1. A hedge fund manager regularly goes long companies being acquired and goes short the acquirers. The manager is practing a strategy best described as:

   	a.	a relative-value strategy known as convertible arbitrage
   	b.	a relative-value strategy known as "equity market neutral"
   	c.	an event-driven strategy known as high-yield bonds
   	d.	a directional strategy known as Global Macro
   	e.	an event-driven strategy known as merger or risk arbitrage