The intrinsic value of a put option is zero until: the speculative premium is about zero. the market price of the underlying share falls below the exercise price. the market price of the underlying share rises above the exercise price. the option is expired. During the development stage of corporate growth: a firm has excess capital as the need for growth is low. a firm pays high dividends to attract investors. a firm generally pays no dividends. a firm may or may not pay dividends