问题
单项选择题
Which of the following statements concerning the persistence of pricing anomalies is least likely to be correct（）
A. Arbitrageurs may exploit opportunities down to the point where the remaining mispricing is approximately equal to transactions costs.
B. If the shares of an IPO cannot be shorted, mispricing may be difficult to exploit.
C. Small profit opportunities are difficult to exploit in the absence of derivative securities.
答案
参考答案：C
解析：
The size of the profit opportunity is likely to be more important than the absence of derivative securities. Thus, this statement is the least likely to be correct from those given for the persistence of mispricing.