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Cited by 404

The DOI matches its Crossref record; 15 of the 15 references it cites were found in a registry or an index.

Informational Content of Option Volume Prior to Takeovers

Cao, Charles, Chen, Zhiwu, Griffin, John M.·2005·The Journal of Business
DOI 10.1086/429654
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Abstract

Which market attracts informed investors prior to extreme informational events? We examine the information embedded in the stock and option markets prior to takeover announcements. Normally, buyer‐seller initiated stock volume imbalances are predictors of next‐day stock returns and option volume is uninformative. However, prior to takeover announcements, call‐volume imbalances are strongly related to next‐day stock returns. Cross‐sectional analysis shows that takeover targets with the largest preannouncement call‐imbalance increases experience the highest announcement‐day returns. These findings suggest that, with pending extreme informational events, the options market plays an important role in price discovery.

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Metadata

Authors
Cao, C., Chen, Z., & Griffin, J. M.
Venue
The Journal of Business
Publisher
University of Chicago Press
Published
2005-05
Volume
78
Issue
3
Pages
1073-1109
ISSN
  • 0021-9398
  • 1537-5374
DOI
10.1086/429654
OpenAlex
W3125140535
Cited by
404
References
15
FWCI
14.77
Type
journal article
Language
en
Open access
closed

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CoChat. (2026). Citation check: Informational Content of Option Volume Prior to Takeovers. https://app.cochat.ai/papers/10.1086/429654
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Cao, C., Chen, Z., & Griffin, J. M. (2005). Informational Content of Option Volume Prior to Takeovers. The Journal of Business. https://doi.org/10.1086/429654

Data sources

Bibliographic data: Semantic Scholar, OpenAlex, Crossref.

Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).

Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.