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Why is the value of the put informative about the financial distress costs of the firm? How is the value of the financial distress costs

Why is the value of the put informative about the financial distress costs of the firm? How is the value of the financial distress costs of the firm affected by the determinants of an options value (spot price, strike price, volatility, and time expiration)? Provide intuition as to the direction of effect of each of these variables.

What is the equation for put-call parity for a levered firm?

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