问一道题：NO.PZ2019122802000013

NO.PZ2019122802000013 问题如下 Yankel Stein is the chief investment officer of a large charitable fountion basein the UniteStates. Although the fountion hsignificant exposure to alternative investments anhee fun, Stein proposes to increase the fountion’s exposure to relative value hee funstrategies. part of Stein’s e ligenon a hee funengaging in convertible bonarbitrage, Stein asks his investment analyst to summarize fferent risks associatewith the strategy.scrihow Short selling ccreate concerns for Stein’s proposehee funstrategy. SinHee Fun1 employs a convertible arbitrage strategy, the funbuys the convertible bonantakes a short position in the unrlying security. When short selling, shares must locateanborrowe a result, the stoowner mwant his/her shares returnea potentially inopportune time, suring stoprirun-ups or when supply for the stois low or manfor the stois high. This situation, particularly a short squeeze, cleto substantilosses ana suenly unbalanceexposure if borrowing the unrlying equity shares becomes too fficult or too costly for the arbitrageur.股票所有者可能希望他/她的股票在可能不合时宜的时间归还，这可能会导致空头挤压，如果借入基础股票变得太困难或对套利者来说成本太高，则可能导致重大损失和突然不平衡的风险敞口。 如题

NO.PZ2019122802000013 问题如下 Yankel Stein is the chief investment officer of a large charitable fountion basein the UniteStates. Although the fountion hsignificant exposure to alternative investments anhee fun, Stein proposes to increase the fountion’s exposure to relative value hee funstrategies. part of Stein’s e ligenon a hee funengaging in convertible bonarbitrage, Stein asks his investment analyst to summarize fferent risks associatewith the strategy.scrihow Short selling ccreate concerns for Stein’s proposehee funstrategy. SinHee Fun1 employs a convertible arbitrage strategy, the funbuys the convertible bonantakes a short position in the unrlying security. When short selling, shares must locateanborrowe a result, the stoowner mwant his/her shares returnea potentially inopportune time, suring stoprirun-ups or when supply for the stois low or manfor the stois high. This situation, particularly a short squeeze, cleto substantilosses ana suenly unbalanceexposure if borrowing the unrlying equity shares becomes too fficult or too costly for the arbitrageur.股票所有者可能希望他/她的股票在可能不合时宜的时间归还，这可能会导致空头挤压，如果借入基础股票变得太困难或对套利者来说成本太高，则可能导致重大损失和突然不平衡的风险敞口。 老师好 1）这题目如果把 short squeeze,cret issue antime c都回答上去， 可以吗？ 还是因为这里只问了short sell 所以就只要回答short squeeze 这个concern就可以了？ 2) cret issues 是否是问bonansto的concern的时候回答用的？ 3） time c主要是针对convertible bon里embeecall option 的是吗？谢谢。

NO.PZ2019122802000013问题如下Yankel Stein is the chief investment officer of a large charitable fountion basein the UniteStates. Although the fountion hsignificant exposure to alternative investments anhee fun, Stein proposes to increase the fountion’s exposure to relative value hee funstrategies. part of Stein’s e ligenon a hee funengaging in convertible bonarbitrage, Stein asks his investment analyst to summarize fferent risks associatewith the strategy.scrihow Short selling ccreate concerns for Stein’s proposehee funstrategy. SinHee Fun1 employs a convertible arbitrage strategy, the funbuys the convertible bonantakes a short position in the unrlying security. When short selling, shares must locateanborrowe a result, the stoowner mwant his/her shares returnea potentially inopportune time, suring stoprirun-ups or when supply for the stois low or manfor the stois high. This situation, particularly a short squeeze, cleto substantilosses ana suenly unbalanceexposure if borrowing the unrlying equity shares becomes too fficult or too costly for the arbitrageur.股票所有者可能希望他/她的股票在可能不合时宜的时间归还，这可能会导致空头挤压，如果借入基础股票变得太困难或对套利者来说成本太高，则可能导致重大损失和突然不平衡的风险敞口。 老师，请问为什么只需要回到short squeeze 而不用回答cret issues 和time cay? 不需要回答全面3个risk吗？

NO.PZ2019122802000013 如题。

NO.PZ2019122802000013 Convertible bonarbitrage nee thbonprices changes anoption’s prices changes have the same rection. If there is a fferent changing trenng between bonprianoption price, the portfolio manager woulsufferefrom a big losses.