Exercise：
　　Which of the following statements about options on futures is true?
　　A.       An American call is equal in value to a European call.
　　B.       An American put is equal in value to a European put.
　　C.       Put-call parity holds for both American and European options.
　　D.       None of the above.
　　Answer: D
　　An American option can be exercised early. Therefore its value is not necessarily equal to the value of a comparable European option. Note that an American call option on a non-dividend-paying stock should never be exercised early, thus its value is equal to a comparable European call option. The early-exercise feature of American options makes the put-call parity not hold for it.
　　相關(guān)知識點：Early Exercise Feature
　　Rules for Exercising American Options
　　l  It is never optimal to exercise an American call on a non-dividend-paying stock before its expiration date.
　　l  American puts can be optimally exercised early if they are sufficiently in-the-money.
　　l  An American call on a dividend-paying stock may be exercised early if the dividend exceeds the amount of forgone interest.
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