920                                                    25

        -
 ,         ,  
 .  ,   , 
  (..     )      -
  (  )     (.. -
    )       (
 ),        -
  .  1994 .    /    
.

     /-   
 .         , 
   ,   ,      -
       .  ,  
            . -
 ,       ,    -
 ,           
.           
.       ,
       ,    .



'         -
 .        -
     ,       -1,96%
(- 0,98%  2).

2         (-
  )   (25.6)  / ^    ,
        ( ^ - ;-). 
  (25.7)    [(/ ^  /)    
(/   )2.      
         
.       
.

3  (25.8)        -
 ,      ,   -
  /-,.    (25.8)   ,
       ^   /',.    -
      (
 . 8).   -  .

4        -
 ,       : Michael . Jensen
The Performance of Mutual Funds in the Period 1945-1964, Journal of Finance, 23,
no. 2 (May 1968), pp. 389-416.

5         6%,     -
  (1,13, 6,00),    SML.    -
 -     0,78%     -
  .

6        -
  -    -