918                                                    25

      .    , 
      500   1994 .,  
  (A.I)   .

,         -
 /',, Fy SF^  SF^,    1,20, -0,4, 10,00  9,00. 
,  (A.I)  1994 .    :

, = 1,20. -0,405; + 10,00,1 +9,00,2 + ;.                    (.2)

    /7, = 120 ,   1994 .    
    ,     .  , 
   , = 0,40  ,      -
         .
 SF^   SF^ (10,00 > 9,00), ,   
 ,   1994 .      , 
  .

 (.2)        
1994 .        -
   12,13%,  0,8   4,00. (   -
 $56 ., s. = 1(54,6) = 4.)  (.2) ,  
      9,36% [(1,20  0,8) 
- (0,40  4,00) + (10,00  1) + (9,00  0)].  ,    -
  (.)  1994 .  2,77% (12,13% - 9,36%),   
        
    .

        1994 . -
  ,    10,03%  1994 . 
     ,    
 1,13,         3,2 (.. 
 5      3,2).  , 67%   -
     ,  33%    .
   (.2)      9,95%
[(1,20  1,30) - (0,40  3,20) + (10,00  0,67) + (9,00  0,33)].   
    0,08% (10,03%  9,95%),   , 
      .

        -
   ,       
 .        -
.      ,  ,  
  .      
        
    .      
       
 (comparative performance attribution).

,   /   (A.I)    -
.      ,    -
 .          .  -
 (23.28)     :

''/ - ] = ('^1 + SiF-i + c,i5fi + c^SF-i + e,) -
- (P^ + s,F, + c,i5Fi + c^SF, + e.,).                         (A3)