Can the Market Add and Subtract? Mispricing in Tech Stock Carve‐outs
研究发现美国科技股分拆中，母公司股价低于其应得子公司股份的价值，存在明显错误定价，但卖空限制使套利无法消除这一现象。
Recent equity carve-outs in U.S. technology stocks appear to violate a basic premise of financial theory: identical assets have identical prices. In our 19982000 sample, holders of a share of company A are expected to receive x shares of company B, but the price of A is less than x times the price of B. A prominent example involves 3Com and Palm. Arbitrage does not eliminate this blatant mispricing due to short-sale constraints, so that B is overpriced but expensive or impossible to sell short. Evidence from options prices shows that shorting costs are extremely high, eliminating exploitable arbitrage opportunities.