View - Cogprints

View - Cogprints View - Cogprints

cogprints.org
from cogprints.org More from this publisher
24.12.2013 Views

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−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±±±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

KHDY\ ZHLJKW ZLOO WHQG WR MXGJH RWKHU REMHFWV UDWKHU OLJKW 7KLV LV WKHQ DQRWKHU RXWVKLQLQJ HIIHFW HQRXJK WR<br />

PDNH XV VXVSHFW WKH H[LVWHQFH RI D VLPLODU XQGHUO\LQJ SULQFLSOH , DP QRW FODLPLQJ WKDW WKH DSSUDLVDO RI RWKHU<br />

SHUVRQV FRQWURO SRZHUV LV DQRWKHU NLQG RI SV\FKRSK\VLFDO GLUHFW HYDOXDWLRQ RI H[WHUQDO VWLPXOL :KDW ,<br />

LQWHQG WR FODLP LV WKDW VXFK D SURFHVV DV UHSUHVHQWHG E\ WKH XVH RI DGDSWDWLRQ OHYHO LV WKH EDVLF XQGHUO\LQJ<br />

SULQFLSOH FRPPRQ WR PRVW RI WKH XQLSRODU LH QRQQHJDWLYH TXDQWLWDWLYH MXGJPHQWV WKH KXPDQV PDNH<br />

7KH JLVW RI WKH SULQFLSOH , SURSRVH PD\ EH H[SUHVVHG LQ WKH IROORZLQJ ZD\ $VVXPH ILUVW WKDW WKHUH LV<br />

D VXEMHFWLYH PDJQLWXGH VFDOH RQ DQ\ GLPHQVLRQ VHQVRU\ RU RWKHUZLVH RQ ZKLFK RQH PDNHV D PDJQLWXGH<br />

MXGJPHQW 7KH VFDOH LV IL[HG JLYHQ WKH SHUVRQ RQO\ XS WR D PXOWLSOLFDWLYH WUDQVIRUPDWLRQ LQ RWKHU ZRUGV<br />

WKH VFDOH PD\ EH H[SDQGHG RU FRQWUDFWHG E\ PXOWLSO\LQJ D SRVLWLYH QXPEHU 7KLV WUDQVIRUPDWLRQ ZLOO EH<br />

FRQGXFWHG ZKHQHYHU D QHZ VSHFLPHQ LV MXGJHG VR WKDW WKH PHDQ RI DOO WKH VSHFLPHQV MXGJHG LQ WKH SDVW RI<br />

FRXUVH DOO WKRVH VWLOO UHPHPEHUHG LV DOZD\V NHSW DW VRPH FRQVWDQW VD\ ,Q RWKHU ZRUGV WKH VXEMHFWLYH<br />

PDJQLWXGHV LQ RQHV H[SHULHQFH DUH DOZD\V QRUPDOL]HG<br />

7R JDLQ VRPH LQVLJKW IRU KRZ WKLV MXGJPHQWDO V\VWHP ZRUNV OHW XV IROORZ XS D SURFHVV ZKHQ D<br />

SHUVRQ HQFRXQWHUHG D VSHFLPHQ ZKRVH VXEMHFWLYH PDJQLWXGH LQ WKH GLPHQVLRQ XQGHU FRQVLGHUDWLRQ EH LW WKH<br />

ZHLJKW GLPHQVLRQ RU WKH SK\VLFDO VWUHQJWK GLPHQVLRQ LV H[WUDRUGLQDULO\ ODUJH LQ WKH FXUUHQW VXEMHFWLYH<br />

PDJQLWXGH VFDOH FUHDWLQJ D UHVSRQVH VXFK DV :KDW D KHDY\ REMHFW RU +RZ DZHVRPH ORRNLQJ SHUVRQ WKLV<br />

QHZFRPHU LV 7KHQ WKH QRUPDOL]DWLRQ SURFHVV ZLOO VHW LQ WR EULQJ EDFN WKH PHDQ YDOXH RI WKH VSHFLPHQV<br />

LQFUHDVHG E\ WKH MRLQLQJ RI WKH QHZ VSHFLPHQ EDFN WR WKH VWDQGDUG YDOXH RI <br />

/HW Q EH WKH QXPEHU RI VSHFLPHQV LQ WKH ROG SRSXODWLRQ WKH SRSXODWLRQ RI VSHFLPHQV DW WKH WLPH RI<br />

LQFHSWLRQ RI WKH QHZ VSHFLPHQ /HW [ EH WKH VXEMHFWLYH YDOXH JLYHQ WR WKH QHZ VSHFLPHQ $V WKLV YDOXH LV<br />

DVVXPHG WR EH ODUJHU WKDQ LWV DGGLWLRQ ZLOO LQFUHDVH WKH ROG SRSXODWLRQ PHDQ IURP WR Q[ Q 7R<br />

EULQJ WKH PHDQ EDFN WR WKH QHZ VFDOH VSHFLILHG E\ QRUPDOL]DWLRQ UHTXLUHV HYHU\ VXEMHFWLYH YDOXH LQ WKH ROG<br />

VFDOH [ E\ WKH IDFWRU RI QQ[ 7KH DFWXDO DPRXQW RI UHGXFWLRQ IRU [ LV WKHQ JLYHQ DV<br />

<br />

Q + [ <br />

[ − [ = [ <br />

<br />

<br />

Q + [ Q + [<br />

1RZ ZKDW LV WKLV SRSXODWLRQ" ,Q WKH FDVH RI WKH VXEMHFWLYH ZHLJKW MXGJPHQW H[SHULPHQW LW PD\ EH<br />

DVVXPHG WR EH WKH VDPSOH RI REMHFWV JLYHQ WR WKH VXEMHFW WR ZHLJK SULRU WR WKH REMHFW ZHLJKHG DV [ %XW OHW<br />

PH IRUJHW DERXW SV\FKRSK\VLFDO H[SHULPHQW DQG IURP QRZ RQ VWLFN WR WKH LVVXH RI SRZHU UHFRJQLWLRQ ,Q<br />

WKH FDVH RI WKH SK\VLFDO SRZHU UHFRJQLWLRQ Q PD\ EH DEOH WR EH WDNHQ DV WKH SRSXODWLRQ RI WKH FRPPXQLW\<br />

LWVHOI VLQFH LQ WKH WLPHV ZKHQ WKH FRPPXQLW\ ZDV UHODWLYHO\ VPDOO HYHU\ERG\ ZRXOG EH DZDUH RI WKH<br />

SK\VLFDO SRZHU KHOG E\ HYHU\ERG\ HOVH LQ WKH FRPPXQLW\<br />

6LQFH , DVVXPHG WKDW [ LV H[WUDRUGLQDULO\ ODUJH LW PXVW EH ODUJHU WKDQ WKH SRSXODWLRQ PHDQ LQ WKH<br />

<br />

7KH SULQFLSOH PD\ EH H[WHQGHG WR LQFOXGH ELSRODU TXDQWLWDWLYH MXGJPHQWV OLNH WKRVH RQ WKH MR\VDGQHVV GLPHQVLRQ<br />

DQG WKH DUJXPHQWV JLYHQ RQ WKLV VXEMHFW LQ &KDSWHU PD\ EH VHHQ LQ WKH OLJKW RI WKH FXUUHQW DUJXPHQW<br />

<br />

7KH PRGHO , SUHVHQWHG KHUH LV GLIIHUHQW IURP +HOVRQV ZKR SURSRVHG JHRPHWULF PHDQ LQVWHDG RI RUGLQDU\ PHDQ WR<br />

DFFRXQW IRU WKH DGDSWDWLRQ OHYHO 7KH YDULDEOHV +HOVRQ XVHG WR FDOFXODWH WKH JHRPHWULF PHDQ ZHUH DOO REMHFWLYH ZHLJKWV<br />

RI WKH REMHFWV XVHG LQ KLV H[SHULPHQW DQG IRU WKDW UHDVRQ KLV PRGHO FDQQRW EH DSSOLFDEOH WR RXU DUJXPHQW WKH<br />

UHFRJQLWLRQ RI FRQWURO SRZHU IRU ZKLFK QR REMHFWLYH PHDVXUHV DUH XVXDOO\ DYDLODEOH FHUWDLQO\ QRW IRU WKH NLQGV RI SRZHU<br />

EDVHV DV JRRG ORRNV OLQHDJH DQG FKDULVPD 6R P\ DUJXPHQWV EHJLQ ZLWK VXEMHFWLYH HYDOXDWLRQ DQG HQG ZLWK VXEMHFWLYH<br />

MXGJPHQW DOWKRXJK , VKDOO WRXFK XSRQ VRPH REMHFWLYH VXEMHFWLYH UHODWLRQVKLSV FRQFHUQLQJ FRQWURO SRZHU ODWHU ZKHUH<br />

VXFK DQ DUJXPHQW LV SRVVLEOH

Hooray! Your file is uploaded and ready to be published.

Saved successfully!

Ooh no, something went wrong!