  531



    

     (empirical regularities)
   .  ,  ,  
       
.       
  . ,   ,     -
 ,       .  
    ,       
   .     
(amonalies).

 ,        ,   -
     . -
       46.   
     , ,   -
 ,       .

   

 ,       -
         .   ,  
     .  ,   -
   . ,     -
       (  ),
        .
  ,         -
 :   (January effect)     (day-of-the-
week effect)".

A.I.I      

   ,        , 
 .       - -
      48.  ,  -
    ,   -  .  . 17.8 
          11   -
   .        -
,          3% ,
    49.