单选题 Consider a stock put option with the following characteristics: Type of option: put option on stock Underlying asset: 100 shares of Compaq Exercise price : $32.50 per share Premium : $4.00 per share Expiration date : November Expiration-day price of Compaq stock were $28.50 per share, which of the following would describe the expiration-day profit/loss for the investors in the Compaq put option?

A、

A. LONG = - $4.00; SHORT = $4.00.
B、

B. LONG = $4.00; SHORT = - $4.00.
C、

C. LONG = $0.00; SHORT = $0.00.

【正确答案】 C

【答案解析】
LONG option: Max (0, X - S_T) - PT = Max ( 0, 32.50 - 28.50) - 4.00 = Max (0, 4.00 ) - 4.00 =4.00 -4.00 =0.
SHORT option : P_t - Max ( 0, X - S_T ) = 4.00 - Max (0, 32.50 - 28.50 ) = 4.00 - Max ( 0, 4.00) =4.00-4.00=0.