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Abstract

Contrary to existing event studies around option listing introductions, we show short selling and options trading are complements, rather than substitutes. Further, while a plethora of literature demonstrates both short sellers and option traders are informed traders, relatively little is known about which group is relatively more informed. The results of our dynamic tests indicate that options traders are relatively more informed and that short sellers are backward-looking. Our results support the claim that options markets are non-redundant.



Item Type: MPRA Paper -

Original Title: The dynamic relation between short sellers, option traders, and aggregate returns-

Language: English-

Keywords: Short selling, options market, informed traders-

Subjects: G - Financial Economics > G1 - General Financial Markets > G14 - Information and Market Efficiency ; Event Studies ; Insider TradingG - Financial Economics > G1 - General Financial Markets > G12 - Asset Pricing ; Trading Volume ; Bond Interest RatesG - Financial Economics > G1 - General Financial Markets > G10 - General-





Autor: Delisle, R. Jared

Fuente: https://mpra.ub.uni-muenchen.de/42566/







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