对外经济贸易大学投资学课件1课件.pptVIP

Stock Market Index Major Stock Market Index Dow Jones Industrial Average SP 500 Index Nasdaq Nikkei Average of Tokyo Heng Seng Index Price-Weighted Index E.g Dow Jones Industrial Average I(T)= the index value on day T D(T)=the Divisor on day T(adjust for split,etc) P(I,T) the price of stock I on day T An example for stock split Suppose Day 1 Day 2 A 50 55 B 20 17 C 32 15 Index at day1 is (50+20+32)/3=34 On day 2, stock C has 1:2 split, the divisor is (50+20+16/34)=2.53 Index on day 2 is (55+17+15/2.53)=34.39 If written in percentage, the index is (34.39/34)*100=101.15 Value-weighted Ind