US, UK and European Stock Market Integration
研究美国、英国与七个欧洲股票市场的长期趋同，发现短期多元化收益可能短暂，但英美市场与欧洲共同趋势关联较弱，暗示英国加入欧元或市场合并可能引发较大调整。
Abstract: This paper examines long‐run convergence between US, UK and seven European stock markets. We report evidence to suggest that while real short‐run diversification gains may occur, in general they tend to be short‐lived. However we also find that US and UK markets are relatively less bound to a common trend, which would imply that increased stock market merger activity, and any transition to the European common currency by the UK, may lead to relatively large stock market adjustments as markets adapt to these institutional changes.