(a) In a putable bond, are investors or the issuer effectively long the put option?
(b) In a callable bond, are investors or the issuer effectively long the call option?
(c) Is the value of a callable bond greater or less than an otherwise comparable option-free bond?
(d) Is the value of a putable bond greater or less than an otherwise comparable option-free bond?
(e) Does an increase in volatility increase or decrease the value of a call option?
(f) Does an increase in volatility increase or decrease the value of a put option?
(g) Will an increase in volatility increase or decrease the value of a putable bond?
(h) Will an increase in volatility increase or decrease the value of a callable bond