A New Value-Weighted Total Return Index for the Finnish Stock Market 1912-1969

Research in International Business and Finance, 2010, Vol. 24, No. 3, pp. 267-283.

Posted: 12 Aug 2008 Last revised: 20 Aug 2013

See all articles by Peter M. Nyberg

Peter M. Nyberg

Aalto University

Mika Vaihekoski

University of Turku - Turku School of Economics

Date Written: December 17, 2008

Abstract

This paper presents a new monthly value-weighted, all-share total return index for the Finnish stock market. The index covers the period from the establishment of the Helsinki Stock Exchange in October 1912 to the beginning of 1970, after which the WI index by Berglund et al. (1983) and later in 1990 the HEX index become available. When combined, they can be used to study continuously the development of the Finnish equity market from the beginning of the stock market until the present day. We also provide a detailed description of the construction methodology and a comparison between our index and those available earlier. The index also replaces the Unitas price index which has been the only index available for long-term studies from 1928 onwards. The new index also provides an alternative to the book equity weighted Poutvaara (1996) price index for the period 1912-1929.

Keywords: stock market index, Finland, Helsinki Stock Exchange, Nasdaq OMX, OMXH, Unitas

JEL Classification: G10, N24

Suggested Citation

Nyberg, Peter Mikael and Vaihekoski, Mika, A New Value-Weighted Total Return Index for the Finnish Stock Market 1912-1969 (December 17, 2008). Research in International Business and Finance, 2010, Vol. 24, No. 3, pp. 267-283., Available at SSRN: https://ssrn.com/abstract=1215062

Peter Mikael Nyberg

Aalto University ( email )

P.O. Box 21210
Helsinki, 00101
Finland

Mika Vaihekoski (Contact Author)

University of Turku - Turku School of Economics ( email )

Turku, 20014
Finland

HOME PAGE: http://users.utu.fi/moovai/

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