?? ????????????????? ????? ???????? ??? ??????? ???????????? ?? ????? ? ????? ????????? ??? ???????? ?????? ??? ??????????? ????????? (underlying factor) ? ????? ????????????? ????????? ???? ????? (Sharpe,1963).? ?????? ??? ?????? ???? ???????? ?? ????????? ??????? ???????????? ???????????, ????? ??? ??? ?????? ????????? ???? ?? ??????????? ??????????????? ???? ???????? ????????. ??????? ?? ??? ??????? ??? ??????????????????? ??????: ???????????? ????? ????? ?? ????????? ???? ?? ????? ??? ???????????????? ??? ?????????? ?????? ?????????????? ?????????????? ???. ? ?????????? ????????????? ????? ??? ????????????????? ?????? ???? ?????????? ???? ? ?????????? , ?? ?????? ??????, ??????? ??? ?????? , ?? ?????????? ?.??.
?? ?????????? ????????? ??? ??????????????? ??????????? ?????????????? , ?? ??? ?????? ???? ?????????????? ,????????????? ???? ???? ??? ??? ?? ???????? ?????????? ??????.”1? ?????????? ????? ??? ??????? ??? ???????????? ???????????? ??? ???????????????? ????????? ?????? ?????? ?? ???????? ?? ? ?????????????????? ??? ?????? ??? ??????? ? ?????????? ?????? ??? ???? ??????????? ???????? ????? ??????? ???????? ???????? ??? ???????? ? ???????????? ????? ??????.????????? ? ????????? ?????????? ??? ???????????? ???????? ?????? ??? ???????????? ??? ???????????? ????????????? ??? ???? ????????? , ??????????? ? ?????????? ??????? .
???????????? ? ?????????? ????? ????????? ??? ?? ??? ???????????????. ??????? ?? ??? (Mishkin,1992) ? ????????????????? ????? ????? ??? ????????? ??? ???????????????????????? ? ????? ??? ?????????? ???? ?? ???????? ??? ????????????????? ????????? ?? ??? ??????? ???? ???????????? ?? ?????????????? ????? ???? ??????????? ?????????? ????????????????????.?? ????????? ???? ?????? ??????????? ?? ??? ???? ???????????????? ??? ??????????? ??? ??? ???????? ??????????? ??? ????????? . ????????? ??? ?????????????????? ?????? ???????????????? ?? ???? ????????????????????:· ?????? , ? ???????? ?????? ????????? ???????????? ??? ? ???????????? ?????, ???? ????? ? ????? ???? ????? ??? ???????.· ?? ????????? ????????? ?????? ??? ????? ???????????? ???????? ????????? ????????? ?? ?????????? ??? ?? ?????.
· ?? ???????? ??????????? ??? ?????????? ?????????????????? ?????? ??? ?????? ??????????? ?????? ??? ?????.· ?? ?????????????????? ???????????? ?????? ??? ????????????? ????? , ?????? ?? ????????? ?????? ??????????? ?????? ?????????????????? ?????????. ???? ???????? ??? ???? ??? ?????? ?????????????? ???????? ?? ??????????? ????? ?????? ???? , ?????? ? ??? ???? ???????? ? ???????? ?????? ???????? ??? ??????? ????? ???? ?????????? ????????????? ? ??????????? ???????? ?????? ??? ??? ??? ??? ????? ???? ?????????????? ??? ? ???? ????.· ? ?????? ??? ??????????? ???? ????? ???????????? ?????? ?? ?????????? ?????? ??? ?????? ??? ???????????? ????? ??? ???????? ????????? , ???? ??????????? ??? ??????????? ??? ? ?????????? ???? ????? ?????.1????????? ? (2012) ”?????????? ????? ???? ??????: ??? ??????? ??? ??? ????;???????????? https://dspace.lib.uom.gr/bitstream/2159/15189/3/SeretidouDimitraMsc2012.pdf