NO.PZ2023091802000207
问题如下：
An analyst at an investment company is researching the characteristics of American-style options. The analyst focuses on the ability and motivations of American-style option holders to exercise the option prior to maturity. Which of the following statements is correct regarding the early exercise of American-style stock options?
选项：
A.Exercising an American-style call option early allows the holder to capture the time value of the option as well as its intrinsic value.
An American-style put option on stocks that pay no dividends should never be exercised early, since the option holder would give up the opportunity to profit from a drop in the stock price.
An increase in dividends makes it more attractive for the holder of an American-style call option to exercise the option early.
A decline in interest rates makes it more attractive for the holder of an American-style put option on a stock paying dividends to exercise the option early.
解释：
C is correct. Dividends make calls more likely to be exercised early and make puts less likely to be exercised early.
A is incorrect. Exercising an American-style call option early gives up the time value of the option, while selling the option would capture the time value of the option.
B is incorrect. American put options are sometimes exercised before maturity even when there are no dividends. For example, if the option holder also owns the underlying stock, there are situations when it is beneficial to exercise the option early. Another example is if the option is very deeply out-of-the-money and the investor believes that it is likely to become less out-of-the-money, it makes sense to exercise.
D is incorrect. A decline in interest rates makes it less attractive for the holder of an American-style put option to exercise the option early.
可以解释一下B和D为啥是错的吗？
