“In a dataset of 10 developed countries for the period 1890-2000, we show that diversification benefits decline as financial markets open up to international capital flows. Diversification benefits disappear as investors chase them."
The Diversification Fata Morgana: Capital Account Openness and the Fall and Rise of Stock Market Correlations, 1890-2000 , 2015- Dennis Quinn and Hans-joachim Voth
