An Analysis of the Interrelationships Among the Major World Stock Exchanges

dc.contributor.author	Makridakis, Spyros
dc.contributor.author	WHEELWRIGHT, STEVEN C.
dc.date.accessioned	2015-12-07T13:15:16Z
dc.date.available	2015-12-07T13:15:16Z
dc.date.issued	1974-06
dc.identifier.issn	0306-686X
dc.identifier.uri	http://hdl.handle.net/11728/6333
dc.description.abstract	The method of principal component is used in this paper to analyse the interrelationship among the world's major stock exchanges. The major finding is that the interrelationship is unstable over time. This finding proves that any ex ante prediction of price indices is impossible, and it suggests that the indices of world equity markets can move in a random walk fashion. The consequences to international portfolio diversification should be obvious.	en_UK
dc.language.iso	en	en_UK
dc.publisher	Wiley	en_UK
dc.relation.ispartofseries	;Vol.1 , iss. 2
dc.rights	c Wiley on line	en_UK
dc.rights.uri	http://creativecommons.org/licenses/by-nc-nd/4.0/	en_UK
dc.subject	Research Subject Categories::SOCIAL SCIENCES::Business and economics	en_UK
dc.title	An Analysis of the Interrelationships Among the Major World Stock Exchanges	en_UK
dc.type	Article	en_UK
dc.doi	10.1111/j.1468-5957.1974.tb00859.x

Except where otherwise noted, this item's license is described as c Wiley on line