Logic suggests that the effect should be arbitraged away.

逻辑表明这种套利效应会渐行渐远。

A second puzzle is why the effect has not been arbitraged away.

第二个谜团是为什么该效应没有因为套利而消失。

In efficient markets, such an anomaly should be arbitraged away.

在有效市场中，这种异常情况理应被判出局。

Newly created equity tends to be arbitraged across global businesses.

新创造的股本往往被用来在全球企业之间套利。

Nevertheless, it is still a puzzle why such a glaring anomaly has not been arbitraged away.

不过，人们仍然疑惑为什么人人 可辨 的市场超常没有被套利呢。