___________________________________________609

22.        
       ,  -
 (19.19).          
/   + a(QE^ ^ - QE^ 5) + . ,     
 1995 .  (1)      1994 .  (2) 
,     1994 .    1995 ., -
   ,  (3)  .       
       1995 .

 ,       , 
     (FE^):

FE, = QE, -QE,,                           (19.20)

 QE,      t  QE,      t,
    t - \.  ,  (19.20) ,
           
       .

        -
  ,       ,    -
   ,  ,     -  .
    ,    ,
        .
   ,        -
 .       
(standardised unexpected earnings, SUE):

_ FE,
SUEl=,                           (19.21)

^FE,

 0,-          20 
  t. (         20  
 t,        20 .)

,          $3,  
        $5,  -
  $2 ($5 - $3).       -
    $2.     
 $0,80,     ,    -
   (SUE)  2,50 ($2/$0,80)23.      -
   $4,     ,   SUE
  0,50 ($2/$4).  ,    
SUE   ,       -
 ,       SUE 
 ,       .

   SUE,        -
 ,        . , 
       10   .  -
 1       SUE,   10
        SUE.

   10     
        60       
60   .  . 19.8     
(abnormal return}       10     
.