References
Adler, M., & Dumas, B. (1983). International portfolio choice and corporation finance: A synthesis. The Journal of Finance, 38(3), 925-984.
Alesina, A., & Perotti, R. (1994). The political economy of growth: a critical survey of the recent literature. The World Bank Economic Review, 8(3), 351-371.
Alesina, A., & Rodrik, D. (1996). Distributive Politics and Economic Growth', Quarterly Journal of Economics, CIX (2), May, 465-90. International Library of Critical Writings in Economics, 68, 367-392.
Apergis, N., Christou, C., & Miller, S. M. (2014). Country and industry convergence of equity markets: International evidence from club convergence and clustering. The North American Journal of Economics and Finance, 29, 36-58.
Apergis, N., Christou, C., & Payne, J. (2011). Political and institutional factors in the convergence of international equity markets: Evidence from the club convergence and clustering procedure. Atlantic Economic Journal, 39(1), 7-18.
Asgari Firuz Dahi, E., & Salmani, K. (2015). Convergence and integration of exchanges In the global arena. Research and Development Management of the Stock Exchange Company. (in Persian)
Baca, S. P., Garbe, B. L., & Weiss, R. A. (2000). The rise of sector effects in major equity markets. Financial Analysts Journal, 56(5), 34-40.
Baele, L., Ferrando, A., Hördahl, P., Krylova, E., & Monnet, C. (2004). Measuring financial integration in the euro area (No. 14). European Central Bank.
Barro, R. J., & Sala-i-Martin, X. (1992). Convergence. Journal of political Economy, 100(2), 223-251.
Barro, R. J., Sala-i-Martin, X., Blanchard, O. J., & Hall, R. E. (1991). Convergence across states and regions. Brookings papers on economic activity, (1), 107-182.
Barseghyan, L., & DiCecio, R. (2010). Institutional causes of output volatility. Federal Reserve Bank of St. Louis Review, 92(3), 205-223.
Bekaert, G., & Harvey, C. R. (1995). Time‐varying world market integration. The Journal of Finance, 50(2), 403-444.
Bekaert, G., & Harvey, C. R. (1997). Emerging equity market volatility. Journal of Financial economics, 43(1), 29-77.
Bekaert, G., & Harvey, C. R. (2000). Foreign speculators and emerging equity markets. The Journal of Finance, 55(2), 565-613.
Bernard, A. B., & Durlauf, S. N. (1996). Interpreting tests of the convergence hypothesis. Journal of econometrics, 71(1), 161-173.
Bhanot, K., & Kadapakkam, P. R. (2006). Anatomy of a government intervention in index stocks: Price pressure or information effects? The Journal of Business, 79(2), 963-986.
Boardman, A. E., & Laurin, C. (2000). Factors affecting the stock price performance of share issued privatizations. Applied Economics, 32(11), 1451-1464.
Brown, S. P., & Yücel, M. K. (2002). Energy prices and aggregate economic activity: an interpretative survey. The Quarterly Review of Economics and Finance, 42(2), 193-208.
Bruno, G., De Bonis, R., & Silvestrini, A. (2012). Do financial system convergence. Journal of Comparative Economics, 40(1), 134-144.
Bulut, H., Kaya, P., & Kocak, E. (2015). Testing convergence of return on assets: Empirical evidence from the Turkish banking sector. Journal of International and Global Economic Studies, 8(2), 40-48.
Campbell, J. Y., & Hamao, Y. (1992). Predictable stock returns in the United States and Japan: A study of long‐term capital market integration. The Journal of Finance, 47(1), 43-69.
Caporale, G. M., Erdogan, B., & Kuzin, V. (2015). Testing stock market convergence: a non-linear factor approach. Empirica, 42(3), 481-498.
Cavaglia, S., Brightman, C., & Aked, M. (2000). The increasing importance of industry factors. Financial Analysts Journal, 56(5), 41-54.
Chien, M. S., Lee, C. C., Hu, T. C., & Hu, H. T. (2015). Dynamic Asian stock market convergence: Evidence from dynamic cointegration analysis among China and ASEAN-5. Economic Modelling, 51, 84-98.
Diamonte, R. L., Liew, J. M., & Stevens, R. L. (1996). Political risk in emerging and developed markets. Financial Analysts Journal, 52(3), 71-76.
Djankov, S., Ganser, T., McLiesh, C., Ramalho, R., & Shleifer, A. (2010). The effect of corporate taxes on investment and entrepreneurship. American Economic Journal: Macroeconomics, 2(3), 31-64.
Durlauf, S. N., & Quah, D. T. (1999). The new empirics of growth. Chapter 4 in JB Taylor and M. Woodford (ed.) Handbook of Macroeconomics.
Easterly, W., & Levine, R. (1997). Africa's growth tragedy: policies and ethnic divisions. The Quarterly Journal of Economics, 112(4), 1203-1250.
Easterly, W., Alesina, A. F., & Baqir, R. (1997). Public Goods and Ethnic Divisions.
Erb, C. B., Harvey, C. R., & Viskanta, T. E. (1996). Political risk, economic risk, and financial risk. Financial Analysts Journal, 52(6), 29-46.
Ferreira, M. A., & Ferreira, M. A. (2006). The importance of industry and country effects in the EMU equity markets. European Financial Management, 12(3), 341-373.
Ferreira, M. A., & Gama, P. M. (2005). Have world, country, and industry risks changed over time? An investigation of the volatility of developed stock markets. Journal of Financial and Quantitative Analysis, 40(1), 195-222.
Fotros, M. H., & Hoshidari, M. (2016). The Effect of Crude Oil Price Volatility on Volatility in Tehran Stock Market GARCH Multivariate Approach. Journal of Iranian Energy Economics, 5(18), 147-177. (in Persian)
Fritsche, U., & Kuzin, V. (2011). Analysing convergence in Europe using the non-linear single factor model. Empirical Economics, 41(2), 343-369.
Goetzmann, W. N., Li, L., & Rouwenhorst, K. G. (2005). Long-term global market correlations. Journal of Business, 78(1), 1-38.
Howell, L. D., & Chaddick, B. (1994). Models of political risk for foreign investment and trade: An assessment of three approaches. The Columbia Journal of World Business, 29(3), 70-91.
Islam, N. (2003). What Have We Learnt from Convergence Debate? Journal of Economic Surveys, 17(3), 309-362.
Jafari Samimi, A., Yahya Zazdefar, M. & Dolatabadi, M. K. (2002). Investigating the relationship between financing methods (external sources) on stock returns and stock prices in Tehran Stock Exchange. Daneshvar (Raftar) Management and Achievement, Shahed University, 11(5), 39-45. (in Persian)
Javadi, J. (1995). Investigating the Effect of Macroeconomic Variables on Stock Price Index and Investor Decision in Tehran Stock Exchange between 1369-1372. Master thesis, Shahid Beheshti University of Tehran. (in Persian)
Kaijage, P. E. S., & Nzioka, M. O. M. (2009). Determining the extent of financial integration in East Africa using Beta convergence and co-integration analysis. The Operations Research Society of Eastern Africa Journal.
Lyócsa, S., & Baumöhl, E. (2014). Risk-return convergence in CEE stock markets: structural breaks and market volatility. Finance a Uver, 64(5), 352.
Mohseni Zonouzi, S. J., Johairi Salmasi, P., & Helali, A. (2011-12). Long-term convergence of bank interest rate with stock market returns in Iran. Ma'rifat-e Eghtesadi-e Islami, 3(1),46-35. (in Persian)
Narayan, P. K., Mishra, S., & Narayan, S. (2011). Do market capitalization and stocks traded converge? New global evidence. Journal of banking & finance, 35(10), 2771-2781.
Niţoi, M., & Pochea, M. M. (2016). Testing financial markets convergence in Central and Eastern Europe: A non-linear single factor model. Economic Systems, 40(2), 323-334.
Phillips, P. C. B., Sul, D. (2006). Economic Transition and Growth. Mimeo, University of Auckland.
Phillips, P. C., & Sul, D. (2007). Transition modeling and econometric convergence tests. Econometrica, 75(6), 1771-1855.
Phillips, P. C., & Sul, D. (2009). Economic transition and growth. Journal of Applied Econometrics, 24(7), 1153-1185.
Pourebadollahan Covich, M., Asgharpour, H., & Masoomzadeh, S. (2016). Investigation of Convergence of Returns in Asset Markets in Iran. The Quarterly Journal of Applied Economics Theory, 3(3), 115-132. (in Persian)
Rai, R. (2006-7). Risk capital portfolio selection using neural networks. The Quarterly journal of accounting and auditing, 13(4), 70-83. (in Persian)
Rostami, M. R., Baghi Niri, F. & Ghasemi, J. (2011). Investigating stock price behavior of companies accepted in Tehran Stock Exchange using chaos theory. Journal of Financial Engineering and Management of Securities, 2(7), 1-17. (in Persian)
Sadeghi, M. (2014). A Comparative Study of the Tehran Stock Exchange and Other Stock Exchanges in the World and the Reasons for the Strengths and Weaknesses. Accounting Research, 3(4), 175-193. (in Persian)
Sadeghi Shahdani, M., & Mohseni, H. (2013). Impact of Oil Price on Stock Market Returns: Evidence from OPEC. Quarterley Journal of Energy Policy and Planning Reaserch, 3(1), 1-16. (in Persian)
Salami, F. (2015). Investigating the Income Convergence in Provinces of Iran: A Cluster Analysis. Master's thesis, University of Kurdistan. (in Persian)
Shahbazi, K., Fayzii, S. & Fatahi, S. (2017). An Invistagation Common Random Trends in Tehran Stock Price Index and Main Trade Partner. Journal of Financial Reaserch, 19(2), 281-298. (in Persian)
Shirafkan, M., Masoomzadeh, S., & Sayareh, M. (2017). Investigation of Convergence of Returns on Stock Markets in Iran. International Journal of Management, Innovation & Entrepreneurial Research, 3(1), 23-29.
Shirinbakhsh, S., Bazazan, F. & Zareei M. (2015). Evaluation of oil price shocks on stock market price. The Quarterly Journal Of Asset Management And Financing, 3(2), 15-32. (in Persian)
Stock, J. H., & Watson, M. W. (1998). Median unbiased estimation of coefficient variance in a time-varying parameter model. Journal of the American Statistical Association, 93(441), 349-358.
Yahya Zadefar, M., Aghajani, H. A., & Pakdin, A. (2011). Factors Affecting Stock Price Index with Fuzzy Approach in Tehran Stock Exchange. Daneshvar (Raftar) Management and Achievement, Shahed University, 1(47), 511-522. (in Persian)
)