问一道题：NO.PZ2016031201000017 [ CFA I ]

NO.PZ2016031201000017 问题如下 arbitrageur will most likely execute a tra when: A.transaction costs are low. B.costs of short-selling are high. C.prices are consistent with the lof one price. A is correct.Some arbitrage opportunities represent susmall priscrepancies ththey are only worth exploiting if the transaction costs are low. arbitrage opportunity mrequire short-selling assets costs theliminate any profit potential. If the lof one prihol, there is no arbitrage opportunity. 中文解析A，交易成本很低有利于套利。选A。B做空的成本很高不利于套利，因为成本高可能使得套利无利可图。C价格始终遵守一价原则，即默认价格始终是合理的，那么就不会出现不合理定价从而产生套利机会。 老师，连续几道关于一价原则的题目，我都做错了。可能是英文理解的问题。错点是，存在一价原则，或者价格坚持一价原则，就没有套利空间。那我想问，什么时候会选择一价原则呢？我经常理解，虽然一价原则是套利的结果，但是套利应该是基于一价原则才会发生的呀？

NO.PZ2016031201000017 问题如下 arbitrageur will most likely execute a tra when: A.transaction costs are low. B.costs of short-selling are high. C.prices are consistent with the lof one price. A is correct.Some arbitrage opportunities represent susmall priscrepancies ththey are only worth exploiting if the transaction costs are low. arbitrage opportunity mrequire short-selling assets costs theliminate any profit potential. If the lof one prihol, there is no arbitrage opportunity. 中文解析A，交易成本很低有利于套利。选A。B做空的成本很高不利于套利，因为成本高可能使得套利无利可图。C价格始终遵守一价原则，即默认价格始终是合理的，那么就不会出现不合理定价从而产生套利机会。 如上

NO.PZ2016031201000017 问题如下 arbitrageur will most likely execute a tra when: A.transaction costs are low. B.costs of short-selling are high. C.prices are consistent with the lof one price. A is correct.Some arbitrage opportunities represent susmall priscrepancies ththey are only worth exploiting if the transaction costs are low. arbitrage opportunity mrequire short-selling assets costs theliminate any profit potential. If the lof one prihol, there is no arbitrage opportunity. 中文解析A，交易成本很低有利于套利。选A。B做空的成本很高不利于套利，因为成本高可能使得套利无利可图。C价格始终遵守一价原则，即默认价格始终是合理的，那么就不会出现不合理定价从而产生套利机会。 请问为什么交易成本低有利于套利？

costs of short-selling are high. prices are consistent with the lof one price. A is correct. Some arbitrage opportunities represent susmall priscrepancies ththey are only worth exploiting if the transaction costs are low. arbitrage opportunity mrequire short-selling assets costs theliminate any profit potential. If the lof one prihol, there is no arbitrage opportunity. C项可否理解为，因为一价原则，最终两个市场的相同标的会收敛，所以才去做套利交易。