题目
Which of the following statements about options on futures is true?
选项
A.An American call is equal in value to a European call.
B.An American put is equal in value to a European put.
C.Put-Call parity holds for both American and European options.
D.None of the above.
答案
D
解析
An American option can be exercised early. Therefore its value is not necessarily equal to the value of a comparable European option. Note that an American call option on a non-dividend-paying stock should never be exercised early, thus its value is equal to a comparable European call option. The early - exercise feature of American options makes the Put-Call parity not hold for it.美式期权由于提前行权，所以买卖权平价公式不适用。