⁴This could occur because the acquirer is unlikely to be a monolithic entity making completely rational decisions; instead, it is likely to be an institution (e.g., the Ministry of Defense of a nation, or the risk management division of a company) exhibiting internal principal-agent problems and other organizational considerations. For example, it may be beneficial to an individual within the organization to price an ARS lower than its true value to receive short-term commendation for lowering risk management expenditures.