This study examines international equity market integration regarding uncertainty. For that purpose implied volatilities calculated from the market prices of stock index options from the U.S., U.K., German and Finnish markets are analyzed. The results suggest a high degree of integration among...

This study provides a new and economically plausible explanation for turn‐of‐the‐month and intramonth anomalies. It is suggested that these anomalies arise from clustered information, namely from important macroeconomic news announcements, which are released systematically at a certain...

This paper investigates the potential disadvantages of the secondary markets for executive stock options (ESOs). The benefits of such markets are evident, but they might also have negative effects for shareholders. Executives might, for example, use inside information to time their ESO selling....