While a classic result by Merton (1973, Bell J. Econ. Manage. Sci., 141–183) is that one should never exercise an American call option just before expiration if the underlying stock pays no dividends, the conclusion of a very recent empirical study conducted by Jensen and Pedersen (2016, J. Financ. Econ.121(2), 278–299) suggests that one should ‘never say never’. This paper complements Jensen and Pedersen's empirical study by presenting a theoretical study on how to price American call options under a hard-to-borrow stock model proposed by Avellaneda and Lipkin (2009, Risk22(6), 92–97). Our study confirms that it is the lending fee that results in the early exercise of American call options and we shall also demonstrate to what extent lending fees have affected the early exercise decision.

Early locomotor exercise after stroke has attracted a great deal of attention in clinical and animal research in recent years. A series of animal studies showed that early locomotor exercise poststroke could protect against ischemic brain injury and improve functional outcomes through the promotion of angiogenesis, inhibition of acute inflammatory response and neuron apoptosis, and protection of the blood-brain barrier. However, to date, the clinical application of early locomotor exercise poststroke was limited because some clinicians have little confidence in its effectiveness. Here we review the current progress of early locomotor exercise poststroke in animal models. We hope that a comprehensive awareness of the early locomotor exercise poststroke may help to implement early locomotor exercise more appropriately in treatment for ischemic stroke.