Showing posts with label sino forest. Show all posts
Showing posts with label sino forest. Show all posts
Wednesday, September 28, 2011
Saturday, August 20, 2011
A Quick look at Sino Forest
Lots of talk about Sino Forest lately. Paulson, once an investor in the firm, appears to have gotten out. However Richard Chandler appears to have gotten in. Needless to say, there's been some turmoil in the shares, which happen to be dual listed in the US and Canada. Shares trade under the tickers SNOFF and TRE, and are listed in USD and CAD respectively. The following are built from trade-and-quote (TAQ) data recorded July 26, 2011.
The arbitrage relationship between the implied CAD value of the USD-listed shares and the real CAD-listed shares breaks momentarily during the open. This deviation from parity meant that the CAD shares could have been sold 15 cents above the relative value of USD shares.
Opening 5 Minutes
Opening 30 Minutes
Full Trading Day
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