Академический Документы
Профессиональный Документы
Культура Документы
Correlation Structure of Security Returns
Загружено:
Paul RingsethАвторское право
Доступные форматы
Поделиться этим документом
Поделиться или встроить документ
Этот документ был вам полезен?
Это неприемлемый материал?
Пожаловаться на этот документАвторское право:
Доступные форматы
Correlation Structure of Security Returns
Загружено:
Paul RingsethАвторское право:
Доступные форматы
ye!
i;(EU 3$tst{$sj et$t$t y _BPRRB pZ$jj8B psjjB
N{ Z ; 1(((
d qY ]Bjs $Bt 7 Z{ Z BP 7{Z$ k i ZtR
qB ZR Y 8st %s$st{ s}}Bs{Y b tI B R $8s z {B8}Btt R BP Y -}{ I Zt %{ B
stI zwz L dDb1 {B8}Btt R BP Y %s$st{ {B%s$st{ 8s $- ~ VtsjkR R PBjjBb$t s R{Z$ k
{st R $8s Y -}{ I Zt stI Y %s$st{ BP Y R{Z$ k AZ Ys% BZAj R $8s $t Y
{B%s$st{ b$ Y B Y R{Z$ $R qB R $8s Y {B%s$st{ 8R $t ~ JZ$R s %k jBt Y$R Bk
stI st sRRZ8} $Bt Ys ZtR PB8 s R s $Btsk }B{RR !P t Y $R tB tBZY Is s stI Y
ZtR s RZjk tB R s $Btsk GYs RYBZjI b IB Yt $P b bst B ZR 8st %s$st{ stsjkR$R2
qY s bB }BRR$Aj I${ $BtR b {st s, 3$R $tR sI BP %$b$t Y }BAj8 BP htI$t
}B PBj$BR BP R{Z$ $R b {st R ${ BZ s t $Bt B Y }BAj8 BP htI$t }B PBj$BR BP sRR
{jsRRR qY$R s jk IZ{R Y tZ8A BP R $8s R B s 8stssAj R$9 Vj ts $%jk b {st
ZR st $tI- 8BIj B R $8s Y {B%s$st{ BP R{Z$ $R yt Y$R j{ Z b -}jB ZR$t Y$R B${sj
Is s B R $8s Y {Bjs $Bt R Z{ Z BP s R8sjj tZ8A BP sRR {jsRRR stI Y ZR BP Y R$tj
$tI- 8BIj B R $8s Y {Bjs $Bt R Z{ Z BP R{Z$ $R
G b$RY B $tR Y s {s%s {Bt{t$t Y ZR BP Y$R B${sj Is s Vj YBZY Y$R B${sj Is s
$R b$Ijk ZRI B R $8s 8BIj }ss8 R stI PZ Z BZ {B8R Y ZR BP Y$R B${sj Is s YsR
j$8$ s $BtR A{sZR Y 8BIj $t JZR $Bt 8sk A bBt stI A{sZR Y$tR 8sk {Yst $t bskR
tB st ${$}s I Ak Y 8BIj
1 VRR ]jsRR ]B%s$st{R
VtsjkR R PJZt jk Z $j$9 Y$R B${ ZtR B R $8s Y {B%s$st{R s8Bt PZ Z ZtR yP Y
Is s b Isbt PB8 s R s $Btsk I$R $AZ $Bt b bBZjI j$, B ZR sR jBt s Y$R Bk sR }BRR$Aj B
8s-$8$9 Y s{{Zs{k BP BZ R $8s R yP YBb% Y I$R $AZ $Bt $R tBt R s $Btsk b 8sk bst
B $% 8B b$Y B {t Is s Yst B BjI Is s 7B8 stsjkR R IB Y$R Ak j$8$ $t Y Y$R B${
Is s B E( 8Bt YR sRR$t$t Y Rs8 b$Y B s{Y BAR%s $Bt < b PB{ZR Bt s R8BB Y$t
s%s }B{IZ Z $j$9I $t s tZ8A BP sRR sjjB{s $Bt 8BIjR Ys sRRZ8 Ys Y PZ Z $R
8B j$,jk B A j$, Y {t }sR Yst Y I$R st }sR
yt -}Btt $sj R8BB Y$t s{Y Y$R B${ BAR%s $Bt $R sRR$tI s b$Y Rsk g _ bY ; w(, dD
stI _ ) d, 1, 3 3 3 , I $R Y s BP Y Is s <
d
g)
wd I D
$R Rj{ I RB Ys Y RZ8 BP Y b$Y R $R JZsj B Bt VR d Y b$Y R tI B dbI $%$t
JZsj b$Y B sjj Y Is s ]Bt%Rjk sR ( sjj Y b$Y R A{B8R {Bt{t s I $t Y 8BR
{t }$BI
qY {YB${ BP $R BP t Rj{ I $t 8R BP Y YsjPTj$P BP Y Is s yP Y b$Y BP Y
BAR%s $Bt $R IZ{I Ak YsjP s{Y > }$BIR Yt > ) db1 RZj $t $t
) 1db> 3
N A st ITI$8tR$Btsj %{ B b$ Y {B8}Btt R _ ) g _ stI tB ${ Ys $R s }BAsA$j$ k
%{ B w$ $R tBtts $% stI $ R {B8}Btt R sII B BtD
N p A st z I 8s $- BP sj$9I ZtR bY p7_ $R Y Zt BP sRR {jsRR 7 sj$9I _
}$BIR sB p$%t p b {st R $8s Y %{ B BP -}{ I ZtR Ak
) p3
N Y ITI$8tR$Btsj %{ B BP BtR qYt Y %{ B BP Zt I%$s $BtR $R $%t Ak
; ) p I
stI Y {B%s$st{ 8s $- Ak
~ ) ;I$swD;I ,
ye!i;(EU 3$tst{$sj et$t$t y }s 1 _BPRRB pZ$jj8B psjjB
bY I$swD $R s I$sBtsj 8s $- b$ Y Y %{ B $t Y I$sBtsj WB ${ Ys ~ $R st z
z
8s $- stI Ys
3I
~7i ) wp7_ 7 D_ wpi_ i D3
_ )d
7 Y -{j R}sIRY X78BB Y$t ]B%s$st{" PB s tZ8${sj -s8}j bY stI ~ s
R $8s I PB8 Y$R B${sj Is s
n 7$tj ytI- BIj
qY R$tj $tI- 8BIj w7yD {st A ZRI B R $8s stI ~ PB $ Y sRR {jsRRR B PB R{Z$ $R
G b$jj P B R{Z$ $R YBZYBZ Y stsjkR$R AZ Y RZj R s sI$jk s}}j${sAj PB Y {sR
BP sRR {jsRRR qY R$tj $tI- 8BIjR }BR Zjs R Ys Y Zt BP s R{Z$ k {st A 8BIjI sR
p7 ) 7 L #7 pE L 67
bY 7 stI #7 s {BtR st R pE $R Y Zt BP s 8s, $tI- stI 67 $R s stIB8 %s$sAj b$ Y
8st ( stI %s$st{ +71 N pE stI E 1 ItB Y 8st stI %s$st{ BP pE yP Y 7 R #7 R stI
1
+7 R s R $8s I %$s RR$Bt stsjkR$R $ ZtR BZ Ys ]B%w67 , pE D ) ( RB b {st stI IB sRRZ8
b$ YBZ Y jBRR BP tsj$ k Ys Y$R YBjIR qY ,k sRRZ8} $Bt BP Y R$tj $tI- 8BIj $R
]B%w67 , 6i D ) ( PB sjj 7 W) i3
y $R sRk B R Ys
p7 ) 7 L #7 pE ,
RB Ys Y %{ B BP -}{ I ZtR $R $%t Ak
) L pE #3
=tI Y R$tj $tI- 8BIj Y ZtR BP R{Z$ $R s {Bjs I Btjk YBZY Y Zt BP
Y 8s, $tI- pE ytII PB 7 W) i b Ys%
]B%wp7 , pi D ) #7 #i ]B%wpE , pE D L #7 ]B%wpE , 6i D L #i ]B%wpE , 67 D L ]B%w67 , 6i D
) #7 #i zswpE D,
RB
1,
7i ) #7 #i E
bYt i W) 7 !t Y B Y YstI bYt i ) 7 b Ys%
]B%wp7 , p7 D ) #7 #7 ]B%wpE , pE D L #7 ]B%wpE , 67 D L #7 ]B%wpE , 67 D L ]B%w67 , 67 D
) #7 #i zswpE D L +71 ,
RB
71 ) 77 ) #71 E
1 L +1
7
bYt i ) 7
yP b j x ItB Y I$sBtsj 8s $- b$ Y +71 , 7 ) d, 3 3 3 , z $t Y I$sBtsj stI j # ItB
Y {BjZ8t %{ B BP A sR Yt b {st b$
1 ## I L x3
~ ) E
3B Y$R sRBt Y R$tjT$tI- 8BIj $R sjRB ,tBbt sR Y I$sBtsj 8BIj
qB h Y R$tj $tI- 8BIj b tI B R $8s Y 7 R #7 R Y +71 R pE stI E
1 Vj B Y
b tI nz L 1 R $8s R 3B -s8}j $P z ) d((( b tI n, ((1 R $8s R yt {Bt sR Y PZjj
{B%s$st{ 8BIj JZ$R R $8s $t Y 8st stI %s$st{ BP s{Y R{Z$ k stI Y {Bjs $Bt
s8Bt sjj R{Z$ $R yt B sj Y PZjj {B%s$st{ 8BIj JZ$R Y R $8s $Bt BP z L zwz L dDb1
j8t R yP z ) d(( Yt Y tZ8A BP }ss8 R Ys tI B A R $8s I $R x(d, x((
ye!i;(EU 3$tst{$sj et$t$t y }s n _BPRRB pZ$jj8B psjjB
n d qY zs$st{ BP s Gjj *$%R$hI _B PBj$B ZtI Y 7y
N ? A s }B PBj$B Yt
p ) I ? ) L # pE
stI
1 L ? I x ? ,
1 ) #1 E
bY # I ? stI # # # I ?
qY sAB% JZs $Bt I{B8}BRR Y %s$st{ BP s R{Z$ k B }B PBj$B ? $t B s 8s, $R, 8
1 stI Zt$JZ $R, ?I x ? qY 8s, $R, $R BP t {sjjI RkR 8s ${ B ZtI$%R$hsAj $R, qY
#1 E
Zt$JZ $R, $R BP t {sjjI ZtRkR 8s ${ $R, B I$%R$hsAj $R, ytII $P ? $R s bjj I$%R$hI
}B PBj$B Yt Y Zt$JZ $R, ?I x ? BR B 9B sR z $P s{Y {B8}Btt BP ? $R ABZtII Ak
>bz PB RB8 {BtR st > stI +71 X1 PB RB8 {BtR st X qYZR PB s bjj I$%R$hI }B PBj$B b
Ys%
1 l #1 E
13
n 1 eR $8s $t 7 stI #7
qY sR$R bsk B R $8s 7 stI #7 $R %$s j$ts RR$Bt PB b I$R{ZRR j$ts RR$Bt $t
I s$j Y $R s YZ$R ${ I$%s $Bt ZtI Y sRRZ8} $Bt Ys Y 8s, $tI- $R $ RjP s }B PBj$B
qY$R YZ$R ${ jsIR B Y Rs8 R $8s R BA s$tI Ak j$ts RR$Bt
i{sjj Ys PB h-I 7
1 L + 1 {w7 ) iD
7i ) #7 #i E 7
bY {w7 ) iD ) d $P 7 ) i stI z( B Yb$R
WBb sRRZ8 Ys pE ) 7)d ?E7 p7 RB Ys Y 8s, $tI- $R $ RjP s }B PBj$B b$ Y b$Y R
?E7 , 7 ) d, 3 3 3 , z y $R sRk B R Ys E ) I ?E ) ( stI #E ) # I ?E ) d s Y Btjk {BtR$R t
%sjZR BP E stI #E
WBb j ZR {B8}Z Y {B%s$st{
z
3
7E ) 7i ?Ei
i )d
z
3
) 1 L + 1 {w7 ) iDH?Ei
>#7 #i E 7
i )d
) 1 L + 1 ?1
#7 #E E 7 E7
) 1 L + 1 ?1
#7 E 7 E7
l 13
#7 E
qY jsR JZs $Bt PBjjBbR PB8 #E ) d stI Y s}}B-$8s $Bt PB8 Y Ps{ Ys ?E $R s bjj
I$%R$hI }B PBj$B RB +71 ?1E7 l ( =R$t 7E ) #7 E
1 sR st s}}B-$8s $Bt b R Ys
7E
#7 ) 1 3 wdD
E
yP b Ys% Is s p7_ stI pE_ B% }$BIR _ ) d, 3 3 3 , I b {st R $8s #7 %$s wdD Ak
I
wp7_ p7 DwpE_ pE
#7 ) _)d
| I 3 w1D
_)d wpE_ pE D
1
WBb R$t{
p7 )
7 L #7 pE
$ PBjjBbR Ys
7 ) p7 #7 pE 3
ye!i;(EU 3$tst{$sj et$t$t y }s ; _BPRRB pZ$jj8B psjjB
qY$R jsIR ZR B R $8s 7 Ak
| 7 ) p70 #|7 pE0 3
wnD
B Y | 7 stI #|7 s R s $R ${R $ stIB8 %s$sAjR Ys s ZRI B R $8s 7 stI #7 qY
| 7 stI #|7 s stIB8 A{sZR Yk I}tI Bt Y sj$9s $Bt BP Y BAR%s $BtR qY
%sjZR BP
R $8s BR | 7 stI #|7 s ZtA$sRI ytII
o>
| 7 H )
7 ,
stI
o>#|7 H ) #7 3
VR b RYsjj R t- Y R $8s BR w1D stI wnD sjRB s$R PB8 j$ts RR$Bt
n 1 d N$ts iRR$Bt
7Z}}BR b Ys% Is s w?7 , r7 D stI }Ys}R sP }jB $t Y Is s b RZR}{ Ys r %s$R j$tsjk
b$ Y ? G }BR Zjs Y j$ts 8BIj
r7 ) y L K?7 L 67
| stI |K BP y stI K Ys
bY y stI K s Zt,tBbt {BtR st R !Z BA`{ $% $R B htI R $8s R y
8$t$8$9 Y RZ8 BP RJZs BR qY %{ B BP BR $R $%t Ak
6 ) r y K?
stI Y RZ8 BP RJZsR BR sR s PZt{ $Bt BP y stI K $R $%t Ak
Xwy, KD ) 6I 6 ) wr y K?DI wr y K?D3
qY BA`{ $% $R B htI y stI K B 8$t$8$9 Xwy, KD qs,$t }s $sj I$%s $%R b$ Y R}{ B y stI
K stI R $t Y8 JZsj B 9B b BA s$t Y RkR 8 BP JZs $BtRU
yI L KI ? ) I r
stI
yI ? L K?I ? ) r I ?3
PB RBj%$t Y$R JZs $BtR b 8s, Ys
I wr y K?D ) (
$tI${s $t Ys Y %{ B BP BR $R B YBBtsj B N$,b$R b Ys%
?I wr y K?D ) (
$tI${s $t Ys Y %{ B BP BR $R B YBBtsj B ? 7Bj%$t b BA s$tU
|K ) ]B%w?, rD
]B%w?, ?D
w? ?DI wr rD
) 3
DI w? ?D
w? ?
qY R $8s BP y $R
| ) r |K
y ?3
| L |K? RB Y BR s
WBb j ZR jBB, s Y BR qY RR$Bt j$t $R y
| |K?
6| ) r y ) r |K
r w ?D |K?
) wr rD |Kw? ?
D3
ye!i;(EU 3$tst{$sj et$t$t y }s x _BPRRB pZ$jj8B psjjB
N $t
d I
zsw6D ) 66
z
stI
d
zswrD ) wr rDI wr rD
z
b {st b$ U
zsw6D ) zswrD 1|K]B%w?, rD L |K1 zsw?D
]B%w?, rD1
) zswrD 3
zsw?D
]BtRJZt jk
]B%w?, rD1
zswrD ) zsw6D L 3
zsw?D
*$%$I$t Ak zswrD b BA s$t
zsw6D
d) L p1 3
zswrD
bY
]B%w?, rD1
p1 ) 3
zsw?DzswrD
< p1 $R Y }B}B $Bt BP Y B sj B -}js$tI Ak Y j$ts 8BIj
WB ${ Ys p1 ) '1?r
n n =R$t qY 7$tj ytI- BIj
yt }s{ ${ Y sR BA s$tI %$s RR$Bt s sI`ZR I B $8}B% Y s{{Zs{k BP Y PB{sR
BP PZ Z sR < b s $t R I $t Y ZR BP Y 7y $t htI$t B} $8sj }B PBj$BR VRRZ8
Ys
~ ) E1 ## I L x,
bY Y }ss8 R BP ~ s BA s$tI Ak }BRR$Ajk sI`ZR $t Y BZ }Z R BP Y j$ts RR$Bt
e
G s $t R I $t htI$t Y }B PBj$B ?R ) ~I ~ eRR b$ Y Y Y$YR 7Ys} s $B bY sR
APB R ) pW $R Y %{ B BP -}{ I -{RR ZtR i{sjj Ys b {st b$ ?R ) rbI r
bY ~ r ) R
WB ${ Ys
1 ## I r L x r ) R
~ r ) E
$8}j$R
r ) x d wR E
1 ## I rD ) x d wR g#D3
bY
1 # I r3
g ) E
WB ${ Ys r ) I ~ d R?R $8}j$R Ys
# I r ) I ~ d R# I ?R ) I ~ d R#R 3
qY$R $%R
1 #R I ~ d R3
g ) E
ye!i;(EU 3$tst{$sj et$t$t y }s E _BPRRB pZ$jj8B psjjB
WB ${ Ys RR ) R I ?R ) R I ~ d RbI ~ d R stI Ys VjRB R1 ) ?IR ~ ?R ) R I ~ d RbwI ~ d RD1 3
*$%$I$t b BA s$t R3 ) I ~ d R, RB b Ys%
R
R
1 #R pR pW
g ) E ,
R1
bY pR ) RR L pW $R Y -}{ I Zt BP Y stt{k }B PBj$B qYt
R7 g#7
r7 ) 7 ) d, 3 3 3 , z,
+71
stI
r
?R ) 3
I r
z
3B8 Y$R b BAR% Ys ?7 stI r7 Ys% Y Rs8 R$t }B%$II Ys i )d ri k ( =tI Y$R
sRRZ8} $Bt b R Ys ?7 k ( $P stI Btjk $P R7 k g#7 qY$R 8stR Ys R{Z$ k 7 $R YjI jBt $P stI
Btjk $P $ R -{RR Zt R7 $R js Yst g $8R #7
7Z}}BR tBb Ys bB R{Z$ $R Rsk 7 stI i Ys% Y Rs8 -{RRT Zt Y Rs8 s stI
s AB Y YjI jBt $t Y }B PBj$B y $R sRk B R Ys $P +i1 ) 1+71 Yt kBZ bBZjI bst B YBjI
b${ sR 8Z{Y BP R{Z$ k 7 Yst kBZ bBZjI BP R{Z$ k i Ys $R I7 ?R ) 1Ii ?R qY$R PBjjBbR R$t{
r7 ) R7 +g#
3
7
$8}j$R ri ) (3xr7
yP Y stt{k }B PBj$B $R Y 8s, $tI- Yt pR ) pE R1 ) E
1 stI #R ) #E ) d qYt
7
p E pW
g) ) pE pW ) RE
#E
stI R{Z$ k 7 $R YjI jBt $P stI Btjk $P
R7 k #7 RE 3
WBb Y Zj $R B YBjI jBt sjj R{Z$ $R b$ Y -{RR ZtR js Yst Y$ sR 8Zj $}j$I Ak
Y -{RR Zt BP Y 8s, $tI-
7 -s8}j Bt }s dd BP - ABB, stI -{j R}sIRY XR$tj$tI-" PB s I s$jI -s8}j
; qY ]BtR st ]Bjs $Bt BIjR
qY {BtR st {Bjs $Bt 8BIj sRRZ8R 7i ) '7 i PB sjj 7 W) i Ys $R $ sRRZ8R Ys Y $R
s {BtR st {Bjs $Bt s8Bt Y R{Z$ $R qY$R jsIR B s }sR$8Bt$BZR 8BIj bY Btjk 1z L d
}ss8 R tI B A R $8s I =tI Y$R 8BIj
~ ) L ' I
bY $R Y z
d {BjZ8t %{ B BP R{Z$ k R stIsI I%$s $BtR stI $R s I$sBtsj 8s $- b$ Y
77 ) wd 'D71 PB sjj 7 ) d, 3 3 3 , z
< ss$t b s {Bt{tI b$ Y htI$t $8}j${s $BtR sABZ Y stt{k }B PBj$B ?R
WB ${ Ys ~ r ) R $8}j$R
r ) R ' I r ) R g,
bY g ) ' I r RB r ) d wR gD
_8Zj $}jk$t d wR gD Ak I stI ZR$t Y Iht$ $Bt BP g B RBj% PB I r b BA s$t
I r ) I d wR gD ) I d R ' I r I d 3
7Bj%$t PB I r b htI
' I d R
g) 3
d L ' I d
ye!i;(EU 3$tst{$sj et$t$t y }s _BPRRB pZ$jj8B psjjB
e-}stI$t b htI
z
3 3 z
7 R7 R7
I d R ) 1 ) 3
7 )d wd 'D7 7)d
wd 'D7
!t Y B Y YstI
71
3z
I d z
) ) 3
7)d
wd 'D71 d'
G {Bt{jZI Ys
' z7)d C7
g) ,
d ' L z'
R7
bY C7 ) 7 $R Y 7Ys} s $B BP R{Z$ k 7 Zj $}jk$t stI I$%$I$t Ak z b R Ys
z'
g) C,
z' L wd 'D
bY C $R Y s%s 7Ys} s $B qYZR g C
WBb
R7 g7 C7 g
r7 ) ) 7 ) d, 3 3 3 , z,
wd 'D71 wd 'D7
stI
r
?R ) 3
I r
y $R sRk B R Ys ?7 stI r7 Ys% Y Rs8 R$t ZtI Y sRRZ8} $Bt Ys i ri k ( =tI Y$R
sRRZ8} $Bt R{Z$ k 7 $R YjI jBt $P stI Btjk $P
C7 k g3
WBb RZ}}BR bB R{Z$ $R Rsk 7 stI i Ys% Y Rs8 7Ys} s $B stI AB Y s YjI jBt $t
Y stt{k }B PBj$B yP 7 ) 1i Yt ri ) 1r7 stI Yt{ ?Ri ) 1?R7 R$t{ ?R $R }B}B $Btsj B
r
yt R R IBt Ak ej Bt stI pZA Y {BtR st {Bjs $Bt 8BIj BZ }PB8I AB Y R$tj stI
8Zj $T$tI- 8BIjR stI Y I$&t{R b sj8BR sjbskR R s $R ${sjjk R$t$h{st BB% ZR$t
Y {BtR st {Bjs $Bt 8BIj BP t jI B s R$t$h{st $t{sR $t -}{ I ZtR PB s $%t
$R, %sjZ V 8B I$Rss I s%s$t 8BIj bBZjI s 8} B R $8s Y 8st {Bjs $Bt
b$ Y$t stI A bt BZ}R BP R B{,R A bt $tIZR $R qY$R 8BIj sjRB BZ }PB8I R$tj
stI 8Zj $T$tI- 8BIjR AZ Y {B8}s$RBt b$ Y Y B%sjj 8st 8BIj $R RB8bYs s8A$ZBZR
Вам также может понравиться
- روغن گیربکس هیوندا و کیاДокумент4 страницыروغن گیربکس هیوندا و کیاHamid MJОценок пока нет
- Basiclaw Full Text TC PDFДокумент167 страницBasiclaw Full Text TC PDFDorisОценок пока нет
- 抵抗 舰艇表单 2023-1-3Документ15 страниц抵抗 舰艇表单 2023-1-3chengen xieОценок пока нет
- 开皇之治等Документ59 страниц开皇之治等jingОценок пока нет
- 03 PengakapДокумент8 страниц03 PengakapIN MEI YIT MoeОценок пока нет
