                                     875

 80%  ,  ,    -
 .

7    ,        ,
   , . : Gary P. Brinson, L. Randolph Hood, and Gilbert
L. Beebower, Determinants of Portfolio Performance, Financial Analysis Journal, 42, no. 4
(July/August 1986), pp. 3944; and Gary P. Brinson, Brian D. Singer, and Gilbert L. Beebower,
Determinants of Portfolio Performance II: An Update, Financial Analysts Journal, 47, no. 3
(May/June 1991), pp. 40-48.

8       (,   ,
   . 10)     (   -
  . . 8)        
: Fischer Black and Robert Litterman, Global Portfolio Optimization, Financial Analysts
Journal, 48, no. 5 (September/October 1992), pp. 2843.       
     ;      -
      . 26.

9            
 . 16.

10   ,  , .  : Robert . Litzenberger,
Swaps: Plain and Fanciful, Journal of Finance, 47, no. 3 (July 1992), pp. 831-850.  , 
       $3 .,   2/, -   
 . ,       1981 .

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