search query: @indexterm Financial market trading / total: 54
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| Author: | Poteshman, A.M. Serbin, V. |
| Title: | Clearly irrational financial market behavior: evidence from the early exercise of exchange traded stock options |
| Journal: | Journal of Finance
2003 : FEB, VOL. 58:1, p. 37-70 |
| Index terms: | Financial market trading Stock exchanges |
| Freeterms: | Irrationality |
| Language: | eng |
| Abstract: | The early exercise of exchange-traded options by different classes of investors are analyzed over the 1996 to 1999 period. Several exercises are identified as clearly irrational without invoking any model of market equilibrium. Discount brokers' and fulle-service brokers' customers both engage in a significant number of irrational exercises while traders at large investment houses exhibit no irrational early exercise behaviour. |
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