Available online at www.sciencedirect.

com

AASRI Procedia 3 (2012) 133 140

$$65,&RQIHUHQFHRQ0RGHOLQJ,GHQWLILFDWLRQDQG&RQWURO

$6SDFH9HFWRU3XOVH:LGWK0RGXODWLRQ$SSURDFKIRU'&/LQN
9ROWDJH%DODQFLQJLQ'LRGH&ODPSHG0XOWLOHYHO,QYHUWHU
&%KDUDWLUDMD 'U6-HHYDQDQWKDQ5/DWKD'U66'DVK

5HVHDUFK6FKRODU(((6508QLYHUVLW\&KHQQDLDQG,QGLD

3URI(((3RQGLFKHUU\(QJLQHHULQJ&ROOHJH3RQGLFKHUU\DQG,QGLD

+2'(((6508QLYHUVLW\&KHQQDLDQG,QGLD




$EVWUDFW

7KLVSDSHUSUHVHQWVDJHQHUDOLVHG693:0WHFKQLTXHQDPHG1HDUHVW7KUHH9HFWRUDQG6HOHFWHG7KUHH9HFWRU1679
WRFRQWURO'&OLQNLPEDODQFHVLQWKHWKUHHOHYHO13&0/,ZKLFKLVRQHRIWKHPDLQGUDZEDFNV7KHSURSRVHGVFKHPHLV
DUHVXOWRIWKHEOHQGRIWKHWHFKQLTXHV1HDUHVW7KUHH9HFWRU179DQG6HOHFWHG7KUHH9HFWRU6797KLVVFKHPHFDQ
PDLQWDLQ'&OLQNYROWDJHZLWKLQDVSHFLILHGWROHUDQFHYDOXHZLWKDQ\PRGXODWLRQLQGH[RUDZLGHUDQJHRIORDGYDULDWLRQ
7KH UHVXOWV RI WKH SURSRVHG VFKHPH H[KLELWV '&OLQN YROWDJH YDULDWLRQ ZLWKLQ  ZKLFK ZHOO EHORZ WKH DFFHSWDEOH
OLPLW7KHVFKHPHJXDUDQWHHVWRDFKLHYHYROWDJHEDODQFLQJZLWKRXWDQ\DGGLWLRQDOFRQWURO7KHEHQHILWVRIWKHSURSRVHG
VROXWLRQRYHUH[LVWLQJVFKHPHVDUHYHULILHGWKURXJKWKH0$7/$%VLPXODWLRQDQGWHVWHGIRUWKHSURWRW\SH0/,GHVLJQHG
ZLWKWKHQRYHO693:0LPSOHPHQWHGLQ)3*$63$57(1,,,

3XEOLVKHGE\(OVHYLHU%96HOHFWLRQDQGRUSHHUUHYLHZXQGHUUHVSRQVLELOLW\RI$PHULFDQ$SSOLHG
2012 The Authors. Published by Elsevier B.V. Open access under CC BY-NC-ND license.
6FLHQFH5HVHDUFK,QVWLWXWH
Selection and/or peer review under responsibility of American Applied Science Research Institute

.H\ZRUGV'&OLQNFDSDFLWRUYROWDJHEDODQFHQHXWUDOSRLQWIOXFWXDWLRQQSI1HXWUDOSRLQW'LRGH&ODPSHG0XOWL/HYHO,QYHUWHU13&
0/,6SDFH9HFWRU3:0693:00$7/$%6LPXODWLRQ)LHOG3URJUDPPDEOH*DWH$UUD\)3*$

BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB



&RUUHVSRQGLQJDXWKRU7HO
(PDLODGGUHVVEKDUDWLUDMD#JPDLOFRP


2212-6716 2012 The Authors. Published by Elsevier B.V. Open access under CC BY-NC-ND license.
Selection and/or peer review under responsibility of American Applied Science Research Institute
doi:10.1016/j.aasri.2012.11.023
134 C.Bharatiraja et al. / AASRI Procedia 3 (2012) 133 140

,QWURGXFWLRQ

0XOWLOHYHOLQYHUWHUV0/,ZHUHSURSRVHGE\1DEDH$1DEDH$HWDO0/,RIIHUVDVHWRIIHDWXUHV

WKDWDUHZHOOVXLWHGIRU+9'&WUDQVPLVVLRQUHDFWLYHSRZHUFRPSHQVDWLQJGHYLFHVSRZHUFRQGLWLRQLQJDQGVR
RQ0DUFHORHWDO6DHHGLIDUG0HWDO6%XVTXHWV0RQJHHWDO0XOWLOHYHOLQYHUWHUVKDYH
EHHQ FODVVLILHG DV 'LRGH FODPSHG LQYHUWHU &DSDFLWRU &ODPSHG LQYHUWHU &DVFDGHG 0/, DQG +\EULG W\SH
LQYHUWHU5RGULJXH]-6HWDO13&0/,LQ)LJVXIIHUVIURPWKH'&OLQNLPEDODQFHSUREOHPGXHWR
WKHGFOLQNFDSDFLWRUVPDJQLWXGHRIWKLVSUREOHPLQFUHDVHVZLWKWKHLQFUHDVHLQQXPEHURIOHYHOV7KH'&OLQN
LPEDODQFHGHJUDGHVWKHRSHUDWLRQRIWKHLQYHUWHUE\LQFUHDVLQJWKHYROWDJHVWUHVVRQWKHVHPLFRQGXFWRUGHYLFHV
LQWURGXFLQJKDUPRQLFVDQGGLVWRUWLQJWKHRXWSXWYROWDJH
7KH QHXWUDO SRLQW EDODQFH FDQ EH DFKLHYHG E\ XVLQJ DQ DOJRULWKP WR VZLWFK WKH LQYHUWHU ZLWK SURSHU
VZLWFKLQJ VWDWHV VXFK WKDW WKH '&OLQN EDODQFLQJ LV DFKLHYHG -RVHS 3RX HW DO KDYH XVHG VWDWLRQDU\ IHHG
IRUZDUG693:0IRU'&OLQNEDODQFLQJLQZKLFKWKHGXW\F\FOHFDOFXODWLRQVLQYROYHGDUHPRUHFRPSOH[$
QHZ PRGXODWLRQDSSURDFKIRUFRPSOHWHFRQWURORI'&OLQNEDODQFLQJLQOHYHOSKDVH13&96,KDVEHHQ
SURSRVHGEDVHGRQWKHYLUWXDOYHFWRUFRQFHSWZKLFKJXDUDQWHHVWKHEDODQFLQJRI'&OLQNYROWDJHIRUDQ\ORDG
RYHU WKH IXOO PRGXODWLRQ UDQJH -LDQ<RQJ =+(1* HWDO  +RZHYHU WKLV PHWKRG KDV RQO\ EHHQ
LPSOHPHQWHGXVLQJFDUULHUEDVHG3:0ZKLFKLQYROYHVWKHFDOFXODWLRQRIDQJOHVDQGWULJRQRPHWULFUDWLRV$
FRPSOHWHFRQWUROKDVEHHQREWDLQHGLQWKHOHYHOSKDVH13&LQYHUWHU$PLW.XPDU*XSWDHWDO7KLV
VFKHPHIXOO\GHSHQGDQWVRQPRGXODWLRQLQGH[DQGUHIHUHQFHYHFWRUDQJOH
,Q WKLV SDSHU D QRYHO 693:0 1HDUHVW 7KUHH 9HFWRU DQG 6HOHFWHG 7KUHH 9HFWRU 1679 VWUDWHJ\ LV
SURSRVHG7KHFUX[RIWKHVFKHPHLVLQJHQLRXVXVDJHRI1HDUHVW7KUHH9HFWRU179DQGWKH6HOHFWHG7KUHH
9HFWRU679WREULQJWKH'&OLQNYROWDJHIOXFWXDWLRQVEHORZWKHWROHUDWHGYDOXH7KHSUHVHQWHGVROXWLRQLV
FDSDEOH RI HOLPLQDWLQJ WKH ORZ IUHTXHQF\ GFOLQN FDSDFLWRU YROWDJH RVFLOODWLRQV DQG JXDUDQWHHV EDODQFLQJ RI
GFOLQN YROWDJH LQ OHYHO 13&0/, RYHU WKH IXOO UDQJH RI PRGXODWLRQ 0RGXODWLRQ LQGH[ !  7KH
LPSURYHPHQW LQ QSI WKURXJK SURSRVHG 693:0 LV PXFK SURQRXQFHG IRU KLJKHU PRGXODWLRQ UDQJH WKDQ WKH
ORZHU7KHVFKHPHLVVLPXODWHGDQGFRQFHSWXDOIHDVLELOLW\LVWKRURXJKO\XQGHUVWRRGXVLQJ0$7/$%VRIWZDUH
/DWHUWKHVWUDWHJ\LVFRGHGV\QWKHVL]HGDQGGRZQORDGHGLQ)3*$63$57(1,,,

7UDGLWLRQDO6SDFH9HFWRU3:06WUDWHJ\

7KH 693:0 WUHDWV VLQXVRLGDO YROWDJH DV FRQVWDQW DPSOLWXGH YHFWRU URWDWLQJ DW FRQVWDQW IUHTXHQF\ ZLWK
UHIHUHQFH YROWDJH YHFWRU 9  GHILQHG E\ 9 _9 _ HMZW URWDWHV DURXQG WKH FHQWUH RI WKH VSDFH YHFWRU 690
GLDJUDPDWDQDQJXODUIUHTXHQF\ IV\VHJIV\V +]7KHSKDVHOHYHOVSDFHYHFWRUGLDJUDPLOOXVWUDWHG
LQ)LJ7KHURWDWLQJUHIHUHQFHYHFWRU9 OLHVLQDQ\RIWKHVHFWRULQVLGHWKDWVXEWULDQJOHVDUHDYDLODEOH7KH
WKUHHYHFWRUVRIWKHFRUUHVSRQGLQJWULDQJOHFDQEHXVHGWRV\QWKHVLVHWKHVDPSOHGUHIHUHQFHYROWDJHYHFWRU
9 69 69 0 9 

660 
7KHDOJRULWKPIRUPXOWLOHYHO690LVWREHLPSOHPHQWHGE\WKHIROORZLQJVWHSV/RFDWLRQRIWKHVHFWRUDQG
WKH WULDQJOH LQVLGH ZKLFK WKH WLS RI WKH UHIHUHQFH YHFWRU OLHV 6HOHFWLRQ RI WKH DGMDFHQW VZLWFKLQJ YHFWRUV
&DOFXODWLRQRIWKHGXW\F\FOHVRIWKHVZLWFKLQJYHFWRUV&DOFXODWLRQDQGDSSOLFDWLRQRIWKHVZLWFKLQJSDWWHUQ

,QIOXHQFHRIVZLWFKLQJYHFWRUIRU'&OLQNLPEDODQFH

'&OLQNFDSDFLWRUEDODQFLQJSUREOHPZLWKUHVSHFWWRSKDVHFXUUHQW

:KLOHXVLQJODUJH]HURYHFWRUVWKHSKDVHFXUUHQWVEHFRPH]HURDQGKHQFHWKHEDODQFHFRXOGEHREWDLQHG
 C.Bharatiraja et al. / AASRI Procedia 3 (2012) 133 140 135

'&OLQNLPEDODQFHLVPDLQO\GXHWRPHGLXPYHFWRUVEHFDXVHWKHSKDVHFXUUHQWVDUHQRW]HURLQWKRVHYHFWRUV
'XHWRWKHH[LVWLQJSKDVHFXUUHQWVFDSDFLWRUEDODQFHFDQQRWEHDFKLHYHG7KHFDSDFLWRUFDQEHEDODQFHGE\
SURSHUXWLOL]DWLRQRIWKHVKRUW]HURDQGODUJHYHFWRUVZLWKRXWPHGLXPYHFWRUVGX7RLW0RXWRQ+HWDO

'&OLQNFDSDFLWRUEDODQFLQJSUREOHPZLWKUHVSHFWWRPRGXODWLRQLQGH[

)RU WKH OLQHDU PRGXODWLRQ UHJLRQ WKHUH DUH WKUHH PRGHV L P LQ WKLV WKH DFWLYH YHFWRUV DUH WKH
VKRUW YHFWRUV DQG WKH EDODQFH LV DFKLHYHG XQGRXEWHGO\ LL P WKH DFWLYH YHFWRUV DUH PHGLXP DQG
VKRUW ZKHUH EDODQFLQJ EHFRPHV SRRU LLL LQ KLJKHU PRGXODWLRQ P WKH SDUWLFLSDWLRQ RI WKH
PHGLXPYHFWRULVPD[LPXPDQGLWFDQFRPSHQVDWHWKHVKRUWYHFWRUDVWKH'&OLQNFDSDFLWRULPEDODQFHLVKLJK
6%XVTXHWV0RQJHHWDO$WKLJKHUPRGXODWLRQWKHUHIHUHQFHYHFWRUOLHVLQDQGDQGUHVXOWV
LQLPEDODQFH7KH)LJVKRZVWKDWQSIDJDLQVWYDULRXVWULDQJOHVRIVHFWRU




)LJ&LUFXLWGLDJUDPIRUOHYHO13&0/,

)LJ6SDFH9HFWRU'LDJUDPRI13&0/,
136 C.Bharatiraja et al. / AASRI Procedia 3 (2012) 133 140

3UREOHPLGHQWLILFDWLRQ

7KHPDMRUSUREOHPLQWKH13&0/,LV'&OLQNEDODQFLQJ7KH'&OLQNEDODQFLQJFDQEHGHILQHGDV

3HUFHQWDJHRI'&OLQNLPEDODQFH ^9GFOLQNQ9F9GFOLQNQ` 

1HDUHVWWKUHHYHFWRU179VFKHPH

:KHQWKHUHIHUHQFH9 OLHVLQWKH LWFDQEHV\QWKHVL]HGE\XVLQJWKHQHDUHVWYHFWRUV9096,DQG96

ZKLFK LV WHUPHG DV 179 VFKHPH 6LPLODUO\ WKH UHIHUHQFH 9  FDQ OLHV LQ DQ\ RI WKH WULDQJOHV  DQG LW LV
V\QWKHVL]HGE\XVLQJWKHFRUUHVSRQGLQJQHDUHVWYHFWRUV7KHWULDQJOHZKHUHWKHUHIHUHQFHYHFWRULVORFDWHGFDQ
EHLGHQWLILHGE\ME\WKHJHQHUDOLPSOHPHQWDWLRQRIWKH690VFKHPH2QFHWKHWULDQJOHLGHQWLILFDWLRQ ZDV
GRQHWKHQWKDWSDUWLFXODUWULDQJOHLVWUHDWHGDVVHFWRURIDYLUWXDOOHYHOLQYHUWHUDQGWKHVXLWDEOHYHUWH[RIWKH
WULDQJOH FDQ EH WDNHQ DV WKH ]HUR YHFWRU 7KH WLS RI WKH UHIHUHQFH YHFWRU ZLWK UHVSHFW WR VKLIWHG YHFWRU LV
UHSUHVHQWHGDV997KHGXW\UDWLRVDUH
96 99
96 9
9/ 9696



 



















)LJ3KDVHFXUUHQWVDFFRUGLQJWROHYHO693:0






 C.Bharatiraja et al. / AASRI Procedia 3 (2012) 133 140 137



















)LJ6HFWRUIRU179VFKHPH)LJ6HFWRUIRU679VFKHPH

7KHHTXDWLRQVFDQEHDSSOLFDEOHIRUDQ\WULDQJOH:KHQWKHFRQWUROOLHVZLWKLQWKHWKHYHFWRUV96,
90, DQG 96 DUH VZLWFKHG ZLWK UHGXQGDQW VWDWHV7KH VWDWHV  DUH XVHG
ZLWKWKHGXW\UDWLRV6606DQG6+HUH66 6 66 66RE\FRQWUROOLQJ
GXW\F\FOHV6 6WKHQSIFDQEHFRQWUROOHG$PLW.XPDU*XSWDHWDO-+VHR

6HOHFWHGWKUHHYHFWRU679VFKHPH

2QFH PRGXODWLRQ LQGH[ JRHV EH\RQG  WKHQ EHFDXVH RI WKH PHGLXP YHFWRU DUULYDO WKH FDSDFLWRU JHWV
LPEDODQFHG 6R DV WR UHGXFH WKH LQIOXHQFH RI WKH PHGLXP YHFWRU FRQWULEXWLRQ LQ 690 IRU HDFK VHFWRU WKH
JURXQGYHFWRU9JLVLQWURGXFHG7KH9JOLHVDWDQHTXDOGLVWDQFHIURP9V9VDQG909JFDQEHGHILQHGDV
WKHPHDQRIWKHFRQWULEXWLRQRIWKHYHFWRUV9V9VDQG9P DQG(TLVLQDFFRUGDQFH9JZLOOQHYHULQGXFH
WKH'&OLQNLPEDODQFHDVLWFDXVHVDOPRVW]HURSKDVHFXUUHQW7RILQG679FRQVLGHUVHFWRU1RZE\MRLQLQJ
9/DQG969/ DQG96DQG9J DQG90QHZWULDQJOHVDUHFUHDWHGDQGQDPHGDVD96969JE96
9/96F969/,9/G969/9/DQGH9/96, 96DVHYLGHQWLQ)LJ+HUHRQO\WKHVKRUWDQG
ODUJHYHFWRUVDUHXWLOL]HGWKHPHGLXPYHFWRUVDUHQHJOHFWHGWRUHGXFH'&OLQNLPEDODQFH
9J 96,9096,

7DEOH3URSRVHGVHOHFWHGYHFWRU693:0VFKHPHIRUOHYHO13&0/,ZLWKWKHLUFRUUHVSRQGLQJFXUUHQWV

6HFWRU5HJLRQ6KRUWYHFWRUV/DUJHYHFWRUV
E969/96>@LD>@LD>@LF>@LF>@
F969/9/>@LD>@LD>@>@
G969/9/>@LF>@LF>@>@
H96969/>@LD>@LD>@LF>@LF>@
7ULDQJOHGHWHUPLQDWLRQ GXW\F\FOHFDOFXODWLRQV
7KHUHDUHWZRVWDQGDUGWHFKQLTXHVXVHGWRGHWHUPLQHWKHWULDQJOHLQZKLFKWKHUHIHUHQFHSRLQW9 OLHV&DVH
L7KHUHIHUHQFH9 PDNHVDQDQJOHOHVVWKDQRZLWKWKHSODQHLIWKHWLSRIWKHUHIHUHQFH9 OLHVZLWKLQ
WKHWULDQJOHVERUF7KHQWKHUHIHUHQFHSRLQWLVGLYLGHGLQWKHUDWLR7KH9 LV99WKHQWKHSRLQW
OLHV LQ  E 2Q WKH RWKHU KDQG LI WKH UHIHUHQFH SRLQW LV 99 WKHQ 9  OLHV LQ WKH  F &DVH LL 7KH
UHIHUHQFH9 PDNHVDQDQJOHJUHDWHUWKDQRZLWKWKHSODQHLIWKHWLSRIWKHUHIHUHQFHSRLQWLVZLWKLQWKH
WULDQJOHVHRUGWKHQVLPLODUWRWKHFDVHWKHWULDQJOHFDQEHLGHQWLILHG)RUH[DPSOHWKHUHIHUHQFHSRLQWOLHV
LQ WKH E LI ERWK WKH LQHTXDOLWLHV  DQG 99 DUH VDWLVILHG %DVHG RQ WKH UHJLRQ GXW\ F\FOH LV
FDOFXODWHG
138 C.Bharatiraja et al. / AASRI Procedia 3 (2012) 133 140

6LPXODWLRQUHVXOW

7KHSHUIRUPDQFHRIWKHSURSRVHG690KDYHEHHQVLPXODWHGE\0$7/$%EIRUVZLWFK13&0/,
ZLWK 9 '&OLQN WZR ) FDSDFLWRU N+= VZLWFKLQJ IUHTXHQF\ IHG  +3 VTXLUUHO FDJH SKDVH
LQGXFWLRQPRWRURSHQORRSYIFRQWUROGULYH)LJDVKRZVWKHSKDVHYROWDJHIRU179VFKHPH7KH)LJE
VKRZV WKH YROWDJH LPEDODQFH XVLQJ WKH 179 VFKHPH DW PRGXODWLRQ LQGH[  WKH FDSDFLWRU YROWDJH 9F LV
DERXW 9 +HQFH XVLQJ (T WKH QSI YDOXH RI  LV REWDLQHG )LJ F VKRZV WKH SKDVH YROWDJH IRU
SURSRVHG1679VFKHPH,Q)LJGJLYHYROWDJHDFURVVWKHFDSDFLWRUXVLQJSURSRVHG1679VFKHPHIRUWKH
PRGXODWLRQLQGH[ZKLFKUHVXOWVWKHQSIYDOXHVDV+HUHWKHSURSRVHG1679VFKHPHOLPLWVWKH'&
OLQNLPEDODQFHYDOXHWRZKLFKLVZHOOEHORZWKH,(((VWDQGDUGRI1RPXUDVHWDO











D E

)LJ6LPXODWLRQUHVXOWLQ0DWODEEIRUOHYHOLQYHUWHUZLWK690EDVHG179VFKHPHZLWK0RGXODWLRQ,QGH[ I +]& 
& )D'&OLQNFDSDFLWRUYROWDJHV9F 9FIRU1976906FKHPHQSIE'&OLQNFDSDFLWRUYROWDJHV9F 9FIRU
3URSRVHG1697690VFKHPH

([SHULPHQWDOUHVXOW

7KH SURSRVHG DOJRULWKP LV SURJUDPPHG LQ 9HULORJ +DUGZDUH 'HVFULSWLYH /DQJXDJH 9+'/ FRGH DQG
V\QWKHVL]HGLQPLQLPXPFRPSXWDWLRQDOORDGXVLQJ63$57$1,,,$1;&6)3*$IDPLO\ERDUG


















 C.Bharatiraja et al. / AASRI Procedia 3 (2012) 133 140 139


D
7KH690PRGXODWRUGXW\UDWLRLQIRUPDWLRQLVFDOFXODWHGDQGSXOVHLVJHQHUDWHGWKURXJK)3*$7KH179DQG679VZLWFKLQJVHTXHQFHV
DUHPDSSHGE\XVLQJWKH'ORRNXSWDEOH7KHDOJRULWKPLVWHVWHGH[SHULPHQWDOO\RQDOHYHO13&ODERUDWRU\SURWRW\SHLQYHUWHUZLWK
9'&OLQNWZR)FDSDFLWRUN+=VZLWFKLQJIUHTXHQF\IHG+3VTXLUUHOFDJHSKDVHLQGXFWLRQPRWRURSHQORRSYIFRQWURO
GULYH7KHFRUURERUDWLQJH[SHULPHQWDOUHVXOWVDUHFDSWXUHGXVLQJFKDQQHOV<2.2*$:$GLJLWDOVLJQDORVFLOORVFRSH'62)LJDDQG
)LJEVKRZVWKHRXWSXWYROWDJHRIWKHLQYHUWHUQSIDQG7+'IRUWKHSURSRVHG1679VFKHPH1RWHWKLV([SHULPHQWDOQSI
YDOXHLVOLWWOHGLIIHUVIURPVLPXODWLRQSODWIRUPUHVXOWIRUWKHVDPHV\VWHPSDUDPHWHUVEHFDXVHRIUHDOFDSDFLWRUVZLOOQRWKDYHWKHVDPH
GLVFKDUJLQJLQQDWXUH


























)LJD([SHULPHQWDOUHVXOWVIRUL>$GLY@9FDQG9F>9GLY@RXWSXWYROWDJHY>9GLY@DQG9 9P I 

+]& & )E7+'VSHFWUXPIRUSURSRVHG179693:0I N+]

'LVFXVVLRQ

)LJ GHSLFWV WKH SHUFHQWDJH QSI YHUXV PRGXODWLRQ LQGH[ IRU GLIIHUHQW VFKHPHV)RU WKH PRGXODWLRQ LQGH[
PWKH179VFKHPHLVPHGDOLVWLQUHGXFLQJWKHQSISUREOHP,IWKHPRGXODWLRQLQGH[LVEH\RQG
GXH WR WKH SDUWLFLSDWLRQ RI PHGLXP YHFWRU WKH QSI LQFUHDVHV DQG KHQFH WKH 179 VFKHPH LV QRW
SUHIHUDEOH7KHUHIRUHIRUWKHPRGXODWLRQLQGH[PWKH679VFKHPHLVXVHGWROLPLWWKHQSI













140 C.Bharatiraja et al. / AASRI Procedia 3 (2012) 133 140


)LJ3HUFHQWDJHQSIYHUVXV0RGXODWLRQLQGH[FRPSDULVRQ

&RQFOXVLRQ

$QRYHO693:0PRGXODWLRQDSSURDFKIRUFRQWUROWKH'&OLQNYROWDJHLQWKHSKDVHOHYHO13&96,LV
SUHVHQWHG7KHSURSRVHG1679VFKHPHPDLQWDLQVWKH'&OLQNLPEDODQFHZLWKLQDVSHFLILHGWROHUDQFHYDOXH
7KH EDODQFLQJ RI WKH '&OLQN YROWDJH LV DFKLHYHG LUUHVSHFWLYH RI ORDG FRQGLWLRQ DQG RYHU WKH IXOO UDQJH RI
LQYHUWHU RXWSXW YROWDJH 7KXV WKH SURSRVHG 1679 VFKHPH OLPLWV WKH '&OLQN LPEDODQFH YDOXH WR 
ZKLFKLVZHOOEHORZWKH,(((VWDQGDUGUHTXLUHPHQWRI1RPXUD6HWDO7KHVFKHPHVLJQLILFDQWO\
UHGXFHVWKHVL]HRIWKHGFOLQNFDSDFLWRUV

5HIHUHQFHV

>@1DEDH $ , 7DNDKDVKL DQG + $NDJL $ QHZ QHXWUDOSRLQW FODPSHG SZP LQYHUWHU ,(((
7UDQVDFWLRQVRQ,QGXVWULDO$SSOLFDWLRQV9RO,$QRSS
>@0DUFHOR&&DYDOFDQWL$OH[DQGUHDQG0)DULDV(OLPLQDWLQJ/HDNDJH&XUUHQWVLQ1HXWUDO3RLQW
&ODPSHG,QYHUWHUVIRU3KRWRYROWDLF6\VWHPV,(((7UDQV,QG(OHFWURQ9ROQRSS
>@6DHHGLIDUG 0 ,UDYDQL 5 3RX - &RQWURO DQG '&FDSDFLWRU YROWDJH EDODQFLQJ RI D VSDFH YHFWRU
PRGXODWHG ILYHOHYHO 67$7&20 ,(7 3RZHU (OHFWURQLFV ,163(& $FFHVVLRQ 1XPEHU 9RO
QRSS
>@6HULJR%XVTXHWV0RQJH-%RUGRQDX'%RUR\HYLFKDQG66RPDYLOOD7KHQHDUHVWWKUHHYLUWXDO
VSDFH YHFWRU SZP$ PRGXODWLRQ IRU WKH FRPSUHKHQVLYH QHXWUDO SRLQW EDODQFLQJ LQ WKH WKUHHOHYHO QSF
LQYHUWHU,(((7UDQVDFWLRQVRQ3RZHU(OHFWURQLFV9ROQRSS
>@5RGULJXH] -6 /DL DQG )= 3HQJ  $ VXUYH\ RI QHXWUDO SRLQW FODPSHG LQYHUWHUV ,(((
7UDQVDFWLRQVRQ,QGXVWULDO(OHFWURQLFV9ROQRSS
>@-RVHS 3RX 'XVKDQ %RUR\HYLFK DQG 5DID 3LQGDGR 1HZ )HHG IRUZDUG 6SDFH9HFWRU 3:0
0HWKRGWR2EWDLQ%DODQFHG$&2XWSXW9ROWDJHVLQD/HYHO13&&RQYHUWHU,(((7UDQV,QG(OHFWURQ
9ROQRSS
>@-LDQ<RQJ =+(1* =KDQJ/LDQJ 6+(1 -XQ 0(, DQG /L)HQJ ZDQJ ,PSURYHG  1HXWUDO3RLQW
9ROWDJH %DODQFLQJ $OJRULWKP IRU WKH 13& 7KUHH/HYHO ,QYHUWHU  %DVHG RQ 9LUWXDO 6SDFH 9HFWRU 3:0
,QWHUQDWLRQDO&RQIHUHQFHRQ(OHFWULFDODQG&RQWURO(QJLQHHULQJ9ROQRSS
>@$PLW .XPDU *XSWD DQG $VKZLQ 0 .KDPEDGNRQH $ 6LPSOH 6SDFH 9HFWRU 3:0 6FKHPH WR
2SHUDWH 7KUHH/HYHO 13& ,QYHUWHU DW +LJK 0RGXODWLRQ ,QGH[ ,QFOXGLQJ 2YHU PRGXODWLRQ 5HJLRQ :LWK
1HXWUDO3RLQW%DODQFLQJ,(((7UDQVDFWLRQVRQ,QGXVWULDO$SSOLFDWLRQV9ROQRSS
>@'X7RLW0RXWRQ+1DWXUDOEDODQFLQJRIWKUHHOHYHOQHXWUDOSRLQWFODPSHG3:0LQYHUWHUV,(((
7UDQVDFWLRQVRQ,QGXVWULDO(OHFWURQLFV9ROQRSS
>@ -+6HR &+&KRL DQG '6+\XQ $ 1HZ VLPSOLILHG VSDFHYHFWRU SZP PHWKRG IRU WKUHHOHYHO
LQYHUWHUV,(((7UDQVDFWLRQVRQ3RZHU(OHFWURQLFV9RO1RSS-XO\
>@ 1RPXUD6:DWDQDEH16X]XNL&$MLNDZDDQG0.DMLWD$GYDQFHG&RQILJXUDWLRQRIVXSHUFRQGXFWLQJ
PDJQHWLFHQHUJ\VWRUDJH6FLHQFH'LUHFW(QHUJ\9RO$XJ6HSWSS