问题如下：
"The early exercise of an American put on a nondividend-paying stock is a trade-off between the time value of money and the desire to retain the optionality." Explain this statement.
选项：
解释：
By exercising before maturity, the holder of a put option receives the strike price earlier. However, delaying the exercise of the option will benefit the holder of the stock if the stock price rises above the strike price later. Once the option is exercised, however, the benefit of this optionality is lost.
the holder of the stock 的一方不就是long put 的一方吗？那么股价 above执行价时对long put来说没好处啊？
