تحليل حركة اسعار الاسهم في سوق الاوراق المالية مصر 111

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تحليل حركة اسعار الاسهم في سوق الاوراق المالية مصر 111

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  6. 6. I ! " # $ %& '( )*+ , -2001. 2010/ ! " # 01 2 34 5 6 778 9! :;< 34 = >?@ % ! " # AB27%& C /(DE $FG"H! I2 = >?@ % JK ,%$/! 34 ! " # L %19 M N M " O B1P7)*+QR'( E S( 7T J M1 UIV WR X6 K L% TX6 K Y%92 04 $4 2!P4Z %M% [. ]G% F^ H 9N I _ ` 2 R ! ! '(7! a^ b 12 " ? > 4Z 1% c 12 / V > 4 G M#. :7 M d P 7 > T7 4Z$ %` 7U $ %`C " 7D7 X6 K 7 P4e $ M N 9 7C I 3N 1 fb g 8 h H4 i6 W GARCH/ARCH. Résumé L’objectif de l’étude est l'analyse le fluctuation des prix des actions indexer à la Bourse d'Amman durant de la période comprise entre 2001-2010, a travers du mouvement des cours des prix des actions cotées a cette Bourse, et une étude des variables qui influent le mouvement des prix des actions, et effectuer une analyse technique afin de la découvrir un motif de changements dans le mouvement des prix d'achat d'actions pour l’anticipation du fluctuation futur des prix. Dans notre étude on utilise des modèles de régression linéaire simples et multiples, en plus des modèles spéciaux portant sur la volatilité des prix des actions à travers une série temporelle. On a conclu que les prix des actions de la Bourse d'Amman ne se déplacent pas au hasard, l'étude démontrent également que l'ASE sensible aux chocs externes et négativement lié aux crises récentes. Mots clés: instruments financiers, les teneurs de marché, la crise financière, l'analyse fondamentale, analyse technique, l'efficacité du marché boursier, Bourse d'Amman, la stabilité des séries chronologiques, modèle de régression conditionnelle sur la non-auto- homogénéité de la variance des erreurs GARCH / ARCH.
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  24. 24. Nb ,< cY.$'H:Y > 2. - >. 3 . "F 3 ' f > D.M' b v E 2 m(» An Empirical Testing of the Randomness Hypothesis in Amman Financial Market « [ a 6> & >- MOF'$ Y) 3 H )J N. ' B )1997/O.V $ > f > t 632& d [< 2. - 1 X1992u1994$` Y t %.@‹ "F 3 ' ^H +<> … ; aH & d–& / I SH & EuF˜ $ H¥D O Bi>.O @ ¤ & > I SH B d $ H $ 0 4 5 F 1 / - D.M' 6. Nd? C<*>e* DY.$'H:Y > 2. &I d12 m(} '• y. ( $>4%3 $ H `) > - Y) 3 H ( & )J =• MO [ a 6> & > -2002/$ > f > t 6 O.V16' ….$ l S+ 6 V$H+ / Y) 3 -Y 8/V ( , œQ ” @ , N ~ H 4 .' f > c ' P Q1 2. &I d1 y f > "V‹ 4 6 "F 3 D.> - ” @ , ) 4 6 ( 2 m Y > % .H &I d1 6 5 A. ' YzE R H D.M' b v E _E b @ , ….$ l S+ - "F 3 ' Y Y 8/ 4%.@ } '• y. ( $> &I dV H @ , ….$ l S+ "F. Nf D 55 * .f ># / E g/gf gf EWei Huang, Yoshiteru Nakamori, Shou-Yang WangY.$'H: .@ 7 N ~ H "F 3 2. 1 / Ž H K $">« Forecastng Stock market movement direction with support vector machine» - 4%3& >[ a 6>MOr™ - B$ . 1.T % . H2004/`O V 6 _a tE7 N ~ H ( 1 ‹ Ž H K $ "> .@)Support Vector Machine-SVM(>. 3 1 ‹ Ž H K $XK(V OkNIKKEI255` O a [< 6 a ) .@ "V & aH " @ A " ' B o . 6 **~ >.O 489 A • *' B V M ' H 4 Sƒ 4 –:.Œ I) K $ f > • Q` & +)Elman(t %.@ aE • Q` 4 > ¥ ) [< 6 … M –:.Œ ) Ÿ t/ + 2 S aH f > • Q` 2.d@ K $ 0 –:.Œ f > [.* y 3 2 S. NXE 5 7Xgf E gJoey Wenling YangY.$'H:"F 3 ' B 1 § K $:2. 4 5 3 "F 3» predicting stock price movements: an ordered probit analysis on the australian stock market « [ >3 & ) VH MO [ a 6> & > - 4%3–„ { 'u$ ˆbH $ • 2005/> c ' c x ( 2 m 2. XK f > tx K $ "F 3 ' 1 / f –:.Œ f > ) >, [< 6 a/," '( I S 3 6 @ wO Ž N 'H ” M( œQ «,GARCH^'H 2 .d 1 y 3 4 .' >,u‡' Bbu6 B @ N >...¬ Ÿ b|š@ ). ¥D O t %.@ - –:. $ ¡ - f > K $ 4 5 ¥D O t | 1 ' Bb‡ / f > '( B d%80- B, ‹ 6 _/< k ' b‡ Ž H K $.
  25. 25. Nh " ,E D d CifjSpringer Berlin HeidelbergY.$'H:2. Ž H K $ $=F a T H "F 3"> .@ 7 B O a$@ –:.Œ N ~« A Hybrid Method for Forecasting Stock Market Trend Using Soft-thresholding De- Noise Model and SVM» MO [ a 6> & > Q` - 4%3 B r™ -$ ^ H % . H2007/a Q` tE `7 B O a$@ –:.Œ N ~ 6 _ a +) & .*H "F 3 2. B 1 / } $* "> .@:4 ' [< 6 PHC H3 ® .M % ¯ @ B O :.Œ Q` t ~ /%X.M( B O } $*)Noisy Data(6£7 N ~ H F' 4 ' .@R.§ a ¡ - [ ' t %.@ + "> 60D ( H"F 3 2. Ž H K $. N" `>C k ,f G O5 *(U C k # lAlper C. Emre, Fendoglu Salih and Saltoglu BurakY.$'H:«, –:.Œ N ~ H "F 3 2. B a H K $)MIDAS:()f > a S@ ZX $ 2. 3« Forecasting stock market volatilities Using MIDAS Regressions: an application to the Emerging markets » $ * w ) > H B . ' ° - MO [ a 6> & > - 4%3 $ H `) > -2008/tQ`M> & .S 2. H 6 O.V >. L f >ZX O 2. «, –:.Œ I) c MV c x)MIDAS(H f > ) >, H P : "F 3 2. >. 3 a H K $ ' ( O a( –:.Œ . D.'GARCHd B O ^ :.Œ N ~ [< 6 P :&2002u2007 6 $ ' •D *¯ F O a£& d B O H N ~2002u2005& d K $ I) F O a2006u2007 H,t c T 6 ¡ a( , I f > ) >)West,2006(«, –:.Œ 0 9 t %.@ )MIDAS(.Œ f > . D.' H (–:GARCHa@ 813 2. 3 - %.*. 8!" m ?* Q` B0 9% ƒ!#D */ –: Œ & > N ~ H % y "F 3 ' 1 / f > & |K( 4 .' E '( ' œQ «, –: Œ t ~ aE- 2. l $ Q` • ~M@ ] - `.# ) E '( $ 0 4 < –: Œ t ~ 1 ' 3 Q` 5 6 & ( & d 6 v ( 2 m Y > % .H - "F 3 ' 1 / 4 5 n ‡ `.#20012010.<•E Q` 6>4 H N.a@ ¤zE< a x K $ c x P : "F 3 ' šH 4% ‹ „QHQ. 9!" H tF A B H.'* ^H 6Q`) > I $|: u6> & . ( 8 Š‹ –: Š $ • 3 H Sƒ Š { Q $ f > N.Ša@ A a ˆ. & O«, –: Œ M( œQI S 3 6 @ wO Ž N 'H T-ARMA/GARCH-H ' ‡ H %. u& E [< Y > % .H - % ‹ V ; Bb‡ H x / 2 T 4| 9 N > B S'( c<Š 3 E) kQ' 6>c< , Q` —v.@ y B S. u"> .@ 7 N ~ H.'%)Support Vector Machine-SVM(a ( 1 ‹ Ž H K $.
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  33. 33. :8 39; gh7L S 7 B %:7 8# ! $ %&6 # 5 D% MN 4$ B% 6 l r M # O !/# 9 )r / l r M [_ ¡ ž ! vN ]9 % 4$ o w,.1 3105 A3; P MQGV v %™ >E YF # !/ [)V .?% , " N! 5f™6 A " # Qf/p O P " ¶ A 0 59 9 %,@/ >$ %&62E )n N 5 +# T!9 ¨´ n N V !N O) ! F v%/ qƒV )&BL;.2 l ~4$ [)V p9 1 / >E : › p_ $ !%N MN )% 7 %/ # q ( M š ./ 3; ‡r $ %&6 " !V%&6 * +? : _ Š,%• " ep9 e•%/ p/3 & " p/6 a >$[)V$ :!,/ MN TU B ‰E_ " 7 8 9' W; 1 L Or ( N MN p A ‡r $ %&6 " • !# gm ŠŒ # gm ( # ' r Q% 0 # " -% 6 (GL MN 2 3 $ %&6 4 " ( !V ŠŒ N ( N" ) #. 4+ i :,D%^ + ; U q F eGe $ _ Nr 5 .N MN a M ”%/ f 9 0 @% 5 F + ^ D 4 5 9$ V)s• #^ Ds• % #(/ O +/ 3;YU F 5 † 2, ! %a " ,N !%# 5 .# hEf # r f f$o D/ ‡! YU F hEf D%V hEP " 6 !V $ :!,/ [)V¶ ;tG%L 9 t r hEf Š,%· )? 9 V O ( % Q@ ] +?/ 5GN !% D% _ $, , < # >$ %&67 O %, q % r ?)V:3 %,/ 3; d # O %53 $ %&6 5 [ TU B) , l,D 0 < #)q • #(Y@! 5 vN)q • % #(1 / 4gL hEfw, N ƒ9 )Bw /O9 # 9 N (5 qƒV# (GL MN ( hEf ^ +9 1 / TU B. - D NO % r [)VgmMN # $ # O A ) V Q% 3; d #5< # TU B 53 D # 5 .# W;)t # sN•% 5 F d { %&6 L$6 5 .N...(( w, O A O9 # 9 Y@! 5 O %9 D # 5 .# 1 / f !9 4 d # gm ( 9 w / 5 .# hEf MN N N N #<)% #s•(4 d N gm N ( ; O9 N ") ;(GL MN l N • / M šO +#<: 1 X F 9 dW X & Y7 G02005/2006–11. 2 ¢& & Z [B? B“:%: B M 0LGj B M 0 5 k $? ` +? D, !N ›N2002–273. 3 A.Saundres, & M.Cornett, Financial Market and Institutions: A modern perspective, Mcgraw- Hill, Singapore 2001, pp3-6.
  34. 34. :9 !3 689)0103(:# U q F. Q% [, N "• /%L 9 U q F# ". 41lE ; B .)m + n "( L$ ‚%!FG)% 6 5Np9 q )% 6 O S" s,N !%# ‚F MN q ‚%!# # 4g F F [D! Qf _ / q F MN 4g F F Q)FG%N6. h ™6 N L$6 $ N MN )N N !/ ( h ™6 V sf ™ " FG)% 6 5 $ O- % G)% 6 { m ( Nz • % N N C%N !%V X -[)VMN > › G)% G 5 N L v, ^ d w, lB?/ )? ),L$&QU G)% 6 v, MN H %+N O % { % /.1 42B .7 I4)m7 I4 n "( ) +9 5 N ¡ v,, @%?# 5 [f)[FG)% 6 [!, ª % `ª % ;Z v,(hEf ª %A ª %A 5 hEf M L$6 $ N MN N K F M G”V H -% O % 4g F N $ N W; 5 L$G N )B 9 P L$ MN -F O % { “ # W; ( L ,2 . 43mG 8d n " )%D+ (GL MN N Qf /{ %&6 { &` "? 5 V % s9 &G! (GL MN Ef)&G! s95$ ;H B(` F 3ƒV N ! Y # " ,- %#5 B? MN ‚F 5$Y # " TU V ?f qƒV 1 w ! M ! [, Q!?#Yo A "q v o % +?, N $W ! D q$2004–71. 2 WlZ Y7 pFI–72. 6 %+86 %+8 6 %+86 %+8 V%W!<42)V'!X;42( V%W!*<42 1-Z[3O2 ]3)<2 2-Z-3*C# ]3)<2 3-(+%^_2 4-`C3-. 1-Z-3*C# ]3)<2 2-(+%^_2 3-Z[3O2 ]3)<2 4-`C3-. !G3H+ !1F ,/%4a Indirect Financing !G3H+ ,/%4a Direct Financing ; %c ; %c (123+ $ 5'8 (123+ $ 5'8 3>&d+()1&' (123+ e (12342 $ 5'. $%& 6 %+8(123+ $ 5'8 A:>o m ¨ V l V / > Y © vV ?0W X & Y7 G2001–21.
  35. 35. :10 M L # M • hEf " N !/ < % 9 N !)#s•( ! " N)5$ ` MN ‚F 5 B?( N 5 $ ` )!V N Ef s• % # M • !%V)5 ?(N ! Y # " O Y@! O S t „.1 44q 7 n " v• 9 d N r / # " ¸?_ } D $ ] /4 € ! >E 5 V # qY N hY@ [BV n L q , µ , w, u%# 5 V #D“% ?_ 5 F +, N 5 $ v 9 :,D% V TU V " q F 3; N Y@! EfN N 5 $ ^ d " 1 C% TU B qƒV" -% 6 > ?_ 5 F + M { % # { # $ EL• ¸?_ } D qƒV ¹ MN n L q ,9 OL$.2 45B Q)C n "( # " # r $ # 5 .# ' S( N [N N MN ( N O u%9 1 / 3; N C%N W; < # TU B ‰ u QfW; s• # MN ( N O A ( N W; _ Q) M E Qf ( N [ < # 1 ?, B Œ [f s• % #" N !/ [)V Ef M G”V^ + ;s9 4 ( % 5GN !% " ,N !%# t r3 $ Ef "Q%< # :,D# "• {%Qf,N !%# t r" #. r ::G( i !9 U q F w, t !%‰ u MN # z^Y› f Ef q F V < # Y@! TU B( X - ^Y› N # $ _ ‰ MN" O- % VYU FU# O +%/ PGL MN 0 "N o ’ƒ9 { [,hEf QfYU F. 1%: ; $ " 7 # 5 F d 4 N K•d MN C%N N .N M 4 -% 6 2?9( N w, ( / N ?!VN w, ( 7 N F d(; l r MQ)5 ?-% 6 2? 9 s!%/ N 4$ KƒV # )& v 9 ; O )%. ³; { ?š vU$ O D $ ?9 € -% 6 2?9 q W; 4 d` ™" Q)# h $ •+? , 5 # ˜ / (GL MN #$ %&6 5" H‚º ? !%N # )& v 9 ) / O_ 4 # EL•/# ( d 4:5 1 [, Q!?#w ! M !YW X & Y7 G2004––76k77. 2 © { s :? oC A 3;? ` 4 › !N › $N2004––71k73. 3 O Z; ¨ %B 4 wBD N V ( KB Q[!N › B $? `N2007–11. 4 ¨ V >o m > Y vV ?W X & Y7 G2001–106. 5 m j $ jW X & Y7 G2005––50k51.
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  37. 37. :12 k% l $ ?M %# ( ! =B9 Q%H 0. kO ! M s,r ! =B9 Q%H 0 D l $ ?. 325 R ‚%!/hEfq .+ " ! 4‚L 2,%S K F # " s, B Qf MN ? #.N "? OL / qƒVN ! V < # O ! Q / )• V 4 f Œ f ³; # " @% g“/ * +? Ef w, r O_ 4g & %U6 5G )% ˜ / vU$ ( & " u?N @% ? * + q F / ? 2,/ u t ON ! MN a @ %?V B Œ?B 5 +% 6 ˜ %F ?%N 4 5 N L 1 # ^ d w, 5 F + $ V v @+/ M -% ,1 # " @% ? OL / EL• /‹ ( d:2 k# " ON !% * + ~“/ ½ %9 1 / – ¡ ‰ u,%d6 # " ‰ %%F6 D N & / 0 5 F + € •/ "M š F )% ?/ v +# " F +# W; V •; P N ' ‘ 4$ o " 5 ? 9 { " ‰ %%F6 9 1 / q @% ? ,. k# " ON !% * + ~P O9 N -% 6 l $ ? # ¾V j 4 $ƒ9 2 3 g“ ‰ 5 B w, 5 ” ˜ / W; V •; # ( @ O %/ 0 D+ Š,%C 1 )? š F 56 w, ^ d 5 , O % )_ # { gV %9 4 f ! 02,/ p ,D%/ >E [U # ¿N P Q $ # 5 B. 33LGj B M[fC• 6 N 2,S N 7 N 5 F dMN $ ‚F w, D¡ v o % w!/ $ VsN•% F + MN.# p!V >E sN•% ]& O9 N_ 4g F v » P ~%W; )) _ / Q w,-N D9 PG“% “9 #.3 34J mZ %- y s B U )f :!,/P hE4‚L MN p ,%S # 5 L # :,_ " )N $ 5 = " !6 M E M -%# 5 _ ,%9 1 / 3; #m q ,š " d # -% 6 " L‹ s MN QH -% !9 %# " &.4 4( !HlG S cG o z . i G # 5 9 > %AV •` 9h F3 À N W;# v 9 q š M LR t r w, 9 )U dt r hEf Qf MN ¨ 9 w & l A “9[, N:5 1 q D q N5 ":" { Z ( Hl89G B #!N › 5 D# q $- - ! D UY›2003––254k256. 2 $ ¼ ( ! rW X & Y7 G2000–44. 3 Fo ¼1%: ; | Gq v o % +?, ½f ?# $2003–46. 4 > r >$ _W X & Y7 G2005/2006–53. 5 Y#}Gr` MN: kM E ¨G4$ _# $‡B } !d`W ! D ? `2000––35k36. kjj $mW X & Y7 G2005–126.
  38. 38. :13 41i P7• d Qf/ -%s& s9 s!N O > ! V ?f q N ? # 5 %+# 9 ON !% MN > %+/ 3; -F”BC?N" v / !Ln!B/ Nœ l A !r C# ˜4.M • OL 9 5 B hEf 1 S; " [_ ? % D% )U d 5G ! v 9 5 , v Ÿ 5GN !% hEf. 42i >" 4$ ! 5g“% M =d ? 4 r C# T BC%9 # ( " ,N !%# • + hEf Q%H B hEf ¾B%A 3;l u%9 QP / 5 %+# q L r C# O , / D O_ MN # 9 = F•/ n %NB%GN F • ‡! 6 2 3 M , # w,. 43i = > i $ bw!/hEfW; • +4$ V`q 9 ”# Q%) 3; ! 5 & V MN" ! & U$ B 9 V •` 9O ,u% 5 $ t %x ‰ ”# 1 C% p/ , ] DC% 5 f ™ 9 . ?% W; U `_ ¡ ON ! gB/ MN p? S 0 $ %&6/ 0 ?B 5 , ! 9 p%V !N MN 2 EF " 4 e.# 3; OL$MN 9 w & l A O_ MN , %# ! 5 F A w, ?f # -% 6 • + hEf ( A f ! vB/ / N ? )! 9 # ^ d (GL. 44? z i $ bt HW; • + hEf4$ B% 6# " ! 5 & V MN1 %f6 q $ M9 1 / 6 K 3; p V 4 e.# ON !:,D%/ O9 5 f ™ 9r P 5 vN lB%/ N 5 } / [B%Á N 4$ Q) ! $ !^6.f@ % MN" Q) &U L. 45i G}t Hp _ / ! 9 Q u% W; • + hEfOU T!9 2 E9 N C%N r f $ ! !?D #t „qw, # & , U ![ ! MN Â$N $ N Q) q•9 ^6.f Y % P Q)V f l A MN Q)? S C•. 46i %:„ # q %+ M E $ V q ,-šU B O +/ 0 )?N %N OL$ w, ( t P d Š,%C U ! 5 V %.?f# M -%# MN q-%# t ) >$ ! -%# [,L -% (GL MN H $; F + w, 4 D W; [,LG%N-%# N 9 t „ Q) MN t F $t ) V >$ ! > › U ! W; V •` 9 O D O_ " 9 l A W;. ~ ::B( ,!_$ %&6 # v +#C”N $ N MN p ,D%/ Ng F4:$ B 4 $ # F , % O % & " C” 5 _ % 6 D“%9 O %, _ ‰ , ) V !V gm ? { W; ^ @, N ; (GL MN O % f ‰ , Ef : ?#.4gL hEf} • N ‚%!/" ON !%# 3;%&6 5 .# t r MN f ; Q%M 4 [f )r + ! r F )N $" l p,N [D! 2 )?N ( d 4 # EL•/ !N s F + ( MN ^Y_ " l U ! MN ^Y_ w, (: # 5 %+# 5 ? Q)?@)#.
  39. 39. :14 1!E ‚%!/Q)Qf MN" O M -%# s9 d f -F # " %# # MN ^Y_ G%N " s7 # -/ %N Q) W; P N ' UY™ (GL MN 7 # 5 F d f f$ _ F + ( ZQ), B !/ ^ D ; Q% ?! Ef (GL MNQf F3 vN p &p p U L. 11y5 S!E OF MN 4$ B% 6 vN p/ 0 .# ( N ' MN ^Y› fYU G%N -/ N & M 4 f Q) & hEf G%N M ½%?/ 0 ^ OF O A.1 š 2 M 4 p •9 t ! FO-' MNF + ( N# " ( %, O9 &l M ” MN w, ( "Q) MN p ,š N 4$ j Qf # .N q / Q) MN p ,š N : ?/ ¨ 9.2 q W; V •` 9"N Q” >E M -%# O & MN t ”# :%% # ( # ' O +/ Q)$ • # QH 7 M ‚!/ 5 u,D N p V Qf # ( # ' [,!B ( # ' M,!# ( # ' MN GF qƒV < % 9 F +, Q)% ,N q -%# f ?%& 0 Q) z ,".3 9 Š !% (GL MN( M š9, r N M 4 Q) q•( MN ),N M S O_ MN ^Y_ W; V •; P 4 # F + ( N ' MN w,) A 0 ¨ 9 MN 5 ! o %,9 & q / hEf W; .# ª % ? P Z vV F + ( N ' M % 4$ hEf !/ # " ( %, s7 , N ! ! › " ”! O-N 5o %N w, ( 9 & hEf / F O %. 12!E ! 3 Y %Q & 4 !9 Q))?N: 121e; % "!E[f&h ; ? Q)"€ •%" F + Q) & K•9 ” t !/ $ _ 1Q) Q & w, F + ^$ >$ %& ge•/.f$ • >$ ! Q), Z6 q MN Qm w, MN ^Y_ w, ( " l -% , [D! >E Q) %d 9 w N (GL MN )” B· M š p 6; € •% š Q) OF w, 2 3 -F GN F Q) Q)$ " 4$ o p , :/ % N f ) ,%# Q).4 < Ÿ; 9 :A( N ' .#w,$Q)Ÿ`. 1 ¦ D f D B "SU Y› !N › 5 D# q $2001–82. 2 p9 $ j j( B %: ; ! "S Z > B I v Z % Z; •N !N ›2000–08. 3 d f6 N F F t !NW X & Y7 G2003–92. 4 ! (G_ wBD N V ( K > ? µ j( %: ;0? ` !N ›N2003–191.
  40. 40. :15 1225 = % "!EF + / V$ " Q) & M ‚!/O-S,#? ($ !/ [)V B %D ) ; ( M šMN &G/‹ &G!:1 1233 % "!EQ) ! e•% # " Q) p9 ( %/ >E ! M 4 [f ON ! 9 "Œ O-N ! A " 4 e.#:,D { ! t%V F + œ...hEf q / & w,MN O&ƒV Z6 %V_ F + ^$ q F qy[& ! q v& %# M V 9 l A Z6 %V MN w, q Q),.2 124% "" "d!EŠ& %/w,U !>Ev& %p AMNEfQ)O- %U !o % 95 !? ¨ 9Z0) •-%#! z V ) / 4$ ; !9 F + ( " " Q) : M ‚!/ 5 d.# 5 D!# ›.3 125% "!EN $ %&6 t 4 U t : Š,%·MV n L ?$ ! Š,%· [f !& 0 f U L x ) 9 H ! N Q@ H$ _ N & (GL MN F +, € !/ ? " · )? N ? " œ F + q / V n L ? MN$ ! )% & w, e. ~ n L.4 F# 8, # 2 3 K w, t !/:m vU 9 MN N O ,N ( % p9 Q% >E ? ($ ! p? ‚! > )?N > v”Á 6 , 53 lU V F M !N 5 N ,!N )?N OF n V % :m > %+N W;MN } h F`5 [)V/4 U $ %&6 } • z 5 / € !F yN Se‹ $ ! " 5g “% € !/ )e ? $ %&6 5g “% M Ÿ ?2 3%BN " 4$ $ A $ ! q/lU € ! $ %&6.6 < % 91 )BN qƒV$ !?%W;+ " ?,!# !D)& (J#M š >E 8, / p _5$ _ N ($4 d N ,N !N " m !,DN 5 )_ s9 5 9 ,DN $•/. 126% 3!EFA Z)% B / F + * + ^ )% ? 2 # p , O • >E Q) & [f.7 1 jQ, %: ; &5 # B #, 9 ! F ++?v o %q$2000–187. 2 > Y vV ?¨ V >o mW X & Y7 G2001–157. 3 p9 $ j jW X & Y7 G2000–13. 4 Fo ¼1W X & Y7 G2003–123. 5 [ > f( " X € ( W Q ! "S@$ 5 A 3; Bl5 P+ ,-g % 1 , " h %F 4$ )d O ? N N r1 ,! ,F g % 1 , $ %&6U Y› !N _U Y›2007k2008––40k41. 6 > ¡ 9 Q !% "C •l$40° ! " - YF #)s s x !Ÿ(l+N$21/7/2007–16. 7 m j $ jW X & Y7 G2005–165. 5 = % "== ". C ‚@L !E Z 1+B .;+Z„ G NO … $ !E Z
  41. 41. :16 127l.; % "!EhEf B % ? M Š,%·" W; g+/ 4gL„ } 0O p/ & €B?9 < O w, ( u, 9 ,D# B, % W; G 6 g+/ ? 9 # &_ % `1 !9 5GN !N B, / $ _ 1 [BV 2 3 w,)¢,C% 2 B/ Š N v 56 O-NO MN...Ã( ? MN ‚F q / G 6 qƒV 5 _ 3; N G 6 vN B % ? ($ !%/ t V B %.1 13!E ]+ AV )?N n L # M fY S ¢U L 4 Q) z:2 k,N 2)V+ ( N ' MN ^Y_ O-šF. kw, (B % " ( # ' MN w, ¨ 9 MN ^Y_. k%d6"% l N ! 5 ! ›F + 4 $; " F +# lœ q !% % Q) ‰ u q;. k¨ 9F +, < # Š& # w, %!/ N 4$ j gm Q). kY %/º Q); n L 5 -% 6 MN } O +9 W; O u%, ,9 & K. kn %/" hgm vN n % Q) OF q [ ~ 4 F +, Q) Q &. k,9 &( %, Q)9 )? (o ?% N; Q) , [D!/ 4Y N [f. k4$ B% 64$ Y hEf vN : ?%/ ( # ' vV " a ¢ C% l MN. 14!E n I M š[, N )?N 0 Š ? % " 1 C%# !# : T! )”!9 M Š,%· } 4 W; )B ? /: 141!E y AS689 ~ . cGQ) Š ? / M š !# EP V[, N W; $ !: 1411E G d !EO %?/ ,# q > ho • >E ¢C+ f Q) 2 N q $ ? p +/ Q) [f ?# $ @.3 % p ` ( d MN O + Ef YN Qf MN ) Q O A 6 4$ )+9 } ? Ef Q) ( % 4g F NQf MN M pNG% $ @ } ? Ef MN Q) ,N :% / 3; # " E } ” 9 & 9 ^ Q) : P { !%/ 0 4g DL p9v?S5 F + s & Q !N Q) MN } ? Ef ;.4 1412e !E[fA Q)Q O))% ,N O %?/F + / V$ " 9.5 1 ! (G_ q D, Q f 9 > ? µ j! "S 6 '!N ›N2001–211. 2 a ^ •> #B #:B !E 0 H 10‰ )d .N? ` !N ›N2003––41k44. 3 $ ¼ ( ! rW X & Y7 G2000–20. .79– 2005 W X & Y7 G Q / Y V DN j 4 5 X F 9 dW X & Y7 G2006–20.
  42. 42. :17 1413G !EV N * %d q $ g) % l r M p / , Q%/ s!N ¢Cd N Q) Ef )% & OF vV 9 ^ V ,N F Q) hEf q / q ` ? * %+/ F + q 6; 4 # F + MN NZ6 Q) ( / : !/ w, 4 $ & 4 # F + q % 9" p Q FEN * +9 % N 4$ )+ `M p% ,N ( % Q% p , q3F + W; } _ , _ q 9 g) % l r.1 142!E y ASAd .!) 6 3 cG Z =$ ?%s9 Y % M š !# EP:2 14215 " !EO-S Q) [fyF + ( N ' "3;6 )% & :%% # vV U K B 9 F + € •/ !9 6; @% D 9 ( %, G9 & Q). 1422!EO-S Q) [fy?!F ? ( O9 N / ( N F d ( N ' MN •% ! › O & MN ) , $ N F + 5 _ N @%N v? N. 1423^ !E& MN T! 9 ^ V Q% Q) [f‹ T! ‰ %%F6 ? )%? L. 1424p j ]A. !E[fMN h N & N ^ – Cd T!9 4 U B F + t r MN / Q) F + ^ + ; 1 S` 4 $ 5 N L )_hEfq $ ] V ¨ 9 " l „ u [D!/ ),N Z q / & Q) Z & P q / 6 F B % ? P MN : F + 4 $; " %d6 l' M / " OL / 6 > & & P M F + ( N. 143!E y ASE . # †$ Y % 5 h &d .s9 Y % M š !# EP $ ?%: 14315 !E„ u ‚%! Q) MN t •# U } ? [fF + 9 D / # t r -F B%F + ¨ ´ " 4$” O A 0 t r -F & €B "O+V " r C#F +.3 1432?„ % !Ep •d & & %V$ & Z & p ,N 4$ )d O-šQ) q•d 2 3 " v% % >$ !),Nlœ! o / MN ^¨ 9 5?? Q) & w, ( " B %4 MN } ? Ef ‚%!?@)#Ä . .80– 2005 W X & Y7 G Q / Y V DN j 1 2 ¾ BBE% "S ‡) G+ ,- .N } V @% 1 ,! " g%_ # 4$ )d O 5 ,D%N M • N N 4 FEN [ % ° ! ¯ + [!N › YF # /2004–22. 3 }Gr6 MN Y ,: kt !N d fW X & Y7 G2003––9294. 4 X f ‡9 s> ? $q$W ! D2002––149k150. 4 W; D% Q%uB " ?@)#26.
  43. 43. :18 1433Y % !EfQ)” !/ À 0 Q) ( 9 .# " s , s7 , O9 N q $ ?S Q) [ @ % ) / Q) hE)V 2 3 gm G)% lV ) ,q :,m " Q% )u?N ( N ' W; ), A À 5 r % l r M.1 2B 5 ? !/# " %# # Qf MN" Ž•/ > -% ^ F 5 ? 7•V $ ! Q) !9 - / #Q% ?! Ef (GL MNp p U L Qf F3 vN ?, B !/ ^ D ;. 21y5 SB f ?{ % # O ! EP r N 5 F + h / O_ O r M $ 4$ M 4 "? N"O • ? ON 4$ j ¯ / " u%# U B vN ? & vV q¯ / Z6 p% & ? $ j 4 U V ( !N s!N u%.2 p w, t !# MN ^Y_? > %+ MN q «!y" ?, Z6 w, O • F +, MU$ )V F + ^$ M ? T“9 N 4$ j $ U V w, 5 ? ‰ u O • F u% 6 ¯ /.E,¼ qƒV D 9 4 r • ] 9 U w, q , • 5 ?.3 Fp •9 t !{ & O-S N &( r ? 4 U V w, ( " l p,N O_ ] %N O_ O r / N 4$ { 4 Nq%9 e 4 U B .4 9 Š !% (GL MN q ª %?% 6 M š( %, O9 & p/ 0 )› w, N 2 M 4 ? p& u% $ ! N ? ? & $ % q w, )& u% 4 N (GL 9 e 4 U V ! w, p,N O •. 22B ]+ AV # MN fgm M 5 ? Y %/¢U ¡ MN @fo ’; Q%* ? "#:5 kM 4 ?N 2h ƒ9 N & 0 )› w,. kF + !• M ? T“9 4g“%N %9 e $ U V w, ? : O •. k) V % 6 F +, N ! 5 ! › " F +# ? ON l• 6. kO & ? 9 D# l• 6- " p! 9 M š ³; u% 6 ¯ /. k• 5 V l • ~ F +, ¸ ” ^ MN ) L o ’ 0 5 B? MN 5 ? , ?S 0 U B ‚%!/ 4 # F +,. 1 M.Salah, Les valeurs mobilières émises par les sociétés par action, éd.Edik, Alger, 2001, p22. 2 © vV ?ª V >o m > YW X & Y7 G2001––160k161. 3 p9 $ j j0Y7 GW X &2000–8. 4 J. Peyrard, La bourse, Imprimerie hérissey a ayreux, 3éme édition, 1993, P27. 5 a ^ •> #W X & Y7 G2003––37k38.
  44. 44. :19 kg“, p! 9 p # l• ( %, Q) ,9 &. kq / F + B / ?Q)& w, ( " Q) ,¼ w, 5 ? ,?, Z6 >. 23B n I )7 g !N 4 ! V 5 ? Q /: 231B ! "S? A E- .W; 4 # )› lV 5 ? Š ? / M š: 2311G B, l,DY¡ 5 ? N 5 ? 9 )f / 0 5 ? [f? Y¡ N ! 5 .# N !O S { “9B `[NN ! o # v& MN1 M fY S ¢U º 5 ? hEf v% %/ ” MN B!N U V !B/ N _ ”BC?N r • 53 [)V fgm.2 2312# ˆ B0 5 ? 2,/ [f5 F d 1 /$ %&6 N ! 5 .# 7 # ƒ9fH +N " v %, W; )_ % [_ L O S W; )_ % ".3 232B ! "SS G .i %Š cG †$ Y %š/ M?f : )BW; !# E: 2321I %b BD# " l ),N [D!/ 0 5 ? 2,/ [fF + Y@!/ N ? $ x q ” 9 p/ U V M O •9 ^ V M P 4 #„ u OB / 3; F + 9 ? !N ( •9 ”N 5 ? hEf q / & , Q) v• " lp/ U V w, ? O •9 ^ V M F + Š& / " 2 3 q ” Oj O w D 9 ”N 5 ? hEf q / & F_ L = f)N 2?...;Ã(? O $ MN ^ h U V.4 2322I %b NO B0 5 ? [fP 4 # 4•+?# )!/ n ) Mf > MN ,· s?U h ™ H NY% )_ N w, H & F + ( < Ÿ; w, : ? q ” V % 9)< # fYF N(.5 233B ! "S+ .š/ M?W; !# Ef : )B:6 2331+ B X B‹$ ::4 N K m W; 5 ? OF " Ge ~ U 1 5 ? MN } ? Ef ‚F U w, ( 9 -% , p 4 U B 56 !N { B| " :,D p , $$Y } ? Ef { 4 " p , f ~. 1 K.Frank Reilly & C.Keith Brown, Investment Analysis: portfolio management, The Dryden Press, Orlando, Sixth Edition,2000, pp506-507. 2 1G N [ % $ .V d$ %: ;$q v o % +?, 4g#W ! D q$2004–97. 3 a ^ •> #& Y7 GW X2003–33. 4 4$ _ ¨GW X & Y7 G2000–183. 5 > 9Y $ j 4Y¼0( %: ;q$ v o % +?, .N2001–231. 6 X F 9 dW X & Y7 G2006–27.
  45. 45. :20 2332+ B X BNŒ} ? Ef4 U B ( !N : g“% g“%N U w, p,N O • 5 ? MN ? !N $ %& 5 d.# ! / " 4 U . 234B ! "SB „ G ". cG †$ Y % S G .W; 5 ? Š ? / M š !# Ef ::1 2341!E u@ 65 P $ " BEf? Q) W; p, A N; M ”% 5 ? MN } ? q V D lB/ 3; u% 62 3 w,. 234265 P $ " NO B,9 & gm K 5 ? " O V { &` 5 ? vU + O + [f O u%, ,9 & q / KƒV L 4Y N u?N q; O u%,. 235! "SBE 7 .E3 "PW; 5 ? Š ? / M š !# EP V:2 2351%+ B6 < % 9 $ j u% ¯ / P € 5 ? M 4 [fW; h$ ? ON M š F +# " p! O9 ?, Z6 w, ( u, 4 #. 2352• "P Ž5 S B X Bg & q q M š $ j u% ¯ / P 0 5 ? [f ?, Z6 $ % [ 4 # F + W; p,N 1 % ¯ % Ef " O_ O r ] %N. 236B y ASE8 [ z S "5 .# Ef :!W; 5 ? Q /:3 2361e B!9 6; ( %/ 6 pZ 9 F + / V$ " 4 N q / ) Q 9 / 5 ? [f ON 9 ,@N q / q M š F ,# O ? & V F + / V$ " q )? (o ?% 5 e; )% V N OF O @% O +G @/ ,@N q / & 4 U B [, M MNUY_] V Z6 O @/ >. 2362E G d BV # )? (o ?% ª %• 6 Q ,% 9 P / Q% ),N Q MN ,· 5 ? [f HG@ " 2 3 5 e; 4 # F +" l ),N q(w,U V¯ / ? )& u% ? ? 4 4 d N Z6 p% & 1G% p,N l• u% 6. 237B y ASw F 4 w Z l E $ 3 .W; 5 ? Š ? / M š !# EP V: 2371w Z l $ 3 NO B# )@, o ’ 6 5 ? [fMN : > ^ Br¬ f^ % P 4 ` " 2 3 ¢ 3; 6; ^ % G ,9 & gm 5 ? hEf q / q O ‰.4 1 X F 9 dX & Y7 GW2006–27. 2 > ? µ jq LRW X & Y7 G2001–251. 3 > € "W X & Y7 G2009–110. 4 pFIY7WlZ–112.
  46. 46. :21 2372B$ "w Z l^Y_ ^ % ^ d 4$ ƒ9 5 ?, 4 # F +, * + Ef [D! " )?N 4 # 5 ? OFMN ‚F U$ q >E ^ % 6 !9 ^ % 6 Q% N 4$ ) ? >E & ^ % 6 4 G!9 ^ % 6 ! Z6 s9 B w ?, Z6.1 3B " 9 # 5 %+# 5 )ŒF" # $ %&6 5 D%, % @%?& l%+/ $ [)V ž !LR O & MN )% v, 5 ? Q) F ]/ # [ O p, l,D...;Ã2 : N l u%9 -% , $ ! hEf / ! } • N O ^$ w, $ % U L3 [)V$Nl%+/)% &MN&!_ N)$ _ N‡ •(M š)N C% { m4$ !%N* u% F-% 69 ”#q:, /)% &dMN:, /&$ _ #‡ ”PP d o 9 MN ,_‹ $ !5 , %# $$ # $ 5 ¡ $,e # ¢U ¡ 53 # $ ! MN fgm.{ [, V Y_ N$ ! hEP. 317‘ " sV r s9 B/ [fs% .N & !%/ N $ • !9 l 6 & " ‡ < N O v 9 ^ + w, ( F d N .Nl 6 N " 4$ j 9 s!N !9 B 1 S;.4 & gm $ ,_‹ $ ! ‚%!/[D!/ ( %, ,9& " s!N O $ N : / % !N ON 1Y% 6 l ),N ” N $ • !9 N $ • [, %N.5 /E B?% ! MN w, ! vB/ 3; 2 E p& u% ? ! / Q%? 9 : N l • > %+# qƒV q 4 L vU %› p% & MN O&•9 } hEf " O$ E B?% ! MN O& ! q F 3; N › p% & MN w, !9 } hEf " O q : N vU l • ? 9 U L % > %+# qƒV ! ".6 32" " 9 ON !% D/ n$5 " ! u 0 , %# $ ! 1 & 5 ? / $ ’; W; )! / ,_‹ $ ! ?# gm ?#W 4 V 2 E ^ w,$ !,, %#,_‹ $ ! F?! Ef (GL MN B !/ ^ D ; Q%, %# $ !,Qf F3 vNU L). 321" " y5 S ‚%!/hEf O-S š & ,_‹ $ ! p +/ [)V < # -% 6 ( a " - 5 $ MN , %# $ ! !, Q ,/ { “9 > %+N L‹ vU 9 7 sV r s9 & !/ 5 $p , lB%N l 6 ¯ / " O.7 1 > 9Y $ j 4Y¼0Y7 GW X &2001–232. 2 D µ ¼( 7 6 9G$!N ›N2003–211. 3 [,! ¼5 %: ; <= > B %: ; ? @l+N$ !N _2008–98. 4 Aimé Scannavino, Les marchés financiers internationaux, Dunod, Paris 1999, pp62-64. 5 !N d ft6 N F FW X & Y7 G02003––154k155. 6 m j $ jW X & Y7 G2005–133. 7 > ? µ jq LRW X & Y7 G2001–413.
  47. 47. :22 /t !K w,p , lB%N !9 N & ?_ , !, 1G% Q ,/ w, M & !%# sV D 1Y, $ j ¯ / "!/9 ”# { m MN OF " )N C% Q% E 9 v% %/ ( %, ,9 & N & 9 - )9 -% , M š * u%> %+# 1Y, hEf " " U ! 9 & > " ! v q ( ! D9 ! q ” ›.1 , %# $ !( / Q% s!N !9 O %# " s!N & " N O v 9 ^ d w, sV r s9 B/ [f MN 5 " , %# $ !& ! " r q !, !N 5 Z $ A ? ~ ( % O!_ O_ 1 %• t ! q•9 • sV D MN GF [D!/ R V / qƒV 4 ” 9 T! )”!9 q V ! 6.2 F4 d` ÀŠ !% "! 5 , / ¶MN p , :/ % N^ V w, 4 1 r • V /, %# $ !R9 [ /¿N P 1 ?Ä / 3;+N f { ByU Ny4 9 n & !% t r p $ 4 " 4 " q p!N q ,N !% >EN 5 ? Y¡ 5 $...;ÿN P Ef)¿N P U #[(! B / ? 6; h$$ % Q% 6 !, Ÿ` MN ‚%!.3 322" " ]+ AV ¢U L 4 , %# $ !,)7:4 32216#$ _ N q / 0 !, 5 %N s!/ ! " p , lB%# O A ? %C# O z V ! / O !/ Q% " ¨ %N f N 4$ _ " g F M /. 3222" !R.Oj O tG%L 9 Š,%· 3; :_ Q,/ q [“ ? 0 O F p9 & !%. 3223! B S S% q N A Q% q :’„ ] / / 0 v,, ? 9 L D 9 Q , Q ,%, , 9 v& N A 56 " ! O !/ Q% 4g F O Š /. 32246 " ($ / 1 S` , %# $ ! " sV D p , lB% >E ! f" ! Oj B ( O %#. 1 D µ ¼W X & Y7 G2003–234. 2 $ ¼ ( ! rB " 9:> 0 ^ ? @ 0! ) F0@% ? ,,)N ”&4 !(? ` !N › €N ¡ ^Y›2001 –16. 4 (GL MN ¿N P 1 " -F O B% Q%5 B / " ! %# :uB "44. 3 [,! ¼W X & Y7 G2008–109. 4 D µ ¼W X & Y7 G2003––135k137.
  48. 48. :23 33V; "Z g“/ r • MN u, V s9 ”# M -% , [D!/ 0 - # 5 $ n ; %L6 $ ‚%!/ ! 9 $ ! hEf 1 9; ^ vV ¡ $ " r 5 !& / " tG%L6 ! Z ¨ 9 l A ( ! ^ d.1 331y5 SV; "Z ( t D, [D! p _ ¡ j vU 9 L‹ ¡ > %+N 7 sV r s9 f %L6 )> %+#(( t D 1 q O9 N 2 3 N N p , lB%N !9 ? !N 4 %V (GL # & v 9 ^ d " l N 4•V N 4 G vV 9B & MN ^Y_ $ , ,9 & gm 4•V N M 4 [f X - t D, ? !2 M ” ) , lB%# Q) v 9 ^ d " %L6 l p %L6 ON q > NY% € p,N %L6 ž 3; v ^ + 9 1Y,N gm p? ! } :pN MN ! Ef E B?/ " p q > 2 3 " :m. B? 6 & %L6 qƒV E B?% N ( , ?EhE B?%9 1 & 3; N p , 1Y% > q $ [)%? ! ( !BN qƒVqƒV NY,N ! q 2 E : @% q ! j w,3 1 / < % 9%L6 $?! w,h 3:4 k&. 9GN ! E B?/ 1 E B?/ " l p q %L6 l ^ +9 1 >E fx )!V 4•V N O9 %L6. V; •6 • >E ¢C+ f• 4•V N O9 N p %+N %LO%L6 > %+N MN ) ,. h F! 1 9; & & ! f. fB/6 ^ )% ? & !. h F Ž5 S! 1 9;. w E I; Ž5 S>E ¯ % f1> %+# p V9%L&hE B?/. ?j= 86 > %+ , q q O9 N u , l > %+N p!V >E # [fE B?/ 1 E B?/ " l %L B/6. 332V; "Z n I V 5 B ? / 4 ! %L6 $ Š ? / M šu? w, 2 3 } 4 A M š Š ? / O" • # O +#<: 1 Bertrand Jacquillat, Bruno Solnik, Les marchés financiers: gestion du portefeuille et des risques, Dunod, Paris, 3édition 1997, p316. 2 $ ¼ ( ! rW X & Y7 G2001–39. 3 q ”N $ om" "d C %: ; | G! D q$ +?, OU $W2002–91. 4 > ?f Q f 9; g?N( %: ; B? ` t !# 4•+?NN1999–605.
  49. 49. :24 !3 689)0104(:¡ $ } $ Š ? / Q% O + Ef (GL MN[, F ¡: 3321"FA n I 1 v Z y A:W; Š? /:1 33211w 9 V &.l [D! B/ f)1Y ` €(!9 ( MN s!N $ ^ d " -% , -%# )N 4•V N g ? !N 4 N (GL N $ j. 33212Y V &.f-% , l [D! B/)pNY, 6(N $ j !9 ( MN O v O %# " ) , ( " :m LR t D. 33213B I %b4$ ) ) w, 5 F + f / ^ + %L l [fN, r ?No 4 %B q / %L6 [& 9 N.2 3322"Z y ASˆ" h F S Ž5 S .W; Š ? % Ef : Q /:3 33221’ V; &.%L l f)!N 7 v 9 ^ d(hE B?/ p% ~ Q%/ l Ef q gm ! ^ )% 6 $ x # ". 33222m85 G V; &.:%L l f)v 9 ^ d!N 7(> " hE B?/ Q% l Ef q gm 4 %B (GL &4 % #pU )% ¯ / ! 1 9; s9. 3323ˆ "Z y AS8 G .W; Q / Š ? % Ef ::4 33231v Œ V; &.%L l f)!N 7 v 9 ^ d(qz O!B 9 N ! j p V K•+9 & !% 0 #. 1 _ Å BjB # (UY› N f $ ! DNW ! D2002––90k105. 2 $ ¼ ( ! rW X & Y7 G2001– –43k44. 3 ! Q f 9; (G_! "S 6 '? ` !N ›N! DW2003–338. 4 > ? µ j! Q f 9; (G_wBD N V ( K( %: ;H " 9G0? ` !N ›N2005–310. A n tttI t ."F " h F S Ž5 S t . 8 G . “ tttt tt . B I %b 0Y V &. 0w 9 V &. m85 G V; &t. 0’ V; &. v Œ NO V; &t. 0v Œ V; &t. tt G 0 “ ttG NO 0 “ ttG)U= 8 G( A:w, ^ ?9 O + Ef $ ; À:$ ¼ ( ! rW X & Y7 G2001––43k46
  50. 50. :25 33232v Œ NO V; &.%L l f)!N 7 v 9 ^ d(O!B 9 N -%# p V q 6 K•+9 & !% Q% 0 # z. 3324ˆ "Z y AS“ .Ef :Š ? %q F 3;; E B?% !! 9 p%&G " 9 ’ Q), [& q F 3; N 9 N L )V,q F 3; N 9 N gm L )VQ), [& !, Ge ~ E B?% ! ÆV %N L )V.1 34"Z C# • D“% 5 $ n ; $ # $ O-S4 U B ! g“/ r • L rQ% ?! Ef (GL MN B !/ ^ D ;$ # $ !q / vN)% 7. 341"Z y5 S 6 4 %V (GL ? 5 V % MN ,, ($ % -F sV r s9 B/ [f), %N(,, [)V 2 E B?% 6 $ ! MN" D 1Y,N $ # qƒV %L6 $ € w, $ 5 %V w, )% / Q% E N )% / Q% 6 U ¡ ¨ 9 q F !.2 K w, t !/ F1Y%> & !/M ”%$ N}s!NMNlV %> ?$ _ Ns!NO9 NlV /> $ _ NLR:_* dE B?/? !NlB%) ,?& !%.3 342B; "Z:% ? O B f $ " 56$ # $ 7 M /q B,%C# r C# MN * u 7 hEf/‹ * ? { !:4 k]9 / 0 $ ! q;N !# !N Y/ %9 - ! 9M? 9 F•% 565 NY% G, %#K; L Bx O !/ " Q)/-% 6:tz , %# ›. k?&1{ & ˜ %9 N .Nq f9 e ( !N ? 2 3 O+B r C 4$ )N q / & , ! hEf qƒV ! ‰ u ( •! QK f ^ )% O & 4 U B ! { B| ? QK $ $ 9 s? # MN G-N 52 3 !9 O % Â$ !9/ r C# hEf MN u,%!N O9 N %9 e ! $ N W; q f 5 %U 9 ?!# .# OC!N 56 )N [& d.N :.( k!%# r C# O !//•%# r C# ª ¡ " -% MN N .N p!& %/ >E OL O-N ?_ , ! 5 V %9 , , " ?_ 4 U B ! A MN• O +9 -% 6 9 ‡!#u% Š,%,x 4 U B !. k$ ! hEf " OL / 56$ # $ !9 ?!# t r q;4Y N O %N O +9 )?N OF n V %/ N ?)} " N !N %9 e q F q; !(# # U ! qƒV < % 9t r V F W; $ !/ & !& %. 1 $ ¼ ( ! rW X & Y7 G2001–46. 2 m j $ jW X & Y7 G2005––137k138. 3 Qd f>o V' 9$>$ !0zH .N+?,v o %qq$0082–86. 4 t !N d f6 N F FW X & Y7 G02003– –168k169.
  51. 51. :26 4RE ‚%!/„ v% %/ 0 5 B s9 vr & O +9 Y S !/ ž 4 _ N ?@)#> # 5 $ )?N OF 5 Z ¢U L s9 _YN O9 Q) > ,# 5 $ 5 ?.1 p ,?@)# z qƒVT!9 M š 6 < % 9 5 ? 5 B 5Y ~ T!9 & €B " O A F ) Š,%C Q) 5Y ~ 5 B 6 ) f %?5;K)? 9 ] ,L. ?@)# s9 Y % M š[, F /‹: 41?„ % !E ‰ %%FG M -%# Y BA { “9 Q) hEf W; 5 F + •@,/9Q)H +N O S P Z v / " # H 9 ! T!9 )_ N " 4 ›% ?! Ef (GL MNB !/ ^ D ; Q4o % # Q) zF3 vN). 411„ % !E y5 S w, o % # Q) t !pN &,N f % 9 N l ” ,N l O-S9 lu%/ KƒV~ F + p AvV / w, f Â$ f œ 4$ j ¨ 9 2,/ q /4o % # Q) , 6.Ef M G”V qƒV" O- % o %N w, q , • 4o % # Q) ,¼lo %N W; V •` 9 % ": w, ( " $ ! Q) ,¼ w, v o % O & B % ( N MN.2 d & %V$ Z & o % # Q)," O- %/ %V q gm >$ ! Q) q•d 2 3 " p • Z6< % 9 o % # Q), ` 4 G) / 0 4Y@%x ¨ 9 5 r % 6 MN : p € o % # Q) qƒV Y # "U & .# N$ N U$ K•9 Q) hEf Y %/ F4 %N$ j u% ¯ / P € [)V.3 412?„ % !E n I } MN ! ?f4o % # Q)V )?N T! F3 M š#[,: 4121… $ %” NO … $ %” ?„ % !E % # Q) 9! † 4op •9 ¨ 9 z"BF 1Q) p, ) , lB%# ? vV F + ¨ 9 N ? " 4o % #V¨ 9 MN Q) w, ( " Q) * W; >$. GO_./ ³;1 ! " lu%# vN v ™ A ž 3; KƒV ¨ 9 z ! † gm 4o % # Q) N ¨ 9 V %/ N ? < #¨ 9 MN ) , lB%# ? w, O # ^Y› 9 D# o ’ GV F +G 5 ? " ¨ 9 MN [ %¨ 9 V %/ N ? -.4 1 > ?f Q f 9; g?N1 ( %: ; B:%: ; &5 #0M u V # 9 ! .#1993–‰. 2 > 9Y $ j 4Y¼Y7 GW X &2001–177. 3 > ?f Q f 9; g?NW X & Y7 G1999–23. 4 > ? µ j! Q f 9; (G_& 5 K L$ # $N !N ›2002–41.
  52. 52. :27 4122… $ ( 9 NO … $ ( 9 ?„ % !E Y %/u%9 4$ ¨ 9 " F +# 4o % # Q)" )%F +N vN ? ) 9 s!N ( ! Â$ 5 ! o / ¨ 9 " F +# gm 4o % # Q) lu%/ ? 9 # Â$ MN ‚F 56 !# F 3; ¨ 9 9 N M ? T“9 9 e ( ! ? ¨ 9F + ) u% 0 ¨.1 4123!E$ " ?„ %w Z l ,9 4o % # Q) ” ) , l,D$ ,hEf & $ " ) œ ¾B%A f ƒ9 F + 1 / 2 E ¨ 9 MN 4$ j Q) hEf , q / N 4$ ? !N ?No 4 %V !9 „ u Q)Vp ƒ$ @ YF # MAF +, < #KƒV¨ 9 MN ! ? MN ¢,C%, „ u Q) hEf $ 9 1 / B Y)%?/ Q) hEf , )!V / 0.2 4124?NŒ B 5„ B X ?„ % !E )d eGe OF U w, ( " l ),N [D!/ 4o %~ Q) [f5g“%, V U ! Ef g“% N 5 ? w, 4 U B ( !N w, D/ 0.3 4125$ " ?„ % !E65 P ,9 & Q) hEf q / N 4$ 2 E9 ),N :m N 3; $ Q) W; ), A M š 0 Q) [f ,N _; t „ 2 3 ^ % G$ • ^ % 6 ! MN w, O u% & q / N " Ef ), A w, ) "4o % # Q) O A r `)% .4 4126G %- B 3 v Z 2 Z; &. _ [ • ?„ % !E ' ) V q 0 56 " Q) hEf /F %+# 5 +# " ¸?_ ( # ' MN O& [,x ( # –, s & : •+?/ 0kw, 4 D MN [,x : › M %4 $;N ! ! › 5 & p _ / F + , µ 1 Á.5 4127‹5 A ( &d B X ?„ % !E z € : “ "Q) ,¼ wD! q ¶ • & p gm N ! 5 ! › " % l 4o % # Q) q & 4 $` €,a ^ ” ‰ C% " l Q) hEf , wD! & N ! 5 ! › ” " l 4o % # o %NyN ! ! › 5 & w, { % 6 l O d ".6 1 > 9Y $ j 4Y¼Y7 GW X &2001–177. 2 > ? µ jQ f 9; (G_!Y7 GW X &2002–43. 3 pFIY7WlZ0––43k44. 4 > ?f Q f 9 g?NW X & Y7 G2003–39. 5 4$ _ ¨GW X & Y7 G02000–173. 6 > ? µ j! Q f 9; (G_Y7 GW X &2002–43.
  53. 53. :28 42# ˆ !E P N ' " ¾ G# ¢ ? 1oG O % w, ( t „ 7 # F d f / 5$ )d Q) [f 4o % # $ ! Q) M N Š,%· P / & L * + v”Á Q) MN } ? Ef ; q F )7 } 4 ¡ Q) z: 421%: ; B EM ^Y_ O-S 5$ )d M 4 [f),-N U w, ( " l ),N [D!/ 4 # F + ( N ' MN $ ! Q) O-NF + p _ / N ! ! › " F +# % " l ),N [D!/ 6 O9 # " -N W; F + •@,/K V q $ 2 3 L ( N w, O A F + V < % 9 – ¡ P Z Q % 5$ )+ hEf O & ,.1 l9 Š !% (GL MN( M šl ),N % l p € >$ Q) [f -% 6 4$ )d q " ( N v o / MN 4$ B% 6 " l ¨ 9 "F + B /. 2 3 W; V •` 9) F + o N " p ƒV; ) , :_ % p ƒV $ ! Q) ,¼ w, a OF ?/ -% 6 5$ )d ,¼ w, a ) o / 4 _ -% 5$ )dw, (o ?% M š 6 p% : 3; 6; % 5$ )d-% 6 5$ )+9 V N F;GN F ) O-š s/$ )+ M Ef s9 v › q.2 422B -% 6 5$ 5 $ O S )?N B,%• { m 5 f + hEf /...hEf ¢U L Š,%· ? V L‹ ,9 MN 5 ?q%# 5 6 " ),N4 uN$ >E O W; V •; %9 e 4 U V w, O • 4 %B LR "ku% 6 ?kŠ # T!9 2 3 MN ?NqƒV¯ / q 4 U V w, O • V " ),N $ j gm u% 6.B% ),N uV UY› " N‹ g“%N )?N ^Y_ U V MN9 e LFgm )& u% ¯ / q $ j.3 t r MN N f ; Q% 5 ? [f F +# 5 ?9 t !/ 5 ? hEf p + LR } _ hEf U q ¾ G " - [ ,! v9 D 53 5 = P 9Y 5 ! › O-N ¨ 9 l A W; t H 6 5 .N ~ 5 ?,eU !?7 # 5O& U B9 M.4 1 Y. Simon, Encyclopédie de marchés financiers, Economica, Paris, 1997, tome 1, p3. 2¾ BY7 GW X &2004–36. 3_ Å BjW X & Y7 G2002–82. 4 9 j0<= > N Sg % 1 , " g%_ # ,D )_ N DN:› 4 @%, ,! # N ¢ ·U Y1999k2000–35.
  54. 54. :29 423!E ( g ; % "$ B M Q%/ 4$ Y hEf G %N P Z 4$ o " 5 F + f / Q) " ‰ %%F6 lœ o %S 5 ? [f ; 6; 5 ? M (Y! ) , { B%N 4 !N q / Q) " ‰ %%F6 & l rgm w, ` ¢ 3 2 3.1 -%# , YN 5 ?%# MN } ? Ef 1( !N q 2 3 , ”B/ * +9 • & O-š , ? V " U ( !# MN O& q # hEf O-N w, 4 U B.-% , ? 9 NMN } ? Ef q V 9 ”# 4Y Y % #. 424mZ %- y s B U ) ) AS • f / 0 5 ? Q) # hEf O +/f / 0 ¢ g“%# ( # ' 53 5 F d [ › Š Œ % l $ ?.2 q f u # Ef MN p GC% M š N#/‚%!' B Qf n ; P > B $ ! ( #, >$ %&6 ^$ w, B,%• eR MN P # # 7 Ž•/O F v %@ /4g 5 -% 6 ˆ )) _ / M -%# “ 5 L N v ™ PGL MN Q%O S " N f $ :!,/ F 4g F ( N ' ‘ ª %A 0 $ %&6 ?% ]DL. ! 5 N` Q ?% MN # 5 )Œ( /6 OU D% @ %?f ! ž q #hEf " ON !% p9 Q%3;M ”%/s U s &7` 9 t !/ 0 ) V Q%f ; ? 4 N ( # 9 ON !%0 - 0 5 ? Q) " ON !% ) V Q% " f ; l- Q ?/[f ?N W; f 90%/!& N K 9 Y 4$ j 5 % & / Š / ^ D & 5^ _; :_ ^ d ! 9 B,%C# # ( % $ j V “_ %N O +9 )• ), @/ 5 N ,!# M ¨ V¬ V B+9 D j q 9.0 ?# gm N) , l,D o # 95 9 (GL MN ?# ª L # 9 ON !%/ 0 [fq N _ GV 4 5GN !# 2,/ ^ _` $ j[)V@% 4 s9 v ™ 56 / d M 4M -%#. ‚%!# " ON !% } • N N ;3;; Q%$ %&6 5 .# t r MN f MN ^Y_ " l U ! MN ^Y_ w, ( " l p,N [D! 2 M 4 [f )r + ! r F )N EL•/ !N s F + (,# O-š N )?N ( d 4 #)Q)(5 $ O-š N )?N M)5 ?(Q)? 9 v ™ n L)?@)#(O-S 0 4 % # # 5 @%?# W; V •;$yMN )% & l%+/ LR O &)# 5 %+#.( 1 -Mansour Mansouri, La bourse des valeurs mobilières d'Alger, Edition distribution Houma, Alger, 2002, p206. 2 X F 9 dW X & Y7 G02006–35.
  55. 55. :30 :! " # $% &' ( E ' ON !% 5^ _; & O-S,N !%# 5 V / Q • >s.MN¹7 ) )V ) )%m &$ qƒV % q q ,DNN O ) % ?!# t r s9 ( /6 gu_ 5 B 1 9` s,N !%# 1.1v 9% w, V x , " 7 8 9!3;>$ !%h:m 0 Q) v QUq -%# F )U d ")! 9 " q -%# :m 0 Q) ^ + ' €B?9 h$ !% >t „As9 qo % l :,D { !.`4$ # " ( % , 1 S5 / % MN $ V / * %+ NFE N } ?:’ > hE B?/JhE B?% ! %# :9 O ! 5^ _; & • %M G”V5 RF ] •" ! Q%P ?/(GL MN‹ : D#/: k# 9 Q ?/J kJ } ? k5^ _;ON !%! F ] • 5 R. :# $ ! K S ) V ,@# # ( / Q% q ?# " * %+OL$ 2 3&^ D l r M ON !% ) V O ! 9 QP ¢L #V‰ ,p , lB%# ( %‚-%# t r MN f ; Q% N= P W %/ q w, #5 B M qG ` V +Z 4g!% " ,@# MN & O P / Q% 0 5. 1# ( " 5 F + n ; f / 0 5 ? Q) " ‰ %%F6 l r M 9 P / # & Q% : Qf[, N 4 # # ( / „ Q% 0:1 11M g ; 1 3; ‰ %%F6 " !U + D MN f # 9 l r M Q% ^ d w, M -%# F MN $ vN B/ 9 ` 5 9 n ; 4 " ON ”!F# ,r 1 ‰ %%F6 5 , Q ?/ $ @ 4 _ , S $; ¢U º Y %/ 0 5 F + n ; MN 4 # MN %9 V N #2?9`MN¹qG ` MN 4 } ; vN ` Ef M qG ƒ9 1 q 6; 5 F + le N nON 9 G!V ‰ %%F6 À 3; 6; Q) " ON !% ‰ %%F6 9 / w, O A 6 F +. 12D g ;" ,@N # z 4 # F + F 3ƒV ) @, # v 9 f 4 l r M Q% 1 ! ` ‰ %%F6 qƒVQ%/ ¹ ` O d Q@ w, B/G 9 s,N ! EV ‰ %%F6 - p? qG ` O & MN ƒ9 % 5^ _; V F. 13Y 2Q% )U d ! MN w, !9 ) › w, v , # & { Q% D hEf :_ " v Ef" Q%/ 0 $ ! 5 B. 1 M Y Y! sNW X & Y7 G2007––127k128.
  56. 56. :31 14B w &5 cZ #4! " !& %# B w, # & , 4 # F + ( W; t ) Q% w & œ 4 # ^ + QH^ D!9 q -%# 1 % ¹ # & , [U N ! u%9 F + 1 / w, !9 q N % M E 5^ D! ‰ u v Q% -% , h A. l N (GL MN# ( / : MN# OL$ # " ON !% qƒV 9 4g!% ( _ " 4 # # w, %. 2?Nez 7 ( 3 " )U )% !9 O@ >E 5 ,_ n ; ^ ?e # & )“, / 0 M ! ‚! ? !N N & ^ + v 5 ,r f ? &G/ 0 ! Ef € ! 4g!% ( _.1 21y5 Se ?N q › f +?/ 0 , e K•9 Z 4g!% Š !/ M š)% m ,_ OF " " 4g!% qG ;E !>p _ Q%4g!% 9 4 # # z [,!B ( %> %Aw, 4g!% hEfMN a 5 N ,!#)7? $4g!% " ( # { 9 5} • # { 9 5 ? $( %,Q # &!1 ,_ " #l9 !P? 9# z9 - OL 53/” FE U B u% N ” N 4 U BNh$ _ ( " :u.2 227 ( 3?N L r d # 9 { B/ ) V s,N !% , • %# # n %N w, V u , 3; 4g!% ( _ " PW; 1 O @/ :,r ˜ / !9 6; ` l / Q% 60 # ?› vw,` 4$ _ n N w, Q u, V F :,D 9 u• # 5 q MN F•% .N ) /2,/ s9 MN ` MN t P 5) @, v , $ x !G# F ¡ 5 =B T! v , $ x ! EFs F +,, B/ N Y N9 5 ? ¶G- M , B/ OL$ U &?!# )› s9 1‚# ! MN C ¢%C# -% 6 2?9 s9 ` 9W %gL EfMN 4 ( ;2,/5k?@, MN f$ % !9kW; M -%#M E s %C#& ^ d " q m &N 5 ` " N–4 u%# 5 6 , ? 9 Nk# ?@, 5 9 > 1 / GVF [)VU ?-% u.3 ! ( _ MN # :D+/–N 4 u%# 5 6 , ? 9k& w, ^ ?9?› * + " %/ !/ ž 3; 2 3 5 MN s-,- ,m•9P 4 #6 N ?) , – ?# 5 NY% 6 9 %/ ?› O & MN E ; )u?N !9 2 32 EFF + 'GV; )d 3;q•+ 53.4 1 q !§ q !§$ #+ ,- #0W ! D U Y› +?, €,r1999–45. 2 A. Hizoka, Trading, 12/2010, web page: http//www.dzworld.net/vb/archive/index.php/t-124932.html Consult at 14/12/2010. 3 > ?f Q f 9; g?N? @B}9? ` t !# $2002–487. 4 > 9Y $ j 4Y¼W X & Y7 G02001–139.
  57. 57. :32 225 ,G7 ( 3?N # & w, :/ %"ÇÇYN 4ÇN OF w, $ !/Ç-%# MÇwf 5 F + M:1 231c5 %: % $ " 5 ,G k# F + q ? MN 4 # hEf NG M -% , 9 # & M ”P 4 X & O +9 /. kS• & 1 / 0 ? MN (‘ / v• N q / 0 Q)& ! V !N MN M -%# sÇ2,/ q ”9 y #O A MN M -%# s SQ)&W; #) 9. k¼5 , % DL MN M -%#P q • !% 0 ! z B ?!€ w,4 # gm. kV B+ ? M -% , 9 # & M ”`l r M F + 9 ¡ 5 N ,!# M ¨ V f +?9 5 F + 1Y,/ 0 # QU. 232B 9 $ " 5 ,G: k# & >$.";v o / W`$. ~ v D w, 5W; >¶ ;s9 g F 1 %f #M -%) ´ F + ?9 l,!% V. k!# & ‚%"M QU$ qG ; 9 - f / 0 B,%C# 5 +? ! ( _F +. kO % 5 , MN O)/ hEf # )& F + 9 M -%# Š !/ w, O !"O %#> 4 _ N ; ?. 3# ( N B "S Q%/% ,vU s9 # B E B?/ ! W; Or M > %+#^ D l9O 9 MN -F• 1 fo 94( %,)> g!%(1( %`X %)%# g!%.( 31N " s/ N 4 N ( % Q% , ,& 53 # ) V q / 0 " ? % hEf l D/ Q% N %V$ " 4$ _ # ^ + v N v ™ l r M 12 hEf Q%/? %B,%• D9:3 311N$?5 ,D { ! v Ÿ ,-~ v %’)^ D("( % &QH w, •9 q $ ? 9{ !Ho œ 0 5 ,D5 d; s, !%N Q? $ ^ + ? Q› h ™ " V v• 9 2 3 2 3 v-‰ ,D# qo % Q%. 1 MÇ MÇ o ¨GÇ…l#4 ( ) B 9 % .A 3;0( [ ,! S.#l+N$ !N _15–16%F92008– 1–58k59. 2 Jack Glen, International Comparison of Stock Trading Practices, World Bank, Working Papers unpublished, February 1995, p8. 3 > ‚ q !d# $l+N$ B $W ! D2002–75.
  58. 58. :33 312N$4f,) 9 %F D hEf ‚%!/) _Q%v o /Š,%•Q)w,D^M EQ) 4‚L¢ ·"T!9Q);qOFN,!%#Q)9s!Nv ™"ª $[ %L6>E$ •! qo /UGQN ,m. 313N$A1 C%/v { q / N ? D hEf4g-F " ^ + 5 ,r 4$ !%NV^ D !hEf "Q)• v• W;? " QH ,r– LMN¹1 /?›u%9 2,/ ( !N ‰ (GL MN !5 ,D { !. 314NI " 2 Z;w”%D hEfv { Š,%• N & O – L O@ " q ^ + 5 ,r) ,,D N N V !N W; 5G @% hEf } a >$./p! 9 :MN pU d#$ • !# !qo % ! $ u% 2 E9. . 315"$ $ Ns,9 %N M N ^ D [ %, N ? 4g!% hE„ O ! Q%l,!%L‹ v 9 7 X - ‰ ( MN ] > %+ V )B ^ + 9MN ] F•% q !9 Ef{ _ 6 p ^GN -F :,rN. : !? % hEf w,)1 ?>(5 N ,!# q6)D • M š6;( % , ^ )% !92 E9 q V p9 ¨ # gm ON !% vU & t +%F5 B E B?/ 1 S; !9. 32N% 1 N w, ( % Q% 3; !B/ N 53 # ) V q / 0 " D hEf l D/ Q%.1 ? % hEP V7 s%, N w, š:2 - … = 6 3 . G:<‹ 1 ? " ( % ,_ ¨ %%V O & ^ + v N v ™ Q%1 >E , ( % , # hEf " Q% 6 # w, :,D N { ! N :œ > ¨ %%V ! ‰ œM ”%/ , # hEf‹ N/: k4$ x N¨ %%V6 ! A " +/ 0. k%VG > ? !, v”· 0 N¨ %. - … = $ . G:s9 qo % l >E ¨ %%V6 !9 / ($ % , q;N{ !N:,DN V 1 N w, %N N N$W %<‹ 1 ?p/ F3 " N v Ÿ M Y· % 99 1Š & / q $ u w,,9 NN!,D {5. , ! EB?/ Q%5W; N p _ / !9<‹ 1 ?% 6 s!9 EL 9E B?% Q% 4$ x N [BV N } VN ( OL$ N ( 4EB?.< % 9Vƒ4$ x N E B?/ , q/9 Q%4 # vN Ef!,. 1 Jack Glen, Op.Cit, 1995, p8. 2 Bertrand Jacquillat, & B.Solnik, Op.Cit, 1997, p26.
  59. 59. :34 N !9 NE B?% " P ,V,› ¨ %%V !9 fE B?/ Q%! !• L / 3; v 9 l,!% V :,r M ! ^ + 9 N l,!/ 3; { O”V. A 2 3 !9 Q% )?N > ( / Q% 6 q w, N v ™ Q% lU & 9 ,› ( B&; O &( B&¬ > ! Q% ž 0 5GN !% N ( B&` !9 5GN !% l A Q% ( % ,_ ^ )% ? ^ + N v N :œ ) AW; O %Vp%?/ ž N < # 1 ,_1 , ¨ %%V6 N %V$ " ª / N G 4 N< #.1 š 3; ! " 4$ 5 , / 5 N 3; %&.N ( % Š& 9 1 / q 4 $; w, U ?@, M > ( N Xo / ! È ,9 W; fE B?/ q $ %V " 4 _ N ( >$. !, qo % 4$ ƒ9 ^ _` Ef # 5 , % Y M • ! 2,/ ( L$4 $; t r MN „ ¨.2 %# lV % 4Yf › ½N‚ (GL MN p9 ¨ # gm ON !% ] ”9 V Bd MN D hEf h V / N Qm 5 N ,! ,KƒVmN/B !” 53 Q , ,› €B OL$ ! " 4 Y%N V W; >$.. " qG ` Q%/‹ ! w,: … =;‚!M(N Q) ( % 4 %V p9 5 9 !3 >E 9 ,D# • !# 5 s9 qo % ! f 9 % 9 ( % 1 1p!/ # & w, N > ( L$; !9# g !# V pU “ ; p,:4 k!Ef l • ! MN -F $ _ ( " E B?%, ,9 & ( / F ‚F l • >EX - ? , ( % 6 Q% * +. kEf l • ! MN -F $ _ ( " E B?%, ,9 & gm ( / F O& l • >E !? , ( % 6 Q% * + -. k~ g “/ O& l • >E !* + Ef l • ! MN -F $ _ ( " l9 ( % 1 Gm` ! MQ% v9 ? , ( % 6. kw, !. .5 2 3 " ( % 1 W; ,L # N v Ÿ 5 F ¨ %%V6 ! ‰ ? % 6 s!9 EL ?,!# gm. 3 v Z( % ,› (GL # & p ; O / ! w, f.5 3 r( % ,› (GL # & p ; O / ! Â$ f.6 1 Société abcbourse, 23/12/2010, web page: http//www. abcbourse.com/apprendre/comprendre/cotation.html 2 n ? µ jB !E ! "S 6 '? ` !N ›N2000–28. 3 ‡ q !Ÿ Š!E11/01/2011. http//www.zahran.org/vb/zahran25455.html. 4 Trading System Guide, p2, 11/01/2011, web site: http//www.adx.ae/English/Brokers/Documents/Broker%20examination%20material/TradingSystemGuide.pdf 5 > ‚ q !dW X & Y7 G2002–77. 6 WlZ Y7 pFI–77.
  60. 60. :35 m3B , M,!# ! f5GN !% 4 %V (GL".1 lO41 ? 1OF ^ )% !9! ( !N f N & O Gm` ! ‰ % 9 4 %# ( % ,_ ? !N N & w, ( % ,_ " 5EB 0 ( % 5 ,)N N P / À 0 # & Q) & } a & €B? P / À 0 Q) $ } a w,(Gm; ! LR& 2,/ ( / Q% ž 3;.2 Q , O +9 -% 6 & 3 · w, h P N „ B F V !N ! hEf w, -%# t &. 4G# $ " ON !% 5 R Q • >E ' N !/9#.¹ MNm &$ qƒV) )V 4 • )% s s ,DN qG-S%gS ?!# t r s9 ( /6u_ 5 B 1 9` O ). " p > %+ v [ ^ D 4 W; N O p D! >E O F % N•9 p )? ! 0 # T!9.Ÿ "" 4 # , V , ! ^ _; N E B?/ :’ 56 v3 [, V ) C,/ M š p M G”V D³ 5 N ,!N 4$ O F % M ”%:4 k}B , !)v 9 ^ d.( kB Oj # $. k& ! r#)? Q)..(.. k }),_R V.( kN G 4 N)¨ %BN )d } 1(. e./ F ^ d N v 9 N F ^ E B?% MNo ! tG%L 9 # 9 N Š,%· 6 V N Q / M š 2 E N } A " % 6 t ` 5 R/‹ } W; ?%N 5 %: 41h F ? > G B E B?/ " O B f O ! h$ • >E ! ) V q 0 N 2,/ E B?% ! 4$ x N 9 pN MN/‹ } O +/: 411Gd N -F [f? !N $ p > %+ v q MN -%# :,D h ”% Q) MN, n ’ ! O”V•9p wON !%N 1G% & "5 p V !9 ^ + 9 N [BV •9 ^ + ‡!Â$’ !nON !% p9w, •9 v ‡! v 9 N ? 9p9 > ’ !ON !%6 N q 1 L.Harris, Trading & Exchange: Market Microstructure for Practitioners, Oxford University Press, New York, 2003, p225. 2 Trading System Guide, Op.Cit, p2. 3 q !§ q !§W X & Y7 G1999–47. 4 Jean François Susbielle, Comprendre la bouse sur internent, Edition d’Organisation, Paris, 2001, pp356-358. 5 > ?f Q f 9; g?NW X & Y7 G2002–521.
  61. 61. :36 N lU &$ " EB?/ N 4$ B q V ? !N ! M ”%!4$Y %/ 3; 9 NE B?% q •q 6;)@U % p? š 6 p -%# 5 m : ?%/ 6 &B , [,!B E B?% p w, À >E ! V !N.1 412? > GMN } ? Ef " -%# 1N9j ! v•$1 S`B$ x N q F 3ƒV p!N n % $ x ! MN O& ! ' w, N E B?%9 1 qƒV ^ + 9 – LN q F 3; N EB? qƒV v 9 – Lp!N n % $ x ! MN ‚F ! ' w, N.2 MN T ? w,B 9 N $ w, q -%# q V NN; MN F•%N q 6 p 6; @ % N E B?/1 !lV /$ x ! vN !96 N MN } ? Ef ; qƒV p ,W; ?% q 4 F.N 5 d.N.3 413F34 $ _ F $ G$ p > %+ v q MN -%# :,D N Ef w”% %B !9 # MN ? !N) " ON !% ¨ %%V ? ? !# # & p“, / >E !(!9( B&` )( B&; O & ( % ,_ LR " ? !# # & , $ u% >E !(.4 42? > G‹3h F fE B?/ " O B f MNY q 0 N 2,/ E B?% & 4$ x N 91fE B?/O +/ /‹ }: 421E9$ n j$ D $ ? > GN %4 ," 4$ xON !%3;Q% - ( !B# > f # ^ )%4$ x 4hE B?/pV ;-%# t r MN# O 3; d N -F MN 1 9 $ x N ! m 1 " 5 MN w /# & " ON !%, 1 O”V f 1 2 3 q•9 N 5 !& / w, ? N q N ? !#. N ‚%!/)%! D9! A 1 ! N NE B?%, s!N.( !B# > O V [ N N } K " 9 ON !% Gm; -gL)+ NON !%, 1 LR " ON !% K vN [)%?/ 0MN N ; p V Q% >E )+.5 422. F GhE B?/ Q% - ( !B# > O >E N 2 3 ¨ %B# N 9-%# h‘ “ ;? hE B?/ " 4 %B r 3; N "pr / 6 N Ef ™ -%# w, [“r Cq ?t r MN -%#5 N ,!# g“/ r •E B?% " W; V •` 9V W; O /q•+9 !@+N 5 N ,!NF +0 & 5Vƒ4$ x v N [D!/ p, N 3;•d MN q F 5 N ,!N”B| q K 4$ x ^ + N )?N B%% E=? & , & V%B# ^ + N V ¨ %/ 6.6 1 > ?f Q f 9; g?NW X & Y7 G2002–522. 2 n ? µ jB !E ! "S 6 '? ` !N ›N2005––23k24. 3 m j $ jX & Y7 GW2005–250. 4 o V (R q , M9 NW ! D $ ! 9 ! , # 4 _ [ ,! +? YF N2010–60. 5 4$ _ ¨GW X & Y7 G2000––46k47. 6 > ?f Q f 9; g?NW X & Y7 G2002–527.
  62. 62. :37 43h F ‹3 L$ Y%k • G ?/ 1 B E B?/ " O B f MNY ) V q 0 N 2,/ [fs!N ! $ " fE BO +/:1 431G ? = lV > G„E B?%, ? !N ! $ A 0 NB 1 S; * %+/ K gm ? !N ?No 4 %V (GL-F )d N q / &!, 4$ x N YN s9 v ™ 2 E9 [fYNN MNY, 4$ x. 432L G . ( … F G? !N 4 %V p $ • 6 >E N s!N ! $ " ¨ %B# N 9 p?N O”V ! -%# h$ • >E ! W; ! O ? B 1 S; * %+ p gm E B?%,G%^Ef 1 MN } ?f 0 * + 9 hE B?%9 O BF Nz " F %& ^ D ; q•9 e p >E -%# vN N.p9 Qf N $ x ! q F 3; p )VG ,& w,)^ + N "(G ,& O&)v N "(ƒV $ x ! MM N q Gr` w, EB?. 44# ˆ G Q%Ef " ( ?/?!T!95 B E B?% – ¡ v9 D 53 NŽ‹ u? w, )”!9 o 9; M š: 441o "54 G& ! 8,9 3; 6; EB?/ 6 0 N 2,/ „ 4 ¡ t ; N •9 ” w / !/ s!N n %N #f ? 5 B E B?/ ] w, :’ 0 ! N MN } ? Ef " -%# $ • h s!N ! ? 6; EB? 6 >E $ x N M Š,%Á t ` N E B?/ q 6; $ x N " ( f F.2 442o "5— ? > G/‚%!$ %N N hEft ` Nt Œ ge•/ MN O, / K 3;F•% 1V 3; t ` N " f F t ` ! ho ™ ? E B?% !9 l,!%4Y N -% , 4$ x t ` N [D!/ $ j ! s !/3;v• 9 -%# 1t ¬ $ x N " !, w &^ + 9" !, Â$ v 9 t ¬ $ x Np?N M ! 2 E9 B EB? q w,.3 443. vb "G . h F G)& G(-% , ) V q 0 9 N € w, MN N E B?/ " O B ,F N‹^ _; B 1 9; " l , [D! ( w”% N : N qƒV pN ?N f 0 # ^ d v 9 " , ,D# %/ N Ef :_ 3; p/ !& / : 5 , ! : ?# & f ! f$ } MN -%# u, #N E B?%.4 q $ ?# – B – ?%&6 9 t % , # MN g F & N MN } ? Ef V -%# 4 +% ^ ? pB Š , /.-%# p •@, Fp/ -% !9 %N " p% m 1 "q 6; p/^ BF 1 N Efe $ _ :,D%5 , ! E B?/ " 4 & ". 1 M 1X & Y7 GW2008–89. 2 Jean François Susbielle, Op.Cit, 2001, p563. 3 m j $ jW X & Y7 G2005–252. 4 o V (R q , M9 NW X & Y7 G2010–61.
  63. 63. :38 r ::n # gV / ( % Oj # z ($ ! u%9 1 ) , s!% U$ 4 %N # 9 q # r w, 4 # 1 S;% MN M ~ & Â$ ? 5GN !#s %+# s9 : %, ^ D F 4 O ! 3; B, s9 N ¢ C%# v ’ – ¡ Q„ @% O ! ? 9 s!U* +* +)V @%5 B EB? ON !% p F O9 N 4 5 9 µ– ¡ p9 # & 9" ¢ C%N !%& 9 O MN a#, %# Q %?# ^$ l A w, O ! )V.< % 9)Vv $ :!," ' š gL Ef?› p pu?S ¢ L / :_ p%?)N{ ! s9 qo % l A p% .N w, v :,D^ ?9Ef w, } ? q ( M šn L ON ! 5 e ? # & ! A MN q 9 %. 1# w bZ C%# # 9 ” W; +% " l ”!, ) , ( u, g F 8, N vV$ [“ ? 3; s V x €,a ‰ C% 6.p q Flq9 ,D# * + p V V %/ LR ¢C+ p% ” M (o ?%.$ Ef " É _Qf ^ ” MN }: 11wl ? %O F ¢Cd fv% %9”!"O F F O !n `5 9 4 O ! & FF– ¡ p9 _ %1 w, l,Ds,N !%# µ ^ + v N E B?%9 1 >E Q ¡ 9 4 :% N )N 0 5 N ¡ ˜ %9 1 q $ w, O •.2 12eA, l,Dp4 Zf? !9 4 Z 9 ‰ O ! 6pM# N ¡ 1 O9 ) ,D.¹ MN”! Q vV q p , qƒV¡ p N MNMN N L $•% 4 5 9 Q) ; •@,/ & )% D“/ w, ^GF 4 4 & 1 ! 5GN !/ $ _ " 5 N ¡3 q ’Q)? 9 5GN !# N! MN ^Y_ w, ( O9.E f$ _ qƒV4 Z¶ N; MN " Q)?%L" r + ~ 4 5 % F 5GN !#5w, $ % 6 )? š # r 2 3 ^GF 4 MN O ,& $ !9 HGN !N 1 S` 4 Z.4 13tt A k4 Z M q B,%Á Qf s,@# @% 9 Q) , l,D– ¡ Q„ q , ! QK " q -u q 9 ”N Qf ] VQf N q ,%š QK q 9 q _ % œ N ^ d v 9 – V M " ] 9 g“/ MN ½/ 9 w, , • [ 5 N 4 1 €B " Q) €B q %+ q ! q T!9 " Qf !N 4 @% 9 w * +? Ef5 ! V MN > : ?# gm g!% MN ™ ¨ 9 Š& %/ 1 > ?f Q f 9; g?NW X & Y7 G2002–502. 2 M ,V Š,LW X & Y7 G2006–115. 3 > ?f Q f 9; g?NW X & Y7 G2002–503. 4 >o m ¨ V l V / © vV ? > YW X & Y7 G2001–121. 5 WlZ Y7 pFI0–121.
  64. 64. :39 OL$ 5GN !# " qo % 1 @ % ¶ A 0 # z v ^ +1 – º QH !& / &$ w, 2 EF H f ™ Hg“/ ! F.% 9<MN " QHGN !/ O9 N 56 q !V 6 q , u% 6 QKƒV¹ ! g“/ r • q , u% QKƒV.2 14?NŒA B k" 4g“ 5 ,D ™ * + u?v ¹ 4g F 5 9 # ^ ds m , "4g“ 5 9 ^ +l •^ + ! v ! s9 B 9 ,-~ 9 @% ^6.f.3 15i AA^O & MN QP C# MN 4$ j a ? !N N & " ON !% q C%# %• & " ON !% q M š 6 œ)(h )V ¢ C%N MN -FN %V$ w, v,D >E 5 9 µ 5 , EB? p 3; _ % * + * + s9 ¢ C%# v ’ ) V ON !% 0 z 4$ x , 9 ’; # p%& ! :, / r • G %j – ¡ p9 ON !% p F O9 N 4 .4 Q)N $ ¢ C% , " qo % l A "! N & MN ‰ ,D# M { !# 4$ o [BV C%#9 ¿N f > n # T B· W; q)?N { ! N ^ + h$ !% & 53 " > F $ _ M %+N ‰E› Y• W; pB ”pL ? MN qo % l u% n L j " 2 3!# M ‰ ,D# Y N ? n{& MN NC%# •@,N p N 1 C% W; qMp)_ # q Y•Y%# :,Dg F ¿N „ ! } B/ 6 $ B/.p , s C%# > w, " $ u% N & > ^ d v 9 ! q ( M š5 N Qf % 9.sw,¶ ; QP C# Q) 9 ON !% (GL MN 1 % 6 ! 9 Š %6 @% M G”V } ? 9 Q) , l,D O9. 2n # y5 S % 9 O !, P ¢L N 5 )_ Qf } ?9! u%MN 4$ j a ? !N N & & MN QP C# v t ) Ol A W;){ :,r(w, 4 %N U$Q) 2 3 Q) 2,/ v 1Y%, F?,!N ! v• 9 ( % 1 MN 1 OF "? !N N & v 9 ^ +k -Fk! 2,/ !9 %N ( % 5 d d ‚ 4 , ¨ % ~.7 1 µ jq LR > ?W X & Y7 G2004–34. 2 M ,V Š,LW X & Y7 G2006–117. 3 ; g?N> ?f Q f 9W X & Y7 G2002–504. 4 }Gr` MN Y#: kKY! 9 ,» v? ¢ C%#« 5 A 3; D ) ”)#(4 fN$ !2832002–10. km j $ jW X & Y7 G2005–243. 5 vV ? > Y>o m ¨ V l V / ©W X & Y7 G2001–122. 6 > r >$ _W X & Y7 G2005/2006–58. 7 YF N5¶ u36%ZF5 S&5 A$B MQ# $ (–516/02/2011. http//www.chamber.org.sa/Arabic/InformationCenter/Studies/Documents/%D9%88%D8%B1%D9%82%D8%A 9%20%D8%AA%D8%B9%D8%B1%D9%8A%D9%81%D9%8A%D8%A9%20- %20%D8%B5%D9%86%D8%A7%D8%AF%D9%8A%D9%82%20%D8%A7%D9%84%D9%85%D8%A4% D8%B4%D8%B1%D8%A7%D8%AA%20%D8%A7%D9%84%D9%85%D8%AA%D8%AF%D8%A7%D9% 88%D9%84%D8%A9.pdf
  65. 65. :40 ¾B%• ? !N 5 F d F d Q) " ON !% 9 4 $; MN p ¢L N ¢Cd p w, pB !/ M š 4 ^ D MN pUG µ N; – ¡ p9 N; v ^ + 9 1 5 F + 2,/ Q) MN s!N q YC Qfgm? !N ]9 • * +9 v 1Y%,MN & > " NoG # 9 N )?N t P 2 3 O9 N " ^ + $ MN ?f q N ? v v $ MN ?f q N ? ^ + 9 pNY ; 2 3 MN 5 & „ 1 0 5 , ! w, vV 9 v 1 6.1 9 $ N (GL MN?f v " f V / MN 96 * d: k_ v q( % , MN ^Y. kO r n N w, y _ %N q q. k4 p q / q9 ,D# Q) F sN•/ [,. kW; V •;E B?/ V d; N p q q. kf& N 5 .N M 4!%N 4 )!%Nv ^ +, 4. k&G q / q :’[f ? q 2 3 h ™ vN v, • % ¶ ; 9 ! " ? 9v _ 6 p ƒV«!# E„2 Oe ~ 9 1 MN T!9 " _ ? 9 Q) , l,D [ ?T B· { “9 – ¡ Q„ -F ? !N N & [, q ,N !% Q)V s C%# Q # & [, :,D { ! s9 B.Š,%• s9 v › 9 2 3 4g 5 ,D, ? 9 YBx 9 q N # & €B v 9 ^ d " q m M E 4 C%# V> %+# 9 Q)N 9 " % ? q :,D :,“ N ? vU 9 M -%# s9 v m $ / N ?. 3YI # 5 ,G 9 _ # 5 F + Q) MN g-F ! q / N ? L # z } ? $ _ 7 ) / 4g F :?9 !B/ N5 F + hEf Q) ! / œ D?N 5 ‚N q $ MN 5 9 ”# 5 d` w, y$ % P )U$ > %N : ?%/ 6. 1!#9OL$ ON !% Q@ ! % w, V x , " 7 8 99 " vU F ( L ! z + { B|6 " > %+ F z p L$ (GL MN 2 3 # :,r ),9 q q $ MN v 9 { lV %/ q , } ? $ _ OŒ " M š GV ! } B/ " # " ),9 q q $ MN ^ d 5 ,r $ _ ^ dqo % MN ( œ y U$ ¾B%A < % 9 v 9 5 ,r L‹ : › :,D { ! s93 < % 9[, 4 [f )BU Œ Qf hEP l u%O /) 9 # 1 o V (R q , M9 NW X & Y7 G2010–56. 2 WlZ Y7 pFI0–56. 3 > € "W X & Y7 G2009–36.
  66. 66. :41 f y$ ! ! 5 , / MN • ~ :,D { ! s9 %N qo / $ ’;MN „ %& f % W; n$. yr ($ ! ! % q • M yG”V")V f l A H _ 9 1. l •[!)7 YN 4:1 kz { ! 5 ,D gV /% 9 )? qG ` # 9 " %# #. k%N qo / O +9 ! A. k?{ 5 ,r ( L$; (GL MN !. kNoG 5 gV /v ^ + " ^. 4YI # 6%Z F " Q) ! $ u%/# } ? D 9gL Ef v >h$ !%UQ Q) v:m 0" q -%# :m 0 Q) ^ + ' €B?9 h$ !% > F )U d " q -%# )! 9.m qsv 9 v " q m ^ + "Q)NŠ,%• & / " Qf & q EC% N 4$< % 9qƒV 2 3 MN V F Y•^G ! 5 ,r ,% } ? n %N q q 96 Q)2 Ž‹ O +B F • v O. 89!3 6)01k05(: v O B F Š / ) ; V ”N pU + } ? )!V 0 , N Q) v 9 ! q q v& %# MNÅ B% 6 q YC# 90M YC% B, / O +/U, B! g“/ r • M T !%, " •; UB w, l,D n # ¿N P 9 v ! ^ + ! s9. 5 V / 4 $; :& / } ?& 9 & hEf ‰ m - n # A q d "v D% 6} ? #p% & " “r C# U ! s9 ” !/ &G •+?/ } ? s9 4 + V ?# OŒ [BV.v V 1 ¨ + q ”Nn #:5 8 $ R2006–419/02/2011. http//www.unioninvest.org/Reasearches/A/1Market%20Makers2.doc 2 > ?f Q f 9; g?N10N ? ` t !# 4•+?N1993‰–116. A:¨ + q ”NW X & Y7 G2006–03. !"# ! !" u dI : d
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  70. 70. :45 * P 9} E=? uV4 W;DNQ)UG$ 9ByŒ Bw,qƒV $Y@M$ 14 v 9#$ #Q)q ”Fp? ½%? ~{ !/!Y#MN* P} B/ : 9 NvN { B|>$. V ^ +2 3W;K{ B| O!B9!#_ #) V2 E Q !N51 /M9a5^ _` MN0ON !% ] ”/‰ , •9O %¿N P 9q /hEf5^ _` ,9 &O !%,1 Áu, N" ON !%.1 2k2k5 SB "F#YO"5GN !#qn %+/&#6¹} /V!9f, v& %#MNON !%#>E> %+&#t „)! 9!9w,MN!^ +MN yV$ f2 3l A¨ 9gm qT!95_) V]³LRON !%,1s9 ”# p9p V} /&#• % #6¹)U +9 1 !9TBC? q!w fEf] ?"v 9w,t + #".2 221o 98 v Z Y ON !%# •@,)‰ ”N -%N(1 9`v 5 BN ? t + # w,%!qvB/ N < Q) ! O %# " { B|G p r EL• p.3 VEf } /‰ ,)vw,t + #("9;15 BY /w,1 & { % 9 -%#&NMN) NW %/hEf)#F d0 4 ON !%)!N¹1!9gV / &#)! 9W;t re:m"}$ / )U d&Bn{ #Mf FO9 N#0 À• &;W; )1 qvUw,t + #f$ 9W;{ #:B/61‚#s9sV D."4$ !q{ & vw,t + #G9 &^ % GMN{ #G9 &" Ef { % # MN $ ,>>) VsV D p% m"2 3.3;NFmt r MN#{ÊNYw,{ % #$Q)N;)U +9MN MN )• %& 9¢CdLR.4$N:!, Ê $Êo 9"Efq•+1 3;pB?9u 9Mt rLR { %p?N53Q)‰ O ![f•N“%/ 6Ê%&6ª ·MK F( %N{{LR MNn L{ % , M šq${ ,">Q)0lq)• %&.4 :,D%‰ ,vt + # w,aMN5^ _`5 ?%)_ #DLq %U6>E] • 5 B 9vw,w, ! ' w, , ! hEf Q%/ q 4 ”F t + #) / 0 , ! p9 S >E ! MN 4 d N? S , LR MN w, q q * +9 9 , ! ! > N ! ' w,Ef Š,%• ! { B|6 " 4ELR ! q / N ? t + # w, v 9 1 1 ‡!.4$(GL p ƒV!9 1 É, !9 1 hEf w, ( Q% > %+# W; ) ,/ # & { %& 9 t + # w, vU Z 1 t + # w, v n L 4 Z 5 9 n 4 V %# 2,/ Ef n 4 V %# q Y• MN.5 1 > ‚ q !dW X & Y7 G2002–189. 2 n ? µ jq LRW X & Y7 G2001–473. 3 n ? µ jW X & Y7 G2005–38. 4 V.Paul. Azzopardi & J.Silvio Camilleri, "The Relevance Of Short Sales To The Maltese Stock Market" [Electronic Version], Bank of Valletta Review, No. 28, Autumn 2003, Visited On 16/12/2010, From, p2, web site: http//www.bov.com/pdf/bov_review28-1.pdf 5 n ? µ jW X & Y7 G2005–39.

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