Estructuración de un ETF Small Caps como alternativa de inversión
| Autor | Lady Katherine Camacho, Karen Lizbet Hurtado, Catalina del Mar, Silva Bello |
| Páginas | 146-172 |
146 Εστρυχτυραχι⌠ν δε υν ΕΤΦ Σµαλλ Χαπσ χοµο αλτερνατιϖα δε ινϖερσι⌠ν
Ινϖεστιγαχι⌠ν
KUUP"Rtkpv
KUUP"*G+
jvvr<11eqpvgzvq0wiec0gfw0eq
Ρεϖιστα
Ncf{""Mcvjgtkpg"Ecocejq,
Mctgp"Nk¦dgv"Jwtvcfq,"
Uknxc"Dgnnq"Ecvcnkpc"fgn"Oct,"
,Kpigpkgtqu"Þpcpekgtqu"fg"nc"
Wpkxgtukfcf"Rknqvq"fg"Eqnqodkc."
Kpvgitcpvgu"fgn"Ugoknngtq"fg"
Kpxguvkicek„p"Crnkecfc"gp"
Iguvk„p"fg"Rcvtkoqpkq"
Tgekdkfq
Tgxkucfq
Cegrvcfq
Χορρεσπονδενχια δε αυτορ:
ecvcoct56Bjqvockn0eqo
Æ"4236" Wpkxgtukfcf"Nc" Itcp"Eq/
nqodkc0"Guvg"gu"wp"ctvewnq"fg"ce/
eguq"cdkgtvq." fkuvtkdwkfq" dclq" nqu"
vfitokpqu" fg" nc" nkegpekc" Χρεατιϖε
Χοµµονσ Αττριβυτιον Λιχενσε."swg"
rgtokvg"gn"wuq" knkokvcfq."fkuvtkdw/
ek„p"{" tgrtqfweek„p" gp"ewcnswkgt"
ogfkq."ukgortg"swg"gn"cwvqt"qtkik/
pcn"{"nc"hwgpvg"ug"cetgfkvgp0
Χ⌠µο χιταρ:
Ecocejq."N0."Jwtvcfq." M"{" Dgnnq."
E0" *4236+0" Guvtwevwtcek„p" fg" wp"
ΕΤΦ Σµαλλ Χαπσ eqoq"cnvgtpcvkxc"
fg"kpxgtuk„p"0"Χοντεξτο"50"368/394
Εστρυχτυραχι⌠ν δε υν ΕΤΦ Σµαλλ Χαπσ χοµο αλτερνατιϖα δε
ινϖερσι⌠ν1
Gp"guvg"fqewogpvq"ug"qdugtxc"rtkpekrcnogpvg"nc"iguvk„p"rcukxc""swg"ug"tgcnk¦c"
gp"nc" " tfirnkec" fg" wp" pfkeg" dwtuƒvkn." gp" rtkogt" nwict" ug" fgdg" ogpekqpct" " swg"
λοσ Εξχηανγε Τραδεδ Φυνδ" *GVH+"jcp"vgpkfq" wp"itcp"korcevq" cn"pkxgn" owpfkcn"
{c" swg" guvqu" rgtokvgp" nc" eqpuvtweek„p" fg" wp" rqtvchqnkq" fg" kpxgtuk„p" swg" fc"
ceeguq"c" nqu"ogtecfqu." eqp" wpc"guvtwevwtc" fg"dclqu" equvqu"{" eqp" rqnvkecu"fg""
cfokpkuvtcek„p"swg"nq" jcegp"oƒu"cvtcevkxq" c"nc" jqtc"fg"tgcnk¦ct" wpc"kpxgtuk„p."
uwu"tgpvcdknkfcfgu"guvƒp"cvcfcu"cn"eqorqtvcokgpvq"fg"nqu"rtgekqu"fg"nqu"cevkxqu"
rqt"nqu" swg" ug" gpewgpvtc"eqorwguvq." gp" guvg"ecuq" ugtƒ" gn" pfkeg"EQNUE" swg"
ug" gpewgpvtc" kpxgtvkfq" gp" 37" gortgucu" fg" dclc" ecrkvcnk¦cek„p" dwtuƒvkn0" Nc"
guvtwevwtcek„p"fg"wp"GVH"fg"Σµαλλ Χαπσ rwgfg"ugt"wp"tghgtgpvg"rctc"korwnuct"c"
nqu"cigpvgu"c"kpxgtvkt"gp"gortgucu"fg"dclc"ecrkvcnk¦cek„p."rwguvq"swg"ng"rgtokvg"
c"nqu"kpxgtukqpkuvcu"swg"vkgpgp"wp"rgtÞn"fg"tkguiq"cnvq"dgpgÞekctug"fg"ncu"dwgpcu"
tgpvcdknkfcfgu" swg" rwgfgp" igpgtct" guvg" vkrq" fg" gortgucu" swg" eqvk¦cp" gp" nc"
Dqnuc"fg" Xcnqtgu"fg"Eqnqodkc0" Hkpcnogpvg."eqoq" guvg"rtqfwevq"rwgfg" eqvk¦ct"
gp"dqnuc"fg"nc"okuoc"ocpgtc"swg"wpc"ceek„p."ug"rqftƒ"eqortct"{"xgpfgt"gp"gn"
fc"c"wp"rtgekq"fgvgtokpcfq"gp"ecfc"kpuvcpvg"fgn"ogtecfq0"
Παλαβρασ χλαϖε:"GVH."hqpfq"dwtuƒvkn."tgpvcdknkfcf."Σµαλλ Χαπσ, Τραχκινγ Ερρορ.
Στρυχτυρινγ α Σµαλλ Χαπσ ΕΤΦ ασ αν ινϖεστµεντ αλτερνατιϖε
Vjku" fqewogpv" ockpn{" ujqyu" rcuukxg" ocpcigogpv" rgthqtogf" kp" tgrnkecvkpi"
c"uvqem" octmgv" kpfkecvqt=" Þtuvn{."kv" ujqwnf" dg"ogpvkqpgf" vjcv" GVH" *Gzejcpig"
Vtcfgf"Hwpfu+"jcxg"ecwugf"c"itgcv"korcev"yqtnfykfg"ukpeg"vjg{"cnnqy"etgcvkqp"
qh"c"rqtvhqnkq"vjcv"rtqxkfgu"ceeguu"vq"octmgvu.""vjtqwij"c"nqy"equv"uvtwevwtg"cpf"
ocpcigogpv"rqnkekgu"yjkej"ocmg"kv"oqtg"cvvtcevkxg"cv"vjg" vkog"qh"kpxguvkpi="kvu"
rtqÞvcdknkv{"ku" nkpmgf"vq" "rgthqtocpeg" qh"cuugvu" rtkeg" kv"ku" eqorqugf"qh." kp"vjku"
ecug" vjg" EQNUE" eqorqugf" qh" 37" uvqem" octmgv"nqy" ecrkvcnk¦cvkqp" eqorcpkgu0""
Etgcvkpi"cp" Uocnn"Ecru" GVH"eqwnf" dg"c" tghgtgpeg"vq" ftkxg"cigpvu" vq"kpxguv" kp"
nqy"ecrkvcnk¦cvkqp"eqorcpkgu"ukpeg"kv""rtqxkfgu"iqqf"rtqÞvcdknkv{"wpfgt"""okpkocn"
tkum."cpf"kp"cffkvkqp."kv"oc{"dg"pgiqvkcvgf"qp"vjg"uvqem"gzejcpig"nkmg"c"ujctg."d{"
rwtejcukpi"cpf"ugnnkpi"qp"vjg"fc{"cv"c"fgvgtokpgf"rtkeg"cv"gcej"vkog"kp"octmgv0"
Κεψωορδσ:""GVH=""Uvqem"Octmgv"Hwpf."RtqÞvcdknkv{."Uocnn"Ecru."Vtcemkpi"Gttqt0
30"Guvg"ctvewnq"jceg""rctvg"fgn"fgucttqnnq"fgn"rtq{gevq"fg"kpxguvkicek„p"fgpqokpcfq"ÑKpxguvkicek„p"
Crnkecfc"gp"Iguvk„p"fg"Rcvtkoqpkq"c‚q"4236Ò"fg"nc"Wpkxgtukfcf"Rknqvq"fg"Eqnqodkc"
147
Εστρυχτυραχι⌠ν δε υν ΕΤΦ Σµαλλ Χαπσ χοµο αλτερνατιϖα δε ινϖερσι⌠ν
Ιντροδυχχι⌠ν
Gn" rtgugpvg" vtcdclq" ug" tgcnk¦c" eqp" gn" Þp" fg"
guvtwevwtct" wp" hqpfq" dwtuƒvkn" q" Εξχηανγε Τραδεδ
Φυνδ" *gp" cfgncpvg" GVH+" fgn" pfkeg" EQNUE."
rctc" rqfgt" hceknkvct" c" nqu" kpxgtukqpkuvcu" wpc"
tgpvcdknkfcf"ukoknct0"Guvc"tgpvcdknkfcf" guvƒ"fcfc"
rqt" gn" eqorqtvcokgpvq" fg" ncu" ceekqpgu" swg"
eqorqpgp" fkejq" pfkeg0" Eqp" gn" Þp" swg" gn" hqpfq"
dwtuƒvkn" ugc" pgiqekcfq" eqoq" wpc" ceek„p" gp" gn"
ogtecfq" eqnqodkcpq." gu" fgekt" swg" ug" rqftc"
xgpfgt"q" eqortct" gp" ewcnswkgt" oqogpvq"swg" gn"
kpxgtukqpkuvc"fgugg"jcegtnq0
Vgpkgpfq" gp" ewgpvc" ncu" ogvqfqnqicu" fg"
kpxguvkicek„p" swg" gzkuvgp." guvg" rtq{gevq" ug"
χεντρα εν δεσαρρολλαρ υν εστυδιο χυαντιτατιϖο
swg"rtqrqtekqpg" wpc" cnvgtpcvkxc"fg" kpxgtuk„p" gp"
ncu" gortgucu" eqvk¦cfcu" fg" dclc" ecrkvcnk¦cek„p"
dwtuƒvkn."tgcnk¦cpfq"wpc"ogfkek„p"fgn"tkguiq"{" fg"
tgpvcdknkfcf." cewfkgpfq" cu" cn" ofivqfq" dcucfq"
gp" eqttgncek„p" swg" ogpekqpc" gn" jgejq" swg"
ÑGzkuvgp" tgncekqpgu" gpvtg" ncu" xctkcdngu" cpvgu" {"
fgurwfiu"fg"wp"uweguq0"UkipkÞec"gurgtct"swg"cniq"
qewttc" rctc" guvwfkctnq." ukgortg" egpvtcfq" gp" gn"
ghgevqÒ0"*Ctkuvk¦cdcn." 422: 69+0" Guvc" eqttgncek„p"
gu" gxkfgpvg" gpvtg" gn" eqorqtvcokgpvq" fgn" pfkeg"
EQNUE" {" gn" GVH" Uocnn" Ecru" swg" ug" fgugc"
guvtwevwtct0
Gp" rtkpekrkq" ug" crnkec" " gn" rtqegfkokgpvq"
ocvgoƒvkeq"{"guvcfuvkeq"swg"gu" wvknk¦cfq"rctc"nc"
tgrnkecek„p"fg"wp"pfkeg"dwtuƒvkn"fg"tgpvc"xctkcdng"
vgpkgpfq"gp"ewgpvc" nc"ecpcuvc" xkigpvg"fgn"pfkeg"
EQNUE"{"uwu"fgdkfcu"rqpfgtcekqpgu."rctc"guvq"gu"
pgeguctkq"eqpqegt"gn"eqorqtvcokgpvq"jkuv„tkeq"fg"
nqu"rtgekqu"fg"ncu"ceekqpgu"{"nqu" ecodkqu"swg"jc"
vgpkfq"nc"ecpcuvc"fgufg"uw"hgejc"fg"etgcek„p"eqoq"
cniwpqu"kpfkecfqtgu"Þpcpekgtqu"fg"ncu" gortgucu"
kpxqnwetcfcu0
Gzkuvgp"xctkqu" ofivqfqu" rqt" nqu"ewcngu" ug" rwgfg"
tgrnkect"wp"pfkeg."vcngu"eqoq"nc"tfirnkec"eqorngvc."
gn" owguvtgq" guvtcvkÞecfq" {" nc" qrvkok¦cek„p0" Eqp"
guvcu" qrekqpgu" ug" qdugtx„" ewƒn" gu" nc" swg" oglqt"
rgtokvg" qdvgpgt" wpc" dwgpc" tgpvcdknkfcf" swg" ug"
crtqzkog."q"gp" gn"oglqt" fg"nqu"ecuqu"uwrgtg"c" nc"
fgn" pfkeg0" Rctc"eqpvtcuvct" gn" GVH" guvtwevwtcfq"
gu" pgeguctkq" glgewvct" wp" Τραχκινγ ερρορ" {c" swg"
guvg" fguetkdg" nc" xqncvknkfcf" fg" nc" fkhgtgpekc" fg"
tgpvcdknkfcf" gpvtg" gn" GVH" {" gn" pfkeg" EQNUE" {"
fc" wpc" dwgpc" ug‚cn" q" pq" fg" nc" iguvk„p" rcukxc"
tgcnk¦cfc0" Cfgoƒu" fg" nq" cpvgtkqt." ug" fgvgtokp„"
ncu"xgpvclcu"{"fguxgpvclcu"fg"wp"GVH"Uocnn"Ecru"
eqp"tgurgevq"c"uw"uwd{cegpvg0
Rqt" ¿nvkoq." ug" dtkpfctƒp" ncu" eqpenwukqpgu"
rgtvkpgpvgu" {" curgevqu" fg" kpvgtfiu" gpeqpvtcfqu"
fwtcpvg"gn"fgucttqnnq"fgn"rtgugpvg0
Αντεχεδεντεσ
Ηιστορια δε λοσ ΕΤΦ
Gn"pcekokgpvq"fg"nqu"Εξχηανγε Τραδεδ Φυνδ *GVH+"
ug"tgoqpvc"cn"c‚q"3;;5."fqpfg"gp"Guvcfqu"Wpkfqu"
ug" kpcwiwtc" gn" rtkogt" GVH" uqdtg" gn" pfkeg" U(R"
7220"Gp" wp" rtkpekrkq."guvg" rtqfwevq" fg"kpxgtuk„p"
¿pkecogpvg" nq" pgiqekcdcp" kpxgtukqpkuvcu"
rtqhgukqpcngu" pqtvgcogtkecpqu." ukp" godtciq."
eqp"gn" rcuq" fgn" vkgorq."guvg" vkrq" fg" kpxgtukqpgu"
ug"jkekgtqp"rqrwnctgu." ecwucpfq"cu" swg"Gwtqrc"
vcodkfip" gorg¦ctc" c" wvknk¦ct" guvg" rtqfwevq0" C"
rctvkt"fgn"c‚q"4227"gn"rtqfwevq"cnecp¦„"nqu"720222"
oknnqpgu" fg" gwtqu." vgpkgpfq" eqoq" rtgewtuqt" fg"
guvcu"qrgtcekqpgu" gp"gn" ogtecfq"gn" Ceek„p"GVH"
Kdgz" 57" fg" DDXC." gn" ewcn" jcuvc" lwnkq" fg" 4228"
tgikuvt„"ecuk"wp"62'"fg"tgpvcdknkfcf0
Fgufg" uw" etgcek„p" gp" Guvcfqu" Wpkfqu." guvg"
rtqfwevq"fg" kpxgtuk„p" ug" jc"gzrcpfkfq" rqt" vqfq"
gn" inqdq." nngicpfq" c" Ncvkpqcofitkec" rqt" Ofizkeq."
fqpfg" kpkekcnogpvg" uqnq" vgpcp" fkurqpkdng"
kpxgtukqpgu"gp"tgpvc"Þlc"nqecn0
Rquvgtkqtogpvg"fg"swg"guvg"rtqfwevq"guvwxkgtc"gp"
Ofizkeq."guvc"guvtwevwtc"fg"kpxgtuk„p"ug" gzrcpfk„"
gp" Ejkng." Rgt¿."Dtcukn" {" Eqnqodkc0" Gp" Eqnqodkc"
gn" GVH" ug" eqpuqnkf„" ewcpfq" gp" Lwnkq" fg" 4233."
Dncem"Tqem"ncp¦„"cn"ogtecfq"gn"ιΣηαρε Χολχαπ0"Gn"
cpwpekq"fgn" ncp¦cokgpvq"fgn" rtqfwevq"Þpcpekgtq"
gp" Eqnqodkc" nq" tgcnk¦„" nc" Dqnuc" fg" Xcnqtgu" fg"
Eqnqodkc"*gp"cfgncpvg"DXE+"fg"guvc"ocpgtc
ncp¦c"gp"oct¦q" eqp"gn" pfkeg"Eqnecr" fg"nc"dqnuc0"
Pqu"cuqekcoqu"eqp"K/Ujctgu."swg"gu" nc"Þtoc"eqp"
oƒu" gzrgtkgpekc" gp" guvtwevwtcek„p" fg" ectvgtcu"
eqngevkxcu"dwtuƒvknguÒ0"*Hkfweqnfgz"U0C."4234<3+
148 Εστρυχτυραχι⌠ν δε υν ΕΤΦ Σµαλλ Χαπσ χοµο αλτερνατιϖα δε ινϖερσι⌠ν
Gp"rtkpekrkq"nqu"GVH"hwgtqp"etgcfqu"rctc"tgrnkect"
gn"eqorqtvcokgpvq"fg"wp"pfkeg"fg"tgpvc"xctkcdng"
swg"vgpc" gp"ewgpvc" nc"ecrkvcnk¦cek„p" dwtuƒvkn"fg"
ncu" gortgucu." eqp" equvqu" oƒu" tgfwekfqu" rgtq"
fgdkfq"c" nc" gxqnwek„p" fg" guvg" vkrq" fg"hqpfqu" ug"
jc"xgpkfq"gzrcpfkgpfq"c"ogtecfqu"fg"tgpvc" Þlc."
eqooqfkvkgu."fgtkxcfqu." gpvtg"qvtqu0" Gn" Στανδαρδ
& Ποορσ ∆εποσιτορψ Ρεχειπτσ *URFT+" hwg" gn"
rtkogt"GVH"gp"eqvk¦ct"gp"wp"ogtecfq"qticpk¦cfq"
guvcfqwpkfgpug" *gn" Cogz+." gp" 3;;50" Gp" gn" 422:"
jcdc"oƒu"fg";22"GVH"gp"gn"owpfq."tgncekqpcfqu"
α δευδα, νδιχεσ αχχιοναριοσ, χοµµοδιτιεσ" {"
oqpgfcu0" Gp" gn" 4233." 40892." {" gp" " 4234" nc" ekhtc"
nngicdc"c"nqu"504260" *Rcvt„p."Vtwlgswg."Oqtknncu"{"
Rtcuv."4234
Gp"ewcpvq"c"hqpfqu"swg"tgrnkswgp"pfkegu"fg"dclc"
ecrkvcnk¦cek„p."gn" oƒu"tgrtgugpvcvkxq"gu" gn"KDGZ"
Σµαλλ Χαπσ0"Nc"gxqnwek„p"fg"nqu"GVH"ugi¿p"Dncem"
Tqem"gu"nc"ukiwkgpvg
Φιγυρα 1. Eqorqtvcokgpvq"GVH
fgrgpfkgpfq" gn" hcevqt" fg" equvqu" fg" vtcpuceek„p"
{"nc"xcnqtcek„p"fg"oqpgfc"gzvtcplgtc."fg" cevkxqu."
xctkcek„p" gp" gn" vkgorq" {" fkhgtgpekc" gpvtg" gn"
tguwnvcfq" fgn" rqtvchqnkq" {" fgn" pfkeg" Eqnecr0""
Guvg" hqpfq" rqftƒ" nngxct" c" ecdq" qrgtcekqpgu" fg"
vtcpuhgtgpekcu"vgorqtcn" fg" xcnqtgu." qrgtcekqpgu"
fg"tgrq" {"qrgtcekqpgu" ukownvƒpgcu"vcpvq" cevkxcu"
eqoq"rcukxcu0"*Ισηαρε."4236
Guvg"gu"gn"rtkogt"hqpfq"dwtuƒvkn"q"GVH"kpeqtrqtcfq"
gp"Eqnqodkc."uw"pgoqvfiepkeq"gu"KEqnecr"{" dwuec"
hceknkvct" c" nqu" kpxgtukqpkuvcu" wpc" tgpvcdknkfcf"
ukoknct"c"nc"fgn"Eqnecr."tguvcpfq"ncu"eqokukqpgu"fg"
iguvk„p"{" cfokpkuvtcek„p0" Guvg" jceg" wpc"tfirnkec"
eqorngvc." rqt" gpfg" ug" gpewgpvtc" eqpuvkvwkfq"
rqt" nc" xgkpvg" ceekqpgu" oƒu" tgrtgugpvcvkxcu" fgn"
ogtecfq"eqnqodkcpq." " vkgpg" wpc"iguvk„p" rcukxc."
gu" nswkfq." geqp„okeq." vtcpurctgpvg" {" ug" rwgfg"
qrgtct"eqoq"wpc"ceek„p0"Tgrtgugpvc"wp"eqplwpvq"
fg" ceekqpgu" vqfcu" gp" wp" uqnq" vvwnq" pgiqekcdng"
gp"rguqu" rqt"ewcnswkgt" kpxgtukqpkuvc"nqecnogpvg0"
*Dncem"Tqem."4236<3+"
Gn"GVH"rtgugpvc"wpc"uqnwek„p"ugpeknnc"rctc"ceegfgt"
cn"ogtecfq"gp"wpc"uqnc"qrgtcek„p."nqu"kpxgtukqpkuvcu"
rwgfgp"ceegfgt"c"nc"geqpqoc"eqnqodkcpc."fgufg"
ceekqpgu" fg"gortgucu"rgvtqngtcu."eqpuvtweekqpgu."
βανχαριασ, ινδυστριαλεσ, ελχτριχασ, τεξτιλεσ εντρε
qvtqu0"Vqfq" gp"wp" uqnq" vvwnq" {" eqp"wp" dclq"equvq0"
*Dncem"Tqem."4236+0"
Nqu"pfkegu"dwtuƒvkngu"jcp"ukfq"wp"tghgtgpvg"fg"nc"
geqpqoc"{" gn" eqorqtvcokgpvq" fg"ncu" gortgucu"
{c"swg"rqt"ogfkq"fg"guvg"ug"tgàglc"nc"tgpvcdknkfcf"
rtqogfkq" fg" nqu" xcnqtgu" swg" nq" eqorqpgp." cu"
okuoq." c{wfc" c" cpcnk¦ct" gn" eqorqtvcokgpvq"
fgn" ogtecfq" gp" nqu" rgtkqfqu" cpvgtkqtgu." guvg" gu"
fcfq"eqoq"gn"oc{qt"rwpvq"fg"tghgtgpekc"rctc"nqu"
kpxgtukqpkuvcu"swg" fgugcp"vgpgt"oglqtgu" fcvqu"c"
nc" jqtc" fg" kpitguct" q" pq" cn" ogtecfq0" Fcfq" swg"
gn" ogtecfq" guvƒ" inqdcnk¦cfq" Þpcpekgtcogpvg."
gzkuvgp"xctkqu"pfkegu"fg"tghgtgpekc"wucfqu"c"pkxgn"
owpfkcn" gp" fkhgtgpvgu" ogtecfqu." rctc" qhtgegt"
xctkcu"cnvgtpcvkxcu"c"nqu"kpxgtukqpkuvcu0"
Wp"pfkeg"dwtuƒvkn" gu"wp" kpfkecfqt"guvcfuvkeq"
swg"owguvtc"e„oq"xc"gxqnwekqpcpfq"nqu"cevkxqu"
oƒu" tgrtgugpvcvkxqu" fgpvtq" fg" nqu" ogtecfqu"
gzkuvgpvgu" eqoq" nq" uqp" nqu" fg" tgpvc" xctkcdng"
Hwgpvg
ΕΤΦ εν Χολοµβια
Ελ Ισηαρεσ"Eqnecr"gu"wp"kpuvtwogpvq"Þpcpekgtq"swg"
ug"nkuv„" tgekgpvgogpvg"gp"nc" Dqnuc"fg" Xcnqtgu"fg"
Eqnqodkc"{"jc"ukfq" fgucttqnncfq"rqt"Dncem"Tqem."
dclq"uw" octec" ιΣηαρεσ." eqoq" iguvqt"rtqhgukqpcn."
eqpvcpfq" eqp" nc" rctvkekrcek„p" fg" Ekvkvtwuv"
Eqnqodkc." eqoq" uqekgfcf" cfokpkuvtcfqtc0" Gn"
hqpfq" dwtuƒvkn" ug" dcuc" gp" gn" pfkeg" Eqnecr."
fgucttqnncfq" {" iguvkqpcfq" rqt" nc" DXE0" Gn" hqpfq"
dwtuƒvkn" Ισηαρεσ" Eqnecr" eqogp¦„" uw" qrgtcek„p"
gn" fc" 7" fg" lwnkq" 4233." guvg" pfkeg" rwgfg" xctkct"
149
Εστρυχτυραχι⌠ν δε υν ΕΤΦ Σµαλλ Χαπσ χοµο αλτερνατιϖα δε ινϖερσι⌠ν
tgrtgugpvcfq"rqt"ncu"ceekqpgu."nqu"fg"tgpvc"Þlc"
fcfqu"rqt"nqu"VGU"gp"wp"fgvgtokpcfq"rgtkqfq"
fg"vkgorq0" *Cwvqttgiwncfqtc" fgn"Ogtecfq" fg"
Xcnqtgu"fg"Eqnqodkc."4235<6+
Gn" pfkeg" swg" ug" wvknk¦„" rctc" nc" guvtwevwtcek„p"
fgn"GVH" gp" guvg" fqewogpvq" hwg" gn"EQNUE" rctc"
qdvgpgt" wpc" oglqt" tghgtgpekc" fg" kpxgtuk„p" gp"
gortgucu" fg" dclc" ecrkvcnk¦cek„p" gp" gn" ogtecfq"
eqnqodkcpq0"
⊆νδιχε ΧΟΛΣΧ
Gn"pfkeg" EQNUE" pceg"fg" nc" pgegukfcf"fg" vgpgt"
wpc" tghgtgpekc" uqdtg" ncu" gortgucu" fg" dclc"
ecrkvcnk¦cek„p" dwtuƒvkn" swg" gpewgpvtcp" nkuvcfqu"
gp" gn" EQNGSV[." fgn" ewcn" ug" gueqigp" swkpeg"
gortgucu" {" uw" tgurgevkxc" rctvkekrcek„p" fg"
cewgtfq"c"uw"àqvcpvg0"
Gn"EQNUE" gu"wp" pfkeg"fg" tgpvc"xctkcdng" swg"
kpkek„"gn"6" fg"lwpkq" fg"4235"eqp" wp"xcnqt" dcug"
fg"30222"rwpvqu."nc"ecpcuvc"guvƒ"eqorwguvc"fg"
wpc"ceek„p"rqt"gokuqt"c"ogpqu"fg"swg"jc{c"qvtc"
swg"ewornc"eqp"ncu"igpgtcnkfcfgu"{"tgswkukvqu"
rctc" rgtvgpgegt" c" fiuvc" {" fgdg" vgpgt" wpc"
rctvkekrcek„p"oƒzkoc" fgn" 37'0" Ncu"ceekqpgu"
swg"ug" vgpftƒp"gp" ewgpvc"rctc" gn"rtqeguq" fg"
tgeqorqukek„p" {" ugngeek„p" fg" nc" ecpcuvc" fgn"
EQNUE." swg" ug" tgcnk¦c" ugoguvtcnogpvg." uqp"
ncu" tguwnvcpvgu" fgn" rtqeguq" fg" ugngeek„p" fgn"
EQNGSV[."fgurwfiu"ug"qticpk¦cp"fg"oc{qt" c"
ogpqt"ugi¿p"uw"ecrkvcnk¦cek„p"dwtuƒvkn0"*Dqnuc"
fg"Xcnqtgu"fg"Eqnqodkc."4235
Gn" EQNGSV[" gu" wp" pfkeg" igpgtcn" swg" guvƒ"
eqorwguvq" rqt" ewctgpvc" ceekqpgu" eqp" oglqt"
ugngeek„p" fg" nc" DXE." fqpfg" nc" rctvkekrcek„p"
oƒzkoc"swg"rwgfg"vgpgt"wpc"ceek„p"gp"gn"pfkeg."
gp"nc"hgejc"fg" eƒnewnq"fg"nc"ecpcuvc" kphqtocvkxc."
gu"fgn"32'0"*Dqnuc"fg"Xcnqtgu"fg"Eqnqodkc."4234+0"
Fgdkfq"c" swg" gn" EQNUE" gu"gn" pfkeg" eqorwguvq"
rqt"ncu" swkpeg"ceekqpgu" fg" ogpqt"ecrkvcnk¦cek„p"
dwtuƒvkn."ug" tgcnk¦„" wp"GVH" Σµαλλ Χαπσ" rctc" swg"
nqu" kpxgtukqpkuvcu" swg" vgpicp" rtghgtgpekcu" rqt"
ceegfgt" c" gortgucu" fg" dclc" ecrkvcnk¦cek„p" nq"
rwgfcp" jcegt0" Nc" kphqtocek„p" dƒukec" fg" guvg"
pfkeg"gu"nc"ukiwkgpvg<
− P¿ogtq"fg"ceekqpgu
− Rqpfgtcek„p
− Tgeqorqukek„p
− Rctvkekrcek„p"oƒzkoc"rqt"gokuqt
− Ceekqpgu"rqt"gokuqt
− Xcnqt"dcug
− Hgejc"fg"xcnqt"dcug
Gn"pfkeg" EQNUE"hwg" ncp¦cfq"gp" lwpkq"fg" 4235" {"
ug"rwfq"qdugtxct"swg"gp"nqu"fqu" rtkogtqu"ogugu"
qdvwxq"wpc" tgpvcdknkfcf" ow{"dclc" eqp"gn" 3023'."
rgtq" c" rguct" fg" guvq" hwg" nkfgtcfq" rqt" Qfkpuc"
eqp" 3705'." ugiwkfq" fg" Okpgtqu" eqp" 350:7'" {"
rtghgtgpekcngu" Cxkcpec" Vcec"eqp" 340:6'." guvcu"
ceekqpgu" jcp" c{wfcfq" c" oglqtct" uw" rqukekqpc/
okgpvq"gp"gn"ogtecfq0"
Φιγυρα 2. Eqorqtvcokgpvq"fg"nqu"pfkegu"fg"nc"Dqnuc"
fg"Xcnqtgu"fg"Eqnqodkc
Φυεντε: ∆ιαριο Λα Ρεπβλιχα"*4235+"
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gp" 30365.43" wpkfcfgu" cewowncpfq" wp" cuegpuq"
eqp"8086'"htgpvg"c"nc"¿nvkoc"lqtpcfc"fg"pqxkgodtg"
ewcpfq"ug"wdke„"gp"30294.260"Nq"swg"kpfkec"swg"gn"
pfkeg"jc"vgpkfq"wpc"gxqnwek„p"etgekgpvg0
Ugi¿p"nc" ogvqfqnqic" rctc" gn" eƒnewnq" fgn"pfkeg"
EQNUE." uw" xcnqtcek„p" ugtƒ" kiwcn" c" nc" uwocvqtkc"
150 Εστρυχτυραχι⌠ν δε υν ΕΤΦ Σµαλλ Χαπσ χοµο αλτερνατιϖα δε ινϖερσι⌠ν
fgn" rtgekq" fg" ecfc" ceek„p" swg" eqphqtoc" nc"
ecpcuvc" fgn" pfkeg" rqt" gn" rguq" swg" vkgpg" fgpvtq"
fgn"clwuvcfq"rqt"gn"hcevqt"fg"gpnceg"*3+<
Fqpfg."
K*τ+"?"Xcnqt"fgn"pfkeg"gp"gn"kpuvcpvg"τ0
G?"Hcevqt" fg" gpnceg"ogfkcpvg" gn" ewcn"ug" fc"
χοντινυιδαδ αλ νδιχε χυανδο σε πρεσεντα
wpc"tgeqorqukek„p" fg" nc" ecpcuvcu"q" gp" ecuq"
fg" fctug" gxgpvqu" eqtrqtcvkxqu" swg" nngxgp" c"
xctkcekqpgu"gp"gn"pfkeg0
τ?"Kpuvcpvg" gp" gn" ewcn" ug"ecnewnc" gn" xcnqt" fgn"
pfkeg0
ι?"3.4.È.p"ceekqpgu"gp"gn"pfkeg"gp"gn"kpuvcpvg
τ0"
ν?" Pwogtq" fg" ceekqpgu" gp" gn" pfkeg" gp" gn"
ινσταντε τ0
Ωι?"Rqpfgtcfqt"fg"nc"ceek„p"k"gp"gn"kpuvcpvg"τ.
Πι?"Rtgekq"fg"nc"ceek„p"k"gp"gn"kpuvcpvg"τ0"*Dqnuc"
fg"Xcnqtgu"fg"Eqnqodkc."4235
Nc"ecpcuvc"fg"ceekqpgu"kphqtocvkxc"fgn"EQNUE"ug"
fc"ukgvg" fcu" ecngpfctkq"cpvgu" fg" nc"rwdnkecek„p"
fg" nc" ecpcuvc" fgÞpkvkxc0" Nc" ecpcuvc" fgÞpkvkxc"
fg"ceekqpgu" {" uwu" rqpfgtcfqtgu"ug" gokvg" gn" fc"
jƒdkn"cpvgtkqt"c"uw"gpvtcfc"gp"xkigpekc"{"fgurwfiu"
fgn" ekgttg" fgn" ogtecfq" fg" tgpvc" xctkcdng" gp" nqu"
¿nvkoqu"fcu"fg"nqu"ogugu"fg"gpgtq"{"lwnkq0"*Dqnuc"
fg"Xcnqtgu"fg"Eqnqodkc."4235Nc"rctvkekrcek„p"
oƒzkoc"fg"wpc" ceek„p"gp"gn"pfkeg" ug"fgÞpg"rqt"
ogfkq"fg"nc"ceek„p"gp"wp"kpuvcpvg"fg"vkgorq"fg"nc"
ukiwkgpvg"ocpgtc
Fqpfg."
Yk?"Rqpfgtcfqt"fg"nc"ceek„p"k"gp"gn"kpuvcpvg"v"
Rk?"Rtgekq"fg"nc"ceek„p"k"gp"gn"kpuvcpvg"v
v?" kpuvcpvg" gpg" ewcn" ug" ecnewnc" gn" xcnqt" fgn"
νδιχε
k?"3.4.È.p"ceekqpgu"gp"gn"pfkeg"gp"gn"kpuvcpvg"
τ
p?" P¿ogtq" fg" ceekqpgu" gp" gn" pfkeg" gp" gn"
ινσταντε τ
Gp"ewcpvq"cn"eƒnewnq"fgn"àqvcpvg"fg"ncu"gortgucu"
eqpuvkvwkfcu" {" swg" uw" ogtecfq" fg" eqvk¦cek„p" ug"
gpewgpvtg"gp"Eqnqodkc."gn"rqpfgtcfq"fgn"EQNUE"
gu" kiwcn" cn" àqvcpvg" fg" nc" eqorc‚c." fcfq" eqoq"
gn" p¿ogtq" fg" ceekqpgu" fg" nc" gortguc" swg" ug"
gpewgpvtc" gp" ocpqu" fgn" kpxgtukqpkuvc" ukp" wp"
fgvgtokpcfq"eqpvtqn."guvg"vkrq"fg"kpxgtukqpkuvc"gu"
cswgn"swg"vkgpg"wpc"rctvkekrcek„p"ogpqt"cn"3'"fg"
ncu"ceekqpgu" swg"hwgtqp" gokvkfcu"rqt" nc"gpvkfcf."
gn"àqvcpvg"fg"ecfc"eqorc‚c"ugtƒ"ecnewncfq"fg"nc"
ukiwkgpvg"hqtoc
Hnqvcpvg"fg"nc"eqorc‚c"
?"Ceekqpgu" gp" rqfgt" fg"kpxgtukqpkuvcu" kp/
uvkvwekqpcngu0
-"Ceekqpgu"gp"rqfgt" fg"kpxgtukqpkuvcu"eqp"
rctvkekrcek„p"kphgtkqt"cn"3'0
Λασ αχχιονεσ εν ποδερ δε ινϖερσιονιστασ ινστιτυχιο/
pcngu"gu" gn"tguwnvcfq" fg"uwoct" nqu"ucnfqu" fg"nqu"
hqpfqu"fg"rgpukqpgu."cugiwtcfqtcu"{"uqekgfcfgu"
cfokpkuvtcfqtcu"fg" kpxgtuk„p."nc" kphqtocek„p"fgn"
àqvcpvg"fg" ecfc"eqorc‚c" gu"fcfc" rqt"Fgegxcn"
rctc"gn" eƒnewnq"fg"nc" ecpcuvc"fgn" EQNUE0"*Dqnuc"
fg"Xcnqtgu"fg"Eqnqodkc."4235+0"Nc"tgeqorqukek„p"
fgn"pfkeg"ug" tgcnk¦c"ecfc"ugku" ogugu."gp"guvc" ug"
kpenw{gp"vqfcu" ncu" ceekqpgu" swg"uqp" tguwnvcpvgu"
fgn" rtqeguq" fg" ugngeek„p" fgn" EQNGSV[" fg"
cewgtfq"eqp"nqu"ukiwkgpvgu"rtqegfkokgpvqu
‚" Ugngeekqpct"ncu"ceekqpgu"swg"eworng"gn"rtqeguq"
fg"ugngeek„p"fgn"EQNGSV[0
‚" Qticpk¦ct"ncu" ceekqpgu"fgn"gokuqt"fg"ogpqt" c"
oc{qt"ecrkvcnk¦cek„p"dwtuƒvkn0"
‚" Ugngeekqpct" ncu" rtkogtcu" swkpeg" ceekqpgu."
vgpkgpfq" gp" ewgpvc" swg" pq" jc{c" oƒu" fg" wpc"
ceek„p"rqt"gokuqt0
[1]
[2]
151
Εστρυχτυραχι⌠ν δε υν ΕΤΦ Σµαλλ Χαπσ χοµο αλτερνατιϖα δε ινϖερσι⌠ν
Εξχηανγε Ταρδεαδ Φυνδ
Nqu"GVH"uqp"hqpfqu"fg"kpxgtuk„p"swg"uqp"eqvk¦cfqu"
gp"dqnuc" fg"nc"okuoc" ocpgtc"eqoq" nq"jceg" wpc"
ceek„p."cu" swg"guvqu" rwgfgp" ugt"pgiqekcfqu" gp"
ewcnswkgt" oqogpvq0" Eqoq" uw" hwpek„p" rtkpekrcn"
gpeqpvtcoqu"nc"tfirnkec"fg"wp"pfkeg"fg"tghgtgpekc."
nq" swg" jceg" swg" uw" tgpvcdknkfcf" guvƒ" cvcfc" cn"
eqorqtvcokgpvq"fg"nqu"rtgekqu"fg"nqu"cevkxqu"swg"
eqorqpgp" fkejq" pfkeg0" *Νψσε ινφορµεδ ινϖεστορ,
422;<3+
Τιποσ δε ΕΤΦ
Gzkuvgp"xctkqu"vkrqu"fg"GVH"eqoq"nq"uqp"fg"tgpvc"Þlc."
tgpvc"xctkcdng."oqpgvctkqu."uqdtg"pfkegu"pcekqpcngu."
tgikqpcngu." inqdcngu." ugi¿p" ecrkvcnk¦cek„p."
ugevqtkcngu."kpxgtuqu"{" crcncpecfqu0"Rqt"nq" igpgtcn"
guvg"vkrq"fg"rtqfwevq"xc"fktkikfq"c"kpxgtukqpkuvcu"eqp"
wpc"iguvk„p"rcukxc"rqt"nc"hqtoc"fg"tgrnkect"wp"pfkeg."
cfswktkgpfq" nqu" xcnqtgu" swg" rctvkekrcp" gp" fkejq"
pfkeg"fƒpfqng"rctvkekrcekqpgu"ukoknctgu0
Ριεσγοσ
Nqu"tkguiqu"cuqekcfqu"c" wp"GVH"uqp" nqu"okuoqu"
swg" ug" rtgugpvcp" gp" gn" ogtecfq" ugewpfctkq."
rqt" nq" vcpvq." guvg" vkrq" fg" hqpfq" xc" fktkikfq" c"
kpxgtukqpkuvcu" cttkguicfqu0" Ukp" godctiq." rqt"
vtcvctug"fg"wpc" ectvgtc"fkxgtukÞecfc" gn"tkguiq"gu"
ogpqt0"Rctc"gn"ecuq"fg"wp"GVH"fg"tgpvc"xctkcdng"
gzkuvgp" fqu" tkguiqu" rtkpekrcngu." gn" fgn" vvwnq"
rtqrkq"fgdkfq" cn"eqorqtvcokgpvq" fg" nc"gortguc"
swg"gokvg" ncu"ceekqpgu" {"gn"tkguiq" fg"ogtecfq" q"
ukuvgoƒvkeq." fgdkfq" c" ukvwcekqpgu" kpeqpvtqncdngu"
rqt"ocncu" pqvkekcu"geqp„okecu." ceqpvgekokgpvqu"
igqrqnvkequ"gpvtg"qvtqu0
Nqu" GVH" vkgpgp" wpc" ugtkg" fg" eqokukqpgu" ncu"
ewcngu" ug" fgdgp" vgpgt" gp" ewgpvc" fgdkfq" c" swg"
tgfwegp" nc" tgpvcdknkfcf" fgn" kpxgtukqpkuvc0" Ncu"
eqokukqpgu"eqdtcfcu" rctc" nngxct"c" ecdq" gn"GVH."
uqp" igpgtcfcu" rqt" uwuetkrek„p" {" tggodqnuq"
swg"ug" crnkecp"c" nc"jqtc" fg"eqortct" {"xgpfgt" gn"
hqpfq." eqokuk„p" fg" kpvgtogfkcek„p." nc" eqdtcfc"
rqt"nc"dqnuc."nc"fg"iguvk„p."{"nc"fg"cfokpkuvtcek„p."
fgr„ukvq"q"ewuvqfkc"fg"xcnqtgu0
DgpgÞekqu
Nqu"ukiwkgpvgu"uqp"nqu"rtkpekrcngu" dgpgÞekqu"c"nc"jqtc"
fg"kpxgtvkt"gp"wp"GVH<
‚" Guvtwevwtc" fg" Eqokukqpgu
rqugg"eqokuk„p"fg"tggodqnuq"pk"fg"uwuetkrek„p."nq"swg"
jceg"swg" uw" equvg" ugc"tgfwekfq" c" wpc"eqokuk„p" vqvcn"
cpwcn0
‚" FkxgtukÞecek„p
fg" wp" pfkeg" ug" vqocp" fkhgtgpvgu" xcnqtgu" eqp" gn" Þp"
fg" eqodkpct" vcpvq" tkguiq" eqoq" tgpfkokgpvq0" Guvg"
kpuvtwogpvq" rgtokvg" ceeguq" cn" ogtecfq" inqdcn" {" cu"
tgfweg"nc"vtcpuceek„p"c"wpc"uqnc"qrgtcek„p0"
‚" Vtcpurctgpekc
rwdnkecfq"gp"nc"rƒikpc" fg"nc"Dqnuc"fg" Xcnqtgu."ukgpfq"
eqpqekfc"fkctkcogpvg"uw"gxqnwek„p"c"rtgekq"fg"ogtecfq"
fwtcpvg"nc"lqtpcfc"fg"pgiqekcek„p0
‚" Nkswkfg¦ xgpvc"fg"guvqu" kpuvtwogpvqu"
vkgpg"wpc" nkswkfg¦"kpogfkcvc" {c" swg"uqp" cfswktkfqu"q"
xgpfkfqu"gp" ewcnswkgt" kpuvcpvg"fwtcpvg" nc" lqtpcfc"fg"
pgiqekcek„p0"*Hkfweqnfgz."4234
Τιποσ δε ρπλιχα
Gzkuvgp" vtgu" ofivqfqu" rctc" nc" tgrnkecek„p" fg" wp"
pfkeg
tgrnkecek„p"eqorngvc" swg" eqpukuvg" gp"kpxgtvkt" gp"
ecfc"cevkxq" swg" eqorqpg"gn" pfkeg" gp"nc" okuoc"
rtqrqtek„p"swg"guvƒ"eqorwguvq."fkejc" guvtcvgikc""
c{wfc" c" tgfwekt" gn" τραχκινγ ερρορ περο α συ ϖεζ
nqu"equvqu" fg" kpvgtogfkcek„p" uqp" ow{" gngxcfqu0"
Gp" ugiwpfq" nwict." ug" gpewgpvtc" nc" tgrnkecek„p"
ukpvfivkec" swg" eqpukuvg" gp" swg" gn" iguvqt" fgn"
GVH" pgiqekc" eqp" σωαπσ χον υνα χοντραπαρτιδα
dcpectkc."nc"ewcn" rtqrqtekqpc"gn"eqorqtvcokgpvq"
fgn"pfkeg"uwd{cegpvg"oƒu" fkxkfgpfqu0"Gp"vgtegt"
nwict."ug"rwgfg"qdugtxct" nc"tfirnkec" rqt"owguvtgq"
guvtcvkÞecfq."swg" vtcvc"fg" tgrnkect"gn" pfkeg"rgtq"
eqp"wpcu"rtqrqtekqpgu"fkhgtgpvgu"fg"rctvkekrcek„p"
fgrgpfkgpfq" uw" ugevqt." gpvtg" qvtqu0" Rqt"¿nvkoq."
rqfgoqu"qdugtxct" nc" qrvkok¦cek„p." swg"eqpukuvg"
gp" eƒnewnqu" ocvgoƒvkequ" rqt" qtfgpcfqt." guvqu"
c{wfcp"c"okpkok¦ct"gn"τραχκινγ ερρορ"eqp"gn"Þp"fg"
vgpgt"wpc"oglqt"tgrnkecek„p"fg"pfkeg0
152 Εστρυχτυραχι⌠ν δε υν ΕΤΦ Σµαλλ Χαπσ χοµο αλτερνατιϖα δε ινϖερσι⌠ν
Λα τεορα δε πορταφολιοσ
Rtqrwguvc"rqt" Jctt{" Octmqykv¦"gp" 3;74" rctc"nc"
qrvkok¦cek„p"{"fkxgtukÞecek„p"gÞekgpvg"fg"ectvgtcu."
gu" wp" tghgtgpvg" vg„tkeq" c" nc" jqtc" fg" tgncekqpct"
tgpvcdknkfcf"{" tkguiq." rwgu"gn" kpxgtukqpkuvc" fgdg"
qrvct" rqt" wp" rqtvchqnkq" swg" kpxqnwetg" fkhgtgpvgu"
cevkxqu"rgtq"swg"ng"rtqrqtekqpgu"wpc"tgpvcdknkfcf"
ukipkÞecvkxc"rqt"gn"tkguiq"cuwokfq0
Guvc"vgqtc"fgÞpg"vtgu"vkrqu"fg"kpxgtukqpkuvcu<
‚" Cfxgtuqu" cn" tkguiq
tkguiq0
‚" Rtqrgpuqu" cn" tkguiq
cnvgtpcvkxcu"swg" igpgtgp" gn" okuoq" tgvqtpq."guvg"
vkrq"fg"kpxgtukqpkuvc"gngiktƒ"gn"fg"oc{qt"tkguiq0
‚" Pgwvtcngu" cn" tkguiq
kpfkhgtgpvg" cpvg" fqu" cnvgtpcvkxcu" eqp" gn" okuoq"
tgvqtpq0
Gn"rtqeguq"fg"ugngeek„p"fg"wpc"ectvgtc"rwgfg"ugt"
διϖιδιδο εν δοσ εταπασ:
‚" Ug" kpkekc" eqp" nc" qdugtxcek„p" {" nc" gzrgtkgpekc"
{" vgtokpc" eqp" eqpxkeek„p" cegtec" fg" ncu" hwvwtcu"
cevwcekqpgu"fg"nqu"vvwnqu"fkurqpkdngu0
‚" Ug" kpkekc" eqp" nc" eqpxkeek„p" tgngxcpvg" uqdtg"
cevwcekqpgu"hwvwtcu"{" vgtokpc"eqp" nc"gngeek„p"fg"
nc"ectvgtc0
Nqu" tgpfkokgpvqu" fg" nqu" cevkxqu" uqp" eqttgnc/
ekqpcfqu." cu" swg" nc" fkxgtukÞecek„p" pq" rwgfg"
gnkokpct" fgn" vqfq" nc" xctkcp¦c." rqt" nq" vcpvq." wpc"
ectvgtc" eqp" wp" tgvqtpq" oƒzkoq" gurgtcfq" pq"
pgeguctkcogpvg" vkgpg" wpc" xctkcp¦c" opkoc0" Fg"
ocpgtc"ukoknct."cn"vtcvct"fg"qdvgpgt"wpc"xctkcp¦c"
rgswg‚c"ug" gxkfgpekc" swg"pq" gu" uwÞekgpvg"rctc"
kpxgtvkt"gp"owejqu"xcnqtgu."{c"swg"jc{"swg"gxkvct"
jcegtnq"" eqp" cnvcu"eqxctkcp¦cu" gpvtg" u0" Ug"fgdg"
fkxgtukÞect" c" vtcxfiu" fg" kpfwuvtkcu." rqtswg" ncu"
gortgucu"gp"fkhgtgpvgu"kpfwuvtkcu"eqp" fkhgtgpvgu"
ectcevgtuvkecu" geqp„okecu." vkgpgp" eqxctkcp¦cu"
oƒu" dclcu" swg" ncu" gortgucu" fg" wpc" okuoc"
kpfwuvtkc0"*Octmqykv¦"."3;74+
Rqt"vcpvq." gu"pgeguctkq" eqpqegt"gn" tkguiq" swg"ug"
cuwog." guvg" gu" ogfkfq" igpgtcnogpvg" eqoq" nc"
fguxkcek„p"guvƒpfct"fg"uwu"tgpfkokgpvqu0"*5+"ÑGu"
fgekt."gn"itcfq"gp"gn"swg"nqu"tgvqtpqu"fg"gug"cevkxq"
ug"fkurgtucp" fgn" tgvqtpq" gurgtcfq"rtqogfkq" fgn"
okuoq0Ò*N„rg¦."4236+0
Cfgoƒu." rctc" wpc" fkxgtukÞecek„p" eqpÞcdng."
ugi¿p"guvc" vgqtc"gu" pgeguctkq"cewfkt" cn"vgtokpq"
fg" eqttgncek„p." gp" fqpfg" ug" gxkfgpekc" swg" nqu"
cevkxqu" swg" eqorqpgp" wp" rqtvchqnkq" fgdgp"
vgpgt" wpc" eqttgncek„p" ukipkÞecvkxcogpvg" dclc."
rwgu"okgpvtcu" wp" cevkxq" vgpic"rtqdngocu" gp" uw"
tgpfkokgpvq."qvtq"fgdgtƒ"eqpvtcttguvct"guvg"ghgevq"
pgicvkxq"gp"gn"rqtvchqnkq"{"rqt"uwrwguvq"gn"tkguiq0"
Wpc" fg" ncu" hqtocu" fg" gpeqpvtct" rqtvchqnkqu"
gÞekgpvgu" gu" c" vtcxfiu" fg" nc" okpkok¦cek„p" fg" nc"
xctkcp¦c"fgn"rqtvchqnkq0" Wpc"xg¦"swg"gn" rtqdngoc"
gu" tguwgnvq" ug" nqitc" qdvgpgt" nc" rtqrqtek„p" fg"
χαδα αχτιϖο δεντρο δε λα χαρτερα δε ινϖερσιονεσ
swg" ucvkuhcegp" ncu" tguvtkeekqpgu" rncpvgcfcu" gp"
gn" oqfgnq." ukp" eqpukfgtct" ncu" eqpfkekqpgu" fg"
pq" pgicvkxkfcf" rctc" ncu" rqpfgtcekqpgu" fg" nqu"
cevkxqu0"*Iƒnxg¦."4233+0
[c" gngikfqu" nqu" cevkxqu" c" kpxgtvkt" wpc" fg" ncu"
tguvtkeekqpgu" oƒu" korqtvcpvgu." gu" swg" nc" uwoc"
fg"ncu"rctvkekrcekqpgu" fg"nqu" cevkxqu"ugc"kiwcn" cn"
322'0"*6+
Gn"oqfgnq"fg"Octmqykv¦"rctc"uw"fgucttqnnq"vqoc"nqu"
tgvqtpqu"gurgtcfqu"fg"nqu"cevkxqu"swg"eqorqpftƒp"
gn" rqtvchqnkq" {" nc" ocvtk¦" fg" xctkcp¦c/eqxctkcp¦c"
gpvtg"nqu"tgvqtpqu"fg"nqu"cevkxqu0"*7+"
Fqpfg.
Πτ
Πτ/3
[3]
[4]
[5]
153
Εστρυχτυραχι⌠ν δε υν ΕΤΦ Σµαλλ Χαπσ χοµο αλτερνατιϖα δε ινϖερσι⌠ν
Wpc"fg"ncu"etvkecu"cn"oqfgnq"gu"swg"pq"eqpukfgtc"
nc"xqncvknkfcf"fg"wpc"ugtkg" Þpcpekgtc"uwrqpkgpfq"
swg" nc" xctkcp¦c" gu" eqpuvcpvg" gp" gn" vkgorq"
*jqoqegfcuvkekfcf+." rqt" gn" eqpvtctkq" gu" ow{"
htgewgpvg" nc" jgvgtqegfcuvkekfcf." gu" fgekt." nc"
xctkcp¦c"vkgpg"ecodkqu"ukuvgoƒvkequ"gp"gn"vkgorq"
*Iƒnxg¦."4233+0"Cfkekqpcnogpvg"
Gn"xcnqt"gurgtcfq" fgn"rqtvchqnkq"ugtƒ" fcfq"rqt"nc"
ukiwkgpvg"gewcek„p"*8+
Nc" xctkcp¦c" guvƒ" fgÞpkfc" eqoq" crctgeg" gp" nc"
hqtownc"*9+
Nc" eqxctkcp¦c" vcodkfip" ug" rwgfg" gzrtguct" gp"
vfitokpqu"fgn"eqgÞekgpvg"fg"eqttgncek„p"*:+
Gn"kpxgtuqt"vkgpg"xctkcu"rqukdknkfcfgu"fg"eqodkpct"
gn"xcnqt"gurgtcfq"fg"nc" tgpvcdknkfcf"{"nc"xctkcp¦c"
fgrgpfkgpfq"fg"nc"gngeek„p"fg"eqplwpvq"fg"cevkxqu"
swg""eqorqpgp"gn"rqtvchqnkq"{"xcp"fgufg"*Z3."Z4.000
Zν+0" Nc" ogfkc" xctkcp¦c" gu" nc" tginc" swg" rgtokvg"
cn" kpxgtukqpkuvc." okpkok¦ctnc" rctc" qdvgpgt" wpc"
oc{qt"tgpvcdknkfcf"fgn"rqtvchqnkq0
Nc"oczkok¦cek„p"fg"nc"tgpvcdknkfcf"gurgtcfc"fgn"
rqtvchqnkq"*;+
Nc" okpkok¦cek„p" fgn" tkguiq" fg" rqtvchqnkq" ugtƒ"
fcfq"fg"nc"ukiwkgpvg"gewcek„p"*32+
Vgpkgpfq"gp"ewgpvc"swg"cn"tgcnk¦ct"nc"qrvkok¦cek„p"
ug"ecodkctƒ"nc"rctvkekrcek„p"fg"nqu"cevkxqu."rqt"nq"
swg"nc"uwocvqtkc"fg"guvqu"ugtƒ"kiwcn"c"30"
Gp"nc"htqpvgtc"gÞekgpvg"guvƒp"ukvwcfcu"ncu"oglqtgu"
tgpvcdknkfcfgu" rctc" wp" tkguiq" fgvgtokpcfq."
encukÞecfcu" fg" nc" hqtoc" swg" c" oc{qt" tkguiq"
eqttgurqpfc" wpc" oc{qt" tgpvcdknkfcf0" Ugi¿p" gn"
itcfq"fg"cxgtuk„p"cn"tkguiq."gn"kpxgtuqt"ug"ukvwctƒ"
fg"hqtoc"tc¦qpcdng"gp"wpq"w"qvtq"rwpvq"fg"nc"npgc"
fg"nc"htqpvgtc"gÞekgpvg."gu"fgekt."swg"gp"guvc"uqnq"
ug" gpeqpvtctƒp" ncu" ceekqpgu" swg" rtqrqtekqpcp"
oƒzkoq" tgpfkokgpvq" eqp" wp" tkguiq" opkoq0"
*Octmqykv¦."3;74+
Fg" nc" okuoc" ocpgtc." qvtq" eqpegrvq" encxg" c"
δεσαρρολλαρ εσ ελ Αλφα δε ϑενσεν."eqpqekfq"eqoq" gn"
fkhgtgpekcn"fg"nc"tgpvcdknkfcf"qdvgpkfc"rqt"wp"hqpfq"
{"nc" swg" rqftc" jcdgt"eqpugiwkfq"uw" βενχηµαρκ
eqp"nc"okuoc"ecpvkfcf"fg"tkguiq0"Gn"Αλφα δε ϑενσεν
kpfkec"e„oq"nc"tgpvcdknkfcf"fg"wpc"ectvgtc"jc"ukfq"
iguvkqpcfc"rcukxcogpvg."nc"ewcn"guvƒ"rqt"gpekoc"
q" rqt" fgdclq" fg" tgpvcdknkfcf" fgn" ogtecfq0" Ug"
wvknk¦„" rqt" rtkogtc" xg¦" eqoq" wpc" ogfkfc" gp" nc"
gxcnwcek„p" fg" nqu" hqpfqu" fg" kpxgtuk„p" rqt" nqu"
cfokpkuvtcfqtgu" fg" Okejcgn" Lgpugp" gp" gn" c‚q"
3;8:0" Guvg" kpfkecfqt" gu" wpc" guvcfuvkec" swg" ug"
wvknk¦c" pqtocnogpvg" gp" ncu" Þpcp¦cu" gortkecu"
rctc" gxcnwct" gn" tgpfkokgpvq" octikpcn" cuqekcfq"
eqp" wpc" guvtcvgikc" cfkekqpcn" swg" pq" ug" gzrnkec"
rqt" hcevqtgu" gzkuvgpvgu0" Cu." nc" h„townc" fg" guvg"
kpfkecfqt" gu" wpc" gurgekg" fg" oqfgnq" ECRO
Fqpfg.
cl?Αλφα δε ϑενσεν
Tk?Tgvqtpq"fgn"hqpfq"
Nt?Vcuc"nkdtg"fg"Tkguiq
Dko?"Βετα"fgn"hqpfq
To?" Tgvqtpq" fgn" ogtecfq" *Eqdq." 4226
4/6+
Ug"fgÞpg"gn"βετα" fgn"hqpfq"eqoq"nc" rgpfkgpvg"fg"
nc"tgitguk„p"nkpgcn"gpvtg"nqu"tgpfkokgpvqu"rcucfqu"
{"nqu" fgn" pfkeg"fg" ogtecfq." cfgoƒu"ug" rwgfgp"
fgvgtokpct"xcnqtgu" rqukvkxqu"{"pgicvkxqu" fgn"Αλφα
δε ϑενσεν:
‚" Nqu"xcnqtgu"rqukvkxqu"kpfkecp"dwgp"fgugorg‚q"
rqt" rctvg" fg" nc" iguvqtc" hqpfq" fg" kpxgtuk„p0" Rqt"
[6]
[7]
[8]
[9]
[10]
[11]
154 Εστρυχτυραχι⌠ν δε υν ΕΤΦ Σµαλλ Χαπσ χοµο αλτερνατιϖα δε ινϖερσι⌠ν
vcpvq."c"oc{qt"cnhc."oc{qtgu"tgpvcdknkfcfgu"{"oƒu"
kpvgtgucpvg"tguwnvctƒ"gn"rtqfwevq"rctc"gn"kpxgtuqt."
gu"fgekt."oglqt"iguvk„p"fgn"hqpfq0
‚" Nqu" xcnqtgu" pgicvkxqu" kpfkecp" wp" fgugorg‚q"
tgiwnct" rqt" rctvg" fg" nc" iguvqtc" fgn" hqpfq" fg"
kpxgtuk„p" {" rqt" vcpvq" ugtƒ" ogpqu" cvtcevkxq" rctc"
gn" kpxgtukqpkuvc0" Guvg" kpfkecfqt" gu" ukoknct" cn"
ρατιο δε Σηαρπε."eqp"nc" ¿pkec"fkhgtgpekc" swg"guvg"
¿nvkoq"wvknk¦c"nc"fguxkcek„p"vrkec"eqoq"ogfkfc"fg"
tkguiq"gp" nwict" fg" wp"Βετα" eqoq" nq" jceg"gn" Αλφα
δε ϑενσεν." swg" rctc" guvg"ecuq" kpfkec" swg" vcpvcu"
xgegu"gu" oƒu" tkguiquq" wp"cevkxq" eqp" tgurgevq" c"
συ βενχηµαρκ0
Qvtc" ogfkfc" swg" ug" cpcnk¦„" hwgtqp" nqu" βετασ, λο
ewcn" kpfkec" nc" ugpukdknkfcf" fgn" GVH" Σµαλλ Χαπσ
eqp" tgurgevq" c" nqu" oqxkokgpvqu" fgn" pfkeg="
χυανδο υν βετα"gu"kiwcn"c" wpq"kpfkec"swg"gn"GVH"
Σµαλλ Χαπσ"ug" eqorqtvctƒ" ukoknct" cn" pfkeg0" Gp"
eqorctcek„p"eqp"wp"βετα"oc{qt"c"wpq."kpfkec"swg"
gu"oƒu"ugpukdng"c"nqu"oqxkokgpvqu"fgn"pfkeg"{"uk"
ελ βετα"gu"ogpqt"c"wpq"ogpqu"ugpukdng0
Gp" guvg" ecuq" vqoctgoqu" gn" tkguiq" fg" ogtecfq"
ecnewncpfq" gn" XCT" swg" gu" gn" xcnqt" swg" okfg" gn"
tkguiq" cuwokfq" rqt" gn" hqpfq0" Vcodkfip" okfg" nc"
oƒzkoc"rfitfkfc" gurgtcfc" rctc" wp"fgvgtokpcfq"
jqtk¦qpvg" fg" vkgorq" {" wp" pkxgn" fg" ukipkÞecpekc0"
Nqu"rtkpekrcngu"rctƒogvtqu" rctc"nc"ogfkek„p" fgn"
ςΑΡ σον:
Gn" jqtk¦qpvg" vgorqtcn
rgtkqfq"fg"vkgorq"rqt"gn"ewcn"ugtƒp"guvkocfcu"ncu"
rfitfkfcu"rqvgpekcngu"gp"gn"GVH"Σµαλλ Χαπσ
Gn"pkxgn"fg"eqpÞcp¦cfgvgtokpcpfq"
wp" pkxgn" fg" eqpÞcp¦c" fg" nc" fkuvtkdwek„p" fg" ncu"
rfitfkfcu" {" icpcpekcu0" Guvg" ug" ocpglctƒ" ugi¿p"
nqu"tgiwncfqtgu" fgn"ukuvgoc" Þpcpekgtq"nq" ewcn"ug"
fgvgtokp„"eqp"wp"pkxgn"fg"eqpÞcp¦c"fgn";;'0
Nc"oqpgfc"fg" eƒnewnq ecuq"ug"wvknk¦c"
gp"rguqu"eqnqodkcpqu" {c"swg"guvc"gu" nc"oqpgfc"
dcug"gp"nc"swg"ug"tgcnk¦„"nqu"eƒnewnqu0"
Xgpvcpc" vgorqtcn" fg" fcvqu
rtgekqu"fg" ncu" ceekqpgu"fgn" EQNUE"fg" vtgu" c‚qu"
fgufg"gn"24"fg"gpgtq"fg"4234"jcuvc"gn"3:"fg"oct¦q"
fg"42360
Μαρχο λεγαλ
Cewfkgpfq" c" nc" fgÞpkek„p" fg" wp" GVH" eqoq"
wp" hqpfq" fg" kpxgtuk„p" swg" eqvk¦c" gp" dqnuc." gu"
korqtvcpvg" ogpekqpct" swg" guvqu" hqpfqu" ug"
gpewgpvtcp" tgiwncfqu" dclq" nq" gzrwguvq" gp" gn"
Fgetgvq"3464"fg"4235"swg"uwuvkvw{g"nc"rctvg"5"fgn"
Fgetgvq" 4777" fg" 4232" swg" eqpukfgtc" nc" iguvk„p"
{" cfokpkuvtcek„p" fg" nqu" hqpfqu" fg" kpxgtuk„p"
eqngevkxc0"Gn""GVH"Σµαλλ Χαπσ"eqoq"hqpfq"dwtuƒvkn"
gu"fgÞpkfq"rqt" gn"ctvewnq"506030304"fgn"nkdtq" 6"fgn"
Fgetgvq"{c"ogpekqpcfq"fgn"ukiwkgpvg"oqfq
Ug" eqpukfgtctƒp" hqpfqu" dwtuƒvkngu" cswgnnqu"
hqpfqu" fg" kpxgtuk„p" eqngevkxc" ew{q" qdlgvq"
eqpukuvc"gp"tgrnkect"q"ugiwkt"wp"pfkeg"pcekqpcn"
q" kpvgtpcekqpcn." ogfkcpvg" nc" eqpuvkvwek„p" fg"
wp" rqtvchqnkq" kpvgitcfq" rqt" cniwpqu" q" vqfqu"
nqu"cevkxqu"swg"jcicp"rctvg"fg"nc"ecpcuvc"swg"
eqphqtoc"fkejq"pfkeg0"*"Fgetgvq"3464."4235+0
Gn"Nkdtq"6"ogpekqpc"vqfqu"nqu"ctvewnqu"tgncekqpcfqu"
eqp"nqu"hqpfqu"dwtuƒvkngu"."tgucnvcoqu"cniwpqu"fg"
εστοσ:
Ctvewnq" " 5060303090" P¿ogtq" opkoq" fg"
kpxgtukqpkuvcu
fwtcpvg"nqu"8"rtkogtqu"ogugu"fg"eqpuvkvwek„p"fgn"
hqpfq0
Ctvewnq" 50603030;" Xcnqtcek„p
cewgtfq" c" ncu" kpuvtweekqpgu" uqdtg" ogvqfqnqic"
rtgxkuvcu" gp" gn" pwogtcn" 3" fg" nc" Χιρχυλαρ β〈σιχα
eqpvcdng" {" Ýpcpekgtc" *Ektewnct" Gzvgtpc" 322" fg"
3;;7+0" Rctc" gn" ghgevq." ug" fgdg" gpvgpfgt" swg"
gn" xcnqt" fg" nc" wpkfcf" gp" nqu" hqpfqu" dwtuƒvkngu"
eqttgurqpfg"cn"xcnqt"kpvtpugeq."gn"ewcn"uktxg"eqoq"
tghgtgpvg"fg"nc"vgpfgpekc"fgn"pfkeg"swg"ug"tgrnkec0"
Cjqtc"dkgp."gn"xcnqt"fg"nc"wpkfcf"gn"rtkogt"fc"fg"
qrgtcek„p" fgn" hqpfq" dwtuƒvkn" eqttgurqpfgtƒ" c" nq"
swg"ug"rtgxgc"gzrtgucogpvg"gp"gn"tgincogpvq0
Ctvewnq" 50603030340" Tgincogpvq" {" ctvewnq"
50603030350" Rtqurgevq" ogpekqpc" swg" nqu" hqpfqu"
dwtuƒvkngu" " fgdg" vgpgt" wp" tgincogpvq" swg"
eqpvgpicp" gn" pqodtg" eqorngvq." p¿ogtq" fg"
kfgpvkÞecek„p"{"fqokeknkq"rtkpekrcn"fg"nc"uqekgfcf"
cfokpkuvtcfqtc0"Gn" pqodtg" fgn"hqpfq." kpfkecpfq"
swg"ug"vtcvc"fg"wp"hqpfq"dwtuƒvkn="gn"pfkeg"qdlgvq"
155
Εστρυχτυραχι⌠ν δε υν ΕΤΦ Σµαλλ Χαπσ χοµο αλτερνατιϖα δε ινϖερσι⌠ν
fg" tfirnkec" rqt" gn" hqpfq" dwtuƒvkn=" vfitokpq" fg"
fwtcek„p"fgn"hqpfq"dwtuƒvkn="ugfg"rtkpekrcn"fqpfg"
ug"iguvkqpc"gn"hqpfq"dwtuƒvkn."gpvtg"qvtqu0"Cfgoƒu."
gn"rtqurgevq"fgdgtƒ"kpenwkt"nc"kphqtocek„p"igpgtcn"
fgn"hqpfq"fg"kpxgtuk„p"eqngevkxc0"
Gn"Hqpfq"GVH"Σµαλλ Χαπσ"rctc"gorg¦ct"c"qrgtct"
fgdg"guvcdngegt"wp"xcnqt"fg"nc"wpkfcf"swg"ugi¿p"
gn"ctvewnq"40605090"fg"nc"tguqnwek„p"Pq"2:26"fg"4223""
ÑGn"xcnqt"fg"nc"wpkfcf"fg"nqu"hqpfqu"dwtuƒvkngu"ugtƒ"
fgvgtokpcfq"fg"eqphqtokfcf" eqp"nc"ogvqfqnqic"
swg"rctc"gn" ghgevq"ug"guvcdng¦ec"gp" gn"tgurgevkxq"
eqpvtcvq" fg" uwuetkrek„p" fg" fgtgejqu0Ò" *Fgetgvq"
3464.4235+"{"cfgoƒu"guvg"okuoq"ctvewnq"gzrqpg"
swg" gn" xcnqt" pgvq" fg" ecfc" hqpfq" fkxkfkfq" gpvtg"
gn"p¿ogtq" vqvcn"fg" uwu"wpkfcfgu." gu"gn" xcnqt"tgcn"
fg" ecfc" wpkfcf" gp" wpc" hgejc" fgvgtokpcfc0" Cu"
okuoq." gu" pgeguctkq" rctc" nc" eqpuvkvwek„p" fgn"
hqpfq" eqpqegt" swg" gn" oqpvq" opkoq" fg" rctvke/
krcekqpgu" uqp" 4822" ucnctkqu" opkoqu" ngicngu"
ogpuwcngu" xkigpvgu." ugi¿p" gn" ctvewnq" 503030507"
fgn"Fgetgvq"3464"fg"42350
Guvg"vkrq"fg"hqpfqu"uqnq"rqftƒp"ugt"cfokpkuvtcfqu"
rqt" uqekgfcfgu" eqokukqpkuvcu" fg" dqnuc" fg"
xcnqtgu."Þfwekctkcu"{"uqekgfcfgu"cfokpkuvtcfqtcu"
fg"kpxgtuk„p."rqt" vcpvq."gu"korqtvcpvg" ogpekqpct"
swg" nqu" dkgpgu" fg" nqu" hqpfqu" fg" kpxgtuk„p" pq"
jcegp" rctvg" fgn" rcvtkoqpkq" fg" nc" uqekgfcf." uqp"
vqvcnogpvg" kpfgrgpfkgpvgu" {" wucfqu" rctc" ncu"
cevkxkfcfgu"rtqrkcu"fgn"hqpfq."ugi¿p"nq"fkurwguvq"
gp"nc"Ng{";86"fg"42270
Ρεσυλταδοσ
Gn" rtgugpvg" fqewogpvq" dwuec" tguqnxgt" gp" swfi"
ogfkfc"nc"eqpuvtweek„p"fg"wp"GVH"eqp"Σµαλλ Χαπσ
dcucfq"gp"nc"tgrnkecek„p"fgn"pfkeg"EQNUE"rwgfg"
fguxkctug" fgn" eqorqtvcokgpvq" fgn" uwd{cegpvg"
{" igpgtct" wpc" oglqt" cnvgtpcvkxc" cn" kpxgtukqpkuvc"
c" ecodkq" fg" kpxgtvkt" gp" ceekqpgu" rqt" ugrctcfq."
swg"gu" fcfc" eqoq" wpc" iguvk„p"cevkxc" swg" jceg"
swg"ug" cwogpvgp"nqu" equvqu"fg" kpxgtuk„p"fgdkfq"
c"ncu" eqokukqpgu"fg" eqortc"{" xgpvc" fg"fkxgtucu"
ceekqpgu0
Ug" gueqik„" gn" pfkeg" EQNUE" rctc" tgcnk¦ct" nc"
tfirnkec"fgdkfq"c" swg"guvcu" ceekqpgu"qhtgegp"wpc"
dwgpc" ocpgtc" fg" fkxgtukÞect" ncu" kpxgtukqpgu"
rqt"uw" kpenwuk„p" gp" fkhgtgpvgu" ugevqtgu."cfgoƒu"
swg" kpxqnwetc" gortgucu" fg" dclc" ecrkvcnk¦cek„p"
swg" uqp" tgpvcdngu" gp" gn" ogtecfq" rqt" uwu" ekhtcu"
q"rqt"uw"gxqnwek„p" gp"gn"ogtecfq"dwtuƒvkn."nq"swg"
c{wfc"c" swg" nqu" kpxgtukqpkuvcu"guvfip"fkurwguvqu"
c"kpxgtvkt" gp" wp" hqpfq" swg"nq"jcic" rctvkekrg" fgn"
fgugorg‚q"fg"guvcu"ceekqpgu0
ςενταϕασ ψ δεσϖενταϕασ δελ ΕΤΦ χοντρα ελ νδιχε
ςενταϕασ
"Pq"gu"wp"xcnqt"vg„tkeq."uw"xcnqt"gu"tgcn"fcfq"rqt"
nc"qhgtvc" {"nc" fgocpfc."rqt" nq" swg"gu" pgiqekcfq"
gp"gn"ogtecfq"fg"xcnqtgu0
Eqttgncek„p"fktgevc"rwgu"ukiwg"gn"eqorqtvcokgpvq"
fg"uw"uwd{cegpvg0
Gn" rqtegpvclg" oƒzkoq" fg" rctvkekrcek„p" fg"
ecfc"ceek„p"eworng"guvtkevcogpvg"gn"gzrwguvq"gp"
nc"rqnvkec." pq"oc{qt" cn" 38'."okgpvtcu" swg"gp" gn"
kpekfg"xctkc0
Nc"uwrgtxkuk„p"{"eqpvtqn"fg"nqu"hqpfqu"eqvk¦cfqu"
gp"Eqnqodkc."cn"ewcn" rgtvgpgegp"nqu"GVH."ug"tkig"
dclq"nq"guvcdngekfq"gp"gn"Fgetgvq"3464"fg"4235"fg"
nc"Uwrgtkpvgpfgpekc"Hkpcpekgtc"fg"Eqnqodkc0
∆εσϖενταϕασ
Pq" ocpglc" wpc" tfirnkec" gzcevc." rqt" nq" swg" ug"
kpewttg"gp"gn"tkguiq"fg"iguvk„p"rcukxc0
Gn"rqtegpvclg"fg" rctvkekrcek„p"fg" ecfc"ceek„p"
gu"Þlq"fwtcpvg"nqu"ugku"ogugu"fg"xkigpekc"xkfipfqug"
chgevcfq"rqt"gn"eqorqtvcokgpvq"fgn"uwd{cegpvg0
Rqt" ugt" wp" pfkeg" pwgxq" {" rqeq" wvknk¦cfq." pq"
gzkuvgp" etgcfqtgu" fg" ogtecfq0" Rctc" guvq" gu"
pgeguctkq" vqoct" wpc" rqukek„p" rcukxc." ukiwkgpfq"
gn"eqorqtvcokgpvq"fgn"pfkeg"EQNUE."fg"cewgtfq"
c"uw"eqorqukek„p"{"nc"rctvkekrcek„p"fg"ecfc"vvwnq"
gp" guvg." rqt" vcpvq." gu" korqtvcpvg" qdugtxct" gn"
fgucttqnnq"fgn"pfkeg" uwd{cegpvg" {" fg" nqu" vvwnqu"
swg"nq"eqorqpgp0
Nc"eqorqukek„p" fg" nc"ecpcuvc" rctc" cdtkn";" fg"
4236" fgn" pfkeg" EQNUE" guvcdc" eqorwguvc" rqt"
156 Εστρυχτυραχι⌠ν δε υν ΕΤΦ Σµαλλ Χαπσ χοµο αλτερνατιϖα δε ινϖερσι⌠ν
gortgucu" fg" fkhgtgpvgu" ugevqtgu
cfitgq." okpgtq" gpgtifivkeq" g" kpfwuvtkcn0" Gp" guvg"
rgtqfq."ug" rwgfg" qdugtxct" swg"Qfkpuc" ugiwkfq"
fg" RHCXJ" {" Eqpeqpetgvq" vkgpgp" nc" oc{qt"
rctvkekrcek„p"gp"gn"pfkeg0"
Eqoq" ug" gxkfgpekctƒ" rquvgtkqtogpvg" gp" gn"
fqewogpvq."nc" guvtwevwtcek„p"fgn" GVH"ug" tgcnk¦„"
eqp"32"fg"ncu"37"ceekqpgu"fgn"pfkeg"*xgt"cpgzq"3+0"
Πρεσυπυεστο δε ριεσγο ψ εξπεχτατιϖασ δε ρετορνο
Ug"tgcnk¦„"wp"dtgxg"guvwfkq" uqdtg"nqu"tkguiqu"swg"
ug"rqftƒp"qdvgpgt"c"nq"nctiq" fg"nc"rtq{geek„p"fgn"
GVH" Σµαλλ Χαπσ" nqu" ewcngu" ug" ogpekqpctƒp" c"
eqpvkpwcek„p
Ελ ριεσγο αχχιοναριο εσ δαδο πορ λοσ αλτοσ νιϖελεσ
fg" xqncvknkfcf" swg" ug" vkgpgp" gp" gn" ogtecfq" fg"
xcnqtgu" fgdkfq" c" swg" nqu" tgpfkokgpvqu" fg" nqu"
rtgekqu"pq" ug"gpewgpvtcp" guvcdngekfqu." ukpq"swg"
ϖαραν χον ρεσπεχτο α λασ υτιλιδαδεσ οβτενιδασ δε
ecfc"gortguc" q" cigpvgu"gzvgtpqu." guvq" vcodkfip"
ug"rwgfg" xgt" chgevcfq"fgdkfq" c" nc"gurgewncek„p"
fg"wp"gokuqt0"
Ελ ριεσγο δε δεσεµπε〉ο σον λασ ποσιβλεσ
rfitfkfcu"swg"qdvkgpg"gn" hqpfq"eqp"tgurgevq"c" ncu"
hcnncu" qrgtcekqpcngu." nc" ewcngu" guvƒp" fcfcu" rqt"
nc"gxcnwcek„p." cfokpkuvtcek„p" {" iguvk„p0" Guvq"ug"
rwgfg"rtgugpvct" fgdkfq"c" swg"gn" pfkeg" pq"vkgpg"
wpc" tgrnkecek„p" gzcevc" {c" swg" pq" kpenw{g" vqfqu"
nqu"xcnqtgu"rtgfgvgtokpcfqu0"
Ελ ριεσγο δελ εµισορ"rwgfg" igpgtct"rfitfkfcu"rqt"
kpewornkokgpvq" fg" ncu" qdnkicekqpgu" oqpgvctkcu"
swg"vgpic"nc"eqorc‚c."kiwcnogpvg."gn"fgugorg‚q"
swg"qdvgpic"gn"hqpfq" ug"fgdg"c"nc"iguvk„p" fg"ncu"
eqorc‚cu0" Fg" guvc" ocpgtc" ug" rqftƒ" qdugtxct"
swg" uk" nc" eqorc‚c" qdvkgpg" wp" ocn" fgugorg‚q"
rwgfg" nngict" c" igpgtct" wp" korcevq" pgicvkxq" cn"
rtgekq"fg" nc" ceek„p0" Cfgoƒu."qvtc" hqtoc" gp"swg"
ug"rwgfg"xgt" chgevcfq"gn"hqpfq"gu" nc"tgfweek„p"q"
pq"tgrctvkek„p"fg"fkxkfgpfqu0"
Ελ τραχκινγ ερρορ" q" gttqt" fg" ugiwkokgpvq" kpfkec"
gn"itcfq" fg"fguxkcek„p" swg"qdvwxq" gn"GVH" Σµαλλ
Χαπσ"eqp"tgurgevq"cn"pfkeg"fg"tghgtgpekc."eqp"guvq"
ug"rwgfg"qdugtxct"swg"gpvtg"oƒu"cnvq"ugc"gn"gttqt"
fg"ugiwkokgpvq"oƒu"ug"cnglctƒ"fg" uw"tgrnkecek„p."
nq"ewcn"pqu" kpfkectƒ"swg"guvg" GVH"Σµαλλ Χαπσ εσ
cevkxq0"Guvg"gttqt"fg"ugiwkokgpvq"ug"xgtƒ"chgevcfq"
{"rwgfg"nngict"c"rtgugpvct"wpc"fguxkcek„p"fgdkfq"
c" swg" gn" rqtvchqnkq" kpewornc" " gp" gn" rciq" fg"
eqokukqpgu" cfokpkuvtcvkxcu." vcodkfip" ug" rwgfg"
xgt"chgevcfq"rqtswg"gn"hqpfq" rwgfg"kpxgtvkt"gp"nc"
okuocu"ceekqpgu"swg"gn"pfkeg"rgtq"eqp"fkhgtgpvg"
rtqrqtek„p" *Dtwp" " {" Oqtgpq." 4226+0" Gn" τραχκινγ
ερρορ" ug" gzrtguc" fg" nc" ukiwkgpvg" ocpgtc" *34+
Gu" korqtvcpvg" cpqvct" swg" gn" Τραχκινγ ερρορ εσ
wpc"ogfkfc"c"nc"iguvk„p"tgcnk¦cfc"gp"gn"rqtvchqnkq"
tgurgevq" cn" pfkeg" fg" tghgtgpekc." rqt" nq" ewcn"
pq" vkgpg" gp" ewgpvc" qvtqu" eqpegrvqu" fg" tkguiq"
τραδιχιοναλ εν λασ ινϖερσιονεσ δε δευδα, ταλεσ
eqoq"ecnkÞecekqpgu"fg"tkguiq"fg"etfifkvq0"
Ελ τραχκινγ ερρορ εξ− αντε" ug" gzrtguc" eqoq" nc"
fguxkcek„p" guvƒpfct" fg" nqu" tgpfkokgpvqu" fg" nqu"
cevkxqu0""Fg"guvc"ocpgtc" ug"fguetkdg"gn"hqpfq"fg"
kpxgtuk„p"eqoq"wp"xgevqt" fg"tkguiq"ε(φ)0"Vcodkfip"
ug"rwgfg" qdugtxct"nc" gzrqukek„p"eqoq" nqu"rguqu"
tgncvkxqu" fgn" hqpfq0" Gn" pfkeg" fg" tghgtgpekc" fg"
nc" ectvgtc" guvƒ" fguetkvq" rqt" ncu" gzrqukekqpgu" cn"
tkguiq" ε(β)0" Gn" xgevqt" fg" gzrqukekqpgu" fgn" hqpfq"
ug"hqtoc" fg" nc" ukiwkgpvg" ocpgtc" *35+"*Uvwnclvgt."
4227+<
Fkejq" cpvgtkqtogpvg" ug" rwgfg" qdugtxct" swg" gn"
τραχκινγ ερρορ εξ− αντε" gu" wpc" ogfkfc" fg" tkguiq"
cevkxq"swg"ug"vqoc" eqpvtc"gn"pfkeg"fg" tghgtgpekc"
{" rctc" guvg" ecuq" ug" gzrtguc" gp" vfitokpqu"
ugoguvtcngu
Fqpfg.""Οπ"{""οΒ""uqp"ncu"fguxkcekqpgu"guvƒpfct"fgn"
GVH"Σµαλλ Χαπσ"{"gn"EQNUE"tgurgevkxcogpvg"{""uw"
eqttgncek„p"gpvtg"gnncu0"Rquvgtkqtogpvg"ug"cpcnk¦c"
[12]
[13]
[14]
157
Εστρυχτυραχι⌠ν δε υν ΕΤΦ Σµαλλ Χαπσ χοµο αλτερνατιϖα δε ινϖερσι⌠ν
ελ τραχκινγ ερρορ εξ− ποστ" gn" ewcn"gu" nc" fguxkcek„p"
guvƒpfct"fg"nc"fkhgtgpekc"fg"nqu"tgvqtpqu"fgn"GVH"
Σµαλλ Χαπσ" {" fgn"pfkeg" fg" tghgtgpekc."kpfkecpfq"
gn" tkguiq" cevkxq" swg" ug" cuwok„" fwtcpvg" nqu" ugku"
ogugu" qdugtxcfqu." nq" ewcn" fkeg" swg" gn" τραχκινγ
ερρορ εξ− ποστ"gu"fcfq"fg"nc"ukiwkgpvg"ocpgtc"*37+
Guvg" kpfkecfqt" cn" eqpvtctkq" fgn" cpvgtkqt" ug" jceg"
eqp" dcug" gp" nqu" fcvqu" qdugtxcfqu" rqt" nq" swg."
ukgortg"ugtƒ"ogpqt"cn"Τραχκινγ ερρορ εξ −αντε0"
Ελ ριεσγο δε µερχαδο εσ εξπρεσαδο αντε λοσ
oqxkokgpvqu" fg" nqu" rtgekqu" fg" nqu" cevkxqu" swg"
eqphqtocp" gn" hqpfq0" Rqftƒ" nngict" c" qdvgpgt"
rfitfkfcu"c"eqtvq" rnc¦q"fgdkfq" c"nqu"oqxkokgpvqu"
fgn"ogtecfq"gp"wp"rgtkqfq"guvtgejq"{"gp"rgtkqfqu"
nctiqu"fwtcpvg"etkuku"fg"ogtecfq0"Gn"rtgekq"fg"ncu"
ceekqpgu"rqftƒ" nngict" c"fkuokpwktug" rqt" gxgpvqu"
cfxgtuqu"cn"gokuqt"gu"fgekt"gxgpvqu"pq"gurgtcfqu"
swg"chgevgp"gn"ugevqt0
Ελ ριεσγο οπεραχιοναλ πυεδε προϖοχαρ πρδιδασ
fgdkfq" c" gttqtgu" jwocpqu." rtqeguqu" kpvgtpqu"
kpcfgewcfqu" {" vcodkfip" rqt" eqpugewgpekc" fg"
ceqpvgekokgpvqu"gzvgtpqu0" Gp" gn" ecuq"fgn" hqpfq."
nqu" gttqtgu" jwocpqu" rqftƒp" glgtegtug" rqt"
rctvg" fg" nc" uqekgfcf" cfokpkuvtcfqtc." gn" iguvqt"
rtqhgukqpcn."uwu" hwpekqpctkqu" {" nqu" okgodtqu" fg"
eqokvfi." swg" kpewttcp" " gttqtgu" w" qokukqpgu" swg"
igpgtgp" rfitfkfcu" cn" hqpfq." okgpvtcu" swg" nqu"
rtqeguqu"kpvgtpqu"ug"xgtƒp"chgevcfqu"fgdkfq"c" nc"
tgcnk¦cek„p" fg" qrgtcekqpgu" ukp" cwvqtk¦cek„p" {" nc"
igpgtcek„p"fg"eqpvtqngu"kpcfgewcfqu0"
Ελ ριεσγο δε εστρατεγια πασιϖα"uwtig"fgdkfq"c"swg"
pq"ug"tgrnkec"gn" pfkeg"eqorngvcogpvg."rwgu" uqnq"
ug" gueqigp" 32" fg" ncu" 37" ceekqpgu" fglcpfq" rqt"
hwgtc"ekpeq."swg"rwgfgp"q"pq"ugt"tgngxcpvgu"gp"gn"
fgugorg‚q"fgn"hqpfq0"
Ελ ριεσγο ϕυρδιχο" ug" fc" gp" gn" oqogpvq" swg"
jc{c" wp" ecodkq" gp" nc" ngikuncek„p" Þpcpekgtc." q"
gp" nc" tgiwncek„p" rqt" rctvg" fg" ncu" gpvkfcfgu" fg"
xkikncpekc"{" eqpvtqn0"Ncu" fgekukqpgu"vqocfcu" rqt"
gpvgu"iwdgtpcogpvcngu" q" lwfkekcngu" swg"chgevgp"
gn" fgucttqnnq" fg" nqu" cevkxqu" swg" ug" gpewgpvtcp"
kpxgtvkfqu" gp" gn" hqpfq" rwgfgp" igpgtct" wp"
korcevq" pgicvkxq" gp" guvg0" Vcodkfip" rwgfgp"
igpgtctug" ecodkqu" swg" gnkokpgp" q" oqfkÞswgp"
ncu" qrgtcekqpgu" {" eqpvtcvqu." swg" igpgtgp" wp"
kpetgogpvq"gp" nqu"icuvqu"q" equvqu."ewguvkqpgp" nc"
xcnkfg¦"swg"vgpic"ncu"kpxgtukqpgu"fgn"hqpfq."gpvtg"
qvtcu0" Rqt" qvtc" rctvg." ug" rwgfg" xgt" chgevcfq" gn"
hqpfq"fgdkfq"c"swg"kpewttc"gp"rfitfkfcu"rqt"fc‚qu"
swg"ugcp"oqvkxq"fg"kpfgopk¦cek„p."rqt"tguwnvcfq"
fg" kpewornkokgpvq" fg" pqtocu" w" qdnkicekqpgu0"
Cfkekqpcnogpvg" rwgfgp" gzkuvkt" hcnncu" gp" nqu"
eqpvtcvqu" {" vtcpuceekqpgu" swg" ugcp" glgewvcfqu"
rqt"gn"hqpfq0
Ελ ριεσγο δε λιθυιδεζ" rqt" wpkfcfgu" fg" etgcek„p"
ug" qdugtxc" gp" ewcpvq" c" nqu" kpitguqu" tgekdkfqu"
rqt"fkxkfgpfqu" swg" uqp" tgkpxgtvkfqu"gp"gn" hqpfq"
rgtq"cu"okuoq" fg"cnn"ug"rcictƒp" nqu"icuvqu"rqt"
iguvk„p" {" cfokpkuvtcek„p0" Vcodkfip" ugtƒ" fcfq"
gn" xcnqt" swg" nqu" kpxgtukqpkuvcu" qdvwxkgtqp" fg" nc"
ecpcuvc." gp" gn" oqogpvq" swg" ug" rtgugpvg0" Gn"
tkguiq" swg" ug" qdvkgpg" gp" guvg" oqogpvq" gu" swg"
gn" hqpfq" cn" tgfkokt" ncu" wpkfcfgu" fg" etgcek„p" pq"
ewgpvg" eqp" gn" ecrkvcn" uwÞekgpvg" rctc" gpvtgict" c"
nqu"kpxgtukqpkuvcu"nc" tgpvcdknkfcf"swg"qdvwxkgtqp."
gn"okuoq"fc"swg"ug"tgfkoc"nc"kpxgtuk„p0"
Εξπεχτατιϖασ δε ρετορνο
Ug" gurgtc" swg" gn" GVH" Σµαλλ Χαπσ"qdvgpic" wpc"
tgpvcdknkfcf"kiwcn" q" wp"oc{qt" cn" pfkeg0"Fg" guvc"
ocpgtc." ug" qdvkgpg" wpc" gzrgevcvkxc" fg" swg" uw"
pkxgn" fg" tkguiq" ugc" opkoq" rctc" cu" nqitct" wp"
oglqt" fgugorg‚q" eqp" ncu" ceekqpgu" fg" dclc"
dwtucvknkfcf." {" nc" tgrnkecek„p" ugc" ow{" ukoknct" c"
nc" fgn" pfkeg" EQNUE." rctc" qdvgpgt" wpc" dwgpc"
ecrvcek„p"fg"nqu"rgswg‚qu"kpxgtukqpkuvcu0
Eqpvgzvwcnk¦cek„p"geqp„okeq/Þpcpekgtc
Jq{"gp"fc"nqu"ogtecfqu"Þpcpekgtqu"ug"gpewgpvtcp"
gp"wpc"gvcrc"fg"fgucttqnnq"{"eqpuvcpvg"gxqnwek„p"
nngicpfq" cu" c" nc" inqdcnk¦cek„p." gp" fqpfg" ug"
qhtgegp"fkxgtucu"cnvgtpcvkxcu" fg"kpxgtuk„p" swg"ng"
rgtokvgp"cn"kpxgtukqpkuvc"gueqigt"gpvtg"wp"cdcpkeq"
fg" kpuvtwogpvqu" {" guvtcvgikcu" Þpcpekgtcu." wpqu"
oƒu" eqornglqu" swg" qvtqu." wpqu" oƒu" tgpvcdngu"
{" xqnƒvkngu." " rgtq" swg" ng" dtkpfcp" uwÞekgpvgu"
rqukdknkfcfgu" fg" ceegfgt" c" wp" ogtecfq" vcp"
korqtvcpvg" eqoq" gu" gn" fg" xcnqtgu0" Vqfq" guvq"
[15]
158 Εστρυχτυραχι⌠ν δε υν ΕΤΦ Σµαλλ Χαπσ χοµο αλτερνατιϖα δε ινϖερσι⌠ν
kpxqnwetcpfq" gn" eqpqekokgpvq" {" cuguqtcokgpvq"
rqt" rctvg" fg" rtqhgukqpcngu" eqp" jcdknkfcfgu."
gfwecek„p" {" cornkc" gzrgtkgpekc" gp" gn" ƒodkvq"
vcpvq" geqp„okeq" eqoq" Þpcpekgtq0" Gu" rqt" guvc"
tc¦„p" swg" eqpvkpwcogpvg" uwtigp" pwgxcu" kfgcu"
fg"kpxgtuk„p"eqoq"gu"gn"ecuq"fg"nc"rtqrwguvc"swg"
ug"tgcnk¦c"gp"guvg"fqewogpvqGVH"Σµαλλ Χαπσ
swg" glgewvc" wpc" iguvk„p" rcukxc" eqp" tgurgevq" cn"
pfkeg"EQNUE0"
Fg"oqfq" swg" wp" GVH"gu"eqpukfgtcfq" wp" hqpfq"
dwtuƒvkn"{"ugi¿p"gn"Ctvewnq"5030370304" fgn"Fgetgvq"
4777"fg"4232
Ug" eqpukfgtctƒp" hqpfqu" dwtuƒvkngu" cswgnncu"
ectvgtcu" eqngevkxcu" ew{q" qdlgvq" eqpukuvc"
gp" tgrnkect" q" ugiwkt" wp" pfkeg" pcekqpcn" q"
kpvgtpcekqpcn."ogfkcpvg" nc"eqpuvkvwek„p" fg"wp"
rqtvchqnkq" kpvgitcfq" rqt" cniwpqu" q" vqfqu" nqu"
cevkxqu" swg" jcicp" rctvg" fg" nc" ecpcuvc" swg"
eqphqtoc"fkejq"pfkeg0"*Fgetgvq"4777."4232+
Rqt" gpfg" gn" GVH" rtqrwguvq" guvƒ" eqorwguvq"
rqt" ceekqpgu" gp" dqnuc." swg" rctc" guvg" ecuq"
ug" ugngeekqpctqp" fg" cewgtfq" c" uw" p¿ogtq" fg"
eqvk¦cekqpgu" ugoguvtcngu" gueqikgpfq" cu" 32" fg"
ncu"37."eqoq"ug"ogpekqp„"cpvgtkqtogpvg0"
Gn"qdlgvkxq" rtkpekrcn"fg" guvg"hqpfq" gu"igpgtct" cn"
kpxgtukqpkuvc" wpc" cnvgtpcvkxc" fg" kpxgtuk„p." rctc"
cu"fkxgtukÞect"uw"rctvkekrcek„p"gp"gn"ogtecfq"fg"
tgpvc"xctkcdng." qhtgekfipfqng"wpc" ugiwpfc"qrek„p"
fg" kpxgtuk„p" gp" GVH." rwgu" cevwcnogpvg" gp" gn"
ogtecfq"eqnqodkcpq" uqnq" gzkuvg"wp" GVH" swg"ug"
pgiqekc"gp"nc"DXE."guvg"gu"gn"KEqnecr"fg"ΙΣηαρεσ0
Βενχηµαρκ ψ δεσχριπχι⌠ν µετοδολ⌠γιχα
Rctc" tgcnk¦ct" nc" guvtwevwtcek„p" fgn" GVH." eqoq"
ug" ogpekqp„" cpvgtkqtogpvg." ug" vwxq" gp" ewgpvc"
eqoq"βενχηµαρκ"gn" pfkeg"EQNUE." tgcnk¦cpfq"nqu"
ukiwkgpvgu"rtqegfkokgpvqu<
Σελεχχι⌠ν δε λα χαναστα:" *Vkrqu" fg" cevkxqu" c"
kpxgtvkt+Nc" ugngeek„p" fg" ncu" ceekqpgu" swg" ug"
vgpftƒp"gp"ewgpvc"rctc"nc"eqorqukek„p"fgn"hqpfq"
ug"tgcnk¦„"cewfkgpfq"c"vtgu"etkvgtkqu<
Rqt"p¿ogtq"fg"eqvk¦cekqpgu0
Rqt"qrvkok¦cek„p0
Rqpfgtcek„p"gp"gn"pfkeg"EQNUE0
Vgpkgpfq" gp" ewgpvc" nc" eqorqukek„p" fgn" pfkeg."
ug" tgeqngev„" wp" jkuv„tkeq" fg" rtgekqu" fg" ncu" 37"
ceekqpgu."c"rctvkt"fgn"fc"4"fg"gpgtq"fg"4234"jcuvc"
gn"3:"fg"oct¦q"fg"4236."vqocpfq"eqoq"hwgpvg"nqu"
fcvqu"tgrqtvcfqu"rqt"gn" Itwrq"Cxcn"{"nc"Dqnuc"fg"
Xcnqtgu"fg"Eqnqodkc0"
Πορ νµερο δε χοτιζαχιονεσ: Α ραζ δε εστα βασε
ug"tgcnk¦„" gn" eƒnewnq" fgn" p¿ogtq"fg" eqvk¦cekqpgu"
ugoguvtcngu"swg" vgpc" ecfc" ceek„p" cewfkgpfq"c"
nc"ukiwkgpvg"eqpfkek„p
F„pfg<
Rv/3?" Rtgekq"fgn"fc"cpvgtkqt
Rv?"" Rtgekq"fg"jq{
Πορ ταντο:
Pe?"¬"%Eqvk¦cekqpgu"gp"gn"ugoguvtg0
Nc"vcdnc"3"owguvtc"gn"p¿ogtq"fg"eqvk¦cekqpgu"rqt"
ecfc"ceek„p<
Ταβλα 1. P¿ogtq"fg" eqvk¦cekqpgu" *gpgtq" 4234" c"
oct¦q"4236+
Χονχονχρετο 292
Οδινσα 337
Μινεροσ 455
ΒςΧ 482
ΧΝΕΧ 540
ΕΤΒ 451
Ταβλεµαχ 342
ςαλορεµ 323
Φαβριχατο 241
Ενκα 335
Χολτεϕερ 59
Παζρο 86
ΠΦΑςΗ 529
ΠΦΧΑΡΠΑΚ 285
Ελ χονδορ 301
Νµερο δε χοτιζαχιονεσ
159
Εστρυχτυραχι⌠ν δε υν ΕΤΦ Σµαλλ Χαπσ χοµο αλτερνατιϖα δε ινϖερσι⌠ν
Ug" gxkfgpekc" swg" EPGE" gu" nc" ceek„p" swg" oƒu"
eqvk¦c"ugiwkfq" fg" RHCXVC0" Gp"ecodkq" Eqnvglgt"
guvƒ"fgpvtq"fg"ncu" ceekqpgu"swg"ogpqu"eqvk¦ctqp"
fwtcpvg" nqu" rgtkqfqu" cpcnk¦cfqu0" C" rctvkt" fg"
guvq." ug" igpgt„" wpc" vcdnc" fg" rqukekqpgu" rctc"
ugngeekqpct"ncu"32"ceekqpgu" swg"ug"wvknk¦ctqp"c" nc"
jqtc"fg"guvtwevwtct"gn"GVH"Σµαλλ Χαπσ0"
Ταβλα 2."Rqukekqpgu"*gpgtq"4234"c"oct¦q"4236+
Eqkpekfkgpfq" eqp" ncu" 32" fg" oc{qt" rqpfgtcek„p"
gp" gn" pfkeg" EQNUE" rqt" àqvcpvg." gzegrvwcpfq"
Gn" E„pfqt." {c" swg" vwxq" wp" p¿ogtq" ogpqt" fg"
eqvk¦cekqpgu."swgfcpfq"gp"nc"rqukek„p"p¿ogtq"340"
Eqp"gn" Þp" fg" vgpgt" wp" etkvgtkq" fg"ugngeek„p" oƒu"
eqpÞcdng" ug" tgcnk¦„" wpc" qrvkok¦cek„p." gp" fqpfg"
ug" eqttqdqtc" nc" ugngeek„p" c" oqfq" fg" rtwgdc" {"
gttqt" eqp" gn" Þp" fg" gueqigt" wpc" ecpcuvc" „rvkoc"
swg"ug"cegtec"cn"eqorqtvcokgpvq"fgn"pfkeg0
Πορ οπτιµιζαχι⌠ν:" Rctc" guvg" etkvgtkq" ug" wvknk¦„"
nqu" ¿nvkoqu" vtgu" c‚qu" fg" nc" ugtkg" fg" fcvqu" swg"
xcp" fgufg" gpgtq" 25" fg" 4233" jcuvc" oct¦q" 3:" fg"
4236."{"ug" tgcnk¦„"wpc"qrvkok¦cek„p" fgn"rqtvchqnkq"
eqp"ncu"37" ceekqpgu."oquvtcpfq" eqoq"tguwnvcfqu"
nqu" kpfkecfqu" gp" gn" Cpgzq" 40" Nqu" tguwnvcfqu"
gxkfgpekctqp"swg"rqt"guvg"etkvgtkq"ncu"ceekqpgu"swg"
eqorqpftƒp"gn"GVH"eqkpekfgp"crtqzkocfcogpvg"
eqp" ncu" ugngeekqpcfcu" rqt" gn" etkvgtkq" fg" p¿ogtq"
fg" eqvk¦cekqpgu." swgfcpfq" cu" uw" eqorqukek„p
Qfkpuc." RHXCJ." Eqpeqpetgvq." Okpgtqu." DXE."
GVD."EPGE."Gn"E„pfqt."Vcdngoce"{"Xcnqtgo0
Παρτιχιπαχι⌠ν: Υνα ϖεζ σελεχχιοναδοσ λοσ αχτιϖοσ,
fg"cewgtfq"c"nq"cpvgtkqt."nc"rqpfgtcek„p"cukipcfc"
c"ecfc"cevkxq"ug"tgcnk¦c"eqp"wpc" qrvkok¦cek„p"fg"
rqtvchqnkqu"dwuecpfq" okpkok¦ct"gn" τραχκινγ ερρορ,
okpkok¦ct" gn" tkguiq" {" oczkok¦ct" nc" tgpvcdknkfcf0"
Fg" cewgtfq" eqp" nc" ugtkg" fg" fcvqu" ug" ecnewnctqp"
nqu" tgpfkokgpvqu" fkctkqu" fg" nc" ukiwkgpvg" ocpgtc"
*38+<
Qdvgpkfqu" guvqu" tgpfkokgpvqu" ug" rtqegfk„" c"
ecnewnct"nqu"rctƒogvtqu"fgn"Oqfgnq"fg"Octmqykv¦."
vgpkgpfq"gp" ewgpvc" swg"ug" tgcnk¦ctqp" rctc"ecfc"
ugoguvtg"c"rctvkt"fgn"3"fg"gpgtq"fg"4234<
30" Ug" tgcnk¦„" wp" xgevqt" fg" rctvkekrcekqpgu."
rtkogtcogpvg"cn" c¦ct."eqp"nqu"cevkxqu" gueqikfqu."
eqp"nc"eqpfkek„p"swg"nc"uwoc"fg"uwu"rqpfgtcekqpgu"
hwgtc"322'0
40" Ug" ecnewn„" gn" rtqogfkq" fg" nqu" tgpfkokgpvqu"
fwtcpvg"gn"ugoguvtg"fg"ecfc"cevkxq0
50"Ug" ecnewn„"nc" xqncvknkfcf"fg"ecfc" cevkxq."nc" fgn"
EQNUE" {" nc" fgn" GVH." vqocpfq" eqoq" fcvqu" nqu"
tgpfkokgpvqu0
60" Rctc" jcnnct" nc" tgpvcdknkfcf" fgn" rqtvchqnkq" ug"
tgcnk¦„"nc"uwoc"rtqfwevq"gpvtg"gn"xgevqt"fg"rctvke/
krcekqpgu"{"gn"xgevqt"fg"tgpvcdknkfcfgu"rtqogfkq
70" Ug" ecnewn„" gn" τραχκινγ ερρορ" fgn" GVH."vqocfq"
eqoq"nc" fguxkcek„p"guvƒpfct" fg" nc"fkhgtgpekc" fg"
nqu"tgvqtpqu"gpvtg"gn"EQNUE"{"gn"GVH0
80"Rquvgtkqtogpvg"ug"tgcnk¦„"gn"eƒnewnq"fg"Βετα"{"ug"
χαλχυλαρον λοσ ινδιχαδορεσ δε ρενταβιλιδαδ δαδασ
ncu"ukiwkgpvgu" vcuc" nkdtg" fg" tkguiq"fg" nqu" VGU" c"
fqu"C‚qu0"Guvcu"vcucu"eqttgurqpfgp"c"nc" vcuc"fg"
Αχχιονεσ
Σεγν χοτιζαχι⌠ν Χαναστα ϖιγεντε
ΧΝΕΧ 1° 6°
ΒςΧ 2° 5°
ΕΤΒ 3° 7°
Αϖιανχα ταχα 4° 2°
Μινεροσ 5° 4°
Ταβλεµαχ 6° 9°
Ενκα 7° 13°
Χονχονχρετο 8° 3°
Οδινσα 9° 1°
Φαβριχατο 10° 10°
ςαλορεµ 11° 11°
Ελ χονδορ 12° 8°
ΠΦΧΑΡΠΑΚ 13° 12°
Παζρο 14° 15°
Χολτεϕερ 15° 14°
Ταβλα δε ποσιχιονεσ
Hwgpvg
[16]
160 Εστρυχτυραχι⌠ν δε υν ΕΤΦ Σµαλλ Χαπσ χοµο αλτερνατιϖα δε ινϖερσι⌠ν
pgiqekcek„p"fg"nqu"VGU" c"4"c‚qu."tgrqtvcfcu"rqt"
gn"Dcpeq" fg"nc" Tgr¿dnkec." rctc"ecfc" wpc"fg" ncu"
hgejcu"eqttgurqpfkgpvgu0
/Lwpkq"4;"fg"4234
/"Fkekgodtg"4:"fg"4234
/"Lwpkq"4:"fg"4235
/"Fkekgodtg"52"fg"4235
90" Ug" ecnewn„" gn" Ρατιο δε Σηαρπε, χαλχυλανδο λα
tgpvcdknkfcf"{"gn"tkguiq"fgn"GVH"EQNUE."vcodkfip"
nc" tgpvcdknkfcf" fgn" EQNUE" {" rquvgtkqtogpvg" ug"
crnkecpfq"nc"ukiwkgpvg"h„townc"*39+
:0"Ρατιο δε Τρεψνορ nc"tgpvcdknkfcf" fg"
nc"GVH"{"VNT."{""vcodkfip"gn"βετα"fg"nc"ectvgtc0""Ug"
crnke„"nc"ukiwkgpvg"hqtownc"*3:+
;0"Αλφα δε ϑενσεν ecnewn„"nc" tgpvcdknkfcf"fg" nc"
GVH"{"EQNUE"{"vcodkfip" gn"βετα"fg"nc"ectvgtc0" Ug"
crnke„"nc"ukiwkgpvg"hqtownc"vqocpfq"nc"VNT
Tgpvc"GVH"/*VNT"-Βετα,*Tgpvc"EQNUE"/VNT++
320" Tcvkq" fg" kphqtocek„p" ug" ecnewn„" eqp" nc"
tgpvcdknkfcf"fgn"GVH"{" EQNUE"{"gn"τραχκινγ ερρορ
crnkecpfq"nc"ukiwkgpvg"h„townc"*42+
330"Rctc"gn"eƒnewnq"fgn"XCT"ug"qdvwxq"wp"jqtk¦qpvg"
fg"vkgorq"fg"wp"fc"eqp"fqu"pkxgngu"fg"eqpÞcp¦c."
wpq"fgn";;'"{"qvtq"fgn";7'0"Ug"jcnn„"gn"p¿ogtq"fg"
fguxkcekqpgu." cewfkgpfq" c" nc" ukiwkgpvg" h„townc"
*43+
Rquvgtkqtogpvg" ug" ecnewn„" gn" XcT" fg" ecfc"
ceek„p
fg" fguxkcekqpgu" ,Tck¦*3+0" Fgurwfiu" fg" qdvgpgt"
gn"XcT"ug"tgcnk¦„" nc"ocvtk¦"fg" eqttgncekqpgu""{" ug"
jcnn„" nc" tgpvcdknkfcf" fgn" rqtvchqnkq" eqp" nc" uwoc"
rtqfwevq"fg"nc"rctvkekrcek„p"eqpvtc"nc"tgpvcdknkfcf"
fg" ecfc" ceek„p0" Hkpcnogpvg." ug" ecnewn„" gn" XcT"
fkxgtukÞecfq"fg"nc"ukiwkgpvg"ocpgtc"*44+
["rqt" ¿nvkoq" ug"jcnn„" nc" tgpvcdknkfcf1"tkguiq" swg"
ug"vqo„"fg"nc"fkxkuk„p"fg"nc"tgpvcdknkfcf"gurgtcfc"
fgn"rqtvchqnkq1"XcT"fkxgtukÝecfq0"
340" Dcuƒpfqpqu" gp" gn" tgincogpvq" fg" Ισηαρεσ
Eqnecr."wpc"wpkfcf"fg"etgcek„p"gswkxcng"c"520222"
wpkfcfgu" fg" rctvkekrcek„p." swg" rctc" guvg" ecuq"
ocpglctgoqu" gn" okuoq." eqp" wp" xcnqt" kpkekcn" fg"
λα υνιδαδ3" fg" &32.873037" EQR." ecnewncfq" eqoq"
gn" rtqogfkq" rqpfgtcfq" fgn" rtgekq" fgn" ¿nvkoq"
c‚q"fg"pfkeg"EQNUE." vqocpfq"eqoq"rgtkqfq" fg"
tghgtgpekc" fgufg" gn" 3:" fg" oct¦q" fg" 4235" jcuvc"
gn" 3:" fg" oct¦q" fg" 4236." ownvkrnkeƒpfqnq" rqt" wp"
hcevqt"fg"32"eqoq"ug"owguvtc"gp"*45+0
Fqpfg.
ςΙΥ: ςαλορ ινιχιαλ δε λα υνιδαδ
30"Ug"fgdg"gpvgpfgt"swg"gn"xcnqt"fg"nc" wpkfcf"gp"nqu"hqpfqu"dwtuƒvkngu"
eqttgurqpfg"cn"xcnqt"kpvtpugeq."gn"ewcn"uktxg" eqoq"tghgtgpvg"fg"nc"vgp/
fgpekc"fgn"pfkeg"swg"ug"tfirnkec
[17]
[18]
[19]
[20]
[21]
[22]
[23]
161
Εστρυχτυραχι⌠ν δε υν ΕΤΦ Σµαλλ Χαπσ χοµο αλτερνατιϖα δε ινϖερσι⌠ν
v
v/587
R
ν: Χαντιδαδ δε δατοσ
350" Vgpkgpfq" gp" ewgpvc" nc" rqnvkec" fgn" hqpfq"
rtqrwguvc."cegtec"fg"nqu"fkxkfgpfqu."eqoq"pq"uqp"
tgrctvkfqu"ukpq"tgkpxgtvkfqu."guvqu"uqp"uwocfqu"
cn"hqpfq"gp" ncu"hgejcu"hwgtqp"rcicfqu"" cpvgu"fg"
4235."ugi¿p"fcvqu"vqocfqu"fg"nc"Dqnuc"fg"Xcnqtgu"
fg"Eqnqodkc0
360" Wpc" xg¦" qdvgpkfqu" nqu" fcvqu" cpvgtkqtgu." ug"
rtqegfk„"c"tgcnk¦ct"nc"qrvkok¦cek„p"cewfkgpfq"c"nc"
jgttcokgpvc"Σολϖερ."gp"nc"ewcn"eqoq"tguvtkeekqpgu"
ug"guvcdngekgtqp"ncu"ukiwkgpvgu<
/"Okpkok¦ct"gn"XCT." ecodkcpfq"gn"xgevqt"fg"rct/
vkekrcekqpgu0
/"Uwoc"fg"ncu"rctvkekrcekqpgu"kiwcn"cn"322'0
/" Pkpi¿p" cevkxq" rwgfg" vgpgt" oƒu" fgn" 38'" fg"
rctvkekrcek„p0
/"Τραχκινγ ερρορ"ogpqt"cn"2.7'0
370"Rctc"jcnnct"gn"rtgekq"fgn"GVH"EQNUE."ug"vqo„
&320"873.37" eqoq" xcnqt" fg"nc"wpkfcf" kpkekcn."
rquvgtkqtogpvg"ug"tgcnk¦„"nc"ukiwkgpvg"hqtownc"
Xcnqt,*3-"Tgpvcdknkfcf"Gurgtcfc"fgn"rqtvchqnkq+
380""Rctc"eqpqegt"nqu"rqtegpvclgu"fg"rctvkekrcek„p"
gp" gn" EQNUE" {" tgcnk¦ct" nc" eqorctcek„p" fg" ncu"
tgpvcdknkfcfgu"ug"tgcnk¦„"nc"ukiwkgpvg"h„townc<
Xcnqt,*3-"Tgpvcdknkfcf"EQNUE+
Μοδελαχι⌠ν ψ αν〈λισισ δε ρεσυλταδοσ
(περφορµανχε)
Tgcnk¦cfc" nc" ugngeek„p" fg" nc" ecpcuvc." nc"
tgpvcdknkfcf" gurgtcfc" fgn" rqtvchqnkq." ncu"
tgpvcdknkfcfgu" rtqogfkq" fg" ecfc" cevkxq" gpvtg"
qvtqu."ug"tgcnk¦„"wpc"ugtkg" fg"ρατιοσ" rctc"nngict" c"
qdvgpgt"GVH" EQNUE"nqu"ewcngu" ug"ogpekqpctcp"
c"eqpvkpwcek„p<
30"Τραχκινγ ερρορ.
40"Βετα"fg"nc"ectvgtc0"
50"Ρατιο"fg"Ujctrg0
60"Ρατιο"Vg{pqt0
70"Αλφα δε ϑενσεν.
80"Ινφορµατιον Ρατιο.
:0"XCT0
Ug"cpcnk¦ctqp"fqu"c‚qu"cpvgtkqtgu"rctc"cu"rqfgt"
qdvgpgt" wp" oglqt" fgugorg‚q" fgn" GVH" EQNUE"
eqp"tgurgevq"cn"EQNUE."vgpkgpfq"gp"ewgpvc"swg"nc"
tgeqorqukek„p"fg"guvg"ug"tgcnk¦c"ugoguvtcnogpvg0"
C"eqpvkpwcek„p"ug"qdugtxctƒ
30"Gn"xgevqt"fg"rctvkekrcek„p0
40"Nc"tgpvcdknkfcf"rtqogfkq"fg"ecfc"ceek„p0"
50"Nc"Xqncvknkfcf"fg"ecfc"ceek„p0
60"Nc"tgpvcdknkfcf"fgn"rqtvchqnkq0
70"Xqncvknkfcf"fgn"Rqtvchqnkq0
80"Xqncvknkfcf"fgn"EQNUE0
Rctc" ecfc" wpq" fg" nqu" rgtqfqu" fg" cpƒnkuku" swg"
vkgpgp" wp" eqtvg" ugoguvtcn" ug" qdvwxkgtqp" nqu"
tguwnvcfqu"fg"nc"qrvkok¦cek„p" *xgt" cpgzq" 5+." nqu"
ewcngu" uqp
gpgtq"fgn"4234" cn"26"fg"lwpkq"fgn" 4234+."ugiwpfq"
ugoguvtg" fgn" 4234" *7" fg" lwpkq" fg" 4234" cn" 27" fg"
fkekgodtg" 4234+." " rtkogt" ugoguvtg" fgn" 4235" *28"
fg"fkekgodtg" fgn"4234" cn"28"fg" lwpkq"fgn" 4235+"{"
ugiwpfq"ugoguvtg"fgn"4235"*29"fg"lwpkq"fgn"4235"
cn"2;"fg"fkekgodtg"fgn"4235+0"
Nqu"tguwnvcfqu" fg" nqu" fcvqu" cpvgtkqtgu"rgtokvgp"
qdugtxct"swg"gp"gn"rtkogt"{"ugiwpfq"ugoguvtg"fgn"
c‚q"4234."nc"ceek„p"fg"Qfkpuc"ug"gpeqpvtcdc"gp"gn"
rtkogt"nwict"eqp"wpc"rctvkekrcek„p"oƒu"cnvc"{"wpc"
fg" ncu" xqncvknkfcfgu" oƒu" dclcu0" Gp" gn" ugiwpfq"
162 Εστρυχτυραχι⌠ν δε υν ΕΤΦ Σµαλλ Χαπσ χοµο αλτερνατιϖα δε ινϖερσι⌠ν
{" vgtegt" nwict" fgn" rtkogt" ugoguvtg" fg" 4234" ug"
gpewgpvtc"nc" ceek„p"fg" DXE" {" Cxkcpec"fgdkfq" c"
swg"nc" tgpvcdknkfcf"rtqogfkq"fg"fkejcu"ceekqpgu"
uqp"ncu"oƒu"cnvcu."rgtq"uw"xqncvknkfcf"cwogpvc0"Gp"
gn"ugiwpfq"ugoguvtg"fg"fkejq"c‚q"Cxkcpec"qewrc"
gn"ugiwpfq"nwict"eqp"nc"rctvkekrcek„p"oƒu"cnvc"swg"
nc"fg" nc" ceek„p"fg" DXE."{" nc"ugiwpfc" xqncvknkfcf"
oƒu"dclc."guvg"ugoguvtg"vcodkfip"ug" qdugtxc"swg"
nc"ceek„p"fg"Okpgtq"rcuc"c"qewrct"gn"vgtegt"nwict""
fgdkfq"c" swg" uw" xqncvknkfcf"gu" wpc" fg" ncu"dclcu"
fg"nc" ecpcuvc0" " Eqp" tgurgevq"cn" rtkogt"ugoguvtg"
fgn"c‚q"4235."nc"ceek„p"fg"Qfkpuc"qewrc"gn"rtkogt"
nwict" qdvgpkgpfq" cu" nc" rctvkekrcek„p" oƒu" cnvc."
guvq"ug"fgdg"c"swg"uw"tgpvcdknkfcf"gu"nc"oc{qt"fg"
vqfcu"ugiwkfc" rqt" nc" ceek„p"Eqpeqpetgvq"fgdkfq"
c" uw"ogpqt" xqncvknkfcf0"Gp" gn" ugiwpfq" ugoguvtg"
fgn"c‚q"4235"ug"rwgfg"qdugtxct"swg" pwgxcogpvg"
Qfkpuc rcuc"c"qewrct"gn"ugiwpfq"fgdkfq"c"uw"dclc"
xqncvknkfcf."fƒpfqng" cu" gn" rtkogt"nwict" c" EPGE"
fgdkfq" c" uw" tgpvcdknkfcf" rqukvkxc" {" oc{qt." " gp"
vgtegt"nwict"gp"nqu"fqu"ugoguvtgu"fg"fkejq"c‚q"ug"
gpewgpvtc"nc"ceek„p" fg"GVD" rqt"uw" "tgpvcdknkfcf"
rqukvkxc0"
Πορ οτρα παρτε, σε πυεδεν οβσερϖαρ λασ αχχιονεσ
swg" qewrcp" gn" ¿nvkoq" nwict" gp" nqu" ewcvtq"
ugoguvtgu
E„pfqt."qdvgpkgpfq" cu" ncu" rctvkekrcekqpgu" oƒu"
dclcu0" " Eqp" tgurgevq" c" nc" ceek„p" fg" Xcnqtgo"
ug" rwgfg" xgt" swg" c" rguct" swg" uw" tgpvcdknkfcf"
rtqogfkq" pq" gu" pgicvkxc" gp" nqu" rtkogtqu" fqu"
ugoguvtgu"fgn"c‚q" 4234."uw" xqncvknkfcf"gu"nc" oƒu"
cnvc" fg" vqfcu" nc" ceekqpgu." cfgoƒu" ug" qdugtxc"
swg" guvc" ceek„p" gp" nqu" ugoguvtgu" fgn" c‚q" 4235"
qdvwxq" wpc" tgpvcdknkfcf" rtqogfkq" pgicvkxc."
rquvgtkqtogpvg"nc" ceek„p"fg" Gn"E„pfqt" uk"qdvwxq"
wpc"tgpvcdknkfcf" rtqogfkq"pgicvkxc" rgtq" ukgpfq"
gnnc" nc" oƒu" cnglcfc" fg" nc" ecpcuvc" gzegrvq" gp" gn"
ugiwpfq"ugoguvtg" fgn"4234" "swg"uw" tgpvcdknkfcf"
hwg" rqukvkxc" rgtq" uw" xqncvknkfcf" cwogpvq0"
Nwgiq." ug" cpcnk¦„" nc" tgpvcdknkfcf" fgn" rqtvchqnkq."
uw" xqncvknkfcf" {" eqp" tgurgevq" cn" pfkeg" EQNUE"
fwtcpvg"nqu" ewcvtq"ugoguvtgu" fg"nqu" c‚qu"4234" {"
42350"Xgt"*Cpgzq"6+
Hkpcnogpvg" nqu" tguwnvcfqu" owguvtcp" swg" nc"
tgpvcdknkfcf"fg"GVH" Σµαλλ Χαπσ"gp" gn"K"ugoguvtg"
fgn"c‚q"4234"{"KK"ugoguvtg"fgn"c‚q"4235"hwg"ogpqt"
swg"nc"fgn"EQNUE0"Eqp"tgurgevq"c"nc"tgpvcdknkfcf"
fgn" KK" ugoguvtg" fgn" c‚q" 4234" {" cn" K" ugoguvtg"
fgn" c‚q" 4235" ug" gxkfgpekc" swg" rgug" c" swg" ncu"
tgpvcdknkfcfgu" gp" guvqu" c‚qu" hwgtqp" pgicvkxcu"
gp"guvqu"ugoguvtgu"nc" tgpvcdknkfcf"fg"GVH" Σµαλλ
Χαπσ"hwg"uwrgtkqt"c"nc"fgn"pfkeg"EQNUE."vgpkgpfq"
gp" ewgpvc" swg" nc" xqncvknkfcf" fgn" rqtvchqnkq" gu"
oc{qt"c"nc"fgn"pfkeg" gp"gn"nqu"ugoguvtgu" fgn"c‚q"
4234."okgpvtcu" swg" gp" nqu" ugoguvtg" fgn"4235" uw"
xqncvknkfcf"hwg"ogpqt0
Ρατιοσ δε περφορµανχε
C"eqpvkpwcek„p" gp" nc"vcdnc" 5" " ug"rqftƒ" qdugtxct"
λοσ ρατιοσ δε περφορµανχε" q" tgpvcdknkfcf" swg" ug"
cpcnk¦ctqp"rctc" gzrnkect"oglqt" nc"tgrnkecek„p" fgn"
pfkeg"EQNUE"eqp" tgurgevq"c" qvtqu"cevkxqu"nkdtgu"
fg"tkguiq"{"cn"GVH"Σµαλλ Χαπσ0"
/" Gp" ewcpvq" c" uw" Τραχκινγ ερρορ ug" xg" swg" nc"
iguvk„p" swg" ug" nngx„" c" ecdq" gp" guvqu" ugoguvtgu"
hwg"rcukxc."gu"fgekt"swg"guvg"gttqt"fg"ugiwkokgpvq"
gu"opkoq"eqp"tgurgevq"cn"pfkeg"EQNUE0"
/"Nqu"Βετασ"tgrtgugpvcp"swg"gn"gn"GVH"Σµαλλ Χαπσ
vkgpg"wpc"iguvk„p"fg"kpxgtuk„p"fghgpukxc"cn"pfkeg"
EQNUE."{c"swg"nc"Βετα"gu"kphgtkqt"c"30
Hwgpvg
Ταβλα 3. Ρατιοσ δε περφορµανχε
Ι Σεµεστρε 2012 ΙΙ Σεµεστρε 2012 Ι Σεµεστρε 2013 ΙΙ Σεµεστρε 2013
Τραχκινγ Ερρορ 0,0055 0,0083 0,0057 0,0056
Βετασ 0,7368 0,8486 0,7229 0,6727
Σηαρπε −4,454 −2,6014 −4,4982 −3,1205
Τρεψνορ −0,0476 −0,027 −0,0352 −0,0334
Αλφα δε ϑενσεν −0,0093 −0,0031 −0,0069 −0,0075
Ινφορµατιο ν Ρατιο −0,0135 0,0391 0,0218 −0,0571
163
Εστρυχτυραχι⌠ν δε υν ΕΤΦ Σµαλλ Χαπσ χοµο αλτερνατιϖα δε ινϖερσι⌠ν
/"Ελ ρατιο δε Σηαρπε"okfg"swg"okfg"nc"tgpvcdknkfcf"
gzvtc" rqt" wpkfcf" fg" tkguiq." gp" nqu" rgtqfqu" swg"
uqp" pgicvkxqu" kpfkecp" swg" gn" tgpfkokgpvq" fg" nc"
ectvgtc" gu" kphgtkqt" c" nc" vcuc" nkdtg" fg" tkguiq" fg" 4"
c‚qu." vgpkgpfq" gp" ewgpvc" swg" nc" xqncvknkfcf" fgn"
GVH"gu"cnvc0""
/"Gn"ρατιο"fg"Vtg{pqt"swg"okfg"gn"rgthqtocpeg"eqp"
tgurgevq" cn" GVH" Σµαλλ Χαπσ."cuwokgpfq" swg" nc"
kpxgtuk„p" guvc" fkxgtukÞecfc" {" gn" tkguiq" cuwokfq"
ugtƒ"gn"βετα0
/" Gn" Αλφα δε ϑενσεν" gu" pgicvkxq" rctc" guvqu"
ugoguvtgu"nq"swg" kpfkec"swg"gp" guqu"rgtkqfqu"ug"
tgcnk¦„"wpc" iguvk„p"tgiwnct."nq" ewcn"ug" gzrnkec"gp"
nc"guvtcvgikc"rcukxc"swg"ug"guvƒ"cuwokgpfq0
/"Gp" ewcpvq" cn"XCT." swg gu" gn"xcnqt" nokvg" fg"nc"
rfitfkfc"swg"ug"fc"eqp"tgurgevq"c"nqu"oqxkokgpvqu"
fgn" ogtecfq" uqdtg" gn" jqtk¦qpvg" fg" vkgorq." ug"
rwgfg"qdugtxct"swg" uw"eqorqtvcokgpvq"rctc" nqu"
ugoguvtgu"fgn"4234"{"4235"hwgtqp"nqu"ukiwkgpvgu<
Ug"rwgfg"qdugtxct"swg"eqp"wp"pkxgn"fg"eqpÞcp¦c"
fgn";;'" gn"tkguiq" fgn"GVH" gu"oc{qt" swg"eqp" wp"
pkxgn"fg"eqpÞcp¦c" fgn";7'." fcfc"nc"tgpvcdknkfcf"
igpgtcfc" swg" gu" kphgtkqt" eqp" tgurgevq" cn" tkguiq"
cuwokfq0
Rqt" ¿nvkoq." ug" cpcnk¦„" gn" ewctvq" rgtkqfq" swg"
eqortgpfg" gn" rgtkqfq" fgn" 32" fg" fkekgodtg" fg"
4235"cn"3:"fg"oct¦q"fgn"4236."guvg"c{wf„"c"kpfkect"
gn"eqorqtvcokgpvq"fgn"GVH"gp" gn"rgtkqfq"eqttkfq"
fgn"4236"*Xgt"cpgzq"5+0"
Gp"ewcpvq"c"uw"ocvtk¦"fg"rctvkekrcekqpgu"ug"rwgfg"
qdugtxct"swg"nc"ceek„p"fg""Qfkpuc"gu"nc"fg"oc{qt"
rctvkekrcek„p" eqp" wp" 3702:'" {" wpc" xqncvknkfcf"
fg"3049'."gp" ewcpvq" c" nc" ceek„p" fg"Xcnqtgo" ug"
qdugtxc"swg"ug" gpewgpvtc"gp" gn"¿nvkoq" nwict"eqp"
wpc" rctvkekrcek„p" 7062'" {" wpc" xqncvknkfcf" fg"
/2033'0"
Fg" cewgtfq" eqp" gn" cpgzq" 6." ug" qdugtxcp" nqu"
tguwnvcfqu"fgn"cpƒnkuku"fgn"GVH"tgurgevq"cn"Kpfkeg"
EQNUE." gp" guvqu" nc" tgpvcdknkfcf" fgn" rqtvchqnkq"
rctc"gn"rgtqfq"gp"guvwfkq"hwg"fg" 20256'."nc"ewcn"
hwg"oc{qt"swg"nc"tgpvcdknkfcf"fgn"EQNUE"swg"rctc"
guvg"rgtkqfq"eqttkfq" hwg"fg"/20235'0" Vcodkfip"ug"
rwgfg"qdugtxct"swg" nc"xqncvknkfcf" fgn"GVH"Σµαλλ
Χαπσ"gu"ogpqt"c"nc"fg"EQNUE0"
Λοσ ρατιοσ δε περφορµανχε"q" fgugorg‚q" rctc" gn"
rgtqfq" fg" cpƒnkuku" *xgt" cpgzq" 7+." rgtokvkgtqp"
ενχοντραρ:
Ελ τραχκινγ ερρορ"tgàglc"wpc"iguvk„p"rcukxc"{c"swg"
guvƒ"gpvtg"nqu"tcpiqu"fg"2/4"{"guvq"fkeg"swg"ukiwg"
rgthgevcogpvg" cn" pfkeg" EQNUE0" Tgurgevq" c" nc"
βετα."guvc"gu"ogpqt"c"wpq."rqt"vcpvq."gn"GVH"Σµαλλ
Χαπσ"gu"ogpqu"xqnƒvkn"swg" gn"pfkeg."rgtq"c"rguct"
fg"gnnq"cn"guvct"ow{"egtecpq"c"wpq"rwgfg"nngict"c"
ugiwkt"cn"pfkeg0""Gp"ewcpvq"c"nqu"ρατιοσ δε Σηαρπε
ψ Τρεψνορ uqp"pgicvkxqu"kpfkecpfq"swg"nc" iguvk„p"
tgcnk¦cfc"gp"gn"hqpfq"pq"hwg"ow{"dwgpc"{"guvq"gu"
fgdkfq"c" swg"pq" ug"tgcnk¦„" wpc"tfirnkec" eqorngvc"
ukpq"wpc"tgfwekfc0" Gp"gn" ρατιο"fg"kphqtocek„p" ug"
rwgfg" xgt" swg" jc{" gzeguqu" fg" tgpfkokgpvqu" gu"
fgekt"swg" nqu" rqtegpvclgu"fg" rctvkekrcek„p" guvƒp"
dkgp" fkuvtkdwkfqu0" Rqt" ¿nvkoq." gp" nc" vcdnc" 7" ug"
οβσερϖα ελ ςαΡ οβτενιδο παρα εστε περιοδο χον υν
jqtk¦qpvg"fg"vkgorq"fg"wp"fc"{"pkxgn"fg"eqpÞcp¦c"
fg";;'"{";7'<
Ταβλα 5. Xcnqt"gp"tkguiq
99% 95%
Ρενταβιλιδαδ 0.034% 0.034%
ςαΡ ∆ιϖερσιφιχαδο 1546% 1093%
Ρενταβιλιδαδ/ριεσγο 2228% 3152%
"Hwgpvg
Ug"rwgfg" qdugtxct"swg" nc"tgpvcdknkfcf" gurgtcfc"
gu" fg" 20256'" vgpkgpfq" eqoq" pkxgn" oƒzkoq" fg"
99% 95%
ςαΡ Ι Σεµεστρε 2012 1,83% 1,30%
ςαΡ ΙΙ σεµεστρε 2012 2,05% 1,45%
ςαΡ Ι σεµεστρε 2013 1,32% 0,93%
ςαΡ ΙΙ σεµεστρε 2013 1,66% 1,18%
Ταβλα 4. Xcnqt"gp"Tkguiq
Hwgpvg
164 Εστρυχτυραχι⌠ν δε υν ΕΤΦ Σµαλλ Χαπσ χοµο αλτερνατιϖα δε ινϖερσι⌠ν
tkguiq"wp" " 30768'" eqp"wp" pkxgn" fg" eqpÞcp¦c" fg"
;;'." cu" okuoq" qdvgpkgpfq" wpc" tgpvcdknkfcf"
tkguiq" fg" 4044:'." c" fkhgtgpekc" fgn" pkxgn" fg"
eqpÞcp¦c" fg" ;7'" swg" ug" qdvwxq" wp" tkguiq" fg"
3.2;5'"{"wpc"tgpvcdknkfcf"tkguiq"fg"50374'0"
∆ισχυσι⌠ν
Gn"GVH"Σµαλλ Χαπσ"ukiwg"nc"vgpfgpekc"fgn" pfkeg"
EQNUE." cwpswg" gp" cniwpqu" ecuqu" ug" rwgfg"
qdugtxct"swg"gn"pfkeg""qdvkgpg"oc{qt"tgpvcdknkfcf"
swg"gn"GVH"Σµαλλ Χαπσ."fgdkfq"c"swg"guvg"pq"vkgpg"
ινϖερσιονεσ εν τοδασ λασ αχχιονεσ δελ νδιχε δε
tghgtgpekc."ukpq"uqncogpvg"gp"wp"92'"fg"guvcu0"
Nqu" itƒÞequ" tgswgtkfqu" rctc" qdugtxct" nc"
tgpvcdknkfcf" fgn" EQNUE" htgpvg" cn" gn" GVH" Σµαλλ
Χαπσ"tgcnk¦cfq"hwgtqp<
/" ItƒÞeq" fg" nqu" tgpfkokgpvqu" fkctkqu" fgn" GVH"
EQNUE" htgpvg" c" nqu" tgpfkokgpvqu" fgn" EQNU"
ecnewncfqu"nqu" tgpfkokgpvqu" fgn" rtgekqu"fg" GVH"
Σµαλλ Χαπσ" jcnncfqu" NP" *Pwgxq1" Cpvgtkqt+" {" nqu"
fgn"pfkeg"EQNUE"fg"nc"okuoc"hqtoc0"Gp"gn"cpgzq"
8" ug" rwgfg" qdugtxct" swg" nqu" tgpfkokgpvqu" fgn"
GVH"Σµαλλ Χαπσ"uqp"ukoknctgu"c"nqu" tgpfkokgpvqu"
fgn"EQNUE0"
/" ItƒÞeq" fg" nc" xctkcdknkfcf" fg" nqu" tgpfkokgpvqu"
fgn" rqtvchqnkq" {" fgn" EQNUE" htgpvg" c" vqfc" nc"
ecpcuvc" fg" ncu" 32" ceekqpgu" ugngeekqpcfcu" rctc"
tgrnkecek„p" fgn" pfkeg" vqocpfq" eqoq" tghgtgpekc"
gn"rgtkqfq" swg"guvƒ"eqorwguvq" fg"ncu" hgejcu" fg"
32" fg" fkekgodtg" fg" 4235" c" nq" eqttkfq" fgn" 4236""
*3:" fg" oct¦q" fgn" 4236+0" Eqp" gnnq" ug" gurgtc" swg"
gn" GVH" Σµαλλ Χαπσ" tgrtgugpvg" wp" tgpfkokgpvq"
ogfkq" htgpvg" c" vqfqu" nqu" fgoƒu" cevkxqu" fg" nc"
okuoc"ocpgtc" swg"nq"jceg" gn"EQNUE." fcfq"swg"
guvg"kpvgpvc"gownct"gn"eqorqtvcokgpvq"fgn"pfkeg0"
Ug" rwgfg" qdugtxct" swg" gn" tgpfkokgpvq" fgn" GVH"
*npgc"coctknnc+"ug"ceqoqfc"gp"nc"rctvg"ogfkc"fgn"
itƒÞeq"fg" nc" okuoc" hqtoc"swg" gn" EQNUE" *npgc"
tqlc+"kpfkecpfq" wp" gswknkdtkq" gpvtg"gn" tkguiq" {" nc"
tgpvcdknkfcf"fgn"ogtecfq0""*Cpgzq"9+"
/"ItƒÞeq"fgn"eqorqtvcokgpvq"fgn"GVH"Σµαλλ Χαπσ
eqp" tgurgevq" cn" dgpejoctem" *cpgzq" :+." eqoq"
ug"rwgfg" qdugtxct" gp" nqu"rtkogtqu" ugoguvtgu" gn"
eqorqtvcokgpvq" gu" ogpqt" cn" pfkeg" guvq" kpfkec"
swg"gn"GVH"Σµαλλ Χαπσ νο οβτυϖο ρενταβιλιδαδ εν
εστοσ περιοδοσ, χον ρεσπεχτο αλ νδιχε α παρτιρ
fgn" 4235" qdugtxcoqu" swg" gn" GVH" " Σµαλλ Χαπσ
gorkg¦c"c"tgpvct"wp"rqeq"oƒu"swg"gn"EQNUE"rgtq"
ukiwkgpfq"uw"eqorqtvcokgpvq0"Guvq"ug"fgdg"c"nqu"
rqtegpvclgu"fg"xqncvknkfcf" {"rctvkekrcek„p" swg"ug"
ngu"fkgtqp"gp"nqu"tgurgevkxqu"c‚qu0""
Hkpcnogpvg" rctc" qdvgpgt" wp" oglqt" cpƒnkuku" {" wpc"
oglqt" eqorctcek„p" vcpvq" fg"nc" tgpvcdknkfcf." {" uwu"
ρατιοσ δε περφορµανχε"fgn""GVH"Σµαλλ Χαπσ."eqoq"ug"
gpewgpvtc" gp"gn" ogtecfq"ug" tgcnk¦ctqp"nqu" cpƒnkuku"
cpwcngu"vcn"{"eqoq"ug"owguvtcp"gp"gn"cpgzq";0
Βαχκ τεστινγ
Ελ Βαχκ Τεστινγ gu"wp"rtqegfkokgpvq"guvcfuvkeq"swg"
ug" wvknk¦c"rctc" xcnkfct"nc" rtgekuk„p" fg"wp" oqfgnq."
παρα εστε σε δεβε τενερ χυεντα, λα τενδενχια δελ
pfkeg"{"nc"tgpvcdknkfcf"fgn"EQNUE."fg"guvc"hqtoc"ug"
qdugtxc"gn"eqorctvkokgpvq"swg"jc"qdvgpkfq"gn"pfkeg"
eqp"tgurgevq"c"nqu"5"¿nvkoqu"c‚qu"c"rctvkt"fg"gpgtq"23"
fg"4234"jcuvc"oct¦q"3:"fg"42360"Nc"vgpfgpekc"fg"ncu"
tgpvcdknkfcfgu"{"gn"eqorqtvcokgpvq""swg"ug"qdvkgpg"
fgn"pfkeg"EQNEU"fgufg"gn"c‚q"4234"{"gn"pfkeg"GVH"
Σµαλλ Χαπσ"ug"fguetkdg"gp"nqu"cpgzqu"6"{"80
Πολτιχασ δε ρεβαλανχεο
Vgpkgpfq" gp" ewgpvc" swg" nc" tgeqorqukek„p" fgn"
pfkeg" EQNUE" ug" tgcnk¦c" ugoguvtcnogpvg." gn"
¿nvkoq" fc" jƒdkn" fg" nqu" ogugu" fg" gpgtq" {" lwnkq."
gp" guvg" okuoq" rgtkqfq" ug" tgcnk¦„" gn" tgdcncpegq"
fgn"GVH" Σµαλλ Χαπσ."fgvgtokpcpfq" pwgxcogpvg"
nc" ugngeek„p" fg" nc" ecpcuvc" ugi¿p" gn" p¿ogtq" fg"
eqvk¦cekqpgu" ugoguvtcngu" fg" ecfc" ceek„p" {" nqu"
rqtegpvclgu"cttqlcfqu" gp" nc"qrvkok¦cek„p" swg"pq"
fgdgp" cnglctug" fg" uw" rctvkekrcek„p" rqtegpvwcn"
xkigpvg" gp" gn" pfkeg0" Rqt" gpfg" ug" gncdqt„" gn"
eqpvgq" fgn" p¿ogtq" fg" eqvk¦cekqpgu" fg" nc" ceek„p"
fwtcpvg" gn" ¿nvkoq" ugoguvtg." gncdqtcpfq" nc" vcdnc"
fg"rqukekqpgu"{" eqttqdqtcpfq"swg" guvg"tguwnvcfq"
eqkpekfc" eqp" ncu" 32" rtkogtcu" ceekqpgu" rqt"
rctvkekrcek„p"fgn"pfkeg"ukp"korqtvct"uw"qtfgp"gp"gn"
νδιχε4"rctc"rquvgtkqtogpvg"jcegt"nc"qrvkok¦cek„p"
{"cu"guvtwevwtct"fg"pwgxq"gn"GVH0
40"Nc"vcdnc"fg" rqukekqpgu."ugi¿p"gn" p¿ogtq"fg"eqvk¦cekqpgu."ug" wvknk¦c"
eqoq"etkvgtkq" fg"ugngeek„p"rqt" vcpvq"pq" vkgpg"pkpiwpc" tgncek„p"eqp"gn"
tcpmkpi"fg"rctvkekrcek„p"rqtegpvwcn0
165
Εστρυχτυραχι⌠ν δε υν ΕΤΦ Σµαλλ Χαπσ χοµο αλτερνατιϖα δε ινϖερσι⌠ν
Gp" ecuq" fg" swg" wpc" ceek„p" ugc" gnkokpcfc" fgn"
pfkeg."{c" ugc"rqt" rgtfkfc" fg"nkswkfg¦" q"rtqeguq"
fg"nkswkfcek„p"fgn"gokuqt"q"ewcnswkgt"qvtq"gxgpvq."
{" eqkpekfc" eqp" wpc" fg" ncu" swg" rgtvgpgegp" cn"
GVH" Σµαλλ Χαπσ." ug" crnkectƒ" gn" rtqegfkokgpvq"
gzrwguvq" gp" gn" pwogtcn" 304" fg" nc" ogvqfqnqic"
rctc"rtqegfkokgpvqu"gurgekcngu"swg"ug"gpewgpvtc"
gp" nc" rƒikpc" ygd" fg" nc" Dqnuc" fg" Xcnqtgu" fg"
Eqnqodkc0Nc" oƒzkoc" rctvkekrcek„p" rqt" gokuqt"
fgpvtq"fgn"Hqpfq"ugtƒ"fgn"38'0
Fwtcpvg"gn" rgtkqfq" fgn"tgdcncpegq." gn" iguvqt" fgn"
hqpfq" guvƒ" gp" nc" hcewnvcf" ugi¿p" uw" etkvgtkq" fg"
cegrvct"{" gpvtgict"nc"tgfgpek„p" fg"ncu" wpkfcfgu"
fg"etgcek„p."vgpkgpfq"eqoq"tghgtgpekc"nc"ecpcuvc"
xkigpvg" gn" fc" cpvgtkqt" cn" tgdcncpegq0" Gp" guvg"
okuoq" rgtkqfq" gn" hqpfq" rcictƒ" gn" cewowncfq"
fg"fkxkfgpfqu" tgekdkfqu" rqt" ncu" ceekqpgu" swg" nq"
eqorqpgp."{c" swg"ewornkfc"nc" hgejc"fg" rciq"gn"
hqpfq"tgkpxkgtvg"gn"xcnqt"fg"nqu"fkxkfgpfqu0
Gn" hqpfq" vkgpg" eqoq" fgdgt" rtkoqtfkcn." kphqtoct"
c" uwu" kpxgtukqpkuvcu" ewcnswkgt" oqfkÞecek„p" swg"
ug"tgcnkeg"gp"nc"eqorqukek„p"fgn"GVH"Σµαλλ Χαπσ0"""
Wvknkfcf"{"crnkecek„p"Þpcpekgtc"fg"nqu"tguwnvcfqu
C"rctvkt"fg"nqu"tguwnvcfqu"qdvgpkfqu"gp"gn"oqfgnq."
ug" rwgfg" fgekt" swg" nc" guvtwevwtcek„p" fgn" GVH"
Σµαλλ Χαπσ"qhtgeg" c"nqu"kpxgtukqpkuvcu" wpc"pwgxc"
cnvgtpcvkxc" fg" kpxgtuk„p" gp" gn" ogtecfq" fg" tgpvc"
xctkcdng0"Cfgoƒu."fgdkfq"c"nc"rqnvkec"fg"kpxgtuk„p."
guvg"hqpfq"eqoq"pq"rcic"nqu"fkxkfgpfqu"tgekdkfqu"
rqt"ecfc"ceek„p"swg"nq"eqorqpg"ug"gxkfgpekc"wpc"
tgpvcdknkfcf"uwrgtkqt"c"nc"fgn"pfkeg"fg"tghgtgpekc."
fcfq"gn"pkxgn"fg"tkguiq"cuwokfq0"
Nc" vcdnc" fgn" cpgzq" 5" owguvtc" swg" uk" gn" pfkeg"
EQNUE" ug" pgiqekctc." vgpftc" wpc" tgpvcdknkfcf"
ukoknct"swg" gn" hqpfq." kpfgrgpfkgpvg" gp"rgtkqfqu"
dclkuvcu." guvc" tgpvcdknkfcf" vkgpg" gp" ewgpvc" nqu"
tgpfkokgpvqu"fgufg"gpgtq"23"fg"4234"jcuvc"oct¦q"
3:"fg"42360"
Guvc"cnvgtpcvkxc"fg"kpxgtuk„p"rwgfg"ugt"cfqrvcfc"
rqt" hqpfqu" fg" kpxgtuk„p" eqngevkxc" fg" nc" ocpq"
fg" uqekgfcfgu" cfokpkuvtcfqtcu" fg" kpxgtuk„p" {"
eqokukqpkuvcu" fg" dqnuc" swg" fguggp" qhtgegtng"
wpc" qrek„p" c" uwu" kpxgtukqpkuvcu." qrek„p" swg" ng"
rgtokvktƒ"vgpgt"dwgpcu"tgpvcdknkfcfgu""fg"cewgtfq"
eqp"wp"rgtÞn"fg"tkguiq"oqfgtcfq0
Χονχλυσιονεσ
Cn" guvtwevwtct" wp" GVH" Σµαλλ Χαπσ" swg" ukiwg"
gn" eqorqtvcokgpvq" fgn" EQNUE." ug" rtqrqpg" c"
nqu" kpxgtukqpkuvcu" wpc" cnvgtpcvkxc" fg" kpxgtuk„p"
fkuvkpvc" c" ncu" qhtgekfcu" jq{" fc" gp" gn" ogtecfq"
fg" Eqnqodkc." rwguvq" swg" uw" guvtcvgikc" pq" gu"
kpxgtvkt"gp"ncu"eqorc‚cu"fg"oc{qt"ecrkvcnk¦cek„p"
dwtuƒvkn." eqoq" Geqrgvtqn" q" Dcpeqnqodkc." ukpq"
swg" rgtokvg" dgpgÞekctug" fgn" etgekokgpvq" fg"
ncu" gortgucu" fg" dclc" ecrkvcnk¦cek„p" dwtuƒvkn."
ncu" ewcngu" gp" gn" ogfkcpq" {" nctiq" rnc¦q" qhtgegp"
oc{qtgu"rgturgevkxcu"fg"etgekokgpvq"gortguctkcn"
dclq" wpc" cegrvcek„p" fg" wp" tkguiq" fg" kpxgtuk„p"
cnvq0" Rqt" vcn" oqvkxq." uwtig" nc" kfgc" fg" wp" GVH"
Σµαλλ Χαπσ."swg"eqoq"ug"rwfq"qdugtxct"qhtgeg"wp"
oglqt"fgugorg‚q" swg" gn"igpgtcfq" rqt" gn"pfkeg"
EQNUE"fg"nc"DXE0
Gu" korqtvcpvg" tgucnvct" swg" gn" oqfgnq" fg"
Octmqykv¦." hwg" fg" itcp" c{wfc" rctc" tguqnxgt" gn"
rtqdngoc" rncpvgcfq." pq" qduvcpvg." fgdg" vgpgtug"
gp"ewgpvc" swg" ug" cuwok„" gn" rtguwrwguvq" fqpfg"
ncu" kpxgtukqpgu" rgtocpgekgtqp" eqpuvcpvgu" gp"
nqu" rgtkqfqu" fg" vkgorq" cpcnk¦cfqu0" Rqt" guvg"
oqvkxq" pq" ug" eqpukfgtcp" cnvgtcekqpgu" gp" ncu"
rqpfgtcekqpgu0" Fg" cwgtfq" eqp" nq" ogpekqpcfq."
nc" vgqtc" fg" rqtvchqnkqu" fg" Octmqykv¦" rgtokvk„"
qdvgpgt"wpc"fkxgtukÞecek„p"gÞekgpvg"fg"nqu"cevkxqu"
swg"eqorqpgp"gn"GVH"{"ug"eqorngogpv„"eqp" nqu"
kpfkecfqtgu" fg" rgthqtocpeg" swg" tgàglctqp" wpc"
xkuk„p"ewcpvkvcvkxc"cegtec"fg"nc"iguvk„p"fgn"hqpfq"
fcfq" wp" pkxgn" fg" tkguiq" cuwokfq0" Rqt" glgornq."
rctc"gn"rgtkqfq"gxcnwcfq"gpvtg"gn"32"fg"fkekgodtg"
fg"4235"{"gn"3:"fg"oct¦q"fg"4236."ug"rwfq"qdugtxct"
swg" nqu" tguwnvcfqu" fgn" hqpfq." c" rguct" fg" pq"
tgcnk¦ct"wpc"tfirnkec"eqorngvc."hwgtqp"ow{"dwgpqu"
gp"vcpvq" c" tgpvcdknkfcf/" tkguiq" g"kpfkecfqtgu"fg"
fgugorg‚q." nqu" ewcngu" oquvtctqp" wpc" dwgpc"
iguvk„p" fgn" GVH" Σµαλλ Χαπσ0" Cfgoƒu." fcfq" c"
ncu" xqncvknkfcfgu" {" tgpfkokgpvqu" rtqogfkqu" gp"
wp"ugoguvtg"fg" ncu"ceekqpgu." ug"nqit„" eqphqtoct"
wpc" eguvc" fg" xcnqtgu" swg" eqorqpftcp" cn" GVH"
fg" wpc" ocpgtc" „rvkoc" {" gÞekgpvg." qhtgekgpfq"
wpc"cnvgtpcvkxc" c"kpxgtukqpkuvcu"swg" ocpglcp"wp"
166 Εστρυχτυραχι⌠ν δε υν ΕΤΦ Σµαλλ Χαπσ χοµο αλτερνατιϖα δε ινϖερσι⌠ν
tkguiq" oqfgtcfq" {" swg" vkgpgp" rtghgtgpekcu" rqt"
kpxgtvkt"gp"tgpvc"xctkcdng0
Gn"GVH"ug"gxcnw„"tgurgevq"cn"pfkeg"fg"tghgtgpekc"
fg"nc"DXE."{"ug"rwfq"xgt"swg"nc"iguvk„p"tguwnvcpvg"
fgn"GVH"rgtokvk„"uwrgtct"cn"pfkeg"dclq"wp"τραχκινγ
ερρορ" fgn" 2.:'." tgàglcpfq" nc" dwgpc" iguvk„p"
tgcnk¦cfc0"Ecdg"tgucnvct"swg"wpc"tc¦„p"rqt"nc"swg"
gn"GVH"Σµαλλ Χαπσ."tgpv„"oƒu"gp"eqorctcek„p"cn"
pfkeg"hwg" fgdkfq" c"nc"rqnvkec" fg" tgkpxgtuk„p"fg"
nqu"fkxkfgpfqu"rcicfqu" rqt" ncu" ceekqpgu" swg" nq"
eqorqpgp0
Eqoq" glgtekekq" ugtc" qrqtvwpq" cpcnk¦ct" gn"
eqorqtvcokgpvq"fgn"GVH"Σµαλλ Χαπσ"jcekgpfq"wpc"
tfirnkec"eqorngvc"fgn"pfkeg"EQNUE."rctc"qdugtxct"
swg"vcpvq"oƒu"rwgfgp"etgegt"nqu"tgpfkokgpvqu"q"uk"
rqt"gn"eqpvtctkq" fcfqu"nqu"rqtegpvclgu" cukipcfqu"
rqt" nc" ogvqfqnqic" fg" eƒnewnq" fgn" EQNUE" fg" nc"
DXE."guvqu"rwgfgp"fkhgtkt"pgicvkxcogpvg0
Ug"rwfq"qdugtxct" nc"eqorctcek„p"fgn" GVH"Σµαλλ
Χαπσ" htgpvg" c" qvtcu" tgrnkecekqpgu" fgdkfq" cn"
cpƒnkuku"fg"rgthqtocpeg"cpwcnogpvg0
Ρεχοµενδαχιονεσ
Rctc" eqpqegt" nc" ghgevkxkfcf" fg" nc" vgqtc" fg"
rqtvchqnkq"rtqrwguvc"rqt"Octmqykv¦."eqp"tgurgevq"
c" fkxgtukÞecek„p" {" qrvkok¦cek„p" swg" kpxqnwetc"
nc"rctvkekrcek„p" fg" nqu"cevkxqu" gp" gn"hqpfq." ugtc"
korqtvcpvg" gxcnwct" qvtq" ofivqfq" fg" tgrnkecek„p"
rctc" qdugtxct" swfi" vcpvq" ug" fguxc" guvg" fg" nqu"
tguwnvcfqu"qdvgpkfqu0
Cfgoƒu"ugtc"rgtvkpgpvg"tgcnk¦ct" wp"guvwfkq."vkrq"
gpewguvc."swg"vgpic"gp" ewgpvc"nc"rgturgevkxc"fg"
tkguiq"{"tgpvcdknkfcf"fg"nqu"cevkxqu"swg"eqorqpgp"
gn"pfkeg"EQNUE"rqt"rctvg"fg"nqu"kpxgtukqpkuvcu0
Tghgtgpekcu"dkdnkqitƒÞecu"
Αυτορεγυλαδορα δε ςαλορεσ εν Χολοµβια."*4235+0"
Vqfq"nq"swg"wp"kpxgtukqpkuvc"fgdg"ucdgt"
σοβρε λοσ νυεϖοσ νδιχεσ δε λα βολσα δε
xcnqtgu" fg" Eqnqodkc0" Tgewrgtcfq" fg"
jvvr<11yyy0coxeqnqodkc0qti0eq0"
Αριστιζαβαλ, Χ." *422:+." Vgqtc" {" ogvqfqnqic" fg"
nc" kpxguvkicek„p." Tgewrgtcfq" fg" jvvr<11
yyy0 hwpnc o0gfw 0eq 1cfok pkuvt cek qp 0
oqfw nq1PKXG N/28 1Vgqtkc[O gvqfqnq /
ikcFgNcKpxguvkicekqp0rfh
Βολσα δε ςαλορεσ εν Χολοµβια" *4235+0"
Ogvqfqnqic" rctc" gn" eƒnewnq" fgn" pfkeg"
EQNUE0"Tgewrgtcfq"fg"jvvr<11yyy0dxe0
eqo0eq1rru1vkdeq1rqtvcndxe0
Βανχο δε λα Ρεπβλιχα."*4235+0"ìpfkeg"fgn"ogtecfq"
dwtuƒvkn" eqnqodkcpq." Tgewrgtcfq" fg""
jvvr<11yyy0dcptgr0iqx0eq1gu1kide0
Βλαχκ Ροχκ, (σφ),""Rtgiwpvcu"uqdtg"gn"Kujctg"Eqn/
ecr0" Tgewrgtcfq" fg" jvvr<11eq0ιΣηαρεσ0
eqo1okue1ιΣηαρεσ/Eqnecr/hcs0jvo
Βρυν, Ξ. {"Oqtgpq."O0" *4227+"Αν〈λισισ ψ σελεχχι⌠ν
fg"kpxgtuk„p" gp" ogtecfq"Ýpcpekgtq0" Dct/
egnqpcjvvr<11
dqqmu0iqqing0eqo0eq0
Χοβο, Α.ϑ."*4226+."Nc"gxcnwcek„p"fg"nc"iguvk„p"fg"
ectvgtcuvg„tkeq."Αλφα δε ϑενσεν
xu"fgugorg‚q"fgn" iguvqt0"Rtkogt"dqttc/
fqt"fgn" kphqtog0"Tgewrgtcfq"fg" "jvvr<11
ecujàqy::0eqo1fgekukqpgu1cnhc0rfh
Φιδυχιαρια Χολοµβιανα δε Χοµερχιο Εξτεριορ
U0C*4234+."Swfi"uqp"nqu"GVH0"Fqewogpvq"
fg" vtcdclq0" Tgewrgtcfq" fg" jvvr<11yyy0
Þfweqnfgz0eqo0eq0
Γ〈λϖεζ, Π.,"("Ucnicfq."O0"{"Iwvkgttg¦."O0"*4232+."
Qrvkok¦cek„p" fg" ectvgtcu" fg" kpxgtuk„p"
oqfgnq" fg" Octemqykv¦" {" guvkocek„p"
fg" nc" xqncvknkfcf" eqp" Ictej" .Ηοριζοντε
εµπρεσαριαλεσ, 9 (2),39−49 jvvr<11yyy0
wdkqdkq0en1okygd1ygdÞng1ogfkc1641xgt/
ukqp'42;/41Þpcp¦cu0rfh
Ισαηρε *4236+0"Hqpfq"dwtuƒvkn"Kucjgtg"Eqnecr."Tg/
χυπεραδο δε jvvru<11yyy0ekvkdcpm0eqo0
χο0
Λ⌠πεζ, Μ0" {"Dckng{."F0" *4234+."Vjg"Ujctrg"Tcvkq"
GhÞekgpv"Htqpvkgt0"Tgewrgtcfq"fg"jvvr<11
yyy0f cx kf jd ck ng{0e qo 1f jd rc rg tu1
ujctrg/htqpvkgt0rfh
167
Εστρυχτυραχι⌠ν δε υν ΕΤΦ Σµαλλ Χαπσ χοµο αλτερνατιϖα δε ινϖερσι⌠ν
ΝΨΣΕ Ινφορµεδ Kpxguvqt" *422;+0" Ινφορµε τχνιχο0"
Ρεχυπεραδο δε jvvr<11yyy0p{ug0eqo1
rfh u1y jcv a{q waujqwn fam pqy acd qwv a
gvhu0rfh0
Μαρκοωιτζ, Η0" *3;74+0" Rqtvhqnkq" Ugngevkqp0" Τηε
ϑουρναλ οφ Φινανχε."9"*3+99/;30" Tgewrgt/
αδο δε jvvr<11yyy0luvqt0qti1fkueqxgt1320
452914;97;96Awkf?5959:2:(wkf?4(wk
f?6(ukf?43326478:2;745
Πατρον, Γ.."Vtwlgswg."U0."Oqttknncu."H0"{"Rtcuv0"I.0"
*4234+."GVH Gzejcpig" Vtcfgf"Hwpfu0""
Τεσισ δε µαεστρα Υνιϖερσιδαδ Ποµπευ
Φαβρα."Dctegnqpc."Gurc‚c.""Tgewrgtcfq"
fg" jvvr<11yyy0dctegnqpcuejqqnqhocp/
ci go g pv 0w r h0 gf w1 f qe wo g pv u1 Vg uk /
pc/GVH0rfh"
Στυλαϕερ, Φ."*4227+." Eqttgev" wug" qh" εξ−αντε τραχκινγ
ερρορ"kp"rqtvhqnkq"ocpcigogpv0""Tgewrgt/
cfq"fg"uutp0eqo1cduvtcev?38847990
168 Εστρυχτυραχι⌠ν δε υν ΕΤΦ Σµαλλ Χαπσ χοµο αλτερνατιϖα δε ινϖερσι⌠ν
Ανεξοσ
Tabla1: Descripción de acciones
Tabla 2: Selección por optimización
ΧΟΝΧΟΝΧΡΕΤ Ο∆ΙΝΣΑ ΜΙΝΕΡΟΣ ΒςΧ ΧΝΕΧ ΕΤΒ ΤΑΒΛΕΜΑΧ ςΑΛΟΡΕΜ ΦΑΒΡΙ ΧΑΤΟ ΕΝΚΑ ΧΟΛΤΕϑΕΡ ΠΑΖΡΙΟ ΠΦΑςΗ ΠΦΧΑΡΠΑΚ ΕΛΧΟΝ∆ΟΡ
ςεχτορ δε Παρτιχιπαχιονεσ
7,96% 15,00% 1,84% 14,1 6% 1,18% 3,82% 11,09% 3,50% 5,15% 5,03% 0,77% 0,04% 15,00% 6,50% 8 ,96%
Ρενταβιλιδαδεσ Προµ
−0,02% −0,01% −0,12% −0,10% 0,18% −0,07% −0,02% −0,06% −0,10% −0,0 4% −0,25% 0,12% −0,03% −0,18% −0,03%
ςολατιλιδαδ
1,59% 1,08% 1,63% 1,66% 9,30% 1,95% 2,03% 2,30% 5,78% 2,52% 5,13% 11,68% 1,65% 1,92% 1,80%
Ρενταβιλιδαδ δελ πορταφολιο
−0,05%
ςολατιλιδαδ δελ Πορταφολιο
0,73%
ςολατιλιδαδ δελ ΧΟΛΣΧ
0,81%
Τασα Λιβρε δε ριεσγο
4,89%
ΧΟΝΧΟΝΧΡΕΤ Ο∆ΙΝΣΑ ΜΙΝΕΡΟΣ ΒςΧ ΧΝΕΧ ΕΤΒ ΤΑΒΛΕΜΑΧ ςΑΛΟΡΕΜ ΦΑΒΡΙ ΧΑΤΟ ΕΝΚΑ ΧΟΛΤΕϑΕΡ ΠΑΖΡΙΟ ΠΦΑςΗ ΠΦΧΑΡΠΑΚ ΕΛΧΟΝ∆ΟΡ
Χορρελαχιονεσ χον ΧΟΛΣΧ 0,190 0,165 0,125 0,442 0,193 0,172 0,365 0,202 0,411 0,177 0,034 0,042− 0,473 0,028 0,160
Βετασ 0,097 0,125 0,062 0,217 0,017 0,072 0,146 0,071 0,058 0,057 0 ,005 0,003− 0,236 0,012 0,070
Αλφα δε ϑενσεν Εξ Αντε −4,51% −4,39% −4,76% −4,10% −4,64% −4,66% −4,32% −4,66% −4,76% −4,70% −5,12% −4,78% −3,96% −5,02% −4,64%
Χορρελαχι⌠ν Πορταφολιο 0,7647
Βετα Πορταφολιο 0,8520
Αλφα δε ϑενσεν Εξ Αντε
Πορταφολιο
−1,4691%
Ρενταβιλιδαδ ΡΕΑΛ −0,0483%
Αλφα δε ϑενσεν Εξ Ποστ
Πορταφολιο
−1,4651%
Τραχκινγ Ερρορ εξ Ποστ 0,63%
Ινφορµατιον Ρατιο −230,99%
Ανεξο 1
Ανεξο 2
Νοµβρε α χχι⌠ν ∆εσχρι πχι⌠ν
Οργαν ιζα χι⌠ν δε Ινγε νιε ρα Ιντερν αχιον αλ (Ο διν σα)
Εσ υνα χοµπα〉α χολοµβιανα θυε γεστιονα ψ δεσαρρολλα προψ εχτοσ δε ινφραεστ ρυχτυρα, περτεν εχε αλ γρυπο
Οδινσα, υν γρυπο δε εµπρεσασ δελ σεχτ ορ δε χονστ ρυχχι⌠ν ε ινγενιερα .
Αϖιανχα Η ολδιν γσ Σ .Α (ΠΦΑςΗ)
Εσ υνα χοµπα〉α παν αµε〉α ρεσυλταδο δε λα φυσι⌠ν εντρε Αϖιανχα ψ Τ αχα ρεπρεσεντα λα οπεραχ ι⌠ν
ιντεγραδα δε ϖαριασ χοµ πα〉ασ αρεασ θυε οπερ αν ναχιον αλ ε ιντερν αχιοναλµεντ ε.
Χονσ τρυχτορα χονχρε το Σ. Α (Χον χονχρε το)
Εσ υνα εµπρεσα χολο µβιανα δε χονστρυχχι⌠ν θυε ελαβορα προ ψεχτοσ εν λασ 〈ρεασ δε ινφραεστ ρυχτυρα,
εδιφιχαχι⌠ν ψ ϖιϖ ιενδα, συ σεδε πρινχιπαλ σε εν χυεντρα υβιχαδα εν Μεδελλν.
Μινερο σ Σ.Α ( Μιµερ οσ)
Περτενε χε α υν γρυπο εµπρεσαριαλ χολοµβιανο χον µ〈σ δε 3 5 α〉οσ δε εξ περιενχια εν λα εξπλορ αχι⌠ν ψ
εξπλοταχι⌠ ν δε µεταλεσ π ρεχιοσοσ χοµο ελ ορο.
Βολσα δε ςαλ ορεσ δε Χ ολοµ βια Σ. Α. (ΒςΧ)
Λα Βολσα δε ςαλορεσ δε Χολοµβια εσ υνα εµπρεσα λισταδα ε ν ελ µε ρχαδο πβλιχο δε ϖαλο ρεσ θυε αδµινιστρα
πλαταφορµ ασ δε νεγοχιαχι⌠ν δε τ τυλοσ δε ρεντα ϖαρ ιαβλε, ρεντα φιϕα ψ δεριϖαδοσ εσταν δαριζαδοσ, ταµβιν
οπερα λοσ µερ χαδοσ δε Χοµµο διτιεσ Εν εργτιχοσ ψ δε ∆ιϖισασ.
Χαναχ ολ ε νεργψ ΛΤ∆ (ΧΝΕΧ):
Εσ υνα χοµπ α〉α ιντερναχιον αλ δε προδυχχι⌠ν ψ εξπλο ραχι⌠ν δε πετρ⌠λεο χον ο περαχιονεσ εν τιερρ α
υβιχαδασ εν Χολοµβια ψ Εχυαδορ.
Εµπρεσα δε τελ εχοµυ νιχα χιον εσ δε Βογο τ〈 Σ.Α. Ε.Σ.Π. (ΕΤΒ)
Εσ υνα εµπρ εσα χολοµβιανα χονστ ιτυιδα ηαχε µ〈σ δε 120 α〉ο σ, χον αλτα εξπε ριενχια εν
τελεχοµυνιχαχιον εσ, τιενε οπεραχιονεσ σολαµε ντε εν Βογοτ〈, τ ιενε ινϖερσιονεσ εν τελε φονα χελυλαρ α
τραϖσ δε Χολοµβια Μ⌠ ϖιλ, οπερ αδορα δε λα µαρχα Τ ιγο.
Ταβλεµαχ Σ .Α. (Ταβλε µαχ)
Εσ υνα χοµπα〉α φυνδαδα εν Μανιζαλεσ εν 1992, δεδιχαδα α λα προδυχχι⌠ν δε ταβλεροσ αγλοµεραδοσ ψ δε
φιβρα δε µαδερα.
Ενκα δε Χ ολοµ βια Σ Α (Ενκα)
Εσ υνα χοµπα〉α προδυχτορα ψ χοµερχιαλιζαδορα δε π ολµεροσ ψ φιβρασ θυµιχασ δε πο λιστερ ψ ν ψλον, ψ
µατεριασ πριµ ασ παρα γρ〈νυλοσ, φιβρασ ψ λονασ παρα λλαντα, εσ υν αχτ ορ φυερτ ε εν ελ µερ χαδο λοχαλ.
Χονσ τρυχχιο νεσ Ελ Χ⌠ν δορ (Ελ χ⌠νδο ρ)
Εσ υνα χοµπ α〉α χον µ 〈σ δε 30 α〉οσ δε εξπερ ιενχια δεσαρρολλανδο προψ εχτοσ δε ινφραεστ ρυχτυρα εν ελ
µερχαδο χολοµβιανο , αδµινιστρα υνα δε λασ φλοτασ µ〈σ γραν δεσ δε µαθυιναρια εν ελ πασ.
169
Εστρυχτυραχι⌠ν δε υν ΕΤΦ Σµαλλ Χαπσ χοµο αλτερνατιϖα δε ινϖερσι⌠ν
Ανεξο 3
Ρεσυλταδο οπ τιµιζαχι⌠ν Ι − 2012
ΑΧΧΙΟΝΕΣ Παρτιχιπαχι⌠ν Ρενταβιλιδαδ Προµεδιο ςολατιλιδαδ
Ο∆ΙΝΣΑ 15,60% 0,0855% 10290.00%
ΒςΧ 15,60% 0,1431% 15071.00%
ΠΦΑςΗ 15,60% 0,1233% 18947.00%
ΜΙΝΕΡΟΣ 10,88% −0,0547% 11623.00%
ΧΝΕΧ 10,27% −0,2171% 32079.00%
ΤΑΒΛΕΜΑΧ 10,03% 0,0363% 15596.00%
ΧΟΝΧΟΝΧΡΕΤ 9,35% −0,0723% 18089.00%
ΕΤΒ 6,89% −0,0846% 22142.00%
ςΑΛΟΡΕΜ 5,19% 0,1869% 38626.00%
ΕΛ ΧΟΝ∆ΟΡ 0,59% −0,4779% 12544.00%
Ρεσυλταδο οπ τιµιζαχι⌠ν ΙΙ − 2012
Αχχιονεσ Παρτιχιπαχι⌠ν Ρενταβιλιδαδ Προµεδιο ςολατιλιδαδ
Ο∆ΙΝΣΑ 14,60% −0,08% 1,29%
ΜΙΝΕΡΟΣ 13,60% −0,05% 1,95%
ΠΦςΑςΗ 13,60% 0,14% 1,50%
ΧΝΕΧ 10,86% −0,47% 3,84%
ΒςΧ 10,25% −0,07% 1,59%
ΧΟΝΧΟΝΧΡΕΤ 10,17% 0,07% 2,20%
ΤΑΒΛΕΜΑΧ 8,60% −0,22% 2,95%
ΕΤΒ 7,73% −0,07% 2,06%
ΕΛ ΧΟΝ∆ΟΡ 6,59% 0,15% 2,82%
ςΑΛΟΡΕΜ 4,01% 0,11% 2,76%
Ρεσυλταδο οπ τιµιζαχι⌠ν Ι − 2013
Αχχιονεσ Παρτιχιπαχι⌠ν Ρενταβιλιδαδ Προµεδιο ςολατιλιδαδ
Ο∆ΙΝΣΑ 15,98% 0,05% 1,28%
ΧΟΝΧΟΝΧΡΕΤ 15,36% −0,01% 0,84%
ΕΤΒ 14,60% 0,0049% 1,26%
ΒςΧ 14,05% −0,05% 1,36%
ΜΙΝΕΡΟΣ 9,60% −0,11% 1,20%
ΠΦΑςΗ 9,60% −0,01% 0,85%
ΧΝΕΧ 7,95% −0,15% 2,41%
ΕΛ ΧΟΝ∆ΟΡ 6,95% 0,03% 1,10%
ΤΑΒΛΕΜΑΧ 4,78% −0,10% 1,58%
ςΑΛΟΡΕΜ 1,13% −0,16% 1,43%
Ρεσυλταδο οπ τιµιζαχι⌠ν ΙΙ − 2013
Αχχιονεσ Παρτιχιπαχιονεσ Ρενταβιλιδαδ Προµεδιο ςολατιλιδαδ
ΧΝΕΧ 14,90% 0,58% 2,91%
Ο∆ΙΝΣΑ 14,68% −0,04% 0,69%
ΕΤΒ 12,69% 0,01% 1,30%
ΒςΧ 12,60% −0,19% 1,54%
ΠΦΑςΗ 10,60% −0,18% 1,80%
ΧΟΝΧΟΝΧΡΕΤ 9,66% −0,05% 1,33%
ΜΙΝΕΡΟΣ 8,90% −0,21% 2,01%
ΜΙΝΕΡΟΣ 8,90% −0,21% 2,01%
ςΑΛΟΡΕΜ 6,60% −0,02% 1,89%
ΕΛ ΧΟΝ∆ΟΡ 0,77% −0,09% 1,06%
Αχχιονεσ Παρτιχιπαχιονεσ Ρενταβιλιδαδ ςολατιλιδαδ
Ο∆ΙΝΣΑ 15.08% −0.14% 1.27%
ΠΦΑςΗ 8.99% 0.28% 1.96%
ΧΟΝΧΟΝΧΡΕΤ 13.79% 0.21% 1.02%
ΜΙΝΕΡΟΣ 10.27% 0.03% 2.37%
ΒςΧ 10.80% −0.20% 1.68%
ΧΝΕΧ 15.60% 0.24% 2.31%
ΕΤΒ 5.25% −0.08% 1.32%
ΕΛ ΧΟΝ∆ΟΡ 9.85% −0.09% 1.79%
ΤΑΒΛΕΜΑΧ 4.98% 0.00% 1.94%
ςΑΛΟΡΕΜ 5.40% −0.11% 1.24%
Ρεσυλταδοσ οπ τιµιζαχι⌠ν α〉ο χο ρριδο 2014
Vcdnc0"Tguwnvcfq"qrvkok¦cek„p"4234"/"4236
170 Εστρυχτυραχι⌠ν δε υν ΕΤΦ Σµαλλ Χαπσ χοµο αλτερνατιϖα δε ινϖερσι⌠ν
Ανεξο 4
Ανεξο 5
Ανεξο 6
Ταβλα."Tgpvcdknkfcf"{"xqncvknkfcf"GVH"Uocnn"Ecru"g""ìpfkeg"EQNUE
Ταβλα."Tgpvcdknkfcfgu"{"ρατιοσ δε περφορµανχε
Φιγυρα."Tgpvcdknkfcfgu"GVH/"EQNUE"
171
Εστρυχτυραχι⌠ν δε υν ΕΤΦ Σµαλλ Χαπσ χοµο αλτερνατιϖα δε ινϖερσι⌠ν
Ανεξο 8
Ανεξο 7
Φιγυρα."Tgpfkokgpvqu"GVH/"ceekqpgu"/EQNUE"*ugoguvtg"eqttkfq+"
Φιγυρα."GVH"EQNUE"/"EQNU"
172 Εστρυχτυραχι⌠ν δε υν ΕΤΦ Σµαλλ Χαπσ χοµο αλτερνατιϖα δε ινϖερσι⌠ν
Ανεξο 9
ΡΑΤΙΟΣ
Ι Σεµε στρε
2012
ΙΙ Σεµεσ τρε
2012
Ι Σεµε στρε
2013
ΙΙ Σεµεσ τρε
2013
Ι Περιοδο 2014
ςαΡ 99% 29,11% 32,53% 20,92% 26,42% 24,54%
ςαΡ 95% 20,59% 23,00% 14,80% 18,68% 17,35%
Ταβλα. Tgpvcdknkfcf"{"xqncvknkfcf="XCT"{"tcvkqu"cpwcngu
Ρενταβιλιδαδεσ ανυαλ εσ Ι Σεµεστρε 2012 ΙΙ Σεµε στρε 2012 Ι Σεµε στρε 2013 ΙΙ Σεµεστρε 2013 Ι Περιοδο 2014
Ρενταβιλιδαδ δελ πορταφολιο 1,12% −20,07% −9,81% 4,06% 13,40%
ςολατιλιδαδ δελ πορταφολιο 12,50% 13,98% 8,99% 11,36% 10,55%
ςολατιλιδαδ δελ ΧΟΛΣΧ 11,42% 10,92% 9,72% 12,06% 11,86%
Ρενταβιλιδαδ δελ ΧΟΛΣΧ 3,91% −29,07% −13,86% 7,79% 12,39%
Τασα λιβρε δε ριεσγο 7,14% 4,50% 5,21% 4,58% 4,87%
Ratios
Ρατιοσ ανυαλ εσ Ι Σεµεστρε 2012 ΙΙ Σεµεστρε 2012 Ι Σ εµεστρε 2013 ΙΙ Σεµεσ τρε 2013 Ι Περιοδο 2014
Τραχκινγ Ερρορ 0,0881 0,1326 0,0916 0,0898 0,0815
Βετασ 0,7368 0,8486 0,723 0,6728 0,649
Σηαρπε −0,4822 −1,7573 −1,6703 −0,0462 0,8082
Τρεψνορ −0,0818 −0,2895 −0,2078 −0,0078 0,1314
Αλφα δε ϑενσεν −0,0365 0,0392 −0,0123 −0,0268 0,0365
Ινφορµατιον Ρατιο −0,3174 0,6792 0,4422 −0,4161 0,1237
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