                                              837

9     ,     ., 
 Russell 1000, Russell 2000, Russell 3000.  Russell ]OOU  
 1000    ,  Russell 2000     
 2000   , , Russell 3000   ,   -
  .    ,   Morgan Stanley
Capital International Perspective  ,     
     1000    ,   
 .       . 26.

11)      N ,   
      /V-      .

"       ,    
  ,         
   .  , ,    -
,         ,   
      ,  .

12          -
        : Sanford J. Grossman, On the
Efficiency of Competitive Stock Markets Where Trades Have Diverse Information, Journal of Finance.
31, no. 2 (May 1976), pp. 573585: Sanford J. Grossman and Joseph E. Stiglitz, On the Impossibility
oflnformationally Efficient Markets, American Economic Review, 70, no. 3 (June 1980), pp. 393408:

Bradford Cornell and Richard Roll, Strategies for Pairwise Competitions in Markets and Organizations.
Bell Journal of Economics, 12, no. 1 (Spring 1981), pp. 201213.

13         . .: Andrew W. Lo and
A. Craig MacKinlay, Data-Snooping Biases in Tests of Financial Pricing Models, Review of Financial
Studies, 3, no. 3 (1990), pp. 431467; Fischer Black, Beta and Return, Journal of Portfolio Management.
20, no. 1 (Fall 1993), pp. 8-18.

14   ,        -
  , . : Stephen J. Brown, William Goetzmann, Roger G. Ibbotson,
and Stephen A. Ross, Survivorship Bias in Performance Studies, Review of Financial Studies, 5,
no. 4 (1992), pp. 553-580.

15 Felix Rosenfeld, ed., The Evaluation of Ordinary Shares, a summary of proceedings of the Eighth
Congress of the European Federation of Financial Analysts Societies (Paris: Dunod, 1975), p. 297.

" Rosenfeld, The Evaluation of Ordinary Shares, pp. 297298.    ,  -
        , .: David P. Brown and Robert
. Jennings, On Technical Analysis, Review of Financial Analysis, 2, no. 4 (1989), pp. 527-551. .
: Jack L. Treynor and Robert Ferguson, In Defense of Technical Analysis, Journal of Finance,
40, no. 3 (July 1985), pp. 757773; Lawrence Blume, David Easley, and Maureen O'Hara, Market
Statistics and Technical Analysis: The Role of Volume, Journal of Finance, 49, no. 1 (March 1994),
pp. 153-181.

17 ., : Eugene F. Fama, Efficient Capital Markets: A Review of Theory and Empirical
Work, Journal if Finance, 25, no. 2 (May 1970), pp. 383-417.

"' ., , Eugene F. Fama, Efficient Capital Markets: II, Journal of Finance, 46, no. 5 (December
1991), pp. 1575-1617.

19   ,      .
. : Barr Rosenberg, Kenneth Reid, and Ronald Lanstein, Persuasive Evidence of Market
Inefficiency, Journal of Portfopio Management, 11, no. 3 (Spring 1985), pp. 9-16; John S. Howe,
Evidence on Stock Market Overreaction, Financial Analysts Journal, 42, no. 4 (July/August 1986),
pp. 7477; Andrew W. Lo and A. Craig MacKinlay, When Are Contrarian Profits Due to Stock
Market Overreaction? Review of Financial Studies, 3, no. 2 (1990), pp. 175205.

2"         ,    -
          . . . 19,