---
title: Early Exercise and Put Risk Premia
url: https://www.ml-quant.com/papers/repec/inm-ormnsc-v-71-y-2025-i-2-p-1824-1845/
site: ML-Quant (https://www.ml-quant.com)
updated: 2026-09-26
license: Summaries CC BY 4.0; links go to the original sources
index: https://www.ml-quant.com/llms.txt
identifier: RePEc:inm:ormnsc:v:71:y:2025:i:2:p:1824-1845
source_url: https://econpapers.repec.org/scripts/redir.pf?u=http%3A%2F%2Fdx.doi.org%2F10.1287%2Fmnsc.2023.00440%3Bh%3Drepec%3Ainm%3Aormnsc%3Av%3A71%3Ay%3A2025%3Ai%3A2%3Ap%3A1824-1845
featured: 2025-10-27
citations: unknown
topic: Asset Pricing & Factors
---


# Early Exercise and Put Risk Premia

Accounting for optimal early exercise, American puts show less negative raw returns but more negative delta‑hedged returns than European puts, changing which option anomalies look profitable.

- Source: https://econpapers.repec.org/scripts/redir.pf?u=http%3A%2F%2Fdx.doi.org%2F10.1287%2Fmnsc.2023.00440%3Bh%3Drepec%3Ainm%3Aormnsc%3Av%3A71%3Ay%3A2025%3Ai%3A2%3Ap%3A1824-1845
- Identifier: RePEc:inm:ormnsc:v:71:y:2025:i:2:p:1824-1845
- Released: 2025-10-27
- First featured: Quant Letter No. 117 (2025-10-27): https://www.ml-quant.com/issues/2025-10-27/
- Citations (Semantic Scholar): not tracked
- Published in: not yet
- Topic: Asset Pricing & Factors

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