522                                                    17

      .   
    ,     
 .       
    Standard & Poor's 500,      -
 -    ..    ,   -
 ,   .    ,  -
       ,     
  ,  .   ,    --
 .       .

  

         
(growth stocks)    (value stocks).     , 
          (  
     ),   
,  ,     
:     (BV/MV)  -
    (/}37.

17.9.1        

 ,  ,   .   
        -
       .  -
      ,   -
           -
. ,        -
       BV/MV.  -
      ,    
,      38.

    ,     
    BV/MV.  Fama and French  
   ,    39. ,  
  BV/MV,    .  . 17.7 
 .

 ()  17.7   . -,   1963 .
      ,   NYSE, 
   NASDAQ.       
  ,    1962 .      -
    (  ),    
    1962 . -,    
 BV/MV,          -
  12 . -,     -
   1963   1964 . -,     
 ,       1964   1965 .  12 , -
   BV/MV.       
 1963 .      1963   1990 .

 17.7()      -
      BV/MV-    ,
   .   ,    -
    BV/MV,      , -
   ,       
   ,   .