Industrial Structure and the Comparative Behavior of International Stock Market Indices
比较各国股票价格指数的差异行为，发现指数构建的技术方面、各国产业结构以及汇率行为是三个主要解释因素，其中产业结构对多数国家的影响最大。
Stock Price Indices are compared across countries in an attempt to explain why they exhibit such disparate behavior. Three separate explanatory influences are empirically documented. First, part of the behavior can be attributed to a technical aspect of index construction; some indices are more diversified than others. Second, each country's industrial structure plays a major role in explaining stock price behavior. Third, for the majority of countries, a portion of national equity index behavior can be ascribed to exchange rate behavior. Exchange rates explain a significant portion of common currency denominated national index returns, although the amount explained by exchange rates is less than the amount explained by industrial structure for most countries.