.............................................................................................................................

1
................................................................................................................... 5
............................................................................................................................. 9
................................................................................................................. 13
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1988
The Captive Spirits

...................................................................................................... 61
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...................................................................................104
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.........................................................................................................106
...................................................................................................................107
............................................................................................................109
.........................................................................................................109
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......................................................................................................... 113
................................................................................ 114
.................................................................................... 117
....................................................................................... 118
.......................................................................................................................120
.....................................................................................................128
.......................................................................................................................133
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ii

10

11

12

13

14

15

16

17

18

19

20

KGB

21

22

23

24

25

26

27

28

29

30

31

32

33

34

35

XXX

36

37

38

39

40

41

42

43

44

45

46

47

48

49

50

51

52

53

54

55

56

KGB

57

58

59

1972
1970

1970 1972
1971

1972

1949 1949

1960 1972

1962

60
1962

60

50 50
1949

1972 1962 1962 1962

1962 1962

1972

1972

61

1950

62

1967 89

1962

63

64

65

KGB

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82

83

84

85

86

87

88

89

Forward

90

91

92

93

94

95

96

97

98

99

100

101

102

North-Holland

103

104

105

106

107

108

1967

109

90%

90%
90%

1965 1
110

25

111

90%

112

113

114

115

1967 11 12

10.24

11.12 10.24

11.12

10.24

116

11.12 10.24
117

90%

118

3.24

119

1983

1989
<>

Shleifer

----

North

social sanction

120

Shleifer

121

1688

1688

80

122

1980 1990

,
,

1830 1917

Free Agency

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consultant

123

Best Business Practice Codes

Free Agency
Free Agency

Free Agency

124

1917

DNA

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,

<>

125

<
>

Alpha Course

126

127

2001 4 24 1986
M

1998

1982

1965 78

1966

1967 2 4
128

1967 1968

1968 2

18

1968 1 24

129

47

1968 2 1969 10
21

1938

1998

130

1978 4

1979

1980 55 23

1983

20
1981
1982
1983
1988

131

1990

1992
1993
1994
1995
1996
1997

1998
1998

132

7 7 7 49

55

1999
2001

2001 9 24

9 24

133

27

1984 1993
9
9

1
134

90Ben-Ner

2003

1 2 3

Jells

2002
100

54 1

50 70 100

135

2003 9

2004 1 13

The Captive Spirits,

136

AERJPE

2003 2
137

Rosen
2001
Fisher
Black
1995
55
1997 Robert C. Merton
Myron S. Scholes
Black-Scholes Black Goldman & Sachs
1995

nonsense

nonsense

138

20
1
1989

139

7 14 2 Waverley Anglican Anglican

Anglican

2004 7 13

140