The comprehensive aerospace index (CASI): Tracking the economic performance of the aerospace industry |
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| Institution: | 1. Depto. Matemática e Ciência da Computação (DMC) Instituto de Ciências Exatas (ICE), Universidade Federal de Itajubá, Av. BPS, 1303, 37500-903 Itajubá, MG, Brazil;2. Istituto Nazionale per la Fisica della Materia, Unità di Palermo and Dipartamento di Fisica e Tecnologie Relative, Università di Palermo, Viale delle Scienze, I-90128 Palermo, Italy;3. Núcleo para Simulação e Análise de Sistemas Complexos (NUSASC), Laboratório Associado de Computação e Matemática Aplicada (LAC), Instituto Nacional de Pesquisas Espaciais (INPE), CP 515, 12201-970 São José dos Campos, SP, Brazil;1. CIRA, Via Maiorise, 81043 Capua, Italy;2. Second University of Naples, Via Roma, 81031 Aversa, Italy;1. Instituto de Ciencia de Materiales de Madrid (ICMM). CSIC. c/ Sor Juana Inés de la Cruz, 3. Cantoblanco. 28049-Madrid, Spain;2. Instituto de Investigaciones en Materiales, Universidad Nacional Autónoma de México, Circuito Exterior S/N, A.P. 70-360, México, CDMX, México;3. Departamento de Química Inorgánica. Facultad de Ciencias Químicas. Universidad Complutense de Madrid. 28040-Madrid, Spain;4. CEMDATIC, ETS Ingeniería y Sistemas de Telecomunicación, Campus Sur UPM, c/ Nikola Tesla s/n. 28031-Madrid, Spain;1. Division of Chemistry and Biological Chemistry, School of Physical and Mathematical Sciences, Nanyang Technological University, 21 Nanyang Link, Singapore 637371, Singapore;2. Novartis Institute for Tropical Diseases, 10 Biopolis Road, #05-01 Chromos, Singapore 138670, Singapore;1. School of Environmental Sciences, University of Liverpool, Liverpool L69 3GP, UK;2. Eco-Safety Research Team, National Institute of Ecology, South Korea;1. Advanced Environmental Biotechnology Centre, Nanyang Environment & Water Research Institute, Nanyang Technological University, 50 Nanyang Avenue, Singapore 639798, Singapore;2. School of Civil and Environmental Engineering, Nanyang Technological University, Singapore 639798, Singapore;3. Department of Civil and Environmental Engineering, Shantou University, Guangdong 515063, China;4. Institute of Environmental Sciences and Engineering, School of Civil and Environmental Engineering, National University of Sciences and Technology, H-12 Sector, Islamabad, Pakistan |
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| Abstract: | In this paper, we described the Comprehensive AeroSpace Index (CASI), a financial index aimed at representing the economic performance of the aerospace industry. CASI is build upon a data set of approximately 20 years of daily close prices set, from January 1987 to June 2007, from a comprehensive sample of leading aerospace-related companies with stocks negotiated on the New York Exchange (NYSE) and on the over-the-counter (OTC) markets. We also introduced the sub-indices CASI-AERO, for aeronautical segment, and CASI-SAT, for satellite segment, and considered the relation between them. These three indices are compared to others aerospace indices and to more traditional general financial indices like DJIA, S&P500 and Nasdaq. Our results have shown that the CASI is an index that describes very well the aerospace sector behavior, since it is able to reflect the aeronautical segment comportment as well as the satellite one. Therefore, in this sense, it can be considered as a representative index of the aerospace sector. Moreover, the creation of two sub-indices, the CASI-AERO and the CASI-SAT, allows to elucidate capital movements within the aerospace sector, particularly those of speculative nature, like the dot.com bubble and crash of 1998–2001. |
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