.,2012୍ֻ12௹༯࿗़ൈսࣁವNO122012(ሹֻ502௹)TIleSFiflaflCe()ࠎႿሧЧӮЧ֥ܢ০ᆟҦٳ༅iࠎႿྐ༏ඌြ֥࣮ዏ࠱बࡻᢞਾလᅦࣁගޱႽѫ(൮ࣜ࠶સၞն࿐,Кࣘ10070)}ᅋေ~ܢ০ᆟҦ၂ᆰ൞ᇙ؟ሧᆀܱᇿ֥ࢊׄ,۷൞ҍ࿐۽ቔᆀ࣮֥ᇗׄbܢ০ᆟҦ҂ࣇࣇ൞܄ඳ֥ٳᆟҦ,ߎܱ༢֞܄ඳ֥ᄜವሧᆟҦമᇀ൞ሧथҦbၹՎ࣮ܢ০ᆟҦؓሧᆀथҦႵሢᇗն֥ᆷ֝ၩၬbЧ໓ၛྐ༏ඌြູ࣮֥ԛؿׄ,࣮ਔಃၭሧЧӮЧაܢ০ᆦڱੱބܢ০ᆦڱح֥ܱ༢b}ܱՍ~ܢ০ᆟҦܢ০ᆦڱੱܢ০ᆦڱحྐ༏ඌြ၂aܢ০ᆟҦაሧЧӮЧۀඍಃၭሧЧӮЧ൞ᆷఒြ๙ݖؿྛ௴๙ܢௐࠆ֤ሧࣁطڱԛ֥(၂)ܢ০ᆟҦۀඍսࡎ,္ࣼ൞ܢת֥сေ൬ၭੱbᄝֆҩෘ۲ᇕোሧЧӮЧ(ᇶܢ০ᆟҦ൞ܢٺ܄ඳܱႿ൞ڎؿ٢ܢ০aؿ٢؟ഒၛࠣޅൈေ൞ಃၭሧЧӮЧ)ٚ૫,ଢభႋႨࢠູܼ֥ٗ۽ऎႵ:ሧЧሧؿ٢֥ٚᆌބᆟҦbՖ༮ၬٚ૫টඪ,ᆷฐษЌ႔Ⴥބ௴๙ܢӁקࡎم(CAPMa)؟ၹሰଆمaൎन൬ၭمaܢ০ᅼܢ০ᆦڱ֥б২ܱ༢໙ี,ࠧܢ০ؿ٢бੱ֥ಒקbطܼၬ֥ܢགྷمaܢ০ᄹӉଆم(ۥ֨ଆ)֩bᆃུٚمᇶေࠎႿఒြ০ᆟҦЇও:ܢ০࿆҃ರ֥ಒקaܢ০ؿ٢б২֥ಒקaܢ০ؿൌ࠽൬ၭ࠹ෘఒြ֥ሧЧӮЧbЧ໓࿊Ⴈۥ֨GORDONଆট٢ൈ֥ሧࣁԔࠢ֩໙ีbགྷᄝбࢠФြࢸಪॖ֥ܢ০ᆟҦᇶေႵޙਈಃၭሧЧӮЧbაఃඹᇕܙෘଆཌྷб,ۥ֨ଆၞႿࢳ,ၛ༯ࠫᇕ:ഺჅܢ০ᆟҦ,ܥקࠇӻ࿃ᄹӉܢ০ᆟҦ,ܥקܢ০ඔऌॖࠆ֤ྟ఼,ၭႿҠቔ,࠹ෘཌྷؓࡥь;ਸ਼ຓં࣮іૼᆦڱੱᆟҦ,֮ᆞӈܢ০ࡆحຓܢ০ᆟҦ֩bۥ֨ଆؓႿಃၭሧЧӮЧ֥ܙෘऎႵࢠն֥ކྟbЧ໓ࠎႿഺჅܢ০ᆟҦট࣮ሧЧӮЧაഈ൧܄ඳܢ০ᆦڱۥ֨ଆႻӫܥקᄹӉଆbRe၂Dl/POG,ఃᇏReູ֒ੱބܢ০ᆦڱحࡗ֥ܱ༢bഺჅܢ০ᆟҦ൞ၛ൮༵ડቀ܄ඳሧࣁ୍֥ಃၭሧЧӮЧ,Dlູყ௹༯୍֥ܢ০ᆦڱح,POູ௴๙ܢླູԛؿ֥ׄܢ০ᆟҦb܄ඳ၇ऌಒק֥ቋࡄሧЧࢲܒ,ಒק֒భ֥൧ࡎ,Gູඥభૄܢܢ০֥Ӊ௹ᄹӉੱ,౼ॖӻ࿃ᄹӉੱ(ູ༯୍؇֥ሧࣁླਈބູડቀሧࣁླ෮ླᄹࡆ֥ܢתಃၭඔح,ӈඔ,ඔऌᆰࢤՖCSMARඔऌ९ࠆ౼b)ࡼඥު০ᇏડቀഈඍླު֥ഺჅ҆ٳႨটؿ٢୍֥֒གྷࣁܢؽaಃၭሧЧӮЧაܢ০ᆟҦ࣮০(ࠧܢ০ᆦڱحb)(၂)ဢЧ࿊౼ܢ০ᆦڱੱ,္ӫܢ༏ؿ٢ੱ,൞ᆷ࣪൬ၭᇏܢ০෮ᅝ֥бᇗbЧ໓ඔऌটჷႿݓνඔऌ९(CsMAR)200၂2009୍ّ֥႘܄ඳ֥ܢ০ٳᆟҦބܢ০ᆦڱି৯b࠹ෘೂ༯:ܢ০ᆦധਆ൧Aܢྐ༏ඌြ܄ඳ֥ඔऌ,طႮႿۥ֨ଆᆺ࠹ෘԛڱੱ၂ؿ٢ܢ০၂০ሹحx10%bطЧ໓Ԣਔॉ੮ܢ০ᆦڱ2001၂2009୍֥ඔऌbඔऌԩݖӱٳູਆն҆ٳ,၂҆ٳູಃੱຓ,ߎࡼᇗׄฐษܢ০ᆦڱحაሧЧӮЧ֥ܱ༢bܢ০ᆦڱح,ၭሧЧӮЧ֥ܙෘ,ਸ਼၂҆ٳູܢ০ᆦڱੱ,ܢ০ᆦڱح֥ཌྷ္ܱࠧૄܢܢ০,൞Ֆܢת֥࢘؇ԛؿ,࠺ܢתᆇᆞିଦ֥֞ܢඔऌ࠹ෘbᄝඔऌೱ࿊ݖӱᇏඔऌ౼ਆն҆ٳ֥ࢌࠢ,္ࠧೂݔ০ඔحbၛܢתൌ࠽֤֥֞ૄܢܢ০్ູದׄ,Ֆਸ਼၂۱൪࢘টᆺႵܙෘಃၭሧЧӮЧ֥ඔऌطીႵܢ০ᆦڱ౦ঃ֥ඔऌ,ࠇᆀॉ੮ܢ০ᆟҦ֥ᇅק൞ڎႵི,ࣉطฐษགྷࣁܢ০ᆟҦაಃၭሧᆺႵܢ০ᆦڱ౦ঃ֥ඔऌطીႵܙෘಃၭሧЧӮЧ֥ඔऌ,ᄵࡼЧӮЧ֥ܱ༢bཌྷႋಌാඔऌ܄ඳ֥ඔऌԢbัԢಌാඔऌ,ቋު֤֞ਔ418(ؽ)ಃၭሧЧӮЧۀඍ۱টሱྐ༏ඌြ܄ඳ֥ඔऌ(і1)і1ဢЧ୍؇ٳ୍҃؇200b2ඹ22004}ဢЧ۱ඔෑഐUഐ453϶֩2ඹӯඹུ414j(ؽ)ඔऌٳ༅(і,2і,,312)і2۲୍֥ಃၭሧЧӮЧaܢ০ᆦڱحބܢ০ᆦڱੱ୍ٺಃၭሧЧӮЧܢ০ᆦڱحܢ০ᆦڱੱ...20010072601045090379344...20020063500917840356149...20030074100755970220016...20040083400871350290865...20050079901603500462164...20060101201007600273741...20070134601621520240471...20080102001877810300810...20090122601767860294533TimesFࡆance245
1۲୍֥ಃၭሧЧӮЧaܢ০ᆦڱحބܢ০ᆦڱੱܱ༢1ّ႘֥൞ܢ০ᆦڱੱ,ܢ০ᆦڱحބಃၭሧЧӮЧෛሢߐൈ௹bՖ2004୍षၘႵཞAceሃureބ۽BM,ၛࠣႆ؇ڛༀ୍ٺᄹӉ֥э߄൝bᇶေॖၛ݂ࢲູၛ༯ࠫׄ:ิ܂അWiproᄝݓࡹ৫ࠇঔնਔຓЇࠎֹbაՎൈ,႗ࡱބ.1ಃၭሧЧӮЧ,ࠎЧᄝ.006ቐႷ֞.013ቐႷᆭࡗѯ,ຩ܄ඳೂ৳མބູඌ܄ඳᄝݓ࠽ഈ֥ᄹӉ္ᄝ٦ࣉ,ཌྷؓ໗קbඪૼྐ༏ඌఒြ๙ݖؿྛ௴๙ܢௐࠆ֤ሧࣁطڱԛطೈࡱ܄ඳೂޣఋೈࡱ္ᄝਵ֝ݓ࠽ೈࡱ൝ٚ૫ϲဆሢჟটჟ֥սࡎᄝ2001֞2009୍ࠎЧ໗ק,ࠧૄࠆ֤၂ჭ௴๙ܢܢ০ေᇗေ֥࢘bၛૌູսіᆜ۱ྛြ֥ܢ০ᆦڱੱԩᄝ၂۱ۚڱԛ֥սࡎᄝ.006֞.013ჭᆭࡗࢠ໗קѯbඣഈb200ຣ୍ᆜ۱ྛြ֥ݖಣ,֞2006୍ᄵ൞ӯགྷ၂۱ሱಖ.2ܢ০ᆦڱحཬږѯ,ሹุӯഈശ൝b݂֥߭ሑ,ܢ০ᆦڱੱႵ෮ࢆ֮,ਸ਼ຓߎॖି൞ႮႿ200ຣ୍Ӂ.3ܢ০ᆦڱੱᄝᆃ9୍ࡗնږ؇ѯ,ࠎЧӯགྷ၂۱W֥ି҂ቀ֝ᇁ2006୍۲ఒြٴٴঔնӁି,Ֆطሧࡆն֝ᇁܢ০൝,ࠫ۱ᇗေ֥ܮׄԛགྷᄝ,2003200ຣ,,20062008୍bࠎЧᆦڱࡨഒb൞࿖ሢᇗնࣜ࠶൙ࡱބྛြଽ֥ӱЗ൙ࡱ֥݅ࠖট֥bऎุ.4၇ॖၛुԛ۲୍֥ܢ০ᆦڱحनۚႿಃၭሧЧӮЧ,ඪೂ༯:2003୍֥ܢ০ᆦڱੱԩႿ9୍ࡗቋ֮ඣ,ᇶေ൞ႮႿ൳ૼఒြૄ୍ᆦڱ֥གྷࣁܢ০ඣۚႿ๙ݖؿྛ௴๙ܢௐࠆ֤ሧࢩᆸ֞2002୍ָֻ֥၂Ցܢಃٳᇂڿ۪֥႕ཙbط200ຣ୍֞ࣁطڱԛ֥սࡎ,Ֆطਔᆣૼఒြؿྛ௴๙ܢࣉྛವሧିܔᄝડ9୍ࡗפڂᄵ൞ၹູ֒ൈᇏݓ֥ྐ༏ඌြԩᄝ၂۱ࢨ؍ྟ֥ሇቀܢתေ֥ቋ֮Бԏੱ,ѩԷᄯԛ۷؟֥০ট߭Бܢתbі3۲ಃၭሧЧӮЧඣؓႋ֥ܢ০ᆦڱحބܢ০ᆦڱੱಃၭሧЧӮЧܢ০ᆦڱحܢ০ᆦڱੱ...0063500917840356149...0072601045090379344...0074100755970220016...007990160350462164...0083400871350290865...010120100760273741...010200187781030081...0122601767860294533...01346016215202404712۲ಃၭሧЧӮЧඣؓႋ֥ܢ০ᆦڱحބܢ০ᆦڱੱ֥эܱ༢246Ti~Finance
ຣ.Ⴎ.2ॖၛुԛ,ෛሢಃၭሧЧӮЧ֥ᄹࡆ,ܢ০ᆦڱحreturnsonstoeksandbondsJournalofFinanelalEeonomles,,1993֥эږ؇ޓཬ,ࠎЧ໗קᄝ.007֞.02ᆭࡗ,ඪૼഈ൧܄ඳࠧ.33ьᄝಃၭሧЧӮЧࡶᄹ֥౦ঃ༯,၇ಖౠཟႿ໗קᆦڱܢ০,ಞ}2rMeenakshlSlnha,JayanthlSunderandBhanskarznܢתିܔଦ֞໗ק֥གྷࣁܢ০ၛνஆರӈളࠃބླေ,ᆃဢ܄ඳSwamlnathan,payoutpolleyandCostofeaPltal,WorkingpaPer္ཟຓࢸԮղਔ၂۱܄ඳԩႿਅݺ໗קؿᅚሑ֥ྐݼ,ဢႮ2ॖၛुԛ,ᄝಃၭሧЧӮЧ־ᄹ֥౦ঃ༯,ܢ[s]ລ,܇ٚਊ.ሧЧӮЧaܢתҍڶაܢௐ൧ӆโ.ҍ߶০ᆦڱੱ֥ѯশൔྙbᆃඪૼಃၭሧЧӮЧؓܢ০ᆦڱੱ֥႕๙(ሸކϱ.,)2007(06)ཙമັ,܄ඳಒקܢ০ᆦڱੱൈ֥ᇶေॉ੮ၹ҂൞ಃၭሧЧӮ[#]ڈჾྋ.ࠎႿሧЧӮЧ֥ܢ০थҦٳ༅โ.ᇏနҍࣜն࿐Ч,ط۷؟ֹॖି൞ၛ༯ၹ:ఒြໃট֥ؿᅚ,෮ԩ֥ӮӉᇛ࿐Ҍ.,2007(03)௹,ఒြ֥ሧࠏ߶aԔሧି৯aሧЧࢲܒaܢ০֥ྐݼԮ־ۿିaࢹॻླྀၰࠣمੰཋᇅaܢתொݺa๙ࠊளᅮ֩bࠎࣁཛଢ:൮ࣜ࠶સၞն࿐࣮ള॓ԷྍሧᇹཛଢoࠎaࢲંႿሧЧӮЧ֥ݓഈ൧܄ඳܢ০ᆟҦٳ༅pbႮൌᆣඔऌॖၛुԛ,2001၂2009୍֥ܢ০ᆦڱحෙಖཬږэ,ᆜุ൞ӯഈശ൝֥bܢ০ᆦڱੱᄝᆃ9୍ࡗնږ؇ѯ,ቔᆀࡥࢺ:ዏ(198၂,)୯,ࡾ༆ێᇜದ,൮ࣜ࠶સԛགྷܮׄᇶေ൞൳֞ܢಃٳᇂڿ۪aᄝݓࡹ৫ࠇঔնਔຓЇࠎၞն࿐߶࠹࿐ჽ࣮ള,࣮ٚཟ:ҍༀܵ;࠱ब(1989၂,)ֹ֩oྐ༏ඌӁြն൙ࡱp႕ཙbՖᆀᆭࡗ֥ཌྷܱ༢টु,୯,฿ࣃದ,൮ࣜ࠶સၞն࿐߶࠹࿐ჽ࣮ള,࣮ٚཟ:ബ࠹;۲୍֥ܢ০ᆦڱحनۚႿಃၭሧЧӮЧ,ඪૼఒြؿྛ௴๙ܢࣉࡻᢞ(198၂,)୯,תౝ֛ದ,൮ࣜ࠶સၞն࿐߶࠹࿐ჽྛವሧିܔᄝડቀܢתေ֥ቋ֮Бԏੱ,ѩԷᄯԛ۷؟֥০࣮ള,࣮ٚཟ:ബ࠹;ਾလ(198၂,)ଳ,Кࣘದ,൮ࣜ࠶ট߭БܢתbෛሢಃၭሧЧӮЧ֥ᄹࡆܢ০ᆦڱح֥эږ؇ޓસၞն࿐࠹࿐ჽ࣮ള,࣮ٚཟ:࠹;ᅦࣁග(198၂,)ཬᆃ၂іགྷ,ॖၛԮղ܄ඳԩႿਅݺ໗קؿᅚሑ֥ྐݼbᄝಃଳ,ୡഫဝದ,൮ࣜ࠶સၞն࿐߶࠹࿐ჽ࣮ള,࣮ٚཟ:ၭሧЧӮЧ־ᄹ֥౦ঃ༯,ܢ০ᆦڱੱ֥ѯশൔྙ,ඪૼಃၭബ࠹;ޱႽѫ(198၂,)ଳ,ފଲྐဝದ,൮ࣜ࠶સၞն࿐ሧЧӮЧؓܢ০ᆦڱੱ֥႕ཙമັb࠹࿐ჽ࣮ള,࣮ٚཟ:࠹bҕॉ໓ང}.1rFamaEugene,KennethFrenehCommonrlskࠫetorsInthe(ᄳщࠠ:ਾࣖࣖ)(ഈࢤ2ֻ17်)ൌ࠽۽ቔᇏэඔࢠ؟ቋಒಪ֥҆ٳࣼ൞ࢹॻದሱႵሧࣁbದٜ൧aܢ൧֥ॖି,ᆃ൞ܵϷمૼಒ࣌ᆸ֥վॻႨbሧᅧ࠹ෘ܄ൔᇏሱႵሧࣁ֥ࠫᇕ࠹ෘٚم,൞ੀሧࣁվॻح؇ࣁ୳Ⴈ֥ऎุಀཟ,ॖၛ๙ݖٳ༅ఒြགྷࣁੀਈі,ࠇՖሧӁڵҩෘ֥ނྏ,ᆌؓ҂֥ఒြ࿊ᄴ҂֥ሱႵሧࣁ֥࠹ෘٚم൞ᅏіੀሧӁఃཛଢೂ؋௹ሧa҂ކ֥րขٮႨ,٤ੀሙಒҩෘੀሧࣁվॻح؇֥ܱbሧӁཛଢೂӉ௹ሧaܥקሧӁaྙሧӁ֩ཛଢᇏᅳჰၹbaؓ҂ҩෘࢲݔ֥ٳ༅ඹ൞ࢹॻದ֥ੀሧࣁվॻಌ१࠹ෘࢲݔູڵᆴbᄵඪૼఒൌ࠽ഈ҂ܵҐႨଧᇕҩෘٚم,ࠫެ҂ॖିაఒြൌ࠽ണြರӈࣜႏ۴Ч҂ླေվॻbοᅶࡓܵေ,ູਔၝᇅݖ؇൱ྐ౨֥ੀሧࣁվॻح؇ປಆ၂ᇁbؓ၂۱ఒြ,ҐႨ҂֥ҩ౦ঃ,ٝᆸఒြሱڿэվॻႨࠇᆀ୳Ⴈྐվሧࣁ,҂ି۳ᆃෘٚم,ੀሧࣁվॻ֥ླح؇္ॖି҂bᆌؓ҂ఒြ֥ဢ֥ఒြվॻbൌ࠽ြༀᇏ,թᄝࣜႏ౦ঃࢠݺ֥ఒြ,ఒြ౦ঃ,࿊ᄴൡކھఒြ֥ҩෘٚم,ॖၛҩෘ۷ሙಒ,္۷ಸЧദགྷࣁੀࢠູԉቀ,ᄝӁြ৽ᇏԩႿࢠ఼൝ֹ໊,൞۲ࡅഅြၞؿགྷఒြᆇᆞթᄝ֥໙ีb࠹ෘࢲݔࠎЧႵၛ༯ࠫᇕ౦ঃ:ၿྛᆚఽ֥Ⴊᇉग़,ؓᆃဢ֥ఒြվॻ,ڄགཌྷؓ൞ࢠཬ֥b၂൞ҩෘࢲݔնႿఒြണ౨ح؇bᆃᇕ౦ঃෙಖఒြണ౨حሸഈ෮ඍ,ᄝൌ࠽Ҡቔݖӱᇏ,ေྐվದჴ҂ିࣇअཋႿ؇ᄝҩෘࢲݔٓຶᆭଽ,္ژކၿࡓ߶֥ࡓܵေ,ᆃᇕ౦ঃఒြҍༀБіඔऌ,طေࡆ఼վభ࣐ᆯטҰ,۴ऌࢹॻದ֥ൌ࠽္ඪૼఒြॖିࠞ؇ಌكੀሧࣁ,ླေԔࢹնਈຓ҆ࢹॻbࣜႏ౦ঃ,ކ֥ٳ༅aႨaಒקඔऌ౼ᆴbᆌؓఒြളӁࣜൌ࠽ഈթᄝିണ౨վॻ֥ၿྛႮႿྐվح؇҂ቀ,ࠇᆀၿྛ္҂ႏหׄ,॓࿐ކҩෘఒြੀሧࣁᅝႨح,ѩၛՎູࠎԤಒקॖିοᅶҩෘ֥ࢲݔቀح۳Ⴭվॻ,ࢹॻದߎླေ๙ݖᄹࡆሱႵ҂ൈ௹ੀሧࣁվॻ֥ކླ,ቓ֞࠻Ⴕིડቀఒြᆞӈࣜሧࣁ֥ದ,ೂᄹࡆܢתದaႄࣉᅞሧᆀࠇ֞ఃၿྛᄜႏؓੀሧࣁվॻ֥ླ,ൈႻႵིٝᆸၹӑݖൌ࠽ླؿ٢ವሧ֩ࣥbೂݔఒြᄝః౻֡҂ିࢹ֞ቀح֥ሧࣁ,ఒြޓվॻط֝ᇁվॻሧࣁФ୳Ⴈ,ࣉطႵིٝٓྐվڄགbᄝҩෘൈ,ॖି૫ਢሧࣁ৽؎ਚ֥ڄགb҂ࣇေࡼᇶေᆷѓ؟ҩෘ୍ࠫ,ၛᆇൌّ႘ఒြᆷѓ֥ؿᅚэ߄ؽ൞ҩෘࢲݔაఒြണ౨ح؇ࠎЧ໖ކbᆃᇕ౦ঃປಆژކ൝ބൎඣ,ߎေਔࢳݓଽaݓ࠽ྛြ༵ࣉඣ,ьႿؓࡓܵေ,ྐվದჴ္ᄝӔᆃ၂ଢѓ୭৯,ൌ࠽ఒြປಆژఒြᆩ࠭ᆩд,ૼಒଢѓ,ղ֞࠻ژކࡓܵေႻିડቀఒြࢹކᆃᇕ౦ঃ֥ࢠഒbॻླ֥ଢ֥b൞ҩෘح؇ཬႿണ౨ح؇ࢲݔູᆞᆴbіૼࢹॻದЌӻರӈളӁࣜႏ෮ླሧࣁਈીႵണ౨֥ପહն,ླေॉ੮վॻ֥ൌቔᆀࡥࢺ:ѡ,ଳ,ݱቂ,ۅದ,Ч॓,ᇏࠩࣜ࠶ഽ,࠽Ⴈ൞ڎಆ҆൞ದളӁࣜႏ,൞ڎթᄝ୳ႨᇀܥקሧӁሧ࣮ٚཟ:ࣁವബ࠹b(ࢲކБіᇏ֥ܥקሧӁ॓ଢބᄝࡹ۽ӱ॓ଢࣉྛٳ༅,)മᇀ(ᄳщࠠ:ӧᖳ)TimesFࡆance247
