766  22

()   70 
  1955-1964 .

()   125 
  1960-1969 .

30 -
25

  20

15
10

5

0

-5-3-101   3   5

   (%  )

-0,50 -0,25    0     0,25     0,50

   (%  )

()   100    1970-1974 .

40		
30		
20		
10		
		^..

-3-2-101    2
   (%  )

. 22.7.    :   

: (a) Norman E. Mains, Risk, the Pricing of Capital Assets, and the Evaluation of Investment
Portfolios: Comment, Journal of Business, 50, no. 3 (July 1977); pp. 378-80 The University of
Chicago, 1977. (6) United States Securities and Exchange Commission, Institutional Investor Study
Report, March 10, 1971 (Washington, DC: U.S. Government Printing Office), () Merrill Lynch, Pierce,
Fenner & Smith, Inc., Investment Performance Analysis, Comparative Study, 1970-1974.

22.5.5     

     .  , -
        ,
  ,  ,  .    -
    .    -
,       ,    
,      .