                                              839

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23 -,         -
   (     ).
        .
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 , .  : Jennifer Conrad, Mustafa N. Gultekin, and Gautam Kaul,
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24 Lehmann, Fads, Martingales, and Market Efficiency, p. 26.

25        ,  -
         .   -
   ,   ,     
(,  )     (, 
 ).

26  Lotus Development, Microsoft, Borland International   -
   .  Lotus 1-2-3, Excel  Quattro Pro 
   .

27         
. .: John . Groth, Wilbur G. Lewellen, Gary G. Schlarbaum. and Ronald C. Lease, An
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28  Dartboard    Wall Street Journal     -
       ,   .
            
4%,           .
       Heard on the Street    25
      ,     4%-  -
. .: Brad M. Barber and Douglas Loeffler, The "Dartboard" Column: Second-Hand
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w         .    -
            
        .   
           
;         -
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,     Heard on the Street    1985 .
      ,    
   .

3"     .    . 17.