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+Appendix C: Put-Call Parity   • 289
+traded on the New Y ork Stock Exchange and the price of IBM traded in 
+Philadelphia) but are not. An arbitrageur, once he or she spots the small 
+difference, sells the more expensive thing and buys the less expensive one 
+and makes a profit without accepting any risk. 
+Because we are going to investigate dividend arbitrage, even a big-
+picture guy like me has to get down in the weeds because the differences we 
+are going to try to spot are small ones. The weeds into which we are wading 
+are mathematical ones, I’m afraid, but never fear—we’ll use nothing more 
+than a little algebra. We’ll use these variables in our discussion:
+K = strike price
+C
+K = call option struck at K
+PK = put option struck at K
+Int = interest on a risk-free instrument 
+Div = dividend payment
+S = stock price
+Because we are talking about arbitrage, it makes sense that we are 
+going to look at two things, the value of which should be the same. We 
+are going to take a detailed look at the preceding image, which means that 
+we are going to compare a position composed of options with a position 
+composed of stock.
+Let’s say that the stock at which we were looking to build a position is 
+trading at $50 per share and that options on this stock expire in exactly one 
+year. Further, let’s say that this stock is expected to yield $0.25 in dividends 
+and that the company will pay these dividends the same day that the op-
+tions expire.
+Let’s compare the two positions in the same way as we did in the 
+preceding big-picture image. As we saw in that image, a long call and a 
+short put are the same as a stock. Mathematically, we would express this 
+as follows:
+C
+K − PK = SK
+Although this is simple and we agreed that it’s about right, it is not 
+technically so.
+The preceding equation is not technically right because we know that 
+a stock is an unlevered instrument and that options are levered ones. In the