Short Sales and Option Listing Decisions
研究发现，上市前卖空活动越多的股票，越可能被交易所选择上市期权，因为交易所认为卖空活跃的股票能为期权做市商提供更好的对冲机会，且上市后这类股票的期权交易也更活跃。
We find that stocks with higher levels of prelisting short activity have a greater probability of option listing. These results are driven by the prelisting short activity of market makers, which suggests that exchanges believe that stocks with greater short selling will provide option market makers a better opportunity to hedge with short sales in the spot market. We also confirm that after options are listed, stocks with more prelisting short activity have more option trading activity. These results indicate that option exchanges strategically list options for stocks they believe with generate high trading volume thereby maximizing the profits of exchange members.