Which of the following statements about put and call options is FALSE
A. The price of the option is less volatile than the price of the underlying stock.
B. Option prices are generally higher the longer the time till the option expires.
C. For put options, the higher the strike price relative to the stock"s underlying price, the more the put is worth.
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Which of the following relationships between arbitrage and efficient markets is least accurate
A. The concept of rationally priced financial instruments preventing arbitrage opportunities is the basis behind the no-arbitrage principle.
B. Momentary deviations from market efficiency can create an arbitrage opportunity.
C. Market efficiency refers to the low cost of trading derivatives because of the lower expense to traders.
Which of the following statements about the futures market is most accurate
A. Speculators trade to reduce some preexisting risk exposure.
B. If a trader"s account falls below the maintenance margin level they have three days to bring it back up to the maintenance margin level.
C. Open interest is the number of futures contracts for which delivery is currently obligated.
Which of the following is an example of an arbitrage opportunity
A portfolio of two securities that will produce a certain return that is greater than the riskfree rate of interest.
B. A stock with the same price as another has a higher rate of return.
C. A stock with the same price as another has a higher expected rate of return.
To account for positive cash flows from the underlying asset, we need to adjust the put-call parity formula by:
A. adding the future value of the cash flows to S.
B. adding the future value of the cash flows to X.
C. subtracting the present value of the cash flows from S.
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