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 markettrading outside.
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。
3
There are still some anomalies such as small-firm effect, time effect, Book-to-market effect, momentum trading strategy and contrary investment strategy.