8qorfn %LJ 'DWD (Prwlrqv:Hljkwhg:Rug (Pehgglqjv Iru 6Hqwlphqw &Odvvl¿Fdwlrq
8qorfn %LJ 'DWD (Prwlrqv:Hljkwhg:Rug (Pehgglqjv Iru 6Hqwlphqw &Odvvl¿Fdwlrq
$EVWUDFW6HQWLPHQW FODVVLFDWLRQ KDV JDLQHG PXFK DWWHQWLRQ LQ GLIIHUHQW GRPDLQV LQFOXGLQJ VSRUWV >@ SROLWLFV >@ >@
LQ ELJ GDWD HUD 0RVW H[LVWLQJ PHWKRGV UHO\ RQ EDJRIZRUGV >@ UHWDLOV >@ >@ PDUNHWLQJ >@ >@ >@ DQG VHUYLFHV
PRGHO ZKLFK GLVUHJDUG FRQWH[WXDO LQIRUPDWLRQ ,Q PDQ\ FDVHV >@
KRZHYHU WKH VHQWLPHQW VWUHQJWK RI D ZRUG LV LPSOLFLWO\ DVVRFLDWHG
ZLWK LWV SDUW RI VSHHFK DQG FRQWH[W ,Q WKLV SDSHU ZH SUHVHQW D 6HQWLPHQW FODVVLFDWLRQ >@ >@ SOD\V DQ LPSRUWDQW UROH LQ
::( ZHLJKWHG ZRUG HPEHGGLQJV PHWKRG WKDW FRPELQHV ZRUG VHQWLPHQW DQDO\VLV 7KH WZR SURPLQHQW PHWKRGV DUH OH[LFRQ
HPEHGGLQJV DQG SDUWRIVSHHFK 326 WDJJLQJ )LUVW ZH XVHG D EDVHG PHWKRGV DQG OHDUQLQJEDVHG PHWKRGV %RWK PHWKRGV UHO\
FRQWLQXRXV ZRUG UHSUHVHQWDWLRQV DOJRULWKP :RUG9HF WR WUDLQ D RQ EDJRIZRUGV %R: PRGHO 7KHVH PHWKRGV GLVUHJDUG FRQ
YHFWRU PRGHO 7KH DOJRULWKP OHDUQV WKH RSWLPDO YHFWRUV IURP WKH WH[W JUDPPDU DQG HYHQ ZRUG RUGHU 7KH\ FDQQRW VXIFLHQWO\
FRQWH[W RI VXUURXQGLQJ ZRUGV $FFRUGLQJ WR WKH FRVLQH VLPLODULW\
EHWZHHQ WKH YHFWRU RI D ZRUG DQG WKH YHFWRUV RI VHHG ZRUGV D FDSWXUH WKH FRPSOH[ OLQJXLVWLF FKDUDFWHULVWLFV RI ZRUGV ,Q
SRODULW\ VFRUH RI WKLV ZRUG FDQ EH FDOFXODWHG 7KH VWDWHRIWKH DGGLWLRQ VRFLDO PHGLD DUH XVXDOO\ VKRUW WH[W DQG GR QRW SURYLGH
DUW 6\QWD[1HW ZDV XVHG IRU 326 WDJJLQJ :H WKHQ FRPSXWHG VXIFLHQW ZRUG RFFXUUHQFHV IRU FRQYHQWLRQDO %R: PHWKRGV WR
DQ RYHUDOO SRODULW\ VFRUH RI WKH ZKROH VHQWHQFH E\ 326 ZHLJKWHG ZRUN UHOLDEO\
SRODULW\ VFRUHV RI ZRUGV $W WKH HQG PDMRULW\ YRWLQJ ZDV DSSOLHG 8QOLNH WKH %R: PHWKRGV ZH SUHVHQW D ::( ZHLJKWHG
WR GHWHUPLQH WKH QDO SRODULW\ 2XU H[SHULPHQWDO UHVXOWV VKRZ
WKDW WKH ::( PHWKRG LV SHUIRUPHG ZLWK SURPLVLQJ RXWFRPHV ZRUG HPEHGGLQJV PHWKRG WKDW GHSHQGV RQ WKH FRQWH[WV RI
$GGLWLRQDOO\ WKH PHWKRGRORJ\ ZDV GHPRQVWUDWHG RQ WKH WZLWWHU VXUURXQGLQJ ZRUGV ,W FRPELQHV ZRUG HPEHGGLQJV DQG SDUW
GDWDVHWV IURP GLIIHUHQW GRPDLQV 7KH UREXVWQHVV UHFRPPHQGV RIVSHHFK WDJJLQJ :RUG HPEHGGLQJV >@ >@ LV RQH RI WKH
WKDW WKLV PHWKRG FDQ EH DSSOLHG RQ RWKHU VHQWLPHQW FODVVLFDWLRQ VWURQJHVW WUHQGV LQ 1DWXUDO /DQJXDJH 3URFHVVLQJ 1/3 DW WKLV
SUREOHPV RU GRPDLQV :H DOVR FRPSDUHG WKH SHUIRUPDQFH RQ PRPHQW :H XVHG 0LNRORYV :RUG9HF >@ >@ D FRQWLQX
YDULRXV GLPHQVLRQV RI WKH WUDLQHG PRGHOV $ KLJKHU GLPHQVLRQ
DFKLHYHG D EHWWHU SHUIRUPDQFH RXV ZRUG UHSUHVHQWDWLRQV DOJRULWKP WR WUDLQ D YHFWRU PRGHO
7KH DOJRULWKP OHDUQV WKH RSWLPDO YHFWRU IURP VXUURXQGLQJ
.H\ZRUGV%LJ 'DWD 1DWXUDO /DQJXDJH 3URFHVVLQJ 1/3 1DW ZRUGV 7KH WUDLQHG YHFWRUV FDWFK VHPDQWLF VLPLODULWLHV EHWZHHQ
XUDO /DQJXDJH 8QGHUVWDQGLQJ 1/8 0DFKLQH /HDUQLQJ :RUG ZRUGV >@ >@ $FFRUGLQJ WR WKH FRVLQH VLPLODULW\ EHWZHHQ WKH
(PEHGGLQJV :RUG9HF 6RFLDO 0HGLD 7ZLWWHU &RVLQH 6LPLODULW\ YHFWRU RI D ZRUG DQG WKH YHFWRUV RI VHHG ZRUGV D SRODULW\ VFRUH
6HQWLPHQW &ODVVLFDWLRQ 3DUW RI 6SHHFK 6\QWD[1HW 3DUVH\ RI WKH ZRUG LV FDOFXODWHG $GGLWLRQDOO\ ZH DGGHG ZHLJKW WR WKH
0F3DUVHIDFH
ZRUG DFFRUGLQJ WR LWV SDUW RI VSHHFK EHFDXVH WKH VHQWLPHQW
VWUHQJWK RI D ZRUG PD\ YDU\ LQ GLIIHUHQW SDUWV RI VSHHFK 7KH
, , 1752'8&7,21
VWDWHRIWKHDUW 3DUVH\ 0F3DUVHIDFH RI 6\QWD[1HW LV XVHG IRU
,Q WKH DJH RI ELJ GDWD VRFLDO PHGLD KDYH EHFRPH LQFUHDV WDJJLQJ ZKLFK LV WKH PRVW DFFXUDWH SDUVHU LQ WKH ZRUOG >@
LQJO\ SRSXODU $V RI PRUH WKDQ SHRSOH LQ WKH 7KH ZHLJKWHG SRODULW\ VFRUH RI ZRUGV DUH XVHG WR FRPSXWH
8QLWHG 6WDWHV KDG D VRFLDO PHGLD SUROH ELOOLRQ SHRSOH WKH WRWDO SRODULW\ VFRUH RI WKH ZKROH VHQWHQFH $W WKH HQG
ZLOO XVH VRFLDO QHWZRUNV DURXQG WKH ZRUOG E\ >@ PDMRULW\ YRWLQJ RI FRPPLWWHH PHPEHUV ZLWK GLIIHUHQW SDUWRI
3HRSOH VKDUH RSLQLRQV HPRWLRQV DWWLWXGHV RU IHHOLQJV RQ VRFLDO VSHHFK ZHLJKWV ZHUH XVHG WR GHWHUPLQH WKH QDO SRODULW\
QHWZRUNV )RU H[DPSOH RYHU WZHHWV VHQW SHU PLQXWH 7R RXU EHVW NQRZOHGJH WKLV LV WKH UVW ZRUN DSSO\LQJ
PLOOLRQ WZHHWV SHU GD\ DQG DURXQG ELOOLRQ WZHHWV ERWK ZRUG HPEHGGLQJV DQG 3DUVH\ 0F3DUVHIDFH WDJJLQJ IRU
SHU \HDU >@ :LWK WKH UDSLG LQFUHDVH LQ WKH SRSXODULW\ RI VHQWLPHQW FODVVLFDWLRQ 7KH UHVW RI WKLV SDSHU LV RUJDQL]HG DV
VRFLDO PHGLD D KXJH YROXPH RI VHQWLPHQW GDWD LV JHQHUDWHG $V IROORZV 6HFWLRQ ,, LQWURGXFHV WKH UHODWHG ZRUN RI WKLV VWXG\
ULFK VRXUFHV RI VHQWLPHQW GDWD VRFLDO PHGLD SURYLGHV XV ZLWK 6HFWLRQ ,,, LOOXVWUDWHV UHVHDUFK GHVLJQ DQG PHWKRGRORJ\ 6HF
XQSUHFHGHQWHG RSSRUWXQLWLHV IRU VHQWLPHQW DQDO\VLV ,W LV DOVR WLRQ ,9 SUHVHQWV H[SHULPHQWDO UHVXOWV DQG HYDOXDWLRQ 6HFWLRQ
NQRZQ DV RSLQLRQ PLQLQJ >@ >@ DQG LW FDQ KHOS XV PDNLQJ 9 FRQFOXGHV WKH SDSHU
PDUNHWLQJ GHFLVLRQV IRUHFDVWLQJ UHVXOWV RI SROLWLFDO FDPSDLJQV
DQG XQGHUVWDQGLQJ KRZ FRQVXPHUV SHUFHLYH D SURGXFW 6RFLDO ,, 5 (/$7(' : 25.
PHGLD VHQWLPHQW DQDO\VLV KDV UHFHLYHG LQFUHDVLQJ DWWHQWLRQ 7KHUH DUH WZR JHQHUDO DSSURDFKHV RI VHQWLPHQW FODVVLFD
DPRQJ UHVHDUFKHUV 5HFHQW VWXGLHV KDYH EHHQ ZLGHO\ SURSRVHG WLRQ OHDUQLQJEDVHG DSSURDFKHV DQG OH[LFRQEDVHG DSSURDFKHV
3834
YDULRXV QRLV\ FRQWHQWV VXFK DV KDVK WDJV VODQJV DEEUHYLDWLRQV
OLQNV HWF 7KRVH QRLV\ FRQWHQWV DIIHFW WKH SHUIRUPDQFH RI
VHQWLPHQW FODVVLFDWLRQ 1/3 SUHSURFHVVLQJ LV UHFRPPHQGHG
WR FOHDQ GDWD IRU IXUWKHU DQDO\VLV
7$%/( ,
7 :((76 &217$,1 12,6< &217(176
:RUG9HF >@ >@ LV D RSHQ VRXUFH WRRO EDVHG RQ GHHS ZKHUH A DQG B DUH WKH YHFWRUV RI OHQJWK n
OHDUQLQJ ,W KDV WZR PRGHOV &RQWLQXRXV %DJ RI :RUGV :H GHQH seedp DV WKH DJJUHJDWLRQ RI D VHW RI SRVLWLYH VHHG
&%2: DQG 6NLSJUDP %RWK PRGHOV FDQ HIFLHQWO\ FRPSXWH ZRUGV DQG seedn DV WKH DJJUHJDWLRQ RI D VHW RI QHJDWLYH VHHG
KLJKGLPHQVLRQDO YHFWRU UHSUHVHQWDWLRQV RI ZRUGV DQG WKHLU ZRUGV $OO VHHG ZRUGV KDYH WR EH DOZD\V SRVLWLYH RU QHJDWLYH
UHODWLRQVKLSV 7KH &%2: PRGHO LV WR SUHGLFW D ZRUG JLYHQ :H GHQRWH pws DV WKH SRODULW\ VFRUH RI ZRUG w 7KH SRODULW\
LWV VXUURXQGLQJ ZRUGV 7KH 6NLSJUDP PRGHO LV WKH RSSRVLWH VFRUH RI ZRUG w LV FDOFXODWHG E\ (TXDWLRQ
RI WKH &%2: PRGHO ZKLFK LV WR SUHGLFW D ZRUGV FRQWH[W
JLYHQ WKH ZRUG LWVHOI )LJXUH 1RWH WKDW WKH &%2: PRGHO pws(w) = sim(seedp , w) sim(seedn , w)
LV VOLJKWO\ IDVWHU WKDQ WKH 6NLSJUDP PRGHO ZKHQ WKH WUDLQLQJ
GDWD LV ODUJH >@ 7DEOH ,, DQG 7DEOH ,,, VKRZ VRPH H[DPSOHV RI pws VFRUH
:H LPSOHPHQWHG PRGHO WUDLQLQJ ZLWK 3\WKRQ DQG WKH *HQ RI YHUEV DQG DGMHFWLYHV
VLP SDFNDJH >@ 7KH DOJRULWKP OHDUQV D RSWLPDO YHFWRU IRU
7$%/( ,,
HDFK ZRUG GXULQJ WUDLQLQJ 2QFH D YHFWRU PRGHO LV FUHDWHG IURP ( ;$03/(6 2) 3:6 9 (5%6
D WUDLQLQJ GDWDVHW DOO ZRUGV DUH UHSUHVHQWHG DV D FRQWLQXRXV
VSDFH YHFWRU 7KH IROORZLQJ LV DQ H[DPSOH RI GLPHQVLRQDO 9HUEV 3:6
YHFWRU WKDW UHSUHVHQWV WKH ZRUG H[FHOOHQW VPLOH
UXQ
FU\
> ZLQ
ORVH
VKXW
LJQRUH
HQMR\
FRPSODLQ
DUJXH
3835
7$%/( ,,,
( ;$03/(6 2) 3:6 $ '-(&7,9(6
$GMHFWLYHV 3:6
EUDYH
EHDXWLIXO
DQ[LRXV
FKDUPLQJ
GHFHQW
IUHVK
UHFHQW
LOOHJDO
NHHQ
DZNZDUG
)LJ $Q H[DPSOH RI 3R6 WDJJLQJ XVLQJ 6\QWD[1HW
7$%/( ,9
7KH FRPSXWHG pws VFRUH FDUULHV WKH LQIRUPDWLRQ RI ERWK 6 1,33(7 2) 3$57 2) 6 3((&+ 7$*6
SRODULW\ DQG VHQWLPHQW VWUHQJWK 3RVLWLYH VFRUH LQGLFDWHV DVVRFL )* &* 'HQLWLRQ
DWLRQ ZLWK SRVLWLYH VHQWLPHQW ZKHUHDV QHJDWLYH VFRUH LQGLFDWHV 9% 9HUE 9HUE EDVH IRUP
DVVRFLDWLRQ ZLWK QHJDWLYH VHQWLPHQW 7KH ODUJHU DEVROXWH YDOXH 9%' 9HUE 9HUE SDVW WHQVH
LQGLFDWHV VWURQJHU VWUHQJWK 7KH ZRUGV VXFK DV VPLOH FU\ 9%* 9HUE 9HUE JHUXQG RU SUHVHQW SDUWLFLSOH
9%1 9HUE 9HUE SDVW SDUWLFLSOH
LJQRUH FRPSODLQ EHDXWLIXO FKDUPLQJ DUH VWURQJ LQGLFDWRUV RI 9%3 9HUE 9HUE QRQUG SHUVRQ VLQJXODU SUHVHQW
VHQWLPHQW LQ 7DEOH ,, DQG 7DEOH ,,, 7KH ZRUGV VXFK DV UXQ 9%= 9HUE 9HUE UG SHUVRQ VLQJXODU SUHVHQW
IUHVK UHFHQW DQG DZNZDUG KDYH QR REYLRXV VHQWLPHQW 11 1RXQ 1RXQ VLQJXODU RU PDVV
116 1RXQ 1RXQ SOXUDO
6WHS 1HJDWLRQ +DQGOLQJ 113 1RXQ 3URSHU QRXQ VLQJXODU
+DQGOLQJ QHJDWLRQ VXFK DV QR QRW QRWKLQJ QRQH LV D YHU\ 1136 1RXQ 3URSHU QRXQ SOXUDO
LPSRUWDQW VWHS LQ VHQWLPHQW FODVVLFDWLRQ EHFDXVH QHJDWLRQ
ZRUGV VLJQLFDQWO\ DIIHFW WKH RYHUDOO SRODULW\ RI WKH ZKROH
6WHS &RPSXWLQJ 3RODULW\ RI 6HQWHQFHV
VHQWHQFH >@ >@ >@ >@ >@ )ROORZLQJ WKH UHFRPPHQ
GDWLRQ RI >@ ZH SUHGHQHG D FRQWH[W GLVWDQFH WKDW EHJLQV :H DVVXPH K ZRUGV LQ D VHQWHQFH t 7KH iWK ZRUG KDV
ZLWK D QHJDWLRQ ZRUG XQWLO UHDFKLQJ D SXQFWXDWLRQ PDUN :H D SRODULW\ VFRUH pws(i) DQG WKH ZHLJKW RI SDUWRIVSHHFK LV
UHYHUVHG WKH VHQWLPHQW SRODULW\ RI ZRUGV ZLWKLQ WKH SUHGHQHG weight(i) :H DGG XS WKH VFRUHV pws RI DOO WKH ZRUGV ZLWK
GLVWDQFH >@ D ZHLJKW WR FRPSXWH D VHQWLPHQW WRWDO VFRUH RI WKH ZKROH
6WHS 3DUWRI6SHHFK 7DJJLQJ
VHQWHQFH pss
$ ZRUG ZLWK GLIIHUHQW SDUWRIVSHHFK WDJ KDV GLIIHUHQW K
ZHLJKW :H DGGHG VHQWLPHQW ZHLJKW WR WKH ZRUG 7KH ZHLJKW LV pss = weight(i) pws(i)
GHWHUPLQHG EDVHG RQ SDUWRIVSHHFK WDJ 7KLV SURFHVV WDJV HDFK i=1
ZRUG RI WH[W LQ WHUPV RI ZKLFK SDUW RI VSHHFK LW EHORQJV WR $ VHQWHQFH t LV UHSUHVHQWHG DV D pss VFRUH 7KH pss LQGLFDWHV
QRXQ SURQRXQ DGYHUE DGMHFWLYH YHUE LQWHUMHFWLRQ LQWHQVLHU WKH SRODULW\ RI WKH ZKROH VHQWHQFH ,I pss(t) > 0 WKH VHQWHQFH
HWF $OWKRXJK D JLYHQ ZRUG FRXOG KDYH PRUH WKDQ RQH SRVVLEOH t LV FODVVLHG DV SRVLWLYH ,I pss(t) < 0 WKH VHQWHQFH t LV
SDUWRIVSHHFK WDJ WKH SURFHVVLQJ RI 3DUVH\ 0F3DUVHIDFH GH FODVVLHG DV QHJDWLYH ,I pss(t) 0 WKH VHQWHQFH t LV FODVVLHG
SHQGV RQ WKH FRQWH[W RI WKH ZKROH VHQWHQFH 7KHUHIRUH HDFK DV QHXWUDO 7DEOH 9 VKRZV WKH H[DPSOHV RI pss.
ZRUG ZLOO JHQHUDOO\ RQO\ KDYH RQH WDJ )LJXUH VKRZ WKH
SURFHVV RI SDUWRIVSHHFK WDJJLQJ XVLQJ 3DUVH\ 0F3DUVHIDFH 7$%/( 9
( ;$03/(6 2) 366 :(,*+7 1281 9(5% $'9 $'-
6\QWD[1HW LV D WUDQVLWLRQEDVHG GHSHQGHQF\ SDUVHU WKDW FRQ
VWUXFWV D SDUVH LQFUHPHQWDOO\ >@ ,W SURFHVVHV ZRUGV OHIWWR 6HQWHQFH 366
ULJKW ZLWK VWHSV 7KH )* QHJUDLQHG SDUWRIVSHHFK WDJV 6R H[FLWHG WR ZDWFK WKH 6XSHU
DUH LQ EOXH FRORU DQG WKH &* FRDUVHJUDLQHG SDUWRIVSHHFK %RZO 6% B
6XSHU %RZO WRPRUURZaLV JRLQJ WR
DUH XQGHUQHDWK EH VR HSLF /HWV JR #SDQWKHUV
$ IHZ VWXGLHV RI XVLQJ SDUW RI VSHHFK ZHUH VKRZQ WKDW QLFH UXVK IRU $QGHUVRQ %URQFRV
IRXU FDWHJRULHV DUH XVHIXO LQ VHQWLPHQW FODVVLFDWLRQ QRXQV KWWSVWFR'=X
:K\ GR , KDYH D EDG IHHOLQJ DRXWWW
>@ YHUEV >@ DGMHFWLYHV >@ >@ >@ >@ DQG DGYHUEV >@ %URQFRV WRPRUURZ
,Q WKH ZRUN >@ %HQDPDUD HW DO IRXQG WKDW ERWK DGMHFWLYHV &RXOGQW VOHHS ODVW QLJKW QHUYRXV
DQG DGYHUEV DUH EHWWHU WKDQ DGMHFWLYHV DORQH $FFRUGLQJ WR DQ[LRXV KXUU\ XS EURQFRV
WKH ZRUNV >@ >@ >@ >@ >@ >@ WKH &* WDJV HQFRGH 6XSHUERZO
EDVLF JUDPPDWLFDO FDWHJRULHV >@ DQG W RXU SXUSRVH ,Q RXU
VWXG\ ZH FRQVLGHU XVLQJ WKH &* WDJV WRJHWKHU ,Q 6HFWLRQ 6WHS 'HFLVLRQ 0DNLQJ 7KURXJK 0DMRULW\ 9RWH
,9 WKH RSWLPDO ZHLJKWV RI WKH SDUWRIVSHHFK FDWHJRULHV ZLOO 'LIIHUHQW FRPELQDWLRQV RI SDUWRIVSHHFK ZHLJKWV ZHUH DV
EH GLVFXVVHG VHPEOHG LQ YDULRXV FRPPLWWHH PHPEHUV 7KH QLDO SRODULW\
3836
7$%/( 9,,
RI D VHQWHQFH VSHFLHG E\ WKH FRPPLWWHH DUH VXEMHFWHG WR D ( 9$/8$7,21 )25 9$5,286 '20$,16 ',0(16,216 72.(16 $1'
PDMRULW\ YRWH DV LQ (TXDWLRQ 92&$%8/$5,(6
3837
>@ < %HQJLR + 6FKZHQN 1HXUDO SUREDELOLVWLF ODQJXDJH PRGHOV ,Q >@ % 3DQJ DQG / /HH 2SLQLRQ PLQLQJ DQG VHQWLPHQW DQDO\VLV )RXQGDWLRQV
,QQRYDWLRQV LQ 0DFKLQH /HDUQLQJ DQG WUHQGV LQ LQIRUPDWLRQ UHWULHYDO
>@ 6 %HWKDUG DQG + <X DQG $ 7KRUQWRQ DQG 9 +DWLYDVVLORJORX DQG ' >@ % 3DQJ / /HH DQG 9DLWK\DQDWKDQ 7KXPEV XS 6HQWLPHQW &ODVVLFDWLRQ
-XUDIVN\ $XWRPDWLF ([WUDFWLRQ RI 2SLQLRQ 3UR3R6LWLRQV DQG WKHLU +ROG 8VLQJ 0DFKLQH /HDUQLQJ 7HFKQLTXH &RQIHUHQFH RQ (PSLULFDO 0HWKRGV
HUV 3URFHHGLQJV RI $$$, 6SULQJ 6\P3R6LXP RQ ([SORULQJ $WWLWXGH DQG LQ 1DWXUDO /DQJXDJH 3URFHVVLQJ
$IIHFW LQ 7H[W >@ 6 3HWURY ' 'LSDQMDQ DQG 0 5\DQ $ XQLYHUVDO SDUWRIVSHHFK WDJVHW
>@ 3 &DUYDOKR / 6DUPHQWR 0 6LOYD DQG ( 2OLYHLUD &OXHV IRU GHWHFWLQJ DU;LY SUHSULQW DU;LY
LURQ\ LQ XVHUJHQHUDWHG FRQWHQWV RK LWV VR HDV\ ,Q 3URFHHGLQJ >@ - 5HDG 8VLQJ HPRWLFRQV WR UHGXFH GHSHQGHQF\ LQ PDFKLQH OHDUQLQJ
RI WKH VW LQWHUQDWLRQDO &,.0 ZRUNVKRS RQ 7RSLFVHQWLPHQW DQDO\VLV IRU WHFKQLTXHV IRU VHQWLPHQW FODVVLFDWLRQ ,Q 3URFHHGLQJV RI WKH UG
PDVV RSLQLRQ +RQJ .RQJ &KLQD $QQXDO 0HHWLQJ RI WKH $VVRFLDWLRQ IRU &RPSXWDWLRQDO /LQJXLVWLFV
>@ ( &DPEULD % 6FKXOOHU < ;LD DQG & +DYDVL 1HZ DYHQXHV LQ RSLQLRQ 0LFKLJDQ 86$
PLQLQJ DQG VHQWLPHQW DQDO\VLV ,((( ,QWHOOLJHQW 6\VWHPV >@ ( 5LORII - :LHEH DQG 7 :LOVRQ /HDUQLQJ VXEMHFWLYH QRXQV XVLQJ
H[WUDFWLRQ SDWWHUQ ERRWVWUDSSLQJ LQ 3URFHHGLQJV RI WKH WK &RQIHUHQFH
>@ 3 &KHVOH\ % 9LQFHQW / ;X DQG 5 6ULKDUL 8VLQJ YHUEV DQG DGMHFWLYHV RQ 1DWXUDO /DQJXDJH /HDUQLQJ
WR DXWRPDWLFDOO\ FODVVLI\ EORJ VHQWLPHQW $$$,&$$: >@ 6 5REHUWVRQ 5 . 9DWUDSX DQG 5 0HGLQD 2II WKH ZDOO SROLWLFDO
>@ 5 &ROOREHUW - :HVWRQ / %RWWRX 0 .DUOHQ . .DYXNFXRJOX 1DW GLVFRXUVH )DFHERRN XVH LQ WKH XV SUHVLGHQWLDO HOHFWLRQ ,QIR
XUDO ODQJXDJH SURFHVVLQJ DOPRVW IURP VFUDWFK -RXUQDO RI 0DFKLQH 3RO YRO QR SS $SU
/HDUQLQJ 5HVHDUFK >@ 6 5REHUWVRQ 5 . 9DWUDSX DQG 5 0HGLQD 2QOLQH YLGHR IULHQGV
>@ 6 'DV DQG 0 &KHQ <DKRR IRU DPD]RQ ([WUDFWLQJ PDUNHW VHQWLPHQW VRFLDO QHWZRUNLQJ 2YHUODSSLQJ RQOLQH SXEOLF VSKHUHV LQ WKH XV
IURP VWRFN PHVVDJH ERDUGV ,Q $VLD 3DFLF )LQDQFH $VVRFLDWLRQ $QQXDO SUHVLGHQWLDO HOHFWLRQ -RXUQDO RI ,QIRUPDWLRQ 7HFKQRORJ\ 3ROLWLFV YRO
&RQI $3)$ QR SS
>@ ; 'DL DQG 5 3URXW 8QORFNLQJ 6XSHU %RZO ,QVLJKWV :HLJKWHG :RUG >@ < 6DLI DQG + $ODQL 6HPDQWLF VHQWLPHQW DQDO\VLV RI WZLWWHU LQ WK
(PEHGGLQJV IRU 7ZLWWHU 6HQWLPHQW &ODVVLFDWLRQ 0,61& 6, '6 LQWHUQDWLRQDO FRQIHUHQFH RQ 7KH 6HPDQWLF :HE ,6:& 9ROXPH ,
$XJXVW 8QLRQ &LW\ 1- 86$ ,6%1 +HLGHOEHUJ
$&0 >@ 0 6SHULRVX 1 6XGDQ 6 8SDGK\D\ DQG - %DOGULGJH 7ZLWWHU SRODULW\
>@ $ (VXOL DQG ) 6HEDVWLDQL 6HQWLZRUGQHW $ SXEOLFO\ DYDLODEOH OH[LFDO FODVVLFDWLRQ ZLWK ODEHO SURSDJDWLRQ RYHU OH[LFDO OLQNV DQG WKH IROORZHU
UHVRXUFH IRU RSLQLRQ PLQLQJ ,Q /5(& JUDSK ,Q 3URFHHGLQJV RI WKH HPQOS UVW ZRUNVKRS RQ XQVXSHUYLVHG
>@ *HQVLP 'HHS OHDUQLQJ ZLWK ZRUGYHF OHDUQLQJLQ 1/3 (GLQEXUJK 6FRWODQG
KWWSVUDGLPUHKXUHNFRPJHQVLPPRGHOVZRUGYHFKWPO $FFHVVHG >@ 6WDWLVWD 6WDWLVWLFV DQG IDFWV DERXW 6RFLDO 1HWZRUNV
-XO\ KWWSZZZVWDWLVWDFRPWRSLFVVRFLDOQHWZRUNV $FFHVVHG
>@ $ *R 5 %KD\DQL DQG / +XDQJ 7ZLWWHU VHQWLPHQW FODVVLFDWLRQ XVLQJ -XO\
GLVWDQW VXSHUYLVLRQ &61 SURMHFW UHSRUW 6WDQIRUG >@ 7 6RX]D 2 .ROFK\QD 3 7UHOHDYHQ DQG 7 $VWH 7ZLWWHU VHQWLPHQW
>@ < *ROGEHUJ 2 /HY\ ZRUGYHF ([SODLQHG GHULYLQJ 0LNRORY DQDO\VLV DSSOLHG WR QDQFH $ FDVH VWXG\ LQ WKH UHWDLO LQGXVWU\
HW DOV QHJDWLYHVDPSOLQJ ZRUGHPEHGGLQJ PHWKRG DU;LY SUHSULQW >@ ' 6UHHQLYDVDQ 1LUXSDPD & /HH DQG ' *RK 7ZHHWLQJ WKH IULHQGO\
DU;LY VNLHV ,QYHVWLJDWLQJ LQIRUPDWLRQ H[FKDQJH DPRQJ 7ZLWWHU XVHUV DERXW
>@ 9 +DW]LYDVVLORJORX DQG - 0 :LHEH (IIHFWV RI DGMHFWLYH RULHQWDWLRQ DLUOLQHV 3URJUDP
DQG JUDGDELOLW\ RQ VHQWHQFH VXEMHFWLYLW\ LQ 3URFHHGLQJV RI WKH WK >@ / 7DQ - 1D < 7KHQJ DQG . &KDQJ 6HQWHQFHOHYHO VHQWLPHQW SRODULW\
&RQIHUHQFH RQ &RPSXWDWLRQDO /LQJXLVWLFV FODVVLFDWLRQ XVLQJ D OLQJXLVWLF DSSURDFK 'LJLWDO /LEUDULHV )RU &XOWXUDO
>@ 9 +DW]LYDVVLORJORX DQG . 5 0F.HRZQ 3UHGLFWLQJ WKH VHPDQWLF +HULWDJH .QRZOHGJH 'LVVHPLQDWLRQ DQG )XWXUH &UHDWLRQ 6SULQJHU
RULHQWDWLRQ RI DGMHFWLYHV LQ 3URFHHGLQJV RI WKH (LJKWK &RQIHUHQFH RQ +HLGHOEHUJ *HUPDQ\
(XURSHDQ &KDSWHU RI WKH $VVRFLDWLRQ IRU &RPSXWDWLRQDO /LQJXLVWLFV >@ 0 7DERDGD - %URRNH 0 7RORVNL . 9ROO DQG 0 6WHGH/H[LFRQ
EDVHGPHWKRGV IRU VHQWLPHQW DQDO\VLV &RPSXWDWLRQDO OLQJXLVWLFV
>@ 0 +X DQG % /LX 0LQLQJ DQG VXPPDUL]LQJ FXVWRPHU UHYLHZV $&0 >@ 3 7XUQH\ 7KXPEV XS RU WKXPEV GRZQ" VHPDQWLF RULHQWDWLRQ DSSOLHG WR
6,*.'' XQVXSHUYLVHG FODVVLFDWLRQ RI UHYLHZV $&/ 3URFHHGLQJV RI WKH WK
>@ - .DPSV 0 0DU[ 5 - 0RNNHQ DQG 0 'H 5LMNH 8VLQJ ZRUGQHW $QQXDO 0HHWLQJ RQ $VVRFLDWLRQ IRU &RPSXWDWLRQDO /LQJXLVWLFV
WR PHDVXUH VHPDQWLF RULHQWDWLRQV RI DGMHFWLYHV >@ 7ZLWWHU ,QF 7ZLWWHU XVDJH KWWSVDERXWWZLWWHUFRPFRPSDQ\ $F
>@ 1 /DVVHQ 5 0DGVHQ DQG 5 9DWUDSX 3UHGLFWLQJ LSKRQH VDOHV IURP FHVVHG -XO\
LSKRQH WZHHWV LQ 3URFHHGLQJV RI WKH WK ,((( (QWHUSULVH &RPSXWLQJ >@ + :DQJ $ V\VWHP IRU UHDO WLPH WZLWWHU VHQWLPHQW DQDO\VLV RI 86
&RQIHUHQFH ('2& SUHVLGHQWLDO HOHFWLRQ F\FOH LQ 3URFHHGLQJV RI WKH $&/ 6\VWHP
>@ % /LX 6HQWLPHQW $QDO\VLV DQG 2SLQLRQ 0LQLQJ 0RUJDQ &OD\SRRO 'HPRQVWUDWLRQV $VVRFLDWLRQ IRU &RPSXWDWLRQDO /LQJXLVWLFV
3XEOLVKHUV >@ - :LHEH /HDUQLQJ VXEMHFWLYH DGMHFWLYHV IURP FRUSRUD $$$,,$$,
>@ 7 0LNRORY . &KHQ * &RUUDGR DQG - 'HDQ (IFLHQW (VWLPDWLRQ RI
:RUG 5HSUHVHQWDWLRQV LQ 9HFWRU 6SDFH ,Q 3URFHHGLQJV RI :RUNVKRS DW >@ + <X DQG 9 +DW]LYDVVLORJORX 7RZDUGV DQVZHULQJ RSLQLRQ TXHVWLRQV
,&/5 6HSDUDWLQJ IDFWV IURP RSLQLRQV DQG LGHQWLI\LQJ WKH SRODULW\ RI RSLQLRQ
>@ 7 0LNRORY 6 6XWVNHYHU & .DL 6 *UHJ DQG ' 'HDQ 'LVWULEXWHG VHQWHQFHV ,Q 3URFHHGLQJV RI (01/3
UHSUHVHQWDWLRQV RI ZRUGV DQG SKUDVHV DQG WKHLU FRPSRVLWLRQDOLW\ ,Q
$GYDQFHV LQ QHXUDO LQIRUPDWLRQ SURFHVVLQJ V\VWHPV SS
>@ 7 0LNRORY 9 4XRF DQG , 6XWVNHYHU ([SORLWLQJ VLPLODULWLHV DPRQJ
ODQJXDJHV IRU PDFKLQH WUDQVODWLRQ DU;LY SUHSULQW DU;LY
>@ * 0LOOHU 5 %HFNZLWK & )HOOEDXP ' *URVV DQG . 0LOOHU :RUGQHW
$Q RQOLQH OH[LFDO GDWDEDVH ,QWHUQDWLRQDO -RXUQDO RI /H[LFRJUDSK\
>@ $ 0RQWHMR 0 (XJHQLR 0 7HUHVD DQG / $OIRQVR $ NQRZOHGJH
EDVHG DSSURDFK IRU SRODULW\ FODVVLFDWLRQ LQ 7ZLWWHU -RXUQDO RI WKH
$VVRFLDWLRQ IRU ,QIRUPDWLRQ 6FLHQFH DQG 7HFKQRORJ\
>@ . 0RULQDJD . <DPDQLVKL 7DWHLVKL DQG 7 )XNXVKLPD 0LQLQJ SURGXFW
UHSXWDWLRQV RQ WKH ZHE $&0 6,*.'' ,QWHUQDWLRQDO &RQIHUHQFH RQ
.QRZOHGJH 'LVFRYHU\ DQG 'DWD 0LQLQJ
>@ - 1LYUH $OJRULWKPV IRU GHWHUPLQLVWLF LQFUHPHQWDO GHSHQGHQF\ SDUVLQJ
&RPSXWDWLRQDO /LQJXLVWLFV
>@ $ 3DN DQG 3 3DURXEHN 7ZLWWHU DV DFRUSXV IRU VHQWLPHQW DQDO\VLV DQG
RSLQLRQ PLQLQJ ,Q 3URFHHGLQJV RI /5(& 9DOOHWWD 0DOWD
3838