The lognormal distribution is extensively used in applied finance. Which of the following sentences is more appropriate in relation to this well-known distribution?

• a) It is useful for simulating financial asset returns because it has no negative values, and positive skewness.

• b) It is useful for representing the returns of underlying assets in some option pricing models (e.g., BSM).

• c) It is completely described by two parameters: mean and variance of the associated normal distribution.