Holding an asset and buying a put on that asset is equivalent to:
A. initiating a fiduciary call.
B. buying a risk- free zero- coupon bond and selling a call option.
C. selling a risk- free zero- coupon bond and buying a call option.
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If an underlying asset’s price is less than a related option’s strike price at expiration, a protective put position on that asset versus a fiduciary call position has a value that is:
A. lower.
B. the same.
C. higher.
Based on put–call parity, which of the following combinations results in a synthetic long asset position?
A long call, a short put, and a long bond
B. A short call, a long put, and a short bond
C. A long call, a short asset, and a long bond
For a holder of a European option, put–call–forward parity is based on the assumption that:
A. no arbitrage is possible within the spot, forward, and option markets.
B. the value of a European put at expiration is the greater of zero or the underlying value minus the exercise price.
C. the value of a European call at expiration is the greater of zero or the exercise price minus the value of the underlying.
Under put–call–forward parity, which of the following transactions is risk free?
A. Short call, long put, long forward contract, long risk- free bond
B. Long call, short put, long forward contract, short risk- free bond
C. Long call, long put, short forward contract, short risk- free bond
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