Rubinstein (1994)observed That the Performance of the Black-Scholes Model Had

Multiple Choice

Rubinstein (1994) observed that the performance of the Black-Scholes model had deteriorated in recent years,and he attributed this to

A) investor fears of another market crash.
B) higher than normal dividend payouts.
C) early exercise of American call options.
D) decreases in transaction costs.
E) none of these.