The nature of informed option trading: Evidence from the takeover market 87 Universität Leipzig

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The nature of informed option trading: Evidence from the takeover market 87 Universität LeipzigThis study examines the kind of information informed traders have prior to a takeover announcement using options of target firms and elaborates on the cross sectional relationship between options and stocks around takeover announcements. Financial markets are driven by information and by individuals that generate, process, and disclose this information to the market. Naturally, there have to be individuals who possess more information about a firm or