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Page 1: Financial - uio.no file#%$'&)(+* , -./&+01*'$

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Industrial-0.2 -0.1 0.0 0.1 0.2

-0.2

-0.1

0.0

0.1

0.2

Financial

Period: 1976-2001

Monthly log-returns for NYSE indexes

Year1980 1985 1990 1995

02

46

81

01

21

4 Return

Solid line: Industrial

Solid line: IndustrialDashed line: Financial

Returns for NYSE indexes

� ½�� Ç<¿7°��������� mÉ��xÈ Á È�� ��� ¿7°@É�Ç/¿� >­��1ÈA° À É���®� ¼�� Ç<¿¿G°� bÉ~¿G°OÉ�Ç<¿� >­��1¿ ½�� �KÉ�� À �U¿yÉ�������° �"!#�U¿%$�&mÉ'� � $)(+* �� �<®� � ° ½ ¼ °%*K°{­ "!-, .�*#/10�(K0'0S$�.3240S$�,�.<*�(x(5276'0�&+01*W$8@`�NQ�%PS[^ÆWR)NYXZP�`�}:YJ%HUi�35H)BF|{=�H)BF;�|{:)i�iG=@?AHUoG3L:+B�lv=OoÃh�=O=@B�o�h}:gi�H)BF;>:+8ÌJ%HUi�35HUlm?L=@4:9 « H)BF;�9 Ö HUi�=�;>=O�mB>=@;EoGfFiG:+D>C+f

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F Ö�[ ¢ A U Ö h"f>=OiG= F Ö ÙÛ4G;�¨�9 Ö ©a\%] ï1^ Þ<_a`�Þ�_ ^ ö<_b`7ö ç@í�ã�cxäUãÂâ ô îUãed ô áæã�à%ë±å%fUë�ê+ã�àô îYíhgi^ Þkj ` Þ-l�Þ _ ^ ömj ` öel�öhnko ô îYíhg l�Þ _ l�öhn _

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