608                                                    -19

,         -  
   .     ' ,   -
 Earnings Forecaster,   S&P.    
       -
.        , -
    ,    . 19.7,   7,7,
5,8  15,3%.

 ,        -
   . , ,      -
      ,      (15,3%
   7,7%).        
,       83,0%.    . 19.7,
       ,   
      21.

^^   ^^    			
^^^    1970 .		|+77%	
         1970 .      1970 .	 50 	^^^^214% :;1^	^ +48,4%
			
		 +5,8%	
	-10,5% IBS		 50 
	-3,2%|[		
		 +15,3%	
-83,0% ^^^			
-56,7% |			50 
		

 

. 19.7.    :   , 
 -    1970 .

: Victor Niederhofferand Patrick J. Regan, Earnings Changes, Analysts' Forecasts, and Stock
Prices, Financial Analysts Journal, 28, no. 3 (May/June 1972), p. 67.

,        
         ?   -
          ,   
  .       , -
     ,    .  
   .

19.8.1        

 ,  2053     1974  1981 . 
      ,    