"Derivative"exercise:The value of American call options
学习是一个不断积累的过程,每天学习一点,每天进步一点!为了帮助大家更高效地备考2021年CFA考试,正保会计网校每日为大家上新CFA习题供大家练习。让网校与您一起高效备考2021年CFA考试,梦想成真!
Questions 1:
At expiration, an option that is in the money will most likely have:
A 、time value, but no exercise value.
B、 exercise value, but no time value.
C、 both time value and exercise value.
Questions 2:
For a stock that pays no dividends, the value of an American call option is most likely:
A 、the same as the value of a European call option with otherwise identical eatures.
B 、greater than the value of a European call option with otherwise identical features.
C 、less than the value of a European call option with otherwise identical features.
B is correct. At expiration, options have no time value; if they are in the money, they have exercise value.
A is incorrect. At expiration, options have no time value.
C is incorrect. At expiration, options have no time value.
A is correct. American call prices can differ from European call prices only if the underlying stock is dividend paying. In the absence of such cash payments, European and American call options have the same value.
B is incorrect. In the absence of cash payments such as dividends, the value of European and American call options is identical.
C is incorrect. In the absence of cash payments such as dividends, the value of European and American call options is identical.
成功=时间+方法,自制力是这个等式的保障。世上无天才,高手都是来自刻苦的练习。而人们经常只看到“牛人”闪耀的成绩,其成绩背后无比寂寞的勤奋。小编相信,每天都在勤奋练习,即使是一点点的进步,大家一定可以成为人人称赞的“牛人”。