{'fraction_non_alphanumeric': 0.01616915422885572, 'fraction_numerical': 0.0, 'mean_word_length': 5.338582677165355, 'pattern_counts': {'":': 0, '<': 0, '<?xml version=': 0, '>': 0, 'https://': 0, 'lorem ipsum': 0, 'www.': 0, 'xml': 0}, 'pii_count': 0, 'substrings_counts': 0, 'word_list_counts': {'cursed_substrings.json': 0, 'profanity_word_list.json': 0, 'sexual_word_list.json': 0, 'zh_pornsignals.json': 0}}
AN EMPIRICAL ANALYSIS OF MARKET AND INDUSTRY FACTORS IN STOCK RETURNS OF U.S. AEROSPACE INDUSTRY

This paper applies multi-index CAPMs to explore the relationships of U.S. aerospace company stock returns to selected market and industry variables. This paper finds that the market returns represented by the SP in particular, aircraft shipments are positively related to aerospace stock returns, but the relations are not significant. Additional regression analysis of employing unanticipated changes in independent variables provides confirmatory evidence. The results of this paper suggest that a multiindex CAPM using selected economic and industry variables provides additional power in explaining the variability of U.S. aerospace stock returns over a single index model using the market index alone.