According to the put-call parity theorem, the payoffs associated with ownership of a call option can be replicated by . shorting the underlying stock, borrowing the present value of the exercise price, and writing a put on the same underlying stock and with the same exercise price buying the underlying stock, borrowing the present value of the exercise price, and buying a put on the same underlying stock and with the same exercise price buying the underlying stock, borrowing the present value of the exercise price, and writing a put on the same underlying stock and with the same exercise price shorting the underlying stock, lending the present value of the exercise price and buying a put on the same underlying stock and with the same exercise price