The policies are preferential ones, resulting in pooling equilibrium of the financial reports from the corporations, and further causing inefficiency of stock market.

配股政策是一种优惠政策，造成了公司业绩披露的混同均衡，进而造成市场效率的下降。

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Preferential treatment on stock, Americans learned, was routine as certain clients on Morgan's "preferred list" were given the best offers.

CNN: Commentary: Investigate Wall Street