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+The stock component of the married put could be purchased on margin.
+Buying stock on margin is borrowing capital to finance a stock purchase.
+This means the trader has to pay interest on these borrowed funds. Even if
+the stock is purchased without borrowing, there is opportunity cost
+associated with the cash used to pay for the stock. The capital is tied up. If
+the trader wants to use funds to buy another asset, he will have to borrow
+money, which will incur an interest obligation. Furthermore, if the trader
+doesn’t invest capital in the stock, the capital will rest in an interest-bearing
+account. The trader forgoes that interest when he buys a stock. However the
+trader finances the purchase, there is an interest cost associated with the
+transaction.
+Both of these positions, the long call and the married put, give a trader
+exposure to stock price advances above the strike price. The important
+difference between the two trades is the value of the stock below the strike
+price—the part of the trade that is not at risk in either the long call or the
+married put. On this portion of the invested capital, the trader pays interest
+with the married put (whether actually or in the form of opportunity cost).
+This interest component is a pricing consideration that adds cost to the
+married put and not the long call.
+So if the married put is a more expensive endeavor than the long call
+because of the interest paid on the investment portion that is below the
+strike, why would anyone buy a married put? Wouldn’t traders instead buy
+the less expensive—less capital intensive—long call? Given the additional
+interest expense, they would rather buy the call. This relates to the concept
+of arbitrage. Given two effectively identical choices, rational traders will
+choose to buy the less expensive alternative. The market as a whole would
+buy the calls, creating demand which would cause upward price pressure on
+the call. The price of the call would rise until its interest advantage over the
+married put was gone. In a robust market with many savvy traders,
+arbitrage opportunities don’t exist for very long.
+It is possible to mathematically state the equilibrium point toward which
+the market forces the prices of call and put options by use of the put-call
+parity. As shown in Chapter 2, the put-call parity states