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Business Objects Company shares trade on the Paris Bourse as common shares and on NASDAQ as American Depository Receipts (ADRs). One ADR of the Company's Business Objects corresponds to one vote on the Paris Stock Exchange. Suppose investor A just bought 100 shares of Business Object on the Paris stock market for 25 EUR. Then, investor B enters into the NASDAQ electronic trading system a limit to buy 100 Business Object shares at a price of 25.5 EUR. The ADR price listed by the NASDAQ dealer is $23.90 – 24.45. The winning exchange rate is 0.96 USD/EUR. Suppose some unexpected information appears showing that the value (purchase price) of the Business Objects trading stock is reasonable lower at 21 EUR. Assuming the bonus rate does not change, calculate the number of errors per investor on the Paris Bourse and NASDAQ

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