Volatility arbitrage, capital structure arbitrage

I am interested in the two strategies and would like some readings/sources on them.

My understanding of vol arb is that you are buying options + short underlyings to create a delta neutral position to extract only the volatility returns from the options.

As for Capital structure arbitrage, I really don't know that much.

Wondering if anyone can give primers on either/both strategies. As well, what sort of return profiles do these two strategies exhibit? Anyone who has experience in either of the strategy, please chime in and share your insights!

 

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