- Foacfeig Masson pe we czeroencfpeebene iva Foe a is corel og Kuk, we dl we weed the mow ae for pou of watnin Me taxman 700 windbndlan ATR, ¢ pi Oe to 40 20 % 30 AO “40 60 sor ee. at 2 Zoo got? anos? esto agi 500 q06"0 oe oF {fae then we Aseee cok foo oplemnatpeerfolze_ 4 Pate Seeibree! Reba ta) bye Ream ofeeanty soy, Tero Security, Cate. fy = Relea af Gecensty 2. iy f Aavertment Gees Seesltyt on * Retean tay i puccege or Fens oe ip weiged OF Sceesuty2 9. arabe scegot) rr Rete of Peotfenb, Catentate thw Retunuap tue Porcegovis = WIA 4 bef TY Ketan « QMO TOFKIS 2 BH WT igayzy, ee =A Cap) or BORD ~Goposens Recerned, of Potfoin. ©) ~ whan Three, l Rp = WR 4 2 & + Wea, 1) Secsitiy Coe. _ Rpx WR tive Rpt MgRot =~ - =. tltyRn. Mad Yeard Yeau3 Yeast Year Years yemrt Yea Oty ian 81 OR a ey, Hordenks Gf Ne at Be Dt oy hy. by 8 bw 6 ik g 6 4 6 3 As Pe A8 tn oe a) er 3 6 3 9 q 7 7 49 aoa "h. B. 4 + / [ow x fp PollReorw dapants upon lhe katateen between them, yore ae pe of 8 shatirees. 1 = xX ew En |i in 4, c0%12 | ct aye ET o [utah we Fane 90 as oS F 4201 _ we at We- Jnana? : pe sep caseutere OH ROK Of tH A . to Passsauste © 46019244 ae acer gy 18H ee yew oly MEAT OE algo) ‘7 aaa ane *. 3 ‘ copy VY 6 4 ' A F BF apy 2a wee) + eoupye 1509 geo +3244 72D > eee . (ested Hy] = ae 2 (05)%4 (0:6) (0:5) 460" oayelorb + J e a opys ot. 2 OWE + (6:24) (o-0F) 0-043 400} 1s DAL FOU — 90432. : ahopa <° 0:96 — 0 OY3L b | Pewasaadinn = 4013 = glee : 3 ros Gael oe yes WY. Nery sig ; = beta fi (014) (soF + 0-%) (207° al9Y)(0%) GA Pe 4604 3 i } ih > my + (- 430) : be Ht 2 AR Ye . , te aL. Op Lp = lOsauratete OH RAK OF WH Pntfetio anlhe abou q HF v= 0-6 Prasaee * foot 924 4 492 1 = se op Vise = 34, BF apy 2a wipe OOO geo +324 ¢ 12D > Ew. UY — Myj.- * —F: Pyarroiece, of pyro! Pyaesine bate goa naca? 4 ye Ew pihe™ atopy = Juasasdrw 2 4 ot sy Ws just NED = 20-10 /' i oa. ** —— sy oe om, 6— 26-4 at 4 A.sent ; fp oobi 3 Heh eet sabe ea ay SmOEee cafe wt 2m G Avantandep ree - ss, cu a pe iB Hae 88D 4 Dmywacovie + ZeesVe8 F onuate 2 SPitgt tubhec t “ES git OO" 8) G. Laseot - an | gente’, OV aps bE Fowl AA | alae | ortae % Ape wifi 4 waht wakes 44, ashonte P= ODTERA CNS asians P geovipt 2ubgtogcrs 2 (os) tosye) +2 s 2 cw utete ubodtubed + ape + 20 unm cy + Daan t Bea gining + DHMH Tp Avaboutep. : sl 2 ROTH SDA NT 2 oF q «dew = panstev BR quate’, OV ae OS wees ty w Covege 36. ; ; settee, OF 4 steed EHH 4 ZENON (YD) + 2 (63) (ws faq) + 2 (05) (02) (309 - ROE SDF WAST TGC AR ATTA 2a wy edn = 'ygast: peraleuctnce He Qh of Me pote, Alem te aE Covance walt fou Wee Keeurrting | ST a ¥ 4 ___t_ 7 ry ow A Aa ie tw} (aan ie op CW oy Ee ae =O)" (4am 4 oa? (1 oar CH) 4 2 38)(0%5) yp (029) (0-48) (ens) 4 AKo-te)(o-v0) (4 - r) > SAO 4 ay +39 R33: 4 44 +3316 > Mane Pe Tagine ? WOE I-94, daemon f penne catetctaen ine SAK Of Me. pentiuin, nee f sta fean Lsecn la eeoeatum — Lace ee 035 : Bott ' 18 uy 4 rae Hh Oy oy R 0-40 4 a bs l O35r ose enpanentinr os req Tp Yy = (oA) (4) Tae wigs C24) UEDA y 5a b 2 Os) CD) =a. wrt + Gas)” (ey +O uot Capa 2(0:38)(020004) wor P8, coy (7 @ qos Dree fe +2 (ow) g)esa 6) + 200" mee’ 2 ¢.ooas 4 164 12 1964 18 t Ire srs 29 = 65-4 tp Aes 1 2 904"): d conetasipo Sod, Ment eens ‘ _ oes ea boo 8 a6 (040) 4 ro BT ¢ ir 90 ony tauren aoe Au OP We podtfotve « ; ze eh eee |a + (090) (48)(e) = -605 e Be + Cos) (8s) Ete) 2904-9 te Comey (WD! a0’ wenaer pe TOY OWT +0 FUP 2 iryosy Cus, “+ R(e9} (05) (ang) 4 ROBO) (a50 4) * 83109) Steg WET (-=941e0)+ toot 4 Ura > 362-558. Tp fares ARLE OSL = (e207. 4 a Secu 5 Felgen eyo 3 kenlgy. ; BAe 03 tase ane op delet = arom Dee LF sf ee ees ace ae WML OP cout PCERS. FeRE a)oe: Fe EDIT 500 050 < {2 60000 gi ie | coun _90. 000 per tte | ly 20 OD low 5 60 ovv watts eg (OEY Fem | > 60007 e ort = OH o-oaRe) 0 (78 = ay equa + '§ 60 SOD. - Oe ener | a] ee te, | = ey se | aad : witenert 5 ee oo we rom * aan = = vais, bel ton a ec oly yaa of fers - GC000D = eine oletr a a © 46 60195 Cadet 8 oD OD _ 36 6014S” Eeei ; Ia | popar Hemsod ne ayepras onto) ee) | ae, © 50 000 Ale ils | Pie! sane One 560 000 he oP : Yeti __beo ov) m9 Ce mee pee 560.60) 0, 6.00000 ae 20d - 640000 ‘ aonvoespers aes is pany * 640 2p opeas OnITS ie ce ols | 2 029% ates wi Ha aos ger | eer, =) Leo t Ae 0- | boon ot uae | oe + oO Forme | a | = 46 65 630 = OC Foo od a - 39 OS 68D Barre. apie? oS oO ——— ew g mm wD 34 40740 —>—PCr’ eit [Boo ODv yond eo 4 11 Q0 ©OO - Ay 360 C00 Pet 560 700° of? ake Seta oo 5b0 Ov af 24iety > COV vane oy = 4oorevv- EnDsed >Fae — The Secateo of cuwechmert 8 the ax? of deverstpecater? petween ne secceneves aeapencecl teen AUGK factor Maden Forefobernernt Hades Hokortle: gcceokcen) rostfotio oppose SOF uthe ayn tore Of porerforw an. cretere Zan ite Be best fico wus < eptenat, postfetwo . Rectfevie Sotcetron / Pocus Covsinn efter @ Ponefouia theekres D Txadict cone Poreefolie Theorey 8) Meetern Roxefoldo Tocorty Posten fescefetia here (MPT) > 1 atenpli to mavimaatien ofponefeuw ex ,sotiesa fo a. anak jot 1a i t” ona sage poabeee: socunesey Unpelr > Renan! Fy Rok Lf > covets Sty > 0 sapien feu sD Risk Avestusn aFonety Holey Peecod. i8 gorocantine Fuk of exch parrap gececeetces b ds cedsade Ree ey wae eee ips HE EME * We Rat =~ * 4hinRo pt 2 Wp = Wee * Propotian G9)(2) (0-44) = 1964 2. B+ he 2 wns un = Jontex+O97 Fale dae ) pene cae = | png + 856 @-3:1995° zaq 0-498} 2 0 JOLG 2% d Qf wr aud w 7. & oeKIS4 0-2*4 feta = Ze teak? = ie2 | | porme - [io @Or(r AVE pon) | ean - 2 geri + ole — 18S tie 2 4.9664")(wr? tunimum Vasaante Ponbfetr pean 4 tse wh top Tras a pocefoue whet we pnkoum vanaitt yorfos can pe crceataced 0% fromecta mecwawet wy pf spate “en once a can be \ > \ ® y= Se ane fouoeserg cneggpeuent corse ie \ RAIS) towxeetaliwo 2 opepfeceuntt yaa Or. » spyastaunte (tovys)) <0 * “10: ® (ay - on Bh \Y a \ bw A> Gy? alah — OW wo. Le pm! ee ORLA. 31-39 > 0-/p24. B> BAD. Mug = | - 0-11M = OFF:— aco weno Fostfotvo | Bean 7 700- er cat nabreucted, tre fetrouing 0 pos te satus feed, a seolation pean ie D Woe 1-4 OR 2) betueen he two secuerceltees wet be —4 p and 131 « secercel rend neces As IBF ot oad ae ee a 507 paspeeeevey between oud =) 4 af money to ve anvested ed ae B to tae Beek Of He port forsn a0usbe Be70 Seoueety pie Wo en pt fone | | conttley 4 8 i ‘ Ie ay: eon Ie | eh (50), co i. we eo ee gle asses | a Hiro?) y Wr 2 J-eov - wor tO | ' Now h (oy + RP LOV ” OE bg ow Gott (Ff BID GOT | in (SOU a bo- a Hane e Moti: = ? i i al& loo cantor coy xostoden) of wre - - 298 = fo : | Hew sea ae ; Poxtfocre oceeeeet a rening ee cre opportunity #28 sepa et eget ines geese rank Se ws dept: Fon eur operat pasfetin weer the Resp of sion- get : : SE pgutert poet asthe one telieh poeovedles leaat sek foo a qo eco ae cqqeiond poreefetve as the wegen ask, re qpeeene ¢ postfecio aemihates enefpiccent Holo qu we eppeecent ee Lis en Hoe noath aveat boundary of 1 potfoue opportune see ome ohich proces mrenercaan $00IO © Eg age wens of ane the pte erie pg es at | yi an he seep #4 | ae magn eeey eon © ys : sosiout be posnt of tangy cg pea fof ee oe nt y ae feeMatheurte ae Bimal Fuodaa tlie ees $0 firich tweyy | plone posfolie temeotine sof Makoutinttt | > > iasge ramibi of cupat hae pequiced foleHasakout2 wroeiep 10 ken — 10 to futk, — 10 Ls Ie eovarraaree — 45 oe ant ney | No of oxputs pogensteds Haskouite medel= an +N) os Se seeutey sti, watcone va-the porfotio te eapiste win alho mmetence 7 Moskecorte rece wusouner cwmplex cabeuetabeins 7 T Lack practioad implications doypetsy the umidatin Ads Ihe fixe promooy study | i *vemenb evel Haake te mectet suneunk of input 3 4 > Ht covariate heteven Ihe gocerrteees ye woes on He maser ds cowecrard wetnthe cndicet eh the of stock war pestoge x= HON wehivon Wr| let > Tres niet has | > Tus model | atk secs ase. ppeecee fey t moverrent an Ge market 4odex this model ayes nto aeceul the. co- movonent Steck > Hoate » Wt the market tnten. a > mate apices He fetoirg eeivates for 0 afin a Block Keetuin. pe 7 mambo of Apha stinalte.* c Fm ruumbek of ito (p) enfertaes >on numbed. of Sesidunl, vaMannty s ? ae 7 asker, Rettssn Cras Relea) > isk of ste ander: (vance) “ty: z x insted on 0 polio enunter oF 2 a |* Tp apo seewectoes ieee sin non? Ri | 5 Baty? = GOL 2 guna of ie Se te. | aac ee na a i asa Se coeur Dt Iaabsat | fe pois anagem pe wage?