(Reuters) - Pharmaceutical giant Pfizer is facing a mounting wave of lawsuits by women who allege that the company knew about possible serious side effects of its blockbuster anti-cholesterol drug Lipitor but never properly warned the public. The Pfizer logo is seen at their world headquarters in New York April 28, 2014.
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1. IntroductionThe world’s capital markets have become increasingly integrated over the past three decades (Bekaert et al., 2011; Pukthuanthong and Roll, 2009), spurring the interest of researchers and policy-makers regarding the nature and implications of integration. Highly integrated markets are expected to, among other benefits, reduce macroeconomic (consumption) volatility, increase capital allocation efficiency, and increase economic growth (Kose et al., 2006; Prasad et al., 2003).