Which of the following statements regarding arbitrage and security prices is INCORRECT?

A、We call the price of a security in a normal market the no-arbitrage price for the security.;
B、In financial markets it is possible to sell a security you do not own by doing a short sale.;
C、When a bond is underpriced, the arbitrage strategy involves selling the bond and investing some of the proceeds.;
D、The general formula for the no-arbitrage price of a security is Price(security) = PV(All cash flows paid by the security).