The objective of this paper is to provide a deeper insight into the links between financial markets and the real economy. To that end, we study the short-term anticipation and response of U.S. stock, Treasury, and corporate bond markets to the first release of surprise U.S. macroeconomic...

This article analyzes fundamental differences between American spot and futures options. These options differ in their early exercise probabilities and values, and in option buyers' exercise behavior. We find two key results: one theoretical and one empirical. First, unlike spot options, some...