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.
为什么不是Hedge？