第二，如今新兴市场股票的波动性较十年前已经大大降低。

Second, emerging market stocks are far less volatile than they were just a decade ago.

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大多数对风险的测量，例如股票市场波动或者公司和上升市场债券的收益率差（超额收益），都显示它很低。

Most measures of risk, such as stockmarket volatility or the spread (extra yield) on corporate and emerging-market bonds are low.

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合并套利基金比其它类型的基金较少暴露于波动的股票市场，并因此受益。

Merger-arbitrage funds benefit from lower exposure to volatile equity markets than many of their peers.

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