题目
Given strictly positive interest rates, the best way to close out a long American call option position early (option written on a stock that pays no dividends) would be to:
选项
A.Exercise the call
B.Sell the call
C.Deliver the call
D.None of the above
答案
B
解析
The lower bound on the price of an American call option is S-PV(X); the payoff from exercise prior to maturity is S-X, which is less than the lower bound on the price (assuming the risk-free rate is positive). Therefore an American option on non-dividend paying stock is always worth more "alive" than "dead", and it's never optimal to exercise it early.简单的理解就是这个人不想要这个美式期权了，无红利的美式看涨期权永远不会提前行权，所以不选A。如果持有至到期行权，获利S-X，更小。而卖掉这个美式期权就是把期权转移给他人，我可以获得现金流去投资别的资产。