LQ0DWUL[&RQYHUWHUV
IRU0XOWL3KDVH+LJK6SHHG*HQHUDWRUV
7DGHXV]-6REF]\N0HPEHU,((( 7RPDV]6LH NRDQG-DQXVK%'DQLOHZLF]
KDVWRKDYHDQHXWUDOVRDQHXWUDOSRLQWRIDJHQHUDWRUVKRXOG
EH FRQQHFWHG WR D QHXWUDO SRLQW RI D ORDG DV LW LV VKRZQ LQ
)LJ $LP RI WKLV SDSHU LV WR FKHFN SUHOLPLQDU\ KRZ ZRUNV
VXFKDV\VWHPIRUXQEDODQFHGORDG
,,
7 2 REWDLQKLJKHIILFLHQF\RISRZHUJHQHUDWLRQRIVPDOOJDV
SRZHU SODQWV VSHHG RI D JDV WXUELQH KDV WR EH UHODWLYHO\
KLJK IURP USP WLOO USP $ JHQHUDWRU ZKHQ
FRXSOHGGLUHFWO\ZLWKRXWDQ\UHGXFHUWRDWXUELQHVKDIWKDVWR
EH VSHFLDOO\ GHVLJQHG DV D KLJKVSHHG PXOWLSKDVH PDFKLQH
6XFK D KLJKVSHHG JHQHUDWRU ZLWK UDUH HDUWK SHUPDQHQW
PDJQHWV LV GHVFULEHG LQ >@ 7KLV JHQHUDWRU KDV UDWHG VSHHG
USPDQGSKDVHV LQDVWDWRU(OHFWULFSRZHUJHQHUDWHG
E\VXFKJHQHUDWRUKDVIUHTXHQF\+]DQGPXVWEHFRQYHUWWR
D IUHTXHQF\RIDFRPPHUFLDOJULGLH+]ZKDWPHDQVWKDWD
SRZHUHOHFWURQLFFRQYHUWHUKDVWREHXVHG,Q>@$&'&$&
FRQYHUWHU LVFRQVLGHUHGZKLFKDOORZV E\ DFORVHORRSFRQWURO
V\VWHPWRVWDELOL]HSKDVHYROWDJHVDQGIUHTXHQF\RQUHIHUHQFH
YDOXHV ERWK LQ V\PPHWULFDO DQG QRQV\PPHWULFDO ORDG $ u
PDWUL[ FRQYHUWHU LV SURSRVHG LQ >@ >@ DV DQ $&$&
FRQYHUWHUIRUKLJKVSHHGJHQHUDWRUV%\XVLQJDVSHFLDOFRQWURO
VWUDWHJ\ GHVFULEHG LQ >@ D PDWUL[ FRQYHUWHU FDQ HPXODWH D $FFRUGLQJDSDWHQWHGVWUDWHJ\>@WKHVZLWFKLQJHOHPHQWV
F\FORFRQYHUWHU ZKDW LPSURYHV RXWSXW YROWDJH FXUYHV RI D PDWUL[ FRQYHUWHU LQGLFDWHG LQ )LJ DV * IRU
VLJQLILFDQWO\ +RZHYHU LQ FRPPHUFLDO ORZ YROWDJH QHWZRUN U ^ 1` DQG V ^` DUHWRVZLWFKRQDQGVZLWFKRII
SHULRGLFDOO\ ZLWK UHVSHFWLYH WLPH LQWHUYDOV ZKLFK DUH DV
IROORZ /HW WKH VWDWH RI WKH VZLWFKLQJ HOHPHQW * LV
GHWHUPLQHGE\DVWDWHIXQFWLRQ * W
* * W * W 7
VKRZQLQ)LJ SKDVHORDGLVSXUHO\UHVLVWLYH
WKHQHXWUDOSRLQWRIWKDW1SKDVHYROWDJHVRXUFHLVGLUHFWO\
*W FRQQHFWHGWRWKHQHXWUDOSRLQWRIWKHUHVLVWLYHORDG
7KH PDLQ DLP RI WHVWV FDUULHG RXW LV WR VWXG\ KRZ WKH
* SKDVHRXWSXWYROWDJHVDQGWKHJHQHUDWRUFXUUHQWVGHSHQGRQ
DQXPEHURISKDVHVRIDJHQHUDWRU 1
DOHYHORIDV\PPHWU\RIDSKDVHORDG
* )RU DOO WHVWV D JHQHUDWRU ZLWK D VSHHG >USP@ JLYLQJ
7 SKDVHYROWDJHVRI>9@ZLWKIUHTXHQF\RI>+]@KDVEHHQ
7 W XVHG
1
)LJ D VKRZV ZDYHIRUPV RI WKH RXWSXW YROWDJHV DQG WKHLU
)RXULHU VSHFWUXP IRU WKH SKDVH JHQHUDWRU DQG WKH
V\PPHWULFDOORDG7KHRXWSXWYROWDJHVLQWKLVILJXUHDUHGURZQ )LJ D VKRZV ZDYHIRUPV RI WKH RXWSXW YROWDJHV DQG WKHLU
RQ D EDFNJURXQG RI D JHQHUDWRUV SKDVH YROWDJH H RI )RXULHUVSHFWUXPIRUWKHSKDVHJHQHUDWRUDQGDV\PPHWULFDO
ORDG$VEHIRUHWKHRXWSXWYROWDJHVLVGURZQRQDEDFNJURXQG DQG WKHLU PRVW VLJQLILFDQW KLJKHU KDUPRQLFV KDYH RUGHUV
RIDJHQHUDWRUVSKDVHYROWDJH H RIIUHTXHQF\>+]@,WFDQ DQG 7KRVH FXUUHQWV DUH V\PPHWULFDO LH WKH\ FRQVWLWXWH
EH VHHQ WKDW LQ WKLV FDVH WKH )RXULHU VSHFWUXP RI WKH RXWSXW IRU HDFK IUHTXHQF\ D V\PPHWULFDO V\VWHP RI RQH IURP
YROWDJHVKDVKLJKHUKDUPRQLFVRIVPDOOHURUGHUVWKHQIRUWKH VHTXHQFHV
SKDVHJHQHUDWRU +RZHYHUHYHQIRUDV\PPHWULFDOORDGWKHFXUUHQW L LQWKH
QHXWUDO ZLUH PXVW DSSHDU EHFDXVH WKH ]HUR VHTXHQFH
FRPSRQHQW RI WKH RXWSXW YROWDJHV LV QRQ]HUR ,Q )LJ F WKH
QHXWUDOZLUHFXUUHQWDQGLWV )RXULHUVSHFWUXPDUHVKRZQ7KLV
FXUUHQW KDV D YHU\ KLJK IUHTXHQF\ DQG UHODWLYHO\ KLJK
DPSOLWXGH 7KLV IDFW HOLPLQDWH VXFK QXPEHU RI JHQHUDWRUV
SKDVHV
,Q FRQFOXVLRQ D QXPEHU RI JHQHUDWRUV SKDVHV VKRXOG EH
FKRVHQDVPXOWLSOLFDWLRQRI
1 N
&$QLQIOXHQFHRIORDGDV\PPHWU\
%HFDXVHDPDWUL[FRQYHUWHUKDVQRW'&OLQNLWLVSRVVLEOHWR
FRQQHFW QHXWUDO SRLQWV RI D JHQHUDWRU DQG D ORDG DV LW FDQEH
VHHQLQ)LJ7KHQWKHQHXWUDOSRLQWLVDYDLODEOHLQWKHRXWSXW
V\VWHP LH ERWK SKDVH DQG OLQH YROWDJHV DUH DYDLODEOH ,W LV
YHU\LPSRUWDQWLQWKHORZYROWDJHFRPPHUFLDOJULG+RZHYHUD
ORDGLVYHU\RIWHQXQV\PPHWULFDOLQVXFKJULG,QRUGHUWRVWXG\
KRZ WKH ZKROH V\VWHP IURP )LJ ZRUNV LQ DV\PPHWULFDO
)LJ E VKRZV DQ LQSXW FXUUHQW L WKH JHQHUDWRU SKDVH FRQGLWLRQV WKH IROORZLQJ WHVWV KDYH EHHQ SHUIRUPHG IRU D
SKDVH>+]@JHQHUDWRU
FXUUHQW RI D SKDVH DQG LWV )RXULHU VSHFWUXP DW WKLV D ORDG KDV EHHQ XQEDODQFHG WR * >6@ * >6@
FRQGLWLRQ 7KLV FXUUHQW LV GURZQ DOVR RQ D EDFNJURXQG RI WKH
UHVSHFWLYHJHQHUDWRUSKDVHYROWDJH7KLVFXUUHQWZDYHIRUPKDV DQG * >6@
DOVRPDQ\FXUUHQWOHVVSHULRGV,WV)RXULHUVSHFWUXPKDVPDQ\ D RQHSKDVH ORDG KDV EHHQ FRQVLGHUHG * >6@
KDUPRQLFVRIUHODWLYHO\ORZRUGHUVEXWLWLVDOLWWOHELWEHWWHU * >6@ DQG * >6@
)LJXUHVDEFDQGVKRZWKHWHVWUHVXOWV
,WLVUDWKHUHYLGHQWWKDWIRUDQLGHDOL]HGV\VWHPXVHGLQWHVW
WKH RXWSXWYROWDJHVKDYHWREH WKHVDPHERWKIRUV\PPHWULFDO
DQG DV\PPHWULFDO ORDG WKHQ DW DQ\ NLQG RI DV\PPHWU\ WKH
RXWSXWYROWDJHVDUHOLNHLQ)LJD
8QGHU DVVXPSWLRQV WDNHQ IRU WKH WHVWV WKH ZDYHIRUPV RI
RXWSXW FXUUHQWV UHSHDW WKH VKDSHV RI RXWSXW YROWDJHV EXW HDFK
SKDVH FXUUHQW KDV GLIIHUHQW PDJQLWXGH 7KRVH RXWSXW FXUUHQWV
L L DQG L IRU WKH ILUVW WHVW >6@ >6@ >6@ DUH
VKRZQ LQ )LJ D 7KH\ KDYH WR KDYH WKH )RXULHU VSHFWUD OLNH
WKHRXWSXWYROWDJHVVHH)LJE
%HFDXVH RI DV\PPHWU\ D VXP RI SKDVH FXUUHQWV GRVH QRW
HTXDO WR ]HUR WKHQ WKH QRQ]HUR FXUUHQW DULVH LQ WKH QHXWUDO
ZLUH7KLVFXUUHQWLVVKRZQLQ)LJE,WVPDLQFRPSRQHQWKDV
D IUHTXHQF\>+]@DQGLWKDVD)RXULHUVSHFWUXPOLNHDOOSKDVH
RXWSXWFXUUHQWV
+RZHYHU PRVW LQWHUHVWLQJ DUH WKH SKDVH FXUUHQWV RI WKH
SKDVHJHQHUDWRULHWKHLQSXWFXUUHQWVRIWKHPDWUL[FRQYHUWHU
7KH FXUUHQW ZDYHIRUPV RI WKH ILUVW WZR JHQHUDWRU SKDVHV L
WKHQ D UHVSHFWLYH )RXULHU VSHFWUXP IRU WKH SKDVH JHQHUDWRU DQG L WKH )RXULHU VSHFWUXP RI WKH FXUUHQW L DUH VKRZQ LQ
7KH JHQHUDWRU SKDVH FXUUHQWV KDYH WKH PDLQ KDUPRQLF RI DQ
RUGHU ZLWK UHVSHFW WR >+]@ IUHTXHQF\ RI RXWSXW YROWDJHV )LJF
)RU WKH RQHSKDVH ORDG LW LV QRW QHFHVVDU\ WR VKRZ
ZDYHIRUPV RI RXWSXW FXUUHQWV 7KH FXUUHQW L KDV WKH VDPH
ZDYHIRUPOLNHLQ)LJD7KHFXUUHQWV L DQG L HTXDO]HUR
WKHQWKH FXUUHQW LQWKH QHXWUDO ZLUHLVHTXDOWRWKHFXUUHQW L
7KH JHQHUDWRUV SKDVH FXUUHQWV DUH FKDQJHG VLJQLILFDQWO\
([HPSODU\ FXUUHQWV RIILUVWWZR JHQHUDWRU SKDVHV L DQG L
DUHVKRZQLQ)LJWRJHWKHUZLWKWKH)RXULHUVSHFWUXPRIWKH
FXUUHQW L ,W FDQ EH VHHQ WKDW WKH FRQWHQW RI KLJKHU
KDUPRQLFV LQ LV IRU WKLV DV\PPHWU\ JUHDWHU WKHQ IRU WKH ILUVW
FDVHRIDV\PPHWU\VHH )LJF DQGVXEKDUPRQLFVDSSHDULQ
WKDWVSHFWUXP
7KHVH WHVWV FDQ EH FRQFOXGHG DV IROORZV D GLVWRUWLRQ RI
JHQHUDWRUV SKDVH FXUUHQWV JURZLQJ ZLWK WKH DV\PPHWU\ RI D
ORDG
,9& 9,%
$ PDWUL[ FRQYHUWHU FDQ EH DQ DWWUDFWLYH DOWHUQDWLYH WR
FRQYHUWYROWDJHVRIDJHQHUDWRUWRDFRPPHUFLDOSKDVH+]
YROWDJH V\VWHP 8VLQJ D VSHFLDO FRQWURO VWUDWHJ\ LW LV SRVVLEOH
WR REWDLQ WKH RXWSXW YROWDJHV OLNH WKRVH JHQHUDWHG E\ D
F\FORFRQYHUWHU ZKHQ D PXOWLSKDVH KLJKVSHHG JHQHUDWRU LV
XVHG ,Q D FRPPHUFLDO ORZ YROWDJH V\VWHP WKH QHXWUDO ZLUH LV
QHHGHG ,W FDQ EH DFKLHYHG FRQQHFWLQJ QHXWUDO SRLQWV RI D
JHQHUDWRUDQGDORDGE\DQHXWUDOZLUH,QVXFKV\VWHPDORDGLV
YHU\ RIWHQ DV\PPHWULFDO 5HVXOWV RI WKH LQYHVWLJDWLRQV RI DQ
LGHDOL]HG V\VWHP VKRZ WKDW RXWSXW YROWDJHV FDQ EH NHSW
V\PPHWULFDOIRUDV\PPHWULFDOORDGVEXWWKHJHQHUDWRUVSKDVH
FXUUHQWVEHFRPHDV\PPHWULFDO7KRVHFXUUHQWVDUHV\PPHWULFDO
IRU D V\PPHWULFDO ORDG EXW FRQWDLQ VDPH KLJKHU KDUPRQLFV
:KHQ D ORDG EHFRPHV QRQV\PPHWULFDO WKH JHQHUDWRUV SKDVH
FXUUHQWV DUH QRQV\PPHWULFDO WRR DQG D FRQWHQW RI KLJKHU
KDUPRQLFV LV JURZLQJ 6R D ILOWHULQJ RI LQSXW FXUUHQWV RI D
PDWUL[FRQYHUWHUVHHPVWREHQHFHVVDU\DQGDJHQHUDWRUVKRXOG
EHGHVLJQHGIRUVDPHOHYHORIDV\PPHWU\
95