Rieger, Jörg; Rüchardt, Kirsten; Vogt, Bodo - Fakultät für Wirtschaftswissenschaft, … - 2011
This paper investigates both the no-arbitrage condition and the efficiency of financial markets by comparing two stock … clustering on both exchanges, thus violating the no-arbitrage condition. We propose a trading strategy that exploits these … conclude that simulations based on the no-arbitrage condition are not consistent with our empirical observations. …