82  3

          , -
    .

           -
 ,       -
   ,    20-  -
  ,        . 
     .

         -
  .  . 3.6    (  -
    )  345   .  -
       25    .  
         2-3%.  
,       ,   , -
 ,   ,  -  - .
       . 3.4 .  -
  ,          , 
    ,   ,   -
  26.

1,05		
" 1,04		
 1,03		
5 '.2 		
5 1.01		
 1.00 s 0,99	."......... 	,
 0,98		, *,
6 .97		
0,96	0,95 \ 1111		1 1 1
-25 -20 -15 -10 -50 5 10 15
    

. 3.6.      345 

: 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.

 3.4

 	     10     10   
                  	2,9 2,5 1,1 0,7 0,3

: Myron S. Scholes, The Market for Securities: Substitution Versus Price Pressure and the
Effects of Information on Share Prices, Journal of Business, 45, no. 2 (April 1971), p. 202.