What Is The Morgan Stanley Capital International Indexes?
The Morgan Stanley Capital International Indexes is consist of 3 international, 19 national, and 38 international industry indexes.
The indexes consider some 1,375 companies listed on stock exchanges in 19 countries with a combined market capitalization that represents approximately 60 percent of the aggregate market value of the stock exchanges of these countries.
All the indexes are market-value weighted. Exhibit 5.10 contains the countries included, the number of stocks, and market values for stocks in the various countries and groups.
In addition to reporting the indexes in U.S. dollars and the country’s local currency, the following valuation information is available: (1) price-to-book value (P/BV) ratio, (2) price-to-cash earnings (earnings plus depreciation) (P/CE) ratio, (3) price-to-earnings (P/E) ratio, and (4) dividend yield (YLD).
These ratios help in analyzing different valuation levels among countries and over time for specific countries.
Notably, the Morgan Stanley group index for Europe, Australia, and the Far East (EAFE) is being used as the basis for futures and options contracts on the Chicago Mercantile Exchange and the Chicago Board Options Exchange.
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