Informed options trading prior to FDA announcements
研究发现FDA公告前隐含波动率价差和期权交易量异常升高，并能预测公告日的股票回报，表明部分期权交易者提前掌握了影响股价的FDA消息细节。
Abstract We find that pre‐announcement implied volatility spreads and options trading activity are abnormally elevated and can predict Food and Drug Administration (FDA) announcement date stock returns. The effect is more pronounced in firms with higher levels of information asymmetry and lower‐quality corporate governance suggesting that some options traders are informed in advance of the details that affect the stock price impact of the FDA news. We provide the first examination of informed options trading prior to FDA announcements during a 21‐year period. Our findings have implications for regulators, investors and relevant firms.