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Universality in the stock exchange

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  • Rui Gonc{c}alves
  • Alberto Pinto

Abstract

We analyze the constituents stocks of the Dow Jones Industrial Average (DJIA30) and the Standard & Poor's 100 index (S&P100) of the NYSE stock exchange market. Surprisingly, we discover the data collapse of the histograms of the DJIA30 price fluctuations and of the S&P100 price fluctuations to the universal non-parametric Bramwell-Holdsworth-Pinton (BHP) distribution. Since the BHP probability density function appears in several other dissimilar phenomena, our result reveals an universal feature of the stock exchange market.

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  • Rui Gonc{c}alves & Alberto Pinto, 2008. "Universality in the stock exchange," Papers 0810.2508, arXiv.org, revised Mar 2009.
    • Handle: RePEc:arx:papers:0810.2508
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    File URL: http://arxiv.org/pdf/0810.2508
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