The Real Dogs of the Dow Anita Arora Lauren Capp ...
mean. Thus, stocks taken out of the Dow may outperform the stocks that replace them. We test this hypothesis with the 50 substitutions made since the Dow expanded to 30 stocks in 1928. The Dow In 1884, Charles H. Dow, the first editor of the Wall-Street Journal, calculated the average closing price for eleven stocks, nine of which were railroads. ................
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