NO.PZ201712110100000204
问题如下：
Based on Exhibit 1, the maximum loss per share that would be incurred by implementing Strategy 4 is:
选项：
A.€2.99.
€3.99.
unlimited.
解释：
B is correct.
Strategy 4 is a protective put position, which is a combination of a long position in shares and a long put option. By purchasing the €25.00 strike put option, Nuñes would be protected from losses at QWY share prices of €25.00 or lower. Thus, the maximum loss per share from Strategy 4 would be the loss of share value from €28.49 to €25.00 (or €3.49) plus the put premium paid for the put option of €0.50: S0 – X + p0 = €28.49 – €25.00 + €0.50 = €3.99.
中文解析：
策略4是protective put策略。它是由long stock+long put构成。
在long stock头寸上，通过购买执行价格为25欧元的执行看跌期权，Nuñes将在QWY股价低于或低于25欧元时免受损失。因此最大损失是3.49欧元，
在long put头寸上，最大损失是花掉的期权费0.5欧元
因此，加总起来可知最大损失为3.99欧元
如题
