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Kapie

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tT
发表于 2011-7-11 19:41 | 只看该作者

Put/Call Parity With Dividends

involved, practice, different, 2011
Looking to know how parity is evaluated when dividends are involved, or more specifically, do we have to know it?

I don't recall seeing this in the text or Schweser, but I ran into it on a practice test. The computations are quite a bit different and more complex from what we're accustomed.

Thanks!

- Robert



Edited 2 time(s). Last edit at Wednesday, May 4, 2011 at 11:59PM by Robert A.
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WarrenB1

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2#
发表于 2011-7-11 19:41 | 只看该作者
I just studied this tonight, CFAI text, and do not recall seeing it inclusive of dividends. I wouldn't sweat it. I saw you other post and I am going to assume that this is from the Boston CFAI Society as well.

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Houjichasan

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3#
发表于 2011-7-11 19:41 | 只看该作者
when dividend is paid - as of ex-dividend date, Stock price reduces by the amount of the dividend.

So instead of using S -- use (S-D)

that is the only change you would have to make.

CP

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MiniMe7

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4#
发表于 2011-7-11 19:41 | 只看该作者
Make sure you PV the Dividend too. S-PVD. Same for the Option on a bond except its the PV of the coupon

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