An Analysis of the Interrelationships Among the Major World Stock Exchanges

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dc.contributor.authorMakridakis, Spyros
dc.contributor.authorWHEELWRIGHT, STEVEN C.
dc.date.accessioned2015-12-07T13:15:16Z
dc.date.available2015-12-07T13:15:16Z
dc.date.issued1974-06
dc.description.abstractThe 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.doi10.1111/j.1468-5957.1974.tb00859.x
dc.identifier.issn0306-686X
dc.identifier.urihttp://hdl.handle.net/11728/6333
dc.language.isoenen_UK
dc.publisherWileyen_UK
dc.relation.ispartofseries;Vol.1 , iss. 2
dc.rightsc Wiley on lineen_UK
dc.rights.urihttp://creativecommons.org/licenses/by-nc-nd/4.0/en_UK
dc.subjectResearch Subject Categories::SOCIAL SCIENCES::Business and economicsen_UK
dc.titleAn Analysis of the Interrelationships Among the Major World Stock Exchangesen_UK
dc.typeArticleen_UK

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