Compared to the value of a call option on a stock with no dividends, a call option on an identical stock expected to pay a dividend during the term of the option will have a:
　　A. lower value only if it is an American style option.
　　B. higher value in all cases.
　　C. lower value in all cases.
　　D. higher value only if it is an American style option.
　　Answer:C
　　An expected dividend during the term of an option will decrease the value of a call option.