[] [1] [2] [3] [4] [5] [6] [7] [8] [9] [10] [11] [12] [13] [14] [15] [16] [17] [18] [19] [20] [21] [22] [23] [24] [25] [26] [27] [28] [29] [30] [31] [32] [33] [34] [35] [36] [37] [38] [39] [40] [41] [42] [43] [44] [45] [46] [47] [48] [49] [50] [51] [52] [53] [54] [55] [56] [57] [58] [59] [60] [61] [62] [63] [64] [65] [66] [67] [68] [69] [70] [71] [72] [73] [74] [75] [76] [77] [78] [79] [80] [81] [82] [83] [84] [85] [86] [87] [88] [89] [90] [91] [92] [93] [94] [95] [96] [97] [98] [99] [100] [101] [102] [103] [104] [105] [106] [107] [108] [109] [110] [111] [112] [113] [114] [115] [116] [117] [118] [119] [120] [121] [122] [123] [124] [125] [126] [127] [128] [129] [130] [131] [132] [133] [134] [135] [ 136 ] [137] [138] [139] [140] [141] [142] [143] [144] [145] [146] [147] [148] [149] [150] [151] [152] [153] [154] [155] [156] [157] [158] [159] [160] [161] [162] [163] [164] [165] [166] [167] [168] [169] [170] [171] [172] [173] [174] [175] [176] [177] [178] [179] [180] [181] [182] [183] [184] [185] [186] [187] [188] [189] [190] [191] [192] [193] [194]


136

. -11:

- : 1946 - 1987

1

3

6

12

0.000

0.132

0.132

0.148

0.148

0.159

0.159

0.168

0.168

0,184

0.184

0.192

0.192

0,200

0.200

0.208

0,208

0.217

0.217

0.227

0.227

0.239

0.239

0.252

0.252

0.265

0.265

0.282

0.282

0.300

0,300

0.323

0.323

0.353

0,353

0.407

0.407

0.611

« », «», « », «», « », «», « » .

, , - .

1946 1987 . , . . -11 -12 (.406-407).

. 20 , . ( 1 , 3 , 6 12 -



. -12:

-

: 1946 - 1987

1

3

6

12

0.000

0.150

0.150

0.162

0.162

0.170

0.170

0.176

0.176

0.183

0.183

0.190

0.190

0.198

0.198

0.204

0.204

0.211

0.211

0.220

0.220

0.231

0.231

0.242

0.242

0.252

0.252

0.262

0.262

0.273

0.273

0.287

0.287

0.307

0.307

0.336

0.336

0.386

0.386

0.511

« », «», « », «» « », «», « » .

). , , (- ) ( Standard & Poors 500). .

, , - . 40 , - 0.35 , ( Standard & Poors 500) 2.34% , 6.13% 3 , 13.31% 6 25.28% . . -13 (. 408) -



. -13:

: , 0.35 1947-1986

-

S&P 500

1

3

12

6

1947

0.37

7.81

1947

0.38

. 91

-7 .

, 47

0.63

1949

0.35

17.17

1949

0.45

. 96

32.38

1949

0.45

26.68

1950

0.35

23.58

1953

0.36

35.18

1954

0.35

, 90

40.55

1957

0.35

30.19

1958

0.35

34.26

1958

0.42

31.95

1962

0.37

26.70

1962

0.36

27.65

1966

0.35

25.33

1968

0.36

16.52

1970

0.37

. 97

30.64

1970

0.39

, 98

19.87

197 4

0.36

27.99

25.28

. , , 3 0.35 , . , 1974 0.35 . , .

/

(Public/Specialist Short Ratio)

/ , , .

, , / , - .

[] [1] [2] [3] [4] [5] [6] [7] [8] [9] [10] [11] [12] [13] [14] [15] [16] [17] [18] [19] [20] [21] [22] [23] [24] [25] [26] [27] [28] [29] [30] [31] [32] [33] [34] [35] [36] [37] [38] [39] [40] [41] [42] [43] [44] [45] [46] [47] [48] [49] [50] [51] [52] [53] [54] [55] [56] [57] [58] [59] [60] [61] [62] [63] [64] [65] [66] [67] [68] [69] [70] [71] [72] [73] [74] [75] [76] [77] [78] [79] [80] [81] [82] [83] [84] [85] [86] [87] [88] [89] [90] [91] [92] [93] [94] [95] [96] [97] [98] [99] [100] [101] [102] [103] [104] [105] [106] [107] [108] [109] [110] [111] [112] [113] [114] [115] [116] [117] [118] [119] [120] [121] [122] [123] [124] [125] [126] [127] [128] [129] [130] [131] [132] [133] [134] [135] [ 136 ] [137] [138] [139] [140] [141] [142] [143] [144] [145] [146] [147] [148] [149] [150] [151] [152] [153] [154] [155] [156] [157] [158] [159] [160] [161] [162] [163] [164] [165] [166] [167] [168] [169] [170] [171] [172] [173] [174] [175] [176] [177] [178] [179] [180] [181] [182] [183] [184] [185] [186] [187] [188] [189] [190] [191] [192] [193] [194]