Comovements in Stock Prices and Comovements in Dividends
发现英美两国实际股票价格的联动程度过大，无法用两国实际股息的联动来解释，即使考虑信息汇集后也是如此；加入实际利率联动后，价格过度联动的证据减弱。
ABSTRACT The comovements in real stock prices between the U.K. and the U.S. appear to be too large to be accounted for in terms of the comovements of real dividends between the countries even after consideration of the possibility of information pooling. When consideration is made of the comovements of real interest rates between the countries, there is weaker evidence of excess comovement of price.