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1.9.2.

, 200 , XX . : . , , , XX . , . , . - XVIIIXIX .

, , , , . 1.2, . . ( ) . ' , , . , .

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    . , , , , , . , , ( .: [, 2004, . 262320]).

    : , , . , , . : , ; () , , , ; , , .

    , () , : (1) (utility theory), (2) (arbitrage pricing theory), (3) (theory of capital structure), (4) (portfolio theory and capital asset pricing model), (5) (option pricing theory) (6) (state-preference theory)1.

      1 [Copeland, Weston]; [, 2000]; (].

    . , . , , , . . 1.1 : 2. (, ), . ; ( 1930- ., , , ).

      2, ; , , , .

    , , . . XIX . , , .

    -- , .

    . (Charles Dow, 1851 1902), 1882 . Dow, Jones & , 3. 1889 . Wall Street Journal, . 1882 , , . .

      3 , . (Eddie Jones) . (Charles . Bergs trasser). . , , , , - , : , . , , , , Drexel, Morgan & Company, , ( - .) 1884 . -, . .

    . (Louis Bachelier) , . , 1900 ., , . , , .

    4. , (Alfred Cowles, 1891 1985), 1932 . . , , . ( - ), . .

      4 (Econometric Society) 1929 . . (Joseph Schumpeter, 18831950). . (Irving Fisher, 18671947) , , .

    . (John Burr Williams), , 1937 ., DCF- ( . 16.8) . . (Harry Markowitz, . 1927), 1950- . . , , . , 1964 . , (William Sharpe, . 1934) , ( . 20.3).

    . , , , , . .

    , , , . ( : ), . (Franco Modigliani, . 1918) . (Merton Miller, . 1923), 1958 . , [Modigliani, Miller, 1958].

    , XX ., - , : . , 1958 , , . (Thomas , Copeland) . (J. Fred Weston) , , ( ) (,: [Copeland, Weston, . ]).

    , . (Fischer Black), . (John Lintner), , (Robert Merton), . (Jan Mossin), . (Myron Scholes), . (James Tobin, 19182002), . (Jack Treynor, . 1930), . (Eugene Fama), . - Hirshleifer), . (William Sharpe, . 1934), 5. , , ; , , .

      5 , , , . 1981 . , , ; . 1985 . ; . , , . 1990 . ; . , 1997 . . , , . , ( . ).

     

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