80  3

    ,     -
.   ,       -
    ,    
      .  -   
        -
      .

 ,    ,  ,  -
,   .        
           
 ,  ,       ( 
).  ,        
   . ,    
          -
     ,      -
 22.        
,      .     -
       ,
      ,     .

         
   ,     ,   
 . 3.5,       ,    .  
      ,    
 .

25	
20	
15	I ill
10	
5	-Jllli
0-1	00 -80 -60 -40 -20 0 +20 +40 +60 >+70

-40    -20     0    +20    +40
   ( %)

. 3.5.     
     
        

: Myron S. Scholes, The Market for Securities: Substitution versus Price Pressure and the
Effects of Information on the Share Prices, Journal of Business, 45, no. 2 (April 1972), p. 193.