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School of Business Unveils Custom S&P Dow Jones Stock Market Index – A University and Business School First

January 25, 2016
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The School of Business Administration has established a new custom S&P Dow Jones stock market index to measure the performance of publicly traded companies in Florida. The “University of Miami’s Florida 50 Index” is the first index to measure performance of firms from the S&P Composite 1500® Index headquartered in a single state, and it is the first custom S&P Dow Jones index to be owned by a university.

The index is based on the capitalizations of about 50 Florida-based large-, mid- and small-cap companies included in the S&P 1500 index having common stock listed on the NYSE or NASDAQ. It is intended to become an effective representation of the stock market and a bellwether for the Florida economy.

The index is available under ticker symbol UMIAMIFL through the S&P website at: www.UMFL50.com.

“The establishment of the University of Miami’s Florida 50 Index illustrates our commitment to producing knowledge that can have a positive impact on the wider community,” said Gene Anderson, dean of the School of Business. “By gauging and regularly reporting on the performance of the top corporations in Florida, we will provide new insight that we believe will be valuable and of significant interest to businesses, policy makers and individuals statewide and beyond.”

The objectives of the index are: 

  • To assess daily investor confidence of the Florida business climate;
  • To promote a better understanding, analysis and forecast of changes in the Florida economy;
  • To provide a means of incorporating empirical measures of investor buying and selling behavior into trading models;
  • To gauge the overall levels of bullishness/bearishness in Florida’s economy vs. nationwide.

Interestingly, from Jan. 20, 2004 (the date used to set the index) to Dec. 31, 2015, the University of Miami’s Florida 50 Index beat the S&P 1500 by more than 30%.

As of December 31, 2015, the index’s 10 largest firms were NextEra Energy (NYSE:NEE), CSX Corporation (NASDAQ:CSX), Carnival Corporation (NYSE:CCL), Roper Industries (NYSE:ROP), Royal Caribbean Cruises (NYSE:RCL), Fidelity National Information Services (NYSE:FIS), Jarden Corporation (NYSE:JAH), Citrix Systems (NASDAQ:CTXS), Harris Corporation (NYSE:HRS), and Lennar Corporation (NYSE:LEN).

“We are excited to be chosen as the calculation agent for the University of Miami,” said Michael Mell, director of custom indices at S&P Dow Jones Indices. “By expanding our custom hybrid indexing capabilities beyond financial services, S&P DJI is able to provide the academic community with benchmarks tailored to their unique needs.” 

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