NO.PZ2016031201000018
问题如下：
An arbitrage transaction generates a net inflow of funds:
选项：
A.throughout the holding period.
B.at the end of the holding period.
C.at the start of the holding period.
解释：
C is correct.
Arbitrage is a type of transaction undertaken when two assets or portfolios produce identical results but sell for different prices. A trader buys the asset or portfolio with the lower price and sells the asset or portfolio with the higher price, generating a net inflow of funds at the start of the holding period. Because the two assets or portfolios produce identical results, a long position in one and short position in the other means that at the end of the holding period, the payoffs offset. Therefore, there is no money gained or lost at the end of the holding period, so there is no risk.
中文解析：
套利是对产生同样收益但价格不同的但个资产采取低买高卖的行为。
这一行为发生在持有期期初，对投资者产生了正的持有期收益。
在投资期末，因为两个资产收益相同，可以相会抵消，所以不存在风险。
老师好，看了其他的解答，不太明白老师说的这句“它的意思是，两个资产A和B在期末有相同的payoff，但期初的价格不一样，这样就可以套利。”，题中并没有提到期末有相同的payoff，是所有逃离都是假设期末payoff相同吗？而且基础课中老师提到的都是使期初价格相同，没有提到过期末payoff相同
