Download or read book The Impact of Exchange traded Options on the Market for New Issues of Common Stock of Small Companies written by and published by . This book was released on 1977 with total page 180 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book The Impact of Exchange Traded Options on the Market for New Issues of Common Stock of Small Companies written by and published by . This book was released on 1977 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Report of the Special Study of the Options Markets to the Securities and Exchange Commission written by United States. Securities and Exchange Commission. Special Study of the Options Markets and published by . This book was released on 1979 with total page 1128 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book A Study of the Effects on the Economy of Trading in Futures and Options written by and published by . This book was released on 1985 with total page 624 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book The C F A Digest written by Institute of Chartered Financial Analysts and published by . This book was released on 1984 with total page 830 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book The Small Firms Effect on New Issues of Common Stocks when Listing Requirements Differ Between Exchanges written by David E. Ayling and published by . This book was released on 1990 with total page 15 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Capital Markets and Finance Bibliography written by and published by . This book was released on 1978 with total page 320 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Securities Regulation Law Report written by and published by . This book was released on 1995 with total page 1206 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Journal of Comparative Corporate Law and Securities Regulation written by and published by . This book was released on 1978 with total page 758 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Options Markets written by John C. Cox and published by Prentice Hall. This book was released on 1985 with total page 518 pages. Available in PDF, EPUB and Kindle. Book excerpt: Includes the first published detailed description of option exchange operations, the first published treatment using only elementary mathematics and the first step-by-step procedure for implementing the Black-Scholes formula in actual trading.

Download or read book Public Policy Aspects of a Futures type Market in Options on Securities written by Robert R. Nathan Associates and published by . This book was released on 1969 with total page 114 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Federal Securities Law Reporter written by and published by . This book was released on 1941 with total page 2676 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Initial Public Offerings of Common Stock written by and published by . This book was released on 1980 with total page 128 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Small Firms Access to Public Equity Financing written by Hans R. Stoll and published by . This book was released on 1981 with total page 84 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Introduction to Business written by Lawrence J. Gitman and published by . This book was released on 2018 with total page 732 pages. Available in PDF, EPUB and Kindle. Book excerpt: Introduction to Business covers the scope and sequence of most introductory business courses. The book provides detailed explanations in the context of core themes such as customer satisfaction, ethics, entrepreneurship, global business, and managing change. Introduction to Business includes hundreds of current business examples from a range of industries and geographic locations, which feature a variety of individuals. The outcome is a balanced approach to the theory and application of business concepts, with attention to the knowledge and skills necessary for student success in this course and beyond.

Download or read book Public Policy and Capital Formation written by Board of Governors of the Federal Reserve System (U.S.) and published by . This book was released on 1981 with total page 338 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book The Effects of Options Markets on the Underlying Markets written by Brenden James Mason and published by . This book was released on 2018 with total page 145 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation consists of three essays in applied financial economics. The unifying theme is the use of financial regulation as quasi-experiments to understand the interrelationship between derivatives and the underlying assets. The first two essays use different quasi-experimental econometric techniques to answer the same research question: how does option listing affect the return volatility of the underlying stock? This question is difficult to answer empirically because being listed on an options exchange is not random. Volatility is one of the dimensions along which the options exchanges make their listing decisions. This selection bias confounds any causal effect that option listing may have. What is more, the options exchanges may list along unobservable dimensions. Such omitted variable bias can also confound any causal effect of option listing. My first essay overcomes these two biases by exploiting the exogenous variation in option listing that is created by the SEC-imposed option listing standards. Specifically, the SEC mandates that a stock must meet certain criteria in the underlying market before it can trade on an options exchange. For example, a stock needs to trade a total of 2.4 million shares over the previous 12 months before it can be listed. Since 2.4 million is an arbitrary number, stocks that are "just above" the 2.4 million threshold will be identical to stocks that are "just below" it, the sole difference being their probability of option listing. Accordingly, I use the 2.4 million threshold as an instrument for option listing in a fuzzy regression discontinuity design. I find that option listing causes a modest decrease in underlying volatility, a result that corroborates many previous empirical studies. My second essay attempts to estimate the effect of option listing for stocks that are "far away from" the 2.4 million threshold. I overcome the aforementioned omitted variable bias by fully exploiting the panel nature of the data. I control for the unobserved heterogeneity across stocks by implementing a two-way fixed effects model. Unlike most previous studies, I control for individual-level fixed effects at the firm level rather than at the industry level. My results show that option listing is associated with a decrease in volatility. Importantly, these results are only statistically significant in a model with firm-level fixed effects; they are insignificant with industry-level fixed effects. My third essay is a policy evaluation of the SEC's Penny Pilot Program, a mandated decrease of the option tick size for various equity options classes. Several financial professionals claimed that this decrease would drive institutional investors out of the exchange-traded options market, channeling them into the opaque, over-the-counter (OTC) options market. I empirically test an implication of this hypothesis: if institutional investors have fled the exchange-traded options market for the OTC market, then it may take longer for information to be impounded into a stock's price. Using the `price delay' measure of Hou and Moskowitz (2005), I test whether stocks become less price efficient as a result of being included in the Penny Pilot Program. I perform this test using firm-level fixed effects on all classes that were included in the program. I confirm these results with synthetic control experiments for the classes included in Phase I of the Penny Pilot Program. Generally, I find no change in price efficiency of the underlying stocks, which suggests that the decrease in option tick size did not materially erode the price discovery that takes place in the exchange-traded equity options market. I also find evidence that the decrease in option tick size caused an increase in short selling for the piloted stocks.