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Investment: An A-Z Guide by Philip Ryland

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C

CAC 40 Index

The most widely quoted measure of share prices on the PARIS BOURSE. The CAC 40 (CAC stands for either Compagnie Nationale des Agents de Change or Cotation Assistée en Continu – no one is sure now) was specifically developed as an index on which derivatives products could be based. It was introduced in 1988 with a base value of 1,000 for December 31st 1987 and comprises 40 of the 100 major stocks listed on the Paris market. During trading hours it is recalculated every time the price of one of its components changes.

Calendar effect

Ostensibly there is little logic to the idea that some times of the year, or even days of the week, should be better times to trade shares than others. Even so, many studies have noted clear ...

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