NO.PZ2015122802000017
问题如下:
Jason Schmidt works for a hedge fund and he specializes in finding profit opportunities that are the result of inefficiencies in the market for convertible bondsbonds that can be converted into a predetermined amount of a company’s common stock. Schmidt tries to find convertibles that are priced inefficiently relative to the underlying stock. The trading strategy involves the simultaneous purchase of the convertible bond and the short sale of the underlying common stock. The above process could best be described as:
选项:
A.hedging.
B.arbitrage.
C.securitization.
解释:
B is correct.
The process can best be described as arbitrage because it involves buying and selling instruments, whose values are closely related, at different prices in different markets.
考点:Intermediaries Of Financial Market
本题说的是Jason Schmidt就职于一家对冲基金,他擅长寻找可转换债券市场价格缺乏有效性所带来的投机机会。Jason Schmidt试图找到定价不合理的可转债。具体交易策略为同时购买可转换债券和卖空基础资产-股票。请问上述投资过程可以最好地描述为?B套利是正确的。
arbitrage是基于一价定律的,相同的产品应该卖相同的价格。请抓住题干给出的这种策略的关键词“simultaneous”. 同时在不同时市场买卖定价不一致的资产来获取收益,这说的是套利。
具体说下本题,一价定律告诉我们可转债和其可以转换成的股票价格应该是一样的,如果两者价格不同就出现套利原则。比如可转债便宜马上换成股票,另一边股票卖的贵,那就借来股票卖出(short sale 卖空),然后把可转债转换的股票还回去,就可以赚得股票和可转债的差价。
A 对冲交易,错。因为对冲的目的是为了规避风险而不是“finding profit opportunities”。另外对冲针对的是已有头寸。打个比方,种植小麦的农场主,担心未来丰收时小麦价格下跌,那么就在市场购买一份小麦价格下跌会带来收益的投资。这才叫对冲,它对冲的是未来小麦真的下跌时的风险。此外,hedging和hedge fund是两码事,对冲基金做的事儿不是对冲(hedging 的目的是规避风险),而对冲基金是加杠杆交易(承担更高的风险)。
C资产证券化,这一看就是凑选项的。
套利和对冲的区别是什么? 套利是本来该买一样价格的东西卖的不一样。对冲呢