World War II Events and the Dow-Jones Industrial Index
University of Southampton
August 7, 2009
[enter Abstract Body]This paper tries to determine which events of World War II (WWII) were viewed as the turning point (structural break) of war by the US investors. The empirical study employs daily Dow Jones industrial average stock index from January 1939 to December 1945 and applies structural shift oriented test to determine endogenously the structural breaks during the WWII period. Results show that majority of the wartime events (on and off the battlefield) labelled important by historians did result in structural breaks in price movement (risk).
Number of Pages in PDF File: 24
Keywords: WWII, Events, Structural breaks, Allies, Stock index
JEL Classification: G10, G14working papers series
Date posted: August 27, 2009
© 2014 Social Science Electronic Publishing, Inc. All Rights Reserved.
This page was processed by apollo7 in 0.266 seconds