You are on page 1of 6

SAE TECHNICAL 2013-36-0276

PAPER SERIES E

6WXG\RQ&RUURVLRQ5HVLVWDQFHRI2UJDQRPHWDOOLF&RDWLQJ8VHGLQ
$XWRPRWLYH)XHO7DQNV

MILENE ADRIANE LUCIANO


MARIA DAS MERCÊS REIS DE CASTRO
VANESSA DE FREITAS CUNHA LINS
The appearance of the ISSN code at the bottom of this page indicates SAE’s consent that
copies of the paper may be made for personal or internal use of specific clients. This consent is
given on the condition however, that the copier pay a

$ 7.00 per article copy fee through the Copyright Clearance Center, Inc. Operations Center,
222 Rosewood Drive, Danvers, MA 01923 for copying beyond that permitted by Sections 107
or 108 of U.S. Copyright Law. This consent does not extend to other kinds of copying such as
copying for general distribution, for advertising or promotional purposes, for creating new
collective works, or for resale.

SAE routinely stocks printed papers for a period of three years following date of publication.
Direct your orders to SAE Customer Sales and Satisfaction Department.

Quantity reprint rates can be obtained from the Customer Sales and Satisfaction Department.

To request permission to reprint a technical paper or permission to use copyrighted

SAE publications in other works, contact the SAE Publications Group.

No part of this publication may be reproduced in any form, in an electronic retrieval system or
otherwise, without the prior written permission of the publisher.

ISSN 0148-7191

Copyright © 2013 SAE International

Positions and opinions advanced in this paper are those of the author(s) and not necessarily
those of SAE. The author is solely responsible for the content of the paper. A process is
available by which discussions will be printed with the paper if it is published in SAE
Transactions. For permission to publish this paper in full or in part, contact the SAE
Publications Group.

Persons wishing to submit papers to be considered for presentation or publication through


SAE should send the manuscript or a 300 word abstract of a proposed manuscript to:
Secretary, Engineering Meetings Board, SAE.


6WXG\RQ&RUURVLRQ5HVLVWDQFHRI2UJDQRPHWDOOLF&RDWLQJ8VHGLQ
$XWRPRWLYH)XHO7DQNV
0LOHQH$/XFLDQR
0DULDGDV0HUFrV5&DVWUR
9DQHVVD)&/LQV
)HGHUDO8QLYHUVLW\RI0LQDV*HUDLV

&RS\ULJKW‹6$(,QWHUQDWLRQDO




$%675$&7 7KH LQFOXVLRQ RI VXVWDLQDELOLW\ LQ DOO HFRQRPLF DQG VRFLDO
 SROLF\ PDNHV FOHDU WKH LQWHUHVW LQ HQFRXUDJLQJ DOO VRFLHW\
,Q WKH ODVW GHFDGH LQGXVWULHV KDYH EHHQ FRQFHUQHG DERXW WKH OHYHOVWROLYHZLWKLQWKLVLGHDO
SURFHVVHV SURGXFWLRQ VXVWDLQDELOLW\ DQG ZLWK WKH XVH RI 
DOWHUQDWLYHHQHUJLHVIRUPVLQRUGHUWRPLQLPL]HWKHDPRXQWRI ,QWKLVFRQWH[W DOWHUQDWLYHHQHUJ\ IRUPV KDYH EHHQ SURSRVHG
ZDVWH JHQHUDWHG LQ WKH SURFHVV DQG WR VXLW PDUNHW VLQFHHQHUJ\LVDVWUDWHJLFDVSHFWWRWKHGHYHORSPHQWDQGVHOI
UHTXLUHPHQWV :LWK WKLV YLHZ RQH DOWHUQDWLYH IRU DXWRPRWLYH VXIILFLHQF\ RI DQ\ FRXQWU\ 7KH ELRIXHOV VHFWRU GHYHORSPHQW
LQGXVWU\ LV WKH XVH RI RUJDQRPHWDOOLF FRDWHG DXWRPRWLYH IXHO KDVIDYRUHG %UD]LOLDQDJULFXOWXUHDVZHOO DVKDVWUDQVIRUPHG
WDQNV7KHVHWDQNVDUHQRWSHUPHDEOHWRK\GURFDUERQVWKH\GR DJULFXOWXUH LQWR RQH RI WKH PRVW LPSRUWDQW ZD\ RI VPDOO
QRWQHHGWREHSDLQWHGDIWHUVWDPSLQJDQGDUHUHF\FODEOH IDUPHU¶VLQFOXVLRQLQWKHDJULEXVLQHVVFKDLQ>@
7KHUHSODFHPHQWRIIRVVLOIXHOVZLWKELRIXHOVLVDOVRDZD\WR 
PLQLPL]H WKH HPLVVLRQ RI FDUERQ GLR[LGH LQ WKH DWPRVSKHUH (WKDQRODVDXWRPRWLYHIXHOFDQEHXVHGSXUH K\GUDWHGHWK\O
UHGXFLQJJOREDOZDUPLQJ,QWKLVZRUNFRUURVLRQUHVLVWDQFHRI DOFRKROIXHO RURQWKHDQK\GURXVIRUPDGGHGWRJDVROLQHLQD
RUJDQRPHWDOOLF FRDWHG DQG WLQ FRDWHG DXWRPRWLYH WDQNV LQ SURSRUWLRQ EHWZHHQ  DQG  )OH[ &DUV DGPLW DQ\
FRQWDFW ZLWK K\GUDWHG HWK\O DOFRKRO JDVROLQH DQG GLHVHO DQG SURSRUWLRQ FRPELQDWLRQ RI HWKDQRO DQG JDVROLQH /DZ 1R
VR\EHDQ ELRGLHVHO ZDV HYDOXDWHG DQG FRPSDUHG XVLQJ  RI -DQXDU\   DSSURYHG WKH DGGLWLRQ RI 
(OHFWURFKHPLFDO ,PSHGDQFH 6SHFWURVFRS\ WHFKQLTXH 7KH ELRGLHVHO WR DXWRPRWLYH GLHVHO %  7KLV FRQWHQW ZDV
SRODUL]DWLRQUHVLVWDQFHYDOXHVIRUWKHVHWZRW\SHVRIIXHOWDQNV LQFUHDVHG WR  %  LQ -DQXDU\  ,Q %UD]LO WKHUH LV D
LQ FRQWDFW ZLWK WKHVH GLIIHUHQW PHGLD ZHUH REWDLQHG DQG JUHDW YDULHW\ RI SODQWV WKDW DUH SRWHQWLDO VRXUFHV RI YHJHWDEOH
FRPSDUHG 7KH UHVXOWV LQGLFDWH D PRUH HIILFLHQF\ RI RLOV IRU ELRGLHVHO HVSHFLDOO\ VR\EHDQV FRWWRQ FDVWRU DQG
RUJDQRPHWDOOLFFRDWLQJZKHQFRPSDUHGZLWKWLQFRDWLQJLQDOO $FURFRPLDDFFXOHDWD PDFD~ED RLOV>@
PHGLD :KHQ WKH ELRIXHO VROXWLRQV DUH FRPSDUHG LW LV 
REVHUYHG WKDW WKH VR\EHDQ ELRGLHVHO LV PRUH FRUURVLYH WKDQ 7R VXLW WKH QHZ VXVWDLQDEOH PDUNHW UHTXLUHPHQWV VRPH
GLHVHO +RZHYHU WKLV ELRGLHVHO LV VWLOO OHVV FRUURVLYH WKDQ DXWRPRWLYH PDQXIDFWXUHUV DUH QRZ UHSODFLQJ SODVWLFV
K\GUDWHGHWK\ODOFRKRO DXWRPRWLYHWDQNVIRUFRDWHGPHWDOWDQNVVLQFHPHWDOWDQNVDUH
  UHF\FODEOH DQG DUH QRW SHUPHDEOH WR IXHO PLQLPL]LQJ
HYDSRUDWLRQORVVHVGXULQJLWVOLIHWLPH>@
,1752'8&7,21 
 7KHUH DUH EDVLFDOO\ WZR W\SHV RI FRDWLQJ XVHG WR PLQLPL]H
0XFK KDV EHHQ GLVFXVVHG DERXW VXVWDLQDELOLW\ DV D ZD\ RI FRUURVLRQ SURFHVV RI PHWDO WDQNV LQ FRQWDFW ZLWK IXHOV WLQ
SUHVHUYLQJ WKH HQYLURQPHQW $JHQGD  SURSRVHG D SROLWLFDO SODWLQJ DQG RUJDQRPHWDOOLF FRDWLQJ 7KH ODWWHU KDV D FOHDQHU
FRPPLWPHQWIRUFRRSHUDWLRQDPRQJDOOFRXQWULHVRIWKHZRUOG SURGXFWLRQ SURFHVV EHFDXVH LW GRHV QRW QHHG WR EH SDLQWHG
LQ RUGHU WR DFKLHYH VXVWDLQDEOH GHYHORSPHQW $PRQJ WKH DIWHUWDQNSURGXFWLRQUHGXFLQJSURGXFWLRQFRVWVDQGWKXVEHHQ
VWUDWHJLHV LW FDQ EH PHQWLRQHG WKH SURPRWLRQ RI VXVWDLQDEOH PRUHVXVWDLQDEOH
GHYHORSPHQW WKURXJK WUDGH WKH FRQVHUYDWLRQ RI ELRORJLFDO 
GLYHUVLW\ DQG HGXFDWLRQ SURPRWLRQ VRFLHW\ DZDUHQHVV DQG 7KLV ZRUN DLPV WR FRPSDUH WKH FRUURVLRQ UHVLVWDQFH RI
WUDLQLQJIRUEHWWHURI6XVWDLQDEOH'HYHORSPHQWLPSOHPHQWDWLRQ RUJDQRPHWDOOLF FRDWHG DQG WLQ FRDWHG DXWRPRWLYH WDQNV LQ
>@ FRQWDFW ZLWK K\GUDWHG HWK\O DOFRKRO JDVROLQH GLHVHO DQG
VR\EHDQ ELRGLHVHO XVLQJ WKH (OHFWURFKHPLFDO ,PSHGDQFH
6SHFWURVFRS\ (,6 WHFKQLTXH
3DJHRI


(;3(5,0(17$/352&('85( )XHO TXDOLW\ ZDV HYDOXDWHG DFFRUGLQJ WR WKH HOHFWULFDO
 FRQGXFWLYLW\ SDUDPHWHU 7KH WHVW ZDV SHUIRUPHG DFFRUGLQJ WR
,QLWLDOO\ WKH RUJDQRPHWDOOLF FRDWHG VWHHO VDPSOH ZDV $%17 1%5 6WDQGDUGLQZKLFK DFRQGXFWLYLW\PHWHU
FKDUDFWHUL]HG E\ VFDQQLQJ HOHFWURQ PLFURVFRS\ 6(0  FHOOLVLQWURGXFHGLQWRWKHIXHOEOHQGIRUDWZRPLQXWHVSHULRG
DQDO\VLV FRXSOHG ZLWK ;UD\ HQHUJ\ GLVSHUVLYH VSHFWURVFRS\ RIWLPHDQGWKHQWKHUHVXOWLVPRQLWRUHG7KHHTXLSPHQWXVHG
('6  7KH HTXLSPHQW XVHG ZDV D )(* ± 4XDQWD  )(, ZDV D PRGHO '0 'LJLPHG FRQGXFWLYLW\ PHWHU 7KH UHVXOWV
6FDQQLQJ (OHFWURQ 0LFURVFRSH 7KLV VDPH HTXLSPHQW ZDV ZHUHH[SUHVVHGDVȝ6LHPHQVP
XVHG WR GHWHUPLQH WKH FRDWLQJ WKLFNQHVV LQ WLQ FRDWHG 
DXWRPRWLYHWDQNV 5(68/76$1'',6&866,216
 
7KHWKLFNQHVVRIRUJDQRPHWDOOLFFRDWLQJZDVGHWHUPLQHGXVLQJ 6DPSOH SURILOH PLFURJUDSK ZDV SHUIRUPHG LQ RUGHU WR
D0LWXWR\R1(2'(50/D\HUV0DJQHWLF0HWHUDFFRUGLQJWR FKDUDFWHUL]H WKH RUJDQRPHWDOOLF FRDWHG VWHHO 7KURXJKRXW WKLV
$670%6WDQGDUG>@7KLVHTXLSPHQWRSHUDWLRQLVEDVHG SURILOH DQ ('6 DQDO\VLV ZDV SHUIRUPHG LQ RUGHU WR LGHQWLI\
RQ WKH HOHFWURPDJQHWLF LQGXFWLRQ SULQFLSOH EXW WKH H[FLWDWLRQ WKHFKHPLFDOFRPSRVLWLRQRIHDFKSKDVH7KLVFDQEHVHHQRQ
FXUUHQW IORZLQJ LQ WKH SUREH JHQHUDWHV D KLJK IUHTXHQF\ )LJXUH$QDO\]LQJWKHREWDLQHGPLFURJUDSK )LJXUH IURP
SULPDU\HOHFWURPDJQHWLFILHOGZKLFKLQGXFHVDQHGG\FXUUHQWV OHIWWRULJKWDLURQULFKVXEVWUDWHZLWKD]LQFULFKLQWHUPHGLDWH
IORZ7KHVHJHQHUDWHDVHFRQGDU\PDJQHWLFILHOGWKDWRSSRVHV OD\HU DQG D FDUERQ DQG DOXPLQXP ULFK ZLWK WUDFHV RI QLFNHO
WKHSULPDU\ILHOG7KHUHVXOWDQWEHWZHHQWKHVHJHQHUDWHGILHOGV RXWHUOD\HUFDQEHYLVXDOL]HG
SURYLGHV LQIRUPDWLRQ DERXW WKH HYDOXDWHG VDPSOH 
FKDUDFWHULVWLFV 7KH HTXLSPHQW FRQYHUWV WKLV GDWD LQWR 
PLFURPHWHURUGHUPHDVXUHXQLWV

7KUHH  PP [  PP SODWH WDQN UHJLRQV ZHUH VHOHFWHG
ORZHUPLGGOHDQGXSSHUUHJLRQV IRUDWRWDOZLWKGUDZDORIWKH
RUJDQRPHWDOOLF FRDWLQJ 7KH HTXLSPHQW SUREH ZDV SODFHG LQ
WKH)H=QOD\HUUHVHWWLQJWKHHTXLSPHQW7KHQWKHSUREHZDV
SODFHG RYHU WKH RUJDQRPHWDOOLF FRDWLQJ WR GHWHUPLQH WKH
FRDWLQJWKLFNQHVV

)RU GHWHUPLQDWLRQ RI WKH ]LQF PDVV DSSOLHG RQ WKH VXEVWUDWH
SOXVWKHRQHMXVWEHORZWKHRUJDQRPHWDOOLFFRDWLQJWKHHQWLUH
RUJDQRPHWDOOLF FRDWLQJ ZDV ZLWKGUHZ IURPWKHWKUHH VDPSOHV
DQG WKH PDVV RI HDFK  VSHFLPHQ ZDV GHWHUPLQHG XVLQJ DQ
 PJ DFFXUDF\ DQDO\WLFDO EDODQFH 7KHQ HDFK VDPSOH ZDV
SODFHG LQ D VDPH VL]H UXEEHU F\OLQGHU  $  YY
K\GURFKORULFDFLGZDVDGGHGWRVWHHOVDPSOHXQWLOGHVROXWLRQ
VWRSWREXEEOH7KLVEXEEOLQJLVGXHWRWKHUHDFWLRQWKDWRFFXUV 
EHWZHHQWKHDFLGDQG]LQFUHOHDVLQJK\GURJHQJDVZKLOH]LQF )LJXUH0LFURJUDSKRIWKHRUJDQRPHWDOOLFFRDWHGVWHHO
R[LGL]HV SURILOHDQG('6DQDO\VLVWKURXJKRXWWKHSURILOH
 
$IWHUWKDWWKHVSHFLPHQVZHUHULQVHGDQGSODFHGLQWKHRYHQ =LQF LV GHSRVLWHG RQ WKH VWHHO VXUIDFH E\ D KRW GHSRVLWLRQ
DWƒ&IRUWHQPLQXWHV7KHQWKHVDPSOHVZHUHSODFHGLQD SURFHVV FDOOHG JDOYDQQHDOHG 7KH ]LQF OD\HU SUHVHQWV
GHVLFFDWRU IRU FRROLQJ DQG WKHLU ILQDO PDVV ZDV GHWHUPLQHG LUUHJXODULWLHV SUREDEO\ GXH WR WKH XQHYHQ SURFHVV RI VDPSOH
DQG XVHG WR FDOFXODWH WKH ]LQF OD\HU PDVV IRU WKH VSHFLPHQ FXWWLQJDQGFXSSLQJ7KHDEVHQFHRI]LQFLQWKHRXWHUOD\HULV
IDFH7KHUHVXOWVZHUHH[SUHVVHG DVJPð7KHWHVWZDVEDVHG DQLQGLFDWLRQRIWKHRUJDQRPHWDOOLFFRDWLQJJRRGFRYHUDJH
RQ$670$6WDQGDUG>@ 
 $IWHUWKHRUJDQRPHWDOOLFFRDWLQJFKHPLFDOFKDUDFWHUL]DWLRQLWV
(OHFWURFKHPLFDO ,PSHGDQFH 6SHFWURVFRS\ WHFKQLTXH ZDV SK\VLFDO FKDUDFWHUL]DWLRQ ZDV WKHQ SHUIRUPHG 7KH UHVXOWV RI
SHUIRUPHGRQD&RPSDFWVWDW,9,80SRWHQWLRVWDW7KHV\VWHP WKHFRDWLQJWKLFNQHVVDQG]LQFOD\HUPDVVDUHVKRZQLQ7DEOH
ZDV FRPSRVHG E\ WKH IROORZLQJ HOHPHQWV VLOYHUVLOYHU DQGLQGLFDWHWKDWWKHWHVWHGVDPSOHLVZLWKLQWKHDFFHSWDQFH
FKORULGHUHIHUHQFHHOHFWURGHDSODWLQXPFRXQWHUHOHFWURGHDQG FULWHULDUHTXLUHGIRUWKHWDQNVIDEULFDWLRQDQGFRQIRUPDWLRQDV
WKHPHWDOWDQNVVDPSOHVDVZRUNLQJHOHFWURGH7KHVHVDPSOHV ZHOODVWKHWLQFRDWLQJWKLFNQHVV
ZHUHRUJDQRPHWDOOLFFRDWHGVWHHODQGWLQFRDWHGVWHHODQGERWK 
KDGFPðDUHD7KHH[SHULPHQWVZHUHSHUIRUPHGDWFRUURVLRQ 7KH ]LQFOD\HU PDVV  PXVW EH ZLWKLQ SUHGHWHUPLQHGOLPLWVVR
SRWHQWLDO ZLWK SRWHQWLDO DPSOLWXGH RI  P9 7KH IUHTXHQF\ WKDW LWV WKLFNQHVV WXUQV RXW WR EH DERXW  PLFURQV SURPRWLQJ
XVHGIRUGDWDDFTXLVLWLRQUDQJHGIURP[+]WR[ñ+] EHWWHU FRDWLQJ DGKHVLRQ WR VWHHO DQG WKHUHIRUH D JRRG JULS RI
7KHVDPSOHVZHUHHYDOXDWHGLQWKHIROORZLQJPHGLDVR\EHDQ WKHRUJDQRPHWDOOLFFRDWLQJRQLWVVXUIDFH
ELRGLHVHOGLHVHOK\GUDWHGHWK\ODOFRKRODQGJDVROLQH
3DJHRI


7DEOH2UJDQRPHWDOOLFFRDWLQJSHUIRUPDQFHHYDOXDWLRQ 
UHVXOWV
$YHUDJH $FFHSWDQFH (
3DUDPHWHUV
5HVXOWV FULWHULD
2UJDQRPHWDOOLFFRDWLQJ
 —P  —P
OD\HUWKLFNQHVV (

= RKPFPð
=LQFOD\HUPDVV  JPð  JPð
7LQOD\HUWKLFNQHVV  —P  —P
(
 6QLQ%
,Q RUGHU WR HYDOXDWH WKH FRUURVLRQ UHVLVWDQFH RI WKH 20LQ%
RUJDQRPHWDOOLF FRDWHG VDPSOH 20  DQG WLQ FRDWHG VDPSOH (
6Q  1\TXLVW GLDJUDPV IRU HDFK IXHO V\VWHP ZHUH REWDLQHG ( ( ( (
XVLQJ WKH (,6 WHFKQLTXH GHVFULEHG EHIRUH )LJXUHV  DQG  =
 RKPFPð

VKRZ WKH GLDJUDPV REWDLQHG IRU 20 DQG 6Q VDPSOHV LQ 
FRQWDFWZLWKJDVROLQH &* DQGK\GUDWHGHWK\ODOFRKRO (  )LJXUH1\TXLVWGLDJUDPIRURUJDQRPHWDOOLFFRDWHGVDPSOH
 20 DQGIRUWKHWLQFRDWHGVDPSOH 6Q LQFRQWDFWZLWK
GLHVHO % 
(


(
= RKPFPð

(
(

= RKPFPð
6QLQ*&

20LQ*& (
(
6QLQ%
( ( ( ( (
20LQ%
(
=
 RKPFPð
 ( ( ( (
)LJXUH1\TXLVWGLDJUDPIRURUJDQRPHWDOOLFFRDWHGVDPSOH
20 DQGIRUWKHWLQFRDWHGVDPSOH 6Q LQFRQWDFWZLWK
=
 RKPFPð

)LJXUH1\TXLVWGLDJUDPIRURUJDQRPHWDOOLFFRDWHGVDPSOH
JDVROLQH &* 
20 DQGIRUWKHWLQFRDWHGVDPSOH 6Q LQFRQWDFWZLWK

VR\EHDQELRGLHVHO % 

( 7KH%RGHGLDJUDPVIRUERWKIXHOFRDWHGVWHHOV\VWHPVLQGLFDWH
WKH RFFXUUHQFH RIWZRSHDNVFRQILUPLQJWKH SUHVHQFHRIWZR
FDSDFLWLYHDUFVRQWKHHTXLYDOHQWFLUFXLWUHSUHVHQWLQJWKHWZR
LQWHUIDFHVSUHVHQWLQWKHIXHO 206Q FRDWLQJDQG 206Q 
= RKPFPð

( FRDWLQJVXEVWUDWH V\VWHPV :DUEXUJ LPSHGDQFH FKDUDFWHULVWLF


RI GLIIXVLRQ FRQWUROOHG FRUURVLRQ SURFHVV ZDV QRW REVHUYHG
20LQ(
7KH LQGXFWLYH DUF ZKLFK LV DQ LQGLFDWRU RI DGVRUSWLRQ RI
6QLQ( FKHPLFDOVSHFLHVZDVQRWREVHUYHGHLWKHU
(

( ( ( ( ( (
,Q RUGHU WR REWDLQ WKH SRODUL]DWLRQ UHVLVWDQFH 5S  RI HDFK
=
 RKPFPð
 VSHFWUXP DQ HOHFWULFDO HTXLYDOHQW FLUFXLW ZDV DVVRFLDWHG ZLWK
)LJXUH1\TXLVWGLDJUDPIRURUJDQRPHWDOOLFFRDWHGVDPSOH HDFKV\VWHP,QWKHVHFLUFXLWVWKHVROXWLRQUHVLVWDQFH 5 LVLQ
20 DQGIRUWKHWLQFRDWHGVDPSOH 6Q LQFRQWDFWZLWK VHULHV ZLWK WKH LQWHUIDFLDO UHVLVWDQFHV 5 DQG 5  DQG LQ
( SDUDOOHO ZLWK WKHLU UHVSHFWLYH FDSDFLWDQFHV 7DEOH  SUHVHQWV
 WKHVDPSOHVSRODUL]DWLRQUHVLVWDQFHYDOXHVREWDLQHG
)LJXUHVDQGSUHVHQWWKHUHVXOWVIRU20DQG6QVDPSOHVLQ 
FRQWDFWZLWKGLHVHODQGVR\EHDQELRGLHVHO 
 
 
 
 
 
 

3DJHRI


7DEOH6\VWHPVSRODUL]DWLRQUHVLVWDQFHYDOXHV &21&/86,216
20 
(48,9$/(17 5S 5S6Q 7KH HOHFWURFKHPLFDO LPSHGDQFH VSHFWURVFRS\ WHFKQLTXH KDV
6<67(06
&,5&8,7 RKPFPð  5S VKRZQ WKDW IRU DOO WKH VWXGLHG IXHOV RUJDQRPHWDOOLF FRDWHG
5DWLR WDQNV SUHVHQW D EHWWHU FRUURVLRQ EHKDYLRU ZKHQ FRPSDUHG WR
20% [ WKHWLQFRDWHGWDQNV7KHUHLVWKHUHIRUHDQXQGHQLDEOHSRVLWLYH
 WHFKQLFDO HYDOXDWLRQ WRZDUGV WKH XVDJH RI RUJDQRPHWDOOLF
6Q% [
FRDWHGDXWRPRWLYHWDQNV
20% [ 
 7KHUHVXOWVLQGLFDWHWKDWWKHQHZRUJDQRPHWDOOLFFRDWHGWDQNV
6Q% [
LQLWLDOO\ XVHG LQ VPDOO YHKLFOHV PD\ DOVR EH XVHG RQ GLHVHO
20*& [ EXVHVDQGWUXFNVRQFHWKLVIXHOSUHVHQWHGWKHEHVWSRODUL]DWLRQ
 UHVLVWDQFHRIDOOWHVWHGIXHOV
6Q*&  [

20( [ :KHQWKHIXHODJJUHVVLYHQHVVLVHYDOXDWHGLWLVREVHUYHGWKDW
 VR\EHDQELRGLHVHOLVPRUHFRUURVLYHWKDQGLHVHODQGK\GUDWHG
6Q( [ HWK\ODOFRKROIXHOLVWKHPRVWDJJUHVVLYHRIDOOVWXGLHGIXHOV
 
7KHHOHFWULFDOFRQGXFWLYLW\SDUDPHWHUZDVXVHGWRHYDOXDWHWKH
WHVWHG IXHOV TXDOLW\ 7KH UHVXOWV DUH VKRZQ RQ 7DEOH  )URP
5()(5(1&(6

WKH REWDLQHG GDWD LW FDQ EH REVHUYHG WKDW WKDW WKH DSSOLHG
 $JHQGD  &RQIHUrQFLD GDV 1Do}HV 8QLGDV VREUH 0HLR
PHWKRGRORJ\ ZDV RQO\ DEOH WR GHWHUPLQH WKH HOHFWULFDO
$PELHQWH H 'HVHQYROYLPHQWR ³$ $JHQGD ´ %UDVtOLD
FRQGXFWLYLW\RIWKH(
6HQDGR)HGHUDO6XEVHFUHWDULDGH(GLo}HV7pFQLFDV

 &XUL'³*HVWmR$PELHQWDO´6mR3DXOR3HDUVRQ3UHQWLFH
7DEOH)XHOHOHFWULFDOFRQGXFWLYLW\YDOXHV
+DOOSiJ
(/(&75,&$/  3HUHV - 5 5 ³2OHDJLQRVDV SDUD ELRGLHVHO VLWXDomR H
)8(/ &21'8&7,9,7< SRWHQFLDO2)XWXURGD,QG~VWULD%LRGLHVHO´6pULH3ROtWLFD
—6LHPHQVP  ,QGXVWULDO 7HFQROyJLFD H GH &RPpUFLR ([WHULRU %UDVtOLD
'LHVHO %   
 6X]XNL & ( ³(VWXGR FRPSDUDWLYR GH DOWHUQDWLYDV SDUD R
6R\EHDQELRGLHVHO %   GHVHQYROYLPHQWR SURMHWR H IDEULFDomR GH WDQTXHV
*DVROLQH *&   FRPEXVWtYHLV SDUD DXWRPyYHLV GH SDVVDJHLURV GHQWUR GD
+\GUDWHGHWK\ODOFRKROIXHO (   *HQHUDO0RWRUVGR%UDVLO´'LVVHUWDomR(VFROD3ROLWpFQLFD
GD8636mR3DXOR

 $670%³6WDQGDUG7HVW0HWKRGIRU 0HDVXUHPHQWRI
$FFRUGLQJ WR 5S UHVXOWV ZKHQ WKH FRDWLQJ V\VWHPV DUH
7KLFNQHVVRI$QRGLF&RDWLQJVRQ$OXPLQXPDQGRI2WKHU
FRPSDUHG LW LV REVHUYHG WKDW WKH RUJDQRPHWDOOLF FRDWHG
1RQFRQGXFWLYH &RDWLQJV RQ 1RQPDJQHWLF %DVLV 0HWDOV
VDPSOHV DUH PRUH UHVLVWDQW WKDQ WKH WLQ FRDWHG VDPSOHV
ZLWK(GG\&XUUHQW,QVWUXPHQWV´
UHJDUGOHVVRIWKHIXHOW\SHWHVWHG7KLVIDFWZDVH[SHFWHGRQFH
 $670$³6WDQGDUG7HVW0HWKRGIRU:HLJKW>0DVV@RI
WKH RUJDQRPHWDOOLF FRPSRXQG SOXV ]LQF OD\HU  WKLFNQHVV LV
&RDWLQJRQ,URQDQG6WHHO$UWLFOHVZLWK=LQFRU=LQF$OOR\
ODUJHU WKDQ WKH WLQ FRDWLQJ WKLFNQHVV SURYLGLQJ D EHWWHU
&RDWLQJV´
SK\VLFDO EDUULHU DJDLQVW FRUURVLRQ %HVLGHV WKDW QLFNHO DQG
DOXPLQXP SUHVHQFH LQ WKH RUJDQRPHWDOOLF FRDWLQJ DUH FULWLFDO 
LQLQKLELWLQJWKHFRUURVLRQSURFHVV &217$&7,1)250$7,21
 
,WZDVDOVRSRVVLEOHWRUDQNWKHIXHOVDVWRLWVFRUURVLYHDFWLRQ PLOHQHOXFLDQR#\DKRRFRPEU
7KH VR\ ELRGLHVHO LV PRUH FRUURVLYH WKDQ GLHVHO EXW OHVV 
FRUURVLYH WKDQ JDVROLQH 7KH K\GUDWHG HWK\O DOFRKRO UHPDLQV
WKHPRVWDJJUHVVLYHIXHOSUREDEO\GXHWRWKHIDFWWKDWWKLVIXHO $&.12:/('*0(176
KDV KLJKHU HOHFWULFDO FRQGXFWLYLW\ WKDQ WKH RWKHU V\VWHPV 
IDYRULQJWKHHOHFWURFKHPLFDOFRUURVLRQ 7KH DXWKRUV WKDQN 8)0* &HQWHU IRU 0LFURVFRS\ IRU 6(0
 DQG ('6 DQDO\VLV 3HWUREUDV IRU IXHOV GRQDWLRQ DQG WKH
7KHOHVVFRUURVLYHLVWKHIXHOWKHJUHDWHUWKHGLIIHUHQFHLQWKH &KHPLFDO(QJLQHHULQJ'HSDUWPHQWRI8)0*
SRODUL]DWLRQ UHVLVWDQFH RI WKH RUJDQRPHWDOOLF FRDWHG VDPSOHV
FRPSDUHGWRWKHWLQFRDWHGVDPSOHV


3DJHRI

You might also like