                                                    629

House Recommendations, Financial Analysts Journal, 35, no. 1 (January/February 1979), pp. 32-40; WemerF.
De Bondt and Richard H. Thaler, Do Security Analysts Overreact? American Economic Review, 80, no. 2 (May
1990), pp. 52-57.      .  : Michael P. Keane and David E.
Runkle, Are Analysts' Forecasts Rational?, unpublished paper, November 1992, Federal Reserve Bank of
Minneapolis.

30     : Scott E. Stickel, Reputation and Performance Among
Security Analysts, Journal of Finance, 47, no. 5 (December 1992), pp. 1811-1836.

31   ,    ,   
   ,    14  8    -
           
 86 ,  ,    , -  93 .

32 John M. Hassell and Robert H. Jennings, Relative Forecast Accuracy and the Timing of Earnings Forecast
Announcements, Accounting Review, 61, no. 1 (January 1986), pp. 58-75.

33  I/B/E/S  Zacks Investment Research     
 2000 .      50  .
Zacks Investment Research      , I/B/E/S -
  .

34 Edwin J. Eiton, Martin J. Gruber, and Mustafa N. Gultekin, Professional Expectations: Accuracy
and Diagnosis of Errors, Journal of Financial and Quantitative Analysis, 19, no. 4 (December 1984),
pp. 351-363.

Value Line   ,   VALUE/SCREEN III (  
VAL UE/SCREENPL US),        
   .         $325
(  ),      - $465,   -
   $495     ( )  $1995.

36     .  : Arnold Bernhard, Investing in Common Stocks with the Aid of the
Value Line Rankings and other Criteria of Stock Value, Arnold Bernhard, New York, 1975.

37 Thomas E. Copeland and David Mayers, The Value Line Enigma (1965-1978): A Case Study of Performance
Evaluation Issues, Journal of Financial Economics, 10, no. 3 (November 1982), pp. 289321.

3*    ,        -
     .      
     2 I.  ,      
     3  2     I  2   2  3. .: Scott
E. Stickel, The Effect of Value Line Investment Survey Rank Changes on Common Stock Prices, Journal
of Financial Economics, 14, no. 1 (March 1985), pp. 121143.

i9     : Copeland and Mayers, The Value Line Enigma,
pp. 319-320; and dark Holloway, A Note on Testing an Aggressive Investment Strategy Using Value Line
Ranks, Journal of Finance, 36, no. 3 (June 1981), pp. 711719.

40 Value Line   ,    ,  -
  .         -
,  -   ,    -
     . .: Russell J. Fuller and G. Wenchi Wong,
Traditional versus Theoretical Risk Measures, Financial Analysts Journal, 44, no. 2 (March/April 1988),
pp.52-57,67.

41  ,      ,     -
     (    .   
. 17).   ,    . .: Gur Huberman and Shmuel Kandel,
Value Line Rank and Firm Size, Journal of Business, 60, no. 4 (October 1987), pp. 577589.

42  ,      , .  :

Gur Huberman and Shmuel Kandel, Market Efficiency and Value Line's Record, Journal of Business, 63,
no. 2 (April 1990), pp. 187-216.

43 .: John Affleck-Graves and Richard R. Mendenhall, The Relation Between the Value Line Enigma
and Post-Earnings-Announcement Drift, Journal of Financial Economics, 31, no. 1 (February 1992),
pp. 75-96.