298                                                   11

 ,  ,      
    :

N

^S^.                 (ii.ii)

1=1

    (11.7)  .     (11.11)
:

N

^=^,(,+^,+܄ń+) =

N         1     N               "I                         

= ^X,a, + ^X,b,F + 1>^, + ^, =          (n.i2)
i'=i    J [i'= i       J [i-1       J |_i= i

=a,+b^+b^F+e^


'

^=^1;

1=1

fi

^,=I>Ai;

N

^2=I>^;

/=1

'

^=s^.

1=1

,     . b ,   
   ^  .

11.3.2     

  ,        ,  -
         . 
    ,    
,      (sector-factor model).  -
   ,      
    .     
          .

,   1    ,   2   -
  ( , ,  ).
   ,  ^  ^     -