Swiss Market Index

The Swiss index family consists of the Swiss Performance Index (SPI), the SPI without dividend adjustment (SPIX), the Swiss Market Index (SMI), the SMI with dividend adjustment (SMIC), and the Swiss Bond Indices (SBI). All indexes include stocks from the Zurich, Geneva, and Basle stock exchanges. For the index calculation no distinction is made between shares with full entitlement to dividends and shares with no or partial entitlement to dividends which typically appear for some time after a secondary offering. The valuation of such rights is based on theoretical aspects - in some cases including option pricing theory.

With the SMI being not adjusted for dividend payments, it is assumed that the stock price is first reduced by the dividend payment and afterwards by the subscription right although these events actually occur simultaneously.

The Swiss Market Index (SMI) contains currently 21 stocks of high turnover. The composition of the index is usually changed on January 1 or July 1 after an advance notice of at least six months. Requests for historical data since November 4, 1988, can be addressed to Telekurs AG, Zurich.


Swiss Market Index SMI: Schweizer Börse SWX (Swiss Exchange). Text: Institute for Advanced Studies, Vienna, 1998. All rights reserved.

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