A previously unknown pricing anomaly existed for a few years in the late 1840s in the British government bond market, in which the larger and more liquid of two very large bonds was underpriced. None of the published mechanisms explains this phenomenon. It may be related to another pricing anomaly that existed for much of the nineteenth century in which terminable annuities were significantly underpriced relative to so-called ‘perpetual’ annuities that dominated the government bond market. The reasons for these mispricings seem to lie in the early Victorian culture, since the basic economic incentives as well as laws and institutions were essentially the familiar modern ones. This provides new perspectives on the origins and nature of modern corporate capitalism.

中文翻译：

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维多利亚时代早期的新市场效率低下

1840 年代后期，英国政府债券市场存在几年前不为人知的定价异常现象，其中两个非常大的债券中规模更大、流动性更强的债券被低估了。已发表的机制都没有解释这种现象。这可能与存在于 19 世纪大部分时间的另一种定价异常有关，在这种情况下，与主导政府债券市场的所谓“永久”年金相比，可终止年金的定价明显偏低。这些错误定价的原因似乎在于早期的维多利亚文化，因为基本的经济激励措施以及法律和制度本质上都是熟悉的现代政策。这为现代企业资本主义的起源和性质提供了新的视角。