题 目：When a Passive Blockholder Suddenly Becomes Active:Informed Trading at Option Market
演讲人：张御喆, 助理教授，College of Business and Administration, Loyola Marymount University
时 间：2019年11月26日 13:30-15:00
演讲内容简介：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.