582                                                   

"   ,     .    
    ,      APT (  . 12).

12    ,       ,   
     .

13 Carmine J. Grigoli, Common Stock Valuation, MerrillLynch Quantitative Analysis, May/June 1984. 
        
   (..    ),   -
 . ,     ,    
     "". . : Marshall E. Blume, The Use of
Alphas to Improve Performance, Journal of Portfolio Management, 11, no. 1 (Fall 1984), pp. 8692.

14   ,   Wells Fargo Investment Advisors, -
    Financial Statement Analysis (Englewood Cliffs, NJ: Prentice Hall, 1986),
pp. 428-430.

15          ,    , 
        .       -
      ,    .

16    ,  ,     
 ,    100%,   ,  
. 18.1. -, ,        60%.
,     ,  $1,10,   $1,00,  
60% ,     $ 1,06 [$ 1 + 0,60  (1,10 - 1,00)]. -, -
,    50%.  ,     / = 1  
$10,30{(1,00+0,50(1,06 1,00)]/0,10}. ,    60%- -
   50%-   13,6% {[(10,30 10) + 1,06]/10},    -
 3,6 (13,6% - 10%).

17 ,    0,15  IC      ,   -
    / (     
 ). .: Keith P. Ambachtsheer, Profit Potential in an 'Almost Efficient' Market, Journal
of Portfolio Management, 1, no. 1 (Fall 1974), pp. 84-87, and Where Are the Customers' Alphas?, Journal
of Portfolio Management, 4, no. 1 (Fall 1977), pp. 5256); Keith P. Ambachtsheer and James L. Farrell, Jr.,
CanActive Management Add Value?, Financial Analysts Journal, 35, no. 6 (NovemberDecember 1979),
pp. 3947; and S. D. Hodges and R. A. Brealey, Portfolio Selection in a Dynamic and Uncertain World,
Financial Analysts Journal, 29, no. 2 (March-April 1973), pp. 5065.

18     ,        , 
   .      -
  . . J. Ronald Hoffmeister and Edward A. Dyl, Dividends and Share Value: Graham and
Dodd Revisited, Financial Analysts Journal, 41, no. 3 (May/June 1985), pp. 7778;andLewisD.Johnson,
Dividends and Share Value: Graham and Dodd Revisited, Again, Financial Analysts Journal, 41, no. 5
(September/October 1985), pp. 79-80.   : Sidney Cottle, Roger F. Murray, and Frank
E. Block, Graham and Dodd's Security Analysis, 5th ed. (New York: McGraw-Hill, 1988).  -
       : Roger F. Murray, Graham and Dodd:

A Durable Discipline, Financial Analysts Journal, 40, no. 5 (September/October 1984), pp. 1823.

19 .: A Conversation with Benjamin Graham, Financial Analysts Journal, 32, no. 5 (September/October
1976), pp. 20-23.

0   .: Paul Blustein, Ben Graham's Last Will and Testament, Forbes, (August 1,1997),
pp. 4345; and James B. Rea, Remembering Benjamin Graham  Teacher and Friend, Journal of Portfolio
Management, 3, no. 4 (Summer 1977), pp. 6672.

21 Henry R. Oppenheimer, A Test of Ben Graham's Stock Selection Criteria, Financial Analysts Journal, 40,
no. 5 (September/October 1984), pp. 68-74.

12          10   
 5  . 18.2.  ,  ,      
   ,     . .: Henry R. Oppenheimer, Ben
Graham's Net Current Asset Values: A Performance Update, Financial Analysts Journal, 42, no. 6
(November/December 1986), pp. 40-47.