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Questions 1:
At expiration, an option that is in the money will most likely have:
A 、time value, but no exercise value.
B、 exercise value, but no time value.
C、 both time value and exercise value.
Questions 2:
For a stock that pays no dividends, the value of an American call option is most likely:
A 、the same as the value of a European call option with otherwise identical eatures.
B 、greater than the value of a European call option with otherwise identical features.
C 、less than the value of a European call option with otherwise identical features.
B is correct. At expiration, options have no time value; if they are in the money, they have exercise value.
A is incorrect. At expiration, options have no time value.
C is incorrect. At expiration, options have no time value.
A is correct. American call prices can differ from European call prices only if the underlying stock is dividend paying. In the absence of such cash payments, European and American call options have the same value.
B is incorrect. In the absence of cash payments such as dividends, the value of European and American call options is identical.
C is incorrect. In the absence of cash payments such as dividends, the value of European and American call options is identical.
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