简答题Which of the following is true? A、An American call option on a stock should never be exercised early B、An American call option on a stock should never be exercised early when no dividends are expected C、There is always some chance that an American call option on a stock will be exercised early D、There is always some chance that an American call option on a stock will be exercised early when no dividends are expected简答题Which of the following is true for American options? A、Put-call parity provides an upper and lower bound for the difference between call and put prices. B、Put call parity provides an upper bound but no lower bound for the difference between call and put prices. C、Put call parity provides an lower bound but no upper bound for the difference between call and put prices. D、There are no put-call parity results简答题The price of a European call option on a non-dividend-paying stock with a strike price of ¥50 is ¥6. The stock price is ¥51, the continuously compounded risk-free rate (all maturities) is 6% and the time to maturity is one year. What is the price of a one-year European put option on the stock with a strike price of ¥50? A、¥9.91 B、¥7.00 C、¥6.00 D、¥2.09简答题Which of the following best describes the intrinsic value of an option? A、The value it would have if the owner had to exercise it immediately or not at all B、The theoretical price of the option C、The lower bound for the option’s price D、The amount paid for the option简答题The price of a stock is ¥64. A trader buys 1 put option contract on the stock with a strike price of ¥60 when the option price is ¥10. When does the trader make a profit? A、When the stock price is below ¥60 B、When the stock price is below ¥64 C、When the stock price is below ¥54 D、When the stock price is below ¥50简答题When volatility increases with all else remaining the same, which of the following is true? A、Both calls and puts increase in value B、Both calls and puts decrease in value C、Calls increase in value while puts decrease in value D、Puts increase in value while calls decrease in value