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On the Peculiar Distribution of the U.S. Stock Indexes' Digits
The American Statistician
Vol. 50, No. 4 (Nov., 1996), pp. 311-313
Stable URL: http://www.jstor.org/stable/2684926
Page Count: 3
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Recent research has focused on studying the patterns in the digits of closely followed stock market indexes. In this paper we find that the series of 1-day returns on the Dow-Jones Industrial Average Index (DJIA) and the Standard and Poor's Index (S&P) reasonably agrees with Benford's law and therefore belongs to the family of anomalous or outlaw numbers.
The American Statistician © 1996 American Statistical Association