Accelerat ing t he world's research.

Invisa Biostim.pdf
G. Caccianiga

Related papers Download a PDF Pack of t he best relat ed papers 

EFFECT OF HEPARIN GEL ON RESOLUT ION OF POST OPERAT IVE SUBCUTANEOUS HEMAT OMA
Muhamed Djedovic

Long Term Evaluat ion of Pat ient s wit h Hydat idosis Treat ed wit h Benzimidazole Carbamat es
E. M Papadopoulos

Relat ions bet ween fat igue, neuropsychological funct ioning, and physical act ivit y aft er t reat ment for …
Gijs Bleijenberg
-2851$/2)%,2/2*,&$/5(*8/$7256 +20(267$7,&$*(176 9ROQR 6  

/2:/(9(//$6(57+(5$3<$1',19,6,%/(5(029$/$/,*1(56

*&$&&,$1,*$&&5(67$/(0&2==$1,$3,5$66087,1(//,
$/2*,8',&(DQG*&25'$6&2

6FKRRORI0HGLFLQHDQG6XUJHU\8QLYHUVLW\RI0LODQR%LFRFFD0LODQ,WDO\



6FKRRORI2UWKRGRQWLFV8QLYHUVLW\RI&DJOLDUL&DJOLDUL,WDO\6FKRRORI2UWKRGRQWLFV
8QLYHUVLW\RI0HVVLQD0HVVLQD,WDO\

,WVHHPVWKDW/RZ/HYHO/DVHU7KHUDS\ ///7 VWLPXODWHVRUWKRGRQWLFWRRWKPRYHPHQWVLQFUHDVLQJ

WKHDOYHRODUERQHWXUQRYHU7KHDLPRIWKLVVWXG\LVWRHYDOXDWHKRZ///7FDQLQÀXHQFHWKHRUWKRGRQWLF
WUHDWPHQWZLWKLQYLVLEOHUHPRYDODOLJQHU$VDPSOHRIVXEMHFWVZDVGLYLGHGLQWRWZRJURXSVDODVHUJURXS
SDWLHQWV DQGDFRQWUROJURXS SDWLHQWV $OOVXEMHFWVZHUHLQVWUXFWHGWRZHDUHDFKDOLJQHUKRXUV
DGD\IRUZHHNV/DVHUH[WHUQDOELRVWLPXODWLRQZDVJLYHQLQWKHODVHUJURXSHYHU\VHFRQGZHHN7KH
ODVHUJURXSVXFFHVVIXOO\¿QLVKHGWKHWUHDWPHQWZKLOHDWUG±WKDOLJQHUWKHFRQWUROJURXSGLGQRW¿QLVK
WKHWUHDWPHQW/DVHUWUHDWPHQWVHHPHGWREHEHWWHUWKDQWUHDWPHQWZLWKRXWODVHU///7FRPELQHGZLWK
DOLJQHUVLVDEOHWRIDYRXULQKRXUVWKHVDPHWRRWKPRYHPHQWREWDLQHGE\ZHDULQJWKHDOLJQHUKRXUV
DGD\DFFRUGLQJWRWKHWUDGLWLRQDOSURWRFRO7KLVDVSHFWFRXOGEHXVHIXOIRUWKRVHSDWLHQWVZKRSUHIHUQRW
WRXVHWKHDOLJQHUVGXULQJWKHGD\///7PDNHVLQYLVLEOHUHPRYDODOLJQHUWUHDWPHQWPRUHFRPIRUWDEOHDOVR
EHFDXVHGXULQJWKHGD\WKHSDWLHQWVKDYHWRZHDUWKHDOLJQHUVOHVVKRXUVWKDQWKHWUHDWPHQWZLWKRXWODVHU

,Q UHFHQW \HDUV VWXGLHV RQ WKH HIIHFWV RI RUGHU WR DFKLHYH SRVLWLYH UHVXOWV LW LV QHFHVVDU\ WR
RUWKRGRQWLF ODVHU KDYH LQFUHDVHG  0RVW OLNHO\ XVHWKHFRUUHFWODVHUSDUDPHWHUV  WKHTXDQWLW\RI
LQ IXWXUH WKH ODVHU ZLOO EH HPSOR\HG PRUH WR WRRWKPRYHPHQWPD\YDU\GHSHQGLQJRQWKHW\SHRI
ELRVWLPXODWH RUWKRGRQWLF PRYHPHQW UHGXFLQJ WKH ODVHUXVHG  DQGWRWKHODVHUSDUDPHWHUVVHW VXFK
WLPH RI WUHDWPHQW$ UHYLHZ RI WKH OLWHUDWXUH VKRZV DVZDYHOHQJWKRXWSXWDQGODVHUGHQVLW\  ,WLV
WKDWWKHPRVWHIIHFWLYHWHFKQLFDOPHWKRGWRDFFHOHUDWH VHHQWKDWWKHGLRGHODVHUKDVDEHWWHUSHQHWUDWLRQLQ
RUWKRGRQWLFPRYHPHQWLVVXUJHU\IROORZHGE\/RZ KXPDQWLVVXHVDQGLVDQHI¿FLHQWGHYLFHWREHXVHGLQ
/HYHO/DVHU7KHUDS\ ///7   ,QRUGHUWRFRQ¿UP RUWKRGRQWLFFOLQLFDOSUDFWLFH  
WKH XVHIXOQHVV RI WKH ODVHU LQ RUWKRGRQWLFV DQRWKHU $ FRUUHFW HQHUJ\ GHQVLW\ )OXHQFH  -FP  LV RI
UHYLHZ GHPRQVWUDWHG WKDW ///7 LV DEOH WR QRW RQO\ WKHXWPRVWLPSRUWDQFHLQRUGHUWRREWDLQELRORJLFDO
UHGXFHWKHWLPHRIWKHWUHDWPHQWEXWDOVRWRUHGXFH HIIHFWV 7KH GRVDJH RI WKH ODVHU¶V HQHUJ\ IROORZV
WKHSRVWRUWKRGRQWLFSDLQ   $UQGW6FKXO]¶V ODZ ORZ GRVDJHV VWLPXODWH KLJK
///7 XVHV ORZSRZHU ODVHUV VXFK DV GLRGH GRVDJHV LQKLELW +RZHYHU LI D WRR ORZ GRVDJH LV
ODVHUVLQRUGHUWRDOWHUWKHFHOOXODUIXQFWLRQZKLFK XVHG LW  FDQQRW EH FRPSHQVDWHG E\ LQFUHDVLQJ WKH
RQFH VWLPXODWHG HQFRXUDJHV WKH FHOOV WR IXQFWLRQ WLPHRIH[SRVXUH  +HQFHWKHQHHGZDVSHUFHLYHG
///7 LV VLPSOH WR XVH SDLQOHVV GRHV QRW SUHVHQW WRFRUUHFWO\VHWWKHSDUDPHWHUVRIWKHODVHU
VLGH HIIHFWV DQG KDV YHU\ IHZ FRQWUDLQGLFDWLRQV ,Q 7KH ODVHU HIIHFWV DSSOLHG LQ RUWKRGRQWLFV DUH

.H\ZRUGVORZOHYHOODVHUWKHUDS\WRRWKPRYHPHQWLQYLVLEOHDOLJQHUVELRVWLPXODWLRQGLRGH
0DLOLQJDGGUHVV
&DFFLDQLJD*LDQOXLJL ; 
'HSDUWPHQWRI0HGLFLQHDQG6XUJHU\ &RS\ULJKW‹E\%,2/,)(VDV
&HQWHURI1HXURVFLHQFHVRI0LODQ 7KLVSXEOLFDWLRQDQGRUDUWLFOHLVIRULQGLYLGXDOXVHRQO\DQGPD\QRWEHIXUWKHU
UHSURGXFHGZLWKRXWZULWWHQSHUPLVVLRQIURPWKHFRS\ULJKWKROGHU
8QLYHUVLW\RI0LODQ%LFRFFD9LD&DGRUH0RQ]D,WDO\
8QDXWKRUL]HGUHSURGXFWLRQPD\UHVXOWLQ¿QDQFLDODQGRWKHUSHQDOWLHV
7HO)D[
JLDQOXLJLFDFFLDQLJD#XQLPLELW
 6 ',6&/2685($//$87+2565(325712&21)/,&762)
,17(5(675(/(9$17727+,6$57,&/(
 6 *&$&&,$1,*$(7$/

GLIIHUHQW DQG KDYH EHHQ ELRORJLFDOO\ GHPRQVWUDWHG JRDOV WKH WUHDWPHQW ZRXOG EH FRQFOXGHG DFFRUGLQJ WR
WKRXJK VWXGLHV RQ KXPDQV DQLPDOV DQG FHOODU WKHJROGVWDQGDUGSURWRFRORIKRXUVDOLJQHUZHDULQJ
FXOWLYDWLRQ 9DULRXV RUWKRGRQWLF ELRORJLFDO ODVHU )LJ   
HIIHFWVKDYHEHHQGHPRQVWUDWHGLQKXPDQVDQLPDOV
DQGFHOOFXOWXUHV 6XEMHFWVDQGHOLJLELOLW\FULWHULD
VWLPXODWLRQRIERQHWXUQRYHU  7KLV SLORW VWXG\ DOORFDWHG WKH SDWLHQWV LQWR WZR
LPSURYHPHQWLQWRRWKPRYHPHQW   JURXSV D ODVHU JURXS DQG D FRQWURO JURXS ,QFOXVLRQ
UHGXFWLRQRISRVWRUWKRGRQWLFSDLQ  FULWHULD &DXFDVLDQV VXEMHFWV YHUWHEUDO PDWXUDWLRQ
LPSURYHPHQWLQSURGXFWLRQRINHUDWLQL]HGJLQJLYD  DVVHVVHG RQ ODWHUDO FHSKDORJUDPV PRUH DGYDQFHG WKDQ
UHGXFWLRQRIURRWUHVRUSWLRQ  &6   QR SUHYLRXV RUWKRGRQWLF WUHDWPHQW &ODVV ,
VWLPXODWLRQRIFHOOSUROLIHUDWLRQ  PDORFFOXVLRQ SHUPDQHQW GHQWLWLRQ FRPSOHWHO\ HUXSWHG
VWLPXODWLRQRIRVWHREODVWLFFHOOVSUROLIHUDWLRQ  LQFLVDOLUUHJXODULW\LQGH[IURPPPWRPP PRGHUDWH
UHGXFWLRQRIUHODSVH   FURZGLQJ LQPDQGLEXODUDUFK
)XUWKHUPRUHQRV\VWHPLFVLGHHIIHFWVKDYHEHHQ 7KH VWXG\ VDPSOH ZDV PDGH XS RI  SDWLHQWV 
GHPRQVWUDWHGIRU///7 PDOHV DQG  IHPDOHV DJHV  WR  \HDUV  ZKR ZHUH
///7 LV DEOH WR VWLPXODWH WKH ERQH WXUQRYHU UDQGRPL]HG LQWR WKH VWXG\ JURXSV7KH SDWLHQWV¶ FOLQLFDO
WKHUHIRUH LW FDQ DOVR DFFHOHUDWH WKH RUWKRGRQWLF DQGGHPRJUDSKLFFKDUDFWHULVWLFVDUHUHSRUWHGLQ7DEOH,
PRYHPHQW ZLWKRXW GDPDJLQJ HLWKHU WHHWK RU
VXUURXQGLQJWLVVXHV   5DQGRPL]DWLRQPHWKRG
'LIIHUHQWVWXGLHVFOLQLFDOO\KLJKOLJKWHGKRZ///7 7KH EORFN UDQGRPL]DWLRQ PHWKRG ZDV XVHG (DFK
FDQDFFHOHUDWHWKHRUWKRGRQWLFPRYHPHQWZLWK¿[HG EORFNFRQWDLQHGIRXUSDWLHQWV:KHQWKH¿UVWSDWLHQWZDV
EUDFHVGHYLFHV2QWKHRWKHUKDQGWRGDWHQRQHRI UDQGRPL]HGWKH FRPSXWHUUDQGRPO\ VHOHFWHGRQH RI WKH
WKHVWXGLHVKDYHKLJKOLJKWHG///7¶VHIIHFWVRQWRRWK VL[ W\SHV RI EORFN DQG WKLV GHWHUPLQHG WKH WUHDWPHQWV
PRYHPHQW LQ RUWKRGRQWLF WUHDWPHQWV ZLWK LQYLVLEOH UHFHLYHG E\ WKH ¿UVW IRXU SDWLHQWV$ VHFRQG EORFN ZDV
DOLJQHUV 7KH QXOO K\SRWKHVLV RI RXU VWXG\ LV WKDW UDQGRPO\VHOHFWHGZKHQWKHWKSDWLHQWZDVUHJLVWHUHGLQ
WKHUH LV QR GLIIHUHQFH EHWZHHQ WKH ODVHU WUHDWPHQW RUGHUWRFUHDWHDOORFDWLRQVIRUWK±WKVXEMHFWV7KLVZDV
DQGWKHRQHZLWKRXWWKHODVHU6HHQWKHLPSURYHPHQW FDUULHGRXWIRUDOOSDWLHQWV )LJ 
RI WKH QXPEHU RI SDWLHQWV¶ DHVWKHWLF UHTXHVWV DQG
OHVV LQYDVLYH WUHDWPHQWV ZH EHOLHYH WKDW LW VKRXOG 7UHDWPHQWSURWRFRODQGSURFHVV
EH RI FOLQLFDO LQWHUHVW WR VHH ZKHWKHU WKH ///7 $OOSDWLHQWVGHSHQGLQJRQZKLFKJURXSWKH\EHORQJHG
DSSOLHGWRWKHLQYLVLEOHDOLJQHUVFDQUHGXFHWKHGDLO\ WRXQGHUZHQWDUDGLRJUDSKLFH[DPLQDWLRQFRQVLVWLQJRI
HPSOR\PHQWRIWKHDOLJQHUV7KHJRDORIWKLVVWXG\ ERWK RUWKRSDQWRPRJUDSK\ DQG ODWHUDO FHSKDORJUDPV
LVWRFKHFNZKHWKHU///7LVDEOHWRLQÀXHQFHWRRWK 3UHWUHDWPHQW UHFRUGV FRQVLVWHG RI LQLWLDO GHQWDO FDVWV
PRYHPHQW LQ RUWKRGRQWLF WUHDWPHQW ZLWK LQYLVLEOH DQGSKRWRV
DOLJQHUV $IWHUZHHNVWKHVDPHRUWKRGRQWLVWZKRKDGFDUULHG
RXW WKH EDVHOLQH H[DPLQDWLRQV H[DPLQHG SDWLHQWV LQ
0$7(5,$/6$1'0(7+2'6 WKH ODVHU JURXS DQG LQ WKH FRQWURO JURXS +H HYDOXDWHG
ZKHWKHU WKH DOLJQHU ¿WWHG SURSHUO\ DQG SDVVLYHO\ ,I VR
7ULDOGHVLJQ WKHVXEMHFWZDVJLYHQWKHQH[WDOLJQHU,IWKHDOLJQHU¿WWLQJ
7KH VWXG\ ZDV FDUULHG RXW LQ D SULYDWH FOLQLF LQ ZDV QRW FRUUHFW WKH SDWLHQW ZDV LQVWUXFWHG WR ZHDU WKH
%HUJDPR ,WDO\ 7KH SDWLHQWV HQUROOHG LQ WKH VWXG\ VDPHDOLJQHUIRUIXUWKHUZHHNV7KLVFRQWLQXHGXQWLOWKH
UHFHLYHG YHUEDO DQG ZULWWHQ LQIRUPDWLRQ DQG WKH\ DOVR DOLJQHU¿WWHGFRUUHFWO\
SURYLGHGLQIRUPHGFRQVHQW2QO\RQHSDWLHQWZDVXQGHU 7KH ODVHU JURXS LQFOXGHG  VXEMHFWV  IHPDOH 
WKH OHJDO DGXOW DJH DQG KLV FRQVHQW ZDV VLJQHG E\ KLV PDOH  ZKR UHFHLYHG H[WHUQDO GLRGH ODVHU ELRVWLPXODWLRQ
SDUHQWV7KHRUWKRGRQWLVWH[SODLQHGWKDWLIWKHWUHDWPHQW ZDYHOHQJWKRIQPFRQWLQXRXVZDYHDW:DWWRXWSXW
ZDV XQVXFFHVVIXO DQG GLG QRW DFKLHYH WKH WUHDWPHQW SRZHU DWHDFKFRQWUROYLVLW7KHEHDPZDVGHOLYHUHGE\D
 -RXUQDORI%LRORJLFDO5HJXODWRUV +RPHRVWDWLF$JHQWV
6 

)LJ7ULDOGHVLJQ7ZHQW\RQHSDWLHQWVZHUHDVVHVVHGIRUHOLJLELOLW\7KH\ZHUHUDQGRPL]HGDQGDOORFDWHGWRODVHUJURXS
RUFRQWUROJURXS2QO\SDWLHQWVRIWKHODVHUJURXSUHFHLYHGH[WHUQDOODVHUELRVWLPXODWLRQ

SODQHZDYHRSWLFDO¿EHUDQGLUUDGLDWLRQZDVDGPLQLVWHUHG 7KH FRQWURO JURXS LQFOXGHG  SDWLHQWV  IHPDOH 

E\ SODFLQJ WKH EHDP RXWVLGH WKH PRXWK XQGHU WKH PDOH ZKRZHUHLQVWUXFWHGWRIROORZWKHVDPHSURWRFROWR
FKHHNERQHDWWKHOHYHORIWKHPD[LOODU\DUFK¿UVWWKHQDW ZHDUHDFKDOLJQHUKRXUVDGD\IRUZHHNV
WKH OHYHO RI WKH PDQGLEXODU DUFK RQ WKH ULJKW DQG RQ WKH $OLJQHUVZHUHPDGHRIWUDQVSDUHQWSUHVVXUHPRXOGLQJ
OHIWVLGH)LQDOO\WKHSODQHZDYHRSWLFDO¿EHUZDVPRYHG VKHHWZLWKWKLFNQHVVHVYDU\LQJIURPPPWRPP
XQGHUWKHQRVH¿UVWO\DWWKHOHYHORIWKHPD[LOODU\DUFK 6LQJOH UHVLQ DWWDFKPHQWV ZHUH XVHG RQO\ IRU  FDQLQHV
WKHQDWWKHOHYHORIWKHPDQGLEXODUDUFKIRUDSSOLFDWLRQV WKDWQHHGHGURWDWLRQ DWWDFKPHQWVLQWKHFRQWUROJURXS
IRUHDFKDUFK )LJ 7KHLUUDGLDWLRQZDVSHUIRUPHGIRU  LQ WKH ODVHU JURXS 7KH RUWKRGRQWLF WHFKQLFLDQ PDGH
VHFRQGVDWHDFKSRLQW DWRWDORIVIRUHDFKDUFK  WKH &OLQ &KHFN ZLWK ³6KDSH´ VRIWZDUH 6SDFH DQDO\VLV
7KHHQHUJ\GHQVLW\FRUUHVSRQGLQJWRDQH[SRVXUHWLPHRI ZDVPDGHXVLQJWKH/LWWOH¶V,UUHJXODULW\LQGH[  LQWKH
VSHUDUFKZDV-FP HYHU\VHFRQGWKHÀXHQF\ ORZHUDUFKIURPWR
ZDV-FP $IWHUWKH///7SDWLHQWVZHUHLQVWUXFWHGWR 1RSDWLHQWVUHFHLYHGH[WUDFWLRQRUWKRGRQWLFWUHDWPHQW
ZHDUHDFKDOLJQHUKRXUVDGD\IRUZHHNV RU VWULSSLQJ 7KH H[SDQVLRQ TXDQWLW\ ZDV HYDOXDWHG
 6 *&$&&,$1,*$(7$/

JHQGHU FKDUDFWHULVWLFV
7R YHULI\ WKH QXOO K\SRWKHVLV WKH 3YDOXH ZDV
FDOFXODWHG EHWZHHQ WKH WZR WUHDWPHQW JURXSV IRU WKH
QXPEHURIDOLJQHUVFRUUHFWO\¿WWHGDWHDFKIROORZXSYLVLW
5(68/76

%DVHOLQH¿QGLQJV
'HVFULSWLYH VWDWLVWLFV UHSRUWHG QR GLIIHUHQFHV
EHWZHHQWKHWZRJURXSVIRUDJHVH[DQGDPRXQWRI
FURZGLQJ 7DEOH, 7KXVWKHUDQGRPDVVLJQPHQWRI
SDUWLFLSDQWVWRERWKWUHDWPHQWJURXSVZDVYDOLGDWHG
7KH DYHUDJH DJH RI WKH ODVHU JURXS ZDV 
\HDUV7KHPHDQDJHRIWKHFRQWUROJURXSZDV
)LJ  ([WHUQDO ODVHU ELRVWLPXODWLRQ ZLWK D ÀDS WRS \HDUV7KHPHDQFURZGLQJ ,UUHJXODULW\,QGH[ LQWKH
RSWLFDO ¿EHU 7KH EHDP ZDV GHOLYHUHG E\ D SODQH ZDYH
ODVHU JURXS ZDV  PP DQG LQ WKH FRQWURO JURXS
RSWLFDO¿EHUDQGLUUDGLDWLRQZDVDGPLQLVWHUHGE\SODFLQJ
WKH EHDP RXWVLGH WKH PRXWK XQGHU WKH FKHHNERQH DW WKH ZDVPP 7DEOH, 
OHYHO RI WKH PD[LOODU\ DUFK ¿UVW WKHQ DW WKH OHYHO RI WKH 7KHUHZHUHPRUHIHPDOHVWKDQPDOHVLQWRWDOEXWQR
PDQGLEXODUDUFKRQWKHULJKWDQGRQWKHOHIWVLGH)LQDOO\ VLJQL¿FDQWGLIIHUHQFHVZHUHVHHQLQJHQGHUGLVWULEXWLRQ
WKH SODQH ZDYH RSWLFDO ¿EHU ZDV PRYHG XQGHU WKH QRVH EHWZHHQWKHFRQWUROJURXSDQGWKHODVHURQH)HPDOHV
¿UVWDWWKHOHYHORIWKHPD[LOODU\DUFKWKHQDWWKHOHYHORI ZHUHROGHUWKDQPDOHVZLWKDJUHDWHUVWDQGDUGGHYLDWLRQ
WKHPDQGLEXODUDUFKIRUDSSOLFDWLRQVIRUHDFKDUFK
EXWWKHUHZDVQRVLJQL¿FDQWGLIIHUHQFHEHWZHHQJURXSV
3YDOXH   7DEOH,, 
PHDVXULQJ WKH LQIHULRU DUFK GHSWK GLVWDQFH EHWZHHQ WKH
PRVWODELDOVXUIDFHPLGSRLQWRIWKHLQFLVRUVWRWKHPHVLDO 2XWFRPHV
PLGSRLQWRIWKH¿UVWPRODUV DQGWKHLQIHULRUDUFKSHULPHWHU ,Q WKH FRQWURO JURXS WKH WKLUG IRXUWK RU ¿IWK
WKHVXPRIWKHLQGLYLGXDOVHJPHQWVPHVLDORIWKHOHIW¿UVW DOLJQHU GLG QRW ¿W FRUUHFWO\ PHDQ   DOLJQHU 
PRODU WR PHVLDO RI WKH OHIW ¿UVW SUHPRODU ZLGWK RI OHIW 7DEOH ,,,  ,Q WKH FRQWURO JURXS WKH SURWRFRO RI 
FDQLQHGLVWDORIOHIWODWHUDOLQFLVRUWRGLVWDORIULJKWODWHUDO KRXUVDGD\IDLOHGDQGZHKDGWRUHVXPHWKHVWDQGDUG
LQFLVRUZLGWKRIULJKWFDQLQHPHVLDORIULJKW¿UVWSUHPRODU SURWRFRO RI  KRXUV D GD\ WR ¿QLVK WKH WUHDWPHQW
WRPHVLDORIULJKW¿UVWPRODU 0HDVXUHVZHUHFDUULHGRXW $OOODVHUJURXSSDWLHQWVVXFFHVVIXOO\FRPSOHWHGWKH
RQGLJLWDOPRGHOV7KHDYHUDJHRIWKHLQFUHDVLQJDUFKGHSWK WUHDWPHQW 7KH PHDQ WUHDWPHQW GXUDWLRQ ZLWK WKH
EHWZHHQWKHSUHDQGSRVWWUHDWPHQWZDVPPDQGWKH KRXU SURWRFRO ZDV “ ZHHNV LQ WKH FRQWURO
DYHUDJHRIWKHDUFKLQFUHDVLQJSHULPHWHUZDVPP JURXS DWWKDWSRLQWWUHDWPHQWZDVGLVFRQWLQXHG DQG
7KH PHDQ RI OLQHDU PRYHPHQW ZDV “ PP “ZHHNVLQWKHODVHUJURXS
ZKLOHWKHPHDQURWDWLRQDOPRYHPHQWZDV“ƒ7KH
PHDQ PHDVXUHPHQWV RI WKH WZR PRYHPHQWV OLQHDU DQG ',6&866,21
URWDWLRQDOUHIHUWRWKHDQWHULRULQIHULRUDUFKIURPFDQLQHWR
FDQLQHRIDOOSDWLHQWV 7KH HIIHFW RI ///7 RQ WRRWK PRYHPHQW GXULQJ
RUWKRGRQWLF WUHDWPHQW ZLWK LQYLVLEOH DOLJQHUV ZDV
6WDWLVWLFDODQDO\VLV LQYHVWLJDWHGLQWKLVSLORWVWXG\
&RQYHQWLRQDOGHVFULSWLYHVWDWLVWLFVZHUHFDUULHGRXWWR ,Q  KRXUV ///7 VHHPHG WR REWDLQ WKH VDPH
DQDO\]H GHPRJUDSKLF DQG FOLQLFDO FKDUDFWHULVWLFV RI WKH WRRWKPRYHPHQWREWDLQHGE\ZHDULQJWKHDOLJQHU
VWXG\VDPSOH)RUFRPSDULVRQVEHWZHHQWKHWZRWUHDWPHQW KRXUVDGD\ZLWKRXW///77KLVLVLQDJUHHPHQWZLWK
JURXSV WWHVW DQG WKH FKLVTXDUHG WHVW ZHUH UHVSHFWLYHO\ WKRVHVWXGLHVWKDWKDYHGHPRQVWUDWHGDUHGXFWLRQLQ
XVHG IRU QXPHULFDO DJH FURZGLQJ  DQG FDWHJRULFDO WUHDWPHQWWLPHXVLQJ///7  
 -RXUQDORI%LRORJLFDO5HJXODWRUV +RPHRVWDWLF$JHQWV
6 

 
7DEOH,%DVHOLQH¿QGLQJVJHQGHUDJ

9DULDEOHV 7RWDO &RQWURO*URXS /DVHU*URXS 6LJQL¿FDQFH

3DWLHQWV Q   

$JH PHDQ“6' “ “ “ 16

5$1*($*(   

)HPDOHQ        16

0DOHQ        16

&URZGLQJ ,UUHJXODULW\,QGH[ PHDQ“6' “ “ “ 16

Q 1XPEHU6' 6WDQGDUG'HYLDWLRQ16 QRWVLJQL¿FDQW  6LJQL¿FDQFHIRUFRPSDULVRQRIJURXSPHDQVFDOFXODWHG

E\SDLUHGWWHVW

7DEOH,,%DVHOLQH¿QGLQJVDJHGLVWULEXWLRQ

9DULDEOHV )HPDOH 0DOH 39DOXH

0HDQ$JH   

6'  

6' 6WDQGDUG'HYLDWLRQ

7DEOH,,,2XWFRPHVQXPEHURIDOLJQHUV¿WWHGFRUUHFWO\IRUHDFKWUHDWPHQWDQGQXPEHURIWUHDWPHQW¿QLVKHGVXFFHVVIXOO\

9DULDEOHV /DVHU*URXS &RQWURO*URXS 39DOXH

7RWDOQXPEHUDOLJQHU PHDQ“6' “ “ 

68&&(668168&&(66 Q  

Q 1XPEHU6' 6WDQGDUG'HYLDWLRQ
 6 *&$&&,$1,*$(7$/

'LIIHUHQW NLQGV RI ODVHU FDQ EH XVHG EXW WKH DW:DWWRXWSXWSRZHU 3,$1$DOORZVWRFRPSOHWH
GLRGH ODVHU VHHPV WR EH WKH PRVW HIIHFWLYH LQ WKH RUWKRGRQWLF WUHDWPHQW ZLWK LQYLVLEOH DOLJQHUV
RUWKRGRQWLF ELRVWLPXODWLRQ    7KH SDUDPHWHU ZHDULQJ WKHP IRU D PLQLPXP RI  KRXUV SHU GD\
VHWLVIXQGDPHQWDOWRKDYHFOLQLFDOUHVXOWV  7KH 7KLVLVDSLORWVWXG\DVHFRQGVWXG\ZLOOIROORZWR
H[WHUQDOODVHUELRVWLPXODWLRQZLWKDSODQHZDYHRSWLFDO HYDOXDWHZKHWKHUWKHUHLVDGLIIHUHQFHLQHI¿FDF\DQG
¿EHU ZDYHOHQJWK RI  QP DQG FRQWLQXRXV ZDYH LQ GXUDWLRQ RI WKH WUHDWPHQW EHWZHHQ WKH RQH ZLWK
DW  :DWW RXWSXW SRZHU  VHHPV WR KDYH SUHGLFWDEOH DOLJQHUVDQGWKHRQHZLWKWKLVQHZODVHUSURWRFRO
UHVXOWV7KHSURWRFRORIVHFRQGVRILUUDGLDWLRQIRU
HDFKDUFKVHHPVWREHFOLQLFDOO\HIIHFWLYH 5()(5(1&(6
7KH LPSURYHPHQW LQ WRRWK PRYHPHQW FRXOG EH
GXHWRWKHELRVWLPXODWLRQRIERQHWXUQRYHU    &DPDFKR $' DQG 9HODVTXH] &XMDU 6$ 'HQWDO
7KHH[DFWPHFKDQLVPRIWKH///7RQWKHERQHLVQRW PRYHPHQW DFFHOHUDWLRQ /LWHUDWXUH UHYLHZ E\ DQ
\HWFRPSOHWHO\XQGHUVWRRG,QYLWURVWXGLHVVKRZWKDW DOWHUQDWLYH VFLHQWL¿F HYLGHQFH PHWKRG :RUOG -
WKHOLJKWDWDORZHUUDGLDWLRQGRVDJHLVDEVRUEHGE\ 0HWKRGRO  
WKHLQWUDFHOOXODUFKURPRSKRUHVLQWKHPLWRFKRQGULD  6RXVD 09 3LQ]DQ$ &RQVRODUR$ +HQULTXHV -)
WKXV LQFUHDVLQJ FHOO SUROLIHUDWLRQ WKURXJK WKH DQG GH )UHLWDV 05 6\VWHPDWLF OLWHUDWXUH UHYLHZ
SKRWRFKHPLFDODOWHUDWLRQV  7KLVPHFKDQLVP LQÀXHQFHRIORZOHYHOODVHURQRUWKRGRQWLFPRYHPHQW
LQFOXGHVSURPRWLRQRIDQJLRJHQHVLV  SURGXFWLRQ DQG SDLQ FRQWURO LQ KXPDQV 3KRWRPHG /DVHU 6XUJ
RIFROODJHQ  RVWHRJHQLFFHOOSUROLIHUDWLRQDQG   
GLIIHUHQWLDWLRQ    PLWRFKRQGULDO UHVSLUDWLRQ  /RQJ+=KRX<;XH-/LDR/<H1-LDQ):DQJ
DQGDGHQRVLQHWULSKRVSKDWHV\QWKHVLV  ///7 < DQG /DL : 7KH HIIHFWLYHQHVV RI ORZOHYHO ODVHU
FDQ HQKDQFH WKH ORFDO EORRG ÀRZ LQFUHDVLQJ WKH WKHUDS\LQDFFHOHUDWLQJRUWKRGRQWLFWRRWKPRYHPHQW
VXSSO\ RI WKH FLUFXODWLQJ FHOOV QXWULWLRQ R[\JHQ DPHWDDQDO\VLV/DVHUV0HG6FL  
DQG LQRUJDQLF VDOWV WR WKH ERQH OHVLRQV   7KLV  6HL¿ 0 6KDIHHL +$ 'DQHVKGRRVW 6 DQG 0LU 0
KDGDOUHDG\EHHQQRWHGE\.REXZKRVKRZHGWKDW (IIHFWVRIWZRW\SHVRIORZOHYHOODVHUZDYHOHQJWKV
LQ WLVVXHV WUHDWHG ZLWK ///7 LQWUDRVVHRXV EORRG DQGQP RQWKHRUWKRGRQWLFWRRWKPRYHPHQWV
ÀRZ LQFUHDVHG E\ DSSUR[LPDWHO\  DQG R[\JHQ LQUDEELWV/DVHUV0HG6FL  
WHQVLRQ E\ DSSUR[LPDWHO\    .DZDVDNL DQG  5HQ & 0F*UDWK & DQG<DQJ<7KH HIIHFWLYHQHVV
6KLPL]XVKRZHGWKDW///7LQFUHDVHGWKHQXPEHURI RIORZOHYHOGLRGHODVHUWKHUDS\RQRUWKRGRQWLFSDLQ
RVWHRFODVWVLQWKHSUHVVXUHVLGHGXULQJH[SHULPHQWDO PDQDJHPHQWDV\VWHPDWLFUHYLHZDQGPHWDDQDO\VLV
WRRWKPRYHPHQWLQUDWV  ///7LVDEOHWRDFKLHYH /DVHUV0HG6FL  
WKHVHFHOOXODUHIIHFWVEHFDXVHWKHEHDPKDVDWLVVXH  6HL¿ 0$WUL ) DQG<D]GDQL 00 (IIHFWV RI ORZ
SHQHWUDWLRQIURPFPWRFP   OHYHO ODVHU WKHUDS\ RQ RUWKRGRQWLF WRRWK PRYHPHQW
///7 FRXOG EH XVHIXO LQ RUWKRGRQWLF FOLQLFDO DQGURRWUHVRUSWLRQDIWHUDUWL¿FLDOVRFNHWSUHVHUYDWLRQ
SUDFWLFH HVSHFLDOO\ ZKHQ SDWLHQWV ODFN FRPSOLDQFH 'HQW5HV- ,VIDKDQ   
DQGGRQRWZHDUWKHDOLJQHUVKRXUVDGD\///7  .KDGUD 0 .DVHP 1 +DDQDHV +5 (OOLQJVHQ -(
VHHPVDEOHWRSURGXFHDQH[SHFWHGGHQWDOPRYHPHQW DQG/\QJVWDGDDV63(QKDQFHPHQWRIERQHIRUPDWLRQ
ZLWKDUHGXFHGWLPHRIZHDULQJ)XUWKHUPRUH///7 LQ UDW FDOYDULDO ERQH GHIHFWV XVLQJ ORZOHYHO ODVHU
DOORZV HDVLHU PDQDJHPHQW RI LQYLVLEOH DOLJQHUV WKHUDS\2UDO6XUJ2UDO0HG2UDO3DWKRO2UDO5DGLRO
UHGXFLQJ WKH GDLO\ WLPH RI ZHDULQJ )LQDOO\ WKLV (QGRG  
W\SH RI RUWKRGRQWLF WUHDWPHQW VHHPV WR EH PRUH  .LP6-0RRQ68.DQJ6*DQG3DUN<*(IIHFWV
FRPIRUWDEOH DQG FRXOG EH DSSHDOLQJ WR D ZLGHU RI ORZOHYHO ODVHU WKHUDS\ DIWHU &RUWLFLVLRQ RQ WRRWK
QXPEHURISDWLHQWV PRYHPHQW DQG SDUDGHQWDO UHPRGHOLQJ /DVHUV 6XUJ
7KH H[WHUQDO ELRVWLPXODWLRQ RI  VHFRQGV SHU 0HG  
DUFKZLWKWKHGLRGHODVHUDQGWKHSODQHZDYHRSWLFDO  )DULYDU60DOHNVKDKDEL7DQG6KLDUL5%LRORJLFDO
¿EUH ZDYHOHQJWK RI  QP DQG FRQWLQXRXV ZDYH HIIHFWV RI ORZ OHYHO ODVHU WKHUDS\ - /DVHUV 0HG 6FL
 -RXUQDORI%LRORJLFDO5HJXODWRUV +RPHRVWDWLF$JHQWV
6 

    $PLG 5 .DGNKRGD]DGHK 0 $KVDLH 0* DQG
 .REX<(IIHFWVRILQIUDUHGUDGLDWLRQRQLQWUDRVVHRXV +DNDN]DGHK $ (IIHFW RI ORZ OHYHO ODVHU WKHUDS\
EORRGÀRZDQGR[\JHQWHQVLRQLQWKHUDWWLELD.REH- RQ SUROLIHUDWLRQ DQG GLIIHUHQWLDWLRQ RI WKH FHOOV
0HG6FL   FRQWULEXWLQJ LQ ERQH UHJHQHUDWLRQ - /DVHUV 0HG 6FL
 1LPHUL*.DX&+$ERX.KHLU16DQG&RURQD5   
$FFHOHUDWLRQ RI WRRWK PRYHPHQW GXULQJ RUWKRGRQWLF  'XQJHO 3 +DUWLQJHU - &KDXGDU\ 6 6OH]DN 3
WUHDWPHQWD IURQWLHU LQ RUWKRGRQWLFV 3URJ 2UWKRG +RIPDQQ$+DXVQHU76WUDVVO0:LQWQHU(5HGO
  +DQG0LWWHUPD\U5/RZOHYHOOLJKWWKHUDS\E\/('
 &DFFLDQLJD*&RUGDVFR*/HRQLGD$=RU]HOOD3 RI GLIIHUHQW ZDYHOHQJWK LQGXFHV DQJLRJHQHVLV DQG
6TXDU]RQL1&DULQFL)DQG&UHVWDOH&3HULRGRQWDO LPSURYHVLVFKHPLFZRXQGKHDOLQJ/DVHUV6XUJ0HG
HIIHFWV ZLWK VHOI OLJDWLQJ DSSOLDQFHV DQG ODVHU   
ELRVWLPXODWLRQ 'HQW 5HV - ,VIDKDQ    6XSSO  0DVVRWWL )3 *RPHV )9 0D\HU / GH 2OLYHLUD
 6 0* %DUDOGL &( 3RQ]RQL ' DQG 3XULFHOOL (
 0L]XWDQL . 0XV\D < :DNDH . .RED\DVKL 7 +LVWRPRUSKRPHWULF DVVHVVPHQW RI WKH LQÀXHQFH RI
7REH07DLUD.DQG+DUDGD7$FOLQLFDOVWXG\RQ ORZOHYHOODVHUWKHUDS\RQSHULLPSODQWWLVVXHKHDOLQJ
VHUXPSURVWDJODQGLQ(ZLWKORZOHYHOODVHUWKHUDS\ LQ WKH UDEELW PDQGLEOH 3KRWRPHG /DVHU 6XUJ 
3KRWRPHG/DVHU6XUJ     
 &UX]'5.RKDUD(.5LEHLUR06DQG:HWWHU18  /HRQLGD $ 3DLXVFR $ 5RVVL * &DULQL )
(IIHFWVRIORZLQWHQVLW\ODVHUWKHUDS\RQWKHRUWKRGRQWLF %DOGRQL 0 DQG &DFFLDQLJD * (IIHFWV RI ORZOHYHO
PRYHPHQWYHORFLW\RIKXPDQWHHWKDSUHOLPLQDU\VWXG\ ODVHU LUUDGLDWLRQ RQ SUROLIHUDWLRQ DQG RVWHREODVWLF
/DVHUV6XUJ0HG   GLIIHUHQWLDWLRQ RI KXPDQ PHVHQFK\PDO VWHP FHOOV
 6DOHKL3+HLGDUL67DQLGHK1DQG7RUNDQ6(IIHFW VHHGHGRQDWKUHHGLPHQVLRQDOELRPDWUL[LQYLWURSLORW
RIORZOHYHOODVHULUUDGLDWLRQRQWKHUDWHDQGVKRUWWHUP VWXG\/DVHUV0HG6FL  
VWDELOLW\RIURWDWLRQDOWRRWKPRYHPHQWLQGRJV$P-  )HUUDUHVL & .DLSSHUW % $YFL 3 +XDQJ << GH
2UWKRG'HQWRIDFLDO2UWKRS   6RXVD09%DJQDWR963DUL]RWWR1$DQG+DPEOLQ
 /LPSDQLFKNXO : *RGIUH\ . 6ULVXN 1 DQG 05 /RZOHYHO ODVHU OLJKW  WKHUDS\ LQFUHDVHV
5DWWDQD\DWLNXO & (IIHFWV RI ORZOHYHO ODVHU WKHUDS\ PLWRFKRQGULDOPHPEUDQHSRWHQWLDODQG$73V\QWKHVLV
RQ WKH UDWH RI RUWKRGRQWLF WRRWK PRYHPHQW 2UWKRG LQ && P\RWXEHV ZLWK D SHDN UHVSRQVH DW  K
&UDQLRIDF5HV   3KRWRFKHP3KRWRELRO  
 /DJUDYHUH 02 DQG )ORUHV0LU & 7KH WUHDWPHQW  %XUDYOHY ($ =KLGNRYD 79 9ODGLPLURY <$ DQG
HIIHFWVRI,QYLVDOLJQRUWKRGRQWLFDOLJQHUVDV\VWHPDWLF 2VLSRY $1 (IIHFWV RI ORZOHYHO ODVHU WKHUDS\ RQ
UHYLHZ-$P'HQW$VVRF   PLWRFKRQGULDO UHVSLUDWLRQ DQG QLWURV\O FRPSOH[
 %ROOHQ$0+XDQJ*.LQJ*+XMRHO3DQG0D FRQWHQW/DVHUV0HG6FL  
7$FWLYDWLRQWLPHDQGPDWHULDOVWLIIQHVVRIVHTXHQWLDO  .XERWD-(IIHFWVRIGLRGHODVHUWKHUDS\RQEORRGÀRZ
UHPRYDEOH RUWKRGRQWLF DSSOLDQFHV 3DUW $ELOLW\ WR LQD[LDOSDWWHUQÀDSVLQWKHUDWPRGHO/DVHUV0HG6FL
FRPSOHWHWUHDWPHQW$P-2UWKRG'HQWRIDFLDO2UWKRS   
    .DZDVDNL . DQG 6KLPL]X 1 (IIHFWV RI ORZ
 %DFFHWWL 7 )UDQFKL / DQG 0F1DPDUD -$ -U $Q HQHUJ\ ODVHU LUUDGLDWLRQ RQ ERQH UHPRGHOLQJ GXULQJ
LPSURYHGYHUVLRQRIWKHFHUYLFDOYHUWHEUDOPDWXUDWLRQ H[SHULPHQWDO WRRWK PRYHPHQW LQ UDWV /DVHUV 6XUJ
&90  PHWKRG IRU WKH DVVHVVPHQW RI PDQGLEXODU 0HG  
JURZWK$QJOH2UWKRG    +XGVRQ '( +XGVRQ '2 :LQLQJHU -0 DQG
 %HUQDEH(DQG)ORUHV0LU&(VWLPDWLQJDUFKOHQJWK 5LFKDUGVRQ%'3HQHWUDWLRQRIODVHUOLJKWDWDQG
GLVFUHSDQF\ WKURXJK /LWWOH¶V ,UUHJXODULW\ ,QGH[ IRU  QP LQ ERYLQH WLVVXH VDPSOHV 3KRWRPHG /DVHU
HSLGHPLRORJLFDOXVH(XU-2UWKRG   6XUJ