NO.PZ2020021203000065
问题如下：
"The early exercise of an American put on a nondividend-paying stock is a trade-off between the time value of money and the desire to retain the optionality." Explain this statement.
解释：
By exercising before maturity, the holder of a put option receives the strike price earlier. However, delaying the exercise of the option will benefit the holder of the stock if the stock price rises above the strike price later. Once the option is exercised, however, the benefit of this optionality is lost.
老师好，1、如果put 有分红，一般就不会提前行权，所以就不存在提前行权和等待时间的trade off对吧？2、这里是说等股票价格涨可以以更高的价格在市场卖掉，option放弃行权，但是用time value解释行吗，就是stock会跌，T时刻有获得更多收益的可能？
