The Dow Jones Industrial Average - Welcome to SIEPR

underestimates the long-run returns earned by stock market investors dramatically. If Dow Jones & Co. had included dividend returns in the DJIA when it was reformed in 1928, the index would be over 250,000 today. The authors would like to thank Lora Cicconi, Olivia Lau and Jay Sheth of Stanford for superb assistance with this research. ................
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