ÝÊÎÍÎÌÈ×ÅÑÊÀß ÒÅÎÐÈß ÐÛÍÎÊ È ÈÍÑÒÈÒÓÖÈÎÍÀËÜÍÀß

advertisement
ÝÊÎÍÎÌÈ×ÅÑÊÀß ÒÅÎÐÈß
ÐÛÍÎÊ È ÈÍÑÒÈÒÓÖÈÎÍÀËÜÍÀß
ÎÐÃÀÍÈÇÀÖÈß ÐÛÍÎ×ÍÎÃÎ
ÏÎÂÅÄÅÍÈß
ǬțȉȖȊȈȆȓȐȧǰȋȖȘȍȊȕȈ
!""
"
"
#$%&'()*+,-)./0%
1 2 !3 !1
4 5 2!4 366 2! !16
41
DzȓȦȟȍȊȣȍ șȓȖȊȈ 366 !164673!
366 !16 "36
6!136"36
86 6!66 29 7:;;<;;+
36
!""
"36=6
6!66
26 2 !! !6>
3!1 4 5 ?
6372>:2
23!6
27!>
2 " 7 : 23!6 27!6<"
@
7 2 7!! 74 3!
3A623!374
2 6!1 " < 2: !1 363 : = 2 > 77!1 31 366 :"
23!62
67A
5 6 7 2
! 3 2!>2: 3!1
6 22!
246 2" 23!6 7A
5!36236
=3! 6!1 "3> 23 !3>2
34>3:
56>5>
23B72!6:5
ǹǶǪǸǭǴǭǵǵǨȇȅDzǶǵǶǴǰDzǨǷǸǶǩdzǭǴȃǰǸǭȀǭǵǰȇ
2>5
=
451
!2663732!6C
242!
<"!>
2
2
2!6""
!
! 7!
2!1362!
3
DEFGF<FHH""I
DJ5!!EFK<FLK""I
M8
< 6!7 6 6 2!41 2>6 2
2>6 2 ! 6
" !
2
2!2""!17
:>>!"
716M 2! 6 2!6 2> 7
7!
D"!
:EFN<F""I
"
6 2!6 " MM 363 :
2 2
2!6 B 2!6 7
6
> "22 !> 2>4 ! 56 3
!>>4!
22!>7"
B 2 2! :
6!1
7
= 6! 4 5 : 1 3
" 26 M
M 3 2 7!
E-)0OPQI37
4!66
7746 <
5 : !>1 >4 2 23
2!6727!6B2
!:"
3 6 " 2!13
3737:63
746 " 56
!>>R
< 56 63 226 " "3631:67A
4!66
#
<7222637:#
<22!1367!37:#
<
562
22!2#
< 2 6 2!6
!>>4 76 !> 7: "
23!6
8
2 2! !6 !" 6 8 4! !6 366 :!
3 5 7! 7!! 7A
366 2!13
" 7# 3 "!
23
2
#"
7 366 # !1" " 726 36>4 !3
64 6 "6 !1 !
B
2!!""!:>4
2 !"# 2!6 7
"2
!6 22!1# 56 !1
6!1 < "!1 3
23
!
" !1
3623366!1
2>223
63 !1 3 27 7 !
72>4 !3 5 @
!6 : 3!1 "22 =6 63 74 ! 366 72>4 63 !66R
F 8!36 "73 7 E 2
"I = 4! "
!677!>12!!112
13
57!2
36
36232""
!6=13"6
2
76!66"!>4627
7
2>#!1362!"16
2!3M362
7M
C3
67A6
!R
!"#
23#
6"22
!>6337
2" 3
!1 266 2!: 2
2 366 2 7>6
2 > 7!> "73 7 366 2
>4 46 !1" 2!136 2! 3
> 2
2 ! 1
24
>2!"
2!35226
C41
7!2!26!66"
6:5
666R
FS
6"!6"23B26!6
ǹǶǪǸǭǴǭǵǵǨȇȅDzǶǵǶǴǰDzǨǷǸǶǩdzǭǴȃǰǸǭȀǭǵǰȇ
62223!56>57
"2325> 3!123
416
C!>46 6 = 2: 23! 4>233
>3::6
3:
26
!"56
"3
S
6!674323"2
3 B
6 : 1 !
6 73" 23 E
" 2
2!1 7 6 2!1" 2!:6 23 !6 !1
23!63!1:I
K8"!>46
6C241>
!>6
22
237
N S
6 3 36 :3 !3 2
2 2!6 C 241> " 36 2
7: 74" 23 :327 " ! 3 " 4!66
623!
S!1"3"266!6>6
366
23!3
>6 ! 2
26
22!
! 366 66R
3 ! 2
!" 2 "22
27!#
4
!13
A>
#2!
23 !" 6 3 27 2!1 !1
2
2!# 72 7# 2
2 !3 2
# 3 6!1 " #
"36 !!1
23 6!1
!1> 36 2
# 2! 22
!
6!12:62!
J!"
6 366 63 " 2!6 7! 5
7A
!6 " 2
!1
76 3
!>
!13C366<
2 3 !6 726
7"227!6
4
A>
746
!36 < !6 36 !" 22
<
!16"36646232
3!1 26
8 366 !1" 26 ! !1
3<3522
"26!136"36
83662!4>756
7! 2!13>6 7!15
2 2: " 2 23!6> 51 27! 7! !1 !1 2!13
7 23 3: 3: 2 2!1 > 6!11 22!"
36
A>
"!
366 >4 2!> "3> "6 6!6>6 !1 46 73
23!6>4 2!1 2 : 5 6!1
ǹǶǪǸǭǴǭǵǵǨȇȅDzǶǵǶǴǰDzǨǷǸǶǩdzǭǴȃǰǸǭȀǭǵǰȇ
MARKET AND INSTITUTIONAL
MANAGEMENT OF MARKET BEHAVIOR
'XERYD<XOL\D,JRUHYQD
UV$'WXY'Z'-[\]]'Y.)QPU0'WP]]'0'WQVP^V).0'W_'0/`XY'Z'-[
)Z`XY'Z'-.YaVP'0['Wb'/c'c0)`dQ)QPaPYVZ.Y)/*Z.(P0].Q[#
$%&'()*+,-)./0%
aVP'0PQ.Y)/)Z)/[].]'WQVP.Z]Q.Q%Q.'Z)/Z)Q%0P'W-)0OPQ0P/)Q.'Z]e)]
Y'Z`%YQP`.ZQVP)0Q.Y/PP-&'`.P`.Z-)0OPQ&)]P`-PQV'`]'W-)Z)c.Zc`PQP0-.ZP`QVP.0.Z]Q.Q%Q.'Z)/Z)Q%0P
.H\ZRUGV-)0OPQ-)0OPQ-PQV'`]'W-)Z)c.Zc-)0OPQ-'`P/'W
PY'Z'-.Y.ZQP0)YQ.'Z
Download