期货期权及其衍生品配套课件全34章Ch13.ppt

Dividends European options on dividend-paying stocks are valued by substituting the stock price less the present value of dividends into Black-Scholes Only dividends with ex-dividend dates during life of option should be included The “dividend” should be the expected reduction in the stock price expected Options, Futures, and Other Derivatives, 7th International Edition, Copyright ? John C. Hull 2008 * American Calls An American call on a non-dividend-paying stock should never be exercised early An American call on a dividend-paying stock should only ever be exercised immediately prior to an