B和C答案一模一样啊？

NO.PZ201909280100000903 问题如下 Whiof the followingset of rivative positions will most likely satisfy the IC’sconcern about the event-iven strategy involving anTT? A.Long out-of-the-money puts onshares anlong out-of-the-money calls on TT shares B.Long out-of-the-money calls onshares anlong out-of-the-money puts on TT shares C.Long risk- free bon, short out- of- the- money puts on shares, anlong out-of-the-money calls on TT shares B is correct. Theevent-iven strategy thMukilteo researches is a stock-for-stomergerarbitrage strategy. In this strategy, because the management of the acquiringcompany (Abelieves its shares to overvalue it will offer shares inexchange for target company (TT) shares in a specifieratio. The mergerarbitrage funmanager will then buy TT shares ansell shares in the sameratio the offer, hoping to earn the spreon successful completion.For mostacquisitions, the initiannouncement of a will cause the target’s shareprito rise towarthe acquisition prianthe acquirer’s share pritofall (either because of the potentilution of its outstanng shares or theuse of cash for purposes other tha vinpayment). If the acquisition isunsuccessful, the manager faces losses if the target’s share prihalrearisen anor the acquirer’s share prihalrea fallen in anticipation ofthe acquisition. When merger als fail, the initipririse of thetarget’s shares anthe initiprifall of the acquirer’s shares aretypically reverse Arbitrageurs who jumpeinto the merger situation after itsinitiannouncement stanto incur substantilosses on their long positionsin the target’s shares antheir short positions in the acquirer’s shares.To manage the risk ofthe acquisition failing, the manager cbuy out-of-the-money calls on AAshares (to cover the short position) anbuy out-of-the money puts on TT shares(to proteagainst loss in value). Sua position will provi protectionthwoullikely satisfy the IC’s concern about losses with this strategy.A is incorrectbecause protecting against loss with this strategy requires buyingout-of-the-money calls (not puts) on anbuying out-of-the-money puts (notcalls) on TT.C is incorrectbecause it represents the payoff profile of this merger arbitrage strategy, nota wto protethe strategy against loss shoulthe acquisition fail. Thepayoff profile of this merger arbitrage strategy resembles thof a risklessboncombinewith a short put option on shares ana long call option on TTshares. The short put on the shares reflects the neeto cover the shortposition in when the share pririses. The long call on TT shares becomesvaluable if anwhen another interesteacquirer (i.e., White Knight) makes ahigher bifor TT before the initimerger proposis complete事件驱动策略是一种股票对股票的并购套利策略。在该策略中，由于收购公司（AA）的管理层认为其股票被高估，它将以特定比例提供AA股份以换取目标公司（TT）的股份。并购套利基金经理随后将按照与要约相同的比例买入TT股票并卖出AA股票，希望在交易成功完成后赚取价差。对于大多数收购而言，交易的最初宣布将导致目标公司的股价朝着收购价格上涨而收购方的股价下跌（因为其流通股可能被稀释或将现金用于非收购目的）股息支付）。如果收购不成功，如果目标公司的股价已经上涨和/或收购方的股价因预期收购而下跌，则管理人将面临损失。当合并交易确实失败时，目标公司股票的初始价格上涨和收购方股票的初始价格下跌通常会逆转。在首次宣布合并后进入合并情况的套利者，他们在目标公司股票中的多头头寸和在收购方股票中的空头头寸可能会遭受重大损失。为了管理收购失败的风险，基金经理可以购买 股票的虚值看涨期权（以保护空头头寸）并购买 TT 股票的虚值看跌期权（以防止TT公司价值损失） ）。这样的头寸将提供保护，可以满足对这种策略的损失的担忧。 C对应的是什么呀？

NO.PZ201909280100000903 问题如下 Whiof the followingset of rivative positions will most likely satisfy the IC’sconcern about the event-iven strategy involving anTT? A.Long out-of-the-money puts onshares anlong out-of-the-money calls on TT shares B.Long out-of-the-money calls onshares anlong out-of-the-money puts on TT shares C.Long risk- free bon, short out- of- the- money puts on shares, anlong out-of-the-money calls on TT shares B is correct. Theevent-iven strategy thMukilteo researches is a stock-for-stomergerarbitrage strategy. In this strategy, because the management of the acquiringcompany (Abelieves its shares to overvalue it will offer shares inexchange for target company (TT) shares in a specifieratio. The mergerarbitrage funmanager will then buy TT shares ansell shares in the sameratio the offer, hoping to earn the spreon successful completion.For mostacquisitions, the initiannouncement of a will cause the target’s shareprito rise towarthe acquisition prianthe acquirer’s share pritofall (either because of the potentilution of its outstanng shares or theuse of cash for purposes other tha vinpayment). If the acquisition isunsuccessful, the manager faces losses if the target’s share prihalrearisen anor the acquirer’s share prihalrea fallen in anticipation ofthe acquisition. When merger als fail, the initipririse of thetarget’s shares anthe initiprifall of the acquirer’s shares aretypically reverse Arbitrageurs who jumpeinto the merger situation after itsinitiannouncement stanto incur substantilosses on their long positionsin the target’s shares antheir short positions in the acquirer’s shares.To manage the risk ofthe acquisition failing, the manager cbuy out-of-the-money calls on AAshares (to cover the short position) anbuy out-of-the money puts on TT shares(to proteagainst loss in value). Sua position will provi protectionthwoullikely satisfy the IC’s concern about losses with this strategy.A is incorrectbecause protecting against loss with this strategy requires buyingout-of-the-money calls (not puts) on anbuying out-of-the-money puts (notcalls) on TT.C is incorrectbecause it represents the payoff profile of this merger arbitrage strategy, nota wto protethe strategy against loss shoulthe acquisition fail. Thepayoff profile of this merger arbitrage strategy resembles thof a risklessboncombinewith a short put option on shares ana long call option on TTshares. The short put on the shares reflects the neeto cover the shortposition in when the share pririses. The long call on TT shares becomesvaluable if anwhen another interesteacquirer (i.e., White Knight) makes ahigher bifor TT before the initimerger proposis complete事件驱动策略是一种股票对股票的并购套利策略。在该策略中，由于收购公司（AA）的管理层认为其股票被高估，它将以特定比例提供AA股份以换取目标公司（TT）的股份。并购套利基金经理随后将按照与要约相同的比例买入TT股票并卖出AA股票，希望在交易成功完成后赚取价差。对于大多数收购而言，交易的最初宣布将导致目标公司的股价朝着收购价格上涨而收购方的股价下跌（因为其流通股可能被稀释或将现金用于非收购目的）股息支付）。如果收购不成功，如果目标公司的股价已经上涨和/或收购方的股价因预期收购而下跌，则管理人将面临损失。当合并交易确实失败时，目标公司股票的初始价格上涨和收购方股票的初始价格下跌通常会逆转。在首次宣布合并后进入合并情况的套利者，他们在目标公司股票中的多头头寸和在收购方股票中的空头头寸可能会遭受重大损失。为了管理收购失败的风险，基金经理可以购买 股票的虚值看涨期权（以保护空头头寸）并购买 TT 股票的虚值看跌期权（以防止TT公司价值损失） ）。这样的头寸将提供保护，可以满足对这种策略的损失的担忧。 收购失败就不执行期权，没有任何损失（除了期权费）。成功了就执行期权。

NO.PZ201909280100000903 问题如下 Whiof the followingset of rivative positions will most likely satisfy the IC’sconcern about the event-iven strategy involving anTT? A.Long out-of-the-money puts onshares anlong out-of-the-money calls on TT shares B.Long out-of-the-money calls onshares anlong out-of-the-money puts on TT shares C.Long risk- free bon, short out- of- the- money puts on shares, anlong out-of-the-money calls on TT shares B is correct. Theevent-iven strategy thMukilteo researches is a stock-for-stomergerarbitrage strategy. In this strategy, because the management of the acquiringcompany (Abelieves its shares to overvalue it will offer shares inexchange for target company (TT) shares in a specifieratio. The mergerarbitrage funmanager will then buy TT shares ansell shares in the sameratio the offer, hoping to earn the spreon successful completion.For mostacquisitions, the initiannouncement of a will cause the target’s shareprito rise towarthe acquisition prianthe acquirer’s share pritofall (either because of the potentilution of its outstanng shares or theuse of cash for purposes other tha vinpayment). If the acquisition isunsuccessful, the manager faces losses if the target’s share prihalrearisen anor the acquirer’s share prihalrea fallen in anticipation ofthe acquisition. When merger als fail, the initipririse of thetarget’s shares anthe initiprifall of the acquirer’s shares aretypically reverse Arbitrageurs who jumpeinto the merger situation after itsinitiannouncement stanto incur substantilosses on their long positionsin the target’s shares antheir short positions in the acquirer’s shares.To manage the risk ofthe acquisition failing, the manager cbuy out-of-the-money calls on AAshares (to cover the short position) anbuy out-of-the money puts on TT shares(to proteagainst loss in value). Sua position will provi protectionthwoullikely satisfy the IC’s concern about losses with this strategy.A is incorrectbecause protecting against loss with this strategy requires buyingout-of-the-money calls (not puts) on anbuying out-of-the-money puts (notcalls) on TT.C is incorrectbecause it represents the payoff profile of this merger arbitrage strategy, nota wto protethe strategy against loss shoulthe acquisition fail. Thepayoff profile of this merger arbitrage strategy resembles thof a risklessboncombinewith a short put option on shares ana long call option on TTshares. The short put on the shares reflects the neeto cover the shortposition in when the share pririses. The long call on TT shares becomesvaluable if anwhen another interesteacquirer (i.e., White Knight) makes ahigher bifor TT before the initimerger proposis complete事件驱动策略是一种股票对股票的并购套利策略。在该策略中，由于收购公司（AA）的管理层认为其股票被高估，它将以特定比例提供AA股份以换取目标公司（TT）的股份。并购套利基金经理随后将按照与要约相同的比例买入TT股票并卖出AA股票，希望在交易成功完成后赚取价差。对于大多数收购而言，交易的最初宣布将导致目标公司的股价朝着收购价格上涨而收购方的股价下跌（因为其流通股可能被稀释或将现金用于非收购目的）股息支付）。如果收购不成功，如果目标公司的股价已经上涨和/或收购方的股价因预期收购而下跌，则管理人将面临损失。当合并交易确实失败时，目标公司股票的初始价格上涨和收购方股票的初始价格下跌通常会逆转。在首次宣布合并后进入合并情况的套利者，他们在目标公司股票中的多头头寸和在收购方股票中的空头头寸可能会遭受重大损失。为了管理收购失败的风险，基金经理可以购买 股票的虚值看涨期权（以保护空头头寸）并购买 TT 股票的虚值看跌期权（以防止TT公司价值损失） ）。这样的头寸将提供保护，可以满足对这种策略的损失的担忧。 正常而言不是应该buy target, sell acquiring company吗？

NO.PZ201909280100000903 为什么用out of money？