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2.2 , ,
1991

29
17 .
1992-1995

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1995


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475 - 241 , 234 5-90
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1996
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Ross

Levine

Sara

Zervos

(1993,1996,1998) " ", Hamid Mohtadi


(2000)" :
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1. :

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2. : 2 .
Turnover:
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Turnover=

Turnover
. turnover
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2 value-traded .
Value- traded:
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3.1

2007 384
21 5,5% , 35

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9,1%

, 328 85,4%

. 2006
6-
220,3 . 2,5
1,9 74,5% , 636
25,5% .
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2007 253
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, 408,6
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2007 161,1 62,1 253
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49,5 4,9 .
535 366 .
2007 / 8/

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2007 542,8
40,5 . 97,9% , 2,1%
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3.2 ,

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. Smith, Starr, Bencivenga
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1. Capitalization
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. 1995-1996
, 1996-1999 , 1999-2002 , 2002-2007
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1995-1998 .

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3.3

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2005

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2.4

2.4

3.5

3.2

1.1

1.0

4.0

6.1

10.6

7.3

8.6

9.9

1.6

4.7

11.0

9.5

6.0

15.1

53.1

44.6

20.5

10

8.0

32.2

25.8

32.5

-1.7

31.6

17.6

27.9

4.2

3.8

4.4

3.4

5.1

6.0

6.6

4.8

4.8

4.0

27.3

23.3

19.05

12.7

10.9

7.5

5.4

9.6

10.2

10.0

9.9

9.96

10.2

56.8

36.4

37.9

27.5

23.4

17.05

14.3

24

22

22

20.4

19.2

19.4

111

90.5

47.5

28.2

17.8

12.6

9.7

11.4

3.9

9.2

14.9

4.5

6.59

5.2

6.5

7.5

5.8

4.6

4.7

2.4

3.5

3.6

3.3

3.2

2.8

36.5

54.9

27.6

48.3

17.3

11

-74.2

1375

-73.7

83.9

142.1

-43.5

-26.9

36.4

63.0

19.3

13.4

54.6

15.6

8.2

29.7

50.8

18.4

8.5

39

13.9

19.4

32.9

25.8

32.5

-1.7

31.6

17.6

27.9

7.3

7.5

7.8

12.3

10.6

6.8

4.0

-547.1

-297.3

174.5

-284.5

-24.8

-6.7

47.1

47.8

33.4

16.5

22.9

10.2

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1995

1996

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1999

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2002

2003

2004

2005

2006

2007

91.5

135.2

180.3

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258.3

284.7

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14.40%

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22.8

31.65082

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8.47

11.9

15.2

29.1

29.1

22.2

30.2

29.3

28.8

19.5

15.8

15.6

17.9

19.3

26.5

21.2

46.7

60.9

62.8

48.2

56.6

49.6

58.6

63.9

63.02

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