Anomalies: The Law of One Price in Financial Markets
研究指出金融市场中一价定律存在多种违背案例，如封闭式国家基金、双股公司等，并分析其根源在于理性套利者的干预受限。
The Law of One price states that identical goods (or securities) should sell for identical prices. In financial markets the law of one price is thought to hold almost exactly, and is the basis for much of financial economic theory. We present evidence on several examples of violations of this law, including closed-end country funds, twin shares, dual class shares, and corporate spinoffs. We analyze the causes of these violations, and show they all stem from some limits on the extent to which rational arbitrageurs can intervene.