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H_Y239 · 2021年10月05日

为什么是无风险利润

NO.PZ2019122802000020

问题如下:

Bern Zang is the chief investment officer of the Janson University Endowment Investment Office. The Janson University Endowment Fund (the “Fund”) is based in the United States and has current assets under management of $10 billion, with minimal exposure to alternative investments. Zang currently seeks to increase the Fund’s allocation to hedge funds and considers four strategies: dedicated short bias, merger arbitrage, convertible bond arbitrage, and global macro.
At a meeting with the Fund’s board of directors, the board mandates Zang to invest only in event-driven and relative value hedge fund strategies.

Determine, if Merger arbitrage is permitted given the board’s mandate. Justify your response.

解释:

A merger arbitrage hedge fund strategy is permiited to invest.

A merger arbitrage hedge fund strategy is an example of an event-driven strategy, which is permitted under the board’s mandate. Event-driven hedge fund strategies focus on corporate events, such as governance events, mergers and acquisitions, bankruptcy, and other key events for corporations. Merger arbitrage involves simultaneously purchasing and selling the stocks of two merging companies to create “riskless” profits.

并购套利对冲基金策略是事件驱动策略的一个例子,在董事会的授权下是允许的。 事件驱动的对冲基金策略侧重于公司事件,例如治理事件、并购、破产以及公司的其他关键事件。 合并套利涉及同时买卖两家合并公司的股票,以创造“无风险”的利润。

核心记得下面这个图


关于解析里面说合并套利可以获得riskless profit。这点觉得不太对呀,合并也有失败的时候,不是也有风险吗?
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伯恩_品职助教 · 2021年10月08日

嗨,从没放弃的小努力你好:


所以这里打了引号啊,这里其实前提是确定性很强,就是比如肯定合并,那么这个用merger arbitrary就是无风险收益了,

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NO.PZ2019122802000020 问题如下 Bern Zang is the chief investment officer of the Janson University Enwment Investment Office. The Janson University Enwment Fun(the “Fun) is basein the UniteStates anhcurrent assets unr management of $10 billion, with minimexposure to alternative investments. Zang currently seeks to increase the Funs allocation to hee fun anconsirs four strategies: cateshort bias, merger arbitrage, convertible bonarbitrage, anglobmacro.a meeting with the Funs boarof rectors, the boarmantes Zang to invest only in event-iven anrelative value hee funstrategies.termine, if Merger arbitrage is permittegiven the boars mante. Justify your response. A merger arbitrage hee funstrategy is permiiteto invest.A merger arbitrage hee funstrategy is example of event-iven strategy, whiis permitteunr the boars mante. Event-iven hee funstrategies focus on corporate events, sugovernanevents, mergers anacquisitions, bankruptcy, another key events for corporations. Merger arbitrage involves simultaneously purchasing anselling the stocks of two merging companies to create “riskless” profits.并购套利对冲基金策略是事件驱动策略的一个例子,在董事会的授权下是允许的。 事件驱动的对冲基金策略侧重于公司事件,例如治理事件、并购、破产以及公司的其他关键事件。 合并套利涉及同时买卖两家合并公司的股票,以创造“无风险”的利润。核心记得下面这个图 a meeting with the Funs boarof rectors, the boarmantes Zang to invest only in event-iven anrelative value hee funstrategies.即event-iven和relative value strategies同时满足的意思? 感觉怪怪的

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NO.PZ2019122802000020 请问这一题是怎么判断能不能投资的?

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NO.PZ2019122802000020 您好 如果是简答题 可以只回答一句话吗 还是有什么套路可以遵循。

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