Corporate bonds with large increases in implied volatility over the past month underperform
those with large decreases in implied volatility by 0.6% per month. In contrast to existing …

Using a large panel of 19,208 listed companies across 40 countries, we investigate the
relation between corporate social responsibility (CSR) and bond debt issuance through two …

Using a difference-in-differences approach that relies on the exogenous increase in options
trading activity generated by the Securities and Exchange Commission's Penny Pilot …

The anomalous negative relationship between left‐tail risk measures and future returns has
recently attracted the attention of finance researchers. We examine the role of the derivatives …

We investigate whether options trading activities affect underlying firms' degree of cost
stickiness. Using a panel of US companies, we find that options trading activities reduce the …

Do credit rating agencies (CRAs) learn from the options market? We examine this question
by exploring the relation between options trading activity and credit rating accuracy. We find …

We examine the association between enhancement in a firm's information environment via
options trading and firm investment efficiency. Investment inefficiency is partly driven by …

We empirically investigate the effects of option trading on the cross‐listed stock returns.
Using dual‐listed stocks in mainland China (A) and Hong Kong (H) stock exchanges, we …

Does options trading increase or decrease corporate default risk? We answer this question
by examining how options trading affects the expected default frequency. The results reveal …

This paper studies the value relevance of the options market by focusing on convertible
bond pricing. Pricing convertible bonds requires essentially the same set of information …