                                                    627

8 Harry DeAngelo, Linda DeAngelo, and Douglas J. Skinner, Dividends and Losses, Journal of Finance,
47, no. 5 (December 1992): 18371863. . : Harry DeAngelo and Linda DeAngelo, Dividend Policy
and Financial Distress: An Empirical Investigation of Troubled NYSE Firms, Journal of Finance, 45, no. 5
(December 1990), pp. 1415-1431.

11   . ,   1972 .    ,  -
      ,      
           ,      (Value and Capital,
London: Oxford University Press, 1946, p. 172).    , -
   (19.15),     ,   
   .

"   ,        ,
   (mechanisic hypothesis)    (myopie
hypothesis).  ,        .
          . 
  ,    .     -
 .  : George Foster, Financial Statement Analysis (Englewood Cliffs, NJ: Prentice Hall, 1986),
pp. 443-445.

"       .  : Ross Watts, Does It Pay to Manipulate
EPS? in Issues Corporate finance (New York: Stern Stewart Putnam & Macklis, 1983).

12   ,   ,     ,
   . ., : John R. M. Hand and Patricia Hughes,
The Motives and Consequences of Debt-Equity Swaps and Defeasances: More Evidence That It Not Pay
to Manipulate Earnings, Journal of Applied Corporate Finance, 3, no. 3 (Fall 1990), pp. 7781.

13          .    -
         ,   -
. , ,         ( $10
 1 -   $20  2- , $40  3- , $80  4-   ..),     
,  ,        .

14  ,             
,            -
       ,      .
        .

15 John Lintner and Robert Glauber, Higgledy Piggledy Growth in America, in James Lprie and Richard
Brealey,eds., Modern Developments in Investment Management (Hinsdale, IL, Dryden Press, 1978). 
        
.           ,  
          ( /). 
,         /   
   . .: Russell J. Fuller, Lex . Huberts, and Michael Levinson, It's
Not Higgledy-Piggledy Growth!, Journal of Portfolio Management, 18, no. 2 (Winter 1992), pp. 38-45. .
: . Bradlee Perry, Analyzing Growth Stocks: What's a Good Growth Rate?, AAI1 Journal, 13, no. 9
(October 1991), pp. 7-10.

16   [., : Jane Ou and Stephen H. Penman, Financial Statement Analysis and
the Prediction of Stock Returns, Journalof'Accounting andEconomics, 11, no. 4 (November 1989), pp. 295-329]
,        ,   ,
 :

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 5    ,   .    -
    5.  ,    , -
  (19.17), -      ,  8=0.

17         , 
   .        (),  ?,_, +
+ C(Q?,_|  Q,_,) + d, = ' + 2 + 3 + 4  =+ + 2a2 + '.    ,
          ,    b
 ,      rf   .