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　　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(guān)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:
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