48．Which of the following statements about the value of a call option at expiration is least accurate?
Select exactly 1 answers from the following:
A. A short position in the call option can result in a loss if the stock price exceeds the exercise price.
B. A short position in the call option has a zero value for all stock prices equal to or less than the exercise price.
C. The value of a long position in the call option equals zero or the stock price minus the exercise price, whichever is higher.
D. The value of a long position in the call option equals zero or the exercise price minus the stock price, whichever is higher.
答案和详解如下！
Feedback: Correct answer: D
Analysis of Derivatives for the CFA Program, Don Chance (AIMR, 2003), pp. 415?18 2006 Modular Level I, Vol. IV, pp. 545-547 Study Session 16-74-a determine the value at expiration, profit, maximum profit, maximum loss, breakeven underlying price at expiration, and general shape of the graph of the strategies of buying and selling calls and buying and selling puts, and explain each strategy抯 characteristics
The value at expiration of a long position in a call option is either zero or the difference between the stock price and the exercise price, whichever is higher. The value cannot be negative.
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发表于 2006-11-22 11:07
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