来自《耶鲁大学开放课程：金融市场 第14集 第14集》
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that have two different classes of stock两支不同的股票 -
that are economically identical.但是这两只股票在经济意义上完全相同 -
Royal Shell used to have Dutch shares皇家壳牌曾经在荷兰发行过股份 -
that traded in Holland and U.K. Shares traded in London.也在伦敦发行过股份 -
Economically identical,经济意义上两者完全相同 -
but their prices would fluctuate and fairly dramatically.但价格却有波动和极大的差别变化 -
In '98, I forget which way,98年 我忘了是哪一边 -
but one of the share classes was at a 20% discount to the other价格比另一方少了百分之二十 -
and that persisted for several years,而且这一情况持续数年 -
so you have economically identical things经济意义上一样的东西 -
trading at different prices.却以不同的价格交易 -
You have closed end funds,再比如封闭式基金