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.