[] [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]


139

/ (Put/Call Ratio)

/ - . , - -. ().

, / . , , . , , , .

/ 1978 1987. , /. . -18 -19 (.416-417).

. , , 20 , . (1 , 3 , 6 12 ). ( - ) ( Standard & Poors 500). .

, , -, . . .

, , . 9 , / 0.70 , ( Standard & Poors 500) 4.46% , 10.89% 3 , 16.99% 6 33.16% . . -20 (. 418) . , , 3 0.70 , .



. -18:

/

/ - : 1978 - 1987

1

3

6

12

.

0.136

0.136

0.170

0.170

0.217

0.217

0.260

0.260

0.304

0.304

0.338

0.338

0.367

0.367

0.393

0.393

0.413

0.413

0.431

0.431

0.451

0.451

0.473

0.473

0.493

0.493

0.513

0.513

0.540

0.540

0.570

0.570

0.606

0.606

0.659

0.659

0.749

0.749

2.403

« », «», « », «», « », «», « » .



. -19:

/

/ - : 1978- 1987

1

3

6

12

0.000

0.143

0.143

0.194

0.194

0.223

4

0.223

0.258

0.258

0.321

0.321

0.359

0.359

0.382

0.382

0.402

0.402

0.426

0.426

0.445

0.445

0.462

4

0.462

0.481

4

0.481

0.499

0.499

0.520

0.520

0.547

0.547

0.576

0.576

0.610

4

0.610

0.654

0.654

0.707

4

0.707

0.864

« », «», « », «», « », «», « » .

[] [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]