Federal ID: 91-6001537
ISSN: 0022-1090 (Print) | 1756-6916 (Online)
Options Trading and Stock Price Informativeness
Jie Cao, Amit Goyal, Sai Ke, and Xintong Zhan ♦ We document the causal effects of single-name options trading on the absolute level of information content of prices (stock price informativeness) by exploiting the Penny Pilot Program as an exogenous shock to options…