題 目：Cross-market Information Transfer and Voluntary Corporate Disclosure: Evidence from Stock Options Trading
論文摘要：Motivated by the close relation between stock options and the underlying stock and the informed trading taking place in the options market, we examine the effect of options trading on voluntary corporate disclosure. We find that options trading reduces the likelihood and frequency of management earnings forecasts, suggesting that firms with active options trading on their stockmake fewer voluntary disclosures. This finding suggests that information transfer from the options market to the stock market can increase stock price informativeness, in turn reducing the need for firms to engage in voluntary disclosure to guide investor expectations. We further document that the negative relation between options trading and management forecasts is more pronounced for firms with a poorer information environment, a finding that highlights that information transfer from other markets is more important for more opaque firms. We also find that the negative relation is more pronounced for firms with stock market conditions that facilitate more price discovery. Lastly, we show that options trading reduces firm information asymmetry. It also reduces the specificity and informativeness of management forecasts. Our paper offers new insight into how cross-market information transfer can affect voluntary disclosure.