Options markets and the information content of accounting earnings releases
DOI: 10.1016/0165-4101(90)90031-X
关键词: Earnings 、 Accounting earnings 、 Accounting 、 Private information retrieval 、 Listing (finance) 、 Business
摘要: Abstract This study documents that the information content of firms' accounting earnings releases is lower, on average, after exchange-traded options are listed their stocks. The results consistent with predictions that: (i) provide investors a more cost-effective tool for trading information, so (ii) private produced about these firms listing, (iii) in preempted to greater extent listing. However, because listing endogenous, it difficult infer from this evidence causes informational changes.
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