Event-driven strategies are not exposed to equity market beta risk.
这句话答案认为是不对的。解析如下
Event-driven strategies, such as merger arbitrage, tend to be exposed to some natural equity market beta risk. Overall market risk can potentially disrupt a merger’s consummation (though hedging may be possible). To the extent that deals are more likely to fail in market stress periods, event-driven merger arbitrage strategies have market sensitivity and left-tail risk attributes. Also, while event-driven strategies may have less beta exposure than simple, long-only beta allocations, the higher hedge fund fees effectively result in a particularly expensive form of embedded beta.
我没太看懂这段话是什么意思。合并并购套利不是面临的个股风险吗？为什么会有market beta risk，还有最后一句话说高费用导致了一个非常贵的嵌入式beta是什么意思？
