Chín mươi giây đầu tiên của thời kỳ thanh toán sẽ được sử dụng để giám sát mức độ lây lan. Giá thanh toán sẽ được xác định trong 30 giây cuối cùng của giai đoạn giải quyết, theo các tiêu chí sau đây: a. Giá giao dịch duy nhất trong ba mươi giây cuối cùng sẽ là giá thanh toán. b. | Restrictions on Short Selling and Exploitable Opportunities for Investors 69 Notice for the uninformed investors to set the price in this case there must be a very large number of uninformed investors. If the purchasing power of the informed investors is greater than the market value of the stock the informed investors will set the price. In the above example of a company with 100 million shares if each informed investor purchases a round lot 100 shares the uninformed investors can only set the price if there are less than a million informed investors. With the average being 1 000 shares allowing for institutions 100 000 investors are Notice that the more shares the average informed investors are willing to purchase on average the smaller the number of informed investors that are needed to eliminate the underpricing. If the informed investors will purchase an average of 1 000 shares it takes only 100 000 to eliminate the underpricing. Of course the more extreme the underpricing the greater the potential returns. The greater the potential returns the greater the proportion of his wealth an investor will commit to an investment opportunity. Increasing the proportion of wealth committed to an opportunity reduces the number of investors who can recognize an undervaluation before it is eliminated. In the extreme one investor with sufficient resources could act on an idea by taking over the company and eliminate the underinvestment. Thus it is very unlikely there will be grossly undervalued stocks that can be easily recognized. As discussed below this suggests a strategy of trying to win not by searching for grossly undervalued stocks but by trying to identify and avoid the overpriced ones. The case for this strategy is made stronger when it is realized that while good information is readily disseminated there are obstacles to the dissemination of negative information. Informational Considerations In considering the likelihood of a hundred thousand people being
