                                                    625

.         
          -
.

  . 19.9  ,   
         -
 ,     .     
,     ,   , -
  13- ,     . 
  ,     ,
  ,       5.  ,
    (    )  -
,    .

     ,   
 Value Line.   70-80    , -
      ,   -
,  ,   .    -  
   .       , ,
 I  ǻ,  .

   19.9

 ,    


	1	2	3	4	5
    26  ( %)	7,38	6,51	4,10	2,70	0,37
,      26  ( %)	0,33	0,35	-0,57	-1,12	-3,05

: Thomas E. Copeland and David Mayors, The Value Line Enigma (1965-1978): A Case Study of
Performance Evaluation Issues, Journal of Financial Economics, 10, no. 3 (November 1982), pp. 298, 301.

     , ,   
,   ,  ,   , -
 0,77%   13 . ,     
 13   ,   ,   1,42%.
           
       38.

  ,  Value Line   , -
   .     -
 ,      39.    
  ,       , 
  Value Line.        , 
 Value Line       
  40.  ,   Value Line  
  ,       -
         -
41. ,   ,  ,    -
 ,       .