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 features.
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.
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Which of the following statements best describes a feature of an American option? Early exercise of an American:
A. put option is optimal only if the underlying is dividend paying.
B. call option is never optimal if the underlying is dividend paying.
C. put option that is deep in the money may be optimal.
Consider an American call option and an American put option, each with 3 months to maturity, written on a non-dividend-paying stock currently priced at USD 40. The strike price for both options is USD 35.00 and the risk-free rate is 1.5%. What are the lower and upper bounds on the difference between the prices of the call and put options?
A. Lower Bound (USD): 0.13. Upper Bound (USD): 34.87
B. Lower Bound (USD): 5.00. Upper Bound (USD): 5.13
C. Lower Bound (USD): 5.13. Upper Bound (USD): 40.00
D. Lower Bound (USD): 34.87. Upper Bound (USD): 40.00
The current stock price of a share is USD 100.00, and the continuously compounding risk-free rate is 12% per year. If the strike price for all options is USD 90.00, what are the maximum possible prices for a 3-month European call option, American call option, European put option, and American put option?
A. 97.04, 97.04, 87.34, 87.34
B. 97.04, 100.00, 90.00, 90.00
C. 100.00, 100.00, 87.34, 90.00
D. 100.00, 100.00, 90.00, 90.00
Which of the following statements is correct about the early exercise of American options?
A. It is always optimal to exercise an American call option on a non-dividend-paying stock before the expiration date.
B. It can be optimal to exercise an American put option on a non-dividend-paying stock early.
C. It can be optimal to exercise an American call option on a non-dividend-paying stock early.
D. It is never optimal to exercise an American put option on a non-dividend-paying stock before the expiration date.
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