Hi all ! I’m missing a point here on derivatives : when working out the effect of dividend payment on the boundaries europeen Call/Put, we need to *Remove* the PV of these CF it doesn’t make sense to me :S I feel that they should be added to strike (for a put) or underlying (for a call) as they will increase the lower bound assuming that they are after the maturity date Also as it is european style, we cannot exercise the option early early so the CF that are before maturity date should be regarded as irrelevant ?? this should matters only for US option ? am I wrong … ??? :S might sound stupid but if I don’t understand it I’ll not remember it in the exam 
thanks !!