[] [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]


171

. -5:

/

/ -

: 1964 - 1987

1

3

6

12

0.000

0.205

0.205

0.313

0.313

0.410

0.410

0.513

0.513

0.608

0.608

0.722

0.722

0.818

0.818

0.918

0.918

1.038

1.038

1.158

1.158

1.283

1.283

1.428

1.428

1.566

1.566

1.742

1.742

1.978

1.978

2.265

2.265

2.647

2.647

3.216

3.216

4.440

4.440

41.939

« », «», « », «», « », «», « » .



. -6:

/

/ - : 1964- 1987

1

3

6

12

0.000

0.737

10

10

0.737

0.872

1

1

1

0.872

0.985

1

1

1

1

0.985

1.077

1

1

1

1

1.077

1.158

1

1

1.158

1.230

1

1

1

1

1.230

1.303

1.303

1.375

1

1

1.375

1.452

1

1

1.452

1.519

1

1

1.519

1.592

1

1

1

1

1.592

1.671

1

1

1

1

1.671

1.741

1

1

1.741

1.815

1

1

1

1

1.815

1.906

1

1.906

2.009

1

1

2.009

2.147

1

1

1

2.147

2.353

1

1

1

2.353

2.714

1

1

2.714

10.031

« », «», « », «» « », «», « » .



6 12 12 , 14% 20.7% .

(Volatility Ratios)

, , . , , , , ( NYSE). , , . , , 6 12 NYSE. / , . V-3 (. 516) V-6 (. 518). 1968-1977 1.0247 2.47% . : 1.12250 1.00205, 12.25% 0.205%. 1977-1986 1.02565, 2.565%, (1968-1977). 1977-1986 : 1.09274 1.00640, 9.274% 0.64%.

, , , . , , , 86 100 , . , (. . V-7 V-8, . 518 520). 1968 1977 ( ), . , , , .

[] [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]