Several years ago, just before Arco purchased the firm, Kennecott Copper Corporation had large amounts of marketable
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Several years ago, just before Arco purchased the firm, Kennecott Copper Corporation had large amounts of marketable securities as a consequence of receiving compensation for some overseas expropriations and other factors. For a period of time before Arco’s purchase, the market value of Kennecott was actually less than the market value of the marketable securities alone. Is this evidence of market inefficiency?
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