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    政大機構典藏 > 商學院 > 資訊管理學系 > 期刊論文 >  Item 140.119/112129


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    题名: How does divergence of opinions affect the relative trading activity and information content in option and stock prior to takeover announcement?
    作者: Huang, H.C.
    Tung, P.S.
    贡献者: 財管系
    关键词: Options/stock trading volume ratio (O/S);Divergence of opinions;Takeover
    日期: 2016-05
    上传时间: 2017-08-23 16:42:38 (UTC+8)
    摘要: This paper examines whether the options/stock trading volume ratio (O/S) is higher when investors` opinions are more diverse with respect to the value of acquirer during pre-takeover announcement period and explores how divergence of opinions affects the predictive power of O/S on subsequent stock prices. We find that the coefficients of proxies for diversity of opinion are significantly positive, suggesting that more disagreements tend to have higher volumes of option trading relative to stock. Less predictive powers of O/S on subsequent stock returns are associated with larger divergence of opinion, implying that O/S contains less information about subsequent stock price movements when the divergence of opinions of acquirer firm is higher.
    關聯: The Quarterly Review of Economics and Finance, Volume 60, Pages 162-171
    数据类型: article
    DOI 連結: https://doi.org/10.1016/j.qref.2015.10.007
    DOI: 10.1016/j.qref.2015.10.007
    显示于类别:[資訊管理學系] 期刊論文

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