题目
In the absence of dividends, Hull shows that an American-style call option should never be exercised early. However, if the American-style call option instead does pay dividends, which of the following is TRUE?
选项
A.It is still never optimal to early exercise an American call option
B.It may be optimal to early exercise an American call option immediately after the ex-dividend date
C.It may be optimal to early exercise an American call option immediately before the ex-dividend date
D.It is always optimal to early exercise an American call option immediately before the ex-dividend date
答案
C
解析
It may be optimal if the dividend is large, but it will only be optimal immediately before the ex-dividend date.(Note: the ex-dividend date is the first date following the declaration of a dividend on which the buyer of a stock is not entitled to receive the next dividend payment) 它可能是最佳如果股息很大,但这只会是最佳立即除息前的日期。