高级职员优先认股权物产定价(ppt 16页)(英文)

Usually there is some chance  that an American option will be exercised early 
An exception  is an American call on a non-dividend paying stock
This should never  be exercised early

No income  is sacrificed
 We delay paying the strike price
 Holding the call provides insurance against stock price falling below strike price

For an American call option:  
S0  = 100; T  = 0.25;  X  = 60; D  = 0
Should you exercise immediately?
What should  you do if
You want to hold  the stock for the next 3 months?
You do not  feel that the stock is worth holding for the next 3 months?

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