The third step is to recognize reflexivity, which means that the mispricing of financial instruments can affect the fundamentals that market prices are supposed to reflect.

第三步是认识到自反性——也就是金融工具的定价错误可以影响到市场价格应该反应的市场的根本。

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"The problem here is that the undervalued currency sends a mispricing signal to the market," he said.

他说：“问题是，货币估值偏低向市场发出了一个错误的标价信号。”

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The presence of mispricing is not conducive to the realization of market price discovery.

错误定价的存在不利于市场的价格发现功能实现。

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Stock market mispricing induces the controlling shareholder to sell overpriced equity, subsequently diverting resources to his benefit.

FORBES: Do Inefficient Stock Markets Drive Bad Corporate Governance?

Motivated by the growing literature studying the effects of stock market mispricing on firm behaviour (see for example Stein 1996, Shleifer and Vishny 2003, and Baker 2009), we develop a simple framework for thinking about how stock market mispricing can offset agency costs and induce controlling shareholders to raise outside equity.

FORBES: Do Inefficient Stock Markets Drive Bad Corporate Governance?

Beyond the aforementioned attractiveness of ICON as a standalone company, we feel that the market is currently severely mispricing ICON and that this represents substantial upside potential in the near term.

FORBES: William and Mary's Iconic Stock Pitch