unrelated source of alpha是什么，怎么理解

NO.PZ2022062601000024问题如下 Funfocuses on event-iven strategies. Especially focusing on situations where a company offers cash-for-stoor stock-for-stoquotes for the target company. Its strategy assumes ththe merger will fail or succee If the transaction is successful, the return on using morate leverage ranges from 5% to 10%. Equities are the main securities usein merger arbitrage strategies, but fun also uses convertible bon, options, ansenior anjunior bt. A common transaction is to hola long position in the target company ana short position in the acquiring party. Although the return target is not high, the appeto investors lies in the high Sharpe ratio associatewith the strategy.Whare the reasons why investors are most likely to inclu fun in their investment portfolios? A.Uncorrelatesourof alphaB.Capitstructure arbitrage of valuation vergenceC.Earn the illiquity premium associatewith the strategy A is correct. Merger arbitrage is a goounrelatesourof alphversification in various mergers, transactions, aninstries cfurther help hee against the risk of any transaction failure. Merger arbitrage es not utilize capitstructure vergenof invicompanies anis a relatively liquity strategy.知识点考察event-iven strategies。首先BCapitstructure arbitrage of valuation vergence从归类上不是Merger Arbitrage Strategy而是stresseSecurities的策略。而材料中提的都是merger相关事宜，所以B不选。 C由于merger如果流动性不好的话会影响买卖，所以要求流动性较好。 A是正确答案，而merger由于策略本身主要就是事件本身，很少受到宏观经济因素的影响，因此具有很好的分散化效果。所以A是对的。 讲义里写了MA策略有分散化效果，但别的答题说比如在市场不好时，MA很可能会失败，也就是说会受到市场贝塔的影响。为什么这道题是说MA就是事件本身，受市场宏观因素影响小，所以分散化好。这个逻辑没太理解。而且这个分散化好的问题，基础班课也没有太讲清楚，会混淆是多投资几家MA来做到分散化降低失败风险，还是MA策略作为alternative的HF投资本身与其他类投资的分散化效果。以及分散化是由于beta导致还是alpha导致。不知道强化班是否讲到，但基础班讲得这么浅我理解是考试根本不是重点吗？

NO.PZ2022062601000024 问题如下 Funfocuses on event-iven strategies. Especially focusing on situations where a company offers cash-for-stoor stock-for-stoquotes for the target company. Its strategy assumes ththe merger will fail or succee If the transaction is successful, the return on using morate leverage ranges from 5% to 10%. Equities are the main securities usein merger arbitrage strategies, but fun also uses convertible bon, options, ansenior anjunior bt. A common transaction is to hola long position in the target company ana short position in the acquiring party. Although the return target is not high, the appeto investors lies in the high Sharpe ratio associatewith the strategy.Whare the reasons why investors are most likely to inclu fun in their investment portfolios? A.Uncorrelatesourof alph B.Capitstructure arbitrage of valuation vergen C.Earn the illiquity premium associatewith the strategy A is correct. Merger arbitrage is a goounrelatesourof alphversification in various mergers, transactions, aninstries cfurther help hee against the risk of any transaction failure. Merger arbitrage es not utilize capitstructure vergenof invicompanies anis a relatively liquity strategy.知识点考察event-iven strategies。首先BCapitstructure arbitrage of valuation vergence从归类上不是Merger Arbitrage Strategy而是stresseSecurities的策略。而材料中提的都是merger相关事宜，所以B不选。 C由于merger如果流动性不好的话会影响买卖，所以要求流动性较好。 A是正确答案，而merger由于策略本身主要就是事件本身，很少受到宏观经济因素的影响，因此具有很好的分散化效果。所以A是对的。 助教你好我可以判断出题干描述的是merger strategy；根据基础班讲义，我也知道merger strategy ca goouncorrelatesourof alpha；我也明白解析说merger由于策略本身主要就是事件本身，很少受到宏观经济因素的影响，因此具有很好的分散化效果”。我的疑问在于题干哪一句话可以得出A是正确的呢？是这句“ fun also uses convertible bon, options, ansenior anjunior bt” 吗？可是这句跟基础班讲义上的句子似乎又没关联。讲义上关于分散化的那句是说在多个mergers, als, instries之间做分散化。谢谢🙏

NO.PZ2022062601000024 Capitstructure arbitrage of valuation vergenEarn the illiquity premium associatewith the strategy A is correct. Merger arbitrage is a goounrelatesourof alphversification in various mergers, transactions, aninstries cfurther help hee against the risk of any transaction failure. Merger arbitrage es not utilize capitstructure vergenof invicompanies anis a relatively liquity strategy. 知识点考察event-iven strategies。 首先BCapitstructure arbitrage of valuation vergence从归类上不是Merger Arbitrage Strategy而是stresseSecurities的策略。而材料中提的都是merger相关事宜，所以B不选。 C由于merger如果流动性不好的话会影响买卖，所以要求流动性较好。 A是正确答案，而merger由于策略本身主要就是事件本身，很少受到宏观经济因素的影响，因此具有很好的分散化效果。所以A是对的。 能够下B和谢谢

NO.PZ2022062601000024 问题如下 Funfocuses on event-iven strategies. Especially focusing on situations where a company offers cash-for-stoor stock-for-stoquotes for the target company. Its strategy assumes ththe merger will fail or succee If the transaction is successful, the return on using morate leverage ranges from 5% to 10%. Equities are the main securities usein merger arbitrage strategies, but fun also uses convertible bon, options, ansenior anjunior bt. A common transaction is to hola long position in the target company ana short position in the acquiring party. Although the return target is not high, the appeto investors lies in the high Sharpe ratio associatewith the strategy.Whare the reasons why investors are most likely to inclu fun in their investment portfolios? A.Uncorrelatesourof alph B.Capitstructure arbitrage of valuation vergen C.Earn the illiquity premium associatewith the strategy A is correct. Merger arbitrage is a goounrelatesourof alphversification in various mergers, transactions, aninstries cfurther help hee against the risk of any transaction failure. Merger arbitrage es not utilize capitstructure vergenof invicompanies anis a relatively liquity strategy.知识点考察event-iven strategies。首先BCapitstructure arbitrage of valuation vergence从归类上不是Merger Arbitrage Strategy而是stresseSecurities的策略。而材料中提的都是merger相关事宜，所以B不选。 C由于merger如果流动性不好的话会影响买卖，所以要求流动性较好。 A是正确答案，而merger由于策略本身主要就是事件本身，很少受到宏观经济因素的影响，因此具有很好的分散化效果。所以A是对的。 我的理解是 策略的执行方法都是一样的 并且convertible bon略还从属于capitstructure; 都是做多债权, 做空股权 赚套利;如此, b无问题