Industrial Growth rate
Industrial production index has been used as proxy to measure the growth
rate in real sector and it has been calculated by using log difference of industrial
production index.
Growth Rate = ln (IIPt / IIPt-1)
Studies that explore the relationship among industrial production and equity
market returns include Chan, Chen and Hsieh (1985), Chen, Roll and Ross (1986),
Burnmeister and Wall (1986), Beenstock and Chan (1988), Chang and Pinegar