8.11 Early Exercise Usually there is some chance that an American option will be exercised earl An exception is an American call on a non-dividend paying stock This should never be exercised early Options, Futures, and other Derivatives, 5th edition 2002 by John C. HullOptions, Futures, and Other Derivatives, 5th edition © 2002 by John C. Hull 8.11 Early Exercise • Usually there is some chance that an American option will be exercised early • An exception is an American call on a non-dividend paying stock • This should never be exercised early