| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w8302 |
| 来源ID | Working Paper 8302 |
| Can the Market Add and Subtract? Mispricing in Tech Stock Carve-Outs | |
| Owen A. Lamont; Richard H. Thaler | |
| 发表日期 | 2001-05-01 |
| 出版年 | 2001 |
| 语种 | 英语 |
| 摘要 | Recent equity carve-outs in US technology stocks appear to violate a basic premise of financial theory: identical assets have identical prices. In our 1998-2000 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 these 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. |
| 主题 | Financial Economics ; Financial Markets |
| URL | https://www.nber.org/papers/w8302 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/565900 |
| 推荐引用方式 GB/T 7714 | Owen A. Lamont,Richard H. Thaler. Can the Market Add and Subtract? Mispricing in Tech Stock Carve-Outs. 2001. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w8302.pdf（224KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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