National versus Global Influences on Equity Returns
用简单因子模型分析全球股票收益，发现国家和全球因素对解释收益共同变动的重要性大致相当，且欧盟内市场一体化趋势显著，但全球层面不明显。
Simple factor models of worldwide equity returns are used to explore the level and trend in international capital market integration. Global influences and national influences are of roughly equal importance in explaining the common movements in equity returns. Significant evidence indicates a trend toward increasing integration within the European Union, but not worldwide.