Which of the following statements best describes the limits of arbitrage in correcting market anomalies（）
A. When fundamentals indicate that a stock is overvalued or undervalued, trading based on this information will be immediately profitable.
B. Arbitrage is not always risk-less as was shown during the internet stock bubble of the 1990s, when traders were short a stock and had to cover their positions at a much higher takeover price.
C. There is no limitation to arbitrage in correcting market anomalies because it is a risk-less trading activity and once there is a mispricing it will be exploited to its fullest.
参考答案：B
解析：
There are limits on the process of arbitrage to bring about efficient prices. Arbitrage is frequently not risk-less. Just because fundamentals indicate that one stock is overpriced relative to another, or absolutely over or underpriced doesn’t mean that trading based on this information will be immediately profitable. One risk with shorting overvalued stocks during the internet stock bubble of the late 90s was that a stock a trader sold short would be taken over at a significantly higher price. The fact that the acquiring firm paid too much for shares offers no solace to short sellers who have to cover their positions at the takeover price.
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