Wayne Y. Lee, Kanwal S. Sachdeva, The Role of the Multinational Firm in the Integration of Segmented Capital Markets, The Journal of Finance, Vol. 32, No. 2, Papers and Proceedings of the Thirty-Fifth Annual Meeting of the American Finance Association, Atlantic City, New Jersey, September 16-18, 1976 (May, 1977), pp. 479-492
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Lee et al. (1977) studied this question.