Suppose a prop$-$trading fund $($i$.$e$.,$ a fund trading its own money rather than outside

investor$$s money$)$ wants to design a trading strategy to exploit the mispricing that arises from

the discrepancies in the stock prices of Google$$s two publicly traded stocks, Class A $($ticker:

GOOGL$)$ and Class C $($ticker: GOOG$)$ shares, with identical cash flow rights but different

voting rights. If the fund attempts to hedge the risk, which limit to arbitrage is not a problem?

$($Hint: GOOG and GOOGL shares have identical $(!!)$ cash flow rights.$)$

a$.$ Costly short selling

b$.$ Noise trader risk

c$.$ Delegated arbitrage

d$.$ Both a$.$ and b$.$