838                                                    23

  19.1  : Victor L. Bernard, Jacob . Thomas, and Jeffery S. Abarbanell,
How Sophisicated Is the Market in Interpreting Earnings News? Journal of Applied Corporate Finance,
6, no. 2 (Summer 1993), pp. 54-63.  ,   
    ,     .    
   10  ,    
 Dow Jones     ,     ,
        .  1973
 1992 .           5,15%
.  ,   ,    ,
    5,99%     Dow Jones 
 .  ,       30  ,
   Dow Jones,  ,     . .: Dale L.
Domian, David A. Louton, and Irene M. Seahawk, The Dow Dividend Strategy: How it Worksand
Why, AAIl Journal, 16, no. 4 (May 1994), pp. 7-10.

21  ,    F,   ,  5%  7,2% -
        . -
, - 0,8%  -2,4%      
.  ,   (     . 17),
,       
.

22  ,        -
,          .   -
 ,       .
  ,      ,   -
         
  .      
         -
  .    ,   
       (   
. 17),         . ,
   ,        
   ,    ,      
. 23.1.   ,       .
 ,     ,    -
       5%  10% ,   
   ,       -
  .    : .. Chan, On the Contrarian
Investment Strategy, Journal of Business, 61, no. 2 (April 1988). pp. 147-163; Ray Ball and
S.P. Kothari. Nonstationary Expected Returns: Implications for Tests of Market Efficiency and Serial
Correlations in Returns, Journal of Financial Economics, 25, no. 1 (November 1989), pp. 5174; April
Klein, A Direct Test of the Cognitive Bias Theory of Share Price Reversals, Journal of Accounting and
Economics, 13, no. 2 (July 1990), pp. 155166: Paul Zarowin, Size, Seasonably, and Stock Market
Overreaction, Journal and Quantitative Analysis, 25, no. 1 (March 1990), pp. 113125; Jennifer Conrad
and Gautam Kaul, Long-Term Overreaction or Biases in Computed Returns? Journal of Finance, 48,
no. 1 (March 1993), pp. 3963; and Navin Chopra, Josef Lakonishok. and Jay R. Ritter, Measuring
Abnormal Performance: Do Stocks Overreact? Journal of Financial Economics, 31, no. 2 (April 1992),
pp. 235-268.

      .  
           -
 ,  ,       (  -
  . 23.1).  -        ,
    (       . 23.1).