政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/112118

English | 正體中文 | 简体中文 | Post-Print筆數 : 27 | Items with full text/Total items : 110934/141854 (78%)
Visitors : 47768571 Online Users : 435

RC Version 6.0 © Powered By DSPACE, MIT. Enhanced by NTU Library IR team.

Home ‧ Login ‧ Upload ‧ Help ‧ About ‧ Administer

政大機構典藏 > 商學院 > 財務管理學系 > 期刊論文 > Item 140.119/112118

Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/112118

Title:	How does divergence of opinions affect the relative trading activity and information content in option and stock prior to takeover announcement?
Authors:	Huang, Han Ching Tung, P. S.
Contributors:	財管系
Keywords:	Options/stock trading volume ratio (O/S);Divergence of opinions;Takeover
Date:	2016-05
Issue Date:	2017-08-23 11:22:13 (UTC+8)
Abstract:	This paper examines whether the options/stock trading volume ratio (O/S) is higher when investors` opinions are more diverse with respect to the value of acquirer during pre-takeover announcement period and explores how divergence of opinions affects the predictive power of O/S on subsequent stock prices. We find that the coefficients of proxies for diversity of opinion are significantly positive, suggesting that more disagreements tend to have higher volumes of option trading relative to stock. Less predictive powers of O/S on subsequent stock returns are associated with larger divergence of opinion, implying that O/S contains less information about subsequent stock price movements when the divergence of opinions of acquirer firm is higher.
Relation:	Quarterly Review of Economics and Finance, 60, 162-171
Data Type:	article
DOI 連結:	http://dx.doi.org/10.1016/j.qref.2015.10.007
DOI:	10.1016/j.qref.2015.10.007
Appears in Collections:	[財務管理學系] 期刊論文

Files in This Item:

File	Description	Size	Format
162.pdf		501Kb	Adobe PDF2	410	View/Open

社群 sharing

著作權政策宣告 Copyright Announcement

1.本網站之數位內容為國立政治大學所收錄之機構典藏，無償提供學術研究與公眾教育等公益性使用，惟仍請適度，合理使用本網站之內容，以尊重著作權人之權益。商業上之利用，則請先取得著作權人之授權。
The digital content of this website is part of National Chengchi University Institutional Repository. It provides free access to academic research and public education for non-commercial use. Please utilize it in a proper and reasonable manner and respect the rights of copyright owners. For commercial use, please obtain authorization from the copyright owner in advance.

2.本網站之製作，已盡力防止侵害著作權人之權益，如仍發現本網站之數位內容有侵害著作權人權益情事者，請權利人通知本網站維護人員(nccur@nccu.edu.tw)，維護人員將立即採取移除該數位著作等補救措施。
NCCU Institutional Repository is made to protect the interests of copyright owners. If you believe that any material on the website infringes copyright, please contact our staff(nccur@nccu.edu.tw). We will remove the work from the repository and investigate your claim.

Loading...