Filler Metal ER316L+ER308L
Filler Metal ER316L+ER308L
Filler Metal ER316L+ER308L
net/publication/268421801
CITATIONS READS
21 1,226
2 authors:
Some of the authors of this publication are also working on these related projects:
Mechanical Properties and Corrosion Behaviors in 3.5% NaCl Solution of Grade-A and Dual-Phase Steels Welded by FCAW View project
All content following this page was uploaded by Ramazan Yilmaz on 29 January 2018.
7KH VKLHOGLQJ JDV QRW RQO\ DIIHFWV WKH SURSHUWLHV RI ZHOG EXW DOVR GHWHUPLQHV
ZHOGDELOLW\ WKH DSSHDUDQFH WKH VKDSH DQG SHQHWUDWLRQ RI EHDG DV ZHOO 3XUH
DUJRQLVPDLQO\XVHGIRU*7$:DVVKLHOGLQJJD VDWSUHVHQW7KHPRVWFRPPRQ
0(&+$1,&$/3523(57,(62)$867(1,7,& VKLHOGLQJ JDVHV DUH DUJRQ ULFKHV PL[WXUHV VXFK DV DUJRQ ZLWK D IHZ SHUFHQW
67$,1/(6667((/6:(/'('%<*0$:$1'*7$: KHOLXP FDUERQ GLR[LGH K\GURJHQ R[\JHQ QLWURJHQ IRU *0$: SURFHVV
$OWKRXJKPL[HVRIR[\JHQZLWKDUJRQFDXVHGR[LGDWLRQLQWKHZHOGLQJ
SRROLWSURYLGHVDUFVWDELOLW\DQGZHWWLQJ>@2[\JHQPL[HGJDVDOVRSURYLGHV
VSUD\ WUDQVIHU>@$GGLWLRQRIK\GURJHQRQWKHRUGHURILQWRDUJRQ
5$0$=$1<,/0$=DQG+h6(<ø18=81 SURYLGHVKLJKHUKHDWLQSXWFOHDQHUZHOGVXUIDFHVDQGSHQHWUDWLRQ0L[WXUHRIWKH
+H$U$U+ RU$U+H&2 DUHSUHIHUDEOHIRUZHOGLQJVSHHGHVSHFLDOO\LQ
6DNDU\D8QLYHUVLW\7HFKQLFD O(GXFDWLRQ)DFXOW\0HWDO(GXFDWLRQ'LYLVLRQ DXWRPDWLFZHOGLQJ>@1LWURJHQFDQFRQWURORI GIHUULWHUDWLRLQWKHZHOGPHWDO
(VHQWHSH&DPSXV6DNDU\D 7XUNH\ EHFDXVHLWPDNHVDXVWHQLWLFSKDVHVWDEOH>@)LOOHUPDWHULDOKDYLQJ1LPRUH
WKDQ VKRXOG EH VHOHFWHG EH FDXVH VLJPD SKDVH SRVVHVHV WUHQG RI EULWWOH
EHKDYLRXU RFFXUV GXH WR WKH SUREOHPV VXFK DV KRW FUDFNLQJ RFFXUUHQFH DQG
FRUURVLRQ7KHHOHPHQWVRI&U0R6L7L1E9$OPDNH GIHUULWHLQFHUWDLQ
6XPPDU\,QWKLVVWXG\$,6,/DQG/W\SHVRIDXVWHQLWLFVWDLQOHVVVWHHOVZHUHZHOGHGE\
TXDQWLW\6XLWDEOHILOOHUPDWHULDOFDQEHVHOHFWHGIRUUHTX LUHGPLFURVWUXFWXUHLQ
*0$:JDVPHWDODUFZHOGLQJXVLQJRQO\(5/6LILOOHUPHWDODQG*7$:JDVWXQJVWHQDUF WKHZHOGPHWDOXVLQJ6FKDIIHU'H/RQJRU:5&GLDJUDPV
ZHOGLQJXVLQJ(5/DQG(5/ILOOHUPHWDOVUHVSHFWLYHO\0HFKDQLFDOSURSHUWLHVRI/ &KURPLXP FDUELGH >&U )H &@ SUHFLSLWDWLRQ RFFXUUHG LQ WKH JUDLQ
DQG / DXVWHQLWLF VWDLQOHVV VWHHO ZHOGPHQWV VXFK DV WHQVLOH SURSHUWLHV KDUGQHVV DQG LPSDFW ERXQGDU\ UHVXOW LQ GHFUHDVLQJ FRUURVLRQ UHVLVWDQFH HIIHFW RQ PHFKDQLFDO
SURSHUWLHV ZHUH GHWHUPLQHG 7KH UHVXOWV VKRZ WKDW WKH \LHOG DQG WHQVLOH VWUHQJWK KDUGQHVV DQG
SURSHUWLHV QHJDWLYHO\ &KURPLXP F DUELGH SUHFLSLWDWLRQ LQFUHDVHV RU GHFUHDVHV
LPSDFWHQHUJ\YDOXHVRI/DQG/VWDLQOHVVVWHHOVZHOGHGE\*7$:DUHKLJKHUWKDQWKDWRI
ZHOGHGE\*0$: GHSHQGLQJ RQ KHDWLQSXWZHOGLQJGXUDWLRQFRROLQJVSHHGDQGFDUERQUDWLRLQ
PDWHULDO / W\SHV RI DXVWHQLWLF VWDLQOHVV VWHHOV KDYH EHHQ GHYHORSHG IRU WKH
.H\ZRUGV $XVWHQLWLF VWDLQOHVV VWHHO *0$: DQG *7$: PHFKDQLFDO SURSHUWLHV / DQG SURWHFWLRQ RI FKURPLXP SUHFLSLWDWLRQ LQ WKH LQWHUJUDQXOD U DQG LQFUHDVLQJ
/VWDLQOHVVVWHHOV ZHOGDELOLW\ )DWLJXH EHKDYLRXU RI DXVWHQLWLF VWDLQOHVV VWHHO ZHOGPHQWV E\
*7$: SHUFHQWDJH RI IHUULWH UDWLR DIIHFW RI ZHOG PHWDO PLFURVWUXFWXUH FUHHS
DQGIUDFWXUHEHKDYLRXUDQGFUHHSGHIRUPDWLRQ>@
'XULQJ WKH OLWHUDWXUH LQYHVWLJDWLRQ $OWKRXJK LW LV DYDLODEOH HIIHFW RI
,1752'8&7,21 ZHOGLQJSDUDPHWHURQVROLGLILFDWLRQVWUXFWXUHDQGJHRPHWU\RIPHOWLQJUHJLRQRI
ZHOGPHQW E\ ODVHU >@ *7$: >@ DQG *0$: >@ PHWKRGV 6R IDU WKH
$XVWHQLWLFVWDLQOHVVVWHHOLVZLGHO\XVHGPDWHULDOVLQWKHFXUUHQWLQGXVWULDODUHD LQYHVWLJDWLRQDERXWGHWHUPLQDWLRQZHOGLQJRI/DQG/DXVWHQLWL FVWDLQOHVV
LQFOXGLQJ KLJKHU DQG ORZHU WHPSHUDWXUH DSSOLFDWLRQV VXFK DV VWRUDJH WDQNV VWHHO XVLQJ *7$: DQG *0$: PHWKRGV DQG VHOHFWLRQ RI ILOOHU PDWHULDOV QRW
SUHVVXUH FXSV IXUQDFH HTXLSPHQWV HWF 8VLQJ UDWLR RI WKRVH PDWHULDO V DUH HQRXJK ,Q WKLV VWXG\ WKHUHIRUH WKH HIIHFW RI ILOOHU PDWHULDO RQ PHFKDQLFDO
LQFUHDVLQJ FRQVWDQWO\ GXH WR KDYLQJ VXSHULRU FRUURVLRQ UHVLVWDQFH DQG SURSHUWLHV RI / DQG / DXVWHQLWLF VWDLQOHVV VWHHO ZHOGHG E\ *7$:
PHFKDQLFDOSURSHUWLHV>@ PHWKRGVXVLQJ(5/6LILOOHUPDWHULDODQG/DQG/DXVWHQLWLFVWDLQOHVV
*0$: DQG *7$: SURFHVV DUH ZLGHO\ XVHG IRU VWDLQOHVV VWHHO VWHHO ZHOGHG E\ *0$: RQ EXWW MRLQW DQG IODW SRVLWLRQ XVLQJ (5 / DQG
ZHOGLQJHVSHFLDOO\IRUIXOOSHQHWUDWLRQZHOGVLQWKLQJDJHPDWHULDOV 6HOHFWLRQ (5/ILOOHUPDWHULDOUHVSHFWLYHO\ZHUHLQYHVWLJDWHGDQG GHWHUPLQHGHIIHFWV
RI VKLHOGLQJ JDV DQG ILOOHU PDWHULDO LV FUXFLDO SDUDPHWHU IRU WKH TXDOLW\ WKH RQ PHFKDQLFDO SURSHUWLHV RI / DXVWHQLWLF VW DLQOHVV VWHHO ZHOGHG XVLQJ (5
PLFURVWUXFWXUHDQGSURSHUWLHVRIZHOGPHQWV7KHZHOGPHQWSURSHUWLHVVWURQJO\ /DQG/(5ILOOHUPDWHULDOVUHVSHFWLYHO\,QDGGLWLRQPLFURVWUXFWXUDO
GHSHQGHGRQWKHVKLHOGLQJJDVVLQFHLWGRPLQDWHVWKHPRGHRIPHWDOWUDQVIHU FKDUDFWHULVDWLRQRIZHOGHGZRUNSLHFHVE\ERWKZHOGLQJPHWKRGVKDVEHHQ
5DPD]DQ<ÕOPD]DQG+VH\LQ8]XQ-0DUP3XUH$SSO6FL 5DPD]DQ<ÕOPD]DQG+VH\LQ8]XQ-0DUP3XUH$SSO6FL
SHUIRUPHG$EVRUEHGUHVXOWVZHUHGLVFXVVHGXVLQJWKHNQRZOHGJHDYDLODEOHLQ
WKHUHODWHGOLWHUDWXUH
)ORZUDWH
OWGN
(;3(5,0(17$/
:HOGLQJ
PPV
VSHHG
0DWHULDOVDQGZHOGLQJPHWKRGV
6KLHOGLQJ
$U
$U
2
2
JDV
7ZRW\SHVRIVWDLQOHVVVWHHOLQFOXGLQJ$,6,/DQG$,6,/DVEDVHPHWDO
$U
$U
ZHUH XVHG LQ WKLV VWXG\ LWV FKHPLFDO FRPSRVLWLRQ DQG PHFKDQLFDO SURSHUWLHV
ZHUHSUHVHQWHGLQ7DEOH,,/W\SHRIVWDLQOHVVVWHHOFRQWDLQVOHVVWKDQ
7DEOH, :HOGLQJFRQGLWLRQVDQGSDUDPHWHUVXVHG
RISDVVHV
1XPEHU
FDUERQDQGLWLV SURGXFHGZLWKDLPLQJWRDYRLGFKURP LXPFDUELGHSUHFLSLWDWLRQ
LQ KHDW HIIHFWHG ]RQH +$= ,Q RUGHU WR HYDOXDWH WKH PHFKDQLFDO DQG
PLFURVWUXFWXUDO SURSHUWLHV RI WKH DXVWHQLWLF VWDLQOHVV VWHHO ZHOGPHQWV WHVW
VSHFLPHQVKDYLQJGLPHQVLRQRI[[PP ZLWKDVLQJOH9VKDSHGJURRYH
:HOGLQJ
JURRYH
ZHUH XVHG DQG RQH SDVV IRU *0$: WZR SDVVHV IRU *7$: ZHOGLQJ ZHUH
9
FDUULHGRXW,QWHUSDVVHVWHPSHUDWXUHZDVEHORZ&$VFKHPDWLFGLDJUDPRI
WHVW SODWH LV VKRZQ LQ )LJXUH 7KH VSHFLPHQV IRU WKH WHQVLOH LPSDFW DQG
SDVV
SDVV
KDUGQHVV WHVWV ZHUH H[WUDFWHG IURP WKH ZHOGHG SODWHV 0LFURVWUXFWXUDO
URRWSDVV
URRWSDVV
$PSHUH
FKDUDFWHULVDWLRQZDVDOVRFDUULHGRXWXVLQJ WKHVDPHVDPSOH(5/DQG(5
&XUUHQW
/6LILOOHUPDWHULDOVZLWKGLDPHWHURIPPIRUWKHZHOGPHQWVRI$,6,/
DQG $,6, / ZHUH XVHG UHVSHFWLYHO\ IRU *0$: SURFHVV 7KH ZHOGLQJ ZDV
SDVV
SDVV
SHUIRUPHGZLWKZLUHVSHHGRIPPV DQGRQHSDVVZHOGLQJZDVDSSOLHG7KH
VDPH PDWHULDOV ZHUH DOVR ZHOGHG E\ *7$: SURFHVV XVLQJ (5 / DQG
ILOOHUPDWHULDOV
(5/DVILOOHUPDWHULDOVIRU/DQG/UHVSHFWLYHO\:HOGLQJVSHHGIRU
'LDPHWHURI
WKHURRWSDVVDQGVHFRQGSDVVZHUHPP V DQGPPV UHVSHFWLYHO\3XUH
PP
I
I
I
I
DUJRQZDVXVHGDVVKLHOGLQJJDVZLWKDIORZUDWHRIOWPLQIRUWKH*7$:
1R]]OHGLDPHWHUZDVPP7KHHOHFWURGHZDVWKRULDWHGWXQJVWHQZLWKWKH
GLDPHWHU RI PP DUJRQ 2 ZDV XVHG IRU *0$: SURFHVV
(5/6L
(5/6L
:HOGLQJ FRQGLWLRQ DQG SDUDPHWHUV ZHUH VKRZQ LQ 7DEOH , &KHPLFDO
(5/
(5/
PDWHULDOV
)LOOHU
FRPSRVLWLRQ DQG PHFKDQLFDO SURSHUWLHV RI EDVH DQG ILOOHU PDWHULDOV XVHG ZHUH
OLVWHGLQ7DEOH,,$VWKRVHYDOXHVZHUHDYDLODEOHLQSUHYLRXVSDSHUV7KH\KDG
QRWEHHQFRQILUPHGE\H[SHULPHQW
:HOGLQJ
PHWKRGV
0,*
0,*
7,*
7,*
0DWHULDOV
/
/
0HFKDQLFDOSURSHUWLHVRIDXVWHQLWLF-0DUP3XUH$SSO6FL 5DPD]DQ<ÕOPD]DQG+VH\LQ8]XQ-0DUP3XUH$SSO6FL
7HQVLOHDQG,PSDFW7HVWV
HORQJDWLRQ
HORQJDWLRQ
HORQJDWLRQ
HORQJDWLRQ
HORQJDWLRQ
VWV 03D
VWV 03D
V \V 03D
V \V 03D
V\V 03D
VWV 03D
V \V 03D
V \V 03D
VWV 03D
VWV 03D
0HFKDQLFDO SURSHUWLHV RI VWDLQOHVV VWHHO DQG ILOOHU PDWHULDO XVHG LQ WKLV VWXG\
0HFKDQLFDO
SURSHUWLHV
ZHUHJLYHQLQ7DEOH,,)LJXUHVKRZVWKHGLPHQVLRQRIVSHFLPHQVIRUWHQVL OH
7DEOH,, &KHPLFDOFRPSRVLWLRQDQGPHFKDQLFDOSURSHUWLHVRIEDVHDQGILOOHUPDWHULDOVXVHG>@
DQG FKDUS\ LPSDFW WHVWV 6SHFLPHQV IRU WHQVLOH DQG FKDUS\ WHVWV ZHUH WDNHQDV
SHUSHQGLFXODUWRZHOGGLUHFWLRQ7HQVLOHWHVWVZHUHFDUULHGRXWRQWKHZHOGPHQW
RIERWK/DQG/DXVWHQLWLFVWDLQOHVVVWHHOZHOGHGE\*7$:DQG*0$:
6SHHG RI WHQVLOH WHVWLQJ ZDV PPV '$57(& PRGHO HTXLSPHQW 7KH
SUHVHQWWHVWUHVXOWVZHUHLQFRQVLVWHQW ZLWK767ZRVSHFLPHQVZHUHXVHGLQ
WHQVLOHWHVWIRUHDFKSDUDPHWHUDQGDYHUDJHYDOXHZDVUHSRUWHG
0R
1L
6WDLQOHVV 6WDLQOHVV
6WDLQOHVV
VWHHO VWHHO
VWHHO
&U
6SHFLPHQIRULPSDFW
&KHPLFDOFRPSRVLWLRQZW
6L
:HOGEHDG
6
6SHFLPHQIRU
WHQVLOHWHVW
3
)LJXUH 'LPHQVLRQVRIWHQVLOHDQGLPSDFWWHVWVSHFLPHQPP
0Q
+DUGQHVV0HDVXUHPHQWV
&
0LFURKDUGQHVV PHDVXUHPHQW ZHUH FDUULHG RXW DFURVV WKH ZHOG PHWDO DQG EDVH
%DVHDQGILOOHU
(5/6L
PHWDO DW D ORDG RI J XVLQJ 9LFNHUV KDUGQHVV WHVWHU WKH ,+9 ( 7,0(
(5/
(5/
PDWHULDOV
/
/
PRGHO HTXLSPHQW ZLWK GLDPRQG S\UDPLG +DUGQHVV WHVW ZHUH FDUULHG RXW DOO
VSHFLPHQVLQDLUDWURRPWHPSHUDWXUH7KHORFDWLRQVWDNHQWKHKDUGQHVVLVJLYHQ
VFKHPDWLFDOO\LQ)LJXUH
0HFKDQLFDOSURSHUWLHVRIDXVWHQLWLF-0DUP3XUH$SSO6FL 5DPD]DQ<ÕOPD]DQG+VH\LQ8]XQ-0DUP3XUH$SSO6FL
DQG HORQJDWLRQ YDOXHV ZHUH REWDLQHG IURP WKH ERWK W\SHV RI VWDLQOHVV VWHHO
ZHOGHGE\*7$:FRPSDUHGWRWKHZHOGPHQWSHUIRUPHGE\*0$:SURFHVV,W
FDQ EHFOHDUO\VHHQWKDWKLJKHU XOWLPDWHWHQVLOHVWUHQJWKDQGWRXJKQHVVYDOXHV
VWURQJO\ GHSHQG RQ JHRPHWU\ RI ZHOG SRROV ,I WKH ZHOG SRRO LV VPDOO
VROLGLILFDWLRQRIWKHZHOGSRROZLOOEHLQVPDOODUHD+$=UDQJHZLOOWKHUHIRUH
EH UHGXFHG >@ $ QDUURZHU +$= UDQJH UHSUHVHQWV D J UHDWHU FRQFHQWUDWLRQ RI
HQHUJ\GHQVLW\LQWKHKHDWVRXUFH*7$:SURFHVVFDQHQKDQFHWKHFRQFHQWUDWLRQ
RIWKHHQHUJ\GHQVLW\LQWKHKHDWVRXUFHWKHUHIRUHWKHUHVLGXDOVWUHVVDQGKRW
FUDFNLQJVHQVDWLRQRIDQDXVWHQLWLFVWDLQOHVVVWHHOZHOGPHQWFDQEHUHG XFHG>@
%RWK KHDW LQSXW DQG GHHSZLGH UDWLR FDQ EH HDVLO\ FRQWUROOHG LQ WKH *7$:
SURFHVV7KXVGHWULPHQWDOHIIHFWRIWKRVHFDQEHPLQLPLVHG
7DEOH,,, 7HQVLOHWHVWUHVXOWVRIWKHZHOGPHQWV
)LJXUH 6FKHPDWLFGLDJUDPRIWKHORFDWLRQVRIKDUGQHVVPHDVXUHPHQWWDNHQ 8OWLPDWH <LHOG )UDFWXUH
)LOOHU :HOGLQJ
0DWHULDOV 7HQVLOH VWUHQJWK VWUHQJWK VWUHQJWK
PDWHULDOV PHWKRGV HORQJDWLRQ
Vo03D V$03D VN03D
(5/ 7,*
/
(5/6L 0,*
0LFURVWUXFWXUDO([DPLQDWLRQ (5/ 7,*
/
(5/6L 0,*
0LFURVWUXFWXUDOH[DPLQDWLRQZDVFDUULHGRXWRQFURVVVHFWLRQRIWKHDXVWHQLWLF
VWDLQOHVVVWHHOZHOGPHQWVVWXGLHGLQWKLVSDSHU7KHVDPSOHVZHUH FXWIURPWKH
,Q WKH VWXG\ E\ 7VXFKL\D HW DO >@ WKH ZHOGPHQW RI / DXVWHQLWLF
ZHOGPHQW SODWH DQG PRXQWHG 0RXQWHG VDPSOHV ZHUH IO DWWHG E\ DQG
VWDLQOHVV VWHHO E\ *7$: XVLQJ (5 / ILOOHU PDWHULDO KDV XOWLPDWH WHQVLOH
JULG6L&DEUDVLYHSDSHUDQGVDPSOHVZHUHJURXQGRQVXFFHVVLYHO\ILQHUJUDGHV
VWUHQJWKZLWKWKHYDOXHRI03DZKLOHLWZDV03DIRUWKHZHOGPHQWRI
RIVLOLFRQFDUELGHSDSHUGRZQIURPWRJULG7KHVDPSOHVZHUHWKHQ
WKH VDPH PDWHULDOV LQ WKH RWKHU VWXG\ >@ 7KH ZHOGPHQW RI / DXVW HQLWLF
OLJKWO\ SROLVKHG XVLQJ PP GLDPRQG SDVWH 6DPSOHV ZHUH WKHQ ZDVKHG VWDLQOHVV VWHHO E\ *7$: XVLQJ (5 / ILOOHU PDWHULDO KDV XOWLPDWH WHQVLOH
FOHDQHGE\ DOFRKRODQGGULHGIROORZHGE\HWFKLQJLQDVROXWLRQRIPO+&O VWUHQJWKZLWKWKHYDOXHRI03D>@7KHZHOGPHQWIRUWKHVDPHPDWHULDOV
PO+12 PO+2VROXWLRQ7KHPLFURVWUXFWXUHVRIEDVHZHOGPHWDODQGKHDW ZHOGHGE\*0$:KDVXOWLPDWHWHQVLOHVWUHQJWKZLWKWKHYDOXHRI03D>@
DIIHFWHG]RQH+$=ZHUHREVHUYHGE\2O\PSXVPRGHORSWLFDOPLFURVFRSH 7KHYDOXHVREWDLQHGLQWKHSUHVHQWVWXG\DUHPXFKORZHUYDOXHVWKDQWKDWRIWKH
GDWH DYDLODEOH LQ WKH OLWHUDWXUH 9DULDWLRQ LQ SDUDPHWHUV VXFK DV DPSHUH DQG
YROWDJHPD\UHVXOWDGLIIHUHQFHLQWKHPHFKDQLFDOSURSHUWLHVRIWKHZHOGPHQWV
,W FDQ EH VDLG WKDW LQWHUJUDQXODU FUD FNLQJ RFFXUUHG GXULQJ WKH WHQVLOH WHVW
5(68/76$1'',6&866,216 JHQHUDOO\ RFFXUV LQ WKH ]RQHV WKDW KDYH ORZHU KDUGQHVV YDOXHV $FFRUGLQJ WR
VWXG\ E\ 7VXFKL\D LW LV VHHQ WKDW IUDFWXUH DIWHU WHQVLOH WHVW WRRN SDODFH LQ WKH
7HQVLOHWHVW VRIWHVW SDUW RI ZHOG ZKLFK LV EHWZHHQ PL[HG ]RQH DQG EDVH P HWDO DQG WKH
IUDFWXUHPRGHZDVGXFWLOH0L[LQJ]RQHRIWKHZHOGPHWDODQGORFDWLRQVLQ
7KHXOWLPDWHWHQVLOHDQG\LHOGVWUHQJWKDQGDOVRHORQJDWLRQYDOXHVRI/DQG )LJXUHKDVORZHUKDUGQHVVYDOXHV
/ DXVWHQLWLF VWDLQOHVV VWHHOV ZHOGHG E\ *0$: DQG *7$: DUH OLVWHG LQ 6WLIIQHVV WRXJKQHVV FRUURVLRQ UHVLVWDQFH KRW FUDFNLQJ RI DXVWHQLWLF
7DEOH,,,$VFDQEHVHHQIURPWKHWDEOHWKHKLJKHUXOWLPDWHWHQVLOHVWUHQJWK VWDLQOHVVVWHHOZHOGPHQWDUHLQIOXHQFHGSRVLWLYHO \RUQHJDWLYHO\E\GIHUULWH
0HFKDQLFDOSURSHUWLHVRIDXVWHQLWLF-0DUP3XUH$SSO6FL 5DPD]DQ<ÕOPD]DQG+VH\LQ8]XQ-0DUP3XUH$SSO6FL
GXULQJ WKH ZHOGLQJ ZKLFK LQFUHDVH VKHDU VWUHVV ,Q DGGLWLRQ GLVORFDWLRQ
*7$: *7$:
0LFURKDUGQHVV+9J
0LFURKDUGQHVV+9J
PRYHPHQWFDQEHEDUULHUE\DXVWHQLWLFSKDVHWKDWKDYHIDFHFHQWUHGFXELF)&&
*0$: *0$:
/RFDWLRQSRLQWV
/RFDWLRQSRLQWV
+DUGQHVV7HVW D
DXVWHQLWLFVWDLQOHVVVWHHOVZHOGHGE\*7$:DQG*0$:DVVFKHPDWLFDOO\VHHQ
0LFURKDUGQHVV+9J
0LFURKDUGQHVV+9J
*0$: *0$:
LQ)LJXUHDUHVKRZQLQ)LJXUH$VVHHQIURPI LJXUHERWKW\SHRIVWDLQOHVV
VWHHOZHOGHGE\*7$:VKRZKLJKHUKDUGQHVVYDOXHVWKDQWKDWRIWKHZHOGPHQW
E\ *0$: ,W LV VHHQ ILJXUH E WKDW KDUGQHVV YDOXHV KDUGQHVV YDOXHV RI /
DXVWHQLWLF VWDLQOHVV VWHHO ZHOGPHQW ZHUH KLJKHU WKDQ WKDW RI / W\SH RI
DXVWHQLWLF VWDLQOHVV VWHHO ZHOGPHQW +DUGQHVV YDOXHV RI ERWK DQG /
ZHOGPHQWV WDNHQ LQ WKH FHQWUH RI ZHOG PHWDO KLJKHU WKDQ WKDW RI *7$:
/RFDWLRQSRLQWV /RFDWLRQSRLQWV
ZHOGPHQW,WZDVFOHDUO\VHHQWKDWWKHKLJKHUYDOXHVZHUHHVSHFLDOO\REWDLQHGLQ E
DQG SRLQW ORFDWLRQV ,W LV DWWULEXWHG WKDW SDVVHV ZHOG SHUIRUPHG LQ
*7$:ZHOGPHQWV+LJKHUKDUGQHVVYDOXHVRIMXVWDERYHWKHURRWZHOGLQJDUHD )LJXUH 0LFURKDUGQHVV YDULDWLRQ DFURVV WKH ZHOGPHQW RI DXVWHQLWLF VWDLQOHVV VWHHO
OLWWOHKLJKHU$FFRUGLQJWRWKHSUHYLRXVVWXGLHV>@WKHZHOGPHWDOSURGXFHGLQ ZHOGHGE\*7$:DQG*0$:
D /W\SHDXVWHQLWLFVWDLQOHVVVWHHO
PXOWLSDVV ZHOGLQJ SURFHVV ZDV VKRZQ ZRUN KDUGHQHG VWDWH ZLWK GLVORFDWLRQ
E /W\SHDXVWHQLWLFVWDLQOHVVVWHHO
GHQVLW\H[FHHGLQJ FP FRPSDUHGZLWKWKHGLVORFDWLRQGHQVLW\RI
FP LQ IXOO\ DQQHDOHG DXVWHQLWLF VWDLQOHVV VWHHOV 7KH KLJK GLVORFDWLRQ GHQVLW\
LQFUHDVHEHFDXVHRIUHSHDWHGWKHUPDOF\FOHVH[SHULHQFHGE\WKHVROLGLILHGPHWD O
GXULQJPXOWLSDVVZHOGLQJ>@7KHRWKHUUHDVRQRIKLJKHUKDUGQHVVYDOXHVPD\
EHGXHWRWKHFRPSRVLWLRQRIWKHILOOHUPDWHULDO2QWKHRWKHUKDQGJUHDWHUKHDW ,PSDFW7HVW
LQSXWLQWRWKHVDPSOHOHDGVWRKLJKHUWKHUPDOUHVLGXDOVWUHVVQDWXUDOO\)RUWKH
/VWDLQOHVVVWHHOZHOGPHQWXVLQJ(5ILOOHUPDWHULDOVYDOXHVEHWZHHQ 7KH LPSDFW HQHUJLHV RI WKH ZHOGPHQW E\ *7$: DQG *0$: ZHUH JLYHQ LQ
DQG 96'ZHUHREWDLQHGLQWKHSUHYLRXVVWXG\E\6LUHHVKDHWDO>@:KHQ 7DEOH ,9 ZKLFK VKRZ WKDW LPSDFW HQHUJ\ GHFUHDVHV ZLWK GHFUHDVLQJ GIHUULWH
KDUGQHVV YDOXHV DUH FRQVLGHUHG ,W LV VHHQ D GLIIHUHQFH LQ WKH KDUGQHVV YDOXHV FRQWDLQLQJ LQ WKH ZHOG PHWDO,WLVNQRZQWKDWWKHDXVWHQLWHKDV)&&VWUXFWXUH
EHWZHHQZHOGLQJ]RQHDQGEDVHPHWDO7KHGLIIHUHQFHLVDERXW96'7KRVH DQG GHOWD IHUULWH D ERG\ FHQWUHG FXELF %&& VWUXFWXUH )&& PHWDO KDV D KLJK
YDOXHVDUHFRQVLVWHQWZLWKWKHYDOXHVREWDLQHGLQWKHSUHVHQWVWXG\,WFDQEH QRWFKWRXJKQHVVZKLFKLVDOPRVWLQGH SHQGHQWRIWHPSHUDWXUHWKXVEULWWOH
0HFKDQLFDOSURSHUWLHVRIDXVWHQLWLF-0DUP3XUH$SSO6FL 5DPD]DQ<ÕOPD]DQG+VH\LQ8]XQ-0DUP3XUH$SSO6FL
IUDFWXUHGRHVQRWRFFXU2QWKHRWKHUKDQGWKHQRWFKWRXJKQHVVRI%&&PHWDOLV 7KH PLFURVWUXFWXUH RI ZHOG PHWDO DQG GIHUULWH UDWLR FDQ EH DVVHVVHG
VWURQJO\ GHSHQGHQW RQ WHPSHUDWXUH >@ WKHUHIRUH EULWWO H IUDFWXUH LV VHYHUH DW XVLQJRQHRIWKH6FKDHIHU'H/RQJDQG:5&GLDJUDPVZLWKFRQVLGHUDWLRQRI
ORZ WHPSHUDWXUHWKHIUDFWXUHLVFOHDYDJHZKLOHDWKLJKHUWHPSHUDWXUHLWVKRZV FKHPLFDOFRPSRVLWLRQRIEDVHPHWDODQ GILOOHUPDWHULDOVEHIRUHZHOGLQJ,QWKLV
GXFWLOH UXSWXUH ,W LV DOVR REYLRXV WKDW QRWFK WRXJKQHVV RI DOO ZHOG PHWDO LV VWXG\GIHUULWHUDWLRIRU/DQG/ZHOGHGE\*7$:ZHUHGHWHUPLQHG
DIIHFWHG E\ GHOWD IHUULWH DQG R[\JHQ SRWHQWLDO DQG KLJKHU R[\JHQ SRWHQWLD O DQG UHVSHFWLYHO\ZKLOHLWZDVIRUWKHZHOGHGE\*0$:$VLWZDV
UHVXOWVLQDGHJUDGDWLRQRIQRWFKWRXJKQHVV7KXVWKHLPSDFWHQHUJ\LVVKRZQ PHQWLRQHG LQ (O%DWDKJ\ VWXG\ >@ WKH WUDQVLWLRQ LQ VROLGLI LFDWLRQ IURP
WKDW R[LGHV LQ WKH ZHOG PHWDO LQIOXHQFH R[\JHQ SRWHQWLDO RQ QRWFK WRXJKQHVV RXVWHQLWH WR IHUULWH LV UHODWHG ZLWK FRROLQJ UDWH UDWKHU WKDQ FRPSRVLWLRQ RI WKH
,PSDFWHQHUJ\ZDVGHFUHDVHGE\LQFUHDVLQJR[\JHQLQVKLHOGLQJJDV7KXVWKH DXVWHQLWLFVWDLQOHVVVWHHODQGDXVWHQLWHDQGIHUULWHPLFURVWUXFWXUHRFFXU%DVHGRQ
ZHOGPHQW RI VWDLQOHVV VWHHO E\ *0$: KDV ORZHU LPSDFW HQHUJ\ VLQFH LW KDV WKH6FKDHIIHUGLDJUDPZKHQ &UHTX1LHTX UDWLRORZHUWKDQSKDVHWUDQVLWL RQLV
KLJKHU R[\JHQ SRWHQWLDO $W ORZHU WHPSHUDWXUH VXFK DV & GHOWD IHUULWH LV WUHQGHGWRDXVWHQLWHDQGWKHH[LVWHQFHRIDERXWRUYROIHUULWHLQWKHZHOG
EULWWOH FOHDYDJH WKHUHIRUH WKHH[LVWHQFHRI GIHUULWHZLOOSURPRWHFUDFNJURZWK PHWDOUHGXFHVWUHQGRIFUDFNVXVFHSWLELOLW\EHFDXVHVRPHUHVLGXDOHOHPHQWVWKDW
WKDW LV ZK\ WHVWLQJ SHUIRUPHG DW WKH WHPSHUDWX UH & GXH WR REWDLQLQJ VSRLO SXUHQHVV FDQ EH HDVLO\ VROXWH LQ WKH IHUULWH FRPSDULQJ WR DXVWHQLWH ,I
GLVWLQJXLVKHGGLIIHUHQFHLQLPSDFWHQHUJ\YDOXHV$VVHHQIURPWKHWDEOHLPSDFW FHUWDLQUDWLRRIWKHIHUULWHH[LVWVEHWZHHQGHQGULWHVLQWKHVROXWLRQEULWWOHSKDVHV
HQHUJ\RIPXFKORZHUWKDQWKDWRI/ZHOGPHQW,WLVDWWULEXWHGWKDW WKDW FDQ EH RFFXUUHG ZLOO EH DUUHVWHG LQ WKH IHUULWH ,Q DGGLWLRQ WR WKDW
DXVWHQLWLF VWDLQOHVV VWHHO LQFOXGLQJ PRO\EGHQXP ZKLFK FRQWULEX WH GHIRUPDWLRQDELOLW\RIIHUULWHLVPXFKEHWWHUWKDQWKDWRIDXVWHQLWH7KHH[LVWHQFH
WRXJKQHVVRIWKHZHOGPHQWV D IHZ SHUFHQW RI IHUULWH LV XVHIXO WR UHPRYH WKH WHQVLOH VWUHVV 7KXV ULVN RI
PLFURFUDFNLQJGXULQJWKHVROLGLILFDWLRQLVDOVRSUHYHQWHG>@ &UHTX1LHTX UDWLR
7DEOH,9,PSDFWWHVWUHVXOWVRIWKHZHOGPHQWV
ZDV REWDLQHG DV LQ WKH SUHVHQW VWXG\ DQG VLPLODU WR WKDW REWDLQHG LQ WKH
0DWHULDOV :HOGLQJPHWKRGV )UDFWXUHHQHUJ\-RXOH VWXG\ RI (O%DWDKJ\ >@ $V WKH ZHOG SRRO FRROHG UDSLGO\ DIWHU ZHOGLQJ DQG
/ 7,* H[WUHPHO\KLJKVROLGLILFDWLRQJURZWKUDWHKDSSHQHGPLFURVWUXFWXUHZRXOGWRRN
/ 0,* IRUP RI DXVWHQLWH DQG IHUULWH 1RQH RI PLFURFUDNLQJ ZHUH HQFRXQWHUHG GXULQJ
/ 7,* PLFURVWUXFWXUHLQYHVWLJDWLRQ
/ 0,*
0LFURVWUXFWXUDO,QYHVWLJDWLRQ
0LFURVUXFWXUHV RI / DQG / DXVWH QLWLF VWDLQOHVV VWHHO ZHOGPHQW XVLQJ PP
*7$: DQG *0$: SURFHVV DUH VKRZQ LQ )LJXUHV UHVSHFWLYHO\ $V
VHHQIURPWKHRSWLFDOPLFURJUDSKVWKHILQHUDQGGHQGULWLFVWUXFWXUHLV GIHUULWH
WKDWKDVWKLFNQHVVRIPLFURQDQGLQDYHUPLFXODUSDWWHUQ GIHUULWHTXDQWLW\LQ
WKH ZHOG PHWDO RI WKH ZHOGPHQW E\ *7$: SURFHVV VKRZV KLJKHU KDUGQHVV
YDOXHVWKDQWKDWRIWKHZHOGPHQWE\*0$:SURFHVV,WFDQEHVDLGWKDWKLJKHU
KDUGQHVVYDOXHVRIWKHZHOGPHQWE\*7$:FDQEHDWWULEXWHGZLWKWKHLQFUHPHQW
RIGIHUULWHUDWLRLQWKHZHOGPHWDO)LJXUH
PP
,W LV VHHQ WKDW D OLWWOH GLIIHUHQFH ZDV REWDLQHG LQ WKH PLFURVWUXFWXUH RI
EDVHDQGZHOGPHWDO7KRVHPLFURJUDSKVDUHVLPLODUWRPLFURJUDSKVDYDLODEOHLQ
WKHOLWHUDWXUHRI/DQG/W\SHVDXVWHQLWLFVWDLQOHVVVWHHOZ HOGPHQW> )LJXUH 2SWLFDO PLFURJUDSKV RI ZHOG PHWDO RI / W\SH DXVWHQLWLF VWDLQOHVV VWHHO
@ ZHOGHGE\*7$:
0HFKDQLFDOSURSHUWLHVRIDXVWHQLWLF-0DUP3XUH$SSO6FL 5DPD]DQ<ÕOPD]DQG+VH\LQ8]XQ-0DUP3XUH$SSO6FL
PP PP
PP
)LJXUH 2SWLFDO PLFURJUDSKV RI ZHOG PHWDO RI / W\SH DXVWHQLWLF VWDLQOHVV VWHHO
ZHOGHGE\*0$:
)LJXUH 2SWLFDO PLFURJUDSKV RI ZHOG PHWDO RI / W\SH DXVWHQLWLF VWDLQOHVV VWHHO
ZHOGHGE\*0$:
&21&/86,216
,Q WKLV VWXG\ / DQG / DXVWHQLWLF VWDLQOHVV VWHHO ZHU H ZHOGHG XVLQJ (5
DQG(5/ILOOHUPDWHULDOVE\*7$:DQG(5/6LILOOHUPDWHULDOVE\
*0$: UHVSHFWLYHO\ 7KH IROORZLQJ FRQFOXVLRQV FDQ EH GHULYHG IURP WKH
H[SHULPHQWDOUHVXOWV
+LJKHUWHQVLOHVWUHQJWKZHUHREWDLQHGIRUWKHZHOGPHQWRIERWK/DQG
/DXVWHQLWLFVWDLQOHVVVWHHOE\*7$:FRPSDULQJWRWKHZHOGPHQWE\
*0$: ,Q DGGLWLRQ KLJKHU WRXJKQHVV YDOXHV ZHUH REWDLQHG IRU WKH
PP PP ZHOGPHQWE\*7$:SURFHVVFRPSDULQJWRWKHZHOGPHQWVE\*0$:
,WLVQRWVHHQDELJGLIIHUHQFHLQWKHKDUGQHVVYDOXHVRI EDVHPHWDOVDQG
ZHOG PHWDO IRU WKH ZHOGPHQW RI / W\SH DXVWHQLWLF VWDLQOHVV VWHHO
+RZHYHUWKHZHOGPHWDOVKRZDOLWWOHKLJKHUKDUGQHVVYDOXHVWKDQWKDWRI
EDVHPHWDO7KHZHOGPHWDORI/W\SHDXVWHQLWLFVWDLQOHVVVWHHOZHOGHG
E\*7$:VKRZHG KLJKHUKDUGQHVVYDOXHVWKDQWKDWRIEDVHPHWDO7KH
GLIIHUHQFHZHUHDWWULEXWHGWKDW*7$:SURFHVVZHUHSHUIRUPHGZLWKWZR
)LJXUH 2SWLFDO PLFURJUDSKV RI ZHOG PHWDO RI / W\SH DXVWHQLWLF VWDLQOHVV VWHHO SDVVHV
ZHOGHGE\*7$:
0HFKDQLFDOSURSHUWLHVRIDXVWHQLWLF-0DUP3XUH$SSO6FL 5DPD]DQ<ÕOPD]DQG+VH\LQ8]XQ-0DUP3XUH$SSO6FL
7KH VSHFLPHQV ZHOGHG E\ *7$: SURFHVV VKRZHG WKH KLJKHVW IUDFWXUH >@ .RWHFNL '- ³:HOGLQJ RI 6WDLQOHVV 6WHHO´$60 +DQGERRN YRO :HOGLQJ DQG
HQHUJ\ YDOXHV LQ WKH LPSDFW WHVW / W\SH RI DXVWHQLWLF VWDLQOHVV VWHHO %UD]LQJDQG6ROGHULQJ
ZHOGPHQW E\ ERWK *7$: DQG *0$: VKRZHG KLJKHU LPSDFW HQHUJ\ >@ .DOXo ( ³gVWHQLWLN .URP1LNHOOL 3DVODQPD] dHOLNOHULQ .D\QD÷Õ´ .D\QDN
YDOXHVWKDQWKDWRI/W\SHRIDXVWHQLWLFVWDLQOHVVVWHHOZHOGPHQW 'Q\DVÕ*HGLN+ROGLQJ<D\ÕQÕ6D\Õ
,QWKHPLFURVWUXFWXUDOLQYHVWLJDWL RQWKHH[LVWHQFHRIVRPHGIHUULWHLQWKH >@ ³$UN:HOGLQJRI6WDLQOHVV6WHHO´0HWDO+DQGERRNWK (GLWLRQ9RO:HOGLQJDQG
ZHOG PHWDO ZDV FRQILUPHG GIHUULWH UDWLR GHWHUPLQHG XVLQJ 6FKDHIIHU %UD]LQJ$PHULFDQ6RFLHW\IRU0HWDO
GLDJUDPVZKLFKYDULHGEHWZHHQWKHYDOXHVRIDQG,QDGGLWLRQ >@ $QÕN 6 $QÕN 6 9XUDO 0 ³3DVODQPD] dHOLNOHULQ .D\QD÷Õ´ 6RUXGD
.D\QDN7HNQRORMLVL(O.LWDEÕ &LOW,,%LUVHQ<D\ÕQHYLøVWDQEXO
PLFURVWUXFWXUHRIWKHZHOGPHWDOWKDWZDVPL[WXUHRIDXVWHQLWHDQG IHUULWH
>@ <XUL72JDWD76DLWR0+LUD\DPD<³(IIHFWRI:HOGLQJ6WUXFWXUHDQGG
ZDVREVHUYHG IHUULWH RQ )DWLJXH 3URSHUWLHV IRU 7,* ZHOGHG $XVWHQLWLF 6WDLQOHVV 6WHHOV DW
&U\RJHQLF7HPSHUDWXUHV´&U\RJHQLFV
$FNQRZOHGJHPHQWV >@ 0LVKUD03%RUJVWHGW+80DWKHZ0'0DQQDQ6/5RGULJXH]3³$
&RPSDUDWLYH6WXG\RI&UHHS5XSWXUH%HKDYLRXURI0RGLILHG/1%DVH0HWDO
7KH $XWKRUV ZRXOG OLNH WR WKDQN WR 8/75$0$. /WG &R IRU SURYLVLRQ RI DQG /1 :HOGPHQW LQ $LU DQG /LTXLG 6RGLXP (QYLURQPHQWV´,QW -
VDPSOHVRI6WDLQOHVVVWHHOVDQGSHUPLVVLRQRIXVLQJZHOGLQJIDFLOLWLHV 9HV 3LSLQJ
>@ 6DVLNDOD * 0DWKHZ 01 5DR .%60DQQDQ6/³&UHHS'HIRUPDWLRQDQG
)UDFWXUH %HKDYLRXU RI D 1LWURJHQ%HDULQJ 7\SH 6WDLQOHVV 6WHHO :HOG 0HWDO´
-RXUQDORI1XFOHDU0DWHULDOV
>@ (O %DWDKJ\ $0 ³(IIHFW RI /D]HU :HOGLQJ 3DUDPHWHUV RQ )XVLRQ =RQH 6KDSH
5()(5(1&(6 DQG 6ROLGLILFDWLRQ 6WUXFWXUH RI $XVWHQLWLF 6WDLQOHVV 6WHHOV´0DWHULDOV /HWWHUV
>@ 2GDEDú & ³3DVODQPD] dHOLNOHU 7HPHO g]HOOLNOHUL .XOODQÕP $ODQODUÕ .D\QDN >@ 7VXFKL\D . .DZDPXUD + .DOLQLQ * ³5H:HOGDELOLW\ 7HVWV RI ,UUDGLDWHG
<|QWHPOHUL´$VND\QDNøVWDQEXO $XVWHQLWLF 6WDLQOHVV 6WHHO E\ D 7,* :HOGLQJ 0HWKRG´ -RXUQDO RI 1XFOHDU
>@ 6PLWK :)³3DVODQPD]dHOLNOHU´0KHQGLVOLN$ODúÕPODUÕQÕQ<DSÕYHg]HOOLNOHUL 0DWHULDOV
%|OP&LOW7UDQVOE\(UGR÷DQ0$QNDUD >@ 6LUHHVKD 0 $OEHUW 6. 6KDQNDU 9 6XQGDUHVDQ 6 ³$ &RPSDUDWLYH
>@ /LQ<&&KHQ3<³(IIHFWRI3UHKHDWLQJRQ7KH5HVLGXDO6WUHVVLQ7\SH6WDLQOHVV (YDOXDWLRQ RI :HOGLQJ &RQVXPDEOHV IRU 'LVVLPLODU :HOGV %HWZHHQ /1
:HOGPHQW´-RXUQDORI0DWHULDOV3URFHVVLQJ7HFKQRORJ\ $XVWHQLWLF6WDLQOHV6WHHODQG$OOR\´-RXUQDORI1XFOHDU0DWHULDOV
>@ /LDR 07 &KHQ 3< ³7KH (IIHFW RI 6KLHOGLQJ*DV &RPSRVLWLRQV RQ 7KH
0LFURVWUXFWXUH DQG 0HFKDQLFDO 3URSHUWLHV RI 6WDLQOHVV 6WHHO :HOGPHQWV´ >@ $VND\QDN.REDWHNhUQ.DWDOR÷X(F]DFÕEDúÕ$÷XVWRV
0DWHULDOV&KHPLVWU\DQG3K\VLFV >@<XDQJ6&7DUQJ<6³3URFHVV3DUDPHWHU6HOHFWLRQIRU2SWLPL]LQJ7KH:HOG
>@ 7OEHWoL . ³3DVODQPD] dHOLNOHULQ .D\QD÷Õ´ 0,*0$* (UL\HQ (OHNWURG øOH 3RRO *HRPHWU\ LQ 7KH 7XQJVWHQ,QHUW*DV:HOGLQJRI6WDLQOHVV6WHHO´-RXUQDORI
*D]DOWÕ.D\QD÷Õ*HGLN+ROGLQJøVWDQEXO 0DWHULDOV3URFHVVLQJ7HFKQRORJ\
>@ (U\UHN ø%³3DVODQPD] dHOLNOHULQ .D\QD÷Õ´ *D]DOWÕ 0,*0$* .D\QD÷Õ >@ 7VHQJ .+ &KRX &3 ³7KH (IIHFW RI 3XOVHG *7$ :HOGLQJ RQ 7KH 5HVLGXDO
$VND\QDN<D\ÕQÕøVWDQEXO 6WUHVVRID6WDLQOHVV:HOGPHQW´-RXUQDORI0DWHULDOV3URFHVVLQJ7HFKQRORJ\
>@ .DOXo ( 6DUÕ 1 ³3DVODQPD] dHOLNOHULQ 0,* <|QWHPL øOH .D\QD÷Õ´0HWDO YH
.D\QDN >@ /RWKRQJNXP * &KDXPEDL 3 %KDQGKXEDQ\RQJ 3 ³7,* 3XOVH :HOGLQJ RI
>@ 8UDO 0 .DOXo ( ³3DVODQPD] dHOLNOHULQ 7,* <|QWHPL øOH .D\QD÷Õ´ 0HWDO /$XVWHQLWLF6WDLQOHVV6WHHOLQ)ODW9HUWLFDODQG2YHUKHDG3RVLWLRQV´-RXUQDO
0DNLQH0DUW RI0DWHULDOV3URFHVVLQJ7HFKQRORJ\
>@ /RWKRQJNXP * 9L\DQLW( %KDQGKXEDQ\RQJ 3 ³6WXG\ RQ 7KH (IIHFWV 3XOVHG >@ 'LHWHU*(³0HFKDQLFDO0HWDOOXUJ\´0F*UDZ+LOO/RQGRQ
7,*:HOGLQJ3DUDPHWHUVRQ'HOWD)HUULWH&RQWHQW6KDSH)DFWRUDQG%HDG4XDOLW\ >@ 6LUHHVKD06KDQNDU9$OEHUW6.6XQGDUHVDQ6³0LFURVWUXFWXUDO)HDWXUHV
LQ 2UELWDO :HOGLQJ RI $,6, / 6WDLQOHVV 6WHHO 3ODWH´ -RXUQDO RI 0DWHULDOV RI 'LVVLPLODU :HOGV %HWZHHQ /1 $XVWHQLWLF 6WDLQOHVV 6WHHO DQG $OOR\ ´
3URFHVVLQJ7HFKQRORJ\ 0DWHULDOV6FLHQFHDQG(QJLQHHULQJ$
>@ /LQ <& &KHQ 3< ³(IIHFW RI 1LWURJHQ &RQWHQW DQG 5HWDLQHG )HUULWH RQ
5HVLGXDO 6WUHVV LQ $XVWHQLWLF 6WDLQOHVV 6WHHO :HOGPHQWV´0DWHULDOV 6FLHQFH DQG
(QJLQHHULQJ$ 5HFHLYHG'HFHPEHU