The answer is that in the presence of transaction costs, the formal authority of company decision-making may solve bargaining problems better inside the firm than market trading outside.
答案在于，在有交易成本的情况下，与外部的市场交易相比，公司决策的正式权力也许能够更好地解决议价问题。
But along the edges, the firm has been looking for short-term trading opportunities in a more predictable place: the stock market.
但是，沿着这种优势，该公司已经在一种相对更容易预测的市场——股票市场寻找短线交易机会。
There are still some anomalies such as small-firm effect, time effect, Book-to-market effect, momentum trading strategy and contrary investment strategy.
存在着像规模效应、时间效应、价值效应、惯性策略与反转策略等诸多异常现象。
There are still some anomalies such as small-firm effect, time effect, Book-to-market effect, momentum trading strategy and contrary investment strategy.
存在着像规模效应、时间效应、价值效应、惯性策略与反转策略等诸多异常现象。
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