题目内容

Which of the following describes a difference between a warrant and an exchange-traded stock option? ( )

A. In a warrant issue, someone has guaranteed the performance of the option seller in the event that the option is exercised
B. The number of warrants is fixed whereas the number of exchange-traded options in existence depends on trading
C. Exchange-traded stock options have a strike price
D. Warrants cannot be traded after they have been purchased

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Which of the following describes LEAPS? ( )

A. Options which are partly American and partly European
B. Options where the strike price changes through time
C. Exchange-traded stock options with longer lives than regular exchange-traded stock options
D. Options on the average stock price during a period of time

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The price of a stock, which pays no dividends, is $30 and the strike price of a one year European call option on the stock is $25. The risk-free rate is 4% (continuously compounded). Which of the following is a lower bound for the option such that there are arbitrage opportunities if the price is below the lower bound and no arbitrage opportunities if it is above the lower bound? ( )

A. $5.00
B. $5.98
C. $4.98
D. $3.98

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A stock price (which pays no dividends) is $50 and the strike price of a two year European put option is $54. The risk-free rate is 3% (continuously compounded). Which of the following is a lower bound for the option such that there are arbitrage opportunities if the price is below the lower bound and no arbitrage opportunities if it is above the lower bound? ( )

A. $4.00
B. $3.86
C. $2.86
D. $0.86

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Which of the following is NOT true? Assume that present values are calculated from the end of the life of the option to today. ( )

An American put option is always worth less than the present value of the strike price
B. A European put option is always worth less than the present value of the strike price
C. A European call option is always worth less than the stock price
D. An American call option is always worth less than the stock price

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