G W ˙j _+ ˙j+ · D
NJQT?;
NJNJQQT!Jotutussvvdduujjpo!Tfu!Bsddiijuu f duduvvss f
flfl §§?;
Z ˉ
311 1 1/1/44//311
¨¨
G W ˙j _+ ˙j+ · D
ZZ ZZ
ZZ
NJQQ TT ;;
NJQQ TT || ˙˙ == ZZ
NJQQ T!)QpxfsQD WBYY 99 1y99 7*!
G W ˙j _+ ˙j+ · D
77 +
ˇˇ?
C?
@
G W ˙j _+ ˙j+ · D
|| OO
,QVWUXFWLRQ
)HWFK
,QVWUXFWLRQ
’HFRGH
2SHUDQG
)HWFK
([HFXWH
5HVXOW
6WRUH
1H[W
,QVWUXFWLRQ
￠ c,,|ˇˇ kk
BB n XX |0‘‘ a
n!J kk?00 DDBB
ukk §pp DD
,,|| ˇˇ,,§§ pp ¨
Bnn ``
G W ˙j _+ ˙j+ · D
S,,<XX ORDG VWRUH §XX
VV ˇ a GLVSODFHPHQW ZLWK DQ DGGUHVV RIIVHW VL]H RI WR
ELWV?LPPHGLDWH VL]H WR ELWV? UHJLVWHU GHIHUUHG
VV T)· W nn ;; XX DD ˉ ORDG VWRUH DGG
VXEWUDFW PRYH UHJLVWHU UHJLVWHU DQG VKLIW FRPSDUH HTXDO?
FRPSDUH QRW HTXDO EUDQFK ZLWK D 3& UHODWLYH DGGUHVV DW OHDVW ELWV
ORQJ?MXPS FDOO UHWXUQ
VV DD BB aa ‘‘ O_ !! !! !HD
!! ‘‘ !,((( B DD
Vpp ¨ SS?nn
VV pp aa ¨ SS
o˙˙,,<< ¨¨ ) XX BB,,<<
B XX ˇˇ aa b XX DD BB g
X "$U XX ˇˇ
,kk
,6$
G W ˙j _+ ˙j+ · D
,QVWUXFWLRQV
e:RUGV RI WKH 0DFKLQH?V /DQJXDJH
e0RUH SULPLWLYH WKDQ KLJKHU OHYHO ODQJXDJHV
H J QR VRSKLVWLFDWHG FRQWURO IORZ
e9HU\ UHVWULFWLYH
H J 0,36 $ULWKPHWLF,QVWUXFWLRQV
e:H ZLOO EH ZRUNLQJ ZLWK WKH 0,36 LQVWUXFWLRQ VHW DUFKLWHFWXUH
VLPLODU WR RWKHU DUFKLWHFWXUHV GHYHORSHG VLQFH WKH V
XVHG E\ 1(& 1LQWHQGR 6LOLFRQ *UDSKLFV 6RQ\
’HVLJQ JRDOV PD[LPL]H SHUIRUPDQFH DQG PLQLPL]H FRVW
UHGXFH GHVLJQ WLPH
G W ˙j _+ ˙j+ · D
0,36 DULWKPHWLF
e$OO LQVWUXFWLRQV KDYH RSHUDQGV
e2SHUDQG RUGHU LV IL[HG GHVWLQDWLRQ ILUVW
([DPSOH
& FRGH $ % &
0,36 FRGH DGG V V V
DVVRFLDWHG ZLWK YDULDEOHV E\ FRPSLOHU
G W ˙j _+ ˙j+ · D
0,36 DULWKPHWLF
e’HVLJQ 3ULQFLSOH VLPSOLFLW\ IDYRUV UHJXODULW\,K\"
e2I FRXUVH WKLV FRPSOLFDWHV VRPH WKLQJV
& FRGH $ % & ’
( ) $
0,36 FRGH DGG W V V
DGG V W V
VXE V V V
e2SHUDQGV PXVW EH UHJLVWHUV RQO\ UHJLVWHUV SURYLGHG
e’HVLJQ 3ULQFLSOH VPDOOHU LV IDVWHU,K\"
G W ˙j _+ ˙j+ · D
5HJLVWHUV YV 0HPRU\
3URFHVVRU,2
&RQWURO
’DWDSDWK
0HPRU\
,QSXW
2XWSXW
e$ULWKPHWLF LQVWUXFWLRQV RSHUDQGV PXVW EH UHJLVWHUV
RQO\ UHJLVWHUV SURYLGHG
e&RPSLOHU DVVRFLDWHV YDULDEOHV ZLWK UHJLVWHUV
e:KDW DERXW SURJUDPV ZLWK ORWV RI YDULDEOHV
G W ˙j _+ ˙j+ · D
0HPRU\ 2UJDQL]DWLRQ
e9LHZHG DV D ODUJH VLQJOH GLPHQVLRQ DUUD\ ZLWK DQ DGGUHVV
e$ PHPRU\ DGGUHVV LV DQ LQGH[ LQWR WKH DUUD\
e %\WH DGGUHVVLQJ PHDQV WKDW WKH LQGH[ SRLQWV WR
D E\WH RI PHPRU\
ELWV RI GDWD
ELWV RI GDWD
ELWV RI GDWD
ELWV RI GDWD
ELWV RI GDWD
ELWV RI GDWD
ELWV RI GDWD
G W ˙j _+ ˙j+ · D
0HPRU\ 2UJDQL]DWLRQ
e%\WHV DUH QLFH EXW PRVW GDWD LWHPV XVH ODUJHU ZRUGV
e)RU 0,36 D ZRUG LV ELWV RU E\WHV
e
E\WHV ZLWK E\WH DGGUHVVHV IURP WR
e
ZRUGV ZLWK E\WH DGGUHVVHV
e:RUGV DUH DOLJQHG
L H ZKDW DUH WKH OHDVW VLJQLILFDQW ELWV RI D ZRUG DGGUHVV"
ELWV RI GDWD
ELWV RI GDWD
ELWV RI GDWD
ELWV RI GDWD
5HJLVWHUV KROG ELWV RI GDWD
G W ˙j _+ ˙j+ · D
,QVWUXFWLRQV
e/RDG DQG VWRUH LQVWUXFWLRQV
e([DPSOH
& FRGH $> @ K $> @
0,36 FRGH OZ W V
DGG W V W
VZ W V
e6WRUH ZRUG KDV GHVWLQDWLRQ ODVW
e5HPHPEHU DULWKPHWLF RSHUDQGV DUH UHJLVWHUV QRW PHPRU\
G W ˙j _+ ˙j+ · D
2XU )LUVW ([DPSOH
e&DQ ZH ILJXUH RXW WKH FRGH"
VZDS LQW Y>@ LQW N
^ LQW WHPS
WHPS Y>N@
Y>N@ Y>N @
Y>N @ WHPS
‘
VZDS
PXOL
DGG
OZ
OZ
VZ
VZ
MU
$VVXPH N !
Y> @ !
G W ˙j _+ ˙j+ · D
6R IDU ZH KDYH OHDUQHG
e0,36
ORDGLQJ ZRUGV EXW DGGUHVVLQJ E\WHV
DULWKPHWLF RQ UHJLVWHUV RQO\
e,QVWUXFWLRQ 0HDQLQJ
DGG V V V V V V
VXE V V V V V V
OZ V V V 0HPRU\> V @
VZ V V 0HPRU\> V @ V
G W ˙j _+ ˙j+ · D
e,QVWUXFWLRQV OLNH UHJLVWHUV DQG ZRUGV RI GDWD DUH DOVR ELWVORQJ
([DPSOH DGG W V V
UHJLVWHUV KDYH QXPEHUV W V V
e,QVWUXFWLRQ )RUPDW
RS UV UW UG VKDPW IXQFW
e&DQ \RX JXHVV ZKDW WKH ILHOG QDPHV VWDQG IRU"
0DFKLQH /DQJXDJH
G W ˙j _+ ˙j+ · D
e&RQVLGHU WKH ORDG ZRUG DQG VWRUH ZRUG LQVWUXFWLRQV
,KDW ZRXOG WKH UHJXODULW\ SULQFLSOH KDYH XV GR"
1HZ SULQFLSOH *RRG GHVLJQ GHPDQGV D FRPSURPLVH
e,QWURGXFH D QHZ W\SH RI LQVWUXFWLRQ IRUPDW
,W\SH IRU GDWD WUDQVIHU LQVWUXFWLRQV
RWKHU IRUPDW ZDV 5 W\SH IRU UHJLVWHU
e([DPSOH OZ W V
RS UV UW ELW QXPEHU
:KHUH V WKH FRPSURPLVH"
0DFKLQH /DQJXDJH
G W ˙j _+ ˙j+ · D
e,QVWUXFWLRQVDUH ELWV
e3URJUDPV DUH VWRUHG LQ PHPRU\ WR EH UHDG RU ZULWWHQ MXVW OLNH GDWD
e)HWFK ([HFXWH &\FOH
,QVWUXFWLRQV DUH IHWFKHG DQG SXW LQWR D VSHFLDO UHJLVWHU
%LWV LQ WKH UHJLVWHU FRQWURO WKH VXEVHTXHQW DFWLRQV
)HWFK WKH QH[W LQVWUXFWLRQ DQG FRQWLQXH
3URFHVVRU 0HPRU\
PHPRU\ IRU GDWD SURJUDPV
FRPSLOHUV HGLWRUV HWF
6WRUHG 3URJUDP &RQFHSW
G W ˙j _+ ˙j+ · D
e’HFLVLRQ PDNLQJ LQVWUXFWLRQV
DOWHU WKH FRQWURO IORZ
L H FKDQJH WKH QH[W LQVWUXFWLRQ WR EH H[HFXWHG
e0,36 FRQGLWLRQDO EUDQFK LQVWUXFWLRQV
EQH W W /DEHO
EHT W W /DEHO
e([DPSOH LI L M K L M
EQH V V /DEHO
DGG V V V
/DEHO
&RQWURO
G W ˙j _+ ˙j+ · D
e0,36 XQFRQGLWLRQDO EUDQFK LQVWUXFWLRQV
M ODEHO
e([DPSOH
LI L M EHT V V /DE
K L M DGG V V V
HOVH M /DE
K L M /DE VXE V V V
/DE
e&DQ \RX EXLOG D VDPSOH IRU ORRS"
&RQWURO
G W ˙j _+ ˙j+ · D
6R IDU
e,QVWUXFWLRQ 0HDQLQJ
DGG V V V V V V
VXE V V V V V V
OZ V V V 0HPRU\> V @
VZ V V 0HPRU\> V @ V
EQH V V / 1H[W LQVWU LV DW /DEHO LI V ≠≠ V
EHT V V / 1H[W LQVWU LV DW /DEHO LI V V
M /DEHO 1H[W LQVWU LV DW /DEHO
e)RUPDWV
RS UV UW UG VKDPW IXQFW
RS UV UW ELW DGGUHVV
RS ELW DGGUHVV
5
,
-
G W ˙j _+ ˙j+ · D
e:H KDYH EHT EQH ZKDW DERXW %UDQFK LI OHVV WKDQ"
e1HZ LQVWUXFWLRQ
VOW VHW RQ OHVV WKDQ
eVOW W V V
LI V V WKHQ
W
HOVH
W
e&DQ XVH WKLV LQVWUXFWLRQ WR EXLOG EOW V V /DEHO
FDQ QRZ EXLOG JHQHUDO FRQWURO VWUXFWXUHV
e1RWH WKDW WKH DVVHPEOHU QHHGV D UHJLVWHU WR GR WKLV
WKHUH DUH SROLF\ RI XVH FRQYHQWLRQV IRU UHJLVWHUV
&RQWURO )ORZ
G W ˙j _+ ˙j+ · D
3ROLF\ RI 8VH &RQYHQWLRQV
]HUR WKH FRQVWDQW YDOXH
Y Y YDOXHV IRU UHVXOWV DQG H[SUHVVLRQ HYDOXDWLRQ
D D DUJXPHQWV
W W WHPSRUDULHV
V V VDYHG
W W PRUH WHPSRUDULHV
JS JOREDO SRLQWHU
VS VWDFN SRLQWHU
IS IUDPH SRLQWHU
UD UHWXUQ DGGUHVV
G W ˙j _+ ˙j+ · D
e6PDOO FRQVWDQWV DUH XVHG TXLWH IUHTXHQWO\ RI RSHUDQGV
H J $ $
% %
& &
e6ROXWLRQV",K\ QRW"
SXW W\SLFDO FRQVWDQWV LQ PHPRU\ DQG ORDG WKHP
FUHDWH KDUG ZLUHG UHJLVWHUV OLNH ]HUR IRU FRQVWDQWV OLNH RQH
e0,36,QVWUXFWLRQV
DGGL
VOWL
DQGL
RUL
e+RZ GR ZH PDNH WKLV ZRUN"
&RQVWDQWV
G W ˙j _+ ˙j+ · D
e:H G OLNH WR EH DEOH WR ORDG D ELW FRQVWDQW LQWR D UHJLVWHU
e0XVW XVH WZR LQVWUXFWLRQV QHZ ORDG XSSHU LPPHGLDWH LQVWUXFWLRQ
OXL W
e7KHQ PXVW JHW WKH ORZHU RUGHU ELWV ULJKW L H
RUL W W
RUL
ILOOHG ZLWK ]HURV
+RZ DERXW ODUJHU FRQVWDQWV"
G W ˙j _+ ˙j+ · D
e$VVHPEO\ SURYLGHV FRQYHQLHQW V\PEROLF UHSUHVHQWDWLRQ
PXFK HDVLHU WKDQ ZULWLQJ GRZQ QXPEHUV
H J GHVWLQDWLRQ ILUVW
e0DFKLQH ODQJXDJH LV WKH XQGHUO\LQJ UHDOLW\
H J GHVWLQDWLRQ LV QR ORQJHU ILUVW
e$VVHPEO\ FDQ SURYLGH SVHXGR LQVWUXFWLRQV
H J 0RYH W W H[LVWV RQO\ LQ $VVHPEO\
ZRXOG EH LPSOHPHQWHG XVLQJ $GG W W ]HUR
e:KHQ FRQVLGHULQJ SHUIRUPDQFH \RX VKRXOG FRXQW
UHDO LQVWUXFWLRQV
$VVHPEO\ /DQJXDJH YV 0DFKLQH /DQJXDJH
G W ˙j _+ ˙j+ · D
e,QVWUXFWLRQV
EQH W W /DEHO 1H[W LQVWUXFWLRQ LV DW /DEHO LI W ≠≠ W
EHT W W /DEHO 1H[W LQVWUXFWLRQ LV DW /DEHO LI W W
M /DEHO 1H[W LQVWUXFWLRQ LV DW /DEHO
e)RUPDWV
e$GGUHVVHV DUH QRW ELWV
+RZ GR ZH KDQGOH WKLV ZLWK ORDG DQG VWRUH LQVWUXFWLRQV"
RS UV UW ELW DGGUHVV
RS ELW DGGUHVV
,
-
$GGUHVVHV LQ %UDQFKHV DQG -XPSV
G W ˙j _+ ˙j+ · D
e,QVWUXFWLRQV
EQH W W /DEHO1H[W LQVWUXFWLRQ LV DW /DEHO LI W ≠≠ W
EHT W W /DEHO1H[W LQVWUXFWLRQ LV DW /DEHO LI W W
e)RUPDWV
e&RXOG VSHFLI\ D UHJLVWHU OLNHOZDQGVZ DQG DGG LW WR DGGUHVV
XVH,QVWUXFWLRQ $GGUHVV 5HJLVWHU 3& SURJUDP FRXQWHU
PRVW EUDQFKHV DUH ORFDO SULQFLSOH RI ORFDOLW\
e-XPS LQVWUXFWLRQV MXVW XVH KLJK RUGHU ELWV RI 3&
DGGUHVV ERXQGDULHV RI 0%
RS UV UW ELW DGGUHVV
,
$GGUHVVHV LQ %UDQFKHV
G W ˙j _+ ˙j+ · D
0,36 5 5
·
e,,||
[ E\WHV
[ ELW*35V 5 ≡≡
[ ELW )3UHJV
DD BB SDLUHG ’3
+,/2 3&
U
U
U
3&
OR
KL
G W ˙j _+ ˙j+ · D
0,36
·· +p
7 l
5HJLVWHU GLUHFW
%DVH LQGH[
,PPHGLDWH
3& UHODWLYH
RS UV UW UG
LPPHG
UHJLVWHU
RS UV UW
UHJLVWHU
0HPRU\
LPPHGRS UV UW
LPPHGRS UV UW
3&
0HPRU\
G W ˙j _+ ˙j+ · D
0,36 5 5
·
ekk eOO $ULWKPHWLF ORJLFDO
$GG $GG8 6XE 6XE8 $QG 2U ;RU
1RU 6/7 6/78
$GG,$GG,8 6/7,6/7,8 $QG,2U,;RU,/8,
6// 65/ 65$ 6//9 65/9 65$9
e,,|| << ′ 0HPRU\ $FFHVV
/% /%8 /+ /+8 /,/:/ /:5
6% 6+ 6,6:/ 6:5
G W ˙j _+ ˙j+ · D
e6WDUW PXOWLSO\ GLYLGH
08/7UV UW
08/78UV UW
’,9UV UW
’,98UV UW
e0RYH IURP +,RU /2
0)+,UG
0)/2 UG
e0RYH WR +,RU /2
07+,UG
07/2 UG
5HJLVWHUV
+,/2
G W ˙j _+ ˙j+ · D
0,36
·˙˙ _77
_ ……
DGG DGG RSHUDQGV H[FHSWLRQ SRVVLEOH
VXEWUDFW VXE RSHUDQGV H[FHSWLRQ SRVVLEOH
DGG LPPHGLDWH DGGL FRQVWDQW H[FHSWLRQ SRVVLEOH
DGG XQVLJQHG DGGX RSHUDQGV QR H[FHSWLRQV
VXEWUDFW XQVLJQHG VXEX RSHUDQGV QR H[FHSWLRQV
DGGLPP XQVLJQ DGGLX FRQVWDQW QR H[FHSWLRQV
PXOWLSO\ PXOW +L /R [ ELW VLJQHG SURGXFW
PXOWLSO\ XQVLJQHG PXOWX +L /R [ ELW XQVLJQHG SURGXFW
GLYLGH GLY /R rr /R TXRWLHQW +L UHPDLQGHU
+L PRG
GLYLGH XQVLJQHG GLYX /R rr 8QVLJQHG TXRWLHQW UHPDLQGHU
+L PRG
0RYH IURP +L PIKL +L 8VHG WR JHW FRS\ RI +L
0RYH IURP /R PIOR /R 8VHG WR JHW FRS\ RI /R
G W ˙j _+ ˙j+ · D
0,36
·k`77
__ ……
DQG DQG UHJ RSHUDQGV /RJLFDO $1’
RU RU _ UHJ RSHUDQGV /RJLFDO 25
[RU [RU ⊕ ⊕ UHJ RSHUDQGV /RJLFDO ;25
QRU QRU a _ UHJ RSHUDQGV /RJLFDO 125
DQG LPPHGLDWH DQGL /RJLFDO $1’UHJ FRQVWDQW
RU LPPHGLDWH RUL _ /RJLFDO 25UHJ FRQVWDQW
[RULPPHGLDWH [RUL a a /RJLFDO ;25UHJ FRQVWDQW
VKLIW OHIW ORJLFDO VOO 6KLIW OHIW E\ FRQVWDQW
VKLIW ULJKW ORJLFDO VUO !! 6KLIW ULJKW E\ FRQVWDQW
VKLIW ULJKWDULWKP VUD !! 6KLIW ULJKW VLJQ H[WHQG
VKLIW OHIW ORJLFDO VOOY 6KLIW OHIW E\ YDULDEOH
VKLIW ULJKW ORJLFDO VUOY !! 6KLIW ULJKW E\ YDULDEOH
VKLIW ULJKWDULWKP VUDY !! 6KLIW ULJKWDULWK E\ YDULDEOH
G W ˙j _+ ˙j+ · D
2SHUDQG 6L]H 8VDJH
)UHTXHQF\ RI UHIHUHQFH E\ VL]H
%\WH
+DOIZRUG
:RUG
’RXEOHZRUG
,QW $YJ
)3 $YJ
6XSSRUW WKHVH GDWD VL]HV DQG W\SHV
ELW ELW ELW LQWHJHUV DQG
ELW DQG ELW,((( IORDWLQJ SRLQW QXPEHUV
G W ˙j _+ ˙j+ · D
0,36
· P?77
……
6,5 5 6WRUH ZRUG
6+ 5 5 6WRUH KDOI
6% 5 5 6WRUH E\WH
/,5 5 /RDG ZRUG
/+ 5 5 /RDGKDOIZRUG
/+8 5 5 /RDGKDOIZRUGXQVLJQHG
/% 5 5 /RDG E\WH
/%8 5 5 /RDG E\WH XQVLJQHG
/8,5 /RDG 8SSHU,PPHGLDWH ELWV VKLIWHG OHIW E\
G W ˙j _+ ˙j+ · D
&RQGLWLRQDO %UDQFK $GGUHVVLQJ
3& UHODWLYH VLQFH PRVW EUDQFKHV
WR WKH FXUUHQW 3& DGGUHVV
$W OHDVW ELWV VXJJHVWHG LQVWUXFWLRQV
&RPSDUH (TXDO 1RW (TXDO PRVW LPSRUWDQW IRU LQWHJHU
SURJUDPV
)UHTXHQF\ RI FRPSDULVRQ
W\SHV LQ EUDQFKHV
(4 1(
*7 /(
/7 *(
,QW $YJ
)3 $YJ
G W ˙j _+ ˙j+ · D
++
ecurrency1currency1 WJ@@ ˇˇ
%(4UV UW RIIVHW LI 5>UV@ 5>UW@ WKHQ 3& UHODWLYH EUDQFK
%1(UV UW RIIVHW !
e?currency1currency1 WW JJ @@ ˇˇ
%/(=UV RIIVHW LI 5>UV@ WKHQ 3& UHODWLYH EUDQFK
%*7=UV RIIVHW !
%/7
%*(= !
%/7=$/UV RIIVHW,I 5>UV@ WKHQ EUDQFK DQG OLQN LQWR 5
%*(=$/ !
eJJ,Xcurrency1currency1 WW JJ @@ ˇˇ U?5?
e·· " XX currency1currency1 WW fl currency1currency1 WW
G W ˙j _+ ˙j+ · D
0,36 ·# MXPS ! ++ EUDQFK !! FRPSDUH 77
__
EUDQFK RQ HTXDO EHT LI JR WR 3& ××
(TXDO WHVW 3& UHODWLYH EUDQFK
EUDQFK RQ QRW HT EQH LI JR WR 3& ××
1RW HTXDO WHVW 3& UHODWLYH
VHW RQ OHVV WKDQ VOW LI HOVH
&RPSDUH OHVV WKDQ 99
VHW OHVV WKDQ LPP VOWL LI HOVH
&RPSDUH FRQVWDQW 99
VHW OHVV WKDQ XQV VOWX LI HOVH
&RPSDUH OHVV WKDQ DD
VHW O W LPP XQV VOWLX LI HOVH
&RPSDUH FRQVWDQW DD
MXPS M JR WR
˙˙ @ ′
MXPS UHJLVWHU MU JR WR
bVZLWFK SURFHGXUH UHWXUQ
MXPS DQG OLQN MDO 3& JR WR
bb SURFHGXUH FDOO
G W ˙j _+ ˙j+ · D
|| OO
￠￠ cc,,|| ˇˇ kk
Bnn XX || 00 ‘‘ aa
nn !! JJ kk 00 DDBB
uu kk §§ pp DD
,,|| ˇˇ,,§§ pp ¨¨
BB nn ``
,QVWUXFWLRQ
)HWFK
,QVWUXFWLRQ
’HFRGH
2SHUDQG
)HWFK
([HFXWH
5HVXOW
6WRUH
1H[W
,QVWUXFWLRQ
,QVWUXFWLRQ
)HWFK
,QVWUXFWLRQ
’HFRGH
2SHUDQG
)HWFK
([HFXWH
5HVXOW
6WRUH
1H[W
,QVWUXFWLRQ
G W ˙j _+ ˙j+ · D
0,36 ·## MXPS ! ++ EUDQFK !! FRPSDUH 77
__
EUDQFK RQ HTXDO EHT LI JR WR 3& ××
(TXDO WHVW 3& UHODWLYH EUDQFK
EUDQFK RQ QRW HT EQH LI JR WR 3& ××
1RW HTXDO WHVW 3& UHODWLYH
EUDQFK RQ HTXDO EHT LI JRWR3& ××
(TXDO WHVW 3& UHODWLYH EUDQFK
EUDQFK RQ QRW HT EQH LI JRWR3& ××
1RW HTXDO WHVW 3& UHODWLYH
G W ˙j _+ ˙j+ · D
j j xx68 h –"
$ cc currency1currency1 XX?0‘ WW
$
&$// %
&$// &
&
5(7
5(7
%
$
$ %
$ % &
$ %
$
oo << oo,,|| << PHPRU\ VWDFN JJ 88 00 ˇˇ?§XX XX ……
__ VV 9$;
oo << CC 99 rr XX __ VV 0,36
G W ˙j _+ ˙j+ · D
66 88
0HPRU\ 6WDFNV
GG SS 00 DD ˇˇ §§ XX XX …… 3 bb aa W VWDFNHG HQYLURQPHQWV
$ cc ‘‘ currency1
rSS XX YV rr SS XX
D
E
F
/LWWOH
LQI %LJ
/LWWOH
LQI %LJ
,,|| <<
63
1H[W
(PSW\"
/DVW
)XOO"
NN << "
/LWWOH ! %LJ /DVW )XOO
323 5HDG IURP 0HP 63
’HFUHPHQW 63
386+,QFUHPHQW 63
:ULWH WR 0HP 63
rr SS rr SS
/LWWOH ! %LJ 1H[W (PSW\
323 ’HFUHPHQW 63
5HDG IURP 0HP 63
386+,ULWH WR 0HP 63
,QFUHPHQW 63
G W ˙j _+ ˙j+ · D
&DOO 5H5HWXUWXUQQ,6WDFN )UDPHV
)3
$5*6
&DOOHH6DYH
5HJLVWHUV
/RFDO 9DULDEOHV
63
5HIHUHQFH DUJV DQG
ORFDO YDULDEOHV DW
IL[HG SRVLWLYH RIIVHW
IURP )3
<< aa
ROG )3 5$
e XX XS GRZQ ODVW SXVKHG QH[W
e%ORFN VWUXFWXUHG ODQJXDJHV FRQWDLQ OLQN WR OH[LFDOO\ HQFORVLQJ IUDPH
+LJK 0HP
/RZ 0HP
G W ˙j _+ ˙j+ · D
0,30,366 flX? ·· &?
]HURFRQVWDQW
DW UHVHUYHG IRU DVVHPEOHU
Y H[SUHVVLRQ HYDOXDWLRQ
Y IXQFWLRQ UHVXOWV
D DUJXPHQWV
D
D
D
W WHPSRUDU\ FDOOHU VDYHV
FDOOHHFDQ FOREEHU
W
V FDOOHHVDYHV
FDOOHU FDQ FOREEHU
V
W WHPSRUDU\ FDOOHU VDYHV
W
N UHVHUYHG IRU 26 NHUQHO
N
JS 3RLQWHU WR JOREDO DUHD
VS 6WDFN SRLQWHU
IS IUDPH SRLQWHU
UD 5HWXUQ $GGUHVV +,
G W ˙j _+ ˙j+ · D
0,36 *&& 33 XX
)3
63
IDFW
DGGLX VS VS
VZ UD VS
VZ IS VS
DGGLX IS VS
VZ D IS
OZ VS
OZ IS VS
DGGLX VS VS
MU
UD
ROG )3
UD
ROG )3
UD
)3
63
UD
)3
63
ORZ
DGGUHVV
!! flfl DD,<<
G W ˙j _+ ˙j+ · D
&j VZDS
VZDS LQWY>@ LQWN
^
LQWWHPS
WHPS Y>N@
Y>N@ Y>N @
Y>N @ WHPS
‘
e VZDS 00 flfl
e WHPS,<< DD D D
¨¨ SS XX,<< VFUDWFK UHJ
0,36 "
G W ˙j _+ ˙j+ · D
VZDS 0,36
VZDS
DGGL VS VS FUHDWH VSDFH RQ VWDFN
VZ VS FDOOHHVDYHG UHJLVWHU SXW RQWR VWDFN
VOO W D PXOLWSO\N E\
DGGX W D W DGGUHVV RI Y>N@
OZ W ORDG Y>N@
OZ W ORDG Y>N @
VZ W VWRUH Y>N @ LQWR Y>N@
VZ W VWRUH ROG YDOXH RI Y>N@ LQWR Y>N @
OZ VS FDOOHHVDYHG UHJLVWHU UHVWRUHG IURP VWDFN
DGGL VS VS UHVWRUH WRS RI VWDFN
MU UHWXUQ WR SODFH WKDW FDOOHG VZDS
G W ˙j _+ ˙j+ · D
%UDQFK 3LSHOLQHV
H[HFXWH
%UDQFK
’HOD\ 6ORW
%UDQFK 7DUJHW
%\ WKH HQG RI %UDQFK LQVWUXFWLRQ WKH &38 NQRZV ZKHWKHU RU QRW
WKH EUDQFK ZLOO WDNH SODFH
+RZHYHU LW ZLOO KDYH IHWFKHG WKH QH[W LQVWUXFWLRQ E\ WKHQ
UHJDUGOHVV RI ZKHWKHU RU QRW D EUDQFK ZLOO EH WDNHQ
:K\ QRW H[HFXWH LW"
LIHWFK H[HFXWH
LIHWFK H[HFXWH
LIHWFK H[HFXWH
// VOW U U U
OL U
VXE U U
E] U //
DGGL U U
7LPH
LIHWFK H[HFXWH
G W ˙j _+ ˙j+ · D
)LOOLQJ ’HOD\HG %UDQFKHV
,QVW )HWFK ’FG 2S )HWFK ([HFXWH%UDQFK
,QVW )HWFK ’FG 2S )HWFK
,QVW )HWFK
([HFXWHH[HFXWH VXFFHVVRU
HYHQ LI EUDQFK WDNHQ
7KHQ EUDQFK WDUJHW
RU FRQWLQXH
6LQJOH GHOD\ VORW
LPSDFWV WKH FULWLFDO SDWK
&RPSLOHU FDQ ILOO D VLQJOH GHOD\ VORW
ZLWK D XVHIXO LQVWUXFWLRQ RI WKH
WLPH
WU\ WR PRYH GRZQ IURP DERYH
MXPS
PRYH XS IURP WDUJHW LI VDIH
DGG U U U
VXE U U
E] U //
123
// DGG UG
,V WKLV YLRODWLQJ WKH,6$ DEVWUDFWLRQ"
G W ˙j _+ ˙j+ · D
++ qd
LIHWFK UHDG FRPSXWH
ZULWH
LIHWFK UHDG FRPSXWH
ZULWH
LIHWFK UHDG FRPSXWH
ZULWH
%QFK
’HOD\ 6ORW
%UDQFK 7DUJHW
@@ ˇˇ XX?5($’· XX &38!! ’’ @@ ˇˇ X￥￥
¨¨ __ ¨¨
·· @@ ˇˇ X￥￥ ¨¨ WW,55
G W ˙j _+ ˙j+ · D
& ++ ’HOD\HG %UDQFKHHVV yy || jj
,QVW )HWFK ’FG 2S )HWFK ([HFXWH
%UDQFK
,QVW )HWFK ’FG 2S )HWFK
,QVW )HWFK
([HFXWH
H[HFXWH VXFFHVVRU
HYHQ LI EUDQFK WDNHQ
7KHQ EUDQFK WDUJHW
RU FRQWLQXH
6LQJOH GHOD\ VORW
LPSDFWV WKH FULWLFDO SDWK
X?¨¨ ¨¨ ￥￥ << ˇˇ || 55
' ￠￠ ˙˙ @@ !! ¨¨ ˇˇ || 99
VV pp ]] << ¨¨￠′′ ˇˇ || 99
DGG U U U
VXE U U
E] U //
// DGG UG
G W ˙j _+ ˙j+ · D
0,36 ·· 77
eEUHDN $ EUHDNSRLQW WUDS RFFXUV WUDQVIHUV FRQWURO WR
H[FHSWLRQ KDQGOHU
eV\VFDOO $ V\VWHP WUDS RFFXUV WUDQVIHUV FRQWURO WR
H[FHSWLRQ KDQGOHU
eFRSURFHVVRULQVWUV 6XSSRUW IRU IORDWLQJ SRLQW GLVFXVVHG ODWHU
e7/% LQVWUXFWLRQV 6XSSRUW IRU YLUWXDO PHPRU\ GLVFXVVHG ODWHU
eUHVWRUH IURP H[FHSWLRQ 5HVWRUHV SUHYLRXV LQWHUUXSW PDVN NHUQHO XVHU
PRGH ELWV LQWR VWDWXV UHJLVWHU
eORDG ZRUG OHIW ULJKW 6XSSRUWV PLVDOLJQHG ZRUG ORDGV
eVWRUH ZRUG OHIW ULJKW 6XSSRUWV PLVDOLJQHG ZRUG VWRUHV
G W ˙j _+ ˙j+ · D
0,36 7 ++ ··?
e,<< KK DD GG SS '' WW m9J“,DD ¨¨ 33 VV 88
e@@ ˇˇ ‘‘ ˙˙ @@ currency1currency1 3& 99 yy,<< OLQN UHJLVWHUˉ
e ′′,<< XX !! CC OXL OE OK ¨¨ JJ ˇˇ,,dd,,<<
XX !! CC DGG VXE DQG RU ˉˉ
e GG DD kk ‘‘ ee flfl VV == ))
ee GG DD ORJLFDO LPPHGLDWHVˉˉ == )) !
kk GG DD DULWKPHWLF LPPHGLDWHVˉˉ == )) !!
e OE ‘‘ OK 99 XX DD BB flfl VV == ))
OEX OKX == ))
OE OK == ))
e 66 XX kk ‘‘ ee vv
DGG VXE DGGL
vv DGGX VXEX DGGLX DQG RU [RU QRU VKLIWV
PXOW PXOWX GLY GLYX
G W ˙j _+ ˙j+ · D
e’HVLJQ DOWHUQDWLYH
SURYLGH PRUH SRZHUIXO RSHUDWLRQV
JRDO LV WR UHGXFH QXPEHU RI LQVWUXFWLRQV H[HFXWHG
GDQJHU LV D VORZHU F\FOH WLPH DQG RU D KLJKHU &3,
e6RPHWLPHV UHIHUUHG WR DV 5,6& YV &,6&
YLUWXDOO\ DOO QHZ LQVWUXFWLRQ VHWV VLQFH KDYH EHHQ 5,6&
9$; PLQLPL]H FRGH VL]H PDNH DVVHPEO\ ODQJXDJH HDV\
LQVWUXFWLRQV IURP WR E\WHV ORQJ
e:H ZLOO ORRN DW 3RZHU3& DQG [
$OWHUQDWLYH $UFKLWHFWXUHV
G W ˙j _+ ˙j+ · D
3RZHU3&
e,QGH[HG DGGUHVVLQJ
H[DPSOH OZ W D V W 0HPRU\> D V @
,KDW GR ZH KDYH WR GR LQ 0,36"
e8SGDWH DGGUHVVLQJ
XSGDWH D UHJLVWHU DV SDUW RI ORDG IRU PDUFKLQJ WKURXJK DUUD\V
H[DPSOH
OZX W V W 0HPRU\> V @ V V
,KDW GR ZH KDYH WR GR LQ 0,36"
e2WKHUV
ORDG PXOWLSOH VWRUH PXOWLSOH
D VSHFLDO FRXQWHU UHJLVWHU EF /RRS"
GHFUHPHQW FRXQWHU LI QRW JRWR ORRS
G W ˙j _+ ˙j+ · D
[
e 7KH,QWHO LV DQQRXQFHG ELW DUFKLWHFWXUH
e 7KH IORDWLQJ SRLQW FRSURFHVVRU LV DGGHG
e 7KH LQFUHDVHV DGGUHVV VSDFH WR ELWV LQVWV
e 7KH H[WHQGV WR ELWV QHZ DGGUHVVLQJ PRGHV
e 7KH 3HQWLXP 3HQWLXP 3UR DGG D IHZ LQVWV
PRVWO\ GHVLJQHG IRU KLJKHU SHUIRUPDQFH
e 00; LV DGGHG
e 3HQWLXP,,3HQWLXP,,,
7KLV KLVWRU\ LOOXVWUDWHV
WKH LPSDFW RI WKH *ROGHQ KDQGFXIIVRI FRPSDWLELOLW\
$Q DUFKLWHFWXUH WKDW LV GLIILFXOW WR H[SODLQ DQG LPSRVVLEOH WR ORYH"
G W ˙j _+ ˙j+ · D
77 ++ ++ ··
e,QWHO ! ! ! ! 3HQWLXP ! 3HQWLXP 3UR !,WDQLXP"
SS XX J’u¨¨ ·· WW rr ZZ ! <<
' !! << currency1WP
X `` << ¨¨ rtZZ XX ss
XX uu kk? XX pp
Hw
e9$; T)) XX ￥￥ << a NN ¨¨ !
XX
XX ˇˇ aa
XX
,<< WW
!! F uu XX pp
Hww
G W ˙j _+ ˙j+ · D
$ GRPLQDQW DUFKLWHFWXUH [
e6HH \RXU WH[WERRN IRU D PRUH GHWDLOHG GHVFULSWLRQ
e&RPSOH[LW\
,QVWUXFWLRQV IURP WR E\WHV ORQJ
RQH RSHUDQG PXVW DFW DV ERWK D VRXUFH DQG GHVWLQDWLRQ
RQH RSHUDQG FDQ FRPH IURP PHPRU\
FRPSOH[ DGGUHVVLQJ PRGHV
H J %DVH RU VFDOHG LQGH[ ZLWK RU ELW GLVSODFHPHQW
e6DYLQJ JUDFH
WKH PRVW IUHTXHQWO\ XVHG LQVWUXFWLRQV DUH QRW WRR GLIILFXOW WR EXLOG
FRPSLOHUV DYRLG WKH SRUWLRQV RI WKH DUFKLWHFWXUH WKDW DUH VORZ
:KDW WKH [ ODFNV LQ VW\OH LV PDGH XS LQ TXDQWLW\
PDNLQJ LW EHDXWLIXO IURP WKH ULJKW SHUVSHFWLYH
G W ˙j _+ ˙j+ · D
jj jj ‘‘ p >>
,QWHO
9$;
0&
0,36
[ ELW E\WHV
$; %; &; ’;
63 %3 6,’,
&6 66 ’6
,3 )ODJV
[ ELW E\WHV
[ ELW*35V
[ ELW E\WHV
[ ELW*35V
[ ELWDGGU UHJ
[ ELW 63
[ ELW 3&
[ ELW E\WHV
[ ELW*35V
[ ELW)35V
+,/2 3&
DFF LQGH[ FRXQW TXRW
VWDFN VWULQJ
FRGH VWDFN GDWD VHJPHQW
U SURJUDP FRXQWHU
U VWDFN SRLQWHU
U IUDPH SRLQWHU
U DUJXPHQWSWU
G W ˙j _+ ˙j+ · D
9$; j ··
e aa 00 DD BB OO __ aa 00 DD
e__ VV
DGG E Z O I G
{{
DGGE DGGZ DGGO DGGI DGGG
DGGE DGGZ DGGO DGGI DGGG
%LWV ’DWH W\SH ’(&?V QDPH
,QWHJHU %\WH
,QWHJHU,RUG
,QWHJHU /RQJ,RUG
)ORDWLQJ 3RLQW )BIORDW
,QWHJHU 4XDG,RUG
)ORDWLQJ 3RLQW ’BIORDWLQJ
,QWHJHU 2FWDZRUG
)ORDWLQJ 3RLQW + XJH B)ORDWLQJ
G W ˙j _+ ˙j+ · D
9$; ·77 ll !! ++ pp
aa
2S&RGH
$ 0 $ 0 $ 0
%\WH Q P
00 DD ￡ RSHUDQG VSHFLILHUˉˉ
UUHJLVWHU
UDXWRLQF
U$GLVS E\WH
U& KDOI ZRUG
U( ZRUG
U LQGH[ UP GLVSODFHPHQW
0HP>’LVSODFHPHQW U U P@
G W ˙j _+ ˙j+ · D
VZDS 0,36 YV 9$;
VZDS
DGGL VS VS ZRUG AP U U U U ! VDYHV U WR U
VZ VS
VOO W D PRYO U DS PRYHDUJY>@ WRUHJ
DGGX W D W PRYO U DS PRYHDUJN WRUHJ
OZ W PRYO U U >U @ JHW Y>N@
OZ W DGGO U DS UHJJHWV N
VZ W PRYO U >U @ U >U @ Y>N@ Y>N @
VZ W PRYO U >U @ U Y>N @ JHWV ROG Y>N@
OZ VS
DGGL VS VS
MU UHW UHWXUQ WR FDOOHU UHVWRUH U U
G W ˙j _+ ˙j+ · D
kk
eSS,,<< XX ORDG VWRUH §XX <(6
e oo ˙˙,<< ¨¨ ) XX BB,,<< *35 )35
e VV ˇˇ aa GLVSODFHPHQW ZLWK DQ DGGUHVV RIIVHW VL]H RI WR
ELWV
eLPPHGLDWH VL]H WR ELWV UHJLVWHU GHIHUUHG <(6 ELWV IRU
LPPHGLDWH GLVSODFHPHQW GLVS ! UHJLVWHU GHIHUUHG
e XX ˇˇ aa bb XX DD BB gg <(6
eVV pp ¨¨ SS nn VV pp aa ¨¨ SS
)L[HG
e VV DD BB aa ‘‘ OO __ !! ! !! HH DD !‘‘ !!,(((
B DD <(6
e VV TT )) ·· WW nn ;; XX DD ORDG VWRUH DGG?
VXEWUDFW PRYH UHJLVWHU UHJLVWHU DQG VKLIW?FRPSDUH HTXDO?
FRPSDUH QRW HTXDO EUDQFK ZLWK D 3& UHODWLYH DGGUHVV DW OHDVW ELWV
ORQJ?MXPS FDOO UHWXUQ <(6 E
eXX "" $$ UU XX ˇˇ PLQLPDOLVW LQVWUXFWLRQ VHWˉˉ <(6
G W ˙j _+ ˙j+ · D
k 0,36 5 ·n '?
!! nn aa XX aa
!! *35 5 ‘‘ )3,,<< +,/2
BB CC zz nn
,,<<,<< kk
bb ORDG VWRUH ¨¨ )) ˇˇ aa EDVH GLVSODFHPHQW
–uu ¨¨ yy ˇˇ LQGLUHFWLRQˉˉ
– !! GG DD tt /8,
TT )) XX @@ ˇˇ 55
currency1currency1 WW ¨¨,<<
uu 55
@ˇˇ
GG SS @@ ˇˇ ￥￥ ¨¨ 33 UU ;; @@ ˇˇ ˙˙ @@ ˉˉ XX
XX ¨¨ ¨¨ ￥￥ <<@ˇˇ XX ¨¨ 00
NJQT?;
NJNJQQT!Jotutussvvdduujjpo!Tfu!Bsddiijuu f duduvvss f
flfl §§?;
Z ˉ
311 1 1/1/44//311
¨¨
G W ˙j _+ ˙j+ · D
ZZ ZZ
ZZ
NJQQ TT ;;
NJQQ TT || ˙˙ == ZZ
NJQQ T!)QpxfsQD WBYY 99 1y99 7*!
G W ˙j _+ ˙j+ · D
77 +
ˇˇ?
C?
@
G W ˙j _+ ˙j+ · D
|| OO
,QVWUXFWLRQ
)HWFK
,QVWUXFWLRQ
’HFRGH
2SHUDQG
)HWFK
([HFXWH
5HVXOW
6WRUH
1H[W
,QVWUXFWLRQ
￠ c,,|ˇˇ kk
BB n XX |0‘‘ a
n!J kk?00 DDBB
ukk §pp DD
,,|| ˇˇ,,§§ pp ¨
Bnn ``
G W ˙j _+ ˙j+ · D
S,,<XX ORDG VWRUH §XX
VV ˇ a GLVSODFHPHQW ZLWK DQ DGGUHVV RIIVHW VL]H RI WR
ELWV?LPPHGLDWH VL]H WR ELWV? UHJLVWHU GHIHUUHG
VV T)· W nn ;; XX DD ˉ ORDG VWRUH DGG
VXEWUDFW PRYH UHJLVWHU UHJLVWHU DQG VKLIW FRPSDUH HTXDO?
FRPSDUH QRW HTXDO EUDQFK ZLWK D 3& UHODWLYH DGGUHVV DW OHDVW ELWV
ORQJ?MXPS FDOO UHWXUQ
VV DD BB aa ‘‘ O_ !! !! !HD
!! ‘‘ !,((( B DD
Vpp ¨ SS?nn
VV pp aa ¨ SS
o˙˙,,<< ¨¨ ) XX BB,,<<
B XX ˇˇ aa b XX DD BB g
X "$U XX ˇˇ
,kk
,6$
G W ˙j _+ ˙j+ · D
,QVWUXFWLRQV
e:RUGV RI WKH 0DFKLQH?V /DQJXDJH
e0RUH SULPLWLYH WKDQ KLJKHU OHYHO ODQJXDJHV
H J QR VRSKLVWLFDWHG FRQWURO IORZ
e9HU\ UHVWULFWLYH
H J 0,36 $ULWKPHWLF,QVWUXFWLRQV
e:H ZLOO EH ZRUNLQJ ZLWK WKH 0,36 LQVWUXFWLRQ VHW DUFKLWHFWXUH
VLPLODU WR RWKHU DUFKLWHFWXUHV GHYHORSHG VLQFH WKH V
XVHG E\ 1(& 1LQWHQGR 6LOLFRQ *UDSKLFV 6RQ\
’HVLJQ JRDOV PD[LPL]H SHUIRUPDQFH DQG PLQLPL]H FRVW
UHGXFH GHVLJQ WLPH
G W ˙j _+ ˙j+ · D
0,36 DULWKPHWLF
e$OO LQVWUXFWLRQV KDYH RSHUDQGV
e2SHUDQG RUGHU LV IL[HG GHVWLQDWLRQ ILUVW
([DPSOH
& FRGH $ % &
0,36 FRGH DGG V V V
DVVRFLDWHG ZLWK YDULDEOHV E\ FRPSLOHU
G W ˙j _+ ˙j+ · D
0,36 DULWKPHWLF
e’HVLJQ 3ULQFLSOH VLPSOLFLW\ IDYRUV UHJXODULW\,K\"
e2I FRXUVH WKLV FRPSOLFDWHV VRPH WKLQJV
& FRGH $ % & ’
( ) $
0,36 FRGH DGG W V V
DGG V W V
VXE V V V
e2SHUDQGV PXVW EH UHJLVWHUV RQO\ UHJLVWHUV SURYLGHG
e’HVLJQ 3ULQFLSOH VPDOOHU LV IDVWHU,K\"
G W ˙j _+ ˙j+ · D
5HJLVWHUV YV 0HPRU\
3URFHVVRU,2
&RQWURO
’DWDSDWK
0HPRU\
,QSXW
2XWSXW
e$ULWKPHWLF LQVWUXFWLRQV RSHUDQGV PXVW EH UHJLVWHUV
RQO\ UHJLVWHUV SURYLGHG
e&RPSLOHU DVVRFLDWHV YDULDEOHV ZLWK UHJLVWHUV
e:KDW DERXW SURJUDPV ZLWK ORWV RI YDULDEOHV
G W ˙j _+ ˙j+ · D
0HPRU\ 2UJDQL]DWLRQ
e9LHZHG DV D ODUJH VLQJOH GLPHQVLRQ DUUD\ ZLWK DQ DGGUHVV
e$ PHPRU\ DGGUHVV LV DQ LQGH[ LQWR WKH DUUD\
e %\WH DGGUHVVLQJ PHDQV WKDW WKH LQGH[ SRLQWV WR
D E\WH RI PHPRU\
ELWV RI GDWD
ELWV RI GDWD
ELWV RI GDWD
ELWV RI GDWD
ELWV RI GDWD
ELWV RI GDWD
ELWV RI GDWD
G W ˙j _+ ˙j+ · D
0HPRU\ 2UJDQL]DWLRQ
e%\WHV DUH QLFH EXW PRVW GDWD LWHPV XVH ODUJHU ZRUGV
e)RU 0,36 D ZRUG LV ELWV RU E\WHV
e
E\WHV ZLWK E\WH DGGUHVVHV IURP WR
e
ZRUGV ZLWK E\WH DGGUHVVHV
e:RUGV DUH DOLJQHG
L H ZKDW DUH WKH OHDVW VLJQLILFDQW ELWV RI D ZRUG DGGUHVV"
ELWV RI GDWD
ELWV RI GDWD
ELWV RI GDWD
ELWV RI GDWD
5HJLVWHUV KROG ELWV RI GDWD
G W ˙j _+ ˙j+ · D
,QVWUXFWLRQV
e/RDG DQG VWRUH LQVWUXFWLRQV
e([DPSOH
& FRGH $> @ K $> @
0,36 FRGH OZ W V
DGG W V W
VZ W V
e6WRUH ZRUG KDV GHVWLQDWLRQ ODVW
e5HPHPEHU DULWKPHWLF RSHUDQGV DUH UHJLVWHUV QRW PHPRU\
G W ˙j _+ ˙j+ · D
2XU )LUVW ([DPSOH
e&DQ ZH ILJXUH RXW WKH FRGH"
VZDS LQW Y>@ LQW N
^ LQW WHPS
WHPS Y>N@
Y>N@ Y>N @
Y>N @ WHPS
‘
VZDS
PXOL
DGG
OZ
OZ
VZ
VZ
MU
$VVXPH N !
Y> @ !
G W ˙j _+ ˙j+ · D
6R IDU ZH KDYH OHDUQHG
e0,36
ORDGLQJ ZRUGV EXW DGGUHVVLQJ E\WHV
DULWKPHWLF RQ UHJLVWHUV RQO\
e,QVWUXFWLRQ 0HDQLQJ
DGG V V V V V V
VXE V V V V V V
OZ V V V 0HPRU\> V @
VZ V V 0HPRU\> V @ V
G W ˙j _+ ˙j+ · D
e,QVWUXFWLRQV OLNH UHJLVWHUV DQG ZRUGV RI GDWD DUH DOVR ELWVORQJ
([DPSOH DGG W V V
UHJLVWHUV KDYH QXPEHUV W V V
e,QVWUXFWLRQ )RUPDW
RS UV UW UG VKDPW IXQFW
e&DQ \RX JXHVV ZKDW WKH ILHOG QDPHV VWDQG IRU"
0DFKLQH /DQJXDJH
G W ˙j _+ ˙j+ · D
e&RQVLGHU WKH ORDG ZRUG DQG VWRUH ZRUG LQVWUXFWLRQV
,KDW ZRXOG WKH UHJXODULW\ SULQFLSOH KDYH XV GR"
1HZ SULQFLSOH *RRG GHVLJQ GHPDQGV D FRPSURPLVH
e,QWURGXFH D QHZ W\SH RI LQVWUXFWLRQ IRUPDW
,W\SH IRU GDWD WUDQVIHU LQVWUXFWLRQV
RWKHU IRUPDW ZDV 5 W\SH IRU UHJLVWHU
e([DPSOH OZ W V
RS UV UW ELW QXPEHU
:KHUH V WKH FRPSURPLVH"
0DFKLQH /DQJXDJH
G W ˙j _+ ˙j+ · D
e,QVWUXFWLRQVDUH ELWV
e3URJUDPV DUH VWRUHG LQ PHPRU\ WR EH UHDG RU ZULWWHQ MXVW OLNH GDWD
e)HWFK ([HFXWH &\FOH
,QVWUXFWLRQV DUH IHWFKHG DQG SXW LQWR D VSHFLDO UHJLVWHU
%LWV LQ WKH UHJLVWHU FRQWURO WKH VXEVHTXHQW DFWLRQV
)HWFK WKH QH[W LQVWUXFWLRQ DQG FRQWLQXH
3URFHVVRU 0HPRU\
PHPRU\ IRU GDWD SURJUDPV
FRPSLOHUV HGLWRUV HWF
6WRUHG 3URJUDP &RQFHSW
G W ˙j _+ ˙j+ · D
e’HFLVLRQ PDNLQJ LQVWUXFWLRQV
DOWHU WKH FRQWURO IORZ
L H FKDQJH WKH QH[W LQVWUXFWLRQ WR EH H[HFXWHG
e0,36 FRQGLWLRQDO EUDQFK LQVWUXFWLRQV
EQH W W /DEHO
EHT W W /DEHO
e([DPSOH LI L M K L M
EQH V V /DEHO
DGG V V V
/DEHO
&RQWURO
G W ˙j _+ ˙j+ · D
e0,36 XQFRQGLWLRQDO EUDQFK LQVWUXFWLRQV
M ODEHO
e([DPSOH
LI L M EHT V V /DE
K L M DGG V V V
HOVH M /DE
K L M /DE VXE V V V
/DE
e&DQ \RX EXLOG D VDPSOH IRU ORRS"
&RQWURO
G W ˙j _+ ˙j+ · D
6R IDU
e,QVWUXFWLRQ 0HDQLQJ
DGG V V V V V V
VXE V V V V V V
OZ V V V 0HPRU\> V @
VZ V V 0HPRU\> V @ V
EQH V V / 1H[W LQVWU LV DW /DEHO LI V ≠≠ V
EHT V V / 1H[W LQVWU LV DW /DEHO LI V V
M /DEHO 1H[W LQVWU LV DW /DEHO
e)RUPDWV
RS UV UW UG VKDPW IXQFW
RS UV UW ELW DGGUHVV
RS ELW DGGUHVV
5
,
-
G W ˙j _+ ˙j+ · D
e:H KDYH EHT EQH ZKDW DERXW %UDQFK LI OHVV WKDQ"
e1HZ LQVWUXFWLRQ
VOW VHW RQ OHVV WKDQ
eVOW W V V
LI V V WKHQ
W
HOVH
W
e&DQ XVH WKLV LQVWUXFWLRQ WR EXLOG EOW V V /DEHO
FDQ QRZ EXLOG JHQHUDO FRQWURO VWUXFWXUHV
e1RWH WKDW WKH DVVHPEOHU QHHGV D UHJLVWHU WR GR WKLV
WKHUH DUH SROLF\ RI XVH FRQYHQWLRQV IRU UHJLVWHUV
&RQWURO )ORZ
G W ˙j _+ ˙j+ · D
3ROLF\ RI 8VH &RQYHQWLRQV
]HUR WKH FRQVWDQW YDOXH
Y Y YDOXHV IRU UHVXOWV DQG H[SUHVVLRQ HYDOXDWLRQ
D D DUJXPHQWV
W W WHPSRUDULHV
V V VDYHG
W W PRUH WHPSRUDULHV
JS JOREDO SRLQWHU
VS VWDFN SRLQWHU
IS IUDPH SRLQWHU
UD UHWXUQ DGGUHVV
G W ˙j _+ ˙j+ · D
e6PDOO FRQVWDQWV DUH XVHG TXLWH IUHTXHQWO\ RI RSHUDQGV
H J $ $
% %
& &
e6ROXWLRQV",K\ QRW"
SXW W\SLFDO FRQVWDQWV LQ PHPRU\ DQG ORDG WKHP
FUHDWH KDUG ZLUHG UHJLVWHUV OLNH ]HUR IRU FRQVWDQWV OLNH RQH
e0,36,QVWUXFWLRQV
DGGL
VOWL
DQGL
RUL
e+RZ GR ZH PDNH WKLV ZRUN"
&RQVWDQWV
G W ˙j _+ ˙j+ · D
e:H G OLNH WR EH DEOH WR ORDG D ELW FRQVWDQW LQWR D UHJLVWHU
e0XVW XVH WZR LQVWUXFWLRQV QHZ ORDG XSSHU LPPHGLDWH LQVWUXFWLRQ
OXL W
e7KHQ PXVW JHW WKH ORZHU RUGHU ELWV ULJKW L H
RUL W W
RUL
ILOOHG ZLWK ]HURV
+RZ DERXW ODUJHU FRQVWDQWV"
G W ˙j _+ ˙j+ · D
e$VVHPEO\ SURYLGHV FRQYHQLHQW V\PEROLF UHSUHVHQWDWLRQ
PXFK HDVLHU WKDQ ZULWLQJ GRZQ QXPEHUV
H J GHVWLQDWLRQ ILUVW
e0DFKLQH ODQJXDJH LV WKH XQGHUO\LQJ UHDOLW\
H J GHVWLQDWLRQ LV QR ORQJHU ILUVW
e$VVHPEO\ FDQ SURYLGH SVHXGR LQVWUXFWLRQV
H J 0RYH W W H[LVWV RQO\ LQ $VVHPEO\
ZRXOG EH LPSOHPHQWHG XVLQJ $GG W W ]HUR
e:KHQ FRQVLGHULQJ SHUIRUPDQFH \RX VKRXOG FRXQW
UHDO LQVWUXFWLRQV
$VVHPEO\ /DQJXDJH YV 0DFKLQH /DQJXDJH
G W ˙j _+ ˙j+ · D
e,QVWUXFWLRQV
EQH W W /DEHO 1H[W LQVWUXFWLRQ LV DW /DEHO LI W ≠≠ W
EHT W W /DEHO 1H[W LQVWUXFWLRQ LV DW /DEHO LI W W
M /DEHO 1H[W LQVWUXFWLRQ LV DW /DEHO
e)RUPDWV
e$GGUHVVHV DUH QRW ELWV
+RZ GR ZH KDQGOH WKLV ZLWK ORDG DQG VWRUH LQVWUXFWLRQV"
RS UV UW ELW DGGUHVV
RS ELW DGGUHVV
,
-
$GGUHVVHV LQ %UDQFKHV DQG -XPSV
G W ˙j _+ ˙j+ · D
e,QVWUXFWLRQV
EQH W W /DEHO1H[W LQVWUXFWLRQ LV DW /DEHO LI W ≠≠ W
EHT W W /DEHO1H[W LQVWUXFWLRQ LV DW /DEHO LI W W
e)RUPDWV
e&RXOG VSHFLI\ D UHJLVWHU OLNHOZDQGVZ DQG DGG LW WR DGGUHVV
XVH,QVWUXFWLRQ $GGUHVV 5HJLVWHU 3& SURJUDP FRXQWHU
PRVW EUDQFKHV DUH ORFDO SULQFLSOH RI ORFDOLW\
e-XPS LQVWUXFWLRQV MXVW XVH KLJK RUGHU ELWV RI 3&
DGGUHVV ERXQGDULHV RI 0%
RS UV UW ELW DGGUHVV
,
$GGUHVVHV LQ %UDQFKHV
G W ˙j _+ ˙j+ · D
0,36 5 5
·
e,,||
[ E\WHV
[ ELW*35V 5 ≡≡
[ ELW )3UHJV
DD BB SDLUHG ’3
+,/2 3&
U
U
U
3&
OR
KL
G W ˙j _+ ˙j+ · D
0,36
·· +p
7 l
5HJLVWHU GLUHFW
%DVH LQGH[
,PPHGLDWH
3& UHODWLYH
RS UV UW UG
LPPHG
UHJLVWHU
RS UV UW
UHJLVWHU
0HPRU\
LPPHGRS UV UW
LPPHGRS UV UW
3&
0HPRU\
G W ˙j _+ ˙j+ · D
0,36 5 5
·
ekk eOO $ULWKPHWLF ORJLFDO
$GG $GG8 6XE 6XE8 $QG 2U ;RU
1RU 6/7 6/78
$GG,$GG,8 6/7,6/7,8 $QG,2U,;RU,/8,
6// 65/ 65$ 6//9 65/9 65$9
e,,|| << ′ 0HPRU\ $FFHVV
/% /%8 /+ /+8 /,/:/ /:5
6% 6+ 6,6:/ 6:5
G W ˙j _+ ˙j+ · D
e6WDUW PXOWLSO\ GLYLGH
08/7UV UW
08/78UV UW
’,9UV UW
’,98UV UW
e0RYH IURP +,RU /2
0)+,UG
0)/2 UG
e0RYH WR +,RU /2
07+,UG
07/2 UG
5HJLVWHUV
+,/2
G W ˙j _+ ˙j+ · D
0,36
·˙˙ _77
_ ……
DGG DGG RSHUDQGV H[FHSWLRQ SRVVLEOH
VXEWUDFW VXE RSHUDQGV H[FHSWLRQ SRVVLEOH
DGG LPPHGLDWH DGGL FRQVWDQW H[FHSWLRQ SRVVLEOH
DGG XQVLJQHG DGGX RSHUDQGV QR H[FHSWLRQV
VXEWUDFW XQVLJQHG VXEX RSHUDQGV QR H[FHSWLRQV
DGGLPP XQVLJQ DGGLX FRQVWDQW QR H[FHSWLRQV
PXOWLSO\ PXOW +L /R [ ELW VLJQHG SURGXFW
PXOWLSO\ XQVLJQHG PXOWX +L /R [ ELW XQVLJQHG SURGXFW
GLYLGH GLY /R rr /R TXRWLHQW +L UHPDLQGHU
+L PRG
GLYLGH XQVLJQHG GLYX /R rr 8QVLJQHG TXRWLHQW UHPDLQGHU
+L PRG
0RYH IURP +L PIKL +L 8VHG WR JHW FRS\ RI +L
0RYH IURP /R PIOR /R 8VHG WR JHW FRS\ RI /R
G W ˙j _+ ˙j+ · D
0,36
·k`77
__ ……
DQG DQG UHJ RSHUDQGV /RJLFDO $1’
RU RU _ UHJ RSHUDQGV /RJLFDO 25
[RU [RU ⊕ ⊕ UHJ RSHUDQGV /RJLFDO ;25
QRU QRU a _ UHJ RSHUDQGV /RJLFDO 125
DQG LPPHGLDWH DQGL /RJLFDO $1’UHJ FRQVWDQW
RU LPPHGLDWH RUL _ /RJLFDO 25UHJ FRQVWDQW
[RULPPHGLDWH [RUL a a /RJLFDO ;25UHJ FRQVWDQW
VKLIW OHIW ORJLFDO VOO 6KLIW OHIW E\ FRQVWDQW
VKLIW ULJKW ORJLFDO VUO !! 6KLIW ULJKW E\ FRQVWDQW
VKLIW ULJKWDULWKP VUD !! 6KLIW ULJKW VLJQ H[WHQG
VKLIW OHIW ORJLFDO VOOY 6KLIW OHIW E\ YDULDEOH
VKLIW ULJKW ORJLFDO VUOY !! 6KLIW ULJKW E\ YDULDEOH
VKLIW ULJKWDULWKP VUDY !! 6KLIW ULJKWDULWK E\ YDULDEOH
G W ˙j _+ ˙j+ · D
2SHUDQG 6L]H 8VDJH
)UHTXHQF\ RI UHIHUHQFH E\ VL]H
%\WH
+DOIZRUG
:RUG
’RXEOHZRUG
,QW $YJ
)3 $YJ
6XSSRUW WKHVH GDWD VL]HV DQG W\SHV
ELW ELW ELW LQWHJHUV DQG
ELW DQG ELW,((( IORDWLQJ SRLQW QXPEHUV
G W ˙j _+ ˙j+ · D
0,36
· P?77
……
6,5 5 6WRUH ZRUG
6+ 5 5 6WRUH KDOI
6% 5 5 6WRUH E\WH
/,5 5 /RDG ZRUG
/+ 5 5 /RDGKDOIZRUG
/+8 5 5 /RDGKDOIZRUGXQVLJQHG
/% 5 5 /RDG E\WH
/%8 5 5 /RDG E\WH XQVLJQHG
/8,5 /RDG 8SSHU,PPHGLDWH ELWV VKLIWHG OHIW E\
G W ˙j _+ ˙j+ · D
&RQGLWLRQDO %UDQFK $GGUHVVLQJ
3& UHODWLYH VLQFH PRVW EUDQFKHV
WR WKH FXUUHQW 3& DGGUHVV
$W OHDVW ELWV VXJJHVWHG LQVWUXFWLRQV
&RPSDUH (TXDO 1RW (TXDO PRVW LPSRUWDQW IRU LQWHJHU
SURJUDPV
)UHTXHQF\ RI FRPSDULVRQ
W\SHV LQ EUDQFKHV
(4 1(
*7 /(
/7 *(
,QW $YJ
)3 $YJ
G W ˙j _+ ˙j+ · D
++
ecurrency1currency1 WJ@@ ˇˇ
%(4UV UW RIIVHW LI 5>UV@ 5>UW@ WKHQ 3& UHODWLYH EUDQFK
%1(UV UW RIIVHW !
e?currency1currency1 WW JJ @@ ˇˇ
%/(=UV RIIVHW LI 5>UV@ WKHQ 3& UHODWLYH EUDQFK
%*7=UV RIIVHW !
%/7
%*(= !
%/7=$/UV RIIVHW,I 5>UV@ WKHQ EUDQFK DQG OLQN LQWR 5
%*(=$/ !
eJJ,Xcurrency1currency1 WW JJ @@ ˇˇ U?5?
e·· " XX currency1currency1 WW fl currency1currency1 WW
G W ˙j _+ ˙j+ · D
0,36 ·# MXPS ! ++ EUDQFK !! FRPSDUH 77
__
EUDQFK RQ HTXDO EHT LI JR WR 3& ××
(TXDO WHVW 3& UHODWLYH EUDQFK
EUDQFK RQ QRW HT EQH LI JR WR 3& ××
1RW HTXDO WHVW 3& UHODWLYH
VHW RQ OHVV WKDQ VOW LI HOVH
&RPSDUH OHVV WKDQ 99
VHW OHVV WKDQ LPP VOWL LI HOVH
&RPSDUH FRQVWDQW 99
VHW OHVV WKDQ XQV VOWX LI HOVH
&RPSDUH OHVV WKDQ DD
VHW O W LPP XQV VOWLX LI HOVH
&RPSDUH FRQVWDQW DD
MXPS M JR WR
˙˙ @ ′
MXPS UHJLVWHU MU JR WR
bVZLWFK SURFHGXUH UHWXUQ
MXPS DQG OLQN MDO 3& JR WR
bb SURFHGXUH FDOO
G W ˙j _+ ˙j+ · D
|| OO
￠￠ cc,,|| ˇˇ kk
Bnn XX || 00 ‘‘ aa
nn !! JJ kk 00 DDBB
uu kk §§ pp DD
,,|| ˇˇ,,§§ pp ¨¨
BB nn ``
,QVWUXFWLRQ
)HWFK
,QVWUXFWLRQ
’HFRGH
2SHUDQG
)HWFK
([HFXWH
5HVXOW
6WRUH
1H[W
,QVWUXFWLRQ
,QVWUXFWLRQ
)HWFK
,QVWUXFWLRQ
’HFRGH
2SHUDQG
)HWFK
([HFXWH
5HVXOW
6WRUH
1H[W
,QVWUXFWLRQ
G W ˙j _+ ˙j+ · D
0,36 ·## MXPS ! ++ EUDQFK !! FRPSDUH 77
__
EUDQFK RQ HTXDO EHT LI JR WR 3& ××
(TXDO WHVW 3& UHODWLYH EUDQFK
EUDQFK RQ QRW HT EQH LI JR WR 3& ××
1RW HTXDO WHVW 3& UHODWLYH
EUDQFK RQ HTXDO EHT LI JRWR3& ××
(TXDO WHVW 3& UHODWLYH EUDQFK
EUDQFK RQ QRW HT EQH LI JRWR3& ××
1RW HTXDO WHVW 3& UHODWLYH
G W ˙j _+ ˙j+ · D
j j xx68 h –"
$ cc currency1currency1 XX?0‘ WW
$
&$// %
&$// &
&
5(7
5(7
%
$
$ %
$ % &
$ %
$
oo << oo,,|| << PHPRU\ VWDFN JJ 88 00 ˇˇ?§XX XX ……
__ VV 9$;
oo << CC 99 rr XX __ VV 0,36
G W ˙j _+ ˙j+ · D
66 88
0HPRU\ 6WDFNV
GG SS 00 DD ˇˇ §§ XX XX …… 3 bb aa W VWDFNHG HQYLURQPHQWV
$ cc ‘‘ currency1
rSS XX YV rr SS XX
D
E
F
/LWWOH
LQI %LJ
/LWWOH
LQI %LJ
,,|| <<
63
1H[W
(PSW\"
/DVW
)XOO"
NN << "
/LWWOH ! %LJ /DVW )XOO
323 5HDG IURP 0HP 63
’HFUHPHQW 63
386+,QFUHPHQW 63
:ULWH WR 0HP 63
rr SS rr SS
/LWWOH ! %LJ 1H[W (PSW\
323 ’HFUHPHQW 63
5HDG IURP 0HP 63
386+,ULWH WR 0HP 63
,QFUHPHQW 63
G W ˙j _+ ˙j+ · D
&DOO 5H5HWXUWXUQQ,6WDFN )UDPHV
)3
$5*6
&DOOHH6DYH
5HJLVWHUV
/RFDO 9DULDEOHV
63
5HIHUHQFH DUJV DQG
ORFDO YDULDEOHV DW
IL[HG SRVLWLYH RIIVHW
IURP )3
<< aa
ROG )3 5$
e XX XS GRZQ ODVW SXVKHG QH[W
e%ORFN VWUXFWXUHG ODQJXDJHV FRQWDLQ OLQN WR OH[LFDOO\ HQFORVLQJ IUDPH
+LJK 0HP
/RZ 0HP
G W ˙j _+ ˙j+ · D
0,30,366 flX? ·· &?
]HURFRQVWDQW
DW UHVHUYHG IRU DVVHPEOHU
Y H[SUHVVLRQ HYDOXDWLRQ
Y IXQFWLRQ UHVXOWV
D DUJXPHQWV
D
D
D
W WHPSRUDU\ FDOOHU VDYHV
FDOOHHFDQ FOREEHU
W
V FDOOHHVDYHV
FDOOHU FDQ FOREEHU
V
W WHPSRUDU\ FDOOHU VDYHV
W
N UHVHUYHG IRU 26 NHUQHO
N
JS 3RLQWHU WR JOREDO DUHD
VS 6WDFN SRLQWHU
IS IUDPH SRLQWHU
UD 5HWXUQ $GGUHVV +,
G W ˙j _+ ˙j+ · D
0,36 *&& 33 XX
)3
63
IDFW
DGGLX VS VS
VZ UD VS
VZ IS VS
DGGLX IS VS
VZ D IS
OZ VS
OZ IS VS
DGGLX VS VS
MU
UD
ROG )3
UD
ROG )3
UD
)3
63
UD
)3
63
ORZ
DGGUHVV
!! flfl DD,<<
G W ˙j _+ ˙j+ · D
&j VZDS
VZDS LQWY>@ LQWN
^
LQWWHPS
WHPS Y>N@
Y>N@ Y>N @
Y>N @ WHPS
‘
e VZDS 00 flfl
e WHPS,<< DD D D
¨¨ SS XX,<< VFUDWFK UHJ
0,36 "
G W ˙j _+ ˙j+ · D
VZDS 0,36
VZDS
DGGL VS VS FUHDWH VSDFH RQ VWDFN
VZ VS FDOOHHVDYHG UHJLVWHU SXW RQWR VWDFN
VOO W D PXOLWSO\N E\
DGGX W D W DGGUHVV RI Y>N@
OZ W ORDG Y>N@
OZ W ORDG Y>N @
VZ W VWRUH Y>N @ LQWR Y>N@
VZ W VWRUH ROG YDOXH RI Y>N@ LQWR Y>N @
OZ VS FDOOHHVDYHG UHJLVWHU UHVWRUHG IURP VWDFN
DGGL VS VS UHVWRUH WRS RI VWDFN
MU UHWXUQ WR SODFH WKDW FDOOHG VZDS
G W ˙j _+ ˙j+ · D
%UDQFK 3LSHOLQHV
H[HFXWH
%UDQFK
’HOD\ 6ORW
%UDQFK 7DUJHW
%\ WKH HQG RI %UDQFK LQVWUXFWLRQ WKH &38 NQRZV ZKHWKHU RU QRW
WKH EUDQFK ZLOO WDNH SODFH
+RZHYHU LW ZLOO KDYH IHWFKHG WKH QH[W LQVWUXFWLRQ E\ WKHQ
UHJDUGOHVV RI ZKHWKHU RU QRW D EUDQFK ZLOO EH WDNHQ
:K\ QRW H[HFXWH LW"
LIHWFK H[HFXWH
LIHWFK H[HFXWH
LIHWFK H[HFXWH
// VOW U U U
OL U
VXE U U
E] U //
DGGL U U
7LPH
LIHWFK H[HFXWH
G W ˙j _+ ˙j+ · D
)LOOLQJ ’HOD\HG %UDQFKHV
,QVW )HWFK ’FG 2S )HWFK ([HFXWH%UDQFK
,QVW )HWFK ’FG 2S )HWFK
,QVW )HWFK
([HFXWHH[HFXWH VXFFHVVRU
HYHQ LI EUDQFK WDNHQ
7KHQ EUDQFK WDUJHW
RU FRQWLQXH
6LQJOH GHOD\ VORW
LPSDFWV WKH FULWLFDO SDWK
&RPSLOHU FDQ ILOO D VLQJOH GHOD\ VORW
ZLWK D XVHIXO LQVWUXFWLRQ RI WKH
WLPH
WU\ WR PRYH GRZQ IURP DERYH
MXPS
PRYH XS IURP WDUJHW LI VDIH
DGG U U U
VXE U U
E] U //
123
// DGG UG
,V WKLV YLRODWLQJ WKH,6$ DEVWUDFWLRQ"
G W ˙j _+ ˙j+ · D
++ qd
LIHWFK UHDG FRPSXWH
ZULWH
LIHWFK UHDG FRPSXWH
ZULWH
LIHWFK UHDG FRPSXWH
ZULWH
%QFK
’HOD\ 6ORW
%UDQFK 7DUJHW
@@ ˇˇ XX?5($’· XX &38!! ’’ @@ ˇˇ X￥￥
¨¨ __ ¨¨
·· @@ ˇˇ X￥￥ ¨¨ WW,55
G W ˙j _+ ˙j+ · D
& ++ ’HOD\HG %UDQFKHHVV yy || jj
,QVW )HWFK ’FG 2S )HWFK ([HFXWH
%UDQFK
,QVW )HWFK ’FG 2S )HWFK
,QVW )HWFK
([HFXWH
H[HFXWH VXFFHVVRU
HYHQ LI EUDQFK WDNHQ
7KHQ EUDQFK WDUJHW
RU FRQWLQXH
6LQJOH GHOD\ VORW
LPSDFWV WKH FULWLFDO SDWK
X?¨¨ ¨¨ ￥￥ << ˇˇ || 55
' ￠￠ ˙˙ @@ !! ¨¨ ˇˇ || 99
VV pp ]] << ¨¨￠′′ ˇˇ || 99
DGG U U U
VXE U U
E] U //
// DGG UG
G W ˙j _+ ˙j+ · D
0,36 ·· 77
eEUHDN $ EUHDNSRLQW WUDS RFFXUV WUDQVIHUV FRQWURO WR
H[FHSWLRQ KDQGOHU
eV\VFDOO $ V\VWHP WUDS RFFXUV WUDQVIHUV FRQWURO WR
H[FHSWLRQ KDQGOHU
eFRSURFHVVRULQVWUV 6XSSRUW IRU IORDWLQJ SRLQW GLVFXVVHG ODWHU
e7/% LQVWUXFWLRQV 6XSSRUW IRU YLUWXDO PHPRU\ GLVFXVVHG ODWHU
eUHVWRUH IURP H[FHSWLRQ 5HVWRUHV SUHYLRXV LQWHUUXSW PDVN NHUQHO XVHU
PRGH ELWV LQWR VWDWXV UHJLVWHU
eORDG ZRUG OHIW ULJKW 6XSSRUWV PLVDOLJQHG ZRUG ORDGV
eVWRUH ZRUG OHIW ULJKW 6XSSRUWV PLVDOLJQHG ZRUG VWRUHV
G W ˙j _+ ˙j+ · D
0,36 7 ++ ··?
e,<< KK DD GG SS '' WW m9J“,DD ¨¨ 33 VV 88
e@@ ˇˇ ‘‘ ˙˙ @@ currency1currency1 3& 99 yy,<< OLQN UHJLVWHUˉ
e ′′,<< XX !! CC OXL OE OK ¨¨ JJ ˇˇ,,dd,,<<
XX !! CC DGG VXE DQG RU ˉˉ
e GG DD kk ‘‘ ee flfl VV == ))
ee GG DD ORJLFDO LPPHGLDWHVˉˉ == )) !
kk GG DD DULWKPHWLF LPPHGLDWHVˉˉ == )) !!
e OE ‘‘ OK 99 XX DD BB flfl VV == ))
OEX OKX == ))
OE OK == ))
e 66 XX kk ‘‘ ee vv
DGG VXE DGGL
vv DGGX VXEX DGGLX DQG RU [RU QRU VKLIWV
PXOW PXOWX GLY GLYX
G W ˙j _+ ˙j+ · D
e’HVLJQ DOWHUQDWLYH
SURYLGH PRUH SRZHUIXO RSHUDWLRQV
JRDO LV WR UHGXFH QXPEHU RI LQVWUXFWLRQV H[HFXWHG
GDQJHU LV D VORZHU F\FOH WLPH DQG RU D KLJKHU &3,
e6RPHWLPHV UHIHUUHG WR DV 5,6& YV &,6&
YLUWXDOO\ DOO QHZ LQVWUXFWLRQ VHWV VLQFH KDYH EHHQ 5,6&
9$; PLQLPL]H FRGH VL]H PDNH DVVHPEO\ ODQJXDJH HDV\
LQVWUXFWLRQV IURP WR E\WHV ORQJ
e:H ZLOO ORRN DW 3RZHU3& DQG [
$OWHUQDWLYH $UFKLWHFWXUHV
G W ˙j _+ ˙j+ · D
3RZHU3&
e,QGH[HG DGGUHVVLQJ
H[DPSOH OZ W D V W 0HPRU\> D V @
,KDW GR ZH KDYH WR GR LQ 0,36"
e8SGDWH DGGUHVVLQJ
XSGDWH D UHJLVWHU DV SDUW RI ORDG IRU PDUFKLQJ WKURXJK DUUD\V
H[DPSOH
OZX W V W 0HPRU\> V @ V V
,KDW GR ZH KDYH WR GR LQ 0,36"
e2WKHUV
ORDG PXOWLSOH VWRUH PXOWLSOH
D VSHFLDO FRXQWHU UHJLVWHU EF /RRS"
GHFUHPHQW FRXQWHU LI QRW JRWR ORRS
G W ˙j _+ ˙j+ · D
[
e 7KH,QWHO LV DQQRXQFHG ELW DUFKLWHFWXUH
e 7KH IORDWLQJ SRLQW FRSURFHVVRU LV DGGHG
e 7KH LQFUHDVHV DGGUHVV VSDFH WR ELWV LQVWV
e 7KH H[WHQGV WR ELWV QHZ DGGUHVVLQJ PRGHV
e 7KH 3HQWLXP 3HQWLXP 3UR DGG D IHZ LQVWV
PRVWO\ GHVLJQHG IRU KLJKHU SHUIRUPDQFH
e 00; LV DGGHG
e 3HQWLXP,,3HQWLXP,,,
7KLV KLVWRU\ LOOXVWUDWHV
WKH LPSDFW RI WKH *ROGHQ KDQGFXIIVRI FRPSDWLELOLW\
$Q DUFKLWHFWXUH WKDW LV GLIILFXOW WR H[SODLQ DQG LPSRVVLEOH WR ORYH"
G W ˙j _+ ˙j+ · D
77 ++ ++ ··
e,QWHO ! ! ! ! 3HQWLXP ! 3HQWLXP 3UR !,WDQLXP"
SS XX J’u¨¨ ·· WW rr ZZ ! <<
' !! << currency1WP
X `` << ¨¨ rtZZ XX ss
XX uu kk? XX pp
Hw
e9$; T)) XX ￥￥ << a NN ¨¨ !
XX
XX ˇˇ aa
XX
,<< WW
!! F uu XX pp
Hww
G W ˙j _+ ˙j+ · D
$ GRPLQDQW DUFKLWHFWXUH [
e6HH \RXU WH[WERRN IRU D PRUH GHWDLOHG GHVFULSWLRQ
e&RPSOH[LW\
,QVWUXFWLRQV IURP WR E\WHV ORQJ
RQH RSHUDQG PXVW DFW DV ERWK D VRXUFH DQG GHVWLQDWLRQ
RQH RSHUDQG FDQ FRPH IURP PHPRU\
FRPSOH[ DGGUHVVLQJ PRGHV
H J %DVH RU VFDOHG LQGH[ ZLWK RU ELW GLVSODFHPHQW
e6DYLQJ JUDFH
WKH PRVW IUHTXHQWO\ XVHG LQVWUXFWLRQV DUH QRW WRR GLIILFXOW WR EXLOG
FRPSLOHUV DYRLG WKH SRUWLRQV RI WKH DUFKLWHFWXUH WKDW DUH VORZ
:KDW WKH [ ODFNV LQ VW\OH LV PDGH XS LQ TXDQWLW\
PDNLQJ LW EHDXWLIXO IURP WKH ULJKW SHUVSHFWLYH
G W ˙j _+ ˙j+ · D
jj jj ‘‘ p >>
,QWHO
9$;
0&
0,36
[ ELW E\WHV
$; %; &; ’;
63 %3 6,’,
&6 66 ’6
,3 )ODJV
[ ELW E\WHV
[ ELW*35V
[ ELW E\WHV
[ ELW*35V
[ ELWDGGU UHJ
[ ELW 63
[ ELW 3&
[ ELW E\WHV
[ ELW*35V
[ ELW)35V
+,/2 3&
DFF LQGH[ FRXQW TXRW
VWDFN VWULQJ
FRGH VWDFN GDWD VHJPHQW
U SURJUDP FRXQWHU
U VWDFN SRLQWHU
U IUDPH SRLQWHU
U DUJXPHQWSWU
G W ˙j _+ ˙j+ · D
9$; j ··
e aa 00 DD BB OO __ aa 00 DD
e__ VV
DGG E Z O I G
{{
DGGE DGGZ DGGO DGGI DGGG
DGGE DGGZ DGGO DGGI DGGG
%LWV ’DWH W\SH ’(&?V QDPH
,QWHJHU %\WH
,QWHJHU,RUG
,QWHJHU /RQJ,RUG
)ORDWLQJ 3RLQW )BIORDW
,QWHJHU 4XDG,RUG
)ORDWLQJ 3RLQW ’BIORDWLQJ
,QWHJHU 2FWDZRUG
)ORDWLQJ 3RLQW + XJH B)ORDWLQJ
G W ˙j _+ ˙j+ · D
9$; ·77 ll !! ++ pp
aa
2S&RGH
$ 0 $ 0 $ 0
%\WH Q P
00 DD ￡ RSHUDQG VSHFLILHUˉˉ
UUHJLVWHU
UDXWRLQF
U$GLVS E\WH
U& KDOI ZRUG
U( ZRUG
U LQGH[ UP GLVSODFHPHQW
0HP>’LVSODFHPHQW U U P@
G W ˙j _+ ˙j+ · D
VZDS 0,36 YV 9$;
VZDS
DGGL VS VS ZRUG AP U U U U ! VDYHV U WR U
VZ VS
VOO W D PRYO U DS PRYHDUJY>@ WRUHJ
DGGX W D W PRYO U DS PRYHDUJN WRUHJ
OZ W PRYO U U >U @ JHW Y>N@
OZ W DGGO U DS UHJJHWV N
VZ W PRYO U >U @ U >U @ Y>N@ Y>N @
VZ W PRYO U >U @ U Y>N @ JHWV ROG Y>N@
OZ VS
DGGL VS VS
MU UHW UHWXUQ WR FDOOHU UHVWRUH U U
G W ˙j _+ ˙j+ · D
kk
eSS,,<< XX ORDG VWRUH §XX <(6
e oo ˙˙,<< ¨¨ ) XX BB,,<< *35 )35
e VV ˇˇ aa GLVSODFHPHQW ZLWK DQ DGGUHVV RIIVHW VL]H RI WR
ELWV
eLPPHGLDWH VL]H WR ELWV UHJLVWHU GHIHUUHG <(6 ELWV IRU
LPPHGLDWH GLVSODFHPHQW GLVS ! UHJLVWHU GHIHUUHG
e XX ˇˇ aa bb XX DD BB gg <(6
eVV pp ¨¨ SS nn VV pp aa ¨¨ SS
)L[HG
e VV DD BB aa ‘‘ OO __ !! ! !! HH DD !‘‘ !!,(((
B DD <(6
e VV TT )) ·· WW nn ;; XX DD ORDG VWRUH DGG?
VXEWUDFW PRYH UHJLVWHU UHJLVWHU DQG VKLIW?FRPSDUH HTXDO?
FRPSDUH QRW HTXDO EUDQFK ZLWK D 3& UHODWLYH DGGUHVV DW OHDVW ELWV
ORQJ?MXPS FDOO UHWXUQ <(6 E
eXX "" $$ UU XX ˇˇ PLQLPDOLVW LQVWUXFWLRQ VHWˉˉ <(6
G W ˙j _+ ˙j+ · D
k 0,36 5 ·n '?
!! nn aa XX aa
!! *35 5 ‘‘ )3,,<< +,/2
BB CC zz nn
,,<<,<< kk
bb ORDG VWRUH ¨¨ )) ˇˇ aa EDVH GLVSODFHPHQW
–uu ¨¨ yy ˇˇ LQGLUHFWLRQˉˉ
– !! GG DD tt /8,
TT )) XX @@ ˇˇ 55
currency1currency1 WW ¨¨,<<
uu 55
@ˇˇ
GG SS @@ ˇˇ ￥￥ ¨¨ 33 UU ;; @@ ˇˇ ˙˙ @@ ˉˉ XX
XX ¨¨ ¨¨ ￥￥ <<@ˇˇ XX ¨¨ 00
