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| Author: | Rosenthal, L. Young, C. |
| Title: | The seemingly anomalous price behavior of Royal Dutch/ Shell and Unilever N.V./ PLC |
| Journal: | Journal of Financial Economics
1990 : JUL, VOL. 26:1, p. 123-141 |
| Index terms: | SECURITIES PRICES |
| Language: | eng |
| Abstract: | Two Anglo-Dutch groups are examined the shares of whose parents trade on several international exchanges. Within each group, the parents' corporate charters mandate the division of cash flows available for distribution. This implies a specific ratio for the market prices of their securities. Persistent deviations from these ratios are documented on both the New York and London exchanges. The direction and magnitude of the mispricing are common to both pairs of stocks and both markets. Nevertheless, no evidence is found of profitable intra- or intermarket trading rules. |
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