Poteshman, Allen M.; Serbin, Vitaly - In: Journal of Finance 58 (2003) 1, pp. 37-70
This paper analyzes the early exercise of exchange-traded options by different classes of investors over the 1996 to 1999 period. A large number of exercises are identified as clearly irrational without invoking any model of market equilibrium. Customers of discount brokers and customers of...