Download or read book Essays on Employee Stock Options written by Ge Zhang and published by . This book was released on 2003 with total page 206 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Essays on Stock Options Expensing and Stock Options Backdating written by Wei Chern Koh and published by ProQuest. This book was released on 2000 with total page 189 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Two Essays on Employee Stock Options written by Swaminathan Kalpathy and published by . This book was released on 2005 with total page 138 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Essays on Stock Options written by Iskra Kalodera and published by Tectum - Der Wissenschaftsverlag. This book was released on 2011-07 with total page 116 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book focuses exclusively on stock options, analyzing their pricing, liquidity, and information transmission empirically. With the help of discrete choice modeling and regression analysis, it offers new insights into the behavior of stock option liquidity as well as the influence of overall market liquidity on option prices. Many observed phenomena find explanation through the market microstructure. The book also provides the most comprehensive analysis of equity options for the German market so far and serves as a guide to up-to-date empirical topics for both researchers and practitioners.
Download or read book The Trading Efficiency on Options Market written by Yan Feng and published by . This book was released on 2013 with total page 156 pages. Available in PDF, EPUB and Kindle. Book excerpt: F. Black (1975) in his seminal paper "Fact and Fantasy in the use of options" mentioned a number of fantasies that widely spread in the options markets. Since Black's (1975) paper was published, there were significant changes and innovations in the options markets. The purpose of this paper is to address some of the pricing and trading aspects in the options markets.
Download or read book Essays on Single Stock Futures and Options Markets written by Cuyler Lawrence Strong and published by . This book was released on 2020 with total page 141 pages. Available in PDF, EPUB and Kindle. Book excerpt: These two essays demonstrate the important role that derivative markets play in assimilating information into financial markets. In the first essay I use the 2008 short-selling ban to examine the impact of single-stock futures (SSFs) trading on options market quality. I show that there is a substitution effect between options trading and SSFs trading during the ban period. In addition, my results show that SSFs trading had a significant effect in narrowing the bid-ask spreads of options contracts. Moreover, compared to stocks without SSFs, stocks with SSFs were less likely to violate put-call parity during the ban period. My results suggest that SSFs trading helps mitigate the negative effect of the short-selling ban on options market quality documented in the literature.In the second essay I look at information flows through large option trades. The motivation comes from CNBC's "Halftime Report" which regularly covers unusual option activity, i.e., those abnormally large trades, and recommend investors to follow the "smart money". I investigate the impact of the CNBC coverage on underlying stock prices and whether investors can indeed profit by following the "smart money". I document an immediate spike in trading volume and abnormal returns at the time of the CNBC coverage, and evidence that the unusual option trades are informative of stock prices around the coverage. However, I also document a significant reversal in underlying stock prices following the CNBC coverage. Using the same criteria advocated by the CNBC commentators, I identify unusual option activities for a large sample of stocks without CNBC coverage. I confirm that the unusual option trades significantly predict underlying stock returns, but find no evidence of reversal in underlying stock prices. My findings suggest that the CNBC coverage of unusual option activity has a destabilizing effect on underlying stock prices and investors cannot profit by simply following the CNBC reporting on the "smart money".
Download or read book Essays on Executive Stock Options to 25 Pages 26 to 50 Pages 51 to 75 Pages 76 to 100 Pages 101 to 106 written by Yu Wei and published by . This book was released on 2000 with total page 106 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Three Essays in Financial Markets The Bright Side of Financial Derivatives Options Trading and Firm Innovation written by Iván Blanco and published by Ed. Universidad de Cantabria. This book was released on 2019-02-15 with total page 90 pages. Available in PDF, EPUB and Kindle. Book excerpt: Do financial derivatives enhance or impede innovation? We aim to answer this question by examining the relationship between equity options markets and standard measures of firm innovation. Our baseline results show that firms with more options trading activity generate more patents and patent citations per dollar of R&D invested. We then investigate how more active options markets affect firms' innovation strategy. Our results suggest that firms with greater trading activity pursue a more creative, diverse and risky innovation strategy. We discuss potential underlying mechanisms and show that options appear to mitigate managerial career concerns that would induce managers to take actions that boost short-term performance measures. Finally, using several econometric specifications that try to account for the potential endogeneity of options trading, we argue that the positive effect of options trading on firm innovation is causal.
Download or read book Essays on the Information Flow from Option Markets to Stock Markets written by Yigit Atilgan and published by . This book was released on 2010 with total page 196 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Essays on Executive Stock Options written by Yu Wei and published by . This book was released on 2006 with total page 190 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Essays on Stock Option Compensation and the Role of Incentives and Risk written by Matts Rosenberg and published by . This book was released on 2004 with total page 205 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Social Context of the Exercising and Dating of Stock Options written by Fiona Kun Yao and published by . This book was released on 2013 with total page 79 pages. Available in PDF, EPUB and Kindle. Book excerpt: The dissertation investigates stock options-related arrangements by individual executives and firms from a sociological point of view. The first study in this dissertation explores the antecedents of stock option exercises by executives in Chinese state-owned firms, behaviors considered deviant from the institutional norms of the Chinese state bureaucracy. This study seeks to answer the following question: When individual beliefs and actions are deeply embedded in their institutional context, as in the case of Chinese executives in overseas-listed firms, who is likely to break with the institutional status quo, and what are their reasons for doing so? Contrary to the existing status-based theory of social deviance, institutional disengagement among Chinese executives often takes place in the middle of an institutional status hierarchy. Characteristics of the institutional environment and the individual biography further interact with individual positions to affect the likelihood that an executive will diverge from the institutional expectation of not exercising stock options. The second study investigates the individual consequences of stock option exercises in Chinese state-owned firms. This study seeks to answer the following questions: When institutional entrepreneurs diverge from the institutional status quo, who is most likely to be punished? Who can bypass the sanction, and for what reasons? The findings suggest that executives were more likely to be punished for divergent behaviors if (a) the executive had low levels of bottom-up power, (b) the prevalence of divergent behaviors among peers was moderate without having reached a threshold that sufficiently legitimized the practice, and (c) the broader audience was concentrated. This study promises to shed new light on the outcomes of institutional entrepreneurship by addressing why some institutional entrepreneurs fail. The third study, explores the spread of stock backdating, an unethical corporate practice about which public information was virtually unavailable until 2005. This "invisible" practice, unlike corporate practices accessible to outsiders, did not diffuse through board interlocks. Rather, stock option backdating spread because of geographic proximity: Firms were more likely to backdate stock options to the extent that other firms located geographically close to them had done so. The effect of geographical proximity was conditional on high levels of local board interlocks, a finding that lends support to the idea of the importance of localized interactions among members of the local business elite. Together these findings suggest that invisible corporate practices follow unique diffusion patterns.
Download or read book Three Essays on the Information Content of Stock Options written by Zekun Wu and published by . This book was released on 2021 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation consists of three essays that explore the information content embedded in equity options. The results improve our understanding of the cross-section of option returns, informed trading in the options market, and the industry effect of IPOs. In the first essay, we study the relation between option-implied skewness (IS) and the crosssection of option returns under daily hedging to better understand skewness pricing in isolation from lower moments. Creating portfolios of delta-hedged (D-hedged) and delta-vega-hedged (DV-hedged) options with daily rebalancing, we find that IS is negatively (positively) related to call (put) option returns, but the relation to put options is statistically significant only during economic recessions. The relation is more substantial when the underlying stock has a larger market beta and when the firm has more severe information opacity. Our results suggest that investors' skewness preference grows stronger with greater market risk and lower information quality. In the second essay, we examined the informed trading in the options market before FDA drug advisory committee meetings. We find significant abnormal options trading volume before both meeting dates and report creation dates, particularly for small drug firms. Abnormal volume significantly predicts post-meeting stock returns. Informed traders prefer out-of-the-money options and choose maturities to cover the dates when reports are publicly released. They prefer to sell options close to the meeting date, perhaps to capture returns from both expected stock price changes and the sharp drop in implied volatility post-meeting. In the third essay, I investigate the effect of initial public offerings (IPOs) on industry competitors' options market. I find that rival firms' put (call) options volume increases (decreases) around IPOs, leading to price pressure on call options relative to put options as measured by the implied volatility spread. Rival firms' reaction in the options market also predicts the IPO firms' post-IPO stock performance. Lastly, rival firms with strong operating income experience less negative impact in the options market, suggesting competitive operation performance help stabilize rival firms' options market around IPOs.
Download or read book Essays on Stock Option Schemes and CEO Compensation written by Mikko Mäkinen and published by . This book was released on 2007 with total page 156 pages. Available in PDF, EPUB and Kindle. Book excerpt: Tiivistelmä.
Download or read book Essays on Price Discovery in Stock and Option Markets written by Jung Hwang and published by . This book was released on 2008 with total page 278 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Three Essays on Executive Stock Options written by and published by . This book was released on 2009 with total page 145 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Essays on the microstructure of the German market for stock options written by Benny Jern and published by . This book was released on 1999 with total page 119 pages. Available in PDF, EPUB and Kindle. Book excerpt:
