 1 3.0
Single 12 31.6 10 13.7 0 0.0
Widowed 3 7.9 13 17.8 13 39.4
Totals 38 100.0 72 98.6 33 100.0

Gender
Female 33 86.8 65 89.0 25 75.8
Male 5 13.2 8 11.0 8 24.2
Totals 38 100.0 73 100.0 33 100.0

Household Income
< $10,000 5 13.2 11 15.1 4 12.1
$10 $19,999 5 13.2 12 16.4 9 27.3
$20 $29,999 7 18.4 11 15.1 7 21.2
$30 $39,999 11 28.9 13 17.8 6 18.2
$40 $49,000 2 5.3 9 12.3 1 3.0
> $50.000 7 18.4 12 16.4 2 6.1
Totals 37 97.4 68 93.1 29 87.9

Education Level
< 12 years 7 18.4 19 26.0 10 30.3
13 -16 years 20 52.6 33 45.2 17 51.5
> 16 years 11 28.9 20 27.4 5 15.2
Totals 38 99.9 72 98.6 32 97.0

Religiosity
Yes 20 52.6 46 63.0 24 72.7
No 17 44.7 24 32.9 8 24.2
Totals 37 97.3 70 95.9 32 96.9



As can be seen from the data given above, the modal

research participant, regardless of group, was female,

married, college-educated, and religious. In fact,









household income was the only variable that did not have

consistent modal values across the three groups.

Modal household income for hospice trainees and

experienced hospice volunteers was between $30,000 -

$39,000. The modal household income for non-hospice

volunteers was between $10,000 and $19,000. Although the

groups appeared to have generally similar modal values,

group differences on these five variables were statistically

assessed using a Chi-square procedure.

Five Chi-square tests were performed between the groups

on each of the five demographic variables listed above to

check for statistical independence. With a ~)((6, N = 143)

= 22.25, p < .01, only marital status showed a significant

effect indicating that, of the five variables checked,

strong evidence existed that only marital status differences

were associated with group membership.

However, large group discrepencies were readily

apparent with the other two demographic variables (age and

occupation). To test for apparent group differences in age,

z test statistics comparing the groups' mean ages were

performed, with each of the three group comparisons showing

significant group differences. Table 3 depicts the mean

ages for the three groups, standard deviations, group

comparisons, Z scores, and R values.









Table 3

Mean Ages for Groups and Z Score Comparisons

GROUP AGE MEAN SD COMPARISON Z SCORE p VALUE

1 40.0 14.2 1 vs. 2 -4.90 .0001

2 54.2 14.9 2 vs. 3 -6.67 .0001

3 69.3 7.8 3 vs. 1 10.93 .0001



Average age for the hospice trainees (Group 1) was 40.0

with a SD of 14.2. The experienced hospice volunteers'

(Group 2) mean age was 54.2 with a SD of 14.9. The non-

hospice volunteers' (Group 3) mean age was 69.3 with a SD of

7.8. The group comparisons all attained significant E-

values (R < .0001) indicating that there were significant

differences in the mean ages of each group. The non-hospice

volunteers were significantly older than the experienced

hospice volunteers who were, in turn, significantly older

than the hospice trainees.

As mentioned earlier, the occupational status of the

144 participants in this study also showed obvious group

differences. Self-reported occupations from the sample's

144 respondents were merged into four broad occupational

categories: employed; full-time student; retired; and

homemaker. Simple frequency counts and percentages were

then computed for each group. Included in Table 4 are the

frequencies and percentages of occupational categories for

each of the three groups.









Table 4

Descriptive Group Occupational Information

OCCUPATIONAL STATUS GROUP 1 GROUP 2 GROUP 3
N % N % N %

Employed 26 68.4 29 39.7 5 16.1

Full-Time Student 6 15.8 5 6.8 0 0.0

Retired 2 5.3 23 31.5 22 71.0

Homemaker 4 10.5 16 21.9 4 12.9

Totals 38 100.0 73 99.9 31 100.0



The modal occupational category of Group 1 (hospice

trainees) and Group 2 (experienced hospice volunteers) was

employed (68.4% and 39.7% respectively). However, the modal

occupational status for Group 3 (non-hospice volunteers) was

retired (71%). In fact, 32.6% of the total sample were

retired (47 out of 144) compared to 71% of the non-hospice

volunteers (Group 3) and 5.3% of the hospice trainees (Group

1) identified as such.

Group 3 (non-hospice volunteers) was the only group to

have no identified students. Group 2 (experienced hospice

volunteers) also had the largest percentage of their members

identified as homemakers (16 out of 73, 21.9%). It seems

probable that significant age differences between groups

contributed to these group occupational differences.

A Chi-square test was performed between group and

occupational status to check for statistical independence.

The resulting %2(6, N = 144) = 41.61, R < .001 indicated









strong evidence that a person's occupational status was

associated with group membership.

To summarize, group membership was significantly

associated with test administration methods, the importance

of prior death experience in the decision to become involved

in hospice, marital status, and occupational status. In

addition, significant differences were found in the mean

ages for each of the three groups. The effects of

administration method and demographic variables on

subsequent test scores will be explored in Chapter IV.

Procedure

All participants in this study were administered a

packet containing an informed consent form, the Death

Anxiety Scale (DAS), Purpose in Life Test (PIL), the Threat

Index, and the previously described general demographics

page. The entire package was typically completed in 25 40

minutes. These test packets were either mass-administered

in meetings or mailed individually to all participants.

In all, four primary test scores were generated with

each completed test packet (DAS, PIL, TI-actualization, and

TI-death threat). In addition, four supplemental scores

from the Threat Index were computed (Death-accepting, Death-

threatened, Depressed, and Death-attracted). The scoring

criteria for each test were outlined earlier in this

chapter.









Hospice trainees were screened and invited to

participate in regional training workshops. The training

involved a commitment of six consecutive Tuesday evenings

from 6-9 p.m. Test packets were group-administered during

the first workshop evening prior to any hospice training.

During the spring and early summer of 1992, every trainee

from three different training classes completed the packet

(total of 33). Because the primary investigator was no

longer living in Gainesville, a fourth training group during

the spring of 1993 was given 12 test packets during the

first training session and requested to mail them back at a

later date. Five test packets were returned (41.7%). The

hospice trainee group consisted of 38 members.

Experienced hospice volunteers can attend semi-monthly

patient care meetings sponsored by hospice staff in various

locations. Agency information, volunteer activities, and

patient concerns are shared during these informal meetings.

The test packet was group-administered to the 27

participants who attended three separate meetings. Every

volunteer who attended the three meetings completed the

questionnaire.

However, not all experienced hospice volunteers

attended the semi-monthly patient care meetings. Thus, 76

mailouts were sent to volunteers not attending the patient

care meetings and 48 completed questionnaires were returned

(63.2%). Two of the returned test packets were from very









recent volunteers who were not well-known to either the

hospice volunteer coordinator or to his assistant and were

not included. Altogether, 73 experienced hospice volunteers

were included in the current study.

The majority of non-hospice volunteers received the

test packets during regularly scheduled monthly volunteer

meetings. Several community organizations (e.g., Lake City

Medical Club, Lake City Hospital Group, Widowed Persons

Support Group) had invited hospice to give presentations to

their volunteers on hospice services, distribute educational

materials, and answer relevant questions. All participants

in the meetings completed the questionnaires (total of 23).

In addition, the Meals-on-Wheels group was given 25 test

packets prior to making their appointed delivery rounds and

10 completed forms were later returned to the Meals-on-

Wheels supervisor (40% return rate). A total of 33 non-

hospice volunteers were included in this study.

A volunteer coordinator (Supervisor A) and an assistant

volunteer coordinator (Supervisor B) supervise the volunteer

program at the Hospice of North Central Florida. Both were

interested in the current project and were enthusiastic

about the prospect of correlating a thanatology instrument

with volunteer caregiver performance. The volunteer

coordinators claimed that the Hospice of North Central

Florida had no systematic method of evaluating volunteers









and both felt strongly that participating in this project

had positive ramifications for their program.

The two volunteer coordinators were provided a list of

the 75 experienced hospice volunteers who had completed the

questionnaires. To be included in the study, both volunteer

coordinators had to be familiar with each of the experienced

volunteer's work at hospice so that two performance ratings

could be generated for each volunteer (one from each

volunteer supervisor). The vast majority of experienced

hospice volunteers who completed the test packets were well-

known to both coordinators (73 out of 75) and included in

this phase of the study.

The volunteer coordinators were then instructed to

independently rate the caregiver performance of these 73

volunteers on a five-point ordinal scale based upon their

personal knowledge of each volunteer's performance as a

hospice caregiver. These were obviously very general and

highly personalized ratings. The volunteer coordinators

needed only a working knowledge of each volunteer's hospice

performance and an awareness that a "5" rating represented

superior performance with each lower rating representing

progressively lower performance.

To ensure a broad range of scores, each coordinator was

given the additional instruction to evenly distribute the

volunteer ratings so that nearly equal numbers would be

found under each global rating (top 20% were given a "5"







71

rating; next 20% = "4"; middle 20% = "3"; next to last 20% =

"2"; and last 20% = "1"). This format was used to decrease

the tendency to rate all volunteers as 4's or 5's and

ensured an equal distribution of rating scores. This format

also seemed to assuage the coordinators' fears of evaluating

any volunteer as "a poor performer" since all five ratings

could be considered gradations of adequate performance.

Without conferring with one another, or knowing the

test results of experienced hospice volunteers, the

volunteer coordinators rated the experienced volunteers,

placing them in a distribution of approximately 15

volunteers per rating (5 ratings for 73 members). A

significant Spearman correlation was found between the two

sets of volunteer coordinators' ratings (rho = .5881, R <

.0001).

Although the Spearman correlation was statistically

significant, only 34.5% of the variance of one coordinator's

ratings was associated with change in the other's. This

degree of association was not high enough to allow a merging

of the two ratings (need to account for at least 50% of the

variance), so the coordinators' ratings were kept separate.

As a result, each volunteer had two scores (one from each

volunteer coordinator) ranging from one to five.

Statistical Analyses

The first hypothesis states that significant

relationships exist between the two primary scores of the







72

Threat Index (TI-actualization and TI-death threat) and the

obtained scores on the Death Anxiety Scale (DAS) and the

Purpose in Life Test (PIL) in this sample of 144 hospice

trainees, experienced hospice volunteers, and non-hospice

volunteers. To test the first hypothesis, Pearson

correlations were performed between the TI-actualization

score and the DAS, the TI-actualization score and the PIL,

the TI-death threat score and the DAS, and the TI-death

threat score and the PIL for the entire sample of 144

subjects.

The second hypothesis states that significant

differences in the DAS, PIL, and Threat Index scores exist

between hospice trainees and non-hospice volunteers. To

test the second hypothesis, t tests were used to look for

significant differences in DAS, PIL, TI-actualization, TI-

death threat, and four supplemental Threat Index scores

between the hospice trainee group and the non-hospice

volunteer control group.

The final hypothesis states that a significant

relationship exists between the two primary Threat Index

scores (TI-actualization and TI-death threat) and the

performance ratings given to experienced hospice volunteers

by their supervisors (A and B). To test this hypothesis,

Spearman correlations were computed between TI-actualization

scores, Supervisor A's ratings, and Supervisor B's ratings

and between TI-death threat scores, Supervisor A's ratings,







73

Supervisor B's ratings. All of the above analyses were

conducted using the Statistical Analysis System (SAS

Institute, 1982).













CHAPTER IV
RESULTS


General Findings

Means, standard deviations, and score ranges were

computed for every variable to ensure that scores and values

were appropriately encoded and accurately reflected the

possible range of values. Spot checks were also made

between raw data and computer-inputted data to ensure that

reliable transformation of test protocols took place. Test

results for the entire sample are contained in Table 5.


Table 5

DAS. PIL. and Threat Index

VARIABLE N

DAS 144
PIL 144
TI-actualization 135
TI-death Threat 133
Death-accepting 130
Death-threatened 128
Depressed 128
Death-attracted 128


Test Results of the Entire Sample

MEAN SD RANGE

4.79 2.54 0 13
113.87 15.54 37 140
2.58 3.15 0 20
9.23 9.19 0 36
26.32 10.59 0 40
8.00 9.23 0 36
1.02 1.53 0 6
1.52 2.34 0 15


The means, standard deviations, and ranges of scores on

the Death Anxiety Scale (one score), the Purpose in Life

Test (one score), and the Threat Index (six scores) were

within expectations for this sample of 144 hospice trainees,









experienced hospice volunteers, and non-hospice volunteers.

Compared to the previously cited DAS and PIL normative data

in Chapter III, this global sample endorsed a low average

amount of death anxiety (DAS M = 4.79, SD = 2.54) and a high

sense of purpose (PIL M = 113.87, SD = 15.54).

Results from the two primary scores on the Threat Index

(TI-actualization, TI-death threat) also seem to suggest an

overall high sense of actualization (M = 2.58 splits) and

low death threat (M = 9.23 splits). Krieger, Epting, and

Hays (1979) suggested that scores of 20 would be good

approximations of normal levels of these traits. This

global sample's splits were well below expectations

(extremely well-adjusted).

Means of the four supplemental Threat Index scores

(Death-accepting, Death-threatened, Depressed, Death-

attracted) for the entire group generally seem to reflect a

strong sense of death-acceptance, a moderate degree of death

threat, and minimal depression or death-attraction.

Clearly, this sample of hospice and non-hospice personnel

has a number of positive attributes.

DAS, PIL, and Threat Index mean scores for each of the

three groups were also calculated separately. The summary

statistics for hospice trainees, experienced hospice

volunteers, and non-hospice volunteers have been recorded

below in Table 6.









Table 6

DAS, PIL. and Threat Index Results for the Three Groups

GROUP (TESTS) N MEAN SD RANGE

Hospice Trainees
DAS 38 5.34 2.61 0 11
PIL 38 113.32 13.44 63 134
TI-actualization 38 3.13 3.76 0 20
TI-death threat 38 9.39 7.81 0 31
Death-accepting 38 26.95 7.64 7 39
Death-threatened 38 7.45 7.90 0 30
Depressed 38 1.08 1.36 0 5
Death-attracted 38 2.13 3.21 0 15

Hospice Volunteers
DAS 73 4.48 2.26 0 9
PIL 73 116.44 13.75 72 140
TI-actualization 69 2.19 2.89 0 12
TI-death threat 67 8.67 9.39 0 36
Death-accepting 67 26.69 11.06 0 40
Death-threatened 65 7.63 9.35 0 34
Depressed 65 0.89 1.63 0 6
Death-attracted 65 1.20 1.79 0 7

Non-Hospice Volunteers
DAS 33 4.88 3.00 0 13
PIL 33 108.82 20.11 37 139
TI-actualization 28 2.79 2.83 0 10
TI-death threat 28 10.32 10.56 0 36
Death-accepting 25 24.36 13.08 0 40
Death-threatened 25 9.80 10.85 0 36
Depressed 25 1.24 1.51 0 4
Death-attracted 25 1.40 1.96 0 7



At first glance, the eight test scores showed very few

obvious group differences. Consistent with the total

sample's test results, each of the three groups showed

average levels of death anxiety and an average to above

average level of purposefulness. Again, all three groups

were highly actualized, had moderate levels of death threat,

were generally death-accepting, and had negligible levels of







77

depression or death-attraction. These three groups appeared

to be much more alike than different when comparing the

scores from the three tests.

Administrative Effects

As was noted in Chapter III, the groups showed

significant differences in how they were administered the

test packets. T score (small group inference) and Z score

(large group inference) comparisons were performed on each

of the three groups (hospice trainees, experienced hospice

volunteers, and non-hospice volunteers) and on the entire

sample to determine whether mean test score differences were

present between those subjects who were mailed the tests and

those who were mass-administered the tests.

The only administrative effect found was on the TI-

actualization scores of hospice trainees (Group 1). The

resulting t(36) = 1.96, **R < .05 indicated that hospice

trainees who were mass-administered the test packets tended

to endorse more actualization splits (feel less actualized)

than those who were mailed the test packet (mass-

administered group M = 3.45, SD = 2.72; mail group M = 1.0,

SD = 1.22). Although this represented a statistical

difference, both groups of hospice trainees were highly

actualized (had few TI-actualization splits).

None of the other comparison groups (experienced

hospice volunteers, non-hospice volunteers, or the total

sample) showed any significant differences in test scores









between those administered the tests in groups and those

receiving the tests in the mail. On the whole, there was

little evidence that administrative method had any

meaningful effect on the mean test scores of the groups or

of the entire sample.

Demographic Effects on Test Scores

Before addressing the three hypotheses, demographic

effects on the eight test scores (DAS, PIL, TI-

actualization, TI-death threat, four supplemental Threat

Index scores) were analyzed using Pearson correlations (age

effects), Spearman correlations (education, household

income), and t tests (gender, marital status, religiosity).

Two of the eight Pearson correlations for age and test

score were found to be significant. Table 7 includes the

test scores significantly correlated with age.


Table 7

Significant Correlations Between Demographics and Tests

VARIABLES CORRELATION PROBABILITY

Age TI-actualization -.2249 .0095
Age Death-attracted -.2398 .0071



Table 7 illustrates that TI-actualization and the

Death-attracted score of the Threat Index were significantly

correlated with age. Both correlations were negative and

indicated that, as people's ages increased, fewer TI-

actualization splits (stronger sense of actualization) and









lower Death-attracted scores occurred (less hypothesized

suicidality). These associations were quite weak, with only

5.06% of the variance in TI-actualization scores and 5.75%

of the variance in Death-attracted scores associated with

changes in age.

Spearman correlations were computed between the eight

test scores and the ordinal variables of education (3

levels) and household income (6 levels). The Education -

Death-accepting Spearman correlation was the only

significant value found out of of 16 possible correlations

(rho = .1795, E = .0314). This positive correlation

indicated that higher death-acceptance was associated with

more education. Although statistically significant, only

3.22% of the variance in Death-accepting scores was

associated with changes in education.

Finally, t test comparisons were used to determine

whether gender, marital status, and religiosity had any

effect on test scores. Significant gender differences were

noted only on the PIL with t(21.9) = 2.23, **R = .0365).

Females endorsed higher PIL scores (PIL M = 115.49, SD =

13.37) than did males (PIL M = 102.90, SD = 25.29). None of

the 48 comparisons between the eight test scores and marital

status (4 levels) were found to have significant

differences. Marital status did not appear to have a marked

effect on test scores.







80

Religiosity did have a widespread effect on test scores

as six of eight t tests comparisons revealed significant

differences. Table 8 describes the tests, T values, df, and

p values for the variable of religiosity.


Table 8

T-Test Comparisons of Religiosity's Effect of Test Scores

TEST SCORE T-VALUE DF P-VALUE

DAS -2.5793 137 .0109

PIL 4.2073 137 .0001

TI-actualization -2.1356 137 .0344

TI-death threat -3.2936 137 .0012

Death-accepting 0.5612 133.2 .5756

Death-threatened -2.8491 90.8 .0054

Depressed -1.2335 137 .2194

Death-attracted -2.1726 137 .0315



As can be seen in Table 8, all of the primary test

scores used in this study (DAS, PIL, TI-actualization, TI-

death threat) and two of the supplemental Threat Index

scores (Death-threatened, Death-attracted) showed a

significant religiosity effect.

The DAS t(137) = -2.5793, **p < .0109 was significant

and indicated that those who were religious (H = 90) scored

significantly lower on the DAS (DAS M = 4.43, SD = 2.43)

than those who did not identify themselves as religious (H =

49, DAS M = 5.54, SD = 2.58). Although a statistical









difference was found between the two groups, both the

religious and the non-religious appeared to have generally

low levels of death anxiety (as measured by the DAS).

A significant t value on the PIL of t(137) = 4.2073,

**p = .0001) indicated that those who were religious scored

significantly higher on the PIL (PIL M = 117.81, SD = 13.92)

than those who did not identify themselves as religious (PIL

M = 106.72, SD = 17.40). The religious tended to have a

very high sense of purpose (as measured by the PIL) compared

to the average levels of purposefulness endorsed by the non-

religious.

A significant t value on the TI-actualization score of

t(137) = -2.1356, **R = 0.0344 indicated that those who were

religious had fewer TI-actualization splits (TI-

actualization M = 1.92, SD = 3.05) than those who did not

consider themselves religious (TI-actualization M = 3.07, SD

= 3.27). However, both groups clearly showed high levels

self-actualization (few TI-actualization splits).

The significant t value on the TI-death threat score of

t(137) = -3.2936, **E = .0012 indicated that those who were

religious had fewer TI-death threat splits (TI-death threat

H = 6.54, SD = 8.25) than those who did not consider

themselves religious (TI-death threat M = 11.61, SD = 9.98).

This statistical difference between the religious and the

nonreligious also appeared to have some clinical utility,

with the nonreligious mean TI-death threat score (11.61







82

splits) representing one of the highest Threat Index scores

obtained in this entire sample.

A significant t value on the supplemental Death-

threatened score of t(90.8) = -2.8491, **R = .0054 indicated

that those who were religious had fewer Death-threatened

splits (Death-threatened M = 5.26, SD = 7.95) than those who

did not consider themselves religious (Death-threatened M =

9.91, SD = 10.30). As expected, this supplemental Threat

Index score closely mirrored the results of the TI-death

threat score and appeared to reflect an important difference

between these two groups.

The final significant t value found was on the

supplemental Death-attracted score. The resulting t(137) =

-2.1726, **p = .0315 indicated that those who were religious

had fewer Death-attracted splits (Death-attracted M = 0.91,

SD = 2.20) than those who were not religious (Death-

attracted M = 1.78, SD = 2.50). This finding is of little

apparent clinical usefulness as both groups had minimal

levels of death-attraction (hypothesized suicidality).

Two t test comparisons yielded no significant

differences between the religious and nonreligious on the

supplemental Death-accepting or the Depressed scores of the

Threat Index.

Of note, the majority of demographic variables assessed

(age, education, household income, and marital status) had

few, if any, significant associations with the eight test









scores. When significant relationships were found, they

accounted for little of the variance in scores.

The PIL was shown to have a gender and a religiosity

effect that resulted in easily observed, meaningful

differences in test scores. Clearly the highest PIL scores

were obtained by females and by the religious. Religiosity

also appeared to have a clinically meaningful effect on two

of the eight Threat Index scores (TI-death threat, Death-

threatened). The effect of religiosity appeared to have

more of an impact on test scores than any other demographic

variables. The test results specifically addressing the

three hypotheses will now be addressed.

Hypothesis One

The first hypothesis stated that significant

relationships exist between the two primary scores of the

Threat Index (TI-actualization, TI-death threat) and the

obtained scores on the Death Anxiety Scale (DAS) and the

Purpose in Life Test (PIL) for this global sample of hospice

trainees, experienced hospice volunteers, and non-hospice

volunteers.

These two Threat Index scores proved to be significant

predictors of DAS and PIL scores as Pearson correlations

were computed and three of four correlations were found to

have significant r values. Table 9 describes the four test

score comparisons, r values, and p-values.









Table 9

Correlations Between the Threat Index. DAS. and PIL Scores

TEST COMPARISONS r p

TI-actualization DAS .2231 .0093

TI-actualization PIL -.4889 .0001

TI-death threat DAS .3004 .0004

TI-death threat PIL -.1400 .1080



As can be seen in Table 9, three out of four test

comparisons resulted in significant correlations. TI-

actualization showed a positive correlation (r = .2231, p =

.0093) with the Death Anxiety Scale (DAS). As TI-

actualization splits increased (lower self-actualization),

so did DAS scores (higher death anxiety). This correlation,

although statistically significant, was a weak one with only

4.98% of the variance in the DAS scores associated with

changes in the TI-actualization scores.

TI-actualization showed a significant negative

correlation (1 = -.4889, E = 0.0001) with the Purpose in

Life Test (PIL) indicative of an inverse relationship

between these two scores. Few TI-actualization splits (high

self-actualization) were associated with high purpose in

life. This correlation represented a robust relationship

between these two test scores, with 23.90% of the variance

in PIL scores associated with changes in the TI-

actualization scores.








TI-death threat showed a significant positive

correlation (I = .3004, p = .0004) with the DAS. High death

threat (many splits) was associated with high death anxiety.

This correlation was also a relatively weak association with

only 9.02% of the variance in DAS scores associated with

changes in the TI-death threat scores.

Finally, TI-death threat was not significantly

associated with PIL scores (r = -.1400, R = .1080).

Hypothesis Two

The second hypothesis stated that significant

differences in DAS, PIL, and the six Threat Index mean

scores exist between hospice trainees and non-hospice

volunteers. This hypothesis tested whether any of these

three tests could identify traits that would discriminate

hospice trainees from non-hospice volunteers. It was hoped

that one of the tests would be effective in screening

potential hospice volunteers.

Using t test procedures, the two groups were compared

on the Death Anxiety Scale (DAS), Purpose in Life Test

(PIL), and the Threat Index (two primary scores and four

supplemental scores) and shown to have no significant

differences in mean scores on any of the measures utilized

in this study. Table 10 describes the t test results of

Group 1 (hospice trainees) and Group 3 (non-hospice

volunteers) on each of the eight test scores.









Table 10

T-Test Comparisons Of Test Scores of Group 1 and Group 3

TEST t df p

Death Anxiety Scale .6960 69 .4888

Purpose in Life Test 1.0905 54.5 .2803

TI-actualization .4087 64 .6842

TI-death threat -.4101 64 .6831

Death-accepting .8940 34.9 .3774

Death-threatened -.9961 61 .3231

Depressed -.4398 61 .6616

Death-attracted 1.1237 60.7 .2656



To summarize, t test comparisons of the hospice trainee

and non-hospice volunteer mean scores on the DAS, PIL and

the Threat Index were ineffective in discriminating between

these two groups.

In ancillary analyses, t tests were also used to

compare Group 1 (hospice trainees) and Group 2 (experienced

hospice volunteers) and Group 2 (experienced hospice

volunteers) and Group 3 (non-hospice volunteers) on these

eight test scores. No significant t values were obtained on

any of the sixteen t test comparisons. These three tests

were clearly unable to effectively discriminate any of these

three groups of subjects.









Hypothesis Three

The third hypothesis stated that significant

relationships exist between the two primary Threat Index

scores (TI-actualization, TI-death threat) and the

performance ratings given to the experienced hospice

volunteers by two volunteer coordinators (Supervisor A and

Supervisor B). This hypothesis tested whether the Threat

Index might be useful as a measure of performance for

existing hospice volunteers.

A Spearman correlation procedure was performed between

the volunteer coordinator ratings and the two primary Threat

Index scores to assess the relationship between these

variables. The correlation between the two volunteer

coordinator's ratings reached statistical significance (rho

= .5881, R = .0001), but was not large enough to justify

merging the ratings. As a result, each set of ratings was

separately correlated with the test scores with the rho

values and probabilities included in Table 11 below.

Table 11

Spearman Correlations Between Supervisors and Threat Index

VARIABLES RHO P-VALUE

Supervisor A Supervisor B .5881 .0001

Supervisor A TI-actualization -.1477 .2125
Supervisor A TI-death threat -.1563 .1867

Supervisor B TI-actualization -.2042 .0831
Supervisor B TI-death threat -.2108 .0734









As can be seen in Table 11, neither the TI-

actualization score nor the TI-death threat score was

significantly associated with supervisory ratings

(Supervisor A or B). However, an ancillary analysis

correlating the performance ratings with the four

supplemental Threat Index scores resulted in significant

correlations between the Death-accepting score of the Threat

Index and both raters (Supervisor A Death-accepting rho =

.5634, p = .0001; Supervisor B Death-accepting rho =

.4359, R = .0001).

Although the performance ratings of experienced hospice

volunteers were unrelated to TI-actualization and TI-death

threat scores, one supplemental Threat Index score (Death-

accepting) had a significant positive correlation with both

raters. These correlations were also of some clinical

relevance as 31.74% of the variance in Supervisor A's

ratings and 19.00% of the variance in Supervisor B's ratings

were associated with changes in the Death-accepting score.

Those experienced hospice volunteers rated highly by the

volunteer coordinators were likely to have high death-

acceptance.

Summary of Findings for the Three Hypotheses

Results of the first hypothesis showed that TI-

actualization and TI-death threat scores of the Threat Index

were significant correlated with the DAS and the PIL scores

on three of four test comparisons in this global sample of








144 hospice trainees, experienced hospice volunteers, and

non-hospice volunteers. TI-actualization scores were

significantly related to scores on the DAS and the PIL and

TI-death threat scores were significantly related to DAS

scores.

As the number of TI-actualization splits increased

(lower self-actualization), DAS scores increased (more death

anxiety) and PIL scores decreased (lower sense of purpose).

As the number of TI-death threat splits increased (more

death threat), DAS scores increased (more death anxiety).

Of the three significant test correlations, the TI-

actualization score was best able to predict PIL socres,

with 23.9% of the variance in PIL scores associated with

changes in the TI-actualization scores.

Results of the second hypothesis indicated no

significant differences in DAS, PIL, and Threat Index mean

scores were found between hospice trainees and non-hospice

volunteers. None of the eight test comparisons (DAS, PIL,

TI-actualization, TI-death threat, or four supplemental

Threat Index scores) showed significant t results. In fact,

none of the three groups were found to significantly differ

from each other on any of the test scores.

Results of the third hypothesis also showed that

neither the TI-actualization nor the TI-death threat score

was significantly correlated with the performance ratings of

experienced hospice volunteers. However, ancillary analyses







90

did uncover a significant correlation between both sets of

experienced hospice volunteer ratings and the Death-

accepting score on the Threat Index (supplemental Threat

Index score) indicating that death-acceptance among

volunteers tended to increase as performance ratings

increased.












CHAPTER V
DISCUSSION


Rationale for the Study

Hospice provides an important service to terminally ill

patients and families (Steele, 1990; Ferrell, 1985; Cameron

& Parkes, 1983) and seems destined to play an increasingly

larger role in health care delivery in the years ahead (Mor,

1987; Hine, 1979-80). Hospice volunteers are widely

recognized as valuable members of the hospice team (Basile &

Stone, 1986-87; De Vries, 1983), yet very little is known

about their views on death, their sense of purpose, or the

impact of their attitudes on subsequent caregiver

effectiveness (Lafer, 1989; Amenta, 1984).

The research that is available on the death attitudes

of "professional" health care providers seems to indicate

that caregivers who are overly anxious about death or who

deny its impact have difficulties responding appropriately

to the emotionally-charged needs of terminally ill patients

and families (Field & Howells, 1988; Eakes, 1985; Neimeyer,

Behnke & Reiss, 1984). Death anxiety obviously detracts

from a healthy "death surround" (Rando, 1984) seen by

hospice as so critical in facilitating the coping of a

patient and family facing inevitable death. To what extent









is death anxiety a problem with "nonprofessional" hospice

volunteers?

Many hospice administrators recognize that carefully

exploring the feelings that volunteer trainees have about

death is important and most programs currently have formal

candidate interviews prior to training. However, a review

of the literature found few, if any, attempts to develop

screening instruments for potential hospice volunteers or to

investigate the link between the death attitudes of hospice

volunteers and subsequent caregiver performance (Finn

Paradis & Usui, 1987). The current study was conducted

primarily to address these shortcomings in the literature.

The Threat Index and two other popular thanatological

instruments (Death Anxiety Scale, Purpose in Life Test) were

used in this study to explore three primary hypotheses. If

found to be helpful in addressing the basic research

questions of the current study, it was hoped that the Threat

Index might prove to be a useful tool in the hands of

hospice administrators seeking to put the best candidates in

these stressful and demanding caregiver roles.

The present investigation has examined whether the

Threat Index (based on the Personal Construct Psychology of

George Kelly) could be used as an effective screening and

evaluative measure for both hospice trainees and volunteers.

The Threat Index was chosen because it had the strongest

theoretical grounding of any thanatological instrument









(Neimeyer & Epting, 1992) and it was constructed with an

inherent sensitivity to the fact that an individual's

notions of death are highly idiosyncratic (Rando, 1987;

Feifel, 1968; Jung, 1959).

The primary investigator also hoped that the present

study would meaningfully contribute to the growing

literature of thanatology. Thanatology is a field marked by

multiple journals, contributing disciplines, and research

foci. Yet it is also a field apparently in need of a

unifying theory with which to understand past findings and

to efficiently explore new research directions. Personal

Construct Psychology (Kelly, 1955) has been viewed by some

(Neimeyer, Epting & Krieger, 1984) as best suited to perform

these tasks and the Threat Index is one of its primary

tools.

Relationships Between the Test Scores: Hypothesis One

Three of four Pearson correlations between the three

tests were found to be significant. These findings

indicated that significant relationships exist between the

primary Threat Index scores (TI-actualization, TI-death

threat) and the scores on the Death Anxiety Scale (DAS) and

the Purpose in Life Test (PIL) obtained from this sample of

144 hospice trainees, experienced hospice volunteers and

non-hospice volunteers. These three instruments do seem to

measure some common aspects of death anxiety and sense of

purpose.









A high sense of actualization (few TI-actualization

splits) was correlated to low death anxiety (DAS) and a high

sense of purpose (PIL). A high degree of death threat (many

TI-death threat splits) was correlated to high death anxiety

(DAS). No significant correlation was found between TI-

death threat scores and PIL scores. Although statistically

significant, the three correlations had weak predictive

power with roughly 5%, 24%, and 9% of the variance in one

score associated with changes in the other score

(respectively). Clearly, scores on the DAS and PIL were

largely associated with factors not directly measured by the

Threat Index.

The few studies that have been conducted with hospice

volunteers have shown that scores from the Death Anxiety

Scale and the Purpose in Life Test have a significant

inverse relationship (Amenta, 1984; Amenta & Weiner, 1981).

The results of the current study closely mirrored the above

findings. However, as was the case in prior studies, the

current investigation also obtained correlations with weak

predictive power and will probably do little to silence

critics who claim that serious methodological problems

continue to confound attempts to measure death anxiety

(Vargo, 1980; Dickstein, 1972).

Using Tests to Differentiate Groups: Hypothesis Two

This study found that no significant differences in

DAS, PIL, and the six Threat Index mean scores exist between




Full Text

PAGE 2

86,1* 7+( 7+5($7 ,1'(; 72 35(',&7 '($7+ $1;,(7< 6(16( 2) 385326( $1' 3(5)250$1&( 2) +263,&( 92/817((5 3(56211(/ %\ 0,&+$(/ *,//$63,( $ ',66(57$7,21 35(6(17(' 72 7+( *5$'8$7( 6&+22/ 2) 7+( 81,9(56,7< 2) )/25,'$ ,1 3$57,$/ )8/),//0(17 2) 7+( 5(48,5(0(176 )25 7+( '(*5(( 2) '2&725 2) 3+,/2623+< 81,9(56,7< 2) )/25,'$ 81,9(56,7< 2) )/25,'$ /,%5$5,(6

PAGE 3

$&.12:/('*(0(176 0DQ\ WKDQNV JR WR 'U 'RURWK\ 1HYLOO ZKR FKDLUHG WKLV SURMHFW DQG HQWKXVLDVWLFDOO\ FRQWULEXWHG KHU NQRZOHGJH DQG WLPH 7KDQNV DOVR JR WR 'UV 5RELQ :HVW 0DUWLQ +HHVDFNHU )UDQ] (SWLQJ DQG -LP 3LWWV ZKR HQFRXUDJHG DQG FKDOOHQJHG PH WR H[FHO )LQDOO\ ORYLQJ DSSUHFLDWLRQ JRHV WR P\ ZLIH IDPLO\ DQG IULHQGV IRU WKHLU IRUEHDUDQFH DQG KXPRU LQ XUJLQJ PH WR JHW 3KLQLVKH' ,W QHYHU FRXOG KDYH KDSSHQHG ZLWKRXW \RX LL

PAGE 4

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

PAGE 5

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f 7+5($7 ,1'(; 334 334 334f 5()(5(1&(6 ,OO %,2*5$3+,&$/ 6.(7&+

PAGE 6

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f FRXOG EH XVHG WR SUHGLFW VXEVHTXHQW 'HDWK $Q[LHW\ 6FDOH DQG 3XUSRVHLQ/LIH 7HVW VFRUHV LQ WKH JOREDO VDPSOH RI KRVSLFH WUDLQHHV H[SHULHQFHG KRVSLFH YROXQWHHUV DQG QRQKRVSLFH YROXQWHHUV 7ZR RI WKH VLJQLILFDQW FRUUHODWLRQV KDG PRGHVW SUHGLFWLYH SRZHU 7KH WKLUG VLJQLILFDQW Y

PAGE 7

FRUUHODWLRQ LQGLFDWHG WKDW 7,DFWXDOL]DWLRQ VFRUHV ZHUH HVSHFLDOO\ JRRG SUHGLFWRUV RI 3XUSRVHLQ /LIH VFRUHV 7KH UHVXOWV RI WKH VHFRQG K\SRWKHVLV LQGLFDWHG WKDW QRQH RI WKH VFRUHV EDVHG RQ WKH WKUHH WHVWV FRXOG GLIIHUHQWLDWH WKH KRVSLFH WUDLQHHV IURP WKH QRQKRVSLFH YROXQWHHUV 7KH UHVXOWV RI WKH WKLUG K\SRWKHVLV LQGLFDWHG WKDW QHLWKHU RI WKH WZR SULPDU\ 7KUHDW ,QGH[ VFRUHV 7, DFWXDOL]DWLRQ 7,GHDWK WKUHDWf ZDV VLJQLILFDQWO\ UHODWHG WR WKH SHUIRUPDQFH UDWLQJV RI H[SHULHQFHG KRVSLFH YROXQWHHUV DOWKRXJK RQH VXSSOHPHQWDO 7KUHDW ,QGH[ VFRUH ZDV D SRZHUIXO SUHGLFWRU RI YROXQWHHU SHUIRUPDQFH UDWLQJV 7KH FXUUHQW LQYHVWLJDWLRQ UDLVHG TXHVWLRQV FRQFHUQLQJ WKH IHDVLELOLW\ DQG UHOHYHQFH RI XVLQJ RQO\ SULPDU\ 7KUHDW ,QGH[ VFRUHV LQ D SRSXODWLRQ RI KRVSLFH YROXQWHHUV &OHDUO\ IDFWRUV RWKHU WKDQ WKRVH PHDVXUHG E\ WKH 7KUHDW ,QGH[ DUH LPSRUWDQW LQ WKH VFUHHQLQJ DQG HYDOXDWLRQ RI KRVSLFH YROXQWHHUV YL

PAGE 8

&+$37(5 ,1752'8&7,21 +RVSLFH 9ROXQWHHUV +RVSLFH SURJUDPV LQ WKH 8QLWHG 6WDWHV KDYH VHUYHG WKH PXOWLIDFHWHG QHHGV RI WKH WHUPLQDOO\ LOO DQG WKHLU IDPLOLHV VLQFH .QHFKW f DQG YROXQWHHUV KDYH SOD\HG DQ LQFUHDVLQJO\ LPSRUWDQW UROH LQ KRVSLFHnV GUDPDWLF JURZWK %HJXQ DV D JUDVVURRWV UHDFWLRQ DJDLQVW LQVWLWXWLRQDOL]HG PHGLFDO FDUH )LQQ 3DUDGLV t &XPPLQJV /RQJHVW f KRVSLFH KDV TXLFNO\ H[SDQGHG QDWLRQZLGH DQG KDV LWVHOI EHFRPH D VRPHZKDW EXUHDXFUDWLF VWUXFWXUH 5XVVHOO f %HFDXVH RI LWV SKHQRPHQDO JURZWK KRVSLFH KDV DWWUDFWHG JRYHUQPHQW DWWHQWLRQ LQ WKH IRUP RI IHGHUDO UHJXODWLRQV DQG &RQJUHVVLRQDO DFWV %D\HU t )HOGPDQ .QHFKW f ,Q IDFW WKH 0HGLFDUH UHLPEXUVHPHQW JXLGHOLQHV UHTXLUHG KRVSLFH WR XWLOL]H YROXQWHHUV DV SDUW RI D SDWLHQWnV LQWHUGLVFLSOLQDU\ WHDP 0DQWHOO t (OO f 'HVSLWH WKH UHJXODWLRQV DQG IHGHUDO PDQGDWHV KRVSLFH VWULYHV WR SURYLGH LQGLYLGXDOL]HG FDUH DQG VHHNV WR PD[LPL]H D FRPIRUWDEOH ILW EHWZHHQ G\LQJ SHUVRQV DQG WKHLU SK\VLFDO DQG VRFLDO HQYLURQPHQWV 0DQWHOO t (OO SS f 7KLV LQWHUDFWLRQDO SHUVSHFWLYH LV FRQVLVWHQW ZLWK WKH UHVHDUFK WKDW GHPRQVWUDWHV WKDW LQGLYLGXDO KHDOWK DQG OLIH

PAGE 9

VWUHVV DGDSWDWLRQ DUH HQKDQFHG WKURXJK VRFLDO VXSSRUW 6WHHOH )HUUHOO (OO 5DQGR *RWWOLHE f 7KH YROXQWHHUn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f +RVSLFH DGPLQLVWUDWRUV KDYH D VWDNH LQ VHHLQJ WKDW WKHLU YROXQWHHUV ERWK KHOS WHUPLQDOO\LOO SDWLHQWV DQG WKHLU IDPLOLHV DQG UHFHLYH VLJQLILFDQW VDWLVIDFWLRQ IRU WKH ZRUN WKDW WKH\ GR 6XUSULVLQJO\ ZLWK RYHU KRVSLFH SURJUDPV LQ WKLV FRXQWU\ 0RU f UHODWLYHO\ IHZ HPSLULFDO VWXGLHV KDYH EHHQ FRQGXFWHG RQ KRVSLFH SURJUDPV LQ JHQHUDO RU RQ KRVSLFH YROXQWHHUV LQ SDUWLFXODU 9ROXQWHHUV DUH LQFUHDVLQJO\ SHUIRUPLQJ D ZLGH YDULHW\ RI GXWLHV LQ WKHLU UROHV DW KRVSLFH UDQJLQJ IURP DVVLVWLQJ ZLWK KRXVHKROG FKRUHV DQG GDLO\ OLYLQJ WDVNV WR WDNLQJ SDUW LQ UHFUHDWLRQDO DFWLYLWLHV WR FRXQVHOLQJ SDWLHQWV DQG WKHLU IDPLOLHV 0DJQXVHQ +XJKHV 'H 9ULHV f &RQVLGHULQJ WKH LQWHQVH DQG VWUHVVIXO QDWXUH RI WKHVH HPRWLRQDOO\ FKDUJHG KRVSLFH UHODWLRQVKLSV LW VHHPV

PAGE 10

EHQHILFLDO WR PRUH FORVHO\ H[SORUH WKH IHHOLQJV DQG DWWLWXGHV RI WKLV SRSXODWLRQ RI KHDOWKFDUH SURYLGHUV /RQHOLQHVV GHSUHVVLRQ DQ[LHW\ DQG IHDU DUH UHFXUUHQW WKHPHV LQ WKH OLWHUDWXUH RQ GHDWK DQG G\LQJ 'RZQH:DPEROGW t (OOHUWRQ 6PLWK t %RKQHW 'XSHH 'DYLGVRQ f \HW WKHVH WKHPHV KDYH EHHQ LQYHVWLJDWHG SULPDULO\ IURP WKH SDWLHQWnV SRLQW RI YLHZ )HZ HPSLULFDO VWXGLHV KDYH H[SORUHG ZKHWKHU WKHVH RU DQ\ RWKHU V\PSWRPV DUH SUHVHQW LQ WKH YROXQWHHUV ZKR ZRUN DW KRVSLFH $FFRUGLQJ WR .UDQW f WHUPLQDOO\ LOO SDWLHQWV V\PEROL]H GHDWK D XQLYHUVDOO\ IHDUHG FRQFHSW 3HUKDSV EHFDXVH RI WKLV SKHQRPHQRQ G\LQJ SDWLHQWV DUH W\SLFDOO\ LJQRUHG DQG RVWUDFL]HG E\ IULHQGV PHGLFDO VWDII DQG FOHUJ\ 3ULFH t +LJJLQV 7HOEDQ )HLIHO f )HDU RI DEDQGRQPHQW KDV ORQJ EHHQ VKRZQ WR EH D VDOLHQW FRQFHUQ RI WKRVH ZKR DUH G\LQJ 'DYLGVRQ .XEOHU5RVV f ,QGHHG D VL]DEOH DPRXQW RI UHVHDUFK KDV VKRZQ GHDWK DQ[LHW\ WR FRQWULEXWH QHJDWLYHO\ WR WKH FDUH SURYLGHG E\ GRFWRUV DQG QXUVHV )LHOG t +RZHOOV (DNHV 6WROOHU f ,I WKHVH QHJDWLYH UHDFWLRQV WR VHULRXVO\ LOO SDWLHQWV RFFXU EHFDXVH RI GHDWK DQ[LHW\ WR ZKDW H[WHQW DUH KRVSLFH YROXQWHHUV DEOH WR FRPEDW WKHLU RZQ IHDUV DQG IXQFWLRQ HIIHFWLYHO\ LQ WKHLU UROHV DV FDUHJLYHUV" 2QH PLJKW K\SRWKHVL]H WKDW H[FHVVLYH OHYHOV RI GHDWK DQ[LHW\ LQ YROXQWHHUV ZRXOG QHJDWLYHO\ LQIOXHQFH WKH FDUH WKDW WKH\ DUH DEOH WR SURYLGH KRVSLFH SDWLHQWV

PAGE 11

)UHTXHQWO\ GHVFULEHG DV WKH EDFNERQH RI DQ\ KRVSLFH YROXQWHHUV SURYLGH L[WXQHDVXUHDEOH VXSSRUW IRU SDWLHQWV DQG IDPLOLHV 'XVK )LQQ 3DUDGLV t 8VXL .DYDQDXJK 0RU t /DOLEHUWH f *LYHQ WKH LQFUHDVLQJ UHFRJQLWLRQ WKDW KRVSLFH YROXQWHHUV KDYH UHFHLYHG ERWK E\ PHGLFDO DQG JRYHUQPHQWDO ERGLHV DQ\WKLQJ ZKLFK PLJKW GHWUDFW IURP RU EH SUHGLFWLYH RI WKHLU HIIHFWLYHQHVV DV FDUHJLYHUV ZRXOG VHHP WR EH ZRUWK\ RI LQYHVWLJDWLRQ 7KDQDWRORTLFDO 5HVHDUFK 'HDWK DQ[LHW\ LV D IUHTXHQWO\ GHEDWHG FRQFHSW ZKRVH RULJLQV OLH LQ WKH SV\FKRDQDO\WLF QRWLRQV RI )UHXG f 5DQN f DQG 6WHNHO f 3KRELF UHDFWLRQV DQG FXOWXUDO VXEOLPDWLRQ DUH WZR RI WKH HDUOLHVW WKHRUL]HG UHVSRQVHV WR DQ[LHW\ UHVXOWLQJ IURP GHDWK DQG G\LQJ 0RUH UHFHQWO\ GHDWK DQ[LHW\ KDV VSDUNHG LQWHUHVW IURP UHVHDUFKHUV DQG KDV EHHQ VWXGLHG TXLWH H[WHQVLYHO\ LQ WKH OLWHUDWXUHV RI SV\FKRORJ\ PHGLFLQH DQG HGXFDWLRQ 1RW VDWLVILHG ZLWK WKH QHEXORXV DQDO\WLF QRWLRQV RI HDUOLHU WKHRULVWV ODWHU LQYHVWLJDWRUV GHYLVHG LQVWUXPHQWV LQ DQ DWWHPSW WR RSHUDWLRQDOL]H GHDWK DQ[LHW\ $V WKH QXPEHU RI LQVWUXPHQWV PHDVXULQJ GHDWK FRQFHUQV LQFUHDVHG LH %XJHQnV &RSLQJ ZLWK 'HDWK 6FDOH .ULHJHU (SWLQJ DQG /HLWQHUnV 7KUHDW ,QGH[ 7HPSOHUnV 'HDWK $Q[LHW\ 6FDOH WKH &ROOHWW/HVWHU )HDU RI 'HDWK 6FDOH f DQ HPSLULFDO EDVLV ZDV IRXQG IRU WKH ORQJ DVVHUWHG FODLPV RI DQDO\WLF ZULWHUV &RQVLVWHQW ZLWK WKH

PAGE 12

ZULWLQJV RI HDUO\ WKHRULVWV SHRSOH GLG VHHP WR KDYH IHDUV DQG ZRUULHV VXUURXQGLQJ GHDWK +RZHYHU PDQ\ WHVWV IUHTXHQWO\ H[KLELWHG RQO\ PRGHUDWH FRUUHODWLRQV ZLWK HDFK RWKHU DQG VRPH DXWKRUV KDYH VXJJHVWHG WKDW VLJQLILFDQW PHWKRGRORJLFDO SUREOHPV FRQWLQXH WR SODJXH DWWHPSWV WR PHDVXUH GHDWK DQ[LHW\ 9DUJR 'LFNVWHLQ f :LWK WKH FRQWLQXHG GLYHUVLW\ RI GHDWK DQ[LHW\ PHDVXUHV LW LV QRZ JHQHUDOO\ UHFRJQL]HG WKDW WKLV FRQFHSW LV PXFK PRUH FRPSOH[ WKDQ ZDV RULJLQDOO\ FRQFHLYHG 'HDWK DQ[LHW\ LV FXUUHQWO\ FRQFHSWXDOL]HG WR EH D PXOWL UDWKHU WKDQ D XQLGLPHQVLRQDO FRQFHSW 5LJGRQ t (SWLQJ /LWWOHILHOG t )OHPLQJ .DVWHQEDXP t $LVHQEHUJ 9HUQRQ f 0DQ\ DWWHPSWV KDYH EHHQ PDGH WR XQWDQJOH WKH YDULRXV UHVSRQVHV WRZDUG GHDWK DQG LW QRZ DSSHDUV WKDW GHDWK DQ[LHW\ LV EXW RQH FRPSRQHQW RI D ZKROH FRQVWHOODWLRQ RI GHDWK UHVSRQVHV ZKLFK LQFOXGHV GHDWK IHDU GHDWK WKUHDW DQG GHDWK DWWLWXGHV 1HLPH\HU %DJOH\ t 0RRUH f 6RPH LQYHVWLJDWRUV KDYH SRVLWHG WKDW GHDWK FRQFHUQV DUH SUHVHQW DW VHYHUDO OHYHOV RI FRQVFLRXVQHVV )HLIHO t %UDQVFRPE )HLIHO t +HUPDQQ f 6HOIUHSRUWV SURMHFWLYH WHVWV ZRUG DVVRFLDWLRQV DQG JDOYDQLF VNLQ UHVSRQVHV ZHUH VRPH RI WKH PHWKRGV XWLOL]HG WR WDS LQWR SURJUHVVLYHO\ GHHSHU OD\HUV RI GHDWK DQ[LHW\ DQG IHDUV /LWWOHILHOG t )OHPLQJ 3ROLDN f ,QFRQVLVWHQW ILQGLQJV XVLQJ WKHVH WHFKQLTXHV KRZHYHU JDYH ULVH WR WKH K\SRWKHVHV WKDW VRFLDO GHVLUDELOLW\ GHQLDO RU

PAGE 13

UHSUHVVLRQ ZHUH UHVSRQVLEOH IRU VNHZLQJ WKH UHVXOWV RI GHDWK DQ[LHW\ UHVHDUFK 'LFNVWHLQ 1HOVRQ t 1HOVRQ 'XUODN f 6WLOO RWKHU LQYHVWLJDWRUV KDYH IRXQG WKDW GLIIHUHQFHV LQ PHDVXUHG OHYHOV RI GHDWK DQ[LHW\ DQG IHDU H[LVWHG GHSHQGLQJ XSRQ IDFWRUV VXFK DV WKH DPRXQW RI VDWLVIDFWLRQ REWDLQHG LQ OLIH WKH GHJUHH RI SDLQ H[SHULHQFHG RU ZKRVH GHDWK ZDV EHLQJ FRQVLGHUHG $PHQWD 7UHQW *ODVV -U t 0DJHH &ROOHWW t /HVWHU f 1HLPH\HU (SWLQJ DQG .ULHJHU f UHYLHZHG WKH IUDJPHQWHG OLWHUDWXUH RI GHDWK DQG G\LQJ DQG FRQFOXGHG WKDW WKH ILHOG ZDV LQ GLUH QHHG RI D FRKHUHQW WHVWDEOH WKHRU\ WR FRQFHSWXDOL]H WKHVH SKHQRPHQD :LWK VR PDQ\ GLVFLSOLQHV FRQWULEXWLQJ WR WKDQDWRORJ\ PHGLFLQH VRFLRORJ\ HGXFDWLRQ UHOLJLRQf WKH DERYH DXWKRUV VXJJHVW WKDW SV\FKRORJ\ LV EHVW HTXLSSHG WR SURYLGH D WKHRUHWLFDO IUDPHZRUN IRU IXUWKHU HPSLULFDO VWXGLHV ,Q VHDUFKLQJ IRU D XQLI\LQJ WKHRU\ WR RUJDQL]H WKDQDWRORJ\ VRPH UHVHDUFKHUV KDYH LQFUHDVLQJO\ XWLOL]HG 3HUVRQDO &RQVWUXFW 3V\FKRORJ\ DV ILUVW SURSRVHG E\ *HRUJH .HOO\ f 3HUVRQDO &RQVWUXFW 7KHRU\ $FFRUGLQJ WR .HOO\ f SHRSOH RUJDQL]H H[SHULHQFHV WKURXJK D SHUVRQDOO\ XQLTXH V\VWHP RI NQRZOHGJH VWUXFWXUHV FDOOHG SHUVRQDO FRQVWUXFWV 6KXQQLQJ WKH PRUH SRVLWLYLVWLF DSSURDFKHV LQ SV\FKRORJ\ .HOO\ VDZ LQGLYLGXDOV DV SHUVRQDO VFLHQWLVWV ZKR DFWLYHO\ FRQVWUXHG WKHLU HQYLURQPHQWV

PAGE 14

WKURXJK LGLRV\QFUDWLF SHUVRQDO FRQVWUXFW V\VWHPV 3HRSOH XVHG WKHVH NQRZOHGJH VWUXFWXUHV RU SHUVRQDO FRQVWUXFWVf WR FUHDWH WHVW DQG PRGLI\ SHUVRQDO WKHRULHV ZKLFK KHOSHG WKHP RUJDQL]H WKHLU OLYHV DQG DQWLFLSDWH IXWXUH HYHQWV 3HUVRQDO FRQVWUXFWV FDQ EH WKRXJKW RI DV LQGLYLGXDO LQWHUSUHWLYH VWUXFWXUHV ZKHUHE\ VRPH WKLQJV DUH VHHQ DV DOLNH DQG \HW GLIIHUHQW IURP RWKHUV %DQQLVWHU t 0DLU S f 7KHVH VWUXFWXUHV GHWHUPLQH ERWK D SHUVRQnV SHUFHSWLRQV RI DQG UHDFWLRQV WR WKHLU HQYLURQPHQW 3HUVRQDO FRQVWUXFWV DOVR HQDEOH SHRSOH WR LQWHUSUHW SDVW H[SHULHQFH DQG WR PDNH SUHGLFWLRQV DERXW WKH IXWXUH 7KHVH SHUVRQDO FRQVWUXFWV RU LQWHUSUHWLYH VWUXFWXUHV DUH WKRXJKW WR GHYHORS RYHU WLPH LQWR FRPSOH[ KLHUDUFKLHV HQDEOLQJ XV WR RUGHU RXU H[SHULHQFH WKURXJK ELSRODU FRQVWUXFWV VXFK DV KDSS\VDG IULHQGHQHP\ PDOHIHPDOH VLOO\VHULRXV HWF $ SHUVRQnV FRQVWUXFWLRQ RI UHDOLW\ XOWLPDWHO\ KLQJHV XSRQ D VPDOO QXPEHU RI FRUH FRQVWUXFWV ZKLFK DUH FHQWUDO WR WKDW SHUVRQnV EHOLHI V\VWHP DQG XQGHU ZKLFK WKH YDVW PDWUL[ RI RWKHU PRUH SHULSKHUDO FRQVWUXFWV DUH RUJDQL]HG .HOO\ EHOLHYHG WKDW SHRSOH FRQWLQXDOO\ PRGLILHG WKH VHFRQGDU\ RU SHULSKHUDO FRQVWUXFWV LQ UHVSRQVH WR FRQIOLFWLQJ HQYLURQPHQWDO GDWD +RZHYHU FRUH FRQVWUXFWV DUH KLJKO\ UHVLVWDQW WR FKDQJH ,I WKH FRUH FRQVWUXFWV RI D SHUVRQnV EHOLHI V\VWHP EHFRPH REVROHWH RU GHIHFWLYH WKH ZKROH PDWUL[ RI FRQVWUXFWV LV MHRSDUGL]HG DQG SUHYLRXVO\

PAGE 15

PHDQLQJIXO FRQVWUXFWLRQV RI WKH ZRUOG EHFRPH FKDRWLF DQG LQGHFLSKHUDEOH .HOO\ WKHRUL]HG WKDW WKUHDW RFFXUV ZKHQ D SHUVRQnV IXQGDPHQWDO DVVXPSWLRQV FRUH FRQVWUXFWVf DERXW UHDOLW\ DUH VHULRXVO\ FKDOOHQJHG E\ H[SHULHQFH ,Q IDFW WKUHDW ZDV GHILQHG E\ .HOO\ DV WKH DZDUHQHVV RI LPPLQHQW FRPSUHKHQVLYH FKDQJH LQ RQHnV FRUH VWUXFWXUHV .HOO\ S f 'HDWK DFFRUGLQJ WR 1HLPH\HU DQG &KDSPDQ f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f ,Q .ULHJHU (SWLQJ DQG /HLWQHU GHYHORSHG WKH 7KUHDW ,QGH[ ZKLFK LV WKHRUHWLFDOO\ EDVHG RQ WKH 3HUVRQDO &RQVWUXFW 7KHRU\ RI *HRUJH .HOO\ 'XULQJ WKH SDVW WZHQW\ \HDUV WKH 7KUHDW ,QGH[ KDV EHHQ XWLOL]HG LQ ERWK UHVHDUFK DQG FOLQLFDO FRQWH[WV DQG LV RQH RI WKH PRVW SURPLVLQJ GHDWK RULHQWDWLRQ LQVWUXPHQWV LQ WKH OLWHUDWXUH WRGD\ 5RELQVRQ t :RRG 6LPSVRQ f 'HVSLWH LWV PDQ\ DSSOLFDWLRQV WKH 7KUHDW ,QGH[ KDV QRW EHHQ DGPLQLVWHUHG LQ D KRVSLFH VHWWLQJ /LWWOH LV NQRZQ DERXW WKH GHDWK DWWLWXGHV RI KRVSLFH YROXQWHHUV \HW WKH\ ZRUN LQWLPDWHO\ ZLWK WHUPLQDOO\ LOO SDWLHQWV DQG IDPLOLHV

PAGE 16

RQ D ZHHNO\ LI QRW GDLO\ EDVLV +RVSLFH YROXQWHHUV ZRXOG VHHP WR EH DQ DWULVNf SRSXODWLRQ IRU WKH GHELOLWDWLQJ HIIHFWV RI GHDWK DQ[LHW\ LH SRRU SDWLHQW FDUHf '\LQJ SDWLHQWV DQG WKHLU IDPLOLHV QHHG YROXQWHHUV ZKR DUH HPRWLRQDOO\ DYDLODEOH DQG ZLOOLQJ WR KHOS WKHP SK\VLFDOO\ DQG SV\FKRORJLFDOO\ GXULQJ WKLV GLIILFXOW WLPH 7KH 7KUHDW ,QGH[ FXUUHQWO\ FDQ \LHOG WZR SULPDU\ VFRUHV DQG IRXU VXSSOHPHQWDO VFRUHV ,W ZLOO EH WKH PDLQ PHDVXUH XVHG LQ WKLV VWXG\ 7ZR RWKHU LQVWUXPHQWV KDYH EHHQ XVHG H[WHQVLYHO\ LQ WKDQDWRORJLFDO UHVHDUFK DQG ZLOO DOVR EH XVHG GXULQJ WKLV LQYHVWLJDWLRQ 'HDWK $Q[LHW\ 6FDOH 3XUSRVH LQ /LIH 7HVW f 7KH VHOIUHSRUW UHVSRQVHV RI KRVSLFH WUDLQHHV H[SHULHQFHG KRVSLFH YROXQWHHUV DQG QRQn KRVSLFH YROXQWHHUV VXEMHFWV WRWDOf ZLOO EH HYDOXDWHG 7KH SULPDU\ SXUSRVH RI WKLV VWXG\ LV WR VKRZ ZKHWKHU WKH 7KUHDW ,QGH[ FDQ EH HIIHFWLYHO\ XVHG LQ D KRVSLFH YROXQWHHU VHWWLQJ WR VFUHHQ DQG HYDOXDWH KRVSLFH WUDLQHHV DQG KRVSLFH YROXQWHHUV 7R WKLV HQG WKUHH K\SRWKHVHV ZLOO EH WHVWHG XVLQJ WKH 7KUHDW ,QGH[ 7,f WKH 'HDWK $Q[LHW\ 6FDOH '$6f DQG WKH 3XUSRVH LQ /LIH 7HVW 3,/f +\SRWKHVHV 7KH ILUVW K\SRWKHVLV VWDWHV WKDW VLJQLILFDQW UHODWLRQVKLSV H[LVW EHWZHHQ WKH WZR SULPDU\ VFRUHV RI WKH 7KUHDW ,QGH[ 7,DFWXDOL]DWLRQ DQG 7,GHDWK WKUHDWf DQG WKH REWDLQHG VFRUHV RQ WKH 'HDWK $Q[LHW\ 6FDOH '$6f DQG WKH 3XUSRVH LQ /LIH 7HVW 3,/f LQ WKLV VWXG\nV VDPSOH RI

PAGE 17

KRVSLFH WUDLQHHV H[SHULHQFHG KRVSLFH YROXQWHHUV DQG QRQn KRVSLFH YROXQWHHUV 7KLV K\SRWKHVLV ZLOO WHVW ZKHWKHU GHDWK DQ[LHW\ RU VHQVH RI SXUSRVH FDQ EH SUHGLFWHG XVLQJ WKH 7KUHDW ,QGH[ 7KH VHFRQG K\SRWKHVLV VWDWHV WKDW VLJQLILFDQW GLIIHUHQFHV LQ '$6 3,/ RU 7KUHDW ,QGH[ VFRUHV SULPDU\ DQG VXSSOHPHQWDU\ VFRUHVf H[LVW EHWZHHQ KRVSLFH WUDLQHHV DQG QRQKRVSLFH YROXQWHHUV 7KLV K\SRWKHVLV ZLOO WHVW ZKHWKHU DQ\ RI WKHVH WHVWV FRXOG EH XVHG DV D VFUHHQLQJ LQVWUXPHQW IRU SRWHQWLDO KRVSLFH YROXQWHHUV 7KH WKLUG K\SRWKHVLV VWDWHV WKDW VLJQLILFDQW UHODWLRQVKLSV H[LVW EHWZHHQ WKH WZR SULPDU\ 7KUHDW ,QGH[ VFRUHV 7,DFWXDOL]DWLRQ DQG 7,GHDWK WKUHDWf DQG WKH VXSHUYLVRU\ SHUIRUPDQFH UDWLQJV JLYHQ WR H[SHULHQFHG KRVSLFH YROXQWHHUV 7KLV K\SRWKHVLV ZLOO WHVW ZKHWKHU WKH 7KUHDW ,QGH[ FRXOG EH XVHG DV DQ HYDOXDWLYH LQVWUXPHQW ZLWK YROXQWHHUV FXUUHQWO\ LQYROYHG LQ SDWLHQW FDUH

PAGE 18

&+$37(5 ,, 5(9,(: 2) 7+( /,7(5$785( (IIHFWLYHQHVV RI +RVSLFH 3URJUDPV ,Q $PHULFDQ VRFLHW\ SHRSOH W\SLFDOO\ GLH DORQH LQ ODUJH DQG XQIDPLOLDU HQYLURQPHQWV ,V WKLV WKH FKRLFH RI WKH G\LQJ SHUVRQ" ,V WKLV SUHIHUDEOH IRU WKH IDPLOLHV LQYROYHG" :KDW DUH WKH UDPLILFDWLRQV RI WUHDWLQJ VHULRXVO\ LOO SHRSOH LQ WKLV PDQQHU" ,Q DQ\ JLYHQ \HDU PRUH WKDQ b RI WKH GHDWKV LQ WKH 8QLWHG 6WDWHV RFFXU RXWVLGH WKH KRPH GHVSLWH VWXGLHV VKRZLQJ WKDW b RI WKH SRSXODWLRQ SUHIHUV WR GLH DW KRPH +LQH f 7KH KRVSLFH PRYHPHQW KDV HYROYHG LQ WKLV FRXQWU\ VSHFLILFDOO\ LQ UHVSRQVH WR VXFK WURXEOLQJ TXHVWLRQV DQG VWDWLVWLFV 7KH JURZWK RI KRVSLFH SURJUDPV LQ WKLV FRXQWU\ RYHU WKH SDVW WZR GHFDGHV YLYLGO\ GHPRQVWUDWHV WKDW WUDGLWLRQDO WUHDWPHQW RSWLRQV IRU WHUPLQDOO\ LOO SDWLHQWV ZHUH VDGO\ OLPLWHG 0RU f +HDOWKFDUH SURYLGHUV DUH EHJLQQLQJ WR DFNQRZOHGJH WKDW IDFWRUV VXUURXQGLQJ WKH GHDWK RI D ORYHG RQH GHWHUPLQH WKH TXDOLW\ RI WKLV QDWXUDO H[SHULHQFH ERWK IRU WKH SDWLHQWV DQG WKHLU IDPLOLHV 7KH GHDWK VXUURXQG ZDV D SKUDVH FRLQHG E\ 5DQGR f WR GHVFULEH VXFK WKLQJV DV WKH ORFDWLRQ RI GHDWK WKH SUHVHQFH RI ORYHG RQHV WKH W\SH DQG FDXVH RI GHDWK DQG WKH GHJUHH RI IDPLO\ SUHSDUDWLRQ IRU GHDWK $OWKRXJK WKH GHDWK

PAGE 19

VXUURXQG LV LPSRUWDQW IRU WKH G\LQJ SDWLHQWnV FRPIRUW DQG SHDFH RI PLQG LW LV DOVR VHHQ DV SOD\LQJ DQ DEVROXWHO\ YLWDO UROH DIWHUZDUGV LQ WKH IDPLO\ JULHYLQJ SURFHVV 6WHHOH f &DQDGLDQ UHVHDUFKHUV ZLWK WKH 5R\DO 9LFWRULD 3DOOLDWLYH &DUH 8QLW f FRQGXFWHG IROORZXS UHVHDUFK RQ WKH VXUYLYRUV RI WHUPLQDOO\ LOO SDWLHQWV ZKR KDG GLHG GXULQJ D VL[ PRQWK SHULRG 2QH \HDU DIWHU H[SHULHQFLQJ D ORYHG RQHnV GHDWK WKH SDOOLDWLYH FDUH XQLWnV IDPLOLHV VKRZHG FRQVLVWHQWO\ IHZHU PDQLIHVWDWLRQV RI JULHI ZKHQ FRPSDUHG WR WKH FRQWURO IDPLOLHV %XFNLQJKDP DQG )ROH\ f HYDOXDWHG WKH KRPHFDUH VHUYLFHV SURYLGHG E\ WKH 1HZ +DYHQ +RVSLFH 2YHU D WZR \HDU SHULRG DQ[LHW\ GHSUHVVLRQ DQG VRFLDO DGMXVWPHQW VFRUHV RI KRVSLFH DQG QRQKRVSLFH SDWLHQWV DQG IDPLOLHV ZHUH FRPSDUHG +RVSLFH SDWLHQWV DQG IDPLOLHV H[KLELWHG ORZHU OHYHOV RI DQ[LHW\ DQG GHSUHVVLRQ WKDQ GLG WKH QRQKRVSLFH FRPSDULVRQ JURXS 7KH KRVSLFH JURXS DOVR KDG KLJKHU DGMXVWPHQW OHYHOV WKDQ WKRVH SDWLHQWV DQG IDPLOLHV QRW LQYROYHG LQ KRVSLFH FDUH 3DUNHV f LQWHUYLHZHG WKH VXUYLYLQJ VSRXVHV RI SDWLHQWV ZKR KDG GLHG RI FDQFHU LQ /RQGRQ +H HYHQWXDOO\ PDWFKHG SDWLHQWV IURP 6W &KULVWRSKHUnV +RVSLFH ZLWK SDWLHQWV IURP RWKHU DUHD KRVSLWDOV DQG LQWHUYLHZHG WKH VSRXVHV RI HDFK SDWLHQW 'XULQJ WKHLU LQSDWLHQW VWD\V VLJQLILFDQWO\ PRUH KRVSLWDO SDWLHQWV VXIIHUHG VHYHUH SDLQ

PAGE 20

DQG GLVWUHVV WKDQ GLG WKH KRVSLFH SDWLHQWV 7KH SDWLHQWV DW 6W &KULVWRSKHUnV +RVSLFH ZHUH VLJQLILFDQWO\ PRUH OLNHO\ WR EH RXW RI EHG GXULQJ WKH PDMRULW\ RI WKHLU LQSDWLHQW VWD\ DQG ZHUH WZLFH DV OLNHO\ WR NQRZ WKHLU GLDJQRVLV DQG SURJQRVLV )LQDOO\ FRPSDUHG WR WKHLU KRVSLWDO FRKRUWV KRVSLFH SDWLHQWV HQGRUVHG WDONLQJ WR RWKHU SDWLHQWV DQG YLVLWRUV DV DQ LPSRUWDQW IDFHW RI WKHLU WUHDWPHQW ,Q RUGHU WR XQGHUVWDQG WKH IDFWRUV LQYROYHG LQ VHOHFWLQJ DQ DFFHSWDEOH GHDWK VXUURXQG 3XWQDP 0F'RQDOG DQG 0LOOHU f VXUYH\HG SDWLHQW DQG IDPLO\ SDLUV +DOI RI WKH SDLUV FKRVH WR GLH DW KRPH DQG FLWHG WKDW EHLQJ ZLWK IDPLO\ DQG IULHQGV DQG SOD\LQJ DQ DFWLYH UROH LQ WUHDWPHQW ZHUH FULWLFDO GHWHUPLQDQWV LQ WKHLU GHFLVLRQ 7KH RWKHU KDOI RI SDLUV FKRVH WR GLH LQ WKH KRVSLWDO DQG FLWHG VXSHULRU PHGLFDO FDUH DQG QRW EXUGHQLQJ WKH IDPLO\ DV LPSRUWDQW IDFWRUV LQ WKHLU GHFLVLRQ :KHQ JLYHQ WKH K\SRWKHWLFDO VLWXDWLRQ RI D QXUVH FRPLQJ RXW WR WKH KRPH VHYHUDO WLPHV SHU ZHHN b RI WKH KRVSLWDOFKRRVLQJ SDLUV ZRXOG FKRRVH WR GLH DW KRPH &DPHURQ DQG 3DUNHV f LQWHUYLHZHG FORVH UHODWLYHV RI FDQFHU SDWLHQWV ZKR KDG HLWKHU GLHG LQ D 3DOOLDWLYH &DUH 8QLW 3&8f RU LQ RWKHU ZDUGV RI WKH VDPH KRVSLWDO 2QH \HDU DIWHU WKH GHDWKV UHODWLYHV RI 3&8 SDWLHQWV UHSRUWHG VLJQLILFDQWO\ IHZHU SV\FKRORJLFDO V\PSWRPV DQG OHVV SHUVLVWHQW JULHI WKDQ WKH KRVSLWDO FRQWURO UHODWLYHV 7KH UHODWLYHV RI WKH KRVSLWDOL]HG FRQWURO

PAGE 21

SDWLHQWV ZHUH HVSHFLDOO\ GLIIHUHQWLDWHG IURP WKH 3&8 IDPLOLHV LQ WKHLU FRQWLQXHG LUULWDELOLW\ KRVWLOLW\ WRZDUG RWKHUV DQG GLVWUHVVLQJ PHPRULHV RI WKH SDWLHQWfV SDLQ .DQH :DOHV %HUQVWHLQ /HLERZLW] DQG .DSODQ f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f LQWHUYLHZHG IDPLOLHV RI WHUPLQDOO\ LOO SDWLHQWV ZKR KDG UHFHQWO\ GLHG ERWK LQ KRVSLWDOV DQG DW KRPH XQGHU WKH FDUH RI D KRVSLFH 0RVW RI WKH KRVSLWDO IDPLOLHV LQWHUYLHZHG H[SUHVVHG VHULRXV GLVVDWLVIDFWLRQ ZLWK WKH FDUH DGPLQLVWHUHG WR WKHLU IDPLO\ PHPEHU SULRU WR GHDWK )DPLOLHV HQUROOHG LQ KRVSLFH SURJUDPV SULRU WR WKH GHDWK IHOW WKDW ERWK WKH\ DQG WKHLU IDPLO\ PHPEHU KDG UHFHLYHG VHQVLWLYH DQG SHUVRQDO DWWHQWLRQ )HUUHOO IXUWKHU GLVFRYHUHG WKDW WKH VSRXVHV RI WKRVH ZKR GLHG LQ WKH KRPH IHOW OHVV JXLOW VKRFN FRQIXVLRQ DQG QXPEQHVV WKDQ VSRXVHV RI WKRVH ZKR GLHG LQ WKH KRVSLWDO /DVWO\ WKH

PAGE 22

KRVSLWDO VSRXVHV DOVR VKRZHG D VWURQJ WHQGHQF\ WR GZHOO RQ WKH QHJDWLYH FLUFXPVWDQFHV RI WKH GHDWK 8VLQJ WKH *ULHI ([SHULHQFH ,QYHQWRU\ 6DQGHUV f 6WHHOH f WHVWHG UHODWLYHV RI SDWLHQWV ZKR KDG GLHG KDOI RI ZKRP SDUWLFLSDWHG LQ D KRVSLFH SURJUDP SULRU WR WKH ORYHG RQHn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nV H[SORVLYH JURZWK 0RU 3ULFH t +LJJLQV f VHHPV WR UHIOHFW D GHHS GLVVDWLVIDFWLRQ ZLWK WUDGLWLRQDO DSSURDFKHV DLPHG DW FDULQJ IRU WHUPLQDO SDWLHQWV 7KLV QHHG\ SRSXODWLRQ DQG WKHLU WURXEOHG IDPLOLHV KDYH EHHQ SRRUO\ VHUYHG E\ \HDUV RI LQVWLWXWLRQDOL]HG PHGLFLQH 5HVHDUFK VXFK DV WKH VWXGLHV FLWHG DERYH OHQGV FUHGHQFH WR KRVSLFHnV DVVHUWLRQ WKDW SDOOLDWLYH FDUH FDQ UHVXOW LQ D KLJKHU TXDOLW\ RI OLIH IRU WKH WHUPLQDOO\ LOO SDWLHQW +RVSLFH FDQ DOVR SOD\ D PDMRU UROH LQ WKH ORQJWHUP SURFHVV RI UHFRYHU\ IRU VXUYLYRUVn IROORZLQJ WKH ORYHG RQHnV GHDWK

PAGE 23

7KH 5ROH RI +RVSLFH 9ROXQWHHUV $FFRUGLQJ WR D QXPEHU RI UHVHDUFKHUV &DPHURQ t 3DUNHV .UDQW :LOOLDPV f JHQHUDO KRVSLWDO FDUH LV IUHTXHQWO\ XQVXLWHG IRU PHHWLQJ WKH PDQ\ QHHGV RI G\LQJ SDWLHQWV DQG IDPLOLHV )RUHPRVW DPRQJ WKH SUREOHPV FLWHG E\ SDWLHQWV DQG IDPLOLHV DUH GLIILFXOWLHV LQ FRPPXQLFDWLQJ IHDU VDGQHVV DQJHU UHVHQWPHQW DQG ORYH .UDQW f $ UHYLHZ RI WKH OLWHUDWXUH VXJJHVWV WKDW YROXQWHHUV DW KRVSLFH DUH LQFUHDVLQJO\ EHLQJ XWLOL]HG WR DGGUHVV WKH GLIILFXOW SV\FKRORJLFDO GHPDQGV RI WKH WHUPLQDOO\ LOO DQG WKHLU IDPLOLHV 'RZQH:DPEROGW t (OOHUWRQ &DW\ t 7DPO\Q 'H9ULHV f 'RZQH:DPEROGW DQG (OOHUWRQ f LQYHVWLJDWHG WKH DFWLYLWLHV RI YROXQWHHUV LQWHUDFWLQJ ZLWK WHUPLQDO FDQFHU SDWLHQWV $IWHU HDFK SDWLHQWIDPLO\ YLVLW YROXQWHHUV HQGRUVHG RQH RI VL[ DFWLYLWLHV OLVWHQLQJ DQG UHVSRQGLQJ VRFLDOL]LQJ SURYLGLQJ SK\VLFDO FRPIRUW SURYLGLQJ VSLULWXDO FRPIRUW LQIRUPDWLRQ H[FKDQJH DQG UHIHUUDO 7KH DFWLYLW\ PRVW HQJDJHG LQ E\ YROXQWHHUV ZKHQ LQWHUDFWLQJ ZLWK SDWLHQWV DQG IDPLOLHV ZDV OLVWHQLQJ DQG UHVSRQGLQJ bf $OWKRXJK SK\VLFDO V\PSWRPV ZHUH FLWHG E\ SDWLHQWV DV WKHLU PRVW SUHYDOHQW FRQFHUQ bf HPRWLRQDO DQG VRFLDO FRQFHUQV ZHUH DOVR KHDYLO\ HQGRUVHG bf 7KH UHVHDUFKHUV EHOLHYH WKDW YROXQWHHUV FDQ EH LQYDOXDEOH LQ VHUYLQJ DV OLDLVRQV EHWZHHQ SDWLHQWV DQG PHGLFDO VWDII

PAGE 24

%DVLOH DQG 6WRQH f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f IRXQG WKDW YROXQWHHUV ZHUH HQJDJHG SULPDULO\ LQ ILYH DFWLYLWLHV SDOOLDWLYH FDUH DGPLQLVWUDWLRQ EHUHDYHPHQW LQKRPH FDUH DQG FRPPXQLW\ RXWUHDFK 7KH UHVHDUFKHUV IRXQG WKDW b RI WKH YROXQWHHUV IHOW WKDW WKHLU VWUHQJWKV DQG WDOHQWV ZHUH EHLQJ ZHOOXWLOL]HG E\ KRVSLFH +RZHYHU YROXQWHHUV IRXQG SDOOLDWLYH FDUH WKH PRVW VWUHVVIXO DFWLYLW\ DQG DORQJ ZLWK EHUHDYHPHQW WKH OHDVW VDWLVI\LQJ DFWLYLWLHV WKH\ SHUIRUP 7KH DXWKRUV VXJJHVW WKDW ZRUNLQJ LQ SDLUV RIIHULQJ YROXQWHHU VXSSRUW JURXSV DQG HQFRXUDJLQJ PRUH LQWHUDFWLRQ ZLWK SDLG KRVSLFH VWDII PLJKW KHOS YROXQWHHUV FRSH ZKLOH SHUIRUPLQJ WKHVH GLIILFXOW DFWLYLWLHV 0DJQXVHQ +XJKHV f VXUYH\HG YROXQWHHUV IURP IRXU :LVFRQVLQ KRVSLFHV WR LGHQWLI\ YROXQWHHU DFWLYLWLHV DQG

PAGE 25

DVVHVV KRZ WKH\ SHUFHLYHG WKH QHHGV RI WKH SDWLHQWV DQG IDPLOLHV WKDW WKH\ VHUYH 9ROXQWHHUV RYHUZKHOPLQJO\ IHOW WKDW SDWLHQWV DQG IDPLOLHV KDYH KHDY\ HPRWLRQDO IHDU LVRODWLRQ IDWLJXHf DQG SK\VLFDO FRQFHUQV SDLQ QDXVHD FRQVWLSDWLRQf 7KH ILYH PRVW IUHTXHQWO\ SURYLGHG VHUYLFHV DQG WKH ILYH VHUYLFHV VHHQ DV PRVW YDOXDEOH E\ YROXQWHHUVf ZHUH IULHQGO\ YLVLWLQJ FDUHJLYHU UHVSLWH EHUHDYHPHQW YLVLWV WHOHSKRQH FRQWDFWV DQG KRVSLWDO YLVLWV 9ROXQWHHUV DOVR HQJDJHG LQ PRUH WDVNRULHQWHG VHUYLFHV VXFK DV EDWKLQJ WUDQVSRUWDWLRQ VKRSSLQJ DQG IHHGLQJ $ VL]HDEOH PLQRULW\ RI YROXQWHHUV bf HYHQ SHUIRUPHG WHFKQLFDO SURFHGXUHV ZRXQG FDUH R[\JHQ WKHUDS\ DQG DVVLVWDQFH LQ HOLPLQDWLRQf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t 5XQQLRQ %DVLOH t 6WRQH f 'HDWK DQ[LHW\ LV

PAGE 26

WKRXJKW WR QHJDWLYHO\ LQIOXHQFH WKLV SDWLHQWFDUHJLYHU ERQG :DOWPDQ 6FDQORQ *DGRZ )HLIHO f DQG WR EH D VLJQLILFDQW FRQWULEXWRU WR EXUQRXW LQ WKH KHDOWK SURIHVVLRQV 3ULFH t %HUJHQ +D\ t 2NHQ 9UHHODQG t (OOLV f 7KHRUHWLFDO 2ULJLQV RI 'HDWK $Q[LHW\ 3ULRU WR )UHXG f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f EHFDPH PRUH SHVVLPLVWLF DQG KH UHYLVHG D QXPEHU RI KLV EHOLHIV 7DNLQJ FXHV IURP VRPH RI WKH FRQWHPSRUDU\ ILQGLQJV LQ WKH SK\VLFDO VFLHQFHV KH IHOW WKDW WKH EDVLF DLP RI DOO OLIH IRUPV ZDV WR UHWXUQ WR VLPSOHU VWDWHV )UHXG IHOW WKDW D EDVLF WHQGHQF\ IRU KXPDQV ZDV WR VWULYH WRZDUG GHDWK 2HGLSDO FRQIOLFWV DORQH ZHUH LQVXIILFLHQW WR H[SODLQ WKH KXPDQ SURFOLYLW\ WRZDUG ZDU DQG PDVV DQQLKLODWLRQ )UHXG EHOLHYHG WKDW D GHDWK LQVWLQFW )UHXG f PXVW VHUYH DV WKH EDVLV IRU D ZLGH UDQJH RI

PAGE 27

WURXEOLQJ EHKDYLRUV VXFK DV DJJUHVVLRQ VDGLVP DQG PDVRFKLVP 7KLV ODWHU YLHZ RI )UHXGnV ZDV QRW ZHOODFFHSWHG E\ KLV DQDO\WLF SHHUV *UHHQEHUJHU 0F&OHOODQG %URGVN\ )HQLFKHO f ZKR FRQWLQXHG WR SRVLW WKDW GHDWK DQ[LHW\ ZDV PHUHO\ D GHIHQVLYH DWWHPSW E\ SDWLHQWV WR DYRLG RHGLSDO LVVXHV 5HXQLRQ ZLWK WKH PRWKHU VHSDUDWLRQ IURP WKH PRWKHU SXQLVKPHQW IRU DJJUHVVLRQ DQG SXQLVKPHQW IRU LQFHVWXRXV ZLVKHV ZHUH MXVW VRPH RI WKH H[DPSOHV RI KRZ WKHVH DQDO\WLF ZULWHUV FRQWLQXHG WR YLHZ GHDWK DQ[LHW\ /RQHWWR t 7HPSOHU f -XQJ f GLG QRW EHOLHYH LQ VXFK D QHJDWLYLVWLF YLHZ RI GHDWK ,QVWHDG KH IHOW WKDW SHRSOH FRXOG KDYH D ZLGH UDQJH RI EHOLHIV DERXW GHDWK DQG WKDW WKHVH EHOLHIV VKDSHG SHRSOHnV GDLO\ OLYHV :KDW ZDV LPSRUWDQW ZDV KRZ WKHVH EHOLHIV ZHUH LQWHJUDWHG LQWR GDLO\ OLYLQJ +H DGKHUHG WR D W\SH RI GHYHORSPHQWDO PRGHO RI H[LVWHQFH WKH ILUVW KDOI RI OLIH ZDV FRQFHUQHG ZLWK SUHSDULQJ IRU OLIHnV SULPDU\ DFWLYLWLHV PDUULDJH SDUHQWLQJ FDUHHUVf WKH VHFRQG KDOI RI OLIH GHDOW ZLWK SUHSDULQJ IRU GHDWK /RQHWWR t 7HPSOHU f 7KLV OLIH DQG GHDWK GXDOLW\ ZDV IXUWKHU H[SORUHG E\ WKH ZRUNV RI (ULN )URPP f )URPP EHOLHYHG WKDW DOO SHRSOH KDYH YHVWLJHV RI ELRSKLOLD ORYH RI OLIHf DQG QHFURSKLOLD ORYH RI GHDWKf EXW KH ZDV SDUWLFXODUO\ LQWHUHVWHG LQ QHFURSKLOLDFV ZKR ZHUH LQH[SOLFDEO\ GUDZQ WRZDUG GHDWK

PAGE 28

FRUSVHV DQG GHFD\ )URPP OLNHQHG WKHVH ORYHUV RI GHDWK WR )UHXGLDQ DQDO FKDUDFWHUV ZKR ZHUH RUGHUO\ IRUFHIXO HPRWLRQDOO\ FROG DQG UXPLQDWLYH )URPP H[SORUHG WKH OLYHV RI FKDUDFWHUV VXFK DV +LWOHU DQG 6WDOLQ DQG FRQFOXGHG WKDW WKH\ ZHUH H[WUHPH QHFURSKLOLDFV ZLWK D IULJKWHQLQJ FDSDFLW\ DQG ZLOOLQJQHVV WR GHVWUR\ $GOHU f DQG )UDQNO f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f :HLVPDQ f DQG =LOERRUJ f YLHZHG GHDWK GHQLDO DV H[WUHPHO\ LPSRUWDQW ERWK IRU LQGLYLGXDOV DQG VRFLHW\ DV D ZKROH ,Q RUGHU WR OHDG SURGXFWLYH OLYHV SHRSOH PXVW FRQVWDQWO\ GHQ\ GHDWK RU WKH DQ[LHW\ ZLOO EHFRPH ERWK WHUULI\LQJ DQG RYHUZKHOPLQJ 0HQWDO LOOQHVV DQG VRFLHWDO EUHDNGRZQ DUH WKH QHFHVVDU\ RXWFRPHV RI IDLOLQJ WR HIIHFWLYHO\ GHQ\ GHDWK

PAGE 29

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f )HLIHO f DQG RWKHUV KDYH ZULWWHQ WKDW KXPDQ WKRXJKWV DQG EHKDYLRUV DUH XQLTXHO\ IXWXUHRULHQWHG DQG WKDW GHDWK LV WKH XOWLPDWH WKUHDW )HLIHO ZDV DQ HDUO\ SLRQHHU LQ WKH SV\FKRORJLFDO VWXG\ RI GHDWK DQG ZDV RQH RI WKH ILUVW WR GHPRQVWUDWH WKDW D SHUVRQnV FXUUHQW EHKDYLRU ZDV ODUJHO\ LQIOXHQFHG E\ WKHLU EHOLHIV DQG DWWLWXGHV DERXW WKH IXWXUH DQG WKHLU RZQ PRUWDOLW\

PAGE 30

7KH XQGHUHPSKDVLV RQ WKH SODFH RI WKH IXWXUH LQ SV\FKRORJLFDO WKLQNLQJ LV VXUSULVLQJ EHFDXVH LQ PDQ\ PRPHQWV PDQ UHVSRQGV PXFK PRUH WR ZKDW LV FRPLQJ WKDQ WR ZKDW KDV EHHQ ,QGHHG ZKDW D SHUVRQ VHHNV WR EHFRPH PD\ DW WLPHV ZHOO GHFLGH ZKDW KH DWWHQGV WR LQ KLV SDVW 7KH SDVW LV DQ LPDJH WKDW FKDQJHV ZLWK RXU LPDJH RI RXUVHOYHV ,W KDV EHHQ VDLG WKDW ZH PD\ OHDUQ ORRNLQJ EDFNZDUG ZH OLYH ORRNLQJ IRUZDUG $ SHUVRQnV WKLQNLQJ DQG EHKDYLRU PD\ EH LQIOXHQFHG PRUH WKDQ ZH UHFRJQL]H E\ KLV YLHZV KRSHV DQG IHDUV FRQFHUQLQJ WKH QDWXUH DQG PHDQLQJ RI GHDWK )HLIHO S f 0DQ\ SV\FKRORJLVWV 'XUODN 'LFNVWHLQ 7HPSOHU %R\HU %URGVN\ )HLIHO f SDLQVWDNLQJO\ XQFRYHUHG D ZHDOWK RI LQWHUHVWLQJ EXW GLVRUJDQL]HG ILQGLQJV XVLQJ HPSLULFDO PHWKRGV 7KH PDVVLYH YROXPH RI GHDWK VWXGLHV LQ WKH V DQG V ZDV WKH FDWDO\VW IRU WKH FUHDWLRQ RI PRUH VSHFLDOL]HG UHVHDUFK DQG VFLHQWLILF MRXUQDOV 2QH RI WKH ILUVW IDFWVf XQFRYHUHG ZDV WKDW GHDWK KDG PDQ\ PHDQLQJV IRU GLIIHUHQW SHRSOH )HLIHO f ZURWH WKDW GHDWK FDQ UHSUHVHQW D WHDFKHU RI XQLYHUVDO WUXWKV WKH JHQWOH QLJKW SHDFHIXO VOHHS DQ DGYHQWXUH D JUHDW GHVWUR\HU UHXQLRQ ZLWK IDPLO\ ORVV RI FRQWURO HWF .DVWHQEDXP f YLHZHG GHDWK IURP IRXU EURDG SHUVSHFWLYHV WKH JUHDW OHYHOHU RU HTXDOL]HU WKH JUHDW YDOLGDWRU DQ HYHQW WKDW UDGLFDOO\ DOWHUV UHODWLRQVKLSV ZLWK RWKHUV HLWKHU XQLWLQJ RU VHSDUDWLQJf DQG DV DQ HQG WR DQ RSSRUWXQLW\ RI DFKLHYHPHQW DQG H[SHULHQFH 'HDWK LV XQLYHUVDO EXW LWV PHDQLQJ LV KLJKO\ LGLRV\QFUDWLF 2QH DVSHFW RI GHDWK ZKLFK KDV IDVFLQDWHG SRHWV )UHXGLDQV DQG WKDQDWRORJLVWV DOLNH LV WKH DQ[LHW\

PAGE 31

DVVRFLDWHG ZLWK GHDWK (YHQ WKLV VHHPLQJO\ XQLWDU\ FRQFHSW KDV EHHQ VKRZQ WR KDYH PXOWLGLPHQVLRQDO IHDWXUHV /RQHWWR t 7HPSOHU f *LOOLODQG DQG 7HPSOHU f 5DPRV f 6FKXO] f 1HOVRQ f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f )XUWKHU FRPSOLFDWLRQV UHJDUGLQJ WKH XQGHUVWDQGLQJ RI GHDWK DQ[LHW\ KDYH DULVHQ ZLWK WKH ILQGLQJ WKDW GHDWK DWWLWXGHV DQG UHVSRQVHV WR GHDWK FKDQJH ZLWKLQ DQ LQGLYLGXDO DQG DFURVV JURXSV RYHU WLPH 5DQGR f )HLIHO f KDV HYHQ VKRZQ WKDW SHRSOH FDQ KDYH FRQWUDGLFWRU\ DWWLWXGHV DERXW GHDWK VLPXOWDQHRXVO\ $OWKRXJK UHVHDUFKHUV KDYH PDGH KXJH LQURDGV LQ WKH XQGHUVWDQGLQJ RI GHDWK DWWLWXGHV LW LV TXLWH FOHDU WKDW PDQ\ TXHVWLRQV UHPDLQ

PAGE 32

2QH RI WKH PRVW WURXEOLQJ SUREOHPV LQ WKDQDWRORJ\ KDV EHHQ WKH IDLOXUH WR FRQVLVWHQWO\ GHOLQHDWH WKH GLIIHUHQFH EHWZHHQ GHDWK DQ[LHW\ DQG GHDWK IHDU LQ WKH VFKRODUO\ OLWHUDWXUH DQG LQ YDULRXV DVVHVVPHQW LQVWUXPHQWV .DOLVK f $OWKRXJK ZULWHUV IUHTXHQWO\ XVH GHDWK DQ[LHW\ DQG GHDWK IHDU LQWHUFKDQJHDEO\ WKHVH WHUPV DUH QRW WKRXJKW WR EH V\QRQ\PRXV .DVWHQEDXP t .DVWHQEDXP 1HLPH\HU %HKQNH t 5HLVV 0D\ f %RWK WHUPV LPSO\ D VWDWH RI GLVFRPIRUW \HW GHDWK IHDUV DUH YHU\ VSHFLILF DQG FDQ HDVLO\ EH DUWLFXODWHG IHDU RI VORZ SDLQIXO GHDWK IHDU RI EHLQJ DORQH IHDU RI GHFRPSRVLQJ HWFf 'HDWK DQ[LHW\ RQ WKH RWKHU KDQG LV WKRXJKW WR EH D PRUH JOREDO IHHOLQJ WKDW GRHV QRW OHQG LWVHOI WR HDV\ DUWLFXODWLRQ .DVWHQEDXP t .DVWHQEDXP f 'HDWK DQ[LHW\ LV SDUWO\ FRPSULVHG RI VSHFLILF GHDWK IHDUV EXW PRVW RI LWV GHELOLWDWLQJ HIIHFW FRPHV EHFDXVH LWV VRXUFH FDQQRW EH SLQSRLQWHG $FFRUGLQJ WR D ODUJH QXPEHU RI UHVHDUFKHUV .DVWHQEDXP t .DVWHQEDXP )HLIHO 0D\ /LIWRQ .XEOHU5RVV :DKO f GHDWK DQ[LHW\ FDQ UHVXOW LQ SV\FKRVLV GHSUHVVLRQ IDWLJXH VHOIn GHVWUXFWLYH EHKDYLRU YLROHQFH VXEVWDQFH DEXVH DQG D KRVW RI RWKHU SK\VLRORJLFDO DQG FRJQLWLYH V\PSWRPV 3HUKDSV WKH PRVW FRPSHOOLQJ GHILQLWLRQ RI GHDWK DQ[LHW\ FRPHV IURP WKH UHVHDUFK RI 3HUVRQDO &RQVWUXFW 3V\FKRORJ\ 1HLPH\HU %HKQNH DQG 5HLVV f WKHRUL]HG WKDW GHDWK DQ[LHW\ UHIOHFWV WKH LQDELOLW\ WR XQGHUVWDQG RU PHDQLQJIXOO\

PAGE 33

FRQVWUXH GHDWK SDJH f 2U SXW DQRWKHU ZD\ DQ LQGLYLGXDO GRHV QRW KDYH WKH FRQVWUXFWV LQ SODFH WR DVVLPLODWH GHDWK $ SHUVRQ LV OHIW XQHDV\ EHFDXVH SLHFHV GR QRW ILW 7KLV XQHDVLQHVV PD\ QHFHVVLWDWH VRPH PLQRU DGMXVWPHQWV LQ WKDW LQGLYLGXDOnV FRQVWUXFW V\VWHP ,I PLQRU DGMXVWPHQWV DUH XQDEOH WR UHVROYH WKH LQFRQJUXHQFH EHWZHHQ WKH ZD\ D SHUVRQ VHHV WKHPVHOYHV DQG GHDWK PRUH FRPSUHKHQVLYH FKDQJH LV UHTXLUHG DQG GHDWK WKUHDW LV WKH UHVXOW 'HDWK DQ[LHW\ VHHPV WR EH D QDWXUDO SUHFXUVRU WR WKH PRUH GHELOLWDWLQJ GHDWK WKUHDW &OHDUO\ WKH ILHOG RI WKDQDWRORJ\ KDV PXFK WR OHDUQ DERXW KXPDQLW\n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f DQG WKH 7KUHDW ,QGH[ .ULHJHU (SWLQJ t /HLWQHU f %RWK WHVWV DUH HPSLULFDOO\ VRXQG DQG KDYH SURYHQ TXLWH XVHIXO WR UHVHDUFKHUV LQ WKLV ILHOG 7KH WKLUG

PAGE 34

LQVWUXPHQW XVHG LV &UXPEDXJK DQG 0DKROLFNnV 3XUSRVH LQ /LIH 7HVW f 7KLV WHVW LV EDVHG XSRQ 9LNWRU )UDQNOnV EHOLHI WKDW ILQGLQJ PHDQLQJ DQG SXUSRVH DUH PDLQ PRWLYDWLRQV LQ OLIH 7KH WKUHH WHVWV ZHUH JURXSHG LQ D SDFNHW FRQWDLQLQJ DQ LQIRUPHG FRQVHQW IRUP $SSHQGL[ $f DQG D JHQHUDO GHPRJUDSKLFV SDJH $SSHQGL[ %f 7KH WHVWV ZLOO EH GLVFXVVHG LQ PRUH GHWDLO EHORZ 'HDWK $Q[LHW\ 6FDOH 7HPSOHUnV 'HDWK $Q[LHW\ 6FDOH f LV WKH PRVW ZLGHO\ XVHG DQG UHVHDUFKHG SV\FKRPHWULF LQVWUXPHQW LQ WKDQDWRORJ\ .DVWHQEDXP t .DVWHQEDXP f 7HPSOHU GHYLVHG WKLV VFDOH DV DQ LPSURYHPHQW RYHU ZKDW ZDV SUREDEO\ WKH ILUVW GHDWK DQ[LHW\ PHDVXUH %R\DUnV )HDU RI 'HDWK 6FDOH f 7HPSOHU IHOW WKDW %R\DUnV LWHP WHVW KDG FRQVWUXFW YDOLGLW\ SUREOHPV DQG GLG QRW FRYHU D VXIILFLHQWO\ ZLGH DUUD\ RI OLIH H[SHULHQFHV $IWHU YDOLGLW\ DQG LQWHUQDO FRQVLVWHQF\ FKHFNV ZHUH PDGH 7HPSOHUnV LWHP UDWLRQDOO\ GHYLVHG WUXHIDOVH WHVW ZDV SDUHG GRZQ WR LWV FXUUHQW LWHPV VHH $SSHQGL[ &f ,Q WKH SUHVHQW VWXG\ WKLV WHVW ZLOO EH XVHG WR PHDVXUH YROXQWHHUVn XQSOHDVDQW HPRWLRQDO VWDWH SUHFLSLWDWHG E\ FRQWHPSODWLRQ RI WKHLU RZQ GHDWKV 7HPSOHU S f 7KH 'HDWK $Q[LHW\ 6FDOH KDV EHHQ FRUUHODWHG ZLWK GR]HQV RI SK\VLFDO DQG SV\FKRORJLFDO YDULDEOHV UDQJLQJ IURP GHPRJUDSKLF LQIRUPDWLRQ DJH VH[ UDFHf SK\VLFDO KHDOWK ULVNWDNLQJ EHKDYLRU GHSUHVVLRQ ORFXV RI FRQWURO WR VHOI

PAGE 35

FRQFHSW /RQHWWR t 7HPSOHU 3ROODFN f *HQHUDOO\ VSHDNLQJ KLJK GHDWK DQ[LHW\ VFRUHV DUH DOPRVW LQYDULDEO\ DVVRFLDWHG ZLWK ERWK SK\VLFDO DQG SV\FKRORJLFDO SDWKRORJ\ /RQHWWR t 7HPSOHU f 7KLV VFDOH KDV DOVR EHHQ FRUUHODWHG ZLWK HYHU\ RWKHU SXEOLVKHG GHDWK DQ[LHW\ VFDOH DQG ZLWK PRVW RI WKH FXUUHQWO\ XVHG SHUVRQDOLW\ LQYHQWRULHV )RU WKH SDVW \HDUV WKH 'HDWK $Q[LHW\ 6FDOH KDV VHUYHG DV WKH VWDQGDUG E\ ZKLFK RWKHU GHDWK DQ[LHW\ LQVWUXPHQWV DUH PHDVXUHG DQG KDV VHUYHG DV D FDWDO\VW IRU WKH FRQWLQXHG UHILQHPHQW RI RXU XQGHUVWDQGLQJ RI GHDWK DQ[LHW\ 7KUHDW ,QGH[ 6HFRQG RQO\ WR WKH 'HDWK $Q[LHW\ 6FDOH 7HPSOHU f LQ WKDQDWRORJLFDO UHVHDUFK SUHYDOHQFH WKH 7KUHDW ,QGH[ .ULHJHU (SWLQJ t /HLWQHU f UHSUHVHQWV D VLJQLILFDQW GHYHORSPHQW LQ WKH VWXG\ RI GHDWK %HFDXVH RI LWV VWURQJ IRXQGDWLRQ LQ WKH 3HUVRQDO &RQVWUXFW 7KHRU\ RI *HRUJH .HOO\ f WKH 7KUHDW ,QGH[ UHSUHVHQWV D WKHRUHWLFDOO\ JURXQGHG LQVWUXPHQW ZKLFK SURYLGHV D XQLTXH IRUPDW IURP ZKLFK FRJHQW WHVWDEOH GHILQLWLRQV DQG K\SRWKHVHV FDQ EH LQYHVWLJDWHG 6LQFH LWV LQFHSWLRQ WKLV LQVWUXPHQW KDV JUHDWO\ FRQWULEXWHG WR WKH LPSURYHPHQW LQ WKH FDOLEUH RI UHVHDUFK LQ WKLV IUDJPHQWHG ILHOG 1HLPH\HU t (SWLQJ 6LPSVRQ .DVWHQEDXP t &RVWD f $ QXPEHU RI IRUPDWV IRU WKH 7KUHDW ,QGH[ KDYH EHHQ GHYHORSHG LQ RUGHU WR EHVW XQGHUVWDQG WKH LQWHQVHO\ SHUVRQDO

PAGE 36

DQG YDULHG FRQFHSWXDOL]DWLRQV RI GHDWK $ QXPEHU RI VFRULQJ SURFHGXUHV KDYH DOVR EHHQ UHSRUWHG ZLWK VHYHUDO PRUH KROGLQJ SURPLVH IRU IXUWKHU H[SORUDWLRQ 1HLPH\HU t (SWLQJ f 2ULJLQDOO\ LQ D OHQJWK\ LQWHUYLHZ IRUPDW WKH PRVW SRSXODU FRQVWUXFWV RI WKH 7KUHDW ,QGH[ ZHUH WUDQVIRUPHG LQWR D VHOIDGPLQLVWHUHG TXHVWLRQQDLUH .ULHJHU (SWLQJ t +D\V f ZKLFK PDGH JURXS DGPLQLVWUDWLRQV SRVVLEOH VHH $SSHQGL[ 'f 7KH 7KUHDW ,QGH[ KDV EHHQ XVHG WR VWXG\ WKH VLFN 5RELQVRQ t :RRG 9LQH\ f KHDOWK FDUH SURYLGHUV 1HLPH\HU %HKQNH t 5HLVV 5DLQH\ f WKH UHOLJLRXV 3RZHOO t 7KRUVRQ f WKH HOGHUO\ 'H3DROD t 1HLPH\HU 0\HUV :DVV t 0XUSK\ f DQG WKH GHSUHVVHG 5LJGRQ f 7KH 7KUHDW ,QGH[ KDV DOVR EHHQ XVHG LQ FRPSDULQJ KRVSLFH SDWLHQWV ZLWK LOO DQG UHFRYHULQJ SDWLHQWV +HQGRQ t (SWLQJ f 3XUSRVH LQ /LIH 7HVW 7KH 3XUSRVH LQ /LIH 7HVW f LV DQ DWWLWXGH VFDOH EDVHG XSRQ WKH H[LVWHQWLDO ZRUNV RI 9LNWRU )UDQNO 7KLV VHOIDGPLQLVWHUHG TXHVWLRQQDLUH LV SURWHFWHG E\ FRS\ULJKW ODZV DQG QRW LQFOXGHG LQ WKH $SSHQGLFHV $FFRUGLQJ WR )UDQNO f WKH SULPDU\ PRWLYH LQ OLIH LV WKH ZLOO WR PHDQLQJ 7KLV XQLTXHO\ KXPDQ FKDUDFWHULVWLF UHSUHVHQWV D VHDUFK IRU VLJQLILFDQFH ZKLFK LV SDUWLFXODUO\ VDOLHQW LQ D PDWHULDOLVWLF PHFKDQLVWLF VRFLHW\ $ SHUVRQ ZKR ILQGV OLWWOH PHDQLQJ RU SXUSRVH LQ OLIH ODFNV SHUVRQDO LGHQWLW\

PAGE 37

DQG H[SHULHQFHV H[LVWHQWLDO YDFXXP ZKLFK PD\ OHDG WR IXUWKHU SV\FKRORJLFDO LPSDLUPHQW &UXPEDXJK t 0DKROLN f ,Q WKH SUHVHQW VWXG\ WKH 3XUSRVH LQ /LIH 7HVW ZLOO PHDVXUH WKH H[WHQW WR ZKLFK KRVSLFH WUDLQHHV YROXQWHHUV DQG QRQKRVSLFH YROXQWHHUVZRUNVKRS DWWHQGHHV IHHO WKDW WKHLU OLYHV DUH IXOILOOHG PHDQLQJIXO DQG IXOO RI SXUSRVH 8VHG LQ RYHU SXEOLVKHG VWXGLHV WKH 3XUSRVH LQ /LIH 7HVW KDV DVVHVVHG WKH SXUSRVHIXOQHVV RI VXFK GLYHUVH SRSXODWLRQV DV VXEVWDQFH DEXVHUV 0XHOOHU f KRVSLWDOL]HG SDWLHQWV +HQULRQ f DGROHVFHQWV %DUEHU f WKH HOGHUO\ %DXP t %R[OH\ f WKH PHQWDOO\ LOO 3HDUVRQ t 6KHIILHOG f KHDOWK FDUH SURYLGHUV $PHQWD f SULVRQHUV :KLGGRQ f FRUUHFWLRQDO RIILFHUV 0LOOHU t $GZHOO f WKH EHUHDYHG )ORULDQ f WKH UHOLJLRXV 6WRQHV f DQG WKH VXLFLGDO .XNLDQ t 0DGLVRQ f 7KH 3XUSRVH LQ /LIH 7HVW KDV VKRZQ VLJQLILFDQW FRUUHODWLRQV ZLWK VHOIDFFHSWDQFH DFKLHYHPHQW FRQILGHQFH UHVSRQVLELOLW\ DQG HPRWLRQDO VWDELOLW\ DQG KDV EHHQ QHJDWLYHO\ FRUUHODWHG ZLWK GHSUHVVLRQ SRRU HJR VWUHQJWK QHXURWLFLVP DQ[LHW\ DQG DFWLQJ RXW EHKDYLRUV &UXPEDXJK t 0DKROLFN f 7KLV WHVW KDV DOVR DSSHDUHG LQ VWXGLHV VSHFLILFDOO\ H[SORULQJ GHDWK DWWLWXGHV DQG EHOLHIV 'HDWK $Q[LHW\ DQG +HDOWK &DUH 3URYLGHUV 5HVHDUFKHUV KDYH ORQJ WKHRUL]HG WKDW GHDWK DQ[LHW\ ZRXOG QHFHVVDULO\ KDYH D QHJDWLYH LPSDFW RQ WKRVH SHRSOH ZKR

PAGE 38

WUHDW DQG FDUH IRU WKH VLFN DQG G\LQJ $FFRUGLQJ WR +RZHOOV DQG )LHOG f WKH GHDWK DQ[LHW\ RI KHDOWK SURIHVVLRQDOV FDQ UHVXOW LQ VLJQLILFDQW LQWHUSHUVRQDO VWUHVV IRU WKHP DQG FDQ IXUWKHU LVRODWH DQG DOLHQDWH SDWLHQWV DQG IDPLOLHV FRSLQJ ZLWK D WHUPLQDO LOOQHVV +HUPDQ )HLIHO f DJDLQ ZDV DQ HDUO\ FDWDO\VW IRU WKLV DUHD RI UHVHDUFK )HLIHO f FRQGXFWHG D VXUYH\ ZLWK SURIHVVLRQDOV DQG IRXQG WKDW SK\VLFLDQV KDG VLJQLILFDQWO\ KLJK GHDWK DQ[LHW\ FRPSDUHG WR RWKHU QRQPHGLFDO SURIHVVLRQDOVf DQG WKDW WKHLU GHDWK DQ[LHW\ ZDV HYHQ KLJKHU WKDQ WKDW RI WKHLU SDWLHQWV )HLIHO K\SRWKHVL]HG WKDW WKH FKRLFH RI D PHGLFDO FDUHHU UHIOHFWV D GRFWRUnV DWWHPSW WR PDVWHU D KLJK OHYHO RI GHDWK DQ[LHW\ E\ EHLQJ LQ D SRVLWLRQ WR FRPEDW GHDWK 1HHGOHVV WR VD\ WKLV ZDV D VXUSULVLQJ GLVFRYHU\ DQG OHG WR D UDVK RI VWXGLHV RQ WKH GHDWK DQ[LHW\ RI KHDOWK FDUH SURIHVVLRQDOV &DOGZHOO DQG 0LVKDUD f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

PAGE 39

SV\FKRORJLFDO DQG LQWHUSHUVRQDO FRQFHUQV RI WKHLU WHUPLQDO SDWLHQWV 6FKXO] DQG $GHUPDQ f WHVWHG WKH DVVXPSWLRQ WKDW WKH SDWLHQWV RI KLJKO\ GHDWK DQ[LRXV SK\VLFLDQV ZRXOG VXUYLYH ORQJHU WKDQ WKRVH ZLWK ORZ GHDWK DQ[LRXV SK\VLFLDQV 7KH DXWKRUV K\SRWKHVL]HG WKDW GRFWRUV ZLWK KLJK GHDWK DQ[LHW\ ZRXOG GHQ\ GHDWK DQG WDNH KHURLF PHDVXUHV WR VDYH WKH SDWLHQW 7KH VWXG\ VKRZHG WKDW WKH WHUPLQDO SDWLHQWV RI KLJKO\ GHDWK DQ[LRXV GRFWRUV ZHUH LQ WKH KRVSLWDO VLJQLILFDQWO\ ORQJHU WKDQ WKRVH ZLWK ORZ RU PHGLXP GHDWK DQ[LHW\ 7KH DXWKRUV VXJJHVW WKDW SK\VLFLDQVn SURIHVVLRQDO EHKDYLRU PD\ EH LQIOXHQFHG E\ GHDWK DQ[LHW\ ZLWK LPSRUWDQW ILQDQFLDO DQG HPRWLRQDO FRQVHTXHQFHV IRU WKHLU SDWLHQWV DQG IDPLOLHV 6KDG\ %URGVN\ DQG 6WDOH\ f DVNHG RYHU &DQDGLDQ QXUVLQJ VWXGHQWV WR FRPSOHWH D WHVW SDFNHW FRQWDLQLQJ 7HPSOHUnV 'HDWK $Q[LHW\ 6FDOH f DQG UHSRUW ODWHU IRU D SHUVRQDO LQWHUYLHZ 7KH DXWKRUV IRXQG RQO\ KDOI RI WKH VWXGHQWV ZLOOLQJ WR UHWXUQ IRU WKH VHFRQG SDUW RI WKH VWXG\ IDLOHG WR IROORZ WKURXJK DQG DERXW FRXOG QRW EH FRQWDFWHGf 7KRVH VWXGHQWV ZKR WRRN SDUW LQ WKH LQWHUYLHZ KDG VLJQLILFDQWO\ ORZHU GHDWK DQ[LHW\ VFRUHV f WKDQ WKRVH ZKR IDLOHG WR IROORZ WKURXJK f RU WKRVH ZKR FRXOG QRW EH FRQWDFWHG f 7KH DXWKRUV FRQFOXGHG WKDW WKH 'HDWK $Q[LHW\ 6FDOH DFFXUDWHO\ SUHGLFWHG WKRVH VWXGHQWV ZKR

PAGE 40

ZRXOG QRW H[SRVH WKHPVHOYHV WR IXUWKHU GHDWKUHODWHG VWLPXOL 6WROOHU f GLVWULEXWHG TXHVWLRQQDLUHV WR QXUVHV DVVHVVLQJ WKH GHDWKUHODWHG IHDUV DQG WKH XQHDVLQHVV H[SHULHQFHG LQ ZRUNLQJ ZLWK WKH WHUPLQDOO\ LOO 1XUVHV DSSDUHQWO\ XWLOL]H DYRLGDQFH VWUDWHJLHV LQ VLWXDWLRQV EULQJLQJ WKHP LQ FRQWDFW ZLWK GHDWK LH DYRLGLQJ D GHDG ERG\ WUHDWLQJ WKH SDWLHQW DV DQ REMHFW LQWHUDFWLQJ RQO\ ZKHQ D VSHFLILF QXUVLQJ WDVN LV QHFHVVDU\f ,Q WKHVH FDVHV DYRLGDQFH GHFUHDVHV WKH DQ[LHW\ DQG XQHDVLQHVV H[SHULHQFHG E\ WKH QXUVHV 1R VXFK VWUDWHJ\ ZDV KHOSIXO ZKHQ WKH QXUVH KDG WR LQWHUDFW ZLWK WKH SDWLHQW LQ DQ XQVWUXFWXUHG WDVN D SDWLHQW DSSURDFKHV WKHP DERXW GHDWKf 7KH DXWKRU IRXQG WKDW GHDWK IHDUV GLG DIIHFW LQWHUDFWLRQV ZLWK G\LQJ SDWLHQWV DQG WKDW QXUVHV ZHUH PXFK PRUH FRPIRUWDEOH HQJDJLQJ LQ GHSHUVRQDOL]HG KRVSLWDOVWUXFWXUHG WDVNV 1HLPH\HU %HKQNH DQG 5HLVV f XVHG WKH 7KUHDW ,QGH[ f DQG FOLQLFDO YLJQHWWHV WR SUHGLFW SK\VLFLDQVn SK\VLRORJLFDO DQG EHKDYLRUDO UHDFWLRQV WR GHDWK 7KH\ IRXQG WKDW ZKHQ FRQIURQWHG ZLWK SDWLHQW GHDWK GRFWRUV ZLWK KLJK OHYHOV RI GHDWK WKUHDW DQG GHDWK DQ[LHW\ VLJQLILFDQWO\ XWLOL]HG PDODGDSWLYH FRSLQJ UHVSRQVHV RYHULQYROYHPHQW LQ ZRUN PHWLFXORXVO\ ORRNLQJ IRU PHGLFDO PLVWDNHV QRW DWWHQGLQJ WKH IXQHUDO QRW WDONLQJ DERXW WKH GHDWK DOFRKRO DQG GUXJ XVHf 7KH DXWKRUV FRQFOXGHG WKDW LQWHUYHQWLRQV VKRXOG DGGUHVV WKH FRVWV DQG EHQHILWV RI WKHVH FRSLQJ

PAGE 41

UHVSRQVHV DQG VKRXOG KHOS GRFWRUV ZLWK KLJK GHDWK WKUHDW DQG GHDWK DQ[LHW\ DVVLPLODWH GHDWK LQWR WKHLU SHUVRQDO DQG SURIHVVLRQDO LGHQWLWLHV ,I WKH\ FRXOG DVVLPLODWH GHDWK LQWR WKHLU LGHQWLWLHV GRFWRUV PLJKW EH DEOH WR DQWLFLSDWH DQG DFFHSW SDWLHQW GHDWKV PRUH HIIHFWLYHO\ $ JURXS RI UHVHDUFKHUV LQ &DQDGD +DWILHOG +DWILHOG *HJJLH 7D\ORU 6RWL :LQWKHUV +DUULV t *UHHQOH\ f TXHVWLRQHG RYHU KRVSLWDO VWDII GRFWRUV QXUVHV FKDSODLQV VRFLDO ZRUNHUV DLGHV RUGHUOLHVf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f PDLOHG RXW TXHVWLRQQDLUHV WR SK\VLFLDQV DQG QXUVHV DW 9DQGHUELOW 8QLYHUVLW\ 0HGLFDO &HQWHU 1XUVHV FRQVLVWHQWO\ YLHZHG GHDWK PRUH SRVLWLYHO\ ELUWK VDIHW\f WKDQ GLG GRFWRUV IULJKWHQLQJ FROGf 'RFWRUV VDZ WKHLU UROHV

PAGE 42

SULPDULO\ LQ WHUPV RI UHVSRQVLELOLW\ ZKHUHDV QXUVHV YLHZHG WKHLU UROHV LQ WHUPV RI FDULQJ 3URIHVVLRQDO RULHQWDWLRQ QRW JHQGHU ZDV UHVSRQVLEOH IRU WKH REVHUYHG GLIIHUHQFHV LQ GHDWK DWWLWXGHV 7KH DXWKRUV TXHVWLRQ ZKHWKHU SK\VLFLDQVn KHDY\ VHQVH RI UHVSRQVLELOLW\ LQYRNHV D VHQVH RI EODPH DQG IDLOXUH WKDW WLQJHV WKHLU SHUFHSWLRQV RI GHDWK 7KLV HPSKDVLV RQ WKH FXUH YHUVXV WKH FDUH PD\ UHVXOW LQ HPRWLRQDOO\GLVWDQW SK\VLFLDQV ZKR XWLOL]H VXSSUHVVLRQ DQG LQWHOOHFWXDOL]DWLRQ WR FRPEDW GHDWK DQ[LHW\ 1HLPH\HU DQG 1HLPH\HU f H[DPLQHG WKH GHDWK DQ[LHW\ RI VXLFLGH FRXQVHORUV DV LW UHODWHG WR WKHLU DELOLW\ WR UHVSRQG WR VXLFLGDO FOLHQWV &RPSDUHG WR WKH FRQWURO JURXS VXLFLGH LQWHUYHQWLRQLVWV KDG VLJQLILFDQWO\ ORZHU GHDWK DQ[LHW\ DQG QR UHODWLRQVKLS H[LVWHG EHWZHHQ GHDWK DQ[LHW\ DQG FRPSHWHQFH LQ KDQGOLQJ VXLFLGDO FULVHV 7KHVH ILQGLQJV FRQWUDGLFW DQ HDUOLHU VWXG\ E\ 1HLPH\HU DQG 'LQJHPDQV f WKDW VKRZHG VXLFLGH ZRUNHUV KDYLQJ KLJKHU OHYHOV RI GHDWK DQ[LHW\ WKDQ FRPSDUDEOH FRQWURO JURXSV 7KH DXWKRUV EHOLHYH WKDW WKH SUHVHQW UHVXOWV GLVSHO WKH QRWLRQ RI )HLIHO HW DO f WKDW VXLFLGH ZRUNHUV DUH PHUHO\ FRPEDWWLQJ WKHLU RZQ GHDWK DQ[LHWLHV ZLWK WKHLU FKRVHQ OLQH RI ZRUN (DNHV f LQYHVWLJDWHG WKH UHODWLRQVKLS EHWZHHQ GHDWK DQ[LHW\ DQG DWWLWXGHV WRZDUG WKH HOGHUO\ DPRQJ QXUVLQJ KRPH VWDII 51V /31V QXUVH DLGHVf +HU K\SRWKHVLV WKDW VWDII PHPEHUV ZLWK KLJK OHYHOV RI GHDWK DQ[LHW\ ZRXOG HQGRUVH PRUH QHJDWLYH YLHZV RI WKH HOGHUO\ ZDV FRQILUPHG

PAGE 43

1HLWKHU GHDWK DQ[LHW\ VFRUHV QRU DWWLWXGHV WRZDUG WKH HOGHUO\ GLIIHUHG VLJQLILFDQWO\ ZLWK DJH UDFH QXUVLQJ KRPH H[SHULHQFH SURIHVVLRQDO SRVLWLRQ SHUVRQDO H[SHULHQFH ZLWK GHDWK RU UHOLJLRXV EHOLHIV $FFRUGLQJ WR WKH DXWKRU WKLV VWXG\ VKRZV WKDW WKH GHDWK DQ[LHW\ OHYHOV RI VWDII PHPEHUV KDYH D GLUHFW LQIOXHQFH RQ WKH TXDOLW\ RI QXUVLQJ KRPH FDUH JLYHQ WR WKH HOGHUO\ (JJHUPDQ DQG 'XVWLQ f VWXGLHG WKH UHODWLRQVKLS EHWZHHQ SHUVRQDO GHDWK RULHQWDWLRQ DV PHDVXUHG E\ WKH 7KUHDW ,QGH[f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f DWWHPSWHG WR FRPSDUH WKH FRQVFLRXV GHDWK DQ[LHW\ RI SK\VLFLDQV VXUJHRQV LQWHUQLVWV SV\FKLDWULVWVf ZLWK D PHDVXUH RI UHSUHVVLRQ DQG D SURMHFWLYH WHVW PHDVXULQJ FRYHUW GHDWK DQ[LHW\f %DVHG RQ HDFK JURXSVn H[SRVXUH WR GHDWK WKH\ K\SRWKHVL]HG WKDW KLJK UHSUHVVRUV VXUJHRQVf VKRXOG UHSRUW OHVV RYHUW GHDWK DQ[LHW\ EXW VKRZ PRUH FRYHUW GHDWK DQ[LHW\ RQ WKH SURMHFWLYH WHVW 3V\FKLDWULVWV ZHUH H[SHFWHG WR EH ORZUHSUHVVRUV 7KH

PAGE 44

DXWKRUV GLG ILQG DQ LQYHUVH UHODWLRQVKLS EHWZHHQ RYHUW GHDWK DQ[LHW\ DQG WKH WHQGHQF\ WR UHSUHVV IHHOLQJV EXW WKH H[SHFWHG LQYHUVH UHODWLRQVKLS EHWZHHQ RYHUW DQG FRYHUW GHDWK DQ[LHW\ GLG QRW GHYHORS 7KRVH SK\VLFLDQV HQGRUVLQJ PDQ\ GHDWK DQ[LHW\ LWHPV GLG QRW XWLOL]H UHSUHVVLRQ DQG KDG PDQ\ GHDWK UHIHUHQFHV RQ WKH SURMHFWLYH LQVWUXPHQW 7KH DXWKRUV FRQFOXGHG WKDW OLWWOH XVHIXO LQIRUPDWLRQ ZDV REWDLQHG E\ LQFRUSRUDWLQJ D PHDVXUH RI FRYHUW GHDWK DQ[LHW\ LQ WKLV VWXG\ 7KRPSVRQ -U f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f TXHVWLRQHG JUDGXDWLQJ PHGLFDO VWXGHQWV UHODWLYH WR WKHLU DWWLWXGHV DERXW G\LQJ SDWLHQWV DOO KDG H[SHULHQFHG SDWLHQW GHDWKf 7KH DXWKRUV SUHGLFWHG WKDW GHDWK DQ[LRXV VWXGHQWV ZRXOG YLHZ G\LQJ SDWLHQWV DV PRUH GLIILFXOW DQG SUREOHPDWLF XWLOL]H PRUH DYRLGDQFH VWUDWHJLHV DQG NHHS SHUVRQDO FRQFHUQV FRQFHDOHG IURP RWKHUV 7KH UHVXOWV VKRZHG WKDW PRVW PHGLFDO VWXGHQWV

PAGE 45

YLHZHG SHUVRQDO LQWHUDFWLRQV ZLWK G\LQJ SDWLHQWV DV PXFK PRUH GLIILFXOW WDVNV WKDQ ZLWK RWKHU SDWLHQWV DQG PRVW VWXGHQWV SUHIHU PRUH VWUXFWXUHG LQWHUDFWLRQV ZLWK WKLV SRSXODWLRQ FRQGXFWLQJ FDVH KLVWRULHVf 'HDWK DQ[LRXV VWXGHQWV ZHUH OHVV OLNHO\ WKDQ RWKHU VWXGHQWV WR GLVFXVV WKH SDWLHQWnV SURJQRVLV ZLWK WKH SDWLHQW RU IDPLO\ DQG ZHUH PRUH OLNHO\ WR H[SHULHQFH PRUH SV\FKRORJLFDO SUREOHPV LQ GHDOLQJ ZLWK G\LQJ SDWLHQWV +DUH DQG 3UDWW f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f H[SORUHG WKH GHDWK DQ[LHW\ EHKDYLRUV DQG DWWLWXGHV RI 1HZ -HUVH\ RQFRORJLVWV 6LJQLILFDQW SRVLWLYH UHODWLRQVKLSV ZHUH IRXQG EHWZHHQ GHDWK DQ[LHW\ VFRUHV DQG GLIILFXOWLHV ZLWK GLVFORVLQJ GLDJQRVHV WR SDWLHQWV GLIILFXOWLHV LQWHUDFWLQJ

PAGE 46

ZLWK G\LQJ SDWLHQWVn IDPLOLHV DQG OLQJHULQJ GRXEWV DERXW WKH SDWLHQWnV WUHDWPHQW (OHYDWHG GHDWK DQ[LHW\ VFRUHV ZHUH KLJKO\ SUHGLFWLYH RI PDODGMXVWPHQW VFRUHV DQG JHQHUDO OLIH GLVVDWLVIDFWLRQ 'HDWK DQ[LHW\ ZDV QRW UHODWHG WR \HDUV RI H[SHULHQFH RU FKRVHQ PHGLFDO ILHOG DV WKUHH RI WKH IRXU JURXSV ZHUH ZLWKLQ WKH KLJKQRUPDO UDQJH RI VFRUHV %URFNRSS .LQJ DQG +DPLOWRQ f H[SORUHG WKH GLIIHUHQFHV EHWZHHQ WZR W\SHV RI QXUVHV SDOOLDWLYH DQG QRQn SDOOLDWLYHf RQ GHDWK DQ[LHW\ GHDWK DWWLWXGHV DQG SHUFHSWLRQV RI FRQWURO 7KH VWXG\ XWLOL]HG WZR W\SHV RI QRQSDOOLDWLYH QXUVHV SV\FKLDWULF RUWKRSHGLFf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t +RZHOOV 1HLPH\HU HW DO 6KDG\ HW DO &DOGZHOO t 0LVKDUD f KDYH GLIILFXOW\ LQ LQWHUDFWLQJ ZLWK WHUPLQDO

PAGE 47

SDWLHQWV DQG WKHLU IDPLOLHV &RFKUDQH HW DO +DUH t 3UDWW +DWILHOG HW DO f DQG HQGRUVH QHJDWLYH DWWLWXGHV WRZDUG WKH HOGHUO\ DQG G\LQJ (DNHV &DPSEHOO HW DO f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t 0F4XLOODQ 0DQWHOO t (OO %XFNLQJKDP t /XSX 'RUDQJ f +RZ GR KRVSLFH YROXQWHHUV IHHO DERXW GHDWK DQG G\LQJ" 'R WKH\ IHDU GHDWK DV PXFK DV WKH JHQHUDO SRSXODWLRQ" &DQ D YROXQWHHU ZLWK HOHYDWHG GHDWK DQ[LHW\ SHUIRUP DV DQ HIIHFWLYH FDUHJLYHU WR VRPHRQH ZKR LV G\LQJ" 5HVHDUFK TXHVWLRQV VXFK DV WKHVH KDYH EHHQ JHQHUDOO\ QHJOHFWHG E\ FXUUHQW UHVHDUFKHUV $PHQWD DQG :HLQHU f DGPLQLVWHUHG WKH 'HDWK $Q[LHW\ 6FDOH 7HPSOHU f DQG WKH 3XUSRVH LQ /LIH WHVW &UXPEDXJK t 0DKROLFN f WR KRVSLFH ZRUNHUV LQ

PAGE 48

3LWWVEXUJK RI ZKRP ZHUH YROXQWHHUVf 7KH DXWKRUV IRXQG D VLJQLILFDQW LQYHUVH UHODWLRQVKLS EHWZHHQ VFRUHV RQ WKH WZR WHVWV 7KRVH SDUWLFLSDQWV ZKR VKRZHG OLWWOH GHDWK DQ[LHW\ KDG D KLJKHU VHQVH RI SXUSRVH LQ OLIH $PHQWD DQG :HLQHU VXJJJHVW XVLQJ WKHVH LQVWUXPHQWV DV DQ DLG LQ VFUHHHQLQJ SRWHQWLDO YROXQWHHUV ,Q D VWXG\ RI H[SHULHQFHG YROXQWHHUV $PHQWD f H[DPLQHG GLIIHUHQFHV EHWZHHQ WKRVH ZKR ZLWKGUHZ IURP KRVSLFH DIWHU OHVV WKDQ RQH \HDUf DQG WKRVH ZKR SHUVLVWHG %RWK JURXSV KDG EHHQ VFUHHQHG IRU VXLWDEOH SHUVRQDOLW\ FKDUDFWHULVWLFV HPSDWK\ H[SUHVVLYHQHVV RSHQPLQGHGQHVV SDWLHQFHf DQG ZHUH JLYHQ WKH 'HDWK $Q[LHW\ 6FDOH 7HPSOHU f DQG WKH 3XUSRVH LQ /LIH WHVW &UXPEDXJK t 0DKROLFN f 3HUVLVWHUV VKRZHG VLJQLILFDQWO\ OHVV GHDWK DQ[LHW\ DQG PRUH SXUSRVH LQ OLIH WKDQ WKHLU ZLWKGUDZLQJ FRKRUWV $PHQWD XVHV KHU ILQGLQJV WR VXSSRUW 6FKXO]nV f FODLP WKDW ORZ GHDWK DQ[LHW\ KDYLQJ IDFHG WKH UHDOLW\ RI RQHnV RZQ GHDWKf LV FKDUDFWHULVWLF RI HIIHFWLYH KRVSLFH ZRUNHUV )LQQ 3DUDGLV DQG 8VXL f H[DPLQHG WKH SHUVRQDOLW\ WUDLWV RI VXFFHVVIXO KRVSLFH YROXQWHHUV LQ KRSHV RI LGHQWLI\LQJ NH\ WUDLWV WR ORRN IRU LQ YROXQWHHU UHFUXLWV 7KH UHVXOWV RI WKLV VWXG\ FRQILUPHG RWKHU UHVHDUFK ILQGLQJV VKRZLQJ WKDW KRVSLFH YROXQWHHUV KDYH KLJKHU OHYHOV RI HPSDWK\ DQG ORZHU OHYHOV RI GHDWK DQ[LHW\ WKDQ GR RWKHU YROXQWHHUV $PHQWD t :HLQHU 1HZHOO *RWVFK 'RQDOGVRQ t +DPLOWRQ f +RZHYHU XVLQJ UDWLQJV

PAGE 49

HOLFLWHG E\ WKH YROXQWHHU FRRUGLQDWRUV WKH DXWKRUV IRXQG QR SRVLWLYH UHODWLRQVKLS EHWZHHQ YROXQWHHUV SRVVHVVLQJ WKHVH WUDLWV DQG VXEVHTXHQW HIIHFWLYHQHVV DV YROXQWHHUV $OWKRXJK QRW XVHIXO LQ SUHGLFWLQJ FXUUHQW YROXQWHHUVr SHUIRUPDQFH WKH DEVHQFH RI WKHVH WUDLWV GLG DFFXUDWHO\ SUHGLFW ZKHWKHU YROXQWHHU UHFUXLWV ZRXOG FRPSOHWH KRVSLFH WUDLQLQJ /DIHU f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nV f EHOLHI WKDW GHDWK DQ[LHW\ FDQ KHOS SUHGLFW ZKR ZLOO EHFRPH D VXFFHVVIXO KRVSLFH YROXQWHHU &OHDUO\ WKH LPSDFW RI GHDWK DWWLWXGHV RQ YROXQWHHUV DW KRVSLFH KDV UHFHLYHG VFDQW DWWHQWLRQ LQ WKH WKDQDWRORJLFDO OLWHUDWXUH 7KH OLPLWHG UHVHDUFK WKDW KDV EHHQ GRQH LQ WKLV DUHD VXJJHVWV WKDW GHDWK DQ[LHW\ DV PHDVXUHG E\ WKH 'HDWK $Q[LHW\ 6FDOHf LV LQYHUVHO\ UHODWHG WR SXUSRVH LQ OLIH 7KH IHZ UHOHYHQW VWXGLHV VHHP WR LQGLFDWH WKDW YROXQWHHUV DUH PRUH OLNHO\ WR UHPDLQ DFWLYH LQ KRVSLFH LI WKH\ H[KLELW ORZ GHDWK DQ[LHW\ DQG KLJK SXUSRVH LQ OLIH $W WKH SUHVHQW

PAGE 50

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

PAGE 51

&+$37(5 ,,, 0(7+2' ,QVWUXPHQWV 3ULRU WR WKH RQO\ HPSLULFDOO\ GHULYHG PHWKRG IRU DVVHVVLQJ GHDWK DWWLWXGHV ZDV %R\DUnV )HDU RI 'HDWK 6FDOH %R\DU f (DUOLHU TXHVWLRQQDLUHV FKHFNOLVWV LQWHUYLHZ IRUPDWV DQG SURMHFWLYH WHFKQLTXHV XVHG WR DVVHVV GHDWK DQ[LHW\ ZHUH HLWKHU PHWKRGRORJLFDOO\ ELDVHG RU KDG VHULRXV YDOLGLW\ DQG UHOLDELOLW\ FRQFHUQV 7KH PHDVXUHV LQ WKLV VWXG\ ZLOO EH WKH SUHYLRXVO\ GHVFULEHG 'HDWK $Q[LHW\ 6FDOH 7HPSOHU f WKH 3XUSRVH LQ /LIH 7HVW &UXPEDXJK t 0DKROLFN f DQG WKH 7KUHDW ,QGH[ .ULHJHU (SWLQJ t /HLWQHU f 'HDWK $Q[LHW\ 6FDOH 7KH 'HDWK $Q[LHW\ 6FDOH 7HPSOHU f LV D LWHP WUXHIDOVH WHVW WKDW KDV EHHQ VKRZQ WR EH HIIHFWLYH LQ TXDQWLI\LQJ GHDWK DQ[LHW\ LQ D ZLGH YDULHW\ RI SRSXODWLRQV $SSHQGL[ &f 1LQH RI WKH LWHPV DUH NH\HG WUXH ZLWK VL[ LWHPV NH\HG IDOVH IRU D WRWDO SRVVLEOH VFRUH UDQJLQJ IURP ]HUR ORZ GHDWK DQ[LHW\f WR KLJK GHDWK DQ[LHW\f 7KH WHVW FDQ EH DGPLQLVWHUHG WR LQGLYLGXDOV RU WR JURXSV DQG WKH ZULWWHQ GLUHFWLRQV DUH ORFDWHG DW WKH WRS RI WKH RQHSDJH IRUP $ IRXUWK JUDGH UHDGLQJ DELOLW\ LV QHFHVVDU\ WR

PAGE 52

XQGHUVWDQG WKH LQVWUXFWLRQV DQG WKH LWHPV 7RWDO WLPH UHTXLUHG IRU DGPLQLVWHULQJ DQG FRPSOHWLQJ WKH VFDOH LV ILYH PLQXWHV 7KH 'HDWK $Q[LHW\ 6FDOH '$6f LQLWLDOO\ KDG UDWLRQDOO\ GHYLVHG LWHPV ZKLFK D SDQHO RI VHYHQ LQGHSHQGHQW MXGJHV D FOLQLFDO SV\FKRORJLVW WZR JUDGXDWH VWXGHQWV DQG IRXU FKDSODLQV LQ D VWDWH PHQWDO KRVSLWDOf UDWHG RQ D ILYH SRLQW EDVLV LUUHOHYHQW WR GHDWK DQ[LHW\ DQG YHU\ JUHDWO\ DVVRFLDWHG ZLWK GHDWK DQ[LHW\f 7KRVH LWHPV UHFHLYLQJ DQ DYHUDJH UDWLQJ EHORZ PRGHUDWHO\ DVVRFLDWHG ZLWK GHDWK DQ[LHW\f ZHUH GLVFDUGHG QLQH LWHPVf 7KH UHPDLQLQJ LWHPV ZHUH LPEHGGHG LQ ILOOHU LWHPV IURP WKH 0LQQHVRWD 0XOWLSKDVLF 3HUVRQDOLW\ ,QYHQWRU\ +DWKDZD\ t 0F.LQOH\ f 7KH UHVXOWLQJ LWHP TXHVWLRQQDLUH ZDV JLYHQ WR WKUHH JURXSV RI XQLYHUVLW\ VWXGHQWV IURP XQLYHUVLWLHV LQ 7HQQHVVHH DQG .HQWXFN\ WR GHWHUPLQH LQWHUQDO FRQVLVWHQF\ 2QO\ WKRVH '$6 LWHPV WKDW KDG SRLQW ELVHULDO FRHIILFLHQWV VLJQLILFDQW DW WKH OHYHO LQ WZR RXW RI WKUHH DQDO\VHV ZHUH UHWDLQHG LWHPVf 7KH SUREDELOLW\ RI REWDLQLQJ VLJQLILFDQFH LQ WZR RXW RI WKUHH DQDO\VHV ZKHUH QR FRUUHODWLRQV WUXO\ H[LVWHG LV 5HODWLYH LQGHSHQGHQFH RI LWHPV ZDV GHWHUPLQHG E\ FRPSXWLQJ SKL FRHIILFLHQWV 1R FRUUHODWLRQ FRHIILFLHQWV EHWZHHQ WKH UHWDLQHG LWHPV H[FHHGHG U VR OLWWOH LQWHULWHP UHGXQGDQF\ ZDV LQIHUUHG

PAGE 53

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f &RQVWUXFW YDOLGLW\ RI WKH '$6 ZDV HVWDEOLVKHG LQ WZR VHSDUDWH SURFHGXUHV DW D .HQWXFN\ 6WDWH +RVSLWDO )LUVW SV\FKLDWULF SDWLHQWV ZLWK KLJK GHDWK DQ[LHW\ WKRVH ZKR KDG VSRQWDQHRXVO\ YHUEDOL]HG D IHDU RU SUHRFFXSDWLRQ ZLWK GHDWKf ZHUH PDWFKHG ZLWK D FRQWURO JURXS RI SV\FKLDWULF SDWLHQWV ZLWK ORZ GHDWK DQ[LHW\ LQ WHUPV RI GLDJQRVLV VH[ DQG DJH 0HDQ '$6 VFRUH RI WKH GHDWK DQ[LRXV SDWLHQW JURXS ZDV FRPSDUHG WR WKH FRQWURO JURXS PHDQ RI 7KLV UHVXOW ZDV VLJQLILFDQW DW WKH OHYHO WZRWDLOHG W RI f $ VHFRQG DWWHPSW DW HVWDEOLVKLQJ '$6 FRQVWUXFW YDOLGLW\ LQYROYHG DGPLQLVWHULQJ WKH '$6 WR FROOHJH XQGHUJUDGXDWHV DW WZR .HQWXFN\ XQLYHUVLWLHV DQG FRUUHODWLQJ HDFK VWXGHQWVn VFRUH ZLWK REWDLQHG VFRUHV RQ WKH )HDU RI 'HDWK 6FDOH

PAGE 54

%R\HU f D GHDWK DVVRFLDWLRQ WDVN DQG WKH 003, VFDOHV RI DQ[LHW\ $ FRUUHODWLRQ FRHIILFLHQW RI ZDV IRXQG EHWZHHQ WKH '$6 DQG WKH )HDU RI 'HDWK 6FDOH UHVXOWLQJ LQ VLJQLILFDQFH DW WKH OHYHO 6FRUHV RQ WKH '$6 ZHUH DOVR VLJQLILFDQWO\ FRUUHODWHG DW WKH OHYHOf ZLWK WKH 0DQLIHVW $Q[LHW\ 6FDOH U f WKH :HOVK $Q[LHW\ 6FDOH U f DQG ZLWK WKH QXPEHU RI HPRWLRQDO ZRUGV HOLFLWHG E\ WKH GHDWK DVVRFLDWLRQ WDVN U S f $OWKRXJK WKH '$6 KDV QR IRUPDOO\ HVWDEOLVKHG QRUPDWLYH GDWD H[WHQVLYH UHVHDUFK ZDV FRQGXFWHG JURXSV VXEMHFWVf GXULQJ WKH WHVWnV FRQVWUXFWLRQ DQG YDOLGDWLRQ 7HPSOHU f $FFRUGLQJ WR 7HPSOHU DQG 5XII f PHDQ '$6 VFRUHV IRU QRQSV\FKLDWULF VXEMHFWV W\SLFDOO\ UDQJH IURP WR ZLWK D VWDQGDUG GHYLDWLRQ RI )HPDOHV FRQVLVWHQWO\ VFRUH KLJKHU RQ WKH '$6 WKDQ GR PDOHV DQG SV\FKLDWULF SRSXODWLRQV REWDLQ KLJKHU VFRUHV WKDQ GR QRQSV\FKLDWULF SRSXODWLRQV 7HPSOHU t 5XII f $ PDMRU VWXG\ FRPSDULQJ WKH VFRUHV RI VXEMHFWV EHWZHHQ WKH DJHV RI DQG 7HPSOHU 5XII t )UDQNV f IRXQG QR VLJQLILFDQW UHODWLRQVKLS EHWZHHQ DJH DQG '$6 VFRUHV 3XUSRVH LQ /LIH 7HVW 7KH 3XUSRVH LQ /LIH 7HVW &UXPEDXJK t 0DKROLFN f LV D LWHP /LNHUW VFDOH WHVW WKDW SXUSRUWHGO\ PHDVXUHV WKH GHJUHH RI PHDQLQJ DQG SXUSRVH WKDW HDFK UHVSRQGHQW IHHOV $OO TXHVWLRQV DUH VFRUHG RQ D WR EDVLV UHVXOWLQJ LQ D UDQJH RI VFRUHV EHWZHHQ +LJKHU

PAGE 55

VFRUHV UHIOHFW D VWURQJHU VHQVH RI SXUSRVH DQG PHDQLQJ 7KH 3XUSRVH LQ /LIH 7HVW 3,/f FDQ EH DGPLQLVWHUHG ERWK WR LQGLYLGXDOV DQG JURXSV ZLWKRXW OHQJWK\ H[SODQDWLRQ RU HODERUDWLRQ $ IRXUWK JUDGH UHDGLQJ DELOLW\ LV QHFHVVDU\ WR FRPSUHKHQG WKH LWHPV DQG WKH LQVWUXPHQW W\SLFDOO\ WDNHV OHVV WKDQ WHQ PLQXWHV WR DGPLQLVWHU DQG FRPSOHWH 7KH 3,/ KDV LWV RULJLQV LQ WKH H[LVWHQWLDO WKHRU\ RI 9LNWRU )UDQNO f DQG ZDV GHYHORSHG WR PHDVXUH WKH GHJUHH WR ZKLFK UHVSRQGHQWV YLHZ WKHLU OLYHV DV IXOO RI SXUSRVH DQG PHDQLQJ )UDQNO FODLPHG WKDW RQH RI WKH XQIRUWXQDWH FRQVHTXHQFHV RI D KLJKO\ PHFKDQL]HG VRFLHW\ LV ORVV RI KXPDQ LQLWLDWLYH DQG SHUVRQDO PHDQLQJ +H K\SRWKHVL]HG WKDW ODFN RI SXUSRVH LH H[LVWHQWLDO YDFXXP QRRJHQLF QHXURVLVf LV D XQLYHUVDO WUDLW LQ PRGHUQ WLPHV DQG SUHVHQW WR YDU\LQJ GHJUHHV LQ DOO SHRSOH QRW MXVW WKH SV\FKRWLF RU DEQRUPDOf +RZHYHU WKH LQFLGHQFH RI ODFN RI SXUSRVH ZRXOG EH H[SHFWHG WR EH KLJKHU LQ SV\FKLDWULF SRSXODWLRQV &UXPEDXJK f DGPLQLVWHUHG WKH 3,/ WR QHDUO\ VXEMHFWV VL[ SV\FKLDWULF JURXSV DQG IRXU QRQSV\FKLDWULF JURXSVf LQ DQ DWWHPSW WR DVVHVV WKH FRQVWUXFW YDOLGLW\ RI WKLV LQVWUXPHQW +H ZDV DEOH WR FRUUHFWO\ SUHGLFW WKH RUGHU RI PHDQ 3,/ VFRUHV IRU WKH WHQ JURXSV 7KH GLIIHUHQFH EHWZHHQ WKH SV\FKLDWULF PHDQ 0 6' f DQG QRQSV\FKLDWULF PHDQ 0 6' f \LHOGHG D VLJQLILFDQW W YDOXH WZRWDLOHGf DW WKH OHYHO

PAGE 56

$ VLJQLILFDQW GLIIHUHQFH LQ VFRUH YDULDELOLW\ EHWZHHQ SV\FKLDWULF DQG QRQSV\FKLDWULF JURXSV DW WKH OHYHOf ZDV WDNHQ E\ &UXPEDXJK f DV FRQILUPDWLRQ RI WKH ORJRWKHUDS\ K\SRWKHVLV WKDW SV\FKLDWULF SDWLHQWV ZRXOG H[SHULHQFH DQ RYHUDOO ZLGHU UDQJH RI 3,/ VFRUHV WKDQ ZRXOG QRQSV\FKLDWULF VXEMHFWV &RQFXUUHQW YDOLGLW\ RI WKH 3,/ ZDV HYDOXDWHG LQ WZR ZD\V )LUVW WKHUDSLVWV ZHUH WR HVWLPDWH HDFK RI WKHLU FOLHQWVn UHVSRQVHV WR WKH 3,/ 7KHVH VFRUHV ZHUH WKHQ FRUUHODWHG WR HDFK FOLHQWVn 1 f DFWXDO 3,/ UHVSRQVHV 7KH 3HDUVRQ SURGXFWPRPHQW FRUUHODWLRQV EHWZHHQ SDWLHQW DQG WKHUDSLVW VFRUHV ZDV ,Q D UHODWHG VWXG\ PLQLVWHUV FRPSOHWHG WKH 3,/ IRU HDFK RI WKHLU SDULVKLRQHUV 1 f EDVHG RQ WKH SXUSRVH DQG PHDQLQJ H[KLELWHG E\ HDFK FKXUFK PHPEHU (DFK FKXUFK PHPEHU DOVR FRPSOHWHG WKH 3,/ DQG WKH 3HDUVRQ SURGXFWPRPHQW FRUUHODWLRQV EHWZHHQ ERWK JURXSVn VFRUHV ZDV %RWK VWXGLHV DUH LQ OLQH ZLWK WKH OHYHO RI FULWHULRQ YDOLGLW\ W\SLFDOO\ GHPRQVWUDWHG IURP D VLQJOH PHDVXUH RI D FRPSOH[ WUDLW 6SOLWKDOI UHOLDELOLW\ RI WKH 3,/ ZDV IRXQG WR EH LQ D JURXS RI QRQSDWLHQWV DQG SDWLHQWV &UXPEDXJK t 0DKROLFN f 8VLQJ WKH 6SHDUPDQ%URZQ SURFHGXUH WKH UHVHDUFKHUV FRUUHFWHG WKLV ILJXUH WR ,Q &UXPEDXJK REWDLQHG D VSOLWKDOI UHOLDELOLW\ RI 3HDUVRQ SURGXFW

PAGE 57

PRPHQWf IRU 3URWHVWDQW SDULVKLRQHUV DQG WKH 6SHDUPDQ %URZQ SURFHGXUH FRUUHFWHG WKLV ILJXUH WR &UXPEDXJK DQG 0DKROLFN f FRUUHODWHG WKH 3,/ ZLWK DQ LQIRUPDO JXHVWLRQQDLUH XVHG E\ )UDQNO f WR HVWLPDWH WKH SUHVHQFH RI H[LVWHQWLDO YDFXXP LQ SDWLHQWV DQG QRQSDWLHQWV 7KH\ TXDQWLILHG WKH TXHVWLRQQDLUH DQG IRXQG D 3HDUVRQ SURGXFWPRPHQW FRUUHODWLRQ RI EHWZHHQ WKH WZR LQVWUXPHQWV &UXPEDXJK f (OPRUH DQG &KDPEHUV f 1\KROP f DQG &UXPEDXJK DQG 0DKROLFN f KDYH WHVWHG YDULRXV JURXSV RI XQGHUJUDGXDWHV DQG RXWSDWLHQWV DQG KDYH IRXQG QHJDWLYH FRUUHODWLRQV EHWZHHQ WKH 3,/ DQG WKH 'HSUHVVLRQ VFDOH RI WKH 003, LQ WKH UDQJH RI WR 7KHVH UHVHDUFKHUV KDYH DOVR FRUUHODWHG WKH 3,/ ZLWK WKH 003, YDOLGLW\ VFDOH f 3V\FKDHVWKHQLD VFDOH f DQG WKH 6RFLDO ,VRODWLRQ VFDOH f &UXPEDXJK f DQG (OPRUH DQG &KDPEHUV f ERWK WHVWHG FROOHJH VWXGHQWV DQG IRXQG QHJDWLYH FRUUHODWLRQV EHWZHHQ WKH 3,/ DQG VHSDUDWH PHDVXUHV RI DQRPLH LQ WKH UDQJH RI WR 6QDYHO\ f IRXQG DQ LQLWLDO FRUUHODWLRQ RI EHWZHHQ WKH 3,/ DQG WKH &URZQH0DUORZ 6RFLDO 'HVLUDELOLW\ 6FDOH $IWHUZDUGV VXEMHFWV ZHUH UDQGRPO\ DVVLJQHG DFFHSWDEOH DQG XQDFFHSWDEOH VFRUHV DQG D UHWHVW LQGLFDWHG FRUUHODWLRQV EHWZHHQ WKH WZR PHDVXUHV KDG GURSSHG WR ZLWK OLWWOH RU QR PRYHPHQW LQ WKH XQDFFHSWDEOH JURXSnV VFRUHV 7KH DXWKRU VXJJHVWHG WKDW WKH 3,/ DQG WKH

PAGE 58

&URZQH0DUORZ 6RFLDO 'HVLUDELOLW\ 6FDOH ZHUH UHVSRQGLQJ WR VRFLDO GHVLUDELOLW\ LQ TXDOLWDWLYHO\ GLIIHUHQW ZD\V +H FRQFOXGHG WKDW WKH 3,/ ZDV QRW KLJKO\ LQIOXHQFHG E\ VRFLDO GHVLUDELOLW\ 7KH DXWKRU GRHV FDXWLRQ DJDLQVW WKH XVH RI WKH 3,/ LQ FRPSHWLWLYH VLWXDWLRQV ZKHUH VRFLDO GHVLUDELOLW\ PD\ EH DURXVHG 2WKHU VWXGLHV XVLQJ QRQSV\FKLDWULF SRSXODWLRQV &UXPEDXJK /R]HV t 6KUDGHU 1\KROP f KDYH IRXQG VLJQLILFDQW SRVLWLYH FRUUHODWLRQV EHWZHHQ WKH 3,/ DQG D QXPEHU RI VXEVFDOHV RI WKH &DOLIRUQLD 3HUVRQDOLW\ ,QYHQWRU\ WKH &DWWHOO 3HUVRQDOLW\)DFWRU 7HVW DQG WKH *RUGRQ 3HUVRQDO 3URILOH DFKLHYHPHQW HPRWLRQDO VWDELOLW\ VHOIn DFFHSWDQFH VHOIFRQWURO UHVSRQVLELOLW\f 6LJQLILFDQW QHJDWLYH FRUUHODWLRQV ZHUH IRXQG RQ VXFK WKLQJV DV DQ[LHW\ LQVHFXULW\ QHXURWLFLVP DQG VXVSLFLRXVQHVV 7KHVH DXWKRUV IDLOHG WR ILQG DQ\ VLJQLILFDQW FRUUHODWLRQV EHWZHHQ WKH 3,/ DQG HPSDWK\ LQWHOOLJHQFH VH[ DJH RU HGXFDWLRQ &UXPEDXJK f GHWHUPLQHG WKDW D FXWRII VFRUH RI RXW RI WRWDOf ZLWK D VWDQGDUG GHYLDWLRQ RI ZDV DQ DSSURSULDWH HVWLPDWH RI PHDQ SXUSRVHLQOLIH IRU PRVW JURXSV +H VXJJHVWHG WKDW UDZ VFRUHV UDQJLQJ IURP WR RQ WKH 3,/ DUH VXJJHVWLYH RI DYHUDJH SXUSRVHIXOQHVV DQG DUH QRW HDVLO\ LQWHUSUHWDEOH 5DZ VFRUHV RI DQG DERYH VXJJHVW WKH SUHVHQFH RI KLJK OHYHOV RI SXUSRVH DQG PHDQLQJ ZKLOH UDZ VFRUHV DQG EHORZ VXJJHVW WKH ODFN RI FOHDU SXUSRVH DQG PHDQLQJ LQ OLIH

PAGE 59

7KUHDW ,QGH[ 7KH 7KUHDW ,QGH[ .ULHJHU (SWLQJ t /HLWQHU f LV DUJXDEO\ WKH PRVW PHWKRGRORJLFDOO\ VRXQG LQVWUXPHQW XVHG LQ GHDWK DQG G\LQJ UHVHDUFK 3V\FKRPHWULF DQG DGPLQLVWUDWLYH PRGLILFDWLRQV KDYH FRQWLQXHG VLQFH LWV LQFHSWLRQ XQWLO WRGD\ LW LV ZLGHO\ UHFRJQL]HG DV D PRGHO LQ WKH ILHOG 6LPSVRQ .DVWHQEDXP t &RVWD f 7KH VHOIDGPLQLVWHUHG 7KUHDW ,QGH[ .ULHJHU (SWLQJ t +D\V f WKDW LV XVHG LQ WKLV VWXG\ FRQWDLQV RI WKH PRVW SRSXODU ELSRODU FRQVWUXFWV HJ HPSW\ YV PHDQLQJIXO SOHDVXUH YV SDLQ FDOP YV DQ[LRXVf HOLFLWHG E\ WKH ROGHU LQWHUYLHZ IRUPDW 7KUHDW ,QGH[ 7KHVH GLPHQVLRQV DUH SULQWHG RQ WKUHH WHVW SDJHV $SSHQGL[ 'f DQG UHVSRQGHQWV DUH WR FLUFOH WKH HQG RI HDFK ELSRODU GLPHQVLRQ WKDW FRUUHVSRQGV WR VHOI SDJH f LGHDO VHOI SDJH f DQG RZQ GHDWK SDJH f 7KH 7KUHDW ,QGH[ WDNHV PLQXWHV WR FRPSOHWH 'LVFUHSHQFLHV RQ VHOILGHDO VHOI GLPHQVLRQV RU VSOLWVf DUH UHJDUGHG DV D TXDQWLILHG PHDVXUH RI WKH DFWXDOL]DWLRQ WKDW WKH UHVSRQGHQW IHHOV RQ D SRLQW VFDOH 1HLPH\HU t &KDSPDQ f /RZ VFRUHV IHZ VSOLWVf UHIOHFW D VWURQJ VHQVH RI DFWXDOL]DWLRQ LQ WKH UHVSRQGHQW DQG KLJK VFRUHV LQGLFDWH WKDW OLWWOH DFWXDOL]DWLRQ LV SUHVHQW /LNHZLVH GLVFUHSHQFLHV EHWZHHQ VHOIRZQ GHDWK UDWLQJV \LHOGV D SRLQW VFRUH WKDW TXDQWLILHV WKH H[WHQW WR ZKLFK D UHVSRQGHQW KDV LQWHJUDWHG GHDWK LQWR KLV ZRUOG YLHZ $JDLQ DV VSOLWV LQFUHDVH VR GRHV WKH HVWLPDWHG

PAGE 60

OHYHO RI GHDWK WKUHDW 7KXV WKH WUDGLWLRQDO PHWKRG RI VFRULQJ WKH 7KUHDW ,QGH[ UHVXOWV LQ D 7,DFWXDOL]DWLRQ VFRUH DQG D 7,GHDWK WKUHDW VFRUH 1RUPDWLYH GDWD IRU WKHVH WZR SULPDU\ VFRUHV RI WKH 7KUHDW ,QGH[ KDYH EHHQ SXEOLVKHG .ULHJHU (SWLQJ t +D\V f ZLWK 7,DFWXDOL]DWLRQ VSOLWV DQG 7,GHDWK WKUHDW VSOLWV DSSUR[LPDWLQJ DYHUDJH OHYHOV RI VHOIDFWXDOL]DWLRQ DQG GHDWK WKUHDW ,Q DGGLWLRQ WR WKH DERYH WUDGLWLRQDO PHWKRG RI VFRULQJ WKH 7KUHDW ,QGH[ WKH FXUUHQW VWXG\ ZLOO DOVR H[SORUH DQ DGGLWLRQDO 7KUHDW ,QGH[ VFRULQJ SURFHGXUH UHFHQWO\ GHYLVHG E\ 3ULWFKDUG (SWLQJ DQG %HDJOH f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f +LJK VFRUHV UHIOHFW ERWK D SRVLWLYH YLHZ RI WKH VHOI DQG RI GHDWK 7KLV VFRUH LV K\SRWKHVL]HG WR EH

PAGE 61

SRVLWLYHO\ UHODWHG WR RSWLPDO IXQFWLRQLQJ 5LJGRQ t (SWLQJ f 7KH 'HDWKWKUHDWHQHG VFRUH LV FKDUDFWHUL]HG E\ KDYLQJ VHOI DQG LGHDO VHOI DORQJ WKH VDPH SRVLWLYH SROH RI D FRQVWUXFW DQG GHDWK LGHQWLILHG ZLWK WKH RSSRVLWH HQG RI WKH FRQVWUXFW HJ VHOI DQG LGHDO VHOI PHDQLQJIXO GHDWK HPSW\f +LJK VFRUHV UHIOHFW D SRVLWLYH YLHZ RI VHOI D QHJDWLYH YLHZ RI GHDWK DQG DUH WKRXJKW WR EH SUHGLFWLYH RI WKRVH YDULDEOHV FRPPRQO\ DVVRFLDWHG ZLWK GHDWK WKUHDW 1HLPH\HU f 7KH 'HSUHVVHG VFRUH LV FKDUDFWHUL]HG E\ KDYLQJ D VSOLW EHWZHHQ VHOI DQG LGHDO VHOI HJ VHOI HPSW\ LGHDO VHOI PHDQLQJIXOf DORQJ ZLWK D QHJDWLYHO\YDOHQFHG FRQVWUXFW SROH IRU GHDWK HJ GHDWK HPSW\f +LJK VFRUHV UHIOHFW D QHJDWLYH YLHZ RI ERWK VHOI DQG GHDWK DQG LV WKRXJKW WR EH UHODWHG WR D QXPEHU RI GHSUHVVLRQ FRUUHODWHV 5RZH %HFN f /DVWO\ WKH 'HDWKDWWUDFWHG VFRUH LV DOVR FKDUDFWHUL]HG E\ D GLVFUHSHQF\ EHWZHHQ VHOI DQG LGHDO VHOI FRQVWUXFWV +RZHYHU GHDWK LV YLHZHG ZLWK WKH SRVLWLYHO\YDOHQFHG FRQVWUXFW SROH HJ VHOI VDG LGHDO VHOI KDSS\ GHDWK KDSS\f 7KLV SURILOH LV WKRXJKW WR EH UHODWHG WR VXLFLGDO SUHRFFXSDWLRQ 1HLPH\HU %HFN f 7KHVH IRXU VXSSOHPHQWDO VFRUHV IURP WKH 7KUHDW ,QGH[ ZLOO FRPSOHPHQW WKH WZR SULPDU\ VFRUHV GLVFXVVHG HDUOLHU 7,DFWXDOL]DWLRQ 7OGHDWK WKUHDWf ,Q FRQWUDVW WR WKH

PAGE 62

SULPDU\ VFRUHV QR QRUPDWLYH GDWD KDYH EHHQ HVWDEOLVKHG IRU WKH IRXU VXSSOHPHQWDO 7KUHDW ,QGH[ VFRUHV ,QWHUQDO FRQVLVWHQF\ RI WKH WUDGLWLRQDO PHWKRG RI VFRULQJ WKH 7KUHDW ,QGH[ ZDV GHPRQVWUDWHG RQ FROOHJH VWXGHQWV DQG PL[HG DGXOWV E\ D QXPEHU RI LQGHSHQGHQW VWXGLHV 0RRUH t 1HLPH\HU 0DFOQQHV t 1HLPH\HU .ULHJHU (SWLQJ t +D\V .ULHJHU (SWLQJ t /HLWQHU f 6SOLWKDOI DQG &URQEDFKnV $OSKD FRUUHODWLRQV UDQJHG IURP WR 7HVWUHWHVW UHOLDELOLWLHV RQ FROOHJH VWXGHQWV E\ WKH IRUHPHQWLRQHG DXWKRUV DQG WZR RWKHU UHVHDUFK JURXSV 5LJGRQ t (SWLQJ 5DLQH\ t (SWLQJ f ZHUH SHUIRUPHG RYHU SHULRGV RI IRXU WR QLQH ZHHNV &RUUHODWLRQV RQ DOO RI WKH VWXGLHV UDQJHG IURP WR LQGLFDWLQJ WKDW WKH 7KUHDW ,QGH[ \LHOGV VFRUHV ZKLFK DUH VWDEOH RYHU RQH DQG WZR PRQWK SHULRGV RI WLPH 7KUHH VHSDUDWH VWXGLHV GHPRQVWUDWHG WKDW WKH 7KUHDW ,QGH[ LV ODUJHO\ IUHH RI VRFLDO GHVLUDELOLW\ ELDV DQG H[WUHPH DWWHPSWV WR DSSHDU ZHOODGMXVWHG 0RRUH t 1HLPH\HU 'DWWHO t 1HLPH\HU .ULHJHU HW DO f 'LVFULPLQDQW YDOLGLW\ FRUUHODWLRQV EHWZHHQ WKH WHVWV KDG YDOXHV UDQJLQJ IURP WR IRU SRSXODWLRQV RI FROOHJH VWXGHQWV DQG PL[HG DGXOW VDPSOHV &RQYHUJHQW YDOLGLW\ EHWZHHQ WKH 7KUHDW ,QGH[ DQG D QXPEHU RI FRPPRQO\ XVHG GHDWK DQG G\LQJ PHDVXUHV ZDV GHPRQVWUDWHG LQ HOHYHQ VWXGLHV IURP WR 1HLPH\HU t

PAGE 63

(SWLQJ f ,Q YDU\LQJ SRSXODWLRQV KLJK VFKRRO DQG FROOHJH VWXGHQWV FULVLV ZRUNHUV DGXOWV PLQLVWHUV DQG FRPPXQLW\ DJHQF\ JURXSVf WKH 7KUHDW ,QGH[ VKRZHG FRQYHUJHQW YDOLGLW\ FRUUHODWLRQV RI DQG ZLWK HLJKW IUHTXHQWO\ XWLOL]HG WHVWV RI GHDWK DQG G\LQJ &RQVWUXFW YDOLGLW\ FRQFHUQV ZHUH DGGUHVVHG LQ HOHYHQ VWXGLHV GDWLQJ EHWZHHQ DQG &ROOHJH VWXGHQWV PHGLFDO DQG KRVSLFH SDWLHQWV SK\VLFLDQV PHGLFDO VWXGHQWV GHDWK SUHSODQQHUV DQG VWXGHQWV RI GHDWK HGXFDWLRQ FRXUVHV VFRUHG LQ WKH SUHGLFWDEOH GLUHFWLRQ EDVHG RQ UHOLJLRXV RULHQWDWLRQ 7REDF\N f GLVFORVLYH EHKDYLRUV (JJHUPDQ t 'XVWLQ f VHYHULW\ RI LOOQHVV +HQGRQ t (SWLQJ f SUHVHQFH RI GHQLDO 1HLPH\HU %HKQNH t 5HLVV f RFFXSDWLRQ 5DLQH\ t (SWLQJ f DQG DIWHU H[SRVXUH WR WKUHDWHQLQJ VLWXDWLRQV /DQW]\ t 7KRUQWRQ f 8QOLNH WKH )HDU RI 'HDWK 6FDOH &ROOHWW/HVWHU f DQG WKH 'HDWK $Q[LHW\ 6FDOH 7HPSOHU f WKH 7KUHDW ,QGH[ KDV VKRZQ QR FRQVLVWHQW JHQGHU GLIIHUHQFHV RQ GHDWK DWWLWXGHV 1HLPH\HU t (SWLQJ f ,Q IDFW WKH 7KUHDW ,QGH[ KDV EHHQ XWLOL]HG DV D WRRO WR DOORZ UHVHDUFKHUV WR H[SORUH SRWHQWLDO UHDVRQV ZK\ IHPDOHV REWDLQ KLJKHU GHDWK DQ[LHW\IHDU VFRUHV WKDQ PDOHV RQ PRVW WHVWV 7KH 7KUHDW ,QGH[ ZDV XVHG WR WHVW IRU HPRWLRQDO YHUVXV FRJQLWLYH UHVSRQVHV WR GHDWK VWLPXOL /DQW]\ t 7KRUQWRQ f DQG WR WHVW IRU JHQGHU GLIIHUHQFHV LQ HPRWLRQDO H[SUHVVLYHQHVV 'DWWHO t 1HLPH\HU f 7KXV IDU WKH

PAGE 64

UHVXOWV KDYH EHHQ LQFRQFOXVLYH EXW VXJJHVW WKDW RWKHU IDFWRUV LH ORFXV RI FRQWUROf PD\ DFFRXQW IRU WKH REWDLQHG JHQGHU GLIIHUHQFHV LQ VFRUHV 1HLPH\HU f 7KH 7KUHDW ,QGH[ KDV EHHQ FRUUHODWHG WR WUDGLWLRQDO -XGHR&KULVWLDQ UHOLJLRXV RULHQWDWLRQV LQ VRPH VWXGLHV ,QJUDP t /HLWQHU 7REDF\N f EXW VWXGLHV KDYH ODUJHO\ LJQRUHG DOWHUQDWLYH UHOLJLRXV EHOLHIV LH 0XVOLP +LQGXf 2WKHU UHVHDUFKHUV DUH HYHQ IRFXVLQJ RQ VWUHQJWK RI UHOLJLRXV RU DWKHLVWf EHOLHI DV WKH NH\ SUHGLFWRU RI GHDWK WKUHDW 0RRUH t 1HLPH\HU ,QJUDP t /HLWQHU f )XUWKHUPRUH UHVHDUFKHUV 1HLPH\HU %DJOH\ t 0RRUH f VHHP WR EH PRYLQJ DZD\ IURP VLPSO\ DVVHVVLQJ WKH SRVLWLYH RU QHJDWLYH YDOHQFH RI GHDWK EHOLHIV DQG DUH PRYLQJ WRZDUG XVLQJ WKH 7KUHDW ,QGH[ WR H[SORUH PRUH TXDOLWDWLYH UHVHDUFK TXHVWLRQV VXFK DV :KDW LV WKH DFWXDO VWUXFWXUH RI WKLV LQGLYLGXDOnV GHDWK EHOLHIV" 7KH 7KUHDW ,QGH[ KDV DOVR EHHQ XWLOL]HG WR DVVHVV WKH VHQVH RI VHOIDFWXDOL]DWLRQ WKDW UHVSRQGHQWV IHHO 5HVHDUFKHUV :RRG t 5RELQVRQ 1HLPH\HU t &KDSPDQ f KDYH FRUUHODWHG KLJK 7,DFWXDOL]DWLRQ VFRUHV RQ WKH 7KUHDW ,QGH[ IHZ VHOILGHDO VHOI VSOLWVf ZLWK WKH 'HDWK $Q[LHW\ 6FDOH DQG WR WKUHH RI WKH IRXU VXEVFDOHV RI WKH &ROOHWW/HVWHU )HDU RI 'HDWK 6FDOH 5HVXOWV IURP ODWHU VWXGLHV XVLQJ ERWK 7,DFWXDOL]DWLRQ DQG 7,GHDWK WKUHDW VFRUHV 5RELQVRQ t :RRG 1HLPH\HU f VKRZHG WKDW XVLQJ ERWK VFRUHV GLG QRW DSSUHFLDEO\ DGG WR WKH SUHGLFWLRQ

PAGE 65

RI GHDWK DWWLWXGHV DOWKRXJK ERWK ZHUH VLJQLILFDQWO\ UHODWHG WR GLIIHUHQW DVSHFWV RI GHDWK DQ[LHW\f 6XEMHFWV 7KUHH GLVWLQFW QDWXUDOO\ RFFXUULQJ JURXSV FRPSRVHG RI SHRSOH SDUWLFLSDWHG LQ WKLV VWXG\ *URXS FRQVLVWHG RI KRVSLFH WUDLQHHV *URXS FRQWDLQHG H[SHULHQFHG KRVSLFH YROXQWHHUV DQG *URXS ZDV FRPSRVHG RI QRQn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

PAGE 66

SHUVRQDO H[SHULHQFH ZLWK GHDWK LH FDQFHU GLDJQRVLV GHDWK RI IDPLO\ PHPEHUf DV D IDFWRU LQ WKHLU GHFLVLRQ WR EHFRPH KRVSLFH YROXQWHHUV bf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f LQ SURYLGLQJ VHUYLFHV WR WKDW SDWLHQW DQG IDPLO\ 7KLUW\ILYH RI H[SHULHQFHG YROXQWHHUV LQ WKLV VWXG\ FLWHG VDOLHQW SHUVRQDO H[SHULHQFH ZLWK GHDWK DV

PAGE 67

D SUHFLSLWDWLQJ IDFWRU LQ WKHLU GHFLVLRQ WR EHFRPH LQYROYHG ZLWK KRVSLFH bf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f WR DVVHVV IRU DQ\ VLJQLILFDQW JURXS GLIIHUHQFHV WKDW SRWHQWLDOO\ FRXOG FRQIRXQG WKH WHVW UHVXOWV )LUVW FRPSDULVRQV ZHUH PDGH EHWZHHQ WKH JURXSV RQ WHVW DGPLQLVWUDWLRQ PHWKRG 'DWD IURP WKHVH WKUHH VXEMHFW JURXSV ZHUH FROOHFWHG EHWZHHQ $SULO DQG 0DUFK LQFRUSRUDWLQJ ERWK JURXS

PAGE 68

DGPLQLVWUDWLRQV DQG EXON PDLOLQJV RI WKH WHVW SDFNHWV *URXS DGPLQLVWUDWLRQV WRRN SODFH DW YDULRXV ORFDWLRQV LQ DQG DURXQG *DLQHVYLOOH )ORULGD 7DEOH GHVFULEHV WKH WKUHH JURXSV RI UHVHDUFK SDUWLFLSDQWV WKH GDWD FROOHFWLRQ GDWHV WKH QXPEHU RI VXEMHFWV WDNLQJ SDUW LQ HDFK SURFHGXUH DQG WKH DGPLQLVWUDWLYH PHWKRG XVHG WR FROOHFW WKH GDWD 7DEOH 6XEMHFW *URXSV DQG 0HWKRGV RI 7HVW $GPLQLVWUDWLRQ *52836 VXEJURXSVf 1 0(7+2' +RVSLFH 7UDLQHHV *DLQHVYLOOH 7UDLQLQJ f *URXS *DLQHVYLOOH 7UDLQLQJ f 0DLO 3DODWND 7UDLQLQJ f *URXS 6DWVXPR 7UDLQLQJ f 7RWDO +RVSLFH 7UDLQHHV *URXS ([SHULHQFHG +RVSLFH 9ROXQWHHUV 0DLORXWV f 0DLO *DLQHVYLOOH 9ROXQWHHU 0HHWLQJ f *URXS .H\VWRQH +HLJKWV 0HHWLQJ f *URXS 6DWVXPR 9ROXQWHHU 0HHWLQJ f 7RWDO ([SHULHQFHG 9ROXQWHHUV *URXS 1RQ+RVSLFH 9ROXQWHHUV /DNH &LW\ 0HGLFDO &OXE f *URXS /DNH &LW\ +RVSLWDO *URXS f *URXS 0HDOV RQ :KHHOV*DLQHVYLOOH f 0DLO :LGRZHG 3HUVRQV*DLQHVYLOOH f 7RWDO 1RQ+RVSLFH 9ROXQWHHUV *URXS $ ODUJH GLVFUHSHQF\ LQ WKH PHWKRG E\ ZKLFK GDWD ZHUH FROOHFWHG ZDV QRWHG EHWZHHQ WKH WKUHH JURXSV :KHUHDV WKH PDMRULW\ RI H[SHULHQFHG KRVSLFH YROXQWHHUV RXW RI f ZHUH VDPSOHG E\ PDLOHG WHVW SDFNHWV bf UDWKHU WKDQ LQ D JURXS VLWXDWLRQ RQO\ RXW RI KRVSLFH WUDLQHHV bf

PAGE 69

DQG RXW RI QRQKRVSLFH YROXQWHHUV bf ZHUH VDPSOHG E\ PDLO $ &KLVTXDUH SURFHGXUH ZDV SHUIRUPHG FRPSDULQJ WKH WKUHH JURXSV RQ WHVW DGPLQLVWUDWLRQ UDWHV 7KH UHVXOWLQJ f; 1 f S LQGLFDWHG VWURQJ HYLGHQFH WKDW WHVW DGPLQLVWUDWLRQ GLIIHUHQFHV ZHUH DVVRFLDWHG ZLWK WKH WKUHH JURXSV &RPSDUHG WR KRVSLFH WUDLQHHV DQG QRQn KRVSLFH YROXQWHHUV VLJQLILFDQWO\ PRUH H[SHULHQFHG KRVSLFH YROXQWHHUV UHVSRQGHG WR PDLOHG WHVW SDFNHWV UDWKHU WKDQ JURXSDGPLQLVWHUHG WHVW SDFNHWV $V QRWHG SUHYLRXVO\ KRVSLFH WUDLQHHV DQG H[SHULHQFHG KRVSLFH YROXQWHHUV DSSHDUHG WR GLIIHU LQ WKH SHUFHQWDJH ZKR FLWHG SHUVRQDO GHDWK H[SHULHQFH DV D NH\ IDFWRU LQ WKH GHFLVLRQ WR EHFRPH LQYROYHG ZLWK KRVSLFH KRVSLFH WUDLQHHV b H[SHULHQFHG KRVSLFH YROXQWHHUV bf 1R DWWHPSW ZDV PDGH WR DVVHVV QRQKRVSLFH YROXQWHHUV RQ WKLV LVVXH 7KH UHVXOWLQJ \" 1 f H LQGLFDWHG WKDW JURXS PHPEHUVKLS ZDV VLJQLILFDQWO\ DVVRFLDWHG ZLWK KRZ LPSRUWDQW SULRU GHDWK H[SHULHQFH ZDV LQ GHFLGLQJ WR EHFRPH LQYROYHG ZLWK KRVSLFH 8VLQJ D GHPRJUDSKLF LQIRUPDWLRQ SDJH VHH $SSHQGL[ %f VHYHQ GHPRJUDSKLF YDULDEOHV ZHUH REWDLQHG IURP HDFK UHVHDUFK SDUWLFLSDQW PDULWDO VWDWXV JHQGHU KRXVHKROG LQFRPH HGXFDWLRQ OHYHO UHOLJLRVLW\ DJH DQG RFFXSDWLRQ 'HVFULSWLYH VWDWLVWLFV ZHUH FRPSXWHG IRU HDFK JURXS WR GHWHUPLQH ZKHWKHU DQ\ REYLRXV JURXS GLIIHUHQFHV H[LVWHG

PAGE 70

RQ DQ\ RI WKHVH VHYHQ YDULDEOHV 7KH VLPSOH IUHTXHQFLHV DQG SHUFHQWDJHV IRU DOO GHPRJUDSKLF YDULDEOHV H[FHSW DJH DQG RFFXSDWLRQ DUH LQFOXGHG LQ 7DEOH 7DEOH 'HVFULSWLYH *URXS 'HPRJUDSKLF ,QIRUPDWLRQ 9$5,$%/( *5283 *5283 *5283 1 b 1 b 1 b 0DULWDO 6WDWXV 0DUULHG 'LYRUFHG 6LQJOH :LGRZHG 7RWDOV *HQGHU )HPDOH 0DOH 7RWDOV +RXVHKROG ,QFRPH 7RWDOV (GXFDWLRQ /HYHO \HDUV \HDUV YHDUV 7RWDOV 5HOLJLRVLW\
PAGE 71

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rf 1 f S RQO\ PDULWDO VWDWXV VKRZHG D VLJQLILFDQW HIIHFW LQGLFDWLQJ WKDW RI WKH ILYH YDULDEOHV FKHFNHG VWURQJ HYLGHQFH H[LVWHG WKDW RQO\ PDULWDO VWDWXV GLIIHUHQFHV ZHUH DVVRFLDWHG ZLWK JURXS PHPEHUVKLS +RZHYHU ODUJH JURXS GLVFUHSHQFLHV ZHUH UHDGLO\ DSSDUHQW ZLWK WKH RWKHU WZR GHPRJUDSKLF YDULDEOHV DJH DQG RFFXSDWLRQf 7R WHVW IRU DSSDUHQW JURXS GLIIHUHQFHV LQ DJH ] WHVW VWDWLVWLFV FRPSDULQJ WKH JURXSVn PHDQ DJHV ZHUH SHUIRUPHG ZLWK HDFK RI WKH WKUHH JURXS FRPSDULVRQV VKRZLQJ VLJQLILFDQW JURXS GLIIHUHQFHV 7DEOH GHSLFWV WKH PHDQ DJHV IRU WKH WKUHH JURXSV VWDQGDUG GHYLDWLRQV JURXS FRPSDULVRQV = VFRUHV DQG S YDOXHV

PAGE 72

7DEOH 0HDQ $FUHV IRU *URX'6 DQG = 6FRUH &RPSDULVRQV 9$/8( *5283 $*( 0($1 6' &203$5,621 = 6&25( YV YV YV $YHUDJH DJH IRU WKH KRVSLFH WUDLQHHV *URXS f ZDV ZLWK D 6' RI 7KH H[SHULHQFHG KRVSLFH YROXQWHHUVn *URXS f PHDQ DJH ZDV ZLWK D 6' RI 7KH QRQn KRVSLFH YROXQWHHUVn *URXS f PHDQ DJH ZDV ZLWK D 6' RI 7KH JURXS FRPSDULVRQV DOO DWWDLQHG VLJQLILFDQW S YDOXHV S f LQGLFDWLQJ WKDW WKHUH ZHUH VLJQLILFDQW GLIIHUHQFHV LQ WKH PHDQ DJHV RI HDFK JURXS 7KH QRQKRVSLFH YROXQWHHUV ZHUH VLJQLILFDQWO\ ROGHU WKDQ WKH H[SHULHQFHG KRVSLFH YROXQWHHUV ZKR ZHUH LQ WXUQ VLJQLILFDQWO\ ROGHU WKDQ WKH KRVSLFH WUDLQHHV $V PHQWLRQHG HDUOLHU WKH RFFXSDWLRQDO VWDWXV RI WKH SDUWLFLSDQWV LQ WKLV VWXG\ DOVR VKRZHG REYLRXV JURXS GLIIHUHQFHV 6HOIUHSRUWHG RFFXSDWLRQV IURP WKH VDPSOHnV UHVSRQGHQWV ZHUH PHUJHG LQWR IRXU EURDG RFFXSDWLRQDO FDWHJRULHV HPSOR\HG IXOOWLPH VWXGHQW UHWLUHG DQG KRPHPDNHU 6LPSOH IUHTXHQF\ FRXQWV DQG SHUFHQWDJHV ZHUH WKHQ FRPSXWHG IRU HDFK JURXS ,QFOXGHG LQ 7DEOH DUH WKH IUHTXHQFLHV DQG SHUFHQWDJHV RI RFFXSDWLRQDO FDWHJRULHV IRU HDFK RI WKH WKUHH JURXSV

PAGE 73

7DEOH 'HVFULSWLYH *URXS 2FFXSDWLRQDO ,QIRUPDWLRQ 2&&83$7,21$/ 67$786 *5283 *5283 *5283 1 b 1 b 1 b (PSOR\HG )XOO7LPH 6WXGHQW 5HWLUHG +RPHPDNHU 7RWDOV 7KH PRGDO RFFXSDWLRQDO FDWHJRU\ RI *URXS KRVSLFH WUDLQHHVf DQG *URXS H[SHULHQFHG KRVSLFH YROXQWHHUVf ZDV HPSOR\HG b DQG b UHVSHFWLYHO\f +RZHYHU WKH PRGDO RFFXSDWLRQDO VWDWXV IRU *URXS QRQKRVSLFH YROXQWHHUVf ZDV UHWLUHG bf ,Q IDFW b RI WKH WRWDO VDPSOH ZHUH UHWLUHG RXW RI f FRPSDUHG WR b RI WKH QRQKRVSLFH YROXQWHHUV *URXS f DQG b RI WKH KRVSLFH WUDLQHHV *URXS f LGHQWLILHG DV VXFK *URXS QRQKRVSLFH YROXQWHHUVf ZDV WKH RQO\ JURXS WR KDYH QR LGHQWLILHG VWXGHQWV *URXS H[SHULHQFHG KRVSLFH YROXQWHHUVf DOVR KDG WKH ODUJHVW SHUFHQWDJH RI WKHLU PHPEHUV LGHQWLILHG DV KRPHPDNHUV RXW RI bf ,W VHHPV SUREDEOH WKDW VLJQLILFDQW DJH GLIIHUHQFHV EHWZHHQ JURXSV FRQWULEXWHG WR WKHVH JURXS RFFXSDWLRQDO GLIIHUHQFHV $ &KLVTXDUH WHVW ZDV SHUIRUPHG EHWZHHQ JURXS DQG RFFXSDWLRQDO VWDWXV WR FKHFN IRU VWDWLVWLFDO LQGHSHQGHQFH 7KH UHVXOWLQJ rf 0 f S LQGLFDWHG

PAGE 74

VWURQJ HYLGHQFH WKDW D SHUVRQn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f 3XUSRVH LQ /LIH 7HVW 3,/f WKH 7KUHDW ,QGH[ DQG WKH SUHYLRXVO\ GHVFULEHG JHQHUDO GHPRJUDSKLFV SDJH 7KH HQWLUH SDFNDJH ZDV W\SLFDOO\ FRPSOHWHG LQ PLQXWHV 7KHVH WHVW SDFNHWV ZHUH HLWKHU PDVVDGPLQLVWHUHG LQ PHHWLQJV RU PDLOHG LQGLYLGXDOO\ WR DOO SDUWLFLSDQWV ,Q DOO IRXU SULPDU\ WHVW VFRUHV ZHUH JHQHUDWHG ZLWK HDFK FRPSOHWHG WHVW SDFNHW '$6 3,/ 7,DFWXDOL]DWLRQ DQG 7,GHDWK WKUHDWf ,Q DGGLWLRQ IRXU VXSSOHPHQWDO VFRUHV IURP WKH 7KUHDW ,QGH[ ZHUH FRPSXWHG 'HDWKDFFHSWLQJ 'HDWK WKUHDWHQHG 'HSUHVVHG DQG 'HDWKDWWUDFWHGf 7KH VFRULQJ FULWHULD IRU HDFK WHVW ZHUH RXWOLQHG HDUOLHU LQ WKLV FKDSWHU

PAGE 75

+RVSLFH WUDLQHHV ZHUH VFUHHQHG DQG LQYLWHG WR SDUWLFLSDWH LQ UHJLRQDO WUDLQLQJ ZRUNVKRSV 7KH WUDLQLQJ LQYROYHG D FRPPLWPHQW RI VL[ FRQVHFXWLYH 7XHVGD\ HYHQLQJV IURP SP 7HVW SDFNHWV ZHUH JURXSDGPLQLVWHUHG GXULQJ WKH ILUVW ZRUNVKRS HYHQLQJ SULRU WR DQ\ KRVSLFH WUDLQLQJ 'XULQJ WKH VSULQJ DQG HDUO\ VXPPHU RI HYHU\ WUDLQHH IURP WKUHH GLIIHUHQW WUDLQLQJ FODVVHV FRPSOHWHG WKH SDFNHW WRWDO RI f %HFDXVH WKH SULPDU\ LQYHVWLJDWRU ZDV QR ORQJHU OLYLQJ LQ *DLQHVYLOOH D IRXUWK WUDLQLQJ JURXS GXULQJ WKH VSULQJ RI ZDV JLYHQ WHVW SDFNHWV GXULQJ WKH ILUVW WUDLQLQJ VHVVLRQ DQG UHTXHVWHG WR PDLO WKHP EDFN DW D ODWHU GDWH )LYH WHVW SDFNHWV ZHUH UHWXUQHG bf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bf 7ZR RI WKH UHWXUQHG WHVW SDFNHWV ZHUH IURP YHU\

PAGE 76

UHFHQW YROXQWHHUV ZKR ZHUH QRW ZHOONQRZQ WR HLWKHU WKH KRVSLFH YROXQWHHU FRRUGLQDWRU RU WR KLV DVVLVWDQW DQG ZHUH QRW LQFOXGHG $OWRJHWKHU H[SHULHQFHG KRVSLFH YROXQWHHUV ZHUH LQFOXGHG LQ WKH FXUUHQW VWXG\ 7KH PDMRULW\ RI QRQKRVSLFH YROXQWHHUV UHFHLYHG WKH WHVW SDFNHWV GXULQJ UHJXODUO\ VFKHGXOHG PRQWKO\ YROXQWHHU PHHWLQJV 6HYHUDO FRPPXQLW\ RUJDQL]DWLRQV HJ /DNH &LW\ 0HGLFDO &OXE /DNH &LW\ +RVSLWDO *URXS :LGRZHG 3HUVRQV 6XSSRUW *URXSf KDG LQYLWHG KRVSLFH WR JLYH SUHVHQWDWLRQV WR WKHLU YROXQWHHUV RQ KRVSLFH VHUYLFHV GLVWULEXWH HGXFDWLRQDO PDWHULDOV DQG DQVZHU UHOHYDQW TXHVWLRQV $OO SDUWLFLSDQWV LQ WKH PHHWLQJV FRPSOHWHG WKH TXHVWLRQQDLUHV WRWDO RI f ,Q DGGLWLRQ WKH 0HDOVRQ:KHHOV JURXS ZDV JLYHQ WHVW SDFNHWV SULRU WR PDNLQJ WKHLU DSSRLQWHG GHOLYHU\ URXQGV DQG FRPSOHWHG IRUPV ZHUH ODWHU UHWXUQHG WR WKH 0HDOVRQ :KHHOV VXSHUYLVRU b UHWXUQ UDWHf $ WRWDO RI QRQn KRVSLFH YROXQWHHUV ZHUH LQFOXGHG LQ WKLV VWXG\ $ YROXQWHHU FRRUGLQDWRU 6XSHUYLVRU $f DQG DQ DVVLVWDQW YROXQWHHU FRRUGLQDWRU 6XSHUYLVRU %f VXSHUYLVH WKH YROXQWHHU SURJUDP DW WKH +RVSLFH RI 1RUWK &HQWUDO )ORULGD %RWK ZHUH LQWHUHVWHG LQ WKH FXUUHQW SURMHFW DQG ZHUH HQWKXVLDVWLF DERXW WKH SURVSHFW RI FRUUHODWLQJ D WKDQDWRORJ\ LQVWUXPHQW ZLWK YROXQWHHU FDUHJLYHU SHUIRUPDQFH 7KH YROXQWHHU FRRUGLQDWRUV FODLPHG WKDW WKH +RVSLFH RI 1RUWK &HQWUDO )ORULGD KDG QR V\VWHPDWLF PHWKRG RI HYDOXDWLQJ YROXQWHHUV

PAGE 77

DQG ERWK IHOW VWURQJO\ WKDW SDUWLFLSDWLQJ LQ WKLV SURMHFW KDG SRVLWLYH UDPLILFDWLRQV IRU WKHLU SURJUDP 7KH WZR YROXQWHHU FRRUGLQDWRUV ZHUH SURYLGHG D OLVW RI WKH H[SHULHQFHG KRVSLFH YROXQWHHUV ZKR KDG FRPSOHWHG WKH TXHVWLRQQDLUHV 7R EH LQFOXGHG LQ WKH VWXG\ ERWK YROXQWHHU FRRUGLQDWRUV KDG WR EH IDPLOLDU ZLWK HDFK RI WKH H[SHULHQFHG YROXQWHHUnV ZRUN DW KRVSLFH VR WKDW WZR SHUIRUPDQFH UDWLQJV FRXOG EH JHQHUDWHG IRU HDFK YROXQWHHU RQH IURP HDFK YROXQWHHU VXSHUYLVRUf 7KH YDVW PDMRULW\ RI H[SHULHQFHG KRVSLFH YROXQWHHUV ZKR FRPSOHWHG WKH WHVW SDFNHWV ZHUH ZHOO NQRZQ WR ERWK FRRUGLQDWRUV RXW RI f DQG LQFOXGHG LQ WKLV SKDVH RI WKH VWXG\ 7KH YROXQWHHU FRRUGLQDWRUV ZHUH WKHQ LQVWUXFWHG WR LQGHSHQGHQWO\ UDWH WKH FDUHJLYHU SHUIRUPDQFH RI WKHVH YROXQWHHUV RQ D ILYHSRLQW RUGLQDO VFDOH EDVHG XSRQ WKHLU SHUVRQDO NQRZOHGJH RI HDFK YROXQWHHUnV SHUIRUPDQFH DV D KRVSLFH FDUHJLYHU 7KHVH ZHUH REYLRXVO\ YHU\ JHQHUDO DQG KLJKO\ SHUVRQDOL]HG UDWLQJV 7KH YROXQWHHU FRRUGLQDWRUV QHHGHG RQO\ D ZRUNLQJ NQRZOHGJH RI HDFK YROXQWHHUnV KRVSLFH SHUIRUPDQFH DQG DQ DZDUHQHVV WKDW D UDWLQJ UHSUHVHQWHG VXSHULRU SHUIRUPDQFH ZLWK HDFK ORZHU UDWLQJ UHSUHVHQWLQJ SURJUHVVLYHO\ ORZHU SHUIRUPDQFH 7R HQVXUH D EURDG UDQJH RI VFRUHV HDFK FRRUGLQDWRU ZDV JLYHQ WKH DGGLWLRQDO LQVWUXFWLRQ WR HYHQO\ GLVWULEXWH WKH YROXQWHHU UDWLQJV VR WKDW QHDUO\ HTXDO QXPEHUV ZRXOG EH IRXQG XQGHU HDFK JOREDO UDWLQJ WRS b ZHUH JLYHQ D

PAGE 78

UDWLQJ QH[W b PLGGOH b QH[W WR ODVW b DQG ODVW b f 7KLV IRUPDW ZDV XVHG WR GHFUHDVH WKH WHQGHQF\ WR UDWH DOO YROXQWHHUV DV nV RU nV DQG HQVXUHG DQ HTXDO GLVWULEXWLRQ RI UDWLQJ VFRUHV 7KLV IRUPDW DOVR VHHPHG WR DVVXDJH WKH FRRUGLQDWRUVn IHDUV RI HYDOXDWLQJ DQ\ YROXQWHHU DV D SRRU SHUIRUPHU VLQFH DOO ILYH UDWLQJV FRXOG EH FRQVLGHUHG JUDGDWLRQV RI DGHTXDWH SHUIRUPDQFH :LWKRXW FRQIHUULQJ ZLWK RQH DQRWKHU RU NQRZLQJ WKH WHVW UHVXOWV RI H[SHULHQFHG KRVSLFH YROXQWHHUV WKH YROXQWHHU FRRUGLQDWRUV UDWHG WKH H[SHULHQFHG YROXQWHHUV SODFLQJ WKHP LQ D GLVWULEXWLRQ RI DSSUR[LPDWHO\ YROXQWHHUV SHU UDWLQJ UDWLQJV IRU PHPEHUVf $ VLJQLILFDQW 6SHDUPDQ FRUUHODWLRQ ZDV IRXQG EHWZHHQ WKH WZR VHWV RI YROXQWHHU FRRUGLQDWRUVn UDWLQJV UKR S f $OWKRXJK WKH 6SHDUPDQ FRUUHODWLRQ ZDV VWDWLVWLFDOO\ VLJQLILFDQW RQO\ b RI WKH YDULDQFH RI RQH FRRUGLQDWRUnV UDWLQJV ZDV DVVRFLDWHG ZLWK FKDQJH LQ WKH RWKHUnV 7KLV GHJUHH RI DVVRFLDWLRQ ZDV QRW KLJK HQRXJK WR DOORZ D PHUJLQJ RI WKH WZR UDWLQJV QHHG WR DFFRXQW IRU DW OHDVW b RI WKH YDULDQFHf VR WKH FRRUGLQDWRUVn UDWLQJV ZHUH NHSW VHSDUDWH $V D UHVXOW HDFK YROXQWHHU KDG WZR VFRUHV RQH IURP HDFK YROXQWHHU FRRUGLQDWRUf UDQJLQJ IURP RQH WR ILYH 6WDWLVWLFDO $QDO\VHV 7KH ILUVW K\SRWKHVLV VWDWHV WKDW VLJQLILFDQW UHODWLRQVKLSV H[LVW EHWZHHQ WKH WZR SULPDU\ VFRUHV RI WKH

PAGE 79

7KUHDW ,QGH[ 7,DFWXDOL]DWLRQ DQG 7,GHDWK WKUHDWf DQG WKH REWDLQHG VFRUHV RQ WKH 'HDWK $Q[LHW\ 6FDOH '$6f DQG WKH 3XUSRVH LQ /LIH 7HVW 3,/f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f DQG WKH SHUIRUPDQFH UDWLQJV JLYHQ WR H[SHULHQFHG KRVSLFH YROXQWHHUV E\ WKHLU VXSHUYLVRUV $ DQG %f 7R WHVW WKLV K\SRWKHVLV 6SHDUPDQ FRUUHODWLRQV ZHUH FRPSXWHG EHWZHHQ 7,DFWXDOL]DWLRQ VFRUHV 6XSHUYLVRU $nV UDWLQJV DQG 6XSHUYLVRU %nV UDWLQJV DQG EHWZHHQ 7,GHDWK WKUHDW VFRUHV 6XSHUYLVRU $nV UDWLQJV

PAGE 80

6XSHUYLVRU %nV UDWLQJV $OO RI WKH DERYH DQDO\VHV ZHUH FRQGXFWHG XVLQJ WKH 6WDWLVWLFDO $QDO\VLV 6\VWHP 6$6 ,QVWLWXWH f

PAGE 81

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f WKH 3XUSRVH LQ /LIH 7HVW RQH VFRUHf DQG WKH 7KUHDW ,QGH[ VL[ VFRUHVf ZHUH ZLWKLQ H[SHFWDWLRQV IRU WKLV VDPSOH RI KRVSLFH WUDLQHHV

PAGE 82

H[SHULHQFHG KRVSLFH YROXQWHHUV DQG QRQKRVSLFH YROXQWHHUV &RPSDUHG WR WKH SUHYLRXVO\ FLWHG '$6 DQG 3,/ QRUPDWLYH GDWD LQ &KDSWHU ,,, WKLV JOREDO VDPSOH HQGRUVHG D ORZ DYHUDJH DPRXQW RI GHDWK DQ[LHW\ '$6 0 6' f DQG D KLJK VHQVH RI SXUSRVH 3,/ 0 6' f 5HVXOWV IURP WKH WZR SULPDU\ VFRUHV RQ WKH 7KUHDW ,QGH[ 7,DFWXDOL]DWLRQ 7,GHDWK WKUHDWf DOVR VHHP WR VXJJHVW DQ RYHUDOO KLJK VHQVH RI DFWXDOL]DWLRQ 0 VSOLWVf DQG ORZ GHDWK WKUHDW 0 VSOLWVf .ULHJHU (SWLQJ DQG +D\V f VXJJHVWHG WKDW VFRUHV RI ZRXOG EH JRRG DSSUR[LPDWLRQV RI QRUPDO OHYHOV RI WKHVH WUDLWV 7KLV JOREDO VDPSOHnV VSOLWV ZHUH ZHOO EHORZ H[SHFWDWLRQV H[WUHPHO\ ZHOODGMXVWHGf 0HDQV RI WKH IRXU VXSSOHPHQWDO 7KUHDW ,QGH[ VFRUHV 'HDWKDFFHSWLQJ 'HDWKWKUHDWHQHG 'HSUHVVHG 'HDWK DWWUDFWHGf IRU WKH HQWLUH JURXS JHQHUDOO\ VHHP WR UHIOHFW D VWURQJ VHQVH RI GHDWKDFFHSWDQFH D PRGHUDWH GHJUHH RI GHDWK WKUHDW DQG PLQLPDO GHSUHVVLRQ RU GHDWKDWWUDFWLRQ &OHDUO\ WKLV VDPSOH RI KRVSLFH DQG QRQKRVSLFH SHUVRQQHO KDV D QXPEHU RI SRVLWLYH DWWULEXWHV '$6 3,/ DQG 7KUHDW ,QGH[ PHDQ VFRUHV IRU HDFK RI WKH WKUHH JURXSV ZHUH DOVR FDOFXODWHG VHSDUDWHO\ 7KH VXPPDU\ VWDWLVWLFV IRU KRVSLFH WUDLQHHV H[SHULHQFHG KRVSLFH YROXQWHHUV DQG QRQKRVSLFH YROXQWHHUV KDYH EHHQ UHFRUGHG EHORZ LQ 7DEOH

PAGE 83

7DEOH '$6 3,/ DQG 7KUHDW ,QGH[ 5HVXOWV IRU WKH 7KUHH *URXSV *5283 7(676f 1 0($1 6' 5$1*( +RVLFH 7UDLQHHV '$6 3,/ 7,DFWXDOL]DWLRQ 7,GHDWK WKUHDW 'HDWKDFFHSWLQJ 'HDWKWKUHDWHQHG 'HSUHVVHG 'HDWKDWWUDFWHG f§ +RVRLFH 9ROXQWHHUV '$6 3,/ 7,DFWXDOL]DWLRQ 7,GHDWK WKUHDW 'HDWKDFFHSWLQJ 'HDWKWKUHDWHQHG 'HSUHVVHG 'HDWKDWWUDFWHG f§ 1RQ+RVRLFH 9ROXQWHHUV '$6 3,/ 7,DFWXDOL]DWLRQ 7,GHDWK WKUHDW 'HDWKDFFHSWLQJ 'HDWKWKUHDWHQHG 'HSUHVVHG 'HDWKDWWUDFWHG $W ILUVW JODQFH WKH HLJKW WHVW VFRUHV VKRZHG YHU\ IHZ REYLRXV JURXS GLIIHUHQFHV &RQVLVWHQW ZLWK WKH WRWDO VDPSOHnV WHVW UHVXOWV HDFK RI WKH WKUHH JURXSV VKRZHG DYHUDJH OHYHOV RI GHDWK DQ[LHW\ DQG DQ DYHUDJH WR DERYH DYHUDJH OHYHO RI SXUSRVHIXOQHVV $JDLQ DOO WKUHH JURXSV ZHUH KLJKO\ DFWXDOL]HG KDG PRGHUDWH OHYHOV RI GHDWK WKUHDW ZHUH JHQHUDOO\ GHDWKDFFHSWLQJ DQG KDG QHJOLJLEOH OHYHOV RI

PAGE 84

GHSUHVVLRQ RU GHDWKDWWUDFWLRQ 7KHVH WKUHH JURXSV DSSHDUHG WR EH PXFK PRUH DOLNH WKDQ GLIIHUHQW ZKHQ FRPSDULQJ WKH VFRUHV IURP WKH WKUHH WHVWV $GPLQLVWUDWLYH (IIHFWV $V ZDV QRWHG LQ &KDSWHU ,,, WKH JURXSV VKRZHG VLJQLILFDQW GLIIHUHQFHV LQ KRZ WKH\ ZHUH DGPLQLVWHUHG WKH WHVW SDFNHWV 7 VFRUH VPDOO JURXS LQIHUHQFHf DQG = VFRUH ODUJH JURXS LQIHUHQFHf FRPSDULVRQV ZHUH SHUIRUPHG RQ HDFK RI WKH WKUHH JURXSV KRVSLFH WUDLQHHV H[SHULHQFHG KRVSLFH YROXQWHHUV DQG QRQKRVSLFH YROXQWHHUVf DQG RQ WKH HQWLUH VDPSOH WR GHWHUPLQH ZKHWKHU PHDQ WHVW VFRUH GLIIHUHQFHV ZHUH SUHVHQW EHWZHHQ WKRVH VXEMHFWV ZKR ZHUH PDLOHG WKH WHVWV DQG WKRVH ZKR ZHUH PDVVDGPLQLVWHUHG WKH WHVWV 7KH RQO\ DGPLQLVWUDWLYH HIIHFW IRXQG ZDV RQ WKH 7, DFWXDOL]DWLRQ VFRUHV RI KRVSLFH WUDLQHHV *URXS f 7KH UHVXOWLQJ Wf rrS LQGLFDWHG WKDW KRVSLFH WUDLQHHV ZKR ZHUH PDVVDGPLQLVWHUHG WKH WHVW SDFNHWV WHQGHG WR HQGRUVH PRUH DFWXDOL]DWLRQ VSOLWV IHHO OHVV DFWXDOL]HGf WKDQ WKRVH ZKR ZHUH PDLOHG WKH WHVW SDFNHW PDVV DGPLQLVWHUHG JURXS 0 6' PDLO JURXS 0 6' f $OWKRXJK WKLV UHSUHVHQWHG D VWDWLVWLFDO GLIIHUHQFH ERWK JURXSV RI KRVSLFH WUDLQHHV ZHUH KLJKO\ DFWXDOL]HG KDG IHZ 7,DFWXDOL]DWLRQ VSOLWVf 1RQH RI WKH RWKHU FRPSDULVRQ JURXSV H[SHULHQFHG KRVSLFH YROXQWHHUV QRQKRVSLFH YROXQWHHUV RU WKH WRWDO VDPSOHf VKRZHG DQ\ VLJQLILFDQW GLIIHUHQFHV LQ WHVW VFRUHV

PAGE 85

EHWZHHQ WKRVH DGPLQLVWHUHG WKH WHVWV LQ JURXSV DQG WKRVH UHFHLYLQJ WKH WHVWV LQ WKH PDLO 2Q WKH ZKROH WKHUH ZDV OLWWOH HYLGHQFH WKDW DGPLQLVWUDWLYH PHWKRG KDG DQ\ PHDQLQJIXO HIIHFW RQ WKH PHDQ WHVW VFRUHV RI WKH JURXSV RU RI WKH HQWLUH VDPSOH 'HPRJUDSKLF (IIHFWV RQ 7HVW 6FRUHV %HIRUH DGGUHVVLQJ WKH WKUHH K\SRWKHVHV GHPRJUDSKLF HIIHFWV RQ WKH HLJKW WHVW VFRUHV '$6 3,/ 7, DFWXDOL]DWLRQ 7,GHDWK WKUHDW IRXU VXSSOHPHQWDO 7KUHDW ,QGH[ VFRUHVf ZHUH DQDO\]HG XVLQJ 3HDUVRQ FRUUHODWLRQV DJH HIIHFWVf 6SHDUPDQ FRUUHODWLRQV HGXFDWLRQ KRXVHKROG LQFRPHf DQG W WHVWV JHQGHU PDULWDO VWDWXV UHOLJLRVLW\f 7ZR RI WKH HLJKW 3HDUVRQ FRUUHODWLRQV IRU DJH DQG WHVW VFRUH ZHUH IRXQG WR EH VLJQLILFDQW 7DEOH LQFOXGHV WKH WHVW VFRUHV VLJQLILFDQWO\ FRUUHODWHG ZLWK DJH 7DEOH 6LJQLILFDQW &RUUHODWLRQV %HWZHHQ 'HPRJUDSKLFV DQG 7HVWV 9$5,$%/(6 &255(/$7,21 352%$%,/,7< $JH 7,DFWXDOL]DWLRQ $JH 'HDWKDWWUDFWHG 7DEOH LOOXVWUDWHV WKDW 7,DFWXDOL]DWLRQ DQG WKH 'HDWKDWWUDFWHG VFRUH RI WKH 7KUHDW ,QGH[ ZHUH VLJQLILFDQWO\ FRUUHODWHG ZLWK DJH %RWK FRUUHODWLRQV ZHUH QHJDWLYH DQG LQGLFDWHG WKDW DV SHRSOHnV DJHV LQFUHDVHG IHZHU 7, DFWXDOL]DWLRQ VSOLWV VWURQJHU VHQVH RI DFWXDOL]DWLRQf DQG

PAGE 86

ORZHU 'HDWKDWWUDFWHG VFRUHV RFFXUUHG OHVV K\SRWKHVL]HG VXLFLGDOLW\f 7KHVH DVVRFLDWLRQV ZHUH TXLWH ZHDN ZLWK RQO\ b RI WKH YDULDQFH LQ 7,DFWXDOL]DWLRQ VFRUHV DQG b RI WKH YDULDQFH LQ 'HDWKDWWUDFWHG VFRUHV DVVRFLDWHG ZLWK FKDQJHV LQ DJH 6SHDUPDQ FRUUHODWLRQV ZHUH FRPSXWHG EHWZHHQ WKH HLJKW WHVW VFRUHV DQG WKH RUGLQDO YDULDEOHV RI HGXFDWLRQ OHYHOVf DQG KRXVHKROG LQFRPH OHYHOVf 7KH (GXFDWLRQ 'HDWKDFFHSWLQJ 6SHDUPDQ FRUUHODWLRQ ZDV WKH RQO\ VLJQLILFDQW YDOXH IRXQG RXW RI RI SRVVVLEOH FRUUHODWLRQV UKR S f 7KLV SRVLWLYH FRUUHODWLRQ LQGLFDWHG WKDW KLJKHU GHDWKDFFHSWDQFH ZDV DVVRFLDWHG ZLWK PRUH HGXFDWLRQ $OWKRXJK VWDWLVWLFDOO\ VLJQLILFDQW RQO\ b RI WKH YDULDQFH LQ 'HDWKDFFHSWLQJ VFRUHV ZDV DVVRFLDWHG ZLWK FKDQJHV LQ HGXFDWLRQ )LQDOO\ W WHVW FRPSDULVRQV ZHUH XVHG WR GHWHUPLQH ZKHWKHU JHQGHU PDULWDO VWDWXV DQG UHOLJLRVLW\ KDG DQ\ HIIHFW RQ WHVW VFRUHV 6LJQLILFDQW JHQGHU GLIIHUHQFHV ZHUH QRWHG RQO\ RQ WKH 3,/ ZLWK Wf rrS f )HPDOHV HQGRUVHG KLJKHU 3,/ VFRUHV 3,/ 0 6' f WKDQ GLG PDOHV 3,/ 0 6' f 1RQH RI WKH FRPSDULVRQV EHWZHHQ WKH HLJKW WHVW VFRUHV DQG PDULWDO VWDWXV OHYHOVf ZHUH IRXQG WR KDYH VLJQLILFDQW GLIIHUHQFHV 0DULWDO VWDWXV GLG QRW DSSHDU WR KDYH D PDUNHG HIIHFW RQ WHVW VFRUHV

PAGE 87

5HOLJLRVLW\ GLG KDYH D ZLGHVSUHDG HIIHFW RQ WHVW VFRUHV DV VL[ RI HLJKW W WHVWV FRPSDULVRQV UHYHDOHG VLJQLILFDQW GLIIHUHQFHV 7DEOH GHVFULEHV WKH WHVWV 7 YDOXHV GI DQG S YDOXHV IRU WKH YDULDEOH RI UHOLJLRVLW\ 7DEOH 77HVW &RPSDULVRQV RI 5HOLJLRVLW\nV (IIHFW RI 7HVW 6FRUHV 7(67 6&25( 79$/8( ') 39$/8( '$6 3,/ 7,DFWXDOL]DWLRQ 7,GHDWK WKUHDW 'HDWKDFFHSWLQJ 'HDWKWKUHDWHQHG 'HSUHVVHG 'HDWKDWWUDFWHG $V FDQ EH VHHQ LQ 7DEOH DOO RI WKH SULPDU\ WHVW VFRUHV XVHG LQ WKLV VWXG\ '$6 3,/ 7, DFWXDOL]DWLRQ 7, GHDWK WKUHDWf DQG WZR RI WKH VXSSOHPHQWDO 7KUHDW ,QGH[ VFRUHV 'HDWKWKUHDWHQHG 'HDWKDWWUDFWHGf VKRZHG D VLJQLILFDQW UHOLJLRVLW\ HIIHFW 7KH '$6 Wf rrS ZDV VLJQLILFDQW DQG LQGLFDWHG WKDW WKRVH ZKR ZHUH UHOLJLRXV 1 f VFRUHG VLJQLILFDQWO\ ORZHU RQ WKH '$6 '$6 0 6' f WKDQ WKRVH ZKR GLG QRW LGHQWLI\ WKHPVHOYHV DV UHOLJLRXV 1 '$6 0 6' f $OWKRXJK D VWDWLVWLFDO

PAGE 88

GLIIHUHQFH ZDV IRXQG EHWZHHQ WKH WZR JURXSV ERWK WKH UHOLJLRXV DQG WKH QRQUHOLJLRXV DSSHDUHG WR KDYH JHQHUDOO\ ORZ OHYHOV RI GHDWK DQ[LHW\ DV PHDVXUHG E\ WKH '$6f $ VLJQLILFDQW W YDOXH RQ WKH 3,/ RI Wf rr( f LQGLFDWHG WKDW WKRVH ZKR ZHUH UHOLJLRXV VFRUHG VLJQLILFDQWO\ KLJKHU RQ WKH 3,/ 3,/ 0 6' f WKDQ WKRVH ZKR GLG QRW LGHQWLI\ WKHPVHOYHV DV UHOLJLRXV 3,/ 0 6' f 7KH UHOLJLRXV WHQGHG WR KDYH D YHU\ KLJK VHQVH RI SXUSRVH DV PHDVXUHG E\ WKH 3,/f FRPSDUHG WR WKH DYHUDJH OHYHOV RI SXUSRVHIXOQHVV HQGRUVHG E\ WKH QRQn UHOLJLRXV $ VLJQLILFDQW W YDOXH RQ WKH 7,DFWXDOL]DWLRQ VFRUH RI Wf rrS LQGLFDWHG WKDW WKRVH ZKR ZHUH UHOLJLRXV KDG IHZHU 7,DFWXDOL]DWLRQ VSOLWV 7, DFWXDOL]DWLRQ 0 6' f WKDQ WKRVH ZKR GLG QRW FRQVLGHU WKHPVHOYHV UHOLJLRXV 7,DFWXDOL]DWLRQ 0 6' f +RZHYHU ERWK JURXSV FOHDUO\ VKRZHG KLJK OHYHOV VHOIDFWXDOL]DWLRQ IHZ 7,DFWXDOL]DWLRQ VSOLWVf 7KH VLJQLILFDQW W YDOXH RQ WKH 7,GHDWK WKUHDW VFRUH RI Wf rrS LQGLFDWHG WKDW WKRVH ZKR ZHUH UHOLJLRXV KDG IHZHU 7,GHDWK WKUHDW VSOLWV 7,GHDWK WKUHDW 0 6' f WKDQ WKRVH ZKR GLG QRW FRQVLGHU WKHPVHOYHV UHOLJLRXV 7,GHDWK WKUHDW 0 6' f 7KLV VWDWLVWLFDO GLIIHUHQFH EHWZHHQ WKH UHOLJLRXV DQG WKH QRQUHOLJLRXV DOVR DSSHDUHG WR KDYH VRPH FOLQLFDO XWLOLW\ ZLWK WKH QRQUHOLJLRXV PHDQ 7,GHDWK WKUHDW VFRUH

PAGE 89

VSOLWVf UHSUHVHQWLQJ RQH RI WKH KLJKHVW 7KUHDW ,QGH[ VFRUHV REWDLQHG LQ WKLV HQWLUH VDPSOH $ VLJQLILFDQW W YDOXH RQ WKH VXSSOHPHQWDO 'HDWK WKUHDWHQHG VFRUH RI Wf rrS LQGLFDWHG WKDW WKRVH ZKR ZHUH UHOLJLRXV KDG IHZHU 'HDWKWKUHDWHQHG VSOLWV 'HDWKWKUHDWHQHG 0 6' f WKDQ WKRVH ZKR GLG QRW FRQVLGHU WKHPVHOYHV UHOLJLRXV 'HDWKWKUHDWHQHG 0 6' f $V H[SHFWHG WKLV VXSSOHPHQWDO 7KUHDW ,QGH[ VFRUH FORVHO\ PLUURUHG WKH UHVXOWV RI WKH 7,GHDWK WKUHDW VFRUH DQG DSSHDUHG WR UHIOHFW DQ LPSRUWDQW GLIIHUHQFH EHWZHHQ WKHVH WZR JURXSV 7KH ILQDO VLJQLILFDQW W YDOXH IRXQG ZDV RQ WKH VXSSOHPHQWDO 'HDWKDWWUDFWHG VFRUH 7KH UHVXOWLQJ Wf rrS LQGLFDWHG WKDW WKRVH ZKR ZHUH UHOLJLRXV KDG IHZHU 'HDWKDWWUDFWHG VSOLWV 'HDWKDWWUDFWHG 0 6' f WKDQ WKRVH ZKR ZHUH QRW UHOLJLRXV 'HDWK DWWUDFWHG 0 6' f 7KLV ILQGLQJ LV RI OLWWOH DSSDUHQW FOLQLFDO XVHIXOQHVV DV ERWK JURXSV KDG PLQLPDO OHYHOV RI GHDWKDWWUDFWLRQ K\SRWKHVL]HG VXLFLGDOLW\f 7ZR W WHVW FRPSDULVRQV \LHOGHG QR VLJQLILFDQW GLIIHUHQFHV EHWZHHQ WKH UHOLJLRXV DQG QRQUHOLJLRXV RQ WKH VXSSOHPHQWDO 'HDWKDFFHSWLQJ RU WKH 'HSUHVVHG VFRUHV RI WKH 7KUHDW ,QGH[ 2I QRWH WKH PDMRULW\ RI GHPRJUDSKLF YDULDEOHV DVVHVVHG DJH HGXFDWLRQ KRXVHKROG LQFRPH DQG PDULWDO VWDWXVf KDG IHZ LI DQ\ VLJQLILFDQW DVVRFLDWLRQV ZLWK WKH HLJKW WHVW

PAGE 90

VFRUHV :KHQ VLJQLILFDQW UHODWLRQVKLSV ZHUH IRXQG WKH\ DFFRXQWHG IRU OLWWOH RI WKH YDULDQFH LQ VFRUHV 7KH 3,/ ZDV VKRZQ WR KDYH D JHQGHU DQG D UHOLJLRVLW\ HIIHFW WKDW UHVXOWHG LQ HDVLO\ REVHUYHG PHDQLQJIXO GLIIHUHQFHV LQ WHVW VFRUHV &OHDUO\ WKH KLJKHVW 3,/ VFRUHV ZHUH REWDLQHG E\ IHPDOHV DQG E\ WKH UHOLJLRXV 5HOLJLRVLW\ DOVR DSSHDUHG WR KDYH D FOLQLFDOO\ PHDQLQJIXO HIIHFW RQ WZR RI WKH HLJKW 7KUHDW ,QGH[ VFRUHV 7,GHDWK WKUHDW 'HDWK WKUHDWHQHGf 7KH HIIHFW RI UHOLJLRVLW\ DSSHDUHG WR KDYH PRUH RI DQ LPSDFW RQ WHVW VFRUHV WKDQ DQ\ RWKHU GHPRJUDSKLF YDULDEOHV 7KH WHVW UHVXOWV VSHFLILFDOO\ DGGUHVVLQJ WKH WKUHH K\SRWKHVHV ZLOO QRZ EH DGGUHVVHG +\SRWKHVLV 2QH 7KH ILUVW K\SRWKHVLV VWDWHG WKDW VLJQLILFDQW UHODWLRQVKLSV H[LVW EHWZHHQ WKH WZR SULPDU\ VFRUHV RI WKH 7KUHDW ,QGH[ 7,DFWXDOL]DWLRQ 7,GHDWK WKUHDWf DQG WKH REWDLQHG VFRUHV RQ WKH 'HDWK $Q[LHW\ 6FDOH '$6f DQG WKH 3XUSRVH LQ /LIH 7HVW 3,/f IRU WKLV JOREDO VDPSOH RI KRVSLFH WUDLQHHV H[SHULHQFHG KRVSLFH YROXQWHHUV DQG QRQKRVSLFH YROXQWHHUV 7KHVH WZR 7KUHDW ,QGH[ VFRUHV SURYHG WR EH VLJQLILFDQW SUHGLFWRUV RI '$6 DQG 3,/ VFRUHV DV 3HDUVRQ FRUUHODWLRQV ZHUH FRPSXWHG DQG WKUHH RI IRXU FRUUHODWLRQV ZHUH IRXQG WR KDYH VLJQLILFDQW U YDOXHV 7DEOH GHVFULEHV WKH IRXU WHVW VFRUH FRPSDULVRQV U YDOXHV DQG SYDOXHV

PAGE 91

7DEOH 7(67 &203$5,6216 U 3 7,DFWXDOL]DWLRQ '$6 7,DFWXDOL]DWLRQ 3,/ 7,GHDWK WKUHDW '$6 7,GHDWK WKUHDW 3,/ $V FDQ EH VHHQ LQ 7DEOH WKUHH RXW RI IRXU WHVW FRPSDULVRQV UHVXOWHG LQ VLJQLILFDQW FRUUHODWLRQV 7, DFWXDOL]DWLRQ VKRZHG D SRVLWLYH FRUUHODWLRQ U S f ZLWK WKH 'HDWK $Q[LHW\ 6FDOH '$6f $V 7, DFWXDOL]DWLRQ VSOLWV LQFUHDVHG ORZHU VHOIDFWXDOL]DWLRQf VR GLG '$6 VFRUHV KLJKHU GHDWK DQ[LHW\f 7KLV FRUUHODWLRQ DOWKRXJK VWDWLVWLFDOO\ VLJQLILFDQW ZDV D ZHDN RQH ZLWK RQO\ b RI WKH YDULDQFH LQ WKH '$6 VFRUHV DVVRFLDWHG ZLWK FKDQJHV LQ WKH 7,DFWXDOL]DWLRQ VFRUHV 7,DFWXDOL]DWLRQ VKRZHG D VLJQLILFDQW QHJDWLYH FRUUHODWLRQ U S f ZLWK WKH 3XUSRVH LQ /LIH 7HVW 3,/f LQGLFDWLYH RI DQ LQYHUVH UHODWLRQVKLS EHWZHHQ WKHVH WZR VFRUHV )HZ 7,DFWXDOL]DWLRQ VSOLWV KLJK VHOIDFWXDOL]DWLRQf ZHUH DVVRFLDWHG ZLWK KLJK SXUSRVH LQ OLIH 7KLV FRUUHODWLRQ UHSUHVHQWHG D UREXVW UHODWLRQVKLS EHWZHHQ WKHVH WZR WHVW VFRUHV ZLWK b RI WKH YDULDQFH LQ 3,/ VFRUHV DVVRFLDWHG ZLWK FKDQJHV LQ WKH 7, DFWXDOL]DWLRQ VFRUHV

PAGE 92

7OGHDWK WKUHDW VKRZHG D VLJQLILFDQW SRVLWLYH FRUUHODWLRQ S S f ZLWK WKH '$6 +LJK GHDWK WKUHDW PDQ\ VSOLWVf ZDV DVVRFLDWHG ZLWK KLJK GHDWK DQ[LHW\ 7KLV FRUUHODWLRQ ZDV DOVR D UHODWLYHO\ ZHDN DVVRFLDWLRQ ZLWK RQO\ b RI WKH YDULDQFH LQ '$6 VFRUHV DVVRFLDWHG ZLWK FKDQJHV LQ WKH 7OGHDWK WKUHDW VFRUHV )LQDOO\ 7OGHDWK WKUHDW ZDV QRW VLJQLILFDQWO\ DVVRFLDWHG ZLWK 3,/ VFRUHV U S f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f 3XUSRVH LQ /LIH 7HVW 3,/f DQG WKH 7KUHDW ,QGH[ WZR SULPDU\ VFRUHV DQG IRXU VXSSOHPHQWDO VFRUHVf DQG VKRZQ WR KDYH QR VLJQLILFDQW GLIIHUHQFHV LQ PHDQ VFRUHV RQ DQ\ RI WKH PHDVXUHV XWLOL]HG LQ WKLV VWXG\ 7DEOH GHVFULEHV WKH W WHVW UHVXOWV RI *URXS KRVSLFH WUDLQHHVf DQG *URXS QRQKRVSLFH YROXQWHHUVf RQ HDFK RI WKH HLJKW WHVW VFRUHV

PAGE 93

7DEOH 77HVW &RPSDULVRQV 2I 7HVW 6FRUHV RI *URXS DQG *URXR 7(67 W GI E 'HDWK $Q[LHW\ 6FDOH 3XUSRVH LQ /LIH 7HVW 7,DFWXDOL]DWLRQ 7,GHDWK WKUHDW 'HDWKDFFHSWLQJ 'HDWKWKUHDWHQHG 'HSUHVVHG 'HDWKDWWUDFWHG 7R VXPPDUL]H W WHVW FRPSDULVRQV RI WKH KRVSLFH WUDLQHH DQG QRQKRVSLFH YROXQWHHU PHDQ VFRUHV RQ WKH '$6 3,/ DQG WKH 7KUHDW ,QGH[ ZHUH LQHIIHFWLYH LQ GLVFULPLQDWLQJ EHWZHHQ WKHVH WZR JURXSV ,Q DQFLOODU\ DQDO\VHV W WHVWV ZHUH DOVR XVHG WR FRPSDUH *URXS KRVSLFH WUDLQHHVf DQG *URXS H[SHULHQFHG KRVSLFH YROXQWHHUVf DQG *URXS H[SHULHQFHG KRVSLFH YROXQWHHUVf DQG *URXS QRQKRVSLFH YROXQWHHUVf RQ WKHVH HLJKW WHVW VFRUHV 1R VLJQLILFDQW W YDOXHV ZHUH REWDLQHG RQ DQ\ RI WKH VL[WHHQ W WHVW FRPSDULVRQV 7KHVH WKUHH WHVWV ZHUH FOHDUO\ XQDEOH WR HIIHFWLYHO\ GLVFULPLQDWH DQ\ RI WKHVH WKUHH JURXSV RI VXEMHFWV

PAGE 94

+\SRWKHVLV 7KUHH 7KH WKLUG K\SRWKHVLV VWDWHG WKDW VLJQLILFDQW UHODWLRQVKLSV H[LVW EHWZHHQ WKH WZR SULPDU\ 7KUHDW ,QGH[ VFRUHV 7ODFWXDOL]DWLRQ 7,GHDWK WKUHDWf DQG WKH SHUIRUPDQFH UDWLQJV JLYHQ WR WKH H[SHULHQFHG KRVSLFH YROXQWHHUV E\ WZR YROXQWHHU FRRUGLQDWRUV 6XSHUYLVRU $ DQG 6XSHUYLVRU %f 7KLV K\SRWKHVLV WHVWHG ZKHWKHU WKH 7KUHDW ,QGH[ PLJKW EH XVHIXO DV D PHDVXUH RI SHUIRUPDQFH IRU H[LVWLQJ KRVSLFH YROXQWHHUV $ 6SHDUPDQ FRUUHODWLRQ SURFHGXUH ZDV SHUIRUPHG EHWZHHQ WKH YROXQWHHU FRRUGLQDWRU UDWLQJV DQG WKH WZR SULPDU\ 7KUHDW ,QGH[ VFRUHV WR DVVHVV WKH UHODWLRQVKLS EHWZHHQ WKHVH YDULDEOHV 7KH FRUUHODWLRQ EHWZHHQ WKH WZR YROXQWHHU FRRUGLQDWRUnV UDWLQJV UHDFKHG VWDWLVWLFDO VLJQLILFDQFH UKR S f EXW ZDV QRW ODUJH HQRXJK WR MXVWLI\ PHUJLQJ WKH UDWLQJV $V D UHVXOW HDFK VHW RI UDWLQJV ZDV VHSDUDWHO\ FRUUHODWHG ZLWK WKH WHVW VFRUHV ZLWK WKH UKR YDOXHV DQG SUREDELOLWLHV LQFOXGHG LQ 7DEOH EHORZ 7DEOH 9$5,$%/(6 5+2 39$/8( 6XSHUYLVRU $ 6XSHUYLVRU % 6XSHUYLVRU $ 7ODFWXDOL]DWLRQ 6XSHUYLVRU $ 7,GHDWK WKUHDW 6XSHUYLVRU % 7ODFWXDOL]DWLRQ 6XSHUYLVRU % 7,GHDWK WKUHDW

PAGE 95

$V FDQ EH VHHQ LQ 7DEOH QHLWKHU WKH 7, DFWXDOL]DWLRQ VFRUH QRU WKH 7,GHDWK WKUHDW VFRUH ZDV VLJQLILFDQWO\ DVVRFLDWHG ZLWK VXSHUYLVRU\ UDWLQJV 6XSHUYLVRU $ RU %f +RZHYHU DQ DQFLOODU\ DQDO\VLV FRUUHODWLQJ WKH SHUIRUPDQFH UDWLQJV ZLWK WKH IRXU VXSSOHPHQWDO 7KUHDW ,QGH[ VFRUHV UHVXOWHG LQ VLJQLILFDQW FRUUHODWLRQV EHWZHHQ WKH 'HDWKDFFHSWLQJ VFRUH RI WKH 7KUHDW ,QGH[ DQG ERWK UDWHUV 6XSHUYLVRU $ 'HDWKDFFHSWLQJ UKR S 6XSHUYLVRU % 'HDWKDFFHSWLQJ UKR S f $OWKRXJK WKH SHUIRUPDQFH UDWLQJV RI H[SHULHQFHG KRVSLFH YROXQWHHUV ZHUH XQUHODWHG WR 7,DFWXDOL]DWLRQ DQG 7,GHDWK WKUHDW VFRUHV RQH VXSSOHPHQWDO 7KUHDW ,QGH[ VFRUH 'HDWK DFFHSWLQJf KDG D VLJQLILFDQW SRVLWLYH FRUUHODWLRQ ZLWK ERWK UDWHUV 7KHVH FRUUHODWLRQV ZHUH DOVR RI VRPH FOLQLFDO UHOHYDQFH DV b RI WKH YDULDQFH LQ 6XSHUYLVRU $nV UDWLQJV DQG b RI WKH YDULDQFH LQ 6XSHUYLVRU %nV UDWLQJV ZHUH DVVRFLDWHG ZLWK FKDQJHV LQ WKH 'HDWKDFFHSWLQJ VFRUH 7KRVH H[SHULHQFHG KRVSLFH YROXQWHHUV UDWHG KLJKO\ E\ WKH YROXQWHHU FRRUGLQDWRUV ZHUH OLNHO\ WR KDYH KLJK GHDWK DFFHSWDQFH 6XPPDU\ RI )LQGLQJV IRU WKH 7KUHH +\SRWKHVHV 5HVXOWV RI WKH ILUVW K\SRWKHVLV VKRZHG WKDW 7, DFWXDOL]DWLRQ DQG 7,GHDWK WKUHDW VFRUHV RI WKH 7KUHDW ,QGH[ ZHUH VLJQLILFDQW FRUUHODWHG ZLWK WKH '$6 DQG WKH 3,/ VFRUHV RQ WKUHH RI IRXU WHVW FRPSDULVRQV LQ WKLV JOREDO VDPSOH RI

PAGE 96

KRVSLFH WUDLQHHV H[SHULHQFHG KRVSLFH YROXQWHHUV DQG QRQKRVSLFH YROXQWHHUV 7,DFWXDOL]DWLRQ VFRUHV ZHUH VLJQLILFDQWO\ UHODWHG WR VFRUHV RQ WKH '$6 DQG WKH 3,/ DQG 7,GHDWK WKUHDW VFRUHV ZHUH VLJQLILFDQWO\ UHODWHG WR '$6 VFRUHV $V WKH QXPEHU RI 7,DFWXDOL]DWLRQ VSOLWV LQFUHDVHG ORZHU VHOIDFWXDOL]DWLRQf '$6 VFRUHV LQFUHDVHG PRUH GHDWK DQ[LHW\f DQG 3,/ VFRUHV GHFUHDVHG ORZHU VHQVH RI SXUSRVHf $V WKH QXPEHU RI 7,GHDWK WKUHDW VSOLWV LQFUHDVHG PRUH GHDWK WKUHDWf '$6 VFRUHV LQFUHDVHG PRUH GHDWK DQ[LHW\f 2I WKH WKUHH VLJQLILFDQW WHVW FRUUHODWLRQV WKH 7, DFWXDOL]DWLRQ VFRUH ZDV EHVW DEOH WR SUHGLFW 3,/ VRFUHV ZLWK b RI WKH YDULDQFH LQ 3,/ VFRUHV DVVRFLDWHG ZLWK FKDQJHV LQ WKH 7,DFWXDOL]DWLRQ VFRUHV 5HVXOWV RI WKH VHFRQG K\SRWKHVLV LQGLFDWHG QR VLJQLILFDQW GLIIHUHQFHV LQ '$6 3,/ DQG 7KUHDW ,QGH[ PHDQ VFRUHV ZHUH IRXQG EHWZHHQ KRVSLFH WUDLQHHV DQG QRQKRVSLFH YROXQWHHUV 1RQH RI WKH HLJKW WHVW FRPSDULVRQV '$6 3,/ 7,DFWXDOL]DWLRQ 7,GHDWK WKUHDW RU IRXU VXSSOHPHQWDO 7KUHDW ,QGH[ VFRUHVf VKRZHG VLJQLILFDQW W UHVXOWV ,Q IDFW QRQH RI WKH WKUHH JURXSV ZHUH IRXQG WR VLJQLILFDQWO\ GLIIHU IURP HDFK RWKHU RQ DQ\ RI WKH WHVW VFRUHV 5HVXOWV RI WKH WKLUG K\SRWKHVLV DOVR VKRZHG WKDW QHLWKHU WKH 7,DFWXDOL]DWLRQ QRU WKH 7,GHDWK WKUHDW VFRUH ZDV VLJQLILFDQWO\ FRUUHODWHG ZLWK WKH SHUIRUPDQFH UDWLQJV RI H[SHULHQFHG KRVSLFH YROXQWHHUV +RZHYHU DQFLOODU\ DQDO\VHV

PAGE 97

GLG XQFRYHU D VLJQLILFDQW FRUUHODWLRQ EHWZHHQ ERWK VHWV RI H[SHULHQFHG KRVSLFH YROXQWHHU UDWLQJV DQG WKH 'HDWK DFFHSWLQJ VFRUH RQ WKH 7KUHDW ,QGH[ VXSSOHPHQWDO 7KUHDW ,QGH[ VFRUHf LQGLFDWLQJ WKDW GHDWKDFFHSWDQFH DPRQJ YROXQWHHUV WHQGHG WR LQFUHDVH DV SHUIRUPDQFH UDWLQJV LQFUHDVHG

PAGE 98

&+$37(5 9 ',6&866,21 5DWLRQDOH IRU WKH 6WXG\ +RVSLFH SURYLGHV DQ LPSRUWDQW VHUYLFH WR WHUPLQDOO\ LOO SDWLHQWV DQG IDPLOLHV 6WHHOH )HUUHOO &DPHURQ t 3DUNHV f DQG VHHPV GHVWLQHG WR SOD\ DQ LQFUHDVLQJO\ ODUJHU UROH LQ KHDOWK FDUH GHOLYHU\ LQ WKH \HDUV DKHDG 0RU +LH f +RVSLFH YROXQWHHUV DUH ZLGHO\ UHFRJQL]HG DV YDOXDEOH PHPEHUV RI WKH KRVSLFH WHDP %DVLOH t 6WRQH 'H 9ULHV f \HW YHU\ OLWWOH LV NQRZQ DERXW WKHLU YLHZV RQ GHDWK WKHLU VHQVH RI SXUSRVH RU WKH LPSDFW RI WKHLU DWWLWXGHV RQ VXEVHTXHQW FDUHJLYHU HIIHFWLYHQHVV /DIHU $PHQWD f 7KH UHVHDUFK WKDW LV DYDLODEOH RQ WKH GHDWK DWWLWXGHV RI SURIHVVLRQDO KHDOWK FDUH SURYLGHUV VHHPV WR LQGLFDWH WKDW FDUHJLYHUV ZKR DUH RYHUO\ DQ[LRXV DERXW GHDWK RU ZKR GHQ\ LWV LPSDFW KDYH GLIILFXOWLHV UHVSRQGLQJ DSSURSULDWHO\ WR WKH HPRWLRQDOO\FKDUJHG QHHGV RI WHUPLQDOO\ LOO SDWLHQWV DQG IDPLOLHV )LHOG t +RZHOOV (DNHV 1HLPH\HU %HKQNH t 5HLVV f 'HDWK DQ[LHW\ REYLRXVO\ GHWUDFWV IURP D KHDOWK\ GHDWK VXUURXQG 5DQGR f VHHQ E\ KRVSLFH DV VR FULWLFDO LQ IDFLOLWDWLQJ WKH FRSLQJ RI D SDWLHQW DQG IDPLO\ IDFLQJ LQHYLWDEOH GHDWK 7R ZKDW H[WHQW

PAGE 99

LV GHDWK DQ[LHW\ D SUREOHP ZLWK nnQRQSURIHVVLRQDO KRVSLFH YROXQWHHUV" 0DQ\ KRVSLFH DGPLQLVWUDWRUV UHFRJQL]H WKDW FDUHIXOO\ H[SORULQJ WKH IHHOLQJV WKDW YROXQWHHU WUDLQHHV KDYH DERXW GHDWK LV LPSRUWDQW DQG PRVW SURJUDPV FXUUHQWO\ KDYH IRUPDO FDQGLGDWH LQWHUYLHZV SULRU WR WUDLQLQJ +RZHYHU D UHYLHZ RI WKH OLWHUDWXUH IRXQG IHZ LI DQ\ DWWHPSWV WR GHYHORS VFUHHQLQJ LQVWUXPHQWV IRU SRWHQWLDO KRVSLFH YROXQWHHUV RU WR LQYHVWLJDWH WKH OLQN EHWZHHQ WKH GHDWK DWWLWXGHV RI KRVSLFH YROXQWHHUV DQG VXEVHTXHQW FDUHJLYHU SHUIRUPDQFH )LQQ 3DUDGLV t 8VXL f 7KH FXUUHQW VWXG\ ZDV FRQGXFWHG SULPDULO\ WR DGGUHVV WKHVH VKRUWFRPLQJV LQ WKH OLWHUDWXUH 7KH 7KUHDW ,QGH[ DQG WZR RWKHU SRSXODU WKDQDWRORJLFDO LQVWUXPHQWV 'HDWK $Q[LHW\ 6FDOH 3XUSRVH LQ /LIH 7HVWf ZHUH XVHG LQ WKLV VWXG\ WR H[SORUH WKUHH SULPDU\ K\SRWKHVHV ,I IRXQG WR EH KHOSIXO LQ DGGUHVVLQJ WKH EDVLF UHVHDUFK TXHVWLRQV RI WKH FXUUHQW VWXG\ LW ZDV KRSHG WKDW WKH 7KUHDW ,QGH[ PLJKW SURYH WR EH D XVHIXO WRRO LQ WKH KDQGV RI KRVSLFH DGPLQLVWUDWRUV VHHNLQJ WR SXW WKH EHVW FDQGLGDWHV LQ WKHVH VWUHVVIXO DQG GHPDQGLQJ FDUHJLYHU UROHV 7KH SUHVHQW LQYHVWLJDWLRQ KDV H[DPLQHG ZKHWKHU WKH 7KUHDW ,QGH[ EDVHG RQ WKH 3HUVRQDO &RQVWUXFW 3V\FKRORJ\ RI *HRUJH .HOO\f FRXOG EH XVHG DV DQ HIIHFWLYH VFUHHQLQJ DQG HYDOXDWLYH PHDVXUH IRU ERWK KRVSLFH WUDLQHHV DQG YROXQWHHUV 7KH 7KUHDW ,QGH[ ZDV FKRVHQ EHFDXVH LW KDG WKH VWURQJHVW WKHRUHWLFDO JURXQGLQJ RI DQ\ WKDQDWRORJLFDO LQVWUXPHQW

PAGE 100

1HLPH\HU t (SWLQJ f DQG LW ZDV FRQVWUXFWHG ZLWK DQ LQKHUHQW VHQVLWLYLW\ WR WKH IDFW WKDW DQ LQGLYLGXDOnV QRWLRQV RI GHDWK DUH KLJKO\ LGLRV\QFUDWLF 5DQGR )HLIHO -XQJ f 7KH SULPDU\ LQYHVWLJDWRU DOVR KRSHG WKDW WKH SUHVHQW VWXG\ ZRXOG PHDQLQJIXOO\ FRQWULEXWH WR WKH JURZLQJ OLWHUDWXUH RI WKDQDWRORJ\ 7KDQDWRORJ\ LV D ILHOG PDUNHG E\ PXOWLSOH MRXUQDOV FRQWULEXWLQJ GLVFLSOLQHV DQG UHVHDUFK IRFL
PAGE 101

$ KLJK VHQVH RI DFWXDOL]DWLRQ IHZ 7,DFWXDOL]DWLRQ VSOLWVf ZDV FRUUHODWHG WR ORZ GHDWK DQ[LHW\ '$6f DQG D KLJK VHQVH RI SXUSRVH 3,/f $ KLJK GHJUHH RI GHDWK WKUHDW PDQ\ 7,GHDWK WKUHDW VSOLWVf ZDV FRUUHODWHG WR KLJK GHDWK DQ[LHW\ '$6f 1R VLJQLILFDQW FRUUHODWLRQ ZDV IRXQG EHWZHHQ 7, GHDWK WKUHDW VFRUHV DQG 3,/ VFRUHV $OWKRXJK VWDWLVWLFDOO\ VLJQLILFDQW WKH WKUHH FRUUHODWLRQV KDG ZHDN SUHGLFWLYH SRZHU ZLWK URXJKO\ b b DQG b RI WKH YDULDQFH LQ RQH VFRUH DVVRFLDWHG ZLWK FKDQJHV LQ WKH RWKHU VFRUH UHVSHFWLYHO\f &OHDUO\ VFRUHV RQ WKH '$6 DQG 3,/ ZHUH ODUJHO\ DVVRFLDWHG ZLWK IDFWRUV QRW GLUHFWO\ PHDVXUHG E\ WKH 7KUHDW ,QGH[ 7KH IHZ VWXGLHV WKDW KDYH EHHQ FRQGXFWHG ZLWK KRVSLFH YROXQWHHUV KDYH VKRZQ WKDW VFRUHV IURP WKH 'HDWK $Q[LHW\ 6FDOH DQG WKH 3XUSRVH LQ /LIH 7HVW KDYH D VLJQLILFDQW LQYHUVH UHODWLRQVKLS $PHQWD $PHQWD t :HLQHU f 7KH UHVXOWV RI WKH FXUUHQW VWXG\ FORVHO\ PLUURUHG WKH DERYH ILQGLQJV +RZHYHU DV ZDV WKH FDVH LQ SULRU VWXGLHV WKH FXUUHQW LQYHVWLJDWLRQ DOVR REWDLQHG FRUUHODWLRQV ZLWK ZHDN SUHGLFWLYH SRZHU DQG ZLOO SUREDEO\ GR OLWWOH WR VLOHQFH FULWLFV ZKR FODLP WKDW VHULRXV PHWKRGRORJLFDO SUREOHPV FRQWLQXH WR FRQIRXQG DWWHPSWV WR PHDVXUH GHDWK DQ[LHW\ 9DUJR 'LFNVWHLQ f 8VLQJ 7HVWV WR 'LIIHUHQWLDWH *URXSV +\SRWKHVLV 7ZR 7KLV VWXG\ IRXQG WKDW QR VLJQLILFDQW GLIIHUHQFHV LQ '$6 3,/ DQG WKH VL[ 7KUHDW ,QGH[ PHDQ VFRUHV H[LVW EHWZHHQ

PAGE 102

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f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n KRVSLFH JURXS EDVHG VWULFWO\ RQ SHUVRQDOLW\ WUDLWV QRW

PAGE 103

WUDLQLQJ HIIHFWVf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n KRVSLFH YROXQWHHUV 3HUKDSV GHDWK DWWLWXGHV DUH QRW WKH VDOLHQW IDFWRUV WKDW GLVWLQJXLVK KRVSLFH IURP QRQKRVSLFH YROXQWHHUV 7KUHDW ,QGH[ DQG 9ROXQWHHU 3HUIRUPDQFH +\SRWKHVLV 7KUHH 7KH ILQGLQJV RI WKH WKLUG K\SRWKHVLV LQGLFDWHG WKDW QR VLJQLILFDQW UHODWLRQVKLSV H[LVW EHWZHHQ WKH SULPDU\ 7KUHDW ,QGH[ VFRUHV 7,DFWXDOL]DWLRQ DQG 7,GHDWK WKUHDWf DQG WKH VXSHUYLVRU\ SHUIRUPDQFH UDWLQJV JLYHQ WR H[SHULHQFHG KRVSLFH YROXQWHHUV 1R VLJQLILFDQW FRUUHODWLRQV ZHUH IRXQG EHWZHHQ WKH SULPDU\ 7KUHDW ,QGH[ VFRUHV DQG YROXQWHHU SHUIRUPDQFH UDWLQJV 7KLV ILQGLQJ UDLVHV GRXEWV DV WR WKH XWLOLW\ RI WKH 7KUHDW ,QGH[ DV D VFUHHQLQJ PHDVXUH IRU H[LVWLQJ YROXQWHHUV +RZHYHU DQ DQFLOODU\ DQDO\VLV VKRZHG WKDW RQH

PAGE 104

VXSSOHPHQWDO 7KUHDW ,QGH[ VFRUH 'HDWKDFFHSWLQJf ZDV VLJQLILFDQWO\ FRUUHODWHG ZLWK WKH SHUIRUPDQFH UDWLQJV RI ERWK 6XSHUYLVRU $ DQG 6XSHUYLVRU % &KDQJHV LQ WKH 'HDWKDFFHSWLQJ VFRUH ZHUH SRVLWLYHO\ DVVRFLDWHG ZLWK b RI WKH FKDQJHV LQ 6XSHUYLVRU $nV UDWLQJV DQG ZLWK b RI WKH FKDQJHV LQ 6XSHUYLVRU %nV UDWLQJV ,Q RWKHU ZRUGV KLJK SHUIRUPDQFH UDWLQJV ZHUH FRUUHODWHG ZLWK KLJK 'HDWKDFFHSWDQFH VFRUHV 7KLV FRUUHODWLRQ ZDV RQH RI WKH VWURQJHVW UHODWLRQVKLSV XQFRYHUHG LQ WKLV VWXG\ DQG VHHPHG WR FRPSOLPHQW SUHYLRXV VWXGLHVn ILQGLQJV WKDW KDYH VKRZQ WKDW GHDWK DQ[LHW\ QHJDWLYHO\ LQIOXHQFHG FDUHJLYHU SHUIRUPDQFH :DOWPDQ 6FDQORQ )HLIHO f &RQVLVWHQW SRVLWLYH YLHZV RI VHOI DQG GHDWK ZHUH PRGHVWO\ SUHGLFWLYH RI KLJK SHUIRUPDQFH UDWLQJV LQ WKLV VDPSOH RI H[SHULHQFHG KRVSLFH YROXQWHHUV 2QO\ RQH SUHYLRXV VWXG\ KDV DWWHPSWHG XQVXFFHVVIXOO\f WR FRUUHODWH SHUIRUPDQFH ZLWK D GHDWK DWWLWXGH PHDVXUH )LQQ 3DUDGLV t 8VXL f 7KLV SUHVHQW VWXG\nV DWWHPSW WR FRUUHODWH VFRUHV RQ WKH 7KUHDW ,QGH[ ZLWK VXEMHFWLYH SHUIRUPDQFH UDWLQJV PHW ZLWK RQO\ SDUWLDO VXFFHVV XVLQJ DQ DOWHUQDWLYH 7KUHDW ,QGH[ VFRUHf %HIRUH FRQFOXGLQJ WKDW QR VWURQJ UHODWLRQVKLS H[LVWV EHWZHHQ YROXQWHHU SHUIRUPDQFH DQG WKH SULPDU\ 7KUHDW ,QGH[ VFRUHV HIIRUWV WR LPSURYH WKH UHVHDUFK PHWKRGRORJ\ VKRXOG FRQWLQXH ,VVXHV UHODWHG WR LQFRUSRUDWLQJ WKH 7KUHDW ,QGH[ LQ KRVSLFH VHWWLQJV ZLOO EH DGGUHVVHG EHORZ

PAGE 105

8VLQJ WKH 7KUHDW ,QGH[ LQ +RVSLFH 3RSXODWLRQV 7KH XQDQWLFLSDWHG ILQGLQJV IURP WKLV VWXG\ VHUYHG WR UHHPSKDVL]H WKDW GHDWK DWWLWXGHV DUH PXOWLIDFHWHG DQG EHVW XQGHUVWRRG DV D FROOHFWLRQ RI LGLRV\FUDWLF DWWLWXGHV DQG EHOLHIV LH IHDU KRSH UHJUHW DQG VDWLVIDFWLRQf 7KH FXUUHQW VWXG\ DWWHPSWHG WR DGGUHVV WKLV PXOWLGLPHQVLRQDOLW\ E\ XVLQJ D QXPEHU RI GLYHUVH LQVWUXPHQWV DQG LQFRUSRUDWLQJ YROXQWHHU SHUIRUPDQFH UDWLQJV 7KH 7KUHDW ,QGH[ KDG QRW EHHQ XVHG SUHYLRXVO\ LQ WKLV W\SH RI VWXG\ DQG VHHPHG HVSHFLDOO\ ZHOOVXLWHG WR DGGUHVV WKH PDQ\ FRPSRQHQWV RI GHDWK DWWLWXGHV 7KH UHVXOWV RI WKLV VWXG\ ODUJHO\ FRQILUPHG WKDW XVLQJ WKH 7KUHDW ,QGH[ LV DW OHDVW DV HIIHFWLYH DV WKH 'HDWK $Q[LHW\ 6FDOH DQG WKH 3XUSRVH LQ /LIH 7HVW LQ VDPSOHV RI KRVSLFH YROXQWHHUV 2QO\ D KDQGIXO RI VWXGLHV KDYH EHHQ FRQGXFWHG RQ WKH GHDWK DWWLWXGHV RI KRVSLFH YROXQWHHUV %HFDXVH RI WKLV UHVHDUFK TXHVWLRQV KDYH EHHQ TXLWH EDVLF DQG KDYH VWUXJJOHG WR ILQG VROLG VWDWLVWLFDO VXSSRUW 7KH UHVXOWV RI WKH FXUUHQW VWXG\ XQIRUWXQDWHO\ IROORZHG D VLPLODU SDWWHUQ 5HVHDUFK TXHVWLRQV DLPHG DW KRVSLFH YROXQWHHU FKDUDFWHULVWLFV QHHG WR PDWXUH DQG EHFRPH PRUH IRFXVHG DQG WHVWDEOH 7KH 7KUHDW ,QGH[ VWLOO VHHPV WR EH DQ LQVWUXPHQW WKDW FRXOG DGGUHVV WKH UHVHDUFK QHHGV RI KRVSLFH )RU LQVWDQFH LQVWHDG RI XVLQJ VXEMHFWLYH SHUIRUPDQFH UDWLQJV KRVSLFH VWXGLHV PLJKW LQYHVWLJDWH WKH UHODWLRQVKLS EHWZHHQ 7KUHDW ,QGH[ VFRUHV DQG VSHFLILF FDUHJLYHU EHKDYLRUV

PAGE 106

LH WRXFKLQJ HPSDWKLF VWDWHPHQWVf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f \HW QR VLJQLILFDQW GLIIHUHQFHV ZHUH IRXQG RQ WKH HLJKW WHVW VFRUHV EHWZHHQ KRVSLFH WUDLQHHV DQG QRQKRVSLFH YROXQWHHUV 7KHVH WKUHH JURXSV KDG DYHUDJH OHYHOV RI GHDWK DQ[LHW\ DQG GHDWK WKUHDW 7KH\ ZHUH JHQHUDOO\ KLJK LQ VHQVH RI

PAGE 107

SXUSRVH VHOIDFWXDOL]DWLRQ DQG GHDWKDFFHSWDQFH 7KH\ DOVR KDG PLQLPDO OHYHOV RI GHSUHVVLRQ RU GHDWKDWWUDFWLRQ 7KHVH ILQGLQJV ZHUH FRQVLVWHQW ZLWK WKRVH RI SUHYLRXV VWXGLHV $PHQWD /DIHU f $OO WROG WKH WKUHH JURXSV VHHPHG WR EH YHU\ ZHOODGMXVWHG DQG VDWLVILHG ZLWK WKHLU OLYHV 6HYHUDO SRVVLEOH UHDVRQV PD\ DFFRXQW IRU WKH ILQGLQJ RI QR JURXS GLIIHUHQFHV LQ WHVW VFRUHV 2QH REYLRXV UHDVRQ IRU WKH ILQGLQJ RI QR WHVW GLIIHUHQFHV PD\ EH WKDW WKH FKRVHQ JURXSV ZHUH WRR VLPLODU ,W VHHPV OLNHO\ WKDW PDQ\ RI WKH VDPH WUDLWV WKDW PRWLYDWH D SHUVRQ WR EHFRPH LQYROYHG LQ 0HDOV2Q:KHHOV RU WR VXSSRUW JULHYLQJ ZLGRZV DOVR PRWLYDWH WKRVH LQYROYHG LQ KRVSLFH %RWK W\SHV RI DFWLYLWLHV LQYROYH D FRQVLGHUDEOH WLPH FRPPLWPHQW KHDY\ SHUVRQDO LQYHVWPHQW DOWUXLVP DQG HPSDWK\ 3HUKDSV WKHVH FKDUDFWHULVWLFV DUH VLJQLILFDQWO\ UHODWHG WR ORZ GHDWK DQ[LHW\ DQG SRVLWLYH GHDWK DWWLWXGHV 6LQFH QR VLJQLILFDQW GLIIHUHQFHV LQ WHVW VFRUHV ZHUH IRXQG SHUKDSV WKH RQO\ GLIIHUHQFH EHWZHHQ WKH KRVSLFH DQG QRQn KRVSLFH YROXQWHHUV ZDV WKH IRUP LQ ZKLFK WKHLU SHUVRQDO LQYHVWPHQW DOWUXLVP RU HPSDWK\ WRRN 6HFRQGO\ PRUH LV FOHDUO\ LQYROYHG LQ WKH GHFLVLRQ WR EHFRPH D KRVSLFH YROXQWHHU WKDQ FDQ EH PHDVXUHG XVLQJ DQ\ RI WKHVH LQYHQWRULHV $JDLQ WKH GHFLVLRQ DV WR ZKHUH WR YROXQWHHU LV OLNHO\ WR KDYH PDQ\ FRPSRQHQWV QRQH RI ZKLFK PD\ EH PHDVXUHG E\ DQ\ RI WKHVH LQVWUXPHQWV 1R DWWHPSW ZDV PDGH WR PHDVXUH VXFK WKLQJV DV PRWLYDWLRQ IRU YROXQWHHULQJ

PAGE 108

YDOXHV WLPH DYDLODELOLW\ RU WKH QDWXUH RI SDVW H[SRVXUHV WR GHDWK DQG G\LQJ SRVLWLYH YV QHJDWLYH H[SHULHQFHVf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

PAGE 109

PLVWDNHV DQG UHJUHWV WKH\ KDG H[SHULHQFHG GXULQJ WKHLU HQFRXQWHU ZLWK GHDWK QRW EH UHSHDWHG IRU RWKHUV $ PDMRULW\ VHHPHG WR ILQG PHDQLQJ DQG JURZWK LQ KHOSLQJ SDWLHQWV DQG IDPLOLHV DGMXVW WR OLIHnV PRVW GLIILFXOW WUDQVLWLRQ 8QIRUWXQDWHO\ QR TXDOLWDWLYH DQDO\VLV ZDV SHUIRUPHG RQ KRZ LPSRUWDQW SUHYLRXV GHDWK H[SHULHQFH ZDV LQ WKH GHFLVLRQ WR EHFRPH KRVSLFH YROXQWHHUV ,W LV LQGHHG LQWHUHVWLQJ WKDW QRQH RI WKH HLJKW WHVW VFRUHV ZHUH HIIHFWLYH LQ GLVFULPLQDWLQJ EHWZHHQ DQ\ RI WKH WKUHH FRQFHLYDEO\ GLIIHUHQW JURXSV KRVSLFH WUDLQHHV H[SHULHQFHG KRVSLFH YROXQWHHUV DQG QRQKRVSLFH YROXQWHHUVf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

PAGE 110

$QRWKHU SUREOHP ZLWK WKH UDWLQJV XVHG LQ WKLV VWXG\ ZDV WKH ZD\ LQ ZKLFK WKH\ ZHUH DSSOLHG ,Q DQ HIIRUW WR HQVXUH D EURDG UDQJH RI VFRUHV DQG DYRLG D KDOR HIIHFWf DQ DUWLILFLDO GLVWULEXWLRQ ZDV HQIRUFHG VR WKDW HTXDO QXPEHUV RI YROXQWHHUV ZRXOG EH FDWHJRUL]HG XQGHU HDFK UDQN DSSUR[LPDWHO\ SHU UDQNf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t 6WRQH f 7KH FXUUHQW VWXG\ ZDV JHQHUDOO\ XQVXFFHVVIXO LQ VKRZLQJ WKDW KRVSLFH WUDLQHHV DQG YROXQWHHUV FDQ EH GLIIHUHQWLDWHG IURP

PAGE 111

QRQKRVSLFH YROXQWHHUV ZLWK UHVSHFW WR GHDWK DWWLWXGHV VHQVH RI SXUSRVH RU VHOIDFWXDOL]DWLRQ 1RU ZDV WKHUH FRQYLQFLQJ HYLGHQFH WKDW WKHVH IDFWRUV DORQH DUH LPSRUWDQW IDFWRUV LQ WKHLU YROXQWHHU SHUIRUPDQFH 0RUH VRSKLVWLFDWHG UHVHDUFK LQ WKH DUHD RI FDUHJLYHU FKDUDFWHULVWLFV VKRXOG EH GRQH 5HVHDUFK LQYROYLQJ KRVSLFH YROXQWHHUV LV DW DQ HDUO\ GHYHORSPHQWDO VWDJH )HZ DWWHPSWV KDYH EHHQ PDGH WR WKRURXJKO\ H[SORUH FDUHJLYHU FKDUDFWHULVWLFV RU WR FRUUHODWH DWWLWXGHV DQG EHOLHIV ZLWK VSHFLILF EHKDYLRUV 7KH FXUUHQW VWXG\ DOVR IRXQG VRPH HYLGHQFH WKDW IXWXUH VWXGLHV PLJKW EHQHILW IURP XVLQJ DOWHUQDWLYH 7KUHDW ,QGH[ VFDOHV ,W VHHPV OLNHO\ WKDW FRQWLQXHG DGYDQFHV LQ WKH XVH RI WKH 7KUHDW ,QGH[ ZLOO EH IRXQG LQ WKH IXWXUH $V LPSRUWDQW DV KRVSLFH YROXQWHHUV DUH LQ WKH FDUH RI WHUPLQDOO\LOO SDWLHQWV DQG JULHYLQJ IDPLOLHV HIIRUWV WR VWXG\ WKHVH VSHFLDO FDUHJLYHUV VKRXOG EHFRPH D UHVHDUFK SULRULW\
PAGE 112

$33(1',; $ 3$57,&,3$17 ,1)250(' &216(17 3URMHFW 7LWOH 7KH UHODWLRQVKLS EHWZHHQ WKH DFWXDOL]DWLRQ DQG LQWHJUDWLRQ RI KRVSLFH YROXQWHHUVn DQG WKHLU GHDWK DWWLWXGHV SXUSRVH LQ OLIH DQG SHUIRUPDQFH 3ULQFLSDO ,QYHVWLJDWRU 0LFKDHO *LOODVSLH 06 &RXQVHOLQJ 3V\FKRORJ\ +RVSLFH RI 1RUWK &HQWUDO )ORULGD LV LQWHUHVWHG LQ WKH ZHOIDUH RI LWV YROXQWHHUV
PAGE 113

$33(1',; % '(02*5$3+,& ,1)250$7,21 '$7( $''5(66 *(1'(5 0$5,7$/ 67$786 2&&83$7,21 +2856 3(5 :((. (03/2<(' $*( ('8&$7,21 /(9(/ &203/(7(' VW WK JUDGH \HDUV FROOHWHXQLYHUVLW\ \HDUV DGYDQFHGSURIHVVLRQDO GHJUHHV \HDUV RU PRUH +286(+2/' ,1&20( SOHDVH FKHFN DSSURSULDWH VSDFHf RYHU '2 <28 &216,'(5 <2856(/) 5(/,*,286" +2: /21* +$9( <28 %((1 $ +263,&( 92/817((5" $%287 +2: 0$1< 3$7,(176 +$9( <28 6(59('" :+$7 027,9$7(' <28 72 %(&20( $ +263,&( 92/817((5"

PAGE 114

$33(1',; & '$6 $QVZHU WKH IROORZLQJ WUXHIDOVH TXHVWLRQV DP YHU\ PXFK DIUDLG WR GLH IHHO QHUYRXV ZKHQ VHH D IXQHUDO ,W GRHVQn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

PAGE 115

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

PAGE 116

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

PAGE 117

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

PAGE 118

5()(5(1&(6 $GOHU $ f 7KH LQGLYLGXDO SV\FKRORJ\ RI $OIUHG $GOHU + / $QVEDFK t 5 $QVEDFKHU (GVf 1HZ
PAGE 119

%URGVN\ % f 7KH VHOIUHSUHVHQWDWLRQ DQDOLW\ DQG WKH IHDU RI G\LQJ -RXUQDO RI $PHULFDQ 3V\FKRDQDO\WLF $VVRFLDWLRQ %XFNLQJKDP 5 t )ROH\ 6 f $ JXLGH WR HYDOXDWLRQ UHVHDUFK LQ WHUPLQDO FDUH SURJUDPV 'HDWK (GXFDWLRQ f %XFNLQJKDP 5 t /XSR f $ FRPSDUDWLYH VWXG\ RI KRVSLFH VHUYLFHV LQ WKH 8QLWHG 6WDWHV $PHULFDQ -RXUQDO RI 3XEOLF +HDOWK f %XJHQ / $ f &RSLQJ (IIHFWV RI GHDWK HGXFDWLRQ 2PHJD f &DOGZHOO t 0LVKDUD % / f 5HVHDUFK RQ DWWLWXGHV RI PHGLFDO GRFWRUV WRZDUG WKH G\LQJ SDWLHQW $ PHWKRGRORJLFDO SUREOHP 2PHJD f &DPHURQ t 3DUNHV & 0 f 7HUPLQDO FDUH (YDOXDWLRQ RI HIIHFWV RQ VXUYLYLQJ IDPLO\ RI FDUH EHIRUH DQG DIWHU EHUHDYHPHQW 3RVWJUDGXDWH 0HGLFDO -RXUQDO &DPSEHOO 7 : $EHUQHWK\ 9 t :DWHUKRXVH f 'R GHDWK DWWLWXGHV RI QXUVHV DQG SK\VLFLDQV GLIIHU" 2PHJD f &DW\ 6 t 7DPO\Q f +RVSLFH YROXQWHHUV $ UHFUXLWPHQW SURILOH 'LPHQVLRQV LQ +HDOWK 6HUYLFH M f &RFKUDQH % /HY\ 0 5 )U\HU ( t 2JOHVE\ & $ f 'HDWK DQ[LHW\ GLVFORVLYH EHKDYLRUV DQG DWWLWXGHV RI RQFRORJLVWV WRZDUG WHUPLQDO FDUH 2PHJD f &ROOHWW / t /HVWHU f 7KH IHDU RI GHDWK DQG WKH IHDU RI G\LQJ -RXUQDO RI 3V\FKRORJ\ &UXPEDXJK & f &URVVYDOLGDWLRQ RI 3XUSRVHLQ /LIH 7HVW EDVHG RQ )UDQNOnV FRQFHSWV -RXUQDO RI ,QGLYLGXDO 3V\FKRORJ\ &UXPEDXJK & /R]HV 0 5 t 6KUDGHU 5 6HSWHPEHUf )UDQNOV ZLOO WR PHDQLQJ LQ D UHOLJLRXV RUGHU 'HOLYHUHG DW WKH DQQXDO FRQYHQWLRQ RI WKH $PHULFDQ 3V\FKRORJLFDO $VVRFLDWLRQ LQ 6DQ )UDQFLVFR

PAGE 120

&UXPEDXJK & t 0DKROLFN / 7 f $Q H[SHULPHQWDO VWXG\ LQ H[LVWHQWLDOLVP 7KH SV\FKRPHWULF DSSURDFK WR )UDQNOnV QRRJHQLF QHXURVLV -RXUQDO RI &OLQLFDO 3V\FKRORJ\ f &UXPEDXJK & t 0DKROLFN / 7 f 0DQXDO RI LQVWUXFWLRQV IRU WKH 3XUSRVH LQ /LIH 7HVW 0XQVWHU ,1 3V\FKRPHWULF $IILOLDWHV 'DWWHO $ 5 t 1HLPH\HU 5 $ f 6H[ GLIIHUHQFHV LQ GHDWK DQ[LHW\ 7HVWLQJ WKH HPRWLRQDO H[SUHVVLYHQHVV K\SRWKHVLV 'HDWK 6WXGLHV 'DYLGVRQ f )LYH PRGHOV IRU KRVSLFH FDUH 4XDOLW\ 5HYLHZ %XOOHWLQ f 'H3DROD 6 t 1HLPH\HU 5 $ f 'HDWK DQ[LHW\ DQG DWWLWXGHV WRZDUG WKH HOGHUO\ LQ QXUVLQJ KRPH SHUVRQQHO 8QSXEOLVKHG PDQXVFULSW 0HPSKLV 6WDWH 8QLYHUVLW\ 0HPSKLV 71 'HUVKLPHU 5 f +RZ WR FRQWLQXH WR DWWUDFW WKH NLQG RI YROXQWHHUV ZH QHHG LQ KRVSLFH ZKDW WKH IXWXUH KROGV 7KH $PHULFDQ -RXUQDO RI +RVSLFH &DUH 'H 9ULHV 5 f +RVSLFH FDUH LQ WKH 8QLWHG 6WDWHV TXHVW IRU TXDOLW\ ,QTXLU\ 'LFNVWHLQ / 6 f 'HDWK FRQFHUQ PHDVXUHPHQW DQG FRUUHODWHV 3V\FKRORJLFDO 5HSRUWV 'LFNVWHLQ / 6 f 6HOIUHSRUW DQG IDQWDV\ FRUUHODWHV RI GHDWK FRQFHUQ 3V\FKRORJLFDO 5HSRUWV 'RUDQJ ( f $ UHFRUGNHHSLQJ PHWKRG IRU KRVSLFH UHODWHG YROXQWHHUV 5HKDELOLWDWLRQ 1XUVLQJ 'RZQH:DPEROGW % t (OOHUWRQ 0 f $ VWXG\ RI WKH UROH RI KRVSLFH YROXQWHHUV 7KH +RVSLFH -RXUQDO f 'XSHH 5 0 f +RVSLFH &RPSDVVLRQDWH FRPSUHKHQVLYH DSSURDFK WR WHUPLQDO FDUH 3RVWJUDGXDWH 0HGLFLQH 'XUODN $ f 0HDVXUHPHQW RI IHDU RI GHDWK $Q H[DPLQDWLRQ RI VRPH H[LVWLQJ VFDOHV -RXUQDO RI &OLQLFDO 3V\FKRORJ\

PAGE 121

'XUODN $ f 5HODWLRQVKLS EHWZHHQ YDULRXV PHDVXUHV RI GHDWK FRQFHUQ DQG WKH IHDU RI GHDWK -RXUQDO RI &RQVXOWLQJ DQG &OLQLFDO 3V\FKRORJ\ 'XVK 0 f 7UHQGV LQ KRVSLFH UHVHDUFK DQG SV\FKRVRFLDO SDOOLDWLYH FDUH 7KH +RVSLFH -RXUQDO f (DNHV f 7KH UHODWLRQVKLS EHWZHHQ GHDWK DQ[LHW\ DQG DWWLWXGHV WRZDUG WKH HOGHUO\ DPRQJ QXUVLQJ VWDII 'HDWK 6WXGLHV (JJHUPDQ 6 t 'XVWLQ f 'HDWK RULHQWDWLRQ DQG FRPPXQLFDWLRQ ZLWK WKH WHUPLQDOO\ LOO 2PHJD (OO f 6RFLDO QHWZRUNV VRFLDO VXSSRUW DQG KHDOWK VWDWXV $ UHYLHZ 6RFLDO 6HUYLFH 5HYLHZ (OPRUH 7 0 t &KDPEHUV ( f $QRPLH H[LVWHQWLDO QHXURVLV DQG SHUVRQDOLW\ 5HOHYHQFH IRU FRXQVHOLQJ 3URFHHGLQJV RI WKH WK DQQXDO FRQYHQWLRQ $PHULFDQ 3V\FKRORJLFDO $VVRFLDWLRQ SS f 6DQ )UDQFLVFR &$ )HLIHO + f $WWLWXGHV WRZDUG GHDWK LQ VRPH QRUPDO DQG PHQWDOO\ LOO SRSXODWLRQV 7KH PHDQLQJ RI GHDWK 1HZ
PAGE 122

)HLIHO + t +HUPDQQ / f )HDU RI GHDWK LQ WKH PHQWDOO\ LOO 3V\FKRORJLFDO 5HSRUWV )HQLFKHO f 7KH SVYFKRGYQDPLF WKHRU\ RI QHXURVLV 1HZ
PAGE 123

)UHXG 6 f 7KH SUREOHP RI DQ[LHW\ 1HZ
PAGE 124

,QJUDP % t /HLWQHU / 0 f 'HDWK WKUHDW UHOLJLRVLW\ DQG IHDU RI GHDWK $ UHSHUWRU\ JULG LQYHVWLJDWLRQ ,QWHUQDWLRQDO -RXUQDO RI 3HUVRQDO &RQVWUXFW 3V\FKRORJ\ -XQJ & f 0RGHUQ PDQ LQ VHDUFK RI D VRXO 1HZ
PAGE 125

.ULHJHU 6 5 (SWLQJ ) 5 t +D\V / + f 9DOLGLW\ DQG UHOLDELOLW\ RI SURYLGHG FRQVWUXFWV LQ DVVHVVLQJ GHDWK WKUHDW 2PHJD .ULHJHU 6 5 (SWLQJ ) 5 t /HLWQHU / 0 f 3HUVRQDO FRQVWUXFWV WKUHDW DQG DWWLWXGHV WRZDUG GHDWK 2PHJD .XEOHU5RVV ( f 2Q GHDWK DQG G\LQJ 1HZ
PAGE 126

0DJQXVHQ +XJKHV 0 f 3HUFHSWLRQV DQG VHUYLFHV RI KRVSLFH YROXQWHHUV $Q HYDOXDWLRQ RI :LVFRQVLQ KRVSLFHV 7KH $PHULFDQ -RXUQDO RI +RVSLFH &DUH 0DQWHOO ( t (OO f +RVSLFH YROXQWHHU SURJUDPV $ SURSRVHG DJHQGD 7KH +RVSLFH -RXUQDO f 0D\ 5 f 7KH PHDQLQJ RI DQ[LHW\ 1HZ
PAGE 127

1HLPH\HU 5 $ %DJOH\ t 0RRUH 0 f &RJQLWLYH VWUXFWXUH DQG GHDWK DQ[LHW\ 'HDWK 6WXGLHV 1HLPH\HU 5 $ t &KDSPDQ 0 f 6HOILGHDO GLVFUHSHQF\ DQG IHDU RI GHDWK 7KH WHVW RI DQ H[LVWHQWLDO K\SRWKHVLV 2PHJD 1HLPH\HU 5 $ t 'LQJHPDQV 3 f 'HDWK RULHQWDWLRQ LQ WKH VXLFLGH LQWHUYHQWLRQ ZRUNHU 2PHJD 1HLPH\HU 5 $ t (SWLQJ ) 5 f 0HDVXULQJ SHUVRQDO PHDQLQJV RI GHDWK \HDUV RI UHVHDUFK XVLQJ WKH 7KUHDW ,QGH[ $GYDQFHV LQ 3HUVRQDO &RQVWUXFW 3V\FKRORJ\ 1HLPH\HU 5 $ (SWLQJ ) 5 t .ULHJHU 6 5 f 3HUVRQDO FRQVWUXFWV LQ WKDQDWRORJ\ $Q LQWURGXFWLRQ DQG UHVHDUFK ELEOLRJUDSK\ ,Q ) 5 (SWLQJ t 5 $ 1HLPH\HU (GVf 3HUVRQDO PHDQLQJV RI GHDWK SS f :DVKLQJWRQ '& +HPLVSKHUH 1HLPH\HU 5 $ t 1HLPH\HU f 'HDWK DQ[LHW\ DQG FRXQVHOLQJ VNLOO LQ WKH VXLFLGH LQWHUYHQWLRQLVW 6XLFLGH DQG /LIH7KUHDWHQLQJ %HKDYLRU f 1HOVRQ / t 1HOVRQ & & f $ IDFWRU DQDO\WLF LQTXLU\ LQWR WKH PXOWLGLPHQVLRQDOLW\ RI GHDWK DQ[LHW\ 2PHJD 1HOVRQ / f 7KH PXOWLGLPHQVLRQDO PHDVXUHPHQW RI GHDWK DWWLWXGHV &RQVWUXFWLRQ DQG YDOLGDWLRQ RI D WKUHHIDFWRU LQVWUXPHQW 7KH 3V\FKRORJLFDO 5HFRUG 1HZHOO 0 f 7KH UROH RI WKH YROXQWHHU LQ WKH FDUH RI WKH WHUPLQDO SDWLHQW DQG IDPLO\ 1HZ
PAGE 128

3ROLDN 0 f &RUUHODWHV RI GHDWK DQ[LHW\ 2PHJD 3ULFH 2 t +LJJLQV & : f 'HDWK DQG G\LQJ $WWLWXGHV RI KRVSLFH YROXQWHHUV EHIRUH DQG DIWHU WUDLQLQJ 7KH $PHULFDQ -RXUQDO RI +RVSLFH &DUH 3ULFH 7 5 t %HUJHQ % f 7KH UHODWLRQVKLS WR GHDWK DV D VRXUFH RI VWUHVV IRU QXUVHV RQ D FRURQDU\ FDUH XQLW 2PHJD f 3ULWFKDUG 6 (SWLQJ ) 5 t %HDJOH : f $OWHUQDWLYH VFRULQJ RI WKH 7KUHDW ,QGH[ $VVHVVPHQW XVLQJ VHOI DQG GHDWK YDOHQFHV SDSHU VXEPLWWHG IRU UHYLHZ 3XWQDP 6 0F'RQDOG 0 t 0LOOHU 0 f +RPH DV D SODFH WR GLH $PHULFDQ -RXUQDO RI 1XUVLQJ f 5DLQH\ / & t (SWLQJ ) 5 f 'HDWK WKUHDW FRQVWUXFWLRQV LQ WKH VWXGHQW DQG WKH SUXGHQW 2PHJD 5DPRV ) 5 f 3HUVRQDOLGDG GHSUHVLQ Y PXHUWH 7HVLV 'RFWRUDO 8QLYHUVLGDG GH 0DGULG 0DGULG 6SDLQ 5DQGR 7 $ f &RQFHSWV RI GHDWK G\LQJ JULHI DQG ORVV ,Q +RVSLFH HGXFDWLRQ SURJUDP IRU QXUVHV SS f :DVKLQJWRQ '& 86 *RYHUQPHQW 3ULQWLQJ 2IILFH 5DQGR 7 $ f *ULHI G\LQJ DQG GHDWK &OLQLFDO LQWHUYHQWLRQV IRU FDUHJLYHUV &KDPSDLJQ ,/ 5HVHDUFK 3UHVV &R 5DQGR 7 $ f 'HDWK DQG G\LQJ VKRXOG QRW EH WDERR VXEMHFWV ,Q % ) .XWVFKHU $ &DUU t 0 .XWVFKHU (GVf 3ULQFLSOHV RI WKDQDWRORJ\ SS f 1HZ
PAGE 129

5HNHU 7 t &RXVLQV % f )DFWRU VWUXFWXUH FRQVWUXFW YDOLGLW\ DQG UHOLDELOLW\ RI WKH 6HHNLQJ RI 1RHWLF *RDOV 621*f DQG 3XUSRVH LQ /LIH 3,/f WHVWV -RXUQDO RI &OLQLFDO 3V\FKRORJ\ 5LJGRQ 0 $ t (SWLQJ ) f 5HGXFWLRQ LQ GHDWK WKUHDW DV D EDVLV IRU RSWLPDO IXQFWLRQLQJ 'HDWK 6WXGLHV 5RELQVRQ 3 t :RRG f )HDU RI GHDWK DQG SK\VLFDO LOOQHVV $ SHUVRQDO FRQVWUXFW DSSURDFK 'HDWK (GXFDWLRQ 5RZH f 'HSUHVVLRQV 7KH ZDY RXW RI YRXU SULVRQ /RQGRQ 5RXWOHGJH 5R\DO 9LFWRULD 3DOOLDWLYH &DUH 8QLW f 2QH \HDU DIWHU EHUHDYHPHQW 8QSXEOLVKHG GRFXPHQW 5XVVHOO f +RVSLFH SURJUDPV DQG WKH KRVSLFH PRYHPHQW $Q LQYHVWLJDWLRQ EDVHG RQ JHQHUDO V\VWHPV WKHRU\ 7KH +RVSLFH -RXUQDO f 6DQGHUV & f $ PDQXDO IRU WKH *ULHI ([SHULHQFH ,QYHQWRU\ %HOPRQW 1& 6DFUHG +HDUW &ROOHJH 8QSXEOLVKHG 6FDQORQ & f &UHDWLQJ D YLVLRQ RI KRSH 7KH FKDOOHQJH RI SDOOLDWLYH FDUH 2QFRORJLFDO 1XUVLQJ )RUXP f 6FKXO] 5 f 7KH SV\FKRORJ\ RI GHDWK G\LQJ DQG EHUHDYHPHQW /RQGRQ $GGLVRQ:HVOH\ 6FKXO] 5 t $GHUPDQ f 3K\VLFLDQnV GHDWK DQ[LHW\ DQG SDWLHQW RXWFRPHV 2PHJD f 6FKXO] 6 6 f 7KH SV\FKRORJ\ RI GHDWK G\LQJ DQG EHUHDYHPHQW 5HDGLQJ 0$ $GGLVRQ:HVOH\ 6HLEROG 5RVVL 6 %HUWHRWWL & 6RSU\FK 6 t 0F4XLOODQ / f 9ROXQWHHU LQYROYHPHQW LQ D KRVSLFH FDUH SURJUDP DQ H[DPLQDWLRQ RI PRWLYHV DFWLYLWLHV 7KH $PHULFDQ -RXUQDO RI +RVSLFH &DUH 6KDG\ %URGVN\ 0 t 6WDOH\ f 9DOLGDWLRQ RI WKH PXOWLGLPHQVLRQDOLW\ RI GHDWK DQ[LHW\ DV VXSSRUWHG E\ GLIIHUHQFHV EHWZHHQ YROXQWHHUV DQG QRQYROXQWHHUV 3V\FKRORJLFDO 5HSRUWV

PAGE 130

6LOEHUW f $VVHVVLQJ YROXQWHHU VDWLVIDFWLRQ LQ KRVSLFH ZRUN 7KH $PHULFDQ -RXUQDO RI +RVSLFH &DUH 6LPSVRQ 0 $ f 6WXG\LQJ GHDWK 3UREOHPV LQ PHWKRGRORJ\ 'HDWK (GXFDWLRQ 6PLWK 6 1 t %RKQHW 1 f 2UJDQL]DWLRQ DQG DGPLQLVWUDWLRQ RI KRVSLFH FDUH -RXUQDO RI 1XUVLQJ $GPLQLVWUDWLRQ f} 6QDYHO\ + 5 f $Q XQSXEOLVKHG VSHFLDO FRXUVH SURMHFW &DUOHWRQ &ROOHJH 86$ 6WHHOH / / f 7KH GHDWK VXUURXQG )DFWRUV LQIOXHQFLQJ WKH JULHI H[SHULHQFH RI VXUYLYRUV 2QFRORJ\ 1XUVLQJ )RUXP f 6WHNHO : f 1HUYRVH DQJVW]XVWDQGH XQG LKUH EHKDQGOXQJ 9LHQQD 8UEDQ t 6FKZDUW]HQEXUJ 6WROOHU ( 3 f 7KH LPSDFW RI GHDWKUHODWHG IHDUV RQ DWWLWXGHV RI QXUVHV LQ D KRVSLWDO ZRUN VHWWLQJ 2PHJD f 6WRQHV & 5 f 3HUVRQDO UHOLJLRXV RULHQWDWLRQ DQG )UDQNOnV ZLOOWRPHDQLQJ LQ IRXU UHOLJLRXV FRPPXQLWLHV 6RXWK $IULFDQ -RXUQDO RI 3V\FKRORJ\ f 7HOEDQ 6 f 'HDWK DQ[LHW\ DQG NQRZOHGJH DERXW GHDWK 3V\FKRORJLFDO 5HSRUWV f 7HPSOHU f 7KH FRQVWUXFWLRQ DQG YDOLGDWLRQ RI D GHDWK DQ[LHW\ VFDOH -RXUQDO RI *HQHUDO 3V\FKRORJ\ 7HPSOHU t 5XII & ) f 'HDWK DQ[LHW\ VFDOH PHDQV VWDQGDUG GHYLDWLRQV DQG HPEHGGLQJ 3V\FKRORJLFDO 5HSRUWV 7HPSOHU 5XII & ) t )UDQNV & 0 f 7KH UHODWLRQVKLS RI DJH DQG VH[ WR GHDWK DQ[LHW\ 'HYHORSPHQWDO 3V\FKRORJ\ 7KRPSVRQ ( + -U f 3DOOLDWLYH DQG FXUDWLYH FDUH QXUVHV DWWLWXGHV WRZDUG G\LQJ DQG GHDWK LQ WKH KRVSLWDO VHWWLQJ 2PHJD f 7REDF\N f 'HDWK WKUHDW GHDWK FRQFHUQV DQG SDUDQRUPDO EHOLHI ,Q ) 5 (SWLQJ t 5 $ 1HLPH\HU (GVf 3HUVRQDO PHDQLQJV RI GHDWK 1HZ
PAGE 131

7UHQW & *ODVV & -U t 0F*HH $ < f 7KH LPSDFW RI D ZRUNVKRS RQ GHDWK DQG G\LQJ RQ GHDWK DQ[LHW\ OLIH VDWLVIDFWLRQ DQG ORFXV RI FRQWURO DPRQJ PLGGOHDJHG DQG ROGHU DGXOWV 'HDWK (GXFDWLRQ 9DUJR 0 f 5HODWLRQVKLS EHWZHHQ WKH 7HPSOHU 'HDWK $Q[LHW\ 6FDOH DQG WKH &ROOHWW/HVWHU )HDU RI 'HDWK 6FDOH 3V\FKRORJLFDO 5HSRUWV 9HUQRQ $ f 7KH VRFLRORJ\ RI GHDWK 1HZ
PAGE 132

%,2*5$3+,&$/ 6.(7&+ 0LFKDHO *LOODVSLH ZDV ERUQ LQ )UHPRQW 1HEUDVND RQ -XO\ +H LV WKH VHFRQG RI IRXU FKLOGUHQ IRU +DUROG DQG 0DUMHDQ *LOODVSLH ,Q KH JUDGXDWHG IURP &HQWUDO +LJK 6FKRRO LQ 2PDKD 1HEUDVND DQG HQUROOHG DW WKH 8QLYHUVLW\ RI 1HEUDVND/LQFROQ LQ WKH )DOO RI +H JUDGXDWHG ZLWK KRQRUV DQG ZDV DZDUGHG WKH %DFKHORU RI $UWV GHJUHH LQ SV\FKRORJ\ LQ ,Q 0LFKDHO PDUULHG $P\ &ROOHWWH 7KRPSVRQ DQG HQUROOHG DV D JUDGXDWH VWXGHQW DW WKH 8QLYHUVLW\ RI )ORULGD +H FRPSOHWHG WKH UHTXLUHPHQWV IRU WKH 0DVWHU RI 6FLHQFH GHJUHH LQ FRXQVHOLQJ SV\FKRORJ\ LQ 'HFHPEHU +H DQG $P\ FXUUHQWO\ OLYH LQ %HOOHYXH 1HEUDVND

PAGE 133

, 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\ nI/s/ 'RURWK\ I.A1HYLOOn &KDLU 3URIHVVRUc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

PAGE 134

7KLV GLVVHUWDWLRQ ZDV VXEPLWWHG WR WKH *UDGXDWH )DFXOW\ RI WKH 'HSDUWPHQW RI 3V\FKRORJ\ LQ WKH &ROOHJH RI /LEHUDO $UWV DQG 6FLHQFHV DQG WR WKH *UDGXDWH 6FKRRO DQG ZDV DFFHSWHG DV SDUWLDO IXOILOOPHQW RI WKH UHTXLUHPHQWV IRU WKH GHJUHH RI 'RFWRU RI 3KLORVRSK\ 'HFHPEHU 'HDQ *UDGXDWH 6FKRRO

PAGE 135

81,9(56,7< 2) )/25,'$ ,,, LQ KL LQQ LQ Ln R D


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 E29HFZL7V_7IRNXQ INGEST_TIME 2017-07-13T21:30:47Z PACKAGE AA00003659_00001
AGREEMENT_INFO ACCOUNT UF PROJECT UFDC
FILES