524                                                    17

/      ,    ,  
  /    ,  -
 .    Fama and French   ,  
     /  ^/- .

17.9.3   

           
   ,        -
 . ,     
     :

	. 	: 	
:			
			 ( )
( )			
	/		

,        -
      BV/MVvi      -
    .       -
   ,    .

        
.    Fama and French,      
12          .   
        12 ,
   ,      1963   1990 .
 . 17.7()       .

    ()  ()  ,     -
    , ..       -
,   .     -
 (1).    ,     
 (2). ,      (size effect)  
,       41.

17.9.4    

        (BV/MV,
/   )       ,   -
      ,    
 42.  ,     -
  BV/MV, /,     .  
/         .