问题如下：
Convertible bonds is a kind of bond that can be converted into a predetermined amount of a company’s common stock. Tim, an analyst of a hedge fund, specializes in finding profit opportunities that convertible bonds are priced inefficiently relative to the underlying stock. The simultaneous purchase of the convertible bond and the short sale of the underlying common stock are be involved by the trading strategy. Which of the following statements is correct?
选项：
A.The above process could be best described as hedging.
B.The above process could be best described as arbitrage.
C.The above process could be best described as securitization.
解释：
B is correct.
The above process could be best described as arbitrage, because the trading strategy involves buying and selling financial instruments. The instruments' value are closely related and have the different pricing in different markets.
选这个答案没有疑问
但这个策略的逻辑不太明白，可以这样理解吗：可以通过convertible bond行权以低于市场价的价格得到股票，所以与此同时可以做空该股票，随后用低于市场价的价格买入股票还回去之后，还可以赚到股票的价差？
