Insider trading with options: Evidence from rank-and-file employees
利用芬兰交易数据，研究发现部分普通员工购买雇主股票期权，随后一周标的股票获得约60个基点的超额收益，尤其在财报公布前更显著，表明员工利用信息优势在期权市场获利。
Using trading data from Finland, I document that some rank-and-file employees purchase options written on their employers’ stocks. These purchases are associated with subsequent weekly excess returns of approximately 60 basis points in the underlying stocks. The association is most pronounced before earnings announcements, extends to firms in the employer’s supply chain, is not explained by industry knowledge or trading skill, and weakens upon job separation. The results suggest that some rank-and-file employees attempt to exploit informational advantages by trading in the option market, raising questions about firms’ disclosure policies and the alignment of employee incentives with market efficiency.