Chapter 15 equities indexing (ppt 36 p.) . Ppt is shared by members and can be read online, and more about chapter 15 equities indexing (ppt 36 p. . Ppt (36 p.) is available for online search of a course。
F15. 4 the preparation of the stock index f15. 4 for different functions f15. 4 the main stock index 15. 1. 1 of the investment guide is based on whether the stock index f stock index is listed or left the equity index is the basis for determining price changes in the stock market that reflect macro-level, financial and shareholder psychological expectations the f stock index is the reference for selecting stocks the economic outlook the f15. 1. 2 stock index for companies that chooses to be closely associated with the economic cycle is the basis for the technical analysis f15. 1. 3 indicators of macroeconomic performance
Measurement indicators, reflecting economic growth, inflation, unemployment rates, interest rates and balance of payments in combination, are available in a timely manner. The limitations of the equity index: the equity mentality is influenced by non-economic factors. Select market value weighted average method 15. 2. 1 all listed companies of the whole sample index f enter the stock sample f for full accuracy f reflecting the principle of equity f being less comparable 15. 2. 2 partial sample index f fixes only the number of companies calculating index f samples and determines that sample f is less comparable by 80 per cent of the market value f. There are many constant indices f of the fixed sample index f
3-indicator f, fixed sample index, is comparable: index f, suitable for stock-to-portfolio contracts, may differ from market-wide trends 15. 2. 4 the f-current equity index, which is the stock index that takes into account only the market value of the current equity segment in the calculation of the index, is the f-indicator, which is simple on the basis of market-wide indices: 88 of which is divided into eight categories, 15. 3. 1
4. Reasons for the industrial classification of listed companies: sample, compilation of classification indices the index is designed to provide overall consideration and balanced selection among listed companies in different industries according to the industrial classification of listed companies, ultimately maintaining a reasonable and relatively stable sample structure the purpose is to observe industry relevance, spread risks and reflect the fundamental role of national industrial policy f: to provide a classification framework for the design of classification indices, and to provide the basic principles of industry classification based on the consideration of industry balance in the sample: the third sector is divided into four levels. Excluding village and sub-village industries, sub-village and sub-village industries should be classified into industrial f secondary industries
Secondary sector: industry f, including extractive industries, manufacturing, and tertiary sector f, such as piped water, electricity, steam, hot water and gas, and construction industry f, except for the first and second industries mentioned above: the f-circulation sector includes transport, postal and telecommunications, commerce, catering, material supply and warehousing. Level f ii: sector f serves production and life, including finance, insurance, integrated technical services and services. Level f: 3rd level: f scientific and cultural sector, including education, culture, radio and television, scientific research, health, sports and social welfare. Level f, level iv: sectors f serves the public needs of society, including the state and political party bodies, social groups, and the army and police. Back15. 3. 3 sampling principles and method f stock indices for sampling and adjustment of equity indices
6 general principles: general principles: it is the selection of a sample company that best represents all listed companies, and the best possible convergence between the stock index calculated on the basis of the shares of the selected sample company and the stock index calculated on the basis of the shares of all listed companies. Principle f of the sim sample is in line with international norms, only principles f of the principle of first priority in the calculation of the marketable shares of listed companies, ranking the listed companies in the ranking of the listed companies in the sample, and, in other cases of the same conditions, according to the principle of priority selection of the listed companies in the f industry distribution balance, classifying listed companies according to the industry classification method specifically designed for the production of the stock index, taking into account the industry distribution in the sample, with a primary classification, and seeking a balance between the selected f selected factors in each industry. The selected listed company shall, subject to other conditions, have as high a market value as possible, as well as a daily average turnover and as high a daily average f in the sample company's market
There should be the best possible balance between value, average daily turnover, average daily turnover and the industry distribution of sample companies. Where necessary, consideration should also be given to the ratio of the weighted gross value of sample companies in shanghai and shenzhen to the weighted total value of all listed companies in shenzhen. The adjustment principles and methods for calculating the f-day average turnover index for calculating the f-day average turnover rate for the market value of the selected f-day eligible f for the industry classification f sample company listed in the stock index adjusted the continuity of the f-day index in due course: only companies whose market value, average daily turnover and average daily turnover rates have reached a specified level may be able to make sample adjustments only on the basis of the original sample and not on the basis of a balance between market value, average daily turnover, average daily turnover and industry distribution. F-adjusted mpi base period and base point f equity index period:
8. The date of the benchmark reference point selected for the calculation of the stock index the date selected for the smooth and representative date the basis of the f stock index selected for the index period: the value of the benchmark reference point selected for the calculation of the stock index the value of the reference point selected for the calculation of the stock index the formula calculated with the index of 100015. 3. 5 the simple algorithm mean stock index f = the stock price of the reporting period and/or the number of companies listed = 1/n (p1 + p2 + pn) is simple, with clear meaning defects: the faulty phenomenon of non-substantive price declines, the lack of continuity in the equity price excepting rights the correction of the f arithmetic average method: the continuity of the equity index the constant adjustment resulting from the calculation of the new division would reduce the comparable f market value-weight average method of the index the formula is more reasonable, the weight taken into account is the size of the company rather than the price of the stock, the number of adjustments is less frequent and the value of the equity index is more powerful than the comparison of the f-la model with the formula used by this method
9 question 10001 niiniitiqpqp = (total market value/total market value for the base period for the reporting period) 100,back15. 4. 1 general principles on how to prepare index f shares for futures or options, which are the subject of a stock description: representativeness: trends in price changes representing market size or an industry's stock prices: comparison between different time indices consistency: is comparable and requires that index preparation techniques be scientific, rigorous, and that the selection and adjustment of samples be based on a method of calculation of stock indices for the f mark, subject to strict technical regulation use market value weighting average method to calculate the comparison of market share f size samples only it's got a high rate of fluctuations in the entire medium sample
10: improved relevance of samples the mem-100 index is significantly better than the hedging effect of the mes-100 index in terms of hedging effects than the mes-39 index. It is advisable to use weighted averages to calculate the index of the market equity f fixed sample target for the product than the full sample target index for the product; the index of the large sample point in the fixed sample f is better than the index of 15. 4. 2 for the small sample; the basic principle for the preparation of index f for the measurement of macroeconomic performance is: market value-weighted average method; selection of selected company samples is relatively stable, not influenced by the new stock market, and therefore relatively comparable
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12, jones world stock index, market value weighted average method, comprising 29 countries: f do jones china stock index, dowing index, deep index, and road 88 index, including only 88 stock groups and market value 155. 2 standard & poor's index f 500 index f: market value weighted average method f standard & poor's index 100 index f: other united states stock indices for purposes of derivatives: valshir 5000 index morgan stanley international stock index 15. 5. 3 financial times index f - financial times index f - general stock index f - financial index f - financial index f - financial index f - financial index f - financial index f - financial equity index f - financial index f - financial index f - 1962 92 financial stock index f: financial index f: financial index f: f: f: f: f: 15. 5. 4 financial index f: 225 stock index f. 15. 5 hong kong lives index hong kong stock index hong kong stock index medium-term 100: a comprehensive reflection of the volatility of stock market prices in shanghai and shenzhen and of the country's economic climate, with a view to becoming the subject of a contract when market conditions are ripe for the introduction of stock forwards or stock options contracts: a reference to national standards, combined with chinese stock markets, in line with the principles of market economy principle f: compliance with international norms, priority in aggregate, and a balanced industry distribution f adjustment cycle: biannual
