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Stock index revisions to major stock indices usually bring in changes to the price and volume patterns of stocks getting added/deleted to and from the index. The current study analyzes stock index revisions of companies added (deleted) to and from the CNX 100 index by testing DSDC hypothesis and the PPH from 2004 to 2011. The results show that the price and volume effect is permanent for inclusions and exclusions of CNX 100 index. Hence, this has led to the support of the Downward Sloping Demand Curve hypothesis.

Keywords

Stock Index, Replacements, DSDC, PPH.
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