Do option investors rationally exercise their options? Numerous studies report evidence of irrational behavior. In this paper, we pay careful attention to intraday option quotes and reach the opposite conclusion. An exercise boundary violation (EBV) occurs when the best bid price for an American...

Using data from the SEC's EDGAR server log, we examine the consumption of financial information in filings from 2003 through 2012. The EDGAR filings represent a first-source database for investors doing fundamental research on stock valuations. The magnitude of daily EDGAR requests for 10-Ks is...