单选题 To account for positive cash flows from the underlying asset, we need to adjust the put-call parity formula by:

A、 adding the future value of the cash flows to S.
B、 adding the future value of the cash flows to X.
C、 subtracting the present value of the cash flows from S.

【正确答案】 C

【答案解析】If the underlying asset used to establish the put-call parity relationship generates a cash flow prior to expiration, the assets value must be reduced by the present value of the cash flow discounted at the risk-free rate.