956                                                     26

   1:   , ,   , -
    ,     
.      
  ,      
       10 .
        .  
   ,     
     .



'           
  1984 ., .  : Roger G. Ibbotson, Laurence . Siegel, and Kathryn S. Love, World
Wealth: Market Values and Returns, Journal of Portfolio Management, 12, no. 1 (Fall 1985), pp. 4-23.

2           
1989 .  $11 .    $6,3 .   , $2,4 . -
 , $1 .    (..    ) 
$1,3 .     . .: Roger G. Ibbotson, Laurence .
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no. 1 (June 1991), pp. 90-99.

3  ,  Wall Street Journal     
 Dow Jones  20 .       
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)     ,    .  
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Monograph Series in Finance and Economics  1984-4/5, New York University Salomon Center,
Leonard N. Stern School of Business.  .: Victor A. Canto, Everything You Always Wanted
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4   Morgan Stanley .  : Campbell R. Harvey, The World Price of Covariance
Risk, Journal of Finance, 46, no. 1 (March 1991), pp. 1)1-157.

5    .  . . 5  : Bruno Solnik, International Investments (Reading, MA:

Addison-Wesley, 1991); and John Markese, An Investor's Guide to the International Marketplace,
AAII Journal, 14, no. 7 (August 1992), pp. 29-32.

6    .  : Vihang Errunza, Emerging Markets: A New Opportunity
for Improving Global Portfolio Performance, Financial Analysts Journal, 39, no. 5 (September/October
1983), pp. 5158; Vihang Errunza and Etienne Losq, How Risky are Emerging Markets? Myths and
Perceptions Versus Theory and Evidence, Journal of Portfolio Management, 14, no. 1 (Fall 1987), pp.
6267; and Vihang Errunza and Prasad Padmanabhan, Further Evidence on the Benefits of
Portfolio Investments in Emerging Markets, Financial Analysts Journal, 44, no. 4 (July/August 1988),
pp. 76-78.

7           -
. . . 1  5 : Solnik, International Investments.

8       1970 .   1989 .  -
  Morgan Stanley  ,      -
 . .: Harvey, The World Price of Covariance Risk.

            -
       : Victor S. Filatov and Peter
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