Abstract
Due to the large number of transactions carried out in the stock market, it becomes of great importance for the financial development of a country. Analyzing the correlation between indices in the world helps us to know the way towards the variables that impact. This paper proposes the use of ordered weighted average (OWA) operators in combination with Pearson Coefficient to create a measure of correlation that can analyze a wide range of possible scenarios that go minimum to maximum. The new frameworks can add additional information to the process of correlation. The work presents an application in ten of the largest stock exchanges in the world. The results suggest a broad positive correlation between them that is reinforced in times of instability.
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