                                               299

    . (,     -
  S&P 500.) , ,   ,    ,   
     ,     9.

        
     ,     ,  -
 (11.7).      F  F^   -
 1  2 . ,      
  , 1  2,    .  ,  
    ,       , -
  .  ,   ..,  .,     
,       /  .   -
    . (     -
  1.)

     General Motors (GM)  Delta Airlines
(DAL).     GM (  /  -
 )  :

'GM = " + ,mF^ + GFt + eGM                          (   13)

 - ,  <7/      1,
 ^   .    (11.13)
  :

^.^ aGMJrbGF^J ^-                                !-14)

,      GM    -
 ,^,   ^^.   ,     
  -,.,, ܄.,,, .-,,,   .

GM' uMl7 GM2     

,  DAL    , -
      :

''DM. = "DAL + I^A^.A + bDAL2F2 +  1>AL '                        (5)

   :

'DAL = DAL + bD^A + ^AL '                          ( 1 1 16)

  ^^   .      -
     ^, ^  ^,^.

 ,            -
    (., .., .,   .),    
     (.,  .   ..,  .-).   
    F, F-, dp,  ,     (11.8) 
(11.9)          .
        (11.10).   -
      ,  
     .

11.3.3    

           -
,       .    
  .   k    
    :

. = . + b.,F, + b..F. + ... + b..F, + . ,                (11.17)

it      i      it \t       2t              ik kl      it'                       '       '