Logic suggests that the effect should be arbitraged away .

逻辑表明这种套利效应会渐行渐远。

Theory suggests that the momentum effect should be quickly arbitraged away .

理论上来说，惯性效应应该很快就能套现。

The cost of a burger depends heavily on local inputs , such as rent and wages , which are not easily arbitraged across borders and tend to be lower in poorer countries .

汉堡的价格很大程度决定于本地的各项成本，如租金和工资，他们在不同国家之间的差价很难获取，而且越是贫穷的国家这些成本越是低廉。

Newly created equity tends to be arbitraged across global businesses .

新创造的股本往往被用来在全球企业之间套利。

A second puzzle is why the effect has not been arbitraged away .

第二个谜团是为什么该效应没有因为套利而消失。