How Do Exchanges Select Stocks for Option Listing?
研究交易所选择股票进行期权上市的影响因素，发现高交易量、高波动性和高市值的股票更易被选中，且这些因素的相对重要性随时间变化；使用控制样本方法纠正内生性后，未发现期权上市后波动率下降的证据。
ABSTRACT We investigate the factors influencing the selection of stocks for option listing. Exchanges tend to list options on stocks with high trading volume, volatility, and market capitalization, but the relative effect of these factors has changed over time as markets have evolved. We observe a shift from volume toward volatility after the moratorium on new listings ended in 1980. Using control sample methodology designed to correct for the endogeneity of option listing, we find no evidence that volatility declines with option introduction, in contrast to previous studies that do not use control samples.