160 L. Grilli, M.A. Russo, and A. Sfrecola
(^60005101520253035404550)
610
620
630
640
650
660
670
680
M
Predictions
Total observations 1271
η=0.01
Fig. 5.Number of corrected predictions as a function ofMin the case of Dow Jones. The
maximum is reached forM= 4
(^64505101520253035404550)
650
655
660
665
670
675
680
685
690
M
Predictions
η =0.35
Total observations 1312
Fig. 6.Number of corrected predictions as a function ofMin the case of DJ Eurostoxx 50.
The maximum is reached forM= 4