This paper investigates option valuation when the underlying market suffers from illiquidity of price impact. Using option data, I infer trading activities and price impacts on the buy side and the sell side in the stock market from option prices across maturities. The finding displays that the...

The objective of this study is to investigate how a firm's corporate governance affects its product market power. Adopting firms listed in the TSE and the OTC Exchange from 1996 to 2011, we find three main results. Firstly, better corporate governance leads to stronger product market power....

This paper elucidates the importance of the information content of text information from public sources, including newspapers and corporate filings, has for credit market investors. We adopted news coverage and news tone to quantify text information from news articles. We captured the...