D
I
FF
E
R
E
NC
ES
B
E
TW
EE
N
M
E
AN-
V
AR
I
ANC
E
AND
M
E
AN-C
V
AR
P
O
RTF
O
L
I
O
O
P
T
I
M
I
ZAT
I
O
N
M
O
D
E
L
S
P
a
nn
a
M
isk
o
lc
z
i
U
n
i
e
si
y
o
D
eb
e
c
en,
F
a
c
u
l
y
o
E
c
ono
mics
and
B
u
si
ne
ss
, In
s
i
u e o
A
cc
oun
i
ng
and
Fi
nan
c
e,
D
eb
e
c
en,
H
unga
y
misk
o
lczi
panna
@
g
m
a
il
.
c
o
m
Ab
s
ac
:
E
e
y
bod
y
hea
d a
l
ead
y
ha one
s
hou
l
d no e
x
pe
c
h
i
gh
e u
n
s
wi
hou
h
i
gh
isk
, o
one
s
hou
l
d no e
x
pe
c
s
a e
y
wi
hou
l
o
w
e u
n
s
.
T
he goa
l
o po
o
li
o
heo
y
is
o
i
nd he ba
l
an
c
e be
w
een
m
a
ximizi
ng he
e u
n and
mi
n
imizi
ng he
isk
.
T
o do
s
o
w
e ha
e o
i s
unde
s
and and
m
ea
s
u
e he
isk
.
N
a u
a
lly
a good
isk
m
ea
s
u
e ha
s
o
s
a
is
y
s
e
e
a
l
p
ope
i
e
s
-
i
n heo
y
and
i
n p
a
c
is
e.
M
a
k
o
wi
z
s
ugge
s
ed o u
s
e he
a
i
an
c
e a
s
a
isk
m
ea
s
u
e
i
n po
o
li
o heo
y
.
T
h
is
l
ed o he
s
o
c
a
ll
ed
m
ean
-
a
i
an
c
e
m
ode
l
-
o
w
h
ic
h
M
a
k
o
wi
z
e
c
e
i
ed he
N
obe
l
P
iz
e
i
n
1990.
T
he
m
ode
l
ha
s
been
c i
iciz
ed be
c
au
s
e
i
is
w
e
ll
s
u
i
ed o
e
lli
p
ic
a
l
d
is
i
bu
i
on
s
bu
i
m
a
y
l
ead o
i
n
c
o
e
c
c
on
cl
u
si
on
s
i
n he
c
a
s
e o non
-
e
lli
p
ic
a
l
d
is
i
bu
i
on
s
.
S
i
n
c
e hen
m
an
y
isk
m
ea
s
u
e
s
ha
e been
i
n
odu
c
ed, o
w
h
ic
h he
V
a
l
ue a
Risk
(
V
a
R)
is
he
m
o
s
wi
de
ly
u
s
ed
i
n he
e
c
en
y
ea
s
.
D
e
s
p
i
e o he
wi
de
s
p
ead u
s
e o he
V
a
l
ue a
Risk
he
e a
e
s
o
m
e unda
m
en a
l
p
ob
l
e
ms
wi
h
i
.
I doe
s
no
s
a
is
y
he
s
ubadd
i
i i
y
p
ope
y
and
i
i
gno
e
s
he
s
e
e
i
y
o
l
o
ss
e
s
i
n
he a
a
il
o he p
o
i
-
and
-l
o
ss
(
P&
L
)
d
is
i
bu
i
on.
M
o
eo
e
,
i
s
non
-c
on
e
xi
y
m
a
k
e
s
V
a
R
im
po
ssi
b
l
e o u
s
e
i
n op
imiz
a
i
on p
ob
l
e
ms
.
T
o
c
o
m
e o
e
he
s
e
iss
ue
s
he
E
x
pe
c
ed
S
ho
a
ll
(
ES
)
a
s
a
c
ohe
en
isk
m
ea
s
u
e
w
a
s
de
e
l
oped.
E
x
pe
c
ed
S
ho
a
ll
is
a
ls
o
c
a
ll
ed
C
ond
i
i
ona
l
V
a
l
ue a
Risk
(C
V
a
R)
.
C
o
m
pa
ed o
V
a
l
ue a
Risk
,
ES
is
m
o
e
s
en
si
i
e o he a
il
beha
i
ou
o he
P&
L d
is
i
bu
i
on un
c
i
on. In
he
i s
pa
o he pape
I
s
a e he de
i
n
i
i
on o he
s
e h
ee
isk
m
ea
s
u
e
s
. In he
s
e
c
ond pa
I dea
l
wi
h
my
m
a
i
n que
s
i
on:
W
ha
is
happen
i
ng
i
w
e
ep
l
a
c
e he
a
i
an
c
e
wi
h he
E
x
pe
c
ed
S
ho
a
ll
i
n he po
o
li
o op
imiz
a
i
on p
o
c
e
ss
.
D
o
w
e
ha
e d
i
e
en op
im
a
l
po
o
li
o
s
a
s
a
s
o
l
u
i
on?
A
nd hu
s
, doe
s
he
s
o
l
u
i
on
s
ugge
s
s
o de
ci
de d
i
e
en
ly
i
n he
w
o
c
a
s
e
s
?
T
o an
sw
e
o he
s
e que
s
i
on
s
I
ana
lys
e
s
e
en
H
unga
i
an
s
o
ck
e
xc
hange
c
o
m
pan
i
e
s
.
Fi s
I u
s
e he
m
ean
-
a
i
an
c
e po
o
li
o op
imiz
a
i
on
m
ode
l
, and hen he
m
ean
-C
V
a
R
m
ode
l
.
T
he
e
s
u
l
s
a
e
s
ho
w
n
i
n
s
e
e
a
l
c
ha
s
and ab
l
e
s
.
K
ey
w
o
d
s
:
isk
;
V
a
l
ue a
Risk
;
E
x
pe
c
ed
S
ho
a
ll
;
M
ean
-
V
a
i
an
c
e
P
o
o
li
o
O
p
imiz
a
i
on;
M
ean
-C
V
a
R
P
o
o
li
o
O
p
imiz
a
i
on
J
E
L
classi
ica
i
on:
G
11
1.
Ho
w
o
m
eas
u
e
isk
?
In
li
e
a u
e
isk
and
isk
m
ea
s
u
e
s
ha
e no un
i
que de
i
n
i
i
on and u
s
age.
H
o
w
e
e
i
is
o en u
s
e u
l
o e
x
p
e
ss
isk
wi
h one nu
m
be
(
E
mm
e
,
K
a
z
and
T
a
sc
he,
2013
)
.
T
he h
is
o
ic
a
lly
m
o
s
im
po
an
isk
m
ea
s
u
e
s
i
n
i
nan
c
e a
e he
a
i
an
c
e
and he
s
anda
d de
i
a
i
on and
i
goe
s
ba
ck
o
M
a
k
o
wi
z
and he
m
ode
n po
o
li
o
heo
y
(M
a
k
o
wi
z
, 1952; 1968
)
.
In he
l
a
s
y
ea
s
and a
ls
o he
s
e da
ys
he
m
o
s
popu
l
a
isk
m
ea
s
u
e
is
he
V
a
l
ue a
Risk
(
V
a
R)
.
V
a
l
ue a
Risk
an
sw
e
s
he o
ll
o
wi
ng que
s
i
on:
W
ha
is
he
mi
n
im
u
m
po en
i
a
l
l
o
ss
ha a po
o
li
o
c
an
s
u e
i
n he
%
w
o
s
c
a
s
e
s
(i
n a g
i
en
im
e
ho
iz
on
)
(
A
c
e
b
i
and
T
a
sc
he, 2002
)
:
,
w
he
e
is
he p
o
i
d
is
i
bu
i
on un
c
i
on o and
( )
is
he
c
on
i
den
c
e
l
e
e
l
. In o he
w
o
d
s
,
V
a
R
is
he
%
quan
il
e o .
V
a
R
is
c i
icis
ed be
c
au
s
e o
s
e
e
a
l
ea
s
on
s
.
T
he
m
o
s
im
po
an a
e ha
V
a
R
is
no
s
ubadd
i
i
e,
w
h
ic
h
m
ean
s
ha po
o
li
o d
i
e
si
ic
a
i
on
m
a
y
l
ead o an
i
n
c
ea
s
e o
isk
, hen ha
i
doe
s
no
m
ea
s
u
e
l
o
ss
e
s
e
xc
eed
i
ng
V
a
R
and
i
s
non
-c
on
e
xi
y
m
a
k
e
s
V
a
R
im
po
ssi
b
l
e o
u
s
e
i
n op
imiz
a
i
on p
ob
l
e
ms
(
S
z
egö, 2002
)
.
T
o
s
o
l
e he
s
e p
ob
l
e
ms
a
c
ohe
en
isk
m
ea
s
u
e
c
a
ll
ed
E
x
pe
c
ed
S
ho
a
ll
(
ES
)
w
a
s
i
n
odu
c
ed:
.
I
is
c
on
i
nuou
s
, he de
i
n
i
i
on o e
x
pe
c
ed
s
ho
a
ll
is
equ
i
a
l
en o
, hen
c
e a
l
e
na
i
e na
m
e
s
lik
e
c
ond
i
i
ona
l
V
a
l
ue a
Risk
(C
V
a
R)
and
c
ond
i
i
ona
l
a
il
e
x
pe
c
a
i
on a
e
i
n u
s
e
i
n
i
nan
c
e
(
E
m
b
e
c
h
s
and
H
o e
, 2014
)
.
In h
is
pape
I u
s
e
C
V
a
R
and
ES
a
s
sy
non
yms
.
2.
M
ea
n-
V
a
ia
n
ce s.
M
ea
n-C
V
a
R
P
o
o
li
o
O
p
i
m
i
z
a
i
on
2.1.
Th
e
d
a
a
I
w
o
k
wi
h
H
unga
i
an da
ily
s
o
ck
da a be
w
een 01.07.2005 and 29.06.2015.
T
he
da a
w
a
s
do
w
n
l
oaded
o
m
B
udape
s
S
o
ck
E
xc
hange ho
m
epage
(www
.be .hu
)
. I
ana
lys
e he da
ily
l
oga
i
h
mic
e u
n
s
o
s
e
en
s
o
cks
, na
m
e
ly
FH
B
,
M
O
L,
MT
E
L
EK
O
M
,
O
T
P
,
P
annene
g
y
,
R
aba and
Ric
h e
,
i
n h
is
en
y
ea
s
.
T
o ana
lys
e
he da a and o an
sw
e
o
my
que
s
i
on
s
I u
s
e he
Rm
e
ics
m
a he
m
a
ic
a
l
s
o
w
a
e
(W
ü
z
e a
l
,, 2009
)
.
N
o e ha I
w
o
k
wi
h da
ily
da a and hu
s
he
e
s
u
l
s
(
e u
n
s
,
a
i
an
c
e,
V
a
R
,
ES
, e
c
.
)
a
e
s
a ed on a da
ily
ba
sis
.
2.2.
M
ea
n-
V
a
ia
n
ce
P
o
o
li
o
O
p
i
m
i
z
a
i
on
In he
m
ean
-
a
i
an
c
e
(M
V
)
m
ode
l
,
e u
n and
isk
a
e e
s
im
a ed b
y
he
s
a
m
p
l
e
m
ean and he
s
a
m
p
l
e
a
i
an
c
e o he a
ss
e
e u
n
s
.
T
he goa
l
is
o
mi
n
imiz
e he
isk
o
a g
i
en a
ge
e u
n. I
w
o
k
wi
h
l
ong
-
on
ly
po
o
li
o
s
on
ly
(s
ho
s
e
lli
ng
is
no
a
ll
o
w
ed
)
and he
e o
e he
w
e
i
gh
s
a
e be
w
een
z
e
o and one a e
an app
op
i
a e
no
m
a
liz
a
i
on.
W
e
c
an
s
ee he
e
s
u
l
s
o he
m
ean
-
a
i
an
c
e po
o
li
o op
imiz
a
i
on
i
n
Fi
gu
e 1 and
i
n
T
ab
l
e 1.
In
Fi
gu
e 1 he h
y
pe
bo
l
a
is
he
s
o
l
u
i
on o he
M
a
k
o
wi
z
m
ode
l
.
T
he
s
e
i
n
si
de he
h
y
pe
bo
l
a
c
a
ll
ed he ea
si
b
l
e
s
e , he uppe
bo
de
(
b
l
a
ck
po
i
n
s)
is
he e
ici
en
on
i
e
and he
l
o
w
e
bo
de
is
he
mi
n
im
u
m
a
i
an
c
e
l
o
c
u
s
(
g
e
y
po
i
n
s)
.
T
he
e
ici
en
on
i
e
p
l
o
i
n
cl
ude
s
a
ll
si
ng
l
e a
ss
e
s
isk
s
.
e u
n po
i
n
s
(c
o
l
ou
ed
ci cl
e
s)
, he angen
cy
li
ne
(
b
l
ue
s
o
li
d
li
ne
)
, he angen
cy
po
i
n o
he
isk-
ee
a e
(
b
l
ue po
i
n
)
, he equa
l
w
e
i
gh po
o
li
o
(
E
W
P
)
(
g
e
y
s
qua
e
)
and he g
l
oba
l
mi
n
im
u
m
isk
po
o
li
o
(
ed po
i
n
)
.
T
he
y
e
ll
o
w
s
o
li
d
li
ne
i
nd
ic
a e
s
he
S
ha
pe
a
i
o
and he
ange o he
S
ha
pe
a
i
o
is
p
i
n ed on he
i
gh hand
si
de a
xis
.
W
e
c
an
s
ee, ha
i
n he
c
a
s
e
w
e de
ci
de o
i
n
e
s
j
u
s
i
n one
s
o
ck
, po
si
i
e
e u
n
is
ea
c
hab
l
e
j
u
s
wi
h he
R
aba
s
o
ck
.
T
he
MT
E
L
EK
O
M
ha
s
he
l
o
w
e
s
w
h
il
e he
Ric
h e
s
o
ck
ha
s
he h
i
ghe
s
isk
.
Fi s
I
c
a
lc
u
l
a ed he
E
W
P
,
w
h
ic
h
is
a ea
si
b
l
e po
o
li
o
wi
h g
i
en equa
l
w
e
i
gh
s
.
T
he
E
W
P
ha
s
qu
i
e a
sm
a
ll
isk
(
a
i
an
c
e
=
0.0161
)
bu
i
n h
is
c
a
s
e he
ea
c
hab
l
e
e u
n
is
nega
i
e
(-
0.03
%
)
.
M
o
eo
e
, one
c
ou
l
d
ea
c
h a h
i
ghe
e u
n
wi
h he
s
a
m
e
isk
o
he
s
a
m
e
e u
n
wi
h a
sm
a
ll
e
isk
.
T
he g
l
oba
l
mi
n
im
u
m
isk
po
o
li
o
is
he e
ici
en po
o
li
o
wi
h he
l
o
w
e
s
po
ssi
b
l
e
isk
and he
eb
y
he g
l
oba
l
mi
n
im
u
m
isk
po
i
n
s
epa
a e
s
he e
ici
en
on
i
e
o
m
he
mi
n
im
u
m
a
i
an
c
e
l
o
c
u
s
. In
my
c
a
s
e he g
l
oba
l
mi
n
im
u
m
a
i
an
c
e po
o
li
o ha
s
a nega
i
e
e u
n
(-
0.02
%
)
.
T
he angen
cy
po
o
li
o
is
c
a
lc
u
l
a ed b
y
m
a
ximizi
ng he
S
ha
pe
a
i
o o
a g
i
en
isk-
ee
a e.
T
he
S
ha
pe
a
i
o
is
he
sl
ope o he
c
ap
i
a
l
a
ll
o
c
a
i
on
li
ne g
i
en b
y
he
a
i
o o he a
ge
e u
n
l
o
w
e
ed b
y
he
isk-
ee
a e and he po
o
li
o
isk
. In he
c
a
s
e o he
H
unga
i
an da
ily
da a he
isk-
ee
a e
is
0.008
%
.
T
he angen
cy
po
i
n
c
o
i
n
ci
de
s
wi
h he
R
aba
si
ng
l
e a
ss
e ,
s
o one
c
an
ea
c
h he h
i
ghe
s
e u
n
(
0.02
%
)
wi
h he
R
aba
si
ng
l
e a
ss
e po
o
li
o.
B
u on h
is
e u
n
l
e
e
l
he
isk
is
qu
i
e h
i
gh
(
a
i
an
c
e
=
0.0213
)
.
T
he
S
ha
pe
a
i
o
is
be
w
een
-
0.00026 and 0.000206.
F
i
gu
e 1
:
E
ici
en
on
i
e
:
s
o
l
u
i
on o he
m
ean
-
a
i
an
c
e po
o
li
o op
imiz
a
i
on
(
a
l
pha
=
0.05
)
S
ou
c
e: o
w
n
c
a
lc
u
l
a
i
on,
Rm
e
ics
T
a
b
le 1
:
R
e
s
u
l
o he
m
ean
-
a
i
an
c
e po
o
li
o op
imiz
a
i
on
(
a
l
pha
=
0.05
)
P
o
o
li
o
R
e
u
n
V
a
ia
n
ce
V
a
R
ES
E
qua
l
W
e
i
gh
-
0.0003 0.0161 0.0211 0.0374
Mi
n
im
a
l
Risk
(
a
ge
e u
n
=
0
)
0.0000 0.0156 0.0231 0.0372
Mi
n
im
a
l
Risk
(
a
ge
e u
n
=
0.0001
)
0.0001 0.0177 0.0257 0.0413
T
angen
cy
0.0002 0.0213 0.0282 0.0482
G
l
oba
l
Mi
n
im
u
m
Risk
-
0.0002 0.0139 0.0208 0.0343
S
ou
c
e: o
w
n
c
a
lc
u
l
a
i
on,
Rm
e
ics
W
e
c
an
s
ee he
w
e
i
gh
s
o ou
d
i
e
en po
o
li
o
s
i
n
Fi
gu
e 2.
A
s
I
m
en
i
oned
ea
li
e
,
i
n he
c
a
s
e o he angen
cy
po
o
li
o he op
im
a
l
po
o
li
o
c
on
sis
s
on
ly
o
he
R
aba
s
o
ck
. I
w
e
i
n
e
s
ed on
ly
i
n he
R
aba
s
o
ck
w
e
c
ou
l
d
ea
c
h a 0.02
%
e u
n, ha
i
ng he o
ll
o
wi
ng
isks
:
a
i
an
c
e
=
0.0213,
V
a
R
=
0.0282 and
ES
=
0.0482
(s
ee
T
ab
l
e 1
)
.
T
he
mi
n
im
u
m
isk
po
o
li
o
is
an e
ici
en po
o
li
o
wi
h he
l
o
w
e
s
isk
o
a g
i
en a
ge
e u
n.
Wi
h
my
da a a h
i
ghe
s
ea
c
hab
l
e
e u
n
is
0.02
%
ha
is
w
h
y
a
s
a
i s
e
x
a
m
p
l
e I
c
a
lc
u
l
a ed he
mi
n
im
u
m
isk
po
o
li
o
wi
h 0
%
a
ge
e u
n.
T
he op
im
a
l
po
o
li
o
c
on
sis
s
o ou
s
o
cks
(
o
m
he
s
e
en
)
:
R
aba
(
51.8
%
)
,
MT
E
L
EK
O
M
(
25
%
)
,
M
O
L
(
16.7
%
)
and
FH
B
(
6.5
%
)
.
A
s
a
s
e
c
ond e
x
a
m
p
l
e I
c
a
lc
u
l
a ed he
mi
n
im
u
m
isk
po
o
li
o
wi
h 0.01
%
a
ge
e u
n.
T
he
c
o
m
po
si
i
on o
he op
im
a
l
po
o
li
o
is
he
s
a
m
e a
s
i
n he p
e
i
ou
s
c
a
s
e, bu he
w
e
i
gh
s
a
e
d
i
e
en :
R
aba
(
69.6
%
)
,
M
O
L
(
21.3
%
)
,
MT
E
L
EK
O
M
(
7.7
%
)
, and
FH
B
(
1.4
%
)
.
T
he
l
a
s
p
l
o
s
ho
ws
he
w
e
i
gh
s
i
n he g
l
oba
l
mi
n
im
u
m
op
im
a
l
po
o
li
o.
A
ll
he
s
o
cks
e
xc
ep
i
ng
O
T
P
a
e p
e
s
en :
MT
E
L
EK
O
M
(
45.1
%
)
,
R
aba
(
23.3
%
)
,
FH
B
(
11.4
%
)
,
P
annene
g
y
(
8.9
%
)
,
M
O
L
(
8
%
)
and
Ric
h e
(
3.4
%
)
.
F
i
gu
e 2
:
M
V
po
o
li
o
w
e
i
gh
s
:
mi
n
im
a
l
isk
po
o
li
o
wi
h 0
%
a
ge
e u
n
(l
e up
)
,
mi
n
im
a
l
isk
po
o
li
o
wi
h 0.01
%
a
ge
e u
n
( i
gh up
)
, g
l
oba
l
mi
n
im
u
m
po
o
li
o
(l
e do
w
n
)
, angen
cy
po
o
li
o
( i
gh do
w
n
)
, a
l
pha
=
0.05
S
ou
c
e: o
w
n
c
a
lc
u
l
a
i
on,
Rm
e
ics
2.3.
M
ea
n-C
V
a
R
P
o
o
li
o
O
p
i
m
i
z
a
i
on
In he
m
ean
-C
V
a
R
po
o
li
o
m
ode
l
he
a
i
an
c
e
is
ep
l
a
c
ed b
y
he
C
V
a
R
. In
c
on
a
s
o he
m
ean
-
a
i
an
c
e po
o
li
o op
imiz
a
i
on, he
s
e o a
ss
e
s
a
e no
l
onge
e
s
ic
ed o ha
e an e
lli
p
ic
a
l
d
is
i
bu
i
on.
T
he
e
s
u
l
s
a
e
s
ho
w
n
i
n
Fi
gu
e 3 and
T
ab
l
e 2. I u
s
e he
s
a
m
e no a
i
on a
s
i
n he
c
a
s
e o he
m
ean
-
a
i
an
c
e po
o
li
o
op
imiz
a
i
on.
S
imil
a
ly
o he
e
s
u
l
o he
m
ean
-
a
i
an
c
e op
imiz
a
i
on a
ll
si
ng
l
e a
ss
e
s
ha
e
nega
i
e
e u
n
s
e
xc
ep he
R
aba
s
o
ck
.
M
o
eo
e
R
aba
is
he
s
o
l
u
i
on o he
angen
cy
po
o
li
o op
imiz
a
i
on hu
s
h
is
si
ng
l
e a
ss
e po
o
li
o ha
s
he h
i
ghe
s
S
ha
pe
a
i
o.
Wi
h h
is
s
o
ck
one
c
ou
l
d
ea
c
h he
m
a
xim
u
m
0.02
%
a
ge
e u
n,
ha
i
ng
a
i
an
c
e
=
0.0213,
V
a
R
=
0.0282 and
ES
=
0.0482
(s
ee
T
ab
l
e 2
)
.
T
he
S
ha
pe
a
i
o
is
be
w
een 0.000532 and 0.000206.

F
i
gu
e 3
:
E
ici
en
on
i
e
: he
s
o
l
u
i
on o he
m
ean
-C
V
a
R
po
o
li
o op
imiz
a
i
on
(
a
l
pha
=
0.05
)
S
ou
c
e: o
w
n
c
a
lc
u
l
a
i
on,
Rm
e
ics
T
a
b
le 2
:
R
e
s
u
l
o he
m
ean
-C
V
a
R
po
o
li
o op
imiz
a
i
on
(
a
l
pha
=
0.05
)
P
o
o
li
o
R
e
u
n
V
a
ia
n
ce
V
a
R
ES
E
qua
l
W
e
i
gh
-
0.0003 0.0161 0.0211 0.0374
Mi
n
im
a
l
Risk
(
a
ge
e u
n
=
0
)
0.0000 0.0156 0.0231 0.0372
Mi
n
im
a
l
Risk
(
a
ge
e u
n
=
0.0001
)
0.0001 0.0177 0.0256 0.0413
T
angen
cy
0.0002 0.0213 0.0282 0.0482
G
l
oba
l
Mi
n
im
u
m
Risk
-
0.0002 0.0142 0.0203 0.0340
S
ou
c
e: o
w
n
c
a
lc
u
l
a
i
on,
Rm
e
ics
I a
ls
o
c
a
lc
u
l
a ed he
m
ean
-
a
i
an
c
e po
o
li
o
w
e
i
gh
s
(s
ee
Fi
gu
e 4
)
.
T
he op
im
a
l
angen
cy
po
o
li
o
is
c
on
sis
s
o on
ly
he
R
aba
s
o
ck
.
T
he
mi
n
im
u
m
isk
po
o
li
o
wi
h 0
%
a
ge
e u
n
c
on
sis
s
o ou
s
o
cks
:
R
aba
(
51.8
%
)
,
MT
E
L
EK
O
M
(
25.2
%
)
,
M
O
L
(
16.8
%
)
and
FH
B
(
6.2
%
)
.
A
s
a
s
e
c
ond e
x
a
m
p
l
e I
c
a
lc
u
l
a ed aga
i
n he
mi
n
im
u
m
isk
po
o
li
o
wi
h 0.01
%
a
ge
e u
n.
T
he
c
o
m
po
si
i
on o he op
im
a
l
po
o
li
o
c
on
sis
j
u
s
h
ee
s
o
cks
:
R
aba
(
69.1
%
)
,
M
O
L
(
22.7
%
)
and
MT
E
L
EK
O
M
(
8.2
%
)
.
S
o
wi
h a
li
l
e b
i
o h
i
ghe
e
x
pe
c
ed
e u
n he
FH
B
is
no an
y
m
o
e
i
n he
op
im
a
l
po
o
li
o.
T
he
l
a
s
p
l
o
s
ho
ws
he
w
e
i
gh
s
i
n he g
l
oba
l
mi
n
im
u
m
op
im
a
l
po
o
li
o.
A
ll
he
s
o
cks
a
e
i
n h
is
po
o
li
o e
xc
ep
O
T
P
:
MT
E
L
EK
O
M
(
43.7
%
)
,
R
aba
(
21.1
%
)
,
P
annene
g
y
(
15.8
%
)
,
FH
B
(
12.1
%
)
,
M
O
L
(
6.8
%
)
and
Ric
h e
(
0.5
%
)
.
F
i
gu
e 4
:
M
ean
-C
V
a
R
po
o
li
o
w
e
i
gh
s
:
mi
n
im
a
l
isk
po
o
li
o
wi
h 0
%
a
ge
e u
n
(l
e up
)
,
mi
n
im
a
l
isk
po
o
li
o
wi
h 0.01
%
a
ge
e u
n
( i
gh up
)
, g
l
oba
l
mi
n
im
u
m
po
o
li
o
(l
e do
w
n
)
, angen
cy
po
o
li
o
( i
gh do
w
n
)
, a
l
pha
=
0.05
S
ou
c
e: o
w
n
c
a
lc
u
l
a
i
on,
Rm
e
ics
3.
Co
m
p
a
is
on
a
nd
s
u
mm
a
y
I
w
ou
l
d
lik
e o an
sw
e
o he que
s
i
on
w
he he
w
e
w
ou
l
d de
ci
de d
i
e
en
ly
u
si
ng
a
i
an
c
e o
ES
a
s
a
isk
m
ea
s
u
e. Le u
s
a
k
e a
cl
o
s
e
l
oo
k
o he
w
e
i
gh
s
on he
e
ici
en
on
i
e
i
n he
c
a
s
e o he
m
ean
-
a
i
an
c
e and he
m
ean
-C
V
a
R
op
imiz
a
i
on
i
n o
de
o an
sw
e
o h
is
que
s
i
on. In he
Fi
gu
e 5
w
e
c
an
s
ee he
w
e
i
gh
s
on he
h
y
pe
bo
l
a
c
u
e.
T
he
i s
p
l
o
is
he
s
o
l
u
i
on o he
m
ean
-
a
i
an
c
e po
o
li
o
op
imiz
a
i
on, he
s
e
c
ond and he h
i
d
is
he
s
o
l
u
i
on o he
m
ean
-C
V
a
R
po
o
li
o
op
imiz
a
i
on a
l
pha
=
0.05 and 0.01
e
s
pe
c
i
e
ly
.
N
o e ha he
s
ong
s
epa
a
i
on
li
ne
m
a
ks
he po
si
i
on be
w
een he
mi
n
im
u
m
a
i
an
c
e
l
o
c
u
s
and he e
ici
en
on
i
e
.
T
a
ge
e u
n
s
a
e
i
n
c
ea
si
ng
o
m
l
e o
i
gh ,
w
he
ea
s
a
ge
isks
a
e
i
n
c
ea
si
ng
o he
l
e and o
i
gh
wi
h
e
s
pe
c
o he
s
epa
a
i
on
li
ne.
W
e
c
an
s
ee, ha he h
ee p
l
o
s
i
n
Fi
gu
e 5
s
ho
w
d
i
e
en d
is
i
bu
i
on
s
.
N
o e a
ls
o
ha he
O
T
P
s
o
ck
is
a
lm
o
s
ne
e
i
n he op
im
a
l
po
o
li
o
(i
ndependen
ly
o he
a
ge
e u
n and/o
he op
imiz
a
i
on
m
e hod
)
.
F
o
an
i
n
e
s
o
i
is
m
o
e
i
n e
e
s
i
ng
o
c
on
si
de
he
w
e
i
gh
s
w
he
e he a
ge
e u
n
s
a
e po
si
i
e.
F
i
gu
e 5
:
W
e
i
gh
s
i
n he
s
o
ck
po
o
li
o
s
S
ou
c
e: o
w
n
c
a
lc
u
l
a
i
on,
Rm
e
ics
I
w
e
ix
he a
ge
e u
n o
e
x
a
m
p
l
e a 0.015
%
hen he
e
is
no d
i
e
en
c
e
be
w
een he
m
e hod
s
(s
ee
Fi
gu
e 6
l
a
s
c
o
l
u
m
n
)
: he op
im
a
l
po
o
li
o
c
on
sis
o he
R
aba
(
80
%
)
and he
M
O
L
(
20
%
)
.
S
e
c
ond
ly
w
e
c
on
si
de
a 0.005
%
ix
ed a
ge
e u
n
(s
ee
Fi
gu
e 6
i s
c
o
l
u
m
n
)
. In h
is
c
a
s
e he
c
o
m
po
si
i
on o he h
ee op
im
a
l
po
o
li
o
is
he
s
a
m
e
(FH
B
,
M
O
L,
MT
E
L
EK
O
M
,
R
ABA
)
, bu he
w
e
i
gh
s
a
e
d
i
e
en .
T
h
is
m
ean
s
, ha
w
e
w
ou
l
d
c
on
cl
ude d
i
e
en
ly
u
si
ng one o
he o he
isk
m
ea
s
u
e
s
.
T
he
e
is
an e
en b
i
gge
d
i
e
en
c
e o
e
x
a
m
p
l
e
i
n he
c
a
s
e o he
ix
ed
0.01
%
a
ge
e u
n
(Fi
gu
e 6
mi
dd
l
e
c
o
l
u
m
n
)
be
c
au
s
e no on
ly
he
w
e
i
gh
s
bu a
ls
o
he
c
o
m
po
si
i
on
s
o he po
o
li
o
s
a
e d
i
e
en .
T
he
m
ean
-
a
i
an
c
e and he
m
ean
-
C
V
a
R
po
o
li
o op
imiz
a
i
on on he
l
e
e
l
o 1
%
s
ugge
s
ou
s
o
cks
i
n he op
im
a
l
po
o
li
o
(FH
B
,
M
O
L,
MT
A
L
AK
O
M
,
R
aba
)
bu aga
i
n
i
n a
c
o
m
p
l
e e
ly
d
i
e
en
p
opo
i
on.
T
he
s
o
l
u
i
on o he
m
ean
-C
V
a
R
po
o
li
o op
imiz
a
i
on on he
l
e
e
l
o 5
%
consis s o ‘only’ h ee s ocks: MOL, MTELEKOM, Raba. This
h
i
d e
x
a
m
p
l
e
s
ho
ws
e
en
cl
ea
e
ha
w
e
w
ou
l
d
m
a
k
e a d
i
e
en de
cisi
on depend
i
ng on he
isk
m
ea
s
u
e.
F
i
gu
e 6
:
W
e
i
gh
s
wi
h
ix
ed a
ge
e u
n
s
S
ou
c
e: o
w
n
c
a
lc
u
l
a
i
on,
Rm
e
ics
In h
is
pape
I ana
lys
ed he d
i
e
en
c
e be
w
een he
m
ean
-
a
i
an
c
e and he
m
ean
-
C
V
a
R
po
o
li
o op
imiz
a
i
on
m
e hod
s
b
y
u
si
ng da
ily
H
unga
i
an
s
o
ck
da a and I
an
sw
e
ed o he que
s
i
on
w
he he
w
e
w
ou
l
d de
ci
de d
i
e
en
ly
c
on
c
e
n
i
ng he
c
o
m
po
si
i
on o he po
o
li
o
s
i
n he
w
o
c
a
s
e
s
.
T
he ana
lysis
s
ho
ws
cl
ea
ly
–
s
ee o
e
x
a
m
p
l
e
Fi
gu
e 5 and
Fi
gu
e 6
-
ha he an
sw
e
o h
is
que
s
i
on
is
y
e
s
.
T
he
de
cisi
on o an
i
n
e
s
o
depend
s
on he
isk
m
ea
s
u
e.
R
e
e
e
n
ces
A
c
e
b
i
,
C
.,
&
T
a
sc
he,
D
.
(
2002
)
E
x
pe
c
ed
s
ho
a
ll
: a na u
a
l
c
ohe
en a
l
e
na
i
e o
a
l
ue a
isk
.
E
c
ono
mic
no e
s
, 31
(
2
)
, 379
-
388.
E
m
b
e
c
h
s
,
P
.,
&
H
o e
,
M
.
(
2014
)
S
a
is
ics
and quan
i
a
i
e
isk
m
anage
m
en o