• Introduction
  • 1 Related literature
  • 2 Detecting informed trading activity
  • 2.1 The first criterion: Increment in open interest relative to volume
  • 2.2 The second criterion: Relative return and realized gain
  • 2.3 The third criterion: Hedging option position
  • 2.4 Detecting option informed trades combining the three criteria
  • 3 Data
  • 4 Empirical results
  • 4.1 The terrorist attacks of September 11th
  • 4.2 The acquisition announcement in the US airline sector in May 2000
  • 4.3 The delayed delivery announcement of EADS superjumbo A380 inMay 2006
  • 4.4 Robustness checks
  • 5 Conclusion
  • References