 607

 19.4 ()

 	10	10
	19	16
 	26	25
 	14	6
 	13	49
- 	27	28
 	26	48
 	32	21
	6	33
 	25	29
 	8	19
 	21	21

: Richard Brealey, Some Implications of the Comovement of American Company Earnings,
Applied Economics, 3, no. 3 (September 1971), p. 187.

       , -
       5  48%,    
 5  49%.         217 -
.      21%  -
  ,        21% .

 ,  -  [   -
 - (market beta)] -      -
   .   -
(security's accounting beta)       
    .     
,   ,       
.     ,    
      .   -
  20  40%   .

19.8

     

         , -
  ,       .
       50  20.  
  50 ,   -   (NYSE),
       1970 .    
50 ,    ,   NYSE  1970 .  -
   50 ,   NYSE,     
      1970 .    . 19.7, 
    ,      -
 48,4%, -3,2%  -56,7%.

,         
1969  1970 .      .    . 19.7, 
     ,      -
  21,4, -10,5  -83,0%.