答案和详解如下： 1.The put-call parity relation can be adjusted for dividend payments on a stock by which of the following methods? A) Add the present value of the expected dividend payments to the current stock price. B) Subtract the present value of the expected dividend payments from the exercise price. C) Subtract the present value of the expected dividend payments from the current stock price. D) Add the present value of the expected dividend payments to the exercise price. The correct answer was C) The correct adjustment is to subtract the present value of the expected dividend payments from the current stock price. 2.The lower bound on European call option prices can be adjusted for cash flows of the underlying asset by: A) adding the present value of the expected dividend payments to the current asset price. B) subtracting the present value of the expected dividend payments from the exercise price. C) subtracting the present value of the expected dividend payments from the current asset price. D) adding the present value of the expected dividend payments to the exercise price. The correct answer was C) The correct adjustment is to subtract the present value of the expected dividend payments from the current asset price. 3.The lower bound on European put option prices can be adjusted for cash flows of the underlying asset by: A) adding the present value of the expected dividend payments to the current asset price. B) subtracting the present value of the expected dividend payments from the exercise price. C) subtracting the present value of the expected dividend payments from the current asset price. D) adding the present value of the expected dividend payments to the exercise price. The correct answer was C) The correct adjustment is to subtract the present value of the expected dividend payments from the current asset price. | 
发表于 2008-4-9 17:39
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