例如mergers 一章书后第三题，书后答案认为不能降低这个公司股东的风险，因为股东可以直接购买不同行业的股票，这样成本更低，
First, Wilhelm says, “The merger of Modern Auto and Sky Systems will result in lower risk for our shareholders because of the diversification effect
(Institute 319)
The first statement is wrong because diversification by itself does not lower risk for shareholders. Investors can diversify very cheaply on their own by purchasing stocks of different companies (for example, a Modern Auto shareholder could purchase stocks of Sky Systems).
(Institute 327)
Institute, CFA. 2018 CFA Program Level II Volume 3 Corporate Finance. CFA Institute, 07/2017. VitalBook file.
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这个解释似乎有点牵强，教材中也写到了类似内容，直接来看，分散化投资降低了company风险，自然降低股东所持有的的投资组合的风险，股东有其他方式降低风险似乎不能作为否定这一命题的充分理由？
