Andrukovich P.F. Dow–Jones Industrial Average Index: From Industrial to Postindustrial
State. // Economics of contemporary
Russia 2015. ¹3 (70) Ñ..
This paper analyzes some changes in the list
structure of the Dow–Jones Industrial Average index (DJIA) which took place
during the late XIX – early XXI century. It identifies several stages that
marked the transition of the DJIA list structure from purely industrial to
«postindustrial», reflecting the major institutional and technological changes
in the US economy. This analysis is made at the level of both individual
companies and industry groups. Changes in the composition of these groups are
further compared with shifts in the structure of the US GDP in different times.
Both objective and subjective main factors affecting frequency, intensity and
timing of these changes in the stock indexes list structure are described.
Keywords: Dow–Jones
index, company, delisting, technology structure, institutional changes, postindustrial
era, human factor, microeconomics, mesoeconomics, macroeconomics, US GDP.
