&RPSRQHQW 'HVFULSWLRQV
$& 5HDFWRUV
7KLV LV XVHIXO LQ VXSSUHVVLQJ KDUPRQLFV LQGXFHG RQ WKH SRZHU VXSSO\ OLQHV RU ZKHQ WKH PDLQ
,QSXW 6LGH
SRZHU YROWDJH LPEDODQFH H[FHHGV
VPRRWK RXW OLQH IOXFWXDWLRQV ,W DOVR LPSURYHV WKH SRZHU IDFWRU
,Q WKH IROORZLQJ FDVHV IRU D JHQHUDOSXUSRVH LQYHUWHU D ODUJH SHDN FXUUHQW IORZV RQ WKH PDLQ
SRZHU VXSSO\ VLGH DQG LV DEOH WR GHVWUR\ WKH LQYHUWHU PRGXOH
,I WKH XQEDODQFHG IDFWRU RI WKH SRZHU VXSSO\ LV
,I WKH SRZHU VXSSO\ FDSDFLW\ LV DW OHDVW WLPHV JUHDWHU WKDQ WKH LQYHUWHU FDSDFLW\ WKH SRZHU
,I DEUXSW SRZHU VXSSO\ FKDQJHV DUH H[SHFWHG
([DPSOHV RI WKHVH VLWXDWLRQV LQFOXGH
1. 6HYHUDO LQYHUWHUV DUH FRQQHFWHG LQ SDUDOOHO VKDULQJ WKH VDPH SRZHU EXV
2. $ WK\ULVWRU FRQYHUWHU DQG DQ LQYHUWHU DUH FRQQHFWHG LQ SDUDOOHO VKDULQJ WKH VDPH SRZHU EXV
3. $Q LQVWDOOHG SKDVHDGYDQFH SRZHU IDFWRU FRUUHFWLRQ FDSDFLWRU RSHQV DQG FORVHV
:KHUH WKHVH FRQGLWLRQV H[LVW RU ZKHQ WKH FRQQHFWHG HTXLSPHQW PXVW EH KLJKO\ UHOLDEOH LQVWDOO
DQ $& UHDFWRU EHWZHHQ WKH SRZHU VXSSO\ DQG WKH LQYHUWHU $OVR ZKHUH WKH HIIHFWV RI DQ LQGLUHFW
OLJKWQLQJ VWULNH LV SRVVLEOH LQVWDOO D OLJKWQLQJ FRQGXFWRU
([DPSOH FDOFXODWLRQ
9 56
ZKHUH 9 56 LV 56 OLQH YROWDJH 9 67 LV 67 OLQH YROWDJH 9 75 LV 75 OLQH YROWDJH
3OHDVH UHIHU WR WKH GRFXPHQWDWLRQ WKDW FRPHV ZLWK WKH $& UHDFWRU IRU LQVWDOODWLRQ LQVWUXFWLRQV
$& 5HDFWRU RU
7KLV UHDFWRU UHGXFHV WKH YLEUDWLRQV LQ WKH PRWRU FDXVHG E\ WKH LQYHUWHU¶V VZLWFKLQJ ZDYHIRUPV
/&5 )LOWHU
E\ VPRRWKLQJ WKH ZDYHIRUPV WR DSSUR[LPDWH FRPPHUFLDO SRZHU TXDOLW\ ,W LV DOVR XVHIXO WR
UHGXFH WKH UHIOHFWHG YROWDJH ZDYH SKHQRPHQRQ ZKHQ ZLULQJ IURP WKH LQYHUWHU WR WKH PRWRU LV
2XWSXW 6LGH
PRUH WKDQ P LQ OHQJWK 3OHDVH UHIHU WR WKH GRFXPHQWDWLRQ WKDW FRPHV ZLWK WKH $& UHDFWRU IRU
LQVWDOODWLRQ LQVWUXFWLRQV
VXSSO\ FDSDFLW\ LV N9$ RU PRUH
9 9 67
9 9 75
8QEDODQFH IDFWRU RI YROWDJH
(
9
±
9
56
56
(
9 56
9 67
DQG SRZHU VRXUFH FDSDFLW\ LV PRUH WKDQ N9$ RU WR
RU KLJKHU
9
0D[ OLQH YROWDJH PLQ 0HDQ OLQH YROWDJH
±
0HDQOLQH YROWDJH
) ⁄
9
9
67
75
×
) ⁄
9 75
/3 ,QYHUWHU
×
±
×
±