8  1



      , ,
      1970  1992 .

 "		
								
  	7,36	6,71	6,58	11,51	2,67	2,77	2,38	2,52
 	9,81	7,32	7,88	12,35	11,45	4,69	4,69	12,81
 	12,69	14,77	9,40	19,10	16,43	30,76	25,84	34,63
	5,99	5,31	3,85	9,49	3,31	5,17	2,02	5,50

'        .  
    ,        
,      .   -
     .

:         Stocks, Bonds, Bills,
and Inflation 1993 Yearbook (Chicago: Ibbotson Associates, 1993).
        Brinson Partners,
Morgan Stanley Capital International, International Financial Statistics, and DRI/McCraw-Hill.

   ,     -
 ,   . 1.1,   1941 .,    -
  1941 .  ,    1941 .    -
  1942 .    ,     -
  .       ,  , 
          -
   .   ,     -
        (efficient
market), .. ,          -
     .

         ? . 
,         
 ,           -
     .       -
     .     , -
         .    -
   .

1.1.2     

    ,       
.     ,   
.       .  
         .  -
   ,     :     
. ,          -
  .      -
     ,      -
         
    (initial public offerings,  ipo's).