NO.PZ201601200500004503
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.
答案最后一句：The post-merger P/E will probably fall to 40/2.6329 = 15.19.
请问，虽然是要对比merge之前之后的P/E，以否定他原文中说P/E不变，但答案里为什么可以假设merge前后price没变，直接用merge之前的price = 40，来求post-merge P/E？Merge这种重大事件不都会影响股价吗？
