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.
老师，请问套利不是应该自己没有成本的吗，可是题目里面体现是有成本的。
