Mueller, Paul A.; Padmaraj, Raj A.; St. John, Ralph C. - In: American Journal of Business 14 (1999) 1, pp. 41-52
Does the method of divisor adjustment used for stocksplits in the Dow Jones Industrial Average (DJIA) cause a downward bias in the average’s level and does this method of adjustment cause increased volatility in the average? To investigate these issues, two averages are created using DJIA...