3URF 5 6RF /RQG $
3ULQWHGLQ *UHDW%ULWDLQ
7KH FRYHULQJUDGLXVRIWKH/HHFKODWWLFH
%< - + &21:$< )56W 5 $ 3$5.(5W $1' 1 - $ 6/2$1(
W'HSDUWPHQWRI
3XUH 0DWKHPDWLFV
DQG
0DWKHPDWLFDO
6WDWLVWLFV
8QLYHUVLW\RI&DPEULGJH&DPEULGJH&% 6% 8.
W
0DWKHPDWLFVDQG6WDWLVWLFV5HVHDUFK&HQWHU%HOO/DERUDWRULHV
0XUUD\+LOO 1HZ -HUVH\ 86$
5HFHLYHG -XQH
:H LQYHVWLJDWHWKH SRLQWVLQ GLPHQVLRQDOVSDFH DW PD[LPXPGLVWDQFH
IURPWKH/HHFKODWWLFHLHWKHGHHSHVW KROHVLQ WKDWODWWLFH7KH PD[LPXP
GLVWDQFH RI DQ\ VXFK SRLQWIURPWKH /HHFK ODWWLFH LV VKRZQWR EH WLPHV
WKH PLQLPXPGLVWDQFH EHWZHHQ WKH ODWWLFH SRLQWV )XUWKHUPRUHWKHUH
DUH W\SHV RI GHHSHVW KROH RQH IRUHDFK RI WKH HYHQ XQLPRGXODU
GLPHQVLRQDOODWWLFHV IRXQGE\ 1LHPHLHU
,1752'8&7,21
7KH SDFNLQJUDGLXV RID ODWWLFH LV WKH ODUJHVWU IRUZKLFKVSKHUHVRIUDGLXV U FHQWUHG
DW WKH ODWWLFH SRLQWV GR QRW RYHUODS ZKLOHWKH FRYHULQJUDGLXV LV WKH VPDOOHVW5 IRU
ZKLFKVSKHUHVRIUDGLXV 5 FHQWUHGDW WKH ODWWLFH SRLQWV FRYHU DOO WKH VSDFH )LJXUH
LOOXVWUDWHVWKHVHFRQFHSWVIRUWKHKH[DJRQDO ODWWLFH$ LQ WZR GLPHQVLRQVIRUZKLFK
5 !U 7KH
FRYHULQJ
UDGLL IRUDOO WKH:LWWODWWLFHV
$
'Q
( ( ( DQG WKH GXDOV
$ ' ZHUHGHWHUPLQHGE\ &RQZD\ 6ORDQH ,
,Q WKHSUHVHQWSDSHU ZH VKRZWKDWIRUWKH /HHFK ODWWLFH5 UHVWDEOLVKLQJD
FRQMHFWXUHPDGH E\-RKQ/HHFK VRRQ DIWHUGLVFRYHULQJWKHODWWLFH $Q XSSHUERXQG
RI5 NLUZKHUHN KDV EHHQREWDLQHGLQWKHSUHFHGLQJSDSHU E\1RUWRQ
, 7R SURYH RXU UHVXOWZH VKDOO LQYHVWLJDWHWKH KROHV LQ WKH /HHFK ODWWLFH ,Q
JHQHUDOLI/ LVD ODWWLFHLQ 5Q WKDWLVQRW FRQWDLQHGLQ D VXEVSDFH RIVPDOOHUGLPHQVLRQ
ZHGHILQHD KROHLQ/ DV IROORZV/HW F EH D SRLQWLQ5QZKRVHGLVWDQFHIURPWKHODWWLFH
LV D ORFDO PD[LPXP 7KHQ F LV HTXLGLVWDQW IURPDW OHDVW Q ODWWLFH SRLQWV DQG
WKLV VHW RI ODWWLFH SRLQWV IRUPVWKH YHUWLFHV RI D FRQYH[ SRO\WRSH 3 VRPHWLPHV
FDOOHG D 'HODXQD\ SRO\WRSH 5RJHUV ,
3
$ KROHLQ/ LVGHILQHGIRUPDOO\WR
FRQVLVWRIWKH SDLU F 3 +RZHYHU VLQFH HLWKHURQH RIF RU3 GHWHUPLQHVWKH RWKHU
ZH PD\ VSHDN RI WKH KROH F RU WKH KROH 3 ZLWKRXWDPELJXLW\7KXV D YHUWH[RI
D KROH UHIHUVWR D YHUWH[RI3 ZKLOH WKH GLVWDQFH EHWZHHQ WZR KROHV UHIHUVWR WKH
GLVWDQFHEHWZHHQWKHLUFHQWUHV7KH YHUWLFHVRI3 OLHRQ D VSKHUHFHQWUHGDW F ZKRVH
UDGLXV LV FDOOHG WKH UDGLXV RIWKH KROH 7KH VHW RIDOO SRO\WRSHV3 IRUDOO WKH KROHV LQ
WKH ODWWLFH LV D SDUWLWLRQRIWKH VSDFH
7KH PD[LPXPUDGLXV RI DQ\ KROH LV WKH FRYHULQJUDGLXV RI WKH
ODWWLFH DQG RXU
PDLQ UHVXOWLV WKH IROORZLQJ
> @