936                                                     26

      . , -
   . 26.3, ,     -
  ,    , ,   
       ,    -
   .       -
   (, ).      -
   ,      -
    .       
        ,   -
   , ,  ,    .

SB. 1.4    

,    ,   -
   .  ,     
  (multinational firms)     -
     .

  ,     .    
    ,  -
    ,      1966 .   1974 . 
          ,
  - .    . 26.4 
  ,        -
   .  ,    -
         .  
. 26.4    ,       -
   ,       .

 26.4

    ,
   

    ( %), :

		
 	 	   
		
	45	58
	45	62
	65	74
	47	51
	50	63
	42	50
	52	75
	44	49
	29	31

: Bertrand Jacquillat and Bruno Solnik, Multinationals Are Poor Tools for Diversification
Journal of Portfolio Management, 4, no. 2 (Winter 1978), p. 10.