Abstract #301130

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JSM 2003 Abstract #301130
Activity Number: 62
Type: Contributed
Date/Time: Sunday, August 3, 2003 : 4:00 PM to 5:50 PM
Sponsor: Section on Statistical Education
Abstract - #301130
Title: The Experts and the Darts: Using the Wall Street Journal "Dartboard" Column in Introductory Statistics Classes
Author(s): John M. Rasp*+ and Jeff Hamrick
Companies: Stetson University and Boston University
Address: Campus Box 8398, DeLand, FL, 32720,
Keywords: statistical education ; datasets ; statistics applications in business
Abstract:

The theory of market efficiency, a bedrock principle in finance, has sometimes been summarized as "professional stock market analysis is about as successful as choosing stocks by throwing darts at pages of the Wall Street Journal." The Journal featured a monthly column on this idea for over ten years. Each month, four professional stock analysts selected a stock; these selections competed against four stocks randomly chosen by darts. A "winner" (in terms of highest average return) was named six months later. The data from this competition furnish ample material for illustration of important statistical topics, including hypothesis testing for means, experimental design, distributional assumptions, and analysis of covariates. We give classroom-tested ideas for use of this material.

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Revised March 2003