兹维博迪金融学第二版试题库1

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1、ChapterFifteenMarketsforOptionsandContingentClaimsThischaptercontains50multiplechoicequestions,15shortproblems,and9longerproblems.MultipleChoice1.Anoptiontobuyaspecifieditematafixedpriceisa(n)________;anoptiontosellisa________.(a)put;call(b)spotoption,call(c)call;put(d)

2、put;spotoptionAnswer:(c)2.A(n)________optioncanbeexerciseduptoandontheexpirationdate,whereasa(n)________optioncanonlybeexercisedontheexpirationdate.(a)American-type;Bermudan-type(b)American-type;European-type(c)European-type;American-type(d)Bermudan-type;European-typeAn

3、swer:(b)3.Thedifferencebetweenexercisepriceandcurrentstockpriceisthetangiblevalueofan________,andthedifferencebetweenthecurrentstockpriceandexercisepriceisthetangiblevalueofan________.(a)outofthemoneyputoption;inthemoneycalloption(b)inthemoneyputoption;outofthemoneycall

4、option(c)intheputmoneyoption;atthemoneycalloption(d)atthemoneyputoption;inthemoneyputoptionAnswer:(b)15-30Acalloptionissaidtobe“outofthemoney”ifits________.(a)exercisepriceisequaltothepriceoftheunderlyingstock(b)currentstockpriceisgreaterthanitsstrikeprice(c)strikeprice

5、isgreaterthanthecurrentstockprice(d)strikepriceislessthanitscurrentstockpriceAnswer:(c)2.Thetimevalueofanoptionis________.(a)thedifferencebetweenanoption’sstockpriceanditstangiblevalue(b)thedifferencebetweenthecurrentstockpriceandexerciseprice(c)thedifferencebetweenthee

6、xercisepriceandthestockprice(d)thedifferencebetweenanoption’smarketpriceanditstangiblevalueAnswer:(d)3.Thepricesofputsare________thehighertheexerciseprice,andthepricesofcallsare________thehigheristheexerciseprice.(a)lower;higher(b)higher;lower(c)lower;lower(d)higher;hig

7、herAnswer:(b)15-30Questions7through10refertothefollowinghypotheticalinformation:ListingofLePlastrierOptions(symbol:LLB)(Priceslistedareclosingprices.)February27,2009CALLSStockPriceonNYSEExercisePriceJanuaryFebruaryApril109.75109.75109.751071101133.3750.6250.1255.6252.18

8、750.8757.1254.8752.375PUTSStockPriceonNYSEExercisePriceJanuaryFebruaryApril109.75109.75109.751071101131.753.62