 19

2       :

 /^     t ( , t = 1  1926 ., / = 2  1927 .  ..),
-    68- .    ,  
    68 ,  ,   .

3  , : (1)        ; (2) 
        (    -
  1929  1939 .).

 

 	 
 	  
     	     
 	
 	  
 	
       ( )	       
    (, )	  

 

1.         
   :

Roger G. Ibbotson and Rex A. Sinquefield, Stocks Bonds, Bills, and Inflation: The Past and
the Future (Charlottesville, VA: Financial Analysts Research Foundation, 1983). ,
 Financial Analysts Research Foundation   Research Foundation of
the ICFA.
Stocks, Bonds, Bills, and Inflation 1994 Yearbook (Chicago: Ibbotson Associates, 1994).

2.         -
  :

Jack W. Wilson and Charles P. Jones, A Comparison of Annual Common Stock Returns:

1871-1925 and 1926-85, Journal of Business, 60, no. 2 (April 1987), pp. 239-258.

3.          :

Jeremy J.Siegel, The Equity Premium: Stock and Bond Returns Since 1802, Financial
Analysts Journal, 48, no. 1 (January/February 1992), pp. 2838.

4.          -
  :