This paper introduces an empirical method to evaluate the composition of trading activity in stock and option markets that is based on signed trade count imbalances in these markets. This method can be used to estimate the extent to which traders use option markets to obtain exposure to stock...

Do hedge funds add value to the companies they target or reap short-term benefits at the expense of others? This paper looks at the impact of shareholder activism on bondholders' wealth through the prism of bondholder-shareholder-manager conflicts as opposed to that of the activism literature,...

This paper evaluates the information content of trading activity in near-the-money option markets. The results provide compelling evidence consistent with hypotheses of delta- and vega-informed trading activity in near-the-money option markets for firms with actively traded near-the-money...