NO.PZ2016031202000007
问题如下:
Which of the following is not a result of arbitrage?
选项:
A.Convergence of prices.
B.Market efficiency.
C.The law of similar prices.
解释:
C is correct. Arbitrage forces the prices to converge, thus market efficiency improves. The law of one price is the result of arbitrage, not the law of similar prices.
中文解析:
套利迫使价格趋同,从而提高了市场效率。A和B的表述是对的。
law of one prices是套利的结果,而不是law of similar prices。C表述错误
题干要去选错误的表述,选C
A说的价格趋同, C说的定义是未来现金流相同两个asset有同样价格所以叫One price law
这两个看上去说的是同一个事情吧?