he already had in fuis 3. Business Objects trades on the Paris Bourse as ordinary shares and on the American Depositary Receipts (ADRs). One ADR of Business Objets corresponds to one share on the Paris Bourse. Suppose the last transaction of Business Objects on the Paris Bourse was a 25. An investor then entered on the French electronic trading system a leit onder to purchase Business Oljenis shares at 21. The ADR price quoted by a NASDAQ dealer is $23.90-24.45. The exchange rase is $0.96/. Suppose that some univorable information suddenly arrives that suggests that a lower price of Dis Objets shares at 21 would be fair. Assuming that the exchange rate has not changed, dhom which parties stand to lose on the Paris Boune and on NASDAQ yees must provide special