问题如下：
3. Are Wilhelm’s two statements about his shareholders benefiting from the diversification effect of the merger and about the increase in the stock price, respectively, correct?
选项：
解释：
A is correct.
Both of the statements by Wilhelm are wrong.
The first statement is wrong because diversification by itself does not lower risk for shareholders. Investors can diversify very cheaply on their own by purchasing stocks of different companies (for example, a Modern Auto shareholder could purchase stocks of Sky Systems).
The second statement is also wrong. The P/E ratio will not necessarily remain the same following the merger and is more likely to decline. The pre-merger P/E for Modern Auto is 40/2.50 = 16. After the merger, the EPS would be $130 million/49.375 million shares, or 2.6329. The post-merger P/E will probably fall to 40/2.6329 = 15.19.
请问老师第一个statement说分散化降低风险，为什么是错的呢，diversification就是可以通过分散化降低风险。这里并未要求和股东自行购买股票的diversification效果做比较，只是判断降低风险这个说法，请问为什么就不对呢？是课件中哪个知识点吗？麻烦指点下，谢谢
