NO.PZ2019122802000020
问题如下：
Bern Zang is the chief investment officer of the Janson University Endowment Investment Office. The Janson University Endowment Fund (the “Fund”) is based in the United States and has current assets under
management of $10 billion, with minimal exposure to alternative
investments. Zang currently seeks to increase the Fund’s allocation to
hedge funds and considers four strategies: dedicated short bias, merger
arbitrage, convertible bond arbitrage, and global macro.
At a meeting
with the Fund’s board of directors, the board mandates Zang to invest
only in event-driven and relative value hedge fund strategies.
Determine, if Merger arbitrage is permitted given the board’s mandate. Justify your response.
解释：
A merger arbitrage hedge fund strategy is permiited to invest.
A merger arbitrage hedge fund strategy is an example of an event-driven strategy, which is permitted under the board’s mandate. Event-driven hedge fund strategies focus on corporate events, such as governance events, mergers and acquisitions, bankruptcy, and other key events for corporations. Merger arbitrage involves simultaneously purchasing and selling the stocks of two merging companies to create “riskless” profits.
并购套利对冲基金策略是事件驱动策略的一个例子，在董事会的授权下是允许的。 事件驱动的对冲基金策略侧重于公司事件，例如治理事件、并购、破产以及公司的其他关键事件。 合并套利涉及同时买卖两家合并公司的股票，以创造“无风险”的利润。
核心记得下面这个图
关于解析里面说合并套利可以获得riskless profit。这点觉得不太对呀，合并也有失败的时候，不是也有风险吗？
