An Empirical Reexamination of the Impact of CBOE Option Initiation on the Volatility and Trading Volume of the Underlying Equities: 1973-1986
作者： Vipul K Bansal , Stephen W Pruitt , KC John Wei , None
DOI: 10.1111/J.1540-6288.1989.TB00328.X
关键词:
摘要: This study presents an empirical analysis of the impact Chicago Board Options Exchange (CBOE) option initiation on price volatility and trading volume underlying equities. Virtually every firm with options listed CBOE from April 1973 to June 1986 is included in tests. The results tests strongly suggest that listing leads decreases total (but not systematic) risk optioned firms. Although appears increase following listing, securities after 1980 show smaller increases than those early years trading.
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