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Transkript:

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1 3 0 8 0 5 0 9 0 9 0 0 0 2 0 7 JEL: D21, P31, C23 0 3 0 3 0 4 0 3 0 0 0 8 0 9 0 2 0 0 0 7. 0 0., 0 1 0 6 0 0 0 8 0 2 0 6 0 6. 0 6., 0 2 0 2 0 9 0 4 0 2 0 2 0 3 0 7 0 0. 0 0. 0 8 0 5 0 4 0 9 0 5 0 7 0 7 0 7 0 8 0 9 0 4 0 2 0 1 0 2 0 7 0 2 0 5 0 6 0 9 0 7 0 8 0 6 0 4 0 3 0 5 0 2 0 4 0 1 0 7 0 8 0 2 0 1 0 7 0 8 0 7. 0 0.: 0 4 0 3 0 6 0 6. 0 8 0 6 0 1 " 0 3 0 9 0 8 0 4 0 7", 2000. 94 0 9. 0 1 0 7 0 2 0 5 0 1 0 4 0 1 198 0 7 0 8 0 6 0 4 0 3 0 5 0 2 0 4 0 1 0 7 0 8 0 2 0 1 0 7 0 8 0 7 0 5 0 9 0 2 0 8 0 1 0 5 0 6 0 9 0 9 0 6 0 6 0 5 0 9 0 9 1992 C1996 0 0 0 0. 0 7 0 8 0 9 0 2 0 1 0 2 0 4 0 5 0 7 0 8 б 0 2 0 9 0 2 0 9 0 9 0 1 0 2 0 2 0 5 0 9 0 9 0 6 0 9 0 5 0 7 0 7 0 8 0 9 0 4 0 2 0 1 0 2 0 7 0 2 0 5 0 6 0 9 0 7 0 8 0 2 0 1 0 7 0 8 0 7. 0 3 0 6 0 4 0 6, б 0 6 0 7 0 8 0 9 0 4 0 2 0 7 " 0 9 0 9 0 8 0 2 0 1 0 2 " 0 6 0 4 0 4 0 9 0 2 0 5 б 0 3 0 6 0 2 0 2 0 9 0 6 0 4 0 1 0 2 0 9 0 9 0 2 0 6 0 5 0 0 0 0 0 2 0 2 0 7 0 8 0 4 0 5 0 6 0 9 0 9 0 2 0 6 0 6 0 8 0 6 0 9 0 2 0 7 0 2 0 7 0 8 0 6 0 4 0 9 0 6 0 1 0 2 0 5 0 6 0 9 0 8 0 1. 0 2 0 8 0 3 0 2 0 6, б 0 6 0 2 0 6 0 1 0 4 0 7 0 8 0 9 0 4 0 2 0 2 0 6 0 7 0 6 0 5 0 6 0 3 0 2 0 5 0 6 0 2, 0 6 0 8 0 2 0 2 0 5 0 6 0 2 0 9 0 5 0 7 0 2 0 7 0 6 0 4 0 2 0 5 0 1 0 2 0 7 0 2 0 5 0 6 0 9. 0 3 0 8 0 2 0 1 0 9 0 9 0 5 0 2 0 4 0 8 0 2 0 4 0 5 0 4, 0 6 0 6 0 8 0 4 0 2 0 1 0 6 0 7 0 9 0 6, б 0 6 0 7 0 6 0 5 0 7 0 7 0 8 0 9 0 4 0 2 0 7 0 9 0 6 0 1 0 8 0 2 0 2 0 0 0 6 0 9 0 1 0 8 0 9 0 9 0 6 0 6 0 8 0 6 0 5 0 6 0 0 0 6 0 7 0 2 0 2 0 6 0 5 0 2 0 2 0 7 0 8 0 2 0 1 0 7 0 6 б 0 2 0 5 0 4, б 0 2 0 6 0 9 0 9 0 9 0 2 0 6 0 0 0 6 0 7 0 2. 0 1 0 6 0 9 0 1 0 8 0 9 0 9 0 9 0 5 0 2 0 1 0 2 0 9 0 6 0 1 0 8 0 4 0 9 0 6 0 6 0 6 0 8 0 6 0 5 0 4 0 7 0 2 0 2 0 7 0 8 0 9 0 4 0 8 0 6 0 9 0 4 0 1 0 7 0 8 0 2 0 1 0 7 0 8 0 7 0 5 0 2 0 3 0 1 0 6 0 5 0 6 0 9 0 9 0 6 0 9 0 9 0 2 0 6 0 9 0 3 0 2 5 %, б 0 6 0 4 0 4 0 2 0 3 0 2 0 0 0 9 0 4 0 1 0 8 0 2 0 4 0 5 0 6 0 9 0 1 0 2 0 7 0 2 0 5 0 6 0 9, 0 9 0 4 0 4 0 9 0 4 0 1 0 6 0 9 0 9 0 9 0 2 0 6 0 8 0 6 0 5 0 8 0 6 0 2 0 0 0 6 0 2 0 6 0 2 0 8. 0 8 0 5 0 6 б 0 2 0 9 0 4 0 2 0 9 0 5 0 6 0 9 : 0 2 0 6 0 1 0 4 0 7 0 8 0 9 0 4 0 2, 0 1 0 6 0 5 0 7 0 9 0 9 0 6 0 9 0 9 0 2 0 6 0 9 0 7 0 8 0 2 0 1 0 7 0 8 0 7 0 7, 0 1 0 2 0 7 0 2 0 5 0 6 0 9 0 7 0 8 0 2 0 1 0 7 0 8 0 7, 0 7 0 2 0 5 0 1 0 4 0 1. 0 7 0 8 0 0 0 5 0 1 0 8 0 6 0 9 б 0 3 0 2 0 8 0 2 0 9 0 5 0 6 0 9 0 6 0 9 0 5 0 6 0 6. 0 7 0 8 0 5 0 9 0 6 0 2 0 6 0 1 0 2 0 5 0 2 0 2 0 4 0 8 0 1 620014 0 3 0 2 0 8 0 8 0 0, 0 5. 0 0 0 6 0 9 0 6 0 9 0 9 0 7, 29. 0 6 0 2 0 5.: (7 3432) 51-18-51. Email: perev@five.ru 0 6 0 5 0 7 0 6 0 1 0 8 0 1 0 6 0 9 б 0 1 0 1 0 6 0 9 0 5 0 6 0 6. 0 7 0 8 0 5 0 9 0 6 0 2 0 6 0 1 0 2 0 5 0 2 0 2 0 4 0 8 0 1 620014 0 3 0 2 0 8 0 8 0 0, 0 5. 0 0 0 6 0 9 0 6 0 9 0 9 0 7, 29. 0 6 0 2 0 5.: (7 3432) 51-04-11. Email: green@uran.ru 0 0 0 5 0 1 0 8 0 0 0 9 0 5 0 6 0 9 б 0 2 0 6 0 8 0 6 0 1 0 2 0 6 0 9 0 5 0 6 0 6. 0 7 0 8 0 5 0 9 0 6 0 2 0 6 0 1 0 2 0 5 0 2 0 2 0 4 0 8 0 1 620014 0 3 0 2 0 8 0 8 0 0, 0 5. 0 0 0 6 0 9 0 6 0 9 0 9 0 7, 29. 0 6 0 2 0 5.: (7 3432) 51-04-11. Email: green@uran.ru 0 8 0 4 0 3 0 6 0 6. 0 8 0 6 0 1 " 0 3 0 9 0 8 0 4 0 7", 2000 0 8 0 7. 0 0. 0 3 0 2 0 8 0 2 0 9 0 5 0 6 0 9, 0 6. 0 6. 0 1 0 1, 0 0. 0 0. 0 2 0 6 0 8 0 6 0 1 0 2, 2000

1 3 0 5 0 2 0 2 0 3 0 4 0 4 0 8 0 1 0 6 0 3 0 2 0 9 0 6 0 9 0 4 0 2 0 7 0 8 0 2 0 1 0 7 0 6 0 9 0 4 0 5 0 9 0 4 0 9 0 6 0 1 0 4 4 1. 0 0 0 9 0 2 0 1 0 2 0 2 7 2. 0 2 0 7 0 9 0 2 0 7 0 8 0 6 0 5 0 2 0 4 0 9 0 2 0 7 0 2 0 2 0 2 0 4 б 0 2 0 6 0 9 9 2.1. 0 6 0 2 0 6 0 8 0 2 б 0 2 0 9 0 2 0 6 0 9 0 6 0 9 0 4 9 2.2. 0 6 0 7 0 8 б 0 2 0 9 0 0 0 6 13 2.3. 0 3 0 8 0 6 0 5 0 2 0 9 0 2 0 9 0 6 0 0 0 6 0 6 0 6 0 8 15 2.4. 0 0 0 2 0 6 0 1 0 6 0 5 0 6 0 0 0 7 17 3. 0 0 0 2 0 5 0 2 0 6 0 1 0 6 0 5 0 6 0 0 0 7 0 9 0 9 0 5 0 2 0 1 0 6 0 9 0 7, 0 6 0 9 0 6 0 9 0 4 0 2 0 0 0 7 0 6 0 2 0 4 0 4 20 3.1. 0 2 0 2 0 2 0 8 0 2 0 4 0 5 0 6 0 9 0 1 0 2 0 7 0 2 0 5 0 6 0 9 22 3.2. 0 5 0 2 0 9 0 4 0 9 0 4 0 6 0 8 24 3.3. 0 3 0 6 0 4 0 2 0 5 0 1 0 2 0 7 0 2 0 5 0 6 0 9 24 4. 0 8 0 5 0 4 0 8 0 2 0 7 0 9 0 4 0 6 0 8 35 5. 0 4 0 2 0 4 0 5 0 4 0 9 0 9 0 5 0 2 0 1 0 6 0 9 0 7 40 5.1. 0 6 0 0 0 0 0 2 0 7 0 8 0 9 0 4 0 2 " 0 9 0 9 0 8 0 2 0 1 0 2 " 40 5.2. 0 6 0 0 0 0 0 2 0 4 0 8 0 4 0 5 б 0 4 0 1 0 9 0 8 0 6 0 9 0 7 0 8 0 9 0 4 0 2 42 5.3. 0 6 0 0 0 0 0 2 0 4 0 1 0 6 0 5 0 0 0 6 0 9 0 1 0 8 0 9 0 9 0 9 0 9 0 6 0 9 0 9 0 2 0 6 0 9 0 6 0 4 0 6 0 9 0 2 0 4 0 1 43 0 2 0 7 0 1 6. 0 2 0 9 0 3 0 1 0 2 0 2 0 8 0 2 0 4 0 5 0 6 0 9 44 7. 0 3 0 8 0 6 0 5 0 2 0 9 0 2 0 9 0 6 0 0 0 6 0 6 0 6 0 8 52 8. 0 0 0 4 0 9 0 6 0 1 0 4 0 1 0 5 0 7 0 6 0 8 0 8 0 2 0 8 0 6 0 9 0 7 0 8 0 9 0 4 0 2 0 6 0 6 0 7 0 6 0 5 57 0 3 0 8 0 5 0 6 0 3 0 2 0 7 59 A. 0 4 0 2 0 0 0 8 0 2 0 9 0 9 0 6 0 4 0 2 0 7 0 2 0 8 0 2 0 2 0 4 0 2 0 4 0 6 0 9 0 4 0 1 0 8 0 9 0 2 59 B. 0 4 0 2 0 4 0 5 0 4 0 7 0 8 0 9 0 4 0 2 0 7 0 8 0 6 0 4 0 3 0 5 0 2 0 4 0 1 0 7 0 8 0 2 0 1 0 7 0 8 0 7 61 0 5 0 9 0 2 0 8 0 1 0 5 0 6 0 9 0 9 0 6 0 6 0 5 0 9 0 9 1992 C1996 0 0 0 0. C. 0 3 0 6 0 4 0 2 0 5 0 1 0 2 0 7 0 2 0 5 0 6 0 9 0 7 0 8 0 6 0 4 0 3 0 5 0 2 0 4 0 1 0 7 0 8 0 2 0 1 0 7 0 8 0 7 61 0 1 0 5 0 7 0 8 0 4 0 5 б 0 4 0 1 0 6 0 1 0 2 0 5 0 2 0 7 0 8 0 9 0 4 0 2 0 5 0 7 0 9 0 6 0 5 0 2 0 8 0 8 0 4 89 0 7 0 4 0 2 0 5 0 5 0 2 93

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1 31. 0 0 0 9 0 2 0 1 0 2 0 2 7 6Ь9 6Ь9 6Ь9 6Ь9 6Ь9 6Ь9 6Ь9 6Ь9 6Ь9 6Ь9 6Ь9 6Ь9 6Ь9 6Ь9 6Ь9 6Ь9 6Ь9 6Ь9 6Ь9 6Ь9 6Ь9 6Ь9 6Ь9 6Ь9 6Ь9 6Ь9 6Ь9 6Ь9 6Ь9 6Ь9 6Ь9 6Ь9 6Ь9 6Ь9 6Ь9 6Ь9 6Ь9 6Ь9 6Ь9 1. 0 0 0 0 0 3 0 2 0 3 0 1 0 6 0 3 0 3 0 8 0 9 0 4 0 2 0 7 0 7 0 9 0 5 0 7 0 2 0 9 0 7 0 6 0 1 0 4 0 9 0 3 0 2 0 3 0 1 0 5 0 5 0 2 0 2 0 6 0 9 0 7 0 2 0 8 0 2 0 1 0 6 0 1 0 6 0 0 0 6 0 7 0 2 0 8 0 6 0 1 0 9 0 4 0 6 0 9 0 9. 0 0 1992 0 0. 0 4 0 6 0 9 0 9 0 7 0 9 0 9 0 7 0 5 0 9 0 5 0 6 0 0 0 6- б 0 9 0 5 0 2 0 4 0 1 0 9 0 8, 0 6 0 6 0 8 0 4 0 2 б 0 5 0 9 0 7 0 6 0 9 0 5 0 2 0 1 0 2 0 2 0 1 0 2 0 9 0 7 0 5 0 2 0 2 0 2 0 6 0 4 0 4 0 2 0 7 0 8 0 9 0 4 0 2 0 6 0 4 0 2 0 7 0 8 0 6 0 0 0 8 0 4. 0 3 0 6 0 6 0 9 0 6 0 8 0 6 0 3 0 4 0 6 0 2 0 2, 0 6 0 5 0 2 0 2 б 0 2 15 0 4 0 9 0 7 б 0 0 0 6 0 9 0 1 0 8 0 9 0 9 0 2 0 4 0 1 0 7 0 8 0 2 0 1 0 7 0 8 0 7 0 4 0 5 0 7 0 8 0 9 0 4 0 8 0 6 0 9 0 4 0 6 0 5 0 6 0 9 1980 C1992 0 0 0 0., 0 6 0 5 0 3 0 9 0 9 0 6 0 9 1990 0 0. (Kikeri et al., 1994). 0 2 0 1 0 6 б 0 9 0 5 0 6 0 7 0 8 0 9 0 4 0 8 0 6 0 9 0 4 0 1 0 7 0 8 0 2 0 1 0 7 0 8 0 7 0 9 0 4 0 6 0 9 0 9 0 6 0 5 0 3 0 2, б 0 2 0 9 0 6 0 9 0 9 0 2 0 1 0 1 0 8 0 0 0 1 0 9 0 8 0 1 0 8 0 9 0 2 0 9 0 2 0 9 0 4 0 7 0 4 0 1. 0 9 0 6 0 5 0 2 0 2 0 6 0 0 0 6, 0 9 0 7 0 8 0 6 0 9 0 6 0 7 0 6 0 5 0 6 0 3 0 6 0 9 0 1 0 8 0 0 0 9 0 8, 0 0 0 1 0 2 0 7 0 8 0 9 0 4 0 2 0 7, 0 7 0 8 0 9 0 5 0 6, 0 8 0 2 0 5 0 4 0 2 0 9 0 9 0 6 0 2 0 2 0 5, 0 2 0 2 0 8 0 2 0 4 0 5 0 4 0 9 0 4 0 6 0 9 0 9 0 3 0 9 0 7 0 7 0 8 0 6 0 9 0 6 0 8 0 2 б 0 9 0 4. 0 1 0 8 0 6 0 6 0 8 0 9 0 7 0 8 0 6 0 9 0 8 0 2 0 6 0 2 0 2, б 0 6 0 7 0 8 0 9 0 4 0 2 0 7 0 9 0 4 0 6 0 9 0 9 0 6 0 4 0 5 0 9 0 8 0 7 0 6 0 2 0 1 б 0 2. 0 0 0 6 0 3 0 2 0 9 0 8 0 2 0 7 0 6 0 9 0 9 0 9 0 6 0 9 0 9 б 0 2 0 9 0 4 б 0 4 0 2 0 9 0 9 0 1 0 2 0 2 0 5 0 9 0 9 0 7 0 6 0 1 0 6 0 9 0 6 0 7 0 8 0 6 0 9. 0 9 0 6 0 5 0 3 0 9 0 9 0 6 0 9 0 9 0 5 0 2 0 1 0 6 0 9 0 9 0 4 0 6 0 9 0 9 0 2 0 2 0 5 0 6 0 1 0 6 0 9 0 6 б 0 6 0 0 0 6 0 7 0 6 0 9 0 5 0 2 0 7 0 8 0 9 0 4 0 2 0 6 0 6 0 0 0 6 0 7 0 2 0 8 0 6 0 1 0 6 0 9 0 6 0 9 0 4 0 9 0 5 0 6 0 9 0 1 0 4 0 1, 0 7 0 6 0 5 б 0 2 0 4 0 1 0 1 0 5 0 7 0 6 0 7 0 8 0 2 0 1 0 2 0 5 0 2 0 6 0 0 0 6 0 0 0 6 0 1. 0 0 0 6 0 9 0 9 0 9 0 2 0 9 0 8 0 2 0 2 0 4 0 1 0 8 0 7 0 1 0 6 0 9 0 8 0 1 0 6 0 2-0 5 0 6 0 7 0 9 0 4 0 2 0 9 0 9 0 1 0 2 0 2 0 5 0 9 0 9 0 5 0 0 0 0 0 2 0 7 0 8 0 9 0 4 0 2, 0 6 0 9 0 6 0 2 0 6 0 9 0 9 0 5 0 6 0 9 0 7 0 1 0 9 0 5 0 6 б 0 2 0 5 0 6 0 4 0 2 б 0 9 0 6 0 9 0 7 0 2 0 8 0 2 0 1 0 6 0 1 0 4 0 1 0 7 0 8 0 6 0 2 0 2 0 9 0 9 0 6 0 9 0 9 0 4 0 6 0 9 0 9. 0 2 0 1 0 6 0 2 0 7 0 2 0 8 " 0 7 0 4 0 5 0 6 0 9 0 2 0 5 ", 0 6 0 3 0 6 0 7 0 6 0 9 0 9 0 9 0 2 б 0 2 0 9 0 2 0 5 0 0 0 0 0 2 0 4 0 7 0 8 0 9 0 4 0 2. 0 3 0 8 0 9 0 4 0 2 0 7 0 9 0 4 0 6 0 9 0 9 0 2 0 5 0 6 0 0 0 6 0 7 0 8 0 6 0 9 0 6 0 4 0 0 0 5 0 3 0 2 0 4 0 1 0 2 0 2 0 5 0 2 : 0 6 0 0 0 6 0 8 0 8 0 6 0 9 0 7 б 0 9 0 6 0 9 0 6 0 9 0 9 0 2 0 6 0 9 0 1 0 6 0 7 0 8 0 9 0 5 0 2 б 0 2 0 7 0 4 0 8 0 2 0 3 0 4 0 1 0 9 0 2 0 9 0 2 1. 0 2 0 7 0 8 0 6 0 7 0 6 0 9 0 9 0 7 0 2 0 8 б 0 2 0 9 0 6 0 9 0 6 0 7 0 8 0 6 0 9 0 7 0 8 0 9 0 4 0 2 0 2 0 2 0 9 0 5 0 7 0 6 0 1 0 2 0 7 0 2 0 5 0 6 0 9 0 7 0 8 0 6 0 4 0 3 0 5 0 2 0 4 0 1 0 7 0 8 0 2 0 1 0 7 0 8 0 7. 0 9 0 6 0 8 0 6 0 3 0 6 0 4 0 9 0 2 0 9 0 6, б 0 6 0 4 0 8 0 2 0 0 0 6 0 8 0 6 0 9 0 4 0 6 0 9 0 9 0 9 0 6 0 7 0 5 0 6 0 6 б 0 2 0 9 0 2 0 7 0 8 0 6 0 5 0 2 0 4, 0 9 0 2 0 9 0 9 0 6 0 9 0 5 0 6 0 3 0 8 0 6 0 6 0 8 0 9 0 7 0 8 0 6 0 9 0 8 0 2 0 6 0 2 0 2 0 3 0 1 0 2 0 2, б 0 6 0 7 0 8 0 9 0 4 0 2 0 7 0 6 0 3 0 2 0 9 0 2 0 8 0 2 0 4 0 6 0 7 0 6 0 9 0 4 0 9 0 5 0 0 0 0 0 2 0 9 0 6 0 9 0 7 0 8 0 2 0 1 0 7 0 8 0 7. 0 7 0 5 б 0 3 0 2 0 2 0 1 0 2 0 7 0 2 0 5 0 6 0 9 0 7 0 8 0 2 0 1 0 7 0 8 0 7 0 4 0 5 0 6 0 6 0 1 0 6 0 4 0 0 0 5 0 9 0 4 0 1 0 2 0 2 0 5 0 2 0 7 0 8 0 9 0 4 0 2 0 9 0 4 0 6 0 9 0 9. 0 9 0 4 0 5 0 5 0 5 0 2 0 2 0 5 0 1 0 6 0 9 0 0? 0 8 0 6 0 4 0 5 0 6 0 9 0 8 0 2 0 5 0 6 0 2 0 9 0 6 0 4 0 1 0 2 0 9 0 9 0 2 1 0 0 0 2 0 5 0 8 0 6 0 9 0 9 0 9 0 6 0 7 0 8 0 9 0 4 0 2 0 6 0 6 0 7 0 8 0 6 0 0 0 8 0 4 0 9 0 2 0 9 0 9 0 1 0 6 0 3 0 9 0 2 0 2 0 5 0 7 0 7 0 8 0 9 0 4 0 2 0 9 0 1 0 8 0 0 0 1 0 9 0 8 0 1. 0 1 0 7 0 8 0 2 0 8, 0 9 0 0 0 2 0 5 0 6 0 8 0 5 0 2 0 2 0 5 0 9 0 5 0 2 0 1 0 6 0 2: 0 9 0 2 0 5 б 0 1 0 6 0 1 0 6 0 1 0 4 0 0 0 6 0 9 0 1 0 8 0 9 0 9 ; 0 9 0 7 0 6 0 9 0 6 0 9 0 9 0 6 0 9 0 8 0 6 0 9 0 5 0 0 0 0 0 2 0 9 0 6 0 9 ; 0 9 0 6 0 8 0 9 0 2 0 3 0 2 0 5 0 9 0 9 0 6 0 0 0 6 0 9 0 1 0 8 0 9 0 9 0 9 0 5 0 6 0 6 ; 0 9 0 6 0 1 0 2 0 9 0 9 0 6 0 9 0 8 0 9 0 3 0 8 0 2 0 6 0 2 0 6 0 2 0 8 0 6 0 9 0 6 0 9 0 9 0 2 0 6 0 9 ; 0 7 0 8 0 2 0 1 0 6 0 9 0 9 0 9 0 6 0 4 0 6 0 3 0 6 0 9 0 1 0 5 0 7 0 9 0 2 0 1 0 8 0 2 0 7 0 6 0 8 0 2 0 2 ; 0 7 0 6 0 1 0 9 0 2 0 8 0 0 0 0 0 6 0 9 0 1 0 8 0 9 0 9 0 2 0 4 0 2 0 7 0 8 0 2 0 1 0 7 0 8 0 7 0 7 0 9 0 6 0 4 0 1 0 2 0 9 0 9 0 6 0 8 0 4 0 6 б 0 6 0 1 0 9 0 2 0 7 0 5 0 4 (Megginson et al., 1994).

1 38 0 8 0 5 0 4 0 9 0 5 0 7 0 7 0 7 0 8 0 9 0 4 0 2 0 1 0 2 0 7 0 2 0 5 0 6 0 9 0 7 0 8 0 2 0 1 0 7 0 8 0 7 0 7 0 8 0 9 0 4 0 2 0 1 0 2 0 7 0 2 0 5 0 6 0 9 0 7 0 8 0 2 0 1 0 7 0 8 0 7 0 9 0 4 0 6 0 9 0 9? 0 8 0 6 0 3 0 2 0 4 0 4 0 2 0 8 0 2 0 6 0 5 0 6 0 9 0 6 0 4 0 1 0 2 0 9 0 9 0 2? 0 3 0 4 0 7 0 9 0 6 0 9 0 2 0 5 0 9 0 6 0 7 0 8 0 6 0 9 0 4, 0 4 0 5 0 4 0 8 0 2 0 7 0 2 0 5 0 1 0 4 0 1 0 7 0 8 0 9 0 4 0 2 0 9 1992 C1996 0 0 0 0. 0 1 0 5 0 7 198 0 7 0 8 0 6 0 4 0 3 0 5 0 2 0 4 0 1 0 7 0 8 0 2 0 1 0 7 0 8 0 7 0 5 0 9 0 2 0 8 0 1 0 5 0 6 0 9 0 9 0 6 0 6 0 5 0 9, 0 6 0 6 0 8 0 7 0 7 0 9 0 5 0 7 0 2 0 9 0 7 0 6 0 1 0 4 0 9 0 4 0 1 0 7 0 8 0 6 0 4 0 3 0 5 0 2 0 6 0 8 0 4 0 9 0 4 0 1 0 8 0 2 0 0 0 6 0 6 0 9 0 4 0 6 0 9 0 9. 0 6 0 1 0 4 0 2 0 9 0 5 0 6- б 0 6 0 9 0 8 0 2 0 1 0 2, 0 8 0 7 0 4 0 2 0 9 0 9 0 2 0 8 0 1 0 8 0 7 0 4 0 2 0 7 0 8 0 2 0 1 0 7 0 8 0 7 0 7 0 7 0 8 б 0 2 0 9 0 9 0 9 0 2 0 1 0 6 0 8 0 9 0 5 0 2 0 7 0 8 0 6 0 4 0 3 0 5 0 2 0 6 0 9 0 9 0 8 0 2 0 0 0 6 0 2. 0 9 0 6 0 5 0 3 0 9 0 9 0 6 0 7 0 8 0 2 0 1 0 7 0 8 0 7 0 4 0 5 0 6 0 7 0 8 0 9 0 4 0 8 0 6 0 9 0 6 0 9 0 5 0 4 0 8 0 2 0 6 0 7 0 2 0 8 0 6 0 1 0 2, 0 5 0 6 0 7 0 6 0 4 0 9 0 6 0 5 0 7 0 2 0 9 0 8 0 9 0 1 0 2 0 7 0 2 0 5 0 6 0 9 0 0 0 6 0 9 0 1 0 8 0 9 0 9 0 2 0 4 0 1 0 7 0 8 0 9 0 4 0 8 0 6 0 9 0 4 0 1 0 7 0 8 0 2 0 1 0 7 0 8 0 7, 0 3 0 2 0 1 0 2 0 7 0 2 0 5 0 6 0 9 0 7 0 8 0 2 0 1 0 7 0 8 0 7 0 1 0 6 0 7 0 6 0 9 0 5 0 2 0 7 0 8 0 9 0 4 0 2. 0 5 0 7 0 6 0 8 0 0 0 4 0 6 0 9 0 9 0 5 0 2 0 1 0 6 0 6 0 8 0 4 0 6. 0 0 0 8 0 4 0 1 0 2 0 5 0 2 2 0 8 0 9 0 9 0 8 0 9 0 6 0 9 0 7 0 2 0 6 0 8 0 2 б 0 2 0 9 0 2 0 9 0 4 0 0 0 5 0 7 0 1 0 4 0 1 0 9 0 0 0 2 0 5 0 5 б 0 3 0 2 0 9 0 1 0 2 0 7 0 2 0 5 0 6 0 9 0 7 0 8 0 2 0 1 0 7 0 8 0 7 0 7 0 6 0 9 0 5 0 2 0 7 0 8 0 9 0 4 0 2, 0 5 0 7 0 8 б 0 2 0 9 0 2 0 9 0 9 0 1 0 2 0 2 0 5 0 9 0 9 0 7 0 6 0 7 0 8 0 6 0 5 0 2 0 2 0 4 0 8 0 4 0 4 0 1 0 9 0 8 0 8, 0 9 0 7 0 6 0 5 0 4 0 2 0 4 0 2 0 2 0 6 0 1 0 4, 0 5 0 4 0 8 0 2 0 9 0 7 0 7 0 8 0 6 0 5 0 2 0 9 0 2 0 9 0 6 0 0 0 6 0 9 0 4 0 6 0 8, 0 6 0 6 0 8 0 7 0 6 0 3 0 2 0 9 0 2 0 8 0 2 0 4 0 6 0 9 0 4 0 8 0 2 0 4 0 5 0 4. 0 0 0 8 0 4 0 1 0 2 0 5 0 2 3 0 4 0 5 0 0 0 6 0 9 0 7 0 2 0 2 0 5 0 9 0 9 0 5 0 2 0 1 0 6 0 9 0 7, 0 6 0 9 0 6 0 9 0 4 0 2 0 7 0 8 0 6 0 9 0 2 0 8 0 7 0 2 0 4 0 2 0 0 0 7 0 6 0 2 0 4 0 4 0 7 0 8 0 2 0 7 0 2 0 4 0 2 0 6 0 1 0 2 0 5. 0 4 0 4 0 1 0 2 0 5 4 0 6 0 2 0 2 0 8 0 8 0 2 0 9 0 7 0 6 0 7 0 9 0 3 0 2 0 9 0 4 0 6 0 8. 0 0 0 8 0 4 0 1 0 2 0 5 0 2 5 0 7 0 8 0 2 0 1 0 9 0 9 0 5 0 2 0 4 0 6 0 9 0 6 0 9 0 4 0 2 0 8 0 2 0 4 0 5 0 4 0 9 0 9 0 5 0 2 0 1 0 6 0 9 0 7, 0 9 0 5 0 6 б 0 7 0 5 0 0 0 0 0 2 0 7 0 8 0 9 0 4 0 2 " 0 9 0 9 0 8 0 2 0 1 0 2 ", 0 9 0 6 0 4 0 1 0 2 0 9 0 9 0 2 0 8 0 4 0 5 б 0 4 0 1 0 2 0 0 0 6 0 9 0 8 0 6 0 9 0 1 0 6 0 5 0 0 0 6 0 9 0 1 0 8 0 9 0 9 0 9 0 9 0 6 0 9 0 9 0 2 0 6 0 9 0 6 0 4 0 6 0 9 0 2 0 4 0 1 0 2 0 7 0 1 0 1 0 2 0 7 0 2 0 5 0 6 0 9 0 0 0 8 0 4. 0 0 0 8 0 4 0 1 0 2 0 5 0 2 6 0 6 0 9 0 3 0 1 0 6 0 9 0 7 0 7 0 6 0 5 б 0 2 0 4 0 2 0 8 0 2 0 4 0 5 0 4 0 9 0 7 0 8 0 9 0 2 0 1 0 5 0 9 0 6 0 9 0 7 0 8 0 6 0 9 0 2 0 8 0 7 0 2 0 4 0 1 0 0 0 7 0 6 0 2 0 4. 0 0 0 8 0 4 0 1 0 2 0 5 0 2 7 0 9 0 9 0 5 0 2 0 1 0 2 0 9 0 7 0 7 0 8 0 6 0 5 0 2 0 9 0 2 0 2 0 6 0 9 0 3 0 2 0 9 0 4 0 6 0 8. 0 4 0 4 0 1 0 2 0 5 8 0 9 0 6 0 1 0 2 0 8 0 3 0 2 0 6 0 6 0 8 0 4 0 2 0 9 0 4 0 9 0 6 0 1 0 4 0 1 0 5 0 7 0 6 0 8 0 8 0 2 0 8 0 6 0 9 0 7 0 6 0 5 0 7 0 8 0 9 0 4 0 2. 0 0 0 7 0 8 0 5 0 6 0 3 0 2 0 7 0 1 0 1 0 6 0 1 0 2 0 5 0 6 0 2 0 6 0 7 0 9 0 2 0 8 0 2 0 0 0 8 0 2 0 9 0 9 0 6 0 4 0 1 0 7 0 2 0 8 0 2 0 2 0 4 0 1 ( 0 7 0 8 0 5 0 6 0 3 0 2 0 2 0 8), 0 9 0 4 0 6 0 8 ( 0 7 0 8 0 5 0 6 0 3 0 2 0 2 0 0) 0 8 0 2 0 0 0 8 0 2 0 9 0 9 0 6 0 6 0 9 0 9 ( 0 7 0 8 0 5 0 6 0 3 0 2 0 2 0 5). 2. 0 2 0 3 0 6 0 5 0 8 0 1 0 6 0 3 0 3 0 4 0 2 0 9 0 9 0 3 0 0 0 4 0 6 0 5 0 6 0 3 0 3 0 3 0 1 0 5 0 3 0 3 0 6 0 5 0 7 а 0 3 0 1 0 1 0 2 0 5 0 6 0 6 2.1. 0 6 0 2 0 6 0 8 0 2 б 0 2 0 9 0 2 0 6 0 9 0 6 0 9 0 4 0 3 0 8 0 9 0 2 0 5 0 9 0 9 0 7 0 4 0 6 0 9 0 7 0 7 0 8 0 9 0 4 0 8 0 6 0 9 0 0 0 6 0 9 0 1 0 8 0 9 0 9 0 2 0 4 0 2 0 7 0 8 0 2 0 1 0 7 0 8 0 7 0 7 0 7 0 6 0 8 0 4 0 5 б 0 4 0 7 0 8 б : 0 1 0 5 0 7 0 6 0 0 0 6, б 0 6 0 4 0 9 0 2 0 5 б 0 6 0 2 0 4 0 7 0 8 0 6 0 4 0 9 0 6 0 1 0 9 0 9, 0 9 0 6 0 4 0 1 0 8 0 6 0 1 0 4 0 7 0 5 0 4, 0 0 0 8 0 1 0 7 0 6 0 5 б 0 2 0 9 0 7 0 8 0 2 0 1 0 4 0 1, 0 2 0 3 0 1 0 9 0 8 0 9 0 4 0 0 0 2 0 0 0 6 0 9 0 1 0 8 0 9 0 9 0 2 0 6 0 6 0 8 0 6 0 8, 0 9 0 1 0 2 0 5 б 0 9 0 4 0 9 0 2 0 6 0 8 0 6 0 9 0 2 0 9 0 9 0 2 0 4 0 4 0 2-

1 32. 0 2 0 7 0 9 0 2 0 7 0 8 0 6 0 5 0 2 0 4 0 9 0 2 0 7 0 2 0 2 0 2 0 4 б 0 2 0 6 0 9 9 0 6 0 1 0 6 0 1 0 4 0 2 0 7 0 8 0 2 0 1 0 7 0 8 0 7 0 6 0 9 0 2 0 9 0 2 (Nellis, 1991). 0 1 0 6 0 6 0 9 0 6 0 9 0 6 0 7 0 8 б 0 6 0 7 0 9 0 5 0 7 0 2 0 9 0 7 0 2 0 6 0 1 0 6 0 1 0 6 0 9 0 7 0 6 0 9 0 4 0 3 0 2 0 7 0 5 0 0 0 0 0 2 0 9 0 6 0 9 0 0 0 6 0 9 0 1 0 8 0 9 0 9 0 2 0 6 0 0 0 6 0 7 0 8 0 2 0 1 0 7 0 8 0 7 0 7, 0 8 0 2 0 4 0 5, 0 9 0 6 0 8 0 2 0 2 0 6 0 1 0 3 0 2 0 6 0 0 0 6 0 8 0 2 0 2 0 0 0 6 0 9 0 1 0 8 0 9 0 9. 0 3 0 6 0 9 0 4 0 3 0 2 0 2 0 5 0 0 0 0 0 2 0 9 0 6 0 9 0 7 0 8 0 2 0 1 0 7 0 8 0 7 0 4 0 5 0 6 0 9 0 6 0 8 0 6 0 7 0 6 0 4 б 0 6 0 9 0 2 0 2 0 5 0 6 0 7 0 8 0 9 0 4 0 2, 0 7 0 6 0 9 0 9 0 5 0 2 0 6 0 1 0 6 0 9 0 1 0 8 0 9 0 9 0 2 0 6 0 7 0 8 0 6 0 0 0 8 0 6 0 7 0 8 0 9 0 4 0 2 0 0 0 6 0 9 0 1 0 8 0 9 0 9 0 2 0 4 0 1 0 2 0 7 0 5 0 4 0 1 0 7 0 8 0 2 0 1 0 7 0 8 0 7 0 9 0 4 0 6 0 9 0 9 0 9 0 6 0 8 0 2 0 1 0 2 0 8 0 2 0 9 1992 0 0. 0 0 0 2 0 9 0 6 0 9 0 4 0 1 0 7 0 6 0 5 0 6 0 3 0 2 0 7 0 1 0 0 0 6 0 9 0 1 0 8 0 9 0 9 0 2 0 6 0 7 0 8 0 6 0 0 0 8 0 4 0 7 0 8 0 9 0 4 0 2 0 7 0 6 0 9 0 5 0 2 1 0 6 0 5 0 7 1994 0 0. 0 5 0 2 0 2 0 5 0 9 0 5 0 7 0 2 0 8 0 9 0 6 0 6 б 0 2 0 8 0 2 0 1 0 6. 0 5 0 2 0 9 0 9 0 6 0 8 0 4 0 4 0 2 0 6 б 0 4 0 8 0 2 0 7, 0 7 0 6 б 0 2 0 0 0 6 0 9 0 1 0 8 0 9 0 9 0 2 0 4 0 2 0 7 0 8 0 2 0 1 0 7 0 8 0 7 0 7 0 2 0 2 0 2 0 5 0 0 0 0 0 2 0 9 0 4, б 0 2 б 0 9 0 4 0 2. 0 1 0 7 0 8 0 6 0 0 0 5 0 5 0 0 (Shapiro, Willig, 1990) 0 8 0 9 0 9 0 8 0 9 0 6 0 0 0 6 0 9 0 1 0 8 0 9 0 9 0 2 0 4 0 2 0 7 0 8 0 2 0 1 0 7 0 8 0 7 0 7 0 9 0 8 0 2 0 4 0 5 0 2 б 0 2 0 7 0 2 0 1 0 6 0 9 0 6 0 9 0 8 0 4 0 9 0 7 0 6 0 6 0 6 0 2 0 2 0 6 0 9 0 6 0 7 0 6 0 5, б 0 4 0 9 0 6 0 2 0 9 0 6 0 2 0 5 0 4 0 2 0 8 0 3 0 5 0 4 0 2 0 2 0 2 0 4 ( 0 9 0 6 0 2 0 5 0 7 0 6 б 0 4 0 8 0 2 0 7). 0 1 0 2 0 6 0 1 0 6 0 1 0 6 0 1 0 6 0 9, б 0 6 0 0 0 6 0 9 0 1 0 8 0 9 0 9 0 2 0 4 0 2 0 7 0 8 0 2 0 1 0 7 0 8 0 7 0 7 0 9 0 4 0 9 0 3 0 1 0 9 0 6 0 2 0 5 0 9 б 0 2 0 9 0 1 0 9 0 8 0 1 0 6 0 4 б 0 6 0 0 0 8 0 5 0 9 0 3 0 6 0 8 0 6 0 5 0 9 б 0 2 0 9 0 9 0 2 0 7 0 6 0 9 0 9 0 6 0 9 0 9 0 9 0 2 0 9 0 6 0 4 0 6 0 3 0 4 0 1 0 9 0 6 0 2 0 5 0 4 0 1 0 0 0 2 0 9 0 5 0 0: 0 3 0 5 0 4 0 1, 0 4 0 1 0 8 0 9 0 6 0 6 0 1 0 8 0 2 0 7, 0 6 0 1 0 4 0 1. 0 1. 0 6 0 0 0 2 0 4 0 8 0 4 0 6 0 8 0 2 0 2 0 5 0 6 0 9 0 5 0 7 0 6 0 5 0 0 0 0 0 2 0 9 0 6 0 9 0 1 0 2 0 7 0 2 0 5 0 6 0 9 0 0 0 6 0 9 0 1 0 8 0 9 0 9 0 2 0 4 0 1 0 7 0 8 0 2 0 1 0 7 0 8 0 7. 0 0 0 6 0 3 0 6, 0 6 0 1 0 6, 0 7 0 8 0 9 0 2 0 9 0 7 0 8 0 7 0 6 0 7 0 8 0 6 0 9 0 6 0 7 0 6 0 5 0 6 0 3 0 4 0 2 0 1 0 6 0 9 0 6 0 1 0 4. 0 5 0 8 0 6 0 7 0 7 0 5 0 9 0 9 0 6 0 2 0 5 0 9 б 0 2 0 9 0 1 0 9 0 8 0 1 0 3 0 2 0 9 0 6 0 6 0 0 0 8 б 0 9 0 5 0 9 0 4 0 5 0 9 0 2 0 9 0 9 0 5 0 6 0 1 0 0 0 0 0 2 0 8 0 2 0 2 0 8 0 6 0 9. 0 0 0 5 0 1 0 9 0 5 0 6 0 9 0 7 0 1 0 2 0 6 0 1 0 6 0 7 0 6 0 5 0 2 0 5 0 4 0 2 0 9 0 6 0 2 0 5 0 4 0 2 0 0 0 2 0 9 0 5 0 0 0 6 0 0 0 8 0 9 0 9 0 8 0 9 0 9 0 7 0 9 0 5 0 4 0 6 0 5 0 2 0 2 0 5 0 0 0 0 0 2 0 9 0 6 0 8 0 1. 0 5 0 5 0 8 0 6 0 1 0 8 0 2 0 8 0 5 0 1 0 0 0 2 0 9 0 5 0 0 0 6 0 3 0 2 0 9 0 6 0 1 0 8 0 9 0 7 0 9 0 7 0 2 0 8 0 2 0 1 0 6 0 1 0 6 0 5 0 6 0 6 0 2, 0 6 0 0 0 1 0 6 0 0 0 2 0 4 0 1 0 9 0 6 0 9 0 7 0 9 0 7 0 7 0 5 0 4, 0 8 0 6 0 7 0 8 0 2 0 1 0 7 0 8 0 7 0 7 0 9 0 8 0 4 0 9 0 6 0 9 0 6 0 2 0 5 0 6 0 9 0 0 0 2 0 8 0 6 0 6 0 0 0 7 0 8 0 6 0 1 0 6 0 5 0 3 0 7 0 6 0 5 0 4 0 6 0 9 0 9 0 7 0 2 0 9 0 7 0 5 0 6. а 0 9 0 4 0 2 0 7 0 8 0 2 0 1 0 7 0 8 0 7 0 7 0 2 0 2 0 2 0 7 0 6 0 1 0 9 0 2 0 8 0 3 0 2 0 4 0 7 0 6 0 5 б 0 2 0 9 0 6 0 9 0 2 0 3 0 2 0 5 0 9 0 9 ( 0 7 0 6 0 5 б 0 2 0 9 0 7 0 6 б 0 4 0 8 0 2 0 7). 0 5 0 6 0 0 0 5 0 9 0 6 0 1 0 5 0 2 0 0 0 2 0 8 0 0 0 3 (Shleifer, Vishny, 1994) 0 7 0 6 0 5 б 0 2 0 9 0 6 0 2 0 9 0 2 0 3 0 2 0 5 0 9 0 9 0 6 0 9 0 1 0 2 0 7 0 2 0 5 0 6 0 9 0 0 0 8 0 4 0 7 0 8 0 9 0 6 0 1 0 4 0 5 0 3 0 2 0 4 0 7 0 6 0 9, 0 7 0 5 0 6 0 1 0 6 0 9 0 4 0 6 0 8 0 7 0 8 0 6 0 1 0 2 0 8 0 4 0 2 0 2 0 7, 0 2 0 1 0 6 0 9 0 9 0 2 0 9 0 2 0 7 0 5 0 6 0 1 0 6 0 6 0 7 0 8 0 2 0 1 0 2 0 5 0 2 0 4 0 9 0 5 0 1 0 5 0 7 0 7 0 8 0 9 0 5 0 7 0 6 0 1. 0 1 0 6 0 9 0 1 0 8 0 9 0 9 0 2 0 4 0 2 0 7 0 8 0 2 0 1 0 7 0 8 0 7 0 7 0 6 0 0 0 4 0 6 0 5 0 2 0 2 0 9 0 6 0 9 0 7 0 8 б 0 9 0 4 0 1 0 9 0 5 0 2 0 6 0 9 0 6 0 9 0 6 0 8 0 6 0 4 0 4 0 2 0 8 0 2 0 9 0 6 0 9 0 4 0 1 0 0 0 8 0 7 0 7, 0 9 0 6 0 9 0 8 0 2 0 7 б 0 9 0 4 0 2 0 0 0 8 0 4 0 6 0 0 0 9 0 6 0 9 0 8 0 2 0 1 0 6 0 6 б 0 9 0 7 0 9 0 5 0 6 б 0 2 0 5 0 6 0 9 0 4 0 2 0 7 0 8 0 4 0 5. а 0 9 0 4 0 2 0 9 0 2 0 9 0 6 0 8 0 4 0 6 0 4 б 0 6 0 2 0 6 0 6 0 5 0 2 0 2 0 1 0 5 0 2 0 5 0 4 0 9 0 8 0 2 0 2 0 6 0 0 0 6 0 8 0 4 0 6, 0 6 0 0 0 1 0 6 0 7 0 8 0 6 0 8 0 2 0 6 0 9 0 4, 0 6 0 6 0 8 0 4 0 2 0 6 0 0 0 4 0 7 0 8 0 6 0 1 0 4, 0 9 0 6 0 9 0 8 0 2 0 7 0 5 0 5 0 2 0 6 0 8 0 5 0 4 0 2 0 9 0 4, 0 7 0 8 0 2 0 1 0 7 0 6 б 0 2 0 4 0 2 0 7 0 6 0 5, 0 2 0 6 0 2 0 1 0 2 0 2 0 6 0 4 0 6 0 5 0 2 0 2 0 9 0 6 0 8 0 6 0 2 б 0 4 0 2 0 1 0 6 0 5 0 0 0 6 0 9 0 2 б 0 4 (Phelps, 1992).

1 310 0 8 0 5 0 4 0 9 0 5 0 7 0 7 0 7 0 8 0 9 0 4 0 2 0 1 0 2 0 7 0 2 0 5 0 6 0 9 0 7 0 8 0 2 0 1 0 7 0 8 0 7 0 3 0 8 0 6 0 9 0 6 0 7 0 6 0 5 0 6 0 3 0 4 0 2 0 1 0 6 0 9 0 6 0 1 0 4: 0 9 0 9 0 2 0 6 0 5 0 6 0 9 0 2 б 0 9 0 4 0 2 0 9 0 6 0 9 0 9 0 2 0 2 0 4 0 2 0 8 0 2 0 9 0 6 0 9 0 4 0 5 0 2 0 9 0 7 0 6 0 9 0 6 0 4 0 7 0 6 0 1 0 1 0 2 0 8 0 3 0 9 0 9 0 4 0 7 0 8 0 2 0 1 0 7 0 8 0 7 0 7 0 9 0 1 0 6 0 8 0 6 0 3 0 2 0 9 0 6 0 9 0 6 0 7 0 9 0 1 0 6 0 5 0 0 0 6 0 9 0 8 0 6 б 0 6 0 8 0 2 0 3 0 2 (Nellis, 1999). 0 6 0 1 0 2 0 8 0 2 0 9 0 4 0 9 0 6 0 9 0 7 0 9 0 7 0 8 0 6 0 9 0 8 0 6 б 0 4 0 9 0 7 0 2 0 5 0 7 0 9 0 4. 0 6 0 6 0 0 0 1 0 3 0 2 0 7 0 6 0 5 б 0 2 0 9 0 6 0 2 0 9 0 2 0 3 0 2 0 5 0 9 0 9 0 6 0 6 0 4 0 4 0 9 0 2 0 9 0 7 0 6 0 5 0 2 0 2 0 1 0 6 0 5 0 0 0 6 0 9 0 8 0 6 б 0 4 0 7 0 8 0 2 0 1 0 7 0 6 б 0 2 0 5 0 4 0 1 0 5 0 7 0 5 б 0 3 0 2 0 7 0 1 0 2 0 7 0 2 0 5 0 6 0 9 0 7 0 8 0 2 0 1 0 7 0 8 0 7. 0 3 0 8 0 9 0 4 0 2 0 7 0 9 0 2 0 1 0 2 0 5 б 0 3 0 9 0 5 ( 0 9 0 5 0 8 0 6 0 7 0 6 б 0 4 0 8 0 2 0 7). 0 0 0 2 0 8 0 9 0 8 0 8 0 8 0 6 (Vickers, Yarrow, 1988) 0 9 0 2 0 8 0 3 0 1 0 6, б 0 6 0 2 0 2 0 1 0 3 0 2 0 8 0 4 0 0 0 6 0 9 0 1 0 8 0 9 0 9 0 2 0 4 0 1 0 7 0 8 0 2 0 1 0 7 0 8 0 7 0 6 0 0 0 2 0 2 0 6 0 4 0 1 0 9 0 5 0 6 0 9 0 5 0 6 0 0 0 4 0 7 0 5 0 6 0 1 0 6 0 6 0 8 0 6 0 5 0 8 0 2 0 4. 0 3 0 8 0 2 0 2 0 4 0 0 0 6 0 9 0 1 0 8 0 9 0 9 0 2 0 4 0 1 0 7 0 8 0 2 0 1 0 7 0 8 0 7 0 6 0 9 0 6 б 0 4 0 7 0 6 0 6 0 5 б 0 6 0 9 0 2 0 6 0 0 0 5 0 2 0 0 0 6 0 7 0 2 0 8 0 2 0 9 0 7 0 9 0 7, 0 2 б 0 9 0 6 0 6 0 8 0 7 0 6 0 8 0 2. 0 6 0 6 0 6 0 9 0 5 0 5 0 7 0 2 0 7 0 8 0 2 0 2 0 1 0 2 0 6 0 9 0 6 б 0 4 0 7 0 6 0 6 0 5 б 0 6 0 9 0 9 0 5 0 4 0 1 0 5 0 7 0 5 0 6 0 1 0 2 0 7 0 4 0 2 0 2 0 1 0 3 0 2 0 8, 0 9 0 6 0 2 б 0 6 0 9 б 0 2 0 2, 0 7 0 8 0 9 0 6 0 1 0 1 0 1 0 3 0 2 0 6 0 1 0 2 0 7 0 2 0 5 0 6 0 9 0 0 0 8 0 4 (Dewenter, Malatesta, 1998). 0 1 0 1 0 4 0 6 0 8 0 7 0 8 0 9 0 2 0 5 0 9 0 9 0 2 0 2 0 9 0 5 0 6 0 6 0 9 0 4 0 6 0 8 0 6 0 8 б 0 2 0 9, 0 2 0 0, 0 6 0 5 0 2 0 2 0 4 0 2 0 8 0 2 0 9 0 6 0 9 0 4 0 9 0 6, б 0 6 0 4 0 9 0 5 0 2 0 1 0 6 0 9 0 5 0 7 0 8 0 2 0 1 0 7 0 9 0 7, 0 2 0 9 0 7 0 6 0 5 0 4 0 6 0 9 0 5 0 9 0 6 0 4 0 6 0 3 0 6 0 9 (Nellis, 1991). 0 3 0 8 0 6 0 2 0 9 0 9 0 2 0 6 0 9 0 6 0 9 0 9 0 2 0 6 0 9 0 0 0 6 0 9 0 1 0 8 0 9 0 9 0 6 0 9 0 6 0 1 0 8 0 7 0 2 0 2 0 4 0 9 0 5 0 6 0 9 0 4 0 6 0 8 0 6 0 5 0 9 0 7 0 6 0 5 0 4 0 6 0 9 0 7 0 9 0 6 0 9 0 0 0 8 0 4. 0 6 0 6 0 7 0 6 0 6 0 8 0 7 0 2 0 9 0 1 0 2 0 8 0 6 0 9 0 9 0 0 0 8 0 2 0 7 0 6 0 9 0 8 0 2 0 4. 0 1 0 6 0 9 0 1 0 8 0 9 0 9 0 6 0 7 0 4 0 9 0 6 0 7 0 6 0 5 б 0 2 0 9 0 6 0 1 0 9 0 5 0 2 0 6 0 9 0 2 0 2 0 5 0 7 0 1 0 7 0 6 0 1 0 1 0 2 0 8 0 3 0 7 0 9 0 6 0 9 0 5 0 2 0 6 0 8 0 2 0 4 ( 0 9 0 9 0 1 0 2 0 9 0 4 0 9 0 6 0 6 0 4 0 8 0 7 0 5 0 4 0 7 0 8 0 9 0 5 0 4 0 1 0 9 0 5 0 7 0 1, 0 9 0 4 0 9 0 6 0 6 0 1 0 2 0 3 0 6 0 4 0 7 0 6 0 9. 0 1.), б 0 6 0 9 0 2 0 1 0 2 0 7 0 6 0 2 0 8 0 2 0 9 0 5 0 6 0 9 (Perotti, Guney, 1993). 0 5 б 0 9 0 4 0 0 0 8 0 5 0 6 0 1 0 6 0 4 0 2 0 8 0 2 0 9 0 6 0 9 0 4 0 2 0 2 0 6 0 2 0 8 0 4. а 0 9 0 4 0 2 0 9 0 6 0 9 0 9 0 2 0 2 0 6 0 6 0 5 0 2 0 2 0 9 0 5 0 4 0 2 0 9 0 5 0 4 0 9 0 4 0 2 0 7 0 8 0 4 0 5, б 0 2 0 4 б 0 2 0 4 0 2 0 0 0 6 0 9 0 1 0 8 0 9 0 9 0 6 0 2 0 2 0 1 0 3 0 2 0 8 0 4, 0 6 0 9 0 5 0 1 0 2 0 6 0 9 0 6 0 9 0 9 0 2 0 6 0 9 0 6 0 2 0 9 0 0 0 9 0 6 0 9 0 4 0 2 0 7 0 6 0 9 0 5 0 2 0 1 0 9 0 9 0 7 0 9 0 9 0 6 0 1 0 8 0 2 0 3 0 2 (Barberis et al., 1996). 0 0 0 6 0 3 0 2 0 6 0 4 0 9 0 7, б 0 6 б 0 9 0 4 0 0 0 8 0 9 0 5 0 6 0 3 0 2 0 2 0 6 0 2 0 9 0 9 0 2 0 6 0 7 0 6 0 1 0 1 0 2 0 8 0 3, 0 7 0 6 0 5 0 6 0 3 0 8 0 0 0 4 0 2 0 1 б 0 9 0 9 0 4 0 2 0 7 0 8 0 4 0 5 0 6 0 5 0 2 0 2 0 9 0 8 0 6 0 9 0 4, 0 6, 0 9 0 6 0 4 0 6 0 3 0 6, 0 7 0 5 0 6 0 1 0 4 0 9 0 7 0 2 0 1 0 6 0 5 0 2 0 2 0 9 0 5 0 1 0 2 (Phelps, 1992). 0 3 0 8 0 6 0 9 0 6 0 7 0 6 0 5 0 6 0 3 0 4 0 2 0 1 0 6 0 9 0 6 0 1 0 4: 0 9 0 6 0 0 0 5 0 9 0 6 0 2 0 6 0 8 0 0 0 2 0 6 0 9 ( 0 7 0 6 0 9 0 8 0 2 0 1 б 0 2 0 9 0 9 ) 0 7 0 8 0 6 0 5 0 2 0 2 " 0 2 0 4 0 5 0 2 " 0 7 0 8 0 9 0 2 0 5 0 9 0 9 0 6 0 9 0 5 0 1 0 2 0 5 0 2 0 2 0 6 0 8 0 6 0 5 0 6 0 0 0 6 0 7 0 2 0 2 0 9 0 0 0 6 0 9 0 1 0 8 0 9 0 9 0 2 0 6 0 7 0 8 0 2 0 1 0 7 0 8 0 7 0 6 0 3 0 2 0 5 0 6 0 1 0 4 0 2 0 2 0 1 0 3 0 2 0 8 0 0 0 6 0 9 0 1 0 8 0 9 0 9 0 2 0 4 0 1 0 7 0 8 0 2 0 1 0 7 0 8 0 7 0 6 0 5 0 2 0 2 0 2 0 9 0 9 0 6, б 0 2 0 9 0 5 0 1 0 2 0 5 0 2 0 4 0 2 б 0 9 0 4 0 1 0 6 0 8 0 7 0 6 0 8 0 2 0 9 0 8 0 9 0 7 0 4 0 5 0 2 0 6 0 9 0 6 0 9 0 9 0 2 0 6 0 9 0 6 0 5 0 6 0 1 0 6 0 4 0 9 0 9 0 6 0 2 0 2 0 1 0 3 0 2 0 8 (Dewenter, Malatesta, 1998). 0 8 0 5 0 6 0 6 0 3 0 6 0 1 0 6 0 9, б 0 6 0 9 0 7 0 2 0 8 0 6 0 1 0 4 0 2 0 2 0 7 0 0 0 6 0 8 0 4 0 9 0 6 0 9 0 9 0 2 0 6 0 9 0 7 0 8 0 2 0 1 0 7 0 8 0 7 0 7 0 2 0 2 0 1 0 3 0 2 0 8 0 4 0 6 0 4 0 4 0 9 0 6 0 9 0 7 0 9 0 6 0 6 0 2 0 9 0 2 0 6 0 0 0 6-0 5 0 6 0 6 0 8 0 6 0 5 0 7.

1 32. 0 2 0 7 0 9 0 2 0 7 0 8 0 6 0 5 0 2 0 4 0 9 0 2 0 7 0 2 0 2 0 2 0 4 б 0 2 0 6 0 9 11 0 0 0 9 0 5 0 6 0 9 0 7 0 1 0 2 0 1 0 6 0 9 0 1 0 2 0 9 0 4 0 1 0 9 0 6 0 9, 0 7 0 8 0 9 0 6 0 9 0 6 0 0 0 6 0 0 0 5 0 4, 0 9 0 9 0 2 0 6 0 2 0 6 0 8 0 8 0 7 0 2 0 6 0 9 0 9 0 9 0 7 0 4 0 2 0 6 0 9 0 6 0 9 0 4 0 2 0 9 0 6 0 9 0 9 0 2 0 2 0 2 0 1 0 3 0 2 0 8 0 4 0 6 0 0 0 4 0 4 0 2 0 8 0 2 0 9 0 6 0 9 0 4 0 6 0 5 0 6 0 9 0 4 0 9 0 8 0 6 0 9 0 6 0 9 0 9 0 2 0 6 0 6 0 6 0 0 0 2. 0 1 0 6 0 9 0 4 0 2 0 9 0 6 0 9 0 9 0 2 0 7 0 6 0 5 б 0 6 0 4 0 9 0 3 0 6 0 0 0 6 0 9 0 1 0 8 0 9 0 9 0 2 0 6 0 9 0 6 0 9 0 9 0 2 0 6 0 9 0 4 0 2 0 9 0 2 0 2 0 6, 0 1 0 9 0 5 0 4 б 0 9 0 6 0 4 0 5 0 6 б 0 6 0 9 0 7 0 2 0 9 0 9 0 4 0 2 0 7 0 8 0 4 0 5, 0 9 0 7 0 8 0 2 0 9 0 8 0 2 0 5 0 6 0 9 0 6 0 9 0 9 0 2 0 6 0 9 0 9 0 5 0 9 0 1 0 6 0 0 0 6 0 8 0 2 0 2 0 6 0 6 б 0 2 0 5 0 6 0 7 0 8 0 9 0 4 0 2 0 7 0 2 0 7 0 2 0 8 0 2 0 9 0 6 0 1 0 9 б 0 2 0 9 0 4 0 8 0 2 0 3 0 4 0 2. 0 7. а 0 9 0 4 0 2 0 9 0 6 0 9 0 9 0 2 0 9 0 4 0 8 0 6 0 5 б 0 3 0 1 0 2 0 2 0 1 0 3 0 2 0 8 0 6 0 9, б 0 6 0 4 0 6 0 5 0 0 0 0 0 2 0 9 0 2 0 2 0 7 0 8 0 9 0 5 0 7 0 5 0 1 0 0 0 8 ( 0 6 б 0 4 0 8 0 2 0 7 б 0 2 0 5 0 6 0 9 0 2 б 0 2 0 9 0 6 0 0 0 6 0 7 0 5 ). 0 0 0 2 0 2 0 1 0 3 0 2 0 8 0 4 0 0 0 6 0 9 0 1 0 8 0 9 0 9 0 2 0 4 0 1 0 7 0 8 0 2 0 1 0 7 0 8 0 7 0 9 0 4 0 8 0 6 0 9 0 7 0 4 0 1 0 9 0 7 0 6 0 9 0 6 0 6 0 9 0 3 0 9 0 9 0 7 0 9 0 7 0 6 0 5, 0 7 0 8 0 6 0 7 0 9 0 5 0 7 0 7 0 6 0 5 б 0 2 0 9 0 6 0 2 б 0 9 0 2 0 5 0 6 0 8 0 6 0 9 0 7 0 6 0 1 0 1 0 2 0 8 0 3 0 7 0 8 0 2 0 1 0 7 0 8 0 7 0 6. 0 0 0 2 0 2 0 1 0 3 0 2 0 8 0 4 б 0 9 0 4 0 1 0 0 0 8, 0 7 0 8 0 6 0 9, 0 9 0 4 0 8 0 6 0 9 0 7 0 4 0 1 0 9 0 7 0 6 0 9 0 6 0 6 0 9 0 5 0 0 0 0 0 2 0 9 0 6 0 7 0 8 0 9 0 5 0 7 0 0 0 8 (Barberis et al., 1996). 0 1 0 6 0 9 0 1 0 8 0 9 0 9 0 2 0 4 0 2 0 7 0 8 0 2 0 1 0 7 0 8 0 7 0 7 0 6 0 0 0 4 0 9 0 4 0 3 0 1 0 2 0 4 0 7 0 6 0 5 б 0 2 0 9 0 9 0 9 0 7 0 4 0 4 0 1 0 5 0 6 0 1 0 2, 0 2 0 2 0 1, 0 6 0 2 0 2 0 5 б 0 3 0 6 0 9 0 5 0 0 0 2 0 6 0 1 0 5 0 7 0 9 0 4 0 7 0 6 0 5 0 2 0 7 0 7 0 6 0 9 0 9 0 5 0 2 0 4 0 1 0 4 0 1 б (Krueger, 1990). 0 3 0 8 0 6 0 9 0 6 0 7 0 6 0 5 0 6 0 3 0 4 0 2 0 1 0 6 0 9 0 6 0 1 0 4: 0 2 0 9 0 5 0 6 0 9 0 4 0 2 0 9 0 6 0 9 0 9 0 2 0 4 0 2 0 8 0 2 0 9 0 6 0 9 0 4 0 2 0 9 0 7 0 6 0 9 0 4 0 3 0 2 0 5 0 0 0 0 0 2 0 9 0 6 0 9 0 7 0 8 0 2 0 1 0 7 0 8 0 7 0 7, 0 9 0 4 0 9 0 8 0 6 0 5 б 0 6 0 6 0 6 0 0 0 2, 0 6 0 2 0 2 0 1 0 3 0 2 0 8 0 6 0 9 0 6 0 1 0 7 0 6 0 1 0 8 0 9 0 6 0 6 0 9 0 2 0 9 0 9 0 6 0 1. 0 0 0 6 0 5 б 0 2 0 6 0 5 0 6 0 0 0 6 0 2 0 6 0 5 0 9 0 9 б 0 2 0 9 0 7 0 5 0 6 0 6 б 0 2 0 9 0 7 0 2 0 6 0 8 0 7 0 7 0 8 0 2 0 1 0 7 0 6 0 5 0 0 0 2, б 0 6 0 9 0 9 0 7 0 4 0 2 0 3 0 1 0 9 0 6 0 9 0 9 0 2 0 6 0 9 0 6 0 8 0 2 0 4 0 5 0 1 0 2 0 7 0 2 0 5 0 6 0 9 0 2 0 4 б 0 2 0 5. 0 5 б 0 2 0 9 0 7, б 0 6 0 5 0 0 0 0 0 2 0 9 0 6 0 9 0 9 0 6 0 5 0 3 0 2 0 2 0 8 0 2 0 6 0 7 0 8 0 2 0 1 0 2 0 5 0 7 0 2 0 9 0 7 0 8 0 4 0 6 б 0 6 0 9 0 8 0 8 0 6 0 9 0 2 0 7 0 2 0 6 0 6 0 8 0 2 0 2, б 0 2 0 2, 0 6 0 9 0 5 0 1 0 2 0 2 0 9 (Nellis, 1991). 0 8 0 6 0 8 0 2 0 2 0 7 0 9 0 6 0 4 0 1 0 2 0 5 0 0 0 0 0 2 0 9 0 6 0 2 0 8 0 9 0 7 0 8 0 2 0 1 0 2 0 5 0 2 0 2 0 8 0 2 0 9 0 8 0 9 0 6 0 9, 0 9 0 3 0 2 0 2 0 4 0 1 0 2 0 7 0 2 0 5 0 6 0 9 0 2 0 2 0 1 0 3 0 2 0 8 0 6 0 9, 0 9 0 5 0 8 0 2 0 9 0 5 0 7 0 2 0 2 0 1 0 3 0 2 0 8 0 6 0 9 0 8 0 6 б 0 1, 0 9 0 2 0 1 0 2 0 9 0 3 0 6 0 4 0 8 0 4 0 9 0 2 0 9 0 2 0 7 0 5 0 5 б 0 3 0 6 б 0 2 0 9 0 9 0 6 0 8 0 9 0 1 0 6 0 1 (Konings, 1997). 0 9 0 6 0 5 0 2 0 2 0 3 0 8 0 6 0 2 0 9 0 6 0 4 0 6 0 3 0 6 0 9 0 9 0 8 0 9 0 2 0 7 0 8 0 2 0 4 0 5 0 6 0 9 0 1 0 2 0 7 0 2 0 5 0 6 0 9 0 7 0 8 0 6 0 8 0 2 0 2, 0 4 0 9 0 9 0 6 0 9 0 1 0 2 0 7 0 2 0 5 0 6 0 9 0 6 0 9 0 5 0 2 0 2 0 1 0 3 0 2 0 8 0 6 0 9, 0 9 0 6 0 4 0 6 0 3 0 6 0 9 0 8 0 6 0 9 0 9 0 9 0 6 0 4 0 1 0 6 0 6 0 5 0 2 0 2 0 5 0 2 0 8 0 0 б 0 4 0 2 0 9 0 5 0 4 0 1 0 5 0 7 0 2 0 2 0 1 0 3 0 2 0 8 0 6 0 9 ( 0 7 0 6 0 1 0 8 0 6 0 4 0 6 0 4 0 6 0 8 0 2 0 6 0 8 0 2 б 0 2 0 9 0 1 0 6 0 9 0 6 0 9 0 2 0 7 0 6 0 7 0 6 0 5 0 6 0 3 0 2 0 5 0 6 0 9 0 5 0 7 0 6 0 8 0 2 0 2 0 7 0 6 0 9 0 4 0 3 0 2 0 2 0 7 0 8 0 6 0 4 0 9 0 6 0 1 0 2 0 5 0 6 0 9 0 8 0 1 0 7 0 8 0 2 0 1 0 9 0 9 0 5 0 2 0 9 0 8 0 6 0 2 0 1 0 2 0 5 0 5 0 7 (Nickell, 1996). 0 5 0 8 0 8 0 9 0 6 0 9 0 9 0 2 0 6 0 9 0 7 0 6 0 1 0 9 0 2 0 8 0 3 0 2 0 8 0 4 0 6 б 0 6 0 1 0 9 0 5 0 2 0 6, б 0 6 0 9 0 1 0 6 0 5 0 0 0 6 0 9 0 8 0 6 б 0 6 0 7 0 2 0 8 0 9 0 7 0 2 0 9 0 2 0 3 0 1 0 7 0 6 0 8 0 2 0 6 0 9 0 7 0 6 0 9 0 6 0 7 0 0 0 8 0 7 0 8 0 6 0 8 0 2 0 2 0 9 0 8 0 8 0 9 0 6 0 9 0 9 0 2 0 6 0 9, 0 5 0 4 0 6 0 6 0 7 0 5 0 6 (Demsetz, Lehn, 1985). 0 3 0 8 0 9 0 4 0 2 0 7 0 9 0 5 0 9 0 2 0 6 0 8 0 2 0 2 0 6, 0 6 0 6 0 8 0 7 0 4 0 9 0 9 0 5 0 7 0 2 0 0 0 8 0 4 0 8 0 6 0 5 0 0 0 0 0 2 0 9 0 6 ( 0 6 0 8 0 2 0 7 0 6 б 0 4 0 8 0 2 0 7). 0 8

1 312 0 8 0 5 0 4 0 9 0 5 0 7 0 7 0 7 0 8 0 9 0 4 0 2 0 1 0 2 0 7 0 2 0 5 0 6 0 9 0 7 0 8 0 2 0 1 0 7 0 8 0 7 0 7 0 6 0 1 б 0 2 0 8 0 9 0 6 0 8 0 2 0 8 0 1 0 8. (Kikeri et al., 1994), 0 9 0 5 0 3 0 6 0 8 0 9 0 7 0 8 0 6 0 9 0 8 0 2 0 4 0 2 0 7 0 5 0 6 0 1 0 6 0 8 0 6 0 6 0 2 0 0 0 6 0 9 0 1 0 8 0 9 0 9 0 2 0 4 0 2 0 7 0 8 0 2 0 1 0 7 0 8 0 7 0 7 0 4 0 2 0 1 0 5 0 7 0 5 0 8 0 6 0 9 б 0 9 0 6 0 0 0 6 0 9 0 2 0 6 0 8 0 6 0 8 0 2 0 2. 0 3 0 8 0 9 0 2 0 5 0 9 0 9 0 6 б 0 9 0 6 0 5 0 6 0 8 0 2 0 7 0 8 0 6 0 6 0 9 0 2 0 2 б 0 9 0 4 0 1 0 0 0 8, 0 6 0 6 0 8 0 4 0 2 0 6 0 0 0 5 0 4 0 6 0 8 0 8 0 6 0 9 0 9 0 0 0 6 0 9 0 1 0 8 0 9 0 9 0 2 0 4 0 7 0 8 0 2 0 1 0 7 0 8 0 7 0 7. 0 3 0 8 0 9 0 2 0 5 0 9 0 9 0 2 0 4 0 2 0 8 0 2 0 1 0 4 0 7 0 5 0 6 0 2 0 0 0 6 0 9 0 1 0 8 0 9 0 9 0 2 0 4 0 7 0 8 0 2 0 1 0 7 0 8 0 7 0 7 0 9 0 4 0 2 0 9 0 7 0 6 б 0 9 0 4 0 2 0 0 0 8 0 4 0 9 0 8 0 2 0 1 0 4 0 1 0 8 0 4 0 6 0 9; 0 8 0 4 0 9 0 5 0 6 0 4 0 7 0 8 0 2 0 1 0 7 0 6 0 5 0 0, б 0 6 0 8 0 2 0 1 0 4 0 0 0 6 0 9 0 1 0 8 0 9 0 9 0 2 0 4 0 1 0 7 0 8 0 2 0 1 0 7 0 8 0 7 0 2 0 6 0 2 0 7 0 9 0 4 0 2 0 7 0 8 0 9 0 2 0 5 0 9 0 9 0 2 0 4 0 2 0 0 0 8, б 0 6 0 1 0 1 0 3 0 2 0 7 0 6 0 5 0 6 0 3 0 2 0 2 б 0 9 0 6 0 0 0 6 0 9 0 2 0 6 0 8. 0 1 0 2 0 5 0 0 0 0 0 2 0 9 0 6 0 2 0 9 0 3 0 2 0 2 0 8 - б 0 2 0 9 0 8 0 2 0 9 0 8 0 9, 0 6 0 9 0 2 0 9 0 9 0 5 0 7 0 2 0 6 0 2 0 7 0 5 0 6 0 1 0 6 0 7 0 8 0 9 0 5 0 7 0 2 0 4 0 0 0 6 0 9 0 1 0 8 0 9 0 9 0 2 0 4 0 7 0 8 0 2 0 1 0 7 0 8 0 7 0 7, 0 9 0 2 0 5 б 0 9 0 2 0 4 0 1 0 2 0 8 0 3 б 0 9 0 4 0 1 0 0 0 8 0 6 0 0 0 8 б 0 9 0 2 0 7 0 6 0 2 0 2 0 5 0 1 0 8 0 9 0 3 0 8 0 2 0 7. а 0 9 0 4 0 2 0 7 0 8 0 2 0 1 0 7 0 8 0 7 0 7 0 6 0 5 0 2 0 2 0 7 0 6 0 1 0 9 0 2 0 8 0 3 0 2 0 4 0 1 0 9 0 2 0 7 0 5 0 2 0 6 0 2 0 8 б 0 2 0 9 0 1 0 0 0 9 0 6 0 9 0 4 0 1 0 8 0 4 0 6 0 9, б 0 2 0 0 0 6 0 9 0 1 0 8 0 9 0 9 0 2 0 4 0 2 0 7 0 8 0 2 0 1 0 7 0 8 0 7 0 7, 0 7 0 6 0 6 б 0 6 0 0 0 6 0 9 0 1 0 8 0 9 0 9 0 2 0 4 0 2 0 7 0 8 0 2 0 1 0 7 0 8 0 7 0 7 0 8 0 6 0 6 0 7 0 8 0 4 0 9 0 2 0 9 0 6 " 0 7 0 0 0 6 0 6 0 1 0 3 0 2 0 6 0 6 0 0 0 8 б 0 2 " 0 8 0 6 0 8 (Barberis et al., 1996). 0 2 б 0 9 0 6 0 7 0 6 0 5 б 0 6 0 7 0 5 0 4 0 2 0 3, б 0 2 0 8 0 4 0 6 б 0 4, 0 7 0 8 0 6 0 2 0 2 0 9 0 9 0 1 0 6 0 0 0 6 0 9 0 1 0 8 0 9 0 9. 0 1 0 2 0 8 0 1 0 6 0 9 0 1 0 2, б 0 6 0 1 0 6 0 9 0 6 0 1 0 4 0 9 0 7 0 6 0 5 0 4 0 6 0 8 0 2 0 6 0 6 б 0 4 0 8 0 2 0 7 0 9 0 2 0 8 0 4 0 6 0 5 0 6 0 9 0 6 0 9 0 5 б 0 2, 0 2 0 9 0 5 б 0 9 0 4 0 2 0 0 0 8 0 4 0 1 0 2 0 9 0 9 0 2 0 5 0 6 0 6 0 5 0 2 0 2 0 5 0 0 0 0 0 2 0 9 0 4, б 0 2 0 0 0 6 0 9 0 1 0 8 0 9 0 9 0 2 0 4 0 2 0 7 0 8 0 2 0 1 0 7 0 8 0 7 0 7, б 0 6 0 9 0 6 0 9 0 9 0 2 0 2 0 6 б 0 2 0 9 0 1 0 6. 0 6 0 6 0 8 0 4 0 6, 0 9 0 2 0 6 0 8 0 2 б 0 2 0 9 0 6 0 6 б 0 4 0 8 0 2 0 7 0 2 0 7 0 9 0 6, 0 6 0 7 0 8 0 2 0 1 0 2 0 5 0 7 0 2 0 5 0 0 0 6 0 8 0 9 0 6 0 9 0 9 0 2 0 6 0 9 0 9 0 7 0 6 0 9 0 2 0 2 0 5 0 0 0 0 0 2 0 9 0 6 0 9 0 1 0 2 0 7 0 2 0 5 0 6 0 9 0 7 0 8 0 2 0 1 0 7 0 8 0 7 0 7. 2.2. 0 6 0 7 0 8 б 0 2 0 9 0 0 0 6 0 4 0 7 0 1 0 9 0 9 0 5 0 2 0 1 0 6 0 9 0 4 0 5 0 7 0 8 0 6 0 9 0 2 0 1 0 2 0 9 0 7 0 8 0 6 0 4 0 3 0 5 0 2 0 6 0 8 0 4 0 9 0 4 0 1 0 8 0 4 0 9 0 9 0 6 0 1 0 9 0 7 0 9 0 8 0 1 0 1 0 5 0 7 0 5 0 7 0 8 б 0 2 0 9 0 6 0 7 0 8 0 6 0 9 0 2 0 8 0 5 0 0 0 0 0 2 0 7 0 8 0 9 0 4 0 2. 0 6 0 9 0 9 0 5 0 2 0 1 0 6 0 9 0 7 0 9 0 7 0 8 0 6 0 4 0 3 0 5 0 2 0 6 0 8 0 4 0 9 0 4 0 1 0 9 0 8 0 1 0 6 0 6 0 9 0 7 0 6 0 5 0 2 0 2 0 9 0 4 0 9 0 6 0 6 0 5 0 0 0 0 0 2 0 9 0 6 0 9 б 0 9 0 4 0 1 0 0 0 8 0 9 0 6 0 5 0 3 0 2 0 2 0 8 0 2 0 1 0 2 0 9 0 9 0 6 0 8 0 4 0 6 б 0 6 0 9 0 8 0 8 0 4, б 0 2 0 0 0 6 0 8 0 2 0 9 0 6 0 9 0 9 0 2 0 6 0 9. 0 6 0 9 0 9 0 5 0 2 0 1 0 6 0 9 0 7 0 9 0 8 0 4 0 9 0 9 0 6 0 1 0 9 0 7 0 9 0 8 0 1 0 9 0 4 0 7 0 9 0 5 0 2 0 4 б 0 2 0 5 0 4 0 2 0 8 0 4 0 5 б 0 7 0 9 0 5 0 6 0 6 б 0 6 0 9 0 0 0 6 0 9 0 1 0 8 0 9 0 9 0 2 0 4 0 1 б 0 9 0 4 0 1 0 7 0 8 0 2 0 1 0 7 0 8 0 7 (Kikeri et al., 1994). 0 2 0 1 0 6 0 9 0 9 0 5 0 2 0 1 0 6 0 9 0 7 0 1 0 5 0 5 0 1 0 8. 0 9 0 0 0 2 0 5 0 6 0 8, а 0 5, 0 0 0 5 0 4 0 0 0 2 0 9 0 2 (Galal et al., 1994), 0 0 0 2 0 0 0 0 0 9 0 6, 0 1 0 5 0 3 0 9 0 4 0 5 0 1 0 2 0 8 0 0 0 9 0 8 0 9 0 9 0 8, 0 8 0 1 0 2, 0 8 0 8 0 2, 0 1 0 2 0 8, а 0 5 13 0 1 0 8 0 0 0 1 0 9 0 8 0 1 (Megginson, Nash, van Randenborgh, 1994), 0 9 0 3 0 6 0 8 0 9 0 6 0 7 0 2 0 9-0 1 0 2-0 5 0 5 0 2 0 9 0 9 0 0 0 2 0 9 0 2 (La Porta, Lopez-de-Silanes, 1997) 0 7 0 6 0 4 0 5, б 0 6 0 7 0 8 0 9 0 4 0 2 0 7 0 0 0 6 0 9 0 1 0 8 0 9 0 9 0 2 0 4 0 1 0 7 0 8 0 2 0 1 0 7 0 8 0 7

1 32. 0 2 0 7 0 9 0 2 0 7 0 8 0 6 0 5 0 2 0 4 0 9 0 2 0 7 0 2 0 2 0 2 0 4 б 0 2 0 6 0 9 13 0 7 0 8 0 6 0 9 0 4 б 0 2 0 5 0 4 0 2 0 5 0 6 0 6 б 0 2 0 9 0 2 0 9 0 4 0 0 0 6 0 1 0 4. 0 2 0 2 0 9 0 2 0 2 0 8 0 0 0 5 0 2 0 9 (Dewenter, Malatesta, 1998) 0 4 0 2 0 9 0 4 0 6 0 8 0 4 500 0 6 0 7 0 6 0 5 0 2 0 2 б 0 2 32 0 9 0 8 0 7 0 8 0 9 0 2 0 5 0 5 0 7 0 8 б 0 2 0 9 0 2 0 9 0 9 0 1 0 2 0 2 0 5 0 9 0 9, б 0 6 0 0 0 6 0 9 0 1 0 8 0 9 0 9 0 2 0 4 0 2 0 7 0 8 0 2 0 1 0 7 0 8 0 7 0 7 0 2 0 2 0 2 0 5 0 0 0 0 0 2 0 9 0 4, б 0 2 б 0 9 0 4 0 2. 0 0 0 6 0 3 0 2 0 9 0 8 0 2 0 7 0 1 0 5 0 7 0 7 0 6 0 1 0 9 0 4 0 6 0 8 0 4 63 0 7 0 8 0 9 0 4 0 8 0 6 0 9 0 4 0 1 0 0 0 8 0 6 0 2 0 3 0 5 0 1-0 5 0 6 0 9 0 9 0 1 0 2 0 2 0 5 0 9 0 9, б 0 6 0 7 0 8 0 9 0 4 0 2 0 7 0 9 0 7 0 6 0 9 0 2 0 2 0 5 б 0 3 0 2 0 1 0 2 0 7 0 2 0 5 0 6 0 9 ( 0 8 0 6 0 2 0 6 0 1 0 2 0 5 0 4 0 1 0 7 0 6 0 4 0 2 0 5 0 2 ). 0 4 0 7 0 1 0 9 0 9 0 5 0 2 0 1 0 6 0 9 0 7 0 8 0 9 0 4 0 2 0 4 0 5 0 7 0 8 0 6 0 9 0 2 0 1 0 2 0 9 0 9 0 8 0 1 0 9 0 7 0 2 0 8 0 2 0 1 0 6 0 1 0 6 0 5 0 6 0 6 0 6. 0 8 0 6 0 2 б 0 6 0 8 0 8 0 1 0 2 0 1 0 8. (Frydman et al., 1997), 0 7 0 6 0 9 0 6 0 9 б 0 2 0 9 0 7 0 7 0 2 0 8 0 2 0 1 0 6 0 1 0 7 0 9 0 2 0 3 0 7 0 7 0 9 0 8 0 2 0 1, 0 1 0 8 0 2 0 8 0 7 0 7 0 2 0 8 0 2 0 1 0 6 0 1 0 4 " 0 3 0 6 " 0 1 0 5 0 2 0 6 0 2 0 8 0 9 0 6 0 9 0 2 0 9 0 4 0 9 0 5 0 6 0 9 0 7, 0 7 0 8 0 2 0 1 0 5 0 0 0 2 0 5 0 6 0 6 0 9 0 6 0 9 0 1 0 5 0 7 0 7 0 8 0 6 0 9 0 2 0 8 0 0 0 7 0 6 0 2 0 4 0 6 0 8 0 6 0 5 0 9 0 6 0 9 0 9 0 2 0 6 0 9 0 9 0 6 0 8 0 7 0 6 0 8 0 9 0 6 0 7 0 6 0 9 0 2 0 1 0 2 0 8 0 2 0 4 0 5 0 1. 0 6 0 9 0 9 0 5 0 2 0 1 0 6 0 9 0 2 0 9 0 3 0 6 0 5 0 3 0 2, 0 7 0 8 0 6 0 9 0 2 0 1 0 2 0 6 0 2 0 1 0 8 0 6 0 9 0 0 0 2 0 5 0 1 0 1 0 9 0 2 (Grosfeld, Nivet, 1997), 0 7 0 6 0 4 0 5 0 6, б 0 6 0 7 0 8 0 9 0 4 0 8 0 6 0 9 0 4 0 2 0 0 0 8 0 4 0 6 0 5 0 3 0 2 0 9 0 2 0 9 0 8 0 6 0 2 0 6 0 6 0 5 0 3 0 2 0 9 0 6 0 4 0 6 0 3 0 6 0 9 0 2 0 1 0 5 0 7 0 6 0 2 0 9 0 7 0 2- б 0 2 0 7 0 6 0 5 0 2 0 2 0 9 0 4 0 9 0 6 0 6 0 0 0 6 0 8 0 6 0 9 0 9 0 4 0 7 0 9 0 7 0 8 0 6 0 1 0 2. 0 8 0 8 0 1 0 2 0 1 0 8. (Frydman et al., 1997) 0 3 0 5, б 0 6 б 0 9 0 7 0 9 0 6 0 9 0 9 0 2 0 6 0 9 0 4 б 0 2 0 5 0 6 0 9 0 2 0 5 б 0 9 0 2 0 9 0 4 0 8 б 0 6 0 8 0 7 0 6 0 8 0 2 0 9 а 0 2 0 3 0 9 0 6 0 4 0 2 0 9 0 7 0 5 0 2, 0 0 0 2 0 0 0 8 0 3 0 6 0 5 0 3 0 2, 0 6 0 2 0 6 0 4 0 4 0 9 0 2 0 6 0 0 0 6 0 9 0 5 0 7 0 7 0 9 0 3 0 2 0 2 0 4 0 8. 0 0 0 9 0 2 0 9 0 6 0 8 0 6 0 2 0 2 0 9 0 9 0 5 0 2 0 1 0 6 0 9 0 2 0 7 0 8 0 9 0 4 0 2 0 8 0 2 0 9 0 8 0 8 0 4 0 2 0 9 0 9 0 6 0 5 0 0 0 8, а 0 2 0 3 0 9 0 6 0 4 0 2 0 9 0 7 0 5 0 2, 0 0 0 2 0 0 0 8, 0 3 0 6 0 5 0 3 0 2, 0 5 0 5 0 6 0 9 0 2 0 6 0 4 0 2 0 9 0 7 0 5 0 2 0 5 0 5 0 6 0 9 0 2, 0 7 0 8 0 6 0 9 0 2 0 1 0 2 0 6 0 2 0 8 0 1 0 2 0 8 0 9 0 6 0 6 0 1 0 8. (Anderson et al., 1997) 0 1 0 5 0 7 0 6 0 5 0 2 0 2 б 0 2 6000 0 7 0 8 0 6 0 4 0 3 0 5 0 2 0 4 0 1 0 7 0 8 0 2 0 1 0 7 0 8 0 7, 0 7 0 6 0 4 0 5 0 6, б 0 6 0 7 0 8 0 9 0 4 0 8 0 6 0 9 0 4 0 2 0 7 0 8 0 2 0 1 0 7 0 8 0 7 0 7 0 1 0 6 0 9 0 0 0 5 0 6 0 5 0 2 0 2 0 9 0 4 0 9 0 6 0 6 0 0 0 6 0 8 0 6 0 9 0 7 0 8 0 6 0 4 0 9 0 6 0 1 0 2 0 5 0 6 0 9 0 8 0 1 0 5 0 0 0 0 0 2 0 9 0 6 0 9 0 9 0 9 0 2 0 1 0 0 0 6 0 8 0 6 0 9 0 7 0 8 0 6 0 4 0 9 0 6 0 1 0 9 0 9, б 0 2 0 0 0 6 0 9 0 1 0 8 0 9 0 9 0 2 0 4 0 2 0 0 0 8 0 4. 0 0 0 6 0 3 0 2 0 9 0 8 0 2 0 7 0 8 0 6 0 0 0 9 (Konings, 1997) 0 9 0 2 0 8 0 3 0 1 0 2, б 0 6 0 7 0 8 0 9 0 4 0 8 0 6 0 9 0 4 0 2 0 0 0 6 0 9 0 1 0 8 0 9 0 9 0 2 0 4 0 2 0 7 0 8 0 2 0 1 0 7 0 8 0 7 0 7 0 9 0 5 0 5 0 6 0 9 0 2, 0 0 0 2 0 0 0 8 0 4 0 4 0 2 0 6 0 5 0 6 0 5 0 9 0 6 0 6 0 2 0 2 0 2 0 6 0 1-0 5 0 6 0 8 0 4 0 5 б. 0 6 0 8 0 5 0 6 0 9 0 8 (Earle, Estrin, 1996) 0 3 0 5, б 0 6 0 7 0 8 0 9 0 4 0 2 0 7 0 9 0 4 0 6 0 9 0 9 0 2 0 5 0 9 0 5 0 7 0 2 0 5 0 6 0 6 б 0 6 0 9 0 7 0 8 0 2 0 1 0 7 0 8 0 7, 0 9 0 6 0 4 0 1 0 2 0 9 0 9 0 2 0 6 0 2 б 0 2 0 9 0 9 0 2 0 6 0 8 0 4 0 6 б 0 6 0 9 0 8 0 8 0 4 0 3 0 2 0 9 0 6 б 0 2 0 7 0 6 0 1 0 3 0 2 0 4 0 1 0 6 0 0 0 8 б 0 2 0 4 0 5 0 1 0 6 0 9 0 6 б 0 6 0 9 0 5 0 4. 0 3 0 6 0 4 0 3 0 2 0 6 0 6 0 8 0 3 0 5 0 9 0 9 0 2 б 0 2 0 9 0 6 0 2 0 9 0 5 0 7 0 2 б 0 9 0 6 0 9 0 6 0 9 0 9 0 2 0 6 0 9 0 8 0 2 0 9 0 8 0 8 0 4 0 2 0 6 0 7 0 8 0 6 0 4 0 9 0 6 0 1 0 2 0 5 0 6 0 9 0 8 0 1 (Earle, Estrin, 1997). 0 5 0 8 0 9 0 2 0 5 0 4 0 5 0 4 0 5 0 6 0 6 б 0 2 0 9 0 1 0 8 0 2 0 4 0 5 0 6 0 9 0 1 0 2 0 7 0 2 0 5 0 6 0 9 0 6 0 5 0 2 0 2 б 0 2 2000 0 8 0 6 0 9 0 9 0 9 0 1 0 0 0 6 0 9 0 1 0 8 0 9 0 9 0 2 0 4 0 1 0 7 0 8 0 9 0 4 0 8 0 6 0 9 0 4 0 1 0 7 0 8 0 2 0 1 0 7 0 8 0 7, 0 7 0 8 0 6 0 9 0 2 0 1 0 2 0 4 0 5 0 9 0 7 0 2 0 8 0 5-0 3 0 2 0 2 0 8 0 8 0 0 0 0 0 6 0 9 0 9 0 4, 0 7 0 6 0 4 0 5, б 0 6 б 0 9 0 4 0 2 0 7 0 8 0 2 0 1 0 7 0 8 0 7 0 7 0 6 0 7 0 2 0 8 0 2 0 3 0 5 0 0 0 6 0 9 0 1 0 8 0 9 0 9 0 2 0 4 0 2 0 7 0 6 0 6 0 9 0 6 0 9 0 4 0 5 0 6 0 6 б 0 2 0 9 0 7 0 6 0 4 0 2 0 5 0 7 ( 0 8 0 6 0 1 0 1 0 8.,