Although the main index of the Tehran Stock Exchange (TSE) saw a considerable surge in 2017, the market's unweighted index
suggests that the companies with the largest capitalization were behind the upward trend.
Second, the normalized weights in Tables 6-12 make up the unweighted index
matrix which should be modified to reflect the weights of the cluster level.
Bahrain's measure and Abu Dhabi's ADX General Index slipped 0.1 per cent, while the Kuwait Stock Exchange Unweighted Index
fell 0.5 per cent.
Oman's MSM 30 Index retreated 0.6 per cent and the Kuwait Stock Exchange Unweighted Index
decreased 0.1 per cent.
In theory, such products should provide the least direct exposure to the hedging powers of commodity prices, because stocks are influenced so heavily by moves in the general market but, in fact, an unweighted index
of returns of the group has closely tracked the GSCI, with correlation of 0.85 over the past five years.
This observation, coupled with our concern about degrees of freedom, leads us to use the simple unweighted index
of RS in the rest of the article.
Part of the reason for this seems to be that, within each class of goods, products with relatively low market shares tend to show faster price declines than products with higher market shares, giving these price declines a larger role in an unweighted index
than in a weighted index.
This minor difference aside, the high-low-high pattern of behaviour shown by the official series is still clearly evident in the unweighted index
. Moreover, the unweighted index
continued to show the breakpoints evident in the official CUBO series when subjected to formal statistical tests.
An unweighted index
assigns a level (and associated dollar amount) based on a simple count of the minimum data set (MDS) items.
The scores for each issue were aggregated into an unweighted index
to describe the relative stringency of each state's business environment .
This investment methodology will often trail the S&P 500 for a given year or two, and then surpass it, because the S&P 500 Index is weighted by the size of the market capitalization of each stock, while the CE100 Index is an unweighted index
(which means you buy equal dollar amounts in each company).
5 Unless specified otherwise, CUK always refers to Cukierman's unweighted index
LVAU relevant for the 1980-89 period (see Footnote 7 for a justification of that choice of period).