S&P 500 Index Changes and Investor Awareness

CFA Digest ◽  
2007 ◽  
Vol 37 (1) ◽  
pp. 55-57
Author(s):  
Joseph D.V. Vu
Keyword(s):  
Index Changes ◽  
Investor Awareness

Market reactions to changes in the Dow Jones industrial average index

2019 ◽  
Vol 15 (5) ◽  
pp. 792-812 ◽  
Author(s):  
Ernest N. Biktimirov ◽  
Yuanbin Xu
Keyword(s):  
Stock Price ◽  
Trading Volume ◽  
Abnormal Returns ◽  
Institutional Ownership ◽  
Market Reactions ◽  
Analyst Following ◽  
Content Type ◽  
Dow Jones Industrial Average ◽  
Index Changes ◽  
Investor Awareness

Purpose The purpose of this paper is to examine changes in stock returns, liquidity, institutional ownership, analyst following and investor awareness for companies added to and deleted from the Dow Jones Industrial Average (DJIA) index. Previous studies report conflicting evidence regarding the market reactions to changes in the DJIA index membership. Design/methodology/approach This study uses the event-study methodology to calculate abnormal returns and trading volume around the announcement and effective days of DJIA index changes from 1929 to 2015. It also tests for significant changes in liquidity, institutional ownership, analyst following and investor awareness in the 1990–2015 period. Multivariate regressions are used to perform a simultaneous analysis of competing hypotheses. Findings This study resolves the mixed results of previous DJIA index papers by documenting different stock price and trading volume reactions over the 1929–2015 period. Focusing on the most recent period, 1990–2015, the study finds that stocks added to (deleted from) the index experience a significant permanent stock price gain (loss). The observed stock price reaction seems to be associated with changes in liquidity proxies thus lending support for the liquidity hypothesis. Research limitations/implications Limited data availability for the periods prior to 1990 prevents this study from identifying the exact reasons for different stock price and trading volume reactions across subperiods of the 1929–2015 period. Originality/value This study provides the most comprehensive examination of market reactions to changes in the DJIA index and resolves the mixed results of previous studies. A better understanding of market reactions around the DJIA index changes can help both individual and institutional investors with developing effective trading strategies and index managing companies with designing optimal announcement policies.

New Hierarchically Structured Optical Materials for Dynamic Refractive Index Changes

2003 ◽  
Author(s):  
Bradley F. Chmelka ◽  
Earl Danielson ◽  
Michael D. Wyrsta
Keyword(s):  
Refractive Index ◽  
Optical Materials ◽  
Index Changes

scholarly journals Clinical characterization of dysautonomia in long COVID-19 patients

2021 ◽  
Vol 11 (1) ◽  
Author(s):  
Nicolas Barizien ◽  
Morgan Le Guen ◽  
Stéphanie Russel ◽  
Pauline Touche ◽  
Florent Huang ◽  
...  
Keyword(s):  
Mixed Models ◽  
Repeated Measures ◽  
Physical Medicine ◽  
Persistent Symptoms ◽  
Index Changes ◽  
Changes Over Time ◽  
And Control ◽  
Testing Group ◽  
Over Time

AbstractIncreasing numbers of COVID-19 patients, continue to experience symptoms months after recovering from mild cases of COVID-19. Amongst these symptoms, several are related to neurological manifestations, including fatigue, anosmia, hypogeusia, headaches and hypoxia. However, the involvement of the autonomic nervous system, expressed by a dysautonomia, which can aggregate all these neurological symptoms has not been prominently reported. Here, we hypothesize that dysautonomia, could occur in secondary COVID-19 infection, also referred to as “long COVID” infection. 39 participants were included from December 2020 to January 2021 for assessment by the Department of physical medicine to enhance their physical capabilities: 12 participants with COVID-19 diagnosis and fatigue, 15 participants with COVID-19 diagnosis without fatigue and 12 control participants without COVID-19 diagnosis and without fatigue. Heart rate variability (HRV) during a change in position is commonly measured to diagnose autonomic dysregulation. In this cohort, to reflect HRV, parasympathetic/sympathetic balance was estimated using the NOL index, a multiparameter artificial intelligence-driven index calculated from extracted physiological signals by the PMD-200 pain monitoring system. Repeated-measures mixed-models testing group effect were performed to analyze NOL index changes over time between groups. A significant NOL index dissociation over time between long COVID-19 participants with fatigue and control participants was observed (p = 0.046). A trend towards significant NOL index dissociation over time was observed between long COVID-19 participants without fatigue and control participants (p = 0.109). No difference over time was observed between the two groups of long COVID-19 participants (p = 0.904). Long COVID-19 participants with fatigue may exhibit a dysautonomia characterized by dysregulation of the HRV, that is reflected by the NOL index measurements, compared to control participants. Dysautonomia may explain the persistent symptoms observed in long COVID-19 patients, such as fatigue and hypoxia. Trial registration: The study was approved by the Foch IRB: IRB00012437 (Approval Number: 20-12-02) on December 16, 2020.

Whom to educate? Financial literacy and investor awareness

2021 ◽  
pp. 101608
Author(s):  
Zhengqing Gui ◽  
Yangguang Huang ◽  
Xiaojian Zhao
Keyword(s):  
Financial Literacy ◽  
Investor Awareness

Investor awareness or information asymmetry? Wikipedia and IPO underpricing

2021 ◽  
Author(s):  
Thomas Boulton ◽  
Bill B. Francis ◽  
Thomas Shohfi ◽  
Daqi Xin
Keyword(s):  
Information Asymmetry ◽  
Ipo Underpricing ◽  
Investor Awareness

LINEAR AND NONLINEAR INTERSUBBAND OPTICAL ABSORPTION OF FINITE AND INFINITE SEMI-PARABOLIC QUANTUM WELLS

2011 ◽  
Vol 25 (07) ◽  
pp. 497-507 ◽  
Author(s):  
M. J. KARIMI ◽  
A. KESHAVARZ ◽  
A. POOSTFORUSH
Keyword(s):  
Refractive Index ◽  
Optical Properties ◽  
Optical Absorption ◽  
Quantum Well ◽  
Quantum Wells ◽  
Resonant Peak ◽  
Energy Eigenvalues ◽  
Finite Case ◽  
Infinite Case ◽  
Index Changes

In this work, the optical absorption coefficients and the refractive index changes for the infinite and finite semi-parabolic quantum well are calculated. Numerical calculations are performed for typical GaAs / Al x Ga 1-x As semi-parabolic quantum well. The energy eigenvalues and eigenfunctions of these systems are calculated numerically. Optical properties are obtained using the compact density matrix approach. Results show that the energy eigenvalues and the matrix elements of the infinite and finite cases are different. The calculations reveal that the resonant peaks of the optical properties of the finite case occur at lower values of the incident photon energy with respect to the infinite case. Results indicate that the maximum value of the refractive index changes for the finite case are greater than that of the infinite case. Our calculations also show that in contrast to the infinite case, the resonant peak value of the total absorption coefficient in the case of the finite well is a non-monotonic function of the semi-parabolic confinement frequency.

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