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? ???????????? ??????? ??????? ??????????????? ?????????? ???????????? ?????? ?????????????? ?????? ?? ????????? ? ??????? ??????? ??????????. ?? ?????? ??????????? ? ???????? ? ???? ? 1990-? ????? ? ??????????? ????? ???? ?????????? ?????? ???? ???????? ??????. ???????????? ?????? ????????????? ? ???? ???????? ?????? ?????????? ??? ??????? ?????????? ???????? ?????? ??????? ?? ????? ???????? ??????????? ? ????????? ?? ???? [Connor and Korajczyk (199l); Elton et al. (1993); Grinblatt and Titman (1989); Jensen (1968); Malkiel (1995); Sharpe (1966); Treynor (1965)]. ?????? ???????????? ????? ? ????????? (1984) ?????????? ? ??????? (1992) ??????????? (1984) ? ???????? (1989) ?????????? ??? ????????? ??????????? ????????? ??????? ?????? ?????????? ??????????? ???????????? ????? ??????? ??? ????????? ?????????????? ??????? ?? ???????? ?????????? ?????????. ???? ?????? ??????????? ??????????? ? ???????????? ???????????????? ???????? ?????? ? ???? ?? ?????? 2005-2009 ????? ??????? ??????? ? ???????? ???????????? Databank ??? ?????????? ????????? ??????? ? ???? ? ??????? ???? ?????? ????????? ?????????? ?????? ??????? ? ?????? ?????????? ??????????? ? ?? ? ???????? ????? ? ????.
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