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| Tekijä: | Ackert, L.F. Tian, Y.S. |
| Otsikko: | Arbitrage and valuation in the market for Standard and Poor's Depositary Receipts |
| Lehti: | Financial Management
2000 : AUTUMN, VOL. 29:3, p. 71-88 |
| Asiasana: | ARBITRAGE STOCK MARKETS VALUATION |
| Kieli: | eng |
| Tiivistelmä: | This paper examines pricing in the market for depositary receipts, securities designed to track the performance of a stock index that trade like shares of stock. Arbitrage costs are low because assets have low fundamental risk, low transaction costs, and high dividend yields. The authors find that Standard and Poor's Depositary Receipts (SPDRs), or spiders, do not trade at economically significant discounts, unlike closed-end mutual fund shares. |
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