  767

          -
 ,        (..
,        ).  -
      (22.2)     -
   .         -
   t $0,02  .       1,20%
($0,12/$10,00)     1,40% [($0,12 + $0,02)/$10,00].

 . 22.8       
       ,  -
     . 22.7().     
     0,09%  ,     
    1,07%  .  ,  50  70 
 ,     ,  
.  ,   , -,  -
 ,      ,  -
     .

 ,       , 
        21.
 132        -
         1965  1969 .  -
   .

	20			
	15			
				
?				
				
-9-				
0				
 k-				
u 	10	[|		
S				
:				
				
V				
	5		L	
		11		
	0 Jii1		L
	-3 -2-1 0 1	234	567

-2-10123456
   (%  )

. 22.8.    : 
     

: 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. 378-380 The University of
Chicago, 1977.