Dividend points index for Warsaw stock exchange: Methodology, calculation, and analysis

Dividend points series measure the ordinary unadjusted gross cash dividends declared and paid by the individual components of chosen index. The dividend points are calculated at the end of each day and disseminated in real time. Dividend points indices have been used to underline for futures contracts, option and ETFs.
The purpose of this study is to define the concept of the index methodology for the index WIGdiv DPI. This index cover companies listed on the Warsaw Stock Exchange (Poland), paid regular dividend and representing the highest rate in the last fiscal year. In next steps we calculated index value and analyzed characteristics of the index by quantitative methods to investigate the properties of this index.