Question: 1- Two European calls on a stock have the same strike but different maturities, one with 6 months and the other with 9 months. If

1- Two European calls on a stock have the same strike but different maturities, one with 6 months and the other with 9 months. If the 9-month call is priced lower and there is no arbitrage opportunity, can we claim that the stock must pay dividends within 6 months?

2- If an investor thinks a stock in her portfolio has limited upside in the next three months, can you suggest an option strategy to enhance the return of her portfolio?

3- If a call option is traded at a price above the underlying stock price, is there an arbitrage opportunity? If so, what is the arbitrage strategy?

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