问一道题：NO.PZ2018062007000015 [ CFA I ]

NO.PZ2018062007000015 问题如下 Whiof the following is most likely to scriarbitrage? A.It is fficult to arbitrage when trang costs are high. B.arbitrage opportunities exist when the ability to buy ansell short the asset is low. C.arbitrage ctell investors the intrinstic value of asset. A is correct.Arbitrage opportunities exist when trang costs are low, aninvestors have high ability to buy ango short the asset.C is incorrebecause arbitrage cannot tell us the intrinstic value. Arbitrage is baseon a relative valuation metho whereintrinstic value is baseon absolute valuation metho低交易成本的情况下更容易出现套利机会，A正确；套利交易需要便利的做多和做空机制，B错误；套利不会告诉投资者资产的内在价值，因为套利取决于多空双方的相对价值，C错误。 B的中文意思是当买入或做空的能力很弱（也就是很难买入或卖空资产）时，市场存在套利机会。这个是错误的。套利交易需要的是很便利的买入和卖出的机制，应该是很强的ability，而不是很弱的ability。我的理解是很强的ability，套利行为增加，套利机会消失呀。就是因为弱，没有套利行为，才导致存在套利机会

NO.PZ2018062007000015问题如下Whiof the following is most likely to scriarbitrage?A.It is fficult to arbitrage when trang costs are high.B.arbitrage opportunities exist when the ability to buy ansell short the asset is low.C.arbitrage ctell investors the intrinstic value of asset. A is correct.Arbitrage opportunities exist when trang costs are low, aninvestors have high ability to buy ango short the asset.C is incorrebecause arbitrage cannot tell us the intrinstic value. Arbitrage is baseon a relative valuation metho whereintrinstic value is baseon absolute valuation metho低交易成本的情况下更容易出现套利机会，A正确；套利交易需要便利的做多和做空机制，B错误；套利不会告诉投资者资产的内在价值，因为套利取决于多空双方的相对价值，C错误。 B为什么不对呢，方便做空和做多，套利机会才更多啊。我觉得这个没有说只有能做多做空才能套利。只是说，做多做空的存在更方便套利。是对的

NO.PZ2018062007000015 问题如下 Whiof the following is most likely to scriarbitrage? A.It is fficult to arbitrage when trang costs are high. B.arbitrage opportunities exist when the ability to buy ansell short the asset is low. C.arbitrage ctell investors the intrinstic value of asset. A is correct.Arbitrage opportunities exist when trang costs are low, aninvestors have high ability to buy ango short the asset.C is incorrebecause arbitrage cannot tell us the intrinstic value. Arbitrage is baseon a relative valuation metho whereintrinstic value is baseon absolute valuation metho低交易成本的情况下更容易出现套利机会，A正确；套利交易需要便利的做多和做空机制，B错误；套利不会告诉投资者资产的内在价值，因为套利取决于多空双方的相对价值，C错误。 我觉得套利是可以挖掘标的的内在价格的，因为随着套利活动的进行，标的的市场价格会不断回归理性也就是公允价值，不会出现套利的情况时的价格也就是内在价值呀

老师 C 错在哪里呢？谢谢

题目说trang cost are high,答案说trang cost are low.两者有冲突。