    893

^5,22% 4,88%3,93%		 SMLa --1,29%^ <
			
			
	/,--''	^'I	
2,23%		'
	1,00 1,13 

. 25.4.        SML

          t
   .      ,  -
 -   ,      
  ,      7. 
       :

/^ - 'ft = ap +Pp(rMt - rf,)+?pt.                    (25.15)

 (25.15)     ,   -
         . 
      ,      -
,    .

 () . 25.1   ,    
  .     ,  16- 
     1,29,    1,13. 
   ,     (25.8)
 (25.13).        .

 25.5      
   S&P 500.   (25.15) ,   
     :

/-.-/=-1,29%+1,13(/^-/)+-,               (25.16)