题目
Which of the following statements is correct about the early exercise of American options?
选项
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.
答案
B
解析
It is never optimal to exercise an American call option on a non-dividend-paying stock before the expiration date, but at any given time during its life, a put option should always be exercised early if it is sufficiently deep in the money. Thus, it can be optimal to exercise an American put option on a non-dividend-paying stock early.在到期日之前行使非派息股票的美式看涨期权从来都不是最佳选择，但在期权到期期间的任何一个特定时间，如果看跌期权的资金足够雄厚，就应该尽早行使。因此，尽早行使非派息股票的美国看跌期权可能是最优的。