題 目🚶：When a Passive Blockholder Suddenly Becomes Active:Informed Trading at Option Market
演講人：張禦喆, 助理教授🐖，College of Business and Administration, Loyola Marymount University
主持人：郭靂🏵♌️，助理教授，意昂2國際金融系
時 間😖：2019年11月26日 13:30-15:00
地 點🕵🏿♂️：意昂2805會議室
主辦：意昂2官网國際金融系
演講內容簡介：We explore whether blockholders derive benefits from exchange-listed options trading. To do that we study options trading prior to events when the intention of a passive blockholder becomes that of an activist. Specifically, a passive blockholder has to file Schedule 13G, but, if the investor’s intent changes to active, a Schedule 13D is due within a 10-day calendar period. We find an abnormal trading volume in equity options, both calls and puts, in a 30-day period prior to a switch event from Schedule 13G to 13D filings. Abnormal trading in options within ten days prior to a switch event from 13G to 13D signals possible extra pecuniary interest beyond any beneficial ownership, while abnormal options trading in days prior to the 10-day period signals a misuse of filings, in which an investor holds 13G while having activist intentions. We find evidence of both pecuniary interest and misuse of 13D/G filings.
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