540                                                    17

1!'  Value Line Investment Survey (  Value Line Inc., New York)  
    ,    .   , 
       ( ,    )
.  Weekly Insider Report ( Vickers Stock Research Corp., Brookside, NJ) -
          . 
  , .  : Gary L. Tidwell, Here's a Tip-Know the Rules of Insider
Trading, Sloan Management Review, 28, no. 4 (Summer 1987), pp. 9398.

20       ,      , 
       .

21           -
 .   183 ,       -
  1980  1989 .,     ,      -
    3%        3,5%  
    . .: Lisa . Meulbroek,  Empirical Analysis
of Illegal Insider Trading, Journal of Finance, 47, no. 5 (December 1992), pp. 16611699.

22 Jeffrey F. Jane, Special Information and Insider Trading, Journal of Business, 47, no. 3 (July 1974),
pp. 410-428. . : Joseph E. Finnerty, Insiders and Market Efficiency, Journal of Finance, 31,
no. 4 (September 1976), pp. 11411148; and Aaron B. Feigen, Information Opportunities from Insider
Trading Laws, AAI1Journal, 11, no. 8 (September 1989), pp. 12-15.

23 .: Herbert S. Kerr, The Battle of Insider Trading and Market Efficiency, Journal of Portfolio Management,
6, no. 4 (September 1980), pp. 4758: Wayne Y. Lee and Michael E. Solt, Insider Trading: A Poor Guide to
Market Timing, Journal of Portfolio Management, 12,no.4(Summerl986^,pp.6571;H.NejatSeyhun,
Insiders' Profits, Costs of Trading, and Market Efficiency, Journal of Financial Economics, 16, no. 2 (June 1986),
pp. 189212; Michael S. Rozeffand MirA. Zaman, Market Efficiency and Insider Trading: New Evidence,
Journal of Business, 61, no. 1 (January 1988), pp. 25-44; Ji-Chai Lin and John S. Howe, Insider Trading in the
OTC Market, Journal of Finance, 45, no. 4 (September 1990), pp. 1273-1284.

24 ,       300  (25 ),   -
        ,  ,
 ,         . .: J.D.
Dobson and Bob Korlde, Estimation for Markowitz Efficient Portfolios, Journal of the American Statistical
Association, 75, no. 371 (September 1980), pp. 544554; Putting Markowitz Theory to Work, Journal of
Portfolio Management, 1, no. 4 (Summer 1981), pp. 7074.

25        -
   ;      .    .:

Donald . Keim, The CAPM and Equity Return Regularities, Financial Analysts Journal, 42, no. 3 (May/
June 1986), pp. 19-34; Douglas K. Pearce, Challenges to the Concept of Market Efficiency, Federal
Reserve Bank of Kansas City Economic Review, 72, no. 8 (September/October 1987), pp. 1633; and Robert
A. Haugenand Josef Lakonishok, The Incredible January Effect (Homewood, IL: DowJones-Irwin, 1988).

26       . 11 : James . McClave and P. George
Benson, Statistics for Business and Economics (San Francisco: Dellen Publishing, 1991); Mark P.
Kritzman, ... About Regressions, Financial Analysts Journal, 47, no. 3 (May/June 1991), pp.1215.

27           (.. 
  ,   ),         -
 0,3  0,17%.      (   -
      ), ,      -
   . ,      -
. .: William F. Sharpe and Guy M. Cooper, Risk-Return Classes of New York Stock Exchange
Common Stocks, 1931-1967, Financial Analysts Journal, 28, no. 2 (March/April 1972), pp. 46-54.

28 R    ;  (  . 8)    -
   (),    R   ,    .

29       Value Line Investment Survey, 
 (0,35  1,0) + (0,67  ).     Value Line  Merrill Lynch 
. .: Meir Statman, Betas Compared: Merrill Lynch vs. Value Line, Journal of Portfolio
Management, 7, no. 2 (Winter 1981), pp. 41-44; Frank K. Reilly and David J. Wright, A Comparsion of
Published Betas, Journal of Portfolio Management, 14, no. 3 (Spring 1988), pp. 64-69.

30       : Richard A. Brealey and Stewart . Myers, Principles
ofCorporate Finance (New York: McGraw-Hill, 1991), pp. 191-192, 468-469; Thomas E. Copelandand
J. FredWeston, Financial Theory and Corporate Policy (Reading, MA: Addison-Wesley, 1988), Chapter 13.