转换套利

太多的资金会导致收益的稀释，正如在2005发生在可转换债券套利部门的情况那样。

Too much money tends to dilute returns , as happened to one sector ( convertible arbitrage ) in 2005 .

可转换债券套利押注于可转债价格的无效性。它继续成为今年业绩最佳的对冲基金策略，据瑞信/Tremont称，采取这种策略的基金在7月份平均上涨5.4%，今年迄今为止上涨30.7%。

Convertible arbitrage which bets on price inefficiencies in convertible debt continues to be the best-performing hedge fund strategy this year , up on average 5.4 per cent in July , according to Credit Suisse / Tremont , and more than 30.7 per cent on the year to date .

究其原因可能有二：一是可转债市场还比较小，流动性比较差，市场价格发现功能受到制约；二是市场缺乏做空机制，可转换债券的套利策略难以实现。

The reasons of the underpricing include : the low liquidity of convertible bonds , which restricts the price-founding function of the market , and the lack of short-sell , which can achieve free arbitrage if the market prices departure the equilibrium prices .