0HWKRG RI RSHUDWLRQ87
9
&*&
(YDOXDWLRQ RI WKH PHDVXUHG
TXDQWLWLHV
7KH UHVWULFWHG HDUWK IDXOW SURWHFWLRQ FRPSDUHV WKH
IXQGDPHQWDO ZDYH RI WKH FXUUHQW IORZLQJ LQ WKH VWDU
SRLQW OHDG ZKLFK VKRXOG EH GHVLJQDWHG DV ,
LQWKH
IROORZLQJ ZLWK WKH IXQGDPHQWDO ZDYH RI WKH VXP RI
WKH SKDVH FXUUHQWV ZKLFK VKRXOG EH GHVLJQDWHG LQ
WKH IROORZLQJ ZLWK ,
l 7KXV WKH IROORZLQJ DSSOLHV
)LJXUH
,
,
VS
,
l ,
/
,
/
,
/
2QO\ ,
DFW DV WKH WULSSLQJ HIIHFW TXDQWLW\ GXULQJ D
IDXOW ZLWKLQ WKH SURWHFWHG ]RQH WKLV FXUUHQW LV DOZD\V
SUHVHQW
,
VS
87
,
/
,
/
,
/
,
l ,
/
,
/
,
/
,
,
VS
)LJXUH 3ULQFLSOH RI UHVWULFWHG HDUWK IDXOW SUR
WHFWLRQ
:KHQ DQ HDUWK IDXOW RFFXUV RXWVLGH WKH SURWHFWHG
]RQH DQRWKHU HDUWK FXUUHQW ,
l IORZV WKRXJK WKH
SKDVH FXUUHQW WUDQVIRUPHUV 7KLV LV RQ WKH SULPDU\
VLGH LQ FRXQWHUSKDVH ZLWK WKH VWDUSRLQW FXUUHQW
DQG KDV HTXDO PDJQLWXGH 7KH PD[LPXP LQIRUPD
WLRQ RI WKH FXUUHQWV LV HYDOXDWHG IRU VWDELOL]DWLRQ WKH
PDJQLWXGH RI WKH FXUUHQWV DQG WKHLU SKDVH SRVLWLRQ
7KH IROORZLQJ LV GHILQHG
$ WULSSLQJ HIIHFW FXUUHQW
,
5()
_,
_
DQG WKH VWDELOL]DWLRQ RU UHVWUDLQLQJ FXUUHQW
,
VWDE
Nk _],
,
l] ],
,
l]_
ZKHUH N LV D VWDELOL]DWLRQ IDFWRU ZKLFK ZLOO EH H[
SODLQHG EHORZ DW ILUVW ZH DVVXPH N ,
5()
LV
GHULYHG IURP WKH IXQGDPHQWDO ZDYH DQG SURGXFHV
WKH WULSSLQJ HIIHFW TXDQWLW\ ,
VWDE
FRXQWHUDFWV WKLV HI
IHFW
7R FODULI\ WKH VLWXDWLRQ WKUHH LPSRUWDQW RSHUDWLQJ
FRQGLWLRQV VKRXOG EH H[DPLQHG
D 7KURXJK IORZLQJ FXUUHQW RQ DQ H[WHUQDO HDUWK IDXOW
,
l LV LQ SKDVH RSSRVLWLRQ ZLWK ,
DQGRIHTXDO
PDJQLWXGH LH ,
l ,
,
5()
_,
_
,
VWDE
_,
,
_ _,
,
_
k _,
_
7KH WULSSLQJ HIIHFW FXUUHQW ,
5()
HTXDOV WKH VWDU
SRLQW FXUUHQW VWDELOL]DWLRQ ,
VWDE
FRUUHVSRQGV WR
WZLFH WKH WULSSLQJ HIIHFW FXUUHQW
E ,QWHUQDO HDUWK IDXOW IHG RQO\ IURP WKH VWDU SRLQW
,Q WKLV FDVH ,
l
,
5()
_,
_
,
VWDE
_,
_ _,
_
7KH WULSSLQJ HIIHFW FXUUHQW ,
5()
HTXDOV WKH VWDU
SRLQW FXUUHQW VWDELOL]DWLRQ ,
VWDE
LV ]HUR LH IXOO
VHQVLWLYLW\ GXULQJ LQWHUQDO HDUWK IDXOW
F ,QWHUQDO HDUWK IDXOW IHG IURP WKH VWDU SRLQW DQG
IURP WKH V\VWHP HJ ZLWK HTXDO HDUWK FXUUHQW
PDJQLWXGH
,Q WKLV FDVH ,
l ,
,
5()
_,
_
,
VWDE
_,
,
_ _,
,
_
k _,
_
7KH WULSSLQJ HIIHFW FXUUHQW ,
5()
HTXDOV WKH VWDU
SRLQW FXUUHQW WKH VWDELOL]LQJ TXDQWLW\ ,
VWDE
LVQHJ
DWLYH DQG WKHUHIRUH VHW WR ]HUR LH IXOO VHQVLWLYLW\
GXULQJ LQWHUQDO HDUWK IDXOW
7KLV UHVXOW VKRZV WKDW IRU LQWHUQDO IDXOW QR VWDELOL]D
WLRQ LV HIIHFWLYH VLQFH WKH VWDELOL]DWLRQ TXDQWLW\ LV HL
WKHU ]HUR RU QHJDWLYH 7KXV VPDOO HDUWK FXUUHQW FDQ
FDXVH WULSSLQJ ,Q FRQWUDVW VWURQJ VWDELOL]DWLRQ EH
FRPHV HIIHFWLYH IRU H[WHUQDO HDUWK IDXOWV )LJXUH
VKRZV WKDW WKH VWDELOL]DWLRQ LV WKH VWURQJHVW ZKHQ WKH
UHVLGXDO FXUUHQW IURP WKH SKDVH FXUUHQW WUDQVIRUPHUV
LV KLJK DUHD ZLWK QHJDWLYH ,
l,
:LWK LGHDO FXUUHQW
WUDQVIRUPHUV ,
l,
Z RX OG E H
,I WKH VWDU SRLQW FXUUHQW WUDQVIRUPHU LV GHVLJQHG
ZHDNHU WKDQ WKH SKDVH FXUUHQW WUDQVIRUPHUV HJ E\
VHOHFWLRQ RI D VPDOOHU RYHUFXUUHQW IDFWRU RU E\ KLJKHU
VHFRQGDU\ EXUGHQ QR WULS ZLOO EH SRVVLEOH XQGHU
WKURXJKIDXOW FRQGLWLRQ HYHQ LQ FDVH RI VDWXUDWLRQ DV
WKH PDJQLWXGH RI ,
l LV DOZD\V KLJKHU WKDQ WKDW RI ,