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高頓FRM題庫——全球財經(jīng)*9題庫（精題真題、全真?？枷到y(tǒng)、名師答疑）>>>點擊進入“每日一練——免費在線測試”
Exercise：
Put option values increase as a result of increases in which of the following factors?
I Volatility
II Dividends
III Stock Price
IV Time to expiration
A. I, II, and IV only
B. I, III, and IV only
C. II and IV only
D. I and III only
Answer: A
Put option values decrease as stock prices increase.
相關知識點：Six factors
The following six factors will impact the value of an option:
ü S0 =current stock price
ü X =strike price of the option
ü T =time to expiration of the option
ü r =short-term risk-free interest rate over T
ü D =present value of the dividend of the underlying stock
ü σ =expected volatility of stock prices over T
Summary of Effects of Increasing a Factor on the Price of an Option:
