ABSTRACT
R&DQG*3DWR±R&DQG±*3DZLWKDQHJDWLYHVORSH>@ 7KLVVWUXFWXUDOWUDQVLWLRQEHWZHHQDGHQVHPROHFXODUDQGDSRO\PHULFSKDVHLQOLTXLG LVILUVWRUGHUVKDUSDQGUHYHUVLEOHZLWKDSUHVVXUHUDQJHRIOHVVWKDQ*3D)URP WKHVKDSHRIWKLVOLQHDWKHUPRG\QDPLFFKDUDFWHUL]DWLRQRIWKHWUDQVLWLRQLVREWDLQHG LQWHUPVRIODWHQWKHDWDQGLQWHUQDOHQHUJ\FKDQJH>@
3KDVH ,ZDV SUHSDUHG IURPPHOW DW IRUPDWLRQRI ODUJH VLQJOH FU\VWDOV >@ DQGLQ>@7KHIRUPDWLRQRIWKHDPRUSKRXVEODFNSKDVHZDVIRXQGWRRFFXUEHORZ R& DW *3D DQG EHORZ R& DW *3D >@ 7KH VHPLFRQGXFWRU±PHWDO WUDQVLWLRQ LQ SKDVH , ZDV REVHYHG DW *3D DQG URRP WHPSHUDWXUH ZLWK QR VWUXFWXUDOFKDQJH>@7KHEHKDYLRURIFU\VWDOOLQHSKRVSKRUXV3,ZDVVWXGLHG DW URRP DQG KLJK WHPSHUDWXUHV E\ HOHFURUHVLVWDQFH DQG RSWLFDOO\ >@ E\ WKHUPRSRZHU LQYHVWLJDWLRQ XS WR *3D >@ E\ PHDVXULQJ RI WKH WKHUPDO DQG HODVWLF SURSHUWLHV >@ E\ LQHODVWLF QHXWURQ VFDWWHULQJ >@ E\XOWUDVRQLF FRQVWDQWV >@E\5DPDQVFDWWHULQJXSWR*3DDQG.>@E\;UD\GLIIUDFWLRQXSWR *3D >@ XS WR *3D >@ XS WR *3D >@ E\ FDOFXODWLRQ >±@DQGLQ>@
7KH ,→9 SKDVH WUDQVLWLRQ ZDV GHWHUPLQHG XVLQJ VWDWLF FRPSUHVVLRQ DW DERXW *3D DQG R& 7KH VHPLPHWDOLF SKDVH 9 RU ,, KDV D UKRPERKHGUDO VWUXFWXUHRIWKH$VW\SHZLWKVSDFHJURXS5 PDQGODWWLFHSDUDPHWHUVD QP γ R >@ 7KH KLJKSUHVVXUH SKDVH 9, KDYLQJ D PHWDOOLF FRQGXFWLYLW\ ZDV REVHYHGDW DERXW*3DDQGR&7KH WUDQVWLRQ WRDPHWDOOLFVWDWHZDVREVHUYHG DOVRE\VKRFNZDYHORDGLQJDWDERXW*3D>@7KH,±9SKDVHERXQGDU\KDVD QHJDWLYHVORSHWKH9→9,SKDVHWUDQVLWLRQKDVDYHUWLFDOVORSH3KDVH9,RU,,,KDV DVLPSOHFXELFVWUXFWXUHZLWKD QP>@DQGLVVWDEOHXSWR*3D >@3KDVHVWDELOLW\RISKRVSKRUXVZDVGHWHUPLQHGE\;UD\GLIIUDFWLRQXSWR*3D DQGR&>@DQGE\FDOFXODWLRQ>@$FFRUGLQJWR>@SKDVH9,ZLWKDVLPSOH FXELFVWUXFWXUHLVVWDEOHWR*3DWKHSKDVHWUDQVLWLRQWRSKDVH9,,RU9KDYLQJ D VLPSOH KH[DJRQDO VWUXFWXUH DQG VSDFH JURXS3PPP ZDV REVHUYHG DW *3D ZLWK ∆99 YLD DQ LQWHUPHGLDWH PRGLILFDWLRQ 3KDVH 9,, LV VWDEOH XS WR *3D ZKHUH WKH FD YDOXH LQFUHDVHV IURP WR 6OXJJLVK SKDVH WUDQVLWLRQ9,,→9,,,EFFZDVGHWHUPLQHGDW*3DERWKSKDVHVFRH[LVWHGXSWR *3D>@7KHFXELFSKDVH9,,,KDVD QPDW*3D7KHVWDELOLW\RI SKDVHV9,9,,DQG9,,,ZHUHFDOFXODWHG>@
7.
