单选题 The process of arbitrage does all of the following EXCEPT:

A. promote pricing efficiency and produce riskless profits.
B. result in the correction of mispriced assets.
C. insure that risk-adjusted expected returns are equal.

【正确答案】 C

【答案解析】Arbitrage does not insure that the risk-adjusted expected returns to two risky assets will be equal. Arbitrage is based on risk-free portfolios and promotes efficient pricing of assets. When an arbitrage opportunity is presented by a mispricing of assets, the increased supply of the ' overpriced' asset and the increased demand for the 'underpriced' asset by arbitrageurs, will move the prices toward equality and act to correct the mispricing.