, |
, , , . , , , . ( , : 1977 , -, , , . . , 1).
, , , 2.
, 20 .
3.

22-26; (" ") – 23-26; () – 12-16; 10-12; 9-12; – – 8-10; () – 6- 8; 4-9; () 4-9; 5-6; ( – - ) 0-5.
: "", "", " ".
. , : «… …", "… 4». . ( 7-10% ). 5 ( , ). , .
- ( , , "") ( ). ( "") – , ( , ).
, . . ( ), , , 6.
:
1.
2. , ,
3. , ,
4.
5. , , ,
6. -,
7.
8. (, , )
9.
10. , , "" , .
11.
, .
1.
. (., ., – .) . . , 7. 11- - .
. ( .5, - . 6 . 9 ( ). 8.
- " " . , , , , ..9 , 10.
19- . 20- , - . .
- . " -" ( - ) .
, ,
( ) ..
" "
, 11.
"" . 2015 , .
, ,
.
2. , ,
. , , 12.
13
.
. . – , 14.
.
()
, .
" "
. " ", . "" ( . ).
, , 15.
, ()
.
3. , ,
- 2011- , ; ( ).
- . (, , ..).
()
- .
- 19- , . . .
20- " "16 .
- . ( , ); "" 17. - ; 2017 .
- 18.
- , 1500 . - , 19.
. .
. ; – , .
(, , ) , .
– () , – - .
( ) . , (.. ).
2015- 2013- , , 20.
4.
, , , , ( ). "" ().
()
19- . - ; 21. – - -22, 23 100 24.
,
. "", "" "" – ( ).
– .
.
– ()
.
, , ()
( , ).
5. , , ,
( - ), . "" " ". .
()
- , , , , "C" . . ., , , "" .
" " – , ; .
,
; . , . " " ( . . 205-226 2013-2014 .)25.
. , . , , , .
“ ”
2013 “ ” . , . " " .
: .
– ()
– " " . () .
( ) 26, " " 27 .
, ()
, , ( ).
, , ( , , 2008 ).
6. -,
-. – . .. " "28.
()
-. (7 12) " " "", .. .
" " – -, . – .
,
( ); " " ( ); . . ..
. ( ) " " ( ).
“ ”
. - (9 19 ) " " ( ).
– () " " ( ).
, , ()
. () " ".
7.
. . " " . ( ) .
()
" " ( ). "" , .
,
" "29.
. , , "" . 30.
“ ”
. , , . .
– ()
( ) .
, ()
"" .
8. (, , )
. – – .
()
(. 8) 31. . .
.
«» ( " ") .
32 .
( " "). , ( 33 – – ).
( " 2008-2009 ) 34, .
– ()
. , , – , .
, ()
- . . .
9. ( . 4 " ")
. ; .
()
.
" " " " , , ( ).
, , "".
,
( , " " , ).
“ ”
; .
– ()
. , .
, , ()
10. , , "" , .
.
()
19- , : .
" " , .
,
. "" ( ) – , ( ) .
, .
" "
. 19- .
– (),
, ()
, "" "" . , .
11.
, , "" . "", , .
,
. , , 1977 35. , – , , , .
. 19- .
– ()
, , – .
(), , " "
.
"+" - , "-" ; "0" , .
| 1. | - | + | - | + | |
| 2. | - | + | - | 0 | |
| 3., | - | + | - | + | |
| 4. | - | + | - | + | |
| 5. | - | + | - | + | |
| 6.- | - | + | - | - | |
| 7. | - | + | - | + | |
| 8. | - | + | - | 0 | |
| 9. | - | + | - | 0 | |
| 10., | - | + | - | 0 | |
| 11. | + | + | - | - | |
| 1. | - | - | + | + | |
| 2. | - | - | + | + | |
| 3., | - | - | 0 | + | |
| 4. | - | - | 0 | + | |
| 5. | - | - | + | + | |
| 6.- | - | - | + | + | |
| 7. | - | - | + | + | |
| 8. | - | - | + | + | |
| 9. | - | - | + | + | |
| 10., | - | - | + | + | |
| 11. | - | - | + | + | |
|
|
1. | + | + | - | - |
| 2. | - | 0 | - | - | |
| 3., | - | + | - | + | |
| 4. | - | + | - | + | |
| 5. | + | + | - | - | |
| 6.- | - | + | - | - | |
| 7. | - | + | - | + | |
| 8. | + | + | - | - | |
| 9. | 0 | + | - | - | |
| 10., | 0 | + | - | - | |
| 11. | + | + | - | - | |
|
|
1. | - | - | + | + |
| 2. | - | - | + | + | |
| 3., | - | - | 0 | + | |
| 4. | - | - | 0 | + | |
| 5. | - | - | + | + | |
| 6.- | - | - | + | + | |
| 7. | - | - | 0 | + | |
| 8. | - | - | + | + | |
| 9. | - | - | + | + | |
| 10., | - | + | - | + | |
| 11. | - | - | 0 | 0 | |
|
|
1. | - | - | + | + |
| 2. | - | 0 | 0 | + | |
| 3., | - | - | 0 | + | |
| 4. | - | - | 0 | 0 | |
| 5. | - | 0 | + | + | |
| 6.- | - | - | + | + | |
| 7. | - | + | - | + | |
| 8. | - | - | 0 | 0 | |
| 9. | - | - | + | + | |
| 10., | - | - | + | + | |
| 11. | - | - | 0 | + | |
| 1. | - | - | - | 0 | |
| 2. | + | + | - | - | |
| 3., | - | 0 | - | + | |
| 4. | - | + | - | 0 | |
| 5. | - | + | - | + | |
| 6.- | - | 0 | - | 0 | |
| 7. | - | 0 | - | 0 | |
| 8. | - | 0 | - | 0 | |
| 9. | - | 0 | - | 0 | |
| 10., | - | 0 | - | 0 | |
| 11. | - | 0 | - | 0 | |
|
|
1. | - | 0 | - | 0 |
| 2. | - | 0 | - | 0 | |
| 3., | - | 0 | - | + | |
| 4. | - | 0 | - | + | |
| 5. | - | 0 | 0 | + | |
| 6.- | - | 0 | 0 | 0 | |
| 7. | - | + | - | + | |
| 8. | - | - | - | + | |
| 9. | - | - | - | 0 | |
| 10., | - | - | - | 0 | |
| 11. | - | 0 | - | 0 | |
| 1. | - | 0 | - | 0 | |
| 2. | - | 0 | - | 0 | |
| 3., | - | - | + | + | |
| 4. | - | 0 | - | + | |
| 5. | - | + | 0 | + | |
| 6.- | - | 0 | 0 | 0 | |
| 7. | - | + | - | + | |
| 8. | - | 0 | - | 0 | |
| 9. | - | - | - | 0 | |
| 10., | - | 0 | - | 0 | |
| 11. | - | + | - | - | |
| 1. | + | + | - | - | |
| 2. | - | 0 | - | - | |
| 3., | - | + | - | + | |
| 4. | - | + | - | - | |
| 5. | - | + | - | + | |
| 6.- | - | - | + | + | |
| 7. | - | + | - | + | |
| 8. | - | + | - | - | |
| 9. | - | 0 | - | - | |
| 10., | - | 0 | - | - | |
| 11. | - | + | - | - | |
| 1. | - | - | + | + | |
| 2. | - | - | + | + | |
| 3., | - | - | + | + | |
| 4. | - | - | + | + | |
| 5. | - | - | + | + | |
| 6.- | - | - | + | + | |
| 7. | - | - | + | + | |
| 8. | - | - | + | + | |
| 9. | - | - | + | + | |
| 10., | - | - | + | + | |
| 11. | - | - | + | + | |
|
(-) |
1. | 0 | + | - | - |
| 2. | - | + | - | - | |
| 3., | - | - | - | + | |
| 4. | - | - | - | + | |
| 5. | + | + | - | - | |
| 6.- | - | + | - | - | |
| 7. | - | + | - | + | |
| 8. | 0 | + | - | - | |
| 9. | 0 | + | - | - | |
| 10., | 0 | + | - | - | |
| 11. | + | + | - | - |
, , .. – "" . , . ( – ).
. "" . ( , ). " " , 36.
------------------
1 (, , , 2015 http://ssrn.com/abstract=2550494 Zatcovetsky, Yanovskiy, et al 2014, http://ssrn.com/abstract=2425418 )
2 – "", "" . , .
3. . http://knessetjeremy.com/
4 XVIII .. ( . « » .: «», 2009, . 20). ( , , – ), . , () – "". " " – .
5 . - "
| : | / |