770                                                     22

             
    1974 .     -
    1974 .     ,
  .     ,    ,
           -
    1974 .,       
      1974 .    
  1988 .        -
       1974 .    1988 .
 ,        
    .

    22.2  .  , -
    ( 1),    -
 1,42%    .       . -
,  ,      ( 8),  -
   2,67%       -
 .      ,  -
 ,      ,    -
      .

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

 22.2

     , 19741988 .
    ( %)

  ( )   	  (1 -	- ;	8 -	 )		
	11,42 1,33 0,99 0,69	21,66 1,73 1,68 1,05	31,84 1,81 1,40 1,40	41,91 1,99 1,82 1,76	52,11 2,07 1,90 1,59	62,45 1,99 2,32 2,24	72,41 2,33 2,94 2,11	82,67 3,24 3,47 2,80

: Darryll Hendricks, Jayendu Patel, and Richard Zeckhauser, Hot Hands in Mutual Funds:

Short-Run Persistence of Relative Performance, 1974-1988, Journal of Finance, 48, no. 1 (March
1993), Table III, pp. 108-109.

        
   1  8.        -
     2%  ,   -
      .  ,   -
      