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The nature of informed option trading: Evidence from the takeover market

The nature of informed option trading: Evidence from the takeover market

von Marco Klapper
Taschenbuch - 9783954891726
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Beschreibung

This study examines the kind of information 'informed' traders have prior to a takeover announcement using options of target firms and elaborates on the cross-sectional relationship between options and stocks around takeover announcements. Financial markets are driven by information and by individuals that generate, process, and disclose this information to the market. Naturally, there have to be individuals who possess more information about a firm or a future event than other market participants. Mergers and acquisitions are particularly interesting events in this regard because they can have significant implications for the firms and stakeholders involved, as well as for the competitive dynamics in the respective market. Because of the large potential price impact of such transactions, traders with private information about a prospective takeover are expected to trade on this information to make a profit. But who are these 'informed traders' and what kind of information do they possess? This study tries to give a respond to this question.

Details

Verlag Anchor Academic Publishing
Ersterscheinung Oktober 2013
Maße 220 mm x 155 mm x 5 mm
Gewicht 128 Gramm
Format Taschenbuch
ISBN-13 9783954891726
Auflage Nicht bekannt
Seiten 72

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