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。
That may be one reason why the momentum effect has not been arbitraged away: it can go horribly wrong.
这可能是势头效应没有被套利的原因之一：势头有可能变得特别糟糕。
The first was the bank's focus on traders' net exposure, the difference between the portfolios that are being arbitraged.
首先兴业的注意力集中在交易员的净暴露上，即被套利的交易组合之间的差值。
If China were to loosen controls on foreign investors trading in Shanghai and on domestic investors trading abroad, any differential could be arbitraged away.
如果中国放松对外国投资者在上海股市交易的控制，并允许国内投资者在境外交易，套利交易会让所有价差不复存在。
The price of a burger depends heavily on local inputs such as rent and wages, which are not easily arbitraged across borders and tend to be lower in poorer countries.
一块汉堡的价格在很大程度上取决于租金和工资等当地投入，它们不会轻易地遭到跨国套汇，而且在穷国的水平则更加低下。
Increasingly, it looks as if today’s significant regional price differences will be arbitraged away, and that gas could become as fungible and as widely traded as oil.
现在日益可以看出市场上显著的地域价格差将不复存在。并且，天然气可以像石油一样可替代并用来广泛交易。
From the truism that the average investor could not beat the market after costs, academics developed the insight that obvious market-beating opportunities would quickly be arbitraged away.
老生常谈是，由于后续成本存在，普通投资者无法击败市场。研究机构由此得出观点，明显的击败市场的机会将很快会被套利耗尽。
Of course, efficient market theorists could retreat to higher ground by arguing a rally would just be one of those temporary, over-shooting events and prices will be arbitraged down in a while.
当然，有效市场理论也可以安然退却，方法是指出这次恢复仅仅是暂时性的，调节过度的价格将在稍后被套利交易拉下来。
Of course, efficient market theorists could retreat to higher ground by arguing a rally would just be one of those temporary, over-shooting events and prices will be arbitraged down in a while.
当然，有效市场理论也可以安然退却，方法是指出这次恢复仅仅是暂时性的，调节过度的价格将在稍后被套利交易拉下来。
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