Foreign Exchange Restrictions and the Law of One Price
探讨外汇管制如何影响一价定律在跨国资产定价中的成立，对研究国际投资套利和汇率调整的学者有参考价值。
In recent years there has been a great deal of attention paid to the possible size and nature of the benefits from international asset investment on the part of financial managers. One aspect of the growth of financial and real international investment is that, in equilibrium, the prices of a homogeneous asset sold in different national locations should be the same after appropriate adjustment for exchange rates (see [2], [3] and [4], for example). This so-called of one price implies that if these prices are not equalized, a group of well-financed investment managers could make a risk-free (arbitrage) profit by buying assets in the low-priced country and selling them in the highpriced country. A direct corollary of this law is that in a frictionless world homogeneous financial assets, such as the stocks of large U.S. corporations, should trade at the same prices domestically and internationally after adjustment for exchange rates and transaction costs.