Comovements in Stock Prices and Comovements in Dividends
研究发现英美两国实际股票价格的联动性过强，无法用实际股息联动解释，即使考虑信息共享后仍如此；但加入实际利率联动后，价格过度联动的证据减弱。
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.