

Heading For The Exit Lane - wave
http://avc.blogs.com/a_vc/2008/06/heading-for-the.html

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pg
Returns in the 70s weren't quite as bad as the DJIA graph suggests, because
the companies in that average would have been paying substantial dividends.

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cperciva
I thought that the DJIA divisor was adjusted for dividends so that the pre-
dividend and post-dividend index values were the same (essentially, acting as
if investors took any dividend and re-invested it by buying shares of the DJIA
constituent companies).

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pg
It sounds like they only consider stock dividends that are effectively a form
of split.

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tx
Anyone has the article he's talking about? Scribd won't let me to consume it.

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wave
[http://research.cibcwm.com/economic_public/download/sjun08.p...](http://research.cibcwm.com/economic_public/download/sjun08.pdf)

