Tipping and Option Trading
研究发现，在分析师首次发布股票推荐前，期权市场出现异常交易活动，表明内幕消息提前泄露，且期权市场向股票市场传递了信息。
This study examines options’ market behavior before analysts’ initiations. We find abnormal trading activity in the options market several days prior to the release of analysts’ initiations. Informed traders recognize the content and timing of the initial recommendations. We determine that informed trading is attributed to information leakage rather than savvy investors’ stock‐picking ability. We also find a significant information transmission from the options market to the underlying equity market around the event. Our results are consistent with the tipping hypothesis and confirm the informational role of equity options.