On Thu, Jul 06, 2000 at 09:51:39PM -0500, Christopher Browne wrote:
> So I disagree with Jon, in that the "great pain and suffering" is
> a _given_, and equally affects _both_ schemes.
This is (basically) correct: the BG system works well (IMHO) for
things like decimalizations of markets, but doesn't help in the case
of stock splits.
I think that stock splits are, in many ways, a different problem. The
reason is that splits really affect share *quantities*; split-adjusted
share prices are really an artifice (though a useful and important
one) for analyzing share prices over times.
With splits, you need to be able to reconstruct:
(1) The actual historical share price for any given day.
(2) The split-adjusted historical share price.
(3) How quantities of shares change over time due to splits.
So you are really stuck carrying around a look-up table of dates and
splittings. Because you need to keep this data around anyway, you are
probably best off storing the non-split-adjusted/"actual" prices of
shares and constructing the split-adjusted prices on the fly.
(In my work I only ever really deal with futures markets, which I find
to be incredibly annoying. People I've spoken to who deal with
equities say they are much worse...)
-JT
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