| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w28528 |
| 来源ID | Working Paper 28528 |
| Replicating the Dow Jones Industrial Average | |
| Jacky Lin; Genevieve C. Selden; John B. Shoven; Clemens Sialm | |
| 发表日期 | 2021-03-08 |
| 出版年 | 2021 |
| 语种 | 英语 |
| 摘要 | The Dow Jones Industrial Average has historically been the most quoted stock index in the United States. It has several unique features. It uses price weights, it ignores cash dividend payments, and it also treats stock dividends, rights issues, and other corporate actions inconsistently. We show that price indices which use alternative weighting methods and more systematic inclusion criteria perform similarly to the Dow. However, ignoring cash and stock dividends underestimates the long-run returns earned by stock market investors dramatically. If the DJIA had consistently adjusted for dividends and other corporate actions since 1928, the index would have closed at 1,113,047 instead of 28,538 points at the end of 2019. |
| 主题 | Financial Economics ; Financial Markets |
| URL | https://www.nber.org/papers/w28528 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/586201 |
| 推荐引用方式 GB/T 7714 | Jacky Lin,Genevieve C. Selden,John B. Shoven,et al. Replicating the Dow Jones Industrial Average. 2021. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w28528.pdf（8210KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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