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training_data/curated/text/5165cf5d5733c3e1545584675fcb0a3856ff2a2f8e840bbcfe376da30dc6aa35.txt

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+Dividends
+Another difference between call and married-put values is dividends. A call
+option does not extend to its owner the right to receive a dividend payment.
+Traders, however, who are long a put and long stock are entitled to a
+dividend if it is the corporation’s policy to distribute dividends to its
+shareholders.
+An adjustment must be made to the put-call parity to account for the
+possibility of a dividend payment. The equation must be adjusted to account
+for the absence of dividends paid to call holders. For a dividend-paying
+stock, the put-call parity states
+The interest advantage and dividend disadvantage of owning a call is
+removed from the market by arbitrageurs. Ultimately, that is what is
+expressed in the put-call parity. It’s a way to measure the point at which the
+arbitrage opportunity ceases to exist. When interest and dividends are
+factored in, a long call is an equal position to a long put paired with long
+stock. In options nomenclature, a long put with long stock is a synthetic
+long call. Algebraically rearranging the above equation:
+The interest and dividend variables in this equation are often referred to
+as the basis. From this equation, other synthetic relationships can be
+algebraically derived, like the synthetic long put.
+A synthetic long put is created by buying a call and selling (short) stock.
+The at-expiration diagrams in Exhibit 6.2 show identical payouts for these
+two trades.