Create successful ePaper yourself
Turn your PDF publications into a flip-book with our unique Google optimized e-Paper software.
PLUURU LPDJH LV QR GHILQLWH WHVW IRU HLWKHU SURYLQJ RU GLVSURYLQJ WKH LQGLYLGXDOV SRVVHVVLRQ RI WKH FRQFHSW<br />
OLNH D UHODWLYH VHOI<br />
0\ VHFRQG SRLQW LV DERXW WKH XQLTXHQHVV RI REMHFWG\VFV $V ORQJ DV WKH JHQHUDO SULQFLSOH JRHV D<br />
FODVV RI REMHFWV OLNH DSSOHV PD\ EH UHSUHVHQWHG E\ D VLQJOH G\VF DJDLQ IRU WKH VDNH RI UHGXQGDQF\<br />
FRPSUHVVLRQ WKRXJK WKLV SULQFLSOH GRHV QRW IRUELG IRU VRPH VSHFLDO PHPEHU RI D FODVV KDV D VHSDUDWH G\VF<br />
IURP WKDW RI WKH FODVV 7DNHQ WKLV DVVXPSWLRQ IRU JUDQWHG WKHQ RQH PXVW DOORZ WKDW LPDJHV XQIROGHG E\ WKH<br />
VDPH G\VF LV QRW XQLTXH $Q LQGLYLGXDO PD\ H[SHULHQFH VRPHWLPHV WKDW D JUHHQ DSSOH WXUQV LQWR D GHOLFLRXVO\<br />
ULSH UHG DSSOH EXW LQ RWKHU WLPHV LW PD\ EH EORZQ RII E\ D VWURQJ ZLQG RU HDWHQ E\ D ZRUP 6R WKH FRXUVH DQ<br />
REMHFWG\VF PD\ WDNH LQ LWV VWDWH WUDQVLWLRQ PD\ JHQHUDOO\ KDYH PDQ\ IRUNV DQG WKH SUREDELOLW\ WKDW LW WDNHV<br />
HDFK EUDQFK DW VXFK D IRUN PD\ GHSHQG SULPDULO\ RQ WKH IUHTXHQF\ DQG UHFHQF\ RI WKH LQGLYLGXDOV<br />
H[SHULHQFH FRUUHVSRQGLQJ WR ZKDW WKDW SDUWLFXODU EUDQFK UHSUHVHQWV 6R E\ TXLFNO\ UHSHDWLQJ WKH VDPH<br />
VLPXODWLRQ SURFHVV PDQ\ WLPHV D VXEMHFWLYH YHUVLRQ RI 0RQWH &DUOR SURFHGXUH RQH PD\ REWDLQ D URXJK<br />
HVWLPDWH RI KRZ PXFK OLNHO\ RQH W\SH RI RXWFRPH REWDLQV FRPSDUHG WR RWKHU RXWFRPHV SURYLGLQJ WKH EDVLV<br />
IRU WKH VXEMHFWLYH SUREDELOLW\ RI REWDLQLQJ WKDW SDUWLFXODU RXWFRPH $V WKH VXEMHFWLYH YDOXH RI HDFK RXWFRPH<br />
LV HVWLPDEOH WKURXJK WKH PRRGVWDWH WKDW RXWFRPH FUHDWHV WKH ,&$ WKLQNHU LQ TXHVWLRQ FDQ PDNH GHFLVLRQV<br />
FRPELQLQJ WKDW YDOXH DQG WKLV VXEMHFWLYH SUREDELOLW\ 7KH SUHFLVLRQ RI WKH VXEMHFWLYH SUREDELOLW\ QHHG QRW EH<br />
YHU\ SUHFLVH LW QHHG WR EH SUHFLVH RQO\ ZKHQ WKH LQGLYLGXDO LV XS DJDLQVW D UDWKHU LPSRUWDQW DQG GHOLFDWH<br />
GHFLVLRQ DQG EHFDXVH RI WKH UDULW\ RI VXFK GHFLVLRQ VLWXDWLRQV WKH ,&$ WKLQNHU ZRXOG XVXDOO\ VSHQG PXFK<br />
WLPH LQ WKLV SUREDELOLW\ HVWLPDWLRQ 1HHGOHVV WR VD\ WKH SUREDELOLW\ RI HDFK HYHQW VHTXHQFH ZLOO VRPHWLPHV<br />
XQGHUJR D GUDVWLF FKDQJH GHSHQGLQJ XSRQ ZKLFK RWKHU REMHFWG\VFV DUH LQWHUDFWLQJ ZLWK WKH REMHFWG\VF LQ<br />
IRFXV 6R WKH VXEMHFWLYH SUREDELOLWLHV DFWXDOO\ LQ XVH ZLOO PDLQO\ EH VXEMHFWLYH FRQGLWLRQDO SUREDELOLWLHV<br />
7RGD <br />
7KH WKLUG SRLQW WR EH PDGH KHUH LV DERXW LPDJHV 7KHUH PD\ EH REMHFWLRQV IURP VRPH UHDGHUV WKDW<br />
WKH\ GR QRW XVH LPDJHV PXFK LQ WKHLU WKLQNLQJ DQG WKDW FRQWUDGLFW P\ DVVXPSWLRQ WKDW WKH G\VF VLPXODWLRQ<br />
SURFHGXUH GLVFXVVHG DERYH LV WKH EDVLF PRGH RI WKLQNLQJ IRU DOO ,&$ WKLQNHUV LQFOXGLQJ WKH KXPDQV 7R<br />
DQVZHU WKLV REMHFWLRQ OHW PH UHIHU WR D VHULHV RI H[SHULPHQWDO VWXGLHV GRQH E\ +DWDQR DQG KLV FROODERUDWRUV<br />
RQ PHQWDO DEDFXV DV WKH\ VHHP WR SURYLGH D JRRG FOXH DERXW WKH QDWXUH RI LPDJHV ZH XVH LQ RXU WKLQNLQJ<br />
+DWDQR HW DO +DWDQR 2VDZD <br />
$EDFXV LV SUDFWLFHG LQ -DSDQ PDLQO\ DV D KREE\ QRZ DQG WKHUH DUH VWLOO DEDFXV FODVVHV ZKHUH H[SHUWV<br />
DUH WHDFKLQJ FKLOGUHQ 5HDOO\ JRRG DEDFXV H[SHUWV XVXDOO\ EHDW GHVN FDOFXODWRU H[SHUWV LQ FRQWHVWV ERWK LQ<br />
VSHHG DQG DFFXUDF\ ,Q WKH DEDFXV FRQYHQWLRQV KHOG UHJXODUO\ SDUWLFLSDQWV XVXDOO\ MRLQ LQ PHQWDO DULWKPHWLF<br />
FRQWHVWV DV ZHOO VLQFH DEDFXV H[SHUWV DUH NQRZQ WR EH JRRG PHQWDO DULWKPHWLFLDQV LH WKH\ FDQ GR<br />
DULWKPHWLF WDVNV QHDUO\ DV ZHOO ZLWK RU ZLWKRXW XVLQJ D UHDO DEDFXV 7KH VHFUHW IRU WKLV IHDW ZDV WKDW<br />
DFFRUGLQJ WR +DWDQR DQG KLV FROODERUDWRUV WKH DEDFXV H[SHUWV FDQ QRW RQO\ PDLQWDLQ D PHQWDO LPDJH RI<br />
DEDFXV EXW DOVR PDQLSXODWH LW DV GHIWO\ DV D UHDO DEDFXV VRPHWLPHV HYHQ IDVWHU EHFDXVH LW UHTXLUHV QR ILQJHUV<br />
PRYHPHQWV IRU RSHUDWLRQ<br />
7KLV VNLOO RI XVLQJ PHQWDO DEDFXV RI FRXUVH QHHGV D KDUG SUDFWLFH WR DFTXLUH ,W LV QRW WRR GLIILFXOW<br />
IRU DEDFXV H[SHUWV WR XVH D PHQWDO DEDFXV RI DERXW ILYH GLJLWV EXW RQO\ FRQVWDQW SUDFWLFH DOORZV WKHP WR<br />
LQFUHDVH WKH QXPEHU RI PDQLSXODEOH GLJLWV EH\RQG WKDW OHYHO DW WKH UDWH RI RQH PRUH GLJLW SHU \HDU XS WR WKH<br />
PD[LPXP RI DERXW GLJLWV 2QH RI WKH PDQ\ LQWHUHVWLQJ DVSHFWV RI WKH PHQWDO DEDFXV VNLOO REVHUYHG E\<br />
+DWDQRV JURXS LV WKDW WKH PHQWDO DEDFXV LV UHSUHVHQWHG LQ WKH EHJLQQLQJ VWDJH E\ D IDLUO\ FRQFUHWH LPDJH<br />
FRPSOHWH ZLWK DQ DEDFXV IUDPH DQG DOO WKDW DQG WKH SHUVRQ WHQGV WR WZLWFK KLV RU KHU ILQJHUV DV LI ZRUNLQJ RQ<br />
D UHDO DEDFXV $V WKH VNLOO LPSURYHV KRZHYHU WKH SDUWV RI WKH PHQWDO DEDFXV XQQHHGHG IRU WKH RSHUDWLRQ OLNH