D
2OG D ZLWK D OLWWOH QHZ E
E


<RX XVXDOO\ ZDQW DOO WKH GHSHQGHQF\ WR EH KRQRUHG IURP WKH EHJLQQLQJ DQG XVXDOO\ WKHUH LV QR
SUREOHP EHFDXVH \RX GR QRW JLYH DQ H[SOLFLW YDOXH WR D GHSHQGHQF\ WKDW \RX KDYH MXVW GHILQHG
<RXVKRXOG EHDZDUH KRZHYHU RIWKHXVHRIWKHVDYHGYDOXHLQWKHFLUFXPVWDQFHVMXVWLOOXVWUDWHG
(YDOXDWLRQ :KHQ WKH ,QGH[ LV WKH 1XOO
)RU DQ\ YHFWRU RI LQGLFHVL WKDW LV QRW WKH 1XOO WKH LWHPZLVH GHSHQGHQF\ GHILQLWLRQD>L@
FDQ EH WKRXJKW RI DV EHLQJ H[HFXWHG LQ WKH IRUPD>L@f :KHQ WKH LQGH[ YHFWRU LV WKH 1XOO
KRZHYHU WKLVYLHZ ZRXOGEHLQFRUUHFW ,WLV UDWKHU H[HFXWHGLQWKHIRUPDf 7KHVKDSHRID
FDQ EH FKDQJHG E\ D WRWDO LQYDOLGDWLRQ
7R UHSHDW IRU HPSKDVLV ZKHQ WKHUH LV D UHFRJQL]HG WRWDO HYDOXDWLRQ RI DQ LWHPZLVH GHSHQGHQF\
7KH1XOOLVXVHGWRLQGH[WKHYDULDEOHVIRUZKLFKWKHGHSHQGHQF\LVLWHPZLVH
7KHUHVXOWRIH[HFXWLQJWKHERG\RIWKHGHSHQGHQF\GHILQLWLRQLVWKHQHZVDYHG
YDOXH RI WKH GHSHQGHQW YDULDEOH 7KH $VVLJQPHQW WR WKH GHSHQGHQW YDULDEOH LV QRW
DQ ,QGH[HG $VVLJQPHQW EXW UDWKHU DQ RUGLQDU\ $VVLJQPHQW DQG WKH VKDSH RI WKH
GHSHQGHQW YDULDEOH FDQ EH FKDQJHG E\ LW
&\FOLF HSHQGHQFLHV
6R IDU RQO\ DF\FOLF GHSHQGHQFLHV KDYH EHHQ GLVFXVVHG L H VHWV RI GHSHQGHQFLHV ZLWK QR
UHFXUVLYH UHIHUHQFHV ZKHUH QR GHSHQGHQF\ GHSHQGV RQ LWVHOI 7KH HEXJJLQJ 6WDWH V\VWHP
FRPPDQG GEJ SURYLGHV D XVHIXO WRRO IRU DQDO\]LQJ UHFXUVLYH RU F\FOLF GHSHQGHQFLHV
([DPSOH (YDOXDWLQJ &\FOLF HSHQGHQFLHV
7KH ILUVW H[DPSOH LOOXVWUDWHV DQ LPSRUWDQW SURSHUW\ RI F\FOLF GHSHQGHQFLHV LI LQ WKH FRXUVH RI
HYDOXDWLQJ D GHSHQGHQF\ LWV QDPH LV UHFXUVLYHO\ UHIHUHQFHG WKDW UHIHUHQFH ZLOO EH VDWLVILHG ZLWK
WKH SUHYLRXVO\ VDYHG YDOXH LI WKHUH LV QR VDYHG YDOXH D YDOXH HUURU RFFXUV 8QOLNH D UHFXUVLYH
IXQFWLRQ D F\FOLF GHSHQGHQF\ FDQQRW FDXVH DQ LQILQLWH UHFXUVLRQ )RU H[DPSOH
GEJ GHS 6KRZ GHSHQGHQF\ HYDOXDWLRQV
D E 0DUNV WKH VDYHG YDOXH RI D LQYDOLG
E D J
Df $VVLJQ D DQG E YDOXHV WR DYRLG YDOXH HUURUV
Ef 7KH\ DUH QRZ QRW PDUNHG LQYDOLG
Jf 6DYHG YDOXH RI E LV QRZ PDUNHG LQYDOLG VR D LV DOVR
D
’HSHQGHQF\ D HYDOXDWLRQ HQWHUHG
’HSHQGHQF\ E HYDOXDWLRQ HQWHUHG
’HSHQGHQF\ E HYDOXDWLRQ H[LWHG
’HSHQGHQF\ D HYDOXDWLRQ H[LWHG


7KHQHZ YDOXHRIDLV ZKLFK PHDQV WKH QHZYDOXH RIELV 6LQFHJLV DPXVWKDYHEHHQ
ZKHQ E ZDV HYDOXDWHG ZKLFK ZDV LWV VDYHG YDOXH DW WKH WLPH
([DPSOH ,QWHUUHODWHG TXDQWLWLHV UDWH \LHOG VSUHDG

&\FOLF GHSHQGHQFLHV DULVH TXLWH QDWXUDOO\ LQ DSSOLFDWLRQV DV VHWV RI LQWHUUHODWHG YDULDEOHV )RU
H[DPSOH FRQVLGHU WKH IROORZLQJ PXWXDO UHODWLRQVKLSV DPRQJ XQGHUO\LQJ UDWHX \LHOG \ DQG
VSUHDG V
\ X V
X \ V
V \ X

)RU LQLWLDOL]DWLRQ VHW DQ\ WZR RI WKHVH TXDQWLWLHV $IWHU WKDW LI DQ\ RQH RI WKH TXDQWLWLHV LV VHW WKH
RWKHU WZR ZLOO EH DXWRPDWLFDOO\ XSGDWHG ZKHQ UHIHUHQFHG )RU H[DPSOH

GEJ GHS
X V f 6HW ERWK DW RQFH HOVH RQH LQYDOLGDWHV WKH RWKHU
\ HILQLQJ GHSHQGHQF\ PDUNHG DQ\ VDYHG YDOXH RI \ LQYDOLG
’HSHQGHQF\ \ HYDOXDWLRQ HQWHUHG
’HSHQGHQF\ \ HYDOXDWLRQ H[LWHG

\f 0DUNV WKH VDYHG YDOXHV RI ERWK X DQG V LQYDOLG
X
’HSHQGHQF\ X HYDOXDWLRQ HQWHUHG
’HSHQGHQF\ V HYDOXDWLRQ HQWHUHG
’HSHQGHQF\ V HYDOXDWLRQ H[LWHG
’HSHQGHQF\ X HYDOXDWLRQ H[LWHG

V
7KH VDYHG YDOXH LV UHWXUQHG

:KHQ\ ZDV UHDVVLJQHG WKH VDYHG YDOXHV RI X DQGV ZHUH PDUNHG LQYDOLG :KHQ X ZDV WKHQ
UHIHUHQFHG LWV GHILQLWLRQ ZDV HYDOXDWHG FDXVLQJ V DQG\ WR EH UHIHUHQFHG 7KH UHIHUHQFH WR V
FDXVHG LW WR EH HYDOXDWHG XVLQJ WKHQHZ YDOXHIRU\DQGWKHROGYDOXH IRUX 7KLVQHZ YDOXHIRUV
ZDV WKHQ XVHG ZLWK WKH QHZ YDOXH RI \ WR SURGXFH D QHZ YDOXH RIX %HFDXVH RI WKH
VHOIFRQVLVWHQF\ RI WKH PDWKHPDWLFDO H[SUHVVLRQV WKH QHZ YDOXH RIX LV WKH VDPH DV WKH ROG RQH
+RZHYHU WKHVH FRPSXWHG YDOXHV ZRXOG QRW EH WKH VDPH LIX DQGV KDG EHHQ UHIHUHQFHG LQ WKH
RSSRVLWH RUGHU 7R YHULI\ WKLV UHSURGXFH WKH H[DPSOH XS WR WKH UHIHUHQFHV RIX DQG V DQG WKHQ
UHIHUHQFH WKHP LQ WKH RSSRVLWH RUGHU

X V f
\
’HSHQGHQF\ \ HYDOXDWLRQ HQWHUHG
’HSHQGHQF\ \ HYDOXDWLRQ H[LWHG


\f
V
’HSHQGHQF\ V HYDOXDWLRQ HQWHUHG
’HSHQGHQF\ X HYDOXDWLRQ HQWHUHG
’HSHQGHQF\ X HYDOXDWLRQ H[LWHG
’HSHQGHQF\ V HYDOXDWLRQ H[LWHG


X


5HDVRQLQJ DV EHIRUH X QRZ KDV D GLIIHUHQW YDOXH IURP WKH RQH RULJLQDOO\ VSHFLILHG EXW V GRHV
QRW 2I FRXUVH LW LV QRW DOZD\V SRVVLEOH WR NQRZ WKH RUGHU LQ ZKLFK GHSHQGHQFLHV ZLOO
UHHYDOXDWHG ZKLFK PHDQV WKDW RQH FDQQRW EH FHUWDLQ RI WKH QHZ YDOXHV LQ FDVHV OLNH WKLV 7KH
RQO\ FRQVLVWHQW ZD\ WR XVH Q F\FOLF GHSHQGHQFLHV OLNH WKHVH LV WR H[SOLFLWO\ VHW DQ\ Q RI WKH
TXDQWLWLHV DQG XVH WKH GHSHQGHQW GHILQLWLRQ RQO\ IRU WKH UHPDLQLQJ RQH
+RZ FDQ WKH YDOXHV RI VHYHUDO F\FOLF GHSHQGHQFLHV EH VHW LQGHSHQGHQWO\ ZLWKRXW FDXVLQJ RQH
DQRWKHUV VDYHG YDOXHV WREHPDUNHGLQYDOLG",QWKHDERYHH[DPSOH LI\LVILUVWVSHFLILHGDQGWKHQ
X LV VSHFLILHG WKH VSHFLILFDWLRQ RIX ZLOO FDXVH WKH VDYHG YDOXH RI \ WR EH PDUNHG LQYDOLG DQG
Previous Page Next Page