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。
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。
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。
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。
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