In this paper, I study trading activities prior to M&A announcements pertaining to the rivals of the merging firms. I find that not only acquirers and targets experience increases in abnormal trading activities in stock and option markets, but also their rivals. The rise in option trading is...

In this paper, I study trading activities prior to M&A announcements pertaining to the rivals of the merging firms. I find that not only acquirers and targets experience increases in abnormal trading activities in stock and option markets, but also their rivals. The rise in option trading is...

We examine the effects of active option trading on stock market liquidity during the COVID-19 lockdown, in connection with the rapidly growing retail trading activities in this episode. We find that stocks with actively traded options experience less deterioration in liquidity relative to their...

In this study, we investigate how market quality diverges between high-ESG and low-ESG firms in the stock market in response to the Russia-Ukraine conflict. With an event-study approach, we find that better CSR performance alleviates the market quality deterioration associated with the outbreak...