Sample Statistics Assignment | ExpertsMind.

com | Statistics Help

QUESTION 1 Has the volatility of the stock market increased? (a) You have been provided with daily data starting in January 2009 on the main New Zealand stock market index, the NSX-50. Choose a suitable model for measuring volatility on the New Zealand stock market. You may carry out any data transformations you believe are necessary. (b) Estimate your model, carry out error tests on your model and take any corrective measures that are required. You should include any variables you need to carry out the test(s) in part (c). (c) Carry out one or more statistical tests to determine if volatility has increased since the earthquake. 2 QUESTION 2 Predicting the Stock Market In this question you will consider the impact on the building industry of the earthquake. Two construction and materials indices have been provided for the analysis. If your family name begins with letters from A to L you will use the FTSE index and if your family name begins with letters from M to Z you will use the Dow Jones index. (a) Estimate a market model using the construction and materials index in place of a share. Include any extra variables required for the test(s) in part (c) (b) Carry out error tests on your model and take any corrective measures that are required. (c) Carry out one or more statistical tests to determine if the model has changed since the earthquake. Note that if in this or the previous question you decide that your results are unreliable through problems that you could have fixed, you will receive very low marks indeed. REPORT Write a 500 to 1000 word report discussing your analysis and findings. An example of the type of report required is given as an appendix to Module

11. Your answers to questions one and two should be included as a technical appendix to the report and should be formatted similarly to the sample tutorial answers I have provided.

Answers QUESTION 1 Has the volatility of the stock market increased? (a) You have been provided with daily data starting in January 2009 on the main New Zealand stock market index, the NSX-50. Choose a suitable model for measuring volatility on the New Zealand stock market. You may carry out any data transformations you believe are necessary. (b) Estimate your model, carry out error tests on your model and take any corrective measures that are required. You should include any variables you need to carry out the test(s) in part (c). (c) Carry out one or more statistical tests to determine if volatility has increased since the Earthquake (c) Table 1 BNZ50CAP ANZ50CAP Mean 2018.359 2148.711 Median 2063.510 2148.510 Maximum 2193.490 2210.070 Minimum 1688.190 2063.330 Std. Dev. 111.6706 36.02084 Skewness -0.780551 -0.478198

Kurtosis 2.682311 2.701710 Jarque-Bera 59.32497 3.303754 Probability 0.000000 0.191690 Sum 1132299. 169748.1 Sum Sq. Dev. 6983386. 101205.1 Observations 561 79 We have taken into consideration the market before and after earthquake happen on 25 th February 2011. The above statistics , we see that standard deviation before earthquake is more as compare to after earthquake. So before earthquake the market is more volatile as compare to after earthquake and negative skewness which means that the left tail is particularly extreme. Kurtosis before and after earthquake is less than 3 indicates the distribution is flat (platykurtic) relative to the normal.We can also check non-constant variance by taking H0: the errors are normal H1: the errors are not normal Level of significance : = 0.05 Test Statistic: Jarque-Bera test P=0.000 Indicates the errors are normal, we accept H0 We can also see from graph how volatile is market before earthquake. (b) Dependent Variable: BNZ50CAP

Method: Least Squares Date: 10/20/11 Time: 09:46 Sample: 1/01/2009 2/24/2011 Included observations: 561 BNZ50CAP=C(1)+C(2)*BNZBB90D Coefficient Std. Error t-Statistic Prob. 1500 1600 1700 1800 1900 2000 2100 2200 2300 NZ50CAP NZ50CAPC(1) 2357.352 35.99821 65.48526 0.0000 C(2) -111.7507 11.77883 -9.487414 0.0000 R-squared 0.138690 Mean dependent var 2018.359 S.D. dependent var 111.6706 Akaike info criterion 12.12503 Schwarz criterion 12.14047

Adjusted R-squared 0.137149 S.E. of regression 103.7306 Sum squared resid 6014864. Log likelihood -3399.071 F-statistic 90.01102

Hannan-Quinn criter. 12.13106

Durbin-Watson stat 0.018309

Prob(F-statistic) 0.000000 From the above model, we see the Durbin-watson stat does not approaches to 2, the residuals are dependent on

each other. Dependent Variable: LOG(BNZ50CAP) Method: Least Squares Date: 10/20/11 Time: 11:40 Sample: 1/01/2009 2/24/2011 Included observations: 561 Variable Coefficient Std. Error t-Statistic Prob. C 7.555313 0.004021 1879.058 0.0000 @TREND 0.000190 1.24E-05 15.27022 0.0000 R-squared 0.294352 Mean dependent var 7.608461 S.D. dependent var 0.056710 Akaike info criterion -3.245015 Schwarz criterion -3.229579

Adjusted R-squared 0.293090 S.E. of regression 0.047681 Sum squared resid 1.270867 Log likelihood 912.2266 F-statistic 233.1798

Hannan-Quinn criter. -3.238988

Durbin-Watson stat 0.021582

Prob(F-statistic) 0.000000 The Really Important Regression Results LOG(BNZ50CAP) = 7.555313 + 0.000190 t Scr = 0.047681 and R square = 0.294352 Our regression account for only 29% of the variance in the dependent variable and the estimated standard deviation of the error term is 0.047681 Dependent Variable: LOG(ANZ50CAP) Method: Least Squares Date: 10/20/11 Time: 11:57 Sample: 2/25/2011 6/15/2011 Included observations: 79

Variable Coefficient Std. Error t-Statistic Prob. C 7.651104 0.002510 3048.424 0.0000 @TREND 0.000548 5.56E-05 9.867764 0.0000 R-squared 0.558417 Mean dependent var 7.672484

Adjusted R-squared 0.552682 S.D. dependent var 0.016836S.E. of regression 0.011260 Akaike info criterion -6.110111 Sum squared resid 0.009763 Log likelihood 243.3494 F-statistic 97.37276 Schwarz criterion -6.050125

Hannan-Quinn criter. -6.086079

Durbin-Watson stat 0.149942

Prob(F-statistic) 0.000000

We compute multiple regression model for before earthquake and after earthqauake Dependent Variable: LOG(BNZ50CAP) Method: Least Squares Date: 10/20/11 Time: 11:54 Sample: 1/01/2009 2/24/2011 Included observations: 561 Variable Coefficient Std. Error t-Statistic Prob. C 0.004352 6.52E-06 667.7215 0.0000 @TREND -3.43E-09 1.10E-09 -3.126414 0.0019 @TREND^2 3.59E-12 1.76E-12 2.035404 0.0423 LOG(BNZ50CAP-1) 0.999493 8.68E-07 1151362. 0.0000 R-squared 1.000000 Mean dependent var 7.608461 S.D. dependent var 0.056710

Adjusted R-squared 1.000000 S.E. of regression 8.72E-07 Sum squared resid 4.23E-10

Akaike info criterion -25.06082 Schwarz criterion -25.02995

Log likelihood 7033.560 F-statistic 7.90E+11

Hannan-Quinn criter. -25.04877

Durbin-Watson stat 0.080962

Prob(F-statistic) 0.000000 Dependent Variable: LOG(ANZ50CAP) Method: Least Squares Date: 10/20/11 Time: 11:59 Sample: 2/25/2011 6/15/2011 Included observations: 79 Variable Coefficient Std. Error t-Statistic Prob. C 0.004060 6.60E-06 615.0603 0.0000 @TREND 1.76E-09 1.86E-09 0.947638 0.3464 @TREND^2 -1.17E-11 2.07E-11 -0.567682 0.5719 LOG(ANZ50CAP-1) 0.999532 8.64E-07 1157437. 0.0000 R-squared 1.000000 Mean dependent var 7.672484 S.D. dependent var 0.016836

Adjusted R-squared 1.000000 S.E. of regression 8.10E-08 Sum squared resid 4.92E-13 Log likelihood 1179.979 F-statistic 1.12E+12

Akaike info criterion -29.77161 Schwarz criterion -29.65164

Hannan-Quinn criter. -29.72354

Durbin-Watson stat 0.224642

Prob(F-statistic) 0.000000 Check for HeteroskedasticityH0: the errors have constant variance H1: the variance is not constant Level of significance =0.05 Heteroskedasticity Test: ARCH F-statistic 0.019090 Prob. F(1,557) 0.8902 Prob. Chi-Square(1) 0.8899

Obs*R-squared 0.019158 Test Equation:

Dependent Variable: WGT_RESID^2 Method: Least Squares Date: 10/21/11 Time: 17:26 Sample (adjusted): 1/05/2009 2/24/2011 Included observations: 559 after adjustments Variable Coefficient Std. Error t-Statistic Prob. C 0.971745 0.078471 12.38345 0.0000 WGT_RESID^2(-1) 0.005854 0.042369 0.138166 0.8902 R-squared 0.000034 Mean dependent var 0.977466 S.D. dependent var 1.574581

Adjusted R-squared -0.001761 S.E. of regression 1.575966 Sum squared resid 1383.404 Log likelihood -1046.456 F-statistic 0.019090

Akaike info criterion 3.751186 Schwarz criterion 3.766664

Hannan-Quinn criter. 3.757230

Durbin-Watson stat 1.999034

Prob(F-statistic) 0.890159 Conclusion accept H0, the errors have constant variance Heteroskedasticity Test: ARCH F-statistic 0.397818 Prob. F(1,75) 0.5301 Prob. Chi-Square(1) 0.5239

Obs*R-squared 0.406271 Test Equation:

Dependent Variable: WGT_RESID^2 Method: Least Squares Date: 10/21/11 Time: 17:48 Sample (adjusted): 3/01/2011 6/15/2011 Included observations: 77 after adjustments Variable Coefficient Std. Error t-Statistic Prob. C 1.152209 0.218417 5.275285 0.0000

WGT_RESID^2(-1) -0.072479 0.114913 -0.630728 0.5301 R-squared 0.005276 Mean dependent var 1.075363 S.D. dependent var 1.584386

Adjusted R-squared -0.007987 S.E. of regression 1.590700 Sum squared resid 189.7746 Log likelihood -143.9865 F-statistic 0.397818

Akaike info criterion 3.791857 Schwarz criterion 3.852735

Hannan-Quinn criter. 3.816207

Durbin-Watson stat 1.987716

Prob(F-statistic) 0.530136 Conclusion accept H0, the errors have constant variance(a) Let us compute Wald test with c(4)=0 H0: market is volatile after earthquake H1: market is non- volatile after earthquake Wald Test: Equation: Untitled Test Statistic Value df Probability t-statistic 1157437. 75 0.0000 F-statistic 1.34E+12 (1, 75) 0.0000 Chi-square 1.34E+12 1 0.0000 Null Hypothesis: C(4)=0 Null Hypothesis Summary: Normalized Restriction (= 0) Value Std. Err. C(4) 0.999532 8.64E-07 Restrictions are linear in coefficients. The p=0.000 value indicates . to accept H0QUESTION 2 Predicting the Stock Market In this question you will consider the impact on the building industry of the earthquake.

Two construction and materials indices have been provided for the analysis. If your family name begins with letters from A to L you will use the FTSE index and if your family name begins with letters from M to Z you will use the Dow Jones index. (a) Estimate a market model using the construction and materials index in place of a share. Include any extra variables required for the test(s) in part (c) (b) Carry out error tests on your model and take any corrective measures that are required. (c) Carry out one or more statistical tests to determine if the model has changed since the earthquake.Graphical representation shown below for both the construction and material indices for family name from A to L and M to Z have similar kind of changes after or before earthquake. Indices range have been different in both the situation before and after earthquake. 80 100 120 140 160 180 200 220 240

733,400 733,500 733,600 733,700 733,800 733,900 734,000 734,100 734,200 BCODE BD2NZS2L BF3NZS3L 160 180 200 220 240 260 280 734,190 734,210 734,230 734,250 734,270 734,290 734,310 ACODE AD2NZS2L AF3NZS3Lthe same can be reflected through descriptive statistics for before and after earthquake happens given below before after Dow Jones index FTSE index Dow Jones indexFTSE index BD2NZS2L BF3NZS3L AD2NZS2L AF3NZS3L Mean 206.7842 147.3566 247.4517 176.3405 Median 215.9770 153.9100 247.3820 176.2900 Maximum 238.5670 170.0100 262.2580 186.8900 Minimum 141.3220 100.7100 235.2610 167.6500 Std. Dev. 24.45159 17.42317 6.361699 4.533522 Skewness -1.112777 -1.112702 0.164092 0.164033

Kurtosis 3.092685 3.092968 2.126751 2.126450 Jarque-Bera 115.9793 115.9648 2.864634 2.866108 Probability 0.000000 0.000000 0.238755 0.238579 Sum 116005.9 82667.06 19548.69 13930.90 Sum Sq. Dev. 334812.9 169997.4 3156.755 1603.120 Observations 561 561 79 79 We have taken into consideration the market before and after earthquake happen on 25 th February 2011. The above statistics , we see that construction and material standard deviation for both the

indices before earthquake is more as compare to after earthquake. So before earthquake the market is more volatile as compare to after earthquake skewness for before and negative

which means that the left tail is particularly extreme while after earthquake it is positive. Kurtosis before earthquake is 3 which is normal value earthquake is less than 3 and after

indicates the distribution is flat (platykurtic) relative to the normal. (b) The analysis of ARCH and GARCH models many theories of pricing and portfolio analysis can be exhibited and tested so we analyse the data byFollowing are the result for before earthquake happen, we use GARCH model Dependent Variable: LOG(BD2NZS2L) Method: ML - ARCH (Marquardt) - Normal distribution Date: 10/20/11 Time: 14:15 Sample: 1/01/2009 2/24/2011 Included observations: 561

Convergence achieved after 57 iterations Presample variance: backcast (parameter = 0.7) GARCH = C(2) + C(3)*RESID(-1)^2 + C(4)*GARCH(-1) Variable Coefficient Std. Error z-Statistic Prob. C 5.391096 0.000976 5522.916 0.0000 Variance Equation C 0.000133 2.02E-05 6.562886 0.0000 RESID(-1)^2 1.035030 0.196604 5.264556 0.0000 GARCH(-1) -0.065318 0.040560 -1.610384 0.1073 R-squared -0.274643 Mean dependent var 5.323898 S.D. dependent var 0.128339

Adjusted R-squared -0.274643 S.E. of regression 0.144894 Sum squared resid 11.75686 Log likelihood 882.9862

Akaike info criterion -3.133641 Schwarz criterion -3.102769

Hannan-Quinn criter. -3.121587

Durbin-Watson stat 0.011655 After erathquake Dependent Variable: DLOG(AD2NZS2L) Method: ML - ARCH (Marquardt) - Normal distribution Date: 10/20/11 Time: 14:08 Sample (adjusted): 2/28/2011 6/15/2011 Included observations: 78 after adjustments Convergence achieved after 16 iterations Presample variance: backcast (parameter = 0.7) GARCH = C(2) + C(3)*RESID(-1)^2 + C(4)*GARCH(-1) Variable Coefficient Std. Error z-Statistic Prob. C -0.000350 0.001072 -0.326331 0.7442 Variance Equation

C 6.97E-06 2.16E-06 3.232690 0.0012 RESID(-1)^2 -0.149537 0.070038 -2.135084 0.0328 GARCH(-1) 1.046129 0.081166 12.88871 0.0000 R-squared -0.002000 Mean dependent var 5.93E-05 S.D. dependent var 0.009211

Adjusted R-squared -0.002000 S.E. of regression 0.009220 Sum squared resid 0.006546 Log likelihood 261.4403

Akaike info criterion -6.601032 Schwarz criterion -6.480176

Hannan-Quinn criter. -6.552651

Durbin-Watson stat 1.923753 (c) regression model to predict stock market earthquake)Dependent Variable: DLOG(BD2NZS2L) Method: Least Squares Date: 10/20/11 Time: 15:05 Sample (adjusted): 1/02/2009 2/24/2011 Included observations: 560 after adjustments Variable Coefficient Std. Error t-Statistic Prob. C -0.023477 0.025782 -0.910575 0.3629 LOG(BF3NZS3L) 0.004853 0.005170 0.938724 0.3483 R-squared 0.001577 Mean dependent var 0.000718 S.D. dependent var 0.015640 (before and after

Adjusted R-squared -0.000213 S.E. of regression 0.015641 Sum squared resid 0.136516 Log likelihood 1534.784 F-statistic 0.881204

Akaike info criterion -5.474228 Schwarz criterion -5.458771

Hannan-Quinn criter. -5.468192

Durbin-Watson stat 2.014883

Prob(F-statistic) 0.348278 Dependent Variable: DLOG(AD2NZS2L) Method: Least Squares

Date: 10/20/11 Time: 15:01 Sample (adjusted): 2/28/2011 6/15/2011 Included observations: 78 after adjustments Variable Coefficient Std. Error t-Statistic Prob. C -0.321096 0.211725 -1.516572 0.1335 LOG(AF3NZS3L) 0.062088 0.040932 1.516870 0.1334 R-squared 0.029385 Mean dependent var 5.93E-05 S.D. dependent var 0.009211 Akaike info criterion -6.528317 Schwarz criterion -6.467889

Adjusted R-squared 0.016614 S.E. of regression 0.009134 Sum squared resid 0.006341 Log likelihood 256.6044 F-statistic 2.300895

Hannan-Quinn criter. -6.504127

Durbin-Watson stat 1.868923

Prob(F-statistic) 0.133448 P=0.3629 before is higher as compare to p=0.1335 after earthquake for estimating a regression model as shown through residual graph separately-.08 -.06 -.04 -.02 .00 .02 .04 .06 .08 I II III IV I II III IV I 2009 2010 2011 DLOG(BD2NZS2L) Residuals

-.03 -.02 -.01 .00 .01 .02 .03 28 7 14 21 28 4 11 18 25 2 9 16 23 30 6 13 2011m3 2011m4 2011m5 2011m6 DLOG(AD2NZS2L) ResidualsWe also use least square eq model to predict Before earthquake taken both the FTSE index and Dow Jones index as independent variable Dependent Variable: BCODE Method: Least Squares Date: 10/20/11 Time: 15:24 Sample: 1/01/2009 2/24/2011 Included observations: 561 BCODE= C(1)+ C(2) *BD2NZS2L Coefficient Std. Error t-Statistic Prob. C(1) 732397.9 55.83859 13116.34 0.0000 C(2) 6.777353 0.268168 25.27277 0.0000 R-squared 0.533277 Mean dependent var 733799.4 S.D. dependent var 226.9294 Akaike info criterion 12.93048 Schwarz criterion 12.94592

Adjusted R-squared 0.532442 S.E. of regression 155.1702 Sum squared resid 13459489 Log likelihood -3625.000 F-statistic 638.7128

Hannan-Quinn criter. 12.93651

Durbin-Watson stat 0.017654

Prob(F-statistic) 0.000000 Dependent Variable: BCODE Method: Least Squares Date: 10/20/11 Time: 15:29 Sample: 1/01/2009 2/24/2011 Included observations: 561 BCODE= C(1)+ C(2) *BF3NZS3L Coefficient Std. Error t-Statistic Prob. C(1) 732397.7 55.83499 13117.18 0.0000 C(2) 9.512452 0.376294 25.27930 0.0000 R-squared 0.533406 Mean dependent var 733799.4 S.D. dependent var 226.9294 Akaike info criterion 12.93021 Schwarz criterion 12.94564

Adjusted R-squared 0.532571 S.E. of regression 155.1488 Sum squared resid 13455778 Log likelihood -3624.923 F-statistic 639.0431

Hannan-Quinn criter. 12.93623

Durbin-Watson stat 0.017683

Prob(F-statistic) 0.000000 After earthquake taken both the FTSE index and Dow Jones index as independent variable Dependent Variable: BCODE Method: Least Squares Date: 10/20/11 Time: 15:24 Sample: 1/01/2009 2/24/2011 Included observations: 561 BCODE= C(1)+ C(2) *BD2NZS2L Coefficient Std. Error t-Statistic Prob. C(1) 732397.9 55.83859 13116.34 0.0000

C(2) 6.777353 0.268168 25.27277 0.0000R-squared 0.533277 dependent var 733799.4 Adjusted R-squared 0.532442 S.E. of regression 155.1702 Sum squared resid 13459489 Log likelihood -3625.000 F-statistic 638.7128 S.D. dependent var 226.9294 Akaike info criterion 12.93048 Schwarz criterion 12.94592

Mean

Hannan-Quinn criter. 12.93651

Durbin-Watson stat 0.017654

Prob(F-statistic) 0.000000 Dependent Variable: ACODE Method: Least Squares Date: 10/20/11 Time: 15:28 Sample: 2/25/2011 6/15/2011 Included observations: 79 ACODE=C(1)+C(2)*AD2NZS2L Coefficient Std. Error t-Statistic Prob. C(1) 734250.8 142.5271 5151.658 0.0000 C(2) -0.013538 0.575791 -0.023512 0.9813 R-squared 0.000007 Mean dependent var 734247.4 S.D. dependent var 32.14292

Adjusted R-squared -0.012980 S.E. of regression 32.35085 Sum squared resid 80586.46 Log likelihood -385.7378 F-statistic 0.000553

Akaike info criterion 9.816148 Schwarz criterion 9.876134

Hannan-Quinn criter. 9.840180

Durbin-Watson stat 0.002564

Prob(F-statistic) 0.981303 P=0.000 in both before and after indicates it is best fitted model for predicting the stock marketThe Effects of the Christchurch Earthquake on Financial Markets in New Zealand Introduction

This report is to discuss The Effects of the Christchurch Earthquake on Financial Markets in New Zealand based on data provided. This is done by comparing the performance of the market before and the after earthquake happen on 25 th February 2011. The aim is to determine the volatility of the stock market increased and Predicting the Stock Market . we have used regression based model approach. We have considered the variables NZX 50 - PRICE INDEX, DJTM NEW ZEALAND CON & MAT - PRICE INDEX, FTSE NEW ZEALAND CON & MAT - PRICE INDEX. The method so choosen to know the effects occur due to Earthquake on Financial market. Five day week daily data was sourced for both these series from DataStream, starting from Ist January 2009 to 15 th June 2011. Analysis and Results To check volatility of the stock market Standard deviation before earthquake is more as compare to after earthquake indicates stock market is more volatile before earthquake as given in Table 1. To predict stock market, Before Earthquake Dependent Variable: LOG(BNZ50CAP) Method: Least Squares

Date: 10/20/11 Time: 11:19 Sample: 1/01/2009 2/24/2011 Included observations: 561 Variable Coefficient Std. Error t-Statistic Prob. C 7.831009 0.022368 350.0963 0.0000 LOG(BNZBB90D) -0.201713 0.020175 -9.998095 0.0000 R-squared 0.151696 Mean dependent var 7.608461 S.D. dependent var 0.056710 Akaike info criterion -3.060892 Schwarz criterion -3.045456

Adjusted R-squared 0.150178 S.E. of regression 0.052279 Sum squared resid 1.527789 Log likelihood 860.5802 F-statistic 99.96191

Hannan-Quinn criter. -3.054865

Durbin-Watson stat 0.019081

Prob(F-statistic) 0.000000 After Earthquake Dependent Variable: LOG(ANZ50CAP)Method: Least Squares Date: 10/20/11 Time: 11:15 Sample (adjusted): 1/01/2009 4/21/2009 Included observations: 79 after adjustments Variable Coefficient Std. Error t-Statistic Prob. C 7.729971 0.080806 95.66138 0.0000 LOG(ANZBB90D) -0.058530 0.082248 -0.711627 0.4788 R-squared 0.006534 Mean dependent var 7.672484 S.D. dependent var 0.016836

Adjusted R-squared -0.006368 S.E. of regression 0.016889 Sum squared resid 0.021964 Log likelihood 211.3214 F-statistic 0.506413

Akaike info criterion -5.299276 Schwarz criterion -5.239290

Hannan-Quinn criter. -5.275244

Durbin-Watson stat 0.067920

Prob(F-statistic) 0.478846 the above results for after earthquake p=0.4788, less volalite may be due to sample size is less as compare to before earthquake happen. For predicting the stock market we compute regression model and least square model, as given below Code= 732397.7- 9.512452 * F3NZS3L (before ) Code= 732397.9 - 6.777353* D2NZS2L Code= 734250.8 - 0.013538 * D2NZS2L (after ) Code= 734250.6- 0.018287 * F3NZS3L The constant value is approximately same and coefficient differ with a small change value indicate both the construction and material have equal effect on predicting the stock market. Conclusions We know by our experience the stock market is always at risk, which is true reflection of economy too, one who invest has to take risk. Standard deviation before earthquake is more as compare to after earthquake indicates stock market is more volatile before earthquake . if we analyse for more number of observation for after earthquake we will get similar result as more volatile after earthquake too. We have tested the volatility using GARCH model . We have computed model using regression trend growth model results given above taken each variable Dow jones and FTSE seperately . second important part is to predict the stock

market, after earthquake or before earthquake happen at a particular city Christchurch, prediction due to earthquake in normal practice will be true only for a small duration as we know by experience. Stock market is volatile and its prediction using models have been done and in this case both the construction and material FTSE index and Dow Jones index have equal effect on predicting the stock market. Refer: http://www.expertsmind.com/statistics-homework-assignment-help.aspx
Website: http://www.expertsmind.com/