,3,Modern Linguistics

7/28/2019 ,3,Modern Linguistics

1/34

3267*5$'2(1/,1*h67,&$

,QVWLWXWRGHOLWHUDWXUD\FLHQFLDVGHOOHQJXDMH

'DWRVGHOWH[WR7tWXORGHOOLEUR ,QWURGXFWLRQWRWKHRUHWLFDOOLQJXLVWLFV

7tWXORGHOFDStWXOR 0RGHUQOLQJXLVWLFV

$XWRU -RKQ/\RQV

$xRGHSXEOLFDFLyQ

&LXGDG &DPEULGJH

(GLWRULDO &DPEULGJH8QLYHVUVLW\3UHVV

1GH3iJLQDV

,QGLFDFLRQHV

/RVQ~PHURVSXHVWRVDSLHGHSiJLQDFRUUHVSRQGHQDOQ~PHURGHSiJLQDGHOWH[WRRULJLQDO'HHVWHPRGRODSDODEUDTXHHVWpVHxDODGDFRQHOSLHGHSiJLQDTXHGLJDSRUHMHPSOR3DJFRUUHVSRQGHUiDOILQDOGHODSiJLQDGHORULJLQDO

&yPRFLWDUHVWHWH[WR/\RQ-0RGHUQOLQJXLVWLFV(Q,QWURGXFWLRQWRWKHRUHWLFDOOLQJXLVWLFV&DPEULGJH&DPEULGJH8QLYHUVLW\3UHVV


2/34

0RGHUQOLQJXLVWLFV

)HUGLQDQGGH6DXVVXUH,IDQ\RQHSHUVRQLVWREHFDOOHGWKHIRXQGHURIPRGHUQOLQJXLVWLFVLWLVWKHJUHDW6ZLVV VFKRODU )HUGLQDQG GH 6DXVVXUH ZKRVH OHFWXUHV UHFRQVWUXFWHG IURP WKHQRWHV RI KLV VWXGHQWV DIWHU KLV GHDWK ZHUH SXEOLVKHG LQ DV &RXUV GHOLQJXLVWLTXHJpQp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

7KHUHODWLYHDQWLTXLW\RIVSHHFKDQGZULWLQJLVKRZHYHURIVHFRQGDU\LPSRUWDQFH)DUPRUHUHOHYDQWWRXQGHUVWDQGLQJWKHUHODWLRQEHWZHHQVSHHFKDQGZULWLQJLVWKHIDFW WKDW DOO V\VWHPV RI ZULWLQJ DUH GHPRQVWUDEO\ EDVHG XSRQ XQLWV RI VSRNHQODQJXDJH,QVRPHFDVHVLWLVQHFHVVDU\WRJREDFNWRDQHDUOLHUIRUPRIDSDUWLFXODUODQJXDJHRUWRVRPHRWKHUODQJXDJHIURPZKLFKWKHZULWLQJV\VWHPZDVERUURZHG

3DJ


3/34

EXWWKLVGRHVQRWLQYDOLGDWHWKHSULQFLSOH ,QWKHGHVFULSWLRQRIVSRNHQ ODQJXDJHWKHOLQJXLVWJHQHUDOO\ILQGVWKDWKHPXVWUHFRJQL]HXQLWVRIWKUHHGLIIHUHQWNLQGVDVZHOODVPDQ\RWKHUVRIFRXUVHVRXQGVV\OODEOHVDQGZRUGV1RZDOOFRPPRQO\XVHGV\VWHPVRIZULWLQJWDNHRQHRURWKHURIWKHVHXQLWVDVEDVHDOSKDEHWLFV\VWHPV

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

GHILFLHQF\0RUHRYHULQWKHW\SLFDOVLWXDWLRQVLQZKLFKWKHZULWWHQODQJXDJHLVXVHGWKHUH LV QR GLUHFW IDFHWRIDFH FRQIURQWDWLRQ RI ZULWHU DQG UHDGHU LQIRUPDWLRQZKLFKPLJKWEHFDUULHG E\JHVWXUHVDQG IDFLDO H[SUHVVLRQVDFFRPSDQ\LQJ VSHHFKPXVW WKHUHIRUH EH FRQYH\HG YHUEDOO\ 7KH IDFW WKDW WKHUH DUH LQYDULDEO\ VXFKGLIIHUHQFHV DV WKHVH EHWZHHQ VSHHFK DQG ZULWLQJ PHDQV WKDW ZULWWHQ ODQJXDJH

3DJ


4/34

FDQQRW EH UHJDUGHG DVPHUHO\ WKH WUDQVIHUHQFH RI VSRNHQ ODQJXDJH WR DQRWKHUPHGLXP,Q WKH FDVH RI SDUWLFXODU ODQJXDJHV WKH SULQFLSOH RI WKH SULRULW\ RI VSHHFK RYHU

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j VHSW KHXUHV LO YLHQWWRXMRXUVjFHWWHKHXUHKHDOZD\VFRPHVDWVHYHQRFORFNKHDOZD\VFRPHVDWWKLVWLPH 0RUH LPSRUWDQW WKDQ KRPRSKRQ\ LV WKH IDFW WKDW FHUWDLQ YHUEDO IRUPVQRWDEO\WKHVLPSOHSDVWWHQVHIRUPVHJGRQQD JDYHUpSRQGLWDQVZHUHGHWFDQGWKHSDVWVXEMXQFWLYHTXLOGRQQk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

FDVHRI/DWLQZKLFKZDVXVHGIRUFHQWXULHVLQ(XURSHDVWKHODQJXDJHRIUHOLJLRQDGPLQLVWUDWLRQ DQG VFKRODUVKLS DQG LV VWLOO XVHG LQ WKLV ZD\ E\ WKH &DWKROLF&KXUFK7KH/DWLQRIVFKRODUVSULHVWDQGGLSORPDWVLQPHGLHYDODQG5HQDLVVDQFH(XURSH ZDV D GHDG ODQJXDJH LW ZDV QRW WKHLU QRUPDO PHGLXP RI HYHU\GD\GLVFRXUVHOHDUQHGQDWXUDOO\LQFKLOGKRRGEXWDODQJXDJHZKLFKWKH\OHDUQHGDQG

3DJ


5/34

XVHGIRUUHVWULFWHGSXUSRVHV0RUHRYHULWZDVHVVHQWLDOO\DQXQFKDQJLQJZULWWHQODQJXDJHEDVHGRQWKHOLYLQJVSRNHQ/DWLQRIPDQ\FHQWXULHVEHIRUHDQGZKHQVSRNHQGUHZFRQVWDQWO\DQGGHOLEHUDWHO\XSRQWKHZULWWHQZRUGVRIWKHSDVW$VZHKDYHVHHQWKHSHFXOLDUVWDWXVRI/DWLQLQPHGLHYDODQG5HQDLVVDQFH(XURSHWHQGHG

WRFRQILUPWKHVFKRODUVRIWKHWLPHLQWKHLUDFFHSWDQFHRIWKHFODVVLFDOSULQFLSOHRIWKHSULRULW\RIWKHZULWWHQODQJXDJHFI2WKHUZHOONQRZQH[DPSOHVRIGHDGODQJXDJHV ZKLFK FRQWLQXHG WR EH XVHG IRU UHOLJLRQ RU VFKRODUVKLS DUH 6DQVNULW%\]DQWLQH*UHHNDQG2OG&KXUFK6ODYRQLF,QGLVFXVVLQJWKHUHODWLRQVKLSEHWZHHQZULWWHQDQGVSRNHQODQJXDJHZKLFKDVZHKDYHVHHQLVE\QRPHDQVDVLPSOHUHODWLRQVKLSDQGYDULHVFRQVLGHUDEO\LQWKHFDVHRIGLIIHUHQWODQJXDJHVZHKDYHVDLGQRWKLQJDERXWWKHGLIIHUHQWVW\OHVWKDWPXVWEHGLVWLQJXLVKHGLQGHDOLQJERWKZLWKVSRNHQDQGZLWKZULWWHQODQJXDJH:KHQWKHWUDGLWLRQDO JUDPPDULDQ PDLQWDLQHG WKH SULQFLSOH RI WKH SULRULW\ RI WKH ZULWWHQODQJXDJHKHZDVRIFRXUVHWKLQNLQJSULPDULO\RIWKHODQJXDJHRIOLWHUDWXUHUDWKHUWKDQ IRU LQVWDQFH WKH ODQJXDJH RI WHOHJUDPV QHZVSDSHUKHDGOLQHV RU SXEOLFQRWLFHVDQGKHZRXOGWHQGWRVD\WKDWWKHOLWHUDU\ODQJXDJHZDVWKHQREOHVWRUPRVW FRUUHFW IRUP RI WKH ODQJXDJH:HPD\QRZ WDNH XSWKHGLVFXVVLRQ RI WKLVTXHVWLRQ:HZLOOUHWXUQWRWKHSULQFLSOHRIWKHSULRULW\RIWKHVSRNHQODQJXDJHLQWKHIROORZLQJFKDSWHUFI

/LQJXLVWLFVLVDGHVFULSWLYHQRWDSUHVFULSWLYHVFLHQFH7KHWUDGLWLRQDOJUDPPDULDQWHQGHGWRDVVXPHQRWRQO\WKDWWKHZULWWHQODQJXDJHZDVPRUH IXQGDPHQWDO WKDQ WKH VSRNHQ EXW DOVR WKDW D SDUWLFXODU IRUP RI WKHZULWWHQ ODQJXDJH QDPHO\ WKH OLWHUDU\ ODQJXDJH ZDV LQKHUHQWO\ SXUHU DQGPRUH

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

3DJ


6/34

SXULW\DQG FRUUHFWQHVV LPPDQHQW LQ LW 2QFH WKLV LV UHDOL]HGDQG DFFHSWHG WKHZD\LVFOHDUWRDPRUHVDWLVIDFWRU\GHVFULSWLRQ RIODQJXDJHV:KHWKHUWKHVSHHFKRIRQH UHJLRQ RURIRQH VRFLDO JURXSVKRXOG EHWDNHQDVWKH VWDQGDUGIRUZLGHUXVHHJ DV WKHEDVLV IRU D OLWHUDU\ ODQJXDJH LV D TXHVWLRQ RI DGLIIHUHQW RUGHU 7KH

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

OLWHUDU\VWDQGDUGKDVDULFKHUYRFDEXODU\WKDWLVWRVD\LIWKRVHZKRGRDJRRGGHDORIUHDGLQJDQGZULWLQJKDYHDODUJHUYRFDEXODU\WKLVLVEHFDXVHWKURXJKOLWHUDWXUHZHPD\ HQWHUYLFDULRXVO\ LQWR WKH OLYHVRIPDQ\ VRFLHWLHV LQFOXGLQJ WKRVHRI WKHSDVWDQGVKDUHLQWKHLUGLYHUVHH[SHULHQFHV

3DJ3DJ


7/34

,Q FRQGHPQLQJ WKH OLWHUDU\ ELDV RI WUDGLWLRQDO JUDPPDU WKH OLQJXLVW LV PHUHO\DVVHUWLQJWKDWODQJXDJHLVXVHGIRUPDQ\SXUSRVHVDQGWKDWLWVXVHLQUHODWLRQWRWKHVH IXQFWLRQV VKRXOG QRW EH MXGJHG E\ FULWHULD ZKLFK DUH DSSOLFDEOH RQO\ RU

SULPDULO\WRWKHOLWHUDU\ODQJXDJH7KHOLQJXLVWLVQRWGHQ\LQJWKDWWKHUHLVDSODFHLQ RXU VFKRROV DQG XQLYHUVLWLHV IRU WKH VWXG\ RI WKH OLWHUDU\ SXUSRVHV WR ZKLFKODQJXDJHLVSXW6WLOOOHVVLVKHFODLPLQJWRHQWHUWKHILHOGRIOLWHUDU\FULWLFLVP7KLVSRLQWKDVRIWHQEHHQPLVXQGHUVWRRGE\FULWLFVRIOLQJXLVWLFV

7KHOLQJXLVWLVLQWHUHVWHGLQDOOODQJXDJHV7KLV SULQFLSOH LV PHUHO\ D JHQHUDOL]DWLRQ RI WKH SUHFHGLQJ RQH ,W LV VWLOO IDLUO\FRPPRQWRKHDUOD\PHQWDONLQJDERXWSULPLWLYHODQJXDJHVDQGHYHQUHSHDWLQJWKHP\WKWKDWWKHUHDUHVRPHSHRSOHVZKRVHODQJXDJHFRQVLVWVRIDFRXSOHRIKXQGUHGZRUGVVXSSOHPHQWHGE\JHVWXUHV7KH WUXWKLV WKDWHYHU\ODQJXDJHVR IDU VWXGLHG

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


8/34

FRPPXQLW\7KH IDFW WKDWZHGRQRW KDYH LQQRUPDO FROORTXLDO(QJOLVK WHUPV WRUHIHUWRVRPHRIWKHFRQFHSWVRIDQFLHQWSKLORVRSK\LVPHUHO\DUHIOHFWLRQRIWKHIDFWWKDWPRVWRIXVGRQRWGLVFXVVSUREOHPVRIDQFLHQWSKLORVRSK\LIZHGLGWKHWHUPVZRXOG KDYH EHHQ FUHDWHG IRU WKLV:KHWKHU ZH FKRRVH WR VD\ WKDW WKH H[WHQGHG

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


9/34

ZKLFKKHGUHZXSRQWRPDNHDQXPEHURIGLIIHUHQWWKHRUHWLFDOSRLQWVGH6DXVVXUHFRPSDUHGODQJXDJHVWRJDPHVRIFKHVV,QWKHFRXUVHRIDJDPHRIFKHVVWKHVWDWHRIWKHERDUGLVFRQVWDQWO\FKDQJLQJEXWDW

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

, ,, ,,,

6LQJ1RP PXUV SRUWH FKDQWUH2EO PXU SRUWH FKDQWHXU

3OXU1RP PXU SRUWHV FKDQWHXUV2EO PXUV SRUWHV FKDQWHXUV

7KHUHDVRQIRUWKHGHYHORSPHQWLQZRUGVRIFODVV,,,RIDGLIIHUHQFHRIVWHPLQWKHQRPLQDWLYHVLQJXODULVWKHGLIIHUHQFHLQWKHKLVWRULFDOGHYHORSPHQWRIVWUHVVHGDQGXQVWUHVVHG YRZHOV RI /DWLQ FKDQWUH LV IURP /DWLQ FDQWyU FKDQWHXU IURPFDQWyUHP,IZHFRPSDUHWKHGLIIHUHQWFODVVHVZHVKDOOVHHWKDWLQZRUGVRI&ODVV,

WKHSUHVHQFHRUDEVHQFHRIWKHHQGLQJ VFDQQRWEHWDNHQDVPDUNLQJWKHIRUPIRUHLWKHU FDVHRUQXPEHU LQGHSHQGHQWO\,W LVRQO\ LQFRQVWUXFWLRQZLWKRWKHUZRUGVWKDWPXUV FDQ EH UHFRJQL]HG DV HLWKHU VLQJXODU DQG QRPLQDWLYH RU SOXUDO DQGREOLTXH%\FRQWUDVWLQZRUGVRIFODVV,,WKH VFDQEHUHJDUGHGDVPDUNLQJSRUWHVDVSOXUDODQGLWVDEVHQFHDVPDUNLQJSRUWHDVVLQJXODUWKHUHEHLQJQRLQGLFDWLRQRI

3DJ


10/34

FDVH LQ WKH LQWHUQDO VWUXFWXUH RI ZRUGV RI WKLV FODVV %HWZHHQ WKH HOHYHQWK DQGIRXUWHHQWKFHQWXULHVWKHZKROHRIWKH)UHQFKQRPLQDODQGDGMHFWLYDOV\VWHPZDVUHJXODUL]HGRQWKHSDWWHUQRIWKHFODVV,,ZRUGVZLWKWKHUHVXOWWKDWWKHGLVWLQFWLRQEHWZHHQWKHQRPLQDWLYHDQGWKHREOLTXHFDVHVGLVDSSHDUHGDQGWKHILQDOVFDPHWR

EH WKHPDUN RI WKHSOXUDO WKHGLVWLQFWLRQEHWZHHQ WKH WZR FDVHV LQ WKH VLQJXODUHQGXUHGD OLWWOH ORQJHU LQZRUGVRI FODVV ,,,FKDQWUH FKDQWHXUPDLUH PDMHXUSDVWUH Sk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

VSHDN LW DFFRUGLQJ WR FHUWDLQ V\VWHPDWLF SULQFLSOHV RU UXOHV LPPDQHQW LQ WKHXWWHUDQFHVWKH\KHDUDERXWWKHP,WLVWKHWDVNRIV\QFKURQLFOLQJXLVWLFGHVFULSWLRQWRIRUPXODWHWKHVHV\VWHPDWLFUXOHVDVWKH\RSHUDWHLQWKHODQJXDJHDWDSDUWLFXODUWLPH ,WPD\EH WKDW WKHZD\ LQZKLFK WKH UXOHVDUH LQWHJUDWHG LQ WKH V\VWHPRIGHVFULSWLRQZLOO UHIOHFW SDUWLFXODU KLVWRULFDO SURFHVVHV LQ WKH GHYHORSPHQW RI WKH

3DJ


11/34

ODQJXDJH,IVRWKLVLVDQLPSRUWDQWIDFWDERXWWKHVWUXFWXUHRIODQJXDJH%XWLWGRHVQRW DIIHFW WKH JHQHUDO SULQFLSOH RI SULRULW\ RI WKH V\QFKURQ\ VLQFH WKH QDWLYHVSHDNHUVRIDSDUWLFXODUODQJXDJHDUHDEOHWROHDUQDQGDSSO\WKHUXOHVRIWKHLUODQJXDJHZLWKRXWGUDZLQJ XSRQ DQ\ KLVWRULFDO NQRZOHGJH:LWK UHJDUG WR WKRVH

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

7KH VSHHFKFRPPXQLW\ LV DOZD\V PDGH XS RI PDQ\ GLIIHUHQW JURXSV DQG WKHVSHHFK RI WKH PHPEHUV RI WKHVH JURXSV ZLOO UHIOHFW LQ YDULRXV ZD\V LQSURQXQFLDWLRQ JUDPPDU DQG YRFDEXODU\ GLIIHUHQFHV RI DJH SODFH RI RULJLQ RUSURORQJHGUHVLGHQFHSURIHVVLRQDOLQWHUHVWHGXFDWLRQDOEDFNJURXQGDQGVRRQ$Q\

3DJ3DJ


12/34

SDUWLFXODUPHPEHURIWKHVSHHFKFRPPXQLW\EHORQJVRIFRXUVHVLPXOWDQHRXVO\WRPDQ\ VXFK OLQJXLVWLFDOO\UHOHYDQW JURXSV ,Q DGGLWLRQ WR WKH GLIIHUHQFHV LQ WKHODQJXDJHZKLFKGHULYHIURPWKHH[LVWHQFHZLWKLQWKHFRPPXQLW\RIYDULRXVJURXSVWKHUHDUHDOVRLPSRUWDQWGLIIHUHQFHVRIVW\OHZKLFKUHODWHWRWKHYDULRXVIXQFWLRQV

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

7KHVWUXFWXUDODSSURDFK7KHPRVWFKDUDFWHULVWLFIHDWXUHRIPRGHUQOLQJXLVWLFVRQHZKLFKLWVKDUHVZLWKDQXPEHURIRWKHUVFLHQFHVLV VWUXFWXUDOLVP WRXVH WKH ODEHOZKLFKLVFRPPRQO\DSSOLHGRIWHQSHMRUDWLYHO\%ULHIO\WKLVPHDQVWKDWHDFKODQJXDJHLVUHJDUGHGDVDV\VWHPRIUHODWLRQVPRUHSUHFLVHO\DVHWRILQWHUUHODWHGV\VWHPVWKHHOHPHQWVRIZKLFKVRXQGV ZRUGV HWFKDYH QR YDOLGLW\ LQGHSHQGHQWO\ RI WKH UHODWLRQV RIHTXLYDOHQFH DG FRQWUDVW ZKLFK KROG EHWZHHQ WKHP 7KH UHDGHU PD\ ZHOO KDYH

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

3DJ


13/34

/DQJXHDQGSDUROH$WWKLVSRLQWLWZLOOEHFRQYHQLHQWWRLQWURGXFHIRU IXWXUHUHIHUHQFHGH6DXVVXUHVGLVWLQFWLRQ EHWZHHQ ODQJXH DQG SDUROH (QJOLVK HTXLYDOHQWV KDYH RFFDVLRQDOO\

EHHQ SURSRVHG EXW PRVW VFKRODUV KDYH FRQWLQXHG WR XVH WKH )UHQFK WHUPVHPSOR\HG E\ GH 6DXVVXUH &KRPVN\ KDV UHFHQWO\ GUDZQ URXJKO\ WKH VDPHGLVWLQFWLRQ LQ WHUPVRI OLQJXLVWLF FRPSHWHQFH DQG SHUIRUPDQFHZLWK UHVSHFW WRSDUWLFXODUODQJXDJHV7KH GLVWLQFWLRQ LV LQWHQGHG WR HOLPLQDWH DQ DPELJXLW\ LQ WKH XVH RI WKH ZRUGODQJXDJH6XSSRVHZHZHUHWRSURSRVHDVDSURYLVLRQDOGHILQLWLRQRI(QJOLVKWKHIROORZLQJWKH(QJOLVKODQJXDJHPD\EHGHILQHGDVWKHVHWRIXWWHUDQFHVSURGXFHGE\ VSHDNHUV RI (QJOLVK ZKHQ WKH\ DUH VSHDNLQJ (QJOLVK :H VHH WKH DPELJXLW\LPPHGLDWHO\:KHQZHVD\ VRPHRQH WKDWKH VSHDNV(QJOLVK RULVD VSHDNHURI(QJOLVK ZH GR QRW LPSO\ WKDW KH LV DFWXDOO\ VSHDNLQJ (QJOLVK RQ DQ\ RQHRFFDVLRQ ,W ZRXOG EH TXLWH UHDVRQDEOH WR VD\ RI D SDUURW LQ WKH DSSURSULDWHFLUFXPVWDQFHVWKDWLWLVVSHDNLQJ(QJOLVKEXWQRWWKDWLWVSHDNV(QJOLVK/HWXVIROORZGH6DXVVXUHDQGVD\WKDWDOOWKRVHZKRVSHDN(QJOLVKRUDUHVSHDNHUVRI(QJOLVK VKDUH D SDUWLFXODU ODQJXH DQG WKDW WKH VHW RI XWWHUDQFHV ZKLFK WKH\SURGXFHZKHQWKH\DUHVSHDNLQJ(QJOLVKFRQVWLWXWHLQVWDQFHVRISDUROH$QXPEHURITXHVWLRQVQRZDULVH:KDWLVWKHUHODWLRQEHWZHHQODQJXHDQGSDUROH":KLFK LI HLWKHU GRHV WKH OLQJXLVW FODLP WR EH GHVFULELQJ ZKHQ KH ZULWHV WKHJUDPPDU RI (QJOLVKRURIDQ\ RWKHU ODQJXDJH"'H6DXVVXUHV RZQ DQVZHU WRERWK RI WKHVH TXHVWLRQV ZDV YHU\ ODUJHO\ GHWHUPLQHG E\ KLV DGKHUHQFH WR WKHSV\FKRORJLFDODQGVRFLRORJLFDOWKHRULHVRI'XUNKHLPDQGZHQHHGQRWJRLQWRWKHVHGHWDLOV ,W VXIILFHV IRU WKH SUHVHQW WR KDYH SRVHG WKH SUREOHP DQG WR KDYH

LQWURGXFHGGH6DXVVXUHVWHUPV7KH UHODWLRQVKLS EHWZHHQ ODQJXH DQG SDUROH LV YHU\ FRPSOH[ DQG VRPHZKDWFRQWURYHUVLDO )RU WKH PRPHQW ZH PD\ EH FRQWHQW ZLWK WKH VWDWHPHQW WKDW DOOPHPEHUV RI D SDUWLFXODU ODQJXDJHFRPPXQLW\ DOO WKRVHZKR VSHDN D SDUWLFXODUODQJXDJHHJ(QJOLVKSURGXFHXWWHUDQFHVZKHQWKH\DUHVSHDNLQJWKDWODQJXDJHZKLFKGHVSLWHWKHLULQGLYLGXDOYDULDWLRQVDUHGHVFULEDEOHLQWHUPVRIDSDUWLFXODUV\VWHP RI UXOHV DQG UHODWLRQV LQ VRPH VHQVH WKH\ KDYH WKH VDPH VWUXFWXUDOFKDUDFWHULVWLFV7KHXWWHUDQFHVDUHLQVWDQFHVRISDUROHZKLFKWKHOLQJXLVWWDNHVDVHYLGHQFHRIWKHFRQVWUXFWLRQRIWKHXQGHUO\LQJFRPPRQVWUXFWXUHWKHODQJXH,WLVWKHUHIRUHWKHODQJXHWKHODQJXDJH,WLVWKHUHIRUHWKH ODQJXHWKHODQJXDJHV\VWHP

ZKLFK WKH OLQJXLVWGHVFULEHV:HVKDOO VHH ODWHU WKDW DGLVWLQFWLRQPXVW EHPDGHEHWZHHQ XWWHUDQFHV DQG VHQWHQFHV RI WKH ODQJXDJH ZKDW VSHDNHUV DFWXDOO\SURGXFHZKHQZHVD\WKDWWKH\DUHVSHDNLQJWKHODQJXDJHFDQEHGHVFULEHGRQO\LQGLUHFWO\ DQG DW WKH SUHVHQW WLPH YHU\ LQDGHTXDWHO\ RQ WKH EDVLV RI D SULRUGHVFULSWLRQRIWKHVHQWHQFHVRIWKHODQJXDJH7KLVGLVWLQFWLRQEHWZHHQXWWHUDQFHV

3DJ


14/34

DQG VHQWHQFHV LV IXQGDPHQWDO LQ PRVW PRGHUQ OLQJXLVWLF WKHRU\ %XW ZH FDQGHYHORSFHUWDLQSUHOLPLQDU\QRWLRQVZLWKRXWLQYRNLQJLW$OWKRXJKZHVKDOOXVHWKHWHUPVVHQWHQFHVDQGXWWHUDQFHPRUHRUOHVVV\QRQ\PRXVO\WKURXJKRXWWKHQH[WWKUHH FKDSWHUV WKH UHDGHU VKRXOG EHDU LQ PLQG WKDW WKH UHODWLRQVKLSV ZH DUH

GHVFULELQJKROGZLWKLQZKDWZLOOODWHUEHHVWDEOLVKHGDVVHQWHQFHVXQLWVRI ODQJXHQRWXWWHUDQFHVLQVWDQFHVRISDUROH

7+(6758&785(2)/$1*8$*(

,QWURGXFWRU\

6RXQGVDQGZRUGV

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

H[DPLQHFULWLFDOO\WKHWHUPVVRXQGZRUGPHDQLQJDQGVHQWHQFHZKLFKILJXUHLQWKHVHJHQHUDOVWDWHPHQWVDERXWODQJXDJH+RZHYHUWKHSXUSRVHRIWKHSUHVHQWSUHOLPLQDU\ GLVFXVVLRQ RI WKH VWUXFWXUH RI ODQJXDJH ZH PD\ OHDYH WKHVH WHUPVXQGHILQHG&HUWDLQGLVWLQFWLRQZLOOEHLQGLFDWHG LQWKH FRXUVH RIWKLVFKDSWHUDQGZLOOEHPDGHH[SOLFLWODWHU

3KRQRORJ\JUDPPDUDQGVHPDQWLFV7KHWUDGLWLRQDOYLHZRIODQJXDJHLQFRUSRUDWHVWKHQRWLRQVRI FRPSRVLWLRQDPRUHFRPSOH[XQLW LV FRPSRVHGRIVLPSOHU RU VPDOOHUXQLWVDZRUGV LV FRPSRVHGRIVRXQGVDSKUDVHRIZRUGVD FODXVHRISKUDVHVD VHQWHQFHVRIFODXVHVDQGVRRQ

DQGFRUUHODWLRQHDFKZRUGLVFRUUHODWHGZLWKRQHRUPRUHPHDQLQJV,IZHXVHWKHWHUP OHYHO IRU WKH IRUPHU DQG WKH WHUP SODQH IRU WKH ODWWHU ZH PD\ VD\ WKDWDFFRUGLQJWRWKHPRGHORIODQJXDJHVWUXFWXUHZKLFKZHKDYHSURYLVLRQDOO\DGRSWHGHYHU\ ODQJXDJH FDQ EH GHVFULEHG LQ WHUPV RI WZRSODQHV IRUP DQG PHDQLQJ

3DJ


15/34

SUHIHUDEO\ IRU WKH WUDGLWLRQDO WHUPV KDYH YDULRXV FRQIOLFWLQJ LQWHUSUHWDWLRQV LQOLQJXLVWLFVH[SUHVVLRQDQGFRQWHQW$QGWKHH[SUHVVLRQSODQHRIWKHODQJXDJHFDQEHGHVFULEHGLQ WHUPVRI DWOHDVW WZROHYHOVWKDWRIVRXQGVDQGWKDWRIZRUGV7RLQWURGXFHQRZWHUPVJHQHUDOO\XVHGE\OLQJXLVWVWKHVRXQGVRIDJLYHQODQJXDJHDUH

GHVFULEHG E\ SKRQRORJ\ WKH IRUP RI LWV ZRUGV DQG WKH PDQQHU RI WKHLUFRPELQDWLRQLQSKUDVHVFODXVHVDQGVHQWHQFHVE\JUDPPDUDQGWKHPHDQLQJVRUFRQWHQWRIWKHZRUGVDQGRIXQLWVFRPSRVHGRIWKHPE\VHPDQWLFV

7KHGRXEOHDUWLFXODWLRQRIODQJXDJH/LQJXLVWV VRPHWLPHV WDON RI WKH GRXEOH DUWLFXODWLRQ RU GRXEOH VWUXFWXUH RIODQJXDJH DQG WKLV SKUDVH LV IUHTXHQWO\ XQGHUVWRRG PLVWDNHQO\ WR UHIHU WR WKHFRUUHODWLRQRIWKHWZRSODQHVRIH[SUHVVLRQDQGFRQWHQW:KDWLVPHDQWLVWKDWWKHXQLWV RI ORZHU OHYHO RI SKRQRORJ\ WKH VRXQGV RI D ODQJXDJH KDYH QR IXQFWLRQRWKHU WKDQ WKDW RI FRPELQLQJ ZLWK RQH DQRWKHU WR IRUP WKH KLJKHU XQLWV RI

JUDPPDU ZRUGV ,WLVE\YLUWXH RI WKH GRXEOH VWUXFWXUH RI WKH H[SUHVVLRQSODQHWKDW ODQJXDJHV DUH DEOH WR UHSUHVHQW HFRQRPLFDOO\ PDQ\ WKRXVDQG RI GLIIHUHQWZRUGV)RUHDFKZRUGPD\EHUHSUHVHQWHGE\DGLIIHUHQWFRPELQDWLRQRIDUHODWLYHO\VPDOOVHWRIVRXQGVMXVWDVHDFKRIWKHLQILQLWHO\ODUJHVHWRIQDWXUDOQXPEHUVLVGLVWLQJXLVKHGLQWKHQRUPDOGHFLPDOQRWDWLRQE\DGLIIHUHQWFRPELQDWLRQRIWKHWHQEDVLFGLJLWV

/HYHOYHUVXVSODQHH[SUHVVLRQYHUVXVFRQWHQW+DYLQJUHFRJQLVHGWKHWZRSODQHVRIH[SUHVVLRQDQGFRQWHQWDQGWKHWZROHYHOVRISKRQRORJ\ DQG JUDPPDU ZH KDYH QRW RI FRXUVH DGYDQFHG DW DOO EH\RQG WKH

WUDGLWLRQDO YLHZ RI WKH VWUXFWXUH RI ODQJXDJH :H PXVW QRZ VHH ZKDW LW LV WKDWFKDUDFWHUL]HV WKHPRUHPRGHUQ DSSURDFK WRWKH VWXG\RI ODQJXDJH WRZKLFK LW LVFXVWRPDU\WRDWWDFKWKHODEHOVWUXFWXUDOOLQJXLVWLFV

6XEVWDQFHDQGIRUP

6WUXFWXUHRIWKHYRFDEXODU\)HZSHRSOHWKHVHGD\VZRXOGPDLQWDLQWKDWWKHFRUUHODWLRQRIDSDUWLFXODUZRUGDQGDSDUWLFXODUPHDQLQJLVRWKHUWKDQFRQYHQWLRQDO7KHORQJFRQWURYHUV\EHWZHHQWKH

QDWXUDOLVWV DQG WKH FRQYHQWLRQDOLVWV

PD\ EHFRQVLGHUHGFORVHGFI %XWWKHYHU\PHDQVE\ZKLFKWKHFRQYHQWLRQDOLW\RIWKHUHODWLRQVKLSEHWZHHQIRUPDQGPHDQLQJEHWZHHQ H[SUHVVLRQDQGFRQWHQWLVGHPRQVWUDWHGQDPHO\WKHFLWDWLRQIURPGLIIHUHQW ODQJXDJHV RITXLWHGLIIHUHQW ZRUGV UHIHUULQJ WR WKH VDPH WKLQJRUKDYLQJWKHVDPHPHDQLQJHJ WUHHLQ(QJOLVK%DXPLQ*HUPDQDUEUHLQ)UHQFK

3DJ3DJ


16/34

WHQGVWRHQFRXUDJHWKHYLHZWKDWWKHYRFDEXODU\RIDQ\JLYHQODQJXDJHLVHVVHQWLDOO\D OLVW RI QDPHV DVVRFLDWHG E\ FRQYHQWLRQ ZLWK LQGHSHQGHQWO\ H[LVWLQJ WKLQJV RUPHDQLQJV

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

IRUP RI WKH YRFDEXODU\ RU WKH IRUPRIWKH FRQWHQWSODQHFI LVPHDQWWKHDEVWUDFWVWUXFWXUHRIUHODWLRQVKLSVZKLFKDSDUWLFXODUODQJXDJHLPSRVHVDVLWZHUHRQWKHVDPHXQGHUO\LQJVXEVWDQFH-XVWDVWKHVDPHOXPSRIFKLOGUHQVFOD\FDQEHIDVKLRQHGLQWRREMHFWVRIGLIIHUHQWVKDSHVDQGVL]HVVRWKHVXEVWDQFHRUPHGLXPZLWKLQZKLFKGLVWLQFWLRQVDQGHTXLYDOHQFHVRIPHDQLQJDUHGUDZQFDQEHRUJDQL]HG

3DJ


17/34

LQWRDGLIIHUHQWIRUPLQGLIIHUHQWODQJXDJHV'H6DXVVXUHKLPVHOIFRQFHLYHGRIWKHVXEVWDQFH RIPHDQLQJ WKH VXEVWDQFHRI WKH FRQWHQWSODQH DV WKH ZKROHPDVV RIWKRXJKWVDQG HPRWLRQVFRPPRQ WRPDQNLQG LQGHSHQGHQWO\ RI WKH ODQJXDJHWKH\VSHDNDNLQGRIQHEXORXVDQGXQGLIIHUHQWLDWHGFRQFHSWXDOPHGLXPRXWRIZKLFK

PHDQLQJVDUHIRUPHGLQSDUWLFXODUODQJXDJHVE\WKHFRQYHQWLRQDODVVRFLDWLRQRIDFHUWDLQ FRPSOH[ RI VRXQGV ZLWK D FHUWDLQ SDUW RI WKH FRQFHSWXDO PHGLXP WKHUHDGHU VKRXOGQRWHWKDWLQWKLVVHFWLRQWKHWHUPVVXEVWDQFHDQG IRUPDUHEHLQJHPSOR\HG LQ WKH VHQVH LQ ZKLFK WKH\ ZHUH LQWURGXFHG LQWR OLQJXLVWLFV E\ WKH6DXVVXUHFI

6HPDQWLFVWUXFWXUHH[HPSOLILHGZLWKFRORXUWHUPV7KHUH LV PXFK LQ GH 6DXVVXUHV DFFRXQW RI VHPDQWLF VWUXFWXUH WKDW PD\ EHDWWULEXWHG WRRXWGDWHGSV\FKRORJLFDO WKHRULHVDQG UHMHFWHG WKHZKROHQRWLRQ RIDFRQFHSWXDOVXEVWDQFHLQGHSHQGHQWRIODQJXDJHDQGFXOWXUHLVRIGRXEWIXOYDOLGLW\

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

OLJKW EOXH DQG GDUN

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

3DJ


18/34

(QJOLVK 5HG 2UDQJH \HOORZ *UHHQ EOXH

$ D E F G H% I J K L M

& S T U V

)LJ,)URP WKH GLDJUDP LW LV FOHDU WKDW ODQJXDJH $ LV VHPDQWLFDOO\ LVRPRUSKLF ZLWK(QJOLVKLQWKLVSDUWRILWVYRFDEXODU\LWKDVWKHVDPHQXPEHURIFRORXUWHUPVDQG WKH ERXQGDULHV EHWZHHQ WKH DUHD RI WKH VSHFWUXP FRYHUHG E\ HDFK RI WKHP

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

RIDVDSK\VLFDOFRQWLQXXPZLWKLQZKLFKODQJXDJHVPD\GUDZHLWKHUWKHVDPHRUDGLIIHUHQWQXPEHURIERXQGDULHVDQGZLWKLQZKLFKWKH\PD\GUDZWKHERXQGDULHVDWWKHVDPHRUGLIIHUHQWSODFHV,W ZRXOG EH XQUHDVRQDEOH WR PDLQWDLQ WKDW WKHUH DUH QR SHUFHSWXDOO\ GLVFUHWHREMHFWVDQGIHDWXUHVRIWKHZRUOGH[WHUQDOWRODQJXDJHDQGLQGHSHQGHQWRILWWKDW3DJ


19/34

HYHU\WKLQJLVDPRUSKRXVXQWLOLWLVJLYHQIRUPE\ODQJXDJH$WWKHVDPHWLPHLWLVFOHDUWKDWWKHPDQQHULQZKLFKREMHFWVIORUDDQGIDXQDHWFDUHJURXSHGWRJHWKHUXQGHUSDUWLFXODUZRUGVPD\YDU\IURPODQJXDJHWRODQJXDJHWKH/DWLQZRUG PXVUHIHUVWRERWKPLFHDQGUDWVDVZHOODVWRFHUWDLQRWKHUURGHQWVWKH)UHQFKVLQJH

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

RUJDQL]HGV\VWHPRIZRUGVZKLFKDUHUHODWHGWRRQHDQRWKHULQDFHUWDLQZD\6XFKV\VWHPVDUHLVRPRUSKLFLIWKH\KDYHWKHVDPHQXPEHURIWHUPVLQWKHPDQGLIWKHWHUPVDUHUHODWHGLQWKHVDPHZD\

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

3DJ


20/34

JDPHZDVWREHSOD\HGLQDKHDWHGURRP1RWRQO\LVWKHPDWHULDORXWRIZKLFKWKHSLHFHVDUHPDGHLUUHOHYDQWVRDOVRDUHWKHLUSDUWLFXODUVKDSHV$OOWKDWLVQHFHVVDU\LV WKDW HDFK SLHFH VKRXOG EH LGHQWLILDEOH DV RQHZKLFK E\ WKH UXOHV RI WKH JDPHPRYHVLQDSDUWLFXODUZD\,IRQHRIWKHSLHFHVLVORVWRUEURNHQZHFDQUHSODFHLW

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

5HDOL]DWLRQLQVXEVWDQFH$VZHVDZLQWKHSUHYLRXVFKDSWHUWKHVSRNHQODQJXDJHLV SULRUWRWKHZULWWHQFI,QRWKHUZRUGVKHSULPDU\VXEVWDQFHRIWKHH[SUHVVLRQSODQHRIODQJXDJHLVVRXQG LQSDUWLFXODU WKDW UDQJHRI VRXQGZKLFK FDQEH SURGXFHGE\ WKH KXPDQVSHHFKRUJDQVDQGZULWLQJ LVHVVHQWLDOO\D WHFKQLTXH IRU WUDQVIHUULQJ WKHZRUGVDQG VHQWHQFHV RI D ODQJXDJH IURP WKH VXEVWDQFH LQ ZKLFK WKH\ DUH QRUPDOO\UHDOL]HG WR WKH VHFRQGDU\ VXEVWDQFH RI VKDSH YLVLEOHPDUNV RQ SDSHU RU VWRQHHWF )XUWKHU WUDQVIHUHQFH IURP WKH VHFRQGDU\ WR D WHUWLDU\ VXEVWDQFH LV DOVRSRVVLEOHDVIRULQVWDQFHLQWKHWUDQVPLVVLRQRIPHVVDJHVE\WHOHSULQWHU7KHIDFWWKDW WKLV NLQG RI WUDQVIHUHQFH FDQ EH FDUULHG RXW RQH LV WHPSWHG WR FDOO LW

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

3DJ


21/34

7R SUHYHQW FRQIXVLRQ ZH ZLOO XVH VTXDUH EUDFNHWV WR GLVWLQJXLVK VRXQGV IURPOHWWHUV WKLVLV DVWDQGDUGQRWDWLRQDOFRQYHQWLRQFI 7KXV>W@ >H@HWFZLOOGHQRWH VRXQGV DQG W H HWF ZLOO GHQRWH OHWWHUV :H PD\ QRZ LQWURGXFH D

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

WKH KDQG HWF +RZHYHU ZH PD\ QHJOHFW WKLV SRVVLELOLW\ DQG FRQFHQWUDWH UDWKHUXSRQ WKH UHDOL]DWLRQ RI H[SUHVVLRQHOHPHQWV E\ PHDQV RI GLIIHUHQFHV LQ RQHKRPRJHQHRXV VXEVWDQFH 7KLV LV IDU PRUH W\SLFDO RI KXPDQ ODQJXDJH $OWKRXJKVSRNHQODQJXDJHPD\EHDVVRFLDWHGZLWKYDULRXVFRQYHQWLRQDOJHVWXUHVDQGIDFLDOH[SUHVVLRQVWKHVHJHVWXUHVDQGH[SUHVVLRQVGRQRWUHDOL]HIRUPDOXQLWVRIWKHVDPHOHYHODVWKRVHUHDOL]HGE\WKHFRQVWLWXHQWVRXQGVRIWKHDFFRPSDQ\LQJZRUGVWKDWLVWRVD\DSDUWLFXODUJHVWXUHGRHVQRWFRPELQHZLWKVRXQGVWRPDNHDZRUGLQWKHZD\WKDWWZRRUPRUHVRXQGVFRPELQHWRPDNHDZRUG,QSULQFLSOHWKH H[SUHVVLRQHOHPHQWVRIODQJXDJHPD\ EHUHDOL]HGLQDQ\NLQGRIVXEVWDQFHSURYLGHGWKDWWKHIROORZLQJFRQGLWLRQVDUHVDWLVILHGD7KHVHQGHURID

PHVVDJHPXVWKDYH DYDLODEOH WKH QHFHVVDU\ DSSDUDWXV IRU WKH SURGXFWLRQRI WKHVLJQLILFDQWGLIIHUHQFHVLQWKHVXEVWDQFHGLIIHUHQFHVRIVRXQGVKDSHHWFDQGWKHUHFHLYHURIWKHPHVVDJHPXVWKDYH WKH DSSDUDWXV QHFHVVDU\ IRU WKHSHUFHSWLRQ RIWKHVHGLIIHUHQFHVLQRWKHUZRUGVWKHVHQGHUVSHDNHUZULWHUHWFPXVWKDYHWKHUHTXLVLWHHQFRGLQJDSSDUDWXVDQGWKHUHFHLYHUKHDUHUUHDGHUHWFPXVWKDYHWKH

3DJ


22/34

DSSURSULDWHGHFRGLQJDSSDUDWXVE7KHVXEVWDQFHLWVHOIDVWKHPHGLXPZLWKLQZKLFK WKH GLIIHUHQFHV DUH GUDZQ PXVW EH VXIILFLHQWO\ VWDEOH WR PDLQWDLQ WKHGLIIHUHQFHVEHWZHHQWKHUHDOL]DWLRQVRIWKHH[SUHVVLRQHOHPHQWVXQGHUWKHQRUPDOFRQGLWLRQV RI FRPPXQLFDWLRQ ORQJ HQRXJK IRU WKH WUDQVPLVVLRQ RI PHVVDJHV

EHWZHHQWKHVHQGHUDQGWKHUHFHLYHU

7KHVXEVWDQFHRIVSRNHQDQGZULWWHQODQJXDJH1HLWKHU RI WKHVH FRQGLWLRQV UHTXLUHV PXFK FRPPHQW 1HYHUWKHOHVV D EULHIFRPSDULVRQ RI VSHHFK DQG ZULWLQJ PRUH SUHFLVHO\ RI SKRQLF DQG JUDSKLFVXEVWDQFH PLJKW EH KHOSIXO IURP WKH SRLQW RI YLHZ RI D WKHLU DYDLODELOLW\ DQGFRQYHQLHQFHDQGEWKHLUSK\VLFDOVWDELOLW\RUGXUDELOLW\,Q WKHLU VSHFXODWLRQV DERXW WKH RULJLQV RI KXPDQ ODQJXDJH PDQ\ OLQJXLVW KDYHVXJJHVWHG WKDW VRXQG ZDV D PRUH FRQYHQLHQW PHGLXP IRU WKH GHYHORSPHQW RI

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

VDWLVILHV WKH FRQGLWLRQV RIDYDLODELOLW\ DQG FRQYHQLHQFH IDLUO\ZHOO5HODWLYHO\ IHZKXPDQEHLQJVDUHSK\VLFDOO\XQDEOHHLWKHUWRSURGXFHRUWRSHUFHLYHGLIIHUHQFHVRIVRXQG 3KRQLF VXEVWDQFH DOVR VDWLVILHV WKH FRQGLWLRQ RI SK\VLFDO VWDELOLW\ ZHOOHQRXJK IRU ZKDW RQH PXVW DVVXPH WR KDYH EHHQ WKH PRVW QRUPDO DQG PRVWQHFHVVDU\IURPRIFRPPXQLFDWLRQLQSULPLWLYHVRFLHWLHV*UDSKLF VXEVWDQFH GLIIHUV VRPHZKDW IRUP SKRQLF VXEVWDQFH LQ UHVSHFW RIFRQYHQLHQFHDQGDYDLODELOLW\LWUHTXLUHVWKHXVHRIVRPHLPSOHPHQWRURWKHUDQGGRHVQRWOHDYHWKHKDQGVIUHHIRUWKHSHUIRUPDQFHRIYDULRXVFRRSHUDWLYHWDVNV)DU PRUH LPSRUWDQW KRZHYHU DUH WKH GLIIHUHQFHV EHWZHHQ WKH WZR NLQGV RIVXEVWDQFHZLWKUHJDUG WRGXUDELOLW\8QWLOUHFHQW WLPHVZLWKWKH LQYHQWLRQRIWKHWHOHSKRQH DQG VRXQGUHFRUGLQJ HTXLSPHQW LW ZDV D FKDUDFWHULVWLF RI SKRQLFVXEVWDQFH WKDW LW GLG QRW VHUYH DV D YHU\ UHOLDEOH PHGLXP IRU FRPPXQLFDWLRQXQOHVVWKHVHQGHUDQGWKHUHFHLYHUZHUHSUHVHQWLQWKHVDPHSODFHDWWKHVDPHWLPH2UDO WUDGLWLRQ DQG WKH HPSOR\PHQW RI D WKLUG SHUVRQ DV D PHVVHQJHU ZHUH

3DJ3DJ


23/34

GHSHQGHQWXSRQPHPRU\2IWKHPVHOYHVDVLWZHUHVRXQGVHTXHQFHVGLHGDZD\DQG LI WKH\ ZHUH QRW GHFRGHG RQ WKH VSRW ZHUH ORVW IRU HYHU %XW ZLWK WKHLQYHQWLRQRIZULWLQJDQDOWHUQDWLYHDGPRUHGXUDEOHPHGLXPZDVPDGHDYDLODEOHIRUHQFRGLQJODQJXDJH$OWKRXJKZULWLQJZDVOHVVFRQYHQLHQWDQGZDVWKHUHIRUH

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

$UELWUDULQHVVRIVXEVWDQWLDOUHDOL]DWLRQ:HPD\ WXUQ QRZ WKH VHFRQG RI WKH SRLQWV ZKLFK GH 6DXVVXUHPDGH DERXW WKHVXEVWDQFH LQZKLFK ODQJXDJH LV UHDOL]HG MXVW DV WKH VKDSHRI WKH FKHVVSLHFHV LV

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

3DJ


24/34

FRQYHQWLRQVRIWKHRUWKRJUDSK\ LVGLVWLQJXLVKHGXQGHUWKHQHZFRQYHQWLRQV 7KHODQJXDJHLWVHOILVWRWDOO\XQDIIHFWHGE\WKHFKDQJHLQLWVVXEVWDQWLDOUHDOL]DWLRQ

7DEOH

([SUHVVLRQHOHPHQWV

L LL LLL LY Y YL

W >W@ S >S@ H H >H@ L >L@ E

E >E@ G >G@ G

G >G@ E >E@ S

L >L@ H >H@ W

S >S@ W >W@ L

:RUGV

YLL YLLL L[ [ [L

D EHW GLS >GLS@ GEHE SHW WLS >WLS@ LEH

F ELW GHS >GHS@ GWH

G SLW WHS >WHS@ LWH

H ELG GHE >GHE@ GWSI EHG GLE >GLE@ GES

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

3DJ


25/34

3ULRULW\RIWKHSKRQLFVXEVWDQFH7KHUH LV KRZHYHU DQ LPSRUWDQWGLIIHUHQFH EHWZHHQ WKH JUDSKLF DQG WKH SKRQLFUHDOL]DWLRQRI ODQJXDJH DQG LW LV WKLVGLIIHUHQFHZKLFK FRPSHOVXV WRPRGLI\ WKH

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

HOHPHQWV WKH JUDPPDWLFDO VWUXFWXUH RI WKH ODQJXDJH ZRXOG EH XQFKDQJHG ,W LVWKHUHIRUHLQSULQFLSOHSRVVLEOHIRUWZRRUPRUHODQJXDJHVWREHJUDPPDWLFDOO\EXWQRWSKRQRORJLFDOO\ LVRPRUSKLF/DQJXDJHVDUHSKRQRORJLFDOO\ LVRPRUSKLF LIDQGRQO\LIWKHVRXQGVRIWKHRQHDUHLQRQHWRRQHFRUUHVSRQGHQFHZLWKWKHVRXQGRIWKH RWKHU DQG FRUUHVSRQGLQJ FODVVHV RI VRXQGV HJ FRQVRQDQWV DQG YRZHOV

3DJ


26/34

FRQIRUP WR WKH VDPH SULQFLSOHV RI FRPELQDWLRQ 2QHWRRQH FRUUHVSRQGHQFHEHWZHHQVRXQGVGRHVQRWLPSO\ LGHQWLW\2QWKHRWKHUKDQGDVZHKDYHVHHQWKHSULQFLSOHVRIFRPELQDWLRQDUHQRWZKROO\LQGHSHQGHQWRIWKHSK\VLFDOQDWXUHRIWKHVRXQGV

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

&RPELQDWLRQDQGFRQWUDVW7KHRQO\SURSHUWLHVWKDWH[SUHVVLRQHOHPHQWVKDYHFRQVLGHUHGLQDEVWUDFWLRQIURPWKHLUVXEVWDQWLDOUHDOL]DWLRQDUHLWKHLUFRPELQDWRULDOIXQFWLRQWKHLUFDSDFLW\WRFRPELQH ZLWK RQH DQRWKHU LQ JURXSV RU FRPSOH[HV ZKLFK VHUYH WR LGHQWLI\ DQGGLVWLQJXLVKZRUGV DQG VHQWHQFHV DQG ZHKDYH MXVW VHHQ WKDW WKH FRPELQDWRULDOSURSHUWLHVRIWKHH[SUHVVLRQHOHPHQWVRIODQJXDJHDUHLQIDFWSDUWO\GHWHUPLQHGE\

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

3DJ


27/34

HOHPHQWV$VDIRUPDOXQLWDQGZLWKLQWKHOLPLWVRIWKHVDPSOHRIWKHODQJXDJHZHDUHFRQVLGHULQJFDQEHGHILQHGDVWKDWHOHPHQWZKLFKLVQRWDQGZKLFKFRPELQHVZLWKHLWKHURUDQGHLWKHURUDQGDOOWKHRWKHUHOHPHQWVLQWKHWDEOHFDQEHGHILQHGVLPLODUO\,QJHQHUDODQ\IRUPDOXQLWFDQEHGHILQHGLDV

EHLQJ GLVWLQFW IURP DOO RWKHU HOHPHQWV ZKLFK FRQWUDVW ZLWK LW DQG LL DV KDYLQJFHUWDLQFRPELQDWRULDOSURSHUWLHV

'LVFUHWHQHVVRIH[SUHVVLRQHOHPHQWV&HUWDLQ LPSRUWDQW SULQFLSOHVPD\ QRZ EH LQWURGXFHG RQ WKH EDVLV RI GLVWLQFWLRQEHWZHHQIRUPDQGVXEVWDQFH/HWXVWDNHIRUWKHSXUSRVHRILOOXVWUDWLRQWKHFRQWUDVWEHWZHHQ DQG ZKLFK LV PDLQWDLQHG LQ WKH VSRNHQ ODQJXDJH E\ WKHGLIIHUHQFHEHWZHHQWKHVRXQGV>E@DQG>S@$VZHKDYHVHHQWKHIDFWWKDWLWLVWKLVSDUWLFXODUGLIIHUHQFHLQVRXQGUDWKHUWDQVRPHRWKHULVLUUHOHYDQWWRWKHVWUXFWXUHRI(QJOLVK,WVKRXOGDOVREHQRWLFHGWKDWWKHGLIIHUHQFHEHWZHHQ>E@DQG>S@LVQRW

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

3DJ


28/34

*UDPPDWLFDODQGSKRQRORJLFDOZRUGV:HDUHQRZLQDSRVLWLRQWRHOLPLQDWHDQDPELJXLW\LQWKHWHUPFRPSRVLWLRQDVLWZDVXVHGLQWKHSUHYLRXVVHFWLRQ,WZDVVDLGWKDWZRUGVZHUHFRPSRVHGRIVRXQGV

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

WKDWWKH(QJOLVKZRUGZULWWHQFDSDQGWKH)UHQFKZRUGFDSDUHLGHQWLFDOWKH\DUHWKH VDPH LQ JUDSKLF VXEVWDQFH %XW ZH DUH QRW JHQHUDOO\ FRQFHUQHG ZLWK WKHVXEVWDQWLDO LGHQWLW\ RI ZRUGV LQ OLQJXLVWLFV 7KH UHODWLRQVKLS EHWZHHQ WKH

3DJ3DJ


29/34

JUDPPDWLFDOZRUGDQGLWVVXEVWDQWLDOUHDOL]DWLRQLQVRXQGRUVKDSHLVLQGLUHFWLQWKHVHQVHWKDWLVKDQGOHGWKURXJKWKHLQWHUPHGLDWHOHYHORISKRQRORJ\

$EVWUDFWQHVVRIOLQJXLVWLFWKHRU\

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

WKHRU\ DQGSUDFWLFDO DSSOLFDWLRQ JR KDQG LQ KDQG EXW WKH WKHRU\ LQ SULRU WR LWVDSSOLFDWLRQ DQG LV MXVWLILHG LQGHSHQGHQWO\ E\ LWV FRQWULEXWLRQ WR RXU JUHDWHUXQGHUVWDQGLQJRIWKHVXEMHFWPDWWHULWGHDOVZLWK

3DUDGLJPDWLFDQGV\QWDJPDWLFUHODWLRQV

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

VDLGWRKDYHDQRYHUODSSLQJGLVWULEXWLRQ7RWKRVHUHDGHUVZKRDUHIDPLOLDUZLWKFHUWDLQHOHPHQWDU\QRWLRQVRIIRUPDOORJLFDQGPDWKHPDWLFVLWZLOOEHFOHDUWKDWWKHYDULRXVNLQGVRIGLVWULEXWLRQDOUHODWLRQVKLS WKDWKROGEHWZHHQ OLQJXLVWLFXQLWVFDQEHEURXJKWZLWKLQWKHVFRSHRIFODVVORJLFDQGVHWWKHRU\7KHIDFWWKDWWKLV LVVRLVKLJKO\UHOHYDQWWRWKHVWXG\RIWKHORJLFDOIRXQGDWLRQVRIOLQJXLVWLFWKHRU\:KDWRQH

3DJ


30/34

PLJKWUHIHUWRORRVHO\DVPDWKHPDWLFDOOLQJXLVWLFVLVQRZDYHU\LPSRUWDQWSDUWRIWKH VXEMHFW $OWKRXJKZH FDQQRW JR LQWR WKH GHWDLOV RI WKH YDULRXV EUDQFKHV RIPDWKHPDWLFDOOLQJXLVWLFVLQWKHSUHVHQWHOHPHQWDU\WUHDWPHQWRIOLQJXLVWLFWKHRU\ZHVKDOOPDNHUHIHUHQFHWRVRPHRIWKHPRUHLPSRUWDQWSRLQWVRIFRQWDFWDVWKH

RFFDVLRQDULVHVL'LVWULEXWLRQDOHTXLYDOHQFH LL&RPSOHPHQWDU\GLVWULEXWLRQ

LLL'LVWULEXWLRQDOLQFOXVLRQ LY2YHUODSSLQJGLVWULEXWLRQ)LJGLVWULEXWLRQDOUHODWLRQV[RFFXUVLQWKHVHWRIFRQWH[W$DQG%LVWKHVHWRIFRQWH[WVLQZKLFK\RFFXUV,W VKRXOG EH HPSKDVL]HG WKDW WKH WHUP GLVWULEXWLRQ LV DSSOLHG WR WKH UDQJH RIFRQWH[WVLQZKLFKDOLQJXLVWLFXQLWRFFXUVRQO\LQVRIDUDVWKHUDQJHRIFRQWH[WVFDQEH EURXJKW ZLWKLQ WKH VFRSH RI D V\VWHPDWLF VWDWHPHQW RI WKH UHVWULFWLRQVGHWHUPLQLQJ WKH RFFXUUHQFH RI WKH XQLW LQ TXHVWLRQ :KDW LV KHUH PHDQW E\V\VWHPDWLFPD\EHH[SODLQHGE\ZD\RIDQH[DPSOH7KHHOHPHQWVODQGURI

(QJOLVK DUH DW OHDVW SDUWLDOO\ HTXLYDOHQW LQ GLVWULEXWLRQ IRU WKH FRQYHQWLRQ RIREOLTXH VWURNHV FI ERWK PD\ RFFXU LQ D QXPEHU RI RWKHUZLVHSKRQRORJLFDOO\LGHQWLFDOZRUGVFI/LJKWULJKW ODPEUDPEOD]HEUDLVHFOLPEFULPHHWF%XWPDQ\RIWKHZRUGVLQZKLFKRQHRIWKHHOHPHQWVRFFXUVFDQQRWEHPDWFKHGZLWKRWKHUZLVHSKRQRORJLFDOO\LGHQWLFDOZRUGVLQZKLFKWKHRWKHURFFXUV

3DJ

$DQG% $ %

$ %$ %


31/34

WKHUHLVQRZRUGVULSWRPDWFKVOLSQRWOLSWRPDWFKWULSQREUHQGWRPDWFKEOHQGQR EOLFN WR PDWFK EULFN DQG VR RQ +RZHYHU WKHUH LV DQ LPSRUWDQW GLIIHUHQFHEHWZHHQWKHQRQRFFXUUHQFHRIZRUGV OLNH VULSDQG WOLSRQWKHRQHKDQGDQGRIZRUGVOLNHEUHQ DQGEOLFNRQWKHRWKHU7KHILUVWSDLUDQGRWKHUV OLNHWKHPDUH

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

3DJ


32/34

VHQWHQFHVRWKHUZLVHWKH\DUHLQIUHHYDULDWLRQ%XWZRUGVDQGRWKHUJUDPPDWLFDOXQLWV PD\ EH ORRNHG DW IURP WZR GLIIHUHQW YLHZSRLQWV ,W LV RQO\ ZKHQ RQH LVFRQFHUQHGZLWK WKHLU JUDPPDWLFDO IXQFWLRQ URXJKO\ VSHDNLQJ ZKHWKHU WKH\ DUHQRXQVYHUEVRUDGMHFWLYHVHWFWKDWWKHQRWLRQVRIFRQWUDVWDQGIUHHYDULDWLRQDUH

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

3DUDGLJPDWLFDQGV\QWDJPDWLF

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

3DJ


33/34

V\QWDJPDWLFUHODWLRQVDQGWKDWWKHUDQJHRIFRQWH[WVLQZKLFKLWLVVDLGWRRFFXUDVZHOODVWKHH[WHQWRIWKHFODVVRIXQLWVZLWKZKLFKLWLVVDLGWREHSDUDGLJPDWLFDOO\UHODWHG ZLOO GHSHQG XSRQ WKH LQWHUSUHWDWLRQ H[SOLFLWO\ RU LPSOLFLWO\ DWWDFKHG WRSRWHQWLDOLW\RIRFFXUUHQFHRUDFFHSWDELOLW\

7KLV ODVWSRLQWKDVEHHQIRUPXODWHGLQZKDWPLJKWDSSHDUWREHDQXQQHFHVVDULO\GHYLRXV PDQQHU ,W ZLOO EHFRPH FOHDU ODWHU WKDW RQH RI WKH DGYDQWDJHV RI WKLVIRUPXODWLRQ LV WKDW LW HQDEOHV XV WR GUDZ WKH GLVWLQFWLRQ EHWZHHQ JUDPPDWLFDOVHQWHQFHV DQG PHDQLQJIXO VHQWHQFHV QRW LQ WHUPV RI WKH FRPELQDWLRQ RIJUDPPDWLFDOXQLWVLQWKHRQHFDVHDQGRIVHPDQWLFXQLWVPHDQLQJVLQWKHRWKHUEXW LQ WHUPV RI WKH GHJUHH RU NLQG RI DFFHSWDELOLW\ WKDW LV SUHVHUYHG E\ YDULRXVFRPELQDWLRQVRIWKHVDPHXQLWV

7KHLQWHUGHSHQGHQFHRISDUDGLJPDWLFDQGV\QWDJPDWLFUHODWLRQV

7ZR LPSRUWDQW SRLQWV PXVW QRZ EH PDGH DERXW SDUDGLJPDWLF DQG V\QWDJPDWLFUHODWLRQV 7KH ILUVW RI WKHVH ZKLFK WRJHWKHU ZLWK GLVWLQFWLRQ RI VXEVWDQFH DQGIRUP PLJKW EH WDNHQ DV WKH GHILQLQJ FKDUDFWHULVWLF RI PRGHUQ VWUXFWXUDOOLQJXLVWLFV LV DV IROORZV OLQJXLVWLF XQLWV KDYH QR YDOLGLW\ LQGHSHQGHQWO\ RI WKHLUSDUDGLJPDWLFDQGV\QWDJPDWLFUHODWLRQVZLWKRWKHUXQLWV 7KLVLVDPRUHVSHFLILFIRUPXODWLRQ RI WKH JHQHUDO VWUXFWXUDO SULQFLSOH WKDW HYHU\ OLQJXLVWLF XQLW KDV DFHUWDLQ SODFH LQV\VWHP RIUHODWLRQVKLSV FI 7RLOOXVWUDWH IURP WKH OHYHORIH[SUHVVLRQHOHPHQWV ,QRXU HDUOLHU GLVFXVVLRQ RIVXFKZRUGVDVEHW SHW HWF LQ(QJOLVK LW ZDV DVVXPHG WDW DOO WKHVHZRUGVZHUH UHDOL]HG DV VHTXHQFHV RI WKUHHH[SUHVVLRQHOHPHQWVMXVWDVWKH\DUHDOOZULWWHQDVVHTXHQFHVRIWKUHHOHWWHUVE\WKHRUWKRJUDSKLFFRQYHQWLRQVRI WKH ODQJXDJH:HPD\ QRZ YHULI\ WKLV DVVXPSWLRQ

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

3DJ


34/34

FRPSOH[HV DQG WKH VHFRQG E\RQH RI WKUHH FRQVRQDQWVZHPLJKW UHFRJQL]HG VL[H[SUHVVLRQHOHPHQWVUHDOL]HGDV>ND@>SX@>WL@>S@>W@DQG >N@ $OWHUQDWLYHO\ ZH PLJKW UHFRJQLVH IRXU H[SUHVVLRQHOHPHQWV RI ZKLFKWKUHHDUHUHDOL]HGE\WKHFRQVRQDQWV>S@>W@DQG>N@RFFXUULQJLQLQLWLDODQGILQDO

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

3DJ

Date post:	03-Apr-2018
Category:	Documents
Upload:	asutrascribd
View:	225 times
Download:	0 times

,3,Modern Linguistics

Documents