New Evidence on the Value Additivity Principle
利用1912年标准石油公司证券的定价数据，检验金融资产的价值可加性原则，发现该原则虽不适用于日常价格，但能准确描述平均市场价值，且组合价值呈现快速收敛的调整行为。
This paper tests the Value Additivity Principle (VAP) of financial assets with the pricing of Standard Oil securities in 1912. The results are somewhat mixed: the VAP does not generally describe the daily prices of equivalent Standard Oil portfolios, but it accurately describes their average market values; and the portfolio values display convergent adjustment behavior that tends to equalize them quite rapidly. On balance, these findings are consistent with the VAP.