This appendix extends the empirical results in Chesney, Crameri, and Mancini (2011). Informedtrading activities on put and call options are analyzed for 19 companies in the bankingand insurance sectors from January 1996 to September 2009. Our empirical findings suggestthat certain events such as...

Die nobelpreisgewürdigten Arbeiten von Markowitz, Tobin, Sharpe, Black/Scholes und Mertonstellen Meilensteine der Theorie der Finanzwirtschaft dar. In dieser Arbeit wird untersucht,wie risikoaverse Investoren unter Annahme des Capital Asset Pricing Models (CAPM)von Sharpe (1964) und des Option...

This paper presents a new method to detect informed trading activities in the options markets.An option trade is identified as informed when it is characterized by an unusual largeincrement in open interest and volume, induces large gains, and is not hedged in the stock market.For the period...