【每日一练】CFA 一级（2015年）

Question：

According to put-call parity, if a fiduciary call expires in the money, the payoff is most likely equal to the:
A. market value of the asset. 
B. face value of the risk-free bond. 
C. difference between the market value of the asset and the face value of the risk-free bond. 

Answer = A 
A fiduciary call, defined as a long position in a call and in a risk-free bond, generates a payoff that is equal to the market value of the asset if it expires in the money. 

CFA Level I 
"Basics of Derivative Pricing and Valuation," Don M. Chance 
Section 4.1.9 
 

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