问题如下：
Jason Schmidt works for a hedge fund and he specializes in finding profit opportunities that are the result of inefficiencies in the market for convertible bondsbonds that can be converted into a predetermined amount of a company’s common stock. Schmidt tries to find convertibles that are priced inefficiently relative to the underlying stock. The trading strategy involves the simultaneous purchase of the convertible bond and the short sale of the underlying common stock. The above process could best be described as:
选项：
A. hedging.
B. arbitrage.
C. securitization.
解释：
B is correct.
The process can best be described as arbitrage because it involves buying and selling instruments, whose values are closely related, at different prices in different markets.
难道hedging不是同时的嘛？同时买可转换债券和卖空股票，不是在对冲风险吗 比如股票价格跌了，我就不转换成股票，买空股票赚钱 为什么这里说同时这个词出现，就一定要选套利 套利应该是同一个物品在不同的市场有不同的价格，而这里涉及到不同的价格了吗？没有啊，股票依然是股票的价格