risk arbitrager投机证券商
In the end, we use time series model to test the theoretical model. We find that the noise trade's behavior is stable in different warrant in different times while the arbitrager choose to invest.
而理性套利者在不同的权证之间以及权证的不同运行石器之间,对权证的投资程度具有较大的差异性,总的来看,在末日轮,理性套利者对权证价格的影响作用要远大于噪声交易者。
参考来源 - 基于噪声交易模型的我国认股权证价格分析N-COUNT（可数名词） In finance, an arbitrager is someone who buys currencies, securities, or commodities on one country's market in order to make money by immediately selling them at a profit on another country's market. 套汇者; 证券套利者; 套购商 [商业]