-1·-2-3-4-5-6-71-8-9-10-111-12-132005-142zzz5-15%100360000,10000,10××=−tPBDY-16)]360/(1[000,10tYPBD×−×=tPPEY/365000,10)](1[−+=-17dzd-18z-19z-20zzzz-21zzz-222YakovAmihudandHaimMendelson,1991,“Liquidity,AssetPricesandFinancialPolicy”,FinancialAnalystsJournal,vol.47,no.6,pp.56-66.-23zzz-24zzz()∑==++++=niinPnPPPPn132111-25jP′()]1[n121njPPRPP++′×++++=()jjPPR=′+1∑==niiiQPn11z∑==niiiPPn1011iP0iP1-26∑∑===niiniiPP1011∑∑=0001QPQP∑∑=1011PQPQ-27zz-28×-29zzz-30z-31zz-32200620061.2.3.4.5.2005815200582420051125200511278004001A312()2